Schedule of Investments

AllianzGI Emerging Markets Opportunities Fund

September 30, 2019 (unaudited)

	Shares		Value^
COMMON STOCK—95.0%
Brazil—6.2%
Ambev S.A.		2,000,100	$	9,266,519
Banco BTG Pactual S.A. UNIT		104,400		1,471,166
Banco do Brasil S.A.		134,800		1,475,843
Cia de Saneamento Basico do Estado de Sao Paulo ADR		251,900		2,992,572
IRB Brasil Resseguros S.A.		164,400		1,490,103
Porto Seguro S.A.		144,676		2,050,559
Qualicorp Consultoria e Corretora de Seguros S.A.		285,300		2,135,484
				20,882,246
China—32.5%
Alibaba Group Holding Ltd. ADR (d)		70,200		11,739,546
Anhui Conch Cement Co., Ltd., Class H		1,127,000		6,687,997
China Merchants Bank Co., Ltd., Class H		1,514,000		7,200,820
CNOOC Ltd.		2,593,000		3,970,218
Daqin Railway Co., Ltd., Class A		1,429,900		1,521,305
Industrial & Commercial Bank of China Ltd., Class H		5,128,000		3,435,427
Jiangsu Expressway Co., Ltd., Class H		1,052,000		1,335,851
Kweichow Moutai Co., Ltd., Class A		41,100		6,626,098
Lenovo Group Ltd.		10,796,000		7,202,286
Ping An Bank Co., Ltd., Class A		2,574,793		5,635,123
Ping An Insurance Group Co. of China Ltd., Class H		206,000		2,367,703
Qudian, Inc. ADR (d)		385,300		2,654,717
RiseSun Real Estate Development Co., Ltd., Class A		1,191,852		1,384,266
Tencent Holdings Ltd.		559,400		23,398,521
Tsingtao Brewery Co., Ltd., Class A		675,564		4,593,363
Weichai Power Co., Ltd., Class H		3,831,000		5,526,678
Wuliangye Yibin Co., Ltd., Class A		359,179		6,537,346
Xiamen C & D, Inc.		665,372		812,006
Yum China Holdings, Inc.		98,600		4,479,398
Zoomlion Heavy Industry Science and Technology Co., Ltd., Class H		3,677,400		2,490,644
				109,599,313

	Shares		Value^
Hong Kong—1.4%
China Telecom Corp., Ltd., Class H		3,288,000	$	1,497,221
Link REIT		304,000		3,353,381
				4,850,602
India—8.2%
Bajaj Finance Ltd.		67,154		3,842,178
HDFC Bank Ltd. ADR		197,000		11,238,850
Hindustan Petroleum Corp., Ltd.		650,827		2,785,814
Hindustan Unilever Ltd.		107,657		3,016,914
REC Ltd.		685,068		1,190,521
Tata Consultancy Services Ltd.		86,088		2,547,335
Tech Mahindra Ltd.		305,213		3,085,607
				27,707,219
Indonesia—2.2%
Bank Central Asia Tbk PT		1,906,100		4,075,180
Bank Rakyat Indonesia Persero Tbk PT		12,057,700		3,501,130
				7,576,310
Korea (Republic of)—7.2%
Kia Motors Corp.		205,773		7,845,530
LG Electronics, Inc.		63,402		3,569,379
Partron Co., Ltd.		156,097		1,668,253
Samsung Electronics Co., Ltd.		174,048		7,126,226
Shinhan Financial Group Co., Ltd.		122,252		4,271,848
				24,481,236
Mexico—1.8%
Grupo Financiero Banorte S.A.B de C.V., Class O		1,136,000		6,122,680
Russian Federation—8.8%
Alrosa PJSC (b)(c)		1,427,200		1,638,483
Lukoil PJSC ADR		193,532		16,010,902
MMC Norilsk Nickel PJSC ADR		467,460		11,962,301
				29,611,686
South Africa—2.9%
AngloGold Ashanti Ltd. ADR		198,000		3,617,460
Impala Platinum Holdings Ltd. (d)		229,769		1,445,846
Kumba Iron Ore Ltd.		26,922		665,184
MTN Group Ltd.		300,523		1,912,156
Telkom S.A. SOC Ltd.		463,637		2,161,367
				9,802,013
Taiwan—15.7%
Cathay Financial Holding Co., Ltd.		668,000		880,460
Compeq Manufacturing Co., Ltd.		1,770,000		1,983,184

Schedule of Investments

AllianzGI Emerging Markets Opportunities Fund

September 30, 2019 (unaudited) (continued)

	Shares		Value^
CTBC Financial Holding Co., Ltd.		1,268,000	$	841,682
Hon Hai Precision Industry Co., Ltd.		2,147,000		5,066,097
Nanya Technology Corp.		2,775,000		7,207,745
Radiant Opto-Electronics Corp.		968,000		3,696,962
Taiwan Semiconductor Manufacturing Co., Ltd.		2,236,000		19,859,097
Uni-President Enterprises Corp.		1,188,000		2,866,815
Unimicron Technology Corp.		3,685,000		5,185,284
United Microelectronics Corp.		4,286,000		1,837,824
Zhen Ding Technology Holding Ltd.		1,013,000		3,626,029
				53,051,179
Thailand—5.4%
Advanced Info Service PCL (b)(c)		1,382,200		9,950,288
Charoen Pokphand Foods PCL (b)(c)		7,963,400		6,837,403
Land & Houses PCL (b)(c)		4,408,300		1,383,132
				18,170,823
Turkey—1.6%
KOC Holding AS		278,300		930,237
Turkiye Is Bankasi AS (d)		3,907,994		4,328,839
				5,259,076
United States—1.1%
AutoZone, Inc. (d)		3,500		3,796,170
Total Common Stock (cost—$301,207,543)				320,910,553
PREFERRED STOCK—2.9%
Brazil—2.9%
Banco Bradesco S.A.		441,620		3,605,278
Banco do Estado do Rio Grande do Sul S.A., Class B		260,900		1,415,972
Cia Paranaense de Energia		381,500		4,555,101
Total Preferred Stock (cost—$7,677,850)				9,576,351
EXCHANGE-TRADED FUNDS—0.8%
iShares MSCI Emerging Markets Index (cost—$2,769,357)		63,700		2,603,419

	Principal Amount (000s)		Value^
Repurchase Agreements—0.8%
State Street Bank and Trust Co., dated 9/30/19, 0.35%, due 10/1/19, proceeds $2,864,028; collateralized by U.S. Treasury Notes, 2.375%, due 5/15/27, valued at $2,923,363 including accrued interest (cost—$2,864,000)	$	2,864	$	2,864,000
Total Investments (cost—$314,518,750) (a)—99.5%				335,954,323
Other assets less liabilities—0.5%				1,804,144
Net Assets—100.0%			$	337,758,467

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $206,049,642, representing 61.0% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(b) Fair-Valued—Securities with an aggregate value of $19,809,306, representing 5.9% of net assets.

(c) Level 3 security.

(d) Non-income producing.

Glossary:

ADR—American Depositary Receipt

MSCI—Morgan Stanley Capital International

REIT—Real Estate Investment Trust

UNIT—More than one class of securities traded together

Schedule of Investments

AllianzGI Emerging Markets Opportunities Fund

September 30, 2019 (unaudited) (continued)

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

Banks	16.9	%
Semiconductors & Semiconductor Equipment	9.7	%
Beverages	8.0	%
Interactive Media & Services	6.9	%
Oil, Gas & Consumable Fuels	6.7	%
Metals & Mining	5.7	%
Electronic Equipment, Instruments & Components	5.2	%
Technology Hardware, Storage & Peripherals	4.2	%
Wireless Telecommunication Services	3.5	%
Internet & Direct Marketing Retail	3.5	%
Food Products	2.9	%
Machinery	2.4	%
Automobiles	2.3	%
Insurance	2.0	%
Construction Materials	2.0	%
Consumer Finance	1.9	%
IT Services	1.7	%
Electric Utilities	1.4	%
Hotels, Restaurants & Leisure	1.3	%
Specialty Retail	1.1	%
Diversified Telecommunication Services	1.1	%
Household Durables	1.1	%
Equity Real Estate Investment Trusts (REITs)	1.0	%
Household Products	0.9	%
Water Utilities	0.9	%
Real Estate Management & Development	0.8	%
Exchange-Traded Funds	0.8	%
Healthcare Providers & Services	0.6	%
Road & Rail	0.5	%
Capital Markets	0.4	%
Transportation Infrastructure	0.4	%
Diversified Financial Services	0.4	%
Industrial Conglomerates	0.3	%
Trading Companies & Distributors	0.2	%
Repurchase Agreements	0.8	%
Other assets less liabilities	0.5	%
	100.0	%

Schedule of Investments

AllianzGI Focused Growth Fund

September 30, 2019 (unaudited)

	Shares		Value^
COMMON STOCK—98.1%
Aerospace & Defense—4.6%
Boeing Co.		14,480	$	5,509,206
Lockheed Martin Corp.		104,752		40,859,565
				46,368,771
Beverages—1.3%
Constellation Brands, Inc., Class A		61,668		12,782,543
Biotechnology—1.4%
Vertex Pharmaceuticals, Inc. (a)		79,705		13,503,621
Capital Markets—2.7%
MSCI, Inc.		54,575		11,883,706
S&P Global, Inc.		62,765		15,376,170
				27,259,876
Communications Equipment—1.1%
Arista Networks, Inc. (a)		44,605		10,657,027
Construction Materials—2.6%
Vulcan Materials Co.		173,150		26,187,206
Equity Real Estate Investment Trusts (REITs)—1.3%
American Tower Corp.		58,015		12,828,857
Healthcare Equipment & Supplies—8.0%
Boston Scientific Corp. (a)		598,960		24,371,683
DexCom, Inc. (a)		139,635		20,839,127
Insulet Corp. (a)		119,600		19,725,628
Intuitive Surgical, Inc. (a)		28,325		15,293,517
				80,229,955
Healthcare Providers & Services—2.4%
Anthem, Inc.		100,980		24,245,298
Hotels, Restaurants & Leisure—1.2%
Chipotle Mexican Grill, Inc. (a)		14,010		11,774,985
Household Durables—1.3%
Roku, Inc. (a)		123,190		12,535,814
Industrial Conglomerates—1.8%
General Electric Co.		2,031,100		18,158,034
Insurance—1.3%
Progressive Corp.		167,400		12,931,650
Interactive Media & Services—6.9%
Facebook, Inc., Class A (a)		287,395		51,179,302
Tencent Holdings Ltd. ADR		423,345		17,623,852
				68,803,154
Internet & Direct Marketing Retail—4.3%
Amazon.com, Inc. (a)		24,787		43,028,001

	Shares		Value^
IT Services—15.3%
EPAM Systems, Inc. (a)		99,205	$	18,087,056
Mastercard, Inc., Class A		145,115		39,408,880
Okta, Inc. (a)		40,545		3,992,061
PayPal Holdings, Inc. (a)		332,805		34,475,270
Twilio, Inc., Class A (a)		88,140		9,691,874
Visa, Inc., Class A		271,090		46,630,191
				152,285,332
Life Sciences Tools & Services—1.7%
Agilent Technologies, Inc.		223,425		17,121,058
Media—2.8%
Comcast Corp., Class A		618,505		27,882,205
Personal Products—1.1%
Estee Lauder Cos., Inc., Class A		55,510		11,043,714
Pharmaceuticals—6.0%
AstraZeneca PLC ADR		681,130		30,357,964
Zoetis, Inc.		239,915		29,891,010
				60,248,974
Road & Rail—2.1%
Union Pacific Corp.		127,420		20,639,491
Semiconductors & Semiconductor Equipment—4.1%
Broadcom, Inc.		96,715		26,700,110
ON Semiconductor Corp. (a)		743,575		14,284,076
				40,984,186
Software—13.9%
Crowdstrike Holdings, Inc. (a)		60,780		3,544,082
Microsoft Corp.		643,240		89,429,657
Salesforce.com, Inc. (a)		151,295		22,458,230
ServiceNow, Inc. (a)		89,760		22,785,576
				138,217,545
Specialty Retail—3.2%
Burlington Stores, Inc. (a)		82,825		16,550,092
O’Reilly Automotive, Inc. (a)		37,775		15,053,715
				31,603,807
Technology Hardware, Storage & Peripherals—5.7%
Apple, Inc.		252,030		56,447,159
Total Common Stock (cost—$664,621,467)				977,768,263

Schedule of Investments

AllianzGI Focused Growth Fund

September 30, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
Repurchase Agreements—1.2%
State Street Bank and Trust Co., dated 9/30/19, 0.35%, due 10/1/19, proceeds $11,786,115; collateralized by U.S. Treasury Notes, 2.375%, due 5/15/27, valued at $12,022,994 including accrued interest (cost—$11,786,000)	$	11,786	$	11,786,000
Total Investments (cost—$676,407,467)—99.3%				989,554,263
Other assets less liabilities—0.7%				6,926,562
Net Assets—100.0%			$	996,480,825

Notes to Schedule of Investments:

(a) Non-income producing.

Glossary:

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust

Schedule of Investments

AllianzGI Global Natural Resources Fund

September 30, 2019 (unaudited)

	Shares		Value^
COMMON STOCK—96.1%
Australia—4.0%
BHP Group Ltd.		15,095	$	373,006
South32 Ltd.		24,104		42,512
				415,518
Canada—5.6%
Barrick Gold Corp.		6,635		114,786
Enbridge, Inc.		1,982		69,565
First Quantum Minerals Ltd.		4,354		36,578
Nutrien Ltd.		2,787		138,840
TC Energy Corp.		2,863		148,244
Teck Resources Ltd., Class B		4,287		69,506
				577,519
Denmark—1.0%
Orsted A/S (a)		1,113		103,463
Finland—1.0%
Neste Oyj		3,156		104,415
France—5.0%
Air Liquide S.A.		1,150		163,668
Total S.A.		6,787		353,377
				517,045
Germany—0.8%
HeidelbergCement AG		1,170		84,532
Israel—0.4%
SolarEdge Technologies, Inc. (c)		470		39,348
Japan—1.8%
Shin-Etsu Chemical Co., Ltd.		1,300		139,894
Sumitomo Metal Mining Co., Ltd.		1,600		49,970
				189,864
Norway—1.0%
Equinor ASA		5,255		99,541
Spain—0.4%
Siemens Gamesa Renewable Energy S.A.		2,845		38,596
United Kingdom—12.7%
BP PLC		65,657		415,659
Rio Tinto PLC		6,049		314,442
Royal Dutch Shell PLC, Class A		10,909		319,939
Royal Dutch Shell PLC, Class B		8,790		259,792
				1,309,832
United States—62.4%
Air Products & Chemicals, Inc.		940		208,548
Alcoa Corp. (c)		1,805		36,226
Axalta Coating Systems Ltd. (c)		3,325		100,249
Baker Hughes a GE Co.		2,180		50,576
Caterpillar, Inc.		415		52,419

	Shares		Value^
CF Industries Holdings, Inc.		1,720	$	84,624
Chevron Corp.		5,650		670,090
ConocoPhillips		3,640		207,407
Continental Resources, Inc. (c)		2,140		65,891
Corteva, Inc.		2,045		57,260
Crown Holdings, Inc. (c)		1,605		106,026
Diamondback Energy, Inc.		1,720		154,645
Dow, Inc.		2,875		136,994
DuPont de Nemours, Inc.		1,815		129,428
Ecolab, Inc.		1,210		239,628
EOG Resources, Inc.		2,205		163,655
Exxon Mobil Corp.		9,475		669,030
First Solar, Inc. (c)		1,770		102,678
FMC Corp.		1,530		134,150
Hess Corp.		1,265		76,507
Kansas City Southern		820		109,068
Kinder Morgan, Inc.		10,685		220,218
Linde PLC		1,505		291,549
LyondellBasell Industries NV, Class A		1,405		125,705
Marathon Petroleum Corp.		3,025		183,769
Newmont Goldcorp Corp.		3,540		134,237
Occidental Petroleum Corp.		5,480		243,696
ONEOK, Inc.		2,500		184,225
Parsley Energy, Inc., Class A		6,580		110,544
Pattern Energy Group, Inc., Class A		1,360		36,625
Phillips 66		1,410		144,384
Pioneer Natural Resources Co.		773		97,220
Sanderson Farms, Inc.		365		55,235
Schlumberger Ltd.		5,940		202,970
TerraForm Power, Inc., Class A		4,655		84,837
Union Pacific Corp.		650		105,287
United Rentals, Inc. (c)		420		52,349
Valero Energy Corp.		2,070		176,447
Vulcan Materials Co.		745		112,674
Williams Cos., Inc.		9,590		230,735
WPX Energy, Inc. (c)		8,760		92,768
				6,440,573
Total Common Stock (cost—$9,751,850)				9,920,246
EXCHANGE-TRADED FUNDS—1.4%
Invesco Solar (cost—$118,286)		5,075		149,053

Schedule of Investments

AllianzGI Global Natural Resources Fund

September 30, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
Repurchase Agreements—2.7%
State Street Bank and Trust Co., dated 9/30/19, 0.35%, due 10/1/19, proceeds $274,003; collateralized by U.S. Treasury Notes, 2.375%, due 5/15/27, valued at $281,706 including accrued interest (cost—$274,000)	$	274	$	274,000
Total Investments (cost—$10,144,136) (b)—100.2%				10,343,299
Liabilities in excess of other assets—(0.2)%				(22,726	)
Net Assets—100.0%			$	10,320,573

Notes to Schedule of Investments:

(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Security with a value of $103,463, representing 1.0% of net assets.

(b) Securities with an aggregate value of $2,862,806, representing 27.7% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(c) Non-income producing.

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

Oil, Gas & Consumable Fuels	52.9	%
Chemicals	18.9	%
Metals & Mining	11.3	%
Energy Equipment & Services	2.5	%
Road & Rail	2.1	%
Construction Materials	1.9	%
Exchange-Traded Funds	1.4	%
Semiconductors & Semiconductor Equipment	1.4	%
Independent Power Producers & Energy Traders	1.2	%
Containers & Packaging	1.0	%
Electric Utilities	1.0	%
Food Products	0.5	%
Machinery	0.5	%
Trading Companies & Distributors	0.5	%
Electrical Equipment	0.4	%
Repurchase Agreements	2.7	%
Liabilities in excess of other assets	(0.2	)%
	100.0	%

Schedule of Investments

AllianzGI Global Small-Cap Fund

September 30, 2019 (unaudited)

	Shares		Value^
COMMON STOCK—96.1%
Australia—2.3%
ALS Ltd.		24,715	$	133,777
Austal Ltd.		117,502		344,642
Charter Hall Retail REIT		99,249		284,837
Downer EDI Ltd.		51,413		270,856
Growthpoint Properties Australia Ltd. REIT		36,021		105,059
GUD Holdings Ltd.		39,130		265,888
NEXTDC Ltd. (e)		55,644		231,598
Nine Entertainment Co., Holdings Ltd.		72,118		95,305
Reliance Worldwide Corp. Ltd.		78,700		214,261
Seven Group Holdings Ltd.		19,100		224,965
Starpharma Holdings Ltd. (e)		20,900		16,199
WorleyParsons Ltd.		25,800		226,339
				2,413,726
Austria—1.7%
ANDRITZ AG		12,664		517,517
UNIQA Insurance Group AG		69,387		626,660
Wienerberger AG		27,125		660,308
				1,804,485
China—0.1%
Ping An Healthcare and Technology Co., Ltd. (a)(e)		22,600		132,241
Denmark—2.0%
Ambu A/S, Class B		23,473		388,242
FLSmidth & Co. A/S		13,932		606,062
ISS A/S		20,215		499,782
SimCorp A/S		7,140		627,095
				2,121,181
Finland—0.4%
Huhtamaki Oyj		9,988		397,925
France—2.0%
Ingenico Group S.A.		6,533		636,743
Korian S.A.		16,383		673,476
Nexity S.A.		13,188		627,780
Sartorius Stedim Biotech		1,245		174,142
				2,112,141
Germany—3.3%
alstria office REIT-AG		34,193		586,609
Bechtle AG		5,781		588,366
CANCOM SE		11,300		608,792
Hella GmbH & Co. KGaA		13,621		608,858
Scout24 AG (a)		9,736		554,995
TLG Immobilien AG		20,648		561,507
				3,509,127
Hong Kong—0.3%
Minth Group Ltd.		28,000		94,904
Techtronic Industries Co., Ltd.		29,500		205,325
				300,229

	Shares		Value^
Indonesia—0.2%
Jasa Marga Persero Tbk PT		587,600	$	236,010
Italy—1.1%
Buzzi Unicem SpA		29,582		678,355
De’ Longhi SpA		24,159		455,529
				1,133,884
Japan—11.3%
Anritsu Corp.		15,500		306,669
Azbil Corp.		28,000		751,964
COMSYS Holdings Corp.		38,800		1,103,074
Fuji Electric Co., Ltd.		19,300		595,088
Fuji Oil Holdings, Inc.		21,500		625,357
Hisamitsu Pharmaceutical Co., Inc.		6,300		277,329
Ichigo, Inc.		67,800		273,915
Itochu Techno-Solutions Corp.		27,900		741,078
Jeol Ltd.		19,500		465,785
Lion Corp.		17,000		336,302
Maruwa Co., Ltd.		7,800		503,358
Mitsubishi UFJ Lease & Finance Co., Ltd.		178,200		1,033,626
Nihon Unisys Ltd.		17,800		575,348
Nippon Shinyaku Co., Ltd.		6,200		524,035
Nishio Rent All Co., Ltd.		15,900		409,334
Okamura Corp.		16,900		165,484
Penta-Ocean Construction Co., Ltd.		103,300		573,570
Ship Healthcare Holdings, Inc.		13,700		584,089
Sojitz Corp.		136,600		424,946
T&D Holdings, Inc.		32,400		346,218
TechnoPro Holdings, Inc.		8,500		507,221
Tokyu Fudosan Holdings Corp.		129,500		828,821
				11,952,611
Korea (Republic of)—0.1%
Fila Korea Ltd.		2,033		98,356
Netherlands—1.2%
ASM International NV		7,422		682,838
ASR Nederland NV		15,742		580,873
				1,263,711
Norway—0.9%
Elkem ASA (a)		179,503		437,414
Storebrand ASA		86,408		546,256
				983,670
Singapore—0.9%
Frasers Centrepoint Trust		178,500		354,023
Mapletree Commercial Trust REIT		175,900		291,590
Mapletree Industrial Trust REIT		158,000		277,794
				923,407
Sweden—0.6%
AAK AB		34,354		665,822
Switzerland—2.1%
Galenica AG (a)		11,662		669,817
Georg Fischer AG		567		491,511

Schedule of Investments

AllianzGI Global Small-Cap Fund

September 30, 2019 (unaudited) (continued)

	Shares		Value^
Interroll Holding AG		290	$	537,970
OC Oerlikon Corp. AG		49,387		495,790
				2,195,088
Taiwan—0.2%
Win Semiconductors Corp.		20,000		178,911
Thailand—0.2%
Amata Corp. PCL (c)(d)		235,000		192,191
United Kingdom—6.2%
ASOS PLC (e)		11,140		339,188
Auto Trader Group PLC (a)		90,712		568,552
Derwent London PLC REIT		15,769		653,864
Genus PLC		17,860		614,647
HomeServe PLC		46,695		680,928
Howden Joinery Group PLC		95,486		657,178
Intermediate Capital Group PLC		36,529		653,195
Moneysupermarket.com Group PLC		128,951		599,690
Rotork PLC		168,611		644,940
Spectris PLC		19,036		571,419
Tullow Oil PLC		193,133		506,179
				6,489,780
United States—59.0%
Addus HomeCare Corp. (e)		10,098		800,569
Air Transport Services Group, Inc. (e)		41,223		866,508
Alteryx, Inc., Class A (e)		4,849		520,928
Americold Realty Trust REIT		37,683		1,396,909
Ameris Bancorp		18,578		747,579
Axon Enterprise, Inc. (e)		6,112		347,039
Bandwidth, Inc., Class A (e)		6,017		391,767
Bio-Rad Laboratories, Inc., Class A (e)		2,252		749,331
Bright Horizons Family Solutions, Inc. (e)		3,461		527,803
Brink’s Co.		10,057		834,228
Brown & Brown, Inc.		27,771		1,001,422
CACI International, Inc., Class A (e)		1,691		391,061
CareTrust REIT, Inc.		42,882		1,007,941
CBIZ, Inc. (e)		33,135		778,673
CenterState Bank Corp.		26,842		643,805
Century Communities, Inc. (e)		23,409		717,018
Chart Industries, Inc. (e)		13,612		848,844
Chegg, Inc. (e)		12,769		382,432
Churchill Downs, Inc.		8,764		1,081,960
Columbus McKinnon Corp.		24,269		884,120
eHealth, Inc. (e)		6,953		464,391
Eldorado Resorts, Inc. (e)		19,547		779,339
Equity LifeStyle Properties, Inc. REIT		4,596		614,026
Essent Group Ltd.		19,340		921,938
Etsy, Inc. (e)		10,853		613,195
First Industrial Realty Trust, Inc. REIT		34,501		1,364,860
First Merchants Corp.		13,824		520,266
Five9, Inc. (e)		8,837		474,900
Fox Factory Holding Corp. (e)		8,318		517,712
Freshpet, Inc. (e)		16,247		808,613
Gibraltar Industries, Inc. (e)		5,696		261,674

