UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22167

Allianz Funds Multi-Strategy Trust

(Exact name of registrant as specified in charter)

1633 Broadway, New York, NY 10019

(Address of principal executive offices) (Zip code)

Lawrence G. Altadonna

1633 Broadway, New York, NY 10019

(Name and address of agent for service)

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

Date of fiscal year end: September 30, 2016

Date of reporting period: March 31, 2016

Item 1. Report to Shareholders

Allianz Multi-Strategy Funds

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

Semiannual Report

March 31, 2016

AllianzGI Retirement 2015 Fund

AllianzGI Retirement 2020 Fund

AllianzGI Retirement 2025 Fund

AllianzGI Retirement 2030 Fund

AllianzGI Retirement 2035 Fund

AllianzGI Retirement 2040 Fund

AllianzGI Retirement 2045 Fund

AllianzGI Retirement 2050 Fund

AllianzGI Retirement 2055 Fund

AllianzGI Retirement Income Fund

AllianzGI Global Allocation Fund

AllianzGI Global Dynamic Allocation Fund

AllianzGI Global Megatrends Fund

AllianzGI Best Styles Emerging Markets Equity Fund

AllianzGI Best Styles Global Equity Fund

AllianzGI Best Styles International Equity Fund

AllianzGI Best Styles U.S. Equity Fund

AllianzGI China Equity Fund

AllianzGI Convertible Fund

AllianzGI Emerging Markets Consumer Fund

AllianzGI Emerging Markets Debt Fund

AllianzGI Emerging Markets Small-Cap Fund

AllianzGI Europe Equity Dividend Fund

AllianzGI Global Fundamental Strategy Fund

AllianzGI Global Sustainability Fund

AllianzGI Global Water Fund

AllianzGI High Yield Bond Fund

AllianzGI International Growth Fund

AllianzGI International Small-Cap Fund

AllianzGI Micro Cap Fund

AllianzGI Multi-Asset Real Return Fund

AllianzGI NFJ Emerging Markets Value Fund

AllianzGI NFJ Global Dividend Value Fund

AllianzGI NFJ International Small-Cap Value Fund

AllianzGI NFJ International Value II Fund

AllianzGI Short Duration High Income Fund

AllianzGI Structured Return Fund

AllianzGI U.S. Equity Hedged Fund

AllianzGI U.S. Small-Cap Growth Fund

AllianzGI Ultra Micro Cap Fund

* Class D and Class B shares were converted into Class A shares on November 13, 2015 and December 4, 2015, respectively. Please refer to the prospectus for additional details.

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

Receive this report electronically and eliminate paper mailings.

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

Table of Contents

2–3	Letter from the President
5–111	Fund Summaries
112–113	Important Information
114–118	Benchmark Descriptions
119–170	Schedules of Investments
172–185	Statements of Assets and Liabilities
186–199	Statements of Operations
200–217	Statements of Changes in Net Assets
218–285	Financial Highlights
286–380	Notes to Financial Statements
381	Changes to Board of Trustees & Fund Officers
382–386	Matters Relating to the Trustees’ Consideration of the Investment Management and Sub-Advisory Agreements
387–388	Privacy Policy

A Word About Risk: A fund may be subject to various risks as described in its prospectus. Some of those risks may include, but are not limited to, the following: derivatives risk, smaller company risk, non-US investment risk, focused investment risk and specific sector investment risks. Use of derivative instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, counterparty risk, management risk and the risk that a fund is unable to close out a position when it is most advantageous to do so. Portfolios investing in derivatives could lose more than the principal amount invested in those instruments. Investing in foreign securities may entail risk due to foreign economic and political developments; this risk may be enhanced when investing in emerging markets. Smaller companies may be more volatile than larger companies and may entail more risk. Concentrating investments in individual sectors may add additional risk and additional volatility compared to a diversified equity portfolio. AllianzGI target-date funds seek to manage risk and return by blending two separately-managed portfolios: a return-generating portfolio for growth potential, and a defensive portfolio for principal protection. The balance grows increasingly defensive over time until the target date is reached, after which the Fund’s assets roll into a retirement income strategy. The principal values of the Funds are not guaranteed at any time, including the target date. Please refer to the Fund’s applicable current prospectus for complete details.

Letter from the President

Thomas J. Fuccillo

President & CEO

Dear Shareholder,

The US economy continued to expand during the reporting period. Despite highly accommodative monetary policies set by central banks around the world, growth in many developed foreign countries was relatively tepid. A sharp rally late in the period caused stocks to generate a positive return for the six-months ended March 31, 2016. The global bond market also moved higher during the reporting period.

Six Months in Review

For the six-month period ended March 31, 2016, US stocks, as measured by the Standard & Poor’s 500 Index, gained 8.49%. Two measures of stock performance in developed international and global markets, the MSCI EAFE (Europe, Australasia and Far East) Index and the MSCI World Index, returned 1.56% and 5.13% respectively, in dollar-denominated terms. Elsewhere, the MSCI Emerging Markets Index rose 6.41%. With respect to bonds, the Barclays US Credit Index gained 3.38%, whereas the Barclays Global High Yield Index rose 3.22%. The Barclays US Government Bond Index returned 2.18%, while the broader bond market index, as measured by the Barclays US Aggregate Bond Index, gained 2.44%. The Barclays Global Aggregate Index returned 4.92%.

Turning to the US economy, gross domestic product (“GDP”), the value of goods and services produced in the country, the broadest measure of economic activity and the principal indicator of economic performance, grew at an annual pace of 2.0% during the third quarter of 2015. US economic activity then decelerated, as the US Department of Commerce (“Commerce Department”) reported that GDP grew at an annual pace of 1.4% for the fourth quarter of 2015. The Commerce Department’s initial 2016 GDP reading, released after the reporting period had ended, showed that GDP grew at an annual pace of 0.5% for the first quarter of 2016.

After a prolonged period of accommodative monetary policy, the US Federal Reserve (the “Fed”) raised interest rates for the first time in nearly a decade at its meeting in December 2015. The US central bank boosted the federal funds rate from a range between 0% and 0.25% to a range between 0.25% and 0.50%. In its official statement following its meeting in December the Fed said, “The stance of monetary policy remains accommodative after this increase, thereby supporting further improvement in labor market conditions and a return to 2 percent inflation. The [Federal Open Market] Committee expects that economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run.” The Fed then chose to keep rates on hold at its meetings in January, March and April (after the reporting period ended) 2016.

2 March 31, 2016  | Semiannual Report

Outlook

In our view, the opportunities and risks on the horizon for 2016 are similar to those that emerged in 2015. Economic growth will likely remain muted and monetary policy should stay extremely benign, even as the US takes a divergent path. Over the course of 2015, volatility returned to markets and correlations between many asset classes broke down. We expect more of this in 2016, as policy and politics highlight differences in the global economy. As 2015 progressed, estimates for global GDP growth were steadily revised lower. Our expectations for 2016 remain cautious, given the ongoing environment of financial repression. The US delivered mixed results in 2015 and we foresee a similar outcome in 2016, with the economy expanding 2%-2.5%.

We continue to advocate holding on to risk assets relative to bonds over the long run. However, there are several headwinds at this juncture, including future Fed rate hikes, above average valuations in some asset classes that are above historical averages, low earnings growth, liquidity and political risks. Against this backdrop, we believe we’re in a low return environment. We will remain flexible and active to put our shareholders in a position to benefit from volatility at an asset-class level. As always, our investment teams will use in-depth research and focus on quality and sustainability to help them navigate the markets.

On behalf of Allianz Global Investors Fund Management and our Sub-Advisers, thank you for investing with us. We encourage you to consult with your financial advisor and to visit our website, us.allianzgi.com, for additional information. We remain dedicated to serving your investment needs.

Sincerely,

Thomas J. Fuccillo

President & Chief Executive Officer

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

Receive this report electronically and eliminate paper mailings.

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

Semiannual Report |  March 31, 2016 3

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4 March 31, 2016  | Semiannual Report

Unaudited

AllianzGI Target-Date Funds*

For the period of October 1, 2015 through March 31, 2016, as provided by the Multi-Asset US Group.

Fund Insights

For the six-month period ended March 31, 2016, Class A shares at net asset value (“NAV”) of the AllianzGI Target-Date Funds (the “Funds”) returned between 3.57% and 4.22% with longer dated Funds posting more favorable results. In terms of relative performance, the AllianzGI Retirement 2015 Fund outperformed its respective benchmark index (Morningstar Lifetime Conservative series) while the AllianzGI Retirement 2020 – 2055 Funds trailed their respective benchmark indices for the period.

Market Overview

For the reporting period, global equities outperformed US bonds by the performance of the MSCI ACWI (5.28%), and the Barclays US Aggregate Bond Index (2.44%). The environment was particularly volatile for global equities, as they started the period with a rally during the fourth quarter of 2015 after the MSCI ACWI posted the year’s lows in September. Global equities then declined sharply in the first quarter of 2016 before staging a strong rally into the end of the reporting period.

After posting the year’s low on September 29, 2015, global equities rebounded in the fourth quarter of 2015, with the MSCI ACWI rising 5.03% over the quarter (after dropping -9.45% in the third quarter of 2015). The rally was led by US equities as represented by the Russell 3000 Index, rising 6.27%, while developed markets outside the US, as represented by the MSCI EAFE Index, gained 4.71%. In other market segments, real estate investment trusts (“REITs”) were a bright spot, as the Dow Jones US Select REIT Index rose 7.54% over the fourth quarter, but the Bloomberg Commodity Index (-10.52%) conversely declined. In US Fixed Income, the Barclays US Aggregate Bond Index declined -0.57% over the fourth quarter of 2015. With the widely anticipated Fed Funds Rate hike taking place in December 2015 ending an era of zero interest rates, the 10 year Treasury yield (constant maturity) ended the year with a yield of 2.27%, up from 2.06% where it started the quarter. The Barclays US Aggregate Bond Index’s major segments all declined over the fourth quarter with treasuries (-0.9%) posting the most notable loss followed by corporate bonds (-0.6%) and mortgage backed securities (“MBS”) (-0.1%).

The first quarter of 2016 was more volatile for global equities. Most markets suffered the worst start to a year in decades, with some entering bear-market territory, amid renewed fears about the slowdown in China and further oil price weakness. However, signs that commodity prices may be stabilizing, as well as a dovish policy stance from the Fed, helped markets to recover in March. Most equity markets ended the quarter with modest losses, although the US and many emerging markets recorded positive returns. US Equities, as represented by the Russell 3000 Index, finished the quarter up 0.97%, while many markets outside the US struggled, as reflected by the MSCI EAFE Index (in USD) ending the quarter lower by -3.01%. The MSCI EAFE Index declined more in local currency terms, reflecting dollar weakness over the period. In US Fixed Income, the Barclays US Aggregate Bond Index gained 3.03%, while the 10 year Treasury yield fell back below 2.0%. The Barclays US Aggregate Bond Index’s major segments posted gains over the quarter with corporate bonds (+4.0%) and treasuries (+3.2%) leading the way, followed by MBS (+2.0%). Credit markets experienced a volatile quarter, mirroring the movement in equity markets.

Portfolio Review

Exposure to global equities was roughly in line with each Fund’s benchmark index; while the Funds were underweight US nominal bonds in favor of US inflation linked securities. With regards to fixed income, the Funds were positioned with overweights to credit and underweights to duration. Within global equities, the Funds were modestly underweight the US, while international exposure, including emerging markets, were slightly overweight. Opportunistic asset classes such as real estate, commodities and the AllianzGI Structured Return Fund, were also held by the Funds over the reporting period.

In the fixed income portion of each Fund, relative performance contributions were mixed, but ultimately trailed each Fund’s benchmark index. The effect can be primarily traced to the first quarter of 2016, when underweights to nominal bonds in the US and non-US bonds served to limit the Funds’ participation in the positive returns of those asset classes. Conversely, the emphasis on inflation linked securities was a tailwind over the period as US Treasury Inflated Protected Securities (“TIPS”) generally outperformed nominal bonds over the period.

In the equity portion of each Fund, allocation and stock selection effects were also mixed over the reporting period, but ultimately detracted from results. The result was primarily due to underweights in the US equity portion of each Fund, particularly at the end of the reporting period where strong returns were achieved. The Funds also included opportunistic exposures to Real Estate Investment Trusts (“REITs”), which posted strong returns over the period, contributing to relative results. Conversely, commodity exposure detracted, as commodities declined significantly over the fourth quarter of 2015.

In aggregate, the Funds’ underweight to US equities detracted from results, most notably observed in Funds farther from the target date. The Funds’ underweight to US equities was also observed in nearer dated Funds, while the underweight to the favorable returns of nominal bonds in the US and non-US bonds detracted from relative results more so in the nearer dated Funds.

Outlook

Risks have risen, but we do not believe the global economy is heading toward recession. In the US, while odds of an April 2016 interest rate hike are low, we believe that the outlook for growth and inflation will prompt the Fed to raise rates twice in 2016. Against this backdrop, we expect global monetary policy to remain accommodative. The recovery in commodities has helped stabilize some of the stress points in the world economy, which should support inflation and growth. Still, we believe the existence of economic and political uncertainties will likely result in persistent volatility.

* The “Target-Date Funds” are the AllianzGI Retirement 2015 Fund, the AllianzGI Retirement 2020 Fund, the AllianzGI Retirement 2025 Fund, the AllianzGI Retirement 2030 Fund, the AllianzGI Retirement 2035 Fund, the AllianzGI Retirement 2040 Fund, the AllianzGI Retirement 2045 Fund, the AllianzGI Retirement 2050 Fund, and the AllianzGI Retirement 2055 Fund.

Semiannual Report |  March 31, 2016 5

Unaudited

AllianzGI Retirement 2015 Fund

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		5 Year		Since Inception†
AllianzGI Retirement 2015 Fund Class A		3.65%		–1.02%		2.95%		6.88%
AllianzGI Retirement 2015 Fund Class A (adjusted)		–2.05%		–6.47%		1.79%		6.05%
AllianzGI Retirement 2015 Fund Class C		3.27%		–1.78%		2.17%		6.07%
AllianzGI Retirement 2015 Fund Class C (adjusted)		2.27%		–2.74%		2.17%		6.07%
AllianzGI Retirement 2015 Fund Class R		3.45%		–1.38%		2.59%		6.55%
AllianzGI Retirement 2015 Fund Class P		3.81%		–0.77%		3.25%		7.17%
AllianzGI Retirement 2015 Fund Class R6		3.86%		–0.61%		3.34%		7.27%
AllianzGI Retirement 2015 Fund Administrative Class		3.65%		–0.98%		2.98%		6.92%
Morningstar Lifetime Conservative 2015 Index		3.56%		0.28%		4.69%		7.45%
Real Return Target 2015 Index**		3.41%		–0.70%		2.96%		6.23%
Linked RR 2015 Index to Morningstar Lifetime Cons. 2015 Return Index		3.56%		0.28%		3.16%		6.37%
Lipper Mixed-Asset Target 2015 Funds Average		3.34%		–1.54%		4.66%		8.44%

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

* Cumulative return

** Effective April 1, 2015, the Funds’ benchmark index changed from the Real Return Target series (white label) to the Morningstar Lifetime Conservative series, as the Morningstar Lifetime Conservative series is considered to be a better representation of the Funds’ investment strategies. Previously, the Real Return Target series replaced the Dow Jones Real Retirement series. This change was due to a decision by the index provider to discontinue the Index. With this mid-period change, differences between the two benchmarks should be considered for purposes of performance comparison.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.13% for Class A shares, 1.88% for Class C shares, 1.38% for Class R shares, 0.73% for Class P shares, 0.63% for Class R6 shares and 0.98% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 0.97% for Class A shares, 1.72% for Class C shares, 1.32% for Class R shares, 0.67% for Class P shares, 0.57% for Class R6 shares and 0.92% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

6 March 31, 2016  | Semiannual Report

Unaudited

AllianzGI Retirement 2015 Fund (cont’d)

Cumulative Returns Through March 31, 2016

Fund Allocation (as of March 31, 2016)

PIMCO Broad U.S. TIPS Index	18.0%
AllianzGI Short Duration High Income	12.5%
PIMCO Income	10.1%
AllianzGI Best Styles U.S. Equity	10.0%
PIMCO Long-Term Credit	8.1%
AllianzGI Advanced Core Bond	8.0%
AllianzGI High Yield Bond	6.0%
AllianzGI Best Styles International Equity	6.0%
Other	19.4%
Cash & Equivalents — Net	1.9%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,036.50	$1,032.70	$1,034.50	$1,038.10	$1,038.60	$1,036.50
Expenses Paid During Period	$2.39	$6.20	$4.17	$0.87	$0.36	$2.14
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,022.65	$1,018.90	$1,020.90	$1,024.15	$1,024.65	$1,022.90
Expenses Paid During Period	$2.38	$6.16	$4.14	$0.86	$0.35	$2.12

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.47% for Class A, 1.22% for Class C, 0.82% for Class R, 0.17% for Class P, 0.07% for Class R6 and 0.42% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/366. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.

Semiannual Report |  March 31, 2016 7

Unaudited

AllianzGI Retirement 2020 Fund

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		5 Year		Since Inception†
AllianzGI Retirement 2020 Fund Class A		3.57%		–1.42%		2.74%		7.00%
AllianzGI Retirement 2020 Fund Class A (adjusted)		–2.12%		–6.84%		1.59%		6.17%
AllianzGI Retirement 2020 Fund Class C		3.16%		–2.19%		1.95%		6.18%
AllianzGI Retirement 2020 Fund Class C (adjusted)		2.16%		–3.14%		1.95%		6.18%
AllianzGI Retirement 2020 Fund Class R		3.33%		–1.81%		2.38%		6.66%
AllianzGI Retirement 2020 Fund Class P		3.71%		–1.13%		3.04%		7.28%
AllianzGI Retirement 2020 Fund Class R6		3.78%		–1.05%		3.13%		7.38%
AllianzGI Retirement 2020 Fund Administrative Class		3.58%		–1.37%		2.77%		7.04%
Morningstar Lifetime Conservative 2020 Index		3.83%		0.03%		5.05%		8.18%
Real Return Target 2020 Index**		3.40%		–0.86%		2.98%		6.55%
Linked RR 2020 Index to Morningstar Lifetime Cons. 2020 Return Index		3.83%		0.03%		3.17%		6.68%
Lipper Mixed-Asset Target 2020 Funds Average		3.25%		–2.13%		4.72%		8.57%

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

* Cumulative return

** Effective April 1, 2015, the Funds’ benchmark index changed from the Real Return Target series (white label) to the Morningstar Lifetime Conservative series, as the Morningstar Lifetime Conservative series is considered to be a better representation of the Funds’ investment strategies. Previously, the Real Return Target series replaced the Dow Jones Real Retirement series. This change was due to a decision by the index provider to discontinue the Index. With this mid-period change, differences between the two benchmarks should be considered for purposes of performance comparison.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.14% for Class A shares, 1.89% for Class C shares, 1.39% for Class R shares, 0.74% for Class P shares, 0.64% for Class R6 shares, and 0.99% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 0.99% for Class A shares, 1.74% for Class C shares, 1.34% for Class R shares, 0.69% for Class P shares, 0.59% for Class R6 shares and 0.94% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

8 March 31, 2016  | Semiannual Report

Unaudited

AllianzGI Retirement 2020 Fund (cont’d)

Cumulative Returns Through March 31, 2016

Fund Allocation (as of March 31, 2016)

PIMCO Broad U.S. TIPS Index	15.4%
AllianzGI Short Duration High Income	11.9%
AllianzGI Best Styles U.S. Equity	11.1%
PIMCO Income	9.5%
PIMCO Long-Term Credit	8.1%
AllianzGI Advanced Core Bond	7.5%
AllianzGI Best Styles International Equity	7.0%
AllianzGI High Yield Bond	6.0%
Other	21.9%
Cash & Equivalents — Net	1.6%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,035.70	$1,031.60	$1,033.30	$1,037.10	$1,037.80	$1,035.80
Expenses Paid During Period	$2.44	$6.25	$4.27	$0.92	$0.41	$2.19
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,022.60	$1,018.85	$1,020.80	$1,024.10	$1,024.60	$1,022.85
Expenses Paid During Period	$2.43	$6.21	$4.24	$0.91	$0.40	$2.17

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.48% for Class A, 1.23% for Class C, 0.84% for Class R, 0.18% for Class P, 0.08% for Class R6 and 0.43% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/366. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.

Semiannual Report |  March 31, 2016 9

Unaudited

AllianzGI Retirement 2025 Fund

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		Since Inception†
AllianzGI Retirement 2025 Fund Class A		3.79%		–1.63%		4.31%
AllianzGI Retirement 2025 Fund Class A (adjusted)		–1.92%		–7.04%		2.94%
AllianzGI Retirement 2025 Fund Class R		3.63%		–1.98%		3.94%
AllianzGI Retirement 2025 Fund Class P		3.96%		–1.32%		4.62%
AllianzGI Retirement 2025 Fund Class R6		4.01%		–1.27%		4.71%
AllianzGI Retirement 2025 Fund Administrative Class		3.84%		–1.57%		4.35%
Morningstar Lifetime Conservative 2025 Index		4.09%		–0.31%		6.94%
Real Return Target 2025 Index**		3.39%		–1.23%		3.73%
Linked RR 2025 Index to Morningstar Lifetime Cons. 2025 Return Index		4.09%		–0.31%		3.95%
Lipper Mixed-Asset Target 2025 Funds Average		3.82%		–2.37%		7.58%

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

* Cumulative return

** Effective April 1, 2015, the Funds’ benchmark index changed from the Real Return Target series (white label) to the Morningstar Lifetime Conservative series, as the Morningstar Lifetime Conservative series is considered to be a better representation of the Funds’ investment strategies. Previously, the Real Return Target series replaced the Dow Jones Real Retirement series. This change was due to a decision by the index provider to discontinue the Index. With this mid-period change, differences between the two benchmarks should be considered for purposes of performance comparison.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.18% for Class A shares, 1.43% for Class R shares, 0.78% for Class P shares, 0.68% for Class R6 shares and 1.03% for Administrative Class Shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.01% for Class A shares, 1.36% for Class R shares, 0.71% for Class P shares, 0.61% for Class R6 shares and 0.96% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

10 March 31, 2016  | Semiannual Report

Unaudited

AllianzGI Retirement 2025 Fund (cont’d)

Cumulative Returns Through March 31, 2016

Fund Allocation (as of March 31, 2016)

PIMCO Broad U.S. TIPS Index	12.0%
AllianzGI Best Styles U.S. Equity	11.1%
AllianzGI Short Duration High Income	11.0%
AllianzGI Best Styles International Equity	10.0%
PIMCO Income	8.5%
PIMCO Long-Term Credit	8.1%
AllianzGI High Yield Bond	7.0%
AllianzGI Advanced Core Bond	5.0%
Other	25.8%
Cash & Equivalents — Net	1.5%

Shareholder Expense Example	Actual Performance
	Class A	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,037.90	$1,036.30	$1,039.60	$1,040.10	$1,038.40
Expenses Paid During Period	$2.39	$4.17	$0.87	$0.36	$2.14
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,022.65	$1,020.90	$1,024.15	$1,024.65	$1,022.90
Expenses Paid During Period	$2.38	$4.14	$0.86	$0.35	$2.12

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.47% for Class A, 0.82% for Class R, 0.17% for Class P, 0.07% for Class R6 and 0.42% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/366. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.

Semiannual Report |  March 31, 2016 11

Unaudited

AllianzGI Retirement 2030 Fund

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		5 Year		Since Inception†
AllianzGI Retirement 2030 Fund Class A		3.69%		–2.69%		2.65%		8.11%
AllianzGI Retirement 2030 Fund Class A (adjusted)		–2.01%		–8.04%		1.49%		7.27%
AllianzGI Retirement 2030 Fund Class C		3.31%		–3.38%		1.88%		7.35%
AllianzGI Retirement 2030 Fund Class C (adjusted)		2.31%		–4.32%		1.88%		7.35%
AllianzGI Retirement 2030 Fund Class R		3.49%		–3.01%		2.31%		7.83%
AllianzGI Retirement 2030 Fund Class P		3.82%		–2.42%		2.95%		8.45%
AllianzGI Retirement 2030 Fund Class R6		3.87%		–2.32%		3.04%		8.55%
AllianzGI Retirement 2030 Fund Administrative Class		3.74%		–2.62%		2.70%		8.22%
Morningstar Lifetime Conservative 2030 Index		4.37%		–0.83%		5.73%		10.04%
Real Return Target 2030 Index**		3.40%		–1.82%		2.97%		7.63%
Linked RR 2030 Index to Morningstar Lifetime Cons. 2030 Return Index		4.37%		–0.83%		3.18%		7.78%
Lipper Mixed-Asset Target 2030 Funds Average		3.92%		–3.17%		5.38%		9.93%

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

* Cumulative return

** Effective April 1, 2015, the Funds’ benchmark index changed from the Real Return Target series (white label) to the Morningstar Lifetime Conservative series, as the Morningstar Lifetime Conservative series is considered to be a better representation of the Funds’ investment strategies. Previously, the Real Return Target series replaced the Dow Jones Real Retirement series. This change was due to a decision by the index provider to discontinue the Index. With this mid-period change, differences between the two benchmarks should be considered for purposes of performance comparison.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.23% for Class A shares, 1.98% for Class C shares, 1.48% for Class R shares, 0.83% for Class P shares, 0.73% for Class R6 shares and 1.08% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.03% for Class A shares, 1.78% for Class C shares, 1.38% for Class R shares, 0.73% for Class P shares, 0.63% for Class R6 shares and 0.98% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

12 March 31, 2016  | Semiannual Report

Unaudited

AllianzGI Retirement 2030 Fund (cont’d)

Cumulative Returns Through March 31, 2016

Fund Allocation (as of March 31, 2016)

AllianzGI Best Styles U.S. Equity	16.1%
AllianzGI Best Styles International Equity	11.0%
AllianzGI Short Duration High Income	9.5%
PIMCO Broad U.S. TIPS Index	8.4%
PIMCO Long-Term Credit	7.5%
AllianzGI High Yield Bond	7.0%
PIMCO Income	5.0%
AllianzGI Advanced Core Bond	5.0%
Other	28.6%
Cash & Equivalents — Net	1.9%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,036.90	$1,033.10	$1,034.90	$1,038.20	$1,038.70	$1,037.40
Expenses Paid During Period	$2.34	$6.15	$4.12	$0.83	$0.31	$2.09
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,022.70	$1,018.95	$1,020.95	$1,024.19	$1,024.70	$1,022.95
Expenses Paid During Period	$2.33	$6.11	$4.09	$0.82	$0.30	$2.07

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.46% for Class A, 1.21% for Class C, 0.81% for Class R, 0.16% for Class P, 0.06% for Class R6 and 0.41% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/366. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.

Semiannual Report |  March 31, 2016 13

Unaudited

AllianzGI Retirement 2035 Fund

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		Since Inception†
AllianzGI Retirement 2035 Fund Class A		3.68%		–3.14%		5.77%
AllianzGI Retirement 2035 Fund Class A (adjusted)		–2.02%		–8.47%		4.38%
AllianzGI Retirement 2035 Fund Class R		3.55%		–3.45%		5.42%
AllianzGI Retirement 2035 Fund Class P		3.83%		–2.84%		6.10%
AllianzGI Retirement 2035 Fund Class R6		3.93%		–2.73%		6.20%
AllianzGI Retirement 2035 Fund Administrative Class		3.74%		–3.06%		5.82%
Morningstar Lifetime Conservative 2035 Index		4.64%		–1.56%		8.96%
Real Return Target 2035 Index**		3.43%		–2.62%		5.19%
Linked RR 2035 Index to Morningstar Lifetime Cons. 2035 Return Index		4.64%		–1.56%		5.46%
Lipper Mixed-Asset Target 2035 Funds Average		4.26%		–3.50%		8.77%

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

* Cumulative return

** Effective April 1, 2015, the Funds’ benchmark index changed from the Real Return Target series (white label) to the Morningstar Lifetime Conservative series, as the Morningstar Lifetime Conservative series is considered to be a better representation of the Funds’ investment strategies. Previously, the Real Return Target series replaced the Dow Jones Real Retirement series. This change was due to a decision by the index provider to discontinue the Index. With this mid-period change, differences between the two benchmarks should be considered for purposes of performance comparison.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.27% for Class A shares, 1.52% for Class R shares, 0.87% for Class P shares, 0.77% for Class R6 shares and 1.12% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.06% for Class A shares, 1.41% for Class R shares, 0.76% for Class P shares, 0.66% for Class R6 shares and 1.01% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

14 March 31, 2016  | Semiannual Report

Unaudited

AllianzGI Retirement 2035 Fund (cont’d)

Cumulative Returns Through March 31, 2016

Fund Allocation (as of March 31, 2016)

AllianzGI Best Styles U.S. Equity	19.6%
AllianzGI Best Styles International Equity	15.5%
PIMCO Broad U.S.TIPS Index	8.0%
AllianzGI High Yield Bond	7.0%
PIMCO Long-Term Credit	5.0%
AllianzGI Short Duration High Income	5.0%
AllianzGI Advanced Core Bond	4.0%
AllianzGI Global Natural Resources	2.6%
Other	28.3%
Cash & Equivalents — Net	5.0%

Shareholder Expense Example	Actual Performance
	Class A	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,036.80	$1,035.50	$1,038.30	$1,039.30	$1,037.40
Expenses Paid During Period	$2.44	$4.22	$0.92	$0.41	$2.19
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,022.60	$1,020.85	$1,024.10	$1,024.60	$1,022.85
Expenses Paid During Period	$2.43	$4.19	$0.91	$0.40	$2.17

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.48% for Class A, 0.83% for Class R, 0.18% for Class P, 0.08% for Class R6 and 0.43% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/366. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.

Semiannual Report |  March 31, 2016 15

Unaudited

AllianzGI Retirement 2040 Fund

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		5 Year		Since Inception†
AllianzGI Retirement 2040 Fund Class A		3.93%		–3.55%		2.63%		9.29%
AllianzGI Retirement 2040 Fund Class A (adjusted)		–1.79%		–8.85%		1.47%		8.44%
AllianzGI Retirement 2040 Fund Class C		3.51%		–4.30%		1.86%		8.45%
AllianzGI Retirement 2040 Fund Class C (adjusted)		2.51%		–5.24%		1.86%		8.45%
AllianzGI Retirement 2040 Fund Class R		3.72%		–3.91%		2.29%		8.95%
AllianzGI Retirement 2040 Fund Class P		4.12%		–3.24%		2.95%		9.58%
AllianzGI Retirement 2040 Fund Class R6		4.19%		–3.12%		3.04%		9.68%
AllianzGI Retirement 2040 Fund Administrative Class		3.99%		–3.45%		2.68%		9.33%
Morningstar Lifetime Conservative 2040 Index		4.84%		–2.33%		6.18%		11.30%
Real Return Target 2040 Index**		3.50%		–3.44%		2.99%		8.73%
Linked RR 2040 Index to Morningstar Lifetime Cons. 2040 Return Index		4.84%		–2.33%		3.23%		8.90%
Lipper Mixed-Asset Target 2040 Funds Average		4.26%		–3.99%		5.74%		10.58%

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

* Cumulative return

** Effective April 1, 2015, the Funds’ benchmark index changed from the Real Return Target series (white label) to the Morningstar Lifetime Conservative series, as the Morningstar Lifetime Conservative series is considered to be a better representation of the Funds’ investment strategies. Previously, the Real Return Target series replaced the Dow Jones Real Retirement series. This change was due to a decision by the index provider to discontinue the Index. With this mid-period change, differences between the two benchmarks should be considered for purposes of performance comparison.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.32% for Class A shares, 2.07% for Class C shares, 1.57% for Class R shares, 0.92% for Class P shares, 0.82% for Class R6 shares and 1.17% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.09% for Class A shares, 1.84% for Class C shares, 1.44% for Class R shares, 0.79% for Class P shares, 0.69% for Class R6 shares and 1.04% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

16 March 31, 2016  | Semiannual Report

Unaudited

AllianzGI Retirement 2040 Fund (cont’d)

Cumulative Returns Through March 31, 2016

Fund Allocation (as of March 31, 2016)

AllianzGI Best Styles U.S. Equity	23.0%
AllianzGI Best Styles International Equity	19.9%
AllianzGI High Yield Bond	6.9%
PIMCO Broad U.S. TIPS Index	5.8%
PIMCO Long-Term Credit	4.5%
AllianzGI Focused Growth	3.5%
AllianzGI Mid-Cap	3.0%
Schwab U.S. Small-Cap	2.9%
Other	25.0%
Cash & Equivalents — Net	5.5%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,039.30	$1,035.10	$1,037.20	$1,041.20	$1,041.90	$1,039.90
Expenses Paid During Period	$2.40	$6.21	$4.18	$0.87	$0.36	$2.14
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,022.65	$1,018.90	$1,020.90	$1,024.15	$1,024.65	$1,022.90
Expenses Paid During Period	$2.38	$6.16	$4.14	$0.86	$0.35	$2.12

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.47% for Class A, 1.22% for Class C, 0.82% for Class R, 0.17% for Class P, 0.07% for Class R6 and 0.42% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/366. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.

Semiannual Report |  March 31, 2016 17

Unaudited

AllianzGI Retirement 2045 Fund

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		Since Inception†
AllianzGI Retirement 2045 Fund Class A		4.00%		–4.04%		6.67%
AllianzGI Retirement 2045 Fund Class A (adjusted)		–1.72%		–9.32%		5.27%
AllianzGI Retirement 2045 Fund Class R		3.82%		–4.39%		6.29%
AllianzGI Retirement 2045 Fund Class P		4.18%		–3.77%		6.99%
AllianzGI Retirement 2045 Fund Class R6		4.24%		–3.59%		7.10%
AllianzGI Retirement 2045 Fund Administrative Class		4.07%		–3.96%		6.69%
Morningstar Lifetime Conservative 2045 Index		4.93%		–2.91%		9.75%
Real Return Target 2045 Index**		3.59%		–4.06%		6.43%
Linked RR 2045 Index to Morningstar Lifetime Cons. 2045 Return Index		4.93%		–2.91%		6.73%
Lipper Mixed-Asset Target 2045 Funds Average		4.43%		–3.99%		9.48%

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

* Cumulative return

** Effective April 1, 2015, the Funds’ benchmark index changed from the Real Return Target series (white label) to the Morningstar Lifetime Conservative series, as the Morningstar Lifetime Conservative series is considered to be a better representation of the Funds’ investment strategies. Previously, the Real Return Target series replaced the Dow Jones Real Retirement series. This change was due to a decision by the index provider to discontinue the Index. With this mid-period change, differences between the two benchmarks should be considered for purposes of performance comparison.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.34% for Class A shares, 1.59% for Class R shares, 0.94% for Class P shares, 0.84% for Class R6 shares and 1.19% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.10% for Class A shares, 1.45% for Class R shares, 0.80% for Class P shares, 0.70% for Class R6 shares and 1.05% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

18 March 31, 2016  | Semiannual Report

Unaudited

AllianzGI Retirement 2045 Fund (cont’d)

Cumulative Returns Through March 31, 2016

Fund Allocation (as of March 31, 2016)

AllianzGI Best Styles U.S. Equity	25.0%
AllianzGI Best Styles International Equity	20.9%
AllianzGI High Yield Bond	6.9%
PIMCO Long-Term Credit	5.0%
AllianzGI Mid-Cap	4.0%
AllianzGI Focused Growth	4.0%
AllianzGI NFJ Mid-Cap Value	3.5%
AllianzGI Emerging Markets Consumer	2.7%
Other	22.1%
Cash & Equivalents — Net	5.9%

Shareholder Expense Example	Actual Performance
	Class A	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,040.00	$1,038.20	$1,041.80	$1,042.40	$1,040.70
Expenses Paid During Period	$2.35	$4.13	$0.82	$0.31	$2.09
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,022.70	$1,020.95	$1,024.20	$1,024.70	$1,022.95
Expenses Paid During Period	$2.33	$4.09	$0.81	$0.30	$2.07

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.46% for Class A, 0.81% for Class R, 0.16% for Class P, 0.06% for Class R6 and 0.41% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/366. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.

Semiannual Report |  March 31, 2016 19

Unaudited

AllianzGI Retirement 2050 Fund

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		5 Year		Since Inception†
AllianzGI Retirement 2050 Fund Class A		4.19%		–4.31%		2.82%		9.61%
AllianzGI Retirement 2050 Fund Class A (adjusted)		–1.54%		–9.57%		1.66%		8.76%
AllianzGI Retirement 2050 Fund Class C		3.79%		–5.03%		2.02%		8.80%
AllianzGI Retirement 2050 Fund Class C (adjusted)		2.79%		–5.95%		2.02%		8.80%
AllianzGI Retirement 2050 Fund Class R		4.05%		–4.63%		2.48%		9.29%
AllianzGI Retirement 2050 Fund Class P		4.33%		–4.02%		3.11%		9.92%
AllianzGI Retirement 2050 Fund Class R6		4.36%		–3.93%		3.20%		10.01%
AllianzGI Retirement 2050 Fund Administrative Class		4.22%		–4.26%		2.86%		9.68%
Morningstar Lifetime Conservative 2050 Index		4.97%		–3.29%		6.03%		11.42%
Real Return Target 2050 Index**		3.71%		–4.43%		3.18%		9.33%
Linked RR 2050 Index to Morningstar Lifetime Cons. 2050 Return Index		4.97%		–3.29%		3.42%		9.51%
Lipper Mixed-Asset Target 2050 Funds Average		4.37%		–4.24%		5.92%		10.70%

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

* Cumulative return

** Effective April 1, 2015, the Funds’ benchmark index changed from the Real Return Target series (white label) to the Morningstar Lifetime Conservative series, as the Morningstar Lifetime Conservative series is considered to be a better representation of the Funds’ investment strategies. Previously, the Real Return Target series replaced the Dow Jones Real Retirement series. This change was due to a decision by the index provider to discontinue the Index. With this mid-period change, differences between the two benchmarks should be considered for purposes of performance comparison.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.37% for Class A shares, 2.12% for Class C shares, 1.62% for Class R shares, 0.97% for Class P shares, 0.87% for Class R6 shares and 1.22% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.10% for Class A shares, 1.85% for Class C shares, 1.45% for Class R shares, 0.80% for Class P shares, 0.70% for Class R6 shares and 1.05% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

20 March 31, 2016  | Semiannual Report

Unaudited

AllianzGI Retirement 2050 Fund (cont’d)

Cumulative Returns Through March 31, 2016

Fund Allocation (as of March 31, 2016)

AllianzGI Best Styles U.S. Equity	24.9%
AllianzGI Best Styles International Equity	20.8%
AllianzGI High Yield Bond	7.4%
AllianzGI Mid-Cap	4.0%
AllianzGI Focused Growth	4.0%
AllianzGI NFJ Mid-Cap Value	4.0%
PIMCO Long-Term Credit	3.5%
AllianzGI U.S. Small-Cap Growth	3.0%
Other	22.9%
Cash & Equivalents — Net	5.5%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,041.90	$1,037.90	$1,040.50	$1,043.30	$1,043.60	$1,042.20
Expenses Paid During Period	$2.35	$6.16	$4.13	$0.82	$0.31	$2.09
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,022.70	$1,018.95	$1,020.95	$1,024.20	$1,024.70	$1,022.95
Expenses Paid During Period	$2.33	$6.11	$4.09	$0.81	$0.30	$2.07

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.46% for Class A, 1.21% for Class C, 0.81% for Class R, 0.16% for Class P, 0.06% for Class R6 and 0.41% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/366. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.

Semiannual Report |  March 31, 2016 21

Unaudited

AllianzGI Retirement 2055 Fund

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		Since Inception†
AllianzGI Retirement 2055 Fund Class A		4.22%		–4.26%		6.90%
AllianzGI Retirement 2055 Fund Class A (adjusted)		–1.52%		–9.53%		5.50%
AllianzGI Retirement 2055 Fund Class R		3.93%		–4.65%		6.54%
AllianzGI Retirement 2055 Fund Class P		4.32%		–3.99%		7.23%
AllianzGI Retirement 2055 Fund Class R6		4.40%		–3.88%		7.34%
AllianzGI Retirement 2055 Fund Administrative Class		4.18%		–4.26%		6.94%
Morningstar Lifetime Conservative 2055 Index		4.97%		–3.49%		9.62%
Real Return Target 2040+ Index**		3.76%		–4.66%		6.97%
Linked RR 2040+ Index to Morningstar Lifetime Cons. 2055 Return Index		4.97%		–3.49%		7.28%
Lipper Mixed-Asset Target 2055+ Funds Average		4.51%		–3.82%		9.79%

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

* Cumulative return

** Effective April 1, 2015, the Funds’ benchmark index changed from the Real Return Target series (white label) to the Morningstar Lifetime Conservative series, as the Morningstar Lifetime Conservative series is considered to be a better representation of the Funds’ investment strategies. Previously, the Real Return Target series replaced the Dow Jones Real Retirement series. This change was due to a decision by the index provider to discontinue the Index. With this mid-period change, differences between the two benchmarks should be considered for purposes of performance comparison.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.36% for Class A shares, 1.61% for Class R shares, 0.96% for Class P shares, 0.86% for Class R6 shares and 1.21% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.10% for Class A shares, 1.45% for Class R shares, 0.80% for Class P shares, 0.70% for Class R6 shares and 1.05% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

22 March 31, 2016  | Semiannual Report

Unaudited

AllianzGI Retirement 2055 Fund (cont’d)

Cumulative Returns Through March 31, 2016

Fund Allocation (as of March 31, 2016)

AllianzGI Best Styles U.S. Equity	24.9%
AllianzGI Best Styles International Equity	20.8%
AllianzGI High Yield Bond	7.9%
AllianzGI Mid-Cap	4.0%
AllianzGI Focused Growth	4.0%
AllianzGI NFJ Mid-Cap Value	4.0%
AllianzGI U.S. Small-Cap Growth	3.0%
AllianzGI Emerging Markets Consumer	2.9%
Other	21.1%
Cash & Equivalents — Net	7.4%

Shareholder Expense Example	Actual Performance
	Class A	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,042.20	$1,039.30	$1,043.20	$1,044.00	$1,041.80
Expenses Paid During Period	$2.35	$4.13	$0.82	$0.31	$2.09
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,022.70	$1,020.95	$1,024.20	$1,024.70	$1,022.95
Expenses Paid During Period	$2.33	$4.09	$0.81	$0.30	$2.07

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.46% for Class A, 0.81% for Class R, 0.16% for Class P, 0.06% for Class R6 and 0.41% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/366. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.

Semiannual Report |  March 31, 2016 23

Unaudited

AllianzGI Retirement Income Fund

For the period of October 1, 2015 through March 31, 2016, as provided by the Multi-Asset US Group.

Fund Insights

For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI Retirement Income Fund (the “Fund”) returned 3.66% outperforming the Morningstar Lifetime Conservative Income Index (the “benchmark index”), which returned 2.82%.

Market Overview

For the reporting period, global equities outperformed US bonds, demonstrated by the performance of the MSCI ACWI (5.28%), and the Barclays US Aggregate Bond Index (+2.44%). The environment was particularly volatile for global equities, as they started the period with a rally during the fourth quarter of 2015 after the MSCI ACWI posted the year’s lows in September. Global equities then declined sharply in the first quarter of 2016 before staging a strong rally into the end of the reporting period.

After posting the year’s low on September 29, 2015, global equities rebounded in the fourth quarter of 2015, with the MSCI ACWI rising 5.03% over the quarter (after dropping -9.45% in the third quarter of 2015). The rally was led by US equities as represented by the Russell 3000 Index, rising 6.27%, while developed markets outside the US, as represented by the MSCI EAFE Index, gained 4.71%. In other market segments, real estate investment trusts (“REITs”) were a bright spot, as the Dow Jones US Select REIT Index rose 7.54% over the fourth quarter, but the Bloomberg Commodity Index (-10.52%) conversely declined. In US Fixed Income, the Barclays US Aggregate Bond Index declined -0.57% over the fourth quarter of 2015. With the widely anticipated Fed Funds Rate hike taking place in December 2015 ending an era of zero interest rates, the 10 year Treasury yield (constant maturity) ended the year with a yield of 2.27%, up from 2.06% where it started the quarter. The Barclays US Aggregate Bond Index’s major segments all declined over the fourth quarter with treasuries (-0.9%) posting the most notable loss followed by corporate bonds (-0.6%) and mortgage backed securities (“MBS”) (-0.1%).

The first quarter of 2016 was more volatile for global equities. Most markets suffered the worst start to a year in decades, with some entering bear-market territory, amid renewed fears about the slowdown in China and further oil price weakness. However, signs that commodity prices may be stabilizing, as well as a dovish policy stance from the Fed, helped markets to recover in March. Most equity markets ended the quarter with modest losses, although the US and many emerging markets recorded positive returns. US Equities, as represented by the Russell 3000 Index, finished the quarter up 0.97%, while many markets outside the US struggled, as reflected by the MSCI EAFE Index (in USD) ending the quarter lower by -3.01%. The MSCI EAFE Index declined more in local currency terms, reflecting dollar weakness over the period. In US Fixed Income, the Barclays US Aggregate Bond Index gained 3.03%, while the 10 year Treasury yield fell back below 2.0%. The Barclays US Aggregate Bond Index’s major segments posted gains over the quarter with corporate bonds (+4.0%) and treasuries (+3.2%) leading the way, followed by MBS (+2.0%). Credit markets experienced a volatile quarter, mirroring the movement in equity markets.

Portfolio Review

Exposure to global equities were modestly above the benchmark index, while the Fund was underweight US nominal bonds in favor of US inflation linked securities. With regards to fixed income, the Fund was positioned with underweights to duration and inflation linked securities in favor of credits. Within global equities, the modest overweight was distributed across regions with the US receiving the greatest overweight for the majority of the reporting period. In addition, exposure to high yield debt was added toward the latter half of the reporting period.

In the fixed income portion of the Fund, relative performance contributions were mixed and ultimately ended roughly in line with the benchmark index. During the reporting period, an allocation toward shorter duration credits contributed, while an underweight to inflation linked issues was a headwind to relative results as they generally outperformed nominal issues.

In the equity portion of the Fund, allocation effects contributed to the overall result. The overweight to global equities across regions benefited results as global equities gained ground. The overweight included an emphasis on US equities which posted the strongest returns across regions. The Fund also included opportunistic exposures to high yield in the first quarter of 2016, which posted strong returns during the holding period contributing to relative results.

In aggregate, the Fund’s overweight to global equities, with particular emphasis on the US, provided the most notable tailwind to performance over the reporting period. Relative to the benchmark index, the Fund entered the period with a modest overweight to global equities, and remains underweight to inflation linked bonds in the US in favor of short term credit.

Outlook

Risks have risen, but we do not believe the global economy is heading toward recession. In the US, while odds of an April 2016 interest rate hike are low, we believe that the outlook for growth and inflation will prompt the Fed to raise rates twice in 2016. Against this backdrop, we expect global monetary policy to remain accommodative. The recovery in commodities has helped stabilize some of the stress points in the world economy, which should support inflation and growth. Still, we believe the existence of economic and political uncertainties will likely result in persistent volatility.

24 March 31, 2016  | Semiannual Report

Unaudited

AllianzGI Retirement Income Fund (cont’d)

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		5 Year		Since Inception†
AllianzGI Retirement Income Fund Class A		3.66%		–1.06%		2.98%		6.63%
AllianzGI Retirement Income Fund Class A (adjusted)		–2.04%		–6.50%		1.82%		5.80%
AllianzGI Retirement Income Fund Class C		3.32%		–1.77%		2.21%		5.84%
AllianzGI Retirement Income Fund Class C (adjusted)		2.32%		–2.72%		2.21%		5.84%
AllianzGI Retirement Income Fund Class R		3.48%		–1.43%		2.63%		6.30%
AllianzGI Retirement Income Fund Class P		3.81%		–0.77%		3.29%		6.92%
AllianzGI Retirement Income Fund Class R6		3.86%		–0.70%		3.39%		7.02%
AllianzGI Retirement Income Fund Administrative Class		3.69%		–0.78%		3.03%		6.69%
Morningstar Lifetime Conservative Income Index		2.82%		0.62%		3.41%		5.57%
Real Return Target Today Index**		3.41%		–0.70%		2.98%		6.09%
Linked RR Today Index to Morningstar Lifetime Cons. Income Return Index		2.82%		0.62%		3.26%		6.28%
Lipper Mixed-Asset Target Today Funds Average		2.79%		–1.31%		3.60%		6.40%

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

* Cumulative return

** Effective April 1, 2015, the Funds’ benchmark index changed from the Real Return Target series (white label) to the Morningstar Lifetime Conservative series, as the Morningstar Lifetime Conservative series is considered to be a better representation of the Funds’ investment strategies. Previously, the Real Return Target series replaced the Dow Jones Real Retirement series. This change was due to a decision by the index provider to discontinue the Index. With this mid-period change, differences between the two benchmarks should be considered for purposes of performance comparison.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.13% for Class A shares, 1.88% for Class C shares, 1.38% for Class R shares, 0.73% for Class P shares, 0.63% for Class R6 shares and 0.98% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 0.95% for Class A shares, 1.70% for Class C shares, 1.30% for Class R shares, 0.65% for Class P shares, 0.55% for Class R6 shares and 0.90% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

Semiannual Report |  March 31, 2016 25

Unaudited

AllianzGI Retirement Income Fund (cont’d)

Cumulative Returns Through March 31, 2016

Fund Allocation (as of March 31, 2016)

AllianzGI Short Duration High Income	19.9%
PIMCO Income	17.0%
PIMCO Long-Term Credit	15.3%
AllianzGI Best Styles U.S. Equity	10.1%
AllianzGI High Yield Bond	6.0%
PIMCO Emerging Markets Bond	5.0%
AllianzGI Advanced Core Bond	5.0%
iShares Core High Dividend	4.6%
Other	15.9%
Cash & Equivalents — Net	1.2%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,036.60	$1,033.20	$1,034.80	$1,038.10	$1,038.60	$1,036.90
Expenses Paid During Period	$1.99	$5.79	$3.76	$0.46	$—	$1.73
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,023.05	$1,019.30	$1,021.30	$1,024.55	$1,025.00	$1,023.30
Expenses Paid During Period	$1.97	$5.76	$3.74	$0.46	$—	$1.72

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.39% for Class A, 1.14% for Class C, 0.74% for Class R, 0.09% for Class P, 0.00% for Class R6 and 0.34% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/366. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.

26 March 31, 2016  | Semiannual Report

Unaudited

AllianzGI Global Allocation Fund

For the period of October 1, 2015 through March 31, 2016, as provided by the Multi-Asset US Group.

Fund Insights

For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI Global Allocation Fund (the “Fund”) returned 3.23%, underperforming the 60% MSCI AC World Index and 40% Barclays US Aggregate Bond Index (the “benchmark index”), which returned 4.33%.

Market Overview

For the reporting period, global equities outperformed US bonds, demonstrated by the performance of the MSCI ACWI (5.28%), and the Barclays US Aggregate Bond Index (+2.44%). The environment was particularly volatile for global equities, as they started the period with a rally during the fourth quarter of 2015 after the MSCI ACWI posted the year’s lows in September. Global equities then declined sharply in the first quarter of 2016 before staging a strong rally into the end of the reporting period.

After posting the year’s low on September 29, 2015, global equities rebounded in the fourth quarter of 2015, with the MSCI ACWI rising 5.03% over the quarter (after dropping -9.45% in the third quarter of 2015). The rally was led by US equities as represented by the Russell 3000 Index, rising 6.27%, while developed markets outside the US, as represented by the MSCI EAFE Index, gained 4.71%. In other market segments, real estate investment trusts (“REITs”) were a bright spot, as the Dow Jones US Select REIT Index rose 7.54% over the fourth quarter, but the Bloomberg Commodity Index (-10.52%) conversely declined. In US Fixed Income, the Barclays US Aggregate Bond Index declined -0.57% over the fourth quarter of 2015. With the widely anticipated Fed Funds Rate hike taking place in December 2015 ending an era of zero interest rates, the 10 year Treasury yield (constant maturity) ended the year with a yield of 2.27%, up from 2.06% where it started the quarter. The Barclays US Aggregate Bond Index’s major segments all declined over the fourth quarter with treasuries (-0.9%) posting the most notable loss followed by corporate bonds (-0.6%) and mortgage backed securities (“MBS”) (-0.1%).

The first quarter of 2016 was more volatile for global equities. Most markets suffered the worst start to a year in decades, with some entering bear-market territory, amid renewed fears about the slowdown in China and further oil price weakness. However, signs that commodity prices may be stabilizing, as well as a dovish policy stance from the Fed, helped markets to recover in March. Most equity markets ended the quarter with modest losses, although the US and many emerging markets recorded positive returns. US Equities, as represented by the Russell 3000 Index, finished the quarter up 0.97%, while many markets outside the US struggled, as reflected by the MSCI EAFE Index (in USD) ending the quarter lower by -3.01%. The MSCI EAFE Index declined more in local currency terms, reflecting dollar weakness over the period. In US Fixed Income, the Barclays US Aggregate Bond Index gained 3.03%, while the 10 year Treasury yield fell back below 2.0%. The Barclays US Aggregate Bond Index’s major segments posted gains over the quarter with corporate bonds (+4.0%) and treasuries (+3.2%) leading the way, followed by MBS (+2.0%). Credit markets experienced a volatile quarter, mirroring the movement in equity markets.

Portfolio Review

Amidst a volatile period that started with global equities rallying off the lows of 2015 and the first quarter of 2016’s sharp correction followed by a rebound, the Fund was actively adjusted to the changing market environment. Entering the reporting period, the Fund’s defensive positioning reflected prior declines of our market cycle and economic cycle and valuation indicators, which were adjusted down from positive to more neutral on risk assets amidst the global equity sell-off in the third quarter of 2015. As markets surged in October 2015 and readings from our proprietary indicators moved to a more neutral position in the fourth quarter of 2015, the Fund’s equity exposure was accordingly adjusted closer to the benchmark index. The Fund’s fixed income exposure was accordingly adjusted down over the quarter. Contributing to the Fund’s overall defensive positioning was exposure to Italian government bonds in the opportunistic portion of the portfolio, as well as more defensive cash and equivalents. As global equities declined during the first half of the first quarter of 2016, the Fund’s equity momentum signals adjusted downward, leading to reduced exposure to both US and international equities. As the rebound in March was also reflected in the momentum signals, the Fund’s equity exposure was adjusted accordingly, resulting in a more modest underweight to global equities. Fixed income positioning was accordingly adjusted higher in the flight to safety and through the end of the reporting period.

While the Fund’s results ultimately trailed the benchmark index, performance included a combination of contributors and detractors. The overall relative result can be primarily traced to the equity portion of the Fund, where a combination of allocation and selection effects detracted. From an allocation perspective, the underweight to global equities early in the reporting period limited relative results as equities rallied in October 2015. The defensive positioning entering the reporting period included an overweight toward US government bonds, which was also a headwind as government bond yields rose in anticipation of the Fed rate hike which occurred later in the quarter. The Fund’s equity exposure was again reduced into the first quarter’s decline, although the underweight leading into the March 2015 rally again limited relative results. There were also several contributors which benefited the Fund’s performance over the reporting period. Ahead of the sharp decline in the first quarter of 2016 the Fund’s generally defensive posture, including underweights to international equities and an overweight to US government bonds, helped to limit the Fund’s participation in the early market decline. From a selection perspective, favorable relative performance from the international equity exposure in the AllianzGI Best Styles Global Equity Fund, particularly in the first quarter of 2016, provided a modest tailwind to results.

Outlook

Risks have risen, but we do not believe the global economy is heading toward recession. In the US, while odds of an April interest rate hike are low, we believe that the outlook for growth and inflation will prompt the Fed to raise rates twice in 2016. Against this backdrop, we expect global monetary policy to remain accommodative. The recovery in commodities has helped stabilize some of the stress points in the world economy, which should support inflation and growth. Still, we believe the existence of economic and political uncertainties will likely result in persistent volatility.

From an investment perspective, the Fund entered the second quarter with a modest underweight to global equities in favor of US government bonds. Meanwhile, in the opportunistic portion of the portfolio exposure to emerging market debt and Italian government bonds contributed to the overall duration.

Semiannual Report |  March 31, 2016 27

Unaudited

AllianzGI Global Allocation Fund (cont’d)

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		5 Year		10 Year		Since Inception†
AllianzGI Global Allocation Fund Class A		3.23%		–3.22%		3.24%		4.12%		5.42%
AllianzGI Global Allocation Fund Class A (adjusted)		–2.45%		–8.55%		2.08%		3.53%		5.08%
AllianzGI Global Allocation Fund Class C		2.92%		–3.87%		2.49%		3.36%		4.64%
AllianzGI Global Allocation Fund Class C (adjusted)		1.93%		–4.80%		2.49%		3.36%		4.64%
AllianzGI Global Allocation Fund Class R		3.11%		–3.36%		3.03%		3.89%		5.18%
AllianzGI Global Allocation Fund Class P		3.43%		–2.93%		3.47%		4.34%		5.64%
AllianzGI Global Allocation Fund Institutional Class		3.35%		–2.97%		3.50%		4.49%		5.86%
AllianzGI Global Allocation Fund Class R6		3.41%		–2.89%		3.60%		4.59%		5.97%
AllianzGI Global Allocation Fund Administrative Class		3.35%		–3.13%		3.25%		4.16%		5.47%
MSCI ACWI		5.28%		–4.34%		5.22%		4.08%		5.19%
60% MSCI ACWI, 40% Barclays US Aggregate Bond Index		4.33%		–1.59%		4.89%		4.78%		5.49%
Barclays US Aggregate Bond Index		2.44%		1.96%		3.78%		4.90%		5.05%
Lipper Alternative Global Macro Funds Average		1.04%		–6.22%		1.35%		3.39%		5.29%

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

* Cumulative return

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares and the 5% contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.68% for Class A shares, 2.42% for Class C shares, 1.88% for Class R shares, 1.44% for Class P shares, 1.45% for Institutional Class shares, 1.69% for Class R6 shares and 1.61% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.07% for Class A shares, 1.81% for Class C shares, 1.24% for Class R shares, 0.84% for Class P shares, 0.83% for Institutional Class shares, 0.73% for Class R6 shares and 1.08% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

28 March 31, 2016  | Semiannual Report

Unaudited

AllianzGI Global Allocation Fund (cont’d)

Cumulative Returns Through March 31, 2016

Fund Allocation (as of March 31, 2016)

AllianzGI Best Styles Global Equity	51.3%
AllianzGI Advanced Core Bond	26.1%
iShares MSCI USA Minimum Volatility	4.9%
iShares MSCI EAFE Minimum Volatility	4.8%
AllianzGI Structured Return	3.6%
AllianzGI Emerging Markets Debt	2.5%
AllianzGI Short Duration High Income	2.5%
PIMCO Broad U.S. TIPS Index	2.0%
Cash & Equivalents — Net	2.3%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class R	Class P	Institutional Class	Class R6	Administrative Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,032.30	$1,029.20	$1,031.10	$1,034.30	$1,033.50	$1,034.10	$1,033.50
Expenses Paid During Period	$3.15	$7.00	$4.11	$1.63	$2.03	$1.53	$2.95
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Institutional Class	Class R6	Administrative Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,021.90	$1,018.10	$1,020.95	$1,023.40	$1,023.00	$1,023.50	$1,022.10
Expenses Paid During Period	$3.13	$6.96	$4.09	$1.62	$2.02	$1.52	$2.93

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.62% for Class A, 1.38% for Class C, 0.81% for Class R, 0.32% for Class P, 0.40% for Institutional Class, 0.30% for Class R6 and 0.58% for Administrative Class), multiplied by the average account value over the period, multiplied by 183 /366. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.

Semiannual Report |  March 31, 2016 29

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AllianzGI Global Dynamic Allocation Fund

For the period of October 1, 2015 through March 31, 2016, as provided by the Multi-Asset US Group.

Fund Insights

For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI Global Dynamic Allocation Fund (the “Fund”) returned 0.98%, underperforming the 60% MSCI AC World Index and 40% Barclays US Aggregate Bond Index (the “benchmark index”), which returned 4.33%.

Market Overview

For the reporting period, global equities outperformed US bonds, demonstrated by the performance of the MSCI ACWI (5.28%), and the Barclays US Aggregate Bond Index (+2.44%). The environment was particularly volatile for global equities, as they started the period with a rally during the fourth quarter of 2015 after the MSCI ACWI posted the year’s lows in September. Global equities then declined sharply in the first quarter of 2016 before staging a strong rally into the end of the reporting period.

After posting the year’s low on September 29, 2015, global equities rebounded in the fourth quarter of 2015, with the MSCI ACWI rising 5.03% over the quarter (after dropping -9.45% in the third quarter of 2015). The rally was led by US equities as represented by the Russell 3000 Index, rising 6.27%, while developed markets outside the US, as represented by the MSCI EAFE Index, gained 4.71%. In other market segments, real estate investment trusts (“REITs”) were a bright spot, as the Dow Jones US Select REIT Index rose 7.54% over the fourth quarter, but the Bloomberg Commodity Index (-10.52%) conversely declined. In US Fixed Income, the Barclays US Aggregate Bond Index declined -0.57% over the fourth quarter of 2015. With the widely anticipated Fed Funds Rate hike taking place in December 2015 ending an era of zero interest rates, the 10 year Treasury yield (constant maturity) ended the year with a yield of 2.27%, up from 2.06% where it started the quarter. The Barclays US Aggregate Bond Index’s major segments all declined over the fourth quarter with treasuries (-0.9%) posting the most notable loss followed by corporate bonds (-0.6%) and mortgage backed securities (“MBS”) (-0.1%).

The first quarter of 2016 was more volatile for global equities. Most markets suffered the worst start to a year in decades, with some entering bear-market territory, amid renewed fears about the slowdown in China and further oil price weakness. However, signs that commodity prices may be stabilizing, as well as a dovish policy stance from the Fed, helped markets to recover in March. Most equity markets ended the quarter with modest losses, although the US and many emerging markets recorded positive returns. US Equities, as represented by the Russell 3000 Index, finished the quarter up 0.97%, while many markets outside the US struggled, as reflected by the MSCI EAFE Index (in USD) ending the quarter lower by -3.01%. The MSCI EAFE Index declined more in local currency terms, reflecting dollar weakness over the period. In US Fixed Income, the Barclays US Aggregate Bond Index gained 3.03%, while the 10 year Treasury yield fell back below 2.0%. The Barclays US Aggregate Bond Index’s major segments posted gains over the quarter with corporate bonds (+4.0%) and treasuries (+3.2%) leading the way, followed by MBS (+2.0%). Credit markets experienced a volatile quarter, mirroring the movement in equity markets.

Portfolio Review

Amidst a volatile period that started with global equities rallying off the lows of 2015 and the first quarter of 2016’s sharp correction followed by a rebound, the Fund was actively adjusted to the changing market environment. Entering the reporting period, the Fund’s defensive positioning reflected prior declines of our market cycle and economic cycle and valuation indicators, which were adjusted down from positive to more neutral on risk assets amidst the global equity sell-off in the third quarter of 2015. As markets surged back in October 2015 and readings from our proprietary indicators moved to a more neutral position in the fourth quarter of 2015, the Fund’s equity exposure was accordingly adjusted closer to the benchmark index. Fixed income exposure was accordingly adjusted down over the quarter. Contributing to the Fund’s overall defensive positioning was exposure to Italian government bonds in the opportunistic portion of the portfolio, as well as more defensive cash and equivalents. As global equities declined during the first quarter of 2016, equity momentum signals adjusted downward, leading to reduced exposure to both US and international equities. As the March 2016 rebound was also reflected in the momentum signals, the Fund’s equity exposure was adjusted accordingly, to end with a more modest underweight to global equities. Fixed income positioning was accordingly adjusted higher in the flight to safety and through the end of the reporting period.

While the Fund’s results ultimately trailed the benchmark index, performance included a combination of contributors and detractors. The overall relative result can be primarily traced to the equity portion of the Fund, where a combination of allocation and selection effects detracted. From an allocation perspective, the underweight to global equities early in the reporting period limited relative results as equities rallied in October 2015. The defensive positioning entering the reporting period included an overweight toward US government bonds, which was also a headwind as government bond yields rose in anticipation of the Fed rate hike which occurred later in the quarter. The Fund’s equity exposure was again reduced into the first quarter’s decline although the underweight leading into the March 2016 rally again limited relative results. There were also several contributors which benefited the Fund’s performance over the period. Ahead of the sharp decline in the first quarter of 2016, generally defensive posture including underweights to international equities and an overweight to US government bonds helped to limit the Fund’s participation in the early market decline. From a selection perspective, favorable relative performance from the AllianzGI Best Styles International Equity Fund, particularly in the first quarter of 2016, provided a modest tailwind to results.

Outlook

Risks have risen, but we do not believe the global economy is heading toward recession. In the US, while odds of an April interest rate hike are low, we believe that the outlook for growth and inflation will prompt the Fed to raise rates twice in 2016. Against this backdrop, we expect global monetary policy to remain accommodative. The recovery in commodities has helped stabilize some of the stress points in the world economy, which should support inflation and growth. Still, we believe the existence of economic and political uncertainties will likely result in persistent volatility.

From an investment perspective, the Fund entered the second quarter with a modest underweight to global equities in favor of US government bonds. The exposure to REITs in the opportunistic portion of the portfolio contributed to the overall equity exposure, while emerging market debt contributed to overall duration.

30 March 31, 2016  | Semiannual Report

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AllianzGI Global Dynamic Allocation Fund (cont’d)

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		5 Year		Since Inception†
AllianzGI Global Dynamic Allocation Fund Class A		0.98%		–5.01%		2.80%		9.95%
AllianzGI Global Dynamic Allocation Fund Class A (adjusted)		–4.58%		–10.23%		1.65%		9.05%
AllianzGI Global Dynamic Allocation Fund Class C		0.62%		–5.71%		2.03%		9.14%
AllianzGI Global Dynamic Allocation Fund Class C (adjusted)		–0.37%		–6.64%		2.03%		9.14%
AllianzGI Global Dynamic Allocation Fund Class R		0.83%		–5.24%		2.55%		9.69%
AllianzGI Global Dynamic Allocation Fund Class P		1.06%		–4.84%		2.97%		10.15%
AllianzGI Global Dynamic Allocation Fund Institutional Class		1.09%		–4.79%		3.07%		10.26%
AllianzGI Global Dynamic Allocation Fund Class R6		1.13%		–4.71%		3.18%		10.37%
AllianzGI Global Dynamic Allocation Fund Administrative Class		0.96%		–5.04%		2.82%		9.99%
MSCI ACWI		5.28%		–4.34%		5.22%		11.25%
Barclays US Aggregate Bond Index		2.44%		1.96%		3.78%		4.47%
60% MSCI ACWI, 40% Barclays US Aggregate Bond Index**		4.33%		–1.59%		4.89%		8.80%
Lipper Alternative Global Macro Funds Average		1.04%		–6.22%		1.35%		5.99%

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

* Cumulative return

** Prior to certain changes to the Fund’s principal investment strategies that went into effect January 1, 2015, the Fund disclosed a custom secondary benchmark with a different blend of these two broad-based market indices (80% MSCI ACWI and 20% Barclays US Aggregate Bond Index).

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 4.72% for Class A shares, 5.39% for Class C shares, 5.14% for Class R shares, 4.41% for Class P shares, 4.44% for Institutional Class shares, 4.39% for Class R6 shares and 4.63% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 0.76% for Class A shares, 1.49% for Class C shares, 1.01% for Class R shares, 0.61% for Class P shares, 0.51% for Institutional Class shares, 0.36% for Class R6 shares and 0.76% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

Semiannual Report |  March 31, 2016 31

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AllianzGI Global Dynamic Allocation Fund (cont’d)

Cumulative Returns Through March 31, 2016

Asset Allocation (as of March 31, 2016)

Mutual Funds	67.0%
U.S. Treasury Obligations	9.7%
Exchange-Traded Funds	8.2%
U.S. Government Agency Securities	1.0%
Cash & Equivalents — Net	14.1%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class R	Class P	Institutional Class	Class R6	Administrative Class
Beginning Account Value*	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,009.80	$1,006.20	$1,008.30	$1,010.60	$1,010.90	$1,022.50	$1,009.60
Expenses Paid During Period	$3.82	$7.47	$5.07	$3.07	$2.56	$0.59	$3.82
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Institutional Class	Class R6	Administrative Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,021.20	$1,017.55	$1,019.95	$1,021.95	$1,022.45	$1,023.20	$1,021.20
Expenses Paid During Period	$3.84	$7.52	$5.10	$3.08	$2.58	$1.82	$3.84

* Class R6 commenced operations on February 1, 2016. The Actual expense example for Class R6 is based on the period since inception; the Actual expense example for Class A, Class C, Class R, Class P, Institutional Class and Administrative Class and the Hypothetical expense example are based on the period beginning October 1, 2015. If the Hypothetical expense example for Class R6 had been based on the period since inception, the Ending Account Value and Expenses Paid During Period would have been: $1,007.48 and $0.58, respectively.

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.76% for Class A, 1.49% for Class C, 1.01% for Class R, 0.61% for Class P, 0.51% for Institutional Class, 0.36% for Class R6 and 0.76% for Administrative Class), multiplied by the average account value over the period, multiplied by 183 (59 for Class R6)/366 for the Actual expense example and 183/366 for the Hypothetical expense example. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.

32 March 31, 2016  | Semiannual Report

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Semiannual Report |  March 31, 2016 33

Unaudited

AllianzGI Global Megatrends Fund

For the period of October 1, 2015 through March 31, 2016, as provided by John Schroer, CFA, Portfolio Manager.

Fund Insights

For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI Global Megatrends Fund (the “Fund”) returned 2.54%, underperforming the MSCI ACWI (the “benchmark index”), which returned 5.28%.

The Fund is a thematic portfolio made up of five underlying strategies (“sleeves”). Rapid technological innovation, developments in health care and global energy, the emerging consumer class in developing economies and the scarcity of clean water for the world’s growing population remain powerful themes. The Fund provides a unique way to invest in them.

Below is a summary of the underlying thematics and contributions over the reporting period.

AllianzGI Emerging Markets Consumer Fund:

The Emerging Markets Consumer sleeve was essentially flat over the reporting period, which masked a major sell-off and impressive rebound. Emerging market equities abruptly reversed course in late January, boosted by a turnaround in sentiment, higher energy prices, a weaker dollar and dovish central bank expectations. Large-cap, pro-cyclical, deep-value stocks were among the best performers due to the rapid shift in sentiment and preference for higher-beta exposure, which had been a laggard in previous periods.

While volatility is likely to persist, we anticipate the uptrend to continue, as the asset class offers a significant valuation discount with regards to developed markets, despite superior levels of expected earnings growth. We expect the market to broaden to capture the more steady growth companies, and notably the forward-looking growth of the consumer segments of the market.

AllianzGI Global Natural Resources Fund:

The Global Natural Resources sleeve produced a positive, low single-digit return. Oil investors had to contend with conflicting reports on the outlook for supply and demand. West Texas Intermediate (“WTI”)—a benchmark for US crude—sank as low as $26 per barrel in February before rebounding sharply to close the quarter above $38 per barrel.

Many of the stronger performing stocks were oil and gas exploration and production companies that rebounded sharply as the price of crude recovered. Continental Resources, for example, has very high leverage to an improving oil price, and a much improved risk/return profile.

Detractors were largely miscellaneous in nature. Some smaller companies held back performance on balance sheet concerns as energy prices cascaded downwards in the earlier part of the reporting period. Alternative energy positions also faced pressure throughout the reporting period.

Over the longer term, we currently expect oil prices to normalize in the $60 to $70 range. The aggressive production cutbacks that have been announced in the last six months, particularly in North American shale drilling and other higher cost global drilling projects, should work to firm the oversupply currently in the marketplace.

AllianzGI Global Water Fund:

The Global Water sleeve generated a return of just over 11%. The Global Water Fund’s performance was largely attributable to our preference for defensive names in this segment, along with structural growth drivers in their business models.

Top holdings in the sleeve include a mix of high-growth US, UK and European water utilities as well as leading water industrial companies, which are levered to the steadily growing US water infrastructure market after years of pent-up demand. We generally favor water companies that sell into structurally attractive end-markets such as safety or medical industries.

Headlines around the world about water shortages and their impact on societies have become more prevalent. The need for investment in US water infrastructure is also gaining more attention, and we saw another prominent example of a neglected water supply situation in Flint, Michigan.

European water capex remains depressed and well below sustainable levels, although we expect a return to growth similar to that in the US with some delay. Once Europe and the US are fully back in normal water infrastructure investment mode, this will bring back two very large customers for water equipment products which have held back spending since 2009.

AllianzGI Health Sciences Fund:

The Health Sciences sleeve lost just over 6.5%, held back primarily by the overall performance headwinds facing the health care sector. Biopharma stocks have recently been hurt by multiple compression for growth stocks generally, and the focus on drug pricing from both Republican and Democratic presidential candidates. However, we expect the negative rhetoric for drug pricing to cool substantially after the election. We see only a limited chance of substantive drug pricing regulation materializing longer term.

We think the long term investment outlook for global healthcare remains highly compelling, with biopharma being one of the most promising areas. We are relatively overweight biopharma and have been opportunistically adding to positions on the weakness.

34 March 31, 2016  | Semiannual Report

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AllianzGI Global Megatrends Fund (cont’d)

We continue to focus on companies and healthcare industries delivering innovative and profitable drug treatments and cost effective, productivity-enhancing medical solutions.

AllianzGI Technology Fund:

Growth expectations have fallen for most companies in the technology sector, particularly relative to the high growth rates they have been experiencing over the last several years. However, we think this process is reducing expectations and valuations to quite reasonable levels, particularly for companies able to continue growing rapidly.

Stocks in the electronic equipment, technology hardware, semiconductors, and IT services segments were among the best performing groups. Conversely, higher growing internet software and software groups held back relative performance.

Despite the tremendous volatility in high-growth technology stocks over the reporting period, the technology sleeve returned over 6%. At present, we are seeing a wave of innovation in the sector along with companies with valuations that, in our view, do not fully reflect positive company and/or industry-specific tailwinds.

Despite high valuations for some cloud and internet companies, we continue to see massive addressable markets and multi-year growth opportunities. We are carefully balancing risks and opportunities, leveraging our industry expertise, and emphasizing individual stock selection.

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		Since Inception†
AllianzGI Global Megatrends Fund Class A		2.54%		–8.74%		–4.68%
AllianzGI Global Megatrends Fund Class A (adjusted)		–3.10%		–13.76%		–9.23%
AllianzGI Global Megatrends Fund Class P		2.66%		–8.50%		–4.46%
AllianzGI Global Megatrends Fund Institutional Class		2.66%		–8.43%		–4.40%
MSCI ACWI		5.28%		–4.34%		–1.29%
Lipper Global Multi-Cap Core Funds Average		3.75%		–4.95%		–0.74%

† The Fund began operations on 2/2/15. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 1/31/15.

* Cumulative return

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 5.86% for Class A shares, 6.07% for Class P shares and 5.61% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.30% for Class A shares, 1.15% for Class P shares and 1.05% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

Semiannual Report |  March 31, 2016 35

Unaudited

AllianzGI Global Megatrends Fund (cont’d)

Cumulative Returns Through March 31, 2016

Fund Allocation (as of March 31, 2016)

AllianzGI Health Sciences	20.1%
AllianzGI Technology	20.0%
AllianzGI Emerging Markets Consumer	19.7%
AllianzGI Global Water	19.7%
AllianzGI Global Natural Resources	19.2%
Cash & Equivalents — Net	1.3%

Shareholder Expense Example	Actual Performance
	Class A	Class P	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,025.40	$1,026.60	$1,026.60
Expenses Paid During Period	$0.66	$—	$—
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class P	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,024.35	$1,025.00	$1,025.00
Expenses Paid During Period	$0.66	$—	$—

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.13% for Class A, 0.00% for Class P and 0.00% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.

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Semiannual Report |  March 31, 2016 37

Unaudited

AllianzGI Best Styles Emerging Markets Equity Fund

For the period of October 1, 2015 through March 31, 2016, as provided by Dr. Michael Heldmann, CFA, Portfolio Manager.

Fund Insights

For the six-month period ended March 31, 2016, Class R6 shares at NAV of the AllianzGI Best Styles Emerging Markets Equity Fund (the “Fund”) returned 5.69%, underperforming the MSCI Emerging Markets Index (the “benchmark index”), which returned 6.41%.

Market Overview

Volatility was quite prevalent during the reporting period as a looming Fed rate hike and continued commodity weakness weighed on emerging markets. During the second half of the reporting period, volatility was most pronounced, with equity indices globally sliding into bear market territory as the first Fed rate hike in nearly a decade weighed on investor sentiment. This, coupled with concerns in the energy sector, in particular oil prices sliding to a bottom in early January, led to a pronounced sell-off.

Portfolio Review

The Fund implemented a well-diversified blend of the five long-term investment styles, emphasizing value, momentum, earnings change, growth and quality, and as such, established stable exposures to contrarian and trend-following investment styles.

It was a tale of two halves from a style perspective as trend following styles did well in the first half with value slightly negative, but in the second half momentum and revisions turned negative as the market became choppier and value and small cap did well.

The initial weakness in contrarian investment styles like dividend yield, cash yield and free-cash-yield, made for significant returns in the second half of the reporting period, as energy and commodity prices rebounded significantly as investors became less risk averse. Strength continued into the close of the reporting period.

The Best Styles strategy has only moderate leeway for sector allocation, with a maximum deviation of 4% versus the benchmark index for active sector weightings. The overall contribution from active sector allocation was consistently small for the Fund’s strategy over the reporting period, hence the main contribution to performance came from stock selection. While stock selection was positive across the financials, materials, telecom and energy sectors, it was outweighed by weak stock picking within the consumer staples, consumer discretionary and industrials sectors.

From a regional point of view, the overall contribution from active weightings was slightly positive. Overweights in Argentina and Turkey contributed to performance while underweights in China and South Africa detracted from performance.

The Fund holds a broad number of stocks to implement a well diversified mix of investment styles and assigns a maximum active weighting of 1% to individual stocks. Thus, the performance impact of individual stocks is lower for the Fund as compared to concentrated portfolios. In sum, the performance contribution from stock selection was strong over the reporting period.

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		Since Inception†
AllianzGI Best Styles Emerging Markets Equity Fund Class P		5.66%		–10.08%		–7.94%
AllianzGI Best Styles Emerging Markets Equity Fund Institutional Class		5.65%		–10.07%		–7.88%
AllianzGI Best Styles Emerging Markets Equity Fund Class R6		5.69%		–9.98%		–7.80%
MSCI Emerging Markets Index		6.41%		–12.03%		–8.31%
Lipper Emerging Markets Funds Average		4.60%		–11.58%		–11.59%

† The Fund began operations on 12/9/14. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 11/30/14.

* Cumulative return

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 4.65% for Class P shares, 4.66% for Institutional Class shares and 4.63% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 0.80% for Class P shares, 0.70% for Institutional Class shares and 0.60% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

38 March 31, 2016  | Semiannual Report

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AllianzGI Best Styles Emerging Markets Equity Fund (cont’d)

Cumulative Returns Through March 31, 2016

Country Allocation (as of March 31, 2016)

China	21.3%
Korea (Republic of)	14.3%
Taiwan	12.2%
Brazil	7.4%
South Africa	5.2%
Mexico	3.4%
Turkey	2.9%
Malaysia	2.4%
Other	12.4%
Cash & Equivalents — Net	18.5%

Shareholder Expense Example	Actual Performance
	Class P	Institutional Class	Class R6
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,056.60	$1,056.50	$1,056.90
Expenses Paid During Period	$4.11	$3.60	$3.09
	Hypothetical Performance
	(5% return before expenses)
	Class P	Institutional Class	Class R6
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,021.00	$1,021.50	$1,022.00
Expenses Paid During Period	$4.04	$3.54	$3.03

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.80% for Class P, 0.70% for Institutional Class and 0.60% for Class R6), multiplied by the average account value over the period, multiplied by 183/366.

Semiannual Report |  March 31, 2016 39

Unaudited

AllianzGI Best Styles Global Equity Fund

For the period of October 1, 2015 through March 31, 2016, as provided by Dr. Rainer Tafelmayer, Portfolio Manager.

Fund Insights

For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI Best Styles Global Equity Fund (the “Fund”) returned 4.28%, underperforming the MSCI ACWI (the “benchmark index”), which returned 5.28%.

Market Overview

Volatility was quite prevalent during the reporting period as a looming Fed rate hike and continued commodity weakness weighed on markets. During the second half of the reporting period, volatility was most pronounced, with equity indices globally sliding into bear market territory as the first Fed rate hike in nearly a decade weighed on investor sentiment. This, coupled with concerns in the energy sector, in particular oil prices sliding to a bottom in early January, led to a pronounced sell-off.

Portfolio Review

The Fund implemented a well-diversified blend of the five long-term investment styles, emphasizing value, momentum, earnings change, growth and quality, and as such, established stable exposures to contrarian and trend-following investment styles.

It was a tale of two halves from a style perspective as trend following styles did well in the first half with value slightly negative, but in the second half momentum and revisions turned negative as the market became choppier and value and small cap did well.

The Best Styles strategy has only moderate leeway for sector allocation with a maximum deviation of 3% versus the benchmark index for active sector weightings. Sector and stock selection modestly weighed on performance. Overweights in the utilities, telecom and consumer discretionary sectors helped performance. Underweights in the consumer staples, energy, technology, and industrials sectors weighed on performance. Stock picks in utilities, consumer staples, health care, and telecom helped performance. Picks in technology, industrials, consumer discretionary, and financials detracted from performance.

Regional selection was additive to performance with overweights in Japan and Turkey, both contributing to performance. Underweights in the US and Russia detracted from performance.

The Fund holds a broad number of stocks to implement a well diversified mix of investment styles and assigns a maximum active weighting of 1% to individual stocks. Thus, the performance impact of individual stocks is lower for the Fund as compared to concentrated portfolios.

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		Since Inception†
AllianzGI Best Styles Global Equity Fund Class A		4.28%		–4.28%		2.83%
AllianzGI Best Styles Global Equity Fund Class A (adjusted)		–1.45%		–9.54%		0.36%
AllianzGI Best Styles Global Equity Fund Class P		4.37%		–4.16%		3.00%
AllianzGI Best Styles Global Equity Fund Institutional Class		4.44%		–4.00%		3.11%
AllianzGI Best Styles Global Equity Fund Class R6		4.43%		–3.97%		3.18%
MSCI ACWI		5.28%		–4.34%		1.76%
Lipper Global Multi-Cap Value Average		4.09%		–5.34%		–0.31%

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

* Cumulative return

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A Shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.22% for Class A shares, 0.69% for Class P shares, 0.68% for Institutional Class shares and 0.70% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Funds expense ratios net of this reduction are 0.75% for Class A shares, 0.60% for Class P shares, 0.50% for Institutional Class shares and 0.40% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

40 March 31, 2016  | Semiannual Report

Unaudited

AllianzGI Best Styles Global Equity Fund (cont’d)

Cumulative Returns Through March 31, 2016

Country Allocation (as of March 31, 2016)

United States	54.6%
United Kingdom	6.0%
Japan	4.8%
Canada	4.3%
Germany	4.0%
France	3.6%
China	3.0%
Korea (Republic of)	1.3%
Other	15.6%
Cash & Equivalents — Net	2.8%

Shareholder Expense Example	Actual Performance
	Class A	Class P	Institutional Class	Class R6
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,042.80	$1,043.70	$1,044.40	$1,044.30
Expenses Paid During Period	$3.83	$3.07	$2.56	$2.04
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class P	Institutional Class	Class R6
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,021.25	$1,022.00	$1,022.50	$1,023.00
Expenses Paid During Period	$3.79	$3.03	$2.53	$2.02

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.75% for Class A, 0.60% for Class P, 0.50% for Institutional Class and 0.40% for Class R6), multiplied by the average account value over the period, multiplied by 183/366.

Semiannual Report |  March 31, 2016 41

Unaudited

AllianzGI Best Styles International Equity Fund

For the period of October 1, 2015 through March 31, 2016, as provided by Dr. Michael Heldmann, CFA, Portfolio Manager.

Fund Insights

For the six-month period ended March 31, 2016, Class R6 shares at NAV of the AllianzGI Best Styles International Equity Fund (the “Fund”) returned 2.23%, outperforming the MSCI EAFE Index (the “benchmark index”), which returned 1.56%.

Market Overview

Volatility was quite prevalent during the reporting period, as a looming Fed rate hike and continued commodity weakness weighed on markets. During the second half of the reporting period volatility was most pronounced, with equity indices globally sliding into bear market territory as the first Fed rate hike in nearly a decade weighed on investor sentiment. This, coupled with concerns in the energy sector, in particular oil prices sliding to a bottom in early January, led to a pronounced sell-off.

Portfolio Review

The Fund implemented a well diversified blend of the five long-term investment styles, emphasizing value, momentum, earnings change, growth and quality, and as such, established stable exposures to contrarian and trend-following investment styles.

In the first half of the reporting period, the Fund benefited from all investment styles with only momentum being somewhat weaker in Japan. Small cap exposure helped during the first half of the reporting period as well. Weakness in contrarian investment styles like dividend yield, cash yield and free-cash-yield, were buoyed by favorable trend-following investment style patterns in Europe and Japan during the second half of the reporting period.

The Best Styles strategy has only moderate leeway for sector allocation, with a maximum deviation of 3% versus the benchmark index for active sector weightings. The overall contribution from active sector allocation was consistently small for the Fund’s strategy over the reporting period, hence the main contribution to performance came from stock selection. Stock selection was strong within the financials, consumer discretionary, consumer staples and materials sectors and contributed to performance. Conversely, stock selection within the industrials, health care, utilities and energy sectors detracted from performance.

From a regional point of view, the overall contribution from active weightings was slightly positive. Overweights in Germany and Switzerland added slightly to performance while underweights to the UK and France modestly detracted.

The Fund holds a broad number of stocks to implement a well diversified mix of investment styles and assigns a maximum active weighting of 1% to individual stocks. Thus, the performance impact of individual stocks is lower for the Fund as compared to concentrated portfolios. In sum, the performance contribution from stock selection was strong over the reporting period.

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		Since Inception†
AllianzGI Best Styles International Equity Fund Class P		2.15%		–6.94%		–4.44%
AllianzGI Best Styles International Equity Fund Institutional Class		2.16%		–6.92%		–4.37%
AllianzGI Best Styles International Equity Fund Class R6		2.23%		–6.79%		–4.26%
MSCI EAFE Index		1.56%		–8.27%		–4.38%
Lipper International Multi-Cap Value Funds Average		0.99%		–9.48%		–6.80%

† The Fund began operations on 12/9/2014. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 11/30/2014.

* Cumulative return

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.88% for Class P shares, 1.88% for Institutional Class shares and 1.44% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 0.65% for Class P shares, 0.55% for Institutional Class shares and 0.45% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

42 March 31, 2016  | Semiannual Report

Unaudited

AllianzGI Best Styles International Equity Fund (cont’d)

Cumulative Returns Through March 31, 2016

Country Allocation (as of March 31, 2016)

Japan	21.4%
United Kingdom	20.6%
France	10.2%
Germany	7.5%
Switzerland	7.2%
Australia	5.8%
Hong Kong	3.5%
Italy	3.0%
Other	19.1%
Cash & Equivalents — Net	1.7%

Shareholder Expense Example	Actual Performance
	Class P	Institutional Class	Class R6
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,021.50	$1,021.60	$1,022.30
Expenses Paid During Period	$3.28	$2.78	$2.28
	Hypothetical Performance
	(5% return before expenses)
	Class P	Institutional Class	Class R6
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,021.75	$1,022.25	$1,022.75
Expenses Paid During Period	$3.29	$2.78	$2.28

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.65% for Class P, 0.55% for Institutional Class and 0.45% for Class R6), multiplied by the average account value over the period, multiplied by 183/366.

Semiannual Report |  March 31, 2016 43

Unaudited

AllianzGI Best Styles U.S. Equity Fund

For the period of October 1, 2015 through March 31, 2016, as provided by Karsten Niemann, CFA, Portfolio Manager.

Fund Insights

For the six-month period ended March 31, 2016, Class R6 shares at NAV of the AllianzGI Best Styles U.S. Equity Fund (the “Fund”) returned 6.07%, underperforming the S&P 500 Index (the “benchmark index”), which returned 8.49%.

Market Overview

Volatility was quite prevalent during the reporting period as a looming fed rate hike and continued commodity weakness weighed on markets. During the second half of the reporting period, volatility was most pronounced, with equity indices globally sliding into bear market territory as the first Fed rate hike in nearly a decade weighed on investor sentiment. This, coupled with concerns in the energy sector, in particular oil prices sliding to a bottom in early January, led to a pronounced sell-off.

Portfolio Review

The Fund implemented a well diversified blend of the five long-term investment styles, emphasizing value, momentum, earnings change, growth and quality, and as such, established stable exposures to contrarian and trend-following investment styles.

In the first half of the reporting period, all investment styles except growth weighed on performance. Cyclical investment styles like value and small cap were pushed down by worries over the global economy with trend following strategies like momentum and earnings also underperforming to some extent especially in October 2015. In the second half of the reporting period, bottom-line higher risk investment styles like value and small caps did reasonably well in the US, however, the underperformance of the trend following investment strategies momentum and earnings revision was much more pronounced. Therefore, the positives from value and small caps did not outweigh the relative losses from the trend following styles.

The Best Styles strategy has only moderate leeway for sector allocation with a maximum deviation of 3% versus the benchmark index for active sector weightings. Sector weightings during the reporting period modestly detracted from performance. Stock picks was the primary detractor of performance this year. Stock picks in financials, health care, utilities, and telecom lead were additive to performance. Picks in technology, consumer discretionary, industrials, and energy detracted.

The Fund holds a broad number of stocks to implement a well diversified mix of investment styles and assigns a maximum active weighting of 1% to individual stocks. Thus, the performance impact of individual stocks is lower for the Fund as compared to concentrated portfolios.

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		Since Inception†
AllianzGI Best Styles U.S. Equity Fund Class P		5.85%		–1.25%		0.21%
AllianzGI Best Styles U.S. Equity Fund Institutional Class		6.03%		–1.08%		0.39%
AllianzGI Best Styles U.S. Equity Fund Class R6		6.07%		–0.97%		0.48%
S&P 500 Index		8.49%		1.78%		2.39%
Lipper Multi-Cap Core Funds Average		4.93%		–3.87%		–1.37%

† The Fund began operations on 12/1/2014. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 11/30/2014.

* Cumulative return

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.19% for Class P shares, 1.32% for Institutional Class shares and 0.61% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 0.60% for Class P shares, 0.50% for Institutional Class shares and 0.40% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

44 March 31, 2016  | Semiannual Report

Unaudited

AllianzGI Best Styles U.S. Equity Fund (cont’d)

Cumulative Returns Through March 31, 2016

Industry Allocation (as of March 31, 2016)

Health Care Providers & Services	6.3%
Insurance	5.4%
Pharmaceuticals	4.4%
Technology Hardware, Storage & Peripherals	4.2%
Oil, Gas & Consumable Fuels	4.1%
Banks	4.1%
Semiconductors & Semiconductor Equipment	3.6%
Specialty Retail	3.6%
Other	60.5%
Cash & Equivalents — Net	3.8%

Shareholder Expense Example	Actual Performance
	Class P	Institutional Class	Class R6
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,058.50	$1,060.30	$1,060.70
Expenses Paid During Period	$3.09	$2.58	$2.06
	Hypothetical Performance
	(5% return before expenses)
	Class P	Institutional Class	Class R6
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,022.00	$1,022.50	$1,023.00
Expenses Paid During Period	$3.03	$2.53	$2.02

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.60% for Class P, 0.50% for Institutional Class and 0.40% for Class R6), multiplied by the average account value over the period, multiplied by 183/366.

Semiannual Report |  March 31, 2016 45

Unaudited

AllianzGI China Equity Fund

For the period of October 1, 2015 through March 31, 2016, as provided by Christina Chung, Portfolio Manager.

Fund Insights

For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI China Equity Fund (the “Fund”) returned -0.60%, outperforming the MSCI China Index (the “benchmark index”), which returned -0.97%.

Market Overview

Chinese equities continued to experience a roller coaster ride over the reporting period. While the Chinese economy stayed on the path of slowing economic growth, sentiment toward this market has had several reversals that were much more dramatic than the change in underlying fundamentals. Such sentiment swings were primarily driven by fear and greed—fear of Renminbi depreciation, an economic hard landing, capital flight and elevated levels of debt; this is offset by investors trying to time the bottom as an entry point if the situation turns out to be less worrying than anticipated.

To be more specific, in the last quarter of 2015, Chinese equities rebounded after the sharp correction in the third quarter. This was mainly driven by further monetary easing from the People’s Bank of China (“PBoC”), as well as the announcement from the International Monetary Fund to add the Chinese currency to the basket of currencies that make up its lending reserve.

However, in January 2016, bearish sentiment took stage when China A-shares dropped by more than 15% within the first half of the month after two rounds of ‘circuit breakers’. The new, well-intended mechanism ironically helped to amplify market corrections, and was abandoned immediately. A sudden depreciation of the Renminbi also raised concern among investors of further capital flight which will weigh on the exchange rate.

Since mid-February 2016, sentiment seems to have stabilized and showed signs of improvement. One of the main reasons was the weakness in the US dollar, which allowed the Renminbi to stabilize and alleviated some of the previous concerns on capital outflows. Moving into March 2016, there was also a growing degree of comfort regarding the economic outlook, especially with reassuring messages by the top leadership in China to make growth a priority.

As a result of the sentiment reversals, the equity market also experienced frequent sector rotation. For example, the rallies in late 2015 and since mid-February 2016 were led by previous laggards, including banks, materials and energy stocks.

Portfolio Review

Over the reporting period there was a significant style reversal in the market, with previous outperforming sectors giving back some of their relative gains. For example ‘structural growth’ sectors such as life insurance, environmental engineering, natural gas distributors and railway related companies underperformed; whereas ‘deep value’ sectors such as energy and materials held up very well. With the Fund’s focus on stocks with secular, structural growth potential, the Fund suffered from the rotation. However, this was balanced by strong stock selection in the IT, consumer and telecom sectors.

Among the top contributors was Digital China, a small cap IT service provider. We have been a long-term investor of this company, believing its business transition from IT distribution towards IT services should significantly re-rate the company from an oversold level. In recent months, our expectations started to materialize, with the company announcing plans to spin off its distribution business. The move has been received positively by the market, and its share price continued its appreciation from late 2015. We will continue to hold onto this name as its share price is likely to remain well supported ahead of the special dividend in April 2016.

In contrast, China Everbright International, a leading waste and water treatment company in China, was a notable detractor. In particular, investors were concerned about the company’s US dollar debt exposure and delay in project completion. We have invested in this company since 2010. Fundamentally we believe the underlying business is robust, the balance sheet is strong and the management has an excellent track record of executing on its new projects. The recent derating of the share price has brought valuations back to attractive levels, especially considering earnings growth of more than 20% for the next three years.

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		5 Year		Since Inception†
AllianzGI China Equity Fund Class A		–0.60%		–12.28%		–0.53%		4.05%
AllianzGI China Equity Fund Class A (adjusted)		–6.07%		–17.11%		–1.65%		3.04%
AllianzGI China Equity Fund Class C		–1.02%		–12.97%		–1.30%		3.29%
AllianzGI China Equity Fund Class C (adjusted)		–1.99%		–13.81%		–1.30%		3.29%
AllianzGI China Equity Fund Class P		–0.53%		–12.20%		–0.33%		4.31%
AllianzGI China Equity Fund Institutional Class		–0.53%		–12.14%		–0.26%		4.39%
MSCI China Index		–0.97%		–18.84%		–0.90%		2.36%
Lipper China Region Funds Average		1.43%		–14.06%		–0.52%		3.31%

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

* Cumulative return

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 4.67% for Class A shares, 6.60% for Class C shares, 4.22% for Class P shares and 4.99% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.70% for Class A shares, 2.45% for Class C shares, 1.51% for Class P shares and 1.45% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

46 March 31, 2016  | Semiannual Report

Unaudited

AllianzGI China Equity Fund (cont’d)

Cumulative Returns Through March 31, 2016

Industry Allocation (as of March 31, 2016)

Internet Software & Services	15.0%
Banks	7.6%
Insurance	6.9%
Real Estate Management & Development	6.9%
Electronic Equipment, Instruments & Components	6.3%
Automobiles	6.0%
Diversified Telecommunication Services	5.5%
Oil, Gas & Consumable Fuels	4.8%
Other	39.7%
Cash & Equivalents — Net	1.3%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class P	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$994.00	$989.80	$994.70	$994.70
Expenses Paid During Period	$8.47	$12.19	$7.53	$7.23
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,016.50	$1,012.75	$1,017.45	$1,017.75
Expenses Paid During Period	$8.57	$12.33	$7.62	$7.31

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.70% for Class A, 2.45% for Class C, 1.51% for Class P and 1.45% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366.

Semiannual Report |  March 31, 2016 47

Unaudited

AllianzGI Convertible Fund

For the period of October 1, 2015 through March 31, 2016, as provided by Doug Forsyth, CFA, Portfolio Manager.

Fund Insights

For the six-month period ended March 31, 2016, Class A Shares at NAV of the AllianzGI Convertible Fund returned -1.54%, underperforming the BofA Merrill Lynch All Convertibles Index (the “benchmark index”), which returned -0.73%.

Market Overview

Several factors influenced convertible bonds earlier in the reporting period, most notably energy prices, the impact of credit spreads on bond-like or yield-oriented convertibles, the Fed’s rate hike, US economic data and the strong US dollar.

While the energy sector represents only about 5% of the convertible market by issuance, the decline in energy prices early in the period was a significant drag on the convertible market. Additionally, as credit spreads widened, the majority of bond-like or yield-oriented convertible issues declined. The market reaction to the Fed’s rate hike was generally negative given fears of a US recession. Against this backdrop, the US dollar has strengthened and weighed on earnings trends of multinationals and on US exports, which coincided with the decline in many commodity prices.

In the latter part of the reporting period, the performance of the convertible market recovered significantly. The most notable factors were the Fed’s outlook and commentary, US economic data, global conditions and technical factors.

The Fed’s activity topped the list of concerns about an already fragile US economy slowing further, but so far in 2016 the Fed has kept additional rate hikes on hold due to market volatility and weakness outside the US. After some hawkish rhetoric by some Federal Open Market Committee (“FOMC”) members following their March 2016 meeting, Fed Chair Janet Yellen quickly reversed those interpretations with some heavily dovish comments of her own. Other factors benefiting the convertible market were a weaker dollar and, concurrently, higher commodity prices. As those prices, specifically crude oil prices, increased, market sentiment also rose. These changes were bolstered by a continuing positive employment trend, that when taken in conjunction with other economic statistics, create a positive backdrop for the current economic condition in the US. On balance, these factors helped the convertible market stage a strong comeback.

Three offshore factors also helped sentiment. First, the ECB presented some stronger-than-expected economic stimulus tools to help calm fears in Europe. The ECB’s current monetary policy is decidedly aggressive and provides evidence that the current regime will provide any and all necessary means to boost the European economy. Second, Chinese officials made several comments that helped abate concerns about growth and foreign exchange policies. And third, several oil producing countries discussed capping production; this was another factor that influenced the direction of oil prices.

Portfolio Review

The Fund underperformed the benchmark index for the reporting period.

The attribution for the reporting period included several positive single name performers from a variety of industries. The majority of the Fund’s issuers exceeded earnings expectations, which contributed to absolute performance during the reporting period.

Sector allocations that helped relative performance in the reporting period included consumer discretionary, energy and consumer staples. The Fund benefited from an underweight in the energy sector and an overweight in the consumer staples sector. In the consumer discretionary sector, issue selection was the primary driver of relative performance.

Sector allocations that hurt relative performance during the reporting period included financials, utilities and technology. All three of the above mentioned sectors exhibited negative issue selection. Underweights in the utilities and financials sectors detracted from relative returns.

48 March 31, 2016  | Semiannual Report

Unaudited

AllianzGI Convertible Fund (cont’d)

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		5 Year		10 Year		Since Inception†
AllianzGI Convertible Fund Class A		–1.54%		–8.14%		5.06%		7.09%		9.65%
AllianzGI Convertible Fund Class A (adjusted)		–6.96%		–13.20%		3.88%		6.48%		9.38%
AllianzGI Convertible Fund Class C		–1.90%		–8.82%		4.29%		6.30%		8.84%
AllianzGI Convertible Fund Class C (adjusted)		–2.80%		–9.65%		4.29%		6.30%		8.84%
AllianzGI Convertible Fund Class R		–1.73%		–8.49%		4.69%		6.76%		9.36%
AllianzGI Convertible Fund Class P		–1.42%		–7.87%		5.30%		7.32%		9.89%
AllianzGI Convertible Fund Institutional Class		–1.39%		–7.84%		5.39%		7.42%		10.00%
AllianzGI Convertible Fund Administrative Class		–1.49%		–8.05%		5.14%		7.13%		9.67%
BofA Merrill Lynch All Convertibles Index		–0.73%		–7.30%		6.25%		5.96%		7.82%
Lipper Convertible Securities Funds Average		–0.61%		–7.74%		3.90%		4.44%		7.47%

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

* Cumulative Return

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s expense ratios are 0.98% for Class A shares, 1.71% for Class C shares, 1.36% for Class R shares, 0.69% for Class P shares, 0.66% for Institutional Class shares and 0.89% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

Cumulative Returns Through March 31, 2016

Industry Allocation (as of March 31, 2016)

Semiconductors	11.9%
Software	11.5%
Internet	7.5%
Pharmaceuticals	6.0%
Telecommunications	4.9%
Commercial Services	4.8%
Biotechnology	4.4%
Health Care Providers & Services	4.0%
Other	41.4%
Cash & Equivalents — Net	3.6%

Semiannual Report |  March 31, 2016 49

S&P Ratings* (as of March 31, 2016)

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

Unaudited

AllianzGI Convertible Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class R	Class P	Institutional Class	Administrative Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$984.60	$981.00	$982.70	$985.80	$986.10	$985.10
Expenses Paid During Period	$5.01	$8.47	$6.89	$3.57	$3.33	$4.47
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Institutional Class	Administrative Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,019.95	$1,016.45	$1,018.05	$1,021.40	$1,021.65	$1,020.50
Expenses Paid During Period	$5.10	$8.62	$7.01	$3.64	$3.39	$4.55

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.01% for Class A, 1.71% for Class C, 1.39% for Class R, 0.72% for Class P, 0.67% for Institutional Class and 0.90% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/366.

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Semiannual Report |  March 31, 2016 51

Unaudited

AllianzGI Emerging Markets Consumer Fund

For the period of October 1, 2015 through March 31, 2016, as provided by Lu Yu, CFA, Portfolio Manager.

Fund Insights

For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI Emerging Markets Consumer Fund (the “Fund”) returned -0.40%, underperforming the MSCI Emerging Markets Index (the “benchmark index”), which returned 6.41%.

Market Overview

During the reporting period, the macroeconomic environment for emerging markets equities was particularly divergent. The benchmark index rallied more than 7% in October 2015 as investor sentiment rapidly improved following declines in the prior five months. The exuberance moderated over the last two months of 2015, with concerns of slowing global growth and impact from the Fed rate hike resulting in a nearly 4% decline in November and a greater than 2% decline in December. The new year was met with extreme pessimism, with the asset class declining 20% through the first three weeks of January 2016. Emerging market equities witnessed a sharp turnaround in performance, rallying the last week of the month amid higher energy prices, a weaker dollar and dovish central bank expectations. The asset class oscillated in February only to see a significant rebound in March, resulting in a 13% advance. During the reporting period, large-cap, pro-cyclical, deep-value stocks were among the best performers due to the rapid shift in sentiment and preference for higher-beta exposure which had been a laggard in previous periods.

During the reporting period, Indonesia was the top benchmark index performer with a greater than 34% advance due in part to favorable growth projections and a rebound in commodity activity, followed closely by Hungary which was up nearly 31%. Brazilian shares saw high levels of volatility and a rebound in the later part of the reporting period. This volatility was due to improving energy prices and speculation that President Dilma Rousseff may be impeached, suggesting that her eventual successor may help turnaround slowing growth and higher inflation levels that have plagued the country. Meanwhile, perennial debt issues and slowing economic conditions led to a nearly 29% decline in Greece. Sector results were led by pro-cyclical segments, including double-digit advances in energy, materials and information technology. Meanwhile, the industrials sector was flat during the reporting period.

Portfolio Review

The Fund is strategically focused on local emerging markets consumption while avoiding hard-asset and export-oriented stocks which do not capture the secular growth of the rising middle class. The Fund lagged the benchmark index during the reporting period due to more conservative stock selection and a strategic avoidance of energy, materials and utilities, which were three of the top four performers for the benchmark index. As such, the level of underperformance is not unexpected, especially given the extreme beta-led rally in March 2016.

During the reporting period, the telecommunication services sector contributed positively to performance thanks to stock selection, followed closely by information technology as a result of positive stock picking in the internet software & services industry. Meanwhile, more conservative short-term stock selection in the consumer discretionary and consumer staples sectors offset results, as did an overweight allocation to the health care sector. From a country standpoint, emerging market-related securities in Australia contributed to performance, as did stock selection in China. Conversely, stock selection in Taiwan, Brazil, India and South Korea was decidedly negative during the reporting period. The largest individual active contributor to performance was Top Glove Corporation Bhd. The Malaysian manufacturer of latex, vinyl and nitrile gloves for health care and consumer-related applications rallied thanks to quarterly profits which topped Street expectations, benefiting from lower input prices and a strengthening US dollar. Australian winemaker Treasure Wine Estates Ltd. was higher as a result of strong demand in China which led to better than expected earnings. The largest active detractor was Brazilian meat processor JBS S.A., which declined due to the combination of profits missing analyst expectations as well as several of the company’s executives being accused of wrongdoing related to a series of loans. Indian drug manufacturer Dr. Reddy’s Laboratories Ltd. declined after receiving a warning letter from the US Food and Drug Administration over a handful of the company’s manufacturing facilities.

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		Since Inception†
AllianzGI Emerging Markets Consumer Fund Class A		–0.40%		–17.58%		–14.45%
AllianzGI Emerging Markets Consumer Fund Class A (adjusted)		–5.88%		–22.11%		–18.02%
AllianzGI Emerging Markets Consumer Fund Institutional Class		–0.31%		–17.34%		–14.18%
MSCI Emerging Markets Index		6.41%		–12.03%		–9.55%
Lipper Emerging Markets Funds Average		4.60%		–11.58%		–11.59%

† The Fund began operations on 12/1/14. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 11/30/14.

* Cumulative returns

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 8.72% for class A shares and 2.97% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.55% for Class A shares and 1.20% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

52 March 31, 2016  | Semiannual Report

Unaudited

AllianzGI Emerging Markets Consumer Fund (cont’d)

Cumulative Returns Through March 31, 2016

Country Allocation (as of March 31, 2016)

Korea (Republic of)	17.7%
China	15.5%
Taiwan	12.3%
Brazil	7.4%
Hong Kong	7.1%
India	7.0%
South Africa	5.7%
United States	4.6%
Other	22.1%
Cash & Equivalents — Net	0.6%

Shareholder Expense Example	Actual Performance
	Class A	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$996.00	$996.90
Expenses Paid During Period	$8.08	$6.29
	Hypothetical Performance
	(5% return before expenses)
	Class A	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,016.90	$1,018.70
Expenses Paid During Period	$8.17	$6.36

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.62% for Class A and 1.26% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.

Semiannual Report |  March 31, 2016 53

Unaudited

AllianzGI Emerging Markets Debt Fund

For the period of October 1, 2015 through March 31, 2016, as provided by Greg Saichin, Portfolio Manager.

Fund Insights

For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI Emerging Markets Debt Fund (the “Fund”) returned 5.20%, underperforming the 40% JPM EMBI Global Diversified, 40% JPM CEMBI Broad Diversified, 20% JPM GBI EM Diversified Index (the “benchmark index”), which returned 6.49%.

Performance Note:

Our flexible approach to investment enables us to allocate across six defined alpha sub-strategies: the sovereign and quasi-sovereign, local currency, corporate credit, arbitrage, income and momentum strategies. Through dynamic management, risk is allocated across these strategies within the portfolio in order to achieve maximized returns on a risk adjusted basis. While the blended benchmark is offered for relative comparison, the fund is managed on a total return, rather than a benchmark basis.

Portfolio Review

Over the reporting period, the emerging markets hard currency sovereign debt universe posted a 5.98% return and hard currency corporate debt posted a 4.17% return. Relative to the US dollar, emerging markets local currencies outperformed and were the best returning asset class in emerging market debt, with the GBI EM-GD index returning 10.49% for the period. The local currency index continued to perform poorly throughout the fourth quarter of 2015, returning -0.48% through the end of the quarter and extending declines through January 20, 2016. From that point, it rebounded strongly through the end of the first quarter of 2016. Our weighting in local currencies throughout the reporting period averaged below 5%, whereas the benchmark index has a weighting of 20%. While we generated positive alpha from our holdings in bonds denominated in local currencies and our foreign exchange (“LCFX”) positioning, we continued to maintain a relatively cautious weighting, given that the health of the asset class faced continued question marks, due to the uncertainties surrounding central bank policies, rates, and the strength of the US dollar. As the LCFX asset class has seen negative cumulative outflows through the end of the first quarter of 2016, we viewed this initial rebound as more technical in nature and took a more prudent view on investing.

The emerging market sovereign and corporate indices similarly saw the bulk of their performance come in during the first quarter of 2016, with the reference benchmarks having seen lackluster performance through the end of 2015, returning 0.89% and 0.27%, respectively. The emerging market (“EM”) asset class continues to trade in lockstep with the price of oil, with correlations between the commodity and hard currency sovereigns approaching 90%. Brent crude oil bottomed on the 20^th of January, as did EM assets, which rose on the back of the oil recovery, from there. Sentiment shifted, decidedly, when oil bounced, sparking not only short covering in the oversold EM asset class, but inflows, as well.

Fundamentals improved, or were at least viewed as ‘less pessimistic’ as the new year progressed. On a macro level, concerns about lackluster Chinese growth abated, helping drive the rally in oil and other commodities such as copper, iron ore, and zinc, benefiting EM exporters. A continuation in accommodative central bank policies across the globe encouraged a return to a yield seeking, risk-on environment.

Idiosyncratic risks improved in other key countries, such as Argentina, where the newly elected, reform minded, Macri government expeditiously negotiated with holdouts on defaulted debt, ushering in US $16.5 billion of new issuance to an eager investor base. Sentiment in Brazil has improved as the political scandal has continued to unfold, leading to the ongoing impeachment process of President Dilma Rousseff. Venezuela continued to exhibit a strong willingness to pay outstanding debt, servicing both coupons and maturities and rewarding investors, despite its dwindling reserves. Oil producing countries such as Kazakhstan, Malaysia, Peru and Russia, among others, saw positive returns. China’s regional trade partners, such as Indonesia, benefited from a recovery in commodities and constructive sentiment surrounding Jokowi’s reform agenda, following his cabinet reshuffle.

Within the Fund, we were well positioned to capture alpha across these geographies. On a regional basis, holdings in Latin America were the greatest contributors to performance, led by Brazil, Argentina and Venezuela. Brazilian performance was largely driven by corporates, with both exposure to commodity producers and consumer non-cyclicals. Within Argentina, sovereign and provincial holdings were the primary drivers, with additional performance coming from our position in the oil producer, YPF. In Venezuela, the Fund profited from holding sovereign paper which matured in February 2016, as well as short dated PDVSA bonds, which rallied in sympathy. Indonesian holdings were the best performers in our Asian basket. Gains were seen in both sovereigns and high yield corporate holdings. Chinese corporates showed similarly strong performance, with the Fund benefiting from holdings in the real estate and bank sectors. Real estate has been supported by property policy easing, leading to property sales rising by 33% year over year in the first quarter of 2016, with prices recovering and construction starts beginning to turn positive. Corporates in Hong Kong and India also performed well, with contributions coming from commodity credits as well as consumer cyclicals and non-cyclicals.

Inflows to the emerging market fixed income asset class have been on the rise over recent weeks, which should be supportive of sentiment, secondary market prices and a selective return of new issuance. Continued dovish stances by central banks appear likely to persist, supporting EM and other risk assets. Nonetheless, the price of oil should continue to be the major driver for our asset class, and one should anticipate this correlation persisting over the coming quarters. Idiosyncratic risks, election cycles, United Kingdom exit (“Brexit”), and ongoing scandals impacting countries such as Brazil will undoubtedly add to uncertainty and volatility over the coming months, however, with the JPM EMBI Global Diversified trading at a spread of +390 versus US Treasuries, even a sideways trade in the asset class offers the potential for attractive returns over the medium term.

54 March 31, 2016  | Semiannual Report

Unaudited

AllianzGI Emerging Markets Debt Fund (cont’d)

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		Since Inception†
AllianzGI Emerging Markets Debt Fund Class A		5.20%		–0.09%		–1.07%
AllianzGI Emerging Markets Debt Fund Class A (adjusted)		1.26%		–3.83%		–3.49%
AllianzGI Emerging Markets Debt Fund Class C		4.83%		–0.82%		–1.80%
AllianzGI Emerging Markets Debt Fund Class C (adjusted)		3.83%		–1.79%		–1.80%
AllianzGI Emerging Markets Debt Fund Class P		5.27%		0.06%		–0.93%
AllianzGI Emerging Markets Debt Fund Institutional Class		5.29%		0.12%		–0.85%
40% JPM EMBI Global Div, 40% JPM CEMBI Broad Div, 20% JPM GBI Global EM Div Index		6.49%		2.51%		0.49%
Lipper Emerging Market Hard Currency Debt Funds Average		5.38%		0.50%		–1.40%

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

* Cumulative return

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 3.75% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.85% for Class A shares, 2.59% for Class C shares, and 1.59% for Class P shares and 1.60% shares for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.20% for Class A shares, 1.95% for Class C shares, 1.05% for Class P shares and 0.95% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

Cumulative Returns Through March 31, 2016

Country Allocation (as of March 31, 2016)

Brazil	6.9%
China	6.5%
Russian Federation	5.1%
Mexico	5.1%
India	4.5%
Indonesia	3.6%
Turkey	3.2%
Hong Kong	3.1%
Other	34.6%
Cash & Equivalents — Net	27.4%

Moody’s Ratings* (as of March 31, 2016)

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

Semiannual Report |  March 31, 2016 55

Unaudited

AllianzGI Emerging Markets Debt Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class P	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,052.00	$1,048.30	$1,052.70	$1,052.90
Expenses Paid During Period	$6.21	$10.04	$5.44	$4.88
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,018.95	$1,015.20	$1,019.70	$1,020.25
Expenses Paid During Period	$6.11	$9.87	$5.35	$4.80

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.21% for Class A, 1.96% for Class C, 1.06% for Class P and 0.95% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366.

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Semiannual Report |  March 31, 2016 57

Unaudited

AllianzGI Emerging Markets Small-Cap Fund

For the period of October 1, 2015 through March 31, 2016, as provided by Jie Wei, CFA, Portfolio Manager.

Fund Insights

For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI Emerging Markets Small-Cap Fund (the “Fund”) returned 1.80%, underperforming the MSCI Emerging Markets Small-Cap Index (the “benchmark index”), which returned 4.28%.

Market Overview

During the reporting period, the macroeconomic environment for emerging market equities was particularly divergent. The benchmark index rallied nearly 6% in October as investor sentiment rapidly improved following declines in three of the four prior months. The exuberance moderated over the last two months of 2015, with concerns of slowing global growth and impact from the Fed rate hikes resulting in a nearly 4% decline in November and a flat return in December. The New Year was met with extreme pessimism, with the asset class declining 12% through the first three weeks of January 2016. Emerging market equities witnessed a sharp turnaround in performance, rallying the last week of the month amid higher energy prices, a weaker dollar and dovish central bank expectations. The asset class oscillated in February only to see a significant rebound in March, resulting in a 10% advance. During the reporting period, larger-cap, pro-cyclical, deep-value stocks were among the best performers due to the rapid shift in sentiment and preference for higher-beta exposure which had been a laggard in previous periods.

During the reporting period, Colombian small-cap shares were up over 52% and Russian small-caps higher by 32%, due to a turnaround in commodity and energy pricing. Meanwhile, perennial debt issues and slowing economic conditions led to a nearly 9% decline in Greece. Sector results were led by double-digit advances in the materials sector, followed by a nearly 9% increase for the consumer discretionary sector. Meanwhile, energy stocks were surprisingly lower by nearly 10% overall, despite a rebound in oil and gas prices.

Portfolio Review

The Fund seeks to benefit from the vast inefficiencies in emerging market small-cap equities. During the reporting period, the Fund trailed the benchmark index due to more conservative stock selection at the country and sector level.

Specifically, a modest overweight allocation and positive stock selection in the health care sector contributed to performance, as did bottom-up selections in the consumer staples and energy sectors. The primary laggard during the reporting period was the materials sector, which meaningfully trailed the benchmark index due to more conservative stock selection. Stock picking in the information technology and consumer discretionary sectors also trailed the benchmark index during the reporting period. From a country perspective, selections in China contributed positively to performance as did an overweight to Hungary and underweight to India. Meanwhile, bottom-up selections in Turkey, South Africa and South Korea lagged the benchmark index.

The largest individual active contributor to performance was Taiwanese semiconductor manufacturing company Win Semiconductors Corp., which advanced thanks to improved revenue growth and expanding margins. In addition, analysts are suggesting its diversified product mix away from lower-margin cellular products and greater emphasis on WiFi could lead to further margin expansion in the future. Weiqiao Textile Co., Ltd., a producer of cotton and fabrics, rallied due to strong earnings which topped Street expectations. The company benefited from improved manufacturing capabilities and a better product mix. The largest individual active detractor to performance was Net 1 UEPS Technologies, Inc. The South African smart card and payments provider was lower due in part to earnings which missed Street expectations and in part FX headwinds. Indian pharmaceutical company Wockhardt Limited saw shares slump due to an FDA inspection and recommended corrective measures for one if its plants. In addition, industry sentiment was negative given the recent market preference for cyclical stocks.

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		Since Inception†
AllianzGI Emerging Markets Small-Cap Fund Class A		1.80%		–6.89%		–3.56%
AllianzGI Emerging Markets Small-Cap Fund Class A (adjusted)		–3.80%		–12.01%		–7.58%
AllianzGI Emerging Markets Small-Cap Fund Institutional Class		1.98%		–6.52%		–3.21%
MSCI Emerging Markets Small-Cap Index		4.28%		–9.20%		–5.54%
Lipper Emerging Markets Funds Average		4.60%		–11.58%		–11.59%

† The Fund began operations on 12/1/14. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 11/30/14.

* Cumulative return

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 8.44% for Class A shares and 6.81% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.85% for Class A shares and 1.50% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

58 March 31, 2016  | Semiannual Report

Unaudited

AllianzGI Emerging Markets Small-Cap Fund (cont’d)

Cumulative Returns Through March 31, 2016

Country Allocation (as of March 31, 2016)

Taiwan	21.2%
Korea (Republic of)	17.0%
China	15.9%
India	7.2%
Thailand	6.7%
Malaysia	5.2%
Hong Kong	4.6%
Russian Federation	3.4%
Other	17.2%
Cash & Equivalents — Net	1.6%

Shareholder Expense Example	Actual Performance
	Class A	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,018.00	$1,019.80
Expenses Paid During Period	$9.33	$7.57
	Hypothetical Performance
	(5% return before expenses)
	Class A	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,015.75	$1,017.50
Expenses Paid During Period	$9.32	$7.57

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.85% for Class A and 1.50% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366.

Semiannual Report |  March 31, 2016 59

Unaudited

AllianzGI Europe Equity Dividend Fund

For the period of October 1, 2015 through March 31, 2016, as provided by Neil Dwane and Joerg de Vries-Hippen, DVFA/CIAA, Co-Portfolio Managers.

Fund Insights

For the six-month period ended March 31, 2015, Class A shares at NAV of the AllianzGI Europe Equity Dividend Fund (the “Fund”) returned 5.56%, outperforming the MSCI Europe Total Return (Net) Index (the “benchmark index”), which returned -0.08%.

Market Overview

European companies closed the reporting period unchanged. While markets still trended positively in the first half of the reporting period, they experienced a significant setback going into 2016, which was followed by a strong market rally in March.

The ECB announcement that it would be reassessing its policy in December 2015, another cut in key rates by the PBoC, the better than feared start to the US earnings season and brisk merger & acquisition (“M&A”) activity resulted in a strong recovery of equity markets in October. Weak German economic data for August, worsening economic data in the US and persistently negative economic trends in China only temporarily put pressure on equity markets. Robust economic data from both the US and Europe and signals from the ECB of more monetary steps in December were some of the supporting factors in November. However, in December, the Organization of the Petroleum Exporting Countries (“OPEC”) failed to agree on an oil production ceiling and the oil price slumped to an 11-year low, the Institute for Supply Management Manufacturing Index (“ISM”) declined to a 5-year low, weak Chinese economic data, the depreciation of the Yuan and stress in the US high yield market all resulted in disappointing performance of equity markets. Markets were then subject to heightened volatility in the first quarter of 2016. Most markets suffered the worst start to a year in decades, with some entering bear-market territory, amid renewed fears about the slowdown in China and further oil price weakness. The dovish Fed meeting, the extension of the ECB’s quantitative easing, the resilient US labor market and recovering oil prices resulted in a recovery of equity markets in March. The terror attacks in Brussels, the strong euro and persistently weak economic data in China only temporarily put pressure on equity markets.

Portfolio Review

The Fund was able to hold up significantly better during the market setback phase and hold on to, and even increase, these relative gains during the subsequent market recovery. Stock selection was the decisive driver for the Fund’s active performance. Selection contributed most within financials, industrials and utilities. Country allocation did not have a meaningful impact on active performance. Sector structure detracted from performance due to the overweight in financials and the underweight in consumer staples and materials.

During the reporting period, the Fund’s largest overweights relative to the benchmark index were in telecom services and energy while the largest underweights were in health care followed by materials. With regard to country exposure, the largest overweights were in the UK and Norway while the largest underweights were in Switzerland and the Netherlands.

The strongest stock contributors to performance were the positions in Sunrise Communications (Switzerland), Logista (Spain) and NCC (Norway) whilst the positions in Pearson (UK), Drillisch (Germany) and Freenet (Germany) were the largest detractors. Sunrise Communications is the second biggest of three telecom operators in Switzerland. The aggressive appearance of a 3^rd market participant raised concerns over a price war, however as these concerns faded, the stock price recovered. Logista is the leading tobacco distributor in Spain, Italy and France (quasi-monopoly). Logista is a call on a European recovery. It is a highly protected business, with a healthy balance sheet and a high, sustainable dividend yield. NCC is a Scandinavian construction company. Their homebuilding unit did exceptionally well in the fourth quarter of 2015.

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		Since Inception†
AllianzGI Europe Equity Dividend Fund Class A		5.56%		–3.66%		–3.79%
AllianzGI Europe Equity Dividend Fund Class A (adjusted)		–0.25%		–8.96%		–8.38%
AllianzGI Europe Equity Dividend Fund Class C		5.26%		–4.36%		–4.44%
AllianzGI Europe Equity Dividend Fund Class C (adjusted)		4.26%		–5.30%		–4.44%
AllianzGI Europe Equity Dividend Fund Class P		5.69%		–3.53%		–3.62%
AllianzGI Europe Equity Dividend Fund Institutional Class		5.75%		–3.41%		–3.52%
MSCI Europe Total Return (Net) Index		–0.08%		–8.44%		–5.10%
Lipper European Region Funds Average		0.21%		–5.76%		–1.49%

† The Fund began operations on 2/2/15. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 1/31/15.

* Cumulative return

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 9.45% for Class A shares, 9.54% for Class C shares, 9.38% for Class P shares and 8.94% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.20% for Class A shares, 1.95% for Class C shares, 1.05% for Class P shares and 0.95% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

60 March 31, 2016  | Semiannual Report

Unaudited

AllianzGI Europe Equity Dividend Fund (cont’d)

Cumulative Returns Through March 31, 2016

Country Allocation (as of March 31, 2016)

United Kingdom	36.1%
France	10.0%
Germany	9.3%
Spain	8.1%
Switzerland	7.1%
Norway	4.0%
Sweden	3.7%
Belgium	3.1%
Other	7.0%
Cash & Equivalents — Net	11.6%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class P	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,055.60	$1,052.60	$1,056.90	$1,057.50
Expenses Paid During Period	$6.22	$10.01	$5.40	$4.89
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,018.95	$1,015.25	$1,019.75	$1,020.25
Expenses Paid During Period	$6.11	$9.82	$5.30	$4.80

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.21% for Class A, 1.95% for Class C, 1.05% for Class P and 0.95% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366.

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Unaudited

AllianzGI Global Fundamental Strategy Fund

For the period of October 1, 2015 through March 31, 2016, as provided by Andreas Utermann, ASIP, Portfolio Manager.

Fund Insights

For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI Global Fundamental Strategy Fund (the “Fund”) returned 4.25%, outperforming the USD Overnight LIBOR, which returned 0.14%.

Market Overview

Although global equities started this six-month period strongly driven by the ongoing accommodative monetary policy of global central banks, January was the worst start to a year in decades. Global markets began a recovery mid-February and this continued through March. US equities rallied strongly over the first half of the reporting period, boosted by better than expected company profits and signs of improvement in the US economy. Commodity markets, which had been a cause of concern for months have now improved and prices are stabilizing. This has had a knock-on effect on emerging markets which struggled before February, but are now delivering positive returns. Dovish statements from the Fed and further policy easing from the ECB and the Bank of Japan (“BoJ”) helped performance of government bonds.

Earlier in 2015 the effects of the ECB’s newly-introduced quantitative easing program were materializing. The Fed’s move in December to raise interest rates for the first time since 2006 caused global bond yields to rise. Fund management considered this move to be a vote of confidence in the robustness of the US economy and a demonstration of the Fed’s belief that the global economy is on a positive track. This marked the start of divergence in global monetary policy. In the US, the Fed judged that conditions justified a “lift-off” in interest rates, but stressed that future increases would be “gradual.” In contrast, the ECB lowered interest rates and extended the duration of its quantitative easing program by at least six months.

Portfolio Review

The Fund’s main characteristics are income generation while limiting volatility and it has held onto acquisitions in oil stocks, emerging market equities and emerging market local and hard currency bonds despite adverse market conditions. Some oil sector calls were sold towards the end of 2015, contributing to performance. In addition to the Italian BTP’s and Spanish inflation linkers which have been held for a while, the Fund bought US TIPS. This was against the backdrop of a firming US economy and the tail-risks represented by the corresponding inflation. Commodities and cyclicals which have been volatile showed signs of recovery towards the end of this reporting period. The Fund brought in mixed performance figures but has finished this six-month period up over 4.0%. The Fund’s core and opportunistic structure has proven itself during a very volatile six months with investments in German real estate and commodity stocks in particular, showing excellent results. Profits were taken on big name equity stocks in March, locking in good performance on the back of the strong equity rally. Similarly, the allocation to outperforming emerging market bonds was cut back.

At the end of the reporting period, the Fund held 41.4% in equities, 48.5% in fixed income with the remaining 10.2% in cash and derivatives.

Outlook

The mood in the markets appears to be changing. Previously markets were defensive, preferring growth over value. Now this trend is in reverse, the mining sector is outperforming, oil is recovering and emerging markets local currency bonds are strong.

Until recently there was talk of a recession and indeed the early figures this year pointed in that direction. With more data points observed, the somber mood which pervaded markets at the outset of the year is starting to lift. We believe that fears regarding the health of the global economy have not been justified. We also perceive no threat of deflation. In our opinion, the US will continue to grow ahead of the trend, while China is in need of economic improvements.

We believe that the global economic cycle is moving towards recovery in 2016. With a value-biased investment approach of exposure to equities paying dividends, the Fund is well positioned to take advantage of this upswing.

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		Since Inception†
AllianzGI Global Fundamental Strategy Fund Class A		4.25%		0.29%		2.58%
AllianzGI Global Fundamental Strategy Fund Class A (adjusted)		–1.48%		–5.22%		0.49%
AllianzGI Global Fundamental Strategy Fund Class C		3.82%		–0.58%		1.78%
AllianzGI Global Fundamental Strategy Fund Class C (adjusted)		2.82%		–1.54%		1.78%
AllianzGI Global Fundamental Strategy Fund Class P		4.27%		0.40%		2.71%
AllianzGI Global Fundamental Strategy Fund Institutional Class		4.37%		0.49%		2.83%
USD Overnight LIBOR		0.14%		0.20%		0.14%
70% MSCI ACWI, 30% Barclays Global Aggregate Index		5.32%		–1.52%		4.88%
USD Overnight LIBOR + 4%		2.19%		4.36%		4.28%
Lipper Absolute Return Funds Average		–0.17%		–4.01%		0.94%

† The Fund began operations on 7/1/13. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 6/30/13.

* Cumulative return

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 2.30% for Class A shares, 2.82% for Class C shares, 1.83% for Class P shares and 1.81% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.26% for Class A shares, 2.01% for Class C shares, 1.11% for Class P shares and 1.01% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

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AllianzGI Global Fundamental Strategy Fund (cont’d)

Cumulative Returns Through March 31, 2016

Country Allocation (as of March 31, 2016)

United States	23.2%
Supranational	9.9%
Italy	6.3%
Germany	5.1%
Switzerland	5.0%
Brazil	4.4%
Mexico	4.2%
Indonesia	4.0%
Other	23.6%
Cash & Equivalents — Net (including Options Purchased and Written)	14.3%

Moody’s Ratings* (as of March 31, 2016)

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

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class P	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,042.50	$1,038.20	$1,042.70	$1,043.70
Expenses Paid During Period	$6.38	$10.19	$5.62	$5.11
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,018.75	$1,015.00	$1,019.50	$1,020.00
Expenses Paid During Period	$6.31	$10.08	$5.55	$5.05

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.25% for Class A, 2.00% for Class C, 1.10% for Class P and 1.00% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.

Semiannual Report |  March 31, 2016 63

Unaudited

AllianzGI Global Sustainability Fund

For the period of October 1, 2015 through March 31, 2016, as provided by Paul Schofield, Portfolio Manager.

Fund Insights

For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI Global Sustainability Fund (the “Fund”) returned 5.06%, underperforming the MSCI ACWI (the “benchmark index”), which returned 5.28%.

Market Overview

Over the reporting period, despite periodic bouts of concern over the pace and sustainability of global economic growth, equity markets continued to move higher, supported by the ECB’s quantitative easing program and steady, although muted, improvement in the US economy.

This period marked the start of divergence in global monetary policy. In the US, the Fed judged that conditions justified a “lift-off” in interest rates, but stressed that future increases would be “gradual.” Janet Yellen, Fed chair, noted that the Fed will need to proceed cautiously given “the economic risk from abroad”. The ECB lowered interest rates, reduced banks’ deposit rates further into negative territory and extended its quantitative easing program. The BOJ surprised investors by cutting interest rates to below zero.

Most markets suffered the worst start to a year in decades, with some entering bear-market territory, amid renewed fears about the slowdown in China and further oil price weakness. However, signs that commodity prices may be stabilizing, as well as further central bank stimulus, helped markets to recover in March.

Global bonds advanced, as the volatility in equity markets boosted demand for assets seen as safe havens. Dovish statements from the Fed and further policy easing from the ECB and BOJ also underpinned government bonds. Corporate bonds had a volatile period as they mirrored the movement in equity markets, selling off sharply at the beginning of the year before rallying in March.

Emerging market currencies rallied as the US dollar weakened, reflecting the Fed’s more dovish comments. The Japanese yen also rose, as it benefited from its “safe haven” status. However, the British pound fell sharply amid concerns over the UK’s referendum on EU membership (“Brexit”) in June.

Commodity prices fell sharply in January, with the prospect of the lifting of sanctions against Iran causing oil to fall below $30 a barrel. However, they appeared to stabilize at the end of the reporting period, with oil rising back above $40 a barrel, a rally of almost 50% from the lows reached in January.

Portfolio review

Largely due to the bifurcated performance of the market, led by defensive and commodity-related sectors, the Fund underperformed the benchmark index, although was positive in absolute terms. Stock selection was positive in Information technology, health care and consumer discretionary. An overweight in health care and consumer staples and an underweight in financials helped performance, although this was overshadowed by financials stock selection. Being underweight in utilities also hurt performance. Given our focus on high return growth companies, we typically have very limited, if any, exposure to utilities, which, as previously mentioned, outperformed the broader market. The materials sector moved higher on the back of a recovery in long underperforming mining stocks, which is another area we tend to avoid. While the Fund’s overall underweight in materials did not have a meaningful impact on performance, stock selection detracted.

From a country perspective, stock selection in Germany and the UK helped performance while the US and France was negative.

Adidas and Nielsen Holdings were among the top contributors. Adidas’s most recent set of results showed strong sales momentum and the company increased forward guidance. The company has also announced that Kasper Rorsted, former CEO of Henkel, will become the company’s new CEO. The Fund also holds Henkel in the portfolio and during his eight years as CEO, Mr. Rorsted has delivered a significant increase in the company’s profitability and share price. Management change was an important component of our investment thesis for Adidas and with plenty of scope for operating margins to expand, we remain positive on the stock.

Financial companies were among the top detractors, including Citigroup, which was caught in the financial sector downdraft largely precipitated by profitability concerns for banks due to the narrowing of interest rate spread margins and potential loan exposure to the energy complex. We originally purchased Citigroup due to improving returns, dividend growth and absolute valuation upside. While we believe the thesis remains intact, the timescale for recovery may have been extended due to cyclical headwinds in terms of the credit cycle and interest margin compression. We continue to hold the shares as they are trading below tangible book value.

Overall, we are comfortable with the profile of the Fund’s financial holdings, which is tilted away from commercial banks and has more exposure to higher quality diversified financials and insurance, such as Munich Re.

Outlook

Regional correlations and sector dispersion have risen as investors’ confidence in the global growth outlook and central banks’ ability to support major economies has waxed and waned. Over the near term this has muted the impact of active stock selection as sentiment has overwhelmed company fundamentals. High correlation markets are typically associated with extremes in investors’ risk appetite and tend to compress the outperformance opportunity from active stock picking as sentiment overwhelms company fundamentals. With that said, the Fund has navigated the current market environment reasonably well. When correlations subside, we anticipate that the Fund’s performance will more closely reflect the attractive structural growth and high return prospects of the companies we invest in.

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Unaudited

AllianzGI Global Sustainability Fund (cont’d)

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		Since Inception†
AllianzGI Global Sustainability Fund Class A		5.06%		–1.50%		–0.95%
AllianzGI Global Sustainability Fund Class A (adjusted)		–0.72%		–6.92%		–5.15%
AllianzGI Global Sustainability Fund Class P		5.16%		–1.27%		–0.77%
AllianzGI Global Sustainability Fund Institutional Class		5.20%		–1.23%		–0.69%
MSCI ACWI		5.28%		–4.34%		–2.12%
Dow Jones Sustainability World Total Return Index		3.05%		–7.22%		–5.75%
Lipper Global Large-Cap Core Average		4.21%		–3.77%		–2.66%

† The Fund began operations on 12/9/14. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 11/30/14.

* Cumulative return

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 13.17% for Class A shares, 6.51% for Class P shares and 6.51% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.20% for Class A shares, 1.05% for Class P shares and 0.95% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

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Unaudited

AllianzGI Global Sustainability Fund (cont’d)

Cumulative Returns Through March 31, 2016

Country Allocation (as of March 31, 2016)

United States	52.3%
United Kingdom	12.3%
Germany	7.9%
Switzerland	4.6%
Spain	4.0%
Japan	3.6%
Sweden	2.8%
France	2.8%
Other	5.7%
Cash & Equivalents — Net	4.0%

Shareholder Expense Example	Actual Performance
	Class A	Class P	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,050.60	$1,051.60	$1,052.00
Expenses Paid During Period	$6.15	$5.39	$4.87
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class P	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,019.00	$1,019.75	$1,020.25
Expenses Paid During Period	$6.06	$5.30	$4.80

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.20% for Class A, 1.05% for Class P and 0.95% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366.

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Semiannual Report |  March 31, 2016 67

Unaudited

AllianzGI Global Water Fund

For the period of October 1, 2015 through March 31, 2016, as provided by Andreas Fruschki, CFA, Portfolio Manager.

Fund Insights

For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI Global Water Fund (the “Fund”) returned 11.10%, outperforming the S&P Global Water Index (the “benchmark index”), which returned 8.93%.

Market Overview

On the positive side, we see encouraging signs that investments in water infrastructure by US municipalities continue their upward trend after many years of austerity. European water capex remains depressed and well below sustainable levels, but we expect the return to growth similar to the US with some delay. Once Europe and the US are fully back in normal water infrastructure investment mode, this would bring back two very large customers for water equipment products which have both held back spending since 2009.

Water M&A continues to be an active theme as companies try to participate in the structural attractiveness of water technology. We expect an increase in M&A activity in the next twelve months as established players have cash to invest and a global platform which allows them to leverage regional water products across their global distribution network. We also anticipate seeing further consolidation in US water utilities as many municipalities lack the financial strength to maintain their water networks to comply with the Environmental Protection Agency, so there will be ample opportunities for large US water utility companies to acquire water assets.

Portfolio Review

The performance of water-related stocks as measured by the benchmark index’s absolute performance was up over the period and the Fund outperformed the benchmark index, the S&P 500 Index, and the MSCI ACWI.

The best performing stocks during the reporting period included American Water Works and Aqua America, two US water utilities which continue to benefit from water infrastructure investments needed across the US; and Geberit, which we added to following our positive outlook on consumer spending and the European construction market. Stocks that detracted from performance for the reporting period included our Asian holdings, such as Guangdong Investments and Beijing Water, which were dragged down somewhat by the overall poor performance of the Chinese stock market. We have since sold out of Beijing Water and decreased our allocation to Guangdong Investments.

Outlook

We expect investments in water infrastructure to continue to accelerate as municipalities stop postponing investments needed to address the further deterioration of the existing networks in the US and Europe. We remain very comfortable with our top holdings in the Fund, which are a mix of high-growth US, UK and European water utilities as well as leading water industrial companies most exposed to a slowly but steadily growing US water infrastructure market after many years of pent-up demand. We also like our holdings of leading players in clean water and water-efficient consumer equipment. We try to avoid water companies which also sell to customers in either the mining or oil and gas industry and favor those water companies that also sell into structurally attractive end-markets such as safety or medical. We continue to focus on bottom-up stock picking and screening for leading players along the water supply chain with products to enhance water supply, improve water efficiency or water quality.

Consumer demand for clean drinking water remains high, especially in the emerging markets where the water infrastructure networks in most cases only fulfill very basic needs and still need several rounds of upgrading before clean drinking water is available to the same degree as in developed nations. We estimate this will take decades worth of investments.

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		5 Year		Since Inception†
AllianzGI Global Water Fund Class A		11.10%		5.05%		7.02%		4.32%
AllianzGI Global Water Fund Class A (adjusted)		4.99%		–0.72%		5.81%		3.59%
AllianzGI Global Water Fund Class C		10.63%		4.24%		6.19%		3.53%
AllianzGI Global Water Fund Class C (adjusted)		9.63%		3.24%		6.19%		3.53%
AllianzGI Global Water Fund Class P		11.19%		5.33%		7.24%		4.56%
AllianzGI Global Water Fund Institutional Class		11.16%		5.32%		7.33%		4.65%
MSCI ACWI		5.28%		–4.34%		5.22%		3.35%
S&P Global Water Index		8.93%		2.48%		8.63%		5.96%
Lipper Global Natural Resources Funds Average		2.51%		–19.22%		–9.62%		–6.55%

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

* Cumulative return

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s expense ratios are 1.44% for Class A shares, 2.23% for Class C shares 1.16% for Class P shares and 1.17% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

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AllianzGI Global Water Fund (cont’d)

Cumulative Returns Through March 31, 2016

Country Allocation (as of March 31, 2016)

United States	33.2%
United Kingdom	14.3%
Switzerland	12.7%
France	8.2%
Austria	5.5%
Netherlands	4.5%
Finland	3.5%
Italy	3.0%
Other	7.3%
Cash & Equivalents — Net	7.8%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class P	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,111.00	$1,106.30	$1,111.90	$1,111.60
Expenses Paid During Period	$7.60	$11.74	$6.44	$6.12
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,017.80	$1,013.85	$1,018.90	$1,019.20
Expenses Paid During Period	$7.26	$11.23	$6.16	$5.86

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.44% for Class A, 2.23% for Class C, 1.22% for Class P and 1.16% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366.

Semiannual Report |  March 31, 2016 69

Unaudited

AllianzGI High Yield Bond Fund

For the period of October 1, 2015 through March 31, 2016, as provided by Doug Forsyth, CFA, Portfolio Manager.

Fund Insights

For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI High Yield Bond Fund (the “Fund”) returned -0.70%, underperforming the BofA Merrill Lynch High Yield Master II Index (the “benchmark index”), which returned 1.01%.

Market Overview

The high-yield market’s path toward achieving positive results for the reporting period was hardly linear.

Several factors influenced high-yield bonds earlier in the reporting period—most notably oil prices, technical pressure and negative sentiment, the Fed’s activity, earnings and the dollar, and global economic data.

In the back half of the first quarter of 2016, performance recovered significantly so this review will focus on what caused the market’s slide to reverse and head higher. The most notable factors were the Fed’s outlook and commentary, US economic data, global conditions and technical factors.

The Fed’s activity topped the list of concerns about an already fragile US economy slowing further, but so far in 2016, the Fed has kept additional rate hikes on hold due to market volatility and weakness outside the US. After some hawkish rhetoric by some FOMC members following their March 2016 meeting, Fed Chair Janet Yellen quickly reversed those interpretations with some heavily dovish comments of her own.

Other factors benefiting the high-yield market during the first quarter of 2016 were a weaker dollar and, concurrently, higher commodity prices. As commodity prices, specifically crude oil prices, increased, market sentiment also rose. These changes were bolstered by a continuing positive employment trend that, when taken in conjunction with other economic indicators, create a positive backdrop for the current economic condition in the US. These factors all helped the high-yield market stage a strong comeback.

Three offshore factors also helped sentiment. First, the ECB presented some stronger-than-expected economic stimulus tools to help calm fears in Europe. Second, Chinese officials made several comments in the quarter that helped abate concerns about growth and foreign-exchange policies. And third, several oil-producing countries discussed capping production.

Some of the reporting period’s increased volatility stemmed from technical pressure caused by structural changes. The lack of middle-market-making by banks and broker/dealers has created price gaps for some issuers. Government policies intended to control the financial risk for banks trading in the credit markets have had unintended consequences. The market-smoothing mechanism—broker/dealers making markets—is struggling, and even small trades have caused a great impact on prices in many cases. However, these same forces led to price gaps higher over the balance of the quarter.

Portfolio Review

During the reporting period, the Fund’s return lagged the benchmark index. However, the relative lag was largely experienced in the first half of the reporting period. In the subsequent rally, the Fund participated in the market’s significant move higher.

Industry allocations that helped relative performance during the reporting period included chemicals, support-services and technology. All three industries exhibited positive issue selection. Overweights in chemicals and technology were also beneficial.

Industry allocations that hurt relative performance during the reporting period included energy, theaters & entertainment and metals/mining ex. steel. All three industries exhibited negative issue selection.

70 March 31, 2016  | Semiannual Report

Unaudited

AllianzGI High Yield Bond Fund (cont’d)

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		5 Year		10 Year		Since Inception†
AllianzGI High Yield Bond Fund Class A		–0.70%		–6.07%		3.45%		6.01%		6.98%
AllianzGI High Yield Bond Fund Class A (adjusted)		–4.42%		–9.60%		2.66%		5.61%		6.77%
AllianzGI High Yield Bond Fund Class C		–0.94%		–6.69%		2.72%		5.26%		6.20%
AllianzGI High Yield Bond Fund Class C (adjusted)		–1.90%		–7.58%		2.72%		5.26%		6.20%
AllianzGI High Yield Bond Fund Class R		–0.96%		–6.76%		3.05%		5.68%		6.68%
AllianzGI High Yield Bond Fund Class P		–0.54%		–5.69%		3.72%		6.24%		7.18%
AllianzGI High Yield Bond Fund Institutional Class		–0.42%		–5.65%		3.83%		6.45%		7.46%
AllianzGI High Yield Bond Fund Administrative Class		–0.58%		–6.60%		3.37%		5.97%		6.96%
BofA Merrill Lynch High Yield Master II Index		1.01%		–3.99%		4.71%		6.85%		6.79%
Lipper High Yield Funds Average		0.31%		–4.01%		3.83%		5.55%		5.89%

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

* Cumulative return

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account themaximum initial sales charge of 3.75% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s expense ratios are 1.03% for Class A shares, 1.68% for Class C shares, 1.46% for Class R shares, 0.64% for Class P shares, 0.63% for Institutional Class shares and 0.98% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

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Unaudited

AllianzGI High Yield Bond Fund (cont’d)

Cumulative Returns Through March 31, 2016

Industry Allocation (as of March 31, 2016)

Telecommunications	9.7%
Media	8.4%
Oil, Gas & Consumable Fuels	6.1%
Diversified Financial Services	5.3%
Commercial Services	5.3%
Healthcare-Services	4.8%
Software	4.2%
Chemicals	3.3%
Other	49.5%
Cash & Equivalents — Net	3.4%

S&P Ratings* (as of March 31, 2016)

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

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class R	Class P	Institutional Class	Administrative Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$993.00	$990.60	$990.40	$994.60	$995.80	$994.20
Expenses Paid During Period	$4.88	$8.41	$7.46	$3.54	$3.29	$4.79
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Institutional Class	Administrative Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,020.10	$1,016.55	$1,017.50	$1,021.45	$1,021.70	$1,020.20
Expenses Paid During Period	$4.95	$8.52	$7.57	$3.59	$3.34	$4.85

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.98% for Class A, 1.69% for Class C, 1.50% for Class R, 0.71% for Class P, 0.66% for Institutional Class and 0.96% for Administrative Class), multiplied by the average account value over the period, multiplied by 183/366.

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Semiannual Report |  March 31, 2016 73

Unaudited

AllianzGI International Growth Fund

For the period of October 1, 2015 through March 31, 2016, as provided by the Europe Equity Growth Team.

Fund Insights

For the six-month period ended March 31 2016, Class A shares at NAV of the AllianzGI International Growth Fund (the “Fund”) returned 8.25%, outperforming the MSCI ACWI ex USA Index (the “benchmark index”), which returned 2.86%.

Market Overview

During the reporting period, equity markets moved on a volatile path including correction from November 2015 through February 2016. Concerns about the future of the Chinese economy, particularly China’s discretionary spending, weighed on markets. In addition, crude oil prices reached new lows and only began to stabilize toward the end of the reporting period. Markets closed the period with moderate gains.

Portfolio Review

The Fund’s outperformance was driven by strong stock selection. The Fund’s picks were characterized by strong earnings profiles and high quality balance sheets which have contributed to the core growth of the Fund. Stock selection was particularly positive across the information technology, health care and consumer staples sectors. This positive contribution outweighed the negative effects of stock picking in the weaker performing consumer discretionary sector where positions such as Richemont underperformed due to concerns related to Chinese consumption. Conversely, sector allocation detracted during the reporting period due to a relative overweight in consumer staples and an underweight in financials.

