Table of Contents

Allianz Funds Multi-Strategy Trust

Schedule of Investments

AllianzGI Retirement 2020 Fund

December 31, 2019 (unaudited)

	Shares		Value^
MUTUAL FUNDS (a)—92.9%
AllianzGI Advanced Core Bond		221,790	$	3,313,543
AllianzGI Emerging Markets Small-Cap (b)		5,877		99,446
AllianzGI Emerging Markets SRI Debt (b)		11,282		158,169
AllianzGI Global Dynamic Allocation (c)		596,332		10,978,481
Total Mutual Funds (cost—$14,343,275)				14,549,639
EXCHANGE-TRADED FUNDS—2.9%
Invesco DB Gold		3,403		154,020
Vanguard Mortgage-Backed Securities		5,739		305,142
Total Exchange-Traded Funds (cost—$442,655)				459,162

	Principal Amount (000s)		Value^
Repurchase Agreements—2.8%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $433,006; collateralized by U.S. Treasury Bonds, 2.50%, due 2/15/46, valued at $441,712 including accrued interest (cost—$433,000)	$	433	$	433,000
Total Investments (cost—$15,218,930)—98.6%				15,441,801
Other assets less liabilities (d)—1.4%				215,911
Net Assets—100.0%			$	15,657,712

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

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

Futures contracts outstanding at December 31, 2019:

Type	Contracts			Expiration Date		Notional Amount (000s)			Market Value (000s)			Unrealized Appreciation (Depreciation)
Long position contracts:
2-Year U.S. Treasury Note		6			3/31/20	$	1,200		$	1,293		$	(1,182	)
5-Year U.S. Treasury Note		6			3/31/20		600			712			(198	)
10-Year U.S. Treasury Note		2			3/20/20		200			257			(2,252	)
CBOE SPX Volatility Index		1			1/22/20		1			15			(2,208	)
E-mini Russell 2000 Index		3			3/20/20		—	(f)		250			3,408
Euro-Bund 10-Year Bond		3			3/6/20	EUR	300			574			(5,691	)
Euro Currency		2			3/16/20	$	250			282			3,655
Japanese Yen		2			3/16/20		3			231			(429	)
												$	(4,897	)
Short position contracts:
10-Year Ultra U.S. Treasury Bond		(1	)		3/20/20	$	(100	)	$	(141	)	$	1,678
E-mini S&P 500 Index		(2	)		3/20/20		(—	)(f)		(323	)		(4,567	)
Euro Buxl 30-Year Bond		(1	)		3/6/20	EUR	(100	)		(223	)		6,056
Mexican Peso		(6	)		3/16/20	$	(3,000	)		(157	)		(3,076	)
Mini MSCI Emerging Markets Index		(7	)		3/20/20		(—	)(f)		(392	)		(11,076	)
MSCI EAFE Index		(11	)		3/20/20		(1	)		(1,120	)		(8,820	)
												$	(19,805	)
												$	(24,702	)

(e) At December 31, 2019, the Fund pledged $228,428 in cash as collateral for futures contracts.

(f) Notional amount rounds to less than 500.

Glossary:

CBOE—Chicago Board Options Exchange

EAFE—Europe, Australasia and Far East

EUR—Euro

MSCI—Morgan Stanley Capital International

Schedule of Investments

AllianzGI Retirement 2025 Fund

December 31, 2019 (unaudited)

	Shares		Value^
MUTUAL FUNDS (a)—92.1%
AllianzGI Advanced Core Bond		85,483	$	1,277,119
AllianzGI Emerging Markets Small-Cap (b)		8,315		140,696
AllianzGI Global Dynamic Allocation (c)		969,720		17,852,547
Total Mutual Funds (cost—$19,034,772)				19,270,362
EXCHANGE-TRADED FUNDS—2.4%
Invesco DB Gold		5,555		251,419
iShares TIPS Bond		2,151		250,742
Total Exchange-Traded Funds (cost—$497,068)				502,161

	Principal Amount (000s)		Value^
Repurchase Agreements—2.4%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $505,007; collateralized by U.S. Treasury Bonds, 2.50%, due 2/15/46, valued at $519,661 including accrued interest (cost—$505,000)	$	505	$	505,000
Total Investments (cost—$20,036,840)—96.9%				20,277,523
Other assets less liabilities (d)—3.1%				639,271
Net Assets—100.0%			$	20,916,794

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

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

Futures contracts outstanding at December 31, 2019:

Type	Contracts			Expiration Date		Notional Amount (000s)				Market Value (000s)			Unrealized Appreciation (Depreciation)
Long position contracts:
2-Year U.S. Treasury Note		9			3/31/20		$	1,800		$	1,939		$	(1,773	)
5-Year U.S. Treasury Note		8			3/31/20			800			949			(264	)
CBOE SPX Volatility Index		1			1/22/20			1			15			(2,208	)
E-mini Russell 2000 Index		4			3/20/20			—	(f)		334			4,545
Euro-Bund 10-Year Bond		3			3/6/20		EUR	300			574			(5,690	)
Euro Currency		3			3/16/20		$	375			423			5,482
Japanese Yen		3			3/16/20			4			347			(646	)
													$	(554	)
Short position contracts:
10-Year Ultra U.S. Treasury Bond		(1	)		3/20/20		$	(100	)	$	(141	)	$	1,679
E-mini S&P 500 Index		(1	)		3/20/20			(—	)(f)		(161	)		(1,556	)
Euro Buxl 30-Year Bond		(1	)		3/6/20		EUR	(100	)		(222	)		6,056
Mexican Peso		(9	)		3/16/20		$	(4,500	)		(236	)		(4,614	)
Mini MSCI Emerging Markets Index		(7	)		3/20/20			(—	)(f)		(392	)		(11,076	)
MSCI EAFE Index		(18	)		3/20/20			(1	)		(1,833	)		(14,756	)
													$	(24,267	)
													$	(24,821	)

(e) At December 31, 2019, the Fund pledged $648,434 in cash as collateral for futures contracts.

(f) Notional amount rounds to less than 500.

Glossary:

CBOE—Chicago Board Options Exchange

EAFE—Europe, Australasia and Far East

EUR—Euro

MSCI—Morgan Stanley Capital International

TIPS—Treasury Inflation Protected Securities

Schedule of Investments

AllianzGI Retirement 2030 Fund

December 31, 2019 (unaudited)

	Shares		Value^
MUTUAL FUNDS (a)—93.4%
AllianzGI Best Styles Global Managed Volatility		27,422	$	448,628
AllianzGI Best Styles U.S. Equity (c)		88,024		1,204,173
AllianzGI Emerging Markets Small-Cap (b)		8,879		150,227
AllianzGI Global Dynamic Allocation (c)		1,382,480		25,451,457
AllianzGI Global Small-Cap Opportunities		10,384		178,405
AllianzGI Mid-Cap (b)		33,604		152,227
Total Mutual Funds (cost—$27,296,307)				27,585,117
EXCHANGE-TRADED FUNDS—1.0%
Invesco DB Gold (cost—$288,149)		6,419		290,524

	Principal Amount (000s)		Value^
Repurchase Agreements—2.7%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $791,011; collateralized by U.S. Treasury Bonds, 2.50%, due 2/15/46, valued at $810,671 including accrued interest (cost—$791,000)	$	791	$	791,000
Total Investments (cost—$28,375,456)—97.1%				28,666,641
Other assets less liabilities (d)—2.9%				848,734
Net Assets—100.0%			$	29,515,375

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

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

Futures contracts outstanding at December 31, 2019:

Type	Contracts			Expiration Date		Notional Amount (000s)				Market Value (000s)			Unrealized Appreciation (Depreciation)
Long position contracts:
2-Year U.S. Treasury Note		12			3/31/20		$	2,400		$	2,586		$	(2,364	)
5-Year U.S. Treasury Note		11			3/31/20			1,100			1,305			(363	)
CBOE SPX Volatility Index		1			1/22/20			1			15			(2,207	)
E-mini Russell 2000 Index		6			3/20/20			—	(f)		501			6,817
E-mini S&P 500 Index		3			3/20/20			—	(f)		485			9,016
Euro-Bund 10-Year Bond		6			3/6/20		EUR	600			1,147			(11,381	)
Euro Currency		4			3/16/20		$	500			564			7,309
Japanese Yen		5			3/16/20			6			578			(1,076	)
XAE Energy		3			3/20/20			—	(f)		187			4,853
													$	10,604
Short position contracts:
10-Year Ultra U.S. Treasury Bond		(9	)		3/20/20		$	(900	)	$	(1,266	)	$	15,101
Euro Buxl 30-Year Bond		(2	)		3/6/20		EUR	(200	)		(445	)		12,112
Mexican Peso		(13	)		3/16/20		$	(6,500	)		(341	)		(6,665	)
Mini MSCI Emerging Markets Index		(9	)		3/20/20			(—	)(f)		(504	)		(14,240	)
MSCI EAFE Index		(21	)		3/20/20			(1	)		(2,138	)		(13,778	)
													$	(7,470	)
													$	3,134

(e) At December 31, 2019, the Fund pledged $841,651 in cash as collateral for futures contracts.

(f) Notional amount rounds to less than 500.

Glossary:

CBOE—Chicago Board Options Exchange

EAFE—Europe, Australasia and Far East

EUR—Euro

MSCI—Morgan Stanley Capital International

Schedule of Investments

AllianzGI Retirement 2035 Fund

December 31, 2019 (unaudited)

	Shares		Value^
MUTUAL FUNDS (a)—92.5%
AllianzGI Best Styles Global Managed Volatility		85,548	$	1,399,566
AllianzGI Best Styles U.S. Equity (c)		201,832		2,761,066
AllianzGI Emerging Markets Small-Cap (b)		14,271		241,471
AllianzGI Focused Growth (c)		10,578		495,246
AllianzGI Global Dynamic Allocation (c)		770,684		14,188,295
AllianzGI Global Small-Cap Opportunities		20,459		351,492
AllianzGI International Growth (d)		79,817		1,336,934
AllianzGI Mid-Cap (b)		106,116		480,705
AllianzGI NFJ Mid-Cap Value (c)		10,384		342,478
AllianzGI Small-Cap (c)		17,153		358,494
Total Mutual Funds (cost—$21,630,025)				21,955,747
EXCHANGE-TRADED FUNDS—1.1%
Invesco DB Gold (cost—$269,309)		5,940		268,844

	Principal Amount (000s)		Value^
Repurchase Agreements—3.0%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $703,010; collateralized by U.S. Treasury Bonds, 3.00%, due 11/15/45, valued at $718,649 including accrued interest (cost—$703,000)	$	703	$	703,000
Total Investments (cost—$22,602,334)—96.6%				22,927,591
Other assets less liabilities (e)—3.4%				811,010
Net Assets—100.0%			$	23,738,601

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

(d) Non-income producing.

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

Futures contracts outstanding at December 31, 2019:

Type	Contracts			Expiration Date		Notional Amount (000s)				Market Value (000s)			Unrealized Appreciation (Depreciation)
Long position contracts:
2-Year U.S. Treasury Note		10			3/31/20		$	2,000		$	2,155		$	(1,970	)
5-Year U.S. Treasury Note		9			3/31/20			900			1,067			(293	)
CBOE SPX Volatility Index		1			1/22/20			1			15			(2,208	)
E-mini Russell 2000 Index		6			3/20/20			—	(g)		501			6,817
E-mini S&P 500 Index		1			3/20/20			—	(g)		162			3,006
Euro-Bund 10-Year Bond		3			3/6/20		EUR	300			574			(5,691	)
Euro Currency		3			3/16/20		$	375			423			5,482
Japanese Yen		5			3/16/20			6			578			(1,076	)
XAE Energy		4			3/20/20			—	(g)		249			6,472
													$	10,539
Short position contracts:
10-Year Ultra U.S. Treasury Bond		(7	)		3/20/20		$	(700	)	$	(985	)	$	11,745
Euro Buxl 30-Year Bond		(1	)		3/6/20		EUR	(100	)		(223	)		6,056
Mexican Peso		(10	)		3/16/20		$	(5,000	)		(262	)		(5,127	)
Mini MSCI Emerging Markets Index		(5	)		3/20/20			(—	)(g)		(280	)		(7,911	)
MSCI EAFE Index		(10	)		3/20/20			(1	)		(1,018	)		(6,438	)
													$	(1,675	)
													$	8,864

(f) At December 31, 2019, the Fund pledged $813,554 in cash as collateral for futures contracts.

(g) Notional amount rounds to less than 500.

Glossary:

CBOE—Chicago Board Options Exchange

EAFE—Europe, Australasia and Far East

EUR—Euro

MSCI—Morgan Stanley Capital International

Schedule of Investments

AllianzGI Retirement 2040 Fund

December 31, 2019 (unaudited)

	Shares		Value^
MUTUAL FUNDS (a)—92.3%
AllianzGI Best Styles Global Equity (c)		151,391	$	2,027,120
AllianzGI Best Styles Global Managed Volatility		180,512		2,953,176
AllianzGI Best Styles U.S. Equity (c)		264,870		3,623,428
AllianzGI Emerging Markets Small-Cap (b)		17,363		293,783
AllianzGI Focused Growth (c)		17,405		814,879
AllianzGI Global Dynamic Allocation (c)		545,200		10,037,140
AllianzGI Global Small-Cap Opportunities		39,221		673,816
AllianzGI International Growth (d)		145,274		2,433,336
AllianzGI Mid-Cap (b)		182,435		826,431
AllianzGI NFJ Mid-Cap Value (c)		24,646		812,822
AllianzGI Small-Cap (c)		25,894		541,193
Total Mutual Funds (cost—$24,510,074)				25,037,124
EXCHANGE-TRADED FUNDS—1.0%
Invesco DB Gold (cost—$263,729)		5,875		265,903

	Principal Amount (000s)		Value^
Repurchase Agreements—2.9%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $793,011; collateralized by U.S. Treasury Bonds, 3.00%, due 11/15/45, valued at $809,187 including accrued interest (cost—$793,000)	$	793	$	793,000
Total Investments (cost—$25,566,803)—96.2%				26,096,027
Other assets less liabilities (e)—3.8%				1,030,041
Net Assets—100.0%			$	27,126,068

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

(d) Non-income producing.

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

Futures contracts outstanding at December 31, 2019:

Type	Contracts			Expiration Date		Notional Amount (000s)				Market Value (000s)			Unrealized Appreciation (Depreciation)
Long position contracts:
2-Year U.S. Treasury Note		11			3/31/20		$	2,200		$	2,371		$	(2,167	)
5-Year U.S. Treasury Note		10			3/31/20			1,000			1,186			(330	)
CBOE SPX Volatility Index		1			1/22/20			1			15			(2,208	)
E-mini Russell 2000 Index		7			3/20/20			—	(g)		585			7,956
E-mini S&P 500 Index		4			3/20/20			—	(g)		646			12,023
Euro-Bund 10-Year Bond		6			3/6/20		EUR	600			1,147			(11,381	)
Euro Currency		3			3/16/20		$	375			423			5,482
Japanese Yen		5			3/16/20			6			578			(1,076	)
XAE Energy		7			3/20/20			1			436			11,327
													$	19,626
Short position contracts:
10-Year Ultra U.S. Treasury Bond		(8	)		3/20/20		$	(800	)	$	(1,126	)	$	13,423
Euro Buxl 30-Year Bond		(2	)		3/6/20		EUR	(200	)		(445	)		12,112
Mexican Peso		(11	)		3/16/20		$	(5,500	)		(288	)		(5,639	)
MSCI EAFE Index		(9	)		3/20/20			(—	)(g)		(916	)		(7,016	)
													$	12,880
													$	32,506

(f) At December 31, 2019, the Fund pledged $1,071,238 in cash as collateral for futures contracts.

(g) Notional amount rounds to less than 500.

Glossary:

CBOE—Chicago Board Options Exchange

EAFE—Europe, Australasia and Far East

EUR—Euro

MSCI—Morgan Stanley Capital International

Schedule of Investments

AllianzGI Retirement 2045 Fund

December 31, 2019 (unaudited)

	Shares		Value^
MUTUAL FUNDS (a)—90.1%
AllianzGI Best Styles Global Equity (c)		131,486	$	1,760,597
AllianzGI Best Styles Global Managed Volatility		132,166		2,162,231
AllianzGI Best Styles U.S. Equity (c)		171,716		2,349,071
AllianzGI Emerging Markets Small-Cap (b)		9,643		163,159
AllianzGI Focused Growth (c)		12,527		586,517
AllianzGI Global Dynamic Allocation (c)		216,272		3,981,576
AllianzGI Global Small-Cap Opportunities		27,995		480,959
AllianzGI International Growth (d)		107,408		1,799,078
AllianzGI Mid-Cap (b)		126,955		575,105
AllianzGI NFJ Mid-Cap Value (c)		17,108		564,228
AllianzGI Small-Cap (c)		19,331		404,017
Total Mutual Funds (cost—$14,431,959)				14,826,538
EXCHANGE-TRADED FUNDS—1.0%
Invesco DB Gold (cost—$158,641)		3,534		159,949

	Principal Amount (000s)		Value^
Repurchase Agreements—4.5%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $739,010; collateralized by U.S. Treasury Bonds, 3.00%, due 11/15/45, valued at $758,259 including accrued interest (cost—$739,000)	$	739	$	739,000
Total Investments (cost—$15,329,600)—95.6%				15,725,487
Other assets less liabilities (e)—4.4%				731,850
Net Assets—100.0%			$	16,457,337

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

(d) Non-income producing.

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

Futures contracts outstanding at December 31, 2019:

Type	Contracts			Expiration Date		Notional Amount (000s)				Market Value (000s)			Unrealized Appreciation (Depreciation)
Long position contracts:
2-Year U.S. Treasury Note		7			3/31/20		$	1,400		$	1,508		$	(1,372	)
5-Year U.S. Treasury Note		6			3/31/20			600			712			(198	)
CBOE SPX Volatility Index		1			1/22/20			1			15			(2,208	)
E-mini Russell 2000 Index		4			3/20/20			—	(g)		334			4,545
E-mini S&P 500 Index		4			3/20/20			—	(g)		646			12,023
Euro Currency		2			3/16/20			250			282			3,655
Euro-Bund 10-Year Bond		3			3/6/20		EUR	300			574			(5,691	)
Japanese Yen		2			3/16/20		$	3			231			(430	)
XAE Energy		5			3/20/20			1			311			8,091
													$	18,415
Short position contracts:
10-Year Ultra U.S. Treasury Bond		(5	)		3/20/20		$	(500	)	$	(704	)	$	8,389
Euro Buxl 30-Year Bond		(1	)		3/6/20		EUR	(100	)		(223	)		6,056
Mexican Peso		(7	)		3/16/20		$	(3,500	)		(183	)		(3,589	)
MSCI EAFE Index		(5	)		3/20/20			(—	)(g)		(509	)		(4,141	)
													$	6,715
													$	25,130

(f) At December 31, 2019, the Fund pledged $733,076 in cash as collateral for futures contracts.

(g) Notional amount rounds to less than 500.

Glossary:

CBOE—Chicago Board Options Exchange

EAFE—Europe, Australasia and Far East

EUR—Euro

MSCI—Morgan Stanley Capital International

Schedule of Investments

AllianzGI Retirement 2050 Fund

December 31, 2019 (unaudited)

	Shares		Value^
MUTUAL FUNDS (a)—90.0%
AllianzGI Best Styles Global Equity (d)		249,675	$	3,343,146
AllianzGI Best Styles Global Managed Volatility		216,232		3,537,554
AllianzGI Best Styles U.S. Equity (d)		259,450		3,549,281
AllianzGI Emerging Markets Small-Cap (b)		14,202		240,290
AllianzGI Focused Growth (d)		20,437		956,861
AllianzGI Global Dynamic Allocation (d)		226,333		4,166,795
AllianzGI Global Small-Cap Opportunities		39,687		681,817
AllianzGI International Growth (e)		158,941		2,662,261
AllianzGI Mid-Cap (b)		207,620		940,519
AllianzGI NFJ Mid-Cap Value (d)		28,568		942,169
AllianzGI Small-Cap (d)		34,372		718,366
Total Mutual Funds (cost—$21,169,256)				21,739,059
EXCHANGE-TRADED FUNDS—2.1%
Invesco DB Gold		5,779		261,557
Vanguard Short-Term Treasury		3,907		237,663
Total Exchange-Traded Funds (cost—$497,043)				499,220

	Principal Amount (000s)		Value^
SHORT-TERM INVESTMENTS—5.1%
Repurchase Agreements—3.9%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $937,013; collateralized by U.S. Treasury Bonds, 3.00%, due 11/15/45, valued at $956,312 including accrued interest (cost—$937,000)	$	937	$	937,000
U.S. Treasury Obligation (c)—1.2%
U.S. Treasury Bills, 1.522%, 12/3/20 (cost—$295,856)		300		295,745
Total Short-Term Investments (cost—$1,232,856)				1,232,745
Total Investments (cost—$22,899,155)—97.2%				23,471,024
Other assets less liabilities (f)—2.8%				669,876
Net Assets—100.0%			$	24,140,900

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Rates reflect the effective yields at purchase date.

(d) Class R6 share.

(e) Non-income producing.

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

Futures contracts outstanding at December 31, 2019:

Type	Contracts			Expiration Date		Notional Amount (000s)				Market Value (000s)			Unrealized Appreciation (Depreciation)
Long position contracts:
2-Year U.S. Treasury Note		9			3/31/20		$	1,800		$	1,939		$	(1,773	)
5-Year U.S. Treasury Note		9			3/31/20			900			1,067			(297	)
CBOE SPX Volatility Index		1			1/22/20			1			15			(2,208	)
E-mini Russell 2000 Index		5			3/20/20			—	(h)		418			5,683
E-mini S&P 500 Index		7			3/20/20			—	(h)		1,131			21,040
Euro Currency		3			3/16/20			375			423			5,482
Euro-Bund 10-Year Bond		3			3/6/20		EUR	300			574			(5,691	)
Japanese Yen		5			3/16/20		$	6			578			(1,076	)
Mini MSCI Emerging Markets Index		5			3/20/20			—	(h)		280			1,589
XAE Energy		5			3/20/20			1			311			8,091
													$	30,840
Short position contracts:
10-Year Ultra U.S. Treasury Bond		(6	)		3/20/20		$	(600	)	$	(844	)	$	10,067
Euro Buxl 30-Year Bond		(1	)		3/6/20		EUR	(100	)		(223	)		6,056
Mexican Peso		(10	)		3/16/20		$	(5,000	)		(262	)		(5,127	)
MSCI EAFE Index		(5	)		3/20/20			(—	)(h)		(509	)		(4,141	)
													$	6,855
													$	37,695

(g) At December 31, 2019, the Fund pledged $900,355 in cash as collateral for futures contracts.

(h) Notional amount rounds to less than 500.

Glossary:

CBOE—Chicago Board Options Exchange

EAFE—Europe, Australasia and Far East

EUR—Euro

MSCI—Morgan Stanley Capital International

Schedule of Investments

AllianzGI Retirement 2055 Fund

December 31, 2019 (unaudited)

	Shares		Value^
MUTUAL FUNDS (a)—87.9%
AllianzGI Best Styles Global Equity (c)		112,810	$	1,510,525
AllianzGI Best Styles Global Managed Volatility		105,268		1,722,190
AllianzGI Best Styles U.S. Equity (c)		128,496		1,757,822
AllianzGI Emerging Markets Small-Cap (b)		7,016		118,719
AllianzGI Focused Growth (c)		10,188		476,983
AllianzGI Global Dynamic Allocation (c)		111,282		2,048,694
AllianzGI Global Small-Cap Opportunities		20,290		348,574
AllianzGI International Growth (d)		84,261		1,411,373
AllianzGI Mid-Cap (b)		105,134		476,256
AllianzGI NFJ Mid-Cap Value (c)		14,240		469,636
AllianzGI Small-Cap (c)		16,858		352,325
Total Mutual Funds (cost—$10,421,185)				10,693,097
EXCHANGE-TRADED FUNDS—3.5%
Invesco DB Gold		2,902		131,344
Vanguard Short-Term Treasury		4,860		295,634
Total Exchange-Traded Funds (cost—$425,856)				426,978

	Principal Amount (000s)		Value^
Repurchase Agreements—6.6%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $799,011; collateralized by U.S. Treasury Bonds, 3.00%, due 11/15/45, valued at $820,504 including accrued interest (cost—$799,000)	$	799	$	799,000
Total Investments (cost—$11,646,041)—98.0%				11,919,075
Other assets less liabilities (e)—2.0%				242,100
Net Assets—100.0%			$	12,161,175

Notes to Schedule of Investments:

(a) Affiliated fund.

(b) Institutional Class share.

(c) Class R6 share.

(d) Non-income producing.

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

Futures contracts outstanding at December 31, 2019:

Type	Contracts			Expiration Date		Notional Amount (000s)				Market Value (000s)			Unrealized Appreciation (Depreciation)
Long position contracts:
2-Year U.S. Treasury Note		5			3/31/20		$	1,000		$	1,077		$	(985	)
5-Year U.S. Treasury Note		4			3/31/20			400			474			(132	)
CBOE SPX Volatility Index		1			1/22/20			1			15			(2,208	)
E-mini Russell 2000 Index		3			3/20/20			—	(g)		251			3,409
E-mini S&P 500 Index		2			3/20/20			—	(g)		323			6,011
Euro Currency		2			3/16/20			250			282			3,655
Japanese Yen		3			3/16/20			4			347			(645	)
Mini MSCI Emerging Markets Index		2			3/20/20			—	(g)		112			3,145
XAE Energy		2			3/20/20			—	(g)		125			3,236
													$	15,486
Short position contracts:
10-Year Ultra U.S. Treasury Bond		(3	)		3/20/20		$	(300)		$	(422	)	$	5,033
Mexican Peso		(5	)		3/16/20			(2,500)			(131	)		(2,563	)
													$	2,470
													$	17,956

(f) At December 31, 2019, the Fund pledged $538,865 in cash as collateral for futures contracts.

(g) Notional amount rounds to less than 500.

Glossary:

CBOE—Chicago Board Options Exchange

MSCI—Morgan Stanley Capital International

Schedule of Investments

AllianzGI Multi Asset Income Fund

December 31, 2019 (unaudited)

	Shares		Value^
MUTUAL FUNDS (b)—56.2%
AllianzGI Emerging Markets SRI Debt (c)		113,684	$	1,593,855
AllianzGI Floating Rate Note (c)		112,585		1,680,901
AllianzGI Global High Yield (c)		88,593		1,355,472
AllianzGI Preferred Securities & Income (d)		163,388		2,550,489
AllianzGI Short Duration High Income (d)		310,601		4,516,133
PIMCO Senior Floating Rate (c)		92,715		911,385
Total Mutual Funds (cost—$12,316,553)				12,608,235
COMMON STOCK—21.3%
Equity Real Estate Investment Trusts (REITs)—9.8%
American Tower Corp.		455		104,568
Apple Hospitality REIT, Inc.		9,700		157,625
AvalonBay Communities, Inc.		778		163,146
Crown Castle International Corp.		502		71,359
Digital Realty Trust, Inc.		586		70,168
EPR Properties		1,367		96,565
Gaming and Leisure Properties, Inc.		1,348		58,031
Iron Mountain, Inc.		3,510		111,864
Macerich Co.		2,554		68,754
Mack-Cali Realty Corp.		5,000		115,650
Omega Healthcare Investors, Inc.		3,080		130,438
Park Hotels & Resorts, Inc.		4,810		124,435
Physicians Realty Trust		7,000		132,580
Sabra Health Care REIT, Inc.		4,854		103,584
Service Properties Trust		3,603		87,661
Simon Property Group, Inc.		692		103,080
STAG Industrial, Inc.		2,560		80,819
Ventas, Inc.		1,809		104,452
VEREIT, Inc.		8,932		82,532
Welltower, Inc.		1,269		103,779
WP Carey, Inc.		1,495		119,660
				2,190,750
Mortgage Real Estate Investment Trusts (REITs)—3.6%
AGNC Investment Corp.		10,000		176,800
Annaly Capital Management, Inc.		16,000		150,720
Blackstone Mortgage Trust, Inc., Class A		4,100		152,602
Chimera Investment Corp.		7,500		154,200
New Residential Investment Corp.		10,367		167,013
				801,335
Oil, Gas & Consumable Fuels—4.1%
Enbridge, Inc.		2,605		103,601
Inter Pipeline Ltd.		5,960		103,453
Kinder Morgan, Inc.		12,080		255,733
Pembina Pipeline Corp.		4,840		179,370
Targa Resources Corp.		2,690		109,833
Williams Cos., Inc.		7,615		180,628
				932,618

	Shares		Value^
Tobacco—3.8%
Altria Group, Inc.		3,340	$	166,699
British American Tobacco PLC		3,275		139,194
Imperial Brands PLC		4,848		119,941
Japan Tobacco, Inc.		9,650		215,162
Philip Morris International, Inc.		2,601		221,319
				862,315
Total Common Stock (cost—$4,437,257)				4,787,018
EXCHANGE-TRADED FUNDS—10.5%
Invesco DB Precious Metals		11,000		457,655
iShares Emerging Markets Dividend		13,927		565,714
iShares International Select Dividend		19,991		671,098
VanEck Vectors J.P. Morgan EM Local Currency Bond		19,786		672,922
Total Exchange-Traded Funds (cost—$2,229,187)				2,367,389
	Principal Amount (000s)
Repurchase Agreements—7.6%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $1,708,024; collateralized by U.S. Treasury Bonds, 3.00%, due 11/15/45, valued at $1,742,864 including accrued interest (cost—$1,708,000)	$	1,708		1,708,000
Total Investments (cost—$20,690,997) (a)—95.6%				21,470,642
Other assets less liabilities (e)—4.4%				985,864
Net Assets—100.0%			$	22,456,506

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $474,297, representing 2.1% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(b) Affiliated fund.

(c) Institutional Class share.

(d) Class R6 share.

Schedule of Investments

AllianzGI Multi Asset Income Fund

December 31, 2019 (unaudited) (continued)

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

Futures contracts outstanding at December 31, 2019:

Type	Contracts			Expiration Date		Notional Amount (000s)			Market Value (000s)			Unrealized Appreciation (Depreciation)
Long position contracts:
10-Year U.S. Treasury Note		20			3/20/20	$	2,000		$	2,569		$	(22,521	)
10-Year Ultra U.S. Treasury Bond		42			3/20/20		4,200			5,910			(47,514	)
E-mini Russell 1000 Index		20			3/20/20		1			1,773			39,063
Euro-Bund 10-Year Bond		6			3/6/20	EUR	600			959			45
Mini MSCI Emerging Markets Index		12			3/20/20	$	1			672			7,233
XAU Utilities		9			3/20/20		1			587			6,510
												$	(17,184	)
Short position contracts:
Dow Jones U.S. Real Estate Index		(14	)		3/20/20	$	(1	)	$	(515	)	$	(18,512	)
												$	(35,696	)

(f) At December 31, 2019, the Fund pledged $623,270 in cash as collateral for futures contracts.

Glossary:

EUR—Euro

MSCI—Morgan Stanley Capital International

REIT—Real Estate Investment Trust

Schedule of Investments

AllianzGI Global Allocation Fund

December 31, 2019 (unaudited)

	Shares		Value^
MUTUAL FUNDS (d)—79.3%
AllianzGI Best Styles Global Managed Volatility		2,199,202	$	35,978,937
AllianzGI Emerging Markets Small-Cap (e)		301,347		5,098,799
AllianzGI Emerging Markets SRI Debt (e)		1,164,625		16,328,036
AllianzGI Global Sustainability (e)		6,812,907		137,348,208
AllianzGI Green Bond (e)		2,012,897		32,649,194
AllianzGI PerformanceFee Managed Futures Strategy (g)		3,637,561		31,937,785
Total Mutual Funds (cost—$250,578,067)				259,340,959
	Principal Amount (000s)
CORPORATE BONDS & NOTES—13.9%
Aerospace & Defense—1.4%
Boeing Co.,
2.95%, 2/1/30	$	670		685,566
L3Harris Technologies, Inc.,
3.95%, 5/28/24 (a)(b)		335		355,725
4.40%, 6/15/28		425		474,373
4.40%, 6/15/28 (a)(b)		180		200,911
Northrop Grumman Corp.,
2.93%, 1/15/25		735		757,657
3.25%, 1/15/28		325		339,031
Northrop Grumman Systems Corp.,
7.875%, 3/1/26		210		269,834
United Technologies Corp.,
2.30%, 5/4/22		1,000		1,008,572
6.125%, 7/15/38		270		376,593
				4,468,262
Banks—2.2%
Bank of America Corp. (f),
2.884%, 10/22/30 (converts to FRN on 10/22/29)		530		536,118
3 mo. LIBOR + 1.180%, 3.146%, 10/21/22		500		511,635
3.366%, 1/23/26 (converts to FRN on 1/23/25)		630		659,234
Citigroup, Inc. (f),
2.976%, 11/5/30 (converts to FRN on 11/5/29)		435		441,870
3.887%, 1/10/28 (converts to FRN on 1/10/27)		705		758,863
5.00%, 3/12/20, Ser. U (converts to FRN on 9/12/24) (c)		300		314,437
Comerica, Inc.,
3.70%, 7/31/23		655		686,942
Credit Suisse Group AG, (converts to FRN on 8/1/26) (a)(b)(c)(f),
6.375%, 2/21/20		235		253,918
Fifth Third Bancorp, (converts to FRN on 6/30/23) (c)(f),
5.10%, 6/30/23		265		273,022
Huntington Capital Trust I, 3 mo. LIBOR + 0.700% (f),
2.627%, 2/1/27		255		234,600
Popular, Inc.,
6.125%, 9/14/23		645		696,061

	Principal Amount (000s)		Value^
State Street Corp., (converts to FRN on 11/1/24) (f),
2.354%, 11/1/25	$	1,000	$	999,535
Truist Financial Corp. (c)(f),
4.80%, 3/1/20, Ser. N (converts to FRN on 9/1/24)		255		263,606
5.125%, 6/15/20, Ser. M (converts to FRN on 12/15/27)		95		97,746
Wells Fargo & Co.,
4.40%, 6/14/46		200		229,300
Wells Fargo Capital X,
5.95%, 12/15/36		170		213,121
				7,170,008
Commercial Services—0.2%
Massachusetts Institute of Technology,
5.60%, 7/1/2111		120		185,779
President & Fellows of Harvard College,
4.875%, 10/15/40		255		327,600
				513,379
Diversified Financial Services—1.1%
American Express Co.,
2.20%, 10/30/20		600		601,173
2.50%, 7/30/24		530		536,153
8.15%, 3/19/38		105		168,518
Capital One Financial Corp.,
3.20%, 1/30/23		615		632,238
3.80%, 1/31/28		255		273,942
Discover Financial Services,
4.10%, 2/9/27		355		381,816
5.50%, 4/30/20, Ser. C (converts to FRN on 10/30/27) (c)(f)		270		284,720
GE Capital International Funding Co. Unlimited Co.,
2.342%, 11/15/20		80		80,090
Nuveen Finance LLC (a)(b),
4.125%, 11/1/24		490		530,974
Synchrony Financial,
3.70%, 8/4/26		160		165,481
				3,655,105
Electric Utilities—1.7%
Alabama Power Co.,
4.10%, 1/15/42		455		489,122
Commonwealth Edison Co.,
5.90%, 3/15/36		155		206,574
Consolidated Edison Co. of New York, Inc.,
3.70%, 11/15/59		295		297,815
5.70%, 12/1/36, Ser. 06-E		40		51,782
DTE Electric Co.,
5.70%, 10/1/37		240		313,349
6.625%, 6/1/36, Ser. A		40		55,999
Duke Energy Florida LLC,
2.50%, 12/1/29		413		413,703
Edison International,
2.95%, 3/15/23		315		315,701
3.55%, 11/15/24		295		299,783
Eversource Energy, Ser. K,
2.75%, 3/15/22		465		471,727
Jersey Central Power & Light Co.,
6.15%, 6/1/37		95		122,973
NextEra Energy Capital Holdings, Inc.,
2.403%, 9/1/21		200		201,380
2.75%, 11/1/29		275		275,500

Schedule of Investments

AllianzGI Global Allocation Fund

December 31, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
PPL Electric Utilities Corp.,
3.00%, 10/1/49	$	320	$	304,695
San Diego Gas & Electric Co., Ser. NNN,
3.60%, 9/1/23		560		584,968
Sempra Energy,
3.55%, 6/15/24		560		585,306
Southern California Edison Co.,
3.90%, 12/1/41		95		93,436
Virginia Electric & Power Co., Ser. C,
2.75%, 3/15/23		460		468,967
				5,552,780
Equity Real Estate Investment Trusts (REITs)—0.3%
American Tower Corp.,
2.25%, 1/15/22		1,000		1,003,597
Simon Property Group L.P.,
3.25%, 9/13/49		135		131,542
				1,135,139
Food & Beverage—0.4%
Anheuser-Busch InBev Finance, Inc.,
3.65%, 2/1/26		1,150		1,220,826
Healthcare-Products—0.3%
DH Europe Finance II Sarl,
2.05%, 11/15/22		871		872,778
Healthcare-Services—0.1%
UnitedHealth Group, Inc.,
3.50%, 8/15/39		390		408,706
Insurance—0.4%
Berkshire Hathaway Finance Corp.,
4.25%, 1/15/49		285		337,043
Harborwalk Funding Trust, (converts to FRN on 2/15/49) (a)(b)(f),
5.077%, 2/15/69		235		280,552
Lincoln National Corp., 3 mo. LIBOR + 2.358% (f),
4.262%, 5/17/66		275		244,604
MetLife, Inc. (a)(b),
9.25%, 4/8/38		145		214,056
New York Life Insurance Co. (a)(b),
4.45%, 5/15/69		300		341,402
				1,417,657
Media—1.3%
Charter Communications Operating LLC,
4.908%, 7/23/25		670		738,587
Comcast Corp.,
2.65%, 2/1/30		295		296,672
3.375%, 2/15/25		960		1,012,971
Discovery Communications LLC,
3.95%, 3/20/28		320		341,766
Time Warner Cable LLC,
4.50%, 9/15/42		85		85,496
6.55%, 5/1/37		90		111,221
ViacomCBS, Inc.,
3.45%, 10/4/26		200		201,257
5.25%, 4/1/44		225		261,881
6.25%, 2/28/57 (converts to FRN on 2/28/27) (c)(f)		215		238,817
Walt Disney Co.,
3.00%, 9/15/22		1,000		1,029,731
				4,318,399
Miscellaneous Manufacturing—0.2%
3M Co.,
3.25%, 8/26/49		195		189,545

	Principal Amount (000s)		Value^
General Electric Co., 3 mo. LIBOR + 1.000% (f),
3.001%, 4/15/23	$	561	$	562,876
				752,421
Oil, Gas & Consumable Fuels—0.8%
Boston Gas Co. (a)(b),
3.15%, 8/1/27		820		847,303
Cenovus Energy, Inc.,
4.25%, 4/15/27		215		227,991
6.75%, 11/15/39		100		127,204
Hess Corp.,
4.30%, 4/1/27		330		353,379
7.125%, 3/15/33		125		160,740
NiSource, Inc.,
3.49%, 5/15/27		850		894,210
				2,610,827
Pharmaceuticals—1.0%
AbbVie, Inc. (a)(b),
2.60%, 11/21/24		292		294,343
Allergan Funding SCS,
3.85%, 6/15/24		295		310,225
Becton Dickinson and Co.,
2.894%, 6/6/22		1,335		1,357,120
Bristol-Myers Squibb Co. (a)(b),
3.625%, 5/15/24		235		248,288
4.125%, 6/15/39		315		362,400
CVS Health Corp.,
4.10%, 3/25/25		465		499,868
4.875%, 7/20/35		290		332,306
				3,404,550
Pipelines—1.0%
Cameron LNG LLC (a)(b),
3.701%, 1/15/39		297		303,367
Columbia Pipeline Group, Inc.,
4.50%, 6/1/25		555		608,319
5.80%, 6/1/45		110		140,562
El Paso Natural Gas Co. LLC,
8.375%, 6/15/32		100		139,162
Energy Transfer Operating L.P.,
6.50%, 2/1/42		330		392,847
Kinder Morgan Energy Partners L.P.,
7.50%, 11/15/40		75		102,969
Kinder Morgan, Inc.,
4.30%, 6/1/25		460		498,873
MPLX L.P.,
4.00%, 3/15/28		330		342,525
Plains All American Pipeline L.P.,
4.65%, 10/15/25		440		472,513
6.65%, 1/15/37		115		135,433
				3,136,570
Retail—0.0%
Lowe’s Cos., Inc.,
4.65%, 4/15/42		90		103,336
Semiconductors—0.4%
Broadcom Corp.,
3.875%, 1/15/27		935		970,336
Intel Corp.,
3.25%, 11/15/49		295		297,158
				1,267,494
Software—0.3%
Fiserv, Inc.,
4.40%, 7/1/49		195		222,055
Microsoft Corp.,
3.50%, 11/15/42		360		392,269

Schedule of Investments

AllianzGI Global Allocation Fund

December 31, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
Oracle Corp.,
2.40%, 9/15/23	$	400	$	406,163
				1,020,487
Telecommunications—0.6%
AT&T, Inc.,
3.80%, 3/15/22		800		830,379
4.85%, 3/1/39		400		461,949
Verizon Communications, Inc.,
5.25%, 3/16/37		475		596,500
				1,888,828
Transportation—0.2%
CSX Corp.,
4.75%, 5/30/42		145		171,108
Kansas City Southern,
4.20%, 11/15/69		175		180,560
United Parcel Service, Inc.,
3.40%, 9/1/49		325		327,392
				679,060
Total Corporate Bonds & Notes (cost—$45,300,465)				45,596,612
	Shares
EXCHANGE-TRADED FUNDS—1.4%
PIMCO 15+ Year U.S. TIPS Index (d) (cost—$4,631,347)		65,738		4,735,108
	Principal Amount (000s)
U.S. TREASURY OBLIGATIONS—0.4%
U.S. Treasury Bond,
2.25%, 8/15/49	$	276		267,806
U.S. Treasury Notes,
1.625%, 12/31/21		150		150,153

	Principal Amount (000s)		Value^
1.75%, 12/31/24	$	613	$	614,628
1.75%, 11/15/29		398		391,999
Total U.S. Treasury Obligations (cost—$1,437,295)				1,424,586
Repurchase Agreements—2.4%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $7,729,107; collateralized by U.S. Treasury Bonds, 2.50%, due 2/15/46, valued at $7,888,454 including accrued interest (cost—$7,729,000)		7,729		7,729,000
Total Investments (cost—$309,676,174)—97.4%				318,826,265
Other assets less liabilities (h)—2.6%				8,348,557
Net Assets—100.0%			$	327,174,822

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 $4,233,239, representing 1.3% 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 $4,233,239, representing 1.3% of net assets.

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

(d) Affiliated fund.

(e) Institutional Class share.

(f) Variable or Floating Rate Security—Securities with an interest rate that changes periodically. The interest rate disclosed reflects the rate in effect on December 31, 2019.

(g) Class R6 share.

