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)

Scott Whisten

1633 Broadway, New York, NY 10019

(Name and address of agent for service)

Registrant’s telephone number, including area code: 212-739-3367

Date of fiscal year end: September 30

Date of reporting period: March 31, 2018

Item 1. Report to Shareholders

Allianz Multi-Strategy Funds

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

Semiannual Report

March 31, 2018

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 Multi Asset Income Fund (formerly AllianzGI Retirement Income Fund)

AllianzGI Global Allocation 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 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 Dynamic Allocation Fund

AllianzGI Global Fundamental Strategy Fund

AllianzGI Global High Yield 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 NFJ Emerging Markets Value Fund

AllianzGI NFJ International Small-Cap Value Fund

AllianzGI PerformanceFee Managed Futures Strategy Fund

AllianzGI PerformanceFee Structured US Equity Fund

AllianzGI PerformanceFee Structured US Fixed Income Fund

AllianzGI Real Estate Debt Fund

AllianzGI Short Duration High Income Fund

AllianzGI Structured Return Fund

AllianzGI U.S. Equity Hedged Fund

AllianzGI Ultra Micro Cap Fund

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

Receive this report electronically and eliminate paper mailings.

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

Table of Contents

2–3	Letter from the President
4–105	Fund Summaries
106–107	Important Information
108–111	Benchmark Descriptions
112–197	Schedules of Investments
198–211	Statements of Assets and Liabilities
212–224	Statements of Operations
226–241	Statements of Changes in Net Assets
242–301	Financial Highlights
302–379	Notes to Financial Statements
380	Changes to the Board of Trustees and Fund Officers
381–385	Matters Relating to the Trustees’ Consideration of the Investment Management Agreements
386–387	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 each 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 six-month period ended March 31, 2018. This trend also occurred outside the US, and global inflation remained well-contained. Against this backdrop, US and international equities generated positive results. Elsewhere, the US bond market posted a modest decline during the reporting period.

Six Months in Review

For the six-month period ended March 31, 2018, US stocks, as measured by the Standard & Poor’s 500 Index, gained 5.84%. Two measures of stock performance in developed international and global markets, the MSCI EAFE (Europe, Australasia and Far East) Index (net) and the MSCI World Index (net), returned 2.63% and 4.15%, respectively, in dollar-denominated terms. Elsewhere, the MSCI Emerging Markets Index (net) rose 8.96%. With respect to bonds, the Bloomberg Barclays US Credit Index returned -1.10%, whereas the Bloomberg Barclays Global High Yield Index rose 0.50%. The Bloomberg Barclays US Government Bond Index returned 0.51%, while the broader bond market index, as measured by the Bloomberg Barclays US Aggregate Bond Index, returned -1.08%.

Turning to the US economy, gross domestic product (“GDP”), the value of goods and services produced in the country, the broadest measure of economic activity and the principal indicator of economic performance, expanded at an annual pace of 3.2% and 2.9% during the third and fourth quarters of 2017, respectively. The Commerce Department’s initial estimate for the first quarter of 2018 — released after the reporting period had ended — showed that GDP grew at an annual pace of 2.3%.

The US Federal Reserve (the “Fed”) raised interest rates twice during the reporting period, in December 2017 and March 2018. With the rate hike in March, the federal funds rate moved to a range between 1.50% and 1.75%. This marked the Fed’s sixth rate hike since December 2015 and the first under new Chairman Jerome Powell. Meanwhile, in October 2017, the Fed started to gradually reduce its balance sheet — a process that will likely take several years. The Fed’s actions during the reporting period were well telegraphed and there were minimal market disruptions.

2 March 31, 2018  | Semiannual Report

Outlook

Since the depths of the global financial crisis, central banks have supported financial markets and the economies they serve through expansionary monetary policies, increasing their balance sheets to previously unheard-of sizes. In our opinion, the strong growth in corporate profits and diminishing fears of deflation show that this approach has worked, and central banks will be careful not to stifle current gains.

So, while we anticipate the scale of central bank support will diminish in 2018 — led by the Fed — we expect the overall shift to be slow and the precise actions to vary from one central bank to the next. In our view, interest rates will stay low overall in 2018. Consequently, we believe investors should continue to keep a careful eye on inflation, particularly because official data appear to understate rises in real-world costs. In addition to macroeconomic considerations, we believe several dominant investment themes, including geopolitical risk and business disruption, will persist in 2018.

Against this backdrop, we will continue to use our fundamental research and insights — and our strong global network — to help our clients balance risk and reward. Where appropriate, we will also seek to capitalize on volatility spikes and prepare to trim exposure to risky assets if cyclical data start to lose momentum.

On behalf of Allianz Global Investors U.S. LLC, the Funds’ investment manager, 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 us.allianzgi.com/edelivery.

Semiannual Report |  March 31, 2018 3

Unaudited

AllianzGI Target-Date Funds*

For the period of October 1, 2017 through March 31, 2018, as provided by the Multi-Asset US Group.

Fund Insights

For the six-month period ended March 31, 2018, Class A shares at net asset value (“NAV”) of the AllianzGI Target-Date Funds (the “Funds”) returned between 0.74% and 3.38% with longer dated Funds posting more favorable results. In terms of relative performance, all strategies underperformed their respective benchmarks (Morningstar Lifetime Moderate series) for the six-month period.

Market Overview

The six-month period ending on March 31, 2018 is best characterized as one which began with markets being supported by optimism about global growth and mostly positive political developments. About midway through the period, however, market expectations began to reset.

Global equities appreciated through January buoyed by optimism about the trajectory of global growth. Late in the fourth quarter, the passage of the Tax Cuts and Jobs Act provided an additional boost to sentiment around US equities in light of positive implications for corporate earnings. In terms of economic expansion, we received confirmation that the US economy expanded at a greater than 3.0% rate for two consecutive quarters (on a quarter-over-quarter annualized rate) and that in the US and almost all major economies, the labor market continued to tighten. And yet inflation failed to materialize in spite of such improvements, while official forecasts (from the US Federal Reserve (the “Fed”)) and unofficial ones (from consumer sentiment surveys) suggested that the absence of inflation would continue in the US and in most major economies. Emerging market assets continued to benefit from the “spillover” effects of strong global growth, with its attendant boost to international trade and support for some industrial commodity prices (such as copper) that benefit key commodity exporters. In addition, emerging markets benefited from a weaker US dollar and persistent inflows of foreign capital.

However, signs of rising inflationary pressures and higher bond yields led to a sharp correction in early February. For the remainder of the period macroeconomic and policy uncertainty forced a recalibration of expectations among market participants across asset classes. As of January, markets expected the Fed to increase its benchmark interest rate two times during 2018 and markets seemed to have grown complacent with the low volatility environment of the previous two years. Several new themes arose during the reporting period including (i) a re-emergence of volatility, (ii) renewed vigilance about the possibility of creeping inflation, and (iii) revised forecasts for the pace and magnitude of increases in the Fed’s benchmark interest rate. In this new context, we observed a spike in the Chicago Board Options Exchange Volatility Index (“VIX”) of around 300% during the first week of February, a correction in US equities of more than 6% intraday during the day following a report showing that US wages in January increased more than expected, and an increase in yields on 10-Year Treasuries of roughly 40 basis points by the end of the period.

In March, these factors, combined with the looming threat of a global trade war linked to the White House’s announcement of steep tariffs on steel and aluminum, weighed on markets. Later in March, the technology sector suffered in the wake of several company-specific events, including the launch of a federal investigation into Facebook’s alleged privacy breach.

Overall, the best performing assets for the six-month period were emerging market equities and emerging market bonds followed by global and US equities. Among the worst performing assets were corporate and US government bonds.

Portfolio Review

An overweight to global equities, especially in emerging markets and US equities, provided a tailwind to performance during the reporting period across the board. In addition, selection in equities detracted from performance as the Funds underperformed their respective benchmarks. In addition, selection in bonds also had a negative impact as the AllianzGI Advanced Core Bond Portfolio also underperformed the Bloomberg Barclays US Aggregate Bond Index. Lastly, opportunistic positions in energy and industrial metals commodities also detracted from the Funds’ performance.

At the end of the reporting period, the Funds maintained an underweight position in US government bonds (duration weighted) and an overweight position in global equities including emerging markets, although less so than at the start of the period. The Funds also have an opportunistic position in US bank loans, which are floating rate instruments and which we believe should outperform traditional corporate credit in a rising interest rate environment.

Outlook

Overall, despite the recent volatility in markets, there is still evidence to support a prolonged period of synchronized global growth. As of the end of the quarter, around the world more than two-thirds of countries (developed and emerging) were producing above-average economic data changes. In addition, monetary policy remains accommodative in historical terms as the removal of excess liquidity has been gradual and we believe monetary policy will likely remain accommodative. Although the Fed raised its benchmark interest rate in March and provided more hawkish guidance for the next two years, comments from new Fed Chair Jerome Powell suggest that policy will move at a measured pace. For its part, the European Central Bank signaled that it will not increase the policy rate in 2018. Inflation remains low albeit higher than at the end of last year. Inflation expectations, especially survey-based measures, however, are more elevated.

As of the end of the quarter, our market cycle signals and fundamental analysis recommend a neutral position for global equities favoring emerging markets and US equities and with a small underweight to Europe and the United Kingdom. On the fixed income side, we are neutral to modestly underweight US bonds and long periphery European bonds and emerging market local bonds.

* The “Target-Date Funds” are 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.

4 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI Retirement 2020 Fund

Average Annual Total Return for the period ended March 31, 2018

	6 Month*		1 Year		5 Year		Since Inception†
AllianzGI Retirement 2020 Fund Class A		0.74%		6.87%		3.64%		7.17%
AllianzGI Retirement 2020 Fund Class A (adjusted)		–4.80%		0.99%		2.47%		6.51%
AllianzGI Retirement 2020 Fund Class C		0.33%		6.09%		2.86%		6.35%
AllianzGI Retirement 2020 Fund Class C (adjusted)		–0.65%		5.09%		2.86%		6.35%
AllianzGI Retirement 2020 Fund Class R		0.58%		7.71%		2.89%		6.61%
AllianzGI Retirement 2020 Fund Class P		0.87%		7.15%		3.94%		7.46%
AllianzGI Retirement 2020 Fund Class R6		0.90%		7.29%		4.04%		7.56%
AllianzGI Retirement 2020 Fund Administrative Class		0.80%		6.94%		3.68%		7.21%
Morningstar Lifetime Moderate 2020 Index		2.67%		8.19%		6.12%		9.67%
AllianzGI 2020 Strategic Benchmark		1.78%		7.31%		4.06%		6.57%
Lipper Mixed-Asset Target 2020 Funds Average		1.95%		7.14%		5.32%		8.63%

* Cumulative return

† The Fund began operations on December 29, 2008. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2008.

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 106 and 107 for more information. The Fund’s gross expense ratios are 1.19% for Class A shares, 1.94% 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. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. 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, 2018.

Cumulative Returns Through March 31, 2018

Fund Allocation (as of March 31, 2018)

AllianzGI Global Dynamic Allocation	63.3%
AllianzGI Advanced Core Bond	17.2%
AllianzGI Best Styles U.S. Equity	6.0%
Vanguard Mortgage-Backed Securities	2.3%
AllianzGI Short Duration High Income	1.2%
iShares TIPS Bond	1.1%
Vanguard Intermediate-Term Corporate Bond	0.9%
AllianzGI Emerging Markets Small-Cap	0.7%
Other	0.7%
Cash & Equivalents — Net	6.6%

Semiannual Report |  March 31, 2018 5

Unaudited

AllianzGI Retirement 2020 Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,007.40	$1,003.30	$1,005.80	$1,008.70	$1,009.00	$1,008.00
Expenses Paid During Period	$1.75	$5.49	$3.50	$0.25	$0.02	$1.50
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,023.19	$1,019.45	$1,021.44	$1,024.68	$1,024.92	$1,023.44
Expenses Paid During Period	$1.77	$5.54	$3.53	$0.25	$0.02	$1.51

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 (0.35% for Class A, 1.10% for Class C, 0.70% for Class R, 0.05% for Class P, less than 0.005% for Class R6 and 0.30% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.

6 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI Retirement 2025 Fund

Average Annual Total Return for the period ended March 31, 2018

	6 Month*		1 Year		5 Year		Since Inception†
AllianzGI Retirement 2025 Fund Class A		1.76%		8.99%		4.50%		6.00%
AllianzGI Retirement 2025 Fund Class A (adjusted)		–3.84%		3.00%		3.32%		5.05%
AllianzGI Retirement 2025 Fund Class R		1.57%		8.61%		4.12%		5.61%
AllianzGI Retirement 2025 Fund Class P		1.88%		9.31%		4.81%		6.31%
AllianzGI Retirement 2025 Fund Class R6		1.91%		9.38%		4.91%		6.41%
AllianzGI Retirement 2025 Fund Administrative Class		1.76%		9.05%		4.55%		6.04%
Morningstar Lifetime Moderate 2025 Index		3.08%		9.31%		7.00%		9.25%
AllianzGI 2025 Strategic Benchmark		2.56%		8.99%		4.89%		6.06%
Lipper Mixed-Asset Target 2025 Funds Average		2.48%		8.65%		6.45%		8.30%

* Cumulative returns

† The Fund began operations on December 19, 2011. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2011.

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 106 and 107 for more information. The Fund’s gross expense ratios are 1.23% for Class A 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 January 31, 2020. The Fund’s expense ratios net of this reduction are 0.95% for Class A 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, 2018.

Cumulative Returns Through March 31, 2018

Fund Allocation (as of March 31, 2018)

AllianzGI Global Dynamic Allocation	72.0%
AllianzGI Advanced Core Bond	13.6%
AllianzGI Best Styles U.S. Equity	9.4%
AllianzGI Emerging Markets Small-Cap	0.6%
AllianzGI Short Duration High Income	0.5%
iShares TIPS Bond	0.5%
AllianzGI Emerging Markets Debt	0.3%
Cash & Equivalents — Net	3.1%

Semiannual Report |  March 31, 2018 7

Unaudited

AllianzGI Retirement 2025 Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class A	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,017.60	$1,015.70	$1,018.80	$1,019.10	$1,017.60
Expenses Paid During Period	$1.56	$3.32	$0.05	$0.02	$1.31
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,023.39	$1,021.64	$1,024.88	$1,024.92	$1,023.64
Expenses Paid During Period	$1.56	$3.33	$0.05	$0.02	$1.31

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 (0.31% for Class A, 0.66% for Class R, 0.01% for Class P, less than 0.005% for Class R6 and 0.26% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.

8 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI Retirement 2030 Fund

Average Annual Total Return for the period ended March 31, 2018

	6 Month*		1 Year		5 Year		Since Inception†
AllianzGI Retirement 2030 Fund Class A		2.31%		10.62%		5.22%		8.77%
AllianzGI Retirement 2030 Fund Class A (adjusted)		–3.32%		4.54%		4.04%		8.11%
AllianzGI Retirement 2030 Fund Class C		1.95%		9.77%		4.43%		8.00%
AllianzGI Retirement 2030 Fund Class C (adjusted)		0.98%		8.77%		4.43%		8.00%
AllianzGI Retirement 2030 Fund Class R		2.17%		10.26%		4.85%		8.47%
AllianzGI Retirement 2030 Fund Class P		2.46%		10.91%		5.53%		9.11%
AllianzGI Retirement 2030 Fund Class R6		2.54%		11.02%		5.64%		9.21%
AllianzGI Retirement 2030 Fund Administrative Class		2.38%		10.68%		5.27%		8.87%
Morningstar Lifetime Moderate 2030 Index		3.61%		10.66%		7.92%		11.57%
AllianzGI 2030 Strategic Benchmark		3.24%		10.47%		5.70%		8.36%
Lipper Mixed-Asset Target 2030 Funds Average		3.15%		10.12%		7.17%		10.23%

* Cumulative return

† The Fund began operations on December 29, 2008. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2008.

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 106 and 107 for more information. The Fund’s gross expense ratios are 1.22% for Class A shares, 1.97% for Class C shares, 1.47% for Class R shares, 0.82% for Class P shares, 0.72% for Class R6 shares and 1.07% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. 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, 2018.

Cumulative Returns Through March 31, 2018

Fund Allocation (as of March 31, 2018)

AllianzGI Global Dynamic Allocation	70.4%
AllianzGI Best Styles U.S. Equity	13.0%
AllianzGI Best Styles Global Equity	9.0%
AllianzGI Advanced Core Bond	3.0%
AllianzGI Emerging Markets Small-Cap	1.1%
Vanguard FTSE All World ex-U.S. Small-Cap	0.5%
Cash & Equivalents — Net	3.0%

Semiannual Report |  March 31, 2018 9

Unaudited

AllianzGI Retirement 2030 Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,023.10	$1,019.50	$1,021.70	$1,024.60	$1,025.40	$1,023.80
Expenses Paid During Period	$1.61	$5.39	$3.38	$0.10	$0.02	$1.36
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,023.34	$1,019.60	$1,021.59	$1,024.83	$1,024.92	$1,023.59
Expenses Paid During Period	$1.61	$5.39	$3.38	$0.10	$0.02	$1.36

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 (0.32% for Class A, 1.07% for Class C, 0.67% for Class R, 0.02% for Class P, less than 0.005% for Class R6 and 0.27% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.

10 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI Retirement 2035 Fund

Average Annual Total Return for the period ended March 31, 2018

	6 Month*		1 Year		5 Year		Since Inception†
AllianzGI Retirement 2035 Fund Class A		2.78%		11.75%		5.93%		7.85%
AllianzGI Retirement 2035 Fund Class A (adjusted)		–2.88%		5.60%		4.74%		6.88%
AllianzGI Retirement 2035 Fund Class R		2.63%		11.41%		5.57%		7.48%
AllianzGI Retirement 2035 Fund Class P		2.96%		12.07%		6.26%		8.19%
AllianzGI Retirement 2035 Fund Class R6		3.00%		12.22%		6.37%		8.29%
AllianzGI Retirement 2035 Fund Administrative Class		2.77%		11.77%		5.98%		7.90%
Morningstar Lifetime Moderate 2035 Index		4.14%		11.95%		8.65%		11.21%
AllianzGI 2035 Strategic Benchmark		3.84%		11.82%		6.43%		8.20%
Lipper Mixed-Asset Target 2035 Funds Average		3.76%		11.74%		8.13%		9.91%

* Cumulative return

† The Fund began operations on December 19, 2011. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2011.

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 106 and 107 for more information. The Fund’s gross expense ratios are 1.15% for Class A shares, 1.40% for Class R shares, 0.75% for Class P shares, 0.65% for Class R6 shares and 1.00% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 0.95% for Class A 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, 2018.

Cumulative Returns Through March 31, 2018

Fund Allocation (as of March 31, 2018)

AllianzGI Global Dynamic Allocation	46.7%
AllianzGI Best Styles Global Equity	30.6%
AllianzGI Best Styles U.S. Equity	15.5%
AllianzGI Advanced Core Bond	2.5%
AllianzGI Emerging Markets Small-Cap	1.1%
Vanguard FTSE All World ex-U.S. Small-Cap	0.9%
Cash & Equivalents — Net	2.7%

Semiannual Report |  March 31, 2018 11

Unaudited

AllianzGI Retirement 2035 Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class A	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,027.80	$1,026.30	$1,029.60	$1,030.00	$1,027.70
Expenses Paid During Period	$1.97	$3.74	$0.46	$0.02	$1.72
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,022.99	$1,021.24	$1,024.48	$1,024.92	$1,023.24
Expenses Paid During Period	$1.97	$3.73	$0.45	$0.02	$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, 0.74% for Class R, 0.09% for Class P, 0.005% for Class R6 and 0.34% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.

12 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI Retirement 2040 Fund

Average Annual Total Return for the period ended March 31, 2018

	6 Month*		1 Year		5 Year		Since Inception†
AllianzGI Retirement 2040 Fund Class A		3.08%		12.52%		6.42%		10.12%
AllianzGI Retirement 2040 Fund Class A (adjusted)		–2.59%		6.33%		5.22%		9.45%
AllianzGI Retirement 2040 Fund Class C		2.69%		11.63%		5.63%		9.28%
AllianzGI Retirement 2040 Fund Class C (adjusted)		1.72%		10.63%		5.63%		9.28%
AllianzGI Retirement 2040 Fund Class R		2.93%		12.11%		6.06%		9.77%
AllianzGI Retirement 2040 Fund Class P		3.24%		12.85%		6.76%		10.43%
AllianzGI Retirement 2040 Fund Class R6		3.28%		12.98%		6.86%		10.53%
AllianzGI Retirement 2040 Fund Administrative Class		3.07%		12.56%		6.48%		10.16%
Morningstar Lifetime Moderate 2040 Index		4.51%		12.86%		9.03%		12.47%
AllianzGI 2040 Strategic Benchmark		4.31%		12.85%		6.97%		9.72%
Lipper Mixed-Asset Target 2040 Funds Average		4.03%		12.25%		8.25%		11.12%

* Cumulative return

† The Fund began operations on December 29, 2008. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2008.

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 106 and 107 for more information. The Fund’s gross expense ratios are 1.09% for Class A shares, 1.84% 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. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. 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, 2018.

Cumulative Returns Through March 31, 2018

Fund Allocation (as of March 31, 2018)

AllianzGI Best Styles Global Equity	44.7%
AllianzGI Global Dynamic Allocation	32.8%
AllianzGI Best Styles U.S. Equity	18.1%
Vanguard FTSE All World ex-U.S. Small-Cap	1.1%
AllianzGI Emerging Markets Small-Cap	1.1%
Cash & Equivalents — Net	2.2%

Semiannual Report |  March 31, 2018 13

Unaudited

AllianzGI Retirement 2040 Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,030.80	$1,026.90	$1,029.30	$1,032.40	$1,032.80	$1,030.70
Expenses Paid During Period	$2.23	$6.01	$4.00	$0.71	$0.20	$1.97
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,022.74	$1,019.00	$1,020.99	$1,024.23	$1,024.73	$1,022.99
Expenses Paid During Period	$2.22	$5.99	$3.98	$0.71	$0.20	$1.97

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 (0.44% for Class A, 1.19% for Class C, 0.79% for Class R, 0.14% for Class P, 0.04% for Class R6 and 0.39% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.

14 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI Retirement 2045 Fund

Average Annual Total Return for the period ended March 31, 2018

	6 Month*		1 Year		5 Year		Since Inception†
AllianzGI Retirement 2045 Fund Class A		3.20%		13.03%		6.84%		8.93%
AllianzGI Retirement 2045 Fund Class A (adjusted)		–2.48%		6.81%		5.64%		7.95%
AllianzGI Retirement 2045 Fund Class R		2.98%		12.60%		6.47%		8.55%
AllianzGI Retirement 2045 Fund Class P		3.32%		13.31%		7.18%		9.27%
AllianzGI Retirement 2045 Fund Class R6		3.41%		13.44%		7.30%		9.37%
AllianzGI Retirement 2045 Fund Administrative Class		3.24%		13.11%		6.90%		8.97%
Morningstar Lifetime Moderate 2045 Index		4.68%		13.31%		9.11%		11.70%
AllianzGI 2045 Strategic Benchmark		4.56%		13.40%		7.22%		9.29%
Lipper Mixed-Asset Target 2045 Funds Average		4.31%		13.10%		8.84%		10.76%

* Cumulative return

† The Fund began operations on December 19, 2011. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2011.

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 106 and 107 for more information. The Fund’s gross expense ratios are 1.06% for Class A shares, 1.31% for Class R shares, 0.66% for Class P shares, 0.56% for Class R6 shares and 0.91% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 0.95% for Class A 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, 2018.

Cumulative Returns Through March 31, 2018

Fund Allocation (as of March 31, 2018)

AllianzGI Best Styles Global Equity	53.9%
AllianzGI Global Dynamic Allocation	22.0%
AllianzGI Best Styles U.S. Equity	18.9%
Vanguard FTSE All World ex-U.S. Small-Cap	1.3%
AllianzGI Emerging Markets Small-Cap	1.0%
Cash & Equivalents — Net	2.9%

Semiannual Report |  March 31, 2018 15

Unaudited

AllianzGI Retirement 2045 Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class A	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,032.00	$1,029.80	$1,033.20	$1,034.10	$1,032.40
Expenses Paid During Period	$2.43	$4.20	$0.91	$0.41	$2.18
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,022.54	$1,020.79	$1,024.03	$1,024.53	$1,022.79
Expenses Paid During Period	$2.42	$4.18	$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 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.

16 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI Retirement 2050 Fund

Average Annual Total Return for the period ended March 31, 2018

	6 Month*		1 Year		5 Year		Since Inception†
AllianzGI Retirement 2050 Fund Class A		3.31%		13.14%		6.89%		10.55%
AllianzGI Retirement 2050 Fund Class A (adjusted)		–2.37%		6.92%		5.68%		9.88%
AllianzGI Retirement 2050 Fund Class C		2.91%		12.30%		6.08%		9.74%
AllianzGI Retirement 2050 Fund Class C (adjusted)		1.94%		11.30%		6.08%		9.74%
AllianzGI Retirement 2050 Fund Class R		3.13%		12.77%		6.50%		10.22%
AllianzGI Retirement 2050 Fund Class P		3.47%		13.50%		7.22%		10.88%
AllianzGI Retirement 2050 Fund Class R6		3.47%		13.56%		7.32%		10.98%
AllianzGI Retirement 2050 Fund Administrative Class		3.31%		13.16%		6.94%		10.62%
Morningstar Lifetime Moderate 2050 Index		4.72%		13.47%		9.05%		12.51%
AllianzGI 2050 Strategic Benchmark		4.66%		13.61%		7.28%		9.90%
Lipper Mixed-Asset Target 2050+ Funds Average		4.23%		12.76%		8.69%		11.37%

* Cumulative return

† The Fund began operations on December 29, 2008. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2008.

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 106 and 107 for more information. The Fund’s gross expense ratios are 1.05% for Class A shares, 1.80% 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. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. 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, 2018.

Cumulative Returns Through March 31, 2018

Fund Allocation (as of March 31, 2018)

AllianzGI Best Styles Global Equity	58.9%
AllianzGI Best Styles U.S. Equity	18.4%
AllianzGI Global Dynamic Allocation	17.5%
Vanguard FTSE All World ex-U.S. Small-Cap	1.4%
AllianzGI Emerging Markets Small-Cap	1.0%
Cash & Equivalents — Net	2.8%

Semiannual Report |  March 31, 2018 17

Unaudited

AllianzGI Retirement 2050 Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,033.10	$1,029.10	$1,031.30	$1,034.70	$1,034.70	$1,033.10
Expenses Paid During Period	$2.48	$6.27	$4.25	$0.96	$0.46	$2.23
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,022.49	$1,018.75	$1,020.74	$1,023.98	$1,024.48	$1,022.74
Expenses Paid During Period	$2.47	$6.24	$4.23	$0.96	$0.45	$2.22

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 (0.49% for Class A, 1.24% for Class C, 0.84% for Class R, 0.19% for Class P, 0.09% for Class R6 and 0.44% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.

18 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI Retirement 2055 Fund

Average Annual Total Return for the period ended March 31, 2018

	6 Month*		1 Year		5 Year		Since Inception†
AllianzGI Retirement 2055 Fund Class A		3.38%		13.18%		6.90%		9.08%
AllianzGI Retirement 2055 Fund Class A (adjusted)		–2.31%		6.95%		5.69%		8.11%
AllianzGI Retirement 2055 Fund Class R		3.20%		12.81%		6.52%		8.71%
AllianzGI Retirement 2055 Fund Class P		3.51%		13.48%		7.21%		9.42%
AllianzGI Retirement 2055 Fund Class R6		3.58%		13.64%		7.33%		9.53%
AllianzGI Retirement 2055 Fund Administrative Class		3.39%		13.24%		6.94%		9.13%
Morningstar Lifetime Moderate 2055 Index		4.73%		13.57%		8.96%		11.57%
AllianzGI 2055 Strategic Benchmark		4.66%		13.61%		7.28%		9.34%
Lipper Mixed-Asset Target 2055+ Funds Average		4.51%		13.57%		9.19%		11.11%

* Cumulative return

† The Fund began operations on December 19, 2011. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2011.

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 106 and 107 for more information. The Fund’s gross expense ratios are 1.05% for Class A 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. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 0.95% for Class A 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, 2018.

Cumulative Returns Through March 31, 2018

Fund Allocation (as of March 31, 2018)

AllianzGI Best Styles Global Equity	58.8%
AllianzGI Best Styles U.S. Equity	18.3%
AllianzGI Global Dynamic Allocation	17.5%
Vanguard FTSE All World ex-U.S. Small-Cap	1.4%
AllianzGI Emerging Markets Small-Cap	1.0%
Cash & Equivalents — Net	3.0%

Semiannual Report |  March 31, 2018 19

Unaudited

AllianzGI Retirement 2055 Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class A	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,033.80	$1,032.00	$1,035.10	$1,035.80	$1,033.90
Expenses Paid During Period	$2.48	$4.26	$0.96	$0.46	$2.23
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class R	Class P	Class R6	Administrative Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,022.49	$1,020.74	$1,023.98	$1,024.48	$1,022.74
Expenses Paid During Period	$2.47	$4.23	$0.96	$0.45	$2.22

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 (0.49% for Class A, 0.84% for Class R, 0.19% for Class P, 0.09% for Class R6 and 0.44% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.

20 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI Multi Asset Income Fund (formerly AllianzGI Retirement Income Fund)

For the period of October 1, 2017 through March 31, 2018, as provided by the Multi-Asset US Group.

Fund Insights

For the six-month period ended March 31, 2018, Class A shares at net asset value (“NAV”) of the AllianzGI Multi Asset Income Fund (the “Fund”) returned -1.59%, underperforming the Bloomberg Barclays US Universal Bond Index (the “benchmark”), which returned -1.00%.

Market Overview

The six-month period ending on March 31, 2018 is best characterized as one which began with markets being supported by optimism about global growth and mostly positive political developments. About midway through the period, however, market expectations began to reset.

Global equities appreciated through January buoyed by optimism about the trajectory of global growth. Late in the fourth quarter, the passage of the Tax Cuts and Jobs Act provided an additional boost to sentiment around US equities in light of positive implications for corporate earnings. In terms of economic expansion, we received confirmation that the US economy expanded at a greater than 3.0% rate for two consecutive quarters (on a quarter-over-quarter annualized rate) and that in the US and almost all major economies, the labor market continued to tighten. And yet inflation failed to materialize in spite of such improvements, while official forecasts (from the US Federal Reserve (the “Fed”)) and unofficial ones (from consumer sentiment surveys) suggested that the absence of inflation would continue in the US and in most major economies. Emerging market assets continued to benefit from the “spillover” effects of strong global growth, with its attendant boost to international trade and support for some industrial commodity prices (such as copper) that benefit key commodity exporters. In addition, emerging markets benefited from a weaker US dollar and persistent inflows of foreign capital.

However, signs of rising inflationary pressures and higher bond yields led to a sharp correction in early February. For the remainder of the period macroeconomic and policy uncertainty forced a recalibration of expectations among market participants across asset classes. As of January, markets expected the Fed to increase its benchmark interest rate two times during 2018 and markets seemed to have grown complacent with the low volatility environment of the previous two years. Several new themes arose including (i) a re-emergence of volatility, (ii) renewed vigilance about the possibility of creeping inflation, and (iii) revised forecasts for the pace and magnitude of increases in the Fed’s benchmark interest rate. In this new context, we observed a spike in the Chicago Board Options Exchange Volatility Index (“VIX”) of around 300% during the first week of February, a correction in US equities of more than 6% intraday during the day following a report showing that US wages in January increased more than expected, and an increase in yields on 10-Year Treasuries of roughly 40 basis points by the end of the period.

In March, these factors, combined with the looming threat of a global trade war linked to the White House’s announcement of steep tariffs on steel and aluminum, weighed on markets. Later in March, the technology sector suffered in the wake of several company-specific events including the launch of a federal investigation into Facebook’s alleged privacy breach.

Overall, the best performing assets for the six-month period were emerging market equities and emerging market bonds followed by global and US equities. Among the worst performing assets were corporate and US government bonds.

Portfolio Review

Given the Fund’s focus on generating a relatively high level of income via dividends and interest, the Fund was overweight with respect to REITs and held an opportunistic position in MLPs during the reporting period; these two positions were responsible for most of the Fund’s underperformance. The Fund benefited from the use of high dividend paying equities and from a positive allocation effect in developed Asian and emerging market equities. The use of flexible income-oriented core strategies and the AllianzGI Short Duration High Income Fund offset the negative contribution from the Fund’s treasury positions.

The Fund is currently overweight with respect to equities, including preferred stocks and convertible securities, bank loans and emerging market debt, and underweight with respect to traditional high yield bonds, investment grade bonds and overall duration.

Overall, the Fund seeks to maintain a highly diversified mix of income sources throughout all market environments to mitigate portfolio risks.

Outlook

Overall, despite the recent volatility in markets, there is still evidence to support a prolonged period of synchronized global growth. As of the end of the quarter, around the world more than two-thirds of countries (developed and emerging) were producing above-average economic data changes. In addition, monetary policy remains accommodative in historical terms as the removal of excess liquidity has been gradual and we believe monetary policy will likely remain accommodative. Although the Fed raised its benchmark interest rate in March and provided more hawkish guidance for the next two years, comments from new Fed Chair Jerome Powell suggest that policy will move at a measured pace. For its part, the European Central Bank signaled that it will not increase the policy rate in 2018. Inflation remains low albeit higher than at the end of last year. Inflation expectations, especially survey-based measures, however, are more elevated.

As of the end of the quarter, our market cycle signals and fundamental analysis recommend a neutral position for global equities favoring emerging markets and US equities and with a small underweight to Europe and the United Kingdom. On the fixed income side, we are neutral to modestly underweight US bonds and long periphery European bonds and emerging market local bonds.

Semiannual Report |  March 31, 2018 21

Unaudited

AllianzGI Multi Asset Income Fund (formerly AllianzGI Retirement Income Fund) (cont’d)

Average Annual Total Return for the period ended March 31, 2018

	6 Month*		1 Year		5 Year		Since Inception†
AllianzGI Multi Asset Income Fund Class A		–1.59%		2.28%		2.95%		6.48%
AllianzGI Multi Asset Income Fund Class A (adjusted)		–7.00%		–3.34%		1.79%		5.83%
AllianzGI Multi Asset Income Fund Class C		–2.01%		1.47%		2.16%		5.69%
AllianzGI Multi Asset Income Fund Class C (adjusted)		–2.95%		0.51%		2.16%		5.69%
AllianzGI Multi Asset Income Fund Class R		–1.76%		1.87%		2.59%		6.14%
AllianzGI Multi Asset Income Fund Class P		–1.43%		2.56%		3.26%		6.78%
AllianzGI Multi Asset Income Fund Class R6		–1.37%		2.68%		3.37%		6.88%
AllianzGI Multi Asset Income Fund Administrative Class		–1.57%		2.32%		2.79%		6.42%
AllianzGI Multi Asset Income Fund Institutional Class		–1.45%		2.57%		3.30%		6.82%
Bloomberg Barclays US Universal Bond Index		–1.00%		1.52%		2.19%		4.26%
AllianzGI Multi Asset Income Strategic Benchmark		0.81%		5.15%		2.93%		5.36%
MSCI World High Dividend Yield Index		0.24%		8.04%		6.87%		10.53%
Lipper Mixed-Asset Target Today Funds Average		1.11%		5.04%		3.62%		6.37%

* Cumulative return

† The Fund began operations on December 29, 2008. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2008.

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 106 and 107 for more information. The Fund’s gross expense ratios are 1.20% for Class A shares, 1.95% for Class C shares, 1.45% for Class R shares, 0.80% for Class P shares, 0.75% for Institutional Class, 0.70% for Class R6 shares and 1.05% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. 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, 0.60% for Institutional Class, 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, 2018.

22 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI Multi Asset Income Fund (formerly AllianzGI Retirement Income Fund) (cont’d)

Cumulative Returns Through March 31, 2018

Fund Allocation (as of March 31, 2018)

PIMCO Income	12.8%
AllianzGI Short Duration High Income	10.2%
PIMCO Investment Grade Corporate Bond	7.6%
AllianzGI Emerging Markets Debt	7.4%
AllianzGI Europe Equity Dividend	6.8%
PIMCO Preferred and Capital Securites	6.0%
PIMCO Mortgage Opportunities	5.0%
AllianzGI High Yield Bond	5.0%
Other	26.8%
Cash & Equivalents — Net	12.4%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class R	Class P	Institutional Class*	Class R6	Administrative Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$984.10	$979.90	$982.40	$985.70	$969.60	$986.30	$984.30
Expenses Paid During Period	$1.93	$5.63	$3.66	$0.45	$0.06	$0.01	$1.68
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Institutional Class*	Class R6	Administrative Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,022.99	$1,019.25	$1,021.24	$1,024.48	$1,024.73	$1,024.92	$1,023.24
Expenses Paid During Period	$1.97	$5.74	$3.73	$0.45	$0.20	$0.02	$1.72

* Institutional Class commenced operations on February 1, 2018. The Actual expense example for Institutional Class is based on the period since inception; the Actual expense example for Class A, Class C, Class R, Class P, Class R6, and Administrative Class and the Hypothetical expense example for all classes are based on the period beginning October 1, 2017. If the Hypothetical expense example for Institutional Class had been based on the period since inception, the Ending Account Value and Expenses Paid During Period would have been: $1,007.88 and $0.06, 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 (0.39% for Class A, 1.14% for Class C, 0.74% for Class R, 0.09% for Class P, 0.04% for Institutional Class, less than 0.005% for Class R6 and 0.34% for Administrative Class), multiplied by the average account value over the period, multiplied by 182 (58 for Institutional Class)/365 for the Actual expense example and 182/365 for the Hypothetical expense example. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.

Semiannual Report |  March 31, 2018 23

Unaudited

AllianzGI Global Allocation Fund

For the period of October 1, 2017 through March 31, 2018, as provided by the Multi-Asset US Group.

Fund Insights

For the six-month period ended March 31, 2018, Class A shares at net asset value (“NAV”) of the AllianzGI Global Allocation Fund (the “Fund”) returned 1.80%, underperforming the 60% MSCI ACWI, 40% Bloomberg Barclays US Aggregate Bond Index (the “benchmark”), which returned 2.45%.

Market Overview

The six-month period ending on March 31, 2018 is best characterized as one which began with markets being supported by optimism about global growth and mostly positive political developments. About midway through the period, however, market expectations began to reset.

Global equities appreciated through January buoyed by optimism about the trajectory of global growth. Late in the fourth quarter, the passage of the Tax Cuts and Jobs Act provided an additional boost to sentiment around US equities in light of positive implications for corporate earnings. In terms of economic expansion, we received confirmation that the US economy expanded at a greater than 3.0% rate for two consecutive quarters (on a quarter-over-quarter annualized rate) and that in the US and almost all major economies, the labor market continued to tighten. And yet inflation failed to materialize in spite of such improvements, while official forecasts (from the US Federal Reserve (the “Fed”)) and unofficial ones (from consumer sentiment surveys) suggested that the absence of inflation would continue in the US and in most major economies. Emerging market assets continued to benefit from the “spillover” effects of strong global growth, with its attendant boost to international trade and support for some industrial commodity prices (such as copper) that benefit key commodity exporters. In addition, emerging markets benefited from a weaker US dollar and persistent inflows of foreign capital.

However, signs of rising inflationary pressures and higher bond yields led to a sharp correction in early February. For the remainder of the reporting period macroeconomic and policy uncertainty forced a recalibration of expectations among market participants across asset classes. As of January, markets expected the Fed to increase its benchmark interest rate two times during 2018 and seemed to have grown complacent with the low volatility environment of the previous two years. Several new themes arose during the reporting period including (i) a re-emergence of volatility, (ii) renewed vigilance about the possibility of creeping inflation, and (iii) revised forecasts for the pace and magnitude of increases in the Fed’s benchmark interest rate. In this new context, we observed a spike in the Chicago Board Options Exchange Volatility Index (“VIX”) of around 300% during the first week of February, a correction in US equities of more than 6% intraday during the day following a report showing that US wages in January increased more than expected, and an increase in yields on 10-Year Treasuries of roughly 40 basis points by the end of the period.

In March, these factors, combined with the looming threat of a global trade war linked to the White House’s announcement of steep tariffs on steel and aluminum, weighed on markets. Later in March, the technology sector suffered in the wake of several company-specific events, including the launch of a federal investigation into Facebook’s alleged privacy breach.

Overall, the best performing assets for the six-month period were emerging market equities and emerging market bonds followed by global and US equities. Among the worst performing assets were corporate and US government bonds.

Portfolio Review

An overweight to global equities, especially in emerging markets and US equities, provided a tailwind to performance during the reporting period across the board. In addition, selection in equities detracted from performance as the Fund underperformed its benchmark. In the opportunistic portion of the portfolio, performance benefitted from exposure to small-cap stocks in both emerging markets and the US. Other opportunistic holdings such as high yield bonds and UK government bonds detracted from the Fund’s performance. In addition, exposure to commodities and selected currencies through a managed futures strategy detracted from the Fund’s performance. The Fund’s exposure to US Treasuries ultimately detracted, although positioning helped intermittently, including as exposure was decreased when yields went up in February.

At the end of the reporting period, the Fund maintained an underweight position in US government bonds (duration weighted) and an overweight position with respect to global equities including emerging markets, although less so than at the start of the reporting period.

Outlook

Overall, despite the recent volatility in markets, there is still evidence to support a prolonged period of synchronized global growth. As of the end of the quarter, around the world more than two-thirds of countries (developed and emerging) were producing above-average economic data changes. In addition, monetary policy remains accommodative in historical terms as the removal of excess liquidity has been gradual and we believe monetary policy will likely remain accommodative. Although the Fed raised its benchmark interest rate in March and provided more hawkish guidance for the next two years, comments from new Fed Chair Jerome Powell suggest that policy will move at a measured pace. For its part, the European Central Bank signaled that it will not increase the policy rate in 2018. Inflation remains low albeit higher than at the end of last year. Inflation expectations, especially survey-based measures, however, are more elevated.

As of the end of the quarter, our market cycle signals and fundamental analysis recommend a neutral position for global equities favoring emerging markets and US equities and with a small underweight to Europe and the United Kingdom. On the fixed income side, we are neutral to modestly underweight US bonds and long periphery European bonds and Emerging Market local bonds.

24 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI Global Allocation Fund (cont’d)

Average Annual Total Return for the period ended March 31, 2018

	6 Month*		1 Year		5 Year		10 Year		Since Inception†
AllianzGI Global Allocation Fund Class A		1.80%		9.64%		4.84%		5.09%		5.72%
AllianzGI Global Allocation Fund Class A (adjusted)		–3.80%		3.61%		3.66%		4.50%		5.42%
AllianzGI Global Allocation Fund Class C		1.47%		8.85%		4.06%		4.32%		4.94%
AllianzGI Global Allocation Fund Class C (adjusted)		0.54%		7.85%		4.06%		4.32%		4.94%
AllianzGI Global Allocation Fund Class R		1.77%		9.52%		4.68%		4.89%		5.49%
AllianzGI Global Allocation Fund Class P		1.96%		9.97%		5.12%		5.34%		5.96%
AllianzGI Global Allocation Fund Institutional Class		1.97%		9.79%		5.07%		5.40%		6.14%
AllianzGI Global Allocation Fund Administrative Class		1.85%		9.80%		4.86%		5.13%		5.78%
AllianzGI Global Allocation Fund R6		1.95%		10.08%		5.18%		5.51%		6.25%
MSCI ACWI		4.71%		14.85%		9.20%		5.57%		6.15%
60% MSCI ACWI, 40% Bloomberg Barclays US Aggregate Bond Index		2.45%		9.29%		6.33%		5.15%		5.86%
Bloomberg Barclays US Aggregate Bond Index		–1.08%		1.20%		1.82%		3.63%		4.61%
Lipper Alternative Global Macro Funds Average		0.64%		4.89%		2.17%		3.17%		5.12%

* Cumulative return

† The Fund began operations on September 30,1998. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on September 30, 1998.

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 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 106 and 107 for more information. The Fund’s gross expense ratios are 1.53% for Class A shares, 2.28% for Class C shares, 1.72% for Class R shares, 1.26% for Class P shares, 1.36% for Institutional Class shares, 1.21% for Class R6 shares and 1.47% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2019. The Fund’s expense ratios net of this reduction are 1.01% for Class A shares, 1.78% for Class C shares, 1.21% for Class R shares, 0.81% for Class P shares, 0.81% for Institutional Class shares, 0.71% 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, 2018.

Cumulative Returns Through March 31, 2018

Fund Allocation (as of March 31, 2018)

AllianzGI Best Styles Global Equity	39.7%
AllianzGI Advanced Core Bond	25.6%
AllianzGI Best Styles Global Managed Volatility	10.4%
AllianzGI International Growth	5.3%
AllianzGI Emerging Markets Debt	4.3%
AllianzGI PerformanceFee Managed Futures Strategy	4.1%
iShares iBoxx $ Investment Grade Corporate Bond	2.9%
iShares MBS	1.9%
Other	2.8%
Cash & Equivalents — Net	3.0%

Semiannual Report |  March 31, 2018 25

Unaudited

AllianzGI Global Allocation Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class R	Class P	Institutional Class	Class R6	Administrative Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,018.00	$1,014.70	$1,017.70	$1,019.60	$1,019.70	$1,019.50	$1,018.50
Expenses Paid During Period	$3.02	$6.83	$4.02	$1.86	$2.01	$1.52	$2.77
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Institutional Class	Class R6	Administrative Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,021.94	$1,018.15	$1,020.94	$1,023.09	$1,022.94	$1,023.44	$1,022.19
Expenses Paid During Period	$3.02	$6.84	$4.03	$1.87	$2.02	$1.51	$2.77

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 (0.60% for Class A, 1.36% for Class C, 0.80% for Class R, 0.37% for Class P, 0.40% for Institutional Class, 0.30% for Class R6 and 0.55% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.

26 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI Best Styles Emerging Markets Equity Fund

For the period of October 1, 2017 through March 31, 2018, as provided by Christian McCormick, Senior Product Specialist.

Fund Insights

For the six-month period ended March 31, 2018, Class A shares at net asset value (“NAV”) of the AllianzGI Best Styles Emerging Markets Equity Fund (the “Fund”) returned 9.07%, outperforming the MSCI Emerging Markets Index (the “benchmark”), which returned 8.96%.

Market Overview

Emerging market equities outperformed developed market ones, ending a volatile quarter with slight gains. Optimism over the strength of the global economy helped emerging markets to lead the global equity rally in January, with US dollar weakness also boosting sentiment. However, in February emerging markets joined the global equities sell-off and fears that more protectionist policies would spark a global trade war further weighed on returns in March. All regions rose, with Latin America faring the best, followed by Eastern Europe and Asia. Chinese equities defied the broader equity sell-off to end a volatile quarter modestly higher as robust gains in January were followed by steep declines in February. Economic data was affected by the timing of the Lunar New Year holiday, but appeared to indicate steady growth. President Xi consolidated his power, with China removing its two-term limit on its presidency, and the country said it was planning retaliatory tariffs to President Trump’s proposed 25% tariffs on a wide range of Chinese imports

Portfolio Review

The Fund implements a blend of five investment styles that are well-diversified and successful over the long term. This blend of investment styles includes: Value, Price Momentum, Earnings Change, Growth and Quality. Over the trailing six months, the style value underperformed the benchmark, but the trend following styles of Price Momentum and Earnings Change, which tend to have a low correlation with Value, outperformed the benchmark. Towards the end of the six-month period, low volatility stocks started to meaningfully outperform as the equity markets turned negative.

The Fund has only moderate leeway for sector and regional allocation with a maximum deviation of 3% vs. the benchmark for active sector weightings. The overall contribution from active sector and country allocation was positive, especially from a country perspective. However, the consumer discretionary sector was the only significant contributor to excess returns at 36 basis points. All other sectors and country attributions were within +/- 20 basis points.

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. Stock selection in the REIT and energy sectors was positive, along with China from a country perspective. Stock selection within healthcare and South Korea was the largest detractors from excess returns.

Outlook

The Fund’s strategy is a diversified mix of hundreds of securities that seeks to harvest the long term risk premiums associated with Value, Price Momentum, Earning Change Growth and Quality. Around these premiums we use a quantitative process, that we believe helps to minimize risk and create a stable excess return stream independent of market and economic environments. Therefore we do not provide a market or economic outlook.

Average Annual Total Return for the period ended March 31, 2018

	6 Month*		1 Year		Since Inception†
AllianzGI Best Styles Emerging Markets Equity Fund Class A		9.07%		23.84%		8.55%
AllianzGI Best Styles Emerging Markets Equity Fund Class A (adjusted)		3.07%		17.03%		6.71%
AllianzGI Best Styles Emerging Markets Equity Fund Class C		8.62%		22.93%		7.73%
AllianzGI Best Styles Emerging Markets Equity Fund Class C (adjusted)		7.62%		21.93%		7.73%
AllianzGI Best Styles Emerging Markets Equity Fund Class P		9.11%		24.00%		8.70%
AllianzGI Best Styles Emerging Markets Equity Fund Institutional Class		9.20%		24.10%		8.82%
AllianzGI Best Styles Emerging Markets Equity Fund R6		9.20%		24.15%		8.90%
MSCI Emerging Markets Index		8.96%		24.93%		8.44%
Lipper Emerging Markets Funds Average		8.34%		23.20%		6.08%

* Cumulative return

† The Fund began operations on December 9, 2014. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on November 30, 2014.

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 106 and 107 for more information. The Fund’s gross expense ratios are 4.96% for Class A shares, 6.05% for Class C shares, 5.09% for Class P shares, 6.68% for Institutional Class shares and 5.62% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2019. 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, 0.60% 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, 2018.

Semiannual Report |  March 31, 2018 27

Unaudited

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

Cumulative Returns Through March 31, 2018

Country Allocation (as of March 31, 2018)

China	31.3%
Korea (Republic of)	15.2%
Taiwan	8.7%
Brazil	7.4%
Thailand	3.9%
South Africa	3.7%
Mexico	2.7%
Turkey	2.5%
Other	8.7%
Cash & Equivalents — Net	15.9%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class P	Institutional Class	Class R6
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,090.70	$1,086.20	$1,091.10	$1,092.00	$1,092.00
Expenses Paid During Period	$4.43	$8.32	$3.65	$3.13	$3.13
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class	Class R6
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,020.69	$1,016.95	$1,021.44	$1,021.94	$1,021.94
Expenses Paid During Period	$4.28	$8.05	$3.53	$3.02	$3.02

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 (0.85% for Class A, 1.60% for Class C, 0.70% for Class P, 0.60% for Institutional Class and 0.60% for Class R6), multiplied by the average account value over the period, multiplied by 182/365.

28 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI Best Styles Global Equity Fund

For the period of October 1, 2017 through March 31, 2018, as provided by Christian McCormick, Senior Product Specialist.

Fund Insights

For the six-month period ended March 31, 2018, Class A shares at net asset value (“NAV”) of the AllianzGI Best Styles Global Equity Fund (the “Fund”) returned 3.02%, underperforming the MSCI ACWI (the “benchmark”), which returned 4.71%.

Market Overview

It was a volatile quarter for global equities, which started the year strongly before suffering sell-offs in February and March. Initially stocks rallied, boosted by ongoing optimism over the health of the global economy and by expectations that tax reforms would help to lift US company profits. However, signs of rising inflationary pressures and higher bond yields led to a sharp correction in February. While stocks later recovered some of these losses, the Trump administration’s decision to impose tariffs on a raft of imports led to escalating fears of a global trade war, causing stocks to retreat once more. Despite record levels of global M&A activity, most equity markets ended the quarter with losses.

Portfolio Review

The Fund implements a blend of five investment styles that are well-diversified and successful over the long term. This blend of investment styles includes: Value, Price Momentum, Earnings Change, Growth and Quality. Over the trailing six months, the style Value underperformed globally, and across most regions except for emerging markets. The trend following styles of Price Momentum and Earnings Change outperformed while Growth was the worst relative performer of our five target investment styles.

The Fund has only moderate leeway for sector and regional allocation with a maximum deviation of 3% vs. the benchmark for active weightings. The overall contribution from active country/sector allocation was neutral with no sector or individual country contributing more than +\- 10 bps.

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. Therefore, we expect stock selection to be the biggest driver of relative returns and this was the case over the past six months. Stock selection in the consumer discretionary and information technology sectors were the largest detractors along with the US from a country context. Individually, technology stocks such as Microsoft and tech oriented consumer discretionary stocks such s Netflix and Amazon were big detractors.

Outlook

The Fund is a diversified mix of hundreds of securities that seeks to harvest the long-term risk premiums associated with Value, Price Momentum, Earnings Change, Growth, and Quality. Around these premiums we use a quantitative process, that we believe helps to minimize risk and create a stable excess return stream independent of market and economic environments. Therefore, we do not provide a market or economic outlook.

March 31, 2018  | Semiannual Report 29

Unaudited

AllianzGI Best Styles Global Equity Fund (cont’d)

Average Annual Total Return for the period ended March 31, 2018

	6 Month*		1 Year		Since Inception†
AllianzGI Best Styles Global Equity Fund Class A		3.02%		14.11%		7.76%
AllianzGI Best Styles Global Equity Fund Class A (adjusted)		–2.65%		7.83%		6.36%
AllianzGI Best Styles Global Equity Fund Class C		2.65%		13.30%		7.03%
AllianzGI Best Styles Global Equity Fund Class C (adjusted)		1.75%		12.31%		7.03%
AllianzGI Best Styles Global Equity Fund Class P		3.09%		14.32%		7.99%
AllianzGI Best Styles Global Equity Fund Institutional Class		3.16%		14.50%		8.09%
AllianzGI Best Styles Global Equity Fund R6		3.17%		14.50%		8.17%
MSCI ACWI		4.71%		14.85%		7.66%
Lipper Global Multi-Cap Value Average		2.30%		10.45%		5.39%

* Cumulative return

† The Fund began operations on December 2, 2013. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on November 30, 2013.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares 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 106 and 107 for more information. The Fund’s gross expense ratios are 1.07% for Class A shares, 1.44% for Class C shares, 0.56% for Class P shares, 0.54% for Institutional Class shares and 0.43% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2019. The Funds expense ratios net of this reduction are 0.70% for Class A shares, 1.40% for Class C shares, 0.50% for Class P shares, 0.40% 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, 2018.

Cumulative Returns Through March 31, 2018

Country Allocation (as of March 31, 2018)

United States	51.0%
Japan	7.9%
United Kingdom	4.9%
China	4.9%
France	4.4%
Canada	4.2%
Korea (Republic of)	2.9%
Netherlands	1.7%
Other	17.3%
Cash & Equivalents — Net	0.8%

30 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI Best Styles Global Equity Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class P	Institutional Class	Class R6
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,030.20	$1,026.50	$1,030.90	$1,031.60	$1,031.70
Expenses Paid During Period	$3.54	$7.07	$2.53	$2.03	$2.03
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class	Class R6
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,021.44	$1,017.95	$1,022.44	$1,022.94	$1,022.94
Expenses Paid During Period	$3.53	$7.04	$2.52	$2.02	$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 (0.70% for Class A, 1.40% for Class C, 0.50% for Class P, 0.40% for Institutional Class and 0.40% for Class R6), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investent companies in which the Fund invests, which are indirectly borne by Fund shareholders.

March 31, 2018  | Semiannual Report 31

Unaudited

AllianzGI Best Styles International Equity Fund

For the period of October 1, 2017 through March 31, 2018, as provided by Christian McCormick, Senior Product Specialist.

Fund Insights

For the six-month period ended March 31, 2018, Class A shares at net asset value (“NAV”) of the AllianzGI Best Styles International Equity Fund (the “Fund”) returned 3.05%, outperforming the MSCI EAFE Index (the “benchmark”), which returned 2.63%.

Market Overview

Euro-zone equities ended the quarter with negative returns (in EUR terms). Company earnings remained supportive, but the strength of the euro tempered investors’ sentiment and politics remained a concern as Italy’s elections resulted in no outright winner, with populist parties gathering the largest votes. After modest gains in January, euro-zone equities joined the global sell-off in February and March amid growing fears of a global trade war following the Trump administration’s decision to implement tariffs on key imports. Almost all sectors lost ground, with the exception of the energy and information technology sectors which experience slight gains. The largest declines were seen in health care and telecoms stocks. Japanese equities sold off over the quarter, lagging most other regions as the strength of the Japanese yen weighed on returns. Japan’s fourth-quarter Gross Domestic Product (“GDP”) growth was revised up to 1.6% on an annualized basis, from an initial estimate of 0.5%. This is the eighth consecutive quarter of growth and the longest unbroken period of expansion in almost three decades.

Portfolio Review

The Fund implements a blend of five investment styles that are well-diversified and successful over the long term. This blend of investment styles includes: Value, Price Momentum, Earnings Change, Growth and Quality. Over the trailing six months, the style Value underperformed the benchmark, primarily driven by significant underperformance in Japan. Value was flat in Europe. The trend following styles of Price Momentum and Earnings Change, which tend to have a low correlation with Value, outperformed the benchmark. Towards the end of the six month period, low volatility stocks started to meaningfully outperform as the equity markets turned negative.

The Fund has only moderate leeway for sector and regional allocation with a maximum deviation of 3% vs. the benchmark for active sector weightings. The overall contribution from active sector and country allocation was positive, but no single one contributed more than +/- 20 basis points to the relative 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. Stock selection in Japan and France were detractors to performance, in addition to the healthcare sector. Stock selection in the UK was positive, and for from a sector context, selection in Materials and Finance were the strongest.

Outlook

The Fund is a diversified mix of hundreds of securities that seeks to harvest the long term risk premiums associated with Value, Price Momentum, Earnings Change, Growth, and Quality. Around these premiums we use a quantitative process, that we believe helps to minimize risk and create a stable excess return stream independent of market and economic environments. Therefore we do not provide a market or economic outlook.

32 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI Best Styles International Equity Fund (cont’d)

Average Annual Total Return for the period ended March 31, 2018

	6 Month*		1 Year		Since Inception†
AllianzGI Best Styles International Equity Fund Class A		3.05%		16.13%		5.89%
AllianzGI Best Styles International Equity Fund Class A (adjusted)		–2.62%		9.74%		4.09%
AllianzGI Best Styles International Equity Fund Class C		2.64%		15.29%		5.11%
AllianzGI Best Styles International Equity Fund Class C (adjusted)		1.66%		14.29%		5.11%
AllianzGI Best Styles International Equity Fund Class P		3.12%		16.36%		6.07%
AllianzGI Best Styles International Equity Fund Institutional Class		3.18%		16.48%		6.16%
AllianzGI Best Styles International Equity Fund R6		3.15%		16.47%		6.21%
MSCI EAFE Index		2.63%		14.80%		5.91%
Lipper Int’l. Multi-Cap Value Funds Average		1.96%		12.89%		4.68%

* Cumulative return

† The Fund began operations on December 9, 2014. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on November 30, 2014.

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 106 and 107 for more information. The Fund’s gross expense ratios are 1.99% for Class A shares, 2.69% for Class C shares, 1.73% for Class P shares, 1.66% for Institutional Class shares and 1.50% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2019. The Fund’s expense ratios net of this reduction are 0.70% for Class A shares, 1.45% for Class C shares, 0.55% for Class P shares, 0.45% 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, 2018.

Cumulative Returns Through March 31, 2018

Country Allocation (as of March 31, 2018)

Japan	25.7%
United Kingdom	15.9%
France	10.6%
Switzerland	7.4%
Germany	5.1%
Italy	4.1%
Hong Kong	3.3%
Netherlands	3.3%
Other	23.7%
Cash & Equivalents — Net	0.9%

Semiannual Report |  March 31, 2018 33

Unaudited

AllianzGI Best Styles International Equity Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class P	Institutional Class	Class R6
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,030.50	$1,026.40	$1,031.20	$1,031.80	$1,031.50
Expenses Paid During Period	$3.54	$7.33	$2.79	$2.28	$2.28
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class	Class R6
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,021.44	$1,017.70	$1,022.19	$1,022.69	$1,022.69
Expenses Paid During Period	$3.53	$7.29	$2.77	$2.27	$2.27

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 (0.70% for Class A, 1.45% for Class C, 0.55% for Class P, 0.45% for Institutional Class and 0.45% for Class R6), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.

34 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI Best Styles U.S. Equity Fund

For the period of October 1, 2017 through March 31, 2018, as provided by Christian McCormick, Senior Product Specialist.

Fund Insights

For the six-month period ended March 31, 2018, Class A shares at net asset value (“NAV”) of the AllianzGI Best Styles U.S. Equity Fund (the “Fund”) returned 5.95%, outperforming the S&P 500 Index (the “benchmark”), which returned 5.84%.

Market Overview

US equities commenced the New Year on a strong footing, buoyed by better-than-expected corporate earnings and optimism that tax reform would provide a further uplift to profits. However, rising bond yields and signs of a pick-up in wage growth led to a sharp correction in February. While stocks subsequently recovered some of these losses, escalating fears of a global trade war following the Trump administration’s decision to impose tariffs on key imports caused a further sell-off in late March. Overall, US equities ended the quarter with slight losses, but finished the six month period with a solid gain.

Portfolio Review

The Fund implements a blend of five investment styles that are well-diversified and successful over the long term. This blend of investment styles includes: Value, Price Momentum, Earnings Change, Growth and Quality. Over the trailing six months, the style Value significantly underperformed the benchmark, despite what was overall a more conducive macro-economic environment for cyclical stocks. Price Momentum outperformed and Earnings Change was slightly ahead.

The Fund has only moderate leeway for sector allocation with a maximum deviation of 3% vs. the benchmark for active sector weightings. The overall contribution from active sector allocation was positive, but rather benign. Information technology was the largest relative contributor at only +16 basis points, but healthcare was the largest detractor at -11 basis points. Overall, no sector contributed more than +/- 20 basis points of relative 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. Stock selection in industrials was a positive, but was negative in consumer discretionary. In terms of individual holdings, interestingly the two largest relative winners and losers were all underweights. General Electric and Celgene had significant underperformance and therefore the underweight helped, but the Fund did not hold Mastercard or Adobe Systems, which had strong absolute performance and therefore were large detractors.

Outlook

The Fund is a diversified mix of hundreds of securities that seeks to harvest the long term risk premiums associated with Value, Price Momentum, Earnings Change, Growth, and Quality. Around these premiums we use a quantitative process, that we believe helps to minimize risk and create a stable excess return stream independent of market and economic environments. Therefore we do not provide a market or economic outlook.

Average Annual Total Return for the period ended March 31, 2018

	6 Month*		1 Year		Since Inception†
AllianzGI Best Styles U.S. Equity Fund Class A		5.95%		15.68%		9.26%
AllianzGI Best Styles U.S. Equity Fund Class A (adjusted)		0.12%		9.31%		7.42%
AllianzGI Best Styles U.S. Equity Fund Class C		5.56%		14.81%		8.45%
AllianzGI Best Styles U.S. Equity Fund Class C (adjusted)		4.56%		13.81%		8.45%
AllianzGI Best Styles U.S. Equity Fund Class P		6.04%		15.90%		9.42%
AllianzGI Best Styles U.S. Equity Fund Institutional Class		6.00%		15.85%		9.50%
AllianzGI Best Styles U.S. Equity Fund R6		6.07%		16.02%		9.62%
S&P 500 Index		5.84%		13.99%		10.12%
Lipper Multi-Cap Core Funds Average		5.06%		12.48%		7.66%

* Cumulative return

† The Fund began operations on December 1, 2014. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on November 30, 2014.

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 106 and 107 for more information. The Fund’s gross expense ratios are 1.02% for Class A shares, 1.56% for Class C shares, 0.57% for Class P shares, 0.66% for Institutional Class shares and 0.56% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2019. The Fund’s expense ratios net of this reduction are 0.65% for Class A shares, 1.40% for Class C shares, 0.50% 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, 2018.

Semiannual Report |  March 31, 2018 35

Unaudited

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

Cumulative Returns Through March 31, 2018

Industry Allocation (as of March 31, 2018)

Semiconductors & Semiconductor Equipment	6.4%
Banks	6.3%
Software	5.2%
Technology Hardware, Storage & Peripherals	5.2%
Oil, Gas & Consumable Fuels	4.7%
Health Care Providers & Services	4.5%
Internet Software & Services	4.3%
Pharmaceuticals	3.6%
Other	58.0%
Cash & Equivalents — Net	1.8%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class P	Institutional Class	Class R6
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,059.50	$1,055.60	$1,060.40	$1,060.00	$1,060.70
Expenses Paid During Period	$3.34	$7.17	$2.57	$2.57	$2.06
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class	Class R6
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,021.69	$1,017.95	$1,022.44	$1,022.44	$1,022.94
Expenses Paid During Period	$3.28	$7.04	$2.52	$2.52	$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 (0.65% for Class A, 1.40% for Class C, 0.50% 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 182/365.

36 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI Convertible Fund

For the period of October 1, 2017, through March 31, 2018, as provided by Doug Forsyth, CFA, Portfolio Manager.

Fund Insights

For the six-month period ended March 31, 2018, Class A shares at net asset value (“NAV”) of the AllianzGI Convertible Fund (the “Fund”) returned 6.14%, outperforming the ICE BofA Merrill Lynch All Convertibles Index (the “benchmark”), which returned 4.00%.

Market Overview

The convertible bond market advanced over the trailing six months. The asset class was a beneficiary of higher stock prices earlier in the period and into the new year and effectively weathered the surge in equity market volatility and interest rate volatility over the remainder of the reporting period.

Corporate fundamentals continued to improve with most issuers reporting better-than-expected financial results and positive outlooks, citing increasing demand, a more favorable regulatory environment and recent tax-reform benefits.

Major US economic reports were predominately healthy and supported a positive operating environment for convertible issuers. Manufacturing and service surveys signaled continued expansionary activity, consumer confidence hit a 14-year high, payrolls surged and fourth-quarter Gross Domestic Product (“GDP”) was revised higher to 2.9%.

The 10-year US Treasury yield climbed from 2.33% to 2.94%, before closing the period at 2.74%. The rise in interest rates helped drive a surge in convertible new issuance during the first quarter of 2018 as companies acted to lock-in lower coupon rates.

The US Federal Reserve (the “Fed”) increased its benchmark interest rate by 25 basis points twice over the last six months, once in December and once in March, to settle at a range of 1.50% to 1.75%. The Fed’s decision and commentary minimally influenced convertible bonds.

Finally, fear of a global trade war potentially disrupting global growth and higher inflation weighed on investor sentiment in the second half of the reporting period, but had little impact on convertible bonds.

Against this backdrop, equity-like convertibles outperformed total-return convertibles, which outperformed bond-like, or busted, convertibles.

Portfolio Review

The Fund gained along with the market for the six-month period and outperformed the benchmark return.

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

Sector allocations that helped relative performance in the period included technology, financials, and energy. In technology, credit selection and a portfolio overweight contributed to relative performance. In financials, a portfolio underweight and issue selection helped. In energy, the portfolio benefited from security selection and a slight relative underweight.

Sector allocations that hurt relative performance during the period included consumer staples, transportation and industrials. In consumer staples, issue selection and a portfolio underweight detracted. In transportation, a portfolio overweight and credit selection were sources of weakness. In industrials, the portfolio underperformed the peer group return.

Outlook

Despite the increased equity market volatility in 2018, we believe positive market fundamentals remain. Solid corporate earnings growth and an improving global economic outlook, in our opinion, continue to be supportive of investments in risk assets.

New convertible issuance accelerated in the first quarter of the new year and, in our opinion, will likely continue remain strong throughout 2018, given rising interest rates and attractive market dynamics for new convertible issuers. Further, we expect redemptions and maturities to decline over the next couple of years, which if new issuance improves, could cause the convertible market to grow significantly. In our opinion, this would provide more balanced convertible opportunities and could also improve sector diversification.

Semiannual Report |  March 31, 2018 37

Unaudited

AllianzGI Convertible Fund (cont’d)

Average Annual Total Return for the period ended March 31, 2018

	6 Month*		1 Year		5 Year		10 Year		Since Inception†
AllianzGI Convertible Fund Class A		6.14%		13.52%		8.66%		8.46%		9.99%
AllianzGI Convertible Fund Class A (adjusted)		0.30%		7.28%		7.44%		7.85%		9.74%
AllianzGI Convertible Fund Class C		5.73%		12.70%		7.89%		7.67%		9.18%
AllianzGI Convertible Fund Class C (adjusted)		4.86%		11.77%		7.89%		7.67%		9.18%
AllianzGI Convertible Fund Class R		5.92%		13.17%		8.23%		8.10%		9.68%
AllianzGI Convertible Fund Class P		6.27%		13.84%		8.95%		8.71%		10.24%
AllianzGI Convertible Fund Institutional Class		6.27%		13.84%		9.01%		8.80%		10.34%
AllianzGI Convertible Fund Administrative Class		6.17%		13.62%		8.76%		8.52%		10.02%
ICE BofA Merrill Lynch All Convertibles Index		4.00%		10.57%		9.65%		8.22%		8.33%
Lipper Conv. Securities Funds Average		4.07%		10.29%		7.85%		6.67%		7.01%

* Cumulative return

† The Fund began operations on April 19,1993. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on April 30,1993.

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 106 and 107 for more information. The Fund’s expense ratios are 1.02% for Class A shares, 1.69% for Class C shares, 1.42% for Class R shares, 0.72% for Class P shares, 0.68% 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, 2018.

Cumulative Returns Through March 31, 2018

Industry Allocation (as of
March 31, 2018)

Internet	12.7%
Software	12.1%
Semiconductors	11.1%
Pharmaceuticals	5.1%
Biotechnology	4.1%
Oil, Gas & Consumable Fuels	3.9%
Healthcare-Products	3.9%
Transportation	3.9%
Other	39.8%
Cash & Equivalents — Net	3.4%

S&P Ratings* (as of March 31, 2018)

* As a percentage of total investments. Credit 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. See “Important Information” for more detail on the selection of S&P for the Fund’s ratings presentation. Securities not rated by S&P and bonds that do not currently have a rating available are designated in the chart above as “NR” and “NA”, respectively.

38 March 31, 2018  | Semiannual Report

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 (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,061.40	$1,057.30	$1,059.20	$1,062.70	$1,062.70	$1,061.70
Expenses Paid During Period	$5.24	$9.03	$7.19	$3.75	$3.70	$4.83
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Institutional Class	Administrative Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,019.85	$1,016.16	$1,017.95	$1,021.29	$1,021.34	$1,020.24
Expenses Paid During Period	$5.14	$8.85	$7.04	$3.68	$3.63	$4.73

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.02% for Class A, 1.76% for Class C, 1.40% for Class R, 0.73% for Class P, 0.72% for Institutional Class and 0.94% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365.

Semiannual Report |  March 31, 2018 39

Unaudited

AllianzGI Emerging Markets Consumer Fund

For the period of October 1, 2017 through March 31, 2018, as provided by Lu Yu, CFA, CIPM, Portfolio Manager.

Fund Insights

For the six-month period ended March 31, 2018, Class A shares at net asset value (“NAV”) of the AllianzGI Emerging Markets Consumer Fund (the “Fund”) returned 8.17%, underperforming the MSCI Emerging Markets Index (the “benchmark”), which returned 8.96%.

Market Overview

Emerging market equities advanced thanks to positive sentiment and a more favorable growth and valuation mix relative to developed market equities. The benchmark rose in the initial four months during the reporting period, as investors were optimistic over the economic health and global demand expectations. Performance moderated in the last two months of the reporting period as volatility increased amid apprehension over a global trade war as well as concerns that rising inflation expectations could lead the US Federal Reserve (the “Fed”) to accelerate rate hikes.

Benchmark sector performance was broad-based, with 10 out of 11 sectors positing positive results. Health care was the top performer, followed by gains in cyclically-oriented sectors of energy, financials and materials which benefitted from higher demand and rising inflation expectations. Meanwhile, telecommunication services posted a modest decline during the reporting period.

Country results were predominantly higher, with 19 out of 24 countries posting gains. Thailand, Peru and Malaysia were the top three performers thanks to rebounds in growth expectations. Conversely, Mexico led the decliners due to uncertainty over The North American Free Trade Agreement (“NAFTA”) and concerns of rising inflation, followed by the Philippines and the United Arab Emirates.

Portfolio Review

The Fund is strategically focused on local emerging markets consumption while avoiding hard-asset and export-oriented stocks which do not capture secular growth of the rising middle class. The Fund modestly trailed the benchmark due primarily to asset allocation decisions, given the exclusion of energy, non-consumer financials and materials, which were among the top benchmark performers during the reporting period.

Industrials was the top performing sector, outpacing the benchmark on a relative basis thanks to selections in the airlines industry. Bottom-up stock selection in real estate, information technology and telecommunication services also topped the benchmark. Conversely, more conservative stock selection in health care offset results, as did the exclusion of cyclically-oriented segments of the benchmark which do not directly capture growth of the local emerging markets consumer. Country results were led by stockpicking in Turkey, as well as a relative underweight and positive selections in Mexico, and an overweight allocation to Thailand. Meanwhile, South Korea was the primary source of underperformance, followed by emerging market consumer-related securities in Japan.

Outlook

While uncertainty regarding the trade and political climate may cloud short-term visibility, our viewpoint for emerging markets equities remains constructive. In our view, emerging markets are more stable than the past and are increasingly driven by favorable demographics and growth within emerging countries; as such, the direct impact from a trade war and geopolitical impacts may be limited. However, results may be impacted by ebbs and flows of sentiment, which could increase volatility for the coming periods.

Emerging market calendar year earnings expectations have increased from the onset of the calendar year to the end of the reporting period, a signal in the confidence of the asset class. Many investors are gradually increasing their exposure to the asset class, after emerging markets have outperformed developed markets in the last two calendar years. This is consistent with past market cycles as sentiment oscillates from fear to optimism, suggesting the potential for future upside should allocations meaningfully increase. In addition, we continue to have a bullish medium and long-term viewpoint on the local emerging markets consumer, which we believe stands to benefit from rising wages, the backdrop of favorable demographics and expanding middle class consumption.

40 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI Emerging Markets Consumer Fund (cont’d)

Average Annual Total Return for the period ended March 31, 2018

	6 Month*		1 Year		Since Inception†
AllianzGI Emerging Markets Consumer Fund Class A		8.17%		20.47%		4.37%
AllianzGI Emerging Markets Consumer Fund Class A (adjusted)		2.21%		13.85%		2.61%
AllianzGI Emerging Markets Consumer Fund Institutional Class		8.32%		20.82%		4.73%
MSCI Emerging Markets Index		8.96%		24.93%		7.73%
Lipper Emerging Markets Funds Average		8.34%		23.20%		6.08%

* Cumulative return

† The Fund began operations on December 1, 2014. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on November 30, 2014.

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 106 and 107 for more information. The Fund’s gross expense ratios are 16.84% for Class A shares and 1.64% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2019. 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, 2018.

Cumulative Returns Through March 31, 2018

Country Allocation (as of March 31, 2018 )

China	28.1%
United States	9.6%
Korea (Republic of)	9.6%
Taiwan	8.7%
South Africa	6.8%
Brazil	6.4%
Thailand	5.8%
India	4.0%
Other	17.0%
Cash & Equivalents — Net	4.0%

Semiannual Report |  March 31, 2018 41

Unaudited

AllianzGI Emerging Markets Consumer Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class A	Institutional Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,081.70	$1,083.20
Expenses Paid During Period	$8.04	$6.23
	Hypothetical Performance
	(5% return before expenses)
	Class A	Institutional Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,017.20	$1,018.95
Expenses Paid During Period	$7.80	$6.04

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.55% for Class A and 1.20% forInstitutional Class), multiplied by the average account value over the period, multiplied by 182/365.

42 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI Emerging Markets Debt Fund

For the period of October 1, 2017 through March 31, 2018, as provided by the AllianzGI Emerging Markets Debt Team.

Fund Insights

For the six-month period ended March 31, 2018, Class A shares at net asset value (“NAV”) of the AllianzGI Emerging Markets Debt Fund (the “Fund”) returned -0.05%, underperforming the 40% JPM EMBI Global Diversified, 40% JPM CEMBI Broad Diversified, 20% JPM GBI-EM Index (the “benchmark”), which returned 0.64%.

Portfolio Review

Over the reporting period, the emerging markets hard currency sovereign debt universe posted a negative -0.63% return and hard currency corporate debt posted a negative -0.46% return. Relative to the US dollar, emerging markets local currencies saw a positive performance of +5.81% for the period. US dollar weakness helped to bolster emerging markets local currency returns during the reporting period. Our weighting in local currency markets throughout the reporting period averaged 11.4%. While a positive contributor to returns, our lower allocation to Local Currencies and Foreign Exchange (“LCFX”) dragged on relative performance versus the reference benchmark, given the substantial outperformance of local currency versus hard currency assets during the reporting period.

As the reporting period moved forward, rising rates and US Treasuries (“UST”) led to increased volatility and weakness in risk markets. The front end of the curve steepened by +78 basis points in the UST 2yr. The 5yr and 10yr treasuries widened by +63 basis points and +41 basis points, respectively. The 30yr part of the curve performed best, widening by +11 basis points through March end. Against this backdrop, the spread of the Emerging Markets Bond Index Global Diversified (“EMBIG-D”) widened by +17 basis points, and the Corporate Emerging Markets Bond Index Broad Diversified (“CEMBI-BD”) widened by +10 basis points.

The LCFX markets saw inflows during each month of the reporting period, whereas the hard currency asset class saw some outflows during February of this year. During the first quarter of 2018, inflows to hard currency and local currency markets were approximately equal, at $10.5bn each. Asset allocators were actively moving money into the local currency space, taking advantage of the high current carry, investment grade ratings and opportunity to reflect views on the weakening US dollar. On a regional basis, Africa was the best performer, with gains largely stemming from South Africa, which returned +26.4%, during the reporting period as Ramaphosa took office in February and installed a market friendly, reform minded finance minister, Nhlanhla Nene.

As noted, emerging markets asset prices were supported by the significant inflows during the six-months ended March 31, 2018. Improving economic fundamentals in many emerging market economies, upward revisions to Chinese and other developing markets GDP growth expectations, and a continued widening of the differential between emerging markets economic growth and the growth of advanced economies continues to drive investors to the asset class. Inflation has generally remained subdued, across emerging market economies.

Commodities were largely supportive to the asset class during the reporting period. Oil continued its upward trajectory during the reporting period, with Brent Crude gaining more than 22%, ending March at $70.27/bbl. Copper and zinc returned a positive +2.4% and +3.0%, respectively, and iron declined by -2.6% in volatile trading.

Corporate bonds were slightly more resilient than sovereigns during the reporting period with the CEMBI-BD widening a mere +10 basis points. Corporates continue to be supported by dedicated and cross-over buyers, owing in part to the shorter duration and investment grade nature of the asset class. New issuance came in at record levels in Q1, but this was easily absorbed, with new issues outperforming the secondary market, even given underlying volatility in global markets. Issuance remains largely Asia/China skewed and net issuance, ex-Asia, is anticipated to be flat, this year. Given that investors diversify across all geographies, one should expect the technical bid for Central Eastern Europe Middle East and Africa (“CEEMEA”) and Latin America (LATAM) assets to remain supportive through year end.

Within hard currency sovereigns, the more treasury sensitive investment grade component of the EMBIG-D returned a negative -1.46% during the six month period ended March 29, 2018, whereas the high yield component returned +0.18%. On a regional basis, commodity-rich Africa saw the largest gains (+2.36), followed by the Middle East (+0.12%), Europe (-0.43%), Latin America (-1.19%), and Asia (-1.54%).

Unsurprisingly, within the EMBIG-D index, oil exporting regions tended to fare well. Africa benefited not only from its commodity exposure, but from demand emanating from China, where growth in this transitioning economy is still targeted at 6.5%. Actual growth in 2017 actually exceeded government targets, reaching 6.9%. Within the CEEMEA region, Angola, Ghana, and Gabon led returns. Mongolia was the top performer in Asia, and El Salvador, Ecuador and Trinidad were the top performers in LATAM. Venezuela was the worst performer, returning -20.2%, during the reporting period, as defaulted securities see little prospect for improvement until the current administration is removed from office, something which is not, at the moment, imminent.

Within our Fund, positive contributions were derived from our Arbitrage, Sovereign, Corporate, and Local Currency sub-strategies over the reporting period. We held no positions in the Income strategy, and the Momentum strategy was a negative contributor to returns. Local Currency holdings, with an average weight of 11.4%, generated the most alpha within the Fund, led by S. Africa, Poland and Russia. Local currency markets in the 1Q 2018 have proven the star performer, with the JP Morgan Government Bond Index-Emerging Markets (GBI-EM) index returning +4.42%, whereas hard currency sovereigns (EMBIG-D index) returned negative -1.74%, and hard currency corporates (CEMBI-BD index) negative -1.12%.

Within our Sovereign Strategy, CEEMEA provided the greatest source of Alpha with Nigeria, Ukraine and Egypt topping returns. The LATAM region yielded flat returns, with gains in quasi-sovereigns being effectively offset by losses in sovereigns. Argentina was the biggest drag on returns, as the pace of reforms slowed and investors in a crowded trade cut positions.

Semiannual Report |  March 31, 2018 43

Unaudited

AllianzGI Emerging Markets Debt Fund (cont’d)

Within Corporates, high yield holdings outperformed investment grade holdings in all regions during the reporting period. Within our regional baskets (CEEMEA, LATAM, and Asia) Latin America was the largest contributor to returns. Brazilian holdings made up the largest average weighting in LATAM corporates and were the greatest contributors to return. Holdings there were reasonably well diversified across industry sectors. Jamaican holdings in the telco sector (Digicel) proved to be the sole negative country returns within LATAM corporates. Within CEEMEA, Nigerian corporates led performance whereas holdings in Qatar dragged on returns. Within Asian credit, China led and Malaysia detracted from returns. Perpetual securities underperformed in the rising rate environment. Across the credit space, energy names were the best performers, as oil prices rose, followed by financials and utilities. Diversified holdings and communications positions were negative contributors to returns.

Momentum positions detracted slightly from performance as LATAM holdings in Mexico and Argentina yielded negative returns. Arbitrage positions contributed modestly over the six month period, adding to the fund’s overall performance.

The ratings of our fund remained in the BB range throughout the reporting period, reflecting our weightings in hard currency sovereigns and high yield credit.

Average Annual Total Return for the period ended March 31, 2018

	6 Month*		1 Year		Since Inception†
AllianzGI Emerging Markets Debt Fund Class A		–0.05%		4.44%		3.96%
AllianzGI Emerging Markets Debt Fund Class A (adjusted)		–3.80%		0.53%		2.84%
AllianzGI Emerging Markets Debt Fund Class C		–0.48%		3.63%		3.18%
AllianzGI Emerging Markets Debt Fund Class C (adjusted)		–1.46%		2.64%		3.18%
AllianzGI Emerging Markets Debt Fund Class P		–0.01%		4.57%		4.10%
AllianzGI Emerging Markets Debt Fund Institutional Class		0.02%		4.61%		4.20%
40% JPM EMBI Global Diversified, 40% JPM CEMBI Broad Diversified, 20% JPM GBI-EM Index		0.64%		5.76%		4.10%
Lipper Emerging Market Hard Currency Debt Funds Average		0.34%		5.64%		3.93%

* Cumulative return

† The Fund began operations on September 15, 2014. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on September 30, 2014.

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 106 and 107 for more information. The Fund’s gross expense ratios are 1.66% for Class A shares, 2.41% for Class C shares, and 1.34% for Class P shares and 1.35% shares for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2019. 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, 2018.

Cumulative Returns Through March 31, 2018

Country Allocation (as of March 31, 2018)

Argentina	11.5%
Russian Federation	7.2%
China	6.5%
Turkey	6.3%
Brazil	4.9%
South Africa	4.4%
Indonesia	3.8%
Nigeria	3.3%
Other	43.2%
Cash & Equivalents — Net	8.9%

44 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI Emerging Markets Debt Fund (cont’d)

Moody’s Ratings* (as of March 31, 2018)

* As a percentage of total investments. Credit 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. Securities 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 (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$999.50	$995.20	$999.90	$1,000.20
Expenses Paid During Period	$6.08	$9.80	$5.34	$4.84
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,018.85	$1,015.11	$1,019.60	$1,020.09
Expenses Paid During Period	$6.14	$9.90	$5.39	$4.89

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 (1.22% for Class A, 1.97% for Class C, 1.07% for Class P and 0.97% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.

Semiannual Report |  March 31, 2018 45

Unaudited

AllianzGI Emerging Markets Small-Cap Fund

For the period of October 1, 2017 through March 31, 2018, as provided by Jie Wei, CFA, Portfolio Manager.

Fund Insights

For the six-month period ended March 31, 2018, Class A shares at net asset value (“NAV”) of the AllianzGI Emerging Markets Small-Cap Fund (the “Fund”) returned 7.53%, underperforming the MSCI Emerging Markets Small Cap Index (the “benchmark”), which returned 9.41%.

Market Overview

Emerging market small-cap equities advanced thanks to positive sentiment and a more favorable growth and valuation mix relative to developed market small-cap equities. The benchmark rose in the initial four months during the reporting period, as investors were optimistic over the economic health and global demand expectations. Performance moderated in the last two months of the reporting period as volatility increased amid apprehension over a global trade war as well as concerns that rising inflation expectations could lead the US Federal Reserve to accelerate rate hikes.

Benchmark sector performance was broad-based, with 10 out of 11 sectors positing positive results. Health care was by far the top performer, followed by double-digit gains in consumer staples and information technology. Meanwhile, utilities posted a modest decline during the reporting period.

Country results were mostly higher, with 16 out of 24 countries posting gains. Egypt, South Korea and South Africa were the three top performers thanks to improving growth expectations in local small-cap shares. Conversely, Poland, Peru and the Philippines led results to the downside.

Portfolio Review

The Fund seeks to benefit from bottom-up stock selection to capture greater levels of inefficiencies in emerging market small-cap equities. During the reporting period, the Fund trailed the benchmark due to more conservative stock selection and an underweight in growth-related segments of the market.

Consumer discretionary was the top performing sector, outpacing the benchmark thanks to bottom-up stock selection. Stockpicking in materials and financials also contributed positively to results during the reporting period. Conversely, health care was the primary source of underperformance given the combination of a relative underweight allocation and bottom-up selections which trailed the benchmark. Stock selection in utilities and energy offset results more modestly. From a country standpoint, bottom-up stockpicking in South Africa, India and Brazil topped the benchmark. Meanwhile, an underweight to higher growth-oriented securities in South Korea and China detracted from results as did a modest overweight allocation to Poland, which was the worst benchmark performer during the reporting period.

Outlook

While uncertainty regarding the trade and political climate may cloud short-term visibility, our viewpoint for emerging markets small-cap equities remains optimistic. We believe emerging markets are more stable than the past and are increasingly driven by favorable demographics and growth within emerging countries; as such, in our view, the direct impact from a trade war and geopolitical impacts may be limited. However, results may be impacted by ebbs and flows of sentiment, which could increase volatility for the coming periods.

In our view, emerging market small-cap equities are attractive in light of superior earnings growth expectations and higher idiosyncratic opportunities than emerging market large-cap equities. In addition, the fact that emerging market small-cap equities have underperformed their large-cap counterparts in each of the last two calendar years, in our opinion, suggests the potential for outperformance, as small had outperformed large in six of the seven prior calendar year periods as investors have historically been rewarded for the size premium in emerging markets over time.

Average Annual Total Return for the period ended March 31, 2018

	6 Month*		1 Year		Since Inception†
AllianzGI Emerging Markets Small-Cap Fund Class A		7.53%		18.15%		9.10%
AllianzGI Emerging Markets Small-Cap Fund Class A (adjusted)		1.62%		11.65%		7.26%
AllianzGI Emerging Markets Small-Cap Fund Institutional Class		7.77%		18.62%		9.48%
MSCI Emerging Markets Small Cap Index		9.41%		18.62%		7.16%
Lipper Emerging Markets Funds Average		8.34%		23.20%		6.08%

* Cumulative return

† The Fund began operations on December 1, 2014. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on November 30, 2014.

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 106 and 107 for more information. The Fund’s gross expense ratios are 15.72% for Class A shares and 3.38% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2019. 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, 2018.

46 March 31, 2018  | Semiannual Report

Unaudited

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

Cumulative Returns Through March 31, 2018

Country Allocation (as of March 31, 2018)

Korea (Republic of)	17.3%
Taiwan	15.5%
India	11.0%
China	10.5%
Thailand	6.6%
Hong Kong	6.5%
Malaysia	5.9%
South Africa	4.6%
Other	20.6%
Cash & Equivalents — Net	1.5%

Shareholder Expense Example	Actual Performance
	Class A	Institutional Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,075.30	$1,077.70
Expenses Paid During Period	$9.57	$7.77
	Hypothetical Performance
	(5% return before expenses)
	Class A	Institutional Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,015.71	$1,017.45
Expenses Paid During Period	$9.30	$7.54

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 182/365.

Semiannual Report |  March 31, 2018 47

Unaudited

AllianzGI Europe Equity Dividend Fund

For the period of October 1, 2017 through March 31, 2018, as provided by Christian McCormick, Senior European Inter-Regional Product Specialist.

Fund Insights

For the six-month period ended March 31, 2018, Class A shares at net asset value (“NAV”) of the AllianzGI Europe Equity Dividend Fund (the “Fund”) returned -1.50%, underperforming the MSCI Europe Index (Net) (the “benchmark”), which returned 0.18%.

Market Overview

In USD terms, European companies closed the reporting period unchanged. Markets trended positively until January, but subsequently experienced a setback driven by interest rate concerns and growing fears of a global trade war. The strategy lagged the market impacted by a taper tantrum-like market environment in February and March putting temporary pressure on higher yielding stocks in general.

European equities ended the fourth quarter 2017 slightly higher despite political risks weighing on investor sentiment. In October, Catalonia voted for independence from Spain and snap elections in December failed to resolve the situation. In Germany, attempts to establish a coalition government failed. However, economic news continued to paint a very positive picture. The Eurozone economy showed a year-on-year growth rate of 2.6%, and the unemployment rate slipped below 9% for the first time since the start of 2009. After more gains in January, European equities joined the global sell-off in February and March driven by interest rate concerns and later on growing fears of a global trade war following the Trump administration’s decision to implement tariffs on key imports. Company earnings remained supportive, but the Euro strength tempered investor sentiment and politics remained a concern as Italy’s elections resulted in no outright winner. Eurozone economic activity lost some momentum in early 2018 but leading indicators remained solidly in expansionary activity. The ECB dropped its commitment to increase its bond-buying program should growth weaken, but reiterated that rates would not rise until “well past” the programme’s end. The UK and EU reached broad agreement on a 21-month transition period following Brexit.

In the tug-of-war between a buoyant economic environment and concerns with regard to the liquidity withdrawal by Central Banks, the Fund underperformed the broader European equity market in a falling market. This rather unusual behavior has to be seen against the background of the taper tantrum-like market environment. Dividend stocks generally performed weaker as May 2013 market participants played a stronger and faster than the previously expected surge in interest rates—a situation with a certain resemblance to relative performance of the Fund also came under pressure. However, as expectations did not further materialize, the discount that applied to the dividend stocks quickly got priced out again. Similarly, the relative performance of the Fund started to recover towards the end of the period (into the second quarter). Stock selection was the main driver of underperformance with contributions broadly distributed. Selection particularly hurt within consumer staples, industrials and telecommunication services. Selection was most successful within financials and health care.

Portfolio Review

During the reporting period, the Fund’s largest overweights relative to the benchmark were in telecommunication services and energy whilst the largest underweights were in health care followed by consumer staples. With regard to country exposure, the largest overweights were in the UK and Spain whilst the largest underweights were in Switzerland and Sweden.

The largest detractors on single stock basis were the positions in SES (France), Imperial Brands (UK) and KPN (Netherlands). The most significant positive contributors were the positions in TUI (Germany), a tourism service provider, and IG Group (UK), a provider of online trading services for CFDs and other products, which both continued to present good results. Shares of Munich Re (Germany), the global leader in the reinsurance sector, also performed strongly after it became clear that it had weathered the difficulties of 2017 with generally high claims due to hurricane activity better than competitors.

48 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI Europe Equity Dividend Fund (cont’d)

Average Annual Total Return for the period ended March 31, 2018

	6 Month*		1 Year		Since Inception†
AllianzGI Europe Equity Dividend Fund Class A		–1.50%		12.31%		4.35%
AllianzGI Europe Equity Dividend Fund Class A (adjusted)		–6.92%		6.13%		2.50%
AllianzGI Europe Equity Dividend Fund Class C		–1.85%		11.49%		3.57%
AllianzGI Europe Equity Dividend Fund Class C (adjusted)		–2.81%		10.49%		3.57%
AllianzGI Europe Equity Dividend Fund Class P		–1.39%		12.50%		4.50%
AllianzGI Europe Equity Dividend Fund Institutional Class		–1.33%		12.60%		4.63%
MSCI Europe Index (Net)		0.18%		14.49%		5.46%
Lipper International Equity Income Funds Average		2.21%		12.82%		5.21%

* Cumulative return

† The Fund began operations on February 2, 2015. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on January 31, 2015.

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 106 and 107 for more information. The Fund’s gross expense ratios are 5.63% for Class A shares, 6.66% for Class C shares, 5.31% for Class P shares and 5.69% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2019. 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, 2018.

Cumulative Returns Through March 31, 2018

Country Allocation (as of March 31, 2018)

United Kingdom	32.3%
France	17.1%
Spain	10.2%
Germany	10.2%
Netherlands	9.9%
Norway	6.1%
Italy	6.1%
Switzerland	2.3%
Other	2.0%
Cash & Equivalents — Net	3.8%

Semiannual Report |  March 31, 2018 49

Unaudited

AllianzGI Europe Equity Dividend Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class P	Institutional Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$985.00	$981.50	$986.10	$986.70
Expenses Paid During Period	$5.94	$9.63	$5.20	$4.70
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,018.95	$1,015.21	$1,019.70	$1,020.19
Expenses Paid During Period	$6.04	$9.80	$5.29	$4.78

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.20% for Class A, 1.95% for Class C, 1.05% for Class P and 0.95% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.

50 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI Global Dynamic Allocation Fund

For the period of October 1, 2017 through March 31, 2018, as provided by the Multi-Asset US Group.

Fund Insights

For the six-month period ended March 31, 2018, Class A shares at net asset value (“NAV”) of the AllianzGI Global Dynamic Allocation Fund (the “Fund”) returned 1.40%, underperforming the 60% MSCI ACWI, 40% Bloomberg Barclays US Aggregate Bond Index (the “benchmark”), which returned 2.45%.

Market Overview

The six-month period ending on March 31, 2018 is best characterized as one which began with markets being supported by optimism about global growth and mostly positive political developments. About midway through the period, however, market expectations began to reset.

Global equities appreciated through January buoyed by optimism about the trajectory of global growth. Late in the fourth quarter, the passage of the Tax Cuts and Jobs Act provided an additional boost to sentiment around US equities in light of positive implications for corporate earnings. In terms of economic expansion, we received confirmation that the US economy expanded at a greater than 3.0% rate for two consecutive quarters (on a quarter-over-quarter annualized rate) and that in the US and almost all major economies, the labor market continued to tighten. And yet inflation failed to materialize in spite of such improvements, while official forecasts (from the US Federal Reserve (the “Fed”)) and unofficial ones (from consumer sentiment surveys) suggested that the absence of inflation would continue in the US and in most major economies. Emerging market assets continued to benefit from the “spillover” effects of strong global growth, with its attendant boost to international trade and support for some industrial commodity prices (such as copper) that benefit key commodity exporters. In addition, emerging markets benefited from a weaker US dollar and persistent inflows of foreign capital.

However, signs of rising inflationary pressures and higher bond yields led to a sharp correction in early February. For the remainder of the reporting period macroeconomic and policy uncertainty forced a recalibration of expectations among market participants across asset classes. As of January, markets expected the Fed to increase its benchmark interest rate two times during 2018 and markets seemed to have grown complacent with the low volatility environment of the previous two years. Several new themes arose during the reporting period including (i) a re-emergence of volatility, (ii) renewed vigilance about the possibility of creeping inflation, and (iii) revised forecasts for the pace and magnitude of increases in the Fed’s benchmark interest rate. In this new context, we observed a spike in the Chicago Board Options Exchange Volatility Index (“VIX”) of around 300% during the first week of February, a correction in US equities of more than 6% intraday during the day following a report showing that US wages in January increased more than expected, and an increase in yields on 10-Year Treasuries of roughly 40 basis points by the end of the period.

In March, these factors, combined with the looming threat of a global trade war linked to the White House’s announcement of steep tariffs on steel and aluminum, weighed on markets. Later in March, the technology sector suffered in the wake of several company-specific events, including the launch of a federal investigation into Facebook’s alleged privacy breach.

Overall, the best performing assets for the six-month period were emerging market equities and emerging market bonds followed by global and US equities. Among the worst performing assets were corporate and US government bonds.

Portfolio Review

Selection in equities was the single largest detractor from performance as the Fund underperformed its benchmark. Allocation within equities had a positive effect, as overweight positions in emerging markets and Asian developed contributed to Fund performance. Detractors from performance were an overweight in corporate bonds and opportunistic positions in energy and industrial metal commodities. The Fund modestly benefitted from opportunistic positions in US small-cap stocks and Italian bond futures. Lastly, the Fund’s positions in the Australian and Canadian dollars detracted from overall performance.

At the end of the period, the Fund maintained a slight underweight position in US government bonds (duration weighted) and an overweight to global equities including emerging markets, against a backdrop of favorable trends and fundamental views across risk assets. The Fund also has an opportunistic position in U.S. bank loans, which are floating rate instruments and which we believe should outperform traditional corporate credit in a rising rate environment.

Outlook

Overall, despite the recent volatility in markets, there is still evidence to support a prolonged period of synchronized global growth. As of the end of the quarter, around the world more than two-thirds of countries (developed and emerging) were producing above-average economic data changes. In addition, monetary policy remains accommodative in historical terms as the removal of excess liquidity has been gradual and we believe monetary policy will likely remain accommodative. Although the Fed raised its benchmark interest rate in March and provided more hawkish guidance for the next two years, comments from new Fed Chair Jerome Powell suggest that policy will move at a measured pace. For its part, the European Central Bank signaled that it will not increase the policy rate in 2018. Inflation remains low albeit higher than at the end of last year. Inflation expectations, especially survey-based measures, however, are more elevated.

As of the end of the quarter, our market cycle signals and fundamental analysis recommend a neutral position for global equities favoring emerging markets and US equities and with a small underweight to Europe and the United Kingdom. On the fixed income side, we are neutral to modestly underweight US bonds and long periphery European bonds and Emerging Market local bonds.

Semiannual Report |  March 31, 2018 51

Unaudited

AllianzGI Global Dynamic Allocation Fund (cont’d)

Average Annual Total Return for the period ended March 31, 2018

	6 Month*		1 Year		5 Year		Since Inception†
AllianzGI Global Dynamic Allocation Fund Class A		1.40%		9.34%		4.61%		9.63%
AllianzGI Global Dynamic Allocation Fund Class A (adjusted)		–4.18%		3.33%		3.44%		8.93%
AllianzGI Global Dynamic Allocation Fund Class C		0.95%		8.47%		3.80%		8.80%
AllianzGI Global Dynamic Allocation Fund Class C (adjusted)		–0.02%		7.47%		3.80%		8.80%
AllianzGI Global Dynamic Allocation Fund Class R		1.16%		8.92%		4.32%		9.34%
AllianzGI Global Dynamic Allocation Fund Class P		1.49%		9.56%		4.78%		9.83%
AllianzGI Global Dynamic Allocation Fund Institutional Class		1.49%		9.58%		4.87%		9.93%
AllianzGI Global Dynamic Allocation Fund Class R6		1.50%		9.60%		4.97%		10.03%
AllianzGI Global Dynamic Allocation Fund Administrative Class		1.35%		9.33%		4.61%		9.65%
60% MSCI ACWI, 40% Bloomberg Barclays US Aggregate Bond Index		2.45%		9.29%		6.33%		8.88%
MSCI ACWI		4.71%		14.85%		9.20%		12.07%
Bloomberg Barclays US Aggregate Bond Index		–1.08%		1.20%		1.82%		3.64%
Lipper Alternative Global Macro Funds Average		0.64%		4.89%		2.17%		6.27%

* Cumulative return

† The Fund began operations on April 27, 2009. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on April 30, 2009.

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 106 and 107 for more information. The Fund’s gross expense ratios are 1.38% for Class A shares, 2.11% for Class C shares, 1.73% for Class R shares, 1.14% for Class P shares, 1.06% for Institutional Class shares, 1.02% for Class R6 shares and 1.28% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2019. The Fund’s expense ratios net of this reduction are 1.00% for Class A shares, 1.77% for Class C shares, 1.37% for Class R shares, 0.83% for Class P shares, 0.73% for Institutional Class shares, 0.73% 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, 2018.

Cumulative Returns Through March 31, 2018

Country Allocation (as of March 31, 2018 )

United States	56.0%
Japan	5.5%
Canada	4.2%
United Kingdom	3.3%
China	2.8%
France	2.6%
Korea (Republic of)	1.9%
Germany	1.7%
Other	26.4%
Cash & Equivalents — Net	–4.4%

52 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI Global Dynamic Allocation Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class R	Class P	Institutional Class	Class R6	Administrative Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,014.00	$1,009.50	$1,011.60	$1,014.90	$1,014.90	$1,015.00	$1,013.50
Expenses Paid During Period	$4.87	$8.72	$6.72	$4.02	$3.52	$3.52	$4.87
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Institutional Class	Class R6	Administrative Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,020.09	$1,016.26	$1,018.25	$1,020.94	$1,021.44	$1,021.44	$1,020.09
Expenses Paid During Period	$4.89	$8.75	$6.74	$4.03	$3.53	$3.53	$4.89

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 (0.97% for Class A, 1.74% for Class C, 1.34% for Class R, 0.80% for Class P, 0.70% for Institutional Class, 0.70% for Class R6 and 0.97% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.

Semiannual Report |  March 31, 2018 53

Unaudited

AllianzGI Global Fundamental Strategy Fund

For the period of October 1, 2017 through March 31, 2018, as provided by Neil Dwane, Portfolio Manager.

Fund Insights

For the six-month period ended March 31, 2018, Class A shares at net asset value (“NAV”) of the AllianzGI Global Fundamental Strategy Fund (the “Fund”) returned -2.43% underperforming the USD Overnight LIBOR (the “benchmark”), which returned 0.68%.

Market Overview

Global bond markets yielded mixed performance during the last six months. The yield on 10-year US Treasuries reached a four year high of just under 3% in February and remained elevated, while the yield on 10-year German Bunds jumped to an intraday peak of 0.8% in February only to fall back to around 0.5% at the end of March. Peripheral euro area bonds outperformed German Bunds. UK and Japanese bonds also posted moderate gains over the six-month period. Emerging market US dollar-denominated fell broadly, following the sell-off in US bond markets, while local currency bonds overall gained. Against the backdrop of positive economic data, the US Federal Reserve raised rates in December and in March, signaling a more tightening policy stance ahead as did the European Central Bank and the Bank of England.

Global equities advanced further over the four months to January, supported by positive sentiment on global growth, US tax cuts and corporate earnings, but pulled back sharply in February as bond yields jumped higher. While stocks later recouped some of their losses, the Trump administration’s decision to impose import tariffs led major equity indices to fall again in March. Emerging market equities outperformed developed markets over the six-month period. Oil prices rallied and the US dollar weakened against other major currencies, with the British pound rising back above USD 1.40 as the EU and UK reached a broad agreement on a 21-month transition period following Brexit.

Portfolio Review

During the last six months we continued to review and evolve our investment themes. Following our annual Investment Forum in Hong Kong in January, we decided to have Infrastructure & Security and Oil & Energy subsumed under Hunt for Income, Real Assets, Winners from Disruption and Structural Growth. We have since recast and split out Structural Growth into two new themes: Rise of Asia and Global Capex (Capital Expenditure) Revival. Asia merits its own stand-alone investment theme since in our view it represents the biggest economic story of the 21st century so far – in large part due to China’s ongoing transformation from an export-led economy to one fueled by domestic consumption. Meanwhile corporate capex spending outside of Asia has remained too low for too long to meet future demand, relative to the cyclical upturn and to the declining economic value and life of corporate assets. A select group of companies are bucking the trend of continuing record share buybacks and (re)investing more in their hard assets as well as in research and digitalization. We believe these are the companies that will help us express some of our best investment ideas in the future as they develop the right capacity and supply chains needed to grow productivity and earnings.

Outlook

Looking ahead we expect recurring bouts of downside volatility in equity, bond and currency markets throughout this year. Therefore, alongside rotating and adding prudently to long exposures to our core investment themes, we are maintaining tactical tail-risk protection and cash-equivalent positions. At the same time we are aiming to minimize the cost, to shorter term performance, from hedging and the mark-to-market value of derivatives. Currency pair gyrations in the short term remain particularly challenging as they are driven by a mix of interacting factors, including differences in bond yields, fiscal and trade deficits/surpluses, (geo)political risks and perceived safe haven merits, and of course differences in the cost of hedging. At the end of March the Fund’s realized monthly volatility over a one year period was approximately 3.5%.

54 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI Global Fundamental Strategy Fund (cont’d)

Average Annual Total Return for the period ended March 31, 2018

	6 Month*		1 Year		Since Inception†
AllianzGI Global Fundamental Strategy Fund Class A		–2.43%		3.00%		3.34%
AllianzGI Global Fundamental Strategy Fund Class A (adjusted)		–7.80%		–2.67%		2.11%
AllianzGI Global Fundamental Strategy Fund Class C		–2.76%		2.25%		2.56%
AllianzGI Global Fundamental Strategy Fund Class C (adjusted)		–3.71%		1.25%		2.56%
AllianzGI Global Fundamental Strategy Fund Class P		–2.39%		3.13%		3.47%
AllianzGI Global Fundamental Strategy Fund Institutional Class		–2.36%		3.21%		3.59%
USD Overnight LIBOR		0.68%		1.23%		0.45%
70% MSCI ACWI, 30% Bloomberg Barclays Global Aggregate Bond Index		4.08%		12.49%		7.46%
USD Overnight LIBOR + 4%		2.74%		5.41%		4.60%
Lipper Absolute Return Funds Average		0.79%		2.94%		2.62%

* Cumulative return

† The Fund began operations on July 1, 2013. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on June 30, 2013.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares 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 106 and 107 for more information. The Fund’s gross expense ratios are 2.40% for Class A shares, 3.21% for Class C shares, 2.14% for Class P shares and 2.15% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2019. The Fund’s expense ratios net of this reduction are 1.14% for Class A shares, 1.89% for Class C shares, 0.99% for Class P shares and 0.89% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2018.

Cumulative Returns Through March 31, 2018

Country Allocation (as of March 31, 2018) 

United States	16.5%
United Kingdom	13.9%
Japan	10.2%
Canada	9.4%
Germany	5.4%
Russian Federation	4.6%
Argentina	4.6%
Supranational	3.7%
Other	25.4%
Cash & Equivalents — Net	6.3%

Semiannual Report |  March 31, 2018 55

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AllianzGI Global Fundamental Strategy Fund (cont’d)

Moody’s Ratings* (as of March 31, 2018)

* As a percentage of fixed-income investments. Credit 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. Securities 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 (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$975.70	$972.40	$976.10	$976.40
Expenses Paid During Period	$5.66	$9.34	$4.93	$4.43
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,019.20	$1,015.46	$1,019.95	$1,020.44
Expenses Paid During Period	$5.79	$9.55	$5.04	$4.53

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 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.

56 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI Global High Yield Fund

For the period of October 1, 2017 through March 31, 2018, as provided by David Newman, Portfolio Manager.

Fund Insights

For the six-month period ended March 31, 2018, Institutional Class shares at net asset value (“NAV”) of the AllianzGI Global High Yield Fund (the “Fund”) returned -0.04%, performing in line with the ICE BofA Merrill Lynch Global High Yield Constrained Index USD Hedged (the “benchmark”), which returned -0.02%.

Market Overview

The reporting period was marked with bouts of volatility primarily due to geopolitics and the theme of flattening global yield curves. The eventual passage of the tax bill in late December fuelled a rally into early 1st quarter of 2018. However, the optimism came to an abrupt halt in February when higher than expected wage and inflation data led to fears of a more aggressive interest rate hiking policy by the US Federal Reserve (the “Fed”). Market volatility surged again in the latter half of March as the equity market priced in the potential impact of a trade war resulting from President Donald Trump’s rhetoric on the imposition of tariffs.

The small negative return of -0.02% of the global high market was primarily due to a sell-off in government bonds rather than any deterioration in credit fundamentals as the 10-year US Treasury yield rose by 41 basis points. In fact, the fundamentals of the global high yield market remain strong as companies continue to report solid earnings growth. By region, GBP-denominated credit returned 1.54% (hedged to the US dollar (“USD”)) and Euro (“EUR”)-denominated credit returned 1.46% (hedged to the USD), outperforming the USD credit return of -0.51% as yields rose in the US due to expectations the Fed would continue to raise interest rates, albeit slowly, whereas the European Central Bank (“ECB”) and the Bank of England (“BOE”) remained on hold.

The longer duration profile of BB issuers resulted in a modest negative return of -0.19% (hedged to US dollars) when compared to a return of 0.27% for B-rated issues and 0.15% for CCC and lower issues which have a lower duration.

Portfolio Review

In terms of the geographic selection within the Fund, we have maintained a preference for EUR and GBP-denominated holdings versus USD holdings which helped performance as financial conditions remain favorable in Europe due to ECB maintaining an accommodative monetary policy while the Fed has been tightening policy. Specifically, European B-rated issues in particular appear cheap compared to USD issues while GBP issuers trade cheap to EUR due to Brexit risks. Although, emerging market fundamentals are continuing to improve, we have an underweight exposure due to tight valuations which detracted performance modestly.

Within credit ratings category, an overweight position in B-rated issues versus BB’s helped performance. We continue to maintain this exposure, as we view B’s to be sweet spot on the credit curve as it would benefit from a continuing global growth environment while providing a higher spread cushion in the event of rising interest rates when compared to BB which has a higher duration profile. The high yield market is efficiently identifying and pricing high risk issuers, as such, we are neutral among CCC issues and underweight below CCC. In terms of sector allocations, our main overweights have been in leisure, capital goods and insurance, while our primary underweights have been in telecommunications, retail and media where underlying credit trends remain structurally challenged. Sector allocation was a small positive contribution as overweights in consumer cyclicals and energy added value as oil prices recovered along with companies cutting costs to a much lower breakeven whereas our underweight in utilities detracted from performance.

Security selection among industries such as energy and retail contributed positively to performance whereas issuer selection within cable/satellite, telecommunications and consumer products detracted performance. It is important to note that during a flat to rising interest rate environment, the higher carry sectors periodically outperform sectors with strong credit fundamentals, for example, our underweight in select wirelines issuers which is a flawed business model performed well during the reporting period, as such, our underweight detracted from performance.

Outlook

While recent market volatility has risen from the historically low levels of 2017, this should not distract long-term investors from the fact that the fundamentals of the high yield market remain positive. We expect default rates to remain below long term averages, while earnings momentum is strong and is supported by a growing global economy. We believe this constructive backdrop is supportive for investors that seek to harvest returns from credit risk premium. While there is a possibility that spreads widen, we expect the global high yield asset class to provide positive returns, which is still attractive against other fixed-income alternatives for long-term investors.

Semiannual Report |  March 31, 2018 57

Unaudited

AllianzGI Global High Yield Fund (cont’d)

Cumulative Total Return for the period ended March 31, 2018

	6 Month		Since Inception†
AllianzGI Global High Yield Fund Institutional Class		–0.04%		2.92%
AllianzGI Global High Yield Fund Class P		–0.05%		2.85%
ICE BofA Merrill Lynch Global High Yield Constrained Index USD Hedged		–0.02%		2.92%
Lipper High Yield Fund Average		–0.41%		2.20%

† The Fund began operations on May 3, 2017. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on April 30, 2017.

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 106 and 107 for more information. The Fund’s gross expense ratios are 2.00% for Class P shares and 2.02% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2019. The Fund’s expense ratios net of this reduction are 0.80% for Class P shares and 0.70% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2018.

Cumulative Returns Through March 31, 2018

Country Allocation (as of March 31, 2018)

United States	47.8%
United Kingdom	9.9%
Canada	6.1%
Netherlands	3.2%
Luxembourg	2.8%
France	2.7%
Spain	2.0%
Italy	2.0%
Other	19.1%
Cash & Equivalents — Net	4.4%

Credit Ratings* (as of March 31, 2018)

* Credit ratings apply to the credit worthiness of the issuers of the underlying securities and not to the Fund or its shares. Ratings are subject to change. Ratings are based off of the lowest available rating from S&P Global Ratings (“S&P”), Moody’s and Fitch. Bonds not rated by the aforementioned agencies are “unrated”. Ratings are shown based on the S&P rating scale, which ranges from AAA (highest) to D (lowest). Where applicable, securities ratings of an agency other than S&P have been converted to the S&P equivalent. “NR” denotes securities that are not rated. Not rated securities do not necessarily indicate low quality. Ratings are relative, subjective and not absolute standards of quality, and represent the opinions of the independent Nationally Recognized Statistical Rating Organizations (NRSRO). The security’s credit rating does not eliminate risk. The Fund is not rated by an independent rating agency. Previous shareholder reports for the Fund displayed bond ratings provided by S&P.

58 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI Global High Yield Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class P	Institutional Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$ 999.50	$ 999.60
Expenses Paid During Period	$ 4.04	$ 3.54
	Hypothetical Performance
	(5% return before expenses)
	Class P	Institutional Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,020.89	$1,021.39
Expenses Paid During Period	$4.08	$3.58

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.81% for Class P and 0.71% for Institutional Class), multiplied by the average account value over the period, multiplied 182/365.

Semiannual Report |  March 31, 2018 59

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AllianzGI Global Sustainability Fund

For the period of October 1, 2017 through March 31, 2018, as provided by the Global Equity Team.

Fund Insights

For the six-month period ended March 31, 2018, Class A shares at net asset value (“NAV”) of the AllianzGI Global Sustainability Fund (the “Fund”) returned 4.56%, underperforming the MSCI ACWI (the “benchmark”), which returned 4.71%.

Market Overview

Global equities rose steadily over the four months to January boosted by optimism over the health of the global economy and by expectations that tax reforms would help lift US company profits. However, signs of rising inflationary pressures and higher bond yields led to a sharp correction in February. While stocks later recovered some of these losses, the Trump administration’s decision to impose tariffs on a raft of imports led to escalating fears of a global trade war, causing stocks to retreat once more in March. In general, emerging market equities recorded strong gains over the six-month period. Despite record levels of global mergers and acquisitions activity, developed equity delivered mixed returns, with US stocks rallying while European stocks fell.

With data indicating the US economy was in robust health, the US Federal Reserve (the “Fed”) raised rates twice (in December and again in March) and provided more hawkish forecasts for rate rises in 2019 and 2020. The Bank of England also raised rates in November, and hinted that it would do so again in May. The European Central Bank dropped its reference to committing to buy more bonds should growth disappoint but signaled that, when rates did rise, the pace of increases would be “measured”. The Bank of Japan maintained its policy measures, but its governor suggested that it could start to move away from its ultra-loose monetary policy as early as next year.

Oil prices rallied, with Brent crude rising to a two-year high back above $70 a barrel. Gold also rose modestly as it benefitted from investors’ rising risk aversion in early 2018.

Portfolio Review

Estee Lauder made the top contribution to performance, rallying strongly after the release of its first quarter 2018 results and continuing its upward trajectory. Estee Lauder continues to do well on the back of rising Chinese demand, as well as its e-commerce initiative, which grew 33%. At over thirty times price to earnings, Estee Lauder is richly valued and we have taken some profit.

S&P Global has also contributed positively to returns following strong fourth quarter results. The provider of financial services and data delivered total revenues that were up 13.6% year on year, significantly beating the consensus 8%. This was largely driven by better than expected performance from the ratings business, where revenues were up 40%. Looking ahead, the company has guided for mid-single digit organic revenue growth, thanks to a lower tax rate and expenses which should improve earnings and free cash flow.

Inditex has detracted from performance. The multinational clothing company saw its shares decline after difficult Christmas trading and slowing like for like sales. However, the company remains a best-in-class retailer and is one of few retailers well-positioned to deal with the shifting channel mix. In combination with its short lead times and fast feedback model, this makes Zara much more capable of competing with pure-play online fashion retailers. While fourth quarter may prove a tough one, the long-term investment thesis remains intact.

Skandinaviska Enskilda Banken (“SEB”) has also detracted from returns. The Swedish bank posted third quarter results with net profit 3% ahead of consensus at 4.2 billion SEK. However, despite this positive headline number, a failure to deliver on its core corporate banking business has been punished by the market. Despite this, the bank remains one of the highest quality financial institutions in Europe, with almost unrivalled environmental, social, and corporate governance (“ESG”) scores. As a result, SEB continues to be a high conviction holding for the fund.

Outlook

The recent jitters in global equity markets are a stark change from the relative tranquility of 2017.

After years of low and, in some cases, negative rates, monetary policy is steadily marching towards normalization. The arrival at ‘Peak Liquidity’ is important for all asset markets, not just equities. At the same time, macroeconomic indicators like Purchasing Manager Indices and employment data are starting to top out. Figures for key industrial regions such as the US, the euro area and Japan have noticeably weakened. The data continues to be positive but, in our opinion, does suggest slowing economic momentum will bring us to ‘Peak Growth’.

Companies also face the prospect of lower profit growth in 2019, as the main benefit of the Tax Cuts and Jobs Act is captured this year. Thanks to the low interest rate environment, valuations are already high. With this passing, it seems that ‘Peak Valuation’ too has been reached. Combined with increasing geopolitical noise, we believe these factors have brought volatility back to more normal levels.

Overall, our investment philosophy of looking for businesses capable of growing independently from market trends remains the same. In the current market, we have been taking profits where valuations appear stretched and continue to search further a field for quality companies on more reasonable multiples.

60 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI Global Sustainability Fund (cont’d)

Average Annual Total Return for the period ended March 31, 2018

	6 Month*		1 Year		Since Inception†
AllianzGI Global Sustainability Fund Class A		4.56%		15.00%		7.82%
AllianzGI Global Sustainability Fund Class A (adjusted)		–1.19%		8.67%		5.99%
AllianzGI Global Sustainability Fund Class P		4.67%		15.22%		7.99%
AllianzGI Global Sustainability Fund Institutional Class		4.64%		15.26%		8.07%
MSCI ACWI		4.71%		14.85%		7.87%
Dow Jones Sustainability World Total Return Index		3.47%		16.31%		7.44%
Lipper Global Large-Cap Growth Funds Average		6.76%		19.13%		8.41%

* Cumulative return

† The Fund began operations on December 9, 2014. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on November 30, 2014.

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 106 and 107 for more information. The Fund’s gross expense ratios are 7.55% for Class A shares, 1.62% for Class P shares and 1.63% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2019. The Fund’s expense ratios net of this reduction are 1.09% for Class A shares, 0.94% for Class P shares and 0.84% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2018.

Cumulative Returns Through March 31, 2018

Country Allocation (as of March 31, 2018 )

United States	48.4%
United Kingdom	13.4%
Germany	9.1%
Sweden	5.0%
Japan	4.8%
Spain	4.3%
Switzerland	3.1%
Korea (Republic of)	1.7%
Other	5.1%
Cash & Equivalents — Net	5.1%

Semiannual Report |  March 31, 2018 61

Unaudited

AllianzGI Global Sustainability Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class A	Class P	Institutional Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,045.60	$1,046.70	$1,046.40
Expenses Paid During Period	$5.56	$4.80	$4.29
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class P	Institutional Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,019.50	$1,020.24	$1,020.74
Expenses Paid During Period	$5.49	$4.73	$4.23

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 (1.09% for Class A, 0.94% for Class P and 0.84% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.

62 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI Global Water Fund

For the period of October 1, 2017 through March 31, 2018, as provided by Andreas Fruschki, CFA, Portfolio Manager.

Fund Insights

For the six-month period ended March 31, 2018, Class A shares at net asset value (“NAV”) of the AllianzGI Global Water Fund (the “Fund”) returned 0.53%, underperforming the S&P Global Water Index (the “benchmark”), which returned 0.99%.

Market Overview

Global equities rose steadily through January boosted by optimism over the health of the global economy and by expectations of positive implication of the Tax Cuts and Jobs Act in the US. However, signs of rising inflationary pressures and higher bond yields led to a sharp correction in February. While stocks later recovered some of these losses, the Trump administration’s decision to impose tariffs on a raft of imports led to escalating fears of a global trade war, causing stocks to retreat once more in March. In general, emerging market equities recorded strong gains over the six-month period but, despite record levels of global mergers and acquisitions activity, developed equity delivered mixed returns, with US stocks doing relatively better, while European stocks receded.

With respect to the Water thematic, the end of the 2017 calendar year and the start of the reporting period began with strength in the market with both water utilities and water industrials delivering strong performance. European utilities appreciated given solid end market dynamics, while US utilities recovered after fears of rising interest rates lessened. Water industrials also showed strength, given economic growth, industrial recovery, and released spending on the environmentally focused solutions. However, volatility returned to the market in 2018 and water utilities began to lag the broader market. The utilities sector once again retreated, especially in the US, as investors moved from bond proxies into fixed income. European utilities have faced further strains from the political environment, caused by elections in Spain and discussions across the UK political parties. Water industrials also pulled back in the selloff, with more cyclical stocks under pressure following concerns over sustainability of the economic momentum.

In this environment, we continue to believe fundamentals for water thematic investments remain intact backed by strong secular drivers. We continue to see a focus on water resource management and accommodative regulatory conditions for municipal spending both of which are positive for water companies.

Portfolio Review

The Fund underperformed the broad market as measured by the MSCI ACWI, and slightly lagged its benchmark during the reporting period. Broad market underperformance was due to an overweight in utilities, which pulled back on rising interest rates. It is not uncommon for water utilities to move with sector sentiment in the short-term, however in the long term, water utilities return to normal trading based on strong fundamentals de-correlated to the macro environment.

In contrast, industrial water companies helped performance during the period. Xylem and Idex, two US industrial companies offering water quality monitoring and water-efficiency solutions, were the largest contributors. Both companies benefitted from recovery in their key end markets, and the increased focus on water resource management across their customer base. Xylem has continued to significantly expand its range of solutions, tapping deeper into digital technologies and smart water solutions. Danaher was also was additive, supported by improving water municipal spending in North America, an increased spending on water efficiency across the industrial end markets, and product introductions enhancing the competitive position of the company’s brand.

Among the largest absolute detractors during the period was French utility company Suez. The company retracted after disappointing announcements related to operating results due to political events in some European countries, consequently inflicting a sentiment shift against the name. Beijing Enterprises also detracted from returns given the increase in regulatory standards for Public-Private Partnerships in China, and thus reduced prospects for new project additions. Swiss industrial company Geberit, a leading producer of sanitary equipment, has also hurt performance due to a slowdown in its key end markets, and rising raw material costs.

Outlook

We continue to believe the global water imbalance is increasing. In order to capitalize on this opportunity, we invest in companies that offer solutions to the scarcity crisis across water efficiency and quality solutions, and those that stand to benefit from investments in water infrastructure.

The water-infrastructure theme remains intact and continues to gain attention and attract investments. In the US, we believe the Tax Cuts and Jobs Act provides water utilities with a leeway to increase their capital spending with neutral impact on the customer tariffs, leading to higher growth prospects. The emerging markets are also becoming more proactive in tackling the infrastructure issues, as is clear from China’s recent determination to combat the non-revenue water. These developments are also increasingly including technological innovations like real-time monitoring and quality sensors for the water networks, boosting demand for industrial water players. In addition to the municipalities, the industrial users are also taking higher responsibility for the environmental footprint, directing more effort and investment in, among other, water-efficient processes and equipment. The combination of these, and many other factors, gives us confidence in the strong positive outlook for the water space.

Semiannual Report |  March 31, 2018 63

Unaudited

AllianzGI Global Water Fund (cont’d)

Average Annual Total Return for the period ended March 31, 2018

	6 Month*		1 Year		5 Year		10 Year		Since Inception†
AllianzGI Global Water Fund Class A		0.53%		10.91%		7.11%		5.21%		5.21%
AllianzGI Global Water Fund Class A (adjusted)		–5.00%		4.81%		5.90%		4.62%		4.62%
AllianzGI Global Water Fund Class C		0.21%		10.09%		6.28%		4.42%		4.42%
AllianzGI Global Water Fund Class C (adjusted)		–0.77%		9.09%		6.28%		4.42%		4.42%
AllianzGI Global Water Fund Class P		0.68%		11.18%		7.37%		5.46%		5.46%
AllianzGI Global Water Fund Institutional Class		0.66%		11.18%		7.43%		5.54%		5.54%
S&P Global Water Index		0.99%		12.41%		9.92%		7.24%		7.24%
MSCI ACWI		4.71%		14.85%		9.20%		5.57%		5.57%
Lipper Global Natural Resources Funds Average		2.20%		4.72%		–1.31%		–3.62%		–3.62%

* Cumulative return

† The Fund began operations on March 31, 2008. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on March 31, 2008.

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 106 and 107 for more information. The Fund’s gross expense ratios are 1.44% for Class A shares, 2.19% for Class C shares 1.16% for Class P shares and 1.15% for Institutional Class shares. These ratios do not include an expense reduction contractually guaranteed through at least January 31, 2019. The Fund’s expense ratios net of this reduction are 1.22% for Class A shares, 1.97% for Class C shares, 0.94% for Class P shares, and 0.93% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2018.

Cumulative Returns Through March 31, 2018

Country Allocation (as of March 31, 2018)

United States	48.1%
France	10.2%
United Kingdom	9.2%
Switzerland	6.2%
Japan	4.1%
Netherlands	4.0%
Finland	3.9%
Austria	3.8%
Other	8.4%
Cash & Equivalents — Net	2.1%

64 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI Global Water Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class P	Institutional Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,005.30	$1,002.10	$1,006.80	$1,006.60
Expenses Paid During Period	$5.90	$9.68	$4.60	$4.50
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,019.05	$1,015.26	$1,020.34	$1,020.44
Expenses Paid During Period	$5.94	$9.75	$4.63	$4.53

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 (1.18% for Class A, 1.94% for Class C, 0.92% for Class P and 0.90% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.

Semiannual Report |  March 31, 2018 65

Unaudited

AllianzGI High Yield Bond Fund

For the period of October 1, 2017 through March 31, 2018, as provided by Doug Forsyth, Portfolio Manager.

Fund Insights

For the six-month period ended March 31, 2018, Class A shares at net asset value (“NAV”), of the AllianzGI High Yield Bond Fund (the “Fund”) returned -1.88%, underperforming the ICE BofA Merrill Lynch High Yield Master II Index (the “benchmark”), which returned -0.51%.

Market Overview

The high-yield bond market advanced alongside stocks in the first half of the reporting period. Over the remainder of the period, the asset class contended with a surge in equity market volatility and interest rate volatility.

High-yield bonds weathered the equity volatility better than stocks, providing greater downside protection during the stock market correction.

The 10-year US Treasury yield climbed from 2.33% to 2.94%, before closing the period at 2.74%. Long-duration fixed income was adversely impacted whereas high-yield spreads provided some cushion to absorb the move. The high-yield market’s reduced interest-rate sensitivity provided portfolio diversification benefits as treasuries and investment-grade bonds underperformed on a relative basis.

Credit trends continued to improve with most high-yield issuers reporting better-than-expected financial results and positive outlooks. Managements cited strengthening fundamentals, increasing demand, a more favorable regulatory environment and tax reform benefits. This promising fundamental backdrop helped to buoy the market.

On balance, major US economic reports were healthy and supported the operating environment for high-yield bond issuers.

The US Federal Reserve (the “Fed”) increased its benchmark interest rate by 25 basis points twice over the last six months, once in December and once in March, to settle at a range of 1.50% to 1.75%. The Fed’s decision and commentary minimally influenced convertible bonds.

Finally, fear of a global trade war potentially disrupting global growth and higher inflation weighed on investor sentiment in the second half of the reporting period, but had little impact on the high-yield bond market.

Against this backdrop, CCC-rated bonds returned 1.10%, significantly outperforming the -0.09% and -1.31% returns for B-rated and BB-rated bonds, respectively. CCC-rated bonds rallied with stocks, but did not surrender gains in the subsequent equity market sell-off. Strength in the riskiest, most distressed credits was partially attributable to continued demand by yield-motivated investors. BB-rated issues, which have lower yields and tighter spreads, were influenced by the move higher in Treasury yields.

Portfolio Review

The Fund finished lower and lagged the benchmark return.

Performance dispersion among credit-quality subcategories weighed on relative performance. The Fund’s credit allocation, specifically an underweight in CCC-rated bonds was a headwind as the lowest quality, highest risk issues outperformed higher-quality bonds.

Industry allocations that helped relative performance during the period included cable & satellite television, healthcare and retail. In cable & satellite television, a Fund underweight was a source of strength. Avoiding weaker-performing issues in this industry contributed to issue selection. In healthcare and retail, credit selection was also positive.

Industry allocations that negatively impacted relative performance during the reporting period included printing & publishing, energy and support-services. In printing & publishing, a relative overweight was beneficial, but portfolio underperformance was offsetting. In Energy, a portfolio underweight and issue selection detracted. In support-services, credit selection weighed on relative performance.

Outlook

Volatility returned after being absent for more than a year. However, the US economy is healthy, consumer and business confidence levels are elevated, and corporate profits are estimated to grow significantly in 2018.

Despite a more volatile backdrop, we believe high-yield bond performance expectations should not deviate from their historical return profile of delivering a compelling total return with less volatility than stocks and providing fixed-income diversification benefits in rising interest rate environments compared to US Treasuries and investment-grade corporate bonds.

66 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI High Yield Bond Fund (cont’d)

Average Annual Total Return for the period ended March 31, 2018

	6 Month*		1 Year		5 Year		10 Year		Since Inception†
AllianzGI High Yield Bond Fund Class A		–1.88%		1.31%		3.11%		6.70%		7.04%
AllianzGI High Yield Bond Fund Class A (adjusted)		–5.56%		–2.49%		2.33%		6.29%		6.85%
AllianzGI High Yield Bond Fund Class C		–2.18%		0.86%		2.42%		5.96%		6.27%
AllianzGI High Yield Bond Fund Class C (adjusted)		–3.14%		–0.11%		2.42%		5.96%		6.27%
AllianzGI High Yield Bond Fund Class R		–2.09%		0.95%		2.68%		6.35%		6.73%
AllianzGI High Yield Bond Fund Class P		–1.75%		1.86%		3.47%		6.98%		7.26%
AllianzGI High Yield Bond Fund Institutional Class		–1.62%		1.82%		3.50%		7.12%		7.51%
AllianzGI High Yield Bond Fund Administrative Class		–1.84%		1.60%		3.03%		6.67%		7.03%
ICE BofA Merrill Lynch High Yield Master II Index		–0.51%		3.69%		5.01%		8.12%		7.09%
Lipper High Yield Funds Average		–0.41%		3.25%		3.86%		6.67%		5.94%

* Cumulative return

† The Fund began operations on July 31, 1996. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on July 31, 1996.

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 106 and 107 for more information. The Fund’s expense ratios are 1.09% for Class A shares, 1.70% for Class C shares, 1.44% for Class R shares, 0.67% for Class P shares, 0.69% for Institutional Class shares and 0.86% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2018.

Cumulative Returns Through March 31, 2018

Industry Allocation (as of March 31, 2018 )

Media	10.2%
Oil, Gas & Consumable Fuels	8.9%
Telecommunications	8.7%
Diversified Financial Services	5.2%
Chemicals	5.0%
Healthcare-Services	4.6%
Commercial Services	4.1%
Retail	3.7%
Other	46.6%
Cash & Equivalents — Net	3.0%

Semiannual Report |  March 31, 2018 67

Unaudited

AllianzGI High Yield Bond Fund (cont’d)

S&P Ratings* (as of March 31, 2018)

* As a percentage of total investments. Securities 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. Securities not rated by S&P and bonds that do not currently have a rating available are designated in the chart above as “NR” and “NA”, respectively.

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class R	Class P	Institutional Class	Administrative Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$981.20	$978.20	$979.10	$982.50	$983.80	$981.60
Expenses Paid During Period	$5.33	$8.53	$7.89	$3.36	$3.56	$4.35
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Institutional Class	Administrative Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,019.55	$1,016.31	$1,016.95	$1,021.54	$1,021.34	$1,020.54
Expenses Paid During Period	$5.44	$8.70	$8.05	$3.43	$3.63	$4.43

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.08% for Class A, 1.73% for Class C, 1.60% for Class R, 0.68% for Class P, 0.72% for Institutional Class and 0.88% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365.

68 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI International Growth Fund

For the period of October 1, 2017 through March 31, 2018 as provided by Laura Villani, Product Specialist Associate, Equities.

Fund Insights

For the six-month period ended March 31, 2018, Class A shares at net asset value (“NAV”) of the AllianzGI International Growth Fund (the “Fund”) returned 5.71%, outperforming the MSCI ACWI ex USA Index (the “benchmark”), which returned 3.76%.

Market Overview

Global equities rose steadily from September 2017 to January 2018, boosted by optimism over the health of the global economy and by expectations that tax reforms would help to lift US company profits. However, signs of rising inflationary pressures and higher bond yields led to a sharp correction in February 2018. While stocks later recovered some of these losses, President Donald Trump’s administration’s decision to impose tariffs on a raft of imports led to escalating fears of a global trade war, causing stocks to retreat once more in March 2018.

European equities lagged many other regions, ending the period with negative returns (in EUR terms) as they joined in the global equity sell-off during February and March amid fears of higher interest rates and a global trade war. UK equities also fell (in GBP terms) but outperformed those in the euro zone by a modest margin. Investors cheered progress in the Brexit negotiations, with the UK and EU reaching broad agreement on a 21-month transition period.

Equity markets in the Pacific ex Japan advanced over the quarter. Markets rallied strongly to the end of January, boosted by growing optimism over the health of the global economy and signs of a pick-up in Asian trade. In Japan, equities closed the six-month period with moderate gains. Shares were boosted by Prime Minister Shinzo Abe’s decisive victory in October’s snap election in which he won over two-thirds of available seats. The victory was seen to reinforce his mandate to continue with “Abenomics”.

Portfolio Review

The Fund takes a bottom-up approach to identifying structural growth, rather than chasing growth momentum. We believe that our focus on high quality businesses, displaying long term structural growth independent of the wider market, should shelter us to some extent from uncertainty in the markets.

During the period, the Fund saw a positive contribution to performance from both stock selection and sector allocation. In terms of sector allocation, the overweight of the Information Technology sector was a key driver of outperformance, along with the underweights of telecommunication services and utilities. From a country perspective, stock selection in Denmark contributed most positively, also supported by Germany, Sweden and France. Stock picking in Brazil and the UK slightly detracted from performance. Both sector and country attributions are a result of the stock selection.

Danish life-saving equipment maker Ambu was the top contributor, with an active contribution of 83 basis points, followed by LG Household & Healthcare, Tencent Holdings, Constellation Software, and Weibo (between 32 and 52 basis points each). Ambu delivered a small fiscal year upgrade given strong gross margin development, with the business comfortably achieving an organic growth rate of 13%. Ambu is focusing again on sales growth in its Visualization division, which contains single-use endoscopes such as aScope, VivaSight, and Isiris (marketed by Coloplast). An increase in US sales reps should be supportive of growth.

Meanwhile Restaurant Brands International was the lead detractor, subtracting 39 basis points from relative performance, with a class action lawsuit from Tim Hortons’ franchisees dragging down performance. European names SAP and Reckitt Benckiser also detracted.

Outlook

Volatility across the market has picked up, creating opportunities for us, as bottom-up stock pickers, to reposition portfolios based on our long-term beliefs. The recent price correction in markets may be seen as healthy after a period of complacency. However, our expectation is for volatility to remain higher, as we approach peak liquidity, and monetary policy gradually begins to tighten.

Although macro data remains strong, several indicators have softened, most locally being the Eurozone Purchasing Managers Index (“PMI”) which now stands at 55.8 from a high of around 58 in January. The topping out of cyclical momentum is a strong indication that the current business cycle has entered its next stage. In this late-cycle reflation phase, we expect growth to stay above potential and inflation to incrementally pick up against a backdrop of ever tighter labor markets and rising economy-wide capacity utilization. Importantly, and particularly in Europe, we have not seen any significant downward trend reflected in the continued recovery of corporate earnings, which we believe is vital to drive the next leg of the European corporate recovery.

Regarding valuations, we consider Europe to be fair-valued, while many larger emerging markets look attractive. Two mid-term headwinds for valuation include fading central bank liquidity provision, and a worsening mix of growth (flattening) and inflation (rising).

Regarding the potential trade war between the US and China, so far the numbers of products involved are not large enough to have a significant impact on growth or inflation figures, and it is potentially a case of politics catching more attention in more uncertain times.

In any case, we see the importance of looking beyond volatility, whilst maintaining our valuation discipline and being selective, to outperform once again in 2018.

Semiannual Report |  March 31, 2018 69

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AllianzGI International Growth Fund (cont’d)

Average Annual Total Return for the period ended March 31, 2018

	6 Month*		1 Year		Since Inception†
AllianzGI International Growth Fund Class A		5.71%		26.26%		11.35%
AllianzGI International Growth Fund Class A (adjusted)		–0.10%		19.31%		9.37%
AllianzGI International Growth Fund Institutional Class		5.85%		26.66%		11.64%
MSCI ACWI ex USA Index		3.76%		16.53%		6.89%
MSCI ACWI ex USA Growth Index		4.84%		19.92%		8.14%
Lipper Int’l. Multi-Cap Growth Funds Average		4.44%		19.44%		7.92%

* Cumulative return

† The Fund began operations on February 2, 2015. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on January 31, 2015.

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 106 and 107 for more information. The Fund’s gross expense ratios are 1.82% for Class A shares and 1.49% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2019. The Fund’s expense ratios net of this reduction are 1.05% for Class A shares and 0.80% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2018.

Cumulative Returns Through March 31, 2018

Country Allocation (as of March 31, 2018 )

Germany	12.5%
China	11.8%
Denmark	9.4%
United Kingdom	9.2%
Canada	8.8%
Sweden	7.0%
Japan	6.7%
France	4.4%
Other	28.6%
Cash & Equivalents — Net	1.6%

70 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI International Growth Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class A	Institutional Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,057.10	$1,058.50
Expenses Paid During Period	$5.40	$4.12
	Hypothetical Performance
	(5% return before expenses)
	Class A	Institutional Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,019.68	$1,020.93
Expenses Paid During Period	$5.30	$4.04

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.05% for Class A and 0.80% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.

Semiannual Report |  March 31, 2018 71

Unaudited

AllianzGI International Small-Cap Fund

For the period of October 1, 2017 through March 31, 2018, as provided by Alexandra Russo, Product Specialist.

Fund Insights

For the six-month period ended March 31, 2018, Class A shares at net asset value (“NAV”) of the AllianzGI International Small-Cap Fund (the “Fund”) returned 10.70%, outperforming the MSCI World ex USA Small Cap Index (the “benchmark”), which returned 5.29%.

Market Overview

Global equities rose steadily over the four months to January boosted by optimism over the health of the global economy and by expectations that tax reforms would help to lift US company profits. However, signs of rising inflationary pressures and higher bond yields led to a sharp correction in February. While stocks later recovered some of these losses, President Donald Trump’s administration’s decision to impose tariffs on a raft of imports led to escalating fears of a global trade war, causing stocks to retreat once more in March. In general, emerging market equities recorded strong gains over the six-month period but, despite record levels of global mergers and acquisitions activity, developed equity delivered mixed returns, with US stocks rallying while European stocks fell.

European equities lagged many other regions, ending the period with negative returns (in EUR terms) as they joined in the global equity sell-off during February and March amid fears of higher interest rates and a global trade war. Politics also weighed on sentiment. The flash estimate of the Eurozone Purchasing Managers Index (“PMI”) slumped to 55.8 in March, its lowest level since early 2017. However, inflation remained subdued. Germany was among the weakest markets in the Eurozone. Economic data indicated that growth in the Eurozone’s largest market was moderating in 2018, with both the German Ifo Business Climate Index and the ZEW Indicator of Economic Sentiment for Germany easing as the quarter progressed. UK equities also fell (in GBP terms) but outperformed those in the Eurozone by a modest margin.

Equity markets in the Pacific ex Japan advanced over the quarter. In general, markets rallied strongly to the end of January, boosted by growing optimism over the health of the global economy and signs of a pickup in Asian trade. However, stocks lost some of these gains during February and March amid escalating fears of a global trade war. In terms of individual markets, Chinese equities were among those with the strongest returns over the six-month period, although performance was volatile. On balance data pointed to steady growth, underpinned by solid domestic growth and healthy global demand. Australian equities gained, but underperformed the broader region, touching their lowest levels in five months. Having held interest rates at 1.5% since August 2016, the Reserve Bank of Australia indicated that there was no need for a near-term rate rise as inflation was expected to increase only gradually to its target range of 2% to 3%. Returns for Association of Southeast Asian Nations markets were mixed. Thailand, Singapore, Malaysia and Indonesia rose while the Philippines fell sharply. The Philippines has twin deficits (current account and budget), leaving its economy more exposed to US rate increases.

Japanese equities surged for the first fourth months of the review period. Shares were boosted by Prime Minister Shinzo Abe’s decisive victory in October’s snap election in which he won over two-thirds of available seats. The victory was seen to reinforce his mandate to continue with “Abenomics”. However, along with other equity markets, Japanese stocks sold-off sharply in February and March amid escalating fears of a global trade war. In addition, the strength of the yen, which benefitted from its safe-haven status, weighed on returns. Overall, Japanese equities closed the six-month period with moderate gains. In economic news, Japan’s fourth-quarter GDP growth was revised up to 1.6% on an annualized basis, from an initial estimate of 0.5%. This is the eighth consecutive quarter of growth and the longest unbroken period of expansion in almost three decades.

Portfolio Review

International small-cap stocks had a strong six months through the end of March 2018, outperforming their large-cap counterparts.

All three small-cap markets, European, Asia ex Japan and Japanese, showed absolute gains. In USD, Japanese small-caps posted the strongest gains followed by small-caps from Asia ex Japan and the European region.

The Fund performed ahead of its benchmark for the reporting period. The European, Japanese and Asian ex Japan sleeve portfolios all closed well ahead of their respective local markets.

The Fund’s sector positioning resulted in a small positive contribution to relative performance mostly driven by the overweight in information technology and energy.

Country positioning also had a positive impact on relative performance mostly driven by the overweight in China and Taiwan and the underweight in Canada.

Stock selection was the main driver of active performance. Selection was most successful within the industrials, health care and financials sectors. In fact, selection was positive across the portfolio with only slight detraction from selection within consumer discretionary.