With respect to individual stocks, positions in Ambu, Sysmex, LG Household & Health, Infineon, Novo Nordisk and Simcorp were the largest contributors to performance on both an absolute and active level. Biostime, Hexpol, Keyence and Sundrug were also additive.

On the other hand, shares of Elekta, Canadian National Railway and Hugo Boss detracted from the active performance and underwent a period of share-price correction. Bank NS Halifax, Schneider Electric and Richemont also underperformed with moderate losses.

During the reporting period, we purchased shares of UBS, Restaurant Brands, Rotork, Imi, Nippon Paint, Odontoprev, Norma Richelieu Hardware, Jollibee Foods and Ambu. We sold our position in Lawson, Magnit and Spectris.

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		Since Inception†
AllianzGI International Growth Fund Class A		8.25%		–1.70%		1.70%
AllianzGI International Growth Fund Class A (adjusted)		2.29%		–7.11%		–3.15%
AllianzGI International Growth Fund Institutional Class		8.38%		–1.45%		1.93%
MSCI ACWI ex USA Index		2.86%		–9.19%		–5.55%
MSCI ACWI ex USA Growth Index		4.64%		–6.08%		–2.27%
Lipper International Multi-Cap Growth Funds Average		2.67%		–5.91%		–1.62%

† The Fund began operations on 2/2/2015. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on 1/31/15.

* Cumulative Return

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A Shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 5.94% for Class A shares and 5.71% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.20% for Class A shares and 0.95% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

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AllianzGI International Growth Fund (cont’d)

Cumulative Returns Through March 31, 2016

Country Allocation (as of March 31, 2016 )

United Kingdom	16.0%
Germany	10.6%
Denmark	10.1%
Sweden	9.2%
Japan	8.3%
Canada	6.3%
France	6.2%
Switzerland	4.3%
Other	27.6%
Cash & Equivalents — Net	1.4%

Shareholder Expense Example	Actual Performance
	Class A	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,082.50	$1,083.80
Expenses Paid During Period	$6.25	$4.95
	Hypothetical Performance
	(5% return before expenses)
	Class A	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,019.00	$1,020.25
Expenses Paid During Period	$6.06	$4.80

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.20% for Class A and 0.95% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366.

Semiannual Report |  March 31, 2016 75

Unaudited

AllianzGI International Small-Cap Fund

For the period of October 1, 2015 through March 31, 2016, as provided by Andrew Neville, Portfolio Manager.

Fund Insights

For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI International Small-Cap Fund (the “Fund”) returned 0.99%, underperforming the MSCI World ex USA Small Cap Index (the “benchmark index”), which returned 6.46%.

Market Overview

In a volatile period, international smaller companies achieved further absolute gains. Asian ex Japan smaller companies registered the strongest gains posting double-digit absolute gains. Smaller companies from Japan and Europe also closed the reporting period in positive territory.

At the start of the reporting period, the ECB’s announcement that would be reassessing its policy in December 2015, another cut in key rates by the PBoC, the better than feared start to the US earnings season and brisk M&A activity resulted in a strong recovery of equity markets in October. Weak German economic data for August, worsening economic data in the US and persistently negative economic trends in China only temporarily put pressure on equity markets. Robust economic data from both the US and Europe and signals from the ECB of more monetary steps in December were some of the supporting factors in November. However, in December, the ECB disappointed hopes for extreme dovishness, OPEC failed to agree on an oil production ceiling and the oil prices slumped to an 11-year low, the ISM Index declined to a 5-year low, weak Chinese economic data, the depreciation of the Yuan and stress in the US high yield market all resulted in a disappointing performance of equity markets. Markets were then subject to heightened volatility in the first quarter of 2016. Most markets suffered the worst start to a year in decades, with some entering bear-market territory, amid renewed fears about the slowdown in China and further oil price weakness. However, signs that commodity prices may be stabilizing, as well as further central bank stimulus, helped markets to recover in March. Most equity markets ended the quarter with modest losses, although the US and many emerging markets recorded positive returns.

Portfolio Review

Stock selection was the main driver of the Fund’s relative performance. All three regional sleeve portfolios (Europe, Asia ex Japan, and Japan) lagged versus their regional market. Sector-wise, selection contributed positively within industrials and information technology but detracted most within consumer discretionary, financials and health care. Sector structure contributed positively mostly due to the underweight positions in financials and energy.

During the reporting period, the Fund’s largest overweights relative to the benchmark index were in information technology, consumer discretionary and consumer staples whilst the largest underweights were in financials followed by materials and energy. Geographically the largest overweights were in France and China whilst the largest underweights were in Canada and the UK.

The strongest stock contributors to performance were the positions in Gameloft (France), Sartorius Stedim Biotech (France) and Gamesa (Spain) while the positions in Permanent TSB (Ireland), Yamaha Motor (Japan) and Korian (France) were the largest detractors. Permanent TSB (Financials, Ireland) is a pure mortgage bank in Ireland. The bank benefits from strong GDP growth in Ireland which drives a rerating of the mortgage book and enables de-provisioning. However, regulatory costs, negative deposit rates and the delayed disposal of their UK legacy business put pressure on the stock. We sold our position. Yamaha Motor provides motorcycles, marine products and recreational vehicles. The share price was hit by the stronger yen. However, the company’s order trend remains solid and the adverse effect of the strong yen has been priced in. We therefore hold on to the position.

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AllianzGI International Small-Cap Fund (cont’d)

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		5 Year		10 Year		Since Inception†
AllianzGI International Small-Cap Fund Class A		0.99%		–1.04%		5.41%		5.36%		11.72%
AllianzGI International Small-Cap Fund Class A (adjusted)		–4.56%		–6.48%		4.23%		4.76%		11.37%
AllianzGI International Small-Cap Fund Class C		0.63%		–1.80%		4.62%		4.57%		10.89%
AllianzGI International Small-Cap Fund Class C (adjusted)		–0.33%		–2.73%		4.62%		4.57%		10.89%
AllianzGI International Small-Cap Fund Class R		0.87%		–1.31%		5.15%		5.09%		11.44%
AllianzGI International Small-Cap Fund Class P		1.09%		–0.88%		5.60%		5.59%		12.04%
AllianzGI International Small-Cap Fund Institutional Class		1.12%		–0.80%		5.70%		5.72%		12.14%
AllianzGI International Small-Cap Fund Class R6		1.15%		–0.73%		5.80%		5.82%		12.25%
MSCI World ex USA Small Cap Index		6.46%		1.99%		3.84%		3.09%		7.37%
MSCI EAFE Small Cap Index		6.15%		3.20%		5.58%		3.44%		7.51%
Lipper International Small/Mid-Cap Growth Funds Average		3.89%		–0.45%		4.86%		4.29%		8.44%

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

* Cumulative return

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.63% for Class A shares, 2.42% for Class C shares, 2.09% for Class R shares, 1.37% for Class P shares, 1.39% for Institutional Class shares and 1.36% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.45% for Class A shares, 2.19% for Class C shares, 1.70% for Class R shares, 1.28% for Class P shares, 1.21% for Institutional Class shares and 1.11% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

Cumulative Returns Through March 31, 2016

Country Allocation (as of March 31, 2016)

Japan	29.6%
France	9.2%
Sweden	8.5%
United Kingdom	7.6%
Spain	5.0%
Germany	4.1%
Italy	4.1%
Switzerland	4.0%
Other	24.6%
Cash & Equivalents — Net	3.3%

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Unaudited

AllianzGI International Small-Cap Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class R	Class P	Institutional Class	Class R6
Beginning Account Value*	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,009.90	$1,006.30	$1,008.70	$1,010.90	$1,011.20	$1,028.60
Expenses Paid During Period	$7.29	$10.98	$8.54	$6.43	$6.08	$1.81
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Institutional Class	Class R6
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,017.75	$1,014.05	$1,016.50	$1,018.60	$1,018.95	$1,019.45
Expenses Paid During Period	$7.31	$11.03	$8.57	$6.46	$6.11	$5.60

* Class R6 commenced operations on February 1, 2016. The Actual expense example for Class R6 is based on the period since inception; the Actual expense example for Class A, Class C, Class R, Class P, and Institutional Class and the Hypothetical expense example are based on the period beginning October 1, 2015. If the Hypothetical expense example for Class R6 has been based on the period since inception, the Ending Account Value and Expenses paid During the Period would have been $1,006.27 and $1.79, respectively.

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.45% for Class A, 2.19% for Class C, 1.70% for Class R, 1.28% for Class P, 1.21% for Institutional Class and 1.11% for Class R6), multiplied by the average account value over the period, multiplied by 183 (59 for Class R6)/366 for the Actual expense example and 183/366 for the Hypothetical expense example.

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Unaudited

AllianzGI Micro Cap Fund

For the period of October 1, 2015 through March 31, 2016, as provided by John McCraw, Portfolio Manager.

Fund Insights

For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI Micro Cap Fund (the “Fund”) returned -4.87%, underperforming the Russell Microcap Growth Index (the “benchmark index”), which returned -4.50%.

Market Review

In general, US stocks ended higher and proved resilient given the headwinds the market faced throughout the reporting period, including an interest rate hike, monetary policy uncertainty, US recession fears, slumping commodity prices and economic growth concerns in China.

Initially, stocks rallied on fading October 2015 rate hike expectations due to a disappointing payroll report. The surge in equities persisted on dovish comments from the ECB and the announcement of new stimulus measures from the PBoC. Stabilizing Chinese economic data and a better-than-feared start to the third quarter earnings season were also supportive.

The market’s advance slowed in November and stocks succumbed to selling pressure in December. Sentiment fluctuated over this period as investors grappled with episodes of equity volatility and sharp declines in commodity prices, including the metals, crude oil and natural gas. However, over the quarter, investors grew more comfortable with the prospect of a rate hike and embraced the move in December—the first in nearly ten years. The Fed’s emphasis on data dependency and gradualism and a rebound in energy prices helped to ease investor angst into year end.

The first quarter of 2016 was a tale of two halves with US stocks plummeting at the year’s onset before rebounding sharply to end the reporting period mixed. The strength of the advance was notable and propelled select US indices to a positive close on a year-to-date basis. Focused on Chinese economic growth, recession fears in the US and slumping energy prices, investors initially sought safety and fled risk assets. In the second half of the quarter, stocks staged a remarkable recovery as angst around the abovementioned concerns faded. The bifurcated performance of equities correlated closely with the price of crude oil, which also bottomed mid-quarter. Concurrent with the market’s upturn, sentiment rebounded higher and volatility sunk to levels matching the lows recorded in October 2015. Dovish comments from Janet Yellen, a downwardly revised interest-rate-hike trajectory and a more substantial than expected policy response from the ECB also supported the market’s surge. Lastly, fourth quarter earnings were generally better than estimated, but the tone of guidance was cautious.

Against this backdrop, the Russell Microcap Index trailed the Russell 2000 Index. Within the microcap universe, growth-oriented stocks lagged value-oriented stocks. Specific to the benchmark index, sector performance was mixed. Consumer staples, materials and industrials were the strongest performing sectors, followed by telecom services. In contrast, the energy sector declined the most, followed by health care, financials and utilities.

Performance

The Fund underperformed its benchmark index over the reporting period. From an attribution perspective, security selection positively contributed to relative performance, while allocation effects at the sector level detracted. For example, stock picking was positive in the health care, materials and energy sectors. Conversely, security selection in information technology, consumer discretionary and financials had a negative impact. Separately, an underweight in health care and an overweight in consumer discretionary benefitted relative performance; however, an underweight in consumer staples and an overweight in energy were offsetting.

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		5 Year		10 Year		Since Inception†
AllianzGI Micro Cap Fund Class A		–4.87%		–13.36%		5.66%		4.83%		10.55%
AllianzGI Micro Cap Fund Class A (adjusted)		–10.10%		–18.12%		4.47%		4.24%		10.25%
AllianzGI Micro Cap Fund Class P		–4.92%		–13.32%		5.79%		5.02%		10.78%
AllianzGI Micro Cap Fund Institutional Class		–4.90%		–13.32%		5.86%		5.10%		10.88%
Russell Microcap Growth Index		–4.50%		–16.95%		6.43%		3.38%		5.92%
Lipper Small-Cap Growth Funds Average		–2.10%		–12.11%		6.39%		5.25%		8.44%

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

* Cumulative return

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares.Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 2.07% for Class A shares, 1.80% for Class P shares and 1.80% for Institutional Class shares. This ratio does not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.62% for Class A shares, 1.54% for Class P shares and 1.54% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

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Unaudited

AllianzGI Micro Cap Fund (cont’d)

Cumulative Returns Through March 31, 2016

Industry Allocation (as of March 31, 2016)

Biotechnology	8.4%
Health Care Equipment & Supplies	7.6%
Banks	6.0%
Building Products	5.1%
Semiconductors & Semiconductor Equipment	4.9%
Hotel, Restaurants & Leisure	4.8%
Software	4.8%
Pharmaceuticals	4.7%
Other	52.2%
Cash & Equivalents — Net	1.5%

Shareholder Expense Example	Actual Performance
	Class A	Class P	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$951.30	$950.80	$951.00
Expenses Paid During Period	$7.90	$7.51	$7.51
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class P	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,016.90	$1,017.30	$1,017.30
Expenses Paid During Period	$8.17	$7.77	$7.77

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.62% for Class A, 1.54% for Class P and 1.54% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366.

Semiannual Report |  March 31, 2016 81

Unaudited

AllianzGI Multi-Asset Real Return Fund

For the period of October 1, 2015 through March 31, 2016, as provided by the Multi-Asset US Group.

Fund Insights

For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI Multi-Asset Real Return Fund (the “Fund”) returned 0.48%, underperforming the Barclays US Government Inflation-Linked Bond Index (the “benchmark index”), which returned 4.01%.

Market Overview

Inflation related asset classes had mixed results over the reporting period, as reflected by declining commodity prices (Bloomberg Commodity Index declined 10.52% in the fourth quarter and eked out a 0.42% return in the first quarter), while the MSCI World Real Estate Index returned 9.88% with the gains split almost equally between the fourth quarter of 2015 and first quarter of 2016. Stocks of commodity related companies rose 6.20%, also benefiting from positive returns in both quarters. The Barclays US TIPS Index also posted a positive absolute return over the period, with a 4.46% gain in the first quarter taking the full reporting period return to 3.79%. Over the reporting period, the Custom Real Asset Benchmark an equal weighted combination of these four inflation related asset classes, rose 2.43%.

Portfolio Review

Amidst a volatile period that started with continued weakness in commodities, while global equities conversely rallied off of September’s lows, the Fund was actively adjusted to the changing market environment. Overall performance included a combination of detractors and contributors. As compared to the Custom Real Asset Benchmark, the Fund was underweight commodities for the duration of the reporting period, contributing to results particularly during the fourth quarter. Conversely, underweights to REITS and commodity related equities served to limit the Fund’s relative result as both segments posted favorable returns over the reporting period.

Outlook

Risks have risen, but we do not believe the global economy is heading toward recession. In the US, while odds of an April interest rate hike are low, we believe that the outlook for growth and inflation will prompt the Fed to raise rates twice in 2016. Against this backdrop, we expect global monetary policy to remain accommodative. The recovery in commodities has helped stabilize some of the stress points in the world economy, which should support inflation and growth. Still, we believe the existence of economic and political uncertainties will likely result in persistent volatility.

From an investment perspective, the Fund entered the second quarter with underweights to commodities and inflation linked bonds in the US, while the underweights were partially offset by modest overweight to REITS and cash/liquidity. Outside of the holdings of the benchmark index, the Fund also held opportunistic exposure to emerging market debt and a modest position in investment grade corporate debt.

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		Since Inception†
AllianzGI Multi-Asset Real Return Fund Class A		0.48%		–10.40%		–3.50%
AllianzGI Multi-Asset Real Return Fund Class A (adjusted)		–5.05%		–15.33%		–5.15%
AllianzGI Multi-Asset Real Return Fund Class C		0.11%		–11.02%		–4.19%
AllianzGI Multi-Asset Real Return Fund Class C (adjusted)		–0.88%		–11.90%		–4.19%
AllianzGI Multi-Asset Real Return Fund Class P		0.53%		–10.30%		–3.37%
AllianzGI Multi-Asset Real Return Fund Institutional Class		0.58%		–10.19%		–3.27%
Barclays US Government Inflation-Linked Bond Index		4.01%		1.38%		–0.83%
Custom Real Asset Benchmark**		2.43%		–7.13%		–2.86%
Lipper Alternative Global Macro Funds Average		1.04%		–6.22%		0.27%

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

* Cumulative return

** The Custom Real Asset Benchmark is comprised of 25% Dow Jones UBS Commodity Total Return Index, 25% MSCI World Real Estate Index, 25% Barclays US Government Inflation-Linked Bond Index, 6.25% DAX Global Agribusiness Index, 7.5% MSCI World Energy Index, 6.25% MSCI World Materials Index and 5% MSCI ACWI Industrials (equal-weighted) Index.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 5.76% for Class A shares, 6.33% for Class C shares, 5.42% for Class P shares and 5.34% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 0.85% for Class A shares, 1.60% for Class C shares, 0.70% for Class P shares and 0.60% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

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Unaudited

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

Cumulative Returns Through March 31, 2016

Asset Allocation (as of March 31, 2016)

Mutual Funds	43.0%
Common Stock	28.6%
Exchange-Traded Funds	24.3%
Cash & Equivalents — Net	4.1%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class P	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,004.80	$1,001.10	$1,005.30	$1,005.80
Expenses Paid During Period	$4.26	$8.00	$3.51	$3.01
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,020.75	$1,017.00	$1,021.50	$1,022.00
Expenses Paid During Period	$4.29	$8.07	$3.54	$3.03

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.85% for Class A, 1.60% for Class C, 0.70% for Class P and 0.60% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.

Semiannual Report |  March 31, 2016 83

Unaudited

AllianzGI NFJ Emerging Markets Value Fund

For the period of October 1, 2015 through March 31, 2016, as provided by Krysta Hill, Product Specialist Associate.

Fund Insights

For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI NFJ Emerging Markets Value Fund (the “Fund”) returned 4.99%, underperforming the MSCI Emerging Markets Index (the “benchmark index”), which returned 6.41%.

Market Overview

Within the global equity space, emerging market equities vastly outpaced developed, international stocks over the reporting period, with the benchmark index appreciating 6.41% and the MSCI EAFE Index climbing 1.56%. Emerging markets were largely boosted by a weaker US dollar and rising commodity prices, with equities in Latin America leading gains, while those in Asia tended to lag. Brazil was a standout performer, soaring 25% within the benchmark index while many Eastern European equities were elevated by additional stimulus measures from the ECB, with Turkey of particular note, rising 21% over the trailing six-month period. Indonesia (35%), Hungary (31%), Malaysia (22%), Peru (17%), Chile (12%) and South Korea (11%) also rose to realize double-digit returns. Conversely, negative results were concentrated in part to Asia, where India declined 3% and China fell 1% as concerns for a slowdown in China’s economy persisted over the reporting period. All but one of ten economic sectors within the benchmark index recorded a positive return, led by strength from the energy, materials, information technology and utilities sectors. The industrials sector returned -5 basis points over the reporting period, followed by flat returns from telecom services equities and a 2% gain for health care names in the benchmark index.

Portfolio Review

The Fund’s relative underperformance versus the benchmark index was due in part to a 3.0% average cash position, which detracted over the volatile, but largely positive reporting period, paired with more moderate contributions from sector and country allocation. Stock selection as well as sector allocation were roughly neutral for the reporting period.

In terms of stock selection, Fund holdings in the materials, health care and consumer discretionary sectors were the largest contributors to performance. Negative selection in the energy, information technology and telecom services sectors detracted from results.

From a sector allocation perspective, underweight positions in the telecom services and materials sectors boosted relative performance results. An overweight in the health care sector slightly detracted during the reporting period.

Selection by country was positive, particularly across China, Malaysia, India and Taiwan. Holdings in South Africa and South Korea muted Fund performance during the reporting period.

Country allocation contributed to results, largely due to overweights in Brazil and Russia and underweights in Greece and Qatar. This was somewhat offset by underweight positions in Indonesia and South Korea.

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

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		Since Inception†
AllianzGI NFJ Emerging Markets Value Fund Class A		4.99%		–8.13%		–1.36%
AllianzGI NFJ Emerging Markets Value Fund Class A (adjusted)		–0.78%		–13.19%		–3.05%
AllianzGI NFJ Emerging Markets Value Fund Class C		4.63%		–8.87%		–2.10%
AllianzGI NFJ Emerging Markets Value Fund Class C (adjusted)		3.63%		–9.76%		–2.10%
AllianzGI NFJ Emerging Markets Value Fund Class P		5.05%		–7.99%		–1.20%
AllianzGI NFJ Emerging Markets Value Fund Institutional Class		5.09%		–7.95%		–1.12%
MSCI Emerging Markets Index		6.41%		–12.03%		–4.33%
Lipper Emerging Markets Funds Average		4.60%		–11.58%		–4.36%

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

* Cumulative return

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 6.40% for Class A shares, 7.24% for Class C shares, 5.72% for Class P shares and 5.78% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.34% for Class A shares, 2.09% for Class C shares, 1.18% for Class P shares and 1.09% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

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Unaudited

AllianzGI NFJ Emerging Markets Value Fund (cont’d)

Cumulative Returns Through March 31, 2016

Country Allocation (as of March 31, 2016 )

China	25.2%
Korea (Republic of)	11.4%
Taiwan	11.3%
Brazil	9.1%
India	8.2%
South Africa	4.7%
Turkey	3.4%
Russian Federation	3.2%
Other	19.9%
Cash & Equivalents — Net	3.6%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class P	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,049.90	$1,046.30	$1,050.50	$1,050.90
Expenses Paid During Period	$7.53	$11.46	$6.72	$6.36
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,017.65	$1,013.80	$1,018.45	$1,018.80
Expenses Paid During Period	$7.41	$11.28	$6.61	$6.26

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.47% for Class A, 2.24% for Class C, 1.31% for Class P and 1.24% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366.

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Unaudited

AllianzGI NFJ Global Dividend Value Fund

For the period of October 1, 2015 through March 31, 2016, as provided by Krysta Hill, Product Specialist Associate.

Fund Insights

For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI NFJ Global Dividend Value Fund (the “Fund”) returned 3.79%, underperforming the MSCI ACWI (the “benchmark index”), which returned 5.28%.

Market Overview

Global equities, as measured by the benchmark index, appreciated 5.28%, led by strength in the US space, with the S&P 500 Index gaining 8.49%, as well as the emerging economies, with the MSCI Emerging Markets Index appreciating 6.41%, during the reporting period. Strength from many emerging countries, particularly during the second half of the reporting period, was boosted in part by weakness in the US dollar and ascending commodity prices. Within the global equity space, developed, international stocks, as measured by the MSCI EAFE Index, gained a mere 1.56% for the trailing six-month period. Investors in Japan’s Nikkei 225 Average struggled in the face of a surprise rate cut by the BoJ during the first quarter of 2016. Bank shares dove 30% during the first quarter alone, as the BoJ decision to cut benchmark interest rates below zero compressed the spread at which financial firms borrow and lend. The value of the yen—a key determinant of Japanese export earnings—surged to a two-and-a half year high versus the US dollar in the first quarter of 2016, spurred by heavy demand for safe assets and the Fed’s dovish outlook. Euro-zone GDP expanded at a 1.1% annual rate during the fourth quarter of 2015, the weakest performance in a year and a half. In an effort to shake the region from its economic funk, policymakers at the ECB doubled-down on monetary stimulus in the first quarter, slashing benchmark interest rates deeper into negative territory and ramping up the pace of monthly asset purchases from €60 billion to €80 billion. While 13 of 46 countries in the benchmark index fell to a negative total return over the reporting period, another 13 countries soared to double-digit gains, led by strength from the emerging and Asia/Pacific markets: Indonesia, Brazil, Australia, Chile and Russia. After a 29% fall for Greece-based equities, weakness largely stemmed from Europe—including Italy (-14%), Spain (-6%), Switzerland (-3%) and the UK (-1%)—as well as a 1% decline from China. For the reporting period, all but one of ten economic sectors within the benchmark index recorded a positive return, as the telecom services, consumer staples, information technology and utilities sectors climbed 10% or more. Financials names delivered the poorest performance, declining over 1%, while health care securities were flat and consumer discretionary equities recorded a 4.8% total return.

Portfolio Review

The Fund’s relative performance versus the benchmark index was due to negative stock selection while regional and sector allocations were positive, during the reporting period.

In terms of stock selection, the Fund’s holdings in the financials and health care sectors contributed positively to performance during the reporting period but were overwhelmed by selections in the utilities, telecom services and materials sectors, which detracted from Fund returns.

Sector allocation overall contributed to relative performance, led by overweight positions in telecom services and information technology, as well as an underweight in the health care sector, which also aided performance results. Conversely, an underweight in materials detracted from the Fund’s relative returns, during the reporting period.

Selection by country was largely net neutral as positive selection across the UK, Norway and Germany was largely offset by negative selection across Israel, South Korea and South Africa.

Country allocation was positive over the reporting period, driven in part by underweight exposures in Japan, Italy and Switzerland, as well as an overweight in Indonesia. The Fund’s overweight in Spain and underweight in the United States had a negative impact on relative performance results.

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

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Unaudited

AllianzGI NFJ Global Dividend Value Fund (cont’d)

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		5 Year		Since Inception†
AllianzGI NFJ Global Dividend Value Fund Class A		3.79%		–6.73%		2.83%		7.72%
AllianzGI NFJ Global Dividend Value Fund Class A (adjusted)		–1.92%		–11.86%		1.67%		6.82%
AllianzGI NFJ Global Dividend Value Fund Class C		3.36%		–7.46%		2.01%		6.89%
AllianzGI NFJ Global Dividend Value Fund Class C (adjusted)		2.46%		–8.23%		2.01%		6.89%
AllianzGI NFJ Global Dividend Value Fund Class P		3.82%		–6.61%		3.00%		7.91%
AllianzGI NFJ Global Dividend Value Fund Institutional Class		3.87%		–6.52%		3.09%		8.00%
MSCI ACWI		5.28%		–4.34%		5.22%		9.71%
Lipper Global Equity Income Funds Average		5.87%		–2.38%		5.06%		8.98%

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

* Cumulative return

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.72% for Class A shares, 2.56% for Class C shares, 1.44% for Class P shares and 1.40% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.20% for Class A shares, 1.99% for Class C shares, 1.04% for Class P shares and 0.95% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

Cumulative Returns Through March 31, 2016

Country Allocation (as of March 31, 2016)

United States	49.8%
United Kingdom	15.0%
China	4.0%
Spain	3.9%
Japan	3.4%
South Africa	3.1%
Russian Federation	2.2%
Germany	2.1%
Other	13.6%
Cash & Equivalents — Net	2.9%

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Unaudited

AllianzGI NFJ Global Dividend Value Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class P	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,037.90	$1,033.60	$1,038.20	$1,038.70
Expenses Paid During Period	$6.11	$10.12	$5.30	$4.84
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,019.00	$1,015.05	$1,019.80	$1,020.25
Expenses Paid During Period	$6.06	$10.02	$5.25	$4.80

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.20% for Class A, 1.99% for Class C, 1.04% for Class P and 0.95% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366.

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Semiannual Report |  March 31, 2016 89

Unaudited

AllianzGI NFJ International Small-Cap Value Fund

For the period of October 1, 2015 through March 31, 2016, as provided by Krysta Hill, Product Specialist Associate.

Fund Insights

For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI NFJ International Small-Cap Value Fund (the “Fund”) returned 2.71%, underperforming the MSCI World ex USA Small Cap Index (the “benchmark index”), which returned 6.46%.

Market Overview

Within the global equity space, developed, small-capitalization international stocks, as measured by the benchmark index, gained 6.46% for the reporting period. Those results outpaced US small-capitalization equities, which rose 2.02% in the Russell 2000 Index. Within the international sphere, emerging equities bested the returns of developed, international equities, with the MSCI Emerging Markets Index up 6.41% and the MSCI EAFE Index gaining a more moderate 1.56% during the reporting period. Investors in Japan’s Nikkei 225 Average struggled in the face of a surprise rate cut by the BoJ during the first quarter of 2016. Bank shares dove 30% during the first quarter alone, as the BoJ decision to cut benchmark interest rates below zero compressed the spread at which financial firms borrow and lend. The value of the yen—a key determinant of Japanese export earnings—surged to a two-and-a half year high versus the US dollar in the first quarter of 2016, spurred by heavy demand for safe assets and the Fed’s dovish outlook. Euro-zone GDP expanded at a 1.1% annual rate during the fourth quarter of 2015, the weakest performance in a year and a half. In an effort to shake the region from its economic funk, policymakers at the ECB doubled-down on monetary stimulus in the first quarter of 2016, slashing benchmark interest rates deeper into negative territory and ramping up the pace of monthly asset purchases from €60 billion to €80 billion. Just four of 22 countries in the benchmark index dipped into negative territory for the period: Portugal (-5%), Hong Kong (-5%), Italy (-3%) and the UK (-2%). Strength was realized across Asia/Pacific and select European countries, led by New Zealand (+33%), Australia (+22%), Sweden (+16%), Finland (+15%), Ireland (+13%), Switzerland (+13%) and Singapore (+11%). For the reporting period, all but one of ten economic sectors within the benchmark index recorded a positive return, as the consumer staples, materials, utilities, and health care climbed 9% or more. Energy names delivered the poorest performance, declining 9%, while telecom services securities gained just 1% and financials equities recorded a 2% total return.

Portfolio Review

The Fund’s relative underperformance versus the benchmark index was largely due to negative stock selection, while country and sector allocations were positive over the reporting period.

In terms of stock selection, Fund holdings in the financials, telecom services and utilities sectors were the largest contributors to performance. However, these gains were overwhelmed by negative selection across the industrials, consumer discretionary and information technology sectors.

From a sector allocation perspective, an overweight in materials as well as an underweight in energy boosted relative returns. Conversely, an underweight in health care detracted from performance over the reporting period.

Selection by country was negative, led by holdings based in Japan, Germany and Italy, which failed to keep pace with benchmark shares. The Fund realized gains with strong selection from Hong Kong, Canada and Australia-based holdings.

Country allocation was positive, boosted by an underweight in Japan and overweight positions in New Zealand and the Philippines. The Fund’s overweights in South Africa and Hong Kong weighed on relative performance results.

Sector and country weight deviations are a result of NFJ’s bottom-up investment process. On average during the reporting period, the Fund’s largest overweights relative to the benchmark index were in the materials and consumer staples sectors. In contrast, the largest relative underweights were in the health care and information technology sectors.

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Unaudited

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

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		Since Inception†
AllianzGI NFJ International Small-Cap Value Fund Class A		2.71%		–4.20%		10.89%
AllianzGI NFJ International Small-Cap Value Fund Class A (adjusted)		–2.93%		–9.47%		9.26%
AllianzGI NFJ International Small-Cap Value Fund Class C		2.32%		–4.92%		10.08%
AllianzGI NFJ International Small-Cap Value Fund Class C (adjusted)		1.35%		–5.82%		10.08%
AllianzGI NFJ International Small-Cap Value Fund Class P		2.78%		–4.07%		11.06%
AllianzGI NFJ International Small-Cap Value Fund Institutional Class		2.79%		–3.98%		11.16%
AllianzGI NFJ International Small-Cap Value Fund Class R6		2.82%		–3.91%		11.27%
MSCI World ex USA Small Cap Index		6.46%		1.99%		11.44%
Lipper International Small/Mid-Cap Core Funds Average		2.87%		–2.65%		9.54%

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

* Cumulative return

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 2.97% for Class A shares, 3.80% for Class C shares, 2.81% for Class P shares, 2.71% for Institutional Class shares and 3.19% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.30% for Class A shares, 2.05% for Class C shares, 1.15% for Class P shares, 1.05% for Institutional Class shares and 0.95% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

Cumulative Returns Through March 31, 2016

Country Allocation (as of March 31, 2016)

Japan	20.9%
United Kingdom	16.1%
Canada	8.0%
Sweden	6.8%
Australia	6.3%
France	4.3%
Italy	4.2%
Chile	3.6%
Other	27.3%
Cash & Equivalents — Net	2.5%

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

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class P	Institutional Class	Class R6
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,027.10	$1,023.20	$1,027.80	$1,027.90	$1,028.20
Expenses Paid During Period	$6.64	$10.52	$5.93	$5.53	$4.87
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class	Class R6
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,018.45	$1,014.60	$1,019.15	$1,019.55	$1,020.20
Expenses Paid During Period	$6.61	$10.48	$5.91	$5.50	$4.85

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.31% for Class A, 2.08% for Class C, 1.17% for Class P, 1.09% for Institutional Class and 0.96% for Class R6), multiplied by the average account value over the period, multiplied by 183/366.

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AllianzGI NFJ International Value II Fund

For the period of October 1, 2015 through March 31, 2016, as provided by Krysta Hill, Product Specialist Associate.

Fund Insights

For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI NFJ International Value II Fund (the “Fund”) returned 1.29%, underperforming the MSCI EAFE Index (the “benchmark index”), which returned 1.56%.

Market Overview

Within the global equity space, developed, international stocks, as measured by the benchmark index, gained 1.56% for the reporting period. Those results trailed the S&P 500, which climbed 8.49%, and the MSCI Emerging Markets Index, which appreciated 6.41%, during the reporting period. Investors in Japan’s Nikkei 225 Average struggled in the face of a surprise rate cut by the BoJ during the first quarter of 2016. Bank shares dove 30% during the first quarter of 2016 alone, as the BoJ decision to cut benchmark interest rates below zero compressed the spread at which financial firms borrow and lend. The value of the yen—a key determinant of Japanese export earnings—surged to a two-and-a half year high versus the US dollar in the first quarter also, spurred by heavy demand for safe assets and the Fed’s dovish outlook. Euro-zone GDP expanded at a 1.1% annual rate during the fourth quarter of 2015, the weakest performance in a year and a half. In an effort to shake the region from its economic funk, policymakers at the ECB doubled-down on monetary stimulus in the first quarter, slashing benchmark interest rates deeper into negative territory and ramping up the pace of monthly asset purchases from €60 billion to €80 billion. Five of 21 countries in the benchmark index dipped into negative territory for the period, including Italy (-14%), Spain (-6%), Switzerland (-3%), Israel (-2%) and the UK (-1%). Strength was realized across Asia/Pacific and select European countries, led by New Zealand (+33%), Australia (+13%), Belgium (+11%), Singapore (+10%) and Portugal (+8%). For the period, all but two of ten economic sectors within the benchmark index recorded a positive return, as the consumer staples, industrials, telecom services, and energy sectors climbed 6% or more. Financials delivered the poorest performance, declining 6% while health care securities fell 1% and consumer discretionary equities recorded a 1% total return.

Portfolio Review

Negative sector allocation contributed to the Fund’s relative underperformance of the benchmark index over the reporting period. Conversely, stock selection and country allocation were positive and boosted relative performance results.

In terms of stock selection, Fund holdings in the financials, utilities and consumer staples sectors outpaced benchmark index shares. Selection across the materials sector detracted somewhat from results.

From a sector allocation perspective, an underweight in consumer staples and overweight positions in the financials and materials sectors, were primary performance detractors. Conversely, an overweight in telecom services somewhat contributed to Fund performance over the reporting period.

Selection by region was positive, particularly in the United Kingdom, Netherlands and Australia. However, the Fund’s Norway, Israel and Sweden-based holdings somewhat hindered relative results.

Country allocations were positive due to the Fund’s underweights in Switzerland and Italy, as well as overweight positions in the UK and Hong Kong. Overweights in the off-benchmark countries of China and Colombia, as well as an underweight in Germany, detracted during the reporting period.

Sector and region weight deviations are a result of NFJ’s bottom-up investment process. On average during the reporting period, the Fund’s largest overweights relative to the benchmark index were in the consumer discretionary and financials sectors. In contrast, the largest relative underweights were in the consumer staples and health care sectors.

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		Since Inception†
AllianzGI NFJ International Value II Fund Class A		1.29%		–10.34%		4.13%
AllianzGI NFJ International Value II Fund Class A (adjusted)		–4.28%		–15.27%		2.77%
AllianzGI NFJ International Value II Fund Class C		0.90%		–11.00%		3.34%
AllianzGI NFJ International Value II Fund Class C (adjusted)		–0.10%		–11.88%		3.34%
AllianzGI NFJ International Value II Fund Class P		1.40%		–10.17%		4.34%
AllianzGI NFJ International Value II Fund Institutional Class		1.46%		–10.10%		4.41%
MSCI EAFE Index		1.56%		–8.27%		6.27%
Lipper International Multi-Cap Value Funds Average		0.99%		–9.48%		4.63%

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

* Cumulative return

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.76% for Class A shares, 2.49% for Class C shares, 1.42% for Class P shares and 1.40% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.20% for Class A shares, 1.95% for Class C shares, 1.00% for Class P shares and 0.95% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

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AllianzGI NFJ International Value II Fund (cont’d)

Cumulative Returns Through March 31, 2016

Country Allocation (as of March 31, 2016)

United Kingdom	26.3%
Japan	14.1%
France	8.8%
Hong Kong	8.5%
Canada	5.8%
Sweden	4.0%
Germany	3.0%
China	2.7%
Other	25.1%
Cash & Equivalents — Net	1.7%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class P	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,012.90	$1,009.00	$1,014.00	$1,014.60
Expenses Paid During Period	$6.04	$9.79	$5.04	$4.78
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,019.00	$1,015.25	$1,020.00	$1,020.25
Expenses Paid During Period	$6.06	$9.82	$5.05	$4.80

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.20% for Class A, 1.95% for Class C, 1.20%, 1.00% for Class P and 0.95% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366.

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AllianzGI Short Duration High Income Fund

For the period of October 1, 2015 through March 31, 2016, as provided by Doug Forsyth, CFA, Portfolio Manager.

Fund Insights

For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI Short Duration High Income Fund (the “Fund”) returned 0.38%, underperforming the BofA Merrill Lynch 1-3 Year BB US Cash Pay High Yield Index (the “benchmark index”), which returned 2.31%.

Market Overview

The high-yield market’s path toward achieving positive results was hardly linear for the period.

Several factors influenced high-yield bonds earlier in the reporting period—most notably oil prices, technical pressure and negative sentiment, the Fed’s activity, earnings and the dollar, and global economic data.

In the second half of the first quarter of 2016, performance recovered significantly so this review will focus on what caused the market’s slide to reverse course and head higher. The most notable factors were the Fed’s outlook and commentary, US economic data, global conditions and technical factors.

The Fed’s activity topped the list of concerns about an already fragile US economy slowing further, but so far this year, the Fed has kept additional rate hikes on hold due to market volatility and weakness outside the US. After some hawkish rhetoric by some FOMC members following their March 2016 meeting, Fed Chair Janet Yellen quickly reversed those interpretations with some heavily dovish comments of her own.

Other factors benefiting the high-yield market during the first quarter of 2016 were a weaker dollar and, concurrently, higher commodity prices. As those prices, specifically crude oil prices, increased, market sentiment also rose. These changes were bolstered by a continuing positive employment trend that, when taken in conjunction with other economic indicators, create a positive backdrop for the current conditions in the US. These factors all helped the high-yield market stage a strong comeback.

Three offshore factors also helped sentiment. First, the ECB presented some stronger than expected economic stimulus tools to help calm fears in Europe. Second, Chinese officials made several comments in the first quarter of the year that helped abate concerns about growth and foreign-exchange policies. And third, several oil-producing countries discussed capping production; this was another factor that influenced the direction of oil prices.

Some of the reporting period’s increased volatility stemmed from technical pressure caused by structural changes. The lack of middle-market-making by banks and broker/dealers has created price gaps for some issuers. Government policies intended to control the financial risk for banks trading in the credit markets have had unintended consequences. The market-smoothing mechanism—broker/dealers making markets—is struggling, and even small trades have caused a great impact on prices in many cases. However, these same forces led to price gaps higher over the balance of the quarter.

Portfolio Review

The Fund seeks a high level of current income with lower volatility than the broader high yield market. The Fund delivered positive absolute returns over the six-month period but lagged the performance of the benchmark index return. Credit quality in the portfolio remains relatively high. Yield to worst for the Fund was consistently higher than that of the benchmark index over the reporting period. At the same time, duration for the Fund was similar to that of the benchmark index over the period to balance our objectives of maintaining high current income while attempting to preserve capital in the event of rising interest rates.

Industry allocations that helped absolute performance during the period included insurance, cable & satellite TV and steel producers/products.

Industry allocations that hurt absolute performance during the period energy, healthcare and telecom-wireline integrated & services.

Please note the benchmark index represents a segment of the high-yield market and is not viewed as a target for the Fund’s investment performance. It is worth noting that the benchmark index is composed of BB rated corporate bonds with maturities of 1-3 years. In contrast, the Fund owns bank loans and securities that have credit ratings below BB and maturities exceeding 3 years.

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AllianzGI Short Duration High Income Fund (cont’d)

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		Since Inception†
AllianzGI Short Duration High Income Fund Class A		0.38%		–0.76%		4.32%
AllianzGI Short Duration High Income Fund Class A (adjusted)		–1.88%		–3.00%		3.79%
AllianzGI Short Duration High Income Fund Class C		0.28%		–1.07%		3.95%
AllianzGI Short Duration High Income Fund Class C (adjusted)		–0.70%		–2.01%		3.95%
AllianzGI Short Duration High Income Fund Class P		0.55%		–0.50%		4.51%
AllianzGI Short Duration High Income Fund Institutional Class		0.52%		–0.47%		4.59%
BofA Merrill Lynch 1-3 Year BB US Cash Pay High Yield Index		2.31%		1.90%		5.58%
Lipper High Yield Funds Average		0.31%		–4.01%		5.71%

† The Fund began operations on 10/3/11. Benchmark return comparisons began on the fund inception date.

* Cumulative return

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 2.25% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 0.86% for Class A shares, 1.15% for Class C shares, 0.64% for Class P shares and 0.59% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

Cumulative Returns Through March 31, 2016

Industry Allocation (as of March 31, 2016)

Telecommunications	9.0%
Home Builders	7.8%
Containers & Packaging	7.6%
Diversified Financial Services	6.8%
Oil, Gas & Consumable Fuels	6.5%
Pipelines	5.5%
Commercial Services & Supplies	5.4%
Specialty Retail	5.4%
Other	41.1%
Cash & Equivalents — Net	4.9%

S&P Ratings* (as of March 31, 2016 )

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

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AllianzGI Short Duration High Income Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class P	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,003.80	$1,002.80	$1,005.50	$1,005.20
Expenses Paid During Period	$4.31	$5.66	$3.36	$3.01
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,020.70	$1,019.35	$1,021.65	$1,022.00
Expenses Paid During Period	$4.34	$5.70	$3.39	$3.03

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.86% for Class A, 1.13% for Class C, 0.67% for Class P and 0.60% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366.

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AllianzGI Structured Return Fund

For the period of October 1, 2015 through March 31, 2016, as provided by Greg Tournant and Stephen Bond-Nelson, Co-Portfolio Managers.

Fund Insights

For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI Structured Return Fund (the “Fund”) returned 1.55%, outperforming the BofA Merrill Lynch 3-Month US Treasury Bill Index (the “benchmark index”), which returned 0.10%.

Portfolio Review

The Fund navigated difficult market fluctuations to deliver positive performance for the reporting period. The results illustrate the Fund’s ability to generate returns and to manage risk even when markets are undergoing steep declines.

As we had anticipated following its August 2015 decline, the Fund’s performance recovered rapidly. The Fund gained 1.23% in October 2015, resulting in a 2.89% snapback in performance over the September-October period. This performance is typical of the Fund’s behavior following an equity-market drawdown and volatility spike. The Fund gained from lucrative in-the-money covered call positions that were initiated in late August and early September 2015 at elevated volatility levels. The Fund also benefited from directional spreads, tactically layered into the portfolio to capitalize on S&P 500 Index moves to both the upside and downside. These positions contributed approximately 0.35% to the Fund’s performance for the fourth quarter of 2015.

At first glance, it could appear that the Fund’s recovery occurred because the S&P 500 Index was up 8.44% in October 2015. But continued equity-market weakness would actually have been an even better environment for the Fund. The Fund’s risk-adjusted return potential is enhanced during extended periods of heightened volatility. Higher volatility levels provide the opportunity to collect higher option premium with greater statistical safety to the downside. The sharp S&P 500 Index rally caused the CBOE Volatility Index (“VIX”) to decline rapidly, shortening the aftermath of elevated profit potential.

Equity markets calmed in November 2015 as investors anticipated the Fed rate hike in December. The S&P 500 Index rose 0.30% while the VIX remained in the teens. For the month, the Fund performed in line with expectations, gaining 0.45%

Unease returned to equity markets in December 2015, as investors weighed the impact of the Fed’s decision on December 16 to raise interest rates and oil-price instability roiled markets. The S&P 500 Index fluctuated as much as 1% to 2% a day for a stretch, ultimately declining 1.58% for the month. The VIX briefly climbed into the low 20s and closed out the year at 18. The Fund navigated the challenging conditions and gained 0.26% for the month.

Right out of the gate in the new year, the broad US equity market underwent a significant correction. Beginning in late December 2015, the S&P 500 Index tumbled 10.5% in 14 trading days. After some further choppiness into mid-February 2016, the index rebounded sharply to finish up 1.35% for the quarter.

As part of our risk management process to accommodate the sharp equity index pullback, we closed several of our short in-the-money call positions and opened new call positions with strikes 5% further downward, positioning the portfolio to withstand additional equity market weakness.

The S&P 500 Index finished January 2016 with a return of -4.96%, with the Fund returning -1.29%. This was a more benign monthly outcome than August 2015, when the Fund returned -3.61% amid a similarly large equity-market decline.

In the case of the January move, we attribute the better durability to several factors. First, directional put spread positions helped offset the net cost of the restructuring, as is their purpose. Directional spreads helped diversify the Fund and contributed approximately 40 basis points in the first quarter.

Second, the speed of the benchmark index move was less severe than in August 2015. It is easier to withstand a 10% decline over two weeks than over five trading days, which was the time frame last August. With some option positions expiring intact along the way, we were able to do less restructuring overall. The net cost of our restructuring was approximately 175 basis points.

Finally, the starting level of the VIX was more favorable in January 2016 than it was last summer. In December 2015, we were able to build many positions with the VIX in the high teens and low 20s—considerably higher than the VIX level of 13 that was in place when the August 2015 correction began. A high VIX enables wider strike distances at time of position construction, and is therefore better positioned to withstand difficult market conditions. It also reduces the impact of negative mark-to-market on the Fund’s short-term performance. The VIX climbed to the high 20s in January, a month-over-month increase of just 26%. In contrast, the VIX surged 134% in August 2015 from its beginning base, resulting in much choppier daily and monthly performance.

Following a short-lived recovery at the end of January, the S&P 500 Index again plummeted in February 2016, ultimately bottoming out on February 11 with the VIX as high as 28. The Fund profited from lucrative in-the-money covered call positions that had been constructed in a higher VIX environment, as is typical. Class A shares of the Fund gained 0.33% net of fees for the month, even as the S&P 500 Index was down again with a return of -0.13%.

From there, a powerful equity reversal took hold, with the S&P 500 Index rising 13% in just a few weeks, on its way to a 6.8% return for March 2016. The V-shaped recovery caused a rapid decline in the VIX, finishing the quarter back in the low-teens. The Fund continued to realize gains as its option positions cycled through their expirations. The Fund returned 0.59% in March 2016.

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Unaudited

AllianzGI Structured Return Fund (cont’d)

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		Since Inception†
AllianzGI Structured Return Fund Class A		1.55%		1.82%		4.15%
AllianzGI Structured Return Fund Class A (adjusted)		–4.03%		–3.78%		2.40%
AllianzGI Structured Return Fund Class C		1.23%		1.10%		3.38%
AllianzGI Structured Return Fund Class C (adjusted)		0.24%		0.11%		3.38%
AllianzGI Structured Return Fund Class P		1.72%		1.98%		4.32%
AllianzGI Structured Return Fund Institutional Class		1.72%		2.05%		4.41%
BofA Merrill Lynch 3-Month US Treasury Bill Index		0.10%		0.12%		0.07%
Lipper Absolute Return Funds Average		–0.17%		–4.01%		1.49%

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

* Cumulative return

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.58% for Class A shares, 2.09% for Class C shares, 1.16% for Class P shares and 1.22% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.24% for Class A shares, 1.99% for Class C shares, 1.09% for Class P shares and 0.99% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

Cumulative Returns Through March 31, 2016

Asset Allocation (as of March 31, 2016)

Exchange-Traded Funds	94.5%
Cash & Equivalents — Net (including Options Purchased and Written)	5.5%

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AllianzGI Structured Return Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class P	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,015.50	$1,012.30	$1,017.20	$1,017.20
Expenses Paid During Period	$5.79	$9.56	$5.04	$4.54
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,019.25	$1,015.50	$1,020.00	$1,020.50
Expenses Paid During Period	$5.81	$9.57	$5.05	$4.55

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.15% for Class A, 1.90% for Class C, 1.00% for Class P and 0.90% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.

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AllianzGI U.S. Equity Hedged Fund

For the period of October 1, 2015 through March 31, 2016, as provided by Greg Tournant and Stephen Bond-Nelson, Co-Portfolio Managers.

Fund Insights

For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI U.S. Equity Hedged Fund (the “Fund”) returned -0.19%, underperforming the S&P 500 Index (the “benchmark index”), which returned 8.49%.

Portfolio Overview

The Fund underperformed for the reporting period yet smoothed the extreme moves of the benchmark index. The Fund protected well on the downside but could not keep pace during strong equity market rebounds.

Since its inception in December 2012, the Fund has delivered above-average returns among its Morningstar Long/Short Equity peer group and has reduced equity-market volatility by approximately 40% as measured by the standard deviation of monthly returns of the Fund versus the benchmark index.

The Fund seeks to provide protection against downside equity-market moves while asymmetrically preserving the upside potential of the underlying passive equity portfolio. The Fund pursues this objective by purchasing laddered, long duration equity index put options and selling short duration index calls at varying strike distances. The goal of this duration mismatch is for the short call positions to stay out of the way of rising equity markets while the longer-dated put positions continuously hedge downside risk.

At the start of the reporting period, domestic equities surged, with the benchmark index gaining 8.44% in October 2015. Although the Fund was unable to keep pace with the benchmark Index’s rapid ascent, the Fund gained 3.42% for the month. The short calls in the Fund, written about 3% away from benchmark index levels at inception, curtailed the underlying equity’s upside.

Equity markets calmed in November 2015 as investors anticipated the Fed rate hike in December. The benchmark index rose 0.30% and equity market volatility subdued. The Fund outperformed for the month with a gain of 0.43%, as per the Fund’s standard deviation.

Unease returned to equity markets in December 2015, as investors weighed the impact of the Fed’s decision on December 16 to raise interest rates and oil price instability roiled markets. The benchmark index fluctuated as much as 1% to 2% a day for a stretch, ultimately declining 1.58% for the month. The VIX, meanwhile briefly climbed to the mid-20s, but ultimately finished the month at 18. The decline in the VIX negatively impacted the value of the Fund’s hedging positions, causing the Class A shares of the Fund to finish the month down 2.36%.

At the start of the first quarter of 2016, the broad US equity market underwent a significant correction. Beginning in late December 2015, the benchmark index fell 10.5% in 14 trading days. During the move, our long puts helped cushion the Fund against equity losses. With the benchmark index returning -4.96% for the month, Class A shares of the Fund returned -3.61%.

The benchmark index again fell in early February 2016, ultimately bottoming on February 11. The laddered long put positions once again helped soften the underlying equity portfolio decline. In the first 11 calendar days of the month, the Fund was down just 2.50%, less than half of the corresponding benchmark index decline for the same period.

From there, however, a powerful equity reversal took hold, with the benchmark index rising 13% in just a few weeks, on its way to a 6.78% return for March 2016. This V-shaped bear market rally was too rapid for our short call positions. For the month of March, the Fund gained 2.24%, but the short calls, which had been written about 3% to 5% away from benchmark index levels at inception with a duration of one month, truncated the Fund’s upside participation.

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		Since Inception†
AllianzGI U.S. Equity Hedged Fund Class A		–0.19%		–5.07%		5.29%
AllianzGI U.S. Equity Hedged Fund Class A (adjusted)		–5.68%		–10.29%		3.51%
AllianzGI U.S. Equity Hedged Fund Class C		–0.56%		–5.75%		4.54%
AllianzGI U.S. Equity Hedged Fund Class C (adjusted)		–1.53%		–6.65%		4.54%
AllianzGI U.S. Equity Hedged Fund Class P		–0.14%		–5.04%		5.44%
AllianzGI U.S. Equity Hedged Fund Institutional Class		–0.05%		–4.80%		5.58%
S&P 500 Index		8.49%		1.78%		14.49%
Lipper Alternative Long/Short Equity Funds Average		0.25%		–4.38%		4.59%

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

* Cumulative return

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 2.38% for Class A shares, 3.00% for Class C shares, 1.98% for Class P shares and 2.05% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.25% for Class A shares, 2.00% for Class C shares, 1.10% for Class P shares and 1.00% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

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

Cumulative Returns Through March 31, 2016

Asset Allocation (as of March 31, 2016)

Exchange-Traded Funds	83.3%
Cash & Equivalents — Net (including Options Purchased and Written)	16.7%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class P	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$998.10	$994.40	$998.60	$999.50
Expenses Paid During Period	$6.24	$9.97	$5.50	$5.00
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,018.75	$1,015.00	$1,019.50	$1,020.00
Expenses Paid During Period	$6.31	$10.08	$5.55	$5.05

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.25% for Class A, 2.00% for Class C, 1.10% for Class P and 1.00% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.

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AllianzGI U.S. Small-Cap Growth Fund

For the period of October 1, 2015 through March 31, 2016, as provided by John McCraw, Portfolio Manager.

Fund Insights

For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI U.S. Small-Cap Growth Fund (the “Fund”) returned -6.63%, underperforming the Russell 2000 Growth Index (the “benchmark index”), which returned -0.57%.

Market Overview

In general, US stocks ended higher and proved resilient given the headwinds the market faced throughout the reporting period including an interest rate hike, monetary policy uncertainty, US recession fears, slumping commodity prices and economic growth concerns in China.

Initially, stocks rallied on fading October rate hike expectations due to a disappointing payroll report. The surge in equities persisted on dovish comments from the ECB and the announcement of new stimulus measures from the PBoC. Stabilizing Chinese economic data and a better than feared start to the third quarter earnings season were also supportive.

The market’s advance slowed in November 2015 and stocks succumbed to selling pressure in December. Sentiment fluctuated over this period as investors grappled with episodes of equity volatility and sharp declines in commodity prices, including the metals, crude oil and natural gas. However, over the quarter, investors grew more comfortable with the prospect of a rate hike and embraced the move in December—the first in nearly ten years. The Fed’s emphasis on data dependency and gradualism and a rebound in energy prices helped to ease investor angst into year end.

The first quarter of 2016 was a tale of two halves with US stocks plummeting at the year’s onset before rebounding sharply to end the period mixed. The strength of the advance was notable and propelled select US indices to a positive close on a year-to-date basis. Focused on Chinese economic growth, recession fears in the US and slumping energy prices, investors initially sought safety and fled risk assets. In the second half of the quarter, stocks staged a remarkable recovery as angst around the abovementioned concerns faded. The bifurcated performance of equities correlated closely with the price of crude oil, which also bottomed mid-quarter. Concurrent with the market’s upturn, sentiment rebounded higher and volatility sunk to levels matching the lows recorded in October 2015. Dovish comments from Fed Chair Janet Yellen, a downwardly revised interest rate hike trajectory and a more substantial than expected policy response from the ECB also supported the market’s surge. Lastly, fourth quarter earnings were generally better than estimated, but the tone of guidance was cautious.

Against this backdrop, the Russell 2000 Index underperformed the Russell 1000 Index. Within the small-cap universe, growth stocks lagged value stocks due to weakness in health care and technology. Within the benchmark index, sector performance was mixed. Telecom services, industrials and materials were among the strongest-performing sectors. In contrast, health care, pressured by weakness in biotechnology and pharmaceutical stocks, was among the worst-performing sectors. The energy and consumer discretionary sectors also underperformed.

Portfolio Review

The Fund underperformed its benchmark index over the reporting period. From an attribution perspective, both security selection and asset weight effects weighed on relative performance. For example, stock picking was positive in the consumer staples, materials and energy sectors, but the total impact was negligible. Conversely, security selection in information technology, financials and industrials had the greatest negative influence. Separately, an overweight in energy was also a detractor.

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

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		5 Year		10 Year		Since Inception†
AllianzGI U.S. Small-Cap Growth Fund Class A		–6.63%		–19.99%		3.23%		4.03%		6.60%
AllianzGI U.S. Small-Cap Growth Fund Class A (adjusted)		–11.77%		–24.39%		2.07%		3.44%		6.33%
AllianzGI U.S. Small-Cap Growth Fund Class C		–7.01%		–20.66%		2.46%		3.25%		5.80%
AllianzGI U.S. Small-Cap Growth Fund Class C (adjusted)		–7.86%		–21.38%		2.46%		3.25%		5.80%
AllianzGI U.S. Small-Cap Growth Fund Class R		–6.78%		–20.21%		3.01%		3.78%		6.34%
AllianzGI U.S. Small-Cap Growth Fund Class P		–6.54%		–19.86%		3.46%		4.27%		6.86%
AllianzGI U.S. Small-Cap Growth Fund Institutional Class		–6.51%		–19.82%		3.55%		4.37%		6.96%
Russell 2000 Growth Index		–0.57%		–11.84%		7.70%		6.00%		6.64%
Lipper Small-Cap Growth Funds Average		–2.10%		–12.11%		6.39%		5.25%		8.41%

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

* Cumulative return

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s gross expense ratios are 1.75% for Class A shares, 2.59% for Class C shares, 2.03% for Class R shares, 1.55% for Class P shares and 1.53% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least 1/31/17. The Fund’s expense ratios net of this reduction are 1.40% for Class A shares, 2.20% for Class C shares, 1.65% for Class R shares, 1.25% for Class P shares and 1.16% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

Cumulative Returns Through March 31, 2016

Industry Allocation (as of March 31, 2016)

Hotels, Restaurants & Leisure	10.3%
Software	9.6%
Construction & Engineering	6.1%
Health Care Equipment & Supplies	5.2%
Household Durables	5.0%
Building Products	4.8%
Banks	4.7%
Health Care Providers & Services	4.5%
Other	45.5%
Cash & Equivalents — Net	4.3%

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

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class R	Class P	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$933.70	$929.90	$932.20	$934.60	$934.90
Expenses Paid During Period	$6.77	$10.61	$7.97	$6.05	$5.61
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,018.00	$1,014.00	$1,016.75	$1,018.75	$1,019.20
Expenses Paid During Period	$7.06	$11.08	$8.32	$6.31	$5.86

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.40% for Class A, 2.20% for Class C, 1.65% for Class R, 1.25% for Class P and 1.16% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366.

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AllianzGI Ultra Micro Cap Fund

For the period of October 1, 2015 through March 31, 2016, as provided by John McCraw, Portfolio Manager.

Fund Insights

For the six-month period ended March 31, 2016, Class A shares at NAV of the AllianzGI Ultra Micro Cap Fund (the “Fund”) returned -6.32%, underperforming the Russell Microcap Growth Index (the “benchmark index”), which returned -4.50%.

Market Overview

In general, US stocks ended higher and proved resilient given the headwinds the market faced throughout the reporting period including an interest rate hike, monetary policy uncertainty, US recession fears, slumping commodity prices and economic growth concerns in China.

Initially, stocks rallied on fading October 2015 rate hike expectations due to a disappointing payroll report. The surge in equities persisted on dovish comments from the ECB and the announcement of new stimulus measures from the PBoC. Stabilizing Chinese economic data and a better than feared start to the third quarter earnings season were also supportive.

The market’s advance slowed in November and stocks succumbed to selling pressure in December. Sentiment fluctuated over this period as investors grappled with episodes of equity volatility and sharp declines in commodity prices, including the metals, crude oil and natural gas. However, over the quarter, investors grew more comfortable with the prospect of a rate hike and embraced the move in December—the first in nearly ten years. The Fed’s emphasis on data dependency and gradualism and a rebound in energy prices helped to ease investor angst into year end.

The first quarter of 2016 was a tale of two halves with US stocks plummeting at the year’s onset before rebounding sharply to end the reporting period mixed. The strength of the advance was notable and propelled select US indices to a positive close on a year-to-date basis. Focused on Chinese economic growth, recession fears in the US and slumping energy prices, investors initially sought safety and fled risk assets. In the second half of the quarter, stocks staged a remarkable recovery as angst around the abovementioned concerns faded. The bifurcated performance of equities correlated closely with the price of crude oil, which also bottomed mid-quarter. Concurrent with the market’s upturn, sentiment rebounded higher and volatility sunk to levels matching the lows recorded in October 2015. Dovish comments from Fed Chair Janet Yellen, a downwardly revised interest rate hike trajectory and a more substantial than expected policy response from the ECB also supported the market’s surge. Lastly, fourth-quarter earnings were generally better than estimated, but the tone of guidance was cautious.

Against this backdrop, the Russell Microcap Index trailed the Russell 2000 Index. Within the microcap universe, growth-oriented stocks lagged value-oriented stocks. Specific to the benchmark index, sector performance was mixed. Consumer staples, materials and industrials were the strongest-performing sectors, followed by telecom services. In contrast, the energy sector declined the most, followed by health care, financials and utilities.

Portfolio Review

The Fund underperformed its benchmark index over the reporting period. From an attribution perspective, security selection pressured relative performance whereas allocation effects at the sector level were negligible. For example, stock picking was positive in the consumer staples, materials and telecom services sectors. Conversely, security selection in health care, consumer discretionary and financials had a negative impact. Separately, an underweight in health care and an overweight in consumer discretionary benefited relative performance; however, an underweight in both consumer staples and industrials were offsetting.

Average Annual Total Return for the period ended March 31, 2016

	6 Month*		1 Year		5 Year		Since Inception†
AllianzGI Ultra Micro Cap Fund Class A		–6.32%		–17.98%		7.15%		10.58%
AllianzGI Ultra Micro Cap Fund Class A — Adjusted		–11.47%		–22.49%		5.94%		9.82%
AllianzGI Ultra Micro Cap Fund Class P		–6.22%		–17.76%		7.39%		10.84%
AllianzGI Ultra Micro Cap Fund Institutional Class		–6.17%		–17.80%		7.42%		10.91%
Russell Microcap Growth Index		–4.50%		–16.95%		6.43%		6.36%
Lipper Small-Cap Growth Funds Average		–2.10%		–12.11%		6.39%		6.90%

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

* Cumulative return

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 112 and 113 for more information. The Fund’s expense ratios are 2.08% for Class A shares, 1.81% for Class P shares and 1.79% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2016, as supplemented to date.

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AllianzGI Ultra Micro Cap Fund (cont’d)

Cumulative Returns Through March 31, 2016

Industry Allocation (as of March 31, 2016)

Health Care Equipment & Supplies	10.6%
Banks	6.7%
Health Care Providers & Services	6.0%
Biotechnology	5.8%
Semiconductors & Semiconductor Equipment	5.3%
Hotels, Restaurants & Leisure	5.2%
Pharmaceuticals	5.0%
Internet Software & Services	4.7%
Other	50.4%
Cash & Equivalents — Net	0.3%

Shareholder Expense Example	Actual Performance
	Class A	Class P	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$936.80	$937.80	$938.30
Expenses Paid During Period	$10.65	$9.25	$9.21
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class P	Institutional Class
Beginning Account Value (10/1/15)	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/16)	$1,014.00	$1,015.45	$1,015.50
Expenses Paid During Period	$11.08	$9.62	$9.57

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (2.20% for Class A, 1.91% for Class P and 1.90% for Institutional Class), multiplied by the average account value over the period, multiplied by 183/366.

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Important Information

Effective September 30, 2015, the Trust’s fiscal year end changed from November 30^th to September 30^th.

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

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

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

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

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

Class D and Class B shares were converted into Class A shares on November 13, 2015 and December 4, 2015, respectively.

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

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

Proxy Voting

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

Form N-Q

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

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

Shareholder Expense Example

Shareholders of a Fund incur two types of costs: (1) transaction costs; and (2) ongoing costs, including investment management fees; distribution and/or service (12b-1) fees and other Fund expenses. The Shareholder Expense Example is intended to help shareholders understand ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Shareholder Expense Example is based on an investment of $1,000.00 invested at the beginning of the period, as indicated, and held for the entire period through March 31, 2016.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

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

Credit Ratings

Bond ratings apply to the underlying holdings of a Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined for purposes of presentations in this report by using ratings provided by Moody’s Investors Service, Inc. (“Moody’s”) or in the case of AllianzGI Convertible Fund, AllianzGI High Yield Bond Fund and AllianzGI Short Duration High Income Fund, S&P Global Ratings (“S&P”). Previous shareholder reports for AllianzGI Convertible Fund, AllianzGI High Yield Bond Fund and AllianzGI Short Duration High Income Fund displayed bond ratings information provided by Moody’s.

Unless otherwise noted, presentations of credit ratings information in this report use ratings provided by Moody’s because of, among other reasons, the access to background information and other materials provided by Moody’s, as well as the Funds’ considerations of industry practice. With respect to AllianzGI Convertible Fund, AllianzGI High Yield Bond Fund and AllianzGI Short Duration High Income Fund, presentations of credit ratings information in this report use ratings provided by S&P because of, among other reasons, the applicable portfolio managers’ usage of S&P ratings methodology among other credit quality information in managing the respective portfolios, access to background information and other materials provided by S&P, as well as the Funds’ considerations of industry practice. The Funds also display S&P credit ratings information in materials provided in client presentations.

Bonds not rated by Moody’s or S&P, or bonds that do not have a rating available from Moody’s or S&P are designated as “NR” and “NA”, respectively. Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change periodically, even as frequently as daily. Ratings assigned by Moody’s, S&P or another rating agency are not absolute standards of credit quality and do not evaluate market risk. Rating agencies may fail to make timely changes in credit ratings, and an issuer’s current financial condition may be better or worse than a rating indicates. In formulating investment decisions for the applicable Funds, Allianz Global Investors U.S. LLC, the sub-adviser to the applicable Funds, develops its own analysis of the credit quality and risks associated with individual debt instruments, rather than relying exclusively on rating agencies or third-party research.

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Benchmark Descriptions

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

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

Index	Description
Barclays Global Aggregate Index	The Barclays Global Aggregate Index provides a broad-based measure of the global investment grade fixed-rate debt markets. It is comprised of the US Aggregate, Pan-European Aggregate, and the Asian-Pacific Aggregate Indexes. It also includes a wide range of standard and customized sub-indices by liquidity constraint, sector, quality and maturity.
Barclays Global High Yield Index	The Barclays Global High Yield Index is an unmanaged index considered representative of fixed rate, non-investment grade debt of companies in the US, developed markets and emerging markets.
Barclays US Aggregate Bond Index	The Barclays US Aggregate Bond Index is composed of securities from the Barclays Government/Credit Bond Index, Mortgage-Backed Securities Index, and Asset-Backed Securities Index. It is generally considered to be representative of the domestic, investment grade, fixed rate, taxable bond market.
Barclays US Credit Index	The Barclays US Credit Index is the credit component of the US Government/Credit Index. It includes publicly issued US corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements. To qualify, securities must be rated investment grade (Baa3 or better) by Moody’s.
Barclays US Government Bond Index	The Barclays US Government Bond Index is composed of all publicly issued, nonconvertible, domestic debt of the US Government or any agency thereof, quasi-federal corporations or corporate debt guaranteed by the US Government.
Barclays US Government Inflation-Linked Bond Index	Barclays US Government Inflation-Linked Bond Index measures the performance of the US Treasury Inflation Protected Securities (“TIPS”) market. The index includes TIPS with one or more years remaining maturity with total outstanding issue size of $500 million or more.
Barclays US TIPS Index	The Barclays US TIPS Index includes all publicly issued, US Treasury inflation-protected securities that have at least one year remaining to maturity, are rated investment grade, and have $250 million or more of outstanding face value.
Bloomberg Commodity Index	Bloomberg Commodity Index (BCOM) is calculated on an excess return basis and reflects commodity futures price movements. The index rebalances annually weighted 2/3 by trading volume and 1/3 by world production and weight-caps are applied at the commodity, sector and group level for diversification. Roll period typically occurs from 6th-10th business day based on the roll schedule.
BofA Merrill Lynch 1-3 Year BB US Cash Pay High Yield Index	The BofA Merrill Lynch 1-3 Year BB US Cash Pay High Yield Index is a subset of the BofA Merrill Lynch US Cash Pay High Yield Index, including all securities with a remaining term to final maturity less than 3 years and rated BB1 through BB3, inclusive. The BofA Merrill Lynch US Cash Pay High Yield Index tracks the performance of US dollar-denominated below investment grade corporate debt, currently in a coupon paying period, that is publicly issued in the US domestic market.
BofA Merrill Lynch 3-Month US Treasury Bill Index	The BofA Merrill Lynch 3-Month US Treasury Bill Index tracks the performance of the 3-month US Treasury markets.
BofA Merrill Lynch All Convertibles Index	The BofA Merrill Lynch All Convertibles Index is a widely used, unmanaged index that measures the performance of US dollar-denominated convertible securities not currently in bankruptcy with a total market value greater than $50 million at issuance.

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Index	Description
BofA Merrill Lynch High Yield Master II Index	The BofA Merrill Lynch High Yield Master II Index is an unmanaged index consisting of US dollar-denominated bonds that are issued in countries having a BBB3 or higher debt rating with at least one year remaining until maturity. All bonds must have a credit rating below investment grade but not in default.
CBOE Volatility Index (VIX)	The CBOE Volatility Index (VIX) is a key measure of market expectations of near-term volatility conveyed by S&P 500 stock index option prices.
Custom Real Asset Benchmark	The Custom Real Asset Benchmark represents the performance of a hypothetical index developed by the Adviser. This blended benchmark is comprised of seven underlying indices in the following proportions: 25% Dow Jones UBS Commodity Total Return Index, 25% MSCI World Real Estate Index, 25% Barclays US Government Inflation-Linked Bond Index, 6.25% DAX Global Agribusiness Index, 7.5% MSCI World Energy Index, 6.25% MSCI World Materials Index and 5% MSCI ACWI Industrials (equal-weighted) Index. The Dow Jones UBS Commodity Total Return Index tracks prices of futures contracts on physical commodities on the commodity markets. The MSCI World Real Estate Index is a free float-adjusted market capitalization index that consists of large and mid cap equity REITs across 23 Developed Markets (DM) countries, which generate a majority of their revenue and income from real estate rental and leasing operations. The Barclays US Government Inflation-Linked Bond Index measures the performance of the US Treasury Inflation Protected Securities (TIPS) market. The DAX Global Agribusiness Index replicates the performance of the largest and most liquid agribusiness companies. The MSCI World Energy Index is a component of the MSCI World Index and represents the energy securities defined by MSCI. The MSCI World Materials Index is a component of the MSCI World Index and represents the materials securities defined by MSCI. The MSCI ACWI Industrials (equal-weighted) Index is a component of the MSCI All Country World Index and represents the industrials securities defined by MSCI calculated equal-weighted. Performance data presently shown for MSCI and DAX Indexes is net of dividend tax withholding. It is not possible to invest directly in the blended benchmark or in the indices from which it is derived.
Dow Jones Sustainability World Total Return Index	The Dow Jones Sustainability World Total Return Index tracks the performance of the top 10% of the 2500 largest companies in the S&P Global Broad Market Index that are the world’s sustainability leaders based on economic, environmental and social criteria.
Dow Jones US Select REIT Index	The Dow Jones US Select REIT Index measures the performance of publicly traded REITs and REIT-like securities.
Institute for Supply Management Manufacturing Index (ISM Index)	The Institute for Supply Management Manufacturing Index (ISM) is an index based on surveys of more than 300 manufacturing firms by the Institute of Supply Management. The ISM Index monitors employment, production inventories, new orders and supplier deliveries.
JP Morgan Corporate Emerging Markets Broad Diversified Index (CEMBI)	The JP Morgan Corporate Emerging Markets Bond Index (CEMBI) tracks total returns of US dollar-denominated debt instruments issued by corporate entities in emerging market countries. Two variations are available: CEMBI Broad and CEMBI. The CEMBI Broad is the most comprehensive corporate benchmark followed by the CEMBI, which consists of an investable universe of corporate bonds. Both indices are also available in Diversified versions.
JP Morgan Emerging Markets Bond Index Global Diversified (EMBI Global Diversified)	The JP Morgan Emerging Markets Bond Index Global Diversified (EMBI Global Diversified) is a uniquely-weighted version of the EMBI Global. It limits the weights of those index countries with larger debt stocks by only including specified portions of these countries’ eligible current face amounts of debt outstanding. The countries covered in the EMBI Global Diversified are identical to those covered by the EMBI Global.

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Unaudited

Benchmark Descriptions (cont’d)

Index	Description
JP Morgan Government Bond Index-Global Emerging Markets (GBI-EM)	The JP Morgan Government Bond Index-Global Emerging Markets (GBI-EM) is the first comprehensive, global local emerging markets index, and consists of regularly traded, liquid fixed-rate, domestic currency government bonds to which international investors can gain exposure. Variations of the index are available to allow investors to select the most appropriate benchmark for their objectives.
Morningstar Lifetime Conservative Series: Morningstar Lifetime Conservative 2015, Morningstar Lifetime Conservative 2020, Morningstar Lifetime Conservative 2025, Morningstar Lifetime Conservative 2030, Morningstar Lifetime Conservative 2035, Morningstar Lifetime Conservative 2040, Morningstar Lifetime Conservative 2045, Morningstar Lifetime Conservative 2050, Morningstar Lifetime Conservative 2055 and Morningstar Lifetime Conservative Income	The Morningstar Lifetime Conservative 2015, Morningstar Lifetime Conservative 2020, Morningstar Lifetime Conservative 2025, Morningstar Lifetime Conservative 2030, Morningstar Lifetime Conservative 2035, Morningstar Lifetime Conservative 2040, Morningstar Lifetime Conservative 2045, Morningstar Lifetime Conservative 2050, Morningstar Lifetime Conservative 2055 and Morningstar Lifetime Conservative Income Indices each represents a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS. The portfolio is held in proportions appropriate for a US investor’s investment horizon until retirement. The conservative risk profile is for investors who are comfortable with below-average exposure to equity market volatility.
MSCI ACWI ex USA Growth Index	The MSCI ACWI ex USA Growth Index captures large and mid-cap securities exhibiting overall growth style characteristics across developed and emerging markets, excluding the United States.
MSCI ACWI ex USA Index	The MSCI ACWI ex USA Index captures large and mid cap representation across Developed Markets countries (excluding the US) and Emerging Markets countries. The index covers approximately 85% of the global equity opportunity set outside the US.
MSCI All Country World Index (Also known as: MSCI AC World Index and MSCI ACWI)	The MSCI All Country World Index (ACWI) captures large and mid cap representation across Developed Markets and Emerging Markets countries. The index covers approximately 85% of the global investable equity opportunity set.
MSCI China Index	The MSCI China Index captures large and mid cap representation across China H shares, B shares, Red chips and P chips. The index covers about 84% of this China equity universe.
MSCI EAFE Index	The MSCI EAFE Index is an equity index which captures large and mid cap representation across the Developed Markets countries around the world, excluding the US and Canada. The index is comprehensive, covering approximately 85% of the free float-adjusted market capitalization in each country.
MSCI EAFE Small Cap Index	The MSCI EAFE Small Cap Index is an equity index which captures small cap representation across Developed Markets countries around the world, excluding the US and Canada.
MSCI Emerging Markets Index	The MSCI Emerging Markets Index captures large and mid cap representation across Emerging Markets countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country.
MSCI Emerging Markets Small-Cap Index	The MSCI Emerging Markets Small-Cap Index captures small cap representation across emerging markets countries.
MSCI Europe Total Return (Net) Index	The MSCI Europe Total Return (Net) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed markets in Europe.

116 March 31, 2016  | Semiannual Report

Index	Description
MSCI World ex USA Small Cap Index	The MSCI World ex USA Small Cap Index captures small cap representation across Developed Markets countries excluding the United States.
MSCI World Index	The MSCI World Index captures large and mid cap representation across Developed Markets countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country.
MSCI World Real Estate Index	The MSCI World Real Estate Index is a free float-adjusted market capitalization index that consists of large and mid-cap equity REITs across 23 Developed Markets (DM) countries*, which generate a majority of their revenue and income from real estate rental and leasing operations. With 103 constituents, it represents about 85% of the REIT universe in each country and all securities are classified in the REIT sector according to the Global Industry Classification Standard (GICS®).
Real Return Target Date Index; RR Target 2015 Index; RR Target 2020 Index; RR Target 2025 Index; RR Target 2030 Index; RR Target 2035 Index; RR Target 2040 Index; RR Target 2045 Index; RR Target 2050 Index; RR Target 2040+ Index; RR Target Today Index	Each of the Real Return Target 2015, Real Return Target 2020, Real Return Target 2025, Real Return Target 2030, Real Return Target 2035, Real Return Target 2040, Real Return Target 2045, Real Return Target 2050, Real Return Target 40+ and Real Return Target Today Indices (for purposes of this paragraph, the “New Primary Indices”) is a composite of other indexes. The sub-indexes represent traditional stocks and bonds in addition to real return assets such as inflation-linked bonds, commodities and real estate securities that are considered to potentially counterbalance inflation. The component asset classes are weighted within each index to reflect a targeted level of risk at the beginning and end of the investment horizon. Over time, the weights are adjusted based on predetermined formulas to systematically reduce the level of potential risk as the index’s maturity date approaches. It is not possible to invest directly in an index. Each of the New Primary Indices is calculated using the methodology of, and is maintained by, S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC). The New Primary Indices are not sponsored by S&P Dow Jones Indices or its affiliates or its third party licensors (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices will not be liable for any errors or omissions in calculating the New Primary Indices. “Calculated by S&P Dow Jones Indices” and the related stylized mark(s) are service marks of S&P Dow Jones Indices and have been licensed for use by Allianz Global Investors GmbH.
Russell 1000 Index	The Russell 1000 Index is an unmanaged index that consists of the 1,000 largest companies in the Russell 3000 Index and represents approximately 90% of the total market capitalization of the Russell 3000 Index. It is highly correlated with the S&P 500 Index.
Russell 2000 Growth Index	The Russell 2000 Growth Index is an unmanaged index composed of those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values.
Russell 2000 Index	The Russell 2000 Index measures the performance of the small cap segment of the US equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index and represents approximately 10% of total market capitalization of that index.
Russell Microcap Growth Index	The Russell Microcap Growth Index measures the performance of the microcap growth segment of the US equity market. It includes those Russell Microcap Index companies with higher price-to-book ratios and higher forecasted growth values.
Russell Microcap Index	The Russell Microcap Index measures the performance of the microcap segment of the US equity market. It makes up less than 3% of the US equity market.
S&P 500 Index	The Standard & Poor’s 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The Index focuses on the large cap segment of the US equities market.

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Benchmark Descriptions (cont’d)

Index	Description
S&P Global Water Index	The Standard & Poor’s Global Water Index is comprised of 50 of the largest publicly traded companies in water-related businesses that meet specific investability requirements. This index is designed to provide liquid exposure to the leading publicly-listed companies in the global water industry, from both developed markets and emerging markets.
USD Overnight LIBOR	USD Overnight LIBOR (London Interbank Offered Rate) is the average interest rate at which leading banks in London borrow US dollar funds from one another with a maturity of one day (overnight).

118 March 31, 2016  | Semiannual Report

Schedule of Investments

March 31, 2016 (Unaudited)

AllianzGI Retirement 2015 Fund

	Shares		Value
Mutual Funds—71.4%
AllianzGI Advanced Core Bond (a)		140,188		$2,147,676
AllianzGI Best Styles Emerging Markets Equity (a)(c)		9,177		118,939
AllianzGI Best Styles International Equity (a)(c)		115,799		1,604,969
AllianzGI Best Styles U.S. Equity (a)(c)		181,485		2,687,790
AllianzGI Emerging Markets Consumer (a)(b)		37,985		462,277
AllianzGI Global Natural Resources (a)(b)		20,937		292,484
AllianzGI High Yield Bond (a)(b)		195,045		1,618,875
AllianzGI Short Duration High Income (a)(b)		230,905		3,364,283
AllianzGI Structured Return (a)(b)		51,755		803,234
Harvest Funds Intermediate Bond (b)		54,350		542,956
PIMCO Capital Securities and Financials (a)(b)		70,974		669,991
PIMCO Income (a)(b)		229,292		2,698,769
PIMCO Long-Term Credit (a)(b)		189,487		2,160,148
Total Mutual Funds (cost—$19,402,381)				19,172,391
Exchange-Traded Funds—26.7%
PIMCO 15+ Year U.S. TIPS Index (a)		8,103		539,741
PIMCO 25+ Year Zero Coupon U.S. Treasury Index (a)		4,471		555,253
PIMCO Broad U.S. TIPS Index (a)		83,296		4,832,576
Schwab U.S. REIT		16,245		672,543
Schwab U.S. Small-Cap		5,343		278,050
SPDR S&P 600 Small Cap Value		2,893		282,241
Total Exchange-Traded Funds (cost—$6,976,971)				7,160,404
	Principal Amount (000s)
Repurchase Agreements—1.0%
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $273,000; collateralized by Fannie Mae, 1.375%, due 2/26/21, valued at $280,350 including accrued interest
(cost—$273,000)		$273		273,000
Total Investments (cost—$26,652,352)—99.1%				26,605,795
Other assets less liabilities—0.9%				233,310
Net Assets—100.0%				$26,839,105

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

Glossary:

REIT—Real Estate Investment Trust

TIPS—Treasury Inflation Protected Securities

AllianzGI Retirement 2020 Fund

	Shares		Value
Mutual Funds—74.4%
AllianzGI Advanced Core Bond (a)		269,721		$4,132,122
AllianzGI Best Styles Emerging Markets Equity (a)(c)		43,128		558,942
AllianzGI Best Styles International Equity (a)(c)		280,831		3,892,314
AllianzGI Best Styles U.S. Equity (a)(c)		413,663		6,126,355
AllianzGI Emerging Markets Consumer (a)(b)		75,691		921,162
AllianzGI Focused Growth (a)(b)		15,229		562,085
AllianzGI Global Natural Resources (a)(b)		62,441		872,294
AllianzGI High Yield Bond (a)(b)		398,146		3,304,613
AllianzGI Mid-Cap (a)(b)		162,297		597,253
AllianzGI Short Duration High Income (a)(b)		452,682		6,595,579
AllianzGI Structured Return (a)(b)		104,316		1,618,982
Harvest Funds Intermediate Bond (b)		112,785		1,126,721
PIMCO Capital Securities and Financials (a)(b)		115,317		1,088,589
PIMCO Income (a)(b)		446,407		5,254,213
PIMCO Long-Term Credit (a)(b)		390,131		4,447,491
Total Mutual Funds (cost—$42,024,309)				41,098,715
Exchange-Traded Funds—24.0%
PIMCO 15+ Year U.S. TIPS Index (a)		16,871		1,123,777
PIMCO 25+ Year Zero Coupon U.S. Treasury Index (a)		8,773		1,089,519
PIMCO Broad U.S. TIPS Index (a)		147,226		8,541,596
Schwab U.S. REIT		34,173		1,414,762
Schwab U.S. Small-Cap		10,675		555,527
SPDR S&P 600 Small Cap Value		5,732		559,214
Total Exchange-Traded Funds (cost—$12,949,495)				13,284,395
	Principal Amount (000s)
Repurchase Agreements—1.7%
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $929,001; collateralized by Fannie Mae, 1.375%, due 2/26/21, valued at $951,188 including accrued interest
(cost—$929,000)		$929		929,000
Total Investments (cost—$55,902,804)—100.1%				55,312,110
Liabilities in excess of other assets—(0.1)%				(38,593	)
Net Assets—100.0%				$55,273,517

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 119

Schedule of Investments

March 31, 2016 (Unaudited)

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

Glossary:

REIT—Real Estate Investment Trust

TIPS—Treasury Inflation Protected Securities

AllianzGI Retirement 2025 Fund

	Shares		Value
Mutual Funds—76.5%
AllianzGI Advanced Core Bond (a)		195,751		$2,998,899
AllianzGI Best Styles Emerging Markets Equity (a)(c)		46,944		608,391
AllianzGI Best Styles International Equity (a)(c)		434,577		6,023,236
AllianzGI Best Styles U.S. Equity (a)(c)		448,928		6,648,628
AllianzGI Emerging Markets Consumer (a)(b)		107,683		1,310,500
AllianzGI Focused Growth (a)(b)		24,704		911,810
AllianzGI Global Natural Resources (a)(b)		91,941		1,284,421
AllianzGI High Yield Bond (a)(b)		505,697		4,197,289
AllianzGI International Small-Cap (a)(b)		17,684		609,751
AllianzGI Mid-Cap (a)(b)		263,296		968,929
AllianzGI Short Duration High Income (a)(b)		451,757		6,582,098
AllianzGI Structured Return (a)(b)		93,809		1,455,914
Harvest Funds Intermediate Bond (b)		122,824		1,227,009
PIMCO Capital Securities and Financials (a)(b)		124,439		1,174,707
PIMCO Income (a)(b)		434,756		5,117,078
PIMCO Long-Term Credit (a)(b)		424,716		4,841,758
Total Mutual Funds (cost—$47,021,926)				45,960,418
Exchange-Traded Funds—22.0%
PIMCO 15+ Year U.S. TIPS Index (a)		18,203		1,212,502
PIMCO 25+ Year Zero Coupon U.S. Treasury Index (a)		9,466		1,175,582
PIMCO Broad U.S. TIPS Index (a)		124,083		7,198,911
Schwab U.S. REIT		36,871		1,526,459
Schwab U.S. Small-Cap		23,268		1,210,867
SPDR S&P 600 Small Cap Value		9,277		905,064
Total Exchange-Traded Funds (cost—$12,943,879)				13,229,385
	Principal Amount (000s)
Repurchase Agreements—1.7%
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $1,035,001; collateralized by U.S. Treasury Notes, 2.25%, due 4/30/21, valued at $1,056,250 including accrued interest
(cost—$1,035,000)		$1,035		1,035,000
Total Investments (cost—$61,000,805)—100.2%				60,224,803
Liabilities in excess of other assets—(0.2)%				(114,659	)
Net Assets—100.0%				$60,110,144

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

Glossary:

REIT—Real Estate Investment Trust

TIPS—Treasury Inflation Protected Securities

120 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2016 (Unaudited)

AllianzGI Retirement 2030 Fund

	Shares		Value
Mutual Funds—79.3%
AllianzGI Advanced Core Bond (a)		206,159		$3,158,357
AllianzGI Best Styles Emerging Markets Equity (a)(c)		29,620		383,869
AllianzGI Best Styles International Equity (a)(c)		503,400		6,977,123
AllianzGI Best Styles U.S. Equity (a)(c)		687,648		10,184,070
AllianzGI Emerging Markets Consumer (a)(b)		110,793		1,348,351
AllianzGI Emerging Markets Small-Cap (a)(b)		45,149		641,570
AllianzGI Focused Growth (a)(b)		25,908		956,248
AllianzGI Global Natural Resources (a)(b)		95,428		1,333,125
AllianzGI High Yield Bond (a)(b)		532,629		4,420,817
AllianzGI International Small-Cap (a)(b)		18,461		636,548
AllianzGI Mid-Cap (a)(b)		262,775		967,013
AllianzGI NFJ Mid-Cap Value (a)(b)		37,489		951,854
AllianzGI Short Duration High Income (a)(b)		410,928		5,987,222
AllianzGI Structured Return (a)(b)		97,458		1,512,552
AllianzGI U.S. Small-Cap Growth (a)(b)		75,781		973,786
Harvest Funds Intermediate Bond (b)		95,428		953,329
PIMCO Capital Securities and Financials (a)(b)		96,959		915,295
PIMCO Income (a)(b)		269,446		3,171,376
PIMCO Long-Term Credit (a)(b)		419,255		4,779,507
Total Mutual Funds (cost—$51,279,698)				50,252,012
Exchange-Traded Funds—18.8%
PIMCO 15+ Year U.S. TIPS Index (a)		18,915		1,259,928
PIMCO 25+ Year Zero Coupon U.S. Treasury Index (a)		12,295		1,526,916
PIMCO Broad U.S. TIPS Index (a)		92,564		5,370,276
Schwab U.S. REIT		38,313		1,586,158
Schwab U.S. Small-Cap		24,116		1,254,997
SPDR S&P 600 Small Cap Value		9,640		940,479
Total Exchange-Traded Funds (cost—$11,678,714)				11,938,754

	Principal Amount (000s)		Value
Repurchase Agreements—2.2%
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $1,396,001; collateralized by U.S. Treasury Notes, 2.25%, due 4/30/21, valued at $1,425,938 including accrued interest
(cost—$1,396,000)		$1,396	$	1,396,000
Total Investments (cost—$64,354,412)—100.3%				63,586,766
Liabilities in excess of other assets—(0.3)%				(164,691	)
Net Assets—100.0%				$63,422,075

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

Glossary:

REIT—Real Estate Investment Trust

TIPS—Treasury Inflation Protected Securities

AllianzGI Retirement 2035 Fund

	Shares		Value
Mutual Funds—78.1%
AllianzGI Advanced Core Bond (a)		129,881		$1,989,776
AllianzGI Best Styles Emerging Markets Equity (a)(c)		35,049		454,240
AllianzGI Best Styles International Equity (a)(c)		558,684		7,743,361
AllianzGI Best Styles U.S. Equity (a)(c)		659,984		9,774,358
AllianzGI Emerging Markets Consumer (a)(b)		88,566		1,077,850
AllianzGI Emerging Markets Small-Cap (a)(b)		54,136		769,271
AllianzGI Focused Growth (a)(b)		33,992		1,254,641
AllianzGI Global Natural Resources (a)(b)		92,903		1,297,860
AllianzGI High Yield Bond (a)(b)		419,447		3,481,408
AllianzGI International Small-Cap (a)(b)		14,538		501,284
AllianzGI Mid-Cap (a)(b)		344,784		1,268,807
AllianzGI NFJ Mid-Cap Value (a)(b)		29,524		749,611
AllianzGI Short Duration High Income (a)(b)		170,320		2,481,563
AllianzGI Structured Return (a)(b)		61,597		955,983
AllianzGI U.S. Small-Cap Growth (a)(b)		59,678		766,857
Harvest Funds Intermediate Bond (b)		50,509		504,588
PIMCO Capital Securities and Financials (a)(b)		50,887		480,369
PIMCO Income (a)(b)		84,869		998,911
PIMCO Long-Term Credit (a)(b)		220,177		2,510,020
Total Mutual Funds (cost—$40,076,548)				39,060,758
Exchange-Traded Funds—16.9%
PIMCO 15+ Year U.S. TIPS Index (a)		14,880		991,157
PIMCO 25+ Year Zero Coupon U.S. Treasury Index (a)		3,869		480,491
PIMCO Broad U.S. TIPS Index (a)		68,609		3,980,481
Schwab U.S. REIT		30,141		1,247,837
Schwab U.S. Small-Cap		18,992		988,344
SPDR S&P 600 Small Cap Value		7,584		739,895
Total Exchange-Traded Funds (cost—$8,239,783)				8,428,205

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 121

Schedule of Investments

March 31, 2016 (Unaudited)

	Principal Amount (000s)		Value
Repurchase Agreements—4.8%
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $2,399,002; collateralized by U.S. Treasury Notes, 2.25%, due 4/30/21, valued at $2,450,500 including accrued interest
(cost—$2,399,000)		$2,399	$	2,399,000
Total Investments (cost—$50,715,331)—99.8%				49,887,963
Other assets less liabilities (d)—0.2%				85,060
Net Assets—100.0%				$49,973,023

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

(d) Includes net unrealized appreciation (depreciation) of other financial instruments. See Notes 7(b), 7(c) and 7(d) in the Notes to Financial Statements.

Glossary:

REIT—Real Estate Investment Trust

TIPS—Treasury Inflation Protected Securities

AllianzGI Retirement 2040 Fund

	Shares		Value
Mutual Funds—78.4%
AllianzGI Advanced Core Bond (a)		54,553		$835,751
AllianzGI Best Styles Emerging Markets Equity (a)(c)		29,420		381,284
AllianzGI Best Styles International Equity (a)(c)		605,416		8,391,064
AllianzGI Best Styles U.S. Equity (a)(c)		653,864		9,683,723
AllianzGI Emerging Markets Consumer (a)(b)		75,718		921,493
AllianzGI Emerging Markets Small-Cap (a)(b)		59,025		838,742
AllianzGI Focused Growth (a)(b)		39,993		1,476,152
AllianzGI Global Natural Resources (a)(b)		75,910		1,060,459
AllianzGI High Yield Bond (a)(b)		352,384		2,924,790
AllianzGI International Small-Cap (a)(b)		18,318		631,591
AllianzGI Mid-Cap (a)(b)		347,352		1,278,255
AllianzGI NFJ Mid-Cap Value (a)(b)		33,067		839,569
AllianzGI U.S. Small-Cap Growth (a)(b)		83,526		1,073,315
Harvest Funds Intermediate Bond (b)		41,856		418,146
PIMCO Capital Securities and Financials (a)(b)		42,084		397,276
PIMCO Long-Term Credit (a)(b)		166,354		1,896,441
Total Mutual Funds (cost—$33,981,806)				33,048,051
Exchange-Traded Funds—16.1%
PIMCO 15+ Year U.S. TIPS Index (a)		12,306		819,703
PIMCO 25+ Year Zero Coupon U.S. Treasury Index (a)		2,239		278,061
PIMCO Broad U.S. TIPS Index (a)		41,789		2,424,468
Schwab U.S. REIT		24,928		1,032,019
Schwab U.S. Small-Cap		23,422		1,218,881
SPDR S&P 600 Small Cap Value		10,453		1,019,795
Total Exchange-Traded Funds (cost—$6,676,921)				6,792,927
	Principal Amount (000s)
Repurchase Agreements—5.0%
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $2,101,002; collateralized by Fannie Mae, 1.375%, due 2/26/21, valued at $2,147,681 including accrued interest
(cost—$2,101,000)		$2,101		2,101,000
Total Investments (cost—$42,759,727)—99.5%				41,941,978
Other assets less liabilities (d)—0.5%				221,859
Net Assets—100.0%				$42,163,837

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

(d) Includes net unrealized appreciation (depreciation) of other financial instruments. See Notes 7(b), 7(c) and 7(d) in the Notes to Financial Statements.

Glossary:

REIT—Real Estate Investment Trust

TIPS—Treasury Inflation Protected Securities

122 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2016 (Unaudited)

AllianzGI Retirement 2045 Fund

	Shares		Value
Mutual Funds—83.4%
AllianzGI Best Styles Emerging Markets Equity (a)(c)		40,915		$530,265
AllianzGI Best Styles International Equity (a)(c)		378,418		5,244,879
AllianzGI Best Styles U.S. Equity (a)(c)		423,144		6,266,758
AllianzGI Emerging Markets Consumer (a)(b)		55,972		681,174
AllianzGI Emerging Markets Small-Cap (a)(b)		33,462		475,494
AllianzGI Focused Growth (a)(b)		27,206		1,004,155
AllianzGI Global Natural Resources (a)(b)		42,482		593,471
AllianzGI High Yield Bond (a)(b)		210,037		1,743,310
AllianzGI International Small-Cap (a)(b)		14,538		501,283
AllianzGI Mid-Cap (a)(b)		275,662		1,014,438
AllianzGI NFJ Mid-Cap Value (a)(b)		34,450		874,681
AllianzGI U.S. Small-Cap Growth (a)(b)		49,712		638,800
Harvest Funds Intermediate Bond (b)		11,593		115,812
PIMCO Long-Term Credit (a)(b)		110,002		1,254,028
Total Mutual Funds (cost—$21,376,716)				20,938,548
Exchange-Traded Funds—10.7%
PIMCO 15+ Year U.S. TIPS Index (a)		8,781		584,903
PIMCO Broad U.S. TIPS Index (a)		4,290		248,893
Schwab U.S. REIT		14,230		589,122
Schwab U.S. Small-Cap		12,984		675,687
SPDR S&P 600 Small Cap Value		5,968		582,238
Total Exchange-Traded Funds (cost—$2,646,883)				2,680,843
	Principal Amount (000s)
Repurchase Agreements—5.1%
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $1,292,001; collateralized by U.S. Treasury Notes, 2.25%, due 4/30/21, valued at $1,320,313 including accrued interest
(cost—$1,292,000)		$1,292		1,292,000
Total Investments (cost—$25,315,599)—99.2%				24,911,391
Other assets less liabilities (d)—0.8%				201,652
Net Assets—100.0%				$25,113,043

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

(d) Includes net unrealized appreciation (depreciation) of other financial instruments. See Notes 7(b), 7(c) and 7(d) in the Notes to Financial Statements.

Glossary:

REIT—Real Estate Investment Trust

TIPS—Treasury Inflation Protected Securities

AllianzGI Retirement 2050 Fund

	Shares		Value
Mutual Funds—83.4%
AllianzGI Best Styles Emerging Markets Equity (a)(c)		35,743		$463,223
AllianzGI Best Styles International Equity (a)(c)		330,741		4,584,064
AllianzGI Best Styles U.S. Equity (a)(c)		369,782		5,476,471
AllianzGI Emerging Markets Consumer (a)(b)		50,920		619,692
AllianzGI Emerging Markets Small-Cap (a)(b)		30,427		432,370
AllianzGI Focused Growth (a)(b)		23,781		877,741
AllianzGI Global Natural Resources (a)(b)		38,755		541,414
AllianzGI High Yield Bond (a)(b)		196,447		1,630,513
AllianzGI International Small-Cap (a)(b)		12,707		438,149
AllianzGI Mid-Cap (a)(b)		240,973		886,779
AllianzGI NFJ Mid-Cap Value (a)(b)		34,410		873,674
AllianzGI U.S. Small-Cap Growth (a)(b)		52,141		670,018
Harvest Funds Intermediate Bond (b)		10,566		105,559
PIMCO Long-Term Credit (a)(b)		67,288		767,083
Total Mutual Funds (cost—$18,872,336)				18,366,750
Exchange-Traded Funds—11.1%
PIMCO 15+ Year U.S. TIPS Index (a)		9,567		637,258
Schwab U.S. REIT		12,919		534,847
Schwab U.S. Small-Cap		12,223		636,085
SPDR S&P 600 Small Cap Value		6,501		634,237
Total Exchange-Traded Funds (cost—$2,410,581)				2,442,427
	Principal Amount (000s)
Repurchase Agreements—4.6%
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $1,019,001; collateralized by U.S. Treasury Notes, 2.25%, due 4/30/21, valued at $1,040,406 including accrued interest
(cost—$1,019,000)		$1,019		1,019,000
Total Investments (cost—$22,301,917)—99.1%				21,828,177
Other assets less liabilities (d)—0.9%				198,829
Net Assets—100.0%				$22,027,006

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 123

Schedule of Investments

March 31, 2016 (Unaudited)

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

(d) Includes net unrealized appreciation (depreciation) of other financial instruments. See Notes 7(b), 7(c) and 7(d) in the Notes to Financial Statements.

Glossary:

REIT—Real Estate Investment Trust

TIPS—Treasury Inflation Protected Securities

AllianzGI Retirement 2055 Fund

	Shares		Value
Mutual Funds (a)—82.1%
AllianzGI Best Styles Emerging Markets Equity (c)		10,161		$131,689
AllianzGI Best Styles International Equity (c)		94,063		1,303,720
AllianzGI Best Styles U.S. Equity (c)		105,141		1,557,136
AllianzGI Emerging Markets Consumer (b)		14,831		180,497
AllianzGI Emerging Markets Small-Cap (b)		7,120		101,170
AllianzGI Focused Growth (b)		6,761		249,564
AllianzGI Global Natural Resources (b)		10,546		147,328
AllianzGI High Yield Bond (b)		59,597		494,652
AllianzGI International Small-Cap (b)		3,613		124,565
AllianzGI Mid-Cap (b)		68,486		252,029
AllianzGI NFJ Mid-Cap Value (b)		9,784		248,412
AllianzGI U.S. Small-Cap Growth (b)		14,810		190,311
PIMCO Long-Term Credit (b)		13,666		155,793
Total Mutual Funds (cost—$5,151,551)				5,136,866
Exchange-Traded Funds—10.5%
PIMCO 15+ Year U.S. TIPS Index (a)		2,614		174,119
Schwab U.S. REIT		3,248		134,467
Schwab U.S. Small-Cap		3,363		175,010
SPDR S&P 600 Small Cap Value		1,777		173,364
Total Exchange-Traded Funds (cost—$647,167)				656,960
	Principal Amount (000s)
Repurchase Agreements—5.7%
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $354,000; collateralized by U.S. Treasury Notes, 2.25%, due 4/30/21, valued at $364,406 including accrued interest
(cost—$354,000)		$354		354,000
Total Investments (cost—$6,152,718)—98.3%				6,147,826
Other assets less liabilities (d)—1.7%				107,266
Net Assets—100.0%				$6,255,092

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

(d) Includes net unrealized appreciation (depreciation) of other financial instruments. See Notes 7(b), 7(c) and 7(d) in the Notes to Financial Statements.

Glossary:

REIT—Real Estate Investment Trust

TIPS—Treasury Inflation Protected Securities

AllianzGI Retirement Income Fund

	Shares		Value
Mutual Funds—88.7%
AllianzGI Advanced Core Bond (a)		78,398		$1,201,056
AllianzGI Best Styles Emerging Markets Equity (a)(c)		7,825		101,408
AllianzGI Best Styles International Equity (a)(c)		60,663		840,787
AllianzGI Best Styles U.S. Equity (a)(c)		163,513		2,421,621
AllianzGI Emerging Markets Consumer (a)(b)		26,304		320,119
AllianzGI High Yield Bond (a)(b)		173,147		1,437,120
AllianzGI Short Duration High Income (a)(b)		327,574		4,772,758
Harvest Funds Intermediate Bond (b)		43,574		435,308
PIMCO Capital Securities and Financials (a)(b)		85,242		804,689
PIMCO Emerging Markets Bond (a)(b)		124,946		1,211,978
PIMCO Income (a)(b)		346,794		4,081,761
PIMCO Long-Term Credit (a)(b)		321,579		3,666,002
Total Mutual Funds (cost—$21,416,172)				21,294,607
Exchange-Traded Funds—10.1%
iShares Core High Dividend		14,233		1,110,316
iShares International Select Dividend		20,836		604,036
PIMCO 15+ Year U.S. TIPS Index (a)		6,991		465,671
PIMCO 25+ Year Zero Coupon U.S. Treasury Index (a)		1,817		225,653
Total Exchange-Traded Funds (cost—$2,202,271)				2,405,676
	Principal Amount (000s)
Repurchase Agreements—1.4%
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $345,000; collateralized by U.S. Treasury Notes, 2.25%, due 4/30/21, valued at $353,844 including accrued interest
(cost—$345,000)		$345		345,000
Total Investments (cost—$23,963,443)—100.2%				24,045,283
Liabilities in excess of other assets—(0.2)%				(43,971	)
Net Assets—100.0%				$24,001,312

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

Glossary:

TIPS—Treasury Inflation Protected Securities

124 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2016 (Unaudited)

AllianzGI Global Allocation Fund

	Shares		Value
Mutual Funds (a)—86.0%
AllianzGI Advanced Core Bond		8,557,225		$131,096,685
AllianzGI Best Styles Global Equity (c)		16,978,437		258,072,246
AllianzGI Emerging Markets Debt (b)		898,602		12,463,609
AllianzGI Short Duration High Income (b)		854,019		12,443,052
AllianzGI Structured Return (b)		1,170,568		18,167,221
Total Mutual Funds (cost—$425,961,328)				432,242,813
Exchange-Traded Funds—11.7%
iShares MSCI EAFE Minimum Volatility		367,713		24,430,852
iShares MSCI USA Minimum Volatility		562,738		24,721,080
PIMCO Broad U.S. TIPS Index (a)		171,512		9,950,595
Total Exchange-Traded Funds (cost—$56,248,828)				59,102,527
	Principal Amount (000s)
Repurchase Agreements—0.4%
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $1,878,002; collateralized by U.S. Treasury Notes, 1.625%, due 11/30/20, valued at $1,919,531 including accrued interest
(cost—$1,878,000)		$1,878		1,878,000
Total Investments (cost—$484,088,156)—98.1%				493,223,340
Other assets less liabilities (d)—1.9%				9,320,147
Net Assets—100.0%				$502,543,487

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

(d) Includes net unrealized appreciation (depreciation) of other financial instruments. See Notes 7(b), 7(c) and 7(d) in the Notes to Financial Statements.

Glossary:

EAFE—Europe, Australasia and Far East

MSCI—Morgan Stanley Capital International

TIPS—Treasury Inflation Protected Securities

AllianzGI Global Dynamic Allocation Fund

	Shares		Value
Mutual Funds (a)— 67.0%
AllianzGI Advanced Core Bond		66,666		$1,021,318
AllianzGI Best Styles Emerging Markets Equity (c)		69,452		900,102
AllianzGI Best Styles Global Equity (c)		381,569		5,799,847
AllianzGI Best Styles International Equity (c)		246,801		3,420,661
AllianzGI Best Styles U.S. Equity (c)		380,521		5,635,517
AllianzGI Short Duration High Income (b)		65,264		950,890
PIMCO Income (b)		86,969		1,023,621
PIMCO Investment Grade Corporate Bond (b)		191,721		1,945,973
PIMCO Long-Term Credit (b)		42,230		481,425
PIMCO Mortgage Opportunities (b)		99,600		1,089,628
PIMCO Mortgage-Backed Securities (b)		209,338		2,210,610
Total Mutual Funds (cost—$24,911,851)				24,479,592
	Principal Amount (000s)
U.S. Treasury Obligations—9.7%
U.S. Treasury Bonds,
3.125%, 2/15/43		$176		195,068
4.375%, 5/15/41		141		190,521
5.25%, 2/15/29		140		192,369
6.875%, 8/15/25		125		180,601
7.625%, 11/15/22		210		291,748
7.875%, 2/15/21		90		118,195
U.S. Treasury Notes,
0.75%, 2/28/18		192		192,075
1.00%, 9/30/16		190		190,545
1.00%, 6/30/19		258		258,796
1.125%, 3/31/20		300		300,668
1.50%, 2/28/19		220		224,043
1.875%, 10/31/17		218		221,973
2.00%, 5/31/21		274		284,061
2.00%, 2/15/23		266		274,235
2.25%, 7/31/18		180		186,082
3.00%, 2/28/17		246		251,309
Total U.S. Treasury Obligations (cost—$3,502,309)				3,552,289
	Shares
Exchange-Traded Funds—8.2%
iShares JPMorgan USD Emerging Markets Bond		9,857		1,087,720
iShares MSCI EAFE Minimum Volatility		6,019		399,902
iShares MSCI Emerging Markets Minimum Volatility		3,782		194,281
PowerShares Emerging Markets Sovereign Debt		25,673		726,546
ProShares S&P 500 Dividend Aristocrats		11,441		598,593
Total Exchange-Traded Funds (cost—$2,949,648)				3,007,042

	Principal Amount (000s)		Value
U.S. Government Agency Securities—1.0%
Fannie Mae, 1.375%, 11/15/16		$151	$	151,815
Freddie Mac, 1.00%, 6/29/17		218		218,710
Total U.S. Government Agency Securities
(cost—$371,647)				370,525
Repurchase Agreements—15.8%
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $5,794,005; collateralized by U.S. Treasury Notes, 2.25%, due 4/30/21, valued at $5,915,000 including accrued interest
(cost—$5,794,000)		5,794		5,794,000
Total Investments (cost—$37,529,455)—101.7%				37,203,448
Liabilities in excess of other assets (d)—(1.7)%				(623,311	)
Net Assets—100.0%				$36,580,137

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

(d) Includes net unrealized appreciation (depreciation) of other financial instruments. See Notes 7(b), 7(c) and 7(d) in the Notes to Financial Statements.

Glossary:

EAFE—Europe and Australasia, Far East

MSCI—Morgan Stanley Capital International

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 125

Schedule of Investments

March 31, 2016 (Unaudited)

AllianzGI Global Megatrends Fund

	Shares		Value
Mutual Funds (a)(b)—98.7%
AllianzGI Emerging Markets Consumer		46,554		$566,567
AllianzGI Global Natural Resources		39,563		552,692
AllianzGI Global Water		43,031		565,000
AllianzGI Health Sciences		22,122		578,482
AllianzGI Technology		10,894		573,047
Total Investments(cost—$3,212,181)—98.7%				2,835,788
Other assets less liabilities—1.3%				36,351
Net Assets—100.0%				$2,872,139

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

AllianzGI Best Styles Emerging Markets Equity Fund

	Shares		Value
Common Stock—76.9%
Argentina—0.2%
Banco Macro S.A. ADR		302		$19,470
Brazil—3.8%
Banco do Brasil S.A.		1,300		7,148
Banco Santander Brasil S.A. UNIT		4,400		20,742
BM&FBovespa S.A.		8,900		38,069
Cia Paranaense de Energia, Class P ADR		693		5,488
Cosan Ltd., Class A		1,062		5,225
JBS S.A.		26,000		79,179
Kroton Educacional S.A.		3,000		9,578
Marfrig Global Foods S.A. (e)		8,600		15,523
MRV Engenharia e Participacoes S.A.		16,100		53,015
Multiplus S.A.		1,200		10,933
Petroleo Brasileiro S.A. (e)		25,000		73,909
Sul America S.A. UNIT		8,600		38,388
Transmissora Alianca de Energia Eletrica S.A. UNIT		1,600		8,980
				366,177
Chile—0.6%
Banco Santander Chile ADR		3,050		59,018
China—21.3%
Agricultural Bank of China Ltd., Class H		128,000		46,049
Alibaba Group Holding Ltd. ADR (e)		201		15,885
ANTA Sports Products Ltd.		28,000		61,929
Bank of China Ltd., Class H		149,000		61,860
Bank of Communications Co., Ltd., Class H		135,000		88,826
Beijing Capital International Airport Co., Ltd., Class H		18,000		19,317
Beijing Capital Land Ltd., Class H		20,000		8,346
China Communications Construction Co., Ltd., Class H		4,000		4,783
China Communications Services Corp. Ltd., Class H		34,000		15,525
China Construction Bank Corp., Class H		77,000		49,391
China Dongxiang Group Co., Ltd.		56,000		11,343
China Everbright Bank Co., Ltd., Class H		111,000		53,531
China High Speed Transmission Equipment Group Co., Ltd. (e)		9,000		7,532
China Merchants Bank Co., Ltd., Class H		36,500		76,815
China Mobile Ltd.		7,500		83,014
China Petroleum & Chemical Corp., Class H		200,000		130,176
China Power International Development Ltd.		59,000		30,714
China Southern Airlines Co., Ltd., Class H		80,000		50,475
China Taiping Insurance Holdings Co., Ltd. (e)		4,600		10,119
China Telecom Corp., Ltd., Class H		108,000		57,178
China Travel International Investment Hong Kong Ltd.		14,000		4,697
Chongqing Rural Commercial Bank Co., Ltd., Class H		127,000		67,231

	Shares		Value
Guangzhou R&F Properties Co., Ltd., Class H		14,000	$	19,989
Hua Hong Semiconductor Ltd. (a)(e)		9,000		9,003
Huadian Power International Corp., Ltd., Class H		8,000		5,073
Huaneng Power International, Inc., Class H		26,000		23,245
Industrial & Commercial Bank of China Ltd., Class H		306,000		171,808
Ju Teng International Holdings Ltd.		22,000		11,352
KWG Property Holding Ltd.		26,500		17,399
Longfor Properties Co., Ltd.		15,500		22,011
Nexteer Automotive Group Ltd.		22,000		22,755
Ping An Insurance Group Co. of China Ltd., Class H		24,000		115,326
Qingdao Port International Co., Ltd., Class H (a)		11,000		5,124
Shenzhen Expressway Co., Ltd., Class H		46,000		40,452
Sichuan Expressway Co., Ltd., Class H		34,000		11,278
Sinopec Shanghai Petrochemical Co., Ltd., Class H (e)		74,000		37,563
Sinopharm Group Co., Ltd., Class H		21,200		95,261
Skyworth Digital Holdings Ltd.		20,000		12,399
TCL Communication Technology Holdings Ltd.		6,000		3,949
Tencent Holdings Ltd.		15,800		323,225
Wasion Group Holdings Ltd.		20,000		10,542
Xinjiang Goldwind Science & Technology Co., Ltd., Class H		29,800		42,821
Zhejiang Expressway Co., Ltd., Class H		68,000		72,620
				2,027,931
Colombia—0.2%
Corp. Financiera Colombiana S.A.		1,324		16,874
Hong Kong—1.0%
Cheung Kong Property Holdings Ltd.		2,868		18,464
China Metal Resources Utilization Ltd. (a)		20,000		6,754
Dah Sing Banking Group Ltd.		2,800		4,931
Global Brands Group Holding Ltd. (e)		62,000		7,511
Kerry Properties Ltd.		15,000		41,377
Mason Financial Holdings Ltd. (e)		60,000		2,479
Truly International Holdings Ltd.		58,000		16,881
				98,397
Hungary—1.1%
Magyar Telekom Telecommunications PLC (e)		11,568		19,119
MOL Hungarian Oil & Gas PLC		496		29,814
OTP Bank PLC		867		21,751
Richter Gedeon Nyrt		1,772		35,300
				105,984
India—0.7%
Axis Bank Ltd. GDR		812		27,533
Reliance Industries Ltd. GDR (a)		286		8,766

126 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2016 (Unaudited)

	Shares		Value
Vedanta Ltd. ADR		1,761	$	9,686
WNS Holdings Ltd. ADR (e)		683		20,927
				66,912
Indonesia—1.4%
Bank Negara Indonesia Persero Tbk PT		41,000		16,073
Telekomunikasi Indonesia Persero Tbk PT		470,300		118,546
				134,619
Israel—0.1%
Mizrahi Tefahot Bank Ltd.		644		7,555
Korea (Republic of)—13.9%
BGF retail Co., Ltd.		460		65,970
CJ E&M Corp.		533		29,758
Dongbu Insurance Co., Ltd.		715		47,553
Dongwon F&B Co., Ltd.		36		10,519
Halla Holdings Corp.		352		16,619
Hanil Cement Co., Ltd.		205		16,666
Hansae Co., Ltd.		266		13,188
Hanwha General Insurance Co., Ltd. (e)		1,123		8,305
Hyosung Corp.		879		110,630
Hyundai Marine & Fire Insurance Co., Ltd.		265		7,697
Hyundai Motor Co.		266		35,499
Hyundai Securities Co., Ltd.		3,840		23,077
Kia Motors Corp.		1,212		51,196
KISWIRE Ltd.		159		6,180
Korea Electric Power Corp.		2,514		131,697
Korea Petro Chemical Ind Co., Ltd. (e)		542		121,684
LG Life Sciences Ltd. (d)(e)		955		56,166
Lotte Chemical Corp.		32		9,570
Meritz Securities Co., Ltd.		5,355		16,708
Osstem Implant Co., Ltd. (e)		63		4,337
S&T Motiv Co., Ltd. (e)		330		19,957
S-Oil Corp.		174		14,920
Samsung Electronics Co., Ltd.		204		234,112
Samsung Electronics Co., Ltd. GDR		230		130,827
Shinsegae Co., Ltd.		300		53,296
SK Innovation Co., Ltd.		562		84,702
Ssangyong Cement Industrial Co., Ltd. (e)		304		5,155
				1,325,988
Malaysia—2.4%
Berjaya Auto Bhd.		45,640		25,385
Hong Leong Financial Group Bhd.		10,600		42,158
MISC Bhd.		5,800		13,231
Sunway Bhd.		13,800		11,107
Tenaga Nasional Bhd.		33,500		119,681
Top Glove Corp. Bhd.		13,200		16,982
YTL Power International Bhd.		13,400		5,084
				233,628
Mexico—3.4%
America Movil S.A.B. de C.V., Ser. L		22,900		17,814
El Puerto de Liverpool S.A.B. de C.V.		2,300		27,175
Gentera S.A.B. de C.V.		10,600		20,921
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. ADR (e)		107		4,878
Grupo Aeroportuario del Pacifico S.A.B. de C.V. ADR		125		11,089
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B		500		4,451

	Shares		Value
Grupo Aeroportuario del Sureste S.A.B. de C.V. ADR		541	$	81,242
Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B		2,860		43,063
Grupo Lala S.A.B. de C.V.		10,800		29,355
Industrias Bachoco S.A.B. de C.V. ADR		1,319		67,638
Telesites S.A.B. de C.V. (e)		1,145		646
Vitro S.A.B. de C.V., Ser. A (e)		5,000		16,672
				324,944
Norway—0.1%
BW LPG Ltd. (a)		1,612		9,778
Philippines—1.6%
Ayala Corp.		1,510		24,598
BDO Unibank, Inc.		1,880		4,175
DMCI Holdings, Inc.		90,500		26,340
Globe Telecom, Inc.		405		19,523
Metropolitan Bank & Trust Co.		9,010		16,131
SM Prime Holdings, Inc.		57,800		27,570
Universal Robina Corp.		6,520		30,699
				149,036
Poland—0.5%
AmRest Holdings SE (e)		92		5,153
Asseco Poland S.A.		1,683		27,289
Energa S.A.		1,333		4,676
Polskie Gornictwo Naftowe i Gazownictwo S.A.		9,627		13,705
				50,823
Russian Federation—2.0%
Magnitogorsk Iron & Steel Works OJSC GDR		1,468		6,362
Mobile TeleSystems PJSC ADR		8,000		64,720
PhosAgro OAO GDR		1,028		14,495
Severstal PAO GDR		5,695		60,167
Sistema JSFC GDR		1,995		12,887
United Co. RUSAL PLC		24,000		8,313
X5 Retail Group NV GDR (e)		1,089		23,043
				189,987
Singapore—0.7%
SMRT Corp. Ltd.		4,100		4,592
Wing Tai Holdings Ltd.		18,800		24,524
Yangzijiang Shipbuilding Holdings Ltd.		47,100		34,208
				63,324
South Africa—5.2%
Aeci Ltd.		1,239		7,637
AVI Ltd.		7,619		44,835
Capitec Bank Holdings Ltd.		441		17,074
Famous Brands Ltd.		471		3,729
Investec Ltd.		8,504		63,240
JSE Ltd.		623		6,280
Lewis Group Ltd.		1,320		4,202
Liberty Holdings Ltd.		6,570		64,335
Mondi Ltd.		3,623		69,717
Naspers Ltd., Class N		337		46,978
Pick n Pay Holdings Ltd.		3,500		6,747
Sappi Ltd. (e)		7,484		33,108
Sasol Ltd.		1,646		48,844
SPAR Group Ltd.		3,278		44,184
Telkom S.A. SOC Ltd.		8,364		32,569
				493,479
Taiwan—12.2%
Advanced Semiconductor Engineering, Inc. ADR		5,284		30,911
AU Optronics Corp. ADR		2,173		6,410
Catcher Technology Co., Ltd.		9,000		73,762
China Motor Corp.		24,000		17,208

	Shares		Value
Compeq Manufacturing Co., Ltd.		87,000	$	55,645
Coretronic Corp.		5,000		5,108
CTBC Financial Holding Co., Ltd.		192,000		101,388
E.Sun Financial Holding Co., Ltd.		54,000		30,197
Far Eastern New Century Corp.		17,000		13,884
Hon Hai Precision Industry Co., Ltd.		64,100		168,728
Hon Hai Precision Industry Co., Ltd. GDR		1,699		9,080
Mega Financial Holding Co., Ltd.		62,000		44,098
Pegatron Corp.		32,000		74,496
Radiant Opto-Electronics Corp.		19,000		36,824
Silergy Corp.		2,000		27,305
Siliconware Precision Industries Co., Ltd. ADR		4,246		33,841
Taishin Financial Holding Co., Ltd.		41,000		14,448
Taiwan Business Bank (e)		30,000		7,952
Taiwan Semiconductor Manufacturing Co., Ltd.		58,000		289,294
TrueLight Corp.		27,000		81,213
United Microelectronics Corp.		88,000		36,157
				1,157,949
Thailand—1.5%
CP ALL PCL (c)		35,700		46,368
PTT Global Chemical PCL (c)		27,700		47,561
Siam Cement PCL		3,450		45,855
				139,784
Turkey—2.9%
Cimsa Cimento Sanayi VE Ticaret AS		756		4,222
Eregli Demir ve Celik Fabrikalari TAS		22,087		33,250
TAV Havalimanlari Holding AS		10,514		62,748
Tofas Turk Otomobil Fabrikasi AS		1,619		13,133
Tupras Turkiye Petrol Rafinerileri AS (e)		3,619		101,931
Turkiye Is Bankasi		17,008		28,150
Turkiye Vakiflar Bankasi Tao		21,436		35,856
				279,290
United Kingdom—0.1%
888 Holdings PLC		2,512		7,657
United States—0.0%
Net 1 UEPS Technologies, Inc. (e)		341		3,137
Total Common Stock (cost—$7,362,740)				7,331,741
Preferred Stock—4.6%
Brazil—3.6%
Banco Bradesco S.A.		10,020		75,436
Braskem S.A., Class A		2,200		14,323
Centrais Eletricas Brasileiras S.A., Class B		9,000		26,282
Cia Paranaense de Energia		3,900		31,075
Itau Unibanco Holding S.A.		15,390		133,584
Itausa - Investimentos Itau S.A.		3,610		8,203
Petroleo Brasileiro S.A. (e)		23,100		53,644
				342,547
Colombia—0.6%
Banco Davivienda S.A.		6,715		61,499

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 127

Schedule of Investments

March 31, 2016 (Unaudited)

	Shares		Value
Korea (Republic of)—0.4%
Samsung Electronics Co., Ltd.		34	$	32,918
Total Preferred Stock (cost—$487,058)				436,964
	Principal Amount (000s)
Repurchase Agreements—14.4%
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $1,373,001; collateralized by Fannie Mae, 1.375%, due 2/26/21, valued at $1,401,750 including accrued interest
(cost—$1,373,000)		$1,373		1,373,000
Total Investments (cost—$9,222,798) (b)—95.9%				9,141,705
Other assets less liabilities (f)—4.1%				387,216
Net Assets—100.0%				$9,528,921

Notes to Schedule of Investments:

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

(b) Securities with an aggregate value of $6,032,037, representing 63.3% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(c) Fair-Valued—Securities with an aggregate value of $93,929, representing 1.0% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(d) Affiliated security.

(e) Non-income producing.

(f) Includes net unrealized appreciation (depreciation) of other financial instruments. See Notes 7(b), 7(c) and 7(d) in the Notes to Financial Statements.

Glossary:

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

MSCI—Morgan Stanley Capital International

UNIT—More than one class of securities traded together.

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

Banks	14.9%
Oil, Gas & Consumable Fuels	6.0%
Technology Hardware, Storage & Peripherals	5.8%
Semiconductors & Semiconductor Equipment	5.7%
Chemicals	3.8%
Transportation Infrastructure	3.7%
Internet Software & Services	3.6%
Electric Utilities	3.4%
Insurance	3.1%
Electronic Equipment, Instruments & Components	3.0%
Food Products	2.9%
Diversified Telecommunication Services	2.6%
Wireless Telecommunication Services	2.1%
Real Estate Management & Development	2.0%
Food & Staples Retailing	2.0%
Metals & Mining	1.4%
Automobiles	1.2%
Capital Markets	1.1%
Paper & Forest Products	1.1%
Health Care Providers & Services	1.0%
Textiles, Apparel & Luxury Goods	1.0%
Pharmaceuticals	1.0%
Media	0.9%
Diversified Financial Services	0.9%
Multi-line Retail	0.8%
Construction Materials	0.8%
Household Durables	0.7%
Auto Components	0.6%
Independent Power Producers & Energy Traders	0.6%
Airlines	0.5%
Electrical Equipment	0.5%
Industrial Conglomerates	0.4%
Machinery	0.4%
Specialty Retail	0.3%
Software	0.3%
IT Services	0.2%
Health Care Equipment & Supplies	0.2%
Hotels, Restaurants & Leisure	0.2%
Consumer Finance	0.2%
Containers & Packaging	0.2%
Marine	0.1%
Diversified Consumer Services	0.1%
Multi-Utilities	0.1%
Construction & Engineering	0.1%
Road & Rail	0.0%
Repurchase Agreements	14.4%
Other assets less liabilities	4.1%
	100.0%

AllianzGI Best Styles Global Equity Fund

	Shares		Value
Common Stock—97.0%
Australia—0.7%
Abacus Property Group REIT		42,759		$97,484
Bank of Queensland Ltd.		62,124		576,000
CSR Ltd.		129,771		327,411
Dexus Property Group REIT		116,213		705,718
Event Hospitality and Entertainment Ltd.		30,008		349,999
Harvey Norman Holdings Ltd.		142,113		511,235
Macquarie Group Ltd.		3,657		185,096
Northern Star Resources Ltd.		43,744		114,104
Qantas Airways Ltd. (d)		59,587		185,992
Star Entertainment Group Ltd.		156,452		680,428
Stockland REIT		27,992		91,579
Tassal Group Ltd.		109,846		321,509
Vicinity Centres REIT		60,822		148,651
				4,295,206
Austria—0.2%
OMV AG		20,914		587,229
Voestalpine AG		20,674		689,547
				1,276,776
Belgium—0.4%
Ageas		8,448		334,340
Delhaize Group S.A.		9,413		981,030
Groupe Bruxelles Lambert S.A.		7,967		656,411
Tessenderlo Chemie NV (d)		8,683		329,279
				2,301,060
Bermuda—0.6%
Aspen Insurance Holdings Ltd.		22,612		1,078,592
DHT Holdings, Inc.		10,237		58,965
Endurance Specialty Holdings Ltd.		13,646		891,630
Everest Re Group Ltd.		4,276		844,211
Maiden Holdings Ltd.		46,514		601,891
Tanker Investments Ltd. (d)		6,734		63,823
Teekay Tankers Ltd., Class A		49,207		180,590
				3,719,702
Brazil—0.4%
Banco do Brasil S.A.		33,800		185,843
BM&FBovespa S.A.		144,100		616,372
JBS S.A.		322,000		980,602
MRV Engenharia e Participacoes S.A.		76,900		253,221
Porto Seguro S.A.		32,300		244,699
				2,280,737
Canada—4.3%
Air Canada (d)		40,329		278,227
Artis Real Estate Investment Trust REIT		18,310		180,880
Bank of Montreal		11,783		715,554
BCE, Inc.		21,335		972,334
Canadian Imperial Bank of Commerce		11,547		862,591
Canadian Tire Corp., Ltd., Class A		3,500		364,323
Canam Group, Inc.		5,639		55,706
Canfor Pulp Products, Inc.		18,707		172,702
Celestica, Inc. (d)		27,958		306,973
Cogeco Communications, Inc.		10,276		548,001
Concordia Healthcare Corp.		14,873		380,657
Element Financial Corp.		43,389		467,716

128 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2016 (Unaudited)

	Shares		Value
Entertainment One Ltd.		72,356	$	157,648
Genworth MI Canada, Inc.		18,860		444,508
George Weston Ltd.		6,643		594,763
Great-West Lifeco, Inc.		58,391		1,606,848
Intertape Polymer Group, Inc.		20,100		288,016
Laurentian Bank of Canada		28,599		1,048,171
Linamar Corp.		25,734		1,238,204
Loblaw Cos., Ltd.		11,353		635,681
Magna International, Inc.		43,081		1,851,944
Martinrea International, Inc.		22,785		179,999
Metro, Inc.		34,200		1,186,566
National Bank of Canada		17,678		578,355
Power Corp. of Canada		37,662		868,800
Power Financial Corp.		25,237		630,949
Royal Bank of Canada		53,835		3,101,808
Stantec, Inc.		14,382		365,433
Sun Life Financial, Inc.		32,965		1,063,510
Toronto-Dominion Bank		59,213		2,555,904
Transcontinental, Inc., Class A		54,824		868,741
				24,571,512
China—3.0%
Air China Ltd., Class H		618,000		437,779
ANTA Sports Products Ltd.		177,000		391,481
Bank of China Ltd., Class H		1,902,000		789,646
Bank of Communications Co., Ltd., Class H		591,000		388,860
China Communications Services Corp. Ltd., Class H		294,000		134,246
China Construction Bank Corp., Class H		1,148,000		736,381
China High Speed Transmission Equipment Group Co., Ltd. (d)		270,000		225,975
China Lumena New Materials Corp. (b)(d)		62,000		1,199
China Merchants Bank Co., Ltd., Class H		287,500		605,049
China Mobile Ltd.		37,000		409,537
China Petroleum & Chemical Corp., Class H		1,968,000		1,280,927
China Power International Development Ltd.		1,929,000		1,004,197
China Railway Construction Corp., Ltd., Class H		334,500		398,262
China Railway Group Ltd., Class H		185,000		140,067
China Southern Airlines Co., Ltd., Class H		2,286,000		1,442,323
Chongqing Rural Commercial Bank Co., Ltd., Class H		227,000		120,170
Evergrande Real Estate Group Ltd.		399,000		307,550
FIH Mobile Ltd.		158,000		70,677
Huadian Power International Corp., Ltd., Class H		1,394,000		884,057
Huaneng Power International, Inc., Class H		584,000		522,121
Ju Teng International Holdings Ltd.		166,000		85,654
KWG Property Holding Ltd.		263,000		172,675
Lee & Man Paper Manufacturing Ltd.		298,000		202,702
NetEase, Inc. ADR		1,491		214,078

	Shares		Value
People’s Insurance Co. Group of China Ltd., Class H		345,000	$	146,496
Shanghai Pharmaceuticals Holding Co., Ltd., Class H		42,400		84,275
Shenzhen Expressway Co., Ltd., Class H		300,000		263,815
Sino Biopharmaceutical Ltd.		313,000		234,022
Sinopec Shanghai Petrochemical Co., Ltd., Class H (d)		818,000		415,229
Sinopharm Group Co., Ltd., Class H		378,400		1,700,326
Skyworth Digital Holdings Ltd.		880,000		545,536
TCL Communication Technology Holdings Ltd.		345,000		227,096
Tencent Holdings Ltd.		107,800		2,205,293
Zhejiang Expressway Co., Ltd., Class H		148,000		158,055
ZTE Corp., Class H (b)		41,800		53,884
				16,999,640
Denmark—0.8%
Bakkafrost P/F		43,765		1,693,515
Danske Bank A/S		27,295		770,277
Dfds A/S		7,584		275,693
Pandora A/S		5,981		781,943
Royal Unibrew A/S		18,613		897,580
				4,419,008
Finland—0.6%
Atria Oyj		18,768		186,743
Cramo Oyj		4,300		88,449
Elisa Oyj		15,608		606,077
Metsa Board Oyj		15,032		100,483
Nokia Oyj		58,686		348,139
Oriola-KD Oyj, Class B		24,520		120,813
Stora Enso Oyj, Class R		59,799		534,281
Stora Enso Oyj, Class R		46,383		413,487
UPM-Kymmene Oyj		66,408		1,200,629
				3,599,101
France—3.6%
APERAM S.A.		1,790		68,197
Arkema S.A.		8,363		626,535
Atos S.E.		7,932		644,226
AXA S.A.		39,605		928,685
BNP Paribas S.A.		25,145		1,263,299
Boiron S.A.		1,099		88,927
Cap Gemini S.A.		18,624		1,747,012
Cie Generale des Etablissements Michelin		7,125		727,951
CNP Assurances		38,981		607,036
Ipsen S.A.		4,639		266,011
Orange S.A.		98,620		1,722,192
Peugeot S.A. (d)		20,784		355,573
Plastic Omnium S.A.		6,963		239,141
Renault S.A.		8,846		879,094
Rubis SCA		1,414		113,429
Saft Groupe S.A.		2,243		67,727
Sanofi		28,618		2,300,765
Societe Generale S.A.		18,005		665,320
Teleperformance		6,118		537,364
Thales S.A.		6,849		598,498
Total S.A.		84,865		3,861,468
Valeo S.A.		7,609		1,183,188
Veolia Environnement S.A.		26,215		630,964
Vinci S.A.		8,021		595,351
				20,717,953
Germany—4.0%
Aareal Bank AG		21,203		685,509
Bayer AG		9,890		1,158,912
Bayerische Motoren Werke AG		11,373		1,044,107

	Shares		Value
Bechtle AG (c)		1,874	$	193,135
Commerzbank AG (d)		32,216		279,524
Daimler AG		44,489		3,404,859
Deutsche Lufthansa AG (d)		84,874		1,369,816
Deutsche Telekom AG		73,254		1,313,320
Freenet AG (c)		46,191		1,379,589
Fresenius SE & Co. KGaA (c)		16,144		1,176,776
Hannover Rueck SE		22,313		2,593,268
Indus Holding AG		9,646		475,009
Infineon Technologies AG (c)		33,203		470,763
Merck KGaA		14,436		1,200,840
MTU Aero Engines AG		4,937		472,548
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		7,766		1,576,065
Siemens AG		16,980		1,795,817
Sixt SE		5,787		310,952
Software AG		8,391		327,728
Stada Arzneimittel AG		9,534		377,513
Talanx AG		43,154		1,470,634
				23,076,684
Greece—0.0%
Tsakos Energy Navigation Ltd.		6,133		37,902
Hong Kong—0.3%
BOC Hong Kong Holdings Ltd.		141,000		421,200
Cathay Pacific Airways Ltd.		54,000		93,668
Dah Sing Banking Group Ltd.		56,800		100,034
Dah Sing Financial Holdings Ltd.		50,400		310,146
EVA Precision Industrial Holdings Ltd.		708,000		105,077
HKT Trust & HKT Ltd.		250,000		344,190
Kerry Properties Ltd.		43,500		119,995
				1,494,310
India—0.2%
Infosys Ltd. ADR		18,608		353,924
Tata Motors Ltd. ADR (d)		12,521		363,735
WNS Holdings Ltd. ADR (d)		11,083		339,583
				1,057,242
Indonesia—0.5%
Bank Negara Indonesia Persero Tbk PT		2,961,800		1,161,109
Bumi Serpong Damai Tbk PT		1,880,200		260,035
Indofood Sukses Makmur Tbk PT		699,000		380,823
Telekomunikasi Indonesia Persero Tbk PT		3,777,100		952,071
United Tractors Tbk PT		300,300		346,395
				3,100,433
Ireland—1.0%
AerCap Holdings NV (d)		34,455		1,335,476
Kingspan Group PLC (c)		20,846		553,877
Medtronic PLC		31,859		2,389,425
Smurfit Kappa Group PLC (c)		64,951		1,670,766
				5,949,544
Israel—0.2%
Frutarom Industries Ltd.		3,000		157,315
Teva Pharmaceutical Industries Ltd.		21,036		1,131,397
				1,288,712

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 129

Schedule of Investments

March 31, 2016 (Unaudited)

	Shares		Value
Italy—0.8%
Assicurazioni Generali SpA		58,588	$	867,282
Brembo SpA		4,558		235,652
Enel SpA		326,562		1,447,721
Interpump Group SpA		17,750		259,301
Intesa Sanpaolo SpA		22,554		62,362
Iren SpA		186,753		334,323
Recordati SpA		34,667		867,151
Unipol Gruppo Finanziario SpA		92,300		372,957
				4,446,749
Japan—4.8%
Aida Engineering Ltd.		5,000		43,438
Central Japan Railway Co.		7,300		1,291,014
Concordia Financial Group Ltd. (b)		94,000		429,957
Daiwa House Industry Co., Ltd.		12,400		348,543
Exedy Corp.		6,100		134,759
Fuji Heavy Industries Ltd.		41,600		1,469,031
FUJIFILM Holdings Corp.		12,900		509,902
Haseko Corp.		66,900		622,871
Hitachi Capital Corp.		8,200		178,341
Hitachi Kokusai Electric, Inc.		10,000		120,051
Idemitsu Kosan Co., Ltd.		23,500		419,318
ITOCHU Corp.		62,200		764,365
Japan Airlines Co., Ltd.		31,700		1,162,121
Japan Aviation Electronics Industry Ltd.		41,000		480,250
JTEKT Corp.		4,500		58,394
KDDI Corp.		60,600		1,616,854
Kinden Corp.		25,600		313,786
Matsumotokiyoshi Holdings Co., Ltd.		7,500		392,217
Mitsubishi Chemical Holdings Corp.		205,000		1,070,324
Mitsubishi Gas Chemical Co., Inc.		19,000		102,040
Mitsubishi UFJ Financial Group, Inc.		602,500		2,791,747
Mitsuboshi Belting Co., Ltd.		5,000		40,233
Mizuho Financial Group, Inc.		1,046,300		1,559,282
Nifco, Inc.		2,000		96,040
Nippon Telegraph & Telephone Corp.		43,200		1,866,132
Nissan Motor Co., Ltd.		138,500		1,280,465
Nomura Real Estate Holdings, Inc.		19,500		359,970
Okumura Corp.		161,000		850,164
ORIX Corp.		110,500		1,573,874
Resona Holdings, Inc.		130,000		463,519
Sekisui House Ltd.		76,100		1,283,926
Sojitz Corp.		160,400		329,312
Sompo Japan Nipponkoa Holdings, Inc.		13,500		382,610
Sumitomo Forestry Co., Ltd.		27,300		313,387
Sumitomo Mitsui Financial Group, Inc.		36,000		1,092,876
Sumitomo Mitsui Trust Holdings, Inc.		270,000		790,419
Sumitomo Osaka Cement Co., Ltd.		69,000		271,037
Tamura Corp.		10,000		26,565
Towa Pharmaceutical Co., Ltd.		2,700		110,613
Tsubakimoto Chain Co.		40,000		247,541
West Japan Railway Co.		9,300		574,249
				27,831,537

	Shares		Value
Korea (Republic of)—1.3%
Hanwha Chemical Corp.		21,122	$	461,472
Hanwha Life Insurance Co., Ltd.		53,353		312,704
Hyosung Corp.		2,894		364,234
KB Insurance Co., Ltd.		8,723		259,970
Korea Electric Power Corp.		21,930		1,148,812
Korea Gas Corp.		4,024		135,126
Korea Petro Chemical Ind Co., Ltd. (d)		1,016		228,102
LG Corp.		8,562		512,941
LG Display Co., Ltd.		27,627		639,594
Lotte Chemical Corp.		795		237,761
Meritz Securities Co., Ltd.		56,718		176,961
Mirae Asset Securities Co., Ltd.		4,404		90,003
S&T Motiv Co., Ltd. (d)		8,347		504,788
S-Oil Corp.		7,659		656,740
Samsung Electronics Co., Ltd. GDR		2,673		1,520,436
SK Innovation Co., Ltd.		1,013		152,674
SL Corp.		3,276		46,235
Tongyang Life Insurance Co., Ltd.		4,291		44,382
				7,492,935
Malaysia—0.3%
MISC Bhd.		186,100		424,526
Tenaga Nasional Bhd.		358,700		1,281,481
Westports Holdings Bhd.		290,100		306,862
				2,012,869
Mexico—0.6%
Alfa S.A.B. de C.V., Class A		242,100		487,223
Gruma S.A.B. de C.V., Class B		32,177		510,279
Grupo Aeroportuario del Pacifico S.A.B. de C.V. ADR		1,656		146,904
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B		47,200		420,144
Grupo Aeroportuario del Sureste S.A.B. de C.V. ADR		1,919		288,176
Grupo Lala S.A.B. de C.V.		157,300		427,548
Grupo Mexico S.A.B. de C.V., Ser. B		116,700		281,531
Industrias Bachoco S.A.B. de C.V. ADR		13,488		691,665
				3,253,470
Netherlands—0.8%
Aegon NV		43,797		240,699
BE Semiconductor Industries NV		8,426		230,230
BinckBank NV		37,369		278,170
Koninklijke Ahold NV		31,505		707,643
NN Group NV		14,095		460,127
Randstad Holding NV		11,234		621,371
Wolters Kluwer NV		48,868		1,947,758
				4,485,998
New Zealand—0.3%
Air New Zealand Ltd.		518,772		1,025,655
New Zealand Refining Co., Ltd.		136,587		292,480
Sky Network Television Ltd.		88,665		304,610
				1,622,745
Norway—1.2%
DNB ASA		147,711		1,744,215
Kongsberg Automotive ASA (d)		647,449		563,360
Marine Harvest ASA (d)		48,847		752,039

	Shares		Value
Orkla ASA		72,169	$	652,753
Salmar ASA		7,261		177,899
Seadrill Ltd. (d)		15,611		50,067
SpareBank 1 SMN		104,670		666,705
Storebrand ASA (d)		99,638		388,119
Telenor ASA		40,065		647,813
Veidekke ASA		19,385		263,082
Yara International ASA		34,586		1,298,350
				7,204,402
Philippines—0.1%
Globe Telecom, Inc.		7,525		362,731
Poland—0.1%
Polski Koncern Naftowy Orlen S.A.		19,580		387,317
Russian Federation—0.1%
Magnitogorsk Iron & Steel Works OJSC GDR		12,769		55,418
Sistema JSFC GDR		20,972		135,479
Surgutneftegas OAO ADR		23,410		136,157
				327,054
Singapore—0.5%
AIMS AMP Capital Industrial REIT		168,700		167,092
Broadcom Ltd.		5,193		802,318
DBS Group Holdings Ltd.		87,000		991,102
Ezion Holdings Ltd.		392,300		165,707
Singapore Airlines Ltd.		69,600		589,735
				2,715,954
South Africa—0.3%
Netcare Ltd.		160,663		392,590
Sibanye Gold Ltd. ADR		9,005		136,606
SPAR Group Ltd.		13,820		186,279
Super Group Ltd. (d)		88,045		260,251
Telkom S.A. SOC Ltd.		187,672		730,785
				1,706,511
Spain—0.2%
Endesa S.A.		29,920		573,366
Iberdrola S.A.		60,439		402,339
Repsol S.A.		24,982		280,896
				1,256,601
Sweden—0.7%
Axfood AB		14,905		275,060
Bilia AB		28,126		629,536
BillerudKorsnas AB		6,976		113,879
Holmen AB, Class B		19,171		627,070
Loomis AB, Class B		7,232		204,127
NCC AB, Class B		10,998		400,298
Peab AB		7,414		65,524
Skandinaviska Enskilda Banken AB, Class A		29,609		282,358
Svenska Cellulosa AB SCA, Class B		43,021		1,341,858
				3,939,710
Switzerland—1.2%
Baloise Holding AG		5,356		679,850
Chubb Ltd.		9,725		1,158,734
Georg Fischer AG		950		767,182
Lonza Group AG (d)		5,479		926,177
Novartis AG		15,549		1,124,999
Swiss Life Holding AG (d)		4,213		1,117,994
Swiss Re AG		11,528		1,064,491
				6,839,427
Taiwan—0.8%
Advanced Semiconductor Engineering, Inc.		656,000		759,860
Hon Hai Precision Industry Co., Ltd.		177,760		467,910

130 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2016 (Unaudited)

	Shares		Value
Micro-Star International Co., Ltd.		245,000	$	377,401
Powertech Technology, Inc.		266,000		602,836
Siliconware Precision Industries Co., Ltd.		189,000		305,255
Taiwan Semiconductor Manufacturing Co., Ltd.		468,000		2,334,305
				4,847,567
Thailand—0.6%
Airports of Thailand PCL (b)		69,500		793,443
Bangkok Bank PCL		147,700		755,032
IRPC PCL (b)		1,103,600		158,182
PTT Global Chemical PCL (b)		285,000		489,341
Siam Cement PCL		63,750		847,322
Thai Oil PCL (b)		89,700		176,269
				3,219,589
Turkey—0.9%
Cimsa Cimento Sanayi VE Ticaret AS		34,732		193,989
Dogus Otomotiv Servis ve Ticaret AS		31,817		142,148
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		664,956		676,743
Eregli Demir ve Celik Fabrikalari TAS		399,895		602,011
Haci Omer Sabanci Holding AS		191,003		660,858
TAV Havalimanlari Holding AS		17,414		103,927
Tekfen Holding AS		220,416		426,012
Tofas Turk Otomobil Fabrikasi AS		34,154		277,045
Tupras Turkiye Petrol Rafinerileri AS (d)		2,050		57,740
Turk Hava Yollari AO (d)		233,023		644,677
Turkiye Halk Bankasi AS		93,428		347,435
Turkiye Is Bankasi		181,049		299,652
Turkiye Sise ve Cam Fabrikalari AS		149,298		194,029
Turkiye Vakiflar Bankasi Tao		241,023		403,158
				5,029,424
United Kingdom—6.0%
3i Group PLC		77,545		507,047
Ashtead Group PLC		11,352		140,571
Barratt Developments PLC		171,474		1,376,593
Bellway PLC		41,234		1,551,066
Berkeley Group Holdings PLC		27,623		1,273,665
British American Tobacco PLC		36,179		2,115,600
Britvic PLC		36,062		367,526
BT Group PLC		247,891		1,565,221
Dialog Semiconductor PLC (d)		6,493		256,269
Direct Line Insurance Group PLC		64,955		344,534
Domino’s Pizza Group PLC		16,074		232,606
e2v technologies PLC		53,795		166,115
easyJet PLC		39,615		862,213
Galliford Try PLC		78,898		1,623,326
Greggs PLC		20,575		321,026
Halma PLC		40,199		525,444
Inchcape PLC		55,996		580,779
International Consolidated Airlines Group S.A.		133,529		1,058,880
ITV PLC		166,239		574,442

	Shares		Value
JD Sports Fashion PLC		30,902	$	500,178
Keller Group PLC		29,513		364,325
Laird PLC		69,254		378,026
Legal & General Group PLC		90,442		304,740
Lookers PLC		122,442		278,317
Micro Focus International PLC		6,156		138,609
Mondi PLC		30,976		592,361
Moneysuper market.com Group PLC		74,175		338,071
National Express Group PLC		95,035		468,348
Noble Corp. PLC		35,394		366,328
Northgate PLC		43,753		253,324
Paragon Group of Cos. PLC		38,336		177,428
Persimmon PLC (d)		49,920		1,491,671
Redrow PLC		61,207		352,973
Rexam PLC		65,548		595,836
Royal Dutch Shell PLC, Class A		34,776		842,750
Royal Dutch Shell PLC, Class B		174,121		4,237,193
Royal Mail PLC		140,084		965,960
RPC Group PLC		51,788		564,106
Shire PLC		13,600		775,672
Stolt-Nielsen Ltd.		14,367		161,812
Taylor Wimpey PLC		578,389		1,576,321
Trinity Mirror PLC		218,754		413,154
WH Smith PLC		43,020		1,120,633
Whitbread PLC		7,218		409,738
WPP PLC		51,698		1,203,296
				34,314,093
United States—54.6%
A Schulman, Inc. (c)		4,762		129,622
AbbVie, Inc.		52,076		2,974,581
Acadia Healthcare Co., Inc. (d)		7,631		420,544
Activision Blizzard, Inc.		86,270		2,919,377
Adeptus Health, Inc., Class A (d)		3,768		209,275
Aetna, Inc.		39,867		4,479,057
AG Mortgage Investment Trust, Inc. REIT		21,943		286,795
Air Lease Corp.		16,196		520,216
Aircastle Ltd.		25,099		558,202
Alaska Air Group, Inc.		34,567		2,835,185
Allstate Corp.		25,839		1,740,773
Ally Financial, Inc. (d)		61,469		1,150,700
Alphabet, Inc., Class A (d)		3,074		2,345,155
Alphabet, Inc., Class C (d)		3,154		2,349,572
Altria Group, Inc.		61,174		3,833,163
Amazon.com, Inc. (d)		2,620		1,555,337
Amdocs Ltd.		25,835		1,560,951
Ameren Corp.		37,947		1,901,145
American Capital Agency Corp. REIT		7,167		133,521
American Eagle Outfitters, Inc.		33,182		553,144
American Electric Power Co., Inc.		48,419		3,215,022
American Financial Group, Inc.		35,660		2,509,394
Ameriprise Financial, Inc.		3,554		334,112
AmerisourceBergen Corp.		19,975		1,728,836
Amgen, Inc.		34,903		5,233,007
Amsurg Corp. (d)		9,534		711,236
Amtrust Financial Services, Inc.		40,935		1,059,398
Analog Devices, Inc.		18,057		1,068,794
Annaly Capital Management, Inc. REIT		21,508		220,672
Anthem, Inc.		34,662		4,817,671
Anworth Mortgage Asset Corp. REIT		29,302		136,547
AO Smith Corp.		2,852		217,636

	Shares		Value
Apollo Commercial Real Estate Finance, Inc. REIT		9,656	$	157,393
Apollo Investment Corp.		31,704		175,957
Apollo Residential Mortgage, Inc. REIT		12,526		168,099
Apple, Inc.		114,890		12,521,861
Arrow Electronics, Inc. (d)		5,168		332,871
AT&T, Inc.		197,162		7,722,836
Atlas Air Worldwide Holdings, Inc. (d)		6,642		280,757
Atmos Energy Corp.		9,107		676,286
Atwood Oceanics, Inc.		17,122		157,009
Avista Corp.		18,337		747,783
Avnet, Inc.		11,181		495,318
Bank of America Corp.		88,283		1,193,586
Bank of New York Mellon Corp.		15,728		579,262
Baxter International, Inc.		12,990		533,629
Becton Dickinson and Co.		6,729		1,021,597
Belden, Inc.		4,874		299,166
Benchmark Electronics, Inc. (d)		10,164		234,280
Brocade Communications Systems, Inc.		148,289		1,568,898
Caleres, Inc.		8,579		242,700
Capital One Financial Corp.		12,280		851,127
Cardinal Health, Inc.		9,225		755,989
CareTrust REIT, Inc. REIT		20,206		256,616
Carlisle Cos., Inc.		3,059		304,371
Carnival PLC		9,757		524,086
Carter’s, Inc.		3,220		339,324
Casey’s General Stores, Inc.		4,687		531,131
CDW Corp.		24,794		1,028,951
Celanese Corp., Ser. A		12,196		798,838
Centene Corp. (d)		22,133		1,362,729
CenterPoint Energy, Inc.		28,126		588,396
CF Industries Holdings, Inc.		13,705		429,515
Charles River Laboratories International, Inc. (d)		1,502		114,062
Chemed Corp.		4,749		643,252
Chevron Corp.		20,725		1,977,165
Chimera Investment Corp. REIT		22,354		303,791
Cigna Corp.		30,447		4,178,546
Cirrus Logic, Inc. (d)		12,326		448,790
Cisco Systems, Inc.		151,405		4,310,500
Citigroup, Inc.		87,721		3,662,352
Citrix Systems, Inc. (d)		9,603		754,604
CME Group, Inc.		6,289		604,058
CNA Financial Corp.		9,689		311,792
Columbus McKinnon Corp.		8,501		133,976
Comcast Corp., Class A		72,938		4,455,053
Community Health Systems, Inc. (d)		6,255		115,780
Consolidated Edison, Inc.		28,082		2,151,643
Constellation Brands, Inc., Class A		2,694		407,036
Convergys Corp.		46,762		1,298,581
CR Bard, Inc.		2,923		592,404
Cracker Barrel Old Country Store, Inc.		4,417		674,343
Crane Co.		4,348		234,183
CVS Health Corp.		42,948		4,454,996
Darden Restaurants, Inc.		10,399		689,454
Dean Foods Co.		17,093		296,051
Delek U.S. Holdings, Inc.		2,990		45,568
Delta Air Lines, Inc.		28,361		1,380,613
Deluxe Corp.		15,343		958,784
DineEquity, Inc.		3,442		321,586
Dow Chemical Co.		34,525		1,755,941
DR Horton, Inc.		16,187		489,333
Dr. Pepper Snapple Group, Inc.		17,831		1,594,448
DST Systems, Inc.		2,647		298,502

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 131

Schedule of Investments

March 31, 2016 (Unaudited)

	Shares		Value
Duke Energy Corp.		7,405	$	597,435
E*TRADE Financial Corp. (d)		27,038		662,161
Eastman Chemical Co.		18,069		1,305,124
Edison International		7,575		544,567
Electronic Arts, Inc. (d)		8,157		539,259
EMC Corp.		51,841		1,381,563
Entergy Corp.		13,502		1,070,439
Euronet Worldwide, Inc. (d)		5,147		381,444
Exelon Corp.		65,299		2,341,622
Express, Inc. (d)		21,324		456,547
Exxon Mobil Corp.		31,214		2,609,178
Facebook, Inc., Class A (d)		42,135		4,807,603
Fidelity National Information Services, Inc.		9,243		585,174
First American Financial Corp.		14,119		538,075
First Merchants Corp.		15,552		366,561
FirstEnergy Corp.		47,418		1,705,625
Flextronics International Ltd. (d)		49,581		597,947
Foot Locker, Inc.		39,927		2,575,291
Ford Motor Co.		64,265		867,577
Fulton Financial Corp.		29,826		399,072
GameStop Corp., Class A		10,611		336,687
GATX Corp.		18,297		869,107
General Electric Co.		75,226		2,391,435
General Motors Co.		55,289		1,737,733
Gilead Sciences, Inc.		39,695		3,646,383
Global Payments, Inc.		16,741		1,093,187
Goodyear Tire & Rubber Co.		31,506		1,039,068
Great Plains Energy, Inc.		23,476		757,101
Great Western Bancorp, Inc.		14,951		407,714
Greenbrier Cos., Inc.		4,447		122,915
Group 1 Automotive, Inc.		4,467		262,168
Hanover Insurance Group, Inc.		9,291		838,234
Hartford Financial Services Group, Inc.		19,811		912,891
Hatteras Financial Corp. REIT		25,513		364,836
HCA Holdings, Inc. (d)		15,140		1,181,677
Hill-Rom Holdings, Inc.		12,250		616,175
HollyFrontier Corp.		2,842		100,379
Hologic, Inc. (d)		25,446		877,887
Home BancShares, Inc.		1,400		57,330
Home Depot, Inc.		31,484		4,200,910
Huntington Bancshares, Inc.		104,949		1,001,213
Huntington Ingalls Industries, Inc.		8,367		1,145,777
Huntsman Corp.		29,599		393,667
IDT Corp., Class B		6,274		97,812
II-VI, Inc. (d)		14,690		318,920
Ingredion, Inc.		5,568		594,607
Innospec, Inc.		3,524		152,801
Insperity, Inc.		6,080		314,518
Intel Corp.		39,962		1,292,771
Intercontinental Exchange, Inc.		1,543		362,821
International Paper Co.		9,891		405,927
Invesco Ltd.		19,873		611,492
j2 Global, Inc.		7,549		464,867
Jack in the Box, Inc.		7,364		470,339
JetBlue Airways Corp. (d)		21,387		451,693
Johnson & Johnson		68,024		7,360,197
Jones Lang LaSalle, Inc.		3,966		465,291
JPMorgan Chase & Co.		49,613		2,938,082
Juniper Networks, Inc.		23,183		591,398
KAR Auction Services, Inc.		15,621		595,785
KeyCorp		38,979		430,328
Knoll, Inc.		5,043		109,181
Kohl’s Corp.		12,289		572,790
Korn/Ferry International		19,402		548,883
Kraton Performance Polymers, Inc. (d)		8,940		154,662

	Shares		Value
Kroger Co.		130,215	$	4,980,724
Laboratory Corp. of America Holdings (d)		8,448		989,514
Ladder Capital Corp. REIT		6,037		75,161
Lam Research Corp.		36,355		3,002,923
Lear Corp.		14,803		1,645,650
LifePoint Hospitals, Inc. (d)		6,689		463,213
Lincoln National Corp.		31,843		1,248,246
LyondellBasell Industries NV, Class A		17,552		1,502,100
MainSource Financial Group, Inc.		11,063		233,319
Marathon Petroleum Corp.		29,069		1,080,785
Marriott Vacations Worldwide Corp.		6,419		433,282
Masimo Corp. (d)		9,082		379,991
Matson, Inc.		6,963		279,704
McDonald’s Corp.		11,908		1,496,597
McKesson Corp.		5,974		939,411
Mentor Graphics Corp.		25,865		525,835
Mercer International, Inc.		17,401		164,439
MetLife, Inc.		22,854		1,004,205
MFA Financial, Inc. REIT		52,582		360,187
Microsoft Corp.		47,932		2,647,284
MKS Instruments, Inc.		10,249		385,875
Mohawk Industries, Inc. (d)		7,306		1,394,715
Morgan Stanley		51,576		1,289,916
MSCI, Inc.		8,234		609,975
Mylan NV (d)		44,181		2,047,789
Nasdaq, Inc.		9,189		609,966
Natus Medical, Inc. (d)		19,813		761,414
Navigators Group, Inc. (d)		3,149		264,107
New Residential Investment Corp. REIT		41,625		484,099
Nielsen Holdings PLC		11,276		593,794
Northrop Grumman Corp.		8,987		1,778,527
NVIDIA Corp.		17,256		614,831
Omnicell, Inc. (d)		10,048		280,038
On Assignment, Inc. (d)		2,254		83,218
ON Semiconductor Corp. (d)		63,079		604,928
PBF Energy, Inc., Class A		6,373		211,584
Penske Automotive Group, Inc.		12,847		486,901
Pfizer, Inc.		57,682		1,709,694
PG&E Corp.		67,948		4,057,855
Phillips 66		13,901		1,203,688
Pinnacle Financial Partners, Inc.		8,412		412,693
Pinnacle Foods, Inc.		16,210		724,263
Pitney Bowes, Inc.		16,609		357,758
PNC Financial Services Group, Inc.		10,371		877,075
PPL Corp.		17,186		654,271
Priceline Group, Inc. (d)		266		342,863
PrivateBancorp, Inc.		9,244		356,818
Prudential Financial, Inc.		11,194		808,431
Public Service Enterprise Group, Inc.		85,135		4,013,264
QLogic Corp. (d)		29,778		400,216
Quest Diagnostics, Inc.		13,390		956,715
Quintiles Transnational Holdings, Inc. (d)		13,398		872,210
Reinsurance Group of America, Inc.		6,886		662,777
Reynolds American, Inc.		85,961		4,324,698
RLJ Lodging Trust REIT		7,338		167,893
Robert Half International, Inc.		2,919		135,967
Rowan Cos. PLC, Class A		3,240		52,164
Royal Caribbean Cruises Ltd.		20,163		1,656,390
Ryder System, Inc. (c)		6,316		409,150
Sanmina Corp. (d)		36,119		844,462
SCANA Corp.		8,440		592,066

	Shares		Value
Science Applications International Corp.		7,396	$	394,503
Sherwin-Williams Co.		5,731		1,631,444
Signature Bank (d)		3,184		433,406
Skyworks Solutions, Inc.		15,562		1,212,280
Snap-on, Inc.		2,386		374,578
Southwest Airlines Co.		16,319		731,091
SpartanNash Co.		5,053		153,156
Spirit AeroSystems Holdings, Inc., Class A (d)		19,901		902,709
SS&C Technologies Holdings, Inc.		4,057		257,295
Stanley Black & Decker, Inc.		6,585		692,808
Stryker Corp.		8,322		892,867
SunTrust Banks, Inc.		28,072		1,012,838
Synchrony Financial (d)		16,254		465,840
Target Corp.		6,832		562,137
Teleflex, Inc.		2,449		384,517
Tesoro Corp.		5,077		436,673
Tessera Technologies, Inc.		10,845		336,195
Thermo Fisher Scientific, Inc.		9,149		1,295,407
Time Warner, Inc.		16,553		1,200,920
Travelers Cos., Inc.		22,917		2,674,643
Trinity Industries, Inc.		15,177		277,891
Tyson Foods, Inc., Class A		84,867		5,657,234
United Continental Holdings, Inc. (d)		6,046		361,914
UnitedHealth Group, Inc.		24,763		3,191,951
Universal Health Services, Inc., Class B		5,007		624,473
Unum Group		23,865		737,906
USANA Health Sciences, Inc. (d)		2,404		291,894
Vail Resorts, Inc.		1,777		237,585
Valero Energy Corp.		36,051		2,312,311
Verizon Communications, Inc.		151,131		8,173,164
Voya Financial, Inc.		18,855		561,313
Walgreens Boots Alliance, Inc.		16,232		1,367,384
Walt Disney Co.		34,458		3,422,024
Waste Management, Inc.		13,124		774,316
Wells Fargo & Co.		89,171		4,312,310
Westar Energy, Inc.		12,802		635,107
Western Alliance Bancorp (d)		8,205		273,883
Western Refining, Inc.		5,754		167,384
Western Union Co.		30,906		596,177
Westlake Chemical Corp.		4,066		188,256
Whirlpool Corp.		3,741		674,652
Wintrust Financial Corp.		6,309		279,741
WSFS Financial Corp.		9,463		307,737
Xcel Energy, Inc.		14,049		587,529
Zimmer Biomet Holdings, Inc.		8,744		932,373
				313,777,535
Total Common Stock (cost—$538,350,002)				557,259,740
Preferred Stock—0.2%
Brazil—0.2%
Banco Bradesco S.A.		27,320		205,680
Braskem S.A., Class A		20,000		130,213
Cia Paranaense de Energia		47,000		374,494
Itau Unibanco Holding S.A.		51,985		451,226
Total Preferred Stock (cost—$1,001,916)				1,161,613

132 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2016 (Unaudited)

	Principal Amount (000s)		Value
Repurchase Agreements—1.6%
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $9,071,008; collateralized by U.S. Treasury Notes, 3.125%, due 5/15/21, valued at $9,254,801 including accrued interest
(cost—$9,071,000)		$9,071	$	9,071,000
Total Investments (cost—$548,422,918) (a)—98.8%				567,492,353
Other assets less liabilities (e)—1.2%				6,921,785
Net Assets—100.0%				$574,414,138

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $196,800,503, representing 34.3% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(b) Fair-Valued—Securities with an aggregate value of $2,102,275, representing 0.4% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(c) Affiliated security.