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

Futures contracts outstanding at December 31, 2019:

Type	Contracts			Expiration Date		Notional Amount (000s)			Market Value (000s)			Unrealized Appreciation (Depreciation)
Long position contracts:
2-Year U.S. Treasury Note		77			3/31/20	$	15,400		$	16,594		$	(7,678	)
10-Year U.S. Treasury Note		252			3/20/20		25,200			32,362			(280,771	)
E-mini S&P 500 Index		103			3/20/20		5			16,640			170,764
Japanese Yen		53			3/16/20		66			6,125			(11,139	)
Mini MSCI Emerging Markets Index		59			3/20/20		3			3,305			41,166
MSCI EAFE Index		60			3/20/20		3			6,110			4,364
U.S. Long Bond		19			3/20/20		1,900			2,962			(65,935	)
Ultra U.S. Treasury Bond		8			3/20/20		800			1,453			(46,946	)
												$	(196,175	)
Short position contracts:
5-Year U.S. Treasury Note		(36	)		3/31/20	$	(3,600	)	$	(4,270	)	$	15,373
10-Year Ultra U.S. Treasury Bond		(10	)		3/20/20		(1,000	)		(1,407	)		15,601
												$	30,974
												$	(165,201	)

(i) At December 31, 2019, the Fund pledged $8,039,474 in cash as collateral for futures contracts.

Schedule of Investments

AllianzGI Global Allocation Fund

December 31, 2019 (unaudited) (continued)

Glossary:

EAFE—Europe, Australasia and Far East

FRN—Floating Rate Note

LIBOR—London Inter-Bank Offered Rate

MSCI—Morgan Stanley Capital International

TIPS—Treasury Inflation Protected Securities

Schedule of Investments

AllianzGI Best Styles Global Equity Fund

December 31, 2019 (unaudited)

	Shares		Value^
COMMON STOCK—97.1%
Australia—2.7%
Alumina Ltd.		185,637	$	299,842
Aristocrat Leisure Ltd.		15,713		371,285
BHP Group Ltd.		19,880		544,360
Bingo Industries Ltd.		151,033		301,479
BlueScope Steel Ltd.		28,890		305,991
Bravura Solutions Ltd.		77,079		280,927
Computershare Ltd.		20,303		239,370
CSL Ltd.		5,398		1,046,575
Flight Centre Travel Group Ltd.		7,755		239,863
Macquarie Group Ltd.		5,279		511,241
National Australia Bank Ltd.		23,781		411,509
Rio Tinto Ltd.		4,595		325,096
Sandfire Resources NL		45,773		192,326
Sonic Healthcare Ltd.		16,283		328,313
St. Barbara Ltd.		67,870		128,949
Westpac Banking Corp.		26,184		447,137
				5,974,263
Austria—0.6%
Erste Group Bank AG (e)		8,126		305,230
EVN AG		12,006		232,981
OMV AG		4,840		271,160
Raiffeisen Bank International AG		10,837		271,244
voestalpine AG		8,190		227,155
				1,307,770
Bermuda—0.1%
Bank of NT Butterfield & Son Ltd.		3,927		145,378
Brazil—0.6%
Banco Bradesco S.A.		29,880		254,356
Banco do Brasil S.A.		20,400		269,250
JBS S.A.		41,100		264,635
Petroleo Brasileiro S.A.		43,500		348,444
Smiles Fidelidade S.A.		5,900		57,745
Suzano S.A.		12,870		127,416
				1,321,846
Canada—3.9%
Bank of Nova Scotia		9,478		535,375
Bausch Health Cos., Inc. (e)		11,480		343,635
BRP, Inc.		5,703		259,820
Canadian Apartment Properties REIT		4,786		195,376
Canadian Imperial Bank of Commerce		5,600		466,009
Cogeco Communications, Inc.		3,951		344,425
Exchange Income Corp.		7,418		255,293
Fairfax Financial Holdings Ltd.		537		252,151
Genworth MI Canada, Inc.		4,557		199,398
George Weston Ltd.		9,501		753,759
Husky Energy, Inc.		14,334		115,021
IA Financial Corp., Inc.		5,463		300,085
Magellan Aerospace Corp.		12,732		137,855
Magna International, Inc.		4,466		244,873
Manulife Financial Corp.		23,328		473,548
Martinrea International, Inc.		17,034		187,714
Methanex Corp.		4,980		192,328
National Bank of Canada		6,823		378,732
Northview Apartment Real Estate Investment Trust REIT		9,372		213,920
Nutrien Ltd.		9,161		438,597
Power Corp. of Canada		10,065		259,269
Royal Bank of Canada		10,352		819,120
Suncor Energy, Inc.		15,133		495,984
Teck Resources Ltd., Class B		13,503		234,175
Toronto-Dominion Bank		8,061		452,106
Transcontinental, Inc., Class A		19,236		235,089
				8,783,657

	Shares		Value^
Chile—0.2%
Banco Santander Chile		2,976,424	$	170,206
Empresas CMPC S.A.		79,086		193,832
Itau CorpBanca		26,844,575		155,455
				519,493
China—5.2%
58.com, Inc. ADR (e)		4,478		289,861
Agile Group Holdings Ltd.		156,909		235,789
Agricultural Bank of China Ltd., Class H		572,000		251,772
Alibaba Group Holding Ltd. ADR (e)		7,762		1,646,320
Anhui Conch Cement Co., Ltd., Class H		32,000		233,156
Autohome, Inc. ADR (e)		3,517		281,395
Baidu, Inc. ADR (e)		3,005		379,832
Bank of Communications Co., Ltd., Class H		290,961		206,752
Beijing Enterprises Holdings Ltd.		46,500		213,368
BOC Aviation Ltd. (a)		36,800		374,265
China CITIC Bank Corp., Ltd., Class H		444,000		266,225
China Communications Services Corp., Ltd., Class H		298,000		217,237
China Construction Bank Corp., Class H		728,188		631,369
China Lumena New Materials Corp. (c)(d)(e)		60,228		—	†
China Shenhua Energy Co., Ltd., Class H		139,500		291,681
China Yuchai International Ltd.		8,810		117,437
China Zhongwang Holdings Ltd.		390,000		155,807
CIFI Holdings Group Co., Ltd.		588,000		497,175
CITIC Ltd.		169,000		225,567
Country Garden Holdings Co., Ltd.		165,000		264,086
Country Garden Services Holdings Co., Ltd.		24,597		82,814
CSPC Pharmaceutical Group Ltd.		102,000		243,412
Fosun International Ltd.		106,000		154,620
Guangzhou Automobile Group Co., Ltd., Class H		219,991		273,887
Industrial & Commercial Bank of China Ltd., Class H		840,000		648,084
Kingboard Holdings Ltd.		65,500		207,742
Postal Savings Bank of China Co., Ltd., Class H (a)		304,000		206,746
Shanghai Industrial Holdings Ltd.		117,000		225,235
Sinotrans Ltd., Class H		214,000		72,788
Sinotruk Hong Kong Ltd.		122,500		261,450
SSY Group Ltd.		210,000		170,095
Tencent Holdings Ltd.		35,419		1,706,350
Uni-President China Holdings Ltd.		247,000		259,491
Yuzhou Properties Co., Ltd.		472,708		260,066
				11,551,874
Czech Republic—0.1%
CEZ AS		9,213		207,058
Denmark—0.4%
Demant A/S (e)		14,956		471,005
Netcompany Group A/S (a)(e)		5,798		275,894
Royal Unibrew A/S		2,346		214,891
				961,790
Finland—0.4%
Outokumpu Oyj		55,348		174,436
Stora Enso Oyj, Class R		23,993		349,117
UPM-Kymmene Oyj		11,442		396,974
				920,527

Schedule of Investments

AllianzGI Best Styles Global Equity Fund

December 31, 2019 (unaudited) (continued)

	Shares		Value^
France—4.5%
Aeroports de Paris		1,432	$	283,527
ArcelorMittal S.A.		16,821		296,381
AXA S.A.		17,783		502,481
BNP Paribas S.A.		8,934		531,020
Cie de Saint-Gobain		5,993		245,508
Cie Generale des Etablissements Michelin SCA		3,581		440,675
CNP Assurances		13,781		274,588
Coface S.A.		20,322		250,063
Credit Agricole S.A.		16,952		246,674
Eiffage S.A.		3,313		380,090
Engie S.A.		30,192		489,060
Faurecia SE		3,660		198,693
Ipsen S.A.		2,006		178,066
Jacquet Metal Service S.A.		9,684		168,020
Kaufman & Broad S.A.		5,146		213,574
Kering S.A.		753		496,163
Klepierre S.A. REIT		8,023		305,226
Korian S.A.		4,898		230,888
L’Oreal S.A.		1,522		450,067
LVMH Moet Hennessy Louis Vuitton SE		1,469		684,486
Orange S.A.		27,632		406,085
Peugeot S.A.		11,010		265,089
Renault S.A.		3,851		182,874
Societe Generale S.A.		11,729		409,318
STMicroelectronics NV		10,803		291,471
Total S.A.		13,111		727,536
Unibail-Rodamco-Westfield REIT		2,141		337,779
Vinci S.A.		5,479		610,216
				10,095,618
Germany—2.1%
Bayer AG		7,945		645,902
Bayerische Motoren Werke AG		2,747		224,995
Covestro AG (a)		4,079		189,796
Deutsche Boerse AG		2,521		395,325
Deutsche Lufthansa AG		11,686		215,105
Deutsche Telekom AG		23,045		376,605
Deutz AG		33,091		205,938
DWS Group GmbH & Co. KGaA (a)		7,019		249,227
Fresenius SE & Co. KGaA		6,723		378,326
HeidelbergCement AG		5,597		406,705
MTU Aero Engines AG		894		254,724
SAP SE		8,324		1,120,395
				4,663,043
Hong Kong—0.8%
CK Asset Holdings Ltd.		51,000		368,027
Hang Seng Bank Ltd.		15,800		326,586
Health & Happiness H&H International Holdings Ltd.		39,500		163,610
Hysan Development Co., Ltd.		61,000		239,197
IT Ltd.		244,000		58,606
Johnson Electric Holdings Ltd.		115,000		261,593
Kerry Properties Ltd.		56,757		180,265
Shanghai Industrial Urban Development Group Ltd.		152,000		19,111
Wharf Real Estate Investment Co., Ltd.		41,000		250,164
				1,867,159
Hungary—0.2%
Magyar Telekom Telecommunications PLC		250,641		379,125

	Shares		Value^
Indonesia—0.6%
Astra International Tbk PT		551,300	$	274,598
Bank Central Asia Tbk PT		121,600		292,449
Bank Negara Indonesia Persero Tbk PT		444,245		250,783
Indah Kiat Pulp & Paper Corp. Tbk PT		358,900		198,628
Indika Energy Tbk PT		488,300		41,946
Indo Tambangraya Megah Tbk PT		156,400		129,111
Mitra Adiperkasa Tbk PT		2,458,300		186,778
				1,374,293
Ireland—0.2%
Origin Enterprises PLC		37,213		154,862
Smurfit Kappa Group PLC		8,244		318,376
				473,238
Israel—0.5%
Bank Leumi Le-Israel BM		30,819		224,761
First International Bank of Israel Ltd.		7,890		228,519
Harel Insurance Investments & Financial Services Ltd.		18,674		146,017
Hilan Ltd.		7,382		297,537
Teva Pharmaceutical Industries Ltd. ADR (e)		10,685		104,713
				1,001,547
Italy—1.6%
Amplifon SpA		9,717		279,648
Enav SpA (a)		41,049		244,958
Enel SpA		118,177		938,777
Eni SpA		23,607		366,646
Intesa Sanpaolo SpA		137,499		362,198
Iren SpA		67,468		209,025
Mediobanca Banca di Credito Finanziario SpA		18,024		198,454
Moncler SpA		8,143		366,496
Telecom Italia SpA (e)		550,345		343,695
Unipol Gruppo SpA		39,730		228,092
				3,537,989
Japan—7.7%
Aeon Co., Ltd.		14,700		303,355
AGC, Inc.		7,200		257,457
Astellas Pharma, Inc.		54,500		930,314
Bandai Namco Holdings, Inc.		6,500		395,409
Chubu Electric Power Co., Inc.		21,300		301,094
Dai-ichi Life Holdings, Inc.		19,700		324,661
Daikin Industries Ltd.		3,000		423,269
East Japan Railway Co.		3,700		333,969
Exedy Corp.		5,926		134,055
Hitachi Ltd.		12,400		523,227
Honda Motor Co., Ltd.		22,300		631,124
Hoya Corp.		5,300		505,948
ITOCHU Corp.		21,923		508,102
JFE Holdings, Inc.		14,200		182,206
JVCKenwood Corp.		61,000		152,719
JXTG Holdings, Inc.		56,500		256,430
Kajima Corp.		22,100		293,824
Kansai Electric Power Co., Inc.		23,500		272,243
Kikkoman Corp.		6,100		298,624
Mazda Motor Corp.		29,200		248,826
Mitsubishi Chemical Holdings Corp.		32,794		244,354
Mitsubishi Corp.		22,000		582,810
Mitsui & Co., Ltd.		41,200		732,351

Schedule of Investments

AllianzGI Best Styles Global Equity Fund

December 31, 2019 (unaudited) (continued)

	Shares		Value^
Mitsui Matsushima Holdings Co., Ltd.		15,200	$	168,851
Mitsui Sugar Co., Ltd.		10,100		210,842
Nidec Corp.		2,700		368,776
Nippon Telegraph & Telephone Corp.		17,096		432,079
Nissan Motor Co., Ltd.		53,841		311,994
Obayashi Corp.		32,000		355,413
Recruit Holdings Co., Ltd.		27,300		1,022,530
SBI Holdings, Inc.		10,700		225,901
Secom Co., Ltd.		3,700		330,198
Shiseido Co., Ltd.		9,400		667,494
SoftBank Group Corp.		13,600		590,472
Sojitz Corp.		62,716		202,140
Sony Corp.		11,500		780,823
Sumitomo Electric Industries Ltd.		18,800		282,341
Sumitomo Mitsui Financial Group, Inc.		12,300		454,305
Sumitomo Rubber Industries Ltd.		19,800		241,436
Teijin Ltd.		9,700		181,217
Toyota Motor Corp.		14,349		1,011,052
Toyota Tsusho Corp.		7,000		245,893
YA-MAN Ltd.		22,300		149,231
				17,069,359
Korea (Republic of)—1.6%
Dongwon Industries Co., Ltd.		1,105		201,898
Hana Financial Group, Inc.		7,660		243,649
HDC Hyundai Development Co-Engineering & Construction		1		22
Industrial Bank of Korea		14,317		145,938
KB Financial Group, Inc.		7,167		295,266
LG Corp.		2,955		188,285
LG Electronics, Inc.		4,336		269,340
POSCO		1,173		238,428
Samsung Electronics Co., Ltd. GDR		788		940,084
Shinhan Financial Group Co., Ltd.		10,621		398,211
SK Hynix, Inc.		6,090		495,347
SK Telecom Co., Ltd.		1,058		217,999
				3,634,467
Malaysia—0.5%
AirAsia Group Bhd.		305,900		127,188
CIMB Group Holdings Bhd.		141,100		177,718
Genting Bhd.		129,200		191,184
Hong Leong Financial Group Bhd.		52,300		216,079
Petronas Chemicals Group Bhd.		110,200		198,041
Petronas Dagangan Bhd.		53,300		300,997
				1,211,207
Mexico—0.7%
Banco del Bajio S.A. (a)		59,200		99,160
Grupo Financiero Banorte S.A.B de C.V., Class O		74,900		418,521
Megacable Holdings S.A.B de C.V. UNIT		47,700		195,366
Ternium S.A. ADR		9,479		208,538
Wal-Mart de Mexico S.A.B de C.V.		218,700		626,344
				1,547,929
Netherlands—1.2%
Aegon NV		48,100		220,183
AerCap Holdings NV (e)		4,653		286,020
ASML Holding NV		3,110		920,735
ASR Nederland NV		6,012		225,303
Flow Traders (a)		7,809		188,677
Koninklijke Ahold Delhaize NV		19,948		500,144
NIBC Holding NV (a)		23,679		200,354
Signify NV (a)		6,980		218,465
				2,759,881

	Shares		Value^
New Zealand—0.7%
a2 Milk Co., Ltd. (e)		36,165	$	366,184
Air New Zealand Ltd.		177,543		350,199
Auckland International Airport Ltd.		52,887		311,736
Oceania Healthcare Ltd.		301,697		268,095
Summerset Group Holdings Ltd.		38,100		228,350
Synlait Milk Ltd. (e)		11,224		67,238
				1,591,802
Norway—1.1%
Austevoll Seafood ASA		13,592		139,414
Elkem ASA (a)		85,536		241,207
Equinor ASA		17,004		339,098
FLEX LNG Ltd.		18,750		195,133
Frontline Ltd.		24,298		308,074
Norsk Hydro ASA		65,672		244,209
Norwegian Finans Holding ASA (e)		20,382		221,248
Salmar ASA		4,418		226,406
Selvaag Bolig ASA		40,090		337,220
Sparebank 1 Nord Norge		21,943		196,203
				2,448,212
Peru—0.1%
Ferreycorp SAA		164,086		108,466
Volcan Cia Minera SAA, Class B (e)		750,965		100,869
				209,335
Philippines—0.5%
Globe Telecom, Inc.		4,880		194,641
Metro Pacific Investments Corp.		1,714,000		117,775
San Miguel Corp.		48,130		155,847
SM Prime Holdings, Inc.		266,900		221,530
Vista Land & Lifescapes, Inc.		2,079,900		317,457
				1,007,250
Poland—0.1%
Asseco Poland S.A.		13,915		233,855
Qatar—0.2%
Commercial Bank PQSC		125,840		162,697
Industries Qatar QSC		82,690		233,467
				396,164
Romania—0.1%
BRD-Groupe Societe Generale S.A.		68,519		254,262
Singapore—0.1%
United Overseas Bank Ltd.		14,300		281,233
South Africa—0.1%
Astral Foods Ltd.		15,031		233,042
Spain—0.9%
Amadeus IT Group S.A.		4,572		374,432
Banco Santander S.A.		110,185		461,978
CaixaBank S.A.		82,431		259,580
International Consolidated Airlines Group S.A.		32,761		271,070
Repsol S.A.		20,522		322,404
Telefonica S.A.		43,267		302,570
				1,992,034
Sweden—0.9%
Dios Fastigheter AB		33,015		302,523
Klovern AB, Class B		123,568		302,927
Lundin Petroleum AB		6,751		229,226
Nyfosa AB (e)		17,717		153,216
SSAB AB, Class A		62,981		221,299
Swedbank AB, Class A		16,598		246,746
Volvo AB, Class B		29,313		490,734
				1,946,671

Schedule of Investments

AllianzGI Best Styles Global Equity Fund

December 31, 2019 (unaudited) (continued)

	Shares		Value^
Switzerland—2.0%
Alcon, Inc. (e)		3,475	$	196,830
Implenia AG		5,313		215,510
Lonza Group AG (e)		1,241		452,726
Nestle S.A.		7,717		835,482
Novartis AG		13,291		1,258,519
Straumann Holding AG		261		256,023
Sunrise Communications Group AG (a)(e)		2,365		185,801
Swiss Life Holding AG		904		453,510
Zurich Insurance Group AG		1,301		533,669
				4,388,070
Taiwan—2.5%
Asia Cement Corp.		169,000		270,518
China Development Financial Holding Corp.		823,000		267,316
E.Sun Financial Holding Co., Ltd.		307,252		286,333
Far Eastern New Century Corp.		214,000		213,136
Formosa Chemicals & Fibre Corp.		81,000		236,649
Formosa Plastics Corp.		55,000		183,172
Grand Pacific Petrochemical (e)		296,000		183,790
Great Wall Enterprise Co., Ltd.		169,504		246,855
Hon Hai Precision Industry Co., Ltd.		1		3
Lien Hwa Industrial Holdings Corp.		197,255		242,802
Nanya Technology Corp.		105,000		293,852
Pou Chen Corp.		170,000		222,374
Powertech Technology, Inc.		52,000		173,067
President Chain Store Corp.		24,000		243,712
Ruentex Development Co., Ltd. (e)		134,000		202,225
Taiwan Cement Corp.		150,054		218,878
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		12,407		720,847
Tripod Technology Corp.		59,000		247,635
Uni-President Enterprises Corp.		85,000		210,785
United Microelectronics Corp. ADR		143,986		385,882
Yuanta Financial Holding Co., Ltd.		665,000		448,307
				5,498,138
Thailand—0.7%
Bangkok Dusit Medical Services PCL (c)(d)		285,300		247,272
Banpu PCL (c)(d)		378,600		150,181
Kiatnakin Bank PCL (c)(d)		176,900		389,445
PTT Global Chemical PCL (c)(d)		171,100		325,105
Thanachart Capital PCL (c)(d)		114,200		203,758
Tisco Financial Group PCL (c)(d)		65,200		215,856
				1,531,617
Turkey—0.6%
Akbank T.A.S. (e)		112,673		153,474
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		460,283		112,947
Eregli Demir ve Celik Fabrikalari T.A.S		121,203		184,072
Haci Omer Sabanci Holding A/S		105,417		169,073
Soda Sanayii AS		182,075		189,145
TAV Havalimanlari Holding AS		38,706		189,718
Trakya Cam Sanayii AS		372,303		218,891
Turk Hava Yollari AO (e)		53,783		130,648
Yatas Yatak ve Yorgan Sanayi ve Ticaret AS (e)		48,820		60,196
				1,408,164
United Arab Emirates—0.3%
Aldar Properties PJSC		737,166		433,891
DP World PLC		13,407		175,755
				609,646

	Shares		Value^
United Kingdom—4.2%
Alliance Pharma PLC		277,616	$	308,392
Anglo American PLC		17,926		514,977
Aviva PLC		64,772		359,520
BP PLC		166,546		1,047,708
British American Tobacco PLC		5,316		225,941
Diageo PLC		8,245		347,417
easyJet PLC		11,778		221,860
HSBC Holdings PLC		50,574		395,915
Informa PLC		31,418		357,337
J Sainsbury PLC		67,396		205,507
Keller Group PLC		22,750		225,651
Legal & General Group PLC		105,189		422,550
Lloyds Banking Group PLC		465,910		385,969
Marston’s PLC		142,831		240,655
Morgan Sindall Group PLC		11,799		253,189
National Express Group PLC		55,599		346,534
Rio Tinto PLC		9,463		560,162
Royal Dutch Shell PLC, Class A		10,029		295,704
Royal Dutch Shell PLC, Class B		34,877		1,035,277
Standard Life Aberdeen PLC		90,182		392,348
Taylor Wimpey PLC		78,240		200,613
TUI AG		16,095		203,123
Vesuvius PLC		29,556		195,749
Vodafone Group PLC		258,560		501,961
				9,244,059
United States—45.6%
Abbott Laboratories		6,851		595,078
AbbVie, Inc.		6,272		555,323
ABIOMED, Inc. (e)		1,074		183,214
Adobe, Inc. (e)		3,304		1,089,692
AES Corp.		20,731		412,547
Aflac, Inc.		9,979		527,889
Agilent Technologies, Inc.		4,736		404,028
Align Technology, Inc. (e)		1,405		392,051
Allstate Corp.		4,929		554,266
Ally Financial, Inc.		5,731		175,139
Alphabet, Inc., Class A (e)		1,003		1,343,408
Alphabet, Inc., Class C (e)		944		1,262,147
Amazon.com, Inc. (e)		1,773		3,276,220
American Equity Investment Life Holding Co.		7,897		236,357
American Express Co.		4,726		588,340
AMETEK, Inc.		3,505		349,589
Antero Resources Corp. (e)		32,281		92,001
Anthem, Inc.		3,147		950,488
Apple, Inc.		15,792		4,637,321
Archer-Daniels-Midland Co.		11,980		555,273
AT&T, Inc.		41,871		1,636,319
Athene Holding Ltd., Class A (e)		9,364		440,389
AutoZone, Inc. (e)		365		434,828
Avnet, Inc.		9,015		382,597
AXA Equitable Holdings, Inc.		15,364		380,720
Bank of America Corp.		34,544		1,216,640
Baxter International, Inc.		3,938		329,296
Becton Dickinson and Co.		1,935		526,262
Berkshire Hathaway, Inc., Class B (e)		2,443		553,340
Best Buy Co., Inc.		5,177		454,541
BGC Partners, Inc., Class A		19,921		118,331
Boeing Co.		2,650		863,264
BorgWarner, Inc.		4,245		184,148
Boston Beer Co., Inc., Class A (e)		815		307,948
Boston Scientific Corp. (e)		17,218		778,598
Broadridge Financial Solutions, Inc.		4,103		506,885
Bunge Ltd.		6,733		387,484

Schedule of Investments

AllianzGI Best Styles Global Equity Fund

December 31, 2019 (unaudited) (continued)

	Shares		Value^
CAI International, Inc. (e)		10,215	$	296,031
Carnival Corp.		3,016		153,303
Caterpillar, Inc.		1,702		251,351
CDW Corp.		4,497		642,351
Centene Corp. (e)		4,636		291,465
Chevron Corp.		8,509		1,025,420
Cigna Corp.		2,194		448,651
Cisco Systems, Inc.		29,650		1,422,014
Citi Trends, Inc.		7,084		163,782
Citigroup, Inc.		8,165		652,302
Citizens Financial Group, Inc.		9,551		387,866
Comcast Corp., Class A		22,302		1,002,921
Conagra Brands, Inc.		13,566		464,500
ConocoPhillips		8,076		525,182
Constellation Brands, Inc., Class A		2,171		411,947
Costco Wholesale Corp.		4,214		1,238,579
Coty, Inc., Class A		19,512		219,510
Crown Castle International Corp. REIT		3,348		475,918
CSX Corp.		8,313		601,529
Cushman & Wakefield PLC (e)		8,349		170,654
CVS Health Corp.		12,679		941,923
Dana, Inc.		9,906		180,289
Danaher Corp.		4,163		638,937
Duke Energy Corp.		3,190		290,960
Eastman Chemical Co.		2,695		213,606
Eaton Corp. PLC		6,755		639,834
Edison International		3,397		256,168
Eli Lilly & Co.		6,671		876,770
Encompass Health Corp.		2,246		155,580
Entergy Corp.		5,440		651,712
EOG Resources, Inc.		4,268		357,488
Exelon Corp.		16,657		759,393
Exxon Mobil Corp.		11,535		804,912
Facebook, Inc., Class A (e)		8,464		1,737,236
FedEx Corp.		879		132,914
FLIR Systems, Inc.		6,782		353,139
Fortinet, Inc. (e)		4,198		448,178
Garmin Ltd.		4,146		404,484
Garrett Motion, Inc. (e)		1,276		12,747
General Motors Co.		15,368		562,469
Global Payments, Inc.		2,436		444,716
Globus Medical, Inc., Class A (e)		5,185		305,293
GMS, Inc. (e)		7,468		202,233
Haemonetics Corp. (e)		1,396		160,400
Hartford Financial Services Group, Inc.		6,044		367,294
HCA Healthcare, Inc.		4,151		613,559
HEICO Corp., Class A		3,270		292,763
Hewlett Packard Enterprise Co.		24,390		386,825
HollyFrontier Corp.		6,410		325,051
Home Depot, Inc.		4,601		1,004,766
HP, Inc.		25,508		524,189
Humana, Inc.		1,357		497,368
Illumina, Inc. (e)		2,043		677,745
Intel Corp.		19,164		1,146,965
Intuit, Inc.		1,571		411,492
Intuitive Surgical, Inc. (e)		1,229		726,523
Jacobs Engineering Group, Inc.		2,696		242,182
Johnson & Johnson		9,730		1,419,315
JPMorgan Chase & Co.		14,782		2,060,611
Kohl’s Corp.		3,283		167,269
Korn Ferry		2,892		122,621
Lam Research Corp.		1,064		311,114
Lear Corp.		1,918		263,150
Loews Corp.		5,301		278,250
Lululemon Athletica, Inc. (e)		2,812		651,456
LyondellBasell Industries NV, Class A		2,312		218,438

	Shares		Value^
Macy’s, Inc.		7,033	$	119,561
ManTech International Corp., Class A		4,592		366,809
Marathon Petroleum Corp.		5,521		332,640
MarineMax, Inc. (e)		7,906		131,951
Mastercard, Inc., Class A		4,116		1,228,996
MasterCraft Boat Holdings, Inc. (e)		7,480		117,810
McDonald’s Corp.		1,966		388,501
McGrath RentCorp		2,211		169,230
MDC Holdings, Inc.		4,742		180,955
Mercer International, Inc.		15,281		187,956
Merck & Co., Inc.		13,596		1,236,556
Merit Medical Systems, Inc. (e)		3,990		124,568
Micron Technology, Inc. (e)		7,040		378,611
Microsoft Corp.		31,781		5,011,864
NetApp, Inc.		7,828		487,293
Netflix, Inc. (e)		2,101		679,821
Newmark Group, Inc., Class A		11,696		157,370
Norfolk Southern Corp.		2,378		461,641
Northern Oil and Gas, Inc. (e)		63,315		148,157
NVIDIA Corp.		2,917		686,370
O’Reilly Automotive, Inc. (e)		1,420		622,329
Occidental Petroleum Corp.		6,095		251,175
Old Dominion Freight Line, Inc.		3,020		573,136
Ollie’s Bargain Outlet Holdings, Inc. (e)		1,780		116,252
Oracle Corp.		12,458		660,025
Owens Corning		3,205		208,710
PACCAR, Inc.		9,037		714,827
PBF Energy, Inc., Class A		4,430		138,969
Pfizer, Inc.		21,813		854,633
Phillips 66		3,249		361,971
Planet Fitness, Inc., Class A (e)		2,493		186,177
PNC Financial Services Group, Inc.		4,808		767,501
Procter & Gamble Co.		9,336		1,166,066
Progressive Corp.		5,987		433,399
Prudential Financial, Inc.		4,319		404,863
PulteGroup, Inc.		9,298		360,762
Quest Diagnostics, Inc.		3,099		330,942
RadNet, Inc. (e)		19,280		391,384
Ralph Lauren Corp.		2,309		270,661
Reinsurance Group of America, Inc.		2,016		328,729
Reliance Steel & Aluminum Co.		1,193		142,874
Robert Half International, Inc.		4,323		272,997
Ross Stores, Inc.		5,084		591,879
Sabre Corp.		7,658		171,846
Salesforce.com, Inc. (e)		5,498		894,195
Santander Consumer USA Holdings, Inc.		5,676		132,648
Simply Good Foods Co. (e)		11,779		336,173
SS&C Technologies Holdings, Inc.		8,440		518,216
Synovus Financial Corp.		3,392		132,966
Sysco Corp.		4,355		372,527
T Rowe Price Group, Inc.		2,067		251,843
Target Corp.		5,639		722,976
TE Connectivity Ltd.		3,988		382,210
Texas Instruments, Inc.		5,393		691,868
Thermo Fisher Scientific, Inc.		3,159		1,026,264
TJX Cos., Inc.		12,258		748,474
Toll Brothers, Inc.		2,157		85,223
Tractor Supply Co.		3,280		306,483
Tyson Foods, Inc., Class A		6,035		549,426
Union Pacific Corp.		4,570		826,210
United Rentals, Inc. (e)		1,840		306,857
UnitedHealth Group, Inc.		4,580		1,346,428
Unum Group		9,067		264,394
Verint Systems, Inc. (e)		2,845		157,499
Verizon Communications, Inc.		17,721		1,088,069
Verso Corp., Class A (e)		8,673		156,374

Schedule of Investments

AllianzGI Best Styles Global Equity Fund

December 31, 2019 (unaudited) (continued)

	Shares		Value^
ViacomCBS, Inc., Class B		6,791	$	285,018
Visa, Inc., Class A		9,193		1,727,365
Vishay Intertechnology, Inc.		6,348		135,149
Vistra Energy Corp.		13,815		317,607
Voya Financial, Inc.		6,356		387,589
Walgreens Boots Alliance, Inc.		7,056		416,022
WellCare Health Plans, Inc. (e)		697		230,156
Wells Fargo & Co.		5,753		309,511
Xenia Hotels & Resorts, Inc. REIT		5,777		124,841
Zebra Technologies Corp., Class A (e)		867		221,466
Zoetis, Inc.		4,126		546,076
				101,684,454
Total Common Stock (cost—$190,609,210)				216,266,519
PREFERRED STOCK—0.7%
Brazil—0.2%
Petroleo Brasileiro S.A.		58,500		441,853
Colombia—0.1%
Grupo Aval Acciones y Valores S.A.		533,748		237,330
Germany—0.1%
Sixt SE		2,993		217,748
Korea (Republic of)—0.3%
Samsung Electronics Co., Ltd.		17,948		702,697
Total Preferred Stock (cost—$1,238,224)				1,599,628
EXCHANGE-TRADED FUNDS—0.3%
iShares Core MSCI EAFE		2,734		178,366
iShares Core MSCI Emerging Markets		2,496		134,185
iShares Core S&P 500		692		223,682
Total Exchange-Traded Funds (cost—$509,879)				536,233
RIGHTS—0.0%
Oil, Gas & Consumable Fuels—0.0%
Repsol S.A., exercise price EUR 0.43, expires 8/01/20 (e) (cost—$9,698)		20,522		9,737
	Principal Amount (000s)
Repurchase Agreements—0.5%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $1,218,017; collateralized by U.S. Treasury Bonds, 2.50%, due 2/15/46, valued at $1,247,186 including accrued interest (cost—$1,218,000)	$	1,218		1,218,000
Total Investments (cost—$193,585,011) (b)—98.6%				219,630,117
Other assets less liabilities—1.4%				3,211,590
Net Assets—100.0%			$	222,841,707

Notes to Schedule of Investments:

† Actual amount rounds to less than $1.

(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 $2,674,550, representing 1.2% of net assets.

(b) Securities with an aggregate value of $91,565,366, representing 41.1% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(c) Fair-Valued—Securities with an aggregate value of $1,531,617, representing 0.7% of net assets.

(d) Level 3 security.

(e) Non-income producing.

Glossary:

ADR—American Depositary Receipt

EAFE—Europe, Australasia and Far East

EUR—Euro

GDR—Global Depositary Receipt

MSCI—Morgan Stanley Capital International

REIT—Real Estate Investment Trust

UNIT—More than one class of securities traded together

Schedule of Investments

AllianzGI Best Styles Global Equity Fund

December 31, 2019 (unaudited) (continued)

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

Banks	10.2	%
Oil, Gas & Consumable Fuels	5.4	%
Software	5.1	%
Insurance	4.2	%
Pharmaceuticals	4.1	%
Healthcare Providers & Services	3.7	%
Technology Hardware, Storage & Peripherals	3.4	%
Interactive Media & Services	3.1	%
Semiconductors & Semiconductor Equipment	2.9	%
Food Products	2.9	%
Healthcare Equipment & Supplies	2.8	%
Metals & Mining	2.5	%
Diversified Telecommunication Services	2.4	%
IT Services	2.3	%
Internet & Direct Marketing Retail	2.2	%
Real Estate Management & Development	2.2	%
Food & Staples Retailing	2.1	%
Specialty Retail	2.0	%
Trading Companies & Distributors	1.9	%
Automobiles	1.8	%
Electric Utilities	1.8	%
Chemicals	1.5	%
Road & Rail	1.4	%
Electronic Equipment, Instruments & Components	1.4	%
Capital Markets	1.3	%
Household Durables	1.2	%
Textiles, Apparel & Luxury Goods	1.2	%
Construction & Engineering	1.2	%
Life Sciences Tools & Services	1.2	%
Auto Components	1.1	%
Media	1.0	%
Machinery	1.0	%
Hotels, Restaurants & Leisure	0.9	%
Electrical Equipment	0.8	%
Equity Real Estate Investment Trusts (REITs)	0.8	%
Paper & Forest Products	0.7	%
Industrial Conglomerates	0.7	%
Diversified Financial Services	0.7	%
Biotechnology	0.7	%
Airlines	0.7	%
Aerospace & Defense	0.7	%
Wireless Telecommunication Services	0.7	%
Personal Products	0.7	%
Communications Equipment	0.6	%
Professional Services	0.6	%
Building Products	0.6	%
Multi-Line Retail	0.6	%
Beverages	0.6	%
Transportation Infrastructure	0.5	%
Household Products	0.5	%
Construction Materials	0.5	%
Commercial Services & Supplies	0.5	%
Consumer Finance	0.4	%
Leisure Equipment & Products	0.4	%
Independent Power Producers & Energy Traders	0.3	%
Multi-Utilities	0.3	%
Entertainment	0.3	%
Exchange-Traded Funds	0.3	%
Containers & Packaging	0.1	%
Tobacco	0.1	%
Commercial Services	0.1	%
Air Freight & Logistics	0.1	%
Thrifts & Mortgage Finance	0.1	%
Repurchase Agreements	0.5	%
Other assets less liabilities	1.4	%
	100.0	%

Schedule of Investments

AllianzGI Best Styles International Equity Fund

December 31, 2019 (unaudited)

	Shares		Value^
COMMON STOCK—97.6%
Australia—3.6%
ASX Ltd.		792	$	43,608
Aurizon Holdings Ltd.		27,019		99,158
Austal Ltd.		3,951		10,581
Australian Pharmaceutical Industries Ltd.		36,421		34,253
Brambles Ltd.		1,791		14,741
Bravura Solutions Ltd.		3,358		12,239
Breville Group Ltd.		534		6,549
Cleanaway Waste Management Ltd.		7,377		10,412
Coca-Cola Amatil Ltd.		4,371		33,944
Harvey Norman Holdings Ltd.		5,626		16,068
IDP Education Ltd.		1,446		17,430
Jumbo Interactive Ltd.		742		7,781
Link Administration Holdings Ltd.		8,595		35,315
Macquarie Group Ltd.		284		27,504
Magellan Financial Group Ltd.		661		26,483
NRW Holdings Ltd.		3,410		7,738
Orora Ltd.		31,669		70,594
Qantas Airways Ltd.		19,559		97,492
Service Stream Ltd.		3,438		6,407
Sims Metal Management Ltd.		2,742		20,526
South32 Ltd.		15,607		29,468
Star Entertainment Group Ltd.		6,941		22,392
Steadfast Group Ltd.		3,429		8,376
Super Retail Group Ltd.		2,954		20,964
Technology One Ltd.		1,996		11,599
Wesfarmers Ltd.		6,112		177,625
Woodside Petroleum Ltd.		944		22,825
				892,072
Austria—0.6%
Erste Group Bank AG (e)		153		5,747
Mayr Melnhof Karton AG		224		30,051
OMV AG		1,944		108,912
Telekom Austria AG (e)		282		2,303
				147,013
Belgium—0.6%
Barco NV		104		25,579
Cofinimmo S.A. REIT		102		14,988
Colruyt S.A.		90		4,692
UCB S.A.		1,152		91,670
				136,929
Brazil—0.2%
Banco Santander Brasil S.A. ADR		2,212		26,832
Porto Seguro S.A.		1,200		18,761
				45,593
Canada—1.2%
Aecon Group, Inc.		391		5,275
Canfor Corp. (e)		731		6,834
Capital Power Corp.		856		22,670
Empire Co., Ltd., Class A		2,974		69,761
Manulife Financial Corp.		4,963		100,747
Methanex Corp.		605		23,365
Parkland Fuel Corp.		417		15,321
Sun Life Financial, Inc.		979		44,613
				288,586
China—1.3%
Agricultural Bank of China Ltd., Class H		98,000		43,136
Bank of China Ltd., Class H		61,000		26,076
Bosideng International Holdings Ltd.		48,000		17,316
China Mobile Ltd.		15,000		126,748
China Petroleum & Chemical Corp. ADR		363		21,834
Guangdong Investment Ltd.		16,000		33,465
Lenovo Group Ltd.		58,000		38,950
Zoomlion Heavy Industry Science and Technology Co., Ltd., Class H		15,400		12,909
				320,434

	Shares		Value^
Denmark—1.5%
Alm Brand A/S		7,920	$	70,321
AP Moller—Maersk A/S, Class A		11		14,910
Carlsberg A/S, Class B		615		91,780
Novo Nordisk A/S, Class B		2,794		161,909
Ringkjoebing Landbobank A/S		99		7,638
Topdanmark A/S		743		36,627
				383,185
Finland—0.8%
Cramo Oyj		530		7,871
TietoEVRY Oyj		232		7,214
UPM-Kymmene Oyj		3,242		112,480
Valmet Oyj		3,414		81,867
				209,432
France—9.0%
Alten S.A.		571		72,200
Amundi S.A. (a)		199		15,649
ArcelorMittal S.A.		2,474		43,554
Arkema S.A.		122		13,045
Bouygues S.A.		2,833		120,762
Christian Dior SE		145		74,529
CNP Assurances		679		13,529
Credit Agricole S.A.		3,344		48,660
Dassault Aviation S.A.		18		23,623
Eiffage S.A.		1,061		121,725
Engie S.A.		9,123		147,777
Gaztransport Et Technigaz S.A.		111		10,691
Ipsen S.A.		228		20,239
Kaufman & Broad S.A.		340		14,111
Kering S.A.		337		222,054
Lagardere SCA		574		12,510
LVMH Moet Hennessy Louis Vuitton SE		619		288,426
Orange S.A.		3,910		57,462
Peugeot S.A.		5,132		123,564
Rubis SCA		86		5,292
Sanofi		3,538		355,312
Sartorius Stedim Biotech		141		23,404
Societe Generale S.A.		4,547		158,681
STMicroelectronics NV		2,618		70,635
Total S.A.		1,462		81,127
Veolia Environnement S.A.		2,116		56,303
Wendel S.A.		161		21,447
				2,216,311
Germany—5.4%
Adidas AG		715		232,424
Covestro AG (a)		1,801		83,801
Deutsche Lufthansa AG		6,041		111,197
Deutsche Post AG		2,220		84,414
Deutsche Telekom AG		11,068		180,875
Deutz AG		2,530		15,745
Dialog Semiconductor PLC (e)		648		32,910
Hannover Rueck SE		316		60,929
HOCHTIEF AG		401		51,054
Merck KGaA		1,003		118,247
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		577		170,269
SAP SE		769		103,506
Siltronic AG		321		32,252
Software AG		315		10,967
TAG Immobilien AG (e)		994		24,687
Talanx AG (e)		227		11,235
				1,324,512
Greece—0.4%
Hellenic Petroleum S.A.		5,048		49,710
Mytilineos S.A.		5,418		59,506
				109,216

Schedule of Investments

AllianzGI Best Styles International Equity Fund

December 31, 2019 (unaudited) (continued)

