UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-22167

Allianz Funds Multi-Strategy Trust

(Exact name of registrant as specified in charter)

1633 Broadway, New York, NY 10019

(Address of principal executive offices) (Zip code)

Lawrence G. Altadonna

1633 Broadway, New York, NY 10019

(Name and address of agent for service)

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

Date of fiscal year end: September 30, 2016

Date of reporting period: December 31, 2015

Table of Contents

Allianz Funds Multi-Strategy Trust

Item 1. Schedules of Investments

Schedule of Investments

AllianzGI Retirement 2015 Fund

December 31, 2015 (unaudited)

	Shares		Value*
MUTUAL FUNDS—71.8%
AllianzGI Best Styles Emerging Markets Equity (a)(c)		6,533	$	79,707
AllianzGI Best Styles International Equity (a)(c)		118,232		1,685,989
AllianzGI Best Styles U.S. Equity (a)(c)		189,224		2,792,948
AllianzGI Emerging Markets Consumer (a)(b)		37,985		463,416
AllianzGI Global Natural Resources (a)(b)		20,937		278,247
AllianzGI High Yield Bond (a)(b)		167,496		1,393,571
AllianzGI Short Duration High Income (a)(b)		241,382		3,492,797
AllianzGI Structured Return (a)(b)		53,957		840,118
Harvest Funds Intermediate Bond (b)		56,026		552,421
PIMCO Capital Securities and Financials (a)(b)		84,710		831,849
PIMCO Income (a)(b)		257,322		3,018,389
PIMCO Long-Term Credit (a)(b)		77,061		833,802
PIMCO Mortgage Opportunities (a)(b)		275,956		3,016,202
Total Mutual Funds (cost—$19,839,881)				19,279,456
EXCHANGE-TRADED FUNDS—29.5%
PIMCO 15+ Year U.S. TIPS Index (a)		31,764		1,933,157
PIMCO Broad U.S. TIPS Index (a)		81,757		4,516,665
Schwab U.S. REIT		14,248		564,791
Schwab U.S. Small-Cap		10,273		535,018
SPDR S&P 600 Small Cap Value		4,112		382,293
Total Exchange-Traded Funds (cost—$8,080,706)				7,931,924

	Principal Amount (000s)		Value*
Repurchase Agreements—1.0%
State Street Bank and Trust Co., dated 12/31/15, 0.03%, due 1/4/16, proceeds $276,001; collateralized by U.S. Treasury Notes, 2.125%, due 9/30/21, valued at $284,200 including accrued interest (cost—$276,000)	$	276	$	276,000
Total Investments (cost—$28,196,587)—102.3%				27,487,380
Liabilities in excess of other assets (d)—(2.3)%				(614,905	)
Net Assets—100.0%			$	26,872,475

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

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

Futures contracts outstanding at December 31, 2015:

Type	Contracts		Market Value (000s)		Expiration Date		Unrealized Appreciation
Long:   U.S. Dollar Index		2	$	197		3/14/16	$	2,180

(e) At December 31, 2015, the Fund pledged $38,510 in cash as collateral for derivatives.

Glossary:

REIT—Real Estate Investment Trust

TIPS—Treasury Inflation Protected Securities

Schedule of Investments

AllianzGI Retirement 2020 Fund

December 31, 2015 (unaudited)

	Shares		Value*
MUTUAL FUNDS—73.4%
AllianzGI Best Styles Emerging Markets Equity (a)(c)		34,731	$	423,717
AllianzGI Best Styles International Equity (a)(c)		293,850		4,190,296
AllianzGI Best Styles U.S. Equity (a)(c)		413,850		6,108,427
AllianzGI Emerging Markets Consumer (a)(b)		75,691		923,433
AllianzGI Focused Growth (a)(b)		14,508		548,830
AllianzGI Global Natural Resources (a)(b)		62,441		829,835
AllianzGI High Yield Bond (a)(b)		332,965		2,770,267
AllianzGI Mid-Cap (a)(b)		149,689		558,341
AllianzGI Short Duration High Income (a)(b)		457,279		6,616,831
AllianzGI Structured Return (a)(b)		108,255		1,685,526
Harvest Funds Intermediate Bond (b)		112,407		1,108,334
PIMCO Capital Securities and Financials (a)(b)		140,436		1,379,081
PIMCO Income (a)(b)		466,153		5,467,976
PIMCO Long-Term Credit (a)(b)		151,443		1,638,618
PIMCO Mortgage Opportunities (a)(b)		423,841		4,632,582
Total Mutual Funds (cost—$40,369,427)				38,882,094
EXCHANGE-TRADED FUNDS—28.8%
PIMCO 15+ Year U.S. TIPS Index (a)		63,138		3,842,579
PIMCO Broad U.S. TIPS Index (a)		147,736		8,161,675
Schwab U.S. REIT		28,585		1,133,109
Schwab U.S. Small-Cap		25,764		1,341,789
SPDR S&P 600 Small Cap Value		8,249		766,910
Total Exchange-Traded Funds (cost—$15,536,974)				15,246,062

	Principal Amount (000s)		Value*
Repurchase Agreements—1.2%
State Street Bank and Trust Co., dated 12/31/15, 0.03%, due 1/4/16, proceeds $656,002; collateralized by U.S. Treasury Notes, 2.125%, due 9/30/21, valued at $669,900 including accrued interest (cost—$656,000)	$	656	$	656,000
Total Investments (cost—$56,562,401)—103.4%				54,784,156
Liabilities in excess of other assets (d)—(3.4)%				(1,820,075	)
Net Assets—100.0%			$	52,964,081

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

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

Futures contracts outstanding at December 31, 2015:

Type	Contracts		Market Value (000s)		Expiration Date		Unrealized Appreciation
Long:   U.S. Dollar Index		6	$	592		3/14/16	$	6,579

(e) At December 31, 2015, the Fund pledged $94,052 in cash as collateral for derivatives.

Glossary:

REIT—Real Estate Investment Trust

TIPS—Treasury Inflation Protected Securities

Schedule of Investments

AllianzGI Retirement 2025 Fund

December 31, 2015 (unaudited)

	Shares		Value*
MUTUAL FUNDS—77.4%
AllianzGI Best Styles Emerging Markets Equity (a)(c)		38,154	$	465,483
AllianzGI Best Styles International Equity (a)(c)		454,287		6,478,139
AllianzGI Best Styles U.S. Equity (a)(c)		457,022		6,745,640
AllianzGI Emerging Markets Consumer (a)(b)		107,683		1,313,730
AllianzGI Focused Growth (a)(b)		24,080		910,962
AllianzGI Global Natural Resources (a)(b)		91,941		1,221,901
AllianzGI High Yield Bond (a)(b)		367,710		3,059,350
AllianzGI International Small-Cap (a)(b)		16,832		609,302
AllianzGI Mid-Cap (a)(b)		244,534		912,111
AllianzGI Short Duration High Income (a)(b)		505,013		7,307,537
AllianzGI Structured Return (a)(b)		98,244		1,529,651
Harvest Funds Intermediate Bond (b)		122,412		1,206,985
PIMCO Capital Securities and Financials (a)(b)		155,102		1,523,101
PIMCO Income (a)(b)		412,272		4,835,951
PIMCO Long-Term Credit (a)(b)		167,796		1,815,554
PIMCO Mortgage Opportunities (a)(b)		385,519		4,213,721
PIMCO Short-Term (a)(b)		61,913		602,417
Total Mutual Funds (cost—$46,396,258)				44,751,535
EXCHANGE-TRADED FUNDS—25.9%
PIMCO 15+ Year U.S. TIPS Index (a)		69,736		4,244,133
PIMCO Broad U.S. TIPS Index (a)		119,661		6,610,672
Schwab U.S. REIT		31,130		1,233,993
Schwab U.S. Small-Cap		33,669		1,753,481
SPDR S&P 600 Small Cap Value		11,978		1,113,595
Total Exchange-Traded Funds (cost—$15,249,389)				14,955,874

	Principal Amount (000s)		Value*
Repurchase Agreements—2.0%
State Street Bank and Trust Co., dated 12/31/15, 0.03%, due 1/4/16, proceeds $1,161,004; collateralized by U.S. Treasury Notes, 2.125%, due 9/30/21, valued at $1,187,550 including accrued interest (cost—$1,161,000)	$	1,161	$	1,161,000
Total Investments (cost—$62,806,647)—105.3%				60,868,409
Liabilities in excess of other assets (d)—(5.3)%				(3,078,602	)
Net Assets—100.0%			$	57,789,807

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

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

Futures contracts outstanding at December 31, 2015:

Type	Contracts		Market Value (000s)		Expiration Date		Unrealized Appreciation
Long:  U.S. Dollar Index		9	$	889		3/14/16	$	9,845

(e) At December 31, 2015, the Fund pledged $125,053 in cash as collateral for derivatives.

Glossary:

REIT—Real Estate Investment Trust

TIPS—Treasury Inflation Protected Securities

Schedule of Investments

AllianzGI Retirement 2030 Fund

December 31, 2015 (unaudited)

	Shares		Value*
MUTUAL FUNDS—80.2%
AllianzGI Best Styles Emerging Markets Equity (a)(c)		14,723	$	179,623
AllianzGI Best Styles International Equity (a)(c)		516,414		7,364,067
AllianzGI Best Styles U.S. Equity (a)(c)		689,935		10,183,439
AllianzGI Emerging Markets Consumer (a)(b)		110,793		1,351,675
AllianzGI Emerging Markets Small-Cap (a)(b)		45,149		631,637
AllianzGI Focused Growth (a)(b)		24,975		944,797
AllianzGI Global Natural Resources (a)(b)		95,428		1,268,234
AllianzGI High Yield Bond (a)(b)		419,172		3,487,509
AllianzGI International Small-Cap (a)(b)		17,457		631,933
AllianzGI Mid-Cap (a)(b)		253,311		944,851
AllianzGI NFJ Mid-Cap Value (a)(b)		38,703		964,080
AllianzGI Short Duration High Income (a)(b)		462,053		6,685,900
AllianzGI Structured Return (a)(b)		101,773		1,584,606
AllianzGI U.S. Small-Cap Growth (a)(b)		66,241		918,104
Harvest Funds Intermediate Bond (b)		95,109		937,772
PIMCO Capital Securities and Financials (a)(b)		160,863		1,579,677
PIMCO Income (a)(b)		373,284		4,378,620
PIMCO Long-Term Credit (a)(b)		145,994		1,579,650
PIMCO Mortgage Opportunities (a)(b)		228,493		2,497,430
PIMCO Short-Term (a)(b)		64,214		624,798
Total Mutual Funds (cost—$50,295,189)				48,738,402
EXCHANGE-TRADED FUNDS—21.9%
PIMCO 15+ Year U.S. TIPS Index (a)		61,994		3,772,955
PIMCO Broad U.S. TIPS Index (a)		95,901		5,298,051
Schwab U.S. REIT		32,249		1,278,350
Schwab U.S. Small-Cap		34,880		1,816,550
SPDR S&P 600 Small Cap Value		12,408		1,153,572
Total Exchange-Traded Funds (cost—$13,580,201)				13,319,478

	Principal Amount (000s)		Value*
Repurchase Agreements—1.5%
State Street Bank and Trust Co., dated 12/31/15, 0.03%, due 1/4/16, proceeds $905,003; collateralized by U.S. Treasury Notes, 2.125%, due 9/30/21, valued at $923,650 including accrued interest (cost—$905,000)	$	905	$	905,000
Total Investments (cost—$64,780,390)—103.6%				62,962,880
Liabilities in excess of other assets (d)—(3.6)%				(2,200,801	)
Net Assets—100.0%			$	60,762,079

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

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

Futures contracts outstanding at December 31, 2015:

Type	Contracts		Market Value (000s)		Expiration Date		Unrealized Appreciation
Long:  U.S. Dollar Index		11	$	1,086		3/14/16	$	12,015

(e) At December 31, 2015, the Fund pledged $158,558 in cash as collateral for derivatives.

Glossary:

REIT—Real Estate Investment Trust

TIPS—Treasury Inflation Protected Securities

Schedule of Investments

AllianzGI Retirement 2035 Fund

December 31, 2015 (unaudited)

	Shares		Value*
MUTUAL FUNDS—80.4%
AllianzGI Best Styles Emerging Markets Equity (a)(c)		31,383	$	382,871
AllianzGI Best Styles International Equity (a)(c)		559,687		7,981,142
AllianzGI Best Styles U.S. Equity (a)(c)		671,784		9,915,534
AllianzGI Emerging Markets Consumer (a)(b)		88,566		1,080,507
AllianzGI Emerging Markets Small-Cap (a)(b)		54,136		757,361
AllianzGI Focused Growth (a)(b)		32,379		1,224,906
AllianzGI Global Natural Resources (a)(b)		92,903		1,234,686
AllianzGI High Yield Bond (a)(b)		325,975		2,712,112
AllianzGI International Small-Cap (a)(b)		13,614		492,832
AllianzGI Mid-Cap (a)(b)		325,938		1,215,748
AllianzGI NFJ Mid-Cap Value (a)(b)		30,149		751,018
AllianzGI Short Duration High Income (a)(b)		257,080		3,719,949
AllianzGI Structured Return (a)(b)		64,642		1,006,472
AllianzGI U.S. Small-Cap Growth (a)(b)		52,956		733,967
Harvest Funds Intermediate Bond (b)		50,340		496,354
PIMCO Capital Securities and Financials (a)(b)		99,890		980,918
PIMCO Income (a)(b)		82,841		971,723
PIMCO Long-Term Credit (a)(b)		112,667		1,219,059
PIMCO Mortgage Opportunities (a)(b)		111,044		1,213,707
PIMCO Short-Term (a)(b)		49,930		485,820
Total Mutual Funds (cost—$39,928,188)				38,576,686
EXCHANGE-TRADED FUNDS—20.7%
PIMCO 15+ Year U.S. TIPS Index (a)		40,170		2,444,746
PIMCO Broad U.S. TIPS Index (a)		74,569		4,119,564
Schwab U.S. REIT		25,605		1,014,982
Schwab U.S. Small-Cap		27,693		1,442,252
SPDR S&P 600 Small Cap Value		9,852		915,941
Total Exchange-Traded Funds (cost—$10,135,134)				9,937,485

	Principal Amount (000s)		Value*
Repurchase Agreements—1.4%
State Street Bank and Trust Co., dated 12/31/15, 0.03%, due 1/4/16, proceeds $653,002; collateralized by U.S. Treasury Notes, 2.125%, due 9/30/21, valued at $669,900 including accrued interest (cost—$653,000)	$	653	$	653,000
Total Investments (cost—$50,716,322)—102.5%				49,167,171
Liabilities in excess of other assets (d)—(2.5)%				(1,177,693	)
Net Assets—100.0%			$	47,989,478

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

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

Futures contracts outstanding at December 31, 2015:

Type	Contracts		Market Value (000s)		Expiration Date		Unrealized Appreciation
Long:   U.S. Dollar Index		11	$	1,086		3/14/16	$	12,025

(e) At December 31, 2015, the Fund pledged $159,188 in cash as collateral for derivatives.

Glossary:

REIT—Real Estate Investment Trust

TIPS—Treasury Inflation Protected Securities

Schedule of Investments

AllianzGI Retirement 2040 Fund

December 31, 2015 (unaudited)

	Shares		Value*
MUTUAL FUNDS—85.4%
AllianzGI Best Styles Emerging Markets Equity (a)(c)		22,464	$	274,057
AllianzGI Best Styles International Equity (a)(c)		572,955		8,170,342
AllianzGI Best Styles U.S. Equity (a)(c)		631,241		9,317,124
AllianzGI Emerging Markets Consumer (a)(b)		75,718		923,764
AllianzGI Emerging Markets Small-Cap (a)(b)		59,025		825,756
AllianzGI Focused Growth (a)(b)		37,141		1,405,062
AllianzGI Global Natural Resources (a)(b)		75,910		1,008,840
AllianzGI High Yield Bond (a)(b)		267,274		2,223,719
AllianzGI International Managed Volatility (a)(b)		59,051		815,495
AllianzGI International Small-Cap (a)(b)		16,709		604,848
AllianzGI Mid-Cap (a)(b)		324,291		1,209,605
AllianzGI NFJ Mid-Cap Value (a)(b)		32,844		818,142
AllianzGI Short Duration High Income (a)(b)		83,486		1,208,046
AllianzGI U.S. Managed Volatility (a)(b)		61,592		805,620
AllianzGI U.S. Small-Cap Growth (a)(b)		72,179		1,000,401
Harvest Funds Intermediate Bond (b)		41,716		411,322
PIMCO Capital Securities and Financials (a)(b)		61,487		603,805
PIMCO Income (a)(b)		50,945		597,589
PIMCO Long-Term Credit (a)(b)		74,637		807,574
PIMCO Mortgage Opportunities (a)(b)		54,624		597,037
PIMCO Short-Term (a)(b)		40,935		398,301
Total Mutual Funds (cost—$34,969,469)				34,026,449
EXCHANGE-TRADED FUNDS—14.5%
PIMCO 15+ Year U.S. TIPS Index (a)		19,761		1,202,655
PIMCO Broad U.S. TIPS Index (a)		28,769		1,589,343
Schwab U.S. REIT		21,219		841,121
Schwab U.S. Small-Cap		22,950		1,195,236
SPDR S&P 600 Small Cap Value		10,205		948,759
Total Exchange-Traded Funds (cost—$5,903,112)				5,777,114

	Principal Amount (000s)		Value*
Repurchase Agreements—1.9%
State Street Bank and Trust Co., dated 12/31/15, 0.03%, due 1/4/16, proceeds $769,003; collateralized by U.S. Treasury Notes, 2.125%, due 9/30/21, valued at $786,625 including accrued interest (cost—$769,000)	$	769	$	769,000
Total Investments (cost—$41,641,581)—101.8%				40,572,563
Liabilities in excess of other assets (d)—(1.8)%				(721,136	)
Net Assets—100.0%			$	39,851,427

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

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

Futures contracts outstanding at December 31, 2015:

Type	Contracts		Market Value (000s)		Expiration Date		Unrealized Appreciation
Long:   U.S. Dollar Index		11	$	1,086		3/14/16	$	12,020

(e) At December 31, 2015, the Fund pledged $146,359 in cash as collateral for derivatives.

Glossary:

REIT—Real Estate Investment Trust

TIPS—Treasury Inflation Protected Securities

Schedule of Investments

AllianzGI Retirement 2045 Fund

December 31, 2015 (unaudited)

	Shares		Value*
MUTUAL FUNDS—86.7%
AllianzGI Best Styles Emerging Markets Equity (a)(c)		18,182	$	221,815
AllianzGI Best Styles International Equity (a)(c)		329,290		4,695,675
AllianzGI Best Styles U.S. Equity (a)(c)		376,731		5,560,552
AllianzGI Emerging Markets Consumer (a)(b)		55,972		682,853
AllianzGI Emerging Markets Small-Cap (a)(b)		33,462		468,132
AllianzGI Focused Growth (a)(b)		23,884		903,528
AllianzGI Global Natural Resources (a)(b)		42,482		564,584
AllianzGI High Yield Bond (a)(b)		162,886		1,355,208
AllianzGI International Managed Volatility (a)(b)		48,963		676,185
AllianzGI International Small-Cap (a)(b)		12,527		453,463
AllianzGI Mid-Cap (a)(b)		242,656		905,107
AllianzGI NFJ Mid-Cap Value (a)(b)		30,447		758,424
AllianzGI Short Duration High Income (a)(b)		23,491		339,909
AllianzGI U.S. Managed Volatility (a)(b)		34,636		453,038
AllianzGI U.S. Small-Cap Growth (a)(b)		40,899		566,857
Harvest Funds Intermediate Bond (b)		11,554		113,922
PIMCO Long-Term Credit (a)(b)		19,074		206,376
PIMCO Short-Term (a)(b)		23,036		224,143
Total Mutual Funds (cost—$19,611,416)				19,149,771
EXCHANGE-TRADED FUNDS—13.0%
PIMCO 15+ Year U.S. TIPS Index (a)		7,413		451,155
PIMCO Broad U.S. TIPS Index (a)		14,166		782,601
Schwab U.S. REIT		11,755		465,968
Schwab U.S. Small-Cap		12,713		662,093
SPDR S&P 600 Small Cap Value		5,653		525,560
Total Exchange-Traded Funds (cost—$2,954,991)				2,887,377

	Principal Amount (000s)		Value*
Repurchase Agreements—2.0%
State Street Bank and Trust Co., dated 12/31/15, 0.03%, due 1/4/16, proceeds $432,001; collateralized by U.S. Treasury Notes, 2.125%, due 9/30/21, valued at $441,525 including accrued interest (cost—$432,000)	$	432	$	432,000
Total Investments (cost—$22,998,407)—101.7%				22,469,148
Liabilities in excess of other assets (d)—(1.7)%				(379,352	)
Net Assets—100.0%			$	22,089,796

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

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

Futures contracts outstanding at December 31, 2015:

Type	Contracts		Market Value (000s)		Expiration Date		Unrealized Appreciation
Long:   U.S. Dollar Index		7	$	691		3/14/16	$	7,666

(e) At December 31, 2015, the Fund pledged $98,636 in cash as collateral for derivatives.

Glossary:

REIT—Real Estate Investment Trust

TIPS—Treasury Inflation Protected Securities

Schedule of Investments

AllianzGI Retirement 2050 Fund

December 31, 2015 (unaudited)

	Shares		Value*
MUTUAL FUNDS—86.6%
AllianzGI Best Styles Emerging Markets Equity (a)(c)		24,812	$	302,708
AllianzGI Best Styles International Equity (a)(c)		306,295		4,367,771
AllianzGI Best Styles U.S. Equity (a)(c)		350,324		5,170,784
AllianzGI Emerging Markets Consumer (a)(b)		50,920		621,219
AllianzGI Emerging Markets Small-Cap (a)(b)		30,427		425,676
AllianzGI Focused Growth (a)(b)		21,624		818,052
AllianzGI Global Natural Resources (a)(b)		38,755		515,060
AllianzGI High Yield Bond (a)(b)		148,456		1,235,151
AllianzGI International Managed Volatility (a)(b)		45,315		625,802
AllianzGI International Small-Cap (a)(b)		11,341		410,553
AllianzGI Mid-Cap (a)(b)		219,888		820,181
AllianzGI NFJ Mid-Cap Value (a)(b)		33,539		835,453
AllianzGI Short Duration High Income (a)(b)		21,271		307,797
AllianzGI U.S. Managed Volatility (a)(b)		31,569		412,928
AllianzGI U.S. Small-Cap Growth (a)(b)		44,670		619,126
Harvest Funds Intermediate Bond (b)		10,531		103,837
PIMCO Short-Term (a)(b)		20,859		202,956
Total Mutual Funds (cost—$18,242,271)				17,795,054
EXCHANGE-TRADED FUNDS—12.2%
PIMCO 15+ Year U.S. TIPS Index (a)		6,712		408,492
PIMCO Broad U.S. TIPS Index (a)		10,994		607,364
Schwab U.S. REIT		8,036		318,547
Schwab U.S. Small-Cap		11,588		603,503
SPDR S&P 600 Small Cap Value		6,184		574,926
Total Exchange-Traded Funds (cost—$2,581,451)				2,512,832

	Principal Amount (000s)		Value*
Repurchase Agreements—1.9%
State Street Bank and Trust Co., dated 12/31/15, 0.03%, due 1/4/16, proceeds $386,001; collateralized by U.S. Treasury Notes, 2.125%, due 9/30/21, valued at $395,850 including accrued interest (cost—$386,000)	$	386	$	386,000
Total Investments (cost—$21,209,722)—100.7%				20,693,886
Liabilities in excess of other assets (d)—(0.7)%				(147,163	)
Net Assets—100.0%			$	20,546,723

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

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

Futures contracts outstanding at December 31, 2015:

Type	Contracts		Market Value (000s)		Expiration Date		Unrealized Appreciation
Long:   U.S. Dollar Index		7	$	691		3/14/16	$	7,666

(e) At December 31, 2015, the Fund pledged $94,657 in cash as collateral for derivatives.

Glossary:

REIT—Real Estate Investment Trust

TIPS—Treasury Inflation Protected Securities

Schedule of Investments

AllianzGI Retirement 2055 Fund

December 31, 2015 (unaudited)

	Shares		Value*
MUTUAL FUNDS—85.4%
AllianzGI Best Styles International Equity (a)(c)		93,423	$	1,332,209
AllianzGI Best Styles U.S. Equity (a)(c)		106,800		1,576,362
AllianzGI Emerging Markets Consumer (a)(b)		21,104		257,465
AllianzGI Emerging Markets Small-Cap (a)(b)		10,613		148,482
AllianzGI Focused Growth (a)(b)		6,529		246,998
AllianzGI Global Natural Resources (a)(b)		11,817		157,043
AllianzGI High Yield Bond (a)(b)		44,829		372,980
AllianzGI International Managed Volatility (a)(b)		13,809		190,709
AllianzGI International Small-Cap (a)(b)		3,426		124,032
AllianzGI Mid-Cap (a)(b)		67,562		252,008
AllianzGI NFJ Mid-Cap Value (a)(b)		10,962		273,063
AllianzGI Short Duration High Income (a)(b)		6,423		92,946
AllianzGI U.S. Managed Volatility (a)(b)		9,620		125,833
AllianzGI U.S. Small-Cap Growth (a)(b)		13,549		187,795
Harvest Funds Intermediate Bond (b)		3,209		31,643
PIMCO Short-Term (a)(b)		6,298		61,282
Total Mutual Funds (cost—$5,545,012)				5,430,850
EXCHANGE-TRADED FUNDS—12.0%
PIMCO 15+ Year U.S. TIPS Index (a)		2,026		123,302
PIMCO Broad U.S. TIPS Index (a)		3,319		183,358
Schwab U.S. REIT		2,449		97,078
Schwab U.S. Small-Cap		3,532		183,947
SPDR S&P 600 Small Cap Value		1,885		175,249
Total Exchange-Traded Funds (cost—$783,853)				762,934

	Principal Amount (000s)		Value*
Repurchase Agreements—3.6%
State Street Bank and Trust Co., dated 12/31/15, 0.03%, due 1/4/16, proceeds $229,001; collateralized by U.S. Treasury Notes, 2.125%, due 9/30/21, valued at $238,525 including accrued interest (cost—$229,000)	$	229	$	229,000
Total Investments (cost—$6,557,865)—101.0%				6,422,784
Liabilities in excess of other assets (d)—(1.0)%				(64,708	)
Net Assets—100.0%			$	6,358,076

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

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

Futures contracts outstanding at December 31, 2015:

Type	Contracts		Market Value (000s)		Expiration Date		Unrealized Appreciation
Long:   U.S. Dollar Index		3	$	296		3/14/16	$	3,262

(e) At December 31, 2015, the Fund pledged $38,865 in cash as collateral for derivatives.

Glossary:

REIT—Real Estate Investment Trust

TIPS—Treasury Inflation Protected Securities

Schedule of Investments

AllianzGI Retirement Income Fund

December 31, 2015 (unaudited)

	Shares		Value*
MUTUAL FUNDS—90.5%
AllianzGI Best Styles International Equity (a)(c)		75,337	$	1,074,308
AllianzGI Best Styles U.S. Equity (a)(c)		207,211		3,058,435
AllianzGI Emerging Markets Consumer (a)(b)		26,304		320,908
AllianzGI Income & Growth (a)(b)		196,930		2,237,126
AllianzGI Short Duration High Income (a)(b)		296,717		4,293,497
Harvest Funds Intermediate Bond (b)		43,428		428,204
PIMCO Capital Securities and Financials (a)(b)		131,706		1,293,349
PIMCO Income (a)(b)		324,307		3,804,119
PIMCO Long-Term Credit (a)(b)		170,171		1,841,248
PIMCO Mortgage Opportunities (a)(b)		106,431		1,163,292
Total Mutual Funds (cost—$20,269,445)				19,514,486
EXCHANGE-TRADED FUNDS—8.1%
PIMCO 15+ Year U.S. TIPS Index (a) (cost—$1,754,777)		28,711		1,747,352

	Principal Amount (000s)		Value*
Repurchase Agreements—1.3%
State Street Bank and Trust Co., dated 12/31/15, 0.03%, due 1/4/16, proceeds $281,001; collateralized by U.S. Treasury Notes, 2.125%, due 9/30/21, valued at $289,275 including accrued interest (cost—$281,000)	$	281	$	281,000
Total Investments (cost—$22,305,222)—99.9%				21,542,838
Other assets less liabilities (d)—0.1%				26,708
Net Assets—100.0%			$	21,569,546

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

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

Futures contracts outstanding at December 31, 2015:

Type	Contracts		Market Value (000s)		Expiration Date		Unrealized Appreciation
Long:   U.S. Dollar Index		1	$	99		3/14/16	$	1,087

(e) At December 31, 2015, the Fund pledged $25,807 in cash as collateral for derivatives.

Glossary:

TIPS—Treasury Inflation Protected Securities

Schedule of Investments

AllianzGI Global Allocation Fund

December 31, 2015 (unaudited)

	Shares		Value*
MUTUAL FUNDS (a)—87.0%
AllianzGI Advanced Core Bond		5,246,215	$	78,011,222
AllianzGI Best Styles Global Equity (c)		11,031,205		167,233,064
AllianzGI International Managed Volatility (b)		362,854		5,011,012
AllianzGI Short Duration High Income (b)		842,742		12,194,483
AllianzGI Structured Return (b)		515,452		8,025,591
AllianzGI U.S. Managed Volatility (b)		534,271		6,988,271
Total Mutual Funds (cost—$279,256,937)				277,463,643
EXCHANGE-TRADED FUNDS—6.3%
iShares JPMorgan USD Emerging Markets Bond		20,773		2,197,368
iShares MSCI EAFE Minimum Volatility		98,544		6,392,549
iShares MSCI USA Minimum Volatility		200,823		8,398,418
PIMCO 15+ Year U.S. TIPS Index (a)		51,655		3,143,724
Total Exchange-Traded Funds (cost—$19,925,500)				20,132,059

	Principal Amount (000s)		Value*
Repurchase Agreements—5.6%
State Street Bank and Trust Co., dated 12/31/15, 0.03%, due 1/4/16, proceeds $17,896,060; collateralized by Freddie Mac, 2.12%, due 6/2/21, valued at $18,255,000 including accrued interest (cost—$17,896,000)	$	17,896	$	17,896,000
Total Investments (cost—$317,078,437)—98.9%				315,491,702
Other assets less liabilities (d)—1.1%				3,658,096
Net Assets—100.0%			$	319,149,798

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

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

Futures contracts outstanding at December 31, 2015:

Type	Contracts			Market Value (000s)			Expiration Date		Unrealized Appreciation (Depreciation)
Long: 10-Year Treasury Note		43		$	5,414			3/21/16	$	(15,850	)
2-Year Treasury Note		23			4,996			3/31/16		(5,795	)
5-Year Treasury Note		113			13,370			3/31/16		(30,362	)
Euro-BTP		45			6,745			3/8/16		43,624
TOPIX Index		7			901			3/10/16		4,901
U.S. Dollar Index		166			16,392			3/14/16		181,528
U.S. Ultra Bond		20			3,174			3/21/16		18,555
Short:   Bovespa Index		(115	)		(1,275	)		2/17/16		55,693
Euro Stoxx 50 Index		(61	)		(2,176	)		3/18/16		(37,882	)
FTSE 100 Index		(40	)		(3,655	)		3/18/16		(144,267	)
Hang Seng Index		(23	)		(3,245	)		3/30/16		(47,084	)
Mini MSCI Emerging Markets Index		(88	)		(3,465	)		3/18/16		(73,329	)
MSCI Taiwan Index		(55	)		(1,674	)		1/28/16		19,588
S&P 500 Index		(4	)		(2,036	)		3/17/16		(17,243	)
SGX Nifty 50 Index		(35	)		(556	)		1/28/16		(505	)
SPI 200 Index		(46	)		(4,405	)		3/17/16		(290,927	)
									$	(339,355	)

Schedule of Investments

AllianzGI Global Allocation Fund

December 31, 2015 (unaudited) (continued)

Forward foreign currency contracts outstanding at December 31, 2015:

	Counterparty		U.S.$ Value on Origination Date		U.S.$ Value December 31, 2015		Unrealized Depreciation
Sold:
6,000,000 Euro settling 2/10/16		State Street Bank	$	6,458,076	$	6,526,291	$	(68,215	)

(e) At December 31, 2015, the Fund pledged $3,992,101 in cash as collateral for derivatives.

Glossary:

EAFE—Europe and Australia, Far East

FTSE—Financial Times Stock Exchange

MSCI—Morgan Stanley Capital International

TIPS—Treasury Inflation Protected Securities

TOPIX—Tokyo Stock Price Index

Schedule of Investments

AllianzGI Global Dynamic Allocation Fund

December 31, 2015 (unaudited)

	Shares		Value*
MUTUAL FUNDS (a)—57.0%
AllianzGI Best Styles Emerging Markets Equity (c)		69,452	$	847,318
AllianzGI Best Styles International Equity (c)		214,966		3,065,411
AllianzGI Best Styles U.S. Equity (c)		380,521		5,616,491
AllianzGI International Managed Volatility (b)		8,542		117,961
AllianzGI Short Duration High Income (b)		13,024		188,455
PIMCO Income (b)		67,142		787,572
PIMCO Investment Grade Corporate Bond (b)		171,884		1,705,089
PIMCO Long-Term Credit (b)		13,107		141,816
PIMCO Mortgage Opportunities (b)		82,101		897,361
PIMCO Mortgage-Backed Securities (b)		174,236		1,820,766
Total Mutual Funds (cost—$15,778,096)				15,188,240
	Principal Amount (000s)
U.S. TREASURY OBLIGATIONS—13.0%
U.S. Treasury Bonds,
3.125%, 2/15/43	$	176		180,077
4.375%, 5/15/41		141		177,651
5.25%, 2/15/29		140		183,501
6.875%, 8/15/25		125		175,144
7.625%, 11/15/22		210		285,268
7.875%, 2/15/21		90		116,660
U.S. Treasury Notes,
0.75%, 2/28/18		192		190,411
1.00%, 9/30/16		190		190,408
1.00%, 6/30/19		258		253,809
1.125%, 3/31/20		300		293,354
1.50%, 2/28/19		220		220,771
1.875%, 10/31/17		218		221,251
2.00%, 5/31/21		274		275,969

	Principal Amount (000s)		Value*
2.00%, 2/15/23	$	266	$	264,498
2.25%, 7/31/18		180		184,791
3.00%, 2/28/17		246		252,110
Total U.S. Treasury Obligations (cost—$3,501,749)				3,465,673
	Shares
EXCHANGE-TRADED FUNDS—7.8%
iShares MSCI EAFE Minimum Volatility		4,399		285,363
iShares MSCI Emerging Markets Minimum Volatility		3,782		184,032
iShares MSCI USA Minimum Volatility		25,278		1,057,126
ProShares S&P 500 Dividend Aristocrats		11,441		564,042
Total Exchange-Traded Funds (cost—$2,116,589)				2,090,563
	Principal Amount (000s)
U.S. GOVERNMENT AGENCY SECURITIES—1.4%
Fannie Mae,
1.375%, 11/15/16	$	151		151,728
Freddie Mac,
1.00%, 6/29/17		218		218,039
Total U.S. Government Agency Securities (cost—$371,647)				369,767
Repurchase Agreements—19.0%
State Street Bank and Trust Co., dated 12/31/15, 0.03%, due 1/4/16, proceeds $5,078,017; collateralized by U.S. Treasury Notes, 2.125%, due 9/30/21, valued at $5,181,575 including accrued interest (cost—$5,078,000)		5,078		5,078,000
Total Investments (cost—$26,846,081)—98.2%				26,192,243
Other assets less liabilities (d)—1.8%				470,549
Net Assets—100.0%			$	26,662,792

Schedule of Investments

AllianzGI Global Dynamic Allocation Fund

December 31, 2015 (unaudited) (continued)

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

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

Futures contracts outstanding at December 31, 2015:

Type	Contracts			Market Value (000s)			Expiration Date		Unrealized Appreciation (Depreciation)
Long:   E-mini S&P 500 Index		22		$	2,239			3/18/16	$	(1,813	)
Euro STOXX 600 Index		30			596			3/18/16		12,179
Euro-BTP		8			1,199			3/8/16		2,314
Mini MSCI EAFE Index		4			340			3/18/16		4,387
TOPIX Index		6			773			3/10/16		(19,486	)
Short:   10-Year U.S. Treasury Note		(2	)		(252	)		3/21/16		1,402
2-Year U.S. Treasury Note		(1	)		(217	)		3/31/16		295
5-Year U.S. Treasury Note		(2	)		(237	)		3/31/16		926
Mini MSCI Emerging Markets Index		(13	)		(512	)		3/18/16		(2,513	)
SPI 200 Index		(2	)		(192	)		3/17/16		(15,564	)
U.S. Ultra Bond		(1	)		(159	)		3/21/16		1,811
									$	(16,062	)

(e) At December 31, 2015, the Fund pledged $276,434 in cash as collateral for derivatives.

Glossary:

EAFE—Europe and Australia, Far East

MSCI—Morgan Stanley Capital International

TOPIX—Tokyo Stock Price Index

Schedule of Investments

AllianzGI Global Megatrends Fund

December 31, 2015 (unaudited)

	Shares		Value*
MUTUAL FUNDS (a)(b)—98.5%
AllianzGI Emerging Markets Consumer		41,582	$	507,302
AllianzGI Global Natural Resources		35,118		466,721
AllianzGI Global Water		48,188		603,800
AllianzGI Health Sciences		22,189		655,242
AllianzGI Technology		12,018		652,453
Total Investments (cost—$3,223,729)—98.5%				2,885,518
Other assets less liabilities—1.5%				45,414
Net Assets—100.0%			$	2,930,932

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

Schedule of Investments

AllianzGI Best Styles Emerging Markets Equity Fund

December 31, 2015 (unaudited)

	Shares		Value*
COMMON STOCK—89.1%
Argentina—0.2%
Banco Macro S.A. ADR (d)		302	$	17,552
Brazil—3.9%
Banco do Brasil S.A.		1,300		4,815
Banco Santander Brasil S.A. UNIT		4,400		17,731
BM&FBovespa S.A.		8,900		24,335
Cia Paranaense de Energia, Class P ADR		693		4,068
Cosan Ltd., Class A		1,062		3,919
JBS S.A.		26,000		80,686
Kroton Educacional S.A.		3,000		7,176
Marfrig Global Foods S.A. (d)		8,600		13,753
MRV Engenharia e Participacoes S.A.		16,100		35,200
Multiplus S.A.		1,200		11,299
Petroleo Brasileiro S.A. (d)		25,000		53,477
Sul America S.A. UNIT		8,600		40,337
Transmissora Alianca de Energia Eletrica S.A. UNIT		1,600		6,766
				303,562
Chile—0.7%
Banco Santander Chile ADR		3,050		53,802
China—27.2%
Agricultural Bank of China Ltd., Class H		128,000		52,090
Alibaba Group Holding Ltd. ADR (d)		201		16,335
ANTA Sports Products Ltd.		28,000		76,548
Bank of China Ltd., Class H		149,000		66,113
Bank of Communications Co., Ltd., Class H		135,000		94,672
Beijing Capital International Airport Co., Ltd., Class H		18,000		19,333
Beijing Capital Land Ltd., Class H		20,000		9,121
China Communications Construction Co., Ltd., Class H		4,000		4,048
China Communications Services Corp. Ltd., Class H		34,000		12,762
China Construction Bank Corp., Class H		77,000		52,525
China Dongxiang Group Co., Ltd.		56,000		13,327
China Everbright Bank Co., Ltd., Class H		111,000		53,890
China High Speed Transmission Equipment Group Co., Ltd. (d)		9,000		7,204
China Merchants Bank Co., Ltd., Class H		36,500		85,534
China Mobile Ltd.		7,500		84,421
China Petroleum & Chemical Corp., Class H		200,000		120,362
China Power International Development Ltd.		59,000		34,038
China Southern Airlines Co., Ltd., Class H		80,000		61,672
China Taiping Insurance Holdings Co., Ltd. (d)		4,600		14,149
China Telecom Corp., Ltd., Class H		108,000		50,378
China Travel International Investment Hong Kong Ltd.		14,000		5,855

	Shares		Value*
Chongqing Rural Commercial Bank Co., Ltd., Class H		127,000	$	76,441
Guangzhou R&F Properties Co., Ltd., Class H		14,000		17,166
Hua Hong Semiconductor Ltd. (a)(d)		9,000		8,716
Huadian Power International Corp., Ltd., Class H		8,000		5,187
Huaneng Power International, Inc., Class H		26,000		22,297
Industrial & Commercial Bank of China Ltd., Class H		306,000		183,422
Ju Teng International Holdings Ltd.		22,000		10,435
KWG Property Holding Ltd.		26,500		19,501
Longfor Properties Co., Ltd.		15,500		23,053
Nexteer Automotive Group Ltd.		22,000		24,318
Ping An Insurance Group Co. of China Ltd., Class H		24,000		132,045
Qingdao Port International Co., Ltd., Class H (a)		11,000		4,898
Shenzhen Expressway Co., Ltd., Class H		46,000		40,326
Sichuan Expressway Co., Ltd., Class H		34,000		12,086
Sinopec Shanghai Petrochemical Co., Ltd., Class H (d)		74,000		29,268
Sinopharm Group Co., Ltd., Class H		21,200		84,635
Skyworth Digital Holdings Ltd.		20,000		12,975
TCL Communication Technology Holdings Ltd.		6,000		4,397
Tencent Holdings Ltd.		15,800		309,769
Wasion Group Holdings Ltd.		20,000		20,491
Xinjiang Goldwind Science & Technology Co., Ltd., Class H		29,800		56,739
Zhejiang Expressway Co., Ltd., Class H		68,000		81,249
				2,113,791
Colombia—0.2%
Corp. Financiera Colombiana S.A.		1,324		16,216
Hong Kong—1.3%
Cheung Kong Property Holdings Ltd.		2,868		18,682
China Metal Resources Utilization Ltd. (a)		20,000		7,229
Dah Sing Banking Group Ltd.		2,800		4,927
Global Brands Group Holding Ltd. (d)		62,000		11,741
Kerry Properties Ltd.		15,000		40,917
Mason Financial Holdings Ltd. (d)		60,000		2,954
Truly International Holdings Ltd.		58,000		13,860
				100,310
Hungary—1.2%
Magyar Telekom Telecommunications PLC (d)		11,568		16,184
MOL Hungarian Oil & Gas PLC		496		24,191
OTP Bank PLC		867		17,827
Richter Gedeon Nyrt		1,772		33,446
				91,648

Schedule of Investments

AllianzGI Best Styles Emerging Markets Equity Fund

December 31, 2015 (unaudited) (continued)

	Shares		Value*
India—0.9%
Axis Bank Ltd. GDR		812	$	27,286
Reliance Industries Ltd. GDR (a)		286		8,751
Vedanta Ltd. ADR		1,761		9,791
WNS Holdings Ltd. ADR (d)		683		21,303
				67,131
Indonesia—1.5%
Bank Negara Indonesia Persero Tbk PT		41,000		14,679
Telekomunikasi Indonesia Persero Tbk PT		470,300		105,336
				120,015
Israel—0.1%
Mizrahi Tefahot Bank Ltd.		644		7,692
Korea (Republic of)—15.3%
BGF retail Co., Ltd.		460		66,595
CJ E&M Corp. (d)		533		36,382
Dongbu Insurance Co., Ltd.		715		42,779
Dongwon F&B Co., Ltd.		36		11,975
Halla Holdings Corp.		352		19,175
Hanil Cement Co., Ltd.		205		18,374
Hansae Co., Ltd.		266		11,905
Hanwha General Insurance Co., Ltd. (d)		1,123		7,449
Hyosung Corp.		879		86,936
Hyundai Marine & Fire Insurance Co., Ltd.		265		8,120
Hyundai Motor Co.		266		33,549
Hyundai Securities Co., Ltd.		3,840		20,942
Kia Motors Corp.		1,212		54,043
KISWIRE Ltd.		159		5,147
Korea Electric Power Corp.		2,514		106,511
Korea Petro Chemical Ind Co., Ltd.		542		78,225
LG Life Sciences Ltd. (d)		955		48,669
Lotte Chemical Corp.		32		6,530
Meritz Securities Co., Ltd.		5,355		17,970
Osstem Implant Co., Ltd. (d)		63		4,315
S&T Motiv Co., Ltd.		330		24,067
S-Oil Corp.		174		11,656
Samsung Electronics Co., Ltd.		204		217,583
Samsung Electronics Co., Ltd. GDR		230		121,943
Shinsegae Co., Ltd.		300		58,368
SK Innovation Co., Ltd. (d)		562		61,635
Ssangyong Cement Industrial Co., Ltd. (d)		304		4,219
				1,185,062
Malaysia—2.7%
Berjaya Auto Bhd.		45,640		22,748
Hong Leong Financial Group Bhd.		10,600		34,381
MISC Bhd.		5,800		12,609
Sunway Bhd.		13,800		9,900
Tenaga Nasional Bhd.		33,500		103,722
Top Glove Corp. Bhd.		6,600		20,858
YTL Power International Bhd.		13,400		4,610
				208,828

	Shares		Value*
Mexico—3.9%
America Movil S.A.B. de C.V., Ser. L		22,900	$	16,078
El Puerto de Liverpool S.A.B. de C.V.		2,300		28,124
Gentera S.A.B. de C.V.		10,600		20,389
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. ADR (d)		107		4,114
Grupo Aeroportuario del Pacifico S.A.B. de C.V. ADR		125		11,035
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B		500		4,417
Grupo Aeroportuario del Sureste S.A.B. de C.V. ADR		541		76,102
Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B		2,860		40,517
Grupo Lala S.A.B. de C.V.		10,800		24,991
Industrias Bachoco S.A.B. de C.V. ADR		1,319		64,934
Telesites S.A.B. de C.V. (d)		1,145		747
Vitro S.A.B. de C.V., Ser. A		5,000		15,646
				307,094
Norway—0.2%
BW LPG Ltd. (a)		1,612		13,214
Philippines—1.8%
Ayala Corp.		1,510		24,200
BDO Unibank, Inc.		1,880		4,179
DMCI Holdings, Inc.		90,500		26,463
Globe Telecom, Inc.		405		15,910
Metropolitan Bank & Trust Co.		9,010		15,369
SM Prime Holdings, Inc.		57,800		26,580
Universal Robina Corp.		6,520		25,728
				138,429
Poland—0.6%
AmRest Holdings SE (d)		92		4,408
Asseco Poland S.A.		1,683		24,220
Energa S.A.		1,333		4,291
Polskie Gornictwo Naftowe i Gazownictwo S.A.		9,627		12,565
				45,484
Russian Federation—2.0%
Magnitogorsk Iron & Steel Works OJSC GDR		1,468		4,899
Mobile TeleSystems PJSC ADR		8,000		49,440
PhosAgro OAO GDR		1,028		13,185
Severstal PAO GDR		5,695		47,581
Sistema JSFC GDR		1,995		11,745
United Co. RUSAL PLC		24,000		7,315
X5 Retail Group NV GDR (d)		1,089		20,636
				154,801
Singapore—0.8%
SMRT Corp. Ltd.		4,100		4,341
Wing Tai Holdings Ltd.		18,800		23,223
Yangzijiang Shipbuilding Holdings Ltd.		47,100		36,388
				63,952

Schedule of Investments

AllianzGI Best Styles Emerging Markets Equity Fund

December 31, 2015 (unaudited) (continued)

	Shares		Value*
South Africa—5.9%
Aeci Ltd.		1,239	$	7,103
AVI Ltd.		7,619		38,069
Capitec Bank Holdings Ltd.		441		15,336
Famous Brands Ltd.		471		3,948
Investec Ltd.		8,504		60,074
JSE Ltd.		623		5,144
Lewis Group Ltd.		1,320		4,688
Liberty Holdings Ltd.		6,570		48,897
Mondi Ltd.		3,623		71,696
Naspers Ltd., Class N		337		46,063
Pick n Pay Holdings Ltd.		3,500		6,293
Sappi Ltd. (d)		7,484		31,445
Sasol Ltd.		1,646		44,438
SPAR Group Ltd.		3,278		39,003
Telkom S.A. SOC Ltd.		8,364		34,750
				456,947
Taiwan—13.9%
Advanced Semiconductor Engineering, Inc. ADR		5,284		29,960
AU Optronics Corp. ADR		2,173		6,323
Catcher Technology Co., Ltd.		9,000		75,028
China Motor Corp.		24,000		15,795
Compeq Manufacturing Co., Ltd.		87,000		58,131
Coretronic Corp.		5,000		4,131
CTBC Financial Holding Co., Ltd.		192,000		98,304
E.Sun Financial Holding Co., Ltd.		54,000		31,351
Far Eastern New Century Corp.		17,000		13,281
Hon Hai Precision Industry Co., Ltd.		64,100		156,872
Hon Hai Precision Industry Co., Ltd. GDR		1,699		8,616
Mega Financial Holding Co., Ltd.		62,000		39,972
Pegatron Corp.		32,000		69,599
Radiant Opto-Electronics Corp.		19,000		43,238
Silergy Corp.		2,000		20,474
Siliconware Precision Industries Co., Ltd. ADR		4,246		32,907
Taishin Financial Holding Co., Ltd.		41,000		14,166
Taiwan Business Bank (d)		30,000		7,449
Taiwan Semiconductor Manufacturing Co., Ltd.		58,000		250,226
TrueLight Corp.		27,000		71,588
United Microelectronics Corp.		88,000		32,158
				1,079,569
Thailand—1.5%
CP ALL PCL (c)		35,700		38,767
PTT Global Chemical PCL (c)		27,700		38,297
Siam Cement PCL		3,450		43,541
				120,605

	Shares		Value*
Turkey—3.1%
Cimsa Cimento Sanayi VE Ticaret AS		756	$	3,963
Eregli Demir ve Celik Fabrikalari TAS		22,087		22,984
TAV Havalimanlari Holding AS		10,514		65,539
Tofas Turk Otomobil Fabrikasi AS		1,619		10,510
Tupras Turkiye Petrol Rafinerileri AS (d)		3,619		86,314
Turkiye Is Bankasi		17,008		26,763
Turkiye Vakiflar Bankasi Tao		21,436		28,093
				244,166
United Kingdom—0.1%
888 Holdings PLC		2,512		6,759
United States—0.1%
Net 1 UEPS Technologies, Inc. (d)		341		4,607
Total Common Stock (cost—$7,362,740)				6,921,236
PREFERRED STOCK—4.3%
Brazil—3.3%
Banco Bradesco S.A.		10,020		48,484
Braskem S.A., Class A		2,200		15,289
Centrais Eletricas Brasileiras S.A., Class B		9,000		23,639
Cia Paranaense de Energia		3,900		23,822
Itau Unibanco Holding S.A.		15,390		101,794
Itausa - Investimentos Itau S.A.		3,610		6,238
Petroleo Brasileiro S.A. (d)		23,100		38,665
				257,931
Colombia—0.6%
Banco Davivienda S.A.		6,715		46,113
Korea (Republic of)—0.4%
Samsung Electronics Co., Ltd.		34		31,429
Total Preferred Stock (cost—$487,058)				335,473
RIGHTS—0.0%
Brazil—0.0%
Banco Bradesco S.A., exercise price BRL 17.21, expires 2/5/16, (c)(d) (cost—$0)		328		172
Total Investments (cost-$7,849,798) (b)—93.4%				7,256,881
Other assets less liabilities (e)—6.6%				509,472
Net Assets—100.0%			$	7,766,353

Schedule of Investments

AllianzGI Best Styles Emerging Markets Equity Fund

December 31, 2015 (unaudited) (continued)

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 $6,470,204, representing 83.3% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(c) Fair-Valued—Securities with an aggregate value of $77,236, representing 1.0% of net assets.