	Shares		Value^
Haemonetics Corp. (e)		5,584	$	704,366
Hanover Insurance Group, Inc.		9,121		1,236,260
HEICO Corp., Class A		4,694		456,773
Horizon Therapeutics PLC (e)		34,722		945,480
HubSpot, Inc. (e)		2,854		432,695
ICF International, Inc.		6,930		585,377
Ingevity Corp. (e)		9,439		800,805
Insperity, Inc.		10,130		999,021
Invitae Corp. (e)		18,526		356,996
Kilroy Realty Corp. REIT		15,069		1,173,724
Kinsale Capital Group, Inc.		11,597		1,198,086
Kratos Defense & Security Solutions, Inc. (e)		48,203		896,335
LendingTree, Inc. (e)		1,396		433,360
LHC Group, Inc. (e)		7,607		863,851
Lincoln Electric Holdings, Inc.		8,683		753,337
LivePerson, Inc. (e)		12,361		441,288
LiveRamp Holdings, Inc. (e)		11,650		500,484
LPL Financial Holdings, Inc.		16,139		1,321,784
Madison Square Garden Co., Class A (e)		1,564		412,145
Mercury Systems, Inc. (e)		7,985		648,142
MKS Instruments, Inc.		8,719		804,589
Monolithic Power Systems, Inc.		3,754		584,235
Natera, Inc. (e)		11,250		369,000
Neurocrine Biosciences, Inc. (e)		2,884		259,877
Nexstar Media Group, Inc., Class A		8,619		881,810
Ollie’s Bargain Outlet Holdings, Inc. (e)		6,499		381,101
Omnicell, Inc. (e)		10,010		723,423
Perficient, Inc. (e)		19,218		741,430
Performance Food Group Co. (e)		19,989		919,694
PolyOne Corp.		25,777		841,619
Pool Corp.		2,885		581,905
PRA Health Sciences, Inc. (e)		4,170		413,789
Quanterix Corp. (e)		20,655		453,584
R1 RCM, Inc. (e)		57,414		512,707
Rapid7, Inc. (e)		11,684		530,337
Rosetta Stone, Inc. (e)		13,629		237,145
Sage Therapeutics, Inc. (e)		1,786		250,558
Saia, Inc. (e)		9,096		852,295
Semtech Corp. (e)		9,176		446,045
Simply Good Foods Co. (e)		26,770		776,062
Sinclair Broadcast Group, Inc. Class A		11,060		472,704
Skyline Champion Corp. (e)		23,516		707,596
STAG Industrial, Inc. REIT		45,205		1,332,643
Strategic Education, Inc.		2,901		394,188
SVMK, Inc. (e)		29,202		499,354
Tandem Diabetes Care, Inc. (e)		7,206		425,010
TechTarget, Inc. (e)		24,784		558,260
Teladoc Health, Inc. (e)		9,867		668,193
Tetra Tech, Inc.		11,309		981,169
Veracyte, Inc. (e)		19,060		457,440
Vericel Corp. (e)		22,211		336,275
Verint Systems, Inc. (e)		14,941		639,176
Viavi Solutions, Inc. (e)		45,776		641,093

Schedule of Investments

AllianzGI Global Small-Cap Fund

September 30, 2019 (unaudited) (continued)

	Shares		Value^
Vonage Holdings Corp. (e)		57,661	$	651,569
Western Alliance Bancorp		14,000		645,120
WEX, Inc. (e)		3,582		723,815
WPX Energy, Inc. (e)		57,324		607,061
YETI Holdings, Inc. (e)		22,564		631,792
Zendesk, Inc. (e)		4,193		305,586
Zix Corp. (e)		90,254		653,439
Zynga, Inc., Class A (e)		141,853		825,584
				62,139,432
Total Common Stock (cost—$88,508,221)				101,243,928
PREFERRED STOCK—0.4%
Germany—0.4%
Jungheinrich AG (cost—$571,602)		18,958		408,826
	Principal Amount (000s)
Repurchase Agreements—3.4%
State Street Bank and Trust Co., dated 9/30/19, 0.35%, due 10/1/19, proceeds $3,616,035; collateralized by U.S. Treasury Notes, 2.625%, due 1/31/26, valued at $3,691,531 including accrued interest (cost—$3,616,000)	$	3,616		3,616,000
Total Investments (cost—$92,695,823) (b)—99.9%				105,268,754
Other assets less liabilities—0.1%				60,283
Net Assets—100.0%			$	105,329,037

Notes to Schedule of Investments:

(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $2,363,019, representing 2.2% of net assets.

(b) Securities with an aggregate value of $36,937,092, representing 35.1% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(c) Fair-Valued—Security with a value of $192,191, representing 0.2% of net assets.

(d) Level 3 security.

(e) Non-income producing.

Glossary:

REIT—Real Estate Investment Trust

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

Equity Real Estate Investment Trusts (REITs)	9.0	%
Machinery	6.1	%
Insurance	5.7	%
Software	4.9	%
IT Services	4.8	%
Healthcare Providers & Services	3.9	%
Commercial Services & Supplies	3.3	%
Professional Services	2.8	%
Food Products	2.7	%
Electronic Equipment, Instruments & Components	2.6	%
Semiconductors & Semiconductor Equipment	2.6	%
Aerospace & Defense	2.5	%
Biotechnology	2.5	%
Banks	2.4	%
Real Estate Management & Development	2.4	%
Chemicals	2.0	%
Media	1.9	%
Healthcare Equipment & Supplies	1.9	%
Capital Markets	1.9	%
Household Durables	1.8	%
Hotels, Restaurants & Leisure	1.8	%
Life Sciences Tools & Services	1.7	%
Pharmaceuticals	1.7	%
Trading Companies & Distributors	1.6	%
Construction & Engineering	1.6	%
Internet & Direct Marketing Retail	1.5	%
Healthcare Technology	1.4	%
Auto Components	1.4	%
Entertainment	1.4	%
Thrifts & Mortgage Finance	1.3	%
Construction Materials	1.3	%
Diversified Consumer Services	1.2	%
Interactive Media & Services	1.1	%
Oil, Gas & Consumable Fuels	1.0	%
Diversified Telecommunication Services	1.0	%
Diversified Financial Services	1.0	%
Food & Staples Retailing	0.9	%
Air Freight & Logistics	0.8	%
Road & Rail	0.8	%
Communications Equipment	0.6	%
Leisure Equipment & Products	0.6	%
Electrical Equipment	0.6	%
Distributors	0.5	%
Building Products	0.4	%
Containers & Packaging	0.4	%
Multi-Line Retail	0.4	%
Household Products	0.3	%
Transportation Infrastructure	0.2	%
Energy Equipment & Services	0.2	%
Textiles, Apparel & Luxury Goods	0.1	%
Repurchase Agreements	3.4	%
Other assets less liabilities	0.1	%
	100.0	%

Schedule of Investments

AllianzGI Health Sciences Fund

September 30, 2019 (unaudited)

	Shares		Value^
COMMON STOCK—95.6%
Biotechnology—13.1%
AbbVie, Inc.		56,700	$	4,293,324
Alexion Pharmaceuticals, Inc. (d)		6,800		665,992
Amgen, Inc.		7,265		1,405,850
BioMarin Pharmaceutical, Inc. (d)		24,444		1,647,526
Bluebird Bio, Inc. (d)		1,365		125,334
Celgene Corp. (d)		20,835		2,068,916
CytomX Therapeutics, Inc. (d)		16,289		120,213
Gilead Sciences, Inc.		36,881		2,337,518
Heron Therapeutics, Inc. (d)		20,820		385,170
Insmed, Inc. (d)		17,705		312,316
Kindred Biosciences, Inc. (d)		56,505		387,059
Natera, Inc. (d)		19,375		635,500
Sage Therapeutics, Inc. (d)		9,045		1,268,923
Sarepta Therapeutics, Inc. (d)		1,210		91,137
Turning Point Therapeutics, Inc. (d)		9,010		338,776
uniQure NV (d)		6,000		236,160
Vertex Pharmaceuticals, Inc. (d)		16,075		2,723,426
				19,043,140
Healthcare Equipment & Supplies—19.0%
Abbott Laboratories		51,473		4,306,746
Alcon, Inc. (d)		37,430		2,181,795
Align Technology, Inc. (d)		2,250		407,070
Becton Dickinson and Co.		7,875		1,992,060
Beyond Air, Inc. (d)		123,899		590,998
Boston Scientific Corp. (d)		100,887		4,105,092
CONMED Corp.		3,945		379,312
DENTSPLY SIRONA, Inc.		6,860		365,707
DexCom, Inc. (d)		10,055		1,500,608
Intuitive Surgical, Inc. (d)		6,105		3,296,273
Penumbra, Inc. (d)		4,960		667,070
Quotient Ltd. (d)		150,069		1,166,036
Tandem Diabetes Care, Inc. (d)		16,440		969,631
Vapotherm, Inc. (d)		114,210		1,081,569
Wright Medical Group NV (d)		87,675		1,808,735
Zimmer Biomet Holdings, Inc.		21,145		2,902,574
				27,721,276
Healthcare Providers & Services—12.6%
Anthem, Inc.		16,140		3,875,214
CVS Health Corp.		37,455		2,362,287
HCA Healthcare, Inc.		8,025		966,370
Humana, Inc.		17,200		4,397,524
UnitedHealth Group, Inc.		30,756		6,683,894
				18,285,289
Life Sciences Tools & Services—7.8%
Adaptive Biotechnologies Corp. (d)		20,640		637,776
Agilent Technologies, Inc.		33,120		2,537,986
Bio-Rad Laboratories, Inc., Class A (d)		4,550		1,513,967
Illumina, Inc. (d)		6,070		1,846,615

	Shares		Value^
PerkinElmer, Inc.		16,075	$	1,369,108
Thermo Fisher Scientific, Inc.		11,820		3,442,811
				11,348,263
Pharmaceuticals—43.1%
Allergan PLC		9,626		1,619,960
AstraZeneca PLC ADR		194,395		8,664,185
Bayer AG		25,070		1,766,258
Bristol-Myers Squibb Co.		124,430		6,309,845
Catalent, Inc. (d)		36,575		1,743,164
Daiichi Sankyo Co., Ltd.		29,200		1,845,130
Dermira, Inc. (d)		55,080		351,961
Elanco Animal Health, Inc. (d)		65,437		1,739,970
Eli Lilly & Co.		13,260		1,482,866
Horizon Therapeutics PLC (d)		81,090		2,208,081
Intersect ENT, Inc. (d)		22,155		376,857
Johnson & Johnson		35,422		4,582,898
Merck & Co., Inc.		111,882		9,418,227
Mylan NV (d)		15,821		312,939
Novartis AG ADR		91,848		7,981,591
Pfizer, Inc.		66,519		2,390,028
Sanofi ADR		144,460		6,692,832
Zoetis, Inc.		25,595		3,188,881
				62,675,673
Total Common Stock (cost—$128,449,996)				139,073,641
	Units
WARRANTS—0.1%
Pharmaceuticals—0.1%
AIT Therapeutics, Inc., exercise price $4.25, expires 2/14/21 (b)(c)(d) (cost—$1,239)		123,899		101,226
	Shares
RIGHTS—0.0%
Pharmaceuticals—0.0%
Elanco Animal Health, Inc. CVR (b)(c)(d) (cost—$957)		38,000		957

Schedule of Investments

AllianzGI Health Sciences Fund

September 30, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
Repurchase Agreements—4.3%
State Street Bank and Trust Co., dated 9/30/19, 0.35%, due 10/1/19, proceeds $6,249,061; collateralized by U.S. Treasury Notes, 2.625%, due 1/31/26, valued at $6,376,281 including accrued interest (cost—$6,249,000)	$	6,249	$	6,249,000
Total Investments (cost—$134,701,192) (a)—100.0%				145,424,824
Other assets less liabilities—0.0%				49,165
Net Assets—100.0%			$	145,473,989

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $3,611,388, representing 2.5% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(b) Fair-Valued—Securities with an aggregate value of $102,183, representing 0.1% of net assets.

(c) Level 3 security.

(d) Non-income producing.

Glossary:

ADR—American Depositary Receipt

CVR—Contingent Value Rights

Schedule of Investments

AllianzGI Income & Growth Fund

September 30, 2019 (unaudited)

	Shares		Value^
COMMON STOCK—32.8%
Advertising—0.0%
Mood Media Corp. (d)(f)(j)		286,500	$	300,825
Aerospace & Defense—1.1%
Arconic, Inc.		286,070		7,437,820
Boeing Co.		65,500		24,920,785
Erickson, Inc. (d)(f)(j)		10,866		278,061
Raytheon Co.		96,400		18,912,716
				51,549,382
Apparel & Textiles—0.0%
Quiksilver, Inc. (d)(f)(j)		2,328		41,811
Automobiles—0.2%
Ford Motor Co.		1,199,700		10,989,252
Banks—0.9%
Bank of America Corp. (g)		676,900		19,745,173
CCF Holdings LLC, Class A (cost—$0; purchased 12/18/18) (d)(f)(i)(j)		31,304		3
CCF Holdings LLC, Class B (cost—$0; purchased 12/12/18) (d)(f)(h)(i)(j)		42,857		4
JPMorgan Chase & Co. (g)		195,500		23,008,395
				42,753,575
Beverages—0.4%
PepsiCo, Inc.		120,300		16,493,130
Biotechnology—1.3%
AbbVie, Inc.		215,900		16,347,948
Biogen, Inc. (j)		29,700		6,914,754
BioMarin Pharmaceutical, Inc. (j)		3,926		264,612
Gilead Sciences, Inc.		239,250		15,163,665
Vertex Pharmaceuticals, Inc. (j)		119,700		20,279,574
				58,970,553
Building Products—0.3%
Johnson Controls International PLC		335,482		14,724,305
Resideo Technologies, Inc. (j)		11,016		158,080
				14,882,385
Capital Markets—0.4%
S&P Global, Inc.		73,200		17,932,536
Chemicals—0.3%
Chemours Co.		238,400		3,561,696
Corteva, Inc.		59,533		1,666,924
Dow, Inc.		59,533		2,836,748
DuPont de Nemours, Inc.		59,533		4,245,298
				12,310,666
Commercial Services—0.0%
Cenveo Corp. (d)(f)(h)(j)		19,074		576,798
Commercial Services & Supplies—0.1%
Stericycle, Inc. (j)		66,843		3,404,314

	Shares		Value^
Communications Equipment—0.6%
Cisco Systems, Inc.		535,600	$	26,463,996
Construction & Engineering—0.1%
Fluor Corp.		209,800		4,013,474
Diversified Telecommunication Services—0.0%
Frontier Communications Corp. (j)		210,781		182,747
Electronic Equipment, Instruments & Components—0.1%
Belden, Inc.		125,172		6,676,674
Energy Equipment & Services—0.2%
National Oilwell Varco, Inc.		145,600		3,086,720
Schlumberger Ltd.		172,400		5,890,908
				8,977,628
Entertainment—0.8%
Netflix, Inc. (j)		83,100		22,239,222
Walt Disney Co.		110,000		14,335,200
				36,574,422
Food & Staples Retailing—0.9%
Costco Wholesale Corp. (g)		53,500		15,413,885
Kroger Co.		472,000		12,168,160
Walgreens Boots Alliance, Inc.		286,600		15,851,846
				43,433,891
Food Products—0.1%
Archer-Daniels-Midland Co.		159,650		6,556,825
Healthcare Equipment & Supplies—1.3%
Align Technology, Inc. (j)		73,900		13,369,988
Boston Scientific Corp. (g)(j)		611,600		24,886,004
Intuitive Surgical, Inc. (j)		41,800		22,569,074
				60,825,066
Healthcare Providers & Services—1.0%
Laboratory Corp. of America Holdings (j)		49,000		8,232,000
McKesson Corp.		114,300		15,620,238
UnitedHealth Group, Inc.		106,600		23,166,312
				47,018,550
Hotels, Restaurants & Leisure—1.1%
McDonald’s Corp.		112,000		24,047,520
Starbucks Corp. (g)		214,000		18,921,880
Wynn Resorts Ltd.		76,700		8,338,824
				51,308,224
Household Durables—0.3%
DR Horton, Inc.		225,200		11,870,292
Independent Power Producers & Energy Traders—0.1%
Vistra Energy Corp.		144,101		3,851,820

Schedule of Investments

AllianzGI Income & Growth Fund

September 30, 2019 (unaudited) (continued)

	Shares		Value^
Industrial Conglomerates—0.7%
3M Co.		50,100	$	8,236,440
General Electric Co.		326,200		2,916,228
Honeywell International, Inc.		131,500		22,249,800
				33,402,468
Insurance—0.5%
Progressive Corp.		291,700		22,533,825
Interactive Media & Services—1.7%
Alphabet, Inc., Class A (j)		34,800		42,495,672
Facebook, Inc., Class A (j)		211,800		37,717,344
				80,213,016
Internet & Direct Marketing Retail—1.3%
Alibaba Group Holding Ltd. ADR (g)(j)		114,600		19,164,558
Amazon.com, Inc. (j)		23,600		40,967,476
				60,132,034
IT Services—2.9%
Fiserv, Inc. (g)(j)		217,500		22,530,825
International Business Machines Corp.		92,200		13,407,724
Mastercard, Inc., Class A (g)		112,700		30,605,939
PayPal Holdings, Inc. (g)(j)		195,200		20,220,768
Visa, Inc., Class A		262,000		45,066,620
				131,831,876
Life Sciences Tools & Services—0.4%
Thermo Fisher Scientific, Inc. (g)		65,700		19,136,439
Machinery—1.0%
Caterpillar, Inc.		202,500		25,577,775
Deere & Co. (g)		111,900		18,875,292
Wabtec Corp.		1,752		125,899
				44,578,966
Media—0.5%
Comcast Corp., Class A		523,100		23,581,348
LiveStyle, Inc. (d)(f)(j)(k)		202,319		20
Postmedia Network Canada Corp. (d)(f)(j)		1,018,823		825,247
				24,406,615
Metals & Mining—0.1%
ArcelorMittal		180,611		2,571,901
Freeport-McMoRan, Inc.		113,100		1,082,367
				3,654,268
Multi-Line Retail—0.3%
Target Corp. (g)		142,600		15,245,366
Oil, Gas & Consumable Fuels—0.8%
Arch Coal, Inc., Class A		1,858		137,864
Chesapeake Energy Corp. (j)		1,250,759		1,763,570
Hercules Offshore, Inc. (d)(f)(j)		174,935		18
Hess Corp.		25,890		1,565,827
Kinder Morgan, Inc.		187,778		3,870,105

	Shares		Value^
Occidental Petroleum Corp.		229,700	$	10,214,759
Riviera Resources, Inc. (j)		25,527		341,041
Roan Resources, Inc. (j)		25,527		31,398
Southwestern Energy Co. (j)		508,010		980,459
Talos Energy, Inc. (j)		98,625		2,005,046
Valero Energy Corp.		171,200		14,593,088
				35,503,175
Pharmaceuticals—1.4%
Allergan PLC		99,241		16,701,268
Amryt Pharma PLC ADR (d)(f)(j)		243,959		2,799,297
Bristol-Myers Squibb Co.		242,700		12,307,317
Merck & Co., Inc.		367,900		30,969,822
Teva Pharmaceutical Industries Ltd. ADR (j)		248,006		1,706,281
				64,483,985
Road & Rail—0.3%
Union Pacific Corp. (g)		87,500		14,173,250
Semiconductors—0.0%
GT Advanced Technologies, Inc. (d)(f)(j)		537		—	†
Semiconductors & Semiconductor Equipment—3.1%
Advanced Micro Devices, Inc. (g)(j)		361,400		10,476,986
Broadcom, Inc. (g)		84,700		23,383,129
Marvell Technology Group Ltd. (g)		665,500		16,617,535
Micron Technology, Inc. (g)(j)		491,800		21,073,630
NVIDIA Corp.		165,200		28,756,364
QUALCOMM, Inc. (g)		185,700		14,165,196
Texas Instruments, Inc.		208,000		26,881,920
				141,354,760
Software—3.5%
Adobe, Inc. (g)(j)		129,900		35,884,875
Atlassian Corp. PLC, Class A (g)(j)		58,800		7,375,872
Intuit, Inc. (g)		56,800		15,105,392
Microsoft Corp. (g)		368,100		51,176,943
Salesforce.com, Inc. (g)(j)		140,300		20,826,132
ServiceNow, Inc. (g)(j)		86,200		21,881,870
Workday, Inc., Class A (j)		55,900		9,500,764
				161,751,848
Specialty Retail—0.7%
Home Depot, Inc. (g)		134,000		31,090,680
Technology Hardware, Storage & Peripherals—1.3%
Apple, Inc. (g)		227,200		50,885,984
NetApp, Inc.		196,300		10,307,713
Western Digital Corp.		1,953		116,477
				61,310,174
Textiles, Apparel & Luxury Goods—0.6%
NIKE, Inc., Class B (g)		275,100		25,837,392

Schedule of Investments

AllianzGI Income & Growth Fund

September 30, 2019 (unaudited) (continued)

	Shares		Value^
Trading Companies & Distributors—0.1%
WESCO International, Inc. (j)		54,455	$	2,601,315
Total Common Stock (cost—$1,896,023,654)				1,511,200,288
	Principal Amount (000s)
CORPORATE BONDS & NOTES—31.0%
Advertising—0.0%
Mood Media Borrower LLC (a)(b),
2.085%, 12/31/23	$	1,164		1,021,505
Aerospace & Defense—0.7%
Kratos Defense & Security Solutions, Inc. (a)(b),
6.50%, 11/30/25		5,660		6,056,200
TransDigm, Inc.,
6.50%, 7/15/24		5,000		5,175,000
6.50%, 5/15/25		11,545		12,021,231
Triumph Group, Inc. (a)(b),
6.25%, 9/15/24		8,290		8,643,983
				31,896,414
Auto Components—0.9%
Adient U.S. LLC (a)(b),
7.00%, 5/15/26		7,210		7,552,475
American Axle & Manufacturing, Inc.,
6.625%, 10/15/22		4,808		4,880,120
Delphi Technologies PLC (a)(b),
5.00%, 10/1/25		8,155		7,257,950
Goodyear Tire & Rubber Co.,
5.00%, 5/31/26		8,985		9,129,209
Panther BF Aggregator 2 L.P. (a)(b),
8.50%, 5/15/27		10,895		11,058,425
				39,878,179
Auto Manufacturers—0.5%
Navistar International Corp. (a)(b),
6.625%, 11/1/25		10,715		10,929,300
Tesla, Inc. (a)(b),
5.30%, 8/15/25		11,625		10,477,031
				21,406,331
Banks—0.1%
CIT Group, Inc.,
6.125%, 3/9/28		4,265		4,990,050
Building Materials—0.2%
Builders FirstSource, Inc. (a)(b),
5.625%, 9/1/24		6,456		6,738,450
Jeld-Wen, Inc. (a)(b),
4.875%, 12/15/27		4,635		4,600,238
				11,338,688

	Principal Amount (000s)		Value^
Chemicals—1.0%
Chemours Co.,
6.625%, 5/15/23	$	7,000	$	6,938,750
7.00%, 5/15/25		4,115		3,905,958
Kraton Polymers LLC (a)(b),
7.00%, 4/15/25		6,865		7,191,087
Olin Corp.,
5.00%, 2/1/30		7,130		7,168,145
PQ Corp. (a)(b),
5.75%, 12/15/25		2,635		2,727,225
Trinseo Materials Operating SCA (a)(b),
5.375%, 9/1/25		5,645		5,496,819
Tronox Finance PLC (a)(b),
5.75%, 10/1/25		5,510		5,238,633
Tronox, Inc. (a)(b),
6.50%, 4/15/26		5,835		5,587,013
				44,253,630
Commercial Services—1.6%
Cardtronics, Inc. (a)(b),
5.50%, 5/1/25		2,490		2,539,800
Cenveo Corp. (c)(d)(f)(i),
6.00%, 5/15/24
(cost—$ 9,288,612; purchased 3/22/12-3/11/16)		8,116		446,380
8.50%, 9/15/22
(cost—$ 1,520,140; purchased 7/19/14-7/25/14)		1,520		30,400
Gartner, Inc. (a)(b),
5.125%, 4/1/25		5,980		6,271,525
Herc Holdings, Inc. (a)(b),
5.50%, 7/15/27		11,005		11,472,712
Hertz Corp. (a)(b),
7.125%, 8/1/26		9,840		10,288,950
7.625%, 6/1/22		5,820		6,067,350
Laureate Education, Inc. (a)(b),
8.25%, 5/1/25		8,795		9,608,537
Monitronics International, Inc. (d)(f),
9.125%, 4/1/20		6,450		1
RR Donnelley & Sons Co.,
6.00%, 4/1/24		3,195		3,314,813
7.00%, 2/15/22		5,500		5,692,500
United Rentals North America, Inc.,
5.25%, 1/15/30		9,260		9,740,409
5.50%, 7/15/25		8,930		9,325,152
				74,798,529
Computers—0.3%
Dell International LLC (a)(b),
7.125%, 6/15/24		7,485		7,909,774
Harland Clarke Holdings Corp. (a)(b),
9.25%, 3/1/21		7,380		6,918,750
				14,828,524