	Shares		Value^
Hong Kong—2.9%
AIA Group Ltd.		24,800	$	260,845
CITIC Telecom International Holdings Ltd.		17,000		6,196
CK Asset Holdings Ltd.		11,500		82,987
CK Hutchison Holdings Ltd.		17,920		170,876
Henderson Land Development Co., Ltd.		7,260		35,625
Hongkong Land Holdings Ltd.		1,100		6,327
I-CABLE Communications Ltd. (e)		2,808		23
NagaCorp Ltd.		4,000		6,986
Nissin Foods Co., Ltd.		8,000		6,358
NWS Holdings Ltd.		3,000		4,205
Shun Tak Holdings Ltd.		112,000		53,478
WH Group Ltd. (a)		70,000		72,378
				706,284
Hungary—0.5%
OTP Bank Nyrt		2,244		117,496
Ireland—0.4%
C&C Group PLC		2,348		12,643
CRH PLC		1,381		55,698
Dalata Hotel Group PLC		2,267		13,096
Kingspan Group PLC		182		11,089
				92,526
Israel—0.5%
Azrieli Group Ltd.		219		16,042
Israel Discount Bank Ltd., Class A		21,258		98,727
Isramco Negev 2 L.P.		28,460		5,171
Strauss Group Ltd.		284		8,719
				128,659
Italy—4.2%
A2A SpA		23,808		44,708
ACEA SpA		349		7,222
Davide Campari-Milano SpA		2,243		20,495
Enel SpA		33,261		264,219
Eni SpA		11,532		179,106
ERG SpA		544		11,728
EXOR NV		457		35,432
Falck Renewables SpA		2,508		13,403
Fiat Chrysler Automobiles NV		6,095		90,368
Italgas SpA		4,997		30,550
Leonardo SpA		4,020		47,144
Recordati SpA		1,803		76,005
Snam SpA		23,736		124,799
Societa Cattolica di Assicurazioni SC		7,555		61,666
Unipol Gruppo SpA		4,243		24,359
UnipolSai Assicurazioni SpA		1,521		4,424
				1,035,628
Japan—24.7%
Adastria Co., Ltd.		1,400		31,855
Aeon Fantasy Co., Ltd.		200		5,362
AEON REIT Investment Corp. REIT		6		8,216
AGC, Inc.		600		21,455
Aisin Seiki Co., Ltd.		1,500		55,560
Akatsuki, Inc.		200		10,720
Alfresa Holdings Corp.		2,900		58,914
Amada Holdings Co., Ltd.		2,800		31,846
ANA Holdings, Inc.		1,400		46,737
Anritsu Corp.		3,600		71,255
AOI Electronics Co., Ltd.		800		20,999
Aoyama Trading Co., Ltd.		300		4,222
Asahi Kasei Corp.		3,500		39,299
Astellas Pharma, Inc.		8,500		145,095
Bandai Namco Holdings, Inc.		1,900		115,581
BrainPad, Inc. (e)		500		25,316
Dai-ichi Life Holdings, Inc.		4,800		79,105
Daiwa Office Investment Corp. REIT		2		15,358
Eisai Co., Ltd.		1,800		134,687
Enigmo, Inc. (e)		1,200		9,786

	Shares		Value^
Fancl Corp.		1,500	$	39,936
FUJIFILM Holdings Corp.		3,100		148,043
Heiwado Co., Ltd.		1,000		18,936
Hikari Tsushin, Inc.		200		50,260
Hosiden Corp.		1,200		15,161
Hoya Corp.		1,400		133,647
Japan Airlines Co., Ltd.		2,200		68,499
Japan Best Rescue System Co., Ltd.		1,000		10,341
Japan Post Holdings Co., Ltd.		7,400		69,593
JFE Holdings, Inc.		6,100		78,272
JVCKenwood Corp.		2,700		6,760
Kajima Corp.		3,500		46,533
Kaken Pharmaceutical Co., Ltd.		300		16,553
Kamigumi Co., Ltd.		1,000		21,982
Kinden Corp.		4,000		62,150
Kobe Bussan Co., Ltd.		1,000		34,404
Kohnan Shoji Co., Ltd.		400		9,397
Komeri Co., Ltd.		300		6,444
Kurita Water Industries Ltd.		900		26,707
KYORIN Holdings, Inc.		1,700		29,627
Marubeni Corp.		17,500		129,296
Matsumotokiyoshi Holdings Co., Ltd.		400		15,486
Medipal Holdings Corp.		1,200		26,484
Megmilk Snow Brand Co., Ltd.		1,500		34,158
Meitec Corp.		100		5,619
Miraca Holdings, Inc.		400		9,797
Mitsubishi Chemical Holdings Corp.		14,600		108,787
Mitsubishi Corp.		6,300		166,896
Mitsubishi Heavy Industries Ltd.		1,900		73,676
Mitsubishi Tanabe Pharma Corp.		1,600		29,352
Mitsui & Co., Ltd.		10,000		177,755
Morinaga Milk Industry Co., Ltd.		900		36,696
NET One Systems Co., Ltd.		1,200		30,639
Nichi-iko Pharmaceutical Co., Ltd.		700		8,702
Nihon Unisys Ltd.		800		25,095
Nikkiso Co., Ltd.		500		6,553
Nikon Corp.		2,600		31,797
Nintendo Co., Ltd.		200		79,992
Nippon Electric Glass Co., Ltd.		1,900		42,180
Nippon Flour Mills Co., Ltd.		1,500		23,175
Nippon REIT Investment Corp. REIT		4		17,597
Nippon Steel Corp.		5,700		85,916
Nippon Telegraph & Telephone Corp.		5,200		131,423
Nippon Television Holdings, Inc.		2,700		36,021
Nishimatsu Construction Co., Ltd.		300		6,750
Nisshin Oillio Group Ltd.		2,000		69,261
NTT DOCOMO, Inc.		7,100		197,779
Obayashi Corp.		9,800		108,845
Obic Co., Ltd.		400		53,880
Okinawa Cellular Telephone Co.		1,800		70,607
Okumura Corp.		700		19,244
ORIX Corp.		5,900		97,771
Prima Meat Packers Ltd.		1,000		23,225
Rohm Co., Ltd.		900		71,810
Sankyo Co., Ltd.		300		9,964
SEC Carbon Ltd.		100		8,663
Seino Holdings Co., Ltd.		2,300		31,074
Sekisui Chemical Co., Ltd.		4,900		85,015
Seven & i Holdings Co., Ltd.		4,700		172,280
Shindengen Electric Manufacturing Co., Ltd.		500		17,361
Shionogi & Co., Ltd.		2,200		136,095
SoftBank Group Corp.		400		17,367
Sojitz Corp.		23,300		75,098
Sompo Holdings, Inc.		1,700		66,758
Sony Corp.		4,900		332,699
Sony Financial Holdings, Inc.		2,000		48,010
Sumco Corp.		2,900		48,049
Sumitomo Corp.		9,300		138,136
Sumitomo Electric Industries Ltd.		3,100		46,556
Sumitomo Forestry Co., Ltd.		400		5,890

Schedule of Investments

AllianzGI Best Styles International Equity Fund

December 31, 2019 (unaudited) (continued)

	Shares		Value^
Sumitomo Mitsui Trust Holdings, Inc.		1,900	$	75,109
Sushiro Global Holdings Ltd.		600		51,671
Suzuken Co., Ltd.		900		36,682
Systena Corp.		1,200		19,489
Taisho Pharmaceutical Holdings Co., Ltd.		100		7,380
Takeda Pharmaceutical Co., Ltd.		5,600		221,492
TIS, Inc.		200		11,823
Tokio Marine Holdings, Inc.		3,200		179,164
Tokyo Electron Ltd.		800		174,664
Tokyo Seimitsu Co., Ltd.		500		19,414
Tomy Co., Ltd.		1,500		19,432
Towa Pharmaceutical Co., Ltd.		300		7,796
Toyo Seikan Group Holdings Ltd.		1,300		22,378
Toyota Motor Corp.		1,200		84,554
USS Co., Ltd.		700		13,232
Valor Holdings Co., Ltd.		1,700		33,208
ValueCommerce Co., Ltd.		1,100		23,556
				6,116,936
Kazakhstan—0.0%
Halyk Savings Bank of Kazakhstan JSC GDR		394		5,244
Korea (Republic of)—0.7%
Daeduck Electronics Co.		892		8,049
Deutsch Motors, Inc. (e)		982		6,506
JYP Entertainment Corp.		453		9,421
Power Logics Co., Ltd. (e)		2,863		25,148
Samsung Electronics Co., Ltd. GDR		49		58,638
SK Hynix, Inc.		472		38,392
SK Telecom Co., Ltd.		140		28,847
				175,001
Mexico—0.3%
Alfa S.A.B de C.V., Class A		12,600		10,449
Wal-Mart de Mexico S.A.B de C.V.		19,400		55,561
				66,010
Netherlands—3.5%
Aalberts NV		100		4,501
ASM International NV		280		31,604
ASR Nederland NV		1,597		59,848
BE Semiconductor Industries NV		867		33,660
ING Groep NV		7,432		89,350
Koninklijke Ahold Delhaize NV		5,532		138,700
Koninklijke BAM Groep NV		6,501		19,671
Koninklijke DSM NV		1,106		144,605
Koninklijke KPN NV		37,221		110,151
Koninklijke Philips NV		733		35,832
Unilever NV		3,478		199,605
				867,527
New Zealand—0.4%
Air New Zealand Ltd.		24,662		48,645
Auckland International Airport Ltd.		2,679		15,791
Contact Energy Ltd.		4,226		20,300
New Zealand Refining Co., Ltd.		13,081		16,556
				101,292
Norway—1.6%
Austevoll Seafood ASA		2,179		22,350
DNO ASA		4,100		5,408
Equinor ASA		8,925		177,985
Grieg Seafood ASA		303		4,845
Orkla ASA		883		8,954
Salmar ASA		494		25,316
SpareBank 1 SR Bank ASA		5,431		61,861
Telenor ASA		4,383		78,568
				385,287
Philippines—0.0%
Globe Telecom, Inc.		120		4,786

	Shares		Value^
Portugal—0.3%
Altri SGPS S.A.		800	$	5,107
Galp Energia SGPS S.A.		4,474		75,110
NOS SGPS S.A.		1,178		6,361
				86,578
Russian Federation—0.1%
X5 Retail Group NV GDR		1,019		35,170
Singapore—1.9%
Ascott Residence Trust REIT (c)(d)		10,200		10,087
Best World International Ltd. (c)(d)		18,600		12,446
CapitaLand Mall Trust REIT		11,300		20,685
DBS Group Holdings Ltd.		9,200		177,387
Fortune Real Estate Investment Trust REIT		5,000		5,834
Frasers Commercial Trust REIT		9,100		11,232
Hi-P International Ltd.		6,000		6,832
Mapletree North Asia Commercial Trust REIT		22,300		19,255
Oversea-Chinese Banking Corp., Ltd.		10,000		81,806
QAF Ltd.		43,700		26,183
Singapore Airlines Ltd.		5,400		36,306
Singapore Technologies Engineering Ltd.		10,800		31,629
Yangzijiang Shipbuilding Holdings Ltd.		33,400		27,841
				467,523
Spain—3.6%
ACS Actividades de Construccion y Servicios S.A.		1,818		72,928
Banco Bilbao Vizcaya Argentaria S.A.		5,365		30,121
Banco Santander S.A.		14,854		62,279
CaixaBank S.A.		9,644		30,370
Cia de Distribucion Integral Logista Holdings S.A.		1,596		35,998
CIE Automotive S.A.		1,641		38,943
Ence Energia y Celulosa S.A.		4,347		17,949
Iberdrola S.A.		23,776		245,025
International Consolidated Airlines Group S.A.		5,064		41,116
International Consolidated Airlines Group S.A.		9,265		76,660
Melia Hotels International S.A.		5,064		44,721
Red Electrica Corp. S.A.		2,212		44,571
Repsol S.A.		9,331		146,591
				887,272
Sweden—1.7%
Adapteo Oyj (e)		530		6,506
Bravida Holding AB (a)		761		7,395
Electrolux AB, Ser. B		1,581		38,866
Lindab International AB		484		6,184
Loomis AB, Class B		390		16,166
Nobina AB (a)		11,074		76,200
SAS AB (e)		5,875		9,557
Skandinaviska Enskilda Banken AB, Class A		8,252		77,601
SSAB AB, Class B		7,308		23,881
Volvo AB, Class B		9,873		165,286
				427,642
Switzerland—9.2%
Baloise Holding AG		602		108,953
Cembra Money Bank AG		244		26,696
Credit Suisse Group AG (e)		8,126		109,845
Flughafen Zurich AG		262		47,823
Forbo Holding AG		8		13,613
Huber + Suhner AG		68		5,398
Interroll Holding AG		6		13,484
Kardex AG		49		8,253
LafargeHolcim Ltd. (e)		2,989		165,822
Nestle S.A.		4,234		458,395

Schedule of Investments

AllianzGI Best Styles International Equity Fund

December 31, 2019 (unaudited) (continued)

	Shares		Value^
Novartis AG		2,891	$	273,748
OC Oerlikon Corp. AG		4,600		53,907
Partners Group Holding AG		164		150,310
PSP Swiss Property AG		269		37,142
Roche Holding AG		1,535		498,546
Sulzer AG		173		19,285
Sunrise Communications Group AG (a)(e)		130		10,213
Swiss Life Holding AG		266		133,444
Zurich Insurance Group AG		331		135,776
				2,270,653
Taiwan—0.9%
Center Laboratories, Inc.		3,449		6,906
China Development Financial Holding Corp.		68,000		22,087
Compeq Manufacturing Co., Ltd.		6,000		9,048
Elan Microelectronics Corp.		6,000		18,279
Formosa Chemicals & Fibre Corp.		11,000		32,138
Formosa Plastics Corp.		6,000		19,982
Global Mixed Mode Technology, Inc.		2,000		8,444
Mitac Holdings Corp.		22,476		21,762
Realtek Semiconductor Corp.		2,000		15,717
SCI Pharmtech, Inc.		4,000		14,541
Unimicron Technology Corp.		8,000		11,273
United Integrated Services Co., Ltd.		6,000		39,237
Yuanta Financial Holding Co., Ltd.		22,000		14,831
				234,245
Thailand—0.2%
Electricity Generating PCL (c)(d)		2,300		25,154
PTT PCL (c)(d)		19,800		29,053
Sri Trang Agro-Industry PCL (c)(d)		18,700		6,232
				60,439
Turkey—0.1%
Soda Sanayii AS		11,099		11,530
Vestel Beyaz Esya Sanayi ve Ticaret AS		2,300		8,346
				19,876
United Kingdom—15.3%
Admiral Group PLC		1,390		42,476
Anglo American PLC		1,893		54,382
AstraZeneca PLC		1,266		126,716
Auto Trader Group PLC (a)		4,562		36,027
Barratt Developments PLC		8,781		86,944
Bellway PLC		896		45,223
Berkeley Group Holdings PLC		1,836		118,169
BHP Group PLC		4,456		104,422
BP PLC		52,365		329,418
Carnival PLC		2,056		98,551
Centrica PLC		26,952		31,881
Coca-Cola HBC AG (e)		3,131		106,423
Compass Group PLC		5,704		142,952
Computacenter PLC		343		8,055
Dart Group PLC		6,236		139,928
Diageo PLC		278		11,714
Direct Line Insurance Group PLC		23,103		95,590
EI Group PLC (e)		2,530		9,511
Electrocomponents PLC		3,527		31,722
Evraz PLC		4,624		24,761
Ferrexpo PLC		3,559		7,489
Firstgroup PLC (e)		5,754		9,558
GlaxoSmithKline PLC		4,487		105,431
Glencore PLC (e)		32,652		101,669
Greggs PLC		740		22,572
Highland Gold Mining Ltd.		12,810		33,105
HSBC Holdings PLC		24,833		194,404

	Shares		Value^
Imperial Brands PLC		3,138	$	77,635
JD Sports Fashion PLC		2,698		29,968
John Laing Group PLC (a)		1,378		6,957
Legal & General Group PLC		36,067		144,883
Moneysupermarket.com Group PLC		3,211		14,096
National Express Group PLC		12,590		78,470
Persimmon PLC		3,857		137,769
Plus500 Ltd.		1,827		21,442
QinetiQ Group PLC		2,565		12,157
Redrow PLC		1,566		15,457
Rio Tinto PLC		3,999		236,721
Royal Dutch Shell PLC, Class A		14,318		423,526
Royal Dutch Shell PLC, Class B		3,853		114,371
Smith & Nephew PLC		211		5,085
Softcat PLC		740		11,307
Spirent Communications PLC		6,905		23,003
SSE PLC		3,128		59,658
Tate & Lyle PLC		463		4,665
Taylor Wimpey PLC		23,278		59,686
Tesco PLC		24,828		83,909
TUI AG		5,786		73,021
TUI AG		1,015		12,931
Vesuvius PLC		885		5,861
				3,771,671
Total Common Stock (cost—$22,304,342)				24,137,028
PREFERRED STOCK—0.7%
Brazil—0.3%
Cia Brasileira de Distribuicao		2,500		54,621
Cia de Gas de Sao Paulo—COMGAS, Class A		500		17,712
				72,333
Germany—0.4%
Porsche Automobil Holding SE		142		10,536
Volkswagen AG		459		90,349
				100,885
Total Preferred Stock (cost—$144,686)				173,218
EXCHANGE-TRADED FUNDS—0.3%
iShares Core MSCI EAFE (cost—$58,000)		953		62,174
RIGHTS—0.0%
Spain—0.0%
Repsol S.A., expires 1/10/20 (e) (cost—$4,409)		9,331		4,427
	Principal Amount (000s)
Repurchase Agreements—1.0%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $255,004; collateralized by U.S. Treasury Bonds, 2.50%, due 2/15/46, valued at $265,027 including accrued interest (cost—$255,000)	$	255		255,000
Total Investments (cost—$22,766,437) (b)—99.6%				24,631,847
Other assets less liabilities—0.4%				92,885
Net Assets—100.0%			$	24,724,732

Schedule of Investments

AllianzGI Best Styles International Equity Fund

December 31, 2019 (unaudited) (continued)

Notes to Schedule of Investments:

(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $308,620, representing 1.2% of net assets.

(b) Securities with an aggregate value of $22,439,899, representing 90.8% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(c) Fair-Valued—Securities with an aggregate value of $82,972, representing 0.3% of net assets.

(d) Level 3 security.

(e) Non-income producing.

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

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

Pharmaceuticals	10.5	%
Insurance	8.4	%
Oil, Gas & Consumable Fuels	7.4	%
Banks	5.7	%
Household Durables	4.1	%
Metals & Mining	3.4	%
Textiles, Apparel & Luxury Goods	3.4	%
Food Products	3.3	%
Food & Staples Retailing	2.9	%
Construction & Engineering	2.8	%
Trading Companies & Distributors	2.8	%
Airlines	2.7	%
Semiconductors & Semiconductor Equipment	2.7	%
Electric Utilities	2.6	%
Diversified Telecommunication Services	2.3	%
Machinery	2.2	%
Hotels, Restaurants & Leisure	2.1	%
Chemicals	1.9	%
Wireless Telecommunication Services	1.8	%
Automobiles	1.6	%
Capital Markets	1.6	%
Industrial Conglomerates	1.2	%
Road & Rail	1.2	%
Multi-Utilities	1.2	%
IT Services	1.1	%
Beverages	1.1	%
Technology Hardware, Storage & Peripherals	1.1	%
Personal Products	1.0	%
Construction Materials	0.9	%
Electronic Equipment, Instruments & Components	0.9	%
Real Estate Management & Development	0.8	%
Multi-Line Retail	0.8	%
Healthcare Equipment & Supplies	0.7	%
Gas Utilities	0.7	%
Diversified Financial Services	0.7	%
Specialty Retail	0.7	%
Healthcare Providers & Services	0.7	%
Software	0.6	%
Auto Components	0.6	%
Leisure Equipment & Products	0.6	%
Paper & Forest Products	0.6	%
Aerospace & Defense	0.5	%
Equity Real Estate Investment Trusts (REITs)	0.5	%
Containers & Packaging	0.5	%
Air Freight & Logistics	0.5	%
Entertainment	0.4	%
Transportation Infrastructure	0.3	%
Media	0.3	%
Tobacco	0.3	%
Independent Power Producers & Energy Traders	0.3	%
Exchange-Traded Funds	0.3	%
Commercial Services & Supplies	0.2	%
Building Products	0.2	%
Interactive Media & Services	0.1	%
Water Utilities	0.1	%
Diversified Consumer Services	0.1	%
Consumer Finance	0.1	%
Internet & Direct Marketing Retail	0.1	%
Life Sciences Tools & Services	0.1	%
Communications Equipment	0.1	%
Marine	0.1	%
Electrical Equipment	0.1	%
Professional Services	0.0	%
Repurchase Agreements	1.0	%
Other assets less liabilities	0.4	%
	100.0	%

Schedule of Investments

AllianzGI Best Styles U.S. Equity Fund

December 31, 2019 (unaudited)

	Shares		Value^
COMMON STOCK—98.5%
Aerospace & Defense—2.5%
Boeing Co.		575	$	187,312
CAE, Inc.		660		17,474
General Dynamics Corp.		509		89,762
Huntington Ingalls Industries, Inc.		158		39,639
L3Harris Technologies, Inc.		1,197		236,850
Lockheed Martin Corp.		900		350,442
Mercury Systems, Inc. (b)		166		11,472
Northrop Grumman Corp.		787		270,705
				1,203,656
Auto Components—0.2%
Magna International, Inc.		1,292		70,841
Tenneco, Inc. Class A		2,688		35,213
				106,054
Automobiles—0.5%
General Motors Co.		6,768		247,709
Banks—4.3%
Bank of America Corp.		18,677		657,804
Bank of Nova Scotia		1,088		61,457
Citigroup, Inc.		2,197		175,518
Citizens Financial Group, Inc.		3,914		158,948
Comerica, Inc.		1,780		127,715
JPMorgan Chase & Co.		4,756		662,986
Laurentian Bank of Canada		1,025		35,070
Popular, Inc.		1,073		63,039
Regions Financial Corp.		3,872		66,444
Wells Fargo & Co.		860		46,268
				2,055,249
Beverages—1.1%
Coca-Cola Co.		5,377		297,617
Constellation Brands, Inc., Class A		1,080		204,930
PepsiCo, Inc.		303		41,411
				543,958
Biotechnology—1.8%
AbbVie, Inc.		2,516		222,766
Alexion Pharmaceuticals, Inc. (b)		553		59,807
Amgen, Inc.		1,918		462,372
Biogen, Inc. (b)		297		88,129
Myriad Genetics, Inc. (b)		277		7,543
Vanda Pharmaceuticals, Inc. (b)		875		14,359
				854,976
Building Products—0.8%
Allegion PLC		1,122		139,734
Armstrong World Industries, Inc.		549		51,590
Johnson Controls International PLC		4,786		194,838
				386,162
Capital Markets—2.1%
Ameriprise Financial, Inc.		1,064		177,241
Apollo Investment Corp.		1,075		18,770
Cohen & Steers, Inc.		279		17,510
Legg Mason, Inc.		688		24,706
Moody’s Corp.		762		180,906
Morgan Stanley		5,829		297,979
S&P Global, Inc.		1,118		305,270
				1,022,382
Chemicals—0.6%
Air Products & Chemicals, Inc.		250		58,748
Cabot Corp.		238		11,310
Celanese Corp.		384		47,278
Corteva, Inc. (b)		915		27,047
LyondellBasell Industries NV, Class A		1,288		121,690
Rayonier Advanced Materials, Inc.		2,240		8,602
				274,675

	Shares		Value^
Commercial Services & Supplies—1.2%
Advanced Disposal Services, Inc. (b)		2,452	$	80,597
Brady Corp., Class A		548		31,379
Cintas Corp.		679		182,705
McGrath RentCorp		147		11,251
Tetra Tech, Inc.		411		35,412
Transcontinental, Inc., Class A		577		7,052
Waste Management, Inc.		2,117		241,253
				589,649
Communications Equipment—1.5%
Cisco Systems, Inc.		12,889		618,156
Juniper Networks, Inc.		3,954		97,387
				715,543
Construction & Engineering—0.2%
AECOM (b)		1,557		67,153
Aecon Group, Inc.		1,179		15,907
Badger Daylighting Ltd.		419		11,339
				94,399
Construction Materials—0.3%
Summit Materials, Inc., Class A (b)		1,609		38,455
Vulcan Materials Co.		653		94,026
				132,481
Consumer Finance—1.2%
Ally Financial, Inc.		3,521		107,602
Capital One Financial Corp.		1,519		156,320
OneMain Holdings, Inc.		817		34,437
Santander Consumer USA Holdings, Inc.		4,897		114,443
Synchrony Financial		4,703		169,355
				582,157
Containers & Packaging—0.0%
Silgan Holdings, Inc.		634		19,705
Distributors—0.1%
Pool Corp.		291		61,803
Diversified Consumer Services—0.1%
Bright Horizons Family Solutions, Inc. (b)		335		50,347
Diversified Financial Services—1.1%
Berkshire Hathaway, Inc., Class B (b)		2,056		465,684
Onex Corp.		153		9,681
Voya Financial, Inc.		1,168		71,225
				546,590
Diversified Telecommunication Services—2.2%
AT&T, Inc.		10,410		406,823
Verizon Communications, Inc.		10,080		618,912
				1,025,735
Electric Utilities—0.9%
Emera, Inc.		376		16,154
Entergy Corp.		629		75,354
Exelon Corp.		5,320		242,539
Fortis, Inc.		553		22,945
Hydro One Ltd. (a)		978		18,889
Portland General Electric Co.		241		13,446
PPL Corp.		424		15,213
				404,540
Electrical Equipment—0.5%
Eaton Corp. PLC		2,407		227,991
Regal Beloit Corp.		67		5,736
				233,727
Electronic Equipment, Instruments & Components—0.7%
CDW Corp.		1,084		154,839
Knowles Corp. (b)		921		19,479
SYNNEX Corp.		418		53,838
Tech Data Corp. (b)		412		59,163
Vishay Intertechnology, Inc.		1,172		24,952
				312,271

Schedule of Investments

AllianzGI Best Styles U.S. Equity Fund

December 31, 2019 (unaudited) (continued)

	Shares		Value^
Energy Equipment & Services—0.0%
Hermitage Offshore Services Ltd. (b)		28	$	28
Mammoth Energy Services, Inc.		2,878		6,332
				6,360
Entertainment—1.3%
AMC Entertainment Holdings, Inc., Class A		2,520		18,245
Take-Two Interactive Software, Inc. (b)		1,376		168,463
Walt Disney Co.		2,903		419,861
				606,569
Equity Real Estate Investment Trusts (REITs)—1.7%
American Tower Corp.		1,450		333,239
Apple Hospitality REIT, Inc.		1,669		27,121
Brixmor Property Group, Inc.		2,470		53,377
Canadian Apartment Properties REIT		886		36,169
Douglas Emmett, Inc.		842		36,964
Essex Property Trust, Inc.		432		129,971
Global Net Lease, Inc.		688		13,953
Granite Real Estate Investment Trust		266		13,515
Innovative Industrial Properties, Inc.		114		8,649
MGM Growth Properties LLC, Class A		290		8,981
Mid-America Apartment Communities, Inc.		658		86,764
PS Business Parks, Inc.		294		48,472
				797,175
Food & Staples Retailing—1.3%
Alimentation Couche-Tard, Inc., Class B		979		31,069
Costco Wholesale Corp.		657		193,105
Empire Co., Ltd., Class A		1,902		44,615
Kroger Co.		2,729		79,114
Metro, Inc.		640		26,412
Walmart, Inc.		1,897		225,440
				599,755
Food Products—0.9%
General Mills, Inc.		3,915		209,687
Simply Good Foods Co. (b)		1,084		30,937
Tyson Foods, Inc., Class A		2,187		199,105
				439,729
Healthcare Equipment & Supplies—3.6%
Abbott Laboratories		5,327		462,703
Boston Scientific Corp. (b)		1,660		75,065
CONMED Corp.		167		18,676
Cutera, Inc. (b)		526		18,836
Hologic, Inc. (b)		1,345		70,222
Integer Holdings Corp. (b)		182		14,638
Intuitive Surgical, Inc. (b)		457		270,156
Masimo Corp. (b)		459		72,550
Medtronic PLC		2,971		337,060
STERIS PLC		671		102,274
Stryker Corp.		1,328		278,800
				1,720,980
Healthcare Providers & Services—4.4%
Anthem, Inc.		551		166,418
Centene Corp. (b)		2,341		147,179
Chemed Corp.		73		32,066
Cigna Corp.		1,386		283,423
CVS Health Corp.		1,846		137,139
HCA Healthcare, Inc.		349		51,586
Humana, Inc.		593		217,346
Laboratory Corp. of America Holdings (b)		968		163,756
MEDNAX, Inc. (b)		1,637		45,492
Molina Healthcare, Inc. (b)		340		46,135

	Shares		Value^
Patterson Cos., Inc.		3,273	$	67,031
UnitedHealth Group, Inc.		2,321		682,328
Universal Health Services, Inc., Class B		445		63,840
				2,103,739
Healthcare Technology—0.0%
Allscripts Healthcare Solutions, Inc. (b)		2,078		20,396
Hotels, Restaurants & Leisure—2.7%
Chipotle Mexican Grill, Inc. (b)		270		226,020
Darden Restaurants, Inc.		664		72,383
Dunkin’ Brands Group, Inc.		652		49,252
Hilton Worldwide Holdings, Inc.		1,412		156,605
Restaurant Brands International, Inc.		2,747		175,176
Starbucks Corp.		4,467		392,738
Wingstop, Inc.		183		15,780
Yum! Brands, Inc.		1,752		176,479
				1,264,433
Household Durables—0.3%
MDC Holdings, Inc.		721		27,513
PulteGroup, Inc.		2,345		90,986
				118,499
Household Products—3.0%
Church & Dwight Co., Inc.		2,469		173,670
Colgate-Palmolive Co.		3,360		231,302
Kimberly-Clark Corp.		1,815		249,653
Procter & Gamble Co.		5,916		738,908
Spectrum Brands Holdings, Inc.		744		47,832
				1,441,365
Independent Power Producers & Energy Traders—0.3%
AES Corp.		4,984		99,182
Brookfield Renewable Partners L.P.		303		14,070
Capital Power Corp.		825		21,849
				135,101
Industrial Conglomerates—0.9%
Carlisle Cos., Inc.		699		113,126
Honeywell International, Inc.		1,832		324,264
				437,390
Insurance—3.4%
Aflac, Inc.		3,950		208,955
Allstate Corp.		813		91,422
American Equity Investment Life Holding Co.		430		12,870
Assurant, Inc.		678		88,872
Assured Guaranty Ltd.		511		25,049
CNA Financial Corp.		384		17,207
First American Financial Corp.		1,128		65,785
Genworth Financial, Inc., Class A (b)		3,864		17,002
Hartford Financial Services Group, Inc.		2,189		133,025
Intact Financial Corp.		220		23,790
Loews Corp.		1,588		83,354
Manulife Financial Corp.		7,498		152,206
MetLife, Inc.		4,510		229,875
Principal Financial Group, Inc.		2,302		126,610
Progressive Corp.		2,813		203,633
Prudential Financial, Inc.		428		40,121
RenaissanceRe Holdings Ltd.		213		41,752
Universal Insurance Holdings, Inc.		610		17,074
Unum Group		1,512		44,090
				1,622,692
Interactive Media & Services—5.4%
Alphabet, Inc., Class A (b)		532		712,555
Alphabet, Inc., Class C (b)		531		709,958
Facebook, Inc., Class A (b)		5,482		1,125,181
				2,547,694

Schedule of Investments

AllianzGI Best Styles U.S. Equity Fund

December 31, 2019 (unaudited) (continued)

	Shares		Value^
Internet & Direct Marketing Retail—3.1%
Amazon.com, Inc. (b)		699	$	1,291,640
Booking Holdings, Inc. (b)		99		203,319
				1,494,959
IT Services—3.9%
Automatic Data Processing, Inc.		1,589		270,924
DXC Technology Co.		1,996		75,030
Fiserv, Inc. (b)		727		84,063
Genpact Ltd.		1,334		56,255
International Business Machines Corp.		1,000		134,040
Leidos Holdings, Inc.		1,000		97,890
Mastercard, Inc., Class A		899		268,432
Paychex, Inc.		897		76,299
PayPal Holdings, Inc. (b)		3,442		372,321
Visa, Inc., Class A		2,251		422,963
				1,858,217
Life Sciences Tools & Services—1.6%
Bio-Rad Laboratories, Inc., Class A (b)		317		117,300
IQVIA Holdings, Inc. (b)		774		119,591
Medpace Holdings, Inc. (b)		624		52,453
PRA Health Sciences, Inc. (b)		307		34,123
Thermo Fisher Scientific, Inc.		1,354		439,874
				763,341
Machinery—1.1%
Ingersoll-Rand PLC		1,720		228,622
Oshkosh Corp.		738		69,852
PACCAR, Inc.		2,276		180,032
Timken Co.		675		38,009
Watts Water Technologies, Inc., Class A		100		9,976
				526,491
Media—0.8%
Cable One, Inc.		75		111,635
Cogeco Communications, Inc.		307		26,762
Comcast Corp., Class A		1,484		66,736
ViacomCBS, Inc., Class B		3,766		158,059
				363,192
Metals & Mining—0.5%
Franco-Nevada Corp.		680		70,218
Kirkland Lake Gold Ltd.		760		33,501
OceanaGold Corp.		2,987		5,865
Reliance Steel & Aluminum Co.		257		30,778
Royal Gold, Inc.		316		38,631
Teck Resources Ltd., Class B		2,421		41,986
Wheaton Precious Metals Corp.		506		15,057
				236,036
Mortgage Real Estate Investment Trusts (REITs)—1.3%
AGNC Investment Corp.		6,508		115,061
Annaly Capital Management, Inc.		12,007		113,106
Anworth Mortgage Asset Corp.		2,269		7,987
Arbor Realty Trust, Inc.		4,843		69,497
ARMOUR Residential REIT, Inc.		2,415		43,156
Chimera Investment Corp.		4,379		90,032
Granite Point Mortgage Trust, Inc.		1,016		18,674
Invesco Mortgage Capital, Inc.		1,945		32,384
MFA Financial, Inc.		11,306		86,491
TPG RE Finance Trust, Inc.		358		7,257

	Shares		Value^
Two Harbors Investment Corp.		3,157	$	46,155
Western Asset Mortgage Capital Corp.		441		4,556
				634,356
Multi-Line Retail—0.1%
Macy’s, Inc.		3,638		61,846
Multi-Utilities—0.7%
Ameren Corp.		1,642		126,105
Black Hills Corp.		587		46,103
Canadian Utilities Ltd., Class A		448		13,514
Dominion Energy, Inc.		605		50,106
DTE Energy Co.		215		27,922
MDU Resources Group, Inc.		1,578		46,882
NorthWestern Corp.		386		27,665
				338,297
Oil, Gas & Consumable Fuels—4.2%
Cabot Oil & Gas Corp.		2,567		44,691
Chevron Corp.		2,045		246,443
ConocoPhillips		4,895		318,322
Enbridge, Inc.		3,721		147,946
EOG Resources, Inc.		1,262		105,705
Exxon Mobil Corp.		3,595		250,859
Husky Energy, Inc.		2,042		16,386
Inter Pipeline Ltd.		1,408		24,440
Keyera Corp.		538		14,095
Kinder Morgan, Inc.		10,666		225,799
ONEOK, Inc.		2,674		202,341
Peabody Energy Corp.		622		5,673
Pioneer Natural Resources Co.		353		53,434
Suncor Energy, Inc.		2,647		86,755
TC Energy Corp.		1,757		93,577
Unit Corp. (b)		2,371		1,649
Valero Energy Corp.		1,784		167,072
				2,005,187
Personal Products—0.6%
Estee Lauder Cos., Inc., Class A		1,410		291,221
Pharmaceuticals—5.3%
Allergan PLC		822		157,142
Bristol-Myers Squibb Co.		4,305		276,338
Eli Lilly & Co.		652		85,692
Johnson & Johnson		4,785		697,988
Merck & Co., Inc.		6,748		613,731
Pfizer, Inc.		12,462		488,261
Zoetis, Inc.		1,568		207,525
				2,526,677
Professional Services—1.2%
CoStar Group, Inc. (b)		237		141,797
Exponent, Inc.		570		39,336
Thomson Reuters Corp.		645		46,139
TransUnion		1,591		136,205
Verisk Analytics, Inc.		1,273		190,110
				553,587
Road & Rail—0.7%
Ryder System, Inc.		1,561		84,778
Union Pacific Corp.		1,315		237,739
				322,517

Schedule of Investments

AllianzGI Best Styles U.S. Equity Fund

December 31, 2019 (unaudited) (continued)

	Shares		Value^
Semiconductors & Semiconductor Equipment—2.8%
Amkor Technology, Inc. (b)		1,048	$	13,624
Applied Materials, Inc.		1,967		120,066
Broadcom, Inc.		187		59,096
Entegris, Inc.		1,435		71,879
FormFactor, Inc. (b)		985		25,580
Intel Corp.		9,132		546,550
KLA Corp.		648		115,454
Lam Research Corp.		1,024		299,418
Micron Technology, Inc. (b)		1,738		93,470
				1,345,137
Software—8.3%
Adobe, Inc. (b)		1,033		340,694
Cadence Design Systems, Inc. (b)		728		50,494
Fortinet, Inc. (b)		1,321		141,030
Intuit, Inc.		1,188		311,173
LogMeIn, Inc.		622		53,330
Microsoft Corp.		14,127		2,227,828
Oracle Corp.		7,789		412,661
Salesforce.com, Inc. (b)		2,606		423,840
SPS Commerce, Inc. (b)		170		9,421
				3,970,471
Specialty Retail—1.9%
Best Buy Co., Inc.		1,520		133,456
Home Depot, Inc.		848		185,186
MarineMax, Inc. (b)		897		14,971
O’Reilly Automotive, Inc. (b)		451		197,655
Rent-A-Center, Inc.		1,122		32,359
Ross Stores, Inc.		2,041		237,613
Tractor Supply Co.		955		89,235
				890,475
Technology Hardware, Storage & Peripherals—4.8%
Apple, Inc.		7,491		2,199,732
Xerox Holdings, Corp. (b)		2,650		97,706
				2,297,438
Textiles, Apparel & Luxury Goods—0.4%
NIKE, Inc., Class B		1,665		168,681
Thrifts & Mortgage Finance—0.5%
Essent Group Ltd.		1,572		81,729
Flagstar Bancorp, Inc.		492		18,819
Genworth MI Canada, Inc.		1,120		49,007
New York Community Bancorp, Inc.		5,561		66,843
				216,398
Tobacco—1.0%
Altria Group, Inc.		1,961		97,873
Philip Morris International, Inc.		4,496		382,565
				480,438
Trading Companies & Distributors—0.2%
Aircastle Ltd.		2,078		66,517
GMS, Inc. (b)		546		14,785
				81,302
Wireless Telecommunication Services—0.4%
Rogers Communications, Inc., Class B		432		21,451
T-Mobile U.S., Inc. (b)		1,681		131,824
Telephone & Data Systems, Inc.		1,152		29,296
				182,571
Total Common Stock (cost—$38,477,195)				46,934,480

	Principal Amount (000s)		Value^
Repurchase Agreements—1.3%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $621,009; collateralized by U.S. Treasury Bonds, 2.50%, due 2/15/46, valued at $633,986 including accrued interest (cost—$621,000)	$	621	$	621,000
Total Investments (cost—$39,098,195)—99.8%				47,555,480
Other assets less liabilities—0.2%				83,455
Net Assets—100.0%			$	47,638,935

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 $18,889, representing less than 0.05% of net assets.

(b) Non-income producing.