(d) Non-income producing.

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

Futures contracts outstanding at December 31, 2015:

Type	Contracts		Market Value (000s)		Expiration Date		Unrealized Depreciation
Long:   SGX Nifty 50 Index		35	$	556		1/28/16	$	(346	)

(f) At December 31, 2015, the Fund pledged $415,701 in cash as collateral for derivatives.

Glossary:

ADR—American Depositary Receipt

BRL—Brazilian Real

GDR—Global Depositary Receipt

UNIT—More than one class of securities traded together.

Schedule of Investments

AllianzGI Best Styles Emerging Markets Equity Fund

December 31, 2015 (unaudited) (continued)

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

Banks	17.4	%
Technology Hardware, Storage & Peripherals	6.7	%
Semiconductors & Semiconductor Equipment	6.3	%
Oil, Gas & Consumable Fuels	6.2	%
Transportation Infrastructure	4.6	%
Internet Software & Services	4.2	%
Insurance	3.8	%
Electronic Equipment, Instruments & Components	3.6	%
Chemicals	3.5	%
Electric Utilities	3.5	%
Food Products	3.3	%
Diversified Telecommunication Services	2.8	%
Real Estate Management & Development	2.4	%
Wireless Telecommunication Services	2.3	%
Food & Staples Retailing	2.2	%
Automobiles	1.5	%
Textiles, Apparel & Luxury Goods	1.5	%
Metals & Mining	1.3	%
Paper & Forest Products	1.3	%
Capital Markets	1.3	%
Media	1.2	%
Multi-line Retail	1.1	%
Health Care Providers & Services	1.1	%
Pharmaceuticals	1.0	%
Construction Materials	0.9	%
Diversified Financial Services	0.9	%
Auto Components	0.9	%
Electrical Equipment	0.8	%
Airlines	0.8	%
Independent Power and Renewable Electricity Producers	0.8	%
Household Durables	0.6	%
Industrial Conglomerates	0.5	%
Machinery	0.5	%
Specialty Retail	0.3	%
IT Services	0.3	%
Health Care Equipment & Supplies	0.3	%
Software	0.3	%
Hotels, Restaurants & Leisure	0.3	%
Consumer Finance	0.3	%
Containers & Packaging	0.2	%
Marine	0.2	%
Diversified Consumer Services	0.1	%
Multi-Utilities	0.1	%
Road & Rail	0.1	%
Construction & Engineering	0.1	%
Other assets less liabilities	6.6	%
	100.0	%

Schedule of Investments

AllianzGI Best Styles Global Equity Fund

December 31, 2015 (unaudited)

	Shares		Value*
COMMON STOCK—97.2%
Australia—0.9%
Abacus Property Group REIT		26,862	$	62,291
Bank of Queensland Ltd.		34,332		346,329
Beach Energy Ltd.		76,665		27,274
CSR Ltd.		71,714		149,677
Dexus Property Group REIT		64,222		348,351
Downer EDI Ltd.		55,694		144,878
Event Hospitality and Entertainment Ltd.		16,584		198,359
Harvey Norman Holdings Ltd.		78,534		237,403
Macquarie Group Ltd.		5,329		318,796
Northern Star Resources Ltd.		27,480		55,881
Qantas Airways Ltd. (d)		37,433		110,954
Select Harvests Ltd.		3,664		22,562
Star Entertainment Group Ltd.		86,458		317,252
Stockland REIT		17,585		52,201
Tassal Group Ltd.		60,703		206,884
Vicinity Centres		38,209		77,514
				2,676,606
Austria—0.3%
Oesterreichische Post AG		4,212		153,764
OMV AG		11,559		328,105
Voestalpine AG		11,426		349,501
				831,370
Belgium—0.4%
Ageas		4,670		216,753
Delhaize Group S.A.		5,203		506,390
Groupe Bruxelles Lambert S.A.		4,404		376,838
Melexis NV		2,986		162,655
Tessenderlo Chemie NV (d)		4,799		143,335
				1,405,971
Bermuda—0.7%
Aspen Insurance Holdings Ltd.		12,497		603,605
DHT Holdings, Inc.		6,431		52,027
Endurance Specialty Holdings Ltd.		7,542		482,613
Everest Re Group Ltd.		2,364		432,825
Maiden Holdings Ltd.		25,705		383,261
Tanker Investments Ltd. (d)		4,231		51,862
Teekay Tankers Ltd., Class A		27,193		187,088
				2,193,281
Brazil—0.8%
Banco Bradesco S.A.		31,500		162,282
Banco do Brasil S.A.		69,700		258,141
BM&FBovespa S.A.		104,400		285,458
BRF - Brasil Foods S.A. ADR		26,942		372,338
Cia Energetica de Minas Gerais ADR		119,705		179,558
Cielo S.A.		45,520		384,515
Estacio Participacoes S.A.		21,500		75,299
Itau Unibanco Holding S.A.		11,990		74,285
JBS S.A.		157,600		489,084
MRV Engenharia e Participacoes S.A.		48,400		105,818
Porto Seguro S.A.		20,400		148,127
				2,534,905

	Shares		Value*
Canada—4.1%
Air Canada (d)		22,287	$	164,451
Artis Real Estate Investment Trust REIT		11,503		106,409
Bankers Petroleum Ltd. (d)		24,731		18,231
BCE, Inc.		11,791		455,552
Canadian Natural Resources Ltd.		8,163		178,280
Canadian Tire Corp., Ltd., Class A		1,935		165,238
Canam Group, Inc.		3,543		35,566
Canfor Pulp Products, Inc.		11,752		114,913
Celestica, Inc. (d)		15,451		170,846
Chorus Aviation, Inc.		24,231		98,066
Cogeco Cable, Inc.		5,680		253,562
Concordia Healthcare Corp.		8,220		335,881
Element Financial Corp.		23,979		289,405
Entertainment One Ltd.		45,454		111,951
Genworth MI Canada, Inc.		3,533		67,918
George Weston Ltd.		3,672		283,792
Great-West Lifeco, Inc.		24,519		611,867
Intertape Polymer Group, Inc.		11,108		150,039
Lake Shore Gold Corp. (d)		124,500		100,773
Laurentian Bank of Canada		15,805		551,696
Linamar Corp.		14,222		768,093
Loblaw Cos., Ltd.		14,608		689,807
Magna International, Inc.		22,247		902,292
Manulife Financial Corp.		26,923		403,543
Martinrea International, Inc.		14,314		108,723
Metro, Inc.		18,900		529,151
National Bank of Canada		15,902		463,258
Power Corp. of Canada		13,189		275,847
Power Financial Corp.		13,947		320,629
Raging River Exploration, Inc. (d)		34,551		208,999
Royal Bank of Canada		27,875		1,493,771
Stantec, Inc.		7,949		197,160
Sun Life Financial, Inc.		18,218		568,119
Toronto-Dominion Bank		30,577		1,198,595
Transcontinental, Inc., Class A		30,298		377,931
				12,770,354
China—3.1%
Air China Ltd., Class H		344,000		270,240
Asia Cement China Holdings Corp.		92,000		21,506
Bank of China Ltd., Class H		1,052,000		466,786
Bank of Communications Co., Ltd., Class H		328,000		230,019
Belle International Holdings Ltd.		142,000		106,245
BYD Electronic International Co., Ltd. (d)		118,000		62,904
Changyou.com Ltd. ADR (d)		7,135		177,091
China Communications Services Corp. Ltd., Class H		186,000		69,815
China Construction Bank Corp., Class H		636,000		433,846

Schedule of Investments

AllianzGI Best Styles Global Equity Fund

December 31, 2015 (unaudited) (continued)

	Shares		Value*
China High Speed Transmission Equipment Group Co., Ltd. (d)		170,000	$	136,069
China Lilang Ltd.		146,000		107,780
China Lumena New Materials Corp. (b)(d)		62,000		1,200
China Merchants Bank Co., Ltd., Class H		159,500		373,772
China Mobile Ltd.		21,000		236,378
China Petroleum & Chemical Corp., Class H		1,090,000		655,970
China Power International Development Ltd.		1,067,000		615,572
China Railway Construction Corp., Ltd., Class H		185,500		228,783
China Railway Group Ltd., Class H		117,000		88,540
China Southern Airlines Co., Ltd., Class H		1,120,000		863,408
Chongqing Rural Commercial Bank Co., Ltd., Class H		338,000		203,443
CNOOC Ltd.		192,000		199,829
FIH Mobile Ltd.		100,000		38,058
Huadian Power International Corp., Ltd., Class H		774,000		501,828
Huaneng Power International, Inc., Class H		324,000		277,853
Ju Teng International Holdings Ltd.		106,000		50,277
KWG Property Holding Ltd.		165,500		121,788
Lee & Man Paper Manufacturing Ltd.		188,000		104,328
NetEase, Inc. ADR		825		149,523
New China Life Insurance Co., Ltd., Class H		21,400		89,703
People’s Insurance Co. Group of China Ltd., Class H		618,000		300,889
PetroChina Co., Ltd. ADR		3,899		255,735
Shanghai Pharmaceuticals Holding Co., Ltd., Class H		26,700		57,549
Shenzhen Expressway Co., Ltd., Class H		168,000		147,278
Sino Biopharmaceutical Ltd.		174,000		156,871
Sino-Ocean Land Holdings Ltd.		49,500		31,562
Sinopec Shanghai Petrochemical Co., Ltd., Class H (d)		150,000		59,326
Sinopharm Group Co., Ltd., Class H		189,600		756,925
Skyworth Digital Holdings Ltd.		488,000		316,582
TCL Communication Technology Holdings Ltd.		192,000		140,715
Wasion Group Holdings Ltd.		380,000		389,329
Yuexiu Transport Infrastructure Ltd.		78,000		48,721
Zhejiang Expressway Co., Ltd., Class H		94,000		112,315
ZTE Corp., Class H		26,400		59,863
				9,716,214
Denmark—0.8%
AP Moeller - Maersk A/S, Class B		311		405,638
Bakkafrost P/F		24,186		712,534
Danske Bank A/S		9,975		267,652

	Shares		Value*
Dfds A/S		4,192	$	162,717
Pandora A/S		1,251		157,731
Royal Unibrew A/S		13,856		563,130
TDC A/S		46,718		232,610
				2,502,012
Finland—0.5%
Atria Oyj		11,791		115,872
Cramo Oyj		2,702		55,773
Elisa Oyj		12,875		484,420
Metsa Board Oyj		9,444		70,058
Oriola-KD Oyj, Class B (d)		31,487		147,756
Stora Enso Oyj, Class R		33,047		298,815
UPM-Kymmene Oyj		26,125		485,019
				1,657,713
France—3.3%
APERAM S.A. (d)		1,125		39,999
Atos S.E.		4,385		368,132
AXA S.A.		21,887		598,031
BNP Paribas S.A.		5,115		289,393
Boiron S.A.		691		55,945
Cap Gemini S.A.		10,293		955,042
Cie Generale des Etablissements Michelin		3,939		374,924
Coface S.A. (c)		16,005		162,177
Ingenico Group (c)		2,966		374,371
Ipsen S.A.		2,565		169,951
Numericable-SFR SAS		7,734		280,961
Orange S.A.		48,292		807,718
Plastic Omnium S.A.		3,849		122,347
Renault S.A.		2,157		215,906
Rubis SCA		889		67,472
Saft Groupe S.A.		1,410		42,975
Sanofi		19,944		1,699,662
Technicolor S.A.		40,380		327,742
Teleperformance		8,979		755,021
Total S.A.		42,760		1,916,989
UBISOFT Entertainment (d)		5,443		157,527
Valeo S.A.		4,205		648,304
				10,430,589
Germany—3.9%
Aareal Bank AG (c)		11,718		368,981
Bayer AG		12,627		1,576,990
Bayerische Motoren Werke AG		10,091		1,063,102
Bechtle AG (c)		1,178		111,989
Daimler AG		23,292		1,946,139
Deutsche Lufthansa AG (d)		41,036		646,360
Dialog Semiconductor PLC (d)		8,204		273,756
Duerr AG		776		61,585
Freenet AG (c)		21,813		736,076
Fresenius SE & Co. KGaA		10,142		722,437
Hannover Rueck SE		11,525		1,316,034
Indus Holding AG		10,296		495,261
Infineon Technologies AG (c)		28,680		418,117
Merck KGaA		7,168		694,011

Schedule of Investments

AllianzGI Best Styles Global Equity Fund

December 31, 2015 (unaudited) (continued)

	Shares		Value*
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		2,801	$	558,063
Sixt SE		3,199		162,748
Software AG		4,638		132,191
Stada Arzneimittel AG		5,270		212,515
Talanx AG		17,840		548,661
				12,045,016
Greece—0.0%
Tsakos Energy Navigation Ltd.		3,853		30,516
Hong Kong—0.4%
BOC Hong Kong Holdings Ltd.		140,000		425,124
Cathay Pacific Airways Ltd.		35,000		60,223
Dah Sing Banking Group Ltd.		36,000		63,353
Dah Sing Financial Holdings Ltd.		28,400		141,345
EVA Precision Industrial Holdings Ltd.		446,000		78,934
Hang Lung Group Ltd.		86,000		278,337
Kerry Properties Ltd.		27,500		75,015
Orient Overseas International Ltd.		37,500		179,493
				1,301,824
India—0.3%
Infosys Ltd. ADR		10,284		172,257
Tata Motors Ltd. ADR (d)		15,448		455,253
WNS Holdings Ltd. ADR (d)		6,126		191,070
				818,580
Indonesia—0.6%
Adaro Energy Tbk PT		3,633,700		134,275
Bank Negara Indonesia Persero Tbk PT		2,028,700		726,310
Bumi Serpong Damai Tbk PT		1,039,100		134,029
Indofood Sukses Makmur Tbk PT		386,400		143,826
Telekomunikasi Indonesia Persero Tbk PT		1,819,800		407,594
United Tractors Tbk PT		166,000		202,124
				1,748,158
Ireland—1.1%
DCC PLC (c)		3,349		279,782
Kingspan Group PLC (c)		11,521		303,759
Medtronic PLC		21,875		1,682,625
Smurfit Kappa Group PLC		45,756		1,171,858
				3,438,024
Israel—0.3%
Frutarom Industries Ltd.		4,927		264,535
Teva Pharmaceutical Industries Ltd.		9,996		652,148
				916,683
Italy—0.7%
Brembo SpA		6,004		290,070
Enel SpA		208,807		875,591
Interpump Group SpA		9,810		152,077
Intesa Sanpaolo SpA		14,169		47,055
Iren SpA		103,203		166,544
Recordati SpA		19,158		499,848
Unipol Gruppo Finanziario SpA		51,007		262,359
				2,293,544

	Shares		Value*
Japan—8.0%
Aida Engineering Ltd.		3,200	$	32,982
Bank of Yokohama Ltd.		53,000		324,869
Central Japan Railway Co.		4,900		869,916
Exedy Corp.		3,900		94,257
Fuji Heavy Industries Ltd.		52,000		2,142,206
FUJIFILM Holdings Corp.		11,200		467,404
Fujikura Ltd.		55,000		297,079
Fujitsu Ltd.		79,000		394,298
Haseko Corp.		37,100		410,191
Hitachi Capital Corp.		5,200		139,713
Hitachi Kokusai Electric, Inc.		7,000		95,160
Idemitsu Kosan Co., Ltd.		13,100		209,170
Iida Group Holdings Co., Ltd.		1,900		35,215
ITOCHU Corp.		84,600		1,000,686
Japan Airlines Co., Ltd.		11,000		393,722
Japan Aviation Electronics Industry Ltd.		24,000		344,270
JTEKT Corp.		2,900		47,467
KDDI Corp.		64,200		1,667,285
Kinden Corp.		14,200		181,065
Kyowa Exeo Corp.		11,000		112,933
Makino Milling Machine Co., Ltd.		13,000		97,816
Matsumotokiyoshi Holdings Co., Ltd.		4,300		219,423
Mitsubishi Chemical Holdings Corp.		101,700		645,258
Mitsubishi Electric Corp.		75,000		787,263
Mitsubishi Gas Chemical Co., Inc.		13,000		66,476
Mitsubishi Materials Corp.		126,000		396,855
Mitsubishi UFJ Financial Group, Inc.		387,600		2,400,891
Mitsuboshi Belting Co., Ltd.		4,000		31,887
Mitsui Engineering & Shipbuilding Co., Ltd.		33,000		54,326
Mizuho Financial Group, Inc.		523,600		1,047,200
Murata Manufacturing Co., Ltd.		5,300		762,570
NH Foods Ltd.		16,000		313,598
Nifco, Inc.		4,900		226,945
Nippon Telegraph & Telephone Corp.		24,000		955,155
Nissan Motor Co., Ltd.		86,700		907,813
Nomura Real Estate Holdings, Inc.		10,900		202,219
NTN Corp.		27,000		113,850
ORIX Corp.		56,200		788,400
OSG Corp.		10,300		194,722
Resona Holdings, Inc.		71,900		349,163
Sekisui House Ltd.		46,600		783,521
Sojitz Corp.		88,700		186,144
Sompo Japan Nipponkoa Holdings, Inc.		7,500		246,260
Sumitomo Forestry Co., Ltd.		15,200		205,095
Sumitomo Mitsui Financial Group, Inc.		18,000		679,339
Sumitomo Mitsui Trust Holdings, Inc.		150,000		568,100
Sumitomo Osaka Cement Co., Ltd.		39,000		143,032
Sumitomo Rubber Industries Ltd.		22,900		297,777
T-Gaia Corp.		1,900		21,619
Tamura Corp.		7,000		20,757

Schedule of Investments

AllianzGI Best Styles Global Equity Fund

December 31, 2015 (unaudited) (continued)

	Shares		Value*
Tokyo Seimitsu Co., Ltd.		9,500	$	210,622
Towa Pharmaceutical Co., Ltd.		1,800		111,933
Toyota Motor Corp.		9,700		597,316
Tsubakimoto Chain Co.		23,000		177,098
West Japan Railway Co.		10,100		698,142
Yokohama Rubber Co., Ltd.		14,400		221,153
Zeon Corp.		7,000		56,322
				25,045,948
Korea (Republic of)—1.1%
Hyosung Corp.		1,601		158,344
Hyundai Development Co.		1,118		36,534
Hyundai Steel Co.		4,722		198,983
KB Insurance Co., Ltd.		4,822		119,578
Korea Electric Power Corp.		15,013		636,059
Korea Gas Corp.		7,272		226,901
Korea Petro Chemical Ind Co., Ltd.		639		92,225
LG Display Co., Ltd.		15,268		316,236
Lotte Chemical Corp.		500		102,024
Meritz Securities Co., Ltd.		35,631		119,568
Mirae Asset Securities Co., Ltd.		2,767		50,344
S&T Motiv Co., Ltd.		1,983		144,622
S-Oil Corp.		653		43,742
Samsung Electronics Co., Ltd. GDR (d)		1,478		785,557
SK Hynix, Inc.		7,813		201,833
SK Innovation Co., Ltd. (d)		637		69,860
SL Corp.		2,059		30,161
Tongyang Life Insurance Co., Ltd.		2,696		26,657
				3,359,228
Malaysia—0.4%
MISC Bhd.		103,000		223,925
Tenaga Nasional Bhd.		198,300		613,975
Westports Holdings Bhd.		160,400		153,475
YTL Power International Bhd.		442,200		152,143
				1,143,518
Mexico—0.3%
Gruma S.A.B. de C.V., Class B		29,632		416,906
Grupo Aeroportuario del Pacifico S.A.B. de C.V. ADR		1,041		91,899
Industrias Bachoco S.A.B. de C.V. ADR		7,455		367,010
				875,815
Netherlands—1.0%
Aegon NV		24,204		136,885
AerCap Holdings NV (d)		19,041		821,810
ASM International NV		13,964		547,439
BE Semiconductor Industries NV		5,294		106,389
BinckBank NV		20,652		177,986
Delta Lloyd NV		12,866		75,844
NN Group NV		7,790		274,854
Wolters Kluwer NV		27,006		906,956
				3,048,163

	Shares		Value*
New Zealand—0.3%
Air New Zealand Ltd.		286,680	$	578,197
New Zealand Refining Co., Ltd.		75,481		193,595
Sky Network Television Ltd.		48,999		153,492
				925,284
Norway—1.1%
Borregaard ASA		10,154		56,504
DNB ASA		87,514		1,078,279
Kongsberg Automotive ASA (d)		357,789		250,805
Salmar ASA		11,520		201,046
Seadrill Ltd. (d)		9,808		33,871
SpareBank 1 SMN		83,968		477,777
Telenor ASA		22,141		369,059
Veidekke ASA		10,713		131,134
Yara International ASA		17,141		737,205
				3,335,680
Portugal—0.0%
Sonae SGPS S.A.		39,293		44,656
Russian Federation—0.1%
Magnitogorsk Iron & Steel Works OJSC GDR		8,022		26,753
PhosAgro OAO GDR		9,870		126,829
Sistema JSFC GDR		13,175		77,733
Surgutneftegas OAO ADR		14,707		67,064
				298,379
Singapore—0.6%
AIMS AMP Capital Industrial REIT		106,100		102,849
Avago Technologies Ltd.		3,293		477,979
DBS Group Holdings Ltd.		62,700		734,813
Ezion Holdings Ltd.		246,500		105,522
Fortune Real Estate Investment Trust REIT		91,100		91,099
Oversea-Chinese Banking Corp., Ltd.		14,400		89,027
Yangzijiang Shipbuilding Holdings Ltd.		239,100		184,724
				1,786,013
South Africa—0.5%
FirstRand Ltd.		201,647		551,092
Netcare Ltd.		88,785		194,455
Sibanye Gold Ltd. ADR		5,658		34,457
SPAR Group Ltd.		8,682		103,301
Super Group Ltd. (d)		48,656		119,367
Telkom S.A. SOC Ltd.		103,711		430,891
				1,433,563
Spain—0.2%
Iberdrola S.A.		33,400		236,772
Repsol S.A.		34,238		376,935
				613,707
Sweden—0.9%
Axfood AB		8,238		142,684
Bilia AB		7,795		176,346
BillerudKorsnas AB		4,383		81,114

Schedule of Investments

AllianzGI Best Styles Global Equity Fund

December 31, 2015 (unaudited) (continued)

	Shares		Value*
Boliden AB		21,109	$	353,664
Holmen AB, Class B		10,595		327,251
Klovern AB, Class B		31,821		35,811
Loomis AB, Class B		3,998		124,718
NCC AB, Class B (c)		6,079		188,589
Nordea Bank AB		13,192		144,739
Peab AB		4,658		35,668
Skandinaviska Enskilda Banken AB, Class A		42,675		448,792
Swedbank AB, Class A		31,240		688,016
				2,747,392
Switzerland—1.1%
Baloise Holding AG		2,961		375,272
Georg Fischer AG		756		513,250
Novartis AG		13,619		1,171,496
Swiss Life Holding AG (d)		2,329		627,316
Swiss Re AG		6,372		622,330
				3,309,664
Taiwan—1.0%
Advanced Semiconductor Engineering, Inc.		366,000		420,432
Fubon Financial Holding Co., Ltd.		418,000		568,575
Hon Hai Precision Industry Co., Ltd.		99,760		244,142
Innolux Corp.		409,000		122,933
Micro-Star International Co., Ltd.		136,000		193,261
Siliconware Precision Industries Co., Ltd.		106,000		167,393
Taishin Financial Holding Co., Ltd.		478,933		165,477
Taiwan Semiconductor Manufacturing Co., Ltd.		261,000		1,126,017
				3,008,230
Thailand—0.4%
Airports of Thailand PCL (b)		38,500		368,085
IRPC PCL (b)		693,300		82,218
PTT Global Chemical PCL (b)		157,600		217,891
PTT PCL (b)		46,300		311,797
Siam Cement PCL		35,300		445,515
				1,425,506
Turkey—0.6%
Dogus Otomotiv Servis ve Ticaret AS		19,988		75,512
Eregli Demir ve Celik Fabrikalari TAS		220,987		229,963
TAV Havalimanlari Holding AS		10,940		68,194
Tekfen Holding AS		121,806		168,481
Tofas Turk Otomobil Fabrikasi AS		18,875		122,536
Tupras Turkiye Petrol Rafinerileri AS (d)		7,645		182,335
Turk Hava Yollari AO (d)		128,772		325,716
Turkiye Halk Bankasi AS		51,630		183,505
Turkiye Is Bankasi		238,627		375,494
Turkiye Sise ve Cam Fabrikalari AS		93,789		102,505
Turkiye Vakiflar Bankasi Tao		133,193		174,554
				2,008,795
United Kingdom—6.6%
3i Group PLC		42,853		303,562
Ashtead Group PLC		21,326		350,980

	Shares		Value*
Barratt Developments PLC		94,760	$	873,186
Bellway PLC		22,788		952,844
Berkeley Group Holdings PLC		15,266		829,913
Bovis Homes Group PLC		27,082		405,050
Britvic PLC		19,930		213,534
BT Group PLC		147,342		1,023,080
Carnival PLC		5,393		307,218
Direct Line Insurance Group PLC		35,896		215,164
DS Smith PLC		26,132		152,861
e2v technologies PLC		33,795		111,972
easyJet PLC		21,893		561,489
Galliford Try PLC		43,601		979,700
Greggs PLC		11,371		220,447
Halma PLC		22,215		282,879
Imperial Tobacco Group PLC		15,916		840,645
International Consolidated Airlines Group S.A.		73,791		663,459
ITV PLC		136,771		556,842
JD Sports Fashion PLC		17,078		262,040
Keller Group PLC		16,311		199,762
Laird PLC		38,271		200,020
Legal & General Group PLC		95,514		376,889
Lookers PLC		67,664		184,361
Man Group PLC		55,207		142,020
Micro Focus International PLC		3,868		90,836
Mondi PLC		28,938		567,206
Moneysupermarket.com Group PLC		40,991		221,744
National Express Group PLC		52,518		257,661
Noble Corp. PLC		19,560		206,358
Northgate PLC		24,179		140,038
Old Mutual PLC		97,731		257,097
Paragon Group of Cos. PLC		24,083		125,200
Persimmon PLC (d)		27,587		823,012
Pets at Home Group PLC		46,937		190,798
Redrow PLC		33,824		234,345
Royal Dutch Shell PLC, Class A		19,219		438,329
Royal Dutch Shell PLC, Class B		88,936		2,026,933
Royal Mail PLC		51,393		336,618
RPC Group PLC		28,620		350,878
Shire PLC		11,354		778,968
Stolt-Nielsen Ltd.		9,026		107,374
Taylor Wimpey PLC		319,625		955,474
Trinity Mirror PLC		32,026		78,921
UDG Healthcare PLC		26,507		233,698
WH Smith PLC		23,775		617,767
Whitbread PLC		3,990		258,618
				20,507,790
United States—50.8%
A Schulman, Inc. (c)		9,615		294,604
AbbVie, Inc.		26,507		1,570,275
ABM Industries, Inc.		7,077		201,482
Acadia Healthcare Co., Inc. (d)		4,218		263,456
Activision Blizzard, Inc.		43,895		1,699,175
Adeptus Health, Inc., Class A (d)		2,368		129,103
Aetna, Inc.		19,894		2,150,939

Schedule of Investments

AllianzGI Best Styles Global Equity Fund

December 31, 2015 (unaudited) (continued)

	Shares		Value*
AG Mortgage Investment Trust, Inc. REIT		12,127	$	155,711
Air Lease Corp.		8,951		299,679
Aircastle Ltd.		13,871		289,765
Akorn, Inc. (d)		10,337		385,673
Alaska Air Group, Inc.		17,991		1,448,455
Alcoa, Inc.		43,733		431,645
Allergan PLC (d)		4,847		1,514,688
ALLETE, Inc.		2,916		148,220
Allstate Corp.		14,280		886,645
Ally Financial, Inc. (d)		33,969		633,182
Alphabet, Inc., Class A (d)		948		737,553
Alphabet, Inc., Class C (d)		868		658,708
Altria Group, Inc.		38,966		2,268,211
Amdocs Ltd.		14,278		779,150
Ameren Corp.		19,418		839,440
American Capital Agency Corp. REIT		4,503		78,082
American Eagle Outfitters, Inc.		18,337		284,224
American Electric Power Co., Inc.		24,756		1,442,532
American Equity Investment Life Holding Co.		9,629		231,385
American Financial Group, Inc.		18,152		1,308,396
Ameriprise Financial, Inc.		1,965		209,115
AmerisourceBergen Corp.		10,022		1,039,382
Amgen, Inc.		18,421		2,990,281
Amsurg Corp. (d)		5,270		400,520
Amtrust Financial Services, Inc.		11,311		696,531
Analog Devices, Inc.		9,980		552,094
Annaly Capital Management, Inc. REIT		11,887		111,500
Anthem, Inc.		17,164		2,393,348
Anworth Mortgage Asset Corp. REIT		18,408		80,075
AO Smith Corp.		3,887		297,783
Apollo Commercial Real Estate Finance, Inc. REIT		6,067		104,534
Apollo Investment Corp.		19,917		103,967
Apollo Residential Mortgage, Inc. REIT		7,869		94,035
Apple, Inc.		64,518		6,791,165
Archer-Daniels-Midland Co.		12,522		459,307
Arlington Asset Investment Corp., Class A		3,845		50,869
Arrow Electronics, Inc. (d)		2,857		154,792
AT&T, Inc.		100,727		3,466,016
Atlas Air Worldwide Holdings, Inc. (d)		3,671		151,759
Atmos Energy Corp.		9,188		579,212
Atwood Oceanics, Inc.		10,757		110,044
AutoNation, Inc. (d)		5,269		314,349
Avery Dennison Corp.		2,100		131,586
Avista Corp.		10,134		358,440
Avnet, Inc.		6,180		264,751
Bank of America Corp.		48,788		821,102
Becton Dickinson and Co.		3,720		573,215
Benchmark Electronics, Inc. (d)		5,618		116,124
Booz Allen Hamilton Holding Corp.		10,841		334,445
Brocade Communications Systems, Inc.		81,947		752,273
Caleres, Inc.		4,742		127,180
Capital One Financial Corp.		6,787		489,886
Cardinal Health, Inc.		5,099		455,188
Cardtronics, Inc. (d)		17,502		588,942

	Shares		Value*
CareTrust REIT, Inc. REIT		11,167	$	122,279
Carlisle Cos., Inc.		3,485		309,085
Carter’s, Inc.		3,359		299,052
Casey’s General Stores, Inc.		2,591		312,086
CDW Corp.		13,702		576,032
Celadon Group, Inc.		8,290		81,988
Celanese Corp., Ser. A		6,741		453,872
Centene Corp. (d)		8,249		542,867
CF Industries Holdings, Inc.		13,012		531,020
Charles River Laboratories International, Inc. (d)		944		75,888
Chemed Corp.		2,625		393,225
Chevron Corp.		10,626		955,915
Chimera Investment Corp. REIT		12,354		168,509
Cigna Corp.		14,761		2,159,977
Cirrus Logic, Inc. (d)		6,813		201,188
Cisco Systems, Inc.		78,244		2,124,716
Citigroup, Inc.		45,164		2,337,237
CNA Financial Corp.		5,355		188,228
Columbus McKinnon Corp.		5,341		100,945
Comcast Corp., Class A		37,354		2,107,886
Commercial Metals Co.		6,222		85,179
Community Health Systems, Inc. (d)		3,930		104,263
Conn’s, Inc. (d)		6,518		152,977
Consolidated Edison, Inc.		15,519		997,406
Constellation Brands, Inc., Class A		2,686		382,594
Convergys Corp.		25,842		643,207
Cracker Barrel Old Country Store, Inc.		2,442		309,719
Crane Co.		2,404		115,007
CVS Health Corp.		24,879		2,432,420
Darden Restaurants, Inc.		5,747		365,739
Delek U.S. Holdings, Inc.		1,879		46,223
Deluxe Corp.		8,480		462,499
Dillard’s, Inc., Class A		4,608		302,792
DineEquity, Inc.		1,903		161,127
Dow Chemical Co.		17,826		917,683
Dr. Pepper Snapple Group, Inc.		8,886		828,175
Duke Energy Corp.		7,863		561,340
E*TRADE Financial Corp. (d)		14,943		442,911
Eastman Chemical Co.		9,987		674,222
Edison International		4,187		247,912
Electronic Arts, Inc. (d)		4,509		309,858
EMC Corp.		28,649		735,706
Euronet Worldwide, Inc. (d)		2,845		206,063
EverBank Financial Corp.		12,284		196,298
Exelon Corp.		33,425		928,212
Express, Inc. (d)		4,362		75,375
Exxon Mobil Corp.		4,361		339,940
Fidelity National Information Services, Inc.		5,109		309,605
First American Financial Corp.		7,803		280,128
First Merchants Corp.		8,595		218,485
FirstEnergy Corp.		24,160		766,597
Foot Locker, Inc.		20,828		1,355,695
Four Corners Property Trust, Inc. (d)		1,458		35,225
G-III Apparel Group Ltd. (d)		4,151		183,723
GameStop Corp., Class A		5,864		164,427
GATX Corp.		15,365		653,781

Schedule of Investments

AllianzGI Best Styles Global Equity Fund

December 31, 2015 (unaudited) (continued)

	Shares		Value*
General Motors Co.		23,273	$	791,515
Gilead Sciences, Inc.		17,628		1,783,777
Global Payments, Inc.		11,578		746,897
Goodyear Tire & Rubber Co.		8,485		277,205
Great Plains Energy, Inc.		12,974		354,320
Greenbrier Cos., Inc.		2,794		91,140
Group 1 Automotive, Inc.		2,470		186,979
Hanesbrands, Inc.		22,452		660,762
Hanover Insurance Group, Inc.		5,135		417,681
Hatteras Financial Corp. REIT		14,100		185,415
Health Net, Inc. (d)		6,405		438,486
HealthSouth Corp.		8,535		297,103
HollyFrontier Corp.		1,786		71,244
Home BancShares, Inc.		880		35,658
Home Depot, Inc.		14,803		1,957,697
HP, Inc.		51,333		607,783
Huntington Bancshares, Inc.		57,997		641,447
IAC/InterActiveCorp		4,534		272,267
IDT Corp., Class B		3,942		45,964
II-VI, Inc. (d)		8,119		150,689
Innospec, Inc.		2,215		120,297
Insperity, Inc.		3,361		161,832
Intel Corp.		22,085		760,828
j2 Global, Inc.		4,173		343,521
Jabil Circuit, Inc.		24,152		562,500
Jack in the Box, Inc.		4,071		312,286
JetBlue Airways Corp. (d)		11,820		267,723
Johnson & Johnson		34,375		3,531,000
Jones Lang LaSalle, Inc.		2,193		350,573
JPMorgan Chase & Co.		14,085		930,033
KeyCorp		21,541		284,126
Kindred Healthcare, Inc.		12,155		144,766
Knoll, Inc.		3,169		59,577
Kohl’s Corp.		12,978		618,142
Kraton Performance Polymers, Inc. (d)		5,617		93,298
Kroger Co.		71,959		3,010,045
Laboratory Corp. of America Holdings (d)		4,670		577,399
Ladder Capital Corp. REIT		3,456		42,924
Lam Research Corp.		19,190		1,524,070
Lannett Co., Inc. (d)		2,460		98,695
LaSalle Hotel Properties REIT		9,955		250,468
Lear Corp.		7,612		934,982
LifePoint Hospitals, Inc. (d)		3,698		271,433
Lincoln National Corp.		20,787		1,044,755
LyondellBasell Industries NV, Class A		9,701		843,017
Macy’s, Inc.		10,501		367,325
MainSource Financial Group, Inc.		6,114		139,888
Marathon Petroleum Corp.		16,065		832,810
Marriott Vacations Worldwide Corp.		3,548		202,059
Matson, Inc.		3,849		164,083
McKesson Corp.		5,931		1,169,771
MEDNAX, Inc. (d)		4,353		311,936
Mentor Graphics Corp.		14,294		263,295
Mercer International, Inc.		10,932		98,935
MetLife, Inc.		12,630		608,892
MFA Financial, Inc. REIT		29,058		191,783

	Shares		Value*
Micron Technology, Inc. (d)		37,698	$	533,804
Microsoft Corp.		24,690		1,369,801
MKS Instruments, Inc.		5,665		203,940
Mohawk Industries, Inc. (d)		4,038		764,757
Morgan Stanley		26,022		827,760
Mosaic Co.		7,516		207,366
Mylan NV (d)		36,670		1,982,747
Natus Medical, Inc. (d)		10,950		526,148
Navigators Group, Inc. (d)		1,741		149,360
New Residential Investment Corp. REIT		23,003		279,716
Newport Corp. (d)		7,151		113,486
Nexstar Broadcasting Group, Inc., Class A		3,613		212,083
Northrop Grumman Corp.		5,638		1,064,511
Omnicell, Inc. (d)		5,554		172,618
On Assignment, Inc. (d)		1,416		63,649
ON Semiconductor Corp. (d)		78,684		771,103
Party City Holdco, Inc. (d)		13,011		167,972
PBF Energy, Inc., Class A		4,004		147,387
Penske Automotive Group, Inc.		7,100		300,614
PG&E Corp.		38,739		2,060,527
Pinnacle Foods, Inc.		8,959		380,399
PPL Corp.		9,498		324,167
PrivateBancorp, Inc.		6,719		275,613
Prudential Financial, Inc.		6,187		503,684
Public Service Enterprise Group, Inc.		44,308		1,714,277
QLogic Corp. (d)		16,457		200,775
Quintiles Transnational Holdings, Inc. (d)		7,405		508,427
Reinsurance Group of America, Inc.		3,807		325,689
Reynolds American, Inc.		46,220		2,133,053
RLJ Lodging Trust REIT		11,694		252,941
Robert Half International, Inc.		1,834		86,455
Rowan Cos. PLC, Class A		2,036		34,510
Royal Caribbean Cruises Ltd.		11,143		1,127,783
Ryder System, Inc. (c)		3,491		198,394
Sanmina Corp. (d)		19,961		410,797
Santander Consumer USA Holdings, Inc.		11,296		179,042
SCANA Corp.		4,665		282,186
Sherwin-Williams Co.		2,884		748,686
Signature Bank (d)		2,852		437,411
Skyworks Solutions, Inc.		10,873		835,373
Snap-on, Inc.		2,384		408,689
Southwest Airlines Co.		9,019		388,358
SpartanNash Co.		3,175		68,707
Spirit AeroSystems Holdings, Inc., Class A (d)		10,998		550,670
SS&C Technologies Holdings, Inc.		2,243		153,130
Stanley Black & Decker, Inc.		3,640		388,497
SunTrust Banks, Inc.		10,260		439,538
SUPERVALU, Inc. (d)		37,522		254,399
Talen Energy Corp. (d)		1,133		7,059
Target Corp.		3,776		274,175
Teleflex, Inc.		1,354		177,983
Tessera Technologies, Inc.		5,994		179,880
Thermo Fisher Scientific, Inc.		4,603		652,936
Time Warner, Inc.		9,148		591,601
Travelers Cos., Inc.		11,931		1,346,533

Schedule of Investments

AllianzGI Best Styles Global Equity Fund

December 31, 2015 (unaudited) (continued)

	Shares		Value*
Trinity Industries, Inc.		17,617	$	423,160
Triumph Group, Inc.		4,712		187,302
Tyson Foods, Inc., Class A		42,635		2,273,725
United Continental Holdings, Inc. (d)		3,342		191,497
UnitedHealth Group, Inc.		12,825		1,508,733
USANA Health Sciences, Inc. (d)		1,330		169,908
Vail Resorts, Inc.		2,574		329,446
Valero Energy Corp.		18,756		1,326,237
Verizon Communications, Inc.		77,573		3,588,193
Voya Financial, Inc.		18,259		673,940
Walgreens Boots Alliance, Inc.		3,976		338,576
Walt Disney Co.		19,043		2,001,038
Waste Management, Inc.		7,253		387,093
Wells Fargo & Co.		53,575		2,912,337
West Corp.		9,971		215,074
Westar Energy, Inc.		15,792		669,739
Western Alliance Bancorp (d)		4,535		162,625
Western Refining, Inc.		3,615		128,766
Western Union Co.		24,743		443,147
Westlake Chemical Corp.		2,555		138,788
Whirlpool Corp.		2,069		303,874
Wintrust Financial Corp.		7,168		347,791
WSFS Financial Corp.		5,230		169,243
Xcel Energy, Inc.		20,559		738,274
				158,221,464
Total Common Stock (cost—$300,297,662)				302,450,155
PREFERRED STOCK—0.3%
Brazil—0.2%
Banco Bradesco S.A.		17,220		83,322
Braskem S.A., Class A		12,600		87,562
Cia Paranaense de Energia		26,100		159,422
Itau Unibanco Holding S.A.		46,985		310,774
				641,080
Korea (Republic of)—0.1%
Hyundai Motor Co.		3,205		280,239
Total Preferred Stock (cost—$1,090,383)				921,319

	Shares		Value*
RIGHTS (d)—0.0%
Brazil—0.0%
Banco Bradesco S.A., Ser. 1, exercise price BRL 17.21, expires 2/5/16, (b)		564	$	295
Banco Bradesco S.A., Ser. 2, exercise price BRL 19.20, expires 2/3/16, (b)		1,031		339
				634
Spain—0.0%
Repsol S.A., expires 1/13/16,		34,238		17,078
Total Rights (cost—$17,344)				17,712
	Principal Amount (000s)
Repurchase Agreements—1.8%
State Street Bank and Trust Co., dated 12/31/15, 0.03%, due 1/4/16, proceeds $5,727,019; collateralized by U.S. Treasury Notes, 2.125%, due 9/30/21, valued at $5,846,400 including accrued interest (cost—$5,727,000)	$	5,727		5,727,000
Total Investments (cost—$307,132,389) (a)—99.3%				309,116,186
Other assets less liabilities (e)—0.7%				2,198,301
Net Assets—100.0%			$	311,314,487

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $121,765,539, representing 39.1% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(b) Fair-Valued—Securities with an aggregate value of $981,825, representing 0.3% of net assets.