On a single stock basis, the positions in Rengo (Japan), Ambu (Denmark) and AMS (Switzerland) were the most significant positive contributors to performance. On the other hand, the positions in NetEnt (Sweden), RPC Group (UK) and Mitsui Mining & Smelting (Japan) were the largest detractors.

Outlook

Even though the global economic data have improved slightly, the figures for key industrial regions such as the US, the Eurozone and Japan recently weakened. The global economy appears to be moving towards the next stage of the current cycle. During this late-cycle reflation phase, the global economy will probably continue to grow, but momentum will not accelerate further. US growth and inflation forecasts for 2018 have been raised again but with expectations already ambitious, any future upward surprises to GDP growth have become considerably less likely. The planned tax cut might give corporate earnings a boost and push them up by a middle single-digit percentage. Wages are slowly, but steadily putting pressure on the margins. Low double-digit earnings growth seems achievable. The economic environment in the Eurozone is robust, but whilst growth rates are still healthy, the cycle might have passed its peak already. In China, indicators such as money supply growth point to a slowdown. Nevertheless, we believe emerging markets equities should continue to rise as long as Chinese growth is sufficiently strong, global trade picks up, the dollar is weak and commodity prices rise.

72 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI International Small-Cap Fund (cont’d)

Average Annual Total Return for the period ended March 31, 2018

	6 Month*		1 Year		5 Year		10 Year		Since Inception†
AllianzGI International Small-Cap Fund Class A		10.70%		32.28%		10.85%		6.77%		12.30%
AllianzGI International Small-Cap Fund Class A (adjusted)		4.60%		25.00%		9.60%		6.17%		11.98%
AllianzGI International Small-Cap Fund Class C		10.25%		31.20%		10.01%		5.96%		11.46%
AllianzGI International Small-Cap Fund Class C (adjusted)		9.25%		30.20%		10.01%		5.96%		11.46%
AllianzGI International Small-Cap Fund Class R		10.53%		31.84%		10.55%		6.49%		12.01%
AllianzGI International Small-Cap Fund Class P		10.77%		32.47%		11.02%		6.98%		12.61%
AllianzGI International Small-Cap Fund Institutional Class		10.81%		32.52%		11.10%		7.09%		12.70%
AllianzGI International Small-Cap Fund Class R6		10.84%		32.60%		11.20%		7.19%		12.81%
MSCI World ex USA Small Cap Index		5.29%		21.16%		9.71%		5.81%		8.22%
MSCI EAFE Small Cap Index		6.31%		23.49%		11.10%		6.48%		8.42%
Lipper International Small/Mid-Cap Growth Funds Average		6.87%		24.58%		9.85%		6.20%		9.27%

* Cumulative return

† The Fund began operations on December 31, 1997. Benchmark return and Lipper performance comparisons began on the fund inception date.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 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 106 and 107 for more information. The Fund’s gross expense ratios are 1.93% for Class A shares, 2.50% for Class C shares, 2.11% for Class R shares, 1.42% for Class P shares, 1.43% for Institutional Class shares and 1.42% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2019. The Fund’s expense ratios net of this reduction are 1.25% for Class A shares, 2.08% for Class C shares, 1.59% for Class R shares, 1.10% for Class P shares, 1.04% for Institutional Class shares and 1.00% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2018.

Cumulative Returns Through March 31, 2018

Country Allocation (as of March 31, 2018)

Japan	30.7%
United Kingdom	12.1%
Germany	10.0%
Switzerland	6.2%
Sweden	4.6%
France	4.4%
Austria	4.2%
Australia	3.3%
Other	23.1%
Cash & Equivalents — Net	1.4%

Semiannual Report |  March 31, 2018 73

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 (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,107.00	$1,102.50	$1,105.30	$1,107.70	$1,108.10	$1,108.40
Expenses Paid During Period	$6.57	$10.90	$8.35	$5.78	$5.57	$5.26
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Institutional Class	Class R6
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,018.70	$1,014.56	$1,017.00	$1,019.45	$1,019.65	$1,019.95
Expenses Paid During Period	$6.29	$10.45	$8.00	$5.54	$5.34	$5.04

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.25% for Class A, 2.08% for Class C, 1.59% for Class R, 1.10% for Class P, 1.06% for Institutional Class and 1.00% for Class R6), multiplied by the average account value over the period, multiplied by 182/365.

74 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI Micro Cap Fund

For the period of October 1, 2017 through March 31, 2018, as provided by Robert Marren, Portfolio Manager.

Fund Insights

For the six-month period ended March 31, 2018, Class A shares at net asset value (“NAV”) of the AllianzGI Micro Cap Fund (the “Fund”) returned -0.19%, underperforming the Russell Microcap Growth Index (the “benchmark”), which returned 1.93%.

Market Overview

US equities rallied strongly through the first four months of the period as sentiment was buoyed by better-than-expected corporate earnings and optimism that $1.5 trillion of tax cuts would further lift profits. However, rising bond yields and signs of a pick-up in wage growth led to a sharp correction in February. While stocks subsequently recovered some of these losses, escalating fears of a global trade war following the Trump administration’s decision to impose tariffs on Chinese imports caused a further sell-off in late March.

Against this backdrop, the Russell Microcap Index returned 2.49% and underperformed the Russell 2000 Index, which returned 3.25%. Within the microcap universe, growth-oriented stocks trailed value-oriented stocks. Specific to the benchmark, sector performance was mostly positive. Consumer staples, financials, and materials were the strongest performing sectors. In contrast, the real estate sector had the weakest performance, followed by utilities and energy.

Portfolio Review

The Fund underperformed its benchmark over the reporting period. From an attribution perspective, security selection drove relative underperformance whereas asset weighting effects had a negligible impact. Stock picking detracted from the healthcare, materials and industrials sectors. Conversely, security selection in the information technology, consumer staples and telecommunications sectors was beneficial and partially offsetting. Separately, an underweight in consumer discretionary helped returns but was balanced by an underweight in healthcare that tempered performance.

A top contributor, Axogen Inc. provides solutions that measures nerve function and repairs damaged peripheral nerves. Shares rallied on better-than-expected revenue growth and management guidance. The largest absolute detractor was Nutrisystems Inc., which provides low-calorie nutritionally-balanced weight management products. The stock was lower on disappointing 2018 guidance due to overspending on television ads with weak viewership.

Outlook

Although 2018 kicked off with elevated levels of volatility, we still expect the economy to expand at a moderate pace. The overall fundamentals still point toward future growth. However, the Trump administration’s aggressive focus on protectionist policies can weaken long-term productivity and negatively impact specific industries. We will continue to closely monitor the situation.

The US Federal Reserve’s March meeting confirmed that the central bank will continue on a path towards monetary policy normalization, with a steady projected 2 to 3 additional rate hikes for 2018. This is supported by the Fed’s outlook for continued positive economic growth and inflation gliding towards the 2% target. Overall, we welcome the return to a more normalized rate environment, which should encourage price discovery based on company fundamentals and can be favorable for active management.

While small-cap equity absolute valuations currently trade at the higher end of historical ranges, relative valuations remain attractive against larger-cap equities. In addition, small-cap equities continue to exhibit stronger growth potential. These factors should support small-cap returns going forward.

Semiannual Report |  March 31, 2018 75

Unaudited

AllianzGI Micro Cap Fund (cont’d)

Average Annual Total Return for the period ended March 31, 2018

	6 Month*		1 Year		5 Year		10 Year		Since Inception†
AllianzGI Micro Cap Fund Class A		–0.19%		11.25%		11.47%		10.11%		11.17%
AllianzGI Micro Cap Fund Class A (adjusted)		–5.68%		5.13%		10.21%		9.48%		10.90%
AllianzGI Micro Cap Fund Class P		–0.12%		11.41%		11.60%		10.27%		11.39%
AllianzGI Micro Cap Fund Institutional Class		–0.18%		11.35%		11.60%		10.33%		11.48%
Russell Microcap Growth Index		1.93%		14.79%		10.91%		9.35%		6.89%
Lipper Small-Cap Growth Funds Average		8.60%		19.98%		12.00%		10.33%		8.77%

* Cumulative return

† The Fund began operations on July 12, 1995. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on June 30, 1995.

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 106 and 107 for more information. The Fund’s gross expense ratios are 2.18% for Class A shares, 1.89% for Class P shares and 1.93% for Institutional Class shares. This ratio does not include an expense reduction, contractually guaranteed through at least January 31, 2019. 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, 2018.

Cumulative Returns Through March 31, 2018

Industry Allocation (as of March 31, 2018)

Biotechnology	13.7%
Healthcare Equipment & Supplies	9.7%
Internet Software & Services	7.9%
Banks	6.8%
Machinery	5.7%
Software	5.3%
Pharmaceuticals	4.8%
Semiconductors & Semiconductor Equipment	4.5%
Other	41.1%
Cash & Equivalents — Net	0.5%

76 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI Micro Cap Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class A	Class P	Institutional Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$998.10	$998.80	$998.20
Expenses Paid During Period	$8.07	$7.67	$7.67
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class P	Institutional Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,016.85	$1,017.25	$1,017.25
Expenses Paid During Period	$8.15	$7.75	$7.75

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 182/365.

Semiannual Report |  March 31, 2018 77

Unaudited

AllianzGI NFJ Emerging Markets Value Fund

For the period of October 1, 2017, through March 31, 2018, as provided by the Value Equity, US team.

Fund Insights

For the six-month period ended March 31, 2018, the Class A shares at net asset value (“NAV”) of the AllianzGI NFJ Emerging Markets Value Fund (the “Fund”) returned 9.41%, outperforming the MSCI Emerging Markets Index (the “benchmark”), which returned 8.96%.

Market Overview

Emerging market equities outperformed developed markets over the six-month period, ending the quarter with strong returns. Initially, emerging market stocks rallied sharply, buoyed by optimism over the global economy and the prospects for global trade. A weak tone to the US dollar also boosted sentiment. However, emerging markets joined in the global stock market correction in February, with fears that more protectionist policies would spark a global trade war further weighing on returns in March. Over the reporting period, Asian equities generally rallied, with Thailand and China among the strongest performers. South Africa rose as well, boosted by hopes of reform when Jacob Zuma was replaced by Cyril Ramaphosa as leader of the ANC, and later as the nation’s President. Russia led the advance in Eastern Europe, delivering double-digit gains, helped by news that Standard & Poor’s had raised the country’s credit rating to investment grade. However, the market weakened in March following universal criticism of Russia’s alleged involvement in the poisoning of a former spy on UK soil.

In terms of sectors, health care, energy and financial stocks in the benchmark climbed into the double digits, followed by robust gains in materials and information technology. In contrast, telecom services stumbled, posting negative total returns, followed by decreases in the real estate, consumer discretionary and industrials sectors over the reporting period.

Portfolio Review

The Fund’s relative outperformance versus its benchmark was driven by robust stock selection, though country and sector allocations also positively impacted relative performance, albeit to a lesser degree, during the six-month period.

In terms of stock selection, Fund holdings in the information technology, consumer discretionary, and consumer staples sectors were robust contributors to performance. These gains were only modestly offset by negative selection effects across the materials, financials and industrials sectors over the reporting period.

From a sector allocation perspective, an underweight in the telecom services sector and overweight in the health care sector boosted relative performance results. Conversely, an overweight in industrials and underweight in information technology detracted from relative performance.

Selection by country was positive due to strength from the Fund’s South Africa-, Taiwan- and Indonesia-based holdings. In contrast, selection in South Korea, Poland and Mexico somewhat muted Fund performance during the reporting period.

Country allocation contributed to positive performance results, largely due to overweight exposures across Singapore and Cyprus. This was somewhat offset by underweight positions in Russia and Brazil.

Outlook

Calendar year 2017 saw emerging market equities realize double-digit gains with all geographic regions across the developed and developing world now achieving sustained positive earnings growth for the first time since September 2011. However, investor optimism stalled in the first quarter of 2018. The emerging markets exhibited strength in January before sinking into negative territory in February and March. This rise in volatility is potentially a healthy sign that market participants are taking into account the risks inherent to equity investing. The possible causes of this volatility are myriad and invariably linked to changing global monetary policy, rising inflation expectations and continued political instability.

As investors navigate the increasingly choppy waters of international equity markets, we believe a dividend-focused approach can help to moderate volatility and realize attractive long term performance. Historical studies indicate dividend-paying equities outperform their non-yielding counterparts, and do so with lower volatility, or variability of return. Furthermore, a rising rate environment has historically benefitted value investing. Our investment process seeks to capture the value premium by identifying higher-quality companies trading at low absolute and relative valuation multiples, and we expect our strategy is well-positioned going forward. Finally, consistently investing at that intersection between dividends and value has been crucial to the strength of our long-term performance results, and we believe this disciplined process will help us continue that trend as we invest in 2018 and beyond.

78 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI NFJ Emerging Markets Value Fund (cont’d)

Average Annual Total Return for the period ended March 31, 2018

	6 Month*		1 Year		5 Year		Since Inception†
AllianzGI NFJ Emerging Markets Value Fund Class A		9.41%		24.82%		6.79%		7.51%
AllianzGI NFJ Emerging Markets Value Fund Class A (adjusted)		3.39%		17.96%		5.59%		6.37%
AllianzGI NFJ Emerging Markets Value Fund Class C		9.01%		23.96%		6.00%		6.71%
AllianzGI NFJ Emerging Markets Value Fund Class C (adjusted)		8.01%		22.96%		6.00%		6.71%
AllianzGI NFJ Emerging Markets Value Fund Class P		9.46%		25.03%		6.97%		7.69%
AllianzGI NFJ Emerging Markets Value Fund Institutional Class		9.53%		25.20%		7.06%		7.78%
MSCI Emerging Markets Index		8.96%		24.93%		4.99%		4.57%
Lipper Emerging Markets Funds Average		8.34%		23.20%		4.65%		4.43%

* Cumulative return

† The Fund began operations on December 18, 2012. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2012.

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 106 and 107 for more information. The Fund’s gross expense ratios are 3.33% for Class A shares, 4.01% for Class C shares, 3.01% for Class P shares and 2.88% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2019. The Fund’s expense ratios net of this reduction are 1.15% for Class A shares, 1.90% for Class C shares, 0.99% for Class P shares and 0.90% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2018.

Cumulative Returns Through March 31, 2018

Country Allocation (as of March 31, 2018)

China	27.2%
Korea (Republic of)	14.7%
Taiwan	12.1%
India	9.0%
Brazil	7.3%
South Africa	6.1%
Russian Federation	3.5%
Malaysia	2.8%
Other	12.9%
Cash & Equivalents — Net	4.4%

Semiannual Report |  March 31, 2018 79

Unaudited

AllianzGI NFJ Emerging Markets Value Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class P	Institutional Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,094.10	$1,090.10	$1,094.60	$1,095.30
Expenses Paid During Period	$5.95	$9.85	$5.12	$4.65
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,019.25	$1,015.51	$1,020.04	$1,020.49
Expenses Paid During Period	$5.74	$9.50	$4.94	$4.48

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 (1.14% for Class A, 1.89% for Class C, 0.98% for Class P and 0.89% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.

80 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI NFJ International Small-Cap Value Fund

For the period of October 1, 2017, through March 31, 2018, as provided by the Value Equity, US team.

Fund Insights

For the six-month period ended March 31, 2018, Class A shares at net asset value (“NAV”) of the AllianzGI NFJ International Small-Cap Value Fund (the “Fund”) returned 2.02%, underperforming the MSCI World ex USA Small Cap Index (the “benchmark”), which returned 5.29%.

Market Overview

International equities rose steadily over the four months to January boosted by optimism over the health of the global economy and by expectations that tax reforms would help to lift US company profits. However, signs of rising inflationary pressures and higher bond yields led to a sharp correction in February. While stocks later recovered some of these losses, the Trump administration’s decision to impose tariffs on a raft of imports led to escalating fears of a global trade war, causing stocks to retreat once more in March. Japanese equities surged for the first fourth months of the review period. Shares were boosted by Prime Minister Shinzo Abe’s decisive victory in October’s snap election in which he won over two-thirds of available seats. However, along with other equity markets, Japanese stocks sold-off sharply in February and March amid escalating fears of a global trade war. In addition, the strength of the yen, which benefitted from its safe-haven status, weighed on returns. Overall, Japanese equities closed the six-month period with moderate gains. Eurozone equities joined in the global equity sell-off during February and March amid fears of higher interest rates and a global trade war. In general, company earnings were supportive, though politics weighed on sentiment, with Catalonia voting for independence from Spain and Angela Merkel struggling to establish a coalition government in Germany. Investors cheered progress in the Brexit negotiations, with the UK and EU reaching broad agreement on a 21-month transition period. While the news helped alleviate some of the uncertainty surrounding Brexit, the resulting rally in sterling weighed on share prices as did fears of a global trade war.

In terms of sectors, information technology and financials stocks in the benchmark climbed 9%. Other growth-oriented sectors also performed well, including industrials and materials companies, in addition to utilities names. In contrast, many of the traditionally defensive sectors, such as real estate, consumer staples, health care and telecoms, underperformed.

Portfolio Review

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

In terms of stock selection, utilities, energy and the materials sectors were the largest contributors to performance. However, these gains were overwhelmed by negative selection across the industrials, financials and information technology sectors.

From a sector allocation perspective, underweight positions in information technology and health care detracted from performance. No sector biases had a meaningful positive impact on relative returns over the reporting period.

Selection by country was negative, led by holdings based in the UK, Japan and Norway, which failed to keep pace with benchmark shares. The Fund realized gains from positive selection in Australia, Canada and Spain-based holdings.

Country allocation was negative, as the Fund’s overweight positions in China and the Philippines, as well as an underweight in Japan weighed on relative performance results. In contrast, an overweight in Argentina and underweight exposures across Italy and France aided relative performance over the reporting period.

Outlook

Calendar year 2017 saw international markets realize double-digit gains with all geographic regions now achieving sustained positive earnings growth for the first time since September 2011. However, investor optimism stalled in the first quarter of 2018. International equities largely sunk into negative territory after strength in January failed to offset declines in February and March. This rise in volatility was perhaps overdue and potentially a healthy sign that market participants are taking into account the risks inherent to equity investing. The possible causes of this volatility are myriad and invariably linked to changing global monetary policy, rising inflation expectations and continued political instability.

As investors navigate the increasingly choppy waters of international equity markets, we believe a dividend-focused approach can help to moderate volatility and realize attractive long term performance. Historical studies indicate dividend-paying equities outperform their non-yielding counterparts, and do so with lower volatility, or variability of return. Furthermore, a rising rate environment has historically benefitted value investing. Our investment process seeks to capture the value premium by identifying higher-quality companies trading at low absolute and relative valuation multiples, and we expect our strategy is well-positioned going forward. Finally, consistently investing at that intersection between dividends and value has been crucial to the strength of our long-term performance results, and we believe this disciplined process will help us continue that trend as we invest in 2018 and beyond.

Semiannual Report |  March 31, 2018 81

Unaudited

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

Average Annual Total Return for the period ended March 31, 2018

	6 Month*		1 Year		5 Year		Since Inception†
AllianzGI NFJ International Small-Cap Value Class A		2.02%		19.10%		7.51%		11.04%
AllianzGI NFJ International Small-Cap Value Class A (adjusted)		–3.59%		12.55%		6.30%		9.97%
AllianzGI NFJ International Small-Cap Value Class C		1.67%		18.24%		6.73%		10.24%
AllianzGI NFJ International Small-Cap Value Class C (adjusted)		0.67%		17.24%		6.73%		10.24%
AllianzGI NFJ International Small-Cap Value Class P		2.15%		19.35%		7.69%		11.23%
AllianzGI NFJ International Small-Cap Value Institutional Class		2.18%		19.46%		7.81%		11.34%
AllianzGI NFJ International Small-Cap Value R6		2.20%		19.50%		7.90%		11.44%
MSCI World ex USA Small Cap Index		5.29%		21.16%		9.71%		13.08%
Lipper International Small/Mid-Cap Core Funds Average		4.63%		20.08%		8.18%		11.33%

* Cumulative return

† The Fund began operations on June 1, 2012. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on May 31, 2012.

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 106 and 107 for more information. The Fund’s gross expense ratios are 7.02% for Class A shares, 7.31% for Class C shares, 6.63% for Class P shares, 6.32% for Institutional Class shares and 6.18% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2019. The Fund’s expense ratios net of this reduction are 1.30% for Class A shares, 2.05% for Class C shares, 1.05% for Class P shares, 0.99% 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, 2018.

Cumulative Returns Through March 31, 2018

Country Allocation (as of March 31, 2018)

United Kingdom	23.4%
Japan	18.3%
Canada	7.2%
Australia	5.9%
Hong Kong	5.6%
Spain	4.3%
Norway	3.9%
Singapore	3.6%
Other	27.6%
Cash & Equivalents — Net	0.2%

82 March 31, 2018  | Semiannual Report

Unaudited

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 (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,020.20	$1,016.70	$1,021.50	$1,021.80	$1,022.00
Expenses Paid During Period	$6.55	$10.31	$5.29	$5.09	$4.79
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class	Class R6
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,018.45	$1,014.71	$1,019.70	$1,019.90	$1,020.19
Expenses Paid During Period	$6.54	$10.30	$5.29	$5.09	$4.78

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 (1.30% for Class A, 2.05% for Class C, 1.05% for Class P, 1.01% for Institutional Class and 0.95% for Class R6), multiplied by the average account value over the period, multiplied by 182/365.

Semiannual Report |  March 31, 2018 83

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AllianzGI PerformanceFee Managed Futures Strategy Fund

From inception on December 18, 2017 through March 31, 2018, as provided by the Multi-Asset US Group.

Fund Insights

For the period from inception on December 18, 2017 through March 31, 2018, Institutional Class shares at net asset value (“NAV”) of the AllianzGI PerformanceFee Managed Futures Strategy Fund (the “Fund”) returned -3.60%, underperforming the ICE BofA Merrill Lynch 3-Month US Treasury Bill Index (the “benchmark”), which returned 0.41%.

Market Overview

The six-month period ending on March 31, 2018 is best characterized as one which began with markets being supported by optimism about global growth and mostly positive political developments. About midway through the period, however, market expectations began to reset.

Global equities appreciated through January buoyed by optimism about the trajectory of global growth. Late in the fourth quarter, the passage of the Tax Cuts and Jobs Act provided an additional boost to sentiment around US equities in light of positive implications for corporate earnings. In terms of economic expansion, we received confirmation that the US economy expanded at a greater than 3.0% rate for two consecutive quarters (on a quarter-over-quarter annualized rate) and that in the US and almost all major economies, the labor market continued to tighten. And yet inflation failed to materialize in spite of such improvements, while official forecasts (from the US Federal Reserve (the “Fed”)) and unofficial ones (from consumer sentiment surveys) suggested that the absence of inflation would continue in the US and in most major economies. Emerging market assets continued to benefit from the “spillover” effects of strong global growth, with its attendant boost to international trade and support for some industrial commodity prices (such as copper) that benefit key commodity exporters. In addition, emerging markets benefited from a weaker US dollar and persistent inflows of foreign capital.

However, signs of rising inflationary pressures and higher bond yields led to a sharp correction in early February. For the remainder of the reporting period macroeconomic and policy uncertainty forced a recalibration of expectations among market participants across asset classes. As of January, markets expected the Fed to increase its benchmark interest rate two times during 2018 and markets seemed to have grown complacent with the low volatility environment of the previous two years. Several new themes arose during the reporting period including (i) a re-emergence of volatility, (ii) renewed vigilance about the possibility of creeping inflation, and (iii) revised forecasts for the pace and magnitude of increases in the Fed’s benchmark interest rate. In this new context, we observed a spike in the Chicago Board Options Exchange Volatility Index (“VIX”) of around 300% during the first week of February, a correction in US equities of more than 6% intraday during the day following a report showing that US wages in January increased more than expected, and an increase in yields on 10-Year Treasuries of roughly 40 basis points by the end of the period.

In March, these factors, combined with the looming threat of a global trade war linked to the White House’s announcement of steep tariffs on steel and aluminum, weighed on markets. Later in March, the technology sector suffered in the wake of several company-specific events, including the launch of a federal investigation into Facebook’s alleged privacy breach.

Overall, the best performing assets for the six-month period were emerging market equities and emerging market bonds followed by global and US equities. Among the worst performing assets were corporate and US government bonds.

Portfolio Review

After inception on December 18, 2017, the Fund went into 2018 with very strong positive trends in global equities and weak to flat ones in bonds. A trend in US dollar depreciation led to large short dollar positions as well as long positions in more cyclical commodities. This was rewarded in January and by the end of the month equity trends began to show anti-cyclical readings in US equities, causing us to trim our position. In February most positions suffered major losses as equity markets experienced sharp corrections, volatility spiked and the US dollar appreciated due to rising inflation expectations. However, commodities did not move higher despite rising inflation expectations—oil, gold and copper all suffered losses with dollar appreciation possibly being a stronger factor.

As of the beginning of March we were still positioned long global equities though allocations had been reduced slightly after the turmoil in February. Additionally, we were short US bonds as well as UK Gilts. Our currency positioning continued to be short the US dollar vs. all major currencies. In commodities we were long energy and metals (except natural gas) and also some agricultural commodities such as cocoa and live cattle. In March, the dollar continued to depreciate against major currencies, while equity markets recovered somewhat in the first week. Subsequently, global equities resumed correction, currencies flattened and interest rates declined. Therefore, during the remaining part of the month the pro-cyclical positioning in equities and short US fixed income were detractors while we didn’t gain any further from our short US dollar positions. Among commodities we had a strong positive from our long positions in cocoa futures due to constrained supply issues in West Africa.

As of now, the Fund maintains moderate long positions in equities, cyclical commodities and foreign currencies vs. the US dollar. The Fund has a large short position in US and Canadian treasuries while being long Japanese government bonds. On the credit side, emerging market bond positions have been eliminated and US high yield was trimmed significantly.

Outlook

Overall, despite the recent volatility in markets, there is still evidence to support a prolonged period of synchronized global growth. As of the end of the quarter, around the world more than two-thirds of countries (developed and emerging) were producing above-average economic data changes. In addition, monetary policy remains accommodative in historical terms as the removal of excess liquidity has been gradual and we believe monetary policy will likely remain accommodative. Although the Fed raised its benchmark interest rate in March and provided more hawkish guidance for the next two years, comments from new Fed Chairman Jerome Powell suggest that policy will move at a measured pace. For its part, the European Central Bank signaled that it will not increase the policy rate in 2018. Inflation remains low albeit higher than at the end of last year. Inflation expectations, especially survey-based measures, however, are more elevated.

As of the end of the quarter, our market cycle signals and fundamental analysis recommend a neutral position for global equities favoring emerging markets and US equities and with a small underweight to Europe and the United Kingdom. On the fixed income side, we are neutral to modestly underweight US bonds and long periphery European bonds and emerging market local bonds.

84 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI PerformanceFee Managed Futures Strategy Fund (cont’d)

Cumulative Total Return for the period ended March 31, 2018

	Since Inception†
AllianzGI PerformanceFee Managed Futures Strategy Fund Institutional Class		–3.60%
AllianzGI PerformanceFee Managed Futures Strategy Fund Class P		–3.60%
AllianzGI PerformanceFee Managed Futures Strategy Fund R6		–3.60%
ICE BofA Merrill Lynch 3-Month US Treasury Bill Index		0.41%
Lipper Alt Managed Futures		–2.99%

† The Fund began operations on December 18, 2017. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2017.

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 funds distributions or redemption of fund shares. See pages 106 and 107 for more information. The Fund’s gross expense ratios are 5.49% for Institutional Class shares, 5.54% for Class P shares and 5.44% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2019. The Fund’s expense ratios net of this reduction are 0.94% for Institutional Class shares, 0.99% for Class P shares and 0.89% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2018.

Cumulative Returns Through March 31, 2018

Asset Allocation (as of March 31, 2018 )

U.S. Treasury Obligations	83.7%
Exchange-Traded Funds	1.0%
Cash & Equivalents — Net	15.3%

Semiannual Report |  March 31, 2018 85

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AllianzGI PerformanceFee Managed Futures Strategy Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class P	Institutional Class	Class R6
Beginning Account Value (12/18/17)*	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$964.00	$964.00	$964.00
Expenses Paid During Period	$0.53	$0.44	$0.25
	Hypothetical Performance
	(5% return before expenses)
	Class P	Institutional Class	Class R6
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,023.98	$1,024.18	$1,024.48
Expenses Paid During Period	$0.96	$0.76	$0.45

* The Fund commenced operations on December 18, 2017. The Actual expense example is based on the period since inception; the Hypothetical expense example is based on the period beginning October 1, 2017. If the Hypothetical expense example had been based on the period since inception, the Ending Account Value and Expenses Paid During Period would have been: $1,013.57 and $0.54, respectively, for Class P; $1,013.69 and $0.43, respectively, for Institutional Class; $1,013.86 and $0.26, respectively, for Class R6.

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 (0.19% for Class P, 0.15% for Institutional Class and 0.09% for Class R6), multiplied by the average account value over the period, multiplied by 103/365 for the Actual expense example and 182/365 for the Hypothetical expense example. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.

86 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI PerformanceFee Structured US Equity Fund

From inception on December 18, 2017 through March 31, 2018, as provided by Greg Tournant and Stephen Bond-Nelson, Co-Portfolio Managers.

Fund Insights

For the period from inception on December 18, 2017 through March 31, 2018, Institutional Class shares at net asset value (“NAV”) of the AllianzGI PerformanceFee Structured US Equity Fund (the “Fund”) returned -2.40%, underperforming the S&P 500 Index (the “benchmark”), which returned -1.32%.

Market Review

The Fund underperformed in the first quarter, as equity markets underwent an abrupt shift from a smooth to a sharply whipsawing environment. It was a challenging quarter for the strategy’s option portfolio, as the severity and speed of equity index moves, combined with a very low starting level of implied volatility and a relatively muted volatility increase, brought about a performance lag.

The benchmark had been coming off 15 consecutive months of gains, including a 5.7% rally in January. At the equity market’s peak on January 26^th, the Chicago Board Options Exchange Volatility Index (“VIX”), a fear gauge that measures the implied volatility of at-the-money benchmark options, stood at 11, far below its historical average. This is the volatility environment in which the Fund’s option positions had been built.

Then came the week of February 5^th; on this day alone, the benchmark fell 4.1%, while the VIX rose from 17 to 38. This 115% increase was easily the largest one-day percentage move in more than 30 years, and headlines emerged about short-volatility strategies that had collapsed outright. Over the course of the week, from the high of February 2^nd to the low of February 9^th, the benchmark dropped 10.2%.

Portfolio Review

In response to the market correction, we implemented our restructuring methodology per our risk controls. We restructured all of the option portfolio’s range-bound spreads, lowering the break-evens of our statistical zones by 12%-14% from their original levels. At the same time, the surge in volatility enabled us to harvest gains from our hedging positions—long benchmark puts and long VIX calls—as well as from many of our directional spreads. These gains were not enough to fully offset the restructuring costs, but our first order of business, moving all our strikes out of the way of the market’s descent, was accomplished.

The VIX’s record-setting surge on February 5^th belied the implied volatility environment that followed. One week later, the VIX had declined below 20, and three weeks later it stood at 15—remarkably low levels given how violently the equity market had been fluctuating.

For the Fund’s option portfolio, this type of subdued volatility response (a) increases restructuring costs, in that the lower the VIX at time of restructuring, the higher the realized expense; (b) decreases statistical safety, in that strike distances on new range-bound spreads are tighter and less equipped to accommodate incremental equity-index declines; and (c) slows the performance recovery, in that the lower the VIX when new range-bound spreads are built, the less premium collected on short options, thereby extending the time it would take for underperformance to be recouped.

But as always, we must work with the market conditions we have, regardless of how the VIX may have behaved in the past. While the VIX may not be as high as it was in prior corrections, it is still quite an improvement over the exceptionally low levels of 2017.

Outlook

Looking ahead, we are quite mindful of the speed of the equity market. The magnitude of February’s correction was reasonably typical, but lately the market’s rate of descent, especially in the final hours of a trading day, has been noteworthy.

The timing and extent of the Fund’s relative performance recovery depends on several factors. The first is whether additional option restructuring will be necessary. While the market moves have continued to be large, the incremental spreads we have been building are certainly wider and more resilient than what we had been able to construct prior to February. Even if not as high as in the past, a VIX at 20 is better than a VIX at 11.

The second factor is how high the VIX can remain, and for how long. In addition to statistical safety, a higher VIX enables premium collection well above the option portfolio’s typical run rate, which can be a powerful accelerator for a rebound in excess returns. We would like the VIX as high as possible, but again, even a VIX at 20 is better than a VIX at 11. This is especially the case if it can remain elevated for a multi-month period.

Finally, the increase in market volatility afforded us the opportunity to add a number of compelling directional spread positions that could boost outperformance depending on the market’s path from here. If large equity-index moves continue, we could realize incremental excess profitability from directional put spreads, directional call spreads, or perhaps both.

While we never want to underperform, we are pleased that the Fund’s option portfolio was able to limit the damage from this most recent market storm. We are acutely focused on a performance recovery in the second quarter, but in the meantime, we believe the first quarter was a clear demonstration of the Fund’s rigorous risk management tools, its essential combination of short and long volatility, and the strength of the option strategy overall.

Semiannual Report |  March 31, 2018 87

Unaudited

AllianzGI PerformanceFee Structured US Equity Fund (cont’d)

Cumulative Total Return for the period ended March 31, 2018

	Since Inception†
AllianzGI PerformanceFee Structured US Equity Fund Institutional Class		–2.40%
AllianzGI PerformanceFee Structured US Equity Fund Class P		–2.40%
AllianzGI PerformanceFee Structured US Equity Fund R6		–2.40%
S&P 500 Index		–1.32%
Lipper Large-Cap Core Funds		–1.01%

† The Fund began operations on December 18, 2017. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2017.

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 106 and 107 for more information. The Fund’s gross expense ratios are 4.07% for Institutional Class shares, 4.12% for Class P shares and 4.02% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2019. The Fund’s expense ratios net of this reduction are 0.65% for Institutional Class shares, 0.65% for Class P shares and 0.65% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2018.

Cumulative Returns Through March 31, 2018

Asset Allocation (as of March 31, 2018)

Exchange-Traded Funds	99.3%
Cash & Equivalents — Net	0.7%

88 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI PerformanceFee Structured US Equity Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class P	Institutional Class	Class R6
Beginning Account Value (12/18/17)*	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$976.00	$976.00	$976.00
Expenses Paid During Period	$0.06	$0.20	$0.06
	Hypothetical Performance
	(5% return before expenses)
	Class P	Institutional Class	Class R6
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,024.83	$1,024.58	$1,024.83
Expenses Paid During Period	$0.10	$0.35	$0.10

* The Fund commenced operations on December 18, 2017. The Actual expense example is based on the period since inception; the Hypothetical expense example is based on the period beginning October 1, 2017. If the Hypothetical expense example had been based on the period since inception, the Ending Account Value and Expenses Paid During Period would have been: $1,014.05 and $0.06, respectively, for Class P; $1,013.91 and $0.20, respectively, for Institutional Class; $1,014.05 and $0.06, respectively, for Class R6.

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 (0.02% for Class P ,0.07% for Institutional Class and 0.02% for Class R6), multiplied by the average account value over the period, multiplied by 103/365 for the Actual expense example and 182/365 for the Hypothetical expense example. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.

Semiannual Report |  March 31, 2018 89

Unaudited

AllianzGI PerformanceFee Structured US Fixed Income Fund

From inception on December 18, 2017 through March 31, 2018, as provided by Greg Tournant and Stephen Bond-Nelson, Co-Portfolio Managers.

Fund Insights

For the period from inception on December 18, 2017 through March 31, 2018, Institutional Class shares at net asset value (“NAV”) of the AllianzGI PerformanceFee Structured US Fixed Income Fund (the “Fund”) returned -1.80%, underperforming the Bloomberg Barclays US Aggregate Bond Index (the “benchmark”), which returned -1.39%.

Market Overview

The Fund underperformed in the first quarter, as equity markets underwent an abrupt shift from a smooth to a sharply whipsawing environment. It was a challenging quarter for the strategy’s option portfolio, as the severity and speed of equity index moves, combined with a very low starting level of implied volatility and a relatively muted volatility increase, brought about a performance lag.

The S&P 500 had been coming off 15 consecutive months of gains, including a 5.7% rally in January. At the equity market’s peak on January 26^th, the Chicago Board Options Exchange Volatility Index (“VIX”), a fear gauge that measures the implied volatility of at-the-money S&P 500 options, stood at 11, far below its historical average. This is the volatility environment in which the Fund’s option positions had been built.

Then came the week of February 5^th; on this day alone, the S&P 500 fell 4.1%, while the VIX rose from 17 to 38. This 115% increase was easily the largest one-day percentage move in more than 30 years, and headlines emerged about short-volatility strategies that had collapsed outright. Over the course of the week, from the high of February 2^nd to the low of February 9^th, the S&P 500 dropped 10.2%.

Portfolio Review

In response to the market correction, we implemented our restructuring methodology per our risk controls. We restructured all of the option portfolio’s range-bound spreads, lowering the break-evens of our statistical zones by 12%-14% from their original levels. At the same time, the surge in volatility enabled us to harvest gains from our hedging positions—long S&P 500 puts and long VIX calls—as well as from many of our directional spreads. These gains were not enough to fully offset the restructuring costs, but our first order of business, moving all our strikes out of the way of the market’s descent, was accomplished.

The VIX’s record-setting surge on February 5th belied the implied volatility environment that followed. One week later, the VIX had declined below 20, and three weeks later it stood at 15—remarkably low levels given how violently the equity market had been fluctuating.

For the Fund’s option portfolio, this type of subdued volatility response (a) increases restructuring costs, in that the lower the VIX at time of restructuring, the higher the realized expense; (b) decreases statistical safety, in that strike distances on new range-bound spreads are tighter and less equipped to accommodate incremental equity-index declines; and (c) slows the performance recovery, in that the lower the VIX when new range-bound spreads are built, the less premium collected on short options, thereby extending the time it would take for underperformance to be recouped.

But as always, we must work with the market conditions we have, regardless of how the VIX may have behaved in the past. While the VIX may not be as high as it was in prior corrections, it is still quite an improvement over the exceptionally low levels of 2017.

Outlook

Looking ahead, we are quite mindful of the speed of the equity market. The magnitude of February’s correction was reasonably typical, but lately the market’s rate of descent, especially in the final hours of a trading day, has been noteworthy.

The timing and extent of the Fund’s relative performance recovery depends on several factors. The first is whether additional option restructuring will be necessary. While the market moves have continued to be large, the incremental spreads we have been building are certainly wider and more resilient than what we had been able to construct prior to February. Even if not as high as in the past, a VIX at 20 is better than a VIX at 11.

The second factor is how high the VIX can remain, and for how long. In addition to statistical safety, a higher VIX enables premium collection well above the option portfolio’s typical run rate, which can be a powerful accelerator for a rebound in excess returns. We would like the VIX as high as possible, but again, even a VIX at 20 is better than a VIX at 11. This is especially the case if it can remain elevated for a multi-month period.

Finally, the increase in market volatility afforded us the opportunity to add a number of compelling directional spread positions that could boost outperformance depending on the market’s path from here. If large equity-index moves continue, we could realize incremental excess profitability from directional put spreads, directional call spreads, or perhaps both.

While we never want to underperform, we are pleased that the Fund’s option portfolio was able to limit the damage from this most recent market storm. We are acutely focused on a performance recovery in the second quarter, but in the meantime, we believe the first quarter was a clear demonstration of the Fund’s rigorous risk management tools, its essential combination of short and long volatility, and the strength of the option strategy overall.

90 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI PerformanceFee Structured US Fixed Income Fund (cont’d)

Cumulative Total Return for the period ended March 31, 2018

	Since Inception†
AllianzGI PerformanceFee Structured US Fixed Income Fund Institutional Class		–1.80%
AllianzGI PerformanceFee Structured US Fixed Income Fund Class P		–1.80%
AllianzGI PerformanceFee Structured US Fixed Income Fund R6		–1.80%
Bloomberg Barclays US Aggregate Bond Index		–1.39%
Lipper General Bond Fund Average		–1.09%

† The Fund began operations on December 18, 2017. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2017.

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 106 and 107 for more information. The Fund’s gross expense ratios are 3.77% for Institutional Class shares, 3.82% for Class P shares and 3.72% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2019. The Fund’s expense ratios net of this reduction are 0.35% for Institutional Class shares, 0.35% for Class P shares and 0.35% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2018.

Cumulative Returns Through March 31, 2018

Asset Allocation (as of March 31, 2018)

Exchange-Traded Funds	99.8%
Cash & Equivalents — Net	0.2%

Semiannual Report |  March 31, 2018 91

Unaudited

AllianzGI PerformanceFee Structured US Fixed Income Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class P	Institutional Class	Class R6
Beginning Account Value (12/18/17)*	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$982.00	$982.00	$982.00
Expenses Paid During Period	$0.01	$0.01	$0.01
	Hypothetical Performance
	(5% return before expenses)
	Class P	Institutional Class	Class R6
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,024.92	$1,024.92	$1,024.92
Expenses Paid During Period	$0.02	$0.02	$0.02

* The Fund commenced operations on December 18, 2017. The Actual expense example is based on the period since inception; the Hypothetical expense example is based on the period beginning October 1, 2017. If the Hypothetical expense example had been based on the period since inception, the Ending Account Value and Expenses Paid During Period would have been: $1,014.10 and $0.01, respectively, for Class P; $1,014.10 and $0.01, respectively, for Institutional Class; $1,014.10 and $0.01, respectively, for Class R6.

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 (less than 0.005% for Class P, less than 0.005% for Institutional Class and less than 0.005% for Class R6), multiplied by the average account value over the period, multiplied by 103/365 for the Actual expense example and 182/365 for the Hypothetical expense example. These expenses do not include the expenses of the investment companies in which the Fund invest, which are indirectly borne by Fund shareholders.

92 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI Real Estate Debt Fund

From inception on December 27, 2017 through March 31, 2018, as provided by Malie Conway and Jonathan Yip, CFA, Co-Lead Portfolio Managers.

Fund Insights

For the period from inception on December 27, 2017 through March 31, 2018, Institutional Class shares at net asset value (“NAV”) of the AllianzGI Real Estate Debt Fund (the “Fund”) returned 0.31%, underperforming the ICE BofA Merrill Lynch 3-Month US Treasury Bill Index (the “benchmark”), which returned 0.35%.

Market Overview

The reporting period was marked with bouts of volatility primarily due to geopolitics and the theme of flattening global yield curves. The eventual passage of the Tax Cuts and Jobs Act in late December fuelled a rally into the early 1st quarter of 2018. However, the optimism came to an abrupt halt in February when higher than expected wage and inflation data led to fears of a more aggressive interest rate hiking policy by the US Federal Reserve. Market volatility surged again in the latter half of March as the equity market priced in the potential impact of a trade war resulting from President Donald Trump’s rhetoric on the imposition of tariffs.

The fundamentals of the US residential market remain strong as home prices continue to rise, inventories remain low and homebuilder confidence remains near its highest levels in the last 30 years. While housing starts have moved higher recently, they remain very low versus historical levels. Similarly, commercial real estate continues to show solid and fairly stable trends with institutional investor demand for real estate expected to remain strong in 2018. While commercial real estate mortgage delinquencies are gradually trending higher with loan seasoning, the overall rate remains low.

In Europe, macroeconomic trends are also supportive of the commercial and residential mortgage markets. During the period, S&P upgraded Spain’s sovereign rating to A-, which should result in a higher rating ceiling for Spanish residential mortgage backed securities up to AAA. This should continue to be a positive story for the sector. Meanwhile, the European commercial mortgage-backed securities market may start to see more momentum in issuance as primary market issuance economics now appear more compelling.

Within the investment grade credit markets, securitized products outperformed corporates, and are attractively positioned going forward.

Portfolio Review

Despite the rise in yields, the Fund performed in line with expectations by strategically having a majority of its investments in floating rate notes whose coupons reset periodically and are tied to LIBOR. During the quarter, 3-month LIBOR increased from 1.69% at the end of December 31, 2017 to 2.31% at the end of the quarter. Fixed rate notes represented an additional 32.3% with the residual in cash and cash equivalents.

Geographic exposure continues to be more weighted toward USD denominated holdings versus EUR and GBP due to more compelling valuations as well as a more robust deal flow in the US commercial and residential real estate holdings in the United States continue to exhibit solid fundamentals. In Europe, we are more focused on residential mortgage-backed securities which offer compelling risk-adjusted returns for short dated floating rate notes while supply in commercial real estate mortgage backed securities remain fairly limited and concentrated in certain jurisdictions such as Italy, which are less preferable.

While we continue to have exposure across the capital structure, we have generally preferred being more weighted in higher rated securities due to the flatter credit curve, which made valuations for subordinated lower-rated tranches less attractive. In terms of sector allocation, we continue to favor office and industrial sectors while we are more selective in the hotel space. We remain cautious on retail property investments particularly in the United States where the sector continues to face challenges from growing e-commerce sector.

Outlook

From a fundamental perspective, the macroeconomic environment continues to be supportive of real estate-related securitized products. Commercial real estate fundamentals appear healthy with stable occupancies, rent growth and steady capital investment flow while overall construction has remained relatively limited. Capitalization rates have also been steady and we believe will remain fairly stable despite expectations for higher rates given the significant cushion between capitalization rates and treasury rates. That said, we are extremely cautious on the retail sector where delinquencies are higher due to the secular shift towards online shopping.

Meanwhile, the US housing market is also seeing positive trends supported by solid and growing demand for housing while inventory levels remain at historic tights putting continued upward pressure on home prices. In addition to a supportive supply/demand balance, we also believe credit standards remain conservative and as a result, the credit environment for housing is healthy.

Despite the increase in interest rate volatility in the first quarter of 2018, we believe that the Fund should continue to provide stable carry and low volatility given its high exposure to floating rate securities and low duration profile. Furthermore, valuations along with the risk-reward profile of the securitized asset class continue to look attractive against other short-duration investment-grade fixed income products.

Semiannual Report |  March 31, 2018 93

Unaudited

AllianzGI Real Estate Debt Fund (cont’d)

Cumulative Total Return for the period ended March 31, 2018

	Since Inception†
AllianzGI Real Estate Debt Fund Class P		0.28%
AllianzGI Real Estate Debt Fund Institutional Class		0.31%
ICE BofA Merrill Lynch 3-Month US Treasury Bill Index		0.35%
Lipper Global Real Estate Fund Average		–3.58%

† The Fund began operations on December 27, 2017. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2017.

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 106 and 107 for more information. The Fund’s gross expense ratios are 3.55 % for Class P shares and 3.45% for Institutional Class shares. These ratios do not include an expense reduction contractually guaranteed through at least January 31, 2019. The Fund’s expense ratios net of this reduction are 0.68% for Class P shares and 0.58% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2018.

Cumulative Returns Through March 31, 2018

Asset Allocation (as of March 31, 2018)

Mortgage-Backed Securities	77.0%
Corporate Bonds & Notes	10.0%
U.S. Government Agency Securities	2.9%
Asset-Backed Securities	2.0%
Cash & Equivalents — Net	8.1%

Credit Ratings* (as of March 31, 2018)

* Credit ratings apply to the credit worthiness of the issuers of the underlying securities and not to the Fund or its shares. Ratings are subject to change. Ratings are derived from a weighted average credit rating based on ratings assigned by Fitch, Moody’s, Kroll, Morningstar, DBRS or S&P. Ratings are shown based on the S&P rating scale, which ranges from AAA (highest) to D (lowest). Where applicable, securities ratings of an agency other than S&P have been converted to the S&P equivalent. “NR” denotes securities that are not rated. Not rated securities do not necessarily indicate low quality. Ratings are relative, subjective and not absolute standards of quality, and represent the opinions of the independent Nationally Recognized Statistical Rating Organizations (NRSRO). The security’s credit rating does not eliminate risk. The Fund is not rated by an independent rating agency.

94 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI Real Estate Debt Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class P	Institutional Class
Beginning Account Value (12/27/17)*	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,002.80	$1,003.10
Expenses Paid During Period	$1.75	$1.50
	Hypothetical Performance
	(5% return before expenses)
	Class P	Institutional Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,021.54	$1,022.04
Expenses Paid During Period	$3.43	$2.92

* The Fund commenced operations on December 27, 2017. The Actual expense example is based on the period since inception; the Hypothetical expense example is based on the period beginning October 31, 2017. If the Hypothetical expense example had been based on the period since inception, the Ending Account Value and Expenses Paid During Period would have been: $1,011.13 and $1.76, respectively, for Class P and $1,011.38 and $1.50, respectively, for Institutional Class.

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.68% for Class P and 0.58% for Institutional Class), multiplied by the average account value over the period, multiplied by 94/365 for the Actual expense example and 182/365 for the Hypothetical expense example.

Semiannual Report |  March 31, 2018 95

Unaudited

AllianzGI Short Duration High Income Fund

For the period of October 1, 2017, through March 31, 2018, as provided by Doug Forsyth, Portfolio Manager.

Fund Insights

For the six-month period ended March 31, 2018, Class A shares at net asset value (“NAV”) of the AllianzGI Short Duration High Income Fund (the “Fund”) returned 0.43%, outperforming the ICE BofA Merrill Lynch 1-3 Year BB US Cash Pay High Yield Index (the “benchmark”), which returned -0.21%.

Market Overview

The broad high-yield bond market advanced alongside stocks in the first half of the reporting period. Over the remainder of the period, the asset class contended with a surge in equity market volatility and interest rate volatility.

High-yield bonds weathered the equity volatility better than stocks, providing greater downside protection during the stock market correction.

The 10-year US Treasury yield climbed from 2.33% to 2.94%, before closing the period at 2.74%. Long-duration fixed income was adversely impacted whereas high-yield spreads provided some cushion to absorb the move. The high-yield market’s reduced interest-rate sensitivity provided portfolio diversification benefits as Treasuries and investment-grade bonds underperformed on a relative basis.

Credit trends continued to improve with most high-yield issuers reporting better-than-expected financial results and positive outlooks. Managements cited strengthening fundamentals, increasing demand, a more favorable regulatory environment and tax reform benefits. This promising fundamental backdrop helped to buoy the market.

On balance, major US economic reports were healthy and supported the operating environment for high-yield bond issuers.

The US Federal Reserve (the “Fed”) increased its benchmark interest rate by 25 basis points twice over the last six months, once in December and once in March, to settle at a range of 1.50% to 1.75%. The Fed’s decision and commentary minimally influenced convertible bonds.

Finally, fear of a global trade war potentially disrupting global growth and higher inflation weighed on investor sentiment in the second half of the reporting period, but had less impact on the high-yield bond market.

Against this backdrop and with respect to the broader high-yield market, CCC-rated bonds returned 1.10%, significantly outperforming the -0.09% and -1.31% returns for B-rated and BB-rated bonds, respectively. CCC-rated bonds rallied with stocks, but did not surrender gains in the subsequent equity market sell-off. Strength in the riskiest, most distressed credits was partially attributable to continued demand by yield-motivated investors. BB-rated issues, which have lower yields and tighter spreads, were influenced by the move higher in Treasury yields.

Portfolio Review

The Fund delivered outperformance and displayed much less volatility relative to fixed income alternatives. While some risk assets and liquid fixed income asset classes finished with losses for the reporting period, the Fund ended with a gain.

Industries that contributed meaningfully to performance in the period included issues in chemicals, healthcare, metals/mining excluding steel followed by retail and insurance. Conversely, capital goods, telecommunications, basic industry & real estate and trucking & delivery detracted from the Fund’s performance.

The majority of positions added to the portfolio over the period were well-seasoned bonds sourced in the secondary market. Several issues were called, tendered or received a make-whole premium over the period.

Outlook

Volatility returned after being absent for more than a year. However, we believe the US economy is healthy, consumer and business confidence levels are elevated, and corporate profits are estimated to grow significantly in 2018.

Despite a more volatile backdrop, high-yield bond performance expectations should not deviate from their historical return profile of delivering a compelling total return with less volatility than stocks and providing fixed-income diversification benefits in rising interest rate environments compared to US Treasuries and investment-grade corporate bonds.

96 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI Short Duration High Income Fund (cont’d)

Average Annual Total Return for the period ended March 31, 2018

	6 Month*		1 Year		5 Year		Since Inception†
AllianzGI Short Duration High Income Fund Class A		0.43%		2.66%		3.63%		4.82%
AllianzGI Short Duration High Income Fund Class A (adjusted)		–1.83%		0.35%		3.16%		4.46%
AllianzGI Short Duration High Income Fund Class C		0.31%		2.44%		3.36%		4.49%
AllianzGI Short Duration High Income Fund Class C (adjusted)		–0.67%		1.46%		3.36%		4.49%
AllianzGI Short Duration High Income Fund Class P		0.53%		2.93%		3.84%		5.02%
AllianzGI Short Duration High Income Fund Institutional Class		0.57%		2.99%		3.91%		5.11%
AllianzGI Short Duration High Income Fund R6		0.63%		3.06%		3.94%		5.13%
ICE BofA Merrill Lynch 1-3 Year BB US Cash Pay High Yield Index		–0.21%		2.37%		3.76%		5.32%
Lipper High Yield Funds Average		–0.41%		3.25%		3.86%		6.49%

* Cumulative return

† The Fund began operations on October 3, 2011. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on September 30, 2011.

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 106 and 107 for more information. The Fund’s gross expense ratios are 0.89% for Class A shares, 1.12% for Class C shares, 0.63% for Class P shares, 0.59% for Institutional Class shares and 0.56% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2018.

Cumulative Returns Through March 31, 2018

Industry Allocation (as of March 31, 2018)

Retail	9.8%
Telecommunications	8.9%
Home Builders	8.6%
Commercial Services	5.6%
Media	5.6%
Healthcare-Services	5.3%
Miscellaneous Manufacturing	5.2%
Special Retail	5.1%
Other	41.1%
Cash & Equivalents — Net	4.8%

Semiannual Report |  March 31, 2018 97

S&P Ratings* (as of March 31, 2018)

* 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 Short Duration High Income Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class P	Institutional Class	Class R6
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,004.30	$1,003.10	$1,005.30	$1,005.70	$1,006.30
Expenses Paid During Period	$4.35	$5.59	$3.25	$2.95	$2.80
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class	Class R6
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,020.59	$1,019.35	$1,021.69	$1,021.99	$1,022.14
Expenses Paid During Period	$4.38	$5.64	$3.28	$2.97	$2.82

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 (0.87% for Class A, 1.12% for Class C, 0.65% for Class P, 0.59% for Institutional Class and 0.56% for Class R6), multiplied by the average account value over the period, multiplied by 182/365.

98 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI Structured Return Fund

For the period of October 1, 2017 through March 31, 2018, as provided by Greg Tournant and Stephen Bond-Nelson, Co-Portfolio Managers.

Fund Insights

For the six-month period ended March 31, 2018, Class A shares at net asset value (“NAV”) of the AllianzGI Structured Return Fund (the “Fund”) returned -1.56%, underperforming the ICE BofA Merrill Lynch 3-Month US Treasury Bill Index (the “benchmark”), which returned 0.64%.

Market Overview

The Fund declined in the period from October 1, 2017 through March 31, 2018, as markets underwent an abrupt shift from a smooth to a sharply whipsawing environment.

The S&P 500 index surged 6.64% in the fourth quarter of 2017, finishing the year with a 21.83% return. Still, 2017’s most relevant market driver from the Fund’s perspective was not equity appreciation, but rather low volatility. Consistent equity growth over a given year has happened before, for example in 1995, but the volatility environment we experienced in 2017 was unprecedented.

Thus, heading into the first quarter of 2018, the S&P 500 had been coming off 15 consecutive months of gains, including a 5.7% rally in January. At the equity market’s peak on January 26th, the Chicago Board Options Exchange Volatility Index (“VIX”), a fear gauge that measures the implied volatility of at-the-money S&P 500 options, stood at 11, far below its historical average.

Then, from January 26th through February 9th the S&P 500 Index declined more than 11%, triggering a comprehensive restructuring of our range-bound spreads, per our risk controls. The severity and speed of equity index moves, combined with a very low starting level of implied volatility and a relatively muted volatility increase, brought about negative excess returns in the first quarter.

Portfolio Review

In the fourth quarter of 2017, the persistently benign market conditions hurt our ability to collect higher premiums from our range-bound spreads, and also hindered our ability to profit much from directional spreads. However, on the positive side, we were able to hit all our range-bound profit zones.

The environment in 2018 was markedly different. In response to February’s market correction, we implemented our restructuring methodology per the Fund’s risk controls. We restructured all of the Fund’s range-bound spreads, lowering the break-evens of our statistical zones from their original levels. At the same time, the surge in volatility enabled us to harvest gains from our hedging positions — long S&P 500 puts and 8%-12% long VIX calls — as well as from many of our directional spreads. These gains were not enough to fully offset the restructuring costs, but our first order of business, moving all our strikes out of the way of the market’s descent, was accomplished.

The VIX’s record-setting surge on February 5th belied the implied volatility environment that followed. One week later, the VIX had declined below 20, and three weeks later it stood at 15 — remarkably low levels given how violently the market had been fluctuating.

But as always, we must work with the market conditions we have, regardless of how the VIX may have behaved in the past. While the VIX may not be as high as it was in prior corrections, it is still quite an improvement over the exceptionally low levels of 2017.

Outlook

Looking ahead, we are quite mindful of the speed of the market. The magnitude of February’s correction was reasonably typical, but lately the market’s rate of descent, especially in the final hours of a trading day, has been noteworthy.

The timing and extent of the Fund’s performance recovery depends on several factors. The first is whether additional restructuring will be necessary. While the market moves have continued to be large, the incremental spreads we have been building are certainly wider and more resilient than what we had been able to construct prior to February. Even if not as high as in the past, a VIX at 20 is better than a VIX at 11.

The second factor is how high the VIX can remain, and for how long. In addition to statistical safety, a higher VIX enables premium collection well above the portfolio’s typical run rate, which can be a powerful accelerator of a performance rebound. We would like the VIX as high as possible, but again, even a VIX at 20 is better than a VIX at 11. This is especially the case if it can remain elevated for a multi-month period.

Finally, the increase in market volatility afforded us the opportunity to add a number of compelling directional spread positions that could boost performance depending on the market’s path from here. If large S&P 500 Index moves continue, we could realize incremental profitability from directional put spreads, directional call spreads, or perhaps both.

While we never want to deliver negative performance to investors, we are pleased that the Fund was able to limit the damage from this most recent market storm. We are acutely focused on a performance recovery, but in the meantime, we believe this period was a clear demonstration of the Fund’s rigorous risk management tools, its essential combination of short and long volatility, and the strength of the strategy overall.

Semiannual Report |  March 31, 2018 99

Unaudited

AllianzGI Structured Return Fund (cont’d)

Average Annual Total Return for the period ended March 31, 2018

	6 Month*		1 Year		5 Year		Since Inception†
AllianzGI Structured Return Fund Class A		–1.56%		1.30%		3.72%		3.81%
AllianzGI Structured Return Fund Class A (adjusted)		–6.98%		–4.27%		2.55%		2.71%
AllianzGI Structured Return Fund Class C		–1.93%		0.50%		2.93%		3.02%
AllianzGI Structured Return Fund Class C (adjusted)		–2.88%		–0.48%		2.93%		3.02%
AllianzGI Structured Return Fund Class P		–1.40%		1.53%		3.90%		3.99%
AllianzGI Structured Return Fund Institutional Class		–1.43%		1.60%		3.98%		4.07%
AllianzGI Structured Return Fund R6		–1.37%		1.62%		4.08%		4.17%
ICE BofA Merrill Lynch 3-Month US Treasury Bill Index		0.64%		1.11%		0.34%		0.32%
Lipper Absolute Return Funds Average		0.79%		2.94%		2.31%		2.63%

* Cumulative return

† The Fund began operations on December 3, 2012. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on November 30, 2012.

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 106 and 107 for more information. The Fund’s gross expense ratios are 1.24% for Class A shares, 1.96% for Class C shares, 0.92% for Class P shares, 0.96% for Institutional Class shares and 0.85% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2019. The Fund’s expense ratios net of this reduction are 1.07% for Class A shares, 1.86% for Class C shares, 0.86% for Class P shares, 0.78% for Institutional Class shares and 0.76% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2018.

Cumulative Returns Through March 31, 2018

Asset Allocation (as of March 31, 2018 )

Exchange-Traded Funds	89.7%
Cash & Equivalents — Net	10.3%

100 March 31, 2018  | Semiannual Report

Unaudited

AllianzGI Structured Return Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class P	Institutional Class	Class R6
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$984.40	$980.70	$986.00	$985.70	$986.30
Expenses Paid During Period	$4.85	$8.79	$3.81	$3.42	$3.32
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class	Class R6
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,020.04	$1,016.06	$1,021.09	$1,021.49	$1,021.59
Expenses Paid During Period	$4.94	$8.95	$3.88	$3.48	$3.38

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 (0.98% for Class A, 1.78% for Class C, 0.77% for Class P, 0.69% for Institutional Class and 0.67% for Class R6), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.

Semiannual Report |  March 31, 2018 101

Unaudited

AllianzGI U.S. Equity Hedged Fund

For the period of October 1, 2017 through March 31, 2018, as provided by Greg Tournant and Stephen Bond-Nelson, Co-Portfolio Managers.

Fund Insights

For the six-month period ended March 31, 2018, Class A shares of the AllianzGI U.S. Equity Hedged Fund (the “Fund”) returned 0.37%, underperforming the S&P 500 Index (the “benchmark”), which returned 5.84%.

Market Overview

The Fund lagged the benchmark from October 1, 2017 through March 31, 2018, as markets underwent an abrupt shift from a smooth to a sharply whipsawing environment.

The benchmark surged 6.64% in the fourth quarter of 2017, finishing the year with a 21.83% return. The Fund was largely able to keep pace with the rising equity market throughout 2017.

Then, from January 26th through February 9th, the benchmark declined more than 11%. A few weeks later, on February 26^th, the benchmark climbed nearly 8% from its lows. In March, the benchmark remained volatile, and once again retested its February lows. The severity and speed of the equity index moves throughout the quarter, combined with a very low starting level of implied volatility and a relatively muted volatility increase, were challenging for the Fund in the first quarter.

Portfolio Review

In the fourth quarter of 2017, the Fund was able to preserve much of the upside potential of the underlying passive equity portfolio in the rising equity market environment. The Chicago Board Options Exchange Volatility Index (“VIX”) averaged just 10.3 for the quarter and 11.1 for the year. When the VIX is low, our call strikes are written closer to the money, with less statistical safety to accommodate rapidly rising equity markets. The quarterly and annual VIX averages were the lowest levels observed over their respective periods since the index’s inception. Nevertheless, our dynamic approach of using a duration mismatch between our short calls and long puts enabled the Fund to largely keep pace with the rising equity market in the fourth quarter.

The environment in 2018 was markedly different. In the first week of February, the benchmark declined over 10%, marking the first equity market correction in two years. The Fund’s long put positions, laddered into the portfolio with a one-year duration at position inception, helped cushion the portfolio against the equity market decline. If the benchmark continued to fall over subsequent days and weeks, these long put positions would have been able to further benefit the portfolio.

A few weeks later, the benchmark rebounded, causing us to incur some losses on some of our short calls. These shorter-duration positions, designed to help offset the cost of our hedging, were written in a low VIX environment, and were therefore unable to accommodate the rapid equity market ascent. For the month of February, Class A Shares of the Fund returned -4.87%, while the benchmark returned -3.69%.

March was a similarly challenging month, as the benchmark continued to vacillate, reaching some of the strikes of our short calls, while the VIX remained relatively muted. The VIX remained in the high-teens throughout most of the month, despite intra-day benchmark movements of up to 3.5%.

Outlook

Looking ahead, the Fund is well positioned to help smooth potential future equity market volatility, while continually mitigating downside risk. Additionally, as demonstrated throughout 2017, the Fund is able to meaningfully participate in the upside in a steadily rising equity market environment.

Until the markets undergo a longer-lasting, more significant period of decline, the Fund will not have an opportunity to demonstrate the full scope of its benefit. Regardless of the future market environment, the Fund has shown it can provide capital appreciation and a reassuring risk profile.

Average Annual Total Return for the period ended March 31, 2018

	6 Month*		1 Year		5 Year		Since Inception†
AllianzGI U.S. Equity Hedged Fund Class A		0.37%		5.28%		5.61%		6.31%
AllianzGI U.S. Equity Hedged Fund Class A (adjusted)		–5.15%		–0.51%		4.42%		5.18%
AllianzGI U.S. Equity Hedged Fund Class C		–0.01%		4.46%		4.84%		5.53%
AllianzGI U.S. Equity Hedged Fund Class C (adjusted)		–0.99%		3.46%		4.84%		5.53%
AllianzGI U.S. Equity Hedged Fund Class P		0.46%		5.42%		5.77%		6.47%
AllianzGI U.S. Equity Hedged Fund Institutional Class		0.52%		5.52%		5.89%		6.58%
S&P 500 Index		5.84%		13.99%		13.31%		14.90%
Lipper Alternative Long/Short Equity Fund Average		1.92%		5.92%		5.20%		6.28%

* Cumulative return

† The Fund began operations on December 3, 2012. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on November 30, 2012.

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 106 and 107 for more information. The Fund’s gross expense ratios are 8.34% for Class A shares, 6.66% for Class C shares, 5.67% for Class P shares and 5.20% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2019. The Fund’s expense ratios net of this reduction are 1.34% for Class A shares, 2.08% for Class C shares, 1.18% for Class P shares and 1.08% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2018.

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

Cumulative Returns Through March 31, 2018

Asset Allocation (as of March 31, 2018 )

Exchange-Traded Funds	96.4%
Cash & Equivalents — Net	3.6%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class P	Institutional Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,003.70	$999.90	$1,004.60	$1,005.20
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 (10/1/17)	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,018.70	$1,014.96	$1,019.45	$1,019.95
Expenses Paid During Period	$6.29	$10.05	$5.54	$5.04

For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (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 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.

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AllianzGI Ultra Micro Cap Fund

For the period of October 1, 2017 through March 31, 2018, as provided by Robert Marren, Portfolio Manager.

Fund Insights

For the six-month period ended March 31, 2018, Class A Shares at net asset value (“NAV”) of the AllianzGI Ultra Micro Cap Fund (the “Fund”) returned -0.89%, underperforming the Russell Microcap Growth Index (the “benchmark”), which returned 1.93%.

Market Overview

US equities rallied strongly through the first four months of the period as sentiment was buoyed by better-than-expected corporate earnings and optimism that $1.5 trillion of tax cuts would further lift profits. However, rising bond yields and signs of a pick-up in wage growth led to a sharp correction in February. While stocks subsequently recovered some of these losses, escalating fears of a global trade war following the Trump administration’s decision to impose tariffs on Chinese imports caused a further sell-off in late March.

Against this backdrop, the Russell Microcap Index returned 2.49% and underperformed the Russell 2000 Index, which returned 3.25%. Within the microcap universe, growth-oriented stocks trailed value-oriented stocks. Specific to the Russell Microcap Growth Index, sector performance was mostly positive. Consumer staples, financials, and materials were the strongest performing sectors. In contrast, the real estate sector had the weakest performance, followed by utilities and energy.

Portfolio Review

The Fund underperformed its benchmark over the reporting period. From an attribution perspective, security selection drove relative underperformance whereas asset weighting effects had a slightly negative impact. Stock picking detracted from the healthcare, materials and consumer staples sectors. Conversely, security selection in the information technology, consumer discretionary and telecommunications sectors was beneficial and partially offsetting. Separately, an underweight in real estate helped returns but was balanced by an overweight in industrials that tempered performance.

A top contributor, Axogen Inc. provides solutions that measures nerve function and repairs damaged peripheral nerves. Shares rallied on better-than-expected revenue growth and management guidance. The largest absolute detractor was Impinj Inc., which supplies radio frequency identification systems to enhance inventory management. The stock fell after the company posted earnings forecasts below consensus due to pricing pressure from competition.

Outlook

Although 2018 kicked off with elevated levels of volatility, we still expect the economy to expand at a moderate pace. The overall fundamentals still point toward future growth. However, the Trump administration’s aggressive focus on protectionist policies can weaken long-term productivity and negatively impact specific industries. We will continue to closely monitor the situation.

The US Federal Reserve meeting in March 2018 confirmed that the central bank will continue on a path towards monetary policy normalization, with a steady projected 2 to 3 additional rate hikes for 2018. This is supported by the Fed’s outlook for continued positive economic growth and inflation gliding towards the 2% target. Overall, we welcome the return to a more normalized rate environment, which should encourage price discovery based on company fundamentals and can be favorable for active management.

While small-cap equity absolute valuations currently trade at the higher end of historical ranges, relative valuations remain attractive against larger-cap equities. In addition, small-cap equities continue to exhibit stronger growth potential. These factors should support small-cap returns going forward.

Average Annual Total Return for the period ended March 31, 2018

	6 Month*		1 Year		5 Year		10 Year		Since Inception†
AllianzGI Ultra Micro Cap FundClass A		–0.89%		9.83%		8.25%		12.44%		11.39%
AllianzGI Ultra Micro Cap Fund Class A (adjusted)		–6.34%		3.78%		7.03%		11.80%		10.77%
AllianzGI Ultra Micro Cap Fund Class P		–0.68%		10.23%		8.55%		12.73%		11.68%
AllianzGI Ultra Micro Cap Fund Institutional Class		–0.72%		10.17%		8.50%		12.78%		11.72%
Russell Microcap Growth Index		1.93%		14.79%		10.91%		9.35%		8.46%
Lipper Small-Cap Growth Funds Average		8.60%		19.98%		12.00%		10.33%		9.61%

* Cumulative return

† The Fund began operations on January 28, 2008. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on January 31, 2008.

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 106 and 107 for more information. The Fund’s gross expense ratios are 2.40% for Class A shares, 2.07% for Class P shares and 2.12% for Institutional Class shares. These ratios do not include an expense reduction contractually guaranteed through at least January 31, 2019. The Fund’s expense ratios net of this reduction are 2.01% for Class A share, 1.72% for Class P shares, and 1.69% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2018.

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Unaudited

AllianzGI Ultra Micro Cap Fund (cont’d)

Cumulative Returns Through March 31, 2018

Industry Allocation (as of March 31, 2018 )

Biotechnology	13.0%
Healthcare Equipment & Supplies	10.9%
Banks	9.1%
Internet Software & Services	6.0%
Machinery	5.8%
Semiconductors & Semiconductor Equipment	4.7%
Software	4.6%
Pharmaceuticals	4.0%
Other	41.3%
Cash & Equivalents — Net	0.6%

Shareholder Expense Example	Actual Performance
	Class A	Class P	Institutional Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$991.10	$993.20	$992.80
Expenses Paid During Period	$11.02	$9.34	$9.34
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class P	Institutional Class
Beginning Account Value (10/1/17)	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (3/31/18)	$1,013.86	$1,015.56	$1,015.56
Expenses Paid During Period	$11.15	$9.45	$9.45

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 (2.22% for Class A, 1.88% for Class P and 1.88% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.

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Important Information

The inception date on each Fund Summary page is the inception date of the Fund’s oldest share class or classes. The 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 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.

“Cash & Equivalents—Net” in the Allocation Summaries may be comprised of cash, repurchase agreements, U.S. Treasury Bills, options purchased, options written and other assets net of other liabilities including net unrealized appreciation (depreciation) on futures contracts, forward foreign currency contracts and swap agreements, as applicable.

Proxy Voting

The Funds’ Investment Manager has adopted written proxy voting policies and procedures (the “Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by Allianz Funds Multi-Strategy Trust (the “Trust”) as the policies and procedures that the Investment Manager will use when voting proxies on behalf of the Funds. Copies of the written Proxy Policy and the factors that the Investment Manager 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 LLC’s 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.

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

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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, 2018.

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

Credit ratings apply to the underlying holdings of a Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined for purposes of presentations in this report by using ratings provided by S&P Global Ratings (“S&P”), except for AllianzGI Emerging Markets Debt Fund, AllianzGI Global Fundamental Strategy Fund, AllianzGI Global High Yield Fund and AllianzGI Real Estate Debt Fund. AllianzGI Emerging Markets Debt Fund and AllianzGI Global Fundamental Strategy Fund present ratings breakdowns based on Moody’s Investors Service, Inc. (“Moody’s”) ratings. AllianzGI Global High Yield Fund presents ratings breakdowns based on the lowest available rating from S&P, Moody’s or Fitch, Inc. (“Fitch”). Ratings from Moody’s are translated to the S&P equivalent.

AllianzGI Real Estate Debt Fund presents ratings breakdowns based on a weighted average credit rating calculated using ratings assigned by Fitch, Moody’s, Kroll Bond Rating Agency (“Kroll”), Morningstar, DBRS and S&P, as applicable. The weighted average credit rating is translated to the S&P equivalent using a methodology that assigns equal values to equivalent ratings across agencies.

With respect to AllianzGI Emerging Markets Debt Fund and AllianzGI Global Fundamental Strategy Fund, 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.

With respect to AllianzGI Global High Yield Fund, the presentation of credit ratings information in this report uses the lowest available rating provided by S&P, Moody’s or Fitch to ensure the most conservative presentation of the quality of the portfolio. With respect to AllianzGI Real Estate Debt Fund, the presentation of credit ratings information in this report uses ratings provided by Fitch, Moody’s, Kroll, Morningstar, DBRS and S&P to ensure that each security in the portfolio has at least one rating from a major credit rating agency. This methodology is intended to narrow the universe of securities that are designated “unrated” and to capture variations in ratings among rating agencies.

Except for the methodologies described above for AllianzGI Global High Yield Fund and AllianzGI Real Estate Debt Fund, securities not rated by Moody’s or S&P, or securities 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 develops its own analysis of the credit quality and risks associated with individual debt instruments, rather than relying exclusively on rating agencies or third-party research.

All the information on the Fund Summary pages, including Fund Insights, Average Annual Total Return Tables, Cumulative Return Charts, Shareholder Expense Examples and Allocation/Credit Rating Summaries is unaudited.

Allianz Global Investors Distributors LLC, 1633 Broadway, New York, NY, 10019, us.allianzgi.com, 1-800-988-8380 (retail classes: A, C & R) or 1-800-498-5413 (Class P, R6, Institutional & Administrative classes).

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Benchmark Descriptions

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

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

Index	Description
AllianzGI 2020 Strategic Benchmark, AllianzGI 2025 Strategic Benchmark, AllianzGI 2030 Strategic Benchmark, AllianzGI 2035 Strategic Benchmark, AllianzGI 2040 Strategic Benchmark, AllianzGI 2045 Strategic Benchmark, AllianzGI 2050 Strategic Benchmark and AllianzGI 2055 Strategic Benchmark	The AllianzGI 2020 Strategic Benchmark, AllianzGI 2025 Strategic Benchmark, AllianzGI 2030 Strategic Benchmark, AllianzGI 2035 Strategic Benchmark, AllianzGI 2040 Strategic Benchmark, AllianzGI 2045 Strategic Benchmark, AllianzGI 2050 Strategic Benchmark and AllianzGI 2055 Strategic Benchmark each represents the performance of a custom blended index developed by AllianzGI U.S., it is comprised of three underlying indices: MSCI USA Index, MSCI ACWI ex USA Index and Bloomberg Barclays US Aggregate Bond Index. The strategic weights to these indices reflect the glidepath which starts with a 93% weight to the Equity Indices, becoming more conservative to end 5 years past the target retirement date with 30% weight to the equity indices.
AllianzGI Multi Asset Income Strategic Benchmark	The AllianzGI Multi Asset Income StrategicBenchmark represents the performance of a custom blended index developed by the Adviser it is comprised of three underlying indices: 20% MSCI USA Index, 10% MSCI ACWI ex USA Index and 70% Bloomberg Barclays US Aggregate Bond Index.
Bloomberg Barclays Global Aggregate Bond Index	The Bloomberg Barclays Global Aggregate Bond Index is a broad-based measure of the investment grade fixed-rate debt markets.
Bloomberg Barclays Global High Yield Index	The Bloomberg Barclays Global High Yield Index is a multi-currency flagship measure of the global high yield debt market. The index represents the union of the US High Yield, the Pan-European High Yield, and Emerging Markets (EM) Hard Currency High Yield Indices.
Bloomberg Barclays US Aggregate Bond Index	The Bloomberg Barclays US Aggregate Bond Index represents securities that are SEC-registered, taxable, and US dollar denominated. The index covers the US investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.
Bloomberg Barclays US Credit Index	The Bloomberg Barclays US Credit Index is the credit component of the US Government/Credit Index. It includes publicly issued US corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements. To qualify, bonds must be SEC-registered.
Bloomberg Barclays US Government Bond Index	The Bloomberg Barclays US Bond Index is a market capitalization-weighted index, meaning the securities in the index are weighted according to the market size of each bond type. Most U.S. traded investment grade bonds are represented.
Bloomberg Barclays US TIPS Index	The Bloomberg Barclays US Treasury US TIPS Index consists of Inflation-Protection securities issued by the US Treasury.
Bloomberg Barclays US Treasury Bills 1-3 Month Index	The Bloomberg Barclays US Treasury Bills 1-3 Month Index includes US Treasury bills with a remaining maturity from 1 up to (but not including) 3 months.
Bloomberg Barclays US Universal Bond Index	The Bloomberg Barclays US Universal Bond Index represents the union of the US Aggregate Index, the US High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, and the non-ERISA portion of the CMBS Index. Municipal debt, private placements, and non-dollar-denominated issues are excluded from the Universal Index. The only constituent of the index that includes floating-rate debt is the Emerging Markets Index.
Bloomberg Commodity Index	The Bloomberg Commodity Index is a broadly diversified commodity price index distributed by Bloomberg Indexes.

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Index	Description
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 intends to measure the performance of publicly traded REITs and REIT-like securities.
ICE BofA Merrill Lynch 1-3 Year BB US Cash Pay High Yield Index	The ICE BofA Merrill Lynch 1-3 Year BB US Cash Pay High Yield Index is a subset of the ICE 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 ICE 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.
ICE BofA Merrill Lynch 3-Month US Treasury Bill Index	The ICE BofA Merrill Lynch 3-Month US Treasury Bill Index tracks the performance of the 3-month US Treasury markets.
ICE BofA Merrill Lynch All Convertibles Index	The ICE 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.
ICE BofA Merrill Lynch High Yield Master II Index	The ICE BofA Merrill Lynch High Yield Master II Index is an unmanaged index consisting of US dollar-denominated bonds that are issued in countries having a BBB3 or higher debt rating with at least one year remaining until maturity. All bonds must have a credit rating below investment grade but not in default.
ICE BofA Merrill Lynch Global High Yield Constrained Index	The ICE BofA Merrill Lynch Global High Yield Constrained Index contains all securities in the ICE BofA Merrill Lynch Global High Yield Index USD but caps issuer exposure at 2%. The ICE BofA Merrill Lynch Global High Yield Index tracks the performance of below investment grade corporate debt publicly issued in the major domestic or eurobond markets.
JP Morgan Corporate Emerging Markets Broad Diversified Index (CEMBI-BD)	The JP Morgan Corporate Emerging Markets Broad Diversified Index (CEMBI-BD) tracks total returns of US dollar-denominated debt instruments issued by corporate entities in emerging market countries. Two variations are available: CEMBI Broad and CEMBI. The CEMBI Broad is the most comprehensive corporate benchmark followed by the CEMBI, which consists of an investable universe of corporate bonds. Both indices are also available in Diversified versions.
JP Morgan Emerging Markets Bond Index Global Diversified (EMBI Global Diversified)	The JP Morgan Emerging Markets Bond Index Global Diversified (EMBI Global Diversified) is a uniquely-weighted version of the EMBI Global. It limits the weights of those index countries with larger debt stocks by only including specified portions of these countries’ eligible current face amounts of debt outstanding. The countries covered in the EMBI Global Diversified are identical to those covered by the EMBI Global.
JP Morgan Government Bond Index-Emerging Markets (GBI-EM)	The JP Morgan Government Bond Index-Emerging Markets (GBI-EM) is the first comprehensive, global local emerging markets index, and consists of regularly traded, liquid fixed-rate, domestic currency government bonds to which international investors can gain exposure. Variations of the index are available to allow investors to select the most appropriate benchmark for their objectives.
Morningstar Lifetime Moderate 2020, Morningstar Lifetime Moderate 2025, Morningstar Lifetime Moderate 2030, Morningstar Lifetime Moderate 2035, Morningstar Lifetime Moderate 2040, Morningstar Lifetime Moderate 2045, Morningstar Lifetime Moderate 2050 and Morningstar Lifetime Moderate 2055	The Morningstar Lifetime Moderate 2020, Morningstar Lifetime Moderate 2025, Morningstar Lifetime Moderate 2030, Morningstar Lifetime Moderate 2035, Morningstar Lifetime Moderate 2040, Morningstar Lifetime Moderate 2045, Morningstar Lifetime Moderate 2050 and Morningstar Lifetime Moderate 2055 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 U.S. investor’s investment horizon until retirement. The moderate risk profile is for investors who are comfortable with average exposure to equity market volatility.

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Unaudited

Benchmark Descriptions (cont’d)

Index	Description
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 the Developed Markets and Emerging Markets countries. The index covers approximately 85% of the global investable equity opportunity set.
MSCI EAFE Index	The MSCI EAFE Index is an equity index which captures large and mid cap representation across Developed Markets countries around the world, excluding the US and Canada.
MSCI EAFE Small Cap Index	The MSCI EAFE Small Cap Index is an equity index which captures small cap representation across Developed Markets countries around the world, excluding the US and Canada.
MSCI Emerging Markets Index	The MSCI Emerging Markets Index 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 includes small cap representation across 23 Emerging Markets countries. The index covers approximately 14% of the free float-adjusted market capitalization in each country. The Small cap segment tends to capture more local economic and sector characteristics relative to larger Emerging Markets capitalization segments.
MSCI Europe Index (Net)	The MSCI Europe Index (Net) captures large and mid cap representation across Developed Markets countries in Europe. The index covers approximately 85% of the free float-adjusted market capitalization across the European Developed Markets equity universe.
MSCI USA Index	The MSCI USA Index is designed to measure the performance of the large and mid cap segments of the US market. The index covers approximately 85% of the free float-adjusted market capitalization in the US.
MSCI World ex USA Small Cap Index	The MSCI World ex USA Small Cap Index captures small cap representation across 23 of 24 Developed Markets countries (excluding the United States).
MSCI World High Dividend Yield Index	The MSCI World High Dividend Yield Index is based on the MSCI World Index, its parent index, and includes large and mid cap stocks across 23 Developed Markets countries. The index is designed to reflect the performance of equities in the parent index (excluding REITs) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The index also applies quality screens and reviews 12-month past performance to omit stocks with potentially deteriorating fundamentals that could force them to cut or reduce dividends. Performance data shown for the index is net of dividend tax withholding.
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.
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 representing approximately 10% of total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.
Russell 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.

110 March 31, 2018  | Semiannual Report

Index	Description
S&P 500 Index	The Standard & Poor’s 500 Index is an unmanaged index of large capitalization common stocks.
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) Index 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).

Semiannual Report |  March 31, 2018 111

Schedule of Investments

March 31, 2018 (Unaudited)

AllianzGI Retirement 2020 Fund

	Shares		Value
Mutual Funds (a)—88.8%
AllianzGI Advanced Core Bond		584,061		$8,451,358
AllianzGI Best Styles U.S. Equity (c)		160,013		2,961,843
AllianzGI Emerging Markets Debt (b)		14,088		201,885
AllianzGI Emerging Markets Small-Cap (b)		19,019		345,391
AllianzGI Global Dynamic Allocation (c)		1,569,619		31,109,851
AllianzGI Short Duration High Income (c)		39,212		582,696
Total Mutual Funds (cost—$41,186,019)				43,653,024
Exchange-Traded Funds—4.6%
iShares TIPS Bond		4,604		520,482
iShares U.S. Preferred Stock		4,215		158,316
Vanguard Intermediate-Term Corporate Bond		5,298		449,482
Vanguard Mortgage-Backed Securities		22,171		1,144,024
Total Exchange-Traded Funds (cost—$2,292,684)				2,272,304

	Principal Amount (000s)		Value
Repurchase Agreements—5.9%
State Street Bank and Trust Co.,dated 3/29/18, 0.28%, due 4/2/18, proceeds $2,905,090; collateralized by U.S. Treasury Notes, 2.00%, due 8/15/25, valued at $2,964,324 including accrued interest
(cost—$2,905,000)		$2,905	$	2,905,000
Total Investments (cost—$46,383,703)—99.3%				48,830,328
Other assets less liabilities (d)—0.7%				348,823
Net Assets—100.0%				$49,179,151

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

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

Futures contracts outstanding at March 31, 2018:
Type		Contracts			Expiration Date		Notional Amount (000s)			Market Value (000s)			Unrealized Appreciation (Depreciation)
Long position contracts:
	10-Year Ultra U.S. Treasury Bond		15			6/20/18	$	1,500		$	1,948		$	32,832
	British Pound		3			6/18/18		188			264			1,042
	E-mini S&P 500 Index		12			6/15/18		1			1,586			(87,327	)
	Euro Currency		1			6/18/18		125			154			(834	)
	Japanese Yen		2			6/18/18		3			236			(855	)
													$	(55,142	)
Short position contracts:
	Euro STOXX 50 Index		(4	)		6/15/18	EUR	(—	)(f)	$	(162	)	$	485
	Euro-Bund 10-Year Bond		(2	)		6/7/18		(200	)		(393	)		(5,392	)
	FTSE 100 Index		(1	)		6/15/18	GBP	(—	)(f)		(98	)		349
	Mini MSCI Emerging Markets Index		(6	)		6/15/18	$	(—	)(f)		(356	)		9,196
	MSCI EAFE Index		(9	)		6/15/18		(—	)(f)		(900	)		9,025
													$	13,663
													$	(41,479	)

(e) At March 31, 2018, the Fund pledged $294,432 in cash as collateral for futures contracts.

(f) Notional amount rounds to less than $500.

Glossary:

EAFE—Europe, Australasia and Far East

EUR—Euro

FTSE—Financial Times Stock Exchange

GBP—British Pound

MSCI—Morgan Stanley Capital International

TIPS—Treasury Inflation Protected Securities

112 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

AllianzGI Retirement 2025 Fund

	Shares		Value
Mutual Funds (a)—96.4%
AllianzGI Advanced Core Bond		598,739		$8,663,760
AllianzGI Best Styles U.S. Equity (c)		324,821		6,012,434
AllianzGI Emerging Markets Debt (b)		13,566		194,401
AllianzGI Emerging Markets Small-Cap (b)		20,421		370,846
AllianzGI Global Dynamic Allocation (c)		2,314,065		45,864,777
AllianzGI Short Duration High Income (c)		22,236		330,432
Total Mutual Funds (cost—$57,638,484)				61,436,650
Exchange-Traded Funds—0.5%
iShares TIPS Bond (cost—$324,287)		2,872		324,679

	Principal Amount (000s)		Value
Repurchase Agreements—2.0%
State Street Bank and Trust Co., dated 3/29/18, 0.28%, due 4/2/18, proceeds $1,288,040; collateralized by U.S. Treasury Notes, 2.00%, due 8/15/25, valued at $1,315,359 including accrued interest
(cost—$1,288,000)		$1,288	$	1,288,000
Total Investments (cost—$59,250,771)—98.9%				63,049,329
Other assets less liabilities (d)—1.1%				683,533
Net Assets—100.0%				$63,732,862

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

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

Futures contracts outstanding at March 31, 2018:
Type		Contracts			Expiration Date		Notional Amount (000s)			Market Value (000s)			Unrealized Appreciation (Depreciation)
Long position contracts:
	British Pound		4			6/18/18	$	250		$	351		$	1,389
	E-mini Russell 2000 Index		2			6/15/18		—	(f)		153			(7,428	)
	E-mini S&P 500 Index		25			6/15/18		1			3,304			(181,931	)
	Euro Currency		1			6/18/18		125			155			(834	)
	Japanese Yen		3			6/18/18		4			354			(1,283	)
	Mini MSCI Emerging Markets Index		2			6/15/18		—	(f)		119			(3,075	)
													$	(193,162	)
Short position contracts:
	10-Year Ultra U.S. Treasury Bond		(4	)		6/20/18	$	(400	)	$	(520	)	$	(9,601	)
	Euro STOXX 50 Index		(11	)		6/15/18	EUR	(—	)(f)		(444	)		1,335
	Euro-Bund 10-Year Bond		(1	)		6/7/18		(100	)		(196	)		(2,696	)
	FTSE 100 Index		(3	)		6/15/18	GBP	(—	)(f)		(294	)		1,047
	SPI 200 Index		(1	)		6/21/18	AUD	(—	)(f)		(110	)		3,415
													$	(6,500	)
													$	(199,662	)

(e) At March 31, 2018, the Fund pledged $687,879 in cash as collateral for futures contracts.

(f) Notional amount rounds to less than $500.

Glossary:

AUD—Australian Dollar

EUR—Euro

FTSE—Financial Times Stock Exchange

GBP—British Pound

MSCI—Morgan Stanley Capital International

TIPS—Treasury Inflation Protected Securities

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 113

Schedule of Investments

March 31, 2018 (Unaudited)

AllianzGI Retirement 2030 Fund

	Shares		Value
Mutual Funds (a)—96.5%
AllianzGI Advanced Core Bond		152,053		$2,200,210
AllianzGI Best Styles Global Equity (c)		395,825		6,681,525
AllianzGI Best Styles U.S. Equity (c)		518,850		9,603,905
AllianzGI Emerging Markets Small-Cap (b)		46,319		841,146
AllianzGI Global Dynamic Allocation (c)		2,626,094		52,049,188
Total Mutual Funds (cost—$66,022,711)				71,375,974
Exchange-Traded Funds—0.5%
Vanguard FTSE All World ex-U.S. Small-Cap (cost—$377,648)		3,143		374,771

	Principal Amount (000s)		Value
Repurchase Agreements—1.9%
State Street Bank and Trust Co.,dated 3/29/18, 0.28%, due 4/2/18, proceeds $1,377,043; collateralized by U.S. Treasury Notes, 2.00%, due 8/15/25, valued at $1,405,910 including accrued interest
(cost—$1,377,000)		$1,377	$	1,377,000
Total Investments (cost—$67,777,359)—98.9%				73,127,745
Other assets less liabilities (d)—1.1%				792,202
Net Assets—100.0%				$73,919,947

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

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

Futures contracts outstanding at March 31, 2018:
Type		Contracts			Expiration Date		Notional Amount (000s)			Market Value (000s)			Unrealized Appreciation (Depreciation)
Long position contracts:
	British Pound		5			6/18/18	$	313		$	439		$	1,737
	E-mini Russell 2000 Index		4			6/15/18		—	(f)		306			(14,857	)
	E-mini S&P 500 Index		30			6/15/18		2			3,965			(218,318	)
	Euro Currency		1			6/18/18		125			155			(834	)
	Japanese Yen		4			6/18/18		5			472			(1,723	)
													$	(233,995	)
Short position contracts:
	10-Year Ultra U.S. Treasury Bond		(1	)		6/20/18	$	(100	)	$	(130	)	$	(2,400	)
	Euro STOXX 50 Index		(24	)		6/15/18	EUR	(—	)(f)		(969	)		2,913
	FTSE 100 Index		(6	)		6/15/18	GBP	(—	)(f)		(589	)		2,094
	SPI 200 Index		(1	)		6/21/18	AUD	(—	)(f)		(110	)		3,415
	TOPIX Index		(1	)		6/7/18	JPY	(10	)		(161	)		(615	)
													$	5,407
													$	(228,588	)

(e) At March 31, 2018, the Fund pledged $727,472 in cash as collateral for futures contracts.

(f) Notional amount rounds to less than $500.

Glossary:

AUD—Australian Dollar

EUR—Euro

FTSE—Financial Times Stock Exchange

GBP—British Pound

JPY—Japanese Yen

TOPIX—Tokyo Stock Price Index

114 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

AllianzGI Retirement 2035 Fund

	Shares		Value
Mutual Funds (a)—96.4%
AllianzGI Advanced Core Bond		102,465		$1,482,667
AllianzGI Best Styles Global Equity (c)		1,089,983		18,398,905
AllianzGI Best Styles U.S. Equity (c)		502,674		9,304,493
AllianzGI Emerging Markets Small-Cap (b)		38,066		691,274
AllianzGI Global Dynamic Allocation (c)		1,417,484		28,094,530
Total Mutual Funds (cost—$53,481,783)				57,971,869
Exchange-Traded Funds—0.9%
Vanguard FTSE All World ex-U.S. Small-Cap (cost—$553,395)		4,596		548,027

	Principal Amount (000s)		Value
Repurchase Agreements—1.1%
State Street Bank and Trust Co., dated 3/29/18, 0.28%, due 4/2/18, proceeds $631,020; collateralized by U.S. Treasury Notes, 2.00%, due 8/15/25, valued at $648,148 including accrued interest
(cost—$631,000)		$631	$	631,000
Total Investments (cost—$54,666,178)—98.4%				59,150,896
Other assets less liabilities (d)—1.6%				934,382
Net Assets—100.0%				$60,085,278

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

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

Futures contracts outstanding at March 31, 2018:
Type		Contracts			Expiration Date		Notional Amount (000s)			Market Value (000s)			Unrealized Appreciation (Depreciation)
Long position contracts:
	British Pound		4			6/18/18	$	250		$	352		$	1,389
	E-mini Russell 2000 Index		6			6/15/18		—	(f)		459			(22,285	)
	E-mini S&P 500 Index		26			6/15/18		1			3,436			(189,208	)
	Euro Currency		1			6/18/18		125			155			(834	)
	Japanese Yen		3			6/18/18		4			354			(1,296	)
	Mini MSCI Emerging Markets Index		11			6/15/18		1			653			(16,905	)
													$	(229,139	)
Short position contracts:
	Euro STOXX 50 Index		(38	)		6/15/18	EUR	(—	)(f)	$	(1,534	)	$	4,613
	FTSE 100 Index		(9	)		6/15/18	GBP	(—	)(f)		(883	)		3,141
	SPI 200 Index		(2	)		6/21/18	AUD	(—	)(f)		(220	)		6,830
	TOPIX Index		(2	)		6/7/18	JPY	(20	)		(323	)		(7,574	)
													$	7,010
													$	(222,129	)

(e) At March 31, 2018, the Fund pledged $944,538 in cash as collateral for futures contracts.

(f) Notional amount rounds to less than $500.

Glossary:

AUD—Australian Dollar

EUR—Euro

FTSE—Financial Times Stock Exchange

GBP—British Pound

JPY—Japanese Yen

MSCI—Morgan Stanley Capital International

TOPIX—Tokyo Stock Price Index

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 115

Schedule of Investments

March 31, 2018 (Unaudited)

AllianzGI Retirement 2040 Fund

	Shares		Value
Mutual Funds (a)—96.7%
AllianzGI Best Styles Global Equity (c)		1,432,461		$24,179,939
AllianzGI Best Styles U.S. Equity (c)		527,322		9,760,730
AllianzGI Emerging Markets Small-Cap (b)		32,334		587,187
AllianzGI Global Dynamic Allocation (c)		894,063		17,720,335
Total Mutual Funds (cost—$48,002,220)				52,248,191

	Shares		Value
Exchange-Traded Funds—1.1%
Vanguard FTSE All World ex-U.S. Small-Cap (cost—$611,236)		5,071	$	604,666
Total Investments (cost—$48,613,456)—97.8%				52,852,857
Other assets less liabilities (d)—2.2%				1,171,337
Net Assets—100.0%				$54,024,194

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

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

Futures contracts outstanding at March 31, 2018:
Type		Contracts			Expiration Date		Notional Amount (000s)			Market Value (000s)			Unrealized Appreciation (Depreciation)
Long position contracts:
	British Pound		4			6/18/18	$	250		$	351		$	1,389
	E-mini Russell 2000 Index		7			6/15/18		—	(f)		536			(26,000	)
	E-mini S&P 500 Index		24			6/15/18		1			3,172			(174,654	)
	Euro Currency		1			6/18/18		125			155			(834	)
	Japanese Yen		3			6/18/18		4			354			(1,283	)
	Mini MSCI Emerging Markets Index		16			6/15/18		1			950			(24,591	)
													$	(225,973	)
Short position contracts:
	Euro STOXX 50 Index		(44	)		6/15/18	EUR	(—	)(f)	$	(1,777	)	$	5,341
	FTSE 100 Index		(11	)		6/15/18	GBP	(—	)(f)		(1,079	)		3,839
	SPI 200 Index		(2	)		6/21/18	AUD	(—	)(f)		(220	)		6,830
	TOPIX Index		(2	)		6/7/18	JPY	(20	)		(323	)		(7,574	)
													$	8,436
													$	(217,537	)

(e) At March 31, 2018, the Fund pledged $1,057,661 in cash as collateral for futures contracts.

(f) Notional amount rounds to less than $500.

Glossary:

AUD—Australian Dollar

EUR—Euro

FTSE—Financial Times Stock Exchange

GBP—British Pound

JPY—Japanese Yen

MSCI—Morgan Stanley Capital International

TOPIX—Tokyo Stock Price Index

116 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

AllianzGI Retirement 2045 Fund

	Shares		Value
Mutual Funds (a)—95.8%
AllianzGI Best Styles Global Equity (c)		1,110,858		$18,751,288
AllianzGI Best Styles U.S. Equity (c)		354,695		6,565,411
AllianzGI Emerging Markets Small-Cap (b)		19,083		346,541
AllianzGI Global Dynamic Allocation (c)		386,065		7,651,817
Total Mutual Funds (cost—$30,671,790)				33,315,057
Exchange-Traded Funds—1.3%
Vanguard FTSE All World ex-U.S. Small-Cap (cost—$460,821)		3,823		455,855

	Principal Amount (000s)		Value
Repurchase Agreements—0.7%
State Street Bank and Trust Co., dated 3/29/18, 0.28%, due 4/2/18, proceeds $227,007; collateralized by U.S. Treasury Notes, 2.00%, due 8/15/25, valued at $233,524 including accrued interest
(cost—$227,000)		$227	$	227,000
Total Investments (cost—$31,359,611)—97.8%				33,997,912
Other assets less liabilities (d)—2.2%				777,653
Net Assets—100.0%				$34,775,565

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

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

Futures contracts outstanding at March 31, 2018:
Type		Contracts			Expiration Date		Notional Amount (000s)			Market Value (000s)			Unrealized Appreciation (Depreciation)
Long position contracts:
	British Pound		3			6/18/18	$	188		$	264		$	1,042
	E-mini Russell 2000 Index		5			6/15/18		—	(f)		383			(18,571	)
	E-mini S&P 500 Index		16			6/15/18		1			2,114			(116,436	)
	Euro Currency		1			6/18/18		125			155			(834	)
	Japanese Yen		2			6/18/18		3			236			(855	)
	Mini MSCI Emerging Markets Index		14			6/15/18		1			831			(21,522	)
													$	(157,176	)
Short position contracts:
	Euro STOXX 50 Index		(32	)		6/15/18	EUR	(—	)(f)	$	(1,292	)	$	3,884
	FTSE 100 Index		(8	)		6/15/18	GBP	(—	)(f)		(785	)		2,792
	SPI 200 Index		(2	)		6/21/18	AUD	(—	)(f)		(220	)		6,830
	TOPIX Index		(1	)		6/7/18	JPY	(10	)		(161	)		(615	)
													$	12,891
													$	(144,285	)

(e) At March 31, 2018, the Fund pledged $710,181 in cash as collateral for futures contracts.

(f) Notional amount rounds to less than $500.

Glossary:

AUD—Australian Dollar

EUR—Euro

FTSE—Financial Times Stock Exchange

GBP—British Pound

JPY—Japanese Yen

MSCI—Morgan Stanley Capital International

TOPIX—Tokyo Stock Price Index

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 117

Schedule of Investments

March 31, 2018 (Unaudited)

AllianzGI Retirement 2050 Fund

	Shares		Value
Mutual Funds (a)—95.8%
AllianzGI Best Styles Global Equity (c)		1,198,439		$20,229,646
AllianzGI Best Styles U.S. Equity (c)		340,999		6,311,887
AllianzGI Emerging Markets Small-Cap (b)		18,341		333,078
AllianzGI Global Dynamic Allocation (c)		303,224		6,009,902
Total Mutual Funds (cost—$30,470,072)				32,884,513
Exchange-Traded Funds—1.4%
Vanguard FTSE All World ex-U.S. Small-Cap (cost—$489,151)		4,065		484,710

	Principal Amount (000s)		Value
Repurchase Agreements—0.5%
State Street Bank and Trust Co., dated 3/29/18, 0.28%, due 4/2/18, proceeds $170,005; collateralized by U.S. Treasury Notes, 2.00%, due 8/15/25, valued at $176,334 including accrued interest
(cost—$170,000)		$170	$	170,000
Total Investments (cost—$31,129,223)—97.7%				33,539,223
Other assets less liabilities (d)—2.3%				780,640
Net Assets—100.0%				$34,319,863

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

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

Futures contracts outstanding at March 31, 2018:
Type		Contracts			Expiration Date		Notional Amount (000s)			Market Value (000s)			Unrealized Appreciation (Depreciation)
Long position contracts:
	British Pound		4			6/18/18	$	250		$	352		$	1,389
	E-mini Russell 2000 Index		6			6/15/18		—	(f)		459			(22,285	)
	E-mini S&P 500 Index		16			6/15/18		1			2,114			(116,436	)
	Euro Currency		1			6/18/18		125			155			(834	)
	Japanese Yen		2			6/18/18		3			236			(855	)
	Mini MSCI Emerging Markets Index		15			6/15/18		1			891			(23,059	)
													$	(162,080	)
Short position contracts:
	Euro STOXX 50 Index		(35	)		6/15/18	EUR	(—	)(f)	$	(1,413	)	$	4,248
	FTSE 100 Index		(9	)		6/15/18	GBP	(—	)(f)		(883	)		545
	SPI 200 Index		(2	)		6/21/18	AUD	(—	)(f)		(220	)		6,830
	TOPIX Index		(1	)		6/7/18	JPY	(10	)		(162	)		(615	)
													$	11,008
													$	(151,072	)

(e) At March 31, 2018, the Fund pledged $730,070 in cash as collateral for futures contracts.

(f) Notional amount rounds to less than $500.

Glossary:

AUD—Australian Dollar

EUR—Euro

FTSE—Financial Times Stock Exchange

GBP—British Pound

JPY—Japanese Yen

MSCI—Morgan Stanley Capital International

TOPIX—Tokyo Stock Price Index

118 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

AllianzGI Retirement 2055 Fund

	Shares		Value
Mutual Funds (a)—95.6%
AllianzGI Best Styles Global Equity (c)		612,301		$10,335,635
AllianzGI Best Styles U.S. Equity (c)		174,286		3,226,038
AllianzGI Emerging Markets Small-Cap (b)		9,619		174,679
AllianzGI Global Dynamic Allocation (c)		154,908		3,070,278
Total Mutual Funds (cost—$15,939,488)				16,806,630
Exchange-Traded Funds—1.4%
Vanguard FTSE All World ex-U.S. Small-Cap (cost—$249,723)		2,076		247,542

	Principal Amount (000s)		Value
Repurchase Agreements—0.6%
State Street Bank and Trust Co., dated 3/29/18, 0.28%, due 4/2/18, proceeds $110,003; collateralized by U.S. Treasury Notes, 2.00%, due 8/15/25, valued at $114,379 including accrued interest
(cost—$110,000)		$110	$	110,000
Total Investments (cost—$16,299,211)—97.6%				17,164,172
Other assets less liabilities (d)—2.4%				424,149
Net Assets—100.0%				$17,588,321

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

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

Futures contracts outstanding at March 31, 2018:
Type		Contracts			Expiration Date		Notional Amount (000s)			Market Value (000s)			Unrealized Appreciation (Depreciation)
Long position contracts:
	British Pound		2			6/18/18	$	125		$	176		$	695
	E-mini Russell 2000 Index		3			6/15/18		—	(f)		230			(11,143	)
	E-mini S&P 500 Index		8			6/15/18		—	(f)		1,057			(58,218	)
	Euro Currency		1			6/18/18		125			154			(834	)
	Japanese Yen		1			6/18/18		1			118			(428	)
	Mini MSCI Emerging Markets Index		8			6/15/18		—	(f)		475			(12,293	)
													$	(82,221	)
Short position contracts:
	Euro STOXX 50 Index		(18	)		6/15/18	EUR	(—	)(f)	$	(727	)	$	2,185
	FTSE 100 Index		(4	)		6/15/18	GBP	(—	)(f)		(393	)		1,396
	SPI 200 Index		(1	)		6/21/18	AUD	(—	)(f)		(110	)		3,415
	TOPIX Index		(1	)		6/7/18	JPY	(10	)		(161	)		(6,959	)
													$	37
													$	(82,184	)

(e) At March 31, 2018, the Fund pledged $366,634 in cash as collateral for futures contracts.

(f) Notional amount rounds to less than $500.

Glossary:

AUD—Australian Dollar

EUR—Euro

FTSE—Financial Times Stock Exchange

GBP—British Pound

JPY—Japanese Yen

MSCI—Morgan Stanley Capital International

TOPIX—Tokyo Stock Price Index

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 119

Schedule of Investments

March 31, 2018 (Unaudited)

AllianzGI Multi Asset Income Fund

	Shares		Value
Mutual Funds—59.2%
AllianzGI Emerging Markets Debt (d)(e)		245,032		$3,511,309
AllianzGI Europe Equity Dividend (d)(e)		204,810		3,229,855
AllianzGI Global High Yield (d)(e)		106,201		1,597,263
AllianzGI High Yield Bond (d)(e)		275,520		2,366,721
AllianzGI Short Duration High Income (d)(f)		323,774		4,811,287
Harvest Asian Bond		126,204		1,240,586
PIMCO Income (d)(e)		493,503		6,025,668
PIMCO Mortgage Opportunities (d)(e)		215,242		2,371,962
PIMCO Preferred and Capital Securities (d)(e)		275,377		2,839,137
Total Mutual Funds (cost—$27,798,076)				27,993,788
Exchange-Traded Funds—17.1%
Alerian		177,648		1,664,562
PIMCO Investment Grade Corporate Bond Index (d)		34,801		3,559,098
PowerShares Senior Loan Portfolio		61,411		1,420,436
Vanguard Utilities		12,739		1,424,348
Total Exchange-Traded Funds (cost—$8,331,181)				8,068,444
Common Stock—11.3%
Equity Real Estate Investment Trusts (REITs)—9.1%
American Tower Corp.		1,810		263,065
Apple Hospitality REIT, Inc.		8,820		154,967
AvalonBay Communities, Inc.		1,280		210,509
Crown Castle International Corp.		2,110		231,277
Digital Realty Trust, Inc.		1,400		147,532
EPR Properties		2,530		140,162
Equinix, Inc.		360		150,530

	Shares		Value
Gaming and Leisure Properties, Inc.		2,797	$	93,615
Government Properties Income Trust		10,910		149,031
H&R Real Estate Investment Trust		10,800		176,291
Hospitality Properties Trust		7,820		198,159
Iron Mountain, Inc.		4,390		144,255
Lexington Realty Trust		17,530		137,961
Mapletree Industrial Trust		164,000		254,504
Medical Properties Trust, Inc.		11,050		143,650
Omega Healthcare Investors, Inc.		5,141		139,013
Public Storage		409		81,959
QTS Realty Trust, Inc., Class A		4,250		153,935
Sabra Health Care REIT, Inc.		7,870		138,905
Select Income REIT		8,000		155,840
Senior Housing Properties Trust		12,210		191,209
Simon Property Group, Inc.		1,216		187,690
STAG Industrial, Inc.		8,080		193,274
Uniti Group, Inc.		9,251		150,329
Welltower, Inc.		3,030		164,923
WP Carey, Inc.		2,340		145,057
				4,297,642
Mortgage Real Estate Investment Trusts (REITs)—1.6%
AGNC Investment Corp.		38,672		731,675
Real Estate Management & Development—0.6%
DAMAC Properties Dubai Co. PJSC		172,000		140,014
Shenzhen Investment Ltd.		364,000		155,451
				295,465
Total Common Stock (cost—$5,517,223)				5,324,782
Rights (b)(c)(g)—0.0%
Food & Staples Retailing—0.0%
Safeway CVR—PDC, expires 1/30/17 (cost—$17)		541		9

	Principal Amount (000s)		Value
Repurchase Agreements—5.9%
State Street Bank and Trust Co., dated 3/29/18, 0.28%, due 4/2/18, proceeds $2,779,086; collateralized by U.S. Treasury Notes, 2.00%, due 8/15/25, valued at $2,835,648 including accrued interest
(cost—$2,779,000)		$2,779	$	2,779,000
Total Investments (cost—$44,425,497) (a)—93.5%				44,166,023
Other assets less liabilities (h)—6.5%				3,064,951
Net Assets—100.0%				$47,230,974

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $409,955, representing 0.9% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(b) Fair-Valued—Security with a value of $9, representing less than 0.05% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

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

(d) Affiliated fund.

(e) Institutional Class share.

(f) Class R6 share.

(g) Non-income producing.

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

Futures contracts outstanding at March 31, 2018:
Type		Contracts			Expiration Date		Notional Amount (000s)			Market Value (000s)			Unrealized Appreciation (Depreciation)
Long position contracts:
	10-Year U.S. Treasury Note		70			6/20/18	$	7,000		$	8,480		$	67,740
	Canada Government 10-Year Bond		10			6/20/18	CAD	1,000			1,034			12,315
	10-Year Ultra U.S. Treasury Bond		75			6/20/18	$	7,500			9,739			179,332
	E-mini S&P 500 Index		20			6/15/18		1			2,643			(145,545	)
	Euro-Bund 10-Year Bond		8			6/7/18	EUR	800			1,569			(306	)
	Hang Seng Index		6			6/28/18	HKD	—	(j)		1,137			(50,601	)
	Mini MSCI Emerging Markets Index		40			6/15/18	$	2			2,376			(44,681	)
	Australia Government 10-Year Bond		9			6/15/18	AUD	900			896			12,758
	E-mini Russell 2000 Index		19			6/15/18	$	1			1,455			(70,523	)
													$	(39,511	)
Short position contracts:
	U.S. Ultra Treasury Bond		(20	)		6/20/18	$	(2,000	)	$	(3,209	)	$	(106,445	)
	2-Year U.S. Treasury Note		(30	)		6/29/18		(6,000	)		(6,378	)		(1,925	)
	FTSE 100 Index		(5	)		6/15/18	GBP	(—	)(j)		(491	)		(1,033	)
	Dow Jones U.S. Real Estate Index		(50	)		6/15/18	$	(5	)		(1,496	)		(3,581	)
													$	(112,984	)
													$	(152,495	)

120 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

(i) At March 31, 2018, the Fund pledged $1,092,688 in cash as collateral for futures contracts.

(j) Notional amount rounds to less than $500.

Glossary:

AUD—Australian Dollar

CAD—Canadian Dollar

EUR—Euro

FTSE—Financial Times Stock Exchange

GBP—British Pound

HKD—Hong Kong Dollar

MSCI—Morgan Stanley Capital International

REIT—Real Estate Investment Trust

AllianzGI Global Allocation Fund

	Shares		Value
Mutual Funds (a)—90.8%
AllianzGI Advanced Core Bond		6,311,919		$91,333,469
AllianzGI Best Styles Global Equity (c)		8,393,464		141,681,670
AllianzGI Best Styles Global Managed Volatility		2,125,266		36,894,622
AllianzGI Emerging Markets Debt (b)		1,075,831		15,416,656
AllianzGI Emerging Markets Small-Cap (b)		273,550		4,967,665
AllianzGI International Growth (b)		1,021,708		18,952,678
AllianzGI PerformanceFee Managed Futures Strategy (c)		1,500,000		14,460,000
Total Mutual Funds (cost—$300,320,354)				323,706,760
Exchange-Traded Funds—4.8%
iShares iBoxx $ Investment Grade Corporate Bond		87,950		10,324,450
iShares MBS		65,470		6,850,781
Total Exchange-Traded Funds (cost—$17,565,566)				17,175,231

	Principal Amount (000s)		Value
U.S. Treasury Obligations—1.4%
U.S. Treasury Notes, 2.75%, 2/15/19 (cost—$5,063,561)		$5,000	$	5,026,953
Repurchase Agreements—2.7%
State Street Bank and Trust Co.,dated 3/29/18, 0.28%, due 4/2/18, proceeds $9,665,301; collateralized by U.S. Treasury Notes, 2.50%, due 5/15/24, valued at $9,863,091 including accrued interest
(cost—$9,665,000)		9,665		9,665,000
Total Investments (cost—$332,614,481)—99.7%				355,573,944
Other assets less liabilities (d)—0.3%				1,022,975
Net Assets—100.0%				$356,596,919

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

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

Futures contracts outstanding at March 31, 2018:
Type		Contracts			Expiration Date		Notional Amount (000s)			Market Value (000s)			Unrealized Appreciation (Depreciation)
Long position contracts:
	2-Year U.S. Treasury Note		48			6/29/18	$	9,600		$	10,205		$	1,795
	5-Year U.S. Treasury Note		39			6/29/18		3,900			4,464			13,948
	British Pound		159			6/18/18		9,938			13,970			62,182
	E-mini Russell 2000 Index		82			6/15/18		4			6,278			(233,557	)
	E-mini S&P 500 Index		178			6/15/18		9			23,523			(922,632	)
	Euro Currency		88			6/18/18		11,000			13,594			(21,135	)
	Euro-Bund 10-Year Bond		22			6/7/18	EUR	2,200			3,757			114,206
	Japanese Yen		101			6/18/18	$	126			11,923			(63,357	)
	Mini MSCI Emerging Markets Index		83			6/15/18		4			4,929			(144,608	)
	MSCI EAFE Index		64			6/15/18		3			6,402			(98,705	)
													$	(1,291,863	)
Short position contracts:
	10-Year U.S. Treasury Note		(36	)		6/20/18	$	(3,600	)	$	(4,361	)	$	(34,940	)
	Canadian Dollar		(48	)		6/19/18		(4,800	)		(3,726	)		(49,038	)
	U.S. Treasury Ultra Bond		(48	)		6/20/18		(4,800	)		(7,703	)		(255,186	)
													$	(339,164	)
													$	(1,631,027	)

(e) At March 31, 2018, the Fund pledged $750,912 in cash as collateral for futures contracts.

Glossary:

EAFE—Europe, Australasia and Far East

EUR—Euro

MBS—Mortgage-Backed Securities

MSCI—Morgan Stanley Capital International

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 121

Schedule of Investments

March 31, 2018 (Unaudited)

AllianzGI Best Styles Emerging Markets Equity Fund

	Shares		Value
Common Stock—81.1%
Brazil—5.4%
B3 S.A.—Brasil Bolsa Balcao		656		$5,303
Banco Bradesco S.A.		3,740		43,580
Banco do Brasil S.A.		8,100		100,666
Banco Santander Brasil S.A. UNIT		1,700		20,550
Braskem S.A. ADR		1,417		41,079
Cia de Saneamento de Minas Gerais—COPASA		1,200		17,476
Cosan Ltd., Class A		5,471		56,844
Fibria Celulose S.A.		3,200		63,032
JBS S.A.		4,600		13,027
Sao Martinho S.A.		1,200		6,372
				367,929
China—31.3%
Agricultural Bank of China Ltd., Class H		94,000		53,979
Alibaba Group Holding Ltd. ADR (e)		1,284		235,665
BAIC Motor Corp., Ltd., Class H (a)		7,000		8,660
Baidu, Inc. ADR (e)		160		35,710
Bank of China Ltd., Class H		158,000		86,309
Bank of Communications Co., Ltd., Class H		84,000		66,410
BYD Electronic International Co., Ltd.		8,500		16,123
China Communications Services Corp., Ltd., Class H		18,000		10,831
China Construction Bank Corp., Class H		100,000		104,450
China Everbright Bank Co., Ltd., Class H		47,000		22,771
China High Speed Transmission Equipment Group Co., Ltd.		6,000		9,463
China Huarong Asset Management Co., Ltd., Class H (a)		107,000		45,356
China Merchants Bank Co., Ltd., Class H		24,000		99,621
China Mobile Ltd.		1,500		13,748
China Petroleum & Chemical Corp., Class H		44,000		39,032
China Power International Development Ltd.		97,333		25,165
China Southern Airlines Co., Ltd., Class H		10,000		10,451
China Telecom Corp., Ltd., Class H		112,000		49,676
Chinasoft International Ltd.		18,000		16,282
Chongqing Rural Commercial Bank Co., Ltd., Class H		69,000		53,338
CIFI Holdings Group Co., Ltd.		20,000		17,669
Geely Automobile Holdings Ltd.		14,000		41,023
Hollysys Automation Technologies Ltd.		563		13,917
Hua Hong Semiconductor Ltd. (a)		7,000		14,019
Huaneng Renewables Corp., Ltd., Class H		16,000		6,025
Industrial & Commercial Bank of China Ltd., Class H		213,000		185,626
Kingboard Laminates Holdings Ltd.		14,000		20,541
Nexteer Automotive Group Ltd.		19,000		29,043

	Shares		Value
Ping An Insurance Group Co. of China Ltd., Class H		8,500	$	87,641
Pou Sheng International Holdings Ltd.		18,000		4,564
Shenzhen Expressway Co., Ltd., Class H		26,000		26,555
Shenzhen Investment Ltd.		22,000		9,395
Sichuan Expressway Co., Ltd., Class H		14,000		4,963
Springland International Holdings Ltd.		37,000		8,906
Tencent Holdings Ltd.		9,650		518,008
Tianneng Power International Ltd.		28,700		34,192
Tongda Group Holdings Ltd.		80,000		15,411
Xinjiang Goldwind Science & Technology Co., Ltd., Class H		12,740		20,562
XTEP International Holdings Ltd.		16,500		9,200
Yuzhou Properties Co., Ltd.		33,000		22,666
Zhejiang Expressway Co., Ltd., Class H		20,000		20,512
Zhongsheng Group Holdings Ltd.		12,500		34,341
				2,147,819
Colombia—1.1%
Almacenes Exito S.A.		1,161		6,848
Corp. Financiera Colombiana S.A.		564		4,804
Ecopetrol S.A.		59,953		56,111
Grupo Aval Acciones y Valores S.A. ADR		717		5,958
				73,721
Czech Republic—0.3%
Moneta Money Bank AS (a)		4,984		20,645
Egypt—0.2%
Commercial International Bank Egypt SAE GDR		2,199		11,171
Hong Kong—0.0%
Tongda Hong Tai Holdings Ltd. (e)		2,000		397
Hungary—0.8%
Magyar Telekom Telecommunications PLC		8,154		14,551
MOL Hungarian Oil & Gas PLC		2,024		22,084
OTP Bank PLC		437		19,635
				56,270
India—0.5%
Tata Motors Ltd. ADR (e)		718		18,453
Wipro Ltd. ADR		2,734		14,107
				32,560
Indonesia—0.6%
Adaro Energy Tbk PT		54,300		8,460
Gudang Garam Tbk PT		1,100		5,809
Telekomunikasi Indonesia Persero Tbk PT ADR		999		26,394
				40,663
Korea (Republic of)—14.7%
Daelim Industrial Co., Ltd.		424		29,447
Doosan Heavy Industries & Construction Co., Ltd. (e)		249		3,736
GS Holdings Corp.		544		31,633
Hana Financial Group, Inc.		2,066		89,039
Hanil Cement Co., Ltd.		83		8,410
Hanwha General Insurance Co., Ltd.		767		6,072

	Shares		Value
KB Financial Group, Inc.		716	$	41,526
Korea Electric Power Corp. ADR (e)		3,038		46,755
Korea Petrochemical Ind Co., Ltd.		115		31,823
LG Chem Ltd.		83		30,297
LG Corp.		1,000		82,086
Lotte Chemical Corp.		33		13,520
LS Corp.		237		16,488
S&T Motiv Co., Ltd.		144		5,327
S-Oil Corp.		134		15,173
Samsung Electronics Co., Ltd.		181		422,902
Samsung Electronics Co., Ltd. GDR		35		40,486
SK Hynix, Inc.		815		62,439
Woori Bank		2,243		30,498
				1,007,657
Malaysia—1.7%
Bermaz Auto Bhd.		15,140		8,885
CIMB Group Holdings Bhd.		10,800		20,097
Hong Leong Financial Group Bhd.		4,900		24,383
MISC Bhd.		3,700		6,767
Sunway Bhd.		17,675		7,241
Top Glove Corp. Bhd.		19,300		48,754
				116,127
Mexico—2.7%
Alpek S.A.B de C.V.		9,000		12,525
Grupo Aeroportuario del Pacifico S.A.B de C.V., Class B		2,600		25,690
Grupo Lala S.A.B de C.V.		3,300		4,498
Industrias Bachoco S.A.B de C.V. ADR		806		49,932
Industrias Bachoco S.A.B de C.V., Ser. B		1,500		7,828
Ternium S.A. ADR		2,095		68,066
Vitro S.A.B de C.V., Ser. A		5,600		18,503
				187,042
Norway—0.3%
Bakkafrost P/F		351		19,232
Philippines—0.1%
DMCI Holdings, Inc.		23,600		5,524
San Miguel Corp.		1,350		3,480
				9,004
Russian Federation—1.5%
LUKOIL PJSC ADR		344		23,812
Magnitogorsk Iron & Steel Works PJSC GDR		444		4,421
MegaFon PJSC GDR		700		6,923
MMC Norilsk Nickel PJSC ADR		403		7,536
RusHydro PJSC ADR		5,912		7,424
Severstal PJSC GDR		348		5,261
United Co. RUSAL PLC		16,000		9,735
X5 Retail Group NV GDR (e)		1,158		38,835
				103,947
Singapore—0.2%
Accordia Golf Trust UNIT		4,600		2,263
Wing Tai Holdings Ltd.		6,500		10,306
				12,569
South Africa—3.7%
AVI Ltd.		3,606		33,755
Clicks Group Ltd.		2,581		39,874
Fortress REIT Ltd., Class A REIT		5,234		7,097
Investec Ltd.		1,341		10,453

122 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

	Shares		Value
Liberty Holdings Ltd.		4,895	$	51,911
Naspers Ltd., Class N		127		31,079
Raubex Group Ltd.		3,582		6,142
Redefine Properties Ltd. REIT		6,604		6,465
SPAR Group Ltd.		1,306		22,346
Super Group Ltd. (e)		3,534		10,782
Tiger Brands Ltd.		875		27,386
Tsogo Sun Holdings Ltd.		3,201		6,290
				253,580
Taiwan—8.7%
Accton Technology Corp.		7,000		23,125
AmTRAN Technology Co., Ltd.		9,000		4,406
Chicony Power Technology Co., Ltd.		5,025		10,280
China Motor Corp.		11,000		10,411
Compeq Manufacturing Co., Ltd.		46,000		47,906
First Financial Holding Co., Ltd.		42,840		29,879
Formosa Chemicals & Fibre Corp.		12,000		45,309
Grape King Bio Ltd.		2,000		17,649
Hon Hai Precision Industry Co., Ltd. GDR		2,780		17,292
Inventec Corp.		8,000		6,397
King Yuan Electronics Co., Ltd.		15,000		15,745
Lite-On Technology Corp.		26,439		37,190
Mitac Holdings Corp.		22,437		26,013
Powertech Technology, Inc.		6,800		21,437
Sinbon Electronics Co., Ltd.		5,479		14,474
Taiwan Cooperative Financial Holding Co., Ltd.		28,840		17,050
Taiwan Semiconductor Manufacturing Co., Ltd.		21,000		177,874
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		173		7,570
Tong Yang Industry Co., Ltd.		3,000		5,424
Tripod Technology Corp.		3,000		10,175
United Microelectronics Corp.		36,000		18,972
Wistron Corp.		40,650		35,166
				599,744
Thailand—3.9%
Airports of Thailand PCL (c)(d)		35,000		74,091
GFPT PCL (c)(d)		5,400		2,321
PTT Global Chemical PCL (c)(d)		9,300		28,269
PTT PCL (c)(d)		6,200		109,195
Siam Cement PCL		1,250		19,759
Thai Union Group PCL (c)(d)		2,600		1,556

	Shares		Value
Thanachart Capital PCL (c)(d)		11,500	$	19,179
Tisco Financial Group PCL (c)(d)		6,100		17,200
				271,570
Turkey—2.5%
Akbank Turk AS		13,323		32,395
Arcelik AS		2,506		11,394
BIM Birlesik Magazalar AS		1,140		20,672
Petkim Petrokimya Holding AS		6,745		13,897
Soda Sanayii AS		44,556		61,950
Tofas Turk Otomobil Fabrikasi AS		3,122		21,042
Trakya Cam Sanayii AS		9,462		12,283
				173,633
United States—0.9%
China Biologic Products Holdings, Inc. (e)		364		29,484
First BanCorp (e)		5,027		30,262
				59,746
Total Common Stock (cost—$4,062,054)				5,565,026
Preferred Stock—3.0%
Brazil—2.0%
Banco do Estado do Rio Grande do Sul S.A., Class B		3,100		19,033
Braskem S.A., Class A		600		8,724
Cia de Gas de Sao Paulo—COMGAS, Class A		500		8,872
Cia de Transmissao de Energia Eletrica Paulista		1,400		28,200
Metalurgica Gerdau S.A.		3,100		6,704
Petroleo Brasileiro S.A. (e)		10,400		67,444
				138,977
Colombia—0.5%
Banco Davivienda S.A.		2,951		31,812
Korea (Republic of)—0.5%
Samsung Electronics Co., Ltd.		18		34,612
Total Preferred Stock (cost—$136,589)				205,401

	Units		Value
Warrants—0.0%
Malaysia—0.0%
Sunway Bhd., expires 10/03/24 (e) (cost—$0)		2,272	$	241
	Principal Amount (000s)
Repurchase Agreements—5.8%
State Street Bank and Trust Co., dated 3/29/18, 0.28%, due 4/2/18, proceeds $397,012; collateralized by U.S. Treasury Notes, 2.00%, due 8/15/25, valued at $405,093 including accrued interest
(cost—$397,000)		$397		397,000
Total Investments (cost—$4,595,643) (b)—89.9%				6,167,668
Other assets less liabilities (f)—10.1%				689,440
Net Assets—100.0%				$6,857,108

Notes to Schedule of Investments:

(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $88,680, representing 1.3% of net assets.

(b) Securities with an aggregate value of $4,027,711, representing 58.7% 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—Securities with an aggregate value of $251,811, representing 3.7% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

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

(e) Non-income producing.

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

Futures contracts outstanding at March 31, 2018:
Type		Contracts		Expiration Date		Notional Amount (000s)			Market Value (000s)		Unrealized Appreciation (Depreciation)
Long position contracts:
	Mini MSCI Emerging Markets Index		2		6/15/18	$	—	(h)	$	119	$	(3,005	)
	S&P CNX Nifty Index		31		4/26/18		—	(h)		635		1,761
											$	(1,244	)

(g) At March 31, 2018, the Fund pledged $106,932 in cash as collateral for futures contracts.

(h) Notional amount rounds to less than $500.