Glossary:

REIT—Real Estate Investment Trust

Schedule of Investments

AllianzGI Convertible Fund

December 31, 2019 (unaudited)

	Principal Amount (000s)		Value^
CONVERTIBLE BONDS & NOTES—78.9%
Aerospace & Defense—0.5%
Aerojet Rocketdyne Holdings, Inc.,
2.25%, 12/15/23	$	2,285	$	4,155,890
Auto Components—1.0%
Meritor, Inc.,
3.25%, 10/15/37		7,340		8,004,211
Auto Manufacturers—2.3%
Tesla, Inc.,
1.25%, 3/1/21		14,845		18,959,127
Biotechnology—5.4%
Apellis Pharmaceuticals, Inc. (a)(b),
3.50%, 9/15/26		4,025		4,165,875
Exact Sciences Corp.,
0.375%, 3/15/27		9,355		10,623,772
Halozyme Therapeutics, Inc. (a)(b),
1.25%, 12/1/24		3,845		3,841,477
Illumina, Inc.,
zero coupon, 8/15/23		4,315		4,776,733
0.50%, 6/15/21		1,205		1,681,376
Insmed, Inc.,
1.75%, 1/15/25		6,105		5,896,273
Karyopharm Therapeutics, Inc.,
3.00%, 10/15/25		3,215		4,595,441
PTC Therapeutics, Inc.,
1.50%, 9/15/26 (a)(b)		4,020		4,694,635
3.00%, 8/15/22		3,855		4,461,512
				44,737,094
Commercial Services—2.6%
Chegg, Inc. (a)(b),
0.125%, 3/15/25		5,885		6,067,484
Euronet Worldwide, Inc. (a)(b),
0.75%, 3/15/49		4,905		5,862,876
FTI Consulting, Inc.,
2.00%, 8/15/23		4,165		5,231,683
Square, Inc.,
0.50%, 5/15/23		4,050		4,535,911
				21,697,954
Computers—3.2%
CyberArk Software Ltd. (a)(b),
zero coupon, 11/15/24		6,155		6,386,853
Lumentum Holdings, Inc.,
0.25%, 3/15/24		3,340		4,884,750
0.50%, 12/15/26, Ser. QIB (a)(b)		6,135		6,671,812
Pure Storage, Inc.,
0.125%, 4/15/23		4,075		4,061,357
Rapid7, Inc.,
1.25%, 8/1/23		2,865		4,276,132
				26,280,904
Diversified Financial Services—0.8%
GS Finance Corp. (Fidelity National Information Services, Inc.) (d)(e),
zero coupon, 6/5/23		3,130		4,835,505
LendingTree, Inc.,
0.625%, 6/1/22		1,305		2,044,797
				6,880,302
Engineering & Construction—1.0%
KBR, Inc. (a)(b),
2.50%, 11/1/23		6,100		8,105,375

	Principal Amount (000s)		Value^
Entertainment—0.6%
Live Nation Entertainment, Inc.,
2.50%, 3/15/23	$	4,340	$	5,303,046
Equity Real Estate Investment Trusts (REITs)—0.9%
Blackstone Mortgage Trust, Inc.,
4.375%, 5/5/22		6,900		7,359,132
Healthcare-Products—4.3%
CONMED Corp. (a)(b),
2.625%, 2/1/24		5,680		7,867,081
Insulet Corp. (a)(b),
0.375%, 9/1/26		9,615		10,018,722
Nevro Corp.,
1.75%, 6/1/21		3,235		4,394,608
NuVasive, Inc.,
2.25%, 3/15/21		2,720		3,630,689
Repligen Corp.,
0.375%, 7/15/24		8,785		9,519,030
				35,430,130
Healthcare-Services—2.1%
Anthem, Inc.,
2.75%, 10/15/42		2,400		10,091,271
Teladoc Health, Inc.,
1.375%, 5/15/25		4,290		7,461,731
				17,553,002
Home Builders—0.9%
Winnebago Industries, Inc. (a)(b),
1.50%, 4/1/25		7,295		7,828,124
Insurance—0.5%
AXA S.A. (a)(b),
7.25%, 5/15/21		3,420		3,949,673
Internet—9.7%
Booking Holdings, Inc.,
0.35%, 6/15/20		2,785		4,328,944
Etsy, Inc. (a)(b),
0.125%, 10/1/26		5,625		5,087,494
IAC Financeco 2, Inc. (a)(b),
0.875%, 6/15/26		10,060		11,330,578
Okta, Inc. (a)(b),
0.125%, 9/1/25		10,755		10,455,116
Palo Alto Networks, Inc.,
0.75%, 7/1/23		5,825		6,439,485
Proofpoint, Inc. (a)(b),
0.25%, 8/15/24		7,050		7,278,429
Q2 Holdings, Inc. (a)(b),
0.75%, 6/1/26		7,405		8,547,513
RingCentral, Inc.,
zero coupon, 3/15/23		3,730		7,841,580
Snap, Inc. (a)(b),
0.75%, 8/1/26		9,785		10,204,676
Wix.com Ltd.,
zero coupon, 7/1/23		2,395		2,736,287
Zillow Group, Inc. (a)(b),
1.375%, 9/1/26		5,025		6,138,917
				80,389,019
Iron/Steel—0.5%
Cleveland-Cliffs, Inc.,
1.50%, 1/15/25		3,610		4,324,211
Lodging—0.7%
Caesars Entertainment Corp.,
5.00%, 10/1/24		3,025		5,826,906

Schedule of Investments

AllianzGI Convertible Fund

December 31, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
Media—5.6%
DISH Network Corp.,
2.375%, 3/15/24	$	5,030	$	4,611,756
3.375%, 8/15/26		12,070		11,640,308
Liberty Media Corp-Liberty Formula One,
1.00%, 1/30/23		6,555		8,735,867
Liberty Media Corp.,
1.375%, 10/15/23		4,745		6,396,734
2.25%, 12/1/48 (a)(b)		2,020		2,402,538
2.75%, 12/1/49 (a)(b)		8,385		8,825,212
World Wrestling Entertainment, Inc.,
3.375%, 12/15/23		1,330		3,580,194
				46,192,609
Mining—0.6%
SSR Mining, Inc. (a)(b),
2.50%, 4/1/39		3,725		4,840,638
Oil, Gas & Consumable Fuels—1.3%
Helix Energy Solutions Group, Inc.,
4.125%, 9/15/23		3,605		4,668,475
Transocean, Inc.,
0.50%, 1/30/23		6,005		6,012,506
				10,680,981
Pharmaceuticals—4.8%
DexCom, Inc.,
0.75%, 12/1/23		8,105		12,025,365
Flexion Therapeutics, Inc.,
3.375%, 5/1/24		765		820,014
Horizon Pharma Investment Ltd.,
2.50%, 3/15/22		7,440		9,862,651
Neurocrine Biosciences, Inc.,
2.25%, 5/15/24		5,120		7,865,791
Sarepta Therapeutics, Inc.,
1.50%, 11/15/24		4,970		9,679,075
				40,252,896
Pipelines—0.9%
Cheniere Energy, Inc.,
4.25%, 3/15/45		9,600		7,608,505
Retail—1.5%
Guess?, Inc. (a)(b),
2.00%, 4/15/24		2,460		2,704,463
RH,
zero coupon, 6/15/23		2,130		2,707,882
zero coupon, 9/15/24 (a)(b)		5,825		6,921,509
				12,333,854
Semiconductors—9.9%
Advanced Micro Devices, Inc.,
2.125%, 9/1/26		1,745		10,115,659
Inphi Corp.,
0.75%, 9/1/21		4,690		6,640,361
Microchip Technology, Inc.,
1.625%, 2/15/27		17,290		24,681,475
Micron Technology, Inc., Ser. D,
3.125%, 5/1/32		1,880		10,129,768
Novellus Systems, Inc.,
2.625%, 5/15/41		840		7,667,776
ON Semiconductor Corp.,
1.625%, 10/15/23		8,490		11,726,813
Silicon Laboratories, Inc.,
1.375%, 3/1/22		4,060		5,406,176
Teradyne, Inc.,
1.25%, 12/15/23		2,700		5,928,210
				82,296,238

	Principal Amount (000s)		Value^
Software—14.5%
Akamai Technologies, Inc.,
0.125%, 5/1/25	$	8,475	$	9,405,103
Alteryx, Inc. (a)(b),
0.50%, 8/1/24		4,555		4,362,270
1.00%, 8/1/26		5,755		5,407,338
Atlassian, Inc.,
0.625%, 5/1/23		4,395		6,956,388
Coupa Software, Inc. (a)(b),
0.125%, 6/15/25		7,920		9,384,110
DocuSign, Inc.,
0.50%, 9/15/23		5,935		7,399,083
Envestnet, Inc.,
1.75%, 6/1/23		7,410		8,904,213
Everbridge, Inc. (a)(b),
0.125%, 12/15/24		4,135		4,107,085
Five9, Inc.,
0.125%, 5/1/23		4,380		7,408,811
j2 Global, Inc.,
1.75%, 11/1/26 (a)(b)		6,575		6,703,149
3.25%, 6/15/29		2,000		2,900,531
LivePerson, Inc. (a)(b),
0.75%, 3/1/24		4,805		5,780,149
MongoDB, Inc.,
0.75%, 6/15/24		945		1,913,034
Nutanix, Inc.,
zero coupon, 1/15/23		5,340		5,324,841
Sea Ltd. (a)(b),
1.00%, 12/1/24		5,910		6,461,414
ServiceNow, Inc.,
zero coupon, 6/1/22		3,985		8,416,954
Splunk, Inc.,
1.125%, 9/15/25		11,855		14,648,335
Zynga, Inc. (a)(b),
0.25%, 6/1/24		4,800		4,902,000
				120,384,808
Telecommunications—2.0%
GCI Liberty, Inc. (a)(b),
1.75%, 9/30/46		5,730		7,915,995
Viavi Solutions, Inc.,
1.00%, 3/1/24		6,925		8,950,516
				16,866,511
Transportation—0.8%
Air Transport Services Group, Inc.,
1.125%, 10/15/24		6,500		6,348,968
Total Convertible Bonds & Notes (cost—$571,805,579)				654,590,108
	Shares
CONVERTIBLE PREFERRED STOCK—17.1%
Banks—4.1%
Bank of America Corp., Ser. L (c),
7.25%		12,865		18,641,385
Wells Fargo & Co., Ser. L (c),
7.50%		10,875		15,768,750
				34,410,135
Electric Utilities—2.1%
NextEra Energy, Inc.,
4.872%, 9/1/22		64,030		3,283,458
Sempra Energy, Ser. A,
6.00%, 1/15/21		54,445		6,534,489
Southern Co., Ser. 2019,
6.75%, 8/1/22		136,850		7,376,215
				17,194,162

Schedule of Investments

AllianzGI Convertible Fund

December 31, 2019 (unaudited) (continued)

	Shares		Value^
Electronics—0.6%
Fortive Corp., Ser. A,
5.00%, 7/1/21		5,415	$	5,267,495
Equity Real Estate Investment Trusts (REITs)—1.6%
Crown Castle International Corp., Ser. A,
6.875%, 8/1/20		10,720		13,740,253
Hand/Machine Tools—2.6%
Colfax Corp.,
5.75%, 1/15/22		52,145		8,226,395
Stanley Black & Decker, Inc.,
5.375%, 5/15/20		119,600		13,051,948
				21,278,343
Healthcare-Products—2.2%
Avantor, Inc., Ser. A,
6.25%, 5/15/22		58,860		3,708,180
Danaher Corp., Ser. A,
4.75%, 4/15/22		12,265		14,460,926
				18,169,106
Insurance—0.8%
Assurant, Inc., Ser. D,
6.50%, 3/15/21		50,200		6,456,724
Pharmaceuticals—0.9%
Becton Dickinson and Co., Ser. A,
6.125%, 5/1/20		114,810		7,515,463
Semiconductors—2.2%
Broadcom, Inc., Ser. A,
8.00%, 9/30/22		15,290		18,011,161
Total Convertible Preferred Stock (cost—$124,896,643)				142,042,842
	Principal Amount (000s)
Repurchase Agreements—3.5%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $28,778,400; collateralized by U.S. Treasury Bonds, 3.00%, due 11/15/45, valued at $29,357,076 including accrued interest (cost—$28,778,000)	$	28,778		28,778,000
Total Investments (cost—$725,480,222)—99.5%				825,410,950
Other assets less liabilities—0.5%				4,417,882
Net Assets—100.0%			$	829,828,832

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 $215,220,580, representing 25.9% 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 $215,220,580, representing 25.9% of net assets.

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

(d) Level 3 security.

(e) 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

Schedule of Investments

AllianzGI Core Bond Fund

December 31, 2019 (unaudited)

	Principal Amount (000s)		Value^
U.S. GOVERNMENT AGENCY SECURITIES—37.5%
Fannie Mae, MBS, Pool, 30 Year,
3.00%, 9/1/49	$	681	$	690,593
3.50%, 4/1/48		757		797,333
4.00%, 6/1/48		1,627		1,707,589
4.50%, 8/1/48		812		865,995
Fannie Mae UMBS, MBS, TBA, (c)
2.50%, 1/16/35, 15 Year		315		317,686
3.00%, 1/16/35, 15 Year		360		368,862
3.00%, 1/14/50, 30 Year		615		623,383
3.50%, 1/14/50, 30 Year		1,310		1,346,980
4.00%, 1/14/50, 30 Year		195		202,786
Freddie Mac, MBS,
3.00%, 1/1/46 Pool, 30 Year		1,136		1,163,453
3.50%, 7/1/49 Pool, 30 Year		733		753,150
Ginnie Mae, MBS,
3.00%, 1/21/50 TBA, 30 Year (c)		375		384,974
3.50%, 2/20/48 Pool, 30 Year		947		989,644
4.00%, 3/20/48 Pool, 30 Year		409		427,770
United States Small Business Administration, ABS,
2.15%, 8/1/39 Series 2019-20, Class H1		150		148,718
2.60%, 6/1/39 Series 2019-20, Class F1		104		104,790
2.85%, 10/1/37 Series 2017-20, Class J1		166		169,372
2.88%, 5/1/39 Series 2019-20, Class E1		159		161,507
2.92%, 1/1/38 Series 2018-20, Class A1		293		299,688
3.20%, 3/1/39 Series 2019-20, Class C1		88		91,897
3.26%, 2/1/39 Series 2019-20, Class B1		97		101,495
3.37%, 1/1/39 Series 2019-20, Class A1		215		224,973
3.50%, 5/1/38 Series 2018-20, Class E1		227		240,927
3.53%, 9/1/38 Series 2018-20, Class I1		253		268,505
3.54%, 7/1/38 Series 2018-20, Class G1		192		204,532
3.58%, 8/1/38 Series 2018-20, Class H1		282		298,925
Total U.S. Government Agency Securities (cost—$12,786,506)				12,955,527
CORPORATE BONDS & NOTES—26.7%
Aerospace & Defense—2.6%
Boeing Co.,
2.95%, 2/1/30		259		265,018
L3Harris Technologies, Inc.,
4.40%, 6/15/28		205		228,815
Northrop Grumman Corp.,
2.93%, 1/15/25		70		72,158
Northrop Grumman Systems Corp.,
7.875%, 3/1/26		205		263,409
United Technologies Corp.,
6.125%, 7/15/38		55		76,713
				906,113

	Principal Amount (000s)		Value^
Banks—4.7%
Bank of America Corp. (e),
2.884%, 10/22/30 (converts to FRN on 10/22/29)	$	213	$	215,459
3.366%, 1/23/26 (converts to FRN on 1/23/25)		380		397,633
Citigroup, Inc., (converts to FRN on 11/5/29) (e),
2.976%, 11/5/30		110		111,737
First Maryland Capital II, 3 mo. LIBOR + 0.850% (e),
2.759%, 2/1/27		275		260,562
JPMorgan Chase & Co., 3 mo. LIBOR + 0.950% (e),
2.852%, 2/1/37		404		357,540
KeyCorp,
2.55%, 10/1/29		250		244,511
Truist Financial Corp., Ser. M, (converts to FRN on 12/15/27) (d)(e),
5.125%, 12/15/27		40		41,156
				1,628,598
Electric Utilities—4.5%
Alabama Power Co.,
2.80%, 4/1/25		170		173,637
Commonwealth Edison Co.,
5.90%, 3/15/36		75		99,955
Consolidated Edison Co. of New York, Inc.,
3.70%, 11/15/59		70		70,668
5.70%, 12/1/36, Ser. 06-E		30		38,837
DTE Electric Co., Ser. A,
6.625%, 6/1/36		25		35,000
Edison International,
2.95%, 3/15/23		140		140,312
3.55%, 11/15/24		215		218,486
Jersey Central Power & Light Co.,
4.30%, 1/15/26 (a)(b)		130		141,446
6.15%, 6/1/37		60		77,667
NextEra Energy Capital Holdings, Inc.,
2.75%, 11/1/29		86		86,156
Pennsylvania Electric Co. (a)(b),
3.25%, 3/15/28		40		41,162
San Diego Gas & Electric Co., Ser. NNN,
3.60%, 9/1/23		145		151,465
Sempra Energy,
3.55%, 6/15/24		215		224,715
Southern California Edison Co.,
1.845%, 2/1/22		18		17,656
3.90%, 12/1/41		42		41,308
				1,558,470
Healthcare-Products—0.4%
DH Europe Finance II Sarl,
2.05%, 11/15/22		143		143,292
Healthcare-Services—0.4%
UnitedHealth Group, Inc.,
3.50%, 8/15/39		123		128,900

Schedule of Investments

AllianzGI Core Bond Fund

December 31, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
Insurance—0.5%
New York Life Insurance Co. (a)(b),
4.45%, 5/15/69	$	165	$	187,771
Media—2.5%
Charter Communications Operating LLC,
4.908%, 7/23/25		335		369,294
Comcast Corp.,
2.35%, 1/15/27		300		299,708
Time Warner Cable LLC,
4.50%, 9/15/42		30		30,175
6.55%, 5/1/37		30		37,074
ViacomCBS, Inc., (converts to FRN on 2/28/27) (e),
6.25%, 2/28/57		45		49,985
Walt Disney Co.,
7.30%, 4/30/28		55		73,607
				859,843
Miscellaneous Manufacturing—1.4%
3M Co.,
3.25%, 8/26/49		57		55,405
General Electric Co., 3 mo. LIBOR + 1.000%,
3.001%, 4/15/23 (e)		180		180,602
4.625%, 1/7/21		230		236,233
				472,240
Oil, Gas & Consumable Fuels—1.9%
Boston Gas Co. (a)(b),
3.15%, 8/1/27		143		147,761
Cenovus Energy, Inc.,
4.25%, 4/15/27		185		196,178
Hess Corp.,
7.125%, 3/15/33		73		93,873
NiSource, Inc.,
3.49%, 5/15/27		201		211,454
				649,266
Pharmaceuticals—2.9%
AbbVie, Inc. (a)(b),
2.60%, 11/21/24		212		213,701
Allergan Funding SCS,
3.85%, 6/15/24		215		226,097
Becton Dickinson and Co.,
2.894%, 6/6/22		490		498,119
CVS Health Corp.,
4.875%, 7/20/35		75		85,941
				1,023,858
Pipelines—3.0%
Cameron LNG LLC (a)(b),
3.701%, 1/15/39		214		218,588
Columbia Pipeline Group, Inc.,
4.50%, 6/1/25		106		116,183
El Paso Natural Gas Co. LLC,
8.375%, 6/15/32		63		87,672
Energy Transfer Operating L.P.,
5.50%, 6/1/27		105		118,486
6.50%, 2/1/42		80		95,236

	Principal Amount (000s)		Value^
Kinder Morgan Energy Partners L.P.,
7.50%, 11/15/40	$	15	$	20,594
Plains All American Pipeline L.P.,
4.65%, 10/15/25		370		397,340
				1,054,099
Semiconductors—0.9%
Broadcom Corp.,
3.875%, 1/15/27		300		311,338
Telecommunications—0.5%
AT&T, Inc.,
4.30%, 2/15/30		150		166,563
Transportation—0.5%
Kansas City Southern,
4.20%, 11/15/69		40		41,271
United Parcel Service, Inc.,
3.40%, 9/1/49		119		119,876
				161,147
Total Corporate Bonds & Notes (cost—$9,065,548)				9,251,498
ASSET-BACKED SECURITIES—19.9%
Ally Auto Receivables Trust, Series 2019-1, Class A3,
2.91%, 9/15/23		190		192,374
American Express Credit Account Master Trust, 1 mo. LIBOR + 0.380%, Series 2017-5, Class A (e),
2.12%, 2/18/25		547		549,036
BA Credit Card Trust, Series 2018-A3, Class A3,
3.10%, 12/15/23		285		290,374
BMW Vehicle Owner Trust, Series 2018-A, Class A4,
2.51%, 6/25/24		123		123,988
Citibank Credit Card Issuance Trust (e), 1 mo. LIBOR + 0.370%, 2.08%, 8/8/24 Series 2017-A7, Class A7		15		15,057
1 mo. LIBOR + 0.330%, 2.095%, 1/20/25 Series 2018-A2, Class A2		505		505,443
CNH Equipment Trust, Series 2019-B, Class A3,
2.52%, 8/15/24		210		212,043
Dryden 68 CLO Ltd., 3 mo. USD-LIBOR + 1.310%, Series 2019-68A, Class A (a)(b)(e),
3.311%, 7/15/32		385		385,571
Ford Credit Auto Owner Trust,
1.93%, 4/15/25 Series 2019-C, Class A4		475		474,205
3.16%, 10/15/23 Series 2018-A, Class A4		203		207,760
GM Financial Consumer Automobile Receivables Trust, Series 2019-3, Class A3,
2.18%, 4/16/24		324		325,533

Schedule of Investments

AllianzGI Core Bond Fund

December 31, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
Honda Auto Receivables Owner Trust,
2.83%, 3/20/23 Series 2019-1, Class A3	$	325	$	329,976
3.07%, 11/21/24 Series 2018-3, Class A4		100		102,139
HPEFS Equipment Trust, Series 2019-1A, Class A3 (a)(b),
2.21%, 9/20/29		283		283,525
Hyundai Auto Receivables Trust,
1.94%, 2/15/24 Series 2019-B, Class A3		121		121,196
2.66%, 6/15/23 Series 2019-A, Class A3		260		263,069
John Deere Owner Trust, Series 2019-B, Class A2,
2.28%, 5/16/22		270		270,915
Nissan Auto Receivables Owner Trust, Series 2019-A, Class A3,
2.90%, 10/16/23		320		325,026
Octagon Investment Partners 30 Ltd., 3 mo. USD-LIBOR-BBA + 1.320%, Series 2017-1A, Class A1 (a)(b)(e),
3.286%, 3/17/30		260		260,126
Starwood Waypoint Homes Trust, 1 mo. LIBOR + 0.950%, Series 2017-1, Class A (a)(b)(e),
2.69%, 1/17/35		310		309,447
Toyota Auto Receivables Owner Trust,
1.91%, 9/15/23 Series 2019-C, Class A3		280		280,180
2.91%, 7/17/23 Series 2019-A, Class A3		70		71,043
Verizon Owner Trust, Series 2019-C, Class A1A,
1.94%, 4/22/24		465		464,624
Volvo Financial Equipment Master Owner Trust, 1 mo. LIBOR + 0.520%, Series 2018-A, Class A (a)(b)(e),
2.26%, 7/17/23		532		534,528
Total Asset-Backed Securities (cost—$6,865,573)				6,897,178
U.S. TREASURY OBLIGATIONS—17.5%
U.S. Treasury Bonds,
2.25%, 8/15/49		762		739,378
4.50%, 5/15/38		587		793,321
U.S. Treasury Notes,
1.25%, 1/31/20 (g)		1,330		1,329,792
1.625%, 12/31/21		380		380,386
1.625%, 12/15/22		847		847,529
1.75%, 12/31/24		655		656,740
1.75%, 12/31/26		626		622,723
1.75%, 11/15/29 (g)		698		687,476
Total U.S. Treasury Obligations (cost—$6,119,159)				6,057,345
MORTGAGE-BACKED SECURITIES—2.3%
Bank 2019,
2.92%, 12/15/52 Series BNK23, Class A3		385		394,433
3.183%, 8/15/61 Series BNK19, Class A3		380		397,677
Total Mortgage-Backed Securities (cost—$797,327)				792,110

	Shares		Value^
PREFERRED STOCK—0.6%
Banks—0.6%
Citigroup Capital XIII (e) 8.31%, 10/30/40 (cost—$198,604)		7,175	$	199,465
	Principal Amount (000s)
Repurchase Agreements—3.4%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $1,160,016; collateralized by U.S. Treasury Bonds, 3.00%, due 11/15/45, valued at $1,188,317 including accrued interest (cost—$1,160,000)	$	1,160	$	1,160,000
Total Investments (cost—$36,992,717)—107.9%				37,313,123
Liabilities in excess of other assets (f)—(7.9)%				(2,716,619	)
Net Assets—100.0%			$	34,596,504

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 $2,723,626, representing 7.9% 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 $2,723,626, representing 7.9% of net assets.

(c) When-issued or delayed-delivery. To be settled/delivered after December 31, 2019.

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

(e) Variable or Floating Rate Security—Securities with an interest rate that changes periodically. The interest rate disclosed reflects the rate in effect on December 31, 2019.

Schedule of Investments

AllianzGI Core Bond Fund

December 31, 2019 (unaudited) (continued)

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

Futures contracts outstanding at December 31, 2019:

Type	Contracts			Expiration Date		Notional Amount (000s)			Market Value (000s)			Unrealized Appreciation (Depreciation)
Long position contracts:
2-Year U.S. Treasury Note		2			3/31/20	$	400		$	431		$	146
5-Year U.S. Treasury Note		33			3/31/20		3,300			3,914			(7,121	)
U.S. Long Bond		1			3/20/20		100			156			(1,127	)
Ultra U.S. Treasury Bond		11			3/20/20		1,100			1,998			(60,224	)
												$	(68,326	)
Short position contracts:
10-Year U.S. Treasury Note		(10	)		3/20/20	$	(1,000	)	$	(1,284	)	$	288
10-Year Ultra U.S. Treasury Bond		(8	)		3/20/20		(800	)		(1,126	)		8,424
												$	8,712
												$	(59,614	)

Credit default swaps agreements outstanding at December 31, 2019:

Centrally cleared buy protection swap agreements⁽¹⁾:

Broker (Exchange)/ Reference Debt Issuer	Notional Amount (000s)(4)		Implied Credit Spread(3)			Termination Date		Fixed Deal Pay Rate			Payment Frequency		Value(5)			Upfront Premiums Received			Unrealized Appreciation (Depreciation)
Goldman Sachs (ICE):
AT&T, Inc.	$	640		0.681	%		12/20/24		(1.00	)%		Quarterly	$	(10,310	)	$	(4,865	)	$	(5,445	)
Berkshire Hathaway, Inc.		695		0.356	%		12/20/24		(1.00	)%		Quarterly		(22,556	)		(21,277	)		(1,279	)
Carnival Corp.		315		0.356	%		12/20/24		(1.00	)%		Quarterly		(10,218	)		(7,519	)		(2,699	)
CDX.NA.IG.33		2,660		0.455	%		12/20/24		(1.00	)%		Quarterly		(69,765	)		(70,294	)		529
CSX Corp.		315		0.251	%		12/20/24		(1.00	)%		Quarterly		(11,724	)		(11,060	)		(664	)
CVS Health Corp.		350		0.633	%		12/20/24		(1.00	)%		Quarterly		(6,686	)		(3,969	)		(2,717	)
General Electric Co.		160		0.453	%		6/20/21		(1.00	)%		Quarterly		(1,477	)		(290	)		(1,187	)
General Electric Co.		165		0.639	%		6/20/23		(1.00	)%		Quarterly		(2,424	)		(2,145	)		(279	)
McKesson Corp.		330		0.862	%		12/20/24		(1.00	)%		Quarterly		(3,004	)		—			(3,004	)
Morgan Stanley		630		0.504	%		12/20/24		(1.00	)%		Quarterly		(15,544	)		(13,385	)		(2,159	)
Union Pacific Corp.		310		0.236	%		12/20/24		(1.00	)%		Quarterly		(11,831	)		(11,215	)		(616	)
UnitedHealth Group, Inc.		655		0.324	%		12/20/24		(1.00	)%		Quarterly		(22,280	)		(21,719	)		(561	)
Verizon Communications, Inc.		175		0.410	%		12/20/24		(1.00	)%		Quarterly		(5,146	)		(3,920	)		(1,226	)
													$	(192,965	)	$	(171,658	)	$	(21,307	)

Centrally cleared sell protection swap agreements⁽²⁾:

Broker (Exchange)/ Referenced Debt Issuer	Notional Amount (000s)(4)		Implied Credit Spread(3)			Termination Date		Fixed Deal Received Rate			Payment Frequency		Value(5)		Upfront Premiums Paid		Unrealized Depreciation
Goldman Sachs (ICE):
The Boeing Co.	$	710		0.551	%		12/20/24		1.00	%		Quarterly	$	16,177	$	16,423	$	(246	)

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

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

Schedule of Investments

AllianzGI Core Bond Fund

December 31, 2019 (unaudited) (continued)

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

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

(5) The quoted market prices and resulting values for credit default swap agreements serve as an indicator of the status at December 31, 2019 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.

(h) At December 31, 2019, the Fund pledged $377,242 in cash as collateral for futures contracts and $153,731 in cash as collateral for swap contracts. The Fund also held U.S. Treasury Obligations valued at $641,091 as collateral for swap contracts.

Glossary:

ABS—Asset-Backed Securities

BBA—British Bankers’ Association

CDX—Credit Derivatives Index

CLO—Collateralized Loan Obligation

FRN—Floating Rate Note

ICE—Intercontinental Exchange

LIBOR—London Inter-Bank Offered Rate

MBS—Mortgage-Backed Securities

TBA—To Be Announced

UMBS—Uniform Mortgage-Backed Securities

Schedule of Investments

AllianzGI Core Plus Bond Fund

December 31, 2019 (unaudited)

	Principal Amount (000s)		Value^
U.S. GOVERNMENT AGENCY SECURITIES—36.0%
Fannie Mae, MBS,
3.00%, 9/1/49 Pool, 30 Year	$	1,744	$	1,768,714
3.50%, 4/1/48 Pool, 30 Year		1,028		1,082,737
4.00%, 3/1/49 Pool, 30 Year		3,206		3,352,367
4.50%, 2/1/48 Pool, 30 Year		1,262		1,336,474
Fannie Mae UMBS, MBS, TBA (c)
2.50%, 1/16/35, 15 Year		590		595,031
3.00%, 1/16/35, 15 Year		655		671,124
3.00%, 1/14/50, 30 Year		965		978,153
3.50%, 1/14/50, 30 Year		2,140		2,200,409
Freddie Mac, MBS,
3.00%, 1/1/46 Pool, 30 Year		1,545		1,582,837
3.50%, 7/1/49 Pool, 30 Year		545		560,155
Ginnie Mae, MBS,
3.00%, 1/21/50 TBA, 30 Year (c)		645		662,155
3.50%, 2/20/48 Pool, 30 Year		1,300		1,359,051
3.50%, 8/20/49 Pool, 30 Year		618		637,844
4.00%, 3/20/48 Pool, 30 Year		545		570,359
United States Small Business Administration, ABS,
2.15%, 8/1/39 Series 2019-20, Class H1		200		198,290
2.60%, 6/1/39 Series 2019-20, Class F1		135		136,425
2.85%, 10/1/37 Series 2017-20, Class J1		221		225,257
2.88%, 5/1/39 Series 2019-20, Class E1		211		214,021
2.92%, 1/1/38 Series 2018-20, Class A1		389		398,024
3.20%, 3/1/39 Series 2019-20, Class C1		117		122,529
3.26%, 2/1/39 Series 2019-20, Class B1		855		893,157
3.37%, 1/1/39 Series 2019-20, Class A1		293		306,782
3.50%, 5/1/38 Series 2018-20, Class E1		281		298,749
3.53%, 9/1/38 Series 2018-20, Class I1		348		369,447
3.54%, 7/1/38 Series 2018-20, Class G1		267		284,349
3.58%, 8/1/38 Series 2018-20, Class H1		503		533,082
Total U.S. Government Agency Securities (cost—$21,122,109)				21,337,522
CORPORATE BONDS & NOTES—32.1%
Aerospace & Defense—2.5%
Boeing Co.,
2.95%, 2/1/30		414		423,618
L3Harris Technologies, Inc.,
4.40%, 6/15/28		355		396,241
Northrop Grumman Corp.,
2.93%, 1/15/25		110		113,391
Northrop Grumman Systems Corp.,
7.875%, 3/1/26		305		391,902
United Technologies Corp.,
6.125%, 7/15/38		105		146,453
				1,471,605
Banks—8.5%
Bank of America Corp. (e),
2.884%, 10/22/30 (converts to FRN on 10/22/29)		385		389,444
3.366%, 1/23/26 (converts to FRN on 1/23/25)		680		711,554

	Principal Amount (000s)		Value^
Citigroup, Inc. (e),
2.976%, 11/5/30 (converts to FRN on 11/5/29)	$	200	$	203,159
5.00%, 9/12/24, Ser. U (converts to FRN on 9/12/24) (d)		205		214,866
Citizens Financial Group, Inc., Ser. B, (converts to FRN on 7/6/23) (d)(e),
6.00%, 7/6/23		95		100,607
Credit Suisse Group AG, (converts to FRN on 8/1/26) (a)(b)(d)(e),
6.375%, 8/21/26		235		253,918
Fifth Third Bancorp, (converts to FRN on 6/30/23) (d)(e),
5.10%, 6/30/23		130		133,935
First Maryland Capital II, 3 mo. LIBOR + 0.850% (e),
2.759%, 2/1/27		443		419,742
Huntington Bancshares, Inc., Ser. E, (converts to FRN on 4/15/23) (d)(e),
5.70%, 4/15/23		130		134,968
Huntington Capital Trust I, 3 mo. LIBOR + 0.700% (e),
2.627%, 2/1/27		137		126,040
JPMorgan Chase & Co., 3 mo. LIBOR + 0.950% (e),
2.852%, 2/2/37		762		674,370
KeyCorp,
2.55%, 10/1/29		435		425,448
Popular, Inc.,
6.125%, 9/14/23		350		377,708
State Street Corp., 3 mo. LIBOR + 1.000% (e),
2.894%, 6/15/47		365		320,287
Truist Financial Corp. (d)(e),
4.80%, 9/1/24, Ser. N (converts to FRN on 9/1/24)		275		284,281
5.125%, 12/15/27, Ser. M (converts to FRN on 12/15/27)		125		128,613
Wells Fargo Capital X,
5.95%, 12/15/36		110		137,902
				5,036,842
Diversified Financial Services—0.3%
Discover Financial Services, Ser. C, (converts to FRN on 10/30/27) (d)(e),
5.50%, 10/30/27		170		179,268
Electric Utilities—4.6%
Alabama Power Co.,
2.80%, 4/1/25		360		367,702
Commonwealth Edison Co.,
5.90%, 3/15/36		135		179,919
Consolidated Edison Co. of New York, Inc.,
3.70%, 11/15/59		130		131,240
5.70%, 12/1/36, Ser. 06-E		55		71,201
DTE Electric Co., Ser. A,
6.625%, 6/1/36		45		62,999
Edison International,
2.95%, 3/15/23		225		225,501
3.55%, 11/15/24		370		375,999
Jersey Central Power & Light Co.,
4.30%, 1/15/26 (a)(b)		170		184,968
6.15%, 6/1/37		165		213,584
NextEra Energy Capital Holdings, Inc.,
2.75%, 11/1/29		154		154,280

Schedule of Investments

AllianzGI Core Plus Bond Fund

December 31, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
Pennsylvania Electric Co. (a)(b),
3.25%, 3/15/28	$	60	$	61,743
San Diego Gas & Electric Co., Ser. NNN,
3.60%, 9/1/23		240		250,701
Sempra Energy,
3.55%, 6/15/24		360		376,268
Southern California Edison Co.,
1.845%, 2/1/22		25		24,718
3.90%, 12/1/41		56		55,078
				2,735,901
Healthcare-Products—0.4%
DH Europe Finance II Sarl,
2.05%, 11/15/22		259		259,529
Healthcare-Services—0.4%
UnitedHealth Group, Inc.,
3.50%, 8/15/39		205		214,833
Insurance—0.9%
Lincoln National Corp., 3 mo. LIBOR + 2.358% (e),
4.262%, 5/17/66		125		111,183
MetLife, Inc. (a)(b),
9.25%, 4/8/38		70		103,338
New York Life Insurance Co. (a)(b),
4.45%, 5/15/69		265		301,572
				516,093
Media—2.3%
Charter Communications Operating LLC,
4.908%, 7/23/25		405		446,459
Comcast Corp.,
2.35%, 1/15/27		440		439,572
Time Warner Cable LLC,
4.50%, 9/15/42		145		145,847
6.55%, 5/1/37		55		67,968
ViacomCBS, Inc., (converts to FRN on 2/28/27) (e),
6.25%, 2/28/57		130		144,401
Walt Disney Co.,
7.30%, 4/30/28		100		133,832
				1,378,079
Miscellaneous Manufacturing—2.3%
3M Co.,
3.25%, 8/26/49		97		94,286
General Electric Co., 3 mo. LIBOR + 1.000%, 3.001%, 4/15/23 (e)		240		240,803
4.625%, 1/7/21		1,005		1,032,234
				1,367,323
Oil, Gas & Consumable Fuels—1.8%
Boston Gas Co. (a)(b),
3.15%, 8/1/27		259		267,624
Cenovus Energy, Inc.,
4.25%, 4/15/27		305		323,429
Hess Corp.,
7.125%, 3/15/33		112		144,023
NiSource, Inc.,
3.49%, 5/15/27		343		360,840
				1,095,916

	Principal Amount (000s)		Value^
Pharmaceuticals—3.0%
AbbVie, Inc. (a)(b),
2.60%, 11/21/24	$	367	$	369,944
Allergan Funding SCS,
3.85%, 6/15/24		375		394,354
Becton Dickinson and Co.,
2.894%, 6/6/22		855		869,167
CVS Health Corp.,
4.875%, 7/20/35		125		143,236
				1,776,701
Pipelines—3.3%
Cameron LNG LLC (a)(b),
3.701%, 1/15/39		372		379,975
Columbia Pipeline Group, Inc.,
4.50%, 6/1/25		178		195,100
El Paso Natural Gas Co. LLC,
8.375%, 6/15/32		75		104,371
Energy Transfer Operating L.P.,
6.50%, 2/1/42		140		166,663
Kinder Morgan Energy Partners L.P.,
7.50%, 11/15/40		30		41,188
Plains All American Pipeline L.P.,
4.65%, 10/15/25		620		665,813
6.125%, 11/15/22, Ser. B (converts to FRN on 11/15/22) (d)(e)		447		417,507
				1,970,617
Semiconductors—0.9%
Broadcom Corp.,
3.875%, 1/15/27		495		513,707
Telecommunications—0.5%
AT&T, Inc.,
4.30%, 2/15/30		250		277,605
Transportation—0.4%
Kansas City Southern,
4.20%, 11/15/69		60		61,906
United Parcel Service, Inc.,
3.40%, 9/1/49		194		195,428
				257,334
Total Corporate Bonds & Notes (cost—$18,615,837)				19,051,353
ASSET-BACKED SECURITIES—26.9%
Ally Auto Receivables Trust, Series 2019-1, Class A3,
2.91%, 9/15/23		260		263,248
American Express Credit Account, 1 mo. LIBOR + 0.320%, Series 2018-3, Class A (e),
2.06%, 10/15/25		100		100,035
American Express Credit Account Master Trust, 1 mo. LIBOR + 0.380%, Series 2017-5, Class A (e),
2.12%, 2/18/25		903		906,361
BA Credit Card Trust, Series 2018-A3, Class A3,
3.10%, 12/15/23		510		519,617

Schedule of Investments

AllianzGI Core Plus Bond Fund

December 31, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
BMW Vehicle Owner Trust, Series 2018-A, Class A4,
2.51%, 6/25/24	$	260	$	262,089
Carmax Auto Owner Trust, Series 2019-3, Class C,
2.60%, 6/16/25		400		401,143
Chesapeake Funding II LLC, Series 2019-2A, Class C (a)(b),
2.27%, 9/15/31		400		396,869
Citibank Credit Card Issuance Trust (e), 1 mo. LIBOR + 0.370%, 2.08%, 8/8/24 Series 2017-A7, Class A7		260		260,994
1 mo. LIBOR + 0.330%, 2.095%, 1/20/25 Series 2018-A2, Class A2		700		700,615
CNH Equipment Trust, Series 2019-B, Class A3,
2.52%, 8/15/24		515		520,009
Dryden 68 CLO Ltd., 3 mo. USD-LIBOR + 1.310%, Series 2019-68A, Class A (a)(b)(e),
3.311%, 7/15/32		515		515,763
Ford Credit Auto Owner Trust,
1.93%, 4/15/25 Series 2019-C, Class A4		825		823,620
3.16%, 10/15/23 Series 2018-A, Class A4		298		304,987
GM Financial Automobile Leasing Trust, Series 2019-3, Class C,
2.35%, 7/20/23		400		399,785
GM Financial Consumer Automobile Receivables Trust, Series 2019-3, Class A3,
2.18%, 4/16/24		243		244,150
Honda Auto Receivables Owner Trust,
2.83%, 3/20/23 Series 2019-1, Class A3		960		974,699
3.07%, 11/21/24 Series 2018-3, Class A4		170		173,637
HPEFS Equipment Trust (a)(b),
2.21%, 9/20/29 Series 2019-1A, Class A3		507		507,940
2.49%, 9/20/29 Series 2019-1A, Class C		400		400,283
Hyundai Auto Receivables Trust,
2.40%, 6/15/26 Series 2019-B, Class C		600		599,143
2.66%, 6/15/23 Series 2019-A, Class A3		885		895,447
John Deere Owner Trust, Series 2019-B, Class A2,
2.28%, 5/16/22		360		361,220
MVW LLC, Series 2019-2A, Class A (a)(b),
2.22%, 10/20/38		573		569,598
Nissan Auto Receivables Owner Trust, Series 2019-A, Class A3,
2.90%, 10/16/23		435		441,832
Octagon Investment Partners 30 Ltd., 3 mo. USD-LIBOR-BBA + 1.320%, Series 2017-1A, Class A1 (a)(b)(e),
3.286%, 3/17/30		566		565,988
Sofi Consumer Loan Program LLC, Series 2016-3, Class B (a)(b)(e),
4.49%, 12/26/25		600		611,208

	Principal Amount (000s)		Value^
Starwood Waypoint Homes Trust, 1 mo. LIBOR + 0.950%, Series 2017-1, Class A (a)(b)(e),
2.69%, 1/17/35	$	418	$	417,284
Toyota Auto Receivables Owner Trust,
1.91%, 9/15/23 Series 2019-C, Class A3		475		475,306
2.91%, 7/17/23 Series 2019-A, Class A3		435		441,481
Verizon Owner Trust,
1.94%, 4/22/24 Series 2019-C, Class A1A		580		579,531
2.16%, 4/22/24 Series 2019-C, Class C		600		597,005
Volvo Financial Equipment Master Owner Trust, 1 mo. LIBOR + 0.520%, Series 2018-A, Class A (a)(b)(e), 2.26%, 7/17/23		728		731,459
Total Asset-Backed Securities (cost—$15,939,132)				15,962,346
U.S. TREASURY OBLIGATIONS—2.9%
U.S. Treasury Bonds,
2.25%, 8/15/49		256		248,400
4.50%, 5/15/38		67		90,549
U.S. Treasury Notes,
1.25%, 1/31/20 (h)		1,000		999,844
1.75%, 12/31/24		79		79,210
1.75%, 11/15/29 (h)		276		271,838
Total U.S. Treasury Obligations (cost—$1,698,890)				1,689,841
	Shares
PREFERRED STOCK (e)—2.5%
Banks—0.6%
Citigroup Capital XIII,
8.31%, 10/30/40		13,495		375,161
Pipelines—1.9%
Energy Transfer Operating L.P., Ser. E, 7.60% (d)		44,235		1,120,030
Total Preferred Stock (cost—$1,487,420)				1,495,191
	Principal Amount (000s)
MORTGAGE-BACKED SECURITIES—2.3%
Bank 2019,
2.92%, 12/15/52 Series BNK23, Class A3	$	660		676,171
3.183%, 8/15/61 Series BNK19, Class A3		660		690,702
Total Mortgage-Backed Securities (cost—$1,375,887)				1,366,873

Schedule of Investments

AllianzGI Core Plus Bond Fund

December 31, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
Repurchase Agreements—5.8%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $3,454,048; collateralized by U.S. Treasury Bonds, 3.00%, due 11/15/45, valued at $3,525,339 including accrued interest (cost—$3,454,000)	$	3,454	$	3,454,000
Total Investments (cost—$63,693,275)—108.5%				64,357,126
Liabilities in excess of other assets (f)—(8.5)%				(5,028,323	)
Net Assets—100.0%			$	59,328,803

Notes to Schedule of Investments:

(a) Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $6,639,474, representing 11.2% 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 $6,639,474, representing 11.2% of net assets.

(c) When-issued or delayed-delivery. To be settled/delivered after December 31, 2019.

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

(e) Variable or Floating Rate Security—Securities with an interest rate that changes periodically. The interest rate disclosed reflects the rate in effect on December 31, 2019.