(d) Non-income producing.

(e) Includes net unrealized appreciation (depreciation) of other financial instruments. See Notes 7(b), 7(c) and 7(d) in the Notes to Financial Statements.

Glossary:

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

MSCI—Morgan Stanley Capital International

REIT—Real Estate Investment Trust

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

Banks	8.6%
Insurance	6.8%
Health Care Providers & Services	5.4%
Diversified Telecommunication Services	4.7%
Oil, Gas & Consumable Fuels	4.2%
Electric Utilities	3.7%
Pharmaceuticals	3.7%
Food & Staples Retailing	2.9%
Technology Hardware, Storage & Peripherals	2.9%
Airlines	2.6%
Semiconductors & Semiconductor Equipment	2.6%
Media	2.5%
Chemicals	2.5%
Food Products	2.4%

Household Durables	2.3%
Internet Software & Services	2.2%
Specialty Retail	2.1%
Biotechnology	2.1%
Automobiles	2.0%
Multi-Utilities	1.9%
Tobacco	1.8%
Auto Components	1.7%
IT Services	1.6%
Health Care Equipment & Supplies	1.6%
Software	1.4%
Hotels, Restaurants & Leisure	1.4%
Electronic Equipment, Instruments & Components	1.3%
Communications Equipment	1.2%
Diversified Financial Services	1.2%
Industrial Conglomerates	1.1%
Construction & Engineering	0.9%
Real Estate Investment Trust	0.9%
Aerospace & Defense	0.9%
Capital Markets	0.8%
Trading Companies & Distributors	0.8%
Paper & Forest Products	0.7%
Wireless Telecommunication Services	0.7%
Commercial Services & Supplies	0.7%
Machinery	0.6%
Containers & Packaging	0.6%
Road & Rail	0.6%
Beverages	0.6%
Life Sciences Tools & Services	0.6%
Professional Services	0.6%
Consumer Finance	0.5%
Transportation Infrastructure	0.4%
Independent Power Producers & Energy Traders	0.4%
Real Estate Management & Development	0.4%
Multi-line Retail	0.3%
Metals & Mining	0.3%
Internet & Catalog Retail	0.3%
Construction Materials	0.3%
Thrifts & Mortgage Finance	0.3%
Textiles, Apparel & Luxury Goods	0.3%
Household Products	0.2%
Air Freight & Logistics	0.2%
Marine	0.2%
Gas Utilities	0.2%
Energy Equipment & Services	0.1%
Building Products	0.1%
Distributors	0.1%
Electrical Equipment	0.1%
Personal Products	0.1%
Health Care Technology	0.0%
Repurchase Agreements	1.6%
Other assets less liabilities	1.2%
	100.0%

AllianzGI Best Styles International Equity Fund

	Shares		Value
Common Stock—97.6%
Australia—5.8%
Asaleo Care Ltd.		118,786		$165,462
Australian Pharmaceutical Industries Ltd.		119,117		178,212
Bank of Queensland Ltd.		31,568		292,691
Caltex Australia Ltd.		18,495		482,372
Collins Foods Ltd.		45,883		148,145
Dexus Property Group REIT		42,991		261,068
Estia Health Ltd.		55,175		242,677
Harvey Norman Holdings Ltd.		102,542		368,883
Japara Healthcare Ltd.		105,334		246,920
Macquarie Group Ltd.		5,941		300,699
McMillan Shakespeare Ltd.		16,796		160,393
OZ Minerals Ltd.		26,119		100,012
Qantas Airways Ltd. (d)		105,066		327,948
Select Harvests Ltd.		55,567		175,519
Spotless Group Holdings Ltd. (c)		98,261		95,147
Star Entertainment Group Ltd.		41,697		181,345
Treasury Wine Estates Ltd.		55,920		412,913
Westpac Banking Corp.		29,060		674,979
				4,815,385
Austria—1.9%
Austria Technologie & Systemtechnik AG		4,313		63,140
Erste Group Bank AG (d)		10,636		298,521
Lenzing AG		1,116		88,347
Mayr Melnhof Karton AG		681		81,649
OMV AG		11,065		310,686
Porr AG		5,459		154,989
Telekom Austria AG		39,290		241,506
Voestalpine AG		9,149		305,150
				1,543,988
Belgium—1.8%
AGFA-Gevaert NV (d)		18,716		83,262
Delhaize Group S.A.		5,428		565,710
Euronav NV		15,259		155,909
UCB S.A.		3,995		304,959
Warehouses De Pauw CVA REIT		3,595		341,368
				1,451,208
British Virgin Islands—0.2%
Nomad Foods Ltd. (d)		21,133		190,408
Denmark—1.1%
Alm Brand A/S		22,677		166,073
Bakkafrost P/F		4,604		178,155
Danske Bank A/S		15,834		446,843
Schouw & Co.		1,324		82,604
				873,675
Finland—0.6%
Metsa Board Oyj		11,705		78,243
UPM-Kymmene Oyj		24,699		446,548
				524,791
France—10.2%
Alten S.A.		2,735		167,607
Altran Technologies S.A.		12,245		169,524
APERAM S.A.		4,016		153,005
Arkema S.A.		3,846		288,133
Atos S.E.		5,151		418,357
AXA S.A.		22,996		539,226
BNP Paribas S.A.		12,163		611,076
Bouygues S.A.		8,322		338,283
Cap Gemini S.A.		4,169		391,070
Cegid Group S.A.		3,126		176,218

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 133

Schedule of Investments

March 31, 2016 (Unaudited)

	Shares		Value
Cie Generale des Etablissements Michelin		4,041	$	412,863
Electricite de France S.A.		17,020		190,551
Elior Participations SCA (a)		3,591		78,629
Engie S.A.		22,808		353,378
Lagardere SCA		10,195		270,417
Natixis S.A.		50,418		247,864
Orange S.A.		40,645		709,780
Renault S.A.		3,823		379,920
Sanofi		10,021		805,646
SCOR SE		7,891		278,204
Total S.A.		9,429		429,032
Valeo S.A.		2,658		413,315
Vinci S.A.		8,773		651,168
				8,473,266
Germany—6.8%
Bayer AG		6,548		767,296
Covestro AG (d)		7,223		269,824
Daimler AG		8,206		628,026
Deutsche Telekom AG		26,243		470,493
Evonik Industries AG		10,125		302,811
Fresenius SE & Co. KGaA (c)		5,624		409,947
Hannover Rueck SE		4,296		499,291
HeidelbergCement AG		3,830		327,294
K&S AG		8,130		189,624
Merck KGaA		5,838		485,626
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		3,359		681,690
ProSiebenSat.1 Media AG		6,834		350,822
TUI AG		7,435		115,727
Wuestenrot & Wuerttemberg		7,243		153,256
				5,651,727
Greece—0.4%
Hellenic Petroleum S.A. (d)		36,236		152,549
Mytilineos Holdings S.A. (d)		26,607		103,999
Tsakos Energy Navigation Ltd.		16,822		103,960
				360,508
Hong Kong—3.5%
BOC Hong Kong Holdings Ltd.		76,000		227,030
Cathay Pacific Airways Ltd.		159,000		275,799
Cheung Kong Property Holdings Ltd.		61,000		392,707
CK Hutchison Holdings Ltd.		45,420		588,926
Haitong International Securities Group Ltd.		438,000		253,356
HKT Trust & HKT Ltd.		187,000		257,454
Kerry Properties Ltd.		53,000		146,201
Man Wah Holdings Ltd.		145,200		184,595
Shun Tak Holdings Ltd.		356,000		118,346
WH Group Ltd. (a)(d)		602,000		435,373
				2,879,787
Ireland—1.2%
AerCap Holdings NV (d)		6,661		258,180
CRH PLC		14,329		404,691
Smurfit Kappa Group PLC (c)		5,432		139,730
Total Produce PLC		100,385		181,623
				984,224
Israel—1.3%
Bank Hapoalim BM		58,842		305,438
Israel Corp. Ltd.		1,171		196,552
Teva Pharmaceutical Industries Ltd.		10,780		579,790
				1,081,780
Italy—3.0%
Assicurazioni Generali SpA		23,119		342,232

	Shares		Value
Enel SpA		134,758	$	597,412
Exor SpA		7,851		280,902
Immobiliare Grande Distribuzione SIIQ SpA REIT		173,552		157,945
Intesa Sanpaolo SpA		153,270		423,794
Mediobanca SpA		36,271		260,845
Snam SpA		41,903		262,230
Societa Cattolica di Assicurazioni SCRL		23,355		159,190
				2,484,550
Japan—21.4%
Aeon Co., Ltd.		15,800		228,247
Alfresa Holdings Corp.		9,600		184,243
AOI Electronics Co., Ltd.		7,600		168,359
Aoyama Trading Co., Ltd.		3,300		126,645
Chubu Electric Power Co., Inc.		16,500		230,263
CKD Corp.		20,500		169,032
Dai Nippon Printing Co., Ltd.		21,000		186,356
Dai-ichi Life Insurance Co., Ltd.		22,500		272,688
Daiichi Sankyo Co., Ltd.		18,200		403,951
Daiwa House Industry Co., Ltd.		9,700		272,650
DCM Holdings Co., Ltd.		8,100		58,544
Dentsu, Inc.		6,200		311,032
Duskin Co., Ltd.		3,500		62,844
Eiken Chemical Co., Ltd.		8,800		184,194
FamilyMart Co., Ltd.		6,500		337,580
FUJIFILM Holdings Corp.		9,400		371,556
Fujitsu Ltd.		55,000		203,377
Heiwado Co., Ltd.		6,600		136,969
Hitachi Ltd.		73,000		342,140
Hokuhoku Financial Group, Inc.		118,000		155,050
Idemitsu Kosan Co., Ltd.		18,400		328,317
ITOCHU Corp.		31,000		380,954
J Front Retailing Co., Ltd.		18,100		240,173
Japan Airlines Co., Ltd.		8,100		296,946
JX Holdings, Inc.		55,500		213,695
Kaga Electronics Co., Ltd.		12,700		160,982
Kato Sangyo Co., Ltd.		2,900		71,694
Marubeni Corp.		56,900		287,880
Marudai Food Co., Ltd.		39,000		151,468
Medipal Holdings Corp.		16,600		262,573
Megmilk Snow Brand Co., Ltd.		3,500		87,934
Mitsuba Corp.		9,400		144,834
Mitsubishi Chemical Holdings Corp.		71,800		374,875
Mitsubishi Gas Chemical Co., Inc.		53,000		284,639
Mitsubishi Heavy Industries Ltd.		62,000		230,340
Mitsubishi Materials Corp.		72,000		203,137
Mitsubishi Tanabe Pharma Corp.		10,800		187,657
Mitsubishi UFJ Financial Group, Inc.		140,700		651,948
Mitsui & Co., Ltd.		29,800		342,654
Mixi, Inc.		8,300		307,826
Nagase & Co., Ltd.		10,400		114,201
Nippon Electric Glass Co., Ltd.		34,000		173,889
Nippon Flour Mills Co., Ltd.		24,000		197,102
Nippon Telegraph & Telephone Corp.		10,200		440,614
Nippon Yusen KK		92,000		177,405
Nissan Motor Co., Ltd.		47,900		442,847
Nisshin Oillio Group Ltd.		39,000		159,133
Oki Electric Industry Co., Ltd.		45,000		63,591
Okinawa Cellular Telephone Co.		5,700		159,272
ORIX Corp.		26,500		377,445
Otsuka Holdings Co., Ltd.		7,400		268,780
Ricoh Co., Ltd.		28,300		288,041

	Shares		Value
Seino Holdings Co., Ltd.		13,300	$	143,084
Shindengen Electric Manufacturing Co., Ltd.		18,000		60,971
SMK Corp.		31,000		159,183
Sojitz Corp.		68,100		139,814
Sompo Japan Nipponkoa Holdings, Inc.		10,300		291,917
Sumitomo Corp.		31,800		315,550
Sumitomo Electric Industries Ltd.		24,200		293,447
Sumitomo Forestry Co., Ltd.		14,200		163,007
Sumitomo Mitsui Financial Group, Inc.		13,600		412,864
Sumitomo Rubber Industries Ltd.		13,800		213,227
Suzuken Co., Ltd.		7,300		247,771
Taisei Corp.		31,000		204,714
Teijin Ltd.		83,000		289,030
Toho Holdings Co., Ltd.		7,600		162,433
Tohoku Electric Power Co., Inc.		15,900		204,911
TonenGeneral Sekiyu KK		20,000		180,902
Toyoda Gosei Co., Ltd.		8,900		171,640
Toyota Motor Corp.		14,600		774,317
Tsumura & Co.		6,600		158,315
Warabeya Nichiyo Co., Ltd.		7,500		165,064
West Japan Railway Co.		5,000		308,736
Yokohama Reito Co., Ltd.		18,000		170,469
				17,709,932
Netherlands—1.5%
Accell Group		3,540		75,289
BinckBank NV		22,380		166,594
Boskalis Westminster NV		6,988		273,880
Heineken Holding NV		5,917		460,661
NN Group NV		8,258		269,580
				1,246,004
New Zealand—1.3%
Air New Zealand Ltd.		75,741		149,746
Ebos Group Ltd.		31,687		376,622
Fonterra Co-operative Group Ltd. UNIT		61,178		250,704
Infratil Ltd.		70,968		160,818
New Zealand Refining Co., Ltd.		64,602		138,335
				1,076,225
Norway—2.1%
Austevoll Seafood ASA		24,497		201,031
Avance Gas Holding Ltd. (a)		20,641		143,516
DNB ASA		31,400		370,781
Leroy Seafood Group ASA		1,496		70,626
Marine Harvest ASA (d)		16,663		256,540
Orkla ASA		32,868		297,284
Yara International ASA		9,953		373,633
				1,713,411
Portugal—0.4%
EDP - Energias de Portugal S.A.		105,309		373,893
Singapore—0.5%
Fortune REIT		50,000		53,593
Fortune Real Estate Investment Trust REIT		147,000		157,283
QAF Ltd.		218,200		166,744
				377,620
South Africa—0.5%
Steinhoff International Holdings NV		58,344		380,257
Spain—2.0%
Aena S.A. (a)(d)		2,392		308,421
Banco Santander S.A.		46,937		206,142
CIE Automotive S.A.		12,089		217,372

134 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2016 (Unaudited)

	Shares		Value
Iberdrola S.A.		91,088	$	606,368
Repsol S.A.		28,537		320,868
				1,659,171
Sweden—1.9%
Coor Service Management Holding AB (d)		49,712		243,715
ICA Gruppen AB		8,039		265,702
Klovern AB, Class A		73,708		82,053
Loomis AB, Class B		4,986		140,732
Mycronic AB		11,587		104,543
Nobina AB (a)(d)		37,295		171,814
SAS AB (d)		60,508		171,966
Svenska Cellulosa AB SCA, Class B		12,508		390,134
				1,570,659
Switzerland—7.2%
Baloise Holding AG		4,710		597,851
Bobst Group S.A.		1,082		65,124
Coca-Cola HBC AG (d)		21,083		447,093
Lonza Group AG (d)		2,872		485,487
Nestle S.A.		14,074		1,050,212
Novartis AG		11,218		811,643
Roche Holding AG		3,154		774,434
Swiss Life Holding AG (d)		1,735		460,413
Swiss Re AG		4,950		457,081
UBS Group AG		50,038		804,913
				5,954,251
United Kingdom—20.6%
3i Group PLC		82,101		536,837
Barratt Developments PLC		34,928		280,402
Bellway PLC		8,440		317,481
Berkeley Group Holdings PLC		5,879		271,074
Bovis Homes Group PLC		19,091		254,886
BT Group PLC		84,978		536,564
Carillion PLC		64,644		272,891
Conviviality PLC		75,068		253,368
Cranswick PLC		11,314		346,607
Dart Group PLC		37,091		353,726
Development Securities PLC		61,367		164,378
Direct Line Insurance Group PLC		104,018		551,732
easyJet PLC		16,319		355,180
Equiniti Group PLC		79,132		178,152
Fiat Chrysler Automobiles NV		40,461		326,512
Firstgroup PLC (d)		99,792		138,312
Galliford Try PLC		12,889		265,191
Greggs PLC		8,336		130,064
HSBC Holdings PLC		89,264		555,129
Imperial Brands PLC		13,923		770,878
International Consolidated Airlines Group S.A.		62,367		494,568
J Sainsbury PLC		108,919		431,612
Legal & General Group PLC		163,685		551,529
Lloyds Banking Group PLC		557,621		543,121
Lookers PLC		152,611		346,892
Marks & Spencer Group PLC		52,467		305,743
McBride PLC (d)		112,729		263,099
Mccarthy Stone PLC (d)		116,491		425,135
National Express Group PLC		61,829		304,703
Northgate PLC		46,540		269,460
Novae Group PLC		30,063		379,339
OneSavings Bank PLC		37,462		179,062
Pendragon PLC		469,373		246,060
Persimmon PLC (d)		12,414		370,946
Rexam PLC		49,847		453,113
Royal Dutch Shell PLC, Class A		45,735		1,104,315
Royal Mail PLC		64,042		441,607
Shawbrook Group PLC (a)(d)		38,121		164,473
Shire PLC		10,779		614,777
Taylor Wimpey PLC		106,436		290,077
Tullett Prebon PLC		57,214		289,096
Vodafone Group PLC		255,929		813,253
Whitbread PLC		8,641		490,516

	Shares		Value
WPP PLC		19,785	$	460,506
				17,092,366
United States—0.4%
Carnival PLC		6,360		341,620
Total Common Stock (cost—$82,183,668)				80,810,706
Preferred Stock—0.7%
Germany—0.7%
Henkel AG & Co. KGaA (cost—$523,706)		4,851		533,647
	Principal Amount (000s)
Repurchase Agreements—0.9%
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $775,001; collateralized by Fannie Mae, 1.375%, due 2/26/21, valued at $790,988 including accrued interest
(cost—$775,000)		$775		775,000
Total Investments (cost—$83,482,374) (b)—99.2%				82,119,353
Other assets less liabilities (e)—0.8%				699,821
Net Assets—100.0%				$82,819,174

Notes to Schedule of Investments:

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

(b) Securities with an aggregate value of $76,621,291, representing 92.5% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(c) Affiliated security.

(d) Non-income producing.

(e) Includes net unrealized appreciation (depreciation) of other financial instruments. See Notes 7(b), 7(c) and 7(d) in the Notes to Financial Statements.

Glossary:

REIT—Real Estate Investment Trust

UNIT—More than one class of securities traded together.

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

Banks	8.0%
Insurance	7.9%
Pharmaceuticals	7.4%
Food Products	5.4%
Oil, Gas & Consumable Fuels	4.9%
Food & Staples Retailing	3.4%
Health Care Providers & Services	3.3%
Chemicals	3.2%
Diversified Telecommunication Services	3.2%
Capital Markets	3.2%
Automobiles	3.1%
Household Durables	3.0%
Airlines	2.9%
Electric Utilities	2.9%
Construction & Engineering	2.6%
Auto Components	2.3%
Trading Companies & Distributors	2.2%
IT Services	1.8%
Media	1.7%
Road & Rail	1.6%
Beverages	1.6%
Hotels, Restaurants & Leisure	1.5%
Household Products	1.4%
Electronic Equipment, Instruments & Components	1.3%
Real Estate Management & Development	1.3%
Wireless Telecommunication Services	1.2%
Real Estate Investment Trust	1.2%
Multi-line Retail	1.1%
Metals & Mining	1.0%
Diversified Financial Services	1.0%
Commercial Services & Supplies	1.0%
Specialty Retail	0.9%
Tobacco	0.9%
Construction Materials	0.9%
Industrial Conglomerates	0.9%
Containers & Packaging	0.8%
Technology Hardware, Storage & Peripherals	0.8%
Paper & Forest Products	0.6%
Life Sciences Tools & Services	0.6%
Machinery	0.6%
Air Freight & Logistics	0.5%
Multi-Utilities	0.4%
Transportation Infrastructure	0.4%
Internet Software & Services	0.4%
Gas Utilities	0.3%
Semiconductors & Semiconductor Equipment	0.3%
Health Care Equipment & Supplies	0.2%
Thrifts & Mortgage Finance	0.2%
Marine	0.2%
Software	0.2%
Personal Products	0.2%
Professional Services	0.2%
Health Care Technology	0.1%
Leisure Equipment & Products	0.1%
Repurchase Agreements	0.9%
Other assets less liabilities	0.8%
	100.0%

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 135

Schedule of Investments

March 31, 2016 (Unaudited)

AllianzGI Best Styles U.S. Equity Fund

	Shares		Value
Common Stock—96.2%
Aerospace & Defense—0.6%
Northrop Grumman Corp.		2,865		$566,984
Air Freight & Logistics—0.5%
FedEx Corp.		3,054		496,947
Airlines—1.2%
Alaska Air Group, Inc.		4,130		338,743
American Airlines Group, Inc.		1,959		80,338
JetBlue Airways Corp. (a)		2,922		61,713
Southwest Airlines Co.		13,060		585,088
				1,065,882
Auto Components—0.5%
Delphi Automotive PLC		2,510		188,300
Lear Corp.		2,607		289,820
				478,120
Automobiles—1.6%
Ford Motor Co.		57,924		781,974
General Motors Co.		22,756		715,221
				1,497,195
Banks—4.1%
Bank of America Corp.		9,853		133,212
Citigroup, Inc.		16,307		680,817
JPMorgan Chase & Co.		20,453		1,211,227
SunTrust Banks, Inc.		4,919		177,477
Webster Financial Corp.		1,854		66,559
Wells Fargo & Co.		30,544		1,477,108
				3,746,400
Beverages—0.8%
Coca-Cola Co.		1,903		88,280
Dr. Pepper Snapple Group, Inc.		7,060		631,305
PepsiCo, Inc.		80		8,199
				727,784
Biotechnology—2.8%
AbbVie, Inc.		15,529		887,016
Amgen, Inc.		4,662		698,974
Celgene Corp. (a)		494		49,444
Gilead Sciences, Inc.		9,045		830,874
United Therapeutics Corp. (a)		1,250		139,288
				2,605,596
Building Products—0.2%
Builders FirstSource, Inc. (a)		8,087		91,141
Universal Forest Products, Inc.		899		77,152
				168,293
Capital Markets—0.3%
Morgan Stanley		9,508		237,795
Chemicals—1.2%
CF Industries Holdings, Inc.		2,145		67,224
Dow Chemical Co.		946		48,114
LyondellBasell Industries NV, Class A		6,993		598,461
Minerals Technologies, Inc.		295		16,771
PPG Industries, Inc.		3,644		406,269
				1,136,839
Commercial Services & Supplies—0.7%
Cintas Corp.		4,443		399,026
Multi-Color Corp.		1,105		58,952
Pitney Bowes, Inc.		4,221		90,920
Waste Management, Inc.		1,125		66,375
				615,273
Communications Equipment—1.8%
Applied Optoelectronics, Inc. (a)		2,544		37,931

	Shares		Value
Arris International PLC (a)		11,616		$266,239
Brocade Communications Systems, Inc.		29,565		312,797
Ciena Corp. (a)		3,738		71,097
Cisco Systems, Inc.		34,087		970,457
				1,658,521
Construction & Engineering—0.1%
WSP Global, Inc.		2,503		74,199
Construction Materials—0.6%
Vulcan Materials Co.		5,206		549,597
Consumer Finance—0.9%
Capital One Financial Corp.		2,126		147,353
Credit Acceptance Corp. (a)		2,087		378,895
Navient Corp.		10,085		120,717
Santander Consumer USA Holdings, Inc. (a)		14,442		151,497
				798,462
Containers & Packaging—0.9%
Ball Corp.		2,284		162,826
Bemis Co., Inc.		1,333		69,023
CCL Industries, Inc., Class B		608		115,397
Packaging Corp. of America		5,795		350,018
Sonoco Products Co.		2,874		139,590
				836,854
Diversified Consumer Services—0.4%
ServiceMaster Global Holdings, Inc. (a)		9,847		371,035
Diversified Financial Services—1.5%
Berkshire Hathaway, Inc., Class B (a)		4,272		606,112
Intercontinental Exchange, Inc.		2,559		601,723
Morningstar, Inc.		780		68,851
Voya Financial, Inc.		4,116		122,533
				1,399,219
Diversified Telecommunication Services—1.9%
AT&T, Inc.		10,405		407,564
BCE, Inc.		3,205		146,067
CenturyLink, Inc.		21,296		680,620
Verizon Communications, Inc.		10,205		551,886
				1,786,137
Electric Utilities—2.7%
American Electric Power Co., Inc.		2,397		159,161
Duke Energy Corp.		5,579		450,114
Edison International		979		70,380
Entergy Corp.		4,183		331,628
Eversource Energy		1,250		72,925
NextEra Energy, Inc.		4,031		477,029
PG&E Corp.		5,399		322,428
Portland General Electric Co.		802		31,671
Xcel Energy, Inc.		13,848		579,123
				2,494,459
Electrical Equipment—0.0%
General Cable Corp.		2,499		30,513
Electronic Equipment, Instruments & Components—2.1%
Arrow Electronics, Inc. (a)		2,472		159,221
Avnet, Inc.		6,518		288,747
Benchmark Electronics, Inc. (a)		1,567		36,119
CDW Corp.		9,020		374,330
Corning, Inc.		4,422		92,376
Flextronics International Ltd. (a)		32,414		390,913

	Shares		Value
Jabil Circuit, Inc.		4,480	$	86,330
SYNNEX Corp.		92		8,518
TE Connectivity Ltd.		7,968		493,379
				1,929,933
Energy Equipment & Services—0.8%
Noble Corp. PLC		27,073		280,206
Schlumberger Ltd.		2,788		205,615
Transocean Ltd.		25,909		236,808
				722,629
Food & Staples Retailing—2.9%
Alimentation Couche-Tard, Inc., Class B		4,424		196,887
Costco Wholesale Corp.		4,698		740,311
CVS Health Corp.		7,295		756,710
Empire Co., Ltd.		7,499		129,915
George Weston Ltd.		988		88,458
Kroger Co.		18,711		715,696
SpartanNash Co.		2,231		67,622
				2,695,599
Food Products—2.3%
Archer-Daniels-Midland Co.		17,321		628,925
B&G Foods, Inc.		1,594		55,487
Cal-Maine Foods, Inc.		6,370		330,667
Omega Protein Corp. (a)		2,651		44,908
Pilgrim’s Pride Corp. (a)		1,890		48,006
Pinnacle Foods, Inc.		2,213		98,877
Sanderson Farms, Inc.		856		77,194
Tyson Foods, Inc., Class A		13,060		870,580
				2,154,644
Gas Utilities—0.4%
AGL Resources, Inc.		2,315		150,799
Atmos Energy Corp.		2,423		179,932
Laclede Group, Inc.		1,085		73,509
				404,240
Health Care Equipment & Supplies—1.8%
Becton Dickinson and Co.		1,722		261,434
Hill-Rom Holdings, Inc.		2,196		110,459
Hologic, Inc. (a)		10,211		352,279
Medtronic PLC		11,853		888,975
				1,613,147
Health Care Providers & Services—6.3%
Aetna, Inc.		7,122		800,157
Anthem, Inc.		5,620		781,124
Cardinal Health, Inc.		3,160		258,962
Chemed Corp.		446		60,411
Cigna Corp.		3,324		456,186
HealthSouth Corp.		2,707		101,864
Laboratory Corp. of America Holdings (a)		4,307		504,479
McKesson Corp.		875		137,594
MEDNAX, Inc. (a)		5,564		359,545
Quest Diagnostics, Inc.		5,895		421,198
UnitedHealth Group, Inc.		10,785		1,390,186
Universal Health Services, Inc., Class B		4,397		548,394
				5,820,100
Hotels, Restaurants & Leisure—2.1%
Brinker International, Inc.		3,622		166,431
Carnival Corp.		12,861		678,675
Cracker Barrel Old Country Store, Inc.		2,620		399,995
Darden Restaurants, Inc.		8,648		573,362
Marriott Vacations Worldwide Corp.		917		61,898
Pinnacle Entertainment, Inc. (a)		2,601		91,295
				1,971,656

136 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2016 (Unaudited)

	Shares		Value
Household Products—0.4%
Procter & Gamble Co.		3,830	$	315,247
Independent Power Producers & Energy Traders—0.0%
NRG Yield, Inc., Class A		2,390		32,432
Industrial Conglomerates—1.6%
3M Co.		902		150,300
Danaher Corp.		6,173		585,571
General Electric Co.		24,539		780,095
				1,515,966
Insurance—5.4%
Allstate Corp.		5,417		364,943
American International Group, Inc.		9,587		518,177
Amtrust Financial Services, Inc.		14,520		375,778
Argo Group International Holdings Ltd.		750		43,043
Aspen Insurance Holdings Ltd.		7,045		336,047
Assurant, Inc.		5,513		425,328
Axis Capital Holdings Ltd.		3,598		199,545
Endurance Specialty Holdings Ltd.		1,251		81,740
Everest Re Group Ltd.		2,198		433,951
First American Financial Corp.		3,963		151,030
Hanover Insurance Group, Inc.		950		85,709
Heritage Insurance Holdings, Inc.		1,922		30,694
MetLife, Inc.		8,291		364,307
Progressive Corp.		7,313		256,979
Prudential Financial, Inc.		3,826		276,314
Travelers Cos., Inc.		6,357		741,925
Universal Insurance Holdings, Inc.		15,395		274,031
				4,959,541
Internet & Catalog Retail—1.0%
Amazon.com, Inc. (a)		1,400		831,096
Nutrisystem, Inc.		1,877		39,173
				870,269
Internet Software & Services—3.3%
Alphabet, Inc., Class A (a)		1,208		921,583
Alphabet, Inc., Class C (a)		1,232		917,778
EarthLink Holdings Corp.		4,116		23,338
Facebook, Inc., Class A (a)		8,396		957,984
j2 Global, Inc.		3,363		207,094
Monster Worldwide, Inc. (a)		10,525		34,311
				3,062,088
IT Services—3.6%
Accenture PLC, Class A		8,812		1,016,905
Amdocs Ltd.		6,813		411,641
Broadridge Financial Solutions, Inc.		7,285		432,073
Convergys Corp.		7,222		200,555
DH Corp.		2,292		68,173
Euronet Worldwide, Inc. (a)		979		72,554
International Business Machines Corp.		1,242		188,101
Jack Henry & Associates, Inc.		3,303		279,335
Net 1 UEPS Technologies, Inc. (a)		2,171		19,973
Sabre Corp.		1,290		37,307
Visa, Inc., Class A		1,254		95,906
Western Union Co.		25,304		488,114
				3,310,637
Machinery—0.6%
American Railcar Industries, Inc.		577		23,501
ESCO Technologies, Inc.		957		37,304
PACCAR, Inc.		3,113		170,250
Snap-on, Inc.		1,007		158,089

	Shares		Value
Trinity Industries, Inc.		7,562	$	138,460
				527,604
Media—2.9%
Cinemark Holdings, Inc.		6,714		240,563
Comcast Corp., Class A		16,646		1,016,738
Gray Television, Inc. (a)		4,096		48,005
Interpublic Group of Cos., Inc.		6,815		156,404
Shaw Communications, Inc., Class B		5,217		100,785
TEGNA, Inc.		5,729		134,402
Time Warner Cable, Inc.		1,243		254,343
Walt Disney Co.		7,229		717,912
				2,669,152
Multi-line Retail—0.9%
Canadian Tire Corp., Ltd., Class A		848		88,270
Target Corp.		9,035		743,400
				831,670
Multi-Utilities—2.1%
Ameren Corp.		9,438		472,844
CMS Energy Corp.		9,843		417,737
DTE Energy Co.		4,389		397,907
NiSource, Inc.		1,579		37,201
Public Service Enterprise Group, Inc.		8,019		378,015
SCANA Corp.		2,838		199,086
				1,902,790
Oil, Gas & Consumable Fuels—4.1%
Chevron Corp.		1,302		124,211
Crescent Point Energy Corp.		4,853		67,165
CVR Energy, Inc.		2,130		55,593
DHT Holdings, Inc.		7,879		45,383
Enbridge Income Fund Holdings, Inc.		2,154		49,092
EnLink Midstream LLC		2,292		25,785
Exxon Mobil Corp.		12,045		1,006,842
Marathon Petroleum Corp.		7,182		267,027
Nordic American Tankers Ltd.		10,092		142,196
PBF Energy, Inc., Class A		5,574		185,057
Phillips 66		9,061		784,592
Scorpio Tankers, Inc.		12,847		74,898
Ship Finance International Ltd.		3,046		42,309
Tesoro Corp.		3,644		313,420
Valero Energy Corp.		8,606		551,989
Western Refining, Inc.		2,790		81,161
				3,816,720
Paper & Forest Products—0.3%
Domtar Corp.		4,644		188,082
Schweitzer-Mauduit International, Inc.		1,045		32,897
Western Forest Products, Inc.		29,679		52,788
				273,767
Personal Products—0.1%
USANA Health Sciences, Inc. (a)		796		96,650
Pharmaceuticals—4.4%
Horizon Pharma PLC (a)		18,643		308,915
Johnson & Johnson		12,286		1,329,345
Merck & Co., Inc.		9,577		506,719
Mylan NV (a)		4,632		214,693
Pfizer, Inc.		53,963		1,599,463
Prestige Brands Holdings, Inc. (a)		1,678		89,589
Sucampo Pharmaceuticals, Inc., Class A (a)		3,856		42,146
				4,090,870

	Shares		Value
Professional Services—0.0%
Huron Consulting Group, Inc. (a)		649	$	37,765
Real Estate Investment Trust—3.4%
Annaly Capital Management, Inc.		13,673		140,285
Apollo Commercial Real Estate Finance, Inc.		1,938		31,589
AvalonBay Communities, Inc.		3,497		665,129
Blackstone Mortgage Trust, Inc., Class A		2,217		59,549
Crown Castle International Corp.		8,098		700,477
CYS Investments, Inc.		6,459		52,576
Equinix, Inc.		2,048		677,294
Equity Lifestyle Properties, Inc.		1,850		134,551
MFA Financial, Inc.		8,028		54,992
Sovran Self Storage, Inc.		1,157		136,468
Starwood Property Trust, Inc.		17,792		336,803
STORE Capital Corp.		1,805		46,713
Sun Communities, Inc.		1,777		127,251
				3,163,677
Real Estate Management & Development—0.0%
Marcus & Millichap, Inc. (a)		1,299		32,982
Road & Rail—0.5%
Union Pacific Corp.		4,724		375,794
Werner Enterprises, Inc.		2,240		60,839
				436,633
Semiconductors & Semiconductor Equipment—3.6%
Broadcom Ltd.		1,704		263,268
Cabot Microelectronics Corp.		3,293		134,717
Cirrus Logic, Inc. (a)		13,710		499,181
Intel Corp.		37,605		1,216,522
Lam Research Corp.		1,928		159,253
Maxim Integrated Products, Inc.		2,261		83,160
MaxLinear, Inc., Class A (a)		5,911		109,353
Micron Technology, Inc. (a)		17,247		180,576
ON Semiconductor Corp. (a)		37,550		360,104
QUALCOMM, Inc.		5,891		301,266
Tower Semiconductor Ltd. (a)		3,226		39,099
				3,346,499
Software—2.2%
Microsoft Corp.		34,160		1,886,657
Synopsys, Inc. (a)		3,811		184,605
				2,071,262
Specialty Retail—3.6%
AutoNation, Inc. (a)		2,057		96,021
Foot Locker, Inc.		4,947		319,082
Home Depot, Inc.		8,222		1,097,061
Kirkland’s, Inc.		2,589		45,333
L Brands, Inc.		5,045		443,001
Lowe’s Cos., Inc.		8,882		672,812
Murphy USA, Inc. (a)		2,396		147,234
Penske Automotive Group, Inc.		1,266		47,981
Signet Jewelers Ltd.		2,085		258,603
Stage Stores, Inc.		1,990		16,039
Staples, Inc.		15,927		175,675
				3,318,842
Technology Hardware, Storage & Peripherals—4.2%
Apple, Inc.		32,697		3,563,646
HP, Inc.		15,687		193,264
Western Digital Corp.		2,715		128,256
				3,885,166
Textiles, Apparel & Luxury Goods—1.3%
NIKE, Inc., Class B		12,747		783,558

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 137

Schedule of Investments

March 31, 2016 (Unaudited)

	Shares		Value
Skechers U.S.A., Inc., Class A (a)		12,427	$	378,402
				1,161,960
Thrifts & Mortgage Finance—0.2%
BofI Holding, Inc. (a)		8,252		176,098
Walker & Dunlop, Inc. (a)		1,413		34,293
				210,391
Tobacco—1.5%
Altria Group, Inc.		21,298		1,334,533
Reynolds American, Inc.		744		37,430
				1,371,963
Trading Companies & Distributors—0.5%
AerCap Holdings NV (a)		6,282		243,490
Air Lease Corp.		3,842		123,405
GATX Corp.		2,737		130,008
				496,903
Transportation Infrastructure—0.2%
Macquarie Infrastructure Corp.		2,821		190,248
Water Utilities—0.3%
American Water Works Co., Inc.		3,614		249,113
Total Common Stock (cost—$89,297,447)				88,902,859
Rights (a)— 0.0%
Food & Staples Retailing—0.0%
Safeway CVR - Casa Ley		11,157		11,323
Safeway CVR - PDC		11,157		545
Total Rights (cost—$11,826)				11,868
	Principal Amount (000s)
Repurchase Agreements—2.7%
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $2,528,002; collateralized by U.S. Treasury Notes, 3.125%, due 5/15/21, valued at $2,583,632 including accrued interest
(cost—$2,528,000)		$2,528		2,528,000
Total Investments (cost—$91,837,273)—98.9%				91,442,727
Other assets less liabilities (b)—1.1%				1,016,560
Net Assets—100.0%				$92,459,287

Notes to Schedule of Investments:

(a) Non-income producing.

(b) Includes net unrealized appreciation (depreciation) of other financial instruments. See Notes 7(b), 7(c) and 7(d) in the Notes to Financial Statements.

Glossary:

CVR—Contingent Value Rights.

AllianzGI China Equity Fund

	Shares		Value
Common Stock—98.7%
China—87.9%
Alibaba Group Holding Ltd. ADR (d)		1,715		$135,536
Baidu, Inc. ADR (d)		765		146,023
Beijing Enterprises Holdings Ltd.		20,000		109,524
China Automation Group Ltd. (d)		556,000		71,448
China Construction Bank Corp., Class H		289,000		185,378
China Everbright International Ltd.		159,000		178,175
China Merchants Bank Co., Ltd., Class H		75,500		158,891
China Mobile Ltd.		17,000		188,165
China Overseas Land & Investment Ltd.		76,000		240,705
China Pacific Insurance Group Co., Ltd., Class H		47,400		178,009
China Resources Land Ltd.		28,000		71,692
China Telecom Corp., Ltd., Class H		340,000		180,004
China Unicom Hong Kong Ltd.		52,000		68,485
Chongqing Changan Automobile Co., Ltd., Class B		34,948		65,344
CNOOC Ltd.		188,000		219,644
Digital China Holdings Ltd. (c)		162,000		216,597
GF Securities Co., Ltd., Class H (d)		23,600		57,579
Luye Pharma Group Ltd. (d)		51,000		39,647
Ping An Insurance Group Co. of China Ltd., Class H		28,000		134,547
Qingdao Port International Co., Ltd., Class H (a)		292,000		136,013
Qingling Motors Co., Ltd., Class H (c)		654,000		205,723
Semiconductor Manufacturing International Corp. (d)		1,397,000		120,488
Tencent Holdings Ltd.		19,500		398,917
Vinda International Holdings Ltd.		80,000		133,664
Yuexiu Transport Infrastructure Ltd.		104,000		70,133
Zhengzhou Yutong Bus Co., Ltd., Class A		21,900		65,605
Zhuzhou CRRC Times Electric Co., Ltd.		36,000		209,934
				3,985,870
Hong Kong—10.8%
CPMC Holdings Ltd.		83,000		41,103
CSPC Pharmaceutical Group Ltd.		122,000		110,272
Hong Kong Exchanges and Clearing Ltd.		6,900		166,085
Man Yue Technology Holdings Ltd.		700,000		68,407
Sands China Ltd.		24,800		101,084
				486,951
Total Investments (cost—$4,964,801) (b)—98.7%				4,472,821
Other assets less liabilities—1.3%				60,119
Net Assets—100.0%				$4,532,940

Notes to Schedule of Investments:

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

(b) Securities with an aggregate value of $4,191,262, representing 92.5% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(c) Affiliated security.

(d) Non-income producing.

Glossary:

ADR—American Depositary Receipt

138 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2016 (Unaudited)

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

Internet Software & Services	15.0%
Banks	7.6%
Insurance	6.9%
Real Estate Management & Development	6.9%
Electronic Equipment, Instruments & Components	6.3%
Automobiles	6.0%
Diversified Telecommunication Services	5.5%
Oil, Gas & Consumable Fuels	4.8%
Electrical Equipment	4.6%
Transportation Infrastructure	4.5%
Wireless Telecommunication Services	4.2%
Commercial Services & Supplies	3.9%
Diversified Financial Services	3.7%
Pharmaceuticals	3.3%
Machinery	3.0%
Household Products	3.0%
Semiconductors & Semiconductor Equipment	2.7%
Industrial Conglomerates	2.4%
Hotels, Restaurants & Leisure	2.2%
Capital Markets	1.3%
Containers & Packaging	0.9%
Other assets less liabilities	1.3%
	100.0%

AllianzGI Convertible Fund

	Principal Amount (000s)		Value
Convertible Bonds—74.3%
Auto Manufacturers—2.7%
Fiat Chrysler Automobiles NV,
7.875%, 12/15/16		$27,921		$20,521,935
Tesla Motors, Inc.,
0.25%, 3/1/19		22,020		20,120,775
1.50%, 6/1/18		3,730		6,872,525
				47,515,235
Biotechnology—4.4%
BioMarin Pharmaceutical, Inc.,
0.75%, 10/15/18		11,375		13,230,547
1.50%, 10/15/20		4,400		5,238,750
Emergent BioSolutions, Inc.,
2.875%, 1/15/21		12,230		15,937,219
Gilead Sciences, Inc.,
1.625%, 5/1/16		1,205		4,958,581
Illumina, Inc.,
zero coupon, 6/15/19		15,670		16,345,769
Incyte Corp.,
0.375%, 11/15/18		5,530		8,505,831
Ligand Pharmaceuticals, Inc.,
0.75%, 8/15/19		9,425		14,414,359
				78,631,056
Building Materials—0.4%
Cemex SAB de C.V.,
3.75%, 3/15/18		6,425		6,726,172
Chemicals—0.8%
RPM International, Inc.,
2.25%, 12/15/20		13,175		15,093,609
Commercial Services—4.8%
Cardtronics, Inc.,
1.00%, 12/1/20		21,910		21,266,394
Euronet Worldwide, Inc.,
1.50%, 10/1/44		15,520		18,565,800
Live Nation Entertainment, Inc.,
2.50%, 5/15/19		23,450		23,274,125
Macquarie Infrastructure Corp.,
2.875%, 7/15/19		19,720		21,876,875
				84,983,194
Computers—1.2%
Electronics for Imaging, Inc.,
0.75%, 9/1/19		21,025		21,918,562
Construction & Engineering—1.3%
Dycom Industries, Inc. (a)(b),
0.75%, 9/15/21		23,765		23,438,231
Diversified Financial Services—1.3%
Air Lease Corp.,
3.875%, 12/1/18		16,700		22,346,687
Electrical Equipment—1.4%
SunPower Corp.,
0.875%, 6/1/21		17,215		13,427,700
4.00%, 1/15/23 (a)(b)		11,215		11,425,281
				24,852,981
Energy-Alternate Sources—0.8%
SolarCity Corp.,
1.625%, 11/1/19		23,655		13,675,547
Health Care Equipment & Supplies—2.2%
NuVasive, Inc. (a)(b),
2.25%, 3/15/21		20,250		21,768,750
Wright Medical Group, Inc.,
2.00%, 2/15/20		20,105		18,056,803
				39,825,553

	Principal Amount (000s)		Value
Health Care Providers & Services—1.1%
Laboratory Corp. of America Holdings,
zero coupon, 9/11/21		$11,975		$18,800,750
Healthcare-Products—2.6%
Hologic, Inc.,
2.00%, 12/15/37		3,630		5,472,225
2.00%, 3/1/42		13,705		17,747,975
Teleflex, Inc.,
3.875%, 8/1/17		8,855		22,652,197
				45,872,397
Healthcare-Services—1.3%
Molina Healthcare, Inc.,
1.625%, 8/15/44		17,910		22,566,600
Holding Companies-Diversified—0.8%
Horizon Pharma Investment Ltd.,
2.50%, 3/15/22		16,580		14,206,988
Home Builders—0.6%
Lennar Corp. (a)(b),
3.25%, 11/15/21		4,960		10,242,400
Insurance—1.0%
AmTrust Financial Services, Inc.,
2.75%, 12/15/44		23,053		18,298,319
Internet—7.5%
Ctrip.com International Ltd. (a)(b),
1.00%, 7/1/20		20,775		22,917,422
j2 Global, Inc.,
3.25%, 6/15/29		11,665		12,714,850
Priceline Group, Inc.,
0.35%, 6/15/20		18,805		22,660,025
1.00%, 3/15/18		8,330		11,979,581
VeriSign, Inc.,
4.345%, 8/15/37		8,685		22,499,578
Web.com Group, Inc.,
1.00%, 8/15/18		22,835		21,778,882
WebMD Health Corp.,
1.50%, 12/1/20		14,480		19,376,050
				133,926,388
Leisure Time—1.7%
Jarden Corp.,
1.125%, 3/15/34		16,950		21,526,500
1.875%, 9/15/18		4,515		8,505,131
				30,031,631
Media—2.2%
Liberty Interactive LLC,
0.75%, 3/30/43		8,600		14,394,250
Liberty Media Corp.,
1.375%, 10/15/23		24,595		24,441,281
				38,835,531
Oil, Gas & Consumable Fuels—2.4%
Cheniere Energy, Inc.,
4.25%, 3/15/45		31,205		16,421,631
Helix Energy Solutions Group, Inc.,
3.25%, 3/15/32		8,130		6,443,025
SEACOR Holdings, Inc.,
3.00%, 11/15/28		6,950		5,386,250
Whiting Petroleum Corp. (a)(b),
1.25%, 4/1/20		23,835		13,988,166
				42,239,072
Pharmaceuticals—2.2%
Herbalife Ltd. (a),
2.00%, 8/15/19		21,010		20,274,755
Impax Laboratories, Inc. (a)(b),
2.00%, 6/15/22		22,075		19,798,516
				40,073,271

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 139

Schedule of Investments

March 31, 2016 (Unaudited)

	Principal Amount (000s)		Value
Real Estate—1.4%
Extra Space Storage L.P. (a)(b),
3.125%, 10/1/35		$22,235		$25,445,178
Semiconductors—11.9%
Integrated Device Technology, Inc. (a)(b),
0.875%, 11/15/22		15,820		14,841,138
Intel Corp.,
3.25%, 8/1/39		21,345		33,992,019
Lam Research Corp.,
1.25%, 5/15/18		16,410		24,256,031
Microchip Technology, Inc.,
1.625%, 2/15/25		18,025		18,633,344
Micron Technology, Inc.,
3.00%, 11/15/43		20,870		14,322,038
Novellus Systems, Inc.,
2.625%, 5/15/41		6,335		15,465,319
NVIDIA Corp.,
1.00%, 12/1/18		14,955		26,760,103
NXP Semiconductors NV,
1.00%, 12/1/19		16,945		18,830,131
ON Semiconductor Corp. (a)(b),
1.00%, 12/1/20		26,810		24,061,975
Xilinx, Inc.,
2.625%, 6/15/17		12,595		20,766,006
				211,928,104
Semiconductors & Semiconductor Equipment—1.0%
Inphi Corp. (a)(b),
1.125%, 12/1/20		16,575		17,942,438
Software—11.5%
BroadSoft, Inc. (a)(b),
1.00%, 9/1/22		10,165		12,255,178
Citrix Systems, Inc.,
0.50%, 4/15/19		15,885		17,820,984
Cornerstone OnDemand, Inc.,
1.50%, 7/1/18		20,670		20,553,731
Electronic Arts, Inc.,
0.75%, 7/15/16		4,045		8,385,791
Nuance Communications, Inc.,
1.00%, 12/15/35 (a)(b)		16,015		14,823,884
1.50%, 11/1/35		13,930		14,417,550
Proofpoint, Inc. (a)(b),
0.75%, 6/15/20		21,090		20,430,938
Red Hat, Inc.,
0.25%, 10/1/19		17,065		21,256,591
Rovi Corp.,
0.50%, 3/1/20		15,065		14,452,984
Salesforce.com, Inc.,
0.25%, 4/1/18		18,210		22,580,400
ServiceNow, Inc.,
zero coupon, 11/1/18		14,165		15,413,291
Take-Two Interactive Software, Inc.,
1.00%, 7/1/18		11,500		20,570,625
Verint Systems, Inc.,
1.50%, 6/1/21		3,290		2,913,706
				205,875,653
Telecommunications—3.3%
Ciena Corp. (a)(b),
3.75%, 10/15/18		15,455		18,352,812
Gogo, Inc. (a),
3.75%, 3/1/20		15,540		12,004,728
InterDigital, Inc.,
1.50%, 3/1/20		21,075		21,694,078
Palo Alto Networks, Inc.,
zero coupon, 7/1/19		4,395		6,864,441
				58,916,059

	Principal Amount (000s)		Value
Transportation—0.5%
Echo Global Logistics, Inc.,
2.50%, 5/1/20		$9,285		$9,395,259
Total Convertible Bonds (cost—$1,261,400,310)				1,323,602,865
	Shares
Convertible Preferred Stock—22.1%
Banks—3.7%
Bank of America Corp., Ser. L (c),
7.25%		26,350		29,986,300
Wells Fargo & Co., Ser. L (c),
7.50%		29,080		35,041,691
				65,027,991
Commercial Services & Supplies—1.4%
Stericycle, Inc.,
5.25%, 9/15/18		261,665		24,321,762
Electric Utilities—0.7%
NextEra Energy, Inc.,
6.371%, 9/1/18		213,720		13,047,606
Food & Beverage—1.3%
Post Holdings, Inc.,
5.25%, 6/1/17		188,170		23,652,028
Food Products—1.6%
Tyson Foods, Inc.,
4.75%, 7/15/17		382,495		28,488,228
Health Care Providers & Services—2.9%
Amsurg Corp., Ser. A-1,
5.25%, 7/1/17		119,395		16,807,831
Anthem, Inc.,
5.25%, 5/1/18		755,645		35,281,065
				52,088,896
Oil, Gas & Consumable Fuels—1.1%
Kinder Morgan, Inc., Ser. A,
9.75%, 10/26/18		451,525		20,363,777
Pharmaceuticals—3.8%
Allergan PLC, Ser. A,
5.50%, 3/1/18		47,460		43,622,385
Teva Pharmaceutical Industries Ltd.,
7.00%, 12/15/18		27,260		24,096,204
				67,718,589
Real Estate Investment Trust—2.7%
American Tower Corp.,
5.25%, 5/15/17, Ser. A		221,290		23,279,708
5.50%, 2/15/18		124,900		12,883,435
Weyerhaeuser Co., Ser. A,
6.375%, 7/1/16		214,760		10,978,531
				47,141,674
Telecommunications—1.6%
Frontier Communications Corp., Ser. A,
11.125%, 6/29/18		273,715		28,575,846
Wireless Telecommunication Services—1.3%
T-Mobile U.S., Inc.,
5.50%, 12/15/17		350,845		23,225,939
Total Convertible Preferred Stock (cost—$372,882,524)				393,652,336

	Principal Amount (000s)		Value
Repurchase Agreements—3.1%
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $55,791,046; collateralized by Fannie Mae, 1.375%, due 2/26/21, valued at $56,911,050 including accrued interest
(cost—$55,791,000)		$55,791		$55,791,000
Total Investments (cost—$1,690,073,834)—99.5%				1,773,046,201
Other assets less liabilities—0.5%				9,291,671
Net Assets—100.0%				$1,782,337,872

Notes to Schedule of Investments:

(a) Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $304,011,790, representing 17.1% of net assets.

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

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

140 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2016 (Unaudited)

AllianzGI Emerging Markets Consumer Fund

	Shares		Value
Common Stock—97.1%
Brazil—6.7%
Cielo S.A.		33,520		$326,004
JBS S.A.		126,900		386,454
MRV Engenharia e Participacoes S.A.		198,100		652,317
Porto Seguro S.A.		46,600		353,033
Qualicorp S.A.		74,500		308,099
Smiles S.A.		29,100		307,619
				2,333,526
China—15.5%
ANTA Sports Products Ltd.		173,000		382,634
Baidu, Inc. ADR (b)		700		133,616
China Mobile Ltd.		51,000		564,497
China Southern Airlines Co., Ltd., Class H		648,000		408,848
China Telecom Corp., Ltd., Class H		412,000		218,122
Hengan International Group Co., Ltd.		60,500		527,338
NetEase, Inc. ADR		6,295		903,836
New Oriental Education & Technology Group, Inc. ADR		31,800		1,099,962
Shanghai Pharmaceuticals Holding Co., Ltd., Class H		140,900		280,054
Skyworth Digital Holdings Ltd.		798,000		494,702
Tencent Holdings Ltd.		17,800		364,139
				5,377,748
France—4.3%
Christian Dior SE		3,917		709,271
Sanofi		9,691		779,115
				1,488,386
Germany—0.6%
Stada Arzneimittel AG		4,777		189,152
Hong Kong—7.1%
AIA Group Ltd.		112,400		638,884
Hang Seng Bank Ltd.		29,500		523,115
Man Wah Holdings Ltd.		89,200		113,401
Pacific Textile Holdings Ltd.		57,000		82,438
Yue Yuen Industrial Holdings Ltd.		324,000		1,116,011
				2,473,849
Hungary—1.5%
Richter Gedeon Nyrt		26,356		525,043
India—5.8%
Divi’s Laboratories Ltd.		14,923		222,819
Dr Reddy’s Laboratories Ltd. ADR		12,360		558,548
ITC Ltd.		209,391		1,035,081
Jubilant Life Sciences Ltd.		30,235		189,816
				2,006,264
Indonesia—2.5%
Sri Rejeki Isman Tbk PT		5,409,500		131,688
Telekomunikasi Indonesia Persero Tbk PT ADR		14,200		722,070
				853,758
Korea (Republic of)—17.7%
Hana Financial Group, Inc.		19,328		419,356
Hankook Tire Co., Ltd.		5,749		273,458
KB Financial Group, Inc.		6,263		173,906
Kia Motors Corp.		11,428		482,730
KT Corp.		22,809		592,549

	Shares		Value
KT&G Corp.		13,375	$	1,287,879
Kwang Dong Pharmaceutical Co., Ltd.		9,160		89,296
LG Electronics, Inc.		3,225		173,857
LG Uplus Corp.		41,584		401,884
Samsung Card Co., Ltd.		6,309		207,782
Samsung Electronics Co., Ltd.		1,132		1,299,090
Shinhan Financial Group Co., Ltd.		14,458		508,919
SL Corp.		16,782		236,848
				6,147,554
Malaysia—1.7%
AirAsia Bhd.		220,000		103,208
British American Tobacco Malaysia Bhd.		9,100		126,045
Top Glove Corp. Bhd.		276,900		356,246
				585,499
Mexico—2.3%
Controladora Vuela Cia de Aviacion S.A.B. de C.V. ADR (b)		9,400		198,058
Gruma S.A.B. de C.V., Class B		18,240		289,260
Kimberly-Clark de Mexico S.A.B. de C.V., Class A		129,700		313,343
				800,661
Russian Federation—0.4%
Mobile TeleSystems PJSC ADR		18,330		148,290
Singapore—0.7%
Singapore Airlines Ltd.		27,300		231,319
South Africa—5.7%
AVI Ltd.		28,102		165,371
Imperial Holdings Ltd.		39,678		404,255
Naspers Ltd., Class N		1,322		184,287
Netcare Ltd.		238,076		581,753
Telkom S.A. SOC Ltd.		60,582		235,903
Tiger Brands Ltd.		6,771		148,935
Vodacom Group Ltd.		24,026		260,973
				1,981,477
Taiwan—12.3%
Cathay Financial Holding Co., Ltd.		489,000		585,054
Chlitina Holding Ltd.		15,000		128,988
Chunghwa Telecom Co., Ltd.		405,000		1,378,086
Eva Airways Corp. (b)		315,000		176,092
Pou Chen Corp.		774,000		985,763
St Shine Optical Co., Ltd.		17,000		346,629
Tong Yang Industry Co., Ltd.		91,000		136,599
Uni-President Enterprises Corp.		180,000		316,091
Wistron Corp.		375,000		231,606
				4,284,908
Thailand—1.6%
Charoen Pokphand Foods PCL NVDR		294,000		203,805
Thai Union Group PCL NVDR		584,500		347,192
				550,997
Turkey—2.8%
Turk Hava Yollari AO (b)		351,424		972,243
United Kingdom—3.3%
British American Tobacco PLC		14,104		822,673
Unilever PLC		7,445		335,715
				1,158,388

	Shares		Value
United States—4.6%
Kimberly-Clark Corp.		5,775	$	776,795
Lear Corp.		7,410		823,770
				1,600,565
Total Common Stock (cost—$32,669,356)				33,709,627
Equity-Linked Securities—1.2%
India—1.2%
CLSA Global Markets PTE Ltd., Apollo Tyres, Ltd., expires 10/7/19		35,585		93,944
Aurobindo Pharma Ltd., expires 10/7/19		29,068		327,015
Total Equity-Linked Securities (cost—$382,853)				420,959
Preferred Stock—0.7%
Brazil—0.7%
Banco Bradesco S.A. (cost—$173,986)		30,500		229,621
Exchange-Traded Funds—0.4%
iShares MSCI India (cost—$154,718)		5,480		148,618
	Principal Amount (000s)
Repurchase Agreements—0.6%
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $216,000; collateralized by U.S. Treasury Notes, 3.125%, due 5/15/21, valued at $220,352 including accrued interest
(cost—$216,000)		$216		216,000
Total Investments (cost—$33,596,913) (a)—100.0%				34,724,825
Other assets less liabilities (c)—0.0%				16,650
Net Assets—100.0%				$34,741,475

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $25,117,137, representing 72.3% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(b) Non-income producing.

(c) Includes net unrealized appreciation (depreciation) of other financial instruments. See Notes 7(b), 7(c) and 7(d) in the Notes to Financial Statements.

Glossary:

ADR—American Depositary Receipt

MSCI—Morgan Stanley Capital International

NVDR—Non-Voting Depository Receipt

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 141

Schedule of Investments

March 31, 2016 (Unaudited)

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

Diversified Telecommunication Services	10.2%
Textiles, Apparel & Luxury Goods	9.9%
Tobacco	9.4%
Pharmaceuticals	7.7%
Airlines	6.0%
Food Products	5.4%
Banks	5.3%
Insurance	4.5%
Auto Components	4.5%
Technology Hardware, Storage & Peripherals	4.4%
Household Durables	4.1%
Internet Software & Services	4.0%
Health Care Providers & Services	3.4%
Diversified Consumer Services	3.2%
Household Products	3.1%
Personal Products	2.9%
Wireless Telecommunication Services	2.8%
Health Care Equipment & Supplies	2.0%
Media	1.4%
Automobiles	1.4%
Distributors	1.2%
IT Services	0.9%
Life Sciences Tools & Services	0.7%
Consumer Finance	0.6%
Exchange-Traded Funds	0.4%
Repurchase Agreements	0.6%
Other assets less liabilities	0.0%
	100.0%

AllianzGI Emerging Markets Debt Fund

			Principal Amount (000s)		Value
Corporate Bonds & Notes—47.1%
Azerbaijan—1.1%
International Bank of Azerbaijan OJSC,
5.625%, 6/11/19		$		500		$466,250
Brazil—6.0%
CIMPOR Financial Operations BV (a)(b),
5.75%, 7/17/24				226		166,110
Marfrig Holding Europe BV,
9.875%, 7/24/17				300		307,500
Minerva Luxembourg S.A. (a)(b),
7.75%, 1/31/23				210		212,887
Odebrecht Offshore Drilling Finance Ltd.,
6.75%, 10/1/23				264		60,679
Petrobras Global Finance BV,
3.50%, 2/6/17				300		295,710
7.875%, 3/15/19				700		673,050
Vale S.A.,
5.625%, 9/11/42				300		214,242
Votorantim Cimentos S.A.,
3.25%, 4/25/21	€			380		351,050
3.50%, 7/13/22				300		265,984
						2,547,212
Chile—1.7%
Banco del Estado de Chile,
3.875%, 2/8/22		$		257		272,314
Banco Santander Chile (a)(b),
3.875%, 9/20/22				220		229,127
Corp. Nacional del Cobre de Chile,
4.50%, 8/13/23				200		206,959
						708,400
China—6.5%
Big Will Investments Ltd.,
10.875%, 4/29/16				200		201,260
Century Master Investment Co., Ltd.,
4.75%, 9/19/18				200		210,871
CITIC Ltd.,
6.80%, 1/17/23				400		475,658
CRCC Yupeng Ltd. (d),
3.95%, 8/1/19				402		411,623
Franshion Development Ltd.,
6.75%, 4/15/21				400		447,249
Industrial & Commercial Bank of China Ltd.,
4.875%, 9/21/25 (a)(b)				200		206,024
4.875%, 9/21/25				200		206,024
Sinopec Group Overseas Development 2015 Ltd.,
3.25%, 4/28/25				400		397,904
Yuzhou Properties Co., Ltd.,
8.75%, 10/4/18				200		212,668
						2,769,281
El Salvador—0.4%
AES El Salvador Trust II (a)(b),
6.75%, 3/28/23				210		164,850
Guatemala—1.7%
Comcel Trust via Comunicaciones Celulares S.A.,
6.875%, 2/6/24 (a)(b)				203		190,820
6.875%, 2/6/24				570		535,800
						726,620
Hong Kong—3.1%
Bank of East Asia Ltd. (d)(e),
5.50%, 12/29/49				200		190,564
CLP Power HK Finance Ltd. (d),
4.25%, 11/7/19				406		413,232
PCCW Capital No 4 Ltd.,
5.75%, 4/17/22				200		225,621
Studio City Finance Ltd.,
8.50%, 12/1/20				250		251,875

	Principal Amount (000s)		Value
Swire Properties MTN Financing Ltd.,
3.625%, 1/13/26		$250	$	260,039
				1,341,331
India—4.5%
ABJA Investment Co. Pte Ltd.,
5.95%, 7/31/24		400		374,256
Export-Import Bank of India,
4.00%, 1/14/23		409		426,644
GCX Ltd.,
7.00%, 8/1/19		405		380,820
Indian Oil Corp. Ltd.,
5.75%, 8/1/23		400		449,159
Reliance Holding USA, Inc.,
5.40%, 2/14/22		250		279,457
				1,910,336
Indonesia—2.9%
Indo Energy Finance II BV,
6.375%, 1/24/23		256		113,978
Jababeka International BV,
7.50%, 9/24/19		400		401,447
Marquee Land PTE Ltd.,
9.75%, 8/5/19		200		200,200
Pacific Emerald Pte Ltd.,
9.75%, 7/25/18		200		202,000
Pertamina Persero PT,
4.875%, 5/3/22		304		309,558
				1,227,183
Israel—0.4%
Delek & Avner Tamar Bond Ltd. (a)(b),
2.803%, 12/30/16		150		150,000
Korea (Republic of)—1.0%
Woori Bank,
4.75%, 4/30/24		404		425,286
Malaysia—0.9%
Malayan Banking Bhd. (e),
3.25%, 9/20/22		400		403,854
Mexico—2.7%
Alfa S.A.B. de C.V. (a)(b),
6.875%, 3/25/44		211		212,055
BBVA Bancomer S.A.,
7.25%, 4/22/20		192		214,080
Coca-Cola Femsa S.A.B. de C.V.,
3.875%, 11/26/23		194		201,724
Comision Federal de Electricidad,
4.875%, 1/15/24		221		228,182
Sixsigma Networks Mexico S.A. de C.V. (a)(b),
8.25%, 11/7/21		300		284,250
				1,140,291
Morocco—0.4%
OCP S.A.,
4.50%, 10/22/25		200		191,817
Nigeria—1.4%
FBN Finance Co. BV, (converts to FRN on 7/23/19) (a)(b),
8.00%, 7/23/21		251		191,644
GTB Finance BV (a)(b),
6.00%, 11/8/18		201		188,186
Zenith Bank PLC (a)(b),
6.25%, 4/22/19		250		227,450
				607,280
Peru—0.5%
Corp. Financiera de Desarrollo S.A.,
4.75%, 2/8/22		207		217,868

142 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2016 (Unaudited)

	Principal Amount (000s)		Value
Philippines—1.6%
Petron Corp. (d)(e),
7.50%, 2/6/49		$400	$	420,000
Power Sector Assets & Liabilities Management Corp.,
7.39%, 12/2/24		200		266,579
				686,579
Qatar—0.6%
Ras Laffan Liquefied Natural Gas Co., Ltd. III (a)(b),
6.332%, 9/30/27		250		277,715
Russian Federation—4.1%
Alfa Bank AO Via Alfa Bond Issuance PLC (a)(b),
7.50%, 9/26/19		200		209,034
Gazprom Neft OAO Via GPN Capital S.A. (a)(b),
6.00%, 11/27/23		203		201,731
Gazprom OAO Via Gaz Capital S.A.,
4.95%, 2/6/28		200		181,761
Lukoil International Finance BV (a)(b),
6.656%, 6/7/22		385		410,986
Sberbank of Russia Via SB Capital S.A. (a)(b),
5.25%, 5/23/23		224		202,496
TMK OAO Via TMK Capital S.A. (a)(b),
6.75%, 4/3/20		203		200,970
VimpelCom Holdings BV,
5.95%, 2/13/23		350		342,349
				1,749,327
South Africa—2.4%
African Bank Ltd. (c),
8.125%, 2/24/17		300		261,000
Gold Fields Orogen Holding BVI Ltd. (a)(b),
4.875%, 10/7/20		200		182,000
MTN Mauritius Investments Ltd. (a)(b),
4.755%, 11/11/24		200		180,750
Myriad International Holdings B.V.,
5.50%, 7/21/25 (a)(b)		200		201,979
5.50%, 7/21/25		200		201,979
				1,027,708
Turkey—2.2%
Akbank TAS (a)(b),
3.875%, 10/24/17		250		254,142
Global Liman Isletmeleri (a)(b),
8.125%, 11/14/21		300		265,122
Yasar Holdings AS (a)(b),
8.875%, 5/6/20		400		412,480
				931,744
United Arab Emirates—0.2%
Dolphin Energy Ltd. (a)(b),
5.888%, 6/15/19		95		102,015
United Kingdom—0.3%
Genel Energy Finance PLC (b),
7.50%, 5/14/19		200		124,000
Uruguay—0.3%
Navios South American Logistics, Inc. (a)(b),
7.25%, 5/1/22		213		138,450
Venezuela—0.2%
Petroleos de Venezuela S.A.,
8.50%, 11/2/17		133		70,853
Total Corporate Bonds & Notes (cost—$20,564,691)				20,106,250
Sovereign Debt Obligations—25.5%
Angola—0.4%
Angolan Government International Bond (b),
9.50%, 11/12/25		200		182,750

			Principal Amount (000s)		Value
Argentina—0.9%
Argentine Republic Government International Bond (c),
8.75%, 6/2/17		$		350	$	405,502
Azerbaijan—0.8%
Republic of Azerbaijan International Bond,
4.75%, 3/18/24				375		358,125
Brazil—0.9%
Brazilian Government International Bond,
4.25%, 1/7/25				400		366,900
Cameroon—0.4%
Republic of Cameroon (a)(b),
9.50%, 11/19/25				200		189,000
Croatia—1.4%
Croatia Government International Bond,
5.50%, 4/4/23				551		582,744
Dominican Republic—0.5%
Dominican Republic International Bond,
5.50%, 1/27/25				200		201,000
Gabon—0.4%
Gabonese Republic (a)(b),
6.95%, 6/16/25				200		167,500
Hungary—1.5%
Hungary Government International Bond,
5.375%, 2/21/23				196		217,631
6.25%, 1/29/20				185		206,135
7.625%, 3/29/41				150		212,985
						636,751
Indonesia—0.7%
Indonesia Government International Bond (a)(b),
4.625%, 4/15/43				300		283,687
Ivory Coast—0.7%
Ivory Coast Government International Bond (a)(b),
6.375%, 3/3/28				300		285,000
Jamaica—0.5%
Jamaica Government International Bond,
6.75%, 4/28/28				200		205,500
Kazakhstan—0.7%
Kazakhstan Government International Bond (a)(b),
5.125%, 7/21/25				300		309,975
Kenya—0.5%
Kenya Government International Bond,
5.875%, 6/24/19				200		197,320
Mexico—2.4%
Mexican Bonos,
10.00%, 12/5/24		MXN		11,000		818,601
Mexico Government International Bond,
3.60%, 1/30/25		$		200		204,500
						1,023,101
Morocco—0.7%
Morocco Government International Bond,
3.50%, 6/19/24	€			250		292,662
Mozambique—0.3%
EMATUM Via Mozambique Finance BV,
6.305%, 9/11/20		$		164		143,500
Namibia—0.5%
Republic of Namibia (a)(b),
5.25%, 10/29/25				200		194,000
Pakistan—0.6%
Pakistan Government International Bond,
8.25%, 4/15/24				250		266,777

		Principal Amount (000s)		Value
Panama—0.6%
Panama Government International Bond,
3.75%, 3/16/25	$		250	$	257,500
Paraguay—0.5%
Republic of Paraguay,
6.10%, 8/11/44			207		211,916
Philippines—0.6%
Republic of Philippines,
3.95%, 1/20/40			250		274,781
Poland—0.3%
Poland Government International Bond,
3.25%, 4/6/26			150		149,805
Romania—0.9%
Romanian Government International Bond,
6.125%, 1/22/44			300		367,034
Russian Federation—1.0%
Russian Federation Bond,
4.875%, 9/16/23			400		418,723
Serbia—2.2%
Serbia International Bond,
5.875%, 12/3/18			292		305,926
7.25%, 9/28/21			575		644,000
					949,926
South Africa—0.7%
South Africa Government Bond,
6.50%, 2/28/41	ZAR		2,000		93,938
6.75%, 3/31/21			3,500		218,813
					312,751
Sri Lanka—0.7%
Republic of Sri Lanka,
5.875%, 7/25/22	$		300		283,736
Turkey—1.0%
Turkey Government International Bond,
4.25%, 4/14/26			450		439,085
Ukraine—0.8%
Ukraine Government International Bond (a)(b),
zero coupon, 5/31/40			115		38,048
7.75%, 9/1/20			150		141,037
7.75%, 9/1/23			200		181,920
					361,005
United Arab Emirates—0.7%
IPIC GMTN Ltd. (a)(b),
5.00%, 11/15/20			253		280,830
Uruguay—0.7%
Uruguay Government International Bond,
4.375%, 10/27/27			284		292,767
Total Sovereign Debt Obligations (cost—$11,014,193)					10,891,653
Repurchase Agreements—31.8%
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $13,571,011; collateralized by U.S. Treasury Notes, 3.125%, due 5/15/21, valued at $13,843,640 including accrued interest
(cost—$13,571,000)			13,571		13,571,000
Total Investments (cost—$45,149,884)—104.4%					44,568,903
Liabilities in excess of other assets (f)—(4.4)%					(1,863,350	)
Net Assets—100.0%					$42,705,553

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 143

Schedule of Investments

March 31, 2016 (Unaudited)

Notes to Schedule of Investments:

(a) Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $7,734,270, representing 18.1% of net assets.

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

(c) In default.

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

(e) Variable or Floating Rate Security—Securities with an interest rate that changes periodically. The interest rate disclosed reflects the rate in effect on March 31, 2016.

(f) Includes net unrealized appreciation (depreciation) of other financial instruments. See Notes 7(b), 7(c) and 7(d) in the Notes to Financial Statements.

Glossary:

€—Euro

FRN—Floating Rate Note

MXN—Mexican Peso

ZAR—South African Rand

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

Sovereign Debt Obligations	25.5%
Banks	10.7%
Oil, Gas & Consumable Fuels	9.3%
Telecommunications	5.0%
Real Estate	3.6%
Iron/Steel	2.5%
Diversified Financial Services	2.5%
Electric Utilities	1.9%
Food & Beverage	1.7%
Holding Companies-Diversified	1.5%
Energy Equipment & Services	1.0%
Engineering & Construction	1.0%
Media	0.9%
Mining	0.9%
Building Materials	0.8%
Construction Materials	0.6%
Commercial Services	0.6%
Lodging	0.6%
Retail	0.5%
Metal Fabricate/Hardware	0.5%
Chemicals	0.4%
Transportation	0.3%
Coal	0.3%
Repurchase Agreements	31.8%
Liabilities in excess of other assets	(4.4)%
	100.0%

AllianzGI Emerging Markets Small-Cap Fund

	Shares		Value
Common Stock—95.0%
Brazil—1.2%
Cia Paranaense de Energia		3,400		$17,437
Cosan Ltd., Class A		8,800		43,296
Smiles S.A.		3,600		38,056
				98,789
Chile—0.2%
Sociedad Matriz del Banco de Chile S.A., Class B		46,754		13,330
China—15.9%
361 Degrees International Ltd.		214,000		66,379
AMVIG Holdings Ltd.		26,000		10,858
Anhui Expressway Co., Ltd., Class H		18,000		14,006
Chaowei Power Holdings Ltd. (c)		21,000		13,076
China Creative Home Group Ltd.		206,000		17,554
China Lesso Group Holdings Ltd.		228,000		122,565
China Lodging Group Ltd. ADR		500		19,105
China Maple Leaf Educational Systems Ltd.		130,000		82,088
China Southern Airlines Co., Ltd., Class H		20,000		12,619
Dah Chong Hong Holdings Ltd.		32,000		13,058
Ju Teng International Holdings Ltd.		134,000		69,142
Kingboard Laminates Holdings Ltd.		144,000		67,046
Lee & Man Paper Manufacturing Ltd.		149,000		101,351
Peak Sport Products Co., Ltd.		221,000		54,541
Powerlong Real Estate Holdings Ltd.		198,000		41,450
PW Medtech Group Ltd. (c)		73,000		16,309
Texhong Textile Group Ltd.		41,500		42,179
Tiangong International Co., Ltd.		210,000		16,522
Tianjin Capital Environmental Protection Group Co., Ltd., Class H		62,000		37,575
Tianjin Development Holdings Ltd.		244,000		123,831
Tianneng Power International Ltd. (c)		190,000		169,844
Weiqiao Textile Co., Class H		195,000		140,750
Xingda International Holdings Ltd.		108,000		22,995
Yingde Gases Group Co., Ltd.		47,000		18,045
Yuexiu Real Estate Investment Trust REIT		115,000		63,745
				1,356,633
Colombia—0.3%
Avianca Holdings S.A. ADR		4,800		23,856
Czech Republic—0.8%
Philip Morris CR AS		130		72,234
Greece—1.5%
Aegean Airlines S.A.		3,707		35,855
Hellenic Petroleum S.A. (c)		6,882		28,972
Motor Oil Hellas Corinth Refineries S.A.		5,446		58,624
				123,451
Hong Kong—4.6%
Champion REIT		361,000		183,872

144 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2016 (Unaudited)

	Shares		Value
Langham Hospitality Investments and Langham Hospitality Investments Ltd. UNIT REIT		53,000		$18,815
Pak Fah Yeow International Ltd.		27,500		13,984
Pico Far East Holdings Ltd.		104,000		27,752
Playmates Toys Ltd.		68,000		14,173
Regal Real Estate Investment Trust REIT		71,000		18,138
Texwinca Holdings Ltd.		72,000		70,247
Victory City International Holdings Ltd.		456,000		32,996
Win Hanverky Holdings Ltd.		54,000		9,775
				389,752
India—7.2%
Apollo Tyres Ltd.		31,440		83,630
Chennai Petroleum Corp. Ltd. (c)		21,864		65,650
Claris Lifesciences Ltd. (c)		10,796		21,180
Dishman Pharmaceuticals & Chemicals Ltd.		16,423		82,930
Eros International Media Ltd. (c)		4,726		12,045
GHCL Ltd.		13,902		24,072
Jet Airways India Ltd. (c)		2,345		19,343
Jubilant Life Sciences Ltd.		3,031		19,029
Karnataka Bank Ltd.		14,575		22,645
KPIT Technologies Ltd.		20,410		45,633
Nilkamal Ltd.		818		13,612
Polaris Consulting & Services Ltd.		3,082		8,772
Rajesh Exports Ltd.		9,888		92,463
Reliance Infrastructure Ltd. (c)		9,477		76,248
Rolta India Ltd. (c)		6,775		7,761
Uflex Ltd.		3,503		9,202
Vardhman Textiles Ltd.		974		11,340
				615,555
Indonesia—1.5%
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		331,300		24,147
Bank Tabungan Negara Persero Tbk PT		627,000		82,454
Japfa Comfeed Indonesia Tbk PT (c)		354,800		21,412
				128,013
Korea (Republic of)—17.0%
Aekyung Petrochemical Co., Ltd.		241		11,728
Daishin Securities Co., Ltd.		11,304		118,582
Dongbu HiTek Co., Ltd. (c)		1,549		24,468
Dongwha Pharm Co., Ltd.		12,419		88,040
e-LITECOM Co., Ltd.		8,187		103,506
Humax Co., Ltd.		6,446		74,082
Huvis Corp.		1,787		13,892
Ilsung Pharmaceuticals Co., Ltd.		117		11,459
INTOPS Co., Ltd.		4,208		75,609
Jahwa Electronics Co., Ltd.		3,591		47,132
KB Insurance Co., Ltd.		531		15,825
KG Eco Technology Service Co., Ltd.		6,919		19,486
Kolon Industries, Inc.		328		20,777
Korea Petro Chemical Ind Co., Ltd. (c)		228		51,188
Korea United Pharm, Inc.		5,586		96,254
Kwang Dong Pharmaceutical Co., Ltd.		6,851		66,787
Kwangju Bank (c)		8,536		62,485
Macquarie Korea Infrastructure Fund		9,290		67,971

	Shares		Value
Moorim P&P Co., Ltd.		19,767	$	84,214
Pyeong Hwa Automotive Co., Ltd.		751		8,774
S&T Dynamics Co., Ltd. (c)		2,292		27,736
S&T Motiv Co., Ltd. (c)		607		36,709
Songwon Industrial Co., Ltd.		2,063		35,735
Taekwang Industrial Co., Ltd.		108		87,923
TK Chemical Corp. (c)		58,515		106,088
Ubiquoss, Inc.		2,634		29,964
Unid Co., Ltd.		266		11,588
Yearimdang Publishing Co., Ltd.		12,330		49,608
				1,447,610
Malaysia—5.2%
Mitrajaya Holdings Bhd.		54,100		17,056
NTPM Holdings Bhd.		109,100		27,951
Ta Ann Holdings Bhd.		158,700		205,417
Top Glove Corp. Bhd.		118,400		152,328
Unisem M Bhd.		70,400		40,087
				442,839
Mexico—0.6%
Controladora Vuela Cia de Aviacion S.A.B. de C.V. ADR (c)		500		10,535
Prologis Property Mexico S.A. de C.V. REIT (c)		18,900		30,017
Vitro S.A.B. de C.V., Ser. A (c)		3,500		11,671
				52,223
Philippines—1.4%
Cebu Air, Inc.		62,520		121,544
Poland—1.8%
Asseco Poland S.A.		3,918		63,530
Ciech S.A. (c)		774		14,531
Kernel Holding S.A.		5,055		72,201
				150,262
Russian Federation—2.1%
Acron JSC (b)		494		27,081
M Video PAO (b)		7,058		28,091
Ros Agro PLC GDR		7,301		123,022
				178,194
Singapore—0.2%
Yangzijiang Shipbuilding Holdings Ltd.		19,300		14,017
South Africa—2.6%
Aeci Ltd.		11,311		69,718
Astral Foods Ltd.		5,757		43,216
DRDGOLD Ltd. ADR		8,800		35,112
Harmony Gold Mining Co., Ltd. ADR (c)		6,000		21,840
Raubex Group Ltd.		16,900		20,994
S.A. Corporate Real Estate Fund Nominees Pty Ltd. REIT		106,065		34,699
				225,579
Taiwan—21.2%
Ability Enterprise Co., Ltd. (c)		82,583		51,595
AcBel Polytech, Inc.		35,000		28,962
Bioteque Corp.		2,000		8,922
Casetek Holdings Ltd.		8,000		43,457
Coretronic Corp.		108,000		110,329
Feng Hsin Iron & Steel Co.		22,000		28,736
Gigabyte Technology Co., Ltd.		27,000		29,780
Grand Pacific Petrochemical		29,000		15,576
Grand Plastic Technology		7,000		53,407
Huaku Development Co., Ltd.		114,000		210,764
King Yuan Electronics Co., Ltd.		93,000		82,579
Micro-Star International Co., Ltd.		9,000		13,864

	Shares		Value
Netronix, Inc.		51,000	$	99,835
Powertech Technology, Inc.		52,000		117,848
Realtek Semiconductor Corp.		13,000		35,736
Sampo Corp.		56,000		23,408
Shin Zu Shing Co., Ltd.		55,000		196,350
Shinkong Synthetic Fibers Corp.		45,000		12,710
Sinbon Electronics Co., Ltd.		50,000		102,065
Taiwan Shin Kong Security Co., Ltd.		13,000		16,174
Taiwan Union Technology Corp.		121,000		93,096
Tong Yang Industry Co., Ltd.		8,000		12,009
Topoint Technology Co., Ltd.		54,000		38,933
Unizyx Holding Corp.		44,000		21,462
Visual Photonics Epitaxy Co., Ltd.		57,000		98,203
Win Semiconductors Corp.		111,811		221,316
Winbond Electronics Corp. (c)		143,000		41,950
				1,809,066
Thailand—6.7%
Advanced Information Technology PCL NVDR		32,000		27,944
Bangchak Petroleum PCL NVDR		28,000		23,254
CPN Retail Growth Leasehold Property Fund UNIT		155,200		83,820
Hana Microelectronics PCL NVDR		22,600		22,961
IRPC PCL NVDR		837,500		120,041
Kiatnakin Bank PCL NVDR		42,700		50,932
SVI PCL NVDR (c)		642,100		96,648
Thai Oil PCL NVDR		12,300		24,171
Thai Vegetable Oil PCL NVDR		23,200		15,425
Thanachart Capital PCL NVDR		94,900		101,806
				567,002
Turkey—1.4%
Aksa Akrilik Kimya Sanayii AS		2,713		10,046
Tat Gida Sanayi AS (c)		11,066		23,285
Turk Hava Yollari AO (c)		32,313		89,397
				122,728
United States—1.6%
Net 1 UEPS Technologies, Inc. (c)		14,865		136,758
Total Common Stock (cost—$7,739,121)				8,089,435
Preferred Stock—3.4%
Brazil—2.1%
Banco ABC Brasil S.A.		3,300		11,289
Banco do Estado do Rio Grande do Sul S.A., Class B		52,900		117,698
Suzano Papel e Celulose S.A., Class A		14,600		51,405
				180,392
Russian Federation—1.3%
Bashneft PAO (b)		3,761		104,217
Total Preferred Stock (cost—$224,973)				284,609
Total Investments (cost—$7,964,094) (a)—98.4%				8,374,044
Other assets less liabilities—1.6%				139,729
Net Assets—100.0%				$8,513,773

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 145

Schedule of Investments

March 31, 2016 (Unaudited)

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $6,947,359, representing 81.6% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(b) Fair-Valued—Securities with an aggregate value of $159,389, representing 1.9% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(c) Non-income producing.

Glossary:

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

NVDR—Non-Voting Depository Receipt

REIT—Real Estate Investment Trust

UNIT—More than one class of securities traded together.

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

Semiconductors & Semiconductor Equipment	9.6%
Electronic Equipment, Instruments & Components	8.5%
Textiles, Apparel & Luxury Goods	7.6%
Banks	5.7%
Oil, Gas & Consumable Fuels	5.5%
Paper & Forest Products	5.2%
Real Estate Investment Trust	4.9%
Chemicals	4.7%
Auto Components	4.1%
Pharmaceuticals	3.7%
Airlines	3.7%
Food Products	3.5%
Real Estate Management & Development	3.2%
Machinery	2.5%
Technology Hardware, Storage & Peripherals	2.2%
IT Services	2.1%
Health Care Equipment & Supplies	2.1%
Media	1.5%
Communications Equipment	1.5%
Multi-Utilities	1.5%
Building Products	1.4%
Capital Markets	1.4%
Software	1.3%
Metals & Mining	1.2%
Electric Utilities	1.1%
Household Durables	1.1%
Life Sciences Tools & Services	1.0%
Diversified Consumer Services	1.0%
Tobacco	0.9%
Diversified Financial Services	0.8%
Commercial Services & Supplies	0.6%
Containers & Packaging	0.5%
Construction & Engineering	0.4%
Electrical Equipment	0.3%
Specialty Retail	0.3%
Household Products	0.3%
Aerospace & Defense	0.3%
Independent Power Producers & Energy Traders	0.2%
Hotels, Restaurants & Leisure	0.2%
Insurance	0.2%
Leisure Equipment & Products	0.2%
Transportation Infrastructure	0.2%
Distributors	0.2%
Other assets less liabilities	1.6%
	100.0%

AllianzGI Europe Equity Dividend Fund

	Shares		Value
Common Stock—88.4%
Belgium—3.1%
bpost S.A.		2,850		$79,093
EVS Broadcast Equipment S.A. (c)		880		32,529
				111,622
Finland—2.4%
Nokian Renkaat Oyj		2,430		85,732
France—10.0%
Coface S.A. (c)		3,720		30,676
SCOR SE		1,935		68,220
SES S.A.		4,486		131,237
Total S.A.		1,840		83,722
Vivendi S.A.		2,190		45,896
				359,751
Germany—9.3%
Drillisch AG (c)		1,360		55,650
Freenet AG (c)		3,109		92,857
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		930		188,738
				337,245
Italy—2.1%
Snam SpA		12,180		76,223
Netherlands—1.3%
Koninklijke KPN NV		11,190		46,859
Norway—4.0%
Statoil ASA		3,800		59,350
Telenor ASA		2,250		36,380
TGS Nopec Geophysical Co. ASA		2,170		33,079
Yara International ASA		460		17,268
				146,077
Portugal—1.2%
CTT-Correios de Portugal S.A. (c)		4,740		44,555
Spain—8.1%
Cia de Distribucion Integral Logista Holdings S.A. (c)		4,300		97,025
Enagas S.A.		3,070		92,145
Ferrovial S.A.		3,370		72,323
Mapfre S.A.		14,350		30,884
				292,377
Sweden—3.7%
NCC AB, Class B		1,490		54,232
Nordea Bank AB		8,070		77,407
				131,639
Switzerland—7.1%
Cembra Money Bank AG (c)(d)		1,147		80,059
Sunrise Communications Group AG (a)(c)(d)		1,936		132,893
UBS Group AG		2,720		43,754
				256,706
United Kingdom—36.1%
Ashmore Group PLC (c)		18,480		76,164
AstraZeneca PLC		1,800		100,497
BP PLC		17,000		85,057
British American Tobacco PLC		2,760		161,393
Centrica PLC		15,150		49,493
GlaxoSmithKline PLC		3,950		79,961
HSBC Holdings PLC		13,140		81,717
ICAP PLC		5,450		37,068
IG Group Holdings PLC		4,675		53,626
Imperial Brands PLC		2,210		122,362
Royal Dutch Shell PLC, Class A		5,840		141,525

146 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2016 (Unaudited)

	Shares		Value
Tate & Lyle PLC		4,380	$	36,302
Tullett Prebon PLC		4,470		22,586
UBM PLC (c)		11,240		96,845
Vodafone Group PLC		50,550		160,630
				1,305,226
Total Common Stock (cost—$3,314,388)				3,194,012
	Principal Amount (000s)
Repurchase Agreements—10.8%
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $390,000; collateralized by U.S. Treasury Notes, 3.125%, due 5/15/21, valued at $402,143 including accrued interest
(cost—$390,000)		$390		390,000
Total Investments (cost—$3,704,388) (b)—99.2%				3,584,012
Other assets less liabilities—0.8%				29,698
Net Assets—100.0%				$3,613,710

Notes to Schedule of Investments:

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

(b) Securities with an aggregate value of $3,161,483, representing 87.5% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(c) Affiliated security.

(d) Non-income producing.

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

Oil, Gas & Consumable Fuels	10.2%
Insurance	8.8%
Wireless Telecommunication Services	8.5%
Tobacco	7.8%
Media	7.6%
Air Freight & Logistics	6.1%
Diversified Telecommunication Services	6.0%
Pharmaceuticals	5.0%
Capital Markets	5.0%
Gas Utilities	4.7%
Banks	4.4%
Construction & Engineering	3.5%
Auto Components	2.4%
Consumer Finance	2.2%
Diversified Financial Services	1.5%
Multi-Utilities	1.4%
Food Products	1.0%
Energy Equipment & Services	0.9%
Communications Equipment	0.9%
Chemicals	0.5%
Repurchase Agreements	10.8%
Other assets less liabilities	0.8%
	100.0%

AllianzGI Global Fundamental Strategy Fund

	Shares		Value
Common Stock—36.1%
Belgium—1.7%
bpost S.A.		6,000		$166,512
Warehouses De Pauw CVA REIT		1,800		170,921
				337,433
France—0.7%
Engie S.A.		9,000		139,442
Germany—5.1%
BASF SE		2,100		157,911
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		900		182,650
SAP SE		1,600		128,749
TLG Immobilien AG (f)		6,282		136,926
Vonovia SE		11,900		427,220
				1,033,456
Hong Kong—2.7%
HKT Trust & HKT Ltd.		222,400		306,191
Power Assets Holdings Ltd.		22,600		231,448
				537,639
Indonesia—1.4%
Bank Negara Indonesia Persero Tbk PT		130,000		50,964
Indocement Tunggal Prakarsa Tbk PT		30,000		44,608
Telekomunikasi Indonesia Persero Tbk PT		777,300		195,929
				291,501
Israel—0.4%
Mobileye NV (g)		2,000		74,580
Italy—0.6%
Eni SpA		7,700		116,291
New Zealand—1.1%
Spark New Zealand Ltd.		87,100		219,573
Norway—1.9%
Telenor ASA		9,300		150,372
Yara International ASA		6,300		236,501
				386,873
Portugal—0.9%
CTT-Correios de Portugal S.A. (f)		20,000		187,997
Switzerland—2.3%
Nestle S.A.		3,200		238,787
Roche Holding AG		900		220,986
				459,773
Turkey—1.6%
Tupras Turkiye Petrol Rafinerileri AS (g)		11,500		323,905
United Kingdom—3.5%
BP PLC		28,000		140,094
Centrica PLC		33,200		108,460
Reckitt Benckiser Group PLC		2,900		279,724
Royal Dutch Shell PLC, Class A		7,300		176,265
				704,543
United States—12.2%
Amazon.com, Inc. (e)(g)		400		237,456
Cisco Systems, Inc. (e)		8,400		239,148
Eli Lilly & Co.		2,700		194,427

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 147

Schedule of Investments

March 31, 2016 (Unaudited)

			Shares		Value
General Electric Co. (e)				8,300	$	263,857
Intel Corp. (e)				8,600		278,210
Johnson & Johnson				2,400		259,680
Merck & Co., Inc.				4,200		222,222
Microchip Technology, Inc. (e)				5,800		279,560
Microsoft Corp. (e)				5,100		281,673
Verizon Communications, Inc.				3,900		210,912
						2,467,145
Total Common Stock (cost—$6,522,102)						7,280,151
			Principal Amount (000s)
Corporate Bonds & Notes—25.0%
Brazil—1.9%
Petrobras Global Finance BV,
4.375%, 5/20/23		$		280		205,016
5.375%, 1/27/21				200		164,690
						369,706
Mexico—2.0%
Controladora Mabe S.A. de C.V. (a)(b),
7.875%, 10/28/19				200		218,200
Petroleos Mexicanos, 6.625%, 6/15/35				190		183,350
						401,550
Supranational—9.9%
European Investment Bank,
0.625%, 4/15/16				1,000		1,000,034
Inter-American Development Bank,
0.625%, 9/12/16				1,000		1,000,143
						2,000,177
Switzerland—2.7%
Credit Suisse AG, 5.30%, 8/13/19				500		549,085
United States—8.5%
AT&T, Inc., 5.80%, 2/15/19				500		557,748
HSBC USA, Inc., 1.625%, 1/16/18				500		499,168
Oracle Corp., 5.75%, 4/15/18				600		656,296
						1,713,212
Total Corporate Bonds & Notes (cost—$5,031,080)						5,033,730
Sovereign Debt Obligations—19.8%
Brazil—2.0%
Brazil Notas do Tesouro Nacional, Ser. F,
10.00%, 1/1/18		BRL		1,500		398,206
Indonesia—2.6%
Indonesia Treasury Bond,
7.375%, 9/15/16		IDR		6,900,000		523,432
Italy—5.7%
Italy Buoni Poliennali Del Tesoro (d),
1.65%, 4/23/20	€			438		528,192
3.10%, 9/15/26				439		632,365
						1,160,557

			Principal Amount (000s)		Value
Mexico—2.2%
Mexican Bonos, Ser. M,
6.50%, 6/9/22		MXN		7,500		$455,523
Poland—2.1%
Poland Government Bond,
3.75%, 4/25/18		PLN		1,500		421,192
Russian Federation—1.0%
Russian Federation Bond (a)(b),
4.50%, 4/4/22		$		200		205,443
South Africa—2.0%
South Africa Government Bond,
8.00%, 12/21/18		ZAR		6,000		402,571
Spain—2.2%
Spain Government Inflation Linked Bond (b)(d),
1.80%, 11/30/24	€			345		437,290
Total Sovereign Debt Obligations (cost—$4,700,973)						4,004,214
U.S. Treasury Obligations—2.5%
U.S. Treasury Inflation Indexed Notes (d), 0.25%, 1/15/25
(cost—$476,491)		$		500		504,904
			Shares
Exchange-Traded Funds—1.8%
iShares MSCI Emerging Markets Index (e) (cost—$436,510)				10,400		356,200
Preferred Stock—0.5%
Brazil—0.5%
Vale S.A. (cost—$196,083)				35,000		110,773
			Principal Amount (000s)
Repurchase Agreements—13.2%
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $2,653,000; collateralized by U.S. Treasury Notes, 3.125%, due 5/15/21, valued at $2,710,335 including accrued interest
(cost—$2,653,000)		$		2,653		2,653,000
			Contracts
Options Purchased (g)(i)—0.3%
Put Options—0.3%
E-mini S&P 500 Index, strike price $1,975.00, expires 9/16/16 (cost—$74,299)				20		63,500
Total Investments, before options written (cost—$20,090,538)—99.2%						20,006,472
Options Written (g)(i)—(0.2)%
Call Options—(0.1)%
Euro STOXX 600 Index, strike price $765.00, expires 5/20/16				25		(13,015	)

	Contracts		Value
Put Options—(0.1)%
E-mini S&P 500 Index, strike price $1,800.00, expires 9/16/16		20	$	(29,500	)
Total Options Written (premiums received—$56,970)				(42,515	)
Total Investments, net of options written (cost—$20,033,568) (c)—99.0%				19,963,957
Other assets less other liabilities (h)—1.0%				204,252
Net Assets—100.0%				$20,168,209

Notes to Schedule of Investments:

(a) Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $423,643, representing 2.1% of net assets.

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

(c) Securities with an aggregate value of $4,432,235, representing 22.0% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

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

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

(f) Affiliated security.

(g) Non-income producing.

(h) Includes net unrealized appreciation (depreciation) of other financial instruments. See Notes 7(b), 7(c) and 7(d) in the Notes to Financial Statements.

(i) Exchange traded-Chicago Board Options Exchange.

Glossary:

BRL—Brazilian Real

€—Euro

IDR—Indonesian Rupiah

MSCI—Morgan Stanley Capital International

MXN—Mexican Peso

PLN—Polish Zloty

REIT—Real Estate Investment Trust

ZAR—South African Rand

148 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2016 (Unaudited)

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

Sovereign Debt Obligations	19.8%
Banks	15.3%
Oil, Gas & Consumable Fuels	6.5%
Software	5.7%
Diversified Telecommunication Services	5.4%
Pharmaceuticals	4.4%
Real Estate Management & Development	2.8%
Semiconductors & Semiconductor Equipment	2.8%
Telecommunications	2.8%
U.S. Treasury Obligations	2.5%
Chemicals	2.0%
Exchange-Traded Funds	1.8%
Air Freight & Logistics	1.8%
Household Products	1.4%
Industrial Conglomerates	1.3%
Multi-Utilities	1.2%
Communications Equipment	1.2%
Food Products	1.2%
Internet & Catalog Retail	1.2%
Electric Utilities	1.1%
Household Products/Wares	1.1%
Insurance	0.9%
Real Estate Investment Trust	0.8%
Metals & Mining	0.5%
Construction Materials	0.2%
Repurchase Agreements	13.2%
Options Purchased	0.3%
Options Written	(0.2)%
Other assets less other liabilities	1.0%
	100.0%

AllianzGI Global Sustainability Fund

	Shares		Value
Common Stock—94.0%
Australia—1.3%
Australia & New Zealand Banking Group Ltd.		14,472		$259,432
Canada—1.1%
Gibson Energy, Inc.		16,961		224,623
Denmark—2.0%
Novo Nordisk A/S, Class B		7,466		404,311
France—2.8%
BNP Paribas S.A.		5,366		269,591
Bureau Veritas S.A. (b)		13,609		302,574
				572,165
Germany—5.9%
Adidas AG		3,904		455,834
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		2,127		431,662
SAP SE		3,983		320,506
				1,208,002
Japan—3.6%
Astellas Pharma, Inc.		17,100		227,251
Daikin Industries Ltd.		4,600		343,549
Mazda Motor Corp.		11,200		173,844
				744,644
Norway—1.3%
Storebrand ASA (c)		66,532		259,162
Spain—4.0%
Amadeus IT Holding S.A., Class A		10,383		444,017
Industria de Diseno Textil S.A.		11,193		375,185
				819,202
Sweden—2.8%
Atlas Copco AB, Class A		12,273		308,020
Skandinaviska Enskilda Banken AB, Class A		29,207		278,524
				586,544
Switzerland—4.6%
Nestle S.A.		3,437		256,471
Roche Holding AG		1,745		428,468
UBS Group AG		16,329		262,669
				947,608
United Kingdom—12.3%
AstraZeneca PLC		4,793		267,602
BHP Billiton PLC		13,451		150,629
Prudential PLC		18,916		351,997
Reckitt Benckiser Group PLC		2,662		256,767
Royal Dutch Shell PLC, Class B		10,073		245,124
Unilever PLC		10,008		451,288
Vodafone Group PLC		124,591		395,907
WPP PLC		17,823		414,839
				2,534,153
United States—52.3%
Accenture PLC, Class A		3,760		433,904
Agilent Technologies, Inc.		8,948		356,578
Alphabet, Inc., Class A (c)		731		557,680
American Express Co.		5,491		337,147
Apple, Inc.		3,997		435,633
Biogen, Inc. (c)		784		204,091
Citigroup, Inc.		9,501		396,667
Colgate-Palmolive Co.		6,466		456,823
Eaton Corp. PLC		5,807		363,286
Ecolab, Inc.		2,864		319,393
EOG Resources, Inc.		4,451		323,054

	Shares		Value
Estee Lauder Cos., Inc., Class A		5,248	$	494,939
IDEX Corp.		5,103		422,937
Intel Corp.		6,795		219,818
International Flavors & Fragrances, Inc.		3,470		394,782
Intuit, Inc.		3,595		373,916
Johnson & Johnson		4,741		512,976
McGraw Hill Financial, Inc.		2,597		257,051
Microsoft Corp.		8,507		469,842
Mondelez International, Inc., Class A		9,172		367,981
Nielsen Holdings PLC		6,531		343,922
Priceline Group, Inc. (c)		342		440,824
Schlumberger Ltd.		5,169		381,214
Starbucks Corp.		9,277		553,837
Visa, Inc., Class A		7,657		585,607
Wells Fargo & Co.		9,721		470,107
WW Grainger, Inc.		1,080		252,104
				10,726,113
Total Common Stock (cost—$19,226,174)				19,285,959
Preferred Stock—2.0%
Germany—2.0%
Henkel AG & Co. KGaA (cost—$394,678)		3,648		401,308
	Principal Amount (000s)
Repurchase Agreements—5.0%
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $1,022,001; collateralized by U.S. Treasury Notes, 3.125%, due 5/15/21, valued at $1,046,674 including accrued interest
(cost—$1,022,000)		$1,022		1,022,000
Total Investments (cost—$20,642,852) (a)—101.0%				20,709,267
Liabilities in excess of other assets—(1.0)%				(201,983	)
Net Assets—100.0%				$20,507,284

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $8,736,531, representing 42.6% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(b) Affiliated security.

(c) Non-income producing.

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 149

Schedule of Investments

March 31, 2016 (Unaudited)

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

Pharmaceuticals	9.0%
Banks	8.2%
IT Services	7.1%
Software	5.7%
Household Products	5.4%
Insurance	5.1%
Personal Products	4.6%
Oil, Gas & Consumable Fuels	3.9%
Machinery	3.6%
Chemicals	3.5%
Professional Services	3.2%
Food Products	3.0%
Internet Software & Services	2.7%
Hotels, Restaurants & Leisure	2.7%
Textiles, Apparel & Luxury Goods	2.2%
Internet & Catalog Retail	2.2%
Technology Hardware, Storage & Peripherals	2.1%
Media	2.0%
Wireless Telecommunication Services	1.9%
Energy Equipment & Services	1.9%
Specialty Retail	1.8%
Electrical Equipment	1.8%
Life Sciences Tools & Services	1.7%
Building Products	1.7%
Consumer Finance	1.6%
Capital Markets	1.3%
Diversified Financial Services	1.3%
Trading Companies & Distributors	1.2%
Semiconductors & Semiconductor Equipment	1.1%
Biotechnology	1.0%
Automobiles	0.8%
Metals & Mining	0.7%
Repurchase Agreements	5.0%
Liabilities in excess of other assets	(1.0)%
	100.0%

AllianzGI Global Water Fund

	Shares		Value
Common Stock—92.2%
Austria—5.5%
Andritz AG		293,297		$16,067,982
Wienerberger AG		317,742		6,101,723
				22,169,705
Brazil—1.3%
Cia de Saneamento Basico do Estado de Sao Paulo ADR		829,095		5,472,027
China—2.0%
Guangdong Investment Ltd.		6,384,000		8,080,576
Finland—3.5%
Uponor Oyj		707,791		10,287,428
Wartsila Oyj Abp		85,000		3,842,247
				14,129,675
France—8.2%
Suez Environnement Co.		988,437		18,094,638
Veolia Environnement S.A.		626,310		15,074,539
				33,169,177
Germany—2.7%
GEA Group AG		228,394		11,143,566
Israel—1.3%
Israel Chemicals Ltd.		1,210,000		5,254,597
Italy—3.0%
ACEA SpA		523,938		8,023,384
Hera SpA		1,377,552		4,112,225
				12,135,609
Netherlands—4.5%
Aalberts Industries NV		413,665		14,324,903
Arcadis NV		216,487		4,031,432
				18,356,335
Switzerland—12.7%
Belimo Holding AG		2,987		8,105,753
Geberit AG		94,465		35,296,313
Georg Fischer AG		10,041		8,108,706
				51,510,772
United Kingdom—14.3%
Halma PLC		943,829		12,336,864
Pennon Group PLC		1,729,133		20,109,468
Rotork PLC		2,031,877		5,326,897
Severn Trent PLC		524,789		16,347,746
Spirax-Sarco Engineering PLC		78,766		4,112,080
				58,233,055
United States—33.2%
American Water Works Co., Inc.		514,965		35,496,537
Aqua America, Inc.		595,512		18,949,192
Danaher Corp.		270,190		25,630,223
Franklin Electric Co., Inc.		282,846		9,099,156
IDEX Corp.		152,505		12,639,614
Mueller Water Products, Inc., Class A		895,102		8,843,608
Xylem, Inc.		593,225		24,262,903
				134,921,233
Total Common Stock (cost—$321,272,749)				374,576,327

	Principal Amount (000s)		Value
Repurchase Agreements—7.5%
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $30,374,025; collateralized by Fannie Mae, 1.375%, due 2/26/21, valued at $30,983,681 including accrued interest
(cost—$30,374,000)		$30,374	$	30,374,000
Total Investments (cost—$351,646,749) (a)—99.7%				404,950,327
Other assets less liabilities—0.3%				1,150,371
Net Assets—100.0%				$406,100,698

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $234,183,067, representing 57.7% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

Glossary:

ADR—American Depositary Receipt

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

Machinery	26.8%
Water Utilities	25.7%
Building Products	14.7%
Multi-Utilities	11.2%
Industrial Conglomerates	6.3%
Electronic Equipment, Instruments & Components	3.0%
Electrical Equipment	2.2%
Chemicals	1.3%
Construction & Engineering	1.0%
Repurchase Agreements	7.5%
Other assets less liabilities	0.3%
	100.0%

150 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2016 (Unaudited)

AllianzGI High Yield Bond Fund

	Principal Amount (000s)		Value
Corporate Bonds & Notes—94.8%
Advertising—0.4%
Affinion Group, Inc.,
7.875%, 12/15/18		$2,150		$1,263,125
Aerospace & Defense—1.8%
KLX, Inc. (a)(c),
5.875%, 12/1/22		1,165		1,159,175
Kratos Defense & Security Solutions, Inc.,
7.00%, 5/15/19		1,448		1,158,400
TransDigm, Inc.,
6.50%, 5/15/25		1,430		1,403,187
7.50%, 7/15/21		1,830		1,926,075
				5,646,837
Auto Components—1.6%
American Axle & Manufacturing, Inc.,
6.625%, 10/15/22		1,990		2,074,575
Commercial Vehicle Group, Inc.,
7.875%, 4/15/19		2,778		2,347,410
Goodyear Tire & Rubber Co.,
5.125%, 11/15/23		500		513,750
				4,935,735
Auto Manufacturers—0.7%
Navistar International Corp.,
8.25%, 11/1/21		2,790		2,078,550
Banks—1.1%
CIT Group, Inc.,
5.00%, 8/15/22		645		654,675
Royal Bank of Scotland Group PLC,
5.125%, 5/28/24		2,740		2,639,502
				3,294,177
Building Materials—1.0%
Louisiana-Pacific Corp.,
7.50%, 6/1/20		3,045		3,178,219
Chemicals—3.3%
A Schulman, Inc. (a)(c),
6.875%, 6/1/23		2,465		2,440,350
Chemours Co. (a)(c),
7.00%, 5/15/25		2,760		2,225,250
OMNOVA Solutions, Inc.,
7.875%, 11/1/18		1,665		1,656,675
Platform Specialty Products Corp. (a)(c),
6.50%, 2/1/22		2,655		2,253,431
Univar USA, Inc. (a)(c),
6.75%, 7/15/23		1,755		1,733,063
				10,308,769
Commercial Services—5.3%
Cardtronics, Inc.,
5.125%, 8/1/22		1,440		1,429,200
Cenveo Corp.,
6.00%, 8/1/19 (a)(c)		865		633,613
11.50%, 5/15/17		3,285		2,085,975
ExamWorks Group, Inc.,
5.625%, 4/15/23		1,720		1,760,850
Harland Clarke Holdings Corp. (a)(c),
9.25%, 3/1/21		4,520		3,480,400
9.75%, 8/1/18		1,095		1,082,681
Hertz Corp.,
6.75%, 4/15/19		985		1,001,735
RR Donnelley & Sons Co.,
7.00%, 2/15/22		2,055		1,911,150
SFX Entertainment, Inc. (a)(b)(c)(e),
9.625%, 2/1/19		2,761		82,830

	Principal Amount (000s)		Value
United Rentals North America, Inc.,
5.50%, 7/15/25	$	2,950	$	2,924,187
				16,392,621
Computers—0.9%
Unisys Corp.,
6.25%, 8/15/17		1,850		1,866,188
Western Digital Corp. (a)(c)(d),
10.50%, 4/1/24		1,000		1,003,125
				2,869,313
Containers & Packaging—0.9%
Owens-Brockway Glass Container, Inc. (a)(c),
5.00%, 1/15/22		660		677,378
Reynolds Group Issuer, Inc.,
9.875%, 8/15/19		2,130		2,205,881
				2,883,259
Distribution/Wholesale—1.8%
H&E Equipment Services, Inc.,
7.00%, 9/1/22		2,255		2,300,100
Park-Ohio Industries, Inc.,
8.125%, 4/1/21		3,165		3,236,212
				5,536,312
Diversified Financial Services—5.3%
Ally Financial, Inc.,
5.75%, 11/20/25		2,345		2,303,962
8.00%, 3/15/20		1,805		2,026,113
Community Choice Financial, Inc.,
10.75%, 5/1/19		2,060		937,300
Energizer Holdings, Inc. (a)(c),
5.50%, 6/15/25		1,650		1,662,045
International Lease Finance Corp.,
8.25%, 12/15/20		1,600		1,873,000
Nationstar Mortgage LLC,
7.875%, 10/1/20		1,950		1,876,875
9.625%, 5/1/19		1,000		1,040,000
Navient Corp.,
8.45%, 6/15/18		2,365		2,542,375
Springleaf Finance Corp.,
6.90%, 12/15/17		1,215		1,257,525
8.25%, 10/1/23		945		916,650
				16,435,845
Diversified Telecommunication Services—0.7%
Frontier Communications Corp. (a)(c),
10.50%, 9/15/22		2,200		2,263,250
Electric Utilities—1.3%
NRG Energy, Inc.,
6.25%, 5/1/24		3,001		2,768,423
Talen Energy Supply LLC,
6.50%, 6/1/25		1,355		1,131,425
				3,899,848
Electrical Equipment—0.4%
Anixter, Inc.,
5.125%, 10/1/21		100		101,000
WireCo WorldGroup, Inc.,
9.50%, 5/15/17		1,155		1,088,588
				1,189,588
Electronics—0.6%
Kemet Corp.,
10.50%, 5/1/18		2,559		1,887,263
Energy-Alternate Sources—0.7%
TerraForm Power Operating LLC (a)(c),
5.875%, 2/1/23		2,645		2,155,675

	Principal Amount (000s)		Value
Engineering & Construction—0.9%
AECOM,
5.875%, 10/15/24	$	2,755	$	2,865,200
Entertainment—1.8%
Cedar Fair L.P., 5.375%, 6/1/24		3,145		3,278,662
International Game Technology PLC (a)(c), 6.25%, 2/15/22		2,190		2,239,275
				5,517,937
Food & Beverage—0.7%
Post Holdings, Inc., 7.375%, 2/15/22		1,985		2,106,581
Healthcare-Products—2.6%
Hologic, Inc. (a)(c), 5.25%, 7/15/22		2,245		2,348,831
Kinetic Concepts, Inc., 10.50%, 11/1/18		2,820		2,841,150
Teleflex, Inc., 5.25%, 6/15/24		2,855		2,937,081
				8,127,062
Healthcare-Services—4.8%
Community Health Systems, Inc., 7.125%, 7/15/20		2,395		2,275,250
DaVita HealthCare Partners, Inc., 5.125%, 7/15/24		1,810		1,831,494
Envision Healthcare Corp. (a)(c), 5.125%, 7/1/22		1,980		2,019,600
HCA, Inc., 7.50%, 2/15/22		2,500		2,841,420
Kindred Healthcare, Inc.,
6.375%, 4/15/22		1,803		1,631,715
8.75%, 1/15/23		1,235		1,184,056
Tenet Healthcare Corp., 8.125%, 4/1/22		3,070		3,164,894
				14,948,429
Holding Companies-Diversified—0.8%
Horizon Pharma Financing, Inc. (a)(c), 6.625%, 5/1/23		2,860		2,538,250
Home Builders—2.4%
Brookfield Residential Properties, Inc. (a)(c), 6.50%, 12/15/20		2,165		2,078,400
CalAtlantic Group, Inc.,
5.875%, 11/15/24		615		650,363
8.375%, 5/15/18		1,360		1,519,800
KB Home, 8.00%, 3/15/20		3,105		3,268,012
				7,516,575
Household Products/Wares—1.6%
Jarden Corp. (a)(c), 5.00%, 11/15/23		2,675		2,815,437
Spectrum Brands, Inc., 5.75%, 7/15/25		2,000		2,135,000
				4,950,437
Insurance—0.8%
CNO Financial Group, Inc., 5.25%, 5/30/25		2,310		2,373,525
Internet—0.9%
j2 Global, Inc., 8.00%, 8/1/20		2,780		2,905,100
Internet & Catalog Retail—1.0%
Netflix, Inc., 5.875%, 2/15/25		2,920		3,087,900

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 151

Schedule of Investments

March 31, 2016 (Unaudited)

	Principal Amount (000s)		Value
Iron/Steel—1.8%
AK Steel Corp.,
7.625%, 5/15/20		$650		$409,500
8.375%, 4/1/22		1,200		654,000
8.75%, 12/1/18		770		743,050
ArcelorMittal, 10.60%, 6/1/19		2,565		2,859,975
Steel Dynamics, Inc., 5.50%, 10/1/24		830		842,450
				5,508,975
Leisure Time—0.6%
NCL Corp., Ltd. (a)(c),
5.25%, 11/15/19		1,695		1,745,850
Lodging—1.1%
MGM Resorts International,
6.625%, 12/15/21		2,000		2,155,000
Wynn Las Vegas LLC (a)(c),
5.50%, 3/1/25		1,455		1,376,794
				3,531,794
Machinery-Construction & Mining—1.1%
BlueLine Rental Finance Corp. (a)(c),
7.00%, 2/1/19		3,635		3,366,919
Machinery-Diversified—0.7%
Zebra Technologies Corp.,
7.25%, 10/15/22		1,930		2,103,700
Media—6.9%
American Media, Inc.,
11.50%, 12/15/17		1,915		1,974,844
Cablevision Systems Corp.,
8.625%, 9/15/17		1,545		1,637,700
CCO Holdings LLC,
5.75%, 1/15/24		2,070		2,160,562
Clear Channel Worldwide Holdings, Inc.,
6.50%, 11/15/22		1,445		1,445,000
DISH DBS Corp.,
5.875%, 7/15/22		2,000		1,900,000
Gray Television, Inc.,
7.50%, 10/1/20		2,545		2,697,700
LIN Television Corp.,
5.875%, 11/15/22		1,930		1,963,775
McClatchy Co.,
9.00%, 12/15/22		1,660		1,555,213
McGraw-Hill Global Education Holdings LLC,
9.75%, 4/1/21		1,595		1,738,550
Nexstar Broadcasting, Inc.,
6.875%, 11/15/20		2,390		2,479,625
Sinclair Television Group, Inc.,
6.375%, 11/1/21		1,670		1,770,200
				21,323,169
Mining—1.2%
Alcoa, Inc.,
5.90%, 2/1/27		1,330		1,270,150
Freeport-McMoRan, Inc.,
3.55%, 3/1/22		1,705		1,197,763
HudBay Minerals, Inc.,
9.50%, 10/1/20		1,795		1,283,425
				3,751,338
Miscellaneous Manufacturing—0.7%
Trinseo Materials Operating SCA (a)(c),
6.75%, 5/1/22		2,250		2,306,250
Oil, Gas & Consumable Fuels—6.1%
BreitBurn Energy Partners L.P.,
8.625%, 10/15/20		3,220		338,100
Calumet Specialty Products Partners L.P.,
6.50%, 4/15/21		3,565		2,548,975
Carrizo Oil & Gas, Inc.,
6.25%, 4/15/23		735		651,394

	Principal Amount (000s)		Value
Chesapeake Energy Corp.,
6.625%, 8/15/20		$2,185		$863,075
Concho Resources, Inc.,
7.00%, 1/15/21		1,930		1,958,950
CVR Refining LLC,
6.50%, 11/1/22		1,825		1,615,125
EP Energy LLC,
9.375%, 5/1/20		3,340		1,701,312
Range Resources Corp. (a)(c),
4.875%, 5/15/25		2,730		2,402,400
Rice Energy, Inc.,
6.25%, 5/1/22		2,710		2,371,250
Sanchez Energy Corp.,
6.125%, 1/15/23		2,375		1,294,375
Sunoco L.P. (a)(c),
6.375%, 4/1/23		2,555		2,569,359
Vanguard Natural Resources LLC (a)(c),
7.00%, 2/15/23		1,152		397,440
				18,711,755
Paper & Forest Products—0.6%
Mercer International, Inc.,
7.75%, 12/1/22		1,825		1,827,281
Pharmaceuticals—1.1%
Endo Finance LLC (a)(c),
5.375%, 1/15/23		1,825		1,747,437
Valeant Pharmaceuticals International, Inc. (a)(c),
6.125%, 4/15/25		1,315		1,015,838
7.50%, 7/15/21		720		603,446
				3,366,721
Pipelines—1.7%
Energy Transfer Equity L.P.,
5.875%, 1/15/24		1,395		1,199,700
Sabine Pass Liquefaction LLC,
5.75%, 5/15/24		1,809		1,736,640
Tesoro Logistics L.P.,
6.125%, 10/15/21		765		768,825
6.25%, 10/15/22 (a)(c)		1,605		1,605,000
				5,310,165
Real Estate—0.8%
Kennedy-Wilson, Inc.,
5.875%, 4/1/24		2,481		2,431,380
Real Estate Investment Trust—0.8%
Equinix, Inc.,
5.375%, 1/1/22		1,660		1,730,550
iStar, Inc.,
7.125%, 2/15/18		720		731,700
				2,462,250
Retail—2.5%
Conn’s, Inc.,
7.25%, 7/15/22		1,605		1,267,950
Dollar Tree, Inc. (a)(c),
5.75%, 3/1/23		2,165		2,304,372
Neiman Marcus Group Ltd. LLC (a)(c),
8.00%, 10/15/21		1,465		1,267,225
Sonic Automotive, Inc.,
7.00%, 7/15/22		2,665		2,824,900
				7,664,447
Semiconductors—2.9%
Advanced Micro Devices, Inc.,
6.75%, 3/1/19		1,860		1,497,300
7.50%, 8/15/22		885		610,650
Amkor Technology, Inc.,
6.375%, 10/1/22		2,750		2,622,812
Micron Technology, Inc.,
5.875%, 2/15/22		2,900		2,523,000
Sensata Technologies BV (a)(c),
5.625%, 11/1/24		1,785		1,863,094
				9,116,856

	Principal Amount (000s)		Value
Semiconductors & Semiconductor Equipment—0.9%
Microsemi Corp. (a)(c),
9.125%, 4/15/23		$570		$628,425
Qorvo, Inc. (a)(c),
7.00%, 12/1/25		2,000		2,100,000
				2,728,425
Shipbuilding—0.5%
Huntington Ingalls Industries, Inc. (a)(c),
5.00%, 12/15/21		1,505		1,585,894
Software—4.2%
Activision Blizzard, Inc. (a)(c),
6.125%, 9/15/23		1,250		1,346,875
First Data Corp. (a)(c),
7.00%, 12/1/23		2,685		2,721,919
MSCI, Inc. (a)(c),
5.25%, 11/15/24		1,950		2,020,688
Open Text Corp. (a)(c),
5.625%, 1/15/23		2,280		2,337,000
Rackspace Hosting, Inc. (a)(c),
6.50%, 1/15/24		2,825		2,803,812
SS&C Technologies Holdings, Inc. (a)(c),
5.875%, 7/15/23		1,590		1,659,066
				12,889,360
Specialty Retail—0.9%
L Brands, Inc.,
6.875%, 11/1/35		2,465		2,687,343
Telecommunications—9.7%
CenturyLink, Inc. (d),
7.50%, 4/1/24		1,550		1,555,813
CommScope Technologies Finance LLC (a)(c),
6.00%, 6/15/25		2,540		2,590,800
Consolidated Communications, Inc.,
6.50%, 10/1/22		2,020		1,772,550
EarthLink Holdings Corp.,
7.375%, 6/1/20		2,032		2,113,280
8.875%, 5/15/19		1,141		1,175,230
Hughes Satellite Systems Corp.,
7.625%, 6/15/21		2,915		3,261,156
Intelsat Jackson Holdings S.A.,
7.25%, 4/1/19		1,655		1,228,838
Level 3 Financing, Inc.,
5.375%, 5/1/25		2,490		2,530,462
Sprint Communications, Inc.,
6.00%, 11/15/22		1,065		784,106
11.50%, 11/15/21		3,515		3,145,925
T-Mobile USA, Inc.,
6.625%, 11/15/20		1,935		2,007,563
6.625%, 4/1/23		1,160		1,226,700
6.836%, 4/28/23		2,135		2,241,750
West Corp. (a)(c),
5.375%, 7/15/22		2,075		1,911,179
Windstream Services LLC,
7.50%, 6/1/22		3,145		2,429,512
				29,974,864
Transportation—1.9%
Erickson, Inc.,
8.25%, 5/1/20		4,191		2,577,465
XPO Logistics, Inc. (a)(c),
6.50%, 6/15/22		700		683,375
7.875%, 9/1/19		2,620		2,724,800
				5,985,640
Total Corporate Bonds & Notes (cost—$318,280,400)				293,535,758
Senior Loans (a)(b)(f)(g)—1.5%
Media—1.5%
SFX Entertainment, Inc, Term B, DIP, PIK (j),
10.00%, 1/31/17		2,443		2,443,004

152 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2016 (Unaudited)

	Principal Amount (000s)		Value
SFXE Netherlands Holdings Coöperatief U.A., Term B, DIP,
20.00%, 1/31/17		$2,041		$2,041,237
Total Senior Loans (cost—$4,484,241)				4,484,241
	Shares
Common Stock—0.3%
Advertising—0.3%
Affinion Group Holdings, Inc. Class A (b)(f)(h)(i) (acquisition cost—$769,748; purchased 11/9/15—11/12/15)
(cost—$769,748)		43,401		908,391
	Principal Amount (000s)
Repurchase Agreements—2.1%
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $6,473,005; collateralized by Fannie Mae, 1.375%, due 2/26/21, valued at $6,603,244 including accrued interest
(cost—$6,473,000)		$6,473		6,473,000
Total Investments (cost—$330,007,389)—98.7%				305,401,390
Other assets less liabilities—1.3%				4,112,581
Net Assets—100.0%				$309,513,971

Notes to Schedule of Investments:

(a) Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $91,061,557, representing 29.4% of net assets.

(b) Illiquid.

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

(d) When-issued or delayed-delivery. To be settled/delivered after March 31, 2016.

(e) In default.

(f) Fair-Valued—Securities with an aggregate value of $5,392,632, representing 1.7% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(g) Debtor-in-possession financial obligations.

(h) Restricted. The acquisition cost of such security is $769,748. The value is $908,391, representing 0.3% of net assets.

(i) Non-income producing.

(j) $1,434,423 of this amount is being held in escrow for the benefit of the debtor by an agent. PIK interest is not charged on the amount held in escrow until drawn by the debtor.

Glossary:

DIP—Debtor-in-Possession

PIK—Payment-in-Kind

AllianzGI International Growth Fund

	Shares		Value
Common Stock—98.6%
Australia—2.5%
CSL Ltd.		463		$35,981
REA Group Ltd.		469		19,412
Seek Ltd.		1,975		24,518
				79,911
Brazil—4.2%
Ambev S.A.		5,214		27,291
Cielo S.A.		2,388		23,225
Lojas Renner S.A.		5,095		29,459
Odontoprev S.A.		8,272		26,226
WEG S.A.		6,816		26,558
				132,759
Canada—6.3%
Canadian National Railway Co.		901		56,304
Constellation Software, Inc.		128		52,411
Restaurant Brands International, Inc.		1,622		62,994
Richelieu Hardware Ltd.		1,542		26,774
				198,483
China—3.8%
Baidu, Inc. ADR (c)		295		56,309
Tencent Holdings Ltd.		3,094		63,295
				119,604
Denmark—10.1%
Ambu A/S, Class B		1,476		52,254
Coloplast A/S, Class B		510		38,593
DSV A/S (b)		1,687		70,169
Novo Nordisk A/S, Class B		2,265		122,658
SimCorp A/S (b)(c)		758		34,941
				318,615
France—6.2%
Bureau Veritas S.A. (b)		1,658		36,863
Dassault Systemes		449		35,575
Ingenico Group (b)		392		44,935
L’Oreal S.A.		220		39,355
Legrand S.A.		739		41,306
				198,034
Germany—10.6%
Bechtle AG (b)		417		42,976
Fresenius SE & Co. KGaA (b)		596		43,444
HUGO BOSS AG (b)		473		30,922
Infineon Technologies AG (b)		5,171		73,316
Norma Group SE (b)		515		28,747
SAP SE		1,096		88,193
Scout24 AG (c)		864		29,901
				337,499
Hong Kong—1.9%
AIA Group Ltd.		10,389		59,051
Indonesia—1.5%
Ace Hardware Indonesia Tbk PT		459,400		31,008
Bank Mandiri Persero Tbk PT		20,600		15,994
				47,002
Japan—8.3%
Keyence Corp.		134		73,080
Nippon Paint Holdings Co., Ltd.		1,342		29,684
SMC Corp.		152		35,223
Sundrug Co., Ltd.		591		44,173
Sysmex Corp.		897		56,077
Unicharm Corp.		1,124		24,464
				262,701

	Shares		Value
Korea (Republic of)—1.8%
LG Household & Health Care Ltd.		68	$	56,226
Luxembourg—1.6%
Samsonite International S.A.		15,563		52,129
Mexico—1.3%
Fomento Economico Mexicano S.A.B. de C.V. UNIT		4,190		40,384
Netherlands—2.6%
Akzo Nobel NV		480		32,720
ASML Holding NV		481		48,405
				81,125
Philippines—2.5%
Jollibee Foods Corp.		5,340		26,320
Universal Robina Corp.		10,980		51,699
				78,019
South Africa—0.9%
Woolworths Holdings Ltd.		4,777		28,977
Spain—3.0%
Amadeus IT Holding S.A., Class A		1,215		51,958
Industria de Diseno Textil S.A.		1,305		43,743
				95,701
Sweden—9.2%
AddTech AB, Class B		1,901		26,226
Assa Abloy AB, Class B		2,272		44,730
Atlas Copco AB, Class A		1,995		50,069
Elekta AB, Class B		2,700		20,152
Hexagon AB, Class B		1,629		63,312
Hexpol AB		5,000		55,475
Trelleborg AB, Class B		1,685		33,273
				293,237
Switzerland—4.3%
Cie Financiere Richemont S.A.		648		42,801
Roche Holding AG		196		48,126
UBS Group AG		2,753		44,285
				135,212
United Kingdom—16.0%
British American Tobacco PLC		1,581		92,450
DCC PLC (b)		554		48,859
Diageo PLC		1,885		50,827
Prudential PLC		2,567		47,768
Reckitt Benckiser Group PLC		1,021		98,482
Rotork PLC		8,630		22,625
Shire PLC		773		44,088
Spirax-Sarco Engineering PLC		605		31,585
Unilever PLC		1,561		70,390
				507,074
Total Investments (cost—$3,032,060) (a)—98.6%				3,121,743
Other assets less liabilities—1.4%				44,713
Net Assets—100.0%				$3,166,456

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 153

Schedule of Investments

March 31, 2016 (Unaudited)

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $2,667,582, representing 84.2% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(b) Affiliated security.

(c) Non-income producing.

Glossary:

ADR—American Depositary Receipt

UNIT—More than one class of securities traded together.

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

Machinery	7.2%
Pharmaceuticals	6.8%
Software	6.7%
Electronic Equipment, Instruments & Components	5.7%
Health Care Equipment & Supplies	5.3%
Personal Products	5.2%
Internet Software & Services	4.7%
Road & Rail	4.0%
Textiles, Apparel & Luxury Goods	4.0%
Household Products	3.9%
Semiconductors & Semiconductor Equipment	3.9%
Beverages	3.7%
IT Services	3.7%
Chemicals	3.7%
Insurance	3.4%
Tobacco	2.9%
Hotels, Restaurants & Leisure	2.8%
Specialty Retail	2.4%
Health Care Providers & Services	2.2%
Professional Services	1.9%
Multi-line Retail	1.9%
Trading Companies & Distributors	1.7%
Food Products	1.6%
Industrial Conglomerates	1.6%
Building Products	1.4%
Capital Markets	1.4%
Food & Staples Retailing	1.4%
Electrical Equipment	1.3%
Biotechnology	1.1%
Media	0.6%
Banks	0.5%
Other assets less liabilities	1.4%
	100.0%

AllianzGI International Small-Cap Fund

	Shares		Value
Common Stock—96.7%
Australia—3.1%
Bank of Queensland Ltd.		48,898		$453,371
Challenger Ltd.		195,309		1,253,357
Mantra Group Ltd.		142,359		494,388
Millennium Services Group Ltd. (d)		108,212		137,697
Spotless Group Holdings Ltd. (c)		960,719		930,269
				3,269,082
Austria—0.7%
Schoeller-Bleckmann Oilfield Equipment AG		12,205		742,280
Belgium—1.6%
Ontex Group NV (c)		49,139		1,609,220
China—2.9%
Boer Power Holdings Ltd.		136,000		107,380
China Everbright International Ltd.		849,000		951,388
Nexteer Automotive Group Ltd.		1,118,000		1,156,355
Sunny Optical Technology Group Co., Ltd.		293,000		820,636
				3,035,759
Denmark—3.6%
GN Store Nord A/S		77,658		1,621,387
SimCorp A/S (c)		45,464		2,095,709
				3,717,096
Finland—2.7%
Amer Sports Oyj		53,411		1,550,496
Huhtamaki Oyj		33,664		1,248,160
				2,798,656
France—9.2%
Euronext NV (a)		28,080		1,164,615
GameLoft SE (c)(d)		182,545		1,550,264
Korian S.A.		46,601		1,371,430
Nexity S.A.		29,192		1,519,270
Sartorius Stedim Biotech		7,444		2,832,213
Virbac S.A.		6,756		1,172,081
				9,609,873
Germany—4.1%
Bechtle AG (c)		19,945		2,055,543
Bertrandt AG (c)		4,155		475,813
CANCOM SE (c)		35,658		1,776,672
				4,308,028
Hong Kong—0.7%
Techtronic Industries Co., Ltd.		191,000		757,878
Ireland—3.6%
Glanbia PLC		48,482		982,104
Kingspan Group PLC (c)		68,947		1,831,919
Permanent TSB Group Holdings PLC (d)		303,353		935,324
				3,749,347
Italy—4.1%
De’ Longhi SpA (c)		52,398		1,191,026
FinecoBank Banca Fineco SpA		212,186		1,784,452
Yoox Net-A-Porter Group SpA (d)		42,203		1,293,205
				4,268,683

	Shares		Value
Japan—29.6%
ABC-Mart, Inc.		28,900	$	1,849,593
Aica Kogyo Co., Ltd.		28,400		595,813
Asahi Intecc Co., Ltd.		33,700		1,576,845
Bandai Namco Holdings, Inc.		32,000		697,549
Benesse Holdings, Inc.		53,200		1,531,740
Daicel Corp.		175,400		2,390,950
Daiho Corp.		242,000		1,053,169
Disco Corp.		18,600		1,573,762
Don Quijote Holdings Co., Ltd.		24,800		861,326
Hoshizaki Electric Co., Ltd.		17,000		1,417,982
Kobayashi Pharmaceutical Co., Ltd.		9,800		859,568
Kusuri No Aoki Co., Ltd.		34,100		1,862,462
Lion Corp.		214,000		2,409,321
Meitec Corp.		15,800		551,838
MISUMI Group, Inc.		119,100		1,702,783
Obayashi Corp.		119,000		1,172,941
Ryohin Keikaku Co., Ltd.		8,100		1,711,291
Sanwa Holdings Corp.		89,900		668,789
Sohgo Security Services Co., Ltd.		21,800		1,180,328
Takeuchi Manufacturing Co., Ltd.		69,600		1,005,933
Teijin Ltd.		417,000		1,452,114
Unipres Corp.		65,800		1,145,161
Valor Holdings Co., Ltd.		27,600		695,883
Yamaha Motor Co., Ltd.		59,300		985,608
				30,952,749
Korea (Republic of)—1.7%
Dongbu Insurance Co., Ltd.		13,625		906,174
LIG Nex1 Co., Ltd.		9,624		889,094
				1,795,268
Netherlands—1.6%
Aalberts Industries NV		49,151		1,702,062
Norway—0.0%
ProSafe SE		16,915		9,945
Philippines—0.8%
Cosco Capital, Inc.		4,975,300		800,047
Singapore—0.4%
SATS Ltd.		139,800		409,540
Spain—5.0%
Bolsas y Mercados Espanoles SHMSF S.A.		39,855		1,283,366
Gamesa Corp. Tecnologica S.A.		122,642		2,413,509
Melia Hotels International S.A.		132,506		1,555,700
				5,252,575
Sweden—8.5%
AAK AB		21,905		1,738,723
Betsson AB (c)(d)		134,575		2,085,291
JM AB		33,258		860,679
NetEnt AB (d)		45,534		2,568,495
Nibe Industrier AB, Class B		47,022		1,611,495
				8,864,683
Switzerland—4.0%
Burckhardt Compression Holding AG		2,528		866,248

154 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2016 (Unaudited)

	Shares		Value
Georg Fischer AG		2,093	$	1,690,222
Interroll Holding AG (c)(d)		1,836		1,615,178
				4,171,648
Taiwan—1.2%
Sinbon Electronics Co., Ltd.		424,848		867,244
Tung Thih Electronic Co., Ltd.		23,000		379,670
				1,246,914
United Kingdom—7.6%
ASOS PLC (d)		27,135		1,264,750
Auto Trader Group PLC (a)		312,421		1,748,017
Bellway PLC		29,537		1,111,069
DS Smith PLC		107,112		626,641
Intermediate Capital Group PLC		144,575		1,283,159
Pets at Home Group PLC		358,335		1,384,946
Senior PLC		156,136		511,179
				7,929,761
Total Common Stock (cost—$85,821,233)				101,001,094
	Principal Amount (000s)
Repurchase Agreements—2.9%
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $3,043,003; collateralized by Fannie Mae, 1.375%, due 2/26/21, valued at $3,103,875 including accrued interest
(cost—$3,043,000)		$3,043		3,043,000
Total Investments (cost—$88,864,233) (b)—99.6%				104,044,094
Other assets less liabilities (e)—0.4%				443,290
Net Assets—100.0%				$104,487,384

Notes to Schedule of Investments:

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

(b) Securities with an aggregate value of $97,646,532, representing 93.5% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(c) Affiliated security.