Schedule of Investments

AllianzGI Income & Growth Fund

September 30, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
Containers & Packaging—0.4%
Berry Global, Inc. (a)(b),
5.625%, 7/15/27	$	9,855	$	10,224,562
Trivium Packaging Finance BV (a)(b),
8.50%, 8/15/27		9,860		10,685,775
				20,910,337
Distribution/Wholesale—0.6%
H&E Equipment Services, Inc.,
5.625%, 9/1/25		9,845		10,171,362
KAR Auction Services, Inc. (a)(b),
5.125%, 6/1/25		6,525		6,786,000
Performance Food Group, Inc. (a)(b),
5.50%, 10/15/27		10,055		10,608,025
				27,565,387
Diversified Financial Services—1.3%
Ally Financial, Inc.,
5.75%, 11/20/25		4,685		5,264,862
8.00%, 3/15/20		2,995		3,065,952
CCF Holdings LLC, PIK 10.75% (a)(b)(d)(f),
10.75%, 12/15/23		10,760		5,292,753
Community Choice Financial Issuer LLC (cost—$12,000,000; purchased 9/6/18) (a)(b)(i),
9.00%, 6/15/23		12,000		12,015,000
Navient Corp.,
6.75%, 6/15/26		11,815		12,113,920
7.25%, 9/25/23		3,940		4,297,555
Springleaf Finance Corp.,
6.625%, 1/15/28		9,660		10,411,548
8.25%, 10/1/23		8,080		9,453,600
				61,915,190
Electric Utilities—0.3%
NRG Energy, Inc.,
5.75%, 1/15/28		9,190		9,913,713
Talen Energy Supply LLC,
6.50%, 6/1/25		3,365		2,574,225
				12,487,938
Electronic Equipment, Instruments & Components—0.3%
Energizer Holdings, Inc. (a)(b),
5.50%, 6/15/25		9,890		10,264,139
7.75%, 1/15/27		3,820		4,265,794
				14,529,933
Engineering & Construction—0.6%
AECOM,
5.875%, 10/15/24		8,550		9,325,913
TopBuild Corp. (a)(b),
5.625%, 5/1/26		5,965		6,226,028
Tutor Perini Corp. (a)(b),
6.875%, 5/1/25		11,480		11,164,300
				26,716,241

	Principal Amount (000s)		Value^
Entertainment—1.5%
AMC Entertainment Holdings, Inc.,
6.125%, 5/15/27	$	13,610	$	12,385,100
Cedar Fair L.P.,
5.375%, 6/1/24		5,900		6,084,375
5.375%, 4/15/27		2,465		2,650,615
International Game Technology PLC (a)(b),
6.25%, 1/15/27		5,705		6,361,075
6.50%, 2/15/25		4,715		5,257,555
Lions Gate Capital Holdings LLC (a)(b),
6.375%, 2/1/24		9,370		9,931,076
Live Nation Entertainment, Inc. (a)(b),
5.625%, 3/15/26		4,145		4,419,606
Scientific Games International, Inc. (a)(b),
5.00%, 10/15/25		10,510		10,870,493
Stars Group Holdings BV (a)(b),
7.00%, 7/15/26		9,425		10,061,187
				68,021,082
Equity Real Estate Investment Trusts (REITs)—0.1%
CyrusOne L.P.,
5.375%, 3/15/27		2,565		2,744,550
Uniti Group L.P. (a)(b),
7.125%, 12/15/24		2,500		2,181,250
				4,925,800
Food & Beverage—0.6%
Albertsons Cos., Inc.,
6.625%, 6/15/24		9,805		10,319,762
7.50%, 3/15/26 (a)(b)		4,535		5,067,863
Post Holdings, Inc. (a)(b),
5.75%, 3/1/27		9,655		10,284,506
				25,672,131
Food Service—0.2%
Aramark Services, Inc. (a)(b),
5.00%, 2/1/28		10,730		11,159,200
Hand/Machine Tools—0.2%
Colfax Corp. (a)(b),
6.00%, 2/15/24		1,940		2,060,474
6.375%, 2/15/26		6,655		7,168,683
				9,229,157
Healthcare Providers & Services—0.1%
WellCare Health Plans, Inc. (a)(b),
5.375%, 8/15/26		6,135		6,563,223
Healthcare-Products—0.1%
Hill-Rom Holdings, Inc. (a)(b),
5.00%, 2/15/25		4,255		4,435,838
Healthcare-Services—2.1%
Centene Corp. (a)(b),
5.375%, 6/1/26		6,975		7,323,750

Schedule of Investments

AllianzGI Income & Growth Fund

September 30, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
Charles River Laboratories International, Inc. (a)(b),
5.50%, 4/1/26	$	5,340	$	5,693,668
Community Health Systems, Inc.,
6.25%, 3/31/23		1,985		1,979,244
6.875%, 2/1/22		2,500		1,909,375
7.125%, 7/15/20		4,595		4,434,175
8.00%, 11/15/19		1,705		1,706,066
DaVita, Inc.,
5.125%, 7/15/24		8,620		8,781,625
Encompass Health Corp.,
4.50%, 2/1/28		2,095		2,123,282
4.75%, 2/1/30		2,095		2,122,026
5.75%, 11/1/24		7,650		7,758,630
HCA, Inc.,
5.375%, 9/1/26		2,965		3,265,058
5.625%, 9/1/28		2,420		2,702,656
7.50%, 2/15/22		8,185		9,091,898
Select Medical Corp. (a)(b),
6.25%, 8/15/26		11,085		11,611,537
Tenet Healthcare Corp.,
6.25%, 2/1/27 (a)(b)		13,260		13,805,649
7.00%, 8/1/25		5,000		5,100,000
8.125%, 4/1/22		7,030		7,636,337
				97,044,976
Home Builders—0.5%
Beazer Homes USA, Inc.,
5.875%, 10/15/27		1,885		1,840,231
Brookfield Residential Properties, Inc. (a)(b),
6.25%, 9/15/27		2,715		2,735,363
6.50%, 12/15/20		6,050		6,059,377
KB Home,
8.00%, 3/15/20		3,905		4,009,264
Taylor Morrison Communities, Inc. (a)(b),
5.75%, 1/15/28		5,975		6,497,812
				21,142,047
Household Products/Wares—0.1%
Spectrum Brands, Inc.,
5.75%, 7/15/25		4,725		4,954,115
Internet—0.9%
Go Daddy Operating Co. LLC (a)(b),
5.25%, 12/1/27		8,500		8,967,500
Match Group, Inc. (a)(b),
5.00%, 12/15/27		8,485		8,845,613
Netflix, Inc. (a)(b),
5.375%, 11/15/29		10,465		10,909,762
Symantec Corp. (a)(b),
5.00%, 4/15/25		5,390		5,453,554
Zayo Group LLC (a)(b),
5.75%, 1/15/27		7,400		7,583,520
				41,759,949

	Principal Amount (000s)		Value^
Iron/Steel—0.2%
AK Steel Corp.,
7.00%, 3/15/27	$	3,580	$	3,083,275
United States Steel Corp.,
6.875%, 8/15/25		8,595		7,799,963
				10,883,238
Lodging—0.6%
Hilton Domestic Operating Co., Inc.,
5.125%, 5/1/26		6,795		7,151,738
MGM Resorts International,
5.50%, 4/15/27		7,270		7,985,004
Wyndham Hotels & Resorts, Inc. (a)(b),
5.375%, 4/15/26		7,110		7,483,275
Wynn Las Vegas LLC (a)(b),
5.50%, 3/1/25		7,275		7,656,937
				30,276,954
Machinery-Construction & Mining—0.2%
Terex Corp. (a)(b),
5.625%, 2/1/25		7,570		7,778,175
Machinery-Diversified—0.1%
Mueller Water Products, Inc. (a)(b),
5.50%, 6/15/26		3,840		4,022,400
Media—3.1%
Cablevision Systems Corp.,
8.00%, 4/15/20		6,250		6,445,313
CCO Holdings LLC (a)(b),
5.125%, 5/1/27		1,625		1,700,156
5.50%, 5/1/26		6,460		6,782,354
Clear Channel Worldwide Holdings, Inc. (a)(b),
9.25%, 2/15/24		10,204		11,236,237
CSC Holdings LLC (a)(b),
7.50%, 4/1/28		9,860		11,153,139
7.75%, 7/15/25		6,160		6,638,632
10.875%, 10/15/25		5,145		5,836,102
Diamond Sports Group LLC (a)(b),
5.375%, 8/15/26		3,640		3,785,600
6.625%, 8/15/27		10,005		10,390,693
DISH DBS Corp.,
5.875%, 7/15/22		4,335		4,524,656
5.875%, 11/15/24		8,820		8,775,900
6.75%, 6/1/21		8,250		8,702,100
Gray Television, Inc. (a)(b),
5.875%, 7/15/26		10,065		10,492,762
LiveStyle, Inc. (cost—$ 7,083,190; purchased 1/31/14- 10/7/15) (a)(b)(c)(d)(f)(i)(k),
9.625%, 2/1/19		7,628		8
Meredith Corp.,
6.875%, 2/1/26		9,370		9,569,112
Nexstar Broadcasting, Inc. (a)(b),
5.625%, 8/1/24		6,765		7,058,263

Schedule of Investments

AllianzGI Income & Growth Fund

September 30, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
Nexstar Escrow, Inc. (a)(b),
5.625%, 7/15/27	$	10,085	$	10,589,250
Sirius XM Radio, Inc. (a)(b),
5.00%, 8/1/27		9,715		10,056,968
Virgin Media Secured Finance PLC (a)(b),
5.50%, 5/15/29		6,995		7,309,775
				141,047,020
Metal Fabricate/Hardware—0.2%
Park-Ohio Industries, Inc.,
6.625%, 4/15/27		7,995		7,675,200
Mining—0.5%
Alcoa Nederland Holding BV (a)(b),
6.75%, 9/30/24		8,405		8,856,768
Constellium SE (a)(b),
6.625%, 3/1/25		9,605		10,037,225
Hudbay Minerals, Inc. (a)(b),
7.625%, 1/15/25		4,965		5,058,094
Joseph T. Ryerson & Son, Inc. (a)(b),
11.00%, 5/15/22		1,500		1,586,250
				25,538,337
Miscellaneous Manufacturing—0.2%
Koppers, Inc. (a)(b),
6.00%, 2/15/25		7,345		7,386,352
Oil, Gas & Consumable Fuels—2.6%
AmeriGas Partners L.P.,
5.875%, 8/20/26		5,490		6,047,510
Callon Petroleum Co.,
6.125%, 10/1/24		6,110		6,048,900
Calumet Specialty Products Partners L.P.,
6.50%, 4/15/21		6,225		6,236,983
Carrizo Oil & Gas, Inc.,
6.25%, 4/15/23		9,725		9,263,063
Chesapeake Energy Corp.,
8.00%, 1/15/25		7,730		5,623,575
8.00%, 3/15/26 (a)(b)		6,301		4,347,690
CNX Resources Corp.,
5.875%, 4/15/22		3,603		3,476,895
Cobalt International Energy, Inc. (c),
7.75%, 12/1/23		9,216		645,120
CVR Refining LLC,
6.50%, 11/1/22		5,550		5,626,313
EP Energy LLC,
9.375%, 5/1/20		8,765		54,781
Nabors Industries, Inc.,
5.75%, 2/1/25		1,910		1,422,950
Noble Holding International Ltd.,
7.75%, 1/15/24		6,955		4,590,300
Oasis Petroleum, Inc.,
6.875%, 3/15/22		11,145		10,448,437
Range Resources Corp.,
4.875%, 5/15/25		8,965		7,440,950

	Principal Amount (000s)		Value^
Sable Permian Resources Land LLC (a)(b)(c),
7.375%, 11/1/21	$	5,000	$	775,000
Sanchez Energy Corp. (c),
6.125%, 1/15/23		6,240		421,200
SM Energy Co.,
6.625%, 1/15/27		9,360		8,096,400
Sunoco L.P.,
5.50%, 2/15/26		4,605		4,817,613
5.875%, 3/15/28		4,830		5,137,913
Talos Production LLC,
11.00%, 4/3/22		1,168		1,197,130
Transocean, Inc. (a)(b),
7.50%, 1/15/26		12,010		10,718,925
USA Compression Partners L.P. (a)(b),
6.875%, 9/1/27		10,045		10,421,687
Valaris PLC,
5.20%, 3/15/25		1,295		712,250
7.75%, 2/1/26		6,640		3,586,928
Weatherford International Ltd. (c),
8.25%, 6/15/23		2,170		781,200
				117,939,713
Paper & Forest Products—0.2%
Mercer International, Inc.,
5.50%, 1/15/26		5,370		5,188,762
7.375%, 1/15/25		3,825		3,993,683
				9,182,445
Pharmaceuticals—1.0%
Bausch Health Americas, Inc. (a)(b),
8.50%, 1/31/27		6,635		7,463,048
Bausch Health Cos., Inc. (a)(b),
6.125%, 4/15/25		7,085		7,368,400
7.25%, 5/30/29		7,305		7,997,514
Endo Finance LLC (a)(b),
5.375%, 1/15/23		10,730		6,598,950
Horizon Pharma USA, Inc. (a)(b),
5.50%, 8/1/27		10,185		10,617,862
Mallinckrodt International Finance S.A. (a)(b),
5.75%, 8/1/22		10,965		4,166,700
				44,212,474
Pipelines—1.0%
Cheniere Energy Partners L.P.,
5.625%, 10/1/26		8,410		8,966,322
Crestwood Midstream Partners L.P.,
5.75%, 4/1/25		8,310		8,580,075
DCP Midstream Operating L.P.,
5.125%, 5/15/29		7,470		7,619,400
NGL Energy Partners L.P. (a)(b),
7.50%, 4/15/26		10,465		10,538,255
Targa Resources Partners L.P. (a)(b),
6.50%, 7/15/27		4,170		4,560,270

Schedule of Investments

AllianzGI Income & Growth Fund

September 30, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
6.875%, 1/15/29	$	4,320	$	4,730,702
				44,995,024
Real Estate—0.5%
Iron Mountain, Inc. (a)(b),
4.875%, 9/15/27		8,150		8,375,592
Kennedy-Wilson, Inc.,
5.875%, 4/1/24		11,023		11,364,052
Uniti Group L.P.,
8.25%, 10/15/23		6,445		5,864,950
				25,604,594
Retail—1.1%
1011778 BC ULC (a)(b),
5.00%, 10/15/25		10,990		11,380,145
Beacon Roofing Supply, Inc. (a)(b),
4.875%, 11/1/25		7,725		7,609,125
Conn’s, Inc.,
7.25%, 7/15/22		12,570		12,758,550
L Brands, Inc.,
6.875%, 11/1/35		2,655		2,319,143
Neiman Marcus Group Ltd. LLC (a)(b),
8.00%, 10/15/21		6,810		4,596,750
Party City Holdings, Inc. (a)(b),
6.625%, 8/1/26		10,755		10,674,337
				49,338,050
Semiconductors—0.4%
Advanced Micro Devices, Inc.,
7.50%, 8/15/22		2,670		3,027,113
Amkor Technology, Inc. (a)(b),
6.625%, 9/15/27		11,410		12,493,950
Broadcom Corp.,
3.875%, 1/15/27		5,195		5,219,193
				20,740,256
Software—1.0%
Camelot Finance S.A. (a)(b),
7.875%, 10/15/24		10,045		10,497,025
IQVIA, Inc. (a)(b),
5.00%, 5/15/27		10,210		10,720,500
j2 Cloud Services LLC (a)(b),
6.00%, 7/15/25		9,810		10,394,676
Rackspace Hosting, Inc. (a)(b),
8.625%, 11/15/24		3,120		2,885,688
SS&C Technologies, Inc. (a)(b),
5.50%, 9/30/27		11,305		11,835,204
				46,333,093
Telecommunications—2.8%
CenturyLink, Inc.,
6.75%, 12/1/23, Ser. W		2,000		2,195,000
7.50%, 4/1/24, Ser. Y		9,535		10,687,305
Cincinnati Bell, Inc. (a)(b),
7.00%, 7/15/24		11,630		10,815,900
CommScope Technologies LLC (a)(b),
5.00%, 3/15/27		4,460		3,701,800

	Principal Amount (000s)		Value^
6.00%, 6/15/25	$	8,240	$	7,477,800
Consolidated Communications, Inc.,
6.50%, 10/1/22		9,435		8,774,550
Frontier Communications Corp.,
10.50%, 9/15/22		9,315		4,314,009
GTT Communications, Inc. (a)(b),
7.875%, 12/31/24		10,045		5,725,650
Hughes Satellite Systems Corp.,
6.625%, 8/1/26		9,080		9,878,677
7.625%, 6/15/21		7,440		8,035,200
Intelsat Connect Finance S.A. (a)(b),
9.50%, 2/15/23		3,195		2,970,360
Intelsat Jackson Holdings S.A.,
5.50%, 8/1/23		10,370		9,726,023
9.75%, 7/15/25 (a)(b)		1,500		1,574,250
Level 3 Financing, Inc.,
5.375%, 5/1/25		8,420		8,746,275
Sprint Capital Corp.,
6.875%, 11/15/28		6,890		7,528,703
Sprint Communications, Inc.,
11.50%, 11/15/21		7,890		9,201,712
Sprint Corp.,
7.125%, 6/15/24		2,250		2,430,675
7.625%, 3/1/26		6,525		7,218,281
T-Mobile USA, Inc.,
4.75%, 2/1/28		3,190		3,350,298
6.50%, 1/15/26		3,760		4,052,114
Windstream Services LLC (cost—$6,530,830; purchased 12/4/13-11/15/18) (a)(b)(c)(i),
6.375%, 8/1/23		7,464		1,604,760
				130,009,342
Transportation—0.1%
XPO Logistics, Inc. (a)(b),
6.125%, 9/1/23		2,705		2,799,675
6.50%, 6/15/22		3,184		3,247,680
				6,047,355
Total Corporate Bonds & Notes (cost—$1,493,069,210)				1,432,454,416
CONVERTIBLE BONDS & NOTES—26.2%
Aerospace & Defense—0.1%
Arconic, Inc.,
1.625%, 10/15/19		4,715		4,713,266
Apparel & Textiles—0.0%
Iconix Brand Group, Inc.,
5.75%, 8/15/23		4,185		1,872,787
Auto Components—0.2%
Meritor, Inc.,
3.25%, 10/15/37		7,345		7,205,840

Schedule of Investments

AllianzGI Income & Growth Fund

September 30, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
Auto Manufacturers—0.4%
Tesla, Inc.,
1.25%, 3/1/21	$	9,155	$	8,954,735
2.375%, 3/15/22		8,485		8,626,634
				17,581,369
Banks—0.2%
Deutsche Bank AG (f),
1.00%, 5/1/23		9,510		9,630,397
Biotechnology—2.0%
Aegerion Pharmaceuticals, Inc. (d)(f),
5.00%, 4/1/25		1,753		2,453,103
Aeltus CBO II Ltd. (c)(d)(f),
2.00%, 8/15/19		5,270		74
AMAG Pharmaceuticals, Inc.,
3.25%, 6/1/22		2,025		1,670,625
BioMarin Pharmaceutical, Inc.,
0.599%, 8/1/24		4,860		4,789,515
1.50%, 10/15/20		6,830		7,050,855
Exact Sciences Corp.,
0.375%, 3/15/27		13,575		14,712,585
Illumina, Inc.,
zero coupon, 8/15/23		17,390		19,324,637
Insmed, Inc.,
1.75%, 1/15/25		6,610		5,542,700
Intercept Pharmaceuticals, Inc.,
3.25%, 7/1/23		8,585		7,426,025
Ligand Pharmaceuticals, Inc.,
0.75%, 5/15/23		12,035		10,060,678
Medicines Co.,
2.75%, 7/15/23		11,305		13,679,050
Radius Health, Inc.,
3.00%, 9/1/24		4,510		4,111,317
Verastem, Inc.,
5.00%, 11/1/48		5,910		2,774,006
				93,595,170
Building Materials—0.0%
Patrick Industries, Inc.,
1.00%, 2/1/23		1,015		920,641
Commercial Services—1.3%
Cardtronics, Inc.,
1.00%, 12/1/20		3,000		2,935,115
Chegg, Inc. (a)(b),
0.125%, 3/15/25		14,475		13,272,824
Euronet Worldwide, Inc. (a)(b),
0.75%, 3/15/49		8,150		9,560,969
Huron Consulting Group, Inc.,
1.25%, 10/1/19		7,480		7,468,633
Macquarie Infrastructure Corp.,
2.00%, 10/1/23		10,410		9,525,150
Square, Inc.,
0.50%, 5/15/23		16,705		18,636,516
				61,399,207

	Principal Amount (000s)		Value^
Computers—0.8%
Lumentum Holdings, Inc.,
0.25%, 3/15/24	$	7,520	$	8,742,082
Nutanix, Inc.,
zero coupon, 1/15/23		7,495		7,012,509
Pure Storage, Inc.,
0.125%, 4/15/23		8,420		8,321,949
Western Digital Corp.,
1.50%, 2/1/24		13,400		12,897,500
				36,974,040
Diversified Financial Services—0.4%
Encore Capital Group, Inc.,
2.875%, 3/15/21		6,960		6,845,294
3.00%, 7/1/20		1,215		1,240,773
3.25%, 3/15/22		3,400		3,455,097
LendingTree, Inc.,
0.625%, 6/1/22		2,850		4,572,254
				16,113,418
Electric Utilities—0.2%
NRG Energy, Inc.,
2.75%, 6/1/48		8,025		9,039,011
Electronics—0.3%
Fortive Corp. (a)(b),
0.875%, 2/15/22		6,360		6,308,325
II-VI, Inc.,
0.25%, 9/1/22		3,290		3,404,012
OSI Systems, Inc.,
1.25%, 9/1/22		1,265		1,421,289
Vishay Intertechnology, Inc.,
2.25%, 6/15/25		1,355		1,270,041
				12,403,667
Energy-Alternate Sources—0.2%
SunEdison, Inc. (c),
0.25%, 1/15/20		9,565		215,212
2.625%, 6/1/23		11,270		253,575
3.375%, 6/1/25		4,565		102,713
Tesla Energy Operations, Inc.,
1.625%, 11/1/19		10,475		10,378,033
				10,949,533
Engineering & Construction—0.3%
Dycom Industries, Inc.,
0.75%, 9/15/21		7,690		7,418,037
KBR, Inc. (a)(b),
2.50%, 11/1/23		5,700		6,615,933
				14,033,970
Entertainment—0.3%
Live Nation Entertainment, Inc.,
2.50%, 3/15/23		8,605		10,110,020
Marriott Vacations Worldwide Corp.,
1.50%, 9/15/22		3,230		3,254,137
				13,364,157

Schedule of Investments

AllianzGI Income & Growth Fund

September 30, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
Equity Real Estate Investment Trusts (REITs)—0.2%
Extra Space Storage L.P. (a)(b),
3.125%, 10/1/35	$	6,530	$	8,346,719
Healthcare-Products—0.9%
CONMED Corp. (a)(b),
2.625%, 2/1/24		3,885		4,827,500
Insulet Corp. (a)(b),
0.375%, 9/1/26		16,335		16,643,870
NuVasive, Inc.,
2.25%, 3/15/21		8,065		9,557,025
Wright Medical Group, Inc.,
1.625%, 6/15/23		10,863		10,384,947
				41,413,342
Healthcare-Services—0.2%
Invitae Corp. (a)(b),
2.00%, 9/1/24		700		698,775
Teladoc Health, Inc.,
1.375%, 5/15/25		7,000		10,392,414
				11,091,189
Insurance—0.1%
AXA S.A. (a)(b),
7.25%, 5/15/21		5,855		6,259,902
Internet—4.5%
Boingo Wireless, Inc. (a)(b),
1.00%, 10/1/23		3,435		2,838,475
Booking Holdings, Inc.,
0.35%, 6/15/20		5,325		7,975,833
0.90%, 9/15/21		12,035		13,984,868
Ctrip.com International Ltd.,
1.00%, 7/1/20		3,500		3,418,778
Etsy, Inc.,
zero coupon, 3/1/23		480		809,722
0.125%, 10/1/26 (a)(b)		13,605		13,438,203
FireEye, Inc.,
0.875%, 6/1/24		8,985		8,464,151
1.625%, 6/1/35, Ser. B		4,650		4,418,439
IAC FinanceCo 2, Inc. (a)(b),
0.875%, 6/15/26		9,480		9,914,437
IAC FinanceCo 3, Inc. (a)(b),
2.00%, 1/15/30		6,810		7,371,596
MercadoLibre, Inc.,
2.00%, 8/15/28		4,535		6,679,970
Okta, Inc. (a)(b),
0.125%, 9/1/25		12,900		11,728,142
Palo Alto Networks, Inc.,
0.75%, 7/1/23		17,950		18,964,927
Proofpoint, Inc. (a)(b),
0.25%, 8/15/24		7,030		7,628,536
Q2 Holdings, Inc. (a)(b),
0.75%, 6/1/26		4,395		4,873,176
RingCentral, Inc.,
zero coupon, 3/15/23		4,725		7,641,699