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

Futures contracts outstanding at December 31, 2019:

Type	Contracts			Expiration Date		Notional Amount (000s)			Market Value (000s)			Unrealized Appreciation (Depreciation)
Long position contracts:
2-Year U.S. Treasury Note		2			3/31/20	$	400		$	431		$	153
5-Year U.S. Treasury Note		28			3/31/20		2,800			3,321			(6,297	)
10-Year U.S. Treasury Note		7			3/20/20		700			899			(1,810	)
Ultra U.S. Treasury Bond		31			3/20/20		3,100			5,631			(178,255	)
												$	(186,209	)
Short position contracts:
10-Year Ultra U.S. Treasury Bond		(6	)		3/20/20	$	(600	)	$	(844	)	$	3,868
U.S. Long Bond		(4	)		3/20/20		(400	)		(624	)		4,742
												$	8,610
												$	(177,599	)

Credit default swaps agreements outstanding at December 31, 2019:

Centrally cleared buy protection swap agreements⁽¹⁾:

Broker (Exchange)/ Reference Debt Issuer	Notional Amount (000s)(4)		Implied Credit Spread(3)			Termination Date		Fixed Deal Pay Rate			Payment Frequency		Value(5)			Upfront Premiums Received			Unrealized Depreciation
Goldman Sachs (ICE):
AT&T, Inc.	$	1,165		0.681	%		12/20/24		(1.00	)%		Quarterly	$	(18,767	)	$	(8,854	)	$	(9,913	)
Berkshire Hathaway, Inc.		1,205		0.356	%		12/20/24		(1.00	)%		Quarterly		(39,108	)		(36,892	)		(2,216	)
Carnival Corp.		570		0.356	%		12/20/24		(1.00	)%		Quarterly		(18,489	)		(13,606	)		(4,883	)
CDX.NA.HY.33		3,790		0.455	%		12/20/24		(5.00	)%		Quarterly		(371,620	)		(322,343	)		(49,277	)
CSX Corp.		560		0.251	%		12/20/24		(1.00	)%		Quarterly		(20,841	)		(19,662	)		(1,179	)
CVS Health Corp.		625		0.633	%		12/20/24		(1.00	)%		Quarterly		(11,941	)		(7,089	)		(4,852	)
General Electric Co.		705		0.453	%		6/20/21		(1.00	)%		Quarterly		(6,509	)		(2,667	)		(3,842	)
General Electric Co.		220		0.639	%		6/20/23		(1.00	)%		Quarterly		(3,232	)		(2,859	)		(373	)
McKesson Corp.		605		0.862	%		12/20/24		(1.00	)%		Quarterly		(5,506	)		—			(5,506	)
Morgan Stanley		1,120		0.504	%		12/20/24		(1.00	)%		Quarterly		(27,631	)		(22,254	)		(5,377	)
Union Pacific Corp.		560		0.236	%		12/20/24		(1.00	)%		Quarterly		(21,372	)		(20,259	)		(1,113	)
UnitedHealth Group, Inc.		1,165		0.324	%		12/20/24		(1.00	)%		Quarterly		(39,627	)		(38,629	)		(998	)
Verizon Communications, Inc.		315		0.410	%		12/20/24		(1.00	)%		Quarterly		(9,264	)		(7,057	)		(2,207	)
													$	(593,907	)	$	(502,171	)	$	(91,736	)

Schedule of Investments

AllianzGI Core Plus Bond Fund

December 31, 2019 (unaudited) (continued)

Centrally cleared sell protection swap agreements⁽²⁾:

Broker (Exchange)/ Referenced Debt Issuer	Notional Amount (000s)(4)		Implied Credit Spread(3)			Termination Date		Fixed Deal Received Rate			Payment Frequency	Value(5)		Upfront Premiums Paid		Unrealized Appreciation (Depreciation)
Goldman Sachs (ICE):
CDX.NA.IG.33	$	1,140		0.455	%		12/20/24		1.00	%	Quarterly	$	29,963	$	21,230	$	8,733
Boeing Co.		1,225		0.551	%		12/20/24		1.00	%	Quarterly		27,911		28,337		(426	)
												$	57,874	$	49,567	$	8,307

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

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

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

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

(5) The quoted market prices and resulting values for credit default swap agreements serve as an indicator of the status at December 31, 2019 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.

(i) At December 31, 2019, the Fund pledged $446,085 in cash as collateral for futures contracts and $435,775 in cash as collateral for swap contracts. The fund also held U.S. Treasury Obligation valued at $1,226,781 pledged as collateral for swap contracts.

Glossary:

ABS—Asset-Backed Securities

BBA—British Bankers’ Association

CDX—Credit Derivatives Index

CLO—Collateralized Loan Obligation

FRN—Floating Rate Note

ICE—Intercontinental Exchange

LIBOR—London Inter-Bank Offered Rate

MBS—Mortgage-Backed Securities

TBA—To Be Announced

UMBS—Uniform Mortgage-Backed Securities

Schedule of Investments

AllianzGI Emerging Markets Consumer Fund

December 31, 2019 (unaudited)

	Shares		Value^
COMMON STOCK—97.2%
Brazil—6.5%
Ambev S.A.		60,400	$	281,179
Banco Santander Brasil S.A. ADR		16,170		196,142
IRB Brasil Resseguros S.A.		38,100		370,139
Porto Seguro S.A.		47,500		742,622
Qualicorp Consultoria e Corretora de Seguros S.A.		82,700		765,518
Sul America S.A. UNIT		17,100		255,228
Tim Participacoes S.A.		46,700		182,687
				2,793,515
Canada—1.9%
Manulife Financial Corp.		39,217		796,088
China—35.5%
Alibaba Group Holding Ltd. ADR (e)		12,685		2,690,488
BYD Electronic International Co., Ltd.		91,000		175,191
China Medical System Holdings Ltd.		66,000		95,000
China Merchants Bank Co., Ltd., Class H		206,500		1,061,643
China Vanke Co., Ltd., Class H		169,200		721,824
China Yuhua Education Corp., Ltd. (a)		148,000		100,020
Geely Automobile Holdings Ltd.		100,000		195,791
Greenland Holdings Corp., Ltd., Class A		413,285		412,463
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class H		60,000		204,976
Hisense Home Appliances Group Co., Ltd., Class H		35,000		38,366
JD.com, Inc. ADR (e)		7,900		278,317
Kweichow Moutai Co., Ltd., Class A		3,000		510,532
Lenovo Group Ltd.		674,000		452,627
Longfor Group Holdings Ltd. (a)		56,000		262,247
Luye Pharma Group Ltd. (a)		365,000		273,651
Meituan Dianping, Class B (e)		6,300		82,317
NetEase, Inc. ADR		1,400		429,296
New Oriental Education & Technology Group, Inc. ADR (e)		4,900		594,125
Ping An Insurance Group Co. of China Ltd., Class H		172,000		2,035,355
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A		22,900		599,010
Shimao Property Holdings Ltd.		113,500		439,856
Tencent Holdings Ltd.		57,600		2,774,945
Wuliangye Yibin Co., Ltd., Class A		11,601		222,014
Yum China Holdings, Inc.		8,100		388,881
Zhongsheng Group Holdings Ltd.		34,500		141,294
				15,180,229
Denmark—0.7%
Carlsberg A/S, Class B		1,902		283,847
Greece—0.3%
OPAP S.A.		9,331		121,401
India—6.2%
Bajaj Finance Ltd.		7,265		431,234
HDFC Bank Ltd. ADR		24,520		1,553,832
Housing Development Finance Corp., Ltd.		19,345		654,102
				2,639,168

	Shares		Value^
Indonesia—1.0%
Indofood Sukses Makmur Tbk PT		441,300	$	251,622
Media Nusantara Citra Tbk PT		1,533,700		179,848
				431,470
Japan—0.7%
Astellas Pharma, Inc.		7,100		121,197
Hoya Corp.		1,800		171,831
				293,028
Korea (Republic of)—12.7%
Fila Korea Ltd.		2,198		100,435
Hyundai Mobis Co., Ltd.		4,486		992,485
Kia Motors Corp.		16,928		646,489
LG Electronics, Inc.		3,754		233,188
Samsung Electronics Co., Ltd.		71,761		3,457,936
				5,430,533
Mexico—2.1%
Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand ADR		11,665		79,089
Grupo Financiero Banorte S.A.B de C.V., Class O		115,400		644,824
Wal-Mart de Mexico S.A.B de C.V.		65,500		187,588
				911,501
Philippines—1.6%
Altus San Nicolas Corp. (c)(d)(e)		5,738		589
Ayala Land, Inc.		299,650		268,759
Globe Telecom, Inc.		3,005		119,856
Megaworld Corp.		1,398,800		110,628
Robinsons Land Corp.		304,900		165,860
				665,692
Poland—0.2%
Dino Polska S.A. (a)(e)		2,654		100,700
Russian Federation—1.4%
Mobile TeleSystems PJSC ADR		59,450		603,418
Singapore—1.1%
CapitaLand Ltd.		166,700		465,179
South Africa—0.5%
Mr Price Group Ltd.		17,700		231,084
Switzerland—2.3%
Roche Holding AG		3,018		980,858
Taiwan—9.9%
Asustek Computer, Inc.		15,000		115,768
Chicony Electronics Co., Ltd.		34,000		101,037
Chlitina Holding Ltd.		27,000		214,705
Chong Hong Construction Co., Ltd.		62,000		168,246
CTBC Financial Holding Co., Ltd.		702,000		525,196
Eclat Textile Co., Ltd.		7,000		94,230
First Financial Holding Co., Ltd.		1,017,447		805,084
Grape King Bio Ltd.		19,000		123,610
Lite-On Technology Corp.		280,000		461,006
Pou Chen Corp.		71,000		92,874
Primax Electronics Ltd.		273,000		578,119
Shin Kong Financial Holding Co., Ltd. (e)		407,724		140,908
Taiwan Paiho Ltd.		48,000		134,965
Wistron Corp.		691,000		654,189
				4,209,937

Schedule of Investments

AllianzGI Emerging Markets Consumer Fund

December 31, 2019 (unaudited) (continued)

	Shares		Value^
Thailand—3.9%
Advanced Info Service PCL (c)(d)		97,500	$	692,332
Bangkok Dusit Medical Services PCL (c)(d)		500,800		434,047
Charoen Pokphand Foods PCL (c)(d)		173,300		158,871
Thanachart Capital PCL (c)(d)		220,000		392,529
				1,677,779
Turkey—0.6%
Turkcell Iletisim Hizmetleri AS		79,660		184,756
Ulker Biskuvi Sanayi AS (e)		17,302		65,031
				249,787
United States—8.1%
Apple, Inc.		1,400		411,110
Mastercard, Inc., Class A		5,610		1,675,090
Microsoft Corp.		1,300		205,010
Procter & Gamble Co.		6,600		824,340
Thermo Fisher Scientific, Inc.		1,020		331,367
				3,446,917
Total Common Stock (cost—$32,897,428)				41,512,131
PREFERRED STOCK—1.8%
Brazil—1.8%
Banco do Estado do Rio Grande do Sul S.A., Class B		41,600		224,867
Cia Brasileira de Distribuicao		4,900		107,058
Itau Unibanco Holding S.A.		47,550		440,405
Total Preferred Stock (cost—$761,716)				772,330
Total Investments (cost—$33,659,144) (b)—99.0%				42,284,461
Other assets less liabilities—1.0%				436,018
Net Assets—100.0%			$	42,720,479

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 $736,618, representing 1.7% of net assets.

(b) Securities with an aggregate value of $28,366,341, representing 66.4% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(c) Fair-Valued—Securities with an aggregate value of $1,678,368, representing 3.9% of net assets.

(d) Level 3 security.

(e) 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:

Technology Hardware, Storage & Peripherals	14.6	%
Banks	13.9	%
Insurance	10.2	%
Internet & Direct Marketing Retail	7.2	%
Real Estate Management & Development	7.1	%
Interactive Media & Services	6.5	%
Wireless Telecommunication Services	4.2	%
Pharmaceuticals	3.9	%
IT Services	3.9	%
Beverages	3.0	%
Healthcare Providers & Services	2.8	%
Auto Components	2.3	%
Automobiles	2.0	%
Household Products	1.9	%
Healthcare Equipment & Supplies	1.8	%
Diversified Consumer Services	1.6	%
Thrifts & Mortgage Finance	1.5	%
Hotels, Restaurants & Leisure	1.2	%
Food Products	1.1	%
Consumer Finance	1.0	%
Entertainment	1.0	%
Textiles, Apparel & Luxury Goods	1.0	%
Food & Staples Retailing	0.9	%
Specialty Retail	0.9	%
Personal Products	0.8	%
Life Sciences Tools & Services	0.8	%
Household Durables	0.6	%
Software	0.5	%
Media	0.4	%
Communications Equipment	0.4	%
Other assets less liabilities	1.0	%
	100.0	%

Schedule of Investments

AllianzGI Emerging Markets Small-Cap Fund

December 31, 2019 (unaudited)

	Shares		Value^
COMMON STOCK—93.1%
Brazil—7.3%
Camil Alimentos S.A.		18,100	$	40,607
IRB Brasil Resseguros S.A.		21,500		208,871
Porto Seguro S.A.		6,900		107,876
Qualicorp Consultoria e Corretora de Seguros S.A.		26,700		247,150
				604,504
China—11.3%
China Lilang Ltd.		22,000		17,965
China National Building Material Co., Ltd., Class H		208,000		232,050
China Power International Development Ltd.		69,000		14,790
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class H		16,000		54,660
Hisense Home Appliances Group Co., Ltd., Class H		60,000		65,770
Jiangsu Expressway Co., Ltd., Class H		48,000		65,775
NetDragon Websoft Holdings Ltd.		31,000		72,900
Qudian, Inc. ADR (e)		10,675		50,279
Tianjin Zhongxin Pharmaceutical Group Corp., Ltd.		11,900		10,122
Towngas China Co., Ltd. (e)		88,495		61,302
West China Cement Ltd.		974,000		160,077
Zoomlion Heavy Industry Science and Technology Co., Ltd., Class H		159,000		133,281
				938,971
Czech Republic—0.5%
Philip Morris CR AS		61		41,094
Greece—1.0%
Hellenic Petroleum S.A.		1,919		18,897
Motor Oil Hellas Corinth Refineries S.A.		2,670		61,797
				80,694
Hong Kong—0.7%
K Wah International Holdings Ltd.		103,197		57,603
India—12.7%
Amara Raja Batteries Ltd.		8,193		83,143
Bajaj Holdings & Investment Ltd.		317		15,135
Balrampur Chini Mills Ltd.		19,910		51,157
Bata India Ltd.		6,863		168,464
DCM Shriram Ltd.		10,373		57,389
Godfrey Phillips India Ltd.		1,778		31,700
Indraprastha Gas Ltd. (e)		16,611		99,676
Manappuram Finance Ltd.		28,463		70,775
Mphasis Ltd.		5,603		72,394
NIIT Technologies Ltd. (e)		2,705		60,252
Oil India Ltd.		20,744		44,479
Oriental Bank of Commerce (e)		32,917		24,017
PVR Ltd.		4,618		122,887
REC Ltd.		23,458		47,043
SRF Ltd.		1,470		70,754
Strides Pharma Science Ltd.		6,711		34,056
				1,053,321
Indonesia—1.9%
Bukit Asam Tbk PT		77,600		14,843
Media Nusantara Citra Tbk PT		661,700		77,594

	Shares		Value^
Wijaya Karya Persero Tbk PT		475,100	$	67,934
				160,371
Korea (Republic of)—12.0%
Cheil Worldwide, Inc.		7,152		148,736
Daelim Industrial Co., Ltd.		568		44,434
DB HiTek Co., Ltd.		4,892		116,751
Fila Korea Ltd.		2,282		104,273
Hyosung Corp.		2,030		138,430
LF Corp.		2,120		33,842
LG Innotek Co., Ltd.		1,491		179,711
Macquarie Korea Infrastructure Fund		9,520		95,492
Partron Co., Ltd.		6,122		69,764
SK Networks Co., Ltd.		7,946		40,748
Unid Co., Ltd.		709		28,642
				1,000,823
Mexico—4.3%
Fibra Uno Administracion S.A. de C.V. REIT		127,500		197,513
Grupo Aeroportuario del Pacifico S.A.B de C.V., Class B		8,200		97,437
Qualitas Controladora S.A.B. de C.V.		14,700		61,731
				356,681
Poland—1.0%
Dino Polska S.A. (a)(e)		1,319		50,047
Energa S.A. (e)		15,754		29,399
				79,446
Russian Federation—1.3%
Magnitogorsk Iron & Steel Works PJSC GDR		8,289		71,783
PIK Group PJSC (c)(d)(e)		5,562		35,860
				107,643
South Africa—4.2%
Gold Fields Ltd. ADR		27,625		182,325
Impala Platinum Holdings Ltd. (e)		13,199		134,859
Telkom S.A. SOC Ltd.		12,286		30,586
				347,770
Taiwan—25.1%
Accton Technology Corp.		12,000		67,362
Aten International Co., Ltd.		13,000		37,522
BenQ Materials Corp.		96,000		60,036
Bioteque Corp.		29,000		126,193
Chipbond Technology Corp.		67,000		150,567
ChipMOS Technologies, Inc.		99,000		113,290
Darfon Electronics Corp.		13,000		19,127
Farglory Land Development Co., Ltd.		14,000		18,814
Formosa Advanced Technologies Co., Ltd.		14,000		17,459
Greatek Electronics, Inc.		12,000		19,159
Huaku Development Co., Ltd.		22,000		67,992
ITE Technology, Inc.		32,000		47,304
Lite-On Technology Corp.		131,000		215,685
Novatek Microelectronics Corp.		24,000		175,848
Radiant Opto-Electronics Corp.		48,000		192,186
Sercomm Corp.		65,000		168,687
Shinkong Synthetic Fibers Corp.		57,000		22,895
Syncmold Enterprise Corp.		35,250		107,123
Taiwan Surface Mounting Technology Corp.		43,000		167,770
Tripod Technology Corp.		49,000		205,663
Zhen Ding Technology Holding Ltd.		18,000		86,365
				2,087,047

Schedule of Investments

AllianzGI Emerging Markets Small-Cap Fund

December 31, 2019 (unaudited) (continued)

	Shares		Value^
Thailand—4.4%
Carabao Group PCL (c)(d)		40,100	$	112,333
Home Product Center PCL (c)(d)		47,800		25,493
KGI Securities Thailand PCL (c)(d)		103,700		15,435
Quality Houses PCL (c)(d)		1,198,700		102,360
Thanachart Capital PCL (c)(d)		62,700		111,871
				367,492
Turkey—5.4%
Anadolu Cam Sanayii AS		41,070		30,087
Enerjisa Enerji AS (a)		52,577		65,267
Soda Sanayii AS		108,828		113,054
Torunlar Gayrimenkul Yatirim Ortakligi AS REIT (e)		211,827		97,856
Trakya Cam Sanayii AS		138,654		81,520
Vestel Elektronik Sanayi ve Ticaret AS (e)		29,745		63,066
				450,850
Total Common Stock (cost—$6,414,030)				7,734,310
PREFERRED STOCK—4.4%
Brazil—3.4%
Azul S.A. (e)		4,100		59,658
Cia de Transmissao de Energia Eletrica Paulista		14,800		83,225
Cia Paranaense de Energia		8,000		137,968
				280,851
Russian Federation—1.0%
Surgutneftegas PJSC (c)(d)		134,817		82,239
Total Preferred Stock (cost—$243,118)				363,090
Total Investments (cost—$6,657,148) (b)—97.5%				8,097,400
Other assets less liabilities—2.5%				211,115
Net Assets—100.0%			$	8,308,515

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 $115,314, representing 1.4% of net assets.

(b) Securities with an aggregate value of $6,299,977, representing 75.8% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(c) Fair-Valued—Securities with an aggregate value of $485,591, representing 5.8% of net assets.

(d) Level 3 security.

(e) Non-income producing.

Glossary:

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

REIT—Real Estate Investment Trust

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

Semiconductors & Semiconductor Equipment	12.0	%
Electronic Equipment, Instruments & Components	8.5	%
Chemicals	5.2	%
Construction Materials	4.7	%
Metals & Mining	4.7	%
Insurance	4.6	%
Textiles, Apparel & Luxury Goods	3.9	%
Electric Utilities	3.8	%
Equity Real Estate Investment Trusts (REITs)	3.6	%
Technology Hardware, Storage & Peripherals	3.3	%
Healthcare Providers & Services	3.0	%
Communications Equipment	2.8	%
Media	2.7	%
Oil, Gas & Consumable Fuels	2.7	%
Entertainment	2.4	%
Airlines	2.1	%
Household Durables	2.0	%
Transportation Infrastructure	2.0	%
Gas Utilities	1.9	%
Real Estate Management & Development	1.7	%
Banks	1.6	%
Machinery	1.6	%
Healthcare Equipment & Supplies	1.5	%
Consumer Finance	1.5	%
Construction & Engineering	1.4	%
Beverages	1.3	%
Pharmaceuticals	1.2	%
Capital Markets	1.1	%
Food Products	1.1	%
Electrical Equipment	1.0	%
Building Products	1.0	%
Tobacco	0.9	%
Computers	0.9	%
Diversified Financial Services	0.7	%
IT Services	0.7	%
Food & Staples Retailing	0.6	%
Trading Companies & Distributors	0.5	%
Diversified Telecommunication Services	0.4	%
Containers & Packaging	0.4	%
Specialty Retail	0.3	%
Independent Power Producers & Energy Traders	0.2	%
Other assets less liabilities	2.5	%
	100.0	%

Schedule of Investments

AllianzGI Emerging Markets SRI Debt Fund

December 31, 2019 (unaudited)

	Principal Amount (000s)		Value^
SOVEREIGN DEBT OBLIGATIONS—85.9%
Argentina—2.0%
Argentine Republic Government International Bond,
3.75%, 12/31/38	$	400	$	196,000
6.875%, 1/11/48		400		191,369
				387,369
Azerbaijan—1.7%
Republic of Azerbaijan International Bond,
3.50%, 9/1/32		350		344,822
Belarus—2.2%
Republic of Belarus International Bond (a)(b),
6.20%, 2/28/30		400		426,239
Brazil—6.6%
Brazilian Government International Bond,
2.625%, 1/5/23		950		951,885
5.625%, 2/21/47		300		339,656
				1,291,541
Colombia—2.6%
Colombia Government International Bond,
3.875%, 4/25/27		485		513,324
Costa Rica—2.1%
Costa Rica Government International Bond,
4.25%, 1/26/23		200		201,750
6.125%, 2/19/31 (a)(b)		200		213,410
				415,160
Dominican Republic—2.8%
Dominican Republic International Bond,
5.95%, 1/25/27		300		331,938
6.50%, 2/15/48		200		221,385
				553,323
Ecuador—3.5%
Ecuador Government International Bond,
7.875%, 1/23/28		300		267,879
9.50%, 3/27/30 (a)(b)		250		234,097
9.50%, 3/27/30		200		187,278
				689,254
Egypt—4.7%
Egypt Government International Bond,
4.55%, 11/20/23 (a)(b)		200		204,593
7.053%, 1/15/32 (a)(b)		200		210,019
8.50%, 1/31/47		450		501,004
				915,616
El Salvador—1.8%
El Salvador Government International Bond,
6.375%, 1/18/27		325		347,334
Hungary—2.8%
Hungary Government International Bond,
5.375%, 3/25/24		350		394,888
7.625%, 3/29/41		100		165,250
				560,138

	Principal Amount (000s)		Value^
Indonesia—2.6%
Indonesia Government International Bond,
3.50%, 1/11/28	$	200	$	209,166
5.25%, 1/8/47		250		307,215
				516,381
Jamaica—2.7%
Jamaica Government International Bond,
6.75%, 4/28/28		225		267,711
7.875%, 7/28/45		200		270,800
				538,511
Kazakhstan—6.1%
Kazakhstan Government International Bond,
4.875%, 10/14/44		500		618,975
5.125%, 7/21/25		500		575,350
				1,194,325
Kenya—1.1%
Kenya Government International Bond (a)(b),
8.00%, 5/22/32		200		218,454
Korea (Republic of)—1.0%
Korea International Bond,
2.50%, 6/19/29		200		202,615
Malaysia—1.3%
Malaysia Sukuk Global Bhd,
3.179%, 4/27/26		250		259,740
Mexico—3.4%
Mexico Government International Bond,
4.50%, 4/22/29		550		604,765
5.75%, 10/12/10		50		59,286
				664,051
Morocco—2.1%
Morocco Government International Bond,
1.50%, 11/27/31 (a)(b)	€	150		168,598
5.50%, 12/11/42	$	200		245,847
				414,445
Panama—4.2%
Panama Government International Bond,
3.16%, 1/23/30		600		619,050
3.87%, 7/23/60		200		215,680
				834,730
Paraguay—1.2%
Paraguay Government International Bond,
5.40%, 3/30/50		200		229,863
Philippines—4.4%
Philippine Government International Bond,
3.95%, 1/20/40		750		862,759
Poland—3.5%
Republic of Poland Government International Bond,
3.00%, 3/17/23		250		258,023
3.25%, 4/6/26		400		424,986
				683,009

Schedule of Investments

AllianzGI Emerging Markets SRI Debt Fund

December 31, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
Romania—0.3%
Romanian Government International Bond,
6.125%, 1/22/44	$	50	$	64,918
Russian Federation—2.2%
Russian Federal Bond—OFZ,
7.05%, 1/19/28	RUB	24,900		423,844
South Africa—3.2%
Republic of South Africa Government International Bond,
4.30%, 10/12/28	$	450		442,156
5.75%, 9/30/49		200		195,094
				637,250
Ukraine—4.7%
Ukraine Government International Bond,
7.75%, 9/1/23 (a)(b)		200		217,633
7.75%, 9/1/27		650		712,770
				930,403
United Arab Emirates—2.5%
Abu Dhabi Government International Bond (a)(b),
3.125%, 9/30/49		500		488,351
Uruguay—5.2%
Uruguay Government International Bond,
4.375%, 10/27/27		600		663,065
5.10%, 6/18/50		300		361,137
				1,024,202
Vietnam—1.4%
Vietnam Government International Bond,
4.80%, 11/19/24		250		273,948
Total Sovereign Debt Obligations (cost—$16,238,343)				16,905,919

	Principal Amount (000s)		Value^
U.S. TREASURY OBLIGATIONS—9.7%
U.S. Treasury Notes, 1.50%, 11/30/21	$	1,150	$	1,148,293
2.00%, 2/15/25		750		760,781
Total U.S. Treasury Obligations (cost—$1,906,712)				1,909,074
CORPORATE BONDS & NOTES—2.6%
Chile—1.6%
Corp. Nacional del Cobre de Chile,
3.625%, 8/1/27		300		312,991
Colombia—1.0%
Promigas S.A. ESP (a)(b),
3.75%, 10/16/29		200		202,322
Total Corporate Bonds & Notes (cost—$486,488)				515,313
Total Investments (cost—$18,631,543)—98.2%				19,330,306
Other assets less liabilities (c)—1.8%				348,533
Net Assets—100.0%			$	19,678,839

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 $2,583,716, representing 13.1% of net assets.

(b) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $2,583,716, representing 13.1% of net assets.

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

Futures contracts outstanding at December 31, 2019:

Type	Contracts			Expiration Date		Notional Amount (000s)			Market Value (000s)			Unrealized Appreciation (Depreciation)
Long position contracts:
U.S. Long Bond		4			3/20/20	$	400		$	624		$	(12,031	)
Ultra U.S. Treasury Bond		4			3/20/20		400			726			(20,500	)
												$	(32,531	)
Short position contracts:
10-Year U.S. Treasury Note		(7	)		3/20/20	$	(700	)	$	(899	)	$	7,929
												$	(24,602	)

Schedule of Investments

AllianzGI Emerging Markets SRI Debt Fund

December 31, 2019 (unaudited) (continued)

Forward foreign currency contracts outstanding at December 31, 2019:

Description	Counterparty	U.S.$ Value on Origination Date		U.S.$ Value December 31, 2019		Unrealized Appreciation		Unrealized Depreciation
Purchased:
10,586,838 Japanese Yen settling 3/18/20	State Street Bank and Trust Co.	$	97,920	$	97,821	$	—	$	(99	)
1,250,000 Russian Ruble settling 1/15/20	State Street Bank and Trust Co.		19,335		20,125		790		—
711,000 Singapore Dollar settling 1/15/20	State Street Bank and Trust Co.		524,398		528,680		4,282		—
Sold:
67,988 Euro settling 3/18/20	State Street Bank and Trust Co.		75,769		76,620		—		(851	)
27,055,066 Russian Ruble settling 1/15/20	JPMorgan Chase		411,549		435,590		—		(24,041	)
1,400,000 Singapore Dollar settling 1/15/20	JPMorgan Chase		1,015,910		1,041,001		—		(25,091	)
						$	5,072	$	(50,082	)

(d) At December 31, 2019, the Fund pledged $22,526 in cash as collateral for futures contracts.

Glossary:

€—Euro

RUB—Russian Ruble

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

Sovereign Debt Obligations	85.9	%
U.S. Treasury Obligations	9.7	%
Mining	1.6	%
Oil, Gas & Consumable Fuels	1.0	%
Other assets less liabilities	1.8	%
	100.0	%

Schedule of Investments

AllianzGI Floating Rate Note Fund

December 31, 2019 (unaudited)

	Principal Amount (000s)		Value^
CORPORATE BONDS & NOTES—78.5%
Apparel & Textiles—0.4%
Hanesbrands, Inc. (a)(b),
4.625%, 5/15/24	$	50	$	52,833
Auto Manufacturers—2.6%
Daimler Finance North America LLC, 3 mo. LIBOR + 0.840% (a)(b)(c),
2.742%, 5/4/23		250		251,148
General Motors Financial Co., Inc., 3 mo. LIBOR + 1.310% (c),
3.271%, 6/30/22		100		100,826
				351,974
Banks—35.9%
AIB Group PLC,
1.25%, 5/28/24	€	100		115,474
Banco Santander S.A, 3 mo. EURIBOR + 1.000% (c),
0.575%, 1/5/23		200		226,407
Bank of America Corp. (c),
3 mo. LIBOR + 0.760%, 2.654%, 9/15/26	$	200		196,451
3 mo. LIBOR + 0.960%, 2.894%, 7/23/24		40		40,524
BPCE S.A., 3 mo. LIBOR + 1.240% (c),
3.127%, 9/12/23		250		253,859
Canadian Imperial Bank of Commerce, SOFR + 0.800% (c),
2.341%, 3/17/23		150		150,559
CIT Group, Inc.,
5.00%, 8/1/23		50		53,979
Citigroup, Inc., 3 mo. LIBOR + 1.430% (c),
3.337%, 9/1/23		250		257,278
Cooperatieve Rabobank UA, 3 mo. LIBOR + 0.860% (a)(b)(c),
2.807%, 9/26/23		250		251,490
Credit Agricole S.A., 3 mo. LIBOR + 1.020% (a)(b)(c),
2.956%, 4/24/23		250		252,563
Goldman Sachs Group, Inc., 3 mo. EURIBOR + 0.620% (c),
0.221%, 9/26/23	€	200		225,145
HSBC Holdings PLC, 3 mo. EURIBOR + 0.500% (c),
0.075%, 10/5/23		200		224,392
Industrial & Commercial Bank of China Ltd., 3 mo. LIBOR + 0.850% (c),
2.851%, 4/16/23	$	250		250,749
ING Groep NV, 3 mo. LIBOR + 1.000% (c),
2.909%, 10/2/23		250		252,509
JPMorgan Chase & Co. (c),
3 mo. LIBOR + 0.890%, 2.824%, 7/23/24		40		40,422
3 mo. LIBOR + 1.230%, 3.166%, 10/24/23		200		204,978
Morgan Stanley, 3 mo. LIBOR + 1.400% (c),
3.336%, 10/24/23		200		204,358
Nordea Bank Abp, 3 mo. LIBOR + 0.940% (a)(b)(c),
2.854%, 8/30/23		200		199,609
QNB Finance Ltd., 3 mo. LIBOR + 1.300% (c),
3.187%, 3/12/24		200		201,250
Royal Bank of Scotland Group PLC, 3 mo. LIBOR + 1.470% (c),
3.38%, 5/15/23		200		203,075

	Principal Amount (000s)		Value^
Santander UK Group Holdings PLC, 3 mo. EURIBOR + 0.850% (c),
0.451%, 3/27/24	€	100	$	112,600
Skandinaviska Enskilda Banken AB, 3 mo. LIBOR + 0.645% (a)(b)(c),
2.532%, 12/12/22	$	200		200,977
Standard Chartered PLC, 3 mo. LIBOR + 1.200% (a)(b)(c),
3.091%, 9/10/22		200		202,543
UBS Group AG, 3 mo. LIBOR + 0.950% (c),
2.86%, 8/15/23		250		252,802
Wells Fargo & Co., 3 mo. LIBOR + 1.230% (c),
3.157%, 10/31/23		200		204,672
				4,778,665
Chemicals—0.8%
DuPont de Nemours, Inc., 3 mo. LIBOR + 1.110% (c),
3.02%, 11/15/23		100		101,990
Commercial Services—0.8%
IHS Markit Ltd. (a)(b),
5.00%, 11/1/22		100		106,796
Computers—0.4%
Seagate HDD Cayman,
4.875%, 3/1/24		50		53,304
Containers & Packaging—2.1%
Ball Corp.,
4.00%, 11/15/23		50		52,624
Crown European Holdings S.A,
4.00%, 7/15/22	€	100		121,234
Reynolds Group Issuer, Inc. (a)(b),
5.125%, 7/15/23	$	50		51,292
3 mo. LIBOR + 3.500%, 5.501%, 7/15/21 (c)		50		50,175
				275,325
Diversified Financial Services—4.6%
Avolon Holdings Funding Ltd. (a)(b),
5.125%, 10/1/23		50		53,890
Capital One Financial Corp., 3 mo. LIBOR + 0.720% (c),
2.656%, 1/30/23		100		100,177
ICBCIL Finance Co., Ltd., 3 mo. LIBOR + 0.950% (c),
2.86%, 5/15/21		200		200,116
International Lease Finance Corp.,
5.875%, 8/15/22		100		108,877
Navient Corp.,
5.50%, 1/25/23		50		53,500
Synchrony Financial,
2.85%, 7/25/22		100		101,349
				617,909
Electric Utilities—2.8%
Edison International,
3.55%, 11/15/24		100		101,622
NextEra Energy Operating Partners L.P. (a)(b),
4.25%, 9/15/24		50		52,104
Perusahaan Listrik Negara PT,
5.50%, 11/22/21		200		212,086
				365,812

Schedule of Investments

AllianzGI Floating Rate Note Fund

December 31, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
Energy-Alternate Sources—0.4%
TerraForm Power Operating LLC (a)(b),
4.25%, 1/31/23	$	50	$	51,598
Equity Real Estate Investment Trusts (REITs)—2.6%
CyrusOne L.P.,
2.90%, 11/15/24		100		100,569
Digital Stout Holding LLC,
4.75%, 10/13/23	£	100		147,308
Equinix, Inc.,
2.625%, 11/18/24	$	100		100,494
				348,371
Food & Beverage—0.9%
Albertsons Cos., Inc.,
6.625%, 6/15/24		50		52,458
Tesco PLC,
6.125%, 2/24/22	£	50		72,850
				125,308
Healthcare-Products—2.4%
Becton Dickinson and Co., 3 mo. LIBOR + 1.030% (c),
2.917%, 6/6/22	$	100		100,840
DH Europe Finance Sarl, 3 mo. EURIBOR + 0.300% (c),
zero coupon, 6/30/22	€	200		224,597
				325,437
Healthcare-Services—1.6%
Centene Corp.,
4.75%, 5/15/22	$	50		51,143
HCA, Inc.,
7.50%, 2/15/22		50		55,339
Tenet Healthcare Corp.,
4.625%, 7/15/24		50		51,292
Universal Health Services, Inc. (a)(b),
4.75%, 8/1/22		50		50,711
				208,485
Home Builders—0.8%
Lennar Corp.,
4.50%, 4/30/24		100		105,833
Insurance—2.2%
Phoenix Group Holdings PLC,
4.125%, 7/20/22	£	100		138,756
Society of Lloyd’s,
4.75%, 10/30/24		100		147,650
				286,406
Leisure Time—0.4%
NCL Corp., Ltd. (a)(b),
3.625%, 12/15/24	$	50		50,813
Media—1.2%
Charter Communications Operating LLC, 3 mo. LIBOR + 1.650% (c),
3.559%, 2/1/24		100		102,966
Sirius XM Radio, Inc. (a)(b),
4.625%, 7/15/24		50		52,604
				155,570
Miscellaneous Manufacturing—1.5%
General Electric Co., 3 mo. LIBOR + 1.000% (c),
3.001%, 4/15/23		200		200,669

	Principal Amount (000s)		Value^
Oil, Gas & Consumable Fuels—0.8%
Petrobras Global Finance BV,
6.25%, 3/17/24	$	50	$	56,136
Sunoco L.P.,
4.875%, 1/15/23		50		51,272
				107,408
Pharmaceuticals—3.0%
AbbVie, Inc., 3 mo. USD-LIBOR-BBA + .650% (a)(b)(c),
2.545%, 11/21/22		100		100,506
Bayer U.S. Finance II LLC, 3 mo. USD-LIBOR-BBA + 1.010% (a)(b)(c),
2.904%, 12/15/23		200		201,347
Cigna Corp., 3 mo. LIBOR + 0.890% (c),
2.891%, 7/15/23		100		100,486
				402,339
Pipelines—3.1%
DCP Midstream Operating L.P.,
3.875%, 3/15/23		50		51,250
Energy Transfer Operating L.P.,
4.25%, 3/15/23		100		104,591
Kinder Morgan, Inc., 3 mo. LIBOR + 1.280% (c),
3.281%, 1/15/23		100		101,292
MPLX L.P., 3 mo. LIBOR + 1.100% (c),
2.985%, 9/9/22		100		101,297
NGPL PipeCo LLC (a)(b),
4.375%, 8/15/22		50		51,848
				410,278
Real Estate—0.8%
Vonovia Finance BV, 3 mo. EURIBOR + 0.450% (c),
0.052%, 12/22/22	€	100		112,422
Retail—1.2%
1011778 BC ULC (a)(b),
4.25%, 5/15/24	$	50		51,354
Dollar Tree, Inc.,
3.70%, 5/15/23		100		104,163
				155,517
Semiconductors—0.4%
Broadcom Corp.,
3.625%, 1/15/24		50		51,795
Software—0.9%
Fidelity National Information Services, Inc.,
0.75%, 5/21/23	€	100		114,559
Telecommunications—2.4%
AT&T, Inc., 3 mo. EURIBOR + 0.850% (c),
0.45%, 9/5/23		100		113,910
Verizon Communications, Inc., 3 mo. LIBOR + 1.100% (c),
3.01%, 5/15/25	$	200		204,875
				318,785

Schedule of Investments

AllianzGI Floating Rate Note Fund

December 31, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
Transportation—1.5%
Aviation Capital Group LLC, 3 mo. LIBOR + 0.670% (a)(b)(c),
2.606%, 7/30/21	$	200	$	200,054
Total Corporate Bonds & Notes (cost—$10,312,273)				10,436,255
MORTGAGE-BACKED SECURITIES (c)—12.9%
280 Park Avenue Mortgage Trust, 1 mo. LIBOR + 0.880%, Series 2017-280P, Class A (b),
2.62%, 9/15/34		200		200,253
BHMS, 1 mo. LIBOR + 1.250%, Series 2018-ATLS, Class A (a)(b),
2.99%, 7/15/35		100		100,067
BX Commercial Mortgage Trust (a)(b), 1 mo. LIBOR + 0.671%, 2.411%, 3/15/37, Series 2018-BIOA, Class A		150		149,797
1 mo. LIBOR + 0.750%, 2.49%, 11/15/35, Series 2018-IND, Class A		114		114,154
1 mo. LIBOR + 0.900%, 2.64%, 11/15/35, Series 2018-IND, Class B		70		70,022
BX Commercial Mortgage Trust 2019-XL, 1 mo. USD-LIBOR-BBA + .920% (a)(b),
2.66%, 10/15/36		250		250,504
BX Trust, 1 mo. LIBOR + 0.800%, Series 2018-BILT, Class A (a)(b),
2.54%, 5/15/30		100		99,835
CGDBB Commercial Mortgage Trust, 1 mo. LIBOR + 0.790%, Series 2017-BIOC, Class A (b),
2.53%, 7/15/32		91		91,346
DBCG Mortgage Trust, 1 mo. LIBOR + 0.700%, Series 2017-BBG, Class A (a)(b),
2.44%, 6/15/34		200		199,791
Dutch Property Finance BV, 3 mo. EURIBOR + 0.680%, Series 2017-1, Class A,
0.276%, 1/28/48	€	134		151,552
Morgan Stanley Capital I Trust 2017-CLS, 1 mo. USD-LIBOR-BBA + .700% (b),
2.44%, 11/15/34	$	150		149,763
Motel 6 Trust, 1 mo. LIBOR + 0.920%, Series 2017-MTL6, Class A (b),
2.66%, 8/15/34		137		137,273
Total Mortgage-Backed Securities (cost—$1,721,753)				1,714,357
ASSET-BACKED SECURITIES (b)— 5.2%
DB Master Finance LLC, Series 2019-1A Class A2I (a),
3.787%, 5/20/49		100		101,892
Domino’s Pizza Master Issuer LLC, 3 mo. LIBOR + 1.250%, Series 2017-1A Class A2I (a)(c),
3.19%, 7/25/47		98		98,295
Invitation Homes Trust (a)(c), 1 mo. LIBOR + 0.850%, 2.587%, 12/17/36, Series 2017-SFR2, Class A		93		93,050

	Principal Amount (000s)		Value^
1 mo. LIBOR + 0.900%, 2.64%, 6/17/37, Series 2018-SFR2, Class A	$	90	$	89,999
Taco Bell Funding LLC, Series 2018-1A Class A2I (a),
4.318%, 11/25/48		99		101,419
Vantage Data Centers Issuer LLC, Series 2018-1A, Class A2,
4.072%, 2/16/43		196		202,514
Total Asset-Backed Securities (cost—$680,356)				687,169
SOVEREIGN DEBT OBLIGATIONS—1.5%
Colombia—1.5%
Colombia Government International Bond,
2.625%, 3/15/23 (cost—$194,650)		200		201,286
U.S. GOVERNMENT AGENCY SECURITIES—0.3%
Fannie Mae, MBS, 1 mo. USD-LIBOR-BBA + 3.000%, Series 2014-C03, Class 1M2, CMO (c),
4.792%, 7/25/24 (cost—$40,241)		38		39,870
Repurchase Agreements—1.3%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $179,002; collateralized by U.S. Treasury Bonds, 2.50%, due 2/15/46, valued at $187,078 including accrued interest (cost—$179,000)		179		179,000
Total Investments (cost—$13,128,273)—99.7%				13,257,937
Other assets less liabilities (d)—0.3%				41,818
Net Assets—100.0%			$	13,299,755

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 $4,005,080, representing 30.1% of net assets.

(b) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $4,786,229, representing 36.0% of net assets.

(c) Variable or Floating Rate Security—Securities with an interest rate that changes periodically. The interest rate disclosed reflects the rate in effect on December 31, 2019.

Schedule of Investments

AllianzGI Floating Rate Note Fund

December 31, 2019 (unaudited) (continued)

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

Futures contracts outstanding at December 31, 2019:

Type	Contracts			Expiration Date		Notional Amount (000s)			Market Value (000s)			Unrealized Appreciation (Depreciation)
Long position contracts:
2-Year U.S. Treasury Note		2			3/31/20	$	400		$	431		$	(406	)
Short position contracts:
5-Year U.S. Treasury Note		(17	)		3/31/20	$	(1,700	)	$	(2,016	)	$	7,617
Euro-Bobl		(1	)		3/6/20	EUR	(100	)		(150	)		897
Euro-Schatz		(5	)		3/6/20		(500	)		(628	)		477
												$	8,991
												$	8,585

Forward foreign currency contracts outstanding at December 31, 2019:

Description	Counterparty		U.S.$ Value on Origination Date		U.S.$ Value December 31, 2019		Unrealized Appreciation		Unrealized Depreciation
Purchased:
200,515 Euro settling 3/18/20		Citibank N.A.	$	224,103	$	225,974	$	1,871	$	—
Sold:
379,453 British Pound settling 3/18/20		Citibank N.A.		499,738		503,660		—		(3,922	)
1,719,818 Euro settling 3/18/20		Citibank N.A.		1,920,832		1,938,180		—		(17,348	)
							$	1,871	$	(21,270	)

(e) At December 31, 2019, the Fund pledged $14,215 in cash as collateral for futures contracts.