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 123

Schedule of Investments

March 31, 2018 (Unaudited)

Glossary:

ADR—American Depositary Receipt

CNX—National Stock Exchange of India

GDR—Global Depositary Receipt

MSCI—Morgan Stanley Capital International

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	18.9%
Internet Software & Services	11.5%
Technology Hardware, Storage & Peripherals	8.8%
Oil, Gas & Consumable Fuels	6.3%
Semiconductors & Semiconductor Equipment	4.6%
Chemicals	4.2%
Food Products	2.4%
Transportation Infrastructure	2.2%
Insurance	2.1%
Electronic Equipment, Instruments & Components	2.0%
Food & Staples Retailing	1.9%
Metals & Mining	1.5%
Diversified Telecommunication Services	1.5%
Automobiles	1.4%
Industrial Conglomerates	1.3%
Electric Utilities	1.2%
Auto Components	1.1%
Real Estate Management & Development	1.0%
Paper & Forest Products	0.9%
Capital Markets	0.9%
Electrical Equipment	0.9%
Specialty Retail	0.9%
Healthcare Equipment & Supplies	0.7%
Communications Equipment	0.6%
Construction & Engineering	0.5%
Independent Power Producers & Energy Traders	0.5%
Media	0.5%
IT Services	0.4%
Biotechnology	0.4%
Construction Materials	0.4%
Wireless Telecommunication Services	0.3%
Containers & Packaging	0.3%
Personal Products	0.3%
Water Utilities	0.3%
Household Durables	0.2%
Equity Real Estate Investment Trusts (REITs)	0.2%
Building Products	0.2%
Airlines	0.1%
Textiles, Apparel & Luxury Goods	0.1%
Multi-Line Retail	0.1%
Gas Utilities	0.1%
Hotels, Restaurants & Leisure	0.1%
Marine	0.1%
Tobacco	0.1%
Diversified Financial Services	0.1%
Repurchase Agreements	5.8%
Other assets less liabilities	10.1%
	100.0%

AllianzGI Best Styles Global Equity Fund

	Shares		Value
Common Stock—97.6%
Australia—0.5%
Abacus Property Group REIT		116,921		$313,200
BlueScope Steel Ltd.		42,948		505,291
Elders Ltd.		37,471		215,489
Metcash Ltd.		235,325		569,459
Qantas Airways Ltd.		136,980		617,992
Rio Tinto Ltd.		10,838		613,997
				2,835,428
Austria—0.6%
Austria Technologie & Systemtechnik AG		6,383		173,318
Erste Group Bank AG		31,151		1,566,063
EVN AG		15,600		304,433
OMV AG		10,655		621,474
POLYTEC Holding AG		9,614		185,209
Raiffeisen Bank International AG (e)		10,445		406,828
S IMMO AG		9,961		197,330
				3,454,655
Belgium—0.0%
Recticel S.A.		15,205		191,055
Brazil—0.6%
Cia de Saneamento Basico do Estado de Sao Paulo		31,400		332,884
Fibria Celulose S.A.		35,900		707,137
MRV Engenharia e Participacoes S.A.		54,000		265,792
Qualicorp S.A.		49,000		330,679
Smiles Fidelidade S.A.		5,900		124,203
Suzano Papel e Celulose S.A.		71,400		721,472
Vale S.A.		97,719		1,249,366
				3,731,533
Canada—4.2%
AGF Management Ltd., Class B		36,529		185,998
BRP, Inc.		17,557		674,289
Canadian Apartment Properties REIT		11,302		325,897
Canadian Imperial Bank of Commerce		18,174		1,604,182
Canadian Natural Resources Ltd.		54,598		1,716,319
Canadian Tire Corp., Ltd., Class A		3,284		431,800
Chorus Aviation, Inc.		33,260		214,273
Cogeco Communications, Inc.		12,039		659,162
Colliers International Group, Inc.		4,626		321,147
Corus Entertainment, Inc., Class B		65,529		307,719
Dream Global Real Estate Investment Trust REIT		33,193		354,254
Dream Industrial Real Estate Investment Trust REIT		26,259		194,239
Enerflex Ltd.		25,828		307,927
Exchange Income Corp.		14,334		343,344
Fairfax Financial Holdings Ltd.		1,674		848,558
Fortis, Inc.		18,091		610,686
Genworth MI Canada, Inc.		8,627		274,543
George Weston Ltd.		14,946		1,203,244
Husky Energy, Inc. (e)		27,627		395,422
Industrial Alliance Insurance & Financial Services, Inc.		12,737		523,973
Laurentian Bank of Canada		13,559		498,431

	Shares		Value
Linamar Corp.		10,238	$	559,282
Loblaw Cos., Ltd.		25,139		1,270,072
Magna International, Inc.		10,894		613,636
Manulife Financial Corp.		66,578		1,236,113
Martinrea International, Inc.		22,134		261,653
Methanex Corp.		6,471		392,022
National Bank of Canada		17,723		834,185
NorthWest Healthcare Properties Real Estate Investment Trust REIT		36,080		315,614
Power Corp. of Canada		18,629		425,112
Pure Industrial Real Estate Trust REIT		48,991		305,730
Royal Bank of Canada		25,657		1,981,903
Teck Resources Ltd., Class B		20,387		525,044
TMX Group Ltd.		22,139		1,284,504
Toronto-Dominion Bank		29,972		1,700,821
TransCanada Corp.		24,205		1,001,003
Transcontinental, Inc., Class A		62,628		1,237,150
West Fraser Timber Co., Ltd.		5,431		360,886
				26,300,137
Chile—0.2%
Colbun S.A.		1,463,444		351,260
Enel Chile S.A.		5,279,619		684,366
				1,035,626
China—4.9%
AAC Technologies Holdings, Inc.		15,600		285,863
Agile Group Holdings Ltd.		156,909		327,221
Agricultural Bank of China Ltd., Class H		850,000		488,107
Alibaba Group Holding Ltd. ADR (e)		18,771		3,445,229
Anhui Conch Cement Co., Ltd., Class H		73,500		404,468
Bank of China Ltd., Class H		2,839,000		1,550,829
Bank of Communications Co., Ltd., Class H		545,961		431,632
Beijing Enterprises Holdings Ltd.		109,000		574,003
BYD Electronic International Co., Ltd.		142,682		270,636
China CITIC Bank Corp., Ltd., Class H		1,081,000		745,866
China Construction Bank Corp., Class H		2,069,188		2,161,275
China Huarong Asset Management Co., Ltd., Class H (a)		2,639,000		1,118,646
China Lumena New Materials Corp. (c)(d)(e)		60,228		1,151
China Mobile Ltd.		55,000		504,096
China Petroleum & Chemical Corp., Class H		930,200		825,164
China Southern Airlines Co., Ltd., Class H		260,846		272,601
China Water Affairs Group Ltd.		396,000		405,209
China Yuchai International Ltd.		18,373		388,956
China Zhongwang Holdings Ltd.		390,000		232,866
CITIC Ltd.		301,000		423,856
Country Garden Holdings Co., Ltd.		214,000		446,791

124 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

	Shares		Value
CSPC Pharmaceutical Group Ltd.		158,000	$	425,891
Fosun International Ltd.		141,000		309,363
Guangzhou Automobile Group Co., Ltd., Class H		338,565		628,833
Haier Electronics Group Co., Ltd.		204,000		731,373
Hua Hong Semiconductor Ltd. (a)		237,000		474,640
Industrial & Commercial Bank of China Ltd., Class H		2,110,000		1,838,835
Jiangsu Expressway Co., Ltd., Class H		234,000		332,227
Kingboard Chemical Holdings Ltd.		65,500		302,819
Lee & Man Paper Manufacturing Ltd.		147,483		157,479
Nexteer Automotive Group Ltd.		150,000		229,290
Ping An Insurance Group Co. of China Ltd., Class H		127,000		1,309,455
Shanghai Industrial Holdings Ltd.		206,000		540,588
Shenzhen Expressway Co., Ltd., Class H		291,426		297,651
Sihuan Pharmaceutical Holdings Group Ltd.		867,000		259,261
Sinopec Shanghai Petrochemical Co., Ltd., Class H		420,620		257,019
Sinopharm Group Co., Ltd., Class H		95,679		479,117
Sinotrans Ltd., Class H		214,000		118,335
Sinotruk Hong Kong Ltd.		159,000		189,874
Tencent Holdings Ltd.		89,319		4,794,603
Tianneng Power International Ltd.		230,000		274,016
Want Want China Holdings Ltd.		457,000		367,663
Weichai Power Co., Ltd., Class H		315,000		356,248
Yuzhou Properties Co., Ltd.		472,708		324,684
YY, Inc. ADR (e)		3,084		324,437
				30,628,166
Colombia—0.1%
Bancolombia S.A.		59,689		645,584
Czech Republic—0.1%
Philip Morris CR AS		404		335,817
Finland—0.3%
Cramo Oyj		13,987		291,790
Finnair Oyj		13,151		183,154
Stora Enso Oyj, Class R		33,675		619,161
UPM-Kymmene Oyj		25,418		942,342
				2,036,447
France—4.4%
Air France-KLM (e)		22,509		251,174
ArcelorMittal (e)		29,253		929,141
Assystem		3,185		109,144
Atos SE		6,068		831,372
AXA S.A.		77,257		2,053,723
Beneteau S.A.		8,394		182,863
Bouygues S.A.		31,760		1,592,389
Capgemini SE		4,718		588,686
Cie Generale des Etablissements Michelin SCA		11,000		1,628,470
CNP Assurances		30,749		776,234
Coface S.A.		15,991		182,812
Derichebourg S.A.		21,233		187,004

	Shares		Value
Eiffage S.A.		15,149	$	1,725,338
Engie S.A.		88,949		1,485,313
Faurecia S.A.		8,403		679,937
Interparfums S.A.		4,258		196,046
Klepierre S.A. REIT		18,400		741,652
L’Oreal S.A.		4,794		1,082,766
LVMH Moet Hennessy Louis Vuitton S.A.		4,738		1,460,124
Metropole Television S.A.		24,611		634,072
MGI Coutier		7,292		274,843
Orange S.A.		85,026		1,445,259
Peugeot S.A.		35,387		852,097
Renault S.A.		7,152		867,879
Sanofi		25,720		2,063,773
STMicroelectronics NV		20,325		452,307
Total S.A.		35,401		2,029,172
Vinci S.A.		22,858		2,251,399
				27,554,989
Germany—1.3%
Bayer AG		6,311		711,462
Bayerische Motoren Werke AG		5,789		629,668
Covestro AG (a)		10,841		1,067,481
Deutsche Lufthansa AG		33,823		1,081,237
Deutsche Post AG		38,278		1,676,549
Fraport AG Frankfurt Airport Services Worldwide		6,874		678,409
Hella GmbH & Co. KGaA		2,832		186,434
Rheinmetall AG		2,425		344,215
Siemens AG		6,967		888,970
Stroeer SE & Co. KGaA		2,715		189,732
Talanx AG (e)		14,373		624,947
Wuestenrot & Wuerttembergische AG		7,301		172,502
				8,251,606
Greece—0.3%
FF Group (e)		19,365		377,430
Hellenic Petroleum S.A.		19,594		189,569
JUMBO S.A.		27,934		499,755
Motor Oil Hellas Corinth Refineries S.A.		12,967		292,848
Mytilineos Holdings S.A. (e)		16,057		172,147
				1,531,749
Hong Kong—0.7%
AIA Group Ltd.		211,800		1,810,610
Global Brands Group Holding Ltd. (e)		2,430,000		137,491
IT Ltd.		438,000		203,776
Johnson Electric Holdings Ltd.		136,000		511,772
Kerry Properties Ltd.		73,257		331,267
Minth Group Ltd.		50,685		232,547
Regal Hotels International Holdings Ltd.		184,000		130,885
VSTECS Holdings Ltd.		220,000		116,626
WH Group Ltd. (a)		260,000		278,586
Xinyi Glass Holdings Ltd.		201,708		307,031
				4,060,591
Hungary—0.2%
Magyar Telekom Telecommunications PLC		361,141		644,475
OTP Bank PLC		18,992		853,346
				1,497,821
Indonesia—0.5%
Bank Negara Indonesia Persero Tbk PT		1,053,445		667,138

	Shares		Value
Bank Tabungan Negara Persero Tbk PT		1,423,900	$	394,281
Gudang Garam Tbk PT		65,500		345,884
Indo Tambangraya Megah Tbk PT		156,400		324,592
Indofood Sukses Makmur Tbk PT		428,121		224,445
Telekomunikasi Indonesia Persero Tbk PT		3,375,894		887,708
Unilever Indonesia Tbk PT		109,900		396,432
				3,240,480
Israel—0.3%
Bank Leumi Le-Israel BM		76,300		460,886
First International Bank of Israel Ltd.		13,998		295,468
Harel Insurance Investments & Financial Services Ltd.		24,265		192,278
Hilan Ltd.		12,520		279,596
Ituran Location and Control Ltd.		6,422		199,724
Jerusalem Oil Exploration (e)		4,113		228,898
				1,656,850
Italy—1.3%
ACEA SpA		14,957		253,848
Amplifon SpA		17,442		310,088
ASTM SpA		7,442		187,655
Cementir Holding SpA		21,925		190,147
Enel SpA		360,877		2,208,282
Intesa Sanpaolo SpA		294,651		1,072,825
Iren SpA		87,670		275,258
La Doria SpA		11,816		178,955
Maire Tecnimont SpA		36,032		185,542
Mediobanca Banca di Credito Finanziario SpA		33,911		398,671
Prima Industrie SpA		3,889		175,179
Recordati SpA		16,318		602,058
Societa Iniziative Autostradali e Servizi SpA		16,774		312,610
Telecom Italia SpA (e)		1,261,661		1,197,938
Unipol Gruppo SpA		52,207		255,459
				7,804,515
Japan—7.9%
Aisin Seiki Co., Ltd.		16,000		873,167
Asahi Glass Co., Ltd.		10,600		444,217
Brother Industries Ltd.		25,600		593,598
Canon, Inc.		52,000		1,886,471
Chubu Electric Power Co., Inc.		53,700		770,688
Concordia Financial Group Ltd.		74,900		422,920
Daiwa House Industry Co., Ltd.		14,646		564,212
Denso Corp.		12,500		687,556
Eizo Corp.		6,800		313,610
Electric Power Development Co., Ltd.		43,000		1,108,365
Exedy Corp.		5,926		187,502
FANUC Corp.		4,100		1,055,148
Fukuoka Financial Group, Inc.		70,000		383,472
Furukawa Electric Co., Ltd.		5,600		301,227
Gecoss Corp.		24,200		249,037
Goldcrest Co., Ltd.		15,100		322,228
Hitachi Ltd.		143,000		1,041,555
Honda Motor Co., Ltd.		83,200		2,880,100
Iida Group Holdings Co., Ltd.		56,600		1,058,004
ITOCHU Corp.		109,723		2,142,579
Japan Airlines Co., Ltd.		14,783		601,907

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 125

Schedule of Investments

March 31, 2018 (Unaudited)

	Shares		Value
JFE Holdings, Inc.		18,400	$	371,153
JXTG Holdings, Inc.		96,500		588,320
Kamei Corp.		14,100		194,622
Keyence Corp.		1,800		1,124,384
Komatsu Ltd.		23,800		797,275
Konica Minolta, Inc.		43,000		365,541
Kyokuto Kaihatsu Kogyo Co., Ltd.		12,800		189,270
Marubeni Corp.		118,400		864,620
Mazda Motor Corp.		72,200		965,590
Mitsubishi Chemical Holdings Corp.		53,594		521,816
Mitsubishi Corp.		74,300		2,000,086
Mitsubishi UFJ Financial Group, Inc.		228,815		1,520,617
Mitsui & Co., Ltd.		114,100		1,963,416
Mitsui Sugar Co., Ltd.		16,100		619,128
Nidec Corp.		5,200		800,325
Nintendo Co., Ltd.		2,100		932,973
Nippon Road Co., Ltd.		3,700		182,698
Nippon Telegraph & Telephone Corp.		40,148		1,873,027
Nissan Motor Co., Ltd.		152,641		1,575,582
Nomura Real Estate Holdings, Inc.		18,943		444,806
NS United Kaiun Kaisha Ltd.		9,300		187,176
ORIX Corp.		49,599		888,862
Prima Meat Packers Ltd.		55,000		309,527
Rohm Co., Ltd.		7,600		721,398
Shin-Etsu Chemical Co., Ltd.		15,500		1,616,792
SoftBank Group Corp.		26,600		1,984,128
Sojitz Corp.		88,016		280,740
Sony Corp.		30,800		1,515,370
Sumitomo Electric Industries Ltd.		82,000		1,253,247
Teijin Ltd.		19,100		362,946
Toyota Motor Corp.		52,349		3,399,107
Toyota Tsusho Corp.		12,200		412,293
Yamaha Motor Co., Ltd.		13,500		401,651
Yomiuri Land Co., Ltd.		4,400		189,255
				49,305,304
Korea (Republic of)—2.5%
DGB Financial Group, Inc.		58,126		639,925
GS Holdings Corp.		5,690		330,871
Hana Financial Group, Inc.		11,387		490,747
Hanwha Chemical Corp.		23,169		648,320
Hyundai Department Store Co., Ltd.		3,721		317,616
Hyundai Development Co-Engineering & Construction		8,509		304,472
Hyundai Steel Co.		11,653		566,086
Industrial Bank of Korea		24,383		359,147
KB Financial Group, Inc.		13,482		781,918
KT Corp. ADR (e)		13,138		179,991
LG Corp.		3,888		319,150
LG Electronics, Inc.		9,110		939,938
LG Uplus Corp.		26,413		306,780
Lotte Chemical Corp.		780		319,554
LS Corp.		4,557		317,035
OCI Co., Ltd.		2,593		388,052
POSCO		5,298		1,691,125
S-Oil Corp.		5,078		574,999
Samsung Electronics Co., Ltd. GDR		2,687		3,079,302
Shinhan Financial Group Co., Ltd.		19,646		838,084
SK Innovation Co., Ltd.		4,004		795,830
SK Telecom Co., Ltd.		2,513		544,910
Woori Bank		33,833		460,033
				15,193,885

	Shares		Value
Malaysia—0.3%
AirAsia Group Bhd.		305,900	$	314,447
CIMB Group Holdings Bhd.		484,000		900,639
Genting Malaysia Bhd.		305,600		384,070
Hong Leong Financial Group Bhd.		67,900		337,879
				1,937,035
Mexico—0.5%
Alfa S.A.B de C.V., Class A		294,600		377,568
Banco del Bajio S.A. (a)(e)		59,200		126,964
El Puerto de Liverpool S.A.B de C.V.		46,200		342,434
Grupo Financiero Banorte S.A.B de C.V., Class O		85,600		519,156
Industrias Bachoco S.A.B de C.V. ADR		7,678		475,652
Macquarie Mexico Real Estate Management S.A. de C.V. REIT (e)		294,000		329,901
Wal-Mart de Mexico SAB De C.V.		316,200		800,066
				2,971,741
Netherlands—1.7%
ABN AMRO Group NV (a)		28,706		865,581
Aegon NV		69,015		465,631
AerCap Holdings NV (e)		10,830		549,298
AMG Advanced Metallurgical Group NV		4,116		184,079
ASML Holding NV		6,210		1,231,402
ASR Nederland NV		18,073		772,768
BE Semiconductor Industries NV		3,612		370,520
ING Groep NV		92,707		1,564,449
Koninklijke Ahold Delhaize NV		75,145		1,780,630
Koninklijke DSM NV		5,726		569,147
Koninklijke Volkerwessels NV		12,555		344,548
NN Group NV		22,724		1,009,626
Philips Lighting NV (a)		8,006		301,002
Wereldhave NV REIT		13,537		517,656
				10,526,337
New Zealand—0.2%
Air New Zealand Ltd.		251,572		589,485
Metlifecare Ltd.		146,583		620,712
Summerset Group Holdings Ltd.		61,600		309,793
				1,519,990
Norway—0.6%
Austevoll Seafood ASA		22,600		227,434
B2Holding ASA		72,607		181,669
Evry AS (a)(e)		49,339		190,714
Leroy Seafood Group ASA		21,272		132,085
Norsk Hydro ASA		126,148		748,270
Norwegian Finans Holding ASA (e)		26,484		299,127
Salmar ASA		14,701		605,322
Sparebank 1 Nord Norge		31,643		251,463
SpareBank 1 SMN		34,730		359,984
Telenor ASA		38,450		874,396
				3,870,464
Peru—0.0%
Ferreycorp SAA		164,086		129,192
Philippines—0.2%
Cebu Air, Inc.		171,390		310,737
DMCI Holdings, Inc.		2,048,000		479,402
Globe Telecom, Inc.		9,740		302,780
San Miguel Corp.		48,130		124,049

	Shares		Value
Vista Land & Lifescapes, Inc.		2,079,900	$	259,313
				1,476,281
Qatar—0.1%
Doha Bank QPSC		41,759		309,666
Ooredoo QPSC (e)		13,029		296,813
				606,479
Russian Federation—0.1%
Magnitogorsk Iron & Steel Works PJSC GDR		28,096		279,274
United Co. RUSAL PLC		701,000		426,501
				705,775
Singapore—0.7%
Asian Pay Television Trust UNIT		724,900		293,887
BOC Aviation Ltd. (a)		112,300		669,776
Bumitama Agri Ltd.		503,100		272,433
DBS Group Holdings Ltd.		60,500		1,277,902
Genting Singapore PLC		405,200		336,082
Oversea-Chinese Banking Corp., Ltd.		65,700		647,211
QAF Ltd.		163,800		126,340
United Overseas Bank Ltd.		32,100		675,455
Yanlord Land Group Ltd.		177,700		230,070
				4,529,156
South Africa—0.3%
Fortress REIT Ltd., Class A REIT		232,243		314,903
Naspers Ltd., Class N		6,882		1,684,114
				1,999,017
Spain—1.3%
ACS Actividades de Construccion y Servicios S.A.		13,892		542,003
Amadeus IT Group S.A.		15,940		1,179,610
Banco Santander S.A.		278,908		1,825,558
CaixaBank S.A.		131,192		625,478
Ercros S.A.		42,826		224,736
International Consolidated Airlines Group S.A.		79,540		686,537
Papeles y Cartones de Europa S.A.		17,768		310,304
Repsol S.A.		90,669		1,611,699
Telefonica S.A.		99,877		989,466
				7,995,391
Sweden—1.0%
Ahlsell AB (a)		50,220		316,735
Bravida Holding AB (a)		44,450		318,290
Dios Fastigheter AB		46,468		314,351
Hemfosa Fastigheter AB		25,155		305,581
Holmen AB, Class B		7,464		405,991
Humana AB		11,233		63,938
Klovern AB, Class B		183,704		228,279
Pandox AB		10,341		186,078
Sandvik AB		49,639		909,447
Scandic Hotels Group AB (a)		26,102		250,374
Swedbank AB, Class A		40,979		920,812
Volvo AB, Class B		95,172		1,742,064
				5,961,940
Switzerland—0.9%
Bobst Group S.A.		4,694		520,644
Landis+Gyr Group AG (e)		4,028		312,229
Novartis AG		43,510		3,519,127
Straumann Holding AG		660		416,422
Swiss Life Holding AG (e)		2,658		947,225
				5,715,647

126 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

	Shares		Value
Taiwan—1.5%
AU Optronics Corp.		668,000	$	309,713
Chailease Holding Co., Ltd.		49,000		170,175
E Ink Holdings, Inc.		157,000		262,880
General Interface Solution Holding Ltd.		53,000		327,530
Grand Pacific Petrochemical		296,000		312,780
Great Wall Enterprise Co., Ltd.		103,000		123,010
Hon Hai Precision Industry Co., Ltd.		489,000		1,525,176
Huaku Development Co., Ltd.		90,000		223,245
King’s Town Bank Co., Ltd.		216,000		274,927
LCY Chemical Corp.		131,000		200,618
Long Chen Paper Co., Ltd.		109,000		123,788
Nanya Technology Corp.		105,000		336,430
Pou Chen Corp.		421,000		562,181
Powertech Technology, Inc.		52,000		163,928
Qisda Corp.		436,000		326,463
Syncmold Enterprise Corp.		81,000		190,065
Synnex Technology International Corp.		236,000		355,169
Taiwan Business Bank		659,000		197,337
Taiwan Cooperative Financial Holding Co., Ltd.		336,000		198,644
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		42,878		1,876,341
United Integrated Services Co., Ltd.		97,000		218,960
Wistron Corp.		171,000		147,929
Yuanta Financial Holding Co., Ltd.		1,468,000		677,410
				9,104,699
Thailand—0.8%
Bangchak Corp. PCL (c)(d)		265,500		330,586
Banpu PCL (c)(d)		378,600		253,253
Electricity Generating PCL (c)(d)		83,900		615,083
Kiatnakin Bank PCL (c)(d)		339,100		829,787
PTT Global Chemical PCL (c)(d)		276,900		841,701
PTT PCL (c)(d)		30,000		528,362
Siam Cement PCL		31,450		497,132
Thai Oil PCL (c)(d)		130,000		378,925
Thanachart Capital PCL (c)(d)		159,700		277,712
Tisco Financial Group PCL (c)(d)		96,700		281,897
				4,834,438
Turkey—0.6%
Akbank Turk AS		217,763		529,498
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT (e)		460,046		295,973
Eregli Demir ve Celik Fabrikalari TAS		121,203		320,435
Soda Sanayii AS		446,358		620,607
TAV Havalimanlari Holding AS		50,295		302,986
Tekfen Holding AS		77,656		335,348
Tofas Turk Otomobil Fabrikasi AS		74,094		499,385
Turkiye Halk Bankasi AS		197,491		455,271
Turkiye Vakiflar Bankasi Tao		141,375		234,105
Yatas Yatak ve Yorgan Sanayi ve Ticaret AS (e)		13,949		121,483
				3,715,091

	Shares		Value
United Kingdom—4.9%
3i Group PLC		35,897	$	433,272
Anglo American PLC		63,791		1,485,990
Aviva PLC		142,577		995,058
Bellway PLC		9,488		406,039
Berkeley Group Holdings PLC		4,823		256,388
Biffa PLC (a)		103,983		291,776
BP PLC		368,068		2,482,656
British American Tobacco PLC		49,869		2,882,770
British American Tobacco PLC ADR		22,199		1,280,660
BT Group PLC		219,319		700,025
Carnival PLC		19,145		1,232,238
Central Asia Metals PLC		41,341		186,194
Costain Group PLC		28,430		185,277
easyJet PLC		15,561		350,774
EI Group PLC (e)		230,502		372,373
Equiniti Group PLC (a)		43,259		181,485
Ferrexpo PLC		44,793		153,928
Firstgroup PLC (e)		338,534		390,001
HSBC Holdings PLC		149,394		1,402,916
J Sainsbury PLC		123,540		414,413
Jackpotjoy PLC (e)		31,957		364,066
Keller Group PLC		45,309		553,879
Laird PLC		67,457		189,474
Legal & General Group PLC		247,124		895,392
Lloyds Banking Group PLC		1,699,943		1,546,312
Morgan Sindall Group PLC		17,267		283,440
National Express Group PLC		152,711		827,921
Nomad Foods Ltd. (e)		11,710		184,315
Plus500 Ltd.		12,753		204,348
Renewables Infrastructure Group Ltd.		127,774		190,622
Rio Tinto PLC		37,582		1,907,064
Robert Walters PLC		13,371		127,565
Royal Dutch Shell PLC, Class A		18,868		601,081
Royal Dutch Shell PLC, Class B		110,298		3,549,218
Safestore Holdings PLC REIT		26,351		181,711
Schroders PLC		5,644		180,903
SIG PLC		97,960		186,405
Softcat PLC		19,909		191,258
Stock Spirits Group PLC		53,433		186,292
Tate & Lyle PLC		115,856		884,866
Taylor Wimpey PLC		157,918		409,118
TUI AG		34,486		739,504
Watkin Jones PLC		73,630		185,119
				30,654,106
United States—51.0%
Aaron’s, Inc.		6,667		310,682
Abbott Laboratories		42,802		2,564,696
AbbVie, Inc.		37,623		3,561,017
ACCO Brands Corp.		21,042		264,077
Adobe Systems, Inc. (e)		7,256		1,567,876
Advanced Energy Industries, Inc. (e)		4,998		319,372
Aflac, Inc.		38,514		1,685,373
AG Mortgage Investment Trust, Inc. REIT		30,118		523,150
Agilent Technologies, Inc.		25,659		1,716,587
AGNC Investment Corp. REIT		21,063		398,512
Air Lease Corp.		9,163		390,527
Alcoa Corp. (e)		15,618		702,185
Align Technology, Inc. (e)		6,512		1,635,359
Allison Transmission Holdings, Inc.		27,828		1,086,962

	Shares		Value
Allstate Corp.		17,770	$	1,684,596
Ally Financial, Inc.		14,636		397,367
Alphabet, Inc., Class A (e)		2,097		2,174,883
Alphabet, Inc., Class C (e)		2,309		2,382,403
Altria Group, Inc.		38,472		2,397,575
Amazon.com, Inc. (e)		3,664		5,303,054
Amdocs Ltd.		9,112		607,953
American Equity Investment Life Holding Co.		16,908		496,419
Ameriprise Financial, Inc.		6,091		901,103
AmerisourceBergen Corp.		14,454		1,246,079
Andeavor		8,675		872,358
Annaly Capital Management, Inc. REIT		125,307		1,306,952
Anthem, Inc.		9,364		2,057,271
Apple, Inc.		51,259		8,600,235
Applied Materials, Inc.		31,912		1,774,626
Arrow Electronics, Inc. (e)		6,250		481,375
AT&T, Inc.		168,468		6,005,884
Athene Holding Ltd., Class A (e)		27,585		1,318,839
Automatic Data Processing, Inc.		5,485		622,438
Bank of America Corp.		177,422		5,320,886
Bank of New York Mellon Corp.		25,909		1,335,091
Baxter International, Inc.		21,314		1,386,263
Becton Dickinson and Co.		7,829		1,696,544
Berry Global Group, Inc. (e)		5,765		315,980
Best Buy Co., Inc.		15,778		1,104,302
BGC Partners, Inc., Class A		46,572		626,393
Bio-Techne Corp.		4,263		643,884
BlackRock, Inc.		2,160		1,170,115
Blucora, Inc. (e)		30,627		753,424
Boeing Co.		10,905		3,575,531
BorgWarner, Inc.		9,367		470,504
Broadcom Ltd.		6,964		1,641,067
Broadridge Financial Solutions, Inc.		4,656		510,717
CA, Inc.		22,206		752,783
Camping World Holdings, Inc., Class A		9,361		301,892
Caterpillar, Inc.		10,170		1,498,855
Celanese Corp., Ser. A		4,999		500,950
Centene Corp. (e)		5,914		632,029
CenterPoint Energy, Inc.		42,621		1,167,815
Central Garden & Pet Co., Class A (e)		10,451		413,964
Charles River Laboratories International, Inc. (e)		3,707		395,685
Chatham Lodging Trust REIT		14,916		285,641
Chemours Co.		10,340		503,661
Chevron Corp.		33,487		3,818,857
Children’s Place, Inc.		6,545		885,211
Chimera Investment Corp. REIT		13,671		238,012
Cigna Corp.		5,478		918,880
Cisco Systems, Inc.		88,394		3,791,219
Citigroup, Inc.		50,406		3,402,405
Citizens Financial Group, Inc.		24,904		1,045,470
CNA Financial Corp.		3,646		179,930
Coca-Cola Co.		25,900		1,124,837
Cognizant Technology Solutions Corp., Class A		30,774		2,477,307
Comcast Corp., Class A		90,966		3,108,308
CONSOL Energy, Inc. (e)		6,354		184,075
Cooper Cos., Inc.		1,653		378,223
Cooper-Standard Holdings, Inc. (e)		2,294		281,726
Copa Holdings S.A., Class A		1,119		143,937
Crawford & Co., Class A		18,181		145,812

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 127

Schedule of Investments

March 31, 2018 (Unaudited)

	Shares		Value
Cummins, Inc.		6,142	$	995,557
CVS Health Corp.		71,129		4,424,935
Danaher Corp.		17,701		1,733,105
Darden Restaurants, Inc.		5,073		432,473
Deere & Co.		10,157		1,577,585
Dell Technologies, Inc., Class V (e)		16,014		1,172,385
Delta Air Lines, Inc.		7,880		431,903
Dollar Tree, Inc. (e)		7,011		665,344
Donegal Group, Inc., Class A		8,497		134,253
DowDuPont, Inc.		28,470		1,813,824
Dynex Capital, Inc. REIT		87,729		581,643
E*TRADE Financial Corp. (e)		11,089		614,441
Eastman Chemical Co.		14,372		1,517,396
eBay, Inc. (e)		31,507		1,267,842
Edison International		12,091		769,713
Entergy Corp.		18,432		1,452,073
Essent Group Ltd. (e)		14,713		626,185
Estee Lauder Cos., Inc., Class A		7,186		1,075,888
Exelon Corp.		42,552		1,659,954
Exxon Mobil Corp.		51,549		3,846,071
Facebook, Inc., Class A (e)		38,705		6,184,672
FedEx Corp.		9,293		2,231,342
Fidelity National Information Services, Inc.		11,365		1,094,449
First American Financial Corp.		5,227		306,720
Ford Motor Co.		122,583		1,358,220
Gap, Inc.		13,141		409,999
General Motors Co.		82,178		2,986,349
Global Brass & Copper Holdings, Inc.		9,672		323,528
Goldman Sachs Group, Inc.		6,338		1,596,289
Hamilton Beach Brands Holding Co., Class A		13,775		292,305
Hawkins, Inc.		10,312		362,467
HCA Healthcare, Inc.		5,752		557,944
Hersha Hospitality Trust REIT		12,459		223,016
Hewlett Packard Enterprise Co.		69,224		1,214,189
Hill-Rom Holdings, Inc.		3,366		292,842
Home Depot, Inc.		33,968		6,054,456
Hooker Furniture Corp.		4,978		182,693
Hospitality Properties Trust REIT		10,512		266,374
HP, Inc.		108,928		2,387,702
Humana, Inc.		4,253		1,143,334
Illumina, Inc. (e)		4,315		1,020,152
Ingredion, Inc.		16,090		2,074,323
Intel Corp.		97,776		5,092,174
Intuitive Surgical, Inc. (e)		4,347		1,794,572
Invesco Mortgage Capital, Inc. REIT		14,836		243,014
IQVIA Holdings, Inc. (e)		5,978		586,502
Jacobs Engineering Group, Inc.		6,958		411,566
Janus Henderson Group PLC		18,300		605,547
JetBlue Airways Corp. (e)		11,679		237,317
Johnson & Johnson		48,643		6,233,600
Jones Lang LaSalle, Inc.		2,503		437,124
JPMorgan Chase & Co.		61,101		6,719,277
Kansas City Southern		7,198		790,700
Kohl’s Corp.		7,311		478,944
Korn/Ferry International		3,757		193,824
Laboratory Corp. of America Holdings (e)		9,169		1,483,086
Lam Research Corp.		11,027		2,240,245
Lamb Weston Holdings, Inc.		11,383		662,718
Las Vegas Sands Corp.		13,834		994,665
Lear Corp.		4,499		837,219
Legg Mason, Inc.		15,936		647,798
Leidos Holdings, Inc.		11,262		736,535

	Shares		Value
Lennar Corp., Class A		9,368	$	552,150
Leucadia National Corp.		18,315		416,300
LHC Group, Inc. (e)		5,153		317,219
Lincoln National Corp.		12,420		907,405
ManpowerGroup, Inc.		6,243		718,569
Marathon Petroleum Corp.		15,858		1,159,378
Masimo Corp. (e)		4,390		386,100
Mastercard, Inc., Class A		15,804		2,768,229
Maxim Integrated Products, Inc.		8,937		538,186
MCBC Holdings, Inc. (e)		12,300		309,960
McDonald’s Corp.		18,536		2,898,660
McKesson Corp.		11,856		1,670,155
MDC Holdings, Inc.		11,141		311,057
Mercer International, Inc.		28,751		357,950
Merck & Co., Inc.		58,001		3,159,314
Merit Medical Systems, Inc. (e)		7,179		325,568
Mettler-Toledo International, Inc. (e)		2,834		1,629,635
Micron Technology, Inc. (e)		30,536		1,592,147
Microsoft Corp.		81,951		7,479,668
MKS Instruments, Inc.		3,604		416,803
Mohawk Industries, Inc. (e)		1,348		313,033
Molson Coors Brewing Co., Class B		15,699		1,182,606
Mondelez International, Inc., Class A		39,583		1,651,799
Morgan Stanley		30,789		1,661,374
Motorola Solutions, Inc.		5,041		530,817
New Residential Investment Corp. REIT		20,697		340,466
Nexeo Solutions, Inc. (e)		66,895		715,776
Northrop Grumman Corp.		4,328		1,510,991
NVIDIA Corp.		9,339		2,162,819
ON Semiconductor Corp. (e)		27,249		666,511
Oracle Corp.		66,454		3,040,270
Orthofix International NV (e)		4,483		263,511
Oshkosh Corp.		2,390		184,675
Owens Corning		7,416		596,246
PACCAR, Inc.		14,536		961,847
Park Hotels & Resorts, Inc. REIT		8,616		232,804
Parker-Hannifin Corp.		3,584		612,972
PBF Energy, Inc., Class A		5,756		195,128
Penn Virginia Corp. (e)		15,502		543,190
PepsiCo, Inc.		43,814		4,782,298
PerkinElmer, Inc.		2,530		191,572
Pfizer, Inc.		113,788		4,038,336
PG&E Corp.		12,088		531,026
Phibro Animal Health Corp., Class A		4,889		194,093
Phillips 66		9,065		869,515
Pinnacle Foods, Inc.		13,270		717,907
PNC Financial Services Group, Inc.		18,662		2,822,441
Principal Financial Group, Inc.		12,722		774,897
Procter & Gamble Co.		45,055		3,571,960
Progressive Corp.		17,392		1,059,695
Prudential Financial, Inc.		12,118		1,254,819
PVH Corp.		5,464		827,414
Quest Diagnostics, Inc.		7,222		724,367
Raymond James Financial, Inc.		8,281		740,404
Regeneron Pharmaceuticals, Inc. (e)		2,759		950,089
Reinsurance Group of America, Inc.		9,138		1,407,252
Reliance Steel & Aluminum Co.		2,302		197,373
Royal Caribbean Cruises Ltd.		6,168		726,220

	Shares		Value
Rudolph Technologies, Inc. (e)		8,644	$	239,439
Sanderson Farms, Inc.		5,159		614,024
Schweitzer-Mauduit International, Inc.		7,172		280,784
Seaboard Corp.		65		277,225
SMART Global Holdings, Inc. (e)		4,798		239,132
Southwest Airlines Co.		8,359		478,804
Speedway Motorsports, Inc.		12,724		226,742
Spirit AeroSystems Holdings, Inc., Class A		9,061		758,406
Stanley Black & Decker, Inc.		12,860		1,970,152
State Street Corp.		10,909		1,087,955
Stoneridge, Inc. (e)		13,107		361,753
Stryker Corp.		7,644		1,230,072
Summit Hotel Properties, Inc. REIT		20,815		283,292
Superior Industries International, Inc.		21,372		284,248
Sutherland Asset Management Corp. REIT		12,764		193,375
Sykes Enterprises, Inc. (e)		4,989		144,382
SYNNEX Corp.		1,563		185,059
Sysco Corp.		17,204		1,031,552
Target Corp.		29,075		2,018,677
Teleflex, Inc.		2,628		670,087
Tenneco, Inc.		6,397		351,003
Teradyne, Inc.		3,882		177,446
Texas Instruments, Inc.		42,802		4,446,700
Thermo Fisher Scientific, Inc.		10,792		2,228,116
Thor Industries, Inc.		4,022		463,214
Time Warner, Inc.		18,303		1,731,098
Toll Brothers, Inc.		9,489		410,399
Total System Services, Inc.		9,234		796,525
Tower International, Inc.		9,675		268,481
TransUnion (e)		12,751		724,002
Triton International Ltd.		6,012		183,967
Tyson Foods, Inc., Class A		23,668		1,732,261
United Rentals, Inc. (e)		2,439		421,288
UnitedHealth Group, Inc.		19,947		4,268,658
Unum Group		28,912		1,376,500
Valero Energy Corp.		15,850		1,470,404
Venator Materials PLC (e)		10,438		188,823
Verizon Communications, Inc.		53,487		2,557,748
Versum Materials, Inc.		4,870		183,258
Vishay Intertechnology, Inc.		14,755		274,443
Walmart, Inc.		38,173		3,396,252
Waste Management, Inc.		20,575		1,730,769
Weight Watchers International, Inc. (e)		4,669		297,509
Weis Markets, Inc.		5,910		242,192
WellCare Health Plans, Inc. (e)		1,309		253,462
Wells Fargo & Co.		40,473		2,121,190
Werner Enterprises, Inc.		8,096		295,504
Western Asset Mortgage Capital Corp. REIT		19,647		190,379
Western Digital Corp.		5,293		488,385
Xcerra Corp. (e)		26,884		313,199
Xenia Hotels & Resorts, Inc. REIT		9,499		187,320
Xerox Corp.		13,164		378,860
Zebra Technologies Corp., Class A (e)		2,226		309,837
Zoetis, Inc.		13,703		1,144,338
				317,109,988
Total Common Stock (cost—$534,702,615)				606,655,005

128 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

	Shares		Value
Exchange-Traded Funds—0.9%
iShares Core MSCI EAFE		25,600	$	1,686,528
iShares Core MSCI Emerging Markets		21,189		1,237,438
iShares Core S&P 500		8,832		2,343,748
Total Exchange-Traded Funds (cost—$5,223,058)				5,267,714
Preferred Stock—0.7%
Brazil—0.0%
Cia Paranaense de Energia		14,600		115,333
Chile—0.1%
Embotelladora Andina S.A., Class B		69,010		338,822
Colombia—0.1%
Avianca Holdings S.A.		164,483		176,018
Banco Davivienda S.A.		29,616		319,261
				495,279
Germany—0.1%
Henkel AG & Co. KGaA		4,943		649,772

	Shares		Value
Korea (Republic of)—0.4%
Samsung Electronics Co., Ltd.		1,393	$	2,678,646
Total Preferred Stock (cost—$3,099,169)				4,277,852
	Principal Amount (000s)
Repurchase Agreements—0.4%
State Street Bank and Trust Co., dated 3/29/18, 0.28%, due 4/2/18, proceeds $2,648,082; collateralized by U.S. Treasury Notes, 2.50%, due 5/15/24, valued at $2,703,107 including accrued interest
(cost—$2,648,000)		$2,648		2,648,000
Total Investments (cost—$545,672,842) (b)—99.6%				618,848,571
Other assets less liabilities (f)—0.4%				2,509,960
Net Assets—100.0%				$621,358,531

Notes to Schedule of Investments:

(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $6,452,050, representing 1.0% of net assets.

(b) Securities with an aggregate value of $236,809,545, representing 38.1% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(c) Fair-Valued—Securities with an aggregate value of $4,338,457, representing 0.7% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

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

(e) Non-income producing.

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

Futures contracts outstanding at March 31, 2018:
Type		Contracts		Expiration Date		Notional Amount (000s)			Market Value (000s)		Unrealized Depreciation
Long position contracts:
	E-mini S&P 500 Index		5		6/15/18	$	—	(h)	$	661	$	(32,447	)
	Mini MSCI Emerging Markets Index		7		6/15/18		—	(h)		416		(11,706	)
	MSCI EAFE Index		7		6/15/18		—	(h)		700		(10,516	)
											$	(54,669	)

Forward foreign currency contracts outstanding at March 31, 2018:
Description	Counterparty	U.S.$ Value on Origination Date		U.S.$ Value March 31, 2018		Unrealized Appreciation		Unrealized Depreciation
Purchased:
11,131,270 Philippine Piso settling 4/2/18	State Street Bank and Trust Co.	$	213,146	$	213,334	$	188	$	—
Sold:
11,186 Australian Dollar settling 4/3/18	Income Repatriation Boston IBS		8,526		8,591		—		(65	)
26,121 British Pound settling 4/3/18	Income Repatriation Boston IBS		36,629		36,647		—		(18	)
4,049 New Zealand Dollar settling 4/3/18	Income Repatriation Boston IBS		2,903		2,927		—		(24	)
106,743 Singapore Dollar settling 4/2/18	Northern Trust Company		81,548		81,412		136		—
395,778 Swedish Krona settling 4/3/18	Income Repatriation Boston IBS		47,252		47,400		—		(148	)
						$	324	$	(255	)

(g) At March 31, 2018, the Fund pledged $347,315 in cash as collateral for futures contracts.

(h) Notional amount rounds to less than $500.

Glossary:

ADR—American Depositary Receipt

EAFE—Europe, Australasia and Far East

GDR—Global Depositary Receipt

MSCI—Morgan Stanley Capital International

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	10.5%
Oil, Gas & Consumable Fuels	5.2%
Insurance	4.5%
Semiconductors & Semiconductor Equipment	4.5%
Technology Hardware, Storage & Peripherals	3.6%
Pharmaceuticals	3.6%
Internet Software & Services	3.4%
Diversified Telecommunication Services	2.9%
Automobiles	2.8%

Healthcare Providers & Services	2.8%
Machinery	2.5%
Software	2.5%
Food & Staples Retailing	2.4%
Healthcare Equipment & Supplies	2.4%
Capital Markets	2.2%
Chemicals	2.2%
Metals & Mining	2.1%
Food Products	2.1%
IT Services	2.1%
Trading Companies & Distributors	1.9%
Auto Components	1.8%
Specialty Retail	1.6%
Hotels, Restaurants & Leisure	1.5%
Construction & Engineering	1.5%

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 129

Schedule of Investments

March 31, 2018 (Unaudited)

Electric Utilities	1.5%
Media	1.4%
Life Sciences Tools & Services	1.4%
Household Durables	1.3%
Electronic Equipment, Instruments & Components	1.2%
Airlines	1.2%
Beverages	1.2%
Tobacco	1.2%
Aerospace & Defense	0.9%
Equity Real Estate Investment Trusts (REITs)	0.9%
Real Estate Management & Development	0.9%
Internet & Catalog Retail	0.9%
Exchange-Traded Funds	0.9%
Household Products	0.8%
Communications Equipment	0.8%
Paper & Forest Products	0.8%
Industrial Conglomerates	0.7%
Biotechnology	0.7%
Multi-Line Retail	0.7%
Commercial Services & Supplies	0.6%
Air Freight & Logistics	0.6%
Mortgage Real Estate Investment Trusts (REITs)	0.6%
Wireless Telecommunication Services	0.5%
Multi-Utilities	0.5%
Textiles, Apparel & Luxury Goods	0.5%
Diversified Financial Services	0.5%
Personal Products	0.4%
Road & Rail	0.4%
Independent Power Producers & Energy Traders	0.4%
Electrical Equipment	0.4%
Transportation Infrastructure	0.3%
Professional Services	0.3%
Leisure Equipment & Products	0.2%
Construction Materials	0.2%
Building Products	0.2%
Thrifts & Mortgage Finance	0.1%
Water Utilities	0.1%
Containers & Packaging	0.1%
Consumer Finance	0.1%
Food & Beverage	0.1%
Energy Equipment & Services	0.1%
Diversified Consumer Services	0.0%
Marine	0.0%
Advertising	0.0%
Repurchase Agreements	0.4%
Other assets less liabilities	0.4%
	100.0%

AllianzGI Best Styles International Equity Fund

	Shares		Value
Common Stock—95.8%
Australia—2.8%
Aristocrat Leisure Ltd.		3,501		$65,366
Australian Pharmaceutical Industries Ltd.		36,421		42,214
Commonwealth Bank of Australia		536		29,974
CSR Ltd.		10,135		40,650
Japara Healthcare Ltd.		33,604		52,029
Macquarie Group Ltd.		1,173		93,532
Metcash Ltd.		11,047		26,733
Orora Ltd.		13,340		34,081
OZ Minerals Ltd.		5,301		37,075
Qantas Airways Ltd.		23,718		107,005
Sigma Healthcare Ltd.		46,195		27,822
Sims Metal Management Ltd.		2,304		25,881
South32 Ltd.		15,607		39,223
Spotless Group Holdings Ltd.		23,859		20,157
Treasury Wine Estates Ltd.		2,486		32,480
Westpac Banking Corp.		2,782		61,620
				735,842
Austria—1.3%
Erste Group Bank AG		1,646		82,750
Lenzing AG		190		23,496
Mayr Melnhof Karton AG		307		46,601
OMV AG		1,448		84,457
Porr AG		1,523		52,431
Telekom Austria AG (e)		282		2,690
Voestalpine AG		1,245		65,309
				357,734
Belgium—0.9%
Euronav NV		5,879		48,817
KBC Group NV		810		70,534
UCB S.A.		1,591		129,568
				248,919
Brazil—0.6%
Banco Santander Brasil S.A. ADR		5,673		68,190
Estacio Participacoes S.A.		6,200		65,672
Vale S.A.		2,597		33,203
				167,065
Canada—0.8%
Canadian Imperial Bank of Commerce		776		68,496
Empire Co., Ltd.		935		18,768
Manulife Financial Corp.		2,892		53,694
Toronto-Dominion Bank		1,411		80,215
				221,173
China—0.8%
AAC Technologies Holdings, Inc.		2,000		36,649
Agricultural Bank of China Ltd., Class H		192,000		110,255
China Petroleum & Chemical Corp. ADR		363		32,118
Kingboard Chemical Holdings Ltd.		6,000		27,739
				206,761
Denmark—1.2%
Alm Brand A/S		7,131		72,883
Danske Bank A/S		3,605		135,073
Schouw & Co. AB		405		40,120
Vestas Wind Systems A/S		1,120		80,138
				328,214

	Shares		Value
Finland—0.6%
UPM-Kymmene Oyj		4,531	$	167,981
France—10.6%
Alten S.A.		635		61,217
Amundi S.A. (a)		475		38,146
ArcelorMittal (e)		2,152		68,352
Arkema S.A.		122		15,927
Atos SE		618		84,672
AXA S.A.		4,204		111,755
BNP Paribas S.A.		3,729		276,545
Bouygues S.A.		2,423		121,485
Capgemini SE		1,026		128,019
Casino Guichard Perrachon S.A.		1,545		75,672
Christian Dior SE		95		37,553
Cie de Saint-Gobain		1,633		86,231
Engie S.A.		8,397		140,217
ICADE REIT		406		39,416
Ipsen S.A.		192		29,844
Kaufman & Broad S.A.		340		17,892
LVMH Moet Hennessy Louis Vuitton S.A.		383		118,030
Natixis S.A.		5,209		42,741
Orange S.A.		4,073		69,232
Peugeot S.A.		4,058		97,714
Rallye S.A.		2,238		33,628
Rubis SCA		309		22,319
Safran S.A.		1,004		106,554
Sanofi		3,569		286,377
SCOR SE		1,340		54,706
Societe Generale S.A.		4,330		235,164
STMicroelectronics NV		5,238		116,565
Total S.A.		2,114		121,174
Valeo S.A.		723		47,826
Vinci S.A.		1,312		129,225
				2,814,198
Germany—4.7%
Adidas AG		819		199,261
Bayer AG		2,379		268,193
Bayerische Motoren Werke AG		698		75,921
Covestro AG (a)		897		88,325
Daimler AG		2,113		180,028
Deutsche EuroShop AG		493		18,086
Deutsche Lufthansa AG		2,983		95,359
Deutsche Post AG		3,821		167,357
SAP SE		151		15,852
Siltronic AG (e)		381		65,346
Uniper SE		939		28,616
Wuestenrot & Wuerttembergische AG		2,358		55,713
				1,258,057
Greece—0.6%
Hellenic Petroleum S.A.		8,372		80,998
Mytilineos Holdings S.A. (e)		5,418		58,086
Tsakos Energy Navigation Ltd.		7,558		24,942
				164,026
Hong Kong—3.3%
BOC Hong Kong Holdings Ltd.		37,000		181,514
CK Asset Holdings Ltd.		18,000		151,903
CK Hutchison Holdings Ltd.		12,420		149,230
CLP Holdings Ltd.		1,500		15,294
Henderson Land Development Co., Ltd.		6,000		39,342
Hongkong Land Holdings Ltd.		4,000		27,636
I-CABLE Communications Ltd. (e)		2,808		72

130 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

	Shares		Value
Man Wah Holdings Ltd.		84,400	$	67,317
Minth Group Ltd.		6,000		27,529
Shun Tak Holdings Ltd.		112,000		46,535
WH Group Ltd. (a)		109,500		117,328
Wheelock & Co., Ltd.		4,000		29,340
Xinyi Glass Holdings Ltd.		8,000		12,177
Yue Yuen Industrial Holdings Ltd.		3,000		12,019
				877,236
Ireland—0.4%
CRH PLC		2,085		70,481
Kingspan Group PLC		671		28,401
Smurfit Kappa Group PLC		337		13,638
				112,520
Israel—0.1%
Israel Discount Bank Ltd., Class A (e)		10,049		28,929
Italy—4.1%
Assicurazioni Generali SpA		3,692		70,968
DiaSorin SpA		256		23,060
Enel SpA		38,732		237,009
Eni SpA		7,880		138,808
EXOR NV		1,229		87,485
Fiat Chrysler Automobiles NV (e)		8,674		176,917
Fincantieri SpA (e)		23,774		34,867
Hera SpA		7,857		28,789
Intesa Sanpaolo SpA		26,648		97,025
Recordati SpA		2,488		91,796
Societa Cattolica di Assicurazioni SC		6,744		71,811
UniCredit SpA (e)		2,299		48,052
				1,106,587
Japan—25.7%
Aisin Seiki Co., Ltd.		1,500		81,859
Alfresa Holdings Corp.		1,800		40,645
ANA Holdings, Inc.		3,200		124,000
AOI Electronics Co., Ltd.		1,400		49,531
Asahi Glass Co., Ltd.		2,600		108,959
Asahi Group Holdings Ltd.		3,300		177,469
Asahi Kasei Corp.		11,800		157,717
Astellas Pharma, Inc.		8,100		123,897
Bandai Namco Holdings, Inc.		1,900		61,491
Brother Industries Ltd.		2,100		48,694
Canon Marketing Japan, Inc.		700		18,938
Dai-ichi Life Holdings, Inc.		5,500		101,538
Daikin Industries Ltd.		700		77,765
Denso Corp.		700		38,503
Disco Corp.		400		85,497
FUJIFILM Holdings Corp.		2,200		87,854
Fujitsu Ltd.		10,000		60,769
Heiwado Co., Ltd.		1,700		41,252
Hitachi Chemical Co., Ltd.		1,400		31,276
Hitachi High-Technologies Corp.		1,200		57,046
Hitachi Ltd.		11,000		80,120
Hokuhoku Financial Group, Inc.		2,900		39,806
Hosiden Corp.		4,800		60,388
Idemitsu Kosan Co., Ltd.		1,800		68,869
Japan Airlines Co., Ltd.		2,200		89,575
Kajima Corp.		7,000		65,810
KDDI Corp.		1,500		38,632
Keyence Corp.		100		62,466
Kinden Corp.		3,500		58,547
Kirin Holdings Co., Ltd.		3,600		95,839
KYORIN Holdings, Inc.		1,300		24,561
Lasertec Corp.		600		21,871
Marubeni Corp.		19,300		140,939
Marudai Food Co., Ltd.		12,000		57,343

	Shares		Value
Megmilk Snow Brand Co., Ltd.		900	$	24,445
Mitsubishi Chemical Holdings Corp.		13,500		131,442
Mitsubishi Corp.		7,500		201,893
Mitsubishi Gas Chemical Co., Inc.		3,500		84,465
Mitsubishi Heavy Industries Ltd.		500		19,279
Mitsubishi Tanabe Pharma Corp.		1,600		32,325
Mitsui & Co., Ltd.		7,600		130,780
Mizuho Financial Group, Inc.		97,300		177,317
Morinaga Milk Industry Co., Ltd.		1,200		48,834
NH Foods Ltd.		1,500		61,591
Nippon Electric Glass Co., Ltd.		2,400		69,572
Nippon Flour Mills Co., Ltd.		4,900		76,577
Nippon Telegraph & Telephone Corp.		4,100		191,278
Nippon Television Holdings, Inc.		2,700		47,441
Nishimatsu Construction Co., Ltd.		200		4,977
Nissan Motor Co., Ltd.		19,300		199,217
Nisshin Oillio Group Ltd.		2,000		55,794
Nomura Holdings, Inc.		19,000		110,795
NTT DOCOMO, Inc.		3,200		81,579
Obayashi Corp.		4,300		47,368
Okinawa Cellular Telephone Co.		1,800		65,857
Okumura Corp.		400		15,637
ORIX Corp.		5,900		105,734
Prima Meat Packers Ltd.		7,000		39,394
Rohm Co., Ltd.		900		85,429
Seino Holdings Co., Ltd.		2,300		42,499
Sekisui Chemical Co., Ltd.		5,600		98,207
Shin-Etsu Chemical Co., Ltd.		1,100		114,740
Shindengen Electric Manufacturing Co., Ltd.		500		32,755
Shionogi & Co., Ltd.		2,600		135,391
Showa Corp.		1,300		22,272
SoftBank Group Corp.		2,100		156,642
Sojitz Corp.		21,400		68,259
Sompo Holdings, Inc.		3,800		153,113
Sumitomo Corp.		10,200		170,876
Sumitomo Electric Industries Ltd.		3,100		47,379
Sumitomo Forestry Co., Ltd.		1,200		19,298
Sumitomo Mitsui Financial Group, Inc.		2,200		93,333
Taisei Corp.		2,000		102,579
Takeda Pharmaceutical Co., Ltd.		3,700		180,417
Tohoku Electric Power Co., Inc.		1,400		19,045
Tokyo Electron Ltd.		1,000		184,991
Toridoll Holdings Corp.		700		25,871
Toyoda Gosei Co., Ltd.		800		18,528
Toyota Motor Corp.		4,800		311,672
Tsubaki Nakashima Co., Ltd.		1,500		38,735
Tsumura & Co.		400		13,902
Ulvac, Inc.		700		39,602
USS Co., Ltd.		1,700		34,795
Valor Holdings Co., Ltd.		1,700		46,424
Warabeya Nichiyo Holdings Co., Ltd.		2,200		54,786
Zeon Corp.		2,000		29,057
				6,843,654
Korea (Republic of)—0.6%
POSCO		138		44,050
Samsung Electronics Co., Ltd. GDR		70		80,972
SK Innovation Co., Ltd.		222		44,124
				169,146

	Shares		Value
Mexico—0.1%
Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand, Class B		10,100	$	14,528
Netherlands—3.3%
Accell Group		1,300		28,321
Aegon NV		18,296		123,440
AerCap Holdings NV (e)		957		48,539
BE Semiconductor Industries NV		521		53,444
Corbion NV		278		8,434
Heineken NV		369		39,687
ING Groep NV		9,287		156,720
Koninklijke DSM NV		1,420		141,144
Koninklijke KPN NV		21,056		63,315
Koninklijke Philips NV		733		28,068
Unilever NV		3,019		170,409
Wereldhave NV REIT		342		13,078
				874,599
New Zealand—0.7%
Air New Zealand Ltd.		24,662		57,788
Fonterra Co-operative Group Ltd. UNIT		17,136		73,297
New Zealand Refining Co., Ltd.		29,024		48,062
				179,147
Norway—0.8%
Austevoll Seafood ASA		2,179		21,928
Grieg Seafood ASA		1,300		12,049
Leroy Seafood Group ASA		3,300		20,491
Norsk Hydro ASA		9,068		53,789
Orkla ASA		3,848		41,470
SpareBank 1 SR Bank ASA		5,431		59,696
				209,423
Portugal—0.1%
Galp Energia SGPS S.A.		1,215		22,913
Russian Federation—0.5%
Novolipetsk Steel PJSC GDR		2,884		72,091
Rosneft Oil Co. PJSC GDR		2,700		14,831
X5 Retail Group NV GDR (e)		1,425		47,789
				134,711
Singapore—1.4%
DBS Group Holdings Ltd.		9,200		194,325
Oversea-Chinese Banking Corp., Ltd.		10,600		104,421
QAF Ltd.		64,800		49,981
Venture Corp., Ltd.		1,300		28,115
				376,842
Spain—3.1%
Aena SME S.A. (a)		159		32,061
Amadeus IT Group S.A.		1,004		74,299
Banco Santander S.A.		14,735		96,446
Banco Santander S.A.		3,591		23,429
Bankinter S.A.		1,113		11,459
CaixaBank S.A.		13,767		65,636
Cia de Distribucion Integral Logista Holdings S.A.		839		17,786
CIE Automotive S.A.		1,369		48,914
Endesa S.A.		1,333		29,366
International Consolidated Airlines Group S.A.		11,899		102,705
Mapfre S.A.		12,497		41,577
Melia Hotels International S.A.		3,837		54,316
Repsol S.A.		9,516		169,153
Siemens Gamesa Renewable Energy S.A.		3,299		53,025
				820,172

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 131

Schedule of Investments

March 31, 2018 (Unaudited)

	Shares		Value
Sweden—1.8%
Boliden AB		2,424	$	85,297
Loomis AB, Class B		1,112		40,144
Nobina AB (a)		11,074		71,617
SAS AB (e)		5,875		13,959
Svenska Cellulosa AB SCA, Class B		6,598		70,510
Volvo AB, Class B		10,622		194,429
				475,956
Switzerland—7.4%
Adecco Group AG		1,351		96,232
Baloise Holding AG		715		109,383
Bobst Group S.A.		483		53,573
Flughafen Zurich AG		103		22,749
Lonza Group AG (e)		573		135,136
Nestle S.A.		4,582		362,168
Novartis AG		3,310		267,716
OC Oerlikon Corp. AG (e)		2,339		41,343
Partners Group Holding AG		201		149,569
Roche Holding AG		832		190,858
Sika AG		6		47,065
Swiss Life Holding AG (e)		238		84,815
Swiss Re AG		1,810		184,741
Zurich Insurance Group AG		724		238,820
				1,984,168
Taiwan—1.2%
Compeq Manufacturing Co., Ltd.		38,000		39,575
Formosa Chemicals & Fibre Corp.		22,000		83,067
Formosa Plastics Corp.		17,000		60,547
HannStar Display Corp.		140,000		48,896
Longwell Co.		9,000		15,243
Mitac Holdings Corp.		17,000		19,709
Nan Ya Plastics Corp.		8,000		22,653
Sunplus Technology Co., Ltd.		33,000		18,174
				307,864
Thailand—0.3%
Kiatnakin Bank PCL (c)(d)		10,900		25,150
PTT PCL (c)(d)		3,000		52,836
				77,986
Turkey—0.1%
Soda Sanayii AS		11,896		16,540
United Kingdom—15.9%
3i Group PLC		6,874		82,968
Anglo American PLC		6,225		145,009

	Shares		Value
AstraZeneca PLC		1,287	$	88,470
BAE Systems PLC		10,915		89,303
Barratt Developments PLC		5,353		39,833
Bellway PLC		1,534		65,648
Berkeley Group Holdings PLC		1,836		97,601
BP PLC		36,403		245,542
British American Tobacco PLC		1,239		71,623
British Land Co. PLC REIT		4,183		37,707
Britvic PLC		1,654		15,845
Carnival PLC		1,627		104,719
Centamin PLC		11,048		23,954
Centrica PLC		26,952		53,771
Coca-Cola HBC AG (e)		3,259		120,605
Compass Group PLC		7,606		155,307
Dart Group PLC		4,276		49,970
Direct Line Insurance Group PLC		5,393		28,877
Electrocomponents PLC		7,884		66,407
Firstgroup PLC (e)		26,238		30,227
Galliford Try PLC		2,304		27,075
GKN PLC		9,749		63,192
Glencore PLC (e)		40,487		201,189
Greggs PLC		583		10,062
Hansteen Holdings PLC REIT		12,829		22,986
Highland Gold Mining Ltd.		8,623		18,611
HSBC Holdings PLC		36,361		341,456
IQE PLC (e)		22,214		40,305
J Sainsbury PLC		15,911		53,373
Legal & General Group PLC		30,085		109,005
Lloyds Banking Group PLC		92,902		84,506
Lookers PLC		33,459		41,194
National Express Group PLC		16,032		86,917
Northgate PLC		5,274		24,964
OneSavings Bank PLC		10,539		55,278
Persimmon PLC		3,205		113,753
Rio Tinto PLC		4,854		246,312
Royal Dutch Shell PLC, Class A		13,966		441,864
Royal Dutch Shell PLC, Class A		3,015		96,049
Royal Dutch Shell PLC, Class B		1,391		44,760
Shire PLC		554		27,572
Smith & Nephew PLC		4,942		92,450
SSE PLC		3,128		56,114
Taylor Wimpey PLC		33,958		87,975
TUI AG		6,978		149,626
WPP PLC		4,802		76,312
				4,226,286
Total Common Stock (cost—$22,318,570)				25,529,177

	Shares		Value
Exchange-Traded Funds—2.8%
iShares Core MSCI EAFE (cost—$752,389)		11,272	$	742,599
Preferred Stock—0.5%
Brazil—0.1%
Petroleo Brasileiro S.A. (e)		3,800		24,643
Germany—0.4%
Volkswagen AG		555		110,619
Total Preferred Stock (cost—$94,044)				135,262
Rights (e)— 0.0%
United Kingdom—0.0%
Galliford Try PLC, strike price GBP 5.68, expires 4/13/18 (cost—$0)		768		3,017
Total Investments (cost—$23,165,003) (b)—99.1%				26,410,055
Other assets less liabilities (f)—0.9%				228,715
Net Assets—100.0%				$26,638,770

Notes to Schedule of Investments:

(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $347,477, representing 1.3% of net assets.

(b) Securities with an aggregate value of $24,951,116, representing 93.7% 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—Securities with an aggregate value of $77,986, representing 0.3% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

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

(e) Non-income producing.

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

Forward foreign currency contracts outstanding at March 31, 2018:
Description	Counterparty		U.S.$ Value on Origination Date		U.S.$ Value March 31, 2018		Unrealized Appreciation		Unrealized Depreciation
Sold:
1,072 Australian Dollar settling 4/3/18		Income Repatriation Boston IBS	$	817	$	823	$	—	$	(6	)
6,369 British Pound settling 4/3/18		Income Repatriation Boston IBS		8,931		8,936		—		(5	)
85 Euro settling 4/3/18		Income Repatriation Boston IBS		104		104		—		(0	)
							$	—	$	(11	)

(g) At March 31, 2018, the Fund pledged $9 in cash as collateral for futures contracts. There were no open futures contracts at March 31, 2018, however the Fund had cash pledged as collateral for any transactions in the future.

Glossary:

ADR—American Depositary Receipt

EAFE—Europe, Australasia and Far East

GBP—British Pound

GDR—Global Depositary Receipt

MSCI—Morgan Stanley Capital International

REIT—Real Estate Investment Trust

UNIT—More than one class of securities traded together.

132 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

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

Banks	11.7%
Pharmaceuticals	7.0%
Oil, Gas & Consumable Fuels	6.8%
Insurance	6.3%
Metals & Mining	4.3%
Food Products	4.3%
Automobiles	4.3%
Chemicals	4.0%
Semiconductors & Semiconductor Equipment	3.0%
Trading Companies & Distributors	2.9%
Exchange-Traded Funds	2.8%
Airlines	2.4%
Construction & Engineering	2.4%
Household Durables	2.3%
Electronic Equipment, Instruments & Components	2.2%
Hotels, Restaurants & Leisure	2.1%
Beverages	1.8%
Capital Markets	1.8%
IT Services	1.5%
Auto Components	1.5%
Machinery	1.4%
Textiles, Apparel & Luxury Goods	1.4%
Electric Utilities	1.3%
Food & Staples Retailing	1.3%
Wireless Telecommunication Services	1.3%
Diversified Telecommunication Services	1.2%
Building Products	1.1%
Real Estate Management & Development	1.0%
Road & Rail	1.0%
Industrial Conglomerates	0.9%
Technology Hardware, Storage & Peripherals	0.9%
Multi-Utilities	0.8%
Aerospace & Defense	0.7%
Diversified Financial Services	0.7%
Air Freight & Logistics	0.7%
Personal Products	0.6%
Paper & Forest Products	0.6%
Healthcare Providers & Services	0.6%
Electrical Equipment	0.6%
Healthcare Equipment & Supplies	0.5%
Life Sciences Tools & Services	0.5%
Media	0.5%
Equity Real Estate Investment Trusts (REITs)	0.4%
Construction Materials	0.4%
Professional Services	0.4%
Containers & Packaging	0.4%
Leisure Equipment & Products	0.3%
Specialty Retail	0.3%
Tobacco	0.3%
Household Products	0.3%
Diversified Consumer Services	0.2%
Commercial Services & Supplies	0.2%
Thrifts & Mortgage Finance	0.2%
Transportation Infrastructure	0.2%
Independent Power Producers & Energy Traders	0.1%
Biotechnology	0.1%
Gas Utilities	0.1%
Distributors	0.1%
Software	0.1%
Other assets less liabilities	0.9%
	100.0%

AllianzGI Best Styles U.S. Equity Fund

	Shares		Value
Common Stock—97.3%
Aerospace & Defense—2.5%
Aerovironment, Inc. (d)		1,883		$85,695
Boeing Co.		4,663		1,528,905
Huntington Ingalls Industries, Inc.		1,996		514,489
Northrop Grumman Corp.		3,037		1,060,277
				3,189,366
Air Freight & Logistics—0.4%
FedEx Corp.		913		219,220
United Parcel Service, Inc., Class B		2,434		254,743
				473,963
Airlines—0.6%
Delta Air Lines, Inc.		8,114		444,728
SkyWest, Inc.		3,361		182,839
Southwest Airlines Co.		1,875		107,400
WestJet Airlines Ltd.		2,291		42,144
				777,111
Auto Components—0.7%
Dana, Inc.		5,733		147,682
Lear Corp.		2,046		380,740
Magna International, Inc.		6,817		383,987
Superior Industries International, Inc.		679		9,031
				921,440
Automobiles—0.4%
General Motors Co.		12,304		447,127
Thor Industries, Inc.		920		105,957
				553,084
Banks—6.3%
Bank of America Corp.		45,833		1,374,531
Canadian Imperial Bank of Commerce		8,124		717,089
CenterState Bank Corp.		470		12,469
Citigroup, Inc.		17,002		1,147,635
Citizens Financial Group, Inc.		20,464		859,079
Heritage Financial Corp.		973		29,774
JPMorgan Chase & Co.		16,271		1,789,322
People’s United Financial, Inc.		12,275		229,051
Regions Financial Corp.		49,529		920,249
SunTrust Banks, Inc.		4,217		286,925
Wells Fargo & Co.		10,064		527,454
				7,893,578
Beverages—1.1%
Coca-Cola Co.		3,017		131,028
Constellation Brands, Inc., Class A		1,693		385,869
MGP Ingredients, Inc.		571		51,156
PepsiCo, Inc.		7,902		862,503
				1,430,556
Biotechnology—3.6%
AbbVie, Inc.		11,690		1,106,458
Amgen, Inc.		7,100		1,210,408
Biogen, Inc. (d)		3,058		837,342
Gilead Sciences, Inc.		15,929		1,200,887
Myriad Genetics, Inc. (d)		6,436		190,184
				4,545,279
Building Products—0.6%
Griffon Corp.		747		13,633
Owens Corning		8,383		673,993
Universal Forest Products, Inc.		1,527		49,551
				737,177

	Shares		Value
Capital Markets—2.4%
Ameriprise Financial, Inc.		2,330	$	344,700
Apollo Investment Corp.		4,533		23,662
Bank of New York Mellon Corp.		8,487		437,335
Charles Schwab Corp.		5,468		285,539
E*TRADE Financial Corp. (d)		6,286		348,308
Morgan Stanley		22,295		1,203,038
S&P Global, Inc.		2,282		435,999
				3,078,581
Chemicals—2.6%
Air Products & Chemicals, Inc.		3,294		523,845
Ashland Global Holdings, Inc.		2,768		193,179
Cabot Corp.		464		25,854
Chemours Co.		4,720		229,911
DowDuPont, Inc.		17,479		1,113,587
KMG Chemicals, Inc.		471		28,237
LyondellBasell Industries NV, Class A		3,441		363,645
Praxair, Inc.		2,416		348,629
Sherwin-Williams Co.		1,012		396,825
Trinseo S.A.		986		73,013
				3,296,725
Commercial Services & Supplies—1.1%
Brady Corp., Class A		666		24,742
Herman Miller, Inc.		1,379		44,059
KAR Auction Services, Inc.		1,895		102,709
Republic Services, Inc.		3,554		235,381
Transcontinental, Inc., Class A		728		14,381
Waste Management, Inc.		10,803		908,748
				1,330,020
Communications Equipment—1.2%
Arista Networks, Inc. (d)		1,621		413,841
Cisco Systems, Inc.		21,332		914,930
Juniper Networks, Inc.		5,160		125,543
Lumentum Holdings, Inc. (d)		689		43,958
				1,498,272
Construction & Engineering—0.0%
WSP Global, Inc.		1,065		49,053
Consumer Finance—0.1%
Credit Acceptance Corp. (d)		255		84,254
World Acceptance Corp. (d)		559		58,863
				143,117
Containers & Packaging—1.0%
Avery Dennison Corp.		4,133		439,131
CCL Industries, Inc., Class B		5,391		272,155
Packaging Corp. of America		4,295		484,046
				1,195,332
Diversified Consumer Services—0.3%
Career Education Corp. (d)		1,419		18,646
H&R Block, Inc.		12,192		309,799
Regis Corp. (d)		618		9,350
				337,795
Diversified Financial Services—1.0%
Berkshire Hathaway, Inc., Class B (d)		6,443		1,285,250
Diversified Telecommunication Services—1.4%
AT&T, Inc.		30,652		1,092,744
Verizon Communications, Inc.		15,041		719,260
				1,812,004
Electric Utilities—1.8%
American Electric Power Co., Inc.		6,389		438,221
Duke Energy Corp.		1,617		125,269

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 133

Schedule of Investments

March 31, 2018 (Unaudited)

	Shares		Value
Edison International		2,963	$	188,625
Hydro One Ltd. (a)		2,207		35,837
NextEra Energy, Inc.		5,387		879,859
PG&E Corp.		5,243		230,325
PPL Corp.		13,495		381,773
				2,279,909
Electrical Equipment—0.4%
AMETEK, Inc.		4,452		338,218
Hubbell, Inc.		1,120		136,394
				474,612
Electronic Equipment, Instruments & Components—1.4%
Arrow Electronics, Inc. (d)		2,763		212,806
Benchmark Electronics, Inc. (d)		372		11,104
Control4 Corp. (d)		4,014		86,221
Corning, Inc.		24,363		679,241
ePlus, Inc. (d)		611		47,475
IPG Photonics Corp. (d)		1,122		261,852
TE Connectivity Ltd.		4,210		420,579
				1,719,278
Energy Equipment & Services—0.0%
Nordic American Offshore Ltd.		282		310
Equity Real Estate Investment Trusts (REITs)—1.3%
Brixmor Property Group, Inc.		15,185		231,571
CoreCivic, Inc.		2,087		40,738
Equity LifeStyle Properties, Inc.		1,053		92,422
Gaming and Leisure Properties, Inc.		3,312		110,853
H&R Real Estate Investment Trust		1,458		23,799
Hospitality Properties Trust		729		18,473
Lamar Advertising Co., Class A		2,101		133,750
Monmouth Real Estate Investment Corp.		948		14,258
New Senior Investment Group, Inc.		1,702		13,922
Omega Healthcare Investors, Inc.		16,012		432,964
Pure Industrial Real Estate Trust		5,085		31,733
Ramco-Gershenson Properties Trust		2,742		33,891
Retail Properties of America, Inc., Class A		9,245		107,797
RLJ Lodging Trust		7,900		153,576
SmartCentres Real Estate Investment Trust		1,074		24,267
Summit Hotel Properties, Inc.		2,365		32,188
WP Carey, Inc.		1,463		90,691
				1,586,893
Food & Staples Retailing—1.3%
CVS Health Corp.		4,105		255,372
Empire Co., Ltd.		6,672		133,921
SpartanNash Co.		6,166		106,117
Sysco Corp.		8,824		529,087
Walmart, Inc.		6,911		614,872
				1,639,369
Food Products—1.7%
Bunge Ltd.		4,774		352,990
Cal-Maine Foods, Inc. (d)		1,328		58,034
Fresh Del Monte Produce, Inc.		2,158		97,628
Ingredion, Inc.		2,470		318,432
Kraft Heinz Co.		4,195		261,306
Lamb Weston Holdings, Inc.		2,873		167,266

	Shares		Value
Pinnacle Foods, Inc.		6,164	$	333,472
Sanderson Farms, Inc.		533		63,438
Tyson Foods, Inc., Class A		6,393		467,904
				2,120,470
Gas Utilities—0.0%
Southwest Gas Holdings, Inc.		436		29,487
Healthcare Equipment & Supplies—3.3%
Abbott Laboratories		18,630		1,116,310
Align Technology, Inc. (d)		1,888		474,133
Baxter International, Inc.		1,953		127,023
Cooper Cos., Inc.		1,976		452,129
Danaher Corp.		5,309		519,804
Hill-Rom Holdings, Inc.		2,043		177,741
Integer Holdings Corp. (d)		937		52,987
Intuitive Surgical, Inc. (d)		709		292,696
Medtronic PLC		9,126		732,088
Merit Medical Systems, Inc. (d)		2,843		128,930
Teleflex, Inc.		464		118,311
				4,192,152
Healthcare Providers & Services—4.5%
Aetna, Inc.		2,761		466,609
Anthem, Inc.		4,416		970,195
BioTelemetry, Inc. (d)		3,441		106,843
Centene Corp. (d)		9,539		1,019,433
Express Scripts Holding Co. (d)		6,257		432,234
LHC Group, Inc. (d)		908		55,897
McKesson Corp.		1,090		153,548
Quest Diagnostics, Inc.		7,078		709,923
UnitedHealth Group, Inc.		8,263		1,768,282
				5,682,964
Healthcare Technology—0.1%
Allscripts Healthcare Solutions, Inc. (d)		10,453		129,095
Vocera Communications, Inc. (d)		998		23,373
				152,468
Hotels, Restaurants & Leisure—3.4%
Carnival Corp.		8,941		586,351
Churchill Downs, Inc.		399		97,376
Darden Restaurants, Inc.		5,059		431,280
Las Vegas Sands Corp.		2,834		203,765
Marriott International, Inc., Class A		2,585		351,508
Marriott Vacations Worldwide Corp.		716		95,371
McDonald’s Corp.		9,643		1,507,972
Restaurant Brands International, Inc.		3,175		180,721
Royal Caribbean Cruises Ltd.		7,481		880,813
				4,335,157
Household Durables—0.1%
Newell Brands, Inc.		5,299		135,018
Household Products—1.0%
Procter & Gamble Co.		16,418		1,301,619
Spectrum Brands Holdings, Inc.		191		19,807
				1,321,426
Independent Power Producers & Energy Traders—0.0%
Capital Power Corp.		1,368		25,739
Industrial Conglomerates—0.3%
3M Co.		411		90,223
General Electric Co.		15,148		204,195
Honeywell International, Inc.		896		129,481
				423,899

	Shares		Value
Insurance—2.7%
AmTrust Financial Services, Inc.		6,460	$	79,523
Argo Group International Holdings Ltd.		269		15,441
Aspen Insurance Holdings Ltd.		1,293		57,991
Everest Re Group Ltd.		1,929		495,406
Hartford Financial Services Group, Inc.		203		10,459
Lincoln National Corp.		6,155		449,684
Power Corp. of Canada		2,759		62,960
Principal Financial Group, Inc.		2,274		138,509
Progressive Corp.		14,841		904,262
Prudential Financial, Inc.		8,099		838,651
United Fire Group, Inc.		226		10,816
Universal Insurance Holdings, Inc.		11,210		357,599
				3,421,301
Internet & Catalog Retail—3.1%
Amazon.com, Inc. (d)		2,302		3,331,777
Netflix, Inc. (d)		1,639		484,079
PetMed Express, Inc.		2,722		113,643
				3,929,499
Internet Software & Services—4.3%
Alphabet, Inc., Class A (d)		1,172		1,215,528
Alphabet, Inc., Class C (d)		1,190		1,227,830
Blucora, Inc. (d)		608		14,957
CoStar Group, Inc. (d)		901		326,775
Facebook, Inc., Class A (d)		16,068		2,567,506
Five9, Inc. (d)		2,264		67,444
				5,420,040
IT Services—2.2%
Accenture PLC, Class A		1,661		254,964
Amdocs Ltd.		4,584		305,844
Automatic Data Processing, Inc.		1,817		206,193
Broadridge Financial Solutions, Inc.		2,798		306,913
Convergys Corp.		321		7,261
DXC Technology Co.		4,962		498,830
International Business Machines Corp.		2,817		432,212
Visa, Inc., Class A		6,589		788,176
				2,800,393
Life Sciences Tools & Services—0.2%
Agilent Technologies, Inc.		3,451		230,872
Machinery—1.5%
Allison Transmission Holdings, Inc.		1,163		45,427
American Railcar Industries, Inc.		1,455		54,432
Briggs & Stratton Corp.		1,041		22,288
Cummins, Inc.		2,228		361,136
ESCO Technologies, Inc.		496		29,041
Greenbrier Cos., Inc.		2,627		132,007
Ingersoll-Rand PLC		1,391		118,944
New Flyer Industries, Inc.		850		38,635
RBC Bearings, Inc. (d)		422		52,412
Snap-on, Inc.		424		62,557
Stanley Black & Decker, Inc.		5,144		788,061
WABCO Holdings, Inc. (d)		333		44,579
Xylem, Inc.		2,063		158,686
				1,908,205
Media—1.8%
Cogeco Communications, Inc.		593		32,468
Comcast Corp., Class A		13,941		476,364
Interpublic Group of Cos., Inc.		5,742		132,238

134 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

	Shares		Value
Shaw Communications, Inc., Class B		1,579	$	30,420
TEGNA, Inc.		12,231		139,311
Time Warner, Inc.		12,009		1,135,811
Walt Disney Co.		2,846		285,852
				2,232,464
Metals & Mining—0.3%
Kaiser Aluminum Corp.		686		69,218
Nucor Corp.		2,782		169,952
OceanaGold Corp.		9,229		24,857
Reliance Steel & Aluminum Co.		855		73,308
Teck Resources Ltd., Class B		2,055		52,924
				390,259
Mortgage Real Estate Investment Trusts (REITs)—2.2%
AGNC Investment Corp.		34,619		654,991
Annaly Capital Management, Inc.		44,210		461,110
Apollo Commercial Real Estate Finance, Inc.		678		12,190
ARMOUR Residential REIT, Inc.		8,739		203,444
Blackstone Mortgage Trust, Inc., Class A		2,628		82,572
Chimera Investment Corp.		17,741		308,871
CYS Investments, Inc.		9,895		66,494
Granite Point Mortgage Trust, Inc.		1,153		19,071
Invesco Mortgage Capital, Inc.		4,360		71,417
MFA Financial, Inc.		21,403		161,165
MTGE Investment Corp.		2,153		38,539
New Residential Investment Corp.		10,098		166,112
New York Mortgage Trust, Inc.		2,737		16,230
PennyMac Mortgage Investment Trust		3,388		61,086
Starwood Property Trust, Inc.		8,710		182,474
Two Harbors Investment Corp.		14,623		224,756
				2,730,522
Multi-Line Retail—0.1%
Canadian Tire Corp., Ltd., Class A		131		17,225
Target Corp.		2,047		142,123
				159,348
Multi-Utilities—0.9%
Ameren Corp.		3,799		215,137
CenterPoint Energy, Inc.		7,301		200,048
SCANA Corp.		5,465		205,211
WEC Energy Group, Inc.		7,826		490,690
				1,111,086
Oil, Gas & Consumable Fuels—4.7%
Andeavor		6,678		671,540
Bonavista Energy Corp.		3,551		3,252
Chevron Corp.		5,907		673,634
CVR Energy, Inc.		2,373		71,712
Exxon Mobil Corp.		13,672		1,020,068
Gibson Energy, Inc.		1,945		25,076
Keyera Corp.		2,115		55,011
Marathon Petroleum Corp.		13,143		960,885
Occidental Petroleum Corp.		12,676		823,433
Pioneer Natural Resources Co.		2,429		417,254
Scorpio Tankers, Inc.		32,470		63,641
Valero Energy Corp.		12,213		1,133,000
				5,918,506

	Shares		Value
Paper & Forest Products—0.3%
Domtar Corp.		6,541	$	278,254
Norbord, Inc.		905		32,812
Schweitzer-Mauduit International, Inc.		922		36,096
				347,162
Personal Products—0.3%
Estee Lauder Cos., Inc., Class A		2,780		416,222
Pharmaceuticals—3.6%
Allergan PLC		5,164		869,049
Johnson & Johnson		18,824		2,412,296
Merck & Co., Inc.		8,376		456,241
Pfizer, Inc.		22,231		788,978
Prestige Brands Holdings, Inc. (d)		1,470		49,568
				4,576,132
Professional Services—0.0%
Kelly Services, Inc., Class A		494		14,346
Road & Rail—1.2%
Kansas City Southern		3,875		425,669
Norfolk Southern Corp.		636		86,356
TFI International, Inc.		1,299		33,383
Union Pacific Corp.		6,865		922,862
				1,468,270
Semiconductors & Semiconductor Equipment—6.4%
Applied Materials, Inc.		15,938		886,312
Broadcom Ltd.		2,539		598,315
Brooks Automation, Inc.		1,079		29,219
Cabot Microelectronics Corp.		3,748		401,448
Cirrus Logic, Inc. (d)		7,111		288,920
Intel Corp.		20,181		1,051,027
KLA-Tencor Corp.		5,805		632,803
Lam Research Corp.		4,129		838,848
Micron Technology, Inc. (d)		9,969		519,784
MKS Instruments, Inc.		1,149		132,882
Nanometrics, Inc. (d)		1,081		29,079
NVIDIA Corp.		5,977		1,384,213
Rudolph Technologies, Inc. (d)		1,092		30,248
Texas Instruments, Inc.		12,302		1,278,055
				8,101,153
Software—5.2%
Activision Blizzard, Inc.		8,253		556,747
CA, Inc.		330		11,187
Cadence Design Systems, Inc. (d)		2,984		109,722
Electronic Arts, Inc. (d)		3,725		451,619
Intuit, Inc.		3,089		535,478
Microsoft Corp.		43,846		4,001,824
Open Text Corp.		987		34,337
Oracle Corp.		14,191		649,238
RealPage, Inc. (d)		495		25,493
Synopsys, Inc. (d)		129		10,738
Take-Two Interactive Software, Inc. (d)		1,480		144,714
				6,531,097
Specialty Retail—1.5%
Best Buy Co., Inc.		6,076		425,259
Home Depot, Inc.		8,134		1,449,804
				1,875,063
Technology Hardware, Storage & Peripherals—5.2%
Apple, Inc.		31,729		5,323,492
HP, Inc.		28,563		626,101
NetApp, Inc.		9,160		565,080
				6,514,673

	Shares		Value
Thrifts & Mortgage Finance—0.1%
Genworth MI Canada, Inc.		1,543	$	49,104
Kearny Financial Corp.		1,928		25,064
Meta Financial Group, Inc.		207		22,604
Oritani Financial Corp.		673		10,331
				107,103
Tobacco—1.2%
Altria Group, Inc.		14,215		885,879
British American Tobacco PLC ADR		5,157		297,507
Philip Morris International, Inc.		3,464		344,322
				1,527,708
Trading Companies & Distributors—0.2%
GATX Corp.		1,876		128,487
Textainer Group Holdings Ltd. (d)		1,134		19,221
United Rentals, Inc. (d)		731		126,266
				273,974
Wireless Telecommunication Services—0.2%
T-Mobile U.S., Inc. (d)		4,254		259,664
Total Common Stock (cost—$104,205,156)				122,931,916
Exchange-Traded Funds—0.9%
iShares Core S&P 500 (cost—$1,170,056)		4,212		1,117,739
Rights (b)(c)(d)—0.0%
Food & Staples Retailing—0.0%
Safeway CVR—PDC, expires 1/30/17 (cost—$189)		5,723		97
	Principal Amount (000s)
Repurchase Agreements—1.6%
State Street Bank and Trust Co., dated 3/29/18, 0.28%, due 4/2/18, proceeds $1,982,062; collateralized by U.S. Treasury Notes, 2.50%, due 5/15/24, valued at $2,023,583 including accrued interest
(cost—$1,982,000)		$1,982		1,982,000
Total Investments (cost—$107,357,401)—99.8%				126,031,752
Other assets less liabilities (e)—0.2%				249,387
Net Assets—100.0%				$126,281,139

Notes to Schedule of Investments:

(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Security with a value of $35,837, representing less than 0.05% of net assets.

(b) Fair-Valued—Security with a value of $97, representing less than 0.05% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

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

(d) Non-income producing.

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 135

Schedule of Investments

March 31, 2018 (Unaudited)

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

Futures contracts outstanding at March 31, 2018:

Type

Contracts

Expiration Date

Notional Amount (000s)

Market Value (000s)

Unrealized Appreciation

Long position contracts:

E-mini S&P 500 Index

5

6/15/18

$

—

(g)

$

661

$

12,051

(f) At March 31, 2018, the Fund pledged $48,201 in cash as collateral for futures contracts.

(g) Notional amount rounds to less than $500.

Glossary:

ADR—American Depositary Receipt

CVR—Contingent Value Rights

REIT—Real Estate Investment Trust

136 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

AllianzGI Convertible Fund

	Principal Amount (000s)		Value
Convertible Bonds & Notes—84.2%
Aerospace & Defense—0.3%
Aerojet Rocketdyne Holdings, Inc.,
2.25%, 12/15/23		$1,190		$1,514,111
Apparel & Textiles—0.5%
Iconix Brand Group, Inc.,
5.75%, 8/15/23		2,340		2,171,731
Auto Components—0.9%
Meritor, Inc. (a)(b),
3.25%, 10/15/37		4,170		4,204,974
Auto Manufacturers—2.4%
Navistar International Corp.,
4.75%, 4/15/19		4,060		4,186,842
Tesla, Inc.,
0.25%, 3/1/19		5,815		5,810,476
2.375%, 3/15/22		1,175		1,226,940
				11,224,258
Biotechnology—4.1%
BioMarin Pharmaceutical, Inc.,
0.599%, 8/1/24		2,410		2,268,412
1.50%, 10/15/20		600		663,750
Exact Sciences Corp.,
1.00%, 1/15/25		4,685		4,185,523
Illumina, Inc.,
0.50%, 6/15/21		4,380		5,362,465
Insmed, Inc.,
1.75%, 1/15/25		3,765		3,329,062
Ionis Pharmaceuticals, Inc.,
1.00%, 11/15/21		2,200		2,178,957
Ligand Pharmaceuticals, Inc.,
0.75%, 8/15/19		565		1,239,204
				19,227,373
Building Materials—0.8%
Patrick Industries, Inc. (a)(b),
1.00%, 2/1/23		3,890		3,869,772
Commercial Services—2.4%
Euronet Worldwide, Inc.,
1.50%, 10/1/44		1,985		2,350,564
LendingTree, Inc. (a)(b),
0.625%, 6/1/22		1,540		2,591,222
Live Nation Entertainment, Inc. (a)(b),
2.50%, 3/15/23		3,620		3,662,285
Square, Inc.,
0.375%, 3/1/22		1,325		2,904,930
				11,509,001
Computers—3.5%
Carbonite, Inc. (a)(b),
2.50%, 4/1/22		1,930		2,519,980
Lumentum Holdings, Inc.,
0.25%, 3/15/24		3,275		4,158,290
Nutanix, Inc. (a)(b),
zero coupon, 1/15/23		3,990		4,811,154
Western Digital Corp. (a)(b),
1.50%, 2/1/24		4,520		4,899,978
				16,389,402
Diversified Financial Services—1.7%
Air Lease Corp.,
3.875%, 12/1/18		2,255		3,362,807
Encore Capital Group, Inc.,
3.25%, 3/15/22		4,225		4,930,575
				8,293,382

	Principal Amount (000s)		Value
Electronics—1.0%
II-VI, Inc. (a)(b),
0.25%, 9/1/22	$	4,085	$	4,522,095
Energy-Alternate Sources—1.0%
NextEra Energy Partners L.P. (a)(b),
1.50%, 9/15/20		4,630		4,560,536
Engineering & Construction—0.7%
Dycom Industries, Inc.,
0.75%, 9/15/21		2,785		3,539,005
Equity Real Estate Investment Trusts (REITs)—0.8%
Extra Space Storage L.P. (a)(b),
3.125%, 10/1/35		3,525		3,931,817
Healthcare-Products—2.2%
Hologic, Inc. (c)(e),
zero coupon, 3/1/42		680		814,892
Insulet Corp. (a)(b),
1.375%, 11/15/24		4,690		5,379,528
Quidel Corp.,
3.25%, 12/15/20		2,390		4,145,933
				10,340,353
Healthcare-Services—3.5%
Anthem, Inc.,
2.75%, 10/15/42		2,285		6,893,991
Molina Healthcare, Inc.,
1.125%, 1/15/20		1,230		2,479,428
Teladoc, Inc. (a)(b),
3.00%, 12/15/22		3,550		4,212,526
Tivity Health, Inc.,
1.50%, 7/1/18		1,370		2,776,442
				16,362,387
Internet—12.7%
Altaba, Inc.,
zero coupon, 12/1/18		5,200		7,279,740
Booking Holdings, Inc.,
0.35%, 6/15/20		3,910		6,287,190
Chegg, Inc. (a)(b),
0.25%, 5/15/23		3,860		3,976,966
IAC FinanceCo., Inc. (a)(b),
0.875%, 10/1/22		4,255		5,097,060
Okta, Inc. (a)(b),
0.25%, 2/15/23		3,975		4,351,433
Palo Alto Networks, Inc.,
zero coupon, 7/1/19		3,430		5,676,777
Q2 Holdings, Inc. (a)(b),
0.75%, 2/15/23		4,550		4,674,183
RingCentral, Inc. (a)(b),
zero coupon, 3/15/23		2,415		2,432,871
VeriSign, Inc.,
4.865%, 8/15/37		2,450		8,454,460
Weibo Corp. (a)(b),
1.25%, 11/15/22		2,605		3,036,031
Zendesk, Inc. (a)(b),
0.25%, 3/15/23		5,210		5,324,620
Zillow Group, Inc.,
2.00%, 12/1/21		2,840		3,446,712
				60,038,043
Iron/Steel—0.6%
Allegheny Technologies, Inc.,
4.75%, 7/1/22		1,505		2,750,309
IT Services—0.7%
GS Finance Corp. (Fidelity National Information Services, Inc.) (e)(f),
zero coupon, 6/5/23		3,125		3,386,844

	Principal Amount (000s)		Value
Lodging—1.4%
Caesars Entertainment Corp. (a),
5.00%, 10/1/24	$	3,820	$	6,677,837
Machinery-Diversified—1.3%
Chart Industries, Inc. (a)(b),
1.00%, 11/15/24		5,120		6,008,033
Media—3.0%
DISH Network Corp.,
2.375%, 3/15/24		775		689,201
3.375%, 8/15/26		4,235		4,089,739
Liberty Interactive LLC (a)(b),
1.75%, 9/30/46		3,780		4,206,384
Liberty Media Corp. (a)(b),
2.125%, 3/31/48		5,085		5,041,269
				14,026,593
Miscellaneous Manufacturing—0.6%
Trinity Industries, Inc.,
3.875%, 6/1/36		2,010		2,749,451
Oil, Gas & Consumable Fuels—2.2%
Ensco Jersey Finance Ltd.,
3.00%, 1/31/24		4,615		3,709,306
Oasis Petroleum, Inc.,
2.625%, 9/15/23		2,310		2,391,400
Oil States International, Inc. (a)(b),
1.50%, 2/15/23		4,525		4,350,353
				10,451,059
Pharmaceuticals—5.1%
Array BioPharma, Inc. (a)(b),
2.625%, 12/1/24		1,125		1,500,412
Clovis Oncology, Inc.,
2.50%, 9/15/21		1,765		2,052,916
DexCom, Inc. (a)(b),
0.75%, 5/15/22		2,390		2,464,958
Flexion Therapeutics, Inc. (a)(b),
3.375%, 5/1/24		3,280		3,742,834
Jazz Investments I Ltd. (a)(b),
1.50%, 8/15/24		1,190		1,164,847
Neurocrine Biosciences, Inc. (a)(b),
2.25%, 5/15/24		4,575		6,004,166
Sarepta Therapeutics, Inc. (a)(b),
1.50%, 11/15/24		1,840		2,297,628
Supernus Pharmaceuticals, Inc. (a)(b),
0.625%, 4/1/23		4,365		4,654,592
				23,882,353
Pipelines—1.1%
Cheniere Energy, Inc.,
4.25%, 3/15/45		6,965		5,440,675
Retail—0.7%
RH (a)(b),
zero coupon, 6/15/19		3,310		3,442,887
Semiconductors—11.1%
Advanced Micro Devices, Inc.,
2.125%, 9/1/26		785		1,150,653
Cypress Semiconductor Corp.,
2.00%, 2/1/23 (a)(b)		1,800		1,948,500
4.50%, 1/15/22		895		1,250,942
Intel Corp.,
3.25%, 8/1/39		5,095		12,683,111
Lam Research Corp.,
1.25%, 5/15/18		1,030		3,479,513
Microchip Technology, Inc.,
1.625%, 2/15/27		10,460		12,418,342
Micron Technology, Inc., Ser. G,
3.00%, 11/15/43		5,025		9,016,875

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 137

Schedule of Investments

March 31, 2018 (Unaudited)

	Principal Amount (000s)		Value
Novellus Systems, Inc.,
2.625%, 5/15/41	$	370	$	2,241,427
ON Semiconductor Corp. (a)(b),
1.625%, 10/15/23		3,490		4,792,663
Teradyne, Inc.,
1.25%, 12/15/23		2,225		3,398,033
				52,380,059
Software—12.1%
Citrix Systems, Inc.,
0.50%, 4/15/19		4,385		5,783,377
Coupa Software, Inc. (a)(b),
0.375%, 1/15/23		2,885		3,495,463
Envestnet, Inc.,
1.75%, 12/15/19		3,975		4,375,481
Everbridge, Inc.,
1.50%, 11/1/22		2,475		3,105,887
Guidewire Software, Inc.,
1.25%, 3/15/25		3,490		3,429,689
Nice Systems, Inc.,
1.25%, 1/15/24		4,025		5,002,270
Nuance Communications, Inc. (a)(b),
1.25%, 4/1/25		5,230		5,194,070
Proofpoint, Inc.,
0.75%, 6/15/20		2,760		4,042,293
PROS Holdings, Inc. (a)(b),
2.00%, 6/1/47		4,975		4,794,408
RealPage, Inc. (a)(b),
1.50%, 11/15/22		3,955		5,396,103
ServiceNow, Inc. (a)(b),
zero coupon, 6/1/22		4,535		6,029,963
Workday, Inc. (a)(b),
0.25%, 10/1/22		6,180		6,736,719
				57,385,723
Telecommunications—1.9%
CalAmp Corp.,
1.625%, 5/15/20		3,655		3,915,689
Ciena Corp.,
3.75%, 10/15/18		2,460		3,249,724
InterDigital, Inc.,
1.50%, 3/1/20		1,675		1,946,350
				9,111,763
Transportation—3.9%
Air Transport Services Group, Inc. (a)(b),
1.125%, 10/15/24		4,930		4,967,650
Atlas Air Worldwide Holdings, Inc.,
1.875%, 6/1/24		3,470		4,147,976
Echo Global Logistics, Inc.,
2.50%, 5/1/20		4,065		4,145,186
Greenbrier Cos., Inc.,
2.875%, 2/1/24		4,440		5,094,909
				18,355,721
Total Convertible Bonds & Notes (cost—$346,815,445)				397,747,547
	Shares
Convertible Preferred Stock—12.4%
Banks—2.5%
Bank of America Corp., Ser. L (d),
7.25%		5,160		6,653,562
Wells Fargo & Co., Ser. L (d),
7.50%		4,015		5,179,350
				11,832,912
Diversified Financial Services—1.5%
2017 Mandatory Exchangeable Trust (a)(b),
5.188%, 12/1/20		24,035		2,964,717

	Shares		Value
AMG Capital Trust II,
5.15%, 10/15/37		63,885	$	3,975,430
				6,940,147
Electric Utilities—1.5%
NextEra Energy, Inc.,
6.123%, 9/1/19		126,845		7,313,883
Equity Real Estate Investment Trusts (REITs)—1.7%
Crown Castle International Corp., Ser. A,
6.875%, 8/1/20		7,150		7,967,003
Hand/Machine Tools—1.0%
Stanley Black & Decker, Inc.,
5.375%, 5/15/20		41,045		4,727,563
Healthcare-Products—1.7%
Becton Dickinson and Co., Ser. A,
6.125%, 5/1/20		137,535		8,016,269
Metal Fabricate/Hardware—0.8%
Rexnord Corp., Ser. A,
5.75%, 11/15/19		57,430		3,691,600
Oil, Gas & Consumable Fuels—1.7%
Hess Corp.,
8.00%, 2/1/19		60,640		3,611,719
WPX Energy, Inc., Ser. A,
6.25%, 7/31/18		68,550		4,303,569
				7,915,288
Total Convertible Preferred Stock (cost—$49,769,740)				58,404,665
	Principal Amount (000s)
Repurchase Agreements—4.4%
State Street Bank and Trust Co., dated 3/29/18, 0.28%, due 4/2/18, proceeds $20,938,651; collateralized by U.S. Treasury Notes, 2.50%, due 5/15/24, valued at $21,360,038 including accrued interest
(cost—$20,938,000)		$20,938		20,938,000
Total Investments (cost—$417,523,185)—101.0%				477,090,212
Liabilities in excess of other assets—(1.0)%				(4,704,382	)
Net Assets—100.0%				$472,385,830

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 $175,935,487, representing 37.2% of net assets.

(b) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $169,257,650, representing 35.8% of net assets.

(c) Fair-Valued—Security with a value of $814,892, representing 0.2% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

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

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

(f) Securities exchangeable or convertible into securities of an entity different than the issuer or structured by the issuer to provide exposure to securities of an entity different than the issuer (synthetic convertible securities). Such entity is identified in the parenthetical.

Glossary:

REIT—Real Estate Investment Trust

138 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

AllianzGI Emerging Markets

Consumer Fund

	Shares		Value
Common Stock—94.9%
Brazil—5.3%
Ambev S.A.		48,500		$353,601
Ambev S.A. ADR		167,250		1,215,907
Banco Santander Brasil S.A. ADR		12,985		156,080
Estacio Participacoes S.A.		24,100		255,275
Porto Seguro S.A.		19,300		283,878
Tim Participacoes S.A.		38,700		168,798
Via Varejo S.A. UNIT		31,300		287,454
				2,720,993
China—28.1%
Air China Ltd., Class H		244,000		315,109
Alibaba Group Holding Ltd. ADR (e)		7,425		1,362,785
Autohome, Inc. ADR		5,180		445,169
Baidu, Inc. ADR (e)		1,390		310,234
China Huarong Asset Management Co., Ltd., Class H (a)		1,899,000		804,967
China Life Insurance Co., Ltd., Class H		181,000		506,038
China Merchants Bank Co., Ltd., Class H		363,500		1,508,840
China Southern Airlines Co., Ltd., Class H		138,000		144,219
China Vanke Co., Ltd., Class H		179,900		828,373
Geely Automobile Holdings Ltd.		72,000		210,977
Hengan International Group Co., Ltd.		63,000		587,300
New Oriental Education & Technology Group, Inc. ADR		1,440		126,216
Ping An Insurance Group Co. of China Ltd., Class H		204,000		2,103,377
Tencent Holdings Ltd.		89,900		4,825,791
Yum China Holdings, Inc.		11,200		464,800
				14,544,195
Greece—0.2%
OPAP S.A.		7,682		88,046
Hong Kong—3.5%
Galaxy Entertainment Group Ltd.		61,000		559,900
Melco Resorts & Entertainment Ltd. ADR		34,105		988,363
WH Group Ltd. (a)		252,000		270,014
				1,818,277
Hungary—0.3%
OTP Bank PLC		4,066		182,693
India—4.0%
HDFC Bank Ltd. ADR		14,665		1,448,462
Housing Development Finance Corp., Ltd.		16,167		454,246
Indiabulls Housing Finance Ltd.		8,504		162,951
				2,065,659
Japan—3.0%
Suzuki Motor Corp.		28,400		1,541,931
Korea (Republic of)—9.6%
Hana Tour Service, Inc.		1,528		172,808
Hotel Shilla Co., Ltd.		1,928		167,909
KB Financial Group, Inc.		21,760		1,262,019
LG Electronics, Inc.		4,280		441,596

	Shares		Value
LOTTE Himart Co., Ltd.		3,223	$	222,438
Samsung Electronics Co., Ltd.		1,024		2,392,552
SK Telecom Co., Ltd.		1,465		317,666
				4,976,988
Malaysia—3.0%
AirAsia Group Bhd.		96,400		99,094
Malayan Banking Bhd.		113,400		308,907
Public Bank Bhd.		186,900		1,162,072
				1,570,073
Mexico—0.3%
Fomento Economico Mexicano S.A.B de C.V. UNIT		17,800		162,932
Russian Federation—3.0%
Mail.Ru Group Ltd. GDR (e)		6,774		236,955
Mobile TeleSystems PJSC ADR		114,875		1,308,426
				1,545,381
South Africa—6.8%
Astral Foods Ltd.		7,447		196,775
Capitec Bank Holdings Ltd.		1,191		87,619
Discovery Ltd.		10,610		153,067
Mr Price Group Ltd.		38,708		930,845
Sanlam Ltd.		42,102		304,154
Standard Bank Group Ltd.		99,764		1,843,483
				3,515,943
Taiwan—8.7%
Cathay Financial Holding Co., Ltd.		849,000		1,522,395
CTBC Financial Holding Co., Ltd.		2,198,000		1,588,247
First Financial Holding Co., Ltd.		910,140		634,790
Pou Chen Corp.		131,000		174,930
Shin Kong Financial Holding Co., Ltd.		1,000,000		383,253
St Shine Optical Co., Ltd.		6,000		177,448
				4,481,063
Thailand—5.8%
Advanced Info Service PCL (c)(d)		169,600		1,120,022
CP ALL PCL (c)(d)		136,200		380,720
Home Product Center PCL (c)(d)		355,700		158,504
Thanachart Capital PCL (c)(d)		646,500		1,078,186
Tisco Financial Group PCL (c)(d)		102,400		288,727
				3,026,159
Turkey—3.4%
Turk Hava Yollari AO (e)		205,781		1,017,658
Turkiye Garanti Bankasi AS		261,753		725,797
				1,743,455
United Kingdom—0.3%
Coca-Cola HBC AG (e)		4,497		166,419
United States—9.6%
Copa Holdings S.A., Class A		9,905		1,274,080
Lear Corp.		1,915		356,362
Mastercard, Inc., Class A		6,785		1,188,461
McDonald’s Corp.		5,120		800,666
Mettler-Toledo International, Inc. (e)		300		172,509

	Shares		Value
Thermo Fisher Scientific, Inc.		1,970	$	406,726
Visa, Inc., Class A		4,500		538,290
Waters Corp. (e)		1,245		247,319
				4,984,413
Total Common Stock (cost—$40,284,814)				49,134,620
Preferred Stock—1.1%
Brazil—1.1%
Itau Unibanco Holding S.A. (cost—$530,505)		35,200		547,066
	Principal Amount (000s)
Repurchase Agreements—2.2%
State Street Bank and Trust Co.,dated 3/29/18, 0.28%, due 4/2/18, proceeds $1,159,036; collateralized by U.S. Treasury Notes, 2.50%, due 5/15/24, valued at $1,184,171 including accrued interest
(cost—$1,159,000)		$1,159		1,159,000
Total Investments (cost—$41,974,319) (b)—98.2%				50,840,686
Other assets less liabilities—1.8%				933,852
Net Assets—100.0%				$51,774,538

Notes to Schedule of Investments:

(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $1,074,981, representing 2.1% of net assets.

(b) Securities with an aggregate value of $31,351,938, representing 60.6% 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.

(c) Fair-Valued—Securities with an aggregate value of $3,026,159, representing 5.8% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

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

(e) Non-income producing.

Glossary:

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

UNIT—More than one class of securities traded together.

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 139

Schedule of Investments

March 31, 2018 (Unaudited)

    _

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

Banks	24.8%
Internet Software & Services	13.9%
Insurance	10.2%
Hotels, Restaurants & Leisure	5.9%
Wireless Telecommunication Services	5.6%
Airlines	5.5%
Technology Hardware, Storage & Peripherals	4.6%
Beverages	3.7%
Specialty Retail	3.4%
Automobiles	3.4%
IT Services	3.3%
Real Estate Management & Development	1.6%
Life Sciences Tools & Services	1.6%
Capital Markets	1.6%
Thrifts & Mortgage Finance	1.2%
Personal Products	1.1%
Food Products	0.9%
Household Durables	0.9%
Diversified Consumer Services	0.7%
Food & Staples Retailing	0.7%
Auto Components	0.7%
Healthcare Equipment & Supplies	0.4%
Textiles, Apparel & Luxury Goods	0.3%
Repurchase Agreements	2.2%
Other assets less liabilities	1.8%
	100.0%

AllianzGI Emerging Markets Debt Fund

		Principal Amount (000s)		Value
CORPORATE BONDS & NOTES—48.4%
Argentina—1.8%
Banco Hipotecario S.A., BADLAR + 4.000% (a)(b)(e),
26.771%, 11/7/22	ARS		2,400		$119,682
Banco Macro S.A. (a)(b),
17.50%, 5/8/22			5,200		242,785
Banco Supervielle S.A., BADLAR + 4.500% (a)(b)(e),
27.271%, 8/9/20			4,500		223,955
					586,422
Brazil—2.4%
Banco do Brasil S.A., (converts to FRN on 4/15/24) (c)(e),
6.25%, 10/29/49	$		300		274,125
Minerva Luxembourg S.A.,
5.875%, 1/19/28			200		183,052
Petrobras Global Finance BV,
7.375%, 1/17/27			300		325,350
					782,527
China—6.5%
China Evergrande Group,
8.75%, 6/28/25			400		400,049
China Reinsurance Finance Corp., Ltd.,
3.375%, 3/9/22			400		387,636
Modern Land China Co., Ltd.,
6.875%, 10/20/19			200		199,859
Overseas Chinese Town Asia Holdings Ltd., (converts to FRN on 10/10/20) (c)(e),
4.30%, 12/31/99			200		195,208
Postal Savings Bank of China Co., Ltd., (converts to FRN on 9/27/22) (c)(e),
4.50%, 12/31/99			200		188,894
Rock International Investment, Inc.,
6.625%, 3/27/20			200		183,464
Sinopec Group Overseas Development 2015 Ltd.,
3.25%, 4/28/25			400		382,252
State Grid Overseas Investment 2016 Ltd. (a)(b),
2.875%, 5/18/26			200		186,597
					2,123,959
Congo, The Democratic Republic—0.6%
HTA Group Ltd.,
9.125%, 3/8/22			200		213,000
Costa Rica—0.9%
Banco de Costa Rica,
5.25%, 8/12/18			300		302,610
Dominican Republic—1.0%
AES Andres BV,
7.95%, 5/11/26			300		321,798
El Salvador—1.4%
AES El Salvador Trust II,
6.75%, 3/28/23			250		245,000
6.75%, 3/28/23 (a)(b)			210		205,800
					450,800
Ghana—0.6%
Tullow Oil PLC (a)(b),
7.00%, 3/1/25			200		200,250
Hong Kong—2.7%
Chinalco Capital Holdings Ltd.,
4.00%, 8/25/21			400		390,591
CK Hutchison Capital Securities 17 Ltd., (converts to FRN on 5/12/22) (a)(b)(c)(e),
4.00%, 5/12/22			300		293,036
PCCW Capital No 4 Ltd.,
5.75%, 4/17/22			200		214,056
					897,683

		Principal Amount (000s)		Value
India—1.3%
Export-Import Bank of India,
4.00%, 1/14/23	$		409	$	410,658
Indonesia—1.8%
ABM Investama Tbk PT,
7.125%, 8/1/22			200		199,011
Medco Straits Services Pte Ltd.,
8.50%, 8/17/22			200		212,160
Minejesa Capital BV,
4.625%, 8/10/30			200		193,108
					604,279
Jamaica—0.8%
Digicel Group Ltd.,
8.25%, 9/30/20			300		259,500
Kazakhstan—1.6%
KazMunayGas National Co. JSC (a)(b),
5.75%, 4/19/47			350		345,214
Nostrum Oil & Gas Finance BV (a)(b),
7.00%, 2/16/25			200		194,950
					540,164
Korea (Republic of)—0.6%
Kyobo Life Insurance Co., Ltd., (converts to FRN on 7/24/22) (a)(b)(e),
3.95%, 7/24/47			200		198,000
Malaysia—1.2%
Gohl Capital Ltd.,
4.25%, 1/24/27			400		393,181
Mauritius—0.6%
Liquid Telecommunications Financing PLC (a)(b),
8.50%, 7/13/22			200		210,611
Mexico—1.7%
Mexico City Airport Trust,
4.25%, 10/31/26			200		192,775
Petroleos Mexicanos,
6.75%, 9/21/47			350		354,377
					547,152
Netherlands—0.8%
VEON Holdings BV (a)(b),
3.95%, 6/16/21			250		246,875
Nigeria—2.7%
First Bank of Nigeria Ltd. via FBN Finance Co. BV, (converts to FRN on 7/23/19) (a)(b)(e),
8.00%, 7/23/21			251		249,583
IHS Netherlands Holdco BV,
9.50%, 10/27/21			400		420,750
Zenith Bank PLC (a)(b),
7.375%, 5/30/22			200		206,818
					877,151
Qatar—0.8%
Ras Laffan Liquefied Natural Gas Co., Ltd. III (a)(b),
6.332%, 9/30/27			250		279,329
Russian Federation—5.3%
Credit Bank of Moscow via CBOM Finance PLC (a)(b),
5.55%, 2/14/23			200		196,801
Gazprom OAO via Gaz Capital S.A. (a)(b),
4.95%, 3/23/27			200		198,750
Global Ports Finance PLC (a)(b),
6.50%, 9/22/23			200		208,864
Lukoil International Finance BV (a)(b),
4.75%, 11/2/26			500		507,668
Novolipetsk Steel via Steel Funding DAC (a)(b),
4.00%, 9/21/24			200		195,392

140 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

		Principal Amount (000s)		Value
Sberbank of Russia via SB Capital S.A. (a)(b),
5.25%, 5/23/23	$		424	$	431,980
					1,739,455
Singapore—1.2%
Parkway Pantai Ltd., (converts to FRN on 7/27/22) (c)(e),
4.25%, 12/31/99			400		388,572
South Africa—2.5%
Gold Fields Orogen Holdings BVI Ltd. (a)(b),
4.875%, 10/7/20			400		403,800
MTN Mauritius Investment Ltd.,
6.50%, 10/13/26			200		211,646
Myriad International Holdings BV (a)(b),
4.85%, 7/6/27			200		204,146
					819,592
Spain—0.8%
Ajecorp BV,
6.50%, 5/14/22			300		273,000
Turkey—4.9%
Akbank Turk AS, (converts to FRN on 4/27/23) (a)(b)(e),
6.797%, 4/27/28			200		198,443
Finansbank AS (a)(b),
4.875%, 5/19/22			200		193,116
Global Liman Isletmeleri,
8.125%, 11/14/21			200		204,612
KOC Holding AS,
5.25%, 3/15/23			200		202,301
Tupras Turkiye Petrol Rafinerileri AS (a)(b),
4.50%, 10/18/24			200		191,248
Yapi ve Kredi Bankasi AS (a)(b),
5.75%, 2/24/22			200		199,424
Yasar Holding AS (a)(b),
8.875%, 5/6/20			400		405,496
					1,594,640
Ukraine—1.3%
MHP S.A. (a)(b),
6.95%, 4/3/26			200		199,960
MHP SE (a)(b),
7.75%, 5/10/24			200		211,178
					411,138
United Arab Emirates—0.6%
ADCB Finance Cayman Ltd. (a)(b),
4.00%, 3/29/23			200		200,275
Total Corporate Bonds & Notes (cost—$16,155,817)					15,872,621
Sovereign Debt Obligations—42.7%
Angola—1.7%
Angolan Government International Bond,
9.50%, 11/12/25			300		338,996
9.50%, 11/12/25 (a)(b)			200		226,848
					565,844
Argentina—9.7%
Argentine Republic Government International Bond,
5.25%, 1/15/28	€		100		120,252
5.875%, 1/11/28	$		150		141,581
6.875%, 1/11/48			300		273,760
7.125%, 6/28/17 (a)(b)			500		461,339
8.28%, 12/31/33			561		603,577
Provincia de Buenos Aires,
4.00%, 5/15/35 (d)	€		200		209,177
7.875%, 6/15/27	$		200		208,330
BADLAR + 3.830%, 26.742%, 5/31/22 (e)	ARS		6,000		304,542

		Principal Amount (000s)		Value
Provincia de la Rioja (a)(b),
9.75%, 2/24/25	$		150	$	159,365
Provincia de Mendoza Argentina, BADLAR + 4.375% (e),
27.292%, 6/9/21	ARS		2,400		121,588
Provincia de Rio Negro (a)(b),
7.75%, 12/7/25	$		300		283,875
Provincia del Chubut Argentina,
7.75%, 7/26/26			300		290,977
					3,178,363
Bahrain—0.6%
Bahrain Government International Bond (a)(b),
6.75%, 9/20/29			200		187,173
Belarus—0.6%
Republic of Belarus International Bond (a)(b),
6.20%, 2/28/30			200		198,195
Brazil—2.5%
Brazil Notas do Tesouro Nacional,
10.00%, 1/1/19, Ser. F	BRL		1,000		310,885
10.00%, 1/1/21, Ser. F			1,000		318,386
Brazilian Government International Bond,
5.625%, 2/21/47	$		200		195,044
					824,315
Cameroon—0.7%
Republic of Cameroon International Bond (a)(b),
9.50%, 11/19/25			200		229,727
Ecuador—1.8%
Ecuador Government International Bond (a)(b),
7.875%, 1/23/28			200		192,684
8.875%, 10/23/27			400		407,683
					600,367
Egypt—0.6%
Egypt Government International Bond (a)(b),
6.125%, 1/31/22			200		207,304
Ethiopia—0.9%
Ethiopia International Bond,
6.625%, 12/11/24			300		308,115
Guatemala—0.5%
Guatemala Government Bond (a)(b),
4.50%, 5/3/26			150		149,109
Honduras—0.5%
Honduras Government International Bond (a)(b),
6.25%, 1/19/27			150		159,250
Hungary—1.0%
Hungary Government Bond,
1.75%, 10/26/22	HUF		78,000		314,169
Indonesia—2.0%
Indonesia Government International Bond (a)(b),
4.625%, 4/15/43	$		300		294,778
Indonesia Treasury Bond,
7.875%, 4/15/19	IDR		5,000,000		372,772
					667,550
Jordan—1.2%
Jordan Government International Bond,
5.75%, 1/31/27	$		400		390,222
Kenya—0.6%
Kenya Government International Bond (a)(b),
8.25%, 2/28/48			200		214,366

		Principal Amount (000s)		Value
Lebanon—0.6%
Lebanon Government International Bond,
6.20%, 2/26/25	$		190	$	181,752
Mexico—1.1%
Mexican Bonos,
10.00%, 12/5/24	MXN		5,800		365,576
Mongolia—0.6%
Mongolia Government International Bond (a)(b),
5.625%, 5/1/23	$		200		197,761
Nigeria—0.6%
Nigeria Government International Bond (a)(b),
7.625%, 11/28/47			200		207,364
Panama—0.8%
Panama Government International Bond,
3.75%, 3/16/25			250		252,527
Poland—1.9%
Republic of Poland Government Bond,
1.75%, 7/25/21	PLN		1,500		436,630
2.00%, 4/25/21			600		176,420
					613,050
Russian Federation—1.9%
Russian Federation Bond,
4.25%, 6/23/27 (a)(b)	$		400		398,641
4.875%, 9/16/23			200		210,682
					609,323
Senegal—0.6%
Senegal Government International Bond (a)(b),
6.25%, 5/23/33			200		197,243
South Africa—1.9%
Republic of South Africa Government Bond,
6.75%, 3/31/21	ZAR		7,500		629,002
Sri Lanka—1.5%
Sri Lanka Government International Bond,
5.875%, 7/25/22	$		300		305,280
6.20%, 5/11/27 (a)(b)			200		197,329
					502,609
Supranational—1.2%
African Export-Import Bank,
4.125%, 6/20/24			200		195,174
Eastern and Southern African Trade and Development Bank,
5.375%, 3/14/22			200		204,669
					399,843
Trinidad And Tobago—0.9%
Trinidad & Tobago Government International Bond (a)(b),
4.50%, 8/4/26			300		306,000
Tunisia—0.6%
Banque Centrale de Tunisie International Bond,
5.75%, 1/30/25			200		190,884
Turkey—1.4%
Turkey Government Bond,
10.70%, 8/17/22	TRY		1,200		279,750
Turkey Government International Bond,
5.125%, 2/17/28	$		200		189,121
					468,871

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 141

Schedule of Investments

March 31, 2018 (Unaudited)

		Principal Amount (000s)		Value
Ukraine—1.7%
Ukraine Government International Bond (a)(b),
7.375%, 9/25/32	$		350	$	338,581
7.75%, 9/1/23			200		207,718
					546,299
Uruguay—0.5%
Uruguay Government International Bond (a)(b),
8.50%, 3/15/28	UYU		5,000		162,550
Total Sovereign Debt Obligations (cost—$14,011,455)					14,024,723

		Principal Amount (000s)		Value
Repurchase Agreements—7.6%
State Street Bank and Trust Co., dated 3/29/18, 0.28%, due 4/2/18, proceeds $2,492,078; collateralized by U.S. Treasury Notes, 2.50%, due 5/15/24, valued at $2,543,219 including accrued interest
(cost—$2,492,000)	$		2,492		$2,492,000
Total Investments (cost—$32,659,272)—98.7%					32,389,344
Other assets less liabilities (f)—1.3%					415,402
Net Assets—100.0%					$32,804,746

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 $13,134,909, representing 40.0% of net assets.

(b) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $13,134,909, representing 40.0% of net assets.

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

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

(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, 2018.

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

Forward foreign currency contracts outstanding at March 31, 2018:
Description	Counterparty		U.S.$ Value on Origination Date		U.S.$ Value March 31, 2018		Unrealized Appreciation
Sold:
1,138,836 Turkish Lira settling 4/6/18		JPMorgan Securities PLC	$	295,730	$	288,318	$	7,412

(g) At March 31, 2018, the Fund pledged $405 in cash as collateral for futures contracts. There were no open futures contracts at March 31, 2018, however the Fund had cash pledged as collateral for any transactions in the future.

Glossary:

ARS—Argentine Peso

BADLAR—Buenos Aires Deposits of Large Amount Rate

BRL—Brazilian Real

€—Euro

FRN—Floating Rate Note

HUF—Hungarian Forint

IDR—Indonesian Rupiah

MXN—Mexican Peso

PLN—Polish Zloty

TRY—Turkish Lira

UYU—Uruguayan Peso

ZAR—South African Rand

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

Sovereign Debt Obligations	42.7%
Banks	11.1%
Oil, Gas & Consumable Fuels	9.7%
Telecommunications	5.4%
Electric Utilities	3.5%
Holding Companies-Diversified	3.3%
Mining	2.4%
Insurance	1.8%
Food & Beverage	1.4%
Commercial Services	1.3%
Agriculture	1.3%
Real Estate Management & Development	1.2%
Real Estate	1.2%
Lodging	1.2%
Healthcare-Services	1.2%
Media	0.6%
Iron/Steel	0.6%
Engineering & Construction	0.6%
Chemicals	0.6%
Repurchase Agreements	7.6%
Other assets less liabilities	1.3%
	100.0%

142 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

AllianzGI Emerging Markets Small-Cap Fund

	Shares		Value
Common Stock—95.3%
Brazil—2.8%
Anima Holding S.A.		4,600		$35,265
Even Construtora e Incorporadora S.A. (d)		15,200		24,079
Fibria Celulose S.A.		5,800		114,245
Via Varejo S.A. UNIT		15,600		143,268
				316,857
China—10.5%
Beijing Capital Land Ltd., Class H		270,000		166,350
China Lesso Group Holdings Ltd.		64,000		48,926
China Lilang Ltd.		27,000		33,870
China Meidong Auto Holdings Ltd.		90,000		36,668
Consun Pharmaceutical Group Ltd.		67,000		71,743
Datang International Power Generation Co., Ltd., Class H (d)		194,000		58,568
Fang Holdings Ltd. ADR (d)		8,700		44,718
Jiangsu Expressway Co., Ltd., Class H		60,000		85,186
Lee & Man Paper Manufacturing Ltd.		156,000		166,573
Tianjin Development Holdings Ltd.		86,000		38,329
Tianjin Zhongxin Pharmaceutical Group Corp., Ltd.		26,400		24,381
Towngas China Co., Ltd. (d)		285,000		249,139
Xingda International Holdings Ltd.		67,000		22,850
Yuexiu Property Co., Ltd.		300,000		71,347
Yuexiu Real Estate Investment Trust REIT		77,000		53,504
				1,172,152
Colombia—0.6%
Avianca Holdings S.A. ADR		8,100		68,607
Czech Republic—0.8%
Philip Morris CR AS		80		66,498
Unipetrol AS		1,340		24,536
				91,034
Greece—3.3%
Hellenic Petroleum S.A.		2,580		24,961
Intralot SA-Integrated Lottery Systems & Services (d)		43,694		62,046
Motor Oil Hellas Corinth Refineries S.A.		7,849		177,263
Mytilineos Holdings S.A. (d)		1,970		21,120
OPAP S.A.		7,302		83,691
				369,081
Hong Kong—6.5%
Hopewell Holdings Ltd.		8,000		30,815
Johnson Electric Holdings Ltd.		57,500		216,374
K Wah International Holdings Ltd.		246,000		164,547
Luk Fook Holdings International Ltd.		45,000		164,254
Xinyi Glass Holdings Ltd.		96,000		146,127
				722,117
India—11.0%
Bajaj Holdings & Investment Ltd.		781		32,032

	Shares		Value
HT Media Ltd. (d)		16,445	$	21,296
Jindal Saw Ltd. (d)		11,265		20,695
Jubilant Foodworks Ltd.		3,373		121,172
Kalyani Steels Ltd.		4,773		21,993
Mphasis Ltd.		17,133		219,798
NIIT Technologies Ltd. (d)		6,952		92,776
Phillips Carbon Black Ltd. (d)		12,167		204,585
SJVN Ltd.		54,703		27,900
Tata Sponge Iron Ltd. (d)		6,589		93,516
Transport Corp. of India Ltd.		5,628		23,062
Uflex Ltd. (d)		11,966		63,118
WNS Holdings Ltd. ADR (d)		6,200		281,046
				1,222,989
Indonesia—1.4%
Adaro Energy Tbk PT		359,900		56,076
Indo Tambangraya Megah Tbk PT		45,500		94,430
				150,506
Korea (Republic of)—17.3%
Caregen Co., Ltd.		394		33,255
DGB Financial Group, Inc.		3,268		35,978
Dong-A ST Co., Ltd.		1,042		111,825
Dongwon Development Co., Ltd.		19,503		86,009
F&F Co., Ltd.		3,294		125,603
Fila Korea Ltd.		324		32,880
Hana Tour Service, Inc.		445		50,327
Hotel Shilla Co., Ltd.		290		25,256
Huvis Corp.		7,098		72,943
ICD Co., Ltd.		5,218		47,781
Jeju Air Co., Ltd.		2,489		105,040
Korea District Heating Corp.		344		26,887
LF Corp.		5,485		136,778
LOTTE Fine Chemical Co., Ltd.		3,541		237,858
LOTTE Himart Co., Ltd.		3,856		266,125
Macquarie Korea Infrastructure Fund		12,796		105,523
Meritz Fire & Marine Insurance Co., Ltd.		3,540		70,521
OCI Co., Ltd.		455		68,093
Samchully Co., Ltd.		403		42,534
Seah Besteel Corp.		5,866		146,012
Silicon Works Co., Ltd.		731		26,308
Unid Co., Ltd.		955		45,330
WONIK IPS Co., Ltd.		858		26,716
				1,925,582
Malaysia—5.9%
AirAsia Group Bhd.		206,900		212,681
Hai-O Enterprise Bhd.		16,200		21,304
Hong Leong Financial Group Bhd.		5,800		28,861
Malaysia Airports Holdings Bhd.		41,000		94,012
Padini Holdings Bhd.		21,600		24,292
Supermax Corp. Bhd.		39,000		26,009
Top Glove Corp. Bhd.		101,400		256,151
				663,310
Mexico—0.5%
Qualitas Controladora SAB De C.V.		19,900		55,278
Peru—0.2%
Alicorp SAA		7,300		25,457
Philippines—0.2%
Cebu Air, Inc.		12,280		22,264
Poland—2.0%
Energa S.A.		67,646		190,735

	Shares		Value
Tauron Polska Energia S.A. (d)		47,051	$	33,426
				224,161
Russian Federation—0.6%
PIK Group PJSC (b)(c)		7,478		41,167
Unipro PJSC (b)(c)		502,000		24,799
				65,966
Singapore—0.4%
Valuetronics Holdings Ltd.		50,500		41,895
South Africa—4.6%
AECI Ltd.		9,421		91,912
Astral Foods Ltd.		11,999		317,055
Lewis Group Ltd.		15,513		55,297
Omnia Holdings Ltd.		4,034		50,796
				515,060
Taiwan—15.5%
China Airlines Ltd. (d)		287,000		105,576
Chipbond Technology Corp.		132,000		313,891
Darfon Electronics Corp.		22,000		23,489
Elan Microelectronics Corp.		33,000		50,744
Epistar Corp. (d)		40,000		58,126
Farglory Land Development Co., Ltd.		18,000		20,339
Feng Hsin Iron & Steel Co.		11,000		22,206
Formosa Advanced Technologies Co., Ltd.		31,000		35,353
Gigabyte Technology Co., Ltd.		35,000		82,661
Grand Pacific Petrochemical		280,000		295,873
Greatek Electronics, Inc.		24,000		45,990
Huaku Development Co., Ltd.		22,000		54,571
ITE Technology, Inc.		41,000		54,397
Radiant Opto-Electronics Corp.		31,000		76,891
Sampo Corp.		50,000		24,034
Shinkong Synthetic Fibers Corp.		74,000		24,570
Sinmag Equipment Corp.		4,000		22,430
Syncmold Enterprise Corp.		59,000		138,442
Taishin Financial Holding Co., Ltd.		257,000		126,929
Transcend Information, Inc.		25,000		74,092
Tripod Technology Corp.		9,000		30,526
United Integrated Services Co., Ltd.		24,000		54,176
				1,735,306
Thailand—6.6%
Bangchak Corp., PCL NVDR		116,900		137,864
Bangkok Ranch PCL (b)(c)		307,600		69,953
Home Product Center PCL (b)(c)		420,600		187,424
KGI Securities Thailand PCL (b)(c)		281,700		42,764
Thai Oil PCL NVDR		13,700		39,933
Thanachart Capital PCL (b)(c)		139,100		231,981
Thoresen Thai Agencies PCL (b)(c)		82,800		21,240
				731,159
Turkey—4.3%
Aygaz AS		5,987		22,125
Is Gayrimenkul Yatirim Ortakligi AS REIT		337,940		110,669
Trakya Cam Sanayii AS		204,423		265,369
Turk Hava Yollari AO (d)		16,740		82,785
				480,948

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 143

Schedule of Investments

March 31, 2018 (Unaudited)

	Shares		Value
United Arab Emirates—0.3%
RAK Properties PJSC		197,158	$	36,500
Total Common Stock (cost—$9,196,933)				10,636,229
Preferred Stock—3.2%
Brazil—0.9%
Cia Ferro Ligas da Bahia—FERBASA		15,600		100,221
Russian Federation—2.3%
Surgutneftegas OJSC (b)(c)(d)		504,659		262,423
Total Preferred Stock (cost—$322,158)				362,644
Total Investments (cost—$9,519,091) (a)—98.5%				10,998,873
Other assets less liabilities—1.5%				162,650
Net Assets—100.0%				$11,161,523

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $8,361,940, representing 74.9% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(b) Fair-Valued—Securities with an aggregate value of $881,751, representing 7.9% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

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

(d) Non-income producing.

Glossary:

ADR—American Depositary Receipt

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:
Chemicals	9.4%
Specialty Retail	8.1%
Semiconductors & Semiconductor Equipment	7.3%
Oil, Gas & Consumable Fuels	7.1%
Real Estate Management & Development	5.4%
Airlines	5.3%
IT Services	4.5%
Banks	3.8%
Food Products	3.7%
Textiles, Apparel & Luxury Goods	3.6%
Gas Utilities	3.1%
Hotels, Restaurants & Leisure	2.8%
Building Products	2.8%
Metals & Mining	2.7%
Healthcare Equipment & Supplies	2.5%
Paper & Forest Products	2.5%
Electric Utilities	2.3%
Pharmaceuticals	2.2%
Electrical Equipment	1.9%
Transportation Infrastructure	1.6%
Auto Components	1.5%
Equity Real Estate Investment Trusts (REITs)	1.5%
Machinery	1.4%
Capital Markets	1.3%
Insurance	1.1%
Technology Hardware, Storage & Peripherals	1.0%
Iron/Steel	0.9%
Software	0.8%
Household Durables	0.8%
Independent Power Producers & Energy Traders	0.7%
Electronic Equipment, Instruments & Components	0.6%
Tobacco	0.6%
Containers & Packaging	0.6%
Construction & Engineering	0.5%
Industrial Conglomerates	0.5%
Internet Software & Services	0.4%
Multi-Utilities	0.3%
Diversified Consumer Services	0.3%
Diversified Financial Services	0.3%
Air Freight & Logistics	0.2%
Internet & Catalog Retail	0.2%
Media	0.2%
Marine	0.2%
Other assets less liabilities	1.5%
	100.0%

AllianzGI Europe Equity Dividend Fund

	Shares		Value
Common Stock—96.2%
Finland—2.0%
Fortum Oyj		7,870		$169,071
France—17.1%
AXA S.A.		6,830		181,562
Coface S.A.		5,720		65,392
Credit Agricole S.A.		7,560		123,266
Klepierre S.A. REIT		3,535		142,486
SCOR SE		7,875		321,498
SES S.A.		10,724		145,160
Total S.A.		4,790		274,561
Unibail-Rodamco SE REIT		742		169,490
				1,423,415
Germany—10.2%
Daimler AG		2,650		225,780
Drillisch AG		950		64,099
Evonik Industries AG		1,170		41,258
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		2,000		465,082
ProSiebenSat.1 Media SE		1,420		49,184
				845,403
Italy—6.1%
Atlantia SpA		520		16,113
Enel SpA		43,940		268,878
Eni SpA		12,570		221,423
				506,414
Netherlands—9.9%
ABN AMRO Group NV (a)		5,845		176,246
ING Groep NV		16,010		270,172
Koninklijke KPN NV		98,730		296,880
PostNL NV		22,390		83,900
				827,198
Norway—6.1%
Statoil ASA		8,210		194,314
Telenor ASA		13,980		317,921
				512,235
Spain—10.2%
Banco Santander S.A.		20,890		136,733
Cia de Distribucion Integral Logista Holdings S.A.		12,050		255,452
Ferrovial S.A.		11,655		243,679
Iberdrola S.A.		28,572		210,101
				845,965
Switzerland—2.3%
Swiss Re AG		1,843		188,109
United Kingdom—32.3%
Ashmore Group PLC		22,488		120,410
BHP Billiton PLC		3,550		70,159
BP PLC		51,780		349,261
British American Tobacco PLC		1,480		85,554
BT Group PLC		74,230		236,928
GlaxoSmithKline PLC		11,660		226,449
IG Group Holdings PLC		15,792		176,865
Imperial Brands PLC		6,120		208,383
ITV PLC		28,740		58,178
Lloyds Banking Group PLC		133,870		121,772
Next PLC		2,520		168,460
Royal Dutch Shell PLC, Class A		12,910		411,276
Tate & Lyle PLC		9,050		69,121
TUI AG		10,960		234,949
Vodafone Group PLC		56,010		153,245
				2,691,010
Total Common Stock (cost—$7,523,672)				8,008,820

144 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

	Principal Amount (000s)		Value
Repurchase Agreements—3.9%
State Street Bank and Trust Co., dated 3/29/18, 0.28%, due 4/2/18, proceeds $327,010; collateralized by U.S. Treasury Notes, 2.00%, due 8/15/25, valued at $333,606 including accrued interest
(cost—$327,000)		$327	$	327,000
Total Investments (cost—$7,850,672) (b)—100.1%				8,335,820
Liabilities in excess of other assets (c)—(0.1)%				(7,332	)
Net Assets—100.0%				$8,328,488

Notes to Schedule of Investments:

(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Security with a value of $176,246, representing 2.1% of net assets.

(b) Securities with an aggregate value of $8,008,820, representing 96.2% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

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

Forward foreign currency contracts outstanding at March 31, 2018:
Description	Counterparty		U.S.$ Value on Origination Date		U.S.$ Value March 31, 2018		Unrealized Depreciation
Sold:
8,901 British Pound settling 4/3/18		Income Repatriation Boston IBS	$	12,483	$	12,489	$	(6	)

Glossary:

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:

Oil, Gas & Consumable Fuels	17.4%
Insurance	14.7%
Diversified Telecommunication Services	10.2%
Banks	10.0%
Electric Utilities	7.8%
Air Freight & Logistics	4.1%
Equity Real Estate Investment Trusts (REITs)	3.8%
Capital Markets	3.6%
Tobacco	3.5%
Media	3.0%
Construction & Engineering	2.9%
Hotels, Restaurants & Leisure	2.8%
Pharmaceuticals	2.7%
Automobiles	2.7%
Wireless Telecommunication Services	2.6%
Multi-Line Retail	2.0%
Metals & Mining	0.9%
Food Products	0.8%
Chemicals	0.5%
Transportation Infrastructure	0.2%
Repurchase Agreements	3.9%
Liabilities in excess of other assets	(0.1)%
	100.0%

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 145

Schedule of Investments

March 31, 2018 (Unaudited)

AllianzGI Global Dynamic Allocation Fund

	Shares		Value
Common Stock—58.0%
Australia—0.4%
Abacus Property Group REIT		24,925		$66,768
BlueScope Steel Ltd.		11,262		132,499
Breville Group Ltd.		1,323		11,921
Brickworks Ltd.		2,992		35,961
Cochlear Ltd.		621		87,218
Elders Ltd.		7,988		45,938
Metcash Ltd.		47,137		114,066
Qantas Airways Ltd.		29,605		133,564
Regis Resources Ltd.		15,795		55,387
Rio Tinto Ltd.		2,313		131,037
St. Barbara Ltd.		16,786		51,775
Stockland REIT		800		2,482
Vicinity Centres REIT		1,738		3,230
Wesfarmers Ltd.		3,708		118,822
				990,668
Austria—0.3%
Austria Technologie & Systemtechnik AG		1,363		37,010
Erste Group Bank AG		7,041		353,974
EVN AG		4,031		78,665
Flughafen Wien AG		322		13,213
OMV AG		2,555		149,025
POLYTEC Holding AG		2,054		39,569
Raiffeisen Bank International AG (g)		2,232		86,936
S IMMO AG		2,128		42,156
Telekom Austria AG (g)		3,344		31,901
				832,449
Belgium—0.0%
Elia System Operator S.A.		629		39,325
Recticel S.A.		3,249		40,824
				80,149
Bermuda—0.0%
Triton International Ltd.		1,282		39,229
Brazil—0.3%
Cia de Saneamento Basico do Estado de Sao Paulo		6,700		71,029
Fibria Celulose S.A.		7,700		151,670
MRV Engenharia e Participacoes S.A.		15,600		76,784
Qualicorp S.A.		10,500		70,860
Smiles Fidelidade S.A.		1,200		25,262
Suzano Papel e Celulose S.A.		14,900		150,559
Vale S.A.		20,745		265,231
				811,395
Canada—2.4%
Aecon Group, Inc.		489		6,969
AGF Management Ltd., Class B		7,791		39,670
Agnico Eagle Mines Ltd.		3,654		153,721
Artis Real Estate Investment Trust REIT		523		5,517
BCE, Inc.		4,005		172,342
Bonavista Energy Corp.		3,032		2,777
BRP, Inc.		3,750		144,021
Canadian Apartment Properties REIT		2,410		69,493
Canadian Imperial Bank of Commerce		5,011		442,311
Canadian Natural Resources Ltd.		7,645		240,325
Canadian Tire Corp., Ltd., Class A		1,319		173,430
Canfor Pulp Products, Inc.		534		6,876
Cascades, Inc.		2,172		22,473

	Shares		Value
Chorus Aviation, Inc.		4,609	$	29,693
Cogeco Communications, Inc.		3,365		184,241
Colliers International Group, Inc.		986		68,450
Constellation Software, Inc.		72		48,852
Corus Entertainment, Inc., Class B		13,997		65,729
Crescent Point Energy Corp.		346		2,353
Dollarama, Inc.		806		97,958
Dream Global Real Estate Investment Trust REIT		10,906		116,395
Dream Industrial Real Estate Investment Trust REIT		5,600		41,424
ECN Capital Corp.		1,240		3,311
Exchange Income Corp.		3,541		84,818
Fairfax Financial Holdings Ltd.		357		180,965
Fortis, Inc.		3,373		113,860
Genworth MI Canada, Inc.		2,539		80,800
George Weston Ltd.		3,766		303,186
Husky Energy, Inc. (g)		5,892		84,332
Industrial Alliance Insurance & Financial Services, Inc.		3,160		129,996
Intact Financial Corp.		483		36,294
Killam Apartment REIT		7,135		76,869
Laurentian Bank of Canada		3,533		129,874
Linamar Corp.		2,171		118,597
Loblaw Cos., Ltd.		5,064		255,843
Magna International, Inc.		1,835		103,362
Manulife Financial Corp.		12,912		239,729
Martinrea International, Inc.		7,956		94,050
Methanex Corp.		1,380		83,602
National Bank of Canada		3,759		176,928
Northview Apartment Real Estate Investment Trust REIT		3,393		67,947
NorthWest Healthcare Properties Real Estate Investment Trust REIT		9,038		79,061
Power Corp. of Canada		7,169		163,596
Pure Industrial Real Estate Trust REIT		23,451		146,347
Raging River Exploration, Inc. (g)		990		4,795
Royal Bank of Canada		5,493		424,313
Saputo, Inc.		2,237		71,797
Teck Resources Ltd., Class B		4,348		111,978
TMX Group Ltd.		4,724		274,086
Toronto-Dominion Bank		6,382		362,159
TransCanada Corp.		5,006		207,024
Transcontinental, Inc., Class A		13,487		266,422
Valener, Inc.		739		11,598
West Fraser Timber Co., Ltd.		1,158		76,948
				6,699,507
China—2.7%
AAC Technologies Holdings, Inc.		3,400		62,304
Agile Group Holdings Ltd.		35,091		73,179
Agricultural Bank of China Ltd., Class H		203,000		116,571
Alibaba Group Holding Ltd. ADR (g)		4,077		748,293
Anhui Conch Cement Co., Ltd., Class H		15,500		85,296
Bank of China Ltd., Class H		606,000		331,033
Bank of Communications Co., Ltd., Class H		117,039		92,530

	Shares		Value
Beijing Enterprises Holdings Ltd.		23,500	$	123,753
BYD Electronic International Co., Ltd.		41,818		79,320
China CITIC Bank Corp., Ltd., Class H		218,000		150,415
China Construction Bank Corp., Class H		569,064		594,390
China Dongxiang Group Co., Ltd.		43,117		7,538
China Everbright Greentech Ltd. (b)(g)		35,000		35,192
China Evergrande Group (g)		15,483		49,489
China Huarong Asset Management Co., Ltd., Class H (b)		804,000		340,808
China Lumena New Materials Corp. (e)(f)(g)		1,772		34
China Mobile Ltd.		27,500		252,048
China Petroleum & Chemical Corp., Class H		223,800		198,529
China Southern Airlines Co., Ltd., Class H		57,154		59,730
China Water Affairs Group Ltd.		64,000		65,488
China Yuchai International Ltd.		3,015		63,828
China Zhongwang Holdings Ltd.		114,800		68,546
Chongqing Rural Commercial Bank Co., Ltd., Class H		6,488		5,015
CITIC Ltd.		64,000		90,122
Country Garden Holdings Co., Ltd.		45,000		93,951
CSPC Pharmaceutical Group Ltd.		32,000		86,256
EVA Precision Industrial Holdings Ltd.		20,236		3,120
Fosun International Ltd.		30,000		65,822
Guangzhou Automobile Group Co., Ltd., Class H		63,435		117,821
Guangzhou R&F Properties Co., Ltd., Class H		2,881		7,286
Haier Electronics Group Co., Ltd.		42,000		150,577
Hopewell Highway Infrastructure Ltd.		21,000		12,829
Hua Hong Semiconductor Ltd. (b)		51,000		102,138
Industrial & Commercial Bank of China Ltd., Class H		450,000		392,169
Jiangsu Expressway Co., Ltd., Class H		55,189		78,356
Jiayuan International Group Ltd. (g)		20,000		28,899
Ju Teng International Holdings Ltd.		4,744		1,174
Kingboard Chemical Holdings Ltd.		14,000		64,725
Lee & Man Paper Manufacturing Ltd.		48,517		51,805
Longfor Properties Co., Ltd.		14,845		45,772
Nexteer Automotive Group Ltd.		39,000		59,615
Orient Securities Co., Ltd., Class H (b)		21,600		20,224
Ping An Insurance Group Co. of China Ltd., Class H		27,000		278,388

146 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

	Shares		Value
Postal Savings Bank of China Co., Ltd., Class H (b)		100,000	$	63,425
Shanghai Industrial Holdings Ltd.		43,000		112,841
Shenzhen Expressway Co., Ltd., Class H		64,274		65,647
Sihuan Pharmaceutical Holdings Group Ltd.		185,000		55,321
Sinopec Shanghai Petrochemical Co., Ltd., Class H		91,380		55,838
Sinopharm Group Co., Ltd., Class H		15,921		79,725
Sinotrans Ltd., Class H		45,000		24,884
Sinotruk Hong Kong Ltd.		33,500		40,005
Tencent Holdings Ltd.		24,681		1,324,865
Tianneng Power International Ltd.		78,342		93,334
Tong Ren Tang Technologies Co., Ltd., Class H		2,726		4,555
Want Want China Holdings Ltd.		97,000		78,038
Weichai Power Co., Ltd., Class H		67,000		75,773
XTEP International Holdings Ltd.		7,651		4,266
Yum China Holdings, Inc.		2,047		84,950
Yuzhou Properties Co., Ltd.		133,088		91,413
YY, Inc. ADR (g)		657		69,116
				7,678,374
Colombia—0.1%
Bancolombia S.A.		12,731		137,696
Corp. Financiera Colombiana S.A.		346		2,947
				140,643
Czech Republic—0.0%
CEZ AS		1,419		35,331
O2 Czech Republic AS		1,665		22,986
Philip Morris CR AS		93		77,304
				135,621
Denmark—0.1%
Solar A/S, Class B		111		7,310
Spar Nord Bank A/S		377		4,496
Topdanmark A/S (g)		1,203		56,803
William Demant Holding A/S (g)		3,028		112,794
				181,403
Finland—0.2%
Cramo Oyj		1,938		40,430
Elisa Oyj		2,053		92,856
Finnair Oyj		2,810		39,135
Metsa Board Oyj		429		4,307
Neste Oyj		1,560		108,584
Oriola Oyj, Class B		700		2,120
Stora Enso Oyj, Class R		8,051		148,029
UPM-Kymmene Oyj		5,669		210,171
				645,632
France—2.3%
Air France-KLM (g)		6,444		71,907
APERAM S.A.		51		2,442
ArcelorMittal (g)		6,246		198,387
Assystem		517		17,717
Atos SE		1,992		272,922
AXA S.A.		16,478		438,035
Beneteau S.A.		1,793		39,061
BioMerieux		944		77,748
Boiron S.A.		31		2,612
Bouygues S.A.		6,399		320,834
Capgemini SE		1,008		125,773

	Shares		Value
Cegereal S.A. REIT		793	$	39,030
Cie Generale des Etablissements Michelin SCA		2,269		335,909
CNP Assurances		6,732		169,944
Coface S.A.		3,416		39,052
Derichebourg S.A.		4,537		39,958
Eiffage S.A.		3,231		367,983
Engie S.A.		18,990		317,104
Faurecia S.A.		1,794		145,163
Interparfums S.A.		909		41,852
Klepierre S.A. REIT		3,928		158,327
L’Oreal S.A.		1,022		230,827
LVMH Moet Hennessy Louis Vuitton S.A.		1,012		311,871
Metropole Television S.A.		5,408		139,330
MGI Coutier		1,628		61,361
Nexity S.A.		322		20,623
Orange S.A.		19,591		333,005
Orpea		512		65,018
Peugeot S.A.		7,196		173,275
Renault S.A.		1,527		185,298
Rubis SCA		80		5,778
Sanofi		5,486		440,197
SCOR SE		2,097		85,610
SEB S.A.		19		3,634
STMicroelectronics NV		4,337		96,514
Total S.A.		9,313		533,818
Vinci S.A.		6,662		656,174
				6,564,093
Germany—0.7%
Bayer AG		1,347		151,852
Bayerische Motoren Werke AG		1,321		143,685
Covestro AG (b)		2,079		204,713
Deutsche Lufthansa AG		7,221		230,837
Deutsche Post AG		8,158		357,314
Fraport AG Frankfurt Airport Services Worldwide		1,468		144,880
Fresenius SE & Co. KGaA		568		43,432
Hella GmbH & Co. KGaA		605		39,828
Rheinmetall AG		518		73,527
Rhoen Klinikum AG		147		4,952
Siemens AG		1,408		179,657
Sixt SE		37		4,021
Stroeer SE & Co. KGaA		580		40,532
TAG Immobilien AG		3,547		73,594
Talanx AG (g)		4,693		204,055
WCM Beteiligungs & Grundbesitz AG		1,866		8,984
Wuestenrot & Wuerttembergische AG		1,560		36,858
				1,942,721
Greece—0.1%
FF Group (g)		4,956		96,594
Hellenic Petroleum S.A.		4,186		40,499
JUMBO S.A.		6,391		114,338
Motor Oil Hellas Corinth Refineries S.A.		3,327		75,137
Mytilineos Holdings S.A. (g)		3,431		36,784
				363,352
Hong Kong—0.6%
AIA Group Ltd.		45,000		384,690
Cathay Pacific Airways Ltd. (g)		1,543		2,671
CK Hutchison Holdings Ltd.		1,297		15,584
CLP Holdings Ltd.		32,281		329,137
Dah Sing Banking Group Ltd.		1,623		3,552
Fairwood Holdings Ltd.		3,500		13,759
Global Brands Group Holding Ltd. (g)		614,000		34,741

	Shares		Value
Hang Seng Bank Ltd.		1,300	$	30,205
IT Ltd.		114,000		53,038
Johnson Electric Holdings Ltd.		34,000		127,943
Kerry Properties Ltd.		17,243		77,973
Link REIT		20,492		175,652
Minth Group Ltd.		13,315		61,091
Regal Hotels International Holdings Ltd.		38,000		27,031
Swire Pacific Ltd., Class A		6,156		62,339
VSTECS Holdings Ltd.		46,000		24,385
WH Group Ltd. (b)		114,000		122,149
Xinyi Glass Holdings Ltd.		44,292		67,419
Yue Yuen Industrial Holdings Ltd.		698		2,797
				1,616,156
Hungary—0.2%
Magyar Telekom Telecommunications PLC		87,892		156,848
MOL Hungarian Oil & Gas PLC		7,424		81,001
OTP Bank PLC		4,055		182,198
Richter Gedeon Nyrt		2,101		43,906
				463,953
India—0.0%
Genpact Ltd.		1,858		59,437
Indonesia—0.3%
Bank Negara Indonesia Persero Tbk PT		257,655		163,171
Bank Tabungan Negara Persero Tbk PT		343,400		95,088
Gudang Garam Tbk PT		13,900		73,401
Indo Tambangraya Megah Tbk PT		33,400		69,318
Indofood Sukses Makmur Tbk PT		115,479		60,541
Telekomunikasi Indonesia Persero Tbk PT		1,306,806		343,631
Unilever Indonesia Tbk PT		23,400		84,409
				889,559
Ireland—0.0%
Irish Residential Properties REIT PLC		5,191		8,889
Origin Enterprises PLC		2,219		14,607
				23,496
Israel—0.2%
B Communications Ltd. (g)		1,705		22,466
Bank Hapoalim BM		17,214		118,379
Bank Leumi Le-Israel BM		27,434		165,714
First International Bank of Israel Ltd.		3,430		72,400
Harel Insurance Investments & Financial Services Ltd.		5,173		40,991
Hilan Ltd.		2,669		59,604
Ituran Location and Control Ltd.		2,028		63,071
Jerusalem Oil Exploration (g)		877		48,807
Mizrahi Tefahot Bank Ltd.		3,739		71,624
Shufersal Ltd.		3,759		24,031
				687,087
Italy—0.6%
Amplifon SpA		4,460		79,291
ASTM SpA		1,590		40,093
Cementir Holding SpA		4,685		40,631
Enel SpA		74,124		453,580
Fila SpA		543		11,691

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 147

Schedule of Investments

March 31, 2018 (Unaudited)

	Shares		Value
Intesa Sanpaolo SpA		66,054	$	240,503
Iren SpA		18,717		58,766
La Doria SpA		2,524		38,226
Maire Tecnimont SpA		7,699		39,645
Mediobanca Banca di Credito Finanziario SpA		7,246		85,187
Prima Industrie SpA		831		37,432
Snam SpA		20,804		95,632
Societa Iniziative Autostradali e Servizi SpA		3,584		66,794
Telecom Italia SpA (g)		269,183		255,587
Unipol Gruppo SpA		15,252		74,631
				1,617,689
Japan—5.3%
ADEKA Corp.		26		465
Aida Engineering Ltd.		142		1,741
Aisin Seiki Co., Ltd.		3,200		174,633
ANA Holdings, Inc.		4,145		160,619
Aoyama Trading Co., Ltd.		111		4,362
Asahi Glass Co., Ltd.		2,200		92,196
Asahi Group Holdings Ltd.		2,600		139,824
Astellas Pharma, Inc.		13,292		203,314
Bandai Namco Holdings, Inc.		2,200		71,200
BML, Inc.		518		13,506
Brother Industries Ltd.		5,500		127,531
Canon, Inc.		13,310		482,864
Chubu Electric Power Co., Inc.		11,500		165,045
Concordia Financial Group Ltd.		16,000		90,343
Daiichi Sankyo Co., Ltd.		3,747		125,696
Daito Pharmaceutical Co., Ltd.		152		5,491
Daiwa House Industry Co., Ltd.		3,454		133,059
DCM Holdings Co., Ltd.		5,325		54,186
Denso Corp.		2,600		143,012
Doutor Nichires Holdings Co., Ltd.		1,851		43,995
DTS Corp.		399		13,888
DyDo Group Holdings, Inc.		326		20,538
EDION Corp.		2,473		28,591
Eizo Corp.		1,500		69,179
Electric Power Development Co., Ltd.		9,100		234,561
EPS Holdings, Inc.		700		14,371
Exedy Corp.		2,074		65,623
FANUC Corp.		800		205,882
Fuji Oil Holdings, Inc.		2,216		67,372
Fuji Soft, Inc.		272		10,848
FUJIFILM Holdings Corp.		3,421		136,613
Fukuoka Financial Group, Inc.		14,000		76,694
Fukuyama Transporting Co., Ltd.		345		15,069
Furukawa Electric Co., Ltd.		1,200		64,549
Gecoss Corp.		5,200		53,512
Geo Holdings Corp.		536		8,516
Goldcrest Co., Ltd.		3,200		68,287
Hankyu Hanshin Holdings, Inc.		2,070		77,530
Hitachi Ltd.		32,000		233,075
Hogy Medical Co., Ltd.		278		11,229
Honda Motor Co., Ltd.		17,100		591,944
Honeys Holdings Co., Ltd.		39		367
Iida Group Holdings Co., Ltd.		12,900		241,135
ITOCHU Corp.		24,177		472,108
Japan Airlines Co., Ltd.		7,237		294,663
JFE Holdings, Inc.		4,000		80,685
JXTG Holdings, Inc.		20,500		124,980
Kagome Co., Ltd.		1,800		63,209
Kajima Corp.		13,000		122,218
Kamei Corp.		3,000		41,409

	Shares		Value
Keyence Corp.		300	$	187,397
Komatsu Ltd.		5,000		167,495
Konica Minolta, Inc.		9,100		77,359
Kyokuto Kaihatsu Kogyo Co., Ltd.		2,700		39,924
Kyowa Exeo Corp.		2,600		69,596
Kyudenko Corp.		1,300		63,861
LaSalle Logiport REIT		35		37,355
Marubeni Corp.		24,000		175,261
Mazda Motor Corp.		14,800		197,932
Mitsubishi Chemical Holdings Corp.		11,506		112,028
Mitsubishi Corp.		15,800		425,321
Mitsubishi Gas Chemical Co., Inc.		271		6,540
Mitsubishi Tanabe Pharma Corp.		7,386		149,222
Mitsubishi UFJ Financial Group, Inc.		48,685		323,542
Mitsuboshi Belting Ltd.		142		1,582
Mitsui & Co., Ltd.		23,000		395,781
Mitsui Sugar Co., Ltd.		3,500		134,593
NEC Networks & System Integration Corp.		765		19,898
NET One Systems Co., Ltd.		3,200		46,992
Nichias Corp.		2,396		30,426
Nidec Corp.		1,100		169,299
Nihon Unisys Ltd.		3,321		72,134
Nintendo Co., Ltd.		400		177,709
Nippon Road Co., Ltd.		800		39,502
Nippon Telegraph & Telephone Corp.		15,008		700,169
Nissan Motor Co., Ltd.		33,259		343,304
Nisshin Oillio Group Ltd.		692		19,305
Nomura Real Estate Holdings, Inc.		3,157		74,130
NS United Kaiun Kaisha Ltd.		1,900		38,240
NTT Data Corp.		9,215		96,829
NTT DOCOMO, Inc.		14,043		358,004
Obayashi Corp.		5,027		55,377
ORIX Corp.		11,701		209,693
Pacific Industrial Co., Ltd.		224		2,987
Prima Meat Packers Ltd.		14,462		81,389
Raito Kogyo Co., Ltd.		1,663		17,593
Recruit Holdings Co., Ltd.		4,800		120,305
Rohm Co., Ltd.		1,600		151,873
Rohto Pharmaceutical Co., Ltd.		2,100		59,097
S Foods, Inc.		772		31,949
Sanyo Special Steel Co., Ltd.		182		4,601
Sawai Pharmaceutical Co., Ltd.		925		40,677
Sekisui House Ltd.		4,700		86,000
Senko Group Holdings Co., Ltd.		1,796		14,054
Shibaura Electronics Co., Ltd.		200		9,711
Shin-Etsu Chemical Co., Ltd.		3,300		344,220
SoftBank Group Corp.		6,400		477,384
Sojitz Corp.		17,884		57,044
Sony Corp.		6,500		319,802
Stella Chemifa Corp.		1,511		45,451
Sumitomo Dainippon Pharma Co., Ltd.		4,968		82,993
Sumitomo Electric Industries Ltd.		17,500		267,461
Takasago Thermal Engineering Co., Ltd.		397		7,366
Takeda Pharmaceutical Co., Ltd.		4,243		206,894
Teijin Ltd.		4,000		76,010
Toho Co., Ltd.		2,000		66,570
Tokyo Electron Ltd.		500		92,496
Toray Industries, Inc.		4,826		45,907
Toshiba Plant Systems & Services Corp.		2,000		43,734