	Principal Amount (000s)		Value^
Snap, Inc. (a)(b),
0.75%, 8/1/26	$	10,935	$	11,255,642
Twitter, Inc.,
0.25%, 6/15/24		15,170		16,093,447
Wayfair, Inc. (a)(b),
1.00%, 8/15/26		6,810		7,031,919
1.125%, 11/1/24		5,885		7,108,977
Weibo Corp.,
1.25%, 11/15/22		6,415		6,020,477
Wix.com Ltd.,
zero coupon, 7/1/23		5,570		6,197,394
Zendesk, Inc.,
0.25%, 3/15/23		7,965		10,557,512
Zillow Group, Inc.,
1.375%, 9/1/26 (a)(b)		1,400		1,314,085
1.50%, 7/1/23		3,865		3,413,278
2.00%, 12/1/21		6,500		6,459,375
				205,603,058
Investment Companies—0.1%
Prospect Capital Corp.,
6.375%, 3/1/25		5,000		5,312,861
Iron/Steel—0.0%
Cleveland-Cliffs, Inc.,
1.50%, 1/15/25		570		618,972
Lodging—0.4%
Caesars Entertainment Corp.,
5.00%, 10/1/24		10,220		17,382,103
Machinery-Diversified—0.0%
Chart Industries, Inc. (a)(b),
1.00%, 11/15/24		925		1,162,022
Media—1.6%
DISH Network Corp.,
2.375%, 3/15/24		13,010		11,480,995
3.375%, 8/15/26		16,720		15,360,759
Liberty Interactive LLC (a)(b),
1.75%, 9/30/46		8,700		11,303,475
Liberty Media Corp.,
1.00%, 1/30/23		6,425		8,062,278
1.375%, 10/15/23		10,375		12,419,913
2.125%, 3/31/48 (a)(b)		7,620		7,829,550
2.25%, 9/30/46		2,580		1,474,680
World Wrestling Entertainment, Inc.,
3.375%, 12/15/23		1,510		4,476,201
				72,407,851
Oil, Gas & Consumable Fuels—0.9%
Bristow Group, Inc. (c),
4.50%, 6/1/23		1,625		203,125
Chesapeake Energy Corp.,
5.50%, 9/15/26		17,205		10,452,037
Ensco Jersey Finance Ltd.,
3.00%, 1/31/24		9,245		6,286,600

Schedule of Investments

AllianzGI Income & Growth Fund

September 30, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
Helix Energy Solutions Group, Inc.,
4.25%, 5/1/22	$	3,010	$	3,045,768
Nabors Industries, Inc.,
0.75%, 1/15/24		8,145		5,229,699
Oasis Petroleum, Inc.,
2.625%, 9/15/23		9,190		6,826,818
Oil States International, Inc.,
1.50%, 2/15/23		2,450		2,059,225
Transocean, Inc.,
0.50%, 1/30/23		8,635		7,096,891
Weatherford International Ltd. (c),
5.875%, 7/1/21		6,780		2,389,950
				43,590,113
Pharmaceuticals—1.8%
Clovis Oncology, Inc.,
1.25%, 5/1/25		4,440		1,899,904
2.50%, 9/15/21		4,020		3,512,170
Dermira, Inc.,
3.00%, 5/15/22		3,065		2,588,009
DexCom, Inc. (a)(b),
0.75%, 12/1/23		13,480		15,835,253
Flexion Therapeutics, Inc.,
3.375%, 5/1/24		2,670		2,404,241
Herbalife Nutrition Ltd.,
2.625%, 3/15/24		9,465		8,852,471
Horizon Pharma Investment Ltd.,
2.50%, 3/15/22		3,655		4,267,895
Ironwood Pharmaceuticals, Inc. (a)(b),
0.75%, 6/15/24		2,055		1,911,150
Jazz Investments I Ltd.,
1.875%, 8/15/21		9,950		9,994,519
Neurocrine Biosciences, Inc.,
2.25%, 5/15/24		7,750		10,630,758
Sarepta Therapeutics, Inc.,
1.50%, 11/15/24		5,025		6,651,369
Supernus Pharmaceuticals, Inc.,
0.625%, 4/1/23		6,355		5,917,136
Teva Pharmaceutical Finance Co. LLC, Ser. C,
0.25%, 2/1/26		7,285		6,632,622
Tilray, Inc. (a)(b),
5.00%, 10/1/23		2,975		1,972,797
				83,070,294
Pipelines—0.3%
Cheniere Energy, Inc.,
4.25%, 3/15/45		14,605		11,337,131
Retail—0.2%
RH,zero coupon, 6/15/23		9,190		9,968,304
Semiconductors—3.1%
Advanced Micro Devices, Inc.,
2.125%, 9/1/26		2,495		9,302,921

	Principal Amount (000s)		Value^
Cree, Inc.,
0.875%, 9/1/23	$	6,805	$	7,485,749
Inphi Corp.,
0.75%, 9/1/21		8,470		10,532,266
Intel Corp.,
3.25%, 8/1/39		2,850		7,246,068
Microchip Technology, Inc.,
1.625%, 2/15/27		30,730		39,635,975
2.25%, 2/15/37		2,660		3,429,272
Micron Technology, Inc., Ser. D,
3.125%, 5/1/32		1,530		6,574,190
Novellus Systems, Inc.,
2.625%, 5/15/41		1,050		7,518,894
NXP Semiconductors NV,
1.00%, 12/1/19		10,800		11,779,384
ON Semiconductor Corp.,
1.625%, 10/15/23		12,965		15,622,158
Silicon Laboratories, Inc.,
1.375%, 3/1/22		565		737,024
Synaptics, Inc.,
0.50%, 6/15/22		8,195		7,652,081
Teradyne, Inc.,
1.25%, 12/15/23		5,215		9,928,316
Veeco Instruments, Inc.,
2.70%, 1/15/23		6,560		5,872,400
				143,316,698
Software—4.0%
Akamai Technologies, Inc.,
0.125%, 5/1/25		15,470		17,784,667
Allscripts Healthcare Solutions, Inc.,
1.25%, 7/1/20		6,585		6,543,952
Alteryx, Inc. (a)(b),
0.50%, 8/1/24		2,525		2,463,288
1.00%, 8/1/26		5,200		5,011,780
Atlassian, Inc.,
0.625%, 5/1/23		9,380		15,421,423
Avaya Holdings Corp.,
2.25%, 6/15/23		5,740		4,917,550
Coupa Software, Inc. (a)(b),
0.125%, 6/15/25		8,575		9,400,344
DocuSign, Inc. (a)(b),
0.50%, 9/15/23		8,185		9,226,487
Envestnet, Inc.,
1.75%, 6/1/23		4,790		5,185,175
Evolent Health, Inc.,
1.50%, 10/15/25 (a)(b)		3,470		2,246,825
2.00%, 12/1/21		1,400		1,229,375
Guidewire Software, Inc.,
1.25%, 3/15/25		5,245		6,032,090
HubSpot, Inc.,
0.25%, 6/1/22		1,565		2,624,274
Momo, Inc.,
1.25%, 7/1/25		2,665		2,412,894

Schedule of Investments

AllianzGI Income & Growth Fund

September 30, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
MongoDB, Inc.,
0.75%, 6/15/24	$	1,920	$	3,611,792
New Relic, Inc.,
0.50%, 5/1/23		7,655		7,265,266
Nuance Communications, Inc.,
1.00%, 12/15/35		5,560		5,282,000
Pluralsight, Inc. (a)(b),
0.375%, 3/1/24		8,240		7,086,122
SailPoint Technologies Holding, Inc. (a)(b),
0.125%, 9/15/24		2,805		2,679,479
ServiceNow, Inc.,
zero coupon, 6/1/22		8,390		16,079,162
Splunk, Inc.,
0.50%, 9/15/23		9,455		10,206,340
1.125%, 9/15/25		10,710		11,760,919
Tabula Rasa HealthCare, Inc. (a)(b),
1.75%, 2/15/26		1,740		1,888,680
Twilio, Inc.,
0.25%, 6/1/23		4,405		7,361,944
Workday, Inc.,
0.25%, 10/1/22		13,310		17,514,365
Workiva, Inc. (a)(b),
1.125%, 8/15/26		3,545		3,251,723
				184,487,916
Telecommunications—0.9%
Brocade Communications Systems, Inc.,
1.375%, 1/1/20		4,450		4,438,875
CalAmp Corp.,
2.00%, 8/1/25		2,330		1,906,766
Finisar Corp.,
0.50%, 12/15/36		13,830		13,822,980
Infinera Corp.,
2.125%, 9/1/24		4,590		4,005,097
Viavi Solutions, Inc.,
1.00%, 3/1/24		3,600		4,432,500
1.75%, 6/1/23		6,678		8,062,349
Vonage Holdings Corp. (a)(b),
1.75%, 6/1/24		5,075		5,260,258
				41,928,825
Transportation—0.3%
Atlas Air Worldwide Holdings, Inc.,
1.875%, 6/1/24		1,400		1,164,625
2.25%, 6/1/22		6,445		5,731,215
Greenbrier Cos., Inc.,
2.875%, 2/1/24		4,515		4,316,817
Teekay Corp.,
5.00%, 1/15/23		1,625		1,320,608
				12,533,265
Total Convertible Bonds & Notes (cost—$1,295,502,745)				1,209,627,038

	Shares		Value^
CONVERTIBLE PREFERRED STOCK—4.6%
Banks—1.1%
Bank of America Corp., Ser. L (e),
7.25%		10,840	$	16,251,436
Wells Fargo & Co., Ser. L (e),
7.50%		22,805		34,720,385
				50,971,821
Chemicals—0.3%
International Flavors & Fragrances, Inc.,
6.00%, 9/15/21		250,765		11,795,986
Computers—0.3%
NCR Corp., Ser. A, PIK 5.50% (e),
5.50%		9,250		11,719,818
Diversified Financial Services—0.1%
AMG Capital Trust II,
5.15%, 10/15/37		72,690		3,407,679
Electric Utilities—0.5%
CenterPoint Energy, Inc., Ser. B,
7.00%, 9/1/21		41,735		2,181,071
NextEra Energy, Inc.,
4.872%, 9/1/22		15,000		752,100
Sempra Energy, Ser. A,
6.00%, 1/15/21		133,900		15,826,980
Southern Co., Ser. 2019,
6.75%, 8/1/22		84,000		4,494,840
				23,254,991
Electronics—0.3%
Fortive Corp., Ser. A,
5.00%, 7/1/21		15,285		13,794,712
Equity Real Estate Investment Trusts (REITs)—0.3%
Crown Castle International Corp., Ser. A,
6.875%, 8/1/20		12,770		16,157,881
Hand/Machine Tools—0.3%
Stanley Black & Decker, Inc.,
5.375%, 5/15/20		126,835		12,741,844
Healthcare-Products—1.0%
Avantor, Inc., Ser. A,
6.25%, 5/15/22		183,425		9,848,088
Becton Dickinson and Co., Ser. A,
6.125%, 5/1/20		346,380		21,463,437
Danaher Corp., Ser. A,
4.75%, 4/15/22		12,635		14,404,532
				45,716,057
Insurance—0.2%
Assurant, Inc., Ser. D,
6.50%, 3/15/21		77,455		9,683,424

Schedule of Investments

AllianzGI Income & Growth Fund

September 30, 2019 (unaudited) (continued)

	Shares		Value^
Oil, Gas & Consumable Fuels—0.0%
Nabors Industries Ltd., Ser. A,
6.00%, 5/1/21		53,040	$	852,883
Semiconductors—0.2%
Broadcom, Inc., Ser. A,
8.00%, 9/30/22		11,340		11,627,875
Total Convertible Preferred Stock (cost—$207,195,998)				211,724,971
PREFERRED STOCK (a)(d)(f)(j)(k)—0.4%
Media—0.4%
LiveStyle, Inc., Ser. A		7,960		1,162,558
LiveStyle, Inc., Ser. B (h)		171,344		17,134,400
LiveStyle, Inc., Ser. B (h)		8,000		80
Total Preferred Stock (cost—$25,578,848)				18,297,038
EQUITY-LINKED SECURITY—0.0%
Coal—0.0%
Arch Coal, Inc., expires 10/5/23 (d)(f)(j) (cost—$0)		4,002		135,142
	Units
WARRANTS (d)(f)(j)—0.0%
Advertising—0.0%
Affinion Group Holdings, Inc., exercise price $67.12, expires 4/1/24 (cost—$1,422,155; purchased 4/1/19) (i)		7,203		70,663
Media—0.0%
LiveStyle, Inc., Ser. C, expires 11/30/21 (k)		43,500		4
Semiconductors—0.0%
GT Advanced Technologies, Inc. expires 10/1/17 (c)		2,860,000		—	†
Total Warrants (cost—$1,422,155)				70,667

	Principal Amount (000s)		Value^
Repurchase Agreements—4.9%
State Street Bank and Trust Co., dated 9/30/19, 0.35%, due 10/1/19, proceeds $225,413,192; collateralized by U.S. Treasury Notes, 1.50%, due 8/15/26, valued at $229,920,196 including accrued interest (cost—$225,411,000)	$	225,411	$	225,411,000
Total Investments, before options written (cost—$5,144,203,610)—99.9%				4,608,920,560
Total Options Written—(0.0)% (premiums received-$954,728) (j)(l)(m)				(634,237	)
Total Investments, net of options written (cost—$5,143,248,882)—99.9%				4,608,286,323
Other assets less liabilities—0.1%				2,956,060
Net Assets—100.0%			$	4,611,242,383

Notes to Schedule of Investments:

† Actual amount rounds to less than $1.

(a) Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $1,098,940,803, representing 23.8% of net assets.

(b) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $1,080,643,765, representing 23.4% of net assets.

(c) In default.

(d) Fair-Valued—Securities with an aggregate value of $31,547,650, representing 0.7% of net assets.

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

(f) Level 3 security.

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

(h) Affiliated security.

(i) Restricted. The aggregate cost of such securities is $ 37,844,927. The aggregate value is $14,167,218, representing 0.3% of net assets.

(j) Non-income producing.

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

(l) Exchange traded-Chicago Board Options Exchange.

(m) Exchange traded option contracts outstanding at September 30, 2019:

Schedule of Investments

AllianzGI Income & Growth Fund

September 30, 2019 (unaudited) (continued)

Options written contracts outstanding at September 30, 2019:

Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Received			Unrealized Appreciation (Depreciation)
Call options:
Adobe, Inc.		300.00 USD		10/18/19		(780	)	$	(78,000	)	$	(24,180	)	$	(46,098	)	$	21,918
Advanced Micro Devices, Inc.		37.00 USD		10/18/19		(1,445	)		(144,500	)		(3,612	)		(33,626	)		30,014
Alibaba Group Holding Ltd.		205.00 USD		10/18/19		(580	)		(58,000	)		(2,320	)		(32,323	)		30,003
Apple, Inc.		235.00 USD		10/18/19		(910	)		(91,000	)		(78,715	)		(58,358	)		(20,357	)
Atlassian, Inc.		150.00 USD		10/18/19		(215	)		(21,500	)		(10,213	)		(20,505	)		10,292
Bank of America Corp.		32.00 USD		10/18/19		(3,300	)		(330,000	)		(11,550	)		(32,970	)		21,420
Boston Scientific Corp.		44.50 USD		10/18/19		(2,130	)		(213,000	)		(9,585	)		(27,756	)		18,171
Broadcom, Inc.		330.00 USD		10/18/19		(215	)		(21,500	)		(537	)		(22,387	)		21,850
Costco Wholesale Corp.		312.50 USD		10/18/19		(270	)		(27,000	)		(25,650	)		(21,881	)		(3,769	)
Deere & Co.		175.00 USD		10/18/19		(670	)		(67,000	)		(80,735	)		(49,111	)		(31,624	)
Fiserv, Inc.		110.00 USD		10/18/19		(650	)		(65,000	)		(19,500	)		(27,027	)		7,527
Home Depot, Inc.		250.00 USD		10/18/19		(670	)		(67,000	)		(3,015	)		(45,506	)		42,491
Intuit, Inc.		285.00 USD		10/18/19		(280	)		(28,000	)		(16,100	)		(18,158	)		2,058
JPMorgan Chase & Co.		120.00 USD		10/18/19		(1,200	)		(120,000	)		(96,600	)		(15,445	)		(81,155	)
Marvell Technology Group Ltd.		28.00 USD		10/18/19		(1,665	)		(166,500	)		(2,497	)		(25,076	)		22,579
Mastercard, Inc.		310.00 USD		10/18/19		(280	)		(28,000	)		(1,820	)		(52,046	)		50,226
Micron Technology, Inc.		60.00 USD		10/18/19		(1,230	)		(123,000	)		(615	)		(37,294	)		36,679
Microsoft Corp.		147.00 USD		10/18/19		(1,290	)		(129,000	)		(32,895	)		(28,639	)		(4,256	)
Nike, Inc.		95.00 USD		10/18/19		(1,225	)		(122,500	)		(153,738	)		(43,611	)		(110,127	)
PayPal Holdings, Inc.		120.00 USD		10/18/19		(975	)		(97,500	)		(5,363	)		(78,146	)		72,783
Qualcomm, Inc.		83.00 USD		10/18/19		(930	)		(93,000	)		(16,740	)		(41,506	)		24,766
Salesforce.com, Inc.		170.00 USD		10/18/19		(840	)		(84,000	)		(6,720	)		(29,367	)		22,647
ServiceNow, Inc.		290.00 USD		10/18/19		(215	)		(21,500	)		(5,375	)		(13,607	)		8,232
Starbucks Corp.		97.50 USD		10/18/19		(1,285	)		(128,500	)		(4,497	)		(56,771	)		52,274
Target Corp.		115.00 USD		10/18/19		(615	)		(61,500	)		(9,225	)		(55,571	)		46,346
Thermo Fisher Scientific, Inc.		310.00 USD		10/18/19		(69	)		(6,900	)		(2,760	)		(9,968	)		7,208
Union Pacific Corp.		177.50 USD		10/18/19		(440	)		(44,000	)		(9,680	)		(31,975	)		22,295
		Total options written contracts									$	(634,237	)	$	(954,728	)	$	320,491

Glossary:

ADR—American Depositary Receipt

PIK—Payment-in-Kind

REIT—Real Estate Investment Trust

Schedule of Investments

AllianzGI Mid-Cap Fund

September 30, 2019 (unaudited)

	Shares		Value^
COMMON STOCK—99.6%
Aerospace & Defense—3.4%
HEICO Corp., Class A		44,840	$	4,363,380
L3Harris Technologies, Inc.		30,339		6,329,929
				10,693,309
Air Freight & Logistics—1.6%
XPO Logistics, Inc. (a)		68,319		4,889,591
Beverages—0.8%
MGP Ingredients, Inc.		50,735		2,520,515
Biotechnology—1.7%
Exact Sciences Corp. (a)		27,875		2,519,064
Sage Therapeutics, Inc. (a)		20,580		2,887,168
				5,406,232
Capital Markets—1.3%
E*TRADE Financial Corp.		90,137		3,938,086
Chemicals—1.8%
FMC Corp.		64,920		5,692,186
Commercial Services & Supplies—4.0%
Clean Harbors, Inc. (a)		77,485		5,981,842
Waste Connections, Inc.		71,092		6,540,464
				12,522,306
Containers & Packaging—2.3%
Crown Holdings, Inc. (a)		109,990		7,265,939
Electrical Equipment—2.2%
AMETEK, Inc.		76,112		6,988,604
Electronic Equipment, Instruments & Components—3.9%
Keysight Technologies, Inc. (a)		56,895		5,533,039
TE Connectivity Ltd.		37,726		3,515,309
Trimble, Inc. (a)		82,792		3,213,157
				12,261,505
Entertainment—5.0%
Take-Two Interactive Software, Inc. (a)		79,660		9,984,584
Zynga, Inc., Class A (a)		972,111		5,657,686
				15,642,270
Food Products—4.6%
Freshpet, Inc. (a)		106,775		5,314,192
Lamb Weston Holdings, Inc.		76,155		5,537,992
Sanderson Farms, Inc.		24,035		3,637,216
				14,489,400
Healthcare Equipment & Supplies—10.2%
Cooper Cos., Inc.		15,545		4,616,865
DexCom, Inc. (a)		64,772		9,666,573
Edwards Lifesciences Corp. (a)		23,363		5,137,757
Haemonetics Corp. (a)		39,713		5,009,398
IDEXX Laboratories, Inc. (a)		28,665		7,794,874
				32,225,467

	Shares		Value^
Hotels, Restaurants & Leisure—3.4%
Chipotle Mexican Grill, Inc. (a)		7,675	$	6,450,607
Royal Caribbean Cruises Ltd.		39,183		4,244,695
				10,695,302
Insurance—3.6%
Arthur J Gallagher & Co.		69,770		6,249,299
James River Group Holdings Ltd.		101,435		5,197,529
				11,446,828
Internet & Direct Marketing Retail—1.5%
Etsy, Inc. (a)		85,310		4,820,015
IT Services—11.4%
Black Knight, Inc. (a)		67,165		4,101,095
Booz Allen Hamilton Holding Corp.		75,820		5,384,736
EPAM Systems, Inc. (a)		45,483		8,292,460
Fidelity National Information Services, Inc.		64,914		8,617,983
WEX, Inc. (a)		32,938		6,655,782
Wix.com Ltd. (a)		23,404		2,732,183
				35,784,239
Life Sciences Tools & Services—1.3%
Agilent Technologies, Inc.		52,249		4,003,841
Multi-Line Retail—2.2%
Dollar Tree, Inc. (a)		61,402		7,009,652
Pharmaceuticals—3.3%
Catalent, Inc. (a)		109,307		5,209,572
Elanco Animal Health, Inc. (a)		138,145		3,673,275
Horizon Therapeutics PLC (a)		58,130		1,582,880
				10,465,727
Professional Services—4.6%
Equifax, Inc.		42,923		6,037,978
Verisk Analytics, Inc.		52,413		8,288,592
				14,326,570
Real Estate Management & Development—1.3%
CBRE Group, Inc., Class A (a)		76,651		4,063,269
Road & Rail—1.3%
Kansas City Southern		30,660		4,078,087
Semiconductors & Semiconductor Equipment—7.2%
Advanced Micro Devices, Inc. (a)		203,775		5,907,437
Cree, Inc. (a)		52,125		2,554,125
Entegris, Inc.		74,406		3,501,546
Monolithic Power Systems, Inc.		25,594		3,983,194
Xilinx, Inc.		69,705		6,684,710
				22,631,012
Software—7.6%
Atlassian Corp. PLC, Class A (a)		25,325		3,176,768
Ceridian HCM Holding, Inc. (a)		81,465		4,021,927
Splunk, Inc. (a)		56,354		6,641,882
Trade Desk, Inc., Class A (a)		14,013		2,628,138

Schedule of Investments

AllianzGI Mid-Cap Fund

September 30, 2019 (unaudited) (continued)

	Shares		Value^
Workday, Inc., Class A (a)		43,334	$	7,365,047
				23,833,762
Specialty Retail—2.8%
Floor & Decor Holdings, Inc., Class A (a)		98,995		5,063,594
Ulta Salon Cosmetics & Fragrance, Inc. (a)		14,349		3,596,577
				8,660,171
Textiles, Apparel & Luxury Goods—3.8%
Lululemon Athletica, Inc. (a)		39,435		7,592,421
VF Corp.		48,860		4,348,051
				11,940,472
Trading Companies & Distributors—1.5%
United Rentals, Inc. (a)		38,504		4,799,139
Total Common Stock (cost—$247,490,882)				313,093,496
	Principal Amount (000s)
Repurchase Agreements—2.1%
State Street Bank and Trust Co., dated 9/30/19, 0.35%, due 10/1/19, proceeds $6,709,065; collateralized by U.S. Treasury Notes, 1.625%, due 2/15/26, valued at $6,844,513 including accrued interest (cost—$6,709,000)	$	6,709		6,709,000
Total Investments (cost—$254,199,882)—101.7%				319,802,496
Liabilities in excess of other assets—(1.7)%				(5,487,912	)
Net Assets—100.0%			$	314,314,584

Notes to Schedule of Investments:

(a) Non-income producing.