(c) Affiliated security.

(d) Non-income producing.

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

Futures contracts outstanding at December 31, 2015:

Type	Contracts		Market Value (000s)		Expiration Date		Unrealized Appreciation (Depreciation)
Long:   E-mini S&P 500 Index		35	$	3,562		3/18/16	$	9,578
Euro STOXX 600 Index		74		1,470		3/18/16		41,321
Mini MSCI Emerging Markets Index		15		591		3/18/16		357
TOPIX Index		6		773		3/10/16		(2,672	)
							$	48,584

(f) At December 31, 2015, the Fund pledged $1,254,934 in cash as collateral for derivatives.

Glossary:

ADR—American Depositary Receipt

BRL—Brazilian Real

GDR—Global Depositary Receipt

MSCI—Morgan Stanley Capital International

REIT—Real Estate Investment Trust

TOPIX—Tokyo Stock Price Index

Schedule of Investments

AllianzGI Best Styles Global Equity Fund

December 31, 2015 (unaudited) (continued)

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

Banks	9.2	%
Insurance	6.2	%
Health Care Providers & Services	5.4	%
Pharmaceuticals	5.0	%
Diversified Telecommunication Services	4.0	%
Oil, Gas & Consumable Fuels	3.9	%
Technology Hardware, Storage & Peripherals	3.2	%
Semiconductors & Semiconductor Equipment	3.1	%
Food & Staples Retailing	2.9	%
Electric Utilities	2.9	%
Automobiles	2.7	%
Household Durables	2.6	%
Chemicals	2.5	%
Media	2.5	%
Airlines	2.3	%
Specialty Retail	2.1	%
IT Services	2.1	%
Multi-Utilities	2.1	%
Food Products	2.1	%
Biotechnology	2.0	%
Electronic Equipment, Instruments & Components	1.9	%
Auto Components	1.8	%
Tobacco	1.7	%
Software	1.4	%
Diversified Financial Services	1.2	%
Hotels, Restaurants & Leisure	1.2	%
Trading Companies & Distributors	1.2	%
Machinery	1.1	%
Communications Equipment	1.0	%
Health Care Equipment & Supplies	0.9	%
Real Estate Investment Trust	0.9	%
Capital Markets	0.9	%
Wireless Telecommunication Services	0.9	%
Road & Rail	0.8	%
Internet Software & Services	0.8	%
Construction & Engineering	0.8	%
Metals & Mining	0.7	%
Paper & Forest Products	0.7	%
Containers & Packaging	0.7	%
Beverages	0.6	%
Commercial Services & Supplies	0.6	%
Multi-line Retail	0.6	%
Aerospace & Defense	0.6	%
Textiles, Apparel & Luxury Goods	0.5	%
Consumer Finance	0.5	%
Independent Power and Renewable Electricity Producers	0.4	%
Professional Services	0.4	%
Electrical Equipment	0.4	%
Marine	0.4	%
Life Sciences Tools & Services	0.4	%
Real Estate Management & Development	0.4	%
Industrial Conglomerates	0.4	%

Transportation Infrastructure	0.3	%
Thrifts & Mortgage Finance	0.3	%
Gas Utilities	0.3	%
Construction Materials	0.2	%
Air Freight & Logistics	0.2	%
Building Products	0.2	%
Energy Equipment & Services	0.2	%
Health Care Technology	0.1	%
Personal Products	0.1	%
Distributors	0.0	%
Diversified Consumer Services	0.0	%
Independent Power Producers & Energy Traders	0.0	%
Repurchase Agreements	1.8	%
Other assets less liabilities	0.7	%
	100.0	%

Schedule of Investments

AllianzGI Best Styles International Equity Fund

December 31, 2015 (unaudited)

	Shares		Value*
COMMON STOCK—97.7%
Australia—6.4%
Aurizon Holdings Ltd.		70,758	$	224,628
Australian Pharmaceutical Industries Ltd.		47,799		66,961
Bank of Queensland Ltd.		25,375		255,974
Bendigo and Adelaide Bank Ltd.		31,198		269,858
Caltex Australia Ltd.		10,902		297,992
CIMIC Group Ltd.		13,532		237,375
CSR Ltd.		52,394		109,354
Dexus Property Group REIT		34,557		187,443
Genworth Mortgage Insurance Australia Ltd.		35,144		70,045
Harvey Norman Holdings Ltd.		82,424		249,162
LendLease Group UNIT		12,466		128,618
Macquarie Group Ltd.		5,234		313,113
OZ Minerals Ltd.		20,995		61,379
Qantas Airways Ltd. (d)		84,453		250,325
Select Harvests Ltd.		7,787		47,951
Spotless Group Holdings Ltd.		78,983		61,887
Star Entertainment Group Ltd.		33,517		122,989
Telstra Corp. Ltd.		115,479		469,271
Treasury Wine Estates Ltd.		44,949		269,880
Vicinity Centres		76,127		154,437
Westpac Banking Corp.		25,603		620,611
				4,469,253
Austria—0.9%
Austria Technologie & Systemtechnik AG		3,468		54,736
OMV AG		8,895		252,487
Porr AG		4,388		132,490
Voestalpine AG		7,354		224,946
				664,659
Belgium—1.4%
AGFA-Gevaert NV (d)		15,044		85,669
bpost S.A. (c)		3,842		94,273
Delhaize Group S.A.		4,782		465,415
Ontex Group NV (c)		2,978		105,883
Warehouses De Pauw CVA REIT		2,890		255,151
				1,006,391
China—0.0%
Huabao International Holdings Ltd.		66,000		23,938
Denmark—1.6%
AP Moeller - Maersk A/S, Class B		179		233,470
Bakkafrost P/F		3,701		109,034
Danske Bank A/S		13,951		374,337
Schouw & Co.		1,065		59,774
Spar Nord Bank A/S		11,431		101,001
TDC A/S		43,379		215,986
				1,093,602

	Shares		Value*
Finland—0.7%
Metsa Board Oyj		9,409	$	69,799
UPM-Kymmene Oyj		21,760		403,981
				473,780
France—10.2%
Alten S.A.		2,199		127,254
Altran Technologies S.A.		9,843		131,827
APERAM S.A. (d)		3,228		114,771
Atos S.E.		4,538		380,976
BNP Paribas S.A.		10,716		606,283
Boiron S.A.		703		56,917
Bouygues S.A.		6,690		265,263
Cap Gemini S.A.		3,351		310,925
Cegid Group S.A.		2,513		142,324
Cie Generale des Etablissements Michelin		3,249		309,248
Coface S.A. (c)		12,091		122,517
Electricite de France S.A.		13,681		201,487
Elior Participations SCA (a)		2,887		60,484
Engie S.A.		20,094		355,929
FFP		792		58,437
IPSOS		5,917		136,279
Lagardere SCA		8,195		244,550
Natixis S.A.		40,527		229,265
Numericable-SFR SAS		5,324		193,410
Orange S.A.		35,810		598,948
Rallye S.A.		6,058		94,133
Renault S.A.		3,368		337,122
Sanofi		8,828		752,337
Teleperformance		1,431		120,329
Total S.A.		13,303		596,392
UBISOFT Entertainment (d)		6,600		191,011
Valeo S.A.		2,342		361,077
				7,099,495
Germany—7.5%
Bayer AG		5,769		720,492
Daimler AG		7,229		604,012
Deutsche Bank AG		14,714		357,324
Deutsche Telekom AG		38,596		693,209
Duerr AG		952		75,553
Fresenius SE & Co. KGaA		5,366		382,232
Hannover Rueck SE		3,785		432,207
K&S AG		13,981		356,391
Merck KGaA		4,846		469,194
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		2,959		589,542
ProSiebenSat.1 Media AG		5,494		277,180
TUI AG		5,977		107,971
Wacker Neuson SE		8,875		136,739
				5,202,046

Schedule of Investments

AllianzGI Best Styles International Equity Fund

December 31, 2015 (unaudited) (continued)

	Shares		Value*
Greece—0.4%
Hellenic Petroleum S.A. (d)		19,507	$	85,316
Mytilineos Holdings S.A. (d)		21,387		85,077
Tsakos Energy Navigation Ltd.		13,522		107,094
				277,487
Hong Kong—2.5%
BOC Hong Kong Holdings Ltd.		61,500		186,751
Cathay Pacific Airways Ltd.		128,000		220,244
CK Hutchison Holdings Ltd.		39,920		535,575
Global Brands Group Holding Ltd. (d)		238,000		45,070
Kerry Properties Ltd.		43,000		117,295
New World Development Co., Ltd.		55,000		54,077
Noble Group Ltd.		298,900		83,547
Orient Overseas International Ltd.		23,000		110,089
Shun Tak Holdings Ltd.		286,000		107,370
WH Group Ltd. (a)(d)		484,000		268,758
				1,728,776
Ireland—0.9%
CRH PLC		12,624		364,063
Smurfit Kappa Group PLC		4,367		111,843
Total Produce PLC		80,690		128,904
				604,810
Israel—1.5%
Bank Hapoalim BM		47,298		244,152
Israel Corp. Ltd.		942		170,797
Teva Pharmaceutical Industries Ltd.		9,499		619,723
				1,034,672
Italy—2.2%
Cementir Holding SpA		21,817		138,779
Enel SpA		118,727		497,858
Intesa Sanpaolo SpA		135,038		448,461
Snam SpA		81,378		424,707
				1,509,805
Japan—23.1%
Alfresa Holdings Corp.		12,600		248,854
Alpine Electronics, Inc.		9,200		142,993
Alps Electric Co., Ltd.		13,400		363,382
Aoyama Trading Co., Ltd.		2,700		104,020
Aozora Bank Ltd.		76,000		265,226
Brother Industries Ltd.		19,700		226,309
Coca-Cola East Japan Co., Ltd.		2,900		46,701
Dai-ichi Life Insurance Co., Ltd.		18,100		301,142
Daiichi Sankyo Co., Ltd.		14,700		303,404
DCM Holdings Co., Ltd.		6,600		47,868
Dentsu, Inc.		5,000		273,561
Duskin Co., Ltd.		2,900		52,763
FamilyMart Co., Ltd.		5,300		246,635
FUJIFILM Holdings Corp.		8,300		346,380
Fujikura Ltd.		25,000		135,036
Heiwa Corp.		5,600		104,787
Hitachi Ltd.		64,000		362,648
Hokuriku Electric Power Co.		7,400		109,360
Honda Motor Co., Ltd.		15,500		495,403

	Shares		Value*
Ibiden Co., Ltd.		15,600	$	223,648
Idemitsu Kosan Co., Ltd.		14,900		237,911
ITOCHU Corp.		24,900		294,528
J Front Retailing Co., Ltd.		14,600		212,249
J Trust Co., Ltd.		4,100		32,865
Japan Airlines Co., Ltd.		6,600		236,233
Kato Sangyo Co., Ltd.		2,400		55,526
Kawasaki Kisen Kaisha Ltd.		23,000		49,238
KDDI Corp.		24,000		623,284
Kiyo Bank Ltd.		2,900		41,842
Kokuyo Co., Ltd.		5,300		57,306
Kurabo Industries Ltd.		32,000		54,547
Marubeni Corp.		45,800		235,462
Marudai Food Co., Ltd.		31,000		119,466
Medipal Holdings Corp.		13,400		228,389
Megmilk Snow Brand Co., Ltd.		2,900		74,572
Mitsuba Corp.		7,600		117,496
Mitsubishi Chemical Holdings Corp.		63,200		400,986
Mitsubishi Gas Chemical Co., Inc.		43,000		219,881
Mitsubishi Materials Corp.		58,000		182,680
Mitsubishi UFJ Financial Group, Inc.		127,500		789,767
Mitsui & Co., Ltd.		26,200		311,309
Mitsui OSK Lines Ltd.		93,000		234,572
Mixi, Inc.		6,700		250,603
Nagase & Co., Ltd.		8,400		105,890
Nanto Bank Ltd.		73,000		228,658
NH Foods Ltd.		6,000		117,599
Nippon Densetsu Kogyo Co., Ltd.		2,300		50,116
Nippon Flour Mills Co., Ltd.		19,000		136,308
Nippon Steel & Sumitomo Metal Corp.		15,400		304,648
Nissan Motor Co., Ltd.		42,100		440,818
Nisshin Oillio Group Ltd.		31,000		126,283
Oki Electric Industry Co., Ltd.		37,000		46,317
ORIX Corp.		21,300		298,806
Otsuka Holdings Co., Ltd.		13,700		486,746
Ricoh Co., Ltd.		22,800		234,767
Seino Holdings Co., Ltd.		10,700		111,326
Shindengen Electric Manufacturing Co., Ltd.		15,000		59,519
Shizuoka Gas Co., Ltd.		17,700		112,590
Sojitz Corp.		54,800		115,002
Sompo Japan Nipponkoa Holdings, Inc.		8,300		272,528
Sumitomo Corp.		25,600		261,000
Sumitomo Electric Industries Ltd.		19,500		275,356
Sumitomo Mitsui Financial Group, Inc.		16,400		618,953
Teijin Ltd.		67,000		228,327
Toho Bank Ltd.		64,000		228,648
Toshiba TEC Corp.		15,000		53,549
Toyota Motor Corp.		16,000		985,263
Warabeya Nichiyo Co., Ltd.		6,100		115,640
West Japan Railway Co.		4,100		283,404
Yokohama Reito Co., Ltd.		14,500		126,951
Yokohama Rubber Co., Ltd.		10,300		158,185
				16,044,029

Schedule of Investments

AllianzGI Best Styles International Equity Fund

December 31, 2015 (unaudited) (continued)

	Shares		Value*
Netherlands—2.0%
AerCap Holdings NV (d)		5,354	$	231,079
BE Semiconductor Industries NV		1,973		39,650
Boskalis Westminster NV		5,617		229,129
Heineken Holding NV		5,214		401,409
NN Group NV		6,638		234,208
Wolters Kluwer NV		8,150		273,705
				1,409,180
New Zealand—1.3%
Air New Zealand Ltd.		60,881		122,789
Ebos Group Ltd.		25,471		239,219
Infratil Ltd.		57,045		127,509
New Zealand Refining Co., Ltd.		51,928		133,186
Nuplex Industries Ltd.		83,997		272,599
				895,302
Norway—2.3%
Austevoll Seafood ASA		19,691		119,613
Avance Gas Holding Ltd. (a)		8,713		111,609
Borregaard ASA		4,404		24,507
DNB ASA		27,665		340,867
Leroy Seafood Group ASA		1,203		44,717
Marine Harvest ASA (d)		14,529		195,485
Seadrill Ltd. (d)		37,362		129,026
Sparebank 1 Nord Norge		55,975		232,079
SpareBank 1 SMN		5,421		30,845
Yara International ASA		8,769		377,139
				1,605,887
Portugal—0.5%
EDP - Energias de Portugal S.A.		92,782		334,325
Singapore—0.2%
Fortune REIT		41,000		42,029
Fortune Real Estate Investment Trust REIT		118,200		118,199
				160,228
Spain—2.3%
Banco Santander S.A.		119,710		588,898
CIE Automotive S.A.		9,718		162,739
Iberdrola S.A.		80,252		568,904
Repsol S.A.		22,939		252,541
				1,573,082
Sweden—3.7%
Coor Service Management Holding AB (d)		39,959		186,506
ICA Gruppen AB		6,462		234,676
Industrivarden AB, Class C		12,958		221,685
Klovern AB, Class A		59,247		65,839
Loomis AB, Class B		4,008		125,029
Mycronic AB		9,314		90,136
Nobina AB (a)(d)		29,978		137,435
Nordea Bank AB		50,107		549,762
Securitas AB, Class B		19,518		298,448

	Shares		Value*
Svenska Cellulosa AB SCA, Class B		11,021	$	319,390
Swedbank AB, Class A		14,595		321,434
				2,550,340
Switzerland—7.1%
Aryzta AG		1,083		54,328
Aryzta AG		2,158		109,171
Baloise Holding AG		4,149		525,837
Nestle S.A.		13,706		1,017,468
Novartis AG		9,584		824,409
Roche Holding AG		2,779		770,084
Swiss Life Holding AG (d)		1,327		357,427
Swiss Re AG		5,144		502,395
Transocean Ltd.		17,875		223,446
UBS Group AG		28,720		557,153
				4,941,718
United Kingdom—18.5%
3i Group PLC		72,334		512,400
Barratt Developments PLC		28,076		258,712
Bellway PLC		6,785		283,704
Berkeley Group Holdings PLC		5,089		276,656
Bovis Homes Group PLC		15,346		229,521
BT Group PLC		101,327		703,571
Carillion PLC		51,961		232,069
Carnival PLC		5,112		291,211
Cranswick PLC		9,094		257,134
Dart Group PLC		29,814		258,656
Direct Line Insurance Group PLC		91,644		549,324
easyJet PLC		14,378		368,752
Fiat Chrysler Automobiles NV (d)		18,660		259,147
Firstgroup PLC (d)		80,214		126,759
Galliford Try PLC		10,360		232,786
Greggs PLC		6,701		129,911
HSBC Holdings PLC		78,645		620,840
Imperial Tobacco Group PLC		12,266		647,861
International Consolidated Airlines Group S.A.		54,948		494,041
Legal & General Group PLC		144,214		569,054
Lookers PLC		134,457		366,349
McBride PLC (d)		90,613		221,078
National Express Group PLC		49,699		243,830
Navigator Holdings Ltd. (d)		8,483		115,793
Northgate PLC		37,409		216,662
Novae Group PLC		26,487		348,300
Pendragon PLC		377,284		260,020
Persimmon PLC (d)		11,422		340,756
Rexam PLC		64,703		577,118
Royal Dutch Shell PLC, Class A		40,294		912,625
Royal Mail PLC		56,423		369,564
Safestore Holdings PLC REIT		12,016		63,173
Shire PLC		9,497		651,564
Taylor Wimpey PLC		85,554		255,752
Tullett Prebon PLC		45,989		251,559
WPP PLC		17,432		400,967
				12,897,219

Schedule of Investments

AllianzGI Best Styles International Equity Fund

December 31, 2015 (unaudited) (continued)

	Shares		Value*
United States—0.5%
XL Group PLC		9,300	$	364,374
Total Common Stock (cost—$69,125,211)				67,964,398
PREFERRED STOCK—0.7%
Germany—0.7%
Henkel AG & Co. KGaA (cost—$466,049)		4,274		476,987
RIGHTS—0.0%
Spain—0.0%
Repsol S.A., expires 1/13/16, (d) (cost—$11,621)		22,939		11,442
	Principal Amount (000s)
Repurchase Agreements—1.1%
State Street Bank and Trust Co., dated 12/31/15, 0.03%, due 1/4/16, proceeds $781,003; collateralized by U.S. Treasury Notes, 2.125%, due 9/30/21, valued at $796,775 including accrued interest (cost—$781,000)	$	781		781,000
Total Investments (cost—$70,383,881) (b)—99.5%				69,233,827
Other assets less liabilities (e)—0.5%				326,553
Net Assets—100.0%			$	69,560,380

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 $64,699,981, representing 93.0% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(c) Affiliated security.

(d) Non-income producing.

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

Futures contracts outstanding at December 31, 2015:

Type	Contracts		Market Value (000s)		Expiration Date		Unrealized Depreciation
Long:   Mini MSCI EAFE Index		10	$	849		3/18/16	$	(1,313	)

(f) At December 31, 2015, the Fund pledged $209,199 in cash as collateral for derivatives.

Glossary:

EAFE—Europe and Australia, Far East

MSCI—Morgan Stanley Capital International

REIT—Real Estate Investment Trust

UNIT—More than one class of securities traded together.

Schedule of Investments

AllianzGI Best Styles International Equity Fund

December 31, 2015 (unaudited) (continued)

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

Banks	11.8	%
Pharmaceuticals	8.1	%
Insurance	7.3	%
Automobiles	4.5	%
Oil, Gas & Consumable Fuels	4.5	%
Food Products	4.3	%
Diversified Telecommunication Services	3.8	%
Chemicals	3.0	%
Capital Markets	2.9	%
Airlines	2.8	%
Electric Utilities	2.6	%
Media	2.6	%
Household Durables	2.6	%
Trading Companies & Distributors	2.4	%
Food & Staples Retailing	2.1	%
Auto Components	2.0	%
Construction & Engineering	2.0	%
Road & Rail	1.9	%
Health Care Providers & Services	1.7	%
Electronic Equipment, Instruments & Components	1.6	%
Metals & Mining	1.4	%
IT Services	1.4	%
Commercial Services & Supplies	1.2	%
Real Estate Investment Trust	1.2	%
Technology Hardware, Storage & Peripherals	1.2	%
Specialty Retail	1.1	%
Beverages	1.0	%
Diversified Financial Services	1.0	%
Containers & Packaging	1.0	%
Tobacco	0.9	%
Industrial Conglomerates	0.9	%
Marine	0.9	%
Wireless Telecommunication Services	0.9	%
Construction Materials	0.9	%
Household Products	0.8	%
Gas Utilities	0.8	%
Hotels, Restaurants & Leisure	0.7	%
Household Products/Wares	0.7	%
Paper & Forest Products	0.7	%
Air Freight & Logistics	0.7	%
Multi-line Retail	0.7	%
Real Estate Management & Development	0.5	%
Multi-Utilities	0.5	%
Energy Equipment & Services	0.5	%
Software	0.5	%
Internet Software & Services	0.4	%
Machinery	0.3	%
Electrical Equipment	0.2	%
Professional Services	0.2	%
Personal Products	0.1	%
Leisure Products	0.1	%
Textiles, Apparel & Luxury Goods	0.1	%

Semiconductors & Semiconductor Equipment	0.1	%
Health Care Technology	0.1	%
Thrifts & Mortgage Finance	0.1	%
Office Electronics	0.1	%
Consumer Finance	0.0	%
Repurchase Agreements	1.1	%
Other assets less liabilities	0.5	%
	100.0	%

Schedule of Investments

AllianzGI Best Styles U.S. Equity Fund

December 31, 2015 (unaudited)

	Shares		Value*
COMMON STOCK—98.0%
Aerospace & Defense—0.6%
Northrop Grumman Corp.		2,537	$	479,011
Air Freight & Logistics—0.5%
FedEx Corp.		2,704		402,869
Airlines—1.1%
Alaska Air Group, Inc.		3,656		294,344
American Airlines Group, Inc.		1,959		82,964
JetBlue Airways Corp. (a)		2,922		66,183
Southwest Airlines Co.		11,561		497,817
				941,308
Auto Components—0.6%
Delphi Automotive PLC		2,510		215,182
Lear Corp.		2,308		283,492
				498,674
Automobiles—1.7%
Ford Motor Co.		51,275		722,465
General Motors Co.		20,144		685,097
				1,407,562
Banks—4.6%
Bank of America Corp.		9,853		165,826
Citigroup, Inc.		14,436		747,063
JPMorgan Chase & Co.		18,106		1,195,539
SunTrust Banks, Inc.		4,919		210,730
Webster Financial Corp.		1,854		68,950
Wells Fargo & Co.		27,038		1,469,786
				3,857,894
Beverages—0.8%
Coca-Cola Co.		1,903		81,753
Dr. Pepper Snapple Group, Inc.		6,250		582,500
PepsiCo, Inc.		80		7,993
				672,246
Biotechnology—3.1%
AbbVie, Inc.		13,747		814,372
Amgen, Inc.		4,127		669,936
Celgene Corp. (a)		494		59,161
Gilead Sciences, Inc.		8,007		810,228
United Therapeutics Corp. (a)		1,250		195,763
				2,549,460
Building Products—0.2%
Builders FirstSource, Inc. (a)		8,087		89,604
Universal Forest Products, Inc.		899		61,465
				151,069
Capital Markets—0.3%
Morgan Stanley		8,417		267,745
Chemicals—1.2%
CF Industries Holdings, Inc.		2,145		87,537
Dow Chemical Co.		946		48,700
LyondellBasell Industries NV, Class A		6,191		537,998
Minerals Technologies, Inc.		295		13,529
PPG Industries, Inc.		3,226		318,793
				1,006,557

	Shares		Value*
Commercial Services & Supplies—0.7%
Cintas Corp.		3,933	$	358,100
Multi-Color Corp.		1,105		66,090
Pitney Bowes, Inc.		4,221		87,164
Waste Management, Inc.		1,125		60,041
				571,395
Communications Equipment—2.1%
Applied Optoelectronics, Inc. (a)		2,544		43,655
ARRIS Group, Inc. (a)		10,283		314,351
Brocade Communications Systems, Inc.		26,172		240,259
Ciena Corp. (a)		3,738		77,339
Cisco Systems, Inc.		30,175		819,402
QUALCOMM, Inc.		5,215		260,672
				1,755,678
Construction & Engineering—0.1%
WSP Global, Inc.		2,503		76,897
Construction Materials—0.5%
Vulcan Materials Co.		4,609		437,717
Consumer Finance—1.1%
Capital One Financial Corp.		2,126		153,455
Credit Acceptance Corp. (a)		1,848		395,509
Navient Corp.		10,085		115,473
Santander Consumer USA Holdings, Inc.		14,442		228,906
				893,343
Containers & Packaging—0.9%
Ball Corp.		2,284		166,115
Bemis Co., Inc.		1,333		59,572
CCL Industries, Inc., Class B		608		98,589
Packaging Corp. of America		5,130		323,447
Sonoco Products Co.		2,874		117,460
				765,183
Diversified Consumer Services—0.4%
ServiceMaster Global Holdings, Inc. (a)		8,717		342,055
Diversified Financial Services—1.6%
Berkshire Hathaway, Inc., Class B (a)		3,782		499,375
Intercontinental Exchange, Inc.		2,266		580,685
Morningstar, Inc.		780		62,720
Voya Financial, Inc.		4,116		151,922
				1,294,702
Diversified Telecommunication Services—1.6%
AT&T, Inc.		9,211		316,951
BCE, Inc.		3,205		123,827
CenturyLink, Inc.		18,852		474,316
Verizon Communications, Inc.		9,034		417,551
				1,332,645

Schedule of Investments

AllianzGI Best Styles U.S. Equity Fund

December 31, 2015 (unaudited) (continued)

	Shares		Value*
Electric Utilities—2.1%
American Electric Power Co., Inc.		2,397	$	139,673
Duke Energy Corp.		4,939		352,595
Edison International		979		57,967
Entergy Corp.		3,703		253,137
Eversource Energy		1,250		63,837
NextEra Energy, Inc.		3,569		370,783
Portland General Electric Co.		802		29,169
Xcel Energy, Inc.		12,259		440,221
				1,707,382
Electrical Equipment—0.0%
General Cable Corp.		2,499		33,562
Electronic Equipment, Instruments & Components—2.1%
Arrow Electronics, Inc. (a)		2,472		133,933
Avnet, Inc.		5,770		247,187
Benchmark Electronics, Inc. (a)		1,567		32,390
CDW Corp.		7,985		335,689
Corning, Inc.		4,422		80,834
Flextronics International Ltd. (a)		28,694		321,660
Jabil Circuit, Inc.		4,480		104,339
SYNNEX Corp.		92		8,274
TE Connectivity Ltd.		7,054		455,759
				1,720,065
Energy Equipment & Services—0.9%
Noble Corp. PLC		23,966		252,841
Schlumberger Ltd.		2,788		194,463
Transocean Ltd.		22,935		283,936
				731,240
Food & Staples Retailing—3.0%
Alimentation Couche-Tard, Inc., Class B		4,424		194,743
Costco Wholesale Corp.		4,159		671,678
CVS Health Corp.		6,458		631,399
Empire Co., Ltd.		7,499		139,499
George Weston Ltd.		988		76,358
Kroger Co.		16,564		692,872
SpartanNash Co.		2,231		48,279
				2,454,828
Food Products—2.1%
Archer-Daniels-Midland Co.		15,333		562,415
B&G Foods, Inc.		1,594		55,822
Cal-Maine Foods, Inc.		5,639		261,311
Omega Protein Corp. (a)		2,651		58,852
Pilgrim’s Pride Corp.		1,890		41,750
Pinnacle Foods, Inc.		2,213		93,964
Sanderson Farms, Inc.		856		66,357
Tyson Foods, Inc., Class A		11,561		616,548
				1,757,019
Gas Utilities—0.4%
AGL Resources, Inc.		2,315		147,720
Atmos Energy Corp.		2,423		152,746
Laclede Group, Inc.		1,085		64,460
				364,926

	Shares		Value*
Health Care Equipment & Supplies—1.8%
Becton Dickinson and Co.		1,525	$	234,987
Hill-Rom Holdings, Inc.		2,196		105,540
Hologic, Inc. (a)		9,039		349,719
Medtronic PLC		10,493		807,121
				1,497,367
Health Care Providers & Services—6.2%
Aetna, Inc.		6,305		681,697
Anthem, Inc.		4,975		693,714
Cardinal Health, Inc.		2,798		249,777
Chemed Corp.		446		66,811
Cigna Corp.		2,943		430,649
HealthSouth Corp.		2,707		94,231
Laboratory Corp. of America Holdings (a)		3,813		471,439
McKesson Corp.		875		172,576
MEDNAX, Inc. (a)		4,926		352,997
Quest Diagnostics, Inc.		5,219		371,280
UnitedHealth Group, Inc.		9,547		1,123,109
Universal Health Services, Inc., Class B		3,893		465,175
				5,173,455
Hotels, Restaurants & Leisure—2.1%
Brinker International, Inc.		3,622		173,675
Carnival Corp.		11,385		620,255
Cracker Barrel Old Country Store, Inc.		2,320		294,245
Darden Restaurants, Inc.		7,656		487,228
Marriott Vacations Worldwide Corp.		917		52,223
Pinnacle Entertainment, Inc. (a)		2,601		80,943
				1,708,569
Household Products—0.3%
Procter & Gamble Co.		3,391		269,279
Independent Power Producers & Energy Traders—0.0%
NRG Yield, Inc., Class A		2,390		33,245
Industrial Conglomerates—1.6%
3M Co.		902		135,877
Danaher Corp.		5,465		507,589
General Electric Co.		21,723		676,672
				1,320,138
Insurance—5.8%
Allstate Corp.		4,796		297,784
American International Group, Inc.		8,487		525,939
Amtrust Financial Services, Inc.		6,427		395,775
Argo Group International Holdings Ltd.		750		44,880
Aspen Insurance Holdings Ltd.		6,237		301,247
Assurant, Inc.		4,881		393,116
Axis Capital Holdings Ltd.		3,598		202,280
Endurance Specialty Holdings Ltd.		1,251		80,051
Everest Re Group Ltd.		1,946		356,293
First American Financial Corp.		3,963		142,272
Hanover Insurance Group, Inc.		950		77,273
Heritage Insurance Holdings, Inc.		1,922		41,938
MetLife, Inc.		7,340		353,861

Schedule of Investments

AllianzGI Best Styles U.S. Equity Fund

December 31, 2015 (unaudited) (continued)

	Shares		Value*
PartnerRe Ltd.		1,191	$	166,430
Progressive Corp.		6,474		205,873
Prudential Financial, Inc.		3,387		275,736
Travelers Cos., Inc.		5,628		635,176
Universal Insurance Holdings, Inc.		13,628		315,897
				4,811,821
Internet & Catalog Retail—1.1%
Amazon.com, Inc. (a)		1,240		838,104
Nutrisystem, Inc.		1,877		40,618
				878,722
Internet Software & Services—3.4%
Alphabet, Inc., Class A (a)		1,070		832,471
Alphabet, Inc., Class C (a)		1,091		827,938
EarthLink Holdings Corp.		4,116		30,582
Facebook, Inc., Class A (a)		7,433		777,938
j2 Global, Inc.		3,363		276,842
Monster Worldwide, Inc. (a)		10,525		60,308
				2,806,079
IT Services—3.3%
Accenture PLC, Class A		7,801		815,204
Amdocs Ltd.		6,031		329,112
Broadridge Financial Solutions, Inc.		6,449		346,505
Convergys Corp.		7,222		179,756
DH Corp.		2,292		52,376
Euronet Worldwide, Inc. (a)		979		70,909
International Business Machines Corp.		1,242		170,924
Jack Henry & Associates, Inc.		2,924		228,247
Net 1 UEPS Technologies, Inc. (a)		2,171		29,330
Sabre Corp.		1,290		36,081
Visa, Inc., Class A		1,254		97,248
Western Union Co.		22,400		401,184
				2,756,876
Machinery—0.7%
American Railcar Industries, Inc.		577		26,704
ESCO Technologies, Inc.		957		34,586
PACCAR, Inc.		3,113		147,556
Snap-on, Inc.		1,007		172,630
Trinity Industries, Inc.		7,562		181,639
				563,115
Media—2.9%
Cinemark Holdings, Inc.		5,944		198,708
Comcast Corp., Class A		14,736		831,552
Gray Television, Inc. (a)		4,096		66,765
Interpublic Group of Cos., Inc.		6,815		158,653
Shaw Communications, Inc., Class B		5,217		89,734
TEGNA, Inc.		5,729		146,204
Time Warner Cable, Inc.		1,101		204,335
Walt Disney Co.		6,400		672,512
				2,368,463
Multi-line Retail—0.8%
Canadian Tire Corp., Ltd., Class A		848		72,414
Target Corp.		7,998		580,735
				653,149

	Shares		Value*
Multi-Utilities—2.1%
Ameren Corp.		8,355	$	361,187
CMS Energy Corp.		8,714		314,401
DTE Energy Co.		3,886		311,619
NiSource, Inc.		1,579		30,806
PG&E Corp.		4,780		254,248
Public Service Enterprise Group, Inc.		7,099		274,660
SCANA Corp.		2,838		171,671
				1,718,592
Oil, Gas & Consumable Fuels—4.5%
Chevron Corp.		1,302		117,128
Crescent Point Energy Corp.		4,853		56,537
CVR Energy, Inc.		2,130		83,815
DHT Holdings, Inc.		7,879		63,741
Enbridge Income Fund Holdings, Inc.		2,154		43,634
EnLink Midstream LLC		2,292		34,586
Exxon Mobil Corp.		10,663		831,181
Marathon Petroleum Corp.		6,358		329,599
Nordic American Tankers Ltd.		10,092		156,830
PBF Energy, Inc., Class A		5,574		205,179
Phillips 66		8,021		656,118
Scorpio Tankers, Inc.		12,847		103,033
Ship Finance International Ltd.		3,046		50,472
Tesoro Corp.		3,226		339,924
Valero Energy Corp.		7,619		538,739
Western Refining, Inc.		2,790		99,380
				3,709,896
Paper & Forest Products—0.3%
Domtar Corp.		4,644		171,596
Schweitzer-Mauduit International, Inc.		1,045		43,879
Western Forest Products, Inc.		29,679		48,475
				263,950
Personal Products—0.1%
USANA Health Sciences, Inc. (a)		796		101,689
Pharmaceuticals—4.7%
Horizon Pharma PLC (a)		16,503		357,620
Johnson & Johnson		10,876		1,117,183
Merck & Co., Inc.		8,478		447,808
Mylan NV (a)		4,632		250,452
Pfizer, Inc.		47,769		1,541,983
Prestige Brands Holdings, Inc. (a)		1,678		86,384
Sucampo Pharmaceuticals, Inc., Class A (a)		3,856		66,670
				3,868,100
Professional Services—0.0%
Huron Consulting Group, Inc. (a)		649		38,551
Real Estate Investment Trust—3.4%
Annaly Capital Management, Inc.		13,673		128,253
Apollo Commercial Real Estate Finance, Inc.		1,938		33,392
AvalonBay Communities, Inc.		3,096		570,066
Blackstone Mortgage Trust, Inc., Class A		2,217		59,327

Schedule of Investments

AllianzGI Best Styles U.S. Equity Fund

December 31, 2015 (unaudited) (continued)

	Shares		Value*
Crown Castle International Corp.		7,169	$	619,760
CYS Investments, Inc.		6,459		46,053
Equinix, Inc.		1,813		548,251
Equity Lifestyle Properties, Inc.		1,850		123,339
MFA Financial, Inc.		8,028		52,985
Sovran Self Storage, Inc.		1,157		124,158
Starwood Property Trust, Inc.		15,750		323,820
STORE Capital Corp.		1,805		41,876
Sun Communities, Inc.		1,777		121,778
				2,793,058
Real Estate Management & Development—0.0%
Marcus & Millichap, Inc. (a)		1,299		37,853
Road & Rail—0.5%
Union Pacific Corp.		4,182		327,032
Werner Enterprises, Inc.		2,240		52,394
				379,426
Semiconductors & Semiconductor Equipment—4.2%
Avago Technologies Ltd.		1,211		175,777
Broadcom Corp., Class A		12,320		712,342
Cabot Microelectronics Corp. (a)		3,293		144,167
Cirrus Logic, Inc. (a)		12,137		358,406
Intel Corp.		33,289		1,146,806
Lam Research Corp.		1,928		153,122
Maxim Integrated Products, Inc.		2,261		85,918
MaxLinear, Inc., Class A (a)		5,911		87,069
Micron Technology, Inc. (a)		17,247		244,217
ON Semiconductor Corp. (a)		33,240		325,752
Tower Semiconductor Ltd. (a)		3,226		45,358
				3,478,934
Software—2.2%
Microsoft Corp.		30,239		1,677,660
Synopsys, Inc. (a)		3,811		173,819
				1,851,479
Specialty Retail—3.7%
AutoNation, Inc. (a)		2,057		122,721
Foot Locker, Inc.		4,380		285,094
Home Depot, Inc.		7,279		962,648
Kirkland’s, Inc.		2,589		37,540
L Brands, Inc.		4,466		427,932
Lowe’s Cos., Inc.		7,863		597,903
Murphy USA, Inc. (a)		2,396		145,533
Penske Automotive Group, Inc.		1,266		53,602
Signet Jewelers Ltd.		1,846		228,332
Stage Stores, Inc.		1,990		18,129
Staples, Inc.		15,927		150,829
				3,030,263
Technology Hardware, Storage & Peripherals—4.1%
Apple, Inc.		28,944		3,046,645
HP, Inc.		15,687		185,734
Western Digital Corp.		2,715		163,036
				3,395,415

	Shares		Value*
Textiles, Apparel & Luxury Goods—1.2%
NIKE, Inc., Class B		11,284	$	705,250
Skechers U.S.A., Inc., Class A (a)		11,001		332,340
				1,037,590
Thrifts & Mortgage Finance—0.3%
BofI Holding, Inc. (a)		8,252		173,705
Walker & Dunlop, Inc. (a)		1,413		40,708
				214,413
Tobacco—1.4%
Altria Group, Inc.		18,854		1,097,491
Reynolds American, Inc.		744		34,336
				1,131,827
Trading Companies & Distributors—0.6%
AerCap Holdings NV (a)		5,561		240,013
Air Lease Corp.		3,842		128,630
GATX Corp.		2,737		116,459
				485,102
Transportation Infrastructure—0.2%
Macquarie Infrastructure Corp.		2,821		204,805
Water Utilities—0.2%
American Water Works Co., Inc.		3,200		191,200
Total Common Stock (cost—$81,399,677)				81,245,453
RIGHTS (a)—0.0%
Food & Staples Retailing—0.0%
Safeway CVR - Casa Ley		11,157		11,323
Safeway CVR - PDC		11,157		545
Total Rights (cost—$11,827)				11,868
	Principal Amount (000s)
Repurchase Agreements—1.3%
State Street Bank and Trust Co., dated 12/31/15, 0.03%, due 1/4/16, proceeds $1,037,003; collateralized by U.S. Treasury Notes, 2.125%, due 9/30/21, valued at $1,060,675 including accrued interest (cost—$1,037,000)	$	1,037		1,037,000
Total Investments (cost—$82,448,504)—99.3%				82,294,321
Other assets less liabilities (b)—0.7%				594,625
Net Assets—100.0%			$	82,888,946

Notes to Schedule of Investments:

(a) Non-income producing.

Schedule of Investments

AllianzGI Best Styles U.S. Equity Fund

December 31, 2015 (unaudited) (continued)

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

Futures contracts outstanding at December 31, 2015:

Type	Contracts		Market Value (000s)		Expiration Date		Unrealized Depreciation
Long: E-mini S&P 500 Index		16	$	1,628		3/18/16	$	(13,719	)

(c) At December 31, 2015, the Fund pledged $541,069 in cash as collateral for derivatives.

Glossary:

CVR—Contingent Value Rights

Schedule of Investments

AllianzGI China Equity Fund

December 31, 2015 (unaudited)

	Shares		Value*
COMMON STOCK—98.1%
China—84.0%
Alibaba Group Holding Ltd. ADR (d)		1,082	$	87,934
Baidu, Inc. ADR (d)		239		45,181
Bank of China Ltd., Class H		312,500		138,660
Beijing Enterprises Holdings Ltd.		28,500		171,989
China Automation Group Ltd. (d)		556,000		61,346
China Construction Bank Corp., Class H		289,000		197,141
China Everbright International Ltd.		183,000		233,763
China Life Insurance Co., Ltd., Class H		63,000		202,646
China Merchants Bank Co., Ltd., Class H		75,500		176,926
China Mobile Ltd.		20,500		230,750
China Overseas Land & Investment Ltd.		76,000		263,611
China Pacific Insurance Group Co., Ltd., Class H		20,600		84,171
China Telecom Corp., Ltd., Class H		288,000		134,342
Chongqing Changan Automobile Co., Ltd., Class B		67,148		147,840
Digital China Holdings Ltd. (c)		247,000		282,248
GF Securities Co., Ltd., Class H (d)		23,600		59,045
Luye Pharma Group Ltd. (d)		51,000		53,061
Ping An Insurance Group Co. of China Ltd., Class H		43,000		236,581
Qingdao Port International Co., Ltd., Class H (a)		292,000		130,028
Qingling Motors Co., Ltd., Class H (c)		654,000		203,046
Semiconductor Manufacturing International Corp. (d)		1,894,000		192,610
Shui On Land Ltd.		394,000		107,681
Tencent Holdings Ltd.		19,500		382,310
Want Want China Holdings Ltd.		74,000		54,922
Zhengzhou Yutong Bus Co., Ltd., Class A		21,900		75,508
Zhuzhou CSR Times Electric Co., Ltd., Class H		32,000		184,735
				4,138,075
Hong Kong—14.1%
CPMC Holdings Ltd.		83,000		50,942
CSPC Pharmaceutical Group Ltd.		144,000		146,809
Hong Kong Exchanges and Clearing Ltd.		7,900		201,251
Man Yue Technology Holdings Ltd.		700,000		67,430

	Shares		Value*
Sands China Ltd.		20,400	$	68,899
Vinda International Holdings Ltd.		80,000		158,010
				693,341
Total Investments (cost—$5,468,116) (b)—98.1%				4,831,416
Other assets less liabilities—1.9%				91,538
Net Assets—100.0%			$	4,922,954

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 $4,698,301, representing 95.4% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(c) Affiliated security.

(d) Non-income producing.