	Shares		Value
Towa Pharmaceutical Co., Ltd.		138	$	8,792
Toyota Motor Corp.		11,251		730,546
Toyota Tsusho Corp.		2,600		87,866
Tv Tokyo Holdings Corp.		266		7,150
Unipres Corp.		317		7,199
Wacoal Holdings Corp.		298		8,648
West Japan Railway Co.		1,401		99,326
Yakult Honsha Co., Ltd.		1,300		97,447
Yamaha Motor Co., Ltd.		2,900		86,281
Yomiuri Land Co., Ltd.		900		38,711
Yorozu Corp.		259		4,299
Yoshinoya Holdings Co., Ltd.		1,475		29,690
Yurtec Corp.		132		1,054
				14,718,104
Korea (Republic of)—1.3%
CJ Hello Co., Ltd.		889		7,088
Daekyo Co., Ltd.		777		5,788
DGB Financial Group, Inc.		12,331		135,755
Easy Bio, Inc.		559		3,663
GS Holdings Corp.		1,215		70,652
Hana Financial Group, Inc.		2,429		104,683
Hansol Paper Co., Ltd.		477		7,190
Hanwha Chemical Corp.		4,949		138,484
Hyundai Department Store Co., Ltd.		793		67,689
Hyundai Development Co-Engineering & Construction		1,816		64,981
Hyundai Engineering Plastics Co., Ltd.		864		5,291
Hyundai Steel Co.		1,889		91,765
Industrial Bank of Korea		5,202		76,622
KB Financial Group, Inc.		2,880		167,032
KC Co., Ltd.		70		1,577
KC Tech Co., Ltd. (g)		103		2,180
KT Corp.		221		5,690
KT&G Corp.		853		80,237
Kukdo Chemical Co., Ltd.		130		7,315
LG Corp.		831		68,213
LG Electronics, Inc.		1,946		200,782
LG Uplus Corp.		5,641		65,519
Lotte Chemical Corp.		167		68,417
LS Corp.		973		67,693
Macquarie Korea Infrastructure Fund		4,385		36,161
OCI Co., Ltd.		553		82,759
POSCO		1,132		361,335
S-Oil Corp.		1,011		114,479
Samjin Pharmaceutical Co., Ltd.		320		13,090
Samsung Electronics Co., Ltd.		85		198,600
Samsung Electronics Co., Ltd. GDR		631		723,126
Shinhan Financial Group Co., Ltd.		4,196		178,998
SK Innovation Co., Ltd.		855		169,939
SK Telecom Co., Ltd.		604		130,969
Ubiquoss Holdings, Inc.		442		2,549
Ubiquoss, Inc. (g)		140		2,935
Woori Bank		7,482		101,734
				3,630,980
Malaysia—0.3%
AirAsia Group Bhd.		65,300		67,125
Ann Joo Resources Bhd.		32,300		25,369
CIMB Group Holdings Bhd.		95,200		177,150
Genting Bhd.		36,500		82,305
Genting Malaysia Bhd.		64,400		80,936
Hong Leong Financial Group Bhd.		14,500		72,154
KNM Group Bhd. (g)		31,700		1,731
Malayan Banking Bhd.		41,200		112,231
Maxis Bhd.		3,200		4,712

148 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

	Shares		Value
MISC Bhd.		17,300	$	31,641
Public Bank Bhd.		10,300		64,041
Supermax Corp. Bhd.		20,100		13,404
Tenaga Nasional Bhd.		26,500		110,892
VS Industry Bhd.		56,300		34,373
				878,064
Mexico—0.2%
Alfa S.A.B de C.V., Class A		62,800		80,486
Banco del Bajio S.A. (b)(g)		12,600		27,023
El Puerto de Liverpool S.A.B de C.V.		9,800		72,638
Grupo Aeroportuario del Pacifico S.A.B de C.V. ADR		47		4,683
Grupo Financiero Banorte S.A.B de C.V., Class O		18,200		110,381
Grupo Lala S.A.B de C.V.		4,496		6,128
Industrias Bachoco S.A.B de C.V. ADR		1,280		79,296
Macquarie Mexico Real Estate Management S.A. de C.V. REIT (g)		62,700		70,357
Wal-Mart de Mexico SAB De C.V.		67,400		170,539
				621,531
Morocco—0.0%
Douja Promotion Groupe Addoha S.A.		3,431		12,743
Netherlands—0.8%
ABN AMRO Group NV (b)		5,801		174,919
Aegon NV		14,747		99,495
AerCap Holdings NV (g)		2,762		140,089
AMG Advanced Metallurgical Group NV		879		39,311
ASML Holding NV		1,326		262,937
ASR Nederland NV		5,907		252,573
BE Semiconductor Industries NV		771		79,089
ING Groep NV		19,773		333,673
Koninklijke Ahold Delhaize NV		15,915		377,121
Koninklijke DSM NV		1,223		121,562
Koninklijke Volkerwessels NV		2,060		56,533
NN Group NV		6,911		307,055
Philips Lighting NV (b)		1,865		70,119
Vastned Retail NV REIT		232		11,067
				2,325,543
New Zealand—0.2%
Air New Zealand Ltd.		80,996		189,790
Arvida Group Ltd.		9,216		7,859
Auckland International Airport Ltd.		14,167		62,865
Fonterra Co-operative Group Ltd. UNIT		2,607		11,151
Kiwi Property Group Ltd. REIT		1,590		1,543
Metlifecare Ltd.		25,550		108,193
Oceania Healthcare Ltd.		38,432		27,357
Summerset Group Holdings Ltd.		16,553		83,247
Tourism Holdings Ltd.		3,164		13,978
				505,983
Norway—0.3%
Austevoll Seafood ASA		5,188		52,209
Avance Gas Holding Ltd. (b)(g)		97		290
B2Holding ASA		15,516		38,822
Evry AS (b)(g)		10,544		40,757
Leroy Seafood Group ASA		6,270		38,932
Marine Harvest ASA		705		14,251
Norsk Hydro ASA		26,959		159,912
Norwegian Finans Holding ASA (g)		6,317		71,348

	Shares		Value
Orkla ASA		4,764	$	51,342
Salmar ASA		2,412		99,316
Sparebank 1 Nord Norge		7,721		61,358
SpareBank 1 SMN		7,418		76,889
Telenor ASA		8,132		184,931
				890,357
Peru—0.0%
Ferreycorp SAA		34,967		27,531
Volcan Cia Minera SAA, Class B		76,624		28,502
				56,033
Philippines—0.1%
Bloomberry Resorts Corp. (g)		101,900		28,203
Cebu Air, Inc.		28,120		50,983
DMCI Holdings, Inc.		437,900		102,505
Filinvest Land, Inc.		828,000		26,184
Globe Telecom, Inc.		2,315		71,964
San Miguel Corp.		10,250		26,418
Vista Land & Lifescapes, Inc.		443,200		55,256
				361,513
Poland—0.0%
Asseco Poland S.A.		501		6,595
Ciech S.A. (g)		570		9,833
Polski Koncern Naftowy Orlen S.A.		3,189		78,491
				94,919
Russian Federation—0.1%
Magnitogorsk Iron & Steel Works PJSC GDR		7,225		71,816
PhosAgro PJSC GDR		1,266		18,408
Surgutneftegas OJSC ADR		669		3,278
United Co. RUSAL PLC		150,000		91,263
				184,765
Singapore—0.6%
Accordia Golf Trust UNIT		12,500		6,149
Asian Pay Television Trust UNIT		118,900		48,204
BOC Aviation Ltd. (b)		32,000		190,854
Bumitama Agri Ltd.		107,400		58,158
DBS Group Holdings Ltd.		12,900		272,478
Fortune Real Estate Investment Trust REIT		11,000		13,356
Frasers Logistics & Industrial Trust REIT		55,700		46,331
Genting Singapore PLC		86,500		71,745
Keppel DC REIT		13,600		14,974
Mapletree Industrial Trust REIT		9,000		13,967
Oversea-Chinese Banking Corp., Ltd.		29,400		289,619
QAF Ltd.		50,100		38,642
SATS Ltd.		14,100		55,409
Sheng Siong Group Ltd.		23,700		16,840
Singapore Airlines Ltd.		18,000		149,574
Sino Grandness Food Industry Group Ltd. (g)		25,900		3,872
United Overseas Bank Ltd.		6,800		143,087
Venture Corp., Ltd.		4,400		95,158
Yanlord Land Group Ltd.		48,500		62,793
				1,591,210
South Africa—0.2%
Fortress REIT Ltd., Class A REIT		49,467		67,073
Harmony Gold Mining Co., Ltd.		5,863		13,934
Naspers Ltd., Class N		1,465		358,504
				439,511

	Shares		Value
Spain—0.6%
ACS Actividades de Construccion y Servicios S.A.		3,141	$	122,548
Amadeus IT Group S.A.		3,686		272,776
Axiare Patrimonio SOCIMI S.A. REIT		221		4,497
Banco Santander S.A.		59,596		390,078
CaixaBank S.A.		28,033		133,652
Ebro Foods S.A.		2,800		71,235
Ercros S.A.		9,151		48,021
International Consolidated Airlines Group S.A.		16,982		146,577
Lar Espana Real Estate Socimi S.A. REIT		137		1,644
Papeles y Cartones de Europa S.A.		3,787		66,137
Repsol S.A.		17,807		316,531
Telefonica S.A.		19,791		196,066
				1,769,762
Sweden—0.5%
Ahlsell AB (b)		8,242		51,982
BillerudKorsnas AB		199		3,086
Bravida Holding AB (b)		9,507		68,076
Dios Fastigheter AB		9,921		67,115
Hemfosa Fastigheter AB		5,370		65,234
Holmen AB, Class B		1,594		86,703
Humana AB		1,844		10,496
Klovern AB, Class B		45,445		56,472
Pandox AB		2,211		39,785
Peab AB		211		1,905
Sandvik AB		10,617		194,516
Scandic Hotels Group AB (b)		5,709		54,762
Swedbank AB, Class A		9,375		210,660
Volvo AB, Class B		20,309		371,743
				1,282,535
Switzerland—0.7%
Allreal Holding AG (g)		229		37,688
Baloise Holding AG		538		82,305
Banque Cantonale Vaudoise		41		33,187
Barry Callebaut AG		40		78,230
BKW AG		145		9,645
Bobst Group S.A.		1,000		110,917
Cembra Money Bank AG		50		4,444
Intershop Holding AG		17		8,927
Landis+Gyr Group AG (g)		860		66,663
Nestle S.A.		1,560		123,305
Novartis AG		9,287		751,141
Partners Group Holding AG		182		135,431
Schweiter Technologies AG		8		9,521
Siegfried Holding AG (g)		47		15,832
Straumann Holding AG		141		88,963
Swiss Life Holding AG (g)		804		286,519
Swiss Re AG		1,260		128,604
				1,971,322
Taiwan—1.0%
Accton Technology Corp.		19,000		62,767
Arcadyan Technology Corp.		4,000		7,415
Asia Vital Components Co., Ltd.		12,000		12,104
AU Optronics Corp.		143,000		66,301
Chailease Holding Co., Ltd.		11,000		38,203
Chin-Poon Industrial Co., Ltd.		7,000		12,630
China Airlines Ltd. (g)		56,000		20,600
China Metal Products		8,000		7,947
China Motor Corp.		10,000		9,464
Chunghwa Telecom Co., Ltd.		74,000		285,149
E Ink Holdings, Inc.		56,000		93,766
Elite Material Co., Ltd.		11,000		36,503

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 149

Schedule of Investments

March 31, 2018 (Unaudited)

	Shares		Value
Farglory Land Development Co., Ltd.		18,000	$	20,339
First Financial Holding Co., Ltd.		200,160		139,604
Formosa Petrochemical Corp.		47,000		193,040
Formosa Plastics Corp.		9,000		32,054
General Interface Solution Holding Ltd.		11,000		67,978
Getac Technology Corp.		18,000		26,047
Gintech Energy Corp. (g)		6,000		3,285
Grand Pacific Petrochemical		84,000		88,762
Hon Hai Precision Industry Co., Ltd.		134,000		417,942
Huaku Development Co., Ltd.		16,000		39,688
King Yuan Electronics Co., Ltd.		28,000		29,390
King’s Town Bank Co., Ltd.		40,000		50,912
LCY Chemical Corp.		24,000		36,754
Long Chen Paper Co., Ltd.		43,000		48,834
Nanya Technology Corp.		13,000		41,653
Pou Chen Corp.		99,000		132,199
Powertech Technology, Inc.		34,000		107,184
Qisda Corp.		63,000		47,172
Sercomm Corp.		11,000		30,380
Sinbon Electronics Co., Ltd.		13,000		34,342
Sitronix Technology Corp.		3,000		8,985
Syncmold Enterprise Corp.		14,000		32,851
Taiwan Business Bank		209,370		62,696
Taiwan Cooperative Financial Holding Co., Ltd.		63,000		37,246
Taiwan Hon Chuan Enterprise Co., Ltd.		5,000		9,646
TXC Corp.		15,000		20,264
United Integrated Services Co., Ltd.		20,000		45,146
Wistron Corp.		37,000		32,008
Wistron NeWeb Corp.		5,148		13,590
WT Microelectronics Co., Ltd.		6,707		10,892
Yageo Corp.		2,096		38,028
Yuanta Financial Holding Co., Ltd.		317,000		146,280
				2,698,040
Thailand—0.6%
Bangchak Corp. PCL (e)(f)		56,500		70,351
Bangkok Bank PCL		12,700		87,282
Banpu PCL (e)(f)		161,400		107,964
Electricity Generating PCL (e)(f)		23,000		168,616
Intouch Holdings PCL		25,300		46,971
Kiatnakin Bank PCL (e)(f)		100,600		232,118
PTT Global Chemical PCL (e)(f)		47,100		143,171
PTT PCL (e)(f)		15,100		265,942
Siam Cement PCL		14,100		222,880
Sri Trang Agro-Industry PCL (e)(f)		8,200		2,897
Thai Oil PCL (e)(f)		3,600		10,493
Thanachart Capital PCL (e)(f)		43,800		73,047
Tisco Financial Group PCL (e)(f)		44,000		124,062
				1,555,794
Turkey—0.3%
Akbank Turk AS		56,083		136,368
Dogus Otomotiv Servis ve Ticaret AS (g)		909		1,881
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT (g)		83,530		53,739

	Shares		Value
Eregli Demir ve Celik Fabrikalari TAS		25,934	$	68,564
Soda Sanayii AS		95,505		132,788
TAV Havalimanlari Holding AS		10,694		64,423
Tekfen Holding AS		16,616		71,754
Tofas Turk Otomobil Fabrikasi AS		15,853		106,847
Tupras Turkiye Petrol Rafinerileri AS		58		1,620
Turkiye Halk Bankasi AS		32,412		74,719
Turkiye Vakiflar Bankasi Tao		39,830		65,955
Yatas Yatak ve Yorgan Sanayi ve Ticaret AS (g)		2,973		25,892
				804,550
United Kingdom—2.5%
3i Group PLC		8,560		103,318
Anglo American PLC		13,620		317,273
Aviva PLC		28,816		201,109
Bellway PLC		2,026		86,703
Berkeley Group Holdings PLC		1,337		71,074
Biffa PLC (b)		16,942		47,539
BP PLC		77,516		522,853
British American Tobacco PLC		10,680		617,377
British American Tobacco PLC ADR		6,178		356,409
BT Group PLC		46,773		149,291
Burford Capital Ltd.		2,224		41,946
Carnival PLC		3,000		193,090
Central Asia Metals PLC		8,818		39,715
Compass Group PLC		8,703		177,706
Costain Group PLC		6,064		39,519
easyJet PLC		3,319		74,817
EI Group PLC (g)		37,830		61,114
Equiniti Group PLC (b)		9,227		38,710
Ferrexpo PLC		9,554		32,832
Firstgroup PLC (g)		69,732		80,333
Gamma Communications PLC		2,555		25,093
HSBC Holdings PLC		38,751		363,900
J Sainsbury PLC		28,329		95,029
Jackpotjoy PLC (g)		7,484		85,260
Johnson Service Group PLC		5,867		11,145
Keller Group PLC		10,963		134,017
Laird PLC		14,389		40,416
Legal & General Group PLC		52,714		190,996
Lloyds Banking Group PLC		371,644		338,057
Micro Focus International PLC		162		2,262
Morgan Sindall Group PLC		3,892		63,888
National Express Group PLC		29,915		162,184
Nomad Foods Ltd. (g)		2,497		39,303
Plus500 Ltd.		2,720		43,584
Primary Health Properties PLC REIT		4,727		7,308
Renewables Infrastructure Group Ltd.		27,255		40,661
Rio Tinto PLC		7,974		404,633
Robert Walters PLC		2,852		27,209
Royal Dutch Shell PLC, Class A		6,083		193,787
Royal Dutch Shell PLC, Class B		22,544		725,431
Safestore Holdings PLC REIT		5,621		38,761
Schroders PLC		1,204		38,591
SIG PLC		20,896		39,762
Softcat PLC		4,246		40,790
Stock Spirits Group PLC		11,397		39,735
Tate & Lyle PLC		23,415		178,835
Taylor Wimpey PLC		38,774		100,452

	Shares		Value
Trinity Mirror PLC		3,803	$	4,242
TUI AG		7,356		157,739
Virgin Money Holdings UK PLC		906		3,348
Watkin Jones PLC		15,706		39,488
				6,928,634
United States—30.9%
3M Co.		945		207,446
Aaron’s, Inc.		1,421		66,219
Abbott Laboratories		9,127		546,890
AbbVie, Inc.		10,295		974,422
Accenture PLC, Class A		1,252		192,182
ACCO Brands Corp.		5,102		64,030
Activision Blizzard, Inc.		2,000		134,920
Adobe Systems, Inc. (g)		1,709		369,281
Advanced Energy Industries, Inc. (g)		1,225		78,278
Aetna, Inc.		600		101,400
Aflac, Inc.		10,880		476,109
AG Mortgage Investment Trust, Inc. REIT		9,076		157,650
Agilent Technologies, Inc.		5,516		369,020
AGNC Investment Corp. REIT		14,536		275,021
Air Lease Corp.		2,180		92,912
Alaska Air Group, Inc.		1,211		75,034
Alcoa Corp. (g)		3,317		149,132
Align Technology, Inc. (g)		1,771		444,751
Allison Transmission Holdings, Inc.		5,941		232,055
Allstate Corp.		3,789		359,197
Ally Financial, Inc.		3,701		100,482
Alphabet, Inc., Class A (g)		456		472,936
Alphabet, Inc., Class C (g)		491		506,609
Altria Group, Inc.		12,299		766,474
Amazon.com, Inc. (g)		781		1,130,373
Amdocs Ltd.		1,946		129,837
Ameren Corp.		2,208		125,039
American Electric Power Co., Inc.		1,807		123,942
American Equity Investment Life Holding Co.		3,598		105,637
American Financial Group, Inc.		742		83,267
Ameriprise Financial, Inc.		1,298		192,026
AmerisourceBergen Corp.		2,761		238,026
Amgen, Inc.		2,956		503,939
Andeavor		1,878		188,852
Annaly Capital Management, Inc. REIT		51,394		536,039
Anthem, Inc.		2,659		584,182
Anworth Mortgage Asset Corp. REIT		10,022		48,106
Apollo Commercial Real Estate Finance, Inc. REIT		2,507		45,076
Apollo Investment Corp.		906		4,729
Apple, Inc.		12,464		2,091,210
Applied Materials, Inc.		6,269		348,619
Ares Commercial Real Estate Corp. REIT		1,967		24,292
ARMOUR Residential REIT, Inc.		1,450		33,756
Arrow Electronics, Inc. (g)		1,380		106,288
ASGN, Inc. (g)		64		5,240
AT&T, Inc.		45,248		1,613,091
Athene Holding Ltd., Class A (g)		5,968		285,330
Atmos Energy Corp.		946		79,691
Automatic Data Processing, Inc.		4,406		499,993
AutoZone, Inc. (g)		268		173,849
AvalonBay Communities, Inc. REIT		564		92,755
Avery Dennison Corp.		727		77,244
Bank of America Corp.		38,215		1,146,068

150 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

	Shares		Value
Bank of New York Mellon Corp.		5,506	$	283,724
Baxter International, Inc.		8,566		557,133
Becton Dickinson and Co.		1,852		401,328
Bemis Co., Inc.		10		435
Berkshire Hathaway, Inc., Class B (g)		84		16,756
Berry Global Group, Inc. (g)		1,229		67,362
Best Buy Co., Inc.		3,087		216,059
BGC Partners, Inc., Class A		9,935		133,626
Bio-Techne Corp.		909		137,295
BlackRock, Inc.		460		249,191
Blackstone Mortgage Trust, Inc., Class A REIT		1,958		61,520
Blucora, Inc. (g)		5,678		139,679
Boeing Co.		2,310		757,403
BorgWarner, Inc.		1,997		100,309
Bristol-Myers Squibb Co.		3,458		218,719
Brixmor Property Group, Inc. REIT		256		3,904
Broadcom Ltd.		1,475		347,584
Broadridge Financial Solutions, Inc.		1,241		136,125
Burlington Stores, Inc. (g)		200		26,630
CA, Inc.		6,635		224,927
Cambrex Corp. (g)		115		6,015
Camping World Holdings, Inc., Class A		1,996		64,371
Capitol Federal Financial, Inc.		2,995		36,988
Capstead Mortgage Corp. REIT		3,269		28,277
Caterpillar, Inc.		2,176		320,699
Cavium, Inc. (g)		83		6,589
Celanese Corp., Ser. A		1,066		106,824
Centene Corp. (g)		2,223		237,572
CenterPoint Energy, Inc.		11,256		308,414
Central Garden & Pet Co., Class A (g)		2,214		87,697
Charles River Laboratories International, Inc. (g)		958		102,257
Chatham Lodging Trust REIT		3,180		60,897
Chemours Co.		2,485		121,044
Chevron Corp.		7,056		804,666
Children’s Place, Inc.		1,176		159,054
Chimera Investment Corp. REIT		6,155		107,159
Chubb Ltd.		600		82,062
Cigna Corp.		1,282		215,043
Cisco Systems, Inc.		23,764		1,019,238
Citigroup, Inc.		10,653		719,078
Citizens Financial Group, Inc.		5,033		211,285
Clorox Co.		1,124		149,616
CME Group, Inc.		917		148,316
CMS Energy Corp.		2,036		92,210
CNA Financial Corp.		777		38,345
Coca-Cola Co.		6,591		286,247
Cognizant Technology Solutions Corp., Class A		6,940		558,670
Colgate-Palmolive Co.		1,107		79,350
Comcast Corp., Class A		19,386		662,420
CONSOL Energy, Inc. (g)		1,354		39,225
Consolidated Edison, Inc.		4,648		362,265
Constellation Brands, Inc., Class A		352		80,228
Cooper Cos., Inc.		870		199,065
Cooper-Standard Holdings, Inc. (g)		545		66,931
Copa Holdings S.A., Class A		310		39,875
Crawford & Co., Class A		6,758		54,199
Cummins, Inc.		1,309		212,176
CVS Health Corp.		12,857		799,834
CYS Investments, Inc. REIT		6,392		42,954
Danaher Corp.		3,779		370,002
Darden Restaurants, Inc.		2,069		176,382

	Shares		Value
Deciphera Pharmaceuticals, Inc. (g)		1,084	$	21,723
Deere & Co.		1,819		282,527
Dell Technologies, Inc., Class V (g)		824		60,325
Delta Air Lines, Inc.		1,842		100,960
Dime Community Bancshares, Inc.		279		5,134
Dollar Tree, Inc. (g)		1,495		141,876
Dominion Energy, Inc.		60		4,046
Donegal Group, Inc., Class A		1,812		28,630
DowDuPont, Inc.		6,483		413,032
DTE Energy Co.		923		96,361
Duke Energy Corp.		4,707		364,651
DXC Technology Co.		1,701		171,002
Dynex Capital, Inc. REIT		23,450		155,474
E*TRADE Financial Corp. (g)		2,028		112,371
Eastman Chemical Co.		3,259		344,085
eBay, Inc. (g)		6,808		273,954
Edison International		3,772		240,126
Eli Lilly & Co.		708		54,778
Ennis, Inc.		1,258		24,783
Ensco PLC, Class A		782		3,433
Entergy Corp.		3,930		309,605
Enviva Partners L.P.		505		13,837
Equinix, Inc. REIT		7		2,927
Equity LifeStyle Properties, Inc. REIT		982		86,190
Essent Group Ltd. (g)		3,141		133,681
Essex Property Trust, Inc. REIT		512		123,228
Estee Lauder Cos., Inc., Class A		1,532		229,371
Everest Re Group Ltd.		791		203,145
Exelon Corp.		9,284		362,169
Express Scripts Holding Co. (g)		1,493		103,136
Exxon Mobil Corp.		13,913		1,038,049
Facebook, Inc., Class A (g)		8,533		1,363,488
Federal Agricultural Mortgage Corp., Class C		128		11,139
FedEx Corp.		1,956		469,655
Fidelity National Information Services, Inc.		2,426		233,624
First American Financial Corp.		1,114		65,370
First NBC Bank Holding Co. (g)		1,041		30
Ford Motor Co.		31,120		344,810
FTI Consulting, Inc. (g)		1,023		49,523
Gaming and Leisure Properties, Inc.		2,266		75,843
Gap, Inc.		2,802		87,422
Garmin Ltd.		1,405		82,797
General Mills, Inc.		2,300		103,638
General Motors Co.		17,305		628,864
German American Bancorp, Inc.		67		2,234
Gilead Sciences, Inc.		300		22,617
Global Brass & Copper Holdings, Inc.		1,340		44,823
Goldman Sachs Group, Inc.		1,342		337,996
Granite Point Mortgage Trust, Inc. REIT		160		2,646
Hamilton Beach Brands Holding Co., Class A		2,937		62,323
Hartford Financial Services Group, Inc.		1,785		91,963
Hawkins, Inc.		2,038		71,636
Healthcare Services Group, Inc.		825		35,871
Hershey Co.		719		71,152
Hewlett Packard Enterprise Co.		14,109		247,472
Hill-Rom Holdings, Inc.		825		71,775
Home Depot, Inc.		7,522		1,340,721

	Shares		Value
Hooker Furniture Corp.		1,061	$	38,939
Horizon Pharma PLC (g)		462		6,560
HP, Inc.		24,492		536,865
Humana, Inc.		900		241,947
Huntington Ingalls Industries, Inc.		78		20,105
Illumina, Inc. (g)		920		217,506
Ingredion, Inc.		3,846		495,826
Insight Enterprises, Inc. (g)		12		419
Intel Corp.		25,673		1,337,050
Intuitive Surgical, Inc. (g)		2,028		837,219
Invesco Ltd.		257		8,227
Invesco Mortgage Capital, Inc. REIT		7,215		118,182
IQVIA Holdings, Inc. (g)		1,462		143,437
Jacobs Engineering Group, Inc.		1,483		87,719
Janus Henderson Group PLC		3,902		129,117
JetBlue Airways Corp. (g)		2,879		58,501
John B Sanfilippo & Son, Inc.		57		3,299
Johnson & Johnson		15,598		1,998,884
Jones Lang LaSalle, Inc.		870		151,937
JPMorgan Chase & Co.		12,894		1,417,953
Kansas City Southern		1,518		166,752
Kellogg Co.		315		20,478
Kimberly-Clark Corp.		1,387		152,750
Kohl’s Corp.		1,559		102,130
Korn/Ferry International		801		41,324
Laboratory Corp. of America Holdings (g)		3,298		533,452
Lam Research Corp.		2,423		492,257
Lamb Weston Holdings, Inc.		2,427		141,300
Las Vegas Sands Corp.		2,950		212,105
Lear Corp.		957		178,088
Legg Mason, Inc.		3,402		138,291
Leidos Holdings, Inc.		2,391		156,371
Lennar Corp., Class A		1,997		117,703
Leucadia National Corp.		3,905		88,761
LHC Group, Inc. (g)		1,919		118,134
Lincoln National Corp.		2,695		196,897
Macy’s, Inc.		5,102		151,733
Manhattan Associates, Inc. (g)		85		3,560
ManpowerGroup, Inc.		1,261		145,141
Marathon Petroleum Corp.		3,265		238,704
Marsh & McLennan Cos., Inc.		647		53,436
Masimo Corp. (g)		867		76,253
Mastercard, Inc., Class A		4,071		713,076
Maxim Integrated Products, Inc.		1,905		114,719
MCBC Holdings, Inc. (g)		2,622		66,074
McDonald’s Corp.		7,550		1,180,669
McKesson Corp.		2,516		354,429
MDC Holdings, Inc.		2,375		66,310
MedEquities Realty Trust, Inc. REIT		2,912		30,605
Mercer International, Inc.		4,271		53,174
Merck & Co., Inc.		11,730		638,933
Merit Medical Systems, Inc. (g)		1,530		69,386
Mettler-Toledo International, Inc. (g)		569		327,192
MFA Financial, Inc. REIT		7,896		59,457
Micron Technology, Inc. (g)		6,541		341,048
Microsoft Corp.		18,717		1,708,301
Mid-America Apartment Communities, Inc. REIT		709		64,689
MKS Instruments, Inc.		679		78,526
Mohawk Industries, Inc. (g)		327		75,936
Molson Coors Brewing Co., Class B		3,062		230,660
Mondelez International, Inc., Class A		8,366		349,113
Morgan Stanley		6,504		350,956
Morningstar, Inc.		74		7,068

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 151

Schedule of Investments

March 31, 2018 (Unaudited)

	Shares		Value
Motorola Solutions, Inc.		1,075	$	113,198
MTGE Investment Corp. REIT		2,661		47,632
New Residential Investment Corp. REIT		2,868		47,179
Nexeo Solutions, Inc. (g)		14,264		152,625
NextEra Energy, Inc.		1,985		324,210
Northfield Bancorp, Inc.		664		10,365
Northrop Grumman Corp.		1,796		627,020
NVIDIA Corp.		2,259		523,162
NVR, Inc. (g)		12		33,600
ON Semiconductor Corp. (g)		5,798		141,819
Oracle Corp.		17,838		816,089
Orchid Island Capital, Inc. REIT		5,444		40,122
Oritani Financial Corp.		1,427		21,904
Orthofix International NV (g)		956		56,194
Oshkosh Corp.		509		39,330
Owens Corning		1,694		136,198
PACCAR, Inc.		3,099		205,061
Park Hotels & Resorts, Inc. REIT		1,392		37,612
Parker-Hannifin Corp.		764		130,667
Paychex, Inc.		1,539		94,787
PBF Energy, Inc., Class A		1,227		41,595
Penn Virginia Corp. (g)		3,309		115,947
PepsiCo, Inc.		11,939		1,303,142
PerkinElmer, Inc.		539		40,813
PetMed Express, Inc.		1,091		45,549
Pfizer, Inc.		24,157		857,332
PG&E Corp.		5,852		257,078
Phibro Animal Health Corp., Class A		1,042		41,367
Phillips 66		1,933		185,413
Pinnacle Foods, Inc.		3,540		191,514
Pinnacle West Capital Corp.		923		73,655
PNC Financial Services Group, Inc.		3,903		590,290
PPL Corp.		3,802		107,559
Principal Financial Group, Inc.		2,709		165,005
Procter & Gamble Co.		14,388		1,140,681
Progressive Corp.		6,486		395,192
Prudential Financial, Inc.		2,376		246,035
PVH Corp.		1,167		176,719
QCR Holdings, Inc.		544		24,398
Quest Diagnostics, Inc.		2,463		247,039
Raymond James Financial, Inc.		1,765		157,809
Regeneron Pharmaceuticals, Inc. (g)		589		202,828
Reinsurance Group of America, Inc.		2,065		318,010
Reliance Steel & Aluminum Co.		554		47,500
Republic Services, Inc.		5,066		335,521
Royal Caribbean Cruises Ltd.		2,024		238,306
Rudolph Technologies, Inc. (g)		2,029		56,203
S&P Global, Inc.		636		121,514
Sanderson Farms, Inc.		1,042		124,019
Santander Consumer USA Holdings, Inc.		369		6,015
Schweitzer-Mauduit International, Inc.		1,649		64,558
Seaboard Corp.		15		63,975
SMART Global Holdings, Inc. (g)		1,023		50,986
Southern Co.		4,655		207,892
Southwest Airlines Co.		1,159		66,388
SP Plus Corp. (g)		1,089		38,768
Speedway Motorsports, Inc.		3,832		68,286
Spirit AeroSystems Holdings, Inc., Class A		1,912		160,034

	Shares		Value
Stanley Black & Decker, Inc.		3,441	$	527,161
State Street Corp.		2,320		231,374
Stoneridge, Inc. (g)		2,765		76,314
Stryker Corp.		2,626		422,576
SunTrust Banks, Inc.		2,202		149,824
Superior Industries International, Inc.		4,722		62,803
Sutherland Asset Management Corp. REIT		2,721		41,223
Sykes Enterprises, Inc. (g)		1,758		50,877
SYNNEX Corp.		333		39,427
Sysco Corp.		3,668		219,933
T-Mobile U.S., Inc. (g)		899		54,875
Target Corp.		12,663		879,192
Teleflex, Inc.		900		229,482
Tenneco, Inc.		1,049		57,559
Teradyne, Inc.		827		37,802
Texas Instruments, Inc.		9,108		946,230
Thermo Fisher Scientific, Inc.		2,238		462,057
Thor Industries, Inc.		991		114,133
Time Warner, Inc.		3,895		368,389
Toll Brothers, Inc.		2,023		87,495
Total System Services, Inc.		1,969		169,846
Tower International, Inc.		2,305		63,964
TransUnion (g)		2,719		154,385
Travelers Cos., Inc.		1,750		243,005
Two Harbors Investment Corp. REIT		4,120		63,324
Tyson Foods, Inc., Class A		5,297		387,687
UnitedHealth Group, Inc.		6,057		1,296,198
Unum Group		7,687		365,978
Vail Resorts, Inc.		393		87,128
Valero Energy Corp.		4,650		431,381
Venator Materials PLC (g)		2,225		40,250
Verizon Communications, Inc.		19,277		921,826
Versum Materials, Inc.		1,038		39,060
Visa, Inc., Class A		540		64,595
Vishay Intertechnology, Inc.		3,818		71,015
Walmart, Inc.		9,893		880,180
Waste Management, Inc.		9,954		837,330
Waterstone Financial, Inc.		720		12,456
WEC Energy Group, Inc.		4,633		290,489
Weight Watchers International, Inc. (g)		995		63,401
Weis Markets, Inc.		969		39,710
WellCare Health Plans, Inc. (g)		355		68,739
Wells Fargo & Co.		8,559		448,577
Werner Enterprises, Inc.		1,726		62,999
Westar Energy, Inc.		1,711		89,982
Western Asset Mortgage Capital Corp. REIT		4,189		40,591
Western Digital Corp.		1,276		117,737
Windstream Holdings, Inc.		1,474		2,078
Wynn Resorts Ltd.		579		105,586
Xcel Energy, Inc.		6,566		298,622
Xcerra Corp. (g)		5,732		66,778
Xenia Hotels & Resorts, Inc. REIT		2,025		39,933
Xerox Corp.		2,807		80,785
Xylem, Inc.		1,231		94,689
Zebra Technologies Corp., Class A (g)		474		65,976
Zoetis, Inc.		2,922		244,016
				86,434,599
Total Common Stock (cost—$142,792,853)				162,219,105

	Principal Amount (000s)		Value
Corporate Bonds & Notes—13.5%
Australia—0.1%
Westpac Banking Corp.,
2.80%, 1/11/22		$100	$	98,686
3.40%, 1/25/28		250		243,002
				341,688
Canada—1.4%
Bank of Montreal,
1.90%, 8/27/21		400		384,294
2.10%, 6/15/20		350		343,369
Bank of Nova Scotia,
1.85%, 4/14/20		1,000		981,786
1.875%, 4/26/21		98		95,120
2.15%, 7/14/20		350		343,769
Potash Corp. of Saskatchewan, Inc.,
4.00%, 12/15/26		100		100,114
Royal Bank of Canada,
1.875%, 2/5/20		39		38,465
2.125%, 3/2/20		300		295,478
2.30%, 3/22/21		300		295,171
Toronto-Dominion Bank,
1.80%, 7/13/21		400		384,021
1.90%, 10/24/19		350		345,548
2.25%, 3/15/21 (a)(b)		200		196,541
				3,803,676
China—0.1%
CNOOC Nexen Finance 2014 ULC,
4.25%, 4/30/24		300		304,983
France—0.3%
Electricite de France S.A. (a)(b),
4.875%, 1/22/44		100		107,371
Orange S.A.,
1.625%, 11/3/19		350		342,926
Total Capital International S.A.,
2.10%, 6/19/19		350		347,756
				798,053
Germany—0.7%
Daimler Finance North America LLC (a)(b),
2.30%, 2/12/21		350		341,551
Deutsche Bank AG,
2.85%, 5/10/19		350		348,856
KFW,
1.25%, 9/30/19		400		393,410
1.50%, 4/20/20		550		539,130
Landwirtschaftliche Rentenbank, Ser. 37,
2.50%, 11/15/27		200		192,965
				1,815,912
Korea (Republic of)—0.1%
Kia Motors Corp. (a)(b),
3.50%, 10/25/27		350		333,238
Netherlands—0.1%
Shell International Finance BV,
2.125%, 5/11/20		350		344,652
New Zealand—0.1%
BNZ International Funding Ltd. (a)(b),
3.375%, 3/1/23		250		248,110
Norway—0.1%
Statoil ASA,
2.65%, 1/15/24		200		193,081
Spain—0.1%
Banco Bilbao Vizcaya Argentaria S.A.,
3.00%, 10/20/20		400		397,341
Switzerland—0.4%
Credit Suisse AG,
2.30%, 5/28/19		350		348,132

152 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

	Principal Amount (000s)		Value
Glencore Funding LLC (a)(b),
3.00%, 10/27/22	$	350	$	338,144
Novartis Capital Corp.,
1.80%, 2/14/20		300		295,307
Tyco Electronics Group S.A.,
3.45%, 8/1/24		200		201,146
				1,182,729
United Kingdom—0.8%
Barclays PLC,
2.75%, 11/8/19		350		347,783
4.375%, 1/12/26		400		402,259
4.95%, 1/10/47		200		205,317
BP Capital Markets PLC,
1.768%, 9/19/19		350		345,204
2.237%, 5/10/19		350		348,521
2.315%, 2/13/20		300		296,948
Unilever Capital Corp.,
1.80%, 5/5/20		350		343,669
				2,289,701
United States—9.2%
Abbott Laboratories,
2.35%, 11/22/19		221		219,391
4.90%, 11/30/46		250		276,341
Allstate Corp.,
3.28%, 12/15/26		400		391,873
American Honda Finance Corp.,
1.95%, 7/20/20		200		196,021
2.00%, 2/14/20		300		295,588
2.60%, 11/16/22		150		147,046
Apple, Inc.,
1.90%, 2/7/20		350		345,828
3.85%, 8/4/46		200		195,968
AT&T, Inc.,
5.15%, 2/14/50		100		100,987
Bank of America Corp.,
2.65%, 4/1/19, Ser. L		350		350,012
5.625%, 7/1/20		300		316,579
Bank of New York Mellon Corp.,
2.60%, 2/7/22		300		294,485
Booking Holdings, Inc.,
3.55%, 3/15/28		200		193,831
Bristol-Myers Squibb Co.,
1.60%, 2/27/19		350		347,114
Cargill, Inc. (a)(b),
3.25%, 3/1/23		50		50,038
Caterpillar Financial Services Corp.,
2.10%, 1/10/20		350		346,011
CBS Corp. (a)(b),
3.70%, 6/1/28		350		334,249
Citigroup, Inc.,
2.45%, 1/10/20		500		495,233
8.125%, 7/15/39		400		607,586
CNH Industrial Capital LLC,
4.875%, 4/1/21		350		360,949
Coca-Cola Co.,
1.375%, 5/30/19		350		345,761
Colgate-Palmolive Co.,
2.25%, 11/15/22		150		145,421
3.70%, 8/1/47		200		191,664
Comcast Corp.,
2.75%, 3/1/23		400		389,352
Commonwealth Edison Co.,
2.55%, 6/15/26		400		374,105
CRH America Finance, Inc. (a)(b),
3.95%, 4/4/28		200		200,201
CSX Corp.,
2.60%, 11/1/26		350		320,606
CVS Health Corp.,
4.10%, 3/25/25		350		352,988

	Principal Amount (000s)		Value
Discovery Communications LLC,
3.80%, 3/13/24	$	200	$	198,424
Dow Chemical Co.,
7.375%, 11/1/29		400		522,928
Dr. Pepper Snapple Group, Inc.,
4.42%, 12/15/46		300		282,070
Duke Energy Carolinas LLC,
2.50%, 3/15/23		100		97,450
Ecolab, Inc.,
2.375%, 8/10/22		100		96,939
FedEx Corp.,
3.40%, 2/15/28		150		146,110
4.10%, 4/15/43		400		385,222
4.55%, 4/1/46		300		305,027
Fifth Third Bancorp,
2.60%, 6/15/22		350		339,718
Florida Power & Light Co.,
3.70%, 12/1/47		100		97,971
3.95%, 3/1/48		150		152,916
Ford Motor Co.,
5.291%, 12/8/46		200		195,723
Ford Motor Credit Co. LLC,
2.681%, 1/9/20		350		346,690
General Electric Co.,
5.50%, 1/8/20		300		311,577
General Mills, Inc.,
2.60%, 10/12/22		150		144,189
General Motors Co.,
5.15%, 4/1/38		150		149,629
General Motors Financial Co., Inc.,
2.35%, 10/4/19		350		346,541
2.65%, 4/13/20		350		345,764
Georgia Power Co., Ser. C,
2.00%, 9/8/20		200		195,867
Gilead Sciences, Inc.,
1.85%, 9/20/19		200		197,584
Goldman Sachs Group, Inc.,
2.55%, 10/23/19		400		398,186
6.00%, 6/15/20, Ser. D		300		317,974
Home Depot, Inc.,
2.00%, 4/1/21		200		195,181
Honeywell International, Inc.,
1.80%, 10/30/19		350		345,668
International Business Machines Corp.,
1.80%, 5/17/19		500		496,025
1.90%, 1/27/20		350		345,114
International Paper Co.,
4.35%, 8/15/48		100		94,926
John Deere Capital Corp.,
1.95%, 6/22/20		250		245,119
2.65%, 6/24/24		200		192,316
3.05%, 1/6/28		350		336,165
Johnson & Johnson,
1.95%, 11/10/20		100		98,333
JPMorgan Chase & Co.,
3.625%, 5/13/24		400		399,133
4.40%, 7/22/20		300		309,162
6.30%, 4/23/19		200		207,535
Kellogg Co.,
3.40%, 11/15/27		250		238,554
Kinder Morgan, Inc.,
3.15%, 1/15/23		350		340,177
Kraft Heinz Foods Co.,
5.375%, 2/10/20		350		364,555
Kroger Co.,
3.70%, 8/1/27		100		97,155
4.65%, 1/15/48		150		145,883
Merck & Co., Inc.,
1.85%, 2/10/20		350		345,450
Morgan Stanley,
2.50%, 4/21/21		400		391,495

	Principal Amount (000s)		Value
2.80%, 6/16/20	$	350	$	348,052
3.625%, 1/20/27		200		196,062
4.375%, 1/22/47		100		102,446
Northrop Grumman Corp.,
2.08%, 10/15/20		350		342,530
Oracle Corp.,
2.625%, 2/15/23		350		341,934
3.85%, 7/15/36		200		198,886
PACCAR Financial Corp.,
2.30%, 8/10/22		100		96,964
Pacific Gas & Electric Co.,
4.00%, 12/1/46		300		281,406
PepsiCo, Inc.,
1.55%, 5/2/19		350		346,701
Pfizer, Inc.,
1.70%, 12/15/19		350		345,357
Philip Morris International, Inc.,
2.00%, 2/21/20		300		295,657
2.125%, 5/10/23		100		94,091
2.375%, 8/17/22		200		192,903
Phillips 66,
4.875%, 11/15/44		150		159,513
Procter & Gamble Co.,
1.90%, 10/23/20		100		98,281
State Street Corp.,
2.55%, 8/18/20		350		348,219
Target Corp.,
2.30%, 6/26/19		350		349,322
Thermo Fisher Scientific, Inc.,
4.10%, 8/15/47		150		146,006
Toyota Motor Credit Corp.,
1.90%, 4/8/21		200		194,398
1.95%, 4/17/20		350		344,817
United Parcel Service, Inc.,
2.05%, 4/1/21		350		342,388
United Technologies Corp.,
1.90%, 5/4/20		350		343,171
Verizon Communications, Inc.,
4.125%, 8/15/46		200		181,100
Walt Disney Co.,
2.30%, 2/12/21		250		246,517
Wells Fargo & Co.,
2.125%, 4/22/19		200		198,725
3.00%, 2/19/25		150		143,037
Wells Fargo Bank N.A.,
2.15%, 12/6/19		500		494,630
				25,720,786
Total Corporate Bonds & Notes (cost—$38,575,273)				37,773,950
	Shares
Exchange-Traded Funds—13.2%
iShares JPMorgan USD Emerging Markets Bond		25,455		2,871,833
PowerShares DB Oil (g)		268,432		2,998,385
PowerShares DB Precious Metals (g)		148,904		5,755,140
PowerShares Senior Loan Portfolio		485,390		11,227,071
Vanguard FTSE All World ex-U.S. Small-Cap		117,847		14,052,076
Total Exchange-Traded Funds (cost—$36,904,154)				36,904,505

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 153

3

Schedule of Investments

March 31, 2018 (Unaudited)

	Principal Amount (000s)		Value
U.S. Treasury Obligations—9.0%
U.S. Treasury Bonds,
2.25%, 8/15/46		$530	$	456,173
2.75%, 11/15/47		290		277,086
3.125%, 2/15/43		1,386		1,428,446
4.375%, 5/15/41		1,341		1,669,231
4.50%, 2/15/36		500		618,047
5.25%, 2/15/29		240		296,063
6.875%, 8/15/25		375		480,234
U.S. Treasury Notes,
1.00%, 9/15/18		5,000		4,980,469
1.00%, 6/30/19		5,600		5,518,187
1.125%, 9/30/21		2,000		1,910,937
1.375%, 9/30/23		2,400		2,249,813
1.50%, 8/15/26		450		408,656
1.75%, 11/30/19		800		793,625
2.00%, 7/31/22		1,900		1,860,070
2.125%, 1/31/21		1,300		1,290,859
2.125%, 9/30/24		1,000		967,891
2.25%, 11/15/27		100		95,828
Total U.S. Treasury Obligations (cost—$25,762,129)				25,301,615
U.S. Government Agency Securities (c)—6.9%
Fannie Mae, MBS, TBA
2.50%, 4/17/33, 15 Year		560		548,452
3.00%, 4/17/33, 15 Year		870		868,569
3.00%, 4/12/48, 30 Year		1,800		1,754,179
3.50%, 4/17/33, 15 Year		380		387,339
3.50%, 4/12/48, 30 Year		2,250		2,253,368
4.00%, 4/12/48, 30 Year		1,440		1,477,168
4.50%, 4/12/48, 30 Year		590		617,658
5.00%, 4/12/48, 30 Year		490		523,341
Freddie Mac, MBS, TBA
2.50%, 4/17/33, 15 Year		380		371,946
3.00%, 4/17/33, 15 Year		640		638,611
3.00%, 4/12/48, 30 Year		1,240		1,208,059
3.50%, 4/17/33, 15 Year		170		173,262
3.50%, 4/12/48, 30 Year		1,490		1,492,643
4.00%, 4/12/48, 30 Year		810		831,159
4.50%, 4/12/48, 30 Year		370		387,316
5.00%, 4/12/48, 30 Year		330		352,253
Ginnie Mae, MBS, TBA, 30 Year,
3.00%, 4/19/48		1,620		1,592,732
3.50%, 4/19/48		2,200		2,220,290
4.00%, 4/19/48		980		1,007,058
4.50%, 4/19/48		690		717,239
Total U.S. Government Agency Securities (cost—$19,308,684)				19,422,642
Sovereign Debt Obligations—3.5%
Argentina—0.1%
Argentine Republic Government International Bond,
4.625%, 1/11/23		150		144,741
6.25%, 4/22/19		300		308,631
				453,372
Canada—0.4%
Province of Alberta Canada,
1.90%, 12/6/19		350		346,462
Province of Ontario Canada,
1.25%, 6/17/19		500		493,307
Province of Quebec Canada,
2.875%, 10/16/24		200		198,507
				1,038,276

	Principal Amount (000s)		Value
Chile—0.1%
Chile Government International Bond,
3.86%, 6/21/47	$	200	$	197,185
Colombia—0.1%
Colombia Government International Bond,
5.00%, 6/15/45		200		203,026
Croatia—0.1%
Croatia Government International Bond,
6.75%, 11/5/19		300		318,159
Germany—0.2%
FMS Wertmanagement AoeR,
1.75%, 1/24/20		500		493,868
Indonesia—0.1%
Indonesia Government International Bond,
11.625%, 3/4/19		300		324,714
Japan—0.2%
Japan Bank for International Cooperation,
1.50%, 7/21/21		300		286,734
2.125%, 7/21/20		200		197,276
				484,010
Korea (Republic of)—0.3%
Export-Import Bank of Korea,
1.75%, 5/26/19		500		493,539
2.50%, 11/1/20		200		196,854
Korea Development Bank,
3.00%, 1/13/26		100		95,727
				786,120
Latvia—0.2%
Latvia Government International Bond,
2.75%, 1/12/20		500		498,766
Mexico—0.2%
Mexico Government International Bond,
4.125%, 1/21/26		300		305,029
4.60%, 2/10/48		200		190,680
				495,709
Panama—0.1%
Panama Government International Bond,
7.125%, 1/29/26		150		185,125
Poland—0.2%
Poland Government International Bond,
6.375%, 7/15/19		500		523,703
Russian Federation—0.1%
Russian Federation Bond,
4.50%, 4/4/22		400		413,031
Supranational—1.0%
Corp. Andina de Fomento,
2.20%, 7/18/20		350		345,387
Council of Europe Development Bank,
1.625%, 3/16/21		500		486,345
European Bank for Reconstruction & Development,
1.75%, 6/14/19		500		496,940
European Investment Bank,
2.875%, 9/15/20		500		503,903
Inter-American Development Bank,
3.20%, 8/7/42		180		180,993
International Finance Corp.,
1.75%, 9/16/19		500		495,886
Nordic Investment Bank,
1.25%, 8/2/21		500		477,859
				2,987,313

	Principal Amount (000s)		Value
Sweden—0.1%
Svensk Exportkredit AB,
1.75%, 5/18/20	$	350	$	344,338
Total Sovereign Debt Obligations (cost—$9,927,696)				9,746,715
	Shares
Preferred Stock—0.3%
Brazil—0.0%
Cia Paranaense de Energia		4,300		33,968
Colombia—0.0%
Avianca Holdings S.A.		35,036		37,493
Banco Davivienda S.A.		6,393		68,917
Grupo Aval Acciones y Valores S.A.		9,215		3,842
				110,252
Germany—0.1%
Henkel AG & Co. KGaA		1,049		137,894
Korea (Republic of)—0.2%
Samsung Electronics Co., Ltd.		264		507,654
Total Preferred Stock (cost—$609,198)				789,768
Rights (e)(f)(g)—0.0%
United Kingdom—0.0%
Primary Health Properties PLC, expires 4/25/18		278		9
United States—0.0%
Safeway CVR—PDC, expires 1/30/17		4,893		83
Total Rights (cost—$156)				92
	Principal Amount (000s)
Repurchase Agreements—1.8%
State Street Bank and Trust Co., dated 3/29/18, 0.28%, due 4/2/18, proceeds $4,901,152; collateralized by U.S. Treasury Notes, 2.00%, due 8/15/25, valued at $4,999,319 including accrued interest
(cost—$4,901,000)		$4,901		4,901,000
Total Investments (cost—$278,781,143) (d)—106.2%				297,059,392
Liabilities in excess of other assets (h)—(6.2)%				(17,279,700	)
Net Assets—100.0%				$279,779,692

154 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (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 $2,149,443, representing 0.8% of net assets.

(b) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $3,803,123, representing 1.4% of net assets.

(c) When-issued or delayed-delivery. To be settled/delivered after March 31, 2018.

(d) Securities with an aggregate value of $63,078,763, representing 22.5% 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.

(e) Fair-Valued—Securities with an aggregate value of $1,198,787, representing 0.4% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

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

(g) Non-income producing.

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

Futures contracts outstanding at March 31, 2018:
Type		Contracts			Expiration Date		Notional Amount (000s)			Market Value (000s)			Unrealized Appreciation (Depreciation)
Long position contracts:
	5-Year U.S. Treasury Note		128			6/29/18	$	12,800		$	14,651		$	39,999
	10-Year Ultra U.S. Treasury Bond		156			6/20/18		15,600			20,258			123,388
	E-mini Russell 2000 Index		182			6/15/18		9			13,934			(459,328	)
	E-mini S&P 500 Index		62			6/15/18		3			8,193			(210,815	)
	Euro Currency		38			6/18/18		4,750			5,870			2,736
	Hang Seng Index		29			6/28/18	HKD	1			5,495			(36,122	)
	Japanese Yen		28			6/18/18	$	35			3,305			(13,900	)
	Mini MSCI Emerging Markets Index		190			6/15/18		10			11,284			(83,181	)
	SPI 200 Index		25			6/21/18	AUD	1			2,754			(88,878	)
	TOPIX Index		30			6/7/18	JPY	300			4,840			6,922
													$	(719,179	)
Short position contracts:
	2-Year U.S. Treasury Note		(63	)		6/29/18	$	(12,600	)	$	(13,394	)	$	(9,949	)
	Euro STOXX 50 Index		(140	)		6/15/18	EUR	(1	)		(5,652	)		33,359
	FTSE 100 Index		(59	)		6/15/18	GBP	(1	)		(5,789	)		15,231
													$	38,641
													$	(680,538	)

(i) At March 31, 2018, the Fund pledged $1,734,399 in cash as collateral for futures contracts. The Fund also held U.S. Treasury Obligations valued at $109,317 as collateral for TBA securities. Securities held as collateral will not be pledged and are not reflected in the Schedule of Investments.

Glossary:

ADR—American Depositary Receipt

AUD—Australian Dollar

CVR—Contingent Value Rights

EUR—Euro

FTSE—Financial Times Stock Exchange

GBP—British Pound

GDR—Global Depositary Receipt

HKD—Hong Kong Dollar

JPY—Japanese Yen

MBS—Mortgage-Backed Securities

MSCI—Morgan Stanley Capital International

REIT—Real Estate Investment Trust

TBA—To Be Announced

TOPIX—Tokyo Stock Price Index

UNIT—More than one class of securities traded together.

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 155

Schedule of Investments

March 31, 2018 (Unaudited)

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

Exchange-Traded Funds	13.2%
U.S. Treasury Obligations	9.0%
Banks	8.6%
U.S. Government Agency Securities	6.9%
Oil, Gas & Consumable Fuels	3.7%
Sovereign Debt Obligations	3.5%
Insurance	3.0%
Pharmaceuticals	3.0%
Semiconductors & Semiconductor Equipment	2.1%
Diversified Telecommunication Services	2.0%
Technology Hardware, Storage & Peripherals	2.0%
Electric Utilities	1.9%
Banking	1.9%
Healthcare Providers & Services	1.8%
Internet Software & Services	1.8%
IT Services	1.7%
Healthcare Equipment & Supplies	1.7%
Software	1.5%
Food Products	1.4%
Automobiles	1.4%
Chemicals	1.3%
Capital Markets	1.3%
Machinery	1.2%
Food & Staples Retailing	1.2%
Hotels, Restaurants & Leisure	1.2%
Auto Manufacturers	1.2%
Metals & Mining	1.1%
Media	1.1%
Auto Components	0.9%
Specialty Retail	0.9%
Construction & Engineering	0.9%
Trading Companies & Distributors	0.9%
Aerospace & Defense	0.8%
Airlines	0.8%
Tobacco	0.8%
Beverages	0.7%
Equity Real Estate Investment Trusts (REITs)	0.7%
Mortgage Real Estate Investment Trusts (REITs)	0.7%
Food & Beverage	0.7%
Household Durables	0.7%
Electronic Equipment, Instruments & Components	0.7%
Biotechnology	0.7%
Life Sciences Tools & Services	0.7%
Household Products	0.7%
Commercial Services & Supplies	0.6%
Multi-Line Retail	0.6%
Real Estate Management & Development	0.6%
Multi-Utilities	0.6%
Transportation	0.5%
Wireless Telecommunication Services	0.5%
Communications Equipment	0.5%
Industrial Conglomerates	0.4%
Internet & Catalog Retail	0.4%
Paper & Forest Products	0.4%
Machinery-Diversified	0.4%

Computers	0.3%
Air Freight & Logistics	0.3%
Consumer Products	0.3%
Road & Rail	0.3%
Textiles, Apparel & Luxury Goods	0.2%
Diversified Financial Services	0.2%
Healthcare-Products	0.2%
Telecommunications	0.2%
Transportation Infrastructure	0.2%
Professional Services	0.2%
Electronics	0.2%
Retail	0.2%
Personal Products	0.2%
Electrical Equipment	0.2%
Independent Power Producers & Energy Traders	0.2%
Agriculture	0.2%
Construction Materials	0.1%
Machinery-Construction & Mining	0.1%
Pipelines	0.1%
Mining	0.1%
Leisure Equipment & Products	0.1%
Thrifts & Mortgage Finance	0.1%
Miscellaneous Manufacturing	0.1%
Building Products	0.1%
Containers & Packaging	0.1%
Building Materials	0.1%
Internet	0.1%
Gas Utilities	0.1%
Consumer Finance	0.1%
Water Utilities	0.0%
Commercial Services	0.0%
Marine	0.0%
Diversified Consumer Services	0.0%
Advertising	0.0%
Energy Equipment & Services	0.0%
Distributors	0.0%
Repurchase Agreements	1.8%
Liabilities in excess of other assets	(6.2)%
	100.0%

AllianzGI Global Fundamental Strategy Fund

	Shares		Value
Common Stock—49.2%
China—1.9%
Agricultural Bank of China Ltd., Class H		300,000		$172,273
Ping An Insurance Group Co. of China Ltd., Class H		15,000		154,660
				326,933
Finland—1.5%
Nokia Oyj		45,000		248,495
Germany—5.4%
Adidas AG		800		194,638
Deutsche Pfandbriefbank AG (a)		9,500		149,782
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		750		174,406
OSRAM Licht AG		2,100		154,533
SAP SE		2,323		243,873
				917,232
Japan—10.2%
Daikin Industries Ltd.		1,500		166,640
FANUC Corp.		1,200		308,824
Keyence Corp.		300		187,397
Mitsubishi UFJ Financial Group, Inc.		25,500		169,463
Nintendo Co., Ltd.		300		133,282
SoftBank Group Corp.		2,100		156,642
Sony Corp.		5,100		250,921
Suzuki Motor Corp.		3,500		190,027
Tokyo Electron Ltd.		900		166,492
				1,729,688
Portugal—0.7%
Jeronimo Martins SGPS S.A.		6,031		109,695
Russian Federation—1.5%
Alrosa PJSC		163,500		259,677
South Africa—1.4%
Naspers Ltd., Class N		950		232,477
Spain—1.0%
Industria de Diseno Textil S.A.		5,500		172,912
United Kingdom—13.9%
Admiral Group PLC		6,000		155,295
Ashtead Group PLC		3,000		81,800
BP PLC		52,510		354,185
easyJet PLC		7,500		169,064
Imperial Brands PLC		3,900		132,793
Inmarsat PLC		26,000		132,200
ITM Power PLC (h)		625,000		279,644
Prudential PLC		7,300		182,417
Randgold Resources Ltd.		1,284		106,670
Royal Dutch Shell PLC, Class A		11,000		348,024
Sophos Group PLC (a)		54,990		334,967
Tyman PLC		20,500		85,709
				2,362,768
United States—11.7%
AECOM (d)(h)		9,550		340,267
Blackstone Group L.P.		5,000		159,750
Illinois Tool Works, Inc. (d)		1,500		234,990
Leidos Holdings, Inc. (d)		6,600		431,640
Parker-Hannifin Corp.		900		153,927
Philip Morris International, Inc. (d)		2,520		250,488

156 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

			Shares		Value
Snap, Inc., Class A (h)				15,200	$	241,224
Time Warner, Inc.				1,800		170,244
						1,982,530
Total Common Stock (cost—$7,935,941)						8,342,407
			Principal Amount (000s)
Sovereign Debt Obligations—33.8%
Argentina—4.6%
Argentine Republic Government International Bond,
7.50%, 4/22/26		$		300		321,200
Province of Jujuy Argentina,
8.625%, 9/20/22				170		176,583
Provincia de Buenos Aires, BADLAR + 3.830% (g),
26.742%, 5/31/22		ARS		5,700		289,315
						787,098
Canada—9.4%
Province of Ontario Canada,
2.00%, 9/27/18		$		800		799,136
Province of Quebec Canada,
4.625%, 5/14/18				790		792,225
						1,591,361
Indonesia—3.4%
Indonesia Treasury Bond,
7.875%, 4/15/19		IDR		4,000,000		298,218
8.375%, 9/15/26				3,500,000		279,501
						577,719
Italy—2.1%
Italy Buoni Poliennali Del Tesoro (c),
3.10%, 9/15/26	€			237		361,888
Portugal—2.2%
Portugal Obrigacoes do Tesouro OT (a),
4.125%, 4/14/27				250		377,579
Russian Federation—3.1%
Russian Federal Bond—OFZ,
7.00%, 1/25/23		RUB		15,000		268,576
8.15%, 2/3/27				14,000		265,402
						533,978
South Africa—1.8%
Republic of South Africa Government Bond,
7.00%, 2/28/31		ZAR		4,000		299,521
Spain—2.1%
Spain Government Inflation Linked Bond (a)(c),
1.00%, 11/30/30	€			253		349,717
Supranational—3.7%
European Bank for Reconstruction & Development,
6.00%, 2/7/23		INR		10,000		149,918
International Finance Corp.,
6.30%, 11/25/24				10,500		158,832
7.50%, 1/18/28		MXN		5,800		314,345
						623,095
Turkey—1.4%
Turkey Government Bond,
9.00%, 7/24/24		TRY		1,100		239,152
Total Sovereign Debt Obligations (cost—$5,641,353)						5,741,108

		Principal Amount (000s)		Value
Corporate Bonds & Notes—7.5%
India—0.9%
Indian Renewable Energy Development Agency Ltd.,
7.125%, 10/10/22	INR		10,000	$	153,246
Switzerland—3.1%
Credit Suisse AG,
5.30%, 8/13/19	$		500		516,418
United States—3.5%
Oracle Corp., 5.75%, 4/15/18			600		600,705
Total Corporate Bonds & Notes (cost—$1,275,246)					1,270,369
		Shares
Exchange-Traded Funds (d)—1.9%
iShares MSCI India (cost—$282,556)			9,400		320,822
Mutual Funds (e)(f)—1.3%
AllianzGI NFJ Emerging Markets Value (cost—$166,185)			11,414		215,834
		Principal Amount (000s)
Repurchase Agreements—2.1%
State Street Bank and Trust Co., dated 3/29/18, 0.28%, due 4/2/18, proceeds $357,011; collateralized by U.S. Treasury Notes, 2.50%, due 5/15/24, valued at $364,745 including accrued interest
(cost—$357,000)	$		357		357,000
Total Options Purchased—0.5% (cost—$142,774) (h)(i)(j)					92,131
Total Investments, before options written (cost—$15,801,055) (b)—96.3%					16,339,671
Total Options Written—(0.2)% (premiums received—$30,548) (h)(i)(j)					(30,909	)
Total Investments, net of options written (cost—$15,770,507)—96.1%					16,308,762
Other assets less other liabilities (k)—3.9%					666,137
Net Assets—100.0%					$16,974,899

Notes to Schedule of Investments:

(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $1,212,045, representing 7.1% of net assets.

(b) Securities with an aggregate value of $6,274,168, representing 37.0% 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) Inflationary Bonds—Principal amount of security is adjusted for inflation/deflation.

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

(e) Affiliated fund.

(f) Institutional Class share.

(g) Variable or Floating Rate Security—Security with an interest rate that changes periodically. The interest rate disclosed reflects the rate in effect on March 31, 2018.

(h) Non-income producing.

(i) Exchange traded-Chicago Board Options Exchange.

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 157

Schedule of Investments

March 31, 2018 (Unaudited)

(j) Exchange traded option contracts outstanding at March 31, 2018:

Options purchased contracts outstanding at March 31, 2018:
Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Cost		Unrealized Appreciation (Depreciation)
Call options:
Euro STOXX 50 Index		3,800.00 EUR		12/20/19		70	EUR	700	$	47,071	$	121,094	$	(74,023	)
Put options:
S&P 500 Index		2,710.00 USD		6/15/18		4	$	400	$	45,060	$	21,680	$	23,380
Total options purchased contracts									$	92,131	$	142,774	$	(50,643	)

Options written contracts outstanding at March 31, 2018:
Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Received			Unrealized Appreciation (Depreciation)
Put options:
Apple, Inc.		155.00 USD		4/20/18		(23	)	$	(2,300	)	$	(2,185	)	$	(8,510	)	$	6,325
Euro STOXX 50 Index		127.50 EUR		4/20/18		(70	)	EUR	(3,500	)		(14,104	)		(13,638	)		(466	)
S&P 500 Index		2,470.00 USD		6/15/18		(4	)	$	(400	)		(14,620	)		(8,400	)		(6,220	)
Total options written contracts											$	(30,909	)	$	(30,548	)	$	(361	)

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

Futures contracts outstanding at March 31, 2018:
Type		Contracts			Expiration Date		Notional Amount (000s)			Market Value (000s)			Unrealized Appreciation (Depreciation)
Short position contracts:
	E-mini NASDAQ 100 Index		(8	)		6/15/18	$	(—	)(m)	$	(1,055	)	$	84,841
	E-mini S&P 500 Index		(10	)		6/15/18		(1	)		(1,321	)		72,932
	Euro-Bund 10-Year Bond		(17	)		6/7/18	EUR	(1,700	)		(3,335	)		(49,597	)
													$	108,176

Forward foreign currency contracts outstanding at March 31, 2018:
Description	Counterparty		U.S.$ Value on Origination Date		U.S.$ Value March 31, 2018		Unrealized Appreciation		Unrealized Depreciation
Sold:
7,806 British Pound settling 4/3/18		Income Repatriation Boston IBS	$	10,947	$	10,952	$	—	$	(5	)
1,500,000 British Pound settling 5/9/18		State Street Bank and Trust Co.		2,130,508		2,107,582		22,926		—
165,000,000 Japanese Yen settling 5/9/18		State Street Bank and Trust Co.		1,503,391		1,553,835		—		(50,444	)
							$	22,926	$	(50,449	)

(l) At March 31, 2018, the Fund pledged $404,327 in cash as collateral for futures contracts.

(m) Notional amount rounds to less than $500.

Glossary:

ARS—Argentine Peso

BADLAR—Buenos Aires Deposits of Large Amount Rate

€/EUR—Euro

IDR—Indonesian Rupiah

INR—Indian Rupee

MSCI—Morgan Stanley Capital International

MXN—Mexican Peso

RUB—Russian Ruble

TRY—Turkish Lira

ZAR—South African Rand

158 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (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	33.8%
Software	9.1%
Banks	5.1%
Oil, Gas & Consumable Fuels	4.1%
Machinery	4.1%
Insurance	3.9%
Electrical Equipment	2.6%
IT Services	2.5%
Media	2.4%
Tobacco	2.3%
Metals & Mining	2.2%
Construction & Engineering	2.0%
Exchange-Traded Funds	1.9%
Building Products	1.5%
Household Durables	1.5%
Communications Equipment	1.5%
Mutual Funds	1.3%
Textiles, Apparel & Luxury Goods	1.1%
Automobiles	1.1%
Electronic Equipment, Instruments & Components	1.1%
Specialty Retail	1.0%
Airlines	1.0%
Semiconductors & Semiconductor Equipment	1.0%
Capital Markets	1.0%
Wireless Telecommunication Services	0.9%
Energy-Alternate Sources	0.9%
Thrifts & Mortgage Finance	0.9%
Diversified Telecommunication Services	0.8%
Food & Staples Retailing	0.6%
Trading Companies & Distributors	0.5%
Repurchase Agreements	2.1%
Options Purchased	0.5%
Options Written	(0.2%)
Other assets less other liabilities	3.9%
	100.0%

AllianzGI Global High Yield Fund

	Principal Amount (000s)		Value
Corporate Bonds & Notes—95.6%
Argentina—0.5%
YPF S.A.,
8.50%, 7/28/25		$100		$110,633
Austria—1.9%
Erste Group Bank AG, (converts to FRN on 10/15/21) (c)(e),
8.875%, 10/15/21	€	200		299,267
Raiffeisen Bank International AG, (converts to FRN on 2/21/20) (e),
4.50%, 2/21/25		100		130,681
				429,948
Belgium—0.8%
Nyrstar Netherlands Holdings BV,
6.875%, 3/15/24		150		189,158
Brazil—1.7%
Petrobras Global Finance BV,
4.75%, 1/14/25		100		133,759
5.299%, 1/27/25 (a)(b)		$50		49,437
Vale S.A.,
3.75%, 1/10/23	€	150		206,923
				390,119
Canada—6.1%
Cott Holdings, Inc. (a)(b),
5.50%, 4/1/25		$250		247,500
goeasy Ltd. (a)(b),
7.875%, 11/1/22		150		161,205
Ithaca Energy, Inc. (a)(b),
8.125%, 7/1/19		200		200,500
MEG Energy Corp. (a)(b),
7.00%, 3/31/24		50		41,500
New Gold, Inc. (a)(b),
6.375%, 5/15/25		100		102,500
Northwest Acquisitions ULC (a)(b),
7.125%, 11/1/22		150		153,375
Precision Drilling Corp.,
7.75%, 12/15/23		100		104,375
Ritchie Bros Auctioneers, Inc. (a)(b),
5.375%, 1/15/25		150		150,375
Rockpoint Gas Storage Canada Ltd. (a)(b),
7.00%, 3/31/23		100		100,375
Teck Resources Ltd. (a)(b),
8.50%, 6/1/24		80		89,096
				1,350,801
Chile—1.2%
VTR Finance BV,
6.875%, 1/15/24		250		261,002
China—1.8%
China Evergrande Group,
7.50%, 6/28/23		200		195,918
Country Garden Holdings Co., Ltd.,
3.875%, 11/20/18		200		200,167
				396,085
Colombia—0.9%
Millicom International Cellular S.A.,
6.00%, 3/15/25		200		207,100
Finland—0.5%
Outokumpu Oyj,
7.25%, 6/16/21	€	81		106,735
France—2.7%
Altice France S.A.,
5.625%, 5/15/24		100		125,171
Banijay Group S.A. (a)(b),
4.00%, 7/1/22		100		127,454

	Principal Amount (000s)		Value
BNP Paribas S.A., (converts to FRN on 3/20/21) (a)(b)(c)(e),
7.625%, 3/30/21		$200	$	214,973
Paprec Holding S.A. (a)(b),
4.00%, 3/31/25	€	100		124,066
				591,664
Germany—1.1%
KME AG (a)(b),
6.75%, 2/1/23		100		125,097
Platin 1426 GmbH (a)(b),
5.375%, 6/15/23		100		121,857
				246,954
Ghana—0.9%
Tullow Oil PLC (a)(b),
7.00%, 3/1/25		$200		200,250
Greece—1.2%
Crystal Almond SARL,
10.00%, 11/1/21	€	100		134,184
Intralot Capital Luxembourg S.A. (a)(b),
5.25%, 9/15/24		100		123,600
				257,784
Ireland—1.8%
Ardagh Packaging Finance PLC,
4.625%, 5/15/23		$200		201,500
Borets Finance DAC,
6.50%, 4/7/22		200		209,000
				410,500
Israel—1.1%
Teva Pharmaceutical Finance Netherlands II BV,
0.375%, 7/25/20	€	100		119,826
3.25%, 4/15/22 (a)(b)		100		123,670
				243,496
Italy—2.0%
Assicurazioni Generali SpA, (converts to FRN on 6/8/28) (e),
5.00%, 6/8/48		100		136,593
Cooperativa Muratori & Cementisti-CMC di Ravenna (a)(b),
6.00%, 2/15/23		100		117,507
Telecom Italia Finance S.A.,
7.75%, 1/24/33		100		183,755
				437,855
Jamaica—0.8%
Digicel Group Ltd.,
8.25%, 9/30/20		$200		173,000
Luxembourg—2.8%
Arena Luxembourg Finance Sarl,
2.875%, 11/1/24	€	100		125,880
FAGE International S.A. (a)(b),
5.625%, 8/15/26		$200		186,500
LSF10 Wolverine Investments SCA, (converts to FRN on 3/15/19) (a)(b)(e),
4.625%, 3/15/24	€	100		124,592
Unilabs Subholding AB (a)(b),
5.75%, 5/15/25		150		186,698
				623,670
Netherlands—3.2%
de Volksbank NV, (converts to FRN on 11/5/20) (e),
3.75%, 11/5/25		100		132,188
GTH Finance BV,
6.25%, 4/26/20		$200		207,467
IPD 3 BV (a)(b),
4.50%, 7/15/22	€	100		125,774

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 159

Schedule of Investments

March 31, 2018 (Unaudited)

	Principal Amount (000s)		Value
Selecta Group BV (a)(b),
5.875%, 2/1/24	€	100	$	122,047
United Group BV (a)(b),
4.875%, 7/1/24		100		125,157
				712,633
Norway—0.7%
Aker BP ASA (a)(b),
5.875%, 3/31/25		$150		152,250
Romania—1.2%
Digi Communications NV,
5.00%, 10/15/23	€	200		259,882
Spain—2.0%
Ajecorp BV,
6.50%, 5/14/22		$150		136,500
Grifols S.A. (a)(b),
3.20%, 5/1/25	€	150		186,428
Masaria Investments s.A.u., 3 mo. Euribor + 5.250% (a)(b)(e),
5.25%, 9/15/24		100		123,914
				446,842
Sweden—0.6%
Ovako AB,
5.00%, 10/5/22		100		126,572
United Arab Emirates—0.4%
Shelf Drilling Holdings Ltd. (a)(b),
8.25%, 2/15/25		$100		100,625
United Kingdom—9.9%
Algeco Scotsman Global Finance 2 PLC (a)(b),
10.00%, 8/15/23		200		200,000
Amigo Luxembourg S.A.,
7.625%, 1/15/24	£	100		144,314
Aston Martin Capital Holdings Ltd.,
5.75%, 4/15/22		100		147,251
Cabot Financial Luxembourg S.A.,
7.50%, 10/1/23		100		147,165
CPUK Finance Ltd. (a)(b),
4.25%, 8/28/22		100		141,570
EnQuest PLC, PIK 7.00% (b),
7.00%, 4/15/22		$52		46,446
Fiat Chrysler Automobiles NV,
5.25%, 4/15/23		250		256,875
HBOS Capital Funding L.P., (converts to FRN on 11/30/18) (c)(e),
6.461%, 11/30/18	£	50		72,126
Hiscox Ltd., (converts to FRN on 11/24/25) (e),
6.125%, 11/24/45		100		163,403
Iceland Bondco PLC,
6.75%, 7/15/24		100		145,324
KCA Deutag UK Finance PLC (a)(b),
7.25%, 5/15/21		$200		194,500
Miller Homes Group Holdings PLC,
5.50%, 10/15/24	£	100		140,847
Pinewood Finco PLC,
3.75%, 12/1/23		100		142,128
Pinnacle Bidco PLC (a)(b),
6.375%, 2/15/25		100		141,119
TVL Finance PLC,
8.50%, 5/15/23		80		120,154
				2,203,222
United States—47.8%
AES Corp.,
4.50%, 3/15/23		$50		50,973
AK Steel Corp.,
6.375%, 10/15/25		150		142,125
Alcoa Nederland Holding BV (a)(b),
6.75%, 9/30/24		200		215,000
Alliance One International, Inc.,
9.875%, 7/15/21		170		165,537

	Principal Amount (000s)		Value
AMC Entertainment Holdings, Inc.,
6.375%, 11/15/24	£	100	$	144,439
APX Group, Inc.,
7.625%, 9/1/23		$150		156,000
Belden, Inc.,
2.875%, 9/15/25	€	150		180,044
Boyne USA, Inc. (a)(b),
7.25%, 5/1/25		$50		51,562
Calumet Specialty Products Partners L.P.,
6.50%, 4/15/21		100		97,500
Camelot Finance S.A. (a)(b),
7.875%, 10/15/24		100		104,625
Catalent Pharma Solutions, Inc.,
4.75%, 12/15/24	€	170		219,679
CBS Radio, Inc. (a)(b),
7.25%, 11/1/24		$150		153,562
CCO Holdings LLC (a)(b),
5.75%, 2/15/26		100		99,751
Cedar Fair L.P. (a)(b),
5.375%, 4/15/27		150		148,875
Centene Corp.,
6.125%, 2/15/24		150		156,480
CenturyLink, Inc.,
6.45%, 6/15/21, Ser. S		50		51,250
7.50%, 4/1/24, Ser. Y		50		50,500
Cheniere Corpus Christi Holdings LLC,
5.875%, 3/31/25		100		105,000
CNX Midstream Partners L.P. (a)(b),
6.50%, 3/15/26		100		98,875
Commercial Metals Co.,
4.875%, 5/15/23		100		99,983
CommScope Technologies LLC (a)(b),
5.00%, 3/15/27		20		19,050
Crown European Holdings S.A.,
3.375%, 5/15/25	€	200		254,772
CSC Holdings LLC (a)(b),
10.875%, 10/15/25		$250		294,372
CyrusOne L.P.,
5.00%, 3/15/24		100		100,375
5.375%, 3/15/27		100		100,000
Denbury Resources, Inc. (a)(b),
9.00%, 5/15/21		100		103,000
DISH DBS Corp.,
7.75%, 7/1/26		50		47,250
Eldorado Resorts, Inc.,
6.00%, 4/1/25		100		102,000
Encompass Health Corp.,
5.125%, 3/15/23		150		152,625
EP Energy LLC,
6.375%, 6/15/23		100		51,500
Equinix, Inc.,
2.875%, 10/1/25	€	100		118,831
Federal-Mogul LLC,
4.875%, 4/15/22		100		123,717
First Data Corp. (a)(b),
5.375%, 8/15/23		$150		153,000
First Quality Finance Co., Inc. (a)(b),
4.625%, 5/15/21		200		200,000
5.00%, 7/1/25		50		48,000
Five Point Operating Co. L.P. (a)(b),
7.875%, 11/15/25		150		151,687
Freeport-McMoRan, Inc.,
3.875%, 3/15/23		150		145,335
FXI Holdings, Inc. (a)(b),
7.875%, 11/1/24		100		98,187
Genesis Energy L.P.,
6.25%, 5/15/26		50		47,750
6.50%, 10/1/25		150		147,750
Golden Nugget, Inc. (a)(b),
8.75%, 10/1/25		100		104,000
HCA, Inc.,
5.25%, 4/15/25		50		51,141
5.50%, 6/15/47		100		96,702

	Principal Amount (000s)		Value
Huntsman International LLC,
4.25%, 4/1/25	€	100	$	139,851
International Game Technology PLC,
4.75%, 2/15/23		100		135,221
Itron, Inc. (a)(b),
5.00%, 1/15/26		$150		148,170
Jack Ohio Finance LLC (a)(b),
10.25%, 11/15/22		100		109,250
Jo-Ann Stores Holdings, Inc., PIK 10.50% (a)(b),
9.75%, 10/15/19		50		50,125
KAR Auction Services, Inc. (a)(b),
5.125%, 6/1/25		180		179,550
Kennedy-Wilson, Inc. (a)(b),
5.875%, 4/1/24		50		49,813
Matthews International Corp. (a)(b),
5.25%, 12/1/25		100		98,750
McDermott International, Inc. (a)(b),
8.00%, 5/1/21		50		51,313
Men’s Wearhouse, Inc.,
7.00%, 7/1/22		100		103,250
Micron Technology, Inc.,
5.50%, 2/1/25		200		208,500
Monitronics International, Inc.,
9.125%, 4/1/20		50		38,585
Moss Creek Resources Holdings, Inc. (a)(b),
7.50%, 1/15/26		50		50,610
Navient Corp.,
8.00%, 3/25/20		150		159,750
NGPL PipeCo LLC (a)(b),
4.375%, 8/15/22		50		49,875
7.768%, 12/15/37		100		121,500
NRG Energy, Inc. (a)(b),
5.75%, 1/15/28		200		196,000
Parsley Energy LLC (a)(b),
5.625%, 10/15/27		150		150,375
Pilgrim’s Pride Corp. (a)(b),
5.75%, 3/15/25		180		175,275
Prime Security Services Borrower LLC,
9.25%, 5/15/23		109		118,401
Reynolds Group Issuer, Inc. (a)(b),
7.00%, 7/15/24		100		104,875
Sanchez Energy Corp.,
7.75%, 6/15/21		100		92,500
Seagate HDD Cayman (a)(b),
4.875%, 3/1/24		100		100,035
SESI LLC (a)(b),
7.75%, 9/15/24		100		103,750
Shea Homes L.P. (a)(b),
5.875%, 4/1/23		150		152,625
Silgan Holdings, Inc.,
3.25%, 3/15/25	€	100		125,440
Simmons Foods, Inc. (a)(b),
5.75%, 11/1/24		$100		90,875
Six Flags Entertainment Corp. (a)(b),
4.875%, 7/31/24		50		48,813
Sonic Automotive, Inc.,
5.00%, 5/15/23		150		143,250
Springleaf Finance Corp.,
5.25%, 12/15/19		100		102,250
Sprint Communications, Inc.,
6.00%, 11/15/22		50		49,188
Sprint Corp.,
7.875%, 9/15/23		150		153,562
Surgery Center Holdings, Inc. (a)(b),
6.75%, 7/1/25		100		97,500
Tallgrass Energy Partners L.P. (a)(b),
5.50%, 9/15/24		50		51,125
5.50%, 1/15/28		50		50,500
TerraForm Power Operating LLC (a)(b)(d),
6.625%, 6/15/25		100		107,875
Transocean, Inc. (a)(b),
9.00%, 7/15/23		60		64,050

160 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

	Principal Amount (000s)		Value
Trident Merger Sub, Inc. (a)(b),
6.625%, 11/1/25		$150	$	146,625
U.S. Concrete, Inc.,
6.375%, 6/1/24		109		113,632
Universal Hospital Services, Inc.,
7.625%, 8/15/20		100		101,250
Vantiv LLC (a)(b),
3.875%, 11/15/25	£	100		138,767
VICI Properties 1 LLC,
8.00%, 10/15/23		$98		109,220
Viking Cruises Ltd. (a)(b),
5.875%, 9/15/27		150		142,500
Voya Financial, Inc., (converts to FRN on 1/23/28) (a)(b)(e),
4.70%, 1/23/48		170		154,841
Warrior Met Coal, Inc. (a)(b),
8.00%, 11/1/24		100		102,000
Western Digital Corp.,
4.75%, 2/15/26		50		49,984
WildHorse Resource Development Corp.,
6.875%, 2/1/25		50		50,375
WMG Acquisition Corp.,
4.125%, 11/1/24	€	100		129,260
WPX Energy, Inc.,
6.00%, 1/15/22		$100		103,250

	Principal Amount (000s)		Value
Wynn Las Vegas LLC (a)(b),
5.25%, 5/15/27	€	50	$	49,125
5.50%, 3/1/25		80		80,600
				10,646,610
Total Corporate Bonds & Notes (cost—$21,099,360)				21,275,390
Short-Term Investments—3.0%
Repurchase Agreements—2.3%
State Street Bank and Trust Co., dated 3/29/18, 0.28%, due 4/2/18, proceeds $501,016; collateralized by U.S. Treasury Notes, 2.00%, due 8/15/25, valued at $514,706 including accrued interest
(cost-$501,000)		501		501,000
U.S. Treasury Obligations—0.7%
U.S. Treasury Bills (f), 0.719%, 6/21/18 (cost—$149,502)		$150		149,410
Total Short-Term Investments (cost—$650,502)				650,410
Total Investments (cost—$21,749,862)—98.6%				21,925,800
Other assets less liabilities (g)—1.4%				322,211
Net Assets—100.0%				$22,248,011

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 $9,946,144, representing 44.7% of net assets.

(b) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $9,992,590, representing 44.9% of net assets.

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

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

(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, 2018.

(f) Rates reflect the effective yields at purchase date.

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

Futures contracts outstanding at March 31, 2018:
Type		Contracts			Expiration Date		Notional Amount (000s)			Market Value (000s)			Unrealized Depreciation
Short position contracts:
	5-Year U.S. Treasury Note		(4	)		6/29/18	$	(400	)	$	(458	)	$	(2,688	)

Forward foreign currency contracts outstanding at March 31, 2018:
Description	Counterparty	U.S.$ Value on Origination Date		U.S.$ Value March 31, 2018		Unrealized Appreciation		Unrealized Depreciation
Sold:
1,080,164 British Pound settling 5/23/18	Goldman Sachs	$	1,520,288	$	1,518,490	$	1,798	$	—
102,741 British Pound settling 5/23/18	JPMorgan Chase		144,360		144,433		—		(73	)
4,585,698 Euro settling 5/23/18	Goldman Sachs		5,674,848		5,662,198		12,650		—
100,000 Euro settling 5/23/18	JPMorgan Chase		124,409		123,475		934		—
						$	15,382	$	(73	)

(h) At March 31, 2018, the Fund pledged $2,242 in cash as collateral for futures contracts.

Glossary:

£—British Pound Sterling

€—Euro

FRN—Floating Rate Note

PIK—Payment-in-Kind

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 161

Schedule of Investments

March 31, 2018 (Unaudited)

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	11.5%
Media	6.1%
Telecommunications	5.5%
Entertainment	5.2%
Mining	4.6%
Commercial Services	4.5%
Food & Beverage	4.4%
Diversified Financial Services	4.4%
Banks	3.8%
Healthcare-Services	3.3%
Containers & Packaging	3.1%
Iron/Steel	3.1%
Pipelines	3.0%
Pharmaceuticals	2.9%
Real Estate	2.8%
Retail	2.4%
Insurance	2.0%
Auto Manufacturers	1.8%
Lodging	1.6%
Home Builders	1.3%
Leisure	1.3%
Software	1.2%
Consumer Products	1.1%
Electric Utilities	1.1%
Machinery-Diversified	1.1%
Semiconductors	0.9%
Equity Real Estate Investment Trusts (REITs)	0.9%
Real Estate Management & Development	0.9%
Storage/Warehousing	0.9%
Electrical Equipment	0.8%
Tobacco	0.7%
Computers	0.7%
U.S. Treasury Obligations	0.7%
Electronics	0.7%
Holding Companies-Diversified	0.7%
Chemicals	0.6%
Internet	0.6%
Environmental Services	0.6%
Auto Components	0.6%
Engineering & Construction	0.5%
Building Materials	0.5%
Energy-Alternate Sources	0.5%
Coal	0.5%
Healthcare-Products	0.5%
Miscellaneous Manufacturing	0.4%
Repurchase Agreements	2.3%
Other assets less liabilities	1.4%
	100.0%

AllianzGI Global Sustainability Fund

	Shares		Value
Common Stock—94.9%
Australia—1.5%
Australia & New Zealand Banking Group Ltd.		20,821		$433,354
Canada—0.8%
Gibson Energy, Inc.		18,210		234,772
Denmark—1.4%
Novo Nordisk A/S, Class B		8,017		394,323
France—1.4%
Bureau Veritas S.A.		15,607		405,689
Germany—9.1%
Adidas AG		2,642		642,792
Covestro AG (a)		3,970		390,914
Fresenius SE & Co. KGaA		6,023		460,547
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		2,753		640,186
SAP SE		4,831		507,167
				2,641,606
Japan—4.8%
Daikin Industries Ltd.		5,900		655,449
Keyence Corp.		1,200		749,590
				1,405,039
Korea (Republic of)—1.7%
Samsung Electronics Co., Ltd. GDR		434		502,027
Spain—4.3%
Amadeus IT Group S.A.		11,914		881,673
Industria de Diseno Textil S.A.		12,019		377,861
				1,259,534
Sweden—5.0%
Assa Abloy AB, Class B		23,930		518,693
Atlas Copco AB, Class A		14,075		611,302
Skandinaviska Enskilda Banken AB, Class A		31,359		329,467
				1,459,462
Switzerland—3.1%
Roche Holding AG		2,612		599,185
UBS Group AG (c)		17,531		308,877
				908,062
United Kingdom—13.4%
AstraZeneca PLC		7,561		519,752
Prudential PLC		34,995		874,479
Reckitt Benckiser Group PLC		5,825		491,676
Royal Dutch Shell PLC, Class B		20,236		651,163
Unilever PLC		11,452		635,157
Vodafone Group PLC		147,912		404,692
WPP PLC		19,136		304,102
				3,881,021
United States—48.4%
Accenture PLC, Class A		4,886		750,001
Agilent Technologies, Inc.		10,857		726,333
Alphabet, Inc., Class A (c)		927		961,429
American Express Co.		7,169		668,724
Apple, Inc.		4,291		719,944
Biogen, Inc. (c)		948		259,581
Booking Holdings, Inc. (c)		302		628,278
Citigroup, Inc.		10,193		688,027
Colgate-Palmolive Co.		5,941		425,851
Eaton Corp. PLC		5,483		438,147
Ecolab, Inc.		2,886		395,584
EOG Resources, Inc.		4,813		506,665

	Shares		Value
Estee Lauder Cos., Inc., Class A		4,014	$	600,976
International Flavors & Fragrances, Inc.		4,004		548,188
Intuit, Inc.		3,656		633,768
Johnson & Johnson		4,330		554,889
Microsoft Corp.		9,759		890,704
Mondelez International, Inc., Class A		9,847		410,915
S&P Global, Inc.		3,779		722,016
Schlumberger Ltd.		5,308		343,852
Starbucks Corp.		10,657		616,934
Visa, Inc., Class A		8,805		1,053,254
Xylem, Inc.		6,822		524,748
				14,068,808
Total Common Stock (cost—$22,548,698)				27,593,697
	Principal Amount (000s)
Repurchase Agreements—5.0%
State Street Bank and Trust Co., dated 3/29/18, 0.28%, due 4/2/18, proceeds $1,463,046; collateralized by U.S. Treasury Notes, 2.50%, due 5/15/24, valued at $1,493,954 including accrued interest
(cost—$1,463,000)		$1,463		1,463,000
Total Investments (cost-$24,011,698) (b)—99.9%				29,056,697
Other assets less liabilities—0.1%				39,363
Net Assets—100.0%				$29,096,060

Notes to Schedule of Investments:

(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Security with a value of $390,914, representing 1.3% of net assets.

(b) Securities with an aggregate value of $13,290,117, representing 45.7% 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) Non-income producing.

Glossary:

GDR—Global Depositary Receipt

162 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

The industry classification of portfolio holdings and other assets less liabilities shown as a percentage of net assets were as follows:
IT Services	9.2%
Pharmaceuticals	7.1%
Software	7.0%
Insurance	5.2%
Banks	5.0%
Oil, Gas & Consumable Fuels	4.8%
Chemicals	4.6%
Personal Products	4.3%
Technology Hardware, Storage & Peripherals	4.2%
Building Products	4.0%
Machinery	3.9%
Capital Markets	3.5%
Internet Software & Services	3.3%
Household Products	3.2%
Electronic Equipment, Instruments & Components	2.6%
Life Sciences Tools & Services	2.5%
Consumer Finance	2.3%
Textiles, Apparel & Luxury Goods	2.2%
Internet & Catalog Retail	2.2%
Hotels, Restaurants & Leisure	2.1%
Healthcare Providers & Services	1.6%
Electrical Equipment	1.5%
Food Products	1.4%
Professional Services	1.4%
Wireless Telecommunication Services	1.4%
Specialty Retail	1.3%
Energy Equipment & Services	1.2%
Media	1.0%
Biotechnology	0.9%
Repurchase Agreements	5.0%
Other assets less liabilities	0.1%
	100.0%

AllianzGI Global Water Fund

	Shares		Value
Common Stock—97.9%
Austria—3.8%
ANDRITZ AG		340,000		$19,012,100
Wienerberger AG		255,922		6,399,378
				25,411,478
Canada—1.9%
Stantec, Inc.		497,861		12,284,706
China—2.3%
China Everbright International Ltd.		10,854,000		15,325,603
Finland—3.9%
Uponor Oyj (b)		756,642		12,639,995
Wartsila Oyj Abp		604,914		13,365,767
				26,005,762
France—10.2%
Suez		1,565,151		22,678,941
Veolia Environnement S.A.		1,907,334		45,313,233
				67,992,174
Germany—0.6%
GEA Group AG		98,136		4,173,400
Japan—4.1%
Kubota Corp.		725,200		12,783,542
Kurita Water Industries Ltd.		439,600		14,191,558
				26,975,100
Netherlands—4.0%
Aalberts Industries NV		522,235		26,613,309
Sweden—3.6%
Alfa Laval AB		1,003,351		23,777,457
Switzerland—6.2%
Belimo Holding AG		643		2,603,457
Geberit AG		86,904		38,430,888
				41,034,345
United Kingdom—9.2%
Halma PLC		1,305,968		21,618,022
Pennon Group PLC		1,764,532		15,952,475
Severn Trent PLC		921,119		23,846,448
				61,416,945

	Shares		Value
United States—48.1%
American Water Works Co., Inc.		787,092	$	64,643,866
AO Smith Corp.		101,870		6,477,913
Aqua America, Inc.		819,855		27,924,261
Badger Meter, Inc.		83,487		3,936,412
Danaher Corp.		424,734		41,585,706
IDEX Corp.		286,883		40,883,696
Itron, Inc. (b)		167,280		11,968,884
Masco Corp.		162,625		6,576,555
Mueller Water Products, Inc., Class A		1,020,789		11,095,977
PerkinElmer, Inc.		181,665		13,755,674
Tetra Tech, Inc.		320,000		15,664,000
Waste Management, Inc.		162,078		13,634,001
Xylem, Inc.		799,392		61,489,233
				319,636,178
Total Common Stock (cost—$548,521,082)				650,646,457
	Principal Amount (000s)
Repurchase Agreements—0.7%
State Street Bank and Trust Co., dated 3/29/18, 0.28%, due 4/2/18, proceeds $4,945,154; collateralized by U.S. Treasury Notes, 2.00%, due 8/15/25, valued at $5,046,977 including accrued interest
(cost—$4,945,000)		$4,945		4,945,000
Total Investments (cost—$553,466,082) (a)—98.6%				655,591,457
Other assets less liabilities (c)—1.4%				9,062,163
Net Assets—100.0%				$664,653,620

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $318,725,573, representing 48.0% 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) Non-income producing.

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

Forward foreign currency contracts outstanding at March 31, 2018:
Description	Counterparty	U.S.$ Value on Origination Date		U.S.$ Value March 31, 2018		Unrealized Appreciation		Unrealized Depreciation
Sold:
382,075 Euro settling 4/3/18	Income Repatriation Boston IBS	$	469,222	$	470,124	$	—	$	(902	)
27,959,911 Hong Kong Dollar settling 4/3/18	State Street Bank and Trust Co.		3,562,635		3,562,612		23		—
28,745,571 Hong Kong Dollar settling 4/4/18	State Street Bank and Trust Co.		3,662,462		3,662,719		—		(257	)
						$	23	$	(1,159	)

The industry classification of portfolio holdings and other assets less liabilities shown as a percentage of net assets were as follows:
Machinery	34.2%
Water Utilities	19.9%
Multi-Utilities	10.2%
Building Products	10.0%
Commercial Services & Supplies	6.7%

Healthcare Equipment & Supplies	6.3%
Electronic Equipment, Instruments & Components	5.6%
Life Sciences Tools & Services	2.1%
Professional Services	1.9%

Construction Materials	1.0%
Repurchase Agreements	0.7%
Other assets less liabilities	1.4%
	100.0%

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 163

Schedule of Investments

March 31, 2018 (Unaudited)

AllianzGI High Yield Bond Fund

	Principal Amount (000s)		Value
Corporate bonds & Notes—93.6%
Aerospace & Defense—2.0%
Kratos Defense & Security Solutions, Inc. (a)(b),
6.50%, 11/30/25		$1,230		$1,274,587
TransDigm, Inc.,
6.50%, 5/15/25		1,825		1,847,812
Triumph Group, Inc.,
7.75%, 8/15/25		1,005		1,032,638
				4,155,037
Auto Components—1.6%
American Axle & Manufacturing, Inc.,
6.625%, 10/15/22		1,690		1,751,263
Delphi Technologies PLC (a)(b),
5.00%, 10/1/25		1,100		1,057,375
Goodyear Tire & Rubber Co.,
5.125%, 11/15/23		575		580,031
				3,388,669
Auto Manufacturers—0.6%
Navistar International Corp. (a)(b),
6.625%, 11/1/25		1,305		1,308,263
Banks—1.2%
CIT Group, Inc.,
6.125%, 3/9/28		1,165		1,211,600
Royal Bank of Scotland Group PLC,
5.125%, 5/28/24		1,300		1,323,617
				2,535,217
Building Materials—0.7%
Builders FirstSource, Inc. (a)(b),
5.625%, 9/1/24		1,545		1,558,519
Chemicals—5.0%
Chemours Co.,
7.00%, 5/15/25		1,495		1,622,075
Kraton Polymers LLC (a)(b),
7.00%, 4/15/25		1,275		1,326,000
Olin Corp.,
5.00%, 2/1/30		1,130		1,083,387
Platform Specialty Products Corp. (a)(b),
6.50%, 2/1/22		1,780		1,813,375
PQ Corp. (a)(b),
5.75%, 12/15/25		1,450		1,439,125
Trinseo Materials Operating SCA (a)(b),
5.375%, 9/1/25		1,660		1,635,100
Tronox Finance PLC (a)(b),
5.75%, 10/1/25		1,560		1,521,000
				10,440,062
Commercial Services—4.1%
Cardtronics, Inc.,
5.125%, 8/1/22		905		886,665
Cenveo Corp. (a)(b)(c)(f),
6.00%, 5/15/24
(acquisition cost $3,115,333; purchased 3/22/12—3/11/16)		2,299		126,445
Gartner, Inc. (a)(b),
5.125%, 4/1/25		1,440		1,443,600
KAR Auction Services, Inc. (a)(b),
5.125%, 6/1/25		1,195		1,192,013
Live Nation Entertainment, Inc. (a)(b),
5.625%, 3/15/26		720		730,800
RR Donnelley & Sons Co.,
7.00%, 2/15/22		1,730		1,801,362
United Rentals North America, Inc.,
4.625%, 10/15/25		630		614,250
5.50%, 7/15/25		1,750		1,798,125
				8,593,260

	Principal Amount (000s)		Value
Computers—1.6%
Dell International LLC (a)(b),
7.125%, 6/15/24	$	1,180	$	1,260,793
Harland Clarke Holdings Corp. (a)(b),
9.25%, 3/1/21		2,000		2,067,500
				3,328,293
Distribution/Wholesale—2.1%
H&E Equipment Services, Inc.,
5.625%, 9/1/25		1,480		1,496,650
HD Supply, Inc. (a)(b),
5.75%, 4/15/24		1,450		1,531,128
Univar USA, Inc. (a)(b),
6.75%, 7/15/23		1,385		1,435,206
				4,462,984
Diversified Financial Services—5.2%
Ally Financial, Inc.,
5.75%, 11/20/25		1,420		1,468,351
8.00%, 3/15/20		405		436,388
Community Choice Financial, Inc.,
10.75%, 5/1/19		2,615		2,445,025
Nationstar Mortgage LLC,
7.875%, 10/1/20		1,250		1,278,125
Navient Corp.,
6.625%, 7/26/21		1,050		1,094,625
7.25%, 9/25/23		805		845,250
Springleaf Finance Corp.,
5.625%, 3/15/23		610		600,087
8.25%, 10/1/23		1,170		1,269,450
Travelport Corporate Finance PLC (a)(b),
6.00%, 3/15/26		1,415		1,423,844
				10,861,145
Electric Utilities—0.9%
NRG Energy, Inc. (a)(b),
5.75%, 1/15/28		1,855		1,817,900
Electronic Equipment, Instruments & Components—0.7%
Energizer Holdings, Inc. (a)(b),
5.50%, 6/15/25		1,350		1,363,500
Engineering & Construction—1.7%
AECOM,
5.875%, 10/15/24		1,805		1,897,506
Tutor Perini Corp. (a)(b),
6.875%, 5/1/25		1,695		1,750,088
				3,647,594
Entertainment—2.7%
AMC Entertainment Holdings, Inc.,
6.125%, 5/15/27		1,640		1,619,500
Cedar Fair L.P.,
5.375%, 6/1/24		1,395		1,421,156
5.375%, 4/15/27 (a)(b)		405		401,963
International Game Technology PLC (a)(b),
6.25%, 2/15/22		1,300		1,368,250
Scientific Games International, Inc. (a)(b),
5.00%, 10/15/25		840		819,000
				5,629,869
Equity Real Estate Investment Trusts (REITs)—1.0%
CyrusOne L.P.,
5.00%, 3/15/24		710		712,662
5.375%, 3/15/27		840		840,000
Equinix, Inc.,
5.375%, 5/15/27		470		478,225
				2,030,887

	Principal Amount (000s)		Value
Food & Beverage—0.6%
Post Holdings, Inc. (a)(b),
5.75%, 3/1/27	$	1,250	$	1,246,875
Food Service—0.7%
Aramark Services, Inc. (a)(b),
5.00%, 2/1/28		1,510		1,481,687
Healthcare-Products—1.8%
Hill-Rom Holdings, Inc. (a)(b),
5.00%, 2/15/25		985		981,306
Hologic, Inc. (a)(b),
4.625%, 2/1/28		1,095		1,053,938
Teleflex, Inc.,
5.25%, 6/15/24		1,705		1,751,887
				3,787,131
Healthcare-Services—4.6%
Centene Corp.,
4.75%, 1/15/25		520		508,300
Charles River Laboratories International, Inc. (a)(b),
5.50%, 4/1/26		855		871,031
Community Health Systems, Inc.,
6.25%, 3/31/23		400		370,500
DaVita, Inc.,
5.125%, 7/15/24		1,730		1,692,156
Encompass Health Corp.,
5.75%, 11/1/24		1,025		1,045,500
HCA, Inc.,
7.50%, 2/15/22		1,600		1,762,000
Kindred Healthcare, Inc.,
6.375%, 4/15/22		1,123		1,131,423
8.75%, 1/15/23		150		159,375
Tenet Healthcare Corp.,
5.125%, 5/1/25 (a)(b)		500		482,500
8.125%, 4/1/22		1,455		1,522,294
				9,545,079
Home Builders—2.0%
Beazer Homes USA, Inc.,
5.875%, 10/15/27		450		419,062
8.75%, 3/15/22		655		707,400
Brookfield Residential Properties, Inc. (a)(b),
6.50%, 12/15/20		575		583,625
KB Home,
8.00%, 3/15/20		955		1,031,400
Lennar Corp. (a)(b),
5.875%, 11/15/24		1,300		1,352,000
				4,093,487
Household Products/Wares—0.7%
Spectrum Brands, Inc.,
5.75%, 7/15/25		1,435		1,470,875
Insurance—0.8%
CNO Financial Group, Inc.,
5.25%, 5/30/25		1,735		1,756,687
Internet—2.8%
Match Group, Inc. (a)(b),
5.00%, 12/15/27		1,575		1,555,312
Netflix, Inc.,
5.875%, 2/15/25		1,260		1,323,000
Symantec Corp. (a)(b),
5.00%, 4/15/25		1,415		1,430,184
Zayo Group LLC (a)(b),
5.75%, 1/15/27		1,505		1,473,019
				5,781,515

164 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

	Principal Amount (000s)		Value
Iron/Steel—1.4%
AK Steel Corp.,
7.00%, 3/15/27	$	655	$	643,538
7.50%, 7/15/23		515		545,900
United States Steel Corp.,
6.875%, 8/15/25		1,625		1,677,812
				2,867,250
Lodging—1.6%
Hilton Worldwide Finance LLC,
4.625%, 4/1/25		575		575,719
MGM Resorts International,
6.625%, 12/15/21		1,000		1,081,250
Wyndham Hotels & Resorts, Inc. (a)(b),
5.375%, 4/15/26		755		764,438
Wynn Las Vegas LLC (a)(b),
5.50%, 3/1/25		905		911,787
				3,333,194
Machinery-Construction & Mining—0.8%
Terex Corp. (a)(b),
5.625%, 2/1/25		1,765		1,769,412
Machinery-Diversified—0.3%
Tennant Co.,
5.625%, 5/1/25		580		594,500
Media—7.1%
CCO Holdings LLC,
5.125%, 5/1/27 (a)(b)		310		295,089
5.75%, 1/15/24		1,745		1,775,538
Clear Channel Worldwide Holdings, Inc., Ser. B,
6.50%, 11/15/22		1,345		1,375,263
CSC Holdings LLC,
6.75%, 11/15/21		1,460		1,523,875
DISH DBS Corp.,
5.875%, 7/15/22		1,515		1,452,506
Gray Television, Inc. (a)(b),
5.875%, 7/15/26		1,180		1,150,500
LIN Television Corp.,
5.875%, 11/15/22		1,085		1,121,619
LiveStyle, Inc. (a)(b)(c)(f)(h),
9.625%, 2/1/19 (acquisition cost—$2,787,813; purchased 1/31/14-2/3/14)		2,761		55
McClatchy Co.,
9.00%, 12/15/22		1,273		1,331,876
Meredith Corp. (a)(b),
6.875%, 2/1/26		1,415		1,455,681
Nexstar Broadcasting, Inc. (a)(b),
5.625%, 8/1/24		1,795		1,763,049
Sirius XM Radio, Inc. (a)(b),
5.00%, 8/1/27		1,580		1,493,100
				14,738,151
Metal Fabricate/Hardware—0.7%
Park-Ohio Industries, Inc.,
6.625%, 4/15/27		1,500		1,560,000
Mining—3.4%
Alcoa Nederland Holding BV (a)(b),
6.75%, 9/30/24		1,000		1,075,000
Constellium NV (a)(b),
6.625%, 3/1/25		1,545		1,568,175
Freeport-McMoRan, Inc.,
3.55%, 3/1/22		1,660		1,610,200
Hudbay Minerals, Inc. (a)(b),
7.25%, 1/15/23		235		244,988
7.625%, 1/15/25		930		986,962
Joseph T. Ryerson & Son, Inc. (a)(b),
11.00%, 5/15/22		1,490		1,646,450
				7,131,775
Miscellaneous Manufacturing—0.7%
Koppers, Inc. (a)(b),
6.00%, 2/15/25		1,515		1,551,663

	Principal Amount (000s)		Value
Oil, Gas & Consumable Fuels—8.9%
AmeriGas Partners L.P.,
5.875%, 8/20/26	$	1,505	$	1,478,662
Callon Petroleum Co.,
6.125%, 10/1/24		1,520		1,562,256
Calumet Specialty Products Partners L.P.,
6.50%, 4/15/21		1,635		1,594,125
Carrizo Oil & Gas, Inc.,
6.25%, 4/15/23		935		939,675
Chesapeake Energy Corp. (a)(b),
8.00%, 1/15/25		660		640,200
Continental Resources, Inc.,
5.00%, 9/15/22		1,515		1,540,566
CVR Refining LLC,
6.50%, 11/1/22		1,110		1,137,750
Ensco PLC,
5.20%, 3/15/25		305		249,719
7.75%, 2/1/26		1,030		947,600
EP Energy LLC,
9.375%, 5/1/20		695		649,825
Noble Holding International Ltd.,
7.75%, 1/15/24		635		592,138
Oasis Petroleum, Inc.,
6.875%, 3/15/22		1,575		1,601,365
Range Resources Corp.,
4.875%, 5/15/25		1,645		1,533,962
Sanchez Energy Corp.,
6.125%, 1/15/23		1,830		1,343,906
Sunoco L.P. (a)(b),
5.50%, 2/15/26		990		957,825
5.875%, 3/15/28		650		629,688
Transocean, Inc. (a)(b),
7.50%, 1/15/26		1,115		1,101,063
				18,500,325
Paper & Forest Products—0.5%
Mercer International, Inc. (a)(b),
5.50%, 1/15/26		1,050		1,044,750
Pharmaceuticals—2.2%
Endo Finance LLC (a)(b),
5.375%, 1/15/23		1,550		1,181,875
Horizon Pharma, Inc.,
6.625%, 5/1/23		1,490		1,490,000
Valeant Pharmaceuticals International, Inc. (a)(b),
6.125%, 4/15/25		1,390		1,204,782
7.50%, 7/15/21		720		728,100
				4,604,757
Pipelines—0.8%
Crestwood Midstream Partners L.P.,
5.75%, 4/1/25		1,520		1,512,400
Sabine Pass Liquefaction LLC,
5.75%, 5/15/24		119		128,354
				1,640,754
Real Estate—1.8%
Iron Mountain, Inc. (a)(b),
4.875%, 9/15/27		985		918,512
Kennedy-Wilson, Inc.,
5.875%, 4/1/24		1,483		1,477,439
Uniti Group L.P.,
8.25%, 10/15/23		1,500		1,425,000
				3,820,951
Retail—3.7%
1011778 BC ULC (a)(b),
5.00%, 10/15/25		1,610		1,541,092
Beacon Roofing Supply, Inc. (a)(b),
4.875%, 11/1/25		1,390		1,330,925
Conn’s, Inc.,
7.25%, 7/15/22		1,595		1,591,012

	Principal Amount (000s)		Value
Dollar Tree, Inc.,
5.75%, 3/1/23	$	1,315	$	1,374,274
KFC Holding Co. (a)(b),
4.75%, 6/1/27		1,370		1,323,763
L Brands, Inc.,
6.875%, 11/1/35		370		360,750
Men’s Wearhouse, Inc.,
7.00%, 7/1/22		210		216,825
				7,738,641
Semiconductors—2.3%
Advanced Micro Devices, Inc.,
7.50%, 8/15/22		983		1,076,385
Amkor Technology, Inc.,
6.375%, 10/1/22		1,000		1,030,000
Entegris, Inc. (a)(b),
4.625%, 2/10/26		490		480,254
Qorvo, Inc.,
7.00%, 12/1/25		1,375		1,499,891
Sensata Technologies BV (a)(b),
5.625%, 11/1/24		750		786,563
				4,873,093
Software—2.5%
Camelot Finance S.A. (a)(b),
7.875%, 10/15/24		1,420		1,485,675
First Data Corp. (a)(b),
7.00%, 12/1/23		1,495		1,575,356
j2 Cloud Services LLC (a)(b),
6.00%, 7/15/25		1,570		1,615,138
Rackspace Hosting, Inc. (a)(b),
8.625%, 11/15/24		615		608,850
				5,285,019
Telecommunications—8.7%
CenturyLink, Inc., Ser. Y,
7.50%, 4/1/24		1,560		1,575,600
Cincinnati Bell, Inc. (a)(b),
7.00%, 7/15/24		1,630		1,467,000
CommScope Technologies LLC (a)(b),
5.00%, 3/15/27		1,060		1,009,650
6.00%, 6/15/25		1,000		1,045,500
Consolidated Communications, Inc.,
6.50%, 10/1/22		1,645		1,477,704
Frontier Communications Corp.,
10.50%, 9/15/22		1,390		1,169,449
GTT Communications, Inc. (a)(b),
7.875%, 12/31/24		900		906,750
Hughes Satellite Systems Corp.,
6.625%, 8/1/26		1,535		1,538,837
Level 3 Financing, Inc.,
5.375%, 5/1/25		2,075		2,017,937
Sprint Communications, Inc.,
11.50%, 11/15/21		1,750		2,038,750
Sprint Corp.,
7.625%, 3/1/26		1,065		1,042,369
T-Mobile USA, Inc.,
4.50%, 2/1/26		315		302,794
4.75%, 2/1/28		1,090		1,049,125
Windstream Services LLC (a)(b),
6.375%, 8/1/23		2,700		1,552,500
				18,193,965
Transportation—1.1%
XPO Logistics, Inc. (a)(b),
6.125%, 9/1/23		580		601,025
6.50%, 6/15/22		1,545		1,599,075
				2,200,100
Total Corporate Bonds & Notes (cost—$201,129,673)				195,732,835

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 165

Schedule of Investments

March 31, 2018 (Unaudited)

	Shares		Value
Preferred Stock (a)(d)(e)(g)(h)—3.1%
Media—3.1%
LiveStyle, Inc., Ser. A		6,269	$	626,900
LiveStyle, Inc., Ser. B		57,581		5,758,100
Total Preferred Stock (cost—$6,259,719)				6,385,000
Common Stock (a)(d)(e)(g)—0.3%
Advertising—0.3%
Affinion Group Holdings, Inc. Class A (f) (acquisition cost—$769,740; purchased 11/9/15-11/12/15)		43,401		580,705
Aerospace & Defense—0.0%
Erickson, Inc.		2,675		83,781
Media—0.0%
LiveStyle, Inc. (h)		67,983		7
Total Common Stock (cost—$2,260,807)				664,493
	Units
Warrants (d)(e)(g) —0.0%
Commercial Services—0.0%
Cenveo, Inc., strike price $12.00, expires 6/10/24 (b)		243,090		16
Media—0.0%
LiveStyle, Inc., expires 11/30/21, Ser. C., (a)(h)		14,500		1
Total Warrants (cost—$67,409)				17
	Principal Amount (000s)
Repurchase Agreements—2.9%
State Street Bank and Trust Co., dated 3/29/18, 0.28%, due 4/2/18, proceeds $6,051,188; collateralized by U.S. Treasury Notes, 2.50%, due 5/15/24, valued at $6,175,674 including accrued interest
(cost—$6,051,000)		$6,051		6,051,000
Total Investments (cost—$215,768,608)—99.9%				208,833,345
Other assets less liabilities—0.1%				263,358
Net Assets—100.0%				$209,096,703

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 $95,238,606, representing 45.5% of net assets.

(b) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $88,189,126, representing 42.2% of net assets.

(c) In default.

(d) Fair-Valued—Securities with an aggregate value of $7,049,510, representing 3.4% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

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

(f) Restricted. The aggregate acquisition cost of such securities is $6,672,886. The aggregate value is $707,205, representing 0.3% of net assets.

(g) Non-income producing.

(h) A member of the Fund’s portfolio management team is a member of the board of directors of LiveStyle, Inc. The Fund’s aggregate value of investments in LiveStyle, Inc. represents 3.1% of net assets.

AllianzGI International Growth Fund

	Shares		Value
Common Stock—98.4%
Australia—1.0%
CSL Ltd.		1,679		$202,283
Brazil—3.7%
Lojas Renner S.A.		16,749		174,265
Odontoprev S.A.		38,544		174,306
Raia Drogasil S.A.		10,901		246,981
WEG S.A.		22,241		152,317
				747,869
Canada—8.8%
Alimentation Couche-Tard, Inc., Class B		11,726		524,887
Canadian National Railway Co.		3,992		291,758
Constellation Software, Inc.		687		466,132
Restaurant Brands International, Inc.		8,550		486,581
				1,769,358
China—11.8%
Alibaba Group Holding Ltd. ADR (c)		3,835		703,876
Baidu, Inc. ADR (c)		1,669		372,504
Tencent Holdings Ltd.		15,921		854,632
Weibo Corp. ADR (c)		3,659		437,397
				2,368,409
Denmark—9.4%
Ambu A/S, Class B		24,035		544,005
Coloplast A/S, Class B		2,987		253,348
DSV A/S		6,470		510,796
Novo Nordisk A/S, Class B		11,982		589,345
				1,897,494
France—4.4%
Dassault Systemes SE		1,970		267,907
Ingenico Group S.A.		1,911		155,110
Legrand S.A.		2,328		182,657
Sartorius Stedim Biotech		3,033		273,809
				879,483
Germany—12.5%
Bechtle AG		3,801		308,333
Fresenius SE & Co. KGaA		4,495		343,709
Infineon Technologies AG		24,370		655,388
SAP SE		6,233		654,351
Scout24 AG (a)		6,532		304,567
Zalando SE (a)(c)		4,515		246,377
				2,512,725
Hong Kong—2.9%
AIA Group Ltd.		68,344		584,251
India—3.2%
HDFC Bank Ltd.		9,615		280,673
HDFC Bank Ltd. ADR		3,575		353,103
				633,776
Indonesia—1.9%
Ace Hardware Indonesia Tbk PT		2,036,110		196,697
Bank Central Asia Tbk PT		109,118		185,368
				382,065
Ireland—3.4%
Kingspan Group PLC		7,369		311,911
Ryanair Holdings PLC ADR (c)		3,045		374,078
				685,989

166 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

	Shares		Value
Japan—6.7%
Hoshizaki Corp.		2,739	$	244,185
Keyence Corp.		779		486,608
MonotaRO Co., Ltd.		9,069		320,970
Sundrug Co., Ltd.		6,090		285,048
				1,336,811
Korea (Republic of)—1.6%
LG Household & Health Care Ltd.		294		329,657
Mexico—1.0%
Fomento Economico Mexicano S.A.B de C.V. UNIT		21,963		201,038
Netherlands—1.9%
ASML Holding NV		1,941		384,888
Philippines—1.4%
Jollibee Foods Corp.		23,572		135,861
Universal Robina Corp.		48,389		141,112
				276,973
South Africa—1.8%
PSG Group Ltd.		18,951		360,462
Spain—1.6%
Amadeus IT Group S.A.		4,302		318,361
Sweden—7.0%
Assa Abloy AB, Class B		13,858		300,378
Atlas Copco AB, Class A		7,275		315,966
Hexagon AB, Class B		5,130		306,204
Hexpol AB		29,063		270,169
Trelleborg AB, Class B		8,754		220,585
				1,413,302
Switzerland—3.2%
Cie Financiere Richemont S.A.		2,616		235,079
Partners Group Holding AG		325		241,840
Roche Holding AG		723		165,854
				642,773
United Kingdom—9.2%
ASOS PLC (c)		2,666		260,805
British American Tobacco PLC		8,094		467,889
DCC PLC		4,225		389,280
Reckitt Benckiser Group PLC		5,495		463,821
Unilever PLC		4,995		277,035
				1,858,830
Total Common Stock (cost—$15,065,745)				19,786,797
	Principal Amount (000s)
Repurchase Agreements—1.5%
State Street Bank and Trust Co., dated 3/29/18, 0.28%, due 4/2/18, proceeds $302,009; collateralized by U.S. Treasury Notes, 2.00%, due 8/15/25, valued at $309,777 including accrued interest
(cost—$302,000)		$302		302,000
Total Investments (cost—$15,367,745) (b)—99.9%				20,088,797
Other assets less liabilities—0.1%				28,269
Net Assets—100.0%				$20,117,066

Notes to Schedule of Investments:

(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $550,944, representing 2.7% of net assets.

(b) Securities with an aggregate value of $14,318,966, representing 71.2% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(c) 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:

Internet Software & Services	13.3%
Software	6.9%
Healthcare Equipment & Supplies	5.3%
Food & Staples Retailing	5.3%
Semiconductors & Semiconductor Equipment	5.2%
Electronic Equipment, Instruments & Components	4.7%
Machinery	4.6%
Banks	4.1%
Road & Rail	4.0%
Pharmaceuticals	3.8%
IT Services	3.1%
Hotels, Restaurants & Leisure	3.1%
Building Products	3.0%
Personal Products	3.0%
Insurance	2.9%
Healthcare Providers & Services	2.6%
Internet & Catalog Retail	2.5%
Tobacco	2.3%
Household Products	2.3%
Industrial Conglomerates	1.9%
Airlines	1.9%
Diversified Financial Services	1.8%
Trading Companies & Distributors	1.6%
Chemicals	1.3%
Capital Markets	1.2%
Textiles, Apparel & Luxury Goods	1.2%
Biotechnology	1.0%
Beverages	1.0%
Specialty Retail	1.0%
Electrical Equipment	0.9%
Multi-Line Retail	0.9%
Food Products	0.7%
Repurchase Agreements	1.5%
Other assets less liabilities	0.1%
	100.0%

AllianzGI International Small-Cap Fund

	Shares		Value
Common Stock—97.1%
Australia—3.3%
ALS Ltd.		167,500		$963,912
Boral Ltd.		238,934		1,378,245
Challenger Ltd.		111,047		994,517
Downer EDI Ltd.		242,019		1,202,899
GUD Holdings Ltd.		68,610		633,677
Santos Ltd. (c)		304,029		1,199,095
				6,372,345
Austria—4.2%
Schoeller-Bleckmann Oilfield Equipment AG (c)		19,392		2,138,732
UNIQA Insurance Group AG		263,530		3,067,838
Wienerberger AG		111,177		2,780,002
				7,986,572
China—2.3%
Angel Yeast Co., Ltd., Class A		239,750		1,222,307
China Everbright Greentech Ltd. (a)(c)		968,235		973,543
CIFI Holdings Group Co., Ltd.		1,092,000		964,718
Sunny Optical Technology Group Co., Ltd.		32,100		602,334
Zhejiang Dingli Machinery Co., Ltd., Class A		50,260		537,084
				4,299,986
Denmark—3.3%
Ambu A/S, Class B		166,995		3,779,744
SimCorp A/S		34,711		2,425,985
				6,205,729
Finland—2.8%
Huhtamaki Oyj		53,515		2,348,244
Outotec Oyj (c)		324,590		2,900,604
				5,248,848
France—4.4%
APERAM S.A.		49,343		2,362,809
Korian S.A.		37,130		1,256,483
Nexity S.A.		28,344		1,815,307
Sartorius Stedim Biotech		33,150		2,992,671
				8,427,270
Germany—8.5%
Aareal Bank AG		63,224		3,016,167
Bechtle AG		33,486		2,716,344
CANCOM SE		41,415		4,273,869
Deutsche Pfandbriefbank AG (a)		192,285		3,031,673
Hella GmbH & Co. KGaA		46,789		3,080,178
				16,118,231
Hong Kong—2.3%
Johnson Electric Holdings Ltd.		343,000		1,290,719
Man Wah Holdings Ltd.		874,800		697,739
Melco International Development Ltd.		200,000		586,960
Microport Scientific Corp.		695,000		754,076
Techtronic Industries Co., Ltd.		176,000		1,032,959
				4,362,453
Indonesia—0.5%
Jasa Marga Persero Tbk PT		2,858,200		955,199

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 167

Schedule of Investments

March 31, 2018 (Unaudited)

	Shares		Value
Italy—3.1%
De’ Longhi SpA		72,324	$	2,146,887
FinecoBank Banca Fineco SpA		308,542		3,713,694
				5,860,581
Japan—30.7%
Arata Corp.		37,000		2,095,597
COMSYS Holdings Corp.		99,300		2,639,997
Daifuku Co., Ltd.		30,300		1,796,410
Gunma Bank Ltd.		514,273		2,960,668
Ichigo, Inc.		526,200		2,331,816
Kenko Mayonnaise Co., Ltd.		43,500		1,463,443
KH Neochem Co., Ltd.		95,600		2,771,855
Lion Corp.		125,200		2,569,326
MISUMI Group, Inc.		87,000		2,409,520
Mitsubishi UFJ Lease & Finance Co., Ltd.		412,400		2,470,501
Mitsui Mining & Smelting Co., Ltd.		35,000		1,551,905
Morinaga Milk Industry Co., Ltd.		53,100		2,160,888
Nippon Carbon Co., Ltd.		32,800		1,609,385
Nippon Shinyaku Co., Ltd.		23,300		1,577,264
Nissha Co., Ltd.		45,700		1,216,505
Okamura Corp.		222,900		3,070,391
Persol Holdings Co., Ltd.		140,600		4,085,373
Pigeon Corp.		67,000		3,027,181
Rengo Co., Ltd.		422,600		3,653,011
Sanwa Holdings Corp.		260,600		3,360,311
SCREEN Holdings Co., Ltd.		25,800		2,330,486
Siix Corp.		53,800		1,151,867
Start Today Co., Ltd.		73,700		1,918,226
Ube Industries Ltd.		141,300		4,140,441
				58,362,367
Korea (Republic of)—0.2%
HyVision System, Inc.		23,615		403,973
Netherlands—3.1%
Aalberts Industries NV		57,117		2,910,706
ASR Nederland NV		69,079		2,953,691
				5,864,397

	Shares		Value
Philippines—0.4%
Integrated Micro-Electronics, Inc.		1,331,100	$	397,971
Robinsons Land Corp.		1,004,861		386,411
				784,382
Spain—2.7%
Melia Hotels International S.A.		179,337		2,538,665
Unicaja Banco S.A. (a)(c)		1,541,515		2,656,721
				5,195,386
Sweden—4.6%
AAK AB		34,841		3,084,828
Fastighets AB Balder, Class B (c)		83,130		2,092,094
Indutrade AB		90,866		2,351,013
NetEnt AB (c)		227,492		1,148,384
				8,676,319
Switzerland—6.2%
ams AG		34,502		3,623,062
Georg Fischer AG		1,885		2,523,774
Interroll Holding AG		1,798		2,823,505
OC Oerlikon Corp. AG (c)		160,152		2,830,765
				11,801,106
Taiwan—2.4%
ASPEED Technology, Inc.		26,000		815,975
Ennoconn Corp.		45,063		747,549
Faraday Technology Corp.		405,000		981,609
Globalwafers Co., Ltd.		72,000		1,160,376
Merry Electronics Co., Ltd.		71,000		414,611
Sunonwealth Electric Machine Industry Co., Ltd.		244,000		382,201
				4,502,321
United Kingdom—12.1%
ASOS PLC (c)		32,098		3,140,034
Auto Trader Group PLC (a)		383,246		1,883,816
Genus PLC		83,390		2,726,012

	Shares		Value
Intermediate Capital Group PLC		249,440	$	3,445,298
RPC Group PLC		221,860		2,412,040
Senior PLC		801,302		3,387,733
Spectris PLC		56,498		2,138,331
Superdry PLC		55,873		1,224,182
Tullow Oil PLC (c)		928,717		2,560,205
				22,917,651
Total Common Stock (cost—$142,324,382)				184,345,116
Preferred Stock—1.5%
Germany—1.5%
Jungheinrich AG (cost—$2,221,885)		65,303		2,894,279
Total Investments (cost—$144,546,267) (b)—98.6%				187,239,395
Other assets less liabilities (d)—1.4%				2,689,549
Net Assets—100.0%				$189,928,944

Notes to Schedule of Investments:

(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $8,545,753, representing 4.5% of net assets.

(b) Securities with an aggregate value of $184,115,412, representing 96.9% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(c) Non-income producing.

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

Forward foreign currency contracts outstanding at March 31, 2018:
Description	Counterparty		U.S.$ Value on Origination Date		U.S.$ Value March 31, 2018		Unrealized Appreciation		Unrealized Depreciation
Purchased:
683,790 Philippine Piso settling 4/2/18		State Street Bank and Trust Co.	$	13,114	$	13,105	$	—	$	(9	)
Sold:
164,704 Danish Krone settling 4/3/18		Income Repatriation Boston IBS		27,367		27,185		182		—
							$	182	$	(9	)

168 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

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

Machinery	8.8%
Banks	4.9%
Semiconductors & Semiconductor Equipment	4.7%
Containers & Packaging	4.4%
Food Products	4.2%
Healthcare Equipment & Supplies	4.0%
IT Services	3.7%
Chemicals	3.6%
Metals & Mining	3.6%
Thrifts & Mortgage Finance	3.2%
Insurance	3.2%
Diversified Financial Services	3.0%
Household Products	2.9%
Commercial Services & Supplies	2.9%
Real Estate Management & Development	2.8%
Electronic Equipment, Instruments & Components	2.7%
Internet & Catalog Retail	2.7%
Professional Services	2.7%
Trading Companies & Distributors	2.5%
Construction Materials	2.2%
Household Durables	2.0%
Oil, Gas & Consumable Fuels	2.0%
Auto Components	2.0%
Capital Markets	1.8%
Aerospace & Defense	1.8%
Building Products	1.8%
Hotels, Restaurants & Leisure	1.6%
Internet Software & Services	1.6%
Electrical Equipment	1.5%
Biotechnology	1.4%
Construction & Engineering	1.4%
Software	1.3%
Energy Equipment & Services	1.1%
Distributors	1.1%
Pharmaceuticals	0.8%
Healthcare Providers & Services	0.7%
Specialty Retail	0.6%
Independent Power Producers & Energy Traders	0.5%
Transportation Infrastructure	0.5%
Technology Hardware, Storage & Peripherals	0.4%
Other assets less liabilities	1.4%
	100.0%

AllianzGI Micro Cap Fund

	Shares		Value
Common Stock—99.5%
Air Freight & Logistics—0.9%
Echo Global Logistics, Inc. (a)		8,153		$225,023
Auto Components—1.2%
Modine Manufacturing Co. (a)		14,655		309,953
Banks—6.8%
Carolina Financial Corp.		4,818		189,251
Equity Bancshares, Inc., Class A (a)		5,689		222,781
First Foundation, Inc. (a)		13,314		246,842
First Internet Bancorp		5,323		196,951
Franklin Financial Network, Inc. (a)		5,641		183,897
National Commerce Corp. (a)		3,430		149,376
Preferred Bank		3,802		244,088
Seacoast Banking Corp. of Florida (a)		11,128		294,558
				1,727,744
Beverages—2.2%
MGP Ingredients, Inc.		4,357		390,344
Primo Water Corp. (a)		14,374		168,319
				558,663
Biotechnology—13.7%
Abeona Therapeutics, Inc. (a)		6,213		89,157
Achaogen, Inc. (a)		5,603		72,559
Adamas Pharmaceuticals, Inc. (a)		2,989		71,437
Agenus, Inc. (a)		14,900		70,179
Akebia Therapeutics, Inc. (a)		6,826		65,052
Arena Pharmaceuticals, Inc. (a)		5,909		233,405
Audentes Therapeutics, Inc. (a)		3,382		101,629
BioCryst Pharmaceuticals, Inc. (a)		13,923		66,413
BioSpecifics Technologies Corp. (a)		3,174		140,735
Calithera Biosciences, Inc. (a)		4,846		30,530
Cara Therapeutics, Inc. (a)		6,045		74,837
Concert Pharmaceuticals, Inc. (a)		6,775		155,147
Corbus Pharmaceuticals Holdings, Inc. (a)		8,083		49,306
Cytokinetics, Inc. (a)		6,918		49,810
CytomX Therapeutics, Inc. (a)		4,824		137,243
Esperion Therapeutics, Inc. (a)		1,392		100,683
Flexion Therapeutics, Inc. (a)		7,551		169,218
Heron Therapeutics, Inc. (a)		6,167		170,209
ImmunoGen, Inc. (a)		15,248		160,409
Immunomedics, Inc. (a)		6,278		91,722
Inovio Pharmaceuticals, Inc. (a)		13,117		61,781
Iovance Biotherapeutics, Inc. (a)		11,065		186,998
La Jolla Pharmaceutical Co. (a)		4,903		146,011
MacroGenics, Inc. (a)		4,407		110,880
NewLink Genetics Corp. (a)		3,062		22,199
Pieris Pharmaceuticals, Inc. (a)		9,752		66,509
Progenics Pharmaceuticals, Inc. (a)		14,300		106,678
REGENXBIO, Inc. (a)		2,569		76,685
Rigel Pharmaceuticals, Inc. (a)		28,253		100,016
Sangamo Therapeutics, Inc. (a)		8,855		168,245
Selecta Biosciences, Inc. (a)		3,014		30,713
Synergy Pharmaceuticals, Inc. (a)		33,454		61,221

	Shares		Value
TG Therapeutics, Inc. (a)		9,462	$	134,360
Vanda Pharmaceuticals, Inc. (a)		8,423		141,928
				3,513,904
Building Products—2.2%
Patrick Industries, Inc. (a)		5,538		342,525
PGT Innovations, Inc. (a)		12,315		229,675
				572,200
Chemicals—2.5%
American Vanguard Corp.		10,654		215,211
KMG Chemicals, Inc.		3,560		213,422
Koppers Holdings, Inc. (a)		5,354		220,049
				648,682
Commercial Services & Supplies—0.4%
Hudson Technologies, Inc. (a)		21,305		105,247
Construction & Engineering—1.9%
NV5 Global, Inc. (a)		5,718		318,779
Sterling Construction Co., Inc. (a)		14,409		165,127
				483,906
Construction Materials—1.1%
U.S. Concrete, Inc. (a)		4,501		271,860
Diversified Consumer Services—0.9%
Carriage Services, Inc.		8,307		229,772
Diversified Telecommunication Services—0.8%
ORBCOMM, Inc. (a)		21,255		199,159
Electrical Equipment—0.5%
Plug Power, Inc. (a)		65,110		123,058
Electronic Equipment, Instruments & Components—0.7%
Mesa Laboratories, Inc.		1,304		193,566
Energy Equipment & Services—0.7%
Newpark Resources, Inc. (a)		11,473		92,931
Nine Energy Service, Inc. (a)		3,194		77,774
				170,705
Food Products—0.8%
John B Sanfilippo & Son, Inc.		3,418		197,800
Healthcare Equipment & Supplies—9.7%
Antares Pharma, Inc. (a)		46,832		103,030
AxoGen, Inc. (a)		14,225		519,213
CryoLife, Inc. (a)		10,792		216,380
CryoPort, Inc. (a)		23,510		202,186
Cutera, Inc. (a)		8,254		414,764
Heska Corp. (a)		1,617		127,856
LeMaitre Vascular, Inc.		11,700		423,891
Surmodics, Inc. (a)		5,747		218,673
Tactile Systems Technology, Inc. (a)		8,130		258,534
				2,484,527
Healthcare Providers & Services—2.4%
BioTelemetry, Inc. (a)		12,838		398,620
RadNet, Inc. (a)		14,513		208,987
				607,607
Healthcare Technology—2.4%
Tabula Rasa HealthCare, Inc. (a)		8,418		326,618
Vocera Communications, Inc. (a)		12,112		283,663
				610,281

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 169

Schedule of Investments

March 31, 2018 (Unaudited)

	Shares		Value
Hotels, Restaurants & Leisure—2.2%
Carrols Restaurant Group, Inc. (a)		19,542	$	218,870
Century Casinos, Inc. (a)		21,495		160,353
Golden Entertainment, Inc. (a)		7,932		184,260
				563,483
Household Durables—2.4%
LGI Homes, Inc. (a)		5,507		388,629
M/I Homes, Inc. (a)		6,967		221,899
				610,528
Internet & Catalog Retail—0.7%
Gaia, Inc. (a)		11,540		178,870
Internet Software & Services—7.9%
Amber Road, Inc. (a)		22,683		201,879
Carbonite, Inc. (a)		10,107		291,082
Five9, Inc. (a)		16,553		493,114
GTT Communications, Inc. (a)		7,295		413,626
Instructure, Inc. (a)		8,197		345,503
LivePerson, Inc. (a)		17,582		287,466
				2,032,670
IT Services—0.7%
Hackett Group, Inc.		12,029		193,186
Life Sciences Tools & Services—1.4%
Enzo Biochem, Inc. (a)		15,495		84,913
NeoGenomics, Inc. (a)		32,544		265,559
				350,472
Machinery—5.7%
Commercial Vehicle Group, Inc. (a)		15,878		123,054
Energy Recovery, Inc. (a)		9,616		79,044
Global Brass & Copper Holdings, Inc.		5,048		168,856
Kadant, Inc.		3,518		332,451
Kornit Digital Ltd. (a)		12,689		163,688
NN, Inc.		4,492		107,808
Spartan Motors, Inc.		13,380		230,136
Titan International, Inc.		19,135		241,292
				1,446,329
Oil, Gas & Consumable Fuels—2.3%
Abraxas Petroleum Corp. (a)		43,538		96,654
Evolution Petroleum Corp.		23,573		189,763
Penn Virginia Corp. (a)		2,322		81,363
Ring Energy, Inc. (a)		15,989		229,442
				597,222
Personal Products—1.0%
Medifast, Inc.		2,750		256,988
Pharmaceuticals—4.8%
Amphastar Pharmaceuticals, Inc. (a)		7,015		131,531
ANI Pharmaceuticals, Inc. (a)		3,666		213,435
Assembly Biosciences, Inc. (a)		2,692		132,285
Cymabay Therapeutics, Inc. (a)		7,712		100,179
Intersect ENT, Inc. (a)		7,738		304,103
Omeros Corp. (a)		5,649		63,099
Paratek Pharmaceuticals, Inc. (a)		3,906		50,778
Revance Therapeutics, Inc. (a)		4,098		126,218
WaVe Life Sciences Ltd. (a)		2,387		95,719
				1,217,347
Professional Services—2.1%
CRA International, Inc.		3,840		200,794
GP Strategies Corp. (a)		5,654		128,063
Kforce, Inc.		7,710		208,555
				537,412

	Shares		Value
Road & Rail—0.7%
Daseke, Inc. (a)		17,520	$	171,521
Semiconductors & Semiconductor Equipment—4.5%
Axcelis Technologies, Inc. (a)		7,842		192,913
AXT, Inc. (a)		27,136		196,736
CEVA, Inc. (a)		5,947		215,281
FormFactor, Inc. (a)		15,932		217,472
Ichor Holdings Ltd. (a)		8,310		201,185
PDF Solutions, Inc. (a)		10,810		126,045
				1,149,632
Software—5.3%
Asure Software, Inc. (a)		15,169		185,669
Datawatch Corp. (a)		14,592		126,221
Everbridge, Inc. (a)		8,157		298,546
Model N, Inc. (a)		14,251		257,230
PROS Holdings, Inc. (a)		6,727		222,058
Upland Software, Inc. (a)		9,158		263,659
				1,353,383
Technology Hardware, Storage & Peripherals—1.3%
USA Technologies, Inc. (a)		37,097		333,873
Thrifts & Mortgage Finance—2.1%
First Defiance Financial Corp.		4,315		247,336
Meridian Bancorp, Inc.		13,859		279,259
				526,595
Trading Companies & Distributors—0.8%
Titan Machinery, Inc. (a)		8,750		206,150
Wireless Telecommunication Services—1.8%
Boingo Wireless, Inc. (a)		19,016		471,026
Total Investments (cost—$18,328,530)—99.5%				25,430,344
Other assets less liabilities—0.5%				115,812
Net Assets—100.0%				$25,546,156

Notes to Schedule of Investments:

(a) Non-income producing.