Schedule of Investments

AllianzGI NFJ Dividend Value Fund

September 30, 2019 (unaudited)

	Shares		Value^
COMMON STOCK—99.5%
Aerospace & Defense—5.0%
Curtiss-Wright Corp.		92,361	$	11,948,742
Lockheed Martin Corp.		65,865		25,691,302
United Technologies Corp.		186,205		25,420,707
				63,060,751
Air Freight & Logistics—0.4%
Expeditors International of Washington, Inc.		76,985		5,719,216
Automobiles—0.9%
General Motors Co.		317,314		11,892,929
Banks—13.0%
Bank of America Corp.		871,610		25,424,864
Citigroup, Inc.		375,970		25,972,008
Citizens Financial Group, Inc.		362,777		12,831,422
Comerica, Inc.		187,363		12,364,084
JPMorgan Chase & Co.		431,540		50,787,943
M&T Bank Corp.		78,694		12,431,291
PNC Financial Services Group, Inc.		90,911		12,742,086
U.S. Bancorp		232,204		12,850,169
				165,403,867
Beverages—0.9%
Diageo PLC ADR		74,200		12,133,184
Capital Markets—3.1%
Ameriprise Financial, Inc.		86,200		12,680,020
Morgan Stanley		639,045		27,268,050
				39,948,070
Chemicals—1.9%
Celanese Corp.		102,900		12,583,641
Dow, Inc.		242,706		11,564,941
				24,148,582
Communications Equipment—1.1%
Cisco Systems, Inc.		273,515		13,514,376
Construction & Engineering—0.9%
EMCOR Group, Inc.		133,050		11,458,266
Containers & Packaging—1.0%
Avery Dennison Corp.		110,266		12,522,910
Diversified Telecommunication Services—3.3%
AT&T, Inc.		726,863		27,504,496
Verizon Communications, Inc.		241,921		14,602,351
				42,106,847
Electric Utilities—3.1%
Exelon Corp.		548,858		26,515,330
Pinnacle West Capital Corp.		133,769		12,984,957
				39,500,287

	Shares		Value^
Electrical Equipment—2.0%
Eaton Corp. PLC		304,910	$	25,353,266
Entertainment—1.5%
Walt Disney Co.		146,756		19,125,242
Equity Real Estate Investment Trusts (REITs)—3.2%
Alexandria Real Estate Equities, Inc.		83,191		12,814,742
CoreSite Realty Corp.		121,819		14,843,645
Crown Castle International Corp.		90,693		12,607,234
				40,265,621
Food & Staples Retailing—1.0%
Sysco Corp.		167,867		13,328,640
Food Products—1.9%
Lamb Weston Holdings, Inc.		161,562		11,748,788
Mondelez International, Inc., Class A		229,171		12,677,740
				24,426,528
Healthcare Equipment & Supplies—2.9%
Hill-Rom Holdings, Inc.		113,444		11,937,712
Medtronic PLC		228,470		24,816,412
				36,754,124
Healthcare Providers & Services—1.9%
Humana, Inc.		42,026		10,744,788
Quest Diagnostics, Inc.		119,947		12,837,927
				23,582,715
Hotels, Restaurants & Leisure—2.0%
Darden Restaurants, Inc.		106,210		12,556,146
Royal Caribbean Cruises Ltd.		114,030		12,352,870
				24,909,016
Industrial Conglomerates—1.5%
General Electric Co.		729,212		6,519,155
Honeywell International, Inc.		75,614		12,793,889
				19,313,044
Insurance—6.9%
Allstate Corp.		117,797		12,802,178
MetLife, Inc.		276,999		13,063,273
Primerica, Inc.		99,066		12,604,167
Progressive Corp.		306,496		23,676,816
Reinsurance Group of America, Inc.		159,025		25,424,917
				87,571,351
Life Sciences Tools & Services—1.0%
Agilent Technologies, Inc.		167,740		12,853,916
Machinery—2.1%
Stanley Black & Decker, Inc.		92,599		13,372,222
Toro Co.		174,951		12,823,908
				26,196,130
Media—2.9%
Comcast Corp., Class A		822,100		37,060,268

Schedule of Investments

AllianzGI NFJ Dividend Value Fund

September 30, 2019 (unaudited) (continued)

	Shares		Value^
Metals & Mining—1.0%
Reliance Steel & Aluminum Co.		132,300	$	13,185,018
Multi-Line Retail—1.0%
Target Corp.		117,061		12,514,991
Multi-Utilities—2.2%
Public Service Enterprise Group, Inc.		441,830		27,428,806
Oil, Gas & Consumable Fuels—10.9%
Chevron Corp.		390,399		46,301,321
ConocoPhillips		382,765		21,809,950
EOG Resources, Inc.		136,480		10,129,546
Royal Dutch Shell PLC, Class A ADR		338,959		19,947,737
TC Energy Corp.		270,042		13,985,475
Valero Energy Corp.		303,800		25,895,912
				138,069,941
Personal Products—1.9%
Unilever NV		397,450		23,858,923
Pharmaceuticals—6.2%
Johnson & Johnson		395,038		51,110,016
Pfizer, Inc.		405,447		14,567,711
Roche Holding AG ADR		364,548		13,287,775
				78,965,502
Road & Rail—0.9%
Kansas City Southern		91,058		12,111,625
Semiconductors & Semiconductor Equipment—3.1%
Broadcom, Inc.		45,138		12,461,248
Intel Corp.		514,544		26,514,452
				38,975,700
Software—2.0%
Oracle Corp.		463,169		25,488,190
Specialty Retail—2.9%
Lowe’s Cos., Inc.		222,036		24,415,078
TJX Cos., Inc.		224,404		12,508,279
				36,923,357
Textiles, Apparel & Luxury Goods—1.0%
Columbia Sportswear Co.		126,500		12,256,585
Tobacco—1.0%
Philip Morris International, Inc.		168,721		12,810,986
Total Common Stock (cost—$1,147,361,231)				1,264,738,770

	Principal Amount (000s)		Value^
Repurchase Agreements—1.6%
State Street Bank and Trust Co., dated 9/30/19, 0.35%, due 10/1/19, proceeds $20,550,200; collateralized by U.S. Treasury Notes, 2.375%, due 5/15/27, valued at $20,963,169 including accrued interest (cost—$20,550,000)	$	20,550	$	20,550,000
Total Investments (cost—$1,167,911,231)—101.1%				1,285,288,770
Liabilities in excess of other assets—(1.1)%				(14,076,475	)
Net Assets—100.0%			$	1,271,212,295

Glossary:

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust

Schedule of Investments

AllianzGI NFJ International Value Fund

September 30, 2019 (unaudited)

	Shares		Value^
COMMON STOCK—97.7%
Australia—2.1%
Macquarie Group Ltd.		17,871	$	1,584,124
Westpac Banking Corp.		89,154		1,780,640
				3,364,764
Canada—10.8%
Bank of Montreal		23,200		1,711,000
Canadian Pacific Railway Ltd.		13,441		2,990,085
Enerplus Corp.		175,900		1,308,696
Magna International, Inc.		33,956		1,810,874
Manulife Financial Corp.		86,068		1,580,209
TC Energy Corp.		63,460		3,286,593
Toronto-Dominion Bank		83,540		4,867,040
				17,554,497
China—10.7%
Anhui Conch Cement Co., Ltd., Class H		559,500		3,320,261
China Construction Bank Corp., Class H		2,135,100		1,626,858
China Mobile Ltd.		361,500		2,994,576
China Railway Signal & Communication Corp., Ltd., Class H (a)		2,570,000		1,589,940
China Shenhua Energy Co., Ltd., Class H		744,000		1,493,691
Haier Electronics Group Co., Ltd.		646,000		1,682,089
Hengan International Group Co., Ltd.		239,500		1,569,358
Longfor Group Holdings Ltd. (a)		447,000		1,669,445
Ping An Insurance Group Co of China Ltd., Class A		117,117		1,429,861
				17,376,079
France—8.2%
Capgemini SE		28,002		3,297,268
Danone S.A.		39,446		3,474,470
Euronext NV (a)		22,128		1,811,862
Kering S.A.		2,608		1,328,997
Thales S.A.		29,325		3,370,935
				13,283,532
Germany—5.2%
BASF SE		24,179		1,690,549
Bayer AG		22,143		1,560,042
Deutsche Telekom AG		99,558		1,669,887
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		6,997		1,807,309
SAP SE		13,761		1,619,303
				8,347,090
Hong Kong—4.6%
AIA Group Ltd.		330,800		3,119,788
BOC Hong Kong Holdings Ltd.		379,600		1,288,066
CLP Holdings Ltd.		147,500		1,550,355

	Shares		Value^
Sands China Ltd.		345,600	$	1,561,653
				7,519,862
India—0.7%
Reliance Industries Ltd. GDR (a)		32,098		1,197,255
Ireland—2.8%
Glanbia PLC		143,423		1,782,093
Smurfit Kappa Group PLC		95,234		2,831,862
				4,613,955
Italy—1.1%
Terna Rete Elettrica Nazionale SpA		285,796		1,835,583
Japan—13.3%
Asahi Group Holdings Ltd.		37,200		1,847,467
Astellas Pharma, Inc.		128,300		1,835,223
Daiwa House Industry Co., Ltd.		57,700		1,875,520
Hitachi Ltd.		46,040		1,724,207
Mitsubishi Corp.		124,900		3,075,401
Shionogi & Co., Ltd.		57,200		3,189,072
Sony Corp.		82,100		4,852,778
Tokio Marine Holdings, Inc.		57,400		3,079,345
				21,479,013
Korea (Republic of)—2.1%
Samsung Electronics Co., Ltd.		82,147		3,363,429
Mexico—1.0%
Grupo Aeroportuario del Pacifico S.A.B de C.V., Class B		167,300		1,614,673
Netherlands—2.9%
ING Groep NV		132,412		1,383,272
Unilever NV		56,508		3,393,159
				4,776,431
Russian Federation—1.0%
Lukoil PJSC ADR		19,070		1,577,661
Singapore—3.0%
DBS Group Holdings Ltd.		173,600		3,140,616
Singapore Exchange Ltd.		279,500		1,714,742
				4,855,358
South Africa—0.7%
Naspers Ltd., Class N		6,957		1,053,354
Spain—1.9%
Banco Santander S.A.		739,141		3,007,431
Switzerland—4.0%
Nestle S.A.		14,280		1,548,730
Roche Holding AG		17,192		5,005,699
				6,554,429
Taiwan—2.1%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		74,076		3,443,052

Schedule of Investments

AllianzGI NFJ International Value Fund

September 30, 2019 (unaudited) (continued)

	Shares		Value^
United Kingdom—16.5%
3i Group PLC		111,998	$	1,602,956
BAE Systems PLC ADR		120,668		3,401,631
Carnival PLC		35,252		1,458,740
Compass Group PLC		69,386		1,785,489
Diageo PLC ADR		9,676		1,582,220
GlaxoSmithKline PLC		159,186		3,412,086
Imperial Brands PLC		126,757		2,846,476
Legal & General Group PLC		964,168		2,942,948
Rio Tinto PLC		27,884		1,449,481
Royal Dutch Shell PLC, Class A ADR		105,140		6,187,489
				26,669,516
United States—3.0%
Broadcom, Inc.		5,500		1,518,385
Constellation Brands, Inc., Class A		8,501		1,762,087
Expeditors International of Washington, Inc.		22,330		1,658,896
				4,939,368
Total Common Stock (cost—$154,914,109)				158,426,332
PREFERRED STOCK—2.0%
Germany—2.0%
Porsche Automobil Holding SE (cost—$3,407,146)		48,698		3,156,939
Total Investments (cost—$158,321,255) (b)—99.7%				161,583,271
Other assets less liabilities—0.3%				494,272
Net Assets—100.0%			$	162,077,543

Notes to Schedule of Investments:

(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $6,268,502, representing 3.9% of net assets.

(b) Securities with an aggregate value of $118,303,332, representing 73.0% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

Glossary:

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

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

Banks	11.6	%
Oil, Gas & Consumable Fuels	9.3	%
Pharmaceuticals	9.3	%
Insurance	8.6	%
Food Products	4.2	%
Aerospace & Defense	4.2	%
Capital Markets	4.1	%
Household Durables	4.0	%
Beverages	3.2	%
Personal Products	3.1	%
Semiconductors & Semiconductor Equipment	3.1	%
Hotels, Restaurants & Leisure	3.0	%
Real Estate Management & Development	2.2	%
Electric Utilities	2.1	%
Technology Hardware, Storage & Peripherals	2.1	%
Construction Materials	2.1	%
Electronic Equipment, Instruments & Components	2.0	%
IT Services	2.0	%
Automobiles	2.0	%
Trading Companies & Distributors	1.9	%
Wireless Telecommunication Services	1.8	%
Road & Rail	1.8	%
Tobacco	1.8	%
Containers & Packaging	1.7	%
Auto Components	1.1	%
Chemicals	1.0	%
Diversified Telecommunication Services	1.0	%
Air Freight & Logistics	1.0	%
Software	1.0	%
Transportation Infrastructure	1.0	%
Metals & Mining	0.9	%
Textiles, Apparel & Luxury Goods	0.8	%
Internet & Direct Marketing Retail	0.7	%
Other assets less liabilities	0.3	%
	100.0	%

Schedule of Investments

AllianzGI NFJ Large-Cap Value Fund

September 30, 2019 (unaudited)

	Shares		Value^
COMMON STOCK—99.5%
Aerospace & Defense—3.9%
Curtiss-Wright Corp.		33,616	$	4,348,902
Lockheed Martin Corp.		9,000		3,510,540
United Technologies Corp.		40,184		5,485,920
				13,345,362
Air Freight & Logistics—0.5%
Expeditors International of Washington, Inc.		20,857		1,549,467
Banks—12.6%
Bank of America Corp.		288,667		8,420,416
Citigroup, Inc.		100,700		6,956,356
Citizens Financial Group, Inc.		91,465		3,235,117
Comerica, Inc.		53,065		3,501,759
JPMorgan Chase & Co.		120,200		14,146,338
PNC Financial Services Group, Inc.		26,341		3,691,955
U.S. Bancorp		63,676		3,523,830
				43,475,771
Beverages—1.5%
Diageo PLC ADR		20,800		3,401,216
PepsiCo, Inc.		13,626		1,868,125
				5,269,341
Capital Markets—3.9%
Ameriprise Financial, Inc.		24,460		3,598,066
Morgan Stanley		154,400		6,588,248
Nasdaq, Inc.		33,061		3,284,610
				13,470,924
Chemicals—2.3%
Celanese Corp.		34,700		4,243,463
Dow, Inc. (a)		75,346		3,590,237
				7,833,700
Communications Equipment—0.9%
Cisco Systems, Inc.		65,417		3,232,254
Construction & Engineering—1.0%
EMCOR Group, Inc.		41,968		3,614,284
Consumer Finance—1.0%
Discover Financial Services		42,000		3,405,780
Containers & Packaging—1.0%
Avery Dennison Corp.		29,552		3,356,221
Diversified Telecommunication Services—3.2%
AT&T, Inc.		191,689		7,253,512
Verizon Communications, Inc.		61,271		3,698,317
				10,951,829
Electric Utilities—3.1%
Entergy Corp.		30,265		3,551,900
Exelon Corp.		74,992		3,622,864

	Shares		Value^
Pinnacle West Capital Corp.		35,239	$	3,420,650
				10,595,414
Electrical Equipment—1.0%
Eaton Corp. PLC		43,400		3,608,710
Entertainment—1.5%
Walt Disney Co.		39,756		5,181,002
Equity Real Estate Investment Trusts (REITs)—4.0%
Alexandria Real Estate Equities, Inc.		23,681		3,647,821
CoreSite Realty Corp.		26,805		3,266,189
Crown Castle International Corp.		23,999		3,336,101
Prologis, Inc.		40,899		3,485,413
				13,735,524
Food & Staples Retailing—1.2%
Sysco Corp.		50,500		4,009,700
Food Products—1.0%
Mondelez International, Inc., Class A		63,100		3,490,692
Healthcare Equipment & Supplies—3.5%
Abbott Laboratories		20,807		1,740,922
Baxter International, Inc.		20,806		1,819,901
Hill-Rom Holdings, Inc.		31,817		3,348,103
Medtronic PLC		48,600		5,278,932
				12,187,858
Healthcare Providers & Services—3.1%
CVS Health Corp.		27,208		1,716,009
HCA Healthcare, Inc.		21,000		2,528,820
Humana, Inc.		11,226		2,870,151
Quest Diagnostics, Inc.		33,400		3,574,802
				10,689,782
Hotels, Restaurants & Leisure—2.3%
Darden Restaurants, Inc.		27,920		3,300,702
Domino’s Pizza, Inc.		6,727		1,645,357
Royal Caribbean Cruises Ltd.		28,900		3,130,737
				8,076,796
Household Products—1.0%
Procter & Gamble Co.		28,700		3,569,706
Industrial Conglomerates—2.0%
General Electric Co.		192,572		1,721,594
Honeywell International, Inc.		19,770		3,345,084
Roper Technologies, Inc.		4,675		1,667,105
				6,733,783
Insurance—6.0%
Allstate Corp.		32,900		3,575,572
MetLife, Inc.		69,228		3,264,792
Primerica, Inc.		29,721		3,781,403
Progressive Corp.		82,988		6,410,823
Reinsurance Group of America, Inc.		22,600		3,613,288
				20,645,878

Schedule of Investments

AllianzGI NFJ Large-Cap Value Fund

September 30, 2019 (unaudited) (continued)

	Shares		Value^
Life Sciences Tools & Services—0.5%
Agilent Technologies, Inc.		23,518	$	1,802,184
Machinery—3.0%
Ingersoll-Rand PLC		27,600		3,400,596
Stanley Black & Decker, Inc.		23,898		3,451,110
Toro Co.		46,240		3,389,392
				10,241,098
Media—2.0%
Comcast Corp., Class A		155,600		7,014,448
Metals & Mining—1.1%
Reliance Steel & Aluminum Co.		38,611		3,847,972
Multi-Line Retail—1.0%
Target Corp.		33,564		3,588,327
Multi-Utilities—2.0%
Public Service Enterprise Group, Inc.		110,400		6,853,632
Oil, Gas & Consumable Fuels—10.3%
Chevron Corp.		100,845		11,960,217
ConocoPhillips		125,800		7,168,084
EOG Resources, Inc.		42,158		3,128,967
Kinder Morgan, Inc.		170,722		3,518,580
Marathon Oil Corp.		260,592		3,197,464
Royal Dutch Shell PLC, Class A ADR		29,765		1,751,670
Valero Energy Corp.		58,428		4,980,403
				35,705,385
Personal Products—1.0%
Unilever NV		56,962		3,419,429
Pharmaceuticals—5.0%
Johnson & Johnson		80,424		10,405,257
Pfizer, Inc.		95,297		3,424,021
Roche Holding AG ADR		98,144		3,577,349
				17,406,627
Road & Rail—1.5%
Kansas City Southern		14,781		1,966,021
Union Pacific Corp.		19,100		3,093,818
				5,059,839
Semiconductors & Semiconductor Equipment—3.0%
Broadcom, Inc.		11,581		3,197,167
Intel Corp.		138,000		7,111,140
				10,308,307
Software—2.1%
Microsoft Corp.		25,380		3,528,581
Oracle Corp.		68,500		3,769,555
				7,298,136
Specialty Retail—3.5%
Best Buy Co., Inc.		27,585		1,903,089
Lowe’s Cos., Inc.		60,285		6,628,938

	Shares		Value^
TJX Cos., Inc.		62,090	$	3,460,897
				11,992,924
Textiles, Apparel & Luxury Goods—1.0%
Columbia Sportswear Co.		35,018		3,392,894
Tobacco—1.0%
Philip Morris International, Inc.		44,767		3,399,158
Total Common Stock (cost—$329,431,344)				343,360,138
	Principal Amount (000s)
Repurchase Agreements—0.7%
State Street Bank and Trust Co., dated 9/30/19, 0.35%, due 10/1/19, proceeds $2,266,022; collateralized by U.S. Treasury Notes, 2.375%, due 5/15/27, valued at $2,312,114 including accrued interest (cost—$2,266,000)	$	2,266		2,266,000
Total Investments (cost—$331,697,344)—100.2%				345,626,138
Liabilities in excess of other assets—(0.2)%				(564,886	)
Net Assets—100.0%			$	345,061,252

Notes to Schedule of Investments:

(a) Non-income producing.

Glossary:

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust

Schedule of Investments

AllianzGI NFJ Mid-Cap Value Fund

September 30, 2019 (unaudited)

	Shares		Value^
COMMON STOCK—98.8%
Aerospace & Defense—3.3%
Curtiss-Wright Corp.		100,514	$	13,003,496
L3Harris Technologies, Inc.		59,090		12,328,538
Raytheon Co.		64,474		12,649,154
Textron, Inc.		134,588		6,589,428
				44,570,616
Air Freight & Logistics—1.0%
Expeditors International of Washington, Inc.		183,463		13,629,466
Airlines—0.4%
Copa Holdings S.A., Class A		55,531		5,483,686
Auto Components—0.2%
Lear Corp.		27,575		3,251,093
Banks—8.2%
Citizens Financial Group, Inc.		371,950		13,155,872
Comerica, Inc.		199,680		13,176,883
East West Bancorp, Inc.		298,040		13,200,192
Fifth Third Bancorp		474,210		12,983,870
First Republic Bank		137,840		13,329,128
KeyCorp		363,660		6,487,694
M&T Bank Corp.		86,187		13,614,960
Regions Financial Corp.		840,570		13,297,817
TCF Financial Corp.		315,708		12,019,004
				111,265,420
Beverages—1.2%
Coca-Cola European Partners PLC		60,235		3,340,031
Constellation Brands, Inc., Class A		31,924		6,617,206
Keurig Dr Pepper, Inc.		239,409		6,540,654
				16,497,891
Capital Markets—4.7%
Ameriprise Financial, Inc.		91,786		13,501,721
Cboe Global Markets, Inc.		56,697		6,515,052
Northern Trust Corp.		71,310		6,654,649
Raymond James Financial, Inc.		153,420		12,651,013
SEI Investments Co.		219,200		12,988,696
TD Ameritrade Holding Corp.		245,605		11,469,754
				63,780,885
Chemicals—3.0%
Celanese Corp.		79,752		9,752,872
Eastman Chemical Co.		178,692		13,192,830
FMC Corp.		75,733		6,640,270
LyondellBasell Industries NV, Class A		77,996		6,978,302
Sherwin-Williams Co.		6,367		3,501,022
				40,065,296
Commercial Services & Supplies—0.7%
IAA, Inc. (a)		224,830		9,382,156
Communications Equipment—0.5%
Motorola Solutions, Inc.		40,382		6,881,497

	Shares		Value^
Construction & Engineering—1.0%
EMCOR Group, Inc.		155,383	$	13,381,584
Consumer Finance—0.8%
Discover Financial Services		141,320		11,459,639
Containers & Packaging—1.7%
Avery Dennison Corp.		111,218		12,631,028
International Paper Co.		248,112		10,376,044
				23,007,072
Electric Utilities—2.9%
Evergy, Inc.		198,618		13,220,014
Pinnacle West Capital Corp.		202,263		19,633,669
PPL Corp.		219,000		6,896,310
				39,749,993
Electrical Equipment—1.0%
AMETEK, Inc.		141,335		12,977,380
Electronic Equipment, Instruments & Components—2.0%
Amphenol Corp., Class A		111,970		10,805,105
Corning, Inc.		339,756		9,689,841
FLIR Systems, Inc.		128,256		6,744,983
				27,239,929
Entertainment—1.0%
Activision Blizzard, Inc.		127,216		6,732,271
World Wrestling Entertainment, Inc., Class A		93,701		6,666,826
				13,399,097
Equity Real Estate Investment Trusts (REITs)—10.9%
Alexandria Real Estate Equities, Inc.		88,876		13,690,459
AvalonBay Communities, Inc.		61,900		13,328,927
Boston Properties, Inc.		96,003		12,447,749
CoreSite Realty Corp.		113,860		13,873,841
Crown Castle International Corp.		46,866		6,514,843
Douglas Emmett, Inc.		310,580		13,302,141
Equinix, Inc.		12,502		7,211,154
Extra Space Storage, Inc.		56,144		6,558,742
Lamar Advertising Co., Class A		126,300		10,347,759
Mid-America Apartment Communities, Inc.		102,110		13,275,321
National Health Investors, Inc.		165,310		13,619,891
Prologis, Inc.		153,640		13,093,201
UDR, Inc.		208,820		10,123,593
				147,387,621
Food & Staples Retailing—0.5%
Sysco Corp.		86,860		6,896,684
Food Products—1.8%
JM Smucker Co.		94,615		10,409,542
Lamb Weston Holdings, Inc.		183,058		13,311,978
				23,721,520
Gas Utilities—0.9%
Southwest Gas Holdings, Inc.		137,955		12,559,423