Glossary:

BBA—British Bankers’ Association

£—British Pound

CMO—Collateralized Mortgage Obligation

EUR/€—Euro

EURIBOR—Euro Inter-Bank Offered Rate

LIBOR—London Inter-Bank Offered Rate

MBS—Mortgage-Backed Securities

REIT—Real Estate Investment Trust

SOFR—Secured Overnight Financing Rate

Schedule of Investments

AllianzGI Global Dynamic Allocation Fund

December 31, 2019 (unaudited)

	Shares		Value^
COMMON STOCK—29.5%
Australia—0.5%
Aristocrat Leisure Ltd.		1,230	$	29,064
BHP Group Ltd.		2,163		59,228
Bingo Industries Ltd.		11,820		23,594
BlueScope Steel Ltd.		2,355		24,943
Bravura Solutions Ltd.		4,226		15,402
Brickworks Ltd.		1,877		24,607
Computershare Ltd.		2,095		24,700
CSL Ltd.		392		76,002
Flight Centre Travel Group Ltd.		801		24,775
Macquarie Group Ltd.		575		55,685
National Australia Bank Ltd.		2,356		40,768
Newcrest Mining Ltd.		2,060		43,505
Regis Resources Ltd.		7,776		23,528
Rio Tinto Ltd.		410		29,008
Saracen Mineral Holdings Ltd. (k)		10,262		23,798
Silver Lake Resources Ltd. (k)		10,754		10,079
Sonic Healthcare Ltd.		1,275		25,708
St. Barbara Ltd.		6,297		11,964
Stockland REIT		800		2,596
Telstra Corp. Ltd.		17,437		43,313
Vicinity Centres REIT		1,738		3,040
Westpac Banking Corp.		2,543		43,426
				658,733
Austria—0.1%
Erste Group Bank AG (k)		637		23,927
EVN AG		856		16,611
Flughafen Wien AG		322		13,681
OMV AG		453		25,379
Raiffeisen Bank International AG		734		18,371
Telekom Austria AG (k)		987		8,060
voestalpine AG		739		20,497
				126,526
Belgium—0.1%
Ageas		512		30,276
Elia System Operator S.A.		380		33,716
Proximus SADP		1,263		36,190
				100,182
Bermuda—0.0%
Arch Capital Group Ltd. (k)		876		37,571
Bank of NT Butterfield & Son Ltd.		441		16,326
				53,897
Brazil—0.1%
Banco Bradesco S.A.		2,800		23,835
Banco do Brasil S.A. (k)		3,600		47,514
JBS S.A.		4,300		27,687
LOG Commercial Properties e Participacoes S.A.		1,125		9,078
Petroleo Brasileiro S.A.		3,100		24,832
Smiles Fidelidade S.A.		1,200		11,745
Suzano S.A.		2,152		21,305
Vale S.A. (k)		45		599
				166,595
Canada—0.9%
Aecon Group, Inc.		489		6,598
Artis Real Estate Investment Trust REIT		523		4,793
Bank of Nova Scotia		1,263		71,342
Bausch Health Cos., Inc. (k)		899		26,910

	Shares		Value^
Baytex Energy Corp. (k)		1,346	$	1,938
Bonavista Energy Corp.		3,032		1,424
BRP, Inc.		617		28,110
Canadian Apartment Properties REIT		494		20,166
Canadian Imperial Bank of Commerce		588		48,931
Canfor Pulp Products, Inc.		534		3,438
Cogeco Communications, Inc.		695		60,586
Crescent Point Energy Corp.		346		1,547
ECN Capital Corp.		1,240		4,574
Emera, Inc.		695		29,860
Empire Co., Ltd., Class A		793		18,601
Exchange Income Corp.		529		18,206
Fairfax Financial Holdings Ltd.		131		61,512
Genworth MI Canada, Inc.		326		14,265
George Weston Ltd.		853		67,672
Husky Energy, Inc.		1,937		15,543
IA Financial Corp., Inc.		428		23,510
InterRent Real Estate Investment Trust REIT		1,332		16,043
Killam Apartment Real Estate Investment Trust REIT		1,091		15,913
Magellan Aerospace Corp.		1,336		14,465
Magna International, Inc.		398		21,823
Manulife Financial Corp.		1,735		35,220
Martinrea International, Inc.		2,322		25,588
Methanex Corp.		454		17,533
National Bank of Canada		506		28,087
Northview Apartment Real Estate Investment Trust REIT		668		15,247
Nutrien Ltd.		960		45,961
Power Corp. of Canada		821		21,149
Restaurant Brands International, Inc.		599		38,185
Restaurant Brands International, Inc.		1,180		75,249
Royal Bank of Canada		1,097		86,802
Suncor Energy, Inc.		1,586		51,981
Teck Resources Ltd., Class B		1,241		21,522
Toronto-Dominion Bank		928		52,047
Transcontinental, Inc., Class A		1,806		22,072
				1,134,413
Chile—0.0%
Banco Santander Chile		212,025		12,125
Empresas CMPC S.A.		8,295		20,330
Itau CorpBanca		2,815,502		16,304
				48,759
China—1.2%
58.com, Inc. ADR (k)		463		29,970
AAC Technologies Holdings, Inc.		3,400		29,682
Agile Group Holdings Ltd.		13,091		19,672
Agricultural Bank of China Ltd., Class H		48,000		21,128
Alibaba Group Holding Ltd. ADR (k)		799		169,468
Anhui Conch Cement Co., Ltd., Class H		3,500		25,501
Autohome, Inc. ADR (k)		297		23,763
Baidu, Inc. ADR (k)		203		25,659
Bank of China Ltd., Class H		88,000		37,618
Bank of Communications Co., Ltd., Class H		22,039		15,661
Beijing Enterprises Holdings Ltd.		5,000		22,943
BOC Aviation Ltd. (b)		6,800		69,158
China CITIC Bank Corp., Ltd., Class H		40,000		23,984

Schedule of Investments

AllianzGI Global Dynamic Allocation Fund

December 31, 2019 (unaudited) (continued)

	Shares		Value^
China Communications Services Corp., Ltd., Class H		34,000	$	24,785
China Construction Bank Corp., Class H		118,064		102,366
China Dongxiang Group Co., Ltd.		43,117		4,758
China Everbright Greentech Ltd. (b)		32,000		17,337
China Lumena New Materials Corp. (d)(f)(k)		1,772		—	†
China Mobile Ltd.		8,500		71,824
China SCE Group Holdings Ltd.		63,000		36,697
China Shenhua Energy Co., Ltd., Class H		14,500		30,318
China Telecom Corp., Ltd., Class H		22,000		9,064
China Water Affairs Group Ltd.		10,000		7,482
China Yuchai International Ltd.		992		13,223
China Zhongwang Holdings Ltd.		41,200		16,460
Chongqing Rural Commercial Bank Co., Ltd., Class H		6,488		3,314
CIFI Holdings Group Co., Ltd.		50,000		42,277
CITIC Ltd.		13,000		17,351
Country Garden Holdings Co., Ltd.		16,000		25,608
Country Garden Services Holdings Co., Ltd.		5,172		17,413
CSPC Pharmaceutical Group Ltd.		12,000		28,637
EVA Precision Industrial Holdings Ltd.		20,236		1,506
Fosun International Ltd.		11,500		16,775
Golden Eagle Retail Group Ltd.		6,000		6,684
Guangzhou Automobile Group Co., Ltd., Class H		16,809		20,927
Guangzhou R&F Properties Co., Ltd., Class H		2,881		5,320
Industrial & Commercial Bank of China Ltd., Class H		66,000		50,921
Jiangsu Expressway Co., Ltd., Class H		5,189		7,111
Ju Teng International Holdings Ltd.		4,744		1,212
Kingboard Holdings Ltd.		5,000		15,858
Lenovo Group Ltd.		60,000		40,293
Postal Savings Bank of China Co., Ltd., Class H (b)		22,000		14,962
Shanghai Industrial Holdings Ltd.		9,000		17,326
Shenzhen Expressway Co., Ltd., Class H		25,700		36,878
Shenzhen Investment Holdings Bay Area Development Co., Ltd.		30,000		14,363
Sinotrans Ltd., Class H		45,000		15,306
Sinotruk Hong Kong Ltd.		11,500		24,544
SSY Group Ltd.		22,000		17,819
Tencent Holdings Ltd.		3,681		177,336
Tong Ren Tang Technologies Co., Ltd., Class H		2,726		2,678
Uni-President China Holdings Ltd.		20,000		21,011
Yuexiu Real Estate Investment Trust REIT		13,000		8,811
Yuzhou Properties Co., Ltd.		79,088		43,511
				1,544,273
Colombia—0.0%
Bancolombia S.A.		2,251		30,170
Corp. Financiera Colombiana S.A. (k)		346		3,247
				33,417
Czech Republic—0.1%
CEZ AS		2,391		53,737
Moneta Money Bank AS (b)		6,630		24,877
O2 Czech Republic AS		2,387		24,638
Philip Morris CR AS		31		20,884
				124,136

	Shares		Value^
Denmark—0.1%
Demant A/S (k)		972	$	30,611
Netcompany Group A/S (b)(k)		413		19,652
Royal Unibrew A/S		168		15,389
Solar A/S, Class B		111		4,982
Spar Nord Bank A/S		377		3,661
Topdanmark A/S		384		18,930
Tryg A/S		1,482		43,936
				137,161
Finland—0.1%
Elisa Oyj		611		33,754
Finnair Oyj		2,810		18,550
Metsa Board Oyj		429		2,886
Neste Oyj		1,601		55,707
Oriola Oyj, Class B		700		1,591
Outokumpu Oyj		5,805		18,295
Stora Enso Oyj, Class R		1,506		21,913
UPM-Kymmene Oyj		1,003		34,799
				187,495
France—0.9%
Aeroports de Paris		113		22,373
APERAM S.A.		51		1,638
ArcelorMittal S.A.		1,371		24,157
AXA S.A.		1,711		48,346
BNP Paribas S.A.		937		55,693
Boiron S.A.		31		1,266
Cegereal S.A. REIT		421		20,212
Cie Generale des Etablissements Michelin SCA		326		40,117
CNP Assurances		1,192		23,751
Coface S.A. (k)		1,123		13,819
Credit Agricole S.A.		1,749		25,450
Eiffage S.A.		670		76,867
Engie S.A.		2,716		43,995
Faurecia SE		378		20,521
Hermes International		85		63,674
Ipsen S.A.		207		18,375
Jacquet Metal Service S.A.		1,016		17,628
Kaufman & Broad S.A.		357		14,817
Kering S.A.		77		50,736
Klepierre S.A. REIT		695		26,441
Korian S.A.		349		16,452
L’Oreal S.A.		164		48,496
LVMH Moet Hennessy Louis Vuitton SE		356		165,879
Orange S.A.		2,801		41,164
Peugeot S.A.		1,273		30,650
Renault S.A.		315		14,959
Rubis SCA		80		4,923
SEB S.A.		19		2,826
Societe Generale S.A.		919		32,071
Sodexo S.A.		194		22,990
STMicroelectronics NV		1,115		30,083
Total S.A.		1,483		82,292
Unibail-Rodamco-Westfield REIT		168		26,505
Vinci S.A.		1,080		120,283
				1,249,449
Germany—0.6%
Adidas AG		248		80,617
Bayer AG		899		73,086
Bayerische Motoren Werke AG		248		20,313

Schedule of Investments

AllianzGI Global Dynamic Allocation Fund

December 31, 2019 (unaudited) (continued)

	Shares		Value^
Covestro AG (b)		422	$	19,636
Deutsche Boerse AG		251		39,360
Deutsche Lufthansa AG		1,206		22,199
Deutsche Telekom AG		5,924		96,811
Deutz AG		3,471		21,601
DWS Group GmbH & Co. KGaA (b)		724		25,707
Fresenius SE & Co. KGaA		568		31,963
HeidelbergCement AG		338		24,561
MTU Aero Engines AG		74		21,085
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		285		84,101
Rhoen Klinikum AG		147		2,882
SAP SE		573		77,125
Sixt SE		37		3,711
TAG Immobilien AG (k)		1,546		38,396
Talanx AG (k)		791		39,148
TLG Immobilien AG		794		25,338
WCM Beteiligungs & Grundbesitz AG		2,676		14,868
				762,508
Hong Kong—0.3%
AIA Group Ltd.		3,600		37,865
Cathay Pacific Airways Ltd.		1,543		2,281
CITIC Telecom International Holdings Ltd.		37,000		13,485
CK Asset Holdings Ltd.		4,500		32,473
CK Hutchison Holdings Ltd.		2,797		26,671
CLP Holdings Ltd.		10,281		107,924
Dah Sing Banking Group Ltd.		1,623		2,171
Fairwood Holdings Ltd.		5,000		12,760
Global Brands Group Holding Ltd.		61,400		5,036
Hang Seng Bank Ltd.		2,700		55,809
Health & Happiness H&H International Holdings Ltd.		4,500		18,639
Hui Xian Real Estate Investment Trust REIT		15,000		7,064
Hysan Development Co., Ltd.		7,000		27,449
IT Ltd.		42,000		10,088
Johnson Electric Holdings Ltd.		9,500		21,610
Kerry Properties Ltd.		4,243		13,476
NWS Holdings Ltd.		6,000		8,409
Shanghai Industrial Urban Development Group Ltd.		17,000		2,137
Swire Pacific Ltd., Class A		3,656		33,963
Wharf Real Estate Investment Co., Ltd.		4,000		24,406
Yue Yuen Industrial Holdings Ltd.		698		2,060
				465,776
Hungary—0.1%
Magyar Telekom Telecommunications PLC		30,802		46,592
MOL Hungarian Oil & Gas PLC		2,686		26,774
OTP Bank Nyrt		460		24,086
				97,452
Indonesia—0.1%
Astra International Tbk PT		56,900		28,342
Bank Central Asia Tbk PT		9,600		23,088
Bank Negara Indonesia Persero Tbk PT		45,955		25,942
Indo Tambangraya Megah Tbk PT		21,000		17,336
Mitra Adiperkasa Tbk PT		221,700		16,844
				111,552
Ireland—0.1%
Ingersoll-Rand PLC		516		68,587

	Shares			Value^
Irish Residential Properties REIT PLC		1,116		$	1,990
Origin Enterprises PLC		4,223			17,574
Smurfit Kappa Group PLC		646			24,948
					113,099
Israel—0.2%
B Communications Ltd. (k)		1,705			3,109
Bank Leumi Le-Israel BM		7,872			57,410
Equital Ltd. (k)		—	†		5
First International Bank of Israel Ltd.		563			16,307
Harel Insurance Investments & Financial Services Ltd.		1,700			13,293
Hilan Ltd.		604			24,345
Israel Discount Bank Ltd., Class A		6,144			28,534
Mizrahi Tefahot Bank Ltd.		1,385			36,944
Shufersal Ltd.		769			4,902
Teva Pharmaceutical Industries Ltd. ADR (k)		2,064			20,227
					205,076
Italy—0.4%
Amplifon SpA		793			22,822
Enav SpA (b)		6,070			36,222
Enel SpA		17,844			141,750
Eni SpA		3,873			60,152
Intesa Sanpaolo SpA		9,557			25,175
Iren SpA		6,151			19,057
Mediobanca Banca di Credito Finanziario SpA		1,860			20,480
Moncler SpA		638			28,715
Prima Industrie SpA		831			15,299
Snam SpA		15,927			83,741
Telecom Italia SpA (k)		38,373			23,964
Unipol Gruppo SpA		2,831			16,253
					493,630
Japan—2.8%
ADEKA Corp.		26			392
Aeon Co., Ltd.		1,600			33,018
AGC, Inc.		800			28,606
Aida Engineering Ltd.		142			1,270
ANA Holdings, Inc.		1,545			51,578
Aoyama Trading Co., Ltd.		111			1,562
Asahi Group Holdings Ltd.		1,100			50,183
Astellas Pharma, Inc.		9,992			170,563
Bandai Namco Holdings, Inc.		700			42,582
Bookoff Group Holdings Ltd.		400			3,777
Canon, Inc.		1,210			33,116
Chubu Electric Power Co., Inc.		2,200			31,099
Dai-ichi Life Holdings, Inc.		1,600			26,368
Daikin Industries Ltd.		400			56,436
Daito Pharmaceutical Co., Ltd.		152			4,418
Daiwa Office Investment Corp. REIT		2			15,358
DCM Holdings Co., Ltd.		2,725			26,541
Doutor Nichires Holdings Co., Ltd.		1,551			30,786
DTS Corp.		1,098			25,505
DyDo Group Holdings, Inc.		426			17,976
East Japan Railway Co.		400			36,105
Exedy Corp.		1,074			24,295
FamilyMart Co., Ltd.		1,200			28,740
FUJIFILM Holdings Corp.		1,521			72,637
Fukuyama Transporting Co., Ltd.		345			12,530
Geo Holdings Corp.		536			6,611

Schedule of Investments

AllianzGI Global Dynamic Allocation Fund

December 31, 2019 (unaudited) (continued)

	Shares		Value^
Hitachi Ltd.		1,300	$	54,854
Honda Motor Co., Ltd.		2,600		73,584
Honeys Holdings Co., Ltd.		39		641
Hoya Corp.		600		57,277
ITOCHU Corp.		4,777		110,715
Japan Airlines Co., Ltd.		1,620		50,440
Japan Wool Textile Co., Ltd.		2,200		22,724
JFE Holdings, Inc.		1,400		17,964
JVCKenwood Corp.		4,400		11,016
JXTG Holdings, Inc.		4,600		20,877
Kajima Corp.		4,500		59,828
Kamigumi Co., Ltd.		1,100		24,180
Kandenko Co., Ltd.		900		8,627
Kansai Electric Power Co., Inc.		2,000		23,170
KDDI Corp.		1,600		47,738
Kikkoman Corp.		700		34,268
Kintetsu Group Holdings Co., Ltd.		700		37,968
LaSalle Logiport REIT		19		28,243
Mazda Motor Corp.		2,800		23,860
McDonald’s Holdings Co. Japan Ltd.		600		28,907
Mirait Holdings Corp.		1,700		25,692
Mitsubishi Chemical Holdings Corp.		2,706		20,163
Mitsubishi Corp.		3,900		103,316
Mitsubishi Gas Chemical Co., Inc.		271		4,128
Mitsuboshi Belting Ltd.		71		1,365
Mitsui & Co., Ltd.		4,200		74,657
Mitsui Sugar Co., Ltd.		800		16,700
Morinaga Milk Industry Co., Ltd.		600		24,464
NEC Corp.		1,600		66,215
NET One Systems Co., Ltd.		1,200		30,639
Nichias Corp.		498		12,617
Nidec Corp.		400		54,633
Nihon Unisys Ltd.		821		25,754
Nippon REIT Investment Corp. REIT		6		26,395
Nippon Telegraph & Telephone Corp.		7,616		192,484
Nishimatsu Construction Co., Ltd.		800		17,999
Nissan Motor Co., Ltd.		4,859		28,157
Nisshin Seifun Group, Inc.		1,700		29,661
NTT DOCOMO, Inc.		6,743		187,834
Obayashi Corp.		5,127		56,944
Okumura Corp.		1,000		27,492
Pacific Industrial Co., Ltd.		224		3,051
Raito Kogyo Co., Ltd.		2,063		29,818
Recruit Holdings Co., Ltd.		1,900		71,165
Rengo Co., Ltd.		1,100		8,380
S Foods, Inc.		172		4,485
Sankyo Co., Ltd.		1,000		33,213
Sanyo Special Steel Co., Ltd.		182		2,622
Sawai Pharmaceutical Co., Ltd.		525		33,261
SBI Holdings, Inc.		1,100		23,223
Secom Co., Ltd.		400		35,697
Sekisui House Ltd.		1,800		38,439
Senko Group Holdings Co., Ltd.		2,496		21,263
Shibaura Electronics Co., Ltd.		200		5,860
Shiseido Co., Ltd.		700		49,707
SoftBank Group Corp.		1,600		69,467
Sojitz Corp.		6,684		21,543
Sony Corp.		1,000		67,898
Sumitomo Corp.		2,700		40,104
Sumitomo Densetsu Co., Ltd.		300		8,064
Sumitomo Electric Industries Ltd.		2,000		30,036

	Shares		Value^
Sumitomo Mitsui Financial Group, Inc.		1,300	$	48,016
Sumitomo Rubber Industries Ltd.		2,100		25,607
Sushiro Global Holdings Ltd.		400		34,447
Suzuken Co., Ltd.		600		24,455
Takasago Thermal Engineering Co., Ltd.		1,397		24,992
Teijin Ltd.		900		16,814
Toho Co., Ltd.		600		25,003
Tokyo Gas Co., Ltd.		1,200		29,159
Tokyu Construction Co., Ltd.		700		4,986
Toshiba Plant Systems & Services Corp.		1,200		29,184
Towa Pharmaceutical Co., Ltd.		414		10,758
Toyo Seikan Group Holdings Ltd.		1,700		29,264
Toyo Suisan Kaisha Ltd.		700		29,726
Toyota Motor Corp.		1,751		123,378
Toyota Tsusho Corp.		600		21,077
Tv Tokyo Holdings Corp.		266		5,934
YA-MAN Ltd.		3,100		20,745
Yorozu Corp.		259		3,477
Yurtec Corp.		132		833
				3,701,393
Korea (Republic of)—0.5%
CJ Hello Co., Ltd.		889		4,644
Daeduck Electronics Co.		2,244		20,250
Daekyo Co., Ltd.		777		4,098
Dongwon Industries Co., Ltd.		114		20,829
Easy Bio, Inc.		559		2,406
Hana Financial Group, Inc.		799		25,415
Hansol Paper Co., Ltd.		477		5,949
HDC Holdings Co., Ltd.		757		7,204
HDC Hyundai Development Co-Engineering & Construction		1		22
HDC Hyundai Engineering Plastics Co., Ltd.		864		3,742
Industrial Bank of Korea (k)		1,952		19,897
KB Financial Group, Inc. (k)		624		25,708
KC Co., Ltd.		70		1,126
KC Tech Co., Ltd.		103		2,071
KT Corp. (k)		221		5,157
KT&G Corp. (k)		498		40,292
Kukdo Chemical Co., Ltd.		130		5,283
LG Corp.		311		19,816
LG Electronics, Inc. (k)		448		27,828
Macquarie Korea Infrastructure Fund		2,320		23,271
Orange Life Insurance Ltd. (b)		297		7,247
Partron Co., Ltd.		2,165		24,671
POSCO		117		23,782
Samsung Electronics Co., Ltd.		917		44,187
Samsung Electronics Co., Ltd. GDR		69		82,317
Samsung Fire & Marine Insurance Co., Ltd.		177		37,212
Shinhan Financial Group Co., Ltd. (k)		742		27,820
SK Hynix, Inc.		532		43,272
SK Telecom Co., Ltd.		177		36,471
Ubiquoss Holdings, Inc.		633		11,007
Ubiquoss, Inc.		140		3,432
				606,426
Malaysia—0.2%
AirAsia Group Bhd.		41,100		17,089
Ann Joo Resources Bhd.		32,300		9,639

Schedule of Investments

AllianzGI Global Dynamic Allocation Fund

December 31, 2019 (unaudited) (continued)

	Shares		Value^
Axis Real Estate Investment Trust REIT		11,200	$	4,846
Bermaz Auto Bhd.		9,500		4,879
CIMB Group Holdings Bhd.		17,000		21,412
Genting Bhd.		12,100		17,905
Hong Leong Bank Bhd.		6,000		25,390
Hong Leong Financial Group Bhd.		4,900		20,244
KNM Group Bhd. (k)		31,700		2,913
Malayan Banking Bhd.		25,300		53,463
Maxis Bhd.		3,200		4,166
MISC Bhd.		7,300		14,915
Petronas Chemicals Group Bhd.		7,900		14,197
Petronas Dagangan Bhd.		4,300		24,283
Syarikat Takaful Malaysia Keluarga Bhd.		4,000		5,574
Tenaga Nasional Bhd.		7,300		23,678
VS Industry Bhd.		13,575		4,453
				269,046
Mexico—0.1%
Banco del Bajio S.A. (b)		16,700		27,972
Grupo Aeroportuario del Pacifico S.A.B de C.V. ADR		47		5,575
Grupo Financiero Banorte S.A.B de C.V., Class O		4,600		25,703
Grupo Lala S.A.B de C.V.		4,496		3,885
Megacable Holdings S.A.B de C.V. UNIT		5,000		20,479
Qualitas Controladora S.A.B. de C.V.		5,100		21,417
Ternium S.A. ADR		978		21,516
Wal-Mart de Mexico S.A.B de C.V.		17,400		49,833
				176,380
Morocco—0.0%
Douja Promotion Groupe Addoha S.A. (k)		3,431		4,068
Netherlands—0.3%
Aegon NV		4,846		22,183
AerCap Holdings NV (k)		365		22,437
Airbus SE		457		67,072
ASML Holding NV		293		86,745
ASR Nederland NV		1,250		46,844
Coca-Cola European Partners PLC		367		18,673
Koninklijke Ahold Delhaize NV		3,925		98,409
NIBC Holding NV (b)		1,687		14,274
Prosus NV (k)		252		18,860
Signify NV (b)		614		19,217
Vastned Retail NV REIT		232		6,948
				421,662
New Zealand—0.1%
a2 Milk Co., Ltd. (k)		2,268		22,964
Air New Zealand Ltd.		26,556		52,381
Arvida Group Ltd.		9,216		11,912
Auckland International Airport Ltd.		3,317		19,552
Kiwi Property Group Ltd. REIT		1,590		1,670
Oceania Healthcare Ltd.		24,160		21,469
Summerset Group Holdings Ltd.		8,717		52,245
Tourism Holdings Ltd.		4,537		10,544
				192,737
Norway—0.2%
Austevoll Seafood ASA		1,426		14,626
Avance Gas Holding Ltd. (b)(k)		97		555
B2Holding ASA		15,516		16,894
Elkem ASA (b)		2,558		7,213
Equinor ASA		1,425		28,418

	Shares		Value^
FLEX LNG Ltd.		1,967	$	20,471
Frontline Ltd.		2,069		26,233
Mowi ASA		1,011		26,287
Norsk Hydro ASA		5,353		19,906
Norwegian Finans Holding ASA (k)		2,077		22,546
Salmar ASA		316		16,194
Selvaag Bolig ASA		3,268		27,489
Sparebank 1 Nord Norge		2,302		20,583
				247,415
Peru—0.0%
Ferreycorp SAA		41,576		27,483
Volcan Cia Minera SAA, Class B (k)		76,624		10,292
				37,775
Philippines—0.1%
Bloomberry Resorts Corp.		64,100		14,302
Globe Telecom, Inc.		540		21,538
Metro Pacific Investments Corp.		180,000		12,369
PLDT, Inc.		345		6,767
San Miguel Corp.		6,450		20,886
SM Prime Holdings, Inc.		27,600		22,908
Vista Land & Lifescapes, Inc.		145,700		22,238
				121,008
Poland—0.0%
Asseco Poland S.A.		2,505		42,099
Ciech S.A. (k)		570		5,959
				48,058
Russian Federation—0.0%
Surgutneftegas PJSC ADR		669		5,416
Singapore—0.3%
Accordia Golf Trust UNIT		12,500		6,219
Asian Pay Television Trust UNIT		118,900		14,941
CapitaLand Mall Trust REIT		25,200		46,130
ComfortDelGro Corp. Ltd.		11,400		20,171
Fortune Real Estate Investment Trust REIT		22,000		25,669
Frasers Logistics & Industrial Trust REIT		29,500		27,198
Keppel DC REIT		16,500		25,529
Mapletree Commercial Trust REIT		15,101		26,853
Oversea-Chinese Banking Corp., Ltd.		4,400		35,995
Sheng Siong Group Ltd.		5,100		4,702
Singapore Airlines Ltd.		5,400		36,306
Sino Grandness Food Industry Group Ltd. (k)		25,900		770
United Overseas Bank Ltd.		1,300		25,567
Wilmar International Ltd.		14,100		43,198
				339,248
South Africa—0.0%
MultiChoice Group (k)		1,465		12,205
Naspers Ltd., Class N		132		21,602
				33,807
Spain—0.2%
Amadeus IT Group S.A.		463		37,918
Banco Santander S.A.		10,779		45,194
CaixaBank S.A.		5,873		18,494
Ebro Foods S.A.		719		15,557
Iberdrola S.A.		5,205		53,640
Inmobiliaria Colonial Socimi S.A. REIT		410		5,233
International Consolidated Airlines Group S.A.		3,380		27,967

Schedule of Investments

AllianzGI Global Dynamic Allocation Fund

December 31, 2019 (unaudited) (continued)

	Shares		Value^
Lar Espana Real Estate Socimi S.A. REIT		137	$	1,091
Repsol S.A.		1,854		29,127
Telefonica S.A.		3,499		24,469
				258,690
Sweden—0.2%
BillerudKorsnas AB		199		2,351
Castellum AB		1,113		26,143
Dios Fastigheter AB		1,811		16,595
Klovern AB, Class B		10,072		24,692
Lundin Petroleum AB		481		16,332
Nyfosa AB (k)		2,956		25,563
Peab AB		211		2,110
SSAB AB, Class A		6,606		23,212
Swedbank AB, Class A		1,713		25,465
Volvo AB, Class B		2,905		48,633
				211,096
Switzerland—0.8%
Alcon, Inc. (k)		359		20,334
Amcor PLC (k)		51		553
Baloise Holding AG		201		36,378
Banque Cantonale Vaudoise		10		8,163
Barry Callebaut AG		18		39,735
Cembra Money Bank AG		275		30,087
Implenia AG		379		15,373
Intershop Holding AG		24		14,031
Lonza Group AG (k)		130		47,425
Nestle S.A.		1,773		191,954
Novartis AG		1,306		123,665
PSP Swiss Property AG		214		29,548
Roche Holding AG		304		98,801
Straumann Holding AG		26		25,504
Sunrise Communications Group AG (b)(k)		169		13,277
Swiss Life Holding AG		201		100,836
Swiss Re AG		467		52,464
Zurich Insurance Group AG		408		167,361
				1,015,489
Taiwan—1.0%
Asia Cement Corp.		29,000		46,420
Chailease Holding Co., Ltd.		4,556		21,002
Cheng Loong Corp.		15,000		9,657
China Airlines Ltd.		12,000		3,627
China Development Financial Holding Corp.		86,000		27,933
China Metal Products		8,000		8,381
China Motor Corp.		4,000		5,223
China Petrochemical Development Corp.		36,000		11,777
Chunghwa Telecom Co., Ltd.		15,000		55,026
CTBC Financial Holding Co., Ltd.		62,000		46,385
E.Sun Financial Holding Co., Ltd.		77,000		71,758
Far Eastern New Century Corp.		16,000		15,935
First Financial Holding Co., Ltd.		141,322		111,825
Formosa Chemicals & Fibre Corp.		6,000		17,530
Formosa Petrochemical Corp.		16,000		52,039
Formosa Plastics Corp.		13,000		43,295
Fulgent Sun International Holding Co., Ltd.		2,000		8,955
Getac Technology Corp.		13,000		20,272

	Shares		Value^
Global Mixed Mode Technology, Inc.		4,000	$	16,888
Grand Pacific Petrochemical (k)		32,000		19,869
Great Wall Enterprise Co., Ltd.		25,450		37,064
HannStar Display Corp.		124,000		33,491
Hon Hai Precision Industry Co., Ltd.		200		607
Hua Nan Financial Holdings Co., Ltd.		27,417		20,138
International CSRC Investment Holdings Co.		14,690		15,380
King Yuan Electronics Co., Ltd.		14,000		17,562
Lien Hwa Industrial Holdings Corp.		30,750		37,850
Mega Financial Holding Co., Ltd.		30,000		30,634
Nanya Technology Corp.		11,000		30,784
Pou Chen Corp.		18,000		23,546
Powertech Technology, Inc.		20,000		66,564
President Chain Store Corp.		4,000		40,619
Ruentex Development Co., Ltd. (k)		14,000		21,128
Sinbon Electronics Co., Ltd.		8,000		33,070
Sitronix Technology Corp.		3,000		16,776
Taichung Commercial Bank Co., Ltd.		27,352		10,940
Taiwan Business Bank		46,776		19,677
Taiwan Cement Corp.		14,000		20,421
Taiwan Cooperative Financial Holding Co., Ltd.		22,836		15,806
Taiwan Fertilizer Co., Ltd.		5,000		8,268
Taiwan Hon Chuan Enterprise Co., Ltd.		5,000		10,354
Taiwan PCB Techvest Co., Ltd.		5,000		6,097
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		579		33,640
Tripod Technology Corp.		11,000		46,169
TXC Corp.		15,000		23,695
Uni-President Enterprises Corp.		7,000		17,359
United Microelectronics Corp. ADR		11,269		30,201
United Renewable Energy Co., Ltd. (k)		8,340		2,132
WT Microelectronics Co., Ltd.		6,707		9,419
Yuanta Financial Holding Co., Ltd.		89,000		59,999
				1,353,187
Thailand—0.3%
Bangchak Corp. PCL (d)(f)		23,900		22,319
Bangkok Bank PCL (d)(f)		5,700		30,414
Bangkok Dusit Medical Services PCL (d)(f)		20,400		17,681
Banpu PCL (d)(f)		30,700		12,178
Electricity Generating PCL (d)(f)		6,000		65,619
Intouch Holdings PCL (d)(f)		16,000		30,549
Kiatnakin Bank PCL (d)(f)		13,000		28,620
PTT Global Chemical PCL (d)(f)		9,500		18,051
PTT PCL (d)(f)		28,600		41,965
Siam Cement PCL (d)(f)		2,800		36,597
Sri Trang Agro-Industry PCL (d)(f)		8,200		2,733
Thai Oil PCL (d)(f)		3,600		8,368
Thanachart Capital PCL (d)(f)		14,700		26,228
Tisco Financial Group PCL (d)(f)		21,400		70,848
				412,170
Turkey—0.1%
Akbank T.A.S. (k)		15,357		20,918
Dogus Otomotiv Servis ve Ticaret AS		909		1,454
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		83,530		20,497
Eregli Demir ve Celik Fabrikalari T.A.S		16,304		24,761

Schedule of Investments

AllianzGI Global Dynamic Allocation Fund

December 31, 2019 (unaudited) (continued)

	Shares		Value^
Haci Omer Sabanci Holding A/S		11,056	$	17,732
Soda Sanayii AS		19,097		19,838
TAV Havalimanlari Holding AS		3,514		17,224
Trakya Cam Sanayii AS		39,048		22,958
Tupras Turkiye Petrol Rafinerileri AS		58		1,236
Turk Hava Yollari AO (k)		8,973		21,797
Yatas Yatak ve Yorgan Sanayi ve Ticaret AS (k)		10,405		12,830
				181,245
United Kingdom—0.9%
Alliance Pharma PLC		21,726		24,135
Anglo American PLC		1,948		55,962
Aviva PLC		5,094		28,274
Berkeley Group Holdings PLC		374		24,071
BP PLC		15,864		99,797
British American Tobacco PLC		549		23,334
Costain Group PLC		6,064		12,804
Diageo PLC		1,340		56,463
easyJet PLC		1,091		20,551
Equiniti Group PLC (b)		5,801		15,860
Ferrexpo PLC		6,007		12,640
Gamma Communications PLC		1,603		28,240
Highland Gold Mining Ltd.		5,782		14,943
HSBC Holdings PLC		4,825		37,772
Informa PLC		2,837		32,267
J Sainsbury PLC		4,802		14,642
Johnson Service Group PLC		8,414		21,845
Keller Group PLC		2,052		20,353
Legal & General Group PLC		9,317		37,427
Lloyds Banking Group PLC		53,120		44,006
Marston’s PLC		19,873		33,484
Micro Focus International PLC		134		1,881
Morgan Sindall Group PLC		1,238		26,566
National Express Group PLC		4,352		27,125
Plus500 Ltd.		1,710		20,068
Primary Health Properties PLC REIT		4,727		10,018
Reach PLC		3,803		6,871
Regional REIT Ltd. REIT (b)		5,398		8,084
Rio Tinto PLC		971		57,478
Royal Dutch Shell PLC, Class A		4,402		130,140
Royal Dutch Shell PLC, Class B		2,377		70,558
Standard Life Aberdeen PLC		7,058		30,707
Tate & Lyle PLC		1,634		16,464
Taylor Wimpey PLC		10,664		27,343
TUI AG		1,661		20,962
Unilever PLC		831		47,569
Valaris PLC (k)		195		1,279
Venator Materials PLC (k)		2,225		8,522
Vesuvius PLC		2,106		13,948
Virgin Money UK PLC		1,098		2,741
Vodafone Group PLC		30,052		58,342
				1,245,536
United States—15.5%
Abbott Laboratories		914		79,390
AbbVie, Inc.		629		55,692
ABIOMED, Inc. (k)		97		16,547
Accenture PLC, Class A		173		36,429
Activision Blizzard, Inc.		514		30,542
Adobe, Inc. (k)		265		87,400

	Shares		Value^
AES Corp.		3,958	$	78,764
Aflac, Inc.		2,181		115,375
AG Mortgage Investment Trust, Inc. REIT		2,536		39,105
Agilent Technologies, Inc.		479		40,863
AGNC Investment Corp. REIT		4,498		79,525
Align Technology, Inc. (k)		145		40,461
Alleghany Corp. (k)		73		58,369
Allstate Corp.		1,641		184,530
Ally Financial, Inc.		592		18,092
Alphabet, Inc., Class A (k)		112		150,012
Alphabet, Inc., Class C (k)		102		136,376
Altria Group, Inc.		1,119		55,849
Amazon.com, Inc. (k)		260		480,438
Amdocs Ltd.		297		21,440
Ameren Corp.		710		54,528
American Electric Power Co., Inc.		896		84,681
American Equity Investment Life Holding Co.		899		26,907
American Express Co.		711		88,512
American Financial Group, Inc.		329		36,075
American Tower Corp. REIT		92		21,143
AMETEK, Inc.		472		47,077
Amgen, Inc.		265		63,884
Annaly Capital Management, Inc. REIT		8,360		78,751
Antero Resources Corp. (k)		4,279		12,195
Anthem, Inc.		620		187,259
Anworth Mortgage Asset Corp. REIT		837		2,946
Apollo Commercial Real Estate Finance, Inc. REIT		1,173		21,454
Apollo Investment Corp.		302		5,273
Apple, Inc.		2,316		680,093
Archer-Daniels-Midland Co.		1,177		54,554
Ares Commercial Real Estate Corp. REIT		1,266		20,053
ASGN, Inc. (k)		64		4,542
AT&T, Inc.		9,683		378,412
Athene Holding Ltd., Class A (k)		982		46,183
Atmos Energy Corp.		59		6,600
Automatic Data Processing, Inc.		447		76,213
AutoZone, Inc. (k)		133		158,444
AvalonBay Communities, Inc. REIT		199		41,730
Avnet, Inc.		894		37,941
AXA Equitable Holdings, Inc.		1,203		29,810
Bank of America Corp.		4,150		146,163
Baxter International, Inc.		513		42,897
Becton Dickinson and Co.		204		55,482
Berkshire Hathaway, Inc., Class B (k)		417		94,450
Best Buy Co., Inc.		523		45,919
BGC Partners, Inc., Class A		2,480		14,731
Boeing Co.		362		117,925
Booz Allen Hamilton Holding Corp.		475		33,787
BorgWarner, Inc.		384		16,658
Boston Beer Co., Inc., Class A (k)		65		24,560
Boston Scientific Corp. (k)		2,526		114,226
Bright Horizons Family Solutions, Inc. (k)		224		33,665
Bristol-Myers Squibb Co.		954		61,237
Broadridge Financial Solutions, Inc.		431		53,246
CAI International, Inc. (k)		1,054		30,545
Carnival Corp.		719		36,547
Casey’s General Stores, Inc.		120		19,079
Caterpillar, Inc.		356		52,574

Schedule of Investments

AllianzGI Global Dynamic Allocation Fund

December 31, 2019 (unaudited) (continued)

	Shares		Value^
CBTX, Inc.		653	$	20,321
CDW Corp.		510		72,848
Celanese Corp.		234		28,810
Centene Corp. (k)		411		25,840
Chemed Corp.		65		28,552
Chevron Corp.		708		85,321
Chimera Investment Corp. REIT		975		20,046
Chipotle Mexican Grill, Inc. (k)		63		52,738
Church & Dwight Co., Inc.		605		42,556
Cigna Corp.		173		35,377
Cincinnati Financial Corp.		313		32,912
Cisco Systems, Inc.		5,972		286,417
Citi Trends, Inc.		639		14,774
Citigroup, Inc.		1,360		108,650
Citizens Financial Group, Inc.		677		27,493
CMS Energy Corp.		642		40,343
Coca-Cola Co.		1,820		100,737
Comcast Corp., Class A		3,636		163,511
Conagra Brands, Inc.		1,348		46,156
ConocoPhillips		1,107		71,988
Consolidated Edison, Inc.		1,842		166,646
Constellation Brands, Inc., Class A		239		45,350
Costco Wholesale Corp.		851		250,126
Coty, Inc., Class A		2,013		22,646
Crown Castle International Corp. REIT		352		50,037
CSX Corp.		622		45,008
Cushman & Wakefield PLC (k)		902		18,437
CVS Health Corp.		1,210		89,891
Dana, Inc.		894		16,271
Danaher Corp.		472		72,443
Darden Restaurants, Inc.		259		28,234
Dime Community Bancshares, Inc.		279		5,828
DTE Energy Co.		479		62,208
Duke Energy Corp.		1,873		170,836
Dynex Capital, Inc. REIT		1,182		20,023
Eastman Chemical Co.		525		41,611
Eaton Corp. PLC		904		85,627
Edison International		347		26,167
Eli Lilly & Co.		1,384		181,899
Ellington Financial, Inc.		890		16,314
Encompass Health Corp.		670		46,411
Ennis, Inc.		415		8,985
Entergy Corp.		1,169		140,046
EOG Resources, Inc.		566		47,408
Equinix, Inc. REIT		7		4,086
Equity LifeStyle Properties, Inc. REIT		544		38,292
Equity Residential REIT		651		52,679
Essex Property Trust, Inc. REIT		182		54,757
Estee Lauder Cos., Inc., Class A		207		42,754
Exelon Corp.		1,634		74,494
Exxon Mobil Corp.		1,351		94,273
Facebook, Inc., Class A (k)		1,307		268,262
FedEx Corp.		113		17,087
First NBC Bank Holding Co. (k)		1,041		18
FLIR Systems, Inc.		544		28,326
Fortinet, Inc. (k)		329		35,124
frontdoor, Inc. (k)		542		25,702
FTI Consulting, Inc. (k)		229		25,341
Garmin Ltd.		419		40,878
General Mills, Inc.		1,247		66,789