Glossary:

ADR—American Depositary Receipt

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

Insurance	10.6	%
Internet Software & Services	10.5	%
Banks	10.4	%
Real Estate Management & Development	7.5	%
Automobiles	7.1	%
Electronic Equipment, Instruments & Components	7.1	%
Commercial Services & Supplies	4.8	%
Wireless Telecommunication Services	4.7	%
Diversified Financial Services	4.1	%
Pharmaceuticals	4.1	%
Semiconductors & Semiconductor Equipment	3.9	%
Electrical Equipment	3.8	%
Industrial Conglomerates	3.5	%
Household Products	3.2	%
Machinery	2.8	%
Diversified Telecommunication Services	2.7	%
Transportation Infrastructure	2.6	%
Hotels, Restaurants & Leisure	1.4	%
Capital Markets	1.2	%
Food Products	1.1	%
Containers & Packaging	1.0	%
Other assets less liabilities	1.9	%
	100.0	%

Schedule of Investments

AllianzGI Convertible Fund

December 31, 2015 (unaudited)

	Principal Amount (000s)		Value*
CONVERTIBLE BONDS—78.4%
Auto Manufacturers—3.1%
Fiat Chrysler Automobiles NV,
7.875%, 12/15/16	$	25,175	$	29,312,558
Tesla Motors, Inc.,
0.25%, 3/1/19		19,190		18,086,575
1.50%, 6/1/18		7,450		14,709,094
				62,108,227
Biotechnology—6.5%
BioMarin Pharmaceutical, Inc.,
0.75%, 10/15/18		6,190		7,977,363
1.50%, 10/15/20		3,030		4,063,988
Emergent BioSolutions, Inc.,
2.875%, 1/15/21		13,350		18,431,344
Gilead Sciences, Inc.,
1.625%, 5/1/16		4,585		20,494,973
Illumina, Inc.,
zero coupon, 6/15/19		23,510		25,669,981
Incyte Corp.,
0.375%, 11/15/18		8,580		18,516,712
Ligand Pharmaceuticals, Inc.,
0.75%, 8/15/19		10,465		16,194,587
Medicines Co. (a)(b),
2.50%, 1/15/22		1,085		1,380,663
Regeneron Pharmaceuticals, Inc.,
1.875%, 10/1/16		2,405		15,540,809
				128,270,420
Chemicals—0.8%
RPM International, Inc.,
2.25%, 12/15/20		13,155		15,037,809
Commercial Services—5.3%
Cardtronics, Inc.,
1.00%, 12/1/20		22,635		21,121,284
Euronet Worldwide, Inc.,
1.50%, 10/1/44		19,805		23,481,303
Huron Consulting Group, Inc.,
1.25%, 10/1/19		9,785		9,729,959
Live Nation Entertainment, Inc.,
2.50%, 5/15/19		24,865		25,408,922
Macquarie Infrastructure Corp.,
2.875%, 7/15/19		21,995		24,703,135
				104,444,603
Computers—1.3%
Electronics for Imaging, Inc.,
0.75%, 9/1/19		23,730		25,331,775
Construction & Engineering—0.7%
Dycom Industries, Inc. (b),
0.75%, 9/15/21		13,395		13,227,562
Diversified Financial Services—1.6%
Air Lease Corp.,
3.875%, 12/1/18		17,700		24,160,500
PRA Group, Inc.,
3.00%, 8/1/20		8,460		7,191,000
				31,351,500
Electrical Equipment—0.6%
SunPower Corp.,
0.875%, 6/1/21		13,925		12,166,969

	Principal Amount (000s)		Value*
Electronic Equipment, Instruments & Components—0.7%
SunPower Corp. (b),
4.00%, 1/15/23	$	11,880	$	14,300,550
Electronics—0.3%
TTM Technologies, Inc.,
1.75%, 12/15/20		6,340		5,745,625
Energy-Alternate Sources—1.5%
SolarCity Corp.,
1.625%, 11/1/19		19,485		15,831,562
SunEdison, Inc. (a)(b),
0.25%, 1/15/20		12,600		4,914,000
3.375%, 6/1/25		24,045		8,881,622
				29,627,184
Health Care Providers & Services—0.9%
Laboratory Corp. of America Holdings,
0.396%, 9/11/21		10,625		17,624,219
Healthcare-Products—4.5%
Hologic, Inc.,
2.00%, 12/15/37		4,290		7,271,550
2.00%, 3/1/42		13,610		18,220,388
NuVasive, Inc.,
2.75%, 7/1/17		16,655		22,806,941
Teleflex, Inc.,
3.875%, 8/1/17		9,810		20,981,137
Wright Medical Group, Inc. (a)(b),
2.00%, 2/15/20		19,950		20,735,531
				90,015,547
Healthcare-Services—0.9%
Molina Healthcare, Inc.,
1.625%, 8/15/44		15,475		18,657,047
Holding Companies-Diversified—0.8%
Horizon Pharma Investment Ltd. (a)(b),
2.50%, 3/15/22		16,715		16,725,447
Home Builders—0.8%
Lennar Corp. (a)(b),
3.25%, 11/15/21		7,845		16,371,534
Insurance—2.3%
AmTrust Financial Services, Inc.,
2.75%, 12/15/44		23,053		21,540,147
Fidelity National Financial, Inc.,
4.25%, 8/15/18		5,010		9,572,231
Radian Group, Inc.,
2.25%, 3/1/19		10,500		13,577,813
				44,690,191
Internet—9.8%
Ctrip.com International Ltd. (a)(b),
1.00%, 7/1/20		16,905		18,901,903
HomeAway, Inc.,
0.125%, 4/1/19		15,025		15,081,344
j2 Global, Inc.,
3.25%, 6/15/29		11,135		14,649,484
LinkedIn Corp.,
0.50%, 11/1/19		25,050		26,396,438
Priceline Group, Inc.,
0.35%, 6/15/20		16,650		19,886,344
1.00%, 3/15/18		14,365		20,497,059

Schedule of Investments

AllianzGI Convertible Fund

December 31, 2015 (unaudited) (continued)

	Principal Amount (000s)		Value*
VeriSign, Inc.,
4.297%, 8/15/37	$	12,185	$	31,262,141
Web.com Group, Inc.,
1.00%, 8/15/18		23,355		21,924,506
WebMD Health Corp.,
1.50%, 12/1/20		23,125		25,943,359
				194,542,578
Leisure Time—1.6%
Jarden Corp.,
1.125%, 3/15/34		19,000		23,405,625
1.875%, 9/15/18		4,515		8,231,409
				31,637,034
Media—1.3%
Liberty Media Corp.,
1.375%, 10/15/23		25,620		25,219,687
Oil, Gas & Consumable Fuels—1.8%
Cheniere Energy, Inc.,
4.25%, 3/15/45		30,600		15,988,500
Energy XXI Ltd.,
3.00%, 12/15/18		18,150		1,361,250
Whiting Petroleum Corp. (a)(b),
1.25%, 4/1/20		26,845		18,388,825
				35,738,575
Pharmaceuticals—3.8%
Depomed, Inc.,
2.50%, 9/1/21		9,985		11,382,900
Herbalife Ltd. (a),
2.00%, 8/15/19		22,925		19,257,115
Impax Laboratories, Inc. (b),
2.00%, 6/15/22		23,240		22,891,400
Synergy Pharmaceuticals, Inc. (a)(b),
7.50%, 11/1/19		2,265		4,302,084
Teva Pharmaceutical Finance Co. LLC,
0.25%, 2/1/26		11,270		17,651,638
				75,485,137
Real Estate—0.9%
Extra Space Storage L.P. (b),
3.125%, 10/1/35		16,085		17,603,022
Retail—0.3%
Restoration Hardware Holdings, Inc. (a)(b),
zero coupon, 6/15/19		5,740		5,316,675
Semiconductors—10.3%
Integrated Device Technology, Inc. (b),
0.875%, 11/15/22		7,930		8,202,594
Intel Corp.,
3.25%, 8/1/39		25,950		43,206,880
Lam Research Corp.,
1.25%, 5/15/18		18,470		26,539,081
Micron Technology, Inc.,
3.00%, 11/15/43		29,050		24,293,063
Novellus Systems, Inc.,
2.625%, 5/15/41		4,760		11,224,675
NVIDIA Corp.,
1.00%, 12/1/18		13,525		22,595,203
NXP Semiconductors NV,
1.00%, 12/1/19		16,680		18,358,425

	Principal Amount (000s)		Value*
ON Semiconductor Corp. (a)(b),
1.00%, 12/1/20	$	27,595	$	25,835,819
Xilinx, Inc.,
2.625%, 6/15/17		13,875		22,590,234
				202,845,974
Software—11.6%
Akamai Technologies, Inc.,
zero coupon, 2/15/19		11,485		11,032,836
Cornerstone OnDemand, Inc.,
1.50%, 7/1/18		22,870		22,555,538
Electronic Arts, Inc.,
0.75%, 7/15/16		6,375		13,793,906
Nuance Communications, Inc.,
1.00%, 12/15/35 (b)		11,695		11,307,603
1.50%, 11/1/35		18,385		19,821,328
Proofpoint, Inc. (a)(b),
0.75%, 6/15/20		18,760		19,709,725
Red Hat, Inc.,
0.25%, 10/1/19		21,525		28,130,484
Salesforce.com, Inc.,
0.25%, 4/1/18		29,175		37,599,281
ServiceNow, Inc.,
zero coupon, 11/1/18		19,240		24,783,525
Take-Two Interactive Software, Inc.,
1.00%, 7/1/18		13,635		22,736,363
Verint Systems, Inc.,
1.50%, 6/1/21		18,010		16,974,425
				228,445,014
Telecommunications—4.4%
Ciena Corp. (a)(b),
3.75%, 10/15/18		18,640		23,206,800
Gogo, Inc. (a)(b),
3.75%, 3/1/20		17,440		16,938,687
InterDigital, Inc. (a)(b),
1.50%, 3/1/20		23,180		22,296,263
Palo Alto Networks, Inc.,
zero coupon, 7/1/19		14,185		23,635,756
				86,077,506
Total Convertible Bonds (cost—$1,454,183,710)				1,548,607,411
	Shares
CONVERTIBLE PREFERRED STOCK—19.4%
Banks—2.5%
Bank of America Corp., Ser. L (c),
7.25%		16,795		18,361,470
Wells Fargo & Co., Ser. L (c),
7.50%		26,115		30,371,353
				48,732,823
Commercial Services & Supplies—1.3%
Stericycle, Inc.,
5.25%, 9/15/18		274,000		25,087,440
Food & Beverage—1.3%
Post Holdings, Inc.,
5.25%, 6/1/17		210,755		24,712,077

Schedule of Investments

AllianzGI Convertible Fund

December 31, 2015 (unaudited) (continued)

	Shares		Value*
Food Products—1.5%
Tyson Foods, Inc.,
4.75%, 7/15/17		501,345	$	30,421,615
Health Care Providers & Services—0.6%
Amsurg Corp., Ser. A-1,
5.25%, 7/1/17		88,360		12,734,885
Healthcare-Services—1.5%
Anthem, Inc.,
5.25%, 5/1/18		639,080		29,429,634
Machinery—0.2%
Stanley Black & Decker, Inc., UNIT,
6.25%, 11/17/16		33,830		3,951,006
Oil, Gas & Consumable Fuels—0.3%
Chesapeake Energy Corp. (a)(b)(c),
5.75%		23,630		4,888,456
Pharmaceuticals—4.3%
Allergan PLC, Ser. A,
5.50%, 3/1/18		54,880		56,536,278
Teva Pharmaceutical Industries Ltd.,
7.00%, 12/15/18		28,710		29,208,360
				85,744,638
Pipelines—0.7%
Kinder Morgan, Inc., Ser. A,
9.75%, 10/26/18		335,300		13,512,590
Real Estate Investment Trust—2.4%
American Tower Corp.,
5.25%, 5/15/17, Ser. A		232,890		23,815,331
5.50%, 2/15/18		131,525		13,284,025
Weyerhaeuser Co., Ser. A,
6.375%, 7/1/16		203,995		10,256,869
				47,356,225
Telecommunications—1.5%
Frontier Communications Corp., Ser. A,
11.125%, 6/29/18		329,100		30,138,978
Wireless Telecommunication Services—1.3%
T-Mobile U.S., Inc.,
5.50%, 12/15/17		385,845		26,125,565
Total Convertible Preferred Stock (cost—$385,930,902)				382,835,932

	Principal Amount (000s)		Value*
Repurchase Agreements—2.4%
State Street Bank and Trust Co., dated 12/31/15, 0.03%, due 1/4/16, proceeds $46,745,156; collateralized by U.S. Treasury Notes, 2.125%, due 9/30/21, valued at $47,684,700 including accrued interest (cost—$46,745,000)	$	46,745	$	46,745,000
Total Investments (cost—$1,886,859,612)—100.2%				1,978,188,343
Liabilities in excess of other assets—(0.2)%				(4,300,066	)
Net Assets—100.0%			$	1,973,888,277

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 $248,051,149, representing 12.6% 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) Perpetual maturity. The date shown, if any, is the next call date.

Glossary:

UNIT—More than one class of securities traded together.

Schedule of Investments

AllianzGI Emerging Markets Consumer Fund

December 31, 2015 (unaudited)

	Shares		Value*
COMMON STOCK—95.4%
Australia—2.7%
CSL Ltd.		3,417	$	260,511
Treasury Wine Estates Ltd.		40,786		244,885
				505,396
Brazil—5.4%
Cielo S.A.		18,320		154,752
JBS S.A.		155,200		481,636
Porto Seguro S.A.		25,400		184,432
Qualicorp S.A.		40,600		144,408
Smiles S.A.		5,500		48,199
				1,013,427
China—15.7%
ANTA Sports Products Ltd.		95,000		259,717
China Mobile Ltd.		23,000		258,890
China Southern Airlines Co., Ltd., Class H		358,000		275,982
China Telecom Corp., Ltd., Class H		228,000		106,355
Great Wall Motor Co., Ltd., Class H		134,500		155,695
Hengan International Group Co., Ltd.		40,500		380,219
NetEase, Inc. ADR		3,695		669,682
New Oriental Education & Technology Group, Inc. ADR		3,400		106,658
Shanghai Pharmaceuticals Holding Co., Ltd., Class H		105,400		227,180
Sihuan Pharmaceutical Holdings Group Ltd. (b)		430,000		55,484
Skyworth Digital Holdings Ltd.		436,000		282,848
Tencent Holdings Ltd.		9,800		192,135
				2,970,845
France—4.3%
Christian Dior SE		2,128		361,467
Sanofi		5,260		448,266
				809,733
Germany—1.0%
Stada Arzneimittel AG		4,631		186,747
Hong Kong—7.0%
AIA Group Ltd.		61,400		366,870
Hang Seng Bank Ltd.		16,200		308,501
Pacific Textile Holdings Ltd.		32,000		49,368
Yue Yuen Industrial Holdings Ltd.		177,000		598,453
				1,323,192
Hungary—1.2%
Richter Gedeon Nyrt		12,550		236,875
India—4.4%
Dr Reddy’s Laboratories Ltd. ADR		11,560		535,112
ITC Ltd.		38,951		193,105
Jubilant Life Sciences Ltd.		16,405		101,495
				829,712

	Shares		Value*
Indonesia—0.9%
Sri Rejeki Isman Tbk PT		2,934,900	$	82,254
Telekomunikasi Indonesia Persero Tbk PT ADR		1,800		79,920
				162,174
Korea (Republic of)—19.2%
AMOREPACIFIC Group		509		63,590
Chongkundang Holdings Corp.		512		47,952
Hankook Tire Co., Ltd.		3,121		124,483
Hyundai Motor Co.		4,372		551,413
Kia Motors Corp.		12,458		555,502
KT Corp. (c)		7,844		187,968
KT&G Corp.		7,258		644,983
Kwang Dong Pharmaceutical Co., Ltd.		4,971		46,850
LG Uplus Corp.		22,561		199,220
Samsung Card Co., Ltd.		3,425		89,666
Samsung Electronics Co., Ltd.		899		958,857
SL Corp.		10,344		151,521
				3,622,005
Malaysia—4.0%
British American Tobacco Malaysia Bhd.		3,600		46,954
Top Glove Corp. Bhd.		225,500		712,637
				759,591
Mexico—4.0%
Controladora Vuela Cia de Aviacion S.A.B. de C.V. ADR (c)		5,300		90,948
Gruma S.A.B. de C.V., Class B		28,000		393,945
Kimberly-Clark de Mexico S.A.B. de C.V., Class A		112,300		262,008
				746,901
Russian Federation—0.3%
Mobile TeleSystems PJSC ADR		10,130		62,603
Singapore—0.2%
Singapore Airlines Ltd.		3,800		29,942
South Africa—3.3%
AVI Ltd.		15,248		76,187
Netcare Ltd.		129,163		282,890
Telkom S.A. SOC Ltd.		32,869		136,562
Vodacom Group Ltd.		13,036		128,479
				624,118
Switzerland—0.4%
Novartis AG		946		81,374
Taiwan—12.7%
Cathay Financial Holding Co., Ltd.		446,000		624,819
Chunghwa Telecom Co., Ltd.		244,000		735,049
CTBC Financial Holding Co., Ltd.		331,331		169,642
Eva Airways Corp. (c)		173,000		97,698
Pou Chen Corp.		422,000		550,677
St Shine Optical Co., Ltd.		6,000		120,085

Schedule of Investments

AllianzGI Emerging Markets Consumer Fund

December 31, 2015 (unaudited) (continued)

	Shares		Value*
Uni-President Enterprises Corp.		56,000	$	93,348
				2,391,318
Thailand—0.8%
Thai Union Group PCL NVDR		317,300		150,732
Turkey—2.5%
Turk Hava Yollari AO (c)		190,657		482,248
United States—5.4%
Kimberly-Clark Corp.		3,275		416,908
Lear Corp.		4,210		517,114
Waters Corp. (c)		700		94,206
				1,028,228
Total Common Stock (cost—$19,159,394)				18,017,161
EQUITY-LINKED SECURITIES—3.4%
India—3.4%
CLSA Global Markets PTE Ltd.,
Apollo Tyres, Ltd., expires 10/7/19		19,308		45,567
Aurobindo Pharma Ltd., expires 10/7/19		34,013		449,992
Lupin Ltd., expires 2/20/20		5,372		149,073
Total Equity-Linked Securities (cost—$587,988)				644,632
EXCHANGE-TRADED FUNDS—0.4%
iShares MSCI India (cost—$97,036)		3,180		87,577

	Principal Amount (000s)		Value*
Repurchase Agreements—5.9%
State Street Bank and Trust Co., dated 12/31/15, 0.03%, due 1/4/16, proceeds $1,107,004; collateralized by U.S. Treasury Notes, 2.125%, due 9/30/21, valued at $1,131,725 including accrued interest (cost—$1,107,000)	$	1,107	$	1,107,000
Total Investments (cost—$20,951,418) (a)—105.1%				19,856,370
Liabilities in excess of other assets (d)—(5.1)%				(972,490	)
Net Assets—100.0%			$	18,883,880

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $14,732,573, representing 78.0% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(b) Fair-Valued—Security with a value of $55,484, representing 0.3% of net assets.

(c) Non-income producing.

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

Forward currency contracts outstanding at December 31, 2015:

	Counterparty		U.S.$ Value on Origination Date		U.S.$ Value December 31, 2015		Unrealized Appreciation (Depreciation)
Purchased:
16,643 Australian Dollar settling 1/4/16		Northern Trust Company	$	12,149	$	12,128	$	(21	)
44,413 Australian Dollar settling 1/5/16		Northern Trust Company		32,375		32,364		(11	)
1,636,596 Hong Kong Dollar settling 1/5/16		Northern Trust Company		211,152		211,172		20
4,388,288 Hungarian Forint settling 1/5/16		Northern Trust Company		15,308		15,122		(186	)
2,246 Singapore Dollar settling 1/5/16		Northern Trust Company		1,587		1,584		(3	)
242,597 South African Rand settling 1/5/16		Northern Trust Company		15,875		15,687		(188	)
629,597 South African Rand settling 1/7/16		Northern Trust Company		40,596		40,697		101
91,028 Turkish Lira settling 1/4/16		Northern Trust Company		31,157		31,212		55
							$	(233	)

Glossary:

ADR—American Depositary Receipt

MSCI—Morgan Stanley Capital International

NVDR—Non-Voting Depository Receipt

Schedule of Investments

AllianzGI Emerging Markets Consumer Fund

December 31, 2015 (unaudited) (continued)

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

Pharmaceuticals	12.4	%
Textiles, Apparel & Luxury Goods	10.1	%
Diversified Telecommunication Services	7.6	%
Automobiles	6.7	%
Food Products	6.3	%
Insurance	6.2	%
Airlines	5.2	%
Technology Hardware, Storage & Peripherals	5.1	%
Tobacco	4.7	%
Internet Software & Services	4.6	%
Auto Components	4.4	%
Health Care Equipment & Supplies	4.4	%
Household Products	3.6	%
Health Care Providers & Services	3.5	%
Banks	2.5	%
Wireless Telecommunication Services	2.4	%
Personal Products	2.3	%
Household Durables	1.5	%
Biotechnology	1.4	%
Beverages	1.3	%
IT Services	0.8	%
Diversified Consumer Services	0.6	%
Life Sciences Tools & Services	0.5	%
Consumer Finance	0.5	%
Exchange-Traded Funds	0.4	%
Media	0.2	%
Repurchase Agreements	5.9	%
Liabilities in excess of other assets	(5.1	)%
	100.0	%

Schedule of Investments

AllianzGI Emerging Markets Debt Fund

December 31, 2015 (unaudited)

	Principal Amount (000s)		Value*
CORPORATE BONDS & NOTES—54.3%
Argentina—0.7%
YPF S.A. (a)(b),
8.50%, 7/28/25	$	200	$	191,500
Azerbaijan—1.0%
International Bank of Azerbaijan OJSC,
5.625%, 6/11/19		300		274,740
Brazil—5.1%
CIMPOR Financial Operations BV (a)(b),
5.75%, 7/17/24		226		152,550
Marfrig Holding Europe BV,
9.875%, 7/24/17		300		303,375
Minerva Luxembourg S.A. (a)(b),
7.75%, 1/31/23		210		198,450
OAS Finance Ltd. (a)(b)(c),
8.00%, 7/2/21		206		11,330
Odebrecht Finance Ltd.,
7.125%, 6/26/42		300		155,250
Odebrecht Offshore Drilling Finance Ltd.,
6.75%, 10/1/23		268		64,267
Petrobras Global Finance BV,
3.50%, 2/6/17		300		281,250
Vale S.A.,
4.375%, 3/24/18	€	300		304,385
				1,470,857
Chile—2.3%
Banco del Estado de Chile,
3.875%, 2/8/22	$	257		255,185
Banco Santander Chile (a)(b),
3.875%, 9/20/22		220		219,609
Corp. Nacional del Cobre de Chile,
4.50%, 8/13/23		200		194,527
				669,321
China—8.7%
Big Will Investments Ltd.,
10.875%, 4/29/16		200		204,502
Century Master Investment Co., Ltd.,
4.75%, 9/19/18		200		208,845
China Aoyuan Property Group Ltd.,
11.25%, 1/17/19		200		214,190
CITIC Ltd.,
6.80%, 1/17/23		200		231,085
CRCC Yupeng Ltd. (d),
3.95%, 8/1/19		202		205,214
Franshion Development Ltd.,
6.75%, 4/15/21		200		224,607
Industrial & Commercial Bank of China Ltd. (b),
4.875%, 9/21/25		200		203,088
Sino-Ocean Land Treasure Finance I Ltd.,
4.625%, 7/30/19		200		204,093
Sinopec Group Overseas Development 2015 Ltd.,
3.25%, 4/28/25		400		379,635
Sunac China Holdings Ltd.,
12.50%, 10/16/17		200		213,500
Yuzhou Properties Co., Ltd.,
8.625%, 1/24/19		200		206,689
				2,495,448

	Principal Amount (000s)		Value*
Colombia—0.7%
Avianca Holdings S.A.,
8.375%, 5/10/20	$	300	$	195,750
El Salvador—0.7%
AES El Salvador Trust II (a)(b),
6.75%, 3/28/23		210		188,475
Guatemala—1.1%
Comcel Trust via Comunicaciones Celulares S.A.,
6.875%, 2/6/24		200		155,000
6.875%, 2/6/24 (a)(b)		203		157,325
				312,325
Hong Kong—2.9%
China CITIC Bank International Ltd. (f),
3.875%, 9/28/22		200		200,157
CLP Power HK Finance Ltd. (d),
4.25%, 11/7/19		206		207,987
PCCW Capital No 4 Ltd.,
5.75%, 4/17/22		200		217,617
Texhong Textile Group Ltd.,
7.625%, 1/19/16		200		200,500
				826,261
India—3.8%
Export-Import Bank of India,
4.00%, 1/14/23		409		415,162
GCX Ltd.,
7.00%, 8/1/19		205		192,641
Indian Oil Corp. Ltd.,
5.625%, 8/2/21		204		221,131
Reliance Holding USA, Inc.,
5.40%, 2/14/22		250		270,838
				1,099,772
Indonesia—2.0%
Indo Energy Finance II BV,
6.375%, 1/24/23		256		106,560
Marquee Land PTE Ltd.,
9.75%, 8/5/19		200		185,000
Pertamina Persero PT,
4.875%, 5/3/22		304		292,000
				583,560
Israel—0.5%
Delek & Avner Tamar Bond Ltd. (a)(b),
2.803%, 12/30/16		150		149,949
Jamaica—0.9%
Digicel Group Ltd.,
8.25%, 9/30/20		300		249,000
Korea (Republic of)—0.7%
Woori Bank,
4.75%, 4/30/24		204		209,149
Luxembourg—0.4%
Millicom International Cellular S.A. (a)(b),
6.00%, 3/15/25		150		128,250

Schedule of Investments

AllianzGI Emerging Markets Debt Fund

December 31, 2015 (unaudited) (continued)

	Principal Amount (000s)		Value*
Mexico—4.4%
Alfa S.A.B. de C.V. (a)(b),
6.875%, 3/25/44	$	211	$	196,757
BBVA Bancomer S.A.,
7.25%, 4/22/20		192		204,816
Coca-Cola Femsa S.A.B. de C.V.,
3.875%, 11/26/23		194		195,322
Comision Federal de Electricidad,
4.875%, 1/15/24		221		218,790
Petroleos Mexicanos,
4.50%, 1/23/26		200		176,200
Sixsigma Networks Mexico S.A. de C.V. (a)(b),
8.25%, 11/7/21		300		288,000
				1,279,885
Nigeria—2.1%
FBN Finance Co. BV, (converts to FRN on 7/23/19) (a)(b),
8.00%, 7/23/21		251		203,518
GTB Finance BV (a)(b),
6.00%, 11/8/18		201		186,410
Zenith Bank PLC (a)(b),
6.25%, 4/22/19		250		226,890
				616,818
Peru—0.7%
Corp. Financiera de Desarrollo S.A.,
4.75%, 2/8/22		207		211,140
Philippines—1.6%
Power Sector Assets & Liabilities Management Corp.,
7.39%, 12/2/24		200		258,760
Royal Capital B.V.,
5.50%, 12/29/49		200		194,413
				453,173
Qatar—1.0%
Ras Laffan Liquefied Natural Gas Co., Ltd. III (a)(b),
6.332%, 9/30/27		250		282,643
Russian Federation—4.1%
Alfa Bank AO Via Alfa Bond Issuance PLC (a)(b),
7.50%, 9/26/19		200		204,117
Gazprom Neft OAO Via GPN Capital S.A. (a)(b),
6.00%, 11/27/23		203		192,078
Lukoil International Finance BV (a)(b),
6.656%, 6/7/22		385		396,486
Sberbank of Russia Via SB Capital S.A. (a)(b),
5.25%, 5/23/23		224		192,456
TMK OAO Via TMK Capital S.A. (a)(b),
6.75%, 4/3/20		203		192,089
				1,177,226
South Africa—3.5%
African Bank Ltd. (c),
8.125%, 2/24/17		300		261,000
Gold Fields Orogen Holding BVI Ltd. (a)(b),
4.875%, 10/7/20		200		150,000
MTN Mauritius Investments Ltd. (a)(b),
4.755%, 11/11/24		200		175,500
Myriad International Holdings B.V. (b),
5.50%, 7/21/25		200		193,240

	Principal Amount (000s)		Value*
Myriad International Holdings BV (a)(b),
6.00%, 7/18/20	$	200	$	213,786
				993,526
Thailand—0.7%
PTT Exploration & Production PCL,
4.875%, 12/29/49		203		198,419
Turkey—3.2%
Akbank TAS (a)(b),
3.875%, 10/24/17		250		252,188
5.125%, 3/31/25		200		186,444
Global Liman Isletmeleri (a)(b),
8.125%, 11/14/21		300		270,876
Yasar Holdings AS (a)(b),
8.875%, 5/6/20		200		205,760
				915,268
United Arab Emirates—0.3%
Dolphin Energy Ltd. (a)(b),
5.888%, 6/15/19		95		101,135
United Kingdom—0.5%
Genel Energy Finance PLC (b),
7.50%, 5/14/19		200		142,316
Uruguay—0.5%
Navios South American Logistics, Inc. (a)(b),
7.25%, 5/1/22		213		140,314
Venezuela—0.2%
Petroleos de Venezuela S.A.,
8.50%, 11/2/17		133		71,333
Total Corporate Bonds & Notes (cost-$17,140,198)				15,627,553
SOVEREIGN DEBT OBLIGATIONS—33.3%
Angola—0.6%
Angolan Government International Bond (b), 9.50%, 11/12/25		200		186,500
Argentina—2.0%
Argentine Republic Government International Bond (c),
2.50%, 12/31/38 (e)		150		94,200
8.28%, 12/31/33		280		323,871
Provincia de Buenos Aires (a)(b),
9.95%, 6/9/21		150		154,875
				572,946
Cameroon—0.6%
Republic of Cameroon (b),
9.50%, 11/19/25		200		186,500
Colombia—1.0%
Colombia Government International Bond,
2.625%, 3/15/23		316		278,396

Schedule of Investments

AllianzGI Emerging Markets Debt Fund

December 31, 2015 (unaudited) (continued)

	Principal Amount (000s)		Value*
Croatia—1.0%
Croatia Government International Bond,
5.50%, 4/4/23	$	276	$	280,830
Dominican Republic—0.7%
Dominican Republic International Bond,
5.50%, 1/27/25		200		193,500
Gabon—0.6%
Gabon Government International Bond (a)(b),
6.95%, 6/16/25		200		159,778
Hungary—2.2%
Hungary Government International Bond,
5.375%, 2/21/23		196		214,171
6.25%, 1/29/20		185		207,262
7.625%, 3/29/41		150		203,530
				624,963
Indonesia—0.9%
Indonesia Government International Bond (a)(b),
4.625%, 4/15/43		300		258,675
Ivory Coast—0.9%
Ivory Coast Government International Bond (a)(b),
6.375%, 3/3/28		300		274,488
Jamaica—0.7%
Jamaica Government International Bond,
6.75%, 4/28/28		200		199,000
Kazakhstan—1.0%
Kazakhstan Government International Bond (b),
5.125%, 7/21/25		300		296,706
Kenya—0.7%
Kenya Government International Bond,
5.875%, 6/24/19		200		189,500
Mexico—2.4%
Mexican Bonos,
10.00%, 12/5/24	MXN	6,900		504,992
Mexico Government International Bond,
3.60%, 1/30/25	$	200		195,400
				700,392
Morocco—0.9%
Morocco Government International Bond,
3.50%, 6/19/24	€	250		274,665
Namibia—0.6%
Republic of Namibia (b),
5.25%, 10/29/25	$	200		186,734
Pakistan—0.9%
Pakistan Government International Bond,
8.25%, 4/15/24		250		258,226

	Principal Amount (000s)		Value*
Panama—0.8%
Panama Government International Bond,
3.75%, 3/16/25	$	250	$	245,625
Paraguay—0.7%
Republic of Paraguay,
6.10%, 8/11/44		207		198,720
Peru—0.4%
Peruvian Government International Bond,
6.90%, 8/12/37	PEN	425		112,914
Philippines—0.9%
Republic of Philippines,
3.95%, 1/20/40	$	250		253,534
Romania—1.2%
Romanian Government International Bond,
6.125%, 1/22/44		300		351,750
Russian Federation—1.4%
Russian Federation Bond,
4.875%, 9/16/23		400		407,250
Serbia—1.1%
Serbia International Bond,
5.875%, 12/3/18		292		307,987
South Africa—1.0%
South Africa Government Bond,
6.50%, 2/28/41	ZAR	2,000		86,020
6.75%, 3/31/21		3,500		203,010
				289,030
Sri Lanka—0.9%
Republic of Sri Lanka,
5.875%, 7/25/22	$	300		274,798
Turkey—1.7%
Turkey Government Bond,
8.00%, 3/12/25	TRY	200		58,943
Turkey Government International Bond,
4.25%, 4/14/26	$	450		423,293
				482,236
Ukraine—1.3%
Ukraine Government International Bond (b),
zero coupon, 5/31/40		115		46,431
7.75%, 9/1/20		150		138,750
7.75%, 9/1/23		200		179,040
				364,221
United Arab Emirates—1.0%
IPIC GMTN Ltd. (a)(b),
5.00%, 11/15/20		253		279,987

Schedule of Investments

AllianzGI Emerging Markets Debt Fund

December 31, 2015 (unaudited) (continued)

	Principal Amount (000s)		Value*
Uruguay—1.0%
Uruguay Government International Bond,
4.375%, 10/27/27	$	284	$	280,687
Venezuela—2.2%
Republic Of Venezuela,
5.75%, 2/26/16		700		630,000
Total Sovereign Debt Obligations (cost—$10,104,053)				9,600,538
Repurchase Agreements—9.2%
State Street Bank and Trust Co., dated 12/31/15, 0.03%, due 1/4/16, proceeds $2,637,009; collateralized by U.S. Treasury Notes, 2.125%, due 9/30/21, valued at $2,689,750 including accrued interest (cost—$2,637,000)		2,637		2,637,000
Total Investments (cost—$29,881,251)—96.8%				27,865,091
Other assets less liabilities (g)—3.2%				910,835
Net Assets—100.0%			$	28,775,926

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 $6,782,688, representing 23.6% 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) In default.

(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—Security with an interest rate that changes periodically. The interest rate disclosed reflects the rate in effect on December 31, 2015.

Schedule of Investments

AllianzGI Emerging Markets Debt Fund

December 31, 2015 (unaudited) (continued)

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

Credit default swap agreements outstanding at December 31, 2015:

OTC buy protection swap agreements⁽¹⁾:

Swap Counterparty/Referenced Debt Issuer	Notional Amount (000s)(4)		Implied Credit Spread(3)			Termination Date		Fixed Deal Pay Rate			Value(5)		Upfront Premiums Paid		Unrealized Appreciation
Barclays Bank PLC:
Federative Republic of Brazil	$	300		4.87	%		12/20/20		1.00	%	$	49,526	$	41,767	$	7,759
Republic of Chile		2,000		1.25	%		12/20/20		1.00	%		23,568		12,879		10,689
											$	73,094	$	54,646	$	18,448

OTC sell protection swap agreements⁽²⁾:

Swap Counterparty/Referenced Debt Issuer	Notional Amount (000s)(4)		Implied Credit Spread(3)			Termination Date		Fixed Deal Receive Rate			Value(5)			Upfront Premiums Received			Unrealized Appreciation (Depreciation)
Barclays Bank PLC:
Petroleo Brasileo SA	$	400		5.08	%		3/20/16		1.00	%	$	(4,287	)	$	(9,468	)	$	5,181
Republic of Peru		2,000		1.83	%		12/20/20		1.00	%		(79,977	)		(60,397	)		(19,580	)
Goldman Sachs:
Republic of Venezuela		900		13.65	%		3/20/16		5.00	%		(149,001	)		(78,750	)		(70,251	)
											$	(233,265	)	$	(148,615	)	$	(84,650	)

(1) If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

(2) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

(3) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements as of year/period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(4) This represents the maximum potential amount the Fund could be required to make available as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(5) The quoted market prices and resulting values for credit default swap agreements serve as an indicator of the status at December 31, 2015 of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement have been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

Schedule of Investments

AllianzGI Emerging Markets Debt Fund

December 31, 2015 (unaudited) (continued)

Forward foreign currency contracts outstanding at December 31, 2015:

	Counterparty	U.S.$ Value on Origination Date		U.S.$ Value December 31, 2015		Unrealized Appreciation (Depreciation)
Purchased:
187,142 Euro settling 1/13/16	State Street Bank	$	203,000	$	203,419	$	419
Sold:
505,878 Euro settling 1/13/16	State Street Bank		563,634		549,878		13,756
794,370 Euro settling 1/13/16	State Street Bank		847,010		863,462		(16,452	)
						$	(2,277	)

(h) Transactions in options written for the three months ended December 31, 2015:

	Contracts			Premiums
Options outstanding, September 30, 2015		—			—
Options written		172		$	49,688
Options terminated in closing transactions		(172	)		(49,688	)
Options outstanding, December 31, 2015		—			—

(i) At December 31, 2015, the Fund pledged $40,007 in cash as collateral for derivatives.

Glossary:

€—Euro

FRN—Floating Rate Note

MXN—Mexican Peso

OTC—Over-the-Counter

PEN—Peruvian Nuevo Sol

TRY—Turkish Lira

ZAR—South African Rand

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

Sovereign Debt Obligations	33.3	%
Banks	12.8	%
Oil, Gas & Consumable Fuels	11.9	%
Telecommunications	5.4	%
Real Estate	4.3	%
Diversified Financial Services	3.6	%
Food & Beverage	2.4	%
Electric Utilities	2.1	%
Iron/Steel	1.9	%
Commercial Services	1.6	%
Media	1.4	%
Holding Companies-Diversified	1.4	%
Engineering & Construction	1.3	%
Mining	1.2	%
Apparel & Textiles	0.7	%
Airlines	0.7	%
Metal Fabricate/Hardware	0.7	%
Transportation	0.5	%
Coal	0.4	%
Repurchase Agreements	9.2	%
Other assets less liabilities	3.2	%
	100.0	%

Schedule of Investments

AllianzGI Emerging Markets Small-Cap Fund

December 31, 2015 (unaudited)

	Shares		Value*
COMMON STOCK—97.3%
Brazil—1.0%
Cia Paranaense de Energia		3,400	$	13,695
Fleury S.A.		6,600		26,668
Paranapanema S.A. (d)		20,500		11,368
Smiles S.A.		3,600		31,548
				83,279
China—16.7%
361 Degrees International Ltd.		266,000		99,652
AMVIG Holdings Ltd.		26,000		10,803
Anhui Expressway Co., Ltd., Class H		18,000		15,259
CECEP COSTIN New Materials Group Ltd.		594,000		70,307
Chaowei Power Holdings Ltd. (d)		21,000		14,720
China Creative Home Group Ltd.		206,000		18,532
China Lesso Group Holdings Ltd.		103,000		71,478
China Lodging Group Ltd. ADR (d)		500		15,630
China Maple Leaf Educational Systems Ltd.		56,000		27,389
China National Materials Co., Ltd., Class H		129,000		24,480
China Southern Airlines Co., Ltd., Class H		20,000		15,418
Guangdong Yueyun Transportation Co. Ltd, Class H		16,000		12,002
JA Solar Holdings Co., Ltd. ADR (d)		3,300		32,010
Jiayuan.com International Ltd. ADR (d)		2,400		17,880
Ju Teng International Holdings Ltd.		128,000		60,712
Kingboard Laminates Holdings Ltd.		164,500		74,225
Lee & Man Paper Manufacturing Ltd.		173,000		96,004
Peak Sport Products Co., Ltd.		221,000		61,446
Poly Culture Group Corp., Ltd., Class H		22,700		61,921
Powerlong Real Estate Holdings Ltd.		249,000		52,417
Shanghai Pharmaceuticals Holding Co., Ltd., Class H		18,400		39,660
Skyworth Digital Holdings Ltd.		110,000		71,361
Texhong Textile Group Ltd.		41,500		31,336
Tiangong International Co., Ltd.		210,000		17,537
Tianjin Capital Environmental Protection Group Co., Ltd., Class H		26,000		20,107
Tianjin Development Holdings Ltd.		66,000		39,803
Tianjin Zhongxin Pharmaceutical Group Corp., Ltd.		13,500		14,519
Tianneng Power International Ltd. (d)		182,000		152,270
Weiqiao Textile Co., Class H		178,000		83,036
Xingda International Holdings Ltd.		60,000		12,167
Yingde Gases Group Co., Ltd.		47,000		21,617
Yuexiu Real Estate Investment Trust REIT		110,000		58,966
				1,414,664
Czech Republic—0.6%
Philip Morris CR AS		103		49,705

	Shares		Value*
Greece—0.4%
Hellenic Petroleum S.A. (d)		6,882	$	30,099
Hong Kong—5.0%
Champion REIT		427,000		212,602
Pak Fah Yeow International Ltd.		27,500		15,329
Pico Far East Holdings Ltd.		222,000		60,154
Playmates Toys Ltd.		68,000		17,121
Regal Real Estate Investment Trust REIT		105,000		26,227
Texwinca Holdings Ltd.		68,000		70,918
Victory City International Holdings Ltd.		200,000		20,279
				422,630
Hungary—2.9%
Richter Gedeon Nyrt		12,871		242,934
India—9.8%
Aurobindo Pharma Ltd.		3,570		47,017
Chennai Petroleum Corp. Ltd. (d)		20,707		62,276
Claris Lifesciences Ltd. (d)		14,798		47,470
Dishman Pharmaceuticals & Chemicals Ltd.		15,661		80,315
GHCL Ltd.		13,902		28,077
Jubilant Life Sciences Ltd.		7,941		49,129
Karnataka Bank Ltd.		19,145		35,264
KPIT Technologies Ltd.		20,410		51,721
Polaris Consulting & Services Ltd.		3,082		9,766
Rajesh Exports Ltd.		9,379		96,370
Tamil Nadu Newsprint & Papers Ltd.		3,773		15,290
Uflex Ltd.		3,503		9,694
Vardhman Textiles Ltd.		974		12,158
WNS Holdings Ltd. ADR (d)		5,500		171,545
Wockhardt Ltd.		5,030		115,826
				831,918
Indonesia—0.6%
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		331,300		18,044
Elnusa Tbk PT		1,271,300		22,621
Sri Rejeki Isman Tbk PT		372,000		10,426
				51,091
Korea (Republic of)—18.8%
Aekyung Petrochemical Co., Ltd.		241		11,155
Dongwha Pharm Co., Ltd.		11,757		80,895
e-LITECOM Co., Ltd.		7,743		108,833
Humax Co., Ltd.		6,121		88,187
Huvis Corp.		1,787		11,782
Hyosung Corp.		601		59,441
Ilsung Pharmaceuticals Co., Ltd.		117		11,386
INTOPS Co., Ltd.		1,851		33,679
IsuPetasys Co., Ltd.		13,541		52,818
Jeil Pharmaceutical Co.		2,256		73,307
KC Green Holdings Co., Ltd.		12,053		93,263
KG Eco Technology Service Co., Ltd.		12,660		34,263
Kolon Industries, Inc.		1,115		59,309

Schedule of Investments

AllianzGI Emerging Markets Small-Cap Fund

December 31, 2015 (unaudited) (continued)

	Shares		Value*
Korea Petro Chemical Ind Co., Ltd.		671	$	96,844
Korea United Pharm, Inc.		5,345		78,612
Ktis Corp.		11,714		47,276
Kumkang Kind Co., Ltd.		294		9,782
Kwang Dong Pharmaceutical Co., Ltd.		6,851		64,569
LG Uplus Corp.		2,135		18,853
Moorim P&P Co., Ltd.		13,973		59,053
NICE Holdings Co., Ltd.		4,019		74,082
Pyeong Hwa Automotive Co., Ltd.		751		9,064
S&T Corp. (c)		1,474		37,157
S&T Dynamics Co., Ltd.		2,292		26,671
S&T Motiv Co., Ltd.		813		59,293
Samjin Pharmaceutical Co., Ltd.		1,936		38,054
Sebang Co., Ltd.		880		12,611
Taekwang Industrial Co., Ltd.		124		115,004
TK Chemical Corp. (d)		19,399		36,137
Ubiquoss, Inc.		2,634		26,284
Unid Co., Ltd.		266		10,331
Yearimdang Publishing Co., Ltd.		12,330		51,900
				1,589,895
Malaysia—4.3%
Evergreen Fibreboard Bhd. (d)		57,300		31,320
Malaysian Pacific Industries Bhd.		10,500		22,717
Mitrajaya Holdings Bhd.		54,100		15,076
Ta Ann Holdings Bhd.		16,700		19,526
Top Glove Corp. Bhd.		75,100		237,335
Unisem M Bhd.		70,400		38,932
				364,906
Mexico—0.1%
Grupo Aeroportuario del Centro Norte SAB De C.V. (d)		1,900		9,254
Philippines—1.1%
Cebu Air, Inc.		51,470		90,082
Poland—1.5%
Asseco Poland S.A.		4,780		68,789
Kernel Holding S.A.		4,796		58,614
				127,403
Russian Federation—1.2%
Acron JSC (b)		816		42,187
M Video PAO (b)		7,058		25,903
Ros Agro PLC GDR		2,739		37,661
				105,751
Singapore—0.6%
Yangzijiang Shipbuilding Holdings Ltd.		67,800		52,381
South Africa—1.6%
Aeci Ltd.		16,796		96,291
Clover Industries Ltd.		6,985		7,678
DataTec Ltd.		3,902		12,994
Emira Property Fund REIT		8,187		8,597
Hudaco Industries Ltd.		2,144		13,154
				138,714

	Shares		Value*
Taiwan—20.1%
Ability Enterprise Co., Ltd.		82,583	$	58,581
China Chemical & Pharmaceutical Co., Ltd.		17,000		10,183
Coretronic Corp.		122,000		100,792
Feng Hsin Iron & Steel Co.		30,000		34,981
Gigabyte Technology Co., Ltd.		27,000		29,835
Global Lighting Technologies, Inc.		30,000		67,673
Grand Pacific Petrochemical		358,000		167,858
Holiday Entertainment Co., Ltd.		36,000		58,297
Huaku Development Co., Ltd.		109,000		194,810
Netronix, Inc.		49,000		86,266
Powertech Technology, Inc.		50,000		98,589
Sampo Corp.		80,000		28,914
SCI Pharmtech, Inc.		5,000		14,077
Shin Zu Shing Co., Ltd.		53,000		203,235
Shinkong Synthetic Fibers Corp.		45,000		13,084
Sinbon Electronics Co., Ltd.		52,000		96,659
Taiwan Shin Kong Security Co., Ltd.		27,000		32,623
Taiwan Union Technology Corp.		116,000		94,651
Topoint Technology Co., Ltd.		86,000		59,984
Visual Photonics Epitaxy Co., Ltd.		55,000		78,221
Win Semiconductors Corp.		106,811		160,007
Wistron NeWeb Corp.		5,400		14,239
				1,703,559
Thailand—6.6%
Advanced Information Technology PCL NVDR		42,700		33,225
Asia Plus Group Holdings PCL NVDR		98,000		9,494
Bangchak Petroleum PCL NVDR		11,400		10,401
IRPC PCL NVDR		954,300		113,170
Major Cineplex Group PCL NVDR		126,600		123,631
SVI PCL NVDR (d)		1,394,600		189,701
Thai Vegetable Oil PCL NVDR		123,900		76,859
				556,481
Turkey—2.1%
Aksa Akrilik Kimya Sanayii AS		15,513		55,612
Koza Anadolu Metal Madencilik Isletmeleri AS (d)		158,766		65,760
Soda Sanayii AS		11,550		16,736
Tat Gida Sanayi AS (d)		19,639		37,306
				175,414
United States—2.3%
Net 1 UEPS Technologies, Inc. (d)		14,165		191,369
Total Common Stock (cost—$8,371,353)				8,231,529
PREFERRED STOCK—3.1%
Brazil—1.7%
Suzano Papel e Celulose S.A., Class A		29,700		140,255
Russian Federation—1.4%
Bashneft PAO (b)		3,353		78,661
Sberbank of Russia PJSC (b)		40,916		42,962
				121,623
Total Preferred Stock (cost—$256,421)				261,878

Schedule of Investments

AllianzGI Emerging Markets Small-Cap Fund

December 31, 2015 (unaudited) (continued)

	Shares		Value*
EQUITY-LINKED SECURITY—0.1%
India—0.1%
CLSA Global Markets PTE Ltd., LIC Housing Finance Ltd., expires 10/7/19 (cost—$9,313)		1,361	$	10,480
Total Investments (cost—$8,637,087) (a)—100.5%				8,503,887
Liabilities in excess of other assets (e)—(0.5)%				(41,601	)
Net Assets-100.0%			$	8,462,286

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $7,522,640, representing 88.9% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(b) Fair-Valued—Securities with an aggregate value of $189,713, representing 2.2% of net assets.

(c) Affiliated security.

(d) Non-income producing.