Schedule of Investments

AllianzGI NFJ Mid-Cap Value Fund

September 30, 2019 (unaudited) (continued)

	Shares		Value^
Healthcare Equipment & Supplies—0.8%
STERIS PLC		76,980	$	11,122,840
Healthcare Providers & Services—2.4%
Encompass Health Corp.		160,113		10,131,951
Humana, Inc.		37,841		9,674,808
Quest Diagnostics, Inc.		124,221		13,295,374
				33,102,133
Hotels, Restaurants & Leisure—3.8%
Cedar Fair L.P.		107,434		6,269,848
Domino’s Pizza, Inc.		33,342		8,155,120
Royal Caribbean Cruises Ltd.		120,110		13,011,516
Vail Resorts, Inc.		28,131		6,401,491
Wynn Resorts Ltd.		85,914		9,340,570
Yum China Holdings, Inc.		193,409		8,786,571
				51,965,116
Household Durables—1.8%
Garmin Ltd.		150,647		12,758,294
PulteGroup, Inc.		300,147		10,970,373
				23,728,667
Household Products—0.8%
Church & Dwight Co., Inc.		135,396		10,187,195
Independent Power Producers & Energy Traders—0.5%
AES Corp.		432,590		7,068,521
Industrial Conglomerates—1.0%
Roper Technologies, Inc.		36,263		12,931,386
Insurance—7.7%
Allstate Corp.		121,720		13,228,530
American Financial Group, Inc.		126,730		13,667,830
Aon PLC		33,709		6,525,051
Hanover Insurance Group, Inc.		96,427		13,069,716
Lincoln National Corp.		226,970		13,690,830
Marsh & McLennan Cos., Inc.		99,031		9,908,052
Primerica, Inc.		56,704		7,214,450
Progressive Corp.		173,130		13,374,292
Reinsurance Group of America, Inc.		80,183		12,819,658
				103,498,409
Internet & Direct Marketing Retail—0.4%
eBay, Inc.		139,830		5,450,573
IT Services—3.4%
Amdocs Ltd.		182,674		12,076,578
Broadridge Financial Solutions, Inc.		53,328		6,635,603
Fidelity National Information Services, Inc.		50,900		6,757,484
MAXIMUS, Inc.		84,360		6,517,654
Paychex, Inc.		89,989		7,448,389
Science Applications International Corp.		81,693		7,135,884
				46,571,592

	Shares		Value^
Life Sciences Tools & Services—3.0%
Agilent Technologies, Inc.		260,613	$	19,970,774
Bruker Corp.		151,974		6,676,218
PerkinElmer, Inc.		163,606		13,934,323
				40,581,315
Machinery—4.2%
Crane Co.		148,220		11,950,979
ITT, Inc.		111,696		6,834,678
Oshkosh Corp.		90,508		6,860,506
Stanley Black & Decker, Inc.		48,829		7,051,396
Toro Co.		182,307		13,363,103
Woodward, Inc.		93,905		10,125,776
				56,186,438
Metals & Mining—1.3%
Newmont Goldcorp Corp.		174,932		6,633,422
Reliance Steel & Aluminum Co.		63,903		6,368,573
Steel Dynamics, Inc.		160,814		4,792,257
				17,794,252
Mortgage Real Estate Investment Trusts (REITs)—0.4%
Annaly Capital Management, Inc.		670,917		5,904,070
Multi-Utilities—5.7%
CenterPoint Energy, Inc.		447,266		13,498,488
Consolidated Edison, Inc.		140,082		13,233,547
DTE Energy Co.		147,459		19,606,149
Public Service Enterprise Group, Inc.		218,603		13,570,874
Sempra Energy		116,484	$	17,194,203
				77,103,261
Oil, Gas & Consumable Fuels—5.2%
Cabot Oil & Gas Corp.		213,753		3,755,640
ConocoPhillips		116,697		6,649,395
Devon Energy Corp.		277,790		6,683,627
Diamondback Energy, Inc.		73,630		6,620,073
EOG Resources, Inc.		81,440		6,044,477
Marathon Oil Corp.		533,580		6,547,027
ONEOK, Inc.		135,267		9,967,825
Pioneer Natural Resources Co.		56,110		7,056,955
Valero Energy Corp.		81,930		6,983,713
Williams Cos., Inc.		400,110		9,626,647
				69,935,379
Professional Services—0.2%
TransUnion		39,791		3,227,448
Road & Rail—2.0%
Kansas City Southern		101,820		13,543,078
Norfolk Southern Corp.		74,130		13,318,196
				26,861,274
Semiconductors & Semiconductor Equipment—1.8%
Broadcom, Inc.		33,596		9,274,848
Monolithic Power Systems, Inc.		48,800		7,594,744
NXP Semiconductors NV		64,079		6,992,300
				23,861,892

Schedule of Investments

AllianzGI NFJ Mid-Cap Value Fund

September 30, 2019 (unaudited) (continued)

	Shares		Value^
Software—1.0%
SS&C Technologies Holdings, Inc.		254,174	$	13,107,753
Specialty Retail—2.5%
Best Buy Co., Inc.		196,769		13,575,093
TJX Cos., Inc.		123,152		6,864,493
Tractor Supply Co.		150,530		13,613,933
				34,053,519
Textiles, Apparel & Luxury Goods—1.2%
Columbia Sportswear Co.		168,797		16,354,741
Total Common Stock (cost—$1,204,664,532)				1,337,185,722
	Principal Amount (000s)
Repurchase Agreements—1.2%
State Street Bank and Trust Co., dated 9/30/19, 0.35%, due 10/1/19, proceeds $16,561,161; collateralized by U.S. Treasury Notes, 2.375%, due 5/15/27, valued at $16,897,037 including accrued interest (cost—$16,561,000)	$	16,561		16,561,000
Total Investments (cost—$1,221,225,532)—100.0%				1,353,746,722
Liabilities in excess of other assets—(0.0)%				(368,087	)
Net Assets—100.0%			$	1,353,378,635

Notes to Schedule of Investments:

(a) Non-income producing.

Glossary:

REIT—Real Estate Investment Trust

Schedule of Investments

AllianzGI NFJ Small-Cap Value Fund

September 30, 2019 (unaudited)

	Shares		Value^
COMMON STOCK—97.9%
Aerospace & Defense—1.7%
CAE, Inc.		177,160	$	4,499,864
Curtiss-Wright Corp.		77,650		10,045,580
				14,545,444
Auto Components—0.8%
Dana, Inc.		472,252		6,819,319
Banks—18.6%
Associated Banc-Corp		456,260		9,239,265
Atlantic Union Bankshares Corp.		255,260		9,507,159
BancFirst Corp.		80,540		4,463,527
CenterState Bank Corp.		412,353		9,890,287
East West Bancorp, Inc.		195,370		8,652,937
Enterprise Financial Services Corp.		236,410		9,633,707
First Interstate Bancsystem, Inc., Class A		252,098		10,144,423
First Merchants Corp.		236,703		8,908,317
FNB Corp.		804,235		9,272,830
Glacier Bancorp, Inc.		224,467		9,081,935
Heritage Commerce Corp.		429,650		5,050,536
IBERIABANK Corp.		118,418		8,945,296
Renasant Corp.		249,020		8,718,190
Simmons First National Corp., Class A		396,760		9,879,324
South State Corp.		127,380		9,591,714
TCF Financial Corp.		251,279		9,566,192
Towne Bank		31,290		870,018
Umpqua Holdings Corp.		547,990		9,019,915
United Community Banks, Inc.		368,580		10,449,243
				160,884,815
Building Products—1.1%
Universal Forest Products, Inc.		228,722		9,121,433
Capital Markets—2.9%
AllianceBernstein Holding L.P.		176,902		5,192,074
Houlihan Lokey, Inc.		211,790		9,551,729
LPL Financial Holdings, Inc.		123,460		10,111,374
				24,855,177
Chemicals—1.7%
Cabot Corp.		153,610		6,961,605
Innophos Holdings, Inc.		96,718		3,139,467
Stepan Co.		44,721		4,340,620
				14,441,692
Commercial Services & Supplies—2.2%
Ennis, Inc.		205,093		4,144,929
McGrath RentCorp		145,480		10,123,953
Tetra Tech, Inc.		52,547		4,558,978
				18,827,860
Construction & Engineering—1.8%
Arcosa, Inc.		136,729		4,677,499
EMCOR Group, Inc.		126,759		10,916,485
				15,593,984

	Shares		Value^
Containers & Packaging—1.5%
Silgan Holdings, Inc.		142,305	$	4,274,131
Sonoco Products Co.		148,873		8,665,897
				12,940,028
Electrical Equipment—0.9%
Regal Beloit Corp.		106,250		7,740,312
Electronic Equipment, Instruments & Components—4.4%
Dolby Laboratories, Inc., Class A		141,310		9,134,279
FLIR Systems, Inc.		200,890		10,564,805
Methode Electronics, Inc.		248,622		8,363,644
SYNNEX Corp.		92,730		10,469,217
				38,531,945
Energy Equipment & Services—0.6%
Archrock, Inc.		497,663		4,961,700
Entertainment—1.0%
Marcus Corp.		124,095		4,592,756
World Wrestling Entertainment, Inc., Class A		62,439		4,442,535
				9,035,291
Equity Real Estate Investment Trusts (REITs)—8.4%
American Assets Trust, Inc.		96,469		4,508,961
CoreSite Realty Corp.		71,830		8,752,486
CyrusOne, Inc.		30,113		2,381,938
Douglas Emmett, Inc.		211,987		9,079,403
First Industrial Realty Trust, Inc.		252,874		10,003,695
Hudson Pacific Properties, Inc.		272,949		9,132,874
Life Storage, Inc.		86,630		9,131,668
Monmouth Real Estate Investment Corp.		623,348		8,982,445
National Health Investors, Inc.		129,840		10,697,518
				72,670,988
Food Products—2.6%
Calavo Growers, Inc.		50,360		4,793,265
Ingredion, Inc.		109,340		8,937,452
Lamb Weston Holdings, Inc.		118,617		8,625,828
				22,356,545
Gas Utilities—2.1%
National Fuel Gas Co.		175,030		8,212,408
Southwest Gas Holdings, Inc.		112,700		10,260,208
				18,472,616
Healthcare Equipment & Supplies—1.1%
Hill-Rom Holdings, Inc.		92,670		9,751,664
Healthcare Providers & Services—1.9%
Encompass Health Corp.		132,809		8,404,154
Ensign Group, Inc.		169,484		8,038,626
				16,442,780
Hotels, Restaurants & Leisure—3.3%
Cedar Fair L.P.		76,549		4,467,400
Domino’s Pizza, Inc.		18,163		4,442,488

Schedule of Investments

AllianzGI NFJ Small-Cap Value Fund

September 30, 2019 (unaudited) (continued)

	Shares		Value^
Marriott Vacations Worldwide Corp.		99,451	$	10,304,118
Ruth’s Hospitality Group, Inc.		439,065		8,963,512
				28,177,518
Household Durables—1.8%
La-Z-Boy, Inc.		190,430		6,396,544
MDC Holdings, Inc.		210,231		9,060,956
				15,457,500
Household Products—1.0%
WD-40 Co.		46,374		8,511,484
Independent Power Producers & Energy Traders—1.0%
Capital Power Corp.		376,600		8,721,054
Insurance—4.9%
American Financial Group, Inc.		85,120		9,180,192
CNO Financial Group, Inc.		269,706		4,269,446
First American Financial Corp.		179,590		10,597,606
Old Republic International Corp.		390,680		9,208,328
Primerica, Inc.		75,431		9,597,086
				42,852,658
IT Services—2.9%
MAXIMUS, Inc.		112,643		8,702,798
Perspecta, Inc.		248,074		6,479,693
Science Applications International Corp.		116,981		10,218,290
				25,400,781
Life Sciences Tools & Services—1.1%
Bruker Corp.		212,510		9,335,564
Machinery—4.1%
Crane Co.		110,090		8,876,557
ITT, Inc.		160,185		9,801,720
Toro Co.		134,752		9,877,321
Woodward, Inc.		60,942		6,571,376
				35,126,974
Metals & Mining—2.0%
Kaiser Aluminum Corp.		45,075		4,461,073
Materion Corp.		68,014		4,173,339
Steel Dynamics, Inc.		291,010		8,672,098
				17,306,510
Mortgage Real Estate Investment Trusts (REITs)—1.6%
Apollo Commercial Real Estate Finance, Inc.		361,453		6,929,054
Blackstone Mortgage Trust, Inc., Class A		190,629		6,834,050
				13,763,104
Multi-Utilities—2.1%
Black Hills Corp.		127,350		9,771,565
NorthWestern Corp.		114,879		8,621,669
				18,393,234

	Shares		Value^
Oil, Gas & Consumable Fuels—6.0%
Alliance Resource Partners L.P.		29,080	$	465,571
Cimarex Energy Co.		151,480		7,261,951
CVR Energy, Inc.		134,789		5,934,759
Delek Logistics Partners L.P.		149,423		4,675,446
Delek U.S. Holdings, Inc.		132,289		4,802,091
Enerplus Corp.		1,350,610		10,048,538
Murphy Oil Corp.		250,090		5,529,490
Parkland Fuel Corp.		276,279		8,860,697
Ship Finance International Ltd.		332,294		4,665,408
				52,243,951
Professional Services—2.0%
ICF International, Inc.		115,410		9,748,683
Korn Ferry		205,732		7,949,484
				17,698,167
Road & Rail—1.1%
Werner Enterprises, Inc.		274,867		9,702,805
Semiconductors & Semiconductor Equipment—2.3%
Cabot Microelectronics Corp.		70,084		9,896,562
MKS Instruments, Inc.		62,823		5,797,306
Monolithic Power Systems, Inc.		27,180		4,230,023
				19,923,891
Specialty Retail—1.3%
Lithia Motors, Inc., Class A		39,639		5,247,411
Shoe Carnival, Inc.		137,226		4,447,495
Winmark Corp.		9,298		1,640,074
				11,334,980
Textiles, Apparel & Luxury Goods—1.6%
Columbia Sportswear Co.		98,115		9,506,362
Ralph Lauren Corp.		50,214		4,793,931
				14,300,293
Thrifts & Mortgage Finance—2.5%
Essent Group Ltd.		139,066		6,629,276
Washington Federal, Inc.		245,230		9,071,058
WSFS Financial Corp.		145,147		6,400,983
				22,101,317
Total Common Stock (cost—$764,718,626)				848,345,378
EXCHANGE-TRADED FUNDS—0.8%
iShares Russell 2000		6,780		1,026,085
SPDR S&P Biotech		77,564		5,914,255
Total Exchange-Traded Funds (cost—$7,492,165)				6,940,340

Schedule of Investments

AllianzGI NFJ Small-Cap Value Fund

September 30, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
Repurchase Agreements—1.3%
State Street Bank and Trust Co., dated 9/30/19, 0.35%, due 10/1/19, proceeds $11,456,111; collateralized by U.S. Treasury Notes, 2.375%, due 5/15/27, valued at $11,688,136 including accrued interest (cost—$11,456,000)	$	11,456	$	11,456,000
Total Investments (cost—$783,666,791)—100.0%				866,741,718
Other assets less liabilities—0.0%				369,366
Net Assets—100.0%			$	867,111,084

Glossary:

REIT—Real Estate Investment Trust

Schedule of Investments

AllianzGI Small-Cap Fund

September 30, 2019 (unaudited)

	Shares		Value^
COMMON STOCK—97.8%
Aerospace & Defense—1.7%
Axon Enterprise, Inc. (c)		5,396	$	306,385
BWX Technologies, Inc.		4,170		238,566
HEICO Corp.		1,435		179,203
Kratos Defense & Security Solutions, Inc. (c)		23,031		428,261
Moog, Inc., Class A		9,450		766,584
				1,918,999
Auto Components—0.8%
Dana, Inc.		41,935		605,541
Fox Factory Holding Corp. (c)		3,071		191,139
Stoneridge, Inc. (c)		4,505		139,520
				936,200
Banks—1.8%
BankFinancial Corp.		6,610		78,659
Berkshire Hills Bancorp, Inc.		24,615		720,973
Carolina Financial Corp.		1,346		47,837
First Financial Bankshares, Inc.		12,955		431,790
First Foundation, Inc.		3,350		51,171
HarborOne Bancorp, Inc. (c)		6,856		69,005
IBERIABANK Corp.		2,805		211,890
Preferred Bank		923		48,347
Simmons First National Corp., Class A		13,800		343,620
Southern National Bancorp of Virginia, Inc.		5,525		85,030
				2,088,322
Beverages—1.0%
Boston Beer Co., Inc., Class A (c)		3,000		1,092,240
MGP Ingredients, Inc.		1,053		52,313
Primo Water Corp. (c)		3,464		42,538
				1,187,091
Biotechnology—4.2%
Albireo Pharma, Inc. (c)		552		11,040
Amicus Therapeutics, Inc. (c)		5,893		47,262
Arena Pharmaceuticals, Inc. (c)		1,755		80,326
ArQule, Inc. (c)		3,779		27,096
Arrowhead Pharmaceuticals, Inc. (c)		2,813		79,270
Audentes Therapeutics, Inc. (c)		2,923		82,107
BioCryst Pharmaceuticals, Inc. (c)		3,642		10,434
BioSpecifics Technologies Corp. (c)		742		39,712
Blueprint Medicines Corp. (c)		1,669		122,622
Corbus Pharmaceuticals Holdings, Inc. (c)		1,864		9,078
CRISPR Therapeutics AG (c)		3,117		127,766
Dicerna Pharmaceuticals, Inc. (c)		2,166		31,104
Fate Therapeutics, Inc. (c)		1,908		29,631
Genomic Health, Inc. (c)		8,260		560,193
Global Blood Therapeutics, Inc. (c)		1,254		60,844
Homology Medicines, Inc. (c)		1,113		20,145
Intellia Therapeutics, Inc. (c)		7,772		103,756
Invitae Corp. (c)		16,999		327,571
Iovance Biotherapeutics, Inc. (c)		3,934		71,599

	Shares		Value^
Kindred Biosciences, Inc. (c)		3,541	$	24,256
Kura Oncology, Inc. (c)		1,821		27,625
Natera, Inc. (c)		12,030		394,584
Progenics Pharmaceuticals, Inc. (c)		3,584		18,117
PTC Therapeutics, Inc. (c)		20,126		680,661
Ra Pharmaceuticals, Inc. (c)		1,362		32,211
REGENXBIO, Inc. (c)		2,998		106,729
Repligen Corp. (c)		10,500		805,245
Stemline Therapeutics, Inc. (c)		1,723		17,936
Twist Bioscience Corp. (c)		6,010		143,519
uniQure NV (c)		1,578		62,110
Vanda Pharmaceuticals, Inc. (c)		1,943		25,803
Veracyte, Inc. (c)		13,657		327,768
Vericel Corp. (c)		16,545		250,491
Viking Therapeutics, Inc. (c)		3,029		20,840
Voyager Therapeutics, Inc. (c)		1,357		23,354
ZIOPHARM Oncology, Inc. (c)		6,914		29,592
				4,832,397
Building Products—0.7%
PGT Innovations, Inc. (c)		2,548		44,004
Simpson Manufacturing Co., Inc.		6,053		419,897
Trex Co., Inc. (c)		4,121		374,722
				838,623
Capital Markets—1.4%
Artisan Partners Asset Management, Inc., Class A		27,785		784,648
Barings BDC, Inc.		15,990		162,299
BlackRock TCP Capital Corp.		5,545		75,162
Golub Capital BDC, Inc.		17,920		337,613
Hercules Capital, Inc.		6,180		82,627
Main Street Capital Corp.		2,228		96,272
				1,538,621
Chemicals—0.7%
American Vanguard Corp.		2,050		32,185
Balchem Corp.		715		70,921
Ingevity Corp. (c)		2,462		208,876
PolyOne Corp.		6,454		210,723
Westlake Chemical Partners L.P.		9,810		227,984
				750,689
Commercial Services & Supplies—3.3%
Brink’s Co.		4,673		387,625
Herman Miller, Inc.		22,320		1,028,729
MSA Safety, Inc.		5,980		652,478
Tetra Tech, Inc.		19,939		1,729,908
				3,798,740
Communications Equipment—0.2%
EchoStar Corp., Class A (c)		2,485		98,456
InterDigital, Inc.		1,395		73,195
NetScout Systems, Inc. (c)		2,850		65,721
				237,372
Construction & Engineering—0.7%
Construction Partners, Inc., Class A (c)		2,371		36,940

Schedule of Investments

AllianzGI Small-Cap Fund

September 30, 2019 (unaudited) (continued)

	Shares		Value^
EMCOR Group, Inc.		7,320	$	630,398
NV5 Global, Inc. (c)		1,348		92,028
Sterling Construction Co., Inc. (c)		4,186		55,046
				814,412
Construction Materials—0.0%
U.S. Concrete, Inc. (c)		996		55,059
Containers & Packaging—0.1%
Silgan Holdings, Inc.		4,340		130,352
Diversified Consumer Services—1.9%
Adtalem Global Education, Inc. (c)		2,505		95,415
Bright Horizons Family Solutions, Inc. (c)		3,540		539,850
Carriage Services, Inc.		6,191		126,544
Chegg, Inc. (c)		8,263		247,477
Graham Holdings Co., Class B		225		149,276
Grand Canyon Education, Inc. (c)		995		97,709
OneSpaWorld Holdings Ltd. (c)		7,400		114,922
Strategic Education, Inc.		6,178		839,467
				2,210,660
Diversified Financial Services—0.3%
Compass Diversified Holdings		16,920		333,493
Diversified Telecommunication Services—0.4%
Bandwidth, Inc., Class A (c)		2,740		178,401
Vonage Holdings Corp. (c)		22,653		255,979
				434,380
Electric Utilities—3.0%
ALLETE, Inc.		3,500		305,935
El Paso Electric Co.		4,400		295,152
Hawaiian Electric Industries, Inc.		13,750		627,137
IDACORP, Inc.		1,995		224,777
Otter Tail Corp.		1,630		87,613
PNM Resources, Inc.		3,550		184,884
Portland General Electric Co.		29,805		1,680,108
				3,405,606
Electrical Equipment—0.8%
Atkore International Group, Inc. (c)		31,340		951,169
Electronic Equipment, Instruments & Components—3.4%
Fabrinet (c)		12,490		653,227
Methode Electronics, Inc.		26,275		883,891
Napco Security Technologies, Inc. (c)		11,446		292,102
Novanta, Inc. (c)		2,800		228,816
Sanmina Corp. (c)		25,070		804,998
SYNNEX Corp.		8,565		966,988
				3,830,022
Energy Equipment & Services—0.1%
DMC Global, Inc.		1,022		44,948
USA Compression Partners L.P.		4,300		74,261
				119,209

	Shares		Value^
Entertainment—1.1%
Liberty Media Corp-Liberty Braves, Class A (c)		5,880	$	163,640
Liberty Media Corp-Liberty Braves, Class C (c)		5,760		159,840
Madison Square Garden Co., Class A (c)		670		176,558
Reading International, Inc., Class A (c)		8,625		103,155
Rosetta Stone, Inc. (c)		18,005		313,287
Zynga, Inc., Class A (c)		58,875		342,653
				1,259,133
Equity Real Estate Investment Trusts (REITs)—4.6%
CareTrust REIT, Inc.		37,400		879,087
Chatham Lodging Trust		13,860		251,559
CoreCivic, Inc.		39,940		690,163
Equity Commonwealth		14,350		491,488
Industrial Logistics Properties Trust		38,340		814,725
Mack-Cali Realty Corp.		34,685		751,277
Outfront Media, Inc.		34,250		951,465
Ryman Hospitality Properties, Inc.		4,415		361,191
Winthrop Realty Trust (a)(b)(c)		12,960		2,203
				5,193,158
Food & Staples Retailing—1.5%
Casey’s General Stores, Inc.		765		123,287
Ingles Markets, Inc., Class A		2,515		97,733
Performance Food Group Co. (c)		10,355		476,434
PriceSmart, Inc.		12,310		875,241
Weis Markets, Inc.		2,520		96,113
				1,668,808
Food Products—2.6%
Cal-Maine Foods, Inc.		1,845		73,717
Flowers Foods, Inc.		10,345		239,280
Freshpet, Inc. (c)		5,911		294,190
J&J Snack Foods Corp.		2,295		440,640
John B Sanfilippo & Son, Inc.		1,718		165,959
Lancaster Colony Corp.		2,230		309,190
Sanderson Farms, Inc.		5,595		846,691
Simply Good Foods Co. (c)		10,363		300,423
Tootsie Roll Industries, Inc.		7,300		271,122
				2,941,212
Gas Utilities—1.7%
Northwest Natural Holding Co.		1,055		75,263
ONE Gas, Inc.		9,965		957,736
Southwest Gas Holdings, Inc.		9,695		882,633
Suburban Propane Partners L.P.		3,260		77,034
				1,992,666
Healthcare Equipment & Supplies—4.9%
Antares Pharma, Inc. (c)		13,484		45,104
Axogen, Inc. (c)		2,422		30,227
BioLife Solutions, Inc. (c)		3,133		52,086
Cerus Corp. (c)		8,001		41,245
CONMED Corp.		9,540		917,271
CryoLife, Inc. (c)		2,514		68,255
CryoPort, Inc. (c)		19,517		319,201