	Shares		Value^
General Motors Co.		1,978	$	72,395
German American Bancorp, Inc.		67		2,387
Global Payments, Inc.		215		39,250
Globus Medical, Inc., Class A (k)		406		23,905
GMS, Inc. (k)		771		20,879
Granite Point Mortgage Trust, Inc. REIT		160		2,941
Haemonetics Corp. (k)		144		16,546
Hartford Financial Services Group, Inc.		1,159		70,432
HCA Healthcare, Inc.		470		69,471
HEICO Corp., Class A		312		27,933
Hershey Co.		444		65,259
Hewlett Packard Enterprise Co.		2,462		39,047
HollyFrontier Corp.		503		25,507
Home Depot, Inc.		327		71,410
Honeywell International, Inc.		632		111,864
Horizon Therapeutics PLC (k)		462		16,724
HP, Inc.		3,359		69,027
Humana, Inc.		327		119,852
Illumina, Inc. (k)		239		79,286
Insight Enterprises, Inc. (k)		12		843
Intel Corp.		3,788		226,712
Intuit, Inc.		314		82,246
Intuitive Surgical, Inc. (k)		393		232,322
Invesco Ltd.		257		4,621
Invesco Mortgage Capital, Inc. REIT		2,618		43,590
Jacobs Engineering Group, Inc.		245		22,008
Johnson & Johnson		2,593		378,241
JPMorgan Chase & Co.		1,780		248,132
Kellogg Co.		248		17,152
Kimberly-Clark Corp.		750		103,162
Kohl’s Corp.		390		19,871
Korn Ferry		504		21,370
Laboratory Corp. of America Holdings (k)		250		42,292
Lam Research Corp.		84		24,562
Lear Corp.		208		28,538
Leidos Holdings, Inc.		419		41,016
Lockheed Martin Corp.		357		139,009
Lululemon Athletica, Inc. (k)		318		73,671
LyondellBasell Industries NV, Class A		265		25,037
Macy’s, Inc.		1,214		20,638
Manhattan Associates, Inc. (k)		85		6,779
ManTech International Corp., Class A		793		63,345
Marathon Petroleum Corp.		571		34,403
MarineMax, Inc. (k)		1,364		22,765
Marsh & McLennan Cos., Inc.		211		23,508
Marvell Technology Group Ltd.		180		4,781
Mastercard, Inc., Class A		1,158		345,767
MasterCraft Boat Holdings, Inc. (k)		862		13,577
McDonald’s Corp.		1,492		294,834
McGrath RentCorp		475		36,357
MDC Holdings, Inc.		490		18,698
Mercer International, Inc.		1,404		17,269
Merck & Co., Inc.		4,673		425,009
Merit Medical Systems, Inc. (k)		544		16,984
MFA Financial, Inc. REIT		3,113		23,814
Micron Technology, Inc. (k)		1,052		56,577
Microsoft Corp.		4,127		650,828
Morningstar, Inc.		74		11,197
Motorola Solutions, Inc.		264		42,541
NetApp, Inc.		821		51,107

Schedule of Investments

AllianzGI Global Dynamic Allocation Fund

December 31, 2019 (unaudited) (continued)

	Shares		Value^
Netflix, Inc. (k)		278	$	89,952
New Residential Investment Corp. REIT		943		15,192
Newmark Group, Inc., Class A		1,670		22,470
NextEra Energy, Inc.		205		49,643
NIKE, Inc., Class B		736		74,564
Norfolk Southern Corp.		250		48,532
Northern Oil and Gas, Inc. (k)		5,709		13,359
Northrop Grumman Corp.		260		89,432
NVIDIA Corp.		331		77,884
NVR, Inc. (k)		12		45,701
O’Reilly Automotive, Inc. (k)		268		117,454
Occidental Petroleum Corp.		1,567		64,576
Old Dominion Freight Line, Inc.		321		60,919
Old Republic International Corp.		1,514		33,868
Ollie’s Bargain Outlet Holdings, Inc. (k)		202		13,193
Omega Healthcare Investors, Inc. REIT		615		26,045
Oracle Corp.		1,546		81,907
Owens Corning		331		21,555
PACCAR, Inc.		1,056		83,530
Paychex, Inc.		480		40,829
PBF Energy, Inc., Class A		586		18,383
PepsiCo, Inc.		1,333		182,181
Pfizer, Inc.		6,408		251,065
Phillips 66		334		37,211
Pinnacle West Capital Corp.		431		38,760
Planet Fitness, Inc., Class A (k)		217		16,206
PNC Financial Services Group, Inc.		597		95,299
Portland General Electric Co.		487		27,170
Procter & Gamble Co.		2,776		346,722
Progressive Corp.		2,272		164,470
Prospect Capital Corp.		3,921		25,251
Prudential Financial, Inc.		432		40,496
PS Business Parks, Inc. REIT		157		25,885
Public Storage REIT		135		28,750
PulteGroup, Inc.		955		37,054
QCR Holdings, Inc.		90		3,947
Quest Diagnostics, Inc.		530		56,599
RadNet, Inc. (k)		1,509		30,633
Ralph Lauren Corp.		182		21,334
Raytheon Co.		166		36,477
Realty Income Corp. REIT		541		39,834
Reinsurance Group of America, Inc.		320		52,179
Reliance Steel & Aluminum Co.		163		19,521
RenaissanceRe Holdings Ltd.		400		78,408
Republic Services, Inc.		828		74,214
Retail Properties of America, Inc., Class A REIT		2,152		28,837
Ross Stores, Inc.		1,302		151,579
Royal Caribbean Cruises Ltd.		185		24,699
S&P Global, Inc.		121		33,039
Sabre Corp.		1,110		24,908
Salesforce.com, Inc. (k)		673		109,457
Santander Consumer USA Holdings, Inc.		672		15,705
Shockwave Medical, Inc. (k)		511		22,443
Simply Good Foods Co. (k)		1,064		30,367
Southern Co.		868		55,292
SP Plus Corp. (k)		603		25,585
SS&C Technologies Holdings, Inc.		885		54,339
Starbucks Corp.		2,122		186,566

	Shares		Value^
STORE Capital Corp. REIT		175	$	6,517
Stryker Corp.		297		62,352
Superior Industries International, Inc.		3,587		13,236
Synovus Financial Corp.		585		22,932
Sysco Corp.		1,273		108,892
T Rowe Price Group, Inc.		308		37,527
T-Mobile U.S., Inc. (k)		726		56,933
Target Corp.		1,111		142,441
TCG BDC, Inc.		821		10,985
TE Connectivity Ltd.		401		38,432
Tenneco, Inc. Class A		1,049		13,742
Texas Instruments, Inc.		449		57,602
Thermo Fisher Scientific, Inc.		450		146,191
TJX Cos., Inc.		2,686		164,007
Toll Brothers, Inc.		382		15,093
TPG RE Finance Trust, Inc. REIT		321		6,507
Tractor Supply Co.		324		30,275
Tyson Foods, Inc., Class A		1,082		98,505
Union Pacific Corp.		567		102,508
United Rentals, Inc. (k)		194		32,353
United Therapeutics Corp. (k)		255		22,460
UnitedHealth Group, Inc.		1,191		350,130
Unum Group		828		24,144
Valley National Bancorp		201		2,301
Verint Systems, Inc. (k)		257		14,228
Verizon Communications, Inc.		5,442		334,139
Verso Corp., Class A (k)		983		17,723
ViacomCBS, Inc., Class B		531		22,286
Visa, Inc., Class A		956		179,632
Vishay Intertechnology, Inc.		1,096		23,334
Vistra Energy Corp.		1,395		32,071
Voya Financial, Inc.		537		32,746
Walgreens Boots Alliance, Inc.		924		54,479
Walmart, Inc.		728		86,516
Walt Disney Co.		157		22,707
Waste Management, Inc.		2,138		243,646
Waterstone Financial, Inc.		1,032		19,639
WEC Energy Group, Inc.		1,599		147,476
WellCare Health Plans, Inc. (k)		189		62,410
Wells Fargo & Co.		604		32,495
Western Asset Mortgage Capital Corp. REIT		3,115		32,178
Windstream Holdings, Inc. (k)		294		26
WW International, Inc. (k)		328		12,533
Xcel Energy, Inc.		2,371		150,535
Xenia Hotels & Resorts, Inc. REIT		666		14,392
Yum! Brands, Inc.		283		28,507
Zebra Technologies Corp., Class A (k)		65		16,604
Zoetis, Inc.		903		119,512
				20,643,493
Total Common Stock (cost—$32,197,659)				39,339,472
	Principal Amount (000s)
CORPORATE BONDS & NOTES—25.9%
Belgium—0.2%
Anheuser-Busch InBev Finance, Inc.,
3.65%, 2/1/26	$	255		270,705

Schedule of Investments

AllianzGI Global Dynamic Allocation Fund

December 31, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
Canada—0.3%
Cenovus Energy, Inc.,
4.25%, 4/15/27	$	230	$	243,897
6.75%, 11/15/39		125		159,005
				402,902
Luxembourg—0.5%
Allergan Funding SCS,
3.85%, 6/15/24		155		163,000
DH Europe Finance II Sarl,
2.05%, 11/15/22		449		449,916
				612,916
Puerto Rico—0.3%
Popular, Inc.,
6.125%, 9/14/23		405		437,062
Switzerland—0.2%
Credit Suisse Group AG (converts to FRN on 8/1/26) (a)(b)(e)(i),
6.375%, 8/1/26		200		216,100
United States—24.4%
3M Co.,
3.25%, 8/26/49		155		150,664
AbbVie, Inc. (a)(b),
2.60%, 11/21/24		227		228,821
4.05%, 11/21/39		200		209,748
Alabama Power Co.,
2.80%, 4/1/25		445		454,520
4.10%, 1/15/42		120		128,999
Allergan Finance LLC,
3.25%, 10/1/22		86		87,890
Allergan Sales LLC (a)(b),
5.00%, 12/15/21		145		151,793
Amazon.com, Inc.,
3.875%, 8/22/37		105		119,505
American Express Co.,
2.50%, 7/30/24		240		242,786
8.15%, 3/19/38		120		192,592
Apple, Inc.,
2.20%, 9/11/29		100		98,147
4.50%, 2/23/36		195		236,845
AT&T, Inc.,
3.80%, 3/15/22		495		513,797
4.85%, 3/1/39		300		346,462
Bank of America Corp. (i),
2.881%, 4/24/23 (converts to FRN on 4/24/22)		695		706,901
2.884%, 10/22/30 (converts to FRN on 10/22/29)		244		246,817
3 mo. USD-LIBOR + 1.180%, 3.146%, 10/21/22		210		214,887
3.366%, 1/23/26 (converts to FRN on 1/23/25)		150		156,960
4.33%, 3/15/50 (converts to FRN on 3/15/49)		175		209,856
Becton Dickinson and Co.,
2.894%, 6/6/22		725		737,013
Berkshire Hathaway Finance Corp.,
4.25%, 1/15/49		170		201,043
Boeing Co.,
2.95%, 2/1/30		480		491,152

	Principal Amount (000s)		Value^
Boston Gas Co. (a)(b),
3.15%, 8/1/27	$	580	$	599,312
Bristol-Myers Squibb Co. (a)(b),
3.625%, 5/15/24		865		913,912
4.125%, 6/15/39		190		218,590
Broadcom Corp.,
3.875%, 1/15/27		520		539,652
Broadcom, Inc. (a)(b),
4.75%, 4/15/29		190		208,238
Cameron LNG LLC (a)(b),
3.701%, 1/15/39		225		229,823
Capital One Financial Corp.,
3.20%, 1/30/23		590		606,538
3.80%, 1/31/28		195		209,485
Charter Communications Operating LLC,
4.908%, 7/23/25		550		606,303
Citibank N.A., (converts to FRN on 2/19/21) (i),
3.165%, 2/19/22		740		749,683
Citigroup, Inc.,
2.976%, 11/5/30 (converts to FRN on 11/5/29) (i)		85		86,342
4.65%, 7/30/45		90		110,779
4.65%, 7/23/48		85		105,996
5.00%, 9/12/24, Ser. U (converts to FRN on 9/12/24) (e)(i)		185		193,903
Columbia Pipeline Group, Inc.,
4.50%, 6/1/25		425		465,830
5.80%, 6/1/45		85		108,616
Comcast Corp.,
3.20%, 7/15/36		280		286,265
3.375%, 2/15/25		570		601,452
Comerica, Inc.,
3.70%, 7/31/23		180		188,778
Commonwealth Edison Co.,
5.90%, 3/15/36		90		119,946
Consolidated Edison Co. of New York, Inc.,
3.70%, 11/15/59		75		75,716
5.70%, 12/1/36, Ser. 06-E		10		12,946
CSX Corp.,
4.75%, 5/30/42		90		106,205
CVS Health Corp.,
4.10%, 3/25/25		440		472,993
4.875%, 7/20/35		240		275,012
Discover Financial Services, Ser. C, (converts to FRN on 10/30/27) (e)(i),
5.50%, 10/30/27		185		195,086
Discovery Communications LLC,
3.95%, 3/20/28		100		106,802
DTE Electric Co.,
5.70%, 10/1/37		60		78,337
6.625%, 6/1/36, Ser. A		10		14,000
Duke Energy Carolinas LLC,
6.10%, 6/1/37		30		40,694
Duke Energy Ohio, Inc.,
4.30%, 2/1/49		130		151,860
Duke Energy Progress LLC,
6.125%, 9/15/33		25		31,989
Edison International,
2.95%, 3/15/23		160		160,356
3.55%, 11/15/24		230		233,729

Schedule of Investments

AllianzGI Global Dynamic Allocation Fund

December 31, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
El Paso Natural Gas Co. LLC,
8.375%, 6/15/32	$	142	$	197,610
Energy Transfer Operating L.P.,
6.50%, 2/1/42		195		232,137
Eversource Energy, Ser. K,
2.75%, 3/15/22		355		360,136
Express Scripts Holding Co.,
4.75%, 11/15/21		270		282,972
Fifth Third Bancorp, (converts to FRN on 6/30/23) (e)(i),
5.10%, 6/30/23		185		190,600
First Maryland Capital II, 3 mo. LIBOR + 0.850% (i),
2.759%, 2/1/27		40		37,900
Fiserv, Inc.,
4.40%, 7/1/49		60		68,325
Five Corners Funding Trust (a)(b),
4.419%, 11/15/23		555		601,897
GE Capital International Funding Co. Unlimited Co.,
2.342%, 11/15/20		50		50,056
General Electric Co., 3 mo. LIBOR + 1.000% (i),
3.001%, 4/15/23		289		289,967
General Motors Financial Co., Inc.,
3.55%, 7/8/22		325		333,939
Global Payments, Inc.,
2.65%, 2/15/25		295		296,518
Harborwalk Funding Trust, (converts to FRN on 2/15/49) (a)(b)(i),
5.077%, 2/15/69		150		179,076
Hess Corp.,
4.30%, 4/1/27		200		214,169
7.125%, 3/15/33		160		205,748
Huntington Bancshares, Inc., Ser. E, (converts to FRN on 4/15/23) (e)(i),
5.70%, 4/15/23		185		192,070
Huntington Capital Trust I, 3 mo. LIBOR + 0.700% (i),
2.627%, 2/1/27		245		225,400
Intel Corp.,
3.25%, 11/15/49		75		75,549
Jersey Central Power & Light Co.,
6.15%, 6/1/37		170		220,056
JPMorgan Chase & Co., 3 mo. LIBOR + 0.950% (i),
2.852%, 2/2/37		445		393,825
Kansas City Southern,
4.20%, 11/15/69		45		46,430
Kinder Morgan Energy Partners L.P.,
7.50%, 11/15/40		50		68,646
Kinder Morgan, Inc.,
4.30%, 6/1/25		455		493,451
L3Harris Technologies, Inc.,
3.95%, 5/28/24 (a)(b)		150		159,280
4.40%, 6/15/28 (a)(b)		220		245,558
4.40%, 6/15/28		220		245,558
Lincoln National Corp., 3 mo. LIBOR + 2.358% (i),
4.262%, 5/17/66		270		240,156

	Principal Amount (000s)		Value^
Lowe’s Cos., Inc.,
4.65%, 4/15/42	$	70	$	80,372
Manufacturers & Traders Trust Co.,
2.625%, 1/25/21		300		302,039
Massachusetts Institute of Technology,
5.60%, 7/1/2111		45		69,667
MetLife, Inc. (a)(b),
9.25%, 4/8/38		95		140,244
Microsoft Corp.,
4.875%, 12/15/43		225		293,632
MPLX L.P.,
4.00%, 3/15/28		125		129,744
New York Life Insurance Co. (a)(b),
4.45%, 5/15/69		135		153,631
NextEra Energy Capital Holdings, Inc.,
2.75%, 11/1/29		98		98,178
NiSource, Inc.,
3.49%, 5/15/27		705		741,668
Northrop Grumman Corp.,
2.93%, 1/15/25		600		618,495
3.25%, 1/15/28		240		250,361
4.03%, 10/15/47		40		44,613
Northrop Grumman Systems Corp.,
7.875%, 3/1/26		160		205,588
Nuveen Finance LLC (a)(b),
4.125%, 11/1/24		690		747,697
Oracle Corp.,
2.50%, 5/15/22		95		96,390
PacifiCorp,
4.15%, 2/15/50		135		155,172
PepsiCo, Inc.,
4.45%, 4/14/46		115		141,624
Plains All American Pipeline L.P.,
4.65%, 10/15/25		415		445,665
6.125%, 11/15/22, Ser. B (converts to FRN on 11/15/22) (e)(i)		100		93,402
6.65%, 1/15/37		170		200,206
PPL Electric Utilities Corp.,
3.00%, 10/1/49		135		128,543
President & Fellows of Harvard College,
4.875%, 10/15/40		65		83,506
San Diego Gas & Electric Co., Ser. NNN,
3.60%, 9/1/23		610		637,198
Sempra Energy,
3.55%, 6/15/24		275		287,427
Simon Property Group L.P.,
3.25%, 9/13/49		100		97,439
Southern California Edison Co.,
3.90%, 12/1/41		195		191,789
State Street Corp., 3 mo. LIBOR + 1.000% (i),
2.894%, 6/15/47		300		263,250
Synchrony Financial,
3.70%, 8/4/26		110		113,768
Time Warner Cable LLC,
4.50%, 9/15/42		105		105,613
6.55%, 5/1/37		225		278,052
Truist Financial Corp.,
2.70%, 1/27/22		885		897,315
4.80%, 9/1/24, Ser. N (converts to FRN on 9/1/24) (e)(i)		185		191,244
5.125%, 12/15/27, Ser. M (converts to FRN on 12/15/27) (e)(i)		55		56,590

Schedule of Investments

AllianzGI Global Dynamic Allocation Fund

December 31, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
United Parcel Service, Inc.,
3.40%, 9/1/49	$	150	$	151,104
United Technologies Corp.,
1.90%, 5/4/20		485		485,470
4.15%, 5/15/45		165		189,403
6.125%, 7/15/38		65		90,661
UnitedHealth Group, Inc.,
3.50%, 8/15/39		235		246,272
Verizon Communications, Inc.,
5.25%, 3/16/37		245		307,668
ViacomCBS, Inc.,
3.125%, 6/15/22		490		489,772
5.25%, 4/1/44		45		52,376
Virginia Electric & Power Co.,
2.75%, 3/15/23, Ser. C		475		484,260
3.80%, 9/15/47, Ser. B		150		162,280
Wells Fargo & Co.,
4.40%, 6/14/46		80		91,720
Wells Fargo Capital X,
5.95%, 12/1/86		110		137,901
				32,608,404
Total Corporate Bonds & Notes (cost—$34,532,245)				34,548,089
	Shares
MUTUAL FUNDS (g)—23.3%
AllianzGI Focused Growth (j)		96,984		4,540,801
AllianzGI Global Small-Cap Opportunities		178,508		3,066,770
AllianzGI International Growth (k)		678,114		11,358,405
AllianzGI Mid-Cap (h)		1,000,900		4,534,078
AllianzGI NFJ Mid-Cap Value (j)		135,569		4,471,076
AllianzGI Small-Cap (j)		145,199		3,034,658
Total Mutual Funds (cost—$29,710,701)				31,005,788
EXCHANGE-TRADED FUNDS—10.7%
Alerian MLP		320,000		2,720,000
Invesco DB Precious Metals		139,500		5,803,897
PIMCO 15+ Year U.S. TIPS Index (g)		34,500		2,485,035
Schwab U.S. REIT		71,636		3,292,391
Total Exchange-Traded Funds (cost—$14,021,218)				14,301,323
	Principal Amount (000s)
U.S. TREASURY OBLIGATIONS—1.3%
U.S. Treasury Bond (m),
2.25%, 8/15/49	$	349		338,639
U.S. Treasury Notes,
1.50%, 11/30/24 (m)		372		368,919
1.75%, 12/31/24		208		208,553
1.75%, 11/15/29		849		836,199
Total U.S. Treasury Obligations (cost—$1,768,767)				1,752,310

	Shares		Value^
PREFERRED STOCK—0.4%
Brazil—0.1%
Petroleo Brasileiro S.A.		3,300	$	24,925
Telefonica Brasil S.A.		3,000		43,361
				68,286
Colombia—0.0%
Avianca Holdings S.A.		35,036		19,611
Banco Davivienda S.A.		2,101		29,450
Grupo Aval Acciones y Valores S.A.		9,215		4,097
				53,158
Germany—0.0%
Sixt SE		309		22,481
Korea (Republic of)—0.1%
Samsung Electronics Co., Ltd.		1,569		61,429
United States—0.2%
Energy Transfer Operating L.P., Ser. E (e)(i)		12,570		318,272
Total Preferred Stock (cost—$497,613)				523,626
RIGHTS (k)—0.0%
Morocco—0.0%
Douja Promotion Groupe Addoha S.A., exercise price MAD 10.00, expires 1/8/20 (d)(f)		3,431		119
Spain—0.0%
Repsol S.A., expires 1/10/20		1,854		880
Total Rights (cost—$876)				999
	Principal Amount (000s)
Repurchase Agreements—4.1%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $5,521,077; collateralized by U.S. Treasury Bonds, 3.00%, due 11/15/45, valued at $5,636,015 including accrued interest (cost—$5,521,000)	$	5,521		5,521,000
Total Investments (cost—$118,250,079) (c)—95.2%				126,992,607
Other assets less liabilities (l)—4.8%				6,373,007
Net Assets—100.0%			$	133,365,614

Schedule of Investments

AllianzGI Global Dynamic Allocation Fund

December 31, 2019 (unaudited) (continued)

Notes to Schedule of Investments:

† Actual amount rounds to less than $1.

(a) Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $5,203,720, representing 3.9% 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 $5,544,970, representing 4.2% of net assets.

(c) Securities with an aggregate value of $15,143,820, representing 11.4% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(d) Fair-Valued—Securities with an aggregate value of $412,289, representing 0.3% of net assets.

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

(f) Level 3 security.

(g) Affiliated fund.

(h) Institutional Class share.

(i) Variable or Floating Rate Security—Securities with an interest rate that changes periodically. The interest rate disclosed reflects the rate in effect on December 31, 2019.

(j) Class R6 share.

(k) Non-income producing.

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

Futures contracts outstanding at December 31, 2019:

Type	Contracts		Expiration Date		Notional Amount (000s)		Market Value (000s)		Unrealized Appreciation (Depreciation)
Long position contracts:
2-Year U.S. Treasury Note		5		3/31/20	$	1,000	$	1,077	$	(436	)
5-Year U.S. Treasury Note		21		3/31/20		2,100		2,491		(7,603	)
10-Year U.S. Treasury Note		54		3/20/20		5,400		6,935		(60,807	)
E-mini S&P 500 Index		47		3/20/20		2		7,593		119,766
Euro STOXX 50 Index		95		3/20/20	EUR	1		3,974		(23,589	)
Euro-BTP		18		3/6/20		1,800		2,876		185
Mini MSCI Emerging Markets Index		185		3/20/20	$	9		10,362		181,070
MSCI EAFE Index		88		3/20/20		4		8,961		(4,330	)
SPI 200 Index		23		3/19/20	AUD	1		2,664		(45,253	)
TOPIX Index		25		3/12/20	JPY	250		3,960		(9,307	)
U.S. Long Bond		9		3/20/20	$	900		1,403		(30,416	)
Ultra U.S. Treasury Bond		7		3/20/20		700		1,271		(41,381	)
XAP Consumer Staples		65		3/20/20		7		4,125		44,234
XAU Utilities		63		3/20/20		6		4,112		45,788
									$	167,921

Credit default swaps agreements outstanding at December 31, 2019:

Centrally cleared buy protection swap agreements(1):

Broker (Exchange)/ Reference Debt Issuer	Notional Amount (000s)(4)		Implied Credit Spread(3)			Termination Date		Fixed Deal Pay Rate			Payment Frequency		Value(5)			Upfront Premiums Received			Unrealized Depreciation
Goldman Sachs (ICE):
Berkshire Hathaway, Inc.	$	740		0.356	%		12/20/24		(1.00	)%		Quarterly	$	(24,015	)	$	(22,655	)	$	(1,360	)
CDX.NA.HY.33		6,500		2.807	%		12/20/24		(5.00	)%		Quarterly		(637,914	)		(614,024	)		(23,890	)
CDX.NA.IG.33		15,000		0.455	%		12/20/24		(1.00	)%		Quarterly		(394,307	)		(392,217	)		(2,090	)
													$	(1,056,236	)	$	(1,028,896	)	$	(27,340	)

Centrally cleared sell protection swap agreements(2):

Broker (Exchange)/ Referenced Debt Issuer	Notional Amount (000s)(4)		Implied Credit Spread(3)			Termination Date		Fixed Deal Received Rate			Payment Frequency		Value(5)		Upfront Premiums Paid		Unrealized Depreciation
Goldman Sachs (ICE):
Boeing Co.	$	755		0.551	%		12/20/24		1.00	%		Quarterly	$	17,202	$	17,464	$	(262	)

Schedule of Investments

AllianzGI Global Dynamic Allocation Fund

December 31, 2019 (unaudited) (continued)

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

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

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

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

(5) The quoted market prices and resulting values for credit default swap agreements serve as an indicator of the status at December 31, 2019 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.

(m) At December 31, 2019, the Fund pledged $4,911,758 in cash as collateral for futures contracts and $1,314,484 in cash as collateral for swap contracts. The Fund also held U.S. Treasury Obligations valued at $412,561 as collateral for swap contracts.

Glossary:

ADR—American Depositary Receipt

AUD—Australian Dollar

CDX—Credit Derivatives Index

EAFE—Europe, Australasia and Far East

EUR—Euro

FRN—Floating Rate Note

GDR—Global Depositary Receipt

ICE—Intercontinental Exchange

JPY—Japanese Yen

LIBOR—London Inter-Bank Offered Rate

MAD—Moroccan Dirham

MSCI—Morgan Stanley Capital International

REIT—Real Estate Investment Trust

TIPS—Treasury Inflation Protected Securities

TOPIX—Tokyo Stock Price Index

UNIT—More than one class of securities traded together

Schedule of Investments

AllianzGI Global Dynamic Allocation Fund

December 31, 2019 (unaudited) (continued)

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

Mutual Funds	23.3	%
Exchange-Traded Funds	10.7	%
Banks	7.3	%
Electric Utilities	4.2	%
Pharmaceuticals	3.8	%
Oil, Gas & Consumable Fuels	2.8	%
Insurance	2.8	%
Aerospace & Defense	2.7	%
Pipelines	2.2	%
Media	2.2	%
Diversified Financial Services	2.0	%
Software	1.3	%
U.S. Treasury Obligations	1.3	%
Diversified Telecommunication Services	1.1	%
Healthcare Providers & Services	1.0	%
Technology Hardware, Storage & Peripherals	0.9	%
Healthcare-Products	0.9	%
IT Services	0.9	%
Telecommunications	0.9	%
Food Products	0.8	%
Hotels, Restaurants & Leisure	0.8	%
Equity Real Estate Investment Trusts (REITs)	0.7	%
Healthcare Equipment & Supplies	0.7	%
Food & Staples Retailing	0.7	%
Specialty Retail	0.6	%
Semiconductors & Semiconductor Equipment	0.6	%
Semiconductors	0.6	%
Interactive Media & Services	0.6	%
Internet & Direct Marketing Retail	0.5	%
Real Estate Management & Development	0.5	%
Metals & Mining	0.5	%
Textiles, Apparel & Luxury Goods	0.5	%
Trading Companies & Distributors	0.4	%
Wireless Telecommunication Services	0.4	%
Construction & Engineering	0.4	%
Multi-Utilities	0.4	%
Electronic Equipment, Instruments & Components	0.4	%
Commercial Services & Supplies	0.4	%
Beverages	0.4	%
Household Products	0.4	%
Commercial Services	0.4	%
Automobiles	0.3	%
Miscellaneous Manufacturing	0.3	%
Road & Rail	0.3	%
Mortgage Real Estate Investment Trusts (REITs)	0.3	%
Chemicals	0.3	%
Food & Beverage	0.3	%
Capital Markets	0.3	%
Household Durables	0.3	%
Airlines	0.3	%
Machinery	0.3	%
Computers	0.3	%
Auto Manufacturers	0.3	%
Communications Equipment	0.2	%
Life Sciences Tools & Services	0.2	%
Transportation	0.2	%
Auto Components	0.2	%
Industrial Conglomerates	0.2	%
Healthcare-Services	0.2	%

Personal Products	0.2	%
Electrical Equipment	0.2	%
Multi-Line Retail	0.2	%
Biotechnology	0.2	%
Transportation Infrastructure	0.1	%
Independent Power Producers & Energy Traders	0.1	%
Construction Materials	0.1	%
Consumer Finance	0.1	%
Entertainment	0.1	%
Building Products	0.1	%
Paper & Forest Products	0.1	%
Tobacco	0.1	%
Gas Utilities	0.1	%
Professional Services	0.1	%
Internet	0.1	%
Leisure Equipment & Products	0.1	%
Containers & Packaging	0.1	%
Retail	0.1	%
Diversified Consumer Services	0.1	%
Thrifts & Mortgage Finance	0.0	%
Air Freight & Logistics	0.0	%
Marine	0.0	%
Water Utilities	0.0	%
Energy Equipment & Services	0.0	%
Distributors	0.0	%
Repurchase Agreements	4.1	%
Other assets less liabilities	4.8	%
	100.0	%

Schedule of Investments

AllianzGI Global High Yield Fund

December 31, 2019 (unaudited)

	Principal Amount (000s)		Value^
CORPORATE BONDS & NOTES—98.2%
Australia—0.4%
FMG Resources August 206 Pty Ltd. (a)(b),
5.125%, 5/15/24	$	100	$	106,459
Brazil—2.3%
BRF GmbH,
4.35%, 9/29/26		200		206,622
Petrobras Global Finance BV (a)(b),
5.093%, 1/15/30		339		363,666
				570,288
Canada—2.9%
Cott Holdings, Inc. (a)(b),
5.50%, 4/1/25		100		104,709
Kronos Acquisition Holdings, Inc. (a)(b),
9.00%, 8/15/23		150		143,687
Rockpoint Gas Storage Canada Ltd. (a)(b),
7.00%, 3/31/23		200		197,083
Superior Plus L.P. (a)(b),
7.00%, 7/15/26		250		269,149
				714,628
China—2.8%
China Evergrande Group,
9.50%, 4/11/22		200		191,176
Country Garden Holdings Co., Ltd.,
8.00%, 1/27/24		200		219,000
Eagle Intermediate Global Holding BV,
5.375%, 5/1/23	€	100		85,763
Yuzhou Properties Co., Ltd.,
6.00%, 10/25/23	$	200		195,688
				691,627
Colombia—0.9%
Millicom International Cellular S.A. (a)(b),
6.25%, 3/25/29		200		220,968
France—0.9%
Altice France S.A. (a)(b),
7.375%, 5/1/26		200		215,098
Germany—1.7%
Consus Real Estate AG (a)(b),
9.625%, 5/15/24	€	150		179,823
Techem Verwaltungsgesellschaft 674 mbH (a)(b),
6.00%, 7/30/26		100		121,473
WEPA Hygieneprodukte GmbH (a)(b),
2.875%, 12/15/27		100		116,346
				417,642
Greece—0.9%
Crystal Almond Sarl (a)(b),
4.25%, 10/15/24		200		231,115
Guatemala—0.9%
Central American Bottling Corp.,
5.75%, 1/31/27	$	200		211,321
Indonesia—1.7%
Listrindo Capital BV,
4.95%, 9/14/26		200		203,353
Theta Capital Pte Ltd.,
7.00%, 4/11/22		200		200,957
				404,310

	Principal Amount (000s)		Value^
Ireland—1.8%
C&W Senior Financing DAC,
6.875%, 9/15/27	$	200	$	214,330
eircom Finance DAC,
3.50%, 5/15/26	€	200		237,560
				451,890
Israel—0.1%
Teva Pharmaceutical Finance Netherlands III BV,
2.20%, 7/21/21	$	26		25,227
Italy—4.1%
Assicurazioni Generali SpA, (converts to FRN on 6/8/28) (d),
5.00%, 6/8/48	€	100		134,520
Enel SpA, USD 5 Year Swap Rate + 5.880% (a)(b)(d),
8.75%, 9/24/73	$	200		235,392
F-Brasile SpA, Ser. XR (a)(b),
7.375%, 8/15/26		200		212,000
Intesa Sanpaolo SpA,
6.625%, 9/13/23	€	150		201,138
Societa Cattolica di Assicurazioni SC, (converts to FRN on 12/14/27) (d),
4.25%, 12/14/47		100		115,745
Telecom Italia SpA,
2.75%, 4/15/25		100		119,011
				1,017,806
Luxembourg—2.2%
Altice Financing S.A. (a)(b),
7.50%, 5/15/26	$	200		215,370
Altice Luxembourg S.A. (a)(b),
8.00%, 5/15/27	€	100		126,051
ARD Finance S.A., PIK 7.25% (a)(b),
6.50%, 6/30/27	$	200		207,160
				548,581
Mexico—0.4%
Petroleos Mexicanos (a)(b),
6.49%, 1/23/27		100		106,438
Netherlands—5.1%
Atradius Finance BV, (converts to FRN on 9/23/24) (d),
5.25%, 9/23/44	€	100		128,421
Intertrust Group BV (a)(b),
3.375%, 11/15/25		150		177,183
Koninklijke KPN NV, USD 10 Year Swap Rate + 5.210% (d),
7.00%, 3/28/73	$	200		220,804
Schoeller Packaging BV (a)(b),
6.375%, 11/1/24	€	100		116,610
Sunshine Mid BV (a)(b),
6.50%, 5/15/26		100		120,366
Trivium Packaging Finance BV (a)(b),
8.50%, 8/15/27	$	200		222,870
Ziggo BV (a)(b),
4.875%, 1/15/30		250		258,658
				1,244,912
Portugal—2.5%
Caixa Geral de Depositos S.A., (converts to FRN on 3/30/22) (c)(d),
10.75%, 3/30/22	€	200		265,516

Schedule of Investments

AllianzGI Global High Yield Fund

December 31, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
EDP—Energias de Portugal S.A., (converts to FRN on 1/30/24) (d),
4.496%, 4/30/79	€	100	$	125,717
Transportes Aereos Portugueses S.A. (a)(b),
5.625%, 12/2/24		200		223,294
				614,527
Spain—1.7%
Cirsa Finance International Sarl (a)(b),
4.75%, 5/22/25		150		176,884
Grifols S.A. (a)(b),
2.25%, 11/15/27		100		116,259
Tasty Bondco 1 S.A. (a)(b),
6.25%, 5/15/26		100		117,678
				410,821
Switzerland—0.5%
Selecta Group BV,
5.875%, 2/1/24		100		115,617
United Arab Emirates—0.4%
Shelf Drilling Holdings Ltd. (a)(b),
8.25%, 2/15/25	$	100		95,499
United Kingdom—4.6%
AA Bond Co., Ltd.,
5.50%, 7/31/22	£	100		114,324
CPUK Finance Ltd. (a)(b),
4.875%, 8/28/25		100		137,482
Galaxy Bidco Ltd. (a)(b),
6.50%, 7/31/26		100		140,894
Jaguar Land Rover Automotive PLC,
4.50%, 1/15/26	€	100		108,603
Miller Homes Group Holdings PLC,
5.50%, 10/15/24	£	100		138,067
Neptune Energy Bondco PLC (a)(b),
6.625%, 5/15/25	$	200		200,374
Phoenix Group Holdings PLC,
4.125%, 7/20/22	£	100		138,756
Virgin Money UK PLC, (converts to FRN on 12/14/23) (d),
7.875%, 12/14/28		100		149,899
				1,128,399
United States—59.4%
Albertsons Cos., Inc. (a)(b),
5.875%, 2/15/28	$	50		53,218
7.50%, 3/15/26		150		168,656
Allied Universal Holdco LLC (a)(b),
9.75%, 7/15/27		150		160,589
American Axle & Manufacturing, Inc.,
6.50%, 4/1/27		100		104,003
AmeriGas Partners L.P.,
5.875%, 8/20/26		50		55,218
Antero Resources Corp.,
5.375%, 11/1/21		75		71,551
ASGN, Inc. (a)(b),
4.625%, 5/15/28		100		102,973
BCPE Cycle Merger Sub II, Inc. (a)(b),
10.625%, 7/15/27		125		128,481
Brink’s Co. (a)(b),
4.625%, 10/15/27		200		206,464

	Principal Amount (000s)		Value^
Broadcom, Inc. (a)(b),
4.75%, 4/15/29	$	250	$	273,997
BWX Technologies, Inc. (a)(b),
5.375%, 7/15/26		100		106,285
Capitol Investment Merger Sub 2 LLC (a)(b),
10.00%, 8/1/24		150		156,062
Catalent Pharma Solutions, Inc. (a)(b),
5.00%, 7/15/27		150		157,402
CCO Holdings LLC (a)(b),
5.00%, 2/1/28		100		105,117
5.375%, 6/1/29		100		106,935
Cheniere Corpus Christi Holdings LLC,
5.875%, 3/31/25		200		225,249
Chesapeake Energy Corp. (a)(b),
11.50%, 1/1/25		50		47,375
CIT Group, Inc.,
6.125%, 3/9/28		200		236,569
Clearway Energy Operating LLC,
4.75%, 3/15/28 (a)(b)		100		101,500
5.75%, 10/15/25		100		105,459
Cleveland-Cliffs, Inc. (a)(b),
5.875%, 6/1/27		150		144,277
Covanta Holding Corp.,
5.875%, 7/1/25		250		264,479
Crestwood Midstream Partners L.P.,
5.75%, 4/1/25		200		204,998
CSC Holdings LLC (a)(b),
5.75%, 1/15/30		200		213,750
DCP Midstream Operating L.P. (a)(b),
6.75%, 9/15/37		50		52,672
Diamond Sports Group LLC (a)(b),
5.375%, 8/15/26		100		101,343
DISH DBS Corp.,
5.875%, 11/15/24		100		102,396
Dole Food Co., Inc. (a)(b),
7.25%, 6/15/25		150		145,562
Dun & Bradstreet Corp. (a)(b),
10.25%, 2/15/27		85		97,907
Eagle Holding Co. II LLC, PIK 8.50% (a)(b),
7.75%, 5/15/22		100		101,716
Encompass Health Corp.,
4.50%, 2/1/28		250		259,525
Energizer Holdings, Inc. (a)(b),
6.375%, 7/15/26		100		106,685
First Quality Finance Co., Inc. (a)(b),
5.00%, 7/1/25		250		260,834
Ford Motor Credit Co. LLC,
2.33%, 11/25/25	€	200		229,050
Freeport-McMoRan, Inc.,
5.25%, 9/1/29	$	100		107,315
General Electric Co., Ser. D, (converts to FRN on 1/21/21) (c)(d),
5.00%, 1/21/21		150		147,187
Genesis Energy L.P.,
6.75%, 8/1/22		250		252,945
Granite Merger Sub 2, Inc. (a)(b),
11.00%, 7/15/27		100		106,285
Gray Television, Inc. (a)(b),
5.875%, 7/15/26		175		186,480
Harsco Corp. (a)(b),
5.75%, 7/31/27		150		160,319

Schedule of Investments

AllianzGI Global High Yield Fund

December 31, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
HCA, Inc.,
5.625%, 9/1/28	$	100	$	114,145
5.875%, 2/1/29		100		115,750
Hertz Corp. (a)(b),
7.125%, 8/1/26		150		162,731
Hill-Rom Holdings, Inc. (a)(b),
4.375%, 9/15/27		50		51,580
iHeartCommunications, Inc.,
8.375%, 5/1/27		150		166,027
Installed Building Products, Inc. (a)(b),
5.75%, 2/1/28		100		107,160
Itron, Inc. (a)(b),
5.00%, 1/15/26		250		259,774
Jagged Peak Energy LLC,
5.875%, 5/1/26		25		25,871
Kratos Defense & Security Solutions, Inc. (a)(b),
6.50%, 11/30/25		100		107,292
Live Nation Entertainment, Inc. (a)(b),
4.75%, 10/15/27		150		155,527
Molina Healthcare, Inc.,
5.375%, 11/15/22		100		106,476
Moog, Inc. (a)(b),
4.25%, 12/15/27		250		255,025
Moss Creek Resources Holdings, Inc. (a)(b),
7.50%, 1/15/26		125		95,356
MSCI, Inc. (a)(b),
5.375%, 5/15/27		100		107,982
MTS Systems Corp. (a)(b),
5.75%, 8/15/27		100		104,785
Navient Corp.,
5.625%, 8/1/33		150		129,348
NCL Corp., Ltd. (a)(b),
3.625%, 12/15/24		150		152,437
NGPL PipeCo LLC (a)(b),
7.768%, 12/15/37		150		192,573
Olin Corp.,
5.625%, 8/1/29		225		238,061
Outfront Media Capital LLC (a)(b),
4.625%, 3/15/30		100		101,935
Panther BF Aggregator 2 L.P. (a)(b),
8.50%, 5/15/27		250		266,087
Parsley Energy LLC (a)(b),
5.25%, 8/15/25		50		51,521
5.625%, 10/15/27		50		52,968
PDC Energy, Inc.,
5.75%, 5/15/26		50		50,001
Performance Food Group, Inc. (a)(b),
5.50%, 10/15/27		150		160,691
Qualitytech L.P. (a)(b),
4.75%, 11/15/25		100		103,917
Rackspace Hosting, Inc. (a)(b),
8.625%, 11/15/24		150		147,000
Refinitiv U.S. Holdings, Inc.,
6.875%, 11/15/26	€	100		127,736
Scientific Games International, Inc.,
5.50%, 2/15/26		100		117,627
Scripps Escrow, Inc. (a)(b),
5.875%, 7/15/27	$	150		157,402

	Principal Amount (000s)		Value^
Seagate HDD Cayman,
4.75%, 1/1/25	$	98	$	104,746
4.875%, 3/1/24		150		159,911
Select Medical Corp.,
6.25%, 8/15/26		50		54,218
6.25%, 8/15/26 (a)(b)		100		108,436
Service Corp. International,
4.625%, 12/15/27		150		156,723
Smithfield Foods, Inc. (a)(b),
4.25%, 2/1/27		50		51,856
Sprint Communications, Inc.,
6.00%, 11/15/22		50		52,527
Sprint Corp.,
7.875%, 9/15/23		100		110,541
SRC Energy, Inc.,
6.25%, 12/1/25		50		50,500
Staples, Inc. (a)(b),
10.75%, 4/15/27		50		50,843
Sunoco L.P.,
5.875%, 3/15/28		250		266,163
T-Mobile USA, Inc.,
4.75%, 2/1/28		50		52,483
Talen Energy Supply LLC (a)(b),
6.625%, 1/15/28		150		153,427
7.25%, 5/15/27		50		52,703
Tenet Healthcare Corp. (a)(b),
4.875%, 1/1/26		200		209,730
6.25%, 2/1/27		50		53,875
TerraForm Power Operating LLC (a)(b),
4.75%, 1/15/30		150		152,902
Terrier Media Buyer, Inc. (a)(b),
8.875%, 12/15/27		150		159,000
TransDigm, Inc. (a)(b),
6.25%, 3/15/26		200		216,897
Transocean, Inc.,
6.80%, 3/15/38		50		35,630
Tronox, Inc. (a)(b),
6.50%, 4/15/26		150		154,909
U.S. Steel Corp.,
6.25%, 3/15/26		100		85,695
United Airlines Holdings, Inc.,
4.875%, 1/15/25		100		106,292
VICI Properties L.P. (a)(b),
4.25%, 12/1/26		150		154,775
Viking Cruises Ltd. (a)(b),
5.875%, 9/15/27		200		214,120
Vistra Operations Co. LLC (a)(b),
5.00%, 7/31/27		100		104,683
5.625%, 2/15/27		200		211,120
Voya Financial, Inc., (converts to FRN on 1/23/28) (d),
4.70%, 1/23/48		130		130,217
Waste Pro USA, Inc. (a)(b),
5.50%, 2/15/26		300		313,447
WellCare Health Plans, Inc. (a)(b),
5.375%, 8/15/26		200		213,370
Wolverine Escrow LLC (a)(b),
8.50%, 11/15/24		100		103,709
WPX Energy, Inc.,
5.75%, 6/1/26		50		53,491

Schedule of Investments

AllianzGI Global High Yield Fund

December 31, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
Wyndham Destinations, Inc.,
6.35%, 10/1/25	$	150	$	167,312
Wynn Las Vegas LLC (a)(b),
5.25%, 5/15/27		180		191,475
Yum! Brands, Inc. (a)(b),
4.75%, 1/15/30		150		157,402
Zayo Group LLC (a)(b),
5.75%, 1/15/27		100		101,910
				14,620,651
Total Investments (cost—$23,291,734)—98.2%				24,163,824
Other assets less liabilities (e)—1.8%				452,729
Net Assets—100.0%			$	24,616,553

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 $14,953,254, representing 60.7% 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 $14,953,254, representing 60.7% of net assets.