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

Forward currency contracts outstanding at December 31, 2015:

	Counterparty	U.S.$ Value on Origination Date		U.S.$ Value December 31, 2015		Unrealized Depreciation
Purchased:
59,736 South African Rand settling 1/5/16	Northern Trust Company	$	3,909	$	3,863	$	(46	)

Glossary:

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

NVDR—Non-Voting Depository Receipt

REIT—Real Estate Investment Trust

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

Pharmaceuticals	10.7	%
Chemicals	8.7	%
Textiles, Apparel & Luxury Goods	7.8	%
Semiconductors & Semiconductor Equipment	7.2	%
IT Services	7.0	%
Electronic Equipment, Instruments & Components	6.9	%
Machinery	4.6	%
Paper & Forest Products	4.3	%
Media	3.9	%
Oil, Gas & Consumable Fuels	3.8	%
Real Estate Investment Trust	3.6	%
Auto Components	2.9	%
Real Estate Management & Development	2.9	%
Health Care Equipment & Supplies	2.8	%
Food Products	2.6	%
Household Durables	2.1	%
Metals & Mining	1.6	%
Communications Equipment	1.5	%
Software	1.4	%
Technology Hardware, Storage & Peripherals	1.4	%
Airlines	1.2	%
Commercial Services & Supplies	1.2	%
Life Sciences Tools & Services	1.0	%

Diversified Financial Services	0.9	%
Hotels, Restaurants & Leisure	0.9	%
Building Products	0.8	%
Health Care Providers & Services	0.8	%
Banks	0.8	%
Tobacco	0.6	%
Banking	0.5	%
Multi-Utilities	0.5	%
Transportation Infrastructure	0.4	%
Independent Power Producers & Energy Traders	0.4	%
Diversified Consumer Services	0.3	%
Aerospace & Defense	0.3	%
Specialty Retail	0.3	%
Construction Materials	0.3	%
Containers & Packaging	0.2	%
Diversified Telecommunication Services	0.2	%
Internet Software & Services	0.2	%
Leisure Equipment & Products	0.2	%
Construction & Engineering	0.2	%
Electric Utilities	0.2	%
Trading Companies & Distributors	0.2	%
Air Freight & Logistics	0.1	%
Capital Markets	0.1	%
Liabilities in excess of other assets	(0.5	)%
	100.0	%

Schedule of Investments

AllianzGI Europe Equity Dividend Fund

December 31, 2015 (unaudited)

	Shares		Value*
COMMON STOCK—93.7%
Belgium—2.7%
bpost S.A. (c)		2,410	$	59,135
EVS Broadcast Equipment S.A. (c)		780		24,582
				83,717
Finland—2.5%
Nokian Renkaat Oyj		2,160		77,115
France—13.3%
BNP Paribas S.A.		1,020		57,709
Coface S.A. (c)		3,300		33,438
Engie S.A.		3,380		59,871
SCOR SE		995		37,231
SES S.A.		3,090		85,623
Total S.A.		2,180		97,732
Vivendi S.A.		1,940		41,665
				413,269
Germany—10.3%
Drillisch AG (c)		1,210		50,905
Freenet AG (c)		2,949		99,513
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		860		171,344
				321,762
Italy—2.3%
MARR SpA (c)		1,280		26,447
Snam SpA		8,790		45,875
				72,322
Norway—5.4%
Statoil ASA		4,920		68,618
Telenor ASA		3,680		61,340
TGS Nopec Geophysical Co. ASA		2,300		36,609
				166,567
Portugal—1.3%
CTT-Correios de Portugal S.A. (c)		4,370		41,999
Spain—6.1%
Cia de Distribucion Integral Logista Holdings S.A. (c)		3,810		80,332
Enagas S.A.		2,400		67,699
Mapfre S.A.		16,390		41,027
				189,058
Sweden—4.9%
NCC AB, Class B (c)		2,130		66,079
Nordea Bank AB		7,840		86,019
				152,098
Switzerland—4.6%
Cembra Money Bank AG (c)(d)		1,017		65,390
Sunrise Communications Group AG (a)(c)(d)		1,316		77,576
				142,966

	Shares		Value*
United Kingdom—40.3%
Ashmore Group PLC (c)		16,370	$	61,677
AstraZeneca PLC		1,460		98,619
BP PLC		19,300		100,296
British American Tobacco PLC		2,450		136,058
Centrica PLC		11,270		36,188
GlaxoSmithKline PLC		3,090		62,405
HSBC Holdings PLC		16,520		130,412
ICAP PLC		4,830		36,254
IG Group Holdings PLC		8,268		97,749
Imperial Tobacco Group PLC		1,960		103,523
Royal Dutch Shell PLC, Class A		4,930		112,439
Tate & Lyle PLC		3,880		34,176
Tullett Prebon PLC		3,960		21,661
UBM PLC (c)		9,660		74,869
Vodafone Group PLC		44,770		145,179
				1,251,505
Total Common Stock (cost—$3,130,960)				2,912,378
	Principal Amount (000s)
Repurchase Agreements—6.1%
State Street Bank and Trust Co., dated 12/31/15, 0.03%, due 1/4/16, proceeds $188,001; collateralized by U.S. Treasury Notes, 2.125%, due 9/30/21, valued at $192,850 including accrued interest (cost—$188,000)	$	188		188,000
Total Investments (cost—$3,318,960) (b)—99.8%				3,100,378
Other assets less liabilities (e)—0.2%				5,238
Net Assets—100.0%			$	3,105,616

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 $2,822,406, representing 90.9% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(c) Affiliated security.

(d) Non-income producing.

Schedule of Investments

AllianzGI Europe Equity Dividend Fund

December 31, 2015 (unaudited) (continued)

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

Forward currency contracts outstanding at December 31, 2015:

	Counterparty	U.S.$ Value on Origination Date		U.S.$ Value December 31, 2015		Unrealized Appreciation (Depreciation)
Purchased:
13,000 British Pound settling 3/8/16	State Street Bank	$	19,689	$	19,167	$	(522	)
200,000 Norwegian Krone settling 3/8/16	State Street Bank		23,010		22,580		(430	)
110,000 Polish Zloty settling 3/8/16	State Street Bank		27,764		28,008		244
30,000 Swedish Krona settling 3/8/16	State Street Bank		3,571		3,560		(11	)
Sold:
786,059 British Pound settling 3/8/16	State Street Bank		1,187,658		1,158,929		28,729
1,205,341 Euro settling 3/8/16	State Street Bank		1,313,490		1,311,954		1,536
1,682,703 Norwegian Krone settling 3/8/16	State Street Bank		197,235		189,980		7,255
110,000 Polish Zloty settling 3/8/16	State Street Bank		27,692		28,008		(316	)
1,300,000 Swedish Krona settling 3/8/16	State Street Bank		153,178		154,276		(1,098	)
143,000 Swiss France settling 3/8/16	State Street Bank		143,770		143,152		618
						$	36,005

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	12.2	%
Wireless Telecommunication Services	9.5	%
Banks	8.8	%
Insurance	8.0	%
Tobacco	7.7	%
Air Freight & Logistics	5.8	%
Diversified Telecommunication Services	5.8	%
Pharmaceuticals	5.2	%
Media	5.2	%
Diversified Financial Services	4.2	%
Capital Markets	3.8	%
Gas Utilities	3.7	%
Multi-Utilities	3.1	%
Auto Components	2.5	%
Construction & Engineering	2.1	%
Consumer Finance	2.1	%
Energy Equipment & Services	1.2	%
Food Products	1.1	%
Food & Staples Retailing	0.9	%
Communications Equipment	0.8	%
Repurchase Agreements	6.1	%
Other assets less liabilities	0.2	%
	100.0	%

Schedule of Investments

AllianzGI Global Fundamental Strategy Fund

December 31, 2015 (unaudited)

	Shares		Value*
COMMON STOCK—35.7%
Belgium—1.5%
bpost S.A. (f)		6,000	$	147,224
Warehouses De Pauw CVA REIT		1,800		158,918
				306,142
France—0.8%
Engie S.A.		9,000		159,419
Germany—4.8%
BASF SE		2,100		159,974
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		900		179,313
SAP SE		1,600		126,965
TLG Immobilien AG (f)		6,282		117,825
Vonovia SE		11,900		367,628
				951,705
Hong Kong—2.5%
HKT Trust & HKT Ltd.		222,400		284,096
Power Assets Holdings Ltd.		22,600		207,768
				491,864
Indonesia—1.3%
Bank Negara Indonesia Persero Tbk PT		130,000		46,542
Indocement Tunggal Prakarsa Tbk PT		30,000		48,108
Telekomunikasi Indonesia Persero Tbk PT		777,300		174,098
				268,748
Israel—0.4%
Mobileye NV (g)		2,000		84,560
Italy—0.6%
Eni SpA		7,700		114,408
New Zealand—1.0%
Spark New Zealand Ltd.		87,100		196,120
Norway—2.1%
Telenor ASA		9,300		155,018
Yara International ASA		6,300		270,952
				425,970
Portugal—1.0%
CTT-Correios de Portugal S.A. (f)		20,000		192,217
Switzerland—2.4%
Nestle S.A.		3,200		237,553
Roche Holding AG		900		249,397
				486,950
Turkey—1.4%
Tupras Turkiye Petrol Rafinerileri AS (g)		11,500		274,278
United Kingdom—3.4%
BP PLC		28,000		145,507
Centrica PLC		33,200		106,604
Reckitt Benckiser Group PLC		2,900		268,326
Royal Dutch Shell PLC, Class A		7,300		165,339
				685,776

	Shares		Value*
United States—12.5%
Amazon.com, Inc. (e)(g)		400	$	270,356
Cisco Systems, Inc. (e)		8,400		228,102
Eli Lilly & Co.		2,700		227,502
General Electric Co. (e)		8,300		258,545
Intel Corp. (e)		8,600		296,270
Johnson & Johnson		2,400		246,528
Merck & Co., Inc.		4,200		221,844
Microchip Technology, Inc. (e)		5,800		269,932
Microsoft Corp. (e)		5,100		282,948
Verizon Communications, Inc.		3,900		180,258
				2,482,285
Total Common Stock (cost—$6,522,101)				7,120,442
	Principal Amount (000s)
CORPORATE BONDS & NOTES—32.4%
Brazil—1.7%
Petrobras Global Finance BV,
4.375%, 5/20/23	$	280		185,500
5.375%, 1/27/21		200		149,500
				335,000
Germany—6.3%
Daimler Finance North America LLC (a)(b),
1.25%, 1/11/16		250		250,011
KFW,
2.625%, 2/16/16		1,000		1,002,311
				1,252,322
Israel—1.1%
Israel Electric Corp., Ltd. (a)(b),
7.25%, 1/15/19		200		222,412
Mexico—1.9%
Controladora Mabe S.A. de C.V. (a)(b),
7.875%, 10/28/19		200		217,000
Petroleos Mexicanos,
6.625%, 6/15/35		190		170,763
				387,763
Supranational—10.0%
European Investment Bank,
0.625%, 4/15/16		1,000		999,853
Inter-American Development Bank,
0.625%, 9/12/16		1,000		1,000,118
				1,999,971
Switzerland—2.8%
Credit Suisse AG,
5.30%, 8/13/19		500		552,444

Schedule of Investments

AllianzGI Global Fundamental Strategy Fund

December 31, 2015 (unaudited) (continued)

	Principal Amount (000s)		Value*
United States—8.6%
AT&T, Inc.,
5.80%, 2/15/19	$	500	$	552,113
HSBC USA, Inc.,
1.625%, 1/16/18		500		497,718
Oracle Corp.,
5.75%, 4/15/18		600		654,956
				1,704,787
Total Corporate Bonds & Notes (cost—$6,512,860)				6,454,699
SOVEREIGN DEBT OBLIGATIONS—18.7%
Brazil—1.4%
Brazil Notas do Tesouro Nacional, Ser. F,
10.00%, 1/1/18	BRL	1,500		269,807
Indonesia—2.5%
Indonesia Treasury Bond,
7.375%, 9/15/16	IDR	6,900,000		499,093
Italy—5.6%
Italy Buoni Poliennali Del Tesoro (d),
1.65%, 4/23/20	€	439		505,185
3.10%, 9/15/26		446		604,672
				1,109,857
Mexico—2.2%
Mexican Bonos, Ser. M,
6.50%, 6/9/22	MXN	7,500		448,872
Poland—2.0%
Poland Government Bond,
3.75%, 4/25/18	PLN	1,500		400,233
Russian Federation—1.0%
Russian Federation Bond (a)(b),
4.50%, 4/4/22	$	200		201,633
South Africa—1.9%
South Africa Government Bond,
8.00%, 12/21/18	ZAR	6,000		379,218
Spain—2.1%
Spain Government Inflation Linked Bond (b)(d),
1.80%, 11/30/24	€	351		418,782
Total Sovereign Debt Obligations (cost—$4,717,734)				3,727,495
U.S. TREASURY OBLIGATIONS—2.4%
U.S. Treasury Inflation Indexed Notes (d), 0.25%, 1/15/25 (cost—$477,770)	$	502		478,823

	Shares		Value*
EXCHANGE-TRADED FUNDS—1.7%
iShares MSCI Emerging Markets Index (e) (cost—$436,510)		10,400	$	334,776
PREFERRED STOCK—0.4%
Brazil—0.4%
Vale S.A. (cost—$196,083)		35,000		89,670
	Principal Amount (000s)
Repurchase Agreements—7.4%
State Street Bank and Trust Co., dated 12/31/15, 0.03%, due 1/4/16, proceeds $1,473,005; collateralized by U.S. Treasury Notes, 2.125%, due 9/30/21, valued at $1,507,275 including accrued interest (cost—$1,473,000)	$	1,473		1,473,000
Total Investments (cost—$20,336,058) (c)—98.7%				19,678,905
Other assets less liabilities (h)—1.3%				252,597
Net Assets—100.0%			$	19,931,502

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 $891,056, representing 4.5% 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 $4,200,253, representing 21.1% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(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 option written. There were no open options written at December 31, 2015; however, the Fund had securities segregated as collateral for any transaction in the future.

(f) Affiliated security.

(g) Non-income producing.

Schedule of Investments

AllianzGI Global Fundamental Strategy Fund

December 31, 2015 (unaudited) (continued)

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

Futures contracts outstanding at December 31, 2015:

Type		Contracts			Market Value (000s)			Expiration Date		Unrealized Appreciation (Depreciation)
Short:	10-Year U.S. Treasury Note		(5	)	$	(629	)		3/21/16	$	1,748
	5-Year U.S. Treasury Note		(4	)		(473	)		3/31/16		1,086
	Euro-Bobl		(3	)		(426	)		3/8/16		(233	)
	Euro-Bund		(1	)		(172	)		3/8/16		(349	)
										$	2,252

Forward foreign currency contracts outstanding at December 31, 2015:

	Counterparty		U.S.$ Value on Origination Date		U.S.$ Value December 31, 2015		Unrealized Appreciation (Depreciation)
Purchased:
35,000,000 Indian Rupee settling 2/26/16		State Street Bank	$	530,223	$	524,648	$	(5,575	)
Sold:
400,000 Euro settling 2/26/16		State Street Bank		442,201		435,259		6,942
55,000,000 Japanese Yen settling 2/26/16		State Street Bank		457,182		458,078		(896	)
							$	471

(i) Transactions in options written for the three months ended December 31, 2015:

	Contracts			Premiums
Options outstanding, September 30, 2015		—			—
Options written		20		$	6,609
Options expired		(20	)		(6,609	)
Options outstanding, December 31, 2015		—			—

(j) At December 31, 2015, the Fund pledged $89,950 in cash as collateral for derivatives.

Glossary:

BRL—Brazilian Real

€—Euro

IDR—Indonesian Rupiah

MSCI—Morgan Stanley Capital International

MXN—Mexican Peso

PLN—Polish Zloty

REIT—Real Estate Investment Trust

ZAR—South African Rand

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

Banks	20.6	%
Sovereign Debt Obligations	18.7	%
Oil, Gas & Consumable Fuels	6.0	%
Software	5.8	%
Diversified Telecommunication Services	5.0	%
Pharmaceuticals	4.7	%
Semiconductors & Semiconductor Equipment	2.8	%
Telecommunications	2.8	%
Real Estate Management & Development	2.4	%
U.S. Treasury Obligations	2.4	%
Chemicals	2.2	%
Electric Utilities	2.2	%
Air Freight & Logistics	1.7	%
Exchange-Traded Funds	1.7	%
Internet & Catalog Retail	1.4	%
Household Products	1.3	%
Multi-Utilities	1.3	%
Industrial Conglomerates	1.3	%
Auto Manufacturers	1.3	%
Food Products	1.2	%
Communications Equipment	1.1	%
Household Products/Wares	1.1	%
Insurance	0.9	%
Real Estate Investment Trust	0.8	%
Metals & Mining	0.4	%
Construction Materials	0.2	%
Repurchase Agreements	7.4	%
Other assets less liabilities	1.3	%
	100.0	%

Schedule of Investments

AllianzGI Global Sustainability Fund

December 31, 2015 (unaudited)

	Shares		Value*
COMMON STOCK—95.8%
Australia—1.5%
Australia & New Zealand Banking Group Ltd.		2,198	$	44,355
Canada—0.8%
Gibson Energy, Inc.		2,576		25,728
Denmark—2.1%
Novo Nordisk A/S, Class B		1,134		65,657
France—2.8%
BNP Paribas S.A.		815		46,111
Bureau Veritas S.A. (b)		2,067		41,198
				87,309
Germany—5.5%
Adidas AG		593		57,556
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		323		64,353
SAP SE		605		48,009
				169,918
Japan—4.0%
Astellas Pharma, Inc.		2,600		37,013
Daikin Industries Ltd.		700		50,975
Mazda Motor Corp.		1,700		35,079
				123,067
Norway—1.3%
Storebrand ASA (c)		10,105		39,575
Spain—4.2%
Amadeus IT Holding S.A., Class A		1,577		69,506
Industria de Diseno Textil S.A.		1,700		58,402
				127,908
Sweden—3.0%
Atlas Copco AB, Class A		1,864		45,714
Skandinaviska Enskilda Banken AB, Class A		4,436		46,651
				92,365
Switzerland—5.8%
Nestle S.A.		773		57,384
Roche Holding AG		265		73,434
UBS Group AG		2,480		48,110
				178,928
United Kingdom—12.2%
AstraZeneca PLC		728		49,175
BG Group PLC		3,435		49,793
BHP Billiton PLC		2,043		22,783
Prudential PLC		2,873		64,727
Unilever PLC		1,520		65,196
Vodafone Group PLC		18,923		61,363
WPP PLC		2,707		62,266
				375,303

	Shares		Value*
United States—52.6%
Accenture PLC, Class A		571	$	59,670
Agilent Technologies, Inc.		1,359		56,820
Alphabet, Inc., Class A (c)		111		86,359
American Express Co.		834		58,005
Apple, Inc.		607		63,893
Biogen, Inc. (c)		119		36,456
Citigroup, Inc.		1,443		74,675
Colgate-Palmolive Co.		982		65,421
Eaton Corp. PLC		882		45,899
Ecolab, Inc.		435		49,755
EOG Resources, Inc.		676		47,854
Estee Lauder Cos., Inc., Class A		797		70,184
IDEX Corp.		775		59,373
Intel Corp.		1,032		35,552
International Flavors & Fragrances, Inc.		527		63,050
Intuit, Inc.		546		52,689
Johnson & Johnson		720		73,958
Microsoft Corp.		1,292		71,680
Mondelez International, Inc., Class A		1,393		62,462
Nielsen Holdings PLC		992		46,227
Priceline Group, Inc. (c)		52		66,297
Schlumberger Ltd.		785		54,754
Starbucks Corp.		1,409		84,582
Visa, Inc., Class A		1,163		90,191
Wells Fargo & Co.		1,972		107,198
WW Grainger, Inc.		164		33,225
				1,616,229
Total Common Stock (cost—$2,956,375)				2,946,342
PREFERRED STOCK—2.0%
Germany—2.0%
Henkel AG & Co. KGaA (cost—$61,679)		554		61,828
Total Investments (cost—$3,018,054)(a)—97.8%				3,008,170
Other assets less liabilities—2.2%				67,597
Net Assets-100.0%			$	3,075,767

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $1,366,213, representing 44.4% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(b) Affiliated security.

(c) Non-income producing.

Schedule of Investments

AllianzGI Global Sustainability Fund

December 31, 2015 (unaudited) (continued)

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

Banks	10.4	%
Pharmaceuticals	9.7	%
IT Services	7.1	%
Software	5.6	%
Insurance	5.5	%
Personal Products	4.4	%
Oil, Gas & Consumable Fuels	4.0	%
Food Products	3.9	%
Chemicals	3.7	%
Machinery	3.4	%
Professional Services	2.8	%
Internet Software & Services	2.8	%
Hotels, Restaurants & Leisure	2.7	%
Internet & Catalog Retail	2.2	%
Household Products	2.1	%
Technology Hardware, Storage & Peripherals	2.1	%
Media	2.0	%
Household Products/Wares	2.0	%
Wireless Telecommunication Services	2.0	%
Specialty Retail	1.9	%
Consumer Finance	1.9	%
Textiles, Apparel & Luxury Goods	1.9	%
Life Sciences Tools & Services	1.8	%
Energy Equipment & Services	1.8	%
Building Products	1.7	%
Capital Markets	1.6	%
Electrical Equipment	1.5	%
Biotechnology	1.2	%
Semiconductors & Semiconductor Equipment	1.2	%
Automobiles	1.1	%
Trading Companies & Distributors	1.1	%
Metals & Mining	0.7	%
Other assets less liabilities	2.2	%
	100.0	%

Schedule of Investments

AllianzGI Global Water Fund

December 31, 2015 (unaudited)

	Shares		Value*
COMMON STOCK—90.1%
Austria—1.9%
Andritz AG		148,430	$	7,223,828
Canada—0.9%
Stantec, Inc.		140,000		3,472,429
China—4.3%
Guangdong Investment Ltd.		11,492,000		16,170,191
Finland—4.0%
Uponor Oyj		760,000		11,211,505
Wartsila Oyj Abp		81,000		3,698,291
				14,909,796
France—5.0%
Suez Environnement Co.		988,437		18,487,051
Germany—2.9%
GEA Group AG		270,483		10,927,735
Hong Kong—3.8%
Beijing Enterprises Water Group Ltd. (b)		20,142,000		14,100,486
Israel—1.3%
Israel Chemicals Ltd.		1,210,000		4,911,755
Italy—2.0%
ACEA SpA		239,353		3,680,450
Hera SpA		1,377,552		3,650,783
				7,331,233
Netherlands—1.1%
Arcadis NV		197,920		3,978,849
Sweden—1.0%
Sweco AB, Class B		265,360		3,905,843
Switzerland—11.4%
Belimo Holding AG		3,045		7,448,333
Geberit AG		87,351		29,585,998
Georg Fischer AG		8,371		5,683,092
				42,717,423
United Kingdom—10.6%
Halma PLC		794,998		10,123,253
Pennon Group PLC		579,426		7,350,853
Severn Trent PLC		573,177		18,322,500
Spectris PLC		136,984		3,635,396
				39,432,002
United States—39.9%
American Water Works Co., Inc.		500,706		29,917,183
AO Smith Corp.		54,557		4,179,612
Aqua America, Inc.		400,000		11,920,000
Danaher Corp.		253,247		23,521,581
Ecolab, Inc.		31,500		3,602,970

	Shares		Value*
Franklin Electric Co., Inc.		463,896	$	12,539,109
IDEX Corp.		227,772		17,449,613
ITT Corp.		105,891		3,845,961
Mueller Water Products, Inc., Class A		1,863,371		16,024,991
Xylem, Inc.		708,791		25,870,872
				148,871,892
Total Common Stock (cost—$303,985,173)				336,440,513
	Principal Amount (000s)
Repurchase Agreements—8.9%
State Street Bank and Trust Co., dated 12/31/15, 0.03%, due 1/4/16, proceeds $33,063,110; collateralized by U.S. Treasury Notes, 2.125%, due 9/30/21, valued at $33,728,450 including accrued interest (cost—$33,063,000)	$	33,063		33,063,000
Total Investments (cost—$337,048,173) (a)—99.0%				369,503,513
Other assets less liabilities—1.0%				3,687,025
Net Assets—100.0%			$	373,190,538

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $172,742,016, representing 46.3% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(b) Non-income producing.

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

Water Utilities	26.2	%
Machinery	24.3	%
Building Products	14.0	%
Multi-Utilities	6.9	%
Industrial Conglomerates	6.3	%
Electronic Equipment, Instruments & Components	3.7	%
Electrical Equipment	3.4	%
Chemicals	2.3	%
Construction & Engineering	2.1	%
Professional Services	0.9	%
Repurchase Agreements	8.9	%
Other assets less liabilities	1.0	%
	100.0	%

Schedule of Investments

AllianzGI High Yield Bond Fund

December 31, 2015 (unaudited)

	Principal Amount (000s)		Value*
CORPORATE BONDS & NOTES—97.9%
Advertising—0.5%
Affinion Group, Inc.,
7.875%, 12/15/18	$	2,150	$	1,397,500
Aerospace & Defense—1.7%
KLX, Inc. (a)(b),
5.875%, 12/1/22		1,165		1,112,575
Kratos Defense & Security Solutions, Inc.,
7.00%, 5/15/19		948		650,565
TransDigm, Inc.,
6.50%, 5/15/25 (a)(b)		1,430		1,390,675
7.50%, 7/15/21		1,830		1,903,200
				5,057,015
Auto Components—2.0%
American Axle & Manufacturing, Inc.,
6.625%, 10/15/22		2,990		3,139,500
Commercial Vehicle Group, Inc.,
7.875%, 4/15/19		2,778		2,444,640
Goodyear Tire & Rubber Co.,
5.125%, 11/15/23		500		515,000
				6,099,140
Auto Manufacturers—0.6%
Navistar International Corp.,
8.25%, 11/1/21		2,790		1,925,100
Banks—1.1%
CIT Group, Inc.,
5.00%, 8/15/22		645		663,950
Royal Bank of Scotland Group PLC,
5.125%, 5/28/24		2,740		2,781,812
				3,445,762
Building Materials—1.0%
Louisiana-Pacific Corp.,
7.50%, 6/1/20		3,045		3,174,413
Chemicals—3.1%
A Schulman, Inc. (a)(b),
6.875%, 6/1/23		2,465		2,372,562
Chemours Co. (a)(b),
7.00%, 5/15/25		2,760		1,890,600
OMNOVA Solutions, Inc.,
7.875%, 11/1/18		1,665		1,640,025
Platform Specialty Products Corp. (a)(b),
6.50%, 2/1/22		2,185		1,900,950
Univar USA, Inc. (a)(b),
6.75%, 7/15/23		1,755		1,605,825
				9,409,962
Commercial Services—6.7%
Cardtronics, Inc.,
5.125%, 8/1/22		1,440		1,396,800
Cenveo Corp.,
6.00%, 8/1/19 (a)(b)		1,025		727,750
11.50%, 5/15/17		3,105		2,887,650
ExamWorks Group, Inc.,
5.625%, 4/15/23		2,720		2,716,600
Harland Clarke Holdings Corp. (a)(b),
9.25%, 3/1/21		3,020		2,382,025
9.75%, 8/1/18		1,095		1,014,244

	Principal Amount (000s)		Value*
Hertz Corp.,
6.75%, 4/15/19	$	1,985	$	2,032,640
RR Donnelley & Sons Co.,
7.00%, 2/15/22		2,845		2,702,750
SFX Entertainment, Inc. (a)(b)(c),
9.625%, 2/1/19		2,761		1,532,355
United Rentals North America, Inc.,
5.50%, 7/15/25		2,950		2,872,562
				20,265,376
Computers—0.6%
Unisys Corp.,
6.25%, 8/15/17		1,850		1,893,938
Containers & Packaging—0.9%
Owens-Brockway Glass Container, Inc. (a)(b),
5.00%, 1/15/22		660		647,625
Reynolds Group Issuer, Inc.,
9.875%, 8/15/19		1,930		1,946,888
				2,594,513
Distribution/Wholesale—1.9%
H&E Equipment Services, Inc.,
7.00%, 9/1/22		2,375		2,339,375
Park-Ohio Industries, Inc.,
8.125%, 4/1/21		3,165		3,283,687
				5,623,062
Diversified Financial Services—6.3%
Affinion International Holdings Ltd. (a)(b),
7.50%, 7/30/18		480		349,200
Ally Financial, Inc.,
5.75%, 11/20/25		2,345		2,380,175
8.00%, 3/15/20		2,355		2,690,587
Community Choice Financial, Inc.,
10.75%, 5/1/19		2,815		753,013
Energizer Holdings, Inc. (a)(b),
5.50%, 6/15/25		1,600		1,508,000
International Lease Finance Corp.,
8.25%, 12/15/20		3,350		3,969,750
Nationstar Mortgage LLC,
7.875%, 10/1/20		1,950		1,871,025
9.625%, 5/1/19		1,000		1,035,000
Navient Corp.,
8.45%, 6/15/18		2,365		2,495,075
Springleaf Finance Corp.,
6.90%, 12/15/17		1,215		1,260,562
8.25%, 10/1/23		945		959,175
				19,271,562
Electric Utilities—1.1%
NRG Energy, Inc.,
6.25%, 5/1/24		3,001		2,536,445
Talen Energy Supply LLC (a)(b),
6.50%, 6/1/25		1,355		901,075
				3,437,520

Schedule of Investments

AllianzGI High Yield Bond Fund

December 31, 2015 (unaudited) (continued)

	Principal Amount (000s)		Value*
Electrical Equipment—0.4%
Anixter, Inc.,
5.125%, 10/1/21	$	100	$	100,375
WireCo WorldGroup, Inc.,
9.50%, 5/15/17		1,440		1,191,600
				1,291,975
Electronics—0.7%
Kemet Corp.,
10.50%, 5/1/18		2,559		2,187,945
Energy-Alternate Sources—0.7%
TerraForm Power Operating LLC (a)(b),
5.875%, 2/1/23		2,645		2,201,963
Engineering & Construction—0.9%
AECOM,
5.875%, 10/15/24		2,755		2,820,431
Entertainment—1.7%
Cedar Fair L.P.,
5.375%, 6/1/24		3,145		3,192,175
International Game Technology PLC (a)(b),
6.25%, 2/15/22		2,190		2,058,600
				5,250,775
Food & Beverage—1.1%
Post Holdings, Inc.,
7.375%, 2/15/22		2,335		2,442,994
SUPERVALU, Inc.,
8.00%, 5/1/16		832		851,302
				3,294,296
Healthcare-Products—2.6%
Hologic, Inc. (a)(b),
5.25%, 7/15/22		2,245		2,298,319
Kinetic Concepts, Inc.,
10.50%, 11/1/18		2,820		2,756,550
Teleflex, Inc.,
5.25%, 6/15/24		2,855		2,855,000
				7,909,869
Healthcare-Services—4.7%
Community Health Systems, Inc.,
7.125%, 7/15/20		1,150		1,151,438
DaVita HealthCare Partners, Inc.,
5.125%, 7/15/24		1,810		1,813,394
Envision Healthcare Corp. (a)(b),
5.125%, 7/1/22		1,980		1,950,300
HCA, Inc.,
7.50%, 2/15/22		3,000		3,337,500
Kindred Healthcare, Inc.,
6.375%, 4/15/22		2,123		1,770,051
8.75%, 1/15/23		1,235		1,140,831
Tenet Healthcare Corp.,
8.125%, 4/1/22		3,070		3,077,675
				14,241,189
Holding Companies-Diversified—0.8%
Horizon Pharma Financing, Inc. (a)(b),
6.625%, 5/1/23		2,860		2,559,700

	Principal Amount (000s)		Value*
Home Builders—2.9%
Brookfield Residential Properties, Inc. (a)(b),
6.50%, 12/15/20	$	2,165	$	2,097,344
CalAtlantic Group, Inc.,
5.875%, 11/15/24		615		645,750
8.375%, 5/15/18		2,360		2,645,560
KB Home,
8.00%, 3/15/20		3,105		3,380,568
				8,769,222
Household Products/Wares—1.6%
Jarden Corp. (a)(b),
5.00%, 11/15/23		2,675		2,748,562
Spectrum Brands, Inc. (a)(b),
5.75%, 7/15/25		2,000		2,060,000
				4,808,562
Insurance—0.8%
CNO Financial Group, Inc.,
5.25%, 5/30/25		2,310		2,359,088
Internet—1.9%
j2 Global, Inc.,
8.00%, 8/1/20		2,780		2,919,000
Netflix, Inc. (a)(b),
5.875%, 2/15/25		2,920		3,007,600
				5,926,600
Iron/Steel—1.6%
AK Steel Corp.,
7.625%, 5/15/20		650		271,375
8.375%, 4/1/22		1,550		620,000
8.75%, 12/1/18		770		700,700
ArcelorMittal,
10.60%, 6/1/19		2,565		2,417,512
Steel Dynamics, Inc.,
5.50%, 10/1/24		830		759,450
				4,769,037
Leisure Time—0.7%
NCL Corp., Ltd. (a)(b),
5.25%, 11/15/19		2,195		2,238,900
Lodging—1.1%
MGM Resorts International,
6.625%, 12/15/21		2,000		2,057,500
Wynn Las Vegas LLC (a)(b),
5.50%, 3/1/25		1,455		1,302,225
				3,359,725
Machinery-Construction & Mining—0.8%
BlueLine Rental Finance Corp. (a)(b),
7.00%, 2/1/19		2,735		2,475,175
Machinery-Diversified—0.7%
Zebra Technologies Corp.,
7.25%, 10/15/22		1,930		2,021,675

Schedule of Investments

AllianzGI High Yield Bond Fund

December 31, 2015 (unaudited) (continued)

	Principal Amount (000s)		Value*
Media—7.1%
American Media, Inc.,
11.50%, 12/15/17	$	2,565	$	2,536,144
Cablevision Systems Corp.,
8.625%, 9/15/17		1,545		1,629,975
CCO Holdings LLC,
5.75%, 1/15/24		2,070		2,132,100
Clear Channel Worldwide Holdings, Inc.,
6.50%, 11/15/22		1,710		1,673,663
DISH DBS Corp.,
5.875%, 7/15/22		2,000		1,870,000
Gray Television, Inc.,
7.50%, 10/1/20		2,545		2,624,531
LIN Television Corp.,
5.875%, 11/15/22		1,930		1,925,175
McClatchy Co.,
9.00%, 12/15/22		1,660		1,483,625
McGraw-Hill Global Education Holdings LLC,
9.75%, 4/1/21		1,595		1,698,675
Nexstar Broadcasting, Inc.,
6.875%, 11/15/20		2,390		2,452,737
Sinclair Television Group, Inc.,
6.375%, 11/1/21		1,670		1,728,450
				21,755,075
Mining—1.0%
Alcoa, Inc.,
5.90%, 2/1/27		1,330		1,226,925
HudBay Minerals, Inc.,
9.50%, 10/1/20		1,795		1,323,813
Thompson Creek Metals Co., Inc.,
7.375%, 6/1/18		2,350		470,000
				3,020,738
Miscellaneous Manufacturing—0.7%
Trinseo Materials Operating SCA (a)(b),
6.75%, 5/1/22		2,250		2,221,875
Oil, Gas & Consumable Fuels—7.5%
BreitBurn Energy Partners L.P.,
8.625%, 10/15/20		3,220		660,100
Calumet Specialty Products Partners L.P.,
6.50%, 4/15/21		3,565		3,119,375
Carrizo Oil & Gas, Inc.,
6.25%, 4/15/23		735		599,025
Chesapeake Energy Corp.,
6.625%, 8/15/20		3,615		1,066,425
Concho Resources, Inc.,
7.00%, 1/15/21		1,930		1,910,700
CVR Refining LLC,
6.50%, 11/1/22		2,175		2,120,625
Energy XXI Gulf Coast, Inc.,
9.25%, 12/15/17		2,285		651,225
11.00%, 3/15/20 (a)(b)		4,185		1,475,213
EP Energy LLC,
9.375%, 5/1/20		2,860		1,837,550

	Principal Amount (000s)		Value*
Linn Energy LLC,
6.50%, 9/15/21	$	1,415	$	198,100
Range Resources Corp. (a)(b),
4.875%, 5/15/25		2,730		2,085,037
Rice Energy, Inc.,
6.25%, 5/1/22		2,710		1,964,750
Sanchez Energy Corp.,
6.125%, 1/15/23		2,625		1,430,625
Sunoco L.P. (a)(b),
6.375%, 4/1/23		3,055		2,886,975
Ultra Petroleum Corp. (a)(b),
6.125%, 10/1/24		610		141,825
Vanguard Natural Resources LLC,
7.875%, 4/1/20		2,560		691,200
				22,838,750
Paper & Forest Products—0.6%
Mercer International, Inc.,
7.75%, 12/1/22		1,825		1,852,375
Pharmaceuticals—1.4%
Endo Finance LLC (a)(b),
5.375%, 1/15/23		1,825		1,797,625
Valeant Pharmaceuticals International, Inc. (a)(b),
6.125%, 4/15/25		1,900		1,700,500
7.50%, 7/15/21		720		721,800
				4,219,925
Pipelines—1.9%
Energy Transfer Equity L.P.,
5.875%, 1/15/24		1,895		1,553,900
Sabine Pass Liquefaction LLC,
5.75%, 5/15/24		2,309		2,020,375
Tesoro Logistics L.P.,
6.125%, 10/15/21		765		730,575
6.25%, 10/15/22 (a)(b)		1,605		1,528,762
				5,833,612
Real Estate—0.8%
Kennedy-Wilson, Inc.,
5.875%, 4/1/24		2,481		2,400,368
Real Estate Investment Trust—0.8%
Equinix, Inc.,
5.375%, 1/1/22		1,660		1,709,800
iStar, Inc.,
7.125%, 2/15/18		720		747,900
				2,457,700
Retail—3.3%
Conn’s, Inc.,
7.25%, 7/15/22		1,425		1,221,938
Dollar Tree, Inc. (a)(b),
5.75%, 3/1/23		2,165		2,267,838
L Brands, Inc. (a)(b),
6.875%, 11/1/35		2,465		2,542,031
Neiman Marcus Group Ltd. LLC (a)(b),
8.00%, 10/15/21		1,465		1,091,425
Sonic Automotive, Inc.,
7.00%, 7/15/22		2,665		2,831,562
				9,954,794

Schedule of Investments

AllianzGI High Yield Bond Fund

December 31, 2015 (unaudited) (continued)

	Principal Amount (000s)		Value*
Semiconductors—3.2%
Advanced Micro Devices, Inc.,
6.75%, 3/1/19	$	1,860	$	1,357,800
7.50%, 8/15/22		885		606,225
Amkor Technology, Inc.,
6.375%, 10/1/22		2,750		2,684,688
Micron Technology, Inc.,
5.875%, 2/15/22		2,900		2,831,125
Sensata Technologies BV (a)(b),
5.625%, 11/1/24		2,285		2,344,981
				9,824,819
Semiconductors & Semiconductor Equipment—0.7%
Qorvo, Inc. (a)(b),
7.00%, 12/1/25		2,000		2,065,000
Shipbuilding—0.5%
Huntington Ingalls Industries, Inc. (a)(b),
5.00%, 12/15/21		1,505		1,538,863
Software—3.9%
Activision Blizzard, Inc. (a)(b),
6.125%, 9/15/23		1,250		1,328,125
First Data Corp. (a)(b),
7.00%, 12/1/23		2,685		2,691,712
MSCI, Inc. (a)(b),
5.25%, 11/15/24		1,950		1,984,125
Open Text Corp. (a)(b),
5.625%, 1/15/23		2,280		2,262,900
Rackspace Hosting, Inc. (a)(b),
6.50%, 1/15/24		1,990		1,925,325
SS&C Technologies Holdings, Inc. (a)(b),
5.875%, 7/15/23		1,590		1,645,650
				11,837,837
Telecommunications—9.6%
CommScope Technologies Finance LLC (a)(b),
6.00%, 6/15/25		2,540		2,451,100
Consolidated Communications, Inc.,
6.50%, 10/1/22		2,020		1,706,900
EarthLink Holdings Corp.,
7.375%, 6/1/20		2,032		2,077,720
8.875%, 5/15/19		1,141		1,166,673
Hughes Satellite Systems Corp.,
7.625%, 6/15/21		2,915		3,100,831
Intelsat Jackson Holdings S.A.,
7.25%, 4/1/19		2,335		2,154,038
Level 3 Financing, Inc. (a)(b),
5.375%, 5/1/25		2,490		2,486,887
Sprint Communications, Inc.,
6.00%, 11/15/22		1,065		766,800
11.50%, 11/15/21		3,515		3,251,375
T-Mobile USA, Inc.,
6.625%, 11/15/20		1,935		2,016,251
6.625%, 4/1/23		1,160		1,186,100
6.836%, 4/28/23		2,885		2,993,187

	Principal Amount (000s)		Value*
West Corp. (a)(b),
5.375%, 7/15/22	$	2,075	$	1,797,469
Windstream Services LLC,
7.50%, 6/1/22		2,720		2,097,800
				29,253,131
Transportation—1.7%
Erickson, Inc.,
8.25%, 5/1/20		2,941		1,816,068
XPO Logistics, Inc. (a)(b),
6.50%, 6/15/22		700		650,125
7.875%, 9/1/19		2,620		2,673,762
				5,139,955
Total Corporate Bonds & Notes (cost—$337,819,631)				298,295,807
	Shares
COMMON STOCK—0.3%
Diversified Financial Services—0.3%
Affinion International Holding (d)(e) (cost—$769,748)		43,401		908,390
Total Investments (cost—$338,589,379)—98.2%				299,204,197
Other assets less liabilities—1.8%				5,588,788
Net Assets—100.0%			$	304,792,985

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 $94,641,079, representing 31.1% 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) In default.

(d) Fair-Valued—Security with a value of $908,390, representing 0.3% of net assets.

(e) Non-income producing.

Schedule of Investments

AllianzGI International Growth Fund

December 31, 2015 (unaudited)

	Shares		Value*
COMMON STOCK—99.5%
Australia—2.4%
CSL Ltd.		463	$	35,299
REA Group Ltd.		469		18,661
Seek Ltd.		1,975		21,982
				75,942
Brazil—3.6%
Ambev S.A.		5,214		23,428
Cielo S.A.		2,388		20,172
Lojas Renner S.A.		5,095		21,887
Odontoprev S.A.		8,272		19,723
WEG S.A.		6,816		25,735
				110,945
Canada—6.3%
Bank of Nova Scotia		762		30,822
Canadian National Railway Co.		901		50,367
Constellation Software, Inc.		69		28,767
Restaurant Brands International, Inc.		1,622		60,662
Richelieu Hardware Ltd.		514		25,208
				195,826
China—3.2%
Baidu, Inc. ADR (c)		200		37,808
Tencent Holdings Ltd.		3,094		60,660
				98,468
Denmark—9.8%
Ambu A/S, Class B		1,476		44,955
Coloplast A/S, Class B		510		41,176
DSV A/S (b)		1,687		66,406
Novo Nordisk A/S, Class B		1,906		110,354
SimCorp A/S (b)		758		42,740
				305,631
France—6.8%
Bureau Veritas S.A. (b)		1,658		33,046
Dassault Systemes		449		35,889
Ingenico Group (b)		392		49,479
L’Oreal S.A.		251		42,220
Legrand S.A. (b)		910		51,474
				212,108
Germany—10.0%
Bechtle AG (b)		417		39,643
Fresenius SE & Co. KGaA		596		42,454
HUGO BOSS AG (b)		473		39,027
Infineon Technologies AG (b)		5,171		75,386
Norma Group SE (b)		515		28,465
SAP SE		1,096		86,971
				311,946
Hong Kong—2.3%
AIA Group Ltd.		10,389		62,075
Biostime International Holdings Ltd.		5,033		10,350
				72,425

	Shares		Value*
Indonesia—1.3%
Ace Hardware Indonesia Tbk PT		459,400	$	27,324
Bank Mandiri Persero Tbk PT		20,600		13,679
				41,003
Japan—8.5%
Keyence Corp.		134		73,647
Nippon Paint Holdings Co., Ltd.		1,342		32,479
SMC Corp.		152		39,480
Sundrug Co., Ltd.		591		37,999
Sysmex Corp.		897		57,538
Unicharm Corp.		1,124		22,954
				264,097
Korea (Republic of)—1.9%
LG Household & Health Care Ltd.		68		60,383
Luxembourg—1.5%
Samsonite International S.A.		15,563		46,742
Mexico—1.2%
Fomento Economico Mexicano S.A.B. de C.V. UNIT		4,190		39,088
Netherlands—2.4%
Akzo Nobel NV		480		32,073
ASML Holding NV		481		42,737
				74,810
Philippines—2.2%
Jollibee Foods Corp.		5,340		24,789
Universal Robina Corp.		10,980		43,328
				68,117
South Africa—1.0%
Woolworths Holdings Ltd.		4,777		30,904
Spain—3.2%
Amadeus IT Holding S.A., Class A		1,215		53,551
Industria de Diseno Textil S.A.		1,305		44,832
				98,383
Sweden—9.6%
AddTech AB, Class B		1,901		32,372
Assa Abloy AB, Class B		2,272		47,559
Atlas Copco AB, Class A		1,995		48,927
Elekta AB, Class B		2,700		22,942
Hexagon AB, Class B		1,629		60,261
Hexpol AB		5,000		53,611
Trelleborg AB, Class B (b)		1,685		32,702
				298,374
Switzerland—5.2%
Cie Financiere Richemont S.A.		782		55,970
Roche Holding AG		196		54,313
UBS Group AG		2,753		53,407
				163,690

Schedule of Investments

AllianzGI International Growth Fund

December 31, 2015 (unaudited) (continued)

	Shares		Value*
United Kingdom—17.1%
British American Tobacco PLC		1,581	$	87,799
DCC PLC (b)		554		46,282
Diageo PLC		1,885		51,475
IMI PLC		1,730		21,952
Prudential PLC		2,567		57,833
Reckitt Benckiser Group PLC		1,021		94,469
Rotork PLC		8,630		23,225
Shire PLC		773		53,034
Spirax-Sarco Engineering PLC		605		29,260
Unilever PLC		1,561		66,955
				532,284
Total Investments (cost—$3,060,894) (a)—99.5%				3,101,166
Other assets less liabilities—0.5%				14,271
Net Assets—100.0%			$	3,115,437

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $2,796,072, representing 89.7% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(b) Affiliated security.

(c) Non-income producing.