(d) Non-income producing.

(e) Includes net unrealized appreciation (depreciation) of other financial instruments. See Notes 7(b), 7(c) and 7(d) in the Notes to Financial Statements.

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

Machinery	7.9%
Health Care Equipment & Supplies	5.8%
Building Products	4.5%
Internet Software & Services	4.1%
Hotels, Restaurants & Leisure	4.0%
Household Durables	3.8%
Chemicals	3.7%
IT Services	3.7%
Diversified Financial Services	3.5%
Software	3.5%
Food & Staples Retailing	3.2%
Specialty Retail	3.1%
Commercial Services & Supplies	3.1%
Banks	3.0%
Food Products	2.6%
Auto Components	2.6%
Multi-line Retail	2.5%
Internet & Catalog Retail	2.4%
Electrical Equipment	2.4%
Personal Products	2.4%
Household Products	2.3%
Leisure Products	2.2%
Construction & Engineering	2.1%
Containers & Packaging	1.8%
Trading Companies & Distributors	1.6%
Electronic Equipment, Instruments & Components	1.6%
Semiconductors & Semiconductor Equipment	1.5%
Diversified Consumer Services	1.5%
Real Estate Management & Development	1.5%
Aerospace & Defense	1.3%
Health Care Providers & Services	1.3%
Capital Markets	1.2%
Pharmaceuticals	1.1%
Professional Services	1.0%
Automobiles	0.9%
Insurance	0.9%
Energy Equipment & Services	0.7%
Transportation Infrastructure	0.4%
Repurchase Agreements	2.9%
Other assets less liabilities	0.4%
	100.0%

AllianzGI Micro Cap Fund

	Shares		Value
Common Stock—98.5%
Air Freight & Logistics—0.7%
Echo Global Logistics, Inc. (a)		9,351		$253,973
Auto Components—3.1%
Modine Manufacturing Co. (a)		10,612		116,838
Motorcar Parts of America, Inc. (a)		17,281		656,332
Tower International, Inc.		12,874		350,173
				1,123,343
Banks—6.0%
Ameris Bancorp		11,983		354,457
First Merchants Corp.		15,118		356,331
First NBC Bank Holding Co. (a)		8,496		174,933
Franklin Financial Network, Inc. (a)		8,509		229,743
Pacific Premier Bancorp, Inc. (a)		18,745		400,581
Seacoast Banking Corp. of Florida (a)		23,825		376,197
Stonegate Bank		8,085		242,226
				2,134,468
Beverages—0.4%
Primo Water Corp. (a)		15,774		159,160
Biotechnology—8.4%
Advaxis, Inc. (a)		16,409		148,173
BioSpecifics Technologies Corp. (a)		6,030		209,965
Cara Therapeutics, Inc. (a)		15,997		99,501
Chiasma, Inc. (a)		7,666		70,221
Concert Pharmaceuticals, Inc. (a)		11,869		162,131
Dynavax Technologies Corp. (a)		7,756		149,226
Eagle Pharmaceuticals, Inc. (a)		4,074		164,997
Five Prime Therapeutics, Inc. (a)		9,570		388,829
Flexion Therapeutics, Inc. (a)		13,063		120,180
Heron Therapeutics, Inc. (a)		6,582		124,992
La Jolla Pharmaceutical Co. (a)		8,173		170,897
Ligand Pharmaceuticals, Inc., Class B (a)		3,003		321,591
MacroGenics, Inc. (a)		7,088		132,900
Pfenex, Inc. (a)		13,994		137,561
Repligen Corp. (a)		18,227		488,848
Synergy Pharmaceuticals, Inc. (a)		32,908		90,826
				2,980,838
Building Products—5.1%
American Woodmark Corp. (a)		6,338		472,751
Builders FirstSource, Inc. (a)		35,386		398,800
Patrick Industries, Inc. (a)		15,379		698,053
PGT, Inc. (a)		24,326		239,368
				1,808,972
Chemicals—0.9%
American Vanguard Corp.		20,572		324,626
Communications Equipment—0.9%
ShoreTel, Inc. (a)		41,492		308,700
Construction & Engineering—1.7%
Argan, Inc.		8,088		284,374
Comfort Systems USA, Inc.		10,696		339,812
				624,186
Construction Materials—1.8%
U.S. Concrete, Inc. (a)		10,553		628,748

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 155

Schedule of Investments

March 31, 2016 (Unaudited)

	Shares		Value
Diversified Consumer Services—1.0%
Carriage Services, Inc.		16,403	$	354,469
Diversified Telecommunication Services—1.6%
8x8, Inc. (a)		29,745		299,234
inContact, Inc. (a)		30,211		268,576
				567,810
Electronic Equipment, Instruments & Components—1.5%
CUI Global, Inc. (a)		25,381		205,079
ePlus, Inc. (a)		3,924		315,921
				521,000
Energy Equipment & Services—0.5%
TETRA Technologies, Inc. (a)		30,245		192,056
Food Products—1.3%
John B Sanfilippo & Son, Inc.		6,460		446,321
Health Care Equipment & Supplies—7.6%
AtriCure, Inc. (a)		16,365		275,423
Cynosure, Inc., Class A (a)		10,653		470,010
Inogen, Inc. (a)		14,092		633,858
LeMaitre Vascular, Inc.		25,320		392,966
RTI Surgical, Inc. (a)		56,019		224,076
SurModics, Inc. (a)		10,441		192,219
Trinity Biotech PLC ADR		14,584		170,050
Vascular Solutions, Inc. (a)		10,877		353,829
				2,712,431
Health Care Providers & Services—4.6%
Aceto Corp.		16,712		393,735
BioTelemetry, Inc. (a)		32,524		379,880
Cross Country Healthcare, Inc. (a)		30,805		358,262
Providence Service Corp. (a)		6,962		355,549
RadNet, Inc. (a)		33,562		162,105
				1,649,531
Health Care Technology—0.5%
Vocera Communications, Inc. (a)		13,682		174,446
Hotels, Restaurants & Leisure—4.8%
Carrols Restaurant Group, Inc. (a)		37,084		535,493
Chuy’s Holdings, Inc. (a)		6,650		206,616
Eldorado Resorts, Inc. (a)		32,789		375,106
Kona Grill, Inc. (a)		11,313		146,503
Papa Murphy’s Holdings, Inc. (a)		14,642		174,972
Popeyes Louisiana Kitchen, Inc. (a)		5,372		279,666
				1,718,356
Household Durables—2.8%
LGI Homes, Inc. (a)		18,602		450,354
M/I Homes, Inc. (a)		15,214		283,741
WCI Communities, Inc. (a)		14,734		273,758
				1,007,853
Insurance—1.2%
Atlas Financial Holdings, Inc. (a)		13,621		247,085
Federated National Holding Co.		9,258		182,012
				429,097
Internet & Catalog Retail—1.7%
Duluth Holdings, Inc. (a)		11,586		225,811
Nutrisystem, Inc.		17,970		375,034
				600,845
Internet Software & Services—4.6%
Autobytel, Inc. (a)		22,201		385,409
Five9, Inc. (a)		32,638		290,152

	Shares		Value
GTT Communications, Inc. (a)		16,091	$	266,145
IntraLinks Holdings, Inc. (a)		29,457		232,121
Monster Worldwide, Inc. (a)		36,475		118,909
SPS Commerce, Inc. (a)		4,015		172,404
TechTarget, Inc. (a)		25,163		186,710
				1,651,850
IT Services—1.8%
Hackett Group, Inc.		23,171		350,345
Virtusa Corp. (a)		7,982		299,006
				649,351
Leisure Equipment & Products—1.3%
Nautilus, Inc. (a)		24,499		473,321
Life Sciences Tools & Services—3.7%
Albany Molecular Research, Inc. (a)		21,814		333,536
Cambrex Corp. (a)		11,973		526,812
NeoGenomics, Inc. (a)		67,666		456,069
				1,316,417
Machinery—2.2%
Kadant, Inc.		6,976		315,036
Lydall, Inc. (a)		10,486		341,005
NN, Inc.		9,415		128,797
				784,838
Media—0.9%
Entravision Communications Corp., Class A		45,352		337,419
Oil, Gas & Consumable Fuels—1.3%
Bill Barrett Corp. (a)		24,412		151,843
Callon Petroleum Co. (a)		35,643		315,440
				467,283
Paper & Forest Products—0.8%
Neenah Paper, Inc.		4,763		303,213
Pharmaceuticals—4.7%
ANI Pharmaceuticals, Inc. (a)		6,033		203,071
Cempra, Inc. (a)		7,090		124,217
Dermira, Inc. (a)		9,135		188,912
Intersect ENT, Inc. (a)		13,385		254,315
Intra-Cellular Therapies, Inc. (a)		5,642		156,847
Omeros Corp. (a)		15,908		244,029
Supernus Pharmaceuticals, Inc. (a)		20,939		319,320
Teligent, Inc. (a)		38,805		190,144
				1,680,855
Professional Services—1.6%
GP Strategies Corp. (a)		10,320		282,768
Kforce, Inc.		13,950		273,141
				555,909
Road & Rail—0.6%
Celadon Group, Inc.		19,596		205,366
Semiconductors & Semiconductor Equipment—4.9%
CEVA, Inc. (a)		14,119		317,677
Inphi Corp. (a)		10,476		349,270
MaxLinear, Inc., Class A (a)		29,981		554,648
PDF Solutions, Inc. (a)		20,349		272,270
Tower Semiconductor Ltd. (a)		22,050		267,246
				1,761,111
Software—4.8%
Callidus Software, Inc. (a)		25,353		422,888
Rubicon Project, Inc. (a)		20,830		380,772
Silver Spring Networks, Inc. (a)		27,802		410,080
Telenav, Inc. (a)		34,792		205,273
Textura Corp. (a)		15,075		280,847
				1,699,860

	Shares		Value
Specialty Retail—2.9%
Citi Trends, Inc.		10,170	$	181,331
Kirkland’s, Inc.		16,160		282,962
Shoe Carnival, Inc.		11,170		301,143
Sportsman’s Warehouse Holdings, Inc. (a)		20,808		262,181
				1,027,617
Thrifts & Mortgage Finance—3.5%
First Defiance Financial Corp.		7,400		284,234
LendingTree, Inc. (a)		6,072		593,720
Meridian Bancorp, Inc.		27,878		388,062
				1,266,016
Wireless Telecommunication Services—0.8%
Boingo Wireless, Inc. (a)		36,826		284,297
Total Common Stock (cost—$29,377,919)				35,185,952
	Principal Amount (000s)
Repurchase Agreements—1.5%
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $525,000; collateralized by U.S. Treasury Notes, 2.25%, due 4/30/21, valued at $538,688 including accrued interest
(cost—$525,000)		$525		525,000
Total Investments (cost—$29,902,919)—100.0%				35,710,952
Liabilities in excess of other assets—(0.0)%				(13,139	)
Net Assets—100.0%				$35,697,813

Notes to Schedule of Investments:

(a) Non-income producing.

Glossary:

ADR—American Depositary Receipt

156 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2016 (Unaudited)

AllianzGI Multi-Asset Real Return Fund

	Shares		Value
Mutual Funds (b)(c)—43.0%
AllianzGI Global Natural Resources		54,760		$764,998
PIMCO Commodity RealReturn Strategy		105,692		678,541
Total Mutual Funds (cost—$1,982,326)				1,443,539
Common Stock—28.6%
Australia—2.3%
Dexus Property Group REIT		1,115		6,771
Goodman Group REIT		1,464		7,487
GPT Group REIT		1,482		5,673
LendLease Group UNIT		454		4,820
Mirvac Group REIT		3,061		4,535
Scentre Group REIT		4,455		15,165
Stockland REIT		1,965		6,429
Vicinity Centres REIT		5,627		13,753
Westfield Corp. REIT		1,625		12,442
				77,075
Austria—0.1%
BUWOG AG (d)		101		2,165
Canada—1.0%
Brookfield Asset Management, Inc., Class A		727		25,285
First Capital Realty, Inc.		157		2,493
H&R Real Estate Investment Trust REIT		114		1,842
RioCan Real Estate Investment Trust REIT		131		2,683
				32,303
France—1.2%
Fonciere Des Regions REIT		25		2,357
Gecina S.A. REIT		29		3,978
ICADE REIT		28		2,140
Klepierre REIT		182		8,694
Unibail-Rodamco SE REIT		81		22,215
				39,384
Germany—0.7%
Deutsche Wohnen AG		279		8,659
Vonovia SE		382		13,714
				22,373
Hong Kong—2.6%
Cheung Kong Property Holdings Ltd.		2,263		14,569
Hang Lung Properties Ltd.		1,878		3,590
Henderson Land Development Co., Ltd.		968		5,940
Hysan Development Co., Ltd.		541		2,305
Kerry Properties Ltd.		548		1,512
Link REIT		1,900		11,275
New World Development Co., Ltd.		5,440		5,199
Sino Land Co., Ltd.		3,271		5,213
Sun Hung Kai Properties Ltd.		1,464		17,895
Swire Pacific Ltd., Class A		493		5,321
Swire Properties Ltd.		986		2,682
Wharf Holdings Ltd.		1,136		6,222
Wheelock & Co., Ltd.		856		3,825
				85,548
Japan—3.4%
Aeon Mall Co., Ltd.		130		1,923
Daito Trust Construction Co., Ltd.		61		8,652
Daiwa House Industry Co., Ltd.		500		14,054
Hulic Co., Ltd.		325		3,099

	Shares		Value
Japan Prime Realty Investment Corp. REIT		1	$	4,073
Japan Real Estate Investment Corp. REIT		1		5,773
Japan Retail Fund Investment Corp. REIT		2		4,802
Mitsubishi Estate Co., Ltd.		1,048		19,451
Mitsui Fudosan Co., Ltd.		796		19,826
Nippon Building Fund, Inc. REIT		1		5,920
Nippon Prologis REIT, Inc. REIT		1		2,236
Nomura Real Estate Holdings, Inc.		106		1,957
Nomura Real Estate Master Fund, Inc.		3		4,466
NTT Urban Development Corp.		200		1,957
Sumitomo Realty & Development Co., Ltd.		303		8,857
Tokyo Tatemono Co., Ltd.		200		2,488
Tokyu Fudosan Holdings Corp.		431		2,925
United Urban Investment Corp. REIT		2		3,231
				115,690
Singapore—0.7%
Ascendas Real Estate Investment Trust REIT		1,722		3,054
CapitaLand Commercial Trust REIT		1,729		1,887
CapitaLand Ltd.		2,115		4,810
CapitaLand Mall Trust REIT		2,670		4,138
City Developments Ltd.		342		2,071
Global Logistic Properties Ltd.		2,200		3,138
Suntec Real Estate Investment Trust REIT		1,997		2,482
UOL Group Ltd.		395		1,759
				23,339
Switzerland—0.1%
Swiss Prime Site AG (d)		56		4,934
United Kingdom—0.9%
British Land Co. PLC REIT		803		8,060
Hammerson PLC REIT		644		5,342
Intu Properties PLC REIT		777		3,484
Land Securities Group PLC REIT		659		10,391
Segro PLC REIT		620		3,647
				30,924
United States—15.6%
American Capital Agency Corp. REIT		297		5,533
American Tower Corp. REIT		357		36,546
Annaly Capital Management, Inc. REIT		804		8,249
AvalonBay Communities, Inc. REIT		111		21,112
Boston Properties, Inc. REIT		130		16,520
Brixmor Property Group, Inc. REIT		151		3,869
Camden Property Trust REIT		73		6,139
Care Capital Properties, Inc. REIT		101		2,711
CBRE Group, Inc., Class A (d)		253		7,291
Communications Sales & Leasing, Inc. REIT (d)		105		2,336
Crown Castle International Corp. REIT		283		24,480
Digital Realty Trust, Inc. REIT		116		10,265
Duke Realty Corp. REIT		290		6,537
Equinix, Inc.		51		16,866
Equity Residential REIT		306		22,959
Essex Property Trust, Inc. REIT		55		12,862
Extra Space Storage, Inc. REIT		93		8,692
Federal Realty Investment Trust REIT		58		9,051

	Shares		Value
General Growth Properties, Inc. REIT		485	$	14,419
HCP, Inc. REIT		384		12,511
Host Hotels & Resorts, Inc. REIT		639		10,671
Iron Mountain, Inc.		168		5,697
Jones Lang LaSalle, Inc.		38		4,458
Kimco Realty Corp. REIT		347		9,987
Liberty Property Trust REIT		126		4,216
Macerich Co. REIT		113		8,954
Prologis, Inc. REIT		442		19,528
Public Storage REIT		123		33,927
Rayonier Advanced Materials, Inc.		65		618
Rayonier, Inc. REIT		197		4,862
Realogy Holdings Corp. (d)		124		4,478
Realty Income Corp. REIT		200		12,502
Regency Centers Corp. REIT		72		5,389
Simon Property Group, Inc. REIT		261		54,207
SL Green Realty Corp. REIT		84		8,138
UDR, Inc. REIT		217		8,361
Ventas, Inc. REIT		277		17,440
VEREIT, Inc. REIT		770		6,830
Vornado Realty Trust REIT		143		13,503
Welltower, Inc.		292		20,247
Weyerhaeuser Co. REIT		678		21,004
				523,965
Total Common Stock (cost—$845,808)				957,700
Exchange-Traded Funds—24.3%
iPath Bloomberg Commodity Index Total Return (d)		100		2,150
iShares Emerging Markets Local Currency Bond		1,000		43,450
iShares iBoxx $ Investment Grade Corporate Bond		400		47,528
iShares JPMorgan USD Emerging Markets Bond		1,300		143,455
Market Vectors Gold Miners		2,900		57,942
PIMCO Broad U.S. TIPS Index (b)		9,000		522,152
Total Exchange-Traded Funds (cost—$794,087)				816,677
	Principal Amount (000s)
Repurchase Agreements—3.9%
State Street Bank and Trust Co.,dated 3/31/16, 0.03%, due 4/1/16, proceeds $132,000; collateralized by U.S. Treasury Notes, 1.625%, due 11/30/20, valued at $138,206 including accrued interest
(cost—$132,000)		$132		132,000
Total Investments (cost—$3,754,221) (a)—99.8%				3,349,916
Other assets less liabilities (e)—0.2%				7,071
Net Assets—100.0%				$3,356,987

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 157

Schedule of Investments

March 31, 2016 (Unaudited)

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $401,432, representing 12.0% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(b) Affiliated fund.

(c) Institutional Class share.

(d) Non-income producing.

(e) Includes net unrealized appreciation (depreciation) of other financial instruments. See Notes 7(b), 7(c) and 7(d) in the Notes to Financial Statements.

Glossary:

REIT—Real Estate Investment Trust

TIPS—Treasury Inflation Protected Securities

UNIT—More than one class of securities traded together.

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

Mutual Funds	43.0%
Exchange-Traded Funds	24.3%
Real Estate Investment Trust	21.1%
Real Estate Management & Development	7.5%
Chemicals	0.0%
Repurchase Agreements	3.9%
Other assets less liabilities	0.2%
	100.0%

AllianzGI NFJ Emerging Markets Value Fund

	Shares		Value
Common Stock—90.9%
Brazil—7.7%
AES Tiete Energia S.A. UNIT		13,400		$57,615
BM&FBovespa S.A.		12,400		53,040
CVC Brasil Operadora e Agencia de Viagens S.A.		12,600		58,661
FPC Par Corretora de Seguros S.A. (d)		16,200		54,966
Grendene S.A.		11,800		56,118
Kroton Educacional S.A.		17,900		57,150
Multiplus S.A.		6,200		56,488
Porto Seguro S.A.		7,300		55,304
Qualicorp S.A.		14,600		60,379
Smiles S.A.		4,800		50,741
Transmissora Alianca de Energia Eletrica S.A. UNIT		10,800		60,613
				621,075
Chile—1.3%
Inversiones La Construccion S.A.		4,685		53,151
Vina Concha y Toro S.A.		31,274		54,341
				107,492
China—23.9%
Agricultural Bank of China Ltd., Class H		147,000		52,885
Bank of China Ltd., Class H		125,000		51,896
Bank of Communications Co., Ltd., Class H		84,000		55,269
China Communications Services Corp. Ltd., Class H		112,000		51,141
China Construction Bank Corp., Class H		80,000		51,316
China Everbright Ltd.		25,000		52,150
China Lesso Group Holdings Ltd.		88,000		47,306
China Lilang Ltd.		79,000		48,496
China Merchants Bank Co., Ltd., Class H		25,600		53,876
China Resources Power Holdings Co., Ltd.		26,000		48,404
China Shineway Pharmaceutical Group Ltd.		43,000		51,757
Chongqing Rural Commercial Bank Co., Ltd., Class H		99,000		52,409
Dongpeng Holdings Co., Ltd.		100,000		54,516
Guangdong Electric Power Development Co., Ltd., Class B		90,020		53,156
Huayu Automotive Systems Co., Ltd., Class A		24,100		56,667
Industrial & Commercial Bank of China Ltd., Class H		98,000		55,024
Jiangsu Expressway Co., Ltd., Class H		42,000		56,669
Kingboard Laminates Holdings Ltd.		127,000		59,131
Kweichow Moutai Co., Ltd., Class A		1,500		57,460
Lee & Man Paper Manufacturing Ltd.		80,000		54,417
Luthai Textile Co., Ltd., Class B		39,430		52,340
Minth Group Ltd.		25,000		57,945
Peak Sport Products Co., Ltd.		216,000		53,307
PICC Property & Casualty Co., Ltd., Class H		32,000		59,003
SAIC Motor Corp., Ltd., Class A		17,544		54,345
Shandong Hi Speed Co., Ltd., Class A		65,600		57,192

	Shares		Value
Shanghai Pharmaceuticals Holding Co., Ltd., Class H		27,200	$	54,063
Shanghai Pudong Development Bank Co., Ltd., Class A		19,400		53,834
Shenzhen Expressway Co., Ltd., Class H		60,000		52,763
Sinopharm Group Co., Ltd., Class H		13,200		59,314
Tongda Group Holdings Ltd.		302,000		60,436
Wasion Group Holdings Ltd.		66,000		34,788
Xinhua Winshare Publishing and Media Co., Ltd., Class H		62,000		53,696
Zhejiang Expressway Co., Ltd., Class H		50,000		53,397
Zhengzhou Yutong Bus Co., Ltd., Class A		17,100		51,226
Zhuzhou CRRC Times Electric Co., Ltd.		10,000		58,315
				1,929,909
Czech Republic—0.7%
Philip Morris CR AS		95		52,786
Egypt—0.6%
Eastern Tobacco		2,377		52,198
Hong Kong—2.6%
BOC Hong Kong Holdings Ltd.		19,000		56,757
CITIC Telecom International Holdings Ltd.		130,000		48,936
NagaCorp Ltd.		87,000		55,527
SITC International Holdings Co., Ltd.		103,000		50,804
				212,024
India—8.2%
Bharat Petroleum Corp. Ltd.		4,317		59,004
Ceat Ltd.		3,367		55,657
Great Eastern Shipping Co., Ltd.		11,289		53,431
Hindustan Petroleum Corp. Ltd.		4,884		58,224
Indiabulls Housing Finance Ltd.		5,412		53,094
Mphasis Ltd.		7,658		56,871
Muthoot Finance Ltd.		19,804		53,455
NIIT Technologies Ltd.		7,405		55,383
Power Grid Corp. of India Ltd.		25,205		52,883
Redington India Ltd.		33,078		57,370
Vardhman Textiles Ltd.		4,551		52,986
Zensar Technologies Ltd.		3,965		55,981
				664,339
Indonesia—2.0%
Bank Negara Indonesia Persero Tbk PT		133,000		52,140
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		750,000		54,664
Bank Rakyat Indonesia Persero Tbk PT		62,500		53,784
				160,588
Korea (Republic of)—8.6%
Hyosung Corp.		465		58,524
Hyundai Marine & Fire Insurance Co., Ltd.		1,815		52,719
KB Insurance Co., Ltd.		1,900		56,625
Kia Motors Corp.		1,215		51,323
Korea Electric Power Corp.		1,073		56,210
KT&G Corp.		592		57,004

158 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2016 (Unaudited)

	Shares		Value
Meritz Fire & Marine Insurance Co., Ltd.		3,820	$	53,394
Meritz Securities Co., Ltd.		15,780		49,234
Samsung Electronics Co., Ltd.		52		59,675
Shinhan Financial Group Co., Ltd.		1,530		53,856
SK Telecom Co., Ltd.		285		51,645
Spigen Korea Co., Ltd.		950		43,565
Tongyang Life Insurance Co., Ltd.		5,230		54,094
				697,868
Malaysia—2.7%
Berjaya Sports Toto Bhd.		64,700		52,404
Inari Amertron Bhd.		64,725		53,434
Scientex Bhd.		18,100		60,136
Supermax Corp. Bhd.		83,400		55,164
				221,138
Mexico—2.7%
Credito Real S.A.B. de C.V. SOFOM ER		25,253		53,438
Fibra Shop Portafolios Inmobiliarios SAPI de C.V. REIT		53,800		53,404
Mexico Real Estate Management S.A. de C.V. REIT (d)		40,400		54,600
Prologis Property Mexico S.A. de C.V. REIT (d)		35,200		55,906
				217,348
Norway—0.6%
BW LPG Ltd. (a)		7,825		47,465
Peru—0.7%
Intercorp Financial Services, Inc.		2,134		55,143
Philippines—0.6%
Manila Water Co., Inc.		89,500		52,496
Poland—1.4%
Asseco Poland S.A.		3,497		56,703
Warsaw Stock Exchange		5,377		56,479
				113,182
Russian Federation—3.2%
Bashneft OAO (c)(d)		1,357		52,977
Gazprom Neft PAO ADR		4,712		52,397
Gazprom PAO (c)		23,489		51,911
Lukoil PJSC (c)		1,258		49,339
Tatneft OAO (c)		9,250		49,950
				256,574
Singapore—1.3%
Lippo Malls Indonesia Retail Trust REIT		225,000		54,253
Religare Health Trust UNIT		74,500		54,225
				108,478
South Africa—4.7%
Mondi Ltd.		2,726		52,456
Nampak Ltd.		39,664		57,100
Peregrine Holdings Ltd.		28,969		53,469
S.A. Corporate Real Estate Fund Nominees Pty Ltd. REIT		167,118		54,673
Sasol Ltd.		1,761		52,257
Telkom S.A. SOC Ltd.		14,564		56,712
Vukile Property Fund Ltd. REIT		49,019		56,394
				383,061
Taiwan—11.3%
Chimei Materials Technology Corp.		85,700		52,184
Compeq Manufacturing Co., Ltd.		81,000		51,808

	Shares		Value
Coretronic Corp.		52,000	$	53,121
Elitegroup Computer Systems Co., Ltd.		82,553		51,534
Gigabyte Technology Co., Ltd.		46,000		50,736
Greatek Electronics, Inc.		47,000		53,707
Green Seal Holding Ltd.		14,000		54,803
Hon Hai Precision Industry Co., Ltd. GDR		10,212		54,634
King’s Town Bank Co., Ltd.		78,000		53,638
Lite-On Technology Corp.		46,585		56,829
Micro-Star International Co., Ltd.		39,000		60,076
Pegatron Corp.		21,000		48,888
Phison Electronics Corp.		7,000		56,984
Primax Electronics Ltd.		43,000		50,395
Sercomm Corp.		21,000		53,405
Taiwan Semiconductor Manufacturing Co., Ltd.		11,500		57,360
Test Research, Inc.		34,000		52,067
				912,169
Thailand—2.0%
CPN Retail Growth Leasehold Property Fund UNIT		96,900		52,334
Delta Electronics Thailand PCL NVDR		22,200		54,851
Thai Vegetable Oil PCL NVDR		77,000		51,195
				158,380
Turkey—3.4%
Akcansa Cimento AS		10,724		54,720
Aksa Akrilik Kimya Sanayii AS		15,076		55,824
Selcuk Ecza Deposu Ticaret ve Sanayi AS		60,538		55,063
Soda Sanayii AS		30,217		54,568
Tupras Turkiye Petrol Rafinerileri AS (d)		1,884		53,064
				273,239
United Arab Emirates—0.7%
Aramex PJSC		58,512		53,991
Total Common Stock (cost—$7,186,847)				7,350,943
Preferred Stock—4.2%
Brazil—1.4%
Alpargatas S.A.		25,500		54,962
Banco Daycoval S.A.		22,600		55,123
				110,085
Korea (Republic of)—2.8%
Hyundai Motor Co.		610		55,429
LG Household & Health Care Ltd.		139		54,409
Samsung Electronics Co., Ltd.		61		59,059
SK Innovation Co., Ltd. (d)		685		59,555
				228,452
Total Preferred Stock (cost—$318,673)				338,537
Equity-Linked Securities—1.3%
China—1.3%
Merrill Lynch International & Co., Gree Electric Appliances, Inc., Class A, expires 8/31/18		16,068		47,883
Midea Group Co., Ltd., Class A, expires 1/6/20		11,301		54,132
Total Equity-Linked Securities (cost—$111,944)				102,015

	Principal Amount (000s)		Value
Repurchase Agreements—1.5%
State Street Bank and Trust Co.,dated 3/31/16, 0.03%, due 4/1/16, proceeds $124,000; collateralized by U.S. Treasury Notes, 3.125%, due 5/15/21, valued at $126,703 including accrued interest
(cost—$124,000)		$124	$	124,000
Total Investments (cost—$7,741,464) (b)—97.9%				7,915,495
Other assets less liabilities (e)—2.1%				172,764
Net Assets—100.0%				$8,088,259

Notes to Schedule of Investments:

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

(b) Securities with an aggregate value of $5,889,853, representing 72.8% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(c) Fair-Valued—Securities with an aggregate value of $204,177, representing 2.5% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(d) Non-income producing.

(e) Includes net unrealized appreciation (depreciation) of other financial instruments. See Notes 7(b), 7(c) and 7(d) in the Notes to Financial Statements.

Glossary:

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

NVDR—Non-Voting Depository Receipt

REIT—Real Estate Investment Trust

UNIT—More than one class of securities traded together.

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 159

Schedule of Investments

March 31, 2016 (Unaudited)

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

Banks	10.7%
Oil, Gas & Consumable Fuels	7.9%
Electronic Equipment, Instruments & Components	7.2%
Technology Hardware, Storage & Peripherals	5.9%
Insurance	4.8%
Real Estate Investment Trust	4.7%
Textiles, Apparel & Luxury Goods	3.9%
Health Care Providers & Services	3.5%
Chemicals	2.8%
Transportation Infrastructure	2.7%
Auto Components	2.1%
Electric Utilities	2.1%
Software	2.1%
Semiconductors & Semiconductor Equipment	2.1%
Hotels, Restaurants & Leisure	2.1%
Diversified Financial Services	2.0%
Tobacco	2.0%
Automobiles	2.0%
Independent Power Producers & Energy Traders	2.0%
Diversified Telecommunication Services	1.9%
Capital Markets	1.9%
Beverages	1.4%
Construction Materials	1.4%
Media	1.3%
Consumer Finance	1.3%
Paper & Forest Products	1.3%
Household Durables	1.3%
Electrical Equipment	0.7%
Diversified Consumer Services	0.7%
Containers & Packaging	0.7%
IT Services	0.7%
Health Care Equipment & Supplies	0.7%
Apparel & Textiles	0.7%
Personal Products	0.7%
Air Freight & Logistics	0.7%
Distributors	0.7%
Communications Equipment	0.7%
Thrifts & Mortgage Finance	0.7%
Water Utilities	0.7%
Pharmaceuticals	0.6%
Wireless Telecommunication Services	0.6%
Machinery	0.6%
Food Products	0.6%
Marine	0.6%
Building Products	0.6%
Repurchase Agreements	1.5%
Other assets less liabilities	2.1%
	100.0%

AllianzGI NFJ Global Dividend Value Fund

	Shares		Value
Common Stock—97.1%
Chile—2.1%
Itau CorpBanca ADR		22,600		$310,750
China—4.0%
China Construction Bank Corp., Class H		472,600		303,148
China Mobile Ltd.		25,900		286,676
				589,824
France—1.9%
Total S.A.		6,291		286,249
Germany—2.1%
Siemens AG		2,990		316,224
Indonesia—1.7%
Bank Rakyat Indonesia Persero Tbk PT ADR		15,505		257,042
Japan—3.4%
ITOCHU Corp.		22,900		281,414
Mizuho Financial Group, Inc.		155,700		232,037
				513,451
Korea (Republic of)—1.9%
SK Telecom Co., Ltd.		1,590		288,123
Norway—2.0%
Marine Harvest ASA (c)		19,136		294,614
Russian Federation—2.2%
Lukoil PJSC ADR		8,400		322,686
South Africa—3.1%
MTN Group Ltd. ADR		20,200		182,608
Sasol Ltd. ADR		9,621		284,204
				466,812
Spain—3.9%
Banco Santander S.A.		65,219		286,434
Enagas S.A.		9,891		296,875
				583,309
Switzerland—1.9%
Swiss Re AG		3,032		279,974
Taiwan—2.1%
Hon Hai Precision Industry Co., Ltd. GDR		57,509		307,673
United Kingdom—15.0%
BAE Systems PLC		38,344		279,692
Britvic PLC		27,887		284,210
Greene King PLC		21,465		268,326
Imperial Brands PLC		5,118		283,370
Marks & Spencer Group PLC		43,571		253,903
Persimmon PLC		19,127		571,538
Royal Dutch Shell PLC, Class A ADR		6,000		290,700
				2,231,739
United States—49.8%
A Schulman, Inc. (b)		10,800		293,976
AbbVie, Inc.		5,100		291,312
Apple, Inc.		2,900		316,071
Axis Capital Holdings Ltd.		5,200		288,392
CA, Inc.		9,500		292,505
Cisco Systems, Inc.		20,700		589,329
Exxon Mobil Corp.		3,400		284,206
Ford Motor Co.		22,300		301,050
General Motors Co.		9,400		295,442
Gilead Sciences, Inc.		3,100		284,766
Intel Corp.		9,200		297,620

	Shares		Value
International Business Machines Corp.		4,300	$	651,235
Johnson & Johnson		2,700		292,140
JPMorgan Chase & Co.		4,700		278,334
MetLife, Inc.		6,700		294,398
Pfizer, Inc.		10,200		302,328
PNC Financial Services Group, Inc.		3,300		279,081
PPL Corp.		7,600		289,332
Quest Diagnostics, Inc.		4,300		307,235
Travelers Cos., Inc.		2,600		303,446
United Technologies Corp.		3,200		320,320
Verizon Communications, Inc.		5,500		297,440
Wal-Mart Stores, Inc.		4,200		287,658
				7,437,616
Total Common Stock (cost—$14,789,620)				14,486,086
	Principal Amount (000s)
Repurchase Agreements—2.9%
State Street Bank and Trust Co.,dated 3/31/16, 0.03%, due 4/1/16, proceeds $430,000; collateralized by Fannie Mae, 1.375%, due 2/26/21, valued at $440,550 including accrued interest
(cost—$430,000)		$430		430,000
Total Investments (cost—$15,219,620) (a)—100.0%				14,916,086
Other assets less liabilities—0.0%				3,256
Net Assets—100.0%				$14,919,342

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $5,092,807, representing 34.1% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(b) Affiliated security.

(c) Non-income producing.

Glossary:

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

160 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2016 (Unaudited)

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

Banks	13.0%
Oil, Gas & Consumable Fuels	9.8%
Insurance	7.8%
Wireless Telecommunication Services	5.1%
IT Services	4.4%
Aerospace & Defense	4.0%
Automobiles	4.0%
Pharmaceuticals	4.0%
Communications Equipment	3.9%
Biotechnology	3.9%
Household Durables	3.8%
Industrial Conglomerates	2.1%
Technology Hardware, Storage & Peripherals	2.1%
Electronic Equipment, Instruments & Components	2.1%
Health Care Providers & Services	2.1%
Semiconductors & Semiconductor Equipment	2.0%
Diversified Telecommunication Services	2.0%
Gas Utilities	2.0%
Food Products	2.0%
Chemicals	2.0%
Software	2.0%
Electric Utilities	1.9%
Food & Staples Retailing	1.9%
Beverages	1.9%
Tobacco	1.9%
Trading Companies & Distributors	1.9%
Hotels, Restaurants & Leisure	1.8%
Multi-line Retail	1.7%
Repurchase Agreements	2.9%
Other assets less liabilities	0.0%
	100.0%

AllianzGI NFJ International Small-Cap Value Fund

	Shares		Value
Common Stock—97.5%
Australia—6.3%
Asaleo Care Ltd.		86,487		$120,471
Bank of Queensland Ltd.		11,302		104,790
Charter Hall Retail REIT		29,909		105,120
CSR Ltd.		39,600		99,910
Pact Group Holdings Ltd.		33,705		128,849
SAI Global Ltd.		31,300		90,423
Steadfast Group Ltd.		86,804		119,099
				768,662
Belgium—0.9%
Befimmo S.A. REIT		1,760		112,879
Brazil—1.6%
Multiplus S.A.		10,500		95,666
Qualicorp S.A.		23,600		97,599
				193,265
Canada—8.0%
Aimia, Inc.		11,204		72,896
Canfor Pulp Products, Inc.		9,256		85,451
Chorus Aviation, Inc.		7,921		40,192
Cogeco, Inc.		2,105		92,223
Enbridge Income Fund Holdings, Inc.		3,900		88,886
Intertape Polymer Group, Inc.		6,631		95,017
Linamar Corp.		1,943		93,488
Magellan Aerospace Corp.		7,924		99,450
Martinrea International, Inc.		12,400		97,959
New Flyer Industries, Inc.		4,138		106,417
Transcontinental, Inc., Class A		6,584		104,330
				976,309
Chile—3.6%
Cia Cervecerias Unidas S.A. ADR		5,500		123,475
Embotelladora Andina S.A., Class B ADR		5,600		106,792
Itau CorpBanca ADR		8,000		110,000
Vina Concha y Toro S.A. ADR		2,800		96,880
				437,147
Denmark—0.8%
Dfds A/S		2,571		93,461
Finland—1.5%
Lassila & Tikanoja Oyj		4,827		87,828
Tieto Oyj		3,674		95,727
				183,555
France—4.3%
Alten S.A.		1,536		94,130
Euronext NV (a)		2,296		95,226
Rothschild & Co.		3,215		79,451
Rubis SCA		1,145		91,850
Saft Groupe S.A.		2,787		84,153
Technicolor S.A.		12,400		77,362
				522,172
Germany—2.5%
Hornbach Holding AG & Co. KGaA		1,453		93,814
Stada Arzneimittel AG		2,339		92,616
Takkt AG		5,807		111,539
				297,969
Greece—0.8%
Motor Oil Hellas Corinth Refineries S.A.		8,700		93,651

	Shares		Value
Hong Kong—3.4%
First Pacific Co., Ltd.		134,100	$	100,300
Langham Hospitality Investments and Langham Hospitality Investments Ltd. UNIT		253,500		89,992
NagaCorp Ltd.		168,000		107,223
PCCW Ltd.		175,000		112,898
				410,413
Italy—4.2%
A2A SpA		78,025		101,313
Anima Holding SpA (a)		12,958		94,497
ASTM SpA		10,717		123,697
Cementir Holding SpA		17,147		85,742
Credito Emiliano SpA		15,588		106,455
				511,704
Japan—20.9%
Aida Engineering Ltd.		9,300		80,795
Cocokara fine, Inc.		2,100		91,094
Daihen Corp.		17,000		77,327
Denki Kagaku Kogyo KK		24,000		98,672
DTS Corp.		4,500		86,018
Fukuoka Financial Group, Inc.		25,000		81,437
Haseko Corp.		9,000		83,794
Heiwado Co., Ltd.		4,000		83,012
Hitachi Chemical Co., Ltd.		5,900		106,022
Kaken Pharmaceutical Co., Ltd.		1,300		78,583
Lintec Corp.		4,600		82,179
Mitsubishi Shokuhin Co., Ltd.		5,000		126,979
Nippo Corp.		6,000		100,716
Nippon Soda Co., Ltd.		19,000		95,410
Nitto Kogyo Corp.		7,200		114,688
Oiles Corp.		5,400		80,659
Sankyu, Inc.		20,000		91,256
Shinmaywa Industries Ltd.		12,000		85,039
Shizuoka Gas Co., Ltd.		14,800		99,079
Sogo Medical Co., Ltd.		2,600		88,224
Sumitomo Osaka Cement Co., Ltd.		26,000		102,130
T-Gaia Corp.		8,200		94,907
Takeuchi Manufacturing Co., Ltd.		5,000		72,265
TechnoPro Holdings, Inc.		3,300		97,822
Toho Holdings Co., Ltd.		3,700		79,079
Tokyo Seimitsu Co., Ltd.		4,000		78,475
TS Tech Co., Ltd.		3,600		84,147
Yokogawa Electric Corp.		8,800		90,895
				2,530,703
Mexico—0.8%
Grupo Herdez S.A.B. de C.V.		42,400		93,551
Netherlands—1.0%
Aalberts Industries NV		3,313		114,727
New Zealand—2.7%
Air New Zealand Ltd.		59,747		118,125
Goodman Property Trust REIT		139,281		127,004
Sky Network Television Ltd.		25,038		86,018
				331,147
Norway—1.3%
Avance Gas Holding Ltd. (a)		7,989		55,547
Borregaard ASA		15,783		105,765
				161,312
Philippines—1.0%
Manila Water Co., Inc.		212,700		124,758

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 161

Schedule of Investments

March 31, 2016 (Unaudited)

	Shares		Value
Portugal—1.5%
Portucel S.A.		25,214	$	91,658
Sonae SGPS S.A.		79,300		95,450
				187,108
Singapore—1.5%
Lippo Malls Indonesia Retail Trust REIT		414,200		99,874
Mapletree Industrial Trust REIT		71,300		84,354
				184,228
South Africa—0.6%
JSE Ltd.		7,328		73,865
Spain—3.4%
Bolsas y Mercados Espanoles SHMSF S.A.		2,631		84,720
Cia de Distribucion Integral Logista Holdings S.A. (c)		5,140		115,979
Grupo Catalana Occidente S.A.		3,822		108,334
Mediaset Espana Comunicacion S.A.		8,769		100,648
				409,681
Sweden—6.8%
BillerudKorsnas AB		5,274		86,095
Cloetta AB, Class B (d)		42,328		134,334
Dios Fastigheter AB		14,127		103,652
Eltel AB (a)(d)		8,300		89,203
Granges AB		14,516		126,002
Hemfosa Fastigheter AB		9,256		101,512
Loomis AB, Class B		3,000		84,676
Swedish Match AB		3,021		102,406
				827,880
Switzerland—2.0%
Cembra Money Bank AG (c)(d)		1,852		129,268
Siegfried Holding AG (d)		585		107,868
				237,136
United Kingdom—16.1%
Berendsen PLC		6,909		119,170
Britvic PLC		10,425		106,246
Close Brothers Group PLC		4,482		81,073
Crest Nicholson Holdings PLC		10,501		84,656
Galliford Try PLC		4,363		89,769
Go-Ahead Group PLC		2,020		76,453
Greene King PLC		7,697		96,217
Hays PLC		55,630		96,571
Hill & Smith Holdings PLC		10,182		132,054
Inchcape PLC		10,377		107,628
Indivior PLC		52,317		122,350
Kcom Group PLC		58,007		89,561
Laird PLC		22,603		123,379
Marston’s PLC		47,289		103,096
OneSavings Bank PLC		17,400		83,169
PayPoint PLC		8,866		95,249
Pendragon PLC		150,616		78,958
RPS Group PLC		26,889		80,135
Savills PLC		8,769		95,397
Synthomer PLC		18,300		95,728
				1,956,859
Total Investments (cost—$11,752,548) (b)—97.5%				11,834,142
Other assets less liabilities (e)—2.5%				304,339
Net Assets—100.0%				$12,138,481

Notes to Schedule of Investments:

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

(b) Securities with an aggregate value of $8,984,781, representing 74.0% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(c) Affiliated security.

(d) Non-income producing.

(e) Includes net unrealized appreciation (depreciation) of other financial instruments. See Notes 7(b), 7(c) and 7(d) in the Notes to Financial Statements.

Glossary:

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust

UNIT—More than one class of securities traded together.

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

Chemicals	4.8%
Commercial Services & Supplies	4.7%
Machinery	4.4%
Real Estate Investment Trust	4.4%
Media	4.3%
Food & Staples Retailing	4.0%
Beverages	3.6%
Banks	3.3%
Real Estate Management & Development	3.2%
Diversified Financial Services	2.9%
Containers & Packaging	2.5%
Hotels, Restaurants & Leisure	2.5%
Pharmaceuticals	2.4%
Construction Materials	2.4%
Professional Services	2.3%
Construction & Engineering	2.3%
Electrical Equipment	2.3%
IT Services	2.3%
Auto Components	2.3%
Specialty Retail	2.2%
Metals & Mining	2.1%
Capital Markets	2.1%
Oil, Gas & Consumable Fuels	2.0%
Food Products	1.9%
Insurance	1.9%
Electronic Equipment, Instruments & Components	1.8%
Diversified Telecommunication Services	1.7%
Gas Utilities	1.6%
Paper & Forest Products	1.5%
Health Care Providers & Services	1.4%
Household Durables	1.4%
Road & Rail	1.4%
Airlines	1.3%
Consumer Finance	1.1%
Water Utilities	1.0%
Transportation Infrastructure	1.0%
Personal Products	1.0%
Air Freight & Logistics	1.0%
Internet & Catalog Retail	0.9%
Life Sciences Tools & Services	0.9%
Distributors	0.9%
Tobacco	0.8%
Multi-Utilities	0.8%
Aerospace & Defense	0.8%
Marine	0.8%
Thrifts & Mortgage Finance	0.7%
Semiconductors & Semiconductor Equipment	0.6%
Other assets less liabilities	2.5%
	100.0%

162 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2016 (Unaudited)

AllianzGI NFJ International Value II Fund

	Shares		Value
Common Stock—98.3%
Australia—2.2%
Sonic Healthcare Ltd.		32,800		$470,410
Wesfarmers Ltd.		16,100		511,026
				981,436
Canada—5.8%
Cogeco Communications, Inc.		6,300		335,968
Magna International, Inc.		11,700		502,632
Manulife Financial Corp.		24,200		342,480
Open Text Corp.		8,500		440,300
Power Financial Corp.		21,821		545,546
Shaw Communications, Inc., Class B		19,200		370,752
				2,537,678
Chile—0.7%
Itau CorpBanca ADR		20,700		284,625
China—2.7%
China Construction Bank Corp., Class H		682,200		437,595
China Mobile Ltd.		38,300		423,926
PICC Property & Casualty Co., Ltd., Class H		180,000		331,894
				1,193,415
Denmark—1.8%
Danske Bank A/S		16,700		471,282
TDC A/S		64,000		312,803
				784,085
France—8.8%
AXA S.A.		26,700		626,080
Christian Dior SE		2,600		470,795
Cie Generale des Etablissements Michelin		3,800		388,240
CNP Assurances		30,600		476,522
Euronext NV (a)		11,100		460,371
Eutelsat Communications S.A.		13,500		435,392
Renault S.A.		4,400		437,261
Sanofi		6,800		546,691
				3,841,352
Germany—3.0%
Bayer AG		3,500		410,131
Deutsche Lufthansa AG (e)		28,930		466,913
Talanx AG		13,400		456,655
				1,333,699
Hong Kong—8.5%
BOC Hong Kong Holdings Ltd.		150,300		448,981
Cheung Kong Property Holdings Ltd.		58,500		376,613
CK Hutchison Holdings Ltd.		36,500		473,268
First Pacific Co., Ltd.		632,100		472,777
Hang Lung Group Ltd.		76,000		217,675
Jardine Strategic Holdings Ltd.		12,600		376,123
NWS Holdings Ltd.		379,000		601,475
PCCW Ltd.		745,000		480,623
Yue Yuen Industrial Holdings Ltd.		80,800		278,314
				3,725,849
India—0.8%
ICICI Bank Ltd. ADR		49,600		355,136
Ireland—1.3%
Smurfit Kappa Group PLC (d)		21,951		564,656

	Shares		Value
Israel—1.2%
Teva Pharmaceutical Industries Ltd. ADR		9,800	$	524,398
Italy—1.8%
ASTM SpA		27,700		319,717
Enel SpA		103,098		457,056
				776,773
Japan—14.1%
Bandai Namco Holdings, Inc.		20,500		446,867
Concordia Financial Group Ltd. (c)		76,000		347,625
Hitachi Chemical Co., Ltd.		19,800		355,801
Isuzu Motors Ltd.		33,700		347,614
Kaken Pharmaceutical Co., Ltd.		6,500		392,916
Lintec Corp.		22,600		403,751
Mitsubishi Electric Corp.		45,000		471,507
Nippo Corp.		30,000		503,582
Nippon Telegraph & Telephone Corp.		11,300		488,132
NSK Ltd.		37,800		345,980
Osaka Gas Co., Ltd.		113,000		433,756
Sumitomo Chemical Co., Ltd.		60,167		272,340
Sumitomo Osaka Cement Co., Ltd.		115,000		451,729
T&D Holdings, Inc.		51,300		479,195
West Japan Railway Co.		7,100		438,405
				6,179,200
Korea (Republic of)—1.4%
Korea Electric Power Corp. ADR		23,784		612,438
Mexico—0.9%
America Movil S.A.B. de C.V., Ser. L ADR		26,400		409,992
Netherlands—2.3%
Aegon NV		80,811		444,120
Wolters Kluwer NV		14,263		568,488
				1,012,608
Norway—1.6%
DNB ASA		27,300		322,367
Yara International ASA		10,359		388,874
				711,241
Philippines—1.2%
Manila Water Co., Inc.		914,100		536,161
Russian Federation—1.1%
Lukoil PJSC ADR		13,000		499,395
Singapore—2.1%
DBS Group Holdings Ltd.		42,836		487,986
Mapletree Industrial Trust REIT		366,000		433,012
				920,998
South Africa—0.7%
Sasol Ltd. ADR		10,100		298,354
Spain—0.6%
Mapfre S.A.		123,800		266,441
Sweden—4.0%
Hemfosa Fastigheter AB		32,400		355,335
Nordea Bank AB		39,500		378,880
Swedish Match AB		18,041		611,555
TeliaSonera AB		81,995		424,863
				1,770,633
Switzerland—0.9%
Baloise Holding AG		3,276		415,830

	Shares		Value
Taiwan—1.3%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		21,300	$	558,060
Turkey—1.2%
KOC Holding AS ADR		20,500		519,060
United Kingdom—26.3%
BAE Systems PLC		65,700		479,234
Britvic PLC		45,800		466,771
BT Group PLC		91,817		579,746
Centrica PLC		68,700		224,433
Close Brothers Group PLC		19,300		349,110
Crest Nicholson Holdings PLC		54,878		442,408
Direct Line Insurance Group PLC		94,141		499,342
GlaxoSmithKline PLC		30,468		616,771
Greene King PLC		35,200		440,022
Hays PLC		242,200		420,446
Imperial Brands PLC		16,200		896,949
Inchcape PLC		32,700		339,158
Indivior PLC		173,700		406,218
Laird PLC		82,400		449,784
Man Group PLC		186,480		407,585
Marks & Spencer Group PLC		66,900		389,849
Mondi PLC		19,700		376,728
Old Mutual PLC		147,400		407,137
Persimmon PLC (e)		14,305		427,451
Royal Dutch Shell PLC, Class A		24,000		579,503
Royal Mail PLC		64,612		445,537
Shire PLC ADR		4,400		756,360
Sky PLC		33,871		497,719
WPP PLC		27,610		642,637
				11,540,898
Total Common Stock (cost—$45,530,764)				43,154,411
	Principal Amount (000s)
Repurchase Agreements—2.2%
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $966,001; collateralized by U.S. Treasury Notes, 3.125%, due 5/15/21, valued at $986,077 including accrued interest
(cost—$966,000)		$966		966,000
Total Investments (cost—$46,496,764) (b)—100.5%				44,120,411
Liabilities in excess of other assets—(0.5)%				(211,108	)
Net Assets—100.0%				$43,909,303

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 163

Schedule of Investments

March 31, 2016 (Unaudited)

Notes to Schedule of Investments:

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

(b) Securities with an aggregate value of $35,451,290, representing 80.7% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(c) Fair-Valued—Security with a value of $347,625, representing 0.8% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(d) Affiliated security.

(e) Non-income producing.

Glossary:

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust

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

Insurance	12.1%
Pharmaceuticals	8.3%
Banks	8.0%
Media	6.5%
Diversified Telecommunication Services	5.2%
Industrial Conglomerates	4.5%
Tobacco	3.4%
Chemicals	3.2%
Oil, Gas & Consumable Fuels	3.1%
Electric Utilities	2.4%
Real Estate Management & Development	2.2%
Diversified Financial Services	2.1%
Auto Components	2.0%
Household Durables	2.0%
Wireless Telecommunication Services	1.9%
Automobiles	1.8%
Capital Markets	1.7%
Textiles, Apparel & Luxury Goods	1.7%
Containers & Packaging	1.3%
Semiconductors & Semiconductor Equipment	1.3%
Water Utilities	1.2%
Food & Staples Retailing	1.2%
Construction & Engineering	1.1%
Aerospace & Defense	1.1%
Electrical Equipment	1.1%
Health Care Providers & Services	1.1%
Airlines	1.1%
Beverages	1.1%
Construction Materials	1.0%
Electronic Equipment, Instruments & Components	1.0%
Leisure Products	1.0%
Air Freight & Logistics	1.0%
Software	1.0%
Hotels, Restaurants & Leisure	1.0%
Road & Rail	1.0%
Gas Utilities	1.0%
Real Estate Investment Trust	1.0%
Professional Services	1.0%
Multi-line Retail	0.9%
Paper & Forest Products	0.9%
Machinery	0.8%
Distributors	0.8%
Transportation Infrastructure	0.7%
Multi-Utilities	0.5%
Repurchase Agreements	2.2%
Liabilities in excess of other assets	(0.5)%
	100.0%

AllianzGI Short Duration High Income Fund

	Principal Amount (000s)		Value
Corporate Bonds & Notes—82.8%
Auto Components—0.2%
American Axle & Manufacturing, Inc.,
5.125%, 2/15/19		$1,763		$1,791,649
Dana Holding Corp.,
6.75%, 2/15/21		250		257,812
				2,049,461
Auto Manufacturers—0.3%
General Motors Financial Co., Inc.,
3.25%, 5/15/18		250		254,322
4.75%, 8/15/17		1,980		2,044,768
6.75%, 6/1/18		325		351,283
				2,650,373
Banks—1.1%
CIT Group, Inc.,
5.00%, 5/15/17		4,400		4,488,000
6.625%, 4/1/18 (a)(c)		5,000		5,268,750
				9,756,750
Building Materials—2.5%
Louisiana-Pacific Corp.,
7.50%, 6/1/20		22,106		23,073,137
Coal—0.8%
Cloud Peak Energy Resources LLC,
8.50%, 12/15/19		16,150		7,186,750
Commercial Services—2.1%
Hertz Corp.,
7.50%, 10/15/18		12,973		13,213,001
United Rentals North America, Inc.,
8.25%, 2/1/21		5,200		5,460,000
				18,673,001
Containers & Packaging—7.6%
Novelis, Inc.,
8.375%, 12/15/17		26,465		27,047,230
Reynolds Group Issuer, Inc.,
7.125%, 4/15/19		13,967		14,220,152
7.875%, 8/15/19		26,870		27,844,037
				69,111,419
Diversified Financial Services—6.8%
Aircastle Ltd.,
4.625%, 12/15/18		4,541		4,699,935
Alliance Data Systems Corp. (a)(c),
5.25%, 12/1/17		29,452		29,967,410
Ally Financial, Inc.,
3.25%, 11/5/18		9,575		9,440,950
3.60%, 5/21/18		400		399,000
5.50%, 2/15/17		3,545		3,618,807
Fly Leasing Ltd.,
6.75%, 12/15/20		13,469		13,266,965
International Lease Finance Corp.,
2.584%, 6/15/16 (d)		350		350,343
6.75%, 9/1/16 (a)(c)		195		198,169
				61,941,579
Electric Utilities—2.6%
AES Corp. (d),
3.635%, 6/1/19		2,364		2,287,170
NRG Energy, Inc.,
8.25%, 9/1/20		21,150		21,414,375
				23,701,545

164 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2016 (Unaudited)

	Principal Amount (000s)		Value
Entertainment—3.4%
Scientific Games Corp.,
8.125%, 9/15/18	$	36,181	$	30,753,850
Financial Services—0.2%
Lincoln Finance Ltd. (c),
7.375%, 4/15/21		1,600		1,670,000
Food & Beverage—3.2%
Bumble Bee Holdings, Inc. (a)(c),
9.00%, 12/15/17		28,507		28,685,169
Food Service—0.4%
Aramark Services, Inc.,
5.75%, 3/15/20		3,250		3,353,594
Holding Companies-Diversified—0.9%
Nielsen Co. Luxembourg Sarl (a)(c),
5.50%, 10/1/21		7,700		8,046,500
Home Builders—7.8%
Brookfield Residential Properties, Inc. (a)(c),
6.50%, 12/15/20		26,478		25,418,880
Lennar Corp.,
4.50%, 11/15/19		775		809,875
MDC Holdings, Inc.,
5.625%, 2/1/20		996		1,013,430
Meritage Homes Corp.,
4.50%, 3/1/18		8,840		8,972,600
TRI Pointe Holdings, Inc.,
4.375%, 6/15/19		7,980		7,960,050
William Lyon Homes, Inc.,
8.50%, 11/15/20		25,415		26,205,000
				70,379,835
Internet—2.1%
j2 Global, Inc.,
8.00%, 8/1/20		17,895		18,700,275
Iron/Steel—2.1%
ArcelorMittal,
5.125%, 6/1/20		15,250		14,716,250
10.85%, 6/1/19		2,850		3,177,750
Commercial Metals Co.,
6.50%, 7/15/17		1,000		1,032,500
				18,926,500
Leisure Time—0.1%
NCL Corp., Ltd. (a)(c),
4.625%, 11/15/20		1,303		1,316,030
Lodging—0.4%
Hilton Worldwide Finance LLC,
5.625%, 10/15/21		3,500		3,644,200
Machinery-Diversified—2.0%
Case New Holland Industrial, Inc.,
7.875%, 12/1/17		6,250		6,750,000
CNH Industrial Capital LLC,
3.25%, 2/1/17		8,972		8,994,430
6.25%, 11/1/16		2,575		2,639,375
				18,383,805
Media—1.3%
Cablevision Systems Corp.,
8.625%, 9/15/17		1,175		1,245,500
CCO Holdings LLC,
7.375%, 6/1/20		4,750		4,948,906
CSC Holdings LLC,
7.625%, 7/15/18		3,657		3,958,703
7.875%, 2/15/18		1,743		1,873,725
				12,026,834
Mining—1.2%
Alcoa, Inc.,
6.75%, 7/15/18		10,295		11,105,731

	Principal Amount (000s)		Value
Miscellaneous Manufacturing—2.0%
LSB Industries, Inc.,
7.75%, 8/1/19	$	19,375	$	17,873,438
Oil, Gas & Consumable Fuels—6.5%
AmeriGas Partners L.P.,
6.25%, 8/20/19		24,815		25,435,375
Hiland Partners L.P. (a)(c),
7.25%, 10/1/20		11,381		11,822,014
Light Tower Rentals, Inc. (a)(c),
8.125%, 8/1/19		10,000		5,525,000
NGL Energy Partners LP,
5.125%, 7/15/19		26,961		16,446,210
				59,228,599
Pharmaceuticals—3.0%
Valeant Pharmaceuticals International, Inc. (a)(c),
7.00%, 10/1/20		31,808		26,877,760
Pipelines—5.5%
Crestwood Midstream Partners L.P.,
6.00%, 12/15/20		2,635		2,088,237
Kinder Morgan Finance Co. LLC (a)(c),
6.00%, 1/15/18		7,075		7,401,412
Sabine Pass LNG L.P.,
7.50%, 11/30/16		20,414		21,018,765
SemGroup Corp.,
7.50%, 6/15/21		5,950		4,804,625
Targa Resources Partners Co.,
5.00%, 1/15/18		14,910		14,947,275
				50,260,314
Real Estate Investment Trust—0.7%
DuPont Fabros Technology L.P.,
5.875%, 9/15/21		6,074		6,392,885
Retail—1.5%
GameStop Corp. (a)(c),
5.50%, 10/1/19		14,315		13,796,081
Software—1.6%
ACI Worldwide, Inc. (a)(c),
6.375%, 8/15/20		12,700		13,081,000
First Data Corp. (a)(c),
6.75%, 11/1/20		1,100		1,159,400
				14,240,400
Specialty Retail—3.9%
GameStop Corp. (c),
6.75%, 3/15/21		36,450		35,356,500
Telecommunications—9.0%
Frontier Communications Corp.,
7.125%, 3/15/19		5,900		6,091,750
8.875%, 9/15/20 (a)(c)		3,600		3,771,000
Intelsat Jackson Holdings S.A.,
7.25%, 4/1/19		22,810		16,936,425
Sprint Capital Corp., 6.90%, 5/1/19		21,850		19,009,500
Sprint Communications, Inc.,
8.375%, 8/15/17		1,537		1,523,551
T-Mobile USA, Inc.,
6.464%, 4/28/19		33,332		34,165,300
				81,497,526
Total Corporate Bonds & Notes (cost—$805,320,545)				750,659,841

	Principal Amount (000s)		Value
Senior Loans (a)(b)—12.3%
Commercial Services & Supplies—5.4%
Asurion LLC,
5.00%, 5/24/19, Term B1	$	4,565	$	4,511,484
5.00%, 8/4/22, Term B4		7,388		7,242,831
8.50%, 3/3/21, 2nd Lien		40,000		37,550,000
				49,304,315
Financial Services—1.7%
Delos Finance Sarl, Term B,
3.50%, 3/6/21		15,000		15,056,250
IT Services—0.2%
First Data Corp., Term C1,
3.932%, 3/24/18		1,615		1,613,441
Media—1.3%
Numericable U.S. LLC, Term B6,
4.75%, 1/31/23		9,000		8,947,503
Univision Communications, Inc., Term C4,
4.00%, 3/1/20		2,992		2,966,412
				11,913,915
Real Estate Investment Trust—2.2%
Communications Sales & Leasing, Inc., Term B,
5.00%, 10/24/22		20,346		19,740,949
Specialty Retail—1.5%
J Crew Group, Inc., Term B,
4.00%, 3/5/21		6,404		5,028,350
PetSmart, Inc., Term B1,
4.25%, 3/10/22		8,928		8,901,846
				13,930,196
Total Senior Loans (cost—$115,845,134)				111,559,066
Repurchase Agreements—4.3%
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $39,316,033; collateralized by U.S. Treasury Notes, 2.25%, due 4/30/21, valued at $40,105,813 including accrued interest
(cost—$39,316,000)		39,316		39,316,000
Total Investments (cost—$960,481,679)—99.4%				901,534,907
Other assets less liabilities—0.6%				5,517,273
Net Assets—100.0%				$907,052,180

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 165

Schedule of Investments

March 31, 2016 (Unaudited)

Notes to Schedule of Investments:

(a) Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $293,893,641, representing 32.4% of net assets.

(b) These securities generally pay interest at rates which are periodically pre-determined by reference to a base lending rate plus a premium. These base lending rates are generally either the lending rate offered by one or more major European banks, such as the “LIBOR” or the prime rate offered by one or more major United States banks, or the certificate of deposit rate. These securities are generally considered to be restricted as the Fund is ordinarily contractually obligated to receive approval from the Agent bank and/or borrower prior to disposition. Remaining maturities of senior loans may be less than the stated maturities shown as a result of contractual or optional payments by the borrower. Such prepayments cannot be predicted with certainty. The interest rate disclosed reflects the rate in effect on March 31, 2016.

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

(d) Variable or Floating Rate Security—Securities with an interest rate that changes periodically. The interest rate disclosed reflects the rate in effect on March 31, 2016.

AllianzGI Structured Return Fund

	Shares		Value
Exchange-Traded Funds—94.5%
SPDR S&P 500 (a) (cost—$158,882,251)		801,000		$164,653,560
	Principal Amount (000s)
Repurchase Agreements—15.2%
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $26,507,022; collateralized by U.S. Treasury Notes, 3.625%, due 2/15/21, valued at $27,038,750 including accrued interest
(cost—$26,507,000)		$26,507		26,507,000
	Contracts
Options Purchased (b)(c)—0.2%
Call Options—0.1%
S&P 500 Index, strike price $2,200.00, expires 4/1/16		40		300
strike price $2,250.00, expires 4/1/16		30		340
strike price $2,085.00, expires 4/8/16		15		4,462
strike price $2,300.00, expires 4/8/16		174		2,610
strike price $2,090.00, expires 4/15/16		15		6,825
strike price $2,140.00, expires 4/15/16		20		727
strike price $2,200.00, expires 4/15/16		60		450
strike price $2,300.00, expires 4/15/16		140		1,050
strike price $2,080.00, expires 4/22/16		15		17,850
strike price $2,135.00, expires 4/22/16		20		1,450
strike price $2,250.00, expires 4/22/16		171		1,283
strike price $2,275.00, expires 4/22/16		88		909
strike price $2,050.00, expires 4/29/16		20		65,600
strike price $2,075.00, expires 4/29/16		20		36,900
strike price $2,250.00, expires 4/29/16		98		735
strike price $2,100.00, expires 5/6/16		15		16,350
strike price $2,110.00, expires 5/13/16		15		14,850
				172,691
Put Options—0.1%
S&P 500 Index, strike price $1,400.00, expires 4/1/16		71		532
strike price $1,450.00, expires 4/1/16		42		315
strike price $1,900.00, expires 4/1/16		20		200
strike price $1,350.00, expires 4/8/16		75		1,125
strike price $1,400.00, expires 4/8/16		100		750
strike price $1,500.00, expires 4/8/16		25		188

	Contracts		Value
strike price $1,650.00, expires 4/8/16		22	$	165
strike price $1,750.00, expires 4/8/16		125		1,875
strike price $1,920.00, expires 4/8/16		20		750
strike price $1,975.00, expires 4/8/16		15		1,500
strike price $2,030.00, expires 4/8/16		15		7,350
strike price $1,150.00, expires 4/15/16		30		225
strike price $1,200.00, expires 4/15/16		30		225
strike price $1,400.00, expires 4/15/16		51		382
strike price $1,475.00, expires 4/15/16		25		188
strike price $1,550.00, expires 4/15/16		25		188
strike price $1,600.00, expires 4/15/16		49		368
strike price $1,650.00, expires 4/15/16		22		660
strike price $1,725.00, expires 4/15/16		125		2,500
strike price $1,875.00, expires 4/15/16		20		1,600
strike price $1,935.00, expires 4/15/16		15		1,725
strike price $1,975.00, expires 4/15/16		15		4,275
strike price $2,000.00, expires 4/15/16		15		7,275
strike price $1,450.00, expires 4/22/16		65		650
strike price $1,500.00, expires 4/22/16		127		2,222
strike price $1,550.00, expires 4/22/16		22		275
strike price $1,975.00, expires 4/22/16		15		7,950
strike price $2,000.00, expires 4/22/16		15		12,375
strike price $1,150.00, expires 4/29/16		30		225
strike price $1,200.00, expires 4/29/16		30		225
strike price $1,250.00, expires 4/29/16		35		263
strike price $1,350.00, expires 4/29/16		65		487
strike price $1,500.00, expires 4/29/16		51		1,020
strike price $1,525.00, expires 4/29/16		51		1,020
strike price $1,850.00, expires 4/29/16		20		4,050
strike price $1,870.00, expires 4/29/16		20		4,300
strike price $1,925.00, expires 4/29/16		20		8,700
strike price $1,325.00, expires 5/6/16		25		250
strike price $1,400.00, expires 5/6/16		35		787
strike price $2,000.00, expires 5/6/16		15		23,850
strike price $1,350.00, expires 5/13/16		70		1,050
strike price $1,375.00, expires 5/13/16		50		1,000

166 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2016 (Unaudited)

	Contracts		Value
strike price $1,990.00, expires 5/13/16		20	$	35,000
strike price $2,120.00, expires 5/13/16		5		35,675
				175,735
Total Options Purchased (cost—$687,894)				348,426
Total Investments, before options written (cost—$186,077,145)—109.9%				191,508,986
Options Written (b)(c)—(5.8)%
Call Options—(5.6)%
S&P 500 Index,
strike price $1,800.00, expires 4/1/16		40		(1,039,600	)
strike price $1,915.00, expires 4/1/16		30		(435,000	)
strike price $1,880.00, expires 4/8/16		23		(411,930	)
strike price $1,890.00, expires 4/8/16		41		(693,720	)
strike price $1,935.00, expires 4/8/16		110		(1,368,400	)
strike price $2,110.00, expires 4/8/16		45		(1,238	)
strike price $1,905.00, expires 4/15/16		50		(773,000	)
strike price $1,930.00, expires 4/15/16		30		(388,200	)
strike price $1,950.00, expires 4/15/16		30		(329,550	)
strike price $1,975.00, expires 4/15/16		90		(777,150	)
strike price $2,125.00, expires 4/15/16		30		(1,800	)
strike price $1,960.00, expires 4/22/16		96		(982,560	)
strike price $1,965.00, expires 4/22/16		88		(860,200	)
strike price $1,970.00, expires 4/22/16		75		(698,625	)
strike price $2,120.00, expires 4/22/16		30		(5,100	)
strike price $1,925.00, expires 4/29/16		50		(685,750	)
strike price $1,990.00, expires 4/29/16		48		(376,560	)
strike price $2,100.00, expires 4/29/16		40		(33,200	)
strike price $2,120.00, expires 4/29/16		40		(14,400	)
strike price $2,140.00, expires 5/6/16		30		(6,300	)
strike price $2,150.00, expires 5/13/16		30		(6,300	)
				(9,888,583	)
Put Options—(0.2)%
S&P 500 Index,
strike price $1,850.00, expires 4/1/16		65		(488	)
strike price $1,880.00, expires 4/1/16		25		(187	)
strike price $1,855.00, expires 4/8/16		30		(900	)
strike price $1,860.00, expires 4/8/16		40		(1,300	)
strike price $1,865.00, expires 4/8/16		30		(975	)

	Contracts		Value
strike price $1,880.00, expires 4/8/16		30	$	(675	)
strike price $1,930.00, expires 4/8/16		30		(1,275	)
strike price $1,995.00, expires 4/8/16		30		(4,500	)
strike price $1,825.00, expires 4/15/16		40		(2,300	)
strike price $1,845.00, expires 4/15/16		40		(2,600	)
strike price $1,890.00, expires 4/15/16		31		(2,790	)
strike price $1,900.00, expires 4/15/16		10		(975	)
strike price $1,925.00, expires 4/15/16		30		(2,850	)
strike price $1,930.00, expires 4/15/16		31		(3,255	)
strike price $1,970.00, expires 4/15/16		30		(7,350	)
strike price $1,920.00, expires 4/22/16		31		(7,130	)
strike price $1,925.00, expires 4/22/16		60		(14,550	)
strike price $1,940.00, expires 4/22/16		25		(7,375	)
strike price $1,945.00, expires 4/22/16		31		(9,920	)
strike price $1,970.00, expires 4/22/16		15		(7,275	)
strike price $1,800.00, expires 4/29/16		40		(4,200	)
strike price $1,810.00, expires 4/29/16		40		(5,900	)
strike price $1,875.00, expires 4/29/16		40		(9,000	)
strike price $1,915.00, expires 4/29/16		25		(9,875	)
strike price $1,920.00, expires 4/29/16		30		(12,300	)
strike price $1,970.00, expires 4/29/16		31		(24,645	)
strike price $1,980.00, expires 4/29/16		16		(14,640	)
strike price $1,950.00, expires 5/6/16		30		(25,800	)
strike price $1,960.00, expires 5/6/16		20		(19,600	)
strike price $1,925.00, expires 5/13/16		30		(26,100	)
strike price $1,940.00, expires 5/13/16		60		(61,800	)
strike price $2,050.00, expires 5/13/16		10		(33,550	)
				(326,080	)
Total Options Written (premiums received—$8,858,954)				(10,214,663	)
Total Investments, net of options written (cost—$177,218,191)—104.1%				181,294,323
Other liabilities in excess of other assets—(4.1)%				(7,094,105	)
Net Assets—100.0%				$174,200,218

Notes to Schedule of Investments:

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

(b) Non-income producing.

(c) Exchange traded-Chicago Board Options Exchange.

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 167

Schedule of Investments

March 31, 2016 (Unaudited)

AllianzGI U.S. Equity Hedged Fund

	Shares		Value
Exchange-Traded Funds—83.3%
SPDR S&P 500 (a) (cost—$6,411,830)		31,000		$    6,372,360
	Principal Amount (000s)
Repurchase Agreements—2.6%
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $197,000; collateralized by U.S. Treasury Notes, 1.625%, due 11/30/20, valued at $204,750 including accrued interest
(cost—$197,000)		$197		197,000
	Contracts
Options Purchased (b)(c)—2.6%
Call Options—0.7%
S&P 500 Index,
strike price $2,000.00, expires 4/15/16		5		31,675
strike price $2,200.00, expires 4/15/16		5		38
strike price $2,025.00, expires 4/29/16		5		25,150
strike price $2,250.00, expires 4/29/16		36		270
				57,133
Put Options—1.9%
S&P 500 Index,
strike price $1,100.00, expires 4/15/16		5		112
strike price $1,825.00, expires 4/15/16		5		287
strike price $1,100.00, expires 4/29/16		5		38
strike price $1,825.00, expires 4/29/16		5		825
strike price $1,875.00, expires 6/17/16		3		4,530
strike price $1,900.00, expires 6/17/16		4		7,180
strike price $1,700.00, expires 9/30/16		4		8,760
strike price $1,825.00, expires 12/16/16		7		37,485
strike price $1,875.00, expires 12/30/16		7		46,900
strike price $1,750.00, expires 1/20/17		5		23,500
strike price $1,825.00, expires 3/31/17		2		15,120
				144,737
Total Options Purchased (cost—$366,247)				201,870
Total Investments, before options written (cost—$6,975,077)—88.5%				6,771,230

	Contracts		Value
Options Written (b)(c)—(0.8)%
Call Options—(0.7)%
S&P 500 Index,
strike price $2,050.00, expires 4/15/16		10		$      (23,400	)
strike price $2,100.00, expires 4/29/16		10		(8,300	)
strike price $2,110.00, expires 4/29/16		31		(17,360	)
				(49,060	)
Put Options—(0.1)%
S&P 500 Index,
strike price $1,760.00, expires 4/15/16		10		(350	)
strike price $1,750.00, expires 4/29/16		10		(825	)
strike price $1,450.00, expires 1/20/17		5		(8,325	)
				(9,500	)
Total Options Written (premiums received—$98,578)				(58,560	)
Total Investments, net of options written (cost—$6,876,499)—87.7%				6,712,670
Other assets less other liabilities—12.3%				939,075
Net Assets—100.0%				$7,651,745

Notes to Schedule of Investments:

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

(b) Non-income producing.

(c) Exchange traded-Chicago Board Options Exchange.

AllianzGI U.S. Small-Cap Growth Fund

	Shares		Value
Common Stock—95.7%
Auto Components—3.0%
Cooper-Standard Holding, Inc. (a)		3,334		$       239,515
Motorcar Parts of America, Inc. (a)		9,101		345,656
Visteon Corp. (a)		2,517		200,328
				785,499
Banks—4.7%
Ameris Bancorp		7,776		230,014
Banc of California, Inc.		11,331		198,293
Bank of the Ozarks, Inc.		6,254		262,480
Eagle Bancorp, Inc. (a)		6,070		291,360
Home BancShares, Inc.		6,203		254,013
				1,236,160
Beverages—1.1%
Cott Corp.		21,124		293,412
Biotechnology—3.4%
Cara Therapeutics, Inc. (a)		13,208		82,154
Ligand Pharmaceuticals, Inc., Class B (a)		3,636		389,379
Neurocrine Biosciences, Inc. (a)		3,833		151,595
Prothena Corp. PLC (a)		2,288		94,174
Repligen Corp. (a)		6,161		165,238
				882,540
Building Products—4.8%
American Woodmark Corp. (a)		4,378		326,555
Builders FirstSource, Inc. (a)		23,700		267,099
Gibraltar Industries, Inc. (a)		10,661		304,905
Patrick Industries, Inc. (a)		7,780		353,134
				1,251,693
Construction & Engineering—6.1%
Comfort Systems USA, Inc.		5,804		184,393
Dycom Industries, Inc. (a)		5,555		359,242
Granite Construction, Inc.		8,198		391,864
MasTec, Inc. (a)		15,527		314,267
Primoris Services Corp.		14,294		347,344
				1,597,110
Construction Materials—1.4%
U.S. Concrete, Inc. (a)		6,200		369,396
Containers & Packaging—1.3%
Berry Plastics Group, Inc. (a)		9,688		350,221
Distributors—1.6%
Core-Mark Holding Co., Inc.		5,266		429,495
Energy Equipment & Services—1.2%
Helix Energy Solutions Group, Inc. (a)		19,634		109,951
McDermott International, Inc. (a)		51,891		212,234
				322,185
Food Products—0.9%
Amplify Snack Brands, Inc. (a)		16,066		230,065
Health Care Equipment & Supplies—5.2%
Cantel Medical Corp.		3,920		279,731
Cynosure, Inc., Class A (a)		8,983		396,330
Inogen, Inc. (a)		5,439		244,646
Vascular Solutions, Inc. (a)		5,945		193,391
West Pharmaceutical Services, Inc.		3,761		260,713
				1,374,811

168 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2016 (Unaudited)

	Shares		Value
Health Care Providers & Services—4.5%
Acadia Healthcare Co., Inc. (a)		4,382	$	241,492
AMN Healthcare Services, Inc. (a)		9,778		328,639
Amsurg Corp. (a)		4,254		317,348
Providence Service Corp. (a)		5,572		284,562
				1,172,041
Hotels, Restaurants & Leisure—10.3%
Buffalo Wild Wings, Inc. (a)		1,819		269,430
Cheesecake Factory, Inc.		6,534		346,890
Churchill Downs, Inc.		2,171		321,048
Dave & Buster’s Entertainment, Inc. (a)		6,767		262,424
Penn National Gaming, Inc. (a)		17,390		290,239
Popeyes Louisiana Kitchen, Inc. (a)		4,327		225,264
Six Flags Entertainment Corp.		6,141		340,764
Sonic Corp.		8,643		303,888
Texas Roadhouse, Inc.		8,141		354,785
				2,714,732
Household Durables—5.0%
Cavco Industries, Inc. (a)		3,234		302,250
Helen of Troy Ltd. (a)		1,963		203,543
Installed Building Products, Inc. (a)		11,903		316,739
LGI Homes, Inc. (a)		10,241		247,934
Universal Electronics, Inc. (a)		3,710		229,983
				1,300,449
Insurance—4.4%
AMERISAFE, Inc.		7,934		416,852
Hanover Insurance Group, Inc.		4,659		420,335
National General Holdings Corp.		14,195		306,470
				1,143,657
Internet Software & Services—2.1%
j2 Global, Inc.		3,235		199,212
WebMD Health Corp. (a)		5,740		359,496
				558,708
IT Services—4.5%
Convergys Corp.		11,802		327,742
EPAM Systems, Inc. (a)		3,153		235,435
Euronet Worldwide, Inc. (a)		5,448		403,751
Travelport Worldwide Ltd.		14,717		201,034
				1,167,962
Life Sciences Tools & Services—2.3%
Cambrex Corp. (a)		7,658		336,952
ICON PLC (a)		3,595		269,984
				606,936
Metals & Mining—1.0%
Kaiser Aluminum Corp.		3,196		270,190
Oil, Gas & Consumable Fuels—2.8%
Diamondback Energy, Inc. (a)		2,985		230,382
Matador Resources Co. (a)		12,700		240,792
Synergy Resources Corp. (a)		33,732		262,098
				733,272
Pharmaceuticals—1.0%
Supernus Pharmaceuticals, Inc. (a)		17,000		259,250
Road & Rail—1.0%
Swift Transportation Co. (a)		13,994		260,708
Semiconductors & Semiconductor Equipment—4.1%
Inphi Corp. (a)		6,819		227,345
MaxLinear, Inc., Class A (a)		14,293		264,421

	Shares		Value
Mellanox Technologies Ltd. (a)		4,368	$	237,313
Microsemi Corp. (a)		9,277		355,402
				1,084,481
Software—9.6%
Callidus Software, Inc. (a)		15,989		266,697
Ellie Mae, Inc. (a)		2,801		253,883
Fair Isaac Corp.		2,680		284,321
Gigamon, Inc. (a)		8,915		276,543
Guidewire Software, Inc. (a)		4,292		233,828
Paycom Software, Inc. (a)		7,118		253,401
Paylocity Holding Corp. (a)		6,781		222,010
Take-Two Interactive Software, Inc. (a)		11,529		434,297
Ultimate Software Group, Inc. (a)		1,551		300,118
				2,525,098
Specialty Retail—3.0%
Asbury Automotive Group, Inc. (a)		2,726		163,124
Express, Inc. (a)		10,608		227,117
Party City Holdco, Inc. (a)		9,558		143,752
Sportsman’s Warehouse Holdings, Inc. (a)		20,941		263,857
				797,850
Technology Hardware, Storage & Peripherals—1.3%
Electronics for Imaging, Inc. (a)		8,236		349,124
Textiles, Apparel & Luxury Goods—2.7%
G-III Apparel Group Ltd. (a)		3,891		190,231
Kate Spade & Co. (a)		11,800		301,136
Oxford Industries, Inc.		3,187		214,262
				705,629
Thrifts & Mortgage Finance—1.4%
LendingTree, Inc. (a)		3,693		361,102
Total Common Stock (cost—$21,557,336)				25,133,776
	Principal Amount (000s)
Repurchase Agreements—4.8%
State Street Bank and Trust Co., dated 3/31/16, 0.03%, due 4/1/16, proceeds $1,272,001; collateralized by U.S. Treasury Notes, 2.25%, due 4/30/21, valued at $1,299,188 including accrued interest
(cost—$1,272,000)		$1,272		1,272,000
Total Investments (cost—$22,829,336)—100.5%				26,405,776
Liabilities in excess of other assets—(0.5)%				(121,338	)
Net Assets—100.0%				$26,284,438

Notes to Schedule of Investments:

(a) Non-income producing.

AllianzGI Ultra Micro Cap Fund

	Shares		Value
Common Stock—99.7%
Air Freight & Logistics—0.5%
Radiant Logistics, Inc. (a)		86,408		$308,477
Auto Components—2.0%
Motorcar Parts of America, Inc. (a)		32,020		1,216,120
Banks—6.7%
Franklin Financial Network, Inc. (a)		30,514		823,878
Heritage Commerce Corp.		67,857		679,249
Pacific Continental Corp.		26,021		419,719
Park Sterling Corp.		73,798		492,233
Preferred Bank/Los Angeles		22,106		668,706
Southwest Bancorp, Inc.		42,966		646,638
Suffolk Bancorp		15,035		379,483
				4,109,906
Beverages—0.6%
Primo Water Corp. (a)		38,743		390,917
Biotechnology—5.8%
Anthera Pharmaceuticals, Inc. (a)		58,749		212,671
BioSpecifics Technologies Corp. (a)		11,349		395,172
Cara Therapeutics, Inc. (a)		36,725		228,430
Chiasma, Inc. (a)		14,971		137,134
Concert Pharmaceuticals, Inc. (a)		24,967		341,049
Eagle Pharmaceuticals, Inc. (a)		10,120		409,860
Fate Therapeutics, Inc. (a)		75,421		135,758
Flexion Therapeutics, Inc. (a)		21,659		199,263
La Jolla Pharmaceutical Co. (a)		16,048		335,564
Pfenex, Inc. (a)		31,299		307,669
Repligen Corp. (a)		32,124		861,566
				3,564,136
Building Products—1.9%
Patrick Industries, Inc. (a)		25,442		1,154,812
Chemicals—1.1%
American Vanguard Corp.		42,447		669,814
Communications Equipment—0.9%
ShoreTel, Inc. (a)		72,185		537,056
Construction & Engineering—2.6%
Argan, Inc.		13,764		483,942
Integrated Electrical Services, Inc. (a)		23,826		349,527
NV5 Global, Inc. (a)		29,037		779,063
				1,612,532
Construction Materials—1.9%
U.S. Concrete, Inc. (a)		19,179		1,142,685
Diversified Consumer Services—2.2%
Cambium Learning Group, Inc. (a)		84,908		362,557
Carriage Services, Inc.		46,142		997,129
				1,359,686
Diversified Telecommunication Services—2.0%
8x8, Inc. (a)		63,882		642,653
inContact, Inc. (a)		62,948		559,608
				1,202,261
Electrical Equipment—1.3%
LSI Industries, Inc.		67,656		794,958
Electronic Equipment, Instruments & Components—1.5%
CUI Global, Inc. (a)		43,669		352,846
ePlus, Inc. (a)		6,652		535,552
				888,398

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 169

Schedule of Investments

March 31, 2016 (Unaudited)

	Shares		Value
Energy Equipment & Services—0.6%
Independence Contract Drilling, Inc. (a)		74,812	$	356,853
Food Products—1.9%
John B Sanfilippo & Son, Inc.		16,706		1,154,218
Health Care Equipment & Supplies—10.6%
AtriCure, Inc. (a)		33,015		555,642
Avinger, Inc. (a)		27,453		263,000
Cynosure, Inc., Class A (a)		21,927		967,419
Inogen, Inc. (a)		24,812		1,116,044
iRadimed Corp. (a)		25,414		486,932
LeMaitre Vascular, Inc.		62,048		962,985
RTI Surgical, Inc. (a)		106,630		426,520
SurModics, Inc. (a)		23,457		431,843
Trinity Biotech PLC ADR		31,704		369,669
Vascular Solutions, Inc. (a)		27,696		900,951
				6,481,005
Health Care Providers & Services—6.0%
Aceto Corp.		31,300		737,428
BioTelemetry, Inc. (a)		67,385		787,057
Cross Country Healthcare, Inc. (a)		62,110		722,339
Providence Service Corp. (a)		16,722		853,993
RadNet, Inc. (a)		75,271		363,559
Sharps Compliance Corp. (a)		44,009		242,049
				3,706,425
Health Care Technology—0.5%
Vocera Communications, Inc. (a)		25,592		326,298
Hotels, Restaurants & Leisure—5.2%
Carrols Restaurant Group, Inc. (a)		72,208		1,042,684
Eldorado Resorts, Inc. (a)		55,028		629,520
Good Times Restaurants, Inc. (a)		76,454		304,287
Kona Grill, Inc. (a)		25,956		336,130
Papa Murphy’s Holdings, Inc. (a)		33,805		403,970
Red Lion Hotels Corp. (a)		54,333		458,027
				3,174,618
Household Durables—2.2%
Century Communities, Inc. (a)		32,772		559,418
LGI Homes, Inc. (a)		32,953		797,792
				1,357,210
Insurance—2.3%
Atlas Financial Holdings, Inc. (a)		42,147		764,547
Federated National Holding Co.		33,290		654,481
				1,419,028
Internet Software & Services—4.7%
Autobytel, Inc. (a)		55,222		958,654
Five9, Inc. (a)		57,493		511,113
GTT Communications, Inc. (a)		32,969		545,307
Reis, Inc.		19,626		462,192
TechTarget, Inc. (a)		56,493		419,178
				2,896,444
IT Services—3.8%
Hackett Group, Inc.		68,043		1,028,810
Information Services Group, Inc. (a)		129,435		508,680
NCI, Inc., Class A		30,440		426,464
Planet Payment, Inc. (a)		110,846		391,286
				2,355,240

	Shares		Value
Leisure Equipment & Products—1.5%
Nautilus, Inc. (a)		48,032	$	927,978
Life Sciences Tools & Services—2.8%
Albany Molecular Research, Inc. (a)		56,446		863,059
NeoGenomics, Inc. (a)		125,259		844,246
				1,707,305
Machinery—0.8%
NN, Inc.		17,750		242,820
Xerium Technologies, Inc. (a)		41,870		218,561
				461,381
Media—1.7%
Entravision Communications Corp., Class A		96,029		714,456
Reading International, Inc., Class A (a)		28,385		340,052
				1,054,508
Metals & Mining—0.4%
Real Industry, Inc. (a)		29,001		252,309
Oil, Gas & Consumable Fuels—1.3%
Bill Barrett Corp. (a)		40,243		250,311
Evolution Petroleum Corp.		42,215		205,165
Ring Energy, Inc. (a)		65,100		328,755
				784,231
Pharmaceuticals—5.0%
ANI Pharmaceuticals, Inc. (a)		14,704		494,937
Cempra, Inc. (a)		19,449		340,746
Heska Corp. (a)		15,499		441,721
Intersect ENT, Inc. (a)		22,040		418,760
Lipocine, Inc. (a)		27,913		283,317
Marinus Pharmaceuticals, Inc. (a)		27,970		150,479
Supernus Pharmaceuticals, Inc. (a)		35,967		548,497
Teligent, Inc. (a)		77,781		381,127
				3,059,584
Professional Services—1.1%
GP Strategies Corp. (a)		24,695		676,643
Road & Rail—2.0%
Celadon Group, Inc.		30,000		314,400
Covenant Transportation Group, Inc., Class A (a)		19,212		464,738
PAM Transportation Services, Inc. (a)		14,993		461,785
				1,240,923
Semiconductors & Semiconductor Equipment—5.3%
CEVA, Inc. (a)		21,724		488,790
GigPeak, Inc. (a)		224,795		606,947
MaxLinear, Inc., Class A (a)		64,315		1,189,827
PDF Solutions, Inc. (a)		28,246		377,931
Tower Semiconductor Ltd. (a)		48,071		582,621
				3,246,116
Software—2.8%
Attunity Ltd. (a)		36,936		264,462
Park City Group, Inc. (a)		62,994		569,466
QAD, Inc., Class A		19,532		415,055
Telenav, Inc. (a)		80,897		477,292
				1,726,275
Specialty Retail—1.9%
Kirkland’s, Inc.		30,785		539,046
Sportsman’s Warehouse Holdings, Inc. (a)		51,567		649,744
				1,188,790

	Shares		Value
Technology Hardware, Storage & Peripherals—1.2%
USA Technologies, Inc. (a)		162,893	$	710,213
Textiles, Apparel & Luxury Goods—0.6%
Cherokee, Inc. (a)		20,382		362,596
Thrifts & Mortgage Finance—1.7%
LendingTree, Inc. (a)		10,816		1,057,588
Wireless Telecommunication Services—0.8%
Boingo Wireless, Inc. (a)		64,766		499,994
Total Common Stock (cost—$49,466,838)				61,135,531
	Principal Amount (000s)
Repurchase Agreements—0.4%
State Street Bank and Trust Co.,dated 3/31/16, 0.03%, due 4/1/16, proceeds $232,000; collateralized by U.S. Treasury Notes, 2.25%, due 4/30/21, valued at $237,656 including accrued interest
(cost—$232,000)		$232		232,000
Total Investments (cost—$49,698,838)—100.1%				61,367,531
Liabilities in excess of other assets—(0.1)%				(69,689	)
Net Assets—100.0%				$61,297,842

Notes to Schedule of Investments:

(a) Non-income producing.

Glossary:

ADR—American Depositary Receipt

170 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

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See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 171

Statements of Assets and Liabilities

March 31, 2016 (Unaudited)

	AllianzGI Retirement 2015		AllianzGI Retirement 2020		AllianzGI Retirement 2025		AllianzGI Retirement 2030		AllianzGI Retirement 2035
Assets:
Investments, at value	$	1,775,790	$	3,656,224	$	4,869,399	$	4,734,963	$	3,480,664
Investments in Affiliates, at value		24,557,005		50,726,886		54,320,404		57,455,803		44,008,299
Repurchase agreements, at value		273,000		929,000		1,035,000		1,396,000		2,399,000
Cash		28,333		445		952		622		55
Receivable for investments in Affiliates sold		230,826		—		—		—		—
Receivable for investments sold		35,550		—		—		—		—
Dividends receivable from Affiliates		23,457		45,159		45,713		36,807		16,685
Receivable for Fund shares sold		14,697		30,083		18,473		43,803		22,737
Investments in Affiliated Funds — Trustee Deferred Compensation Plan (see Note 5)		657		1,340		1,436		1,456		1,159
Receivable for variation margin on futures contracts		—		—		—		—		10,600
Dividends and interest receivable (net of foreign withholding taxes)		—		1		1		1		2
Unrealized appreciation of forward foreign currency contracts		—		—		—		—		—
Receivable from Investment Manager		—		—		—		—		—
Deposits with brokers for derivatives collateral		—		—		—		—		242,451
Prepaid expenses and other assets		—		—		—		—		—
Total Assets		26,939,315		55,389,138		60,291,378		63,669,455		50,181,652
Liabilities:
Payable for investments purchased		—		—		—		—		—
Payable for investments in Affiliates purchased		23,457		86,613		144,114		180,593		127,343
Payable for Fund shares redeemed		72,866		19,821		28,920		55,394		69,213
Payable to custodian for foreign currency overdraft		—		—		—		—		—
Payable for variation margin on futures contracts		—		—		—		—		—
Servicing fees payable		1,480		3,975		3,446		3,470		3,006
Administration fees payable		888		2,901		2,688		4,954		7,206
Distribution fees payable		862		971		630		1,513		702
Trustees Deferred Compensation Plan payable (see Note 5)		657		1,340		1,436		1,456		1,159
Investment management fees payable		—		—		—		—		—
Accrued expenses and other liabilities		—		—		—		—		—
Total Liabilities		100,210		115,621		181,234		247,380		208,629
Net Assets	$	26,839,105	$	55,273,517	$	60,110,144	$	63,422,075	$	49,973,023

172 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

AllianzGI Retirement 2040		AllianzGI Retirement 2045		AllianzGI Retirement 2050		AllianzGI Retirement 2055		AllianzGI Retirement Income		AllianzGI Global Allocation		AllianzGI Global Dynamic Allocation
$	3,688,841	$	1,962,859	$	1,910,728	$	482,841	$	2,149,660	$	49,151,932	$	6,929,856
	36,152,137		21,656,532		18,898,449		5,310,985		21,550,623		442,193,408		24,479,592
	2,101,000		1,292,000		1,019,000		354,000		345,000		1,878,000		5,794,000
	778		605		752		144		978		488		320
	—		—		—		—		—		3,416,904		—
	—		—		—		—		—		—		—
	7,716		4,544		2,755		563		40,240		—		17,017
	52,202		32,563		25,004		18,294		5,053		91,183		234,744
	942		538		471		158		534		6,728		378
	21,201		14,840		12,720		4,240		—		444,471		100,335
	2		1		1		—		—		2		22,343
	—		—		—		—		—		53,839		—
	—		—		—		—		—		—		6,478
	262,123		191,200		187,146		87,055		—		6,939,302		294,490
	—		—		—		—		—		60,473		74,323
	42,286,942		25,155,682		22,057,026		6,258,280		24,092,088		504,236,730		37,953,876
	—		—		—		—		—		—		210,766
	111,726		35,012		2,755		563		40,240		—		1,053,971
	4,024		2,826		22,617		479		44,695		385,591		25,000
	—		—		—		—		—		765,069		—
	573		573		716		286		—		257,652		30,653
	1,913		1,472		658		281		1,914		29,197		978
	3,174		1,919		2,150		732		1,300		—		—
	753		299		653		240		2,093		31,929		1,086
	942		538		471		158		534		6,728		378
	—		—		—		449		—		90,282		—
	—		—		—		—		—		126,795		50,907
	123,105		42,639		30,020		3,188		90,776		1,693,243		1,373,739
$	42,163,837	$	25,113,043	$	22,027,006	$	6,255,092	$	24,001,312	$	502,543,487	$	36,580,137

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 173

Statements of Assets and Liabilities (cont’d)

March 31, 2016 (Unaudited)

	AllianzGI Retirement 2015			AllianzGI Retirement 2020			AllianzGI Retirement 2025			AllianzGI Retirement 2030			AllianzGI Retirement 2035
Net Assets Consist of:
Paid-in-capital	$	27,489,132		$	57,885,392		$	62,746,545		$	65,835,644		$	51,863,787
Undistributed (dividends in excess of) net investment income		116,148			226,731			186,121			212,165			99,350
Accumulated net realized gain (loss)		(719,618	)		(2,247,912	)		(2,046,520	)		(1,858,088	)		(1,173,346	)
Net unrealized appreciation (depreciation)		(46,557	)		(590,694	)		(776,002	)		(767,646	)		(816,768	)
Net Assets	$	26,839,105		$	55,273,517		$	60,110,144		$	63,422,075		$	49,973,023
Cost of Investments	$	1,750,490		$	3,604,665		$	4,844,531		$	4,705,391		$	3,460,874
Cost of Investments in Affiliates	$	24,628,862		$	51,369,139		$	55,121,274		$	58,253,021		$	44,855,457
Cost of Repurchase Agreements	$	273,000		$	929,000		$	1,035,000		$	1,396,000		$	2,399,000
Cost of Foreign Currency Overdraft due to Custodian	$	—		$	—		$	—		$	—		$	—
Net Assets:
Class A	$	6,197,330		$	18,427,853		$	15,936,222		$	14,081,092		$	12,911,293
Class C		669,031			329,955			—			618,349			—
Class R		240,414			628,969			737,038			2,087,406			1,592,706
Class P		9,838,126			21,945,852			30,246,322			29,834,807			27,330,023
Institutional Class		—			—			—			—			—
Class R6		9,043,874			12,122,771			11,868,390			14,789,083			7,384,272
Administrative Class		850,330			1,818,117			1,322,172			2,011,338			754,729
Shares Issued and Outstanding:
Class A		338,526			1,015,526			996,758			741,277			773,027
Class C		36,766			18,201			—			32,720			—
Class R		13,096			34,569			46,176			109,820			95,553
Class P		533,813			1,197,962			1,884,173			1,550,335			1,626,704
Institutional Class		—			—			—			—			—
Class R6		490,228			661,156			738,873			766,984			438,849
Administrative Class		46,286			99,756			82,483			104,835			45,001
Net Asset Value and Redemption Price Per Share:*
Class A	$	18.31		$	18.15		$	15.99		$	19.00		$	16.70
Class C		18.20			18.13			—			18.90			—
Class R		18.36			18.19			15.96			19.01			16.67
Class P		18.43			18.32			16.05			19.24			16.80
Institutional Class		—			—			—			—			—
Class R6		18.45			18.34			16.06			19.28			16.83
Administrative Class		18.37			18.23			16.03			19.19			16.77

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

174 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

AllianzGI Retirement 2040			AllianzGI Retirement 2045			AllianzGI Retirement 2050			AllianzGI Retirement 2055			AllianzGI Retirement Income			AllianzGI Global Allocation			AllianzGI Global Dynamic Allocation
$	43,146,446		$	25,501,234		$	22,282,245		$	6,390,249		$	24,674,389		$	495,163,818		$	37,447,517
	101,506			69,863			103,899			17,324			(29,562	)		(396,531	)		(34,723	)
	(286,994	)		(68,113	)		102,598			(151,543	)		(725,355	)		(1,611,684	)		(581,278	)
	(797,121	)		(389,941	)		(461,736	)		(938	)		81,840			9,387,884			(251,379	)
$	42,163,837		$	25,113,043		$	22,027,006		$	6,255,092		$	24,001,312		$	502,543,487		$	36,580,137
$	3,690,653		$	1,964,100		$	1,906,253		$	480,773		$	1,969,950		$	46,452,920		$	6,823,604
$	36,968,074		$	22,059,499		$	19,376,664		$	5,317,945		$	21,648,493		$	435,757,236		$	24,911,851
$	2,101,000		$	1,292,000		$	1,019,000		$	354,000		$	345,000		$	1,878,000		$	5,794,000
$	—		$	—		$	—		$	—		$	—		$	766,090		$	—
$	7,681,026		$	6,588,844		$	2,383,360		$	1,092,221		$	6,391,311		$	89,305,408		$	5,369,381
	135,940			—			130,020			—			2,889,997			50,334,910			1,226,355
	1,472,221			545,964			671,769			277,469			235,812			16,979			164,376
	17,908,946			11,076,087			8,578,189			2,305,710			5,658,400			2,313,080			208,774
	—			—			—			—			—			78,858,181			29,581,684
	14,446,824			6,536,396			9,627,512			2,329,294			8,797,262			281,687,398			10,228
	518,880			365,752			636,156			250,398			28,530			27,531			19,339
	396,278			387,665			126,067			67,478			368,436			8,207,518			303,848
	7,042			—			6,956			—			167,462			4,569,733			70,210
	76,385			32,243			35,662			17,208			13,119			1,569			9,338
	917,088			648,292			449,817			141,434			322,734			212,532			11,799
	—			—			—			—			—			7,326,851			1,671,938
	738,387			381,602			503,140			142,402			513,544			26,206,078			578
	26,708			21,493			33,497			15,435			1,611			2,466			1,093
$	19.38		$	17.00		$	18.91		$	16.19		$	17.35		$	10.88		$	17.67
	19.30			—			18.69			—			17.26			11.01			17.47
	19.27			16.93			18.84			16.12			17.98			10.82			17.60
	19.53			17.09			19.07			16.30			17.53			10.88			17.69
	—			—			—			—			—			10.76			17.69
	19.57			17.13			19.13			16.36			17.13			10.75			17.69
	19.43			17.02			18.99			16.22			17.71			11.17			17.69

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 175

Statements of Assets and Liabilities (cont’d)

March 31, 2016 (Unaudited)

	AllianzGI Global Megatrends		AllianzGI Best Styles Emerging Markets Equity		AllianzGI Best Styles Global Equity		AllianzGI Best Styles International Equity		AllianzGI Best Styles U.S. Equity
Assets:
Investments, at value	$	—	$	7,712,539	$	552,437,675	$	80,699,529	$	88,914,727
Investments in Affiliates, at value		2,835,788		56,166		5,983,678		644,824		—
Repurchase agreements, at value		—		1,373,000		9,071,000		775,000		2,528,000
Cash		25,529		145		—		423		12
Foreign currency, at value		—		38,651		796,738		180,009		679
Unrealized appreciation of forward foreign currency contracts		—		—		17		—		—
Dividends and interest receivable (net of foreign withholding taxes)		—		20,942		1,217,356		385,610		101,003
Receivable for investments sold		—		—		1,293,519		197,767		—
Swap premiums paid		—		—		—		—		—
Unrealized appreciation of OTC swaps		—		—		—		—		—
Receivable for investments in Affiliates sold		—		—		—		—		—
Deposits with brokers for derivatives collateral		—		291,940		2,975,083		100,138		986,434
Receivable for Fund shares sold		—		—		1,110,011		2,261		1,391
Receivable from Investment Manager		12,181		15,418		—		14,879		—
Tax reclaims receivable		—		—		47,880		63,117		—
Dividends receivable from Affiliates		—		—		—		2,232		—
Investments in Affiliated Funds — Trustee Deferred Compensation Plan (see Note 5)		67		145		5,809		1,261		1,757
Receivable for variation margin on futures contracts		—		8,780		208,582		—		12,310
Prepaid expenses and other assets		29,714		24,314		81,605		24,759		25,242
Total Assets		2,903,279		9,542,040		575,228,953		83,091,809		92,571,555
Liabilities:
Payable for investments purchased		—		—		93,702		163,315		—
Payable for Fund shares redeemed		—		—		507,545		19,168		49,550
Payable to custodian for cash overdraft		—		—		3,060		—		—
Payable for variation margin on futures contracts		—		—		15,132		7,528		—
Options written, at value		—		—		—		—		—
Investment management fees payable		—		—		96,514		—		10,877
Distribution fees payable		—		—		—		—		—
Servicing fees payable		2		—		7,376		—		—
Swap premiums received		—		—		—		—		—
Unrealized depreciation of forward foreign currency contracts		—		—		46,076		—		—
Unrealized depreciation of OTC swaps		—		—		—		—		—
Trustees Deferred Compensation Plan payable (see Note 5)		67		145		5,809		1,261		1,757
Accrued expenses and other liabilities		31,071		12,974		39,601		81,363		50,084
Total Liabilities		31,140		13,119		814,815		272,635		112,268
Net Assets	$	2,872,139	$	9,528,921	$	574,414,138	$	82,819,174	$	92,459,287

176 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

AllianzGI China Equity		AllianzGI Convertible		AllianzGI Emerging Markets Consumer		AllianzGI Emerging Markets Debt		AllianzGI Emerging Markets Small-Cap		AllianzGI Europe Equity Dividend		AllianzGI Global Fundamental Strategy
$	4,050,501	$	1,717,255,201	$	34,508,825	$	30,997,903	$	8,374,044	$	2,454,759	$	17,028,549
	422,320		—		—		—		—		739,253		324,923
	—		55,791,000		216,000		13,571,000		—		390,000		2,653,000
	49,604		320		211		283		47,125		504		149
	—		—		40,161		17,011		103,296		1,398		451
	—		—		4,161		40,508		—		—		21,271
	—		5,827,196		93,046		478,976		21,538		9,600		111,694
	—		39,462,328		—		8,165,385		—		4,693		—
	—		—		—		1,982		—		—		—
	—		—		—		11,777		—		—		—
	—		—		—		—		—		3,962		—
	—		—		—		40,000		—		—		141,779
	500		601,738		—		—		—		—		—
	38,010		—		—		—		14,592		19,449		—
	—		—		904		—		—		1,187		12,725
	—		—		—		—		—		1,054		—
	144		50,134		388		668		162		69		475
	—		—		—		—		—		—		5,099
	20,565		87,922		18,409		17,105		18,350		37,081		19,730
	4,581,644		1,819,075,839		34,882,105		53,342,598		8,579,107		3,663,009		20,319,845
	—		31,691,330		83,768		10,190,802		—		2,583		—
	659		3,209,510		—		—		—		—		—
	—		—		—		—		—		—		—
	—		—		—		—		—		—		1,442
	—		—		—		—		—		—		42,515
	—		857,502		6,237		9,808		—		—		3,511
	28		53,557		—		37		—		9		7
	310		88,294		7		42		187		11		36
	—		—		—		257,121		—		—		—
	—		—		—		101,682		—		—		54,311
	—		—		—		15,000		—		—		—
	144		50,134		388		668		162		69		475
	47,563		787,640		50,230		61,885		64,985		46,627		49,339
	48,704		36,737,967		140,630		10,637,045		65,334		49,299		151,636
$	4,532,940	$	1,782,337,872	$	34,741,475	$	42,705,553	$	8,513,773	$	3,613,710	$	20,168,209

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 177

Statements of Assets and Liabilities (cont’d)

March 31, 2016 (Unaudited)

	AllianzGI Global Megatrends			AllianzGI Best Styles Emerging Markets Equity			AllianzGI Best Styles Global Equity			AllianzGI Best Styles International Equity			AllianzGI Best Styles U.S. Equity
Net Assets Consist of:
Paid-in-capital	$	3,089,684		$	10,388,193		$	554,335,052		$	85,666,196		$	92,528,204
Undistributed (dividends in excess of) net investment income		(46,416	)		16,348			2,119,996			724,078			415,600
Accumulated net realized gain (loss)		205,264			(804,436	)		(1,321,985	)		(2,208,642	)		(102,328	)
Net unrealized appreciation (depreciation)		(376,393	)		(71,184	)		19,281,075			(1,362,458	)		(382,189	)
Net Assets	$	2,872,139		$	9,528,921		$	574,414,138		$	82,819,174		$	92,459,287
Cost of Investments	$	—		$	7,803,750		$	533,530,385		$	82,037,094		$	89,309,273
Cost of Investments in Affiliates	$	3,212,181		$	46,048		$	5,821,533		$	670,280		$	—
Cost of Repurchase Agreements	$	—		$	1,373,000		$	9,071,000		$	775,000		$	2,528,000
Cost of Foreign Currency	$	—		$	37,961		$	779,408		$	177,487		$	678
Premiums Received for Options Written	$	—		$	—		$	—		$	—		$	—
Net Assets:
Class A	$	11,453		$	—		$	35,659,183		$	—		$	—
Class C		—			—			—			—			—
Class R		—			—			—			—			—
Class P		9,487			8,976			3,280,377			9,422			76,493
Institutional Class		2,851,199			8,988			747,703			34,969			2,069,627
Class R6		—			9,510,957			534,726,875			82,774,783			90,313,167
Administrative Class		—			—			—			—			—
Shares Issued and Outstanding:
Class A		823			—			2,365,954			—			—
Class C		—			—			—			—			—
Class R		—			—			—			—			—
Class P		680			690			215,463			679			5,185
Institutional Class		204,398			692			49,458			2,519			140,169
Class R6		—			733,378			35,169,087			5,972,978			6,099,444
Administrative Class		—			—			—			—			—
Net Asset Value and Redemption Price Per Share:*
Class A	$	13.92		$	—		$	15.07		$	—		$	—
Class C		—			—			—			—			—
Class R		—			—			—			—			—
Class P		13.94			13.01			15.22			13.88			14.75
Institutional Class		13.95			13.00			15.12			13.88			14.77
Class R6		—			12.97			15.20			13.86			14.81
Administrative Class		—			—			—			—			—

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

178 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

AllianzGI China Equity			AllianzGI Convertible			AllianzGI Emerging Markets Consumer			AllianzGI Emerging Markets Debt			AllianzGI Emerging Markets Small-Cap			AllianzGI Europe Equity Dividend			AllianzGI Global Fundamental Strategy
$	6,154,341		$	1,798,908,146		$	36,499,515		$	44,880,511		$	9,261,916		$	3,761,038		$	20,496,677
	(53,630	)		(874,799	)		57,070			(143,932	)		(15,649	)		(8,857	)		(134,050	)
	(1,075,791	)		(98,667,842	)		(2,946,553	)		(1,386,988	)		(1,144,218	)		(18,137	)		(97,130	)
	(491,980	)		82,972,367			1,131,443			(644,038	)		411,724			(120,334	)		(97,288	)
$	4,532,940		$	1,782,337,872		$	34,741,475		$	42,705,553		$	8,513,773		$	3,613,710		$	20,168,209
$	4,548,321		$	1,634,282,834		$	33,380,913		$	31,578,884		$	7,964,094		$	2,590,049		$	17,151,519
$	416,480		$	—		$	—		$	—		$	—		$	724,339		$	286,019
$	—		$	55,791,000		$	216,000		$	13,571,000		$	—		$	390,000		$	2,653,000
$	—		$	—		$	39,756		$	16,888		$	101,878		$	1,403		$	—
$	—		$	—		$	—		$	—		$	—		$	—		$	56,970
$	1,468,095		$	331,496,240		$	36,506		$	159,227		$	916,770		$	36,049		$	118,477
	46,068			81,298,355			—			59,873			—			14,290			10,501
	—			1,444,015			—			—			—			—			—
	12,787			114,592,384			—			9,856			—			9,580			10,766
	3,005,990			1,251,976,602			34,704,969			42,476,597			7,597,003			3,553,791			20,028,465
	—			—			—			—			—			—			—
	—			1,530,276			—			—			—			—			—
	99,685			11,451,658			3,010			11,474			65,129			2,538			8,103
	3,069			2,793,624			—			4,293			—			1,012			715
	—			49,970			—			—			—			—			—
	807			3,980,204			—			710			—			672			731
	202,654			43,594,734			2,850,518			3,061,982			534,780			249,741			1,357,929
	—			—			—			—			—			—			—
	—			52,948			—			—			—			—			—
$	14.73		$	28.95		$	12.13		$	13.88		$	14.08		$	14.20		$	14.62
	15.01			29.10			—			13.95			—			14.12			14.70
	—			28.90			—			—			—			—			—
	15.84			28.79			—			13.89			—			14.25			14.73
	14.83			28.72			12.17			13.87			14.21			14.23			14.75
	—			—			—			—			—			—			—
	—			28.90			—			—			—			—			—

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 179

Statements of Assets and Liabilities (cont’d)

March 31, 2016 (Unaudited)

	AllianzGI Global Sustainability		AllianzGI Global Water		AllianzGI High Yield Bond		AllianzGI International Growth		AllianzGI International Small-Cap
Assets:
Investments, at value	$	19,384,693	$	374,576,327	$	298,928,390	$	2,666,571	$	83,784,190
Investments in Affiliates, at value		302,574		—		—		455,172		17,216,904
Repurchase agreements, at value		1,022,000		30,374,000		6,473,000		—		3,043,000
Cash		954		436		423		29,757		165
Foreign currency, at value		18,202		347,368		—		435		454,786
Unrealized appreciation of forward foreign currency contracts		—		—		—		—		—
Dividends and interest receivable (net of foreign withholding taxes)		25,888		238,276		6,983,313		6,838		187,059
Receivable for investments sold		281,201		620,248		264,704		—		248,261
Receivable for investments in Affiliates sold		—		—		—		—		—
Deposits with brokers for derivatives collateral		—		—		—		—		—
Receivable for Fund shares sold		—		1,399,272		221,854		10,000		19,777
Receivable from Investment Manager		309		—		—		11,953		—
Tax reclaims receivable		5,662		453,222		—		1,700		76,576
Dividends receivable from Affiliates		—		—		—		—		20,945
Investments in Affiliated Funds — Trustee Deferred Compensation Plan (see Note 5)		164		8,203		7,835		69		2,557
Receivable for variation margin on futures contracts		—		—		—		—		—
Prepaid expenses and other assets		24,289		50,811		62,639		22,348		63,895
Total Assets		21,065,936		408,068,163		312,942,158		3,204,843		105,118,115
Liabilities:
Payable for investments purchased		516,344		880,496		2,568,061		—		63,841
Payable for investments in Affiliates purchased		—		—		—		—		—
Payable for Fund shares redeemed		—		560,714		559,030		—		318,179
Payable for variation margin on futures contracts		—		—		—		—		—
Investment management fees payable		—		313,810		124,065		—		64,611
Distribution fees payable		—		48,406		9,561		—		2,325
Servicing fees payable		14		53,842		15,319		9		4,075
Unrealized depreciation of forward foreign currency contracts		—		—		—		—		713
Trustees Deferred Compensation Plan payable (see Note 5)		164		8,203		7,835		69		2,557
Accrued expenses and other liabilities		42,130		101,994		144,316		38,309		174,430
Total Liabilities		558,652		1,967,465		3,428,187		38,387		630,731
Net Assets	$	20,507,284	$	406,100,698	$	309,513,971	$	3,166,456	$	104,487,384

180 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

AllianzGI Micro Cap		AllianzGI Multi-Asset Real Return		AllianzGI NFJ Emerging Markets Value		AllianzGI NFJ Global Dividend Value		AllianzGI NFJ International Small-Cap Value		AllianzGI NFJ International Value II		AllianzGI Short Duration High Income
$	35,185,952	$	1,252,225	$	7,791,495	$	14,192,110	$	11,588,895	$	42,589,755	$	862,218,907
	—		1,965,691		—		293,976		245,247		564,656		—
	525,000		132,000		124,000		430,000		—		966,000		39,316,000
	47		338		299		692		56,735		2,280		282,273
	—		11,230		115,946		4,244		2,429		11,425		—
	—		—		150		—		—		—		—
	3,301		2,597		37,325		77,041		45,500		217,103		15,313,910
	362,674		47,387		53,745		—		112,293		—		9,628
	16,623		—		—		—		—		—		—
	—		101,214		—		—		—		—		—
	19,287		—		—		530		14,384		—		3,314,373
	—		17,389		31,087		8,312		51,025		—		—
	—		19		—		5,510		14,406		27,223		—
	—		—		—		—		—		—		—
	995		99		184		646		330		1,034		20,001
	—		4,095		—		—		—		—		—
	25,355		32,778		33,083		20,829		30,192		33,672		51,569
	36,139,234		3,567,062		8,187,314		15,033,890		12,161,436		44,413,148		920,526,661
	349,393		53,310		20,881		—		—		430,827		9,112,494
	—		115,887		—		—		—		—		—
	11,849		—		1,339		58,375		11,068		37		3,564,245
	—		1,551		—		—		—		—		—
	22,732		—		—		—		—		12,826		357,145
	—		49		67		3,506		729		119		22,298
	722		45		283		2,171		1,718		114		58,800
	—		—		1,943		—		917		—		—
	995		99		184		646		330		1,034		20,001
	55,730		39,134		74,358		49,850		8,193		58,888		339,498
	441,421		210,075		99,055		114,548		22,955		503,845		13,474,481
$	35,697,813	$	3,356,987	$	8,088,259	$	14,919,342	$	12,138,481	$	43,909,303	$	907,052,180

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 181

Statements of Assets and Liabilities (cont’d)

March 31, 2016 (Unaudited)

	AllianzGI Global Sustainability			AllianzGI Global Water			AllianzGI High Yield Bond			AllianzGI International Growth			AllianzGI International Small-Cap
Net Assets Consist of:
Paid-in-capital	$	20,381,251		$	363,844,218		$	364,862,627		$	3,119,922		$	95,837,731
Undistributed (dividends in excess of) net investment income		74,081			(540,471	)		(2,874,584	)		3,835			(267,299	)
Accumulated net realized loss		(14,386	)		(10,492,278	)		(27,868,073	)		(47,055	)		(6,264,465	)
Net unrealized appreciation (depreciation)		66,338			53,289,229			(24,605,999	)		89,754			15,181,417
Net Assets	$	20,507,284		$	406,100,698		$	309,513,971		$	3,166,456		$	104,487,384
Cost of Investments	$	19,348,010		$	321,272,749		$	323,534,389		$	2,614,927		$	72,361,439
Cost of Investments in Affiliates	$	272,842		$	—		$	—		$	417,133		$	13,459,794
Cost of Repurchase Agreements	$	1,022,000		$	30,374,000		$	6,473,000		$	—		$	3,043,000
Cost of Foreign Currency	$	18,146		$	337,378		$	—		$	435		$	448,681
Net Assets:
Class A	$	65,587		$	186,233,663		$	56,770,112		$	50,993		$	15,540,552
Class C		—			78,895,826			14,239,132			—			3,694,841
Class R		—			—			1,174,227			—			104,004
Class P		9,897			96,993,650			50,568,062			—			38,964,294
Institutional Class		20,431,800			43,977,559			184,775,630			3,115,463			46,173,406
Class R6		—			—			—			—			10,287
Administrative Class		—			—			1,986,808			—			—
Shares Issued and Outstanding:
Class A		4,485			14,036,640			6,622,748			3,366			467,690
Class C		—			6,165,649			1,663,568			—			113,365
Class R		—			—			142,091			—			3,172
Class P		673			7,282,495			6,113,490			—			1,170,425
Institutional Class		1,388,317			3,349,813			22,274,106			204,560			1,339,265
Class R6		—			—			—			—			298
Administrative Class		—			—			242,896			—			—
Net Asset Value and Redemption Price Per Share:*
Class A	$	14.62		$	13.27		$	8.57		$	15.15		$	33.23
Class C		—			12.80			8.56			—			32.59
Class R		—			—			8.26			—			32.79
Class P		14.72			13.32			8.27			—			33.29
Institutional Class		14.72			13.13			8.30			15.23			34.48
Class R6		—			—			—			—			34.48
Administrative Class		—			—			8.18			—			—

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

182 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

AllianzGI Micro Cap			AllianzGI Multi-Asset Real Return			AllianzGI NFJ Emerging Markets Value			AllianzGI NFJ Global Dividend Value			AllianzGI NFJ International Small-Cap Value			AllianzGI NFJ International Value II			AllianzGI Short Duration High Income
$	34,292,442		$	4,220,483		$	9,597,487		$	17,412,735		$	12,569,394		$	50,469,851		$	991,010,343
	(676,284	)		13,936			11,803			37,698			78,553			109,202			(10,919,651	)
	(3,726,378	)		(473,379	)		(1,694,942	)		(2,228,022	)		(589,517	)		(4,293,653	)		(14,091,847	)
	5,808,033			(404,053	)		173,911			(303,069	)		80,051			(2,376,097	)		(58,946,665	)
$	35,697,813		$	3,356,987		$	8,088,259		$	14,919,342		$	12,138,481		$	43,909,303		$	907,052,180
$	29,377,919		$	1,130,177		$	7,617,464		$	14,462,898		$	11,542,328		$	45,016,822		$	921,165,572
$	—		$	2,492,044		$	—		$	326,722		$	210,220		$	513,942		$	—
$	525,000		$	132,000		$	124,000		$	430,000		$	—		$	966,000		$	39,316,000
$	—		$	9,929		$	115,973		$	4,249		$	2,433		$	11,397		$	—
$	3,488,131		$	137,786		$	1,304,724		$	4,582,650		$	7,532,472		$	366,555		$	173,994,184
	—			78,054			109,620			5,817,906			1,150,184			191,107			106,508,010
	—			—			—			—			—			—			—
	2,070,534			8,938			31,006			863,661			68,652			514,472			283,095,965
	30,139,148			3,132,209			6,642,909			3,655,125			3,241,160			42,837,169			343,454,021
	—			—			—			—			146,013			—			—
	—			—			—			—			—			—			—
	277,590			10,903			101,903			301,386			427,460			23,358			11,913,417
	—			6,202			8,592			393,579			66,098			12,194			7,302,903
	—			—			—			—			—			—			—
	164,103			704			2,421			57,122			3,868			32,767			19,435,129
	2,377,805			246,173			514,414			243,847			179,226			2,719,999			23,571,004
	—			—			—			—			8,233			—			—
	—			—			—			—			—			—			—
$	12.57		$	12.64		$	12.80		$	15.21		$	17.62		$	15.69		$	14.60
	—			12.59			12.76			14.78			17.40			15.67			14.58
	—			—			—			—			—			—			—
	12.62			12.69			12.81			15.12			17.75			15.70			14.57
	12.68			12.72			12.91			14.99			18.08			15.75			14.57
	—			—			—			—			17.73			—			—
	—			—			—			—			—			—			—

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 183

Statements of Assets and Liabilities (cont’d)

March 31, 2016 (Unaudited)

	AllianzGI Structured Return			AllianzGI U.S. Equity Hedged			AllianzGI U.S. Small-Cap Growth			AllianzGI Ultra Micro Cap
Assets:
Investments, at value	$	165,001,986		$	6,574,230		$	25,133,776		$	61,135,531
Repurchase agreements, at value		26,507,000			197,000			1,272,000			232,000
Cash		219			311			326			584
Dividends and interest receivable (net of foreign withholding taxes)		749,439			37,786			4,387			2,792
Receivable for investments sold		132,725			1,086,949			4,064,982			291,715
Deposits with brokers for derivatives collateral		471,456			37,343			—			—
Receivable for Fund shares sold		1,811,269			—			2,217			8,578
Receivable from Investment Manager		—			9,506			—			—
Investments in Affiliated Funds — Trustee Deferred Compensation Plan (see Note 5)		1,812			308			792			2,011
Prepaid expenses and other assets		50,955			33,498			39,260			28,335
Total Assets		194,726,861			7,976,931			30,517,740			61,701,546
Liabilities:
Payable for investments purchased		9,992,558			229,381			4,170,253			31,669
Payable for Fund shares redeemed		159,849			—			4,670			193,203
Options written, at value		10,214,663			58,560			—			—
Investment management fees payable		94,362			—			956			77,738
Distribution fees payable		4,258			229			344			—
Servicing fees payable		13,169			221			730			5,622
Trustees Deferred Compensation Plan payable (see Note 5)		1,812			308			792			2,011
Accrued expenses and other liabilities		45,972			36,487			55,557			93,461
Total Liabilities		20,526,643			325,186			4,233,302			403,704
Net Assets	$	174,200,218		$	7,651,745		$	26,284,438		$	61,297,842
Net Assets Consist of:
Paid-in-capital	$	173,331,596		$	8,593,622		$	24,118,725		$	52,399,319
Undistributed (dividends in excess of) net investment income		492,876			28,181			(435,038	)		(1,956,942	)
Accumulated net realized loss		(3,700,386	)		(806,229	)		(975,689	)		(813,228	)
Net unrealized appreciation (depreciation)		4,076,132			(163,829	)		3,576,440			11,668,693
Net Assets	$	174,200,218		$	7,651,745		$	26,284,438		$	61,297,842
Cost of Investments	$	159,570,145		$	6,778,077		$	21,557,336		$	49,466,838
Cost of Repurchase Agreements	$	26,507,000		$	197,000		$	1,272,000		$	232,000
Premiums Received for Options Written	$	8,858,954		$	98,578		$	—		$	—

184 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

	AllianzGI Structured Return		AllianzGI U.S. Equity Hedged		AllianzGI U.S. Small-Cap Growth		AllianzGI Ultra Micro Cap
Net Assets:
Class A	$	60,315,907	$	665,429	$	2,984,234	$	26,219,336
Class C		7,404,577		365,860		553,124		—
Class R		—		—		17,998		—
Class P		9,679,685		11,927		297,402		5,989,504
Institutional Class		96,800,049		6,608,529		22,431,680		29,089,002
Shares Issued and Outstanding:
Class A		3,908,282		42,851		237,191		1,354,598
Class C		492,161		24,398		46,210		—
Class R		—		—		1,451		—
Class P		627,086		770		23,286		306,662
Institutional Class		6,236,291		425,130		1,745,842		1,486,724
Net Asset Value and Redemption Price Per Share:*
Class A	$	15.43	$	15.53	$	12.58	$	19.36
Class C		15.05		15.00		11.97		—
Class R		—		—		12.40		—
Class P		15.44		15.49		12.77		19.53
Institutional Class		15.52		15.54		12.85		19.57

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

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 185

Statements of Operations

Six Months ended March 31, 2016 (Unaudited)

	AllianzGI Retirement 2015			AllianzGI Retirement 2020			AllianzGI Retirement 2025			AllianzGI Retirement 2030			AllianzGI Retirement 2035
Investment Income:
Dividends from investments in Affiliates	$	530,934		$	1,018,806		$	1,064,685		$	1,038,587		$	681,343
Dividends		32,396			66,968			78,489			74,107			53,217
Interest		69			134			160			160			145
Contribution from Investment Manager (see Note 6)		—			—			—			—			—
Miscellaneous		260			325			593			130			33
Total Investment Income		563,659			1,086,233			1,143,927			1,112,984			734,738
Expenses:
Investment management		7,015			14,336			15,393			15,888			12,517
Administration		22,300			54,207			56,090			55,828			46,823
Distribution — Class B†		—			—			—			—			—
Distribution — Class C		2,503			1,173			—			2,301			—
Distribution — Class R		447			1,079			1,021			2,292			1,974
Servicing — Class A		8,546			26,600			24,234			21,278			18,526
Servicing — Class B†		—			—			—			—			—
Servicing — Class C		834			391			—			767			—
Servicing — Class D†		16			188			—			178			—
Servicing — Class R		447			1,079			1,021			2,292			1,974
Distribution and/or servicing — Administrative Class		996			2,184			1,526			2,350			910
Sub-transfer agent — Class A		—			—			—			—			—
Sub-transfer agent — Class B†		—			—			—			—			—
Sub-transfer agent — Class C		—			—			—			—			—
Sub-transfer agent — Class D†		—			—			—			—			—
Sub-transfer agent — Class R		—			—			—			—			—
Sub-transfer agent — Institutional Class		—			—			—			—			—
Sub-transfer agent — Administrative Class		—			—			—			—			—
Loan interest		404			1,008			1,123			797			811
Legal		171			322			342			344			275
Trustees		—			—			—			—			—
Custodian and accounting agent		—			—			—			—			—
Shareholder communications		—			—			—			—			—
Transfer agent		—			—			—			—			—
Insurance		—			—			—			—			—
Audit and tax services		—			—			—			—			—
Registration		—			—			—			—			—
Line of credit commitment		—			—			—			—			—
Miscellaneous		12			23			23			22			18
Total Expenses		43,691			102,590			100,773			104,337			83,828
Less: Fee Waiver/Reimbursement from Investment Manager		(8,145	)		(16,898	)		(19,295	)		(21,937	)		(12,711	)
Net Expenses		35,546			85,692			81,478			82,400			71,117
Net Investment Income		528,113			1,000,541			1,062,449			1,030,584			663,621

186 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

AllianzGI Retirement 2040			AllianzGI Retirement 2045			AllianzGI Retirement 2050			AllianzGI Retirement 2055			AllianzGI Retirement Income			AllianzGI Global Allocation			AllianzGI Global Dynamic Allocation
$	546,677		$	287,702		$	255,650		$	75,477		$	616,813		$	3,239,269		$	279,721
	48,096			23,779			21,528			5,920			28,159			293,584			20,005
	119			73			61			23			40			2,155			41,849
	—			—			—			—			354			—			—
	—			—			—			—			263			45			—
	594,892			311,554			277,239			81,420			645,629			3,535,053			341,575
	10,353			5,838			5,260			1,570			5,672			1,223,112			83,465
	33,351			21,521			14,557			4,419			19,552			—			—
	—			—			—			—			—			587			—
	690			—			567			—			11,087			192,189			4,365
	1,686			618			803			304			289			21			197
	12,099			9,508			3,885			1,444			6,841			111,191			3,187
	—			—			—			—			—			196			—
	230			—			189			—			3,696			64,063			1,455
	72			—			67			—			299			748			26
	1,686			618			803			304			289			21			197
	634			440			765			286			32			34			24
	—			—			—			—			—			21,076			274
	—			—			—			—			—			220			—
	—			—			—			—			—			16,206			245
	—			—			—			—			—			226			13
	—			—			—			—			—			—			141
	—			—			—			—			—			33,966			—
	—			—			—			—			—			—			3
	691			414			283			50			166			—			—
	221			132			111			38			134			18,041			6,137
	—			—			—			—			—			14,928			1,048
	—			—			—			—			—			35,658			34,696
	—			—			—			—			—			24,678			7,457
	—			—			—			—			—			34,511			5,905
	—			—			—			—			—			5,263			2,829
	—			—			—			—			—			21,143			14,740
	—			—			—			—			—			64,798			38,796
	—			—			—			—			—			403			14
	16			8			7			3			9			4,126			2,530
	61,729			39,097			27,297			8,418			48,066			1,887,405			207,744
	(11,408	)		(8,614	)		(5,991	)		(1,875	)		(16,446	)		(903,136	)		(137,555	)
	50,321			30,483			21,306			6,543			31,620			984,269			70,189
	544,571			281,071			255,933			74,877			614,009			2,550,784			271,386

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 187

Statements of Operations (cont’d)

Six Months ended March 31, 2016 (Unaudited)

	AllianzGI Retirement 2015			AllianzGI Retirement 2020			AllianzGI Retirement 2025			AllianzGI Retirement 2030			AllianzGI Retirement 2035
Realized and Change in Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	$	1,510		$	(145,352	)	$	(189,889	)	$	(153,718	)	$	(142,523	)
Investments in Affiliates		(485,564	)		(883,654	)		(896,472	)		(1,233,235	)		(958,035	)
Futures contracts		6,092			16,830			21,983			28,070			118,377
Foreign currency transactions		—			—			—			—			—
Net capital gain distributions received from underlying Affiliated funds		111,159			296,178			398,905			499,662			497,521
Net capital gain distributions received from underlying funds		18,305			36,720			53,296			55,190			43,806
Net change in unrealized appreciation/depreciation of:
Investments		21,044			178,309			218,708			180,808			167,165
Investments in Affiliates		888,156			1,811,019			1,945,874			2,169,170			1,735,853
Futures contracts		(4,151	)		(10,793	)		(14,114	)		(18,266	)		(7,666	)
Foreign currency transactions		—			—			—			—			—
Net realized and change in unrealized gain (loss)		556,551			1,299,257			1,538,291			1,527,681			1,454,498
Net Increase (Decrease) in Net Assets Resulting from Investment Operations	$	1,084,664		$	2,299,798		$	2,600,740		$	2,558,265		$	2,118,119

† Class B shares and Class D shares converted to Class A shares at the close of business on December 4, 2015 and November 13, 2015, respectively. See Note 12(d) in the Notes to Financial Statements.

188 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

AllianzGI Retirement 2040			AllianzGI Retirement 2045			AllianzGI Retirement 2050			AllianzGI Retirement 2055			AllianzGI Retirement Income			AllianzGI Global Allocation			AllianzGI Global Dynamic Allocation
$	(80,941	)	$	(49,901	)	$	(36,627	)	$	(17,105	)	$	1,362		$	(610,052	)	$	(70,938	)
	(670,078	)		(394,688	)		(179,563	)		(174,684	)		(752,820	)		1,798,680			(26,110	)
	149,582			114,909			113,542			41,473			3,142			(1,818,126	)		(553,751	)
	—			—			—			—			—			(553,105	)		1,517
	560,749			339,301			304,818			90,130			189,616			769,578			102,707
	45,370			25,125			27,484			8,378			26			—			—
	144,331			82,771			69,151			16,862			184,313			3,656,524			125,637
	1,215,548			758,871			494,959			218,220			663,764			11,744,010			(163,537	)
	3,193			2,643			1,211			(197	)		(2,491	)		(330,931	)		48,426
	—			—			—			—			—			39,526			5,337
	1,367,754			879,031			794,975			183,077			286,912			14,696,104			(530,712	)
$	1,912,325		$	1,160,102		$	1,050,908		$	257,954		$	900,921		$	17,246,888		$	(259,326	)

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 189

Statements of Operations (cont’d)

Six Months ended March 31, 2016 (Unaudited)

	AllianzGI Global Megatrends			AllianzGI Best Styles Emerging Markets Equity			AllianzGI Best Styles Global Equity			AllianzGI Best Styles International Equity			AllianzGI Best Styles U.S. Equity
Investment Income:
Interest, net of foreign withholding taxes*	$	1		$	13		$	1,619		$	158		$	402
Dividends, net of foreign withholding taxes*		—			51,952			3,974,255			902,861			925,154
Dividends from investments in Affiliates, net of foreign withholding taxes*		10,150			—			29,334			5,521			7,330
Contribution from Investment Manager (see Note 6)		1,692			—			—			—			—
Miscellaneous		—			429			2,385			—			—
Total Investment Income		11,843			52,394			4,007,593			908,540			932,886
Expenses:
Investment management		—			14,574			524,013			103,837			128,639
Distribution — Class C		—			—			—			—			—
Distribution — Class R		—			—			—			—			—
Administrative servicing — Class P		1			—			2,316			—			28
Servicing — Class A		14			—			42,474			—			—
Servicing — Class C		—			—			—			—			—
Servicing — Class D†		—			—			—			—			—
Servicing — Class R		—			—			—			—			—
Distribution and/or servicing — Administrative Class		—			—			—			—			—
Sub-transfer agent — Class A		—			—			5,109			—			—
Sub-transfer agent — Class C		—			—			—			—			—
Sub-transfer agent — Class D†		—			—			—			—			—
Sub-transfer agent — Class R		—			—			—			—			—
Sub-transfer agent — Institutional Class		524			—			—			—			143
Sub-transfer agent — Administrative Class		—			—			—			—			—
Legal		2,740			3,423			12,463			4,956			7,326
Trustees		180			411			12,624			3,432			4,565
Audit and tax services		16,052			17,798			16,628			16,790			17,796
Registration		11,591			16,426			49,971			20,690			23,566
Custodian and accounting agent		20,211			55,819			175,269			171,902			49,561
Loan interest		—			—			—			417			—
Shareholder communications		5,687			6,118			13,556			7,168			8,104
Transfer agent		2,154			2,603			7,368			3,485			4,253
Offering		27,973			14,467			—			14,258			13,269
Excise tax		—			—			—			—			—
Recoupment		—			—			1,418			—			—
Insurance		2,739			2,789			4,098			3,256			3,627
Line of credit commitment		6			9			271			91			154
Miscellaneous		1,450			2,365			4,151			2,618			1,855
Total Expenses		91,322			136,802			871,729			352,900			262,886
Less: Fee Waiver/Reimbursement from Investment Manager		(91,314	)		(114,917	)		(109,921	)		(196,473	)		(90,184	)
Net Expenses		8			21,885			761,808			156,427			172,702
Net Investment Income (Loss)		11,835			30,509			3,245,785			752,113			760,184

190 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

AllianzGI China Equity			AllianzGI Convertible			AllianzGI Emerging Markets Consumer			AllianzGI Emerging Markets Debt			AllianzGI Emerging Markets Small-Cap			AllianzGI Europe Equity Dividend			AllianzGI Global Fundamental Strategy
$	1		$	17,367,168		$	93		$	839,524		$	9		$	16		$	141,003
	3,850			12,288,888			186,600			—			62,375			46,737			78,604
	—			—			—			—			492			9,628			5,137
	—			—			—			—			—			—			—
	—			—			—			—			1			—			250
	3,851			29,656,056			186,693			839,524			62,877			56,381			224,994
	25,695			5,651,216			98,523			111,598			50,298			12,340			74,168
	234			347,252			—			66			—			44			38
	—			1,980			—			—			—			—			—
	—			55,063			—			—			—			15			—
	1,686			489,446			45			41			915			28			186
	78			115,751			—			22			—			15			13
	249			19,150			—			—			—			—			13
	—			1,980			—			—			—			—			—
	—			2,297			—			—			—			—			—
	654			238,159			847			—			204			—			44
	—			30,819			—			—			—			7			—
	1,510			10,352			—			—			—			—			—
	—			1,932			—			—			—			—			—
	75			205,588			374			138			603			537			181
	—			57			—			—			—			—			—
	5,154			125,196			5,166			5,506			3,751			2,088			4,012
	366			131,481			969			1,691			494			171			1,226
	13,591			35,063			17,266			25,067			17,495			16,788			16,872
	41,526			60,822			12,988			26,927			12,348			14,723			27,304
	46,281			123,412			95,918			42,860			107,182			74,914			42,615
	—			—			—			—			—			—			—
	6,676			137,464			6,780			6,278			6,993			5,803			5,346
	3,610			61,392			2,086			3,863			2,306			3,172			3,858
	—			—			9,894			—			10,011			31,480			—
	—			—			—			—			95			104			—
	—			—			—			—			—			—			—
	2,857			30,009			2,918			3,188			2,800			2,738			3,060
	11			4,418			28			55			16			6			39
	2,654			15,205			3,186			4,197			2,586			2,409			2,924
	152,907			7,895,504			256,988			231,497			218,097			167,382			181,899
	(116,702	)		(3,265	)		(127,487	)		(89,320	)		(153,832	)		(152,523	)		(82,713	)
	36,205			7,892,239			129,501			142,177			64,265			14,859			99,186
	(32,354	)		21,763,817			57,192			697,347			(1,388	)		41,522			125,808

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 191

Statements of Operations (cont’d)

Six Months ended March 31, 2016 (Unaudited)

	AllianzGI Global Megatrends			AllianzGI Best Styles Emerging Markets Equity			AllianzGI Best Styles Global Equity			AllianzGI Best Styles International Equity			AllianzGI Best Styles U.S. Equity
Realized and Change in Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	$	—		$	(757,145	)	$	(1,007,429	)	$	(1,755,846	)	$	(277,789	)
Investments in Affiliates		(8,315	)		—			15,963			(1,045	)		(103,658	)
Futures contracts		—			(29,485	)		463,773			(199,753	)		786,541
Options written		—			—			—			—			—
Swaps		—			—			—			—			—
Foreign currency transactions		—			(2,010	)		12,200			(14,370	)		2,220
Net capital gain distributions received from underlying Affiliated funds		213,579			—			—			—			—
Payments from Affiliates (See Note 13)		—			1,397			—			—			—
Net change in unrealized appreciation/depreciation of:
Investments		—			1,004,368			27,891,536			3,064,208			4,853,859
Investments in Affiliates		(143,045	)		10,118			165,718			(7,030	)		67,972
Futures contracts		—			6,288			162,905			(7,528	)		23,263
Options written		—			—			—			—			—
Swaps		—			—			—			—			—
Foreign currency transactions		—			2,976			45,441			10,074			61
Net realized and change in unrealized gain (loss)		62,219			236,507			27,750,107			1,088,710			5,352,469
Net Increase (Decrease) in Net Assets Resulting from Investment Operations	$	74,054		$	267,016		$	30,995,892		$	1,840,823		$	6,112,653
* Foreign withholding taxes	$	—		$	9,265		$	194,806		$	76,710		$	2,839

† Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d) in the Notes to Financial Statements.

192 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

AllianzGI China Equity			AllianzGI Convertible			AllianzGI Emerging Markets Consumer			AllianzGI Emerging Markets Debt			AllianzGI Emerging Markets Small-Cap			AllianzGI Europe Equity Dividend			AllianzGI Global Fundamental Strategy
$	(469,235	)	$	(94,410,212	)	$	(1,643,656	)	$	(612,208	)	$	(884,675	)	$	(141,525	)	$	(20,587	)
	(23,640	)		—			—			—			(3,926	)		3,311			—
	—			—			—			—			—			—			(46,083	)
	—			—			—			12,060			—			—			6,609
	—			—			—			178,777			—			—			—
	710			—			(5,263	)		10,524			(4,968	)		128,637			(37,982	)
	—			—			—			—			—			—			—
	—			—			—			—			—			—			—
	400,526			46,693,007			2,619,295			1,426,325			1,079,375			106,750			823,604
	88,774			—			—			—			—			51,487			(17,171	)
	—			—			—			—			—			—			16,227
	—			—			—			—			—			—			14,455
	—			—			—			(9,004	)		—			—			—
	—			—			4,313			(56,590	)		2,451			(12,087	)		(18,405	)
	(2,865	)		(47,717,205	)		974,689			949,884			188,257			136,573			720,667
$	(35,219	)	$	(25,953,388	)	$	1,031,881		$	1,647,231		$	186,869		$	178,095		$	846,475
$	—		$	82,082		$	22,923		$	—		$	7,429		$	4,823		$	8,106

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 193

Statements of Operations (cont’d)

Six Months ended March 31, 2016 (Unaudited)

	AllianzGI Global Sustainability			AllianzGI Global Water			AllianzGI High Yield Bond			AllianzGI International Growth			AllianzGI International Small-Cap
Investment Income:
Interest	$	86		$	2,130		$	10,942,954		$	—		$	201
Dividends, net of foreign withholding taxes*		128,536			2,252,554			—			16,428			462,723
Dividends from investments in Affiliates, net of foreign withholding taxes*		—			—			—			1,934			31,328
Miscellaneous		—			456			213,765			—			5,846
Total Investment Income		128,622			2,255,140			11,156,719			18,362			500,098
Expenses:
Investment management		43,247			1,751,611			752,712			12,050			590,667
Distribution — Class C		—			277,708			59,549			—			12,722
Distribution — Class R		—			—			1,430			—			147
Administrative servicing — Class P		—			44,906			26,924			—			—
Servicing — Class A		81			198,901			66,797			34			20,248
Servicing — Class C		—			92,569			19,850			—			4,241
Servicing — Class D†		—			9,911			10,770			—			1,298
Servicing — Class R		—			—			1,430			—			147
Distribution and/or servicing — Administrative Class		—			—			2,496			—			—
Sub-transfer agent — Class A		1,317			54,476			31,170			—			491
Sub-transfer agent — Class C		—			40,587			5,955			—			552
Sub-transfer agent — Class D†		—			3,714			6,033			—			—
Sub-transfer agent — Class R		—			—			2,177			—			76
Sub-transfer agent — Institutional Class		—			7,343			35,532			526			10,069
Sub-transfer agent — Administrative Class		—			—			944			—			—
Legal		2,938			24,884			17,433			2,724			12,525
Trustees		290			20,583			19,111			169			6,941
Audit and tax services		16,796			24,005			24,562			17,183			18,602
Registration		16,317			34,948			40,469			8,472			38,315
Custodian and accounting agent		38,245			93,581			43,878			36,459			104,489
Shareholder communications		7,269			77,900			34,695			5,226			11,570
Transfer agent		2,295			19,806			22,029			1,654			10,361
Offering		15,332			—			—			22,779			—
Excise tax		—			—			—			—			—
Recoupment		—			—			—			—			—
Insurance		2,737			6,928			7,370			2,738			4,168
Line of credit commitment		6			662			645			6			217
Miscellaneous		2,189			7,146			4,526			3,038			3,823
Total Expenses		149,059			2,792,169			1,238,487			113,058			851,669
Less: Fee Waiver/Reimbursement from Investment Manager		(97,554	)		(1,010	)		(174	)		(98,710	)		(85,677	)
Net Expenses		51,505			2,791,159			1,238,313			14,348			765,992
Net Investment Income (Loss)		77,117			(536,019	)		9,918,406			4,014			(265,894	)

194 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

AllianzGI Micro Cap			AllianzGI Multi-Asset Real Return			AllianzGI NFJ Emerging Markets Value			AllianzGI NFJ Global Dividend Value			AllianzGI NFJ International Small-Cap Value			AllianzGI NFJ International Value II			AllianzGI Short Duration High Income
$	87		$	10		$	6		$	23		$	33		$	70		$	27,367,114
	75,010			21,301			96,344			343,907			157,392			540,288			—
	3,487			19,798			—			2,214			2,326			4,919			—
	5,315			—			6			—			—			—			949
	83,899			41,109			96,356			346,144			159,751			545,277			27,368,063
	271,529			13,441			37,947			74,586			49,038			174,725			2,185,129
	—			285			381			19,707			4,518			576			130,277
	—			—			—			—			—			—			—
	413			—			1			602			12			275			141,706
	11,033			169			1,214			6,112			5,917			386			217,272
	—			95			127			6,569			1,506			192			130,277
	—			7			334			238			833			5			9,450
	—			—			—			—			—			—			—
	—			—			—			—			—			—			—
	4,596			94			75			2,140			1,134			103			38,042
	—			16			20			2,160			581			68			29,919
	—			1,560			907			477			1,087			—			6,675
	—			—			—			—			—			—			—
	18,449			280			1,463			2,810			1,158			511			43,757
	—			—			—			—			—			—			—
	3,682			4,705			3,275			4,474			5,960			3,891			45,201
	2,704			282			505			1,786			809			2,464			58,610
	17,030			15,361			25,480			16,852			16,130			18,144			18,085
	23,008			32,953			32,069			25,913			50,505			30,641			90,174
	37,093			45,889			150,913			50,327			69,749			69,853			69,609
	7,641			5,943			5,834			5,997			8,971			5,861			53,654
	5,448			3,487			3,573			6,828			4,559			4,267			43,247
	—			—			—			—			—			—			—
	—			—			177			—			—			—			—
	—			—			—			—			—			—			5,341
	3,363			2,792			2,875			3,415			3,007			3,452			11,243
	99			9			15			59			31			85			2,054
	2,540			2,718			4,787			2,500			2,918			3,036			6,097
	408,628			130,086			271,972			233,552			228,423			318,535			3,335,819
	(70,474	)		(118,761	)		(220,563	)		(110,795	)		(154,735	)		(109,668	)		(6,445	)
	338,154			11,325			51,409			122,757			73,688			208,867			3,329,374
	(254,255	)		29,784			44,947			223,387			86,063			336,410			24,038,689

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 195

Statements of Operations (cont’d)

Six Months ended March 31, 2016 (Unaudited)

	AllianzGI Global Sustainability			AllianzGI Global Water			AllianzGI High Yield Bond			AllianzGI International Growth			AllianzGI International Small-Cap
Realized and Change in Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	$	4,900		$	(5,914,558	)	$	(19,217,096	)	$	(43,238	)	$	(4,021,909	)
Investments in Affiliates		—			93,046			—			7,270			(1,302,446	)
Futures contracts		—			—			—			—			—
Foreign currency transactions		(1,907	)		(104,910	)		—			185			(52,932	)
Payments from Affiliates (See Note 13)		—			—			—			—			—
Net change in unrealized appreciation/depreciation of:
Investments		223,759			45,302,451			6,564,883			257,871			3,885,987
Investments in Affiliates		32,670			19,121			—			16,257			1,169,937
Futures contracts		—			—			—			—			—
Foreign currency transactions		(75	)		23,876			—			147			17,169
Net realized and change in unrealized gain (loss)		259,347			39,419,026			(12,652,213	)		238,492			(304,194	)
Net Increase (Decrease) in Net Assets Resulting from Investment Operations	$	336,464		$	38,883,007		$	(2,733,807	)	$	242,506		$	(570,088	)
* Foreign withholding taxes	$	8,089		$	104,503		$	—		$	1,960		$	56,540

† Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d) in the Notes to Financial Statements.