AllianzGI NFJ Emerging Markets Value Fund

	Shares		Value
Common Stock—90.1%
Argentina—0.7%
Banco Macro S.A. ADR		9,610		$1,037,592
Brazil—4.4%
Banco Santander Brasil S.A. UNIT		93,700		1,132,705
Cia de Locacao das Americas		116,100		1,055,343
Energisa S.A. UNIT		105,000		1,103,606
Hypera S.A.		89,800		983,558
IRB Brasil Resseguros S.A.		84,400		1,070,131
Petrobras Distribuidora S.A. (e)		151,000		1,056,078
				6,401,421
China—27.2%
AAC Technologies Holdings, Inc.		53,500		980,364
Agricultural Bank of China Ltd., Class H		1,768,000		1,015,262
Anhui Jinhe Industrial Co., Ltd., Class A		241,564		953,939
Baidu, Inc. ADR (e)		4,210		939,630
Bank of China Ltd., Class H		1,714,000		936,288
Baoshan Iron & Steel Co., Ltd., Class A		686,239		951,142
BOE Technology Group Co., Ltd., Class B		1,755,800		1,003,060
China Construction Bank Corp., Class H		958,000		1,000,635
China Medical System Holdings Ltd.		462,000		1,058,387
China Merchants Bank Co., Ltd., Class H		228,100		946,813
China Shenhua Energy Co., Ltd., Class H		370,500		929,855
CNOOC Ltd.		654,000		968,370
Consun Pharmaceutical Group Ltd.		930,000		995,841
Geely Automobile Holdings Ltd.		336,000		984,560
Gree Electric Appliances, Inc. of Zhuhai, Class A		126,000		948,048
Guangdong Provincial Expressway Development Co., Ltd., Class B		1,176,487		1,030,161
Guangzhou Automobile Group Co., Ltd., Class H		436,000		809,803
Haitian International Holdings Ltd.		326,000		991,219
Hengtong Optic-electric Co., Ltd., Class A		175,300		1,035,628
Industrial & Commercial Bank of China Ltd., Class H		1,146,000		998,723
Jinyu Bio-Technology Co., Ltd., Class A		220,620		991,143
JNBY Design Ltd.		528,000		1,079,139
Kingboard Laminates Holdings Ltd.		604,000		886,179
Kweichow Moutai Co., Ltd., Class A		8,300		916,310
Lee & Man Paper Manufacturing Ltd.		901,000		962,069
LONGi Green Energy Technology Co., Ltd., Class A		178,100		965,000
Midea Group Co., Ltd., Class A		113,314		1,006,218

170 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

	Shares		Value
People’s Insurance Co. Group of China Ltd., Class H		1,926,000	$	910,897
PICC Property & Casualty Co., Ltd., Class H		497,000		878,213
Qingdao Haier Co., Ltd., Class A		330,100		944,357
Qingdao Port International Co., Ltd., Class H (a)		1,390,000		1,032,878
Shengyi Technology Co., Ltd., Class A		396,800		1,089,391
Shenzhen Expressway Co., Ltd., Class H		986,000		1,007,060
Shenzhen International Holdings Ltd.		490,000		1,079,780
Sinopharm Group Co., Ltd., Class H		209,600		1,049,582
Tencent Holdings Ltd.		17,600		944,760
Tencent Holdings Ltd. ADR		18,600		991,194
Travelsky Technology Ltd., Class H		325,000		949,288
Wanhua Chemical Group Co., Ltd., Class A (c)(d)		101,200		610,253
Wuliangye Yibin Co., Ltd., Class A		86,000		931,585
Zhuzhou Kibing Group Co., Ltd., Class A		987,600		927,358
				39,630,382
Czech Republic—0.7%
Philip Morris CR AS		1,271		1,056,494
Hong Kong—2.0%
Johnson Electric Holdings Ltd.		248,000		933,231
Xin Point Holdings Ltd.		1,306,000		940,128
Xinyi Glass Holdings Ltd.		680,000		1,035,066
				2,908,425
India—9.0%
Bharat Petroleum Corp., Ltd.		148,714		982,169
Cyient Ltd.		106,627		1,142,680
DCM Shriram Ltd.		144,894		951,384
Dewan Housing Finance Corp., Ltd.		124,597		992,542
HCL Technologies Ltd.		67,485		999,832
Hexaware Technologies Ltd.		187,744		1,099,235
Indiabulls Housing Finance Ltd.		53,721		1,029,383
Larsen & Toubro Infotech Ltd. (a)		49,453		1,021,622
Mphasis Ltd.		76,367		979,707
Power Grid Corp. of India Ltd.		321,988		957,271
PTC India Ltd.		710,697		950,133
Reliance Industries Ltd.		71,629		976,473
Yes Bank Ltd.		209,380		992,651
				13,075,082
Indonesia—2.1%
Bank Negara Indonesia Persero Tbk PT		1,497,400		948,292
Bank Rakyat Indonesia Persero Tbk PT		3,725,000		977,587
Bank Tabungan Negara Persero Tbk PT		3,932,500		1,088,917
				3,014,796
Korea (Republic of)—12.1%
DB Insurance Co., Ltd.		15,800		981,569
F&F Co., Ltd.		27,650		1,054,318

	Shares		Value
Hana Financial Group, Inc.		22,470	$	968,392
Hyundai Marine & Fire Insurance Co., Ltd.		27,235		1,010,157
Jin Air Co., Ltd.		35,260		1,007,768
KB Financial Group, Inc.		17,420		1,010,312
Korea Asset In Trust Co., Ltd.		8,017		45,247
Korea United Pharm, Inc.		37,620		977,009
LEENO Industrial, Inc.		18,240		1,025,226
LG Electronics, Inc.		4,620		476,676
Lotte Chemical Corp.		2,585		1,059,035
Meritz Fire & Marine Insurance Co., Ltd.		46,990		936,095
PSK, Inc.		41,300		993,043
Samsung Electronics Co., Ltd.		454		1,060,760
Shinhan Financial Group Co., Ltd.		22,670		967,086
SK Holdings Co., Ltd.		3,430		967,397
SK Hynix, Inc.		13,410		1,027,366
Tokai Carbon Korea Co., Ltd.		13,900		1,086,134
WONIK IPS Co., Ltd.		32,490		1,011,649
				17,665,239
Malaysia—2.8%
Inari Amertron Bhd.		1,328,600		968,483
Serba Dinamik Holdings Bhd.		1,223,400		1,077,939
SKP Resources Bhd.		2,418,000		992,939
Yinson Holdings Bhd.		1,004,700		979,819
				4,019,180
Mexico—2.6%
Grupo Aeroportuario del Centro Norte S.A.B de C.V.		182,300		890,543
Grupo Financiero Banorte S.A.B de C.V., Class O		168,700		1,023,150
Grupo Financiero Interacciones S.A. de C.V., Class O		196,000		953,047
Mexichem S.A.B de C.V.		299,700		919,047
				3,785,787
Russian Federation—3.5%
Gazprom Neft PJSC ADR		43,042		1,096,710
Lukoil PJSC (c)(d)		14,201		985,265
Sberbank of Russia PJSC ADR		53,218		992,516
Tatneft PJSC (c)(d)		100,148		1,070,582
TCS Group Holding PLC GDR		46,380		1,018,041
				5,163,114
Singapore—0.7%
Venture Corp., Ltd.		50,300		1,087,831
South Africa—6.1%
Astral Foods Ltd.		41,236		1,089,595
Distell Group Ltd.		84,181		974,157
Investec Property Fund Ltd. REIT		673,566		995,445
JSE Ltd.		63,413		992,700
Mondi Ltd.		37,042		1,008,218
Naspers Ltd., Class N		3,841		939,942
Naspers Ltd., Class N ADR		18,900		948,402
Rand Merchant Investment Holdings Ltd.		279,824		946,039
Santam Ltd.		37,154		1,023,130
				8,917,628
Taiwan—12.1%
Ardentec Corp.		836,000		1,092,440
Catcher Technology Co., Ltd.		89,000		1,118,721

	Shares		Value
Chroma ATE, Inc.		178,000	$	1,107,561
E Ink Holdings, Inc.		622,000		1,041,475
Getac Technology Corp.		677,000		979,653
Greatek Electronics, Inc.		539,000		1,032,860
ITEQ Corp.		428,000		1,021,800
King’s Town Bank Co., Ltd.		774,000		985,156
KMC Kuei Meng International, Inc.		235,000		1,083,761
On-Bright Electronics, Inc.		103,000		1,133,905
Powertech Technology, Inc.		331,000		1,043,467
Sinbon Electronics Co., Ltd.		353,000		932,505
Taiwan Semiconductor Manufacturing Co., Ltd.		124,000		1,050,305
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		22,700		993,352
Taiwan Union Technology Corp.		337,000		1,073,940
Tripod Technology Corp.		311,000		1,054,838
WT Microelectronics Co., Ltd.		607,543		986,652
				17,732,391
Thailand—2.1%
PTT Global Chemical PCL NVDR		326,200		991,560
PTT PCL NVDR		60,700		1,069,052
Tisco Financial Group PCL NVDR		369,100		1,040,713
				3,101,325
Turkey—1.4%
Tofas Turk Otomobil Fabrikasi AS		131,825		888,485
Trakya Cam Sanayii AS		851,634		1,105,535
				1,994,020
United Arab Emirates—0.6%
Dubai Islamic Bank PJSC		656,043		948,418
Vietnam—0.0%
FPT Corp.		8		21
Total Common Stock (cost—$124,044,397)				131,539,146
Preferred Stock—5.5%
Brazil—2.9%
Azul S.A. (e)		96,200		1,113,099
Banco do Estado do Rio Grande do Sul S.A., Class B		172,800		1,060,945
Itausa - Investimentos Itau S.A.		232,700		971,977
Petroleo Brasileiro S.A. (e)		163,300		1,059,005
				4,205,026
Korea (Republic of)—2.6%
LG Electronics, Inc.		13,650		570,636
LG Household & Health Care Ltd.		1,626		1,070,881
Samsung Electronics Co., Ltd.		546		1,049,921
SK Innovation Co., Ltd.		8,012		1,048,609
				3,740,047
Total Preferred Stock (cost—$6,866,742)				7,945,073
Exchange-Traded Funds—0.0%
iShares MSCI Emerging Markets Index (cost—$52,935)		1,100		53,108

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 171

Schedule of Investments

March 31, 2018 (Unaudited)

	Principal Amount (000s)		Value
Repurchase Agreements—2.8%
State Street Bank and Trust Co., dated 3/29/18, 0.28%, due 4/2/18, proceeds $4,110,128; collateralized by U.S. Treasury Notes, 2.50%, due 5/15/24, valued at $4,197,060 including accrued interest
(cost—$4,110,000)		$4,110	$	4,110,000
Total Investments (cost—$135,074,074) (b)—98.4%				143,647,327
Other assets less liabilities (f)—1.6%				2,284,720
Net Assets—100.0%				$145,932,047

Notes to Schedule of Investments:

(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $2,054,500, representing 1.4% of net assets.

(b) Securities with an aggregate value of $104,195,441, representing 71.4% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(c) Fair-Valued—Securities with an aggregate value of $2,666,100, representing 1.8% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

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

(e) Non-income producing.

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

Forward foreign currency contracts outstanding at March 31, 2018:
Description	Counterparty	U.S.$ Value on Origination Date		U.S.$ Value March 31, 2018		Unrealized Appreciation		Unrealized Depreciation
Purchased:
566,004 South African Rand settling 4/5/18	Northern Trust Company	$	47,607	$	47,802	$	195	$	—
102,177 Turkish Lira settling 4/2/18	Northern Trust Company		25,756		25,898		142		—
Sold:
96,538 South African Rand settling 4/5/18	Northern Trust Company		8,120		8,153		—		(33	)
						$	337	$	(33	)

Glossary:

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

MSCI—Morgan Stanley Capital International

NVDR—Non-Voting Depository Receipt

REIT—Real Estate Investment Trust

UNIT—More than one class of securities traded together.

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

Banks	15.8%
Semiconductors & Semiconductor Equipment	8.5%
Electronic Equipment, Instruments & Components	8.4%
Oil, Gas & Consumable Fuels	7.0%
Insurance	5.3%
Chemicals	3.8%
Technology Hardware, Storage & Peripherals	3.6%
IT Services	3.5%
Transportation Infrastructure	3.5%
Household Durables	2.3%
Pharmaceuticals	2.1%
Internet Software & Services	2.0%
Beverages	1.9%
Automobiles	1.8%
Textiles, Apparel & Luxury Goods	1.5%
Airlines	1.5%
Electric Utilities	1.4%
Energy Equipment & Services	1.4%
Personal Products	1.4%
Building Products	1.4%
Thrifts & Mortgage Finance	1.4%
Machinery	1.4%
Auto Components	1.4%
Paper & Forest Products	1.3%
Media	1.3%
Electrical Equipment	1.0%
Software	0.8%
Food Products	0.7%
Leisure Equipment & Products	0.7%

Tobacco	0.7%
Specialty Retail	0.7%
Road & Rail	0.7%
Healthcare Providers & Services	0.7%
Equity Real Estate Investment Trusts (REITs)	0.7%
Communications Equipment	0.7%
Capital Markets	0.7%
Biotechnology	0.7%
Industrial Conglomerates	0.7%
Metals & Mining	0.6%
Independent Power Producers & Energy Traders	0.6%
Exchange-Traded Funds	0.0%
Repurchase Agreements	2.8%
Other assets less liabilities	1.6%
	100.0%

172 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

AllianzGI NFJ International Small-Cap Value Fund

	Shares		Value
COMMON STOCK—99.8%
Australia—5.9%
Abacus Property Group REIT		10,596		$28,384
Beach Energy Ltd.		39,400		37,545
BT Investment Management Ltd.		4,000		31,216
CSR Ltd.		7,380		29,600
Northern Star Resources Ltd.		6,500		31,548
Regis Resources Ltd.		8,500		29,806
Sandfire Resources NL		9,100		51,845
				239,944
Austria—0.9%
Mayr Melnhof Karton AG		233		35,368
Belgium—1.1%
Befimmo S.A. REIT		697		45,058
Canada—7.2%
BRP, Inc.		870		33,413
Canfor Pulp Products, Inc.		4,175		53,761
Cogeco, Inc.		663		35,246
Laurentian Bank of Canada		875		32,165
Linamar Corp.		689		37,639
Magellan Aerospace Corp.		2,565		38,903
Martinrea International, Inc.		2,505		29,612
Transcontinental, Inc., Class A		1,658		32,752
				293,491
China—3.3%
China Water Affairs Group Ltd.		42,000		42,977
Gemdale Properties & Investment Corp. Ltd.		296,000		35,952
Lee & Man Paper Manufacturing Ltd.		30,000		32,033
Sinopec Kantons Holdings Ltd.		50,000		24,812
				135,774
Denmark—0.6%
Sydbank A/S		700		25,857
Finland—1.9%
Ahlstrom-Munksjo Oyj		1,648		34,391
Valmet Oyj		2,200		44,105
				78,496
France—2.1%
Alten S.A.		320		30,850
Euronext NV (a)		743		54,461
				85,311
Greece—0.7%
Motor Oil Hellas Corinth Refineries S.A.		1,265		28,569
Hong Kong—5.6%
CITIC Telecom International Holdings Ltd.		123,000		35,720
Dah Sing Financial Holdings Ltd.		4,800		30,524
Fairwood Holdings Ltd.		8,000		31,449
Giordano International Ltd.		84,000		49,368
Johnson Electric Holdings Ltd.		10,500		39,512
Xinyi Glass Holdings Ltd.		28,000		42,620
				229,193
Indonesia—0.8%
Adaro Energy Tbk PT		221,600		34,527
Israel—0.5%
Shikun & Binui Ltd.		11,500		19,018
Italy—1.0%
A2A SpA		21,021		40,210

	Shares		Value
Japan—18.3%
Dowa Holdings Co., Ltd.		800	$	28,627
Fujitec Co., Ltd.		3,000		40,006
Fukushima Industries Corp.		1,200		52,401
Goldcrest Co., Ltd.		1,500		32,009
Hamakyorex Co., Ltd.		1,200		40,430
Haseko Corp.		2,700		41,556
Iwatani Corp.		800		29,544
JCU Corp.		1,600		38,016
Kyokuto Kaihatsu Kogyo Co., Ltd.		2,270		33,566
Medipal Holdings Corp.		1,900		39,655
Mitsubishi Shokuhin Co., Ltd.		1,500		43,176
Morita Holdings Corp.		2,440		46,435
Nippo Corp.		2,000		45,087
Nitta Corp.		875		32,952
Paramount Bed Holdings Co., Ltd.		700		35,579
Raito Kogyo Co., Ltd.		2,800		29,622
Shibuya Corp.		900		32,138
T-Gaia Corp.		1,100		30,887
Ulvac, Inc.		700		39,602
Unipres Corp.		1,700		38,609
				749,897
Korea (Republic of)—1.6%
Huchems Fine Chemical Corp.		1,763		40,667
SFA Engineering Corp.		700		23,034
				63,701
Mexico—1.7%
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. ADR (c)		800		31,528
Ternium S.A. ADR		1,200		38,988
				70,516
Netherlands—2.3%
Aalberts Industries NV		894		45,559
Philips Lighting NV (a)		1,300		48,876
				94,435
Norway—3.9%
Atea ASA (c)		3,200		51,946
B2Holding ASA		13,400		33,528
Borregaard ASA		3,750		35,548
Europris ASA (a)(c)		12,600		40,637
				161,659
Philippines—0.7%
DMCI Holdings, Inc.		124,500		29,143
Portugal—1.0%
Semapa-Sociedade de Investimento e Gestao		1,800		41,053
Singapore—3.6%
BOC Aviation Ltd. (a)		6,300		37,575
HRnetgroup Ltd. (c)		61,100		34,629
Lippo Malls Indonesia Retail Trust REIT		109,700		32,303
Mapletree Industrial Trust REIT		29,100		45,159
				149,666
South Africa—2.5%
Astral Foods Ltd.		1,100		29,066
JSE Ltd.		2,000		31,309
Reunert Ltd.		6,600		41,572
				101,947
Spain—4.3%
Cia de Distribucion Integral Logista Holdings S.A.		1,857		39,367

	Shares		Value
CIE Automotive S.A.		868	$	31,013
Grupo Catalana Occidente S.A.		707		30,808
Lar Espana Real Estate Socimi S.A. REIT		3,562		42,733
Melia Hotels International S.A.		2,200		31,143
				175,064
Sweden—0.9%
Loomis AB, Class B		1,024		36,967
Switzerland—1.5%
Cembra Money Bank AG		311		27,641
Georg Fischer AG		25		33,472
				61,113
Taiwan—1.5%
Grand Pacific Petrochemical		31,000		32,757
King’s Town Bank Co., Ltd.		24,000		30,548
				63,305
United Kingdom—23.4%
Begbies Traynor Group PLC		35,700		32,406
BGEO Group PLC		741		36,979
Brewin Dolphin Holdings PLC		8,700		42,155
Britvic PLC		4,200		40,235
Card Factory PLC		16,500		43,776
Computacenter PLC		2,525		40,785
Consort Medical PLC		2,310		36,435
Equiniti Group PLC (a)		9,800		41,114
Firstgroup PLC (c)		39,100		45,044
Hastings Group Holdings PLC (a)		9,100		33,399
Hays PLC		13,100		34,655
Headlam Group PLC		6,700		41,830
Hill & Smith Holdings PLC		1,708		31,894
Howden Joinery Group PLC		4,500		29,128
Morgan Advanced Materials PLC		6,100		27,250
OneSavings Bank PLC		5,900		30,946
PayPoint PLC		3,234		36,208
Polypipe Group PLC		9,161		44,780
Redrow PLC		3,700		30,917
RPC Group PLC		3,850		41,857
Savills PLC		2,200		30,317
Sirius Real Estate Ltd.		49,400		42,636
Superdry PLC		1,250		27,388
Synthomer PLC		5,154		34,772
Tyman PLC		9,100		38,046
Virgin Money Holdings UK PLC		12,200		45,087
				960,039
United States—1.0%
Travelport Worldwide Ltd.		2,500		40,850
Total Common Stock (cost—$3,496,986)				4,090,171

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 173

Schedule of Investments

March 31, 2018 (Unaudited)

	Principal Amount (000s)		Value
Repurchase Agreements—3.8%
State Street Bank and Trust Co., dated 3/29/18, 0.28%, due 4/2/18, proceeds $154,005; collateralized by U.S. Treasury Notes, 2.00%, due 8/15/25, valued at $157,271 including accrued interest
(cost—$154,000)		$154	$	154,000
Total Investments (cost—$3,650,986) (b)—103.6%				4,244,171
Liabilities in excess of other assets (d)—(3.6)%				(148,403	)
Net Assets—100.0%				$4,095,768

Notes to Schedule of Investments:

(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $256,062, representing 6.3% of net assets.

(b) Securities with an aggregate value of $3,329,291, representing 81.3% 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) Non-income producing.

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

Forward foreign currency contracts outstanding at March 31, 2018:
Description	Counterparty		U.S.$ Value on Origination Date		U.S.$ Value March 31, 2018		Unrealized Appreciation		Unrealized Depreciation
Purchased:
6,412,072 Japanese Yen settling 4/2/18		Northern Trust Company	$	60,384	$	60,261	$	—	$	(123	)
712,809 South African Rand settling 4/3/18		Northern Trust Company		61,347		60,210		—		(1,137	)
Sold:
3,885,304 Japanese Yen settling 4/2/18		Northern Trust Company		36,588		36,514		74		—
							$	74	$	(1,260)

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:

Machinery	9.5%
Metals & Mining	5.2%
IT Services	5.0%
Banks	4.9%
Equity Real Estate Investment Trusts (REITs)	4.7%
Chemicals	4.4%
Auto Components	4.4%
Paper & Forest Products	3.9%
Capital Markets	3.9%
Specialty Retail	3.7%
Real Estate Management & Development	3.4%
Oil, Gas & Consumable Fuels	3.1%
Commercial Services & Supplies	2.6%
Professional Services	2.5%
Trading Companies & Distributors	2.3%
Construction & Engineering	2.3%
Electrical Equipment	2.1%
Road & Rail	2.1%
Building Products	2.0%
Containers & Packaging	1.9%
Household Durables	1.8%
Healthcare Equipment & Supplies	1.8%
Industrial Conglomerates	1.7%
Insurance	1.6%
Hotels, Restaurants & Leisure	1.5%
Consumer Finance	1.5%
Food & Staples Retailing	1.0%
Water Utilities	1.0%
Distributors	1.0%
Multi-Line Retail	1.0%
Beverages	1.0%
Multi-Utilities	1.0%

Healthcare Providers & Services	1.0%
Semiconductors & Semiconductor Equipment	1.0%
Air Freight & Logistics	1.0%
Aerospace & Defense	0.9%
Diversified Telecommunication Services	0.9%
Media	0.9%
Leisure Equipment & Products	0.8%
Transportation Infrastructure	0.8%
Thrifts & Mortgage Finance	0.7%
Construction Materials	0.7%
Food Products	0.7%
Electronic Equipment, Instruments & Components	0.6%
Repurchase Agreements	3.8%
Liabilities in excess of other assets	(3.6%)
	100.0%

174 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Consolidated Schedule of Investments

March 31, 2018 (Unaudited)

AllianzGI PerformanceFee Managed Futures Strategy Fund

	Principal Amount (000s)		Value
U.S. Treasury Obligations—83.7%
U.S. Treasury Notes, 0.75%, 2/15/19		$2,100		$2,075,719
1.00%, 11/30/18		1,600		1,589,375
1.125%, 1/15/19		2,100		2,084,578
1.125%, 1/31/19		2,100		2,083,430
1.125%, 2/28/19		900		892,195
1.25%, 12/15/18		2,000		1,989,219
1.25%, 12/31/18		2,100		2,087,695
Total U.S. Treasury Obligations (cost—$12,806,734)				12,802,211

	Shares		Value
Exchange-Traded Funds—1.0%
iShares JPMorgan USD Emerging Markets Bond		680		$76,718
Vanguard Emerging Markets Government Bond		910		71,389
Total Exchange-Traded Funds (cost—$151,514)				148,107

	Principal Amount (000s)		Value
Repurchase Agreements—1.3%
State Street Bank and Trust Co., dated 3/29/18, 0.28%, due 4/2/18, proceeds $204,006; collateralized by U.S. Treasury Notes, 2.00%, due 8/15/25, valued at $209,695 including accrued interest
(cost—$204,000)		$204		$204,000
Total Investments (cost—$13,162,248)—86.0%				13,154,318
Other assets less liabilities (a)—14.0%				2,134,422
Net Assets—100.0%				$15,288,740

Notes to Consolidated Schedule of Investments:

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

Futures contracts outstanding at March 31, 2018:
Type		Contracts			Expiration Date		Notional Amount (000s)			Market Value (000s)			Unrealized Appreciation (Depreciation)
Long position contracts:
	5-Year U.S. Treasury Note		12			6/29/18	$	1,200		$	1,374		$	7,690
	10-Year Japanese Government Bond		2			6/13/18	JPY	200,000			2,835			(2,077	)
	BIST 30 Index		42			4/30/18	TRY	4			150			(703	)
	Bovespa Index		10			4/18/18	BRL	—(c	)		259			7,978
	British Pound		22			6/18/18	$	1,375			1,933			2,279
	CBOE Volatility Index		4			4/18/18		4			79			889
	Cocoa†		29			5/15/18		—(c	)		741			98,855
	Cotton No.2†		10			5/8/18		500			407			(610	)
	E-mini S&P 500 Index		8			6/15/18		—(c	)		1,057			(58,355	)
	Euro Currency		17			6/18/18		2,125			2,626			(21,720	)
	Euro-Bund 10-Year Bond		16			6/7/18	EUR	1,600			2,809			48,741
	FTSE China A50 Index		7			4/26/18	$	—(c	)		89			(1,450	)
	FTSE/JSE Top 40 Index		10			6/21/18	ZAR	—(c	)		417			(31,384	)
	FTSE/MIB Index		2			6/15/18	EUR	—(c	)		270			(1,750	)
	Gold 100 Oz.†		2			6/27/18	$	—(c	)		265			(1,225	)
	Hang Seng Index		2			4/27/18	HKD	—(c	)		383			(1,188	)
	Japanese Yen		23			6/18/18	$	29			2,715			3,670
	Lean Hogs†		1			4/13/18		40			23			(4,671	)
	Live Cattle†		6			4/30/18		240			273			(33,603	)
	Low Sulphur Gasoil†		6			5/10/18		1			371			(700	)
	MSCI Taiwan Index		5			4/27/18		1			206			(417	)
	New Zealand Dollar		3			6/18/18		300			217			(3,608	)
	S&P/TSX 60 Index		1			6/14/18	CAD	—(c	)		141			540
	TOPIX Index		6			6/7/18	JPY	60			960			19,775
	WTI Crude Oil†		6			5/22/18	$	6			389			33,340
													$	60,296
Short position contracts:
	10-Year U.S. Treasury Note		(32	)		6/20/18	$	(3,200	)	$	(3,876	)	$	(40,855	)
	Australian Dollar		(4	)		6/18/18		(400	)		(307	)		459
	Canadian Dollar		(6	)		6/19/18		(600	)		(466	)		694
	Copper†		(1	)		6/27/18		(25	)		(76	)		148
	Corn†		(9	)		7/13/18		(45	)		(178	)		(5,097	)
	FTSE 100 Index		(2	)		6/15/18	GBP	(—	)(c)		(196	)		628
	Mini DAX European Index		(1	)		6/15/18	EUR	(—	)(c)		(75	)		180
	Natural Gas†		(14	)		5/29/18	$	(140	)		(389	)		1,203
	Platinum†		(4	)		7/27/18		(—	)(c)		(187	)		685
	Silver†		(4	)		7/27/18		(20	)		(327	)		895
	United Kingdom Government 10-Year Gilt		(18	)		6/27/18	GBP	(1,800	)		(3,102	)		(46,331	)
													$	(87,391	)
													$	(27,095	)

† All or a portion of this security is owned by AllianzGI PerformanceFee Managed Futures Strategy Offshore Fund, Ltd., which is a wholly-owned subsidiary of the Fund.

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 175

Consolidated Schedule of Investments

March 31, 2018 (Unaudited)

Credit default swap agreements outstanding at March 31, 2018:
Centrally cleared sell protection swap agreements(1):
Broker (Exchange)/ Referenced Debt Issuer	Notional Amount (000s)(3)		Implied Credit Spread(2)			Termination Date		Fixed Deal Recieved Rate			Payment Frequency		Value(4)		Upfront Premiums Paid		Unrealized Depreciation
Goldman Sachs (ICE):
CDX.NA.HY.29 Index	$	2,400		3.37	%		12/20/22		5.00	%		Quaterly	$	158,948	$	187,014	$	(28,066	)

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

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

(3) 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.

(4) The quoted market prices and resulting values for credit default swap agreements serve as an indicator of the status at March 31, 2018 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.

(b) At March 31, 2018, the Fund pledged $1,083,625 and $111,696 in cash as collateral for futures contracts and swap contracts, respectively.

(c) Notional amount rounds to less than $500.

Glossary:

BIST—Borsa Istanbul

BRL—Brazilian Real

CAD—Canadian Dollar

CBOE—Chicago Board Options Exchange

CDX—Credit Derivatives Index

EUR—Euro

FTSE—Financial Times Stock Exchange

GBP—British Pound

HKD—Hong Kong Dollar

ICE—Intercontinental Exchange

JPY—Japanese Yen

JSE—Johannesburg Stock Exchange Limited

MSCI—Morgan Stanley Capital International

TOPIX—Tokyo Stock Price Index

TRY—Turkish Lira

ZAR—South African Rand

176 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

AllianzGI PerformanceFee Structured US Equity Fund

	Shares		Value
Exchange-Traded Funds—99.3%
iShares Core S&P 500 (a) (cost—$25,158,275)		92,649		$24,586,265
	Principal Amount (000s)
Repurchase Agreements—0.5%
State Street Bank and Trust Co., dated 3/29/18, 0.28%, due 4/2/18, proceeds $113,004; collateralized by U.S. Treasury Notes, 2.00%, due 8/15/25, valued at $119,145 including accrued interest
(cost—$113,000)		$113		113,000
Total Options Purchased—1.3% (cost—$341,422) (b)(c)(d)				310,317
Total Investments, before options written (cost—$25,612,697)—101.1%				25,009,582

	Value
Total Options Written—(1.6)% (premiums received—$487,785) (b)(c)(d)	$	(398,005	)
Total Investments, net of options written (cost—$25,124,911)—99.5%		24,611,577
Other assets less other liabilities—0.5%		111,593
Net Assets—100.0%		$24,723,170

Notes to Schedule of Investments:

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

(b) Non-income producing.

(c) Exchange traded-Chicago Board Options Exchange.

(d) Exchange traded option contracts outstanding at March 31, 2018:

Options purchased contracts outstanding at March 31, 2018:
Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Cost		Unrealized Appreciation (Depreciation)
Call options:
CBOE SPX Volatility Index		20.00 USD		6/20/18		72	$	7,200	$	18,720	$	11,627	$	7,093
CBOE SPX Volatility Index		21.00 USD		7/18/18		12		1,200		3,090		2,251		839
CBOE SPX Volatility Index		22.00 USD		7/18/18		12		1,200		2,820		2,089		731
Russell 2000 Index		1,630.00 USD		6/15/18		1		100		1,220		2,321		(1,101	)
Russell 2000 Index		1,630.00 USD		6/29/18		1		100		1,565		2,776		(1,211	)
Russell 2000 Index		1,620.00 USD		7/31/18		1		100		2,615		4,102		(1,487	)
Russell 2000 Index		1,610.00 USD		8/31/18		1		100		3,785		5,490		(1,705	)
Russell 2000 Index		1,620.00 USD		9/21/18		1		100		3,855		5,470		(1,615	)
S&P 500 Index		2,750.00 USD		4/20/18		1		100		760		783		(23	)
S&P 500 Index		2,750.00 USD		4/23/18		1		100		835		883		(48	)
S&P 500 Index		2,750.00 USD		4/25/18		1		100		915		993		(78	)
S&P 500 Index		2,750.00 USD		4/27/18		1		100		1,005		1,093		(88	)
S&P 500 Index		2,750.00 USD		4/30/18		1		100		1,075		1,164		(89	)
S&P 500 Index		2,725.00 USD		5/4/18		1		100		1,955		5,974		(4,019	)
S&P 500 Index		2,750.00 USD		5/4/18		1		100		1,305		1,424		(119	)
S&P 500 Index		2,750.00 USD		5/11/18		1		100		1,595		1,714		(119	)
S&P 500 Index		2,750.00 USD		5/18/18		1		100		1,865		2,020		(155	)
S&P 500 Index		2,800.00 USD		6/29/18		1		100		2,125		4,404		(2,279	)
S&P 500 Index		3,000.00 USD		6/29/18		2		200		340		787		(447	)
S&P 500 Index		2,800.00 USD		7/20/18		1		100		2,765		5,204		(2,439	)
S&P 500 Index		2,975.00 USD		7/20/18		2		200		735		1,505		(770	)
S&P 500 Index		2,825.00 USD		7/31/18		1		100		2,475		4,554		(2,079	)
S&P 500 Index		3,000.00 USD		7/31/18		2		200		720		1,307		(587	)
S&P 500 Index		2,800.00 USD		8/31/18		1		100		4,225		7,004		(2,779	)
S&P 500 Index		3,000.00 USD		8/31/18		2		200		1,030		2,007		(977	)
S&P 500 Index		2,800.00 USD		9/21/18		1		100		4,860		7,704		(2,844	)
S&P 500 Index		3,000.00 USD		9/21/18		2		200		1,360		2,707		(1,347	)
S&P 500 Index		2,800.00 USD		9/28/18		1		100		5,125		8,054		(2,929	)
S&P 500 Index		3,000.00 USD		9/28/18		2		200		1,520		2,907		(1,387	)
S&P 500 Index		2,825.00 USD		4/20/18		1		100		155		1,604		(1,449	)
S&P 500 Index		3,300.00 USD		4/20/18		2		200		15		23		(8	)
S&P 500 Index		2,850.00 USD		4/30/18		1		100		170		1,324		(1,154	)
S&P 500 Index		2,775.00 USD		5/4/18		1		100		860		6,007		(5,147	)

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 177

Schedule of Investments

March 31, 2018 (Unaudited)

Options purchased contracts outstanding at March 31, 2018 (continued):
Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Cost		Unrealized Appreciation (Depreciation)
Call options (continued):
S&P 500 Index		2,900.00 USD		5/18/18		1	$	100	$	208	$	874	$	(666	)
S&P 500 Index		2,925.00 USD		5/18/18		2		200		310		1,325		(1,015	)
S&P 500 Index		3,075.00 USD		5/18/18		4		400		150		434		(284	)
S&P 500 Index		3,600.00 USD		5/18/18		2		200		20		32		(12	)
S&P 500 Index		2,900.00 USD		5/31/18		3		300		892		3,611		(2,719	)
S&P 500 Index		3,075.00 USD		5/31/18		2		200		—		287		(287	)
S&P 500 Index		3,100.00 USD		5/31/18		2		200		—		227		(227	)
S&P 500 Index		2,900.00 USD		6/15/18		3		300		1,200		4,511		(3,311	)
S&P 500 Index		2,925.00 USD		6/15/18		2		200		580		2,247		(1,667	)
S&P 500 Index		3,100.00 USD		6/15/18		2		200		105		327		(222	)
S&P 500 Index		3,125.00 USD		6/15/18		2		200		85		267		(182	)
				Total call options					$	81,010	$	123,418	$	(42,408	)
Put options:
iPath S&P 500 VIX Short-Term		54.00 USD		4/6/18		9	$	900	$	6,570	$	14,567	$	(7,997	)
iPath S&P 500 VIX Short-Term		65.00 USD		4/6/18		2		200		3,355		3,747		(392	)
iPath S&P 500 VIX Short-Term		55.00 USD		4/13/18		9		900		7,672		15,079		(7,407	)
iPath S&P 500 VIX Short-Term		65.00 USD		4/13/18		2		200		3,510		3,807		(297	)
iPath S&P 500 VIX Short-Term		40.00 USD		4/20/18		13		1,300		514		5,767		(5,253	)
iPath S&P 500 VIX Short-Term		69.00 USD		4/20/18		9		900		19,912		19,100		812
iPath S&P 500 VIX Short-Term		67.00 USD		4/27/18		9		900		8,712		18,482		(9,770	)
Nasdaq 100 Stock Index		3,800.00 USD		5/18/18		1		100		58		264		(206	)
Russell 2000 Index		1,500.00 USD		4/2/18		1		100		287		1,303		(1,016	)
Russell 2000 Index		1,560.00 USD		4/2/18		1		100		3,184		2,539		645
S&P 500 Index		2,575.00 USD		4/2/18		2		200		176		1,287		(1,111	)
S&P 500 Index		2,695.00 USD		4/2/18		1		100		5,275		909		4,366
S&P 500 Index		2,500.00 USD		4/4/18		1		100		85		299		(214	)
S&P 500 Index		2,575.00 USD		4/4/18		2		200		1,160		2,707		(1,547	)
S&P 500 Index		2,645.00 USD		4/4/18		2		200		4,890		3,122		1,768
S&P 500 Index		2,540.00 USD		4/6/18		1		100		465		431		34
S&P 500 Index		2,575.00 USD		4/6/18		2		200		1,740		3,807		(2,067	)
S&P 500 Index		2,640.00 USD		4/6/18		2		200		5,570		3,163		2,407
S&P 500 Index		2,470.00 USD		4/9/18		1		100		215		894		(679	)
S&P 500 Index		2,575.00 USD		4/9/18		3		300		3,375		4,672		(1,297	)
S&P 500 Index		2,610.00 USD		4/9/18		1		100		1,955		3,709		(1,754	)
S&P 500 Index		2,615.00 USD		4/9/18		1		100		2,105		1,253		852
S&P 500 Index		2,695.00 USD		4/9/18		1		100		6,295		1,606		4,689
S&P 500 Index		2,510.00 USD		4/11/18		1		100		610		476		134
S&P 500 Index		2,600.00 USD		4/11/18		1		100		2,035		2,985		(950	)
S&P 500 Index		2,615.00 USD		4/11/18		1		100		2,485		1,120		1,365
S&P 500 Index		2,650.00 USD		4/11/18		1		100		3,885		2,902		983
S&P 500 Index		2,720.00 USD		4/11/18		1		100		8,490		1,750		6,740
S&P 500 Index		1,100.00 USD		4/13/18		12		1,200		120		379		(259	)
S&P 500 Index		1,200.00 USD		4/13/18		13		1,300		130		216		(86	)
S&P 500 Index		1,300.00 USD		4/13/18		18		1,800		225		370		(145	)
S&P 500 Index		1,500.00 USD		4/13/18		7		700		105		186		(81	)
S&P 500 Index		2,510.00 USD		4/13/18		1		100		800		544		256
S&P 500 Index		2,555.00 USD		4/13/18		1		100		1,365		2,162		(797	)
S&P 500 Index		2,575.00 USD		4/13/18		1		100		1,735		2,668		(933	)
S&P 500 Index		2,695.00 USD		4/13/18		1		100		6,800		1,954		4,846
S&P 500 Index		1,700.00 USD		4/16/18		24		2,400		480		1,350		(870	)
S&P 500 Index		2,520.00 USD		4/16/18		1		100		1,015		2,250		(1,235	)
S&P 500 Index		2,575.00 USD		4/16/18		2		200		3,780		4,705		(925	)
S&P 500 Index		2,690.00 USD		4/16/18		2		200		13,210		3,762		9,448
S&P 500 Index		2,525.00 USD		4/18/18		1		100		1,265		2,670		(1,405	)
S&P 500 Index		2,650.00 USD		4/18/18		1		100		4,645		2,175		2,470
S&P 500 Index		2,725.00 USD		4/18/18		1		100		9,305		2,027		7,278

178 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

Options purchased contracts outstanding at March 31, 2018 (continued):
Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Cost		Unrealized Appreciation (Depreciation)
Put options (continued):
S&P 500 Index		1,100.00 USD		4/20/18		37	$	3,700	$	370	$	589	$	(219	)
S&P 500 Index		1,200.00 USD		4/20/18		57		5,700		713		898		(185	)
S&P 500 Index		1,300.00 USD		4/20/18		8		800		100		221		(121	)
S&P 500 Index		2,310.00 USD		4/20/18		3		300		653		1,511		(858	)
S&P 500 Index		2,530.00 USD		4/20/18		1		100		1,410		2,073		(663	)
S&P 500 Index		2,645.00 USD		4/20/18		1		100		4,570		2,212		2,358
S&P 500 Index		2,585.00 USD		4/23/18		1		100		2,705		3,149		(444	)
S&P 500 Index		2,690.00 USD		4/23/18		1		100		7,095		2,282		4,813
S&P 500 Index		2,500.00 USD		4/25/18		2		200		2,650		4,639		(1,989	)
S&P 500 Index		2,575.00 USD		4/25/18		1		100		2,615		3,206		(591	)
S&P 500 Index		2,650.00 USD		4/25/18		1		100		5,125		2,700		2,425
S&P 500 Index		1,100.00 USD		4/27/18		22		2,200		275		361		(86	)
S&P 500 Index		1,150.00 USD		4/27/18		11		1,100		143		182		(39	)
S&P 500 Index		1,200.00 USD		4/27/18		12		1,200		180		439		(259	)
S&P 500 Index		1,250.00 USD		4/27/18		21		2,100		315		348		(33	)
S&P 500 Index		1,300.00 USD		4/27/18		12		1,200		210		199		11
S&P 500 Index		2,540.00 USD		4/27/18		1		100		2,075		3,319		(1,244	)
S&P 500 Index		2,650.00 USD		4/27/18		1		100		5,295		2,662		2,633
S&P 500 Index		1,200.00 USD		4/30/18		12		1,200		156		259		(103	)
S&P 500 Index		2,450.00 USD		4/30/18		1		100		1,060		1,871		(811	)
S&P 500 Index		2,565.00 USD		4/30/18		1		100		2,690		4,004		(1,314	)
S&P 500 Index		2,600.00 USD		5/2/18		1		100		3,775		3,480		295
S&P 500 Index		2,225.00 USD		5/4/18		3		300		975		1,971		(996	)
S&P 500 Index		2,535.00 USD		5/4/18		1		100		2,440		4,247		(1,807	)
S&P 500 Index		2,580.00 USD		5/7/18		1		100		3,520		3,344		176
S&P 500 Index		2,580.00 XXX		4/4/18		1		100		535		488		47
S&P 500 Index		2,500.00 XXX		4/6/18		7		700		1,522		2,082		(560	)
S&P 500 Index		1,700.00 USD		4/2/18		11		1,100		110		214		(104	)
S&P 500 Index		2,660.00 USD		4/2/18		1		100		2,370		2,568		(198	)
S&P 500 Index		2,700.00 USD		4/4/18		1		100		6,155		2,376		3,779
S&P 500 Index		1,500.00 USD		4/6/18		17		1,700		170		616		(446	)
S&P 500 Index		2,680.00 USD		4/6/18		1		100		5,015		2,773		2,242
S&P 500 Index		1,700.00 USD		4/9/18		20		2,000		250		775		(525	)
S&P 500 Index		1,700.00 USD		4/11/18		10		1,000		150		412		(262	)
S&P 500 Index		1,400.00 USD		4/13/18		4		400		50		86		(36	)
S&P 500 Index		1,600.00 USD		4/13/18		12		1,200		210		379		(169	)
S&P 500 Index		2,350.00 USD		4/13/18		2		200		320		531		(211	)
S&P 500 Index		2,650.00 USD		4/13/18		1		100		4,205		2,837		1,368
S&P 500 Index		2,700.00 USD		4/20/18		1		100		7,565		2,536		5,029
Total put options									$	229,307	$	218,004	$	11,303
Total options purchased contracts									$	310,317	$	341,422	$	(31,105	)

Options written contracts outstanding at March 31, 2018:
Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount			Market Value			Premiums Received			Unrealized Appreciation (Depreciation)
Call options:
CBOE SPX Volatility Index		23.00 USD		4/11/18		4	$	(400	)	$	(400	)	$	(324	)	$	(76	)
CBOE SPX Volatility Index		24.00 USD		4/18/18		5		(500	)		(487	)		(372	)		(115	)
CBOE SPX Volatility Index		25.00 USD		4/18/18		9		(900	)		(765	)		(1,273	)		508
CBOE SPX Volatility Index		26.00 USD		4/18/18		13		(1,300	)		(975	)		(1,489	)		514
CBOE SPX Volatility Index		27.00 USD		4/18/18		6		(600	)		(405	)		(1,347	)		942
CBOE SPX Volatility Index		28.00 USD		4/18/18		56		(5,600	)		(3,360	)		(5,073	)		1,713
CBOE SPX Volatility Index		29.00 USD		4/18/18		5		(500	)		(262	)		(492	)		230
CBOE SPX Volatility Index		30.00 USD		4/25/18		6		(600	)		(375	)		(489	)		114
CBOE SPX Volatility Index		26.00 USD		5/16/18		10		(1,000	)		(1,250	)		(974	)		(276	)

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 179

Schedule of Investments

March 31, 2018 (Unaudited)

Options written contracts outstanding at March 31, 2018 (continued):
Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount			Market Value			Premiums Received			Unrealized Appreciation (Depreciation)
Call options (continued):
CBOE SPX Volatility Index		30.00 USD		5/16/18		23	$	(2,300	)	$	(2,070	)	$	(2,041	)	$	(29	)
CBOE SPX Volatility Index		32.50 USD		5/16/18		21		(2,100	)		(1,575	)		(1,873	)		298
CBOE SPX Volatility Index		35.00 USD		5/16/18		6		(600	)		(390	)		(452	)		62
CBOE SPX Volatility Index		15.00 USD		6/20/18		72		(7,200	)		(33,120	)		(17,193	)		(15,927	)
CBOE SPX Volatility Index		29.00 USD		6/20/18		18		(1,800	)		(2,250	)		(1,753	)		(497	)
CBOE SPX Volatility Index		37.50 USD		6/20/18		6		(600	)		(450	)		(458	)		8
CBOE SPX Volatility Index		16.00 USD		7/18/18		12		(1,200	)		(5,160	)		(3,305	)		(1,855	)
CBOE SPX Volatility Index		17.00 USD		7/18/18		12		(1,200	)		(4,560	)		(3,005	)		(1,555	)
iPath S&P 500 VIX Short-Term		53.00 USD		4/20/18		8		(800	)		(2,120	)		(812	)		(1,308	)
iPath S&P 500 VIX Short-Term		56.00 USD		4/20/18		13		(1,300	)		(2,620	)		(1,711	)		(909	)
iPath S&P 500 VIX Short-Term		90.00 USD		4/20/18		12		(1,200	)		(222	)		(1,877	)		1,655
iPath S&P 500 VIX Short-Term		105.00 USD		4/20/18		20		(2,000	)		(270	)		(6,380	)		6,110
iPath S&P 500 VIX Short-Term		70.00 USD		5/4/18		18		(1,800	)		(2,133	)		(2,257	)		124
iPath S&P 500 VIX Short-Term		70.00 USD		5/18/18		13		(1,300	)		(1,813	)		(1,656	)		(157	)
iPath S&P 500 VIX Short-Term		80.00 USD		6/15/18		17		(1,700	)		(3,604	)		(4,818	)		1,214
Russell 2000 Index		1,690.00 USD		6/15/18		3		(300	)		(1,260	)		(2,296	)		1,036
Russell 2000 Index		1,690.00 USD		6/29/18		2		(200	)		(1,120	)		(1,995	)		875
Russell 2000 Index		1,710.00 USD		7/31/18		3		(300	)		(2,190	)		(3,475	)		1,285
Russell 2000 Index		1,700.00 USD		8/31/18		2		(200	)		(2,610	)		(3,963	)		1,353
Russell 2000 Index		1,710.00 USD		9/21/18		3		(300	)		(4,260	)		(6,226	)		1,966
S&P 500 Index		2,900.00 USD		6/29/18		3		(300	)		(1,725	)		(3,889	)		2,164
S&P 500 Index		2,900.00 USD		7/20/18		3		(300	)		(2,505	)		(5,452	)		2,947
S&P 500 Index		2,925.00 USD		7/31/18		3		(300	)		(2,310	)		(4,639	)		2,329
S&P 500 Index		2,925.00 USD		8/31/18		3		(300	)		(3,645	)		(6,889	)		3,244
S&P 500 Index		2,925.00 USD		9/21/18		3		(300	)		(4,605	)		(8,389	)		3,784
S&P 500 Index		2,925.00 USD		9/28/18		3		(300	)		(5,055	)		(8,989	)		3,934
S&P 500 Index		2,925.00 USD		4/20/18		2		(200	)		(55	)		(513	)		458
S&P 500 Index		2,950.00 USD		4/30/18		2		(200	)		(65	)		(453	)		388
S&P 500 Index		3,025.00 USD		5/18/18		8		(800	)		(420	)		(1,161	)		741
S&P 500 Index		3,025.00 USD		5/31/18		8		(800	)		(540	)		(1,781	)		1,241
S&P 500 Index		3,000.00 USD		6/15/18		1		(100	)		(120	)		(397	)		277
S&P 500 Index		3,050.00 USD		6/15/18		7		(700	)		(525	)		(1,645	)		1,120
				Total call options						$	(103,646	)	$	(123,576	)	$	19,930
Put options:
Nasdaq 100 Stock Index		6,400.00 USD		4/13/18		1	$	(100	)	$	(8,205	)	$	(1,996	)	$	(6,209	)
Nasdaq 100 Stock Index		5,800.00 USD		5/18/18		1		(100	)		(5,290	)		(4,506	)		(784	)
Russell 2000 Index		1,530.00 USD		4/2/18		2		(200	)		(2,281	)		(3,593	)		1,312
S&P 500 Index		2,350.00 USD		4/2/18		6		(600	)		(75	)		(4,959	)		4,884
S&P 500 Index		2,430.00 USD		4/2/18		2		(200	)		(25	)		(2,068	)		2,043
S&P 500 Index		2,470.00 USD		4/2/18		6		(600	)		(90	)		(5,787	)		5,697
S&P 500 Index		2,510.00 USD		4/2/18		4		(400	)		(60	)		(446	)		386
S&P 500 Index		2,625.00 USD		4/2/18		2		(200	)		(1,330	)		(883	)		(447	)
S&P 500 Index		2,450.00 USD		4/4/18		5		(500	)		(250	)		(4,382	)		4,132
S&P 500 Index		2,510.00 USD		4/4/18		4		(400	)		(460	)		(1,586	)		1,126
S&P 500 Index		2,570.00 USD		4/4/18		3		(300	)		(1,230	)		(2,143	)		913
S&P 500 Index		2,510.00 USD		4/6/18		5		(500	)		(1,325	)		(4,912	)		3,587
S&P 500 Index		2,575.00 USD		4/6/18		2		(200	)		(1,740	)		(723	)		(1,017	)
S&P 500 Index		2,490.00 USD		4/9/18		4		(400	)		(2,040	)		(2,706	)		666
S&P 500 Index		2,520.00 USD		4/9/18		2		(200	)		(910	)		(1,251	)		341
S&P 500 Index		2,530.00 USD		4/9/18		5		(500	)		(2,675	)		(4,237	)		1,562
S&P 500 Index		2,540.00 USD		4/9/18		2		(200	)		(1,270	)		(4,893	)		3,623
S&P 500 Index		2,635.00 USD		4/9/18		2		(200	)		(5,670	)		(1,824	)		(3,846	)
S&P 500 Index		2,450.00 USD		4/11/18		2		(200	)		(565	)		(2,065	)		1,500
S&P 500 Index		2,525.00 USD		4/11/18		2		(200	)		(1,480	)		(1,118	)		(362	)
S&P 500 Index		2,580.00 USD		4/11/18		2		(200	)		(3,110	)		(3,644	)		534
S&P 500 Index		2,665.00 USD		4/11/18		2		(200	)		(9,340	)		(2,086	)		(7,254	)
S&P 500 Index		2,455.00 USD		4/13/18		2		(200	)		(850	)		(2,173	)		1,323

180 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

Options written contracts outstanding at March 31, 2018 (continued):
Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount			Market Value			Premiums Received			Unrealized Appreciation (Depreciation)
Put options (continued):
S&P 500 Index		2,560.00 USD		4/13/18		6	$	(600	)	$	(8,670	)	$	(4,616	)	$	(4,054	)
S&P 500 Index		2,580.00 USD		4/13/18		2		(200	)		(3,690	)		(3,589	)		(101	)
S&P 500 Index		2,585.00 USD		4/13/18		1		(100	)		(1,955	)		(636	)		(1,319	)
S&P 500 Index		2,630.00 USD		4/13/18		2		(200	)		(6,700	)		(2,241	)		(4,459	)
S&P 500 Index		2,430.00 USD		4/16/18		2		(200	)		(790	)		(2,265	)		1,475
S&P 500 Index		2,450.00 USD		4/16/18		4		(400	)		(1,940	)		(3,906	)		1,966
S&P 500 Index		2,560.00 USD		4/16/18		6		(600	)		(9,540	)		(4,718	)		(4,822	)
S&P 500 Index		2,625.00 USD		4/16/18		2		(200	)		(6,650	)		(2,467	)		(4,183	)
S&P 500 Index		2,630.00 USD		4/16/18		2		(200	)		(7,030	)		(1,938	)		(5,092	)
S&P 500 Index		2,440.00 USD		4/18/18		2		(200	)		(1,090	)		(2,659	)		1,569
S&P 500 Index		2,475.00 USD		4/18/18		6		(600	)		(4,530	)		(6,578	)		2,048
S&P 500 Index		2,580.00 USD		4/18/18		2		(200	)		(4,520	)		(2,598	)		(1,922	)
S&P 500 Index		2,660.00 USD		4/18/18		2		(200	)		(10,260	)		(2,399	)		(7,861	)
S&P 500 Index		2,440.00 USD		4/20/18		2		(200	)		(1,240	)		(2,327	)		1,087
S&P 500 Index		2,490.00 USD		4/20/18		6		(600	)		(5,940	)		(15,999	)		10,059
S&P 500 Index		2,505.00 USD		4/20/18		6		(600	)		(6,810	)		(5,378	)		(1,432	)
S&P 500 Index		2,510.00 USD		4/20/18		6		(600	)		(7,170	)		(5,996	)		(1,174	)
S&P 500 Index		2,580.00 USD		4/20/18		2		(200	)		(4,830	)		(2,751	)		(2,079	)
S&P 500 Index		2,630.00 USD		4/20/18		2		(200	)		(7,910	)		(3,008	)		(4,902	)
S&P 500 Index		2,420.00 USD		4/23/18		6		(600	)		(3,495	)		(6,890	)		3,395
S&P 500 Index		2,440.00 USD		4/23/18		4		(400	)		(2,780	)		(4,506	)		1,726
S&P 500 Index		2,480.00 USD		4/23/18		3		(300	)		(2,985	)		(8,389	)		5,404
S&P 500 Index		2,510.00 USD		4/23/18		2		(200	)		(2,630	)		(3,803	)		1,173
S&P 500 Index		2,625.00 USD		4/23/18		2		(200	)		(7,890	)		(2,745	)		(5,145	)
S&P 500 Index		2,350.00 USD		4/25/18		4		(400	)		(1,680	)		(3,154	)		1,474
S&P 500 Index		2,360.00 USD		4/25/18		3		(300	)		(1,328	)		(3,197	)		1,869
S&P 500 Index		2,400.00 USD		4/25/18		3		(300	)		(1,725	)		(2,899	)		1,174
S&P 500 Index		2,500.00 USD		4/25/18		2		(200	)		(2,650	)		(3,762	)		1,112
S&P 500 Index		2,580.00 USD		4/25/18		2		(200	)		(5,490	)		(3,392	)		(2,098	)
S&P 500 Index		2,320.00 USD		4/27/18		6		(600	)		(2,280	)		(4,256	)		1,976
S&P 500 Index		2,395.00 USD		4/27/18		2		(200	)		(1,280	)		(2,411	)		1,131
S&P 500 Index		2,420.00 USD		4/27/18		6		(600	)		(4,650	)		(6,074	)		1,424
S&P 500 Index		2,580.00 USD		4/27/18		2		(200	)		(5,860	)		(3,326	)		(2,534	)
S&P 500 Index		2,290.00 USD		4/30/18		2		(200	)		(690	)		(1,363	)		673
S&P 500 Index		2,400.00 USD		4/30/18		14		(1,400	)		(10,220	)		(29,463	)		19,243
S&P 500 Index		2,410.00 USD		4/30/18		3		(300	)		(2,280	)		(1,999	)		(281	)
S&P 500 Index		2,490.00 USD		4/30/18		2		(200	)		(2,900	)		(5,243	)		2,343
S&P 500 Index		2,530.00 USD		5/2/18		2		(200	)		(4,350	)		(4,323	)		(27	)
S&P 500 Index		2,480.00 USD		5/4/18		2		(200	)		(3,250	)		(5,593	)		2,343
S&P 500 Index		2,525.00 USD		5/4/18		2		(200	)		(4,520	)		(2,171	)		(2,349	)
S&P 500 Index		2,515.00 USD		5/7/18		2		(200	)		(4,280	)		(4,121	)		(159	)
S&P 500 Index		2,440.00 USD		5/11/18		1		(100	)		(1,545	)		(3,296	)		1,751
S&P 500 Index		2,455.00 USD		5/11/18		3		(300	)		(5,115	)		(9,589	)		4,474
S&P 500 Index		2,460.00 USD		5/11/18		2		(200	)		(3,530	)		(5,949	)		2,419
S&P 500 Index		2,440.00 USD		5/18/18		1		(100	)		(1,905	)		(3,120	)		1,215
S&P 500 Index		2,260.00 USD		6/29/18		3		(300	)		(5,565	)		(5,119	)		(446	)
S&P 500 Index		2,175.00 USD		7/20/18		3		(300	)		(5,055	)		(5,729	)		674
S&P 500 Index		2,590.00 USD		4/2/18		1		(100	)		(122	)		(1,560	)		1,438
S&P 500 Index		2,580.00 USD		4/4/18		1		(100	)		(535	)		(1,394	)		859
S&P 500 Index		2,640.00 USD		4/4/18		2		(200	)		(4,420	)		(2,993	)		(1,427	)
S&P 500 Index		2,275.00 USD		4/6/18		6		(600	)		(195	)		(19,905	)		19,710
S&P 500 Index		2,500.00 USD		4/6/18		10		(1,000	)		(2,175	)		(8,149	)		5,974
S&P 500 Index		2,570.00 USD		4/6/18		2		(200	)		(1,650	)		(3,061	)		1,411
S&P 500 Index		2,610.00 USD		4/6/18		2		(200	)		(3,400	)		(3,545	)		145
S&P 500 Index		2,580.00 USD		4/9/18		5		(500	)		(6,075	)		(3,442	)		(2,633	)
S&P 500 Index		2,425.00 USD		4/13/18		2		(200	)		(635	)		(2,025	)		1,390
S&P 500 Index		2,225.00 USD		4/20/18		1		(100	)		(135	)		(1,596	)		1,461
S&P 500 Index		2,250.00 USD		4/20/18		1		(100	)		(153	)		(1,747	)		1,594
S&P 500 Index		2,450.00 USD		4/20/18		5		(500	)		(3,350	)		(4,523	)		1,173

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 181

Schedule of Investments

March 31, 2018 (Unaudited)

Options written contracts outstanding at March 31, 2018 (continued):
Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount			Market Value			Premiums Received			Unrealized Appreciation (Depreciation)
Put options (continued):
S&P 500 Index		2,430.00 USD		5/4/18		2	$	(200	)	$	(2,270	)	$	(5,289	)	$	3,019
S&P 500 Index		2,460.00 USD		5/4/18		2		(200	)		(2,810	)		(5,318	)		2,508
S&P 500 Index		2,250.00 USD		5/18/18		1		(100	)		(670	)		(2,476	)		1,806
S&P 500 Index		2,250.00 USD		6/15/18		1		(100	)		(1,375	)		(3,096	)		1,721
S&P 500 Index		2,300.00 USD		6/29/18		5		(500	)		(10,925	)		(8,158	)		(2,767	)
Total put options										$	(294,359	)	$	(364,209	)	$	69,850
Total options written contracts										$	(398,005	)	$	(487,785	)	$	89,780

(e) At March 31, 2018, the Fund pledged $98,348 in cash as collateral for options written.

Glossary:

CBOE—Chicago Board Options Exchange

VIX—Volatility Index

182 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

AllianzGI PerformanceFee Structured

US Fixed Income Fund

	Shares		Value
Exchange-Traded Funds—99.8%
iShares Core U.S. Aggregate Bond (a) (cost—$25,021,760)		228,856		$24,544,806
Total Options Purchased—0.6% (cost—$148,029) (b)(c)(d)				162,502
Total Investments, before options written (cost-$25,169,789)—100.4%				24,707,308

	Value
Total Options Written—(0.8)% (premiums received—$240,865) (b)(c)(d)	$	(202,277	)
Total Investments, net of options written (cost-$24,928,924)—99.6%		24,505,031
Other assets less other liabilities—0.4%		88,998
Net Assets—100.0%		$24,594,029

Notes to Schedule of Investments:

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

(b) Non-income producing.

(c) Exchange traded-Chicago Board Options Exchange.

(d) Exchange traded option contracts outstanding at March 31, 2018:

Options purchased contracts outstanding at March 31, 2018:
Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Cost		Unrealized Appreciation (Depreciation)
Call options:
CBOE SPX Volatility Index		20.00 USD		6/20/18		39	$	3,900	$	10,140	$	6,300	$	3,840
CBOE SPX Volatility Index		21.00 USD		7/18/18		6		600		1,545		1,125		420
CBOE SPX Volatility Index		22.00 USD		7/18/18		6		600		1,411		1,045		366
S&P 500 Index		2,750.00 USD		4/20/18		1		100		760		783		(23	)
S&P 500 Index		2,750.00 USD		4/25/18		1		100		915		993		(78	)
S&P 500 Index		2,750.00 USD		4/30/18		1		100		1,075		1,164		(89	)
S&P 500 Index		2,725.00 USD		5/4/18		1		100		1,955		5,974		(4,019	)
S&P 500 Index		2,750.00 USD		5/11/18		1		100		1,595		1,714		(119	)
S&P 500 Index		2,900.00 USD		5/18/18		1		100		207		873		(666	)
S&P 500 Index		2,925.00 USD		5/18/18		1		100		155		663		(508	)
S&P 500 Index		3,075.00 USD		5/18/18		2		200		75		217		(142	)
S&P 500 Index		2,900.00 USD		5/31/18		1		100		297		1,223		(926	)
S&P 500 Index		3,075.00 USD		5/31/18		1		100		—		144		(144	)
S&P 500 Index		3,100.00 USD		5/31/18		1		100		—		114		(114	)
S&P 500 Index		2,900.00 USD		6/15/18		2		200		800		3,007		(2,207	)
S&P 500 Index		2,925.00 USD		6/15/18		1		100		289		1,123		(834	)
S&P 500 Index		3,100.00 USD		6/15/18		1		100		53		164		(111	)
S&P 500 Index		3,125.00 USD		6/15/18		1		100		43		134		(91	)
Total call options									$	21,315	$	26,760	$	(5,445	)
Put options:
iPath S&P 500 VIX Short-Term		54.00 USD		4/6/18		4	$	400	$	2,920	$	6,474	$	(3,554	)
iPath S&P 500 VIX Short-Term		65.00 USD		4/6/18		1		100		1,677		1,873		(196	)
iPath S&P 500 VIX Short-Term		55.00 USD		4/13/18		4		400		3,410		6,702		(3,292	)
iPath S&P 500 VIX Short-Term		65.00 USD		4/13/18		1		100		1,755		1,904		(149	)
iPath S&P 500 VIX Short-Term		40.00 USD		4/20/18		6		600		237		2,662		(2,425	)
iPath S&P 500 VIX Short-Term		69.00 USD		4/20/18		4		400		8,850		8,489		361
iPath S&P 500 VIX Short-Term		67.00 USD		4/27/18		4		400		3,872		8,214		(4,342	)
Nasdaq 100 Stock Index		3,800.00 USD		5/18/18		1		100		57		263		(206	)
S&P 500 Index		2,575.00 USD		4/2/18		1		100		88		644		(556	)
S&P 500 Index		2,695.00 USD		4/2/18		1		100		5,275		909		4,366
S&P 500 Index		2,575.00 USD		4/4/18		1		100		580		1,354		(774	)
S&P 500 Index		2,645.00 USD		4/4/18		1		100		2,445		842		1,603
S&P 500 Index		2,540.00 USD		4/6/18		1		100		465		431		34
S&P 500 Index		2,575.00 USD		4/6/18		1		100		870		1,904		(1,034	)
S&P 500 Index		2,640.00 USD		4/6/18		1		100		2,785		631		2,154
S&P 500 Index		2,575.00 USD		4/9/18		2		200		2,250		2,547		(297	)
S&P 500 Index		2,615.00 USD		4/9/18		1		100		2,105		1,253		852
S&P 500 Index		2,695.00 USD		4/9/18		1		100		6,295		1,606		4,689
S&P 500 Index		2,510.00 USD		4/11/18		1		100		610		476		134
S&P 500 Index		2,615.00 USD		4/11/18		1		100		2,485		1,120		1,365
S&P 500 Index		2,650.00 USD		4/11/18		1		100		3,885		2,901		984

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 183

Schedule of Investments

March 31, 2018 (Unaudited)

Options purchased contracts outstanding at March 31, 2018 (continued):
Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Cost		Unrealized Appreciation (Depreciation)
Put options (continued):
S&P 500 Index		1,100.00 USD		4/13/18		6	$	600	$	60	$	190	$	(130	)
S&P 500 Index		1,200.00 USD		4/13/18		6		600		60		99		(39	)
S&P 500 Index		1,300.00 USD		4/13/18		8		800		100		163		(63	)
S&P 500 Index		1,500.00 USD		4/13/18		3		300		45		80		(35	)
S&P 500 Index		2,510.00 USD		4/13/18		1		100		800		544		256
S&P 500 Index		2,555.00 USD		4/13/18		1		100		1,365		2,162		(797	)
S&P 500 Index		1,700.00 USD		4/16/18		12		1,200		240		675		(435	)
S&P 500 Index		2,520.00 USD		4/16/18		1		100		1,015		2,250		(1,235	)
S&P 500 Index		2,575.00 USD		4/16/18		1		100		1,890		2,353		(463	)
S&P 500 Index		2,690.00 USD		4/16/18		1		100		6,605		2,100		4,505
S&P 500 Index		2,525.00 USD		4/18/18		1		100		1,265		2,670		(1,405	)
S&P 500 Index		2,725.00 USD		4/18/18		1		100		9,305		2,027		7,278
S&P 500 Index		1,100.00 USD		4/20/18		18		1,800		180		286		(106	)
S&P 500 Index		1,200.00 USD		4/20/18		28		2,800		350		441		(91	)
S&P 500 Index		1,300.00 USD		4/20/18		8		800		100		179		(79	)
S&P 500 Index		2,310.00 USD		4/20/18		2		200		435		1,007		(572	)
S&P 500 Index		2,530.00 USD		4/20/18		1		100		1,410		2,073		(663	)
S&P 500 Index		2,690.00 USD		4/23/18		1		100		7,095		2,282		4,813
S&P 500 Index		2,500.00 USD		4/25/18		1		100		1,325		2,320		(995	)
S&P 500 Index		2,650.00 USD		4/25/18		1		100		5,125		2,700		2,425
S&P 500 Index		1,100.00 USD		4/27/18		8		800		100		135		(35	)
S&P 500 Index		1,150.00 USD		4/27/18		10		1,000		130		166		(36	)
S&P 500 Index		1,200.00 USD		4/27/18		6		600		90		220		(130	)
S&P 500 Index		1,250.00 USD		4/27/18		10		1,000		150		166		(16	)
S&P 500 Index		1,300.00 USD		4/27/18		6		600		105		99		6
S&P 500 Index		2,540.00 USD		4/27/18		1		100		2,075		3,319		(1,244	)
S&P 500 Index		2,650.00 USD		4/27/18		1		100		5,295		2,662		2,633
S&P 500 Index		1,200.00 USD		4/30/18		4		400		52		86		(34	)
S&P 500 Index		2,450.00 USD		4/30/18		1		100		1,060		1,871		(811	)
S&P 500 Index		2,565.00 USD		4/30/18		1		100		2,690		4,004		(1,314	)
S&P 500 Index		2,600.00 USD		5/2/18		1		100		3,775		3,480		295
S&P 500 Index		2,225.00 USD		5/4/18		2		200		650		1,314		(664	)
S&P 500 Index		2,535.00 USD		5/4/18		1		100		2,440		4,247		(1,807	)
S&P 500 Index		2,580.00 USD		5/7/18		1		100		3,520		3,344		176
S&P 500 Index		2,580.00 XXX		4/4/18		1		100		535		488		47
S&P 500 Index		2,500.00 XXX		4/6/18		4		400		870		1,154		(284	)
S&P 500 Index		1,700.00 USD		4/2/18		5		500		50		97		(47	)
S&P 500 Index		2,660.00 USD		4/2/18		1		100		2,370		2,568		(198	)
S&P 500 Index		2,700.00 USD		4/4/18		1		100		6,155		2,376		3,779
S&P 500 Index		1,500.00 USD		4/6/18		10		1,000		100		362		(262	)
S&P 500 Index		2,680.00 USD		4/6/18		1		100		5,015		2,773		2,242
S&P 500 Index		1,700.00 USD		4/9/18		12		1,200		150		465		(315	)
S&P 500 Index		1,700.00 USD		4/11/18		6		600		90		247		(157	)
S&P 500 Index		1,600.00 USD		4/13/18		6		600		105		189		(84	)
S&P 500 Index		2,350.00 USD		4/13/18		1		100		160		265		(105	)
S&P 500 Index		2,650.00 USD		4/13/18		1		100		4,204		2,836		1,368
S&P 500 Index		2,700.00 USD		4/20/18		1		100		7,565		2,536		5,029
Total put options									$	141,187	$	121,269	$	19,918
Total options purchased contracts									$	162,502	$	148,029	$	14,473

Options written contracts outstanding at March 31, 2018:
Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount			Market Value			Premiums Received			Unrealized Appreciation (Depreciation)
Call options:
CBOE SPX Volatility Index		25.00 USD		4/18/18		4	$	(400	)	$	(340	)	$	(566	)	$	226
CBOE SPX Volatility Index		26.00 USD		4/18/18		6		(600	)		(450	)		(687	)		237

184 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

Options written contracts outstanding at March 31, 2018 (continued):
Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount			Market Value			Premiums Received			Unrealized Appreciation (Depreciation)
Call options (continued):
CBOE SPX Volatility Index		27.00 USD		4/18/18		3	$	(300	)	$	(202	)	$	(673	)	$	471
CBOE SPX Volatility Index		28.00 USD		4/18/18		27		(2,700	)		(1,620	)		(2,437	)		817
CBOE SPX Volatility Index		29.00 USD		4/18/18		2		(200	)		(105	)		(197	)		92
CBOE SPX Volatility Index		30.00 USD		4/25/18		3		(300	)		(187	)		(244	)		57
CBOE SPX Volatility Index		30.00 USD		5/16/18		10		(1,000	)		(900	)		(884	)		(16	)
CBOE SPX Volatility Index		32.50 USD		5/16/18		10		(1,000	)		(750	)		(892	)		142
CBOE SPX Volatility Index		35.00 USD		5/16/18		3		(300	)		(195	)		(226	)		31
CBOE SPX Volatility Index		15.00 USD		6/20/18		39		(3,900	)		(17,940	)		(9,314	)		(8,626	)
CBOE SPX Volatility Index		29.00 USD		6/20/18		8		(800	)		(1,000	)		(779	)		(221	)
CBOE SPX Volatility Index		37.50 USD		6/20/18		3		(300	)		(225	)		(229	)		4
CBOE SPX Volatility Index		16.00 USD		7/18/18		6		(600	)		(2,580	)		(1,652	)		(928	)
CBOE SPX Volatility Index		17.00 USD		7/18/18		6		(600	)		(2,280	)		(1,502	)		(778	)
iPath S&P 500 VIX Short-Term		53.00 USD		4/20/18		3		(300	)		(795	)		(305	)		(490	)
iPath S&P 500 VIX Short-Term		56.00 USD		4/20/18		6		(600	)		(1,209	)		(789	)		(420	)
iPath S&P 500 VIX Short-Term		90.00 USD		4/20/18		6		(600	)		(111	)		(938	)		827
iPath S&P 500 VIX Short-Term		105.00 USD		4/20/18		10		(1,000	)		(135	)		(3,190	)		3,055
iPath S&P 500 VIX Short-Term		70.00 USD		5/4/18		9		(900	)		(1,067	)		(1,129	)		62
iPath S&P 500 VIX Short-Term		80.00 USD		6/15/18		12		(1,200	)		(2,544	)		(3,401	)		857
S&P 500 Index		3,025.00 USD		5/18/18		5		(500	)		(263	)		(723	)		460
S&P 500 Index		3,025.00 USD		5/31/18		3		(300	)		(202	)		(679	)		477
S&P 500 Index		3,000.00 USD		6/15/18		1		(100	)		(120	)		(397	)		277
S&P 500 Index		3,050.00 USD		6/15/18		4		(400	)		(300	)		(936	)		636
Total call options										$	(35,520	)	$	(32,769	)	$	(2,751	)
Put options:
Nasdaq 100 Stock Index		5,800.00 USD		5/18/18		1	$	(100	)	$	(5,290	)	$	(4,506	)	$	(784	)
S&P 500 Index		2,350.00 USD		4/2/18		3		(300	)		(37	)		(2,479	)		2,442
S&P 500 Index		2,430.00 USD		4/2/18		2		(200	)		(25	)		(2,068	)		2,043
S&P 500 Index		2,470.00 USD		4/2/18		3		(300	)		(45	)		(2,893	)		2,848
S&P 500 Index		2,510.00 USD		4/2/18		2		(200	)		(30	)		(223	)		193
S&P 500 Index		2,625.00 USD		4/2/18		2		(200	)		(1,330	)		(883	)		(447	)
S&P 500 Index		2,450.00 USD		4/4/18		3		(300	)		(150	)		(2,629	)		2,479
S&P 500 Index		2,510.00 USD		4/4/18		2		(200	)		(230	)		(793	)		563
S&P 500 Index		2,570.00 USD		4/4/18		2		(200	)		(820	)		(848	)		28
S&P 500 Index		2,510.00 USD		4/6/18		3		(300	)		(795	)		(2,947	)		2,152
S&P 500 Index		2,575.00 USD		4/6/18		2		(200	)		(1,740	)		(723	)		(1,017	)
S&P 500 Index		2,490.00 USD		4/9/18		2		(200	)		(1,020	)		(1,353	)		333
S&P 500 Index		2,520.00 USD		4/9/18		2		(200	)		(910	)		(1,251	)		341
S&P 500 Index		2,530.00 USD		4/9/18		3		(300	)		(1,605	)		(2,542	)		937
S&P 500 Index		2,635.00 USD		4/9/18		2		(200	)		(5,670	)		(1,824	)		(3,846	)
S&P 500 Index		2,525.00 USD		4/11/18		2		(200	)		(1,480	)		(1,118	)		(362	)
S&P 500 Index		2,580.00 USD		4/11/18		2		(200	)		(3,110	)		(3,644	)		534
S&P 500 Index		2,455.00 USD		4/13/18		2		(200	)		(850	)		(2,173	)		1,323
S&P 500 Index		2,560.00 USD		4/13/18		3		(300	)		(4,335	)		(2,308	)		(2,027	)
S&P 500 Index		2,580.00 USD		4/13/18		2		(200	)		(3,690	)		(3,589	)		(101	)
S&P 500 Index		2,430.00 USD		4/16/18		2		(200	)		(790	)		(2,266	)		1,476
S&P 500 Index		2,450.00 USD		4/16/18		2		(200	)		(970	)		(1,953	)		983
S&P 500 Index		2,560.00 USD		4/16/18		3		(300	)		(4,770	)		(2,359	)		(2,411	)
S&P 500 Index		2,625.00 USD		4/16/18		2		(200	)		(6,650	)		(2,467	)		(4,183	)
S&P 500 Index		2,440.00 USD		4/18/18		2		(200	)		(1,090	)		(2,659	)		1,569
S&P 500 Index		2,475.00 USD		4/18/18		3		(300	)		(2,265	)		(3,289	)		1,024
S&P 500 Index		2,660.00 USD		4/18/18		2		(200	)		(10,260	)		(2,399	)		(7,861	)
S&P 500 Index		2,440.00 USD		4/20/18		1		(100	)		(620	)		(1,163	)		543
S&P 500 Index		2,490.00 USD		4/20/18		3		(300	)		(2,970	)		(7,999	)		5,029
S&P 500 Index		2,505.00 USD		4/20/18		3		(300	)		(3,405	)		(2,689	)		(716	)
S&P 500 Index		2,510.00 USD		4/20/18		3		(300	)		(3,585	)		(2,998	)		(587	)
S&P 500 Index		2,630.00 USD		4/20/18		2		(200	)		(7,910	)		(3,008	)		(4,902	)
S&P 500 Index		2,420.00 USD		4/23/18		3		(300	)		(1,748	)		(3,446	)		1,698
S&P 500 Index		2,440.00 USD		4/23/18		2		(200	)		(1,390	)		(2,253	)		863

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 185

Schedule of Investments

March 31, 2018 (Unaudited)

Options written contracts outstanding at March 31, 2018 (continued):
Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount			Market Value			Premiums Received			Unrealized Appreciation (Depreciation)
Put options (continued):
S&P 500 Index		2,480.00 USD		4/23/18		2	$	(200	)	$	(1,990	)	$	(5,593	)	$	3,603
S&P 500 Index		2,625.00 USD		4/23/18		2		(200	)		(7,890	)		(2,745	)		(5,145	)
S&P 500 Index		2,350.00 USD		4/25/18		2		(200	)		(840	)		(1,577	)		737
S&P 500 Index		2,360.00 USD		4/25/18		1		(100	)		(443	)		(1,066	)		623
S&P 500 Index		2,400.00 USD		4/25/18		1		(100	)		(575	)		(966	)		391
S&P 500 Index		2,580.00 USD		4/25/18		2		(200	)		(5,490	)		(3,392	)		(2,098	)
S&P 500 Index		2,320.00 USD		4/27/18		3		(300	)		(1,140	)		(2,128	)		988
S&P 500 Index		2,395.00 USD		4/27/18		2		(200	)		(1,280	)		(2,411	)		1,131
S&P 500 Index		2,420.00 USD		4/27/18		3		(300	)		(2,325	)		(3,037	)		712
S&P 500 Index		2,580.00 USD		4/27/18		2		(200	)		(5,860	)		(3,326	)		(2,534	)
S&P 500 Index		2,290.00 USD		4/30/18		2		(200	)		(690	)		(1,363	)		673
S&P 500 Index		2,400.00 USD		4/30/18		7		(700	)		(5,110	)		(15,653	)		10,543
S&P 500 Index		2,410.00 USD		4/30/18		1		(100	)		(760	)		(666	)		(94	)
S&P 500 Index		2,490.00 USD		4/30/18		2		(200	)		(2,900	)		(5,243	)		2,343
S&P 500 Index		2,530.00 USD		5/2/18		2		(200	)		(4,350	)		(4,323	)		(27	)
S&P 500 Index		2,480.00 USD		5/4/18		1		(100	)		(1,625	)		(2,796	)		1,171
S&P 500 Index		2,515.00 USD		5/7/18		2		(200	)		(4,280	)		(4,121	)		(159	)
S&P 500 Index		2,455.00 USD		5/11/18		2		(200	)		(3,410	)		(6,393	)		2,983
S&P 500 Index		2,460.00 USD		5/11/18		1		(100	)		(1,765	)		(2,974	)		1,209
S&P 500 Index		2,440.00 USD		5/18/18		1		(100	)		(1,905	)		(3,120	)		1,215
S&P 500 Index		2,260.00 USD		6/29/18		2		(200	)		(3,710	)		(3,413	)		(297	)
S&P 500 Index		2,175.00 USD		7/20/18		2		(200	)		(3,370	)		(3,819	)		449
S&P 500 Index		2,590.00 USD		4/2/18		1		(100	)		(123	)		(1,561	)		1,438
S&P 500 Index		2,640.00 USD		4/4/18		2		(200	)		(4,420	)		(2,993	)		(1,427	)
S&P 500 Index		2,275.00 USD		4/6/18		3		(300	)		(98	)		(9,953	)		9,855
S&P 500 Index		2,500.00 USD		4/6/18		6		(600	)		(1,305	)		(5,024	)		3,719
S&P 500 Index		2,610.00 USD		4/6/18		2		(200	)		(3,400	)		(3,545	)		145
S&P 500 Index		2,580.00 USD		4/9/18		3		(300	)		(3,645	)		(2,065	)		(1,580	)
S&P 500 Index		2,225.00 USD		4/20/18		1		(100	)		(135	)		(1,597	)		1,462
S&P 500 Index		2,250.00 USD		4/20/18		1		(100	)		(153	)		(1,747	)		1,594
S&P 500 Index		2,450.00 USD		4/20/18		3		(300	)		(2,010	)		(2,824	)		814
S&P 500 Index		2,430.00 USD		5/4/18		1		(100	)		(1,135	)		(2,644	)		1,509
S&P 500 Index		2,460.00 USD		5/4/18		2		(200	)		(2,810	)		(5,318	)		2,508
S&P 500 Index		2,250.00 USD		5/18/18		1		(100	)		(670	)		(2,477	)		1,807
S&P 500 Index		2,250.00 USD		6/15/18		1		(100	)		(1,375	)		(3,097	)		1,722
S&P 500 Index		2,300.00 USD		6/29/18		1		(100	)		(2,185	)		(1,384	)		(801	)
Total put options										$	(166,757	)	$	(208,096	)	$	41,339
Total options written contracts										$	(202,277	)	$	(240,865	)	$	38,588

(e) At March 31, 2018, the Fund pledged $50,797 in cash as collateral for options written.

Glossary:

CBOE—Chicago Board Options Exchange

VIX—Volatility Index

186 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

AllianzGI Real Estate Debt Fund

		Principal Amount (000s)		Value
Mortgage-Backed Securities—77.0%
280 Park Avenue Mortgage Trust, 1 mo. LIBOR + 0.880%, Series 2017-280P, Class A (b)(e),
2.657%, 9/15/34	$		100		$100,576
AOA Mortgage Trust, Series 2015-1177, Class B (a)(b),
3.01%, 12/13/29			100		98,115
Aventura Mall Trust, Series 2013-AVM, Class B (a)(b),
3.743%, 12/5/32			100		101,384
Bancorp Commercial Mortgage Trust, 1 mo. LIBOR + 1.430%, Series 2016-CRE1, Class A (a)(b)(e),
3.207%, 11/15/33			71		71,527
BBCMS Mortgage Trust, 1 mo. LIBOR + 0.722%, Series 2018-TALL, Class A (a)(b)(c)(d)(e),
2.499%, 3/15/37			100		99,650
BX Commercial Mortgage Trust, 1 mo. LIBOR + 0.871%, Series 2018-BIOA, Class B (a)(b)(e),
2.521%, 3/15/37			100		99,546
BX Trust (b)(e),
1 mo. LIBOR + 0.880%, 2.657%, 7/15/34, Series 2017-APPL, Class A			90		90,881
1 mo. LIBOR + 1.200%, 2.977%, 7/15/34, Series 2017-SLCT, Class B (a)			100		100,297
Caesars Palace Las Vegas Trust (a)(b),
3.835%, 10/15/34, Series 2017-VICI, Class B			150		152,105
4.354%, 10/15/34, Series 2017-VICI, Class E			100		98,000
CGDB Commercial Mortgage Trust, IO (a)(b)(e),
1 mo. LIBOR + 0.750%, 2.527%, 5/15/30, Series 2017-B Class A			140		140,258
1 mo. LIBOR + 1.700%, 3.477%, 5/15/30, Series 2017-B Class D			100		100,156
CGDBB Commercial Mortgage Trust, IO (b)(e),
1 mo. LIBOR + 0.790%, 2.567%, 7/15/32, Series 2017-BC, Class A			100		100,194
1 mo. LIBOR + 1.600%, 3.377%, 7/15/32, Series 2017-BC, Class D			100		100,203

			Principal Amount (000s)		Value
CHT COSMO Mortgage Trust (b)(e),
1 mo. LIBOR + 1.400%, 3.177%, 11/15/36, Series 2017-CSMO, Class B		$		100	$	100,349
1 mo. LIBOR + 2.250%, 4.027%, 11/15/36, Series 2017-CSMO, Class D				150		150,808
Citigroup Commercial Mortgage Trust, Series 2015-P1, Class A2,
3.039%, 9/15/48				100		100,356
Cold Storage Trust (b)(e),
1 mo. LIBOR + 1.250%, 3.027%, 4/15/36, Series 2017-ICE3, Class B				140		141,178
1 mo. LIBOR + 1.350%, 3.127%, 4/15/36, Series 2017-ICE3, Class C				100		100,550
COMM Mortgage Trust,
1 mo. LIBOR + 0.800%, 2.518%, 8/13/27, Series 2014-PAT, Class A (a)(b)(e)				100		100,034
1 mo. LIBOR + 0.850%, 2.568%, 2/13/32, Series 2014-TWC, Class A (a)(b)(e)				100		100,136
2.928%, 2/10/47, Series 2014-CR15, Class A2				119		119,304
3.012%, 5/10/47, Series 2014-CR17, Class A2				100		100,328
1 mo. LIBOR + 1.600%, 3.318%, 2/13/32, Series 2014-TWC, Class B (a)(b)(e)				100		100,175
1 mo. LIBOR + 2.250%, 3.968%, 2/13/32, Series 2014-TWC, Class D (a)(b)(e)				100		100,508
Credit Suisse Mortgage Capital Certificates, Series 2015-GLPB, Class A (a)(b),
3.639%, 11/15/34				100		102,212
DBCG Mortgage Trust (a)(b)(e),
1 mo. LIBOR + 0.700%, 2.477%, 6/15/34, Series 2017-BBG, Class A				100		100,229
1 mo. LIBOR + 0.850%, 2.627%, 6/15/34, Series 2017-BBG, Class B				100		100,204
Deco Charlemagne S.A.,
3 mo. Euribor + 4.250%, Series 2015-CHRX, Class D (e), 4.25%, 4/27/25	€			73		89,739
Deco Tulip DAC (e),
3 mo. Euribor + 1.700%, 1.70%, 7/27/24, Series 2014-TLPX, Class D				70		86,095

			Principal Amount (000s)		Value
3 mo. Euribor + 2.100%, 2.10%, 7/27/24, Series 2014-TLPX, Class E	€			70	$	86,086
Finsbury Square PLC, 3 mo. GBP LIBOR + 0.900%, Series 2016-2, Class A (e),
1.444%, 8/16/58	£			85		120,300
Fondo de Titulizacion de Activos Santander Hipotecario 2, 3 mo. Euribor + 0.150%, Class A (e), zero coupon, 1/18/49	€			92		112,342
Gemgarto PLC, 3 mo. GBP LIBOR + 2.350%, Series 2015-2, Class B (e),
2.894%, 2/16/54	£			100		143,824
GRACE Mortgage Trust, Series 2014-GRCE, Class F (a)(b),
3.59%, 6/10/28		$		100		98,279
GS Mortgage Securities Corp. Trust (a)(b),
1 mo. LIBOR + 1.050%, 2.638%, 2/15/37, Series 2018-CHLL, Class B (e)				100		100,194
1 mo. LIBOR + 1.300%, 3.077%, 7/15/32, Series 2017-500K, Class D (e)				100		100,292
3.302%, 5/10/34, Series 2017-GPTX, Class C				100		98,399
3.79%, 1/10/31, Series 2018-NEW, Class C				100		100,534
Hilton Orlando Trust, 1 mo. LIBOR + 1.050%, Series 2018-ORL, Class B (b)(e),
2.827%, 12/15/34				100		100,354
Hyatt Hotel Portfolio Trust, 1 mo. LIBOR + 0.957%, Series 2017-HYT2, Class B (a)(b)(e),
2.733%, 8/9/32				100		100,044
IM Pastor 4 Fondo de Titulizacion de Activos, 3 mo. Euribor + 0.140%, Class A, CMO (e), zero coupon, 3/22/44	€			51		57,089
J.P. Morgan Chase Commercial Mortgage Securities Trust (a)(b)(e),
1 mo. LIBOR + 1.100%, 2.877%, 10/15/32, Series 2017-FL11, Class B		$		60		60,168
1 mo. LIBOR + 1.450%, 3.227%, 10/15/33, Series 2016-WPT, Class A				150		150,283

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 187

Schedule of Investments

March 31, 2018 (Unaudited)

			Principal Amount (000s)		Value
JPMBB Commercial Mortgage Securities Trust,
1.695%, 3/15/49, Series 2016-C1, Class A1		$		78	$	77,603
3.157%, 7/15/45, Series 2013-C12, Class ASB				100		100,397
JPMorgan Chase Commercial Mortgage Securities Trust,
2.379%, 10/15/45, Series 2012-C8, Class ASB				92		90,860
2.554%, 4/15/46, Series 2013-LC11, Class ASB				49		48,596
3.621%, 9/5/32, Series 2015-UES, Class E (a)(b)				100		98,807
4.525%, 7/5/32, Series 2012-HSBC, Class D (a)(b)				150		154,683
Lone Star Portfolio Trust, 1 mo. LIBOR + 2.600%, Series 2015-LSP, Class B (a)(b)(e),
4.377%, 9/15/28				85		85,488
Lusitano Mortgages No 4 PLC, 3 mo. Euribor + 0.220%, Class A (e), zero coupon, 9/15/48	€			146		172,286
Lusitano Mortgages No 5 PLC, 3 mo. Euribor + 0.260%, Class A (e), zero coupon, 7/15/59				85		100,421
MBS Bancaja 4 FTA, 3 mo. Euribor + 0.150%, Class A2 (e), zero coupon, 7/23/50				73		88,946
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C18, Class A2,
3.194%, 10/15/47		$		100		100,666
Motel 6 Trust, 1 mo. LIBOR + 0.920%, Series 2017-MTL6, Class A (b)(e),
2.697%, 8/15/34				99		99,222
Residential Mortgage Securities 28 PLC (e),
3 mo. GBP LIBOR + 1.150%, 1.756%, 6/15/46, Class A	£			93		131,892
3 mo. GBP LIBOR + 2.000%, 2.606%, 6/15/46, Class C				100		142,244
Residential Mortgage Securities 29 PLC, 3 mo. GBP LIBOR + 1.400%, Class B (e),
2.024%, 12/20/46				100		142,069
Residential Mortgage Securities 30 PLC, 3 mo. GBP LIBOR + 0.800%, Class A (e),
1.424%, 3/20/50				88		124,189

			Principal Amount (000s)		Value
Resource Capital Corp., Ltd., 1 mo. LIBOR + 0.800%, Series 2017-CRE5, Class A (a)(b)(e),
2.586%, 7/15/34		$		95	$	94,890
RMAC Securities PLC (e),
3 mo. Euribor + 0.250%, zero coupon, 6/12/44, Series 2006-NS1X, Class M1C	€			70		82,615
3 mo. Euribor + 0.470%, 0.143%, 6/12/44, Series 2007-NS1X, Class M2C				80		92,197
3 mo. GBP LIBOR + 0.240%, 0.842%, 6/12/44, Series 2006-NS2X, Class M1A	£			97		130,222
3 mo. GBP LIBOR + 0.270%, 0.872%, 6/12/44, Series 2006-NS4X, Class M1A				68		90,536
Slate PLC (e),
3 mo. GBP LIBOR + 1.450%, 1.978%, 1/24/51, Class B				100		141,691
3 mo. GBP LIBOR + 1.850%, 2.378%, 1/24/51, Class C				100		141,692
VNDO Mortgage Trust, Series 2012-6AVE, Class C (a)(b),
3.337%, 11/15/30		$		100		98,986
Waldorf Astoria Boca Raton Trust (a)(b)(e),
1 mo. LIBOR + 1.350%, 3.127%, 6/15/29, Series 2016-BOCA, Class A				100		100,215
1 mo. LIBOR + 2.050%, 3.827%, 6/15/29, Series 2016-BOCA, Class B				55		55,049
Wells Fargo Commercial Mortgage Trust,
1.453%, 11/15/59, Series 2016-C36, Class A1				96		94,181
3.02%, 7/15/58, Series 2015-NXS2, Class A2				130		130,395
WFCG Commercial Mortgage Trust, 1 mo. LIBOR + 1.472%, Series 2015-BXRP, Class B (a)(b)(e),
3.248%, 11/15/29				80		80,377
WFRBS Commercial Mortgage Trust, Series 2013-C12, Class ASB,
2.838%, 3/15/48				100		99,841
Total Mortgage-Backed Securities (cost—$7,855,492)						7,764,541

			Principal Amount (000s)		Value
Corporate Bonds & Notes—10.0%
Home Builders—1.4%
Miller Homes Group Holdings PLC, 3 mo. GBP LIBOR + 5.250% (e),
5.772%, 10/15/23	£			100	$	141,519
Real Estate—8.6%
DEMIRE Deutsche Mittelstand Real Estate AG,
2.875%, 7/15/22	€			100		125,917
Digital Stout Holding LLC,
4.25%, 1/17/25	£			100		153,632
Inmobiliaria Colonial Socimi S.A.,
1.45%, 10/28/24	€			100		122,981
Kennedy-Wilson, Inc. (a)(b),
5.875%, 4/1/24		$		50		49,812
Merlin Properties Socimi S.A.,
1.75%, 5/26/25	€			100		123,575
Summit Germany Ltd. (a)(b),
2.00%, 1/31/25				100		119,746
VICI Properties 1 LLC,
8.00%, 10/15/23		$		33		36,407
Westfield America Management Ltd.,
2.125%, 3/30/25	£			100		138,744
						870,814
Total Corporate Bonds & Notes (cost—$1,000,544)						1,012,333
U.S. Government Agency Securities (e)—2.9%
Fannie Mae MBS,
1 mo. USD-LIBOR-BBA + 4.300%, 6.172%, 2/25/25, Series 2015-C01, Class 1M2		$		36		40,081
1 mo. USD-LIBOR-BBA + 4.400%, 6.272%, 1/25/24, Series 2014-C01, Class M2				70		79,949
1 mo. USD-LIBOR-BBA + 5.000%, 6.872%, 7/25/25, Series 2015-C03, Class 1M2				41		46,597
Freddie Mac, MBS, 1 mo. USD-LIBOR-BBA + 2.600%, Series 2015-DNA2, Class M2, CMO,
4.472%, 12/25/27				122		124,345
Total U.S. Government Agency Securities (cost—$166,982)						290,972
Asset-Backed Securities (b)—2.0%
Invitation Homes Trust,
1 mo. LIBOR + 1.800%, Series 2017-SFR2, Class D (a)(e), 3.608%, 12/17/36				100		100,884

188 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

		Principal Amount (000s)		Value
Vantage Data Centers Issuer LLC, Series 2018-1A, Class A2,
4.072%, 2/16/43	$		100	$	100,950
Total Asset-Backed Securities (cost—$201,429)					201,834
U.S. Treasury Obligations—6.4%
U.S. Treasury Bills (f), 1.352%, 6/21/18 (cost—$647,520)			650		647,445
Total Investments (cost—$9,871,967)—98.3%					9,917,125
Other assets less liabilities (g)—1.7%					169,641
Net Assets—100.0%					$10,086,766

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 $3,611,666, representing 35.8% of net assets.

(b) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $4,796,931, representing 47.6% of net assets.

(c) Fair-Valued—Security with a value of $99,650, representing 1.0% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

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

(e) 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, 2018.

(f) Rates reflect the effective yields at purchase date.

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

Futures contracts outstanding at March 31, 2018:
Type		Contracts			Expiration Date		Notional Amount (000s)			Market Value (000s)			Unrealized Depreciation
Short position contracts:
	5-Year U.S. Treasury Note		(5	)		6/29/18		(500	)	$	(572	)	$	(2,734	)

Forward foreign currency contracts outstanding at March 31, 2018:
Description	Counterparty		U.S.$ Value on Origination Date		U.S.$ Value March 31, 2018		Unrealized Appreciation		Unrealized Depreciation
Purchased:
80,000 British Pound settling settling 5/23/18		Barclays Bank PLC	$	113,439	$	112,464	$	—	$	(975	)
24,000 Euro settling settling 5/23/18		Barclays Bank PLC		29,670		29,634		—		(36	)
Sold:
729,754 British Pound settling settling 5/23/18		Barclays Bank PLC		1,027,129		1,025,885		1,244		—
648,393 British Pound settling settling 5/23/18		Citibank N.A.		912,603		911,508		1,095		—
1,200,592 Euro settling settling 5/23/18		Barclays Bank PLC		1,485,672		1,482,432		3,240		—
6,614 Euro settling settling 5/23/18		Citibank N.A.		8,147		8,166		—		(19	)
							$	5,579	$	(1,030	)

(h) At March 31, 2018, the Fund pledged $2,808 in cash as collateral for futures contracts.

Glossary:

BBA—British Bankers’ Association

£—British Pound Sterling

CMO—Collateralized Mortgage Obligation

€—Euro

GBP—British Pound

LIBOR—London Inter-Bank Offered Rate

MBS—Mortgage-Backed Securities

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 189

Schedule of Investments

March 31, 2018 (Unaudited)

AllianzGI Short Duration High Income Fund

	Principal Amount (000s)		Value
Corporate Bonds & Notes—87.5%
Advertising—1.2%
Lamar Media Corp.,
5.00%, 5/1/23		$11,303		$11,455,025
Outfront Media Capital LLC,
5.25%, 2/15/22		2,500		2,553,125
				14,008,150
Auto Components—0.7%
Goodyear Tire & Rubber Co.,
5.125%, 11/15/23		9,000		9,078,750
Auto Manufacturers—0.9%
Ford Motor Credit Co. LLC,
2.597%, 11/4/19		2,096		2,079,984
2.681%, 1/9/20		3,000		2,971,629
General Motors Financial Co., Inc.,
3 mo. USD-LIBOR- BBA + 0.930%, 2.65%, 4/13/20 (e)		4,000		4,038,080
3.25%, 5/15/18		1,060		1,060,859
6.75%, 6/1/18		325		327,213
				10,477,765
Biotechnology—0.5%
Amgen, Inc.,
4.10%, 6/15/21		6,260		6,442,242
Coal—3.3%
Cloud Peak Energy Resources LLC,
12.00%, 11/1/21		37,961		39,669,245
Commercial Services—5.6%
APX Group, Inc.,
6.375%, 12/1/19		17,770		17,903,275
7.875%, 12/1/22		42,395		44,097,159
Herc Rentals, Inc. (a)(c),
7.50%, 6/1/22		5,000		5,362,500
				67,362,934
Containers & Packaging—2.2%
Berry Global, Inc.,
6.00%, 10/15/22		14,510		15,035,988
Owens-Brockway Glass Container, Inc. (a)(c),
5.00%, 1/15/22		2,550		2,584,298
Reynolds Group Issuer, Inc.,
5.125%, 7/15/23 (a)(c)		1,500		1,516,425
5.75%, 10/15/20		969		982,433
6.875%, 2/15/21		6,324		6,419,170
				26,538,314
Diversified Financial Services—4.2%
Aircastle Ltd.,
6.25%, 12/1/19		4,125		4,300,312
Ally Financial, Inc.,
3.25%, 11/5/18		1,075		1,077,688
3.75%, 11/18/19		3,000		3,015,000
4.125%, 3/30/20		4,000		4,025,000
8.00%, 12/31/18		17,679		18,275,666
Fly Leasing Ltd.,
6.375%, 10/15/21		10,525		10,959,156
International Lease Finance Corp.,
6.25%, 5/15/19		6,295		6,515,294
7.125%, 9/1/18 (a)(c)		2,000		2,034,750
				50,202,866

	Principal Amount (000s)		Value
Electric Utilities—2.2%
AES Corp.,
4.00%, 3/15/21	$	5,000	$	5,031,250
4.50%, 3/15/23		5,000		5,097,250
Calpine Corp. (a)(c),
6.00%, 1/15/22		16,372		16,849,244
				26,977,744
Entertainment—0.8%
International Game Technology PLC (a)(c),
6.25%, 2/15/22		9,050		9,525,125
Environmental Services—2.5%
Clean Harbors, Inc.,
5.125%, 6/1/21		22,449		22,785,735
5.25%, 8/1/20		6,898		6,932,490
				29,718,225
Equity Real Estate Investment Trusts (REITs)—0.6%
Equinix, Inc.,
5.375%, 4/1/23		5,526		5,671,058
Starwood Property Trust, Inc. (a)(c),
3.625%, 2/1/21		2,000		1,970,000
				7,641,058
Food & Beverage—0.8%
Anheuser-Busch InBev Finance, Inc.,
3.30%, 2/1/23		8,000		7,998,212
Anheuser-Busch InBev Worldwide, Inc., 3 mo. LIBOR + 0.740% (e),
3.052%, 1/12/24		2,000		2,013,376
				10,011,588
Healthcare-Products—1.1%
Fresenius U.S. Finance II, Inc. (a)(c),
4.25%, 2/1/21		7,795		7,930,737
4.50%, 1/15/23		5,000		5,155,475
				13,086,212
Healthcare-Services—5.3%
DaVita, Inc.,
5.75%, 8/15/22		41,836		42,965,572
Fresenius Medical Care U.S. Finance, Inc. (a)(c),
5.75%, 2/15/21		4,425		4,680,647
HCA, Inc.,
6.50%, 2/15/20		15,000		15,766,714
				63,412,933
Holding Companies-Diversified—1.7%
Nielsen Co. Luxembourg Sarl (a)(c),
5.50%, 10/1/21		19,848		20,170,530
Home Builders—8.6%
Brookfield Residential Properties, Inc. (a)(c),
6.50%, 12/15/20		22,088		22,419,320
CalAtlantic Group, Inc.,
6.625%, 5/1/20		3,000		3,195,000
Lennar Corp.,
4.50%, 6/15/19		2,900		2,921,750
4.75%, 4/1/21		9,733		9,939,826
MDC Holdings, Inc.,
5.625%, 2/1/20		1,500		1,558,125
PulteGroup, Inc.,
4.25%, 3/1/21		13,356		13,537,642
Taylor Morrison Communities, Inc. (a)(c),
5.25%, 4/15/21		17,806		17,982,635
TRI Pointe Group, Inc.,
4.375%, 6/15/19		13,010		13,107,575
4.875%, 7/1/21		18,599		18,767,321
				103,429,194

	Principal Amount (000s)		Value
Machinery-Diversified—2.3%
John Deere Capital Corp.,
2.15%, 9/8/22	$	3,950	$	3,789,003
3 mo. LIBOR + 0.240%, 2.329%, 3/12/21 (e)		3,000		3,001,214
3 mo. LIBOR + 0.480%, 2.527%, 9/8/22 (e)		15,000		15,056,454
2.875%, 3/12/21		6,000		5,985,325
				27,831,996
Media—5.6%
AMC Networks, Inc.,
4.75%, 12/15/22		2,500		2,525,000
CCO Holdings LLC,
5.25%, 9/30/22		6,265		6,370,785
DISH DBS Corp.,
5.125%, 5/1/20		8,250		8,271,450
7.875%, 9/1/19		8,773		9,211,650
Sinclair Television Group, Inc.,
5.375%, 4/1/21		16,445		16,630,006
6.125%, 10/1/22		1,000		1,028,750
Univision Communications, Inc. (a)(c),
5.125%, 5/15/23		15,000		14,326,500
6.75%, 9/15/22		8,634		8,925,397
				67,289,538
Miscellaneous Manufacturing—5.2%
General Electric Co.,
4.625%, 1/7/21		4,343		4,508,241
4.65%, 10/17/21		10,000		10,466,776
LSB Industries, Inc. (d),
8.50%, 8/1/19		47,446		47,149,462
				62,124,479
Oil, Gas & Consumable Fuels—2.6%
Laredo Petroleum, Inc.,
5.625%, 1/15/22		12,512		12,480,720
Murphy Oil USA, Inc.,
6.00%, 8/15/23		2,000		2,070,000
RSP Permian, Inc.,
6.625%, 10/1/22		5,361		5,615,648
Sunoco L.P. (a)(c),
4.875%, 1/15/23		11,500		11,111,875
				31,278,243
Pipelines—1.9%
Andeavor Logistics L.P.,
5.50%, 10/15/19		4,000		4,122,360
6.25%, 10/15/22		745		777,361
Kinder Morgan Energy Partners L.P.,
6.50%, 4/1/20		2,825		2,994,841
Kinder Morgan, Inc. (a)(c),
5.00%, 2/15/21		5,000		5,189,931
MPLX L.P.,
5.50%, 2/15/23		5,000		5,134,375
Sabine Pass Liquefaction LLC,
5.625%, 2/1/21		4,622		4,865,741
				23,084,609
Real Estate—5.0%
Iron Mountain, Inc.,
4.375%, 6/1/21 (a)(c)		2,250		2,266,875
6.00%, 8/15/23		4,100		4,258,301
Realogy Group LLC (a)(c),
5.25%, 12/1/21		34,880		35,108,464
SBA Communications Corp.,
4.875%, 7/15/22		18,167		18,348,670
				59,982,310

190 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

	Principal Amount (000s)		Value
Retail—9.8%
Dollar Tree, Inc.,
5.75%, 3/1/23	$	21,500	$	22,469,112
GameStop Corp. (a)(c),
5.50%, 10/1/19		5,690		5,746,900
6.75%, 3/15/21		23,075		23,421,125
Group 1 Automotive, Inc.,
5.00%, 6/1/22		1,740		1,762,272
Michaels Stores, Inc. (a)(c),
5.875%, 12/15/20		8,580		8,697,975
Party City Holdings, Inc. (a)(c),
6.125%, 8/15/23		33,089		33,874,864
Penske Automotive Group, Inc.,
5.75%, 10/1/22		21,540		22,091,963
				118,064,211
Software—3.5%
ACI Worldwide, Inc. (a)(c),
6.375%, 8/15/20		12,700		12,847,193
First Data Corp. (a)(c),
7.00%, 12/1/23		27,979		29,482,871
				42,330,064
Telecommunications—8.9%
Hughes Satellite Systems Corp.,
7.625%, 6/15/21		17,255		18,582,255
Sprint Communications, Inc. (a)(c),
7.00%, 3/1/20		4,750		4,999,375
9.00%, 11/15/18		27,811		28,714,857
T-Mobile USA, Inc.,
6.00%, 3/1/23		3,000		3,127,500
6.625%, 4/1/23		49,686		51,332,097
				106,756,084
Transportation—0.5%
Penske Truck Leasing Co. L.P. (a)(c),
2.70%, 3/14/23		6,075		5,848,065
Total Corporate Bonds & Notes (cost—$1,060,968,645)				1,052,342,474
Senior Loans (a)(b)— 7.7%
Commercial Services & Supplies—2.2%
Asurion LLC,
1 mo. LIBOR + 2.750%, 4.627%, 8/4/22, 2017 Term Loan B4		8,823		8,886,163
1 mo. LIBOR + 6.000%, 7.877%, 8/4/25, 2017 2nd Lien Term Loan		17,000		17,493,000
				26,379,163
Pipelines—0.4%
BCP Renaissance Parent LLC, 3 mo. LIBOR + 4.000%, 2017 Term Loan B,
5.772%, 10/31/24		5,000		5,031,250
Specialty Retail—5.1%
Michaels Stores, Inc., 1 mo. LIBOR + 2.750%, 2016 Term Loan B1,
4.589%, 1/30/23		9,762		9,819,763
PetSmart, Inc., 1 mo. LIBOR + 3.000%, Term Loan B2,
4.68%, 3/11/22		63,186		50,872,374
				60,692,137
Total Senior Loans (cost—$101,701,023)				92,102,550

	Principal Amount (000s)		Value
Repurchase Agreements—4.7%
State Street Bank and Trust Co., dated 3/29/18, 0.28%, due 4/2/18, proceeds $56,699,764; collateralized by U.S. Treasury Notes, 2.00%, due 8/15/25, valued at $57,832,922 including accrued interest
(cost—$56,698,000)	$	56,698	$	56,698,000
Total Investments (cost—$1,219,367,668)—99.9%				1,201,143,024
Other assets less liabilities—0.1%				835,014
Net Assets—100.0%				$1,201,978,038

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 $440,846,503, representing 36.7% 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, 2018.

(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. Securities with an aggregate value of $348,743,953, representing 29.0% of net assets.

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

(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, 2018.

Glossary:

BBA—British Bankers’ Association

LIBOR—London Inter-Bank Offered Rate

AllianzGI Structured Return Fund

	Shares		Value
Exchange-Traded Funds—89.7%
iShares Core S&P 500 (a) (cost—$561,439,813)		2,046,000		$542,947,020
	Principal Amount (000s)
Repurchase Agreements—20.0%
State Street Bank and Trust Co., dated 3/29/18, 0.28%, due 4/2/18, proceeds $121,237,772; collateralized by U.S. Treasury Notes, 2.50%, due 5/15/24, valued at $123,663,375 including accrued interest
(cost—$121,234,000)		$121,234		121,234,000
Total Options Purchased—1.0% (cost—$5,457,636) (b)(c)(d)				5,617,518
Total Investments, before options written (cost—$688,131,449)—110.7%				669,798,538
Total Options Written—(7.5)% (premiums received—$47,155,666) (b)(c)(d)				(45,348,093	)
Total Investments, net of options written (cost—$640,975,783)—103.2%				624,450,445
Other liabilities in excess of other assets—(3.2)%				(19,109,838	)
Net Assets—100.0%				$605,340,607

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, 2018  | Semiannual Report 191

Schedule of Investments

March 31, 2018 (Unaudited)

(d) Exchange traded option contracts outstanding at March 31, 2018:

Options purchased contracts outstanding at March 31, 2018:
Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Cost		Unrealized Appreciation (Depreciation)
Call options:
S&P 500 Index		2,700.00 USD		4/6/18		20	$	2,000	$	15,200	$	20,425	$	(5,225	)
S&P 500 Index		2,800.00 USD		4/6/18		25		2,500		563		27,881		(27,318	)
S&P 500 Index		2,900.00 USD		4/6/18		40		4,000		500		5,630		(5,130	)
S&P 500 Index		2,925.00 USD		4/6/18		40		4,000		500		250		250
S&P 500 Index		3,300.00 USD		4/6/18		288		28,800		2,880		3,138		(258	)
S&P 500 Index		2,700.00 USD		4/9/18		20		2,000		18,200		23,325		(5,125	)
S&P 500 Index		3,050.00 USD		4/9/18		40		4,000		400		290		110
S&P 500 Index		2,800.00 USD		4/13/18		25		2,500		3,125		36,906		(33,781	)
S&P 500 Index		2,900.00 USD		4/13/18		40		4,000		700		8,525		(7,825	)
S&P 500 Index		3,050.00 USD		4/13/18		250		25,000		3,125		4,060		(935	)
S&P 500 Index		3,400.00 USD		4/13/18		280		28,000		2,800		3,148		(348	)
S&P 500 Index		2,725.00 USD		4/16/18		30		3,000		28,200		32,557		(4,357	)
S&P 500 Index		3,100.00 USD		4/16/18		60		6,000		600		734		(134	)
S&P 500 Index		2,725.00 USD		4/20/18		20		2,000		23,600		28,465		(4,865	)
S&P 500 Index		2,825.00 USD		4/20/18		80		8,000		12,400		159,699		(147,299	)
S&P 500 Index		3,200.00 USD		4/20/18		220		22,000		2,200		3,760		(1,560	)
S&P 500 Index		3,250.00 USD		4/20/18		40		4,000		300		130		170
S&P 500 Index		3,300.00 USD		4/20/18		143		14,300		1,072		943		129
S&P 500 Index		2,850.00 USD		4/27/18		80		8,000		12,400		134,339		(121,939	)
S&P 500 Index		3,200.00 USD		4/27/18		80		8,000		800		2,499		(1,699	)
S&P 500 Index		3,300.00 USD		4/27/18		540		54,000		5,400		6,070		(670	)
S&P 500 Index		2,775.00 USD		5/4/18		20		2,000		17,200		20,105		(2,905	)
S&P 500 Index		3,300.00 USD		5/4/18		185		18,500		1,850		2,050		(200	)
S&P 500 Index		2,775.00 USD		5/11/18		20		2,000		22,000		25,425		(3,425	)
S&P 500 Index		3,300.00 USD		5/11/18		270		27,000		2,700		4,156		(1,456	)
S&P 500 Index		2,870.00 USD		5/18/18		75		7,500		24,000		95,193		(71,193	)
S&P 500 Index		2,925.00 USD		5/18/18		75		7,500		11,625		40,968		(29,343	)
S&P 500 Index		2,990.00 USD		5/18/18		75		7,500		5,625		16,893		(11,268	)
S&P 500 Index		3,300.00 USD		5/18/18		150		15,000		1,875		3,411		(1,536	)
S&P 500 Index		2,900.00 USD		6/29/18		100		10,000		57,500		250,359		(192,859	)
S&P 500 Index		3,010.00 USD		6/29/18		200		20,000		30,500		118,718		(88,218	)
Total call options									$	309,840	$	1,080,052	$	(770,212	)
Put options:
S&P 500 Index		1,700.00 USD		4/2/18		100	$	10,000	$	1,000	$	2,249	$	(1,249	)
S&P 500 Index		1,800.00 USD		4/2/18		75		7,500		750		2,468		(1,718	)
S&P 500 Index		2,525.00 USD		4/2/18		75		7,500		1,313		68,044		(66,731	)
S&P 500 Index		2,625.00 USD		4/2/18		50		5,000		33,250		45,812		(12,562	)
S&P 500 Index		1,700.00 USD		4/4/18		100		10,000		1,000		3,749		(2,749	)
S&P 500 Index		1,800.00 USD		4/4/18		75		7,500		750		3,268		(2,518	)
S&P 500 Index		2,550.00 USD		4/4/18		75		7,500		18,375		113,343		(94,968	)
S&P 500 Index		2,650.00 USD		4/4/18		50		5,000		135,250		75,062		60,188
S&P 500 Index		1,400.00 USD		4/6/18		915		91,500		11,437		21,181		(9,744	)
S&P 500 Index		1,500.00 USD		4/6/18		288		28,800		2,880		4,587		(1,707	)
S&P 500 Index		1,600.00 USD		4/6/18		2,675		267,500		26,750		111,816		(85,066	)
S&P 500 Index		2,600.00 USD		4/6/18		75		7,500		106,875		132,093		(25,218	)
S&P 500 Index		2,650.00 USD		4/6/18		50		5,000		162,750		124,740		38,010
S&P 500 Index		1,600.00 USD		4/9/18		100		10,000		1,000		4,624		(3,624	)
S&P 500 Index		1,700.00 USD		4/9/18		120		12,000		1,500		5,774		(4,274	)
S&P 500 Index		2,550.00 USD		4/9/18		75		7,500		55,875		148,111		(92,236	)
S&P 500 Index		2,650.00 USD		4/9/18		75		7,500		263,625		219,468		44,157
S&P 500 Index		1,600.00 USD		4/11/18		100		10,000		1,250		6,124		(4,874	)
S&P 500 Index		1,700.00 USD		4/11/18		120		12,000		1,800		6,578		(4,778	)
S&P 500 Index		2,525.00 USD		4/11/18		75		7,500		55,500		136,593		(81,093	)
S&P 500 Index		2,625.00 USD		4/11/18		75		7,500		212,625		205,818		6,807
S&P 500 Index		1,400.00 USD		4/13/18		1,170		117,000		14,625		25,825		(11,200	)
S&P 500 Index		1,600.00 USD		4/13/18		350		35,000		6,125		16,171		(10,046	)

192 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

Options purchased contracts outstanding at March 31, 2018 (continued):
Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Cost		Unrealized Appreciation (Depreciation)
Put options (continued):
S&P 500 Index		1,700.00 USD		4/13/18		2,750	$	275,000	$	61,875	$	100,544	$	(38,669	)
S&P 500 Index		2,350.00 USD		4/13/18		150		15,000		24,000		41,744		(17,744	)
S&P 500 Index		2,600.00 USD		4/13/18		75		7,500		175,875		167,418		8,457
S&P 500 Index		2,650.00 USD		4/13/18		50		5,000		210,250		151,512		58,738
S&P 500 Index		1,600.00 USD		4/16/18		175		17,500		3,063		4,013		(950	)
S&P 500 Index		2,565.00 USD		4/16/18		125		12,500		202,500		210,385		(7,885	)
S&P 500 Index		1,600.00 USD		4/18/18		175		17,500		3,063		4,467		(1,404	)
S&P 500 Index		2,550.00 USD		4/18/18		125		12,500		200,000		206,530		(6,530	)
S&P 500 Index		1,400.00 USD		4/20/18		876		87,600		10,950		29,447		(18,497	)
S&P 500 Index		1,500.00 USD		4/20/18		210		21,000		3,150		4,461		(1,311	)
S&P 500 Index		1,600.00 USD		4/20/18		150		15,000		2,250		13,386		(11,136	)
S&P 500 Index		1,700.00 USD		4/20/18		200		20,000		5,000		10,849		(5,849	)
S&P 500 Index		2,570.00 USD		4/20/18		100		10,000		218,500		350,424		(131,924	)
S&P 500 Index		2,700.00 USD		4/20/18		100		10,000		756,500		236,927		519,573
S&P 500 Index		1,400.00 USD		4/27/18		710		71,000		15,975		27,482		(11,507	)
S&P 500 Index		1,600.00 USD		4/27/18		200		20,000		7,500		10,848		(3,348	)
S&P 500 Index		2,575.00 USD		4/27/18		125		12,500		350,625		365,155		(14,530	)
S&P 500 Index		2,700.00 USD		4/27/18		100		10,000		794,500		294,324		500,176
S&P 500 Index		1,400.00 USD		5/4/18		145		14,500		3,262		7,481		(4,219	)
S&P 500 Index		1,400.00 USD		5/11/18		645		64,500		21,285		22,400		(1,115	)
S&P 500 Index		2,600.00 USD		6/29/18		150		15,000		1,121,250		634,289		486,961
Total put options									$	5,307,678	$	4,377,584	$	930,094
Total options purchased contracts									$	5,617,518	$	5,457,636	$	159,882

Options written contracts outstanding at March 31, 2018:
Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Received			Unrealized Appreciation (Depreciation)
Call options:
S&P 500 Index		2,750.00 USD		4/6/18		(60	)	$	(6,000	)	$	(7,200	)	$	(14,325	)	$	7,125
S&P 500 Index		2,850.00 USD		4/6/18		(50	)		(5,000	)		(750	)		(19,418	)		18,668
S&P 500 Index		2,750.00 USD		4/9/18		(60	)		(6,000	)		(11,100	)		(18,765	)		7,665
S&P 500 Index		2,850.00 USD		4/13/18		(50	)		(5,000	)		(1,875	)		(28,188	)		26,313
S&P 500 Index		2,775.00 USD		4/16/18		(90	)		(9,000	)		(45,900	)		(32,918	)		(12,982	)
S&P 500 Index		2,440.00 USD		4/20/18		(288	)		(28,800	)		(6,032,160	)		(4,967,097	)		(1,065,063	)
S&P 500 Index		2,480.00 USD		4/20/18		(143	)		(14,300	)		(2,463,175	)		(2,725,066	)		261,891
S&P 500 Index		2,565.00 USD		4/20/18		(80	)		(8,000	)		(793,200	)		(910,776	)		117,576
S&P 500 Index		2,570.00 USD		4/20/18		(70	)		(7,000	)		(666,750	)		(1,154,049	)		487,299
S&P 500 Index		2,780.00 USD		4/20/18		(60	)		(6,000	)		(33,000	)		(28,845	)		(4,155	)
S&P 500 Index		2,875.00 USD		4/20/18		(160	)		(16,000	)		(9,200	)		(125,401	)		116,201
S&P 500 Index		2,470.00 USD		4/27/18		(300	)		(30,000	)		(5,554,500	)		(4,708,923	)		(845,577	)
S&P 500 Index		2,480.00 USD		4/27/18		(80	)		(8,000	)		(1,410,000	)		(1,193,233	)		(216,767	)
S&P 500 Index		2,490.00 USD		4/27/18		(340	)		(34,000	)		(5,689,900	)		(5,036,105	)		(653,795	)
S&P 500 Index		2,500.00 USD		4/27/18		(70	)		(7,000	)		(1,109,850	)		(934,529	)		(175,321	)
S&P 500 Index		2,550.00 USD		4/27/18		(70	)		(7,000	)		(815,150	)		(885,249	)		70,099
S&P 500 Index		2,570.00 USD		4/27/18		(80	)		(8,000	)		(806,000	)		(956,513	)		150,513
S&P 500 Index		2,900.00 USD		4/27/18		(160	)		(16,000	)		(10,400	)		(108,441	)		98,041
S&P 500 Index		2,440.00 USD		5/4/18		(70	)		(7,000	)		(1,512,000	)		(1,380,149	)		(131,851	)
S&P 500 Index		2,460.00 USD		5/4/18		(145	)		(14,500	)		(2,869,550	)		(2,517,320	)		(352,230	)
S&P 500 Index		2,840.00 USD		5/4/18		(60	)		(6,000	)		(30,600	)		(20,325	)		(10,275	)
S&P 500 Index		2,450.00 USD		5/11/18		(80	)		(8,000	)		(1,675,600	)		(1,463,313	)		(212,287	)
S&P 500 Index		2,460.00 USD		5/11/18		(230	)		(23,000	)		(4,611,500	)		(4,556,049	)		(55,451	)
S&P 500 Index		2,850.00 USD		5/11/18		(60	)		(6,000	)		(31,200	)		(23,565	)		(7,635	)
S&P 500 Index		2,930.00 USD		5/18/18		(150	)		(15,000	)		(21,750	)		(76,464	)		54,714
S&P 500 Index		3,000.00 USD		5/18/18		(225	)		(22,500	)		(15,750	)		(43,071	)		27,321
S&P 500 Index		2,975.00 USD		6/29/18		(300	)		(30,000	)		(67,500	)		(268,923	)		201,423
Total call options											$	(36,295,560	)	$	(34,197,020	)	$	(2,098,540	)

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 193

Schedule of Investments

March 31, 2018 (Unaudited)

Options written contracts outstanding at March 31, 2018 (continued):
Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Received			Unrealized Appreciation (Depreciation)
Put options:
S&P 500 Index		2,460.00 USD		4/2/18		(150	)	$	(15,000	)	$	(2,250	)	$	(70,764	)	$	68,514
S&P 500 Index		2,560.00 USD		4/2/18		(100	)		(10,000	)		(3,250	)		(50,876	)		47,626
S&P 500 Index		2,475.00 USD		4/4/18		(150	)		(15,000	)		(9,375	)		(114,564	)		105,189
S&P 500 Index		2,580.00 USD		4/4/18		(100	)		(10,000	)		(53,500	)		(78,676	)		25,176
S&P 500 Index		2,325.00 USD		4/6/18		(200	)		(20,000	)		(8,500	)		(826,747	)		818,247
S&P 500 Index		2,330.00 USD		4/6/18		(100	)		(10,000	)		(4,250	)		(442,676	)		438,426
S&P 500 Index		2,480.00 USD		4/6/18		(90	)		(9,000	)		(13,950	)		(212,558	)		198,608
S&P 500 Index		2,500.00 USD		4/6/18		(150	)		(15,000	)		(32,625	)		(142,314	)		109,689
S&P 500 Index		2,555.00 USD		4/6/18		(57	)		(5,700	)		(35,055	)		(80,014	)		44,959
S&P 500 Index		2,565.00 USD		4/6/18		(79	)		(7,900	)		(59,250	)		(94,427	)		35,177
S&P 500 Index		2,570.00 USD		4/6/18		(100	)		(10,000	)		(82,500	)		(142,924	)		60,424
S&P 500 Index		2,465.00 USD		4/9/18		(150	)		(15,000	)		(30,375	)		(151,732	)		121,357
S&P 500 Index		2,580.00 USD		4/9/18		(150	)		(15,000	)		(182,250	)		(227,814	)		45,564
S&P 500 Index		2,440.00 USD		4/11/18		(150	)		(15,000	)		(38,250	)		(149,814	)		111,564
S&P 500 Index		2,550.00 USD		4/11/18		(150	)		(15,000	)		(155,250	)		(222,198	)		66,948
S&P 500 Index		2,425.00 USD		4/13/18		(125	)		(12,500	)		(39,688	)		(245,801	)		206,113
S&P 500 Index		2,475.00 USD		4/13/18		(125	)		(12,500	)		(66,875	)		(127,345	)		60,470
S&P 500 Index		2,500.00 USD		4/13/18		(337	)		(33,700	)		(239,270	)		(608,316	)		369,046
S&P 500 Index		2,520.00 USD		4/13/18		(137	)		(13,700	)		(123,300	)		(316,074	)		192,774
S&P 500 Index		2,540.00 USD		4/13/18		(68	)		(6,800	)		(77,860	)		(173,298	)		95,438
S&P 500 Index		2,570.00 USD		4/13/18		(100	)		(10,000	)		(163,500	)		(183,576	)		20,076
S&P 500 Index		2,505.00 USD		4/16/18		(250	)		(25,000	)		(212,500	)		(215,505	)		3,005
S&P 500 Index		2,485.00 USD		4/18/18		(250	)		(25,000	)		(162,500	)		(209,439	)		46,939
S&P 500 Index		2,400.00 USD		4/20/18		(125	)		(12,500	)		(53,750	)		(261,051	)		207,301
S&P 500 Index		2,450.00 USD		4/20/18		(125	)		(12,500	)		(83,750	)		(139,330	)		55,580
S&P 500 Index		2,470.00 USD		4/20/18		(200	)		(20,000	)		(164,000	)		(373,752	)		209,752
S&P 500 Index		2,560.00 USD		4/20/18		(96	)		(9,600	)		(189,600	)		(117,727	)		(71,873	)
S&P 500 Index		2,635.00 USD		4/20/18		(200	)		(20,000	)		(830,000	)		(290,150	)		(539,850	)
S&P 500 Index		2,475.00 USD		4/27/18		(250	)		(25,000	)		(298,750	)		(356,989	)		58,239
S&P 500 Index		2,500.00 USD		4/27/18		(195	)		(19,500	)		(287,625	)		(285,433	)		(2,192	)
S&P 500 Index		2,520.00 USD		4/27/18		(232	)		(23,200	)		(404,840	)		(743,682	)		338,842
S&P 500 Index		2,525.00 USD		4/27/18		(150	)		(15,000	)		(273,750	)		(229,239	)		(44,511	)
S&P 500 Index		2,550.00 USD		4/27/18		(116	)		(11,600	)		(262,160	)		(399,341	)		137,181
S&P 500 Index		2,625.00 USD		4/27/18		(200	)		(20,000	)		(859,000	)		(356,552	)		(502,448	)
S&P 500 Index		2,420.00 USD		5/4/18		(174	)		(17,400	)		(184,440	)		(302,135	)		117,695
S&P 500 Index		2,430.00 USD		5/4/18		(238	)		(23,800	)		(270,130	)		(713,986	)		443,856
S&P 500 Index		2,440.00 USD		5/4/18		(137	)		(13,700	)		(166,455	)		(408,784	)		242,329
S&P 500 Index		2,460.00 USD		5/4/18		(86	)		(8,600	)		(120,830	)		(191,471	)		70,641
S&P 500 Index		2,400.00 USD		5/11/18		(103	)		(10,300	)		(124,115	)		(196,051	)		71,936
S&P 500 Index		2,480.00 USD		5/11/18		(200	)		(20,000	)		(400,000	)		(443,842	)		43,842
S&P 500 Index		2,420.00 USD		5/18/18		(158	)		(15,800	)		(267,810	)		(463,320	)		195,510
S&P 500 Index		2,400.00 USD		5/25/18		(193	)		(19,300	)		(354,155	)		(579,465	)		225,310
S&P 500 Index		2,300.00 USD		6/29/18		(150	)		(15,000	)		(327,750	)		(215,972	)		(111,778	)
S&P 500 Index		2,475.00 USD		6/29/18		(300	)		(30,000	)		(1,333,500	)		(802,922	)		(530,578	)
Total put options											$	(9,052,533	)	$	(12,958,646	)	$	3,906,113
Total options written contracts											$	(45,348,093	)	$	(47,155,666	)	$	1,807,573

(e) At March 31, 2018, the Fund pledged $11,555,197 in cash as collateral for options written.

194 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

AllianzGI U.S. Equity Hedged Fund

	Shares		Value
Exchange-Traded Funds—96.4%
SPDR S&P 500 (a) (cost—$1,800,918)		8,620		$2,268,353
Total Options Purchased—2.8% (cost—$55,248) (b)(c)(d)				66,680
Total Investments, before options written (cost—$1,856,166)—99.2%				2,335,033

	Value
Total Options Written—(0.3)% (premiums received— $8,561) (b)(c)(d)	$	(7,060	)
Total Investments, net of options written (cost—$1,847,605)—98.9%		2,327,973
Other assets less other liabilities—1.1%		26,668
Net Assets—100.0%		$2,354,641

Notes to Schedule of Investments:

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

(b) Non-income producing.

(c) Exchange traded-Chicago Board Options Exchange.

(d) Exchange traded option contracts outstanding at March 31, 2018:

Options purchased contracts outstanding at March 31, 2018:
Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Cost		Unrealized Appreciation (Depreciation)
Put options:
S&P 500 Index		2,475.00 USD		4/6/18		2	$	200	$	290	$	1,552	$	(1,262	)
S&P 500 Index		2,625.00 USD		4/6/18		2		200		4,380		3,942		438
S&P 500 Index		2,550.00 USD		4/20/18		1		100		1,785		1,384		401
S&P 500 Index		2,525.00 USD		5/18/18		1		100		3,145		1,904		1,241
S&P 500 Index		2,175.00 USD		6/15/18		1		100		990		6,891		(5,901	)
S&P 500 Index		2,425.00 USD		7/20/18		1		100		4,325		3,341		984
S&P 500 Index		2,275.00 USD		9/28/18		1		100		4,135		6,971		(2,836	)
S&P 500 Index		2,600.00 USD		9/28/18		1		100		11,125		5,891		5,234
S&P 500 Index		2,575.00 USD		12/21/18		1		100		12,845		7,614		5,231
S&P 500 Index		2,575.00 USD		1/18/19		1		100		13,495		8,134		5,361
S&P 500 Index		2,400.00 USD		3/15/19		1		100		10,165		7,624		2,541
Total options purchased contracts									$	66,680	$	55,248	$	11,432

Options written contracts outstanding at March 31, 2018:
Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Received			Unrealized Appreciation (Depreciation)
Call options:
S&P 500 Index		2,740.00 USD		4/27/18		(4	)	$	(400	)	$	(4,820	)	$	(3,786	)	$	(1,034	)
Put options:
S&P 500 Index		2,550.00 USD		4/6/18		(4	)	$	(400	)	$	(2,240	)	$	(4,775	)	$	2,535
Total options written contracts											$	(7,060	)	$	(8,561	)	$	1,501

(e) At March 31, 2018, the Fund pledged $13,772 in cash as collateral for options written.

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 195

Schedule of Investments

March 31, 2018 (Unaudited)

AllianzGI Ultra Micro Cap Fund

	Shares		Value
COMMON STOCK—99.4%
Aerospace & Defense—0.9%
Ducommun, Inc. (a)		9,450		$287,091
Banks—9.1%
Atlantic Capital Bancshares, Inc. (a)		14,502		262,486
Evans Bancorp, Inc.		4,625		209,281
First Internet Bancorp		7,016		259,592
Franklin Financial Network, Inc. (a)		11,717		381,974
Heritage Commerce Corp.		24,299		400,448
National Commerce Corp. (a)		4,837		210,651
Preferred Bank		8,288		532,090
Triumph Bancorp, Inc. (a)		10,485		431,982
Veritex Holdings, Inc. (a)		10,674		295,350
				2,983,854
Beverages—0.7%
Primo Water Corp. (a)		18,461		216,178
Biotechnology—13.0%
Abeona Therapeutics, Inc. (a)		8,001		114,814
Achaogen, Inc. (a)		7,703		99,754
Adamas Pharmaceuticals, Inc. (a)		5,874		140,389
Agenus, Inc. (a)		19,993		94,167
Akebia Therapeutics, Inc. (a)		10,130		96,539
Arena Pharmaceuticals, Inc. (a)		7,530		297,435
Audentes Therapeutics, Inc. (a)		4,461		134,053
BioCryst Pharmaceuticals, Inc. (a)		19,406		92,567
BioSpecifics Technologies Corp. (a)		4,424		196,160
Calithera Biosciences, Inc. (a)		7,080		44,604
Cara Therapeutics, Inc. (a)		8,125		100,587
Concert Pharmaceuticals, Inc. (a)		9,870		226,023
Corbus Pharmaceuticals Holdings, Inc. (a)		12,076		73,664
Cytokinetics, Inc. (a)		9,670		69,624
Esperion Therapeutics, Inc. (a)		1,752		126,722
Flexion Therapeutics, Inc. (a)		8,892		199,270
ImmunoGen, Inc. (a)		18,910		198,933
Immunomedics, Inc. (a)		7,859		114,820
Inovio Pharmaceuticals, Inc. (a)		17,732		83,518
Iovance Biotherapeutics, Inc. (a)		13,912		235,113
La Jolla Pharmaceutical Co. (a)		7,265		216,352
MacroGenics, Inc. (a)		4,828		121,472
NewLink Genetics Corp. (a)		6,048		43,848
Pieris Pharmaceuticals, Inc. (a)		13,371		91,190
Progenics Pharmaceuticals, Inc. (a)		18,804		140,278
REGENXBIO, Inc. (a)		3,413		101,878
Rigel Pharmaceuticals, Inc. (a)		36,003		127,451
Sangamo Therapeutics, Inc. (a)		9,101		172,919
Selecta Biosciences, Inc. (a)		3,794		38,661
Synergy Pharmaceuticals, Inc. (a)		42,045		76,942
TG Therapeutics, Inc. (a)		12,837		182,285
Vanda Pharmaceuticals, Inc. (a)		10,546		177,700
				4,229,732
Building Products—1.2%
Patrick Industries, Inc. (a)		6,596		407,963

	Shares		Value
Chemicals—1.7%
American Vanguard Corp.		15,664	$	316,413
KMG Chemicals, Inc.		4,180		250,591
				567,004
Commercial Services & Supplies—0.4%
Hudson Technologies, Inc. (a)		26,759		132,189
Construction & Engineering—3.4%
Northwest Pipe Co. (a)		14,660		253,618
NV5 Global, Inc. (a)		11,058		616,483
Sterling Construction Co., Inc. (a)		19,475		223,184
				1,093,285
Construction Materials—1.1%
U.S. Concrete, Inc. (a)		5,710		344,884
Diversified Consumer Services—1.4%
Carriage Services, Inc.		16,293		450,664
Diversified Telecommunication Services—0.8%
Fusion Telecommunications International, Inc. (a)		81,392		262,896
Electrical Equipment—0.5%
Plug Power, Inc. (a)		83,066		156,995
Electronic Equipment, Instruments & Components—2.2%
IntriCon Corp. (a)		13,176		263,520
Iteris, Inc. (a)		43,476		215,641
Mesa Laboratories, Inc.		1,649		244,777
				723,938
Energy Equipment & Services—0.7%
Independence Contract Drilling, Inc. (a)		36,416		137,653
Nine Energy Service, Inc. (a)		4,015		97,765
				235,418
Food Products—0.9%
John B Sanfilippo & Son, Inc.		4,896		283,332
Healthcare Equipment & Supplies—10.9%
Antares Pharma, Inc. (a)		61,174		134,583
AxoGen, Inc. (a)		18,071		659,591
CryoLife, Inc. (a)		13,471		270,094
CryoPort, Inc. (a)		29,657		255,050
Cutera, Inc. (a)		10,371		521,143
Heska Corp. (a)		4,178		330,354
LeMaitre Vascular, Inc.		15,023		544,283
Sientra, Inc. (a)		18,388		177,628
Surmodics, Inc. (a)		9,263		352,457
Tactile Systems Technology, Inc. (a)		10,167		323,311
				3,568,494
Healthcare Providers & Services—2.5%
BioTelemetry, Inc. (a)		16,088		499,533
RadNet, Inc. (a)		21,903		315,403
				814,936
Healthcare Technology—2.4%
Tabula Rasa HealthCare, Inc. (a)		10,775		418,070
Vocera Communications, Inc. (a)		16,219		379,849
				797,919
Hotels, Restaurants & Leisure—2.5%
Carrols Restaurant Group, Inc. (a)		29,874		334,589
Century Casinos, Inc. (a)		29,707		221,614
Red Lion Hotels Corp. (a)		27,761		270,670
				826,873

	Shares		Value
Household Durables—2.7%
Century Communities, Inc. (a)		12,482	$	373,836
LGI Homes, Inc. (a)		7,139		503,799
				877,635
Internet & Catalog Retail—0.7%
Gaia, Inc. (a)		14,691		227,710
Internet Software & Services—6.0%
Amber Road, Inc. (a)		32,248		287,007
Carbonite, Inc. (a)		12,638		363,974
eGain Corp. (a)		36,924		293,546
Five9, Inc. (a)		21,281		633,961
GTT Communications, Inc. (a)		6,500		368,550
				1,947,038
IT Services—1.2%
Hackett Group, Inc.		24,902		399,926
Life Sciences Tools & Services—1.4%
Enzo Biochem, Inc. (a)		19,729		108,115
NeoGenomics, Inc. (a)		44,034		359,317
				467,432
Machinery—5.8%
Commercial Vehicle Group, Inc. (a)		20,668		160,177
DMC Global, Inc.		20,298		542,971
Gencor Industries, Inc. (a)		16,452		264,877
Manitex International, Inc. (a)		30,278		346,078
NN, Inc.		5,683		136,392
Spartan Motors, Inc.		17,188		295,634
Westport Fuel Systems, Inc. (a)		65,311		143,031
				1,889,160
Media—0.6%
Reading International, Inc., Class A (a)		11,707		194,922
Metals & Mining—0.9%
Universal Stainless & Alloy Products, Inc. (a)		10,563		290,482
Oil, Gas & Consumable Fuels—2.3%
Evolution Petroleum Corp.		29,664		238,795
Penn Virginia Corp. (a)		3,336		116,893
Ring Energy, Inc. (a)		26,990		387,307
				742,995
Personal Products—1.1%
Medifast, Inc.		3,808		355,858
Pharmaceuticals—4.0%
ANI Pharmaceuticals, Inc. (a)		5,257		306,063
Assembly Biosciences, Inc. (a)		3,388		166,486
Cymabay Therapeutics, Inc. (a)		10,492		136,291
Intersect ENT, Inc. (a)		9,018		354,407
Paratek Pharmaceuticals, Inc. (a)		4,932		64,116
Revance Therapeutics, Inc. (a)		5,191		159,883
WaVe Life Sciences Ltd. (a)		3,111		124,751
				1,311,997
Professional Services—1.5%
CRA International, Inc.		5,222		273,059
GP Strategies Corp. (a)		9,645		218,459
				491,518
Road & Rail—2.0%
Daseke, Inc. (a)		22,135		216,702
USA Truck, Inc. (a)		16,500		420,585
				637,287

196 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Schedule of Investments

March 31, 2018 (Unaudited)

	Shares		Value
Semiconductors & Semiconductor Equipment—4.7%
Adesto Technologies Corp. (a)		35,913	$	265,756
AXT, Inc. (a)		38,504		279,154
CEVA, Inc. (a)		7,429		268,930
FormFactor, Inc. (a)		20,724		282,883
Ichor Holdings Ltd. (a)		10,491		253,987
PDF Solutions, Inc. (a)		14,784		172,381
				1,523,091
Software—4.6%
Asure Software, Inc. (a)		21,649		264,984
Datawatch Corp. (a)		28,339		245,132
Model N, Inc. (a)		18,046		325,730
QAD, Inc., Class A		7,819		325,662
Upland Software, Inc. (a)		12,227		352,015
				1,513,523
Technology Hardware, Storage & Peripherals—1.7%
USA Technologies, Inc. (a)		62,407		561,663
Wireless Telecommunication Services—1.9%
Boingo Wireless, Inc. (a)		24,448		605,577
Total Common Stock (cost—$22,237,530)				32,421,459
	Principal Amount (000s)
Repurchase Agreements—0.9%
State Street Bank and Trust Co., dated 3/29/18, 0.28%, due 4/2/18, proceeds $295,009; collateralized by U.S. Treasury Notes, 2.50%, due 5/15/24, valued at $304,787 including accrued interest
(cost—$295,000)		$295		295,000
Total Investments (cost-$22,532,530)—100.3%				32,716,459
Liabilities in excess of other assets—(0.3)%				(91,872	)
Net Assets—100.0%				$32,624,587

Notes to Schedule of Investments:

(a) Non-income producing.