Glossary:

ADR—American Depositary Receipt

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:

Machinery	8.0	%
Pharmaceuticals	7.0	%
Software	6.2	%
Electronic Equipment, Instruments & Components	5.9	%
Household Products	5.7	%
Health Care Equipment & Supplies	5.3	%
Textiles, Apparel & Luxury Goods	4.6	%
Insurance	3.9	%
Chemicals	3.8	%
Semiconductors & Semiconductor Equipment	3.8	%
Road & Rail	3.8	%
Beverages	3.7	%
IT Services	3.6	%
Personal Products	3.5	%
Internet Software & Services	3.2	%
Tobacco	2.8	%
Hotels, Restaurants & Leisure	2.7	%
Specialty Retail	2.3	%
Health Care Providers & Services	2.0	%
Trading Companies & Distributors	1.8	%
Professional Services	1.8	%
Food Products	1.7	%
Capital Markets	1.7	%
Multi-line Retail	1.7	%
Electrical Equipment	1.7	%
Building Products	1.5	%
Industrial Conglomerates	1.5	%
Banks	1.4	%
Food & Staples Retailing	1.2	%
Biotechnology	1.1	%
Media	0.6	%
Other assets less liabilities	0.5	%
	100.0	%

Schedule of Investments

AllianzGI International Small-Cap Fund

December 31, 2015 (unaudited)

	Shares		Value*
COMMON STOCK—96.1%
Australia—1.7%
Challenger Ltd.		214,492	$	1,351,810
Millennium Services Group Ltd. (d)		108,212		171,902
Spotless Group Holdings Ltd.		886,113		694,308
				2,218,020
Austria—2.0%
AMS AG (c)		54,541		1,823,228
Schoeller-Bleckmann Oilfield Equipment AG		15,235		835,647
				2,658,875
Belgium—1.6%
Ontex Group NV (c)		61,341		2,180,988
China—3.6%
Boer Power Holdings Ltd.		285,000		512,757
China Everbright International Ltd.		892,000		1,139,436
Ju Teng International Holdings Ltd.		628,000		297,870
Nexteer Automotive Group Ltd.		1,293,000		1,429,244
Sunny Optical Technology Group Co., Ltd.		342,000		780,019
Wasion Group Holdings Ltd.		540,000		553,257
				4,712,583
Denmark—2.4%
SimCorp A/S (c)		56,754		3,200,096
Finland—2.9%
Amer Sports Oyj		77,528		2,263,495
Huhtamaki Oyj		42,024		1,524,943
				3,788,438
France—7.8%
GameLoft SE (c)(d)		182,545		1,200,072
Korian S.A.		62,590		2,289,381
Sartorius Stedim Biotech		11,965		4,589,268
Virbac S.A.		9,210		2,197,885
				10,276,606
Germany—5.1%
Aareal Bank AG (c)		61,707		1,943,056
Bechtle AG (c)		23,189		2,204,511
Bertrandt AG (c)		6,000		719,776
CANCOM SE (c)		41,165		1,944,409
				6,811,752
Hong Kong—0.4%
Techtronic Industries Co., Ltd.		142,500		576,875
Ireland—4.5%
Glanbia PLC		71,927		1,349,381
Kingspan Group PLC (c)		99,400		2,620,746
Permanent TSB Group Holdings PLC (d)		404,306		2,021,585
				5,991,712

	Shares		Value*
Italy—5.2%
Banca Popolare di Milano Scarl		2,321,575	$	2,299,429
De’ Longhi SpA (c)		74,274		2,218,614
Yoox Net-A-Porter Group SpA (d)		62,119		2,313,985
				6,832,028
Japan—27.6%
ABC-Mart, Inc.		28,900		1,581,931
Aica Kogyo Co., Ltd.		47,500		933,394
Asics Corp.		77,200		1,601,706
Bandai Namco Holdings, Inc.		61,200		1,292,980
Benesse Holdings, Inc.		27,500		791,945
Calbee, Inc.		43,700		1,845,409
COOKPAD, Inc.		36,800		781,205
Daicel Corp.		175,400		2,610,284
Daiho Corp.		320,000		1,524,226
Disco Corp.		18,600		1,751,588
Don Quijote Holdings Co., Ltd.		41,800		1,467,963
Hoshizaki Electric Co., Ltd.		17,000		1,056,810
Kusuri No Aoki Co., Ltd.		34,100		1,664,449
Lion Corp.		241,000		2,267,819
MISUMI Group, Inc.		175,000		2,417,387
Mitsubishi Materials Corp.		532,000		1,675,612
Obayashi Corp.		119,000		1,098,037
Sanwa Holdings Corp.		180,100		1,424,411
Seiko Holdings Corp.		200,000		1,129,205
Suruga Bank Ltd.		63,000		1,298,341
Teijin Ltd.		326,000		1,110,964
Tokyo Tatemono Co., Ltd.		45,900		499,567
Unipres Corp.		65,800		1,486,466
Valor Holdings Co., Ltd.		42,700		1,007,049
Yamaha Motor Co., Ltd.		97,700		2,189,975
				36,508,723
Korea (Republic of)—1.2%
Dongbu Insurance Co., Ltd.		11,600		694,045
LIG Nex1 Co., Ltd. (d)		10,671		941,920
				1,635,965
Netherlands—1.6%
Aalberts Industries NV		61,356		2,114,066
Norway—0.6%
Opera Software ASA (c)		110,896		629,386
ProSafe SE		84,672		199,732
				829,118
Philippines—0.8%
Cosco Capital, Inc.		5,800,400		1,009,994
Spain—5.0%
Bolsas y Mercados Espanoles SHMSF S.A.		49,752		1,676,614
Gamesa Corp. Tecnologica S.A.		154,557		2,646,008
Melia Hotels International S.A.		174,969		2,311,136
				6,633,758

Schedule of Investments

AllianzGI International Small-Cap Fund

December 31, 2015 (unaudited) (continued)

	Shares		Value*
Sweden—7.5%
Betsson AB (d)		184,467	$	3,380,343
JM AB		41,517		1,235,952
NetEnt AB (c)(d)		58,259		3,395,447
Nibe Industrier AB, Class B		58,699		1,971,889
				9,983,631
Switzerland—4.8%
Burckhardt Compression Holding AG (c)		3,155		965,979
Georg Fischer AG		2,612		1,773,293
Interroll Holding AG (c)(d)		2,627		2,246,431
Leonteq AG (d)		9,430		1,362,164
				6,347,867
Taiwan—1.9%
Chipbond Technology Corp.		460,000		661,364
Hermes Microvision, Inc.		9,000		323,710
Primax Electronics Ltd. (c)		445,000		563,234
Sinbon Electronics Co., Ltd.		560,848		1,042,517
				2,590,825
United Kingdom—7.9%
ASOS PLC (d)		33,874		1,721,127
Auto Trader Group PLC (a)(d)		480,828		3,134,929
DS Smith PLC		133,711		782,151
Intermediate Capital Group PLC		180,477		1,663,735
Pets at Home Group PLC		447,320		1,818,349
Restaurant Group PLC		62,162		628,957
Senior PLC		194,908		660,523
				10,409,771
Total Common Stock (cost—$109,458,507)				127,311,691

	Principal Amount (000s)		Value*
Repurchase Agreements—3.0%
State Street Bank and Trust Co., dated 12/31/15, 0.03%, due 1/4/16, proceeds $4,007,013; collateralized by U.S. Treasury Notes, 2.125%, due 9/30/21, valued at $4,090,450 including accrued interest (cost—$4,007,000)	$	4,007	$	4,007,000
Total Investments (cost—$113,465,507) (b)—99.1%				131,318,691
Other assets less liabilities—0.9%				1,162,764
Net Assets—100.0%			$	132,481,455

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 $121,929,853, representing 92.0% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(c) Affiliated security.

(d) Non-income producing.

Schedule of Investments

AllianzGI International Small-Cap Fund

December 31, 2015 (unaudited) (continued)

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

Machinery	6.2	%
Internet Software & Services	5.4	%
Building Products	5.3	%
Hotels, Restaurants & Leisure	4.8	%
Banks	4.2	%
Health Care Equipment & Supplies	3.5	%
Semiconductors & Semiconductor Equipment	3.4	%
Software	3.3	%
IT Services	3.1	%
Internet & Catalog Retail	3.0	%
Household Durables	3.0	%
Chemicals	2.8	%
Food & Staples Retailing	2.8	%
Leisure Products	2.7	%
Specialty Retail	2.6	%
Food Products	2.4	%
Electrical Equipment	2.4	%
Diversified Financial Services	2.3	%
Capital Markets	2.3	%
Auto Components	2.2	%
Textiles, Apparel & Luxury Goods	2.1	%
Electronic Equipment, Instruments & Components	2.0	%
Construction & Engineering	2.0	%
Trading Companies & Distributors	1.8	%
Containers & Packaging	1.7	%
Health Care Providers & Services	1.7	%
Household Products	1.7	%
Pharmaceuticals	1.7	%
Automobiles	1.7	%
Personal Products	1.6	%
Commercial Services & Supplies	1.5	%
Thrifts & Mortgage Finance	1.5	%
Metals & Mining	1.3	%
Aerospace & Defense	1.2	%
Multi-line Retail	1.1	%
Energy Equipment & Services	0.8	%
Diversified Consumer Services	0.6	%
Media	0.6	%
Professional Services	0.5	%
Insurance	0.5	%
Technology Hardware, Storage & Peripherals	0.4	%
Real Estate Management & Development	0.4	%
Repurchase Agreements	3.0	%
Other assets less liabilities	0.9	%
	100.0	%

Schedule of Investments

AllianzGI Micro Cap Fund

December 31, 2015 (unaudited)

	Shares		Value*
COMMON STOCK—97.8%
Air Freight & Logistics—0.4%
Echo Global Logistics, Inc. (b)		9,564	$	195,010
Auto Components—2.4%
Motorcar Parts of America, Inc. (b)		21,220		717,448
Tower International, Inc.		15,364		438,950
				1,156,398
Banks—6.2%
Ameris Bancorp		15,343		521,509
First Merchants Corp.		18,042		458,628
First NBC Bank Holding Co. (b)		11,441		427,779
Franklin Financial Network, Inc. (b)		8,961		281,196
Pacific Premier Bancorp, Inc. (b)		22,371		475,384
Seacoast Banking Corp. of Florida (b)		29,627		443,812
Stonegate Bank		9,649		317,066
				2,925,374
Biotechnology—11.5%
Advaxis, Inc. (b)		19,583		197,005
BioSpecifics Technologies Corp. (b)		8,344		358,542
Cara Therapeutics, Inc. (b)		19,091		321,874
Catalyst Pharmaceuticals, Inc. (b)		66,252		162,317
Chiasma, Inc. (b)		9,148		179,026
Concert Pharmaceuticals, Inc. (b)		15,013		284,797
Dynavax Technologies Corp. (b)		9,256		223,625
Eagle Pharmaceuticals, Inc. (b)		4,861		431,025
Five Prime Therapeutics, Inc. (b)		12,794		530,951
Flexion Therapeutics, Inc. (b)		15,589		300,400
Heron Therapeutics, Inc. (b)		7,855		209,729
La Jolla Pharmaceutical Co. (b)		9,753		263,331
Ligand Pharmaceuticals, Inc., Class B (b)		6,082		659,410
MacroGenics, Inc. (b)		8,459		261,975
Pfenex, Inc. (b)		16,701		206,758
Repligen Corp. (b)		22,469		635,648
Synergy Pharmaceuticals, Inc. (b)		39,274		222,684
				5,449,097
Building Products—5.2%
American Woodmark Corp. (b)		7,802		624,004
Builders FirstSource, Inc. (b)		48,290		535,053
Patrick Industries, Inc. (b)		21,691		943,558
PGT, Inc. (b)		33,497		381,531
				2,484,146
Capital Markets—0.7%
Cowen Group, Inc., Class A (b)		87,398		334,734
Chemicals—0.8%
American Vanguard Corp.		25,744		360,673
Communications Equipment—1.0%
ShoreTel, Inc. (b)		54,738		484,431

	Shares		Value*
Construction & Engineering—0.7%
Comfort Systems USA, Inc.		11,811	$	335,669
Construction Materials—1.4%
U.S. Concrete, Inc. (b)		12,832		675,733
Diversified Consumer Services—1.0%
Carriage Services, Inc.		19,575		471,758
Diversified Telecommunication Services—1.5%
8x8, Inc. (b)		35,498		406,452
inContact, Inc. (b)		31,252		298,144
				704,596
Electronic Equipment, Instruments & Components—0.9%
ePlus, Inc. (b)		4,682		436,643
Energy Equipment & Services—0.5%
TETRA Technologies, Inc. (b)		29,284		220,216
Food Products—0.9%
John B Sanfilippo & Son, Inc.		8,008		432,672
Health Care Equipment & Supplies—7.2%
AtriCure, Inc. (b)		19,530		438,253
Cynosure, Inc., Class A (b)		12,713		567,890
Inogen, Inc. (b)		17,414		698,127
LeMaitre Vascular, Inc.		30,217		521,243
RTI Surgical, Inc. (b)		66,855		265,415
SurModics, Inc. (b)		12,460		252,564
Trinity Biotech PLC ADR		17,405		204,683
Vascular Solutions, Inc. (b)		12,980		446,382
				3,394,557
Health Care Providers & Services—4.8%
Aceto Corp.		19,944		538,089
BioTelemetry, Inc. (b)		38,815		453,359
Cross Country Healthcare, Inc. (b)		38,196		626,032
Providence Service Corp. (b)		8,726		409,424
RadNet, Inc. (b)		40,054		247,534
				2,274,438
Health Care Technology—0.9%
Omnicell, Inc. (b)		14,074		437,420
Hotels, Restaurants & Leisure—3.8%
Carrols Restaurant Group, Inc. (b)		45,451		533,595
Eldorado Resorts, Inc. (b)		39,132		430,452
Kona Grill, Inc. (b)		13,501		214,126
Papa Murphy’s Holdings, Inc. (b)		17,474		196,757
Popeyes Louisiana Kitchen, Inc. (b)		7,040		411,840
				1,786,770

Schedule of Investments

AllianzGI Micro Cap Fund

December 31, 2015 (unaudited) (continued)

	Shares		Value*
Household Durables—3.5%
LGI Homes, Inc. (b)		24,562	$	597,594
Libbey, Inc.		12,842		273,791
M/I Homes, Inc. (b)		18,157		398,001
WCI Communities, Inc. (b)		17,584		391,772
				1,661,158
Insurance—1.3%
Atlas Financial Holdings, Inc. (b)		14,520		288,948
Federated National Holding Co.		11,048		326,579
				615,527
Internet & Catalog Retail—1.0%
Nutrisystem, Inc.		21,446		464,091
Internet Software & Services—5.9%
Autobytel, Inc. (a)(b)		27,689		624,664
Five9, Inc. (b)		32,638		283,951
GTT Communications, Inc. (b)		19,203		327,603
Internap Corp. (b)		38,496		246,374
IntraLinks Holdings, Inc. (b)		35,155		318,856
Limelight Networks, Inc. (b)		101,293		147,888
Monster Worldwide, Inc. (b)		43,530		249,427
SPS Commerce, Inc. (b)		4,791		336,376
TechTarget, Inc. (b)		30,030		241,141
				2,776,280
IT Services—2.0%
Hackett Group, Inc.		27,653		444,384
Virtusa Corp. (b)		12,309		508,854
				953,238
Leisure Equipment & Products—1.1%
Nautilus, Inc. (b)		30,312		506,817
Life Sciences Tools & Services—4.4%
Albany Molecular Research, Inc. (b)		29,731		590,161
Cambrex Corp. (b)		17,948		845,171
NeoGenomics, Inc. (b)		83,739		659,026
				2,094,358
Machinery—2.0%
Kadant, Inc.		8,325		338,078
Lydall, Inc. (b)		12,514		443,997
NN, Inc.		11,236		179,102
				961,177
Media—1.8%
Carmike Cinemas, Inc. (b)		18,323		420,329
Entravision Communications Corp., Class A		54,125		417,304
				837,633
Oil, Gas & Consumable Fuels—1.9%
Bill Barrett Corp. (b)		29,134		114,497
Callon Petroleum Co. (b)		42,537		354,759
Teekay Tankers Ltd., Class A		62,596		430,660
				899,916

	Shares		Value*
Paper & Forest Products—0.8%
Neenah Paper, Inc.		5,863	$	366,027
Pharmaceuticals—5.8%
ANI Pharmaceuticals, Inc. (b)		7,199		324,855
Cempra, Inc. (b)		8,461		263,391
Dermira, Inc. (b)		10,902		377,318
Intersect ENT, Inc. (b)		15,974		359,415
Intra-Cellular Therapies, Inc. (b)		6,733		362,168
Omeros Corp. (b)		18,985		298,634
Supernus Pharmaceuticals, Inc. (b)		24,989		335,852
Teligent, Inc. (b)		46,311		412,168
				2,733,801
Professional Services—1.5%
GP Strategies Corp. (b)		12,316		309,255
Kforce, Inc.		16,648		420,861
				730,116
Road & Rail—0.3%
Celadon Group, Inc.		14,562		144,018
Semiconductors & Semiconductor Equipment—3.2%
Inphi Corp. (b)		13,730		370,984
MaxLinear, Inc., Class A (b)		39,838		586,814
Tower Semiconductor Ltd. (b)		40,133		564,270
				1,522,068
Software—3.6%
Callidus Software, Inc. (b)		30,257		561,872
Rubicon Project, Inc. (b)		24,859		408,931
Silver Spring Networks, Inc. (b)		34,970		503,918
Telenav, Inc. (b)		37,226		211,816
				1,686,537
Specialty Retail—2.3%
Citi Trends, Inc.		12,137		257,911
Kirkland’s, Inc.		16,302		236,379
Shoe Carnival, Inc.		13,330		309,256
Sportsman’s Warehouse Holdings, Inc. (b)		22,365		288,509
				1,092,055
Thrifts & Mortgage Finance—3.1%
First Defiance Financial Corp.		8,831		333,635
LendingTree, Inc. (b)		7,485		668,261
Meridian Bancorp, Inc.		33,271		469,121
				1,471,017
Wireless Telecommunication Services—0.5%
Boingo Wireless, Inc. (b)		38,937		257,763
Total Common Stock (cost—$36,917,226)				46,333,932

Schedule of Investments

AllianzGI Micro Cap Fund

December 31, 2015 (unaudited) (continued)

	Principal Amount (000s)		Value*
Repurchase Agreements—5.4%
State Street Bank and Trust Co., dated 12/31/15, 0.03%, due 1/4/16, proceeds $2,559,009; collateralized by U.S. Treasury Notes, 2.125%, due 9/30/21, valued at $2,613,625 including accrued interest (cost—$2,559,000)	$	2,559	$	2,559,000
Total Investments (cost—$39,476,226)—103.2%				48,892,932
Liabilities in excess of other assets—(3.2)%				(1,526,018	)
Net Assets—100.0%			$	47,366,914

Notes to Schedule of Investments:

(a) Affiliated security.

(b) Non-income producing.

Glossary:

ADR—American Depositary Receipt

Schedule of Investments

AllianzGI Multi-Asset Real Return Fund

December 31, 2015 (unaudited)

	Shares		Value*
MUTUAL FUNDS (c)(d)—45.7%
AllianzGI Global Natural Resources		61,495	$	817,265
PIMCO Commodity RealReturn Strategy		105,692		666,914
Total Mutual Funds (cost—$2,103,866)				1,484,179
COMMON STOCK—28.3%
Australia—2.1%
Dexus Property Group REIT		1,115		6,048
Goodman Group REIT		1,464		6,634
GPT Group REIT		1,482		5,132
LendLease Group UNIT		454		4,684
Mirvac Group REIT		3,061		4,382
Scentre Group REIT		4,455		13,513
Stockland REIT		1,965		5,833
Vicinity Centres		5,627		11,415
Westfield Corp. REIT		1,625		11,180
				68,821
Austria—0.1%
BUWOG AG (e)		101		2,191
Canada—0.9%
Brookfield Asset Management, Inc., Class A		727		22,934
First Capital Realty, Inc.		157		2,082
H&R Real Estate Investment Trust REIT		114		1,652
RioCan Real Estate Investment Trust REIT		131		2,243
				28,911
France—1.1%
Fonciere Des Regions REIT		25		2,236
Gecina S.A. REIT		29		3,526
ICADE REIT		28		1,879
Klepierre REIT		182		8,090
Unibail-Rodamco SE REIT		81		20,568
				36,299
Germany—0.6%
Deutsche Wohnen AG		279		7,715
Vonovia SE		382		11,801
				19,516
Hong Kong—2.7%
Cheung Kong Property Holdings Ltd.		2,263		14,741
Hang Lung Properties Ltd.		1,878		4,255
Henderson Land Development Co., Ltd.		968		5,905
Hysan Development Co., Ltd.		541		2,217
Kerry Properties Ltd.		548		1,495
Link REIT		1,900		11,364
New World Development Co., Ltd.		5,440		5,349
Sino Land Co., Ltd.		3,271		4,773
Sun Hung Kai Properties Ltd.		1,464		17,625
Swire Pacific Ltd., Class A		493		5,529
Swire Properties Ltd.		986		2,829
Wharf Holdings Ltd.		1,136		6,285
Wheelock & Co., Ltd.		856		3,609
				85,976

	Shares		Value*
Japan—3.4%
Aeon Mall Co., Ltd.		130	$	2,230
Daito Trust Construction Co., Ltd.		61		7,046
Daiwa House Industry Co., Ltd.		500		14,373
Hulic Co., Ltd.		325		2,854
Japan Prime Realty Investment Corp. REIT		1		3,415
Japan Real Estate Investment Corp. REIT		1		4,853
Japan Retail Fund Investment Corp. REIT		2		3,848
Mitsubishi Estate Co., Ltd.		1,048		21,791
Mitsui Fudosan Co., Ltd.		796		19,978
Nippon Building Fund, Inc. REIT		1		4,779
Nippon Prologis REIT, Inc. REIT		1		1,809
Nomura Real Estate Holdings, Inc.		106		1,966
Nomura Real Estate Master Fund, Inc. (e)		3		3,729
NTT Urban Development Corp.		200		1,922
Sumitomo Realty & Development Co., Ltd.		303		8,648
Tokyo Tatemono Co., Ltd.		200		2,177
Tokyu Fudosan Holdings Corp.		431		2,701
United Urban Investment Corp. REIT		2		2,715
				110,834
Singapore—0.7%
Ascendas Real Estate Investment Trust REIT		1,722		2,760
CapitaLand Commercial Trust REIT		1,729		1,641
CapitaLand Ltd.		2,115		4,971
CapitaLand Mall Trust REIT		2,670		3,623
City Developments Ltd.		342		1,840
Global Logistic Properties Ltd.		2,200		3,322
Suntec Real Estate Investment Trust REIT		1,997		2,175
UOL Group Ltd.		395		1,731
				22,063
Switzerland—0.1%
Swiss Prime Site AG (e)		56		4,373
United Kingdom—1.0%
British Land Co. PLC REIT		803		9,291
Hammerson PLC REIT		644		5,693
Intu Properties PLC REIT		777		3,630
Land Securities Group PLC REIT		659		11,424
Segro PLC REIT		620		3,924
				33,962
United States—15.6%
American Capital Agency Corp. REIT		297		5,150
American Tower Corp. REIT		357		34,611
Annaly Capital Management, Inc. REIT		804		7,542
AvalonBay Communities, Inc. REIT		111		20,438
Boston Properties, Inc. REIT		130		16,580
Brixmor Property Group, Inc. REIT		151		3,899
Camden Property Trust REIT		73		5,603
Care Capital Properties, Inc. REIT		101		3,088
CBRE Group, Inc., Class A (e)		253		8,749

Schedule of Investments

AllianzGI Multi-Asset Real Return Fund

December 31, 2015 (unaudited) (continued)

	Shares		Value*
Communications Sales & Leasing, Inc. REIT		105	$	1,962
Crown Castle International Corp. REIT		283		24,465
Digital Realty Trust, Inc. REIT		116		8,772
Duke Realty Corp. REIT		290		6,096
Equinix, Inc.		51		15,422
Equity Residential REIT		306		24,967
Essex Property Trust, Inc. REIT		55		13,168
Extra Space Storage, Inc. REIT		93		8,204
Federal Realty Investment Trust REIT		58		8,474
General Growth Properties, Inc. REIT		485		13,197
HCP, Inc. REIT		384		14,684
Host Hotels & Resorts, Inc. REIT		639		9,802
Iron Mountain, Inc.		168		4,538
Jones Lang LaSalle, Inc.		38		6,075
Kimco Realty Corp. REIT		347		9,182
Liberty Property Trust REIT		126		3,912
Macerich Co. REIT		113		9,118
Plum Creek Timber Co., Inc. REIT		149		7,110
Prologis, Inc. REIT		442		18,971
Public Storage REIT		123		30,467
Rayonier Advanced Materials, Inc.		65		636
Rayonier, Inc. REIT		197		4,373
Realogy Holdings Corp. (e)		124		4,547
Realty Income Corp. REIT		200		10,326
Regency Centers Corp. REIT		72		4,905
Simon Property Group, Inc. REIT		261		50,749
SL Green Realty Corp. REIT		84		9,490
UDR, Inc. REIT		217		8,153
Ventas, Inc. REIT		277		15,631
VEREIT, Inc. REIT		770		6,098
Vornado Realty Trust REIT		143		14,294
Welltower, Inc.		292		19,865
Weyerhaeuser Co. REIT		440		13,191
				506,504
Total Common Stock (cost—$849,418)				919,450
EXCHANGE-TRADED FUNDS—17.9%
PIMCO Broad U.S. TIPS Index (c) (cost—$593,478)		10,500		580,073
RIGHTS—0.0%
Singapore—0.0%
Ascendas Real Estate Investment Trust, exercise price SGD 2.22, expires 1/13/16 (b)(e) (cost—$0)		64		3

	Principal Amount (000s)		Value*
Repurchase Agreements—3.9%
State Street Bank and Trust Co., dated 12/31/15, 0.03%, due 1/4/16, proceeds $126,000; collateralized by U.S. Treasury Notes, 2.125%, due 9/30/21, valued at $131,950 including accrued interest (cost—$126,000)	$	126	$	126,000
Total Investments (cost—$3,672,762) (a)—95.8%				3,109,705
Other assets less liabilities (f)—4.2%				135,205
Net Assets—100.0%			$	3,244,910

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $380,306, representing 11.7% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(b) Fair-Valued—Security with a value of $3, representing less than 0.05% of net assets.

(c) Affiliated fund.

(d) Institutional Class share.

(e) Non-income producing.

Schedule of Investments

AllianzGI Multi-Asset Real Return Fund

December 31, 2015 (unaudited) (continued)

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

Futures contracts outstanding at December 31, 2015:

Type		Contracts			Market Value (000s)			Expiration Date		Unrealized Appreciation (Depreciation)
Long:	E-mini S&P 500 Index		1		$	102			3/18/16	$	(1,895	)
	Euro-BTP		1			150			3/8/16		20
Short:	2-Year U.S. Treasury Note		(2	)		(435	)		3/31/16		403
	Dow Jones U.S. Real Estate Index		(2	)		(59	)		3/18/16		(1,087	)
	Euro Currency		(1	)		(136	)		3/14/16		(178	)
	XAB Materials		(2	)		(92	)		3/18/16		2,635
										$	(102	)

(g) At December 31, 2015, the Fund pledged $120,715 in cash as collateral for derivatives.

Glossary:

REIT—Real Estate Investment Trust

SGD—Singapore Dollar

TIPS—Treasury Inflation Protected Securities

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:

Mutual Funds	45.7	%
Real Estate Investment Trust	20.7	%
Exchange-Traded Funds	17.9	%
Real Estate Management & Development	7.6	%
Chemicals	0.0	%
Repurchase Agreements	3.9	%
Other assets less liabilities	4.2	%
	100.0	%

Schedule of Investments

AllianzGI NFJ Emerging Markets Value Fund

December 31, 2015 (unaudited)

	Shares		Value*
COMMON STOCK—92.2%
Brazil—6.0%
BM&FBovespa S.A.		20,600	$	56,326
CVC Brasil Operadora e Agencia de Viagens S.A.		18,200		61,938
FPC Par Corretora de Seguros S.A.		24,600		60,122
Grendene S.A.		13,700		58,237
JBS S.A.		19,101		59,277
Multiplus S.A.		6,000		56,493
Porto Seguro S.A.		7,600		55,184
Sul America S.A. UNIT		11,600		54,408
Transmissora Alianca de Energia Eletrica S.A. UNIT		14,100		59,628
				521,613
Chile—0.6%
Inversiones La Construccion S.A.		5,596		57,377
China—23.7%
Agricultural Bank of China Ltd., Class H		151,000		61,450
Bank of China Ltd., Class H		126,000		55,908
Bank of Chongqing Co., Ltd., Class H		66,000		59,375
Bank of Communications Co., Ltd., Class H		83,000		58,206
China Cinda Asset Management Co., Ltd., Class H		164,000		60,572
China Communications Services Corp. Ltd., Class H		158,000		59,305
China Construction Bank Corp., Class H		85,000		57,983
China Everbright Ltd.		25,000		57,165
China Life Insurance Co., Ltd., Class H		16,000		51,466
China Lilang Ltd.		76,000		56,105
China Merchants Bank Co., Ltd., Class H		25,100		58,819
China Petroleum & Chemical Corp., Class H		98,000		58,977
China Resources Power Holdings Co., Ltd.		30,000		57,810
China Shineway Pharmaceutical Group Ltd.		46,000		58,373
Chongqing Rural Commercial Bank Co., Ltd., Class H		99,000		59,588
Daqin Railway Co., Ltd., Class A		36,400		48,282
Dongpeng Holdings Co., Ltd.		159,000		61,593
Guangdong Electric Power Development Co., Ltd., Class B		93,420		61,426
HOSA International Ltd.		162,000		57,297
Huayu Automotive Systems Co., Ltd., Class A		24,700		63,777
Industrial & Commercial Bank of China Ltd., Class H		97,000		58,144
Jiangling Motors Corp., Ltd., Class B		16,800		58,507
Jiangnan Group Ltd.		302,000		59,008
Kingboard Laminates Holdings Ltd.		137,000		61,816
Kweichow Moutai Co., Ltd., Class A		1,800		60,240
Lee & Man Paper Manufacturing Ltd.		105,000		58,268
Luthai Textile Co., Ltd., Class B		43,630		60,418

	Shares		Value*
Peak Sport Products Co., Ltd.		202,000	$	56,163
Qinhuangdao Port Co., Ltd., Class H		119,500		56,205
SAIC Motor Corp., Ltd., Class A		17,544		57,230
Shanghai Pharmaceuticals Holding Co., Ltd., Class H		28,100		60,567
Shanghai Pudong Development Bank Co., Ltd., Class A		20,500		57,477
Shenzhen Expressway Co., Ltd., Class H		68,000		59,612
Wasion Group Holdings Ltd.		56,000		57,375
Zhejiang Expressway Co., Ltd., Class H		50,000		59,742
				2,044,249
Czech Republic—0.7%
Philip Morris CR AS		124		59,839
Egypt—0.7%
Eastern Tobacco		2,619		58,534
Hong Kong—1.3%
NagaCorp Ltd.		89,000		56,061
SITC International Holdings Co., Ltd.		115,000		60,790
				116,851
India—7.4%
Great Eastern Shipping Co., Ltd.		10,851		60,424
Hindustan Petroleum Corp. Ltd.		4,997		63,138
Mphasis Ltd.		5,058		37,784
Muthoot Finance Ltd.		20,804		56,141
NIIT Technologies Ltd.		6,789		59,278
Oil India Ltd.		10,340		61,162
Power Finance Corp., Ltd.		7,917		23,902
Power Grid Corp. of India Ltd.		29,785		63,653
Redington India Ltd.		33,533		58,094
Rural Electrification Corp., Ltd.		7,229		24,629
Vardhman Textiles Ltd.		5,044		62,965
Zensar Technologies Ltd.		3,991		65,470
				636,640
Indonesia—1.4%
Bank Pembangunan Daerah Jawa Timur Tbk PT		1,862,400		58,747
Indofood Sukses Makmur Tbk PT		161,000		59,927
				118,674
Korea (Republic of)—9.4%
Dongbu Insurance Co., Ltd.		1,076		64,379
Hyosung Corp.		595		58,848
Hyundai Marine & Fire Insurance Co., Ltd.		2,115		64,804
KB Insurance Co., Ltd.		2,460		61,004
Kia Motors Corp.		1,305		58,190
Korea Electric Power Corp.		1,413		59,865
KT&G Corp.		657		58,384
Meritz Securities Co., Ltd.		17,530		58,826
Samsung Electronics Co., Ltd.		54		57,595
Seah Besteel Corp.		2,322		54,204
SK Hynix, Inc.		1,783		46,060

Schedule of Investments

AllianzGI NFJ Emerging Markets Value Fund

December 31, 2015 (unaudited) (continued)

	Shares		Value*
SK Telecom Co., Ltd.		287	$	52,526
Spigen Korea Co., Ltd.		1,120		59,053
Tongyang Life Insurance Co., Ltd.		5,660		55,964
				809,702
Malaysia—3.4%
Berjaya Sports Toto Bhd.		81,600		57,967
Inari Amertron Bhd.		58,900		62,648
KSL Holdings Bhd.		138,300		42,750
Scientex Bhd.		28,600		64,947
Supermax Corp. Bhd.		83,400		62,807
				291,119
Mexico—2.8%
Credito Real S.A.B. de C.V. SOFOM ER		25,953		65,822
Fibra Shop Portafolios Inmobiliarios SAPI de C.V. REIT		58,600		59,299
Mexico Real Estate Management S.A. de C.V. REIT		45,300		57,799
Prologis Property Mexico S.A. de C.V. REIT		37,000		56,033
				238,953
Norway—0.6%
BW LPG Ltd. (a)		6,929		56,797
Peru—0.7%
Intercorp Financial Services, Inc.		2,538		57,739
Philippines—0.7%
Manila Water Co., Inc.		110,500		58,238
Poland—1.4%
Asseco Poland S.A.		4,084		58,773
Warsaw Stock Exchange		6,537		59,910
				118,683
Russian Federation—3.8%
E.ON Russia JSC (c)		1,331,547		53,262
Gazprom Neft PAO ADR		5,358		56,848
Gazprom PAO (c)		29,859		55,538
Lukoil PJSC (c)		1,740		55,854
Moscow Exchange MICEX-RTS PJSC (c)		45,898		57,373
Tatneft OAO (c)		10,804		46,997
				325,872
Singapore—2.1%
DBS Group Holdings Ltd.		5,000		58,597
Lippo Malls Indonesia Retail Trust REIT		262,000		59,130
Religare Health Trust UNIT		86,500		61,006
				178,733
South Africa—7.6%
Barclays Africa Group Ltd.		6,354		58,954
DataTec Ltd.		16,831		56,049
Imperial Holdings Ltd.		7,498		58,122
Mondi Ltd.		2,927		57,923

	Shares		Value*
Mpact Ltd.		20,515	$	62,268
MTN Group Ltd.		6,585		56,725
S.A. Corporate Real Estate Fund Nominees Pty Ltd. REIT		203,100		60,359
Sasol Ltd.		2,353		63,526
Telkom S.A. SOC Ltd.		15,091		62,699
Tsogo Sun Holdings Ltd.		34,760		54,621
Vukile Property Fund Ltd. REIT		57,212		62,521
				653,767
Taiwan—12.0%
Catcher Technology Co., Ltd.		6,500		54,187
Chimei Materials Technology Corp.		90,700		55,898
Compal Electronics, Inc.		99,000		55,400
Coretronic Corp.		71,000		58,657
Elitegroup Computer Systems Co., Ltd.		91,553		56,084
Gigabyte Technology Co., Ltd.		53,000		58,566
Greatek Electronics, Inc.		57,000		61,901
Green Seal Holding Ltd.		16,000		57,348
Hon Hai Precision Industry Co., Ltd. GDR		10,995		56,184
Inventec Corp.		98,000		63,888
King Yuan Electronics Co., Ltd.		84,000		54,830
King’s Town Bank Co., Ltd.		82,000		58,148
Lite-On Technology Corp.		58,585		56,499
Mega Financial Holding Co., Ltd.		81,000		52,222
Micro-Star International Co., Ltd.		44,000		62,526
Pegatron Corp.		25,000		54,374
Taiwan Semiconductor Manufacturing Co., Ltd.		14,000		60,399
Test Research, Inc.		39,000		57,921
				1,035,032
Thailand—1.9%
Bangkok Expressway & Metro PCL NVDR (c)(d)		423,248		61,491
CPN Retail Growth Leasehold Property Fund UNIT		120,000		56,955
Thai Vegetable Oil PCL NVDR		80,200		49,750
				168,196
Turkey—2.7%
Aksa Akrilik Kimya Sanayii AS		16,513		59,196
Selcuk Ecza Deposu Ticaret ve Sanayi AS		73,198		59,714
Soda Sanayii AS		40,783		59,094
Turk Telekomunikasyon AS		30,933		57,852
				235,856
United Arab Emirates—0.7%
Aramex PJSC		70,843		60,555
Vietnam—0.6%
PetroVietnam Technical Service Corp.		73,100		54,201
Total Common Stock (cost—$8,789,138)				7,957,220

Schedule of Investments

AllianzGI NFJ Emerging Markets Value Fund

December 31, 2015 (unaudited) (continued)

	Shares		Value*
PREFERRED STOCK—4.6%
Brazil—1.9%
Banco ABC Brasil S.A.		23,857	$	52,549
Banco Daycoval S.A.		26,300		58,367
Itausa—Investimentos Itau S.A.		28,260		48,833
				159,749
Korea (Republic of)—2.0%
Hyundai Motor Co.		650		56,835
LG Household & Health Care Ltd.		125		57,746
Samsung Electronics Co., Ltd.		65		60,085
				174,666
Russian Federation—0.7%
Surgutneftegas OAO (c)		93,517		57,045
Total Preferred Stock (cost—$441,415)				391,460
EQUITY-LINKED SECURITIES—1.7%
China—1.4%
Merrill Lynch International & Co., Gree Electric Appliances, Inc., Class A, expires 8/31/18		17,290		59,650
Midea Group Co., Ltd., expires 1/6/20		12,626		63,888
				123,538
India—0.3%
Merrill Lynch International & Co., Mphasis Ltd., expires 8/13/18		2,990		22,455
Total Equity-Linked Securities (cost—$142,742)				145,993
Total Investments (cost—$9,373,295) (b)—98.5%				8,494,673
Other assets less liabilities (e)—1.5%				132,582
Net Assets—100.0%			$	8,627,255

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 $6,716,738, representing 77.9% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(c) Fair-Valued—Securities with an aggregate value of $387,560, representing 4.5% of net assets.

(d) Non-income producing.

Schedule of Investments

AllianzGI NFJ Emerging Markets Value Fund

December 31, 2015 (unaudited) (continued)

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

Forward currency contracts outstanding at December 31, 2015:

	Counterparty	U.S.$ Value on Origination Date		U.S.$ Value December 31, 2015		Unrealized Appreciation
Sold:
13,065 Mexican Peso settling 1/6/16	Northern Trust Company	$	758	$	758	$	—
72,461 South African Rand settling 1/6/16	Northern Trust Company		4,738		4,685		53
						$	53

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.

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

Banks	12.0	%
Technology Hardware, Storage & Peripherals	7.4	%
Oil, Gas & Consumable Fuels	7.4	%
Electronic Equipment, Instruments & Components	6.1	%
Insurance	5.4	%
Real Estate Investment Trust	4.8	%
Textiles, Apparel & Luxury Goods	4.8	%
Diversified Financial Services	3.2	%
Chemicals	2.8	%
Transportation Infrastructure	2.7	%
Automobiles	2.7	%
Hotels, Restaurants & Leisure	2.7	%
Semiconductors & Semiconductor Equipment	2.6	%
Software	2.1	%
Electric Utilities	2.1	%
Health Care Providers & Services	2.1	%
Diversified Telecommunication Services	2.1	%
Tobacco	2.0	%
Capital Markets	2.0	%
Food Products	2.0	%
Household Durables	1.4	%
Consumer Finance	1.4	%
Paper & Forest Products	1.3	%
Independent Power Producers & Energy Traders	1.3	%
Wireless Telecommunication Services	1.3	%
Auto Components	0.7	%
Health Care Equipment & Supplies	0.7	%
Containers & Packaging	0.7	%
Construction Materials	0.7	%
Marine	0.7	%
Air Freight & Logistics	0.7	%
Beverages	0.7	%
IT Services	0.7	%
Electrical Equipment	0.7	%
Pharmaceuticals	0.7	%
Water Utilities	0.7	%
Distributors	0.7	%
Independent Power and Renewable Electricity Producers	0.7	%
Household Products	0.7	%
Media	0.7	%
Metals & Mining	0.6	%
Energy Equipment & Services	0.6	%
Road & Rail	0.6	%
Real Estate Management & Development	0.5	%
Other assets less liabilities	1.5	%
	100.0	%

Schedule of Investments

AllianzGI NFJ Global Dividend Value Fund

December 31, 2015 (unaudited)

	Shares		Value*
COMMON STOCK—98.3%
Chile—1.5%
Corpbanca S.A. ADR		20,300	$	237,510
China—5.3%
China Construction Bank Corp., Class H		619,600		422,659
China Mobile Ltd.		36,400		409,722
				832,381
France—2.6%
Total S.A.		9,118		408,772
Germany—2.6%
Siemens AG		4,300		416,007
Indonesia—1.6%
Bank Rakyat Indonesia Persero Tbk PT ADR		15,605		255,610
Israel—1.2%
Israel Chemicals Ltd.		45,566		184,966
Japan—5.1%
ITOCHU Corp.		34,000		402,167
Mizuho Financial Group, Inc.		203,000		406,000
				808,167
Korea (Republic of)—2.3%
SK Telecom Co., Ltd.		1,975		361,461
Norway—2.8%
Marine Harvest ASA (c)		32,107		431,994
Russian Federation—1.5%
Lukoil PJSC ADR		7,300		237,141
South Africa—2.7%
MTN Group Ltd. ADR		20,200		171,094
Sasol Ltd. ADR		9,521		255,353
				426,447
Spain—5.0%
Banco Santander S.A.		81,729		402,055
Enagas S.A.		13,600		383,628
				785,683
Switzerland—2.6%
Swiss Re AG		4,203		410,491
Taiwan—2.5%
Hon Hai Precision Industry Co., Ltd. GDR		76,400		390,404
United Kingdom—19.6%
BAE Systems PLC		56,032		412,536
Britvic PLC		39,000		417,854
Greene King PLC		29,000		397,011
Imperial Tobacco Group PLC		8,000		422,541

	Shares		Value*
Marks & Spencer Group PLC		58,900	$	392,168
Persimmon PLC (c)		26,612		793,924
Royal Dutch Shell PLC, Class A ADR		5,600		256,424
				3,092,458
United States—39.4%
A Schulman, Inc. (b)		5,700		174,648
AbbVie, Inc.		4,400		260,656
Apple, Inc.		2,200		231,572
Axis Capital Holdings Ltd.		4,500		252,990
CA, Inc.		8,400		239,904
Cisco Systems, Inc.		18,500		502,368
Exxon Mobil Corp.		3,100		241,645
Ford Motor Co.		18,100		255,029
General Motors Co.		7,300		248,273
Gilead Sciences, Inc.		2,500		252,975
Intel Corp.		7,300		251,485
International Business Machines Corp.		3,700		509,194
Johnson & Johnson		2,300		236,256
JPMorgan Chase & Co.		3,900		257,517
MetLife, Inc.		5,200		250,692
PNC Financial Services Group, Inc.		2,700		257,337
PPL Corp.		7,800		266,214
Quest Diagnostics, Inc.		3,200		227,648
Symantec Corp.		12,313		258,573
Travelers Cos., Inc.		2,300		259,578
United Technologies Corp.		2,800		268,996
Verizon Communications, Inc.		5,600		258,832
Wal-Mart Stores, Inc.		4,100		251,330
				6,213,712
Total Investments (cost—$16,216,318)(a)—98.3%				15,493,204
Other assets less liabilities—1.7%				266,989
Net Assets—100.0%			$	15,760,193

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $7,475,956, representing 47.4% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(b) Affiliated security.

(c) Non-income producing.