Schedule of Investments

AllianzGI Small-Cap Fund

September 30, 2019 (unaudited) (continued)

	Shares		Value^
CytoSorbents Corp. (c)		4,395	$	22,107
Globus Medical, Inc., Class A (c)		8,520		435,542
Haemonetics Corp. (c)		8,779		1,107,383
Hill-Rom Holdings, Inc.		2,200		231,506
Masimo Corp. (c)		5,010		745,438
Merit Medical Systems, Inc. (c)		5,431		165,428
Mesa Laboratories, Inc.		266		63,247
Novocure Ltd. (c)		2,757		206,168
OrthoPediatrics Corp. (c)		1,935		68,228
RTI Surgical Holdings, Inc. (c)		82,950		236,408
STAAR Surgical Co. (c)		4,873		125,626
Surmodics, Inc. (c)		1,352		61,841
Tactile Systems Technology, Inc. (c)		1,529		64,707
Tandem Diabetes Care, Inc. (c)		3,286		193,808
Utah Medical Products, Inc.		2,795		267,873
ViewRay, Inc. (c)		6,421		18,621
West Pharmaceutical Services, Inc.		800		113,456
				5,600,776
Healthcare Providers & Services—2.7%
Addus HomeCare Corp. (c)		5,789		458,952
Amedisys, Inc. (c)		4,785		626,883
BioTelemetry, Inc. (c)		1,444		58,814
Catasys, Inc. (c)		3,064		48,289
Chemed Corp.		195		81,426
Encompass Health Corp.		1,245		78,784
HealthEquity, Inc. (c)		2,865		163,720
Joint Corp. (c)		3,535		65,786
LHC Group, Inc. (c)		3,514		399,050
National HealthCare Corp.		910		74,484
Premier, Inc., Class A (c)		3,510		101,509
R1 RCM, Inc. (c)		97,951		874,702
RadNet, Inc. (c)		3,829		54,985
				3,087,384
Healthcare Technology—1.0%
Omnicell, Inc. (c)		4,359		315,025
Tabula Rasa HealthCare, Inc. (c)		5,416		297,555
Teladoc Health, Inc. (c)		6,256		423,656
Vocera Communications, Inc. (c)		2,691		66,333
				1,102,569
Hotels, Restaurants & Leisure—2.2%
Carrols Restaurant Group, Inc. (c)		4,768		39,527
Cedar Fair L.P.		1,645		96,002
Century Casinos, Inc. (c)		5,316		41,093
Choice Hotels International, Inc.		1,950		173,472
Churchill Downs, Inc.		3,667		452,709
Cracker Barrel Old Country Store, Inc.		520		84,578
Denny’s Corp. (c)		3,525		80,247
Eldorado Resorts, Inc. (c)		9,029		359,986
Hyatt Hotels Corp., Class A		8,950		659,347
International Speedway Corp., Class A		2,245		101,047
Jack in the Box, Inc.		1,140		103,877
Kura Sushi USA, Inc., Class A (c)		2,334		45,793
Lindblad Expeditions Holdings, Inc. (c)		13,834		231,858
				2,469,536

	Shares		Value^
Household Durables—2.9%
KB Home		28,600	$	972,400
Lennar Corp., Class B		14,285		633,825
LGI Homes, Inc. (c)		846		70,489
MDC Holdings, Inc.		5,401		232,783
Skyline Champion Corp. (c)		9,906		298,072
Taylor Morrison Home Corp., Class A (c)		40,275		1,044,733
				3,252,302
Household Products—0.4%
Central Garden & Pet Co. (c)		2,855		83,452
Central Garden & Pet Co., Class A (c)		2,900		80,403
WD-40 Co.		1,525		279,898
				443,753
Independent Power Producers & Energy Traders—0.6%
Ormat Technologies, Inc.		3,895		289,360
TerraForm Power, Inc., Class A		19,560		356,481
				645,841
Insurance—2.6%
American Equity Investment Life Holding Co.		10,300		249,260
American National Insurance Co.		1,475		182,502
AMERISAFE, Inc.		3,620		239,318
Argo Group International Holdings Ltd.		1,772		124,465
Donegal Group, Inc., Class A		7,175		105,185
eHealth, Inc. (c)		4,591		306,633
Employers Holdings, Inc.		1,810		78,880
Enstar Group Ltd. (c)		580		110,154
Investors Title Co.		460		73,646
Kemper Corp.		5,725		446,264
National Western Life Group, Inc., Class A		390		104,664
NI Holdings, Inc. (c)		4,610		79,015
Palomar Holdings, Inc. (c)		1,314		51,798
ProAssurance Corp.		3,180		128,059
RLI Corp.		3,215		298,706
Safety Insurance Group, Inc.		1,130		114,503
State Auto Financial Corp.		6,865		222,357
				2,915,409
Interactive Media & Services—0.2%
QuinStreet, Inc. (c)		20,210		254,444
Internet & Direct Marketing Retail—0.2%
Expedia Group, Inc.		1,325		178,093
Rubicon Project, Inc. (c)		7,220		62,886
				240,979
IT Services—3.2%
Brightcove, Inc. (c)		5,950		62,356
Carbonite, Inc. (c)		1,669		25,853
CSG Systems International, Inc.		2,400		124,032
Hackett Group, Inc.		2,921		48,080
LiveRamp Holdings, Inc. (c)		5,602		240,662
ManTech International Corp., Class A		19,065		1,361,431
MAXIMUS, Inc.		13,435		1,037,988

Schedule of Investments

AllianzGI Small-Cap Fund

September 30, 2019 (unaudited) (continued)

	Shares		Value^
Paysign, Inc. (c)		2,909	$	29,381
Perficient, Inc. (c)		1,405		54,205
Science Applications International Corp.		7,895		689,628
				3,673,616
Leisure Equipment & Products—1.1%
Clarus Corp.		33,230		389,622
Malibu Boats, Inc., Class A (c)		5,800		177,944
MasterCraft Boat Holdings, Inc. (c)		33,220		495,808
YETI Holdings, Inc. (c)		8,224		230,272
				1,293,646
Life Sciences Tools & Services—3.6%
Charles River Laboratories International, Inc. (c)		9,250		1,224,422
Codexis, Inc. (c)		2,386		32,724
Fluidigm Corp. (c)		5,852		27,095
Medpace Holdings, Inc. (c)		11,245		945,030
NanoString Technologies, Inc. (c)		13,497		291,400
NeoGenomics, Inc. (c)		17,913		342,497
PRA Health Sciences, Inc. (c)		9,005		893,566
Quanterix Corp. (c)		14,344		314,994
				4,071,728
Machinery—2.7%
Chart Industries, Inc. (c)		5,937		370,231
Columbus McKinnon Corp.		7,329		266,995
Kadant, Inc.		692		60,751
Kornit Digital Ltd. (c)		16,036		493,588
Mueller Industries, Inc.		26,275		753,567
Park-Ohio Holdings Corp.		9,195		274,563
SPX Corp. (c)		21,760		870,618
				3,090,313
Media—1.5%
Cable One, Inc.		150		188,205
Cardlytics, Inc. (c)		2,375		79,610
DISH Network Corp., Class A (c)		581		19,795
Gray Television, Inc. (c)		21,700		354,144
Liberty Broadband Corp., Class A (c)		2,220		232,034
Loral Space & Communications, Inc. (c)		2,065		85,491
Nexstar Media Group, Inc., Class A		3,539		362,075
Scholastic Corp.		2,930		110,637
TechTarget, Inc. (c)		12,406		279,445
				1,711,436
Metals & Mining—0.1%
Novagold Resources, Inc. (c)		12,325		74,813
Mortgage Real Estate Investment Trusts (REITs)—3.9%
Apollo Commercial Real Estate Finance, Inc.		24,515		469,952
ARMOUR Residential REIT, Inc.		5,610		93,967
Blackstone Mortgage Trust, Inc., Class A		15,485		555,137
Capstead Mortgage Corp.		32,115		236,045
Chimera Investment Corp.		7,810		152,764
Ellington Financial, Inc.		8,695		157,119
Exantas Capital Corp.		22,915		260,544

	Shares		Value^
Granite Point Mortgage Trust, Inc.		25,110	$	470,561
Invesco Mortgage Capital, Inc.		5,590		85,583
MFA Financial, Inc.		92,950		684,112
Ready Capital Corp.		36,465		580,523
Redwood Trust, Inc.		4,885		80,163
TPG RE Finance Trust, Inc.		29,600		587,264
				4,413,734
Multi-Line Retail—0.1%
Ollie’s Bargain Outlet Holdings, Inc. (c)		2,386		139,915
Multi-Utilities—1.2%
Avista Corp.		2,040		98,817
Black Hills Corp.		8,015		614,991
NorthWestern Corp.		6,140		460,807
Unitil Corp.		3,820		242,341
				1,416,956
Oil, Gas & Consumable Fuels—1.8%
Alliance Resource Partners L.P.		5,185		83,012
Black Stone Minerals L.P.		7,870		112,069
Crestwood Equity Partners L.P.		2,130		77,766
Dorchester Minerals L.P.		4,000		74,600
Enviva Partners L.P.		5,170		165,182
Evolution Petroleum Corp.		4,029		23,529
Global Partners L.P.		4,000		78,440
Holly Energy Partners L.P.		3,055		77,200
NuStar Energy L.P.		3,665		103,793
Oasis Midstream Partners L.P.		17,970		286,981
Par Pacific Holdings, Inc. (c)		4,735		108,242
PBF Logistics L.P.		7,405		156,616
Penn Virginia Corp. (c)		832		24,186
Plains GP Holdings L.P., Class A (c)		10,605		225,144
Ship Finance International Ltd.		9,835		138,083
Sunoco L.P.		4,645		146,085
TC Pipelines L.P.		3,085		125,467
				2,006,395
Paper & Forest Products—0.2%
Mercer International, Inc.		18,630		233,620
Personal Products—0.3%
Inter Parfums, Inc.		1,230		86,063
Medifast, Inc.		2,012		208,504
USANA Health Sciences, Inc. (c)		1,215		83,094
				377,661
Pharmaceuticals—1.0%
Amphastar Pharmaceuticals, Inc. (c)		2,302		45,649
ANI Pharmaceuticals, Inc. (c)		853		62,166
Axsome Therapeutics, Inc. (c)		1,097		22,203
Cara Therapeutics, Inc. (c)		1,424		26,031
Catalent, Inc. (c)		11,535		549,758
Cymabay Therapeutics, Inc. (c)		2,368		12,124
Horizon Therapeutics PLC (c)		14,138		384,978
Omeros Corp. (c)		1,421		23,205
				1,126,114

Schedule of Investments

AllianzGI Small-Cap Fund

September 30, 2019 (unaudited) (continued)

	Shares		Value^
Professional Services—3.2%
ASGN, Inc. (c)		12,850	$	807,751
CRA International, Inc.		850		35,674
Franklin Covey Co. (c)		943		33,005
FTI Consulting, Inc. (c)		8,635		915,224
Heidrick & Struggles International, Inc.		24,930		680,589
Insperity, Inc.		3,358		331,166
Kforce, Inc.		1,860		70,373
TriNet Group, Inc. (c)		11,800		733,842
				3,607,624
Real Estate Management & Development—0.4%
Jones Lang LaSalle, Inc.		3,084		428,861
Road & Rail—0.3%
Saia, Inc. (c)		3,523		330,105
Semiconductors & Semiconductor Equipment—1.8%
Adesto Technologies Corp. (c)		4,658		39,872
Ambarella, Inc. (c)		3,633		228,280
Axcelis Technologies, Inc. (c)		1,990		34,009
DSP Group, Inc. (c)		5,065		71,341
FormFactor, Inc. (c)		3,520		65,630
Ichor Holdings Ltd. (c)		2,049		49,545
Inphi Corp. (c)		3,393		207,143
MKS Instruments, Inc.		3,097		285,791
Power Integrations, Inc.		8,900		804,827
Semtech Corp. (c)		4,836		235,078
				2,021,516
Software—5.7%
ACI Worldwide, Inc. (c)		9,580		300,094
Agilysys, Inc. (c)		1,728		44,254
Alteryx, Inc., Class A (c)		1,882		202,183
Aspen Technology, Inc. (c)		5,105		628,323
Blackline, Inc. (c)		3,396		162,363
Digital Turbine, Inc. (c)		41,955		270,400
Everbridge, Inc. (c)		3,269		201,730
Five9, Inc. (c)		6,516		350,170
LivePerson, Inc. (c)		10,031		358,107
MobileIron, Inc. (c)		9,753		63,833
Model N, Inc. (c)		39,258		1,089,802
Pluralsight, Inc., Class A (c)		7,723		129,708
PROS Holdings, Inc. (c)		996		59,362
Rapid7, Inc. (c)		6,407		290,814
RealPage, Inc. (c)		4,833		303,802
Sapiens International Corp. NV		2,644		51,928
SPS Commerce, Inc. (c)		18,140		853,850
SVMK, Inc. (c)		13,560		231,876
Upland Software, Inc. (c)		2,148		74,879
Verint Systems, Inc. (c)		8,840		378,175
Yext, Inc. (c)		9,737		154,721
Zix Corp. (c)		32,991		238,855
				6,439,229

	Shares		Value^
Specialty Retail—1.7%
Boot Barn Holdings, Inc. (c)		11,345	$	395,941
Cato Corp., Class A		14,740		259,571
Group 1 Automotive, Inc.		9,000		830,790
Murphy USA, Inc. (c)		1,105		94,257
Williams-Sonoma, Inc.		4,845		329,363
				1,909,922
Textiles, Apparel & Luxury Goods—1.3%
Columbia Sportswear Co.		3,045		295,030
Crocs, Inc. (c)		28,850		800,876
Deckers Outdoor Corp. (c)		2,430		358,085
				1,453,991
Thrifts & Mortgage Finance—5.2%
America First Multifamily Investors L.P.		24,600		201,228
Capitol Federal Financial, Inc.		34,725		478,510
ESSA Bancorp, Inc.		5,485		90,064
Essent Group Ltd.		21,068		1,004,312
First Defiance Financial Corp.		2,020		58,509
Flagstar Bancorp, Inc.		2,475		92,441
Kearny Financial Corp.		20,470		266,929
LendingTree, Inc. (c)		1,097		340,542
Meridian Bancorp, Inc.		8,801		165,019
MGIC Investment Corp.		73,155		920,290
Northwest Bancshares, Inc.		5,655		92,685
OceanFirst Financial Corp.		2,975		70,210
Oritani Financial Corp.		15,265		270,114
PCSB Financial Corp.		8,940		178,711
Radian Group, Inc.		48,230		1,101,573
Territorial Bancorp, Inc.		4,880		139,470
Waterstone Financial, Inc.		23,420		402,356
				5,872,963
Tobacco—0.3%
Turning Point Brands, Inc.		7,515		173,296
Universal Corp.		2,770		151,824
				325,120
Trading Companies & Distributors—0.3%
Rush Enterprises, Inc., Class B		7,655		305,664
Water Utilities—1.2%
American States Water Co.		8,410		755,722
California Water Service Group		3,445		182,344
SJW Group		6,800		464,372
				1,402,438
Wireless Telecommunication Services—0.0%
Boingo Wireless, Inc. (c)		3,998		44,378
Total Common Stock (cost—$98,409,709)				111,251,144

Schedule of Investments

AllianzGI Small-Cap Fund

September 30, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
Repurchase Agreements—4.0%
State Street Bank and Trust Co., dated 9/30/19, 0.35%, due 10/1/19, proceeds $4,606,045; collateralized by U.S. Treasury Notes, 2.375%, due 5/15/27, valued at $4,698,641 including accrued interest (cost—$4,606,000)	$	4,606	$	4,606,000
Total Investments (cost—$103,015,709)—101.8%			$	115,857,144
Liabilities in excess of other assets—(1.8)%				(2,020,183	)
Net Assets—100.0%			$	113,836,961

Notes to Schedule of Investments:

(a) Fair-Valued—Security with a value of $2,203, representing less than 0.05% of net assets.

(b) Level 3 security.

(c) Non-income producing.

Glossary:

REIT—Real Estate Investment Trust

Schedule of Investments

AllianzGI Technology Fund

September 30, 2019 (unaudited)

	Shares		Value^
COMMON STOCK—92.0%
Communications Equipment—0.0%
Arista Networks, Inc. (d)		100	$	23,892
Cisco Systems, Inc.		100		4,941
Juniper Networks, Inc.		95		2,351
Lumentum Holdings, Inc. (d)		95		5,088
Motorola Solutions, Inc.		2,045		348,489
Nokia Oyj ADR		95		481
				385,242
Diversified Consumer Services—0.0%
New Oriental Education & Technology Group, Inc. ADR (d)		95		10,522
Diversified Telecommunication Services—0.0%
AT&T, Inc.		95		3,595
Verizon Communications, Inc.		95		5,734
				9,329
Electrical Equipment—0.1%
Bloom Energy Corp., Class A (d)		228,840		743,730
Nidec Corp.		100		13,542
				757,272
Electronic Equipment, Instruments & Components—0.0%
CDW Corp.		95		11,708
Cognex Corp.		100		4,913
IPG Photonics Corp. (d)		95		12,882
Murata Manufacturing Co., Ltd.		300		14,540
Samsung Electro-Mechanics Co., Ltd.		165		14,198
Samsung SDI Co., Ltd.		950		176,861
				235,102
Entertainment—2.1%
Activision Blizzard, Inc.		165,095		8,736,828
Electronic Arts, Inc. (d)		37,915		3,708,845
Netflix, Inc. (d)		100		26,762
Nintendo Co., Ltd.		100		37,250
Take-Two Interactive Software, Inc. (d)		152,045		19,057,320
				31,567,005
Healthcare Technology—0.2%
Veeva Systems, Inc., Class A (d)		21,270		3,247,716
Household Durables—1.1%
Garmin Ltd.		95		8,045
Roku, Inc. (d)		157,360		16,012,954
				16,020,999
Industrial Conglomerates—0.5%
Roper Technologies, Inc.		21,340		7,609,844
Interactive Media & Services—10.3%
58.com, Inc. ADR (d)		95		4,684
Alphabet, Inc., Class A (c)(d)		15,525		18,958,199
Alphabet, Inc., Class C (d)		26,905		32,797,195
Baidu, Inc. ADR (d)		95		9,762
Facebook, Inc., Class A (c)(d)		411,760		73,326,221
NAVER Corp.		475		62,303

	Shares		Value^
Snap, Inc., Class A (d)		1,646,285	$	26,011,303
Tencent Holdings Ltd.		100		4,183
TripAdvisor, Inc. (d)		95		3,675
Twitter, Inc. (d)		95		3,914
Weibo Corp. ADR (d)		20		895
Yandex NV, Class A (d)		95		3,326
Yelp, Inc. (d)		95		3,301
Zillow Group, Inc., Class A (d)		95		2,807
				151,191,768
Internet & Direct Marketing Retail—3.7%
Alibaba Group Holding Ltd. ADR (d)		100		16,723
Amazon.com, Inc. (d)		31,350		54,420,778
Ctrip.com International Ltd. ADR (d)		95		2,783
eBay, Inc.		95		3,703
Expedia Group, Inc.		95		12,769
GrubHub, Inc. (d)		95		5,340
JD.com, Inc. ADR (d)		95		2,680
				54,464,776
IT Services—21.0%
Accenture PLC, Class A		95		18,273
Adyen NV (a)(d)		95		62,474
Akamai Technologies, Inc. (d)		279,370		25,528,831
Amadeus IT Group S.A.		95		6,807
Automatic Data Processing, Inc.		95		15,335
DXC Technology Co.		92,845		2,738,927
Fidelity National Information Services, Inc.		195,028		25,891,917
Fiserv, Inc. (d)		198,120		20,523,251
Global Payments, Inc.		144,729		23,011,911
GoDaddy, Inc., Class A (d)		95		6,268
Mastercard, Inc., Class A		182,745		49,628,060
MongoDB, Inc. (d)		211,660		25,500,797
Okta, Inc. (d)		507,110		49,930,050
PayPal Holdings, Inc. (d)		162,235		16,805,924
Perspecta, Inc.		2,645		69,087
Sabre Corp.		95		2,127
Shopify, Inc., Class A (d)		100		31,166
Square, Inc., Class A (c)(d)		100		6,195
Tata Consultancy Services Ltd.		2,000		59,180
Twilio, Inc., Class A (d)		415,460		45,683,982
Visa, Inc., Class A		139,585		24,010,016
				309,530,578
Media—0.0%
Comcast Corp., Class A		95		4,283
Professional Services—0.0%
Verisk Analytics, Inc.		95		15,023
Road & Rail—0.0%
Lyft, Inc., Class A (d)		100		4,084
Semiconductors & Semiconductor Equipment—18.4%
Advanced Micro Devices, Inc. (d)		1,571,385		45,554,451

Schedule of Investments

AllianzGI Technology Fund

September 30, 2019 (unaudited) (continued)

	Shares		Value^
ams AG (d)		95	$	4,239
Analog Devices, Inc.		115,170		12,867,944
Applied Materials, Inc.		100		4,990
ASML Holding NV		1,260		313,009
Broadcom, Inc.		35,365		9,763,216
Cree, Inc. (d)		404,345		19,812,905
Cypress Semiconductor Corp.		100		2,334
Infineon Technologies AG		95		1,707
Intel Corp.		100		5,153
KLA Corp.		117,600		18,751,320
Lam Research Corp.		51,585		11,921,809
Maxim Integrated Products, Inc.		95		5,501
MediaTek, Inc.		1,000		11,898
Microchip Technology, Inc.		205,887		19,128,961
Micron Technology, Inc. (c)(d)		576,515		24,703,668
NVIDIA Corp.		54,525		9,491,167
ON Semiconductor Corp. (d)		694,310		13,337,695
QUALCOMM, Inc.		233,115		17,782,012
SK Hynix, Inc.		2,320		159,338
Skyworks Solutions, Inc.		100		7,925
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		396,255		18,417,932
Teradyne, Inc.		578,200		33,483,562
Texas Instruments, Inc.		76,020		9,824,825
Tokyo Electron Ltd.		800		153,699
Universal Display Corp.		95		15,951
Xilinx, Inc.		57,345		5,499,386
				271,026,597
Software—31.6%
Adobe, Inc. (d)		100		27,625
Alteryx, Inc., Class A (d)		342,075		36,749,117
Aspen Technology, Inc. (d)		6,790		835,713
Atlassian Corp. PLC, Class A (d)		145,855		18,296,051
Box, Inc., Class A (d)		95		1,573
Cadence Design Systems, Inc. (d)		4,450		294,056
Cornerstone OnDemand, Inc. (d)		95		5,208
Coupa Software, Inc. (d)		95		12,309
Crowdstrike Holdings, Inc. (d)		225		13,120
Datadog, Inc., Class A (d)		3,705		125,637
DocuSign, Inc. (d)		95		5,882
Dropbox, Inc., Class A (d)		95		1,916
Dynatrace, Inc. (d)		29,925		558,700
Elastic NV (d)		156,849		12,914,947
ForeScout Technologies, Inc. (d)		115,235		4,369,711
Fortinet, Inc. (d)		157,140		12,062,066
HubSpot, Inc. (d)		100		15,161
Intuit, Inc.		95		25,264
Microsoft Corp. (c)		1,021,876		142,071,420
Nutanix, Inc., Class A (d)		100		2,625
Oracle Corp.		95		5,228
Palo Alto Networks, Inc. (d)		60,870		12,407,132
Paycom Software, Inc. (d)		404,054		84,645,272
Proofpoint, Inc. (d)		176,490		22,776,035
Rapid7, Inc. (d)		221,795		10,067,275
RealPage, Inc. (d)		100		6,286

	Shares		Value^
RingCentral, Inc., Class A (d)		308,110	$	38,717,103
Salesforce.com, Inc. (d)		56,816		8,433,767
SAP SE ADR		95		11,198
ServiceNow, Inc. (d)		111,840		28,390,584
Sophos Group PLC (a)		95		468
Splunk, Inc. (d)		95		11,197
Synopsys, Inc. (d)		2,440		334,890
Temenos AG (d)		3,300		552,585
VMware, Inc., Class A		95		14,256
Workday, Inc., Class A (d)		63,890		10,858,744
Zendesk, Inc. (d)		100		7,288
Zscaler, Inc. (d)		396,265		18,727,484
Zuora, Inc., Class A (d)		95		1,430
				464,356,323
Technology Hardware, Storage & Peripherals—3.0%
Apple, Inc. (c)		77,245		17,300,563
Catcher Technology Co., Ltd.		1,000		7,570
Dell Technologies, Inc., Class C (d)		175		9,076
Hewlett Packard Enterprise Co.		95		1,441
HP, Inc.		95		1,797
NetApp, Inc. (c)		200,175		10,511,189
Pure Storage, Inc., Class A (d)		959,365		16,251,643
Samsung Electronics Co., Ltd.		950		38,897
Western Digital Corp.		95		5,666
				44,127,842
Wireless Telecommunication Services—0.0%
T-Mobile U.S., Inc. (d)		95		7,483
Total Common Stock (cost—$966,977,914)				1,354,571,788
EXCHANGE-TRADED FUNDS—0.0%
iShares FTSE A50 China Index, FTSE (cost—$1,524)		1,000		1,858
	Principal Amount (000s)
Repurchase Agreements—7.8%
State Street Bank and Trust Co., dated 9/30/19, 0.35%, due 10/1/19, proceeds $114,561,114; collateralized by U.S. Treasury Notes, 1.50%—2.625%, due 1/31/26—8/15/26, valued at $116,853,412 including accrued interest (cost—$114,560,000)	$	114,560		114,560,000
Total Investments, before options written and securities sold short (cost—$1,081,539,438)—99.8%				1,469,133,646

Schedule of Investments

AllianzGI Technology Fund

September 30, 2019 (unaudited) (continued)

	Shares		Value^
SECURITIES SOLD SHORT—(0.0)%
Common Stock—(0.0)%
IT Services—(0.0)%
International Business Machines Corp. (proceeds received—$162)		1	$	(145	)
Total Options Written—(0.0)% (premiums received—$641,508) (d)(e)(f)				(7,940	)
Total Investments, net of options written and securities sold short (cost—$1,080,897,768) (b)—99.8%				1,469,125,561
Other assets less liabilities—0.2%				2,238,723
Net Assets—100.0%			$	1,471,364,284

Notes to Schedule of Investments:

(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $62,942, representing less than 0.05% of net assets.