196 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

AllianzGI Micro Cap			AllianzGI Multi-Asset Real Return			AllianzGI NFJ Emerging Markets Value			AllianzGI NFJ Global Dividend Value			AllianzGI NFJ International Small-Cap Value			AllianzGI NFJ International Value II			AllianzGI Short Duration High Income
$	(1,485,792	)	$	27,416		$	(1,195,887	)	$	(1,826,747	)	$	(585,073	)	$	(3,044,313	)	$	(2,276,206	)
	42,051			(249,347	)		—			—			6,747			9,214			—
	—			(55,522	)		—			—			—			—			—
	—			(727	)		(8,548	)		(8,146	)		(8,462	)		(21,125	)		—
	—			—			41			—			—			—			—
	95,219			71,224			1,504,727			2,385,513			901,872			3,231,804			(18,079,810	)
	(224,627	)		183,576			—			(32,746	)		47,912			89,611			—
	—			2,806			—			—			—			—			—
	—			1,735			2,754			2,138			2,502			2,458			—
	(1,573,149	)		(18,839	)		303,087			520,012			365,498			267,649			(20,356,016	)
$	(1,827,404	)	$	10,945		$	348,034		$	743,399		$	451,561		$	604,059		$	3,682,673
$	—		$	562		$	12,673		$	22,606		$	14,141		$	39,642		$	—

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 197

Statements of Operations (cont’d)

Six Months ended March 31, 2016 (Unaudited)

	AllianzGI Structured Return			AllianzGI U.S. Equity Hedged			AllianzGI U.S. Small-Cap Growth			AllianzGI Ultra Micro Cap
Investment Income:
Interest	$	1,830		$	15		$	54		$	81
Dividends, net of foreign withholding taxes*		1,194,057			85,036			88,128			146,474
Miscellaneous		—			—			670			5,238
Total Investment Income		1,195,887			85,051			88,852			151,793
Expenses:
Investment management		305,209			37,732			126,597			569,148
Distribution — Class C		19,354			1,083			2,102			—
Distribution — Class R		—			—			24			—
Administrative servicing — Class P		2,094			—			141			3,481
Servicing — Class A		36,541			1,197			3,791			43,294
Servicing — Class C		6,451			361			701			—
Servicing — Class D†		3,696			93			33			—
Servicing — Class R		—			—			24			—
Sub-transfer agent — Class A		3,921			398			239			26,052
Sub-transfer agent — Class C		1,065			97			320			—
Sub-transfer agent — Class D†		947			1,599			5			—
Sub-transfer agent — Class R		—			—			9			—
Sub-transfer agent — Institutional Class		4,249			2,018			7,585			17,152
Legal		6,479			5,078			4,275			7,252
Trustees		3,268			894			2,095			5,633
Audit and tax services		16,876			14,421			13,935			17,032
Registration		36,680			29,265			39,672			22,107
Custodian and accounting agent		53,104			32,590			45,787			34,107
Shareholder communications		8,596			5,301			5,047			12,253
Transfer agent		5,105			3,761			8,115			9,430
Excise tax		1,054			—			—			—
Recoupment		7,458			—			—			—
Insurance		3,276			2,972			3,347			4,202
Line of credit commitment		141			28			80			192
Miscellaneous		3,001			1,837			3,158			2,810
Total Expenses		528,565			140,725			267,082			774,145
Less: Fee Waiver/Reimbursement from Investment Manager		(1,373	)		(84,055	)		(97,070	)		—
Net Expenses		527,192			56,670			170,012			774,145
Net Investment Income (Loss)		668,695			28,381			(81,160	)		(622,352	)

198 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

	AllianzGI Structured Return			AllianzGI U.S. Equity Hedged			AllianzGI U.S. Small-Cap Growth			AllianzGI Ultra Micro Cap
Realized and Change in Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	$	(1,880,971	)	$	(1,115,671	)	$	(490,460	)	$	889,716
Investments in Affiliates		—			—			(42,264	)		208,707
Options written		(2,205,661	)		235,426			—			—
Payments from Affiliates (See Note 13)		—			254			—			—
Net change in unrealized appreciation/depreciation of:
Investments		9,686,670			907,173			(639,356	)		(4,997,693	)
Options written		(4,148,858	)		21,698			—			—
Net realized and change in unrealized gain (loss)		1,451,180			48,880			(1,172,080	)		(3,899,270	)
Net Increase (Decrease) in Net Assets Resulting from Investment Operations	$	2,119,875		$	77,261		$	(1,253,240	)	$	(4,521,622	)
* Foreign withholding taxes	$	—		$	—		$	144		$	—

† Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d) in the Notes to Financial Statements.

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 199

Statements of Changes in Net Assets

	AllianzGI Retirement 2015									AllianzGI Retirement 2020
	Six Months ended 3/31/2016 (unaudited)			Period from 12/1/2014 through 9/30/2015†			Year ended 11/30/2014			Six Months ended 3/31/2016 (unaudited)			Period from 12/1/2014 through 9/30/2015†			Year ended 11/30/2014
Increase (Decrease) in Net Assets from:
Investment Operations:
Net investment income	$	528,113		$	901,383		$	692,615		$	1,000,541		$	1,638,493		$	1,176,208
Net realized gain (loss)		(348,498	)		5,911			739,814			(679,278	)		(921,678	)		675,957
Net change in unrealized appreciation/depreciation		905,049			(2,078,888	)		(194,407	)		1,978,535			(4,052,170	)		93,961
Net increase (decrease) in net assets resulting from investment operations		1,084,664			(1,171,594	)		1,238,022			2,299,798			(3,335,355	)		1,946,126
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(202,384	)		(335,648	)		(202,351	)		(595,528	)		(975,546	)		(376,596	)
Class C		(18,356	)		(18,133	)		(14,041	)		(7,610	)		(8,972	)		(4,276	)
Class D††		—			(1,671	)		(2,326	)		—			(6,522	)		(5,007	)
Class R		(14,277	)		(4,383	)		(1,465	)		(20,395	)		(25,688	)		(14,740	)
Class P		(418,614	)		(170,923	)		(84,782	)		(797,874	)		(470,625	)		(154,714	)
Class R6		(403,507	)		(410,232	)		(178,596	)		(436,891	)		(174,103	)		(160,647	)
Administrative Class		(32,236	)		(83,769	)		(73,602	)		(59,872	)		(209,026	)		(138,300	)
Net realized capital gains:
Class A		—			(138,871	)		—			—			(146,610	)		—
Class C		—			(12,105	)		—			—			(1,862	)		—
Class D††		—			(848	)		—			—			(1,127	)		—
Class R		—			(2,191	)		—			—			(4,651	)		—
Class P		—			(66,617	)		—			—			(74,443	)		—
Class R6		—			(149,303	)		—			—			(27,165	)		—
Administrative Class		—			(34,761	)		—			—			(25,385	)		—
Total dividends and distributions to shareholders		(1,089,374	)		(1,429,455	)		(557,163	)		(1,918,170	)		(2,151,725	)		(854,280	)
Fund Share Transactions:
Net proceeds from the sale of shares		3,932,289			16,502,211			29,495,264			6,094,241			27,570,071			39,564,146
Issued in reinvestment of dividends and distributions		1,085,163			1,427,801			556,499			1,917,423			2,151,079			854,232
Cost of shares redeemed		(9,214,810	)		(18,567,104	)		(18,462,269	)		(20,267,876	)		(19,672,832	)		(12,114,831	)
Net increase (decrease) from Fund share transactions		(4,197,358	)		(637,092	)		11,589,494			(12,256,212	)		10,048,318			28,303,547
Total increase (decrease) in net assets		(4,202,068	)		(3,238,141	)		12,270,353			(11,874,584	)		4,561,238			29,395,393
Net Assets:
Beginning of period		31,041,173			34,279,314			22,008,961			67,148,101			62,586,863			33,191,470
End of period*	$	26,839,105		$	31,041,173		$	34,279,314		$	55,273,517		$	67,148,101		$	62,586,863
* Including undistributed net investment income of:	$	116,148		$	677,409		$	627,193		$	226,731		$	1,144,360		$	1,061,834

† Fiscal year end changed from November 30th to September 30th.

†† Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d) in the Notes to Financial Statements.

200 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

AllianzGI Retirement 2025									AllianzGI Retirement 2030
Six Months ended 3/31/2016 (unaudited)			Period from 12/1/2014 through 9/30/2015†			Year ended 11/30/2014			Six Months ended 3/31/2016 (unaudited)			Period from 12/1/2014 through 9/30/2015†			Year ended 11/30/2014
$	1,062,449		$	1,738,604		$	1,286,786		$	1,030,584		$	1,737,521		$	1,406,560
	(612,177	)		(684,686	)		434,739			(804,031	)		(302,259	)		1,199,068
	2,150,468			(4,582,223	)		622,984			2,331,712			(5,612,480	)		(86,428	)
	2,600,740			(3,528,305	)		2,344,509			2,558,265			(4,177,218	)		2,519,200
	(563,042	)		(914,877	)		(426,739	)		(446,854	)		(832,147	)		(428,196	)
	—			—			—			(13,670	)		(15,900	)		(10,033	)
	—			—			—			—			(19,313	)		(13,222	)
	(22,099	)		(24,873	)		(18,248	)		(55,314	)		(39,434	)		(21,599	)
	(1,080,525	)		(545,013	)		(80,183	)		(940,472	)		(652,591	)		(184,881	)
	(382,398	)		(172,571	)		(108,975	)		(429,074	)		(313,706	)		(258,616	)
	(40,396	)		(348,778	)		(200,811	)		(56,360	)		(314,079	)		(200,325	)
	—			(22,737	)		—			—			(331,110	)		—
	—			—			—			—			(8,783	)		—
	—			—			—			—			(8,104	)		—
	—			(900	)		—			—			(18,094	)		—
	—			(24,035	)		—			—			(259,373	)		—
	—			(5,265	)		—			—			(119,329	)		—
	—			(1,091	)		—			—			(111,866	)		—
	(2,088,460	)		(2,060,140	)		(834,956	)		(1,941,744	)		(3,043,829	)		(1,116,872	)
	6,692,830			30,583,994			41,120,713			9,899,905			31,288,695			38,677,395
	2,064,577			2,050,920			829,680			1,917,937			3,027,120			1,113,004
	(17,586,947	)		(23,726,600	)		(12,163,443	)		(17,591,346	)		(22,821,170	)		(17,086,760	)
	(8,829,540	)		8,908,314			29,786,950			(5,773,504	)		11,494,645			22,703,639
	(8,317,260	)		3,319,869			31,296,503			(5,156,983	)		4,273,598			24,105,967
	68,427,404			65,107,535			33,811,032			68,579,058			64,305,460			40,199,493
$	60,110,144		$	68,427,404		$	65,107,535		$	63,422,075		$	68,579,058		$	64,305,460
$	186,121		$	1,212,132		$	1,154,172		$	212,165		$	1,123,325		$	1,202,112

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 201

Statements of Changes in Net Assets (cont’d)

	AllianzGI Retirement 2035									AllianzGI Retirement 2040
	Six Months ended 3/31/2016 (unaudited)			Period from 12/1/2014 through 9/30/2015†			Year ended 11/30/2014			Six Months ended 3/31/2016 (unaudited)			Period from 12/1/2014 through 9/30/2015†			Year ended 11/30/2014
Increase (Decrease) in Net Assets from:
Investment Operations:
Net investment income	$	663,621		$	1,379,907		$	1,097,824		$	544,571		$	1,084,967		$	955,485
Net realized gain (loss)		(440,854	)		(179,543	)		910,969			4,682			401,292			1,285,907
Net change in unrealized appreciation/depreciation		1,895,352			(4,700,192	)		179,591			1,363,072			(4,634,401	)		(213,031	)
Net increase (decrease) in net assets resulting from investment operations		2,118,119			(3,499,828	)		2,188,384			1,912,325			(3,148,142	)		2,028,361
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(341,963	)		(673,897	)		(300,338	)		(164,686	)		(634,069	)		(299,358	)
Class C		—			—			—			(2,949	)		(6,919	)		(4,849	)
Class D††		—			—			—			—			(7,206	)		(4,271	)
Class R		(36,323	)		(32,189	)		(16,445	)		(26,667	)		(45,420	)		(22,265	)
Class P		(810,229	)		(594,957	)		(113,126	)		(439,848	)		(448,321	)		(113,845	)
Class R6		(184,982	)		(131,271	)		(137,282	)		(319,410	)		(349,785	)		(262,190	)
Administrative Class		(19,510	)		(380,167	)		(224,389	)		(11,823	)		(197,536	)		(116,327	)
Net realized capital gains:
Class A		—			(230,108	)		—			(10,848	)		(446,070	)		(10,167	)
Class C		—			—			—			(265	)		(6,717	)		(190	)
Class D††		—			—			—			—			(5,463	)		(119	)
Class R		—			(13,559	)		—			(1,766	)		(35,800	)		(827	)
Class P		—			(211,133	)		—			(22,256	)		(315,901	)		(7,225	)
Class R6		—			(42,475	)		—			(15,718	)		(233,223	)		(4,534	)
Administrative Class		—			(108,518	)		—			(665	)		(125,082	)		(3,144	)
Total dividends and distributions to shareholders		(1,393,007	)		(2,418,266	)		(791,580	)		(1,016,901	)		(2,857,512	)		(849,311	)
Fund Share Transactions:
Net proceeds from the sale of shares		6,147,746			25,676,859			29,581,674			7,127,356			21,606,309			27,176,932
Issued in reinvestment of dividends and distributions		1,371,559			2,410,670			788,966			1,011,558			2,846,543			847,385
Cost of shares redeemed		(12,696,736	)		(21,426,137	)		(7,595,095	)		(11,655,004	)		(17,205,912	)		(12,583,051	)
Net increase (decrease) from Fund share transactions		(5,177,431	)		6,661,392			22,775,545			(3,516,090	)		7,246,940			15,441,266
Total increase (decrease) in net assets		(4,452,319	)		743,298			24,172,349			(2,620,666	)		1,241,286			16,620,316
Net Assets:
Beginning of period		54,425,342			53,682,044			29,509,695			44,784,503			43,543,217			26,922,901
End of period*	$	49,973,023		$	54,425,342		$	53,682,044		$	42,163,837		$	44,784,503		$	43,543,217
* Including undistributed net investment income of:	$	99,350		$	828,736		$	928,003		$	101,506		$	522,318		$	768,584

† Fiscal year end changed from November 30th to September 30th.

†† Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d) in the Notes to Financial Statements.

202 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

AllianzGI Retirement 2045									AllianzGI Retirement 2050
Six Months ended 3/31/2016 (unaudited)			Period from 12/1/2014 through 9/30/2015†			Year ended 11/30/2014			Six Months ended 3/31/2016 (unaudited)			Period from 12/1/2014 through 9/30/2015†			Year ended 11/30/2014
$	281,071		$	655,347		$	517,862		$	255,933		$	521,500		$	439,654
	34,746			295,334			526,086			229,654			630,380			746,452
	844,285			(2,667,654	)		187,541			565,321			(2,771,030	)		(183,686	)
	1,160,102			(1,716,973	)		1,231,489			1,050,908			(1,619,150	)		1,002,420
	(132,040	)		(374,869	)		(181,709	)		(29,146	)		(192,203	)		(68,062	)
	—			—			—			(1,452	)		(4,538	)		(2,510	)
	—			—			—			—			(8,207	)		(8,335	)
	(9,256	)		(15,439	)		(6,954	)		(7,962	)		(21,154	)		(10,670	)
	(263,806	)		(369,860	)		(56,921	)		(150,657	)		(271,151	)		(37,456	)
	(99,028	)		(195,527	)		(115,794	)		(159,817	)		(324,615	)		(245,688	)
	(8,009	)		(65,945	)		(36,633	)		(10,166	)		(47,447	)		(30,843	)
	(16,327	)		(186,524	)		(14,940	)		(45,699	)		(154,624	)		(25,014	)
	—			—			—			(3,073	)		(4,532	)		(823	)
	—			—			—			—			(7,083	)		(1,745	)
	(1,224	)		(8,330	)		(658	)		(12,272	)		(18,900	)		(3,662	)
	(26,079	)		(175,114	)		(13,700	)		(152,140	)		(209,825	)		(33,116	)
	(9,512	)		(75,283	)		(8,805	)		(158,463	)		(236,822	)		(51,300	)
	(878	)		(25,861	)		(2,638	)		(11,721	)		(35,354	)		(6,978	)
	(566,159	)		(1,492,752	)		(438,752	)		(742,568	)		(1,536,455	)		(526,202	)
	5,782,360			9,992,490			15,099,268			4,693,527			11,632,283			12,294,801
	565,615			1,492,002			438,561			741,021			1,534,008			525,997
	(6,873,608	)		(9,792,388	)		(2,852,267	)		(6,005,073	)		(9,209,423	)		(5,298,045	)
	(525,633	)		1,692,104			12,685,562			(570,525	)		3,956,868			7,522,753
	68,310			(1,517,621	)		13,478,299			(262,185	)		801,263			7,998,971
	25,044,733			26,562,354			13,084,055			22,289,191			21,487,928			13,488,957
$	25,113,043		$	25,044,733		$	26,562,354		$	22,027,006		$	22,289,191		$	21,487,928
$	69,863		$	300,931		$	432,237		$	103,899		$	207,166		$	353,260

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 203

Statements of Changes in Net Assets (cont’d)

	AllianzGI Retirement 2055									AllianzGI Retirement Income
	Six Months ended 3/31/2016 (unaudited)			Period from 12/1/2014 through 9/30/2015†			Year ended 11/30/2014			Six Months ended 3/31/2016 (unaudited)			Period from 12/1/2014 through 9/30/2015†			Year ended 11/30/2014
Increase (Decrease) in Net Assets from:
Investment Operations:
Net investment income	$	74,877		$	184,630		$	156,879		$	614,009		$	721,278		$	677,809
Net realized gain (loss)		(51,808	)		89,805			245,428			(558,674	)		219,701			855,090
Net change in unrealized appreciation/depreciation		234,885			(833,021	)		(84,342	)		845,586			(2,015,262	)		(257,664	)
Net increase (decrease) in net assets resulting from investment operations		257,954			(558,586	)		317,965			900,921			(1,074,283	)		1,275,235
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(18,484	)		(44,641	)		(13,942	)		(170,126	)		(229,357	)		(99,066	)
Class B††		—			—			—			—			—			—
Class C		—			—			—			(67,715	)		(108,273	)		(45,087	)
Class D††		—			—			—			—			(34,792	)		(16,960	)
Class R		(3,771	)		(5,428	)		(1,668	)		(6,243	)		(7,047	)		(2,510	)
Class P		(40,910	)		(44,972	)		(6,547	)		(198,077	)		(222,776	)		(151,273	)
Institutional Class		—			—			—			—			—			—
Class R6		(59,101	)		(210,081	)		(118,426	)		(304,350	)		(336,276	)		(215,784	)
Administrative Class		(4,367	)		(14,788	)		(5,836	)		(673	)		(35,047	)		(37,092	)
Net realized capital gains:
Class A		(14,733	)		(36,217	)		(7,419	)		(20,753	)		(162,477	)		—
Class B††		—			—			—			—			—			—
Class C		—			—			—			(12,975	)		(102,280	)		—
Class D††		—			—			—			—			(25,131	)		—
Class R		(3,315	)		(4,945	)		(1,123	)		(913	)		(5,439	)		—
Class P		(26,646	)		(36,974	)		(9,316	)		(22,485	)		(135,649	)		—
Institutional Class		—			—			—			—			—			—
Class R6		(37,871	)		(142,903	)		(51,679	)		(32,223	)		(230,655	)		—
Administrative Class		(3,165	)		(10,083	)		(3,149	)		(101	)		(48,843	)		—
Total dividends and distributions to shareholders		(212,363	)		(551,032	)		(219,105	)		(836,634	)		(1,684,671	)		(567,772	)
Fund Share Transactions:
Net proceeds from the sale of shares		2,563,276			2,991,547			2,861,581			5,884,322			7,271,909			13,555,798
Issued in reinvestment of dividends and distributions		210,803			550,121			219,099			833,605			1,683,901			567,659
Cost of shares redeemed		(2,749,911	)		(4,132,446	)		(349,327	)		(6,482,784	)		(11,875,567	)		(11,773,274	)
Net increase (decrease) from Fund share transactions		24,168			(590,778	)		2,731,353			235,143			(2,919,757	)		2,350,183
Total increase (decrease) in net assets		69,759			(1,700,396	)		2,830,213			299,430			(5,678,711	)		3,057,646
Net Assets:
Beginning of period		6,185,333			7,885,729			5,055,516			23,701,882			29,380,593			26,322,947
End of period*	$	6,255,092		$	6,185,333		$	7,885,729		$	24,001,312		$	23,701,882		$	29,380,593
* Including undistributed (dividends in excess of) net investment income of:	$	17,324		$	69,080		$	130,574		$	(29,562	)	$	103,613		$	198,304

† Fiscal year end changed from November 30th to September 30th.

†† Class B shares and Class D shares converted to Class A shares at the close of business on December 4, 2015 and November 13, 2015, respectively. See Note 12(d) in the Notes to Financial Statements.

204 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

AllianzGI Global Allocation									AllianzGI Global Dynamic Allocation
Six Months ended 3/31/2016 (unaudited)			Period from 12/1/2014 through 9/30/2015†			Year ended 11/30/2014			Six Months ended 3/31/2016 (unaudited)			Period from 12/1/2014 through 9/30/2015†			Year ended 11/30/2014
$	2,550,784		$	3,923,737		$	4,997,925		$	271,386		$	137,104		$	124,498
	(413,025	)		13,160,579			11,590,534			(546,575	)		458,629			609,442
	15,109,129			(28,787,961	)		(7,044,237	)		15,863			(1,011,494	)		(515,792	)
	17,246,888			(11,703,645	)		9,544,222			(259,326	)		(415,761	)		218,148
	(467,915	)		(2,191,344	)		(1,515,468	)		(35,715	)		(37,530	)		(36,024	)
	—			(40,114	)		(31,583	)		—			—			—
	(178,033	)		(1,660,051	)		(941,983	)		(299	)		(40,272	)		(26,791	)
	—			(80,836	)		(34,957	)		—			(4,316	)		(10,657	)
	(82	)		(588	)		(351	)		(1,110	)		(5,287	)		(3,112	)
	(14,780	)		(75,642	)		(48,927	)		(587	)		(1,681	)		(1,171	)
	(481,767	)		(2,881,753	)		(1,801,068	)		(306,026	)		(134,390	)		(92,056	)
	(1,824,842	)		(32	)		—			—			—			—
	(144	)		(844	)		(588	)		(150	)		(994	)		(523	)
	(3,168,468	)		(757,431	)		—			(44,679	)		(97,298	)		(155,116	)
	—			(18,442	)		—			—			—			—
	(1,840,892	)		(713,482	)		—			(17,578	)		(129,766	)		(163,735	)
	—			(26,564	)		—			—			(11,929	)		(44,224	)
	(595	)		(207	)		—			(2,463	)		(14,250	)		(13,397	)
	(94,329	)		(23,716	)		—			(823	)		(4,085	)		(4,798	)
	(2,766,629	)		(890,375	)		—			(333,608	)		(319,043	)		(378,173	)
	(3,407,957	)		—			—			—			—			—
	(936	)		(284	)		—			(298	)		(2,462	)		(2,270	)
	(14,247,369	)		(9,361,705	)		(4,374,925	)		(743,336	)		(803,303	)		(932,047	)
	221,846,230			152,610,369			27,705,749			36,080,933			3,126,765			898,223
	12,039,431			8,452,473			3,945,498			739,603			803,301			930,946
	(44,645,036	)		(38,678,589	)		(40,895,649	)		(6,773,223	)		(1,315,150	)		(1,655,346	)
	189,240,625			122,384,253			(9,244,402	)		30,047,313			2,614,916			173,823
	192,240,144			101,318,903			(4,075,105	)		29,044,651			1,395,852			(540,076	)
	310,303,343			208,984,440			213,059,545			7,535,486			6,139,634			6,679,710
$	502,543,487		$	310,303,343		$	208,984,440		$	36,580,137		$	7,535,486		$	6,139,634
$	(396,531	)	$	20,428		$	1,481,521		$	(34,723	)	$	37,778		$	81,738

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 205

Statements of Changes in Net Assets (cont’d)

	AllianzGI Global Megatrends						AllianzGI Best Styles Emerging Markets Equity
	Six Months ended 3/31/2016 (unaudited)			Period from 2/2/2015** through 9/30/2015†			Six Months ended 3/31/2016 (unaudited)			Period from 12/9/2014** through 9/30/2015†
Increase (Decrease) in Net Assets from:
Investment Operations:
Net investment income	$	11,835		$	2,023		$	30,509		$	136,892
Net realized gain (loss)		205,264			—			(787,243	)		140,487
Net change in unrealized appreciation/depreciation		(143,045	)		(233,348	)		1,023,750			(1,094,934	)
Net increase (decrease) in net assets resulting from investment operations		74,054			(231,325	)		267,016			(817,555	)
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(225	)		—			—			—
Class P		(582	)		—			(112	)		(2	)
Institutional Class		(59,473	)		—			(131	)		(3	)
Class R6		—			—			(146,646	)		(1,617	)
Net realized capital gains:
Class A		—			—			—			—
Class P		—			—			(290	)		—
Institutional Class		—			—			(175	)		—
Class R6		—			—			(159,787	)		—
Total dividends and distributions to shareholders		(60,280	)		—			(307,141	)		(1,622	)
Fund Share Transactions:
Net proceeds from the sale of shares		16,018			28,000			5,123,747			580,298
Issued in reinvestment of dividends and distributions		60,280			—			307,141			1,622
Cost of shares redeemed		(30,027	)		(4,581	)		(623,827	)		(20,758	)
Net increase (decrease) from Fund share transactions		46,271			23,419			4,807,061			561,162
Total increase (decrease) in net assets		60,045			(207,906	)		4,766,936			(258,015	)
Net Assets:
Beginning of period		2,812,094			3,020,000			4,761,985			5,020,000
End of period*	$	2,872,139		$	2,812,094		$	9,528,921		$	4,761,985
* Including undistributed (dividends in excess of) net investment income of:	$	(46,416	)	$	2,029		$	16,348		$	132,728

† Fiscal year end changed from November 30th to September 30th.

** Commencement of operations.

206 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

AllianzGI Best Styles Global Equity									AllianzGI Best Styles International Equity						AllianzGI Best Styles U.S. Equity
Six Months ended 3/31/2016 (unaudited)			Period from 12/1/2014 through 9/30/2015†			Period from 12/2/2013** through 11/30/2014			Six Months ended 3/31/2016 (unaudited)			Period from 12/9/2014** through 9/30/2015†			Six Months ended 3/31/2016 (unaudited)			Period from 12/1/2014** through 9/30/2015†
$	3,245,785		$	2,087,928		$	785,022		$	752,113		$	939,684		$	760,184		$	839,546
	(515,493	)		(935,466	)		843,623			(1,971,014	)		294,120			407,314			(219,617	)
	28,265,600			(11,232,461	)		2,253,182			3,059,724			(4,422,182	)		4,945,155			(5,327,344	)
	30,995,892			(10,079,999	)		3,881,827			1,840,823			(3,188,378	)		6,112,653			(4,707,415	)
	(352,595	)		(265	)		—			—			—			—			—
	(19,413	)		—			—			(83	)		(7	)		(747	)		(14	)
	(6,010	)		(273	)		—			(91	)		(7	)		(31,072	)		(15	)
	(2,676,511	)		(813,579	)		—			(866,206	)		(3,930	)		(1,143,821	)		(4,632	)
	—			(346	)		—			—			—			—			—
	—			(1,116	)		—			(86	)		—			(180	)		—
	—			(305	)		—			(86	)		—			(6,993	)		—
	—			(848,874	)		—			(628,971	)		—			(286,791	)		—
	(3,054,529	)		(1,664,758	)		—			(1,495,523	)		(3,944	)		(1,469,604	)		(4,661	)
	271,508,440			291,007,784			36,454,373			40,493,990			69,498,928			30,042,399			113,151,477
	2,700,966			1,664,758			—			1,495,523			3,944			1,469,000			4,661
	(14,757,033	)		(27,349,523	)		(11,914,060	)		(15,743,716	)		(15,102,473	)		(31,946,926	)		(23,212,297	)
	259,452,373			265,323,019			24,540,313			26,245,797			54,400,399			(435,527	)		89,943,841
	287,393,736			253,578,262			28,422,140			26,591,097			51,208,077			4,207,522			85,231,765
	287,020,402			33,442,140			5,020,000			56,228,077			5,020,000			88,251,765			3,020,000
$	574,414,138		$	287,020,402		$	33,442,140		$	82,819,174		$	56,228,077		$	92,459,287		$	88,251,765
$	2,119,996		$	1,928,740		$	771,361		$	724,078		$	838,345		$	415,600		$	831,056

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 207

Statements of Changes in Net Assets (cont’d)

	AllianzGI China Equity									AllianzGI Convertible
	Six Months ended 3/31/2016 (unaudited)			Period from 12/1/2014 through 9/30/2015†			Year ended 11/30/2014			Six Months ended 3/31/2016 (unaudited)			Period from 12/1/2014 through 9/30/2015†			Year ended 11/30/2014
Increase (Decrease) in Net Assets from:
Investment Operations:
Net investment income (loss)	$	(32,354	)	$	134,279		$	67,404		$	21,763,817		$	26,356,257		$	33,329,413
Net realized gain (loss)		(492,165	)		(527,317	)		402,768			(94,410,212	)		173,975,914			174,588,949
Net change in unrealized appreciation/depreciation		489,300			(1,137,845	)		(385,396	)		46,693,007			(300,637,013	)		29,600,080
Net increase (decrease) in net assets resulting from investment operations		(35,219	)		(1,530,883	)		84,776			(25,953,388	)		(100,304,842	)		237,518,442
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(49,288	)		(16,561	)		(1,192	)		(3,487,780	)		(7,640,089	)		(8,036,190	)
Class C		(1,290	)		(388	)		(2	)		(220,559	)		(990,962	)		(1,651,959	)
Class D††		—			(9,991	)		(1,635	)		—			(1,081,878	)		(2,363,380	)
Class R		—			—			—			(11,686	)		(18,691	)		(16,226	)
Class P		(111	)		(2	)		(45	)		(1,904,738	)		(3,655,825	)		(5,514,465	)
Institutional Class		(104,748	)		(99,781	)		(31,446	)		(19,871,879	)		(30,656,569	)		(39,138,558	)
Administrative Class		—			—			—			(21,491	)		(47,899	)		(209,464	)
Net realized capital gains:
Class A		—			(18,347	)		—			(33,002,754	)		(30,559,402	)		(9,748,925	)
Class C		—			(1,749	)		—			(7,489,588	)		(7,902,259	)		(2,953,239	)
Class D††		—			(16,626	)		—			—			(4,909,717	)		(2,652,574	)
Class R		—			—			—			(124,432	)		(90,285	)		(19,171	)
Class P		—			(633	)		—			(11,724,688	)		(14,081,872	)		(5,628,426	)
Institutional Class		—			(94,416	)		—			(110,521,058	)		(111,971,539	)		(38,746,943	)
Administrative Class		—			—			—			(152,621	)		(236,630	)		(203,909	)
Total dividends and distributions to shareholders		(155,437	)		(258,494	)		(34,320	)		(188,533,274	)		(213,843,617	)		(116,883,429	)
Fund Share Transactions:
Net proceeds from the sale of shares		1,043,812			9,677,189			4,723,503			175,254,079			273,812,360			1,084,404,115
Issued in reinvestment of dividends and distributions		154,977			258,348			34,320			117,819,547			132,963,481			76,423,408
Cost of shares redeemed		(1,351,808	)		(8,216,867	)		(4,358,814	)		(516,196,856	)		(574,307,166	)		(983,620,998	)
Net increase (decrease) from Fund share transactions		(153,019	)		1,718,670			399,009			(223,123,230	)		(167,531,325	)		177,206,525
Total increase (decrease) in net assets		(343,675	)		(70,707	)		449,465			(437,609,892	)		(481,679,784	)		297,841,538
Net Assets:
Beginning of period		4,876,615			4,947,322			4,497,857			2,219,947,764			2,701,627,548			2,403,786,010
End of period*	$	4,532,940		$	4,876,615		$	4,947,322		$	1,782,337,872		$	2,219,947,764		$	2,701,627,548
* Including undistributed (dividends in excess of) net investment income of:	$	(53,630	)	$	134,161		$	94,771		$	(874,799	)	$	2,879,517		$	12,633,367

† Fiscal year end changed from November 30th to September 30th.

†† Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d) in the Notes to Financial Statements.

** Commencement of operations.

208 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

AllianzGI Emerging Markets Consumer						AllianzGI Emerging Markets Debt									AllianzGI Emerging Markets Small-Cap
Six Months ended 3/31/2016 (unaudited)			Period from 12/1/2014** through 9/30/2015†			Six Months ended 3/31/2016 (unaudited)			Period from 12/1/2014 through 9/30/2015†			Period from 9/15/2014** through 11/30/2014			Six Months ended 3/31/2016 (unaudited)			Period from 12/1/2014** through 9/30/2015†
$	57,192		$	117,974		$	697,347		$	1,043,972		$	243,119		$	(1,388	)	$	80,778
	(1,648,919	)		(1,312,395	)		(410,847	)		(935,923	)		(243,113	)		(893,569	)		(256,024	)
	2,623,608			(1,492,165	)		1,360,731			(1,857,787	)		(146,982	)		1,081,826			(670,102	)
	1,031,881			(2,686,586	)		1,647,231			(1,749,738	)		(146,976	)		186,869			(845,348	)
	(183	)		—			(1,093	)		(361	)		—			(9,645	)		(1	)
	—			—			(439	)		(284	)		—			—			—
	—			—			—			—			—			—			—
	—			—			—			—			—			—			—
	—			—			(222	)		(376	)		—			—			—
	(103,157	)		—			(751,574	)		(1,171,645	)		—			(79,256	)		(768	)
	—			—			—			—			—			—			—
	—			—			—			—			—			—			—
	—			—			—			—			—			—			—
	—			—			—			—			—			—			—
	—			—			—			—			—			—			—
	—			—			—			—			—			—			—
	—			—			—			—			—			—			—
	—			—			—			—			—			—			—
	(103,340	)		—			(753,328	)		(1,172,666	)		—			(88,901	)		(769	)
	19,923,738			19,075,984			12,747,126			456,358			3,000			1,581,239			6,473,808
	87,870			—			753,328			1,172,666			—			88,901			769
	(1,826,856	)		(3,771,216	)		(274,076	)		(7,372	)		—			(1,796,500	)		(96,295	)
	18,184,752			15,304,768			13,226,378			1,621,652			3,000			(126,360	)		6,378,282
	19,113,293			12,618,182			14,120,281			(1,300,752	)		(143,976	)		(28,392	)		5,532,165
	15,628,182			3,010,000			28,585,272			29,886,024			30,030,000			8,542,165			3,010,000
$	34,741,475		$	15,628,182		$	42,705,553		$	28,585,272		$	29,886,024		$	8,513,773		$	8,542,165
$	57,070		$	103,218		$	(143,932	)	$	(87,951	)	$	179,457		$	(15,649	)	$	74,640

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 209

Statements of Changes in Net Assets (cont’d)

	AllianzGI Europe Equity Dividend						AllianzGI Global Fundamental Strategy
	Six Months ended 3/31/2016 (unaudited)			Period from 2/2/2015** through 9/30/2015†			Six Months ended 3/31/2016 (unaudited)			Period from 12/1/2014 through 9/30/2015†			Year ended 11/30/2014
Increase (Decrease) in Net Assets from:
Investment Operations:
Net investment income (loss)	$	41,522		$	82,267		$	125,808		$	321,851		$	423,304
Net realized gain (loss)		(9,577	)		(119,286	)		(98,043	)		563,862			186,964
Net change in unrealized appreciation/depreciation		146,150			(266,484	)		818,710			(1,807,042	)		421,354
Net increase (decrease) in net assets resulting from investment operations		178,095			(303,503	)		846,475			(921,329	)		1,031,622
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(341	)		—			(7,081	)		(573	)		(78	)
Class C		(114	)		—			(299	)		(267	)		(40	)
Class D††		—			—			—			(1	)		(78	)
Class R		—			—			—			—			—
Class P		(102	)		—			(398	)		(363	)		(86	)
Institutional Class		(37,572	)		—			(752,175	)		(766,540	)		(183,029	)
Administrative Class		—			—			—			—			—
Net realized capital gains:
Class A		—			—			(1,029	)		—			(42	)
Class C		—			—			(61	)		—			(42	)
Class D††		—			—			—			—			(45	)
Class R		—			—			—			—			—
Class P		—			—			(62	)		—			(42	)
Institutional Class		—			—			(115,372	)		—			(83,961	)
Administrative Class		—			—			—			—			—
Total dividends and distributions to shareholders		(38,129	)		—			(876,477	)		(767,744	)		(267,443	)
Fund Share Transactions:
Net proceeds from the sale of shares		569,415			386,039			200,431			311,957			2,628,459
Issued in reinvestment of dividends and distributions		38,129			—			876,464			767,744			267,443
Cost of shares redeemed		(90,830	)		(155,506	)		(397,662	)		(2,078,613	)		(2,175,508	)
Net increase (decrease) from Fund share transactions		516,714			230,533			679,233			(998,912	)		720,394
Total increase (decrease) in net assets		656,680			(72,970	)		649,231			(2,687,985	)		1,484,573
Net Assets:
Beginning of period		2,957,030			3,030,000			19,518,978			22,206,963			20,722,390
End of period*	$	3,613,710		$	2,957,030		$	20,168,209		$	19,518,978		$	22,206,963
* Including undistributed (dividends in excess of) net investment income of:	$	(8,857	)	$	(12,250	)	$	(134,050	)	$	500,095		$	619,357

† Fiscal year end changed from November 30th to September 30th.

†† Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d) in the Notes to Financial Statements.

** Commencement of operations.

210 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

AllianzGI Global Sustainability						AllianzGI Global Water									AllianzGI High Yield Bond
Six Months ended 3/31/2016 (unaudited)			Period from 12/9/2014** through 9/30/2015†			Six Months ended 3/31/2016 (unaudited)			Period from 12/1/2014 through 9/30/2015†			Year ended 11/30/2014			Six Months ended 3/31/2016 (unaudited)			Period from 12/1/2014 through 9/30/2015†			Year ended 11/30/2014
$	77,117		$	32,350		$	(536,019	)	$	1,447,811		$	1,281,291		$	9,918,406		$	19,590,063		$	26,751,720
	2,993			(22,849	)		(5,926,422	)		3,747,638			12,071,081			(19,217,096	)		(2,282,069	)		(2,594,450	)
	256,354			(190,016	)		45,345,448			(25,312,123	)		(9,066,116	)		6,564,883			(33,120,144	)		(13,254,415	)
	336,464			(180,515	)		38,883,007			(20,116,674	)		4,286,256			(2,733,807	)		(15,812,150	)		10,902,855
	(863	)		—			(360,797	)		(320,545	)		(269,464	)		(1,835,493	)		(1,946,832	)		(4,652,555	)
	—			—			(61	)		(62	)		(44	)		(461,133	)		(938,411	)		(1,492,477	)
	—			—			—			(58,561	)		(27,063	)		(179,229	)		(1,924,764	)		(4,685,232	)
	—			—			—			—			—			(35,910	)		(86,636	)		(186,866	)
	(86	)		—			(380,771	)		(617,050	)		(164,700	)		(1,949,276	)		(4,139,621	)		(5,226,144	)
	(28,973	)		—			(216,258	)		(138,567	)		(175,053	)		(6,319,845	)		(10,208,443	)		(11,638,201	)
	—			—			—			—			—			(68,640	)		(1,558,600	)		(2,355,230	)
	—			—			(272,544	)		—			—			—			—			(619,224	)
	—			—			(126,665	)		—			—			—			—			(228,112	)
	—			—			—			—			—			—			—			(937,624	)
	—			—			—			—			—			—			—			(24,919	)
	—			—			(146,928	)		—			—			—			—			(667,219	)
	—			—			(61,596	)		—			—			—			—			(1,221,439	)
	—			—			—			—			—			—			—			(287,135	)
	(29,922	)		—			(1,565,620	)		(1,134,785	)		(636,324	)		(10,849,526	)		(20,803,307	)		(34,222,377	)
	17,273,301			58,034			106,284,918			104,509,559			183,509,079			124,159,360			216,238,485			261,023,783
	29,922			—			1,105,269			720,606			446,287			10,290,171			19,571,812			28,415,730
	—			—			(81,645,980	)		(87,816,493	)		(85,247,989	)		(135,631,130	)		(259,914,958	)		(343,171,573	)
	17,303,223			58,034			25,744,207			17,413,672			98,707,377			(1,181,599	)		(24,104,661	)		(53,732,060	)
	17,609,765			(122,481	)		63,061,594			(3,837,787	)		102,357,309			(14,764,932	)		(60,720,118	)		(77,051,582	)
	2,897,519			3,020,000			343,039,104			346,876,891			244,519,582			324,278,903			384,999,021			462,050,603
$	20,507,284		$	2,897,519		$	406,100,698		$	343,039,104		$	346,876,891		$	309,513,971		$	324,278,903		$	384,999,021
$	74,081		$	26,886		$	(540,471	)	$	953,435		$	1,031,226		$	(2,874,584	)	$	(1,943,464	)	$	(1,910,964	)

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 211

Statements of Changes in Net Assets (cont’d)

	AllianzGI International Growth						AllianzGI International Small-Cap
	Six Months ended 3/31/2016 (unaudited)			Period from 2/2/2015** through 9/30/2015†			Six Months ended 3/31/2016 (unaudited)			Period from 12/1/2014 through 9/30/2015†			Year ended 11/30/2014
Increase (Decrease) in Net Assets from:
Investment Operations:
Net investment income (loss)	$	4,014		$	28,303		$	(265,894	)	$	853,229		$	486,533
Net realized gain (loss)		(35,783	)		(18,488	)		(5,377,287	)		4,467,652			8,929,778
Net change in unrealized appreciation/depreciation		274,275			(184,521	)		5,073,093			754,622			(14,951,435	)
Net increase (decrease) in net assets resulting from investment operations		242,506			(174,706	)		(570,088	)		6,075,503			(5,535,124	)
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(382	)		—			(149,275	)		(31,058	)		(76,677	)
Class C		—			—			(19,686	)		(2,507	)		(7,882	)
Class D††		—			—			—			(7,276	)		(24,442	)
Class R		—			—			(591	)		(143	)		(1,445	)
Class P		—			—			(234,787	)		(80,089	)		(413,514	)
Institutional Class		(20,891	)		—			(354,831	)		(111,313	)		(712,548	)
Administrative Class#		—			—			—			—			(143	)
Net realized capital gains:
Class A		—			—			(727,377	)		(527,948	)		(401,037	)
Class C		—			—			(140,483	)		(108,272	)		(67,871	)
Class D††		—			—			—			(144,512	)		(43,636	)
Class R		—			—			(4,705	)		(7,377	)		(3,246	)
Class P		—			—			(1,616,911	)		(2,809,567	)		(2,839,970	)
Institutional Class		—			—			(2,670,300	)		(5,583,444	)		(5,781,334	)
Administrative Class#		—			—			—			—			(1,090	)
Total dividends and distributions to shareholders		(21,273	)		—			(5,918,946	)		(9,413,506	)		(10,374,835	)
Fund Share Transactions:
Net proceeds from the sale of shares		49,286			88,933			40,269,908			59,575,114			31,565,843
Issued in reinvestment of dividends and distributions		21,273			—			5,547,080			8,914,472			9,979,963
Cost of shares redeemed		(9,993	)		(39,570	)		(47,393,747	)		(44,174,120	)		(45,162,105	)
Net increase (decrease) from Fund share transactions		60,566			49,363			(1,576,759	)		24,315,466			(3,616,299	)
Total increase (decrease) in net assets		281,799			(125,343	)		(8,065,793	)		20,977,463			(19,526,258	)
Net Assets:
Beginning of period		2,884,657			3,010,000			112,553,177			91,575,714			111,101,972
End of period*	$	3,166,456		$	2,884,657		$	104,487,384		$	112,553,177		$	91,575,714
* Including undistributed (dividends in excess of) net investment income of:	$	3,835		$	21,094		$	(267,299	)	$	757,765		$	228,162

# AllianzGI International Small-Cap liquidated its Administrative Class on May 21, 2014.

† Fiscal year end changed from November 30th to September 30th.

†† Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d) in the Notes to Financial Statements.

** Commencement of operations.

212 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

AllianzGI Micro Cap									AllianzGI Multi-Asset Real Return									AllianzGI NFJ Emerging Markets Value
Six Months ended 3/31/2016 (unaudited)			Period from 12/1/2014 through 9/30/2015†			Year ended 11/30/2014			Six Months ended 3/31/2016 (unaudited)			Period from 12/1/2014 through 9/30/2015†			Year ended 11/30/2014			Six Months ended 3/31/2016 (unaudited)			Period from 12/1/2014 through 9/30/2015†			Year ended 11/30/2014
$	(254,255	)	$	(466,944	)	$	(529,827	)	$	29,784		$	56,385		$	74,280		$	44,947		$	311,728		$	270,969
	(1,443,741	)		4,984,983			5,318,065			(278,180	)		(85,771	)		(53,943	)		(1,204,394	)		(475,562	)		325,266
	(129,408	)		(5,117,646	)		(5,003,191	)		259,341			(610,765	)		(116,868	)		1,507,481			(1,266,649	)		(247,980	)
	(1,827,404	)		(599,607	)		(214,953	)		10,945			(640,151	)		(96,531	)		348,034			(1,430,483	)		348,255
	—			—			—			(2,941	)		(1,726	)		(677	)		(15,872	)		(6,189	)		(1,302	)
	—			—			—			(800	)		(703	)		(1,050	)		(921	)		(2,865	)		(619	)
	—			—			—			—			(237	)		(136	)		—			(55,685	)		(27,988	)
	—			—			—			—			—			—			—			—			—
	—			—			—			(201	)		(113	)		(152	)		(614	)		(437	)		(251	)
	—			—			—			(64,521	)		(75,299	)		(88,246	)		(108,800	)		(330,808	)		(171,834	)
	—			—			—			—			—			—			—			—			—
	(697,207	)		(401,198	)		(99,298	)		—			—			(350	)		—			(1,687	)		—
	—			—			—			—			—			(473	)		—			(1,066	)		—
	—			—			—			—			—			(111	)		—			(22,617	)		—
	—			—			—			—			—			—			—			—			—
	(133,274	)		(131,124	)		(121,008	)		—			—			(53	)		—			(162	)		—
	(1,893,315	)		(2,778,216	)		(2,458,693	)		—			—			(29,343	)		—			(119,439	)		—
	—			—			—			—			—			—			—			—			—
	(2,723,796	)		(3,310,538	)		(2,678,999	)		(68,463	)		(78,078	)		(120,591	)		(126,207	)		(540,955	)		(201,994	)
	5,834,792			28,458,285			16,002,865			282,879			295,620			1,227,771			2,208,407			2,342,905			2,873,339
	2,718,463			3,304,682			2,674,893			68,463			78,078			120,591			126,207			540,955			201,994
	(20,448,129	)		(15,456,222	)		(21,006,118	)		(1,471,163	)		(1,444,739	)		(108,911	)		(2,472,789	)		(2,483,274	)		(1,256,884	)
	(11,894,874	)		16,306,745			(2,328,360	)		(1,119,821	)		(1,071,041	)		1,239,451			(138,175	)		400,586			1,818,449
	(16,446,074	)		12,396,600			(5,222,312	)		(1,177,339	)		(1,789,270	)		1,022,329			83,652			(1,570,852	)		1,964,710
	52,143,887			39,747,287			44,969,599			4,534,326			6,323,596			5,301,267			8,004,607			9,575,459			7,610,749
$	35,697,813		$	52,143,887		$	39,747,287		$	3,356,987		$	4,534,326		$	6,323,596		$	8,088,259		$	8,004,607		$	9,575,459
$	(676,284	)	$	(422,029	)	$	(482,297	)	$	13,936		$	52,615		$	64,932		$	11,803		$	93,063		$	168,872

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 213

Statements of Changes in Net Assets (cont’d)

	AllianzGI NFJ Global Dividend Value									AllianzGI NFJ International Small-Cap Value
	Six Months ended 3/31/2016 (unaudited)			Period from 12/1/2014 through 9/30/2015†			Year ended 11/30/2014			Six Months ended 3/31/2016 (unaudited)			Period from 12/1/2014 through 9/30/2015†			Year ended 11/30/2014
Increase (Decrease) in Net Assets from:
Investment Operations:
Net investment income (loss)	$	223,387		$	950,809		$	2,181,257		$	86,063		$	369,061		$	414,397
Net realized gain (loss)		(1,834,893	)		2,010,027			4,043,646			(586,788	)		366,594			1,461,108
Net change in unrealized appreciation/depreciation		2,354,905			(8,005,972	)		(2,887,427	)		952,286			(1,489,020	)		(1,033,876	)
Net increase (decrease) in net assets resulting from investment operations		743,399			(5,045,136	)		3,337,476			451,561			(753,365	)		841,629
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(73,921	)		(365,905	)		(289,279	)		(161,276	)		(77,148	)		(28,563	)
Class C		(137,015	)		(134,953	)		(106,170	)		(37,634	)		(32,806	)		(13,235	)
Class D††		—			(87,453	)		(22,598	)		—			(43,395	)		(8,011	)
Class P		(28,877	)		(51,415	)		(50,720	)		(2,868	)		(1,235	)		(134	)
Institutional Class		(177,649	)		(874,763	)		(1,494,313	)		(164,431	)		(320,408	)		(198,102	)
Class R6		—			—			—			(479	)		—			—
Net realized capital gains:
Class A		(575,075	)		(894,483	)		(524,358	)		(91,565	)		(232,125	)		(49,292	)
Class C		(543,193	)		(440,737	)		(278,781	)		(26,789	)		(114,145	)		(14,329	)
Class D††		—			(212,384	)		(37,086	)		—			(125,827	)		(20,783	)
Class P		(113,118	)		(126,876	)		(87,797	)		(1,001	)		(3,324	)		(325	)
Institutional Class		(1,026,877	)		(2,273,312	)		(2,562,825	)		(116,929	)		(1,014,968	)		(277,871	)
Class R6		—			—			—			(205	)		—			—
Total dividends and distributions to shareholders		(2,675,725	)		(5,462,281	)		(5,453,927	)		(603,177	)		(1,965,381	)		(610,645	)
Fund Share Transactions:
Net proceeds from the sale of shares		3,224,018			9,945,395			23,212,818			7,957,818			10,841,826			11,637,433
Issued in reinvestment of dividends and distributions		2,578,663			4,660,503			4,954,544			600,371			1,961,582			609,584
Cost of shares redeemed		(11,387,127	)		(47,936,033	)		(29,958,637	)		(8,610,071	)		(17,224,965	)		(8,626,539	)
Net increase (decrease) from Fund share transactions		(5,584,446	)		(33,330,135	)		(1,791,275	)		(51,882	)		(4,421,557	)		3,620,478
Total increase (decrease) in net assets		(7,516,772	)		(43,837,552	)		(3,907,726	)		(203,498	)		(7,140,303	)		3,851,462
Net Assets:
Beginning of period		22,436,114			66,273,666			70,181,392			12,341,979			19,482,282			15,630,820
End of period*	$	14,919,342		$	22,436,114		$	66,273,666		$	12,138,481		$	12,341,979		$	19,482,282
* Including undistributed (dividends in excess of) net investment income of:	$	37,698		$	231,773		$	876,625		$	78,553		$	359,178		$	425,244

† Fiscal year end changed from November 30th to September 30th.

†† Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d) in the Notes to Financial Statements.

214 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

AllianzGI NFJ International Value II									AllianzGI Short Duration High Income									AllianzGI Structured Return
Six Months ended 3/31/2016 (unaudited)			Period from 12/1/2014 through 9/30/2015†			Year ended 11/30/2014			Six Months ended 3/31/2016 (unaudited)			Period from 12/1/2014 through 9/30/2015†			Year ended 11/30/2014			Six Months ended 3/31/2016 (unaudited)			Period from 12/1/2014 through 9/30/2015†			Period ended 11/30/2014
$	336,410		$	994,476		$	864,809		$	24,038,689		$	31,846,719		$	28,755,543		$	668,695		$	482,489		$	(99,064	)
	(3,056,224	)		(1,260,616	)		158,105			(2,276,206	)		(2,948,957	)		2,167,612			(4,086,632	)		1,970,187			478,651
	3,323,873			(5,179,444	)		(1,278,749	)		(18,079,810	)		(32,553,916	)		(14,120,813	)		5,537,812			(1,897,298	)		348,559
	604,059			(5,445,584	)		(255,835	)		3,682,673			(3,656,154	)		16,802,342			2,119,875			555,378			728,146
	(2,932	)		(3,630	)		(2,980	)		(5,868,862	)		(6,644,056	)		(8,370,337	)		(176,625	)		(2	)		—
	(2	)		(1,364	)		(1,279	)		(3,239,155	)		(3,681,430	)		(3,564,709	)		(26,324	)		(2	)		—
	—			(257	)		(410	)		(118,879	)		(1,235,286	)		(1,473,888	)		—			(43,262	)		—
	(6,015	)		(9,024	)		(1,094	)		(10,009,289	)		(11,139,212	)		(9,035,739	)		(30,878	)		(1	)		—
	(458,460	)		(900,258	)		(735,960	)		(12,641,841	)		(13,522,588	)		(10,905,778	)		(345,012	)		(34,488	)		—
	—			—			—			—			—			—			—			—			—
	—			(645	)		(2,574	)		—			—			—			(283,648	)		(99,742	)		(37,417	)
	—			(418	)		(1,615	)		—			—			—			(53,864	)		(5,472	)		(5,488	)
	—			(52	)		(448	)		—			—			—			—			(224,332	)		(69,417	)
	—			(961	)		(452	)		—			—			—			(22,778	)		(1,435	)		(2,794	)
	—			(150,633	)		(154,322	)		—			—			—			(534,089	)		(596,463	)		(410,919	)
	—			—			—			—			—			—			—			—			—
	(467,409	)		(1,067,242	)		(901,134	)		(31,878,026	)		(36,222,572	)		(33,350,451	)		(1,473,218	)		(1,005,199	)		(526,035	)
	577,925			9,770,715			39,704,993			356,343,304			727,044,423			559,371,784			148,206,077			66,615,486			16,098,848
	467,409			1,067,242			901,134			26,881,975			30,097,726			27,490,449			1,472,510			1,003,165			526,035
	(832,107	)		(126,593	)		(4,406,491	)		(518,895,640	)		(409,025,620	)		(360,175,213	)		(52,986,587	)		(13,909,833	)		(3,270,567	)
	213,227			10,711,364			36,199,636			(135,670,361	)		348,116,529			226,687,020			96,692,000			53,708,818			13,354,316
	349,877			4,198,538			35,042,667			(163,865,714	)		308,237,803			210,138,911			97,338,657			53,258,997			13,556,427
	43,559,426			39,360,888			4,318,221			1,070,917,894			762,680,091			552,541,180			76,861,561			23,602,564			10,046,137
$	43,909,303		$	43,559,426		$	39,360,888		$	907,052,180		$	1,070,917,894		$	762,680,091		$	174,200,218		$	76,861,561		$	23,602,564
$	109,202		$	240,201		$	184,108		$	(10,919,651	)	$	(3,080,314	)	$	(2,799,819	)	$	492,876		$	403,020		$	—

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 215

Statements of Changes in Net Assets (cont’d)

	AllianzGI U.S. Equity Hedged
	Six Months ended 3/31/2016 (unaudited)			Period from 12/1/2014 through 9/30/2015†			Year ended 11/30/2014
Increase (Decrease) in Net Assets from:
Investment Operations:
Net investment income (loss)	$	28,381		$	159,660		$	91,071
Net realized gain (loss)		(879,991	)		2,284,545			(425,013	)
Net change in unrealized appreciation/depreciation		928,871			(3,303,265	)		1,330,644
Net increase (decrease) in net assets resulting from investment operations		77,261			(859,060	)		996,702
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(16,120	)		(1,746	)		(13,056	)
Class C		(6,391	)		(1	)		(1,801	)
Class D††		—			(11,090	)		(1,167	)
Class P		(313	)		(39	)		(47	)
Institutional Class		(138,687	)		(89,019	)		(36,196	)
Net realized capital gains:
Class A		—			(78,135	)		(80,061	)
Class C		—			(12,412	)		(9,450	)
Class D††		—			(51,469	)		(15,115	)
Class R		—			—			—
Class P		—			(698	)		(638	)
Institutional Class		—			(731,421	)		(562,186	)
Total dividends and distributions to shareholders		(161,511	)		(976,030	)		(719,717	)
Fund Share Transactions:
Net proceeds from the sale of shares		823,080			2,184,979			8,217,176
Issued in reinvestment of dividends and distributions		161,511			976,030			719,717
Cost of shares redeemed		(7,871,619	)		(2,255,802	)		(871,008	)
Net increase (decrease) from Fund share transactions		(6,887,028	)		905,207			8,065,885
Total increase (decrease) in net assets		(6,971,278	)		(929,883	)		8,342,870
Net Assets:
Beginning of period		14,623,023			15,552,906			7,210,036
End of period*	$	7,651,745		$	14,623,023		$	15,552,906
* Including undistributed (dividends in excess of) net investment income of:	$	28,181		$	161,311		$	91,204

† Fiscal year end changed from November 30th to September 30th.

†† Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d) in the Notes to Financial Statements.

216 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

AllianzGI U.S. Small-Cap Growth									AllianzGI Ultra Micro Cap
Six Months ended 3/31/2016 (unaudited)			Period from 12/1/2014 through 9/30/2015†			Year ended 11/30/2014			Six Months ended 3/31/2016 (unaudited)			Period from 12/1/2014 through 9/30/2015†			Year ended 11/30/2014
$	(81,160	)	$	(227,857	)	$	(297,538	)	$	(622,352	)	$	(1,436,913	)	$	(2,310,720	)
	(532,724	)		1,992,195			3,004,047			1,098,423			6,875,774			(290,346	)
	(639,356	)		(5,318,293	)		(2,125,589	)		(4,997,693	)		(8,942,552	)		(1,655,282	)
	(1,253,240	)		(3,553,955	)		580,920			(4,521,622	)		(3,503,691	)		(4,256,348	)
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	(253,462	)		(284,924	)		(497,317	)		(3,400,965	)		(459,304	)		(280,502	)
	(48,431	)		(61,355	)		(62,072	)		—			—			—
	—			(10,288	)		(7,759	)		—			—			—
	(1,567	)		(2,525	)		(2,639	)		—			—			—
	(22,583	)		(18,156	)		(12,307	)		(652,144	)		(88,470	)		(11,847	)
	(1,846,506	)		(2,837,538	)		(2,798,232	)		(3,098,107	)		(428,047	)		(259,818	)
	(2,172,549	)		(3,214,786	)		(3,380,326	)		(7,151,216	)		(975,821	)		(552,167	)
	3,629,453			15,682,440			16,713,796			4,021,134			15,895,985			74,836,748
	1,965,824			2,985,629			2,978,885			7,063,080			951,727			543,201
	(12,644,668	)		(12,668,491	)		(14,261,233	)		(30,563,654	)		(33,195,885	)		(82,317,148	)
	(7,049,391	)		5,999,578			5,431,448			(19,479,440	)		(16,348,173	)		(6,937,199	)
	(10,475,180	)		(769,163	)		2,632,042			(31,152,278	)		(20,827,685	)		(11,745,714	)
	36,759,618			37,528,781			34,896,739			92,450,120			113,277,805			125,023,519
$	26,284,438		$	36,759,618		$	37,528,781		$	61,297,842		$	92,450,120		$	113,277,805
$	(435,038	)	$	(353,878	)	$	(410,511	)	$	(1,956,942	)	$	(1,334,590	)	$	(2,167,107	)

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 217

Financial Highlights

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Retirement 2015:
Class A
3/31/2016+	$	18.30	$	0.31	$	0.35		$	0.66		$	(0.65	)	$	—
12/1/2014 - 9/30/2015#		19.95		0.50		(1.37	)		(0.87	)		(0.55	)		(0.23	)
11/30/2014		19.56		0.42		0.37			0.79			(0.40	)		—
11/30/2013		19.52		0.49		0.10			0.59			(0.55	)		—
11/30/2012		18.86		0.48		1.27			1.75			(0.70	)		(0.39	)
11/30/2011		19.28		0.38		0.23			0.61			(0.74	)		(0.29	)
11/30/2010		18.38		0.48		1.22			1.70			(0.68	)		(0.12	)
Class C
3/31/2016+	$	18.13	$	0.25	$	0.33		$	0.58		$	(0.51	)	$	—
12/1/2014 - 9/30/2015#		19.68		0.39		(1.37	)		(0.98	)		(0.34	)		(0.23	)
11/30/2014		19.23		0.28		0.36			0.64			(0.19	)		—
11/30/2013		19.15		0.38		0.05			0.43			(0.35	)		—
11/30/2012		18.53		0.35		1.24			1.59			(0.58	)		(0.39	)
11/30/2011		19.09		0.31		0.14			0.45			(0.72	)		(0.29	)
11/30/2010		18.25		0.36		1.19			1.55			(0.59	)		(0.12	)
Class R
3/31/2016+	$	18.43	$	0.31	$	0.31		$	0.62		$	(0.69	)	$	—
12/1/2014 - 9/30/2015#		20.05		0.39		(1.32	)		(0.93	)		(0.46	)		(0.23	)
11/30/2014		19.48		0.36		0.36			0.72			(0.15	)		—
11/30/2013		19.50		0.46		0.05			0.51			(0.53	)		—
11/30/2012		18.85		0.19		1.51			1.70			(0.66	)		(0.39	)
11/30/2011		19.27		0.55		—			0.55			(0.68	)		(0.29	)
11/30/2010		18.35		0.53		1.13			1.66			(0.62	)		(0.12	)
Class P
3/31/2016+	$	18.52	$	0.36	$	0.32		$	0.68		$	(0.77	)	$	—
12/1/2014 - 9/30/2015#		20.17		0.46		(1.28	)		(0.82	)		(0.60	)		(0.23	)
11/30/2014		19.74		0.48		0.38			0.86			(0.43	)		—
11/30/2013		19.66		0.51		0.14			0.65			(0.57	)		—
11/30/2012		18.97		0.34		1.49			1.83			(0.75	)		(0.39	)
11/30/2011		19.37		0.65		(0.01	)		0.64			(0.75	)		(0.29	)
11/30/2010		18.43		0.61		1.13			1.74			(0.68	)		(0.12	)
Class R6
3/31/2016+	$	18.54	$	0.37	$	0.33		$	0.70		$	(0.79	)	$	—
12/1/2014 - 9/30/2015#		20.20		0.62		(1.44	)		(0.82	)		(0.61	)		(0.23	)
11/30/2014		19.77		0.50		0.38			0.88			(0.45	)		—
11/30/2013		19.68		0.54		0.12			0.66			(0.57	)		—
11/30/2012		18.99		0.54		1.31			1.85			(0.77	)		(0.39	)
11/30/2011		19.39		0.66		—			0.66			(0.77	)		(0.29	)
11/30/2010		18.45		0.61		1.14			1.75			(0.69	)		(0.12	)
Administrative Class
3/31/2016+	$	18.45	$	0.34	$	0.32		$	0.66		$	(0.74	)	$	—
12/1/2014 - 9/30/2015#		20.10		1.08		(1.97	)		(0.89	)		(0.53	)		(0.23	)
11/30/2014		19.68		0.44		0.38			0.82			(0.40	)		—
11/30/2013		19.60		0.22		0.37			0.59			(0.51	)		—
11/30/2012		18.94		0.48		1.29			1.77			(0.72	)		(0.39	)
11/30/2011		19.34		0.61		—			0.61			(0.72	)		(0.29	)
11/30/2010		18.40		0.58		1.14			1.72			(0.66	)		(0.12	)

+ Unaudited

# Fiscal year end changed from November 30th to September 30th.

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

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

218 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement (c)			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c)			Ratio of Net Investment Income to Average Net Assets (c)			Portfolio Turnover Rate
$	(0.65	)	$	18.31		3.65	%	$	6,198		0.47	%(d)		0.60	%(d)		3.32	%(d)		75	%
	(0.78	)		18.30		(4.52	)		9,498		0.47	(d)(e)		0.62	(d)(e)		3.13	(d)(e)		168
	(0.40	)		19.95		4.14			12,398		0.41			0.60			2.15			114
	(0.55	)		19.56		3.10			4,900		0.40			0.60			2.55			94
	(1.09	)		19.52		9.88			1,798		0.40			0.60			2.57			70
	(1.03	)		18.86		3.27			1,564		0.47			2.06			2.03			108
	(0.80	)		19.28		9.67			229		0.50			5.47			2.62			24
$	(0.51	)	$	18.20		3.27	%	$	669		1.22	%(d)		1.35	%(d)		2.78	%(d)		75	%
	(0.57	)		18.13		(5.12	)		708		1.22	(d)(e)		1.37	(d)(e)		2.46	(d)(e)		168
	(0.19	)		19.68		3.37			1,096		1.16			1.35			1.43			114
	(0.35	)		19.23		2.29			1,445		1.15			1.35			2.01			94
	(0.97	)		19.15		9.08			2,049		1.15			1.35			1.91			70
	(1.01	)		18.53		2.44			2,347		1.22			2.66			1.65			108
	(0.71	)		19.09		8.88			305		1.25			7.23			1.99			24
$	(0.69	)	$	18.36		3.45	%	$	240		0.82	%(d)		0.85	%(d)		3.37	%(d)		75	%
	(0.69	)		18.43		(4.78	)		226		0.82	(d)(e)		0.88	(d)(e)		2.42	(d)(e)		168
	(0.15	)		20.05		3.75			206		0.76			0.85			1.79			114
	(0.53	)		19.48		2.71			227		0.75			0.85			2.39			94
	(1.05	)		19.50		9.50			469		0.75			0.85			1.01			70
	(0.97	)		18.85		2.94			14		0.75			2.46			2.91			108
	(0.74	)		19.27		9.43			13		0.75			5.77			2.87			24
$	(0.77	)	$	18.43		3.75	%	$	9,838		0.17	%(d)		0.20	%(d)		3.90	%(d)		75	%
	(0.83	)		18.52		(4.22	)		10,267		0.17	(d)(e)		0.23	(d)(e)		2.86	(d)(e)		168
	(0.43	)		20.17		4.43			3,720		0.11			0.20			2.43			114
	(0.57	)		19.74		3.39			3,925		0.10			0.20			2.65			94
	(1.14	)		19.66		10.27			3,845		0.10			0.20			1.78			70
	(1.04	)		18.97		3.44			14		0.25			2.00			3.41			108
	(0.80	)		19.37		9.88			14		0.30			5.38			3.32			24
$	(0.79	)	$	18.45		3.86	%	$	9,044		0.07	%(d)		0.10	%(d)		4.04	%(d)		75	%
	(0.84	)		18.54		(4.18	)		9,545		0.06	(d)(e)		0.12	(d)(e)		3.84	(d)(e)		168
	(0.45	)		20.20		4.53			13,577		0.01			0.10			2.49			114
	(0.57	)		19.77		3.52			7,675		—			0.12			2.77			94
	(1.16	)		19.68		10.31			8,243		—			0.15			2.84			70
	(1.06	)		18.99		3.53			5,885		0.15			1.90			3.48			108
	(0.81	)		19.39		10.02			5,553		0.20			5.26			3.32			24
$	(0.74	)	$	18.37		3.65	%	$	850		0.42	%(d)		0.45	%(d)		3.68	%(d)		75	%
	(0.76	)		18.45		(4.55	)		748		0.40(d	)(e)		0.46	(d)(e)		6.62	(d)(e)		168
	(0.40	)		20.10		4.23			3,190		0.36			0.45			2.21			114
	(0.51	)		19.68		3.08			3,646		0.35			0.45			1.13			94
	(1.11	)		19.60		9.97			15		0.35			0.45			2.57			70
	(1.01	)		18.94		3.23			14		0.42			2.17			3.23			108
	(0.78	)		19.34		9.75			13		0.45			5.54			3.17			24

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

(d) Annualized, unless otherwise noted.

(e) Certain expenses incurred by the Fund were not annualized.

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 219

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Retirement 2020:
Class A
3/31/2016+	$	18.09	$	0.29	$	0.35		$	0.64		$	(0.58	)	$	—
12/1/2014 - 9/30/2015#		19.72		0.46		(1.45	)		(0.99	)		(0.56	)		(0.08	)
11/30/2014		19.32		0.41		0.37			0.78			(0.38	)		—
11/30/2013		19.15		0.49		0.21			0.70			(0.48	)		(0.05	)
11/30/2012		18.82		0.44		1.34			1.78			(0.70	)		(0.75	)
11/30/2011		19.43		0.49		0.04			0.53			(0.83	)		(0.31	)
11/30/2010		18.58		0.52		1.18			1.70			(0.66	)		(0.19	)
Class C
3/31/2016+	$	18.02	$	0.23	$	0.33		$	0.56		$	(0.45	)	$	—
12/1/2014 - 9/30/2015#		19.60		0.36		(1.47	)		(1.11	)		(0.39	)		(0.08	)
11/30/2014		19.16		0.27		0.35			0.62			(0.18	)		—
11/30/2013		18.78		0.31		0.26			0.57			(0.14	)		(0.05	)
11/30/2012		18.53		0.37		1.23			1.60			(0.60	)		(0.75	)
11/30/2011		19.21		0.30		0.09			0.39			(0.76	)		(0.31	)
11/30/2010		18.46		0.32		1.22			1.54			(0.60	)		(0.19	)
Class R
3/31/2016+	$	18.10	$	0.25	$	0.35		$	0.60		$	(0.51	)	$	—
12/1/2014 - 9/30/2015#		19.70		0.39		(1.43	)		(1.04	)		(0.48	)		(0.08	)
11/30/2014		19.27		0.35		0.36			0.71			(0.28	)		—
11/30/2013		19.14		0.43		0.21			0.64			(0.46	)		(0.05	)
11/30/2012		18.81		0.18		1.54			1.72			(0.64	)		(0.75	)
11/30/2011		19.40		0.53		(0.05	)		0.48			(0.76	)		(0.31	)
11/30/2010		18.55		0.55		1.09			1.64			(0.60	)		(0.19	)
Class P
3/31/2016+	$	18.34	$	0.34	$	0.33		$	0.67		$	(0.69	)	$	—
12/1/2014 - 9/30/2015#		19.98		0.46		(1.42	)		(0.96	)		(0.60	)		(0.08	)
11/30/2014		19.53		0.47		0.38			0.85			(0.40	)		—
11/30/2013		19.30		0.47		0.30			0.77			(0.49	)		(0.05	)
11/30/2012		18.94		0.37		1.47			1.84			(0.73	)		(0.75	)
11/30/2011		19.51		0.42		0.16			0.58			(0.84	)		(0.31	)
11/30/2010		18.62		0.64		1.10			1.74			(0.66	)		(0.19	)
Class R6
3/31/2016+	$	18.37	$	0.35	$	0.33		$	0.68		$	(0.71	)	$	—
12/1/2014 - 9/30/2015#		20.01		0.51		(1.45	)		(0.94	)		(0.62	)		(0.08	)
11/30/2014		19.57		0.51		0.35			0.86			(0.42	)		—
11/30/2013		19.32		0.58		0.21			0.79			(0.49	)		(0.05	)
11/30/2012		18.96		0.55		1.31			1.86			(0.75	)		(0.75	)
11/30/2011		19.53		0.64		(0.04	)		0.60			(0.86	)		(0.31	)
11/30/2010		18.64		0.64		1.12			1.76			(0.68	)		(0.19	)
Administrative Class
3/31/2016+	$	18.22	$	0.31	$	0.33		$	0.64		$	(0.63	)	$	—
12/1/2014 - 9/30/2015#		19.84		0.87		(1.86	)		(0.99	)		(0.55	)		(0.08	)
11/30/2014		19.42		0.43		0.36			0.79			(0.37	)		—
11/30/2013		19.25		0.24		0.47			0.71			(0.49	)		(0.05	)
11/30/2012		18.90		0.51		1.28			1.79			(0.69	)		(0.75	)
11/30/2011		19.48		0.59		(0.05	)		0.54			(0.81	)		(0.31	)
11/30/2010		18.60		0.61		1.10			1.71			(0.64	)		(0.19	)

+ Unaudited

# Fiscal year end changed from November 30th to September 30th.

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

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

220 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement (c)			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c)			Ratio of Net Investment Income to Average Net Assets (c)			Portfolio Turnover Rate
$	(0.58	)	$	18.15		3.57	%	$	18,428		0.48	%(d)		0.60	%(d)		3.16	%(d)		72	%
	(0.64	)		18.09		(5.13	)		30,401		0.47	(d)(e)		0.62	(d)(e)		2.93	(d)(e)		144
	(0.38	)		19.72		4.11			34,624		0.42			0.60			2.08			89
	(0.53	)		19.32		3.75			9,102		0.40			0.60			2.60			86
	(1.45	)		19.15		10.23			985		0.38			0.60			2.40			55
	(1.14	)		18.82		2.82			351		0.48			2.71			2.56			56
	(0.85	)		19.43		9.60			154		0.53			6.52			2.79			23
$	(0.45	)	$	18.13		3.16	%	$	330		1.23	%(d)		1.35	%(d)		2.62	%(d)		72	%
	(0.47	)		18.02		(5.72	)		327		1.22	(d)(e)		1.37	(d)(e)		2.28	(d)(e)		144
	(0.18	)		19.60		3.29			468		1.17			1.35			1.39			89
	(0.19	)		19.16		3.02			438		1.15			1.35			1.64			86
	(1.35	)		18.78		9.29			364		1.13			1.35			2.07			55
	(1.07	)		18.53		2.07			669		1.23			3.40			1.61			56
	(0.79	)		19.21		8.72			204		1.28			8.05			1.72			23
$	(0.51	)	$	18.19		3.33	%	$	629		0.84	%(d)		0.85	%(d)		2.78	%(d)		72	%
	(0.56	)		18.10		(5.39	)		1,043		0.82	(d)(e)		0.87	(d)(e)		2.49	(d)(e)		144
	(0.28	)		19.70		3.72			1,008		0.77			0.85			1.81			89
	(0.51	)		19.27		3.40			1,022		0.75			0.85			2.26			86
	(1.39	)		19.14		9.84			938		0.73			0.85			0.97			55
	(1.07	)		18.81		2.57			14		0.77			3.09			2.77			56
	(0.79	)		19.40		9.25			13		0.78			6.30			2.99			23
$	(0.69	)	$	18.32		3.71	%	$	21,946		0.18	%(d)		0.20	%(d)		3.71	%(d)		72	%
	(0.68	)		18.34		(4.89	)		21,193		0.17	(d)(e)		0.22	(d)(e)		2.91	(d)(e)		144
	(0.40	)		19.98		4.43			12,665		0.12			0.20			2.38			89
	(0.54	)		19.53		4.06			7,643		0.10			0.20			2.44			86
	(1.48	)		19.30		10.55			5,323		0.08			0.20			1.95			55
	(1.15	)		18.94		3.07			42		0.17			1.39			2.24			56
	(0.85	)		19.51		9.81			14		0.33			5.93			3.44			23
$	(0.71	)	$	18.34		3.78	%	$	12,123		0.08	%(d)		0.10	%(d)		3.80	%(d)		72	%
	(0.70	)		18.37		(4.82	)		11,847		0.07	(d)(e)		0.12	(d)(e)		3.22	(d)(e)		144
	(0.42	)		20.01		4.48			5,574		0.02			0.10			2.59			89
	(0.54	)		19.57		4.19			7,457		—			0.12			3.00			86
	(1.50	)		19.32		10.62			7,708		—	(f)		0.15			2.98			55
	(1.17	)		18.96		3.16			5,157		0.17			2.51			3.34			56
	(0.87	)		19.53		9.90			4,834		0.23			5.80			3.44			23
$	(0.63	)	$	18.23		3.58	%	$	1,818		0.43	%(d)		0.45	%(d)		3.44	%(d)		72	%
	(0.63	)		18.22		(5.09	)		1,747		0.41	(d)(e)		0.46	(d)(e)		5.41	(d)(e)		144
	(0.37	)		19.84		4.15			7,974		0.37			0.45			2.19			89
	(0.54	)		19.42		3.79			7,210		0.35			0.45			1.27			86
	(1.44	)		19.25		10.20			15		0.33			0.45			2.73			55
	(1.12	)		18.90		2.87			14		0.44			2.78			3.09			56
	(0.83	)		19.48		9.63			14		0.48			6.08			3.29			23

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

(d) Annualized, unless otherwise noted.

(e) Certain expenses incurred by the Fund were not annualized.

(f) See Note 6 in the Notes to Financial Statements.

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 221

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Retirement 2025:
Class A
3/31/2016+	$	15.89	$	0.25	$	0.35		$	0.60		$	(0.50	)	$	—
12/1/2014 - 9/30/2015#		17.30		0.41		(1.31	)		(0.90	)		(0.50	)		(0.01	)
11/30/2014		16.92		0.37		0.33			0.70			(0.32	)		—
11/30/2013		16.63		0.41		0.32			0.73			(0.40	)		(0.04	)
12/19/2011* - 11/30/2012		15.00		0.34		1.43			1.77			(0.14	)		—
Class R
3/31/2016+	$	15.83	$	0.23	$	0.34		$	0.57		$	(0.44	)	$	—
12/1/2014 - 9/30/2015#		17.21		0.34		(1.29	)		(0.95	)		(0.42	)		(0.01	)
11/30/2014		16.84		0.32		0.32			0.64			(0.27	)		—
11/30/2013		16.57		0.48		0.19			0.67			(0.36	)		(0.04	)
12/19/2011* - 11/30/2012		15.00		0.18		1.53			1.71			(0.14	)		—
Class P
3/31/2016+	$	16.01	$	0.29	$	0.34		$	0.63		$	(0.59	)	$	—
12/1/2014 - 9/30/2015#		17.43		0.38		(1.24	)		(0.86	)		(0.55	)		(0.01	)
11/30/2014		17.02		0.40		0.35			0.75			(0.34	)		—
11/30/2013		16.67		0.48		0.31			0.79			(0.40	)		(0.04	)
12/19/2011* - 11/30/2012		15.00		0.38		1.44			1.82			(0.15	)		—
Class R6
3/31/2016+	$	16.03	$	0.29	$	0.34		$	0.63		$	(0.60	)	$	—
12/1/2014 - 9/30/2015#		17.45		0.45		(1.30	)		(0.85	)		(0.56	)		(0.01	)
11/30/2014		17.04		0.44		0.33			0.77			(0.36	)		—
11/30/2013		16.68		0.50		0.30			0.80			(0.40	)		(0.04	)
12/19/2011* - 11/30/2012		15.00		0.45		1.38			1.83			(0.15	)		—
Administrative Class
3/31/2016+	$	15.96	$	0.26	$	0.35		$	0.61		$	(0.54	)	$	—
12/1/2014 - 9/30/2015#		17.37		1.16		(2.06	)		(0.90	)		(0.50	)		(0.01	)
11/30/2014		16.98		0.38		0.33			0.71			(0.32	)		—
11/30/2013		16.62		0.20		0.55			0.75			(0.35	)		(0.04	)
12/19/2011* - 11/30/2012		15.00		0.41		1.35			1.76			(0.14	)		—

+ Unaudited

# Fiscal year end changed from November 30th to September 30th.

* Commencement of operations.

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

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

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

(d) Annualized, unless otherwise noted.

(e) Certain expenses incurred by the Fund were not annualized.

(f) See Note 6 in the Notes to Financial Statements.

222 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement (c)			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c)			Ratio of Net Investment Income to Average Net Assets (c)			Portfolio Turnover Rate
$	(0.50	)	$	15.99		3.79	%	$	15,935		0.47	%(d)		0.60	%(d)		3.14	%(d)		78	%
	(0.51	)		15.89		(5.28	)		26,916		0.45	(d)(e)		0.62	(d)(e)		2.98	(d)(e)		147
	(0.32	)		17.30		4.22			31,358		0.41			0.60			2.16			93
	(0.44	)		16.92		4.54			13,058		0.40			0.60			2.48			76
	(0.14	)		16.63		11.86			335		0.38	(d)		0.60	(d)		2.22	(d)		55
$	(0.44	)	$	15.96		3.63	%	$	737		0.82	%(d)		0.85	%(d)		2.88	%(d)		78	%
	(0.43	)		15.83		(5.59	)		1,066		0.80	(d)(e)		0.87	(d)(e)		2.43	(d)(e)		147
	(0.27	)		17.21		3.83			1,004		0.76			0.85			1.89			93
	(0.40	)		16.84		4.16			753		0.75			0.85			2.88			76
	(0.14	)		16.57		11.51			1,284		0.73	(d)		0.85	(d)		1.19	(d)		55
$	(0.59	)	$	16.05		3.96	%	$	30,246		0.17	%(d)		0.20	%(d)		3.60	%(d)		78	%
	(0.56	)		16.01		(5.04	)		29,233		0.15	(d)(e)		0.22	(d)(e)		2.71	(d)(e)		147
	(0.34	)		17.43		4.49			13,866		0.11			0.20			2.32			93
	(0.44	)		17.02		4.84			4,336		0.10			0.20			2.88			76
	(0.15	)		16.67		12.21			3,873		0.08(d	)		0.20	(d)		2.47	(d)		55
$	(0.60	)	$	16.06		4.01	%	$	11,868		0.07	%(d)		0.10	%(d)		3.65	%(d)		78	%
	(0.57	)		16.03		(4.97	)		10,047		0.05	(d)(e)		0.12	(d)(e)		3.25	(d)(e)		147
	(0.36	)		17.45		4.60			6,745		0.01			0.10			2.54			93
	(0.44	)		17.04		4.93			5,058		—			0.12			3.02			76
	(0.15	)		16.68		12.28			5,375		—	(d)(f)		0.15	(d)		2.94	(d)		55
$	(0.54	)	$	16.03		3.84	%	$	1,322		0.42	%(d)		0.45	%(d)		3.33	%(d)		78	%
	(0.51	)		15.96		(5.26	)		1,165		0.39	(d)(e)		0.46	(d)(e)		8.16	(d)(e)		147
	(0.32	)		17.37		4.26			12,135		0.36			0.45			2.23			93
	(0.39	)		16.98		4.60			10,606		0.35			0.45			1.23			76
	(0.14	)		16.62		11.86			11		0.33	(d)		0.45	(d)		2.72	(d)		55

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 223

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Retirement 2030:
Class A
3/31/2016+	$	18.84	$	0.28	$	0.41		$	0.69		$	(0.53	)	$	—
12/1/2014 - 9/30/2015#		21.05		0.50		(1.75	)		(1.25	)		(0.69	)		(0.27	)
11/30/2014		20.66		0.48		0.38			0.86			(0.47	)		—
11/30/2013		19.80		0.52		0.92			1.44			(0.54	)		(0.04	)
11/30/2012		19.77		0.29		1.61			1.90			(0.70	)		(1.17	)
11/30/2011		20.78		0.50		(0.10	)		0.40			(0.85	)		(0.56	)
11/30/2010		19.36		0.50		1.59			2.09			(0.51	)		(0.16	)
Class C
3/31/2016+	$	18.70	$	0.22	$	0.40		$	0.62		$	(0.42	)	$	—
12/1/2014 - 9/30/2015#		20.83		0.36		(1.72	)		(1.36	)		(0.50	)		(0.27	)
11/30/2014		20.42		0.33		0.36			0.69			(0.28	)		—
11/30/2013		19.53		0.35		0.93			1.28			(0.35	)		(0.04	)
11/30/2012		19.51		0.43		1.30			1.73			(0.54	)		(1.17	)
11/30/2011		20.59		0.37		(0.09	)		0.28			(0.80	)		(0.56	)
11/30/2010		19.28		0.26		1.66			1.92			(0.45	)		(0.16	)
Class R
3/31/2016+	$	18.89	$	0.27	$	0.39		$	0.66		$	(0.54	)	$	—
12/1/2014 - 9/30/2015#		21.07		0.42		(1.72	)		(1.30	)		(0.61	)		(0.27	)
11/30/2014		20.65		0.41		0.37			0.78			(0.36	)		—
11/30/2013		19.85		0.46		0.91			1.37			(0.53	)		(0.04	)
11/30/2012		19.81		0.18		1.67			1.85			(0.64	)		(1.17	)
11/30/2011		20.80		0.52		(0.15	)		0.37			(0.80	)		(0.56	)
11/30/2010		19.37		0.49		1.54			2.03			(0.44	)		(0.16	)
Class P
3/31/2016+	$	19.14	$	0.32	$	0.41		$	0.73		$	(0.63	)	$	—
12/1/2014 - 9/30/2015#		21.37		0.47		(1.69	)		(1.22	)		(0.74	)		(0.27	)
11/30/2014		20.93		0.51		0.43			0.94			(0.50	)		—
11/30/2013		20.02		0.51		1.00			1.51			(0.56	)		(0.04	)
11/30/2012		19.95		0.41		1.57			1.98			(0.74	)		(1.17	)
11/30/2011		20.92		0.58		(0.12	)		0.46			(0.87	)		(0.56	)
11/30/2010		19.45		0.58		1.56			2.14			(0.51	)		(0.16	)
Class R6
3/31/2016+	$	19.19	$	0.33	$	0.41		$	0.74		$	(0.65	)	$	—
12/1/2014 - 9/30/2015#		21.42		0.54		(1.74	)		(1.20	)		(0.76	)		(0.27	)
11/30/2014		20.98		0.59		0.36			0.95			(0.51	)		—
11/30/2013		20.04		0.62		0.92			1.54			(0.56	)		(0.04	)
11/30/2012		19.97		0.61		1.38			1.99			(0.75	)		(1.17	)
11/30/2011		20.94		0.62		(0.14	)		0.48			(0.89	)		(0.56	)
11/30/2010		19.47		0.59		1.56			2.15			(0.52	)		(0.16	)
Administrative Class
3/31/2016+	$	19.06	$	0.30	$	0.41		$	0.71		$	(0.58	)	$	—
12/1/2014 - 9/30/2015#		21.28		1.21		(2.47	)		(1.26	)		(0.69	)		(0.27	)
11/30/2014		20.87		0.50		0.38			0.88			(0.47	)		—
11/30/2013		19.96		0.26		1.21			1.47			(0.52	)		(0.04	)
11/30/2012		19.91		0.57		1.35			1.92			(0.70	)		(1.17	)
11/30/2011		20.88		0.58		(0.14	)		0.44			(0.85	)		(0.56	)
11/30/2010		19.43		0.55		1.54			2.09			(0.48	)		(0.16	)

+ Unaudited

# Fiscal year end changed from November 30th to September 30th.

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

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

224 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement (c)			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c)			Ratio of Net Investment Income to Average Net Assets (c)			Portfolio Turnover Rate
$	(0.53	)	$	19.00		3.69	%	$	14,081		0.46	%(d)		0.60	%(d)		2.94	%(d)		73	%
	(0.96	)		18.84		(6.16	)		22,695		0.42	(d)(e)		0.62	(d)(e)		3.01	(d)(e)		147
	(0.47	)		21.05		4.26			25,487		0.39			0.60			2.28			93
	(0.58	)		20.66		7.48			10,080		0.35			0.60			2.58			79
	(1.87	)		19.80		10.68			10,692		0.29			0.60			1.48			47
	(1.41	)		19.77		1.76			460		0.45			2.50			2.43			52
	(0.67	)		20.78		11.07			286		0.63			5.46			2.57			33
$	(0.42	)	$	18.90		3.31	%	$	618		1.21	%(d)		1.35	%(d)		2.35	%(d)		73	%
	(0.77	)		18.70		(6.72	)		608		1.17	(d)(e)		1.37	(d)(e)		2.19	(d)(e)		147
	(0.28	)		20.83		3.43			680		1.14			1.35			1.59			93
	(0.39	)		20.42		6.63			736		1.10			1.35			1.77			79
	(1.71	)		19.53		9.80			605		1.04			1.35			2.26			47
	(1.36	)		19.51		1.20			654		1.21			3.34			1.84			52
	(0.61	)		20.59		10.17			542		1.38			7.39			1.32			33
$	(0.54	)	$	19.01		3.49	%	$	2,088		0.81	%(d)		0.85	%(d)		2.89	%(d)		73	%
	(0.88	)		18.89		(6.38	)		1,445		0.77	(d)(e)		0.87	(d)(e)		2.49	(d)(e)		147
	(0.36	)		21.07		3.85			1,420		0.74			0.85			1.94			93
	(0.57	)		20.65		7.09			1,199		0.70			0.85			2.28			79
	(1.81	)		19.85		10.23			1,103		0.64			0.85			0.95			47
	(1.36	)		19.81		1.66			14		0.74			2.82			2.54			52
	(0.60	)		20.80		10.73			14		0.88			5.79			2.53			33
$	(0.63	)	$	19.24		3.82	%	$	29,835		0.16	%(d)		0.20	%(d)		3.39	%(d)		73	%
	(1.01	)		19.14		(5.91	)		28,597		0.12	(d)(e)		0.22	(d)(e)		2.80	(d)(e)		147
	(0.50	)		21.37		4.58			17,741		0.09			0.20			2.42			93
	(0.60	)		20.93		7.77			7,748		0.05			0.20			2.54			79
	(1.91	)		20.02		10.97			5,103		—	(f)		0.20			2.06			47
	(1.43	)		19.95		2.13			19		0.22			2.27			2.84			52
	(0.67	)		20.92		11.27			14		0.43			5.41			2.97			33
$	(0.65	)	$	19.28		3.87	%	$	14,789		0.06	%(d)		0.10	%(d)		3.45	%(d)		73	%
	(1.03	)		19.19		(5.81	)		12,883		0.02	(d)(e)		0.12	(d)(e)		3.19	(d)(e)		147
	(0.51	)		21.42		4.63			8,752		—	(f)		0.10			2.79			93
	(0.60	)		20.98		7.87			10,854		—	(f)		0.12			3.05			79
	(1.92	)		20.04		11.07			9,182		—	(f)		0.15			3.14			47
	(1.45	)		19.97		2.23			5,813		0.13			2.24			3.04			52
	(0.68	)		20.94		11.35			5,145		0.33			5.29			3.02			33
$	(0.58	)	$	19.19		3.74	%	$	2,011		0.41	%(d)		0.45	%(d)		3.13	%(d)		73	%
	(0.96	)		19.06		(6.11	)		1,817		0.36	(d)(e)		0.46	(d)(e)		7.07	(d)(e)		147
	(0.47	)		21.28		4.29			9,586		0.34			0.45			2.37			93
	(0.56	)		20.87		7.55			8,939		0.30			0.45			1.29			79
	(1.87	)		19.96		10.60			16		0.24			0.45			2.95			47
	(1.41	)		19.91		1.99			15		0.41			2.52			2.85			52
	(0.64	)		20.88		11.04			14		0.58			5.55			2.82			33

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

(d) Annualized, unless otherwise noted.

(e) Certain expenses incurred by the Fund were not annualized.

(f) See Note 6 in the Notes to Financial Statements.

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 225

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Retirement 2035:
Class A
3/31/2016+	$	16.52	$	0.20	$	0.41		$	0.61		$	(0.43	)	$	—
12/1/2014 - 9/30/2015#		18.49		0.43		(1.58	)		(1.15	)		(0.61	)		(0.21	)
11/30/2014		18.09		0.41		0.39			0.80			(0.40	)		—
11/30/2013		16.94		0.43		1.20			1.63			(0.42	)		(0.06	)
12/19/2011* - 11/30/2012		15.00		0.37		1.74			2.11			(0.17	)		—
Class R
3/31/2016+	$	16.48	$	0.17	$	0.41		$	0.58		$	(0.39	)	$	—
12/1/2014 - 9/30/2015#		18.43		0.30		(1.50	)		(1.20	)		(0.54	)		(0.21	)
11/30/2014		18.00		0.35		0.38			0.73			(0.30	)		—
11/30/2013		16.89		0.41		1.15			1.56			(0.39	)		(0.06	)
12/19/2011* - 11/30/2012		15.00		0.16		1.90			2.06			(0.17	)		—
Class P
3/31/2016+	$	16.67	$	0.23	$	0.41		$	0.64		$	(0.51	)	$	—
12/1/2014 - 9/30/2015#		18.65		0.38		(1.50	)		(1.12	)		(0.65	)		(0.21	)
11/30/2014		18.20		0.43		0.43			0.86			(0.41	)		—
11/30/2013		16.99		0.49		1.20			1.69			(0.42	)		(0.06	)
12/19/2011* - 11/30/2012		15.00		0.38		1.79			2.17			(0.18	)		—
Class R6
3/31/2016+	$	16.70	$	0.24	$	0.41		$	0.65		$	(0.52	)	$	—
12/1/2014 - 9/30/2015#		18.68		0.48		(1.58	)		(1.10	)		(0.67	)		(0.21	)
11/30/2014		18.23		0.49		0.38			0.87			(0.42	)		—
11/30/2013		17.00		0.54		1.17			1.71			(0.42	)		(0.06	)
12/19/2011* - 11/30/2012		15.00		0.46		1.72			2.18			(0.18	)		—
Administrative Class
3/31/2016+	$	16.60	$	0.21	$	0.41		$	0.62		$	(0.45	)	$	—
12/1/2014 - 9/30/2015#		18.58		1.63		(2.79	)		(1.16	)		(0.61	)		(0.21	)
11/30/2014		18.15		0.43		0.39			0.82			(0.39	)		—
11/30/2013		16.94		0.22		1.43			1.65			(0.38	)		(0.06	)
12/19/2011* - 11/30/2012		15.00		0.42		1.69			2.11			(0.17	)		—

+ Unaudited

# Fiscal year end changed from November 30th to September 30th.

* Commencement of operations.

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

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

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

(d) Annualized, unless otherwise noted.

(e) Certain expenses incurred by the Fund were not annualized.

(f) Less than 0.01%.

(g) See Note 6 in the Notes to Financial Statements.

226 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement (c)			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c)			Ratio of Net Investment Income to Average Net Assets (c)			Portfolio Turnover Rate
$	(0.43	)	$	16.70		3.68	%	$	12,911		0.48	%(d)		0.60	%(d)		2.33	%(d)		63	%
	(0.82	)		16.52		(6.46	)		19,205		0.41	(d)(e)		0.61	(d)(e)		2.93	(d)(e)		138
	(0.40	)		18.49		4.49			20,351		0.39			0.60			2.27			90
	(0.48	)		18.09		9.83			6,939		0.35			0.60			2.48			67
	(0.17	)		16.94		14.23			104		0.30	(d)		0.60	(d)		2.36	(d)		38
$	(0.39	)	$	16.67		3.55	%	$	1,593		0.83	%(d)		0.85	%(d)		2.10	%(d)		63	%
	(0.75	)		16.48		(6.76	)		1,600		0.76	(d)(e)		0.87	(d)(e)		2.07	(d)(e)		138
	(0.30	)		18.43		4.14			1,089		0.74			0.85			1.93			90
	(0.45	)		18.00		9.46			961		0.70			0.85			2.38			67
	(0.17	)		16.89		13.88			893		0.65	(d)		0.85	(d)		1.04	(d)		38
$	(0.51	)	$	16.80		3.83	%	$	27,330		0.18	%(d)		0.20	%(d)		2.81	%(d)		63	%
	(0.86	)		16.67		(6.23	)		26,729		0.11	(d)(e)		0.21	(d)(e)		2.58	(d)(e)		138
	(0.41	)		18.65		4.84			14,105		0.09			0.20			2.32			90
	(0.48	)		18.20		10.19			5,333		0.05			0.20			2.83			67
	(0.18	)		16.99		14.58			4,090		—	(d)		0.20	(d)		2.43	(d)		38
$	(0.52	)	$	16.83		3.93	%	$	7,384		0.08	%(d)		0.10	%(d)		2.87	%(d)		63	%
	(0.88	)		16.70		(6.15	)		6,172		—	(d)(e)(f)		0.12	(d)(e)		3.22	(d)(e)		138
	(0.42	)		18.68		4.89			6,587		—	(g)		0.10			2.66			90
	(0.48	)		18.23		10.24			5,850		—	(g)		0.12			3.10			67
	(0.18	)		17.00		14.65			5,132		—	(d)(g)		0.15	(d)		3.00	(d)		38
$	(0.45	)	$	16.77		3.74	%	$	755		0.43	%(d)		0.45	%(d)		2.56	%(d)		63	%
	(0.82	)		16.60		(6.50	)		719		0.35	(d)(e)		0.46	(d)(e)		10.75	(d)(e)		138
	(0.39	)		18.58		4.60			11,550		0.34			0.45			2.33			90
	(0.44	)		18.15		9.95			10,427		0.30			0.45			1.29			67
	(0.17	)		16.94		14.23			12		0.25(d	)		0.45	(d)		2.76	(d)		38

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 227

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain  (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Retirement 2040:
Class A
3/31/2016+	$	19.04	$	0.21	$	0.54		$	0.75		$	(0.38	)	$	(0.03	)
12/1/2014 - 9/30/2015#		21.91		0.49		(1.94	)		(1.45	)		(0.83	)		(0.59	)
11/30/2014		21.45		0.48		0.50			0.98			(0.51	)		(0.01	)
11/30/2013		19.71		0.49		1.82			2.31			(0.53	)		(0.04	)
11/30/2012		20.22		0.29		1.61			1.90			(0.69	)		(1.72	)
11/30/2011		21.88		0.52		(0.27	)		0.25			(0.97	)		(0.94	)
11/30/2010		20.08		0.73		1.71			2.44			(0.49	)		(0.15	)
Class C
3/31/2016+	$	18.94	$	0.19	$	0.48		$	0.67		$	(0.28	)	$	(0.03	)
12/1/2014 - 9/30/2015#		21.68		0.38		(1.94	)		(1.56	)		(0.59	)		(0.59	)
11/30/2014		21.21		0.33		0.48			0.81			(0.33	)		(0.01	)
11/30/2013		19.53		0.34		1.80			2.14			(0.42	)		(0.04	)
11/30/2012		20.07		0.31		1.43			1.74			(0.56	)		(1.72	)
11/30/2011		21.65		0.27		(0.18	)		0.09			(0.73	)		(0.94	)
11/30/2010		19.92		0.57		1.69			2.26			(0.38	)		(0.15	)
Class R
3/31/2016+	$	18.97	$	0.20	$	0.51		$	0.71		$	(0.38	)	$	(0.03	)
12/1/2014 - 9/30/2015#		21.80		0.42		(1.91	)		(1.49	)		(0.75	)		(0.59	)
11/30/2014		21.31		0.41		0.49			0.90			(0.40	)		(0.01	)
11/30/2013		19.63		0.44		1.80			2.24			(0.52	)		(0.04	)
11/30/2012		20.16		0.16		1.66			1.82			(0.63	)		(1.72	)
11/30/2011		21.85		0.56		(0.36	)		0.20			(0.95	)		(0.94	)
11/30/2010		20.03		0.59		1.80			2.39			(0.42	)		(0.15	)
Class P
3/31/2016+	$	19.26	$	0.27	$	0.53		$	0.80		$	(0.50	)	$	(0.03	)
12/1/2014 - 9/30/2015#		22.15		0.46		(1.87	)		(1.41	)		(0.89	)		(0.59	)
11/30/2014		21.63		0.50		0.56			1.06			(0.53	)		(0.01	)
11/30/2013		19.82		0.49		1.90			2.39			(0.54	)		(0.04	)
11/30/2012		20.31		0.39		1.57			1.96			(0.73	)		(1.72	)
11/30/2011		21.97		0.67		(0.36	)		0.31			(1.03	)		(0.94	)
11/30/2010		20.12		0.68		1.80			2.48			(0.48	)		(0.15	)
Class R6
3/31/2016+	$	19.30	$	0.27	$	0.54		$	0.81		$	(0.51	)	$	(0.03	)
12/1/2014 - 9/30/2015#		22.19		0.53		(1.92	)		(1.39	)		(0.91	)		(0.59	)
11/30/2014		21.66		0.61		0.47			1.08			(0.54	)		(0.01	)
11/30/2013		19.83		0.60		1.81			2.41			(0.54	)		(0.04	)
11/30/2012		20.33		0.56		1.41			1.97			(0.75	)		(1.72	)
11/30/2011		22.00		0.68		(0.36	)		0.32			(1.05	)		(0.94	)
11/30/2010		20.13		0.70		1.82			2.52			(0.50	)		(0.15	)
Administrative Class
3/31/2016+	$	19.14	$	0.25	$	0.52		$	0.77		$	(0.45	)	$	(0.03	)
12/1/2014 - 9/30/2015#		22.02		1.71		(3.16	)		(1.45	)		(0.84	)		(0.59	)
11/30/2014		21.53		0.50		0.49			0.99			(0.49	)		(0.01	)
11/30/2013		19.75		0.26		2.07			2.33			(0.51	)		(0.04	)
11/30/2012		20.26		0.52		1.38			1.90			(0.69	)		(1.72	)
11/30/2011		21.93		0.63		(0.36	)		0.27			(1.00	)		(0.94	)
11/30/2010		20.09		0.65		1.80			2.45			(0.46	)		(0.15	)

+ Unaudited

# Fiscal year end changed from November 30th to September 30th.

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

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

228 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement (c)			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c)			Ratio of Net Investment Income to Average Net Assets (c)			Portfolio Turnover Rate
$	(0.41	)	$	19.38		3.93	%	$	7,681		0.47	%(d)		0.60	%(d)		2.18	%(d)		71	%
	(1.42	)		19.04		(6.99	)		13,551		0.37	(d)(e)		0.60	(d)(e)		2.87	(d)(e)		143
	(0.52	)		21.91		4.65			16,631		0.38			0.60			2.22			84
	(0.57	)		21.45		12.11			5,513		0.35			0.60			2.40			61
	(2.41	)		19.71		10.61			1,915		0.28			0.60			1.52			45
	(1.91	)		20.22		0.81			151		0.42			2.96			2.42			53
	(0.64	)		21.88		12.48			79		0.56			5.99			3.57			44
$	(0.31	)	$	19.30		3.51	%	$	136		1.22	%(d)		1.36	%(d)		1.98	%(d)		71	%
	(1.18	)		18.94		(7.54	)		202		1.12	(d)(e)		1.35	(d)(e)		2.22	(d)(e)		143
	(0.34	)		21.68		3.90			269		1.13			1.35			1.51			84
	(0.46	)		21.21		11.20			317		1.10			1.35			1.66			61
	(2.28	)		19.53		9.80			195		1.03			1.35			1.66			45
	(1.67	)		20.07		0.07			87		1.15			3.56			1.30			53
	(0.53	)		21.65		11.61			22		1.31			6.66			2.82			44
$	(0.41	)	$	19.27		3.72	%	$	1,472		0.82	%(d)		0.86	%(d)		2.13	%(d)		71	%
	(1.34	)		18.97		(7.22	)		1,272		0.72	(d)(e)		0.85	(d)(e)		2.48	(d)(e)		143
	(0.41	)		21.80		4.31			1,343		0.73			0.85			1.88			84
	(0.56	)		21.31		11.70			1,167		0.70			0.85			2.15			61
	(2.35	)		19.63		10.24			848		0.63			0.85			0.87			45
	(1.89	)		20.16		0.54			15		0.70			3.22			2.63			53
	(0.57	)		21.85		12.19			15		0.81			6.50			2.90			44
$	(0.53	)	$	19.53		4.12	%	$	17,909		0.17	%(d)		0.21	%(d)		2.79	%(d)		71	%
	(1.48	)		19.26		(6.76	)		16,997		0.07	(d)(e)		0.20	(d)(e)		2.67	(d)(e)		143
	(0.54	)		22.15		4.99			11,734		0.08			0.20			2.27			84
	(0.58	)		21.63		12.42			4,704		0.05			0.20			2.37			61
	(2.45	)		19.82		10.99			2,343		—	(f)		0.20			2.00			45
	(1.97	)		20.31		1.06			15		0.21			2.75			3.11			53
	(0.63	)		21.97		12.64			15		0.36			6.10			3.35			44
$	(0.54	)	$	19.57		4.19	%	$	14,447		0.07	%(d)		0.11	%(d)		2.85	%(d)		71	%
	(1.50	)		19.30		(6.67	)		12,053		—	(d)(e)(f)		0.10	(d)(e)		3.09	(d)(e)		143
	(0.55	)		22.19		5.09			8,071		—	(f)		0.10			2.78			84
	(0.58	)		21.66		12.51			9,939		—	(f)		0.12			2.93			61
	(2.47	)		19.83		11.04			7,782		—	(f)		0.15			2.95			45
	(1.99	)		20.33		1.11			5,315		0.10			2.65			3.15			53
	(0.65	)		22.00		12.83			4,769		0.26			5.98			3.43			44
$	(0.48	)	$	19.43		3.99	%	$	519		0.42	%(d)		0.46	%(d)		2.56	%(d)		71	%
	(1.43	)		19.14		(7.00	)		488		0.32	(d)(e)		0.45	(d)(e)		9.63	(d)(e)		143
	(0.50	)		22.02		4.72			5,278		0.33			0.45			2.31			84
	(0.55	)		21.53		12.13			5,054		0.30			0.45			1.27			61
	(2.41	)		19.75		10.67			17		0.23			0.45			2.72			45
	(1.94	)		20.26		0.87			15		0.38			2.93			2.94			53
	(0.61	)		21.93		12.48			15		0.51			6.24			3.20			44

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

(d) Annualized, unless otherwise noted.

(e) Certain expenses incurred by the Fund were not annualized.

(f) See Note 6 in the Notes to Financial Statements.

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 229

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Retirement 2045:
Class A
3/31/2016+	$	16.71	$	0.17	$	0.50		$	0.67		$	(0.34	)	$	(0.04	)
12/1/2014 - 9/30/2015#		19.09		0.41		(1.75	)		(1.34	)		(0.70	)		(0.34	)
11/30/2014		18.67		0.41		0.49			0.90			(0.45	)		(0.03	)
11/30/2013		17.02		0.41		1.79			2.20			(0.46	)		(0.09	)
12/19/2011* - 11/30/2012		15.00		0.32		1.92			2.24			(0.22	)		—
Class R
3/31/2016+	$	16.65	$	0.16	$	0.48		$	0.64		$	(0.32	)	$	(0.04	)
12/1/2014 - 9/30/2015#		19.01		0.36		(1.74	)		(1.38	)		(0.64	)		(0.34	)
11/30/2014		18.57		0.34		0.49			0.83			(0.36	)		(0.03	)
11/30/2013		16.96		0.38		1.75			2.13			(0.43	)		(0.09	)
12/19/2011* - 11/30/2012		15.00		0.16		2.02			2.18			(0.22	)		—
Class P
3/31/2016+	$	16.84	$	0.22	$	0.50		$	0.72		$	(0.43	)	$	(0.04	)
12/1/2014 - 9/30/2015#		19.24		0.43		(1.74	)		(1.31	)		(0.75	)		(0.34	)
11/30/2014		18.77		0.40		0.57			0.97			(0.47	)		(0.03	)
11/30/2013		17.06		0.47		1.79			2.26			(0.46	)		(0.09	)
12/19/2011* - 11/30/2012		15.00		0.39		1.89			2.28			(0.22	)		—
Class R6
3/31/2016+	$	16.89	$	0.21	$	0.51		$	0.72		$	(0.44	)	$	(0.04	)
12/1/2014 - 9/30/2015#		19.28		0.65		(1.94	)		(1.29	)		(0.76	)		(0.34	)
11/30/2014		18.80		0.49		0.49			0.98			(0.47	)		(0.03	)
11/30/2013		17.07		0.52		1.76			2.28			(0.46	)		(0.09	)
12/19/2011* - 11/30/2012		15.00		0.50		1.79			2.29			(0.22	)		—
Administrative Class
3/31/2016+	$	16.76	$	0.20	$	0.49		$	0.69		$	(0.39	)	$	(0.04	)
12/1/2014 - 9/30/2015#		19.15		1.22		(2.56	)		(1.34	)		(0.71	)		(0.34	)
11/30/2014		18.71		0.42		0.49			0.91			(0.44	)		(0.03	)
11/30/2013		17.01		0.22		1.99			2.21			(0.42	)		(0.09	)
12/19/2011* - 11/30/2012		15.00		0.44		1.79			2.23			(0.22	)		—

+ Unaudited

# Fiscal year end changed from November 30th to September 30th.

* Commencement of operations.

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

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

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

(d) Annualized, unless otherwise noted.

(e) Certain expenses incurred by the Fund were not annualized.

(f) See Note 6 in the Notes to Financial Statements.

230 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement (c)			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c)			Ratio of Net Investment Income to Average Net Assets (c)			Portfolio Turnover Rate
$	(0.38	)	$	17.00		4.00	%	$	6,589		0.46	%(d)		0.60	%(d)		2.02	%(d)		71	%
	(1.04	)		16.71		(7.35	)		10,022		0.37	(d)(e)		0.61	(d)(e)		2.74	(d)(e)		149
	(0.48	)		19.09		4.89			10,080		0.37			0.60			2.17			69
	(0.55	)		18.67		13.33			4,313		0.33			0.60			2.31			51
	(0.22	)		17.02		15.09			61		0.29	(d)		0.60	(d)		2.08	(d)		38
$	(0.36	)	$	16.93		3.82	%	$	546		0.81	%(d)		0.85	%(d)		1.96	%(d)		71	%
	(0.98	)		16.65		(7.59	)		464		0.72	(d)(e)		0.86	(d)(e)		2.38	(d)(e)		149
	(0.39	)		19.01		4.52			449		0.72			0.85			1.82			69
	(0.52	)		18.57		12.94			356		0.68			0.85			2.17			51
	(0.22	)		16.96		14.67			293		0.64	(d)		0.85	(d)		1.07	(d)		38
$	(0.47	)	$	17.09		4.24	%	$	11,076		0.16	%(d)		0.20	%(d)		2.66	%(d)		71	%
	(1.09	)		16.84		(7.15	)		10,650		0.07	(d)(e)		0.21	(d)(e)		2.88	(d)(e)		149
	(0.50	)		19.24		5.26			8,793		0.07			0.20			2.10			69
	(0.55	)		18.77		13.68			2,286		0.03			0.20			2.63			51
	(0.22	)		17.06		15.37			1,584		—	(d)(f)		0.20	(d)		2.46	(d)		38
$	(0.48	)	$	17.13		4.24	%	$	6,536		0.06	%(d)		0.10	%(d)		2.50	%(d)		71	%
	(1.10	)		16.89		(7.02	)		3,563		—	(d)(e)(f)		0.10	(d)(e)		4.23	(d)(e)		149
	(0.50	)		19.28		5.33			5,477		—	(f)		0.10			2.55			69
	(0.55	)		18.80		13.80			4,587		—	(f)		0.12			2.91			51
	(0.22	)		17.07		15.44			3,733		—	(d)(f)		0.15	(d)		3.23	(d)		38
$	(0.43	)	$	17.02		4.07	%	$	366		0.41	%(d)		0.45	%(d)		2.40	%(d)		71	%
	(1.05	)		16.76		(7.37	)		346		0.32	(d)(e)		0.46	(d)(e)		7.95	(d)(e)		149
	(0.47	)		19.15		4.95			1,763		0.32			0.45			2.24			69
	(0.51	)		18.71		13.40			1,542		0.28			0.45			1.23			51
	(0.22	)		17.01		15.02			12		0.24	(d)		0.45	(d)		2.84	(d)		38

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 231

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Retirement 2050:
Class A
3/31/2016+	$	18.72	$	0.16	$	0.63		$	0.79		$	(0.23	)	$	(0.37	)
12/1/2014 - 9/30/2015#		21.87		0.44		(2.04	)		(1.60	)		(0.87	)		(0.68	)
11/30/2014		21.55		0.44		0.58			1.02			(0.57	)		(0.13	)
11/30/2013		19.48		0.42		2.32			2.74			(0.60	)		(0.07	)
11/30/2012		20.16		0.28		1.59			1.87			(0.76	)		(1.79	)
11/30/2011		22.00		0.61		(0.34	)		0.27			(1.09	)		(1.02	)
11/30/2010		20.07		0.62		1.93			2.55			(0.43	)		(0.19	)
Class C
3/31/2016+	$	18.52	$	0.15	$	0.56		$	0.71		$	(0.17	)	$	(0.37	)
12/1/2014 - 9/30/2015#		21.62		0.31		(2.03	)		(1.72	)		(0.70	)		(0.68	)
11/30/2014		21.34		0.30		0.55			0.85			(0.44	)		(0.13	)
11/30/2013		19.25		0.30		2.27			2.57			(0.41	)		(0.07	)
11/30/2012		19.92		0.27		1.44			1.71			(0.59	)		(1.79	)
11/30/2011		21.85		0.44		(0.34	)		0.10			(1.01	)		(1.02	)
11/30/2010		19.96		0.43		1.96			2.39			(0.31	)		(0.19	)
Class R
3/31/2016+	$	18.68	$	0.18	$	0.58		$	0.76		$	(0.23	)	$	(0.37	)
12/1/2014 - 9/30/2015#		21.80		0.37		(2.03	)		(1.66	)		(0.78	)		(0.68	)
11/30/2014		21.46		0.39		0.53			0.92			(0.45	)		(0.13	)
11/30/2013		19.47		0.37		2.29			2.66			(0.60	)		(0.07	)
11/30/2012		20.12		0.18		1.64			1.82			(0.68	)		(1.79	)
11/30/2011		21.97		0.58		(0.37	)		0.21			(1.04	)		(1.02	)
11/30/2010		20.06		0.61		1.88			2.49			(0.39	)		(0.19	)
Class P
3/31/2016+	$	18.97	$	0.24	$	0.59		$	0.83		$	(0.36	)	$	(0.37	)
12/1/2014 - 9/30/2015#		22.14		0.47		(2.04	)		(1.57	)		(0.92	)		(0.68	)
11/30/2014		21.77		0.45		0.64			1.09			(0.59	)		(0.13	)
11/30/2013		19.64		0.48		2.35			2.83			(0.63	)		(0.07	)
11/30/2012		20.27		0.38		1.56			1.94			(0.78	)		(1.79	)
11/30/2011		22.10		0.69		(0.39	)		0.30			(1.11	)		(1.02	)
11/30/2010		20.14		0.71		1.89			2.60			(0.45	)		(0.19	)
Class R6
3/31/2016+	$	19.03	$	0.25	$	0.58		$	0.83		$	(0.36	)	$	(0.37	)
12/1/2014 - 9/30/2015#		22.20		0.57		(2.13	)		(1.56	)		(0.93	)		(0.68	)
11/30/2014		21.80		0.57		0.55			1.12			(0.59	)		(0.13	)
11/30/2013		19.66		0.55		2.29			2.84			(0.63	)		(0.07	)
11/30/2012		20.30		0.58		1.38			1.96			(0.81	)		(1.79	)
11/30/2011		22.12		0.69		(0.35	)		0.34			(1.14	)		(1.02	)
11/30/2010		20.16		0.73		1.89			2.62			(0.47	)		(0.19	)
Administrative Class
3/31/2016+	$	18.87	$	0.22	$	0.58		$	0.80		$	(0.31	)	$	(0.37	)
12/1/2014 - 9/30/2015#		22.03		0.80		(2.42	)		(1.62	)		(0.86	)		(0.68	)
11/30/2014		21.69		0.49		0.54			1.03			(0.56	)		(0.13	)
11/30/2013		19.58		0.22		2.55			2.77			(0.59	)		(0.07	)
11/30/2012		20.23		0.53		1.36			1.89			(0.75	)		(1.79	)
11/30/2011		22.06		0.65		(0.38	)		0.27			(1.08	)		(1.02	)
11/30/2010		20.11		0.68		1.89			2.57			(0.43	)		(0.19	)

+ Unaudited

# Fiscal year end changed from November 30th to September 30th.

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

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

232 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement (c)			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c)			Ratio of Net Investment Income to Average Net Assets (c)			Portfolio Turnover Rate
$	(0.60	)	$	18.91		4.19	%	$	2,383		0.46	%(d)		0.60	%(d)		1.69	%(d)		59	%
	(1.55	)		18.72		(7.79	)		4,863		0.34	(d)(e)		0.61	(d)(e)		2.62	(d)(e)		147
	(0.70	)		21.87		4.85			4,772		0.35			0.60			2.02			78
	(0.67	)		21.55		14.50			1,014		0.30			0.60			2.08			54
	(2.55	)		19.48		10.64			1,371		0.26			0.60			1.45			47
	(2.11	)		20.16		0.80			71		0.41			2.92			2.85			51
	(0.62	)		22.00		13.02			57		0.56			6.28			3.05			37
$	(0.54	)	$	18.69		3.79	%	$	130		1.21	%(d)		1.35	%(d)		1.64	%(d)		59	%
	(1.38	)		18.52		(8.40	)		148		1.09	(d)(e)		1.36	(d)(e)		1.83	(d)(e)		147
	(0.57	)		21.62		4.08			138		1.10			1.35			1.38			78
	(0.48	)		21.34		13.64			119		1.05			1.35			1.48			54
	(2.38	)		19.25		9.78			60		1.01			1.35			1.44			47
	(2.03	)		19.92		(0.01	)		48		1.17			3.70			2.09			51
	(0.50	)		21.85		12.21			35		1.31			7.37			2.11			37
$	(0.60	)	$	18.84		4.05	%	$	672		0.81	%(d)		0.85	%(d)		1.90	%(d)		59	%
	(1.46	)		18.68		(8.07	)		608		0.69	(d)(e)		0.86	(d)(e)		2.20	(d)(e)		147
	(0.58	)		21.80		4.41			584		0.70			0.85			1.79			78
	(0.67	)		21.46		14.11			497		0.65			0.85			1.85			54
	(2.47	)		19.47		10.30			359		0.61			0.85			0.96			47
	(2.06	)		20.12		0.51			17		0.69			3.21			2.71			51
	(0.58	)		21.97		12.75			17		0.81			6.49			2.98			37
$	(0.73	)	$	19.07		4.33	%	$	8,578		0.16	%(d)		0.20	%(d)		2.55	%(d)		59	%
	(1.60	)		18.97		(7.55	)		7,750		0.04	(d)(e)		0.21	(d)(e)		2.74	(d)(e)		147
	(0.72	)		22.14		5.13			5,234		0.05			0.20			2.06			78
	(0.70	)		21.77		14.90			1,397		—			0.20			2.34			54
	(2.57	)		19.64		11.00			762		—	(f)		0.20			1.98			47
	(2.13	)		20.27		0.96			15		0.19			2.75			3.21			51
	(0.64	)		22.10		13.26			15		0.36			6.08			3.48			37
$	(0.73	)	$	19.13		4.36	%	$	9,628		0.06	%(d)		0.10	%(d)		2.67	%(d)		59	%
	(1.61	)		19.03		(7.49	)		8,110		—	(d)(e)(f)		0.10	(d)(e)		3.31	(d)(e)		147
	(0.72	)		22.20		5.27			9,227		—	(f)		0.10			2.58			78
	(0.70	)		21.80		14.94			8,935		—	(f)		0.12			2.68			54
	(2.60	)		19.66		11.06			6,431		—	(f)		0.15			3.03			47
	(2.16	)		20.30		1.11			5,149		0.09			2.65			3.22			51
	(0.66	)		22.12		13.34			4,619		0.26			5.97			3.56			37
$	(0.68	)	$	18.99		4.22	%	$	636		0.41	%(d)		0.45	%(d)		2.33	%(d)		59	%
	(1.54	)		18.87		(7.80	)		605		0.29	(d)(e)		0.46	(d)(e)		4.66	(d)(e)		147
	(0.69	)		22.03		4.87			1,245		0.30			0.45			2.25			78
	(0.66	)		21.69		14.66			1,194		0.25			0.45			1.07			54
	(2.54	)		19.58		10.62			17		0.21			0.45			2.77			47
	(2.10	)		20.23		0.82			15		0.37			2.93			3.04			51
	(0.62	)		22.06		13.09			15		0.51			6.23			3.32			37

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

(d) Annualized, unless otherwise noted.

(e) Certain expenses incurred by the Fund were not annualized.

(f) See Note 6 in the Notes to Financial Statements.

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 233

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Retirement 2055:
Class A
3/31/2016+	$	16.02	$	0.15	$	0.53		$	0.68		$	(0.28	)	$	(0.23	)
12/1/2014 - 9/30/2015#		18.70		0.33		(1.69	)		(1.36	)		(0.76	)		(0.56	)
11/30/2014		18.51		0.39		0.50			0.89			(0.49	)		(0.21	)
11/30/2013		17.02		0.26		2.11			2.37			(0.59	)		(0.29	)
12/19/2011* - 11/30/2012		15.00		0.44		1.80			2.24			(0.22	)		—
Class R
3/31/2016+	$	15.97	$	0.14	$	0.49		$	0.63		$	(0.25	)	$	(0.23	)
12/1/2014 - 9/30/2015#		18.63		0.26		(1.66)			(1.40	)		(0.70	)		(0.56	)
11/30/2014		18.42		0.30		0.53			0.83			(0.41	)		(0.21	)
11/30/2013		16.97		0.30		2.00			2.30			(0.56	)		(0.29	)
12/19/2011* - 11/30/2012		15.00		0.31		1.88			2.19			(0.22	)		—
Class P
3/31/2016+	$	16.17	$	0.19	$	0.51		$	0.70		$	(0.34	)	$	(0.23	)
12/1/2014 - 9/30/2015#		18.85		0.35		(1.68	)		(1.33	)		(0.79	)		(0.56	)
11/30/2014		18.61		0.38		0.57			0.95			(0.50	)		(0.21	)
11/30/2013		17.08		0.34		2.09			2.43			(0.61	)		(0.29	)
12/19/2011* - 11/30/2012		15.00		0.43		1.87			2.30			(0.22	)		—
Class R6
3/31/2016+	$	16.22	$	0.22	$	0.50		$	0.72		$	(0.35	)	$	(0.23	)
12/1/2014 - 9/30/2015#		18.90		0.46		(1.78	)		(1.32	)		(0.80	)		(0.56	)
11/30/2014		18.64		0.47		0.50			0.97			(0.50	)		(0.21	)
11/30/2013		17.09		0.49		1.96			2.45			(0.61	)		(0.29	)
12/19/2011* - 11/30/2012		15.00		0.50		1.81			2.31			(0.22	)		—
Administrative Class
3/31/2016+	$	16.08	$	0.18	$	0.50		$	0.68		$	(0.31	)	$	(0.23	)
12/1/2014 - 9/30/2015#		18.76		0.62		(1.98	)		(1.36	)		(0.76	)		(0.56	)
11/30/2014		18.55		0.38		0.52			0.90			(0.48	)		(0.21	)
11/30/2013		17.03		0.22		2.16			2.38			(0.57	)		(0.29	)
12/19/2011* - 11/30/2012		15.00		0.44		1.81			2.25			(0.22	)		—

+ Unaudited

# Fiscal year end changed from November 30th to September 30th.

* Commencement of operations.

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

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

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

(d) Annualized, unless otherwise noted.

(e) Certain expenses incurred by the Fund were not annualized.

(f) See Note 6 in the Notes to Financial Statements.

234 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement (c)			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c)			Ratio of Net Investment Income to Average Net Assets (c)			Portfolio Turnover Rate
$	(0.51	)	$	16.19		4.22	%	$	1,093		0.46	%(d)		0.60	%(d)		1.90	%(d)		74	%
	(1.32	)		16.02		(7.75	)		1,399		0.34	(d)(e)		0.60	(d)(e)		2.26	(d)(e)		153
	(0.70	)		18.70		4.96			1,089		0.35			0.60			2.11			74
	(0.88	)		18.51		14.59			135		0.30			0.60			1.52			41
	(0.22	)		17.02		15.10			11		0.27	(d)		0.60	(d)		2.82	(d)		31
$	(0.48	)	$	16.12		3.93	%	$	277		0.81	%(d)		0.85	%(d)		1.74	%(d)		74	%
	(1.26	)		15.97		(7.98	)		217		0.69	(d)(e)		0.85	(d)(e)		1.78	(d)(e)		153
	(0.62	)		18.63		4.61			144		0.70			0.85			1.61			74
	(0.85	)		18.42		14.22			72		0.65			0.85			1.75			41
	(0.22	)		16.97		14.75			39		0.62	(d)		0.85	(d)		1.99	(d)		31
$	(0.57	)	$	16.30		4.32	%	$	2,306		0.16	%(d)		0.20	%(d)		2.39	%(d)		74	%
	(1.35	)		16.17		(7.51	)		1,762		0.04	(d)(e)		0.20	(d)(e)		2.42	(d)(e)		153
	(0.71	)		18.85		5.27			1,362		0.05			0.20			2.04			74
	(0.90	)		18.61		14.88			240		—			0.20			1.96			41
	(0.22	)		17.08		15.52			59		—	(d)(f)		0.20	(d)		2.77	(d)		31
$	(0.58	)	$	16.36		4.40	%	$	2,329		0.06	%(d)		0.10	%(d)		2.66	%(d)		74	%
	(1.36	)		16.22		(7.45	)		2,591		—	(d)(e)(f)		0.10	(d)(e)		3.09	(d)(e)		153
	(0.71	)		18.90		5.37			4,934		—	(f)		0.10			2.52			74
	(0.90	)		18.64		15.06			4,388		—	(f)		0.12			2.77			41
	(0.22	)		17.09		15.52			3,509		—	(d)(f)		0.15	(d)		3.21	(d)		31
$	(0.54	)	$	16.22		4.18	%	$	250		0.41	%(d)		0.45	%(d)		2.19	%(d)		74	%
	(1.32	)		16.08		(7.75	)		216		0.29	(d)(e)		0.45	(d)(e)		4.23	(d)(e)		153
	(0.69	)		18.76		5.00			357		0.30			0.45			2.06			74
	(0.86	)		18.55		14.67			221		0.25			0.45			1.22			41
	(0.22	)		17.03		15.17			11		0.22	(d)		0.46	(d)		2.87	(d)		31

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 235

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain  (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Retirement Income:
Class A
3/31/2016+	$	17.34	$	0.46	$	0.17		$	0.63		$	(0.55	)	$	(0.07	)
12/1/2014 - 9/30/2015#		19.35		0.48		(1.32	)		(0.84	)		(0.67	)		(0.50	)
11/30/2014		18.96		0.42		0.31			0.73			(0.34	)		—
11/30/2013		19.20		0.50		0.03			0.53			(0.66	)		(0.08	)
11/30/2012		18.27		0.48		1.23			1.71			(0.58	)		(0.20	)
11/30/2011		18.52		0.37		0.25			0.62			(0.67	)		(0.20	)
11/30/2010		17.81		0.47		1.05			1.52			(0.61	)		(0.20	)
Class C
3/31/2016+	$	17.16	$	0.41	$	0.15		$	0.56		$	(0.39	)	$	(0.07	)
12/1/2014 - 9/30/2015#		19.14		0.38		(1.33	)		(0.95	)		(0.53	)		(0.50	)
11/30/2014		18.76		0.27		0.31			0.58			(0.20	)		—
11/30/2013		18.99		0.37		0.01			0.38			(0.50	)		(0.08	)
11/30/2012		18.09		0.31		1.24			1.55			(0.45	)		(0.20	)
11/30/2011		18.36		0.27		0.21			0.48			(0.55	)		(0.20	)
11/30/2010		17.83		0.28		1.11			1.39			(0.66	)		(0.20	)
Class R
3/31/2016+	$	17.92	$	0.45	$	0.18		$	0.63		$	(0.50	)	$	(0.07	)
12/1/2014 - 9/30/2015#		19.95		0.44		(1.36	)		(0.92	)		(0.61	)		(0.50	)
11/30/2014		19.53		0.36		0.33			0.69			(0.27	)		—
11/30/2013		19.74		0.46		0.01			0.47			(0.57	)		(0.08	)
11/30/2012		18.77		0.24		1.45			1.69			(0.52	)		(0.20	)
11/30/2011		18.73		0.53		0.05			0.58			(0.34	)		(0.20	)
11/30/2010		17.86		0.49		1.01			1.50			(0.43	)		(0.20	)
Class P
3/31/2016+	$	17.58	$	0.50	$	0.16		$	0.66		$	(0.64	)	$	(0.07	)
12/1/2014 - 9/30/2015#		19.61		0.51		(1.31	)		(0.80	)		(0.73	)		(0.50	)
11/30/2014		19.20		0.47		0.34			0.81			(0.40	)		—
11/30/2013		19.44		0.46		0.13			0.59			(0.72	)		(0.08	)
11/30/2012		18.49		0.32		1.48			1.80			(0.65	)		(0.20	)
11/30/2011		18.41		0.63		0.03			0.66			(0.38	)		(0.20	)
11/30/2010		17.85		0.57		0.99			1.56			(0.80	)		(0.20	)
Class R6
3/31/2016+	$	17.21	$	0.49	$	0.16		$	0.65		$	(0.66	)	$	(0.07	)
12/1/2014 - 9/30/2015#		19.23		0.56		(1.33	)		(0.77	)		(0.75	)		(0.50	)
11/30/2014		18.83		0.49		0.33			0.82			(0.42	)		—
11/30/2013		19.08		0.56		0.03			0.59			(0.73	)		(0.08	)
11/30/2012		18.16		0.49		1.28			1.77			(0.65	)		(0.20	)
11/30/2011		18.40		0.65		0.02			0.67			(0.71	)		(0.20	)
11/30/2010		17.85		0.57		1.01			1.58			(0.83	)		(0.20	)
Administrative Class
3/31/2016+	$	17.60	$	0.48	$	0.16		$	0.64		$	(0.46	)	$	(0.07	)
12/1/2014 - 9/30/2015#		19.56		1.70		(2.55	)		(0.85	)		(0.61	)		(0.50	)
11/30/2014		19.15		0.43		0.33			0.76			(0.35	)		—
11/30/2013		19.41		0.22		0.32			0.54			(0.69	)		(0.08	)
11/30/2012		18.46		0.49		1.26			1.75			(0.60	)		(0.20	)
11/30/2011		18.40		0.59		0.03			0.62			(0.36	)		(0.20	)
11/30/2010		17.83		0.54		0.99			1.53			(0.76	)		(0.20	)

+ Unaudited

# Fiscal year end changed from November 30th to September 30th.

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

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total investment return for a period of less than one year is not annualized.

236 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Distributions from Return of Capital			Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement (c)			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c)			Ratio of Net Investment Income to Average Net Assets (c)			Portfolio Turnover Rate
$	—		$	(0.62	)	$	17.35		3.66	%	$	6,391		0.39	%(d)		0.60	%(d)		5.27	%(d)		76	%
	—			(1.17	)		17.34		(4.53	)		6,006		0.44	(d)(e)		0.62	(d)(e)		3.15	(d)(e)		179
	—			(0.34	)		19.35		3.88			6,324		0.40			0.60			2.18			101
	(0.03	)		(0.77	)		18.96		2.78			4,326		0.39			0.60			2.64			81
	—			(0.78	)		19.20		9.68			4,891		0.40			0.60			2.57			51
	—			(0.87	)		18.27		3.45			4,427		0.46			1.60			2.01			74
	—			(0.81	)		18.52		8.86			595		0.52			5.29			2.65			22
$	—		$	(0.46	)	$	17.26		3.32	%	$	2,890		1.14	%(d)		1.35	%(d)		4.75	%(d)		76	%
	—			(1.03	)		17.16		(5.16	)		2,988		1.19	(d)(e)		1.37	(d)(e)		2.49	(d)(e)		179
	—			(0.20	)		19.14		3.12			3,984		1.15			1.35			1.42			101
	(0.03	)		(0.61	)		18.76		2.03			4,359		1.14			1.35			1.99			81
	—			(0.65	)		18.99		8.84			6,935		1.15			1.35			1.70			51
	—			(0.75	)		18.09		2.71			5,820		1.22			2.48			1.50			74
	—			(0.86	)		18.36		8.09			1,398		1.27			6.16			1.56			22
$	—		$	(0.57	)	$	17.98		3.54	%	$	236		0.74	%(d)		0.85	%(d)		5.01	%(d)		76	%
	—			(1.11	)		17.92		(4.83	)		238		0.79	(d)(e)		0.87	(d)(e)		2.78	(d)(e)		179
	—			(0.27	)		19.95		3.55			215		0.75			0.85			1.80			101
	(0.03	)		(0.68	)		19.53		2.46			152		0.74			0.85			2.36			81
	—			(0.72	)		19.74		9.28			183		0.75			0.85			1.29			51
	—			(0.54	)		18.77		3.18			17		0.76			4.59			2.82			74
	—			(0.63	)		18.73		8.61			15		0.77			5.62			2.70			22
$	—		$	(0.71	)	$	17.53		3.81	%	$	5,658		0.09	%(d)		0.20	%(d)		5.71	%(d)		76	%
	—			(1.23	)		17.58		(4.31	)		5,450		0.14	(d)(e)		0.22	(d)(e)		3.31	(d)(e)		179
	—			(0.40	)		19.61		4.23			6,349		0.11			0.21			2.39			101
	(0.03	)		(0.83	)		19.20		3.12			4,427		0.09	(f)		0.20			2.42			81
	—			(0.85	)		19.44		10.05			4,751		0.10			0.20			1.71			51
	—			(0.58	)		18.49		3.69			14		0.26			4.47			3.38			74
	—			(1.00	)		18.41		9.13			13		0.32			5.13			3.20			22
$	—		$	(0.73	)	$	17.13		3.86	%	$	8,797		—	%(d)(f)		0.10	%(d)		5.67	%(d)		76	%
	—			(1.25	)		17.21		(4.23	)		8,058		0.0	4(d)(e)		0.12	(d)(e)		3.69	(d)(e)		179
	—			(0.42	)		19.23		4.36			9,496		—	(f)(g)		0.10			2.56			101
	(0.03	)		(0.84	)		18.83		3.23			9,487		—	(f)		0.12			2.96			81
	—			(0.85	)		19.08		10.11			11,294		—			0.15			2.64			51
	—			(0.91	)		18.16		3.77			4,904		0.16			1.81			3.53			74
	—			(1.03	)		18.40		9.24			4,803		0.22			5.04			3.22			22
$	—		$	(0.53	)	$	17.71		3.69	%	$	29		0.34	%(d)		0.45	%(d)		5.46	%(d)		76	%
	—			(1.11	)		17.60		(4.53	)		24		0.37	(d)(e)		0.45	(d)(e)		10.47	(d)(e)		179
	—			(0.35	)		19.56		3.97			2,001		0.35			0.45			2.20			101
	(0.03	)		(0.80	)		19.15		2.92			2,461		0.34			0.45			1.16			81
	—			(0.80	)		19.41		9.71			15		0.35			0.45			2.59			51
	—			(0.56	)		18.46		3.49			14		0.44			4.65			3.21			74
	—			(0.96	)		18.40		8.94			13		0.47			5.28			3.05			22

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

(d) Annualized, unless otherwise noted.

(e) Certain expenses incurred by the Fund were not annualized.

(f) See Note 6 in the Notes to Financial Statements.

(g) Less than $0.01 per share.

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 237

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Global Allocation:
Class A
3/31/2016+	$	10.98	$	0.09	$	0.26		$	0.35		$	(0.05	)	$	(0.40	)
12/1/2014 - 9/30/2015#		12.18		0.25		(0.89	)		(0.64	)		(0.42	)		(0.14	)
11/30/2014		11.90		0.30		0.25			0.55			(0.27	)		—
11/30/2013		11.07		0.31		0.95			1.26			(0.43	)		—
11/30/2012		10.30		0.25		0.84			1.09			(0.32	)		—
11/30/2011		10.58		0.25		(0.14	)		0.11			(0.39	)		—
11/30/2010		9.84		0.26		0.85			1.11			(0.37	)		—
Class C
3/31/2016+	$	11.13	$	0.05	$	0.26		$	0.31		$	(0.03	)	$	(0.40	)
12/1/2014 - 9/30/2015#		12.33		0.18		(0.91	)		(0.73	)		(0.33	)		(0.14	)
11/30/2014		12.04		0.22		0.24			0.46			(0.17	)		—
11/30/2013		11.19		0.23		0.96			1.19			(0.34	)		—
11/30/2012		10.41		0.17		0.85			1.02			(0.24	)		—
11/30/2011		10.69		0.18		(0.16	)		0.02			(0.30	)		—
11/30/2010		9.89		0.19		0.85			1.04			(0.24	)		—
Class R
3/31/2016+	$	10.93	$	0.08	$	0.26		$	0.34		$	(0.05	)	$	(0.40	)
12/1/2014 - 9/30/2015#		12.13		0.22		(0.88	)		(0.66	)		(0.40	)		(0.14	)
11/30/2014		11.84		0.28		0.26			0.54			(0.25	)		—
11/30/2013		11.02		0.28		0.95			1.23			(0.41	)		—
11/30/2012		10.26		0.21		0.84			1.05			(0.29	)		—
11/30/2011		10.54		0.23		(0.15	)		0.08			(0.36	)		—
11/30/2010		9.81		0.24		0.84			1.08			(0.35	)		—
Class P
3/31/2016+	$	10.98	$	0.11	$	0.25		$	0.36		$	(0.06	)	$	(0.40	)
12/1/2014 - 9/30/2015#		12.19		0.25		(0.87	)		(0.62	)		(0.45	)		(0.14	)
11/30/2014		11.90		0.32		0.26			0.58			(0.29	)		—
11/30/2013		11.07		0.32		0.96			1.28			(0.45	)		—
11/30/2012		10.28		0.29		0.81			1.10			(0.31	)		—
11/30/2011		10.56		0.27		(0.14	)		0.13			(0.41	)		—
11/30/2010		9.84		0.26		0.86			1.12			(0.40	)		—
Institutional Class
3/31/2016+	$	10.86	$	0.10	$	0.26		$	0.36		$	(0.06	)	$	(0.40	)
12/1/2014 - 9/30/2015#		12.07		0.25		(0.87	)		(0.62	)		(0.45	)		(0.14	)
11/30/2014		11.78		0.32		0.27			0.59			(0.30	)		—
11/30/2013		10.97		0.32		0.95			1.27			(0.46	)		—
11/30/2012		10.21		0.26		0.84			1.10			(0.34	)		—
11/30/2011		10.48		0.27		(0.13	)		0.14			(0.41	)		—
11/30/2010		9.77		0.29		0.83			1.12			(0.41	)		—
Class R6
3/31/2016+	$	10.85	$	0.08	$	0.29		$	0.37		$	(0.07	)	$	(0.40	)
9/8/2015* - 9/30/2015#		11.01		0.01		(0.13	)		(0.12	)		(0.04	)		—
Administrative Class
3/31/2016+	$	11.25	$	0.09	$	0.28		$	0.37		$	(0.05	)	$	(0.40	)
12/1/2014 - 9/30/2015#		12.47		0.23		(0.89	)		(0.66	)		(0.42	)		(0.14	)
11/30/2014		12.17		0.30		0.27			0.57			(0.27	)		—
11/30/2013		11.30		0.43		0.85			1.28			(0.41	)		—
11/30/2012		10.51		0.26		0.84			1.10			(0.31	)		—
11/30/2011		10.78		0.13		(0.01	)		0.12			(0.39	)		—
11/30/2010		9.83		0.27		0.86			1.13			(0.18	)		—

+ Unaudited

# Fiscal year end changed from November 30th to September 30th.

* Commencement of operations.

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

238 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement (c)			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c)			Ratio of Net Investment Income to Average Net Assets (c)			Portfolio Turnover Rate
$	(0.45	)	$	10.88		3.23	%	$	89,305		0.62	%(d)		1.13	%(d)		1.59	%(d)		30	%
	(0.56	)		10.98		(5.45	)		88,132		0.55	(d)(e)		1.30	(d)(e)		2.52	(d)(e)		113
	(0.27	)		12.18		4.62			65,499		0.40			1.34			2.48			48
	(0.43	)		11.90		11.79			69,565		0.41			1.36			2.68			45
	(0.32	)		11.07		10.64			70,312		0.43			1.38			2.32			57
	(0.39	)		10.30		0.95			73,816		0.47			1.35			2.32			64
	(0.37	)		10.58		11.56			72,415		0.51			1.42			2.58			46
$	(0.43	)	$	11.01		2.83	%	$	50,335		1.38	%(d)		1.90	%(d)		0.85	%(d)		30	%
	(0.47	)		11.13		(6.07	)		51,322		1.29	(d)(e)		2.04	(d)(e)		1.78	(d)(e)		113
	(0.17	)		12.33		3.88			62,275		1.13			2.08			1.78			48
	(0.34	)		12.04		10.81			68,756		1.14			2.10			1.98			45
	(0.24	)		11.19		9.90			71,375		1.18			2.11			1.59			57
	(0.30	)		10.41		0.15			78,367		1.22			2.09			1.64			64
	(0.24	)		10.69		10.65			87,546		1.26			2.16			1.93			46
$	(0.45	)	$	10.82		3.11	%	$	17		0.81	%(d)		1.33	%(d)		1.40	%(d)		30	%
	(0.54	)		10.93		(5.61	)		16		0.72	(d)(e)		1.50	(d)(e)		2.23	(d)(e)		113
	(0.25	)		12.13		4.57			17		0.56			1.53			2.32			48
	(0.41	)		11.84		11.44			17		0.59			1.54			2.42			45
	(0.29	)		11.02		10.44			15		0.67			1.56			2.02			57
	(0.36	)		10.26		0.73			14		0.72			1.59			2.11			64
	(0.35	)		10.54		11.30			13		0.76			1.64			2.38			46
$	(0.46	)	$	10.88		3.33	%	$	2,313		0.32	%(d)		0.83	%(d)		2.04	%(d)		30	%
	(0.59	)		10.98		(5.30	)		2,069		0.33	(d)(e)		1.06	(d)(e)		2.52	(d)(e)		113
	(0.29	)		12.19		4.96			2,139		0.16			1.12			2.68			48
	(0.45	)		11.90		11.92			1,960		0.19			1.13			2.81			45
	(0.31	)		11.07		10.91			1,340		0.25			1.37			2.75			57
	(0.41	)		10.28		1.13			1,996		0.27			1.22			2.52			64
	(0.40	)		10.56		11.77			6,433		0.31			1.39			2.54			46
$	(0.46	)	$	10.76		3.35	%	$	78,858		0.40	%(d)		0.92	%(d)		1.78	%(d)		30	%
	(0.59	)		10.86		(5.34	)		74,024		0.32	(d)(e)		1.07	(d)(e)		2.58	(d)(e)		113
	(0.30	)		12.07		5.01			74,957		0.16			1.11			2.69			48
	(0.46	)		11.78		11.90			68,675		0.16			1.11			2.81			45
	(0.34	)		10.97		11.01			57,357		0.15			1.14			2.47			57
	(0.41	)		10.21		1.31			47,916		0.16			1.12			2.50			64
	(0.41	)		10.48		11.88			37,093		0.21			1.15			2.91			46
$	(0.47	)	$	10.75		3.41	%	$	281,687		0.30	%(d)		0.82	%(d)		1.42	%(d)		30	%
	(0.04	)		10.85		(1.14	)		91,912		0.30	(d)(e)		1.31	(d)(e)		2.07	(d)(e)		113
$	(0.45	)	$	11.17		3.35	%	$	28		0.58	%(d)		1.08	%(d)		1.63	%(d)		30	%
	(0.56	)		11.25		(5.50	)		27		0.57	(d)(e)		1.23	(d)(e)		2.35	(d)(e)		113
	(0.27	)		12.47		4.68			33		0.41			1.27			2.45			48
	(0.41	)		12.17		11.59			24		0.41			1.48			3.73			45
	(0.31	)		11.30		10.70			1,653		0.40			1.42			2.35			57
	(0.39	)		10.51		1.05			1,649		0.41			1.36			1.19			64
	(0.18	)		10.78		11.62			14		0.46			1.37			2.68			46

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

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

(d) Annualized, unless otherwise noted.

(e) Certain expenses incurred by the Fund were not annualized.