Glossary:

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

Schedule of Investments

AllianzGI NFJ Global Dividend Value Fund

December 31, 2015 (unaudited) (continued)

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

Banks	14.2	%
Oil, Gas & Consumable Fuels	8.9	%
Insurance	7.4	%
Wireless Telecommunication Services	6.0	%
Household Durables	5.0	%
Aerospace & Defense	4.3	%
Biotechnology	3.3	%
IT Services	3.2	%
Automobiles	3.2	%
Communications Equipment	3.2	%
Software	3.2	%
Food Products	2.7	%
Tobacco	2.7	%
Beverages	2.7	%
Industrial Conglomerates	2.6	%
Trading Companies & Distributors	2.6	%
Hotels, Restaurants & Leisure	2.5	%
Multi-line Retail	2.5	%
Electronic Equipment, Instruments & Components	2.5	%
Gas Utilities	2.4	%
Chemicals	2.3	%
Electric Utilities	1.7	%
Diversified Telecommunication Services	1.6	%
Semiconductors & Semiconductor Equipment	1.6	%
Food & Staples Retailing	1.6	%
Pharmaceuticals	1.5	%
Technology Hardware, Storage & Peripherals	1.5	%
Health Care Providers & Services	1.4	%
Other assets less liabilities	1.7	%
	100.0	%

Schedule of Investments

AllianzGI NFJ International Small-Cap Value Fund

December 31, 2015 (unaudited)

	Shares		Value*
COMMON STOCK—99.0%
Australia—5.9%
Asaleo Care Ltd.		100,000	$	115,446
Bank of Queensland Ltd.		13,000		131,139
Charter Hall Retail REIT		26,800		80,952
CSR Ltd.		36,800		76,807
Pact Group Holdings Ltd.		30,196		109,592
Steadfast Group Ltd.		77,900		88,006
				601,942
Austria—0.9%
RHI AG		4,789		93,658
Belgium—1.2%
Befimmo S.A. REIT		2,006		119,673
Brazil—0.9%
Multiplus S.A.		9,200		86,623
Canada—8.1%
Aimia, Inc.		10,100		68,686
Canfor Pulp Products, Inc.		8,300		81,158
Chorus Aviation, Inc.		19,600		79,324
Cogeco, Inc.		3,100		114,819
Linamar Corp.		1,643		88,734
Magellan Aerospace Corp.		9,915		115,366
Martinrea International, Inc.		10,900		82,792
New Flyer Industries, Inc.		5,500		112,568
Transcontinental, Inc., Class A		5,858		73,071
				816,518
Chile—0.8%
Corpbanca S.A. ADR		7,100		83,070
Finland—1.1%
Lassila & Tikanoja Oyj		5,554		109,369
France—4.8%
Alten S.A.		2,200		127,312
Euronext NV (a)		2,376		121,909
Rothschild & Co.		2,900		74,094
Saft Groupe S.A.		2,460		74,978
Technicolor S.A.		10,800		87,658
				485,951
Germany—1.9%
Hornbach Holding AG & Co. KGaA		1,291		85,933
Takkt AG		5,160		103,433
				189,366
Hong Kong—5.7%
Dah Sing Financial Holdings Ltd.		15,200		75,649
First Pacific Co., Ltd.		118,100		78,234
Langham Hospitality Investments and Langham Hospitality Investments Ltd. UNIT		227,000		83,091

	Shares		Value*
NagaCorp Ltd.		150,000	$	94,485
Orient Overseas International Ltd.		27,000		129,235
PCCW Ltd.		201,000		117,495
				578,189
Italy—4.2%
Anima Holding SpA (a)		11,600		100,190
ASTM SpA		9,600		120,499
Cementir Holding SpA		15,300		97,324
Credito Emiliano SpA		14,000		103,456
				421,469
Japan—17.2%
Aida Engineering Ltd.		8,100		83,485
Daihen Corp.		19,000		89,469
DTS Corp.		4,000		91,055
Hitachi Chemical Co., Ltd.		5,200		82,496
Japan Aviation Electronics Industry Ltd.		5,700		81,764
Mitsubishi Shokuhin Co., Ltd.		4,400		108,082
Nippo Corp.		7,000		113,825
Nippon Soda Co., Ltd.		16,000		95,205
Nissha Printing Co., Ltd.		5,000		97,103
Nitto Kogyo Corp.		6,300		110,148
Sankyu, Inc.		17,000		86,731
Shinmaywa Industries Ltd.		11,000		98,569
Shizuoka Gas Co., Ltd.		13,200		83,966
Sumitomo Osaka Cement Co., Ltd.		22,000		80,685
T-Gaia Corp.		7,400		84,199
Takeuchi Manufacturing Co., Ltd.		4,300		87,489
TS Tech Co., Ltd.		3,100		80,176
Yokogawa Electric Corp.		7,800		93,802
Zeon Corp.		12,000		96,551
				1,744,800
Netherlands—2.1%
Aalberts Industries NV		3,000		103,367
ASM International NV		2,700		105,850
				209,217
New Zealand—2.8%
Air New Zealand Ltd.		50,500		101,852
Goodman Property Trust REIT		124,965		105,880
Sky Network Television Ltd.		22,589		70,762
				278,494
Norway—1.7%
Avance Gas Holding Ltd. (a)		7,100		90,947
Borregaard ASA		14,100		78,462
				169,409
Philippines—1.0%
Manila Water Co., Inc.		190,800		100,560
Portugal—0.9%
Portucel S.A.		22,680		88,206
Singapore—0.8%
Lippo Malls Indonesia Retail Trust REIT		370,800		83,684

Schedule of Investments

AllianzGI NFJ International Small-Cap Value Fund

December 31, 2015 (unaudited) (continued)

	Shares		Value*
South Africa—2.6%
Astral Foods Ltd.		8,000	$	60,007
Investec Ltd.		14,082		99,478
JSE Ltd.		12,083		99,769
				259,254
Spain—2.8%
Cia de Distribucion Integral Logista Holdings S.A. (d)		4,675		98,571
Grupo Catalana Occidente S.A.		3,423		118,664
Tecnicas Reunidas S.A.		1,870		70,704
				287,939
Sweden—6.5%
BillerudKorsnas AB		4,100		75,877
Cloetta AB, Class B (e)		43,000		142,064
Dios Fastigheter AB		17,200		124,369
Granges AB		13,000		107,167
Hemfosa Fastigheter AB		8,300		92,215
Swedish Match AB		3,430		121,207
				662,899
Switzerland—2.3%
Cembra Money Bank AG (d)(e)		1,600		102,875
Siegfried Holding AG (e)		661		129,449
				232,324
Taiwan—1.6%
King’s Town Bank Co., Ltd.		115,000		81,549
Wisdom Marine Lines Co., Ltd. (e)		76,000		83,551
				165,100
Thailand—0.8%
Thai Union Group PCL NVDR		172,600		81,993
United Kingdom—20.4%
Berendsen PLC		9,400		149,018
Britvic PLC		12,000		128,570
Close Brothers Group PLC		4,000		78,878
Crest Nicholson Holdings PLC		13,500		110,613
Galliford Try PLC		4,100		92,126
Go-Ahead Group PLC		1,820		71,610
Greene King PLC		6,900		94,461
Hill & Smith Holdings PLC		9,151		102,122
Inchcape PLC		9,351		107,889
Kcom Group PLC		66,941		113,981
Marston’s PLC		42,439		103,885
Morgan Advanced Materials PLC		34,896		127,299
OneSavings Bank PLC		15,200		79,594
Pace PLC (c)		16,200		99,206
PayPoint PLC		7,900		107,320
Pendragon PLC		173,900		119,850
RPS Group PLC		24,100		83,977
Savills PLC		7,871		102,901
Synthomer PLC		20,251		94,591
UBM PLC (d)		12,000		93,005
				2,060,896
Total Investments (cost—$10,341,856) (b)—99.0%				10,010,603
Other assets less liabilities—1.0%				105,775
Net Assets—100.0%			$	10,116,378

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 $7,730,566, representing 76.4% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(c) Fair-Valued—Security with a value of $99,206, representing 1.0% of net assets.

(d) Affiliated security.

(e) Non-income producing.

Glossary:

ADR—American Depositary Receipt

NVDR—Non-Voting Depository Receipt

REIT—Real Estate Investment Trust

UNIT—More than one class of securities traded together.

Schedule of Investments

AllianzGI NFJ International Small-Cap Value Fund

December 31, 2015 (unaudited) (continued)

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

Commercial Services & Supplies	6.1	%
Machinery	6.1	%
Media	5.1	%
Banks	4.7	%
Chemicals	4.4	%
Real Estate Management & Development	4.0	%
Real Estate Investment Trust	3.9	%
Capital Markets	3.5	%
Construction Materials	3.4	%
Diversified Financial Services	3.0	%
Hotels, Restaurants & Leisure	2.9	%
Specialty Retail	2.9	%
Food Products	2.8	%
Electrical Equipment	2.7	%
Auto Components	2.5	%
Diversified Telecommunication Services	2.3	%
IT Services	2.2	%
Marine	2.1	%
Metals & Mining	2.1	%
Insurance	2.0	%
Construction & Engineering	2.0	%
Containers & Packaging	1.8	%
Airlines	1.8	%
Electronic Equipment, Instruments & Components	1.7	%
Paper & Forest Products	1.7	%
Road & Rail	1.6	%
Life Sciences Tools & Services	1.3	%
Beverages	1.3	%
Tobacco	1.2	%
Transportation Infrastructure	1.2	%
Personal Products	1.1	%
Aerospace & Defense	1.1	%
Household Durables	1.1	%
Food & Staples Retailing	1.1	%
Distributors	1.1	%
Semiconductors & Semiconductor Equipment	1.0	%
Internet & Catalog Retail	1.0	%
Consumer Finance	1.0	%
Water Utilities	1.0	%
Communications Equipment	1.0	%
Air Freight & Logistics	1.0	%
Oil, Gas & Consumable Fuels	0.9	%
Gas Utilities	0.8	%
Thrifts & Mortgage Finance	0.8	%
Energy Equipment & Services	0.7	%
Other assets less liabilities	1.0	%
	100.0	%

Schedule of Investments

AllianzGI NFJ International Value II Fund

December 31, 2015 (unaudited)

	Shares		Value*
COMMON STOCK—97.6%
Australia—1.4%
Wesfarmers Ltd.		20,600	$	621,050
Canada—5.4%
Cogeco Cable, Inc.		6,300		281,240
Magna International, Inc.		11,700		474,552
Manulife Financial Corp.		24,200		362,729
Open Text Corp.		8,500		407,405
Power Financial Corp.		23,700		544,841
Shaw Communications, Inc., Class B		19,200		330,048
				2,400,815
Chile—0.5%
Corpbanca S.A. ADR		20,700		242,190
China—4.1%
Belle International Holdings Ltd.		551,000		412,262
China Construction Bank Corp., Class H		935,200		637,944
China Mobile Ltd.		38,300		431,109
PICC Property & Casualty Co., Ltd., Class H		180,000		355,693
				1,837,008
Denmark—1.7%
Danske Bank A/S		16,700		448,099
TDC A/S		64,000		318,659
				766,758
France—8.7%
AXA S.A.		26,700		729,539
Christian Dior SE		2,600		441,642
Cie Generale des Etablissements Michelin		3,800		361,694
CNP Assurances		30,600		412,773
Euronext NV (a)		17,900		918,427
Renault S.A.		4,400		440,420
Sanofi		6,800		579,508
				3,884,003
Germany—1.7%
Deutsche Lufthansa AG (d)		20,786		327,401
Talanx AG		13,400		412,111
				739,512
Hong Kong—8.7%
BOC Hong Kong Holdings Ltd.		150,300		456,401
Cheung Kong Property Holdings Ltd.		58,500		381,063
CK Hutchison Holdings Ltd.		36,500		489,692
First Pacific Co., Ltd.		632,100		418,726
Hang Lung Group Ltd.		76,000		245,973
Jardine Strategic Holdings Ltd.		12,600		343,444
NWS Holdings Ltd.		379,000		561,847
Orient Overseas International Ltd.		56,500		270,437
PCCW Ltd.		745,000		435,494
Yue Yuen Industrial Holdings Ltd.		80,800		273,192
				3,876,269

	Shares		Value*
India—0.9%
ICICI Bank Ltd. ADR		49,600	$	388,368
Ireland—1.3%
Smurfit Kappa Group PLC		21,951		562,188
Israel—1.6%
Israel Chemicals Ltd.		17,670		71,728
Teva Pharmaceutical Industries Ltd. ADR		9,800		643,272
				715,000
Italy—0.8%
ASTM SpA		27,700		347,689
Japan—15.0%
Bandai Namco Holdings, Inc.		20,500		433,106
Bank of Yokohama Ltd.		29,000		177,758
Central Japan Railway Co.		3,400		603,615
Hitachi Chemical Co., Ltd.		19,800		314,120
Isuzu Motors Ltd.		33,700		363,038
Mitsubishi Electric Corp.		45,000		472,358
Mitsui & Co., Ltd.		21,500		255,464
Nippo Corp.		30,000		487,821
Nippon Telegraph & Telephone Corp.		20,800		827,801
NSK Ltd.		37,800		410,732
Osaka Gas Co., Ltd.		113,000		408,149
Sumitomo Chemical Co., Ltd.		60,167		345,544
Sumitomo Metal Mining Co., Ltd.		39,000		473,418
Sumitomo Osaka Cement Co., Ltd.		115,000		421,760
T&D Holdings, Inc.		51,300		676,828
				6,671,512
Korea (Republic of)—1.1%
Korea Electric Power Corp. ADR		23,784		503,507
Mexico—0.8%
America Movil S.A.B. de C.V., Ser. L ADR		26,400		371,184
Netherlands—3.2%
Aegon NV		80,811		457,023
ASM International NV		12,400		486,124
Wolters Kluwer NV		14,263		479,002
				1,422,149
Norway—1.8%
DNB ASA		27,300		336,369
Yara International ASA		10,359		445,523
				781,892
Philippines—1.1%
Manila Water Co., Inc.		914,100		481,770
Russian Federation—0.9%
Lukoil PJSC ADR		13,000		422,305

Schedule of Investments

AllianzGI NFJ International Value II Fund

December 31, 2015 (unaudited) (continued)

	Shares		Value*
Singapore—2.0%
DBS Group Holdings Ltd.		42,836	$	502,016
Mapletree Industrial Trust REIT		366,000		392,355
				894,371
South Africa—0.6%
Sasol Ltd. ADR		10,100		270,882
Spain—0.7%
Mapfre S.A.		123,800		309,891
Sweden—5.6%
Hemfosa Fastigheter AB		32,400		359,970
Nordea Bank AB		39,500		433,384
SKF AB, Class B		32,300		521,687
Swedish Match AB		21,670		765,761
TeliaSonera AB		81,995		407,178
				2,487,980
Switzerland—0.9%
Baloise Holding AG		3,276		415,195
Taiwan—2.1%
Advanced Semiconductor Engineering, Inc. ADR		76,000		430,920
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		21,300		484,575
				915,495
Turkey—1.0%
KOC Holding AS ADR		23,300		438,972
United Kingdom—24.0%
BAE Systems PLC		65,700		483,717
Britvic PLC		45,800		490,711
BT Group PLC		96,800		672,138
Centrica PLC		68,700		220,594
Close Brothers Group PLC		19,300		380,586
Crest Nicholson Holdings PLC		54,878		449,648
Direct Line Insurance Group PLC		94,141		564,291
GlaxoSmithKline PLC		30,468		615,326
Greene King PLC		35,200		481,889
Imperial Tobacco Group PLC		16,200		855,645
Inchcape PLC		32,700		377,282
Man Group PLC		186,480		479,721
Marks & Spencer Group PLC		66,900		445,433
Mondi PLC		19,700		386,134
Old Mutual PLC		147,400		387,759
Persimmon PLC (d)		14,305		426,766
Rio Tinto PLC		10,400		302,799
Royal Dutch Shell PLC, Class A		24,000		543,580
Royal Mail PLC		84,600		554,119
Sky PLC		33,871		555,239
UBM PLC (c)		45,800		354,968
WPP PLC		27,610		635,079
				10,663,424
Total Common Stock (cost—$46,547,179)				43,431,379

	Principal Amount (000s)		Value*
Repurchase Agreements—2.5%
State Street Bank and Trust Co., dated 12/31/15, 0.03%, due 1/4/16, proceeds $1,115,004; collateralized by U.S. Treasury Notes, 2.125%, due 9/30/21, valued at $1,141,875 including accrued interest (cost—$1,115,000)	$	1,115	$	1,115,000
Total Investments (cost—$47,662,179) (b)—100.1%				44,546,379
Liabilities in excess of other assets (e)—(0.1)%				(42,174	)
Net Assets-100.0%			$	44,504,205

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 $35,612,575, representing 80.0% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(c) Affiliated security.

(d) Non-income producing.

Schedule of Investments

AllianzGI NFJ International Value II Fund

December 31, 2015 (unaudited) (continued)

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

Forward currency contracts outstanding at December 31, 2015:

	Counterparty		U.S.$ Value on Origination Date		U.S.$ Value December 31, 2015		Unrealized Appreciation
Purchased:
1,451,287 Japanese Yen settling 1/4/16		Northern Trust Company	$	12,066	$	12,074	$	8
2,213,965 Japanese Yen settling 1/5/16		Northern Trust Company		18,394		18,420		26
2,995,746 Japanese Yen settling 1/6/16		Northern Trust Company		24,847		24,925		78
							$	112

Glossary:

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust

Schedule of Investments

AllianzGI NFJ International Value II Fund

December 31, 2015 (unaudited) (continued)

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

Insurance	12.6	%
Banks	8.1	%
Diversified Telecommunication Services	6.0	%
Media	5.9	%
Pharmaceuticals	4.1	%
Industrial Conglomerates	4.1	%
Tobacco	3.6	%
Semiconductors & Semiconductor Equipment	3.2	%
Diversified Financial Services	3.0	%
Oil, Gas & Consumable Fuels	2.8	%
Chemicals	2.6	%
Textiles, Apparel & Luxury Goods	2.5	%
Real Estate Management & Development	2.2	%
Machinery	2.1	%
Household Durables	2.0	%
Capital Markets	1.9	%
Auto Components	1.9	%
Automobiles	1.8	%
Wireless Telecommunication Services	1.8	%
Metals & Mining	1.7	%
Food & Staples Retailing	1.4	%
Road & Rail	1.4	%
Containers & Packaging	1.3	%
Air Freight & Logistics	1.2	%
Electric Utilities	1.1	%
Beverages	1.1	%
Construction & Engineering	1.1	%
Aerospace & Defense	1.1	%
Hotels, Restaurants & Leisure	1.1	%
Water Utilities	1.1	%
Electrical Equipment	1.1	%
Multi-line Retail	1.0	%
Leisure Products	1.0	%
Construction Materials	1.0	%
Gas Utilities	0.9	%
Software	0.9	%
Real Estate Investment Trust	0.9	%
Paper & Forest Products	0.9	%
Distributors	0.9	%
Transportation Infrastructure	0.8	%
Airlines	0.7	%
Marine	0.6	%
Trading Companies & Distributors	0.6	%
Multi-Utilities	0.5	%
Repurchase Agreements	2.5	%
Liabilities in excess of other assets	(0.1	)%
	100.0	%

Schedule of Investments

AllianzGI Short Duration High Income Fund

December 31, 2015 (unaudited)

	Principal Amount (000s)		Value*
CORPORATE BONDS & NOTES—84.5%
Auto Manufacturers—0.3%
General Motors Financial Co., Inc.,
3.25%, 5/15/18	$	250	$	251,386
4.75%, 8/15/17		1,980		2,053,040
6.75%, 6/1/18		325		352,427
				2,656,853
Banks—0.5%
CIT Group, Inc.,
5.00%, 5/15/17		4,400		4,543,000
Building Materials—2.7%
Louisiana-Pacific Corp.,
7.50%, 6/1/20		22,106		23,045,505
Coal—1.0%
Cloud Peak Energy Resources LLC,
8.50%, 12/15/19		16,150		8,155,750
Commercial Services—1.8%
Hertz Corp.,
7.50%, 10/15/18		12,011		12,281,248
United Rentals North America, Inc.,
8.25%, 2/1/21		2,700		2,838,375
				15,119,623
Computers—0.1%
Seagate HDD Cayman,
3.75%, 11/15/18		1,000		993,364
Containers & Packaging—7.9%
Novelis, Inc.,
8.375%, 12/15/17		25,715		25,136,412
Reynolds Group Issuer, Inc.,
7.125%, 4/15/19		13,967		14,246,340
7.875%, 8/15/19		26,620		27,651,525
				67,034,277
Diversified Financial Services—6.7%
Aircastle Ltd.,
4.625%, 12/15/18		8,041		8,242,025
Alliance Data Systems Corp. (a)(c),
5.25%, 12/1/17		27,277		27,686,155
Ally Financial, Inc.,
3.25%, 11/5/18		8,575		8,435,656
5.50%, 2/15/17		1,175		1,213,188
Fly Leasing Ltd.,
6.75%, 12/15/20		10,523		10,823,958
International Lease Finance Corp.,
2.462%, 6/15/16 (e)		350		350,000
6.75%, 9/1/16 (a)(c)		195		200,606
				56,951,588
Electric Utilities—2.4%
NRG Energy, Inc.,
8.25%, 9/1/20		21,150		20,621,250
Entertainment—3.1%
Scientific Games Corp.,
8.125%, 9/15/18		35,681		26,225,535

	Principal Amount (000s)		Value*
Food & Beverage—2.1%
Bumble Bee Holdings, Inc. (a)(c),
9.00%, 12/15/17	$	17,422	$	17,683,330
Healthcare-Products—0.9%
Mallinckrodt International Finance S.A. (a)(c),
4.875%, 4/15/20		8,000		7,740,000
Home Builders—7.7%
Brookfield Residential Properties, Inc. (a)(c),
6.50%, 12/15/20		26,478		25,650,563
Lennar Corp.,
4.50%, 11/15/19		775		791,953
Meritage Homes Corp.,
4.50%, 3/1/18		8,840		8,884,200
TRI Pointe Holdings, Inc.,
4.375%, 6/15/19		3,500		3,438,750
William Lyon Homes, Inc.,
8.50%, 11/15/20		24,915		26,472,187
				65,237,653
Internet—1.9%
j2 Global, Inc.,
8.00%, 8/1/20		15,095		15,849,750
Iron/Steel—1.8%
ArcelorMittal,
5.125%, 6/1/20		15,250		12,733,750
10.85%, 6/1/19		2,850		2,686,125
				15,419,875
Leisure Time—0.5%
NCL Corp., Ltd. (a)(c),
4.625%, 11/15/20		4,753		4,677,998
Machinery-Diversified—1.5%
Case New Holland Industrial, Inc.,
7.875%, 12/1/17		6,250		6,640,625
CNH Industrial Capital LLC,
3.25%, 2/1/17		6,222		6,190,890
				12,831,515
Media—4.3%
AMC Networks, Inc.,
7.75%, 7/15/21		3,405		3,592,275
Cablevision Systems Corp.,
7.75%, 4/15/18		8,895		9,273,037
8.625%, 9/15/17		6,500		6,857,500
CCO Holdings LLC,
7.00%, 1/15/19		5,723		5,851,767
7.375%, 6/1/20		4,750		4,957,813
CSC Holdings LLC,
7.625%, 7/15/18		3,657		3,858,135
7.875%, 2/15/18		1,743		1,838,865
				36,229,392
Mining—1.1%
Alcoa, Inc.,
6.75%, 7/15/18		8,900		9,589,305
Miscellaneous Manufacturing—1.9%
LSB Industries, Inc.,
7.75%, 8/1/19		18,975		15,844,125

Schedule of Investments

AllianzGI Short Duration High Income Fund

December 31, 2015 (unaudited) (continued)

	Principal Amount (000s)		Value*
Oil, Gas & Consumable Fuels—7.0%
AmeriGas Partners L.P.,
6.25%, 8/20/19	$	24,815	$	23,884,437
Hiland Partners L.P. (a)(c),
7.25%, 10/1/20		8,550		8,646,188
Light Tower Rentals, Inc. (a)(c),
8.125%, 8/1/19		10,000		5,150,000
NGL Energy Partners LP,
5.125%, 7/15/19		26,961		21,433,995
				59,114,620
Pharmaceuticals—4.3%
Valeant Pharmaceuticals International, Inc. (a)(c),
5.375%, 3/15/20		4,500		4,252,500
7.00%, 10/1/20		31,808		31,887,520
				36,140,020
Pipelines—7.0%
Crestwood Midstream Partners L.P.,
6.00%, 12/15/20		2,635		1,949,900
Kinder Morgan Finance Co. LLC (a)(c),
6.00%, 1/15/18		7,075		7,137,444
Sabine Pass LNG L.P.,
7.50%, 11/30/16		31,514		31,514,000
SemGroup Corp.,
7.50%, 6/15/21		5,950		5,355,000
Targa Resources Partners L.P. (a)(c),
5.00%, 1/15/18		14,910		13,866,300
				59,822,644
Retail—2.0%
GameStop Corp. (a)(c),
5.50%, 10/1/19		17,390		17,194,362
Software—1.6%
ACI Worldwide, Inc. (a)(c),
6.375%, 8/15/20		12,700		13,128,625
First Data Corp. (a)(c),
6.75%, 11/1/20		750		788,438
				13,917,063
Telecommunications—12.4%
Frontier Communications Corp.,
7.125%, 3/15/19		5,900		5,928,910
8.875%, 9/15/20 (a)(c)		16,600		16,849,000
Intelsat Jackson Holdings S.A.,
7.25%, 4/1/19		22,810		21,042,225
Sprint Capital Corp.,
6.90%, 5/1/19		21,850		17,917,000
Sprint Communications, Inc.,
8.375%, 8/15/17		1,537		1,521,630
T-Mobile USA, Inc.,
6.464%, 4/28/19		30,096		31,068,703
ViaSat, Inc.,
6.875%, 6/15/20		8,379		8,703,686
Windstream Services LLC,
7.875%, 11/1/17		2,575		2,647,126
				105,678,280
Total Corporate Bonds & Notes (cost—$773,441,420)				718,316,677

	Principal Amount (000s)		Value*
SENIOR LOANS (a)(b)—12.7%
Commercial Services & Supplies—5.3%
Asurion LLC,
5.00%, 5/24/19, Term B1	$	4,588	$	4,338,269
5.00%, 8/4/22, Term B4		7,463		6,896,596
8.50%, 3/3/21, 2nd Lien		40,000		34,325,000
				45,559,865
Diversified Telecommunication Services—0.3%
Level 3 Financing, Inc., Term B,
4.00%, 8/1/19		2,400		2,400,000
Financial Services—1.8%
Delos Finance Sarl, Term B,
3.50%, 3/6/21		15,000		14,964,375
IT Services—0.2%
First Data Corp., Term C1 (d),
3.918%, 3/24/18		2,000		1,977,500
Media—1.4%
Numericable U.S. LLC,
4.75%, 1/31/23		9,000		8,676,000
Univision Communications, Inc., Term C4 (d),
4.00%, 3/1/20		3,000		2,943,126
				11,619,126
Real Estate Investment Trust—2.2%
Communications Sales & Leasing, Inc., Term B,
5.00%, 10/24/22		20,398		18,982,423
Specialty Retail—1.5%
J Crew Group, Inc., Term B,
4.00%, 3/5/21		6,420		4,175,768
PetSmart, Inc., Term B (d),
4.25%, 3/10/22		8,950		8,744,427
				12,920,195
Total Senior Loans (cost—$118,808,489)				108,423,484
Repurchase Agreements—2.0%
State Street Bank and Trust Co., dated 12/31/15, 0.03%, due 1/4/16, proceeds $16,951,057; collateralized by U.S. Treasury Notes, 2.125%, due 9/30/21, valued at $17,290,525 including accrued interest (cost—$16,951,000)		16,951		16,951,000
Total Investments (cost—$909,200,909)—99.2%				843,691,161
Other assets less liabilities—0.8%				6,444,278
Net Assets—100.0%			$	850,135,439

Schedule of Investments

AllianzGI Short Duration High Income Fund

December 31, 2015 (unaudited) (continued)

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 $289,435,515, representing 34.0% 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 December 31, 2015.

(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.

(d) When-issued or delayed-delivery. To be settled/delivered after December 31, 2015.

(e) Variable or Floating Rate Security—Security with an interest rate that changes periodically. The interest rate disclosed reflects the rate in effect on December 31, 2015.

Schedule of Investments

AllianzGI Structured Return Fund

December 31, 2015 (unaudited)

	Shares		Value*
EXCHANGE-TRADED FUNDS—88.7%
SPDR S&P 500 (a) (cost—$73,980,552)		367,000	$	74,827,630
	Principal Amount (000s)
Repurchase Agreements—11.1%
State Street Bank and Trust Co., dated 12/31/15, 0.03%, due 1/4/16, proceeds $9,402,031; collateralized by U.S. Treasury Notes, 2.125%, due 9/30/21, valued at $9,591,750 including accrued interest (cost—$9,402,000)	$	9,402		9,402,000
	Contracts
OPTIONS PURCHASED (b)(c)—0.1%
Call Options—0.0%
S&P 500 Index,
strike price $2,275.00, expires 1/15/16		80		1,200
strike price $2,075.00, expires 1/22/16		10		13,800
strike price $2,275.00, expires 1/22/16		100		1,500
strike price $2,300.00, expires 1/22/16		41		465
strike price $2,100.00, expires 1/29/16		10		9,000
strike price $2,275.00, expires 1/29/16		125		1,875
strike price $2,350.00, expires 1/29/16		41		465
				28,305
Put Options—0.1%
S&P 500 Index,
strike price $1,300.00, expires 1/8/16		57		713
strike price $1,675.00, expires 1/8/16		350		6,125
strike price $1,300.00, expires 1/22/16		15		225
strike price $1,975.00, expires 1/22/16		10		12,600
strike price $1,300.00, expires 1/29/16		15		300
strike price $2,025.00, expires 1/29/16		10		29,950
				49,913
Total Options Purchased (cost—$91,235)				78,218
Total Investments, before options written (cost—$83,473,787)—99.9%				84,307,848

	Contracts		Value*
OPTIONS WRITTEN (b)(c)—(4.6)%
Call Options—(4.5)%
S&P 500 Index,
strike price $1,965.00, expires 1/15/16		80	$	(680,400	)
strike price $1,950.00, expires 1/22/16		31		(312,635	)
strike price $1,955.00, expires 1/22/16		100		(965,500	)
strike price $2,125.00, expires 1/22/16		20		(3,800	)
strike price $1,935.00, expires 1/29/16		156		(1,836,900	)
strike price $2,130.00, expires 1/29/16		20		(6,000	)
				(3,805,235	)
Put Options—(0.1)%
S&P 500 Index,
strike price $1,825.00, expires 1/8/16		15		(525	)
strike price $1,840.00, expires 1/8/16		8		(280	)
strike price $1,850.00, expires 1/8/16		30		(900	)
strike price $1,855.00, expires 1/8/16		10		(400	)
strike price $1,865.00, expires 1/8/16		15		(750	)
strike price $1,870.00, expires 1/8/16		10		(450	)
strike price $1,900.00, expires 1/8/16		10		(850	)
strike price $1,905.00, expires 1/8/16		15		(975	)
strike price $1,950.00, expires 1/15/16		12		(6,720	)
strike price $1,925.00, expires 1/22/16		20		(12,500	)
strike price $1,975.00, expires 1/29/16		20		(34,600	)
				(58,950	)
Total Options Written (premiums received—$4,546,477)				(3,864,185	)
Total Investments, net of options written (cost—$78,927,310)—95.3%				80,443,663
Other assets less other liabilities—4.7%				3,949,818
Net Assets—100.0%			$	84,393,481

Schedule of Investments

AllianzGI Structured Return Fund

December 31, 2015 (unaudited) (continued)

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.

(d) Transactions in options written for the three months ended December 31, 2015:

	Contracts			Premiums
Options outstanding, September 30, 2015		1,393		$	7,717,110
Options written		3,159			17,267,796
Options terminated in closing transactions		(1,640	)		(16,345,323	)
Options expired		(2,340	)		(4,093,106	)
Options outstanding, December 31, 2015		572		$	4,546,477

(e) At December 31, 2015, the Fund pledged $4,317,147 in cash as collateral for derivatives.

Schedule of Investments

AllianzGI U.S. Equity Hedged Fund

December 31, 2015 (unaudited)

	Shares		Value*
EXCHANGE-TRADED FUNDS—95.2%
SPDR S&P 500 (a) (cost—$8,068,630)		39,000	$	7,951,710
	Principal Amount (000s)
Repurchase Agreements—2.3%
State Street Bank and Trust Co., dated 12/31/15, 0.03%, due 1/4/16, proceeds $193,001; collateralized by Freddie Mac, 2.12%, due 6/2/21, valued at $200,000 including accrued interest (cost—$193,000)	$	193		193,000
	Contracts
OPTIONS PURCHASED (b)(c)—2.4%
Call Options—0.0%
S&P 500 Index,
strike price $2,300.00, expires 1/29/16		20		400
Put Options—2.4%
S&P 500 Index,
strike price $1,875.00, expires 1/15/16		3		525
strike price $1,900.00, expires 1/15/16		4		1,020
strike price $1,900.00, expires 3/31/16		7		22,015
strike price $1,875.00, expires 6/17/16		3		15,405
strike price $1,900.00, expires 6/17/16		4		22,700
strike price $1,700.00, expires 9/30/16		4		17,300
strike price $1,825.00, expires 12/16/16		7		57,155
strike price $1,875.00, expires 12/30/16		7		67,235
				203,355
Total Options Purchased (cost—$365,493)				203,755
Total Investments, before options written (cost—$8,627,123)—99.9%				8,348,465
OPTIONS WRITTEN (b)(c)—(0.2)%
Call Options—(0.2)%
S&P 500 Index,
strike price $2,120.00, expires 1/29/16 (premiums received—$26,468)		39		(17,550	)
Total Investments, net of options written (cost—$8,600,655)—99.7%				8,330,915
Other assets less other liabilities—0.3%				21,674
Net Assets—100.0%			$	8,352,589

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.

(d) Transactions in options written for the three months ended December 31, 2015:

	Contracts			Premiums
Options outstanding, September 30, 2015		151		$	106,405
Options written		417			347,195
Options terminated in closing transactions		(103	)		(39,427	)
Options expired		(426	)		(387,705	)
Options outstanding, December 31, 2015		39		$	26,468

(e) At December 31, 2015, the Fund pledged $44,944 in cash as collateral for derivatives.

Schedule of Investments

AllianzGI U.S. Small-Cap Growth Fund

December 31, 2015 (unaudited)

	Shares		Value*
COMMON STOCK—97.8%
Auto Components—1.5%
Cooper-Standard Holding, Inc. (b)		1,679	$	130,274
Motorcar Parts of America, Inc. (b)		7,953		268,891
				399,165
Banks—8.2%
Ameris Bancorp		6,466		219,779
Bank of the Ozarks, Inc.		8,072		399,241
Cathay General Bancorp		10,699		335,200
Eagle Bancorp, Inc. (b)		5,021		253,410
PrivateBancorp, Inc.		10,011		410,651
South State Corp.		3,605		259,380
Western Alliance Bancorp (b)		10,146		363,836
				2,241,497
Biotechnology—5.9%
BioSpecifics Technologies Corp. (b)		3,228		138,707
Cara Therapeutics, Inc. (b)		7,557		127,411
Celldex Therapeutics, Inc. (b)		7,260		113,837
Eagle Pharmaceuticals, Inc. (b)		3,794		336,414
Ligand Pharmaceuticals, Inc., Class B (b)		3,177		344,450
Prothena Corp. PLC (b)		1,909		130,022
Repligen Corp. (b)		5,084		143,827
Synergy Pharmaceuticals, Inc. (b)		22,078		125,182
Ultragenyx Pharmaceutical, Inc. (b)		1,532		171,860
				1,631,710
Building Products—4.3%
American Woodmark Corp. (b)		3,722		297,686
Builders FirstSource, Inc. (b)		19,171		212,415
Gibraltar Industries, Inc. (b)		7,816		198,839
Patrick Industries, Inc. (b)		5,303		230,680
PGT, Inc. (b)		20,382		232,151
				1,171,771
Capital Markets—1.4%
Cowen Group, Inc., Class A (b)		47,374		181,442
HFF, Inc., Class A		6,422		199,532
				380,974
Chemicals—0.6%
PolyOne Corp.		5,014		159,245
Commercial Services & Supplies—0.5%
Knoll, Inc.		7,697		144,704
Construction & Engineering—2.4%
Granite Construction, Inc.		5,708		244,930
MasTec, Inc. (b)		11,086		192,675
Primoris Services Corp.		10,579		233,055
				670,660
Construction Materials—1.7%
Summit Materials, Inc., Class A (b)		8,808		176,512
U.S. Concrete, Inc. (b)		5,444		286,681
				463,193

	Shares		Value*
Containers & Packaging—0.7%
Berry Plastics Group, Inc. (b)		5,538	$	200,365
Distributors—1.2%
Core-Mark Holding Co., Inc.		4,170		341,690
Diversified Telecommunication Services—1.6%
8x8, Inc. (b)		23,009		263,453
Vonage Holdings Corp. (b)		32,838		188,490
				451,943
Electronic Equipment, Instruments & Components—1.3%
ePlus, Inc. (b)		1,917		178,779
TTM Technologies, Inc. (b)		27,578		179,533
				358,312
Energy Equipment & Services—1.5%
Bristow Group, Inc.		6,600		170,940
McDermott International, Inc. (b)		42,027		140,790
Unit Corp. (b)		9,090		110,898
				422,628
Health Care Equipment & Supplies—4.5%
Cantel Medical Corp.		2,178		135,341
Cynosure, Inc., Class A (b)		7,622		340,475
Globus Medical, Inc., Class A (b)		6,541		181,970
Inogen, Inc. (b)		6,468		259,302
K2M Group Holdings, Inc. (b)		8,481		167,415
Vascular Solutions, Inc. (b)		4,302		147,946
				1,232,449
Health Care Providers & Services—5.5%
Acadia Healthcare Co., Inc. (b)		6,291		392,936
Aceto Corp.		8,114		218,916
AMN Healthcare Services, Inc. (b)		7,352		228,280
Amsurg Corp. (b)		3,771		286,596
BioTelemetry, Inc. (b)		14,372		167,865
Providence Service Corp. (b)		4,757		223,198
				1,517,791
Health Care Technology—1.5%
Allscripts Healthcare Solutions, Inc. (b)		14,552		223,810
Omnicell, Inc. (b)		6,048		187,972
				411,782
Hotels, Restaurants & Leisure—4.9%
Cheesecake Factory, Inc.		5,565		256,602
Diamond Resorts International, Inc. (b)		5,831		148,749
Penn National Gaming, Inc. (b)		13,150		210,663
Six Flags Entertainment Corp.		4,272		234,703
Sonic Corp.		8,771		283,391
Texas Roadhouse, Inc.		6,079		217,446
				1,351,554
Household Durables—3.4%
Cavco Industries, Inc. (b)		2,568		213,940
Helen of Troy Ltd. (b)		2,752		259,376
Installed Building Products, Inc. (b)		9,265		230,050
LGI Homes, Inc. (b)		9,190		223,593
				926,959

Schedule of Investments

AllianzGI U.S. Small-Cap Growth Fund

December 31, 2015 (unaudited) (continued)

	Shares		Value*
Insurance—3.3%
AMERISAFE, Inc.		6,414	$	326,472
Hanover Insurance Group, Inc.		4,032		327,963
National General Holdings Corp.		11,987		262,036
				916,471
Internet Software & Services—2.8%
Autobytel, Inc. (a)(b)		8,299		187,225
Monster Worldwide, Inc. (b)		30,922		177,183
SPS Commerce, Inc. (b)		3,314		232,676
Wix.com Ltd. (b)		7,752		176,358
				773,442
IT Services—3.1%
Convergys Corp.		12,310		306,396
Euronet Worldwide, Inc. (b)		4,598		333,033
MAXIMUS, Inc.		3,855		216,844
				856,273
Life Sciences Tools & Services—3.8%
Albany Molecular Research, Inc. (b)		13,598		269,920
Cambrex Corp. (b)		6,115		287,956
ICON PLC (b)		3,433		266,744
PAREXEL International Corp. (b)		3,311		225,545
				1,050,165
Marine—0.7%
Matson, Inc.		4,199		179,003
Metals & Mining—1.1%
Kaiser Aluminum Corp.		3,461		289,547
Oil, Gas & Consumable Fuels—3.3%
Diamondback Energy, Inc. (b)		2,571		172,000
Matador Resources Co. (b)		8,136		160,849
PDC Energy, Inc. (b)		3,530		188,431
Synergy Resources Corp. (b)		14,677		125,048
Teekay Tankers Ltd., Class A		36,576		251,643
				897,971
Pharmaceuticals—4.4%
ANI Pharmaceuticals, Inc. (b)		3,043		137,315
Impax Laboratories, Inc. (b)		4,761		203,580
Intersect ENT, Inc. (b)		9,008		202,680
Intra-Cellular Therapies, Inc. (b)		4,007		215,537
Phibro Animal Health Corp., Class A		9,164		276,111
Supernus Pharmaceuticals, Inc. (b)		13,422		180,392
				1,215,615
Professional Services—1.8%
Kforce, Inc.		9,480		239,654
On Assignment, Inc. (b)		5,762		259,002
				498,656
Real Estate Management & Development—0.7%
Kennedy-Wilson Holdings, Inc.		8,179		196,950

	Shares		Value*
Semiconductors & Semiconductor Equipment—5.2%
Cypress Semiconductor Corp. (b)		22,694	$	222,628
Inphi Corp. (b)		6,807		183,925
Kulicke & Soffa Industries, Inc. (b)		16,461		192,100
MaxLinear, Inc., Class A (b)		19,973		294,202
Microsemi Corp. (b)		6,157		200,657
Synaptics, Inc. (b)		1,298		104,282
Tower Semiconductor Ltd. (b)		17,302		243,266
				1,441,060
Software—9.0%
ACI Worldwide, Inc. (b)		12,380		264,932
Cadence Design Systems, Inc. (b)		8,883		184,855
Callidus Software, Inc. (b)		14,193		263,564
Gigamon, Inc. (b)		6,844		181,845
Guidewire Software, Inc. (b)		3,612		217,298
Paylocity Holding Corp. (b)		4,043		163,944
Proofpoint, Inc. (b)		2,451		159,339
PTC, Inc. (b)		4,557		157,809
RingCentral, Inc., Class A (b)		8,551		201,633
Take-Two Interactive Software, Inc. (b)		9,386		327,008
Ultimate Software Group, Inc. (b)		1,834		358,565
				2,480,792
Specialty Retail—1.2%
Ascena Retail Group, Inc. (b)		14,437		142,205
Sportsman’s Warehouse Holdings, Inc. (b)		14,228		183,541
				325,746
Technology Hardware, Storage & Peripherals—1.0%
Electronics for Imaging, Inc. (b)		6,013		281,048
Thrifts & Mortgage Finance—1.2%
LendingTree, Inc. (b)		3,526		314,801
Trading Companies & Distributors—1.4%
Air Lease Corp.		5,412		181,194
Aircastle Ltd.		9,461		197,640
				378,834
Transportation Infrastructure—1.2%
Macquarie Infrastructure Corp.		4,386		318,424
Total Common Stock (cost—$22,005,028)				26,893,190

Schedule of Investments

AllianzGI U.S. Small-Cap Growth Fund

December 31, 2015 (unaudited) (continued)

	Principal Amount (000s)		Value*
Repurchase Agreements—2.0%
State Street Bank and Trust Co., dated 12/31/15, 0.03%, due 1/4/16, proceeds $536,002; collateralized by U.S. Treasury Notes, 2.125%, due 9/30/21, valued at $548,100 including accrued interest (cost—$536,000)	$	536	$	536,000
Total Investments (cost—$22,541,028)—99.8%				27,429,190
Other assets less liabilities—0.2%				47,387
Net Assets—100.0%			$	27,476,577

Notes to Schedule of Investments:

(a) Affiliated security.

(b) Non-income producing.

Schedule of Investments

AllianzGI Ultra Micro Cap Fund

December 31, 2015 (unaudited)

	Shares		Value*
COMMON STOCK—99.1%
Air Freight & Logistics—0.4%
Radiant Logistics, Inc. (b)		89,655	$	307,517
Auto Components—1.6%
Motorcar Parts of America, Inc. (b)		38,262		1,293,638
Banks—6.8%
Franklin Financial Network, Inc. (b)		36,541		1,146,657
Heritage Commerce Corp.		81,591		975,828
Pacific Continental Corp.		29,753		442,725
Park Sterling Corp.		89,885		657,958
Preferred Bank		26,476		874,237
Southwest Bancorp, Inc.		51,329		897,231
Suffolk Bancorp		17,191		487,365
				5,482,001
Biotechnology—8.7%
Anthera Pharmaceuticals, Inc. (b)		67,177		311,701
BioSpecifics Technologies Corp. (b)		15,957		685,672
Cara Therapeutics, Inc. (b)		41,992		707,985
Catalyst Pharmaceuticals, Inc. (b)		172,370		422,307
Chiasma, Inc. (b)		17,118		334,999
Concert Pharmaceuticals, Inc. (b)		28,548		541,556
Eagle Pharmaceuticals, Inc. (b)		14,053		1,246,080
Fate Therapeutics, Inc. (b)		86,240		290,629
Flexion Therapeutics, Inc. (b)		24,765		477,222
La Jolla Pharmaceutical Co. (b)		18,349		495,423
Pfenex, Inc. (b)		35,788		443,055
Repligen Corp. (b)		38,446		1,087,637
				7,044,266
Building Products—2.0%
Patrick Industries, Inc. (b)		36,850		1,602,975
Chemicals—0.9%
American Vanguard Corp.		53,487		749,353
Communications Equipment—1.2%
ShoreTel, Inc. (b)		108,221		957,756
Construction & Engineering—1.0%
NV5 Global, Inc. (b)		35,402		778,136
Construction Materials—1.6%
U.S. Concrete, Inc. (b)		24,516		1,291,012
Diversified Consumer Services—2.2%
Cambium Learning Group, Inc. (b)		97,088		470,877
Carriage Services, Inc.		54,741		1,319,258
				1,790,135
Diversified Telecommunication Services—2.0%
8x8, Inc. (b)		77,446		886,757
inContact, Inc. (b)		76,552		730,306
				1,617,063

	Shares		Value*
Electrical Equipment—1.2%
LSI Industries, Inc.		80,662	$	983,270
Electronic Equipment, Instruments & Components—0.9%
ePlus, Inc. (b)		8,106		755,965
Energy Equipment & Services—0.5%
Independence Contract Drilling, Inc. (b)		85,543		431,992
Food Products—1.7%
John B Sanfilippo & Son, Inc.		26,030		1,406,401
Health Care Equipment & Supplies—11.6%
AtriCure, Inc. (b)		40,171		901,437
Avinger, Inc. (b)		31,390		712,867
Cynosure, Inc., Class A (b)		26,215		1,171,024
Inogen, Inc. (b)		31,014		1,243,351
iRadimed Corp. (b)		28,081		787,110
LeMaitre Vascular, Inc.		74,249		1,280,795
Rockwell Medical, Inc. (b)		59,508		609,362
RTI Surgical, Inc. (b)		132,218		524,906
SurModics, Inc. (b)		28,651		580,756
Trinity Biotech PLC ADR		36,251		426,312
Vascular Solutions, Inc. (b)		33,319		1,145,840
				9,383,760
Health Care Providers & Services—6.3%
Aceto Corp.		37,990		1,024,970
BioTelemetry, Inc. (b)		81,552		952,528
Cross Country Healthcare, Inc. (b)		73,649		1,207,107
Providence Service Corp. (b)		20,800		975,936
RadNet, Inc. (b)		86,068		531,900
Sharps Compliance Corp. (b)		50,321		437,793
				5,130,234
Hotels, Restaurants & Leisure—4.5%
Carrols Restaurant Group, Inc. (b)		90,398		1,061,272
Eldorado Resorts, Inc. (b)		66,223		728,453
Good Times Restaurants, Inc. (b)		87,421		419,621
Kona Grill, Inc. (b)		32,979		523,047
Papa Murphy’s Holdings, Inc. (b)		38,653		435,233
Red Lion Hotels Corp. (b)		67,844		475,586
				3,643,212
Household Durables—2.2%
Century Communities, Inc. (b)		39,759		704,132
LGI Homes, Inc. (b)		44,552		1,083,950
				1,788,082
Insurance—2.7%
Atlas Financial Holdings, Inc. (b)		50,692		1,008,771
Federated National Holding Co.		40,064		1,184,292
				2,193,063

Schedule of Investments

AllianzGI Ultra Micro Cap Fund

December 31, 2015 (unaudited) (continued)

	Shares		Value*
Internet Software & Services—5.9%
Autobytel, Inc. (a)(b)		69,075	$	1,558,332
Five9, Inc. (b)		55,595		483,677
GTT Communications, Inc. (b)		40,557		691,903
Internap Corp. (b)		88,846		568,614
Limelight Networks, Inc. (b)		212,863		310,780
Reis, Inc.		23,541		558,628
TechTarget, Inc. (b)		70,313		564,613
				4,736,547
IT Services—2.5%
Hackett Group, Inc.		83,856		1,347,566
Information Services Group, Inc.		174,881		633,069
				1,980,635
Leisure Equipment & Products—1.2%
Nautilus, Inc. (b)		59,637		997,131
Life Sciences Tools & Services—3.2%
Albany Molecular Research, Inc. (b)		71,503		1,419,334
NeoGenomics, Inc. (b)		153,347		1,206,841
				2,626,175
Machinery—1.1%
NN, Inc.		20,295		323,502
Xerium Technologies, Inc. (b)		47,876		567,331
				890,833
Media—2.7%
Carmike Cinemas, Inc. (b)		34,640		794,642
Entravision Communications Corp., Class A		115,306		889,009
Reading International, Inc., Class A (b)		36,229		474,962
				2,158,613
Metals & Mining—0.4%
Real Industry, Inc. (b)		35,160		282,335
Oil, Gas & Consumable Fuels—1.2%
Bill Barrett Corp. (b)		46,015		180,839
Evolution Petroleum Corp.		48,271		232,183
Ring Energy, Inc. (b)		74,438		524,788
				937,810
Pharmaceuticals—6.0%
ANI Pharmaceuticals, Inc. (b)		17,956		810,264
Cempra, Inc. (b)		22,238		692,269
Heska Corp. (b)		17,721		685,448
Intersect ENT, Inc. (b)		26,917		605,633
Lipocine, Inc. (b)		31,916		412,674
Marinus Pharmaceuticals, Inc. (b)		31,981		244,335
Supernus Pharmaceuticals, Inc. (b)		43,876		589,693
Teligent, Inc. (b)		93,340		830,726
				4,871,042

	Shares		Value*
Professional Services—0.9%
GP Strategies Corp. (b)		29,887	$	750,462
Road & Rail—1.2%
Covenant Transportation Group, Inc., Class A (b)		24,168		456,534
PAM Transportation Services, Inc. (b)		18,243		503,324
				959,858
Semiconductors & Semiconductor Equipment—4.6%
Cascade Microtech, Inc. (b)		40,301		654,891
GigOptix, Inc. (b)		268,047		814,863
MaxLinear, Inc., Class A (b)		91,328		1,345,262
Tower Semiconductor Ltd. (b)		65,503		920,972
				3,735,988
Software—3.2%
Attunity Ltd. (b)		55,009		607,850
Park City Group, Inc. (b)		76,431		910,293
QAD, Inc., Class A		24,162		495,804
Telenav, Inc. (b)		98,501		560,471
				2,574,418
Specialty Retail—1.6%
Kirkland’s, Inc.		35,200		510,400
Sportsman’s Warehouse Holdings, Inc. (b)		63,451		818,518
				1,328,918
Technology Hardware, Storage & Peripherals—0.8%
USA Technologies, Inc. (b)		197,264		607,573
Textiles, Apparel & Luxury Goods—0.5%
Cherokee, Inc. (b)		23,305		402,011
Thrifts & Mortgage Finance—1.4%
LendingTree, Inc. (b)		13,053		1,165,372
Wireless Telecommunication Services—0.7%
Boingo Wireless, Inc. (b)		79,774		528,104
Total Common Stock (cost—$60,103,700)				80,163,656
	Principal Amount (000s)
Repurchase Agreements—1.1%
State Street Bank and Trust Co., dated 12/31/15, 0.03%, due 1/4/16, proceeds $856,003; collateralized by U.S. Treasury Notes, 2.125%, due 9/30/21, valued at $877,975 including accrued interest (cost—$856,000)	$	856		856,000
Total Investments (cost—$60,959,700)—100.2%				81,019,656
Liabilities in excess of other assets—(0.2)%				(186,027	)
Net Assets—100.0%			$	80,833,629

Schedule of Investments

AllianzGI Ultra Micro Cap Fund

December 31, 2015 (unaudited) (continued)

Notes to Schedule of Investments:

(a) Affiliated security.