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 197

Statements of Assets and Liabilities

March 31, 2018 (Unaudited)

	AllianzGI Retirement 2020		AllianzGI Retirement 2025		AllianzGI Retirement 2030		AllianzGI Retirement 2035		AllianzGI Retirement 2040
Assets:
Investments, at value	$	5,177,304	$	1,612,679	$	1,751,771	$	1,179,027	$	604,666
Investments in Affiliates, at value		43,653,024		61,436,650		71,375,974		57,971,869		52,248,191
Cash		797		779		795		423		55,386
Foreign currency, at value		—		—		—		—		—
Deposits with brokers for derivatives collateral		294,432		687,879		727,472		944,538		1,057,661
Receivable for Fund shares sold		60,553		24,900		28,433		43,286		51,040
Receivable for variation margin on futures contracts		7,144		38,023		36,374		33,733		32,228
Investments in Affiliated Funds — Trustees Deferred Compensation Plan (see Note 5)		5,088		5,730		6,138		4,903		4,271
Receivable from Investment Manager		3,347		3,545		3,539		—		—
Dividends and interest receivable (net of foreign withholding taxes)		68		31		32		15		—
Receivable for investments sold		—		—		—		—		—
Receivable for investments in Affiliates sold		—		—		—		—		—
Dividends receivable from Affiliates		—		—		—		—		—
Unrealized appreciation of forward foreign currency contracts		—		—		—		—		—
Tax reclaims receivable		—		—		—		—		—
Prepaid expenses and other assets		—		—		—		—		—
Total Assets		49,201,757		63,810,216		73,930,528		60,177,794		54,053,443
Liabilities:
Payable for Fund shares redeemed		14,322		69,521		1,128		83,809		20,676
Trustees Deferred Compensation Plan payable (see Note 5)		5,088		5,730		6,138		4,903		4,271
Servicing fees payable		2,506		1,787		2,301		2,182		1,402
Distribution fees payable		690		316		1,014		450		523
Unrealized depreciation of forward foreign currency contracts		—		—		—		—		—
Payable for investments purchased		—		—		—		—		—
Payable for investments in Affiliates purchased		—		—		—		—		—
Investment management fees payable		—		—		—		—		—
Administration fees payable		—		—		—		1,172		2,377
Accrued expenses and other liabilities		—		—		—		—		—
Total Liabilities		22,606		77,354		10,581		92,516		29,249
Net Assets	$	49,179,151	$	63,732,862	$	73,919,947	$	60,085,278	$	54,024,194

198 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

AllianzGI Retirement 2045		AllianzGI Retirement 2050		AllianzGI Retirement 2055		AllianzGI Multi Asset Income		AllianzGI Global Allocation		AllianzGI Best Styles Emerging Markets Equity		AllianzGI Best Styles Global Equity
$	682,855	$	654,710	$	357,542	$	13,853,723	$	31,867,184	$	6,167,668	$	618,848,571
	33,315,057		32,884,513		16,806,630		30,312,300		323,706,760		—		—
	741		166		951		4,354		378		282		198,620
	—		—		—		819		—		554,399		1,713,277
	710,181		730,070		366,634		1,092,688		750,912		106,932		347,315
	49,724		32,143		48,526		116,440		207,123		9,452		179,158
	24,435		23,530		11,615		176,703		448,673		8,474		94,535
	2,566		2,374		928		3,360		37,265		702		50,678
	—		—		—		—		—		15,020		—
	5		4		3		59,323		17,318		15,080		1,652,467
	—		—		—		974,121		—		—		820,286
	—		—		—		3,908,606		—		—		—
	—		—		—		36,951		—		—		—
	—		—		—		—		—		—		324
	—		—		—		—		—		—		195,687
	—		—		—		—		60,509		44,583		46,073
	34,785,564		34,327,510		17,592,829		50,539,388		357,096,122		6,922,592		624,146,991
	3,130		979		1,101		41,475		189,969		—		1,868,766
	2,566		2,374		928		3,360		37,265		702		50,678
	1,089		777		550		2,922		16,383		61		324
	291		724		308		2,590		20,968		34		37
	—		—		—		—		—		—		255
	—		—		—		1,891,307		—		—		453,446
	—		—		—		1,362,285		—		—		—
	—		—		—		—		53,656		—		149,397
	2,923		2,793		1,621		4,475		—		—		—
	—		—		—		—		180,962		64,687		265,557
	9,999		7,647		4,508		3,308,414		499,203		65,484		2,788,460
$	34,775,565	$	34,319,863	$	17,588,321	$	47,230,974	$	356,596,919	$	6,857,108	$	621,358,531

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 199

Statements of Assets and Liabilities (cont’d)

March 31, 2018 (Unaudited)

	AllianzGI Retirement 2020			AllianzGI Retirement 2025			AllianzGI Retirement 2030			AllianzGI Retirement 2035			AllianzGI Retirement 2040
Net Assets Consist of:
Paid-in-capital	$	46,452,687		$	58,945,811		$	67,245,585		$	54,022,693		$	47,926,807
Undistributed (dividends in excess of) net investment income		(701,829	)		(1,192,006	)		(1,733,354	)		(1,666,434	)		(1,750,865	)
Accumulated net realized gain (loss)		1,022,987			2,380,283			3,286,227			3,463,252			3,823,237
Net unrealized appreciation (depreciation)		2,405,306			3,598,774			5,121,489			4,265,767			4,025,015
Net Assets	$	49,179,151		$	63,732,862		$	73,919,947		$	60,085,278		$	54,024,194
Cost of Investments	$	5,197,684		$	1,612,287		$	1,754,648		$	1,184,395		$	611,236
Cost of Investments in Affiliates	$	41,186,019		$	57,638,484		$	66,022,711		$	53,481,783		$	48,002,220
Cost of Foreign Currency	$	—		$	—		$	—		$	—		$	—
Net Assets:
Class A	$	10,004,555		$	8,049,646		$	9,485,451		$	9,486,647		$	6,012,754
Class C		402,719			—			802,988			—			141,248
Class R		85,573			230,078			436,945			725,317			313,469
Class P		20,628,818			35,522,309			37,881,469			33,388,834			23,214,666
Institutional Class		—			—			—			—			—
Class R6		17,365,261			19,675,375			24,871,182			16,145,073			23,863,262
Administrative Class		692,225			255,454			441,912			339,407			478,795
Shares Issued and Outstanding:
Class A		501,679			446,070			434,968			487,944			266,755
Class C		20,265			—			37,216			—			6,322
Class R		4,356			12,824			20,047			37,454			14,009
Class P		1,025,612			1,970,931			1,719,391			1,710,032			1,025,590
Institutional Class		—			—			—			—			—
Class R6		862,074			1,089,770			1,125,388			825,564			1,051,822
Administrative Class		34,480			14,106			20,008			17,315			21,248
Net Asset Value and Redemption Price Per Share:*
Class A	$	19.94		$	18.05		$	21.81		$	19.44		$	22.54
Class C		19.87			—			21.58			—			22.34
Class R		19.65			17.94			21.80			19.37			22.38
Class P		20.11			18.02			22.03			19.53			22.64
Institutional Class		—			—			—			—			—
Class R6		20.14			18.05			22.10			19.56			22.69
Administrative Class		20.08			18.11			22.09			19.60			22.53

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

200 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

AllianzGI Retirement 2045			AllianzGI Retirement 2050			AllianzGI Retirement 2055			AllianzGI Multi Asset Income			AllianzGI Global Allocation			AllianzGI Best Styles Emerging Markets Equity			AllianzGI Best Styles Global Equity
$	30,902,061		$	30,647,627		$	16,177,563		$	48,628,854		$	320,743,012		$	4,770,949		$	517,084,206
	(1,147,359	)		(1,139,269	)		(551,720	)		57,317			(8,197,783	)		(22,060	)		215,187
	2,523,702			2,550,292			1,179,712			(992,214	)		22,709,727			524,437			30,954,529
	2,497,161			2,261,213			782,766			(462,983	)		21,341,963			1,583,782			73,104,609
$	34,775,565		$	34,319,863		$	17,588,321		$	47,230,974		$	356,596,919		$	6,857,108		$	621,358,531
$	687,821		$	659,151		$	359,723		$	14,230,273		$	32,294,127		$	4,595,643		$	545,672,842
$	30,671,790		$	30,470,072		$	15,939,488		$	30,195,224		$	300,320,354		$	—		$	—
$	—		$	—		$	—		$	816		$	—		$	541,435		$	1,718,454
$	4,867,008		$	3,358,988		$	2,431,191		$	10,431,433		$	44,216,580		$	292,155		$	1,442,030
	—			173,443			—			3,238,372			31,567,383			48,635			59,143
	216,370			109,012			114,845			127,791			28,426			—			—
	15,298,163			12,148,791			6,654,209			13,487,031			3,550,290			56,046			2,336,638
	—			—			—			35,460			7,052,447			97,792			2,385,543
	13,829,240			17,673,552			8,025,523			19,406,034			270,155,037			6,362,480			615,135,177
	564,784			856,077			362,553			504,853			26,756			—			—
	246,329			153,019			128,117			597,859			3,877,652			16,706			85,203
	—			8,032			—			185,617			2,716,682			2,794			3,564
	11,045			4,965			6,068			7,012			2,521			—			—
	772,934			549,310			347,972			764,930			313,873			3,188			138,124
	—			—			—			2,063			619,937			5,573			142,391
	696,728			796,008			417,900			1,129,086			24,206,033			360,712			36,441,020
	28,691			38,895			19,055			28,454			2,287			—			—
$	19.76		$	21.95		$	18.98		$	17.45		$	11.40		$	17.49		$	16.92
	—			21.59			—			17.45			11.62			17.41			16.59
	19.59			21.96			18.93			18.22			11.28			—			—
	19.79			22.12			19.12			17.63			11.31			17.58			16.92
	—			—			—			17.19			11.38			17.55			16.75
	19.85			22.20			19.20			17.19			11.16			17.64			16.88
	19.68			22.01			19.03			17.74			11.70			—			—

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 201

Statements of Assets and Liabilities (cont’d)

March 31, 2018 (Unaudited)

	AllianzGI Best Styles International Equity		AllianzGI Best Styles U.S. Equity		AllianzGI Convertible		AllianzGI Emerging Markets Consumer		AllianzGI Emerging Markets Debt
Assets:
Investments, at value	$	26,410,055	$	126,031,752	$	477,090,212	$	50,840,686	$	32,389,344
Investments in Affiliates, at value		—		—		—		—		—
Cash		22,232		21,793		60		211		200,133
Foreign currency, at value		36,438		24,527		—		49,329		133,450
Unrealized appreciation of forward foreign currency contracts		—		—		—		—		7,412
Dividends and interest receivable (net of foreign withholding taxes)		113,698		180,689		1,580,479		140,862		511,707
Receivable for investments sold		—		—		1,095,885		53,483		—
Deposits with brokers for derivatives collateral		9		48,201		—		—		405
Receivable for Fund shares sold		487		12,875		445,193		800,000		—
Receivable from Investment Manager		11,517		—		—		—		—
Deferred offering costs		—		—		—		—		—
Tax reclaims receivable		78,761		—		—		1,763		655
Investments in Affiliated Funds — Trustees Deferred Compensation Plan (see Note 5)		4,435		9,233		129,474		3,200		3,401
Receivable for variation margin on futures contracts		—		8,850		—		—		—
Prepaid expenses and other assets		45,041		45,968		72,578		19,780		28,485
Total Assets		26,722,673		126,383,888		480,413,881		51,909,314		33,274,992
Liabilities:
Payable for investments purchased		—		—		6,723,938		—		399,300
Payable for Fund shares redeemed		—		—		543,178		—		—
Payable for TBA investments purchased		—		—		—		—		—
Payable for variation margin on futures contracts		—		—		—		—		—
Options written, at value		—		—		—		—		—
Investment management fees payable		—		25,480		230,876		33,030		9,251
Distribution fees payable		49		22		30,580		—		71
Servicing fees payable		126		37		23,661		31		74
Unrealized depreciation of forward foreign currency contracts		11		—		—		—		—
Due to Investment Manager		—		—		—		—		—
Trustees Deferred Compensation Plan payable (see Note 5)		4,435		9,233		129,474		3,200		3,401
Accrued expenses and other liabilities		79,282		67,977		346,344		98,515		58,149
Total Liabilities		83,903		102,749		8,028,051		134,776		470,246
Net Assets	$	26,638,770	$	126,281,139	$	472,385,830	$	51,774,538	$	32,804,746

202 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

AllianzGI Emerging Markets Small-Cap		AllianzGI Europe Equity Dividend		AllianzGI Global Dynamic Allocation		AllianzGI Global Fundamental Strategy		AllianzGI Global High Yield		AllianzGI Global Sustainability		AllianzGI Global Water
$	10,998,873	$	8,335,820	$	297,059,392	$	16,123,837	$	21,925,800	$	29,056,697	$	655,591,457
	—		—		—		215,834		—		—		—
	94,420		62		53,994		2,843		108,635		664		3,915,755
	89,853		9,489		198,207		210,964		259,195		4		470,130
	—		—		—		22,926		15,382		—		23
	41,133		20,104		975,890		125,291		365,403		50,633		506,246
	21,621		7,458		13,715,063		—		214,728		—		7,225,331
	—		—		1,734,399		404,327		2,242		—		—
	—		—		14,974		—		—		32		1,091,058
	7,054		19,252		—		4,986		—		—		—
	—		—		—		—		10,177		—		—
	—		7,787		44,782		9,477		3,920		23,594		881,642
	962		491		13,619		1,646		694		1,812		45,696
	—		—		579,129		—		—		—		—
	19,349		39,340		69,551		22,086		24,877		26,125		54,302
	11,273,265		8,439,803		314,459,000		17,144,217		22,931,053		29,159,561		669,781,640
	—		21,544		14,999,987		—		602,074		—		3,915,095
	—		39		5,598		—		—		576		249,967
	—		—		19,308,684		—		—		—		—
	—		—		—		38,904		438		—		—
	—		—		—		30,909		—		—		—
	—		—		123,961		—		39		4,305		411,720
	—		37		1,365		11		—		—		56,926
	39		195		829		19		—		102		59,656
	—		6		—		50,449		73		—		1,159
	—		—		—		—		10,297		—		—
	962		491		13,619		1,646		694		1,812		45,696
	110,741		89,003		225,265		47,380		69,427		56,706		387,801
	111,742		111,315		34,679,308		169,318		683,042		63,501		5,128,020
$	11,161,523	$	8,328,488	$	279,779,692	$	16,974,899	$	22,248,011	$	29,096,060	$	664,653,620

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 203

Statements of Assets and Liabilities (cont’d)

March 31, 2018 (Unaudited)

	AllianzGI Best Styles International Equity			AllianzGI Best Styles U.S. Equity		AllianzGI Convertible			AllianzGI Emerging Markets Consumer		AllianzGI Emerging Markets Debt
Net Assets Consist of:
Paid-in-capital	$	23,875,922		$	104,041,821	$	383,165,173		$	41,526,035	$	33,216,846
Undistributed (dividends in excess of) net investment income		(41,942	)		593,335		(899,082	)		20,947		(110,642	)
Accumulated net realized gain (loss)		(445,040	)		3,000,670		30,552,712			1,372,535		(35,414	)
Net unrealized appreciation (depreciation)		3,249,830			18,645,313		59,567,027			8,855,021		(266,044	)
Net Assets	$	26,638,770		$	126,281,139	$	472,385,830		$	51,774,538	$	32,804,746
Cost of Investments	$	23,165,003		$	107,357,401	$	417,523,185		$	41,974,319	$	32,659,272
Cost of Investments in Affiliates	$	—		$	—	$	—		$	—	$	—
Cost of Foreign Currency	$	36,151		$	25,479	$	—		$	49,321	$	137,158
Premiums Received for Options Written	$	—		$	—	$	—		$	—	$	—
Net Assets:
Class A	$	566,817		$	136,660	$	63,752,435		$	144,091	$	671,343
Class C		112,490			33,841		46,796,971			—		111,981
Class R		—			—		71,463			—		—
Class P		117,281			508,024		86,748,832			—		11,526
Institutional Class		177,204			107,056		274,078,833			51,630,447		32,009,896
Class R6		25,664,978			125,495,558		—			—		—
Administrative Class		—			—		937,296			—		—
Shares Issued and Outstanding:
Class A		36,625			7,364		2,131,599			8,924		46,665
Class C		7,332			1,863		1,555,887			—		7,698
Class R		—			—		2,309			—		—
Class P		7,568			27,658		2,958,406			—		803
Institutional Class		11,402			5,811		9,264,332			3,164,940		2,233,236
Class R6		1,647,893			6,781,353		—			—		—
Administrative Class		—			—		31,641			—		—
Net Asset Value and Redemption Price Per Share:*
Class A	$	15.48		$	18.56	$	29.91		$	16.15	$	14.39
Class C		15.34			18.16		30.08			—		14.55
Class R		—			—		30.95			—		—
Class P		15.50			18.37		29.32			—		14.35
Institutional Class		15.54			18.42		29.58			16.31		14.33
Class R6		15.57			18.51		—			—		—
Administrative Class		—			—		29.62			—		—

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

204 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

AllianzGI Emerging Markets Small-Cap			AllianzGI Europe Equity Dividend			AllianzGI Global Dynamic Allocation		AllianzGI Global Fundamental Strategy			AllianzGI Global High Yield			AllianzGI Global Sustainability		AllianzGI Global Water
$	8,998,908		$	7,876,078		$	258,479,508	$	16,922,833		$	22,215,555		$	23,570,772	$	555,375,660
	(134,933	)		14			450,379		(372,131	)		140,758			107,491		47,286
	835,163			(33,160	)		3,274,237		(192,148	)		(299,291	)		371,868		7,097,875
	1,462,385			485,556			17,575,568		616,345			190,989			5,045,929		102,132,799
$	11,161,523		$	8,328,488		$	279,779,692	$	16,974,899		$	22,248,011		$	29,096,060	$	664,653,620
$	9,519,091		$	7,850,672		$	278,781,143	$	15,634,870		$	21,749,862		$	24,011,698	$	553,466,082
$	—		$	—		$	—	$	166,185		$	—		$	—	$	—
$	89,848		$	9,514		$	198,797	$	213,686		$	259,473		$	4	$	469,911
$	—		$	—		$	—	$	30,548		$	—		$	—	$	—
$	184,056		$	748,832		$	2,163,161	$	71,314		$	—		$	481,321	$	191,025,767
	—			57,246			1,368,105		17,692			—			—		88,946,115
	—			—			148,591		—			—			—		—
	—			112,853			13,561,374		11,763			10,284			64,147		229,681,325
	10,977,467			7,409,557			31,778,867		16,874,130			22,237,727			28,550,592		155,000,413
	—			—			230,736,824		—			—			—		—
	—			—			22,770		—			—			—		—
	10,023			47,935			108,761		4,776			—			26,553		12,599,112
	—			3,653			70,712		1,187			—			—		6,144,550
	—			—			7,537		—			—			—		—
	—			7,201			686,337		782			683			3,502		15,126,556
	604,639			469,945			1,597,142		1,117,127			1,478,392			1,556,397		10,393,293
	—			—			11,639,996		—			—			—		—
	—			—			1,147		—			—			—		—
$	18.36		$	15.62		$	19.89	$	14.93		$	—		$	18.13	$	15.16
	—			15.67			19.35		14.91			—			—		14.48
	—			—			19.71		—			—			—		—
	—			15.67			19.76		15.05			15.05			18.32		15.18
	18.16			15.77			19.90		15.10			15.04			18.34		14.91
	—			—			19.82		—			—			—		—
	—			—			19.84		—			—			—		—

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 205

Statements of Assets and Liabilities (cont’d)

March 31, 2018 (Unaudited)

	AllianzGI High Yield Bond		AllianzGI International Growth		AllianzGI International Small-Cap		AllianzGI Micro Cap		AllianzGI NFJ Emerging Markets Value
Assets:
Investments, at value	$	208,833,345	$	20,088,797	$	187,239,395	$	25,430,344	$	143,647,327
Cash		295		339		—		—		47,318
Foreign currency, at value		—		5,266		93,442		—		1,854,913
Unrealized appreciation of forward foreign currency contracts		—		—		182		—		337
Dividends and interest receivable (net of foreign withholding taxes)		3,521,611		21,364		425,457		3,758		330,870
Receivable for investments sold		4,528,381		—		2,432,496		164,426		591,814
Swap premiums paid		—		—		—		—		—
Deposits with brokers for derivatives collateral		—		—		—		—		—
Receivable for Fund shares sold		141,760		—		240,374		29,430		1,165,908
Receivable from Investment Manager		—		—		—		—		—
Deferred offering costs		—		—		—		—		—
Tax reclaims receivable		—		18,653		149,761		—		—
Investments in Affiliated Funds — Trustees Deferred Compensation Plan (see Note 5)		29,979		26		11,063		3,342		3,040
Receivable for principal paydowns		—		—		—		—		—
Receivable for variation margin on futures contracts		—		—		—		—		—
Receivable for variation margin on centrally cleared swaps		—		—		—		—		—
Prepaid expenses and other assets		69,675		23,410		65,851		32,568		49,303
Total Assets		217,125,046		20,157,855		190,658,021		25,663,868		147,690,830
Liabilities:
Payable for investments purchased		6,175,677		—		33,524		25,220		1,473,662
Payable for Fund shares redeemed		1,548,098		—		107,858		—		49,070
Payable to custodian for cash overdraft		—		—		275,203		1,601		—
Payable for variation margin on futures contracts		—		—		—		—		—
Options written, at value		—		—		—		—		—
Investment management fees payable		87,442		242		135,994		24,258		49,544
Distribution fees payable		6,340		—		2,330		—		728
Servicing fees payable		10,664		38		2,821		574		12,960
Unrealized depreciation of forward foreign currency contracts		—		—		9		—		33
Due to Investment Manager		—		—		—		—		—
Trustees Deferred Compensation Plan payable (see Note 5)		29,979		26		11,063		3,342		3,040
Accrued expenses and other liabilities		170,143		40,483		160,275		62,717		169,746
Total Liabilities		8,028,343		40,789		729,077		117,712		1,758,783
Net Assets	$	209,096,703	$	20,117,066	$	189,928,944	$	25,546,156	$	145,932,047

† The Fund’s financial statements are consolidated to include the accounts of AllianzGI PerformanceFee Managed Futures Strategy Offshore Fund, Ltd., which is a wholly-owned subsidiary of the Fund. See Note 14.

206 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

AllianzGI NFJ International Small-Cap Value		AllianzGI PerformanceFee Managed Futures Strategy †		AllianzGI PerformanceFee Structured US Equity		AllianzGI PerformanceFee Structured US Fixed Income		AllianzGI Real Estate Debt		AllianzGI Short Duration High Income		AllianzGI Structured Return
$	4,244,171	$	13,154,318	$	25,009,582	$	24,707,308	$	9,917,125	$	1,201,143,024	$	669,798,538
	—		42,888		451		29,589		49,058		271,710		730
	31,879		—		—		—		74,822		—		—
	74		—		—		—		5,579		—		—
	13,923		31,029		3		—		29,058		18,707,166		2,829
	73,057		360,872		47,754		24,097		—		5,325,348		16,899,962
	—		187,014		—		—		—		—		—
	—		1,195,321		98,348		50,797		2,808		—		11,555,197
	—		60,000		—		—		—		1,155,354		1,178,683
	11,639		20,305		18,582		17,877		12,072		—		—
	—		41,692		41,692		41,692		34,147		—		—
	3,680		—		—		—		—		—		—
	824		—		106		350		73		115,264		27,852
	—		—		—		—		15,839		—		—
	—		230,454		—		—		—		—		—
	—		10,238		—		—		—		—		—
	25,287		4,245		4,246		4,247		4,046		82,422		70,165
	4,404,534		15,338,376		25,220,764		24,875,957		10,144,627		1,226,800,288		699,533,956
	207,755		—		38,404		20,091		—		21,306,805		46,933,345
	—		—		—		—		—		2,366,413		1,263,807
	29,827		—		—		—		—		—		—
	—		—		—		—		546		—		—
	—		—		398,005		202,277		—		—		45,348,093
	—		—		—		—		—		489,824		288,521
	197		—		—		—		—		29,657		11,469
	360		—		—		—		—		72,291		31,618
	1,260		—		—		—		1,030		—		—
	—		41,692		41,692		41,692		34,147		—		—
	824		—		106		350		73		115,264		27,852
	68,543		7,944		19,387		17,518		22,065		441,996		288,644
	308,766		49,636		497,594		281,928		57,861		24,822,250		94,193,349
$	4,095,768	$	15,288,740	$	24,723,170	$	24,594,029	$	10,086,766	$	1,201,978,038	$	605,340,607

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 207

Statements of Assets and Liabilities (cont’d)

March 31, 2018 (Unaudited)

	AllianzGI High Yield Bond			AllianzGI International Growth			AllianzGI International Small-Cap			AllianzGI Micro Cap			AllianzGI NFJ Emerging Markets Value
Net Assets Consist of:
Paid-in-capital	$	244,585,924		$	15,252,085		$	140,822,293		$	16,593,793		$	135,655,450
Undistributed (dividends in excess of) net investment income		(1,081,593	)		(13,662	)		(1,733,909	)		(530,234	)		(77,856	)
Accumulated net realized gain (loss)		(27,472,365	)		156,500			8,140,604			2,380,783			1,780,845
Net unrealized appreciation (depreciation)		(6,935,263	)		4,722,143			42,699,956			7,101,814			8,573,608
Net Assets	$	209,096,703		$	20,117,066		$	189,928,944		$	25,546,156		$	145,932,047
Cost of Investments	$	215,768,608		$	15,367,745		$	144,546,267		$	18,328,530		$	135,074,074
Cost of Foreign Currency	$	—		$	5,122		$	93,773		$	—		$	1,854,578
Premiums Received for Options Written	$	—		$	—		$	—		$	—		$	—
Net Assets:
Class A	$	36,737,763		$	218,464		$	9,518,064		$	2,594,929		$	63,132,007
Class C		9,835,993			—			3,515,696			—			1,165,268
Class R		820,464			—			359,534			—			—
Class P		20,700,197			—			65,371,122			1,490,492			24,107,830
Institutional Class		140,941,747			19,898,602			71,443,212			21,460,735			57,526,942
Class R6		—			—			39,721,316			—			—
Administrative Class		60,539			—			—			—			—
Shares Issued and Outstanding:
Class A		4,121,384			12,034			213,260			173,663			3,390,180
Class C		1,105,495			—			81,201			—			61,927
Class R		95,951			—			8,270			—			—
Class P		2,417,222			—			1,466,644			99,101			1,295,891
Institutional Class		16,411,999			1,072,566			1,546,489			1,419,329			3,041,955
Class R6		—			—			860,100			—			—
Administrative Class		7,169			—			—			—			—
Net Asset Value and Redemption Price Per Share:*
Class A	$	8.91		$	18.15		$	44.63		$	14.94		$	18.62
Class C		8.90			—			43.30			—			18.82
Class R		8.55			—			43.48			—			—
Class P		8.56			—			44.57			15.04			18.60
Institutional Class		8.59			18.55			46.20			15.12			18.91
Class R6		—			—			46.18			—			—
Administrative Class		8.44			—			—			—			—

† The Fund’s financial statements are consolidated to include the accounts of AllianzGI PerformanceFee Managed Futures Strategy Offshore Fund, Ltd., which is a wholly-owned subsidiary of the Fund. See Note 14.

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

208 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

AllianzGI NFJ International Small-Cap Value			AllianzGI PerformanceFee Managed Futures Strategy †			AllianzGI PerformanceFee Structured US Equity			AllianzGI PerformanceFee Structured US Fixed Income			AllianzGI Real Estate Debt			AllianzGI Short Duration High Income			AllianzGI Structured Return
$	3,861,540		$	15,798,304		$	25,325,332		$	25,049,559		$	10,101,927		$	1,274,394,674		$	617,708,476
	(27,394	)		66,903			226,684			117,184			(2,483	)		(13,227,232	)		400,948
	(331,256	)		(514,185	)		(315,511	)		(148,821	)		(59,902	)		(40,964,760	)		3,756,521
	592,878			(62,282	)		(513,335	)		(423,893	)		47,224			(18,224,644	)		(16,525,338	)
$	4,095,768		$	15,288,740		$	24,723,170		$	24,594,029		$	10,086,766		$	1,201,978,038		$	605,340,607
$	3,650,986		$	13,162,248		$	25,612,697		$	25,169,789		$	9,871,967		$	1,219,367,668		$	688,131,449
$	31,853		$	—		$	—		$	—		$	75,120		$	—		$	—
$	—		$	—		$	487,785		$	240,865		$	—		$	—		$	47,155,666
$	1,362,272		$	—		$	—		$	—		$	—		$	197,581,228		$	129,425,944
	294,037			—			—			—			—			138,310,357			17,907,500
	—			—			—			—			—			—			—
	49,723			9,662			9,763			9,817			10,026			383,874,785			145,950,264
	1,845,609			251,868			60,504			9,818			10,076,740			428,635,457			275,205,645
	544,127			15,027,210			24,652,903			24,574,394			—			53,576,211			36,851,254
	—			—			—			—			—			—			—
	65,748			—			—			—			—			13,270,830			8,392,372
	14,683			—			—			—			—			9,307,293			1,199,309
	—			—			—			—			—			—			—
	2,478			1,000			1,000			1,000			670			25,866,062			9,482,810
	89,113			26,087			6,199			1,000			672,800			28,871,890			17,694,674
	27,323			1,554,781			2,525,063			2,503,083			—			3,606,517			2,380,520
	—			—			—			—			—			—			—
$	20.72		$	—		$	—		$	—		$	—		$	14.89		$	15.42
	20.03			—			—			—			—			14.86			14.93
	—			—			—			—			—			—			—
	20.06			9.66			9.76			9.82			14.98			14.84			15.39
	20.71			9.65			9.76			9.82			14.98			14.85			15.55
	19.91			9.67			9.76			9.82			—			14.86			15.48
	—			—			—			—			—			—			—

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 209

Statements of Assets and Liabilities (cont’d)

March 31, 2018 (Unaudited)

	AllianzGI U.S. Equity Hedged			AllianzGI Ultra Micro Cap
Assets:
Investments, at value	$	2,335,033		$	32,716,459
Cash		135			623
Dividends and interest receivable (net of foreign withholding taxes)		9,454			6,216
Receivable for investments sold		—			112,888
Deposits with brokers for derivatives collateral		13,772			—
Receivable for Fund shares sold		—			6,661
Receivable from Investment Manager		12,418			—
Investments in Affiliated Funds — Trustees Deferred Compensation Plan (see Note 5)		638			5,054
Prepaid expenses and other assets		34,298			32,774
Total Assets		2,405,748			32,880,675
Liabilities:
Payable for investments purchased		—			71,021
Payable for Fund shares redeemed		—			67,700
Options written, at value		7,060			—
Investment management fees payable		—			32,252
Distribution fees payable		174			—
Servicing fees payable		169			2,149
Trustees Deferred Compensation Plan payable (see Note 5)		638			5,054
Accrued expenses and other liabilities		43,066			77,912
Total Liabilities		51,107			256,088
Net Assets	$	2,354,641		$	32,624,587
Net Assets Consist of:
Paid-in-capital	$	2,618,699		$	21,064,317
Undistributed (dividends in excess of) net investment income		6,875			(859,931	)
Accumulated net realized gain (loss)		(751,301	)		2,236,272
Net unrealized appreciation		480,368			10,183,929
Net Assets	$	2,354,641		$	32,624,587
Cost of Investments	$	1,856,166		$	22,532,530
Premiums Received for Options Written	$	8,561		$	—

210 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

	AllianzGI U.S. Equity Hedged		AllianzGI Ultra Micro Cap
Net Assets:
Class A	$	518,760	$	9,763,847
Class C		261,616		—
Class P		13,958		4,099,725
Institutional Class		1,560,307		18,761,015
Shares Issued and Outstanding:
Class A		29,505		545,339
Class C		15,516		—
Class P		805		224,190
Institutional Class		87,565		1,023,510
Net Asset Value and Redemption Price Per Share:*
Class A	$	17.58	$	17.90
Class C		16.86		—
Class P		17.34		18.29
Institutional Class		17.82		18.33

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

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 211

Statements of Operations

Six Months ended March 31, 2018 (Unaudited)

	AllianzGI Retirement 2020			AllianzGI Retirement 2025			AllianzGI Retirement 2030			AllianzGI Retirement 2035			AllianzGI Retirement 2040
Investment Income:
Dividends from investments in Affiliates	$	794,336		$	1,054,260		$	1,338,084		$	1,296,976		$	1,355,222
Dividends, net of foreign withholding taxes*		49,781			5,405			125			181			200
Contribution from Investment Manager (see Note 6)		4,575			9,194			10,038			809			—
Interest		2,171			3,060			3,994			3,180			2,808
Miscellaneous		10			10			10			10			10
Total Investment Income		850,873			1,071,929			1,352,251			1,301,156			1,358,240
Expenses:
Investment management		13,268			16,400			18,682			15,023			13,970
Administration		40,978			45,231			51,871			44,434			35,207
Distribution — Class C		1,572			—			3,042			—			542
Distribution — Class R		94			284			609			895			476
Servicing — Class A		16,598			10,127			12,332			11,544			8,143
Servicing — Class C		524			—			1,014			—			181
Servicing — Class R		94			284			609			895			476
Administrative servicing — Class P		—			—			—			—			—
Distribution and/or servicing — Administrative Class		862			448			792			501			566
Sub-transfer agent — Class A		—			—			—			—			—
Sub-transfer agent — Class C		—			—			—			—			—
Sub-transfer agent — Class R		—			—			—			—			—
Sub-transfer agent — Institutional Class		—			—			—			—			—
Line of credit commitment		682			840			944			753			704
Legal		68			83			93			74			69
Trustees		—			—			—			—			—
Custodian and accounting agent		—			—			—			—			—
Shareholder communications		—			—			—			—			—
Transfer agent		—			—			—			—			—
Insurance		—			—			—			—			—
Audit and tax services		—			—			—			—			—
Registration		—			—			—			—			—
Miscellaneous		513			615			740			670			683
Total Expenses		75,253			74,312			90,728			74,789			61,017
Less: Fee Waiver/Reimbursement from Investment Manager		(42,658	)		(57,874	)		(63,390	)		(37,604	)		(20,846	)
Net Expenses		32,595			16,438			27,338			37,185			40,171
Net Investment Income		818,278			1,055,491			1,324,913			1,263,971			1,318,069

212 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

AllianzGI Retirement 2045			AllianzGI Retirement 2050			AllianzGI Retirement 2055			AllianzGI Multi Asset Income			AllianzGI Global Allocation			AllianzGI Best Styles Emerging Markets Equity			AllianzGI Best Styles Global Equity
$	888,484		$	886,098		$	427,297		$	804,452		$	7,871,515		$	—		$	—
	150			160			81			538,987			239,907			40,990			6,211,599
	—			—			—			993			—			—			—
	1,976			1,884			1,104			4,885			47,942			664			4,306
	10			10			10			10			10			10			11
	890,620			888,152			428,492			1,349,327			8,159,374			41,664			6,215,916
	8,716			8,523			4,123			12,368			1,261,653			14,541			929,945
	23,192			19,793			10,472			37,696			—			—			—
	—			680			—			13,261			127,547			197			279
	271			130			131			159			34			—			—
	6,039			4,357			2,830			12,955			58,322			216			1,823
	—			227			—			4,421			42,516			66			93
	271			130			131			159			34			—			—
	—			—			—			—			1,265			7			1,429
	747			1,072			468			1,769			34			—			—
	—			—			—			—			14,477			2			5,652
	—			—			—			—			10,427			8			11
	—			—			—			—			1			—			—
	—			—			—			—			30,752			—			728
	435			419			195			647			4,829			93			8,051
	43			41			18			65			16,092			7,279			28,675
	—			—			—			—			21,929			389			35,632
	—			—			—			—			27,510			49,510			269,022
	—			—			—			—			21,479			6,331			20,863
	—			—			—			—			36,610			2,646			14,904
	—			—			—			—			8,976			2,760			12,634
	—			—			—			—			20,889			20,225			18,365
	—			—			—			—			47,424			35,701			36,699
	472			474			158			1,170			8,693			2,455			8,168
	40,186			35,846			18,526			84,670			1,761,493			142,426			1,392,973
	(6,418	)		(4,013	)		(2,081	)		(34,402	)		(965,128	)		(120,021	)		(139,727	)
	33,768			31,833			16,445			50,268			796,365			22,405			1,253,246
	856,852			856,319			412,047			1,299,059			7,363,009			19,259			4,962,670

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 213

Statements of Operations (cont’d)

Six Months ended March 31, 2018 (Unaudited)

	AllianzGI Retirement 2020			AllianzGI Retirement 2025			AllianzGI Retirement 2030			AllianzGI Retirement 2035			AllianzGI Retirement 2040
Realized and Change in Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	$	(69,187	)	$	(14,364	)	$	11,740		$	13,762		$	16,923
Investments in Affiliates		156,607			154,218			47,336			2,950			(25,170	)
Futures contracts		(130,772	)		305,741			370,647			310,585			328,550
Forward foreign currency contracts		—			—			—			—			—
Foreign currency transactions		(718	)		(1,027	)		540			5,630			5,858
Net capital gain distributions received from underlying Affiliated funds		1,390,219			2,009,460			2,973,019			3,233,941			3,594,785
Net capital gain distributions received from underlying funds		—			—			—			—			—
Net change in unrealized appreciation/depreciation of:
Investments		(43,454	)		790			(14,575	)		(19,084	)		(23,433	)
Investments in Affiliates		(1,625,932	)		(1,998,464	)		(2,590,359	)		(2,844,767	)		(3,155,126	)
Futures contracts		13,945			(190,739	)		(256,849	)		(230,579	)		(221,247	)
Forward foreign currency contracts		—			—			—			—			—
Foreign currency transactions		748			465			(3,057	)		886			560
Net realized and change in unrealized gain (loss)		(308,544	)		266,080			538,442			473,324			521,700
Net Increase (Decrease) in Net Assets Resulting from Investment Operations	$	509,734		$	1,321,571		$	1,863,355		$	1,737,295		$	1,839,769
* Foreign withholding taxes	$	—		$	—		$	—		$	—		$	—

214 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

AllianzGI Retirement 2045			AllianzGI Retirement 2050			AllianzGI Retirement 2055			AllianzGI Multi Asset Income			AllianzGI Global Allocation			AllianzGI Best Styles Emerging Markets Equity			AllianzGI Best Styles Global Equity
$	13,178		$	12,641		$	6,399		$	(860,506	)	$	33,540		$	582,706		$	32,327,559
	(40,623	)		(38,792	)		(56,164	)		(44,097	)		1,375,717			—			—
	188,589			198,628			99,779			420,210			3,371,899			24,949			285,255
	—			—			—			2,618			—			(462	)		28,331
	3,513			4,195			2,052			3,415			24,486			5,630			(125,317	)
	2,415,540			2,433,934			1,177,491			35,581			17,757,144			—			—
	—			—			—			44,501			—			—			—
	(18,099	)		(17,037	)		(8,558	)		(522,403	)		(522,575	)		47,347			(18,018,121	)
	(2,123,423	)		(2,169,021	)		(1,037,836	)		(861,397	)		(20,815,363	)		—			—
	(141,396	)		(143,040	)		(77,862	)		(210,291	)		(1,562,737	)		6,292			(54,669	)
	—			—			—			—			—			—			69
	1,037			239			(2,398	)		(735	)		1,425			6,849			9,538
	298,316			281,747			102,903			(1,993,104	)		(336,464	)		673,311			14,452,645
$	1,155,168		$	1,138,066		$	514,950		$	(694,045	)	$	7,026,545		$	692,570		$	19,415,315
$	—		$	—		$	—		$	2,134		$	—		$	6,032		$	392,123

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 215

Statements of Operations (cont’d)

Six Months ended March 31, 2018 (Unaudited)

	AllianzGI Best Styles International Equity			AllianzGI Best Styles U.S. Equity			AllianzGI Convertible		AllianzGI Emerging Markets Consumer			AllianzGI Emerging Markets Debt
Investment Income:
Dividends, net of foreign withholding taxes*	$	266,354		$	1,358,328		$	1,688,578	$	340,073		$	—
Dividends from investments in Affiliates		—			—			—		—			—
Interest, net of foreign withholding taxes*		187			1,015			3,344,531		791			1,121,740
Non-cash income		—			—			—		—			—
Miscellaneous		10			10			10		10			10
Total Investment Income		266,551			1,359,353			5,033,119		340,874			1,121,750
Expenses:
Investment management		39,985			184,544			1,387,655		217,113			134,685
Distribution — Class C		473			109			175,139		—			423
Distribution — Class R		—			—			115		—			—
Servicing — Class A		598			139			86,439		202			198
Servicing — Class C		158			36			58,380		—			141
Servicing — Class R		—			—			115		—			—
Administrative servicing — Class P		5			53			20,511		—			—
Distribution and/or servicing — Administrative Class		—			—			1,222		—			—
Sub-transfer agent — Class A		49			274			30,119		5,936			50
Sub-transfer agent — Class C		30			4			18,759		—			20
Sub-transfer agent — Class R		—			—			101		—			—
Sub-transfer agent — Institutional Class		—			—			55,383		1,493			348
Sub-transfer agent — Administrative Class		—			—			45		—			—
Custodian and accounting agent		114,652			42,350			47,144		82,984			39,631
Registration		35,904			36,155			42,029		17,089			28,384
Audit and tax services		18,511			21,183			38,259		22,298			27,058
Shareholder communications		5,585			8,220			43,096		5,608			5,132
Legal		5,487			5,725			16,810		5,535			5,975
Insurance		3,322			4,539			14,349		3,383			3,365
Transfer agent		3,287			4,767			19,406		2,338			2,824
Trustees		1,645			6,537			28,662		2,331			2,084
Line of credit commitment		364			1,518			6,488		576			494
Offering		—			—			—		—			—
Miscellaneous		2,650			3,619			17,952		2,440			7,681
Total Expenses		232,705			319,772			2,108,178		369,326			258,493
Less: Fee Waiver/Reimbursement from Investment Manager		(171,075	)		(71,596	)		—		(78,564	)		(84,047	)
Net Expenses		61,630			248,176			2,108,178		290,762			174,446
Net Investment Income		204,921			1,111,177			2,924,941		50,112			947,304

216 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

AllianzGI Emerging Markets Small-Cap			AllianzGI Europe Equity Dividend			AllianzGI Global Dynamic Allocation			AllianzGI Global Fundamental Strategy			AllianzGI Global High Yield			AllianzGI Global Sustainability			AllianzGI Global Water
$	95,954		$	140,203		$	2,096,581		$	186,123		$	—		$	252,122		$	3,970,837
	—			—			—			9,559			—			—			—
	70			94			887,786			175,315			564,918			702			13,844
	—			8,418			—			—			—			—			—
	10			10			10			20			2,198			10			10
	96,034			148,725			2,984,377			371,017			567,116			252,834			3,984,691
	69,097			37,279			998,785			63,923			65,482			113,591			3,132,208
	—			220			5,394			68			—			—			340,773
	—			—			182			—			—			—			—
	263			1,486			3,078			104			—			572			241,188
	—			73			1,798			23			—			—			113,591
	—			—			182			—			—			—			—
	—			—			6,579			—			—			14			83,076
	—			—			29			—			—			—			—
	5,987			506			1,291			—			—			5,936			82,782
	—			20			425			4			—			—			45,578
	—			—			158			—			—			—			—
	727			1,657			4,627			298			—			2,144			44,586
	—			—			—			—			—			—			—
	80,576			96,668			206,259			41,763			35,719			37,973			137,432
	16,900			28,047			48,181			28,815			5,451			23,257			36,332
	24,276			19,010			16,489			19,045			26,337			18,515			26,400
	5,172			5,341			13,399			5,568			5,975			5,920			64,983
	5,269			4,897			16,393			11,236			6,734			5,060			18,264
	2,879			2,760			6,579			2,948			3,017			3,131			10,650
	1,447			2,310			9,129			2,405			1,418			1,889			29,913
	657			458			14,688			903			1,122			1,432			33,344
	153			107			3,603			217			273			341			8,173
	—			—			—			—			56,246			—			—
	3,074			2,368			9,065			5,753			2,717			2,215			9,935
	216,477			203,207			1,366,313			183,073			210,491			221,990			4,459,208
	(129,504	)		(156,993	)		(346,046	)		(106,461	)		(133,228	)		(101,774	)		(725,354	)
	86,973			46,214			1,020,267			76,612			77,263			120,216			3,733,854
	9,061			102,511			1,964,110			294,405			489,853			132,618			250,837

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 217

Statements of Operations (cont’d)

Six Months ended March 31, 2018 (Unaudited)

	AllianzGI Best Styles International Equity			AllianzGI Best Styles U.S. Equity			AllianzGI Convertible			AllianzGI Emerging Markets Consumer			AllianzGI Emerging Markets Debt
Realized and Change in Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	$	1,135,677		$	3,098,704		$	37,764,482		$	2,849,699		$	161,759
Investments in Affiliates		—			—			—			—			—
Futures contracts		—			10,307			—			—			21,019
Options written		—			—			—			—			—
Forward foreign currency contracts		(846	)		—			—			23,470			(79,744	)
Foreign currency transactions		3,547			(324	)		—			(24,252	)		12,955
Net capital gain distributions received from underlying Affiliated funds		—			—			—			—			—
Net change in unrealized appreciation/depreciation of:
Investments		(436,661	)		2,834,111			(11,179,857	)		750,905			(1,015,792	)
Investments in Affiliates		—			—			—			—			—
Futures contracts		—			7,648			—			—			—
Options written		—			—			—			—			—
Forward foreign currency contracts		(11	)		—			—			(144	)		19,912
Foreign currency transactions		1,711			(711	)		—			3,802			(4,103	)
Net realized and change in unrealized gain (loss)		703,417			5,949,735			26,584,625			3,603,480			(883,994	)
Net Increase (Decrease) in Net Assets Resulting from Investment Operations	$	908,338		$	7,060,912		$	29,509,566		$	3,653,592		$	63,310
* Foreign withholding taxes	$	27,569		$	6,145		$	—		$	48,885		$	2,932

218 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

AllianzGI Emerging Markets Small-Cap			AllianzGI Europe Equity Dividend			AllianzGI Global Dynamic Allocation			AllianzGI Global Fundamental Strategy			AllianzGI Global High Yield			AllianzGI Global Sustainability			AllianzGI Global Water
$	1,027,528		$	138,725		$	2,362,093		$	372,235		$	76,440		$	374,440		$	10,634,082
	—			—			—			73,598			—			—			—
	—			—			1,779,101			(483,462	)		9,664			—			—
	—			—			—			(98,111	)		—			—			—
	5,469			—			2,224			(86,636	)		(325,906	)		1,534			(107,376	)
	(17,473	)		(2,687	)		29,934			24,369			18,907			(1,245	)		(112,057	)
	—			—			—			780			—			—			—
	(149,899	)		(334,252	)		(771,971	)		(542,662	)		(361,293	)		752,592			(7,642,927	)
	—			—			—			(30,305	)		—			—			—
	—			—			(868,478	)		161,458			(2,032	)		—			—
	—			—			—			(2,625	)		—			—			—
	—			(6	)		—			(75,738	)		100,392			—			(1,136	)
	1,457			(4,264	)		(4,909	)		(1,083	)		(5,618	)		229			13,374
	867,082			(202,484	)		2,527,994			(688,182	)		(489,446	)		1,127,550			2,783,960
$	876,143		$	(99,973	)	$	4,492,104		$	(393,777	)	$	407		$	1,260,168		$	3,034,797
$	12,184		$	13,306		$	100,425		$	8,028		$	—		$	12,418		$	194,377

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 219

Statements of Operations (cont’d)

Period or Six Months ended March 31, 2018 (Unaudited)

	AllianzGI High Yield Bond		AllianzGI International Growth			AllianzGI International Small-Cap			AllianzGI Micro Cap			AllianzGI NFJ Emerging Markets Value
Investment Income:
Interest	$	7,168,557	$	175		$	6,134		$	459		$	3,484
Dividends, net of foreign withholding taxes*		—		80,581			701,151			32,797			988,019
Miscellaneous		9,063		10			10			10			10
Total Investment Income		7,177,620		80,766			707,295			33,266			991,513
Expenses:
Investment management		574,406		68,675			872,847			196,130			427,372
Distribution — Class C		40,816		—			12,097			—			2,892
Distribution — Class R		1,137		—			373			—			—
Servicing — Class A		56,719		195			9,555			3,489			42,259
Servicing — Class C		13,605		—			4,032			—			964
Servicing — Class R		1,137		—			373			—			—
Administrative servicing — Class P		6,222		—			14,815			717			9,540
Distribution and/or servicing — Administrative Class		1,505		—			—			—			—
Sub-transfer agent — Class A		44,912		13			7,597			1,388			7,273
Sub-transfer agent — Class C		4,897		—			950			—			208
Sub-transfer agent — Class R		2,101		—			133			—			—
Sub-transfer agent — Institutional Class		65,124		166			16,760			13,723			5,606
Registration		40,310		16,040			39,975			21,631			31,988
Custodian and accounting agent		39,286		43,065			114,743			30,392			258,147
Audit and tax services		26,582		18,901			21,042			19,201			35,700
Shareholder communications		21,800		5,669			9,162			5,534			9,249
Trustees		15,360		1,277			8,122			1,755			3,096
Transfer agent		15,139		1,534			9,024			3,264			3,430
Legal		11,557		5,318			9,487			4,283			5,915
Insurance		6,564		3,184			4,737			3,260			3,363
Line of credit commitment		3,228		270			2,025			400			962
Excise tax		—		—			—			—			—
Organizational		—		—			—			—			—
Offering		—		—			—			—			—
Recoupment		—		—			—			—			—
Miscellaneous		8,235		1,553			5,537			1,993			2,327
Total Expenses		1,000,642		165,860			1,163,386			307,160			850,291
Less: Fee Waiver/Reimbursement from Investment Manager		—		(86,908	)		(207,005	)		(63,999	)		(345,900	)
Net Expenses		1,000,642		78,952			956,381			243,161			504,391
Net Investment Income (Loss)		6,176,978		1,814			(249,086	)		(209,895	)		487,122

† The Fund’s financial statements are consolidated to include the accounts of AllianzGI PerformanceFee Managed Futures Strategy Offshore Fund, Ltd., which is a wholly-owned subsidiary of the Fund. See Note 14.

(1) Commencement of operations was December 18, 2017. Information represents the period from December 18, 2017 through March 31, 2018.

(2) Commencement of operations was December 27, 2017. Information represents the period from December 27, 2017 through March 31, 2018.

220 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

AllianzGI NFJ International Small-Cap Value			AllianzGI PerformanceFee Managed Futures Strategy †(1)			AllianzGI PerformanceFee Structured US Equity (1)			AllianzGI PerformanceFee Structured US Fixed Income (1)			AllianzGI Real Estate Debt (2)			AllianzGI Short Duration High Income		AllianzGI Structured Return
$	74		$	60,719		$	159		$	139		$	56,491		$	32,459,440	$	69,285
	45,602			10,435			230,906			117,244			—			—		4,434,948
	10			10			133			67			10			687		19,481
	45,686			71,164			231,198			117,450			56,501			32,460,127		4,523,714
	18,373			31,954			42,791			20,821			11,622			3,284,350		1,738,590
	1,389			—			—			—			—			180,976		66,229
	—			—			—			—			—			—		—
	1,749			—			—			—			—			265,036		170,797
	463			—			—			—			—			180,976		22,077
	—			—			—			—			—			—		—
	14			—			—			—			—			228,344		48,620
	—			—			—			—			—			—		—
	6,195			—			—			—			—			74,658		55,289
	687			—			—			—			—			46,093		7,602
	—			—			—			—			—			—		—
	365			—			—			—			—			101,232		59,577
	34,392			887			887			887			2,276			64,924		53,570
	48,523			28,949			28,248			28,248			20,855			84,837		65,641
	16,437			18,430			13,707			13,013			17,011			19,769		18,044
	4,541			4,355			3,380			3,380			3,700			78,624		45,425
	262			4,527			790			790			323			83,678		27,699
	2,651			1,164			1,171			1,172			1,462			59,586		31,038
	4,263			4,268			4,268			4,268			2,341			41,900		37,899
	2,735			—			—			—			—			24,143		9,262
	57			—			—			—			—			19,559		7,024
	—			378			4,419			243			—			—		—
	—			165,000			77,500			77,500			75,000			—		—
	—			16,390			16,390			16,390			11,845			—		—
	—			—			—			—			—			—		1,437
	2,490			4,073			2,807			2,722			2,060			20,561		6,333
	145,586			280,375			196,358			169,434			148,495			4,859,246		2,472,153
	(119,973	)		(276,114	)		(191,844	)		(169,168	)		(133,513	)		—		(116,556	)
	25,613			4,261			4,514			266			14,982			4,859,246		2,355,597
	20,073			66,903			226,684			117,184			41,519			27,600,881		2,168,117

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 221

Statements of Operations (cont’d)

Period or Six Months ended March 31, 2018 (Unaudited)

	AllianzGI High Yield Bond			AllianzGI International Growth			AllianzGI International Small-Cap			AllianzGI Micro Cap			AllianzGI NFJ Emerging Markets Value
Realized and Change in Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	$	3,092,105		$	175,123		$	8,391,803		$	2,819,951		$	2,106,744
Futures contracts		—			—			—			—			—
Options written		—			—			—			—			—
Swaps		—			—			—			—			—
Forward foreign currency contracts		—			(1,245	)		57,243			—			16,427
Foreign currency transactions		—			2,509			(86,010	)		—			(117,554	)
Net change in unrealized appreciation/depreciation of:
Investments		(13,010,990	)		923,247			8,712,393			(2,437,357	)		4,106,569
Futures contracts		—			—			—			—			—
Options written		—			—			—			—			—
Swaps		—			—			—			—			—
Forward foreign currency contracts		—			69			2,539			—			362
Foreign currency transactions		—			614			6,254			—			2,851
Net realized and change in unrealized gain (loss)		(9,918,885	)		1,100,317			17,084,222			382,594			6,115,399
Net Increase (Decrease) in Net Assets Resulting from Investment Operations	$	(3,741,907	)	$	1,102,131		$	16,835,136		$	172,699		$	6,602,521
* Foreign withholding taxes	$	—		$	9,450		$	64,122		$	—		$	134,081

† The Fund’s financial statements are consolidated to include the accounts of AllianzGI PerformanceFee Managed Futures Strategy Offshore Fund, Ltd., which is a wholly-owned subsidiary of the Fund. See Note 14.

(1) Commencement of operations was December 18, 2017. Information represents the period from December 18, 2017 through March 31, 2018.

(2) Commencement of operations was December 27, 2017. Information represents the period from December 27, 2017 through March 31, 2018.

222 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

AllianzGI NFJ International Small-Cap Value			AllianzGI PerformanceFee Managed Futures Strategy †(1)			AllianzGI PerformanceFee Structured US Equity (1)			AllianzGI PerformanceFee Structured US Fixed Income (1)			AllianzGI Real Estate Debt (2)			AllianzGI Short Duration High Income			AllianzGI Structured Return
$	222,112		$	(42,065	)	$	(388,340	)	$	(230,545	)	$	5,695		$	4,329,505		$	70,764,064
	—			(488,493	)		—			—			—			—			207,276
	—			—			72,829			81,724			—			—			(61,987,567	)
	—			8,313			—			—			—			—			—
	(53	)		—			—			—			(72,898	)		—			—
	(272	)		8,060			—			—			7,301			—			—
	(132,127	)		(7,930	)		(603,115	)		(462,481	)		45,158			(23,492,169	)		(24,912,869	)
	—			(27,095	)		—			—			(2,734	)		—			—
	—			—			89,780			38,588			—			—			4,975,449
	—			(28,066	)		—			—			—			—			—
	(1,186	)		—			—			—			4,549			—			—
	891			809			—			—			251			—			—
	89,365			(576,467	)		(828,846	)		(572,714	)		(12,678	)		(19,162,664	)		(10,953,647	)
$	109,438		$	(509,564	)	$	(602,162	)	$	(455,530	)	$	28,841		$	8,438,217		$	(8,785,530	)
$	4,561		$	—		$	—		$	—		$	—		$	—		$	—

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 223

Statements of Operations (cont’d)

Six Months ended March 31, 2018 (Unaudited)

	AllianzGI U.S. Equity Hedged			AllianzGI Ultra Micro Cap
Investment Income:
Dividends	$	22,495		$	34,704
Interest		3			515
Miscellaneous		45			10
Total Investment Income		22,543			35,229
Expenses:
Investment management		9,006			260,703
Distribution — Class C		1,060			—
Servicing — Class A		697			13,818
Servicing — Class C		353			—
Administrative servicing — Class P		2			1,923
Sub-transfer agent — Class A		5,934			10,994
Sub-transfer agent — Class C		114			—
Sub-transfer agent — Institutional Class		878			9,968
Custodian and accounting agent		29,910			32,999
Registration		27,996			22,437
Audit and tax services		15,392			19,201
Legal		8,430			5,470
Shareholder communications		4,442			7,767
Insurance		2,691			3,345
Transfer agent		2,034			4,328
Trustees		177			1,988
Line of credit commitment		33			453
Excise tax		—			2,013
Miscellaneous		2,386			2,359
Total Expenses		111,535			399,766
Less: Fee Waiver/Reimbursement from Investment Manager		(96,504	)		(53,819	)
Net Expenses		15,031			345,947
Net Investment Income (Loss)		7,512			(310,718	)
Realized and Change in Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		134,583			3,152,444
Options written		(204,130	)		—
Net change in unrealized appreciation/depreciation of:
Investments		90,133			(3,152,320	)
Options written		(9,103	)		—
Net realized and change in unrealized gain		11,483			124
Net Increase (Decrease) in Net Assets Resulting from Investment Operations	$	18,995		$	(310,594	)

224 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

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See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 225

Statements of Changes in Net Assets

	AllianzGI Retirement 2020						AllianzGI Retirement 2025
	Six Months ended March 31, 2018 (Unaudited)			Year ended September 30, 2017			Six Months ended March 31, 2018 (Unaudited)			Year ended September 30, 2017
Increase (Decrease) in Net Assets from:
Investment Operations:
Net investment income	$	818,278		$	677,592		$	1,055,491		$	514,767
Net realized gain		1,346,149			1,528,270			2,454,028			2,385,481
Net change in unrealized appreciation/depreciation		(1,654,693	)		2,525,980			(2,187,948	)		4,005,924
Net increase in net assets resulting from investment operations		509,734			4,731,842			1,321,571			6,906,172
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(429,547	)		(314,038	)		(265,118	)		(122,193	)
Class C		(9,782	)		(8,548	)		—			—
Class R		(2,388	)		(9,351	)		(5,956	)		(18,282	)
Class P		(689,953	)		(724,018	)		(1,319,540	)		(951,555	)
Class R6		(642,466	)		(368,801	)		(748,472	)		(348,228	)
Administrative Class		(21,720	)		(14,448	)		(8,971	)		(12,039	)
Net realized capital gains:
Class A		—			—			(93,182	)		(5,755	)
Class C		—			—			—			—
Class R		—			—			(2,604	)		(754	)
Class P		—			—			(426,716	)		(30,725	)
Class R6		—			—			(240,362	)		(10,972	)
Administrative Class		—			—			(3,437	)		(496	)
Total dividends and distributions to shareholders		(1,795,856	)		(1,439,204	)		(3,114,358	)		(1,500,999	)
Fund Share Transactions:
Net proceeds from the sale of shares		5,693,450			13,960,071			5,245,503			17,262,317
Issued in reinvestment of dividends and distributions		1,786,940			1,435,552			3,071,244			1,486,604
Cost of shares redeemed		(9,901,651	)		(19,103,594	)		(8,563,818	)		(13,632,799	)
Net increase (decrease) from Fund share transactions		(2,421,261	)		(3,707,971	)		(247,071	)		5,116,122
Total increase (decrease) in net assets		(3,707,383	)		(415,333	)		(2,039,858	)		10,521,295
Net Assets:
Beginning of period		52,886,534			53,301,867			65,772,720			55,251,425
End of period*	$	49,179,151		$	52,886,534		$	63,732,862		$	65,772,720
* Including undistributed (dividends in excess of) net investment income of:	$	(701,829	)	$	275,749		$	(1,192,006	)	$	100,560

226 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

AllianzGI Retirement 2030						AllianzGI Retirement 2035						AllianzGI Retirement 2040
Six Months ended March 31, 2018 (Unaudited)			Year ended September 30, 2017			Six Months ended March 31, 2018 (Unaudited)			Year ended September 30, 2017			Six Months ended March 31, 2018 (Unaudited)			Year ended September 30, 2017
$	1,324,913		$	420,535		$	1,263,971		$	458,050		$	1,318,069		$	469,488
	3,403,282			2,619,216			3,566,868			1,847,947			3,920,946			1,400,334
	(2,864,840	)		5,993,521			(3,093,544	)		5,872,838			(3,399,246	)		6,096,844
	1,863,355			9,033,272			1,737,295			8,178,835			1,839,769			7,966,666
	(376,946	)		(128,753	)		(411,856	)		(167,435	)		(325,293	)		(72,361	)
	(25,448	)		(9,739	)		—			—			(6,454	)		(1,802	)
	(16,572	)		(42,799	)		(29,228	)		(30,051	)		(17,560	)		(33,676	)
	(1,570,040	)		(812,248	)		(1,627,325	)		(734,209	)		(1,347,233	)		(547,161	)
	(1,034,346	)		(420,128	)		(809,649	)		(241,355	)		(1,298,750	)		(408,413	)
	(17,872	)		(25,169	)		(11,447	)		(14,178	)		(22,531	)		(7,153	)
	(138,007	)		(27,656	)		(111,637	)		(43,348	)		(56,377	)		(72,948	)
	(11,486	)		(2,597	)		—			—			(1,296	)		(2,318	)
	(7,361	)		(8,838	)		(8,810	)		(8,219	)		(3,589	)		(30,988	)
	(537,211	)		(126,596	)		(415,098	)		(149,417	)		(222,482	)		(388,536	)
	(351,127	)		(63,529	)		(202,496	)		(46,996	)		(210,722	)		(280,126	)
	(7,203	)		(4,716	)		(3,486	)		(3,283	)		(3,880	)		(6,053	)
	(4,093,619	)		(1,672,768	)		(3,631,032	)		(1,438,491	)		(3,516,167	)		(1,851,535	)
	7,589,354			19,651,781			5,680,087			14,086,259			4,575,369			15,052,248
	4,047,095			1,653,530			3,582,038			1,421,045			3,407,291			1,838,433
	(8,889,244	)		(17,363,253	)		(5,772,128	)		(14,404,979	)		(7,523,923	)		(10,458,454	)
	2,747,205			3,942,058			3,489,997			1,102,325			458,737			6,432,227
	516,941			11,302,562			1,596,260			7,842,669			(1,217,661	)		12,547,358
	73,403,006			62,100,444			58,489,018			50,646,349			55,241,855			42,694,497
$	73,919,947		$	73,403,006		$	60,085,278		$	58,489,018		$	54,024,194		$	55,241,855
$	(1,733,354	)	$	(17,043	)	$	(1,666,434	)	$	(40,900	)	$	(1,750,865	)	$	(51,113	)

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 227

Statements of Changes in Net Assets (cont’d)

	AllianzGI Retirement 2045						AllianzGI Retirement 2050
	Six Months ended March 31, 2018 (Unaudited)			Year ended September 30, 2017			Six Months ended March 31, 2018 (Unaudited)			Year ended September 30, 2017
Increase (Decrease) in Net Assets from:
Investment Operations:
Net investment income	$	856,852		$	294,229		$	856,319		$	292,375
Net realized gain (loss)		2,580,197			884,214			2,610,606			737,298
Net change in unrealized appreciation/depreciation		(2,281,881	)		3,865,175			(2,328,859	)		3,915,169
Net increase (decrease) in net assets resulting from investment operations		1,155,168			5,043,618			1,138,066			4,944,842
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(254,165	)		(66,804	)		(176,735	)		(38,744	)
Class C		—			—			(8,975	)		(2,598	)
Class R		(10,769	)		(13,061	)		(4,528	)		(16,335	)
Class P		(904,187	)		(339,225	)		(727,423	)		(288,099	)
Institutional Class		—			—			—			—
Class R6		(765,942	)		(221,167	)		(993,958	)		(298,199	)
Administrative Class		(30,818	)		(13,206	)		(47,281	)		(15,717	)
Net realized capital gains:
Class A		(33,656	)		(106,108	)		(28,008	)		(48,414	)
Class C		—			—			(1,614	)		(4,166	)
Class R		(1,567	)		(19,230	)		(900	)		(21,175	)
Class P		(113,942	)		(390,158	)		(108,978	)		(291,835	)
Institutional Class		—			—			—			—
Class R6		(94,904	)		(243,478	)		(146,497	)		(291,783	)
Administrative Class		(4,100	)		(15,955	)		(7,361	)		(17,726	)
Total dividends and distributions to shareholders		(2,214,050	)		(1,428,392	)		(2,252,258	)		(1,334,791	)
Fund Share Transactions:
Net proceeds from the sale of shares		3,680,233			9,936,787			4,413,298			10,942,394
Issued in reinvestment of dividends and distributions		2,198,799			1,426,631			2,245,722			1,332,075
Cost of shares redeemed		(3,761,917	)		(6,681,204	)		(3,841,677	)		(6,977,683	)
Net increase (decrease) from Fund share transactions		2,117,115			4,682,214			2,817,343			5,296,786
Total increase (decrease) in net assets		1,058,233			8,297,440			1,703,151			8,906,837
Net Assets:
Beginning of period		33,717,332			25,419,892			32,616,712			23,709,875
End of period*	$	34,775,565		$	33,717,332		$	34,319,863		$	32,616,712
* Including undistributed (dividends in excess of) net investment income of:	$	(1,147,359	)	$	(38,330	)	$	(1,139,269	)	$	(36,688	)

228 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

AllianzGI Retirement 2055						AllianzGI Multi Asset Income						AllianzGI Global Allocation
Six Months ended March 31, 2018 (Unaudited)			Year ended September 30, 2017			Six Months ended March 31, 2018 (Unaudited)			Year ended September 30, 2017			Six Months ended March 31, 2018 (Unaudited)			Year ended September 30, 2017
$	412,047		$	99,776		$	1,299,059		$	2,731,650		$	7,363,009		$	8,696,193
	1,229,557			357,084			(398,278	)		1,085,399			22,562,786			23,385,340
	(1,126,654	)		1,557,701			(1,594,826	)		(459,088	)		(22,899,250	)		19,235,026
	514,950			2,014,561			(694,045	)		3,357,961			7,026,545			51,316,559
	(120,244	)		(20,979	)		(329,359	)		(464,817	)		(1,975,707	)		(814,701	)
	—			—			(98,256	)		(109,153	)		(1,113,566	)		(342,699	)
	(4,957	)		(6,391	)		(3,581	)		(8,919	)		(1,145	)		(362	)
	(381,688	)		(91,959	)		(463,836	)		(802,502	)		(166,705	)		(66,393	)
	—			—			(193	)		—			(211,167	)		(1,517,436	)
	(420,410	)		(79,203	)		(674,992	)		(1,059,163	)		(12,431,160	)		(8,106,799	)
	(20,338	)		(6,244	)		(44,138	)		(64,921	)		(1,133	)		(499	)
	(12,344	)		(23,081	)		(132,625	)		(51,561	)		(2,428,368	)		—
	—			—			(44,503	)		(16,672	)		(1,816,068	)		—
	(583	)		(7,752	)		(1,491	)		(2,534	)		(1,420	)		—
	(37,447	)		(84,131	)		(180,106	)		(86,955	)		(187,713	)		—
	—			—			—			—			(367,350	)		—
	(40,646	)		(70,689	)		(259,862	)		(96,314	)		(14,074,804	)		—
	(2,098	)		(6,450	)		(19,159	)		(4,003	)		(1,361	)		—
	(1,040,755	)		(396,879	)		(2,252,101	)		(2,767,514	)		(34,777,667	)		(10,848,889	)
	4,414,017			7,237,690			5,684,790			13,306,288			131,234,910			125,983,370
	1,036,298			395,033			2,225,016			2,736,065			33,440,281			10,623,150
	(2,043,515	)		(2,665,826	)		(7,945,991	)		(17,509,593	)		(136,906,413	)		(314,160,178	)
	3,406,800			4,966,897			(36,185	)		(1,467,240	)		27,768,778			(177,553,658	)
	2,880,995			6,584,579			(2,982,331	)		(876,793	)		17,656			(137,085,988	)
	14,707,326			8,122,747			50,213,305			51,090,098			356,579,263			493,665,251
$	17,588,321		$	14,707,326		$	47,230,974		$	50,213,305		$	356,596,919		$	356,579,263
$	(551,720	)	$	(16,130	)	$	57,317		$	372,613		$	(8,197,783	)	$	339,791

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 229

Statements of Changes in Net Assets (cont’d)

	AllianzGI Best Styles Emerging Markets Equity						AllianzGI Best Styles Global Equity
	Six Months ended March 31, 2018 (Unaudited)			Year ended September 30, 2017			Six Months ended March 31, 2018 (Unaudited)			Year ended September 30, 2017
Increase (Decrease) in Net Assets from:
Investment Operations:
Net investment income	$	19,259		$	124,266		$	4,962,670		$	15,589,126
Net realized gain		612,823			758,254			32,515,828			61,691,991
Net change in unrealized appreciation/depreciation		60,488			405,955			(18,063,183	)		62,269,728
Net increase in net assets resulting from investment operations		692,570			1,288,475			19,415,315			139,550,845
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(3,065	)		(652	)		(47,878	)		—	#
Class C		(728	)		(747	)		(1,723	)		(119	)
Class R		—			—			—			—
Class P		(742	)		(580	)		(98,193	)		(44,546	)
Institutional Class		(1,450	)		(590	)		(84,016	)		(36,578	)
Class R6		(137,439	)		(307,036	)		(20,163,132	)		(11,674,739	)
Administrative Class		—			—			—			—
Net realized capital gains:
Class A		—			—			(146,104	)		(8,143	)
Class C		—			—			(5,864	)		(64	)
Class R		—			—			—			—
Class P		—			—			(294,525	)		(18,098	)
Institutional Class		—			—			(240,948	)		(13,368	)
Class R6		—			—			(59,212,379	)		(4,047,266	)
Administrative Class		—			—			—			—
Total dividends and distributions to shareholders		(143,424	)		(309,605	)		(80,294,762	)		(15,842,921	)
Fund Share Transactions:
Net proceeds from the sale of shares		789,258			1,004,077			88,250,311			241,623,115
Issued in reinvestment of dividends and distributions		143,204			309,605			80,186,951			15,823,164
Cost of shares redeemed		(1,819,469	)		(7,583,407	)		(87,410,696	)		(381,516,959	)
Net increase (decrease) from Fund share transactions		(887,007	)		(6,269,725	)		81,026,566			(124,070,680	)
Total increase (decrease) in net assets		(337,861	)		(5,290,855	)		20,147,119			(362,756	)
Net Assets:
Beginning of period		7,194,969			12,485,824			601,211,412			601,574,168
End of period*	$	6,857,108		$	7,194,969		$	621,358,531		$	601,211,412
* Including undistributed (dividends in excess of) net investment income of:	$	(22,060	)	$	102,105		$	215,187		$	15,647,459

# Actual amount rounds to less than $1.

230 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

AllianzGI Best Styles International Equity						AllianzGI Best Styles U.S. Equity						AllianzGI Convertible
Six Months ended March 31, 2018 (Unaudited)			Year ended September 30, 2017			Six Months ended March 31, 2018 (Unaudited)			Year ended September 30, 2017			Six Months ended March 31, 2018 (Unaudited)			Year ended September 30, 2017
$	204,921		$	831,211		$	1,111,177		$	1,972,846		$	2,924,941		$	16,495,219
	1,138,378			1,114,879			3,108,687			6,912,312			37,764,482			225,191,544
	(434,961	)		4,666,207			2,841,048			12,166,518			(11,179,857	)		(99,079,360	)
	908,338			6,612,297			7,060,912			21,051,676			29,509,566			142,607,403
	(19,333	)		(1,126	)		(695	)		(7,605	)		(2,310,876	)		(3,826,287	)
	(4,603	)		(1,403	)		(477	)		(148	)		(1,311,553	)		(1,127,814	)
	—			—			—			—			(20	)		(16,881	)
	(5,511	)		(898	)		(9,438	)		(820	)		(3,394,622	)		(2,494,302	)
	(4,124	)		(3,340	)		(2,215	)		(1,298	)		(9,421,131	)		(27,101,588	)
	(1,061,586	)		(2,758,648	)		(2,170,496	)		(1,625,434	)		—			—
	—			—			—			—			(34,024	)		(38,602	)
	—			—			(4,673	)		—			(10,075,757	)		—
	—			—			(1,495	)		—			(6,889,990	)		—
	—			—			—			—			(13,642	)		—
	—			—			(21,694	)		—			(11,775,650	)		—
	—			—			(5,451	)		—			(41,936,097	)		—
	—			—			(5,229,407	)		—			—			—
	—			—			—			—			(136,134	)		—
	(1,095,157	)		(2,765,415	)		(7,446,041	)		(1,635,305	)		(87,299,496	)		(34,605,474	)
	2,966,698			6,699,316			10,847,604			68,128,385			44,787,355			68,306,058
	1,094,713			2,765,415			7,445,631			1,634,905			81,944,701			17,841,764
	(3,739,945	)		(57,968,959	)		(5,363,805	)		(76,517,718	)		(126,524,932	)		(1,172,762,231	)
	321,466			(48,504,228	)		12,929,430			(6,754,428	)		207,124			(1,086,614,409	)
	134,647			(44,657,346	)		12,544,301			12,661,943			(57,582,806	)		(978,612,480	)
	26,504,123			71,161,469			113,736,838			101,074,895			529,968,636			1,508,581,116
$	26,638,770		$	26,504,123		$	126,281,139		$	113,736,838		$	472,385,830		$	529,968,636
$	(41,942	)	$	848,294		$	593,335		$	1,665,479		$	(899,082	)	$	12,648,203

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 231

Statements of Changes in Net Assets (cont’d)

	AllianzGI Emerging Markets Consumer						AllianzGI Emerging Markets Debt
	Six Months ended March 31, 2018 (Unaudited)			Year ended September 30, 2017			Six Months ended March 31, 2018 (Unaudited)			Year ended September 30, 2017
Increase (Decrease) in Net Assets from:
Investment Operations:
Net investment income	$	50,112		$	617,137		$	947,304		$	2,205,009
Net realized gain (loss)		2,848,917			2,951,588			115,989			1,722,429
Net change in unrealized appreciation/depreciation		754,563			2,781,594			(999,983	)		(1,398,893	)
Net increase (decrease) in net assets resulting from investment operations		3,653,592			6,350,319			63,310			2,528,545
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(2,687	)		(441	)		(3,710	)		(7,943	)
Class C		—			—			(1,701	)		(5,583	)
Class R		—			—			—			—
Class P		—			—			(304	)		(725	)
Institutional Class		(615,766	)		(458,572	)		(919,457	)		(2,628,852	)
Class R6		—			—			—			—
Administrative Class		—			—			—			—
Net realized capital gains:
Class A		(6,222	)		—			(1,002	)		(139	)
Class C		—			—			(797	)		(114	)
Class R		—			—			—			—
Class P		—			—			(82	)		(12	)
Institutional Class		(1,582,936	)		—			(266,499	)		(36,925	)
Class R6		—			—			—			—
Administrative Class		—			—			—			—
Total dividends and distributions to shareholders		(2,207,611	)		(459,013	)		(1,193,552	)		(2,680,293	)
Fund Share Transactions:
Net proceeds from the sale of shares		11,039,590			9,259,598			3,053,171			5,965,805
Issued in reinvestment of dividends and distributions		1,373,524			306,003			1,193,066			2,679,340
Cost of shares redeemed		(5,726,199	)		(16,493,497	)		(6,889,075	)		(15,528,516	)
Net increase (decrease) from Fund share transactions		6,686,915			(6,927,896	)		(2,642,838	)		(6,883,371	)
Total increase (decrease) in net assets		8,132,896			(1,036,590	)		(3,773,080	)		(7,035,119	)
Net Assets:
Beginning of period		43,641,642			44,678,232			36,577,826			43,612,945
End of period*	$	51,774,538		$	43,641,642		$	32,804,746		$	36,577,826
* Including undistributed (dividends in excess of) net investment income of:	$	20,947		$	589,288		$	(110,642	)	$	(132,774	)

# Actual amount rounds to less than $1.

232 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

AllianzGI Emerging Markets Small-Cap						AllianzGI Europe Equity Dividend						AllianzGI Global Dynamic Allocation
Six Months ended March 31, 2018 (Unaudited)			Year ended September 30, 2017			Six Months ended March 31, 2018 (Unaudited)			Year ended September 30, 2017			Six Months ended March 31, 2018 (Unaudited)			Year ended September 30, 2017
$	9,061		$	186,581		$	102,511		$	251,344		$	1,964,110		$	3,697,905
	1,015,524			1,743,176			136,038			(33,022	)		4,173,352			9,548,039
	(148,442	)		614,855			(338,522	)		933,032			(1,645,358	)		18,097,162
	876,143			2,544,612			(99,973	)		1,151,354			4,492,104			31,343,106
	(9,888	)		—	#		(26,604	)		(24,388	)		(24,659	)		(2	)
	—			—			(809	)		(1,227	)		(14,067	)		(2	)
	—			—			—			—			(1,182	)		—	#
	—			—			(3,278	)		(1,844	)		(196,920	)		(58,830	)
	(467,711	)		(364,501	)		(174,800	)		(222,697	)		(505,218	)		(21,336	)
	—			—			—			—			(3,914,489	)		(887,497	)
	—			—			—			—			(309	)		—	#
	(5,443	)		—			—			—			(84,389	)		—
	—			—			—			—			(51,999	)		—
	—			—			—			—			(5,028	)		—
	—			—			—			—			(445,085	)		—
	(290,538	)		—			—			—			(1,127,734	)		—
	—			—			—			—			(8,240,789	)		—
	—			—			—			—			(790	)		—
	(773,580	)		(364,501	)		(205,491	)		(250,156	)		(14,612,658	)		(967,667	)
	1,082,354			1,310,369			487,423			5,123,521			16,225,906			248,412,748
	773,580			364,501			205,491			250,156			14,610,041			967,667
	(2,252,089	)		(5,834,176	)		(2,395,607	)		(2,285,342	)		(20,938,887	)		(53,095,861	)
	(396,155	)		(4,159,306	)		(1,702,693	)		3,088,335			9,897,060			196,284,554
	(293,592	)		(1,979,195	)		(2,008,157	)		3,989,533			(223,494	)		226,659,993
	11,455,115			13,434,310			10,336,645			6,347,112			280,003,186			53,343,193
$	11,161,523		$	11,455,115		$	8,328,488		$	10,336,645		$	279,779,692		$	280,003,186
$	(134,933	)	$	333,605		$	14		$	102,994		$	450,379		$	3,143,113

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 233

Statements of Changes in Net Assets (cont’d)

	AllianzGI Global Fundamental Strategy						AllianzGI Global High Yield
	Six Months ended March 31, 2018 (Unaudited)			Year ended September 30, 2017			Six Months ended March 31, 2018 (Unaudited)			Period from 5/3/2017** through September 30, 2017
Increase (Decrease) in Net Assets from:
Investment Operations:
Net investment income	$	294,405		$	379,654		$	489,853		$	360,997
Net realized gain (loss)		(197,227	)		291,985			(220,895	)		(224,870	)
Net change in unrealized appreciation/depreciation		(490,955	)		533,098			(268,551	)		459,540
Net increase (decrease) in net assets resulting from investment operations		(393,777	)		1,204,737			407			595,667
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(590	)		(3,055	)		—			—
Class C		(31	)		(267	)		—			—
Class R		—			—			—			—
Class P		(93	)		(271	)		(203	)		(51	)
Institutional Class		(146,618	)		(365,717	)		(445,413	)		(117,951	)
Administrative Class		—			—			—			—
Net realized capital gains:
Class A		(1,784	)		(1,806	)		—			—
Class C		(385	)		(182	)		—			—
Class P		(251	)		(146	)		—			—
Institutional Class		(352,785	)		(206,259	)		—			—
Total dividends and distributions to shareholders		(502,537	)		(577,703	)		(445,616	)		(118,002	)
Fund Share Transactions:
Net proceeds from the sale of shares		418,974			188,345			649,537			1,029,723
Issued in reinvestment of dividends and distributions		502,537			577,703			445,616			118,002
Cost of shares redeemed		(124,686	)		(319,255	)		(37,323	)		—
Net increase (decrease) from Fund share transactions		796,825			446,793			1,057,830			1,147,725
Total increase (decrease) in net assets		(99,489	)		1,073,827			612,621			1,625,390
Net Assets:
Beginning of period		17,074,388			16,000,561			21,635,390			20,010,000
End of period*	$	16,974,899		$	17,074,388		$	22,248,011		$	21,635,390
* Including undistributed (dividends in excess of) net investment income of:	$	(372,131	)	$	(519,204	)	$	140,758		$	96,521

** Commencement of operations.

234 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

AllianzGI Global Sustainability						AllianzGI Global Water						AllianzGI High Yield Bond
Six Months ended March 31, 2018 (Unaudited)			Year ended September 30, 2017			Six Months ended March 31, 2018 (Unaudited)			Year ended September 30, 2017			Six Months ended March 31, 2018 (Unaudited)			Year ended September 30, 2017
$	132,618		$	278,971		$	250,837		$	3,968,672		$	6,176,978		$	18,226,931
	374,729			664,724			10,414,649			16,185,686			3,092,105			1,718,603
	752,821			2,748,428			(7,630,689	)		28,457,574			(13,010,990	)		5,111,712
	1,260,168			3,692,123			3,034,797			48,611,932			(3,741,907	)		25,057,246
	(5,086	)		(1,050	)		(498,672	)		(789,589	)		(1,122,846	)		(3,041,549	)
	—			—			(61	)		(64	)		(236,932	)		(603,972	)
	—			—			—			—			(20,978	)		(63,000	)
	(726	)		(86	)		(1,808,809	)		(754,192	)		(797,349	)		(2,935,892	)
	(279,480	)		(232,687	)		(1,381,477	)		(626,991	)		(4,213,060	)		(12,336,030	)
	—			—			—			—			(33,806	)		(100,961	)
	(10,836	)		(240	)		(4,581,284	)		(1,387,866	)		—			—
	—			—			(2,305,128	)		(545,689	)		—			—
	(1,497	)		(20	)		(5,384,582	)		(783,556	)		—			—
	(649,089	)		(45,540	)		(3,686,101	)		(456,756	)		—			—
	(946,714	)		(279,623	)		(19,646,114	)		(5,344,703	)		(6,424,971	)		(19,081,404	)
	1,434,862			6,773,635			99,547,105			277,825,094			36,779,208			170,359,810
	946,714			279,623			15,686,646			4,160,836			5,958,977			18,212,460
	(680,307	)		(4,130,560	)		(67,011,040	)		(216,105,791	)		(87,213,456	)		(291,550,996	)
	1,701,269			2,922,698			48,222,711			65,880,139			(44,475,271	)		(102,978,726	)
	2,014,723			6,335,198			31,611,394			109,147,368			(54,642,149	)		(97,002,884	)
	27,081,337			20,746,139			633,042,226			523,894,858			263,738,852			360,741,736
$	29,096,060		$	27,081,337		$	664,653,620		$	633,042,226		$	209,096,703		$	263,738,852
$	107,491		$	260,165		$	47,286		$	3,485,468		$	(1,081,593	)	$	(833,600	)

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 235

Statements of Changes in Net Assets (cont’d)

	AllianzGI International Growth						AllianzGI International Small-Cap
	Six Months ended March 31, 2018 (Unaudited)			Year ended September 30, 2017			Six Months ended March 31, 2018 (Unaudited)			Year ended September 30, 2017
Increase (Decrease) in Net Assets from:
Investment Operations:
Net investment income (loss)	$	1,814		$	136,923		$	(249,086	)	$	713,604
Net realized gain		176,387			2,290,578			8,363,036			6,210,831
Net change in unrealized appreciation/depreciation		923,930			3,097,495			8,721,186			18,195,669
Net increase in net assets resulting from investment operations		1,102,131			5,524,996			16,835,136			25,120,104
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(2,843	)		(1	)		(38,693	)		(80,265	)
Class C		—			—			(7,053	)		(18,676	)
Class R		—			—			(3,390	)		(1,374	)
Class P		—			—			(673,499	)		(403,029	)
Institutional Class		(113,272	)		(29,197	)		(814,972	)		(225,723	)
Class R6		—			—			(462,006	)		(147,555	)
Net realized capital gains:
Class A		(21,356	)		—			(106,972	)		—
Class C		—			—			(49,125	)		—
Class R		—			—			(4,527	)		—
Class P		—			—			(950,784	)		—
Institutional Class		(2,191,171	)		—			(1,011,463	)		—
Class R6		—			—			(495,127	)		—
Total dividends and distributions to shareholders		(2,328,642	)		(29,198	)		(4,617,611	)		(876,622	)
Fund Share Transactions:
Net proceeds from the sale of shares		1,755,278			381,263			44,216,926			62,753,688
Issued in reinvestment of dividends and distributions		2,328,642			29,198			4,554,911			846,217
Cost of shares redeemed		(1,394,783	)		(15,688,736	)		(21,789,377	)		(38,748,657	)
Net increase (decrease) from Fund share transactions		2,689,137			(15,278,275	)		26,982,460			24,851,248
Total increase (decrease) in net assets		1,462,626			(9,782,477	)		39,199,985			49,094,730
Net Assets:
Beginning of period		18,654,440			28,436,917			150,728,959			101,634,229
End of period*	$	20,117,066		$	18,654,440		$	189,928,944		$	150,728,959
* Including undistributed (dividends in excess of) net investment income of:	$	(13,662	)	$	100,639		$	(1,733,909	)	$	514,790

236 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

AllianzGI Micro Cap						AllianzGI NFJ Emerging Markets Value						AllianzGI NFJ International Small-Cap Value
Six Months ended March 31, 2018 (Unaudited)			Year ended September 30, 2017			Six Months ended March 31, 2018 (Unaudited)			Year ended September 30, 2017			Six Months ended March 31, 2018 (Unaudited)			Year ended September 30, 2017
$	(209,895	)	$	(413,520	)	$	487,122		$	833,737		$	20,073		$	82,270
	2,819,951			4,445,191			2,005,617			2,010,346			221,787			190,218
	(2,437,357	)		1,839,617			4,109,782			3,462,798			(132,422	)		274,913
	172,699			5,871,288			6,602,521			6,306,881			109,438			547,401
	—			—			(280,087	)		(140,853	)		(27,432	)		(52,747	)
	—			—			(2	)		(3,055	)		(1	)		(47,236	)
	—			—			—			—			—			—
	—			—			(84,584	)		(401,473	)		(1,130	)		(4,723	)
	—			—			(387,365	)		(373,904	)		(48,804	)		(86,365	)
	—			—			—			—			(16,040	)		(123,590	)
	(154,402	)		(308,525	)		(108,232	)		—			—			—
	—			—			(2,326	)		—			—			—
	—			—			—			—			—			—
	(79,191	)		(116,680	)		(77,312	)		—			—			—
	(1,524,827	)		(2,920,919	)		(155,046	)		—			—			—
	—			—			—			—			—			—
	(1,758,420	)		(3,346,124	)		(1,094,954	)		(919,285	)		(93,407	)		(314,661	)
	2,712,207			6,704,989			93,512,686			79,864,675			620,196			1,304,594
	1,752,466			3,336,639			1,091,984			919,174			92,630			313,688
	(9,915,895	)		(15,428,523	)		(20,076,526	)		(29,037,849	)		(1,224,746	)		(9,209,506	)
	(5,451,222	)		(5,386,895	)		74,528,144			51,746,000			(511,920	)		(7,591,224	)
	(7,036,943	)		(2,861,731	)		80,035,711			57,133,596			(495,889	)		(7,358,484	)
	32,583,099			35,444,830			65,896,336			8,762,740			4,591,657			11,950,141
$	25,546,156		$	32,583,099		$	145,932,047		$	65,896,336		$	4,095,768		$	4,591,657
$	(530,234	)	$	(320,339	)	$	(77,856	)	$	187,060		$	(27,394	)	$	45,940

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 237

Statements of Changes in Net Assets (cont’d)

	AllianzGI PerformanceFee Managed Futures Strategy†			AllianzGI PerformanceFee Structured US Equity
	Period from December 18, 2017** through March 31, 2018 (Unaudited)			Period from December 18, 2017** through March 31, 2018 (Unaudited)
Increase (Decrease) in Net Assets from:
Investment Operations:
Net investment income	$	66,903		$	226,684
Net realized gain (loss)		(514,185	)		(315,511	)
Net change in unrealized appreciation/depreciation		(62,282	)		(513,335	)
Net increase (decrease) in net assets resulting from investment operations		(509,564	)		(602,162	)
Dividends to Shareholders from:
Net investment income:
Class A		—			—
Class C		—			—
Class P		—			—
Institutional Class		—			—
Class R6		—			—
Total dividends to shareholders		—			—
Fund Share Transactions:
Net proceeds from the sale of shares		15,748,304			325,332
Issued in reinvestment of dividends		—			—
Cost of shares redeemed		—			—
Net increase (decrease) from Fund share transactions		15,748,304			325,332
Total increase (decrease) in net assets		15,238,740			(276,830	)
Net Assets:
Beginning of period		50,000			25,000,000
End of period*	$	15,288,740		$	24,723,170
* Including undistributed (dividends in excess of) net investment income of:	$	66,903		$	226,684

† The Fund’s financial statements are consolidated to include the accounts of AllianzGI PerformanceFee Managed Futures Strategy Offshore Fund, Ltd., which is a wholly-owned subsidiary of the Fund. See Note 14.

** Commencement of operations.

238 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

AllianzGI PerformanceFee Structured US Fixed Income			AllianzGI Real Estate Debt			AllianzGI Short Duration High Income
Period from December 18, 2017** through March 31, 2018 (Unaudited)			Period from December 27, 2017** through March 31, 2018 (Unaudited)			Six Months ended March 31, 2018 (Unaudited)			Year ended September 30, 2017
$	117,184		$	41,519		$	27,600,881		$	64,867,227
	(148,821	)		(59,902	)		4,329,505			2,643,778
	(423,893	)		47,224			(23,492,169	)		2,238,404
	(455,530	)		28,841			8,438,217			69,749,409
	—			—			(4,983,758	)		(10,760,253	)
	—			—			(3,239,990	)		(6,804,346	)
	—			(41	)		(11,069,346	)		(36,952,063	)
	—			(43,961	)		(12,531,101	)		(23,289,155	)
	—			—			(1,390,486	)		(2,094,252	)
	—			(44,002	)		(33,214,681	)		(79,900,069	)
	49,559			47,925			274,512,230			1,246,095,121
	—			44,002			28,945,363			70,636,506
	—			—			(753,651,044	)		(963,151,673	)
	49,559			91,927			(450,193,451	)		353,579,954
	(405,971	)		76,766			(474,969,915	)		343,429,294
	25,000,000			10,010,000			1,676,947,953			1,333,518,659
$	24,594,029		$	10,086,766		$	1,201,978,038		$	1,676,947,953
$	117,184		$	(2,483	)	$	(13,227,232	)	$	(7,613,432	)

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 239

Statements of Changes in Net Assets (cont’d)

	AllianzGI Structured Return						AllianzGI U.S. Equity Hedged
	Six Months ended March 31, 2018 (Unaudited)			Year ended September 30, 2017			Six Months ended March 31, 2018 (Unaudited)			Year ended September 30, 2017
Increase (Decrease) in Net Assets from:
Investment Operations:
Net investment income (loss)	$	2,168,117		$	3,156,737		$	7,512		$	31,993
Net realized gain (loss)		8,983,773			13,597,189			(69,547	)		82,203
Net change in unrealized appreciation/depreciation		(19,937,420	)		4,469,662			81,030			339,772
Net increase (decrease) in net assets resulting from investment operations		(8,785,530	)		21,223,588			18,995			453,968
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(905,338	)		(451,149	)		(8,868	)		(8,563	)
Class C		(11	)		(9	)		(3,555	)		(2,502	)
Class P		(1,388,484	)		(255,992	)		(409	)		(428	)
Institutional Class		(2,212,374	)		(445,419	)		(19,371	)		(46,862	)
Class R6		(264,046	)		(430,190	)		—			—
Net realized capital gains:
Class A		(4,555,468	)		(2,431,302	)		—			—
Class C		(575,053	)		(318,922	)		—			—
Class P		(4,777,171	)		(667,014	)		—			—
Institutional Class		(7,439,086	)		(2,447,379	)		—			—
Class R6		(1,103,918	)		(836,738	)		—			—
Total dividends and distributions to shareholders		(23,220,949	)		(8,284,114	)		(32,203	)		(58,355	)
Fund Share Transactions:
Net proceeds from the sale of shares		213,740,493			403,391,041			339,891			390,793
Issued in reinvestment of dividends and distributions		23,050,742			8,240,525			32,203			58,355
Cost of shares redeemed		(127,565,416	)		(172,783,052	)		(588,313	)		(3,912,329	)
Net increase (decrease) from Fund share transactions		109,225,819			238,848,514			(216,219	)		(3,463,181	)
Total increase (decrease) in net assets		77,219,340			251,787,988			(229,427	)		(3,067,568	)
Net Assets:
Beginning of period		528,121,267			276,333,279			2,584,068			5,651,636
End of period*	$	605,340,607		$	528,121,267		$	2,354,641		$	2,584,068
* Including undistributed (dividends in excess of) net investment income of:	$	400,948		$	3,003,084		$	6,875		$	31,566

240 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

AllianzGI Ultra Micro Cap
Six Months ended March 31, 2018 (unaudited)			Year ended September 30, 2017
$	(310,718	)	$	(730,174	)
	3,152,444			8,438,404
	(3,152,320	)		(1,019,739	)
	(310,594	)		6,688,491
	—			—
	—			—
	—			—
	—			—
	—			—
	(2,712,561	)		(1,391,792	)
	—			—
	(922,434	)		(447,225	)
	(4,891,933	)		(1,792,480	)
	—			—
	(8,526,928	)		(3,631,497	)
	4,001,333			6,945,592
	8,438,235			3,563,191
	(8,994,110	)		(23,708,498	)
	3,445,458			(13,199,715	)
	(5,392,064	)		(10,142,721	)
	38,016,651			48,159,372
$	32,624,587		$	38,016,651
$	(859,931	)	$	(549,213	)

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 241

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 2020:
Class A
3/31/2018+	$	20.42	$	0.29	$	(0.12	)	$	0.17		$	(0.65	)	$	—
9/30/2017		19.20		0.20		1.48			1.68			(0.46	)		—
9/30/2016		18.09		0.46		1.23			1.69			(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	)
Class C
3/31/2018+	$	20.27	$	0.21	$	(0.13	)	$	0.08		$	(0.48	)	$	—
9/30/2017		19.10		0.05		1.50			1.55			(0.38	)		—
9/30/2016		18.02		0.31		1.22			1.53			(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	)
Class R
3/31/2018+	$	20.09	$	0.28	$	(0.15	)	$	0.13		$	(0.57	)	$	—
9/30/2017		19.21		0.32		0.94			1.26			(0.38	)		—
9/30/2016		18.10		0.40		1.22			1.62			(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	)
Class P
3/31/2018+	$	20.62	$	0.32	$	(0.13	)	$	0.19		$	(0.70	)	$	—
9/30/2017		19.41		0.28		1.48			1.76			(0.55	)		—
9/30/2016		18.34		0.52		1.24			1.76			(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	)
Class R6
3/31/2018+	$	20.66	$	0.33	$	(0.13	)	$	0.20		$	(0.72	)	$	—
9/30/2017		19.43		0.26		1.53			1.79			(0.56	)		—
9/30/2016		18.37		0.54		1.23			1.77			(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	)
Administrative Class
3/31/2018+	$	20.56	$	0.29	$	(0.11	)	$	0.18		$	(0.66	)	$	—
9/30/2017		19.28		0.24		1.47			1.71			(0.43	)		—
9/30/2016		18.22		0.51		1.18			1.69			(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	)

+ 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.

242 Semiannual Report |  March 31, 2018  | 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	)	$	19.94		0.74	%	$	10,004		0.35	%(d)		0.60	%(d)		2.87	%(d)		12	%
	(0.46	)		20.42		9.02			13,645		0.36			0.60			1.04			143
	(0.58	)		19.20		9.57			12,715		0.48			0.60			2.51			106
	(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
$	(0.48	)	$	19.87		0.33	%	$	403		1.10	%(d)		1.35	%(d)		2.02	%(d)		12	%
	(0.38	)		20.27		8.31			454		1.11			1.35			0.28			143
	(0.45	)		19.10		8.68			408		1.23			1.35			1.71			106
	(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
$	(0.57	)	$	19.65		0.58	%	$	86		0.70	%(d)		0.85	%(d)		2.80	%(d)		12	%
	(0.38	)		20.09		6.70			43		0.71			0.86			1.71			143
	(0.51	)		19.21		9.12			649		0.83			0.85			2.18			106
	(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
$	(0.70	)	$	20.11		0.87	%	$	20,629		0.05	%(d)		0.20	%(d)		3.13	%(d)		12	%
	(0.55	)		20.62		9.37			20,137		0.06			0.20			1.42			143
	(0.69	)		19.41		9.88			25,879		0.18			0.20			2.82			106
	(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
$	(0.72	)	$	20.14		0.90	%	$	17,365		—	%(d)(f)(g)		0.10	%(d)		3.22	%(d)		12	%
	(0.56	)		20.66		9.54			17,943		—	(f)		0.10			1.31			143
	(0.71	)		19.43		9.94			13,274		0.08			0.10			2.93			106
	(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
$	(0.66	)	$	20.08		0.80	%	$	692		0.30	%(d)		0.45	%(d)		2.82	%(d)		12	%
	(0.43	)		20.56		9.10			665		0.31			0.45			1.22			143
	(0.63	)		19.28		9.55			377		0.43			0.45			2.76			106
	(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

(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) Actual amount rounds to less than 0.01%.

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 243

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
3/31/2018+	$	18.54	$	0.27	$	0.07		$	0.34		$	(0.61	)	$	(0.22	)
9/30/2017		16.95		0.10		1.81			1.91			(0.31	)		(0.01	)
9/30/2016		15.89		0.40		1.16			1.56			(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
3/31/2018+	$	18.35	$	0.23	$	0.07		$	0.30		$	(0.49	)	$	(0.22	)
9/30/2017		16.89		0.14		1.69			1.83			(0.36	)		(0.01	)
9/30/2016		15.83		0.34		1.16			1.50			(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
3/31/2018+	$	18.54	$	0.30	$	0.07		$	0.37		$	(0.67	)	$	(0.22	)
9/30/2017		17.05		0.16		1.80			1.96			(0.46	)		(0.01	)
9/30/2016		16.01		0.44		1.19			1.63			(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
3/31/2018+	$	18.57	$	0.31	$	0.06		$	0.37		$	(0.67	)	$	(0.22	)
9/30/2017		17.07		0.15		1.83			1.98			(0.47	)		(0.01	)
9/30/2016		16.03		0.45		1.19			1.64			(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
3/31/2018+	$	18.55	$	0.22	$	0.12		$	0.34		$	(0.56	)	$	(0.22	)
9/30/2017		17.00		0.11		1.81			1.92			(0.36	)		(0.01	)
9/30/2016		15.96		0.41		1.17			1.58			(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.

244 Semiannual Report |  March 31, 2018  | 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
$	(0.83	)	$	18.05		1.76	%	$	8,051		0.31	%(d)		0.60	%(d)		2.88	%(d)		12	%
	(0.32	)		18.54		11.55			7,843		0.32			0.60			0.56			129
	(0.50	)		16.95		10.02			6,663		0.48			0.60			2.48			115
	(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
$	(0.71	)	$	17.94		1.57	%	$	230		0.66	%(d)		0.85	%(d)		2.48	%(d)		12	%
	(0.37	)		18.35		11.11			219		0.67			0.86			0.79			129
	(0.44	)		16.89		9.67			835		0.83			0.85			2.08			115
	(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
$	(0.89	)	$	18.02		1.88	%	$	35,522		0.01	%(d)		0.20	%(d)		3.23	%(d)		12	%
	(0.47	)		18.54		11.85			36,000		0.02			0.20			0.92			129
	(0.59	)		17.05		10.43			34,729		0.18			0.20			2.70			115
	(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
$	(0.89	)	$	18.05		1.91	%	$	19,675		—	%(d)(f)(g)		0.10	%(d)		3.36	%(d)		12	%
	(0.48	)		18.57		11.97			20,971		—	(f)		0.10			0.87			129
	(0.60	)		17.07		10.55			12,439		0.08			0.10			2.78			115
	(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
$	(0.78	)	$	18.11		1.76	%	$	255		0.26	%(d)		0.45	%(d)		2.38	%(d)		12	%
	(0.37	)		18.55		11.57			740		0.27			0.45			0.61			129
	(0.54	)		17.00		10.12			585		0.43			0.45			2.56			115
	(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

(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) Actual amount rounds to less than 0.01%.

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 245

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 Retirement 2030:
Class A
3/31/2018+	$	22.48	$	0.36		$	0.18		$	0.54		$	(0.89	)	$	(0.32	)
9/30/2017		20.14		0.07			2.70			2.77			(0.35	)		(0.08	)
9/30/2016		18.84		0.44			1.39			1.83			(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	)
Class C
3/31/2018+	$	22.17	$	0.27		$	0.18		$	0.45		$	(0.72	)	$	(0.32	)
9/30/2017		19.96		(0.09	)		2.66			2.57			(0.28	)		(0.08	)
9/30/2016		18.70		0.27			1.41			1.68			(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	)
Class R
3/31/2018+	$	22.35	$	0.35		$	0.15		$	0.50		$	(0.73	)	$	(0.32	)
9/30/2017		20.11		0.15			2.54			2.69			(0.37	)		(0.08	)
9/30/2016		18.89		0.36			1.40			1.76			(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	)
Class P
3/31/2018+	$	22.72	$	0.41		$	0.17		$	0.58		$	(0.95	)	$	(0.32	)
9/30/2017		20.43		0.15			2.71			2.86			(0.49	)		(0.08	)
9/30/2016		19.14		0.48			1.44			1.92			(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	)
Class R6
3/31/2018+	$	22.78	$	0.42		$	0.18		$	0.60		$	(0.96	)	$	(0.32	)
9/30/2017		20.48		0.15			2.73			2.88			(0.50	)		(0.08	)
9/30/2016		19.19		0.50			1.44			1.94			(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	)
Administrative Class
3/31/2018+	$	22.66	$	0.30		$	0.26		$	0.56		$	(0.81	)	$	(0.32	)
9/30/2017		20.34		0.09			2.72			2.81			(0.41	)		(0.08	)
9/30/2016		19.06		0.45			1.41			1.86			(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	)

+ Unaudited

# Fiscal year end changed from November 30th to September 30th.

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

(b) Annualized, unless otherwise noted.

(c) 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.

246 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (c)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement (d)			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (d)			Ratio of Net Investment Income (Loss) to Average Net Assets (d)			Portfolio Turnover Rate
$	(1.21	)	$	21.81		2.31	%	$	9,486		0.32	%(b)		0.60	%(b)		3.21	%(b)		7	%
	(0.43	)		22.48		14.04			9,633		0.33			0.60			0.32			125
	(0.53	)		20.14		9.91			7,473		0.47			0.60			2.26			105
	(0.96	)		18.84		(6.16	)		22,695		0.42	(b)(f)		0.62	(b)(f)		3.01	(b)(f)		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
$	(1.04	)	$	21.58		1.95	%	$	803		1.07	%(b)		1.35	%(b)		2.45	%(b)		7	%
	(0.36	)		22.17		13.11			790		1.08			1.35			(0.42	)		125
	(0.42	)		19.96		9.11			696		1.22			1.35			1.44			105
	(0.77	)		18.70		(6.72	)		608		1.17	(b)(f)		1.37	(b)(f)		2.19	(b)(f)		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
$	(1.05	)	$	21.80		2.17	%	$	437		0.67	%(b)		0.85	%(b)		3.10	%(b)		7	%
	(0.45	)		22.35		13.64			500		0.68			0.86			0.73			125
	(0.54	)		20.11		9.48			2,295		0.82			0.85			1.87			105
	(0.88	)		18.89		(6.38	)		1,445		0.77	(b)(f)		0.87	(b)(f)		2.49	(b)(f)		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	(e)		0.85			0.95			47
$	(1.27	)	$	22.03		2.46	%	$	37,881		0.02	%(b)		0.20	%(b)		3.59	%(b)		7	%
	(0.57	)		22.72		14.34			36,184		0.03			0.20			0.70			125
	(0.63	)		20.43		10.25			33,628		0.17			0.20			2.49			105
	(1.01	)		19.14		(5.91	)		28,597		0.12	(b)(f)		0.22	(b)(f)		2.80	(b)(f)		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		—	(e)		0.20			2.06			47
$	(1.28	)	$	22.10		2.54	%	$	24,871		—	%(b)(e)(g)		0.10	%(b)		3.67	%(b)		7	%
	(0.58	)		22.78		14.44			24,904		—	(e)		0.10			0.69			125
	(0.65	)		20.48		10.34			16,758		0.07			0.10			2.54			105
	(1.03	)		19.19		(5.81	)		12,883		0.02	(b)(f)		0.12	(b)(f)		3.19	(b)(f)		147
	(0.51	)		21.42		4.63			8,752		—	(e)		0.10			2.79			93
	(0.60	)		20.98		7.87			10,854		—	(e)		0.12			3.05			79
	(1.92	)		20.04		11.07			9,182		—	(e)		0.15			3.14			47
$	(1.13	)	$	22.09		2.38	%	$	442		0.27	%(b)		0.45	%(b)		2.62	%(b)		7	%
	(0.49	)		22.66		14.09			1,392		0.28			0.45			0.44			125
	(0.58	)		20.34		9.96			1,250		0.42			0.45			2.33			105
	(0.96	)		19.06		(6.11	)		1,817		0.36	(b)(f)		0.46	(b)(f)		7.07	(b)(f)		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	(e)		0.45			2.95			47

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

(e) See Note 6 in the Notes to Financial Statements.

(f) Certain expenses incurred by the Fund were not annualized.

(g) Actual amount rounds to less than 0.01%.

See accompanying Notes to Financial Statements |  March 31, 2018  | 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 Retirement 2035:
Class A
3/31/2018+	$	20.05	$	0.39	$	0.19		$	0.58		$	(0.94	)	$	(0.25	)
9/30/2017		17.69		0.12		2.67			2.79			(0.34	)		(0.09	)
9/30/2016		16.52		0.28		1.32			1.60			(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
3/31/2018+	$	19.92	$	0.35	$	0.19		$	0.54		$	(0.84	)	$	(0.25	)
9/30/2017		17.62		0.17		2.55			2.72			(0.33	)		(0.09	)
9/30/2016		16.48		0.22		1.31			1.53			(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
3/31/2018+	$	20.16	$	0.43	$	0.19		$	0.62		$	(1.00	)	$	(0.25	)
9/30/2017		17.82		0.17		2.70			2.87			(0.44	)		(0.09	)
9/30/2016		16.67		0.33		1.33			1.66			(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
3/31/2018+	$	20.20	$	0.45	$	0.18		$	0.63		$	(1.02	)	$	(0.25	)
9/30/2017		17.86		0.16		2.73			2.89			(0.46	)		(0.09	)
9/30/2016		16.70		0.33		1.35			1.68			(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
3/31/2018+	$	20.11	$	0.28	$	0.29		$	0.57		$	(0.83	)	$	(0.25	)
9/30/2017		17.77		0.11		2.70			2.81			(0.38	)		(0.09	)
9/30/2016		16.60		0.29		1.33			1.62			(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.

248 Semiannual Report |  March 31, 2018  | 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
$	(1.19	)	$	19.44		2.78	%	$	9,487		0.39	%(d)		0.60	%(d)		3.83	%(d)		5	%
	(0.43	)		20.05		16.14			8,683		0.40			0.60			0.66			122
	(0.43	)		17.69		9.83			9,173		0.50			0.60			1.66			97
	(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
$	(1.09	)	$	19.37		2.63	%	$	725		0.74	%(d)		0.85	%(d)		3.52	%(d)		5	%
	(0.42	)		19.92		15.74			672		0.75			0.86			0.92			122
	(0.39	)		17.62		9.45			1,575		0.85			0.85			1.30			97
	(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
$	(1.25	)	$	19.53		2.96	%	$	33,389		0.09	%(d)		0.20	%(d)		4.25	%(d)		5	%
	(0.53	)		20.16		16.52			32,371		0.10			0.20			0.93			122
	(0.51	)		17.82		10.13			29,994		0.20			0.20			1.96			97
	(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
$	(1.27	)	$	19.56		3.00	%	$	16,145		—	%(d)(f)(g)		0.10	%(d)		4.40	%(d)		5	%
	(0.55	)		20.20		16.61			15,879		—	(g)		0.10			0.86			122
	(0.52	)		17.86		10.29			9,265		0.10			0.10			1.94			97
	(0.88	)		16.70		(6.15	)		6,172		—	(d)(e)(g)		0.12	(d)(e)		3.22	(d)(e)		138
	(0.42	)		18.68		4.89			6,587		—	(f)		0.10			2.66			90
	(0.48	)		18.23		10.24			5,850		—	(f)		0.12			3.10			67
	(0.18	)		17.00		14.65			5,132		—	(d)(f)		0.15	(d)		3.00	(d)		38
$	(1.08	)	$	19.60		2.77	%	$	339		0.34	%(d)		0.45	%(d)		2.71	%(d)		5	%
	(0.47	)		20.11		16.22			884		0.35			0.45			0.57			122
	(0.45	)		17.77		9.93			639		0.45			0.45			1.74			97
	(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

(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) Actual amount rounds to less than 0.01%.

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 249

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
3/31/2018+	$	23.24	$	0.50	$	0.24		$	0.74		$	(1.23	)	$	(0.21	)
9/30/2017		20.51		0.12		3.35			3.47			(0.37	)		(0.37	)
9/30/2016		19.04		0.27		1.61			1.88			(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	)
Class C
3/31/2018+	$	22.97	$	0.42	$	0.22		$	0.64		$	(1.06	)	$	(0.21	)
9/30/2017		20.36		0.01		3.26			3.27			(0.29	)		(0.37	)
9/30/2016		18.94		0.19		1.54			1.73			(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	)
Class R
3/31/2018+	$	22.94	$	0.49	$	0.20		$	0.69		$	(1.04	)	$	(0.21	)
9/30/2017		20.37		0.33		3.01			3.34			(0.40	)		(0.37	)
9/30/2016		18.97		0.18		1.63			1.81			(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	)
Class P
3/31/2018+	$	23.36	$	0.57	$	0.21		$	0.78		$	(1.29	)	$	(0.21	)
9/30/2017		20.70		0.23		3.32			3.55			(0.52	)		(0.37	)
9/30/2016		19.26		0.32		1.65			1.97			(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	)
Class R6
3/31/2018+	$	23.42	$	0.56	$	0.23		$	0.79		$	(1.31	)	$	(0.21	)
9/30/2017		20.75		0.21		3.37			3.58			(0.54	)		(0.37	)
9/30/2016		19.30		0.33		1.66			1.99			(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	)
Administrative Class
3/31/2018+	$	23.24	$	0.50	$	0.24		$	0.74		$	(1.24	)	$	(0.21	)
9/30/2017		20.57		0.16		3.32			3.48			(0.44	)		(0.37	)
9/30/2016		19.14		0.31		1.60			1.91			(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	)

+ 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.

250 Semiannual Report |  March 31, 2018  | 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
$	(1.44	)	$	22.54		3.08	%	$	6,013		0.44	%(d)		0.61	%(d)		4.25	%(d)		7	%
	(0.74	)		23.24		17.46			6,480		0.46			0.60			0.57			103
	(0.41	)		20.51		9.99			4,106		0.51			0.60			1.36			101
	(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
$	(1.27	)	$	22.34		2.69	%	$	141		1.19	%(d)		1.36	%(d)		3.61	%(d)		7	%
	(0.66	)		22.97		16.53			139		1.21			1.36			0.03			103
	(0.31	)		20.36		9.20			126		1.26			1.35			0.99			101
	(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
$	(1.25	)	$	22.38		2.93	%	$	313		0.79	%(d)		0.86	%(d)		4.25	%(d)		7	%
	(0.77	)		22.94		16.98			416		0.81			0.86			1.55			103
	(0.41	)		20.37		9.64			1,648		0.86			0.86			0.94			101
	(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
$	(1.50	)	$	22.64		3.24	%	$	23,215		0.14	%(d)		0.21	%(d)		4.82	%(d)		7	%
	(0.89	)		23.36		17.83			24,077		0.16			0.21			1.06			103
	(0.53	)		20.70		10.36			20,628		0.21			0.21			1.61			101
	(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
$	(1.52	)	$	22.69		3.28	%	$	23,863		0.04	%(d)		0.11	%(d)		4.76	%(d)		7	%
	(0.91	)		23.42		17.95			23,705		0.06			0.10			0.98			103
	(0.54	)		20.75		10.47			15,812		0.11			0.11			1.65			101
	(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
$	(1.45	)	$	22.53		3.07	%	$	479		0.39	%(d)		0.46	%(d)		4.26	%(d)		7	%
	(0.81	)		23.24		17.52			425		0.41			0.45			0.73			103
	(0.48	)		20.57		10.09			374		0.46			0.46			1.58			101
	(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

(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, 2018  | 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 Retirement 2045:
Class A
3/31/2018+	$	20.36	$	0.46	$	0.21		$	0.67		$	(1.12	)	$	(0.15	)
9/30/2017		18.07		0.13		3.04			3.17			(0.34	)		(0.54	)
9/30/2016		16.71		0.20		1.54			1.74			(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
3/31/2018+	$	20.14	$	0.43	$	0.19		$	0.62		$	(1.02	)	$	(0.15	)
9/30/2017		17.97		0.30		2.78			3.08			(0.37	)		(0.54	)
9/30/2016		16.65		0.13		1.55			1.68			(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
3/31/2018+	$	20.42	$	0.51	$	0.19		$	0.70		$	(1.18	)	$	(0.15	)
9/30/2017		18.19		0.21		3.03			3.24			(0.47	)		(0.54	)
9/30/2016		16.84		0.26		1.56			1.82			(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
3/31/2018+	$	20.48	$	0.51	$	0.21		$	0.72		$	(1.20	)	$	(0.15	)
9/30/2017		18.25		0.19		3.07			3.26			(0.49	)		(0.54	)
9/30/2016		16.89		0.22		1.62			1.84			(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
3/31/2018+	$	20.28	$	0.46	$	0.21		$	0.67		$	(1.12	)	$	(0.15	)
9/30/2017		18.10		0.16		3.01			3.17			(0.45	)		(0.54	)
9/30/2016		16.76		0.22		1.55			1.77			(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.

252 Semiannual Report |  March 31, 2018  | 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
$	(1.27	)	$	19.76		3.20	%	$	4,867		0.48	%(d)		0.61	%(d)		4.50	%(d)		5	%
	(0.88	)		20.36		18.35			4,630		0.49			0.60			0.70			97
	(0.38	)		18.07		10.55			3,753		0.51			0.60			1.17			103
	(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
$	(1.17	)	$	19.59		2.98	%	$	216		0.83	%(d)		0.86	%(d)		4.25	%(d)		5	%
	(0.91	)		20.14		17.94			193		0.84			0.86			1.64			97
	(0.36	)		17.97		10.20			625		0.86			0.86			0.78			103
	(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
$	(1.33	)	$	19.79		3.32	%	$	15,298		0.18	%(d)		0.21	%(d)		5.01	%(d)		5	%
	(1.01	)		20.42		18.74			15,458		0.19			0.21			1.10			97
	(0.47	)		18.19		10.95			12,764		0.21			0.21			1.49			103
	(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
$	(1.35	)	$	19.85		3.41	%	$	13,830		0.08	%(d)		0.11	%(d)		4.99	%(d)		5	%
	(1.03	)		20.48		18.82			12,770		0.09			0.10			1.01			97
	(0.48	)		18.25		11.06			7,919		0.11			0.11			1.25			103
	(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
$	(1.27	)	$	19.68		3.19	%	$	565		0.43	%(d)		0.46	%(d)		4.46	%(d)		5	%
	(0.99	)		20.28		18.40			666		0.44			0.45			0.85			97
	(0.43	)		18.10		10.67			359		0.46			0.46			1.27			103
	(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

(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, 2018  | 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			Distributions from Net Realized Capital Gains
AllianzGI Retirement 2050:
Class A
3/31/2018+	$	22.66	$	0.49	$	0.28		$	0.77		$	(1.28	)	$	(0.20	)
9/30/2017		20.10		0.09		3.46			3.55			(0.44	)		(0.55	)
9/30/2016		18.72		0.20		1.78			1.98			(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	)
Class C
3/31/2018+	$	22.25	$	0.45	$	0.22		$	0.67		$	(1.13	)	$	(0.20	)
9/30/2017		19.80		0.01		3.33			3.34			(0.34	)		(0.55	)
9/30/2016		18.52		0.11		1.71			1.82			(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	)
Class R
3/31/2018+	$	22.46	$	0.49	$	0.23		$	0.72		$	(1.02	)	$	(0.20	)
9/30/2017		19.99		0.44		3.00			3.44			(0.42	)		(0.55	)
9/30/2016		18.68		0.15		1.76			1.91			(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	)
Class P
3/31/2018+	$	22.86	$	0.59	$	0.23		$	0.82		$	(1.36	)	$	(0.20	)
9/30/2017		20.31		0.25		3.39			3.64			(0.54	)		(0.55	)
9/30/2016		18.97		0.27		1.80			2.07			(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	)
Class R6
3/31/2018+	$	22.96	$	0.59	$	0.23		$	0.82		$	(1.38	)	$	(0.20	)
9/30/2017		20.39		0.23		3.45			3.68			(0.56	)		(0.55	)
9/30/2016		19.03		0.30		1.79			2.09			(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	)
Administrative Class
3/31/2018+	$	22.74	$	0.54	$	0.23		$	0.77		$	(1.30	)	$	(0.20	)
9/30/2017		20.20		0.18		3.40			3.58			(0.49	)		(0.55	)
9/30/2016		18.87		0.24		1.77			2.01			(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	)

+ 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.

254 Semiannual Report |  March 31, 2018  | 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
$	(1.48	)	$	21.95		3.31	%	$	3,359		0.49	%(d)		0.61	%(d)		4.31	%(d)		5	%
	(0.99	)		22.66		18.45			3,713		0.50			0.60			0.41			94
	(0.60	)		20.10		10.74			1,633		0.50			0.60			1.03			89
	(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
$	(1.33	)	$	21.59		2.91	%	$	173		1.24	%(d)		1.36	%(d)		3.99	%(d)		5	%
	(0.89	)		22.25		17.58			175		1.25			1.35			0.04			94
	(0.54	)		19.80		9.96			145		1.25			1.35			0.56			89
	(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
$	(1.22	)	$	21.96		3.13	%	$	109		0.84	%(d)		0.86	%(d)		4.32	%(d)		5	%
	(0.97	)		22.46		17.99			95		0.85			0.85			2.13			94
	(0.60	)		19.99		10.41			740		0.85			0.85			0.80			89
	(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
$	(1.56	)	$	22.12		3.47	%	$	12,149		0.19	%(d)		0.21	%(d)		5.17	%(d)		5	%
	(1.09	)		22.86		18.81			11,758		0.20			0.20			1.18			94
	(0.73	)		20.31		11.12			10,021		0.20			0.20			1.42			89
	(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
$	(1.58	)	$	22.20		3.47	%	$	17,674		0.09	%(d)		0.11	%(d)		5.09	%(d)		5	%
	(1.11	)		22.96		18.96			16,063		0.10			0.10			1.07			94
	(0.73	)		20.39		11.23			10,525		0.10			0.10			1.54			89
	(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
$	(1.50	)	$	22.01		3.31	%	$	856		0.44	%(d)		0.46	%(d)		4.73	%(d)		5	%
	(1.04	)		22.74		18.54			813		0.45			0.45			0.86			94
	(0.68	)		20.20		10.87			646		0.45			0.45			1.23			89
	(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

(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, 2018  | Semiannual Report 255

3

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
3/31/2018+	$	19.52	$	0.44	$	0.24		$	0.68		$	(1.11	)	$	(0.11	)
9/30/2017		17.17		0.09		2.95			3.04			(0.33	)		(0.36	)
9/30/2016		16.02		0.17		1.49			1.66			(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
3/31/2018+	$	19.37	$	0.41	$	0.23		$	0.64		$	(0.97	)	$	(0.11	)
9/30/2017		17.07		0.29		2.67			2.96			(0.30	)		(0.36	)
9/30/2016		15.97		0.10		1.48			1.58			(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
3/31/2018+	$	19.68	$	0.51	$	0.20		$	0.71		$	(1.16	)	$	(0.11	)
9/30/2017		17.32		0.17		2.94			3.11			(0.39	)		(0.36	)
9/30/2016		16.17		0.20		1.52			1.72			(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
3/31/2018+	$	19.77	$	0.50	$	0.21		$	0.71		$	(1.17	)	$	(0.11	)
9/30/2017		17.38		0.17		2.98			3.15			(0.40	)		(0.36	)
9/30/2016		16.22		0.26		1.48			1.74			(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
3/31/2018+	$	19.56	$	0.48	$	0.20		$	0.68		$	(1.10	)	$	(0.11	)
9/30/2017		17.21		0.14		2.92			3.06			(0.35	)		(0.36	)
9/30/2016		16.08		0.18		1.49			1.67			(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.

256 Semiannual Report |  March 31, 2018  | 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
$	(1.22	)	$	18.98		3.38	%	$	2,431		0.49	%(d)		0.60	%(d)		4.49	%(d)		6	%
	(0.69	)		19.52		18.34			2,063		0.50			0.60			0.48			76
	(0.51	)		17.17		10.52			1,036		0.51			0.60			1.02			92
	(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
$	(1.08	)	$	18.93		3.20	%	$	115		0.84	%(d)		0.85	%(d)		4.18	%(d)		6	%
	(0.66	)		19.37		17.93			91		0.85			0.85			1.64			76
	(0.48	)		17.07		10.06			350		0.86			0.86			0.64			92
	(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
$	(1.27	)	$	19.12		3.51	%	$	6,654		0.19	%(d)		0.20	%(d)		5.17	%(d)		6	%
	(0.75	)		19.68		18.69			5,934		0.20			0.20			0.95			76
	(0.57	)		17.32		10.84			3,457		0.21			0.21			1.21			92
	(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
$	(1.28	)	$	19.20		3.53	%	$	8,025		0.09	%(d)		0.10	%(d)		5.02	%(d)		6	%
	(0.76	)		19.77		18.87			6,215		0.10			0.10			0.92			76
	(0.58	)		17.38		10.91			2,982		0.11			0.11			1.60			92
	(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
$	(1.21	)	$	19.03		3.39	%	$	363		0.44	%(d)		0.45	%(d)		4.91	%(d)		6	%
	(0.71	)		19.56		18.44			404		0.45			0.45			0.78			76
	(0.54	)		17.21		10.54			298		0.46			0.46			1.10			92
	(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

(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, 2018  | 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 Multi Asset Income:
Class A
3/31/2018+	$	18.53	$	0.46	$	(0.73	)	$	(0.27	)	$	(0.58	)	$	(0.23	)
9/30/2017		18.31		0.94		0.22			1.16			(0.85	)		(0.09	)
9/30/2016		17.34		0.75		1.09			1.84			(0.80	)		(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	)
Class C
3/31/2018+	$	18.53	$	0.39	$	(0.73	)	$	(0.34	)	$	(0.51	)	$	(0.23	)
9/30/2017		18.21		0.80		0.22			1.02			(0.61	)		(0.09	)
9/30/2016		17.16		0.66		1.04			1.70			(0.58	)		(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	)
Class R
3/31/2018+	$	19.31	$	0.44	$	(0.76	)	$	(0.32	)	$	(0.54	)	$	(0.23	)
9/30/2017		18.97		0.84		0.30			1.14			(0.71	)		(0.09	)
9/30/2016		17.92		0.73		1.11			1.84			(0.72	)		(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	)
Class P
3/31/2018+	$	18.71	$	0.49	$	(0.74	)	$	(0.25	)	$	(0.60	)	$	(0.23	)
9/30/2017		18.51		0.99		0.23			1.22			(0.93	)		(0.09	)
9/30/2016		17.58		0.83		1.09			1.92			(0.92	)		(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	)
Institutional Class
2/1/2018* - 3/31/2018+	$	17.87	$	0.19	$	(0.49	)	$	(0.30	)	$	(0.15	)	$	(0.23	)
Class R6
3/31/2018+	$	18.26	$	0.49	$	(0.72	)	$	(0.23	)	$	(0.61	)	$	(0.23	)
9/30/2017		18.08		1.00		0.21			1.21			(0.94	)		(0.09	)
9/30/2016		17.21		0.82		1.07			1.89			(0.95	)		(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	)
Administrative Class
3/31/2018+	$	18.82	$	0.45	$	(0.73	)	$	(0.28	)	$	(0.58	)	$	(0.23	)
9/30/2017		18.61		1.00		0.19			1.19			(0.89	)		(0.09	)
9/30/2016		17.60		0.75		0.94			1.69			(0.61	)		(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	)

+ 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.

258 Semiannual Report |  March 31, 2018  | 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
$	—		$	(0.81	)	$	17.45		(1.59	)%	$	10,432		0.39	%(d)		0.61	%(d)		5.08	%(d)		84	%
	—			(0.94	)		18.53		6.55			10,145		0.35			0.61			5.12			151
	—			(0.87	)		18.31		10.97			10,140		0.40			0.60			4.25			116
	—			(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
$	—		$	(0.74	)	$	17.45		(1.95	)%	$	3,238		1.14	%(d)		1.36	%(d)		4.30	%(d)		84	%
	—			(0.70	)		18.53		5.78			3,435		1.10			1.36			4.37			151
	—			(0.65	)		18.21		10.16			3,361		1.15			1.35			3.75			116
	—			(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
$	—		$	(0.77	)	$	18.22		(1.76	)%	$	128		0.74	%(d)		0.86	%(d)		4.69	%(d)		84	%
	—			(0.80	)		19.31		6.17			128		0.70			0.86			4.38			151
	—			(0.79	)		18.97		10.59			519		0.75			0.85			4.00			116
	—			(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
$	—		$	(0.83	)	$	17.63		(1.43	)%	$	13,487		0.09	%(d)		0.21	%(d)		5.35	%(d)		84	%
	—			(1.02	)		18.71		6.86			14,507		0.05			0.21			5.37			151
	—			(0.99	)		18.51		11.32			17,120		0.10			0.20			4.63			116
	—			(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
$	—		$	(0.38	)	$	17.19		(2.98	)%	$	35		0.04	%(d)		0.16	%(d)		6.90	%(d)		84	%
$	—		$	(0.84	)	$	17.19		(1.37	)%	$	19,406		—	%(d)(f)(g)		0.11	%(d)		5.47	%(d)		84	%
	—			(1.03	)		18.26		6.99			20,448		—	(f)		0.11			5.54			151
	—			(1.02	)		18.08		11.40			19,128		—			0.10			4.70			116
	—			(1.25	)		17.21		(4.23	)		8,058		0.04	(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
$	—		$	(0.81	)	$	17.74		(1.57	)%	$	505		0.34	%(d)		0.46	%(d)		4.85	%(d)		84	%
	—			(0.98	)		18.82		6.62			1,550		0.30			0.46			5.38			151
	—			(0.68	)		18.61		9.87			822		0.35			0.45			4.13			116
	—			(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

(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) Actual amount rounds to less than 0.01%.

See accompanying Notes to Financial Statements |  March 31, 2018  | 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 Allocation:
Class A
3/31/2018+	$	12.34	$	0.24		$	—		$	0.24		$	(0.53	)	$	(0.65	)
9/30/2017		11.23		0.20			1.11			1.31			(0.20	)		—
9/30/2016		10.98		0.07			0.63			0.70			(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	)		—
Class C
3/31/2018+	$	12.47	$	0.19		$	0.01		$	0.20		$	(0.40	)	$	(0.65	)
9/30/2017		11.32		0.13			1.12			1.25			(0.10	)		—
9/30/2016		11.13		(0.01	)		0.63			0.62			(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	)		—
Class R
3/31/2018+	$	12.22	$	0.23		$	—		$	0.23		$	(0.52	)	$	(0.65	)
9/30/2017		11.15		0.18			1.11			1.29			(0.22	)		—
9/30/2016		10.93		0.05			0.62			0.67			(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	)		—
Class P
3/31/2018+	$	12.28	$	0.24		$	0.02		$	0.26		$	(0.58	)	$	(0.65	)
9/30/2017		11.24		0.24			1.11			1.35			(0.31	)		—
9/30/2016		10.98		0.12			0.61			0.73			(0.07	)		(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	)		—
Institutional Class
3/31/2018+	$	12.15	$	0.25		$	—		$	0.25		$	(0.37	)	$	(0.65	)
9/30/2017		11.11		0.26			1.05			1.31			(0.27	)		—
9/30/2016		10.86		0.10			0.61			0.71			(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	)		—
Class R6
3/31/2018+	$	12.13	$	0.25		$	—		$	0.25		$	(0.57	)	$	(0.65	)
9/30/2017		11.10		0.23			1.11			1.34			(0.31	)		—
9/30/2016		10.85		0.05			0.67			0.72			(0.07	)		(0.40	)
9/8/2015* - 9/30/2015#		11.01		0.01			(0.13	)		(0.12	)		(0.04	)		—
Administrative Class
3/31/2018+	$	12.64	$	0.25		$	—		$	0.25		$	(0.54	)	$	(0.65	)
9/30/2017		11.52		0.22			1.15			1.37			(0.25	)		—
9/30/2016		11.25		0.08			0.64			0.72			(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	)		—

+ Unaudited

# Fiscal year end changed from November 30th to September 30th.

* Commencement of operations.

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

260 Semiannual Report |  March 31, 2018  | 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 (Loss) to Average Net Assets (c)			Portfolio Turnover Rate
$	(1.18	)	$	11.40		1.80	%	$	44,217		0.60	%(d)		1.13	%(d)		3.95	%(d)		8	%
	(0.20	)		12.34		11.88			47,170		0.60			1.12			1.73			15
	(0.45	)		11.23		6.55			84,852		0.60			1.13			0.68			57
	(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
$	(1.05	)	$	11.62		1.47	%	$	31,567		1.36	%(d)		1.88	%(d)		3.18	%(d)		8	%
	(0.10	)		12.47		11.09			34,670		1.35			1.87			1.12			15
	(0.43	)		11.32		5.72			46,387		1.38			1.90			(0.06	)		57
	(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
$	(1.17	)	$	11.28		1.77	%	$	28		0.80	%(d)		1.32	%(d)		3.80	%(d)		8	%
	(0.22	)		12.22		11.78			24		0.78			1.31			1.55			15
	(0.45	)		11.15		6.25			17		0.81			1.33			0.45			57
	(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
$	(1.23	)	$	11.31		1.96	%	$	3,550		0.37	%(d)		0.89	%(d)		4.03	%(d)		8	%
	(0.31	)		12.28		12.31			3,563		0.32			0.85			2.05			15
	(0.47	)		11.24		6.78			1,901		0.30			0.83			1.10			57
	(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
$	(1.02	)	$	11.38		1.97	%	$	7,053		0.40	%(d)		1.70	%(d)		4.14	%(d)		8	%
	(0.27	)		12.15		12.08			6,871		0.40			0.95			2.35			15
	(0.46	)		11.11		6.72			68,709		0.40			0.92			0.89			57
	(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
$	(1.22	)	$	11.16		1.95	%	$	270,155		0.30	%(d)		0.82	%(d)		4.22	%(d)		8	%
	(0.31	)		12.13		12.40			264,255		0.28			0.80			1.99			15
	(0.47	)		11.10		6.81			291,767		0.30			0.83			0.48			57
	(0.04	)		10.85		(1.14	)		91,912		0.30	(d)(e)		1.31	(d)(e)		2.07	(d)(e)		113
$	(1.19	)	$	11.70		1.85	%	$	27		0.55	%(d)		1.07	%(d)		4.00	%(d)		8	%
	(0.25	)		12.64		12.07			26		0.53			1.06			1.86			15
	(0.45	)		11.52		6.58			32		0.56			1.08			0.67			57
	(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

(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, 2018  | Semiannual Report 261

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 Best Styles Emerging Markets Equity:
Class A
3/31/2018+	$	16.34	$	0.03		$	1.46		$	1.49		$	(0.34	)	$	—
9/30/2017		14.44		0.38			2.37			2.75			(0.85	)		—
4/26/2016* - 9/30/2016		13.08		0.18			1.18			1.36			—			—
Class C
3/31/2018+	$	16.24	$	(0.04	)	$	1.45		$	1.41		$	(0.24	)	$	—
9/30/2017		14.40		0.20			2.43			2.63			(0.79	)		—
4/26/2016* - 9/30/2016		13.08		0.12			1.20			1.32			—			—
Class P
3/31/2018+	$	16.41	$	0.04		$	1.46		$	1.50		$	(0.33	)	$	—
9/30/2017		14.47		0.38			2.40			2.78			(0.84	)		—
9/30/2016		12.75		0.22			1.93			2.15			(0.17	)		(0.26	)
12/9/2014* - 9/30/2015#		15.00		0.34			(2.59	)		(2.25	)		—	(f)		—
Institutional Class
3/31/2018+	$	16.40	$	0.06		$	1.45		$	1.51		$	(0.36	)	$	—
9/30/2017		14.46		0.21			2.58			2.79			(0.85	)		—
9/30/2016		12.76		0.25			1.90			2.15			(0.19	)		(0.26	)
12/9/2014* - 9/30/2015#		15.00		0.36			(2.60	)		(2.24	)		—	(f)		—
Class R6
3/31/2018+	$	16.45	$	0.05		$	1.47		$	1.52		$	(0.33	)	$	—
9/30/2017		14.44		0.29			2.52			2.81			(0.80	)		—
9/30/2016		12.77		0.30			1.87			2.17			(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
3/31/2018+	$	18.83	$	0.12		$	0.48		$	0.60		$	(0.62	)	$	(1.89	)
9/30/2017		15.62		0.19			3.12			3.31			—	(f)		(0.10	)
9/30/2016		14.60		0.28			0.89			1.17			(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 C
3/31/2018+	$	18.51	$	0.04		$	0.49		$	0.53		$	(0.56	)	$	(1.89	)
9/30/2017		15.61		0.27			2.91			3.18			(0.18	)		(0.10	)
4/26/2016* - 9/30/2016		15.29		0.11			0.21			0.32			—			—
Class P
3/31/2018+	$	18.82	$	0.13		$	0.49		$	0.62		$	(0.63	)	$	(1.89	)
9/30/2017		15.79		0.36			3.01			3.37			(0.24	)		(0.10	)
9/30/2016		14.68		0.32			0.89			1.21			(0.10	)		—
12/22/2014* - 9/30/2015#		15.68		0.27			(1.27	)		(1.00	)		—	(f)		—	(f)
Institutional Class
3/31/2018+	$	18.68	$	0.14		$	0.48		$	0.62		$	(0.66	)	$	(1.89	)
9/30/2017		15.68		0.36			3.01			3.37			(0.27	)		(0.10	)
9/30/2016		14.63		0.37			0.84			1.21			(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
3/31/2018+	$	18.79	$	0.14		$	0.48		$	0.62		$	(0.64	)	$	(1.89	)
9/30/2017		15.78		0.37			3.02			3.39			(0.28	)		(0.10	)
9/30/2016		14.70		0.37			0.86			1.23			(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

* 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.

262 Semiannual Report |  March 31, 2018  | 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
$	(0.34	)	$	17.49			9.19	%	$	292			0.85	%(c)		4.13	%(c)		0.36	%(c)		10	%
	(0.85	)		16.34			20.85			143			0.86			4.96			2.53			44
	—			14.44			10.40			11			0.95	(c)		4.30	(c)		3.03	(c)		95
$	(0.24	)	$	17.41			8.75	%	$	49			1.60	%(c)		4.94	%(c)		(0.44	)%(c)		10	%
	(0.79	)		16.24			19.91			49			1.62			6.05			1.37			44
	—			14.40			10.09			14			1.70	(c)		5.13	(c)		2.08	(c)		95
$	(0.33	)	$	17.58			9.24	%	$	56			0.70	%(c)		3.93	%(c)		0.50	%(c)		10	%
	(0.84	)		16.41			20.99			37			0.72			5.09			2.53			44
	(0.43	)		14.47	(e)		17.42	(e)		10			0.80			3.94			1.72			95
	—	(f)		12.75			(14.98	)		8			0.80	(c)(d)		5.81	(c)(d)		2.88	(c)(d)		29
$	(0.36	)	$	17.55			9.32	%	$	98			0.60	%(c)		3.94	%(c)		0.65	%(c)		10	%
	(0.85	)		16.40			21.12			12			0.61			6.68			1.46			44
	(0.45	)		14.46	(e)		17.52	(e)		10			0.70			3.89			1.97			95
	—	(f)		12.76			(14.91	)		9			0.70	(c)(d)		5.82	(c)(d)		2.98	(c)(d)		29
$	(0.33	)	$	17.64			9.33	%	$	6,362			0.60	%(c)		3.90	%(c)		0.54	%(c)		10	%
	(0.80	)		16.45			21.15			6,954			0.60			5.62			1.98			44
	(0.50	)		14.44	(e)		17.66	(e)		12,441			0.60			3.88			2.34			95
	—	(f)		12.77			(14.84	)		4,745			0.60	(c)(d)		5.79	(c)(d)		3.13	(c)(d)		29
$	(2.51	)	$	16.92			3.02	%	$	1,442			0.70	%(c)		1.47	%(c)		1.31	%(c)		49	%
	(0.10	)		18.83			21.29			1,317			0.74	(g)		1.07	(g)		1.15	(g)		81	(h)
	(0.15	)		15.62			8.09			36,257			0.75			0.79			1.88			70
	(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
$	(2.45	)	$	16.59			2.65	%	$	59			1.40	%(c)		1.48	%(c)		0.46	%(c)		49	%
	(0.28	)		18.51			20.68			102			1.40	(g)		1.44	(g)		1.62	(g)		81	(h)
	—			15.61			2.09			10			1.49	(c)		1.49	(c)		1.68	(c)		70
$	(2.52	)	$	16.92			3.15	%	$	2,337			0.50	%(c)		0.55	%(c)		1.44	%(c)		49	%
	(0.34	)		18.82			21.72			2,835			0.53	(g)		0.56	(g)		2.09	(g)		81	(h)
	(0.10	)		15.79			8.28			2,851			0.60			0.62			2.13			70
	—	(f)		14.68			(6.35	)		4,069			0.61	(c)(d)		0.69	(c)(d)		2.20	(c)(d)		35
$	(2.55	)	$	16.75			3.16	%	$	2,386			0.40	%(c)		0.51	%(c)		1.60	%(c)		49	%
	(0.37	)		18.68			21.88			2,323			0.42	(g)		0.54	(g)		2.15	(g)		81	(h)
	(0.16	)		15.68			8.31			2,390			0.50			0.51			2.44			70
	(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
$	(2.53	)	$	16.88			3.17	%	$	615,135			0.40	%(c)		0.45	%(c)		1.60	%(c)		49	%
	(0.38	)		18.79			21.92			594,634			0.40	(g)		0.43	(g)		2.20	(g)		81	(h)
	(0.15	)		15.78			8.41			560,066			0.40			0.49			2.42			70
	(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	(c)		0.40			1.80(c	)		2.40	(c)		76

(c) Annualized, unless otherwise noted.

(d) Certain expenses incurred by the Fund were not annualized.

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

(f) Actual amount rounds to less than $(0.01) per share.

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

(h) Portfolio turnover rate excludes securities received or delivered from in-kind fund share transactions.

See accompanying Notes to Financial Statements |  March 31, 2018  | 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			Distributions from Net Realized Capital Gains
AllianzGI Best Styles International Equity:
Class A
3/31/2018+	$	15.71	$	0.11	$	0.38		$	0.49		$	(0.72	)	$	—
9/30/2017		14.21		0.38		2.44			2.82			(1.32	)		—
4/26/2016* - 9/30/2016		14.20		0.23		(0.22	)		0.01			—			—
Class C
3/31/2018+	$	15.58	$	0.04	$	0.37		$	0.41		$	(0.65	)	$	—
9/30/2017		14.16		0.27		2.44			2.71			(1.29	)		—
4/26/2016* - 9/30/2016		14.20		0.17		(0.21	)		(0.04	)		—			—
Class P
3/31/2018+	$	15.74	$	0.11	$	0.38		$	0.49		$	(0.73	)	$	—
9/30/2017		14.21		0.35		2.50			2.85			(1.32	)		—
9/30/2016		13.83		0.40		0.23			0.63			(0.12	)		(0.13	)
12/9/2014* - 9/30/2015#		15.00		0.37		(1.53	)		(1.16	)		(0.01	)		—
Institutional Class
3/31/2018+	$	15.76	$	0.16	$	0.34		$	0.50		$	(0.72	)	$	—
9/30/2017		14.22		0.38		2.49			2.87			(1.33	)		—
9/30/2016		13.84		0.48		0.16			0.64			(0.13	)		(0.13	)
12/9/2014* - 9/30/2015#		15.00		0.38		(1.53	)		(1.15	)		(0.01	)		—
Class R6
3/31/2018+	$	15.74	$	0.12	$	0.38		$	0.50		$	(0.67	)	$	—
9/30/2017		14.20		0.36		2.51			2.87			(1.33	)		—
9/30/2016		13.85		0.45		0.21			0.66			(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 A
3/31/2018+	$	18.42	$	0.15	$	0.96		$	1.11		$	(0.13	)	$	(0.84	)
9/30/2017		15.47		0.25		2.93			3.18			(0.23	)		—
4/26/2016* - 9/30/2016		14.91		0.11		0.45			0.56			—			—
Class C
3/31/2018+	$	18.24	$	0.08	$	0.95		$	1.03		$	(0.27	)	$	(0.84	)
9/30/2017		15.42		0.12		2.92			3.04			(0.22	)		—
4/26/2016* - 9/30/2016		14.91		0.06		0.45			0.51			—			—
Class P
3/31/2018+	$	18.45	$	0.16	$	0.97		$	1.13		$	(0.37	)	$	(0.84	)
9/30/2017		15.46		0.28		2.94			3.22			(0.23	)		—
9/30/2016		14.19		0.24		1.30			1.54			(0.22	)		(0.05	)
12/1/2014* - 9/30/2015#		15.00		0.18		(0.97	)		(0.79	)		(0.02	)		—
Institutional Class
3/31/2018+	$	18.48	$	0.16	$	0.96		$	1.12		$	(0.34	)	$	(0.84	)
9/30/2017		15.49		0.28		2.94			3.22			(0.23	)		—
9/30/2016		14.20		0.25		1.32			1.57			(0.23	)		(0.05	)
12/1/2014* - 9/30/2015#		15.00		0.18		(0.96	)		(0.78	)		(0.02	)		—
Class R6
3/31/2018+	$	18.56	$	0.17	$	0.97		$	1.14		$	(0.35	)	$	(0.84	)
9/30/2017		15.53		0.30		2.97			3.27			(0.24	)		—
9/30/2016		14.21		0.27		1.31			1.58			(0.21	)		(0.05	)
12/1/2014* - 9/30/2015#		15.00		0.20		(0.97	)		(0.77	)		(0.02	)		—

+ 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.

264 Semiannual Report |  March 31, 2018  | 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
$	(0.72	)	$	15.48		3.11	%	$	567		0.70	%(c)		2.00	%(c)		1.40	%(c)		27	%
	(1.32	)		15.71		21.83			506		0.70	(d)		1.99	(d)		2.54	(d)		70
	—			14.21		0.07			12		0.80	(c)		1.24	(c)		3.88	(c)		103
$	(0.65	)	$	15.34		2.64	%	$	113		1.45	%(c)		2.80	%(c)		0.48	%(c)		27	%
	(1.29	)		15.58		21.06			146		1.46	(d)		2.69	(d)		1.84	(d)		70
	—			14.16		(0.28	)		15		1.55	(c)		2.02	(c)		2.79	(c)		103
$	(0.73	)	$	15.50		3.12	%	$	117		0.55	%(c)		1.74	%(c)		1.44	%(c)		27	%
	(1.32	)		15.74		22.11			119		0.56	(d)		1.73	(d)		2.32	(d)		70
	(0.25	)		14.21		4.57			10		0.65			0.97			2.87			103
	(0.01	)		13.83		(7.74	)		9		0.65	(c)(e)		2.06	(c)(e)		2.99	(c)(e)		29
$	(0.72	)	$	15.54		3.18	%	$	177		0.45	%(c)		1.71	%(c)		2.03	%(c)		27	%
	(1.33	)		15.76		22.20			90		0.48	(d)		1.66	(d)		2.62	(d)		70
	(0.26	)		14.22		4.66			36		0.55			1.01			3.49			103
	(0.01	)		13.84		(7.66	)		9		0.55	(c)(e)		2.06	(c)(e)		3.09	(c)(e)		29
$	(0.67	)	$	15.57		3.15	%	$	25,665		0.45	%(c)		1.74	%(c)		1.54	%(c)		27	%
	(1.33	)		15.74		22.25			25,643		0.45	(d)		1.50	(d)		2.50	(d)		70
	(0.31	)		14.20		4.74			71,088		0.45			0.99			3.25			103
	(0.01	)		13.85		(7.59	)		56,210		0.45	(c)(e)		1.62	(c)(e)		3.31	(c)(e)		29
$	(0.97	)	$	18.56		5.95	%	$	136		0.65	%(c)		1.26	%(c)		1.61	%(c)		26	%
	(0.23	)		18.42		20.80			46		0.68			1.02			1.49			55	(f)
	—			15.47		3.76			47		0.75	(c)		0.93	(c)		1.75	(c)		64
$	(1.11	)	$	18.16		5.56	%	$	34		1.40	%(c)		1.54	%(c)		0.81	%(c)		26	%
	(0.22	)		18.24		19.92			20		1.42			1.56			0.74			55	(f)
	—			15.42		3.42			10		1.50	(c)		1.61	(c)		0.88	(c)		64
$	(1.21	)	$	18.37		6.04	%	$	508		0.50	%(c)		0.54	%(c)		1.71	%(c)		26	%
	(0.23	)		18.45		21.07			476		0.51			0.57			1.62			55	(f)
	(0.27	)		15.46		10.95			54		0.60			0.71			1.63			64
	(0.02	)		14.19		(5.27	)		25		0.60	(c)(e)		1.32	(c)(e)		1.40	(c)(e)		51
$	(1.18	)	$	18.42		6.00	%	$	107		0.50	%(c)		0.52	%(c)		1.69	%(c)		26	%
	(0.23	)		18.48		21.04			121		0.50			0.66			1.64			55	(f)
	(0.28	)		15.49		11.20			86		0.50			0.75			1.72			64
	(0.02	)		14.20		(5.20	)		1,771		0.50	(c)(e)		1.45	(c)(e)		1.51	(c)(e)		51
$	(1.19	)	$	18.51		6.07	%	$	125,496		0.40	%(c)		0.52	%(c)		1.81	%(c)		26	%
	(0.24	)		18.56		21.26			113,074		0.40			0.56			1.78			55	(f)
	(0.26	)		15.53		11.23			100,878		0.40			0.62			1.80			64
	(0.02	)		14.21		(5.12	)		86,456		0.40	(c)(e)		0.74	(c)(e)		1.63	(c)(e)		51

(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) Portfolio turnover rate excludes securities received or delivered from in-kind fund share transactions.