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 239

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Global Dynamic Allocation:
Class A
3/31/2016+	$	17.99	$	0.19	$	(0.01	)	$	0.18		$	(0.22	)	$	(0.28	)
12/1/2014 - 9/30/2015#		21.93		0.39		(1.43	)		(1.04	)		(0.81	)		(2.09	)
11/30/2014		24.70		0.44		0.31			0.75			(0.66	)		(2.86	)
11/30/2013		22.04		0.42		3.07			3.49			(0.61	)		(0.22	)
11/30/2012		20.72		0.51		1.71			2.22			(0.59	)		(0.31	)
11/30/2011		22.03		0.45		(0.33	)		0.12			(0.91	)		(0.52	)
11/30/2010		19.96		0.47		2.09			2.56			(0.35	)		(0.14	)
Class C
3/31/2016+	$	17.63	$	0.10	$	0.02		$	0.12		$	—	(f)	$	(0.28	)
12/1/2014 - 9/30/2015#		21.52		0.30		(1.45	)		(1.15	)		(0.65	)		(2.09	)
11/30/2014		24.28		0.25		0.32			0.57			(0.47	)		(2.86	)
11/30/2013		21.71		0.30		2.97			3.27			(0.48	)		(0.22	)
11/30/2012		20.49		0.30		1.74			2.04			(0.51	)		(0.31	)
11/30/2011		21.81		0.24		(0.28	)		(0.04	)		(0.76	)		(0.52	)
11/30/2010		19.87		0.44		1.96			2.40			(0.32	)		(0.14	)
Class R
3/31/2016+	$	17.84	$	0.15	$	0.01		$	0.16		$	(0.12	)	$	(0.28	)
12/1/2014 - 9/30/2015#		21.79		0.36		(1.45	)		(1.09	)		(0.77	)		(2.09	)
11/30/2014		24.62		0.40		0.30			0.70			(0.67	)		(2.86	)
11/30/2013		21.90		0.23		3.20			3.43			(0.49	)		(0.22	)
11/30/2012		20.73		0.39		1.77			2.16			(0.68	)		(0.31	)
11/30/2011		22.01		0.40		(0.34	)		0.06			(0.82	)		(0.52	)
11/30/2010		19.93		0.62		1.91			2.53			(0.31	)		(0.14	)
Class P
3/31/2016+	$	17.97	$	0.19	$	0.01		$	0.20		$	(0.20	)	$	(0.28	)
12/1/2014 - 9/30/2015#		21.94		0.40		(1.42	)		(1.02	)		(0.86	)		(2.09	)
11/30/2014		24.71		0.46		0.33			0.79			(0.70	)		(2.86	)
11/30/2013		22.08		0.38		3.14			3.52			(0.67	)		(0.22	)
11/30/2012		20.85		0.49		1.77			2.26			(0.72	)		(0.31	)
11/30/2011		22.12		0.63		(0.48	)		0.15			(0.90	)		(0.52	)
11/30/2010		19.99		0.71		1.91			2.62			(0.35	)		(0.14	)

+ Unaudited

# Fiscal year end changed from November 30th to September 30th.

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

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

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

(d) Annualized, unless otherwise noted.

(e) Certain expenses incurred by the Fund were not annualized.

(f) Less than $(0.01) per share.

240 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement (c)			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement  (c)			Ratio of Net Investment Income to Average Net Assets (c)			Portfolio Turnover Rate
$	(0.50	)	$	17.67		0.98	%	$	5,369		0.76	%(d)		1.99	%(d)		2.16	%(d)		14	%
	(2.90	)		17.99		(5.30	)		1,324		0.63	(d)(e)		4.38	(d)(e)		2.46	(d)(e)		121
	(3.52	)		21.93		3.40			1,042		0.40			4.53			2.00			62
	(0.83	)		24.70		16.42			1,344		0.40			3.84			1.82			101
	(0.90	)		22.04		11.17			841		0.41			4.12			2.40			51
	(1.43	)		20.72		0.17			1,283		0.47			3.23			2.02			85
	(0.49	)		22.03		13.08			815		0.54			5.64			2.29			66
$	(0.28	)	$	17.47		0.67	%	$	1,226		1.49	%(d)		2.96	%(d)		1.13	%(d)		14	%
	(2.74	)		17.63		(5.95	)		1,194		1.37	(d)(e)		5.05	(d)(e)		1.90	(d)(e)		121
	(3.33	)		21.52		2.57			1,346		1.18			5.31			1.16			62
	(0.70	)		24.28		15.52			1,455		1.18			4.53			1.33			101
	(0.82	)		21.71		10.34			1,277		1.18			4.65			1.44			51
	(1.28	)		20.49		(0.53	)		1,241		1.20			4.46			1.13			85
	(0.46	)		21.81		12.34			497		1.29			6.28			2.18			66
$	(0.40	)	$	17.60		0.89	%	$	164		1.01	%(d)		2.57	%(d)		1.68	%(d)		14	%
	(2.86	)		17.84		(5.55	)		152		0.87	(d)(e)		4.80	(d)(e)		2.27	(d)(e)		121
	(3.53	)		21.79		3.17			145		0.63			4.99			1.79			62
	(0.71	)		24.62		16.13			111		0.63			4.28			1.00			101
	(0.99	)		21.90		10.89			38		0.65			4.16			1.87			51
	(1.34	)		20.73		(0.08	)		36		0.71			3.90			1.84			85
	(0.45	)		22.01		12.91			15		0.79			5.61			3.04			66
$	(0.48	)	$	17.69		1.06	%	$	209		0.61	%(d)		1.92	%(d)		2.15	%(d)		14	%
	(2.95	)		17.97		(5.19	)		53		0.47	(d)(e)		4.07	(d)(e)		2.53	(d)(e)		121
	(3.56	)		21.94		3.57			43		0.23			4.40			2.06			62
	(0.89	)		24.71		16.62			41		0.23			3.76			1.65			101
	(1.03	)		22.08		11.35			17		0.23			3.67			2.32			51
	(1.42	)		20.85		0.34			15		0.27			3.26			2.84			85
	(0.49	)		22.12		13.38			15		0.34			5.21			3.48			66

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 241

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Global Dynamic Allocation (cont’d)
Institutional Class
3/31/2016+	$	18.02	$	0.21	$	(0.01	)	$	0.20		$	(0.25	)	$	(0.28	)
12/1/2014 - 9/30/2015#		22.00		0.36		(1.37	)		(1.01	)		(0.88	)		(2.09	)
11/30/2014		24.74		0.48		0.34			0.82			(0.70	)		(2.86	)
11/30/2013		22.10		0.56		2.99			3.55			(0.69	)		(0.22	)
11/30/2012		20.87		0.51		1.78			2.29			(0.75	)		(0.31	)
11/30/2011		22.14		0.65		(0.48	)		0.17			(0.92	)		(0.52	)
11/30/2010		20.00		0.73		1.91			2.64			(0.36	)		(0.14	)
Class R6
2/1/2016* - 3/31/2016+	$	17.30	$	0.03	$	0.36		$	0.39		$	—		$	—
Administrative Class
3/31/2016+	$	17.93	$	0.17	$	0.01		$	0.18		$	(0.14	)	$	(0.28	)
12/1/2014 - 9/30/2015#		21.90		0.42		(1.46	)		(1.04	)		(0.84	)		(2.09	)
11/30/2014		24.67		0.42		0.33			0.75			(0.66	)		(2.86	)
11/30/2013		22.04		0.48		3.01			3.49			(0.64	)		(0.22	)
11/30/2012		20.81		0.46		1.77			2.23			(0.69	)		(0.31	)
11/30/2011		22.08		0.59		(0.47	)		0.12			(0.87	)		(0.52	)
11/30/2010		19.97		0.68		1.90			2.58			(0.33	)		(0.14	)

+ Unaudited

# Fiscal year end changed from November 30th to September 30th.

* Commencement of operations.

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

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

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

(d) Annualized, unless otherwise noted.

(e) Certain expenses incurred by the Fund were not annualized.

(f) Less than $(0.01) per share.

242 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement (c)			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c)			Ratio of Net Investment Income to Average Net Assets (c)			Portfolio Turnover Rate
$	(0.53	)	$	17.69		1.09	%	$	29,583		0.51	%(d)		2.14	%(d)		2.37	%(d)		14	%
	(2.97	)		18.02		(5.12	)		4,714		0.39	(d)(e)		4.10	(d)(e)		2.27	(d)(e)		121
	(3.56	)		22.00		3.69			3,401		0.13			4.30			2.16			62
	(0.91	)		24.74		16.71			3,296		0.13			3.48			2.43			101
	(1.06	)		22.10		11.51			5,008		0.13			3.84			2.42			51
	(1.44	)		20.87		0.43			4,483		0.17			3.16			2.95			85
	(0.50	)		22.14		13.49			4,484		0.24			5.11			3.58			66
$	—		$	17.69		2.25	%	$	10		0.36	%(d)		1.51	%(d)		1.02	%(d)		14	%
$	(0.42	)	$	17.69		0.96	%	$	19		0.76	%(d)		2.17	%(d)		1.92	%(d)		14	%
	(2.93	)		17.93		(5.29	)		19		0.61	(d)(e)		4.29	(d)(e)		2.64	(d)(e)		121
	(3.52	)		21.90		3.38			26		0.38			4.55			1.90			62
	(0.86	)		24.67		16.48			20		0.38			3.79			2.09			101
	(1.00	)		22.04		11.20			17		0.38			3.82			2.17			51
	(1.39	)		20.81		0.20			15		0.42			3.41			2.69			85
	(0.47	)		22.08		13.20			15		0.49			5.36			3.33			66

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 243

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income
AllianzGI Global Megatrends:
Class A
3/31/2016+	$	13.84	$	0.04		$	0.32		$	0.36		$	(0.28	)
2/2/2015* - 9/30/2015#		15.00		(0.02	)		(1.14	)		(1.16	)		—
Class P
3/31/2016+	$	13.86	$	0.06		$	0.32		$	0.38		$	(0.30	)
2/2/2015* - 9/30/2015#		15.00		—			(1.14	)		(1.14	)		—
Institutional Class
3/31/2016+	$	13.87	$	0.06		$	0.32		$	0.38		$	(0.30	)
2/2/2015* - 9/30/2015#		15.00		0.01			(1.14	)		(1.13	)		—

+ Unaudited

* Commencement of operations.

# Fiscal year end changed from November 30th to September 30th.

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

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

(c) Annualized, unless otherwise noted.

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

(e) Certain expenses incurred by the Fund were not annualized.

(f) See Note 6 in the Notes to Financial Statements.

244 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
$	13.92		2.54	%	$	11		0.13	%(c)(d)(e)		5.62	%(c)(d)(e)		0.53	%(c)(d)(e)		5	%
	13.84		(7.73	)		9		0.15	(c)(d)(e)		6.65	(c)(d)(e)		(0.15	)(c)(d)(e)		—
$	13.94		2.66	%	$	10		—	%(c)(d)(e)(f)		5.46	%(c)(d)(e)		0.86	%(c)(d)(e)		5	%
	13.86		(7.60	)		27		—	(c)(d)(e)		6.86	(c)(d)(e)		—	(c)(d)(e)		—
$	13.95		2.66	%	$	2,851		—	%(c)(d)(e)(f)		5.41	%(c)(d)(e)		0.83	%(c)(d)(e)		5	%
	13.87		(7.53	)		2,776		—	(c)(d)(e)(f)		6.40	(c)(d)(e)		0.10	(c)(d)(e)		—

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 245

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Best Styles Emerging Markets Equity:
Class P
3/31/2016+	$	12.75	$	0.03	$	0.66		$	0.69		$	(0.17	)	$	(0.26	)
12/9/2014* - 9/30/2015#		15.00		0.34		(2.59	)		(2.25	)		—	(f)		—
Institutional Class
3/31/2016+	$	12.76	$	0.04	$	0.65		$	0.69		$	(0.19	)	$	(0.26	)
12/9/2014* - 9/30/2015#		15.00		0.36		(2.60	)		(2.24	)		—	(f)		—
Class R6
3/31/2016+	$	12.77	$	0.05	$	0.65		$	0.70		$	(0.24	)	$	(0.26	)
12/9/2014* - 9/30/2015#		15.00		0.37		(2.60	)		(2.23	)		—	(f)		—
AllianzGI Best Styles Global Equity:
Class A
3/31/2016+	$	14.60	$	0.10	$	0.52		$	0.62		$	(0.15	)	$	—
12/1/2014 - 9/30/2015#		16.57		0.52		(1.65	)		(1.13	)		(0.43	)		(0.41	)
9/2/2014* - 11/30/2014		16.51		0.05		0.01			0.06			—			—
Class P
3/31/2016+	$	14.68	$	0.12	$	0.52		$	0.64		$	(0.10	)	$	—
12/22/2014* - 9/30/2015#		15.68		0.27		(1.27	)		(1.00	)		—	(f)		—	(f)
Institutional Class
3/31/2016+	$	14.63	$	0.12	$	0.53		$	0.65		$	(0.16	)	$	—
12/1/2014 - 9/30/2015#		16.58		0.28		(1.38	)		(1.10	)		(0.44	)		(0.41	)
9/2/2014* - 11/30/2014		16.51		0.06		0.01			0.07			—			—
Class R6
3/31/2016+	$	14.70	$	0.14	$	0.51		$	0.65		$	(0.15	)	$	—
12/1/2014 - 9/30/2015#		16.58		0.31		(1.40	)		(1.09	)		(0.38	)		(0.41	)
12/2/2013* - 11/30/2014		15.00		0.38		1.20			1.58			—			—

+ Unaudited

# Fiscal year end changed from November 30th to September 30th.

* Commencement of operations.

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

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

(c) Annualized, unless otherwise noted.

(d) Certain expenses incurred by the Fund were not annualized.

(e) Payments from Affiliates increased net asset value and total return by less than $0.01 and 0.01%, respectively.

(f) Less than $(0.01) per share.

246 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period			Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
$	(0.43	)	$	13.01	(e)		5.57	%(e)	$	9		0.80	%(c)(d)		3.62	%(c)(d)		0.52	%(c)(d)		46	%
	—	(f)		12.75			(14.98	)		8		0.80	(c)(d)		5.81	(c)(d)		2.88	(c)(d)		29
$	(0.45	)	$	13.00	(e)		5.65	%(e)	$	9		0.70	%(c)(d)		3.62	%(c)(d)		0.70	%(c)(d)		46	%
	—	(f)		12.76			(14.91	)		9		0.70	(c)(d)		5.82	(c)(d)		2.98	(c)(d)		29
$	(0.50	)	$	12.97	(e)		5.68	%(e)	$	9,511		0.60	%(c)(d)		3.56	%(c)(d)		0.84	%(c)(d)		46	%
	—	(f)		12.77			(14.84	)		4,745		0.60	(c)(d)		5.79	(c)(d)		3.13	(c)(d)		29
$	(0.15	)	$	15.07			4.28	%	$	35,659		0.75	%(c)		0.75	%(c)		1.37	%(c)		39	%
	(0.84	)		14.60			(7.13	)		32,383		0.75	(c)(d)		1.22	(c)(d)		4.64	(c)(d)		35
	—			16.57			0.36			10		0.75	(c)		2.53	(c)		1.31	(c)		76
$	(0.10	)	$	15.22			4.37	%	$	3,280		0.60	%(c)		0.63	%(c)		1.59	%(c)		39	%
	—	(f)		14.68			(6.35	)		4,069		0.61	(c)(d)		0.69	(c)(d)		2.20	(c)(d)		35
$	(0.16	)	$	15.12			4.44	%	$	748		0.50	%(c)		0.50	%(c)		1.70	%(c)		39	%
	(0.85	)		14.63			(6.92	)		366		0.51	(c)(d)		0.68	(c)(d)		2.17	(c)(d)		35
	—			16.58			0.42			10		0.50	(c)		2.27	(c)		1.56	(c)		76
$	(0.15	)	$	15.20			4.43	%	$	534,727		0.40	%(c)		0.47	%(c)		1.91	%(c)		39	%
	(0.79	)		14.70			(6.83	)		250,203		0.40	(c)(d)		0.70	(c)(d)		2.39	(c)(d)		35
	—			16.58			10.53			33,422		0.40	(c)		1.80	(c)		2.40	(c)		76

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 247

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Best Styles International Equity:
Class P
3/31/2016+	$	13.83	$	0.12	$	0.18		$	0.30		$	(0.12	)	$	(0.13	)
12/9/2014* - 9/30/2015#		15.00		0.37		(1.53	)		(1.16	)		(0.01	)		—
Institutional Class
3/31/2016+	$	13.84	$	0.17	$	0.13		$	0.30		$	(0.13	)	$	(0.13	)
12/9/2014* - 9/30/2015#		15.00		0.38		(1.53	)		(1.15	)		(0.01	)		—
Class R6
3/31/2016+	$	13.85	$	0.15	$	0.17		$	0.32		$	(0.18	)	$	(0.13	)
12/9/2014* - 9/30/2015#		15.00		0.40		(1.54	)		(1.14	)		(0.01	)		—
AllianzGI Best Styles U.S. Equity:
Class P
3/31/2016+	$	14.19	$	0.12	$	0.71		$	0.83		$	(0.22	)	$	(0.05	)
12/1/2014* - 9/30/2015#		15.00		0.18		(0.97	)		(0.79	)		(0.02	)		—
Institutional Class
3/31/2016+	$	14.20	$	0.12	$	0.73		$	0.85		$	(0.23	)	$	(0.05	)
12/1/2014* - 9/30/2015#		15.00		0.18		(0.96	)		(0.78	)		(0.02	)		—
Class R6
3/31/2016+	$	14.21	$	0.13	$	0.73		$	0.86		$	(0.21	)	$	(0.05	)
12/1/2014* - 9/30/2015#		15.00		0.20		(0.97	)		(0.77	)		(0.02	)		—

+ Unaudited

# Fiscal year end changed from November 30th to September 30th.

* Commencement of operations.

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

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

(c) Annualized, unless otherwise noted.

(d) Certain expenses incurred by the Fund were not annualized.

248 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
$	(0.25	)	$	13.88		2.15	%	$	9		0.65	%(c)(d)		0.97	%(c)(d)		1.78	%(c)(d)		88	%
	(0.01	)		13.83		(7.74	)		9		0.65	(c)(d)		2.06	(c)(d)		2.99	(c)(d)		29
$	(0.26	)	$	13.88		2.16	%	$	35		0.55	%(c)(d)		1.06	%(c)(d)		2.49	%(c)(d)		88	%
	(0.01	)		13.84		(7.66	)		9		0.55	(c)(d)		2.06	(c)(d)		3.09	(c)(d)		29
$	(0.31	)	$	13.86		2.23	%	$	82,775		0.45	%(c)(d)		1.00	%(c)(d)		2.17	%(c)(d)		88	%
	(0.01	)		13.85		(7.59	)		56,210		0.45	(c)(d)		1.62	(c)(d)		3.31	(c)(d)		29
$	(0.27	)	$	14.75		5.85	%	$	76		0.60	%(c)(d)		0.71	%(c)(d)		1.69	%(c)(d)		41	%
	(0.02	)		14.19		(5.27	)		25		0.60	(c)(d)		1.32	(c)(d)		1.40	(c)(d)		51
$	(0.28	)	$	14.77		6.03	%	$	2,070		0.50	%(c)(d)		0.61	%(c)(d)		1.70	%(c)(d)		41	%
	(0.02	)		14.20		(5.20	)		1,771		0.50	(c)(d)		1.45	(c)(d)		1.51	(c)(d)		51
$	(0.26	)	$	14.81		6.07	%	$	90,313		0.40	%(c)(d)		0.61	%(c)(d)		1.77	%(c)(d)		41	%
	(0.02	)		14.21		(5.12	)		86,456		0.40	(c)(d)		0.74	(c)(d)		1.63	(c)(d)		51

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 249

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI China Equity:
Class A
3/31/2016+	$	15.29	$	(0.11	)	$	0.03		$	(0.08	)	$	(0.48	)	$	—
12/1/2014 - 9/30/2015#		17.31		0.68			(1.80	)		(1.12	)		(0.53	)		(0.37	)
11/30/2014		16.85		0.20			0.38			0.58			(0.12	)		—
11/30/2013		14.78		0.15			2.13			2.28			(0.21	)		—
11/30/2012		15.01		0.16			0.91			1.07			(0.10	)		(1.20	)
11/30/2011		19.81		0.60			(4.58	)		(3.98	)		—(f	)		(0.82	)
6/7/2010* - 11/30/2010		15.00		(0.09	)		4.90			4.81			—			—
Class C
3/31/2016+	$	15.54	$	(0.18	)	$	0.03		$	(0.15	)	$	(0.38	)	$	—
12/1/2014 - 9/30/2015#		17.22		0.20			(1.43	)		(1.23	)		(0.08	)		(0.37	)
11/30/2014		16.78		(0.02	)		0.46			0.44			—(f	)		—
11/30/2013		14.63		(0.03	)		2.18			2.15			—(f	)		—
11/30/2012		14.88		0.06			0.89			0.95			—(f	)		(1.20	)
11/30/2011		19.78		(0.10	)		(3.98	)		(4.08	)		—(f	)		(0.82	)
6/7/2010* - 11/30/2010		15.00		(0.17	)		4.95			4.78			—			—
Class P
3/31/2016+	$	16.06	$	(0.11	)	$	0.03		$	(0.08	)	$	(0.14	)	$	—
12/1/2014 - 9/30/2015#		17.58		0.61			(1.76	)		(1.15	)		—(f	)		(0.37	)
11/30/2014		16.99		0.19			0.43			0.62			(0.03	)		—
11/30/2013		14.78		0.23			2.11			2.34			(0.13	)		—
11/30/2012		15.10		0.01			1.08			1.09			(0.21	)		(1.20	)
11/30/2011		19.87		0.12			(4.06	)		(3.94	)		(0.01	)		(0.82	)
6/7/2010* - 11/30/2010		15.00		(0.02	)		4.89			4.87			—			—
Institutional Class
3/31/2016+	$	15.42	$	(0.10	)	$	0.03		$	(0.07	)	$	(0.52	)	$	—
12/1/2014 - 9/30/2015#		17.30		0.20			(1.31	)		(1.11	)		(0.40	)		(0.37	)
11/30/2014		16.82		0.22			0.39			0.61			(0.13	)		—
11/30/2013		14.81		0.20			2.13			2.33			(0.32	)		—
11/30/2012		15.12		0.20			0.90			1.10			(0.21	)		(1.20	)
11/30/2011		19.88		0.18			(4.10	)		(3.92	)		(0.02	)		(0.82	)
6/7/2010* - 11/30/2010		15.00		(0.01	)		4.89			4.88			—			—

+ Unaudited

# Fiscal year end changed from November 30th to September 30th.

* Commencement of operations.

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

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

(c) Annualized, unless otherwise noted.

(d) Certain expenses incurred by the Fund were not annualized.

(e) Payments from Affiliates increased the net asset value and the total return by $0.12 and 0.82%, respectively.

(f) Less than $(0.01) per share.

250 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period			Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
$	(0.48	)	$	14.73			(0.60	)%	$	1,468		1.70	%(c)		6.49	%(c)		(1.54	)%(c)		30	%
	(0.90	)		15.29			(6.91	)		872		1.70	(c)(d)		4.67	(c)(d)		4.23	(c)(d)		130
	(0.12	)		17.31			3.47			367		1.70			5.73			1.21			123
	(0.21	)		16.85	(e)		15.58	(e)		137		1.73			5.88			0.96			36
	(1.30	)		14.78			8.35			137		1.72			6.54			1.15			36
	(0.82	)		15.01			(20.45	)		191		1.73			5.29			3.25			132
	—			19.81			32.07			239		1.90	(c)		8.21	(c)		(0.99	)(c)		21
$	(0.38	)	$	15.01			(1.02	)%	$	46		2.45	%(c)		7.52	%(c)		(2.27	)%(c)		30	%
	(0.45	)		15.54			(7.47	)		111		2.45	(c)(d)		6.60	(c)(d)		1.30	(c)(d)		130
	—	(f)		17.22			2.63			27		2.50			6.92			(0.10	)		123
	—	(f)		16.78	(e)		14.70	(e)		52		2.56			6.59			(0.20	)		36
	(1.20	)		14.63			7.49			55		2.52			8.46			0.43			36
	(0.82	)		14.88			(21.02	)		108		2.56			6.74			(0.56	)		132
	—			19.78			31.87			387		2.65	(c)		8.88	(c)		(1.88	)(c)		21
$	(0.14	)	$	15.84			(0.53	)%	$	13		1.51	%(c)		6.46	%(c)		(1.38	)%(c)		30	%
	(0.37	)		16.06			(6.80	)		16		1.51	(c)(d)		4.22	(c)(d)		3.64	(c)(d)		130
	(0.03	)		17.58			3.62			38		1.51			4.74			1.07			123
	(0.13	)		16.99	(e)		15.93	(e)		13		1.51			5.73			1.53			36
	(1.41	)		14.78			8.51			25		1.50			5.74			0.08			36
	(0.83	)		15.10			(20.18	)		124		1.51			8.18			0.79			132
	—			19.87			32.47			13		1.65	(c)		8.13	(c)		(0.19	)(c)		21
$	(0.52	)	$	14.83			(0.53	)%	$	3,006		1.45	%(c)		6.37	%(c)		(1.29	)%(c)		30	%
	(0.77	)		15.42			(6.72	)		3,115		1.45	(c)(d)		4.99	(c)(d)		1.32	(c)(d)		130
	(0.13	)		17.30			3.68			4,226		1.45			5.93			1.37			123
	(0.32	)		16.82	(e)		15.99	(e)		4,076		1.45			5.69			1.31			36
	(1.41	)		14.81			8.64			3,490		1.43			6.19			1.41			36
	(0.84	)		15.12			(20.11	)		3,216		1.45			5.96			1.04			132
	—			19.88			32.53			3,923		1.55	(c)		8.01	(c)		(0.08	)(c)		21

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 251

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Convertible:
Class A
3/31/2016+	$	32.13	$	0.30	$	(0.71	)	$	(0.41	)	$	(0.27	)	$	(2.50	)
12/1/2014 - 9/30/2015#		36.54		0.31		(1.88	)		(1.57	)		(0.55	)		(2.29	)
11/30/2014		34.91		0.39		2.81			3.20			(0.73	)		(0.84	)
11/30/2013		28.27		0.54		6.59			7.13			(0.49	)		—
11/30/2012		28.11		0.53		1.95			2.48			(0.75	)		(1.57	)
11/30/2011		28.21		0.55		0.01			0.56			(0.66	)		—
4/12/2010* - 11/30/2010		26.22		0.38		1.82			2.20			(0.21	)		—
Class C
3/31/2016+	$	32.20	$	0.20	$	(0.72	)	$	(0.52	)	$	(0.08	)	$	(2.50	)
12/1/2014 - 9/30/2015#		36.55		0.10		(1.88	)		(1.78	)		(0.28	)		(2.29	)
11/30/2014		34.93		0.13		2.80			2.93			(0.47	)		(0.84	)
11/30/2013		28.30		0.30		6.60			6.90			(0.27	)		—
11/30/2012		28.15		0.32		1.96			2.28			(0.56	)		(1.57	)
11/30/2011		28.30		0.34		0.03			0.37			(0.52	)		—
4/12/2010* - 11/30/2010		26.22		0.24		1.84			2.08			—	(f)		—
Class R
3/31/2016+	$	32.08	$	0.25	$	(0.71	)	$	(0.46	)	$	(0.22	)	$	(2.50	)
12/1/2014 - 9/30/2015#		36.45		0.20		(1.87	)		(1.67	)		(0.41	)		(2.29	)
11/30/2014		34.87		0.26		2.81			3.07			(0.65	)		(0.84	)
11/30/2013		28.20		0.34		6.61			6.95			(0.28	)		—
11/30/2012		28.08		0.43		1.95			2.38			(0.69	)		(1.57	)
11/30/2011		28.17		0.48		0.02			0.50			(0.59	)		—
4/12/2010* - 11/30/2010		26.22		0.33		1.82			2.15			(0.20	)		—
Class P
3/31/2016+	$	32.07	$	0.34	$	(0.70	)	$	(0.36	)	$	(0.42	)	$	(2.50	)
12/1/2014 - 9/30/2015#		36.47		0.39		(1.87	)		(1.48	)		(0.63	)		(2.29	)
11/30/2014		34.84		0.47		2.80			3.27			(0.80	)		(0.84	)
11/30/2013		28.20		0.63		6.55			7.18			(0.54	)		—
11/30/2012		28.04		0.58		1.94			2.52			(0.79	)		(1.57	)
11/30/2011		28.12		0.60		0.01			0.61			(0.69	)		—
6/7/2010* - 11/30/2010		24.02		0.27		4.11			4.38			(0.28	)		—
Institutional Class
3/31/2016+	$	32.02	$	0.35	$	(0.70	)	$	(0.35	)	$	(0.45	)	$	(2.50	)
12/1/2014 - 9/30/2015#		36.42		0.40		(1.86	)		(1.46	)		(0.65	)		(2.29	)
11/30/2014		34.80		0.50		2.79			3.29			(0.83	)		(0.84	)
11/30/2013		28.16		0.61		6.59			7.20			(0.56	)		—
11/30/2012		28.00		0.62		1.94			2.56			(0.83	)		(1.57	)
11/30/2011		28.08		0.63		0.01			0.64			(0.72	)		—
11/30/2010		23.92		0.62		4.20			4.82			(0.66	)		—
Administrative Class
3/31/2016+	$	32.14	$	0.32	$	(0.71	)	$	(0.39	)	$	(0.35	)	$	(2.50	)
12/1/2014 - 9/30/2015#		36.54		0.33		(1.88	)		(1.55	)		(0.56	)		(2.29	)
11/30/2014		34.84		0.43		2.79			3.22			(0.68	)		(0.84	)
11/30/2013		28.20		0.53		6.59			7.12			(0.48	)		—
11/30/2012		28.04		0.55		1.94			2.49			(0.76	)		(1.57	)
11/30/2011		28.14		0.55		0.01			0.56			(0.66	)		—
4/12/2010* - 11/30/2010		26.22		0.37		1.83			2.20			(0.28	)		—

+ Unaudited

# Fiscal year end changed from November 30th to September 30th.

* Commencement of operations.

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

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

252 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period			Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
$	(2.77	)	$	28.95			(1.54	)%	$	331,496		1.01	%(c)		1.01	%(c)		1.97	%(c)		36	%
	(2.84	)		32.13			(4.56	)		465,080		0.98	(c)(d)		0.98	(c)(d)		1.08	(c)(d)		73
	(1.57	)		36.54	(e)		9.47	(e)		483,863		0.97			0.97			1.09			94
	(0.49	)		34.91			25.49			319,778		0.96			0.96			1.67			81
	(2.32	)		28.27			9.64			94,347		1.01			1.01			1.91			108
	(0.66	)		28.11			1.95			64,857		0.97			0.97			1.89			129
	(0.21	)		28.21			8.46			10,500		0.96	(c)		0.97	(c)		2.25	(c)		116
$	(2.58	)	$	29.10			(1.90	)%	$	81,298		1.71	%(c)		1.71	%(c)		1.28	%(c)		36	%
	(2.57	)		32.20			(5.11	)		101,326		1.71	(c)(d)		1.71	(c)(d)		0.34	(c)(d)		73
	(1.31	)		36.55	(e)		8.66	(e)		127,201		1.70			1.70			0.36			94
	(0.27	)		34.93			24.55			113,799		1.70			1.70			0.94			81
	(2.13	)		28.30			8.81			36,917		1.76			1.76			1.16			108
	(0.52	)		28.15			1.26			27,465		1.74			1.74			1.17			129
	—	(f)		28.30			7.94			227		1.77	(c)		1.77	(c)		1.40	(c)		116
$	(2.72	)	$	28.90			(1.73	)%	$	1,444		1.39	%(c)		1.39	%(c)		1.63	%(c)		36	%
	(2.70	)		32.08			(4.82	)		1,592		1.36	(c)(d)		1.36	(c)(d)		0.70	(c)(d)		73
	(1.49	)		36.45	(e)		9.10	(e)		1,440		1.30			1.30			0.74			94
	(0.28	)		34.87			24.86			394		1.51			1.51			1.06			81
	(2.26	)		28.20			9.25			210		1.36			1.36			1.58			108
	(0.59	)		28.08			1.76			37		1.22			1.22			1.67			129
	(0.20	)		28.17			8.29			11		1.25	(c)		1.26	(c)		1.97	(c)		116
$	(2.92	)	$	28.79			(1.42	)%	$	114,593		0.72	%(c)		0.72	%(c)		2.26	%(c)		36	%
	(2.92	)		32.07			(4.32	)		160,998		0.69	(c)(d)		0.69	(c)(d)		1.36	(c)(d)		73
	(1.64	)		36.47	(e)		9.71	(e)		224,860		0.74			0.74			1.32			94
	(0.54	)		34.84			25.76			251,377		0.75			0.75			1.96			81
	(2.36	)		28.20			9.84			53,368		0.80			0.86			2.12			108
	(0.69	)		28.04			2.14			37,551		0.80			0.83			2.07			129
	(0.28	)		28.12			18.34			21,417		0.84	(c)		0.87	(c)		2.35	(c)		116
$	(2.95	)	$	28.72			(1.39	)%	$	1,251,977		0.67	%(c)		0.67	%(c)		2.33	%(c)		36	%
	(2.94	)		32.02			(4.27	)		1,428,098		0.66	(c)(d)		0.66	(c)(d)		1.40	(c)(d)		73
	(1.67	)		36.42	(e)		9.79	(e)		1,781,193		0.65			0.65			1.41			94
	(0.56	)		34.80			25.88			1,583,824		0.65			0.65			1.93			81
	(2.40	)		28.16			10.00			804,646		0.67			0.67			2.26			108
	(0.72	)		28.00			2.24			521,854		0.70			0.70			2.16			129
	(0.66	)		28.08			20.46			471,226		0.77			0.80			2.42			116
$	(2.85	)	$	28.90			(1.49	)%	$	1,530		0.90	%(c)		0.90	%(c)		2.08	%(c)		36	%
	(2.85	)		32.14			(4.49	)		1,998		0.89	(c)(d)		0.89	(c)(d)		1.15	(c)(d)		73
	(1.52	)		36.54	(e)		9.57	(e)		3,783		0.89			0.89			1.22			94
	(0.48	)		34.84			25.55			12,951		0.90			0.90			1.65			81
	(2.33	)		28.20			9.70			2,199		0.92			0.92			2.00			108
	(0.66	)		28.04			2.00			1,352		0.97			0.97			1.90			129
	(0.28	)		28.14			8.45			11		0.98	(c)		0.99	(c)		2.23	(c)		116

(c) Annualized, unless otherwise noted.

(d) Certain expenses incurred by the Fund were not annualized.

(e) Payments from Affiliates increased net asset value and total return by less than $0.01 and 0.01%, respectively.

(f) Less than $(0.01) per share.

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 253

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain  (Loss)			Total from Investment Operations			Dividends from Net Investment Income
AllianzGI Emerging Markets Consumer:
Class A
3/31/2016+	$	12.24	$	0.01	$	(0.06	)	$	(0.05	)	$	(0.06	)
12/1/2014* - 9/30/2015#		15.00		0.13		(2.89	)		(2.76	)		—
Institutional Class
3/31/2016+	$	12.28	$	0.03	$	(0.07	)	$	(0.04	)	$	(0.07	)
12/1/2014* - 9/30/2015#		15.00		0.13		(2.85	)		(2.72	)		—
AllianzGI Emerging Markets Debt:
Class A
3/31/2016+	$	13.51	$	0.27	$	0.42		$	0.69		$	(0.32	)
12/1/2014 - 9/30/2015#		14.92		0.47		(1.35	)		(0.88	)		(0.53	)
9/15/2014* - 11/30/2014		15.00		0.11		(0.19	)		(0.08	)		—
Class C
3/31/2016+	$	13.51	$	0.23	$	0.42		$	0.65		$	(0.21	)
12/1/2014 - 9/30/2015#		14.90		0.39		(1.36	)		(0.97	)		(0.42	)
9/15/2014* - 11/30/2014		15.00		0.09		(0.19	)		(0.10	)		—
Class P
3/31/2016+	$	13.51	$	0.31	$	0.39		$	0.70		$	(0.32	)
12/1/2014 - 9/30/2015#		14.92		0.49		(1.34	)		(0.85	)		(0.56	)
9/15/2014* - 11/30/2014		15.00		0.12		(0.20	)		(0.08	)		—
Institutional Class
3/31/2016+	$	13.51	$	0.32	$	0.38		$	0.70		$	(0.34	)
12/1/2014 - 9/30/2015#		14.93		0.50		(1.35	)		(0.85	)		(0.57	)
9/15/2014* - 11/30/2014		15.00		0.12		(0.19	)		(0.07	)		—

+ Unaudited

* Commencement of operations.

# Fiscal year end changed from November 30th to September 30th.

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

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

(c) Annualized, unless otherwise noted.

(d) Certain expenses incurred by the Fund were not annualized.

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

254 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
$	12.13		(0.40	)%	$	37		1.62	%(c)(d)(e)		7.47	%(c)(d)(e)		0.14	%(c)(d)(e)		43	%
	12.24		(18.40	)		37		1.65	(c)(d)		9.30	(c)(d)		1.15	(c)(d)		77
$	12.17		(0.31	)%	$	34,704		1.26	%(c)(d)(e)		2.44	%(c)(d)(e)		0.56	%(c)(d)(e)		43	%
	12.28		(18.13	)		15,591		1.30	(c)(d)		3.55	(c)(d)		1.14	(c)(d)		77
$	13.88		5.20	%	$	159		1.21	%(c)		1.70	%(c)		4.06	%(c)		70	%
	13.51		(6.00	)		9		1.23	(c)(d)		2.32	(c)(d)		3.97	(c)(d)		125
	14.92		(0.53	)		10		1.20	(c)		2.51	(c)		3.65	(c)		27
$	13.95		4.83	%	$	60		1.96	%(c)		2.47	%(c)		3.38	%(c)		70	%
	13.51		(6.61	)		9		1.98	(c)(d)		3.06	(c)(d)		3.23	(c)(d)		125
	14.90		(0.67	)		10		1.95	(c)		3.25	(c)		2.90	(c)		27
$	13.89		5.27	%	$	10		1.06	%(c)		1.54	%(c)		4.59	%(c)		70	%
	13.51		(5.86	)		10		1.08	(c)(d)		2.06	(c)(d)		4.12	(c)(d)		125
	14.92		(0.53	)		10		1.05	(c)		2.25	(c)		3.80	(c)		27
$	13.87		5.29	%	$	42,477		0.95	%(c)		1.56	%(c)		4.69	%(c)		70	%
	13.51		(5.82	)		28,557		0.97	(c)(d)		2.07	(c)(d)		4.22	(c)(d)		125
	14.93		(0.47	)		29,856		0.95	(c)		2.28	(c)		3.91	(c)		27

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 255

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income
AllianzGI Emerging Markets Small-Cap:
Class A
3/31/2016+	$	14.04	$	(0.02	)	$	0.27		$	0.25		$	(0.21	)
12/1/2014* - 9/30/2015#		15.00		0.26			(1.22	)		(0.96	)		—	(c)
Institutional Class
3/31/2016+	$	14.08	$	—	(c)	$	0.27		$	0.27		$	(0.14	)
12/1/2014* - 9/30/2015#		15.00		0.22			(1.14	)		(0.92	)		—	(c)
AllianzGI Europe Equity Dividend:
Class A
3/31/2016+	$	13.59	$	0.17		$	0.59		$	0.76		$	(0.15	)
2/2/2015* - 9/30/2015#		15.00		0.37			(1.78	)		(1.41	)		—
Class C
3/31/2016+	$	13.52	$	0.13		$	0.58		$	0.71		$	(0.11	)
2/2/2015* - 9/30/2015#		15.00		0.28			(1.76	)		(1.48	)		—
Class P
3/31/2016+	$	13.60	$	0.15		$	0.62		$	0.77		$	(0.12	)
2/2/2015* - 9/30/2015#		15.00		0.40			(1.80	)		(1.40	)		—
Institutional Class
3/31/2016+	$	13.61	$	0.19		$	0.59		$	0.78		$	(0.16	)
2/2/2015* - 9/30/2015#		15.00		0.39			(1.78	)		(1.39	)		—

+ Unaudited

# Fiscal year end changed from November 30th to September 30th.

* Commencement of operations.

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

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

(c) Less than $(0.01) per share.

(d) Annualized, unless otherwise noted.

(e) Certain expenses incurred by the Fund were not annualized.

256 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
$	14.08		1.80	%	$	917		1.85	%(d)(e)		5.34	%(d)(e)		(0.28	)%(d)(e)		72	%
	14.04		(6.39	)		621		1.85	(d)(e)		9.40	(d)(e)		2.12	(d)(e)		103
$	14.21		1.98	%	$	7,597		1.50	%(d)(e)		5.06	%(d)(e)		(0.01	)%(d)(e)		72	%
	14.08		(6.11	)		7,921		1.50	(d)(e)		7.77	(d)(e)		1.78	(d)(e)		103
$	14.20		5.56	%	$	36		1.21	%(d)(e)		10.06	%(d)(e)		2.48	%(d)(e)		18	%
	13.59		(9.40	)		9		1.20	(d)(e)		11.69	(d)(e)		3.86	(d)(e)		16
$	14.12		5.26	%	$	14		1.95	%(d)(e)		10.84	%(d)(e)		1.82	%(d)(e)		18	%
	13.52		(9.87	)		11		1.95	(d)(e)		11.78	(d)(e)		2.93	(d)(e)		16
$	14.25		5.69	%	$	10		1.05	%(d)(e)		10.08	%(d)(e)		2.16	%(d)(e)		18	%
	13.60		(9.33	)		22		1.05	(d)(e)		11.62	(d)(e)		4.12	(d)(e)		16
$	14.23		5.75	%	$	3,554		0.95	%(d)(e)		9.82	%(d)(e)		2.70	%(d)(e)		18	%
	13.61		(9.27	)		2,915		0.95	(d)(e)		11.18	(d)(e)		4.00	(d)(e)		16

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 257

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Global Fundamental Strategy:
Class A
3/31/2016+	$	14.71	$	0.08	$	0.53		$	0.61		$	(0.61	)	$	(0.09	)
12/1/2014 - 9/30/2015#		15.95		0.17		(0.85	)		(0.68	)		(0.56	)		—
11/30/2014		15.45		0.26		0.42			0.68			(0.12	)		(0.06	)
7/1/2013* - 11/30/2013		15.00		0.06		0.39			0.45			—			—
Class C
3/31/2016+	$	14.66	$	0.02	$	0.54		$	0.56		$	(0.43	)	$	(0.09	)
12/1/2014 - 9/30/2015#		15.84		0.10		(0.88	)		(0.78	)		(0.40	)		—
11/30/2014		15.40		0.14		0.42			0.56			(0.06	)		(0.06	)
7/1/2013* - 11/30/2013		15.00		0.01		0.39			0.40			—			—
Class P
3/31/2016+	$	14.77	$	0.09	$	0.52		$	0.61		$	(0.56	)	$	(0.09	)
12/1/2014 - 9/30/2015#		15.98		0.21		(0.88	)		(0.67	)		(0.54	)		—
11/30/2014		15.46		0.28		0.43			0.71			(0.13	)		(0.06	)
7/1/2013* - 11/30/2013		15.00		0.07		0.39			0.46			—			—
Institutional Class
3/31/2016+	$	14.78	$	0.09	$	0.54		$	0.63		$	(0.57	)	$	(0.09	)
12/1/2014 - 9/30/2015#		15.99		0.22		(0.88	)		(0.66	)		(0.55	)		—
11/30/2014		15.47		0.30		0.42			0.72			(0.14	)		(0.06	)
7/1/2013* - 11/30/2013		15.00		0.08		0.39			0.47			—			—

+ Unaudited

# Fiscal year end changed from November 30th to September 30th.

* Commencement of operations.

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

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

(c) Annualized, unless otherwise noted.

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

(e) Certain expenses incurred by the Fund were not annualized.

(f) Payments from Affiliates increased net asset value and total return by less than $0.01 and 0.01%, respectively.

258 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period			Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
$	(0.70	)	$	14.62			4.25	%	$	118		1.25	%(c)(d)		2.21	%(c)(d)		1.04	%(c)(d)		3	%
	(0.56	)		14.71			(4.37	)		140		1.25	(c)(e)		2.29	(c)(e)		1.37	(c)(e)		16
	(0.18	)		15.95	(f)		4.45	(f)		16		1.25			2.36			1.62			28
	—			15.45			3.00			10		1.25	(c)		2.41	(c)		0.96	(c)		2
$	(0.52	)	$	14.70			3.90	%	$	11		2.00	%(c)(d)		2.83	%(c)(d)		0.27	%(c)(d)		3	%
	(0.40	)		14.66			(5.03	)		10		2.00	(c)(e)		2.81	(c)(e)		0.75	(c)(e)		16
	(0.12	)		15.84	(f)		3.69	(f)		11		2.00			3.14			0.88			28
	—			15.40			2.67			10		2.00	(c)		3.16	(c)		0.21	(c)		2
$	(0.65	)	$	14.73			4.27	%	$	11		1.10	%(c)(d)		1.84	%(c)(d)		1.17	%(c)(d)		3	%
	(0.54	)		14.77			(4.31	)		10		1.10	(c)(e)		1.82	(c)(e)		1.66	(c)(e)		16
	(0.19	)		15.98	(f)		4.66	(f)		11		1.10			2.14			1.79			28
	—			15.46			3.07			10		1.10	(c)		2.16	(c)		1.12	(c)		2
$	(0.66	)	$	14.75			4.37	%	$	20,028		1.00	%(c)(d)		2.84	%(c)(d)		1.27	%(c)(d)		3	%
	(0.55	)		14.78			(4.20	)		19,317		1.00	(c)(e)		1.80	(c)(e)		1.76	(c)(e)		16
	(0.20	)		15.99	(f)		4.72	(f)		22,115		1.00			2.15			1.90			28
	—			15.47			3.13			20,682		1.00	(c)		2.14	(c)		1.23	(c)		2

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 259

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Global Sustainability:
Class A
3/31/2016+	$	14.10	$	0.05		$	0.67		$	0.72		$	(0.20	)	$	—
12/9/2014* - 9/30/2015#		15.00		0.11			(1.01	)		(0.90	)		—			—
Class P
3/31/2016+	$	14.12	$	0.07		$	0.66		$	0.73		$	(0.13	)	$	—
12/9/2014* - 9/30/2015#		15.00		0.15			(1.03	)		(0.88	)		—			—
Institutional Class
3/31/2016+	$	14.13	$	0.10		$	0.63		$	0.73		$	(0.14	)	$	—
12/9/2014* - 9/30/2015#		15.00		0.16			(1.03	)		(0.87	)		—			—
AllianzGI Global Water:
Class A
3/31/2016+	$	11.99	$	(0.01	)	$	1.34		$	1.33		$	(0.03	)	$	(0.02	)
12/1/2014 - 9/30/2015#		12.70		0.06			(0.74	)		(0.68	)		(0.03	)		—
11/30/2014		12.41		0.07			0.25			0.32			(0.03	)		—
11/30/2013		10.26		0.07			2.20			2.27			(0.12	)		—
11/30/2012		8.89		0.12			1.30			1.42			(0.05	)		—
11/30/2011		8.75		0.06			0.08			0.14			—	(e)		—
11/30/2010		7.99		0.03			0.74			0.77			(0.01	)		—
Class C
3/31/2016+	$	11.59	$	(0.06	)	$	1.29		$	1.23		$	—	(e)	$	(0.02	)
12/1/2014 - 9/30/2015#		12.33		(0.02	)		(0.72	)		(0.74	)		—	(e)		—
11/30/2014		12.11		(0.03	)		0.25			0.22			—	(e)		—
11/30/2013		10.02		(0.02	)		2.16			2.14			(0.05	)		—
11/30/2012		8.70		0.05			1.27			1.32			—	(e)		—
11/30/2011		8.62		(0.01	)		0.09			0.08			—	(e)		—
11/30/2010		7.93		(0.03	)		0.72			0.69			—	(e)		—
Class P
3/31/2016+	$	12.05	$	—	(f)	$	1.34		$	1.34		$	(0.05	)	$	(0.02	)
12/1/2014 - 9/30/2015#		12.80		0.09			(0.75	)		(0.66	)		(0.09	)		—
11/30/2014		12.49		0.09			0.27			0.36			(0.05	)		—
11/30/2013		10.30		0.09			2.21			2.30			(0.11	)		—
11/30/2012		8.93		0.14			1.30			1.44			(0.07	)		—
11/30/2011		8.77		0.07			0.09			0.16			—	(e)		—
11/30/2010		7.99		0.05			0.74			0.79			(0.01	)		—
Institutional Class
3/31/2016+	$	11.90	$	—	(f)	$	1.32		$	1.32		$	(0.07	)	$	(0.02	)
12/1/2014 - 9/30/2015#		12.61		0.09			(0.73	)		(0.64	)		(0.07	)		—
11/30/2014		12.37		0.11			0.24			0.35			(0.11	)		—
11/30/2013		10.25		0.09			2.21			2.30			(0.18	)		—
11/30/2012		8.88		0.12			1.32			1.44			(0.07	)		—
11/30/2011		8.71		0.08			0.09			0.17			—	(e)		—
11/30/2010		7.94		0.05			0.74			0.79			(0.02	)		—

+ Unaudited

# Fiscal year end changed from November 30th to September 30th.

* Commencement of operations.

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

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

260 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
$	(0.20	)	$	14.62		5.06	%	$	65		1.20	%(c)(d)		9.11	%(c)(d)		0.75	%(c)(d)		3	%
	—			14.10		(6.00	)		62		1.20	(c)(d)		15.36	(c)(d)		0.89	(c)(d)		25
$	(0.13	)	$	14.72		5.16	%	$	10		1.05	%(c)(d)		4.77	%(c)(d)		0.90	%(c)(d)		3	%
	—			14.12		(5.87	)		9		1.05	(c)(d)		8.70	(c)(d)		1.22	(c)(d)		25
$	(0.14	)	$	14.72		5.20	%	$	20,432		0.95	%(c)(d)		2.57	%(c)(d)		1.43	%(c)(d)		3	%
	—			14.13		(5.80	)		2,826		0.95	(c)(d)		8.70	(c)(d)		1.32	(c)(d)		25
$	(0.05	)	$	13.27		11.10	%	$	186,234		1.44	%(c)		1.44	%(c)		(0.21	)%(c)		37	%
	(0.03	)		11.99		(5.37	)		128,465		1.44	(c)(d)		1.44	(c)(d)		0.58	(c)(d)		66
	(0.03	)		12.70		2.57			138,219		1.46			1.46			0.55			28
	(0.12	)		12.41		22.31			118,252		1.54			1.54			0.63			28
	(0.05	)		10.26		16.12			59,611		1.57			1.60			1.27			73
	—	(e)		8.89		1.62			27,101		1.68			1.68			0.60			73
	(0.01	)		8.75		9.63			22,774		1.80			1.80			0.41			40
$	(0.02	)	$	12.80		10.63	%	$	78,896		2.23	%(c)		2.23	%(c)		(1.01	)%(c)		37	%
	—	(e)		11.59		(6.00	)		69,700		2.23	(c)(d)		2.23	(c)(d)		(0.21	)(c)(d)		66
	—	(e)		12.33		1.82			77,082		2.23			2.23			(0.26	)		28
	(0.50	)		12.11		21.41			51,767		2.33			2.33			(0.18	)		28
	—	(e)		10.02		15.17			25,870		2.33			2.41			0.48			73
	—	(e)		8.70		0.93			20,842		2.44			2.44			(0.15	)		73
	—	(e)		8.62		8.70			22,225		2.56			2.60			(0.37	)		40
$	(0.07	)	$	13.32		11.19	%	$	96,994		1.22	%(c)		1.22	%(c)		0.01	%(c)		37	%
	(0.09	)		12.05		(5.17	)		82,847		1.16	(c)(d)		1.16	(c)(d)		0.84	(c)(d)		66
	(0.05	)		12.80		2.87			84,835		1.21			1.21			0.67			28
	(0.11	)		12.49		22.58			42,448		1.34			1.34			0.81			28
	(0.07	)		10.30		16.22			16,820		1.41			1.47			1.49			73
	—	(e)		8.93		1.85			16,118		1.49			1.52			0.79			73
	(0.01	)		8.77		9.95			10,432		1.56			1.64			0.62			40
$	(0.09	)	$	13.13		11.16	%	$	43,977		1.16	%(c)		1.16	%(c)		0.07	%(c)		37	%
	(0.07	)		11.90		(5.08	)		30,004		1.17	(c)(d)		1.17	(c)(d)		0.87	(c)(d)		66
	(0.11	)		12.61		2.82			23,685		1.15			1.15			0.84			28
	(0.18	)		12.37		22.77			14,429		1.19			1.19			0.77			28
	(0.07	)		10.25		16.44			3,105		1.29			1.29			1.28			73
	—	(e)		8.88		1.99			1,267		1.37			1.39			0.91			73
	(0.02	)		8.71		9.96			1,378		1.46			1.48			0.61			40

(c) Annualized, unless otherwise noted.

(d) Certain expenses incurred by the Fund were not annualized.

(e) Less than $(0.01) per share.

(f) Less than $0.01 per share.

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 261

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI High Yield Bond:
Class A
3/31/2016+	$	8.92	$	0.26	$	(0.33	)	$	(0.07	)	$	(0.28	)	$	—
12/1/2014 - 9/30/2015#		9.85		0.47		(0.91	)		(0.44	)		(0.49	)		—
11/30/2014		10.36		0.61		(0.36	)		0.25			(0.67	)		(0.09	)
11/30/2013		10.16		0.67		0.22			0.89			(0.68	)		(0.01	)
11/30/2012		9.69		0.72		0.61			1.33			(0.73	)		(0.13	)
11/30/2011		10.03		0.72		(0.28	)		0.44			(0.78	)		—
4/12/2010* - 11/30/2010		9.65		0.49		0.19			0.68			(0.30	)		—
Class C
3/31/2016+	$	8.90	$	0.23	$	(0.32	)	$	(0.09	)	$	(0.25	)	$	—
12/1/2014 - 9/30/2015#		9.83		0.42		(0.91	)		(0.49	)		(0.44	)		—
11/30/2014		10.35		0.54		(0.37	)		0.17			(0.60	)		(0.09	)
11/30/2013		10.15		0.59		0.22			0.81			(0.60	)		(0.01	)
11/30/2012		9.68		0.64		0.62			1.26			(0.66	)		(0.13	)
11/30/2011		10.02		0.65		(0.29	)		0.36			(0.70	)		—
4/12/2010* - 11/30/2010		9.65		0.45		0.19			0.64			(0.27	)		—
Class R
3/31/2016+	$	8.61	$	0.23	$	(0.32	)	$	(0.09	)	$	(0.26	)	$	—
12/1/2014 - 9/30/2015#		9.53		0.43		(0.90	)		(0.47	)		(0.45	)		—
11/30/2014		10.05		0.54		(0.34	)		0.20			(0.63	)		(0.09	)
11/30/2013		9.88		0.63		0.21			0.84			(0.66	)		(0.01	)
11/30/2012		9.45		0.67		0.60			1.27			(0.71	)		(0.13	)
11/30/2011		9.80		0.68		(0.28	)		0.40			(0.75	)		—
4/12/2010* - 11/30/2010		9.65		0.47		0.18			0.65			(0.50	)		—
Class P
3/31/2016+	$	8.62	$	0.27	$	(0.32	)	$	(0.05	)	$	(0.30	)	$	—
12/1/2014 - 9/30/2015#		9.53		0.49		(0.88	)		(0.39	)		(0.52	)		—
11/30/2014		10.05		0.62		(0.35	)		0.27			(0.70	)		(0.09	)
11/30/2013		9.87		0.66		0.23			0.89			(0.70	)		(0.01	)
11/30/2012		9.44		0.72		0.58			1.30			(0.74	)		(0.13	)
11/30/2011		9.78		0.72		(0.27	)		0.45			(0.79	)		—
4/12/2010* - 11/30/2010		9.65		0.50		0.17			0.67			(0.54	)		—
Institutional Class
3/31/2016+	$	8.64	$	0.27	$	(0.31	)	$	(0.04	)	$	(0.30	)	$	—
12/1/2014 - 9/30/2015#		9.55		0.49		(0.88	)		(0.39	)		(0.52	)		—
11/30/2014		10.08		0.62		(0.35	)		0.27			(0.71	)		(0.09	)
11/30/2013		9.90		0.68		0.22			0.90			(0.71	)		(0.01	)
11/30/2012		9.46		0.73		0.60			1.33			(0.76	)		(0.13	)
11/30/2011		9.80		0.76		(0.30	)		0.46			(0.80	)		—
11/30/2010		9.17		0.83		0.61			1.44			(0.81	)		—
Administrative Class
3/31/2016+	$	8.52	$	0.25	$	(0.31	)	$	(0.06	)	$	(0.28	)	$	—
12/1/2014 - 9/30/2015#		9.51		0.46		(0.94	)		(0.48	)		(0.51	)		—
11/30/2014		10.04		0.59		(0.36	)		0.23			(0.67	)		(0.09	)
11/30/2013		9.87		0.65		0.22			0.87			(0.69	)		(0.01	)
11/30/2012		9.43		0.70		0.61			1.31			(0.74	)		(0.13	)
11/30/2011		9.78		0.72		(0.30	)		0.42			(0.77	)		—
4/12/2010* - 11/30/2010		9.65		0.49		0.17			0.66			(0.53	)		—

+ Unaudited

# Fiscal year end changed from November 30th to September 30th.

* Commencement of operations.

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

262 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period			Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
$	(0.28	)	$	8.57			(0.70	)%	$	56,770		0.98	%(c)		0.98	%(c)		6.15	%(c)		27	%
	(0.49	)		8.92			(4.72	)		34,151		1.03	(c)(d)		1.03	(c)(d)		5.88	(c)(d)		47
	(0.76	)		9.85	(e)		2.39	(e)		76,274		0.94			0.94			5.93			66
	(0.69	)		10.36			8.98			73,920		0.91			0.91			6.49			67
	(0.86	)		10.16			14.34			109,668		0.89			0.90			7.21			86
	(0.78	)		9.69			4.29			61,339		1.05			1.05			7.19			168
	(0.30	)		10.03			7.07			1,296		1.11	(c)		1.47	(c)		7.70	(c)		144
$	(0.25	)	$	8.56			(0.94	)%	$	14,239		1.69	%(c)		1.69	%(c)		5.41	%(c)		27	%
	(0.44	)		8.90			(5.24	)		17,866		1.68	(c)(d)		1.68	(c)(d)		5.24	(c)(d)		47
	(0.69	)		9.83	(e)		1.57	(e)		23,249		1.68			1.68			5.23			66
	(0.61	)		10.35			8.14			27,525		1.70			1.70			5.68			67
	(0.79	)		10.15			13.54			30,692		1.68			1.68			6.43			86
	(0.70	)		9.68			3.53			12,443		1.82			1.87			6.56			168
	(0.27	)		10.02			6.73			311		1.87	(c)		2.21	(c)		7.12	(c)		144
$	(0.26	)	$	8.26			(0.96	)%	$	1,174		1.50	%(c)		1.50	%(c)		5.62	%(c)		27	%
	(0.45	)		8.61			(5.20	)		1,126		1.46	(c)(d)		1.46	(c)(d)		5.47	(c)(d)		47
	(0.72	)		9.53	(e)		1.91	(e)		2,823		1.43			1.45			5.48			66
	(0.67	)		10.05			8.72			2,851		1.15			1.32			6.24			67
	(0.84	)		9.88			14.05			2,111		1.15			1.25			6.95			86
	(0.75	)		9.45			4.02			342		1.33			1.37			7.23			168
	(0.50	)		9.80			6.97			11		1.36	(c)		1.63	(c)		7.74	(c)		144
$	(0.30	)	$	8.27			(0.54	)%	$	50,568		0.71	%(c)		0.71	%(c)		6.39	%(c)		27	%
	(0.52	)		8.62			(4.36	)		63,324		0.64	(c)(d)		0.64	(c)(d)		6.29	(c)(d)		47
	(0.79	)		9.53	(e)		2.63	(e)		47,385		0.71			0.71			6.21			66
	(0.71	)		10.05			9.27			77,649		0.74			0.74			6.64			67
	(0.87	)		9.87			14.48			19,497		0.74			0.79			7.39			86
	(0.79	)		9.44			4.57			11,096		0.88			0.88			7.49			168
	(0.54	)		9.78			7.22			11		0.97	(c)		1.14	(c)		8.13	(c)		144
$	(0.30	)	$	8.30			(0.42	)%	$	184,776		0.66	%(c)		0.66	%(c)		6.47	%(c)		27	%
	(0.52	)		8.64			(4.32	)		173,030		0.63	(c)(d)		0.63	(c)(d)		6.29	(c)(d)		47
	(0.80	)		9.55	(e)		2.59	(e)		163,567		0.64			0.64			6.27			66
	(0.72	)		10.08			9.35			139,306		0.62			0.62			6.76			67
	(0.89	)		9.90			14.68			121,362		0.63			0.63			7.47			86
	(0.80	)		9.46			4.66			70,174		0.61			0.77			7.65			168
	(0.81	)		9.80			16.23			93,782		0.63			0.93			8.65			144
$	(0.28	)	$	8.18			(0.58	)%	$	1,987		0.96	%(c)		0.96	%(c)		6.16	%(c)		27	%
	(0.51	)		8.52			(5.30	)		2,073		0.98	(c)(d)		0.98	(c)(d)		5.90	(c)(d)		47
	(0.76	)		9.51	(e)		2.27	(e)		34,714		0.97			0.97			5.93			66
	(0.70	)		10.04			9.02			32,789		0.90			0.91			6.49			67
	(0.87	)		9.87			14.54			27,274		0.90			1.14			8.92			86
	(0.77	)		9.43			4.27			11		1.03			1.03			7.25			168
	(0.53	)		9.78			7.12			11		1.12	(c)		1.28	(c)		7.98	(c)		144

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

(c) Annualized, unless otherwise noted.

(d) Certain expenses incurred by the Fund were not annualized.

(e) Payments from Affiliates increased net asset value and total return by less than $0.01 and 0.01%, respectively.

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 263

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income
AllianzGI International Growth:
Class A
3/31/2016+	$	14.13	$	0.02	$	1.14		$	1.16		$	(0.14	)
2/2/2015* - 9/30/2015#		15.00		0.11		(0.98	)		(0.87	)		—
Institutional Class
3/31/2016+	$	14.15	$	0.02	$	1.16		$	1.18		$	(0.10	)
2/2/2015* - 9/30/2015#		15.00		0.14		(0.99	)		(0.85	)		—

+ Unaudited

# Fiscal year end changed from November 30th to September 30th.

* Commencement of operations.

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

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

(c) Annualized, unless otherwise noted.

(d) Certain expenses incurred by the Fund were not annualized.

264 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
$	15.15		8.25	%	$	51		1.20	%(c)(d)		7.00	%(c)(d)		0.34	%(c)(d)		10	%
	14.13		(5.80	)		10		1.20	(c)(d)		8.22	(c)(d)		1.12	(c)(d)		3
$	15.23		8.38	%	$	3,115		0.95	%(c)(d)		6.75	%(c)(d)		0.27	%(c)(d)		10	%
	14.15		(5.67	)		2,874		0.95	(c)(d)		7.99	(c)(d)		1.38	(c)(d)		3

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 265

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI International Small-Cap:
Class A
3/31/2016+	$	34.53	$	(0.09	)	$	0.52		$	0.43		$	(0.28	)	$	(1.45	)
12/1/2014 - 9/30/2015#		35.77		0.26			2.24			2.50			(0.14	)		(3.60	)
11/30/2014		42.30		0.09			(2.41	)		(2.32	)		(0.64	)		(3.57	)
11/30/2013		31.89		0.09			10.32			10.41			—	(e)		—
11/30/2012		28.31		0.16			4.06			4.22			(0.64	)		—
11/30/2011		31.36		0.12			(2.56	)		(2.44	)		(0.61	)		—
4/12/2010* - 11/30/2010		28.30		(0.01	)		3.07			3.06			—			—
Class C
3/31/2016+	$	33.94	$	(0.20	)	$	0.50		$	0.30		$	(0.20	)	$	(1.45	)
12/1/2014 - 9/30/2015#		35.33		0.06			2.18			2.24			(0.03	)		(3.60	)
11/30/2014		41.78		(0.18	)		(2.39	)		(2.57	)		(0.31	)		(3.57	)
11/30/2013		31.75		(0.17	)		10.22			10.05			(0.02	)		—
11/30/2012		28.01		(0.07	)		4.04			3.97			(0.23	)		—
11/30/2011		31.22		0.06			(2.72	)		(2.66	)		(0.55	)		—
4/12/2010* - 11/30/2010		28.30		(0.24	)		3.16			2.92			—			—
Class R
3/31/2016+	$	34.03	$	(0.14	)	$	0.52		$	0.38		$	(0.17	)	$	(1.45	)
12/1/2014 - 9/30/2015#		35.30		0.16			2.23			2.39			(0.06	)		(3.60	)
11/30/2014		42.23		0.07			(2.47	)		(2.40	)		(0.96	)		(3.57	)
11/30/2013		32.25		0.02			10.32			10.34			(0.36	)		—
11/30/2012		28.27		0.08			4.10			4.18			(0.20	)		—
11/30/2011		31.32		0.16			(2.70	)		(2.54	)		(0.51	)		—
4/12/2010* - 11/30/2010		28.30		0.05			2.97			3.02			—			—
Class P
3/31/2016+	$	34.49	$	(0.06	)	$	0.51		$	0.45		$	(0.20	)	$	(1.45	)
12/1/2014 - 9/30/2015#		35.65		0.28			2.25			2.53			(0.09	)		(3.60	)
11/30/2014		41.97		0.16			(2.41	)		(2.25	)		(0.50	)		(3.57	)
11/30/2013		31.92		0.16			10.24			10.40			(0.35	)		—
11/30/2012		27.86		0.20			4.05			4.25			(0.19	)		—
11/30/2011		30.35		0.30			(2.67	)		(2.37	)		(0.12	)		—
11/30/2010		25.86		0.20			4.45			4.65			(0.16	)		—
Institutional Class
3/31/2016+	$	35.65	$	(0.07	)	$	0.55		$	0.48		$	(0.20	)	$	(1.45	)
12/1/2014 - 9/30/2015#		36.68		0.29			2.34			2.63			(0.06	)		(3.60	)
11/30/2014		42.94		0.21			(2.49	)		(2.28	)		(0.41	)		(3.57	)
11/30/2013		32.60		0.17			10.48			10.65			(0.31	)		—
11/30/2012		28.58		0.24			4.15			4.39			(0.37	)		—
11/30/2011		31.45		0.37			(2.74	)		(2.37	)		(0.50	)		—
11/30/2010		26.91		0.24			4.94			5.18			(0.64	)		—
Class R6
2/1/2016* - 3/31/2016+	$	33.52	$	0.05		$	0.91		$	0.96		$	—		$	—

+ Unaudited

# Fiscal year end changed from November 30th to September 30th.

* Commencement of operations.

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

266 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
$	(1.73	)	$	33.23		0.99	%	$	15,541		1.45	%(c)		1.61	%(c)		(0.53	)%(c)		40	%
	(3.74	)		34.53		7.83			11,816		1.45	(c)(d)		1.63	(c)(d)		0.88	(c)(d)		39
	(4.21	)		35.77		(5.84	)		5,290		1.45			1.76			0.23			77
	—	(e)		42.30		32.64			4,569		1.45			1.83			0.23			92
	(0.64	)		31.89		15.13			2,773		1.50			1.76			0.53			117
	(0.61	)		28.31		(8.03	)		4,103		1.60			1.83			0.40			66
	—			31.36		10.81			97		1.66	(c)		1.70	(c)		(0.07	)(c)		57
$	(1.65	)	$	32.59		0.63	%	$	3,695		2.19	%(c)		2.39	%(c)		(1.24	)%(c)		40	%
	(3.63	)		33.94		7.14			2,837		2.19	(c)(d)		2.42	(c)(d)		0.20	(c)(d)		39
	(3.88	)		35.33		(6.52	)		1,135		2.19			2.45			(0.47	)		77
	(0.02	)		41.78		31.67			702		2.20			2.43			(0.46	)		92
	(0.23	)		31.75		14.26			531		2.26			2.37			(0.24	)		117
	(0.55	)		28.01		(8.75	)		455		2.34			2.86			0.19			66
	—			31.22		10.32			176		2.44	(c)		2.48	(c)		(1.23	)(c)		57
$	(1.62	)	$	32.79		0.87	%	$	104		1.70	%(c)		1.99	%(c)		(0.81	)%(c)		40	%
	(3.66	)		34.03		7.60			100		1.70	(c)(d)		2.09	(c)(d)		0.57	(c)(d)		39
	(4.53	)		35.30		(6.06	)		73		1.70			2.10			0.19			77
	(0.36	)		42.23		32.29			27		1.70			1.96			0.05			92
	(0.20	)		32.25		14.86			12		1.74			1.90			0.26			117
	(0.51	)		28.27		(8.32	)		10		1.82			1.84			0.51			66
	—			31.32		10.67			11		1.91	(c)		2.35	(c)		0.27	(c)		57
$	(1.65	)	$	33.29		1.09	%	$	38,964		1.28	%(c)		1.36	%(c)		(0.37	)%(c)		40	%
	(3.69	)		34.49		7.96			36,377		1.28	(c)(d)		1.37	(c)(d)		0.97	(c)(d)		39
	(4.07	)		35.65		(5.68	)		27,882		1.29			1.54			0.41			77
	(0.35	)		41.97		32.86			33,574		1.30			1.52			0.45			92
	(0.19	)		31.92		15.32			28,996		1.31			1.52			0.68			117
	(0.12	)		27.86		(7.86	)		34,772		1.32			1.47			0.95			66
	(0.16	)		30.35		18.12			46,636		1.37			1.77			0.74			57
$	(1.65	)	$	34.48		1.12	%	$	46,173		1.21	%(c)		1.39	%(c)		(0.42	)%(c)		40	%
	(3.66	)		35.65		8.04			59,061		1.21	(c)(d)		1.39	(c)(d)		0.97	(c)(d)		39
	(3.98	)		36.68		(5.61	)		55,743		1.21			1.46			0.53			77
	(0.31	)		42.94		32.96			71,875		1.21			1.44			0.46			92
	(0.37	)		32.60		15.50			88,301		1.20			1.38			0.80			117
	(0.50	)		28.58		(7.74	)		84,026		1.20			1.34			1.14			66
	(0.64	)		31.45		18.22			89,186		1.23			1.70			0.86			57
$	—		$	34.48		2.86	%	$	10		1.11	%(c)		1.44	%		0.96	%		40	%

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

(c) Annualized, unless otherwise noted.

(d) Certain expenses incurred by the Fund were not annualized.

(e) Less than $(0.01) per share.

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 267

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Micro Cap:
Class A
3/31/2016+	$	13.99	$	(0.09	)	$	(0.50	)	$	(0.59	)	$	—		$	(0.83	)
12/1/2014 - 9/30/2015#		14.88		(0.17	)		0.54			0.37			—			(1.26	)
11/30/2014		16.06		(0.21	)		—	(f)		(0.21	)		—			(0.97	)
11/30/2013		11.62		(0.20	)		5.57			5.37			—			(0.93	)
12/19/2011* - 11/30/2012		9.84		(0.07	)		1.85			1.78			—			—
Class P
3/31/2016+	$	14.05	$	(0.08	)	$	(0.52	)	$	(0.60	)	$	—		$	(0.83	)
12/1/2014 - 9/30/2015#		14.92		(0.16	)		0.55			0.39			—			(1.26	)
11/30/2014		16.08		(0.19	)		—	(f)		(0.19	)		—			(0.97	)
11/30/2013		11.61		(0.17	)		5.57			5.40			—			(0.93	)
11/30/2012		12.20		(0.10	)		1.47			1.37			—			(1.96	)
12/27/2010* - 11/30/2011		14.20		(0.15	)		(1.64	)		(1.79	)		—			(0.21	)
Institutional Class
3/31/2016+	$	14.11	$	(0.08	)	$	(0.52	)	$	(0.60	)	$	—		$	(0.83	)
12/1/2014 - 9/30/2015#		14.99		(0.16	)		0.54			0.38			—			(1.26	)
11/30/2014		16.15		(0.19	)		—	(f)		(0.19	)		—			(0.97	)
11/30/2013		11.65		(0.15	)		5.58			5.43			—			(0.93	)
11/30/2012		12.22		(0.10	)		1.49			1.39			—			(1.96	)
11/30/2011		13.80		(0.17	)		(0.16	)		(0.33	)		—			(1.25	)
11/30/2010		10.44		(0.15	)		3.51			3.36			—			—
AllianzGI Multi-Asset Real Return:
Class A
3/31/2016+	$	12.85	$	0.10		$	(0.04	)	$	0.06		$	(0.27	)	$	—
12/1/2014 - 9/30/2015#		14.91		0.13			(2.01	)		(1.88	)		(0.18	)		—
11/30/2014		15.34		0.14			(0.26	)		(0.12	)		(0.23	)		(0.08	)
12/17/2012* - 11/30/2013		15.00		0.12			0.22			0.34			—			—
Class C
3/31/2016+	$	12.71	$	0.05		$	(0.04	)	$	0.01		$	(0.13	)	$	—
12/1/2014 - 9/30/2015#		14.74		0.03			(1.98	)		(1.95	)		(0.08	)		—
11/30/2014		15.24		0.03			(0.25	)		(0.22	)		(0.20	)		(0.08	)
12/17/2012* - 11/30/2013		15.00		(0.03	)		0.27			0.24			—			—
Class P
3/31/2016+	$	12.92	$	0.11		$	(0.05	)	$	0.06		$	(0.29	)	$	—
12/1/2014 - 9/30/2015#		14.96		0.15			(2.02	)		(1.87	)		(0.17	)		—
11/30/2014		15.36		0.18			(0.25	)		(0.09	)		(0.23	)		(0.08	)
12/17/2012* - 11/30/2013		15.00		0.16			0.20			0.36			—			—
Institutional Class
3/31/2016+	$	12.92	$	0.11		$	(0.04	)	$	0.07		$	(0.27	)	$	—
12/1/2014 - 9/30/2015#		14.97		0.15			(2.01	)		(1.86	)		(0.19	)		—
11/30/2014		15.37		0.19			(0.26	)		(0.07	)		(0.25	)		(0.08	)
12/17/2012* - 11/30/2013		15.00		0.18			0.19			0.37			—			—

+ Unaudited

# Fiscal year end changed from November 30th to September 30th.

* Commencement of operations.

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

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

268 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
$	(0.83	)	$	12.57		(4.87	)%	$	3,488		1.62	%(c)		2.04	%(c)		(1.25	)%(c)		15	%
	(1.26	)		13.99		2.77			15,305		1.62	(c)(d)		2.07	(c)(d)		(1.35	)(c)(d)		55
	(0.97	)		14.88		(1.11	)		4,684		1.66			2.10			(1.40	)		48
	(0.93	)		16.06		50.11			1,065		1.80			2.07			(1.45	)		63
	—			11.62		18.09			135		1.82	(c)		2.18	(c)		(0.62	)(c)		62
$	(0.83	)	$	12.62		(4.92	)%	$	2,071		1.54	%(c)		1.77	%(c)		(1.15	)%(c)		15	%
	(1.26	)		14.05		2.91			2,264		1.51	(c)(d)		1.80	(c)(d)		(1.24	)(c)(d)		55
	(0.97	)		14.92		(0.98	)		1,550		1.52			1.81			(1.21	)		48
	(0.93	)		16.08		50.42			2,192		1.63			1.90			(1.25	)		63
	(1.96	)		11.61		13.90			332		1.65			1.99			(0.85	)		62
	(0.21	)		12.20		(12.43	)		426		1.65	(c)		1.85	(c)		(1.35	)(c)		74
$	(0.83	)	$	12.68		(4.90	)%	$	30,139		1.54	%(c)		1.85	%(c)		(1.15	)%(c)		15	%
	(1.26	)		14.11		2.83			34,575		1.54	(c)(d)		1.80	(c)(d)		(1.26	)(c)(d)		55
	(0.97	)		14.99		(0.97	)		33,513		1.54			1.80			(1.25	)		48
	(0.93	)		16.15		50.51			41,713		1.54			2.01			(1.10	)		63
	(1.96	)		11.65		14.09			27,343		1.54			1.84			(0.90	)		62
	(1.25	)		12.22		(2.88	)		46,514		1.54			1.65			(1.24	)		74
	—			13.80		32.18			57,591		1.57			1.64			(1.25	)		112
$	(0.27	)	$	12.64		0.48	%	$	138		0.85	%(c)(e)		7.66	%(c)(e)		1.63	%(c)(e)		29	%
	(0.18	)		12.85		(12.73	)		133		0.85	(c)(d)(e)		5.33	(c)(d)(e)		1.11	(c)(d)(e)		63
	(0.31	)		14.91		(0.81	)		143		0.85	(e)		4.61	(e)		0.90	(e)		41
	—			15.34		2.27			45		0.86	(c)(e)		8.42	(c)(e)		0.83	(c)(e)		46
$	(0.13	)	$	12.59		0.11	%	$	78		1.60	%(c)(e)		8.29	%(c)(e)		0.84	%(c)(e)		29	%
	(0.08	)		12.71		(13.28	)		77		1.60	(c)(d)(e)		5.90	(c)(d)(e)		0.25	(c)(d)(e)		63
	(0.28	)		14.74		(1.50	)		114		1.60	(e)		5.46	(e)		0.21	(e)		41
	—			15.24		1.60			81		1.60	(c)(e)		9.55	(c)(e)		(0.17	)(c)(e)		46
$	(0.29	)	$	12.69		0.53	%	$	9		0.70	%(c)(e)		7.24	%(c)(e)		1.74	%(c)(e)		29	%
	(0.17	)		12.92		(12.64	)		9		0.70	(c)(d)(e)		4.99	(c)(d)(e)		1.24	(c)(d)(e)		63
	(0.31	)		14.96		(0.64	)		10		0.70	(e)		4.50	(e)		1.14	(e)		41
	—			15.36		2.40			10		0.71	(c)(e)		7.75	(c)(e)		1.11	(c)(e)		46
$	(0.27	)	$	12.72		0.58	%	$	3,132		0.60	%(c)(e)		7.13	%(c)(e)		1.68	%(c)(e)		29	%
	(0.19	)		12.92		(12.58	)		4,294		0.60	(c)(d)(e)		4.91	(c)(d)(e)		1.24	(c)(d)(e)		63
	(0.33	)		14.97		(0.50	)		6,034		0.60	(e)		4.48	(e)		1.22	(e)		41
	—			15.37		2.47			5,155		0.61	(c)(e)		7.74	(c)(e)		1.21	(c)(e)		46

(c) Annualized, unless otherwise noted.

(d) Certain expenses incurred by the Fund were not annualized.

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

(f) Less than $0.01 per share.

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 269

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI NFJ Emerging Markets Value:
Class A
3/31/2016+	$	12.34	$	0.07	$	0.54		$	0.61		$	(0.15	)	$	—
12/1/2014 - 9/30/2015#		15.45		0.49		(2.74	)		(2.25	)		(0.62	)		(0.24	)
11/30/2014		15.42		0.37		0.08			0.45			(0.42	)		—
12/18/2012* - 11/30/2013		15.00		0.35		0.27			0.62			(0.20	)		—
Class C
3/31/2016+	$	12.31	$	0.01	$	0.56		$	0.57		$	(0.12	)	$	—
12/1/2014 - 9/30/2015#		15.40		0.36		(2.68	)		(2.32	)		(0.53	)		(0.24	)
11/30/2014		15.35		0.28		0.05			0.33			(0.28	)		—
12/18/2012* - 11/30/2013		15.00		0.14		0.36			0.50			(0.15	)		—
Class P
3/31/2016+	$	12.46	$	0.09	$	0.54		$	0.63		$	(0.28	)	$	—
12/1/2014 - 9/30/2015#		15.56		0.49		(2.74	)		(2.25	)		(0.61	)		(0.24	)
11/30/2014		15.45		0.43		0.05			0.48			(0.37	)		—
12/18/2012* - 11/30/2013		15.00		0.36		0.27			0.63			(0.18	)		—
Institutional Class
3/31/2016+	$	12.47	$	0.07	$	0.56		$	0.63		$	(0.19	)	$	—
12/1/2014 - 9/30/2015#		15.57		0.51		(2.74	)		(2.23	)		(0.63	)		(0.24	)
11/30/2014		15.46		0.46		0.03			0.49			(0.38	)		—
12/18/2012* - 11/30/2013		15.00		0.39		0.26			0.65			(0.19	)		—

+ Unaudited

# Fiscal year end changed from November 30th to September 30th.

* Commencement of operations.

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

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

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

(d) Annualized, unless otherwise noted.

(e) Certain expenses incurred by the Fund were not annualized.

270 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period			Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
$	(0.15	)	$	12.80	(c)		4.99	%(c)	$	1,304		1.47	%(d)(e)		7.09	%(d)(e)		1.19	%(d)(e)		62	%
	(0.86	)		12.34			(15.12	)		207		1.55	(d)(e)		6.55	(d)(e)		4.13	(d)(e)		93
	(0.42	)		15.45			2.94			110		1.55			4.86			2.33			85
	(0.20	)		15.42			4.14			19		1.55	(d)		17.07	(d)		2.41	(d)		67
$	(0.12	)	$	12.76	(c)		4.63	%(c)	$	110		2.24	%(d)(e)		7.78	%(d)(e)		0.22	%(d)(e)		62	%
	(0.77	)		12.31			(15.62	)		104		2.30	(d)(e)		7.39	(d)(e)		3.12	(d)(e)		93
	(0.28	)		15.40			2.19			73		2.30			5.60			1.82			85
	(0.15	)		15.35			3.40			25		2.30	(d)		19.41	(d)		1.00	(d)		67
$	(0.28	)	$	12.81	(c)		5.14	%(c)	$	31		1.31	%(d)(e)		6.85	%(d)(e)		1.44	%(d)(e)		62	%
	(0.85	)		12.46			(15.03	)		9		1.39	(d)(e)		5.87	(d)(e)		4.12	(d)(e)		93
	(0.37	)		15.56			3.13			11		1.39			4.64			2.77			85
	(0.18	)		15.45			4.25			11		1.41	(d)		7.72	(d)		2.49	(d)		67
$	(0.19	)	$	12.91	(c)		5.09	%(c)	$	6,643		1.24	%(d)(e)		6.77	%(d)(e)		1.18	%(d)(e)		62	%
	(0.87	)		12.47			(14.91	)		6,688		1.30	(d)(e)		5.93	(d)(e)		4.25	(d)(e)		93
	(0.38	)		15.57			3.18			7,889		1.30			4.63			2.96			85
	(0.19	)		15.46			4.38			6,470		1.30	(d)		7.78	(d)		2.70	(d)		67

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 271

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income(a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI NFJ Global Dividend Value:
Class A
3/31/2016+	$	16.68	$	0.21	$	0.40		$	0.61		$	(0.24	)	$	(1.84	)
12/1/2014 - 9/30/2015#		21.40		0.44		(3.06	)		(2.62	)		(0.60	)		(1.50	)
11/30/2014		22.08		0.61		0.30			0.91			(0.55	)		(1.04	)
11/30/2013		18.27		0.54		3.75			4.29			(0.44	)		(0.04	)
11/30/2012		17.35		0.56		1.10			1.66			(0.40	)		(0.34	)
11/30/2011		17.91		0.55		(0.19	)		0.36			(0.64	)		(0.28	)
11/30/2010		18.16		0.43		0.38			0.81			(0.71	)		(0.35	)
Class C
3/31/2016+	$	16.46	$	0.15	$	0.38		$	0.53		$	(0.37	)	$	(1.84	)
12/1/2014 - 9/30/2015#		21.13		0.31		(3.03	)		(2.72	)		(0.45	)		(1.50	)
11/30/2014		21.82		0.43		0.31			0.74			(0.39	)		(1.04	)
11/30/2013		18.05		0.37		3.72			4.09			(0.28	)		(0.04	)
11/30/2012		17.19		0.42		1.07			1.49			(0.29	)		(0.34	)
11/30/2011		17.76		0.43		(0.20	)		0.23			(0.52	)		(0.28	)
11/30/2010		18.12		0.28		0.41			0.69			(0.70	)		(0.35	)
Class P
3/31/2016+	$	16.81	$	0.22	$	0.39		$	0.61		$	(0.46	)	$	(1.84	)
12/1/2014 - 9/30/2015#		21.53		0.47		(3.08	)		(2.61	)		(0.61	)		(1.50	)
11/30/2014		22.21		0.65		0.30			0.95			(0.59	)		(1.04	)
11/30/2013		18.36		0.57		3.78			4.35			(0.46	)		(0.04	)
11/30/2012		17.45		0.60		1.10			1.70			(0.45	)		(0.34	)
11/30/2011		17.82		0.42		(0.02	)		0.40			(0.49	)		(0.28	)
11/30/2010		18.17		0.46		0.38			0.84			(0.84	)		(0.35	)
Institutional Class
3/31/2016+	$	16.62	$	0.21	$	0.41		$	0.62		$	(0.41	)	$	(1.84	)
12/1/2014 - 9/30/2015#		21.30		0.45		(3.03	)		(2.58	)		(0.60	)		(1.50	)
11/30/2014		21.98		0.66		0.30			0.96			(0.60	)		(1.04	)
11/30/2013		18.18		0.60		3.73			4.33			(0.49	)		(0.04	)
11/30/2012		17.29		0.60		1.09			1.69			(0.46	)		(0.34	)
11/30/2011		17.83		0.64		(0.21	)		0.43			(0.69	)		(0.28	)
11/30/2010		18.17		0.41		0.46			0.87			(0.86	)		(0.35	)

+ Unaudited

# Fiscal year end changed from November 30th to September 30th.

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

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

(c) Annualized, unless otherwise noted.

(d) Certain expenses incurred by the Fund were not annualized.

272 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
$	(2.08	)	$	15.21		3.79	%	$	4,583		1.20	%(c)		2.43	%(c)		2.64	%(c)		34	%
	(2.10	)		16.68		(13.26	)		4,791		1.20	(c)(d)		1.72	(c)(d)		2.70	(c)(d)		38
	(1.59	)		21.40		4.32			11,999		1.20			1.46			2.82			49
	(0.48	)		22.08		23.80			10,705		1.21			1.51			2.68			43
	(0.74	)		18.27		9.98			7,355		1.32			1.71			3.13			41
	(0.92	)		17.35		1.85			6,821		1.50			1.92			3.01			66
	(1.06	)		17.91		4.71			1,469		1.50			4.55			2.41			40
$	(2.21	)	$	14.78		3.36	%	$	5,818		1.99	%(c)		3.17	%(c)		1.97	%(c)		34	%
	(1.95	)		16.46		(13.86	)		5,036		1.99	(c)(d)		2.56	(c)(d)		1.95	(c)(d)		38
	(1.43	)		21.13		3.52			5,587		1.99			2.22			2.03			49
	(0.32	)		21.82		22.88			5,720		2.00			2.27			1.83			43
	(0.63	)		18.05		9.03			3,948		2.07			2.46			2.34			41
	(0.80	)		17.19		1.12			3,020		2.25			2.71			2.39			66
	(1.05	)		17.76		3.99			1,210		2.25			5.11			1.57			40
$	(2.30	)	$	15.12		3.82	%	$	863		1.04	%(c)		2.20	%(c)		2.72	%(c)		34	%
	(2.11	)		16.81		(13.13	)		1,123		1.04	(c)(d)		1.44	(c)(d)		2.88	(c)(d)		38
	(1.63	)		21.53		4.48			1,811		1.04			1.28			2.99			49
	(0.50	)		22.21		24.06			1,685		1.05			1.32			2.77			43
	(0.79	)		18.36		10.11			1,089		1.12			1.51			3.32			41
	(0.77	)		17.45		2.13			718		1.30			1.99			2.41			66
	(1.19	)		17.82		4.90			13		1.30			4.45			2.63			40
$	(2.25	)	$	14.99		3.87	%	$	3,655		0.95	%(c)		2.11	%(c)		2.51	%(c)		34	%
	(2.10	)		16.62		(13.10	)		10,709		0.95	(c)(d)		1.40	(c)(d)		2.76	(c)(d)		38
	(1.64	)		21.30		4.58			42,981		0.95			1.18			3.08			49
	(0.53	)		21.98		24.16			51,318		0.96			1.21			2.96			43
	(0.80	)		18.18		10.19			39,215		1.02			1.40			3.38			41
	(0.97	)		17.29		2.21			20,556		1.20			1.68			3.51			66
	(1.21	)		17.83		5.07			15,211		1.20			3.40			2.32			40

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 273

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI NFJ International Small-Cap Value:
Class A
3/31/2016+	$	18.19	$	0.15	$	0.35		$	0.50		$	(0.68	)	$	(0.39	)
12/1/2014 - 9/30/2015#		21.37		0.40		(1.22	)		(0.82	)		(0.57	)		(1.79	)
11/30/2014		21.06		0.39		0.62			1.01			(0.26	)		(0.44	)
11/30/2013		17.10		0.35		4.03			4.38			(0.33	)		(0.09	)
6/1/2012* - 11/30/2012		15.00		0.07		2.03			2.10			—			—
Class C
3/31/2016+	$	17.91	$	0.06	$	0.36		$	0.42		$	(0.54	)	$	(0.39	)
12/1/2014 - 9/30/2015#		21.11		0.28		(1.21	)		(0.93	)		(0.48	)		(1.79	)
11/30/2014		21.04		0.23		0.63			0.86			(0.35	)		(0.44	)
11/30/2013		17.04		0.16		4.09			4.25			(0.16	)		(0.09	)
6/1/2012* - 11/30/2012		15.00		0.09		1.95			2.04			—			—
Class P
3/31/2016+	$	18.40	$	0.15	$	0.36		$	0.51		$	(0.77	)	$	(0.39	)
12/1/2014 - 9/30/2015#		21.70		0.46		(1.27	)		(0.81	)		(0.70	)		(1.79	)
11/30/2014		21.27		0.44		0.62			1.06			(0.19	)		(0.44	)
11/30/2013		17.11		0.39		4.05			4.44			(0.19	)		(0.09	)
6/1/2012* - 11/30/2012		15.00		0.16		1.95			2.11			—			—
Institutional Class
3/31/2016+	$	18.49	$	0.14	$	0.38		$	0.52		$	(0.54	)	$	(0.39	)
12/1/2014 - 9/30/2015#		21.59		0.46		(1.25	)		(0.79	)		(0.52	)		(1.79	)
11/30/2014		21.28		0.45		0.63			1.08			(0.33	)		(0.44	)
11/30/2013		17.12		0.43		4.03			4.46			(0.21	)		(0.09	)
6/1/2012* - 11/30/2012		15.00		0.17		1.95			2.12			—			—
Class R6
3/31/2016+	$	18.49	$	0.43	$	0.09		$	0.52		$	(0.89	)	$	(0.39	)
9/8/2015* - 9/30/2015#		19.04		0.04		(0.59	)		(0.55	)		—			—

+ Unaudited

# Fiscal year end changed from November 30th to September 30th.

* Commencement of operations.

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

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

(c) Annualized, unless otherwise noted.

(d) Certain expenses incurred by the Fund were not annualized.

274 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
$	(1.07	)	$	17.62		2.71	%	$	7,532		1.31	%(c)		4.18	%(c)		1.77	%(c)		56	%
	(2.36	)		18.19		(4.14	)		1,657		1.46	(c)(d)		3.08	(c)(d)		2.43	(c)(d)		74
	(0.70	)		21.37		4.98			2,736		1.45			2.64			1.80			76
	(0.42	)		21.06		26.08			2,272		1.45			4.81			1.81			50
	—			17.10		14.00			1,049		1.45	(c)		4.22	(c)		0.82	(c)		19
$	(0.93	)	$	17.40		2.32	%	$	1,150		2.08	%(c)		4.77	%(c)		0.70	%(c)		56	%
	(2.27	)		17.91		(4.78	)		1,250		2.21	(c)(d)		3.91	(c)(d)		1.73	(c)(d)		74
	(0.79	)		21.11		4.24			1,340		2.20			3.40			1.07			76
	(0.25	)		21.04		25.20			521		2.20			5.66			0.80			50
	—			17.04		13.60			11		2.20	(c)		9.92	(c)		1.08	(c)		19
$	(1.16	)	$	17.75		2.78	%	$	69		1.17	%(c)		3.80	%(c)		1.71	%(c)		56	%
	(2.49	)		18.40		(4.03	)		47		1.31	(c)(d)		2.92	(c)(d)		2.74	(c)(d)		74
	(0.63	)		21.70		5.17			39		1.30			2.39			1.98			76
	(0.28	)		21.27		26.28			14		1.31			4.63			2.04			50
	—			17.11		14.07			12		1.30	(c)		8.92	(c)		1.98	(c)		19
$	(0.93	)	$	18.08		2.79	%	$	3,241		1.09	%(c)		3.65	%(c)		1.51	%(c)		56	%
	(2.31	)		18.49		(3.92	)		6,832		1.21	(c)(d)		2.82	(c)(d)		2.75	(c)(d)		74
	(0.77	)		21.59		5.27			13,979		1.20			2.31			2.03			76
	(0.30	)		21.28		26.40			11,873		1.21			4.66			2.22			50
	—			17.12		14.13			3,551		1.20	(c)		8.90	(c)		2.08	(c)		19
$	(1.28	)	$	17.73		2.82	%	$	146		0.96	%(c)		6.45	%(c)		5.07	%(c)		56	%
	—			18.49		(2.89	)		10		1.10	(c)(d)		3.29	(c)(d)		3.68	(c)(d)		74

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 275

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI NFJ International Value II:
Class A
3/31/2016+	$	15.65	$	0.11	$	0.09		$	0.20		$	(0.16	)	$	—
12/1/2014 - 9/30/2015#		17.99		0.35		(2.31	)		(1.96	)		(0.32	)		(0.06	)
11/30/2014		19.17		0.47		(0.44	)		0.03			(0.56	)		(0.65	)
11/30/2013		16.36		0.34		2.71			3.05			(0.22	)		(0.02	)
12/1/2011* - 11/30/2012		15.00		0.29		1.33			1.62			(0.26	)		—
Class C
3/31/2016+	$	15.53	$	0.05	$	0.09		$	0.14		$	—	(e)	$	—
12/1/2014 - 9/30/2015#		17.82		0.22		(2.27	)		(2.05	)		(0.18	)		(0.06	)
11/30/2014		19.04		0.32		(0.43	)		(0.11	)		(0.46	)		(0.65	)
11/30/2013		16.32		0.18		2.73			2.91			(0.17	)		(0.02	)
12/1/2011* - 11/30/2012		15.00		0.22		1.28			1.50			(0.18	)		—
Class P
3/31/2016+	$	15.65	$	0.11	$	0.11		$	0.22		$	(0.17	)	$	—
12/1/2014 - 9/30/2015#		17.99		0.39		(2.32	)		(1.93	)		(0.35	)		(0.06	)
11/30/2014		19.24		0.38		(0.32	)		0.06			(0.66	)		(0.65	)
11/30/2013		16.38		0.36		2.73			3.09			(0.21	)		(0.02	)
12/1/2011* - 11/30/2012		15.00		0.38		1.28			1.66			(0.28	)		—
Institutional Class
3/31/2016+	$	15.69	$	0.12	$	0.11		$	0.23		$	(0.17	)	$	—
12/1/2014 - 9/30/2015#		18.03		0.38		(2.31	)		(1.93	)		(0.35	)		(0.06	)
11/30/2014		19.26		0.57		(0.50	)		0.07			(0.65	)		(0.65	)
11/30/2013		16.38		0.36		2.76			3.12			(0.22	)		(0.02	)
12/1/2011* - 11/30/2012		15.00		0.39		1.29			1.68			(0.30	)		—

+ Unaudited

# Fiscal year end changed from November 30th to September 30th.

* Commencement of operations.

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

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

(c) Annualized, unless otherwise noted.

(d) Certain expenses incurred by the Fund were not annualized.

(e) Less than $(0.01) per share.

276 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
$	(0.16	)	$	15.69		1.29	%	$	367		1.20	%(c)		1.77	%(c)		1.42	%(c)		20	%
	(0.38	)		15.65		(11.10	)		257		1.20	(c)(d)		1.76	(c)(d)		2.39	(c)(d)		43
	(1.21	)		17.99		0.25			167		1.20			2.46			2.53			34
	(0.24	)		19.17		18.89			75		1.23			7.16			1.93			20
	(0.26	)		16.36		10.99			49		1.30	(c)		10.98	(c)		1.89	(c)		22
$	—	(e)	$	15.67		0.90	%	$	191		1.95	%(c)		2.54	%(c)		0.68	%(c)		20	%
	(0.24	)		15.53		(11.66	)		118		1.95	(c)(d)		2.49	(c)(d)		1.53	(c)(d)		43
	(1.11	)		17.82		(0.53	)		79		1.95			3.23			1.76			34
	(0.19	)		19.04		18.02			47		1.97			8.26			1.02			20
	(0.18	)		16.32		10.17			11		2.05	(c)		10.82	(c)		1.45	(c)		22
$	(0.17	)	$	15.70		1.40	%	$	514		1.00	%(c)		1.55	%(c)		1.46	%(c)		20	%
	(0.41	)		15.65		(10.93	)		577		1.00	(c)(d)		1.42	(c)(d)		2.64	(c)(d)		43
	(1.31	)		17.99		0.40			118		1.01			2.11			2.08			34
	(0.23	)		19.24		19.10			13		1.05			6.87			2.05			20
	(0.28	)		16.38		11.28			11		1.05	(c)		9.92	(c)		2.45	(c)		22
$	(0.17	)	$	15.75		1.46	%	$	42,837		0.95	%(c)		1.45	%(c)		1.55	%(c)		20	%
	(0.41	)		15.69		(10.91	)		42,593		0.95	(c)(d)		1.40	(c)(d)		2.59	(c)(d)		43
	(1.30	)		18.03		0.45			38,983		0.95			1.78			3.05			34
	(0.24	)		19.26		19.25			4,170		0.95			6.77			2.06			20
	(0.30	)		16.38		11.36			4,396		0.95	(c)		9.93	(c)		2.50	(c)		22

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 277

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations		Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Short Duration High Income:
Class A
3/31/2016+	$	15.04	$	0.38	$	(0.33	)	$	0.05	$	(0.49	)	$	—
12/1/2014 - 9/30/2015#		15.59		0.57		(0.46	)		0.11		(0.66	)		—
11/30/2014		15.92		0.64		(0.23	)		0.41		(0.74	)		—
11/30/2013		15.97		0.63		0.09			0.72		(0.76	)		(0.01	)
11/30/2012		15.32		0.64		0.68			1.32		(0.67	)		—
10/3/2011* - 11/30/2011		15.00		0.12		0.25			0.37		(0.05	)		—
Class C
3/31/2016+	$	15.00	$	0.36	$	(0.33	)	$	0.03	$	(0.45	)	$	—
12/1/2014 - 9/30/2015#		15.56		0.53		(0.46	)		0.07		(0.63	)		—
11/30/2014		15.89		0.60		(0.23	)		0.37		(0.70	)		—
11/30/2013		15.94		0.59		0.09			0.68		(0.72	)		(0.01	)
11/30/2012		15.31		0.58		0.64			1.22		(0.59	)		—
10/3/2011* - 11/30/2011		15.00		0.10		0.25			0.35		(0.04	)		—
Class P
3/31/2016+	$	15.03	$	0.39	$	(0.32	)	$	0.07	$	(0.53	)	$	—
12/1/2014 - 9/30/2015#		15.58		0.60		(0.47	)		0.13		(0.68	)		—
11/30/2014		15.92		0.66		(0.23	)		0.43		(0.77	)		—
11/30/2013		15.96		0.66		0.10			0.76		(0.79	)		(0.01	)
11/30/2012		15.32		0.66		0.68			1.34		(0.70	)		—
10/3/2011* - 11/30/2011		15.00		0.10		0.28			0.38		(0.06	)		—
Institutional Class
3/31/2016+	$	15.05	$	0.40	$	(0.33	)	$	0.07	$	(0.55	)	$	—
12/1/2014 - 9/30/2015#		15.60		0.60		(0.45	)		0.15		(0.70	)		—
11/30/2014		15.94		0.68		(0.24	)		0.44		(0.78	)		—
11/30/2013		15.99		0.67		0.09			0.76		(0.80	)		(0.01	)
11/30/2012		15.32		0.70		0.67			1.37		(0.70	)		—
10/3/2011* - 11/30/2011		15.00		0.11		0.27			0.38		(0.06	)		—

+ Unaudited

# Fiscal year end changed from November 30th to September 30th.

* Commencement of operations.

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

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

(c) Annualized, unless otherwise noted.

(d) Certain expenses incurred by the Fund were not annualized.

278 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
$	(0.49	)	$	14.60		0.38	%	$	173,994		0.86	%(c)		0.86	%(c)		5.17	%(c)		23	%
	(0.66	)		15.04		0.67			164,978		0.86	(c)(d)		0.86	(c)(d)		4.44	(c)(d)		65
	(0.74	)		15.59		2.60			163,070		0.85			0.88			4.01			94
	(0.77	)		15.92		4.60			168,536		0.85			0.90			3.98			63
	(0.67	)		15.97		8.78			80,995		0.89			1.09			4.09			51
	(0.05	)		15.32		2.50			532		0.95	(c)		2.99	(c)		4.97	(c)		10
$	(0.45	)	$	14.58		0.28	%	$	106,508		1.13	%(c)		1.13	%(c)		4.92	%(c)		23	%
	(0.63	)		15.00		0.38			100,557		1.15	(c)(d)		1.15	(c)(d)		4.15	(c)(d)		65
	(0.70	)		15.56		2.38			89,801		1.10			1.13			3.78			94
	(0.73	)		15.89		4.36			63,680		1.10			1.16			3.74			63
	(0.59	)		15.94		8.18			28,567		1.29			1.50			3.73			51
	(0.04	)		15.31		2.36			1,245		1.70	(c)		3.72	(c)		4.26	(c)		10
$	(0.53	)	$	14.57		0.55	%	$	283,096		0.67	%(c)		0.67	%(c)		5.34	%(c)		23	%
	(0.68	)		15.03		0.83			330,431		0.64	(c)(d)		0.64	(c)(d)		4.65	(c)(d)		65
	(0.77	)		15.58		2.74			248,345		0.70			0.70			4.20			94
	(0.80	)		15.92		4.83			121,747		0.70			0.71			4.14			63
	(0.70	)		15.96		8.91			52,932		0.70			0.92			4.24			51
	(0.06	)		15.32		2.50			10		0.70	(c)		2.84	(c)		4.22	(c)		10
$	(0.55	)	$	14.57		0.52	%	$	343,454		0.60	%(c)		0.60	%(c)		5.41	%(c)		23	%
	(0.70	)		15.05		0.91			445,473		0.60	(c)(d)		0.60	(c)(d)		4.70	(c)(d)		65
	(0.78	)		15.60		2.81			225,643		0.60			0.60			4.28			94
	(0.81	)		15.94		4.87			179,676		0.61			0.61			4.23			63
	(0.70	)		15.99		9.13			38,247		0.60			0.89			4.48			51
	(0.06	)		15.32		2.52			8,055		0.60	(c)		2.72	(c)		4.58	(c)		10

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 279

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Structured Return:
Class A
3/31/2016+	$	15.47	$	0.12		$	0.12		$	0.24		$	(0.10	)	$	(0.18	)
12/1/2014 - 9/30/2015#		15.64		0.16			0.28			0.44			—	(d)		(0.61	)
11/30/2014		15.87		(0.12	)		0.65			0.53			—			(0.76	)
12/3/2012* - 11/30/2013		15.00		(0.28	)		1.15			0.87			—			—
Class C
3/31/2016+	$	15.12	$	0.02		$	0.17		$	0.19		$	(0.08	)	$	(0.18	)
12/1/2014 - 9/30/2015#		15.39		0.09			0.25			0.34			—	(d)		(0.61	)
11/30/2014		15.73		(0.25	)		0.67			0.42			—			(0.76	)
12/3/2012* - 11/30/2013		15.00		(0.39	)		1.12			0.73			—			—
Class P
3/31/2016+	$	15.53	$	0.12		$	0.15		$	0.27		$	(0.18	)	$	(0.18	)
12/1/2014 - 9/30/2015#		15.69		0.21			0.24			0.45			—	(d)		(0.61	)
11/30/2014		15.89		(0.15	)		0.71			0.56			—			(0.76	)
12/3/2012* - 11/30/2013		15.00		(0.26	)		1.15			0.89			—			—
Institutional Class
3/31/2016+	$	15.54	$	0.11		$	0.16		$	0.27		$	(0.11	)	$	(0.18	)
12/1/2014 - 9/30/2015#		15.72		0.22			0.24			0.46			(0.03	)		(0.61	)
11/30/2014		15.90		(0.08	)		0.66			0.58			—			(0.76	)
12/3/2012* - 11/30/2013		15.00		(0.24	)		1.14			0.90			—			—
AllianzGI U.S. Equity Hedged:
Class A
3/31/2016+	$	15.79	$	0.06		$	(0.09	)	$	(0.03	)	$	(0.23	)	$	—
12/1/2014 - 9/30/2015#		17.74		0.14			(1.09	)		(0.95	)		(0.02	)		(0.98	)
11/30/2014		17.26		0.12			1.45			1.57			(0.15	)		(0.94	)
12/3/2012* - 11/30/2013		15.00		0.12			2.14			2.26			—			—
Class C
3/31/2016+	$	15.43	$	0.02		$	(0.09	)	$	(0.07	)	$	(0.36	)	$	—
12/1/2014 - 9/30/2015#		17.45		0.05			(1.09	)		(1.04	)		—	(d)		(0.98	)
11/30/2014		17.14		(0.01	)		1.44			1.43			(0.18	)		(0.94	)
12/3/2012* - 11/30/2013		15.00		—	(d)		2.14			2.14			—			—
Class P
3/31/2016+	$	15.92	$	0.08		$	(0.09	)	$	(0.01	)	$	(0.42	)	$	—
12/1/2014 - 9/30/2015#		17.90		0.15			(1.10	)		(0.95	)		(0.05	)		(0.98	)
11/30/2014		17.29		0.15			1.47			1.62			(0.07	)		(0.94	)
12/3/2012* - 11/30/2013		15.00		0.15			2.14			2.29			—			—
Institutional Class
3/31/2016+	$	15.86	$	0.04		$	(0.04	)	$	—		$	(0.32	)	$	—
12/1/2014 - 9/30/2015#		17.89		0.18			(1.11	)		(0.93	)		(0.12	)		(0.98	)
11/30/2014		17.31		0.17			1.46			1.63			(0.11	)		(0.94	)
12/3/2012* - 11/30/2013		15.00		0.17			2.14			2.31			—			—

+ Unaudited

# Fiscal year end changed from November 30th to September 30th.

* Commencement of operations.

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

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

280 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period			Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
$	(0.28	)	$	15.43			1.55	%	$	60,316		1.15	%(c)(e)(f)		1.15	%(c)(e)(f)		1.57	%(c)(e)(f)		143	%
	(0.61	)		15.47			2.93			8,014		1.15	(c)(e)(f)		1.58	(c)(e)(f)		1.28	(c)(e)(f)		34
	(0.76	)		15.64			3.52			2,551		1.52			4.22			(0.75	)		229
	—			15.87			5.80			517		1.90	(c)		7.34	(c)		(1.86	)(c)		—
$	(0.26	)	$	15.05			1.23	%	$	7,404		1.90	%(c)(e)(f)		1.92	%(c)(e)(f)		0.30	%(c)(e)(f)		143	%
	(0.61	)		15.12			2.31			3,803		1.90	(c)(e)(f)		2.09	(c)(f)(e)		0.70	(c)(e)(f)		34
	(0.76	)		15.39			2.82			138		2.31			4.74			(1.64	)		229
	—			15.73			4.87			74		2.65	(c)		6.91	(c)		(2.60	)(c)		—
$	(0.36	)	$	15.44			1.72	%	$	9,680		1.00	%(c)(e)(f)		1.00	%(c)(e)(f)		1.57	%(c)(e)(f)		143	%
	(0.61	)		15.53			2.99			503		1.00	(c)(e)(f)		1.16	(c)(e)(f)		1.67	(c)(f)(e)		34
	(0.76	)		15.69			3.72			37		1.50			3.73			(1.00	)		229
	—			15.89			5.93			61		1.75	(c)		5.97	(c)		(1.69	)(c)		—
$	(0.29	)	$	15.52			1.72	%	$	96,800		0.90	%(c)(e)(f)		0.90	%(c)(e)(f)		1.38	%(c)(e)(f)		143	%
	(0.64	)		15.54			3.08			55,028		0.90	(c)(e)(f)		1.22	(c)(e)(f)		1.71	(c)(e)(f)		34
	(0.76	)		15.72			3.84			15,142		1.28			3.65			(0.54	)		229
	—			15.90			6.00			7,978		1.65	(c)		5.64	(c)		(1.60	)(c)		—
$	(0.23	)	$	15.53	(g)		(0.19	)%(g)	$	666		1.25	%(c)(e)		2.92	%(c)(e)		0.75	%(c)(e)		1	%
	(1.00	)		15.79			(5.68	)		1,067		1.26	(c)(e)(f)		2.31	(c)(e)(f)		0.98	(c)(e)(f)		98
	(1.09	)		17.74	(g)		9.57	(g)		1,491		1.25			3.70			0.70			5
	—			17.26			15.07			1,416		1.25	(c)		9.81	(c)		0.74	(c)		6
$	(0.36	)	$	15.00	(g)		(0.49	)%(g)	$	365		2.00	%(c)(e)		3.76	%(c)(e)		0.32	%(c)(e)		1	%
	(0.98	)		15.43			(6.31	)		280		2.01	(c)(e)(f)		2.93	(c)(e)(f)		0.36	(c)(e)(f)		98
	(1.12	)		17.45	(g)		8.78	(g)		180		2.00			4.48			(0.05	)		5
	—			17.14			14.27			122		2.00	(c)		11.10	(c)		(0.01	)(c)		6
$	(0.42	)	$	15.49	(g)		(0.14	)%(g)	$	12		1.10	%(c)(e)		2.62	%(c)(e)		1.02	%(c)(e)		1	%
	(1.03	)		15.92			(5.62	)		12		1.11	(c)(e)(f)		1.91	(c)(e)(f)		1.06	(c)(e)(f)		98
	(1.01	)		17.90	(g)		9.77	(g)		13		1.10			3.38			0.85			5
	—			17.29			15.27			12		1.11	(c)		8.71	(c)		0.96	(c)		6
$	(0.32	)	$	15.54	(g)		(0.05	)%(g)	$	6,609		1.00	%(c)(e)		2.51	%(c)(e)		0.52	%(c)(e)		1	%
	(1.10	)		15.86			(5.55	)		12,973		1.01	(c)(e)(f)		1.98	(c)(e)(f)		1.27	(c)(e)(f)		98
	(1.05	)		17.89	(g)		9.87	(g)		12,678		1.00			3.04			1.00			5
	—			17.31			15.40			5,395		1.00	(c)		8.82	(c)		1.05	(c)		6

(c) Annualized, unless otherwise noted.

(d) Less than $(0.01) per share.

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

(f) Certain expenses incurred by the Fund were not annualized.

(g) Payments from Affiliates increased net asset value and total return by less than $0.01 and 0.01%, respectively.

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 281

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Loss (a)			Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Distributions from Net Realized Capital Gains
AllianzGI U.S. Small-Cap Growth:
Class A
3/31/2016+	$	14.61	$	(0.05	)	$	(0.81	)	$	(0.86	)	$	(1.17	)
12/1/2014 - 9/30/2015#		17.45		(0.12	)		(1.21	)		(1.33	)		(1.51	)
11/30/2014		19.09		(0.19	)		0.36			0.17			(1.81	)
11/30/2013		13.25		(0.15	)		6.27			6.12			(0.28	)
11/30/2012		13.34		(0.08	)		0.98			0.90			(0.99	)
12/20/2010* - 11/30/2011		13.77		(0.11	)		(0.32	)		(0.43	)		—
Class C
3/31/2016+	$	14.02	$	(0.10	)	$	(0.78	)	$	(0.88	)	$	(1.17	)
12/1/2014 - 9/30/2015#		16.90		(0.22	)		(1.15	)		(1.37	)		(1.51	)
11/30/2014		18.68		(0.31	)		0.34			0.03			(1.81	)
11/30/2013		13.07		(0.25	)		6.14			5.89			(0.28	)
11/30/2012		13.25		(0.18	)		0.99			0.81			(0.99	)
12/20/2010* - 11/30/2011		13.77		(0.22	)		(0.30	)		(0.52	)		—
Class R
3/31/2016+	$	14.44	$	(0.07	)	$	(0.80	)	$	(0.87	)	$	(1.17	)
12/1/2014 - 9/30/2015#		17.29		(0.15	)		(1.19	)		(1.34	)		(1.51	)
11/30/2014		18.98		(0.22	)		0.34			0.12			(1.81	)
11/30/2013		13.19		(0.17	)		6.24			6.07			(0.28	)
11/30/2012		13.31		(0.11	)		0.98			0.87			(0.99	)
12/20/2010* - 11/30/2011		13.77		(0.15	)		(0.31	)		(0.46	)		—
Class P
3/31/2016+	$	14.81	$	(0.04	)	$	(0.83	)	$	(0.87	)	$	(1.17	)
12/1/2014 - 9/30/2015#		17.64		(0.10	)		(1.22	)		(1.32	)		(1.51	)
11/30/2014		19.25		(0.15	)		0.35			0.20			(1.81	)
11/30/2013		13.32		(0.11	)		6.32			6.21			(0.28	)
11/30/2012		13.37		(0.04	)		0.98			0.94			(0.99	)
12/20/2010* - 11/30/2011		13.77		(0.09	)		(0.31	)		(0.40	)		—
Institutional Class
3/31/2016+	$	14.88	$	(0.04	)	$	(0.82	)	$	(0.86	)	$	(1.17	)
12/1/2014 - 9/30/2015#		17.71		(0.09	)		(1.23	)		(1.32	)		(1.51	)
11/30/2014		19.30		(0.14	)		0.36			0.22			(1.81	)
11/30/2013		13.35		(0.08	)		6.31			6.23			(0.28	)
11/30/2012		13.39		(0.04	)		0.99			0.95			(0.99	)
11/30/2011		12.84		(0.07	)		0.62			0.55			–
11/30/2010		10.05		(0.06	)		2.85			2.79			–

+ Unaudited

# Fiscal year end changed from November 30th to September 30th.

* Commencement of operations.

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

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

282 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Loss to Average Net Assets			Portfolio Turnover Rate
$	12.58		(6.63	)%	$	2,984		1.40	%(c)		2.08	%(c)		(0.74	)%(c)		69	%
	14.61		(8.17	)		3,057		1.40	(c)(d)		1.75	(c)(d)		(0.86	)(c)(d)		79
	17.45		1.31			3,277		1.44			1.89			(1.05	)		69
	19.09		47.16			4,971		1.50			1.91			(0.90	)		81
	13.25		7.67			1,359		1.50			2.45			(0.59	)		92
	13.34		(3.12	)		837		1.50	(c)		2.70	(c)		(0.92	)(c)		111
$	11.97		(7.07	)%	$	553		2.20	%(c)		2.92	%(c)		(1.54	)%(c)		69	%
	14.02		(8.72	)		634		2.20	(c)(d)		2.59	(c)(d)		(1.66	)(c)(d)		79
	16.90		0.53			661		2.20			2.69			(1.81	)		69
	18.68		46.03			606		2.21			2.73			(1.57	)		81
	13.07		6.99			228		2.22			3.16			(1.35	)		92
	13.25		(3.78	)		134		2.25	(c)		3.04	(c)		(1.60	)(c)		111
$	12.40		(6.78	)%	$	18		1.65	%(c)		2.40	%(c)		(1.00	)%(c)		69	%
	14.44		(8.32	)		22		1.65	(c)(d)		2.03	(c)(d)		(1.10	)(c)(d)		79
	17.29		1.03			29		1.66			2.20			(1.26	)		69
	18.98		46.99			26		1.67			2.16			(1.03	)		81
	13.19		7.44			10		1.70			2.60			(0.84	)		92
	13.31		(3.34	)		10		1.75	(c)		2.50	(c)		(1.14	)(c)		111
$	12.77		(6.60	)%	$	297		1.25	%(c)		1.92	%(c)		(0.58	)%(c)		69	%
	14.81		(8.01	)		272		1.25	(c)(d)		1.55	(c)(d)		(0.72	)(c)(d)		79
	17.64		1.47			214		1.25			1.76			(0.84	)		69
	19.25		47.60			110		1.25			1.74			(0.69	)		81
	13.32		7.97			19		1.25			2.25			(0.27	)		92
	13.37		(2.90	)		15		1.25	(c)		2.13	(c)		(0.65	)(c)		111
$	12.85		(6.51	)%	$	22,432		1.16	%(c)		1.85	%(c)		(0.53	)%(c)		69	%
	14.88		(7.98	)		32,670		1.16	(c)(d)		1.53	(c)(d)		(0.62	)(c)(d)		79
	17.71		1.57			33,231		1.16			1.66			(0.76	)		69
	19.30		47.64			29,116		1.16			1.69			(0.48	)		81
	13.35		8.05			20,140		1.15			2.09			(0.29	)		92
	13.39		4.28			20,862		1.15			1.99			(0.53	)		111
	12.84		27.76			20,079		1.19			1.71			(0.57	)		168

(c) Annualized, unless otherwise noted.

(d) Certain expenses incurred by the Fund were not annualized.

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 283

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Loss (a)			Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Distributions from Net Realized Capital Gains
AllianzGI Ultra Micro Cap:
Class A
3/31/2016+	$	22.58	$	(0.19	)	$	(1.04	)	$	(1.23	)	$	(1.99	)
12/1/2014 - 9/30/2015#		23.75		(0.35	)		(0.61	)		(0.96	)		(0.21	)
11/30/2014		24.34		(0.44	)		(0.04	)		(0.48	)		(0.11	)
11/30/2013		15.53		(0.29	)		9.11			8.82			(0.01	)
12/19/2011* - 11/30/2012		12.82		(0.14	)		2.85			2.71			—
Class P
3/31/2016+	$	22.74	$	(0.16	)	$	(1.06	)	$	(1.22	)	$	(1.99	)
12/1/2014 - 9/30/2015#		23.86		(0.30	)		(0.61	)		(0.91	)		(0.21	)
11/30/2014		24.40		(0.39	)		(0.04	)		(0.43	)		(0.11	)
11/30/2013		15.54		(0.24	)		9.11			8.87			(0.01	)
11/30/2012		13.26		(0.20	)		2.71			2.51			(0.23	)
12/27/2010* - 11/30/2011		13.80		(0.29	)		(0.22	)		(0.51	)		(0.03	)
Institutional Class
3/31/2016+	$	22.77	$	(0.16	)	$	(1.05	)	$	(1.21	)	$	(1.99	)
12/1/2014 - 9/30/2015#		23.93		(0.34	)		(0.61	)		(0.95	)		(0.21	)
11/30/2014		24.49		(0.40	)		(0.05	)		(0.45	)		(0.11	)
11/30/2013		15.59		(0.26	)		9.17			8.91			(0.01	)
11/30/2012		13.29		(0.19	)		2.72			2.53			(0.23	)
11/30/2011		13.25		(0.29	)		1.08			0.79			(0.75	)
11/30/2010		8.93		(0.22	)		4.54			4.32			—

+ Unaudited

# Fiscal year end changed from November 30th to September 30th.

* Commencement of operations.

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

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

(c) Annualized, unless otherwise noted.

(d) Certain expenses incurred by the Fund were not annualized.

284 Semiannual Report |  March 31, 2016  | See accompanying Notes to Financial Statements

Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Loss to Average Net Assets			Portfolio Turnover Rate
$	19.36		(6.32	)%	$	26,219		2.20	%(c)		2.20	%(c)		(1.80	)%(c)		14	%
	22.58		(4.08	)		41,119		2.08	(c)(d)		2.08	(c)(d)		(1.70	)(c)(d)		43
	23.75		(1.98	)		53,192		2.16			2.16			(1.81	)		66
	24.34		56.82			61,525		2.20			2.30			(1.41	)		59
	15.53		21.14			6,862		2.36	(c)		3.36	(c)		(0.96	)(c)		114
$	19.53		(6.22	)%	$	5,990		1.91	%(c)		1.91	%(c)		(1.51	)%(c)		14	%
	22.74		(3.84	)		7,710		1.81	(c)(d)		1.81	(c)(d)		(1.42	)(c)(d)		43
	23.86		(1.77	)		10,561		1.94			1.94			(1.67	)		66
	24.40		57.10			858		2.01			2.07			(1.19	)		59
	15.54		19.26			252		2.18			3.08			(1.38	)		114
	13.26		(3.64	)		230		2.41	(c)		3.48	(c)		(2.23	)(c)		101
$	19.57		(6.17	)%	$	29,089		1.90	%(c)		1.90	%(c)		(1.51	)%(c)		14	%
	22.77		(4.00	)		43,621		1.97	(c)(d)		1.97	(c)(d)		(1.60	)(c)(d)		43
	23.93		(1.84	)		49,525		2.00			2.00			(1.65	)		66
	24.49		57.18			62,641		2.00			2.00			(1.24	)		59
	15.59		19.37			9,296		2.08			3.15			(1.32	)		114
	13.29		6.04			9,757		2.24			3.53			(2.06	)		101
	13.25		48.38			4,629		2.29			5.40			(1.99	)		123

See accompanying Notes to Financial Statements |  March 31, 2016  | Semiannual Report 285

Notes to Financial Statements

March 31, 2016 (Unaudited)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Allianz Funds Multi-Strategy Trust (the “Trust”) was organized on January 10, 2008, as an open-end registered investment management company organized as a Massachusetts business trust. The Trust follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services-Investment Companies. As of March 31, 2016, the Trust consisted of forty separate investment series (each a “Fund” and collectively the “Funds”). Allianz Global Investors Fund Management LLC (“AGIFM” or the “Investment Manager”) serves as the Funds’ investment manager and Allianz Global Investors U.S. LLC (“AllianzGI U.S.”) and NFJ Investment Group LLC (“NFJ”), each an affiliate of the Investment Manager (each a “Sub-Adviser” and collectively the “Sub-Advisers”) serve as the Funds’ sub-advisers. The Investment Manager, AllianzGI U.S. and NFJ are indirect, wholly-owned subsidiaries of Allianz Asset Management of America L.P. (“AAM”). AAM is an indirect, wholly-owned subsidiary of Allianz SE, a publicly traded European insurance and financial services company. Currently, the Trust may offer up to seven classes of shares to new and existing investors: A, C, R, P, Institutional, R6 and Administrative. Class B shares and Class D shares converted to Class A shares at the close of business on December 4, 2015 and November 13, 2015, respectively. Shares of AllianzGI Convertible are currently not available for purchase by any new investor, and shareholders of other series of the Trust or series of Allianz Funds are no longer permitted to exchange any of their shares for shares of AllianzGI Convertible, with certain exceptions.

The following Funds sold and issued shares of beneficial interest to Allianz Funds Investments, Inc. (“AFI”) during the periods ended March 31, 2016, September 30, 2015 and November 30, 2014. AFI is an indirect, wholly-owned subsidiary of Allianz SE.

AllianzGI Global Allocation
Class	Date		Shares		Amount
R6		9/8/15		908	$	10,000
AllianzGI Global Dynamic Allocation
Class	Date		Shares		Amount
R6		2/1/16		578	$	10,000
AllianzGI Global Megatrends
Class	Date		Shares		Amount
A		2/2/15		667	$	10,000
P		2/2/15		666		10,000
Institutional		2/2/15		200,000		3,000,000
Totals				201,333	$	3,020,000

AllianzGI Best Styles Emerging Markets Equity
Class	Date		Shares		Amount
P		12/9/14		666	$	10,000
Institutional		12/9/14		667		10,000
R6		12/9/14		333,333		5,000,000
Totals				334,666	$	5,020,000
AllianzGI Best Styles Global Equity
Class	Date		Shares		Amount
A		9/2/14		606	$	10,000
P		12/22/14		641		10,000
Institutional		9/2/14		606		10,000
R6		12/2/13		333,333		5,000,000
Totals				335,186	$	5,030,000
AllianzGI Best Styles International Equity
Class	Date		Shares		Amount
P		12/9/14		666	$	10,000
Institutional		12/9/14		667		10,000
R6		12/9/14		333,333		5,000,000
Totals				334,666	$	5,020,000
AllianzGI Best Styles U.S. Equity
Class	Date		Shares		Amount
P		12/1/14		666	$	10,000
Institutional		12/1/14		667		10,000
R6		12/1/14		200,000		3,000,000
Totals				201,333	$	3,020,000
AllianzGI Emerging Markets Consumer
Class	Date		Shares		Amount
A		12/1/14		667	$	10,000
Institutional		12/1/14		200,000		3,000,000
Totals				200,667	$	3,010,000
AllianzGI Emerging Markets Debt
Class	Date		Shares		Amount
A		9/15/14		667	$	10,000
C		9/15/14		666		10,000
P		9/15/14		667		10,000
Institutional		9/15/14		2,000,000		30,000,000
Totals				2,002,000	$	30,030,000
AllianzGI Emerging Markets Small-Cap
Class	Date		Shares		Amount
A		12/1/14		667	$	10,000
Institutional		12/1/14		200,000		3,000,000
Totals				200,667	$	3,010,000

286 March 31, 2016  | Semiannual Report

AllianzGI Europe Equity Dividend
Class	Date		Shares		Amount
A		2/2/15		667	$	10,000
C		2/2/15		667		10,000
P		2/2/15		666		10,000
Institutional		2/2/15		200,000		3,000,000
Totals				202,000	$	3,030,000
AllianzGI Global Sustainability
Class	Date		Shares		Amount
A		12/9/14		667	$	10,000
P		12/9/14		666		10,000
Institutional		12/9/14		200,000		3,000,000
Totals				201,333	$	3,020,000

AllianzGI International Growth
Class	Date		Shares		Amount
A		2/2/15		667	$	10,000
Institutional		2/2/15		200,000		3,000,000
Totals				200,667	$	3,010,000
AllianzGI International Small-Cap
Class	Date		Shares		Amount
R6		2/1/16		298	$	10,000
AllianzGI NFJ International Small-Cap Value
Class	Date		Shares		Amount
R6		9/8/15		525	$	10,000

The investment objective of the Funds are disclosed below. There can be no assurance that the Funds will meet their stated objectives.

	Investment Objective
AllianzGI Retirement 2015	The Funds seek capital growth and preservation consistent with its asset allocation as the target date in the Fund name approaches, and thereafter current income and, secondarily, capital appreciation.
AllianzGI Retirement 2020
AllianzGI Retirement 2025
AllianzGI Retirement 2030
AllianzGI Retirement 2035
AllianzGI Retirement 2040
AllianzGI Retirement 2045
AllianzGI Retirement 2050
AllianzGI Retirement 2055
AllianzGI Retirement Income	The Fund seeks current income and secondarily, capital appreciation.
AllianzGI Global Allocation	The Fund seeks after-inflation capital appreciation and current income.
AllianzGI Global Dynamic Allocation	The Fund seeks after-inflation capital appreciation and, secondarily, current income.
AllianzGI Global Megatrends	The Funds seek long-term capital appreciation.
AllianzGI Best Styles Emerging Markets Equity
AllianzGI Best Styles Global Equity
AllianzGI Best Styles International Equity
AllianzGI Best Styles U.S. Equity
AllianzGI China Equity
AllianzGI Emerging Markets Consumer
AllianzGI Emerging Markets Small-Cap
AllianzGI Europe Equity Dividend
AllianzGI Global Sustainability
AllianzGI Global Water
AllianzGI International Growth
AllianzGI NFJ Emerging Markets Value
AllianzGI NFJ International Small-Cap Value
AllianzGI NFJ International Value II
AllianzGI Structured Return
AllianzGI Convertible	The Fund seeks maximum total return, consisting of capital appreciation and current income.
AllianzGI Emerging Markets Debt	The Fund seeks long-term capital appreciation and current income.
AllianzGI Global Fundamental Strategy	The Fund seeks to generate positive real absolute returns through a complete market cycle (rolling 3-year period) by investing in broad range of global asset classes.

Semiannual Report |  March 31, 2016 287

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

	Investment Objective
AllianzGI High Yield Bond	The Fund seeks a high level of current income and capital growth.
AllianzGI International Small-Cap	The Funds seek maximum long-term capital appreciation.
AllianzGI Micro Cap
AllianzGI U.S. Small-Cap Growth
AllianzGI Ultra Micro Cap
AllianzGI NFJ Global Dividend Value	The Fund seeks long-term growth of capital and income.
AllianzGI Multi-Asset Real Return	The Fund seeks long-term capital appreciation emphasizing inflation-adjusted returns.
AllianzGI Short Duration High Income	The Fund seeks a high level of current income with lower volatility than the broader high yield market.
AllianzGI U.S. Equity Hedged	The Fund seeks capital appreciation, with added emphasis on the protection of capital during unfavorable market conditions.

The preparation of the Funds’ financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires the Funds’ management to make estimates and assumptions that affect the reported amounts and disclosures in each Fund’s financial statements. Actual results could differ from those estimates.

In the normal course of business, the Funds enter into contracts that contain a variety of representations that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred.

The following is a summary of significant accounting policies consistently followed by the Funds:

(a) Valuation of Investments.   Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Market value is generally determined on the basis of official closing prices, last reported sales prices, or if no sales or closing prices are reported, on the basis of quotes obtained from a quotation reporting system, established market makers, or independent pricing services. Investments in mutual funds are valued at the NAV as reported on each business day. The Funds’ investments are valued daily using prices supplied by an independent pricing service or broker/dealer quotations, or by using the last sale or settlement price on the exchange that is the primary market for such securities, or the mean between the last bid and ask quotations. The market value for NASDAQ Global Market and NASDAQ Capital Market securities may also be calculated using the NASDAQ Official Closing Price instead of the last reported sales price. Independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Exchange traded futures are valued at the price determined by the relevant exchange. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily until settlement at the forward settlement date.

The Board of Trustees (the “Board”) has adopted procedures for valuing portfolio securities and other financial instruments in circumstances where market quotations are not readily available

(including in cases where available market quotations are deemed to be unreliable), and has delegated primary responsibility for applying the valuation methods to the Investment Manager and the Sub-Advisers. The Trust’s Valuation Committee was established by the Board to oversee the implementation of the Funds’ valuation methods and to make fair value determinations on behalf of the Board, as instructed by the Board. Each Sub-Adviser monitors the continued appropriateness of methods applied and identifies to the Investment Manager circumstances and events that may require fair valuation. The Investment Manager, in turn, determines if adjustments should be made in light of market changes, events affecting the issuer or other factors. If the Investment Manager (in consultation with the Sub-Advisers) determines that a valuation method may no longer be appropriate, another valuation method may be selected or the Valuation Committee will be convened to consider the matter and take any appropriate action in accordance with procedures set forth by the Board. The Board shall review and ratify the appropriateness of the valuation methods and these methods may be amended or supplemented from time to time by the Valuation Committee.

Short-term debt instruments maturing in 60 days or less are valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing premiums or discounts based on their value on the 61^st day prior to maturity, if the original term to maturity exceeded 60 days.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of each share class of a Fund may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the New York Stock Exchange (“NYSE”) is closed.

The prices used by the Funds to value investments may differ from the value that would be realized if the investments were sold, and these differences could be material to the Funds’ financial statements. The NAV of each share class of a Fund is normally determined as of the close of regular trading (normally, 4:00 p.m. Eastern Time) on the NYSE on each day the NYSE is open for business.

288 March 31, 2016  | Semiannual Report

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

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

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

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

n Level 3—valuations based on significant unobservable inputs (including the Sub-Advisers’ or Valuation Committee’s own assumptions and securities whose price was determined by using a single broker’s quote)

The valuation techniques used by the Funds to measure fair value during the six months ended March 31, 2016 were intended to maximize the use of observable inputs and to minimize the use of unobservable inputs.

The Funds’ policy is to recognize transfers between levels at the end of the reporting period. An investment asset’s or liability’s level within the fair value hierarchy is based on the lowest level input, individually or in aggregate, that is significant to the fair value measurement. The objective of fair value measurement remains the same even when there is a significant decrease in the volume and level of activity for an asset or liability and regardless of the valuation techniques used. Investments categorized as Level 1 or 2 as of period end may have been transferred between Levels 1 and 2 since the prior period due to changes in the valuation method utilized in valuing the investments.

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

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

U.S. Treasury Obligations—U.S. Treasury obligations are valued by independent pricing services based on pricing models that evaluate the mean between the most recently quoted bid and ask price. The models also take into consideration data received from active market makers and broker-dealers, yield curves, and the spread over comparable U.S. Treasury issues. The spreads change daily in response to market conditions and are generally obtained from the new issue market and broker-dealer sources. To the extent that these inputs are observable, the values of U.S. Treasury obligations are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Government Sponsored Enterprise and Mortgage-Backed Securities—Government sponsored enterprise and mortgage-backed securities are valued by independent pricing services using pricing models based on inputs that include issuer type, coupon, cash flows, mortgage prepayment projection tables and Adjustable Rate Mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. To the extent that these inputs are observable, the values of government sponsored enterprise and mortgage-backed securities are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Sovereign Debt Obligations—Sovereign debt obligations are valued by independent pricing services based on discounted cash flow models that incorporate option adjusted spreads along with benchmark curves and credit spreads. In addition, international bond markets are monitored regularly for information pertaining to the issuer and/or the specific issue. To the extent that these inputs are observable, the values of sovereign debt obligations are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Corporate Bonds & Notes—Corporate bonds & notes are generally comprised of two main categories: investment grade bonds and high yield bonds. Investment grade bonds are valued by independent

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Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

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

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

Option Contracts—Option contracts traded over-the-counter (“OTC”) and FLexible EXchange (“FLEX”) options are valued by independent pricing services based on pricing models that incorporate various inputs such as interest rates, credit spreads, currency exchange rates

and volatility measurements for in-the-money, at-the-money, and out-of-the-money contracts based on a given strike price. To the extent that these inputs are observable, the values of OTC and FLEX option contracts are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Forward Foreign Currency Contracts—Forward foreign currency contracts are valued by independent pricing services using various inputs and techniques, which include broker-dealer quotations, actual trading information and foreign currency exchange rates gathered from leading market makers and foreign currency exchange trading centers throughout the world. To the extent that these inputs are observable, the values of forward foreign currency contracts are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Credit Default Swaps—OTC credit default swaps are valued by independent pricing services using pricing models that take into account, among other factors, information received from market makers and broker/dealers, default probabilities from index specific credit spread curves, recovery rates, and cash flows. To the extent that these inputs are observable, the values of credit default swaps are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Senior Loans—Senior Loans generally are valued by independent pricing services based on the average of quoted prices received from multiple dealers or valued relative to other benchmark securities when broker-dealer quotes are unavailable. These quoted prices are based on interest rates, yield curves, option adjusted spreads, credit spreads and/or other criteria. To the extent that these inputs are observable, the values of Senior Loans are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

A summary of the inputs used at March 31, 2016 in valuing each Fund’s assets and liabilities is listed below (refer to the Schedules of Investments and Notes 7(b), 7(c) and 7(d) for more detailed information on Investments in Securities and Other Financial Instruments):

AllianzGI Retirement 2015:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/16
Mutual Funds	$	19,172,391		—		—	$	19,172,391
Exchange-Traded Funds		7,160,404		—		—		7,160,404
Repurchase Agreements		—	$	273,000		—		273,000
Totals	$	26,332,795	$	273,000		—	$	26,605,795
AllianzGI Retirement 2020:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/16
Mutual Funds	$	41,098,715		—		—	$	41,098,715
Exchange-Traded Funds		13,284,395		—		—		13,284,395
Repurchase Agreements		—	$	929,000		—		929,000
Totals	$	54,383,110	$	929,000		—	$	55,312,110

290 March 31, 2016  | Semiannual Report

AllianzGI Retirement 2025:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/16
Mutual Funds	$	45,960,418			—		—	$	45,960,418
Exchange-Traded Funds		13,229,385			—		—		13,229,385
Repurchase Agreements		—		$	1,035,000		—		1,035,000
Totals	$	59,189,803		$	1,035,000		—	$	60,224,803
AllianzGI Retirement 2030:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/16
Mutual Funds	$	50,252,012			—		—	$	50,252,012
Exchange-Traded Funds		11,938,754			—		—		11,938,754
Repurchase Agreements		—		$	1,396,000		—		1,396,000
Totals	$	62,190,766		$	1,396,000		—	$	63,586,766
AllianzGI Retirement 2035:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/16
Mutual Funds	$	39,060,758			—		—	$	39,060,758
Exchange-Traded Funds		8,428,205			—		—		8,428,205
Repurchase Agreements		—		$	2,399,000		—		2,399,000
		47,488,963			2,399,000		—		49,887,963
Other Financial Instruments* – Assets
Market Price		10,600			—		—		10,600
Totals	$	47,499,563		$	2,399,000		—	$	49,898,563
AllianzGI Retirement 2040:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/16
Mutual Funds	$	33,048,051			—		—	$	33,048,051
Exchange-Traded Funds		6,792,927			—		—		6,792,927
Repurchase Agreements		—		$	2,101,000		—		2,101,000
		39,840,978			2,101,000		—		41,941,978
Other Financial Instruments* – Assets
Market Price		21,201			—		—		21,201
Other Financial Instruments* – Liabilities
Market Price		(573	)		—		—		(573	)
Totals	$	39,861,606		$	2,101,000		—	$	41,962,606

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Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

AllianzGI Retirement 2045:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/16
Mutual Funds	$	20,938,548			—		—	$	20,938,548
Exchange-Traded Funds		2,680,843			—		—		2,680,843
Repurchase Agreements		—		$	1,292,000		—		1,292,000
		23,619,391			1,292,000		—		24,911,391
Other Financial Instruments* – Assets
Market Price		14,840			—		—		14,840
Other Financial Instruments* – Liabilities
Market Price		(573	)		—		—		(573	)
Totals	$	23,633,658		$	1,292,000		—	$	24,925,658
AllianzGI Retirement 2050:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/16
Mutual Funds	$	18,366,750			—		—	$	18,366,750
Exchange-Traded Funds		2,442,427			—		—		2,442,427
Repurchase Agreements		—		$	1,019,000		—		1,019,000
		20,809,177			1,019,000		—		21,828,177
Other Financial Instruments* – Assets
Market Price		12,720			—		—		12,720
Other Financial Instruments* – Liabilities
Market Price		(716	)		—		—		(716	)
Totals	$	20,821,181		$	1,019,000		—	$	21,840,181
AllianzGI Retirement 2055:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/16
Mutual Funds	$	5,136,866			—		—	$	5,136,866
Exchange-Traded Funds		656,960			—		—		656,960
Repurchase Agreements		—		$	354,000		—		354,000
		5,793,826			354,000		—		6,147,826
Other Financial Instruments* – Assets
Market Price		4,240			—		—		4,240
Other Financial Instruments* – Liabilities
Market Price		(286	)		—		—		(286	)
Totals	$	5,797,780		$	354,000		—	$	6,151,780
AllianzGI Retirement Income:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/16
Mutual Funds	$	21,294,607			—		—	$	21,294,607
Exchange-Traded Funds		2,405,676			—		—		2,405,676
Repurchase Agreements		—		$	345,000		—		345,000
Totals	$	23,700,283		$	345,000		—	$	24,045,283

292 March 31, 2016  | Semiannual Report

AllianzGI Global Allocation:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/16
Mutual Funds	$	432,242,813			—		—	$	432,242,813
Exchange-Traded Funds		59,102,527			—		—		59,102,527
Repurchase Agreements		—		$	1,878,000		—		1,878,000
		491,345,340			1,878,000		—		493,223,340
Other Financial Instruments* – Assets
Foreign Exchange Contracts		—			53,839		—		53,839
Interest Rate Contracts		285,715			—		—		285,715
Market Price		158,756			—		—		158,756
		444,471			53,839		—		498,310
Other Financial Instruments* – Liabilities
Interest Rate Contracts		(201,194	)		—		—		(201,194	)
Market Price		(56,458	)		—		—		(56,458	)
		(257,652	)		—		—		(257,652	)
Totals	$	491,532,159		$	1,931,839		—	$	493,463,998
AllianzGI Global Dynamic Allocation:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/16
Mutual Funds	$	24,479,592			—		—	$	24,479,592
U.S. Treasury Obligations		—		$	3,552,289		—		3,552,289
Exchange-Traded Funds		3,007,042			—		—		3,007,042
U.S. Government Agency Securities		—			370,525		—		370,525
Repurchase Agreements		—			5,794,000		—		5,794,000
		27,486,634			9,716,814		—		37,203,448
Other Financial Instruments* – Assets
Interest Rate Contracts		5,548			—		—		5,548
Market Price		94,787			—		—		94,787
		100,335			—		—		100,335
Other Financial Instruments* – Liabilities
Interest Rate Contracts		(950	)		—		—		(950	)
Market Price		(29,703	)		—		—		(29,703	)
		(30,653	)		—		—		(30,653	)
Totals	$	27,556,316		$	9,716,814		—	$	37,273,130
AllianzGI Global Megatrends:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/16
Mutual Funds	$	2,835,788			—		—	$	2,835,788

Semiannual Report |  March 31, 2016 293

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

AllianzGI Best Styles Emerging Markets Equity:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/16
Common Stock:
Argentina	$	19,470		—		—	$	19,470
Brazil		366,177		—		—		366,177
Chile		59,018		—		—		59,018
China		15,885	$	2,012,046		—		2,027,931
Colombia		16,874		—		—		16,874
India		39,379		27,533		—		66,912
Malaysia		49,723		183,905		—		233,628
Mexico		324,944		—		—		324,944
Poland		5,153		45,670		—		50,823
Russian Federation		92,102		97,885		—		189,987
South Africa		175,669		317,810		—		493,479
Taiwan		71,162		1,086,787		—		1,157,949
Thailand		—		45,855	$	93,929		139,784
United States		3,137		—		—		3,137
All Other		—		2,181,628		—		2,181,628
Preferred Stock:
Korea (Republic of)		—		32,918		—		32,918
All Other		404,046		—		—		404,046
Repurchase Agreements		—		1,373,000		—		1,373,000
		1,642,739		7,405,037		93,929		9,141,705
Other Financial Instruments* – Assets
Market Price		8,780		—		—		8,780
Totals	$	1,651,519	$	7,405,037	$	93,929	$	9,150,485
AllianzGI Best Styles Global Equity:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/16
Common Stock:
Bermuda	$	3,655,879	$	63,823		—	$	3,719,702
Brazil		2,280,737		—		—		2,280,737
Canada		24,571,512		—		—		24,571,512
China		214,078		16,730,479	$	55,083		16,999,640
Finland		120,813		3,478,288		—		3,599,101
France		88,927		20,629,026		—		20,717,953
Greece		37,902		—		—		37,902
Hong Kong		344,190		1,150,120		—		1,494,310
India		1,057,242		—		—		1,057,242
Ireland		4,278,778		1,670,766		—		5,949,544
Japan		—		27,401,580		429,957		27,831,537
Malaysia		424,526		1,588,343		—		2,012,869
Mexico		3,253,470		—		—		3,253,470
Norway		563,360		6,641,042		—		7,204,402
Russian Federation		190,897		136,157		—		327,054
Singapore		969,410		1,746,544		—		2,715,954
South Africa		583,136		1,123,375		—		1,706,511
Switzerland		1,158,734		5,680,693		—		6,839,427
Thailand		—		1,602,354		1,617,235		3,219,589

294 March 31, 2016  | Semiannual Report

AllianzGI Best Styles Global Equity (cont’d)
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 3/31/16
United Kingdom	$	1,309,922		$	33,004,171			—	$	34,314,093
United States		313,253,449			524,086			—		313,777,535
All Other		—			73,629,656			—		73,629,656
Preferred Stock		1,161,613			—			—		1,161,613
Repurchase Agreements		—			9,071,000			—		9,071,000
		359,518,575			205,871,503		$	2,102,275		567,492,353
Other Financial Instruments* – Assets
Foreign Exchange Contracts		—			17			—		17
Market Price		208,582			—			—		208,582
		208,582			17			—		208,599
Other Financial Instruments* – Liabilities
Foreign Exchange Contracts		—			(46,076	)		—		(46,076	)
Market Price		(15,132	)		—			—		(15,132	)
		(15,132	)		(46,076	)		—		(61,208	)
Totals	$	359,712,025		$	205,825,444		$	2,102,275	$	567,639,744
AllianzGI Best Styles International Equity:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 3/31/16
Common Stock:
Austria	$	88,347		$	1,455,641			—	$	1,543,988
British Virgin Islands		190,408			—			—		190,408
France		176,218			8,297,048			—		8,473,266
Germany		153,256			5,498,471			—		5,651,727
Greece		103,960			256,548			—		360,508
Hong Kong		257,454			2,622,333			—		2,879,787
Ireland		439,803			544,421			—		984,224
Singapore		324,027			53,593			—		377,620
Sweden		415,529			1,155,130			—		1,570,659
United Kingdom		2,574,060			14,518,306			—		17,092,366
All Other		—			41,686,153			—		41,686,153
Preferred Stock		—			533,647			—		533,647
Repurchase Agreements		—			775,000			—		775,000
		4,723,062			77,396,291			—		82,119,353
Other Financial Instruments* – Liabilities
Market Price		(7,528	)		—			—		(7,528	)
Totals	$	4,715,534		$	77,396,291			—	$	82,111,825
AllianzGI Best Styles U.S. Equity:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 3/31/16
Common Stock	$	88,902,859			—			—	$	88,902,859
Rights		—		$	11,868			—		11,868
Repurchase Agreements		—			2,528,000			—		2,528,000
		88,902,859			2,539,868			—		91,442,727
Other Financial Instruments* – Assets
Market Price		12,310			—			—		12,310
Totals	$	88,915,169		$	2,539,868			—	$	91,455,037

Semiannual Report |  March 31, 2016 295

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

AllianzGI China Equity:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/16
Common Stock:
China	$	281,559	$	3,704,311		—	$	3,985,870
Hong Kong		—		486,951		—		486,951
Totals	$	281,559	$	4,191,262		—	$	4,472,821
AllianzGI Convertible:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/16
Convertible Bonds		—	$	1,323,602,865		—	$	1,323,602,865
Convertible Preferred Stock:
Food & Beverage		—		23,652,028		—		23,652,028
All Other	$	370,000,308		—		—		370,000,308
Repurchase Agreements		—		55,791,000		—		55,791,000
Totals	$	370,000,308	$	1,403,045,893		—	$	1,773,046,201
AllianzGI Emerging Markets Consumer:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/16
Common Stock:
Brazil	$	2,333,526		—		—	$	2,333,526
China		2,137,414	$	3,240,334		—		5,377,748
India		558,548		1,447,716		—		2,006,264
Indonesia		722,070		131,688		—		853,758
Malaysia		126,045		459,454		—		585,499
Mexico		800,661		—		—		800,661
Russian Federation		148,290		—		—		148,290
South Africa		165,371		1,816,106		—		1,981,477
United States		1,600,565		—		—		1,600,565
All Other		—		18,021,839		—		18,021,839
Equity-Linked Securities		—		420,959		—		420,959
Preferred Stock		229,621		—		—		229,621
Exchange-Traded Funds		148,618		—		—		148,618
Repurchase Agreements		—		216,000		—		216,000
		8,970,729		25,754,096		—		34,724,825
Other Financial Instruments* – Assets
Foreign Exchange Contracts		—		4,161		—		4,161
Totals	$	8,970,729	$	25,758,257		—	$	34,728,986
AllianzGI Emerging Markets Debt:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/16
Corporate Bonds & Notes		—	$	20,106,250		—	$	20,106,250
Sovereign Debt Obligations		—		10,891,653		—		10,891,653
Repurchase Agreements		—		13,571,000		—		13,571,000
		—		44,568,903		—		44,568,903

296 March 31, 2016  | Semiannual Report

AllianzGI Emerging Markets Debt (cont’d)
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 3/31/16
Other Financial Instruments* – Assets
Credit Contracts		—	$	11,777			—	$	11,777
Foreign Exchange Contracts		—		40,508			—		40,508
		—		52,285			—		52,285
Other Financial Instruments* – Liabilities
Credit Contracts		—		(15,000	)		—		(15,000	)
Foreign Exchange Contracts		—		(101,682	)		—		(101,682	)
		—		(116,682	)		—		(116,682	)
Totals		—	$	44,504,506			—	$	44,504,506
AllianzGI Emerging Markets Small-Cap:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 3/31/16
Common Stock:
Brazil	$	98,789		—			—	$	98,789
Chile		13,330		—			—		13,330
China		19,105	$	1,337,528			—		1,356,633
Colombia		23,856		—			—		23,856
Greece		94,479		28,972			—		123,451
Hong Kong		27,752		362,000			—		389,752
Korea (Republic of)		11,459		1,436,151			—		1,447,610
Malaysia		205,417		237,422			—		442,839
Mexico		52,223		—			—		52,223
Poland		14,531		135,731			—		150,262
Russian Federation		123,022		—		$	55,172		178,194
South Africa		182,363		43,216			—		225,579
Thailand		83,820		483,182			—		567,002
United States		136,758		—			—		136,758
All Other		—		2,883,157			—		2,883,157
Preferred Stock:
Brazil		180,392		—			—		180,392
Russian Federation		—		—			104,217		104,217
Totals	$	1,267,296	$	6,947,359		$	159,389	$	8,374,044
AllianzGI Europe Equity Dividend:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 3/31/16
Common Stock:
Belgium	$	32,529	$	79,093			—	$	111,622
All Other		—		3,082,390			—		3,082,390
Repurchase Agreements		—		390,000			—		390,000
Totals	$	32,529	$	3,551,483			—	$	3,584,012

Semiannual Report |  March 31, 2016 297

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

AllianzGI Global Fundamental Strategy:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 3/31/16
Common Stock:
Hong Kong	$	306,191		$	231,448			—	$	537,639
Israel		74,580			—			—		74,580
United States		2,467,145			—			—		2,467,145
All Other		—			4,200,787			—		4,200,787
Corporate Bonds & Notes		—			5,033,730			—		5,033,730
Sovereign Debt Obligations		—			4,004,214			—		4,004,214
U.S. Treasury Obligations		—			504,904			—		504,904
Exchange-Traded Funds		356,200			—			—		356,200
Preferred Stock		110,773			—			—		110,773
Repurchase Agreements		—			2,653,000			—		2,653,000
Options Purchased:
Market Price		63,500			—			—		63,500
		3,378,389			16,628,083			—		20,006,472
Investments in Securities – Liabilities
Options Written:
Market Price		(42,515	)		—			—		(42,515	)
Other Financial Instruments* – Assets
Foreign Exchange Contracts		—			21,271			—		21,271
Interest Rate Contracts		308			—			—		308
Market Price		4,791			—			—		4,791
		5,099			21,271			—		26,370
Other Financial Instruments* – Liabilities
Foreign Exchange Contracts		—			(54,311	)		—		(54,311	)
Interest Rate Contracts		(1,442	)		—			—		(1,442	)
		(1,442	)		(54,311	)		—		(55,753	)
Totals	$	3,339,531		$	16,595,043			—	$	19,934,574
AllianzGI Global Sustainability:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 3/31/16
Common Stock:
Australia		—		$	259,432			—	$	259,432
Denmark		—			404,311			—		404,311
France		—			572,165			—		572,165
Germany		—			1,208,002			—		1,208,002
Japan		—			744,644			—		744,644
Norway		—			259,162			—		259,162
Spain		—			819,202			—		819,202
Sweden		—			586,544			—		586,544
Switzerland		—			947,608			—		947,608
United Kingdom		—			2,534,153			—		2,534,153
All Other	$	10,950,736			—			—		10,950,736
Preferred Stock		—			401,308			—		401,308
Repurchase Agreements		—			1,022,000			—		1,022,000
Totals	$	10,950,736		$	9,758,531			—	$	20,709,267

298 March 31, 2016  | Semiannual Report

AllianzGI Global Water:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 3/31/16
Common Stock:
Brazil	$	5,472,027		—			—	$	5,472,027
United States		134,921,233		—			—		134,921,233
All Other		—	$	234,183,067			—		234,183,067
Repurchase Agreements		—		30,374,000			—		30,374,000
Totals	$	140,393,260	$	264,557,067			—	$	404,950,327
AllianzGI High Yield Bond:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 3/31/16
Corporate Bonds & Notes		—	$	293,535,758			—	$	293,535,758
Senior Loans		—		—		$	4,484,241		4,484,241
Common Stock		—		—			908,391		908,391
Repurchase Agreements		—		6,473,000			—		6,473,000
Totals		—	$	300,008,758		$	5,392,632	$	305,401,390
AllianzGI International Growth:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 3/31/16
Common Stock:
Brazil	$	132,759		—			—	$	132,759
Canada		198,483		—			—		198,483
China		56,309	$	63,295			—		119,604
Mexico		40,384		—			—		40,384
Sweden		26,226		267,011			—		293,237
All Other		—		2,337,276			—		2,337,276
Totals	$	454,161	$	2,667,582			—	$	3,121,743
AllianzGI International Small-Cap:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 3/31/16
Common Stock:
Australia	$	137,697	$	3,131,385			—	$	3,269,082
Ireland		1,831,919		1,917,428			—		3,749,347
United Kingdom		1,384,946		6,544,815			—		7,929,761
All Other		—		86,052,904			—		86,052,904
Repurchase Agreements		—		3,043,000			—		3,043,000
		3,354,562		100,689,532			—		104,044,094
Other Financial Instruments* – Liabilities
Foreign Exchange Contracts		—		(713	)		—		(713	)
Totals	$	3,354,562	$	100,688,819			—	$	104,043,381

Semiannual Report |  March 31, 2016 299

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

AllianzGI Micro Cap:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/16
Common Stock	$	35,185,952			—		—	$	35,185,952
Repurchase Agreements		—		$	525,000		—		525,000
Totals	$	35,185,952		$	525,000		—	$	35,710,952
AllianzGI Multi-Asset Real Return:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/16
Mutual Funds	$	1,443,539			—		—	$	1,443,539
Common Stock:
Australia		—		$	77,075		—		77,075
Austria		—			2,165		—		2,165
France		—			39,384		—		39,384
Germany		—			22,373		—		22,373
Hong Kong		—			85,548		—		85,548
Japan		—			115,690		—		115,690
Singapore		—			23,339		—		23,339
Switzerland		—			4,934		—		4,934
United Kingdom		—			30,924		—		30,924
All Other		556,268			—		—		556,268
Exchange-Traded Funds		816,677			—		—		816,677
Repurchase Agreements		—			132,000		—		132,000
		2,816,484			533,432		—		3,349,916
Other Financial Instruments* – Assets
Interest Rate Contracts		4,095			—		—		4,095
Other Financial Instruments* – Liabilities
Interest Rate Contracts		(358	)		—		—		(358	)
Market Price		(1,193	)		—		—		(1,193	)
		(1,551	)		—		—		(1,551	)
Totals	$	2,819,028		$	533,432		—	$	3,352,460
AllianzGI NFJ Emerging Markets Value:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/16
Common Stock:
Brazil	$	621,075			—		—	$	621,075
Chile		107,492			—		—		107,492
China		57,945		$	1,871,964		—		1,929,909
Egypt		52,198			—		—		52,198
Malaysia		52,404			168,734		—		221,138
Mexico		217,348			—		—		217,348
Peru		55,143			—		—		55,143
Russian Federation		52,397			—	$	204,177		256,574
Singapore		54,253			54,225		—		108,478
South Africa		108,142			274,919		—		383,061
Taiwan		54,634			857,535		—		912,169
Thailand		52,334			106,046		—		158,380
All Other		—			2,327,978		—		2,327,978

300 March 31, 2016  | Semiannual Report

AllianzGI NFJ Emerging Markets Value (cont’d)
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 3/31/16
Preferred Stock:
Brazil	$	110,085		—			—	$	110,085
Korea (Republic of)		—	$	228,452			—		228,452
Equity-Linked Securities		—		102,015			—		102,015
Repurchase Agreements		—		124,000			—		124,000
		1,595,450		6,115,868		$	204,177		7,915,495
Other Financial Instruments* – Assets
Foreign Exchange Contracts		—		150			—		150
Other Financial Instruments* – Liabilities
Foreign Exchange Contracts		—		(1,943	)		—		(1,943	)
Totals	$	1,595,450	$	6,114,075		$	204,177	$	7,913,702
AllianzGI NFJ Global Dividend Value:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 3/31/16
Common Stock:
China		—	$	589,824			—	$	589,824
France		—		286,249			—		286,249
Germany		—		316,224			—		316,224
Japan		—		513,451			—		513,451
Korea (Republic of)		—		288,123			—		288,123
Norway		—		294,614			—		294,614
Spain		—		583,309			—		583,309
Switzerland		—		279,974			—		279,974
United Kingdom	$	290,700		1,941,039			—		2,231,739
All Other		9,102,579		—			—		9,102,579
Repurchase Agreements		—		430,000			—		430,000
Totals	$	9,393,279	$	5,522,807			—	$	14,916,086
AllianzGI NFJ International Small-Cap Value:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 3/31/16
Common Stock:
Brazil	$	193,265		—			—	$	193,265
Canada		976,309		—			—		976,309
Chile		437,147		—			—		437,147
Finland		87,828	$	95,727			—		183,555
Germany		111,539		186,430			—		297,969
Greece		93,651		—			—		93,651
Mexico		93,551		—			—		93,551
Singapore		99,874		84,354			—		184,228
Sweden		89,203		738,677			—		827,880
Switzerland		107,868		129,268			—		237,136
United Kingdom		559,126		1,397,733			—		1,956,859
All Other		—		6,352,592			—		6,352,592
		2,849,361		8,984,781			—		11,834,142
Other Financial Instruments* – Liabilities
Foreign Exchange Contracts		—		(917	)		—		(917	)
Totals	$	2,849,361	$	8,983,864			—	$	11,833,225

Semiannual Report |  March 31, 2016 301

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

AllianzGI NFJ International Value II:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/16
Common Stock:
Canada	$	2,537,678			—		—	$	2,537,678
Chile		284,625			—		—		284,625
India		355,136			—		—		355,136
Israel		524,398			—		—		524,398
Japan		—		$	5,831,575	$	347,625		6,179,200
Korea (Republic of)		612,438			—		—		612,438
Mexico		409,992			—		—		409,992
Russian Federation		499,395			—		—		499,395
South Africa		298,354			—		—		298,354
Taiwan		558,060			—		—		558,060
Turkey		519,060			—		—		519,060
United Kingdom		756,360			10,784,538		—		11,540,898
All Other		—			18,835,177		—		18,835,177
Repurchase Agreements		—			966,000		—		966,000
Totals	$	7,355,496		$	36,417,290	$	347,625	$	44,120,411
AllianzGI Short Duration High Income:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/16
Corporate Bonds & Notes		—		$	750,659,841		—	$	750,659,841
Senior Loans		—			111,559,066		—		111,559,066
Repurchase Agreements		—			39,316,000		—		39,316,000
Totals		—		$	901,534,907		—	$	901,534,907
AllianzGI Structured Return:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/16
Exchange-Traded Funds	$	164,653,560			—		—	$	164,653,560
Repurchase Agreements		—		$	26,507,000		—		26,507,000
Options Purchased:
Market Price		348,426			—		—		348,426
		165,001,986			26,507,000		—		191,508,986
Investments in Securities – Liabilities
Options Written:
Market Price		(10,214,663	)		—		—		(10,214,663	)
Totals	$	154,787,323		$	26,507,000		—	$	181,294,323
AllianzGI U.S. Equity Hedged:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/16
Exchange-Traded Funds	$	6,372,360			—		—	$	6,372,360
Repurchase Agreements		—		$	197,000		—		197,000
Options Purchased:
Market Price		201,870			—		—		201,870
		6,574,230			197,000		—		6,771,230

302 March 31, 2016  | Semiannual Report

AllianzGI U.S. Equity Hedged (cont’d)
Investments in Securities – Liabilities	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/16
Options Written:
Market Price	$	(58,560	)		—		—	$	(58,560	)
Totals	$	6,515,670		$	197,000		—	$	6,712,670
AllianzGI U.S. Small-Cap Growth:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/16
Common Stock	$	25,133,776			—		—	$	25,133,776
Repurchase Agreements		—		$	1,272,000		—		1,272,000
Totals	$	25,133,776		$	1,272,000		—	$	26,405,776
AllianzGI Ultra Micro Cap:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/16
Common Stock	$	61,135,531			—		—	$	61,135,531
Repurchase Agreements		—		$	232,000		—		232,000
Totals	$	61,135,531		$	232,000		—	$	61,367,531

At March 31, 2016, the following Funds had transfers between Levels 1 and 2:

	Transfers
	Level 1 to Level 2			Level 2 to Level 1
AllianzGI Best Styles Emerging Markets Equity		—		$	153,142	(b)
AllianzGI Best Styles Global Equity	$	1,562,511	(a)		2,046,642	(b)
AllianzGI Best Styles International Equity		82,604	(a)		—
AllianzGI Convertible		—			16,807,831	(c)
AllianzGI Emerging Markets Consumer		1,287,879	(a)		291,416	(b)
AllianzGI Emerging Markets Small-Cap		114,413	(a)		11,459	(b)
AllianzGI Europe Equity Dividend		30,676	(a)		—
AllianzGI Global Water		8,105,753	(a)		—
AllianzGI International Small-Cap		5,082,870	(a)		3,216,865	(b)
AllianzGI NFJ Emerging Markets Value		275,395	(a)		52,334	(b)
AllianzGI NFJ International Small-Cap Value		76,453	(a)		201,100	(b)
AllianzGI NFJ International Value II		433,012	(a)		—

(a) This transfer was a result of securities trading outside the U.S. whose values were not adjusted by the application of a modeling tool at September 30, 2015, which was applied on March 31, 2016.