(b) Securities (net of security sold short) with an aggregate value of $1,324,417, representing 0.1% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(c) All or partial amount segregated for the benefit of the counterparty as collateral for security sold short and option written.

(d) Non-income producing.

(e) Exchange traded-Chicago Board Options Exchange.

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

Options written contracts outstanding at September 30, 2019:

Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Received			Unrealized Appreciation
Call options:
Cyberark Software Ltd.		150.00 USD		10/18/19		(794	)	$	(79,400	)	$	(7,940	)	$	(641,508	)	$	633,568

Glossary:

ADR—American Depositary Receipt

FTSE—Financial Times Stock Exchange

^ Portfolio securities and other financial instruments for which market quotations are readily available are valued at market value. Market values for various types of securities and other instruments are determined on the basis of closing prices or last sales prices on an exchange or other market, or based on quotes or other market information obtained from quotation reporting systems, established market makers or pricing services. Investments in mutual funds are valued at the net asset value (“NAV”) as reported on each business day, and, under normal circumstances, ETFs are valued at their current market trading price. The Funds’ investments are valued daily using prices supplied by an independent pricing service or broker/dealer quotations, or by using the last sale or settlement price on the exchange that is the primary market for such securities, or the mean between the last bid and ask quotations. The market value for NASDAQ Global Market and NASDAQ Capital Market securities may also be calculated using the NASDAQ Official Closing Price instead of the last reported sales price. Independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics.

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

Short-term debt investments having a remaining maturity of 60 days or less are valued at amortized cost unless the Board or its Valuation Committee determines that particular circumstances dictate otherwise.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of each share class of a Fund may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the New York Stock Exchange (“NYSE”) is closed and the NAV of a Fund’s shares may change on days when an investor is not able to purchase or redeem or exchanges shares.

The prices used by the Funds to value investments may differ from the value that would be realized if the investments were sold, and these differences could be material. The NAV of each share class of a Fund is normally determined as of the close of regular trading (normally, 4:00 p.m., Eastern Time) on the NYSE on each day the NYSE is open for business. In unusual circumstances, the Board or the Valuation Committee may in good faith determine the NAV as of 4:00 p.m., Eastern Time, notwithstanding an earlier, unscheduled close or halt of trading on the NYSE.

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

Fair Value Measurements

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

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

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

• Level 3—valuations based on significant unobservable inputs (including the Investment Adviser’s or 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 September 30, 2019 were intended to maximize the use of observable inputs and to minimize the use of unobservable inputs.

An investment asset’s or liability’s level within the fair value hierarchy is based on the lowest level input, individually or in aggregate, that is significant to the fair value measurement. The objective of fair value measurement remains the same even when there is a significant decrease in the volume and level of activity for an asset or liability and regardless of the valuation techniques used.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following are certain inputs and techniques that the Funds generally use to evaluate how to classify each major category of assets and liabilities within Level 2 and Level 3, in accordance with accounting principles generally accepted in the United States of America.

An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed reasonable in good faith by the Valuation Committee, following the procedures established by the Board, to represent fair value. Under these procedures, the Funds generally use a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Funds’ valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Funds’ valuation procedures are designed to value a security at the price the Funds may reasonably expect to receive upon the security’s sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Funds would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available.

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

Corporate Bonds & Notes—Corporate bonds & notes are generally comprised of two main categories: investment grade bonds and high yield bonds. Investment grade bonds are valued by independent pricing services using various inputs and techniques, which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer or comparable issuers, and option adjusted spread models that include base curve and spread curve inputs. Adjustments to individual bonds can be applied to recognize trading differences compared to other bonds issued by the same issuer. High yield bonds are valued by independent pricing services based primarily on broker-dealer quotations from relevant market makers and recently executed transactions in securities of the issuer or comparable issuers. The broker-dealer quotations received are supported by credit analysis of the issuer that takes into consideration credit quality assessments, daily trading activity, and the activity of the underlying equities, listed bonds and sector-specific trends. To the extent that these inputs are observable, the values of corporate bonds & notes are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

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

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

A summary of the inputs used at September 30, 2019 in valuing each Fund’s assets and liabilities is listed below (refer to the Schedules of Investments and notes to Schedules of Investments for more detailed information on investments in securities and other financial instruments):

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 9/30/19
AllianzGI Emerging Markets Opportunities:
Investments in Securities—Assets
Common Stock:
Brazil	$	20,882,246		—		—	$	20,882,246
China		18,873,661	$	90,725,652		—		109,599,313
India		13,786,185		13,921,034		—		27,707,219
Mexico		6,122,680		—		—		6,122,680
Russian Federation		27,973,203		—	$	1,638,483		29,611,686
South Africa		3,617,460		6,184,553		—		9,802,013
Thailand		—		—		18,170,823		18,170,823
United States		3,796,170		—		—		3,796,170
All Other		—		95,218,403		—		95,218,403
Preferred Stock		9,576,351		—		—		9,576,351
Exchange-Traded Funds		2,603,419		—		—		2,603,419
Repurchase Agreements		—		2,864,000		—		2,864,000
Totals	$	107,231,375	$	208,913,642	$	19,809,306	$	335,954,323
AllianzGI Focused Growth:
Investments in Securities—Assets
Common Stock	$	977,768,263		—		—	$	977,768,263
Repurchase Agreements		—	$	11,786,000		—		11,786,000
Totals	$	977,768,263	$	11,786,000		—	$	989,554,263
AllianzGI Global Natural Resources:
Investments in Securities—Assets
Common Stock:
Australia		—	$	415,518		—	$	415,518
Denmark		—		103,463		—		103,463
Finland		—		104,415		—		104,415
France		—		517,045		—		517,045
Germany		—		84,532		—		84,532
Japan		—		189,864		—		189,864
Norway		—		99,541		—		99,541
Spain		—		38,596		—		38,596
United Kingdom		—		1,309,832		—		1,309,832
All Other	$	7,057,440		—		—		7,057,440
Exchange-Traded Funds		149,053		—		—		149,053
Repurchase Agreements		—		274,000		—		274,000
Totals	$	7,206,493	$	3,136,806		—	$	10,343,299

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 9/30/19
AllianzGI Global Small-Cap:
Investments in Securities—Assets
Common Stock:
Australia		—	$	2,413,726		—	$	2,413,726
Austria		—		1,804,485		—		1,804,485
China		—		132,241		—		132,241
Denmark		—		2,121,181		—		2,121,181
Finland		—		397,925		—		397,925
France		—		2,112,141		—		2,112,141
Germany	$	1,703,111		1,806,016		—		3,509,127
Hong Kong		—		300,229		—		300,229
Indonesia		—		236,010		—		236,010
Italy		—		1,133,884		—		1,133,884
Japan		—		11,952,611		—		11,952,611
Korea (Republic of)		—		98,356		—		98,356
Netherlands		—		1,263,711		—		1,263,711
Norway		—		983,670		—		983,670
Singapore		—		923,407		—		923,407
Sweden		—		665,822		—		665,822
Switzerland		—		2,195,088		—		2,195,088
Taiwan		—		178,911		—		178,911
Thailand		—		—	$	192,191		192,191
United Kingdom		680,928		5,808,852		—		6,489,780
All Other		62,139,432		—		—		62,139,432
Preferred Stock		—		408,826		—		408,826
Repurchase Agreements		—		3,616,000		—		3,616,000
Totals	$	64,523,471	$	40,553,092	$	192,191	$	105,268,754
AllianzGI Health Sciences:
Investments in Securities—Assets
Common Stock:
Pharmaceuticals	$	59,064,285	$	3,611,388		—	$	62,675,673
All Other		76,397,968		—		—		76,397,968
Warrants		—		—	$	101,226		101,226
Rights		—		—		957		957
Repurchase Agreements		—		6,249,000		—		6,249,000
Totals	$	135,462,253	$	9,860,388	$	102,183	$	145,424,824

	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 9/30/19
AllianzGI Income & Growth:
Investments in Securities—Assets
Common Stock:
Advertising		—			—	$	300,825	$	300,825
Aerospace & Defense	$	51,271,321			—		278,061		51,549,382
Apparel & Textiles		—			—		41,811		41,811
Banks		42,753,568			—		7		42,753,575
Commercial Services		—			—		576,798		576,798
Media		23,581,348			—		825,267		24,406,615
Oil, Gas & Consumable Fuels		35,503,157			—		18		35,503,175
Pharmaceuticals		61,684,688			—		2,799,297		64,483,985
All Other		1,291,584,122			—		—		1,291,584,122
Corporate Bonds & Notes:
Commercial Services		—		$	74,321,748		476,781		74,798,529
Diversified Financial Services		—			56,622,437		5,292,753		61,915,190
Media		—			141,047,012		8		141,047,020
All Other		—			1,154,693,677		—		1,154,693,677
Convertible Bonds & Notes:
Banks		—			—		9,630,397		9,630,397
Biotechnology		—			91,141,993		2,453,177		93,595,170
All Other		—			1,106,401,471		—		1,106,401,471
Convertible Preferred Stock:
Computers		—			11,719,818		—		11,719,818
Diversified Financial Services		—			3,407,679		—		3,407,679
Electronics		—			13,794,712		—		13,794,712
Equity Real Estate Investment Trusts (REITs)		—			16,157,881		—		16,157,881
Hand/Machine Tools		—			12,741,844		—		12,741,844
Healthcare-Products		24,252,620			21,463,437		—		45,716,057
All Other		108,186,980			—		—		108,186,980
Preferred Stock		—			—		18,297,038		18,297,038
Equity-Linked Security		—			—		135,142		135,142
Warrants		—			—		70,667		70,667
Repurchase Agreements		—			225,411,000		—		225,411,000
		1,638,817,804			2,928,924,709		41,178,047		4,608,920,560
Investments in Securities—Liabilities
Options Written:
Market Price		(634,237	)		—		—		(634,237	)
Totals	$	1,638,183,567		$	2,928,924,709	$	41,178,047	$	4,608,286,323
AllianzGI Mid-Cap:
Investments in Securities—Assets
Common Stock	$	313,093,496			—		—	$	313,093,496
Repurchase Agreements		—		$	6,709,000		—		6,709,000
Totals	$	313,093,496		$	6,709,000		—	$	319,802,496
AllianzGI NFJ Dividend Value:
Investments in Securities—Assets
Common Stock	$	1,264,738,770			—		—	$	1,264,738,770
Repurchase Agreements		—		$	20,550,000		—		20,550,000
Totals	$	1,264,738,770		$	20,550,000		—	$	1,285,288,770

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 9/30/19
AllianzGI NFJ International Value:
Investments in Securities—Assets
Common Stock:
Canada	$	17,554,497		—		—	$	17,554,497
India		1,197,255		—		—		1,197,255
Ireland		1,782,093	$	2,831,862		—		4,613,955
Mexico		1,614,673		—		—		1,614,673
Russian Federation		1,577,661		—		—		1,577,661
Taiwan		3,443,052		—		—		3,443,052
United Kingdom		11,171,340		15,498,176		—		26,669,516
United States		4,939,368		—		—		4,939,368
All Other		—		96,816,355		—		96,816,355
Preferred Stock		—		3,156,939		—		3,156,939
Totals	$	43,279,939	$	118,303,332		—	$	161,583,271
AllianzGI NFJ Large-Cap Value:
Investments in Securities—Assets
Common Stock	$	343,360,138		—		—	$	343,360,138
Repurchase Agreements		—	$	2,266,000		—		2,266,000
Totals	$	343,360,138	$	2,266,000		—	$	345,626,138
AllianzGI NFJ Mid-Cap Value:
Investments in Securities—Assets
Common Stock	$	1,337,185,722		—		—	$	1,337,185,722
Repurchase Agreements		—	$	16,561,000		—		16,561,000
Totals	$	1,337,185,722	$	16,561,000		—	$	1,353,746,722
AllianzGI NFJ Small-Cap Value:
Investments in Securities—Assets
Common Stock	$	848,345,378		—		—	$	848,345,378
Exchange-Traded Funds		6,940,340		—		—		6,940,340
Repurchase Agreements		—	$	11,456,000		—		11,456,000
Totals	$	855,285,718	$	11,456,000		—	$	866,741,718
AllianzGI Small-Cap:
Investments in Securities—Assets
Common Stock:
Equity Real Estate Investment Trusts (REITs)	$	5,190,955		—	$	2,203	$	5,193,158
All Other		106,057,986		—		—		106,057,986
Repurchase Agreements		—	$	4,606,000		—		4,606,000
Totals	$	111,248,941	$	4,606,000	$	2,203	$	115,857,144

	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 9/30/19
AllianzGI Technology:
Investments in Securities—Assets
Common Stock:
Electrical Equipment	$	743,730		$	13,542		—	$	757,272
Electronic Equipment, Instruments & Components		29,503			205,599		—		235,102
Entertainment		31,529,755			37,250		—		31,567,005
Interactive Media & Services		151,125,282			66,486		—		151,191,768
IT Services		309,461,297			69,281		—		309,530,578
Semiconductors & Semiconductor Equipment		270,695,716			330,881		—		271,026,597
Software		463,803,270			553,053		—		464,356,323
Technology Hardware, Storage & Peripherals		44,081,375			46,467		—		44,127,842
All Other		81,779,301			—		—		81,779,301
Exchange-Traded Funds		—			1,858		—		1,858
Repurchase Agreements		—			114,560,000		—		114,560,000
		1,353,249,229			115,884,417		—		1,469,133,646
Investments in Securities—Liabilities
Options Written:
Market Price		(7,940	)		—		—		(7,940	)
Securities Sold Short, at value		(145	)		—		—		(145	)
		(8,085	)		—		—		(8,085	)
Totals	$	1,353,241,144		$	115,884,417		—	$	1,469,125,561

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

	Beginning Balance 6/30/19		Purchases			Sales			Accrued Discount (Premiums)		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3		Transfers out of Level 3		Ending Balance 9/30/19
AllianzGI Emerging Markets Opportunities:
Investments in Securities—Assets
Common Stock:
Russian Federation	$	3,377,025	$	—		$	(1,388,639	)	$	—	$	(356,979	)	$	7,076		$	—	$	—	$	1,638,483
Thailand		7,596,712		11,653,555			(283,160	)		—		11,316			(807,600	)		—		—		18,170,823
Preferred Stock		5,739,783		—			(4,246,035	)		—		(401,688	)		(1,092,060	)		—		—		—
Totals	$	16,713,520	$	11,653,555		$	(5,917,834	)	$	—	$	(747,351	)	$	(1,892,584	)	$	—	$	—	$	19,809,306
AllianzGI Global Small-Cap:
Investments in Securities—Assets
Common Stock:
Australia	$	46,051	$	—		$	(44,355	)†	$	—	$	—		$	(1,696	)	$	—	$	—	$	—
Thailand		257,201		—			(69,174	)		—		5,359			(1,195	)		—		—		192,191
Totals	$	303,252	$	—		$	(113,529	)	$	—	$	5,359		$	(2,891	)	$	—	$	—	$	192,191
AllianzGI Health Sciences:
Investments in Securities—Assets
Warrants		184,981		—			—			—		—			(83,755	)		—		—		101,226
Rights	$	—	$	957	†	$	—		$	—	$	—		$	—		$	—	$	—	$	957
Totals	$	184,981	$	957		$	—		$	—	$	—		$	(83,755	)	$	—	$	—	$	102,183

	Beginning Balance 6/30/19		Purchases			Sales			Accrued Discount (Premiums)		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3*		Transfers out of Level 3		Ending Balance 9/30/19
AllianzGI Income & Growth:
Investments in Securities—Assets
Common Stock:
Advertising	$	266,445	$	—		$	—		$	—	$	—		$	34,380		$	—	$	—	$	300,825
Aerospace & Defense		272,411		—			—			—		—			5,650			—		—		278,061
Apparel & Textiles		44,930		—			—			—		—			(3,119	)		—		—		41,811
Banks		7		—			—			—		—			—			—		—		7
Commercial Services		576,798		—			—			—		—			—			—		—		576,798
Media		1,018,843		—			—			—		—			(193,576	)		—		—		825,267
Oil, Gas & Consumable Fuels		18		—			—			—		—			—			—		—		18
Pharmaceuticals		—		2,799,297	†		—			—		—			—			—		—		2,799,297
Corporate Bonds & Notes:
Commercial Services		476,780		1	†		—			—		—			—			—		—		476,781
Diversified Financial Services		3,683,024		560,358	†		—			26,766		—			1,022,605			—		—		5,292,753
Media		8		—			—			—		—			—			—		—		8
Convertible Bonds & Notes:
Banks		17,201,932		—			(7,937,360	)		—		(12,641	)		378,466			—		—		9,630,397
Biotechnology		—		2,453,177	†		—			—		—			—			—		—		2,453,177
Preferred Stock		18,217,438		—			—			—		—			79,600			—		—		18,297,038
Equity-Linked Security:
Coal		—		—			—			—		—			—			135,142		—		135,142
Warrants:
Advertising		69,799		—			—			—		—			864			—		—		70,663
Media		4		—			—			—		—			—			—		—		4
Totals	$	41,828,437	$	5,812,833		$	(7,937,360	)	$	26,766	$	(12,641	)	$	1,324,870		$	135,142	$	—	$	41,178,047

The table for AllianzGI Income & Growth includes Level 3 investments that are valued by brokers and pricing services. The inputs for these investments are not readily available or cannot be reasonably estimated.

	Beginning Balance 6/30/19		Purchases		Sales		Accrued Discount (Premiums)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3		Transfers out of Level 3		Ending Balance 9/30/19
AllianzGI NFJ Small-Cap Value:
Investments in Securities—Assets
Common Stock:
Chemicals	$	56	$	—	$	—	$	—	$	—	$	(56	)	$	—	$	—	$	—
AllianzGI Small-Cap:
Investments in Securities—Assets
Common Stock:
Equity Real Estate Investment Trusts (REITs)	$	2,074	$	—	$	—	$	—	$	—	$	129		$	—	$	—	$	2,203

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

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

	Ending Balance at 9/30/19		Valuation Technique Used	Unobservable Inputs	Input Values (Ranges)
AllianzGI Health Sciences:
Investments in Securities—Assets
Warrants:
Pharmaceuticals	$	101,226	Black Scholes Model	Implied Price	$	4.492
				Volatility		43.33	%
AllianzGI Income & Growth:
Investments In Securities—Assets
Common Stock:
	$	300,825	Market and Company Comparables	EV Multiples		6.88x (4.77x-9.11x	)
				M&A Transaction Multiples		1.31x (0.67x-2.42x	)
				Illiquidity Discount		20	%
	$	278,061	Market and Company Comparables	EV Multiples		0.61x (0.40x-0.82x	)
				M&A Transaction Multiples		0.87x (0.32x-2.12x	)
				Illiquidity Discount		40	%
	$	41,811	Market and Company Comparables	EV Multiples		0.63x (0.19x-1.12x	)
						10.62x (3.87x-22.96x	)
						0.80x (0.22x-1.67x	)
				Illiquidity Discount		20	%
	$	825,247	Market and Company Comparables	EV Multiples		1.05x (0.23x-2.41x	)
						4.77x (3.08x-17.39x	)
				M&A Transaction Multiples		8.52x (6.65x-10.11x	)
				Illiquidity Discount		10	%
	$	2,799,297	Market and Company Comparables	Implied Price	$	11.47
Corporate Bonds & Notes:
Diversified Financial Services	$	5,292,753	Market and Company Comparables	EV Multiples		1.82x (0.38x-5.73x	)
				Illiquidity Discount		20	%
Convertible Bonds & Notes:
Biotechnology	$	2,453,103	Market and Company Comparables	Implied Price	$	139.96
Preferred Stock:
	$	18,296,958	Market and Company Comparables	EV Multiples		0.79x (0.25x-1.39x	)
				Illiquidity Discount		25	%
Equity-Linked Security:
Coal	$	135,142	Black-Sholes Model	Implied Volume		55.74	%
				Implied Price	$	33.77
Warrants:
Advertising	$	70,663	Market and Company Comparables	EV Multiples		6.54x (1.17x-29.42x	)
						6.39x (1.26x-19.85x	)
			Black-Sholes Model	Expected Volatility		27.22	%
				Implied Price	$	54.73
AllianzGI Small-Cap:
Investments in Securities—Assets
Common Stock	$	2,203	Net Assets Approach	Estimated Movement of Proceeds		7.18	%

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

† Issued or removed via corporate action.

* Transferred out of Level 1 and into Level 3 because of the insufficient trading volume.

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

AllianzGI Emerging Markets Opportunities	$	(1,043,141	)
AllianzGI Global Small-Cap		5,063
AllianzGI Health Sciences		(83,755	)
AllianzGI Income & Growth		1,006,518
AllianzGI Small-Cap		129

At September 30, 2019, the aggregate cost basis and the net unrealized appreciation (depreciation) of investments in securities and other financial instruments for federal income tax purposes were:

	Federal Tax Cost Basis(1)		Unrealized Appreciation		Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
AllianzGI Emerging Markets Opportunities	$	314,852,010	$	31,411,221	$	10,308,908	$	21,102,313
AllianzGI Focused Growth		676,501,115		325,858,265		12,805,117		313,053,148
AllianzGI Global Natural Resources		10,774,056		519,654		950,411		(430,757	)
AllianzGI Global Small-Cap		93,184,280		16,261,886		4,177,412		12,084,474
AllianzGI Health Sciences		135,255,898		15,940,844		5,771,918		10,168,926
AllianzGI Income & Growth		5,155,377,318		88,943,104		636,034,099		(547,090,995	)
AllianzGI Mid-Cap		255,072,656		68,403,377		3,673,537		64,729,840
AllianzGI NFJ Dividend Value		1,174,202,828		142,374,070		31,288,128		111,085,942
AllianzGI NFJ International Value		159,262,398		12,603,339		10,282,466		2,320,873
AllianzGI NFJ Large-Cap Value		332,643,526		24,300,024		11,317,412		12,982,612
AllianzGI NFJ Mid-Cap Value		1,224,997,044		155,140,793		26,391,115		128,749,678
AllianzGI NFJ Small-Cap Value		786,372,800		111,662,643		31,293,725		80,368,918
AllianzGI Small-Cap		103,310,230		16,388,994		3,842,080		12,546,914
AllianzGI Technology		1,095,184,241		391,231,054		17,289,734		373,941,320

(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.