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 265

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
3/31/2018+	$	34.27	$	0.17	$	1.72		$	1.89		$	(1.16	)	$	(5.09	)
9/30/2017		31.02		0.38		3.64			4.02			(0.77	)		—
9/30/2016		32.13		0.64		1.29			1.93			(0.53	)		(2.51	)
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	)
Class C
3/31/2018+	$	34.36	$	0.05	$	1.72		$	1.77		$	(0.96	)	$	(5.09	)
9/30/2017		31.19		0.17		3.65			3.82			(0.65	)		—
9/30/2016		32.20		0.42		1.30			1.72			(0.22	)		(2.51	)
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	)
Class R
3/31/2018+	$	34.19	$	0.11	$	1.75		$	1.86		$	(0.01	)	$	(5.09	)
9/30/2017		30.97		0.26		3.64			3.90			(0.68	)		—
9/30/2016		32.08		0.52		1.27			1.79			(0.39	)		(2.51	)
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	)
Class P
3/31/2018+	$	33.95	$	0.21	$	1.69		$	1.90		$	(1.44	)	$	(5.09	)
9/30/2017		30.84		0.48		3.61			4.09			(0.98	)		—
9/30/2016		32.07		0.72		1.27			1.99			(0.71	)		(2.51	)
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	)
Institutional Class
3/31/2018+	$	33.89	$	0.21	$	1.70		$	1.91		$	(1.13	)	$	(5.09	)
9/30/2017		30.76		0.49		3.61			4.10			(0.97	)		—
9/30/2016		32.02		0.74		1.26			2.00			(0.75	)		(2.51	)
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	)
Administrative Class
3/31/2018+	$	34.08	$	0.18	$	1.71		$	1.89		$	(1.26	)	$	(5.09	)
9/30/2017		30.96		0.42		3.62			4.04			(0.92	)		—
9/30/2016		32.14		0.66		1.29			1.95			(0.62	)		(2.51	)
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	)

+ 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.

266 Semiannual Report |  March 31, 2018  | 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
$	(6.25	)	$	29.91			6.14	%	$	63,753		1.02	%(c)		1.02	%(c)		1.05	%(c)		62	%
	(0.77	)		34.27			13.14			76,586		1.02			1.02			1.19			124	(d)
	(3.04	)		31.02			6.42			259,711		0.99			0.99			2.12			101
	(2.84	)		32.13			(4.56	)		465,080		0.98	(c)(e)		0.98	(c)(e)		1.08	(c)(e)		73
	(1.57	)		36.54	(f)		9.47	(f)		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
$	(6.05	)	$	30.08			5.73	%	$	46,797		1.76	%(c)		1.76	%(c)		0.30	%(c)		62	%
	(0.65	)		34.36			12.41			48,905		1.69			1.69			0.51			124	(d)
	(2.73	)		31.19			5.65			67,423		1.71			1.71			1.40			101
	(2.57	)		32.20			(5.11	)		101,326		1.71	(c)(e)		1.71	(c)(e)		0.34	(c)(e)		73
	(1.31	)		36.55	(f)		8.66	(f)		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
$	(5.10	)	$	30.95			5.92	%	$	71		1.40	%(c)		1.40	%(c)		0.68	%(c)		62	%
	(0.68	)		34.19			12.79			114		1.42			1.42			0.82			124	(d)
	(2.90	)		30.97			5.95			1,145		1.43			1.43			1.73			101
	(2.70	)		32.08			(4.82	)		1,592		1.36	(c)(e)		1.36	(c)(e)		0.70	(c)(e)		73
	(1.49	)		36.45	(f)		9.10	(f)		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
$	(6.53	)	$	29.32			6.27	%	$	86,749		0.73	%(c)		0.73	%(c)		1.33	%(c)		62	%
	(0.98	)		33.95			13.52			80,392		0.72			0.72			1.49			124	(d)
	(3.22	)		30.84			6.67			88,900		0.73			0.73			2.38			101
	(2.92	)		32.07			(4.32	)		160,998		0.69	(c)(e)		0.69	(c)(e)		1.36	(c)(e)		73
	(1.64	)		36.47	(f)		9.71	(f)		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
$	(6.22	)	$	29.58			6.27	%	$	274,079		0.72	%(c)		0.72	%(c)		1.35	%(c)		62	%
	(0.97	)		33.89			13.58			322,732		0.68			0.68			1.54			124	(d)
	(3.26	)		30.76			6.73			1,089,974		0.67			0.67			2.47			101
	(2.94	)		32.02			(4.27	)		1,428,098		0.66	(c)(e)		0.66	(c)(e)		1.40	(c)(e)		73
	(1.67	)		36.42	(f)		9.79	(f)		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
$	(6.35	)	$	29.62			6.17	%	$	937		0.94	%(c)		0.94	%(c)		1.14	%(c)		62	%
	(0.92	)		34.08			13.30			1,240		0.89			0.89			1.32			124	(d)
	(3.13	)		30.96			6.52			1,428		0.90			0.90			2.20			101
	(2.85	)		32.14			(4.49	)		1,998		0.89	(c)(e)		0.89	(c)(e)		1.15	(c)(e)		73
	(1.52	)		36.54	(f)		9.57	(f)		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

(c) Annualized, unless otherwise noted.

(d) Portfolio turnover rate excludes securities received or delivered from in-kind fund share transactions.

(e) Certain expenses incurred by the Fund were not annualized.

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

See accompanying Notes to Financial Statements |  March 31, 2018  | 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 Emerging Markets Consumer:
Class A
3/31/2018+	$	15.76	$	(0.01	)	$	1.28		$	1.27		$	(0.26	)	$	(0.62	)
9/30/2017		13.60		0.21			2.07			2.28			(0.12	)		—
9/30/2016		12.24		0.11			1.31			1.42			(0.06	)		—
12/1/2014* - 9/30/2015#		15.00		0.13			(2.89	)		(2.76	)		—			—
Institutional Class
3/31/2018+	$	15.86	$	0.02		$	1.28		$	1.30		$	(0.23	)	$	(0.62	)
9/30/2017		13.68		0.22			2.11			2.33			(0.15	)		—
9/30/2016		12.28		0.19			1.28			1.47			(0.07	)		—
12/1/2014* - 9/30/2015#		15.00		0.13			(2.85	)		(2.72	)		—			—
AllianzGI Emerging Markets Debt:
Class A
3/31/2018+	$	14.87	$	0.33		$	(0.33	)	$	—		$	(0.37	)	$	(0.11	)
9/30/2017		14.89		0.75			0.16			0.91			(0.91	)		(0.02	)
9/30/2016		13.51		0.71			1.32			2.03			(0.65	)		—
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
3/31/2018+	$	14.95	$	0.32		$	(0.39	)	$	(0.07	)	$	(0.22	)	$	(0.11	)
9/30/2017		14.96		0.64			0.17			0.81			(0.80	)		(0.02	)
9/30/2016		13.51		0.61			1.32			1.93			(0.48	)		—
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
3/31/2018+	$	14.84	$	0.38		$	(0.38	)	$	—		$	(0.38	)	$	(0.11	)
9/30/2017		14.90		0.77			0.16			0.93			(0.97	)		(0.02	)
9/30/2016		13.51		0.70			1.35			2.05			(0.66	)		—
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
3/31/2018+	$	14.83	$	0.39		$	(0.39	)	$	—		$	(0.39	)	$	(0.11	)
9/30/2017		14.88		0.79			0.16			0.95			(0.98	)		(0.02	)
9/30/2016		13.51		0.72			1.34			2.06			(0.69	)		—
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

# 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.

268 Semiannual Report |  March 31, 2018  | 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
$	(0.88	)	$	16.15		8.17	%	$	144		1.55	%(c)		9.08	%(c)		(0.13	)%(c)		57	%
	(0.12	)		15.76		16.97			155		1.55			16.84			1.47			122
	(0.06	)		13.60		11.67			48		1.58			38.88			0.90			91
	—			12.24		(18.40	)		37		1.65	(c)(d)		9.30	(c)(d)		1.15	(c)(d)		77
$	(0.85	)	$	16.31		8.32	%	$	51,631		1.20	%(c)		1.51	%(c)		0.21	%(c)		57	%
	(0.15	)		15.86		17.37			43,487		1.20			1.64			1.55			122
	(0.07	)		13.68		12.06			44,630		1.22			2.04			1.49			91
	—			12.28		(18.13	)		15,591		1.30	(c)(d)		3.55	(c)(d)		1.14	(c)(d)		77
$	(0.48	)	$	14.39		(0.05	)%	$	671		1.22	%(c)		1.75	%(c)		4.56	%(c)		49	%
	(0.93	)		14.87		6.41			140		1.20			1.66			5.05			118
	(0.65	)		14.89		15.39			175		1.20			1.68			5.01			123
	(0.53	)		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
$	(0.33	)	$	14.55		(0.48	)%	$	112		1.97	%(c)		2.47	%(c)		4.28	%(c)		49	%
	(0.82	)		14.95		5.64			113		1.95			2.41			4.33			118
	(0.48	)		14.96		14.56			109		1.95			2.34			4.28			123
	(0.42	)		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
$	(0.49	)	$	14.35		(0.01	)%	$	12		1.07	%(c)		1.43	%(c)		5.17	%(c)		49	%
	(0.99	)		14.84		6.55			12		1.05			1.34			5.26			118
	(0.66	)		14.90		15.57			11		1.05			1.40			5.02			123
	(0.56	)		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
$	(0.50	)	$	14.33		(0.05	)%	$	32,010		0.97	%(c)		1.43	%(c)		5.28	%(c)		49	%
	(1.00	)		14.83		6.73			36,313		0.95			1.35			5.35			118
	(0.69	)		14.88		15.67			43,318		0.95			1.40			5.15			123
	(0.57	)		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, 2018  | Semiannual Report 269

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 Emerging Markets Small-Cap:
Class A
3/31/2018+	$	18.36	$	(0.02	)	$	1.34		$	1.32		$	(0.85	)	$	(0.47	)
9/30/2017		15.15		0.23			2.98			3.21			—	(d)		—
9/30/2016		14.04		0.16			1.16			1.32			(0.21	)		—
12/1/2014* - 9/30/2015#		15.00		0.26			(1.22	)		(0.96	)		—	(d)		—
Institutional Class
3/31/2018+	$	18.04	$	0.01		$	1.34		$	1.35		$	(0.76	)	$	(0.47	)
9/30/2017		15.30		0.24			2.95			3.19			(0.45	)		—
9/30/2016		14.08		0.30			1.06			1.36			(0.14	)		—
12/1/2014* - 9/30/2015#		15.00		0.22			(1.14	)		(0.92	)		—	(d)		—
AllianzGI Europe Equity Dividend:
Class A
3/31/2018+	$	16.24	$	0.15		$	(0.39	)	$	(0.24	)	$	(0.38	)	$	—
9/30/2017		14.32		0.48			2.06			2.54			(0.62	)		—
9/30/2016		13.59		0.53			0.60			1.13			(0.40	)		—
2/2/2015* - 9/30/2015#		15.00		0.37			(1.78	)		(1.41	)		—			—
Class C
3/31/2018+	$	16.19	$	0.10		$	(0.40	)	$	(0.30	)	$	(0.22	)	$	—
9/30/2017		14.24		0.50			1.91			2.41			(0.46	)		—
9/30/2016		13.52		0.43			0.60			1.03			(0.31	)		—
2/2/2015* - 9/30/2015#		15.00		0.28			(1.76	)		(1.48	)		—			—
Class P
3/31/2018+	$	16.35	$	0.18		$	(0.40	)	$	(0.22	)	$	(0.46	)	$	—
9/30/2017		14.37		0.46			2.11			2.57			(0.59	)		—
9/30/2016		13.60		0.44			0.72			1.16			(0.39	)		—
2/2/2015* - 9/30/2015#		15.00		0.40			(1.80	)		(1.40	)		—			—
Institutional Class
3/31/2018+	$	16.37	$	0.18		$	(0.39	)	$	(0.21	)	$	(0.39	)	$	—
9/30/2017		14.34		0.58			2.01			2.59			(0.56	)		—
9/30/2016		13.61		0.55			0.62			1.17			(0.44	)		—
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) Annualized, unless otherwise noted.

(d) Actual amount rounds to less than $(0.01) per share.

(e) Certain expenses incurred by the Fund were not annualized.

270 Semiannual Report |  March 31, 2018  | 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
$	(1.32	)	$	18.36		7.53	%	$	184		1.85	%(c)		9.58	%(c)		(0.17	)%(c)		69	%
	—	(d)		18.36		21.19			204		1.85			15.72			1.39			121
	(0.21	)		15.15		9.54			67		1.85			6.84			1.14			147
	—	(d)		14.04		(6.39	)		621		1.85	(c)(e)		9.40	(c)(e)		2.12	(c)(e)		103
$	(1.23	)	$	18.16		7.77	%	$	10,978		1.50	%(c)		3.65	%(c)		0.16	%(c)		69	%
	—			18.04		21.69			11,251		1.50			3.38			1.47			121
	(0.14	)		15.30		9.80			13,367		1.50			4.72			2.08			147
	—	(d)		14.08		(6.11	)		7,921		1.50	(c)(e)		7.77	(c)(e)		1.78	(c)(e)		103
$	(0.38	)	$	15.62		(1.50	)%	$	749		1.20	%(c)		4.59	%(c)		1.88	%(c)		29	%
	(0.62	)		16.24		18.19			1,475		1.21			5.64			3.08			71
	(0.40	)		14.32		8.45			49		1.21			10.11			3.81			35
	—			13.59		(9.40	)		9		1.20	(c)(e)		11.69	(c)(e)		3.86	(c)(e)		16
$	(0.22	)	$	15.67		(1.85	)%	$	57		1.95	%(c)		5.38	%(c)		1.28	%(c)		29	%
	(0.46	)		16.19		17.25			59		1.99			6.70			3.33			71
	(0.31	)		14.24		7.70			15		1.96			11.04			3.10			35
	—			13.52		(9.87	)		11		1.95	(c)(e)		11.78	(c)(e)		2.93	(c)(e)		16
$	(0.46	)	$	15.67		(1.39	)%	$	113		1.05	%(c)		4.31	%(c)		2.18	%(c)		29	%
	(0.59	)		16.35		18.32			116		1.08			5.34			3.03			71
	(0.39	)		14.37		8.59			10		1.05			10.71			3.13			35
	—			13.60		(9.33	)		22		1.05	(c)(e)		11.62	(c)(e)		4.12	(c)(e)		16
$	(0.39	)	$	15.77		(1.33	)%	$	7,409		0.95	%(c)		4.32	%(c)		2.25	%(c)		29	%
	(0.56	)		16.37		18.50			8,687		1.00			5.74			3.92			71
	(0.44	)		14.34		8.73			6,273		0.95			9.97			3.90			35
	—			13.61		(9.27	)		2,915		0.95	(c)(e)		11.18	(c)(e)		4.00	(c)(e)		16

See accompanying Notes to Financial Statements |  March 31, 2018  | 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 Global Dynamic Allocation:
Class A
3/31/2018+	$	20.52	$	0.11	$	0.19		$	0.30		$	(0.21	)	$	(0.72	)
9/30/2017		18.32		0.20		2.00			2.20			—	(e)		—
9/30/2016		17.99		0.17		0.66			0.83			(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	)
Class C
3/31/2018+	$	20.05	$	0.04	$	0.18		$	0.22		$	(0.20	)	$	(0.72	)
9/30/2017		18.05		0.08		1.92			2.00			—	(e)		—
9/30/2016		17.63		0.08		0.62			0.70			—	(e)		(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	)
Class R
3/31/2018+	$	20.35	$	0.08	$	0.17		$	0.25		$	(0.17	)	$	(0.72	)
9/30/2017		18.23		0.16		1.96			2.12			—	(e)		—
9/30/2016		17.84		0.16		0.63			0.79			(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	)
Class P
3/31/2018+	$	20.48	$	0.13	$	0.19		$	0.32		$	(0.32	)	$	(0.72	)
9/30/2017		18.36		0.28		1.94			2.22			(0.10	)		—
9/30/2016		17.97		0.16		0.71			0.87			(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	)

+ 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) Actual amount rounds to less than $(0.01) per share.

(f) Certain expenses incurred by the Fund were not annualized.

272 Semiannual Report |  March 31, 2018  | 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
$	(0.93	)	$	19.89		1.40	%	$	2,163		0.97	%(d)		1.30	%(d)		1.10	%(d)		84	%
	—	(e)		20.52		12.01			2,421		1.02			1.35			1.05			192
	(0.50	)		18.32		4.69			5,198		0.76			1.73	(d)		0.96			79
	(2.90	)		17.99		(5.30	)		1,324		0.63	(d)(f)		4.38	(d)(f)		2.46	(d)(f)		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
$	(0.92	)	$	19.35		1.00	%	$	1,368		1.74	%(d)		2.00	%(d)		0.35	%(d)		84	%
	—	(e)		20.05		11.08			1,325		1.77			2.08			0.42			192
	(0.28	)		18.05		4.02			1,029		1.49			2.69			0.45			79
	(2.74	)		17.63		(5.95	)		1,194		1.37	(d)(f)		5.05	(d)(f)		1.90	(d)(f)		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
$	(0.89	)	$	19.71		1.16	%	$	149		1.34	%(d)		1.66	%(d)		0.76	%(d)		84	%
	—	(e)		20.35		11.63			137		1.35			1.70			0.84			192
	(0.40	)		18.23		4.50			159		1.01			2.25			0.90			79
	(2.86	)		17.84		(5.55	)		152		0.87	(d)(f)		4.80	(d)(f)		2.27	(d)(f)		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
$	(1.04	)	$	19.76		1.49	%	$	13,561		0.80	%(d)		1.04	%(d)		1.30	%(d)		84	%
	(0.10	)		20.48		12.18			12,730		0.82			1.11			1.44			192
	(0.48	)		18.36		4.89			186		0.61			1.47			0.90			79
	(2.95	)		17.97		(5.19	)		53		0.47	(d)(f)		4.07	(d)(f)		2.53	(d)(f)		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

See accompanying Notes to Financial Statements |  March 31, 2018  | 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 Global Dynamic Allocation (cont’d)
Institutional Class
3/31/2018+	$	20.61	$	0.14	$	0.20		$	0.34		$	(0.33	)	$	(0.72	)
9/30/2017		18.37		0.27		1.98			2.25			(0.01	)		—
9/30/2016		18.02		0.23		0.65			0.88			(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	)
Class R6
3/31/2018+	$	20.56	$	0.14	$	0.19		$	0.33		$	(0.35	)	$	(0.72	)
9/30/2017		18.38		0.28		1.99			2.27			(0.09	)		—
2/1/2016* - 9/30/2016		17.30		0.09		0.99			1.08			—			—
Administrative Class
3/31/2018+	$	20.55	$	0.12	$	0.18		$	0.30		$	(0.29	)	$	(0.72	)
9/30/2017		18.35		0.23		1.97			2.20			—	(e)		—
9/30/2016		17.93		0.21		0.63			0.84			(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	)

+ 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) Actual amount rounds to less than $(0.01) per share.

(f) Certain expenses incurred by the Fund were not annualized.

274 Semiannual Report |  March 31, 2018  | 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
$	(1.05	)	$	19.90		1.55	%	$	31,779		0.70	%(d)		0.97	%(d)		1.39	%(d)		84	%
	(0.01	)		20.61		12.27			31,783		0.75			1.03			1.42			192
	(0.53	)		18.37		4.98			37,722		0.51			1.45			1.27			79
	(2.97	)		18.02		(5.12	)		4,714		0.39	(d)(f)		4.10	(d)(f)		2.27	(d)(f)		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
$	(1.07	)	$	19.82		1.50	%	$	230,737		0.70	%(d)		0.94	%(d)		1.39	%(d)		84	%
	(0.09	)		20.56		12.39			231,584		0.70			0.99			1.49			192
	—			18.38		6.24			9,029		0.36	(d)		1.36	(d)		0.77	(d)		79
$	(1.01	)	$	19.84		1.35	%	$	23		0.97	%(d)		1.19	%(d)		1.13	%(d)		84	%
	—	(e)		20.55		11.99			23		1.00			1.25			1.18			192
	(0.42	)		18.35		4.73			20		0.76			1.89			1.15			79
	(2.93	)		17.93		(5.29	)		19		0.61	(d)(f)		4.29	(d)(f)		2.64	(d)(f)		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

See accompanying Notes to Financial Statements |  March 31, 2018  | 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 Global Fundamental Strategy:
Class A
3/31/2018+	$	15.74	$	0.25	$	(0.62	)	$	(0.37	)	$	(0.11	)	$	(0.33	)
9/30/2017		15.21		0.31		0.75			1.06			(0.33	)		(0.20	)
9/30/2016		14.71		0.25		0.95			1.20			(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
3/31/2018+	$	15.69	$	0.19	$	(0.61	)	$	(0.42	)	$	(0.03	)	$	(0.33	)
9/30/2017		15.23		0.21		0.74			0.95			(0.29	)		(0.20	)
9/30/2016		14.66		0.15		0.94			1.09			(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
3/31/2018+	$	15.86	$	0.26	$	(0.62	)	$	(0.36	)	$	(0.12	)	$	(0.33	)
9/30/2017		15.34		0.34		0.75			1.09			(0.37	)		(0.20	)
9/30/2016		14.77		0.28		0.94			1.22			(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
3/31/2018+	$	15.93	$	0.27	$	(0.63	)	$	(0.36	)	$	(0.14	)	$	(0.33	)
9/30/2017		15.36		0.36		0.76			1.12			(0.35	)		(0.20	)
9/30/2016		14.78		0.31		0.93			1.24			(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			—			—
AllianzGI Global High Yield:
Class P
3/31/2018+	$	15.36	$	0.33	$	(0.34	)	$	(0.01	)	$	(0.30	)	$	—
5/3/2017* - 9/30/2017		15.00		0.26		0.18			0.44			(0.08	)		—
Institutional Class
3/31/2018+	$	15.36	$	0.34	$	(0.34	)	$	—		$	(0.32	)	$	—
5/3/2017* - 9/30/2017		15.00		0.27		0.17			0.44			(0.08	)		—

+ 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 the end of period net asset value and total return by less than $0.01 and 0.01%, respectively.

276 Semiannual Report |  March 31, 2018  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period			Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
$	(0.44	)	$	14.93			(2.43	)%	$	71		1.15	%(c)		2.40	%(c)		3.21	%(c)		51	%
	(0.53	)		15.74			7.34			84		1.20	(d)		2.37	(d)		2.04	(c)		49
	(0.70	)		15.21			8.46			134		1.25			2.27			1.71			37
	(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
$	(0.36	)	$	14.91			(2.76	)%	$	18		1.90	%(c)		3.19	%(c)		2.46	%(c)		51	%
	(0.49	)		15.69			6.53			18		1.93	(d)		3.18	(d)		1.37	(d)		49
	(0.52	)		15.23			7.64			14		2.00			2.98			1.01			37
	(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
$	(0.45	)	$	15.05			(2.33	)%	$	12		1.00	%(c)		2.11	%(c)		3.34	%(c)		51	%
	(0.57	)		15.86			7.46			12		1.03	(d)		2.11	(d)		2.24	(d)		49
	(0.65	)		15.34			8.59			11		1.10			1.96			1.92			37
	(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
$	(0.47	)	$	15.10			(2.36	)%	$	16,874		0.90	%(c)		2.15	%(c)		3.46	%(c)		51	%
	(0.55	)		15.93			7.65			16,960		0.93	(d)		2.12	(d)		2.35	(d)		49
	(0.66	)		15.36			8.69			15,842		1.00			1.93			2.07			37
	(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
$	(0.30	)	$	15.05			(0.05	)%	$	10		0.81	%(c)		1.94	%(c)		4.38	%(c)		55	%
	(0.08	)		15.36			2.91			10		0.80	(c)(e)		2.76	(c)(e)		4.22	(c)(e)		107
$	(0.32	)	$	15.04			(0.04	)%	$	22,238		0.71	%(c)		1.93	%(c)		4.49	%(c)		55	%
	(0.08	)		15.36			2.96			21,625		0.70	(c)(e)		2.79	(c)(e)		4.32	(c)(e)		107

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 277

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
3/31/2018+	$	17.96	$	0.06		$	0.76		$	0.82		$	(0.21	)	$	(0.44	)
9/30/2017		15.80		0.13			2.20			2.33			(0.14	)		(0.03	)
9/30/2016		14.10		0.14			1.76			1.90			(0.20	)		—
12/9/2014* - 9/30/2015#		15.00		0.11			(1.01	)		(0.90	)		—			—
Class P
3/31/2018+	$	18.13	$	0.08		$	0.77		$	0.85		$	(0.22	)	$	(0.44	)
9/30/2017		15.91		0.15			2.23			2.38			(0.13	)		(0.03	)
9/30/2016		14.12		0.17			1.75			1.92			(0.13	)		—
12/9/2014* - 9/30/2015#		15.00		0.15			(1.03	)		(0.88	)		—			—
Institutional Class
3/31/2018+	$	18.13	$	0.09		$	0.75		$	0.84		$	(0.19	)	$	(0.44	)
9/30/2017		15.92		0.19			2.20			2.39			(0.15	)		(0.03	)
9/30/2016		14.13		0.22			1.71			1.93			(0.14	)		—
12/9/2014* - 9/30/2015#		15.00		0.16			(1.03	)		(0.87	)		—			—
AllianzGI Global Water:
Class A
3/31/2018+	$	15.49	$	—	(f)	$	0.09		$	0.09		$	(0.04	)	$	(0.38	)
9/30/2017		14.46		0.08			1.08			1.16			(0.05	)		(0.08	)
9/30/2016		11.99		0.08			2.44			2.52			(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	)		—
Class C
3/31/2018+	$	14.82	$	(0.06	)	$	0.10		$	0.04		$	—	(e)	$	(0.38	)
9/30/2017		13.90		(0.01	)		1.01			1.00			—	(e)		(0.08	)
9/30/2016		11.59		(0.02	)		2.35			2.33			—	(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)		—
Class P
3/31/2018+	$	15.57	$	0.02		$	0.10		$	0.12		$	(0.13	)	$	(0.38	)
9/30/2017		14.54		0.15			1.04			1.19			(0.08	)		(0.08	)
9/30/2016		12.05		0.11			2.45			2.56			(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	)		—
Institutional Class
3/31/2018+	$	15.32	$	0.02		$	0.09		$	0.11		$	(0.14	)	$	(0.38	)
9/30/2017		14.33		0.16			1.02			1.18			(0.11	)		(0.08	)
9/30/2016		11.90		0.11			2.41			2.52			(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	)		—

+ 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.

278 Semiannual Report |  March 31, 2018  | 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
$	(0.65	)	$	18.13		4.56	%	$	481		1.09	%(c)		4.35	%(c)		0.70	%(c)		6	%
	(0.17	)		17.96		14.94			402		1.12			7.55			0.79			27
	(0.20	)		15.80		13.54			125		1.20			21.93			0.94			20
	—			14.10		(6.00	)		62		1.20	(c)(d)		15.36	(c)(d)		0.89	(c)(d)		25
$	(0.66	)	$	18.32		4.67	%	$	64		0.94	%(c)		1.55	%(c)		0.83	%(c)		6	%
	(0.16	)		18.13		15.13			64		0.96			1.62			0.88			27
	(0.13	)		15.91		13.67			11		1.05			3.44			1.15			20
	—			14.12		(5.87	)		9		1.05	(c)(d)		8.70	(c)(d)		1.22	(c)(d)		25
$	(0.63	)	$	18.34		4.64	%	$	28,551		0.84	%(c)		1.52	%(c)		0.94	%(c)		6	%
	(0.18	)		18.13		15.25			26,615		0.89			1.63			1.16			27
	(0.14	)		15.92		13.77			20,610		0.95			2.04			1.47			20
	—			14.13		(5.80	)		2,826		0.95	(c)(d)		8.70	(c)(d)		1.32	(c)(d)		25
$	(0.42	)	$	15.16		0.53	%	$	191,026		1.18	%(c)		1.40	%(c)		0.03	%(c)		22	%
	(0.13	)		15.49		8.18			190,693		1.33			1.44			0.59			29
	(0.05	)		14.46		21.06			237,785		1.49			1.49			0.62			55
	(0.03	)		11.99		(5.37	)		128,465		1.44	(c)(d)		1.44	(c)(d)		0.58	(c)(d)		66
	—			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
$	(0.38	)	$	14.48		0.21	%	$	88,946		1.94	%(c)		2.16	%(c)		(0.74	)%(c)		22	%
	(0.08	)		14.82		7.32			89,250		2.07			2.19			(0.07	)		29
	(0.02	)		13.90		20.13			92,028		2.25			2.25			(0.18	)		55
	—			11.59		(6.00	)		69,700		2.23	(c)(d)		2.23	(c)(d)		(0.21	)(c)(d)		66
	—			12.33		1.82			77,082		2.23			2.23			(0.26	)		28
	(0.05	)		12.11		21.41			51,767		2.33			2.33			(0.18	)		28
	—			10.02		15.17			25,870		2.33			2.41			0.48			73
$	(0.51	)	$	15.18		0.68	%	$	229,681		0.92	%(c)		1.14	%(c)		0.29	%(c)		22	%
	(0.16	)		15.57		8.40			210,746		1.04			1.16			1.02			29
	(0.07	)		14.54		21.37			125,532		1.24			1.24			0.82			55
	(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
$	(0.52	)	$	14.91		0.66	%	$	155,001		0.90	%(c)		1.12	%(c)		0.31	%(c)		22	%
	(0.19	)		15.32		8.49			142,353		1.01			1.15			1.13			29
	(0.09	)		14.33		21.32			68,550		1.21			1.21			0.86			55
	(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

(c) Annualized, unless otherwise noted.

(d) Certain expenses incurred by the Fund were not annualized.

(e) Actual amount rounds to less than $(0.01) per share.

(f) Actual amount rounds to less than $0.01 per share.

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 279

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
3/31/2018+	$	9.31	$	0.23	$	(0.40	)	$	(0.17	)	$	(0.23	)	$	—
9/30/2017		9.14		0.48		0.18			0.66			(0.49	)		—
9/30/2016		8.92		0.53		0.24			0.77			(0.55	)		—
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	)
Class C
3/31/2018+	$	9.30	$	0.20	$	(0.40	)	$	(0.20	)	$	(0.20	)	$	—
9/30/2017		9.12		0.42		0.20			0.62			(0.44	)		—
9/30/2016		8.90		0.46		0.24			0.70			(0.48	)		—
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	)
Class R
3/31/2018+	$	8.94	$	0.19	$	(0.37	)	$	(0.18	)	$	(0.21	)	$	—
9/30/2017		8.79		0.43		0.18			0.61			(0.46	)		—
9/30/2016		8.61		0.48		0.22			0.70			(0.52	)		—
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	)
Class P
3/31/2018+	$	8.96	$	0.23	$	(0.38	)	$	(0.15	)	$	(0.25	)	$	—
9/30/2017		8.80		0.50		0.19			0.69			(0.53	)		—
9/30/2016		8.62		0.53		0.23			0.76			(0.58	)		—
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	)
Institutional Class
3/31/2018+	$	8.98	$	0.23	$	(0.37	)	$	(0.14	)	$	(0.25	)	$	—
9/30/2017		8.83		0.50		0.18			0.68			(0.53	)		—
9/30/2016		8.64		0.53		0.24			0.77			(0.58	)		—
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	)
Administrative Class
3/31/2018+	$	8.84	$	0.22	$	(0.38	)	$	(0.16	)	$	(0.24	)	$	—
9/30/2017		8.70		0.48		0.17			0.65			(0.51	)		—
9/30/2016		8.52		0.50		0.22			0.72			(0.54	)		—
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	)

+ 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.

280 Semiannual Report |  March 31, 2018  | 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
$	(0.23	)	$	8.91			(1.88	)%	$	36,738		1.08	%(c)		1.08	%(c)		4.91	%(c)		21	%
	(0.49	)		9.31			7.42			58,525		1.09			1.09			5.19			37
	(0.55	)		9.14			9.08			58,004		0.98			0.98			6.02			59
	(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
$	(0.20	)	$	8.90			(2.18	)%	$	9,836		1.73	%(c)		1.73	%(c)		4.27	%(c)		21	%
	(0.44	)		9.30			6.90			11,723		1.70			1.70			4.59			37
	(0.48	)		9.12			8.32			14,815		1.71			1.71			5.28			59
	(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
$	(0.21	)	$	8.55			(2.09	)%	$	820		1.60	%(c)		1.60	%(c)		4.40	%(c)		21	%
	(0.46	)		8.94			7.12			1,048		1.44			1.44			4.84			37
	(0.52	)		8.79			8.62			1,310		1.34			1.34			5.65			59
	(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
$	(0.25	)	$	8.56			(1.75	)%	$	20,700		0.68	%(c)		0.68	%(c)		5.30	%(c)		21	%
	(0.53	)		8.96			8.07			35,931		0.67			0.67			5.62			37
	(0.58	)		8.80			9.31			57,378		0.69			0.69			6.30			59
	(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
$	(0.25	)	$	8.59			(1.62	)%	$	140,942		0.72	%(c)		0.72	%(c)		5.28	%(c)		21	%
	(0.53	)		8.98			7.91			155,022		0.69			0.69			5.61			37
	(0.58	)		8.83			9.41			227,149		0.66			0.66			6.31			59
	(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
$	(0.24	)	$	8.44			(1.84	)%	$	61		0.88	%(c)		0.88	%(c)		5.02	%(c)		21	%
	(0.51	)		8.84			7.75			1,490		0.86			0.86			5.45			37
	(0.54	)		8.70			8.97			2,086		1.07			1.07			5.94			59
	(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

(c) Annualized, unless otherwise noted.

(d) Certain expenses incurred by the Fund were not annualized.

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

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 281

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 Growth:
Class A
3/31/2018+	$	19.73	$	(0.01	)	$	1.09		$	1.08		$	(0.31	)	$	(2.35	)
9/30/2017		16.37		0.04			3.32			3.36			—	(d)		—
9/30/2016		14.13		0.09			2.29			2.38			(0.14	)		—
2/2/2015* - 9/30/2015#		15.00		0.11			(0.98	)		(0.87	)		—			—
Institutional Class
3/31/2018+	$	19.90	$	—	(f)	$	1.12		$	1.12		$	(0.12	)	$	(2.35	)
9/30/2017		16.49		0.08			3.35			3.43			(0.02	)		—
9/30/2016		14.15		0.11			2.33			2.44			(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) Actual amount rounds to less than $(0.01) per share.

(e) Certain expenses incurred by the Fund were not annualized.

(f) Actual amount rounds to less than $0.01 per share.

282 Semiannual Report |  March 31, 2018  | 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
$	(2.66	)	$	18.15		5.71	%	$	218		1.05	%(c)		1.96	%(c)		(0.13	)%(c)		10	%
	—	(d)		19.73		20.53			72		1.12			1.82			0.23			18
	(0.14	)		16.37		16.97			51		1.20			6.68			0.60			20
	—			14.13		(5.80	)		10		1.20	(c)(e)		8.22	(c)(e)		1.12	(c)(e)		3
$	(2.47	)	$	18.55		5.85	%	$	19,899		0.80	%(c)		1.69	%(c)		0.02	%(c)		10	%
	(0.02	)		19.90		20.82			18,582		0.87			1.49			0.49			18
	(0.10	)		16.49		17.34			28,386		0.95			5.77			0.75			20
	—			14.15		(5.67	)		2,874		0.95	(c)(e)		7.99	(c)(e)		1.38	(c)(e)		3

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 283

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
3/31/2018+	$	41.19	$	(0.09	)	$	4.46		$	4.37		$	(0.25	)	$	(0.68	)
9/30/2017		34.57		—	(d)		6.93			6.93			(0.31	)		—
9/30/2016		34.53		0.10			1.67			1.77			(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			—	(g)		—
11/30/2012		28.31		0.16			4.06			4.22			(0.64	)		—
Class C
3/31/2018+	$	40.01	$	(0.27	)	$	4.34		$	4.07		$	(0.10	)	$	(0.68	)
9/30/2017		33.78		(0.19	)		6.67			6.48			(0.25	)		—
9/30/2016		33.94		(0.12	)		1.61			1.49			(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	)		—
Class R
3/31/2018+	$	40.46	$	(0.16	)	$	4.37		$	4.21		$	(0.51	)	$	(0.68	)
9/30/2017		34.07		0.01			6.70			6.71			(0.32	)		—
9/30/2016		34.03		0.03			1.63			1.66			(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	)		—
Class P
3/31/2018+	$	41.33	$	(0.07	)	$	4.48		$	4.41		$	(0.49	)	$	(0.68	)
9/30/2017		34.66		0.19			6.82			7.01			(0.34	)		—
9/30/2016		34.49		0.18			1.64			1.82			(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	)		—
Institutional Class
3/31/2018+	$	42.85	$	(0.07	)	$	4.65		$	4.58		$	(0.55	)	$	(0.68	)
9/30/2017		35.91		0.36			6.92			7.28			(0.34	)		—
9/30/2016		35.65		0.10			1.81			1.91			(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	)		—
Class R6
3/31/2018+	$	42.90	$	(0.02	)	$	4.62		$	4.60		$	(0.64	)	$	(0.68	)
9/30/2017		35.94		0.22			7.09			7.31			(0.35	)		—
2/1/2016* - 9/30/2016		33.52		0.34			2.08			2.42			—			—

+ 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.

284 Semiannual Report |  March 31, 2018  | 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
$	(0.93	)	$	44.63			10.70	%	$	9,518		1.25	%(c)		1.71	%(c)		(0.39	)%(c)		23	%
	(0.31	)		41.19	(e)		20.34	(e)		6,068		1.36			1.93			0.01			67
	(1.73	)		34.57			5.07			13,524		1.45			1.68			0.30			76
	(3.74	)		34.53			7.83			11,816		1.45	(c)(f)		1.63	(c)(f)		0.88	(c)(f)		39
	(4.21	)		35.77			(5.84	)		5,290		1.45			1.76			0.23			77
	—	(g)		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
$	(0.78	)	$	43.30			10.25	%	$	3,516		2.08	%(c)		2.32	%(c)		(1.28	)%(c)		23	%
	(0.25	)		40.01	(e)		19.39	(e)		2,829		2.14			2.50			(0.56	)		67
	(1.65	)		33.78			4.30			3,232		2.19			2.54			(0.35	)		76
	(3.63	)		33.94			7.14			2,837		2.19	(c)(f)		2.42	(c)(f)		0.20	(c)(f)		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
$	(1.19	)	$	43.48			10.53	%	$	360		1.59	%(c)		1.84	%(c)		(0.74	)%(c)		23	%
	(0.32	)		40.46	(e)		19.98	(e)		264		1.64			2.11			0.02			67
	(1.62	)		34.07			4.81			130		1.70			2.17			0.09			76
	(3.66	)		34.03			7.60			100		1.70	(c)(f)		2.09	(c)(f)		0.57	(c)(f)		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
$	(1.17	)	$	44.57			10.77	%	$	65,371		1.10	%(c)		1.31	%(c)		(0.31	)%(c)		23	%
	(0.34	)		41.33	(e)		20.55	(e)		55,843		1.17			1.42			0.55			67
	(1.65	)		34.66			5.25			40,183		1.28			1.44			0.54			76
	(3.69	)		34.49			7.96			36,377		1.28	(c)(f)		1.37	(c)(f)		0.97	(c)(f)		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
$	(1.23	)	$	46.20			10.81	%	$	71,443		1.06	%(c)		1.30	%(c)		(0.29	)%(c)		23	%
	(0.34	)		42.85	(e)		20.58	(e)		67,921		1.11			1.43			0.94			67
	(1.65	)		35.91			5.31			29,031		1.21			1.48			0.28			76
	(3.66	)		35.65			8.04			59,061		1.21	(c)(f)		1.39	(c)(f)		0.97	(c)(f)		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
$	(1.32	)	$	46.18			10.84	%	$	39,721		1.00	%(c)		1.25	%(c)		(0.09	)%(c)		23	%
	(0.35	)		42.90	(e)		20.66	(e)		17,804		1.05			1.42			0.60			67
	—			35.94			7.22			15,534		1.11	(c)		1.56	(c)		1.48	(c)		76

(c) Annualized, unless otherwise noted.

(d) Actual amount rounds to less than $0.01 per share.

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

(f) Certain expenses incurred by the Fund were not annualized.

(g) Actual amount rounds to less than $(0.01) per share.

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 285

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 Micro Cap:
Class A
3/31/2018+	$	15.85	$	(0.11	)	$	0.09		$	(0.02	)	$	(0.89	)
9/30/2017		14.73		(0.18	)		2.72			2.54			(1.42	)
9/30/2016		13.99		(0.18	)		1.75			1.57			(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	)		—	(e)		(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
3/31/2018+	$	15.94	$	(0.10	)	$	0.09		$	(0.01	)	$	(0.89	)
9/30/2017		14.80		(0.17	)		2.73			2.56			(1.42	)
9/30/2016		14.05		(0.16	)		1.74			1.58			(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	)		—	(e)		(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	)
Institutional Class
3/31/2018+	$	16.03	$	(0.10	)	$	0.08		$	(0.02	)	$	(0.89	)
9/30/2017		14.87		(0.17	)		2.75			2.58			(1.42	)
9/30/2016		14.11		(0.16	)		1.75			1.59			(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	)		—	(e)		(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	)

+ 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) Actual amount rounds to less than $0.01 per share.

286 Semiannual Report |  March 31, 2018  | 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
$	14.94		(0.19	)%	$	2,595		1.62	%(c)		2.18	%(c)		(1.41	)%(c)		21	%
	15.85		18.74			3,031		1.62			2.18			(1.27	)		32
	14.73		11.47			3,388		1.62			2.16			(1.26	)		39
	13.99		2.77			15,305		1.62	(c)(d)		2.07	(c)(d)		(1.35	)(c)(d)		55
	14.88		(1.11	)		4,684		1.66			2.10			(1.40	)		48
	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
$	15.04		(0.12	)%	$	1,490		1.54	%(c)		1.93	%(c)		(1.33	)%(c)		21	%
	15.94		18.79			1,568		1.54			1.89			(1.19	)		32
	14.80		11.50			1,289		1.54			1.85			(1.17	)		39
	14.05		2.91			2,264		1.51	(c)(d)		1.80	(c)(d)		(1.24	)(c)(d)		55
	14.92		(0.98	)		1,550		1.52			1.81			(1.21	)		48
	16.08		50.42			2,192		1.63			1.90			(1.25	)		63
	11.61		13.90			332		1.65			1.99			(0.85	)		62
$	15.12		(0.18	)%	$	21,461		1.54	%(c)		1.94	%(c)		(1.33	)%(c)		21	%
	16.03		18.84			27,984		1.54			1.93			(1.20	)		32
	14.87		11.53			30,768		1.54			1.91			(1.17	)		39
	14.11		2.83			34,575		1.54	(c)(d)		1.80	(c)(d)		(1.26	)(c)(d)		55
	14.99		(0.97	)		33,513		1.54			1.80			(1.25	)		48
	16.15		50.51			41,713		1.54			2.01			(1.10	)		63
	11.65		14.09			27,343		1.54			1.84			(0.90	)		62

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 287

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
3/31/2018+	$	17.24	$	0.09	$	1.52		$	1.61		$	(0.16	)	$	(0.07	)
9/30/2017		14.31		0.40		2.85			3.25			(0.32	)		—
9/30/2016		12.34		0.47		1.90			2.37			(0.40	)		—
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
3/31/2018+	$	17.33	$	0.01	$	1.55		$	1.56		$	—(h	)	$	(0.07	)
9/30/2017		14.29		0.34		2.81			3.15			(0.11	)		—
9/30/2016		12.31		0.32		1.96			2.28			(0.30	)		—
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
3/31/2018+	$	17.13	$	0.08	$	1.53		$	1.61		$	(0.07	)	$	(0.07	)
9/30/2017		14.31		0.46		2.78			3.24			(0.42	)		—
9/30/2016		12.46		0.62		1.80			2.42			(0.57	)		—
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
3/31/2018+	$	17.49	$	0.09	$	1.57		$	1.66		$	(0.17	)	$	(0.07	)
9/30/2017		14.46		0.44		2.91			3.35			(0.32	)		—
9/30/2016		12.47		0.43		2.01			2.44			(0.45	)		—
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) Annualized, unless otherwise noted.

(d) Payments from Affiliates increased the end of year net asset value (“NAV”) and total return by $0.02 and 0.15%, respectively, for Class A, $0.02 and 0.14%, respectively, for Class C, $0.02 and 0.14%, respectively, for Class P and $0.01 and 0.07%, respectively for Institutional Class. If the Affiliates had not made these payments, the end of year NAV and total return would have been $17.22 and 22.92%, respectively, for Class A, $17.31 and 21.92%, respectively, for Class C, $17.11 and 23.08%, respectively, for Class P and $17.48 and 23.26%, respectively for Institutional Class. See Note 7(a) in the Notes to Financial Statements.

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

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

(g) Certain expenses incurred by the Fund were not annualized.

(h) Actual amount rounds to less than $(0.01) per share.

288 Semiannual Report |  March 31, 2018  | 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
$	(0.23	)	$	18.62			9.41	%	$	63,132		1.14	%(c)		1.82	%(c)		0.99	%(c)		62	%
	(0.32	)		17.24	(d)		23.07	(d)		11,026		1.22	(e)		3.32	(e)		2.58	(e)		120
	(0.40	)		14.31	(f)		19.57	(f)		2,141		1.39			7.84			3.62			104
	(0.86	)		12.34			(15.12	)		207		1.55	(c)(g)		6.55	(c)(g)		4.13	(c)(g)		93
	(0.42	)		15.45			2.94			110		1.55			4.86			2.33			85
	(0.20	)		15.42			4.14			19		1.55	(c)		17.07	(c)		2.41	(c)		67
$	(0.07	)	$	18.82			9.01	%	$	1,165		1.89	%(c)		2.61	%(c)		0.06	%(c)		62	%
	(0.11	)		17.33	(d)		22.06	(d)		527		1.95	(e)		4.00	(e)		2.16	(e)		120
	(0.30	)		14.29	(f)		18.80	(f)		113		2.16			8.01			2.49			104
	(0.77	)		12.31			(15.62	)		104		2.30	(c)(g)		7.39	(c)(g)		3.12	(c)(g)		93
	(0.28	)		15.40			2.19			73		2.30			5.60			1.82			85
	(0.15	)		15.35			3.40			25		2.30	(c)		19.41	(c)		1.00	(c)		67
$	(0.14	)	$	18.60			9.46	%	$	24,108		0.98	%(c)		1.66	%(c)		0.87	%(c)		62	%
	(0.42	)		17.13	(d)		23.22	(d)		19,899		1.05	(e)		3.00	(e)		2.99	(e)		120
	(0.57	)		14.31	(f)		19.95	(f)		139		1.20			7.47			4.67			104
	(0.85	)		12.46			(15.03	)		9		1.39	(c)(g)		5.87	(c)(g)		4.12	(c)(g)		93
	(0.37	)		15.56			3.13			11		1.39			4.64			2.77			85
	(0.18	)		15.45			4.25			11		1.41	(c)		7.72	(c)		2.49	(c)		67
$	(0.24	)	$	18.91			9.53	%	$	57,527		0.89	%(c)		1.59	%(c)		1.02	%(c)		62	%
	(0.32	)		17.49	(d)		23.33	(d)		34,444		0.95	(e)		2.87	(e)		2.71	(e)		120
	(0.45	)		14.46	(f)		19.95	(f)		6,370		1.17			6.98			3.35			104
	(0.87	)		12.47			(14.91	)		6,688		1.30	(c)(g)		5.93	(c)(g)		4.25	(c)(g)		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	(c)		7.78	(c)		2.70	(c)		67

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 289

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
3/31/2018+	$	20.71	$	0.08		$	0.34		$	0.42		$	(0.41	)	$	—
9/30/2017		18.19		0.22			2.86			3.08			(0.56	)		—
9/30/2016		18.19		0.46			0.61			1.07			(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
3/31/2018+	$	19.70	$	—	(e)	$	0.33		$	0.33		$	—	(e)	$	—
9/30/2017		17.90		0.14			2.63			2.77			(0.97	)		—
9/30/2016		17.91		0.26			0.66			0.92			(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
3/31/2018+	$	20.05	$	0.11		$	0.32		$	0.43		$	(0.42	)	$	—
9/30/2017		18.33		0.39			2.58			2.97			(1.25	)		—
9/30/2016		18.40		0.46			0.63			1.09			(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
3/31/2018+	$	20.81	$	0.12		$	0.33		$	0.45		$	(0.55	)	$	—
9/30/2017		18.69		0.35			2.77			3.12			(1.00	)		—
9/30/2016		18.49		0.42			0.71			1.13			(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
3/31/2018+	$	19.90	$	0.12		$	0.32		$	0.44		$	(0.43	)	$	—
9/30/2017		18.35		0.35			2.61			2.96			(1.41	)		—
9/30/2016		18.49		0.52			0.62			1.14			(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.

290 Semiannual Report |  March 31, 2018  | 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
$	(0.41	)	$	20.72		2.02	%	$	1,362		1.30	%(c)		7.37	%(c)		0.81	%(c)		22	%
	(0.56	)		20.71		17.71			1,362		1.30			7.02			1.21			48
	(1.07	)		18.19		6.04			7,397		1.30			4.50			2.62			95
	(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
$	—	(e)	$	20.03		1.67	%	$	294		2.05	%(c)		7.63	%(c)		—	%(c)(f)		22	%
	(0.97	)		19.70		16.83			488		2.05			7.31			0.78			48
	(0.93	)		17.90		5.26			928		2.07			5.04			1.49			95
	(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
$	(0.42	)	$	20.06		2.15	%	$	50		1.05	%(c)		6.29	%(c)		1.04	%(c)		22	%
	(1.25	)		20.05		17.98			62		1.08			6.63			2.20			48
	(1.16	)		18.33		6.14			69		1.16			4.08			2.58			95
	(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
$	(0.55	)	$	20.71		2.18	%	$	1,846		1.01	%(c)		6.26	%(c)		1.11	%(c)		22	%
	(1.00	)		20.81		18.11			1,928		1.03			6.32			1.88			48
	(0.93	)		18.69		6.25			1,889		1.08			3.84			2.29			95
	(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
$	(0.43	)	$	19.91		2.20	%	$	544		0.95	%(c)		6.24	%(c)		1.17	%(c)		22	%
	(1.41	)		19.90		18.10			752		0.95			6.18			1.96			48
	(1.28	)		18.35		6.41			1,667		0.95			4.92			2.90			95
	—			18.49		(2.89	)		10		1.10	(c)(d)		3.29	(c)(d)		3.68	(c)(d)		74

(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) Actual amount rounds to less than $(0.01) per share.

(f) Actual amount rounds to less than 0.01%

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 291

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 Unrealized Loss			Total from Investment Operations			Dividends from Net Investment Income
AllianzGI Performance Fee Managed Futures Strategy†:
Class P
12/18/2017* - 3/31/2018+	$	10.00	$	0.04	$	(0.38	)	$	(0.34	)	$	—
Institutional Class
12/18/2017* - 3/31/2018+	$	10.00	$	0.04	$	(0.39	)	$	(0.35	)	$	—
Class R6
12/18/2017* - 3/31/2018+	$	10.00	$	0.04	$	(0.37	)	$	(0.33	)	$	—
AllianzGI Performance Fee Structured US Equity:
Class P
12/18/2017* - 3/31/2018+	$	10.00	$	0.09	$	(0.33	)	$	(0.24	)	$	—
Institutional Class
12/18/2017* - 3/31/2018+	$	10.00	$	0.20	$	(0.44	)	$	(0.24	)	$	—
Class R6
12/18/2017* - 3/31/2018+	$	10.00	$	0.09	$	(0.33	)	$	(0.24	)	$	—
AllianzGI Performance Fee Structured US Fixed Income:
Class P
12/18/2017* - 3/31/2018+	$	10.00	$	0.05	$	(0.23	)	$	(0.18	)	$	—
Institutional Class
12/18/2017* - 3/31/2018+	$	10.00	$	0.05	$	(0.23	)	$	(0.18	)	$	—
Class R6
12/18/2017* - 3/31/2018+	$	10.00	$	0.05	$	(0.23	)	$	(0.18	)	$	—
AllianzGI Real Estate Debt:
Class P
12/27/2017* - 3/31/2018+	$	15.00	$	0.06	$	(0.02	)	$	0.04		$	(0.06	)
Institutional Class
12/27/2017* - 3/31/2018+	$	15.00	$	0.06	$	(0.01	)	$	0.05		$	(0.07	)

† The Fund’s financial statements are consolidated to include the accounts of AllianzGI PerformanceFee Managed Futures Strategy Offshore Fund, Ltd., which is a wholly-owned subsidiary of the Fund. See Note 14.

+ Unaudited

* 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) Actual amount rounds to less than 0.01%.

(f) Actual amount rounds to less than 1%.

292 Semiannual Report |  March 31, 2018  | 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
$	9.66		(3.40	)%	$	10		0.19	%(c)(d)		3.70	%(c)(d)		1.46	%(c)(d)		152	%
$	9.65		(3.50	)%	$	252		0.15	%(c)(d)		3.27	%(c)(d)		1.60	%(c)(d)		152	%
$	9.67		(3.30	)%	$	15,027		0.09	%(c)(d)		3.70	%(c)(d)		1.56	%(c)(d)		152	%
$	9.76		(2.40	)%	$	10		0.02	%(c)(d)		1.87	%(c)(d)		3.17	%(c)(d)		1	%
$	9.76		(2.40	)%	$	60		0.07	%(c)(d)		2.01	%(c)(d)		7.27	%(c)(d)		1	%
$	9.76		(2.40	)%	$	24,653		0.02	%(c)(d)		1.89	%(d)(c)		3.18	%(c)(d)		1	%
$	9.82		(1.80	)%	$	10		—	%(c)(d)(e)		1.58	%(c)(d)		1.69	%(c)(d)		—	%(f)
$	9.82		(1.80	)%	$	10		—	%(c)(d)(e)		1.58	%(c)(d)		1.69	%(c)(d)		—	%(f)
$	9.82		(1.80	)%	$	24,574		—	%(c)(d)(e)		1.61	%(c)(d)		1.69	%(c)(d)		—	%(f)
$	14.98		0.28	%	$	10		0.68	%(c)(d)		3.57	%(c)(d)		1.50	%(c)(d)		15	%
$	14.98		0.31	%	$	10,077		0.58	%(c)(d)		3.59	%(c)(d)		1.61	%(c)(d)		15	%

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 293

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
3/31/2018+	$	15.18	$	0.29	$	(0.23	)	$	0.06	$	(0.35	)	$	—
9/30/2017		15.29		0.60		0.04			0.64		(0.75	)		—
9/30/2016		15.04		0.72		0.38			1.10		(0.85	)		—
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	)		—
Class C
3/31/2018+	$	15.15	$	0.27	$	(0.22	)	$	0.05	$	(0.34	)	$	—
9/30/2017		15.27		0.56		0.03			0.59		(0.71	)		—
9/30/2016		15.00		0.68		0.38			1.06		(0.79	)		—
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	)		—
Class P
3/31/2018+	$	15.13	$	0.31	$	(0.23	)	$	0.08	$	(0.37	)	$	—
9/30/2017		15.24		0.63		0.05			0.68		(0.79	)		—
9/30/2016		15.03		0.74		0.38			1.12		(0.91	)		—
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	)		—
Institutional Class
3/31/2018+	$	15.14	$	0.31	$	(0.22	)	$	0.09	$	(0.38	)	$	—
9/30/2017		15.25		0.64		0.04			0.68		(0.79	)		—
9/30/2016		15.05		0.76		0.37			1.13		(0.93	)		—
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	)		—
Class R6
3/31/2018+	$	15.14	$	0.31	$	(0.21	)	$	0.10	$	(0.38	)	$	—
2/1/2017* - 9/30/2017		15.18		0.42		0.03			0.45		(0.49	)		—

+ 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.

294 Semiannual Report |  March 31, 2018  | 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
$	(0.35	)	$	14.89		0.43	%	$	197,581		0.87	%(c)		0.87	%(c)		3.89	%(c)		27	%
	(0.75	)		15.18		4.27			218,312		0.89			0.89			3.94			88
	(0.85	)		15.29		7.65			226,149		0.85			0.85			4.85			63
	(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
$	(0.34	)	$	14.86		0.31	%	$	138,310		1.12	%(c)		1.12	%(c)		3.65	%(c)		27	%
	(0.71	)		15.15		4.00			148,587		1.12			1.12			3.70			88
	(0.79	)		15.27		7.42			132,649		1.13			1.13			4.58			63
	(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
$	(0.37	)	$	14.84		0.53	%	$	383,875		0.65	%(c)		0.65	%(c)		4.07	%(c)		27	%
	(0.79	)		15.13		4.56			700,376		0.63			0.63			4.19			88
	(0.91	)		15.24		7.84			554,281		0.66			0.66			4.97			63
	(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
$	(0.38	)	$	14.85		0.57	%	$	428,636		0.59	%(c)		0.59	%(c)		4.15	%(c)		27	%
	(0.79	)		15.14		4.61			539,078		0.59			0.59			4.22			88
	(0.93	)		15.25		7.90			420,440		0.58			0.58			5.10			63
	(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
$	(0.38	)	$	14.86		0.63	%	$	53,576		0.56	%(c)		0.56	%(c)		4.20	%(c)		27	%
	(0.49	)		15.14		3.04			70,595		0.56	(c)		0.56	(c)		4.25	(c)		88

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 295

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
3/31/2018+	$	16.26	$	0.04		$	(0.27	)	$	(0.23	)	$	(0.10	)	$	(0.51	)
9/30/2017		15.85		0.09			0.74			0.83			(0.06	)		(0.36	)
9/30/2016		15.47		0.15			0.51			0.66			(0.10	)		(0.18	)
12/1/2014 - 9/30/2015#		15.64		0.16			0.28			0.44			—	(f)		(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
3/31/2018+	$	15.73	$	(0.02	)	$	(0.27	)	$	(0.29	)	$	—	(f)	$	(0.51	)
9/30/2017		15.39		(0.04	)		0.74			0.70			—	(f)		(0.36	)
9/30/2016		15.12		0.02			0.51			0.53			(0.08	)		(0.18	)
12/1/2014 - 9/30/2015#		15.39		0.09			0.25			0.34			—	(f)		(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
3/31/2018+	$	16.26	$	0.06		$	(0.27	)	$	(0.21	)	$	(0.15	)	$	(0.51	)
9/30/2017		15.87		0.18			0.69			0.87			(0.12	)		(0.36	)
9/30/2016		15.53		0.17			0.53			0.70			(0.18	)		(0.18	)
12/1/2014 - 9/30/2015#		15.69		0.21			0.24			0.45			—	(f)		(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
3/31/2018+	$	16.42	$	0.07		$	(0.28	)	$	(0.21	)	$	(0.15	)	$	(0.51	)
9/30/2017		15.96		0.14			0.74			0.88			(0.06	)		(0.36	)
9/30/2016		15.54		0.19			0.52			0.71			(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			—			—
Class R6
3/31/2018+	$	16.32	$	0.07		$	(0.28	)	$	(0.21	)	$	(0.12	)	$	(0.51	)
12/5/2016* - 9/30/2017		16.13		0.15			0.58			0.73			(0.18	)		(0.36	)

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

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

(f) Actual amount rounds to less than $(0.01) per share.

(g) Certain expenses incurred by the Fund were not annualized.

296 Semiannual Report |  March 31, 2018  | 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
$	(0.61	)	$	15.42			(1.50	)%	$	129,425		0.98	%(c)		1.03	%(c)		0.56	%(c)		306	%
	(0.42	)		16.26	(d)		5.35	(d)		136,344		1.02	(e)		1.15	(e)		0.57	(e)		680
	(0.28	)		15.85			4.32			96,870		1.15	(e)		1.17	(e)		0.95	(e)		500
	(0.61	)		15.47			2.93			8,014		1.15	(c)(e)(g)		1.58	(c)(e)(g)		1.28	(c)(e)(g)		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)		—
$	(0.51	)	$	14.93			(1.93	)%	$	17,908		1.78	%(c)		1.79	%(c)		(0.25	)%(c)		306	%
	(0.36	)		15.73	(d)		4.61	(d)		16,535		1.80	(e)		1.87	(e)		(0.24	)(e)		680
	(0.26	)		15.39			3.52			12,605		1.90	(e)		1.97	(e)		0.10	(e)		500
	(0.61	)		15.12			2.31			3,803		1.90	(c)(e)(g)		2.09	(c)(e)(g)		0.70	(c)(e)(g)		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)		—
$	(0.66	)	$	15.39			(1.40	)%	$	145,950		0.77	%(c)		0.77	%(c)		0.78	%(c)		306	%
	(0.48	)		16.26	(d)		5.59	(d)		136,127		0.79	(e)		0.83	(e)		1.12	(e)		680
	(0.36	)		15.87			4.55			20,664		0.96	(e)		0.96	(e)		1.11	(e)		500
	(0.61	)		15.53			2.99			503		1.00	(c)(e)(g)		1.16	(c)(e)(g)		1.67	(c)(e)(g)		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)		—
$	(0.66	)	$	15.55			(1.37	)%	$	275,206		0.69	%(c)		0.75	%(c)		0.89	%(c)		306	%
	(0.42	)		16.42	(d)		5.62	(d)		205,068		0.74	(e)		0.87	(e)		0.86	(e)		680
	(0.29	)		15.96			4.60			146,194		0.90	(e)		0.90	(e)		1.21	(e)		500
	(0.64	)		15.54			3.08			55,028		0.90	(c)(e)(g)		1.22	(c)(e)(g)		1.71	(c)(e)(g)		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)		—
$	(0.63	)	$	15.48			(1.37	)%	$	36,851		0.67	%(c)		0.70	%(c)		0.85	%(c)		306	%
	(0.54	)		16.32	(d)		4.64	(d)		34,047		0.68	(c)(e)		0.76	(c)(e)		1.17	(c)(e)		680

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 297

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI U.S. Equity Hedged:
Class A
3/31/2018+	$	17.80	$	0.04		$	0.04		$	0.08		$	(0.30	)	$	—
9/30/2017		16.20		0.13			1.71			1.84			(0.24	)		—
9/30/2016		15.79		0.11			0.53			0.64			(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
3/31/2018+	$	17.06	$	(0.02	)	$	0.04		$	0.02		$	(0.22	)	$	—
9/30/2017		15.59		—	(g)		1.63			1.63			(0.16	)		—
9/30/2016		15.43		0.01			0.51			0.52			(0.36	)		—
12/1/2014 - 9/30/2015#		17.45		0.05			(1.09	)		(1.04	)		—	(g)		(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		—	(g)		2.14			2.14			—			—
Class P
3/31/2018+	$	17.61	$	0.05		$	0.06		$	0.11		$	(0.38	)	$	—
9/30/2017		16.18		0.18			1.65			1.83			(0.40	)		—
9/30/2016		15.92		0.14			0.54			0.68			(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
3/31/2018+	$	17.92	$	0.07		$	0.03		$	0.10		$	(0.20	)	$	—
9/30/2017		16.24		0.14			1.74			1.88			(0.20	)		—
9/30/2016		15.86		0.11			0.59			0.70			(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.

(c) Annualized, unless otherwise noted.

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

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

(f) Certain expenses incurred by the Fund were not annualized.

(g) Actual amount rounds to less than $(0.01) per share.

298 Semiannual Report |  March 31, 2018  | 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
$	(0.30	)	$	17.58			0.37	%	$	519		1.25	%(c)		10.34	%(c)		0.46	%(c)		3	%
	(0.24	)		17.80			11.44			582		1.25	(d)		8.26	(d)		0.75	(d)		—
	(0.23	)		16.20	(e)		4.11	(e)		624		1.25	(d)		3.63	(d)		0.70	(d)		6
	(1.00	)		15.79			(5.68	)		1,067		1.26	(c)(d)(f)		2.31	(c)(d)(f)		0.98	(c)(d)(f)		98
	(1.09	)		17.74	(e)		9.57	(e)		1,491		1.25			3.70			0.70			5
	—			17.26			15.07			1,416		1.25	(c)		9.81	(c)		0.74	(c)		6
$	(0.22	)	$	16.86			0.05	%	$	262		2.00	%(c)		9.05	%(c)		(0.26	)%(c)		3	%
	(0.16	)		17.06			10.51			278		2.00	(d)		6.58	(d)		(0.01	)(d)		—
	(0.36	)		15.59	(e)		3.42	(e)		271		2.00	(d)		4.37	(d)		0.06	(d)		6
	(0.98	)		15.43			(6.31	)		280		2.01	(c)(d)(f)		2.93	(c)(d)(f)		0.36	(c)(d)(f)		98
	(1.12	)		17.45	(e)		8.78	(e)		180		2.00			4.48			(0.05	)		5
	—			17.14			14.27			122		2.00	(c)		11.10	(c)		(0.01	)(c)		6
$	(0.38	)	$	17.34			0.51	%	$	14		1.10	%(c)		7.99	%(c)		0.59	%(c)		3	%
	(0.40	)		17.61			11.51			19		1.10	(d)		5.59	(d)		1.05	(d)		—
	(0.42	)		16.18	(e)		4.31	(e)		12		1.10	(d)		3.29	(d)		0.91	(d)		6
	(1.03	)		15.92			(5.62	)		12		1.11	(c)(d)(f)		1.91	(c)(d)(f)		1.06	(c)(d)(f)		98
	(1.01	)		17.90	(e)		9.77	(e)		13		1.10			3.38			0.85			5
	—			17.29			15.27			12		1.11	(c)		8.71	(c)		0.96	(c)		6
$	(0.20	)	$	17.82			0.52	%	$	1,560		1.00	%(c)		8.07	%(c)		0.76	%(c)		3	%
	(0.20	)		17.92			11.66			1,705		1.00	(d)		5.12	(d)		0.81	(d)		—
	(0.32	)		16.24	(e)		4.45	(e)		4,745		1.00	(d)		3.09	(d)		0.68	(d)		6
	(1.10	)		15.86			(5.55	)		12,973		1.01	(c)(d)(f)		1.98	(c)(d)(f)		1.27	(c)(d)(f)		98
	(1.05	)		17.89	(e)		9.87	(e)		12,678		1.00			3.04			1.00			5
	—			17.31			15.40			5,395		1.00	(c)		8.82	(c)		1.05	(c)		6

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 299

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			Distributions from Net Realized Capital Gains
AllianzGI Ultra Micro Cap:
Class A
3/31/2018+	$	23.68	$	(0.20	)	$	—		$	(0.20	)	$	(5.58	)
9/30/2017		21.85		(0.42	)		4.04			3.62			(1.79	)
9/30/2016		22.58		(0.38	)		1.64			1.26			(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
3/31/2018+	$	24.03	$	(0.17	)	$	0.01		$	(0.16	)	$	(5.58	)
9/30/2017		22.08		(0.35	)		4.09			3.74			(1.79	)
9/30/2016		22.74		(0.32	)		1.65			1.33			(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	)
Institutional Class
3/31/2018+	$	24.08	$	(0.17	)	$	—		$	(0.17	)	$	(5.58	)
9/30/2017		22.13		(0.36	)		4.10			3.74			(1.79	)
9/30/2016		22.77		(0.32	)		1.67			1.35			(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	)

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

(e) Certain expenses incurred by the Fund were not annualized.

300 Semiannual Report |  March 31, 2018  | 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
$	17.90			(0.89	)%	$	9,764		2.22	%(c)		2.53	%(c)		(2.02	)%(c)		20	%
	23.68	(d)		17.69	(d)		12,331		2.35			2.40			(1.93	)		33
	21.85			5.73			19,312		2.26			2.26			(1.83	)		32
	22.58			(4.08	)		41,119		2.08	(c)(e)		2.08	(c)(e)		(1.70	)(c)(e)		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
$	18.29			(0.68	)%	$	4,100		1.88	%(c)		2.18	%(c)		(1.68	)%(c)		20	%
	24.03	(d)		18.07	(d)		4,478		2.02			2.07			(1.62	)		33
	22.08			6.02			5,343		1.97			1.97			(1.54	)		32
	22.74			(3.84	)		7,710		1.81	(c)(e)		1.81	(c)(e)		(1.42	)(c)(e)		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
$	18.33			(0.72	)%	$	18,761		1.88	%(c)		2.18	%(c)		(1.68	)%(c)		20	%
	24.08	(d)		18.04	(d)		21,208		2.06			2.12			(1.65	)		33
	22.13			6.10			23,504		1.94			1.94			(1.52	)		32
	22.77			(4.00	)		43,621		1.97	(c)(e)		1.97	(c)(e)		(1.60	)(c)(e)		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

See accompanying Notes to Financial Statements |  March 31, 2018  | Semiannual Report 301

Notes to Financial Statements

March 31, 2018 (Unaudited)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Allianz Funds Multi-Strategy Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”), as an open-end registered investment management company organized as a Massachusetts business trust and accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services-Investment Companies. As of March 31, 2018, the Trust consisted of thirty-eight separate investment series (each a “Fund” and together the “Funds”). Allianz Global Investors U.S. LLC (“AllianzGI U.S.” or the “Investment Manager”) serves as the Funds’ investment manager. The Investment Manager is an indirect wholly-owned subsidiary of Allianz Asset Management of America L.P. (“AAM”). AAM is an indirect, wholly-owned subsidiary of Allianz SE, a publicly traded European insurance and financial services company. Currently, the Trust offers up to seven classes of shares to new and existing investors: A, C, R, P, Institutional, R6 and Administrative. 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 period ended March 31, 2018 and year ended September 30, 2017. AFI is an indirect, wholly-owned subsidiary of Allianz SE.

AllianzGI Global High Yield
Class	Date		Shares		Amount
P		5/3/17		667	$	10,000
Institutional		5/3/17		1,333,333		20,000,000
Totals				1,334,000	$	20,010,000
AllianzGI Multi Asset Income
Class	Date		Shares		Amount
Institutional		2/1/18		560	$	10,000
AllianzGI PerformanceFee Managed Futures Strategy
Class	Date		Shares		Amount
P		12/18/17		1,000	$	10,000
Institutional		12/18/17		1,000		10,000
R6		12/18/17		3,000		30,000
Totals				5,000	$	50,000

AllianzGI Real Estate Debt
Class	Date		Shares		Amount
P		12/27/17		667	$	10,000
Institutional		12/27/17		666,666		10,000,000
Totals				667,333	$	10,010,000
AllianzGI Short Duration High Income
Class	Date		Shares		Amount
R6		2/1/17		659	$	10,000
AllianzGI Structured Return
Class	Date		Shares		Amount
R6		12/2/16		620	$	10,000

The following Funds sold and issued shares of beneficial interest to Allianz of America, Inc. (“Allianz of America”) during the period ended March 31, 2018. Allianz of America is an indirect, wholly-owned subsidiary of Allianz SE.

AllianzGI PerformanceFee Structured US Equity
Class	Date		Shares		Amount
P		12/18/17		1,000	$	10,000
Institutional		12/18/17		1,000		10,000
R6		12/18/17		2,498,000		24,980,000
Totals				2,500,000	$	25,000,000
AllianzGI PerformanceFee Structured US Fixed Income
Class	Date		Shares		Amount
P		12/18/17		1,000	$	10,000
Institutional		12/18/17		1,000		10,000
R6		12/18/17		2,498,000		24,980,000
Totals				2,500,000	$	25,000,000

302 March 31, 2018  | Semiannual Report

The investment objective of each Fund is disclosed below. There can be no assurance that the Funds will meet their stated objectives.

	Investment Objective
AllianzGI Retirement 2020	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 2025
AllianzGI Retirement 2030
AllianzGI Retirement 2035
AllianzGI Retirement 2040
AllianzGI Retirement 2045
AllianzGI Retirement 2050
AllianzGI Retirement 2055
AllianzGI Multi Asset Income	The Fund seeks current income, and secondarily, capital appreciation. The Fund is intended for investors who have already retired or begun withdrawing portions of their investments, or are seeking a conservative allocation fund.
AllianzGI Global Allocation	The Fund seeks after-inflation capital appreciation and current income.
AllianzGI Best Styles Emerging Markets Equity	The Funds seek long-term capital appreciation.
AllianzGI Best Styles Global Equity
AllianzGI Best Styles International Equity
AllianzGI Best Styles U.S. Equity
AllianzGI Emerging Markets Consumer
AllianzGI Emerging Markets Small-Cap
AllianzGI Europe Equity Dividend
AllianzGI Global Dynamic Allocation
AllianzGI Global Sustainability
AllianzGI Global Water
AllianzGI International Growth
AllianzGI NFJ Emerging Markets Value
AllianzGI NFJ International Small-Cap Value
AllianzGI PerformanceFee Managed Futures Strategy
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 a broad range of global asset classes.
AllianzGI Global High Yield	The Fund seeks total return with a controlled level of portfolio risk.
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 Ultra Micro Cap
AllianzGI PerformanceFee Structured US Equity	The Fund seeks to earn total return that exceeds the return of the S&P 500 Index.
AllianzGI PerformanceFee Structured US Fixed Income	The Fund seeks to earn total return that exceeds the return of the Bloomberg Barclays U.S. Aggregate Bond Index.
AllianzGI Real Estate Debt	The Fund seeks to achieve total return in excess of traditional, shorter-duration debt products while managing portfolio risk.
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.

Semiannual Report |  March 31, 2018 303

Notes to Financial Statements (cont’d)

March 31, 2018 (Unaudited)

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 exposures under these arrangements are unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the risk of loss is expected to be remote.

In March 2017, the FASB issued Accounting Standards update (“ASU”) 2017-08 which changes the amortization period for a callable debt security from the maturity date to the earliest call date. The ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. At this time, management is evaluating the implications of these changes on the financial statements.

The following is a summary of significant accounting policies consistently followed by the Funds:

(a) Valuation of Investments.  Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Market value is generally determined on the basis of official closing prices, last reported sales prices, or if no sales or closing prices are reported, on the basis of quotes obtained from a quotation reporting system, established market makers, or independent pricing services. Investments in mutual funds are valued at the net asset value per share (“NAV”) as reported on each business day. The Funds’ investments are valued daily using prices supplied by an independent pricing service or broker/dealer quotations, or by using the last sale or settlement price on the exchange that is the primary market for such securities, or the mean between the last bid and ask quotations. The market value for NASDAQ Global Market and NASDAQ Capital Market securities may also be calculated using the NASDAQ Official Closing Price instead of the last reported sales price. Independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Centrally cleared swaps and 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 of each Fund (together 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. 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 necessary. The Investment Manager monitors the continued appropriateness of methods applied and identifies circumstances and events that may require fair valuation. The Investment Manager determines if adjustments should be made in light of market changes, events affecting the issuer or other factors. If the Investment Manager determines that a valuation method may no longer be appropriate, another valuation method previously approved by the Trust’s Valuation Committee may be selected or the Trust’s Valuation Committee will be convened to consider the matter and take any appropriate action in accordance with procedures adopted 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 Trust’s Valuation Committee.

Synthetic convertible securities are valued based on quotations obtained from unaffiliated brokers who are the principal market-makers in such securities. Such valuations are derived by the brokers from proprietary models which are generally based on readily available market information including valuations of the common stock underlying the synthetic security.

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 61st 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. In unusual circumstances, the Board or the Valuation Committee may in good faith determine the NAV as of 4:00 p.m., Eastern Time, notwithstanding an earlier, unscheduled close or halt of trading on the NYSE.

The prices of certain portfolio securities or financial instruments may be determined at a time prior to the close of regular trading on the NYSE. 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

304 March 31, 2018  | Semiannual Report

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:

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

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

∎ Level 3—valuations based on significant unobservable inputs (including the Investment Manager’s or Trust’s Valuation Committee’s own assumptions and securities whose price was determined by using a single broker’s quote)

The valuation techniques used by the Funds to measure fair value during the six months ended March 31, 2018 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 and Warrants)—Equity securities traded in inactive markets and certain foreign equity securities are valued using inputs which include broker-dealer quotes, recently executed transactions adjusted for changes in the benchmark index, or evaluated price quotes received from independent pricing services that take into account the integrity of the market sector and issuer, the individual characteristics of the security, and information received from broker-dealers and other market sources pertaining to the issuer or security. To the extent that these inputs are observable, the values of equity securities are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

U.S. Treasury Obligations—U.S. Treasury obligations are valued by independent pricing services based on pricing models that evaluate the mean between the most recently quoted bid and ask price. The models also take into consideration data received from active market makers and broker-dealers, yield curves, and the spread over comparable U.S. Treasury issues. The spreads change daily in response to market conditions and are generally obtained from the new issue market and broker-dealer sources. To the extent that these inputs are observable, the values of U.S. Treasury obligations are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Government Sponsored Enterprise and Mortgage-Backed Securities—Government sponsored enterprise and mortgage-backed securities are valued by independent pricing services using pricing models based on inputs that include issuer type, coupon, cash flows, mortgage prepayment projection tables and Adjustable Rate Mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. To the extent that these inputs are observable, the values of government sponsored enterprise and mortgage-backed securities are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Sovereign Debt Obligations—Sovereign debt obligations are valued by independent pricing services based on discounted cash flow models that incorporate option adjusted spreads along with benchmark curves and credit spreads. In addition, international bond markets are monitored regularly for information pertaining to the issuer and/or the specific issue. To the extent that these inputs are observable, the values of sovereign debt obligations are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Corporate Bonds & Notes—Corporate bonds & notes are generally comprised of two main categories: investment grade bonds and high yield bonds. Investment grade bonds are valued by independent pricing services using various inputs and techniques, which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer or comparable issuers, and option adjusted spread models that include base curve and spread curve inputs. Adjustments to individual bonds can be applied to

Semiannual Report |  March 31, 2018 305

Notes to Financial Statements (cont’d)

March 31, 2018 (Unaudited)

recognize trading differences compared to other bonds issued by the same issuer. High yield bonds are valued by independent pricing services based primarily on broker-dealer quotations from relevant market makers and recently executed transactions in securities of the issuer or comparable issuers. The broker-dealer quotations received are supported by credit analysis of the issuer that takes into consideration credit quality assessments, daily trading activity, and the activity of the underlying equities, listed bonds and sector-specific trends. To the extent that these inputs are observable, the values of corporate bonds & notes are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

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

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

option contracts are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Forward Foreign Currency Contracts—Forward foreign currency contracts are valued by independent pricing services using various inputs and techniques, which include broker-dealer quotations, actual trading information and foreign currency exchange rates gathered from leading market makers and foreign currency exchange trading centers throughout the world. To the extent that these inputs are observable, the values of forward foreign currency contracts are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

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. Centrally cleared credit default swaps are valued at the price determined by the relevant exchange. 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, 2018 in valuing each Fund’s assets and liabilities is listed below (refer to the Schedules of Investments and Notes to the Schedules of Investments for more detailed information on Investments in Securities and Other Financial Instruments):

AllianzGI Retirement 2020:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/18
Mutual Funds	$	43,653,024			—		—	$	43,653,024
Exchange-Traded Funds		2,272,304			—		—		2,272,304
Repurchase Agreements		—		$	2,905,000		—		2,905,000
		45,925,328			2,905,000		—		48,830,328
Other Financial Instruments* – Assets
Foreign Exchange Contracts		1,042			—		—		1,042
Interest Rate Contracts		32,832			—		—		32,832
Market Price		19,055			—		—		19,055
		52,929			—		—		52,929
Other Financial Instruments* – Liabilities
Foreign Exchange Contracts		(1,689	)		—		—		(1,689	)
Interest Rate Contracts		(5,392	)		—		—		(5,392	)
Market Price		(87,327	)		—		—		(87,327	)
		(94,408	)		—		—		(94,408	)
Totals	$	45,883,849		$	2,905,000		—	$	48,788,849

306 March 31, 2018  | 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 3/31/18
Mutual Funds	$	61,436,650			—		—	$	61,436,650
Exchange-Traded Funds		324,679			—		—		324,679
Repurchase Agreements		—		$	1,288,000		—		1,288,000
		61,761,329			1,288,000		—		63,049,329
Other Financial Instruments* – Assets
Foreign Exchange Contracts		1,389			—		—		1,389
Market Price		5,797			—		—		5,797
		7,186			—		—		7,186
Other Financial Instruments* – Liabilities
Foreign Exchange Contracts		(2,117	)		—		—		(2,117	)
Interest Rate Contracts		(12,297	)		—		—		(12,297	)
Market Price		(192,434	)		—		—		(192,434	)
		(206,848	)		—		—		(206,848	)
Totals	$	61,561,667		$	1,288,000		—	$	62,849,667
AllianzGI Retirement 2030:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/18
Mutual Funds	$	71,375,974			—		—	$	71,375,974
Exchange-Traded Funds		374,771			—		—		374,771
Repurchase Agreements		—		$	1,377,000		—		1,377,000
		71,750,745			1,377,000		—		73,127,745
Other Financial Instruments* – Assets
Foreign Exchange Contracts		1,737			—		—		1,737
Market Price		8,422			—		—		8,422
		10,159			—		—		10,159
Other Financial Instruments* – Liabilities
Foreign Exchange Contracts		(2,557	)		—		—		(2,557	)
Interest Rate Contracts		(2,400	)		—		—		(2,400	)
Market Price		(233,790	)		—		—		(233,790	)
		(238,747	)		—		—		(238,747	)
Totals	$	71,522,157		$	1,377,000		—	$	72,899,157
AllianzGI Retirement 2035:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/18
Mutual Funds	$	57,971,869			—		—	$	57,971,869
Exchange-Traded Funds		548,027			—		—		548,027
Repurchase Agreements		—		$	631,000		—		631,000
		58,519,896			631,000		—		59,150,896
Other Financial Instruments* – Assets
Foreign Exchange Contracts		1,389			—		—		1,389
Market Price		14,584			—		—		14,584
		15,973			—		—		15,973
Other Financial Instruments* – Liabilities
Foreign Exchange Contracts		(2,130	)		—		—		(2,130	)
Market Price		(235,972	)		—		—		(235,972	)
		(238,102	)		—		—		(238,102	)
Totals	$	58,297,767		$	631,000		—	$	58,928,767

Semiannual Report |  March 31, 2018 307

Notes to Financial Statements (cont’d)

March 31, 2018 (Unaudited)

AllianzGI Retirement 2040:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/18
Mutual Funds	$	52,248,191			—		—	$	52,248,191
Exchange-Traded Funds		604,666			—		—		604,666
		52,852,857			—		—		52,852,857
Other Financial Instruments* – Assets
Foreign Exchange Contracts		1,389			—		—		1,389
Market Price		16,010			—		—		16,010
		17,399			—		—		17,399
Other Financial Instruments* – Liabilities
Foreign Exchange Contracts		(2,117	)		—		—		(2,117	)
Market Price		(232,819	)		—		—		(232,819	)
		(234,936	)		—		—		(234,936	)
Totals	$	52,635,320			—		—	$	52,635,320
AllianzGI Retirement 2045:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/18
Mutual Funds	$	33,315,057			—		—	$	33,315,057
Exchange-Traded Funds		455,855			—		—		455,855
Repurchase Agreements		—		$	227,000		—		227,000
		33,770,912			227,000		—		33,997,912
Other Financial Instruments* – Assets
Foreign Exchange Contracts		1,042			—		—		1,042
Market Price		13,506			—		—		13,506
		14,548			—		—		14,548
Other Financial Instruments* – Liabilities
Foreign Exchange Contracts		(1,689	)		—		—		(1,689	)
Market Price		(157,144	)		—		—		(157,144	)
		(158,833	)		—		—		(158,833	)
Totals	$	33,626,627		$	227,000		—	$	33,853,627
AllianzGI Retirement 2050:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/18
Mutual Funds	$	32,884,513			—		—	$	32,884,513
Exchange-Traded Funds		484,710			—		—		484,710
Repurchase Agreements		—		$	170,000		—		170,000
		33,369,223			170,000		—		33,539,223
Other Financial Instruments* – Assets
Foreign Exchange Contracts		1,389			—		—		1,389
Market Price		11,623			—		—		11,623
		13,012			—		—		13,012
Other Financial Instruments* – Liabilities
Foreign Exchange Contracts		(1,689	)		—		—		(1,689	)
Market Price		(162,395	)		—		—		(162,395	)
		(164,084	)		—		—		(164,084	)
Totals	$	33,218,151		$	170,000		—	$	33,388,151

308 March 31, 2018  | Semiannual Report

AllianzGI Retirement 2055:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/18
Mutual Funds	$	16,806,630			—		—	$	16,806,630
Exchange-Traded Funds		247,542			—		—		247,542
Repurchase Agreements		—		$	110,000		—		110,000
		17,054,172			110,000		—		17,164,172
Other Financial Instruments* – Assets
Foreign Exchange Contracts		695			—		—		695
Market Price		6,996			—		—		6,996
		7,691			—		—		7,691
Other Financial Instruments* – Liabilities
Foreign Exchange Contracts		(1,262	)		—		—		(1,262	)
Market Price		(88,613	)		—		—		(88,613	)
		(89,875	)		—		—		(89,875	)
Totals	$	16,971,988		$	110,000		—	$	17,081,988
AllianzGI Multi Asset Income:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/18
Mutual Funds	$	27,993,788			—		—	$	27,993,788
Exchange-Traded Funds		8,068,444			—		—		8,068,444
Common Stock:
Equity Real Estate Investment Trusts (REITs)		4,043,138		$	254,504		—		4,297,642
Real Estate Management & Development		140,014			155,451		—		295,465
All Other		731,675			—		—		731,675
Rights		—			—	$	9		9
Repurchase Agreements		—			2,779,000		—		2,779,000
		40,977,059			3,188,955		9		44,166,023
Other Financial Instruments* – Assets
Interest Rate Contracts		272,145			—		—		272,145
Other Financial Instruments* – Liabilities
Interest Rate Contracts		(108,676	)		—		—		(108,676	)
Market Price		(315,964	)		—		—		(315,964	)
		(424,640	)		—		—		(424,640	)
Totals	$	40,824,564		$	3,188,955	$	9	$	44,013,528
AllianzGI Global Allocation:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/18
Mutual Funds	$	323,706,760			—		—	$	323,706,760
Exchange-Traded Funds		17,175,231			—		—		17,175,231
U.S. Treasury Obligations		—		$	5,026,953		—		5,026,953
Repurchase Agreements		—			9,665,000		—		9,665,000
		340,881,991			14,691,953		—		355,573,944
Other Financial Instruments* – Assets
Foreign Exchange Contracts		62,182			—		—		62,182
Interest Rate Contracts		129,949			—		—		129,949
		192,131			—		—		192,131

Semiannual Report |  March 31, 2018 309

Notes to Financial Statements (cont’d)

March 31, 2018 (Unaudited)

AllianzGI Global Allocation (cont’d)
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/18
Other Financial Instruments* – Liabilities
Foreign Exchange Contracts	$	(133,530	)		—		—	$	(133,530	)
Interest Rate Contracts		(290,126	)		—		—		(290,126	)
Market Price		(1,399,502	)		—		—		(1,399,502	)
		(1,823,158	)		—		—		(1,823,158	)
Totals	$	339,250,964		$	14,691,953		—	$	353,942,917
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 3/31/18
Common Stock:
China	$	289,856		$	1,857,963		—	$	2,147,819
Czech Republic		—			20,645		—		20,645
Hungary		—			56,270		—		56,270
Indonesia		26,394			14,269		—		40,663
Korea (Republic of)		55,165			952,492		—		1,007,657
Malaysia		8,885			107,242		—		116,127
Norway		—			19,232		—		19,232
Philippines		—			9,004		—		9,004
Russian Federation		38,271			65,676		—		103,947
Singapore		2,263			10,306		—		12,569
South Africa		141,854			111,726		—		253,580
Taiwan		24,862			574,882		—		599,744
Thailand		—			19,759	$	251,811		271,570
Turkey		—			173,633		—		173,633
All Other		732,566			—		—		732,566
Preferred Stock:
Korea (Republic of)		—			34,612		—		34,612
All Other		170,789			—		—		170,789
Warrants		241			—		—		241
Repurchase Agreements		—			397,000		—		397,000
		1,491,146			4,424,711		251,811		6,167,668
Other Financial Instruments* – Assets
Market Price		1,761			—		—		1,761
Other Financial Instruments* – Liabilities
Market Price		(3,005	)		—		—		(3,005	)
Totals	$	1,489,902		$	4,424,711	$	251,811	$	6,166,424
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 3/31/18
Common Stock:
Australia		—		$	2,835,428		—	$	2,835,428
Austria	$	501,763			2,952,892		—		3,454,655
Belgium		—			191,055		—		191,055
China		4,637,739			25,989,276	$	1,151		30,628,166
Finland		—			2,036,447		—		2,036,447
France		109,144			27,445,845		—		27,554,989

310 March 31, 2018  | 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 3/31/18
Germany		—		$	8,251,606			—	$	8,251,606
Greece	$	377,430			1,154,319			—		1,531,749
Hong Kong		—			4,060,591			—		4,060,591
Hungary		—			1,497,821			—		1,497,821
Indonesia		—			3,240,480			—		3,240,480
Israel		199,724			1,457,126			—		1,656,850
Italy		—			7,804,515			—		7,804,515
Japan		—			49,305,304			—		49,305,304
Korea (Republic of)		3,259,293			11,934,592			—		15,193,885
Malaysia		—			1,937,035			—		1,937,035
Netherlands		549,298			9,977,039			—		10,526,337
New Zealand		—			1,519,990			—		1,519,990
Norway		190,714			3,679,750			—		3,870,464
Philippines		613,517			862,764			—		1,476,281
Qatar		309,666			296,813			—		606,479
Russian Federation		279,274			426,501			—		705,775
Singapore		272,433			4,256,723			—		4,529,156
South Africa		—			1,999,017			—		1,999,017
Spain		—			7,995,391			—		7,995,391
Sweden		—			5,961,940			—		5,961,940
Switzerland		—			5,715,647			—		5,715,647
Taiwan		1,876,341			7,228,358			—		9,104,699
Thailand		—			497,132		$	4,337,306		4,834,438
Turkey		121,483			3,593,608			—		3,715,091
United Kingdom		3,277,984			27,376,122			—		30,654,106
All Other		352,259,618			—			—		352,259,618
Exchange-Traded Funds		5,267,714			—			—		5,267,714
Preferred Stock:
Brazil		115,333			—			—		115,333
Chile		338,822			—			—		338,822
Colombia		495,279			—			—		495,279
All Other		—			3,328,418			—		3,328,418
Repurchase Agreements		—			2,648,000			—		2,648,000
		375,052,569			239,457,545			4,338,457		618,848,571
Other Financial Instruments* – Assets
Foreign Exchange Contracts		—			324			—		324
Other Financial Instruments* – Liabilities
Foreign Exchange Contracts		—			(255	)		—		(255	)
Market Price		(54,669	)		—			—		(54,669	)
		(54,669	)		(255	)		—		(54,924	)
Totals	$	374,997,900		$	239,457,614		$	4,338,457	$	618,793,971

Semiannual Report |  March 31, 2018 311

Notes to Financial Statements (cont’d)

March 31, 2018 (Unaudited)

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 3/31/18
Common Stock:
Australia	$	20,157	$	715,685			—	$	735,842
Brazil		167,065		—			—		167,065
Canada		221,173		—			—		221,173
China		32,118		174,643			—		206,761
Greece		24,942		139,084			—		164,026
Ireland		28,401		84,119			—		112,520
Mexico		14,528		—			—		14,528
Netherlands		48,539		826,060			—		874,599
Thailand		—		—			77,986		77,986
United Kingdom		53,771		4,172,515			—		4,226,286
All Other		—		18,728,391			—		18,728,391
Exchange-Traded Funds		742,599		—			—		742,599
Preferred Stock:
Brazil		24,643		—			—		24,643
Germany		—		110,619			—		110,619
Rights		3,017		—			—		3,017
		1,380,953		24,951,116		$	77,986		26,410,055
Other Financial Instruments* – Liabilities
Foreign Exchange Contracts		—		(11	)		—		(11	)
Totals	$	1,380,953	$	24,951,105		$	77,986	$	26,410,044
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 3/31/18
Common Stock	$	122,931,916		—			—	$	122,931,916
Exchange-Traded Funds		1,117,739		—			—		1,117,739
Rights		—		—		$	97		97
Repurchase Agreements		—	$	1,982,000			—		1,982,000
		124,049,655		1,982,000			97		126,031,752
Other Financial Instruments* – Assets
Market Price		12,051		—			—		12,051
Totals	$	124,061,706	$	1,982,000		$	97	$	126,043,803
AllianzGI Convertible:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 3/31/18
Convertible Bonds & Notes:
Healthcare-Products		—	$	9,525,461		$	814,892	$	10,340,353
IT Services		—		—			3,386,844		3,386,844
All Other		—		384,020,350			—		384,020,350
Convertible Preferred Stock:
Diversified Financial Services		—		6,940,147			—		6,940,147
Healthcare-Products		—		8,016,269			—		8,016,269
All Other	$	43,448,249		—			—		43,448,249
Repurchase Agreements		—		20,938,000			—		20,938,000
Totals	$	43,448,249	$	429,440,227		$	4,201,736	$	477,090,212

312 March 31, 2018  | Semiannual Report

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 3/31/18
Common Stock:
Brazil	$	2,720,993		—		—	$	2,720,993
China		2,709,204	$	11,834,991		—		14,544,195
Hong Kong		988,363		829,914		—		1,818,277
India		1,448,462		617,197		—		2,065,659
Mexico		162,932		—		—		162,932
Russian Federation		1,545,381		—		—		1,545,381
South Africa		196,775		3,319,168		—		3,515,943
Thailand		—		—	$	3,026,159		3,026,159
United States		4,984,413		—		—		4,984,413
All Other		—		14,750,668		—		14,750,668
Preferred Stock		547,066		—		—		547,066
Repurchase Agreements		—		1,159,000		—		1,159,000
Totals	$	15,303,589	$	32,510,938	$	3,026,159	$	50,840,686
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 3/31/18
Corporate Bonds & Notes		—	$	15,872,621		—	$	15,872,621
Sovereign Debt Obligations		—		14,024,723		—		14,024,723
Repurchase Agreements		—		2,492,000		—		2,492,000
		—		32,389,344		—		32,389,344
Other Financial Instruments* – Assets
Foreign Exchange Contracts		—		7,412		—		7,412
Totals		—	$	32,396,756		—	$	32,396,756
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 3/31/18
Common Stock:
Brazil	$	316,857		—		—	$	316,857
China		44,718	$	1,127,434		—		1,172,152
Colombia		68,607		—		—		68,607
Czech Republic		91,034		—		—		91,034
India		313,078		909,911		—		1,222,989
Korea (Republic of)		148,057		1,777,525		—		1,925,582
Malaysia		24,292		639,018		—		663,310
Mexico		55,278		—		—		55,278
Peru		25,457		—		—		25,457
Philippines		22,264		—		—		22,264
Russian Federation		—		—	$	65,966		65,966
South Africa		464,264		50,796		—		515,060
Taiwan		22,430		1,712,876		—		1,735,306
Thailand		—		177,797		553,362		731,159
Turkey		22,125		458,823		—		480,948

Semiannual Report |  March 31, 2018 313

Notes to Financial Statements (cont’d)

March 31, 2018 (Unaudited)

AllianzGI Emerging Markets Small-Cap (cont’d)
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 3/31/18
United Arab Emirates	$	36,500		—			—	$	36,500
All Other		—	$	1,507,760			—		1,507,760
Preferred Stock:
Brazil		100,221		—			—		100,221
Russian Federation		—		—		$	262,423		262,423
Totals	$	1,755,182	$	8,361,940		$	881,751	$	10,998,873
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 3/31/18
Common Stock		—	$	8,008,820			—	$	8,008,820
Repurchase Agreements		—		327,000			—		327,000
		—		8,335,820			—		8,335,820
Other Financial Instruments* – Liabilities
Foreign Exchange Contracts		—		(6	)		—		(6	)
Totals		—	$	8,335,814			—	$	8,335,814
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 3/31/18
Common Stock:
Australia		—	$	990,668			—	$	990,668
Austria	$	134,034		698,415			—		832,449
Belgium		—		80,149			—		80,149
China		1,074,811		6,603,529		$	34		7,678,374
Denmark		7,310		174,093			—		181,403
Finland		—		645,632			—		645,632
France		56,747		6,507,346			—		6,564,093
Germany		4,952		1,937,769			—		1,942,721
Greece		96,594		266,758			—		363,352
Hong Kong		—		1,616,156			—		1,616,156
Hungary		—		463,953			—		463,953
Indonesia		—		889,559			—		889,559
Ireland		14,607		8,889			—		23,496
Israel		63,071		624,016			—		687,087
Italy		—		1,617,689			—		1,617,689
Japan		—		14,718,104			—		14,718,104
Korea (Republic of)		765,075		2,865,905			—		3,630,980
Malaysia		—		878,064			—		878,064
Netherlands		140,089		2,185,454			—		2,325,543
New Zealand		7,859		498,124			—		505,983
Norway		40,757		849,600			—		890,357
Philippines		149,131		212,382			—		361,513
Poland		—		94,919			—		94,919
Russian Federation		90,224		94,541			—		184,765
Singapore		68,179		1,523,031			—		1,591,210

314 March 31, 2018  | Semiannual Report

AllianzGI Global Dynamic Allocation (cont’d)
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 3/31/18
South Africa		—		$	439,511		—	$	439,511
Spain	$	1,644			1,768,118		—		1,769,762
Sweden		—			1,282,535		—		1,282,535
Switzerland		8,927			1,962,395		—		1,971,322
Taiwan		—			2,698,040		—		2,698,040
Thailand		—			357,133	$	1,198,661		1,555,794
Turkey		25,892			778,658		—		804,550
United Kingdom		826,554			6,102,080		—		6,928,634
All Other		95,010,738			—		—		95,010,738
Corporate Bonds & Notes		—			37,773,950		—		37,773,950
Exchange-Traded Funds		36,904,505			—		—		36,904,505
U.S. Treasury Obligations		—			25,301,615		—		25,301,615
U.S. Government Agency Securities		—			19,422,642		—		19,422,642
Sovereign Debt Obligations		—			9,746,715		—		9,746,715
Preferred Stock:
Brazil		33,968			—		—		33,968
Colombia		110,252			—		—		110,252
All Other		—			645,548		—		645,548
Rights		—			—		92		92
Repurchase Agreements		—			4,901,000		—		4,901,000
		135,635,920			160,224,685		1,198,787		297,059,392
Other Financial Instruments* – Assets
Foreign Exchange Contracts		2,736			—		—		2,736
Interest Rate Contracts		163,387			—		—		163,387
Market Price		55,512			—		—		55,512
		221,635			—		—		221,635
Other Financial Instruments* – Liabilities
Foreign Exchange Contracts		(13,900	)		—		—		(13,900	)
Interest Rate Contracts		(9,949	)		—		—		(9,949	)
Market Price		(878,324	)		—		—		(878,324	)
		(902,173	)		—		—		(902,173	)
Totals	$	134,955,382		$	160,224,685	$	1,198,787	$	296,378,854
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 3/31/18
Common Stock:
United Kingdom	$	85,709		$	2,277,059		—	$	2,362,768
United States		1,982,530			—		—		1,982,530
All Other		—			3,997,109		—		3,997,109
Sovereign Debt Obligations		—			5,741,108		—		5,741,108
Corporate Bonds & Notes		—			1,270,369		—		1,270,369
Exchange-Traded Funds		320,822			—		—		320,822
Mutual Funds		215,834			—		—		215,834
Repurchase Agreements		—			357,000		—		357,000
Options Purchased:
Market Price		92,131			—		—		92,131
		2,697,026			13,642,645		—		16,339,671

Semiannual Report |  March 31, 2018 315

Notes to Financial Statements (cont’d)

March 31, 2018 (Unaudited)

AllianzGI Global Fundamental Strategy (cont’d)
Investments in Securities – Liabilities	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 3/31/18
Options Written:
Market Price	$	(30,909	)		—			—	$	(30,909	)
Other Financial Instruments* – Assets
Foreign Exchange Contracts		—		$	22,926			—		22,926
Market Price		157,773			—			—		157,773
		157,773			22,926			—		180,699
Other Financial Instruments* – Liabilities
Foreign Exchange Contracts		—			(50,449	)		—		(50,449	)
Interest Rate Contracts		(49,597	)		—			—		(49,597	)
		(49,597	)		(50,449	)		—		(100,046	)
Totals	$	2,774,293		$	13,615,122			—	$	16,389,415
AllianzGI Global High Yield:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 3/31/18
Corporate Bonds & Notes		—		$	21,275,390			—	$	21,275,390
Repurchase Agreements		—			501,000			—		501,000
U.S. Treasury Obligations		—			149,410			—		149,410
		—			21,925,800			—		21,925,800
Other Financial Instruments* – Assets
Foreign Exchange Contracts		—			15,382			—		15,382
Other Financial Instruments* – Liabilities
Foreign Exchange Contracts		—			(73	)		—		(73	)
Interest Rate Contracts	$	(2,688	)		—			—		(2,688	)
		(2,688	)		(73	)		—		(2,761	)
Totals	$	(2,688	)	$	21,941,109			—	$	21,938,421
AllianzGI Global Sustainability:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 3/31/18
Common Stock:
Australia		—		$	433,354			—	$	433,354
Denmark		—			394,323			—		394,323
France		—			405,689			—		405,689
Germany		—			2,641,606			—		2,641,606
Japan		—			1,405,039			—		1,405,039
Korea (Republic of)		—			502,027			—		502,027
Spain		—			1,259,534			—		1,259,534
Sweden		—			1,459,462			—		1,459,462
Switzerland		—			908,062			—		908,062
United Kingdom		—			3,881,021			—		3,881,021
All Other	$	14,303,580			—			—		14,303,580
Repurchase Agreements		—			1,463,000			—		1,463,000
Totals	$	14,303,580		$	14,753,117			—	$	29,056,697

316 March 31, 2018  | 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 3/31/18
Common Stock:
Austria		—	$	25,411,478			—	$	25,411,478
China		—		15,325,603			—		15,325,603
Finland		—		26,005,762			—		26,005,762
France		—		67,992,174			—		67,992,174
Germany		—		4,173,400			—		4,173,400
Japan		—		26,975,100			—		26,975,100
Netherlands		—		26,613,309			—		26,613,309
Sweden		—		23,777,457			—		23,777,457
Switzerland		—		41,034,345			—		41,034,345
United Kingdom		—		61,416,945			—		61,416,945
All Other	$	331,920,884		—			—		331,920,884
Repurchase Agreements		—		4,945,000			—		4,945,000
		331,920,884		323,670,573			—		655,591,457
Other Financial Instruments* – Assets
Foreign Exchange Contracts		—		23			—		23
Other Financial Instruments* – Liabilities
Foreign Exchange Contracts		—		(1,159	)		—		(1,159	)
Totals	$	331,920,884	$	323,669,437			—	$	655,590,321
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 3/31/18
Corporate Bonds & Notes		—	$	195,732,835			—	$	195,732,835
Preferred Stock		—		—		$	6,385,000		6,385,000
Common Stock		—		—			664,493		664,493
Warrants		—		—			17		17
Repurchase Agreements		—		6,051,000			—		6,051,000
Totals		—	$	201,783,835		$	7,049,510	$	208,833,345
AllianzGI International Growth:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 3/31/18
Common Stock:
Brazil	$	747,869		—			—	$	747,869
Canada		1,769,358		—			—		1,769,358
China		1,513,777	$	854,632			—		2,368,409
India		353,103		280,673			—		633,776
Indonesia		196,697		185,368			—		382,065
Ireland		685,989		—			—		685,989
Mexico		201,038		—			—		201,038
All Other		—		12,998,293			—		12,998,293
Repurchase Agreements		—		302,000			—		302,000
Totals	$	5,467,831	$	14,620,966			—	$	20,088,797

Semiannual Report |  March 31, 2018 317

Notes to Financial Statements (cont’d)

March 31, 2018 (Unaudited)

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 3/31/18
Common Stock:
Philippines	$	397,971	$	386,411			—	$	784,382
United Kingdom		2,726,012		20,191,639			—		22,917,651
All Other		—		160,643,083			—		160,643,083
Preferred Stock		—		2,894,279			—		2,894,279
		3,123,983		184,115,412			—		187,239,395
Other Financial Instruments* – Assets
Foreign Exchange Contracts		—		182			—		182
Other Financial Instruments* – Liabilities
Foreign Exchange Contracts		—		(9	)		—		(9	)
Totals	$	3,123,983	$	184,115,585			—	$	187,239,568
AllianzGI Micro Cap:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 3/31/18
Common Stock	$	25,430,344		—			—	$	25,430,344
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 3/31/18
Common Stock:
Argentina	$	1,037,592		—			—	$	1,037,592
Brazil		6,401,421		—			—		6,401,421
China		2,980,406	$	36,039,723		$	610,253		39,630,382
Czech Republic		1,056,494		—			—		1,056,494
India		999,832		12,075,250			—		13,075,082
Mexico		3,785,787		—			—		3,785,787
Russian Federation		3,107,267		—			2,055,847		5,163,114
South Africa		6,036,202		2,881,426			—		8,917,628
Taiwan		993,352		16,739,039			—		17,732,391
United Arab Emirates		948,418		—			—		948,418
All Other		—		33,790,837			—		33,790,837
Preferred Stock:
Brazil		4,205,026		—			—		4,205,026
Korea (Republic of)		1,070,881		2,669,166			—		3,740,047
Exchange-Traded Funds		53,108		—			—		53,108
Repurchase Agreements		—		4,110,000			—		4,110,000
		32,675,786		108,305,441			2,666,100		143,647,327
Other Financial Instruments* – Assets
Foreign Exchange Contracts		—		337			—		337
Other Financial Instruments* – Liabilities
Foreign Exchange Contracts		—		(33	)		—		(33	)
Totals	$	32,675,786	$	108,305,745		$	2,666,100	$	143,647,631

318 March 31, 2018  | Semiannual Report

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 3/31/18
Common Stock:
Canada	$	293,491			—			—	$	293,491
Mexico		70,516			—			—		70,516
South Africa		60,375		$	41,572			—		101,947
Spain		42,733			132,331			—		175,064
United Kingdom		252,915			707,124			—		960,039
United States		40,850			—			—		40,850
All Other		—			2,448,264			—		2,448,264
Repurchase Agreements		—			154,000			—		154,000
		760,880			3,483,291			—		4,244,171
Other Financial Instruments* – Assets
Foreign Exchange Contracts		—			74			—		74
Other Financial Instruments* – Liabilities
Foreign Exchange Contracts		—			(1,260	)		—		(1,260	)
Totals	$	760,880		$	3,482,105			—	$	4,242,985
AllianzGI PerformanceFee Managed Futures Strategy:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 3/31/18
U.S. Treasury Obligations		—		$	12,802,211			—	$	12,802,211
Exchange-Traded Funds	$	148,107			—			—		148,107
Repurchase Agreements		—			204,000			—		204,000
		148,107			13,006,211			—		13,154,318
Other Financial Instruments* – Assets
Commodity Contracts		135,126			—			—		135,126
Foreign Exchange Contracts		7,102			—			—		7,102
Interest Rate Contracts		56,431			—			—		56,431
Market Price		29,990			—			—		29,990
		228,649			—			—		228,649
Other Financial Instruments* – Liabilities
Commodity Contracts		(45,906	)		—			—		(45,906	)
Credit Contracts		—			(28,066	)		—		(28,066	)
Foreign Exchange Contracts		(25,328	)		—			—		(25,328	)
Interest Rate Contracts		(89,263	)		—			—		(89,263	)
Market Price		(95,247	)		—			—		(95,247	)
		(255,744	)		(28,066	)		—		(283,810	)
Totals	$	121,012		$	12,978,145			—	$	13,099,157
AllianzGI PerformanceFee Structured US Equity:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 3/31/18
Exchange-Traded Funds	$	24,586,265			—			—	$	24,586,265
Repurchase Agreements		—		$	113,000			—		113,000
Options Purchased:
Market Price		306,846			3,471			—		310,317
		24,893,111			116,471			—		25,009,582
Investments in Securities – Liabilities
Options Written:
Market Price		(395,724	)		(2,281	)		—		(398,005	)
Totals	$	24,497,387		$	114,190			—	$	24,611,577

Semiannual Report |  March 31, 2018 319

Notes to Financial Statements (cont’d)

March 31, 2018 (Unaudited)

AllianzGI PerformanceFee Structured US Fixed Income:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 3/31/18
Exchange-Traded Funds	$	24,544,806			—			—	$	24,544,806
Options Purchased:
Market Price		162,502			—			—		162,502
		24,707,308			—			—		24,707,308
Investments in Securities – Liabilities
Options Written:
Market Price		(202,277	)		—			—		(202,277	)
Totals	$	24,505,031			—			—	$	24,505,031
AllianzGI Real Estate Debt:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 3/31/18
Mortgage-Backed Securities		—		$	7,955,863		$	99,650	$	8,055,513
Corporate Bonds & Notes		—			1,012,333			—		1,012,333
Asset-Backed Securities		—			201,834			—		201,834
U.S. Treasury Obligations		—			647,445			—		647,445
		—			9,817,475			99,650		9,917,125
Other Financial Instruments* – Assets
Foreign Exchange Contracts		—			5,579			—		5,579
Other Financial Instruments* – Liabilities
Foreign Exchange Contracts		—			(1,030	)		—		(1,030	)
Interest Rate Contracts		(2,734	)		—			—		(2,734	)
		(2,734	)		(1,030	)		—		(3,764	)
Totals	$	(2,734	)	$	9,822,024		$	99,650	$	9,918,940
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 3/31/18
Corporate Bonds & Notes		—		$	1,052,342,474			—	$	1,052,342,474
Senior Loans		—			92,102,550			—		92,102,550
Repurchase Agreements		—			56,698,000			—		56,698,000
Totals		—		$	1,201,143,024			—	$	1,201,143,024
AllianzGI Structured Return:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 3/31/18
Exchange-Traded Funds	$	542,947,020			—			—	$	542,947,020
Repurchase Agreements		—		$	121,234,000			—		121,234,000
Options Purchased:
Market Price		5,617,518			—			—		5,617,518
		548,564,538			121,234,000			—		669,798,538
Investments in Securities – Liabilities
Options Written:
Market Price		(45,348,093	)		—			—		(45,348,093	)
Totals	$	503,216,445		$	121,234,000			—	$	624,450,445

320 March 31, 2018  | Semiannual Report

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 3/31/18
Exchange-Traded Funds	$	2,268,353			—		—	$	2,268,353
Options Purchased:
Market Price		66,680			—		—		66,680
		2,335,033			—		—		2,335,033
Investments in Securities – Liabilities
Options Written:
Market Price		(7,060	)		—		—		(7,060	)
Totals	$	2,327,973			—		—	$	2,327,973
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 3/31/18
Common Stock	$	32,421,459			—		—	$	32,421,459
Repurchase Agreements		—		$	295,000		—		295,000
Totals	$	32,421,459		$	295,000		—	$	32,716,459

At March 31, 2018, the following Funds had transfers between Levels 1 and 2:

	Transfers
	Level 1 to Level 2(a)		Level 2 to Level 1(b)
AllianzGI Multi Asset Income	$	254,504		—
AllianzGI Best Styles Emerging Markets Equity		154,839	$	119,499
AllianzGI Best Styles Global Equity		6,525,485		781,897
AllianzGI Best Styles International Equity		1,053,832		73,928
AllianzGI Emerging Markets Consumer		88,046		—
AllianzGI Emerging Markets Small-Cap		788,498		77,422
AllianzGI Global Dynamic Allocation		1,717,162		175,804
AllianzGI Global Fundamental Strategy		279,644		—
AllianzGI Global Water		—		15,969,224
AllianzGI International Growth		690,119		—
AllianzGI International Small-Cap		9,818,388		—
AllianzGI NFJ Emerging Markets Value		6,109,373		1,998,000
AllianzGI NFJ International Small-Cap Value		795,843		42,733

(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, 2017, which was applied on March 31, 2018.

(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, 2017, which was not applied on March 31, 2018.

A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the period or six months ended March 31, 2018, was as follows:

AllianzGI Multi Asset Income:
Investments in Securities – Assets	Beginning Balance 9/30/17		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 3/31/18
Rights:
Food & Staples Retailing	$	9		—		—		—		—		—		—		—	$	9

Semiannual Report |  March 31, 2018 321

Notes to Financial Statements (cont’d)

March 31, 2018 (Unaudited)

AllianzGI Best Styles Emerging Markets Equity:
Investments in Securities – Assets	Beginning Balance 9/30/17		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 3/31/18
Common Stock:
Thailand	$	195,153		—		—			—		—		$	56,658			—		—		$	251,811
Rights:
Korea (Republic of)		125		—		—			—		—			(125	)		—		—			—
Warrants:
Malaysia		—		—		—			—		—			241			—	$	(241	)		—
Totals	$	195,278		—		—			—		—		$	56,774			—	$	(241	)	$	251,811
AllianzGI Best Styles Global Equity:
Investments in Securities – Assets	Beginning Balance 9/30/17		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 3/31/18
Common Stock:
China	$	327,578		—	$	(291,658	)		—	$	7,461		$	(42,230	)		—		—		$	1,151
Thailand		4,713,778	$	1,972,352		(3,128,579	)		—		835,170			(55,415	)		—		—			4,337,306
Totals	$	5,041,356	$	1,972,352	$	(3,420,237	)		—	$	842,631		$	(97,645	)		—		—		$	4,338,457
AllianzGI Best Styles International Equity:
Investments in Securities – Assets	Beginning Balance 9/30/17		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 3/31/18
Common Stock:
Thailand		—	$	77,804	$	(17,179	)		—	$	3,156		$	14,205			—		—		$	77,986
AllianzGI Best Styles U.S. Equity:
Investments in Securities – Assets	Beginning Balance 9/30/17		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 3/31/18
Rights:
Food & Staples Retailing	$	97		—		—			—		—			—			—		—		$	97
AllianzGI Convertible:
Investments in Securities – Assets	Beginning Balance 9/30/17		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 3/31/18
Convertible Bonds & Notes:
Healthcare-Products		—	$	3,391,994	$	(2,110,270	)		—	$	(340,610	)	$	(126,222	)		—		—		$	814,892
IT Services	$	5,583,172		—		(2,175,571	)	$	349		140,570			(161,676	)		—		—			3,386,844
Totals	$	5,583,172	$	3,391,994	$	(4,285,841	)	$	349	$	(200,040	)	$	(287,898	)		—		—		$	4,201,736

The table above for AllianzGI Convertible includes Level 3 investments that are valued by brokers and pricing services. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 1(b).

322 March 31, 2018  | Semiannual Report

AllianzGI Emerging Markets Consumer:
Investments in Securities – Assets	Beginning Balance 9/30/17		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 3/31/18
Common Stock:
China	$	568,706		—		$	(587,099	)		—	$	101,375	$	(82,982	)		—		—			—
Russian Federation		420,761	$	2,806			(383,601	)		—		218,208		(258,174	)		—		—			—
Thailand		1,685,931		1,445,590			(392,874	)		—		33,329		254,183			—		—		$	3,026,159
Totals	$	2,675,398	$	1,448,396		$	(1,363,574	)		—	$	352,912	$	(86,973	)		—		—		$	3,026,159
AllianzGI Emerging Markets Small-Cap:
Investments in Securities – Assets	Beginning Balance 9/30/17		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 3/31/18
Common Stock:
Russian Federation	$	186,376	$	85,791		$	(204,362	)		—	$	19,058	$	(20,897	)		—		—		$	65,966
Thailand		281,516		444,399			(190,695	)		—		7,618		10,524			—		—			553,362
Preferred Stock:
Russian Federation		—		280,399			(15,073	)		—		333		(3,236	)		—		—			262,423
Rights:
Korea (Republic of)		1,533		—			—			—		—		(1,533	)		—		—			—
Totals	$	469,425	$	810,589		$	(410,130	)		—	$	27,009	$	(15,142	)		—		—		$	881,751
AllianzGI Global Dynamic Allocation:
Investments in Securities – Assets	Beginning Balance 9/30/17		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 3/31/18
Common Stock:
China	$	55,432		—		$	(49,499	)		—	$	3,525	$	(9,424	)		—		—		$	34
Thailand		891,846	$	470,934			(347,184	)		—		47,886		135,179			—		—			1,198,661
Rights:
Thailand		133		—			—			—		—		(133	)		—		—			—
United States		83		—	††		—			—		—		9			—		—			92
Totals	$	947,494	$	470,934		$	(396,683	)		—	$	51,411	$	125,631			—		—		$	1,198,787
AllianzGI High Yield Bond:
Investments in Securities – Assets	Beginning Balance 9/30/17		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 3/31/18
Corporate Bonds & Notes:
Media	$	17,256		—			—			—		—	$	(17,201	)		—	$	(55	)		—
Preferred Stock		6,385,000		—			—			—		—		—			—		—		$	6,385,000
Common Stock:
Advertising		489,997		—			—			—		—		90,708			—		—			580,705
Aerospace & Defense		77,816		—			—			—		—		5,965			—		—			83,781
Media		7		—			—			—		—		—			—		—			7

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Notes to Financial Statements (cont’d)

March 31, 2018 (Unaudited)

AllianzGI High Yield Bond (cont’d)
Investments in Securities – Assets	Beginning Balance 9/30/17		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 3/31/18
Warrants:
Commercial Services	$	45,640		—		—			—		—		$	(45,624	)		—		—		$	16
Media		1		—		—			—		—			—			—		—			1
Totals	$	7,015,717	$	—		—			—		—		$	33,848			—	$	(55	)	$	7,049,510
AllianzGI NFJ Emerging Markets Value:
Investments in Securities – Assets	Beginning Balance 9/30/17		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 3/31/18
Common Stock:
China		—		—		—			—		—			—		$	610,253		—		$	610,253
Russian Federation		—	$	1,862,913	$	(13,621	)		—	$	2,941		$	203,614			—		—			2,055,847
Preferred Stock:
Russian Federation	$	471,283		96,839		(550,756	)		—		(26,229	)		8,863			—		—			—
Totals	$	471,283	$	1,959,752	$	(564,377	)		—	$	(23,288	)	$	212,477		$	610,253		—		$	2,666,100
AllianzGI NFJ International Small-Cap Value:
Investments in Securities – Assets	Beginning Balance 9/30/17		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 3/31/18
Common Stock:
Australia	$	39,195		—	$	(22,667	)		—	$	9,959		$	11,057			—	$	(37,544	)		—
AllianzGI Real Estate Debt:
Investments in Securities – Assets	Beginning Balance 12/27/17**		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 3/31/18
Mortgage-Backed Securities		—	$	99,397		—			—		—		$	253			—		—		$	99,650

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, 2018:

AllianzGI Best Styles Emerging Markets Equity:
Investments in Securities – Assets	Ending Balance at 3/31/18		Valuation Technique Used	Unobservable Inputs	Input Values
Common Stock	$	251,811	Market/Value of Foreign Security Traded on Foreign Exchange	Price of Non-Resident Shares on Foreign Exchange		THB  13.44-550.73

AllianzGI Best Styles Global Equity:
Investments in Securities – Assets	Ending Balance at 3/31/18		Valuation Technique Used	Unobservable Inputs	Input Values
Common Stock	$	4,337,306	Market/Value of Foreign Security Traded on Foreign Exchange	Price of Non-Resident Shares on Foreign Exchange	THB	20.92-550.73
		1,151	Market/Discount on Publicly Traded Quote	Discount to Publicly Traded Quote		88	%

324 March 31, 2018  | Semiannual Report

AllianzGI Best Styles International Equity:
Investments in Securities – Assets	Ending Balance at 3/31/18		Valuation Technique Used	Unobservable Inputs	Input Values
Common Stock	$	77,986	Market/Value of Foreign Security Traded on Foreign Exchange	Price of Non-Resident Shares on Foreign Exchange	THB	72.15-550.73

AllianzGI Convertible:
Investments in Securities – Assets	Ending Balance at 3/31/18		Valuation Technique Used	Unobservable Inputs	Input Values
Convertible Bonds & Notes	$	814,892	Fundamental Analytical Data Relating to the Investment	Price from Independent Pricing Evaluator	$	119.837

AllianzGI Emerging Markets Consumer:
Investments in Securities – Assets	Ending Balance at 3/31/18		Valuation Technique Used	Unobservable Inputs	Input Values
Common Stock	$	3,026,159	Market/Value of Foreign Security Traded on Foreign Exchange	Price of Non-Resident Shares on Foreign Exchange	THB	13.93-206.50

AllianzGI Emerging Markets Small-Cap:
Investments in Securities – Assets	Ending Balance at 3/31/18		Valuation Technique Used	Unobservable Inputs	Input Values (Ranges)
Common Stock	$	65,966	Market/Value of Foreign Security Traded on Foreign Exchange	Price of Non-Resident Shares on Foreign Exchange	$	0.0494-$5.51
Common Stock		553,362	Market/Value of Foreign Security Traded on Foreign Exchange	Price of Non-Resident Shares on Foreign Exchange	THB	4.75-52.15
Preferred Stock		262,423	Market/Value of Foreign Security Traded on Foreign Exchange	Price of Non-Resident Shares on Foreign Exchange	$	0.52

AllianzGI Global Dynamic Allocation:
Investments in Securities – Assets	Ending Balance at 3/31/18		Valuation Technique Used	Unobservable Inputs	Input Values
Common Stock	$	1,198,661	Market/Value of Foreign Security Traded on Foreign Exchange	Price of Non-Resident Shares on Foreign Exchange		THB  11.05-550.73

AllianzGI High Yield Bond:
Investments in Securities – Assets	Ending Balance at 3/31/18		Valuation Technique Used	Unobservable Inputs	Input Values (Ranges)
Preferred Stock	$	6,385,000	Market and Company Comparables	EV Multiples		0.67x (1.10x-0.24x	)
				Illiquidity Discount		30	%
Common Stock		580,705	Market and Company Comparables	EV Multiples		4.01x (2.13x-10.91x	)
				Illiquidity Discount		30	%
		83,781	Market and Company Comparables	EV Multiples		0.72x (0.49x-1.09x	)
				M&A Transaction Multiples		0.87x (0.32x-2.12x	)
				Illiquidity Discount		40	%

AllianzGI NFJ Emerging Markets Value:
Investments in Securities – Assets	Ending Balance at 3/31/18		Valuation Technique Used	Unobservable Inputs	Input Values
Common Stock	$	610,253	Market/Last Exchange-Traded Price	Discount to Last Exchange-Traded Price		0	%
		2,055,847	Market/Value of Foreign Security Traded on Foreign Exchange	Price of Non-Resident Shares on Foreign Exchange	$	10.69-$69.38

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.

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Notes to Financial Statements (cont’d)

March 31, 2018 (Unaudited)

** Commencement of operations.

*** Transferred out of Level 3 and into Level 2 because an evaluated price from a third-party independent pricing vendor was used on March 31, 2018.

† Transferred out of Level 2 and into Level 3 because the trading was halted.

†† Issued via corporate action.

The net change in unrealized appreciation/depreciation of Level 3 investments which the following Funds held at March 31, 2018 was:

AllianzGI Best Styles Emerging Markets Equity	$	56,658
AllianzGI Best Styles Global Equity		1,210,998
AllianzGI Best Styles International Equity		14,205
AllianzGI Convertible		430,028
AllianzGI Emerging Markets Consumer		343,888
AllianzGI Emerging Markets Small-Cap		33,119
AllianzGI Global Dynamic Allocation		154,164
AllianzGI High Yield Bond		51,049
AllianzGI NFJ Emerging Markets Value		203,614
AllianzGI Real Estate Debt		253

Net realized gain (loss) and net change in unrealized appreciation/depreciation are reflected on the Statements of Operations.

(c) Investment Transactions and Investment Income.  Investment transactions are accounted for on the trade date. Securities purchased and sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains and losses on investments are determined on an identified cost basis. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as a component of net change in unrealized appreciation (depreciation) of investments on the Statements of Operations. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Interest income adjusted for the accretion of discounts and amortization of premiums is recorded on an accrual basis. Discounts or premiums on debt securities purchased are accreted or amortized, respectively, to interest income. Conversion premium is not amortized. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, and then are recorded as soon after the ex-dividend date as the Funds, using reasonable diligence, become aware of such dividends. Payments received on synthetic convertible securities are generally included in dividends. Dividend and interest income on the Statements of Operations are shown net of any foreign taxes withheld on income from foreign securities. Payments received from real estate investment trust securities may be comprised of dividends, realized gains and return of capital. The payment may initially be recorded as dividend income and may subsequently be reclassified as realized gains and/or return of capital upon receipt of information from the issuer. Payments considered return of capital reduce the cost basis of the respective security. Distributions, if any, in excess of the cost basis of a security are recognized as capital gains. Dividends from underlying funds are recorded as dividend income, while capital gain distributions are recorded as net capital gain distributions received from underlying

funds on the Statements of Operations. 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 or lending commitments and consent fees relating to corporate actions are recorded as miscellaneous income upon receipt. Paydown gains and losses are netted and recorded as interest income on the Statements of Operations. Expenses are recorded on an accrual basis and such expenses exclude those of the underlying funds. Expenses of the underlying funds are reflected in the net asset values of those funds.

(d) Federal Income Taxes.  The Funds intend to distribute all of their taxable income and to comply with the other requirements of Subchapter M of the U.S. Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Accordingly, no provision for U.S. federal income taxes is required. The Funds may be subject to excise tax based on distributions to shareholders.

Accounting for uncertainty in income taxes establishes for all entities, including pass-through entities such as the Funds, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures. In accordance with provisions set forth under U.S. GAAP, the Investment Manager has reviewed the Funds’ tax positions for all open tax years. As of March 31, 2018, 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 Multi Asset Income, AllianzGI Global Allocation, AllianzGI Convertible, AllianzGI Emerging Markets Debt, AllianzGI Europe Equity Dividend, AllianzGI Global High Yield, AllianzGI High Yield Bond, AllianzGI NFJ Emerging Markets Value and AllianzGI Short Duration High Income) declare dividends and distributions from net investment income and net realized capital gains, if any, annually. AllianzGI Global Allocation, AllianzGI Convertible, AllianzGI Emerging Markets Debt, AllianzGI Europe Equity Dividend, AllianzGI Global High Yield and AllianzGI NFJ Emerging Markets Value declare dividends from net investment income quarterly and distributions from net realized capital gains, if any, annually. AllianzGI High Yield Bond, AllianzGI Short Duration High Income and AllianzGI Real Estate Debt declare dividends from net investment income monthly and distributions from net realized capital gains, if any, annually. AllianzGI Multi Asset Income declares dividends from net investment income and/or distributions from short-term capital gains monthly. Net realized capital gains, if any, will continue to be distributed annually by the Fund. The Funds record dividends and distributions to their respective shareholders on the ex-dividend date. The amount of

326 March 31, 2018  | Semiannual Report

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 include provisions for initiation of repurchase transactions, income payments, events of default, and maintenance of collateral.

The Funds enter into transactions, under the Master Repo Agreements, with their custodian bank or securities brokerage firms whereby they purchase securities under agreements (i.e., repurchase agreements) to resell such securities at an agreed upon price and date. The Funds, through their custodian, take possession of securities collateralizing the repurchase agreement. Such agreements are

carried at the contract amount in the financial statements, which is considered to represent fair value. The collateral that is pledged (i.e. the securities received by the Funds), which consists primarily of U.S. government obligations and asset-backed securities, is held by the custodian bank for the benefit of the Funds until maturity of the repurchase agreement. Provisions of the repurchase agreements and the procedures adopted by the Funds require that the market value of the collateral, including accrued interest thereon, be sufficient in the event of default by the counterparty. If the counterparty defaults under the Master Repo Agreements and the value of the collateral declines or if the counterparty enters an insolvency proceeding, realization of the collateral by the Funds may be delayed or limited. The gross values are included in the Funds’ Schedules of Investments. As of March 31, 2018, the value of the related collateral exceeded the value of the repurchase agreements.

(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 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

Semiannual Report |  March 31, 2018 327

Notes to Financial Statements (cont’d)

March 31, 2018 (Unaudited)

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, 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 assignments or direct investments), 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 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.

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(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. The value of structured/synthetic convertible securities can be affected by interest rate changes and credit risks of the issuer. Such securities may be structured in ways that limit their potential for capital appreciation and the entire value of the security may be at risk of loss depending on the performance of the underlying equity security. Consequently, the Funds are exposed to greater downside risk than traditional convertible securities, but typically still less than that of the underlying stock.

(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) Securities Traded on To-Be-Announced Basis.  The Funds may from time to time purchase securities on a to-be-announced (“TBA”) basis. In a TBA transaction, the Fund commits to purchasing or selling securities for which all specific information is not yet known at the time of the trade, particularly the face amount and maturity date of the underlying security transactions. Securities purchased on a TBA basis are not settled until they are delivered to the Fund, normally 15 to 45 days later. Beginning on the date the Fund enters into a TBA transaction, cash, U.S. government securities or other liquid securities are segregated in an amount equal in value to the purchase price of the TBA security. These transactions are subject to market fluctuations, and their current value is determined in the same manner as for other securities.

(t) Contingent Value Rights.  A Fund may invest in contingent value rights (“CVRs”). A CVR gives the holder the right to receive an amount (which may be a fixed amount or determined by a formula) in the event that a specified corporate action, business milestone, or other trigger occurs (or does not occur) which is often subject to an expiration date. CVRs often are awarded to shareholders in the context of a corporate acquisition or major restructuring. For example, shareholders of an acquired company may receive a CVR that enables them to receive additional shares of the acquiring company in the

event that the acquiring company’s share price falls below a certain level by a specified date. Risks associated with the use of CVRs are generally similar to risks associated with the use of options, such as the risk that the required trigger does not (or does) occur prior to a CVR’s expiration, causing the CVR to expire with no value. CVRs also present illiquidity risk, as they may not be registered securities or may otherwise be non-transferable or difficult to transfer, as well as counterparty risk and credit risk. Further, because CVRs are valued based on the likelihood of the occurrence of a trigger, valuation often requires modeling and judgment, which increases the risk of mispricing or improper valuation.

(u) Restricted Securities.  The Funds are permitted to invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult.

(v) 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.

(w) Loan Interest Expense.  Loan interest expense relates to the amounts borrowed under the credit facility (See Note 12). Loan interest expense is recorded as it is incurred.

2. PRINCIPAL RISKS

In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to, among other things, changes in the market (market risk) or failure of the other party to a transaction to perform (counterparty risk).

The Funds are also exposed to other risks such as, but not limited to, interest rate, foreign currency, credit and leverage risks.

Interest rate risk is the risk that fixed income securities’ valuations will change because of changes in interest rates. During periods of rising nominal interest rates, the values of fixed income instruments are generally expected to decline. Conversely, during periods of declining nominal interest rates, the values of fixed income instruments are generally expected to rise. To the extent that a Fund effectively has short positions with respect to fixed income instruments, the values of such short positions would generally be expected to rise when nominal interest rates rise and to decline when nominal interest rates decline. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is used primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. Interest rate changes can be sudden and unpredictable, and the Funds may lose money as a result of movements in interest rates. High-yield or junk bonds are subject to greater levels of credit and liquidity risk, may be speculative and may decline in value due to

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Notes to Financial Statements (cont’d)

March 31, 2018 (Unaudited)

increase in interest rates or an issuer’s deterioration or default. The Funds may not be able to hedge against changes in interest rates or may choose not to do so for cost or other reasons. In addition, any hedges may not work as intended. The values of equity and other non-fixed income securities may also decline due to fluctuations in interest rates.

Variable and floating rate securities generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. Inverse floating rate securities may decrease in value if interest rates increase. Inverse floating rate securities may also exhibit greater price volatility than a fixed rate obligation with similar credit quality. When the Funds hold variable or floating rate securities, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the NAV of the Funds’ shares.

The Funds are exposed to credit risk, which is the risk of losing money if the issuer or guarantor of a fixed income security is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or to otherwise honor its obligations. Securities are subject to varying degrees of credit risk, which are often reflected in credit ratings.

To the extent the Funds directly invest in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, they will be subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including economic growth, inflation, changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or the imposition of currency controls or other political developments in the United States or abroad. As a result, the Funds’ investments in foreign currency-denominated securities may reduce the returns of the Funds. The local emerging market currencies in which the Funds may be invested may experience substantially greater volatility against the U.S. dollar than the major convertible currencies in developed countries.

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 Investment Manager seeks to minimize the Funds’ counterparty risk by performing reviews of each counterparty and by minimizing concentration of counterparty risk by undertaking transactions with multiple customers and counterparties on recognized and reputable exchanges. Delivery of securities sold is only made once the Funds have received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligation.

The Funds are exposed to risks associated with leverage. Leverage may cause the value of the Funds’ shares to be more volatile than if the Funds did not use leverage. This is because leverage tends to exaggerate the effect of any increase or decrease in the value of the Funds’ portfolio securities. The Funds may engage in transactions or purchase instruments that give rise to forms of leverage. In addition, to the extent the Funds employ leverage, dividend and interest costs on such leverage may not be recovered by any appreciation of the securities purchased with the leverage proceeds and could exceed the Funds’ investment returns, resulting in greater losses.

The Funds may hold defaulted securities that may involve special considerations including bankruptcy proceedings, other regulatory and legal restrictions affecting the Funds’ ability to trade, and the availability of prices from independent pricing services or dealer quotations. Defaulted securities are often illiquid and may not be actively traded. Sale of securities in bankrupt companies at an acceptable price may be difficult and differences compared to the value of the securities used by the Funds could be material. A Fund may incur additional expenses to the extent it is required to seek

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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.

Investments in senior loans and repurchase agreements also involve special risks. Although typically secured, senior loans may not be backed by sufficient collateral to satisfy their issuers’ obligations in the event of bankruptcy or similar scenarios. Senior loans may also be illiquid. Similarly, repurchase agreements may result in losses if the collateral associated with such positions is insufficient in the event of a counterparty default or similar scenario. Repurchase agreement positions may also be illiquid.

AllianzGI PerformanceFee Managed Futures Strategy may gain exposure to commodity markets by investing in a subsidiary of the Trust, the AllianzGI PerformanceFee Managed Futures Strategy Offshore Fund, Ltd. (the “Subsidiary”). By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. AllianzGI Performance Managed Futures Strategy may invest no more than 25% of its assets in the Subsidiary.

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 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

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 Multi Asset Income (collectively the

“Target Funds”) and Global Allocation, intend to invest their assets significantly or primarily in series of the Trust, Allianz Funds, AllianzGI Institutional Multi-Series Trust, PIMCO Funds and PIMCO ETF Trust (together, “Affiliated Underlying Funds”). The Target Funds and Global Allocation may also invest a portion of their assets in ETFs and mutual funds and pooled vehicles other than Affiliated Underlying Funds (collectively, with the Affiliated Underlying Funds, the “Underlying Funds”). Global Fundamental Strategy, PerformanceFee Structured US Equity, PerformanceFee Structured US Fixed Income, Structured Return and U.S. Equity Hedged may have substantial exposure to Underlying Funds. Accordingly, the investment performance of the Funds depends upon a favorable allocation among the Underlying Funds as well as the ability of the Underlying Funds to achieve their objectives. There can be no assurance that the investment objective of any Underlying 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.

Investing in the Underlying Funds involves certain additional expenses and tax results that would not be present in a direct investment in the securities and other investments held by the Underlying Funds. Each Fund’s NAV will fluctuate in response to changes in the NAVs of the Underlying 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 will depend upon the extent to which each Fund’s assets are allocated from time to time for investments in the Underlying Fund, which will vary. 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.

The U.S. Commodity Futures Trading Commission (the “CFTC”) has adopted regulations that subject registered investment companies and their investment advisers to regulation by the CFTC if the registered investment company invests more than a prescribed level of its liquidation value in commodity futures, options on commodities or commodity futures, swaps, or other financial instruments regulated under the Commodity Exchange Act, or if the fund markets itself as providing investment exposure to such instruments. The Investment Manager is registered as a commodity pool operator with respect to AllianzGI PerformanceFee Managed Futures Strategy and the Subsidiary.

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Notes to Financial Statements (cont’d)

March 31, 2018 (Unaudited)

Option Transactions.  The Funds purchase put and call options on securities and indices for hedging purposes, risk management purposes or otherwise as part of their investment strategies. The risks associated with purchasing an option include the risk that the Funds pay a premium whether or not the option is exercised. Additionally, the Funds bear the risk of loss of premiums and changes in market value should the counterparty not perform under the contract. Put and call options purchased are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by the premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

The Funds may write (sell) put and call options on securities and indices to earn premiums, for hedging purposes, risk management purposes or otherwise as part of their investment strategies. When an option is written, the premium received is recorded as an asset with an equal liability that is subsequently marked to market to reflect the market value of the option written. These liabilities, if any, are reflected as options written in the Funds’ Statements of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option written is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a put option written is exercised, the premium reduces the cost basis of the security. In writing an option, the Funds bear the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could result in the Funds purchasing a security at a price different from its current market value.

There are several risks associated with option transactions on securities. For example, there are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objective. The Funds’ ability to use options successfully will depend on the Investment Manager’s ability to predict pertinent market movements, which cannot be assured. As the writer of a covered call option, a Fund foregoes, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call, but has retained the risk of loss should the price of the underlying security decline.

Futures Contracts.  The Funds use futures contracts to manage their exposure to the securities markets or the movements in interest rates and currency values. A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into such a contract, the Funds are required to pledge to the broker an amount of cash or securities equal to the minimum “initial margin” requirements of the exchange. Pursuant to the contracts, the Funds agree to receive from or pay to the broker an

amount of cash or securities equal to the daily fluctuation in the value of the contracts. Such receipts or payments are known as “variation margin” and are recorded by the Funds as unrealized appreciation or depreciation. When the contracts are closed, the Funds record a realized gain or loss equal to the difference between the value of the contracts at the time they were opened and the value at the time they were closed. Any unrealized appreciation or depreciation recorded is simultaneously reversed. The use of futures transactions involves various risks, including the risk of an imperfect correlation in the movements in the price of futures contracts, interest rates and underlying hedging assets, and possible inability or unwillingness of counterparties to meet the terms of their contracts.

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. Daily changes in valuation of centrally cleared swaps, if any, are recorded as receivable or payable, as applicable, for variation margin on centrally cleared swaps on the Funds’ Statements of Assets and Liabilities.

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.

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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 credit indices 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 write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index, or in the case of a tranched index credit default swap, the credit event is settled based on the name’s weight in the index that falls within the tranche for which

the Funds bear exposure. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. The Funds use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues serve as an indicator of the current status of the payment/performance risk, and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. 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. 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.

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Notes to Financial Statements (cont’d)

March 31, 2018 (Unaudited)

The effect of derivatives on the Statements of Assets and Liabilities at March 31, 2018:

AllianzGI Retirement 2020:
Location	Market Price			Interest Rate Contracts			Foreign Exchange Contracts			Total
Asset derivatives:
Unrealized appreciation on futures contracts*	$	19,055		$	32,832		$	1,042		$	52,929
Liability derivatives:
Unrealized depreciation on futures contracts*	$	(87,327	)	$	(5,392	)	$	(1,689	)	$	(94,408	)

* Included in net unrealized depreciation of $41,479 on futures contracts as reported in the Fund’s Notes to Schedule of Investments. Only variation margin is reported within the Statements of Assets and Liabilities.

AllianzGI Retirement 2025:
Location	Market Price			Interest Rate Contracts			Foreign Exchange Contracts			Total
Asset derivatives:
Unrealized appreciation on futures contracts*	$	5,797			—		$	1,389		$	7,186
Liability derivatives:
Unrealized depreciation on futures contracts*	$	(192,434	)	$	(12,297	)	$	(2,117	)	$	(206,848	)

* Included in net unrealized depreciation of $199,662 on futures contracts as reported in the Fund’s Notes to Schedule of Investments. Only variation margin is reported within the Statements of Assets and Liabilities.

AllianzGI Retirement 2030:
Location	Market Price			Interest Rate Contracts			Foreign Exchange Contracts			Total
Asset derivatives:
Unrealized appreciation on futures contracts*	$	8,422			—		$	1,737		$	10,159
Liability derivatives:
Unrealized depreciation on futures contracts*	$	(233,790	)	$	(2,400	)	$	(2,557	)	$	(238,747	)

* Included in net unrealized depreciation of $228,588 on futures contracts as reported in the Fund’s Notes to Schedule of Investments. Only variation margin is reported within the Statements of Assets and Liabilities.

AllianzGI Retirement 2035:
Location	Market Price			Foreign Exchange Contracts			Total
Asset derivatives:
Unrealized appreciation on futures contracts*	$	14,584		$	1,389		$	15,973
Liability derivatives:
Unrealized depreciation on futures contracts*	$	(235,972	)	$	(2,130	)	$	(238,102	)

* Included in net unrealized depreciation of $222,129 on futures contracts as reported in the Fund’s Notes to Schedule of Investments. Only variation margin is reported within the Statements of Assets and Liabilities.

AllianzGI Retirement 2040:
Location	Market Price			Foreign Exchange Contracts			Total
Asset derivatives:
Unrealized appreciation on futures contracts*	$	16,010		$	1,389		$	17,399
Liability derivatives:
Unrealized depreciation on futures contracts*	$	(232,819	)	$	(2,117	)	$	(234,936	)

* Included in net unrealized depreciation of $217,537 on futures contracts as reported in the Fund’s Notes to Schedule of Investments. Only variation margin is reported within the Statements of Assets and Liabilities.

334 March 31, 2018  | Semiannual Report

AllianzGI Retirement 2045:
Location	Market Price			Foreign Exchange Contracts			Total
Asset derivatives:
Unrealized appreciation on futures contracts*	$	13,506		$	1,042		$	14,548
Liability derivatives:
Unrealized depreciation on futures contracts*	$	(157,144	)	$	(1,689	)	$	(158,833	)

* Included in net unrealized depreciation of $144,285 on futures contracts as reported in the Fund’s Notes to Schedule of Investments. Only variation margin is reported within the Statements of Assets and Liabilities.

AllianzGI Retirement 2050:
Location	Market Price			Foreign Exchange Contracts			Total
Asset derivatives:
Unrealized appreciation on futures contracts*	$	11,623		$	1,389		$	13,012
Liability derivatives:
Unrealized depreciation on futures contracts*	$	(162,395	)	$	(1,689	)	$	(164,084	)

* Included in net unrealized depreciation of $151,072 on futures contracts as reported in the Fund’s Notes to Schedule of Investments. Only variation margin is reported within the Statements of Assets and Liabilities.