(b) This transfer was a result of securities trading outside the U.S. whose values were adjusted by the application of a modeling tool at September 30, 2015, which was not applied on March 31, 2016.

(c) This transfer was a result of securities with an evaluated mean price at September 30, 2015, using an exchange-traded closing price March 31, 2016.

A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the six months ended March 31, 2016, was as follows:

AllianzGI Best Styles Emerging Markets Equity:
Investments in Securities – Assets	Beginning Balance 9/30/15		Purchases	Sales	Accrued Discount (Premiums)		Net Realized Loss			Net Change in Unrealized Appreciation/ Depreciation		Transfers into Level 3		Transfers out of Level 3		Ending Balance 3/31/16
Common Stock:
Thailand	$	42,664	$  81,508	$  (38,210)		—	$	(19,484	)	$	27,451		—		—	$	93,929

Semiannual Report |  March 31, 2016 303

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

AllianzGI Best Styles Global Equity:
Investments in Securities – Assets	Beginning Balance 9/30/15		Purchases			Sales			Accrued Discount (Premiums)		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3**		Transfers out of Level 3			Ending Balance 3/31/16
Common Stock:
China	$	1,200		—			—			—		—		$	(1	)	$	53,884		—		$	55,083
Japan		157,213		—		$	(167,231	)#		—		—			10,018			429,957		—			429,957
Thailand		200,284	$	1,368,059			(165,004	)		—	$	21,362			192,534			—		—			1,617,235
Rights:
Korea (Republic of)		7,625		—			(3,260	)		—		(5,379	)		1,014			—		—			—
Totals	$	366,322	$	1,368,059		$	(335,495	)		—	$	15,983		$	203,565		$	483,841		—		$	2,102,275
AllianzGI Emerging Markets Consumer:
Investments in Securities – Assets	Beginning Balance 9/30/15		Purchases			Sales			Accrued Discount (Premiums)		Net Realized Loss			Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3		Transfers out of Level 3			Ending Balance 3/31/16
Common Stock:
China	$	98,465		—			$  (115,665)			—	$	(266,745	)	$	283,945			—		—			—
AllianzGI Emerging Markets Small-Cap:
Investments in Securities – Assets	Beginning Balance 9/30/15		Purchases			Sales			Accrued Discount (Premiums)		Net Realized Gain			Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3		Transfers out of Level 3			Ending Balance 3/31/16
Common Stock:
Russian Federation	$	73,498	$	28,027		$	(53,883	)		—	$	9,648		$	(2,118	)		—		—		$	55,172
Preferred Stock:
Russian Federation		73,600		78,517			(71,649	)		—		12,608			11,141			—		—			104,217
Totals	$	147,098	$	106,544		$	(125,532	)		—	$	22,256		$	9,023			—		—		$	159,389
AllianzGI High Yield Bond:
Investments in Securities – Assets	Beginning Balance 9/30/15		Purchases			Sales			Accrued Discount (Premiums)		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3		Transfers out of Level 3***			Ending Balance 3/31/16
Corporate Bonds & Notes:
Commercial Services	$	1,849,870		—			—			—		—		$	(1,767,040	)		—	$	(82,830	)		—
Senior Loans:
Media		—	$	4,484,241			—			—		—			—			—		—			4,484,241
Common Stock		—		769,748	†		—			—		—			138,643			—		—			908,391
Totals	$	1,849,870	$	5,253,989			—			—		—		$	(1,628,397	)		—	$	(82,830	)	$	5,392,632
AllianzGI International Small-Cap:
Investments in Securities – Assets	Beginning Balance 9/30/15		Purchases			Sales			Accrued Discount (Premiums)		Net Realized Loss			Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3		Transfers out of Level 3			Ending Balance 3/31/16
Common Stock:
Thailand	$	270,779	$	30,546		$	(313,408	)		—	$	(70,113	)	$	82,196			—		—			—

304 March 31, 2016  | Semiannual Report

AllianzGI Multi-Asset Real Return:
Investments in Securities – Assets	Beginning Balance 9/30/15		Purchases		Sales			Accrued Discount (Premiums)		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3		Transfers out of Level 3		Ending Balance 3/31/16
Common Stock:
Japan	$	4,526		—	$	(5,729	)#		—		—		$	1,203			—		—		—
AllianzGI NFJ Emerging Markets Value:
Investments in Securities – Assets	Beginning Balance 9/30/15		Purchases		Sales			Accrued Discount (Premiums)		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3		Transfers out of Level 3		Ending Balance 3/31/16
Common Stock:
Russian Federation	$	273,963	$	86,120	$	(180,915	)		—	$	(58,400	)	$	83,409			—		—	$	204,177
Preferred Stock:
Russian Federation		49,956		12,359		(65,140	)		—		8,680			(5,855	)		—		—		—
Totals	$	323,919	$	98,479	$	(246,055	)		—	$	(49,720	)	$	77,554			—		—	$	204,177
AllianzGI NFJ International Value II:
Investments in Securities – Assets	Beginning Balance 9/30/15		Purchases		Sales			Accrued Discount (Premiums)		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3		Transfers out of Level 3		Ending Balance 3/31/16
Common Stock:
Japan		—	$	455,722		—			—		—		$	(108,097	)		—		—	$	347,625

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 March 31, 2016:

AllianzGI Best Styles Emerging Markets Equity:
Investments in Securities – Assets	Ending Balance at 3/31/16		Valuation Technique Used	Unobservable Inputs	Input Values
Common Stock	$	93,929	Value of Foreign Security Traded on Foreign Exchange	Price of Non-Resident Shares on Foreign Exchange		THB   45.69-60.40

AllianzGI Best Styles Global Equity:
Investments in Securities – Assets	Ending Balance at 3/31/16		Valuation Technique Used	Unobservable Inputs	Input Values
Common Stock	$	1,617,235	Value of Foreign Security Traded on Foreign Exchange	Price of Non-Resident Shares on Foreign Exchange		THB   5.04-401.63
		1,199	Discount on Publicly Traded Quote	Discount Applied to Last Exchange Price		HKD 0.15 (88% discount)
		429,957	Last Exchange-Traded Closing Price	Trading Volume		JPY   514.78
		53,884	Broker Bid Price	Trading Volume		HKD 10.00
AllianzGI Emerging Markets Small-Cap:
Investments in Securities – Assets	Ending Balance at 3/31/16		Valuation Technique Used	Unobservable Inputs	Input Values
Common Stock	$	55,172	Value of Foreign Security Traded on Foreign Exchange	Price of Non-Resident Shares on Foreign Exchange		$  3.98-$54.82
Preferred Stock		104,217	Value of Foreign Security Traded on Foreign Exchange	Price of Non-Resident Shares on Foreign Exchange		$  27.71

Semiannual Report |  March 31, 2016 305

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

AllianzGI High Yield Bond:
Investments in Securities – Assets	Ending Balance at 3/31/16		Valuation Technique Used	Unobservable Inputs	Input Values
Senior Loans	$	4,484,241	Model Price	Proprietary Data Used in Model	$	100.00
Common Stock		908,391	Fundamental Analytical Data Relating to the Investment	Price of Stock		$  20.93

AllianzGI NFJ Emerging Markets Value:
Investments in Securities – Assets	Ending Balance at 3/31/16		Valuation Technique Used	Unobservable Inputs	Input Values
Common Stock	$	204,177	Value of Foreign Security Traded on Foreign Exchange	Price of Non-Resident Shares on Foreign Exchange	$	2.21-$39.22

AllianzGI NFJ International Value II:
Investments in Securities – Assets	Ending Balance at 3/31/16		Valuation Technique Used	Unobservable Inputs	Input Values
Common Stock	$	347,625	Last Exchange-Traded Closing Price	Trading Volume		JPY  514.78

HKD–Hong Kong Dollar

JPY–Japanese Yen

THB–Thai Baht

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

** Transferred out of Level 2 into Level 3 because trading was halted and Sub-Adviser recommended the last closing price / broker bids available at March 31, 2016.

*** Transferred out of Level 3 into Level 2 because an evaluated mean price was available at March 31, 2016.

# Removed via corporate action.

† Issued via corporate action.

The net change in unrealized appreciation/depreciation of Level 3 investments which the following Funds held at March 31, 2016 was:

AllianzGI Best Styles Emerging Markets Equity	$	12,413
AllianzGI Best Styles Global Equity		239,216
AllianzGI Emerging Markets Small-Cap		27,243
AllianzGI High Yield Bond		138,643
AllianzGI NFJ Emerging Markets Value		35,071
AllianzGI NFJ International Value II		(108,097	)

Net realized gain (loss) and net change in unrealized appreciation/depreciation are reflected on the Statements of Operations.

(c) Investment Transactions and Investment Income.  Investment transactions are accounted for on the trade date. Securities purchased and sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses on investments are determined on an identified cost basis. Interest income adjusted for the accretion of discounts and amortization of premiums is recorded on an accrual basis. Discounts or premiums on debt securities purchased are accreted or amortized, respectively, to interest income. Conversion premium is not amortized. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, and then are recorded as soon after the ex-dividend date as the Funds, using reasonable diligence, become aware of such dividends.

Dividend and interest income on the Statements of Operations are shown net of any foreign taxes withheld on income from foreign securities. Payments received from real estate investment trust securities may be comprised of dividends, realized gains and return of capital. The payment may initially be recorded as dividend income and may subsequently be reclassified as realized gains and/or return of capital upon receipt of information from the issuer. Payments considered return of capital reduce the cost basis of the respective security. Dividends from underlying funds are recorded as dividend income, while capital gain distributions are recorded as net capital gain distributions received from underlying funds on the Statements of Operations. Facility fees and other fees (such as origination fees) received on settlement date are amortized as income over the expected term of the senior loan. Facility fees and other fees received after settlement date relating to senior loans, commitment fees received relating to unfunded purchase commitments and consent fees relating to corporate actions are recorded as miscellaneous income upon receipt. Expenses are recorded on an accrual basis and such expenses exclude those of the underlying funds. Expenses of the underlying funds are reflected in the net asset values of those funds.

(d) Federal Income Taxes.  The Funds intend to distribute all of their taxable income and to comply with the other requirements of Subchapter M of the U.S. Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Accordingly, no provision for U.S. federal income taxes is required. The Funds may be subject to excise tax based on distributions to shareholders.

306 March 31, 2016  | Semiannual Report

Accounting for uncertainty in income taxes establishes for all entities, including pass-through entities such as the Funds, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures. In accordance with provisions set forth under U.S. GAAP, the Investment Manager has reviewed the Funds’ tax positions for all open tax years. As of March 31, 2016, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken. The Funds’ federal income tax returns for the prior three years, as applicable, remain subject to examination by the Internal Revenue Service.

(e) Dividends and Distributions to Shareholders.  The Funds (except AllianzGI Retirement Income, AllianzGI Global Allocation, AllianzGI Convertible, AllianzGI Emerging Markets Debt, AllianzGI Europe Equity Dividend, AllianzGI High Yield Bond, AllianzGI NFJ Emerging Markets Value, AllianzGI NFJ Global Dividend Value, AllianzGI NFJ International Value II and AllianzGI Short Duration High Income) declare dividends and distributions from net investment income and net realized capital gains, if any, annually. AllianzGI Retirement Income, AllianzGI Global Allocation, AllianzGI Convertible, AllianzGI Emerging Markets Debt, AllianzGI Europe Equity Dividend, AllianzGI NFJ Emerging Markets Value, AllianzGI NFJ Global Dividend Value and AllianzGI NFJ International Value II declare dividends from net investment income quarterly and distributions from net realized capital gains, if any, annually. AllianzGI High Yield Bond and AllianzGI Short Duration High Income declare dividends from net investment income monthly and distributions from net realized capital gains, if any, annually. The Funds record dividends and distributions to their respective shareholders on the ex-dividend date. The amount of dividends from net investment income and distributions from net realized capital gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These “book-tax” differences are considered either temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal income tax treatment; temporary differences do not require reclassification. To the extent dividends and/or distributions exceed current and accumulated earnings and profits for federal income tax purposes, they are reported as dividends and/or distributions to shareholders from return of capital.

(f) Multi-Class Operations.  Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income, non-class specific expenses, and realized and unrealized capital gains and losses of each Fund are allocated daily to each class of shares based on the relative net assets of each class. Class specific expenses, where applicable, include administration, administrative servicing, distribution, recoupment, servicing and sub-transfer agent fees.

(g) Foreign Currency Translation.  The Funds’ accounting records are maintained in U.S. dollars as follows: (1) the foreign currency

market values of investments and other assets and liabilities denominated in foreign currencies are translated at the prevailing exchange rate at the end of the period; and (2) purchases and sales, income and expenses are translated at the prevailing exchange rate on the respective dates of such transactions. The resulting net foreign currency gain (loss) is included in the Funds’ Statements of Operations.

The Funds do not generally isolate that portion of the results of operations arising as a result of changes in foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities. Accordingly, such foreign currency gain (loss) is included in net realized and unrealized gain (loss) on investments. However, the Funds do isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations pursuant to U.S. federal income tax regulations; such amount is categorized as foreign currency gain (loss) for both financial reporting and income tax reporting purposes.

(h) Repurchase Agreements.  The Funds are parties to Master Repurchase Agreements (“Master Repo Agreements”) with select counterparties. The Master Repo Agreements maintain provisions for initiation, income payments, events of default, and maintenance of collateral.

The Funds enter into transactions, under the Master Repo Agreements, with their custodian bank or securities brokerage firms whereby they purchase securities under agreements to resell such securities at an agreed upon price and date (“repurchase agreements”). The Funds, through their custodian, take possession of securities collateralizing the repurchase agreement. Such agreements are carried at the contract amount in the financial statements, which is considered to represent fair value. Collateral pledged (the securities received), which consists primarily of U.S. government obligations and asset-backed securities, is held by the custodian bank for the benefit of the Funds until maturity of the repurchase agreement. Provisions of the repurchase agreements and the procedures adopted by the Funds require that the market value of the collateral, including accrued interest thereon, be sufficient in the event of default by the counterparty. If the counterparty defaults under the Master Repo Agreements, and the value of the collateral declines or if the counterparty enters an insolvency proceeding, realization of the collateral by the Funds may be delayed or limited. The gross values are included in the Funds’ Schedules of Investments. The value of the related collateral exceeded the value of the repurchase agreements at March 31, 2016.

(i) Equity-Linked Securities.  Certain Funds invest in equity-linked securities such as participatory notes (“P-Notes”). P-Notes are used to gain exposure to issuers in certain countries with a costly or lengthy registration process. They are generally traded over-the-counter and constitute general unsecured contractual obligations of the banks or broker-dealers that issue them. Generally, banks and broker-dealers associated with non-U.S.-based brokerage firms buy securities listed

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on certain foreign exchanges and then issue P-Notes which are designed to replicate the performance of certain issuers and markets. To the extent that the Funds invest in equity-linked securities whose return corresponds to the performance of a foreign securities index or one or more foreign stocks, investing in equity-linked securities will involve risks similar to the risks of investing in foreign securities. In addition, the Funds bear the risk that the issuer of an equity-linked security may default on its obligation under the terms of the arrangement with the counterparty.

(j) Warrants.  The Funds may receive warrants. Warrants are securities that are usually issued together with a debt security or preferred stock and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants may be freely transferable and are often traded on major exchanges. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline in interest rates would permit a Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

(k) Rights.  The Funds may receive rights. A right is a privilege granted to existing shareholders of a corporation to subscribe for shares of a new issue of common stock before it is issued. Rights normally have a short life, usually two to four weeks, are freely transferable and entitle the holder to buy the new common stock at a lower price than the public offering price. Rights may entail greater risks than certain other types of investments. Generally, rights do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not

exceed the exercise price during the life of the right, the right will expire worthless. Rights may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities.

(l) Senior Loans.  The Funds may purchase assignments of, and participations in, Senior Loans originated, negotiated and structured by a U.S. or foreign commercial bank, insurance company, finance company or other financial institution for a lending syndicate of financial institutions (the “Lender”). When purchasing an assignment, the Funds succeed to all the rights and obligations under the loan agreement with the same rights and obligations as the assigning Lender. Assignments may, however, be arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than, those held by the assigning Lender. The Funds may also enter into lending arrangements involving unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Funds to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the principal amounts may never be utilized by the borrower.

Certain Funds may purchase the securities of distressed companies, including companies engaged in restructurings or bankruptcy proceedings. Investments in distressed companies may include senior obligations of an issuer issued in connection with a restructuring under Chapter 11 of the U.S. Bankruptcy Code (commonly known as “debtor-in-possession” or “DIP” financings). Debtor-in-possession financings generally allow the issuer to continue its operations while reorganizing. Such financings constitute senior liens on unencumbered collateral (i.e., collateral not subject to other creditors’ claims). There is risk that the issuer under a debtor-in-possession financing will not emerge from Chapter 11 and be forced to liquidate its assets under Chapter 7 of the U.S. Bankruptcy Code. In the event of liquidation, the Funds’ only recourse would be against the collateral securing the debtor-in-possession financing.

(m) Payment In-Kind Securities.The Funds may invest in, payment in-kind securities, which are debt or preferred stock securities that require or permit payment of interest in the form of additional securities. Payment in-kind securities allow the issuer to avoid or delay the need to generate cash to meet current interest payments and, as a result, may involve greater risk than securities that pay interest currently or in cash.

(n) U.S. Government Agencies or Government-Sponsored Enterprises.  Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association (“GNMA” or “Ginnie Mae”), a wholly-owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or

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guaranteed by the Department of Veterans Affairs. Government-related guarantors not backed by the full faith and credit of the U.S. Government include the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.

(o) Exchange-Traded Funds.  Certain Funds may invest in exchange-traded funds (“ETFs”), which typically are index-based investment companies that hold substantially all of their assets in securities representing their specific index, but may also be actively-managed investment companies. Shares of ETFs trade throughout the day on an exchange and represent an investment in a portfolio of securities and other assets. As a shareholder of another investment company, the Funds would bear their pro rata portion of the other investment company’s expenses, including advisory fees, in addition to the expenses the Funds bear directly in connection with their own operations.

(p) Inflation-Indexed Bonds.  Certain Funds may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation.

(q) Convertible Securities.  Certain Funds’ may invest a portion of their assets in convertible securities. Although convertible securities derive part of their value from that of the securities into which they are convertible, they are not considered derivative financial instruments. However, certain of the Funds’ investments in convertible securities include features which render them sensitive to price changes in their underlying securities.

(r) When-Issued/Delayed-Delivery Transactions.  When-issued or delayed-delivery transactions involve a commitment to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Funds will set aside and maintain until the settlement date in a designated account, liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed-delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations; consequently, such fluctuations are taken into account when determining the NAV. The Funds may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a realized gain or loss. When a security is sold on a delayed-delivery basis, the Funds do not participate in future gains and losses with respect to the security.

(s) Organizational and Offering Costs.  Organizational costs are expensed at the inception of the Fund. Offering costs are amortized over a twelve-month period from the inception of the Fund.

(t) Loan Interest Expense.  Loan interest expense relates to amounts borrowed under the credit facility (See Note 14). Loan interest expense is recorded as it is incurred.

2. PRINCIPAL RISKS

In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to, among other things, changes in the market (market risk) or failure of the other party to a transaction to perform (counterparty risk). The Funds are also exposed to other risks such as, but not limited to, interest rate, foreign currency, credit and leverage risks.

Interest rate risk is the risk that fixed income securities’ valuations will change because of changes in interest rates. During periods of rising nominal interest rates, the values of fixed income instruments are generally expected to decline. Conversely, during periods of declining nominal interest rates, the values of fixed income instruments are generally expected to rise. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is used primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e. yield) movements. Interest rate changes can be sudden and unpredictable, and the Funds may lose money as a result of movements in interest rates. The Funds may not be able to hedge against changes in interest rates or may choose not to do so for cost or other reasons. In addition, any hedges may not work as intended.

Variable and floating rate securities generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. Inverse floating rate securities may decrease in value if interest rates increase. Inverse floating rate securities may also exhibit greater price volatility than a fixed rate obligation with similar credit quality. When the Funds hold variable or floating rate securities, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the NAV of the Funds’ shares.

The Funds are exposed to credit risk, which is the risk of losing money if the issuer or guarantor of a fixed income security is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or to otherwise honor its obligations. Securities are subject to varying degrees of credit risk, which are often reflected in credit ratings.

To the extent the Funds directly invest in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or

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in derivatives that provide exposure to foreign currencies, they will be subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including economic growth, inflation, changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or the imposition of currency controls or other political developments in the United States or abroad. As a result, the Funds’ investments in foreign currency-denominated securities may reduce the returns of the Funds. The local emerging market currencies in which the Funds may be invested may experience substantially greater volatility against the U.S. dollar than the major convertible currencies in developed countries.

The Funds are subject to elements of risk not typically associated with investments in the U.S., due to concentrated investments in foreign issuers located in a specific country or region. Such concentrations will subject the Funds to additional risks resulting from future political or economic conditions in such country or region and the possible imposition of adverse governmental laws or currency exchange restrictions affecting such country or region, which could cause the securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies.

The market values of securities may decline due to general market conditions (market risk) which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, adverse changes to credit markets or adverse investor sentiment. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity-related investments generally have greater market price volatility than fixed income securities, although under certain market conditions fixed income securities may have comparable or greater price volatility. Credit ratings downgrades may also negatively affect securities held by the Funds. Even when markets perform well, there is no assurance that the investments held by the Funds will increase in value along with the broader market. In addition, market risk includes the risk that geopolitical events will disrupt the economy on a national or global level.

The Funds are exposed to counterparty risk, or the risk that an institution or other entity with which the Funds have unsettled or open transactions will default. The potential loss to the Funds could exceed the value of the financial assets recorded in the Funds’ financial statements. Financial assets, which potentially expose the Funds to counterparty risk, consist principally of cash due from counterparties and investments. The Sub-Advisers seek to minimize the Funds’ counterparty risk by performing reviews of each counterparty and by minimizing concentration of counterparty risk by undertaking transactions with multiple customers and counterparties on

recognized and reputable exchanges. Delivery of securities sold is only made once the Funds have received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligation.

The Funds are exposed to risks associated with leverage. Leverage may cause the value of the Funds’ shares to be more volatile than if the Funds did not use leverage. This is because leverage tends to exaggerate the effect of any increase or decrease in the value of the Funds’ portfolio securities. The Funds may engage in transactions or purchase instruments that give rise to forms of leverage. In addition, to the extent the Funds employ leverage, dividend and interest costs may not be recovered by any appreciation of the securities purchased with the leverage proceeds and could exceed the Funds’ investment returns, resulting in greater losses.

The Funds may hold defaulted securities that may involve special considerations including bankruptcy proceedings, other regulatory and legal restrictions affecting the Funds’ ability to trade, and the availability of prices from independent pricing services or dealer quotations. Defaulted securities are often illiquid and may not be actively traded. Sale of securities in bankrupt companies at an acceptable price may be difficult and differences compared to the value of the securities used by the Funds could be material. A Fund may incur additional expenses to the extent it is required to seek recovery upon a portfolio security’s default in the payment of principal or interest. In any bankruptcy proceeding relating to a defaulted investment, a Fund may lose its entire investment or may be required to accept cash or securities with a value substantially less than its original investment.

The Funds are party to International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreements”) with select counterparties that govern transactions, over-the-counter derivatives and foreign exchange contracts entered into by the Funds and those counterparties. The ISDA Master Agreements contain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements of the Funds.

The considerations and factors surrounding the settlement of certain purchases and sales made on a delayed-delivery basis are governed by Master Securities Forward Transaction Agreements (“Master Forward Agreements”) between the Funds and select counterparties. The Master Forward Agreements maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

The counterparty risk associated with certain contracts may be reduced by master netting arrangements to the extent that if an event of default occurs, all amounts with the counterparty are terminated

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and settled on a net basis. The Funds’ overall exposure to counterparty risk with respect to transactions subject to master netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

3. UNDERLYING FUNDS AND OTHER ACQUIRED FUNDS RISK

AllianzGI Retirement 2015, AllianzGI Retirement 2020, AllianzGI Retirement 2025, AllianzGI Retirement 2030, AllianzGI Retirement 2035, AllianzGI Retirement 2040, AllianzGI Retirement 2045, AllianzGI Retirement 2050, AllianzGI Retirement 2055 and AllianzGI Retirement Income (collectively the “Target Date Funds”) and AllianzGI Global Megatrends intend to invest their assets primarily in series of Allianz Funds, Allianz Funds Multi-Strategy Trust, AllianzGI Institutional Multi-Series Trust, PIMCO Equity Series, PIMCO Funds and PIMCO ETF Trust (together, “Underlying Funds”). AllianzGI Global Allocation, AllianzGI Global Dynamic Allocation, AllianzGI Emerging Markets Debt, AllianzGI Global Fundamental Strategy and AllianzGI Multi-Asset Real Return may invest their assets partially, significantly or primarily in Underlying Funds. The Funds may also invest a portion of their assets in unaffiliated ETFs and mutual funds and pooled vehicles (together, “Other Acquired Funds”). AllianzGI Structured Return and AllianzGI U.S. Equity Hedged expect to achieve their exposure to equity securities by investing in Other Acquired Funds. Accordingly, the investment performance of the Funds depends upon a favorable allocation among the Underlying Funds and Other Acquired Funds as well as the ability of the Underlying Funds and Other Acquired Funds to achieve their objectives. There can be no assurance that the investment objective of any Underlying Fund or Other Acquired Fund will be achieved. The risks associated with investing in each Fund are closely related to the risks associated with the securities and other investments held by the Underlying Funds and Other Acquired Funds.

Investing in the Underlying Funds and Other Acquired Funds involves certain additional expenses and tax results that would not be present in a direct investment in the Underlying Funds or Other Acquired Funds. Each Fund’s net asset value will fluctuate in response to changes in the net asset values of the Underlying Funds and Other Acquired Funds in which it invests. The extent to which the investment performance and risks associated with each Fund correlate to those of a particular Underlying Fund or Other Acquired Fund will depend upon the extent to which each Fund’s assets are allocated from time to time for investment in the Underlying Fund or Other Acquired Fund, which will vary. Each Fund’s investment in a particular Underlying Fund may exceed 25% of its assets. To the extent that a Fund invests a significant portion of its assets in an Underlying Fund, it will be particularly sensitive to the risks associated with that Underlying Fund.

4. FINANCIAL DERIVATIVE INSTRUMENTS

Disclosure about derivatives and hedging activities requires qualitative disclosure regarding objectives and strategies for using derivatives, quantitative disclosure about fair value amounts of gains and losses on derivatives, and disclosure about credit-risk-related contingent features in derivative agreements. The disclosure requirements

distinguish between derivatives which are accounted for as “hedges”, and those that do not qualify for such accounting. Although the Funds at times use derivatives for hedging purposes, the Funds reflect derivatives at fair value and recognize changes in fair value through the Funds’ Statements of Operations, and such derivatives do not qualify for hedge accounting treatment.

Option Transactions.  The Funds purchase put and call options on securities and indices for hedging purposes, risk management purposes or otherwise as part of their investment strategies. The risks associated with purchasing an option include the risk that the Funds pay a premium whether or not the option is exercised. Additionally, the Funds bear the risk of loss of premiums and changes in market value should the counterparty not perform under the contract. Put and call options purchased are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by the premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

The Funds may write (sell) put and call options on securities and indices to earn premiums, for hedging purposes, risk management purposes or otherwise as part of their investment strategies. When an option is written, the premium received is recorded as an asset with an equal liability that is subsequently marked to market to reflect the market value of the option written. These liabilities, if any, are reflected as options written in the Funds’ Statements of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option written is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a put option written is exercised, the premium reduces the cost basis of the security. In writing an option, the Funds bear the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could result in the Funds purchasing a security at a price different from its current market value.

Futures Contracts.  The Funds use futures contracts to manage their exposure to the securities markets or the movements in interest rates and currency values. A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into such a contract, the Funds are required to pledge to the broker an amount of cash or securities equal to the minimum “initial margin” requirements of the exchange. Pursuant to the contracts, the Funds agree to receive from or pay to the broker an amount of cash or securities equal to the daily fluctuation in the value of the contracts. Such receipts or payments are known as “variation margin” and are recorded by the Funds as unrealized appreciation or depreciation. When the contracts are closed, the Funds record a realized gain or loss equal to the difference between the value of the

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contracts at the time they were opened and the value at the time they were closed. Any unrealized appreciation or depreciation recorded is simultaneously reversed. The use of futures transactions involves various risks, including the risk of an imperfect correlation in the movements in the price of futures contracts, interest rates and underlying hedging assets, and possible inability or unwillingness of counterparties to meet the terms of their contracts.

Swap Agreements.  Swap agreements are bilaterally negotiated agreements between the Funds and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market or event-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over-the-counter market (“OTC swaps”) or may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”). The Funds may enter into credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements in order, among other things, manage their exposure to credit, currency and interest rate risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

OTC swap payments received or made at the beginning of the measurement period, if any, are reflected as such on the Funds’ Statements of Assets and Liabilities and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Funds’ Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Funds’ Statements of Operations. Net periodic payments received or paid by the Funds are included as part of realized gains or losses on the Funds’ Statements of Operations. Changes in market value, if any, are reflected as a component of net changes in unrealized appreciation/depreciation on the Funds’ Statements of Operations.

Entering into these agreements involves, to varying degrees, elements of credit, legal, market and documentation risk in excess of the amounts recognized on the Funds’ Statements of Assets and Liabilities. Such risks include the possibility that there will be no liquid market for these agreements, that the counterparties to the agreements may default on their obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

Credit Default Swap Agreements—Credit default swap agreements involve one party (referred to as the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the referenced entity, obligation or

index. As the sellers of protection on credit default swap agreements, the Funds will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the sellers, the Funds would effectively add leverage to their investment portfolios because, in addition to their total net assets, the Funds would be subject to investment exposure on the notional amount of the swap.

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

Credit default swap agreements on corporate or sovereign issues involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event). The Funds use credit default swaps on corporate or sovereign issues to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where the Funds own or have exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end are disclosed in Note 7(b), serve as an indicator of the current status of the payment/performance risk, and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include

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upfront payments required to be made to enter into the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Funds as sellers of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of March 31, 2016 for which the Funds are sellers of protection are disclosed in Note 7(b). These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Funds for the same referenced entity or entities.

Forward Foreign Currency Contracts.  A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. The Funds enter into forward foreign currency contracts for the purpose of hedging against foreign currency risk arising from the investment or anticipated investment in securities denominated in foreign currencies. The Funds also enter into these contracts for purposes of increasing exposure to a foreign currency or shifting exposure to foreign currency fluctuations from one country to another. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. All commitments are marked to market daily at the applicable exchange rates and any resulting unrealized appreciation or depreciation is recorded. Realized gains or losses are recorded at the time the forward contract matures or by delivery of the currency. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. In addition, these contracts may involve market risk in excess of the unrealized appreciation (depreciation) reflected in the Funds’ Statements of Assets and Liabilities.

The following is a summary of the Funds’ derivatives categorized by risk exposure.

The effect of derivatives on the Statements of Assets and Liabilities at March 31, 2016:

AllianzGI Retirement 2035:
Location	Market Price
Asset derivatives:
Receivable for variation margin on futures contracts*	$	10,600

* Included in net unrealized appreciation of $10,600 on futures contracts as reported in Note 7(c).

AllianzGI Retirement 2040:
Location	Market Price
Asset derivatives:
Receivable for variation margin on futures contracts*	$	21,201
Liability derivatives:
Payable for variation margin on futures contracts*	$	(573	)

* Included in net unrealized appreciation of $20,628 on futures contracts as reported in Note 7(c).

AllianzGI Retirement 2045:
Location	Market Price
Asset derivatives:
Receivable for variation margin on futures contracts*	$	14,840
Liability derivatives:
Payable for variation margin on futures contracts*	$	(573	)

* Included in net unrealized appreciation of $14,267 on futures contracts as reported in Note 7(c).

AllianzGI Retirement 2050:
Location	Market Price
Asset derivatives:
Receivable for variation margin on futures contracts*	$	12,720
Liability derivatives:
Payable for variation margin on futures contracts*	$	(716	)

* Included in net unrealized appreciation of $12,004 on futures contracts as reported in Note 7(c).

AllianzGI Retirement 2055:
Location	Market Price
Asset derivatives:
Receivable for variation margin on futures contracts*	$	4,240
Liability derivatives:
Payable for variation margin on futures contracts*	$	(286	)

* Included in net unrealized appreciation of $3,954 on futures contracts as reported in Note 7(c).

Semiannual Report |  March 31, 2016 313

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

AllianzGI Global Allocation:
Location	Market Price			Interest Rate Contracts			Foreign Exchange Contracts		Total
Asset derivatives:
Receivable for variation margin on futures contracts*	$	158,756		$	285,715			—	$	444,471
Unrealized appreciation of forward foreign currency contracts		—			—		$	53,839		53,839
Total asset derivatives	$	158,756		$	285,715		$	53,839	$	498,310
Liability derivatives:
Payable for variation margin on futures contracts*	$	(56,458	)	$	(201,194	)		—	$	(257,652	)

* Included in net unrealized appreciation of $186,819 on futures contracts as reported in Note 7(c).

AllianzGI Global Dynamic Allocation:
Location	Market Price			Interest Rate Contracts			Total
Asset derivatives:
Receivable for variation margin on futures contracts*	$	94,787		$	5,548		$	100,335
Liability derivatives:
Payable for variation margin on futures contracts*	$	(29,703	)	$	(950	)	$	(30,653	)

* Included in net unrealized appreciation of $69,682 on futures contracts as reported in Note 7(c).

AllianzGI Best Styles Emerging Markets Equity:
Location	Market Price
Asset derivatives:
Receivable for variation margin on futures contracts*	$	8,780

* Included in net unrealized appreciation of $8,780 on futures contracts as reported in Note 7(c).

AllianzGI Best Styles Global Equity:
Location	Market Price			Foreign Exchange Contracts			Total
Asset derivatives:
Receivable for variation margin on futures contracts*	$	208,582			—		$	208,582
Unrealized appreciation of forward foreign currency contracts		—		$	17			17
Total asset derivatives	$	208,582		$	17		$	208,599
Liability derivatives:
Payable for variation margin on futures contracts*	$	(15,132	)		—		$	(15,132	)
Unrealized depreciation of forward foreign currency contracts		—		$	(46,076	)		(46,076	)
Total liability derivatives	$	(15,132	)	$	(46,076	)	$	(61,208	)

* Included in net unrealized appreciation of $193,450 on futures contracts as reported in Note 7(c).

AllianzGI Best Styles International Equity:
Location	Market Price
Liability derivatives:
Payable for variation margin on futures contracts*	$	(7,528	)

* Included in net unrealized depreciation of $7,528 on futures contracts as reported in Note 7(c).

AllianzGI Best Styles U.S. Equity:
Location	Market Price
Asset derivatives:
Receivable for variation margin on futures contracts*	$	12,310

* Included in net unrealized appreciation of $12,310 on futures contracts as reported in Note 7(c).

314 March 31, 2016  | Semiannual Report

AllianzGI Emerging Markets Consumer:
Location	Foreign Exchange Contracts
Asset derivatives:
Unrealized appreciation of forward foreign currency contracts	$	4,161

AllianzGI Emerging Markets Debt:
Location	Credit Contracts			Foreign Exchange Contracts			Total
Asset derivatives:
Unrealized appreciation of OTC Swaps	$	11,777			—		$	11,777
Unrealized appreciation of forward foreign currency contracts		—		$	40,508			40,508
Total asset derivatives	$	11,777		$	40,508		$	52,285
Liability derivatives:
Unrealized depreciation of OTC Swaps	$	(15,000	)		—		$	(15,000	)
Unrealized depreciation of forward foreign currency contracts		—		$	(101,682	)		(101,682	)
Total liability derivatives	$	(15,000	)	$	(101,682	)	$	(116,682	)

AllianzGI Global Fundamental Strategy:
Location	Market Price			Interest Rate Contracts			Foreign Exchange Contracts			Total
Asset derivatives:
Investments, at value (options purchased)	$	63,500			—			—		$	63,500
Receivable for variation margin on futures contracts*		4,791		$	308			—			5,099
Unrealized appreciation of forward foreign currency contracts		—			—		$	21,271			21,271
Total asset derivatives	$	68,291		$	308		$	21,271		$	89,870
Liability derivatives:
Payable for variation margin on futures contracts*		—		$	(1,442	)		—		$	(1,442	)
Options written, at value	$	(42,515	)		—			—			(42,515	)
Unrealized depreciation of forward foreign currency contracts		—			—		$	(54,311	)		(54,311	)
Total liability derivatives	$	(42,515	)	$	(1,442	)	$	(54,311	)	$	(98,268	)

* Included in net unrealized appreciation of $3,657 on futures contracts as reported in Note 7(c).

AllianzGI International Small-Cap:
Location	Foreign Exchange Contracts
Liability derivatives:
Unrealized depreciation of forward foreign currency contracts	$	(713	)

AllianzGI Multi-Asset Real Return:
Location	Market Price			Interest Rate Contracts			Total
Asset derivatives:
Receivable for variation margin on futures contracts*		—		$	4,095		$	4,095
Liability derivatives:
Payable for variation margin on futures contracts*	$	(1,193	)	$	(358	)	$	(1,551	)

* Included in net unrealized appreciation of $2,544 on futures contracts as reported in Note 7(c).

Semiannual Report |  March 31, 2016 315

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

AllianzGI NFJ Emerging Markets Value:
Location	Foreign Exchange Contracts
Asset derivatives:
Unrealized appreciation of forward foreign currency contracts	$	150
Liability derivatives:
Unrealized depreciation of forward foreign currency contracts	$	(1,943	)

AllianzGI NFJ International Small-Cap Value:
Location	Foreign Exchange Contracts
Liability derivatives:
Unrealized depreciation of forward foreign currency contracts	$	(917	)

AllianzGI Structured Return:
Location	Market Price
Asset derivatives:
Investments, at value (options purchased)	$	348,426
Liability derivatives:
Options written, at value	$	(10,214,663	)

AllianzGI U.S. Equity Hedged:
Location	Market Price
Asset derivatives:
Investments, at value (options purchased)	$	201,870
Liability derivatives:
Options written, at value	$	(58,560	)

The effect of derivatives on the Statements of Operations for the six months ended March 31, 2016:

AllianzGI Retirement 2015:
Location	Foreign Exchange Contracts
Net realized gain on:
Futures contracts	$	6,092
Net change in unrealized appreciation/depreciation of:
Futures contracts	$	(4,151	)

AllianzGI Retirement 2020:
Location	Foreign Exchange Contracts
Net realized gain on:
Futures contracts	$	16,830
Net change in unrealized appreciation/depreciation of:
Futures contracts	$	(10,793	)

AllianzGI Retirement 2025:
Location	Foreign Exchange Contracts
Net realized gain on:
Futures contracts	$	21,983
Net change in unrealized appreciation/depreciation of:
Futures contracts	$	(14,114	)

AllianzGI Retirement 2030:
Location	Foreign Exchange Contracts
Net realized gain on:
Futures contracts	$	28,070
Net change in unrealized appreciation/depreciation of:
Futures contracts	$	(18,266	)

AllianzGI Retirement 2035:
Location	Market Price		Foreign Exchange Contracts			Total
Net realized gain on:
Futures contracts	$	90,298	$	28,079		$	118,377
Net change in unrealized appreciation/depreciation of:
Futures contracts	$	10,600	$	(18,266	)	$	(7,666	)

316 March 31, 2016  | Semiannual Report

AllianzGI Retirement 2040:
Location	Market Price		Foreign Exchange Contracts			Total
Net realized gain on:
Futures contracts	$	122,805	$	26,777		$	149,582
Net change in unrealized appreciation/depreciation of:
Futures contracts	$	20,628	$	(17,435	)	$	3,193

AllianzGI Retirement 2045:
Location	Market Price		Foreign Exchange Contracts			Total
Net realized gain on:
Futures contracts	$	96,427	$	18,482		$	114,909
Net change in unrealized appreciation/depreciation of:
Futures contracts	$	14,267	$	(11,624	)	$	2,643

AllianzGI Retirement 2050:
Location	Market Price		Foreign Exchange Contracts			Total
Net realized gain on:
Futures contracts	$	96,353	$	17,189		$	113,542
Net change in unrealized appreciation/depreciation of:
Futures contracts	$	12,004	$	(10,793	)	$	1,211

AllianzGI Retirement 2055:
Location	Market Price		Foreign Exchange Contracts			Total
Net realized gain on:
Futures contracts	$	35,027	$	6,446		$	41,473
Net change in unrealized appreciation/depreciation of:
Futures contracts	$	3,954	$	(4,151	)	$	(197	)

AllianzGI Retirement Income:
Location	Foreign Exchange Contracts
Net realized gain on:
Futures contracts	$	3,142
Net change in unrealized appreciation/depreciation of:
Futures contracts	$	(2,491	)

Semiannual Report |  March 31, 2016 317

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

AllianzGI Global Allocation:
Location	Market Price			Interest Rate Contracts			Foreign Exchange Contracts			Total
Net realized gain (loss) on:
Futures contracts	$	(2,006,069	)	$	354,175		$	(166,231	)	$	(1,818,125	)
Foreign currency transaction (forward currency contracts)		—			—			(506,411	)		(506,411	)
Total net realized gain (loss)	$	(2,006,069	)	$	354,175		$	(672,642	)	$	(2,324,536	)
Net change in unrealized appreciation/depreciation of:
Futures contracts	$	(172,301	)	$	(147,940	)	$	(10,690	)	$	(330,931	)
Foreign currency transaction (forward currency contracts)		—			—			(1,042	)		(1,042	)
Total net change in unrealized appreciation/depreciation	$	(172,301	)	$	(147,940	)	$	(11,732	)	$	(331,973	)

AllianzGI Global Dynamic Allocation:
Location	Market Price			Interest Rate Contracts			Total
Net realized loss on:
Futures contracts	$	(527,574	)	$	(26,177	)	$	(553,751	)
Net change in unrealized appreciation/depreciation of:
Futures contracts	$	56,076		$	(7,650	)	$	48,426

AllianzGI Best Styles Emerging Markets Equity:
Location	Market Price			Foreign Exchange Contracts			Total
Net realized loss on:
Futures contracts	$	(29,485	)		—		$	(29,485	)
Foreign currency transaction (forward currency contracts)		—		$	(3,856	)		(3,856	)
Total net realized loss	$	(29,485	)	$	(3,856	)	$	(33,341	)
Net change in unrealized appreciation/depreciation of:
Futures contracts	$	6,288			—		$	6,288

AllianzGI Best Styles Global Equity:
Location	Market Price		Foreign Exchange Contracts			Total
Net realized gain on:
Futures contracts	$	463,773		—		$	463,773
Foreign currency transaction (forward currency contracts)		—	$	90,804			90,804
Total net realized gain	$	463,773	$	90,804		$	554,577
Net change in unrealized appreciation/depreciation of:
Futures contracts	$	162,905		—		$	162,905
Foreign currency transaction (forward currency contracts)		—	$	(44,792	)		(44,792	)
Total net change in unrealized appreciation/depreciation	$	162,905	$	(44,792	)	$	118,113

318 March 31, 2016  | Semiannual Report

AllianzGI Best Styles International Equity:
Location	Market Price			Foreign Exchange Contracts			Total
Net realized loss on:
Futures contracts	$	(199,753	)		—		$	(199,753	)
Foreign currency transaction (forward currency contracts)		—		$	(50,231	)		(50,231	)
Total net realized loss	$	(199,753	)	$	(50,231	)	$	(249,984	)
Net change in unrealized appreciation/depreciation of:
Futures contracts	$	(7,528	)		—		$	(7,528	)
Foreign currency transaction (forward currency contracts)		—		$	181			181
Total net change in unrealized appreciation/depreciation	$	(7,528	)	$	181		$	(7,347	)

AllianzGI Best Styles U.S. Equity:
Location	Market Price		Foreign Exchange Contracts		Total
Net realized gain on:
Futures contracts	$	786,541		—	$	786,541
Foreign currency transaction (forward currency contracts)		—	$	2,041		2,041
Total net realized gain	$	786,541	$	2,041	$	788,582
Net change in unrealized appreciation/depreciation of:
Futures contracts	$	23,263		—	$	23,263

AllianzGI China Equity:
Location	Foreign Exchange Contracts
Net realized gain on:
Foreign currency transaction (forward currency contracts)	$	14
Net change in unrealized appreciation/depreciation of:
Foreign currency transaction (forward currency contracts)	$	10

AllianzGI Emerging Markets Consumer:
Location	Foreign Exchange Contracts
Net realized gain on:
Foreign currency transaction (forward currency contracts)	$	2,038
Net change in unrealized appreciation/depreciation of:
Foreign currency transaction (forward currency contracts)	$	4,217

AllianzGI Emerging Markets Debt:
Location	Interest Rate Contracts		Credit Contracts			Foreign Exchange Contracts			Total
Net realized gain (loss) on:
Investments (options purchased)	$	30,041		—			—		$	30,041
Swaps		—	$	178,777			—			178,777
Options written		12,060		—			—			12,060
Foreign currency transaction (forward currency contracts)		—		—		$	(6,335	)		(6,335	)
Total net realized gain (loss)	$	42,101	$	178,777		$	(6,335	)	$	214,543
Net change in unrealized appreciation/depreciation of:
Swaps		—	$	(9,004	)		—		$	(9,004	)
Foreign currency transaction (forward currency contracts)		—		—		$	(58,203	)		(58,203	)
Total net change in unrealized appreciation/depreciation		—	$	(9,004	)	$	(58,203	)	$	(67,207	)

Semiannual Report |  March 31, 2016 319

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

AllianzGI Emerging Markets Small-Cap:
Location	Foreign Exchange Contracts
Net realized gain on:
Foreign currency transaction (forward currency contracts)	$	8,979
Net change in unrealized appreciation/depreciation of:
Foreign currency transaction (forward currency contracts)	$	28

AllianzGI Europe Equity Dividend:
Location	Foreign Exchange Contracts
Net realized gain on:
Foreign currency transaction (forward currency contracts)	$	146,624
Net change in unrealized appreciation/depreciation of:
Foreign currency transaction (forward currency contracts)	$	(12,212	)

AllianzGI Global Fundamental Strategy:
Location	Market Price			Interest Rate Contracts			Foreign Exchange Contracts			Total
Net realized gain (loss) on:
Investments (options purchased)	$	(22,952	)		—			—		$	(22,952	)
Futures contracts		—		$	(46,083	)		—			(46,083	)
Options written		6,609			—			—			6,609
Foreign currency transaction (forward currency contracts)		—			—		$	(25,512	)		(25,512	)
Total net realized gain (loss)	$	(16,343	)	$	(46,083	)	$	(25,512	)	$	(87,938	)
Net change in unrealized appreciation/depreciation of:
Investments (options purchased)	$	10,353			—			—		$	10,353
Futures contracts		4,791		$	11,436			—			16,227
Options written		14,455			—			—			14,455
Foreign currency transaction (forward currency contracts)		—			—		$	(23,672	)		(23,672	)
Total net change in unrealized appreciation/depreciation	$	29,599		$	11,436		$	(23,672	)	$	17,363

AllianzGI Global Sustainability:
Location	Foreign Exchange Contracts
Net realized gain on:
Foreign currency transaction (forward currency contracts)	$	973

AllianzGI Global Water:
Location	Foreign Exchange Contracts
Net realized loss on:
Foreign currency transaction (forward currency contracts)	$	(93,848	)

AllianzGI International Growth:
Location	Foreign Exchange Contracts
Net realized gain on:
Foreign currency transaction (forward currency contracts)	$	390

AllianzGI International Small-Cap:
Location	Foreign Exchange Contracts
Net realized loss on:
Foreign currency transaction (forward currency contracts)	$	(3,149	)
Net change in unrealized appreciation/depreciation of:
Foreign currency transaction (forward currency contracts)	$	(713	)

AllianzGI Multi-Asset Real Return:
Location	Market Price			Interest Rate Contracts			Foreign Exchange Contracts			Total
Net realized gain (loss) on:
Futures contracts	$	(58,778	)	$	2,887		$	369		$	(55,522	)
Foreign currency transaction (forward currency contracts)		—			—			(112	)		(112	)
Total net realized gain (loss)	$	(58,778	)	$	2,887		$	257		$	(55,634	)
Net change in unrealized appreciation/depreciation of:
Futures contracts	$	2,845		$	(39	)		—		$	2,806

320 March 31, 2016  | Semiannual Report

AllianzGI NFJ Emerging Markets Value:
Location	Foreign Exchange Contracts
Net realized gain on:
Foreign currency transaction (forward currency contracts)	$	2,576
Net change in unrealized appreciation/depreciation of:
Foreign currency transaction (forward currency contracts)	$	(1,823	)

AllianzGI NFJ Global Dividend Value:
Location	Foreign Exchange Contracts
Net realized loss on:
Foreign currency transaction (forward currency contracts)	$	(2,698	)

AllianzGI NFJ International Small-Cap Value:
Location	Foreign Exchange Contracts
Net realized gain on:
Foreign currency transaction (forward currency contracts)	$	1,449
Net change in unrealized appreciation/depreciation of:
Foreign currency transaction (forward currency contracts)	$	1,216

AllianzGI NFJ International Value II:
Location	Foreign Exchange Contracts
Net realized loss on:
Foreign currency transaction (forward currency contracts)	$	(788	)
Net change in unrealized appreciation/depreciation of:
Foreign currency transaction (forward currency contracts)	$	35

AllianzGI Structured Return:
Location	Market Price
Net realized loss on:
Investments (options purchased)	$	(2,622,387	)
Options written		(2,205,661	)
Total net realized loss	$	(4,828,048	)
Net change in unrealized appreciation/depreciation of:
Investments (options purchased)	$	(173,730	)
Options written		(4,148,858	)
Total net change in unrealized appreciation/depreciation	$	(4,322,588	)

AllianzGI U.S. Equity Hedged:
Location	Market Price
Net realized gain (loss) on:
Investments (options purchased)	$	(864,407	)
Options written		235,426
Total net realized loss	$	(628,981	)
Net change in unrealized appreciation/depreciation of:
Investments (options purchased)	$	(143,457	)
Options written		21,698
Total net change in unrealized appreciation/depreciation	$	(121,759	)

The average volume (based on the open positions at each fiscal quarter-end) of derivative activity for the six months ended March 31, 2016:

	Options Purchased Contracts(1)		Options Written Contracts(1)		Forward Foreign Currency Contracts(2)				Futures Contracts(1)				Credit Default Swap Agreements(3)
					Purchased		Sold		Long		Short		Buy		Sell
AllianzGI Retirement 2015		—		—		—		—		2		—		—		—
AllianzGI Retirement 2020		—		—		—		—		6		—		—		—
AllianzGI Retirement 2025		—		—		—		—		9		—		—		—
AllianzGI Retirement 2030		—		—		—		—		11		—		—		—
AllianzGI Retirement 2035		—		—		—		—		13		—		—		—
AllianzGI Retirement 2040		—		—		—		—		15		—		—		—
AllianzGI Retirement 2045		—		—		—		—		11		—		—		—
AllianzGI Retirement 2050		—		—		—		—		10		—		—		—
AllianzGI Retirement 2055		—		—		—		—		4		—		—		—
AllianzGI Retirement Income		—		—		—		—		1		—		—		—
AllianzGI Global Allocation		—		—	$	3,363,062	$	7,024,851		545		394		—		—
AllianzGI Global Dynamic Allocation		—		—		—		—		54		20		—		—
AllianzGI Best Styles Emerging Markets Equity		—		—		—		—		42		—		—		—

Semiannual Report |  March 31, 2016 321

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

	Options Purchased Contracts(1)		Options Written Contracts(1)		Forward Foreign Currency Contracts(2)				Futures Contracts(1)				Credit Default Swap Agreements(3)
					Purchased		Sold		Long		Short		Buy		Sell
AllianzGI Best Styles Global Equity		—		—	$	635,181	$	412,761		134		—		—		—
AllianzGI Best Styles International Equity		—		—		265,597		—		8		—		—		—
AllianzGI Best Styles U.S. Equity		—		—		—		—		25		—		—		—
AllianzGI China Equity		—		—		12,895		79,716		—		—		—		—
AllianzGI Emerging Markets Consumer		—		—		170,268		—		—		—		—		—
AllianzGI Emerging Markets Debt		—		—		352,381		1,538,955		—		—	$	2,867	$	2,867
AllianzGI Emerging Markets Small-Cap		—		—		7,953		—		—		—		—		—
AllianzGI Europe Equity Dividend		—		—		24,678		1,948,687		—		—		—		—
AllianzGI Global Fundamental Strategy		87		15		520,878		1,154,028		10		16		—		—
AllianzGI International Small-Cap		—		—		—		28,226		—		—		—		—
AllianzGI Multi-Asset Real Return		—		—		—		—		1		7		—		—
AllianzGI NFJ Emerging Markets Value		—		—		1,859		15,436		—		—		—		—
AllianzGI NFJ International Small-Cap Value		—		—		—		515,391		—		—		—		—
AllianzGI NFJ International Value II		—		—		23,421		3,680		—		—		—		—
AllianzGI Structured Return		1,895		1,346		—		—		—		—		—		—
AllianzGI U.S. Equity Hedged		125		89		—		—		—		—		—		—

(1) Number of contracts

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

(3) Notional Amount (in thousands)

The following tables present by counterparty, the Funds’ derivative assets and liabilities net of related collateral held by the Funds at March 31, 2016 which has not been offset in the Statements of Assets and Liabilities, but would be available for offset to the extent of a default by the counterparty to the transaction.

Financial Assets and Derivative Assets, and Collateral Received at March 31, 2016:

AllianzGI Global Allocation:
Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in Statement of Assets and  Liabilities		Financial Instrument/ Derivative Offset		Cash Collateral Received		Net Amount
Foreign Currency Exchange Contracts
State Street Bank	$	53,839		—		—	$	53,839

AllianzGI Best Styles Global Equity:
Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in Statement of Assets and  Liabilities		Financial Instrument/ Derivative Offset			Cash Collateral Received		Net Amount
Foreign Currency Exchange Contracts
Northern Trust Company	$	17	$	(17	)		—		—

AllianzGI Emerging Markets Consumer:
Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in Statement of Assets and  Liabilities		Financial Instrument/ Derivative Offset		Cash Collateral Received		Net Amount
Foreign Currency Exchange Contracts
Northern Trust Company	$	4,161		—		—	$	4,161

322 March 31, 2016  | Semiannual Report

AllianzGI Emerging Markets Debt:
Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in Statement of Assets and  Liabilities		Financial Instrument/ Derivative Offset			Cash Collateral Received			Net Amount
Foreign Currency Exchange Contracts
State Street Bank	$	40,508	$	(40,508	)		—			—
Swaps
Bank of America		11,777		(9,686	)	$	(2,091	)#,##		—
Totals	$	52,285	$	(50,194	)	$	(2,091	)		—

AllianzGI Global Fundamental Strategy:
Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in Statement of Assets and  Liabilities		Financial Instrument/ Derivative Offset			Cash Collateral Received		Net Amount
Foreign Currency Exchange Contracts
State Street Bank	$	21,271	$	(21,271	)		—		—

AllianzGI NFJ Emerging Markets Value:
Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in Statement of Assets and  Liabilities		Financial Instrument/ Derivative Offset			Cash Collateral Received		Net Amount
Foreign Currency Exchange Contracts
Northern Trust Company	$	150	$	(150	)		—		—

Financial Liabilities and Derivative Liabilities, and Collateral Received (Pledged) at March 31, 2016:

AllianzGI Best Styles Global Equity:
Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Liability Derivatives Presented in Statement of Assets and Liabilities		Financial Instrument/ Derivative Offset			Cash Collateral Received (Pledged)		Net Amount
Foreign Currency Exchange Contracts
Northern Trust Company	$	46,076	$	(17	)		—	$	46,059

AllianzGI Emerging Markets Debt:
Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Liability Derivatives Presented in Statement of Assets and Liabilities		Financial Instrument/ Derivative Offset			Cash Collateral Received (Pledged)			Net Amount
Foreign Currency Exchange Contracts
State Street Bank	$	101,682	$	(40,508	)		—		$	61,174
Swaps
Bank of America		9,686		(9,686	)		—			—
JPMorgan Chase		5,314		—		$	(5,314	)#,##		—
		15,000		(9,686	)		(5,314	)		—
Totals	$	116,682	$	(50,194	)	$	(5,314	)	$	61,174

Semiannual Report |  March 31, 2016 323

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

AllianzGI Global Fundamental Strategy:
Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Liability Derivatives Presented in Statement of Assets  and Liabilities		Financial Instrument/ Derivative Offset			Cash Collateral Received (Pledged)		Net Amount
Foreign Currency Exchange Contracts
State Street Bank	$	54,311	$	(21,271	)		—	$	33,040

AllianzGI International Small-Cap:
Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Liability Derivatives Presented in Statement of Assets and Liabilities		Financial Instrument/ Derivative Offset		Cash Collateral Received (Pledged)		Net Amount
Foreign Currency Exchange Contracts
Northern Trust Company	$	713		—		—	$	713

AllianzGI NFJ Emerging Markets Value:
Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Liability Derivatives Presented in Statement of Assets and Liabilities		Financial Instrument/ Derivative Offset			Cash Collateral Received (Pledged)		Net Amount
Foreign Currency Exchange Contracts
Northern Trust Company	$	1,943	$	(150	)		—	$	1,793

AllianzGI NFJ International Small-Cap Value:
Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Liability Derivatives Presented in Statement of Assets and Liabilities		Financial Instrument/ Derivative Offset		Cash Collateral Received (Pledged)		Net Amount
Foreign Currency Exchange Contracts
Northern Trust Company	$	917		—		—	$	917

# The amount includes upfront premiums received.

## The amount includes upfront premiums paid.

5. INVESTMENT MANAGER/ADMINISTRATOR/DISTRIBUTOR FEES/ DEFERRED COMPENSATION

Investment Management Fee.  Each Fund has an Investment Management Agreement (for the purpose of this section, collectively the “Agreements”) with the Investment Manager. Subject to the supervision of the Trust’s Board, the Investment Manager is responsible for managing, either directly or through others selected by it, each Fund’s investment activities, business affairs and administrative matters. Pursuant to the Agreements, the Investment Manager receives an annual fee, payable monthly (net of any fee waivers, reimbursements and recoupment), at an annual rate of each Fund’s average daily net assets (the “Investment Management Fee”).

The Investment Manager has retained the Sub-Advisers to manage the Funds’ investments. Subject to the supervision of the Investment Manager, the Sub-Advisers are responsible for making all of the investment decisions for the Funds for which they serve as sub-adviser. The Investment Manager, not the Funds, pays a portion of the fees it receives as Investment Manager to the Sub-Advisers in return for their services.

324 March 31, 2016  | Semiannual Report

Sub-Adviser

Funds

AllianzGI U.S.

AllianzGI Retirement 2015, AllianzGI Retirement 2020, AllianzGI Retirement 2025, AllianzGI Retirement 2030, AllianzGI Retirement 2035, AllianzGI Retirement 2040, AllianzGI Retirement 2045, AllianzGI Retirement 2050, AllianzGI Retirement 2055, AllianzGI Retirement Income, AllianzGI Global Allocation, AllianzGI Global Dynamic Allocation, AllianzGI Global Megatrends, AllianzGI Best Styles Emerging Markets Equity, AllianzGI Best Styles Global Equity, AllianzGI Best Styles International Equity, AllianzGI Best Styles U.S. Equity, AllianzGI China Equity, AllianzGI Convertible, AllianzGI Emerging Markets Consumer, AllianzGI Emerging Markets Debt, AllianzGI Emerging Markets Small-Cap, AllianzGI Europe Equity Dividend, AllianzGI Global Fundamental Strategy, AllianzGI Global Sustainability, AllianzGI Global Water, AllianzGI High Yield Bond, AllianzGI International Growth, AllianzGI International Small-Cap, AllianzGI Micro Cap, AllianzGI Multi-Asset Real Return, AllianzGI Short Duration High Income, AllianzGI Structured Return, AllianzGI U.S. Equity Hedged, AllianzGI U.S. Small-Cap Growth, AllianzGI Ultra Micro Cap

Sub-Adviser	Funds
NFJ	AllianzGI NFJ Emerging Markets Value, AllianzGI NFJ Global Dividend Value, AllinazGI NFJ International Small-Cap Value, AllianzGI NFJ International Value II

Administration Fee.  The Investment Manager provides administrative services to the Target Date Funds and also bears the cost of most third-party administrative services required by the Target Date Funds, and in return it receives from each share class of each Target Date Fund a monthly administration fee based on each share class’ average daily net assets (the “Administration Fee”).

The Investment Management Fee and Administration Fee for all classes are charged at an annual rate as indicated in the following table:

	All Classes						Class A,C,D† and R			Class P and Administrative			Class R6
	Management Fee			Effective Management Fee			Administration Fee
AllianzGI Retirement 2015		0.05	%		0.05	%		0.30	%		0.15	%		0.05	%
AllianzGI Retirement 2020		0.05			0.05			0.30			0.15			0.05
AllianzGI Retirement 2025		0.05			0.05			0.30			0.15			0.05
AllianzGI Retirement 2030		0.05			0.05			0.30			0.15			0.05
AllianzGI Retirement 2035		0.05			0.05			0.30			0.15			0.05
AllianzGI Retirement 2040		0.05			0.05			0.30			0.15			0.05
AllianzGI Retirement 2045		0.05			0.05			0.30			0.15			0.05
AllianzGI Retirement 2050		0.05			0.05			0.30			0.15			0.05
AllianzGI Retirement 2055		0.05			0.05			0.30			0.15			0.05
AllianzGI Retirement Income		0.05			0.05			0.30			0.15			0.05
AllianzGI Global Allocation		0.70			0.19			N/A			N/A			N/A
AllianzGI Global Dynamic Allocation		0.70			0.35			N/A			N/A			N/A
AllianzGI Global Megatrends		0.00			0.00			N/A			N/A			N/A
AllianzGI Best Styles Emerging Markets Equity		0.40			0.40			N/A			N/A			N/A
AllianzGI Best Styles Global Equity		0.30			0.30			N/A			N/A			N/A
AllianzGI Best Styles International Equity		0.30			0.30			N/A			N/A			N/A
AllianzGI Best Styles U.S. Equity		0.30			0.30			N/A			N/A			N/A
AllianzGI China Equity		1.10			1.10			N/A			N/A			N/A
AllianzGI Convertible		0.57			0.57			N/A			N/A			N/A
AllianzGI Emerging Markets Consumer		0.90	(1)		0.96			N/A			N/A			N/A
AllianzGI Emerging Markets Debt		0.75			0.75			N/A			N/A			N/A
AllianzGI Emerging Markets Small-Cap		1.20			1.20			N/A			N/A			N/A
AllianzGI Europe Equity Dividend		0.80			0.80			N/A			N/A			N/A
AllianzGI Global Fundamental Strategy		0.75			0.75			N/A			N/A			N/A
AllianzGI Global Sustainability		0.80			0.80			N/A			N/A			N/A
AllianzGI Global Water		0.95			0.95			N/A			N/A			N/A
AllianzGI High Yield Bond		0.48			0.48			N/A			N/A			N/A
AllianzGI International Growth		0.80			0.80			N/A			N/A			N/A
AllianzGI International Small-Cap		1.00			1.00			N/A			N/A			N/A

Semiannual Report |  March 31, 2016 325

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

All Classes

Class A,C,D† and R

Class P and Administrative

Class R6

Management Fee

Effective Management Fee

Administration Fee

AllianzGI Micro Cap

1.25

%

1.25

%

N/A

N/A

N/A

AllianzGI Multi-Asset Real Return

0.75

0.75

N/A

N/A

N/A

AllianzGI NFJ Emerging Markets Value

0.85

(2)

0.87

N/A

N/A

N/A

AllianzGI NFJ Global Dividend Value

0.80

0.78

N/A

N/A

N/A

AllianzGI NFJ International Small-Cap Value

0.85

(3)

0.87

N/A

N/A

N/A

AllianzGI NFJ International Value II

0.80

0.80

N/A

N/A

N/A

AllianzGI Short Duration High Income

0.48

0.48

N/A

N/A

N/A

AllianzGI Structured Return

0.60

0.60

N/A

N/A

N/A

AllianzGI U.S. Equity Hedged

0.70

0.70

N/A

N/A

N/A

AllianzGI U.S. Small-Cap Growth

0.90

0.90

N/A

N/A

N/A

AllianzGI Ultra Micro Cap

1.50

1.50

N/A

N/A

N/A

† Class D shares were converted into Class A shares at the close of business on November 13, 2015. See Note 12(d).

(1) The Fund’s investment management fee was reduced from 1.00% to 0.90% on February 1, 2016.

(2) The Fund’s investment management fee was reduced from 1.00% to 0.85% on February 1, 2016.

(3) The Fund’s investment management fee was reduced from 0.95% to 0.85% on November 1, 2015.

Distribution and Servicing Fees.  Allianz Global Investors Distributors LLC (the “Distributor”), an affiliate of AAM, the Investment Manager and the Sub-Advisers, serves as the distributor of the Funds’ shares pursuant to separate Distribution Servicing Plans for Class A, B, C, D and R. The Distributor, for each of the Funds, receives (i) servicing fees of 0.25% of the average daily net assets of each of Class A, B, C, D and R in connection with services rendered to shareholders of each class and the maintenance of shareholder accounts, and (ii) distribution fees of 0.75% of the average daily net assets of each of Class B and C (with the exception of Class C for AllianzGI Short Duration High Income which is 0.25%) and 0.25% of average daily net assets of Class R in connection with the distribution of Class B, C and R shares.

Pursuant to the Distribution and Servicing Plans adopted by the A, B, C, D and R classes, the Funds compensate the Distributor for services provided and expenses incurred in connection with assistance rendered in the sale of shares and services rendered to shareholders and for maintenance of shareholder accounts.

Pursuant to the Distribution Plan for the Administrative Class shares, the Funds are permitted to reimburse the Distributor out of the Administrative Class’ assets of each Fund offering Administrative Class shares, in an amount up to 0.25% on an annual basis of the average net assets of the Administrative Class, for payments made to financial intermediaries that provide services in connection with the distribution of shares or administration plans or programs that use fund shares as their funding medium. Unreimbursed costs may be carried forward for reimbursement for up to twelve months beyond

the date in which they are incurred, subject always to the limit that no more than 0.25% of the average daily net assets attributable to the Administrative Class may be expensed.

The Distributor also receives the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares and contingent deferred sales charges (“CDSC”) paid by the shareholders upon certain redemptions of Class A, B and C shares. For the six months ended March 31, 2016, the Distributor received $136,896, representing commissions (sales charges) and CDSC from the Funds.

Class B share and Class D shares were converted into Class A shares at the close of business on December 4, 2015 and November 13, 2015, respectively. See Note 12(d).

Deferred Compensation.  Trustees do not currently receive any pension or retirement benefits from the Trust. The Trust has adopted a deferred compensation plan for the Trustees that went into place on January 1, 2015 and permits the Trustees to defer their receipt of compensation from the Trust, at their election, in accordance with the terms of the plan. Under the plan, each Trustee may elect not to receive all or a portion of his or her fees from the Trust on a current basis but to receive in a subsequent period chosen by the Trustee an amount equal to the value of such compensation if such compensation had been invested in one or more series of the Trust or Allianz Funds selected by the Trustees from and after the normal payment dates for such compensation. The deferred compensation program is structured such that the Trust remains in substantially the same financial position whether Trustee fees are paid when earned or deferred.

326 March 31, 2016  | Semiannual Report

6. EXPENSE LIMITATION AND RECOUPMENT

The Trust and the Investment Manager have entered into Expense Limitation and Management Fee Waiver Agreements as indicated below:

				Expense Limitation
	Management Fee Waiver(1)			Class A			Class B†			Class C			Class D†			Class R			Class P			Institutional Class			Class R6			Administrative Class
AllianzGI Retirement 2015(2)		N/A			0.97	%		N/A			1.72	%		1.07	%		1.32	%		0.67	%		N/A			0.57	%		0.92	%
AllianzGI Retirement 2020(2)		N/A			0.99			N/A			1.74			1.09			1.34			0.69			N/A			0.59			0.94
AllianzGI Retirement 2025(2)		N/A			1.01			N/A			N/A			N/A			1.36			0.71			N/A			0.61			0.96
AllianzGI Retirement 2030(2)		N/A			1.03			N/A			1.78			1.13			1.38			0.73			N/A			0.63			0.98
AllianzGI Retirement 2035(2)		N/A			1.06			N/A			N/A			N/A			1.41			0.76			N/A			0.66			1.01
AllianzGI Retirement 2040(2)		N/A			1.09			N/A			1.84			1.19			1.44			0.79			N/A			0.69			1.04
AllianzGI Retirement 2045(2)		N/A			1.10			N/A			N/A			N/A			1.45			0.80			N/A			0.70			1.05
AllianzGI Retirement 2050(2)		N/A			1.10			N/A			1.85			1.20			1.45			0.80			N/A			0.70			1.05
AllianzGI Retirement 2055(2)		N/A			1.10			N/A			N/A			N/A			1.45			0.80			N/A			0.70			1.05
AllianzGI Retirement Income(2)		N/A			0.95			N/A			1.70			1.05			1.30			0.65			N/A			0.55	*		0.90
AllianzGI Global Allocation(3)		0.55	%		0.64			1.36	%		1.38			0.64			0.81			0.41			0.40	%		0.30			0.65
AllianzGI Global Dynamic Allocation(3)		0.55			0.76			N/A			1.49			0.76			1.01			0.61			0.51			0.36			0.76
AllianzGI Global Megatrends(4)		N/A			1.30			N/A			N/A			N/A			N/A			1.15	*		1.05	*		N/A			N/A
AllianzGI Best Styles Emerging Markets Equity(5)		N/A			N/A			N/A			N/A			N/A			N/A			0.80			0.70			0.60			N/A
AllianzGI Best Styles Global Equity(5)		N/A			0.75			N/A			N/A			N/A			N/A			0.60			0.50			0.40			N/A
AllianzGI Best Styles International Equity(5)		N/A			N/A			N/A			N/A			N/A			N/A			0.65			0.55			0.45			N/A
AllianzGI Best Styles U.S. Equity(5)		N/A			N/A			N/A			N/A			N/A			N/A			0.60			0.50			0.40			N/A
AllianzGI China Equity(5)		N/A			1.70			N/A			2.45			1.77			N/A			1.51			1.45			N/A			N/A
AllianzGI Convertible		N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A
AllianzGI Emerging Markets Consumers(6)		N/A			1.55			N/A			N/A			N/A			N/A			N/A			1.20			N/A			N/A
AllianzGI Emerging Markets Debt(5)		N/A			1.20			N/A			1.95			N/A			N/A			1.05			0.95			N/A			N/A
AllianzGI Emerging Markets Small-Cap(5)		N/A			1.85			N/A			N/A			N/A			N/A			N/A			1.50			N/A			N/A
AllianzGI Europe Equity Dividend(5)		N/A			1.20			N/A			1.95			N/A			N/A			1.05			0.95			N/A			N/A
AllianzGI Global Fundamental Strategy(6)		N/A			1.25			N/A			2.00			1.25			N/A			1.10			1.00			N/A			N/A
AllianzGI Global Sustainability(5)		N/A			1.20			N/A			N/A			N/A			N/A			1.05			0.95			N/A			N/A
AllianzGI Global Water		N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A
AllianzGI High Yield Bond		N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A
AllianzGI International Growth(5)		N/A			1.20			N/A			N/A			N/A			N/A			N/A			0.95			N/A			N/A
AllianzGI International Small-Cap(5)		N/A			1.45			N/A			2.19			1.45			1.70			1.28			1.21			1.11			N/A
AllianzGI Micro Cap(6)		N/A			1.62			N/A			N/A			N/A			N/A			1.54			1.54			N/A			N/A
AllianzGI Multi-Asset Real Return(6)		N/A			0.85			N/A			1.60			0.85			N/A			0.70			0.60			N/A			N/A
AllianzGI NFJ Emerging Markets Value(5)		N/A			1.34			N/A			2.09			1.55			N/A			1.18			1.09			N/A			N/A
AllianzGI NFJ Global Dividend Value(5)		N/A			1.20			N/A			1.99			1.20			N/A			1.04			0.95			N/A			N/A
AllianzGI NFJ International Small-Cap Value(5)		N/A			1.30			N/A			2.05			1.30			N/A			1.15			1.05			0.95			N/A
AllianzGI NFJ International Value II(5)		N/A			1.20			N/A			1.95			1.20			N/A			1.00			0.95			N/A			N/A
AllianzGI Short Duration High Income(5)		N/A			N/A			N/A			N/A			0.85			N/A			N/A			N/A			N/A			N/A
AllianzGI Structured Return(6)		N/A			1.15			N/A			1.90			1.15			N/A			1.00			0.90			N/A			N/A
AllianzGI U.S. Equity Hedged(6)		N/A			1.25			N/A			2.00			1.25			N/A			1.10			1.00			N/A			N/A
AllianzGI U.S. Small-Cap Growth(5)		N/A			1.40			N/A			2.20			1.42			1.65			1.25			1.16			N/A			N/A
AllianzGI Ultra Micro Cap		N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A

(1) The Investment Manager has contractually agreed to irrevocably waive a portion of its management fee with respect to the noted Funds. The waiver is calculated on the average daily net assets of each applicable Fund that are attributable to investments in either Underlying Funds or Other Acquired Funds based on the rates disclosed in the above table. This waiver with respect to investments in Underlying Funds and Other Acquired Funds for which the Investment Manager or an affiliated person thereof serves as investment adviser is terminable only by the Board of Trustees of the Trust, and the waiver with respect to investments in unaffiliated Other Acquired Funds will continue through at least January 31, 2017. This waiver does not apply to net assets of the Funds not invested in shares of Underlying Funds or Other Acquired Funds (e.g., direct investments in other securities and instruments).

Semiannual Report |  March 31, 2016 327

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

(2) The Investment Manager has contractually agreed, until January 31, 2017, to irrevocably waive its management and administrative fees and reimburse any additional other expenses or acquired fund fees and expenses, to the extent that Total Annual Fund Operating Expenses after Expense Reductions, excluding, interest, taxes, and extraordinary expenses, exceed the rates noted in the table above based on the Fund’s average net assets attributable to each share class. Under the Expense Limitation Agreement, the Investment Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit in effect at the time of such waiver or reimbursement. The Expense Limitation Agreement is terminable by the Trust upon 90 days’ prior written notice to the Investment Manager or at any time by mutual agreement of the parties.

(3) Effective February 1, 2016, the Investment Manager has contractually agreed, until January 31, 2017, to irrevocably waive its management fee and/or reimburse the Fund, to the extent that, after the application of the fee waiver described in footnote (1) above, Total Annual Fund Operating Expenses, excluding interest, taxes, and extraordinary expenses, acquired fund fees and expenses and certain credits and other expenses, exceed the rates noted in the table above based on the Fund’s average net assets attributable to each share class. Under the Expense Limitation Agreement, the Investment Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit in effect at the time of such waiver or reimbursement. The Expense Limitation Agreement is terminable by the Trust upon 90 days’ prior written notice to the Investment Manager or at any time by mutual agreement of the parties.

(4) The Investment Manager has contractually agreed, until January 31, 2017, to reimburse other expenses or acquired fund fees and expenses, to the extent that Total Annual Fund Operating Expenses after Expense Reductions, excluding, interest, taxes, and extraordinary expenses, exceed the rates noted in the table above based on the Fund’s average net assets attributable to each share class. Under the Expense Limitation Agreement, the Investment Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit in effect at the time of such waiver or reimbursement. The Expense Limitation Agreement is terminable by the Trust upon 90 days’ prior written notice to the Investment Manager or at any time by mutual agreement of the parties.

(5) Effective February 1, 2016, the Investment Manager has contractually agreed, until January 31, 2017, to irrevocably waive its management fee and/or reimburse the Fund, to the extent that, Total Annual Fund Operating Expenses, excluding interest, taxes, and extraordinary expenses, and certain credits and other expenses, exceed the rates noted in the table above based upon the Fund’s average net assets attributable to each share class. Under the Expense Limitation Agreement, the Investment Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit in effect at the time of such waiver or reimbursement. The Expense Limitation Agreement is terminable by the Trust upon 90 days’ prior written notice to the Investment Manager or at any time by mutual agreement of the parties.

(6) Effective February 1, 2016, the Investment Manager has contractually agreed, until January 31, 2017, to irrevocably waive its management fee and/or reimburse the Fund, to the extent that, Total Annual Fund Operating Expenses, excluding interest, taxes, and extraordinary expenses, acquired fund fees and expenses, and certain credits and other expenses, exceed the rates noted in the table above based upon the Fund’s average net assets attributable to each share class. Under the Expense Limitation Agreement, the Investment Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit in effect at the time of such waiver or reimbursement. The Expense Limitation Agreement is terminable by the Trust upon 90 days’ prior written notice to the Investment Manager or at any time by mutual agreement of the parties.

* As a result of reimbursing expenses inclusive of acquired fund fees and expenses, the Investment Manager reimbursed amounts in excess of the respective share class’ operating expenses. The aggregate excess reimbursement of each share class is accounted for as “Contribution from Investment Manager” on the Statements of Operations.

† Class B shares and Class D shares were converted into Class A shares at the close of business on December 4, 2015 and November 13, 2015, respectively. See Note 12(d).

The Investment Manager, in connection with the conversion of Class D shares into Class A shares, reimbursed AllianzGI Convertible, AllianzGI Global Water, AllianzGI High Yield Bond and AllianzGI Short Duration High Income for certain sub-transfer agent fees.

The Investment Manager, as per expense limitation agreements, may recoup waived/reimbursed amounts for a period of up to three years, provided total expenses, including such recoupment, do not exceed the annual expense limit in effect at the time of such waiver/reimbursement. During the six months ended March 31, 2016, the Investment Manager recouped a total of $14,217 from the Funds as disclosed on the Statements of Operations. The following represents the amounts that still can be recouped by the Investment Manager as of March 31, 2016.

	Unrecouped Expenses Waived/Reimbursed through Fiscal Year ended
	11/30/2013		11/30/2014		9/30/2015		Totals
AllianzGI Retirement 2015	$	29,817	$	38,450	$	26,249	$	94,516
AllianzGI Retirement 2020		41,091		67,722		54,591		163,404
AllianzGI Retirement 2025		40,739		77,249		64,766		182,754
AllianzGI Retirement 2030		63,348		85,969		76,424		225,741
AllianzGI Retirement 2035		39,569		66,529		66,388		172,486
AllianzGI Retirement 2040		39,733		62,943		60,282		162,958
AllianzGI Retirement 2045		21,258		38,603		38,645		98,506
AllianzGI Retirement 2050		23,759		31,927		34,200		89,886
AllianzGI Retirement 2055		9,226		10,500		11,552		31,278
AllianzGI Retirement Income		43,580		39,055		25,007		107,642
AllianzGI Global Allocation		515,434		516,476		333,368		1,365,278
AllianzGI Global Dynamic Allocation		208,305		217,360		204,882		630,547
AllianzGI Global Megatrends		—		—		150,527		150,527
AllianzGI Best Styles Emerging Markets Equity		—		—		236,952		236,952
AllianzGI Best Styles Global Equity		—		455,753		266,552		722,305
AllianzGI Best Styles International Equity		—		—		342,608		342,608
AllianzGI Best Styles U.S. Equity		—		—		184,303		184,303

328 March 31, 2016  | Semiannual Report

	Unrecouped Expenses Waived/Reimbursed through Fiscal Year ended
	11/30/2013		11/30/2014		9/30/2015		Totals
AllianzGI China Equity	$	164,625	$	206,219	$	182,102	$	552,946
AllianzGI Emerging Markets Consumer		—		—		244,097		244,097
AllianzGI Emerging Markets Debt		—		217,381		305,163		522,544
AllianzGI Emerging Markets Small-Cap		—		—		293,821		293,821
AllianzGI Europe Equity Dividend		—		—		230,355		230,355
AllianzGI Global Fundamental Strategy		171,914		249,637		153,697		575,248
AllianzGI Global Sustainability		—		—		202,111		202,111
AllianzGI High Yield Bond		6,686		508		—		7,194
AllianzGI International Growth		—		—		161,358		161,358
AllianzGI International Small-Cap		259,262		260,803		141,751		661,816
AllianzGI Micro Cap		162,476		117,388		115,571		395,435
AllianzGI Multi-Asset Real Return		364,268		239,165		206,099		809,532
AllianzGI NFJ Emerging Markets Value		344,104		262,863		303,098		910,065
AllianzGI NFJ Global Dividend Value		174,551		170,631		170,807		515,989
AllianzGI NFJ International Small-Cap Value		271,427		228,562		214,424		714,413
AllianzGI NFJ International Value II		242,059		235,983		181,260		659,302
AllianzGI Short Duration High Income		95,769		74,554		10,170		180,493
AllianzGI Structured Return		279,883		356,079		88,864		724,826
AllianzGI U.S. Equity Hedged		359,611		200,633		129,361		689,605
AllianzGI U.S. Small-Cap Growth		157,694		177,424		132,180		467,298

7. INVESTMENTS IN SECURITIES

For the six months ended March 31, 2016, purchases and sales of investments, other than short-term securities and U.S. government obligations were:

	Purchases		Sales
AllianzGI Retirement 2015	$	20,711,501	$	25,229,884
AllianzGI Retirement 2020		40,789,211		53,331,065
AllianzGI Retirement 2025		47,051,919		55,948,617
AllianzGI Retirement 2030		45,997,372		52,160,345
AllianzGI Retirement 2035		31,183,220		37,836,694
AllianzGI Retirement 2040		28,725,166		32,883,647
AllianzGI Retirement 2045		16,323,510		17,248,945
AllianzGI Retirement 2050		12,103,348		13,081,962
AllianzGI Retirement 2055		4,427,227		4,701,524
AllianzGI Retirement Income		17,319,911		17,073,443
AllianzGI Global Allocation		291,560,109		103,969,998
AllianzGI Global Dynamic Allocation		25,096,475		2,778,214
AllianzGI Global Megatrends		362,442		141,944
AllianzGI Best Styles Emerging Markets Equity		6,418,064		2,951,700
AllianzGI Best Styles Global Equity		391,321,931		140,881,974
AllianzGI Best Styles International Equity		84,125,268		59,889,459
AllianzGI Best Styles U.S. Equity		33,179,141		33,790,881
AllianzGI China Equity		1,364,252		1,702,130
AllianzGI Convertible		677,207,643		1,061,103,237

	Purchases		Sales
AllianzGI Emerging Markets Consumer	$	26,962,285	$	8,779,668
AllianzGI Emerging Markets Debt		23,584,609		18,226,920
AllianzGI Emerging Markets Small-Cap		5,992,925		6,085,007
AllianzGI Europe Equity Dividend		839,858		534,421
AllianzGI Global Fundamental Strategy		86,216		470,500
AllianzGI Global Sustainability		17,109,231		338,585
AllianzGI Global Water		143,528,927		126,394,371
AllianzGI High Yield Bond		80,876,937		85,806,024
AllianzGI International Growth		317,227		325,604
AllianzGI International Small-Cap		45,034,817		50,230,973
AllianzGI Micro Cap		6,245,017		18,786,060
AllianzGI Multi-Asset Real Return		952,151		2,087,707
AllianzGI NFJ Emerging Markets Value		4,794,208		5,207,864
AllianzGI NFJ Global Dividend Value		6,116,826		13,731,231
AllianzGI NFJ International Small-Cap Value		6,286,657		6,383,050
AllianzGI NFJ International Value II		9,649,286		8,410,342
AllianzGI Short Duration High Income		199,477,144		319,865,983
AllianzGI Structured Return		226,920,323		141,472,118
AllianzGI U.S. Equity Hedged		77,234		8,115,340
AllianzGI U.S. Small-Cap Growth		18,891,219		27,672,401
AllianzGI Ultra Micro Cap		10,157,312		33,783,048

Semiannual Report |  March 31, 2016 329

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

Purchases and sales in U.S. government obligations were:

	Purchases		Sales
AllianzGI Global Dynamic Allocation	$	3,201,149		—
AllianzGI Global Fundamental Strategy		478,110		—

At March 31, 2016, AllianzGI High Yield Bond had the following unfunded commitment under a debtor-in-possession financing which could be extended at the option of the in-bankruptcy issuer:

Issuer	Principal Amount
SFX Entertainment, Inc.	$	422,113

(a) Transactions in options written for the six months ended March 31, 2016:

	AllianzGI Emerging Markets Debt:
	Contracts			Premiums
Options outstanding, September 30, 2015		—			—
Options written		172		$	49,668
Options expired		(172	)		(49,668	)
Options outstanding, March 31, 2016		—			—
	AllianzGI Global Fundamental Strategy:
	Contracts			Premiums
Options outstanding, September 30, 2015		—			—
Options written		65		$	63,579
Options expired		(20	)		(6,609	)
Options outstanding, March 31, 2016		45		$	56,970

	AllianzGI Structured Return:
	Contracts			Premiums
Options outstanding, September 30, 2015		1,393		$	7,717,110
Options written		9,643			48,668,967
Options terminated in closing transactions		(4,498	)		(41,478,473	)
Options expired		(4,466	)		(6,048,650	)
Options outstanding, March 31, 2016		2,072		$	8,858,954
	AllianzGI U.S. Equity Hedged:
	Contracts			Premiums
Options outstanding, September 30, 2015		151		$	106,405
Options written		965			842,137
Options terminated in closing transactions		(241	)		(122,300	)
Options expired		(799	)		(727,664	)
Options outstanding, March 31, 2016		76		$	98,578

(b) Credit default swap agreements outstanding at March 31, 2016:

OTC buy protection swap agreements:

AllianzGI Emerging Markets Debt:
Swap Counterparty/ Referenced Debt Issuer	Notional Amount (000s)(1)		Implied Credit Spread			Termination Date		Fixed Deal Pay Rate			Value(2)			Upfront Premiums Paid (Received)			Unrealized Depreciation
Bank of America:
Republic of Peru	$	2,000		1.54	%		6/20/21		1.00	%	$	(7,704	)	$	1,982		$	(9,686	)
JPMorgan Chase:
CDX.EM-24		2,300		3.00	%		12/20/20		1.00	%		(194,650	)		(189,336	)		(5,314	)
											$	(202,354	)	$	(187,354	)	$	(15,000	)

OTC sell protection swap agreements:

AllianzGI Emerging Markets Debt:
Swap Counterparty/ Referenced Debt Issuer	Notional Amount (000s)(1)		Implied Credit Spread			Termination Date		Fixed Deal Received Rate			Value(2)			Upfront Premiums Received			Unrealized Appreciation (Depreciation)
Bank of America:
Republic of Chile	$	2,000		0.92	%		6/20/21		1.00	%	$	(56,008	)	$	(67,785	)	$	11,777

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

330 March 31, 2016  | Semiannual Report

(2) The quoted market prices and resulting values for credit default swap agreements serve as an indicator of the status at March 31, 2016 of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement have been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(c) Futures contracts outstanding at March 31, 2016:

AllianzGI Retirement 2035:
Type	Contracts		Market Value (000s)		Expiration Date		Unrealized Appreciation
Long:  E-mini S&P 500 Index		5	$	513		6/17/16	$	10,600
AllianzGI Retirement 2040:
Type	Contracts		Market Value (000s)		Expiration Date		Unrealized Appreciation (Depreciation)
Long:  E-mini S&P 500 Index		10	$	1,026		6/17/16	$	21,201
Mini MSCI EAFE Index		4		325		6/17/16		(573	)
							$	20,628

AllianzGI Retirement 2045:
Type	Contracts		Market Value (000s)		Expiration Date		Unrealized Appreciation (Depreciation)
Long:  E-mini S&P 500 Index		7	$	718		6/17/16	$	14,840
Mini MSCI EAFE Index		4		325		6/17/16		(573	)
							$	14,267
AllianzGI Retirement 2050:
Type	Contracts		Market Value (000s)		Expiration Date		Unrealized Appreciation (Depreciation)
Long:  E-mini S&P 500 Index		6	$	616		6/17/16	$	12,720
Mini MSCI EAFE Index		5		406		6/17/16		(716	)
							$	12,004
AllianzGI Retirement 2055:
Type	Contracts		Market Value (000s)		Expiration Date		Unrealized Appreciation (Depreciation)
Long:  E-mini S&P 500 Index		2	$	205		6/17/16	$	4,240
Mini MSCI EAFE Index		2		163		6/17/16		(286	)
							$	3,954
AllianzGI Global Allocation:
Type	Contracts		Market Value (000s)		Expiration Date		Unrealized Appreciation (Depreciation)
Long:  10-Year U.S. Treasury Note		139	$	18,124		6/21/16	$	(50,349	)
2-Year U.S. Treasury Note		83		18,156		6/30/16		(6,538	)
5-Year U.S. Treasury Note		394		47,739		6/30/16		(42,694	)
Dow Jones U.S. Real Estate Index		148		4,535		6/17/16		3,249
Euro-BTP		108		17,281		6/8/16		285,715
U.S. Treasury Ultra Bond		67		11,559		6/21/16		(101,613	)

Semiannual Report |  March 31, 2016 331

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

AllianzGI Global Allocation (cont’d)
Type	Contracts			Market Value (000s)			Expiration Date		Unrealized Appreciation (Depreciation)
Short:  Euro Stoxx 50 Index		(153	)	$	(5,103	)		6/17/16	$	152,954
Hang Seng Index		(20	)		(2,682	)		4/28/16		(54,249	)
SPI 200 Index		(47	)		(4,563	)		6/16/16		2,553
TOPIX Index		(36	)		(4,310	)		6/9/16		(2,209	)
									$	186,819
AllianzGI Global Dynamic Allocation:
Type	Contracts			Market Value (000s)			Expiration Date		Unrealized Appreciation (Depreciation)
Long:  10-Year U.S. Treasury Note		6		$	783			6/21/16	$	1,237
2-Year U.S. Treasury Note		7			1,531			6/30/16		1,096
5-Year U.S. Treasury Note		10			1,212			6/30/16		3,215
Dow Jones U.S. Real Estate Index		38			1,164			6/17/16		43,569
E-mini S&P 500 Index		16			1,641			6/17/16		49,714
U.S. Treasury Ultra Bond		2			345			6/21/16		(950	)
Short:  Mini MSCI EAFE		(11	)		(894	)		6/17/16		1,504
Mini MSCI Emerging Markets Index		(19	)		(792	)		6/17/16		(29,703	)
									$	69,682
AllianzGI Best Styles Emerging Markets Equity:
Type	Contracts			Market Value (000s)			Expiration Date		Unrealized Appreciation
Long:  Mini MSCI Emerging Markets Index		24		$	1,000			6/17/16	$	2,801
SGX Nifty 50 Index		36			561			4/28/16		5,979
									$	8,780

AllianzGI Best Styles Global Equity:
Type	Contracts		Market Value (000s)		Expiration Date		Unrealized Appreciation (Depreciation)
Long:  E-mini S&P 500 Index		55	$	5,641		6/17/16	$	124,579
Euro STOXX 600 Index		85		1,604		6/17/16		(15,132	)
Mini MSCI Emerging Markets Index		63		2,627		6/17/16		61,070
TOPIX Index		10		1,197		6/9/16		22,933
							$	193,450
AllianzGI Best Styles International Equity:
Type	Contracts		Market Value (000s)		Expiration Date		Unrealized Depreciation
Long:  Mini MSCI EAFE Index		13	$	1,057		6/17/16	$	(7,528	)
AllianzGI Best Styles U.S. Equity:
Type	Contracts		Market Value (000s)		Expiration Date		Unrealized Appreciation
Long:  E-mini S&P 500 Index		32	$	3,282		6/17/16	$	12,310

332 March 31, 2016  | Semiannual Report

AllianzGI Global Fundamental Strategy:
Type	Contracts			Market Value (000s)			Expiration Date		Unrealized Appreciation (Depreciation)
Long:  Euro Stoxx 50 Index		31		$	1,034			6/17/16	$	2,065
Short:  10-Year U.S. Treasury Note		(5	)		(652	)		6/21/16		107
5-Year U.S. Treasury Note		(4	)		(485	)		6/30/16		(883	)
E-mini S&P 500 Index		(10	)		(1,026	)		6/17/16		2,726
Euro-Bobl		(3	)		(447	)		6/8/16		201
Euro-Bund		(1	)		(186	)		6/8/16		(559	)
									$	3,657
AllianzGI Multi-Asset Real Return:
Type	Contracts			Market Value (000s)			Expiration Date		Unrealized Appreciation (Depreciation)
Long:  10-Year U.S. Treasury Note		1		$	130			6/21/16	$	(151	)
Euro-BTP		1			160			6/8/16		4,095
Short:  2-Year U.S. Treasury Note		(2	)		(437	)		6/30/16		(207	)
Dow Jones U.S. Real Estate Index		(1	)		(31	)		6/17/16		(1,193	)
									$	2,544

(d) Forward foreign currency contracts outstanding at March 31, 2016:

AllianzGI Global Allocation:
	Counterparty		U.S.$ Value on Origination Date		U.S.$ Value March 31, 2016		Unrealized Appreciation
Purchased:
1,136,496,200 Japanese Yen settling 5/11/16		State Street Bank	$	10,089,185	$	10,108,672	$	19,487
Sold:
7,000,000 British Pound settling 5/11/16		State Street Bank		10,089,185		10,054,833		34,352
							$	53,839
AllianzGI Best Styles Global Equity:
	Counterparty		U.S.$ Value on Origination Date		U.S.$ Value March 31, 2016		Unrealized Appreciation (Depreciation)
Sold:
1,187,096 Hong Kong Dollar settling 4/1/16		Northern Trust Company	$	153,046	$	153,029	$	17
16,702,432 South African Rand settling 4/1/16		Northern Trust Company		1,085,238		1,131,314		(46,076	)
							$	(46,059	)
AllianzGI Emerging Markets Consumer:
	Counterparty		U.S.$ Value on Origination Date		U.S.$ Value March 31, 2016		Unrealized Appreciation
Purchased:
1,236,733 South African Rand settling 4/4/16		Northern Trust Company	$	79,607	$	83,768	$	4,161
AllianzGI Emerging Markets Debt:
	Counterparty		U.S.$ Value on Origination Date		U.S.$ Value March 31, 2016		Unrealized Appreciation (Depreciation)
Purchased:
786,011 Euro settling 4/13/16		State Street Bank	$	854,143	$	894,651	$	40,508
Sold:
2,657,581 Euro settling 4/13/16		State Street Bank		2,923,221		3,024,903		(101,682	)
							$	(61,174	)

Semiannual Report |  March 31, 2016 333

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

AllianzGI Global Fundamental Strategy:
	Counterparty		U.S.$ Value on Origination Date		U.S.$ Value March 31, 2016		Unrealized Appreciation (Depreciation)
Purchased:
35,000,000 Indian Rupee settling 5/27/16		State Street Bank	$	502,188	$	523,459	$	21,271
Sold:
1,500,000 Euro settling 5/27/16		State Street Bank		1,655,250		1,709,561		(54,311	)
							$	(33,040	)
AllianzGI International Small-Cap:
	Counterparty		U.S.$ Value on Origination Date		U.S.$ Value March 31, 2016		Unrealized Depreciation
Sold:
9,610,473 Japanese Yen settling 4/1/16		Northern Trust Company	$	84,679	$	85,392	$	(713	)
AllianzGI NFJ Emerging Markets Value:
	Counterparty		U.S.$ Value on Origination Date		U.S.$ Value March 31, 2016		Unrealized Appreciation (Depreciation)
Purchased:
48,684 South African Rand settling 4/5/16		Northern Trust Company	$	3,147	$	3,297	$	150
Sold:
631,342 South African Rand settling 4/5/16		Northern Trust Company		40,812		42,755		(1,943	)
							$	(1,793	)
AllianzGI NFJ International Small-Cap Value:
	Counterparty		U.S.$ Value on Origination Date		U.S.$ Value March 31, 2016		Unrealized Depreciation
Sold:
50,039 Euro settling 4/1/16		Northern Trust Company	$	56,022	$	56,939	$	(917	)

At March 31, 2016, the following Funds pledged cash as collateral for derivatives:

	Collateral
AllianzGI Retirement 2035	$	242,451
AllianzGI Retirement 2040		262,123
AllianzGI Retirement 2045		191,200
AllianzGI Retirement 2050		187,146
AllianzGI Retirement 2055		87,055
AllianzGI Global Allocation		6,939,302
AllianzGI Global Dynamic Allocation		294,490
AllianzGI Best Styles Emerging Markets Equity		291,940
AllianzGI Best Styles Global Equity		2,975,083
AllianzGI Best Styles International Equity		100,138
AllianzGI Best Styles U.S. Equity		986,434
AllianzGI Emerging Markets Debt		40,000
AllianzGI Global Fundamental Strategy		141,779
AllianzGI Multi-Asset Real Return		101,214
AllianzGI Structured Return		471,456
AllianzGI U.S. Equity Hedged		37,343

Glossary:

CDX.EM—Credit Derivatives Index Emerging Markets

EAFE—Europe, Australasia and Far East

334 March 31, 2016  | Semiannual Report

MSCI—Morgan Stanley Capital International

OTC—Over-the-Counter

SGX—Singapore Exchange

TOPIX—Tokyo Stock Price Index

8. INCOME TAX INFORMATION

At March 31, 2016, the aggregate cost basis and the net unrealized appreciation (depreciation) of investments (before options written) for federal income tax purposes were:

	Federal Tax Cost Basis(1)		Unrealized Appreciation		Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
AllianzGI Retirement 2015	$	26,975,010	$	325,903	$	695,118	$	(369,215	)
AllianzGI Retirement 2020		56,545,991		478,493		1,712,374		(1,233,881	)
AllianzGI Retirement 2025		61,816,632		554,213		2,146,042		(1,591,829	)
AllianzGI Retirement 2030		65,161,066		634,230		2,208,530		(1,574,300	)
AllianzGI Retirement 2035		51,321,520		510,697		1,944,254		(1,433,557	)
AllianzGI Retirement 2040		43,128,180		394,257		1,580,459		(1,186,202	)
AllianzGI Retirement 2045		25,512,911		257,460		858,980		(601,520	)
AllianzGI Retirement 2050		22,419,747		68,973		660,543		(591,570	)
AllianzGI Retirement 2055		6,292,919		112,355		257,448		(145,093	)
AllianzGI Retirement Income		24,293,585		96,474		344,776		(248,302	)
AllianzGI Global Allocation		484,359,691		9,410,335		546,686		8,863,649
AllianzGI Global Dynamic Allocation		37,545,277		197,528		539,357		(341,829	)
AllianzGI Global Megatrends		3,215,928		24,705		404,845		(380,140	)
AllianzGI Best Styles Emerging Markets Equity		9,222,983		480,017		561,295		(81,278	)
AllianzGI Best Styles Global Equity		549,523,003		27,418,107		9,448,757		17,969,350
AllianzGI Best Styles International Equity		84,008,938		3,012,118		4,901,703		(1,889,585	)
AllianzGI Best Styles U.S. Equity		91,975,430		4,547,515		5,080,218		(532,703	)
AllianzGI China Equity		4,984,607		175,545		687,331		(511,786	)
AllianzGI Convertible		1,700,439,871		134,737,704		62,131,374		72,606,330
AllianzGI Emerging Markets Consumer		34,448,979		1,086,345		810,499		275,846
AllianzGI Emerging Markets Debt		45,268,238		525,158		1,224,493		(699,335	)
AllianzGI Emerging Markets Small-Cap		8,043,887		761,742		431,585		330,157
AllianzGI Europe Equity Dividend		3,718,026		127,680		261,694		(134,014	)
AllianzGI Global Fundamental Strategy		20,235,528		1,327,596		1,556,652		(229,056	)
AllianzGI Global Sustainability		20,642,993		816,737		750,463		66,274
AllianzGI Global Water		352,047,834		57,913,423		5,010,930		52,902,493
AllianzGI High Yield Bond		332,080,093		4,428,828		31,107,531		(26,678,703	)
AllianzGI International Growth		3,032,062		279,326		189,645		89,681
AllianzGI International Small-Cap		89,075,918		19,720,792		4,752,616		14,968,176
AllianzGI Micro Cap		30,178,587		8,665,038		3,132,673		5,532,365
AllianzGI Multi-Asset Real Return		3,768,571		186,693		605,348		(418,655	)
AllianzGI NFJ Emerging Markets Value		7,984,082		378,277		446,864		(68,587	)
AllianzGI NFJ Global Dividend Value		15,867,876		739,372		1,691,162		(951,790	)
AllianzGI NFJ International Small-Cap Value		11,839,478		602,819		608,155		(5,336	)
AllianzGI NFJ International Value II		46,514,418		2,123,990		4,517,997		(2,394,007	)
AllianzGI Short Duration High Income		969,101,823		1,522,202		69,089,118		(67,566,916	)
AllianzGI Structured Return		186,879,797		5,014,781		385,592		4,629,189
AllianzGI U.S. Equity Hedged		6,975,077		38,907		242,754		(203,847	)
AllianzGI U.S. Small-Cap Growth		22,887,583		4,010,264		492,071		3,518,193
AllianzGI Ultra Micro Cap		50,073,897		17,088,166		5,794,532		11,293,634

(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.

Semiannual Report |  March 31, 2016 335

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

9. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with $0.0001 par value. Changes in shares of beneficial interest were as

follows:

	AllianzGI Retirement 2015
	Six Months ended 3/31/2016 (unaudited)						Period from 12/1/2014 through 9/30/2015†						Year ended 11/30/2014
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		112,605		$	2,046,053			89,143		$	1,696,448			565,795		$	11,168,574
Class A - from Class D(a)		2,801			52,044			—			—			—			—
Class C		2,155			38,616			3,911			72,140			15,337			298,797
Class D		151			2,848			343			6,522			17			332
Class R		8,844			166,372			4,569			87,148			1,134			22,530
Class P		39,254			717,615			447,718			8,680,317			171,764			3,325,289
Class R6		41,696			766,232			276,445			5,197,624			715,197			14,343,900
Administrative Class		7,577			142,509			39,583			762,012			16,965			335,842
Issued in reinvestment of dividends and distributions:
Class A		11,175			200,812			24,968			472,907			10,510			201,688
Class C		1,026			18,356			1,603			30,238			736			14,041
Class D(a)		—			—			131			2,519			120			2,326
Class R		645			11,638			342			6,532			76			1,464
Class P		23,153			418,614			12,422			237,540			4,379			84,782
Class R6		22,305			403,507			29,248			559,535			9,220			178,596
Administrative Class		1,787			32,236			6,206			118,530			3,808			73,602
Cost of shares redeemed:
Class A		(307,018	)		(5,708,865	)		(216,708	)		(4,121,293	)		(205,257	)		(4,032,346	)
Class C		(5,455	)		(98,693	)		(22,186	)		(421,446	)		(35,474	)		(694,946	)
Class D		(1	)		(6	)		(2,430	)		(47,622	)		(5,313	)		(104,936	)
Class D - to Class A(a)		(2,770	)		(52,044	)		—			—			—			—
Class R		(8,666	)		(155,636	)		(2,915	)		(56,290	)		(2,592	)		(50,484	)
Class P		(83,129	)		(1,515,614	)		(90,011	)		(1,744,140	)		(190,596	)		(3,761,904	)
Class R6		(88,526	)		(1,615,077	)		(462,989	)		(9,048,552	)		(440,624	)		(8,878,990	)
Administrative Class		(3,633	)		(68,875	)		(163,979	)		(3,127,761	)		(47,231	)		(938,663	)
Net increase (decrease) resulting from Fund share transactions		(224,024	)	$	(4,197,358	)		(24,586	)	$	(637,092	)		587,971		$	11,589,494

† Fiscal year end changed from November 30th to September 30th.

(a) Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d).

336 March 31, 2016  | Semiannual Report

AllianzGI Retirement 2020																		AllianzGI Retirement 2025
Six Months ended 3/31/2016 (unaudited)						Period from 12/1/2014 through 9/30/2015†						Year ended 11/30/2014						Six Months ended 3/31/2016 (unaudited)						Period from 12/1/2014 through 9/30/2015†						Year ended 11/30/2014
Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
	139,026		$	2,508,144			132,585		$	2,507,411			1,433,411		$	28,178,631			183,841		$	2,955,214			192,193		$	3,192,650			1,335,068		$	22,916,623
	31,682			582,312			—			—			—			—			—			—			—			—			—			—
	1,183			21,112			753			14,262			4,810			94,427			—			—			—			—			—			—
	32			600			20,789			394,104			2,880			56,444			—			—			—			—			—			—
	11,161			204,824			6,858			131,554			5,007			97,615			4,988			78,373			17,234			284,623			35,394			595,164
	60,874			1,100,788			794,195			15,354,249			333,605			6,405,645			103,062			1,641,954			1,239,633			20,766,984			703,711			11,746,860
	81,191			1,472,382			451,840			8,499,450			159,121			3,113,834			115,273			1,822,230			353,842			5,780,122			225,478			3,834,014
	11,107			204,079			34,999			669,041			82,204			1,617,550			12,286			195,059			33,256			559,615			117,954			2,028,052
	33,310			594,911			59,497			1,121,609			19,810			376,585			34,415			543,416			56,031			928,554			25,283			421,464
	426			7,610			574			10,834			225			4,276			—			—			—			—			—			—
	—			—			403			7,649			262			5,007			—			—			—			—			—			—
	1,130			20,265			1,600			30,240			772			14,703			1,131			17,842			1,547			25,614			1,097			18,248
	44,277			797,874			28,592			545,068			8,058			154,714			68,215			1,080,525			34,127			569,048			4,784			80,182
	24,231			436,891			10,546			201,268			8,358			160,647			24,126			382,398			10,660			177,836			6,502			108,975
	3,337			59,872			12,357			234,411			7,237			138,300			2,552			40,396			21,013			349,868			11,996			200,811
	(869,005	)		(16,023,129	)		(267,327	)		(5,063,177	)		(168,555	)		(3,278,677	)		(915,952	)		(14,855,608	)		(366,880	)		(6,074,933	)		(318,923	)		(5,466,861	)
	(1,575	)		(29,279	)		(7,050	)		(133,941	)		(4,003	)		(78,690	)		—			—			—			—			—			—
	(935	)		(17,595	)		(2,670	)		(51,348	)		(5,733	)		(113,637	)		—			—			—			—			—			—
	(31,478	)		(582,312	)		—			—			—			—			—			—			—			—			—			—
	(35,335	)		(649,646	)		(2,000	)		(38,099	)		(7,690	)		(150,766	)		(27,278	)		(438,211	)		(9,777	)		(163,736	)		(22,892	)		(383,869	)
	(62,871	)		(1,129,694	)		(301,065	)		(5,850,830	)		(99,035	)		(1,960,444	)		(113,061	)		(1,768,372	)		(243,270	)		(4,080,092	)		(167,809	)		(2,872,130	)
	(89,250	)		(1,640,832	)		(95,928	)		(1,834,478	)		(270,027	)		(5,377,317	)		(27,294	)		(439,709	)		(124,282	)		(2,129,609	)		(142,236	)		(2,478,415	)
	(10,605	)		(195,389	)		(353,385	)		(6,700,959	)		(58,748	)		(1,155,300	)		(5,356	)		(85,047	)		(679,887	)		(11,278,230	)		(55,774	)		(962,168	)
	(658,087	)	$	(12,256,212	)		526,163		$	10,048,318			1,451,969		$	28,303,547			(539,052	)	$	(8,829,540	)		535,440		$	8,908,314			1,759,633		$	29,786,950

Semiannual Report |  March 31, 2016 337

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

	AllianzGI Retirement 2030
	Six Months ended 3/31/2016 (unaudited)						Period from 12/1/2014 through 9/30/2015†						Year ended 11/30/2014
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		205,826		$	3,943,451			174,222		$	3,470,882			928,027		$	19,420,259
Class A - from Class D(a)		28,638			552,431			—			—			—			—
Class C		1,377			25,580			2,243			44,713			6,650			138,830
Class D		977			18,955			910			18,395			2,113			43,399
Class R		34,188			663,164			18,004			358,845			18,581			388,307
Class P		77,539			1,475,845			893,531			18,121,370			541,841			11,072,179
Class R6		160,857			3,044,162			431,514			8,680,478			268,513			5,654,075
Administrative Class		9,192			176,317			29,310			594,012			92,910			1,960,346
Issued in reinvestment of dividends and distributions:
Class A		22,860			431,590			58,437			1,160,152			21,054			427,836
Class C		726			13,670			1,246			24,683			495			10,033
Class D(a)		—			—			1,350			26,993			637			13,023
Class R		2,473			46,771			2,223			44,348			896			18,290
Class P		49,188			940,472			45,311			911,963			8,988			184,881
Class R6		22,406			429,074			21,483			433,036			12,548			258,616
Administrative Class		2,955			56,360			21,222			425,945			9,758			200,325
Cost of shares redeemed:
Class A		(720,409	)		(13,890,444	)		(239,288	)		(4,787,605	)		(225,966	)		(4,705,694	)
Class C		(1,875	)		(34,109	)		(3,626	)		(71,625	)		(10,583	)		(219,126	)
Class D		(668	)		(13,136	)		(4,330	)		(87,469	)		(3,534	)		(74,687	)
Class D - to Class A(a)		(28,464	)		(552,431	)		—			—			—			—
Class R		(3,343	)		(63,179	)		(11,094	)		(224,740	)		(10,198	)		(211,997	)
Class P		(70,204	)		(1,340,446	)		(275,257	)		(5,689,229	)		(90,735	)		(1,921,242	)
Class R6		(87,559	)		(1,645,376	)		(190,260	)		(3,857,262	)		(389,999	)		(8,258,015	)
Administrative Class		(2,643	)		(52,225	)		(405,786	)		(8,103,240	)		(80,462	)		(1,695,999	)
Net increase (decrease) resulting from Fund share transactions		(295,963	)	$	(5,773,504	)		571,365		$	11,494,645			1,101,534		$	22,703,639

† Fiscal year end changed from November 30th to September 30th.

(a) Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d).

338 March 31, 2016  | Semiannual Report

AllianzGI Retirement 2035																		AllianzGI Retirement 2040
Six Months ended 3/31/2016 (unaudited)						Period from 12/1/2014 through 9/30/2015†						Year ended 11/30/2014						Six Months ended 3/31/2016 (unaudited)						Period from 12/1/2014 through 9/30/2015†						Year ended 11/30/2014
Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
	139,772		$	2,344,775			147,413		$	2,594,889			816,929		$	14,941,272			88,582		$	1,735,383			103,660		$	2,114,947			602,125		$	13,046,627
	—			—			—			—			—			—			11,576			226,889			—			—			—			—
	—			—			—			—			—			—			521			9,871			1,905			38,082			3,035			65,077
	—			—			—			—			—			—			15			291			5,578			115,893			1,915			41,790
	12,352			204,998			42,588			742,117			9,352			170,961			8,676			163,986			16,725			340,684			13,129			283,949
	92,642			1,535,026			1,044,654			18,440,918			572,738			10,179,074			72,713			1,385,017			494,445			10,152,899			396,823			8,391,622
	117,112			1,950,380			205,966			3,546,141			155,191			2,843,057			183,357			3,524,998			415,826			8,439,147			207,481			4,538,383
	6,667			112,567			19,717			352,794			78,765			1,447,310			4,175			80,921			19,468			404,657			37,217			809,484
	20,021			333,945			51,340			897,707			16,679			297,724			8,943			174,099			52,985			1,074,907			14,621			309,393
	—			—			—			—			—			—			165			3,214			672			13,636			239			5,039
	—			—			—			—			—			—			—			—			609			12,389			203			4,300
	1,374			22,893			2,540			44,450			922			16,445			1,266			24,525			3,740			75,763			1,013			21,388
	48,314			810,229			45,774			806,090			6,302			113,126			23,577			462,104			37,310			764,222			5,671			121,070
	11,017			184,982			9,856			173,746			7,644			137,282			17,072			335,128			28,425			583,008			12,498			266,724
	1,165			19,510			27,828			488,677			12,521			224,389			640			12,488			15,822			322,618			5,623			119,471
	(549,427	)		(9,395,544	)		(136,463	)		(2,399,574	)		(116,775	)		(2,135,925	)		(424,451	)		(8,412,893	)		(204,151	)		(4,131,972	)		(114,672	)		(2,480,516	)
	—			—			—			—			—			—			(4,318	)		(78,375	)		(4,292	)		(88,674	)		(5,844	)		(125,784	)
	—			—			—			—			—			—			(61	)		(1,218	)		(4,504	)		(94,006	)		(2,906	)		(62,937	)
	—			—			—			—			—			—			(11,553	)		(226,889	)		—			—			—			—
	(15,224	)		(255,653	)		(7,137	)		(125,026	)		(4,604	)		(85,076	)		(633	)		(12,104	)		(14,983	)		(302,654	)		(7,288	)		(158,731	)
	(118,087	)		(1,936,117	)		(242,848	)		(4,320,264	)		(115,777	)		(2,127,542	)		(61,563	)		(1,173,877	)		(179,180	)		(3,778,135	)		(90,176	)		(1,975,572	)
	(58,925	)		(1,005,496	)		(198,771	)		(3,657,433	)		(131,228	)		(2,440,381	)		(86,470	)		(1,680,164	)		(183,462	)		(3,754,224	)		(315,133	)		(6,958,416	)
	(6,147	)		(103,926	)		(626,008	)		(10,923,840	)		(43,975	)		(806,171	)		(3,619	)		(69,484	)		(249,495	)		(5,056,247	)		(37,880	)		(821,095	)
	(297,374	)	$	(5,177,431	)		386,449		$	6,661,392			1,264,684		$	22,775,545			(171,390	)	$	(3,516,090	)		357,103		$	7,246,940			727,694		$	15,441,266

Semiannual Report |  March 31, 2016 339

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

	AllianzGI Retirement 2045
	Six Months ended 3/31/2016 (unaudited)						Period from 12/1/2014 through 9/30/2015†						Year ended 11/30/2014
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		81,336		$	1,387,451			121,815		$	2,189,486			351,881		$	6,635,440
Class A - from Class D(a)		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class D		—			—			—			—			—			—
Class R		4,436			73,524			7,124			128,195			5,261			99,251
Class P		67,166			1,121,049			248,013			4,484,334			374,167			6,834,798
Class R6		180,421			3,025,240			163,238			2,855,929			55,303			1,043,172
Administrative Class		10,119			175,096			18,257			334,546			25,662			486,607
Issued in reinvestment of dividends and distributions:
Class A		8,652			148,117			31,319			560,986			10,650			196,475
Class C		—			—			—			—			—			—
Class D(a)		—			—			—			—			—			—
Class R		597			10,186			1,310			23,426			412			7,597
Class P		16,864			289,885			30,252			544,974			3,796			70,620
Class R6		6,299			108,540			15,015			270,810			6,710			124,598
Administrative Class		518			8,887			5,111			91,806			2,123			39,271
Cost of shares redeemed:
Class A		(302,017	)		(5,273,041	)		(81,428	)		(1,446,463	)		(65,555	)		(1,241,169	)
Class C		—			—			—			—			—			—
Class D		—			—			—			—			—			—
Class D - to Class A(a)		—			—			—			—			—			—
Class R		(668	)		(10,835	)		(4,200	)		(75,685	)		(1,225	)		(23,327	)
Class P		(68,004	)		(1,149,206	)		(103,062	)		(1,876,505	)		(42,668	)		(819,648	)
Class R6		(16,118	)		(271,153	)		(251,359	)		(4,704,870	)		(21,916	)		(422,785	)
Administrative Class		(9,798	)		(169,373	)		(94,775	)		(1,688,865	)		(18,161	)		(345,338	)
Net increase (decrease) resulting from Fund share transactions		(20,197	)	$	(525,633	)		106,630		$	1,692,104			686,440		$	12,685,562

† Fiscal year end changed from November 30th to September 30th.

(a) Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d).

340 March 31, 2016  | Semiannual Report

AllianzGI Retirement 2050																		AllianzGI Retirement 2055
Six Months ended 3/31/2016 (unaudited)						Period from 12/1/2014 through 9/30/2015†						Year ended 11/30/2014						Six Months ended 3/31/2016 (unaudited)						Period from 12/1/2014 through 9/30/2015†						Year ended 11/30/2014
Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
	32,184		$	612,656			67,481		$	1,368,741			184,392		$	4,003,253			27,049		$	438,299			39,299		$	681,612			62,661		$	1,165,536
	10,929			211,250			—			—			—			—			—			—			—			—			—			—
	813			15,043			1,168			23,563			848			18,153			—			—			—			—			—			—
	29			577			1,525			31,580			1,934			41,897			—			—			—			—			—			—
	3,989			73,988			6,970			140,877			5,260			114,561			4,642			73,524			6,391			110,220			4,091			75,584
	56,427			1,059,021			206,132			4,309,416			218,872			4,652,264			45,948			735,899			67,485			1,171,954			61,933			1,143,776
	134,760			2,550,328			268,274			5,399,782			142,748			3,131,628			77,741			1,232,493			52,689			886,677			17,208			327,478
	8,755			170,664			17,301			358,324			15,235			333,045			5,012			83,061			8,006			141,084			7,983			149,207
	3,922			74,677			17,095			344,624			4,363			93,070			1,992			32,490			4,664			80,679			1,172			21,356
	240			4,525			452			9,070			157			3,333			—			—			—			—			—			—
	—			—			754			15,284			472			10,080			—			—			—			—			—			—
	993			18,855			1,973			39,816			663			14,134			385			6,253			558			9,642			153			2,791
	15,779			302,797			23,598			480,976			3,259			70,571			4,114			67,556			4,703			81,946			859			15,862
	16,534			318,280			27,481			561,437			13,791			296,988			5,888			96,972			20,218			352,983			9,281			170,105
	1,144			21,887			4,076			82,801			1,765			37,821			461			7,532			1,432			24,871			492			8,985
	(180,774	)		(3,552,572	)		(42,998	)		(872,728	)		(17,588	)		(384,126	)		(48,842	)		(814,111	)		(14,937	)		(259,710	)		(12,856	)		(234,967	)
	(2,088	)		(37,296	)		(3	)		(65	)		(214	)		(4,743	)		—			—			—			—			—			—
	(51	)		(1,009	)		(4,513	)		(95,320	)		(4,712	)		(102,260	)		—			—			—			—			—			—
	(10,876	)		(211,250	)		—			—			—			—			—			—			—			—			—			—
	(1,831	)		(34,419	)		(3,213	)		(65,947	)		(2,304	)		(49,752	)		(1,405	)		(22,808	)		(1,076	)		(18,673	)		(465	)		(8,626	)
	(31,009	)		(589,377	)		(57,502	)		(1,206,504	)		(49,914	)		(1,093,827	)		(17,557	)		(287,248	)		(35,517	)		(639,651	)		(3,433	)		(64,844	)
	(74,402	)		(1,413,278	)		(285,193	)		(6,040,756	)		(150,620	)		(3,320,055	)		(100,995	)		(1,566,626	)		(174,240	)		(2,955,478	)		(815	)		(15,132	)
	(8,484	)		(165,872	)		(45,825	)		(928,103	)		(15,510	)		(343,282	)		(3,497	)		(59,118	)		(15,010	)		(258,934	)		(1,368	)		(25,758	)
	(23,017	)	$	(570,525	)		205,033		$	3,956,868			352,897		$	7,522,753			936		$	24,168			(35,335	)	$	(590,778	)		146,896		$	2,731,353

Semiannual Report |  March 31, 2016 341

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

	AllianzGI Retirement Income
	Six Months ended 3/31/2016 (unaudited)						Period from 12/1/2014 through 9/30/2015†						Year ended 11/30/2014
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		146,708		$	2,529,477			74,101		$	1,357,874			277,751		$	5,324,689
Class A - from Class B and Class D(a)		53,324			939,041			—			—			—			—
Class B		—			—			—			—			—			—
Class C		20,609			354,571			33,621			608,084			29,059			554,674
Class D		6			105			3,122			57,336			4,586			89,080
Class R		405			7,218			1,876			35,333			3,714			73,267
Class P		14,990			261,063			154,273			2,877,660			259,938			4,960,657
Institutional Class		—			—			—			—			—			—
Class R6		106,686			1,789,205			130,350			2,315,516			121,093			2,307,728
Administrative Class		215			3,642			1,058			20,106			12,601			245,703
Issued in reinvestment of dividends and distributions:
Class A		10,920			187,895			21,439			391,225			5,138			98,989
Class B(a)		—			—			—			—			—			—
Class C		4,711			80,646			11,636			210,553			2,353			45,087
Class D(a)		—			—			3,291			60,391			872			16,924
Class R		401			7,155			662			12,486			126			2,510
Class P		12,687			220,562			19,389			358,423			7,746			151,273
Institutional Class		—			—			—			—			—			—
Class R6		19,815			336,573			31,290			566,932			11,265			215,784
Administrative Class		44			774			4,530			83,891			1,903			37,092
Cost of shares redeemed:
Class A		(188,864	)		(3,308,326	)		(75,956	)		(1,392,748	)		(184,344	)		(3,547,224	)
Class B		—			—			—			—			—			—
Class B - to Class A(a)		—			—			—			—			—			—
Class C		(31,960	)		(543,194	)		(79,285	)		(1,431,144	)		(55,702	)		(1,055,914	)
Class D		(788	)		(14,091	)		(4,612	)		(84,823	)		(11,788	)		(227,211	)
Class D - to Class A(a)		(53,027	)		(939,041	)		—			—			—			—
Class R		(974	)		(17,842	)		(42	)		(787	)		(828	)		(16,175	)
Class P		(14,924	)		(260,296	)		(187,437	)		(3,536,367	)		(174,487	)		(3,404,901	)
Institutional Class		—			—			—			—			—			—
Class R6		(81,183	)		(1,399,894	)		(187,221	)		(3,460,594	)		(142,315	)		(2,735,083	)
Administrative Class		(6	)		(100	)		(106,488	)		(1,969,104	)		(40,737	)		(786,766	)
Net increase (decrease) resulting from Fund share transactions		19,795		$	235,143			(150,403	)	$	(2,919,757	)		127,944		$	2,350,183

# For the period September 8, 2015 (commencement of share class) through September 30, 2015. “Shares sold” includes shares sold to AFI.

## For the period February 1, 2016 (commencement of share class) through March 31, 2016. “Shares sold” include shares sold to AFI.

† Fiscal year end changed from November 30th to September 30th.

(a) Class B shares and Class D shares converted to Class A shares at the close of business on December 4, 2015 and November 13, 2015, respectively. See Note 12(d).

342 March 31, 2016  | Semiannual Report

AllianzGI Global Allocation																		AllianzGI Global Dynamic Allocation
Six Months ended 3/31/2016 (unaudited)						Period from 12/1/2014 through 9/30/2015†						Year ended 11/30/2014						Six Months ended 3/31/2016 (unaudited)						Period from 12/1/2014 through 9/30/2015†						Year ended 11/30/2014
Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
	832,336		$	9,061,623			3,523,988		$	39,351,005			488,819		$	5,873,282			243,839		$	4,332,359			34,651		$	642,318			13,404		$	292,209
	245,249			2,744,859			—			—			—			—			4,509			82,248			—			—			—			—
	—			—			373			4,453			2,464			30,262			—			—			—			—			—			—
	384,862			4,313,493			222,765			2,640,080			213,160			2,598,606			7,724			133,105			4,502			83,761			4,738			101,602
	304			3,398			39,007			453,715			113,628			1,360,961			137			2,515			3,454			64,818			4,698			104,018
	—			—			—			—			—			—			1,045			18,682			2,683			51,113			6,213			141,517
	101,882			1,116,526			76,405			895,666			90,351			1,093,598			9,045			160,000			693			12,676			237			5,393
	1,572,371			16,831,186			1,465,204			16,934,460			1,399,068			16,736,242			1,717,316			31,342,024			119,615			2,270,977			10,994			247,967
	18,039,312			187,775,145			8,472,265	#		92,327,464	#		—			—			578	##		10,000	##		—			—			—			—
	—			—			297			3,526			1,043			12,798			—			—			58			1,102			252			5,517
	171,060			1,860,906			216,721			2,530,019			107,244			1,295,082			4,276			76,661			7,190			134,828			8,921			191,140
	—			—			4,438			53,033			2,373			29,152			—			—			—			—			—			—
	150,361			1,657,325			166,107			1,967,395			64,439			786,340			1,007			17,877			9,196			170,038			8,945			189,428
	—			—			9,237			107,355			2,898			34,933			—			—			870			16,245			2,579			54,881
	63			677			68			795			29			351			200			3,573			1,048			19,537			774			16,508
	3,761			40,911			1,829			21,293			978			11,777			79			1,410			308			5,765			279			5,969
	301,684			3,245,733			326,558			3,771,423			149,348			1,787,276			35,654			639,634			24,181			453,433			21,933			470,228
	487,422			5,232,799			3	#		32	#		—			—			—	##		—	##		—			—			—			—
	97			1,080			94			1,128			47			587			25			448			185			3,455			131			2,792
	(1,068,364	)		(11,653,541	)		(1,089,087	)		(12,724,136	)		(1,067,994	)		(12,901,939	)		(22,388	)		(393,726	)		(15,729	)		(291,968	)		(29,245	)		(638,957	)
	(8,090	)		(92,948	)		(108,220	)		(1,295,494	)		(95,177	)		(1,166,655	)		—			—			—			—			—			—
	(35,082	)		(408,147	)		—			—			—			—			—			—			—			—			—			—
	(575,556	)		(6,288,643	)		(829,151	)		(9,816,943	)		(940,056	)		(11,488,956	)		(6,214	)		(111,385	)		(8,536	)		(161,093	)		(11,062	)		(244,700	)
	(1,894	)		(21,601	)		(21,121	)		(246,602	)		(32,083	)		(386,436	)		—			—			(6,228	)		(119,890	)		(17,776	)		(391,639	)
	(210,299	)		(2,336,712	)		—			—			—			—			(4,531	)		(82,248	)		—			—			—			—
	—			—			—			—			—			—			(453	)		(8,134	)		(1,858	)		(34,909	)		(4,815	)		(110,410	)
	(81,611	)		(858,077	)		(65,242	)		(763,867	)		(80,551	)		(982,880	)		(281	)		(4,844	)		—			—			(237	)		(5,266	)
	(1,362,083	)		(14,510,137	)		(1,189,573	)		(13,790,520	)		(1,163,787	)		(13,963,585	)		(342,706	)		(6,172,886	)		(36,744	)		(700,616	)		(11,524	)		(264,374	)
	(789,897	)		(8,475,230	)		(3,027	)#		(32,709	)#		—			—			—	##		—	##		—			—			—			—
	—			—			(669	)		(8,318	)		(432	)		(5,198	)		—			—			(351	)		(6,674	)		—			—
	18,157,888		$	189,240,625			11,219,269		$	122,384,253			(744,191	)	$	(9,244,402	)		1,648,861		$	30,047,313			139,188		$	2,614,916			9,439		$	173,823

Semiannual Report |  March 31, 2016 343

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

	AllianzGI Global Megatrends
	Six Months ended 3/31/2016 (unaudited)						Period from 2/2/2015†† through 9/30/2015†
	Shares			Amount			Shares			Amount
Shares sold:
Class A		855		$	12,474			—			—
Class P		—			—			1,612		$	25,000
Institutional Class		259			3,544			190			3,000
Class R6		—			—			—			—
Issued in reinvestment of dividends and distributions:
Class A		16			225			—			—
Class P		41			582			—			—
Institutional Class		4,139			59,473			—			—
Class R6		—			—			—			—
Cost of shares redeemed:
Class A		(715	)		(10,433	)		—			—
Class P		(1,320	)		(16,774	)		(319	)		(4,581	)
Institutional Class		(190	)		(2,820	)		—			—
Class R6		—			—			—			—
Net increase resulting from Fund share transactions		3,085		$	46,271			1,483		$	23,419

# For the period December 22, 2014 (commencement of share class) through September 30, 2015. “Shares sold” includes shares sold to AFI.

* Actual amount rounds to less than one share.

† Fiscal year end changed from November 30th to September 30th.

†† Commencement of operations.

344 March 31, 2016  | Semiannual Report

AllianzGI Best Styles Emerging Markets Equity												AllianzGI Best Styles Global Equity
Six Months ended 3/31/2016 (unaudited)						Period from 12/9/2014†† through 9/30/2015†						Six Months ended 3/31/2016 (unaudited)						Period from 12/1/2014 through 9/30/2015†						Period from 12/2/2013†† through 11/30/2014
Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
	—			—			—			—			336,183		$	4,980,201			2,236,215		$	33,595,570			—			—
	441		$	6,168			—			—			143,045			2,204,059			297,463	#		4,866,887	#		—			—
	—			—			—			—			27,849			424,280			25,402			402,955			—			—
	385,708			5,117,579			39,500		$	580,298			18,555,936			263,899,900			16,607,294			252,142,372			2,418,239		$	36,454,373
	—			—			—			—			749			11,238			38			610			—			—
	32			402			—	*		2			1,118			16,931			69	#		1,116	#		—			—
	25			306			—	*		3			400			6,010			37			578			—			—
	24,745			306,433			112			1,617			176,375			2,666,787			105,898			1,662,454			—			—
	—			—			—			—			(189,421	)		(2,785,106	)		(18,416	)		(270,058	)		—			—
	(450	)		(5,473	)		—			—			(205,858	)		(3,160,701	)		(20,374	)#		(325,958	)#		—			—
	—			—			—			—			(3,796	)		(55,982	)		(1,040	)		(15,000	)		—			—
	(48,659	)		(618,354	)		(1,359	)		(20,758	)		(587,563	)		(8,755,244	)		(1,704,169	)		(26,738,507	)		(736,256	)		(11,914,060	)
	361,842		$	4,807,061			38,253		$	561,162			18,255,017		$	259,452,373			17,528,417		$	265,323,019			1,681,983		$	24,540,313

Semiannual Report |  March 31, 2016 345

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

	AllianzGI Best Styles International Equity
	Six Months ended 3/31/2016 (unaudited)						Period from 12/9/2014†† through 9/30/2015†
	Shares			Amount			Shares			Amount
Shares sold:
Class A		—			—			—			—
Class A - from Class D(a)		—			—			—			—
Class C		—			—			—			—
Class D		—			—			—			—
Class P		—			—			—			—
Institutional Class		1,840		$	25,000			—			—
Class R6		2,917,981			40,468,990			4,696,379		$	69,498,928
Issued in reinvestment of dividends and distributions:
Class A		—			—			—			—
Class C		—			—			—			—
Class D(a)		—			—			—			—
Class P		12			169			1			7
Institutional Class		12			177			—	*		7
Class R6		105,129			1,495,177			268			3,930
Cost of shares redeemed:
Class A		—			—			—			—
Class C		—			—			—			—
Class D		—			—			—			—
Class D - to Class A(a)		—			—			—			—
Class P		—			—			—			—
Institutional Class		—			—			—			—
Class R6		(1,107,529	)		(15,743,716	)		(972,584	)		(15,102,473	)
Net increase (decrease) resulting from Fund share transactions		1,917,445		$	26,245,797			3,724,064		$	54,400,399

* Actual amount rounds to less than one share.

† Fiscal year end changed from November 30th to September 30th.

†† Commencement of operations.

(a) Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d).

346 March 31, 2016  | Semiannual Report

AllianzGI Best Styles U.S. Equity												AllianzGI China Equity
Six Months ended 3/31/2016 (unaudited)						Period from 12/1/2014†† through 9/30/2015†						Six Months ended 3/31/2016 (unaudited)						Period from 12/1/2014 through 9/30/2015†						Year ended 11/30/2014
Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
	—			—			—			—			14,933		$	231,628			257,894		$	5,393,871			47,977		$	836,508
	—			—			—			—			47,859			775,310			—			—			—			—
	—			—			—			—			44			601			6,605			137,663			333			5,524
	—			—			—			—			995			16,459			171,878			3,569,094			97,121			1,696,266
	3,383		$	50,485			1,104		$	16,784			767			13,060			5,313			115,097			118,589			2,120,128
	14,030			208,087			123,958			1,842,492			441			6,754			24,387			461,464			4,105			65,077
	2,052,638			29,783,827			7,409,955		$	111,292,201			—			—			—			—			—			—
	—			—			—			—			3,219			48,828			1,992			34,891			72			1,192
	—			—			—			—			83			1,290			116			2,137			—	*		2
	—			—			—			—			—			—			1,472			26,487			96			1,635
	32			479			1			14			7			111			34			635			3			45
	2,572			37,908			1			15			6,864			104,748			11,528			194,198			1,934			31,446
	96,799			1,430,613			309			4,632			—			—			—			—			—			—
	—			—			—			—			(23,362	)		(342,557	)		(224,080	)		(4,156,046	)		(34,924	)		(587,180	)
	—			—			—			—			(4,197	)		(68,362	)		(1,124	)		(18,909	)		(1,878	)		(29,652	)
	—			—			—			—			(3,009	)		(49,775	)		(140,813	)		(2,649,126	)		(93,591	)		(1,640,283	)
	—			—			—			—			(47,170	)		(775,310	)		—			—			—			—
	(1	)		(25	)		—			—			(952	)		(15,989	)		(6,539	)		(122,327	)		(117,198	)		(2,030,207	)
	(1,059	)		(15,674	)		—			—			(6,715	)		(99,815	)		(78,076	)		(1,270,459	)		(4,222	)		(71,492	)
	(2,134,613	)		(31,931,227	)		(1,525,644	)		(23,212,297	)		—			—			—			—			—			—
	33,781		$	(435,527	)		6,009,684		$	89,943,841			(10,193	)	$	(153,019	)		30,587		$	1,718,670			18,417		$	399,009

Semiannual Report |  March 31, 2016 347

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

	AllianzGI Convertible
	Six Months ended 3/31/2016 (unaudited)						Period from 12/1/2014 through 9/30/2015†						Year ended 11/30/2014
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		915,433		$	27,850,483			3,626,484		$	125,525,300			9,378,536		$	333,949,448
Class A - from Class D(a)		1,723,800			56,402,720			—			—			—			—
Class C		123,153			3,761,299			196,378			6,720,245			783,892			27,624,284
Class D		16,113			532,542			279,673			9,669,768			1,531,177			54,245,530
Class R		11,453			355,834			17,546			600,277			36,759			1,298,733
Class P		633,155			19,072,664			858,668			29,451,200			2,654,621			94,076,352
Institutional Class		2,263,027			67,262,975			2,978,224			101,761,273			16,075,929			572,163,253
Administrative Class		542			15,562			2,435			84,297			29,719			1,046,515
Issued in reinvestment of dividends and distributions:
Class A		1,145,789			34,588,920			1,081,811			36,459,875			480,991			16,815,149
Class C		168,868			5,108,811			175,845			5,912,739			83,150			2,880,924
Class D(a)		—			—			177,909			5,987,160			144,620			5,010,224
Class R		3,784			113,986			2,831			95,130			866			30,474
Class P		351,867			10,596,717			392,319			13,196,296			206,303			7,175,753
Institutional Class		2,237,765			67,237,001			2,113,040			71,027,752			1,272,195			44,097,511
Administrative Class		5,767			174,112			8,456			284,529			12,056			413,373
Cost of shares redeemed:
Class A		(6,807,844	)		(210,733,999	)		(3,477,495	)		(119,395,110	)		(5,777,035	)		(206,419,460	)
Class C		(645,015	)		(19,349,342	)		(705,403	)		(24,249,719	)		(645,134	)		(23,108,475	)
Class D		(186,106	)		(6,206,021	)		(735,602	)		(25,167,460	)		(2,993,607	)		(106,473,571	)
Class D - to Class A(a)		(1,723,742	)		(56,402,720	)		—			—			—			—
Class R		(14,895	)		(455,853	)		(10,248	)		(350,965	)		(9,438	)		(340,913	)
Class P		(2,024,929	)		(60,293,117	)		(2,396,779	)		(81,213,495	)		(3,911,003	)		(139,870,968	)
Institutional Class		(5,508,274	)		(162,319,990	)		(9,389,385	)		(322,160,501	)		(13,963,182	)		(496,357,887	)
Administrative Class		(15,530	)		(435,814	)		(52,262	)		(1,769,916	)		(309,931	)		(11,049,724	)
Net increase (decrease) resulting from Fund share transactions		(7,325,819	)	$	(223,123,230	)		(4,855,555	)	$	(167,531,325	)		5,081,484		$	177,206,525

† Fiscal year end changed from November 30th to September 30th.