(b) Non-income producing.

Glossary:

ADR—American Depositary Receipt

* 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 mutual funds are valued at the net asset value per share (“NAV”) 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 (including in cases where available market quotations are deemed to be unreliable), and has delegated primary responsibility for applying the valuation methods to Allianz Global Investors Fund Management LLC (the “Investment Manager”) and the Funds’ sub-advisers Allianz Global Investors U.S. LLC and NFJ Investment Group LLC, each an affiliate of the Investment Manager (collectively 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 identifies to the Investment Manager circumstances and events that may require fair valuation. The Investment Manager, in turn, determines if adjustments should be made in light of market changes, events affecting the issuer or other factors. If the Investment Manager (in consultation with the Sub-Advisers) 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 premiums or discounts 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. The NAV of each share class of a Fund is normally determined as of the close of regular trading (normally, 4:00 p.m. Eastern Time) on the NYSE on each day the NYSE is open for business.

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.

Fair Value Measurements

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

• Level 1—quoted prices in active markets for identical investments that the Funds have the ability to access

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

• Level 3—valuations based on significant unobservable inputs (including the 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 three months ended December 31, 2015 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 accounting principles generally accepted in the United States of America.

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.

Government Sponsored Enterprise and Mortgage-Backed Securities—Government sponsored enterprise and mortgage-backed securities are valued by independent pricing services using pricing models based on inputs that include issuer type, coupon, cash flows, mortgage prepayment projection tables and Adjustable Rate Mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. To the extent that these inputs are observable, the values of government sponsored enterprise and mortgage-backed securities 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 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.

Credit Default Swaps—OTC credit default swaps are valued by independent pricing services using pricing models that take into account, among other factors, information received from market makers and broker/dealers, default probabilities from index specific credit spread curves, recovery rates, and cash flows. To the extent that these inputs are observable, the values of credit default swaps 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 December 31, 2015 in valuing each Fund’s assets and liabilities is listed below (refer to the Schedules of Investments and Notes to Schedules of Investments for more detailed information on Investments in Securities and Other Financial Instruments):

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 12/31/15
AllianzGI Retirement 2015:
Investments in Securities—Assets
Mutual Funds	$	19,279,456	$	—	$	—	$	19,279,456
Exchange-Traded Funds		7,931,924		—		—		7,931,924
Repurchase Agreements		—		276,000		—		276,000
		27,211,380		276,000		—		27,487,380
Other Financial Instruments*—Assets
Foreign Exchange Contracts		2,180		—		—		2,180
Totals	$	27,213,560	$	276,000	$	—	$	27,489,560
AllianzGI Retirement 2020:
Investments in Securities—Assets
Mutual Funds	$	38,882,094	$	—	$	—	$	38,882,094
Exchange-Traded Funds		15,246,062		—		—		15,246,062
Repurchase Agreements		—		656,000		—		656,000
		54,128,156		656,000		—		54,784,156
Other Financial Instruments*—Assets
Foreign Exchange Contracts		6,579		—		—		6,579
Totals	$	54,134,735	$	656,000	$	—	$	54,790,735
AllianzGI Retirement 2025:
Investments in Securities—Assets
Mutual Funds	$	44,751,535	$	—	$	—	$	44,751,535
Exchange-Traded Funds		14,955,874		—		—		14,955,874
Repurchase Agreements		—		1,161,000		—		1,161,000
		59,707,409		1,161,000		—		60,868,409
Other Financial Instruments*—Assets
Foreign Exchange Contracts		9,845		—		—		9,845
Totals	$	59,717,254	$	1,161,000	$	—	$	60,878,254
AllianzGI Retirement 2030:
Investments in Securities—Assets
Mutual Funds	$	48,738,402	$	—	$	—	$	48,738,402
Exchange-Traded Funds		13,319,478		—		—		13,319,478
Repurchase Agreements		—		905,000		—		905,000
		62,057,880		905,000		—		62,962,880
Other Financial Instruments*—Assets
Foreign Exchange Contracts		12,015		—		—		12,015
Totals	$	62,069,895	$	905,000	$	—	$	62,974,895

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 12/31/15
AllianzGI Retirement 2035:
Investments in Securities—Assets
Mutual Funds	$	38,576,686	$	—	$	—	$	38,576,686
Exchange-Traded Funds		9,937,485		—		—		9,937,485
Repurchase Agreements		—		653,000		—		653,000
		48,514,171		653,000		—		49,167,171
Other Financial Instruments*—Assets
Foreign Exchange Contracts		12,025		—		—		12,025
Totals	$	48,526,196	$	653,000	$	—	$	49,179,196
AllianzGI Retirement 2040:
Investments in Securities—Assets
Mutual Funds	$	34,026,449	$	—	$	—	$	34,026,449
Exchange-Traded Funds		5,777,114		—		—		5,777,114
Repurchase Agreements		—		769,000		—		769,000
		39,803,563		769,000		—		40,572,563
Other Financial Instruments*—Assets
Foreign Exchange Contracts		12,020		—		—		12,020
Totals	$	39,815,583	$	769,000	$	—	$	40,584,583
AllianzGI Retirement 2045:
Investments in Securities—Assets
Mutual Funds	$	19,149,771	$	—	$	—	$	19,149,771
Exchange-Traded Funds		2,887,377		—		—		2,887,377
Repurchase Agreements		—		432,000		—		432,000
		22,037,148		432,000		—		22,469,148
Other Financial Instruments*—Assets
Foreign Exchange Contracts		7,666		—		—		7,666
Totals	$	22,044,814	$	432,000	$	—	$	22,476,814
AllianzGI Retirement 2050:
Investments in Securities—Assets
Mutual Funds	$	17,795,054	$	—	$	—	$	17,795,054
Exchange-Traded Funds		2,512,832		—		—		2,512,832
Repurchase Agreements		—		386,000		—		386,000
		20,307,886		386,000		—		20,693,886
Other Financial Instruments*—Assets
Foreign Exchange Contracts		7,666		—		—		7,666
Totals	$	20,315,552	$	386,000	$	—	$	20,701,552

	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 12/31/15
AllianzGI Retirement 2055:
Investments in Securities—Assets
Mutual Funds	$	5,430,850		$	—		$	—	$	5,430,850
Exchange-Traded Funds		762,934			—			—		762,934
Repurchase Agreements		—			229,000			—		229,000
		6,193,784			229,000			—		6,422,784
Other Financial Instruments*—Assets
Foreign Exchange Contracts		3,262			—			—		3,262
Totals	$	6,197,046		$	229,000		$	—	$	6,426,046
AllianzGI Retirement Income:
Investments in Securities—Assets
Mutual Funds	$	19,514,486		$	—		$	—	$	19,514,486
Exchange-Traded Funds		1,747,352			—			—		1,747,352
Repurchase Agreements		—			281,000			—		281,000
		21,261,838			281,000			—		21,542,838
Other Financial Instruments*—Assets
Foreign Exchange Contracts		1,087			—			—		1,087
Totals	$	21,262,925		$	281,000		$	—	$	21,543,925
AllianzGI Global Allocation:
Investments in Securities—Assets
Mutual Funds	$	277,463,643		$	—		$	—	$	277,463,643
Exchange-Traded Funds		20,132,059			—			—		20,132,059
Repurchase Agreements		—			17,896,000			—		17,896,000
		297,595,702			17,896,000			—		315,491,702
Other Financial Instruments*—Assets
Foreign Exchange Contracts		181,528			—			—		181,528
Interest Rate Contracts		62,179			—			—		62,179
Market Price		80,182			—			—		80,182
		323,889			—			—		323,889
Other Financial Instruments*—Liabilities
Foreign Exchange Contracts		—			(68,215	)		—		(68,215	)
Interest Rate Contracts		(52,007	)		—			—		(52,007	)
Market Price		(611,237	)		—			—		(611,237	)
		(663,244	)		(68,215	)		—		(731,459	)
Totals	$	297,256,347		$	17,827,785		$	—	$	315,084,132
AllianzGI Global Dynamic Allocation:
Investments in Securities—Assets
Mutual Funds	$	15,188,240		$	—		$	—	$	15,188,240
U.S. Treasury Obligations		—			3,465,673			—		3,465,673
Exchange-Traded Funds		2,090,563			—			—		2,090,563
U.S. Government Agency Securities		—			369,767			—		369,767
Repurchase Agreements		—			5,078,000			—		5,078,000
		17,278,803			8,913,440			—		26,192,243
Other Financial Instruments*—Assets
Interest Rate Contracts		6,748			—			—		6,748
Market Price		16,566			—			—		16,566
		23,314			—			—		23,314
Other Financial Instruments*—Liabilities
Market Price		(39,376	)		—			—		(39,376	)
Totals	$	17,262,741		$	8,913,440		$	—	$	26,176,181

	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 12/31/15
AllianzGI Global Megatrends:
Investments in Securities—Assets
Mutual Funds	$	2,885,518		$	—	$	—	$	2,885,518
AllianzGI Best Styles Emerging Markets Equity:
Investments in Securities—Assets
Common Stock:
Argentina	$	17,552		$	—	$	—	$	17,552
Brazil		7,987			295,575		—		303,562
Chile		53,802			—		—		53,802
China		16,335			2,097,456		—		2,113,791
Colombia		16,216			—		—		16,216
Hungary		16,184			75,464		—		91,648
India		39,845			27,286		—		67,131
Malaysia		32,648			176,180		—		208,828
Mexico		307,094			—		—		307,094
Russian Federation		70,076			84,725		—		154,801
South Africa		11,791			445,156		—		456,947
Taiwan		69,190			1,010,379		—		1,079,569
Thailand		—			43,541		77,064		120,605
United States		4,607			—		—		4,607
All Other		—			1,925,083		—		1,925,083
Preferred Stock:
Colombia		46,113			—		—		46,113
All Other		—			289,360		—		289,360
Rights		—			—		172		172
		709,440			6,470,205		77,236		7,256,881
Other Financial Instruments*—Liabilities
Market Price		(346	)		—		—		(346	)
Totals	$	709,094		$	6,470,205	$	77,236	$	7,256,535
AllianzGI Best Styles Global Equity:
Investments in Securities—Assets
Common Stock:
Australia	$	—		$	2,676,606	$	—	$	2,676,606
Austria		—			831,370		—		831,370
Belgium		—			1,405,971		—		1,405,971
Brazil		551,896			1,983,009		—		2,534,905
Canada		12,658,403			111,951		—		12,770,354
China		582,349			9,132,665		1,200		9,716,214
Denmark		—			2,502,012		—		2,502,012
Finland		—			1,657,713		—		1,657,713
France		55,945			10,374,644		—		10,430,589
Germany		—			12,045,016		—		12,045,016
Hong Kong		—			1,301,824		—		1,301,824
Indonesia		—			1,748,158		—		1,748,158
Ireland		1,682,625			1,755,399		—		3,438,024
Israel		—			916,683		—		916,683
Italy		—			2,293,544		—		2,293,544
Japan		—			25,045,948		—		25,045,948
Korea (Republic of)		785,557			2,573,671		—		3,359,228

	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 12/31/15
Malaysia		—			1,143,518		—		1,143,518
Netherlands		821,810			2,226,353		—		3,048,163
New Zealand		193,595			731,689		—		925,284
Norway		—			3,335,680		—		3,335,680
Portugal		—			44,656		—		44,656
Singapore		569,078			1,216,935		—		1,786,013
South Africa		153,824			1,279,739		—		1,433,563
Spain		—			613,707		—		613,707
Sweden		35,811			2,711,581		—		2,747,392
Switzerland		—			3,309,664		—		3,309,664
Taiwan		—			3,008,230		—		3,008,230
Thailand		—			445,515		979,991		1,425,506
Turkey		—			2,008,795		—		2,008,795
United Kingdom		575,991			19,931,799		—		20,507,790
All Other		161,957,860			480,175		—		162,438,035
Preferred Stock		—			921,319		—		921,319
Rights:
Brazil		—			—		634		634
Spain		17,078			—		—		17,078
Repurchase Agreements		—			5,727,000		—		5,727,000
		180,641,822			127,492,539		981,825		309,116,186
Other Financial Instruments*—Assets
Market Price		51,256			—		—		51,256
Other Financial Instruments*—Liabilities
Market Price		(2,672	)		—		—		(2,672	)
Totals	$	180,690,406		$	127,492,539	$	981,825	$	309,164,770
AllianzGI Best Styles International Equity:
Investments in Securities—Assets
Common Stock:
Belgium	$	340,820		$	665,571	$	—	$	1,006,391
France		56,917			7,042,578		—		7,099,495
Greece		107,094			170,393		—		277,487
Ireland		128,904			475,906		—		604,810
Netherlands		231,079			1,178,101		—		1,409,180
New Zealand		133,186			762,116		—		895,302
Norway		232,079			1,373,808		—		1,605,887
Singapore		118,199			42,029		—		160,228
Sweden		323,941			2,226,399		—		2,550,340
United Kingdom		1,704,811			11,192,408		—		12,897,219
United States		364,374			—		—		364,374
All Other		—			39,093,685		—		39,093,685
Preferred Stock		—			476,987		—		476,987
Rights		11,442			—		—		11,442
Repurchase Agreements		—			781,000		—		781,000
		3,752,846			65,480,981		—		69,233,827
Other Financial Instruments*—Liabilities
Market Price		(1,313	)		—		—		(1,313	)
Totals	$	3,751,533		$	65,480,981	$	—	$	69,232,514
AllianzGI Best Styles U.S. Equity:
Investments in Securities—Assets
Common Stock	$	81,245,453		$	—	$	—	$	81,245,453
Rights		—			11,868		—		11,868
Repurchase Agreements		—			1,037,000		—		1,037,000
		81,245,453			1,048,868		—		82,294,321
Other Financial Instruments*—Liabilities
Market Price		(13,719	)		—		—		(13,719	)
Totals	$	81,231,734		$	1,048,868	$	—	$	82,280,602

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 12/31/15
AllianzGI China Equity:
Investments in Securities—Assets
Common Stock:
China	$	133,115	$	4,004,960		$	—	$	4,138,075
Hong Kong		—		693,341			—		693,341
Totals	$	133,115	$	4,698,301		$	—	$	4,831,416
AllianzGI Convertible:
Investments in Securities—Assets
Convertible Bonds	$	—	$	1,548,607,411		$	—	$	1,548,607,411
Convertible Preferred Stock:
Food & Beverage		—		24,712,077			—		24,712,077
Health Care Providers & Services		—		12,734,885			—		12,734,885
Oil, Gas & Consumable Fuels		—		4,888,456			—		4,888,456
All Other		340,500,514		—			—		340,500,514
Repurchase Agreements		—		46,745,000			—		46,745,000
Totals	$	340,500,514	$	1,637,687,829		$	—	$	1,978,188,343
AllianzGI Emerging Markets Consumer:
Investments in Securities—Assets
Common Stock:
China	$	776,340	$	2,139,021		$	55,484	$	2,970,845
India		535,112		294,600			—		829,712
Indonesia		79,920		82,254			—		162,174
Mexico		746,901		—			—		746,901
Russian Federation		62,603		—			—		62,603
United States		1,028,228		—			—		1,028,228
All Other		—		12,216,698			—		12,216,698
Equity-Linked Securities		—		644,632			—		644,632
Exchange-Traded Funds		87,577		—			—		87,577
Repurchase Agreements		—		1,107,000			—		1,107,000
		3,316,681		16,484,205			55,484		19,856,370
Other Financial Instruments*—Assets
Foreign Exchange Contracts		—		176			—		176
Other Financial Instruments*— Liabilities
Foreign Exchange Contracts		—		(409	)		—		(409	)
Totals	$	3,316,681	$	16,483,972		$	55,484	$	19,856,137
AllianzGI Emerging Markets Debt:
Investments in Securities—Assets
Corporate Bonds & Notes	$	—	$	15,627,553		$	—	$	15,627,553
Sovereign Debt Obligations		—		9,600,538			—		9,600,538
Repurchase Agreements		—		2,637,000			—		2,637,000
		—		27,865,091			—		27,865,091
Other Financial Instruments*—Assets
Credit Contracts		—		23,629			—		23,629
Foreign Exchange Contracts		—		14,175			—		14,175
		—		37,804			—		37,804
Other Financial Instruments*—Liabilities
Credit Contracts		—		(89,831	)		—		(89,831	)
Foreign Exchange Contracts		—		(16,452	)		—		(16,452	)
		—		(106,283	)		—		(106,283	)
Totals	$	—	$	27,796,612		$	—	$	27,796,612

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 12/31/15
AllianzGI Emerging Markets Small-Cap:
Investments in Securities—Assets
Common Stock:
China	$	76,323	$	1,338,341		$	—	$	1,414,664
Czech Republic		49,705		—			—		49,705
Hong Kong		75,483		347,147			—		422,630
India		171,545		660,373			—		831,918
Malaysia		19,526		345,380			—		364,906
Mexico		9,254		—			—		9,254
Russian Federation		37,661		—			68,090		105,751
South Africa		116,963		21,751			—		138,714
Thailand		33,225		523,256			—		556,481
United States		191,369		—			—		191,369
All Other		—		4,146,137			—		4,146,137
Preferred Stock:
Brazil		—		140,255			—		140,255
Russian Federation		—		—			121,623		121,623
Equity-Linked Securities		—		10,480			—		10,480
		781,054		7,533,120			189,713		8,503,887
Other Financial Instruments*—Liabilities
Foreign Exchange Contracts		—		(46	)		—		(46	)
Totals	$	781,054	$	7,533,074		$	189,713	$	8,503,841
AllianzGI Europe Equity Dividend:
Investments in Securities—Assets
Common Stock:
Belgium	$	24,582	$	59,135		$	—	$	83,717
Switzerland		65,390		77,576			—		142,966
All Other		—		2,685,695			—		2,685,695
Repurchase Agreements		—		188,000			—		188,000
		89,972		3,010,406			—		3,100,378
Other Financial Instruments*—Assets
Foreign Exchange Contracts		—		38,382			—		38,382
Other Financial Instruments*—Liabilities
Foreign Exchange Contracts		—		(2,377	)		—		(2,377	)
Totals	$	89,972	$	3,046,411		$	—	$	3,136,383

	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 12/31/15
AllianzGI Global Fundamental Strategy:
Investments in Securities—Assets
Common Stock:
Belgium	$	158,918		$	147,224		$	—	$	306,142
Hong Kong		284,096			207,768			—		491,864
Israel		84,560			—			—		84,560
United States		2,482,285			—			—		2,482,285
All Other		—			3,755,591			—		3,755,591
Corporate Bonds & Notes		—			6,454,699			—		6,454,699
Sovereign Debt Obligations		—			3,727,495			—		3,727,495
U.S. Treasury Obligations		—			478,823			—		478,823
Exchange-Traded Funds		334,776			—			—		334,776
Preferred Stock		—			89,670			—		89,670
Repurchase Agreements		—			1,473,000			—		1,473,000
		3,344,635			16,334,270			—		19,678,905
Other Financial Instruments*—Assets
Foreign Exchange Contracts		—			6,942			—		6,942
Interest Rate Contracts		2,834			—			—		2,834
		2,834			6,942			—		9,776
Other Financial Instruments*—Liabilities
Foreign Exchange Contracts		—			(6,471	)		—		(6,471	)
Interest Rate Contracts		(582	)		—			—		(582	)
		(582	)		(6,471	)		—		(7,053	)
Totals	$	3,346,887		$	16,334,741		$	—	$	19,681,628
AllianzGI Global Sustainability:
Investments in Securities—Assets
Common Stock:
Australia	$	—		$	44,355		$	—	$	44,355
Denmark		—			65,657			—		65,657
France		—			87,309			—		87,309
Germany		—			169,918			—		169,918
Japan		—			123,067			—		123,067
Norway		—			39,575			—		39,575
Spain		—			127,908			—		127,908
Sweden		—			92,365			—		92,365
Switzerland		—			178,928			—		178,928
United Kingdom		—			375,303			—		375,303
All Other		1,641,957			—			—		1,641,957
Preferred Stock		—			61,828			—		61,828
Totals	$	1,641,957		$	1,366,213		$	—	$	3,008,170
AllianzGI Global Water:
Investments in Securities—Assets
Common Stock:
Austria	$	—		$	7,223,828		$	—	$	7,223,828
China		—			16,170,191			—		16,170,191
Finland		—			14,909,796			—		14,909,796
France		—			18,487,051			—		18,487,051
Germany		—			10,927,735			—		10,927,735
Hong Kong		—			14,100,486			—		14,100,486
Israel		—			4,911,755			—		4,911,755
Italy		—			7,331,233			—		7,331,233
Netherlands		—			3,978,849			—		3,978,849
Switzerland		7,448,333			35,269,090			—		42,717,423
United Kingdom		—			39,432,002			—		39,432,002
All Other		156,250,164			—			—		156,250,164
Repurchase Agreements		—			33,063,000			—		33,063,000
Totals	$	163,698,497		$	205,805,016		$	—	$	369,503,513
AllianzGI High Yield Bond:
Investments in Securities—Assets
Corporate Bonds & Notes	$	—		$	298,295,807		$	—	$	298,295,807
Common Stock		—			—			908,390		908,390
Totals	$	—		$	298,295,807		$	908,390	$	299,204,197

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 12/31/15
AllianzGI International Growth:
Investments in Securities—Assets
Common Stock:
Canada	$	195,826	$	—	$	—	$	195,826
China		37,808		60,660		—		98,468
Mexico		39,088		—		—		39,088
Sweden		32,372		266,002		—		298,374
All Other		—		2,469,410		—		2,469,410
Totals	$	305,094	$	2,796,072	$	—	$	3,101,166
AllianzGI International Small-Cap:
Investments in Securities—Assets
Common Stock:
Australia	$	171,902	$	2,046,118	$	—	$	2,218,020
Ireland		2,021,585		3,970,127		—		5,991,712
Korea (Republic of)		941,920		694,045		—		1,635,965
Switzerland		2,246,431		4,101,436		—		6,347,867
All Other		—		111,118,127		—		111,118,127
Repurchase Agreements		—		4,007,000		—		4,007,000
Totals	$	5,381,838	$	125,936,853	$	—	$	131,318,691
AllianzGI Micro Cap:
Investments in Securities—Assets
Common Stock	$	46,333,932	$	—	$	—	$	46,333,932
Repurchase Agreements		—		2,559,000		—		2,559,000
Totals	$	46,333,932	$	2,559,000	$	—	$	48,892,932
AllianzGI Multi-Asset Real Return:
Investments in Securities—Assets
Mutual Funds	$	1,484,179	$	—	$	—	$	1,484,179
Common Stock:
Australia		—		68,821		—		68,821
Austria		—		2,191		—		2,191
France		—		36,299		—		36,299
Germany		—		19,516		—		19,516
Hong Kong		—		85,976		—		85,976
Japan		3,729		107,105		—		110,834
Singapore		—		22,063		—		22,063
Switzerland		—		4,373		—		4,373
United Kingdom		—		33,962		—		33,962
All Other		535,415		—		—		535,415
Exchange-Traded Funds		580,073		—		—		580,073
Rights		—		—		3		3
Repurchase Agreements		—		126,000		—		126,000
		2,603,396		506,306		3		3,109,705

	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 12/31/15
Other Financial Instruments*—Assets
Interest Rate Contracts		423			—		—		423
Market Price		2,635			—		—		2,635
		3,058			—		—		3,058
Other Financial Instruments*—Liabilities
Foreign Exchange Contracts		(178	)		—		—		(178	)
Market Price		(2,982	)		—		—		(2,982	)
		(3,160	)		—		—		(3,160	)
Totals	$	2,603,294		$	506,306	$	3	$	3,109,603
AllianzGI NFJ Emerging Markets Value:
Investments in Securities—Assets
Common Stock:
Chile	$	57,377		$	—	$	—	$	57,377
China		58,507			1,985,742		—		2,044,249
Czech Republic		59,839			—		—		59,839
Egypt		58,534			—		—		58,534
Korea (Republic of)		61,004			748,698		—		809,702
Malaysia		122,914			168,205		—		291,119
Mexico		238,953			—		—		238,953
Peru		57,739			—		—		57,739
Philippines		58,238			—		—		58,238
Poland		59,910			58,773		—		118,683
Russian Federation		56,848			—		269,024		325,872
Singapore		59,130			119,603		—		178,733
South Africa		180,838			472,929		—		653,767
Taiwan		56,184			978,848		—		1,035,032
Thailand		—			106,705		61,491		168,196
All Other		—			1,801,187		—		1,801,187
Preferred Stock:
Brazil		58,367			101,382		—		159,749
Korea (Republic of)		—			174,666		—		174,666
Russian Federation		—			—		57,045		57,045
Equity-Linked Securities		—			145,993		—		145,993
		1,244,382			6,862,731		387,560		8,494,673
Other Financial Instruments*—Assets
Foreign Exchange Contracts		—			53		—		53
Totals	$	1,244,382		$	6,862,784	$	387,560	$	8,494,726
AllianzGI NFJ Global Dividend Value:
Investments in Securities—Assets
Common Stock:
China	$	—		$	832,381	$	—	$	832,381
France		—			408,772		—		408,772
Germany		—			416,007		—		416,007
Israel		—			184,966		—		184,966
Japan		—			808,167		—		808,167
Korea (Republic of)		—			361,461		—		361,461
Norway		—			431,994		—		431,994
Spain		—			785,683		—		785,683
Switzerland		—			410,491		—		410,491
United Kingdom		256,424			2,836,034		—		3,092,458
All Other		7,760,824			—		—		7,760,824
Totals	$	8,017,248		$	7,475,956	$	—	$	15,493,204

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 12/31/15
AllianzGI NFJ International Small-Cap Value:
Investments in Securities—Assets
Common Stock:
Canada	$	816,518	$	—	$	—	$	816,518
Chile		83,070		—		—		83,070
Finland		109,369		—		—		109,369
Germany		189,366		—		—		189,366
Italy		120,499		300,970		—		421,469
Philippines		100,560		—		—		100,560
Singapore		83,684		—		—		83,684
South Africa		60,007		199,247		—		259,254
Switzerland		102,875		129,449		—		232,324
United Kingdom		514,883		1,446,807		99,206		2,060,896
All Other		—		5,654,093		—		5,654,093
Totals	$	2,180,831	$	7,730,566	$	99,206	$	10,010,603
AllianzGI NFJ International Value II:
Investments in Securities—Assets
Common Stock:
Canada	$	2,400,815	$	—	$	—	$	2,400,815
Chile		242,190		—		—		242,190
India		388,368		—		—		388,368
Israel		643,272		71,728		—		715,000
Italy		347,689		—		—		347,689
Korea (Republic of)		503,507		—		—		503,507
Mexico		371,184		—		—		371,184
Philippines		481,770		—		—		481,770
Russian Federation		422,305		—		—		422,305
Singapore		392,355		502,016		—		894,371
South Africa		270,882		—		—		270,882
Taiwan		915,495		—		—		915,495
Turkey		438,972		—		—		438,972
All Other		—		35,038,831		—		35,038,831
Repurchase Agreements		—		1,115,000		—		1,115,000
		7,818,804		36,727,575		—		44,546,379
Other Financial Instruments*—Assets
Foreign Exchange Contracts		—		112		—		112
Totals	$	7,818,804	$	36,727,687	$	—	$	44,546,491
AllianzGI Short Duration High Income:
Investments in Securities—Assets
Corporate Bonds & Notes	$	—	$	718,316,677	$	—	$	718,316,677
Senior Loans		—		108,423,484		—		108,423,484
Repurchase Agreements		—		16,951,000		—		16,951,000
Totals	$	—	$	843,691,161	$	—	$	843,691,161
AllianzGI Structured Return:
Investments in Securities—Assets
Exchange-Traded Funds	$	74,827,630	$	—	$	—	$	74,827,630
Repurchase Agreements		—		9,402,000		—		9,402,000
Options Purchased:
Market Price		78,218		—		—		78,218
		74,905,848		9,402,000		—		84,307,848

	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 12/31/15
Investments in Securities—Liabilities
Options Written:
Market Price		(3,864,185	)		—		—		(3,864,185	)
Totals	$	71,041,663		$	9,402,000	$	—	$	80,443,663
AllianzGI U.S. Equity Hedged:
Investments in Securities—Assets
Exchange-Traded Funds	$	7,951,710		$	—	$	—	$	7,951,710
Repurchase Agreements		—			193,000		—		193,000
Options Purchased:
Market Price		203,755			—		—		203,755
		8,155,465			193,000		—		8,348,465
Investments in Securities—Liabilities
Options Written:
Market Price		(17,550	)		—		—		(17,550	)
Totals	$	8,137,915		$	193,000	$	—	$	8,330,915
AllianzGI U.S. Small-Cap Growth:
Investments in Securities—Assets
Common Stock	$	26,893,190		$	—	$	—	$	26,893,190
Repurchase Agreements		—			536,000		—		536,000
Totals	$	26,893,190		$	536,000	$	—	$	27,429,190
AllianzGI Ultra Micro Cap:
Investments in Securities—Assets
Common Stock	$	80,163,656		$	—	$	—	$	80,163,656
Repurchase Agreements		—			856,000		—		856,000
Totals	$	80,163,656		$	856,000	$	—	$	81,019,656

At December 31, 2015, the following Funds had transfers between Levels 1 and 2:

	Transfers
	Level 1 to Level 2			Level 2 to Level 1
AllianzGI Best Styles Emerging Markets Equity		410,502	(a)		9,900	(b)
AllianzGI Best Styles Global Equity		2,922,234	(a)		312,962	(b)
AllianzGI Best Styles International Equity		339,597	(a)		255,151	(b)
AllianzGI Emerging Markets Consumer		1,658,409	(a)		—
AllianzGI Emerging Markets Small-Cap		180,188	(a)		51,706	(b)
AllianzGI Europe Equity Dividend		33,439	(a)		65,390	(b)
AllianzGI Global Fundamental Strategy		89,670	(a)		158,918	(b)
AllianzGI International Growth		110,945	(a)		—
AllianzGI International Small-Cap		2,549,452	(a)		—
AllianzGI NFJ Emerging Markets Value		838,068	(a)		184,191	(b)
AllianzGI NFJ International Small-Cap Value		209,043	(a)		601,354	(b)
AllianzGI NFJ International Value II		—			829,459	(b)

(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 September 30, 2015, which was applied on December 31, 2015.

(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 September 30, 2015, which was not applied on December 31, 2015.

A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the three months ended December 31, 2015, was as follows:

	Beginning Balance 9/30/15		Purchases			Sales			Accrued Discount (Premiums)		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3		Transfers out of Level 3		Ending Balance 12/31/15
AllianzGI Best Styles Emerging Markets Equity:
Investments in Securities—Assets
Common Stock:
Thailand	$	42,664	$	81,508		$	(38,211	)	$	—	$	(19,483	)	$	10,586		$	—	$	—	$	77,064
Rights:
Brazil		—		—	†		—			—		—			172			—		—		172
Totals	$	42,664	$	81,508		$	(38,211	)	$	—	$	(19,483	)	$	10,758		$	—	$	—	$	77,236
AllianzGI Best Styles Global Equity:
Investments in Securities—Assets
Common Stock:
China	$	1,200	$	—		$	—		$	—	$	—		$	—		$	—	$	—	$	1,200
Japan		157,213		—			(167,230	)#		—		—			10,017			—		—		—
Thailand		200,284		751,295			(165,005	)		—		197,272			(3,855	)		—		—		979,991
Rights:
Brazil		—		—	†		—			—		—			634			—		—		634
Korea (Republic of)		7,625		—			(3,259	)		—		(5,379	)		1,014			—		—		—
Totals	$	366,322	$	751,295		$	(335,494	)	$	—	$	191,893		$	7,810		$	—	$	—	$	981,825
AllianzGI Emerging Markets Consumer:
Investments in Securities—Assets
Common Stock:
China	$	98,465	$	—		$	(15,254	)	$	—	$	(74,383	)	$	46,656		$	—	$	—	$	55,484

	Beginning Balance 9/30/15		Purchases			Sales			Accrued Discount (Premiums)		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3		Transfers out of Level 3***		Ending Balance 12/31/15
AllianzGI Emerging Markets Small-Cap:
Investments in Securities—Assets
Common Stock:
Russian Federation	$	73,498	$	28,026		$	(37,503	)	$	—	$	5,444		$	(1,375	)	$	—	$	—	$	68,090
Preferred Stock:
Russian Federation		73,600		55,378			(15,816	)		—		1,467			6,994			—		—		121,623
Totals	$	147,098	$	83,404		$	(53,319	)	$	—	$	6,911		$	5,619		$	—	$	—	$	189,713
AllianzGI High Yield Bond:
Investments in Securities—Assets
Corporate Bonds & Notes:
Commercial Services	$	1,849,870	$	—		$	—		$	—	$	—		$	(317,515	)	$	—	$	1,532,355	$	—
Common stock		—		769,746	†		—			—		—			138,642			—		—		908,390
Totals	$	1,849,870	$	769,746		$	—		$	—	$	—		$	(175,873	)	$	—	$	1,532,355	$	908,390
AllianzGI International Small-Cap:
Investments in Securities—Assets
Common Stock:
Thailand	$	270,779	$	30,546		$	(313,408	)	$	—	$	(70,113	)	$	82,196		$	—	$	—	$	—
AllianzGI Multi-Asset Real Return:
Investments in Securities—Assets
Common Stock:
Japan	$	4,526	$	—		$	(5,729	)#	$	—	$	—		$	1,203		$	—	$	—	$	—
Singapore		—		—	†		—			—		—			3			—		—		3
Totals	$	4,526	$	—		$	(5,729	)	$	—	$	—		$	1,206		$	—	$	—	$	3
AllianzGI NFJ Emerging Markets Value:
Investments in Securities—Assets
Common Stock:
Russian Federation	$	273,963	$	35,634		$	(31,732	)	$	—	$	(3,768	)	$	(5,073	)	$	—	$	—	$	269,024
Thailand		—		57,144			—			—		—			4,347			—		—		61,491
Preferred Stock
Russian Federation		49,956		8,114			(2,023	)		—		18			980			—		—		57,045
Totals	$	323,919	$	100,892		$	(33,755	)	$	—	$	(3,750	)	$	254		$	—	$	—	$	387,560

	Beginning Balance 9/30/15		Purchases		Sales		Accrued Discount (Premiums)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/ Depreciation		Transfers into Level 3**		Transfers out of Level 3		Ending Balance 12/31/15
AllianzGI NFJ International Small-Cap Value:
Investments in Securities—Assets
Common Stock:
United Kingdom	$	—	$	—	$	—	$	—	$	—	$	—	$	99,206	$	—	$	99,206

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at December 31, 2015:

	Ending Balance at 12/31/15		Valuation Technique Used	Unobservable Inputs	Input Values
AllianzGI Best Styles Emerging Markets Equity:
Investments in Securities—Assets
Common Stock	$	77,064	Value of Foreign Security Traded on Foreign Exchange	Price of Non-Resident Shares on Foreign Exchange	THB	39.08 - 49.75
Rights	$	172	Fundamental Analytical Data Relating to the Investment	Price of Right	BRL	2.07
AllianzGI Best Styles Global Equity:
Investments in Securities—Assets
Common Stock	$	979,991	Value of Foreign Security Traded on Foreign Exchange	Price of Non-Resident Shares on Foreign Exchange	THB	4.27 - 344.04
	$	1,200	Discount on Publicly Traded Quote	Discount Applied to Last Exchange Price	HKD	0.15 (88% discount)
Rights	$	634	Fundamental Analytical Data Relating to the Investment	Price of Right	BRL	1.30 - 2.07
AllianzGI Emerging Markets Consumer:
Investments in Securities—Assets
Common Stock	$	55,484	Fundamental Analytical Data Relating to the Investment	Trading Volume	HKD	1.00
AllianzGI Emerging Markets Small-Cap:
Investments in Securities—Assets
Common Stock	$	68,090	Value of foreign Security traded on Foreign Exchange	Price of Non-Resident Shares on Foreign Exchange	$	3.67 - 51.70
Preferred Stock	$	121,623	Value of foreign Security traded on Foreign Exchange	Price of Non-Resident Shares on Foreign Exchange	$	1.05 - 23.46

	Ending Balance at 12/31/15		Valuation Technique Used	Unobservable Inputs	Input Values
AllianzGI High Yield Bond:
Investments in Securities—Assets
Common Stock	$	908,390	Fundamental Analytical Data Relating to the Investment	Price of Stock	$	20.93
AllianzGI Multi-Asset Real Return:
Investments in Securities—Assets
Rights	$	3	Fundamental Analytical Data Relating to the Investment	Price of Right	SGD	0.06
AllianzGI NFJ Emerging Markets Value:
Investments in Securities—Assets
Common Stock	$	269,024	Value of foreign Security traded on Foreign Exchange	Price of Non-Resident Shares on Foreign Exchange	$	0.04-32.10
	$	61,491	Last Exchange-Traded Closing Price	Trading Volume	THB	45.25
Preferred Stock	$	57,045	Value of foreign Security traded on Foreign Exchange	Price of Non-Resident Shares on Foreign Exchange	$	0.61
AllianzGI NFJ International Small-Cap Value:
Investments in Securities—Assets
Common Stock	$	99,206	Last Exchange-Traded Closing Price	Trading Volume	GBP	4.15

† Issued via Corporate Action.

# Removed via Corporate Action.

* Other financial instruments are derivatives, such as futures contracts, swap agreements and forward foreign currency contracts, which are valued at the unrealized appreciation (depreciation) of the instrument.

** Transferred out of Level 1 into Level 3 because trading was halted and Sub-Adviser recommended the last closing price at December 31, 2015.

*** Transferred out of Level 3 into Level 2 because an evaluated mean price was available at December 31, 2015.

BRL—Brazilian Real

GBP—Pound Sterling

HKD—Hong Kong Dollar

SGD—Singapore Dollar

THB—Thai Baht

The net change in unrealized appreciation/depreciation of Level 3 investments which the following Funds held at December 31, 2015 was:

AllianzGI Best Styles Emerging Markets Equity	$	(4,281	)
AllianzGI Best Styles Global Equity		208
AllianzGI Emerging Markets Consumer		(21,639	)
AllianzGI Emerging Markets Small-Cap		15,138
AllianzGI High Yield Bond		138,642
AllianzGI Multi-Asset Real Return		3
AllianzGI NFJ Emerging Markets Value		(6,450	)
AllianzGI NFJ International Small-Cap Value		10,860

At December 31, 2015, 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 (1)		Unrealized Appreciation		Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
AllianzGI Retirement 2015	$	28,529,182	$	17,847	$	1,059,649	$	(1,041,802	)
AllianzGI Retirement 2020		57,290,394		36,548		2,542,786		(2,506,238	)
AllianzGI Retirement 2025		63,623,268		111,115		2,865,974		(2,754,859	)
AllianzGI Retirement 2030		65,501,406		224,357		2,762,883		(2,538,526	)
AllianzGI Retirement 2035		51,214,666		241,048		2,288,543		(2,047,495	)
AllianzGI Retirement 2040		42,022,709		246,213		1,696,359		(1,450,146	)
AllianzGI Retirement 2045		23,188,545		187,420		906,817		(719,397	)
AllianzGI Retirement 2050		21,339,215		22,283		667,612		(645,329	)
AllianzGI Retirement 2055		6,784,357		84,105		445,678		(361,573	)
AllianzGI Retirement Income		22,391,942		11,221		860,325		(849,104	)
AllianzGI Global Allocation		317,630,859		1,824,828		3,963,985		(2,139,157	)
AllianzGI Global Dynamic Allocation		26,867,562		19,620		694,939		(675,319	)
AllianzGI Global Megatrends		3,223,729		—		338,211		(338,211	)
AllianzGI Best Styles Emerging Markets Equity		7,849,798		135,168		728,085		(592,917	)
AllianzGI Best Styles Global Equity		307,227,332		13,799,187		11,910,333		1,888,854
AllianzGI Best Styles International Equity		71,018,234		2,343,762		4,128,169		(1,784,407	)
AllianzGI Best Styles U.S. Equity		82,586,661		3,506,570		3,798,910		(292,340	)
AllianzGI China Equity		5,480,095		128,939		777,618		(648,679	)
AllianzGI Convertible		1,893,868,008		170,055,065		85,734,730		84,320,335
AllianzGI Emerging Markets Consumer		21,315,763		948,034		2,407,427		(1,459,393	)
AllianzGI Emerging Markets Debt		29,994,506		115,143		2,244,558		(2,129,415	)
AllianzGI Emerging Markets Small-Cap		8,709,730		584,725		790,568		(205,843	)
AllianzGI Europe Equity Dividend		3,320,100		80,555		300,277		(219,722	)
AllianzGI Global Fundamental Strategy		20,491,333		1,047,841		1,860,269		(812,428	)
AllianzGI Global Sustainability		3,018,191		181,797		191,818		(10,021	)
AllianzGI Global Water		337,606,610		42,707,185		10,810,282		31,896,903
AllianzGI High Yield Bond		340,799,865		2,881,598		44,477,266		(41,595,668	)
AllianzGI International Growth		3,060,894		255,501		215,229		40,272
AllianzGI International Small-Cap		113,479,731		24,552,013		6,713,053		17,838,960
AllianzGI Micro Cap		39,748,017		11,708,379		2,563,464		9,144,915
AllianzGI Multi-Asset Real Return		3,678,879		131,000		700,174		(569,174	)
AllianzGI NFJ Emerging Markets Value		9,559,846		341,981		1,407,154		(1,065,173	)
AllianzGI NFJ Global Dividend Value		16,825,110		777,960		2,109,866		(1,331,906	)
AllianzGI NFJ International Small-Cap Value		10,350,313		583,203		922,913		(339,710	)
AllianzGI NFJ International Value II		47,679,833		2,433,736		5,567,190		(3,133,454	)
AllianzGI Short Duration High Income		917,267,084		422,258		73,998,181		(73,575,923	)
AllianzGI Structured Return		84,181,511		148,978		22,641		126,337
AllianzGI U.S. Equity Hedged		8,627,123		1,949		280,607		(278,658	)
AllianzGI U.S. Small-Cap Growth		22,712,874		5,909,550		1,193,234		4,716,316
AllianzGI Ultra Micro Cap		61,354,777		24,955,622		5,290,743		19,664,879

(1) Differences, if any, between book and tax cost basis were attributable to wash sale loss deferrals and the differing treatment of bond premium amortization.

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Registrant: Allianz Funds Multi-Strategy Trust

By:	/s/ Julian Sluyters
	Julian Sluyters, President & Chief Executive Officer

Date: February 24, 2016

By:	/s/ Lawrence G. Altadonna
	Lawrence G. Altadonna, Treasurer, Principal Financial & Accounting Officer

Date: February 24, 2016

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 24, 2016

By:	/s/ Lawrence G. Altadonna
	Lawrence G. Altadonna, Treasurer, Principal Financial & Accounting Officer

Date: February 24, 2016