AllianzGI Retirement 2055:
Location	Market Price			Foreign Exchange Contracts			Total
Asset derivatives:
Unrealized appreciation on futures contracts*	$	6,996		$	695		$	7,691
Liability derivatives:
Unrealized depreciation on futures contracts*	$	(88,613	)	$	(1,262	)	$	(89,875	)

* Included in net unrealized depreciation of $82,184 on futures contracts as reported in the Fund’s Notes to Schedule of Investments. Only variation margin is reported within the Statements of Assets and Liabilities.

AllianzGI Multi Asset Income:
Location	Market Price			Interest Rate Contracts			Total
Asset derivatives:
Unrealized appreciation on futures contracts*		—		$	272,145		$	272,145
Liability derivatives:
Unrealized depreciation on futures contracts*	$	(315,964	)	$	(108,676	)	$	(424,640	)

* Included in net unrealized depreciation of $152,495 on futures contracts as reported in the Fund’s Notes to Schedule of Investments. Only variation margin is reported within the Statements of Assets and Liabilities.

AllianzGI Global Allocation:
Location	Market Price			Interest Rate Contracts			Foreign Exchange Contracts			Total
Asset derivatives:
Unrealized appreciation on futures contracts*		—		$	129,949		$	62,182		$	192,131
Liability derivatives:
Unrealized depreciation on futures contracts*	$	(1,399,502	)	$	(290,126	)	$	(133,530	)	$	(1,823,158	)

* Included in net unrealized depreciation of $1,631,027 on futures contracts as reported in the Fund’s Notes to Schedule of Investments. Only variation margin is reported within the Statements of Assets and Liabilities.

Semiannual Report |  March 31, 2018 335

Notes to Financial Statements (cont’d)

March 31, 2018 (Unaudited)

AllianzGI Best Styles Emerging Markets Equity:
Location	Market Price
Asset derivatives:
Unrealized appreciation on futures contracts*	$	1,761
Liability derivatives:
Unrealized depreciation on futures contracts*	$	(3,005	)

* Included in net unrealized depreciation of $1,244 on futures contracts as reported in the Fund’s Notes to Schedule of Investments. Only variation margin is reported within the Statements of Assets and Liabilities.

AllianzGI Best Styles Global Equity:
Location	Market Price			Foreign Exchange Contracts			Total
Asset derivatives:
Unrealized appreciation of forward foreign currency contracts		—		$	324		$	324
Liability derivatives:
Unrealized depreciation on futures contracts*	$	(54,669	)		—		$	(54,669	)
Unrealized depreciation of forward foreign currency contracts		—		$	(255	)		(255	)
Total liability derivatives	$	(54,669	)	$	(255	)	$	(54,924	)

* Included in net unrealized depreciation of $54,669 on futures contracts as reported in the Fund’s Notes to Schedule of Investments. Only variation margin is reported within the Statements of Assets and Liabilities.

AllianzGI Best Styles International Equity:
Location	Foreign Exchange Contracts
Liability derivatives:
Unrealized depreciation of forward foreign currency contracts	$	(11	)

AllianzGI Best Styles U.S. Equity:
Location	Market Price
Asset derivatives:
Unrealized appreciation on futures contracts*	$	12,051

* Included in net unrealized appreciation of $12,051 on futures contracts as reported in the Fund’s Notes to Schedule of Investments. Only variation margin is reported within the Statements of Assets and Liabilities.

AllianzGI Emerging Markets Debt:
Location	Foreign Exchange Contracts
Asset derivatives:
Unrealized appreciation of forward foreign currency contracts	$	7,412

AllianzGI Europe Equity Dividend:
Location	Foreign Exchange Contracts
Liability derivatives:
Unrealized depreciation of forward foreign currency contracts	$	(6	)

AllianzGI Global Dynamic Allocation:
Location	Market Price			Interest Rate Contracts			Foreign Exchange Contracts			Total
Asset derivatives:
Unrealized appreciation on futures contracts*	$	55,512		$	163,387		$	2,736		$	221,635
Liability derivatives:
Unrealized depreciation on futures contracts*	$	(878,324	)	$	(9,949	)	$	(13,900	)	$	(902,173	)

* Included in net unrealized depreciation of $680,538 on futures contracts as reported in the Fund’s Notes to Schedule of Investments. Only variation margin is reported within the Statements of Assets and Liabilities.

336 March 31, 2018  | Semiannual Report

AllianzGI Global Fundamental Strategy:
Location	Market Price			Interest Rate Contracts			Foreign Exchange Contracts			Total
Asset derivatives:
Investments, at value (options purchased)	$	92,131			—			—		$	92,131
Unrealized appreciation on futures contracts*		157,773			—			—			157,773
Unrealized appreciation of forward foreign currency contracts		—			—		$	22,926			22,926
Total asset derivatives	$	249,904			—		$	22,926		$	272,830
Liability derivatives:
Unrealized depreciation on futures contracts*		—		$	(49,597	)		—		$	(49,597	)
Options written, at value	$	(30,909	)		—			—			(30,909	)
Unrealized depreciation of forward foreign currency contracts		—			—		$	(50,449	)		(50,449	)
Total liability derivatives	$	(30,909	)	$	(49,597	)	$	(50,449	)	$	(130,955	)

* Included in net unrealized appreciation of $108,176 on futures contracts as reported in the Fund’s Notes to Schedule of Investments. Only variation margin is reported within the Statements of Assets and Liabilities.

AllianzGI Global High Yield:
Location	Interest Rate Contracts			Foreign Exchange Contracts			Total
Asset derivatives:
Unrealized appreciation of forward foreign currency contracts		—		$	15,382		$	15,382
Liability derivatives:
Unrealized depreciation on futures contracts*	$	(2,688	)		—		$	(2,688	)
Unrealized depreciation of forward foreign currency contracts		—		$	(73	)		(73	)
Total liability derivatives	$	(2,688	)	$	(73	)	$	(2,761	)

* Included in net unrealized depreciation of $2,668 on futures contracts as reported in the Fund’s Notes to Schedule of Investments. Only variation margin is reported within the Statements of Assets and Liabilities.

AllianzGI Global Water:
Location	Foreign Exchange Contracts
Asset derivatives:
Unrealized appreciation of forward foreign currency contracts	$	23
Liability derivatives:
Unrealized depreciation of forward foreign currency contracts	$	(1,159	)

AllianzGI International Small-Cap:
Location	Foreign Exchange Contracts
Asset derivatives:
Unrealized appreciation of forward foreign currency contracts	$	182
Liability derivatives:
Unrealized depreciation of forward foreign currency contracts	$	(9	)

AllianzGI NFJ Emerging Markets Value:
Location	Foreign Exchange Contracts
Asset derivatives:
Unrealized appreciation of forward foreign currency contracts	$	337
Liability derivatives:
Unrealized depreciation of forward foreign currency contracts	$	(33	)

AllianzGI NFJ International Small-Cap Value:
Location	Foreign Exchange Contracts
Asset derivatives:
Unrealized appreciation of forward foreign currency contracts	$	74
Liability derivatives:
Unrealized depreciation of forward foreign currency contracts	$	(1,260	)

Semiannual Report |  March 31, 2018 337

Notes to Financial Statements (cont’d)

March 31, 2018 (Unaudited)

AllianzGI PerformanceFee Managed Futures Strategy:
Location	Commodity Contracts			Market Price			Interest Rate Contracts			Credit Contracts			Foreign Exchange Contracts			Total
Asset derivatives:
Unrealized appreciation on futures contracts*	$	135,126		$	29,990		$	56,431			—		$	7,102		$	228,649
Liability derivatives:
Unrealized depreciation of swaps**		—			—			—		$	(28,066	)		—			(28,066	)
Unrealized depreciation on futures contracts*	$	(45,906	)	$	(95,247	)	$	(89,263	)		—		$	(25,328	)	$	(255,744	)
Total liability derivatives	$	(45,906	)	$	(95,247	)	$	(89,263	)	$	(28,066	)	$	(25,328	)	$	(283,810	)

* Included in net unrealized depreciation of $27,095 on futures contracts as reported in the Fund’s Notes to Schedule of Investments. Only variation margin is reported within the Statements of Assets and Liabilities.

** Included in net unrealized depreciation of $28,066 on swaps as reported in the Fund’s Notes to Schedule of Investments. Only variation margin is reported within the Statements of Assets and Liabilities.

AllianzGI PerformanceFee Structured US Equity:
Location	Market Price
Asset derivatives:
Investments, at value (options purchased)	$	310,317
Liability derivatives:
Options written, at value	$	(398,005	)

AllianzGI PerformanceFee Structured US Fixed Income:
Location	Market Price
Asset derivatives:
Investments, at value (options purchased)	$	162,502
Liability derivatives:
Options written, at value	$	(202,277	)

AllianzGI Real Estate Debt:
Location	Interest Rate Contracts			Foreign Exchange Contracts			Total
Asset derivatives:
Unrealized appreciation of forward foreign currency contracts		—		$	5,579		$	5,579
Liability derivatives:
Unrealized depreciation on futures contracts*	$	(2,734	)		—		$	(2,734	)
Unrealized depreciation of forward foreign currency contracts		—		$	(1,030	)		(1,030	)
Total liability derivatives	$	(2,734	)	$	(1,030	)	$	(3,764	)

* Included in net unrealized depreciation of $2,734 on futures contracts as reported in the Fund’s Notes to Schedule of Investments. Only variation margin is reported within the Statements of Assets and Liabilities.

AllianzGI Structured Return:
Location	Market Price
Asset derivatives:
Investments, at value (options purchased)	$	5,617,518
Liability derivatives:
Options written, at value	$	(45,348,093	)

AllianzGI U.S. Equity Hedged:
Location	Market Price
Asset derivatives:
Investments, at value (options purchased)	$	66,680
Liability derivatives:
Options written, at value	$	(7,060	)

The effect of derivatives on the Statements of Operations for the six months ended March 31, 2018:

AllianzGI Retirement 2020:
Location	Market Price			Interest Rate Contracts			Foreign Exchange Contracts			Total
Net realized gain(loss) on:
Futures contracts	$	87,387		$	(167,958	)	$	(50,201	)	$	(130,772	)
Net change in unrealized appreciation/depreciation of:
Futures contracts	$	(78,945	)	$	77,819		$	15,071		$	13,945

338 March 31, 2018  | Semiannual Report

AllianzGI Retirement 2025:
Location	Market Price			Interest Rate Contracts			Foreign Exchange Contracts			Total
Net realized gain(loss) on:
Futures contracts	$	367,864		$	(5,320	)	$	(56,803	)	$	305,741
Net change in unrealized appreciation/depreciation of:
Futures contracts	$	(221,439	)	$	12,360		$	18,340		$	(190,739	)

AllianzGI Retirement 2030:
Location	Market Price			Interest Rate Contracts			Foreign Exchange Contracts			Total
Net realized gain(loss) on:
Futures contracts	$	426,488		$	(222	)	$	(55,619	)	$	370,647
Net change in unrealized appreciation/depreciation of:
Futures contracts	$	(271,965	)	$	(2,400	)	$	17,516		$	(256,849	)

AllianzGI Retirement 2035:
Location	Market Price			Foreign Exchange Contracts			Total
Net realized gain(loss) on:
Futures contracts	$	359,857		$	(49,272	)	$	310,585
Net change in unrealized appreciation/depreciation of:
Futures contracts	$	(245,082	)	$	14,503		$	(230,579	)
AllianzGI Retirement 2040:
Location	Market Price			Foreign Exchange Contracts			Total
Net realized gain(loss) on:
Futures contracts	$	376,054		$	(47,504	)	$	328,550
Net change in unrealized appreciation/depreciation of:
Futures contracts	$	(233,817	)	$	12,570		$	(221,247	)

AllianzGI Retirement 2045:
Location	Market Price			Foreign Exchange Contracts			Total
Net realized gain(loss) on:
Futures contracts	$	228,950		$	(40,361	)	$	188,589
Net change in unrealized appreciation/depreciation of:
Futures contracts	$	(153,633	)	$	12,237		$	(141,396	)
AllianzGI Retirement 2050:
Location	Market Price			Foreign Exchange Contracts			Total
Net realized gain(loss) on:
Futures contracts	$	235,723		$	(37,095	)	$	198,628
Net change in unrealized appreciation/depreciation of:
Futures contracts	$	(155,624	)	$	12,584		$	(143,040	)

Semiannual Report |  March 31, 2018 339

Notes to Financial Statements (cont’d)

March 31, 2018 (Unaudited)

AllianzGI Retirement 2055:
Location	Market Price			Foreign Exchange Contracts			Total
Net realized gain(loss) on:
Futures contracts	$	120,105		$	(20,326	)	$	99,779
Net change in unrealized appreciation/depreciation of:
Futures contracts	$	(83,737	)	$	5,875		$	(77,862	)

AllianzGI Multi Asset Income:
Location	Market Price			Interest Rate Contracts			Foreign Exchange Contracts			Total
Net realized gain(loss) on:
Futures contracts	$	970,470		$	(602,854	)	$	52,594		$	420,210
Forward foreign currency contracts		—			—			2,618			2,618
Total net realized gain(loss)	$	970,470		$	(602,854	)	$	55,212		$	422,828
Net change in unrealized appreciation/depreciation of:
Futures contracts	$	(491,525	)	$	317,881		$	(36,647	)	$	(210,291	)
AllianzGI Global Allocation:
Location	Market Price			Interest Rate Contracts			Foreign Exchange Contracts			Total
Net realized gain(loss) on:
Futures contracts	$	4,917,929		$	(880,584	)	$	(665,446	)	$	3,371,899
Net change in unrealized appreciation/depreciation of:
Futures contracts	$	(2,006,495	)	$	275,866		$	167,892		$	(1,562,737	)

AllianzGI Best Styles Emerging Markets Equity:
Location	Market Price			Foreign Exchange Contracts			Total
Net realized gain(loss) on:
Futures contracts	$	24,949			—		$	24,949
Forward foreign currency contracts		—		$	(462	)		(462	)
Total net realized gain(loss)	$	24,949		$	(462	)	$	24,487
Net change in unrealized appreciation/depreciation of:
Futures contracts	$	6,292		$	—		$	6,292
AllianzGI Best Styles Global Equity:
Location	Market Price			Foreign Exchange Contracts			Total
Net realized gain on:
Futures contracts	$	285,255			—		$	285,255
Forward foreign currency contracts		—		$	28,331			28,331
Total net realized gain	$	285,255		$	28,331		$	313,586
Net change in unrealized appreciation/depreciation of:
Futures contracts	$	(54,669	)		—		$	(54,669	)
Forward foreign currency contracts		—		$	69			69
Total net change in unrealized appreciation/depreciation	$	(54,669	)	$	69		$	(54,600	)

340 March 31, 2018  | Semiannual Report

AllianzGI Best Styles International Equity:
Location	Foreign Exchange Contracts
Net realized loss on:
Forward foreign currency contracts	$	(846	)
Net change in unrealized appreciation/depreciation of:
Forward foreign currency contracts	$	(11	)

AllianzGI Best Styles U.S. Equity:
Location	Market Price
Net realized gain on:
Futures contracts	$	10,307
Net change in unrealized appreciation/depreciation of:
Futures contracts	$	7,648

AllianzGI Emerging Markets Consumer:
Location	Foreign Exchange Contracts
Net realized gain on:
Forward foreign currency contracts	$	23,470
Net change in unrealized appreciation/depreciation of:
Forward foreign currency contracts	$	(144	)

AllianzGI Emerging Markets Debt:
Location	Interest Rate Contracts		Foreign Exchange Contracts			Total
Net realized gain(loss) on:
Futures contracts	$	21,019		—		$	21,019
Forward foreign currency contracts		—	$	(79,744	)		(79,744	)
Total net realized gain(loss)	$	21,019	$	(79,744	)	$	(58,725	)
Net change in unrealized appreciation/depreciation of:
Forward foreign currency contracts		—	$	19,912		$	19,912

AllianzGI Emerging Markets Small-Cap:
Location	Foreign Exchange Contracts
Net realized gain on:
Forward foreign currency contracts	$	5,469

AllianzGI Europe Equity Dividend:
Location	Foreign Exchange Contracts
Net change in unrealized appreciation/depreciation of:
Forward foreign currency contracts	$	(6	)

AllianzGI Global Dynamic Allocation:
Location	Market Price			Interest Rate Contracts			Foreign Exchange Contracts			Total
Net realized gain(loss) on:
Futures contracts	$	3,188,118		$	(551,278	)	$	(857,739	)	$	1,779,101
Forward foreign currency contracts		—			—			2,224			2,224
Total net realized gain(loss)	$	3,188,118		$	(551,278	)	$	(855,515	)	$	1,781,325
Net change in unrealized appreciation/depreciation of:
Futures contracts	$	(1,506,206	)	$	342,887		$	294,841		$	(868,478	)

Semiannual Report |  March 31, 2018 341

Notes to Financial Statements (cont’d)

March 31, 2018 (Unaudited)

AllianzGI Global Fundamental Strategy:
Location	Market Price			Interest Rate Contracts			Foreign Exchange Contracts			Total
Net realized gain(loss) on:
Investments (options purchased)	$	47,293			—			—		$	47,293
Futures contracts		(484,475	)	$	1,013			—			(483,462	)
Options written		(98,111	)		—			—			(98,111	)
Forward foreign currency contracts		—			—		$	(86,636	)		(86,636	)
Total net realized gain(loss)	$	(535,293	)	$	1,013		$	(86,636	)	$	(620,916	)
Net change in unrealized appreciation/depreciation of:
Investments (options purchased)	$	(81,582	)		—			—		$	(81,582	)
Futures contracts		221,869		$	(60,411	)		—			161,458
Options written		(2,625	)		—			—			(2,625	)
Forward foreign currency contracts		—			—		$	(75,738	)		(75,738	)
Total net change in unrealized appreciation/depreciation	$	137,662		$	(60,411	)	$	(75,738	)	$	1,513

AllianzGI Global High Yield:
Location	Market Price			Interest Rate Contracts			Foreign Exchange Contracts			Total
Net realized gain(loss) on:
Futures contracts	$	(55	)	$	9,719			—		$	9,664
Forward foreign currency contracts		—			—		$	(325,906	)		(325,906	)
Total net realized gain(loss)	$	(55	)	$	9,719		$	(325,906	)	$	(316,242	)
Net change in unrealized appreciation/depreciation of:
Futures contracts		—		$	(2,032	)		—			(2,032	)
Forward foreign currency contracts		—			—		$	100,392			100,392
Total net change in unrealized appreciation/depreciation		—		$	(2,032	)	$	100,392		$	98,360

AllianzGI Global Sustainability:
Location	Foreign Exchange Contracts
Net realized gain on:
Forward foreign currency contracts	$	1,534
AllianzGI Global Water:
Location	Foreign Exchange Contracts
Net realized loss on:
Forward foreign currency contracts	$	(107,376	)
Net change in unrealized appreciation/depreciation of:
Forward foreign currency contracts	$	(1,136	)
AllianzGI International Growth:
Location	Foreign Exchange Contracts
Net realized loss on:
Forward foreign currency contracts	$	(1,245	)
Net change in unrealized appreciation/depreciation of:
Forward foreign currency contracts	$	69

AllianzGI International Small-Cap:
Location	Foreign Exchange Contracts
Net realized gain on:
Forward foreign currency contracts	$	57,243
Net change in unrealized appreciation/depreciation of:
Forward foreign currency contracts	$	2,539
AllianzGI NFJ Emerging Markets Value:
Location	Foreign Exchange Contracts
Net realized gain on:
Forward foreign currency contracts	$	16,427
Net change in unrealized appreciation/depreciation of:
Forward foreign currency contracts	$	362

342 March 31, 2018  | Semiannual Report

AllianzGI NFJ International Small-Cap Value:
Location	Foreign Exchange Contracts
Net realized loss on:
Forward foreign currency contracts	$	(53	)
Net change in unrealized appreciation/depreciation of:
Forward foreign currency contracts	$	(1,186	)

AllianzGI PerformanceFee Managed Futures Strategy:
Location	Commodity Contracts			Market Price			Interest Rate Contracts			Credit Contracts			Foreign Exchange Contracts			Total
Net realized gain(loss) on:
Futures contracts	$	(115,163	)	$	(202,861	)	$	(175,546	)		—		$	5,077		$	(488,493	)
Swaps		—			—			—		$	8,313			—			8,313
Total net realized gain(loss)	$	(115,163	)	$	(202,861	)	$	(175,546	)	$	8,313		$	5,077		$	(480,180	)
Net change in unrealized appreciation/depreciation of:
Futures contracts	$	89,220		$	(65,257	)	$	(32,832	)		—		$	(18,226	)	$	(27,095	)
Swaps					—			—		$	(28,066	)		—			(28,066	)
Total net change in unrealized appreciation/depreciation	$	89,220		$	(65,257	)	$	(32,832	)	$	(28,066	)	$	(18,226	)	$	(55,161	)

AllianzGI PerformanceFee Structured US Equity:
Location	Market Price
Net realized loss on:
Investments (options purchased)	$	(386,864	)
Options written		72,829
Total net realized loss	$	(314,035	)
Net change in unrealized appreciation/depreciation of:
Investments (options purchased)	$	(31,105	)
Options written		89,780
Total net change in unrealized appreciation/depreciation	$	58,675

AllianzGI PerformanceFee Structured US Fixed Income:
Location	Market Price
Net realized loss on:
Investments (options purchased)	$	(230,426	)
Options written		81,724
Total net realized loss	$	(148,702	)
Net change in unrealized appreciation/depreciation of:
Investments (options purchased)	$	14,473
Options written		38,588
Total net change in unrealized appreciation/depreciation	$	53,061

AllianzGI Real Estate Debt:
Location	Interest Rate Contracts			Foreign Exchange Contracts			Total
Net realized loss on:
Forward foreign currency contracts		—		$	(72,898	)	$	(72,898	)
Net change in unrealized appreciation/depreciation of:
Futures contracts	$	(2,734	)		—		$	(2,734	)
Forward foreign currency contracts		—		$	4,549			4,549
Total net change in unrealized appreciation/depreciation	$	(2,734	)	$	4,549		$	1,815

Semiannual Report |  March 31, 2018 343

Notes to Financial Statements (cont’d)

March 31, 2018 (Unaudited)

AllianzGI Structured Return:
Location	Market Price
Net realized loss on:
Investments (options purchased)	$	8,920,418
Futures contracts		207,276
Options written		(61,987,567	)
Total net realized loss	$	(52,859,873	)
Net change in unrealized appreciation/depreciation of:
Investments (options purchased)	$	535,008
Options written		4,975,449
Total net change in unrealized appreciation/depreciation	$	5,510,457

AllianzGI U.S. Equity Hedged:
Location	Market Price
Net realized loss on:
Investments (options purchased)	$	30,242
Options written		(204,130	)
Total net realized loss	$	(173,888	)
Net change in unrealized appreciation/depreciation of:
Investments (options purchased)	$	66,473
Options written		(9,103	)
Total net change in unrealized appreciation/depreciation	$	57,370

The average volume (based on the open positions at each month-end) of derivative activity for the period or six months ended March 31, 2018:

	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 2020		—		—		—			—			45			28		—		—
AllianzGI Retirement 2025		—		—		—			—			44			21		—		—
AllianzGI Retirement 2030		—		—		—			—			51			24		—		—
AllianzGI Retirement 2035		—		—		—			—			52			29		—		—
AllianzGI Retirement 2040		—		—		—			—			57			34		—		—
AllianzGI Retirement 2045		—		—		—			—			41			25		—		—
AllianzGI Retirement 2050		—		—		—			—			43			26		—		—
AllianzGI Retirement 2055		—		—		—			—			22			13		—		—
AllianzGI Multi Asset Income		—		—	$	20,917		$	21,746			231			143		—		—
AllianzGI Global Allocation		—		—		—			—			882			58		—		—
AllianzGI Best Styles Emerging Markets Equity		—		—		—	†		—	†		37			—		—		—
AllianzGI Best Styles Global Equity		—		—		30,476			25,282			23			—		—		—
AllianzGI Best Styles International Equity		—		—		—	†		8,856			—			—		—		—
AllianzGI Best Styles U.S. Equity		—		—		—			—			1			—		—		—
AllianzGI Emerging Markets Consumer		—		—		56,547			128,664			—			—		—		—
AllianzGI Emerging Markets Debt		—		—		1,098,071			1,780,119			3			13		—		—
AllianzGI Emerging Markets Small-Cap		—		—		—	†		—	†		—			—		—		—
AllianzGI Europe Equity Dividend		—		—		—			1,784			—			—		—		—
AllianzGI Global Dynamic Allocation		—		—		183,436			100,263			926			168		—		—
AllianzGI Global Fundamental Strategy		111		560		15,888			3,325,558			2			39		—		—
AllianzGI Global High Yield		—		—		208,159			7,109,400			—	†		3		—		—
AllianzGI Global Sustainability		—		—		—	†		—	†		—			—		—		—
AllianzGI Global Water		—		—		—	†		1,099,351			—			—		—		—
AllianzGI International Growth		—		—		8,386			6,403			—			—		—		—
AllianzGI International Small-Cap		—		—		274,109			188,700			—			—		—		—
AllianzGI NFJ Emerging Markets Value		—		—		210,357			25,240			—			—		—		—
AllianzGI NFJ International Small-Cap Value		—		—		17,210			5,216			—			—		—		—
AllianzGI PerformanceFee Managed Futures Strategy		—		—		—			—			156			59	$	1,434,977	$	1,328,571
AllianzGI PerformanceFee Structured US Equity		300		316		—			—			—			—		—		—

344 March 31, 2018  | Semiannual Report

	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 PerformanceFee Structured US Fixed Income		148		151		—		—		—			—		—		—
AllianzGI Real Estate Debt		—		—		32,114		1,525,688		—			1		—		—
AllianzGI Structured Return		15,376		6,527		—		—		—	†		—		—		—
AllianzGI U.S. Equity Hedged		44		29		—		—		—			—		—		—

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

(1) Number of contracts

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

(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, 2018 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, 2018:

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
Forward Foreign Currency Contracts
Northern Trust Company	$	136	$	—	$	—	$	136
State Street Bank & Trust Co.		188		—		—		188
Totals	$	324	$	—	$	—	$	324

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
Forward Foreign Currency Contracts
JPMorgan Chase	$	7,412	$	—	$	—	$	7,412

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
Forward Foreign Currency Contracts
State Street Bank & Trust Co.	$	22,926	$	(22,926	)	$	—	$	—

AllianzGI Global High Yield:
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
Forward Foreign Currency Contracts
Goldman Sachs	$	14,448	$	—		$	—	$	14,448
JPMorgan Chase		934		(73	)		—		861
Totals	$	15,382	$	(73	)	$	—	$	15,309

Semiannual Report |  March 31, 2018 345

Notes to Financial Statements (cont’d)

March 31, 2018 (Unaudited)

AllianzGI Global Water:
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
Forward Foreign Currency Contracts
State Street Bank & Trust Co.	$	23	$	(23	)	$	—	$	—

AllianzGI International Small-Cap:
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
Forward Foreign Currency Contracts
Income Repatriation Boston IBS	$	182	$	—	$	—	$	182

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
Forward Foreign Currency Contracts
Northern Trust Company	$	337	$	(33	)	$	—	$	304

AllianzGI NFJ International Small-Cap 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
Forward Foreign Currency Contracts
Northern Trust Company	$	74	$	(74	)	$	—	$	—

AllianzGI Real Estate 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
Forward Foreign Currency Contracts
Barclays Bank PLC	$	4,484	$	(1,011	)	$	—	$	3,473
Citibank N.A.		1,095		(19	)		—		1,076
Totals	$	5,579	$	(1,030	)	$	—	$	4,549

Financial Liabilities and Derivative Liabilities, and Collateral Received (Pledged) at March 31, 2018:

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
Forward Foreign Currency Contracts
Income Repatriation Boston IBS	$	255	$	—	$	—	$	255

346 March 31, 2018  | Semiannual Report

AllianzGI Best Styles International 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
Forward Foreign Currency Contracts
Income Repatriation Boston IBS	$	11	$	—	$	—	$	11

AllianzGI Europe Equity Dividend:
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
Forward Foreign Currency Contracts
Income Repatriation Boston IBS	$	6	$	—	$	—	$	6

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
Forward Foreign Currency Contracts
Income Repatriation Boston IBS	$	5	$	—		$	—	$	5
State Street Bank & Trust Co.		50,444		(22,926	)		—		27,518
Totals	$	50,449	$	(22,926	)	$	—	$	27,523

AllianzGI Global High Yield:
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
Forward Foreign Currency Contracts
JPMorgan Chase	$	73	$	(73	)	$	—	$	—

AllianzGI Global Water:
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
Forward Foreign Currency Contracts
Income Repatriation Boston IBS	$	902	$	—		$	—	$	902
State Street Bank & Trust Co.		257		(23	)		—		234
Totals	$	1,159	$	(23	)	$	—	$	1,136

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
Forward Foreign Currency Contracts
State Street Bank & Trust Co.	$	9	$	—	$	—	$	9

Semiannual Report |  March 31, 2018 347

Notes to Financial Statements (cont’d)

March 31, 2018 (Unaudited)

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
Forward Foreign Currency Contracts
Northern Trust Company	$	33	$	(33	)	$	—	$	—

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
Forward Foreign Currency Contracts
Northern Trust Company	$	1,260	$	(74	)	$	—	$	1,186

AllianzGI Real Estate 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
Forward Foreign Currency Contracts
Barclays Bank PLC	$	1,011	$	(1,011	)	$	—	$	—
Citibank N.A.		19		(19	)		—		—
Totals	$	1,030	$	(1,030	)	$	—	$	—

5. INVESTMENT MANAGER/ADMINISTRATOR/DISTRIBUTOR FEES/ DEFERRED COMPENSATION

Investment Management Fee.  Each Fund has an Investment Management Agreement (for the purpose of this section, the “Agreement”) 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 Agreement, 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”). With respect to AllianzGI PerformanceFee Managed Futures Strategy, the Investment Manager also serves as investment manager to the Subsidiary pursuant to an investment management agreement. The Investment Manager does not receive a fee for its services to the Subsidiary.

“Due to Investment Manager” on the Statements of Assets and Liabilities represents the remaining amounts payable related to offering costs for AllianzGI Global High Yield, AllianzGI PerformanceFee Managed Futures Strategy, AllianzGI PerformanceFee Structured US Equity, AllianzGI PerformanceFee Structured US Fixed Income and AllianzGI Real Estate Debt that were paid by the Investment Manager.

Administration Fee.  The Investment Manager provides administrative services to the Target Funds and also bears the cost of most third-party administrative services required by the Target Funds, and in return it receives from each share class of each Target 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 outstanding share classes are charged at an annual rate as indicated in the following table:

	All Classes						Class A,C and R			Class P and Administrative			Class R6
	Management Fee			Effective Management Fee						Administration Fee
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

348 March 31, 2018  | Semiannual Report

	All Classes					Class A,C and R		Class P and Administrative		Class R6
	Management Fee			Effective Management Fee				Administration Fee
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 Multi Asset Income		0.05			0.05		0.30		0.15		0.05
AllianzGI Global Allocation		0.70	*		0.18		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 Convertible		0.57			0.57		N/A		N/A		N/A
AllianzGI Emerging Markets Consumer		0.90			0.90		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 Dynamic Allocation		0.70	*		0.66		N/A		N/A		N/A
AllianzGI Global Fundamental Strategy		0.75	*		0.61		N/A		N/A		N/A
AllianzGI Global High Yield		0.60			0.60		N/A		N/A		N/A
AllianzGI Global Sustainability		0.80	*		0.69		N/A		N/A		N/A
AllianzGI Global Water		0.95	*		0.73		N/A		N/A		N/A
AllianzGI High Yield Bond		0.48			0.48		N/A		N/A		N/A
AllianzGI International Growth		0.70			0.70		N/A		N/A		N/A
AllianzGI International Small-Cap		1.00	*		0.89		N/A		N/A		N/A
AllianzGI Micro Cap		1.25			1.25		N/A		N/A		N/A
AllianzGI NFJ Emerging Markets Value		0.85	*		0.65		N/A		N/A		N/A
AllianzGI NFJ International Small-Cap Value		0.85			0.85		N/A		N/A		N/A
AllianzGI PerformanceFee Managed Futures Strategy		0.75	*		0.00		N/A		N/A		N/A
AllianzGI PerformanceFee Structured US Equity		0.60	*		0.00		N/A		N/A		N/A
AllianzGI PerformanceFee Structured US Fixed Income		0.30	*		0.00		N/A		N/A		N/A
AllianzGI Real Estate Debt		0.45			0.45		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 Ultra Micro Cap		1.50	*		1.33		N/A		N/A		N/A

* See Note 6 for management fee waivers.

Distribution and Servicing Fees.  Allianz Global Investors Distributors LLC (the “Distributor”), an affiliate of AAM and the Investment Manager, serves as the distributor of the Funds’ shares pursuant to separate Distribution Servicing Plans for Class A, C 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, C 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 Class C (with the exception 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 C and R shares.

Pursuant to the Distribution and Servicing Plans adopted by the A, C 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.

Semiannual Report |  March 31, 2018 349

Notes to Financial Statements (cont’d)

March 31, 2018 (Unaudited)

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 and C shares. For the period or six

months ended March 31, 2018, the Distributor received $105,446, representing commissions (sales charges) and CDSC from the Funds.

Deferred Compensation.  Trustees do not currently receive any pension or retirement benefits from the Trust. The Trust has adopted a deferred compensation plan (the “Plan”) for the Trustees, which 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.

6. EXPENSE LIMITATION/MANAGEMENT FEE WAIVER 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			Class A			Class C			Class R			Class P			Institutional Class			Class R6			Administrative Class
AllianzGI Retirement 2020(3)		N/A			0.95	%		1.70	%		1.30	%		0.65	%		N/A			0.55	%*		0.90	%
AllianzGI Retirement 2025(3)		N/A			0.95			N/A			1.30			0.65			N/A			0.55	*		0.90
AllianzGI Retirement 2030(3)		N/A			0.95			1.70			1.30			0.65			N/A			0.55	*		0.90
AllianzGI Retirement 2035(3)		N/A			0.95			N/A			1.30			0.65			N/A			0.55	*		0.90
AllianzGI Retirement 2040(3)		N/A			0.95			1.70			1.30			0.65			N/A			0.55			0.90
AllianzGI Retirement 2045(3)		N/A			0.95			N/A			1.30			0.65			N/A			0.55			0.90
AllianzGI Retirement 2050(3)		N/A			0.95			1.70			1.30			0.65			N/A			0.55			0.90
AllianzGI Retirement 2055(3)		N/A			0.95			N/A			1.30			0.65			N/A			0.55			0.90
AllianzGI Multi Asset Income(3)		N/A			0.95			1.70			1.30			0.65			0.60	%		0.55	*		0.90
AllianzGI Global Allocation(4)		0.55	%(1)		0.60			1.37			0.80			0.40			0.40			0.30			0.55
AllianzGI Best Styles Emerging Markets Equity(5)		N/A			0.85			1.60			N/A			0.70			0.60			0.60			N/A
AllianzGI Best Styles Global Equity(5)		N/A			0.70			1.40			N/A			0.50			0.40			0.40			N/A
AllianzGI Best Styles International Equity(5)		N/A			0.70			1.45			N/A			0.55			0.45			0.45			N/A
AllianzGI Best Styles U.S. Equity(5)		N/A			0.65			1.40			N/A			0.50			0.50			0.40			N/A
AllianzGI Convertible		N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A
AllianzGI Emerging Markets Consumer(6)		N/A			1.55			N/A			N/A			N/A			1.20			N/A			N/A
AllianzGI Emerging Markets Debt(5)		N/A			1.20			1.95			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			1.50			N/A			N/A
AllianzGI Europe Equity Dividend(5)		N/A			1.20			1.95			N/A			1.05			0.95			N/A			N/A
AllianzGI Global Dynamic Allocation(4)		0.55(1	)		0.97			1.74			1.34			0.80			0.70			0.70			0.95
AllianzGI Global Fundamental Strategy(6)		0.14(2	)		1.11			1.86			N/A			0.96			0.86			N/A			N/A
AllianzGI Global High Yield(5)		N/A			N/A			N/A			N/A			0.80			0.70			N/A			N/A
AllianzGI Global Sustainability(5)		0.11(2	)		1.09			N/A			N/A			0.94			0.84			N/A			N/A
AllianzGI Global Water		0.22(2	)		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
AllianzGI International Growth(5)		N/A			1.05			N/A			N/A			N/A			0.80			N/A			N/A
AllianzGI International Small-Cap(5)		0.11(2	)		1.25			2.08			1.59			1.10			1.04			1.00			N/A
AllianzGI Micro Cap(6)		N/A			1.62			N/A			N/A			1.54			1.54			N/A			N/A
AllianzGI NFJ Emerging Markets Value(6)		0.20(2	)		1.14			1.89			N/A			0.98			0.89			N/A			N/A
AllianzGI NFJ International Small-Cap Value(5)		N/A			1.30			2.05			N/A			1.05			0.99			0.95			N/A
AllianzGI PerformanceFee Managed Futures Strategy(8)		0.75(7	)		N/A			N/A			N/A			0.19			0.14			0.09			N/A

350 March 31, 2018  | Semiannual Report

Expense Limitation

Management Fee Waiver

Class A

Class C

Class R

Class P

Institutional Class

Class R6

Administrative Class

AllianzGI PerformanceFee Structured US Equity(8)

0.60

%(7)

N/A

N/A

N/A

0.00

%

0.00

%

0.00

%

N/A

AllianzGI PerformanceFee Structured US Fixed Income(8)

0.30

(7)

N/A

N/A

N/A

0.00

0.00

0.00

N/A

AllianzGI Real Estate Debt(5)

N/A

N/A

N/A

N/A

0.68

0.58

N/A

N/A

AllianzGI Short Duration High Income

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

AllianzGI Structured Return(6)

N/A

0.98

%

1.77

%

N/A

0.77

0.69

0.67

N/A

AllianzGI U.S. Equity Hedged(6)

N/A

1.25

2.00

N/A

1.10

1.00

N/A

N/A

AllianzGI Ultra Micro Cap(5)

N/A

(2)

2.01

N/A

N/A

1.72

1.69

N/A

N/A

(1) The Investment Manager has contractually agreed to irrevocably waive a portion of its management fee equal to 0.55% of the average daily net assets of each applicable Fund that are attributable to investments in Underlying Funds. This waiver with respect to investments in Underlying 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 Underlying Funds will continue through at least January 31, 2019.

(2) The Investment Manager has agreed to waive a portion of the investment management fee, which reduces the annual percentage rate by the rate disclosed in the table above through January 31, 2019. AllianzGI Ultra Micro Cap had a waiver of 0.25% through January 31, 2018. Amounts waived pursuant to each of the investment management fee waivers are separate from and would not be included with the amounts subject to potential recoupment under the Expense Limitation Agreement.

(3) The Investment Manager has contractually agreed, until January 31, 2020, 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.

(4) Effective February 1, 2018, the Investment Manager has contractually agreed, until January 31, 2019, to irrevocably waive its management fee, 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, tax, 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/reimbursement or recoupment. 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, 2018, the Investment Manager has contractually agreed to irrevocably waive its management fee and/or reimburse the Fund through January 31, 2019 to the extent that Total Annual Fund Operating Expenses, excluding interest, tax, and extraordinary expenses (after giving effect to the management fee waiver, if any, referred to in footnote (2) above), 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/reimbursement or recoupment. 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, 2018, the Investment Manager has contractually agreed to irrevocably waive its management fee and/or reimburse the Fund through January 31, 2019 to the extent that Total Annual Fund Operating Expenses excluding interest, tax, and extraordinary expenses, Acquired Fund Fees and Expenses, and certain credits and other expenses (after giving effect to the management fee waiver, if any, referred to in footnote (2) above), 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/reimbursement or recoupment. The Expense Limitation Agreement is terminable by the Trust upon 90 days’ prior written notice to the Investment Manager or at any time by mutual agreement of the parties.

(7) The Investment Manager has agreed to waive its investment management fee for AllianzGI PerformanceFee Managed Futures up to 0.75% for any negative performance relative to the ICE BofAML 3-Month US T-Bill Index plus 5.00% (annualized). The Investment Manager has agreed to waive its investment management fee for AllianzGI PerformanceFee Structured US Equity up to 0.60% for any negative performance relative to the S&P 500 Index plus 1.25% (annualized). The Investment Manager has agreed to waive its investment management fee for AllianzGI PerformanceFee Structured US Fixed Income up to 0.30% for any negative performance relative to the Bloomberg Barclays U.S. Aggregate Bond Index plus 0.625% (annualized). The waivers are in effect through December 31, 2018.

(8) Effective February 1, 2018, the Investment Manager has contractually agreed to irrevocably waive its management fee and/or reimburse the Fund through January 31, 2019 to the extent that Other Expenses, excluding interest, tax, 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. The Expense Limitation Agreement is terminable by the Trust upon 90 days’ prior written notice to the 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.

The following Funds revised their expense limitation rates during the six months ended March 31, 2018. The expense limitation rates in effect during the period (except as noted in the tables below) and at March 31, 2018 for all the Funds are disclosed in the table above.

	Expense Limitation (10/1/17 - 1/31/18)
	Class A			Class C			Class R			Class P			Institutional Class			Class R6			Administrative Class
AllianzGI Global Dynamic Allocation		0.97	%		1.74	%		1.34	%		0.80	%		0.70	%		0.70	%		0.97	%
AllianzGI International Small-Cap		1.25			2.08			1.59			1.10			1.07			1.00			N/A
AllianzGI NFJ International Small-Cap Value		1.30			2.05			N/A			1.05			1.01			0.95			N/A
AllianzGI Short Duration High Income		N/A			N/A			N/A			N/A			N/A			0.57			N/A
AllianzGI Structured Return		0.98			1.78			N/A			0.77			0.69			0.67			N/A
AllianzGI Ultra Micro Cap		N/A			N/A			N/A			N/A			N/A			N/A			N/A

Semiannual Report |  March 31, 2018 351

Notes to Financial Statements (cont’d)

March 31, 2018 (Unaudited)

The Investment Manager, per the 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 period or six months ended March 31, 2018, the Investment Manager recouped a total of $1,437 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, 2018.

	Unrecouped Expenses Waived/Reimbursed through Fiscal Period or Year ended
	9/30/2015		9/30/2016		9/30/2017		Totals
AllianzGI Retirement 2020	$	54,591	$	32,277	$	88,906	$	175,774
AllianzGI Retirement 2025		64,766		30,952		116,776		212,494
AllianzGI Retirement 2030		76,424		36,276		123,768		236,468
AllianzGI Retirement 2035		66,388		14,422		63,406		144,216
AllianzGI Retirement 2040		60,282		8,160		25,645		94,087
AllianzGI Retirement 2045		38,645		6,546		7,838		53,029
AllianzGI Retirement 2050		34,200		3,046		3,702		40,948
AllianzGI Retirement 2055		11,552		1,064		1,712		14,328
AllianzGI Multi Asset Income		25,007		35,990		92,776		153,773
AllianzGI Global Allocation		326,730		—		14,256		340,986
AllianzGI Best Styles Emerging Markets Equity		236,953		318,110		314,955		870,018
AllianzGI Best Styles Global Equity		265,504		416,897		222,208		904,609
AllianzGI Best Styles International Equity		342,608		394,405		348,158		1,085,171
AllianzGI Best Styles U.S. Equity		184,303		195,811		174,158		554,272
AllianzGI Emerging Markets Consumer		244,097		257,727		185,526		687,350
AllianzGI Emerging Markets Debt		305,163		162,697		162,523		630,383
AllianzGI Emerging Markets Small-Cap		293,821		305,798		251,209		850,828
AllianzGI Europe Equity Dividend		230,355		321,812		307,860		860,027
AllianzGI Global Dynamic Allocation		204,882		199,996		650,337		1,055,215
AllianzGI Global Fundamental Strategy		153,697		173,706		180,413		507,816
AllianzGI Global High Yield		—		—		236,455		236,455
AllianzGI Global Sustainability		202,111		190,206		175,647		567,964
AllianzGI International Growth		161,358		187,039		172,093		520,490
AllianzGI International Small-Cap		141,751		258,005		279,258		679,014
AllianzGI Micro Cap		115,570		153,921		137,352		406,843
AllianzGI NFJ Emerging Markets Value		303,098		465,793		548,032		1,316,923
AllianzGI NFJ International Small-Cap Value		214,424		349,447		287,899		851,770
AllianzGI Short Duration High Income		10,170		—		—		10,170
AllianzGI Structured Return		88,615		16,609		408,444		513,668
AllianzGI U.S. Equity Hedged		129,361		188,026		193,599		510,986

7. RELATED PARTY TRANSACTIONS

The Investment Manager and the Distributor are related parties. Fees payable to and amounts due from these parties are disclosed in Note 5 and Note 6 and the accrued related party fee and receivable amounts are disclosed on the Statements of Assets and Liabilities.

(a) Payments from Affiliates

There were not payments from affiliates for the period ended March 31, 2018.

During the year ended September 30, 2017, AllianzGI U.S. reimbursed AllianzGI International Small-Cap, AllianzGI NFJ Emerging Markets Value, AllianzGI Structured Return and AllianzGI Ultra Micro Cap $1,442, $52,591, $5,650, and $2,886, respectively, for realized losses resulting from trading errors.

(b) In-Kind Fund Share Transactions

There were no in-kind fund share transactions during the six months ended March 31, 2018.

During the year ended September 30, 2017, AllianzGI Best Styles Global Equity, AllianzGI Best Styles U.S. Equity and AllianzGI Convertible transferred securities and cash to affiliated entities in connection with redemption in-kind transactions. These transactions were treated as a sale of securities for U.S. GAAP, and the resulting gains and losses as shown in the table below were recognized based on the market value of the securities on the date of the transfer. For tax purposes, no gains or losses were recognized. The realized gains and losses from the redemption in-kind are netted and recorded as net realized gain on investments. The number of shares redeemed

352 March 31, 2018  | Semiannual Report

in-kind and redemption value as shown in the table below are included in the “Cost of shares redeemed” in Note 9.

During the year ended September 30, 2017, AllianzGI Global Dynamic Allocation accepted securities from affiliated entities in connection with subscription in-kind transactions. For financial reporting and tax

purposes, the cost basis of contributed securities is equal to the market value of the securities on the date of contribution. The Fund sold 1,985,501 shares of Class R6 in-kind with a subscription value of $36,374,375. The number of shares sold and subscription value are included in “Shares sold” in Note 9.

	Shares Redeemed In-Kind		Redemption Value		Realized Gains		Realized Losses
AllianzGI Best Styles Global Equity (Class R6)		1,002,664	$	15,791,959	$	1,133,858	$	438,244
AllianzGI Best Styles U.S. Equity (Class R6)		2,918,758		45,202,958		3,159,994		1,690,309
AllianzGI Convertible (Institutional Class)		16,579,709		552,103,654		64,931,264		6,282,257

(c) Affiliated Transactions  

The following tables show the transactions in and earnings from affiliates for the six months ended March 31, 2018:

AllianzGI Retirement 2020:
	Market Value 9/30/2017		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)			Market Value 3/31/2018		Dividend Income		Shares as of 3/31/2018		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI Advanced Core Bond	$	8,339,779	$	1,275,700	$	923,647	$	(193,638	)	$	8,451,358	$	108,471		584,061	$	(46,836	)		—
AllianzGI Best Styles U.S. Equity		3,541,309		227,249		827,362		(78,511	)		2,961,843		66,655		160,013		99,158		$	160,593
AllianzGI Emerging Markets Debt		687,359		299,986		769,892		(6,967	)		201,885		15,029		14,088		(8,601	)		6,881
AllianzGI Emerging Markets Small-Cap		320,480		21,775		—		3,136			345,391		13,432		19,019		—			8,344
AllianzGI Global Dynamic Allocation		34,086,296		2,254,074		4,004,003		(1,339,402	)		31,109,851		576,857		1,569,619		112,886			1,214,401
AllianzGI Short Duration High Income		543,501		49,745		—		(10,550	)		582,696		13,892		39,212		—			—
Totals	$	47,518,724	$	4,128,529	$	6,524,904	$	(1,625,932	)	$	43,653,024	$	794,336		2,386,012	$	156,607		$	1,390,219

AllianzGI Retirement 2025:
	Market Value 9/30/2017		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)			Market Value 3/31/2018		Dividend Income		Shares as of 3/31/2018		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI Advanced Core Bond	$	7,019,821	$	2,156,341	$	293,063	$	(205,816	)	$	8,663,760	$	96,957		598,739	$	(13,523	)		—
AllianzGI Best Styles U.S. Equity		6,231,430		509,028		750,810		(23,889	)		6,012,434		117,289		324,821		46,675		$	282,587
AllianzGI Emerging Markets Debt		648,718		11,860		458,754		(6,774	)		194,401		8,564		13,566		(649	)		3,296
AllianzGI Emerging Markets Small-Cap		344,099		23,380		—		3,367			370,846		14,422		20,421		—			8,959
AllianzGI Global Dynamic Allocation		48,368,729		4,103,670		4,967,520		(1,761,817	)		45,864,777		814,468		2,314,065		121,715			1,714,618
AllianzGI Short Duration High Income		381		333,586		—		(3,535	)		330,432		2,560		22,236		—			—
Totals	$	62,613,178	$	7,137,865	$	6,470,147	$	(1,998,464	)	$	61,436,650	$	1,054,260		3,293,848	$	154,218		$	2,009,460

Semiannual Report |  March 31, 2018 353

Notes to Financial Statements (cont’d)

March 31, 2018 (Unaudited)

AllianzGI Retirement 2030:
	Market Value 9/30/2017		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)			Market Value 3/31/2018		Dividend Income		Shares as of 3/31/2018		Net Realized Gain (Loss)		Net Capital Gain Distributions Received
AllianzGI Advanced Core Bond	$	690,578	$	1,552,690		—	$	(43,058	)	$	2,200,210	$	17,153		152,053		—		—
AllianzGI Best Styles Global Equity		6,572,616		1,128,943	$	374,389		(650,560	)		6,681,525		225,116		395,825	$	4,915	$	661,092
AllianzGI Best Styles U.S. Equity		9,461,330		833,384		689,069		(24,568	)		9,603,905		176,115		518,850		22,828		424,317
AllianzGI Emerging Markets Small-Cap		780,480		53,031		—		7,635			841,146		32,711		46,319		—		20,320
AllianzGI Global Dynamic Allocation		52,549,025		5,051,752		3,691,374		(1,879,808	)		52,049,188		886,989		2,626,094		19,593		1,867,290
Totals	$	70,054,029	$	8,619,800	$	4,754,832	$	(2,590,359	)	$	71,375,974	$	1,338,084		3,739,141	$	47,336	$	2,973,019

AllianzGI Retirement 2035:
	Market Value 9/30/2017		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)			Market Value 3/31/2018		Dividend Income		Shares as of 3/31/2018		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI Advanced Core Bond	$	550,305	$	960,473		—	$	(28,111	)	$	1,482,667	$	12,117		102,465		—			—
AllianzGI Best Styles Global Equity		18,125,278		3,159,765	$	1,064,996		(1,787,461	)		18,398,905		620,803		1,089,983	$	(33,681	)	$	1,823,090
AllianzGI Best Styles U.S. Equity		9,332,798		836,274		869,441		(30,519	)		9,304,493		173,531		502,674		35,381			418,092
AllianzGI Emerging Markets Small-Cap		641,417		43,582		—		6,275			691,274		26,883		38,066		—			16,699
AllianzGI Global Dynamic Allocation		27,457,885		2,677,927		1,037,581		(1,004,951	)		28,094,530		463,642		1,417,484		1,250			976,060
Totals	$	56,107,683	$	7,678,021	$	2,972,018	$	(2,844,767	)	$	57,971,869	$	1,296,976		3,150,672	$	2,950		$	3,233,941

AllianzGI Retirement 2040:
	Market Value 9/30/2017		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)			Market Value 3/31/2018		Dividend Income		Shares as of 3/31/2018		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI Best Styles Global Equity	$	25,070,493	$	3,879,427	$	2,231,904	$	(2,492,909	)	$	24,179,939	$	866,190		1,432,461	$	(45,168	)	$	2,543,710
AllianzGI Best Styles U.S. Equity		9,687,342		621,645		541,721		(27,226	)		9,760,730		182,337		527,322		20,690			439,307
AllianzGI Emerging Markets Small-Cap		544,837		37,020		—		5,330			587,187		22,835		32,334		—			14,185
AllianzGI Global Dynamic Allocation		16,998,199		1,957,312		594,163		(640,321	)		17,720,335		283,860		894,063		(692	)		597,583
Totals	$	52,300,871	$	6,495,404	$	3,367,788	$	(3,155,126	)	$	52,248,191	$	1,355,222		2,886,180	$	(25,170	)	$	3,594,785

354 March 31, 2018  | Semiannual Report

AllianzGI Retirement 2045:
	Market Value 9/30/2017		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)			Market Value 3/31/2018		Dividend Income		Shares as of 3/31/2018		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI Best Styles Global Equity	$	18,313,605	$	3,309,969	$	984,906	$	(1,841,635	)	$	18,751,288	$	636,383		1,110,858	$	(45,745	)	$	1,868,844
AllianzGI Best Styles U.S. Equity		6,284,793		508,833		219,418		(17,111	)		6,565,411		118,295		354,695		8,314			285,006
AllianzGI Emerging Markets Small-Cap		321,547		21,848		—		3,146			346,541		13,476		19,083		—			8,371
AllianzGI Global Dynamic Allocation		7,059,343		1,061,170		197,681		(267,823	)		7,651,817		120,330		386,065		(3,192	)		253,319
Totals	$	31,979,288	$	4,901,820	$	1,402,005	$	(2,123,423	)	$	33,315,057	$	888,484		1,870,701	$	(40,623	)	$	2,415,540

AllianzGI Retirement 2050:
	Market Value 9/30/2017		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)			Market Value 3/31/2018		Dividend Income		Shares as of 3/31/2018		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI Best Styles Global Equity	$	19,134,566	$	4,011,035	$	926,409	$	(1,943,710	)	$	20,229,646	$	666,437		1,198,439	$	(45,836	)	$	1,957,103
AllianzGI Best Styles U.S. Equity		5,857,590		824,086		361,398		(17,609	)		6,311,887		110,562		340,999		9,218			266,379
AllianzGI Emerging Markets Small-Cap		309,055		20,999		—		3,024			333,078		12,953		18,341		—			8,046
AllianzGI Global Dynamic Allocation		5,658,483		803,817		239,498		(210,726	)		6,009,902		96,146		303,224		(2,174	)		202,406
Totals	$	30,959,694	$	5,659,937	$	1,527,305	$	(2,169,021	)	$	32,884,513	$	886,098		1,861,003	$	(38,792	)	$	2,433,934

AllianzGI Retirement 2055:
	Market Value 9/30/2017		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)			Market Value 3/31/2018		Dividend Income		Shares as of 3/31/2018		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI Best Styles Global Equity	$	8,609,987	$	3,266,395	$	561,397	$	(926,061	)	$	10,335,635	$	322,995		612,301	$	(53,289	)	$	948,529
AllianzGI Best Styles U.S. Equity		2,713,120		653,835		133,667		(6,784	)		3,226,038		53,326		174,286		(466	)		128,479
AllianzGI Emerging Markets Small-Cap		109,816		63,200		—		1,663			174,679		4,603		9,619		—			2,859
AllianzGI Global Dynamic Allocation		2,546,142		775,105		141,906		(106,654	)		3,070,278		46,373		154,908		(2,409	)		97,624
Totals	$	13,979,065	$	4,758,535	$	836,970	$	(1,037,836	)	$	16,806,630	$	427,297		951,114	$	(56,164	)	$	1,177,491

Semiannual Report |  March 31, 2018 355

Notes to Financial Statements (cont’d)

March 31, 2018 (Unaudited)

AllianzGI Multi Asset Income:
	Market Value 9/30/2017		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)			Market Value 3/31/2018		Dividend Income		Shares as of 3/31/2018		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI Emerging Markets Debt	$	2,791,922	$	1,129,159	$	282,361	$	(123,434	)	$	3,511,309	$	93,473		245,032	$	(3,977	)	$	25,065
AllianzGI Europe Equity Dividend		3,273,342		77,782		—		(121,269	)		3,229,855		77,783		204,810		—			—
AllianzGI Global High Yield		1,024,740		593,222		—		(20,699	)		1,597,263		21,060		106,201		—			—
AllianzGI High Yield Bond		3,294,971		2,399,243		3,172,098		(119,393	)		2,366,721		88,265		275,520		(36,002	)		—
AllianzGI Short Duration High Income		8,402,079		127,708		3,627,151		(64,971	)		4,811,287		127,708		323,774		(26,378	)		—
PIMCO Income		5,767,960		1,654,904		1,282,186		(130,762	)		6,025,668		155,643		493,503		15,752			—
PIMCO Investment Grade Corporate Bond Index		—		5,477,071		1,747,316		(115,488	)		3,559,098		68,580		34,801		(55,169	)		3,326
PIMCO Long-Term Credit		3,036,362		—		3,055,604		(91,091	)		—		4,922		—		110,333			—
PIMCO Mortgage Opportunities		3,810,026		1,301,977		2,666,191		(37,832	)		2,371,962		93,569		215,242		(36,018	)		—
PIMCO Preferred and Capital Securities		2,013,097		1,873,979		998,843		(36,458	)		2,839,137		73,449		275,377		(12,638	)		7,190
Totals	$	33,414,499	$	14,635,045	$	16,831,750	$	(861,397	)	$	30,312,300	$	804,452		2,174,260	$	(44,097	)	$	35,581

AllianzGI Global Allocation:
	Market Value 9/30/2017		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)			Market Value 3/31/2018		Dividend Income		Shares as of 3/31/2018		Net Realized Gain (Loss)			Net Capital Gain Distributions Received
AllianzGI Advanced Core Bond	$	87,446,693	$	10,147,377	$	3,944,592	$	(2,135,542	)	$	91,333,469	$	1,098,252		6,311,919	$	(180,467	)		—
AllianzGI Best Styles Global Equity		144,308,772		22,377,737		11,129,601		(15,329,832	)		141,681,670		4,807,230		8,393,464		1,454,594		$	14,117,227
AllianzGI Best Styles Global Managed Volatility		35,385,401		2,482,013		—		(972,792	)		36,894,622		1,187,383		2,125,266		—			1,294,630
AllianzGI Emerging Markets Debt		15,413,937		520,450		—		(517,731	)		15,416,656		410,400		1,075,831		—			110,051
AllianzGI Emerging Markets Small-Cap		4,609,381		313,190		—		45,094			4,967,665		193,185		273,550		—			120,005
AllianzGI High Yield Bond		4,928,245		65,719		4,907,844		(187,710	)		—		65,719		—		101,590			—
AllianzGI International Growth		17,904,950		2,224,578		—		(1,176,850	)		18,952,678		109,346		1,021,708		—			2,115,231
AllianzGI PerformanceFee Managed Futures Strategy		—		15,000,000		—		(540,000	)		14,460,000		—		1,500,000		—			—
Totals	$	309,997,379	$	53,131,064	$	19,982,037	$	(20,815,363	)	$	323,706,760	$	7,871,515		20,701,738	$	1,375,717		$	17,757,144

356 March 31, 2018  | Semiannual Report

AllianzGI Global Fundamental Strategy:
	Market Value 9/30/2017		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)			Market Value 3/31/2018		Dividend Income		Shares as of 3/31/2018		Net Realized Gain (Loss)		Net Capital Gain Distributions Received
AllianzGI Best Styles Emerging Markets Equity	$	383,978	$	7,668	$	418,836	$	(46,408	)		—	$	7,668		—	$	73,598		—
AllianzGI NFJ Emerging Markets Value		197,060		2,671		—		16,103		$	215,834		1,891		11,414		—	$	780
Totals	$	581,038	$	10,339	$	418,836	$	(30,305	)	$	215,834	$	9,559		11,414	$	73,598	$	780

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, 2018, the following Funds engaged in sales of securities pursuant to Rule 17a-7 of the 1940 Act:

	Purchases		Sales
AllianzGI Short Duration High Income		—	$	39,257,236

8. 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, 2018, the significant account-holders, owners of 5% or greater of each respective Fund’s outstanding shares were as follows:

	Unaffiliated					Affiliated
	Number of Account Holders		Approximate Ownership			Number of Account Holders		Approximate Ownership*			AFI/Allianz of America
AllianzGI Retirement 2020		4		75	%		—		—			—
AllianzGI Retirement 2025		3		75	%		—		—			—
AllianzGI Retirement 2030		3		73	%		—		—			—
AllianzGI Retirement 2035		4		78	%		—		—			—
AllianzGI Retirement 2040		3		74	%		—		—			—
AllianzGI Retirement 2045		3		70	%		—		—			—
AllianzGI Retirement 2050		4		77	%		—		—			—
AllianzGI Retirement 2055		4		75	%		—		—			—
AllianzGI Multi Asset Income		6		66	%		—		—			—
AllianzGI Global Allocation		1		23	%		2		53	%		—
AllianzGI Best Styles Emerging Markets Equity		1		12	%		—		0	%		80	%
AllianzGI Best Styles Global Equity		—		—			3		77	%		—
AllianzGI Best Styles International Equity		1		42	%		2		54	%		—
AllianzGI Best Styles U.S. Equity		1		5	%		6		80	%		—
AllianzGI Convertible		4		36	%		—		—			—
AllianzGI Emerging Markets Consumer		6		98	%		—		—			—
AllianzGI Emerging Markets Debt		—		—			2		58	%		34	%
AllianzGI Emerging Markets Small-Cap		1		19	%		4		63	%		—
AllianzGI Europe Equity Dividend		3		54	%		1		39	%		—
AllianzGI Global Dynamic Allocation		2		19	%		5		63	%		—
AllianzGI Global Fundamental Strategy		1		5	%		—		—			94	%
AllianzGI Global High Yield		—		—			1		7	%		93	%
AllianzGI Global Sustainability		2		98	%		—		—			—
AllianzGI Global Water		5		41	%		—		—			—
AllianzGI High Yield Bond		5		67	%		—		—			—

Semiannual Report |  March 31, 2018 357

Notes to Financial Statements (cont’d)

March 31, 2018 (Unaudited)

	Unaffiliated					Affiliated
	Number of Account Holders		Approximate Ownership			Number of Account Holders		Approximate Ownership*			AFI/Allianz of America
AllianzGI International Growth		—		—			—		94	%		—
AllianzGI International Small-Cap		3		76	%		—		—			—
AllianzGI Micro Cap		1		73	%		—		—			—
AllianzGI NFJ Emerging Markets Value		3		83	%		—		—			—
AllianzGI NFJ International Small-Cap Value		6		87	%		—		—			—
AllianzGI PerformanceFee Managed Futures Strategy		—		—			1		95	%		—
AllianzGI PerformanceFee Structured US Equity		—		—			—		—			99	%
AllianzGI PerformanceFee Structured US Fixed Income		—		—			—		—			100	%
AllianzGI Real Estate Debt		—		—			—		—			99	%
AllianzGI Short Duration High Income		7		50	%		—		—			—
AllianzGI Structured Return		7		68	%		—		—			—
AllianzGI U.S. Equity Hedged		5		83	%		—		—			—
AllianzGI Ultra Micro Cap		4		66	%		—		—			—

* This represents the aggregate percentage of affiliated entities that own 5% or more of the Fund’s outstanding shares. These affiliated entities include funds/portfolios of the Trust, CollegeAccess 529 Plan, OklahomaDream 529 Plan and Allianz Multi-Series Collective Investment Trust.

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Semiannual Report |  March 31, 2018 359

Notes to Financial Statements (cont’d)

March 31, 2018 (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 2020												AllianzGI Retirement 2025
	Six Months ended March 31, 2018 (unaudited)						Year ended September 30, 2017						Six Months ended March 31, 2018 (unaudited)						Year ended September 30, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		17,672		$	361,503			76,737		$	1,476,887			45,994		$	845,666			58,086		$	1,010,886
Class C		689			14,090			6,921			131,602			—			—			—			—
Class R		2,235			45,184			3,269			64,108			867			15,990			4,122			69,053
Class P		127,613			2,624,604			133,356			2,600,760			112,765			2,094,664			246,556			4,280,682
Class R6		125,568			2,600,484			481,151			9,346,062			122,214			2,268,581			673,832			11,717,365
Administrative Class		2,295			47,585			17,680			340,652			1,102			20,602			10,689			184,331
Issued in reinvestment of dividends and distributions:
Class A		20,754			422,972			16,725			310,416			17,564			323,180			7,078			117,498
Class C		481			9,782			462			8,548			—			—			—			—
Class R		2			47			500			9,321			31			566			915			15,091
Class P		33,591			689,953			38,717			724,018			95,060			1,746,256			59,281			982,280
Class R6		31,248			642,466			19,701			368,801			53,770			988,834			21,665			359,200
Administrative Class		1,059			21,720			773			14,448			672			12,408			755			12,535
Cost of shares redeemed:
Class A		(204,874	)		(4,108,569	)		(87,720	)		(1,678,659	)		(40,418	)		(746,807	)		(35,255	)		(615,697	)
Class C		(3,305	)		(67,623	)		(6,362	)		(122,830	)		—			—			—			—
Class R		(2	)		(31	)		(35,437	)		(678,453	)		(10	)		(185	)		(42,549	)		(723,563	)
Class P		(112,193	)		(2,329,959	)		(528,913	)		(10,285,749	)		(178,154	)		(3,311,397	)		(401,873	)		(6,967,829	)
Class R6		(163,413	)		(3,370,280	)		(315,208	)		(6,228,636	)		(215,429	)		(3,986,205	)		(295,135	)		(5,224,988	)
Administrative Class		(1,218	)		(25,189	)		(5,654	)		(109,267	)		(27,579	)		(519,224	)		(5,975	)		(100,722	)
Net increase (decrease) resulting from Fund share transactions		(121,798	)	$	(2,421,261	)		(183,302	)	$	(3,707,971	)		(11,551	)	$	(247,071	)		302,192		$	5,116,122

360 March 31, 2018  | Semiannual Report

AllianzGI Retirement 2030												AllianzGI Retirement 2035												AllianzGI Retirement 2040
Six Months ended March 31, 2018 (unaudited)						Year ended September 30, 2017						Six Months ended March 31, 2018 (unaudited)						Year ended September 30, 2017						Six Months ended March 31, 2018 (unaudited)						Year ended September 30, 2017
Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
	65,562		$	1,483,206			169,366		$	3,631,028			59,961		$	1,206,084			82,607		$	1,535,318			29,601		$	688,275			129,442		$	2,832,313
	3,168			70,132			9,201			194,249			—			—			—			—			145			3,376			556			11,727
	2,129			48,153			8,384			169,358			3,784			75,431			9,140			164,152			1,625			37,500			8,299			170,224
	153,385			3,497,173			231,370			4,891,963			111,014			2,246,828			214,806			3,980,036			66,725			1,569,926			194,498			4,120,583
	105,203			2,403,618			494,594			10,525,400			103,020			2,081,696			423,923			7,975,286			94,220			2,216,392			364,045			7,862,454
	3,782			87,072			11,561			239,783			3,431			70,048			23,561			431,467			2,524			59,900			2,570			54,947
	21,750			483,287			7,285			144,389			25,634			506,781			11,790			206,201			12,615			289,017			7,063			142,180
	1,677			36,934			627			12,336			—			—			—			—			341			7,750			206			4,120
	408			9,075			2,247			44,419			292			5,756			1,458			25,406			216			4,926			2,744			54,691
	93,948			2,107,251			46,942			938,844			102,945			2,042,423			50,349			883,626			68,278			1,569,715			46,345			935,697
	61,604			1,385,473			24,135			483,657			50,938			1,012,145			16,412			288,351			65,515			1,509,472			34,052			688,539
	1,114			25,075			1,496			29,885			749			14,933			996			17,461			1,153			26,411			656			13,206
	(80,891	)		(1,846,370	)		(119,163	)		(2,553,450	)		(30,776	)		(614,666	)		(179,788	)		(3,296,808	)		(54,315	)		(1,279,424	)		(57,829	)		(1,260,230	)
	(3,277	)		(72,962	)		(9,054	)		(193,558	)		—			—			—			—			(199	)		(4,632	)		(894	)		(18,693	)
	(4,871	)		(111,436	)		(102,367	)		(2,095,862	)		(346	)		(6,946	)		(66,259	)		(1,205,411	)		(5,946	)		(140,628	)		(73,837	)		(1,538,720	)
	(120,736	)		(2,734,837	)		(331,551	)		(6,996,835	)		(109,888	)		(2,218,109	)		(342,148	)		(6,368,482	)		(140,262	)		(3,268,168	)		(206,337	)		(4,392,618	)
	(134,627	)		(3,056,458	)		(243,782	)		(5,253,796	)		(114,656	)		(2,302,163	)		(172,855	)		(3,231,813	)		(120,210	)		(2,814,595	)		(147,672	)		(3,185,036	)
	(46,332	)		(1,067,181	)		(13,077	)		(269,752	)		(30,816	)		(630,244	)		(16,571	)		(302,465	)		(703	)		(16,476	)		(3,134	)		(63,157	)
	122,996		$	2,747,205			188,214		$	3,942,058			175,286		$	3,489,997			57,421		$	1,102,325			21,323		$	458,737			300,773		$	6,432,227

Semiannual Report |  March 31, 2018 361

Notes to Financial Statements (cont’d)

March 31, 2018 (Unaudited)

	AllianzGI Retirement 2045												AllianzGI Retirement 2050
	Six Months ended March 31, 2018 (unaudited)						Year ended September 30, 2017						Six Months ended March 31, 2018 (unaudited)						Year ended September 30, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		24,910		$	505,087			48,719		$	918,326			20,915		$	473,986			106,379		$	2,166,114
Class C		—			—			—			—			248			5,547			1,093			22,259
Class R		1,894			38,604			7,653			140,162			681			15,428			3,766			75,483
Class P		66,109			1,358,208			150,381			2,830,332			60,935			1,404,998			139,562			2,913,729
Institutional Class		—			—			—			—			—			—			—			—
Class R6		83,614			1,719,619			306,694			5,779,643			107,016			2,469,680			267,214			5,625,406
Administrative Class		2,844			58,715			14,449			268,324			1,902			43,659			6,581			139,403
Issued in reinvestment of dividends and distributions:
Class A		13,781			276,721			9,827			172,359			9,057			201,877			4,463			87,120
Class C		—			—			—			—			482			10,589			351			6,764
Class R		411			8,185			1,786			31,083			79			1,758			1,794			34,832
Class P		50,653			1,018,129			41,537			729,383			37,273			836,401			29,513			579,934
Institutional Class		—			—			—			—			—			—			—			—
Class R6		42,722			860,846			26,400			464,645			50,642			1,140,455			29,933			589,982
Administrative Class		1,746			34,918			1,669			29,161			2,445			54,642			1,708			33,443
Cost of shares redeemed:
Class A		(19,737	)		(408,760	)		(38,843	)		(721,757	)		(40,739	)		(945,407	)		(28,279	)		(578,951	)
Class C		—			—			—			—			(540	)		(11,784	)		(917	)		(19,414	)
Class R		(844	)		(17,173	)		(34,653	)		(631,153	)		(28	)		(647	)		(38,340	)		(780,732	)
Class P		(100,913	)		(2,069,937	)		(136,429	)		(2,543,429	)		(63,202	)		(1,446,244	)		(148,241	)		(3,094,457	)
Institutional Class		—			—			—			—			—			—			—			—
Class R6		(53,086	)		(1,085,565	)		(143,527	)		(2,725,283	)		(61,380	)		(1,409,740	)		(113,709	)		(2,410,543	)
Administrative Class		(8,759	)		(180,482	)		(3,069	)		(59,582	)		(1,228	)		(27,855	)		(4,474	)		(93,586	)
Net increase (decrease) resulting from Fund share transactions		105,345		$	2,117,115			252,594		$	4,682,214			124,558		$	2,817,343			258,397		$	5,296,786

# For the period February 1, 2018 (commencement of share class) through March 31, 2018. “Shares sold” includes shares sold to AFI.

362 March 31, 2018  | Semiannual Report

AllianzGI Retirement 2055												AllianzGI Multi Asset Income												AllianzGI Global Allocation
Six Months ended March 31, 2018 (unaudited)						Year ended September 30, 2017						Six Months ended March 31, 2018 (unaudited)						Year ended September 30, 2017						Six Months ended March 31, 2018 (unaudited)						Year ended September 30, 2017
Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
	23,628		$	464,480			66,447		$	1,173,048			79,312		$	1,432,266			109,682		$	2,004,214			186,331		$	2,226,474			586,530		$	6,839,242
	—			—			—			—			29,371			537,361			35,951			658,716			221,157			2,761,108			165,667			1,943,750
	1,170			22,957			5,173			89,205			622			11,813			1,401			26,397			708			8,651			335			3,936
	76,835			1,525,644			133,236			2,403,596			45,270			831,233			211,230			3,897,798			64,011			779,071			228,639			2,651,584
	—			—			—			—			2,052	#		35,656	#		—			—			46,924			551,640			661,698			7,440,593
	115,452			2,299,862			191,577			3,479,666			157,008			2,821,002			325,863			5,861,899			10,295,053			124,907,521			9,283,971			107,103,765
	5,166			101,074			5,130			92,175			839			15,459			46,447			857,264			35			445			44			500
	6,743			129,807			2,569			43,180			24,149			438,587			26,950			488,639			308,428			3,579,147			61,309			692,252
	—			—			—			—			7,856			142,748			6,922			125,825			223,198			2,640,304			25,252			286,502
	201			3,864			788			13,177			74			1,395			418			7,743			224			2,565			32			362
	21,627			419,135			10,413			176,090			35,087			643,942			48,673			889,457			11,500			132,278			1,725			19,327
	—			—			—			—			11	#		193	#		—			—			49,908			577,529			138,604			1,517,409
	23,693			461,056			8,828			149,892			52,249			934,854			64,655			1,155,477			2,334,806			26,505,964			733,174			8,106,799
	1,162			22,436			754			12,694			3,419			63,297			3,729			68,924			209			2,494			43			499
	(7,949	)		(154,980	)		(23,665	)		(414,439	)		(53,206	)		(963,839	)		(142,903	)		(2,614,625	)		(439,643	)		(5,243,285	)		(4,383,743	)		(49,002,154	)
	—			—			—			—			(37,025	)		(660,551	)		(42,029	)		(766,759	)		(507,363	)		(6,123,045	)		(1,509,265	)		(17,572,955	)
	(13	)		(260	)		(21,770	)		(381,938	)		(316	)		(6,110	)		(22,534	)		(424,120	)		(346	)		(4,243	)		(1	)		(9	)
	(51,966	)		(1,027,153	)		(41,744	)		(759,078	)		(90,660	)		(1,669,487	)		(409,501	)		(7,528,815	)		(51,760	)		(637,821	)		(109,354	)		(1,256,218	)
	—			—			—			—			—	#		—	#		—			—			(42,444	)		(504,474	)		(6,417,388	)		(74,424,026	)
	(35,629	)		(703,029	)		(57,561	)		(1,064,620	)		(199,940	)		(3,610,398	)		(328,549	)		(5,951,323	)		(10,216,269	)		(124,393,321	)		(14,502,725	)		(171,896,055	)
	(7,911	)		(158,093	)		(2,563	)		(45,751	)		(58,147	)		(1,035,606	)		(11,971	)		(223,951	)		(18	)		(224	)		(765	)		(8,761	)
	172,209		$	3,406,800			277,612		$	4,966,897			(1,975	)	$	(36,185	)		(75,566	)	$	(1,467,240	)		2,484,649		$	27,768,778			(15,036,218	)	$	(177,553,658	)

Semiannual Report |  March 31, 2018 363

Notes to Financial Statements (cont’d)

March 31, 2018 (Unaudited)

	AllianzGI Best Styles Emerging Markets Equity												AllianzGI Best Styles Global Equity
	Six Months ended March 31, 2018 (unaudited)						Year ended September 30, 2017						Six Months ended March 31, 2018 (unaudited)						Year ended September 30, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		7,814		$	138,952			7,900		$	118,678			15,177		$	278,191			68,959		$	1,130,618
Class C		74			1,300			2,080			31,589			1,513			28,158			4,830			87,436
Class R		—			—			—			—			—			—			—			—
Class P		896			15,500			1,512			21,893			33,298			603,818			164,630			2,742,675
Institutional Class		4,748			80,501			4,412			60,000			11,572			212,462			11,025			192,141
Class R6		30,693			553,005			53,277			771,917			4,782,254			87,127,682			14,837,402			237,470,245
Administrative Class		—			—			—			—			—			—			—			—
Issued in reinvestment of dividends and distributions:
Class A		175			2,927			52			652			9,117			156,176			396			6,286
Class C		39			646			60			747			451			7,587			12			183
Class R		—			—			—			—			—			—			—			—
Class P		44			742			46			580			18,861			322,713			2,814			44,744
Institutional Class		87			1,450			47			590			19,183			324,964			3,166			49,946
Class R6		8,161			137,439			24,368			307,036			4,650,001			79,375,511			991,084			15,722,005
Administrative Class		—			—			—			—			—			—			—			—
Cost of shares redeemed:
Class A		—			—			—			—			(9,037	)		(159,065	)		(2,321,093	)		(35,682,819	)
Class C		(340	)		(5,892	)		(62	)		(1,007	)		(3,896	)		(72,616	)		—			—
Class R		—			—			—			—			—			—			—			—
Class P		—			—			—			—			(64,696	)		(1,129,034	)		(197,393	)		(3,329,411	)
Institutional Class		—			—			(4,413	)		(64,544	)		(12,717	)		(229,320	)		(42,235	)		(691,732	)
Class R6		(100,781	)		(1,813,577	)		(516,686	)		(7,517,856	)		(4,639,554	)		(85,820,661	)		(19,667,990	)		(341,812,997	)
Administrative Class		—			—			—			—			—			—			—			—
Net increase (decrease) resulting from Fund share transactions		(48,390	)	$	(887,007	)		(427,407	)	$	(6,269,725	)		4,811,527		$	81,026,566			(6,144,393	)	$	(124,070,680	)

* Actual amount rounds to less than one share.

364 March 31, 2018  | Semiannual Report

AllianzGI Best Styles International Equity												AllianzGI Best Styles U.S. Equity												AllianzGI Convertible
Six Months ended March 31, 2018 (unaudited)						Year ended September 30, 2017						Six Months ended March 31, 2018 (unaudited)						Year ended September 30, 2017						Six Months ended March 31, 2018 (unaudited)						Year ended September 30, 2017
Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
	15,559		$	244,130			31,284		$	462,837			4,730		$	90,264			30,990		$	493,185			69,599		$	2,142,682			421,297		$	13,241,563
	946			14,935			8,186			119,746			942			18,015			595			9,956			150,162			4,543,593			18,986			604,884
	—			—			—			—			—			—			—			—			201			6,320			2,394			74,613
	—			—			6,784			100,000			208			4,000			27,172			477,904			726,538			21,622,885			1,100,204			34,977,199
	6,055			95,576			3,275			50,000			1,292			24,521			2,923			49,389			543,327			16,467,843			608,383			19,377,376
	164,061			2,612,057			413,391			5,966,733			566,874			10,710,804			4,161,911			67,097,951			—			—			—			—
	—			—			—			—			—			—			—			—			136			4,032			944			30,423
	1,219			18,889			87			1,126			264			4,958			474			7,605			406,738			11,784,003			117,142			3,690,187
	299			4,603			109			1,403			107			1,972			9			148			228,011			6,644,280			26,301			841,210
	—			—			—			—			—			—			—			—			374			11,192			394			12,358
	356			5,511			70			898			1,675			31,132			26			420			424,059			12,051,717			61,160			1,946,532
	265			4,124			258			3,340			411			7,666			81			1,298			1,788,916			51,283,351			357,366			11,312,875
	68,138			1,061,586			213,849			2,758,648			395,294			7,399,903			100,771			1,625,434			—			—			—			—
	—			—			—			—			—			—			—			—			5,928			170,158			1,210			38,602
	(12,379	)		(197,686	)		—	*		(1	)		(104	)		(1,950	)		(31,989	)		(555,810	)		(579,485	)		(18,501,953	)		(6,677,007	)		(212,830,762	)
	(3,295	)		(51,854	)		—			—			(278	)		(5,174	)		(183	)		(3,200	)		(245,802	)		(7,712,998	)		(783,707	)		(25,010,423	)
	—			—			—			—			—			—			—			—			(1,607	)		(52,517	)		(36,419	)		(1,168,769	)
	(321	)		(4,963	)		—			—			—			—			(4,942	)		(87,116	)		(560,297	)		(17,004,262	)		(1,675,570	)		(53,087,878	)
	(637	)		(10,362	)		(333	)		(5,000	)		(2,465	)		(47,143	)		(1,967	)		(32,581	)		(2,591,317	)		(82,887,414	)		(26,875,233	)		(880,281,948	)
	(213,526	)		(3,475,080	)		(4,003,229	)		(57,963,958	)		(274,580	)		(5,309,538	)		(4,662,780	)		(75,839,011	)		—			—			—			—
	—			—			—			—			—			—			—			—			(10,800	)		(365,788	)		(11,893	)		(382,451	)
	26,740		$	321,466			(3,326,269	)	$	(48,504,228	)		694,370		$	12,929,430			(376,909	)	$	(6,754,428	)		354,681		$	207,124			(33,344,048	)	$	(1,086,614,409	)

Semiannual Report |  March 31, 2018 365

Notes to Financial Statements (cont’d)

March 31, 2018 (Unaudited)

	AllianzGI Emerging Markets Consumer												AllianzGI Emerging Markets Debt
	Six Months ended March 31, 2018 (unaudited)						Year ended September 30, 2017						Six Months ended March 31, 2018 (unaudited)						Year ended September 30, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		433		$	7,100			6,214		$	92,436			37,243		$	533,757			5,430		$	79,259
Class C		—			—			—			—			—			—			1,552			23,000
Class R		—			—			—			—			—			—			—			—
Class P		—			—			—			—			—			—			—			—
Institutional Class		678,691			11,032,490			651,142			9,167,162			170,116			2,519,414			395,365			5,863,546
Class R6		—			—			—			—			—			—			—			—
Issued in reinvestment of dividends and distributions:
Class A		562			8,909			36			441			290			4,226			489			7,129
Class C		—			—			—			—			170			2,498			389			5,697
Class R		—			—			—			—			—			—			—			—
Class P		—			—			—			—			26			386			51			737
Institutional Class		85,235			1,364,615			24,662			305,562			81,378			1,185,956			183,791			2,665,777
Class R6		—			—			—			—			—			—			—			—
Administrative Class		—			—			—			—			—			—			—			—
Cost of shares redeemed:
Class A		(1,857	)		(30,851	)		(29	)		(366	)		(342	)		(5,062	)		(8,178	)		(118,777	)
Class C		—			—			—			—			—			—			(1,698	)		(25,335	)
Class R		—			—			—			—			—			—			—			—
Class P		—			—			—			—			—			—			—			—
Institutional Class		(341,522	)		(5,695,348	)		(1,196,133	)		(16,493,131	)		(467,661	)		(6,884,013	)		(1,041,227	)		(15,384,404	)
Class R6		—			—			—			—			—			—			—			—
Net increase (decrease) resulting from Fund share transactions		421,542		$	6,686,915			(514,108	)	$	(6,927,896	)		(178,780	)	$	(2,642,838	)		(464,036	)	$	(6,883,371	)

* Actual amount rounds to less than one share.

† Actual amount rounds to less than $1.

366 March 31, 2018  | Semiannual Report

AllianzGI Emerging Markets Small-Cap												AllianzGI Europe Equity Dividend												AllianzGI Global Dynamic Allocation
Six Months ended March 31, 2018 (unaudited)						Year ended September 30, 2017						Six Months ended March 31, 2018 (unaudited)						Year ended September 30, 2017						Six Months ended March 31, 2018 (unaudited)						Year ended September 30, 2017
Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
	1,072		$	20,134			17,014		$	272,123			12,679		$	207,358			90,062		$	1,397,356			16,492		$	342,361			82,230		$	1,550,091
	—			—			—			—			—			—			2,524			35,599			11,709			236,914			21,177			406,739
	—			—			—			—			—			—			—			—			499			10,174			2,093			39,383
	—			—			—			—			—			—			7,868			129,886			77,232			1,589,164			637,412			11,545,607
	58,366			1,062,220			66,508			1,038,246			17,372			280,065			221,432			3,560,680			143,395			2,951,847			250,537			4,749,438
	—			—			—			—			—			—			—			—			544,518			11,095,446			12,476,865			230,121,490
	873			15,331			—	*		—	†		1,661			26,604			1,557			24,388			5,385			109,048			—	*		2
	—			—			—			—			51			809			82			1,227			3,347			66,066			—	*		2
	—			—			—			—			—			—			—			—			309			6,210			—	*		—	†
	—			—			—			—			205			3,278			115			1,844			31,925			642,005			3,236			58,830
	43,678			758,249			25,796			364,501			10,904			174,800			15,021			222,697			80,510			1,630,335			1,167			21,336
	—			—			—			—			—			—			—			—			602,641			12,155,278			48,683			887,497
	—			—			—			—			—			—			—			—			54			1,099			—	*		—	†
	(3,030	)		(55,503	)		(10,327	)		(156,324	)		(57,263	)		(928,331	)		(4,236	)		(64,704	)		(31,070	)		(629,342	)		(247,960	)		(4,695,890	)
	—			—			—			—			(12	)		(190	)		(19	)		(281	)		(10,432	)		(203,547	)		(12,099	)		(223,903	)
	—			—			—			—			—			—			—			—			(11	)		(223	)		(4,069	)		(79,817	)
	—			—			—			—			(126	)		(2,003	)		(1,546	)		(25,003	)		(44,318	)		(901,002	)		(29,299	)		(584,729	)
	(120,987	)		(2,196,586	)		(342,154	)		(5,677,852	)		(89,014	)		(1,465,083	)		(143,068	)		(2,195,354	)		(168,620	)		(3,455,392	)		(763,320	)		(14,560,400	)
	—			—			—			—			—			—			—			—			(771,382	)		(15,749,381	)		(1,752,455	)		(32,951,122	)
	(20,028	)	$	(396,155	)		(243,163	)	$	(4,159,306	)		(103,543	)	$	(1,702,693	)		189,792		$	3,088,335			492,183		$	9,897,060			10,714,198		$	196,284,554

Semiannual Report |  March 31, 2018 367

Notes to Financial Statements (cont’d)

March 31, 2018 (Unaudited)

	AllianzGI Global Fundamental Strategy												AllianzGI Global High Yield
	Six Months ended March 31, 2018 (unaudited)						Year ended September 30, 2017						Six Months ended March 31, 2018 (unaudited)						Period from 5/3/2017** through September 30, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares		Amount
Shares sold:
Class A		69		$	1,050			937		$	14,114			—		$	—			—	$	—
Class C		—			—			222			3,489			—			—			—		—
Class R		—			—			—			—			—			—			—		—
Class P		—			—			—			—			—			—			—		—
Institutional Class		27,258			417,924			11,284			170,742			43,161			649,537			67,178		1,029,723
Administrative Class		—			—			—			—			—			—			—		—
Issued in reinvestment of dividends and distributions:
Class A		154			2,374			338			4,861			—			—			—		—
Class C		27			416			31			449			—			—			—		—
Class R		—			—			—			—			—			—			—		—
Class P		22			344			29			417			13			203			3		51
Institutional Class		32,137			499,403			39,329			571,976			29,459			445,413			7,704		117,951
Administrative Class		—			—			—			—			—			—			—		—
Cost of shares redeemed:
Class A		(810	)		(12,179	)		(4,706	)		(67,989	)		—			—			—		—
Class C		(5	)		(79	)		—			—			—			—			—		—
Class R		—			—			—			—			—			—			—		—
Class P		—			—			—			—			—			—			—		—
Institutional Class		(7,167	)		(112,428	)		(16,873	)		(251,266	)		(2,443	)		(37,323	)		—		—
Administrative Class		—			—			—			—			—			—			—		—
Net increase (decrease) resulting from Fund share transactions		51,685		$	796,825			30,591		$	446,793			70,190		$	1,057,830			74,885	$	1,147,725

** Commencement of operations.

368 March 31, 2018  | Semiannual Report

AllianzGI Global Sustainability												AllianzGI Global Water												AllianzGI High Yield Bond
Six Months ended March 31, 2018 (unaudited)						Year ended September 30, 2017						Six Months ended March 31, 2018 (unaudited)						Year ended September 30, 2017						Six Months ended March 31, 2018 (unaudited)						Year ended September 30, 2017
Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
	4,306		$	79,422			15,373		$	260,568			1,568,478		$	24,560,860			4,227,699		$	59,392,168			574,976		$	5,264,430			2,250,464		$	20,779,212
	—			—			—			—			548,844			8,216,981			936,509			12,595,838			61,958			571,088			150,153			1,383,378
	—			—			—			—			—			—			—			—			42,117			372,815			85,090			753,460
	—			—			2,876			49,080			2,436,899			38,264,617			9,292,311			128,906,188			356,070			3,156,730			1,002,277			8,939,017
	72,819			1,355,440			394,593			6,463,987			1,855,188			28,504,647			5,545,111			76,930,900			3,074,354			27,328,361			15,548,838			137,965,322
	—			—			—			—			—			—			—			—			9,808			85,784			61,696			539,421
	877			15,922			85			1,290			273,441			4,252,010			142,511			1,875,321			116,218			1,063,515			313,793			2,891,255
	—			—			—			—			117,917			1,754,605			30,215			381,618			24,027			219,263			59,067			543,497
	—			—			—			—			—			—			—			—			1,467			12,874			3,630			32,166
	121			2,223			7			106			297,452			4,628,355			66,753			881,850			87,655			771,373			321,038			2,846,471
	50,576			928,569			18,115			278,227			330,391			5,051,676			78,608			1,022,047			438,658			3,864,672			1,327,427			11,798,372
	—			—			—			—			—			—			—			—			3,118			27,280			11,500			100,699
	(1,015	)		(18,367	)		(1,021	)		(16,215	)		(1,554,412	)		(24,357,465	)		(8,498,821	)		(116,648,884	)		(2,853,986	)		(26,259,393	)		(2,629,012	)		(24,298,880	)
	—			—			—			—			(543,835	)		(8,109,792	)		(1,566,970	)		(21,242,249	)		(241,314	)		(2,212,919	)		(572,619	)		(5,267,230	)
	—			—			—			—			—			—			—			—			(64,792	)		(573,791	)		(120,559	)		(1,072,503	)
	(175	)		(3,257	)		—			—			(1,139,022	)		(17,841,791	)		(4,462,141	)		(62,679,947	)		(2,038,555	)		(18,121,428	)		(3,828,084	)		(34,059,826	)
	(35,364	)		(658,683	)		(239,136	)		(4,114,345	)		(1,084,730	)		(16,701,992	)		(1,114,186	)		(15,534,711	)		(4,355,912	)		(38,555,642	)		(25,343,034	)		(225,586,100	)
	—			—			—			—			—			—			—			—			(174,285	)		(1,490,283	)		(144,305	)		(1,266,457	)
	92,145		$	1,701,269			190,892		$	2,922,698			3,106,611		$	48,222,711			4,677,599		$	65,880,139			(4,938,418	)	$	(44,475,271	)		(11,502,640	)	$	(102,978,726	)

Semiannual Report |  March 31, 2018 369

Notes to Financial Statements (cont’d)

March 31, 2018 (Unaudited)

	AllianzGI International Growth												AllianzGI International Small-Cap
	Six Months ended March 31, 2018 (unaudited)						Year ended September 30, 2017						Six Months ended March 31, 2018 (unaudited)						Year ended September 30, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		11,894		$	227,763			599		$	10,884			78,661		$	3,513,637			31,376		$	1,116,483
Class C		—			—			—			—			16,773			729,785			11,600			411,156
Class R		—			—			—			—			2,930			128,697			3,789			142,713
Class P		—			—			—			—			160,131			6,980,961			465,348			16,224,172
Institutional Class		76,307			1,527,515			22,007			370,379			215,657			10,062,488			1,175,684			42,123,503
Class R6		—			—			—			—			507,106			22,801,358			74,515			2,735,661
Issued in reinvestment of dividends and distributions:
Class A		1,355			24,199			—	*		1			2,914			125,294			2,339			73,368
Class C		—			—			—			—			1,313			54,903			545			16,705
Class R		—			—			—			—			189			7,917			44			1,374
Class P		—			—			—			—			36,896			1,583,229			12,138			381,492
Institutional Class		126,340			2,304,443			1,973			29,197			41,071			1,826,435			6,928			225,723
Class R6		—			—			—			—			21,533			957,133			4,526			147,555
Cost of shares redeemed:
Class A		(4,885	)		(88,150	)		(29	)		(532	)		(15,637	)		(688,756	)		(277,593	)		(9,438,563	)
Class C		—			—			—			—			(7,592	)		(326,489	)		(37,121	)		(1,208,650	)
Class R		—			—			—			—			(1,370	)		(60,642	)		(1,128	)		(37,215	)
Class P		—			—			—			—			(81,642	)		(3,578,295	)		(285,444	)		(9,839,257	)
Institutional Class		(64,078	)		(1,306,633	)		(811,506	)		(15,688,204	)		(295,412	)		(13,301,180	)		(405,869	)		(14,772,977	)
Class R6		—			—			—			—			(83,539	)		(3,834,015	)		(96,287	)		(3,451,995	)
Net increase (decrease) resulting from Fund share transactions		146,933		$	2,689,137			(786,956	)	$	(15,278,275	)		599,982		$	26,982,460			685,390		$	24,851,248

* Actual amount rounds to less than one share.

370 March 31, 2018  | Semiannual Report

AllianzGI Micro Cap												AllianzGI NFJ Emerging Markets Value												AllianzGI NFJ International Small-Cap Value
Six Months ended March 31, 2018 (unaudited)						Year ended September 30, 2017						Six Months ended March 31, 2018 (unaudited)						Year ended September 30, 2017						Six Months ended March 31, 2018 (unaudited)						Year ended September 30, 2017
Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
	5,487		$	83,959			34,984		$	510,734			3,108,318		$	57,713,905			1,888,401		$	28,562,394			10,830		$	227,373			7,174		$	136,780
	—			—			—			—			34,447			652,776			27,622			427,818			15			300			322			5,400
	—			—			—			—			—			—			—			—			—			—			—			—
	49,190			759,057			66,792			948,739			488,751			9,108,004			1,308,844			18,773,451			261			5,248			4,670			78,549
	121,050			1,869,191			364,033			5,245,516			1,372,348			26,038,001			1,882,527			32,101,012			4,655			97,975			46,804			888,387
	—			—			—			—			—			—			—			—			14,377			289,300			11,524			195,478
	9,998			150,676			21,951			301,824			21,449			385,349			8,888			140,742			1,288			26,655			3,144			51,774
	—			—			—			—			129			2,328			180			3,055			—	*		1			2,997			47,236
	—			—			—			—			—			—			—			—			—			—			—			—
	5,224			79,191			8,443			116,680			9,051			161,896			27,031			401,473			56			1,130			297			4,723
	99,908			1,522,599			210,089			2,918,135			29,779			542,411			21,879			373,904			2,362			48,804			5,231			86,365
	—			—			—			—			—			—			—			—			808			16,040			7,827			123,590
	(33,007	)		(510,235	)		(95,730	)		(1,363,748	)		(379,064	)		(7,110,930	)		(1,407,408	)		(20,527,829	)		(12,134	)		(254,853	)		(351,203	)		(6,208,049	)
	—			—			—			—			(3,050	)		(56,712	)		(5,274	)		(86,437	)		(10,100	)		(202,604	)		(30,377	)		(529,550	)
	—			—			—			—			—			—			—			—			—			—			—			—
	(53,645	)		(825,439	)		(64,013	)		(928,658	)		(363,675	)		(6,697,815	)		(183,841	)		(2,931,998	)		(915	)		(18,547	)		(5,663	)		(100,466	)
	(547,682	)		(8,580,221	)		(897,902	)		(13,136,117	)		(329,591	)		(6,211,069	)		(375,482	)		(5,491,585	)		(10,550	)		(222,905	)		(60,439	)		(1,093,151	)
	—			—			—			—			—			—			—			—			(25,671	)		(525,837	)		(72,389	)		(1,278,290	)
	(343,477	)	$	(5,451,222	)		(351,353	)	$	(5,386,895	)		3,988,892		$	74,528,144			3,193,367		$	51,746,000			(24,718	)	$	(511,920	)		(430,081	)	$	(7,591,224	)

Semiannual Report |  March 31, 2018 371

Notes to Financial Statements (cont’d)

March 31, 2018 (Unaudited)

	AllianzGI PerformanceFee Managed Futures Strategy†				AllianzGI PerformanceFee Structured US Equity
	Period from December 18, 2017** through March 31, 2018 (unaudited)				Period from December 18, 2017** through March 31, 2018 (unaudited)
	Shares		Amount		Shares		Amount
Shares sold:
Class A		—	$	—		—	$	—
Class C		—		—		—		—
Class P		—		—		—		—
Institutional Class		25,087		244,478		5,199		52,270
Class R6		1,551,781		15,503,826		27,063		273,062
Issued in reinvestment of dividends and distributions:
Class A		—		—		—		—
Class C		—		—		—		—
Class P		—		—		—		—
Institutional Class		—		—		—		—
Class R6		—		—		—		—
Cost of shares redeemed:
Class A		—		—		—		—
Class C		—		—		—		—
Class P		—		—		—		—
Institutional Class		—		—		—		—
Class R6		—		—		—		—
Net increase (decrease) resulting from Fund share transactions		1,576,868	$	15,748,304		32,262	$	325,332

† The Fund’s financial statements are consolidated to include the accounts of AllianzGI PerformanceFee Managed Futures Strategy Offshore Fund, Ltd., which is a wholly-owned subsidiary of the Fund. See Note 14.

** Commencement of operations.

# For the period February 1, 2017 (commencement of share class) through September 30, 2017. “Shares sold” include shares sold to AFI.

372 March 31, 2018  | Semiannual Report

AllianzGI PerformanceFee Structured US Fixed Income				AllianzGI Real Estate Debt				AllianzGI Short Duration High Income
Period from December 18, 2017** through March 31, 2018 (unaudited)				Period from December 27, 2017** through March 31, 2018 (unaudited)				Six Months ended March 31, 2018 (unaudited)						Year ended September 30, 2017
Shares		Amount		Shares		Amount		Shares			Amount			Shares			Amount
	—	$	—		—	$	—		2,022,209		$	30,482,288			7,663,673		$	116,660,118
	—		—		—		—		1,069,580			16,102,669			3,717,496			56,510,414
	—		—		—		—		6,459,126			97,089,017			36,888,448			559,642,113
	—		—		3,197		47,925		6,530,958			98,109,786			27,724,398			420,876,270
	5,083		49,559		—		—		2,179,696			32,728,470			6,115,096	#		92,406,206	#
	—		—		—		—		302,561			4,546,697			637,033			9,673,820
	—		—		—		—		185,749			2,786,445			375,917			5,698,961
	—		—		3		41		572,093			8,577,677			2,090,855			31,643,057
	—		—		2,937		43,961		776,730			11,644,058			1,421,324			21,526,416
	—		—		—		—		92,736			1,390,486			138,225	#		2,094,252	#
	—		—		—		—		(3,437,881	)		(51,730,785	)		(8,708,544	)		(132,690,291	)
	—		—		—		—		(1,755,865	)		(26,396,930	)		(2,975,169	)		(45,203,613	)
	—		—		—		—		(27,457,343	)		(414,386,998	)		(29,048,159	)		(441,308,927	)
	—		—		—		—		(14,050,466	)		(211,013,921	)		(21,096,420	)		(319,802,070	)
	—		—		—		—		(3,329,191	)		(50,122,410	)		(1,590,045	)#		(24,146,772	)#
	5,083	$	49,559		6,137	$	91,927		(29,839,308	)	$	(450,193,451	)		23,354,128		$	353,579,954

Semiannual Report |  March 31, 2018 373

Notes to Financial Statements (cont’d)

March 31, 2018 (Unaudited)

	AllianzGI Structured Return												AllianzGI U.S. Equity Hedged
	Six Months ended March 31, 2018 (unaudited)						Year ended September 30, 2017						Six Months ended March 31, 2018 (unaudited)						Year ended September 30, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		2,583,330		$	41,069,622			5,646,557		$	89,901,498			3,600		$	65,518			2,816		$	46,637
Class C		258,803			4,010,257			449,604			6,938,013			—			—			1,414			22,050
Class P		3,303,088			52,663,729			8,847,535			140,373,611			—			—			300			5,000
Institutional Class		6,960,883			111,487,846			7,856,826			126,112,229			14,630			274,373			18,779			317,106
Class R6		281,572			4,509,039			2,478,327	#		40,065,690	#		—			—			—			—
Issued in reinvestment of dividends and distributions:
Class A		344,893			5,452,751			183,601			2,875,299			484			8,868			519			8,563
Class C		37,382			573,444			20,935			317,799			202			3,555			157			2,502
Class P		390,379			6,156,276			58,661			919,019			23			409			26			428
Institutional Class		596,378			9,500,307			181,425			2,861,480			1,044			19,371			2,825			46,862
Class R6		86,252			1,367,964			80,499	#		1,266,928	#		—			—			—			—
Cost of shares redeemed:
Class A		(2,919,047	)		(46,116,382	)		(3,558,616	)		(56,347,413	)		(7,271	)		(133,011	)		(9,170	)		(154,485	)
Class C		(148,241	)		(2,284,704	)		(237,960	)		(3,669,265	)		(955	)		(16,726	)		(2,702	)		(42,843	)
Class P		(2,581,101	)		(40,620,927	)		(1,837,863	)		(29,260,855	)		(307	)		(5,607	)		(7	)		(120	)
Institutional Class		(2,348,251	)		(37,382,370	)		(4,712,189	)		(75,867,393	)		(23,297	)		(432,969	)		(218,551	)		(3,714,881	)
Class R6		(73,459	)		(1,161,033	)		(472,671	)#		(7,638,126	)#		—			—			—			—
Net increase (decrease) resulting from Fund share transactions		6,772,861		$	109,225,819			14,984,671		$	238,848,514			(11,847	)	$	(216,219	)		(203,594	)	$	(3,463,181	)

# For the period December 2, 2016 (commencement of share class) through September 30, 2017. “Shares sold” include shares sold to AFI.

374 March 31, 2018  | Semiannual Report

AllianzGI Ultra Micro Cap
Six Months ended March 31, 2018 (unaudited)						Year ended September 30, 2017
Shares			Amount			Shares			Amount
	29,802		$	578,401			43,791		$	946,724
	—			—			—			—
	35,417			650,900			111,746			2,392,918
	127,184			2,772,032			163,895			3,605,950
	—			—			—			—
	146,421			2,623,868			63,450			1,323,561
	—			—			—			—
	50,434			922,434			21,175			447,225
	266,881			4,891,933			84,707			1,792,405
	—			—			—			—
	(151,524	)		(2,939,376	)		(470,286	)		(10,130,252	)
	—			—			—			—
	(47,988	)		(993,857	)		(188,518	)		(4,182,585	)
	(251,356	)		(5,060,877	)		(429,905	)		(9,395,661	)
	—			—			—			—
	205,271		$	3,445,458			(599,945	)	$	(13,199,715	)

Semiannual Report |  March 31, 2018 375

Notes to Financial Statements (cont’d)

March 31, 2018 (Unaudited)

10. INVESTMENTS IN SECURITIES

For the period or six months ended March 31, 2018, purchases and sales of investments, other than short-term securities and U.S. government obligations were:

	Purchases		Sales
AllianzGI Retirement 2020	$	6,086,423	$	9,746,381
AllianzGI Retirement 2025		7,926,690		7,361,678
AllianzGI Retirement 2030		8,997,448		4,900,145
AllianzGI Retirement 2035		8,231,418		3,142,393
AllianzGI Retirement 2040		7,106,640		3,577,249
AllianzGI Retirement 2045		5,362,642		1,565,137
AllianzGI Retirement 2050		6,149,088		1,683,768
AllianzGI Retirement 2055		5,008,258		916,179
AllianzGI Multi Asset Income		38,191,027		41,244,284
AllianzGI Global Allocation		56,740,472		27,864,026
AllianzGI Best Styles Emerging Markets Equity		640,059		2,056,391
AllianzGI Best Styles Global Equity		308,040,749		303,779,520
AllianzGI Best Styles International Equity		7,020,773		7,522,185
AllianzGI Best Styles U.S. Equity		36,691,228		31,592,362
AllianzGI Convertible		294,920,879		378,673,219
AllianzGI Emerging Markets Consumer		30,687,208		27,188,766
AllianzGI Emerging Markets Debt		16,405,137		20,448,361
AllianzGI Emerging Markets Small-Cap		7,946,064		9,097,867
AllianzGI Europe Equity Dividend		2,605,496		4,012,309
AllianzGI Global Dynamic Allocation		130,865,118		105,522,004
AllianzGI Global Fundamental Strategy		7,761,875		7,749,761
AllianzGI Global High Yield		11,940,392		11,609,696
AllianzGI Global Sustainability		1,577,275		1,558,310
AllianzGI Global Water		189,797,142		142,050,460
AllianzGI High Yield Bond		49,762,000		92,466,064
AllianzGI International Growth		2,059,874		1,931,409
AllianzGI International Small-Cap		62,470,985		38,600,675
AllianzGI Micro Cap		6,359,576		13,404,198
AllianzGI NFJ Emerging Markets Value		130,217,320		61,310,740
AllianzGI NFJ International Small-Cap Value		938,637		1,388,013
AllianzGI PerformanceFee Managed Futures Strategy		1,775,602		1,200,373
AllianzGI PerformanceFee Structured US Equity		25,402,607		242,856
AllianzGI PerformanceFee Structured US Fixed Income		25,026,680		4,801
AllianzGI Real Estate Debt		9,894,784		673,979
AllianzGI Short Duration High Income		353,789,458		774,378,992
AllianzGI Structured Return		1,707,623,136		1,657,364,832
AllianzGI U.S. Equity Hedged		74,787		441,899
AllianzGI Ultra Micro Cap		6,956,428		12,263,318

Purchases and sales in U.S. government obligations were:

	Purchases		Sales
AllianzGI Global Dynamic Allocation	$	123,239,016	$	132,177,964
AllianzGI Global Fundamental Strategy		—		619,999

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11. INCOME TAX INFORMATION

At March 31, 2018, the aggregate cost basis and the net unrealized appreciation (depreciation) of investments in securities and other financial instruments for federal income tax purposes were:

	Federal Tax Cost Basis(1)		Unrealized Appreciation		Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
AllianzGI Retirement 2020	$	46,480,032	$	2,739,014	$	430,197	$	2,308,817
AllianzGI Retirement 2025		59,260,438		4,097,722		508,493		3,589,229
AllianzGI Retirement 2030		67,795,881		5,388,422		285,146		5,103,276
AllianzGI Retirement 2035		54,731,269		4,469,450		271,952		4,197,498
AllianzGI Retirement 2040		48,700,781		4,176,045		241,506		3,934,539
AllianzGI Retirement 2045		31,422,494		2,594,932		163,799		2,431,133
AllianzGI Retirement 2050		31,197,968		2,358,709		168,526		2,190,183
AllianzGI Retirement 2055		16,390,091		783,952		92,055		691,897
AllianzGI Multi Asset Income		45,228,959		83,607		1,299,038		(1,215,431	)
AllianzGI Global Allocation		332,886,099		26,840,599		5,783,781		21,056,818
AllianzGI Best Styles Emerging Markets Equity		4,612,944		1,711,647		158,167		1,553,480
AllianzGI Best Styles Global Equity		546,237,057		84,420,417		11,863,503		72,556,914
AllianzGI Best Styles International Equity		23,221,590		3,859,280		670,826		3,188,454
AllianzGI Best Styles U.S. Equity		107,426,705		21,590,972		2,973,874		18,617,098
AllianzGI Convertible		418,919,531		61,965,499		3,794,818		58,170,681
AllianzGI Emerging Markets Consumer		42,299,885		8,884,788		343,987		8,540,801
AllianzGI Emerging Markets Debt		32,718,026		478,179		799,449		(321,270	)
AllianzGI Emerging Markets Small-Cap		9,549,372		1,643,456		193,955		1,449,501
AllianzGI Europe Equity Dividend		7,909,363		745,790		319,339		426,451
AllianzGI Global Dynamic Allocation		279,421,128		22,932,464		5,974,738		16,957,726
AllianzGI Global Fundamental Strategy		15,964,635		1,224,361		799,581		424,780
AllianzGI Global High Yield		21,814,486		482,285		358,350		123,935
AllianzGI Global Sustainability		24,014,546		5,602,794		560,643		5,042,151
AllianzGI Global Water		554,508,651		120,802,351		19,720,681		101,081,670
AllianzGI High Yield Bond		216,522,181		4,400,373		12,089,209		(7,688,836	)
AllianzGI International Growth		15,372,189		4,879,628		163,020		4,716,608
AllianzGI International Small-Cap		144,687,749		44,226,073		1,674,254		42,551,819
AllianzGI Micro Cap		18,604,452		7,926,947		1,101,055		6,825,892
AllianzGI NFJ Emerging Markets Value		135,118,018		11,814,716		3,285,103		8,529,613
AllianzGI NFJ International Small-Cap Value		3,671,166		678,765		106,946		571,819
AllianzGI PerformanceFee Managed Futures Strategy†		13,171,718		219,240		291,801		(72,561	)
AllianzGI PerformanceFee Structured US Equity		25,126,387		277,123		791,933		(514,810	)
AllianzGI PerformanceFee Structured US Fixed Income		24,929,043		149,367		573,379		(424,012	)
AllianzGI Real Estate Debt		9,874,112		70,752		25,924		44,828
AllianzGI Short Duration High Income		1,229,506,468		1,442,381		29,805,825		(28,363,444	)
AllianzGI Structured Return		643,247,988		6,805,714		25,603,257		(18,797,543	)
AllianzGI U.S. Equity Hedged		1,847,605		491,402		11,034		480,368
AllianzGI Ultra Micro Cap		22,920,821		11,082,044		1,286,406		9,795,638

† The Fund’s financial statements are consolidated to include the accounts of AllianzGI PerformanceFee Managed Futures Strategy Offshore Fund Ltd., which is a wholly-owned subsidiary of the Fund. See Note 14.

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

12. BORROWINGS

The Trust has entered into a credit agreement (the “State Street 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 State Street Bank and Trust Company, as agent and lender, for a committed line of credit. The State Street

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Notes to Financial Statements (cont’d)

March 31, 2018 (Unaudited)

Agreement was amended on October 26, 2017 and has a term through October 25, 2018 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 must pay interest on any amounts borrowed under the facility at a rate per annum equal to 1.25% plus the higher of the then-current federal funds overnight rate or the one-month LIBOR rate, subject to upward adjustment when any past due payments are outstanding. The AllianzGI Borrowers will also pay a usage fee at an annualized rate of 0.25% 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 Funds did not utilize the line of credit during the six months ended March 31, 2018.

Pursuant to an exemptive order issued by the SEC (the “Order”), the Funds are authorized to enter into a master interfund lending agreement (the “Interfund Program”) with each other and certain funds advised by the Investment Manager. The Interfund Program permits certain Funds to lend money directly to and borrow money directly from other Funds for temporary purposes.

During the period or six months ended March 31, 2018, the Funds did not participate as a borrower or lender in the Interfund Program.

13. FUND EVENTS

(a) New Funds

On December 18, 2017, AllianzGI PerformanceFee Managed Futures Strategy Fund, AllianzGI PerformanceFee Structured U.S. Equity Fund and AllianzGI PerformanceFee Structured U.S. Fixed Income Fund commenced operations as series of the Trust, offering Class P, Institutional Class and Class R6 shares.

On December 27, 2017, AllianzGI Real Estate Debt Fund commenced operations as a series of the Trust, offering Class P and Institutional Class shares.

(b) Transfer Agency Services Provider

On December 28, 2017, AllianzGI U.S. as Administrator, on behalf of the Trust, entered into a Novation Framework Agreement with State Street Bank and Trust Company (“SSB”) and DST Asset Manager Solutions, Inc. (“DST”) (formerly known as Boston Financial Data Services, Inc.) whereby SSB replaced DST as the named provider of transfer agency services to the Funds. SSB then delegated its duties and obligations as transfer agent to DST. This transition was undertaken solely to promote efficiency and administrative simplicity, allowing SSB and DST to consolidate certain contracts and streamline their relationship, and had no effect on the services provided to the Trust.

(c) Name Change

Effective February 1, 2018, AllianzGI Retirement Income Fund changed its name to AllianzGI Multi Asset Income Fund.

(d) New Share Class

Effective February 1, 2018, AllianzGI Multi Asset Income Fund began offering Institutional Class shares.

14. BASIS FOR CONSOLIDATION

The Subsidiary is a wholly-owned and controlled subsidiary of AllianzGI PerformanceFee Managed Futures Strategy (the “Consolidated Fund”). The Consolidated Fund is the sole shareholder of the Subsidiary and will continue to control the Subsidiary. The Consolidated Fund’s investment portfolio has been consolidated and includes the portfolio holdings of the Consolidated Fund and the Subsidiary. The consolidated financial statements include the accounts of the Consolidated Fund and the Subsidiary. All inter-company transactions and balances have been eliminated. As of March 31, 2018, consolidated net assets of the Consolidated Fund were $15,288,740, of which $364,487, or 2.4%, represented the Consolidated Fund’s ownership of all issued shares and voting rights of the Subsidiary.

15. SUBSEQUENT EVENTS

In preparing these financial statements, the Funds’ management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

On April 19, 2018, the following Funds declared per-share net investment income dividends to shareholders, payable April 19, 2018 to shareholders of record on April 18, 2018.

	Net Investment Income
	Class A		Class C		Class R		Class P		Institutional Class		Class R6		Administrative Class
AllianzGI Multi Asset Income	$	0.06622	$	0.05493	$	0.06071	$	0.07048	$	0.07123	$	0.07192	$	0.06682
AllianzGI High Yield Bond	$	0.03898	$	0.03431	$	0.03763	$	0.04173	$	0.04125		N/A	$	0.04063
AllianzGI Short Duration High Income	$	0.05500	$	0.05246		N/A	$	0.05817	$	0.05864	$	0.05921		N/A

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On May 17, 2018, the following Funds declared per-share net investment income dividends to shareholders, payable May 17, 2018 to shareholders of record on May 16, 2018.

	Net Investment Income
	Class A		Class C		Class R		Class P		Institutional Class		Class R6		Administrative Class
AllianzGI Multi Asset Income	$	0.06593	$	0.05495	$	0.06037	$	0.07042	$	0.07116	$	0.07190	$	0.06667
AllianzGI High Yield Bond	$	0.03886	$	0.03415	$	0.03758	$	0.04180	$	0.04125		N/A	$	0.03233
AllianzGI Short Duration High Income	$	0.05500	$	0.05237		N/A	$	0.05824	$	0.05874	$	0.05950		N/A

On May 18, 2018, the AllianzGI Global Fundamental Strategy Fund liquidated as a series of the Trust.

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

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Unaudited

Changes to the Board of Trustees and Fund Officers

Effective December 12, 2017, Barbara R. Claussen resigned as a Trustee of the Funds and Erick R. Holt became a Trustee of the Funds. Mr. Holt 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 Adviser and its affiliates.

Effective December 12, 2017, Craig A. Ruckman was appointed Assistant Secretary to the Funds.

Effective April 13, 2018, Lawrence G. Altadonna resigned as the Treasurer, Principal Financial and Accounting Officer of the Funds.

Effective April 13, 2018, Scott Whisten was appointed Treasurer, Principal Financial and Accounting Officer of the Funds.

Effective May 2, 2018, Morley D. Campbell resigned as Assistant Secretary to the Funds.

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Unaudited

Matters Relating to the Trustees’ Consideration of the Investment Management Agreements

The Investment Company Act of 1940, as amended, requires that both the full Board of Trustees (the “Board” or the “Trustees”) and a majority of the Trustees who are not interested persons of the Trust (the “Independent Trustees”), voting separately, initially approve the investment management agreement for a new fund.

New agreements approved for Funds covered by this report relate to the organization of (i) AllianzGI Real Estate Debt Fund (the “Real Estate Debt Fund”) and (ii) AllianzGI PerformanceFee Managed Futures Strategy Fund (“Managed Futures Strategy”), AllianzGI PerformanceFee Structured US Equity Fund (“Structured US Equity”) and AllianzGI PerformanceFee Structured US Fixed Income Fund (“Structured US Fixed Income” and, together with Managed Futures Strategy and Structured US Equity, the “PerformanceFee Funds”), each a new series of the Trust.

At an in-person meeting held on June 6, 2017, the Board and the Independent Trustees unanimously approved, for an initial 2-year term, the Trust’s Amended and Restated Investment Management Agreement (the “Investment Management Agreement”) with Allianz Global Investors U.S. LLC (“AllianzGI U.S.”) on behalf of the Real Estate Debt Fund. At an in-person meeting held on October 10-11, 2017, the Board and the Independent Trustees unanimously approved, for an initial 2-year term, the Trust’s Amended and Restated Investment Management Agreement with AllianzGI U.S. on behalf of the PerformanceFee Funds (together with the Real Estate Debt Fund, the “New Funds”). The PerformanceFee Funds commenced operations on December 18, 2017. The Real Estate Debt Fund commenced operations on December 27, 2017. The Investment Management Agreements are collectively referred to herein as the “New Fund Agreements.”

The material factors and conclusions that formed the basis of these approvals for each of the Real Estate Debt Fund and the PerformanceFee Funds are discussed below.

The Independent Trustees were assisted in their evaluation of the New Fund 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 proposed approvals of the New Fund Agreements, the Trustees, including the Independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. As described below, the Trustees considered the nature, quality and extent of the various investment management, administrative and other services to be performed by AllianzGI U.S., the New Funds’ investment manager (the “Investment Manager”), under the New Fund Agreements.

Real Estate Debt Fund

In connection with their deliberations, the Trustees received and relied upon materials provided by the Investment Manager including, among other items: (i) information compiled from Morningstar Direct (“Morningstar”), an independent third party, on the investment performance for various time periods, including annualized return performance information for certain time periods, of a group of funds with investment classifications and/or objectives comparable to those proposed for the Real Estate Debt Fund, (ii) information on the Real Estate Debt Fund’s management fees and other anticipated expenses and information compiled from Morningstar on the management fees and other expenses of comparable funds, (iii) information regarding the investment performance and fees for other funds and accounts managed by the Investment Manager or an affiliate, including institutional and separate accounts, with similar investment objective(s) and policies to those of the Real Estate Debt Fund, (iv) an estimate of the profitability to the Investment Manager from its relationship with the Real Estate Debt Fund during its first year, (v) descriptions of various functions to be performed by the Investment Manager for the Real Estate Debt Fund, such as portfolio management, compliance monitoring and portfolio trading practices, and (vi) information regarding the overall organization and business functions of the Investment Manager, including, without limitation, information regarding senior management, portfolio managers and other personnel proposed to provide investment management, administrative and other services to the Real Estate Debt Fund.

The Trustees’ conclusions as to the approval of the Investment Management Agreement 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 also took into account that AllianzGI U.S. had proposed to observe certain advisory fee waivers and/or expense limitations for the Real Estate Debt Fund. The Trustees also considered the risk profile of the Real Estate Debt Fund.

As part of their review, the Trustees examined the ability of the Investment Manager to provide high-quality investment management and other services to the Real Estate Debt Fund. Among other information, the Trustees considered the investment philosophy and research and decision making processes of the Investment Manager and its affiliates, taking into account that the Real Estate Debt Fund would be managed by personnel formerly of Rogge Global Partners Limited (“Rogge”), an advisory firm recently acquired by an affiliate of the Investment Manager, acting in their capacities as “associated persons” of the Investment Manager. The Trustees considered, among other information, the experience of key advisory personnel and associated persons of the Investment Manager who would be responsible for portfolio management of the Real Estate Debt Fund;

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Unaudited

Matters Relating to the Trustees’ Consideration of the Investment Management Agreements (cont’d)

the ability of the Investment Manager to attract and retain capable personnel; and the capability of the senior management and staff of the Investment Manager. In addition, the Trustees reviewed the quality of the Investment Manager’s expected services with respect to regulatory compliance and ability to comply with the investment and compliance policies and procedures of the Real Estate Debt Fund; the nature, extent and quality of certain administrative services the Investment Manager would be responsible for providing to the Real Estate Debt Fund; and conditions that might affect the Investment Manager’s ability to provide high quality services to the Real Estate Debt Fund in the future under the Investment Management Agreement, including the Investment Manager’s financial condition and operational stability. The Trustees also considered the historical investment performance information of accounts that had been managed by Rogge in the short duration, global real estate bond strategy to be used for the Real Estate Debt Fund. Based on the foregoing, the Trustees concluded that the Investment Manager and Rogge’s investment process, research capabilities and philosophy were well-suited to the Real Estate Debt Fund, given the Real Estate Debt Fund’s investment objectives and policies, and that the Investment Manager would be able to meet any reasonably foreseeable obligations under the Investment Management Agreement.

In assessing the reasonableness of the Real Estate Debt Fund’s proposed fees and expenses under the Investment Management Agreement, the Trustees considered, among other information, the Real Estate Debt Fund’s proposed management fee and its expected net expense ratio as a percentage of anticipated average daily net assets, taking into account the management fee waiver and/or expense limitation arrangements that the Investment Manager would observe, and the advisory fees and net expense ratios of peer groups of funds based on information provided by Morningstar.

The Trustees considered how the net expense ratio of the Real Estate Debt Fund was expected to compare to its Morningstar peers, and considered comparisons of the Real Estate Debt Fund’s proposed management fee with the advisory fees of the peer funds compiled from Morningstar. The Trustees noted that the proposed management fees and estimated net expense ratio for Institutional Class shares of the Real Estate Debt Fund were lower than both the average and median for Institutional Class shares of funds in the Morningstar peer group.

The Trustees also considered the management fees charged by the Investment Manager to other funds and accounts with similar investment strategies to the Real Estate Debt Fund. Among other topics, the Trustees considered various risks AllianzGI U.S will bear as sponsoring adviser to the Real Estate Debt Fund, which exceed or are in addition to those associated with the management of institutional accounts, including entrepreneurial, reputational, legal and regulatory risks.

The Trustees also considered the estimated profitability to the Investment Manager from its relationship with the Real Estate Debt

Fund and noted that such profitability was expected to be negative for the Real Estate Debt Fund’s first year of operations based on average net asset assumptions.

The Trustees considered the extent to which the Investment Manager may realize economies of scale or other efficiencies in managing and supporting the Real Estate Debt Fund. The Trustees took into account that, as an open-end investment company, the Real Estate Debt Fund intends to raise additional assets, so as the assets of the Real Estate Debt Fund increase over time, certain economies of scale and other efficiencies may be realized through spreading certain fixed costs over a larger asset base or across a variety of products and services. In this regard, they also took into account the management fee waiver and/or expense limitation arrangements proposed to be observed by the Investment Manager for the Real Estate Debt Fund.

Additionally, the Trustees considered so-called “fall-out benefits” to the Investment Manager and its affiliates, such as reputational value derived from serving as investment manager to the Real Estate Debt Fund.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the Investment Management Agreement, that the proposed fees payable under the Investment Management Agreement represent reasonable compensation in light of the nature, extent and quality of the services to be provided by the Investment Manager and should be approved for an initial two-year period. After further discussion, and based on their evaluation of factors they deemed to be material, including those factors described above, the Trustees, including the Independent Trustees, unanimously concluded that the initial approval of the Investment Management Agreement was in the interests of the Real Estate Debt Fund and its shareholders and should be approved.

PerformanceFee Funds

In connection with their deliberations, the Trustees received and relied upon materials provided by the Investment Manager including, among other items: (i) information compiled from Morningstar, an independent third party, on the investment performance for various time periods, including annualized return performance information for certain time periods, of groups of funds with investment classifications and/or objectives comparable to those proposed for the PerformanceFee Funds, (ii) information on the PerformanceFee Funds’ management fees, management fee structures and other anticipated expenses and information compiled from Morningstar on the management fees, management fee structures and other expenses of comparable funds, (iii) information regarding the investment performance and fees for other funds and/or accounts managed by the Investment Manager or an affiliate with similar investment objective(s) and policies to those of the PerformanceFee Funds, (iv) an estimate of the profitability to the Investment Manager from its relationship with each of the PerformanceFee Funds during its

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first year of operations, (v) descriptions of various functions to be performed by the Investment Manager for the PerformanceFee Funds, such as portfolio management, compliance monitoring, portfolio trading practices and oversight of third-party service providers, (vi) information regarding the overall organization and business functions of the Investment Manager, including, without limitation, information regarding senior management, portfolio managers and other personnel proposed to provide investment management, administrative and other services to the PerformanceFee Funds, and information related to corporate ownership and business operations unrelated to the PerformanceFee Funds and (vii) commentary and analysis regarding the performance-based component of the proposed management fee payable under the Investment Management Agreement.

The Trustees’ conclusions as to the approval of the Investment Management Agreement 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, attributing different weights to various factors. The Trustees also took into account that AllianzGI U.S. had proposed to observe certain advisory fee waivers and/or expense limitations for the PerformanceFee Funds. The Trustees also considered the risk profile of the PerformanceFee Funds.

As part of their review, the Trustees examined the ability of the Investment Manager to provide high-quality investment management and other services to the PerformanceFee Funds. Among other information, the Trustees considered the investment philosophy and research and decision making processes of the Investment Manager and its affiliates. The Trustees considered, among other information, the experience of key advisory personnel of the Investment Manager who would be responsible for portfolio management of the PerformanceFee Funds; the ability of the Investment Manager to attract and retain capable personnel; the capabilities of the senior management and staff of the Investment Manager; employee compensation; and the operational infrastructure, including technology and systems, of the Investment Manager. In addition, the Trustees reviewed the extent and quality of the Investment Manager’s expected services with respect to regulatory compliance and ability to comply with the investment and compliance policies and procedures of the PerformanceFee Funds; the compliance programs and risk controls of the Investment Manager; the specific contractual obligations of the Investment Manager under the Investment Management Agreement; the nature, extent and quality of certain administrative services the Investment Manager would be responsible for providing to the PerformanceFee Funds; and conditions that might affect the Investment Manager’s ability to provide high quality services to the PerformanceFee Funds in the future under the Investment Management Agreement, including the Investment Manager’s financial condition and operational stability. The Trustees also

considered the historical investment performance information of accounts managed by the Investment Manager and/or affiliated advisers in strategies similar to those of the PerformanceFee Funds. Based on the foregoing, the Trustees concluded that the Investment Manager’s investment process, research capabilities and philosophy were well-suited to the PerformanceFee Funds, given the investment objectives and policies of the PerformanceFee Funds, that the Investment Manager would be able to meet any reasonably foreseeable obligations under the Investment Management Agreement and that the Investment Manager would otherwise be able to provide services to the PerformanceFee Funds of sufficient extent and quality.

In assessing the reasonableness of the PerformanceFee Funds’ proposed fees and expenses under the Investment Management Agreement, the Trustees considered, among other information, each

PerformanceFee Fund’s proposed management fee and its expected net expense ratio as a percentage of anticipated average daily net assets, taking into account the management fee waiver and/or expense limitation arrangements that the Investment Manager would observe. The Trustees considered how the management fee and gross and net expense ratio of each PerformanceFee Fund were expected to compare to those of its Morningstar peers. The Trustees noted that the estimated net expense ratio (which presumes that the PerformanceFee Funds perform in-line with their respective performance hurdles and therefore are not affected by performance-based adjustments) was at or below the Morningstar peer group median for each PerformanceFee Fund. The Trustees also noted that the estimated management fee (which likewise presumes that the PerformanceFee Funds perform in-line with their respective performance hurdles and therefore are not affected by performance-based adjustments) was above the Morningstar peer group median for the Structured US Equity Fund, but below the peer group median for the Managed Futures Strategy Fund and Structured US Fixed Income Fund. However, the Trustees also considered that the proposed management fee for each PerformanceFee Fund was subject to performance-based adjustment based on out- or underperformance relative to a hurdle set materially higher than the benchmark index performance, and considered the effect of potential adjustments in different scenarios. Among other information, the Trustees noted that the Investment Manager would be entitled to receive a management fee for its management of a PerformanceFee Fund only if the PerformanceFee Fund outperformed its benchmark index during the applicable trailing twelve-month performance period (assuming Fund assets are generally constant or decreasing, or else pursuant to a waiver in instances where Fund assets are increasing). The Trustees noted that, for Structured US Equity Fund and Structured US Fixed Income Fund, management fees would have been in the top decile of the Morningstar peer group during the periods reflected in the Morgningstar data assuming the maximum positive performance adjustment and in the bottom decile assuming the maximum negative performance adjustment. The Trustees noted that the

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Unaudited

Matters Relating to the Trustees’ Consideration of the Investment Management Agreements (cont’d)

Managed Futures Strategy Fund’s management fee would have been above the peer group median during the periods reflected in the Morningstar data assuming the maximum positive performance adjustment and in the bottom decile assuming the maximum negative performance adjustment. The Trustees noted, further, that the estimated total expense ratio for each PerformanceFee Fund, assuming relatively modest assets in the first year of operations and performance meeting applicable hurdles, would be in the top decile of the respective Morningstar peer group prior to giving effect to the fee waivers that the Investment Manager has agreed to undertake.

The Trustees also considered the management fees charged by the Investment Manager and/or its affiliates to other funds and accounts with similar investment strategies to those of the PerformanceFee Funds.

The Trustees also considered the estimated profitability to the Investment Manager from its relationship with the PerformanceFee Funds and noted that such profitability was expected to be negative for the PerformanceFee Funds’ first year of operations based on average net asset assumptions. The Trustees also considered the potential impact of performance-based adjustments on the profitability to the Investment Manager in the future, noting that, in general, the Investment Manager would be more likely to profit from its management of a new fund following periods in which the fund outperformed its benchmark than following periods of underperformance, and that the Investment Manager could achieve a relatively high profit margin with respect to periods of significant outperformance.

The Trustees considered the extent to which the Investment Manager may realize economies of scale or other efficiencies in managing and supporting the PerformanceFee Funds. The Trustees took into account that, as an open-end investment company, the PerformanceFee Funds intends to raise additional assets, so as the assets of the PerformanceFee Funds increase over time, certain economies of scale and other efficiencies may be realized through spreading certain fixed costs over a larger asset base or across a variety of products and services. In this regard, they also took into account the management fee waiver and/or expense limitation arrangements proposed to be observed by the Investment Manager for the PerformanceFee Funds.

Additionally, the Trustees considered so-called “fall-out benefits” to the Investment Manager and its affiliates derived from serving as investment manager to the PerformanceFee Funds. The Trustees also took into account the entrepreneurial, legal, regulatory and business risks the Investment Manager would undertake as investment manager and sponsor of the PerformanceFee Funds.

The Trustees weighed certain additional considerations and factors related to the PerformanceFee Funds’ proposed performance-based fee structure. The Trustees reviewed the terms and structures of performance-based fees employed by other mutual funds that are currently operating. The Trustees noted that, depending on

performance, the management fee paid by each PerformanceFee Fund could be materially lower or materially higher than the unadjusted base fee to be paid by each PerformanceFee Fund. The Trustees considered specific factors relating to the appropriateness of the reference benchmark index selected for each of the PerformanceFee Funds, including the expected volatility, diversification of holdings, types of securities owned and objectives of the PerformanceFee Funds, taking into account that the hurdle rate required to achieve the base management fee (and avoid a downward performance adjustment) was set materially higher than the reference benchmark index against which the Fund would typically be compared. The Trustees also considered specific factors related to: the appropriateness of the base fee to be applied to each PerformanceFee Fund; the rolling, trailing twelve-month performance period upon which each PerformanceFee Fund’s performance adjustment is expected to be based; the “bifurcated” methodology according to which each PerformanceFee Fund’s base fee will be a percentage of a Fund’s average net assets over a shorter period than the performance period; the magnitude of the proposed performance-based adjustments; the proposed margin by which each PerformanceFee Fund must outperform its benchmark index in order for the Investment Manager to earn its full base fee; the amount by which each PerformanceFee Fund must outperform or underperform its benchmark index in order to trigger the maximum performance-based adjustment; the methodology for measuring the performance of the PerformanceFee Funds and their benchmarks; and the selection of the Fund’s most expensive share class as the reference share class whose performance will determine the performance-based adjustments to which each PerformanceFee Fund will be subject. In reviewing these factors the Trustees took into account ways in which fluctuations in Fund assets over different time periods could significantly impact the level of fees payable under their management agreement and acknowledged undertakings by the Investment Manager to implement expense waivers in an effort to mitigate disproportionately disadvantageous potential outcomes for shareholders. The Trustees considered that the base fee for each of the PerformanceFee Funds will not be subject to a performance-based adjustment until after completion of such Fund’s twelfth full calendar month of operations, but noted, further, that the Investment Manager has agreed to waive its fees with respect to each PerformanceFee Fund during the Fund’s initial year of operations in an amount equal to any negative performance-based adjustment that would have applied had the Fund been subject to a performance-based adjustment during the period. The Trustees concluded that the performance-based management fee adjustments contemplated by the Investment Management Agreement would tend to align the interests of the Investment Manager and the PerformanceFee Funds’ shareholders in an appropriate manner.

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the Investment Management Agreement, that the proposed fees

384 March 31, 2018  | Semiannual Report

payable under the Investment Management Agreement represent reasonable compensation in light of the nature, extent and quality of the services to be provided by the Investment Manager and should be approved for an initial two-year period.

After further discussion, and based on their evaluation of factors they deemed to be material, including those factors described above, the Trustees, including the Independent Trustees, unanimously concluded that the initial approval of the Investment Management Agreement was in the interests of each PerformanceFee Fund and its shareholders and should be approved. The Trustees noted that the Investment Manager would continue to review and assess certain features of the Investment Management Agreement and that they would, if necessary, review and consider updated versions of the Investment Management Agreement at a future meeting.

Semiannual Report |  March 31, 2018 385

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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 Distributors LLC, and the family of registered and unregistered funds managed by one or more of these firms. AllianzGI US is part of a global investment management group, and the privacy policies of other Allianz Global Investors entities outside of the United States may have provisions in their policies that differ from this Privacy Policy. Please refer to the website of the specific non-US Allianz Global Investors entity for its policy on privacy.

We Care about Your Privacy

We consider your privacy to be a fundamental aspect of our relationship with you, and we strive to maintain the confidentiality, integrity and security of your Personal Information. To ensure your privacy, we have developed policies that are designed to protect your Personal Information while allowing your needs to be served.

Information We May Collect

In the course of providing you with products and services, we may obtain Personal Information about you, which may come from sources such as account application and other forms, from other written, electronic, or verbal communications, from account transactions, from a brokerage or financial advisory firm, financial advisor or consultant, and/or from information you provide on our website.

You are not required to supply any of the Personal Information that we may request. However, failure to do so may result in us being unable to open and maintain your account, or to provide services to you.

How Your Information Is Shared

We do not disclose your Personal Information to anyone for marketing purposes. We disclose your Personal Information only to those service providers, affiliated and non-affiliated, who need the information for everyday business purposes, such as to respond to your inquiries, to perform services, and/or to service and maintain your account. This applies to all of the categories of Personal Information we collect about you. The affiliated and non-affiliated service providers who receive your Personal Information also may use it to process your transactions, provide you with materials (including preparing and mailing prospectuses and shareholder reports and gathering shareholder proxies), and provide you with account statements and other materials relating to your account. These service providers provide services at our direction, and under their agreements with us, are required to keep your Personal Information confidential and to use it only for providing the contractually required services. Our service providers may not use your Personal Information to market products and services to you except in conformance with applicable laws and regulations. We also may provide your Personal Information to your respective brokerage or financial advisory firm, custodian, and/or to your financial advisor or consultant.

In addition, we reserve the right to disclose or report Personal Information to non-affiliated third parties, in limited circumstances, where we believe in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities or pursuant to other legal process, or to protect our rights or property, including to enforce our Privacy Policy or other agreements with you. Personal Information collected by us may also be transferred as part of a corporate sale, restructuring, bankruptcy, or other transfer of assets.

Security of Your Information

We maintain your Personal Information for as long as necessary for legitimate business purposes or otherwise as required by law. In maintaining this information, we have implemented appropriate procedures that are designed to restrict access to your Personal Information only to those who need to know that information in order to provide products and/or services to you. In addition, we have implemented physical, electronic and procedural safeguards to help protect your Personal Information.

Privacy and the Internet

The Personal Information that you provide through our website, as applicable, is handled in the same way as the Personal Information that you provide by any other means, as described above. This section of the Policy gives you additional information about the way in which Personal Information that is obtained online is handled.

∎ Online Enrollment, Account Access and Transactions: When you visit our website, you can visit pages that are open to the general public, or, where available, log into protected pages to enroll online, access information about your account, or conduct certain transactions. Access to 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

386 March 31, 2018  | Semiannual Report

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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 to enroll or access your account online, you will log into secure pages. By using our website, you consent to this Privacy Policy and to the use of your Personal Information in accordance with the practices described in this Policy. If you provide Personal Information to effect transactions, a record of the transactions you have performed while on the site is retained by us. For additional terms and conditions governing your use of our website, please refer to the Investor Mutual Fund Access – Disclaimer which is incorporated herein by reference and is available on our website.

∎ Cookies and Similar Technologies: Cookies are small text files stored in your computer’s hard drive when you visit certain web pages. Clear GIFs (also known as Web Beacons) are typically transparent very small graphic images (usually 1 pixel x 1 pixel) that are placed on a website that may be included on our services provided via our website and typically work in conjunction with cookies to identify our users and user behavior. We may use cookies and automatically collected information to: (i) personalize our website and the services provided via our website, such as remembering your information so that you will not have to re-enter it during your use of, or the next time you use, our website and the services provided via our website; (ii) provide customized advertisements, content, and information; (iii) monitor and analyze the effectiveness of our website and the services provided via our website and third-party marketing activities; (iv) monitor aggregate site usage metrics such as total number of visitors and pages viewed; and (v) track your entries, submissions, and status in any promotions or other activities offered through our website and the services provided via our website. Tracking technology also helps us manage and improve the usability of our website, (i) detecting whether there has been any contact between your computer and us in the past and (ii) to identify the most popular sections of our website. Because an industry-standard Do-Not-Track protocol is not yet established, our website will continue to operate as described in this Privacy Policy and will not be affected by any Do-Not-Track signals from any browser.

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

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

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

∎ LinkedIn Share Button operated by LinkedIn Corporation, 2029 Stierlin Court, Mountain View, CA 94043, USA

All Plugins are marked with the brand of the respective operators Facebook, Twitter and LinkedIn (“Operators”). When you visit our website that contains a social plugin, your browser establishes a direct connection to the servers of the Operator. The Operator directly transfers the plugin content to your browser which embeds the latter into our website, enabling the Operator to receive information about you having accessed the respective page of our website. Thus, AllianzGI US has no influence on the data gathered by the plugin and we inform you according to our state of knowledge: The embedded plugins provide the Operator with the information that you have accessed the corresponding page of our website. If you do not wish to have such data transferred to the Operators, you need to log out of your respective account before visiting our website. Please see the Operators’ data privacy statements in order to get further information about purpose and scope of the data collection and the processing and use:

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

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

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

Changes to Our Privacy Policy

We may modify this Privacy Policy from time-to-time to reflect changes in related practices and procedures, or applicable laws and regulations. If we make changes, we will notify you on our website and the revised Policy will become effective immediately upon posting to our website. We also will provide account owners with a copy of our Privacy Policy annually if required. We encourage you to visit our website periodically to remain up to date on our Privacy Policy. You acknowledge that by using our website after we have posted changes to this Privacy Policy, you are agreeing to the terms of the Privacy Policy as modified.

Obtaining Additional Information

If you have any questions about this Privacy Policy or our privacy related practices in the United States, you may contact us via our dedicated email at PrivacyUS@allianzgi.com.

Semiannual Report |  March 31, 2018 387

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Allianz Multi-Strategy Funds

Trustees

Davey S. Scoon

Chairman of the Board of Trustees

Deborah A. DeCotis

F. Ford Drummond

A. Douglas Eu

Bradford K. Gallagher

Erick R. Holt

James A. Jacobson

Hans W. Kertess

James S. MacLeod

William B. Ogden, IV

Alan Rappaport

Officers

Thomas J. Fuccillo

President and Chief Executive Officer

Scott Whisten

Treasurer, Principal Financial and Accounting Officer

Angela Borreggine

Chief Legal Officer and Secretary

Thomas L. Harter

Chief Compliance Officer, CFA

Richard J. Cochran

Assistant Treasurer

Orhan Dzemaili

Assistant Treasurer

Debra Rubano

Assistant Secretary

Paul Koo⁽¹⁾

Assistant Secretary

Craig Ruckman

Assistant Secretary

Thomas W. Oliver⁽²⁾

Assistant Secretary

Investment Manager

Allianz Global Investors U.S. LLC

1633 Broadway

New York, NY 10019

Distributor

Allianz Global Investors Distributors LLC

1633 Broadway

New York, NY 10019

Custodian & Accounting Agent

State Street Bank & Trust Co.

801 Pennsylvania Avenue

Kansas City, MO 64105

Shareholder Servicing and Transfer Agents

State Street Bank & Trust Company, which has delegated its obligations

as transfer agent to:

DST Asset Management Solutions, 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.

(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) Thomas W. Oliver Assistant Secretary 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.

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.

About Allianz Global Investors

Allianz Global Investors is a leading active asset manager with over 700 investment professionals* in 25 offices worldwide and managing more than $630 billion in assets for individuals, families and institutions.

Active is the most important word in our vocabulary. Active is how we create and share value with clients. We believe in solving, not selling, and in adding value beyond pure economic gain. We invest for the long term, employing our innovative investment expertise and global resources. Our goal is to ensure a superior experience for our clients, wherever they are based and whatever their investment needs.

Active is: Allianz Global Investors

* Data as of March 31, 2018 (*as of December 31, 2017).

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.

Allianz Global Investors U.S. LLC serves as the investment manager for the Allianz Funds and the Allianz Multi-Strategy Funds. Allianz Funds and the Allianz Multi-Strategy Funds are distributed by Allianz Global Investors Distributors LLC. © 2018. 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_033118

460246

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 Funds’ Board of Trustees since the Funds’ last provided disclosure in response to this item.

ITEM 11. CONTROLS AND PROCEDURES

(a) The registrant’s President & Chief Executive Officer and Treasurer, Principal Financial & Accounting Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))), 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_ 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.

Allianz Funds Multi-Strategy Trust
By:	/s/ Thomas J. Fuccillo
	Thomas J. Fuccillo
	President & Chief Executive Officer
Date:	June 1, 2018
By:	/s/ Scott Whisten
	Scott Whisten
	Treasurer, Principal Financial & Accounting Officer
Date:	June 1, 2018

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 1, 2018
By:	/s/ Scott Whisten
	Scott Whisten
	Treasurer, Principal Financial & Accounting Officer
Date:	June 1, 2018