†† Commencement of operations.

(a) Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d).

348 March 31, 2016  | Semiannual Report

AllianzGI Emerging Markets Consumer												AllianzGI Emerging Markets Debt
Six Months ended 3/31/2016 (unaudited)						Period from 12/1/2014†† through 9/30/2015†						Six Months ended 3/31/2016 (unaudited)						Period from 12/1/2014 through 9/30/2015†						Period from 9/15/2014†† through 11/30/2014
Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares		Amount
	—			—			2,339		$	36,200			10,759		$	145,669			—			—			—		—
	—			—			—			—			—			—			—			—			—		—
	—			—			—			—			3,574			48,682			—			—			—		—
	—			—			—			—			—			—			—			—			—		—
	—			—			—			—			—			—			—			—			—		—
	—			—			—			—			—			—			—			—			—		—
	1,721,118		$	19,923,738			1,346,070			19,039,784			912,594			12,552,775			31,388		$	456,358			201	$	3,000
	—			—			—			—			—			—			—			—			—		—
	15			183			—			—			80			1,093			25			361			—		—
	—			—			—			—			32			439			20			284			—		—
	—			—			—			—			—			—			—			—			—		—
	—			—			—			—			—			—			—			—			—		—
	—			—			—			—			17			222			26			376			—		—
	7,182			87,687			—			—			55,960			751,574			82,465			1,171,645			—		—
	—			—			—			—			—			—			—			—			—		—
	(11	)		(138	)		—			—			(57	)		(785	)		—			—			—		—
	—			—			—			—			—			—			—			—			—		—
	—			—			—			—			—			—			—			—			—		—
	—			—			—			—			—			—			—			—			—		—
	—			—			—			—			—			—			—			—			—		—
	—			—			—			—			—			—			—			—			—		—
	(147,213	)		(1,826,718	)		(276,639	)		(3,771,216	)		(20,111	)		(273,291	)		(515	)		(7,372	)		—		—
	—			—			—			—			—			—			—			—			—		—
	1,581,091		$	18,184,752			1,071,770		$	15,304,768			962,848		$	13,226,378			113,409		$	1,621,652			201	$	3,000

Semiannual Report |  March 31, 2016 349

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

	AllianzGI Emerging Markets Small-Cap
	Six Months ended 3/31/2016 (unaudited)						Period from 12/1/2014†† through 9/30/2015†
	Shares			Amount			Shares			Amount
Shares sold:
Class A		73,138		$	956,993			45,335		$	702,466
Class A - from Class D(a)		—			—			—			—
Class C		—			—			—			—
Class D		—			—			—			—
Class P		—			—			—			—
Institutional Class		46,075			624,246			366,947			5,771,342
Issued in reinvestment of dividends and distributions:
Class A		709			9,645			—	*		1
Class C		—			—			—			—
Class D(a)		—			—			—			—
Class P		—			—			—			—
Institutional Class		5,781			79,256			53			768
Cost of shares redeemed:
Class A		(52,945	)		(702,870	)		(1,775	)		(25,793	)
Class C		—			—			—			—
Class D		—			—			—			—
Class D - to Class A(a)		—			—			—			—
Class P		—			—			—			—
Institutional Class		(79,798	)		(1,093,630	)		(4,278	)		(70,502	)
Net increase (decrease) resulting from Fund share transactions		(7,040	)	$	(126,360	)		406,282		$	6,378,282

* Actual amount rounds to less than one share.

† Fiscal year end changed from November 30th to September 30th.

†† Commencement of operations.

(a) Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d).

350 March 31, 2016  | Semiannual Report

AllianzGI Europe Equity Dividend												AllianzGI Global Fundamental Strategy
Six Months ended 3/31/2016 (unaudited)						Period from 2/2/2015†† through 9/30/2015†						Six Months ended 3/31/2016 (unaudited)						Period from 12/1/2014 through 9/30/2015†						Year ended 11/30/2014
Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
	1,847		$	25,572			484		$	7,083			5,277		$	74,542			8,480		$	129,240			343		$	5,500
	—			—			—			—			2,778			41,695			—			—			—			—
	222			3,000			10,194			153,413			—			—			—			—			—			—
	—			—			—			—			66			1,000			107			1,659			132,894			2,108,226
	—			—			962			15,000			—			—			—			—			—			—
	38,370			540,843			14,173			210,543			5,676			83,194			11,881			181,058			32,885			514,733
	24			341			—			—			564			8,097			38			573			8			121
	8			114			—			—			25			360			18			267			5			82
	—			—			—			—			—			—			—	*		1			8			123
	7			102			—			—			32			460			24			363			8			127
	2,624			37,572			—			—			59,967			867,547			50,430			766,540			17,551			266,990
	—			—			(484	)		(6,537	)		(10,051	)		(142,960	)		(1	)		(12	)		—			—
	—			—			(10,079	)		(148,969	)		—			—			—			—			—			—
	—			—			—			—			(98	)		(1,549	)		(805	)		(12,813	)		(130,158	)		(2,102,958	)
	—			—			—			—			(2,680	)		(41,695	)		—			—			—			—
	(963	)		(12,643	)		—			—			—			—			—			—			—			—
	(5,426	)		(78,187	)		—			—			(14,880	)		(211,458	)		(138,007	)		(2,065,788	)		(4,577	)		(72,550	)
	36,713		$	516,714			15,250		$	230,533			46,676		$	679,233			(67,835	)	$	(998,912	)		48,967		$	720,394

Semiannual Report |  March 31, 2016 351

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

	AllianzGI Global Sustainability
	Six Months ended 3/31/2016 (unaudited)				Period from 12/9/2014†† through 9/30/2015†
	Shares		Amount		Shares		Amount
Shares sold:
Class A		—		—		3,760	$	58,034
Class A - from Class D(a)		—		—		—		—
Class C		—		—		—		—
Class D		—		—		—		—
Class R		—		—		—		—
Class P		—		—		—		—
Institutional Class		1,186,357	$	17,273,301		—		—
Administrative Class		—		—		—		—
Issued in reinvestment of dividends and distributions:
Class A		58		863		—		—
Class C		—		—		—		—
Class D(a)		—		—		—		—
Class R		—		—		—		—
Class P		6		86		—		—
Institutional Class		1,960		28,973		—		—
Administrative Class		—		—		—		—
Cost of shares redeemed:
Class A		—		—		—		—
Class C		—		—		—		—
Class D		—		—		—		—
Class D - to Class A(a)		—		—		—		—
Class R		—		—		—		—
Class P		—		—		—		—
Institutional Class		—		—		—		—
Administrative Class		—		—		—		—
Net increase (decrease) resulting from Fund share transactions		1,188,381	$	17,303,223		3,760	$	58,034

† Fiscal year end changed from November 30th to September 30th.

†† Commencement of operations.

(a) Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d).

352 March 31, 2016  | Semiannual Report

AllianzGI Global Water																		AllianzGI High Yield Bond
Six Months ended 3/31/2016 (unaudited)						Period from 12/1/2014 through 9/30/2015†						Year ended 11/30/2014						Six Months ended 3/31/2016 (unaudited)						Period from 12/1/2014 through 9/30/2015†						Year ended 11/30/2014
Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
	2,694,350		$	34,042,222			2,322,401		$	29,625,554			5,054,690		$	65,144,593			1,571,858		$	13,642,774			1,364,492		$	13,110,367			6,399,597		$	65,986,882
	2,269,510			28,595,829			—			—			—			—			3,657,229			32,732,201			—			—			—			—
	638,171			7,805,211			940,340			11,649,674			2,639,550			33,090,769			250,385			2,182,101			291,672			2,801,104			364,999			3,734,373
	83,423			1,054,329			1,376,165			17,504,567			1,045,385			13,370,723			372,481			3,279,750			2,091,969			19,355,524			5,266,270			52,650,764
	—			—			—			—			—			—			62,725			527,491			142,994			1,296,335			85,466			850,770
	1,745,309			22,091,856			2,139,815			27,388,730			4,361,682			56,618,924			1,252,921			10,301,633			6,470,732			60,593,764			4,704,306			46,908,733
	1,018,811			12,695,471			1,456,590			18,341,034			1,221,512			15,284,070			7,319,811			61,329,811			12,030,221			112,440,931			8,139,958			81,218,091
	—			—			—			—			—			—			20,106			163,599			710,182			6,640,460			975,031			9,674,170
	40,036			510,450			18,859			239,882			16,616			206,530			205,212			1,743,706			186,524			1,783,663			478,710			4,882,230
	6,307			78,080			3			35			2			24			46,833			399,542			81,675			779,989			132,332			1,350,402
	—			—			4,513			57,175			2,130			26,435			20,317			178,995			204,690			1,897,122			559,184			5,567,301
	—			—			—			—			—			—			1,507			12,379			5,502			51,180			14,407			142,605
	19,294			246,508			22,371			285,226			3,092			38,644			218,669			1,804,776			402,343			3,720,623			164,872			1,616,090
	21,478			270,231			10,993			138,288			14,188			174,654			736,985			6,082,133			1,055,611			9,780,635			1,231,774			12,214,737
	—			—			—			—			—			—			8,439			68,640			167,390			1,558,600			267,511			2,642,365
	(1,677,768	)		(21,132,499	)		(2,512,747	)		(31,894,824	)		(3,715,316	)		(47,547,688	)		(2,641,444	)		(22,763,398	)		(5,467,195	)		(53,019,512	)		(6,267,650	)		(64,238,196	)
	(493,116	)		(6,017,552	)		(1,179,895	)		(14,579,076	)		(659,979	)		(8,184,199	)		(640,416	)		(5,506,231	)		(731,894	)		(7,022,542	)		(792,200	)		(8,123,429	)
	(485,542	)		(6,153,974	)		(521,589	)		(6,550,005	)		(649,666	)		(8,288,640	)		(404,947	)		(3,540,018	)		(2,380,785	)		(21,961,088	)		(12,671,964	)		(125,729,678	)
	(2,278,824	)		(28,595,829	)		—			—			—			—			(3,775,079	)		(32,732,201	)		—			—			—			—
	—			—			—			—			—			—			(52,922	)		(443,001	)		(313,976	)		(2,925,498	)		(87,196	)		(864,515	)
	(1,356,452	)		(17,116,956	)		(1,917,597	)		(24,437,674	)		(1,132,432	)		(14,452,539	)		(2,706,326	)		(22,399,122	)		(4,498,298	)		(41,676,496	)		(7,622,734	)		(75,348,847	)
	(212,937	)		(2,629,170	)		(823,038	)		(10,354,914	)		(524,519	)		(6,774,923	)		(5,810,773	)		(48,010,893	)		(10,180,309	)		(94,126,329	)		(6,073,414	)		(60,369,062	)
	—			—			—			—			—			—			(28,887	)		(236,266	)		(4,283,752	)		(39,183,493	)		(859,602	)		(8,497,846	)
	2,032,050		$	25,744,207			1,337,184		$	17,413,672			7,676,935		$	98,707,377			(315,316	)	$	(1,181,599	)		(2,650,212	)	$	(24,104,661	)		(5,590,343	)	$	(53,732,060	)

Semiannual Report |  March 31, 2016 353

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

	AllianzGI International Growth
	Six Months ended 3/31/2016 (unaudited)						Period from 2/2/2015†† through 9/30/2015†
	Shares			Amount			Shares			Amount
Shares sold:
Class A		3,280		$	49,286			390		$	6,035
Class A - from Class D(a)		—			—			—			—
Class C		—			—			—			—
Class D		—			—			—			—
Class R		—			—			—			—
Class P		—			—			—			—
Institutional Class		—			—			5,290			82,898
Class R6		—			—			—			—
Issued in reinvestment of dividends and distributions:
Class A		26			382			—			—
Class C		—			—			—			—
Class D(a)		—			—			—			—
Class R		—			—			—			—
Class P		—			—			—			—
Institutional Class		1,403			20,891			—			—
Administrative Class#		—			—			—			—
Cost of shares redeemed:
Class A		(672	)		(9,993	)		(325	)		(4,669	)
Class C		—			—			—			—
Class D		—			—			—			—
Class D - to Class A(a)		—			—			—			—
Class R		—			—			—			—
Class P		—			—			—			—
Institutional Class		—			—			(2,133	)		(34,901	)
Administrative Class#		—			—			—			—
Net increase (decrease) resulting from Fund share transactions		4,037		$	60,566			3,222		$	49,363

# The Administrative Class of AllianzGI International Small-Cap liquidated on May 21, 2014

## For the period February 1, 2016 (commencement of share class) through March 31, 2016. “Shares sold” include shares sold to AFI.

† Fiscal year end changed from November 30th to September 30th.

†† Commencement of operations.

(a) Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d).

354 March 31, 2016  | Semiannual Report

AllianzGI International Small-Cap																		AllianzGI Micro Cap
Six Months ended 3/31/2016 (unaudited)						Period from 12/1/2014 through 9/30/2015†						Year ended 11/30/2014						Six Months ended 3/31/2016 (unaudited)						Period from 12/1/2014 through 9/30/2015†						Year ended 11/30/2014
Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
	195,555		$	6,811,986			294,704		$	10,611,852			73,277		$	2,791,007			78,278		$	1,099,432			889,909		$	13,908,457			399,661		$	6,160,930
	138,078			4,962,527			—			—			—			—			—			—			—			—			—			—
	34,533			1,183,153			53,052			1,891,253			16,672			631,732			—			—			—			—			—			—
	71,682			2,606,512			102,914			3,717,360			37,572			1,458,900			—			—			—			—			—			—
	1,087			35,815			1,045			37,418			1,648			65,427			—			—			—			—			—			—
	237,096			8,127,230			394,147			14,128,753			62,438			2,371,208			79,828			1,107,021			220,941			3,380,877			114,922			1,727,101
	464,925			16,532,685			803,673			29,188,478			617,404			24,247,569			277,775			3,628,339			736,716			11,168,951			523,355			8,114,834
	298	##		10,000	##		—			—			—			—			—			—			—			—			—			—
	20,279			712,490			3,808			123,274			3,662			139,022			49,331			693,095			29,336			397,207			6,704			96,626
	4,213			145,323			3,106			98,211			1,882			70,221			—			—			—			—			—			—
	—			—			4,643			150,882			1,781			67,541			—			—			—			—			—			—
	153			5,296			238			7,520			126			4,691			—			—			—			—			—			—
	47,306			1,662,355			89,071			2,839,828			84,995			3,203,373			9,445			133,274			9,656			131,124			8,303			121,008
	83,072			3,021,616			173,226			5,694,757			167,967			6,493,882			133,528			1,892,094			203,545			2,776,351			168,032			2,457,259
	—			—			—			—			32			1,233			—			—			—			—			—			—
	(228,408	)		(7,422,202	)		(104,210	)		(3,689,058	)		(37,081	)		(1,424,052	)		(943,683	)		(12,712,776	)		(140,336	)		(2,035,487	)		(157,911	)		(2,360,756	)
	(8,953	)		(299,711	)		(4,706	)		(158,635	)		(3,235	)		(121,551	)		—			—			—			—			—			—
	(2,884	)		(105,933	)		(80,179	)		(2,891,446	)		(7,002	)		(270,483	)		—			—			—			—			—			—
	(136,357	)		(4,962,527	)		—			—			—			—			—			—			—			—			—			—
	(1,018	)		(32,950	)		(413	)		(14,807	)		(338	)		(12,555	)		—			—			—			—			—			—
	(168,588	)		(5,523,145	)		(210,681	)		(7,361,542	)		(165,391	)		(6,340,580	)		(86,355	)		(1,082,232	)		(173,306	)		(2,598,365	)		(155,672	)		(2,371,249	)
	(865,549	)		(29,047,279	)		(839,772	)		(30,058,632	)		(939,731	)		(36,977,150	)		(484,436	)		(6,653,121	)		(725,752	)		(10,822,370	)		(1,038,064	)		(16,274,113	)
	—			—			—			—			(395	)		(15,734	)		—			—			—			—			—			—
	(113,480	)	$	(1,576,759	)		683,666		$	24,315,466			(83,717	)	$	(3,616,299	)		(886,289	)	$	(11,894,874	)		1,050,709		$	16,306,745			(130,670	)	$	(2,328,360	)

Semiannual Report |  March 31, 2016 355

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

	AllianzGI Multi-Asset Real Return
	Six Months ended 3/31/2016 (unaudited)						Period from 12/1/2014 through 9/30/2015†						Year ended 11/30/2014
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		148		$	1,763			1,162		$	16,784			8,570		$	136,109
Class A - from Class D(a)		1,661			21,309			—			—			—			—
Class C		64			784			920			13,255			2,305			36,791
Class D		—			—			371			5,115			2,801			45,392
Class P		—			—			—			—			—			—
Institutional Class		20,883			259,023			18,283			260,466			63,174			1,009,479
Issued in reinvestment of dividends and distributions:
Class A		238			2,941			119			1,726			67			1,027
Class C		65			800			49			703			101			1,522
Class D(a)		—			—			16			237			16			247
Class P		16			201			8			113			13			206
Institutional Class		5,187			64,521			5,207			75,299			7,729			117,589
Cost of shares redeemed:
Class A		(1,487	)		(18,588	)		(533	)		(7,902	)		(1,962	)		(30,566	)
Class C		—			—			(2,607	)		(37,361	)		—			—
Class D		(1	)		(10	)		(270	)		(3,673	)		(1,948	)		(31,022	)
Class D - to Class A(a)		(1,652	)		(21,309	)		—			—			—			—
Class P		—			—			—			—			—			—
Institutional Class		(112,148	)		(1,431,256	)		(94,360	)		(1,395,803	)		(3,081	)		(47,323	)
Net increase (decrease) resulting from Fund share transactions		(87,026	)	$	(1,119,821	)		(71,635	)	$	(1,071,041	)		77,785		$	1,239,451

† Fiscal year end changed from November 30th to September 30th.

(a) Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d).

356 March 31, 2016  | Semiannual Report

AllianzGI NFJ Emerging Markets Value																		AllianzGI NFJ Global Dividend Value
Six Months ended 3/31/2016 (unaudited)						Period from 12/1/2014 through 9/30/2015†						Year ended 11/30/2014						Six Months ended 3/31/2016 (unaudited)						Period from 12/1/2014 through 9/30/2015†						Year ended 11/30/2014
Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
	14,595		$	185,776			10,302		$	137,621			6,386		$	104,381			17,722		$	288,965			176,545		$	3,443,121			162,083		$	3,477,503
	80,849			1,044,575			—			—			—			—			38,580			658,941			—			—			—			—
	773			8,646			5,808			83,874			4,960			77,501			115,999			1,762,766			91,116			1,797,126			39,372			842,560
	125			1,670			26,049			399,799			32,709			498,303			66			1,186			29,892			614,955			153,952			3,252,570
	1,637			21,000			—			—			—			—			3,458			59,826			18,335			374,165			33,279			725,436
	74,860			946,740			120,083			1,721,611			145,860			2,193,154			29,017			452,334			189,769			3,716,028			694,994			14,914,749
	1,284			15,872			567			7,876			82			1,302			41,293			629,775			28,864			557,285			17,710			379,306
	75			921			283			3,931			40			619			43,881			656,568			29,039			553,459			17,882			378,057
	—			—			5,496			78,302			1,798			27,988			—			—			15,135			299,716			2,747			59,528
	50			614			43			600			16			251			8,290			127,047			8,421			164,345			5,717			123,263
	8,732			108,800			31,682			450,246			11,041			171,834			76,855			1,165,273			158,570			3,085,698			188,251			4,014,390
	(11,594	)		(143,188	)		(1,257	)		(16,980	)		(555	)		(8,452	)		(83,439	)		(1,298,725	)		(478,784	)		(8,423,422	)		(103,941	)		(2,256,133	)
	(661	)		(8,255	)		(2,416	)		(36,098	)		(1,911	)		(30,191	)		(72,198	)		(1,153,797	)		(78,666	)		(1,474,450	)		(54,948	)		(1,154,599	)
	(87	)		(1,178	)		(47,433	)		(680,133	)		(8,879	)		(138,625	)		(7,946	)		(141,496	)		(179,350	)		(3,533,555	)		(10,177	)		(219,368	)
	(80,065	)		(1,044,575	)		—			—			—			—			(38,075	)		(658,941	)		—			—			—			—
	—			—			—			—			—			—			(21,480	)		(336,370	)		(44,018	)		(854,359	)		(30,781	)		(649,884	)
	(105,514	)		(1,275,593	)		(122,094	)		(1,750,063	)		(68,819	)		(1,079,616	)		(506,270	)		(7,797,798	)		(1,721,731	)		(33,650,247	)		(1,200,205	)		(25,678,653	)
	(14,941	)	$	(138,175	)		27,113		$	400,586			122,728		$	1,818,449			(354,247	)	$	(5,584,446	)		(1,756,863	)	$	(33,330,135	)		(84,065	)	$	(1,791,275	)

Semiannual Report |  March 31, 2016 357

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

	AllianzGI NFJ International Small-Cap Value
	Six Months ended 3/31/2016 (unaudited)						Period from 12/1/2014 through 9/30/2015†						Year ended 11/30/2014
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		278,194		$	4,679,377			48,389		$	980,748			48,712		$	1,066,486
Class A - from Class D(a)		137,320			2,570,636			—			—			—			—
Class C		3,330			60,450			8,945			176,923			40,730			871,407
Class D		1,450			27,614			88,074			1,824,331			29,335			652,498
Class P		1,083			20,000			728			15,000			1,118			23,872
Institutional Class		25,154			469,275			390,816			7,834,824			410,371			9,023,170
Class R6		7,670			130,466			525	#		10,000	#		—			—
Issued in reinvestment of dividends and distributions:
Class A		13,961			250,035			15,935			305,720			3,742			76,805
Class C		3,637			64,423			7,743			146,706			1,339			27,556
Class D(a)		—			—			8,785			169,221			1,400			28,792
Class P		215			3,869			234			4,559			22			458
Institutional Class		15,338			281,360			68,771			1,335,376			22,916			475,973
Class R6		38			684			—			—			—			—
Cost of shares redeemed:
Class A		(93,070	)		(1,517,030	)		(101,282	)		(2,026,722	)		(32,328	)		(702,239	)
Class C		(10,677	)		(191,676	)		(10,354	)		(204,250	)		(3,342	)		(68,903	)
Class D		(4,072	)		(77,582	)		(21,753	)		(424,270	)		(11,231	)		(243,022	)
Class D - to Class A(a)		(137,204	)		(2,570,636	)		—			—			—			—
Class P		—			—			(209	)		(4,000	)		—			—
Institutional Class		(230,852	)		(4,253,147	)		(737,410	)		(14,565,723	)		(343,755	)		(7,612,375	)
Net increase (decrease) resulting from Fund share transactions		11,515		$	(51,882	)		(232,063	)	$	(4,421,557	)		169,029		$	3,620,478

# For the period September 8, 2015 (commencement of share class) through September 30, 2015. “Shares sold” includes shares sold to AFI.

* Actual amount rounds to less than one share.

† Fiscal year end changed from November 30th to September 30th.

(a) Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d).

358 March 31, 2016  | Semiannual Report

AllianzGI NFJ International Value II																		AllianzGI Short Duration High Income
Six Months ended 3/31/2016 (unaudited)						Period from 12/1/2014 through 9/30/2015†						Year ended 11/30/2014						Six Months ended 3/31/2016 (unaudited)						Period from 12/1/2014 through 9/30/2015†						Year ended 11/30/2014
Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
	9,313		$	145,588			9,399		$	162,566			8,104		$	151,790			3,393,212		$	49,706,436			4,630,069		$	71,665,144			8,802,328		$	139,766,217
	950			15,297			—			—			—			—			2,008,883			30,093,068			—			—			—			—
	6,391			102,099			6,531			113,285			1,926			37,144			2,057,565			30,152,584			2,319,008			35,779,338			2,765,867			43,795,323
	61			1,000			134			2,500			26			500			80,405			1,217,635			976,036			15,148,793			1,731,511			27,518,112
	2,290			34,331			31,184			544,275			5,818			111,255			6,878,055			100,438,622			16,031,201			248,487,097			14,537,631			230,330,859
	17,379			279,610			493,769			8,948,089			2,121,556			39,404,304			10,075,451			144,734,959			22,906,737			355,964,051			7,422,378			117,961,273
	—			—			—			—			—			—			—			—			—			—			—			—
	187			2,932			242			4,275			305			5,554			347,449			5,044,356			344,099			5,314,868			452,185			7,148,746
	—	*		2			100			1,782			161			2,894			177,354			2,571,083			183,201			2,823,846			176,297			2,778,106
	—			—			17			309			47			858			7,747			117,286			79,539			1,228,503			92,995			1,467,256
	384			6,015			560			9,985			83			1,546			515,252			7,483,612			517,533			7,984,308			354,585			5,582,863
	29,162			458,460			59,148			1,050,891			47,479			890,282			803,864			11,665,638			824,892			12,746,201			665,136			10,513,478
	—			—			—			—			—			—			—			—			—			—			—			—
	(3,535	)		(57,018	)		(2,491	)		(41,847	)		(3,021	)		(54,207	)		(4,805,934	)		(70,139,774	)		(4,463,392	)		(68,933,554	)		(9,381,755	)		(148,623,880	)
	(1,806	)		(28,391	)		(3,483	)		(55,526	)		(110	)		(2,017	)		(1,634,651	)		(23,726,889	)		(1,571,633	)		(24,251,623	)		(1,177,178	)		(18,572,287	)
	—			—			(26	)		(488	)		—			—			(40,050	)		(606,496	)		(1,393,612	)		(21,482,103	)		(713,830	)		(11,264,468	)
	(948	)		(15,297	)		—			—			—			—			(2,008,266	)		(30,093,068	)		—			—			—			—
	(6,754	)		(106,202	)		(1,462	)		(24,607	)		(25	)		(473	)		(9,941,227	)		(145,704,374	)		(10,505,661	)		(161,982,438	)		(6,601,562	)		(104,185,257	)
	(40,903	)		(625,199	)		(243	)		(4,125	)		(223,854	)		(4,349,794	)		(16,913,357	)		(248,625,039	)		(8,587,399	)		(132,375,902	)		(4,901,969	)		(77,529,321	)
	12,171		$	213,227			593,379		$	10,711,364			1,958,495		$	36,199,636			(8,998,248	)	$	(135,670,361	)		22,290,618		$	348,116,529			14,224,619		$	226,687,020

Semiannual Report |  March 31, 2016 359

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

	AllianzGI Structured Return
	Six Months ended 3/31/2016 (unaudited)						Period from 12/1/2014 through 9/30/2015†						Year ended 11/30/2014
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		2,717,543		$	41,743,277			481,358		$	7,459,234			189,741		$	2,890,355
Class A - from Class D(a)		1,001,795			15,547,861			—			—			—			—
Class C		301,638			4,534,281			244,592			3,734,705			5,533			85,059
Class D		395,471			6,153,143			342,842			5,294,130			349,214			5,418,511
Class R		—			—			—			—			—			—
Class P		671,467			10,319,513			30,931			483,773			—			—
Institutional Class		4,540,520			69,908,002			3,197,234			49,643,644			505,005			7,704,923
Issued in reinvestment of dividends and distributions:
Class A		29,569			459,565			6,622			98,943			2,455			37,417
Class C		5,283			80,188			373			5,474			365			5,488
Class D(a)		—			—			17,897			267,594			4,562			69,417
Class R		—			—			—			—			—			—
Class P		3,446			53,656			96			1,436			184			2,794
Institutional Class		56,251			879,101			41,937			629,718			26,958			410,919
Cost of shares redeemed:
Class A		(358,765	)		(5,525,937	)		(132,954	)		(2,044,298	)		(61,661	)		(949,899	)
Class C		(66,322	)		(986,995	)		(2,355	)		(35,135	)		(1,683	)		(25,011	)
Class D		(6,595	)		(102,772	)		(108,002	)		(1,658,005	)		(76,704	)		(1,180,937	)
Class D - to Class A(a)		(1,007,802	)		(15,547,861	)		—			—			—			—
Class R		—			—			—			—			—			—
Class P		(80,176	)		(1,230,031	)		(1,033	)		(16,132	)		(1,646	)		(25,650	)
Institutional Class		(1,901,047	)		(29,592,991	)		(661,822	)		(10,156,263	)		(70,361	)		(1,089,070	)
Net increase (decrease) resulting from Fund share transactions		6,302,276		$	96,692,000			3,457,716		$	53,708,818			871,962		$	13,354,316

† Fiscal year end changed from November 30th to September 30th.

(a) Class D shares converted to Class A shares at the close of business on November 13, 2015. See Note 12(d).

360 March 31, 2016  | Semiannual Report

AllianzGI U.S. Equity Hedged																		AllianzGI U.S. Small-Cap Growth
Six Months ended 3/31/2016 (unaudited)						Period from 12/1/2014 through 9/30/2015†						Year ended 11/30/2014						Six Months ended 3/31/2016 (unaudited)						Period from 12/1/2014 through 9/30/2015†						Year ended 11/30/2014
Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
	1,340		$	21,788			15,510		$	257,697			5,702		$	98,134			41,509		$	558,792			67,090		$	1,100,445			116,635		$	2,074,433
	18,094			290,224			—			—			—			—			5,639			85,651			—			—			—			—
	10,397			151,158			7,084			119,500			2,695			46,001			6,896			82,428			15,135			239,881			13,014			221,431
	8			125			4,960			84,105			56,879			1,009,584			67			1,003			772			12,604			4,249			75,185
	—			—			—			—			—			—			—			—			721			11,338			1,768			31,487
	—			—			1,743			29,761			—			—			5,926			79,963			12,044			210,311			60,907			1,091,044
	22,209			359,785			99,036			1,693,916			396,021			7,063,457			217,884			2,821,616			835,803			14,107,861			735,980			13,220,216
	1,016			16,120			4,726			79,881			5,505			93,117			4,435			61,647			3,731			58,237			5,794			99,232
	416			6,391			750			12,413			673			11,251			3,045			40,382			4,071			61,355			3,724			61,995
	—			—			3,680			62,559			958			16,282			—			—			658			10,288			436			7,436
	—			—			—			—			—			—			114			1,567			163			2,525			155			2,639
	20			313			43			737			40			685			1,251			17,638			1,149			18,156			716			12,307
	8,739			138,687			48,202			820,440			35,110			598,382			129,992			1,844,590			178,643			2,835,068			161,597			2,795,276
	(45,197	)		(700,051	)		(36,657	)		(612,873	)		(9,234	)		(161,102	)		(23,630	)		(312,382	)		(49,378	)		(823,703	)		(195,058	)		(3,411,792	)
	(4,567	)		(67,182	)		(20	)		(325	)		(162	)		(2,818	)		(8,925	)		(122,483	)		(13,127	)		(200,978	)		(10,068	)		(173,417	)
	(361	)		(5,766	)		(56,890	)		(968,545	)		(6,414	)		(114,397	)		(1,620	)		(25,241	)		(936	)		(15,160	)		(1,565	)		(27,694	)
	(18,165	)		(290,224	)		—			—			—			—			(5,631	)		(85,651	)		—			—			—			—
	—			—			—			—			—			—			(206	)		(3,083	)		(1,011	)		(15,913	)		(1,645	)		(29,492	)
	—			—			(1,743	)		(30,161	)		—			—			(2,262	)		(33,639	)		(6,940	)		(118,804	)		(55,190	)		(995,922	)
	(423,517	)		(6,808,396	)		(38,305	)		(643,898	)		(34,082	)		(592,691	)		(797,159	)		(12,062,189	)		(695,529	)		(11,493,933	)		(529,922	)		(9,622,916	)
	(429,568	)	$	(6,887,028	)		52,119		$	905,207			453,691		$	8,065,885			(422,675	)	$	(7,049,391	)		353,059		$	5,999,578			311,527		$	5,431,448

Semiannual Report |  March 31, 2016 361

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

	AllianzGI Ultra Micro Cap
	Six Months ended 3/31/2016 (unaudited)						Period from 12/1/2014 through 9/30/2015†						Year ended 11/30/2014
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		30,229		$	652,102			99,743		$	2,482,448			1,370,175		$	33,698,669
Class P		17,517			349,604			27,579			690,794			534,674			12,662,933
Institutional Class		146,833			3,019,428			503,899			12,722,743			1,150,490			28,475,146
Issued in reinvestment of distributions:
Class A		154,216			3,315,653			19,448			451,977			12,155			280,120
Class P		30,083			651,902			3,789			88,470			517			11,847
Institutional Class		142,585			3,095,525			17,561			411,280			10,825			251,234
Cost of shares redeemed:
Class A		(650,650	)		(13,152,333	)		(537,691	)		(13,122,529	)		(1,670,308	)		(39,729,663	)
Class P		(80,050	)		(1,616,586	)		(134,862	)		(3,298,941	)		(127,739	)		(2,926,317	)
Institutional Class		(718,059	)		(15,794,735	)		(675,519	)		(16,774,415	)		(1,650,136	)		(39,661,168	)
Net decrease resulting from Fund share transactions		(927,296	)	$	(19,479,440	)		(676,053	)	$	(16,348,173	)		(369,347	)	$	(6,937,199	)

† Fiscal year end changed from November 30th to September 30th.

362 March 31, 2016  | Semiannual Report

10. SIGNIFICANT ACCOUNT HOLDERS

From time to time, a Fund may have a concentration of shareholders, which may include the Investment Manager or affiliates of the Investment Manager, holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact to a Fund.

At March 31, 2016, the significant account-holders, owners of 5% or greater of each respective Fund’s outstanding shares were as follows:

	Unaffiliated					Affiliated Approximate Ownership
	Number of Account Holders		Approximate Ownership			AFI			AllianzGI 2020			AllianzGI 2025			AllianzGI 2030			AllianzGI 2035			AllianzGI 2040			AllianzGI 2045			AllianzGI 2050			AllianzGI Global Allocation			AllianzGI Global Dynamic Allocation
AllianzGI Retirement 2015		7		75	%		—			—			—			—			—			—			—			—			—			—
AllianzGI Retirement 2020		5		74	%		—			—			—			—			—			—			—			—			—			—
AllianzGI Retirement 2025		5		79	%		—			—			—			—			—			—			—			—			—			—
AllianzGI Retirement 2030		4		67	%		—			—			—			—			—			—			—			—			—			—
AllianzGI Retirement 2035		5		76	%		—			—			—			—			—			—			—			—			—			—
AllianzGI Retirement 2040		5		71	%		—			—			—			—			—			—			—			—			—			—
AllianzGI Retirement 2045		5		72	%		—			—			—			—			—			—			—			—			—			—
AllianzGI Retirement 2050		4		72	%		—			—			—			—			—			—			—			—			—			—
AllianzGI Retirement 2055		6		68	%		—			—			—			—			—			—			—			—			—			—
AllianzGI Retirement Income		6		62	%		—			—			—			—			—			—			—			—			—			—
AllianzGI Global Allocation		4		76	%		—			—			—			—			—			—			—			—			—			—
AllianzGI Global Dynamic Allocation		3		79	%		—			—			—			—			—			—			—			—			—			—
AllianzGI Global Megatrends		—		—			100	%		—			—			—			—			—			—			—			—			—
AllianzGI Best Styles Emerging Markets Equity		1		6	%		47	%		6	%		6	%		—			—			—			6	%		—			—			9	%
AllianzGI Best Styles Global Equity		3		44	%		—			—			—			—			—			—			—			—			45	%		—
AllianzGI Best Styles International Equity		4		41	%		—			—			7	%		8	%		9	%		10	%		6	%		6	%		—			—
AllianzGI Best Styles U.S. Equity		4		30	%		—			7	%		7	%		11	%		11	%		10	%		7	%		6	%		—			6	%
AllianzGI China Equity		3		28	%		62	%		—			—			—			—			—			—			—			—			—
AllianzGI Convertible		5		68	%		—			—			—			—			—			—			—			—			—			—
AllianzGI Emerging Markets Consumer		4		67	%		7	%		—			—			—			—			—			—			—			—			—
AllianzGI Emerging Markets Debt		—		—			69	%		—			—			—			—			—			—			—			29	%		—
AllianzGI Emerging Markets Small-Cap		1		28	%		34	%		—			—			8	%		9	%		10	%		6	%		5	%		—			—
AllianzGI Europe Equity Dividend		2		15	%		80	%		—			—			—			—			—			—						—			—
AllianzGI Global Fundamental Strategy		—		—			97	%		—			—			—			—			—			—			—			—			—
AllianzGI Global Sustainability		1		85	%		15	%		—			—			—			—			—			—			—			—			—
AllianzGI Global Water		8		85	%		—			—			—			—			—			—			—			—			—			—
AllianzGI High Yield Bond		3		63	%		—			—			—			—			—			—			—			—			—			—
AllianzGI International Growth		—		—			97	%		—			—			—			—			—			—			—			—			—
AllianzGI International Small-Cap		3		61	%		—			—			—			—			—			—			—			—			—			—
AllianzGI Micro Cap		5		86	%		—			—			—			—			—			—			—			—			—			—
AllianzGI Multi-Asset Real Return		1		15	%		79	%		—			—			—			—			—			—			—			—			—
AllianzGI NFJ Emerging Markets Value		1		57	%		36	%		—			—			—			—			—			—			—			—			—
AllianzGI NFJ Global Dividend Value		6		76	%		—			—			—			—			—			—			—			—			—			—
AllianzGI NFJ International Small-Cap Value		5		94	%		—			—			—			—			—			—			—			—			—			—
AllianzGI NFJ International Value II		1		94	%		—			—			—			—			—			—			—			—			—			—

Semiannual Report |  March 31, 2016 363

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

	Unaffiliated					Affiliated Approximate Ownership
	Number of Account Holders		Approximate Ownership			AFI			AllianzGI 2020		AllianzGI 2025		AllianzGI 2030			AllianzGI 2035			AllianzGI 2040			AllianzGI 2045		AllianzGI 2050		AllianzGI Global Allocation			AllianzGI Global Dynamic Allocation
AllianzGI Short Duration High Income		7		69	%		—			—		—		—			—			—			—		—		—			—
AllianzGI Structured Return		4		71	%		—			—		—		—			—			—			—		—		11	%		—
AllianzGI U.S. Equity Hedged		3		45	%		47	%		—		—		—			—			—			—		—		—			—
AllianzGI U.S. Small-Cap Growth		2		76	%		—			—		—		6	%		6	%		5	%		—		—		—			—
AllianzGI Ultra Micro Cap		6		83	%		—			—		—		—			—			—			—		—		—			—

11. AFFILIATED TRANSACTIONS

An affiliate includes any company in which a Sub-Adviser owns 5% or more of a company’s outstanding voting securities at any point during the fiscal year. The table below represents transactions in and earnings from these affiliated issuers during the six months ended March 31, 2016.

AllianzGI Best Styles Emerging Markets Equity:
	Market Value 9/30/2015		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation		Market Value 3/31/2016		Dividend Income		Net Realized Gain (Loss)
LG Life Sciences Ltd.††		—	$	46,048		—	$	10,118	$	56,166		—		—

AllianzGI Best Styles Global Equity:
	Market Value 9/30/2015		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)			Market Value 3/31/2016		Dividend Income		Net Realized Gain (Loss)
A Schulman, Inc.	$	312,199	$	189,237	$	(324,217	)	$	(12,574	)	$	129,622	$	3,942	$	(53,100	)
Aareal Bank AG†		416,770		266,388		—			(23,287	)		685,509		—		—
Bechtle AG		106,276		59,777		—			34,982			193,135		—		—
Coface S.A.†,††		—		225,146		(204,693	)		—			—		—		(20,453	)
DCC PLC†		178,185		306,739		(516,835	)		—			—		1,192		53,677
Freenet AG		721,672		719,173		—			(45,031	)		1,379,589		—		—
Fresenius SE & Co. KgAA††		680,810		396,900		—			116,938			1,176,776		—		—
Infineon Technologies AG		322,232		281,154		(261,145	)		93,533			470,763		7,242		48,756
Ingenico Group†,††		—		629,194		(596,370	)		—			—		—		(32,824	)
Jenoptik AG†		167,731		—		(186,043	)		—			—		—		26,706
Kingspan Group PLC††		—		559,059		—			(5,182	)		553,877		—		—
NCC AB†		183,691		165,064		—			53,663			400,298		3,647		—
Ryder System, Inc.		258,474		160,016		—			(39,369	)		409,150		3,058		—
Smurfit Kappa Group PLC††		1,232,759		877,256		(447,109	)		18,848			1,670,766		10,253		(6,799	)
Totals	$	4,580,799	$	4,835,103	$	(2,536,412	)	$	192,521		$	7,069,485	$	29,334	$	15,963

AllianzGI Best Styles International Equity:
	Market Value 9/30/2015		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)			Market Value 3/31/2016		Dividend Income		Net Realized Gain (Loss)
bpost S.A.†	$	91,361	$	22,820	$	(131,827	)		—			—	$	3,289	$	11,864
Coface S.A.†		35,264		90,337		(122,852	)		—			—		—		(20,556	)
Fresenius SE & Co. KgAA††		—		464,420		(81,178	)	$	24,541		$	409,947		—		2,164
Ontex Group NV†		91,582		26,412		(118,314	)		—			—		—		5,483
Smurfit Kappa Group PLC††		—		146,516		—			(6,786	)		139,730		—		—
Spotless Group Holdings Ltd.††		—		138,358		—			(43,211	)		95,147		2,232		—
Totals	$	218,207	$	888,863	$	(454,171	)	$	(25,456	)	$	644,824	$	5,521	$	(1,045	)

364 March 31, 2016  | Semiannual Report

AllianzGI Best Styles U.S. Equity:
	Market Value 9/30/2015		Purchases at Cost		Proceeds from Sales			Unrealized Depreciation			Market Value 3/31/2016		Dividend Income		Net Realized Loss
Ryder System, Inc.†	$	345,841		—	$	(310,155	)		—			—	$	1,743	$	(103,658	)
Universal Insurance Holdings, Inc.†		—	$	316,789		—		$	(42,758	)	$	274,031		5,587		—
Totals	$	345,841	$	316,789	$	(310,155	)	$	(42,758	)	$	274,031	$	7,330	$	(103,658	)

AllianzGI China Equity:
	Market Value 9/30/2015		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)			Market Value 3/31/2016		Dividend Income		Net Realized Loss
Digital China Holdings Ltd.	$	253,374		—	$	(114,263	)	$	13,505		$	216,597		—	$	(23,640	)
Qingling Motors Co., Ltd.		218,075		—		—			(7,665	)		205,723		—		—
Totals	$	471,449		—	$	(114,263	)	$	5,840		$	422,320		—	$	(23,640	)

AllianzGI Emerging Markets Small-Cap:
	Market Value 9/30/2015		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)		Market Value 3/31/2016		Dividend Income		Net Realized Loss
S&T Corp.†,††		—	$	47,679	$	(43,753	)		—		—	$	492	$	(3,926	)

AllianzGI Europe Equity Dividend:
	Market Value 9/30/2015		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)			Market Value 3/31/2016		Dividend Income		Net Realized Gain (Loss)
Ashmore Group PLC	$	60,331	$	9,144		—		$	(2,541	)	$	76,164	$	4,038		—
bpost S.A.†		57,071		11,119		—			4,982			79,093		2,055		—
Cembra Money Bank AG		44,767		24,276		—			10,180			80,059		—		—
Cia de Distribucion Integral Logista Holdings S.A.		67,548		15,282		—			12,370			97,025		1,946		—
Coface S.A.		28,690		3,655		—			(12,991	)		30,676		—		—
CTT-Correios de Portugal S.A.		39,315		11,763	$	(567	)		(3,756	)		44,555		—	$	20
Drillisch AG		64,490		6,200		—			1,683			55,650		—		—
EVS Broadcast Equipment S.A.		20,151		3,467		—			2,270			32,529		311		—
Freenet AG		99,254		11,383		(8,179	)		(668	)		92,857		—		(104	)
MARR SPA†		27,534		—		(27,587	)		—			—		—		2,191
NCC AB†		64,363		6,388		(28,233	)		6,276			54,232		1,278		1,151
Sunrise Communications Group AG		58,323		53,471		—			1,114			132,893		—		—
UBM PLC		62,655		27,222		(6,773	)		7,253			96,845		—		53
Totals	$	694,492	$	183,370	$	(71,339	)	$	26,172		$	872,578	$	9,628	$	3,311

AllianzGI Global Fundamental Strategy:
	Market Value 9/30/2015		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation (Depreciation)			Market Value 3/31/2016		Dividend Income		Net Realized Gain (Loss)
bpost S.A.†	$	142,678		—		—	$	28,619		$	166,512	$	5,137		—
CTT-Correios de Portugal S.A.		223,383		—		—		(12,473	)		187,997		—		—
TLG Immobilien AG		113,926		—		—		51,377			136,926		—		—
Totals	$	479,987		—		—	$	67,523		$	491,435	$	5,137		—

AllianzGI Global Sustainability:
	Market Value 9/30/2015		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation		Market Value 3/31/2016		Dividend Income		Net Realized Gain (Loss)
Bureau Veritas S.A.	$	42,917	$	226,987		—	$	29,732	$	302,574		—		—

Semiannual Report |  March 31, 2016 365

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

AllianzGI Global Water:
	Market Value 9/30/2015		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation		Market Value 3/31/2016		Dividend Income		Net Realized Gain (Loss)
Norma Group SE†	$	3,448,666		—	$	(3,464,888	)		—		—		—	$	(2,899	)
Spirax-Sarco Engineering PLC†,††		—	$	3,713,966		(559,530	)	$	861,699	$	4,112,080		—		95,945
Totals	$	3,448,666	$	3,713,966	$	(4,024,418	)	$	861,699	$	4,112,080		—	$	93,046

AllianzGI International Growth:
	Market Value 9/30/2015		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)			Market Value 3/31/2016		Dividend Income		Net Realized Gain
Bechtle AG	$	37,621		—		—		$	7,767		$	42,976		—		—
Bureau Veritas S.A.		35,001		—		—			2,104			36,863		—		—
DCC PLC		41,864		—		—			7,633			48,859	$	280		—
DSV A/S		63,038		—		—			17,164			70,169		313		—
Fresenius SE & Co. KgAA††		48,265		—	$	(8,607	)		9,369			43,444		—	$	1,574
Hexpol AB†		55,919		—		—			5,142			55,475		—		—
HUGO BOSS AG		53,184		—		—			(30,479	)		30,922		—		—
Infineon Technologies AG		58,098		—		—			15,041			73,316		1,149		—
Ingenico Group††		—	$	50,192		—			(5,257	)		44,935		—		—
Legrand S.A.†		66,930		—		(28,034	)		1,404			41,306		—		11
Norma Group SE		25,328		—		—			1,691			28,747		—		—
SimCorp A/S		49,259		—		(12,051	)		13,006			34,941		—		5,685
Spirax-Sarco Engineering PLC†		25,677		—		—			2,519			31,585		192		—
Trelleborg AB†		26,695		—		—			2,996			33,273		—		—
Totals	$	586,879	$	50,192	$	(48,692	)	$	50,100		$	616,811	$	1,934	$	7,270

AllianzGI International Small-Cap:
	Market Value 9/30/2015		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)			Market Value 3/31/2016		Dividend Income		Net Realized Gain (Loss)
Aareal Bank AG†	$	2,024,629	$	176,733	$	(1,582,385	)		—			—		—	$	(132,953	)
ams AG†		1,852,434		170,661		(1,503,493	)		—			—		—		(196,416	)
Bechtle AG		1,918,390		174,168		(281,700	)	$	449,540		$	2,055,543		—		(3,450	)
Bertrandt AG		582,501		48,346		(193,795	)		(132,891	)		475,813	$	10,383		(91,088	)
Betsson AB††		2,857,386		251,812		(746,398	)		875,800			2,085,291		—		12,943
CANCOM SE		1,317,301		132,400		(275,745	)		178,566			1,776,672		—		13,751
De’ Longhi SpA		1,693,893		134,148		(520,286	)		92,743			1,191,026		—		9,783
Fagron†		750,584		—		(371,668	)		—			—		—		(1,502,548	)
GameLoft SE		607,812		97,877		—			(150,023	)		1,550,264		—		—
Interroll Holding AG		1,725,021		163,926		(618,664	)		564,194			1,615,178		—		77,700
Kingspan Group PLC		2,214,953		187,152		(750,567	)		441,543			1,831,919		—		92,690
NetEnt AB†		2,982,541		275,572		(702,544	)		1,440,791			2,568,495		—		177,917
Ontex Group NV		1,736,091		170,207		(438,057	)		385,707			1,609,220		—		48,960
Opera Software ASA†		547,496		58,231		(868,904	)		—			—		—		(134,512	)
Primax Electronics Ltd.†		478,453		108,368		(542,470	)		—			—		—		(69,633	)
SimCorp A/S		2,588,817		274,544		(504,850	)		1,364,733			2,095,709		—		134,050
Spirax-Sarco Engineering PLC†		1,777,168		—		(1,860,292	)		—			—		—		342,860
Spotless Group Holdings Ltd.††		1,040,646		358,319		(84,888	)		(312,802	)		930,269		20,945		(82,500	)
Totals	$	28,696,116	$	2,782,464	$	(11,846,706	)	$	5,197,901		$	19,785,399	$	31,328	$	(1,302,446	)

366 March 31, 2016  | Semiannual Report

AllianzGI Micro Cap:
	Market Value 9/30/2015		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation		Market Value 3/31/2016		Dividend Income		Net Realized Gain
Autobytel, Inc.†,††	$	509,976		—	$	(162,927	)	$	40,370	$	385,409		—	$	18,247
Neenah Paper, Inc.†		374,507		—		(98,780	)		228,308		303,213	$	3,487		23,804
Totals	$	884,483		—	$	(261,707	)	$	268,678	$	688,622	$	3,487	$	42,051

AllianzGI NFJ Emerging Markets Value:
	Market Value 9/30/2015		Purchases at Cost		Proceeds from Sales		Unrealized Appreciation		Market Value 3/31/2016		Dividend Income		Net Realized Gain (Loss)
Primax Electronics Ltd.†,††		—	$	50,180		—	$	215	$	50,395		—		—

AllianzGI NFJ Global Dividend Value:
	Market Value 9/30/2015		Purchases at Cost		Proceeds from Sales		Unrealized Depreciation			Market Value 3/31/2016		Dividend Income		Net Realized Gain (Loss)
A Schulman, Inc.††		—	$	326,722		—	$	(32,746	)	$	293,976	$	2,214		—

AllianzGI NFJ International Small-Cap Value:
	Market Value 9/30/2015		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation		Market Value 3/31/2016		Dividend Income		Net Realized Gain
Cembra Money Bank AG	$	106,448	$	24,609	$	(21,427	)	$	18,869	$	129,268		—	$	1,856
Cia de Distribucion Integral Logista Holdings S.A.		97,643		21,251		(22,950	)		16,158		115,979	$	2,326		1,371
UBM PLC		99,394		22,147		(136,526	)		—		—		—		3,520
Totals	$	303,485	$	68,007	$	(180,903	)	$	35,027	$	245,247	$	2,326	$	6,747

AllianzGI NFJ International Value II:
	Market Value 9/30/2015		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)		Market Value 3/31/2016		Dividend Income		Net Realized Gain
Smurfit Kappa Group PLC††	$	591,404		—		—		$	50,714	$	564,656	$	4,919		—
UBM PLC†		337,204		—	$	(385,314	)		—		—		—	$	9,214
Totals	$	928,608		—	$	(385,314	)	$	50,714	$	564,656	$	4,919	$	9,214

AllianzGI U.S. Small-Cap Growth:
	Market Value 9/30/2015		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)		Market Value 3/31/2016		Dividend Income		Net Realized Loss
Autobytel, Inc.†,††		—	$	193,629	$	(151,365	)		—		—		—	$	(42,264	)

AllianzGI Ultra Micro Cap:
	Market Value 9/30/2015		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation		Market Value 3/31/2016		Dividend Income		Net Realized Gain
Autobytel, Inc.†,††	$	1,290,016		—	$	(394,302	)	$	503,774	$	958,654		—	$	208,707

† Not affiliated at March 31, 2016.

†† Not affiliated at September 30, 2015.

Certain additional purchases of existing portfolio holdings that were not considered affiliated in prior years, resulted in the Funds owning in excess of 5% of the outstanding shares of certain issues at March 31, 2016. The percentages and market values of the affiliated transactions represented below include both acquisitions of new investments and prior year holdings that became affiliated during the reporting period.

Semiannual Report |  March 31, 2016 367

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

AllianzGI Best Styles Emerging Markets Equity:
Issuer Name	Sub-Adviser’s % Holding			Market Value		Market Value as a % of Fund’s Net Assets
LG Life Sciences Ltd.		5.22	%	$	56,166		0.59	%

AllianzGI Best Styles Global Equity:
Issuer Name	Sub-Adviser’s % Holding			Market Value		Market Value as a % of Fund’s Net Assets
A Schulman, Inc.		6.38	%	$	129,622		0.02	%
Bechtle AG		9.01	%		193,135		0.03	%
Freenet AG		7.51	%		1,379,589		0.24	%
Fresenius SE & Co. KGaA		5.89	%		1,176,776		0.20	%
Infineon Technologies AG		8.23	%		470,763		0.08	%
Kingspan Group PLC		6.76	%		553,877		0.10	%
Ryder System, Inc.		7.21	%		409,150		0.07	%
Smurfit Kappa Group PLC		6.04	%		1,670,766		0.29	%
Totals				$	5,983,678		1.03	%

AllianzGI Best Styles International Equity:
Issuer Name	Sub-Adviser’s % Holding			Market Value		Market Value as a % of Fund’s Net Assets
Fresenius SE & Co. KGaA		5.89	%	$	409,947		0.49	%
Smurfit Kappa Group PLC		6.04	%		139,730		0.17	%
Spotless Group Holdings Ltd.		6.08	%		95,147		0.11	%
Totals				$	644,824		0.77	%

AllianzGI China Equity:
Issuer Name	Sub-Adviser’s % Holding			Market Value		Market Value as a % of Fund’s Net Assets
Digital China Holdings Ltd.		8.08	%	$	216,597		4.78	%
Qingling Motors Co., Ltd., Class H		8.72	%		205,723		4.54	%
Totals				$	422,320		9.32	%

AllianzGI Europe Equity Dividend:
Issuer Name	Sub-Adviser’s % Holding			Market Value		Market Value as a % of Fund’s Net Assets
Ashmore Group PLC		5.38	%	$	76,164		2.11	%
Cembra Money Bank AG		7.88	%		80,059		2.22	%
Cia de Distribucion Integral Logista Holdings S.A.		6.90	%		97,025		2.68	%
Coface S.A.		8.88	%		30,676		0.85	%
CTT-Correios de Portugal S.A.		9.28	%		44,555		1.23	%
Drillisch AG		7.67	%		55,650		1.54	%
EVS Broadcast Equipment S.A.		10.25	%		32,529		0.90	%
Freenet AG		7.51	%		92,857		2.57	%
Sunrise Communications Group AG		10.93	%		132,893		3.68	%
UBM PLC		6.72	%		96,845		2.68	%
Totals				$	739,253		20.46	%

368 March 31, 2016  | Semiannual Report

AllianzGI Global Fundamental Strategy:
Issuer Name	Sub-Adviser’s % Holding			Market Value		Market Value as a % of Fund’s Net Assets
CTT-Correios de Portugal S.A.		9.28	%	$	187,997		0.93	%
TLG Immobilien AG		8.70	%		136,926		0.68	%
Totals				$	324,923		1.61	%

AllianzGI Global Sustainability:
Issuer Name	Sub-Adviser’s % Holding			Market Value		Market Value as a % of Fund’s Net Assets
Bureau Veritas S.A.		5.87	%	$	302,574		1.48	%

AllianzGI International Growth:
Issuer Name	Sub-Adviser’s % Holding			Market Value		Market Value as a % of Fund’s Net Assets
Bechtle AG		9.01	%	$	42,976		1.36	%
Bureau Veritas S.A.		5.87	%		36,863		1.16	%
DCC PLC		6.20	%		48,859		1.54	%
DSV A/S		6.54	%		70,169		2.22	%
Fresenius SE & Co. KGaA		5.89	%		43,444		1.37	%
HUGO BOSS AG		11.06	%		30,922		0.98	%
Infineon Technologies AG		8.23	%		73,316		2.32	%
Ingenico Group		9.68	%		44,935		1.42	%
Norma Group SE		7.18	%		28,747		0.91	%
SimCorp A/S		12.56	%		34,941		1.10	%
Totals				$	455,172		14.38	%

AllianzGI International Small-Cap:
Issuer Name	Sub-Adviser’s % Holding			Market Value		Market Value as a % of Fund’s Net Assets
Bechtle AG		9.01	%	$	2,055,543		1.97	%
Bertrandt AG		5.23	%		475,813		0.46	%
Betsson AB		5.24	%		2,085,291		2.00	%
CANCOM SE		13.01	%		1,776,672		1.70	%
De’ Longhi SpA		5.84	%		1,191,026		1.14	%
GameLoft SE		11.76	%		1,550,264		1.48	%
Interroll Holding AG		11.29	%		1,615,178		1.55	%
Kingspan Group PLC		6.76	%		1,831,919		1.75	%
Ontex Group NV		9.93	%		1,609,220		1.54	%
SimCorp A/S		12.56	%		2,095,709		2.01	%
Spotless Group Holdings Ltd.		6.08	%		930,269		0.89	%
Totals				$	17,216,904		16.49	%

AllianzGI NFJ Global Dividend Value:
Issuer Name	Sub-Adviser’s % Holding			Market Value		Market Value as a % of Fund’s Net Assets
A Schulman, Inc.		6.38	%	$	293,976		1.97	%

Semiannual Report |  March 31, 2016 369

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

AllianzGI NFJ International Small-Cap Value:
Issuer Name	Sub-Adviser’s % Holding			Market Value		Market Value as a % of Fund’s Net Assets
Cembra Money Bank AG		7.88	%	$	129,268		1.06	%
Cia de Distribucion Integral Logista Holdings S.A.		6.90	%		115,979		0.96	%
Totals				$	245,247		2.02	%

The following tables show the transactions in and earnings from affiliates for the six months ended March 31, 2016:

AllianzGI Retirement 2015:
	Market Value 9/30/2015		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)			Market Value 3/31/2016		Dividend Income		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI Advanced Core Bond		—	$	2,178,008	$	(58,157	)	$	27,656		$	2,147,676		—	$	169			—
AllianzGI Best Styles Emerging Markets Equity		—		182,996		(60,780	)		1,064			118,939	$	1,508		(4,341	)	$	1,643
AllianzGI Best Styles International Equity	$	1,541,844		577,853		(525,290	)		(45,690	)		1,604,969		20,116		(20,173	)		14,614
AllianzGI Best Styles U.S. Equity		4,311,316		332,658		(2,206,133	)		30,623			2,687,790		38,133		(18,888	)		9,552
AllianzGI Emerging Markets Consumer		533,843		2,732		(73,842	)		(65,144	)		462,277		2,732		(7,660	)		—
AllianzGI Global Natural Resources		490,834		26,984		(253,614	)		(891	)		292,484		1,984		(43,368	)		—
AllianzGI High Yield Bond		—		2,009,824		(309,334	)		(67,994	)		1,618,875		45,589		(13,621	)		—
AllianzGI International Managed Volatility		463,556		—		(488,450	)		—			—		—		1,106			—
AllianzGI International Small-Cap		—		499,377		(484,568	)		—			—		—		(14,809	)		16,002
AllianzGI Mid-Cap		459,648		—		(483,125	)		—			—		—		(12,888	)		—
AllianzGI NFJ Mid-Cap Value		1,077,990		—		(1,147,828	)		—			—		—		(12,555	)		—
AllianzGI Short Duration High Income		3,681,563		760,194		(963,005	)		(143,381	)		3,364,283		129,852		(58,014	)		—
AllianzGI Structured Return		1,240,710		31,216		(473,428	)		13,750			803,234		5,997		11,880			9,299
AllianzGI U.S. Small-Cap Growth		603,162		—		(635,590	)		—			—		—		(45,664	)		—
PIMCO 15+ Year U.S. TIPS Index		2,774,363		2,162,346		(4,486,908	)		20,829			539,741		1,652		(31,732	)		—
PIMCO 25+ Year Zero Coupon U.S. Treasury Index		—		1,543,692		(1,026,475	)		7,400			555,253		—		30,636			—
PIMCO Broad U.S. TIPS Index		4,658,045		2,256,955		(2,251,824	)		134,536			4,832,576		—		(47,771	)		—
PIMCO Capital Securities and Financials		—		1,021,117		(307,832	)		(34,470	)		669,991		24,494		(8,824	)		—
PIMCO Foreign Bond (U.S. Dollar-Hedged)		774,008		—		(779,850	)		—			—		1,022		(9,301	)		—
PIMCO Income		4,185,850		1,278,171		(2,680,908	)		29,049			2,698,769		156,735		(66,037	)		2,655
PIMCO Long-Term Credit		1,397,084		1,503,851		(766,285	)		20,806			2,160,148		47,326		(64,810	)		57,394
PIMCO Mortgage Opportunities		930,807		2,377,223		(3,252,182	)		—			—		53,794		(48,899	)		—
Totals	$	29,124,623	$	18,745,197	$	(23,715,408	)	$	(71,857	)	$	24,557,005	$	530,934	$	(485,564	)	$	111,159

AllianzGI Retirement 2020:
	Market Value 9/30/2015		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)			Market Value 3/31/2016		Dividend Income		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI Advanced Core Bond		—	$	4,080,869		—		$	51,253		$	4,132,122		—		—			—
AllianzGI Best Styles Emerging Markets Equity		—		675,379	$	(96,108	)		(20,259	)		558,942	$	8,021	$	(70	)	$	8,739
AllianzGI Best Styles International Equity	$	4,010,554		1,429,214		(1,576,583	)		(139,522	)		3,892,314		50,150		(69,853	)		36,433
AllianzGI Best Styles U.S. Equity		9,676,662		567,253		(4,682,295	)		9,859			6,126,355		83,474		(25,042	)		20,911

370 March 31, 2016  | Semiannual Report

AllianzGI Retirement 2020 (cont’d)
	Market Value 9/30/2015		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)			Market Value 3/31/2016		Dividend Income		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI Emerging Markets Consumer	$	1,157,576	$	5,445	$	(246,001	)	$	(141,913	)	$	921,162	$	5,445	$	(25,412	)		—
AllianzGI Focused Growth		—		770,303		(159,478	)		(46,446	)		562,085		—		(2,294	)	$	37,005
AllianzGI Global Natural Resources		1,331,589		79,146		(612,818	)		(63,324	)		872,294		5,926		(124,424	)		—
AllianzGI High Yield Bond		—		4,190,032		(719,024	)		(143,773	)		3,304,613		91,915		(22,622	)		—
AllianzGI International Managed Volatility		1,005,648		—		(1,059,653	)		—			—		—		3,034			—
AllianzGI International Small-Cap		—		1,069,823		(1,039,964	)		—			—		—		(29,859	)		32,103
AllianzGI Mid-Cap		1,129,561		94,516		(662,656	)		(28,044	)		597,253		—		(29,097	)		29,844
AllianzGI NFJ Mid-Cap Value		2,668,941		—		(2,841,850	)		—			—		—		149,057			—
AllianzGI Short Duration High Income		7,653,025		1,266,536		(2,093,044	)		(321,931	)		6,595,579		252,713		(134,530	)		—
AllianzGI Structured Return		2,555,627		66,540		(1,013,501	)		28,202			1,618,982		12,032		25,889			18,657
AllianzGI U.S. Managed Volatility		666,911		—		(700,838	)		—			—		—		71,543			—
AllianzGI U.S. Small-Cap Growth		1,633,054		—		(1,720,853	)		—			—		—		(138,433	)		—
PIMCO 15+ Year U.S. TIPS Index		5,685,583		4,277,037		(9,018,586	)		43,206			1,123,777		3,283		(58,371	)		—
PIMCO 25+ Year Zero Coupon U.S. Treasury Index		—		3,125,812		(2,112,414	)		14,519			1,089,519		—		61,602			—
PIMCO Broad U.S. TIPS Index		9,433,494		3,853,366		(5,033,345	)		233,771			8,541,596		—		(132,513	)		—
PIMCO Capital Securities and Financials		—		2,145,584		(981,220	)		(57,005	)		1,088,589		40,255		(18,772	)		—
PIMCO Foreign Bond (U.S. Dollar-Hedged)		1,007,702		—		(1,015,309	)		—			—		1,330		(12,443	)		—
PIMCO Income		8,275,546		2,610,591		(5,485,756	)		(75,016	)		5,254,213		285,702		(195,099	)		4,810
PIMCO Long-Term Credit		3,032,313		2,883,318		(1,528,626	)		14,170			4,447,491		95,790		(101,321	)		107,676
PIMCO Mortgage Opportunities		1,885,317		3,088,033		(4,888,457	)		—			—		82,770		(74,624	)		—
Totals	$	62,809,103	$	36,278,797	$	(49,288,379	)	$	(642,253	)	$	50,726,886	$	1,018,806	$	(883,654	)	$	296,178

AllianzGI Retirement 2025:
	Market Value 9/30/2015		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)			Market Value 3/31/2016		Dividend Income		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI Advanced Core Bond		—	$	2,960,380		—		$	38,519		$	2,998,899		—		—			—
AllianzGI Best Styles Emerging Markets Equity		—		696,179	$	(64,420	)		(23,321	)		608,391	$	8,811	$	(47	)	$	9,601
AllianzGI Best Styles International Equity	$	5,435,700		2,455,638		(1,866,753	)		(206,676	)		6,023,236		76,915		(103,604	)		55,877
AllianzGI Best Styles U.S. Equity		12,209,452		560,167		(6,846,652	)		125,486			6,648,628		91,648		(26,774	)		22,958
AllianzGI Emerging Markets Consumer		1,522,918		7,746		(218,036	)		(202,309	)		1,310,500		7,746		(24,094	)		—
AllianzGI Focused Growth		698,659		799,379		(543,305	)		(494	)		911,810		—		(26,437	)		80,597
AllianzGI Global Natural Resources		1,691,539		121,787		(612,755	)		(129,323	)		1,284,421		8,684		(125,565	)		—
AllianzGI High Yield Bond		—		4,906,215		(562,865	)		(122,599	)		4,197,289		108,275		(23,462	)		—
AllianzGI International Managed Volatility		1,022,377		—		(1,077,280	)		—			—		—		2,692			—
AllianzGI International Small-Cap		—		1,155,716		(492,113	)		(41,923	)		609,751		3,258		(11,929	)		34,961
AllianzGI Mid-Cap		1,349,375		147,481		(560,432	)		(47,333	)		968,929		—		(25,152	)		48,754
AllianzGI NFJ Mid-Cap Value		2,915,407		—		(3,104,282	)		—			—		—		167,891			—
AllianzGI Short Duration High Income		6,765,715		2,202,340		(2,127,056	)		(306,410	)		6,582,098		265,642		(142,974	)		—
AllianzGI Structured Return		2,187,802		44,866		(784,733	)		26,418			1,455,914		10,919		20,309			16,932
AllianzGI U.S. Managed Volatility		677,914		—		(712,400	)		—			—		—		68,363			—
AllianzGI U.S. Small-Cap Growth		1,659,481		—		(1,748,701	)		—			—		—		(150,471	)		—
AllianzGI Ultra Micro Cap		658,244		—		(692,934	)		—			—		—		(46,515	)		—
PIMCO 15+ Year U.S. TIPS Index		6,460,525		4,694,609		(10,140,044	)		50,178			1,212,502		3,626		(50,621	)		—
PIMCO 25+ Year Zero Coupon U.S. Treasury Index		—		3,354,381		(2,261,076	)		15,666			1,175,582		—		66,611			—

Semiannual Report |  March 31, 2016 371

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

AllianzGI Retirement 2025 (cont’d)
	Market Value 9/30/2015		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)			Market Value 3/31/2016		Dividend Income		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
PIMCO Broad U.S. TIPS Index	$	6,165,631	$	4,589,862	$	(3,795,361	)	$	202,066		$	7,198,911		—	$	(95,167	)		—
PIMCO Capital Securities and Financials		—		2,199,320		(942,333	)		(61,640	)		1,174,707	$	44,021		(20,640	)		—
PIMCO EqS Long/Short		1,023,892		—		(1,020,714	)		—			—		—		(17,005	)		—
PIMCO Foreign Bond (U.S. Dollar-Hedged)		887,995		—		(894,696	)		—			—		1,172		(10,874	)		—
PIMCO Income		7,524,733		2,290,889		(4,568,665	)		(125,334	)		5,117,078		260,304		(158,842	)	$	4,253
PIMCO Long-Term Credit		2,740,382		3,097,928		(1,050,717	)		8,159			4,841,758		101,202		(85,466	)		124,972
PIMCO Mortgage Opportunities		—		4,798,081		(4,726,203	)		—			—		69,427		(71,878	)		—
PIMCO Short-Term		—		603,648		(598,827	)		—			—		3,035		(4,821	)		—
Totals	$	63,597,741	$	41,686,612	$	(52,013,353	)	$	(800,870	)	$	54,320,404	$	1,064,685	$	(896,472	)	$	398,905

AllianzGI Retirement 2030:
	Market Value 9/30/2015		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)			Market Value 3/31/2016		Dividend Income		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI Advanced Core Bond		—	$	3,118,169		—		$	40,188		$	3,158,357		—		—			—
AllianzGI Best Styles Emerging Markets Equity		—		413,824	$	(24,562	)		(5,375	)		383,869	$	3,400	$	(18	)	$	3,705
AllianzGI Best Styles International Equity	$	6,840,762		1,960,743		(1,846,902	)		(274,088	)		6,977,123		88,082		(116,636	)		63,988
AllianzGI Best Styles U.S. Equity		12,976,083		1,042,282		(4,513,657	)		(3,134	)		10,184,070		138,995		(66,032	)		34,819
AllianzGI Emerging Markets Consumer		1,533,123		7,970		(188,984	)		(217,420	)		1,348,351		7,970		(22,021	)		—
AllianzGI Emerging Markets Small-Cap		690,644		6,413		(63,146	)		(82,054	)		641,570		6,413		(9,920	)		—
AllianzGI Focused Growth		703,556		881,881		(576,500	)		(13,498	)		956,248		—		(23,086	)		83,493
AllianzGI Global Natural Resources		1,699,236		134,679		(584,982	)		(130,574	)		1,333,125		8,947		(127,373	)		—
AllianzGI High Yield Bond		—		5,111,671		(529,568	)		(140,942	)		4,420,817		114,106		(20,344	)		—
AllianzGI International Managed Volatility		1,372,438		—		(1,446,632	)		—			—		—		8,344			—
AllianzGI International Small-Cap		347,527		821,969		(491,475	)		(25,336	)		636,548		3,379		(12,334	)		36,217
AllianzGI Mid-Cap		2,037,210		115,319		(1,238,816	)		(40,294	)		967,013		—		(52,671	)		50,504
AllianzGI NFJ Mid-Cap Value		3,070,382		111,736		(2,381,313	)		204,648			951,854		14,218		(23,681	)		25,074
AllianzGI Short Duration High Income		6,131,060		2,093,701		(2,014,657	)		(245,746	)		5,987,222		235,428		(152,662	)		—
AllianzGI Structured Return		2,065,085		77,422		(635,075	)		27,360			1,512,552		11,311		14,860			17,540
AllianzGI U.S. Managed Volatility		682,418		—		(717,133	)		—			—		—		77,723			—
AllianzGI U.S. Small-Cap Growth		2,335,449		229,516		(1,541,356	)		(102,816	)		973,786		—		(180,238	)		71,737
AllianzGI Ultra Micro Cap		1,657,638		—		(1,744,997	)		—			—		—		(121,081	)		—
PIMCO 15+ Year U.S. TIPS Index		5,684,244		4,540,657		(9,147,293	)		54,022			1,259,928		3,224		(52,376	)		—
PIMCO 25+ Year Zero Coupon U.S. Treasury Index		—		3,775,253		(2,338,350	)		20,348			1,526,916		—		69,665			—
PIMCO Broad U.S. TIPS Index		4,139,423		3,399,550		(2,352,309	)		163,298			5,370,276		—		(51,389	)		—
PIMCO Capital Securities and Financials		—		2,235,386		(1,232,323	)		(49,172	)		915,295		40,842		(38,596	)		—
PIMCO EqS Long/Short		1,374,796		50,523		(1,421,120	)		—			—		—		28,766			—
PIMCO Income		5,855,715		3,708,182		(6,239,229	)		(9,459	)		3,171,376		229,090		(201,687	)		3,851
PIMCO Long-Term Credit		2,760,007		3,345,599		(1,393,991	)		32,826			4,779,507		91,581		(115,453	)		108,734
PIMCO Mortgage Opportunities		—		2,627,844		(2,587,890	)		—			—		38,448		(39,954	)		—
PIMCO Short-Term		—		626,074		(621,033	)		—			—		3,153		(5,041	)		—
Totals	$	63,956,796	$	40,436,363	$	(47,873,293	)	$	(797,218	)	$	57,455,803	$	1,038,587	$	(1,233,235	)	$	499,662

372 March 31, 2016  | Semiannual Report

AllianzGI Retirement 2035:
	Market Value 9/30/2015		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)			Market Value 3/31/2016		Dividend Income		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI Advanced Core Bond		—	$	1,999,214	$	(36,328	)	$	26,579		$	1,989,776		—	$	311			—
AllianzGI Best Styles Emerging Markets Equity		—		521,208		(45,981	)		(20,953	)		454,240	$	7,247		(34	)	$	7,897
AllianzGI Best Styles International Equity	$	7,042,377		2,381,357		(1,677,656	)		(344,127	)		7,743,361		96,094		(148,192	)		69,811
AllianzGI Best Styles U.S. Equity		10,815,676		727,829		(2,279,535	)		(67,771	)		9,774,358		136,024		(53,284	)		34,074
AllianzGI Emerging Markets Consumer		1,213,973		6,371		(138,952	)		(172,835	)		1,077,850		6,371		(15,811	)		—
AllianzGI Emerging Markets Small-Cap		820,870		7,690		(68,282	)		(92,454	)		769,271		7,690		(10,727	)		—
AllianzGI Focused Growth		1,097,856		1,014,874		(798,422	)		(7,319	)		1,254,641		—		(37,901	)		114,022
AllianzGI Global Natural Resources		1,615,154		103,494		(494,238	)		(168,176	)		1,297,860		8,933		(110,023	)		—
AllianzGI High Yield Bond		—		3,926,912		(335,419	)		(96,970	)		3,481,408		86,379		(13,115	)		—
AllianzGI International Managed Volatility		1,086,706		—		(1,145,457	)		—			—		—		37,127			—
AllianzGI International Small-Cap		275,160		941,990		(675,156	)		(19,370	)		501,284		2,635		(18,331	)		38,339
AllianzGI Mid-Cap		1,613,644		145,659		(508,794	)		(76,929	)		1,268,807		—		(19,736	)		64,984
AllianzGI NFJ International Small-Cap Value		540,145		—		(568,773	)		—			—		—		(34,410	)		—
AllianzGI NFJ Mid-Cap Value		2,593,957		72,054		(2,045,198	)		197,117			749,611		11,288		5,571			19,907
AllianzGI Short Duration High Income		4,045,467		578,516		(2,016,950	)		(110,147	)		2,481,563		132,530		(151,187	)		—
AllianzGI Structured Return		1,090,413		18,325		(153,052	)		23,407			955,983		7,184		4,549			11,141
AllianzGI U.S. Managed Volatility		540,533		—		(568,031	)		—			—		—		54,677			—
AllianzGI U.S. Small-Cap Growth		2,274,696		141,038		(1,629,931	)		(87,039	)		766,857		—		(175,780	)		57,349
AllianzGI Ultra Micro Cap		1,312,871		—		(1,382,061	)		—			—		—		(36,726	)		—
PIMCO 15+ Year U.S. TIPS Index		2,982,146		3,777,722		(5,905,090	)		43,972			991,157		2,089		(1,074	)		—
PIMCO 25+ Year Zero Coupon U.S. Treasury Index		—		1,516,735		(1,070,455	)		6,403			480,491		—		27,808			—
PIMCO Broad U.S. TIPS Index		3,277,194		2,627,118		(2,060,788	)		122,236			3,980,481		—		(41,601	)		—
PIMCO Capital Securities and Financials		—		1,408,109		(873,766	)		(24,385	)		480,369		23,964		(29,589	)		—
PIMCO EqS Long/Short		1,088,513		62,099		(1,147,122	)		—			—		—		22,381			—
PIMCO Income		3,272,832		1,493,711		(3,733,932	)		16,283			998,911		66,996		(99,644	)		853
PIMCO Long-Term Credit		1,966,995		1,577,856		(1,049,800	)		5,320			2,510,020		64,599		(90,702	)		79,144
PIMCO Mortgage Opportunities		—		1,294,339		(1,275,706	)		—			—		18,863		(18,633	)		—
PIMCO Short-Term		—		486,812		(482,853	)		—			—		2,457		(3,959	)		—
Totals	$	50,567,178	$	26,831,032	$	(34,167,728	)	$	(847,158	)	$	44,008,299	$	681,343	$	(958,035	)	$	497,521

AllianzGI Retirement 2040:
	Market Value 9/30/2015		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)			Market Value 3/31/2016		Dividend Income		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI Advanced Core Bond		—	$	861,341	$	(39,988	)	$	14,055		$	835,751		—	$	343			—
AllianzGI Best Styles Emerging Markets Equity		—		437,850		(42,316	)		(14,219	)		381,284	$	5,188		(31	)	$	5,652
AllianzGI Best Styles International Equity	$	7,476,691		2,483,838		(1,586,658	)		(375,768	)		8,391,064		99,615		(115,565	)		72,368
AllianzGI Best Styles U.S. Equity		10,184,046		922,601		(1,921,388	)		(20,922	)		9,683,723		128,993		(26,887	)		32,313
AllianzGI Emerging Markets Consumer		1,030,940		5,447		(111,544	)		(140,139	)		921,493		5,447		(12,582	)		—
AllianzGI Emerging Markets Small-Cap		887,528		8,384		(66,780	)		(99,828	)		838,742		8,384		(10,491	)		—
AllianzGI Focused Growth		1,243,057		1,056,672		(764,706	)		(12,150	)		1,476,152		—		(33,483	)		120,814
AllianzGI Global Natural Resources		1,310,821		83,452		(391,679	)		(95,961	)		1,060,459		7,308		(87,011	)		—
AllianzGI High Yield Bond		—		3,351,762		(336,620	)		(76,552	)		2,924,790		71,125		(13,800	)		—
AllianzGI International Managed Volatility		882,196		67,800		(949,592	)		—			—		32,460		36,549			—
AllianzGI International Small-Cap		446,754		839,684		(618,412	)		(17,918	)		631,591		3,234		(13,630	)		38,628
AllianzGI Mid-Cap		1,747,474		219,609		(716,077	)		(62,251	)		1,278,255		—		(28,651	)		64,655
AllianzGI NFJ International Small-Cap Value		438,361		—		(461,595	)		—			—		—		(29,073	)		—

Semiannual Report |  March 31, 2016 373

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

AllianzGI Retirement 2040 (cont’d)
	Market Value 9/30/2015		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)			Market Value 3/31/2016		Dividend Income		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI NFJ Mid-Cap Value	$	2,412,554	$	105,136	$	(1,791,556	)	$	194,540		$	839,569	$	12,022	$	(14,936	)	$	21,202
AllianzGI Short Duration High Income		2,846,550		577,095		(3,396,641	)		—			—		48,282		(122,018	)		—
AllianzGI U.S. Managed Volatility		526,592		509,085		(933,191	)		—			—		26,914		(31,654	)		70,837
AllianzGI U.S. Small-Cap Growth		1,932,531		319,726		(1,096,404	)		(202,767	)		1,073,315		—		(35,826	)		78,168
AllianzGI Ultra Micro Cap		1,493,650		100,000		(1,678,241	)		—			—		—		(55,015	)		—
PIMCO 15+ Year U.S. TIPS Index		1,320,426		3,209,836		(3,784,462	)		36,365			819,703		1,028		(17,060	)		—
PIMCO 25+ Year Zero Coupon U.S. Treasury Index		—		1,142,289		(890,827	)		3,706			278,061		—		22,893			—
PIMCO Broad U.S. TIPS Index		1,330,168		3,178,290		(2,167,708	)		81,153			2,424,468		—		(11,797	)		—
PIMCO Capital Securities and Financials		—		759,509		(327,525	)		(20,360	)		397,276		16,365		(14,348	)		—
PIMCO EqS Long/Short		1,325,481		369,761		(1,690,782	)		—			—		—		27,075			—
PIMCO Income		664,177		1,760,522		(2,400,953	)		—			—		26,406		(18,351	)		526
PIMCO Long-Term Credit		1,552,264		1,224,408		(885,850	)		(6,921	)		1,896,441		42,978		(52,929	)		55,586
PIMCO Mortgage Opportunities		—		641,147		(632,546	)		—			—		8,916		(8,601	)		—
PIMCO Short-Term		—		399,317		(396,118	)		—			—		2,012		(3,199	)		—
Totals	$	41,052,261	$	24,634,561	$	(30,080,159	)	$	(815,937	)	$	36,152,137	$	546,677	$	(670,078	)	$	560,749

AllianzGI Retirement 2045:
	Market Value 9/30/2015		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)			Market Value 3/31/2016		Dividend Income		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI Best Styles Emerging Markets Equity		—	$	567,960	$	(31,269	)	$	(6,403	)	$	530,265	$	4,199	$	(23	)	$	4,575
AllianzGI Best Styles International Equity	$	4,404,949		1,941,947		(1,124,721	)		(217,680	)		5,244,879		58,381		(83,160	)		42,413
AllianzGI Best Styles U.S. Equity		5,863,115		1,387,344		(1,279,305	)		(10,944	)		6,266,758		78,639		(14,848	)		19,699
AllianzGI Emerging Markets Consumer		747,959		37,402		(101,664	)		(102,229	)		681,174		4,026		(11,234	)		—
AllianzGI Emerging Markets Small-Cap		499,734		32,310		(62,314	)		(49,810	)		475,494		4,753		(9,789	)		—
AllianzGI Focused Growth		740,653		785,252		(485,327	)		(7,574	)		1,004,155		—		(21,194	)		76,289
AllianzGI Global Natural Resources		730,742		40,432		(209,152	)		(72,310	)		593,471		4,140		(47,344	)		—
AllianzGI High Yield Bond		—		2,232,058		(437,653	)		(26,041	)		1,743,310		42,037		(25,054	)		—
AllianzGI International Managed Volatility		613,511		193,427		(799,312	)		—			—		27,329		24,846			—
AllianzGI International Small-Cap		248,561		670,685		(389,339	)		(17,487	)		501,283		2,425		(8,417	)		26,398
AllianzGI Mid-Cap		972,222		274,167		(242,642	)		(43,860	)		1,014,438		—		(11,209	)		49,087
AllianzGI NFJ International Small-Cap Value		243,920		—		(256,848	)		—			—		—		(15,933	)		—
AllianzGI NFJ Mid-Cap Value		1,343,727		408,050		(925,263	)		162,236			874,681		11,789		(4,279	)		20,793
AllianzGI Short Duration High Income		682,164		730,188		(1,413,995	)		—			—		13,299		(26,304	)		—
AllianzGI U.S. Managed Volatility		366,235		210,476		(523,602	)		—			—		15,135		(27,774	)		39,835
AllianzGI U.S. Small-Cap Growth		1,241,958		210,371		(780,356	)		(70,114	)		638,800		—		(84,897	)		44,292
AllianzGI Ultra Micro Cap		950,201		80,000		(1,084,977	)		—			—		—		(25,947	)		—
PIMCO 15+ Year U.S. TIPS Index		734,639		1,081,653		(1,276,716	)		25,949			584,903		385		(11,921	)		—
PIMCO 25+ Year Zero Coupon U.S. Treasury Index		—		138,633		(139,016	)		—			—		—		383			—
PIMCO Broad U.S. TIPS Index		369,982		1,012,431		(1,156,358	)		10,142			248,893		—		8,949			—
PIMCO EqS Long/Short		934,095		152,464		(1,084,109	)		—			—		—		16,683			—
PIMCO Income		369,527		520,221		(896,936	)		—			—		2,508		9,305			—
PIMCO Long-Term Credit		863,495		1,090,067		(727,318	)		23,158			1,254,028		17,547		(23,909	)		15,920
PIMCO Short-Term		—		224,601		(222,983	)		—			—		1,110		(1,618	)		—
Totals	$	22,921,389	$	14,022,139	$	(15,651,175	)	$	(402,967	)	$	21,656,532	$	287,702	$	(394,688	)	$	339,301

374 March 31, 2016  | Semiannual Report

AllianzGI Retirement 2050:
	Market Value 9/30/2015		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)			Market Value 3/31/2016		Dividend Income		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI Best Styles Emerging Markets Equity		—	$	505,803	$	(28,340	)	$	(14,219	)	$	463,223	$	5,730	$	(21	)	$	6,243
AllianzGI Best Styles International Equity	$	4,120,503		1,074,176		(635,018	)		(225,196	)		4,584,064		53,252		(45,772	)		38,688
AllianzGI Best Styles U.S. Equity		5,198,515		833,381		(804,816	)		(12,061	)		5,476,471		71,303		(14,723	)		17,862
AllianzGI Emerging Markets Consumer		662,786		3,663		(43,088	)		(93,989	)		619,692		3,663		(4,761	)		—
AllianzGI Emerging Markets Small-Cap		437,889		4,322		(14,279	)		(51,188	)		432,370		4,322		(2,243	)		—
AllianzGI Focused Growth		767,333		530,858		(393,488	)		(2,337	)		877,741		—		(15,421	)		68,248
AllianzGI Global Natural Resources		754,647		37,938		(287,703	)		(27,593	)		541,414		3,769		(61,247	)		—
AllianzGI High Yield Bond		—		1,949,751		(278,670	)		(24,222	)		1,630,513		39,893		(16,346	)		—
AllianzGI International Managed Volatility		652,270		24,910		(675,676	)		—			—		24,910		25,016			—
AllianzGI International Small-Cap		330,271		435,806		(307,827	)		(9,740	)		438,149		2,195		(6,748	)		23,572
AllianzGI Mid-Cap		861,879		174,750		(158,079	)		(43,169	)		886,779		—		(6,145	)		43,840
AllianzGI NFJ International Small-Cap Value		214,574		—		(225,947	)		—			—		—		(16,460	)		—
AllianzGI NFJ Mid-Cap Value		1,406,481		116,907		(700,017	)		93,947			873,674		12,294		(8,461	)		21,681
AllianzGI Short Duration High Income		—		524,773		(520,503	)		—			—		9,109		(4,270	)		—
AllianzGI U.S. Managed Volatility		432,692		52,708		(442,602	)		—			—		13,795		16,265			36,308
AllianzGI U.S. Small-Cap Growth		1,165,914		200,306		(644,886	)		(122,685	)		670,018		—		8,885			48,376
AllianzGI Ultra Micro Cap		841,709		75,000		(965,474	)		—			—		—		(26,590	)		—
PIMCO 15+ Year U.S. TIPS Index		542,258		1,018,555		(966,110	)		28,271			637,258		349		(5,557	)		—
PIMCO 25+ Year Zero Coupon U.S. Treasury Index		—		120,945		(121,279	)		—			—		—		334			—
PIMCO Broad U.S. TIPS Index		327,737		770,084		(1,108,648	)		—			—		—		7,567			—
PIMCO EqS Long/Short		870,953		79,327		(947,791	)		—			—		—		11,675			—
PIMCO Income		—		388,967		(392,328	)		—			—		799		3,361			—
PIMCO Long-Term Credit		764,927		796,956		(829,224	)		25,966			767,083		9,242		(16,278	)		—
PIMCO Short-Term		—		208,381		(206,758	)		—			—		1,025		(1,623	)		—
Totals	$	20,353,338	$	9,928,267	$	(11,698,551	)	$	(478,215	)	$	18,898,449	$	255,650	$	(179,563	)	$	304,818

AllianzGI Retirement 2055:
	Market Value 9/30/2015		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)			Market Value 3/31/2016		Dividend Income		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI Best Styles Emerging Markets Equity		—	$	122,339		—		$	9,350		$	131,689		—		—			—
AllianzGI Best Styles International Equity	$	1,165,621		534,427	$	(386,732	)		(44,443	)		1,303,720	$	15,868	$	(44,172	)	$	11,528
AllianzGI Best Styles U.S. Equity		1,409,954		603,879		(513,196	)		8,497			1,557,136		21,501		(27,397	)		5,386
AllianzGI Emerging Markets Consumer		256,076		11,518		(78,559	)		(27,931	)		180,497		1,518		(20,453	)		—
AllianzGI Emerging Markets Small-Cap		142,596		11,508		(49,715	)		(10,485	)		101,170		1,508		(13,096	)		—
AllianzGI Focused Growth		229,195		182,196		(153,060	)		939			249,564		—		(7,444	)		20,470
AllianzGI Global Natural Resources		203,902		35,284		(99,803	)		(4,576	)		147,328		1,122		(19,283	)		—
AllianzGI High Yield Bond		—		655,395		(146,562	)		(552	)		494,652		12,465		(13,629	)		—
AllianzGI International Managed Volatility		215,597		10,658		(226,825	)		—			—		7,591		19,186			—
AllianzGI International Small-Cap		93,613		196,626		(158,022	)		2,575			124,565		663		(9,204	)		7,577
AllianzGI Mid-Cap		244,732		138,098		(129,446	)		2,204			252,029		—		(17,101	)		12,927
AllianzGI NFJ International Small-Cap Value		60,983		—		(64,215	)		—			—		—		(4,379	)		—
AllianzGI NFJ Mid-Cap Value		428,619		103,467		(298,473	)		65,146			248,412		3,688		(5,546	)		6,504
AllianzGI Short Duration High Income		—		216,116		(214,752	)		—			—		2,829		(1,364	)		—
AllianzGI U.S. Managed Volatility		153,287		18,618		(160,078	)		—			—		4,204		2,744			11,064

Semiannual Report |  March 31, 2016 375

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

AllianzGI Retirement 2055 (cont’d)
	Market Value 9/30/2015		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)			Market Value 3/31/2016		Dividend Income		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI U.S. Small-Cap Growth	$	329,337	$	87,093	$	(209,826	)	$	(20,737	)	$	190,311		—	$	(15,528	)	$	14,674
AllianzGI Ultra Micro Cap		238,181		11,052		(262,196	)		—			—		—		(2,582	)		—
PIMCO 15+ Year U.S. TIPS Index		141,424		293,758		(272,834	)		7,725			174,119	$	105		(1,102	)		—
PIMCO 25+ Year Zero Coupon U.S. Treasury Index		—		34,493		(34,588	)		—			—		—		95			—
PIMCO Broad U.S. TIPS Index		74,376		235,302		(313,084	)		—			—		—		2,646			—
PIMCO EqS Long/Short		236,901		35,503		(271,711	)		—			—		—		5,213			—
PIMCO Long-Term Credit		157,624		179,962		(188,661	)		5,328			155,793		2,106		(1,809	)		—
PIMCO Short-Term		—		64,777		(64,298	)		—			—		309		(479	)		—
Totals	$	5,782,018	$	3,782,069	$	(4,296,636	)	$	(6,960	)	$	5,310,985	$	75,477	$	(174,684	)	$	90,130

AllianzGI Retirement Income:
	Market Value 9/30/2015		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)			Market Value 3/31/2016		Dividend Income		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI Advanced Core Bond		—	$	1,181,510		—		$	19,546		$	1,201,056		—		—			—
AllianzGI Best Styles Emerging Markets Equity		—		100,000		—			1,408			101,408		—		—			—
AllianzGI Best Styles International Equity	$	1,136,642		270,949	$	(556,727	)		(25,717	)		840,787	$	13,535	$	(70,600	)	$	9,619
AllianzGI Best Styles U.S. Equity		3,311,819		641,300		(1,628,707	)		22,097			2,421,621		43,119		(118,131	)		10,653
AllianzGI Emerging Markets Consumer		361,803		16,941		(58,240	)		(46,653	)		320,119		1,941		(6,608	)		—
AllianzGI High Yield Bond		—		1,425,265		(33,338	)		44,733			1,437,120		24,615		460			—
AllianzGI Income & Growth		2,711,075		336,298		(2,907,875	)		—			—		26,144		(306,254	)		45,682
AllianzGI Short Duration High Income		4,009,919		1,714,324		(801,609	)		(211,789	)		4,772,758		164,780		(41,249	)		—
PIMCO 15+ Year U.S. TIPS Index		2,773,815		1,901,394		(4,296,542	)		24,007			465,671		1,493		(65,306	)		—
PIMCO 25+ Year Zero Coupon U.S. Treasury Index		—		1,257,115		(1,076,011	)		3,007			225,653		—		41,542			—
PIMCO Capital Securities and Financials		1,416,719		260,643		(843,740	)		(34,926	)		804,689		34,318		(29,914	)		—
PIMCO Emerging Markets Bond		—		1,148,442		—			63,536			1,211,978		6,704		—			—
PIMCO Income		4,770,365		1,382,097		(1,972,420	)		68,571			4,081,761		194,272		(63,637	)		3,453
PIMCO Long-Term Credit		2,388,981		2,180,223		(903,900	)		(25,690	)		3,666,002		84,963		(71,976	)		120,209
PIMCO Mortgage Opportunities		—		1,949,895		(1,928,748	)		—			—		20,929		(21,147	)		—
Totals	$	22,881,138	$	15,766,396	$	(17,007,857	)	$	(97,870	)	$	21,550,623	$	616,813	$	(752,820	)	$	189,616

AllianzGI Global Allocation:
	Market Value 9/30/2015		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)		Market Value 3/31/2016		Dividend Income		Net Realized Gain (Loss)		Net Capital Gain Distributions Received
AllianzGI Advanced Core Bond		—	$	128,932,541		—		$	2,164,144	$	131,096,685	$	367,544		—		—
AllianzGI Best Styles Global Equity	$	160,559,907		86,205,183		—			4,271,630		258,072,246		1,644,483		—		—
AllianzGI Emerging Markets Debt Fund		—		12,364,843		—			98,766		12,463,609		27,659		—		—
AllianzGI International Managed Volatility		4,798,619		199,460	$	(4,887,642	)		—		—		199,460	$	963,748		—

376 March 31, 2016  | Semiannual Report

AllianzGI Global Allocation (cont’d)
	Market Value 9/30/2015		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)			Market Value 3/31/2016		Dividend Income		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI Short Duration High Income	$	22,337,055	$	1,569,478	$	(11,167,215	)	$	(546,686	)	$	12,443,052	$	503,111	$	(381,254	)		—
AllianzGI Structured Return		15,697,925		10,254,536		(8,000,000	)		293,631			18,167,221		100,027		(30,678	)	$	155,109
AllianzGI U.S. Managed Volatility		6,761,836		871,191		(6,851,252	)		—			—		256,721		76,618			614,469
PIMCO 15+ Year U.S. TIPS Index		4,523,810		—		(4,830,287	)		—			—		2,686		5,756			—
PIMCO Broad U.S. TIPS Index		—		9,795,908		—			154,687			9,950,595		—		—			—
PIMCO Income		28,028,646		128,664		(28,458,904	)		—			—		137,578		1,464,732			—
PIMCO Investment Grade Corporate Bond		15,756,457		6,973,288		(22,913,329	)		—			—		—		(300,242	)		—
Totals	$	258,464,255	$	257,295,092	$	(87,108,629	)	$	6,436,172		$	442,193,408	$	3,239,269	$	1,798,680		$	769,578

AllianzGI Global Dynamic Allocation:
	Market Value 9/30/2015		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)			Market Value 3/31/2016		Dividend Income		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI Advanced Core Bond		—	$	1,013,193		—		$	8,125		$	1,021,318		—		—			—
AllianzGI Best Styles Emerging Markets Equity	$	348,345		575,935		—			(77,511	)		900,102	$	16,039		—		$	17,476
AllianzGI Best Styles Global Equity		—		5,731,071		—			68,776			5,799,847		—		—			—
AllianzGI Best Styles International Equity		1,165,967		2,382,337		—			(214,840	)		3,420,661		37,374		—			27,152
AllianzGI Best Styles U.S. Equity		1,468,980		4,213,288		—			(159,109	)		5,635,517		78,286		—			19,611
AllianzGI International Managed Volatility		112,961		4,695	$	(110,188	)		—			—		4,695	$	5,638			—
AllianzGI Short Duration High Income		149,553		799,810		(2,817	)		(1,183	)		950,890		11,682		—			—
PIMCO Income		284,145		986,950		(220,803	)		(28,162	)		1,023,621		37,493		(4,680	)		693
PIMCO Investment Grade Corporate Bond		338,295		2,172,455		(523,676	)		(24,417	)		1,945,973		40,826		(25,178	)		28,013
PIMCO Long-Term Credit		142,173		330,674		—			(2,940	)		481,425		7,358		—			9,762
PIMCO Mortgage Opportunities		348,502		862,929		(109,374	)		(11,139	)		1,089,628		21,207		(738	)		—
PIMCO Mortgage-Backed Securities		598,293		1,799,139		(193,595	)		10,141			2,210,610		24,761		(1,152	)		—
Totals	$	4,957,214	$	20,872,476	$	(1,160,453	)	$	(432,259	)	$	24,479,592	$	279,721	$	(26,110	)	$	102,707

AllianzGI Global Megatrends:
	Market Value 9/30/2015		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)			Market Value 3/31/2016		Dividend Income		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI Emerging Markets Consumer	$	507,620	$	68,965	$	(5,669	)	$	(95,521	)	$	566,567	$	2,991	$	(1,208	)		—
AllianzGI Global Natural Resources		476,281		72,342		(5,600	)		(112,712	)		552,692		3,663		(1,338	)		—
AllianzGI Global Water		569,184		4,501		(66,934	)		24,705			565,000		3,496		2,728		$	1,005
AllianzGI Health Sciences		619,946		126,638		(5,825	)		(140,619	)		578,482		—		(1,711	)		122,579
AllianzGI Technology		593,621		89,995		(57,915	)		(52,246	)		573,047		—		(6,786	)		89,995
Totals	$	2,766,652	$	362,441	$	(141,943	)	$	(376,393	)	$	2,835,788	$	10,150	$	(8,315	)	$	213,579

Semiannual Report |  March 31, 2016 377

Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

AllianzGI Multi-Asset Real Return:
	Market Value 9/30/2015		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)			Market Value 3/31/2016		Dividend Income		Net Realized Gain (Loss)
AllianzGI Global Natural Resources	$	1,084,240	$	48,143	$	(384,220	)	$	(125,830	)	$	764,998	$	6,413	$	(106,482	)
AllianzGI Structured Return		210,317		—		(212,347	)		—			—		—		5,549
PIMCO Broad U.S. TIPS Index		586,740		369,035		(446,616	)		12,434			522,152		—		(6,178	)
PIMCO Commodity RealReturn Strategy		964,087		13,385		(201,300	)		(412,957	)		678,541		13,385		(142,236	)
Totals	$	2,845,384	$	430,563	$	(1,244,483	)	$	(526,353	)	$	1,965,691	$	19,798	$	(249,347	)

12. FUND EVENTS

(a) Management Fee and Expense Limitation Changes

Effective November 1, 2015, the management fee for AllianzGI NFJ International Small-Cap Value was reduced from 0.95% to 0.85%. Additionally, the expense limitation for each share class was reduced by 0.15% through January 31, 2017.

Effective February 1, 2016, the management fee for AllianzGI Emerging Markets Consumer was reduced from 1.00% to 0.90%. Additionally, the expense limitation for each share class was reduced by 0.10% through January 31, 2017.

Effective February 1, 2016, the management fee for AllianzGI NFJ Emerging Markets Value was reduced from 1.00% to 0.85%. Additionally, the expense limitation for each share class was reduced by 0.21% through January 31, 2017.

On February 18, 2016 the Board of Trustees, approved, subject to shareholder approval, changes to the fee structure of each of the Target Date Funds. In connection with and subject to shareholder approval of a proposed increase in each Target Date Fund’s investment advisory fee to be considered at a special meeting of shareholders, each Target Date Fund will adopt a new principal investment strategy, name new portfolio managers and institute a new glide-path and benchmark. In connection with the adoption of a new investment strategy, AllianzGI Retirement Income will change its name to “AllianzGI Dynamic Multi-Asset Income Fund.” The aforementioned changes, if the revised fee struture is approved by shareholders, are expected to be implemented on or about June 30, 2016.

(b) Reorganization

On October 21, 2015, shareholders of AllianzGI Behavioral Advantage Large Cap Fund approved a reorganization of the Fund with and into Fuller & Thaler Behavioral Core Equity Fund. The reorganization was completed on October 23, 2015.

On February 18, 2016 the Board of Trustees, approved the reorganization of AllianzGI Retirement 2015 with and into AllianzGI Retirement Income (the “Reorganization”). The closing date of the Reorganization is expected to be on or about August 1, 2016.

(c) Policy Change

On November 4, 2015, shareholders of AllianzGI Global Water approved certain changes to the Fund’s fundamental investment restriction regarding its concentration policy. The Fund may not invest

more than 25% of the value of its total assets in the securities of companies primarily engaged in any one industry, except that it will concentrate more than 25% of its total assets in the water-related resources sector. The Fund currently considers the water-related resources sector to include companies that are principally engaged in water-related activities. “Water-related activities” consist of those that relate to the quality or availability of or demand for potable and non-potable water and include the following: water production, storage, transport and distribution; water supply-enhancing or water demand-reducing technologies and materials; water planning, control and research; water conditioning, such as filtering, desalination, disinfection and purification; sewage and liquid waste treatment; and water delivery-related equipment and technology, consulting or engineering services relating to any of the above-mentioned activities. The specific activities that the Fund may from time to time consider to qualify as “water-related activities” will change as markets, technologies and investment practices develop.

(d) Share Class Conversion

Effective November 13, 2015, Class D shares of each Fund were converted into Class A shares of the same Fund. The Class D conversion was effected on the basis of the relative net asset values of the Class D and Class A shares involved and, following the conversion, each Fund ceased to have any Class D shares authorized or outstanding.

Effective December 4, 2015, Class B shares of AllianzGI Global Allocation were converted into Class A shares of the same Fund. The Class B conversion was effected on the basis of the relative net asset values of the Class B and Class A shares involved and, following the conversion, AllianzGI Global Allocation ceased to have any Class B shares authorized or outstanding.

(e) Fund Liquidation

On December 11, 2015, AllianzGI Global Managed Volatility Fund liquidated as a series of the Trust.

(f) New Share Classes

Effective February 1, 2016, AllianzGI Global Dynamic Allocation and AllianzGI International Small-Cap began offering Class R6 shares.

13. PAYMENTS FROM AFFILIATES

During the six months ended March 31, 2016, AllianzGI U.S. reimbursed AllianzGI Best Styles Emerging Markets Equity, AllianzGI

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NFJ Emerging Markets Value and AllianzGI U.S. Equity Hedged $1,397, $41 and $254, respectively, for realized losses resulting from trading errors.

There were no payments from affiliates for the period ended September 30, 2015.

During the fiscal year ended November 30, 2014, AllianzGI U.S. reimbursed AllianzGI Convertible, AllianzGI Global Fundamental Strategy, AllianzGI High Yield Bond and AllianzGI U.S. Equity Hedged $475,282, $575, $174,513 and $317, respectively, for realized losses resulting from trading errors.

14. BORROWINGS

On July 31, 2015, the Trust entered into a new credit agreement (the “Northern Trust Agreement”), among the Trust, AllianzGI Institutional Multi-Series Trust, Allianz Funds and Premier Multi-Series VIT, as

borrowers (collectively, the “AllianzGI Borrowers” and each series

thereof, an “AllianzGI Borrower Fund”), and Northern Trust Company, as lender, for a committed line of credit. The Northern Trust Agreement has a 364-day term and permits the AllianzGI Borrowers to borrow up to $200 million in aggregate, subject to (i) a requirement that each AllianzGI Borrower Fund’s asset coverage with respect to senior securities representing indebtedness be 300% or higher, and (ii) certain other limitations and conditions. Each AllianzGI Borrower Fund will pay interest on any amounts borrowed under the facility at the greater of (i) the federal funds overnight rate plus 1.00% or (ii) 1.50%, subject to upward adjustment when any past-due payments are outstanding. The AllianzGI Borrowers will also pay a usage fee at an annualized rate of 0.15% on undrawn amounts, allocated pro rata among the AllianzGI Borrower Funds on the basis of net assets. Amounts borrowed may be repaid and reborrowed on a revolving basis during the term of the facility.

The following Funds utilized the line of credit during the six months ended March 31, 2016. The average balance outstanding is for the number of days that the Funds had an outstanding balance.

	Average Amount Borrowed During the Six Months Ended March 31, 2016		Average Interest Rate			Number of Days Outstanding During the Six Months Ended March 31, 2016		Outstanding Borrowings at March 31, 2016
AllianzGI Retirement 2015	$	3,235,000		1.50	%		3		—
AllianzGI Retirement 2020		8,065,000		1.50			3		—
AllianzGI Retirement 2025		8,985,000		1.50			3		—
AllianzGI Retirement 2030		6,375,000		1.50			3		—
AllianzGI Retirement 2035		6,485,000		1.50			3		—
AllianzGI Retirement 2040		5,530,000		1.50			3		—
AllianzGI Retirement 2045		3,315,000		1.50			3		—
AllianzGI Retirement 2050		2,260,000		1.50			3		—
AllianzGI Retirement 2055		400,000		1.50			3		—
AllianzGI Retirement Income		1,325,000		1.50			3		—
AllianzGI Best Styles International Equity		5,000,000		1.50			2		—

15. RELATED PARTY TRANSACTIONS

The Investment Manager is a related party. Fees payable to this party are disclosed in Note 5 and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

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

During the six months ended March 31, 2016, the following Funds engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act:

	Purchases		Sales
AllianzGI Convertible	$	5,293,156	$	20,197,119
AllianzGI High Yield Bond		200,808		341,994

16. SUBSEQUENT EVENTS

In preparing these financial statements, the Funds’ management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

Effective April 1, 2016, AGIFM will temporarily waive the management fee for AllianzGI NFJ Global Dividend Value by 0.10%. Additionally, the expense limitation for each share class was reduced by 0.10% through March 31, 2017.

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Notes to Financial Statements (cont’d)

March 31, 2016 (Unaudited)

Effective April 1, 2016, AGIFM will temporarily waive the management fee for AllianzGI NFJ International Value II by 0.05%. Additionally, the expense limitation for each share class was reduced by 0.05% through March 31, 2017.

Effective April 1, 2016, AGIFM will temporarily waive the management fee for AllianzGI U.S. Small-Cap Growth was reduced from 0.90% to 0.80%. Additionally, the expense limitation for each share class was reduced by 0.20% through March 31, 2017.

On April 11, 2016, AllianzGI Ultra Micro Cap re-opened to new purchases.

On April 21, 2016 the following Funds declared per-share net investment income dividends to shareholders, payable April 21, 2016 to shareholders of record on April 20, 2016.

	Class A		Class C		Class R		Class P		Institutional Class		Administrative Class
AllianzGI High Yield Bond	$	0.04499	$	0.03995	$	0.04455	$	0.04743	$	0.04750	$	0.04208
AllianzGI Short Duration High Income		0.06000		0.05660		N/A		0.06297		0.06300		N/A

Effective April 26, 2016, AllianzGI Best Styles Global Equity began offering Class C shares and AllianzGI Best Styles Emerging Markets Equity, AllianzGI Best Styles International Equity and AllianzGI Best Styles U.S. Equity began offering Class A and Class C shares.

On May 19, 2016, the following Funds declared per-share net investment income dividends to shareholders, payable May 19, 2016 to shareholders of record on May 18, 2016.

	Class A		Class C		Class R		Class P		Institutional Class		Administrative Class
AllianzGI High Yield Bond	$	0.04462	$	0.03962	$	0.04398	$	0.04691	$	0.04750	$	0.04150
AllianzGI Short Duration High Income		0.06000		0.05679		N/A		0.06378		0.06318		N/A

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

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Unaudited

Changes to Board of Trustees & Fund Officers

Effective October 8, 2015, Barbara R. Claussen became a Trustee of the Funds. Ms. Claussen is an “interested person” of the Funds, as defined in Section 2(a) (19) of the 1940 Act, due to her positions with the Investment Manager and its affiliates.

Effective April 15, 2016, Julian Sluyters resigned as a Trustee of the Funds.

Effective April 25, 2016, A. Douglas Eu became a Trustee of the Funds. Mr. Eu is an “interested person” of the Funds, as defined in Section 2(a) (19) of the 1940 Act, due to his positions with the Investment Manager and its affiliates.

Effective April 25, 2016, Thomas J. Fuccillo, formerly the Vice President, Chief Legal Officer and Secretary to the Funds was appointed President and Chief Executive Officer to the Funds.

Effective April 25, 2016, Angela Borreggine, formerly an Assistant Secretary to the Funds was appointed Chief Legal Officer and Secretary to the Funds.

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Matters Relating to the Trustees’ Consideration of the Investment Management and Sub-Advisory Agreements

The Investment Company Act of 1940, as amended (the “1940 Act”), requires that both the full Board of Trustees (the “Trustees”) and a majority of the Trustees who are not interested persons of the Trust (the “Independent Trustees”), voting separately, annually approve the continuation of (i) the Trust’s Amended and Restated Investment Management Agreement (the “Investment Management Agreement”) on behalf of each Fund (as defined below) with Allianz Global Investors Fund Management LLC (the “Investment Manager”), and (ii) the Sub-Advisory Agreements between the Investment Manager and the applicable sub-adviser for each Fund. The Investment Management Agreement and the Sub-Advisory Agreements are collectively referred to herein as the “Agreements.” The sub-advisers for the Funds include Allianz Global Investors U.S. LLC (“AllianzGI U.S.”) and NFJ Investment Group LLC (“NFJ”) (collectively, the “Sub-Advisers”).

With respect to the Funds, the Independent Trustees had a pre-meeting on March 10, 2016 with independent counsel to discuss the materials provided by the Investment Manager in response to the Independent Trustees’ written request for information regarding the annual renewals. Representatives from Fund management attended portions of that meeting to review, among other matters, the comparative fee and expense information and comparative performance information prepared and provided by Broadridge Inc. (“Broadridge”) for each Fund using its respective Lipper Inc. (“Lipper”) peer universe for performance comparison and Broadridge peer universe for expense comparisons.

At an in-person meeting held on March 22, 2016, the Board and the Independent Trustees unanimously approved the continuation of the Agreements for an additional one-year period from April 1, 2016 through March 31, 2017 with respect to AllianzGI Retirement 2015 Fund (the “2015 Fund”), AllianzGI Retirement 2020 Fund (the “2020 Fund”), AllianzGI Retirement 2025 Fund (the “2025 Fund”), AllianzGI Retirement 2030 Fund (the “2030 Fund”), AllianzGI Retirement 2035 Fund (the “2035 Fund”), AllianzGI Retirement 2040 Fund (the “2040 Fund”), AllianzGI Retirement 2045 Fund (the “2045 Fund”), AllianzGI Retirement 2050 Fund (the “2050 Fund”), AllianzGI Retirement 2055 Fund (the “2055 Fund”), AllianzGI Retirement Income Fund (the “Retirement Income Fund” and, together with the 2015 Fund, the 2020 Fund, the 2025 Fund, the 2030 Fund, the 2035 Fund, the 2040 Fund, the 2045 Fund, the 2050 Fund and the 2055 Fund, the “Retirement Funds”), AllianzGI Global Allocation Fund (the “Global Allocation Fund”), AllianzGI Global Dynamic Allocation Fund (the “Global Dynamic Fund” and, together with the Global Allocation Fund, the “Allocation Funds”), AllianzGI Best Styles Emerging Markets Equity Fund (the “Best Styles Emerging Markets Fund”), AllianzGI Best Styles Global Equity Fund (the “Best Styles Global Equity Fund”), AllianzGI Best Styles International Equity Fund (the “Best Styles International Equity Fund”), AllianzGI Best Styles U.S. Equity Fund (the “Best Styles US Equity Fund”), AllianzGI China Equity Fund (the “China Equity Fund”), AllianzGI Convertible Fund (the “Convertible Fund”), AllianzGI Emerging Markets Consumer Fund (the “Emerging Markets Consumer

Fund”), AllianzGI Emerging Markets Debt Fund (the “Emerging Markets Debt Fund”), AllianzGI Emerging Markets Small-Cap Fund (the “Emerging Markets Small-Cap Fund”), AllianzGI Europe Equity Dividend Fund (the “Europe Equity Fund”) AllianzGI Global Fundamental Strategy Fund (the “Global Fundamental Strategy Fund”), AllianzGI Global Megatrends Fund (the “Global Megatrends Fund”), AllianzGI Global Sustainability Fund (the “Global Sustainability Fund”), AllianzGI Global Water Fund (the “Global Water Fund”), AllianzGI High Yield Bond Fund (the “High Yield Bond Fund”), AllianzGI International Growth Fund (the “International Growth Fund”), AllianzGI International Small-Cap Fund (the “International Small-Cap Fund”), AllianzGI Micro Cap Fund (the “Micro Cap Fund”), AllianzGI Multi-Asset Real Return Fund (the “Multi-Asset Real Return Fund”), AllianzGI Short Duration High Income Fund (the “Short Duration High Income Fund”), AllianzGI Structured Return Fund (the “Structured Return Fund”), AllianzGI Ultra Micro Cap Fund (the “Ultra Micro Cap Fund”), AllianzGI U.S. Equity Hedged Fund (the “U.S. Equity Hedged Fund”), AllianzGI U.S. Small-Cap Growth Fund (the “U.S. Small-Cap Growth Fund”, and, together with the Best Styles Emerging Markets Fund, the Best Styles Global Equity Fund, the Best Styles International Equity Fund, the Best Styles US Equity Fund, the China Equity Fund, the Convertible Fund, the Emerging Markets Consumer Fund, the Emerging Markets Debt Fund, the Emerging Markets Small-Cap Fund, the Europe Equity Fund, the Global Fundamental Strategy Fund, the Global Megatrends Fund, the Global Sustainability Fund, the Global Water Fund, the High Yield Bond Fund, the International Growth Fund, the International Small-Cap Fund, the Micro Cap Fund, the Multi-Asset Real Return Fund, the Short Duration High Income Fund, the Structured Return Fund, the Ultra Micro Cap Fund and the U.S. Equity Hedged Fund, the “AllianzGI Funds”), AllianzGI NFJ Emerging Markets Value Fund (the “NFJ Emerging Markets Value Fund”), AllianzGI NFJ Global Dividend Value Fund (the “NFJ Global Dividend Value Fund”), AllianzGI NFJ International Small-Cap Value Fund (the “NFJ International Small-Cap Value Fund”), AllianzGI NFJ International Value II Fund (the “NFJ International Value II Fund” and, together with the NFJ Emerging Markets Value Fund, the NFJ Global Dividend Fund and the NFJ International Small-Cap Value Fund, the “NFJ Funds” and, together with the Retirement Funds, the Allocation Funds and the AllianzGI Funds, the “Funds”).

The material factors and conclusions that formed the basis of these approvals for the Funds are discussed below.

The Independent Trustees were assisted in their evaluation of the Agreements and the factors that they deemed to be material, including those factors described below, by independent legal counsel, from whom they received separate legal advice and with whom they met separately from Fund management during their contract review meetings.

In connection with their deliberations regarding the approval of the Agreements, the Trustees, including the Independent Trustees, considered such information and factors as they believed, in light of

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the legal advice furnished to them and their own business judgment, to be relevant. As described below, the Trustees considered the nature, quality and extent of the various investment management, administrative and other services to be performed by the Investment Manager and the Sub-Advisers under the Agreements.

In connection with their deliberations, the Trustees received and relied upon materials provided by the Investment Manager including, among other items: (i) information provided by Broadridge, an independent third party, for the Funds on the investment performance of a group of funds with investment classifications and/or objectives comparable to those of the Funds identified by Lipper (the “Lipper performance universe”), the performance of applicable benchmark indices and the total return investment performance (based on net assets) of the Funds for various time periods; (ii) information on the Funds’ management fees and other expenses and information compiled from Broadridge, as applicable, on the management fees and other expenses of comparable funds identified by Broadridge; (iii) to the extent applicable, information regarding the investment performance and fees for other funds and accounts managed by the Investment Manager and the Sub-Advisers or their affiliates, including institutional and separate accounts, with similar investment objective(s) and policies to those of the Funds, if any; (iv) an estimate of the profitability to the Investment Manager from its relationship with the Funds for the twelve months ended December 31, 2015; (v) descriptions of various functions performed by the Investment Manager and the Sub-Advisers for the Funds, such as portfolio management, compliance monitoring and portfolio trading practices; and (vi) information regarding the overall organization and business functions of the Investment Manager and the Sub-Advisers, including, without limitation, information regarding senior management, portfolio managers and other personnel providing or proposed to provide investment management, administrative and other services to the Funds.

The Trustees’ conclusions as to the approval of the Agreements were based on a comprehensive consideration of all information provided to the Trustees and were not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. The Trustees recognized that the fee arrangements for the Funds are the result of years of review and discussion between the Independent Trustees and the Investment Manager, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Trustees’ conclusions may be based, in part, on their consideration of these same arrangements during the course of the year and in prior years. The Trustees evaluated information available to them on a Fund-by-Fund basis, and their determinations were made separately in respect of each Fund. However, they also took into account the common interests of all series of the Trust in their review. The Trustees also took into account that the Investment Manager had proposed the

continuation of certain advisory fee waivers and expense caps for the Funds, with various proposed modifications and advisory fee reductions for certain Funds. The Trustees also considered the risk profiles of each Fund.

Performance Information

Fund-specific performance results for the Funds reviewed by the Trustees are discussed below. The comparative performance information was prepared and provided by Broadridge and was not independently verified by the Trustees. Due to the passage of time, these performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report. With respect to all Funds, the Trustees reviewed, among other information, comparative information showing performance for Class A and Institutional Class (or, in the case of the Retirement Funds, Class R6) shares of the Funds against their respective Lipper performance universes for the one-year, three-year, five-year and ten-year periods (to the extent each such Fund had been in existence) ended September 30, 2015. For Funds that commenced operations during the Trust’s fiscal year ended September 30, 2015, the Trustees reviewed comparative information showing performance for Class A and Institutional Class shares of the Funds against their respective Lipper performance universes for the period from the Fund’s inception through September 30, 2015. Institutional Class performance (or, in the case of the Retirement Funds, Class R6 performance) relative to the median for each Fund’s Lipper performance universe is described below, and for those Funds with performance that ranked below the median for their respective Lipper performance universes, the specific quintile rankings for Institutional Class shares are also noted below with respect to the relevant periods of underperformance.

Retirement Funds and Allocation Funds. For the 2015 Fund, performance was below median (in the fifth quintile) for the one-year, three-year and five-year periods. For the 2020 Fund, performance was below median (in the fifth quintile) for the one-year, three-year and five-year periods. For the 2025 Fund, performance was below median (in the fifth quintile) for the one-year and three-year periods. For the 2030 Fund, performance was below median (in the fifth quintile) for the one-year, three-year and five-year periods. For the 2035 Fund, performance was below median (in the fifth quintile) for the one-year and three-year periods. For the 2040 Fund, performance was below median (in the fifth quintile) for the one-year, three-year and five-year periods. For the 2045 Fund, performance was below median (in the fifth quintile) for the one-year and three-year periods. For the 2050 Fund, performance was below median (in the fifth quintile) for the one-year, three-year and five-year periods. For the 2055 Fund, performance was below median (in the fifth quintile) for the one-year and three-year periods. For the Retirement Income Fund, performance was below median for the one-year, three-year and five-year periods (in the fifth quintile for the one-year period and the fourth quintile for the three-year and five-year periods). For the Global Dynamic Allocation Fund, performance was at the median for the one-year period and above

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Unaudited

Matters Relating to the Trustees’ Consideration of the Investment Management and Sub-Advisory Agreements (cont’d)

median for the three-year period. For the Global Allocation Fund, performance was above median for the one-year, three-year, five-year and ten-year periods.

AllianzGI Funds. For the Best Styles Emerging Markets Fund, performance was above median in the period since the Fund’s inception. For the Best Styles Global Equity Fund, performance was above median in the period since the Fund’s inception. For the Best Styles International Equity Fund, performance was above median in the period since the Fund’s inception. For the Best Styles U.S. Equity Fund, performance was above median in the period since the Fund’s inception. For the China Equity Fund, performance was above median for the one-year, three-year and five-year periods. For the Convertible Fund, performance was above median for the one-year, three-year, five-year and ten-year periods. For the Emerging Markets Consumer Fund, performance was above median in the period since the Fund’s inception. For the Emerging Markets Debt Fund, performance was above median in the period since the Fund’s inception. For the Emerging Markets Small-Cap Fund, performance was above median in the period since the Fund’s inception. For Europe Equity Dividend, performance was below median in the period since the Fund’s inception (fifth quintile). For the Global Fundamental Strategy Fund, performance was below median for the one-year period (fourth quintile). For the Global Megatrends Fund, performance was below median for the period since the Fund’s inception (fifth quartile). For the Global Sustainability Fund, performance was above median for the period since the Fund’s inception. For the Global Water Fund, performance was above median for the one-year, three-year and five-year periods. For the High Yield Bond Fund, performance was below median for the one-year and three-year periods (in the fourth and third quintile, respectively), and above median for the five-year and ten-year periods. For the International Growth Fund, performance was below median for the period since the Fund’s inception (fourth quintile). For the International Small-Cap Fund, performance was above median for the one-year, three-year, five-year and ten-year periods. For the Micro Cap Fund, performance was above median for the one-year, three-year, five-year and ten-year periods. For the Multi-Asset Real Return Fund, performance was below median (in the fifth quintile) for the one-year period. For the Short Duration High Income Fund, performance was above median for the one-year and three-year periods. For the Structured Return Fund, performance was above median for the one-year period. For the Ultra Micro Cap Fund, performance was below median (in the fourth quintile) for the one-year period, and above median for the three-year and five-year periods. For the U.S. Equity Hedged Fund, performance was at median for the one-year period. For the U.S. Small-Cap Growth Fund, performance was below median (in the fifth, fourth and fourth quintile, respectively) for the one-year, three-year and five-year periods and above median for the ten-year period.

NFJ Funds. For the NFJ Emerging Markets Value Fund, performance was above median for the one-year period. For the NFJ Global Dividend Value Fund, performance was below median (in the fifth

quintile) for the one-year, three-year and five-year periods. For the NFJ International Small-Cap Value Fund, performance was above median for the one-year and three-year periods. For the NFJ International Value II Fund, performance was below median (fourth and fifth quintile, respectively) for the one-year and three-year periods.

In addition, the Trustees considered matters bearing on the Funds and their advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting.

As part of their review, the Trustees examined the ability of the Investment Manager and the Sub-Advisers to provide high-quality investment management and other services to the Funds. Among other information, the Trustees considered the investment philosophy and research and decision making processes of the Sub-Advisers; the experience of key advisory personnel of the Investment Manager, Sub-Advisers or their affiliates, as applicable, responsible for portfolio management of the Funds; the ability of the Investment Manager and the Sub-Advisers to attract and retain capable personnel; and the capability of the senior management and staff of the Investment Manager and the Sub-Advisers. In addition, the Trustees reviewed the quality of the Investment Manager’s and the Sub-Advisers’ services with respect to regulatory compliance and ability to comply with the investment and compliance policies and procedures of the Funds; the nature, extent and quality of certain administrative services the Investment Manager is responsible for providing to the Funds; and conditions that might affect the ability of the Investment Manager or the Sub-Advisers to provide high quality services to the Funds in the future under the Agreements, including each organization’s respective financial condition and operational stability. Based on the foregoing, the Trustees concluded that the Sub-Advisers’ investment process, research capabilities and philosophy were well-suited to each Fund given its investment objectives and policies, and that the Investment Manager and the Sub-Advisers would be able to continue to meet any reasonably foreseeable obligations under each Agreement.

Fee and Expense Information

In assessing the reasonableness of the Funds’ fees and expenses under the Agreements, the Trustees considered, among other information, each Fund’s management fee (or, in the case of the Retirement Funds, each Retirement Fund’s advisory fee) and each Fund’s total expense ratio as a percentage of average daily net assets and the management fees and total expense ratios of peer groups of funds based on information provided by Broadridge. The Trustees also noted the management fee waiver and/or expense limitation agreements observed by the Investment Manager for the Funds that cap fees or expenses of their various share classes, as certain of these arrangements were proposed to be modified by the Investment Manager. The Trustees also considered, among other items: (i) the level of the Funds’ Sub-Advisory fees; (ii) the allocation of the Management Fee between the Investment Manager and the Sub-Advisers, and the services provided by

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the Investment Manager, on the one hand, and the Sub-Advisers, on the other hand; and (iii) that the Investment Manager (and not the Funds) pays the Sub-Advisory fees.

In comparing the Funds to their respective Broadridge peers with respect to expenses, the Trustees noted that the Funds (other than the Retirement Funds) were not charged a separate administration fee, recognizing that their management fee includes a component for administrative services, while many of the Funds’ Broadridge peers have separate advisory and administration agreements with separate fees. The Trustees also took into account the “unitary” administrative fee structure applicable to the Retirement Funds, under which certain third-party services that are ordinarily the financial responsibility of a mutual fund (e.g., audit, custody, accounting, legal, transfer agency and printing services) are, in the case of the Retirement Funds, paid for by the Investment Manager out of the administrative fee.

The Trustees also considered information showing the advisory fees charged by the Investment Manager and Sub-Advisers to other funds and accounts, including institutional and separate accounts, with similar investment objective(s) and policies to those of the Funds, if any. In comparing these fees, the Trustees considered information provided by the Investment Manager as to the generally broader and more extensive services provided to the Funds in comparison to institutional or separate accounts, the higher demands placed on the Investment Manager’s investment personnel and trading infrastructure as a result of the daily cash in-flows and out-flows of the Funds, the greater entrepreneurial risk in managing retail mutual funds, and the impact on the Investment Manager and expenses associated with the more extensive regulatory regime to which the Funds are subject in comparison to institutional or separate accounts.

The Trustees reviewed information provided by Broadridge comparing each Fund’s advisory fee or management fee, as applicable, and ratios of total expenses to net assets (“total expense ratios”) for two share classes (Class A and Institutional Class share classes (or, in the case of the Funds, Class R6)) to those of a group of comparable funds for the most recent fiscal year ended September 30, 2015. Class A shares of the applicable Broadridge-selected group of comparable funds are referred to below as the “retail expense group,” and Institutional Class or Class R6 shares, as applicable, are referred to as the “institutional expense group.” The Trustees noted that the Broadridge data takes into account any fee reductions or expense limitations that were in effect during a Fund’s last fiscal year. The Fund-specific fee and expense results discussed below were prepared and provided by Broadridge and were not independently verified by the Trustees. The Funds’ fee and expense rankings are discussed below relative to the median of the applicable Broadridge-selected group of comparable funds. A Fund whose fees and expenses were below median had fees and expenses that were less than the median fees and expenses of its peer group, while a Fund whose fees and expenses were above median had fees and expenses that were higher than the median fees and expenses of its peer group. For those Funds whose fees or

expenses were higher than the median, the specific quintile rankings are also noted below with respect to the relevant above-median fee or expense categories (unless quintile rankings were not provided to the Trustees by Broadridge, in which case fund rankings are provided). For these purposes, higher fees and expenses result in a lower quintile ranking, with the first quintile being the highest and the fifth quintile being the lowest ranking. For example, a Fund with the highest fees and expenses relative to its peer group would rank in the fifth quintile, while a Fund with the lowest fees and expenses relative to its peer group would rank in the first quintile.

Retirement Funds and Allocation Funds. For the 2015 Fund, 2020 Fund, 2025 Fund, 2030 Fund, 2035 Fund and Retirement Income Fund advisory fees were below median for both the retail and institutional expense groups, and total expense ratios (taking fee waivers and/or expense limitations into account) were above the median for the retail expense group and below the median for the institutional expense group. For the 2040 Fund and 2050 Fund, advisory fees were below median for both the retail and institutional expense groups, and total expense ratios (taking fee waivers and/or expense limitations into account) were at median for the retail expense group and below the median for the institutional expense group. For the 2045 Fund, advisory fees were below median for both the retail and institutional expense groups, and total expense ratios (taking fee waivers and/or expense limitations into account) were above median for the retail expense group and at median for the institutional expense group. For the 2055 Fund, advisory fees were below median for both the retail and institutional expense groups, and total expense ratios (taking fee waivers and/or expense limitations into account) were at median for both the retail expense group and institutional expense group. For the Global Dynamic Allocation Fund and Global Allocation Fund, management fees and total expense ratios (taking fee waivers and/or expense limitations into account) were below median for both the retail and institutional expense groups.

AllianzGI Funds. For the Best Styles Emerging Markets Equity Fund, Best Styles International Equity Fund and Best Styles US Fund, management fees and total expense ratios (taking fee waivers and/or expense limitations into account) were below median for the institutional expense group (the Funds began offering Class A and Class C shares on April 26, 2016 and the Best Styles Global Equity Fund began offering Class C shares on April 26, 2016). For the Best Styles Global Equity Fund, China Equity Fund, Emerging Markets Consumer Fund, Europe Equity Dividend Fund, Global Fundamental Strategy Fund, Global Sustainability Fund, High Yield Bond Fund, Multi-Asset Real Return, Short Duration High Income Fund, Structured Return and US Equity Hedged Fund, management fees and total expense ratios (taking fee waivers and/or expense limitations into account) were below median for both the retail and institutional expense groups. For the Convertible Fund, management fees for both retail and institutional expense groups were below median and total expense ratios (taking fee waivers and/or expense limitations into account) were at median for the retail expense group and below median for the

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Matters Relating to the Trustees’ Consideration of the Investment Management and Sub-Advisory Agreements (cont’d)

institutional expense group. For the Emerging Markets Small-Cap Fund, management fees were below median for both the retail and institutional expense groups, and total expense ratios (taking fee waivers and/or expense limitations into account) were at median for the retail expense group and below median for the institutional expense group. For the Emerging Markets Debt Fund and Global Megatrends Fund management fees were below median (Global Megatrends Fund does not charge a management fee) for both the retail and institutional expense groups, and total expense ratios (taking fee waivers and/or expense limitations into account) were above median for both the retail and institutional expense groups. For the International Growth Fund, management fees were at median for the retail expense group and below median for the institutional expense group, and total expense ratios (taking fee waivers and/or expense limitations into account) were below median for both the retail and institutional expense groups. For the International Small-Cap Fund, management fees were below median for both the retail and institutional expense groups, and total expense ratios (taking fee waivers and/or expense limitations into account) were below median for the retail expense group and above median (in the fourth quintile) for the institutional expense group. For the Micro Cap Fund, management fees were above median (in the fifth quintile) for the retail expense group and at median for the institutional expense group, and total expense ratios (taking fee waivers and/or expense limitations into account) were above (fourth quintile) median for the retail expense group and at median for the institutional expense group. For the Ultra Micro Cap Fund, management fees and total expense ratios (taking fee waivers and/or expense limitations into account) were above median (in the fifth quintile) for both the retail and institutional expense groups. For the Global Water Fund, management fees were above median (in the fifth quintile and fourth quintile, respectively) for both the retail and institutional expense groups, and total expense ratios (taking fee waivers and/or expense limitations into account) were above median (in the fifth quintile) for both the retail and institutional expense groups. For the U.S. Small-Cap Growth Fund, management fees were below median for both the retail and institutional expense groups, and total expense ratios (taking fee waivers and/or expense limitations into account) were below median for the retail expense group and above median (in the fourth quintile) for the institutional expense group.

NFJ Funds. For the NFJ Emerging Markets Value Fund, NFJ International Small-Cap Value Fund and the NFJ International Value II Fund, management fees and total expense ratios (taking fee waivers and/or expense limitations into account) were below median for both the retail and institutional expense groups. For the NFJ Global Dividend Value Fund, management fees were above the median (in the fourth quintile) for both the retail and institutional expense groups, and total expense ratios (taking fee waivers and/or expense limitations into account) were below median for both the retail and institutional expense groups.

The Trustees considered the estimated profitability to the Investment Manager of its relationship with each Fund and determined that such profitability did not appear to be excessive. The Trustees considered the extent to which the Investment Manager and Sub-Advisers may realize economies of scale or other efficiencies in managing and supporting the Funds. The Trustees took into account that, as open-end investment companies, the Funds intend to raise additional assets, so as the assets of the Funds grow over time, certain economies of scale and other efficiencies may be realized through spreading certain fixed costs across a larger asset base or across a variety of products and services, while also taking into account the fee waiver and expense limitation arrangements observed by the Investment Manager for applicable Funds. Additionally, the Trustees considered so-called “fall-out benefits” to the Investment Manager, the Sub-Advisers and their affiliates, such as reputational value derived from serving as Investment Manager and Sub-Advisers to the Funds.

The Trustees considered and approved fee reductions and waivers to certain Funds effective April 1, 2016 through March 31, 2017. For the NFJ Global Dividend Value Fund, the Trustees approved a temporary 0.10% waiver of the investment management fee paid by the Fund to the Investment Manager. The Trustees approved a corresponding 0.10% waiver of the sub-advisory fee paid by the Investment Manager to NFJ, the Fund’s sub-adviser and approved a 0.10% reduction in the Fund’s expense cap for each share class. For the NFJ International Value II Fund, Trustees approved a temporary 0.05% waiver of the investment management fee paid by the Fund to the Investment Manager. The Trustees approved a corresponding 0.05% waiver of the sub-advisory fee paid by the Investment Manager to NFJ, the Fund’s sub-adviser and approved a 0.05% reduction in the Fund’s expense cap for each share class. For the US Small-Cap Growth Fund, the Trustees approved a permanent 0.10% reduction in the investment management fee paid by the Fund to the Investment Manager. The Trustees approved a corresponding 0.10% reduction in the sub-advisory fee paid by the Investment Manager to AllianzGI US, the Fund’s sub-adviser and approved a 0.20% reduction in the Fund’s expense cap for each share class.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the Agreements, that they were satisfied with the Investment Manager’s and Sub-Advisers’ responses and efforts relating to the investment performance of the Funds, including efforts to improve performance for underperforming Funds. With respect to the Funds, the Trustees also concluded that the fees payable under each Agreement represent reasonable compensation in light of the nature, extent and quality of services provided by the Investment Manager or Sub-Advisers, as the case may be, and should be continued. Based on their evaluation of factors that they deemed to be material, including those factors described above, the Trustees, including the Independent Trustees, unanimously concluded that the continuation of the Agreements with respect to the Funds were in the interests of the applicable Funds and their shareholders, and should be approved.

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Privacy Policy

Please read this Policy carefully. It gives you important information about how Allianz Global Investors U.S. and its U.S. affiliates (“AllianzGI US,” “we” or “us”) handle non-public personal information (“Personal Information”) that we may receive about you. It applies to all of our past, present and future clients and shareholders of AllianzGI US and the funds and accounts it manages, advises, sub-advises, administers or distributes, and will continue to apply when you are no longer a client or shareholder. As used throughout this Policy, “AllianzGI US” means Allianz Global Investors U.S. LLC, Allianz Global Investors Fund Management LLC, Allianz Global Investors Distributors LLC, NFJ Investment Group LLC and the family of registered and unregistered funds managed by one or more of these firms. AllianzGI US is part of a global investment management group, and the privacy policies of other Allianz Global Investors entities outside of the United States may have provisions in their policies that differ from this Privacy Policy. Please refer to the website of the specific non-US Allianz Global Investors entity for its policy on privacy.

We Care about Your Privacy

We consider your privacy to be a fundamental aspect of our relationship with you, and we strive to maintain the confidentiality, integrity and security of your Personal Information. To ensure your privacy, we have developed policies that are designed to protect your Personal Information while allowing your needs to be served.

Information We May Collect

In the course of providing you with products and services, we may obtain Personal Information about you, which may come from sources such as account application and other forms, from other written, electronic, or verbal communications, from account transactions, from a brokerage or financial advisory firm, financial advisor or consultant, and/or from information you provide on our website.

You are not required to supply any of the Personal Information that we may request. However, failure to do so may result in us being unable to open and maintain your account, or to provide services to you.

How Your Information Is Shared

We do not disclose your Personal Information to anyone for marketing purposes. We disclose your Personal Information only to those service providers, affiliated and non-affiliated, who need the information for everyday business purposes, such as to respond to your inquiries, to perform services, and/or to service and maintain your account. This applies to all of the categories of Personal Information we collect about you. The affiliated and non-affiliated service providers who receive your Personal Information also may use it to process your transactions, provide you with materials (including preparing and mailing prospectuses and shareholder reports and gathering shareholder proxies), and provide you with account statements and other materials relating to your account. These service providers provide services at our direction, and under their agreements with us, are required to keep your Personal Information confidential and to use it only for providing the contractually required services. Our service providers may not use your Personal Information to market products and services to you except in conformance with applicable laws and regulations. We also may provide your Personal Information to your respective brokerage or financial advisory firm, custodian, and/or to your financial advisor or consultant.

In addition, we reserve the right to disclose or report Personal Information to non-affiliated third parties, in limited circumstances, where we believe in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities or pursuant to other legal process, or to protect our rights or property, including to enforce our Privacy Policy or other agreements with you. Personal Information collected by us may also be transferred as part of a corporate sale, restructuring, bankruptcy, or other transfer of assets.

Security of Your Information

We maintain your Personal Information for as long as necessary for legitimate business purposes or otherwise as required by law. In maintaining this information, we have implemented appropriate procedures that are designed to restrict access to your Personal Information only to those who need to know that information in order to provide products and/or services to you. In addition, we have implemented physical, electronic and procedural safeguards to help protect your Personal Information.

Privacy and the Internet

The Personal Information that you provide through our website, as applicable, is handled in the same way as the Personal Information that you provide by any other means, as described above. This section of the Policy gives you additional information about the way in which Personal Information that is obtained online is handled.

n Online Enrollment, Account Access and Transactions: When you visit our website, you can visit pages that are open to the general public, or, where available, log into protected pages to enroll online, access information about your account, or conduct certain transactions. Access to the secure pages of our website is permitted only after you have created a User ID and Password. The User ID and Password must be supplied each time

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Privacy Policy (cont’d)

you want to access your account information online. This information serves to verify your identity. When you enter Personal Information into our website (including your Social Security Number or Taxpayer Identification Number and your password) to enroll or access your account online, you will log into secure pages. By using our website, you consent to this Privacy Policy and to the use of your Personal Information in accordance with the practices described in this Policy. If you provide Personal Information to effect transactions on our website, a record of the transactions you have performed while on the site is retained by us. For additional terms and conditions governing your use of our website, please refer to the Investor Mutual Fund Access — Disclaimer which is incorporated herein by reference and is available on our website.

n Cookies and Similar Technologies: Cookies are small text files stored in your computer’s hard drive when you visit certain web pages. Cookies and similar technologies help us to provide customized services and information. We use these technologies on our website to improve our website and services, including to evaluate the effectiveness of our site, and to enhance the site user experience. Because an industry-standard Do-Not-Track protocol is not yet established, our website will continue to operate as described in this Privacy Policy and will not be affected by any Do-Not-Track signals from any browser.

Changes to Our Privacy Policy

We may modify this Privacy Policy from time-to-time to reflect changes in related practices and procedures, or applicable laws and regulations. If we make changes, we will notify you on our website and the revised Policy will become effective immediately upon posting to our website. We also will provide account owners with a copy of our Privacy Policy annually. We encourage you to visit our website periodically to remain up to date on our Privacy Policy. You acknowledge that by using our website after we have posted changes to this Privacy Policy, you are agreeing to the terms of the Privacy Policy as modified.

Obtaining Additional Information

If you have any questions about this Privacy Policy or our privacy related practices in the United States, you may contact us via our dedicated email at PrivacyUS@allianzgi.com.

388 March 31, 2016  | Semiannual Report

Allianz Multi-Strategy Funds

Trustees

Davey S. Scoon

Chairman of the Board of Trustees

Barbara R. Claussen

Deborah A. DeCotis

F. Ford Drummond

A. Douglas Eu

Bradford K. Gallagher

James A. Jacobson

Hans W. Kertess

James S. MacLeod

William B. Ogden, IV

Alan Rappaport

Officers

Thomas J. Fuccillo

President & Chief Executive Officer

Lawrence G. Altadonna

Treasurer, Principal Financial & Accounting Officer

Angela Borreggine

Chief Legal Officer & Secretary

Thomas L. Harter

Chief Compliance Officer

Scott Whisten

Assistant Treasurer

Richard J. Cochran

Assistant Treasurer

Orhan Dzemaili

Assistant Treasurer

Debra Rubano

Assistant Secretary

Paul Koo⁽¹⁾

Assistant Secretary

Morley D. Campbell⁽²⁾

Assistant Secretary

Thomas W. Oliver⁽²⁾

Assistant Secretary

Investment Manager

Allianz Global Investors Fund Management LLC

1633 Broadway

New York, NY 10019

Sub-Advisers

Allianz Global Investors U.S. LLC

1633 Broadway

New York, NY 10019

NFJ Investment Group LLC

2100 Ross Avenue, Suite 700

Dallas, TX 75201

Distributor

Allianz Global Investors Distributors LLC

1633 Broadway

New York, NY 10019

Custodian & Accounting Agent

State Street Bank & Trust Co.

801 Pennsylvania Avenue

Kansas City, MO 64105

Shareholder Servicing and Transfer Agents

Boston Financial Data Services, Inc.

(Class A, Class C and Class R shares)

P.O. Box 8050

Boston, MA 02266-8050

(Class P, Institutional Class, Class R6 and Administrative Class shares)

330 West 9^th Street, 5^th Floor

Kansas City, MO 64105

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

300 Madison Avenue

New York, NY 10017

Legal Counsel

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

This report, including the financial information herein, is transmitted to the shareholders of the Funds for their information. It is not a prospectus, circular or representation intended for use in the purchase of shares of each Fund or any securities mentioned in this report.

The Financial information included herein is taken from the records of the Funds without examination by an independent registered public accounting firm, who did not express an opinion herein.

For Account Information

Contact your financial adviser, or if you receive account statements directly from Allianz Global Investors, you can also call (800) 988-8380 for Class A, C and R shares or (800) 498-5413 for Class P, Institutional, R6 and Administrative shares. Telephone representatives are available Monday-Friday 8:30 am to 6:00 pm Eastern Time. Or visit our website, us.allianzgi.com.

⁽¹⁾ Paul Koo is Assistant Secretary of the Trust with a limited authority to open, maintain and close certain custodial and trading accounts for all series of the Trust.

⁽²⁾ Morley D. Campbell and Thomas W. Oliver are Assistant Secretaries of the Trust with a limited authority to open, maintain and close certain custodial and training accounts for the AllianzGI NFJ Emerging Markets Value Fund.

About Allianz Global Investors

Understand. Act. This two-word philosophy is at the core of what we do. To stand out as the investment partner our clients trust, we listen closely to understand their needs, then act decisively to deliver solutions. We are a diversified active investment manager with a strong parent company, a culture of risk management and $495 billion in assets under management.* With 25 offices in 18 countries and over 500 investment professionals, we provide global investment and research capabilities with consultative local delivery.

For more information about any of our investment solutions or client services, call your financial advisor or visit us.allianzgi.com.

Investors should consider the investment objectives, risks, charges and expenses of the above mentioned Funds carefully before investing. This and other information is contained in the Fund’s prospectus, which may be obtained by contacting your financial advisor, by visiting us.allianzgi.com or by calling 1-800-988-8380 (retail classes: A, C & R) or 1-800-498-5413 (Class P, Class R6, Institutional & Administrative classes). Please read the prospectus carefully before you invest or send money.

* Combined worldwide AUM as of March 31, 2016.

Allianz Global Investors Fund Management LLC serves as the investment manager for the Allianz Funds and the Allianz Multi-Strategy Funds. Allianz Funds and the Allianz Multi-Strategy Funds are distributed by Allianz Global Investors Distributors LLC. © 2016. For information about any product, contact your financial advisor.

us.allianzgi.com

Receive this report electronically and eliminate paper mailings.

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

AZ750SA_033116

AGI-2016-04-01-14929

ITEM 2. CODE OF ETHICS

(a) Not required in this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not required in this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not required in this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANT

Disclosure not required for open-end management investment companies.

ITEM 6. SCHEDULE OF INVESTMENTS

(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Disclosure not required for open-end management investment companies.

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

Disclosure not required for open-end management investment companies.

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

Disclosure not required for open-end management investment companies.

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

There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Trustees since the Fund’s last provided disclosure in response to this item.

ITEM 11. CONTROLS AND PROCEDURES

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

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

ITEM 12. EXHIBITS

(a) (1) Not required in this filing.

(a) (2) Exhibit 99.302 Cert. — Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

(a) (3) Not applicable

(b) Exhibit 99.906 Cert. — Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Signatures

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

(Registrant) Allianz Funds Multi-Strategy Trust
By:	/s/ Thomas J. Fuccillo
	Thomas J. Fuccillo,
	President & Chief Executive Officer
Date:	June 2, 2016

By:	/s/ Lawrence G. Altadonna
	Lawrence G. Altadonna
	Treasurer, Principal Financial & Accounting Officer
Date:	June 2, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Thomas J. Fuccillo
	Thomas J. Fuccillo,
	President & Chief Executive Officer
Date:	June 2, 2016

By:	/s/ Lawrence G. Altadonna
	Lawrence G. Altadonna,
	Treasurer, Principal Financial & Accounting Officer
Date:	June 2, 2016