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

(d) Variable or Floating Rate Security—Securities with an interest rate that changes periodically. The interest rate disclosed reflects the rate in effect on December 31, 2019.

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

Futures contracts outstanding at December 31, 2019:

Type	Contracts			Expiration Date		Notional Amount (000s)			Market Value (000s)			Unrealized Appreciation (Depreciation)
Short position contracts:
5-Year U.S. Treasury Note		(14	)		3/31/20	$	(1,400	)	$	(1,661	)	$	6,242
E-mini S&P 500 Index		(2	)		3/20/20		(—	)(g)		(323	)		(5,590	)
												$	652

Forward foreign currency contracts outstanding at December 31, 2019:

Description	Counterparty	U.S.$ Value on Origination Date		U.S.$ Value December 31, 2019		Unrealized Appreciation		Unrealized Depreciation
Purchased:
109,471 British Pound settling 3/18/20	JPMorgan Chase	$	143,862	$	145,304	$	1,442	$	—
20,742 Euro settling 3/18/20	Goldman Sachs		23,338		23,375		37		—
330,930 Euro settling 3/18/20	JPMorgan Chase		368,933		372,948		4,015		—
Sold:
702,454 British Pound settling 3/18/20	Goldman Sachs		915,227		932,389		—		(17,162	)
3,799,201 Euro settling 3/18/20	Goldman Sachs		4,236,925		4,281,578		—		(44,653	)
100,000 Euro settling 3/18/20	JPMorgan Chase		111,595		112,696		—		(1,101	)
55,000 Euro settling 3/18/20	JPMorgan Chase		62,056		61,983		73		—
						$	5,567	$	(62,916	)

(f) At December 31, 2019, the Fund pledged $12,002 in cash as collateral for futures contracts.

(g) Notional amount rounds to less than 500.

Glossary:

£—British Pound

€—Euro

FRN—Floating Rate Note

MSCI—Morgan Stanley Capital International

PIK—Payment-in-Kind

Schedule of Investments

AllianzGI Global High Yield Fund

December 31, 2019 (unaudited) (continued)

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	7.4	%
Media	7.1	%
Healthcare-Services	6.6	%
Telecommunications	6.3	%
Commercial Services	6.0	%
Electric Utilities	5.2	%
Food & Beverage	4.3	%
Pipelines	3.8	%
Banks	3.5	%
Real Estate	3.2	%
Aerospace & Defense	3.2	%
Insurance	3.2	%
Retail	2.4	%
Entertainment	2.4	%
Environmental Services	2.3	%
Containers & Packaging	2.2	%
Software	1.9	%
Chemicals	1.6	%
Auto Components	1.5	%
Computers	1.5	%
Lodging	1.5	%
Auto Manufacturers	1.4	%
Airlines	1.3	%
Diversified Financial Services	1.2	%
Semiconductors	1.1	%
Distribution/Wholesale	1.1	%
Advertising	1.1	%
Consumer Products	1.1	%
Electronics	1.1	%
Home Builders	1.0	%
Iron/Steel	0.9	%
Diversified Telecommunication Services	0.9	%
Leisure	0.9	%
Mining	0.9	%
Real Estate Management & Development	0.8	%
Equity Real Estate Investment Trusts (REITs)	0.6	%
Energy-Alternate Sources	0.6	%
Leisure Time	0.6	%
Miscellaneous Manufacturing	0.6	%
Household Products/Wares	0.6	%
Pharmaceuticals	0.6	%
Paper & Forest Products	0.5	%
Machinery-Diversified	0.5	%
Electrical Equipment	0.4	%
Machinery-Construction & Mining	0.4	%
Internet	0.4	%
Textiles	0.3	%
Healthcare-Products	0.2	%
Other assets less liabilities	1.8	%
	100.0	%

Schedule of Investments

AllianzGI Global Sustainability Fund

December 31, 2019 (unaudited)

	Shares		Value^
COMMON STOCK—97.7%
Australia—1.5%
CSL Ltd.		13,579	$	2,632,724
Canada—1.2%
Gibson Energy, Inc.		101,295		2,074,186
Denmark—1.4%
Novo Nordisk A/S, Class B		42,164		2,443,355
France—2.4%
Bureau Veritas S.A.		74,553		1,948,959
Credit Agricole S.A.		146,389		2,130,156
				4,079,115
Germany—7.3%
Adidas AG		12,636		4,107,567
Covestro AG (a)		18,970		882,676
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		13,152		3,881,062
SAP SE		25,808		3,473,709
				12,345,014
Hong Kong—1.2%
AIA Group Ltd.		188,000		1,977,377
Japan—4.2%
Daikin Industries Ltd.		26,200		3,696,552
Keyence Corp.		9,700		3,406,042
				7,102,594
Korea (Republic of)—1.6%
Samsung Electronics Co., Ltd. GDR		2,239		2,679,381
Spain—3.8%
Amadeus IT Group S.A.		50,462		4,132,673
Industria de Diseno Textil S.A.		63,785		2,254,194
				6,386,867
Sweden—3.8%
Assa Abloy AB, Class B		114,321		2,672,305
Atlas Copco AB, Class A		93,603		3,736,226
				6,408,531
Switzerland—3.8%
Roche Holding AG		12,472		4,053,433
UBS Group AG (c)		183,450		2,315,027
				6,368,460
United Kingdom—10.7%
AstraZeneca PLC		36,114		3,614,720
Prudential PLC		167,181		3,203,293
Reckitt Benckiser Group PLC		38,116		3,096,105
Royal Dutch Shell PLC, Class B		122,777		3,644,471
Unilever PLC		54,714		3,131,974
Vodafone Group PLC		706,616		1,371,805
				18,062,368
United States—54.8%
AbbVie, Inc.		26,383		2,335,951
Accenture PLC, Class A		18,734		3,944,818
Adobe, Inc. (c)		14,165		4,671,759
Agilent Technologies, Inc.		54,521		4,651,186
Alphabet, Inc., Class A (c)		2,724		3,648,498

	Shares		Value^
American Express Co.		34,252	$	4,264,031
Apple, Inc.		20,505		6,021,293
Bright Horizons Family Solutions, Inc. (c)		17,599		2,644,954
Citigroup, Inc.		35,400		2,828,106
Colgate-Palmolive Co.		30,764		2,117,794
Eaton Corp. PLC		26,189		2,480,622
Ecolab, Inc.		17,327		3,343,938
EOG Resources, Inc.		26,990		2,260,682
Estee Lauder Cos., Inc., Class A		14,663		3,028,496
International Flavors & Fragrances, Inc.		25,044		3,231,177
Intuit, Inc.		17,467		4,575,131
Johnson & Johnson		20,196		2,945,991
Microsoft Corp.		48,631		7,669,109
Mondelez International, Inc., Class A		47,022		2,589,972
S&P Global, Inc.		19,479		5,318,741
Starbucks Corp.		50,906		4,475,655
UnitedHealth Group, Inc.		14,663		4,310,629
Visa, Inc., Class A		37,201		6,990,068
Xylem, Inc.		32,602		2,568,712
				92,917,313
Total Common Stock (cost—$149,145,211)				165,477,285
	Principal Amount (000s)
Repurchase Agreements—2.2%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $3,782,053; collateralized by U.S. Treasury Bonds, 2.50%, due 2/15/46, valued at $3,861,081 including accrued interest (cost—$3,782,000)	$	3,782		3,782,000
Total Investments (cost—$152,927,211) (b)—99.9%				169,259,285
Other assets less liabilities—0.1%				155,124
Net Assets—100.0%			$	169,414,409

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 $882,676, representing 0.5% of net assets.

(b) Securities with an aggregate value of $66,372,254, representing 39.2% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(c) Non-income producing.

Glossary:

GDR—Global Depositary Receipt

Schedule of Investments

AllianzGI Global Sustainability Fund

December 31, 2019 (unaudited) (continued)

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

Software	12.0	%
IT Services	8.9	%
Pharmaceuticals	7.7	%
Insurance	5.4	%
Technology Hardware, Storage & Peripherals	5.1	%
Oil, Gas & Consumable Fuels	4.7	%
Capital Markets	4.5	%
Chemicals	4.4	%
Building Products	3.8	%
Machinery	3.7	%
Personal Products	3.6	%
Household Products	3.1	%
Biotechnology	2.9	%
Banks	2.9	%
Life Sciences Tools & Services	2.8	%
Hotels, Restaurants & Leisure	2.6	%
Healthcare Providers & Services	2.6	%
Consumer Finance	2.5	%
Textiles, Apparel & Luxury Goods	2.4	%
Interactive Media & Services	2.2	%
Electronic Equipment, Instruments & Components	2.0	%
Diversified Consumer Services	1.6	%
Food Products	1.5	%
Electrical Equipment	1.5	%
Specialty Retail	1.3	%
Professional Services	1.2	%
Wireless Telecommunication Services	0.8	%
Repurchase Agreements	2.2	%
Other assets less liabilities	0.1	%
	100.0	%

Schedule of Investments

AllianzGI Green Bond Fund

December 31, 2019 (unaudited)

	Principal Amount (000s)		Value^
CORPORATE BONDS & NOTES—81.2%
Brazil—0.3%
Fibria Overseas Finance Ltd.,
5.50%, 1/17/27	$	100	$	109,809
Canada—2.9%
Bank of Nova Scotia,
2.375%, 1/18/23		500		506,370
Toronto-Dominion Bank,
1.85%, 9/11/20		500		499,753
				1,006,123
China—1.2%
Industrial & Commercial Bank of China Ltd. (d),
3 mo. LIBOR + 0.720%, 2.66%, 4/25/22		200		200,322
3 mo. LIBOR + 0.830%, 2.77%, 4/25/24		200		200,590
				400,912
Czech Republic—2.2%
CPI Property Group SA,
1.625%, 4/23/27	€	700		773,710
Denmark—3.1%
Orsted A/S,
1.75%, 12/9/3019 (converts to FRN on 9/9/27) (d)(e)		100		113,405
2.25%, 1/24/3017 (converts to FRN on 8/2/24) (d)(e)		700		822,566
2.50%, 5/16/33	£	100		139,877
				1,075,848
France—10.9%
BNP Paribas SA,
0.50%, 6/4/26 (converts to FRN on 6/4/25) (d)	€	200		225,049
1.00%, 4/17/24		300		347,016
BPCE SA,
0.125%, 12/4/24		200		223,434
CNP Assurances, (converts to FRN on 7/27/30) (d),
2.00%, 7/27/50		200		227,038
Covivio,
1.125%, 9/17/31		100		113,298
Credit Agricole S.A.,
0.375%, 10/21/25		700		783,560
Electricite de France S.A.,
3.625%, 10/13/25	$	100		106,252
Engie S.A.,
0.50%, 10/24/30	€	600		665,119
1.375%, 1/16/23 (converts to FRN on 1/16/23) (c)(d)		500		567,665
1.375%, 6/21/39		100		116,223
Paprec Holding S.A.,
4.00%, 3/31/25		400		432,720
				3,807,374
Germany—3.7%
Berlin Hyp AG,
0.50%, 11/5/29		300		333,550
E.ON SE,
zero coupon, 8/28/24		150		166,484
0.35%, 2/28/30		450		486,097
Kreditanstalt fuer Wiederaufbau,
2.00%, 9/29/22	$	300		302,608
				1,288,739

	Principal Amount (000s)		Value^
Hong Kong—4.0%
CGNPC International Ltd.,
2.75%, 7/2/24	$	300	$	302,083
MTR Corp CI Ltd,
2.50%, 11/2/26		600		591,711
Swire Properties MTN Financing Ltd,
3.50%, 1/10/28		500		514,890
				1,408,684
India—1.5%
State Bank of India/London,
4.50%, 9/28/23		500		527,933
Italy—3.1%
A2A SpA,
1.00%, 7/16/29	€	150		171,839
Assicurazioni Generali SpA,
2.124%, 10/1/30		500		583,150
Intesa Sanpaolo SpA,
0.75%, 12/4/24		100		112,736
Iren SpA,
0.875%, 10/14/29		200		223,765
				1,091,490
Japan—1.4%
Mitsubishi UFJ Financial Group, Inc.,
2.527%, 9/13/23	$	500		503,842
Korea (Republic of)—1.2%
LG Chem Ltd. (a)(b),
3.25%, 10/15/24		200		205,612
3.625%, 4/15/29		200		206,854
				412,466
Lithuania—0.4%
Lietuvos Energija UAB,
2.00%, 7/14/27	€	100		121,740
Netherlands—15.1%
ABN AMRO Bank NV,
0.50%, 4/15/26		500		568,945
Cooperatieve Rabobank UA,
0.25%, 10/30/26		700		777,717
de Volksbank NV,
0.01%, 9/16/24		600		666,023
EDP Finance BV,
0.375%, 9/16/26		600		665,233
Koninklijke Philips NV,
0.50%, 5/22/26		500		569,370
Nederlandse Waterschapsbank NV,
2.375%, 3/24/26	$	300		307,678
OI European Group BV,
2.875%, 2/15/25	€	200		233,187
PostNL NV,
0.625%, 9/23/26		600		670,281
TenneT Holding BV,
0.875%, 6/3/30		500		575,269
1.50%, 6/3/39		100		118,648
2.995%, 3/1/24 (converts to FRN on 3/1/24) (c)(d)		100		120,520
				5,272,871
Norway—1.6%
SpareBank 1 SMN,
0.125%, 9/11/26		500		546,797
Portugal—0.4%
EDP—Energias de Portugal S.A., (converts to FRN on 1/30/24) (d),
4.496%, 4/30/79		100		125,717

Schedule of Investments

AllianzGI Green Bond Fund

December 31, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
Russian Federation—0.7%
Russian Railways Via RZD Capital PLC,
2.20%, 5/23/27	$	200	$	241,665
Spain—5.3%
Banco Bilbao Vizcaya Argentaria S.A.,
1.00%, 6/21/26		400		461,896
Banco Santander SA,
0.30%, 10/4/26		500		555,541
Iberdrola International BV (c)(d),
1.875%, 2/22/23 (converts to FRN on 2/22/23)		600		693,730
3.25%, 11/22/24 (converts to FRN on 11/12/24)		100		123,627
				1,834,794
Supranational—0.5%
Stedin Holding NV,
0.50%, 11/14/29		150		166,519
Sweden—0.6%
SKF AB,
0.875%, 11/15/29		200		224,344
United Kingdom—3.8%
Anglian Water Services Financing PLC,
1.625%, 8/10/25	£	400		532,853
Bazalgette Finance PLC,
2.375%, 11/29/27		100		140,190
Scottish Hydro Electric Transmission PLC,
2.25%, 9/27/35		500		656,158
				1,329,201
United States—17.3%
Apple, Inc.,
zero coupon, 11/15/25	€	200		223,366
0.50%, 11/15/31		150		167,464
2.85%, 2/23/23	$	100		102,786
3.00%, 6/20/27		500		524,108
Avangrid, Inc.,
3.80%, 6/1/29		300		318,273
Bank of America Corp. (d),
2.456%, 10/22/25 (converts to FRN on 10/22/24)		600		602,926
3.499%, 5/17/22 (converts to FRN on 5/17/21)		400		408,118
Boston Properties L.P.,
3.40%, 6/21/29		300		313,103
DTE Electric Co.,
3.95%, 3/1/49		200		228,998
Duke Energy Carolinas LLC,
3.95%, 11/15/28		100		111,386
Duke Realty L.P.,
2.875%, 11/15/29		400		400,919
Hanwha Energy USA Holdings Corp.,
2.375%, 7/30/22		400		401,894
Interstate Power & Light Co.,
4.10%, 9/26/28		100		109,568
NextEra Energy Capital Holdings, Inc.,
2.20%, 12/2/26	AUD	300		206,949
PepsiCo, Inc.,
2.875%, 10/15/49	$	700		676,445
Public Service Co. of Colorado, Ser. 34,
3.20%, 3/1/50		700		699,637

	Principal Amount (000s)		Value^
Verizon Communications, Inc.,
3.875%, 2/8/29	$	100	$	110,390
Welltower, Inc.,
2.70%, 2/15/27		400		402,120
				6,008,450
Total Corporate Bonds & Notes (cost—$27,926,090)				28,279,028
SOVEREIGN DEBT OBLIGATIONS—16.3%
Australia—0.3%
New South Wales Treasury Corp.,
3.00%, 11/15/28	AUD	150		116,341
Belgium—1.5%
Kingdom of Belgium Government Bond,
1.25%, 4/22/33	€	400		502,670
Canada—0.3%
Province of Quebec Canada,
2.60%, 7/6/25	CAD	150		118,836
Chile—1.6%
Republic Of Chile,
0.83%, 7/2/31	€	300		342,115
3.50%, 1/25/50	$	200		209,585
				551,700
Denmark—0.8%
Kommunekredit,
0.625%, 11/21/39	€	250		277,638
Indonesia—1.2%
Perusahaan Penerbit SBSN Indonesia III,
3.90%, 8/20/24	$	400		424,962
Ireland—1.1%
Ireland Government Bond,
1.35%, 3/18/31	€	300		377,378
Netherlands—1.7%
Netherlands Government Bond (b),
0.50%, 1/15/40		500		582,471
Supranational—5.5%
African Development Bank, SOFR + 0.320%,
1.86%, 11/18/20 (d)	$	100		99,768
3.00%, 12/6/21		500		512,875
Central American Bank for Economic Integration, 3 mo. LIBOR + 0.850% (d),
2.76%, 11/15/24		750		748,774
Corp Andina de Fomento,
0.625%, 11/20/26	€	500		559,495
				1,920,912
Sweden—2.3%
City of Gothenburg Sweden,
0.455%, 11/27/25	SEK	2,000		211,752

Schedule of Investments

AllianzGI Green Bond Fund

December 31, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
Kommuninvest I Sverige AB,
1.625%, 4/24/23	$	600	$	598,363
				810,115
Total Sovereign Debt Obligations (cost—$5,659,309)				5,683,023
Repurchase Agreements—2.1%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $724,010; collateralized by U.S. Treasury Bonds, 2.50%, due 5/15/46, valued at $738,682 including accrued interest (cost—$724,000)		724		724,000
Total Investments (cost—$34,309,399)—99.6%				34,686,051
Other assets less liabilities (f)—0.4%				125,973
Net Assets—100.0%			$	34,812,024

Notes to Schedule of Investments:

(a) Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $412,466, representing 1.2% 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 $994,937, representing 2.9% of net assets.

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

(d) Variable or Floating Rate Security—Securities with an interest rate that changes periodically. The interest rate disclosed reflects the rate in effect on December 31, 2019.

(e) Hybrid bond.

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

Futures contracts outstanding at December 31, 2019:

Type	Contracts			Expiration Date		Notional Amount (000s)			Market Value (000s)			Unrealized Appreciation (Depreciation)
Long position contracts:
Euro-Bund 10-Year Bond		25			3/6/20	EUR	2,500		$	4,781		$	(48,690	)
Short position contracts:
10-Year U.S. Treasury Note		(25	)		3/20/20	$	(2,500	)	$	(3,211	)	$	25,931
												$	(22,759	)

Forward foreign currency contracts outstanding at December 31, 2019:

Description	Counterparty		U.S.$ Value on Origination Date		U.S.$ Value December 31, 2019		Unrealized Depreciation
Sold:
468,410 Australian Dollar settling 3/27/20		State Street Bank London	$	322,578	$	329,390	$	(6,812	)
1,127,600 British Pound settling 3/27/20		State Street Bank London		1,475,793		1,497,060		(21,267	)
156,784 Canadian Dollar settling 3/27/20		State Street Bank London		119,580		120,773		(1,193	)
16,854,000 Euro settling 3/27/20		State Street Bank London		18,865,781		19,004,742		(138,961	)
1,990,000 Swedish Krona settling 3/27/20		State Street Bank London		212,027		213,321		(1,294	)
							$	(169,527	)

(g) At December 31, 2019, the Fund pledged $93,568 in cash as collateral for futures contracts.

Glossary:

AUD—Australian Dollar

£—British Pound

CAD—Canadian Dollar

EUR/€—Euro

FRN—Floating Rate Note

LIBOR—London Inter-Bank Offered Rate

MTN—Medium Term Note

SEK—Swedish Krona

SOFR—Secured Overnight Financing Rate

Schedule of Investments

AllianzGI Green Bond Fund

December 31, 2019 (unaudited) (continued)

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

Banks	27.8	%
Electric Utilities	25.6	%
Sovereign Debt Obligations	16.3	%
Transportation	4.3	%
Real Estate	4.0	%
Equity Real Estate Investment Trusts (REITs)	3.2	%
Computers	2.9	%
Insurance	2.3	%
Food & Beverage	2.0	%
Water Utilities	1.9	%
Healthcare-Products	1.6	%
Environmental Services	1.2	%
Chemicals	1.2	%
Energy-Alternate Sources	1.2	%
Containers & Packaging	0.7	%
Metal Fabricate/Hardware	0.7	%
Telecommunications	0.3	%
Paper & Forest Products	0.3	%
Repurchase Agreements	2.1	%
Other assets less liabilities	0.4	%
	100.0	%

Schedule of Investments

AllianzGI High Yield Bond Fund

December 31, 2019 (unaudited)

	Principal Amount (000s)		Value^
CORPORATE BONDS & NOTES—92.4%
Advertising—0.5%
National CineMedia LLC (a)(b),
5.875%, 4/15/28	$	545	$	580,614
Aerospace & Defense—3.0%
Kratos Defense & Security Solutions, Inc. (a)(b),
6.50%, 11/30/25		770		826,144
TransDigm, Inc.,
5.50%, 11/15/27 (a)(b)		1,145		1,159,977
6.50%, 5/15/25		650		677,355
Triumph Group, Inc. (a)(b),
6.25%, 9/15/24		800		842,668
				3,506,144
Auto Components—2.1%
Adient U.S. LLC (a)(b),
7.00%, 5/15/26		520		567,774
Goodyear Tire & Rubber Co.,
5.00%, 5/31/26		795		828,271
Panther BF Aggregator 2 L.P. (a)(b),
8.50%, 5/15/27		930		989,846
				2,385,891
Auto Manufacturers—1.5%
Navistar International Corp. (a)(b),
6.625%, 11/1/25		1,000		1,020,835
Tesla, Inc. (a)(b),
5.30%, 8/15/25		800		777,992
				1,798,827
Banks—0.3%
CIT Group, Inc.,
6.125%, 3/9/28		305		360,768
Chemicals—0.6%
Tronox, Inc. (a)(b),
6.50%, 4/15/26		620		640,290
Commercial Services—4.3%
Cenveo Corp. (cost—$2,740,388; purchased 3/22/12-3/11/16) (a)(b)(c)(d)(e)(g),
6.00%, 5/15/24		2,299		—	†
Herc Holdings, Inc. (a)(b),
5.50%, 7/15/27		850		896,771
Hertz Corp. (a)(b),
7.125%, 8/1/26		1,070		1,160,816
Laureate Education, Inc. (a)(b),
8.25%, 5/1/25		815		879,173
RR Donnelley & Sons Co.,
7.00%, 2/15/22		693		719,204
United Rentals North America, Inc.,
5.25%, 1/15/30		535		576,810
5.50%, 7/15/25		750		780,861
				5,013,635
Computers—0.5%
Dell International LLC (a)(b),
7.125%, 6/15/24		580		612,625
Containers & Packaging—1.6%
Berry Global, Inc. (a)(b),
5.625%, 7/15/27		1,050		1,128,776
Trivium Packaging Finance BV (a)(b),
8.50%, 8/15/27		640		713,184
				1,841,960
Distribution/Wholesale—1.6%
H&E Equipment Services, Inc.,
5.625%, 9/1/25		930		976,886
Performance Food Group, Inc. (a)(b),
5.50%, 10/15/27		805		862,376
				1,839,262

	Principal Amount (000s)		Value^
Diversified Financial Services—5.9%
Ally Financial, Inc.,
5.75%, 11/20/25	$	335	$	375,619
CCF Holdings LLC, PIK 10.75% (a)(b)(d)(e),
10.75%, 12/15/23		3,101		1,292,659
Community Choice Financial Issuer LLC (cost—$2,000,000; purchased 9/6/18) (a)(b)(g),
9.00%, 6/15/23		2,000		2,002,500
Navient Corp.,
6.75%, 6/15/26		880		968,836
7.25%, 9/25/23		295		334,093
Springleaf Finance Corp.,
6.625%, 1/15/28		845		955,399
8.25%, 10/1/23		795		928,493
				6,857,599
Electric Utilities—0.8%
NRG Energy, Inc.,
5.75%, 1/15/28		880		956,428
Electronic Equipment, Instruments & Components—0.9%
Energizer Holdings, Inc. (a)(b),
7.75%, 1/15/27		920		1,029,848
Engineering & Construction—1.6%
AECOM,
5.875%, 10/15/24		750		831,581
Tutor Perini Corp. (a)(b),
6.875%, 5/1/25		1,120		1,083,600
				1,915,181
Entertainment—4.8%
AMC Entertainment Holdings, Inc.,
6.125%, 5/15/27		1,245		1,139,206
Cedar Fair L.P.,
5.375%, 4/15/27		145		156,368
International Game Technology PLC (a)(b),
6.25%, 1/15/27		385		433,837
6.50%, 2/15/25		415		466,871
Lions Gate Capital Holdings LLC (a)(b),
6.375%, 2/1/24		970		1,016,085
Live Nation Entertainment, Inc. (a)(b),
5.625%, 3/15/26		780		832,921
Scientific Games International, Inc. (a)(b),
5.00%, 10/15/25		815		855,750
Stars Group Holdings BV (a)(b),
7.00%, 7/15/26		675		732,780
				5,633,818
Food & Beverage—1.8%
Albertsons Cos., Inc.,
6.625%, 6/15/24		825		865,549
7.50%, 3/15/26 (a)(b)		370		416,018
Post Holdings, Inc. (a)(b),
5.75%, 3/1/27		795		854,484
				2,136,051
Food Service—0.7%
Aramark Services, Inc. (a)(b),
5.00%, 2/1/28		750		791,700
Hand/Machine Tools—0.6%
Colfax Corp. (a)(b),
6.375%, 2/15/26		680		742,050
Healthcare-Products—1.2%
Avantor, Inc. (a)(b),
9.00%, 10/1/25		765		856,506
Hill-Rom Holdings, Inc. (a)(b),
5.00%, 2/15/25		560		584,032
				1,440,538

Schedule of Investments

AllianzGI High Yield Bond Fund

December 31, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
Healthcare-Services—7.2%
Centene Corp. (a)(b),
4.625%, 12/15/29	$	465	$	489,750
5.375%, 6/1/26		600		638,236
Charles River Laboratories International, Inc. (a)(b),
5.50%, 4/1/26		445		479,409
DaVita, Inc.,
5.125%, 7/15/24		700		718,959
Encompass Health Corp.,
4.50%, 2/1/28		410		425,621
4.75%, 2/1/30		410		426,134
HCA, Inc.,
5.375%, 9/1/26		745		831,625
5.625%, 9/1/28		490		559,310
7.50%, 2/15/22		325		359,704
Select Medical Corp. (a)(b),
6.25%, 8/15/26		840		910,858
Tenet Healthcare Corp.,
6.25%, 2/1/27 (a)(b)		1,110		1,196,025
8.125%, 4/1/22		415		459,832
WellCare Health Plans, Inc. (a)(b),
5.375%, 8/15/26		855		912,157
				8,407,620
Home Builders—1.3%
KB Home,
4.80%, 11/15/29		565		577,712
Taylor Morrison Communities, Inc. (a)(b),
5.75%, 1/15/28		815		890,671
				1,468,383
Household Products/Wares—0.5%
Prestige Brands, Inc. (a)(b),
5.125%, 1/15/28		555		582,750
Internet—3.4%
Go Daddy Operating Co. LLC (a)(b),
5.25%, 12/1/27		780		822,393
Match Group, Inc. (a)(b),
5.00%, 12/15/27		820		857,185
Netflix, Inc. (a)(b),
5.375%, 11/15/29		1,055		1,125,506
NortonLifeLock, Inc. (a)(b),
5.00%, 4/15/25		500		510,911
Zayo Group LLC (a)(b),
5.75%, 1/15/27		645		657,318
				3,973,313
Lodging—2.6%
Hilton Domestic Operating Co., Inc.,
5.125%, 5/1/26		560		590,995
MGM Resorts International,
5.50%, 4/15/27		595		661,551
Wyndham Hotels & Resorts, Inc. (a)(b),
5.375%, 4/15/26		940		993,883
Wynn Las Vegas LLC (a)(b),
5.50%, 3/1/25		750		805,305
				3,051,734
Machinery-Construction & Mining—0.5%
Terex Corp. (a)(b),
5.625%, 2/1/25		560		578,900
Media—9.6%
CCO Holdings LLC (a)(b),
5.125%, 5/1/23		275		281,247
5.125%, 5/1/27		1,055		1,114,977
5.50%, 5/1/26		275		290,420
Clear Channel Worldwide Holdings, Inc. (a)(b),
9.25%, 2/15/24		842		934,271

	Principal Amount (000s)		Value^
CSC Holdings LLC (a)(b),
7.50%, 4/1/28	$	860	$	973,797
7.75%, 7/15/25		580		619,846
10.875%, 10/15/25		370		414,169
Diamond Sports Group LLC (a)(b),
5.375%, 8/15/26		300		304,028
6.625%, 8/15/27		1,075		1,047,426
DISH DBS Corp.,
5.875%, 7/15/22		280		297,298
5.875%, 11/15/24		770		788,449
Gray Television, Inc. (a)(b),
5.875%, 7/15/26		820		873,792
LiveStyle, Inc. (cost—$2,787,813; purchased 1/31/14-2/3/14) (a)(b)(c)(d)(e)(g)(i),
9.625%, 2/1/19		2,761		3
Meredith Corp.,
6.875%, 2/1/26		580		604,678
Nexstar Broadcasting, Inc. (a)(b),
5.625%, 7/15/27		850		897,302
Sirius XM Radio, Inc. (a)(b),
5.00%, 8/1/27		1,110		1,173,103
Virgin Media Secured Finance PLC (a)(b),
5.50%, 5/15/29		555		588,633
				11,203,439
Metal Fabricate/Hardware—0.9%
Park-Ohio Industries, Inc.,
6.625%, 4/15/27		1,005		1,026,007
Mining—2.5%
Alcoa Nederland Holding BV (a)(b),
6.75%, 9/30/24		785		827,845
Constellium SE (a)(b),
6.625%, 3/1/25		720		748,865
Freeport-McMoRan, Inc.,
5.25%, 9/1/29		320		343,408
Joseph T. Ryerson & Son, Inc. (a)(b),
11.00%, 5/15/22		890		941,169
				2,861,287
Miscellaneous Manufacturing—0.5%
Koppers, Inc. (a)(b),
6.00%, 2/15/25		605		635,244
Oil, Gas & Consumable Fuels—4.9%
Callon Petroleum Co.,
6.125%, 10/1/24		840		858,009
Carrizo Oil & Gas, Inc.,
6.25%, 4/15/23		835		849,479
CVR Refining LLC,
6.50%, 11/1/22		410		416,147
Oasis Petroleum, Inc.,
6.875%, 3/15/22		140		136,500
SM Energy Co.,
6.625%, 1/15/27		670		660,069
Sunoco L.P.,
5.50%, 2/15/26		540		561,788
5.875%, 3/15/28		395		420,538
Transocean, Inc. (a)(b),
7.50%, 1/15/26		925		915,586
USA Compression Partners L.P.,
6.875%, 9/1/27		830		866,063
				5,684,179
Paper & Forest Products—0.9%
Mercer International, Inc.,
5.50%, 1/15/26		380		387,610
7.375%, 1/15/25		560		604,444
				992,054

Schedule of Investments

AllianzGI High Yield Bond Fund

December 31, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
Pharmaceuticals—2.6%
Bausch Health Americas, Inc. (a)(b),
8.50%, 1/31/27	$	815	$	929,630
Bausch Health Cos., Inc. (a)(b),
5.25%, 1/30/30		275		285,862
7.25%, 5/30/29		755		863,984
Horizon Pharma USA, Inc. (a)(b),
5.50%, 8/1/27		825		892,609
				2,972,085
Pipelines—3.6%
Cheniere Energy Partners L.P.,
5.625%, 10/1/26		785		831,609
Crestwood Midstream Partners L.P.,
5.75%, 4/1/25		910		932,741
DCP Midstream Operating L.P.,
5.125%, 5/15/29		605		628,807
NGL Energy Partners L.P. (a)(b),
7.50%, 4/15/26		610		591,622
Targa Resources Partners L.P. (a)(b),
6.50%, 7/15/27		585		641,657
6.875%, 1/15/29		510		567,043
				4,193,479
Real Estate—1.6%
Iron Mountain, Inc. (a)(b),
4.875%, 9/15/27		955		988,256
Kennedy-Wilson, Inc.,
5.875%, 4/1/24		835		857,954
				1,846,210
Retail—2.4%
1011778 BC ULC (a)(b),
5.00%, 10/15/25		950		982,856
Conn’s, Inc.,
7.25%, 7/15/22		1,095		1,092,604
Yum! Brands, Inc. (a)(b),
4.75%, 1/15/30		645		676,831
				2,752,291
Semiconductors—0.9%
Amkor Technology, Inc. (a)(b),
6.625%, 9/15/27		935		1,031,399
Software—2.9%
IQVIA, Inc. (a)(b),
5.00%, 5/15/27		890		943,558
j2 Cloud Services LLC (a)(b),
6.00%, 7/15/25		975		1,035,533
Rackspace Hosting, Inc. (a)(b),
8.625%, 11/15/24		430		421,400
SS&C Technologies, Inc. (a)(b),
5.50%, 9/30/27		860		919,662
				3,320,153
Telecommunications—8.7%
CenturyLink, Inc.,
5.125%, 12/15/26 (a)(b)		560		571,273
7.50%, 4/1/24, Ser. Y		745		841,541
Cincinnati Bell, Inc. (a)(b),
7.00%, 7/15/24		775		814,711
CommScope Technologies LLC (a)(b),
6.00%, 6/15/25		810		812,940
Consolidated Communications, Inc.,
6.50%, 10/1/22		950		871,625
Hughes Satellite Systems Corp.,
6.625%, 8/1/26		965		1,073,898

	Principal Amount (000s)		Value^
Intelsat Jackson Holdings S.A.,
5.50%, 8/1/23	$	900	$	775,013
Level 3 Financing, Inc.,
5.375%, 5/1/25		625		648,178
Sprint Communications, Inc.,
11.50%, 11/15/21		1,545		1,767,974
Sprint Corp.,
7.625%, 3/1/26		765		845,057
T-Mobile USA, Inc.,
6.50%, 1/15/26		1,045		1,122,393
				10,144,603
Toys/Games/Hobbies—0.1%
Mattel, Inc. (a)(b),
5.875%, 12/15/27		150		158,340
Transportation—0.5%
XPO Logistics, Inc. (a)(b),
6.125%, 9/1/23		575		594,771
Total Corporate Bonds & Notes (cost—$109,734,137)				107,561,470
	Shares
PREFERRED STOCK (a)(d)(e)(h)(i)—5.3%
Media—5.3%
LiveStyle, Inc., Ser. A		2,672		403,606
LiveStyle, Inc., Ser. B (f)		57,581		5,758,100
Total Preferred Stock (cost—$5,907,093)				6,161,706
COMMON STOCK (d)(e)(h)—0.0%
Aerospace & Defense—0.0%
Erickson, Inc. (a)		2,675		54,784
Banks—0.0%
CCF Holdings LLC, Class A (cost—$0; purchased 12/18/18) (g)		8,562		1
CCF Holdings LLC, Class B (cost—$0; purchased 12/12/18) (f)(g)		7,143		—	†
				1
Media—0.0%
LiveStyle, Inc. (a)(i)		67,983		7
Total Common Stock (cost—$1,491,067)				54,792
	Units
WARRANTS (d)(e)(h)—0.0%
Advertising—0.0%
Affinion Group Holdings, Inc., exercise price $67.12, expires 4/1/24, (cost—$769,740; purchased 4/10/19) (g)		3,898		30,832
Media—0.0%
LiveStyle, Inc., expires 11/30/21, Ser. C, (a)(i)		14,500		1
Total Warrants (cost—$769,740)				30,833

Schedule of Investments

AllianzGI High Yield Bond Fund

December 31, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
Repurchase Agreements—0.8%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $913,013; collateralized by U.S. Treasury Bonds, 3.00%, due 11/15/45, valued at $933,677 including accrued interest (cost—$913,000)	$	913	$	913,000
Total Investments (cost—$118,815,037)—98.5%				114,721,801
Other assets less liabilities—1.5%				1,724,774
Net Assets—100.0%			$	116,446,575

Notes to Schedule of Investments:

† Actual amount rounds to less than $1.

(a) Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $ 74,624,917, representing 64.1% of net assets.

(b) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $68,408,419, representing 58.7% of net assets.

(c) In default.

(d) Fair-Valued—Securities with an aggregate value of $7,539,993, representing 6.5% of net assets.

(e) Level 3 security.

(f) Affiliated security.

(g) Restricted. The aggregate cost of such securities is $8,297,941. The aggregate value is $2,033,336, representing 1.7% of net assets.

(h) Non-income producing.

(i) 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 5.3% of net assets.

Glossary:

PIK—Payment-in-Kind

Schedule of Investments

AllianzGI International Small-Cap Fund

December 31, 2019 (unaudited)

	Shares		Value^
COMMON STOCK—97.6%
Australia—5.4%
Austal Ltd.		241,063	$	645,612
Charter Hall Retail REIT		193,226		579,125
Cleanaway Waste Management Ltd.		344,220		485,836
Downer EDI Ltd.		119,301		683,166
Growthpoint Properties Australia Ltd. REIT		84,500		246,123
GUD Holdings Ltd.		81,273		632,912
NEXTDC Ltd. (e)		105,211		486,094
Reliance Worldwide Corp. Ltd.		176,700		500,784
Seven Group Holdings Ltd.		33,900		463,265
Starpharma Holdings Ltd. (e)		97,800		82,773
Worley Ltd.		44,600		481,794
				5,287,484
Austria—4.5%
ANDRITZ AG		28,606		1,229,779
UNIQA Insurance Group AG		156,229		1,590,226
Wienerberger AG		55,186		1,635,454
				4,455,459
China—0.5%
China Everbright Greentech Ltd. (a)		210,235		113,903
Ping An Healthcare and Technology Co., Ltd. (a)(e)		48,600		354,716
				468,619
Denmark—2.5%
Ambu A/S, Class B		53,022		889,026
SimCorp A/S		14,177		1,612,026
				2,501,052
Finland—0.9%
Huhtamaki Oyj		20,134		934,539
France—4.8%
Ingenico Group S.A.		14,854		1,615,793
Korian S.A.		33,821		1,594,295
Nexity S.A.		30,208		1,518,297
				4,728,385
Germany—8.9%
Alstria office REIT-AG		77,991		1,465,332
Bechtle AG		10,724		1,497,391
CANCOM SE		25,767		1,514,143
Hella GmbH & Co. KGaA		27,962		1,545,216
Scout24 AG (a)		22,193		1,468,582
TLG Immobilien AG		37,770		1,205,330
				8,695,994
Hong Kong—0.7%
Minth Group Ltd.		20,000		70,621
Techtronic Industries Co., Ltd.		72,500		591,723
				662,344
Indonesia—0.5%
Jasa Marga Persero Tbk PT		1,256,900		467,906
Ireland—1.4%
Dalata Hotel Group PLC		234,431		1,354,250
Italy—2.6%
Buzzi Unicem SpA		56,559		1,425,677
De’ Longhi SpA		54,572		1,154,820
				2,580,497
Japan—30.9%
Anritsu Corp.		49,500		979,757
Azbil Corp.		62,400		1,757,540

	Shares		Value^
CKD Corp.		82,100	$	1,362,253
COMSYS Holdings Corp.		59,300		1,698,602
Dai-ichi Seiko Co., Ltd.		19,400		468,025
Fuji Electric Co., Ltd.		49,400		1,500,639
Fuji Oil Holdings, Inc.		25,300		680,553
Glory Ltd.		20,800		628,556
Hisamitsu Pharmaceutical Co., Inc.		24,100		1,173,705
Ichigo, Inc.		146,900		618,539
Itochu Techno-Solutions Corp.		51,300		1,444,718
Jeol Ltd.		52,100		1,573,064
Marui Group Co., Ltd.		12,700		309,658
Maruwa Co., Ltd.		18,500		1,430,897
Mitsubishi UFJ Lease & Finance Co., Ltd.		348,400		2,242,891
Nihon Unisys Ltd.		33,800		1,060,271
Nishio Rent All Co., Ltd.		12,600		359,009
Penta-Ocean Construction Co., Ltd.		302,500		1,872,701
PeptiDream, Inc. (e)		6,500		332,171
Ship Healthcare Holdings, Inc.		23,100		1,065,632
Sojitz Corp.		404,400		1,303,420
T&D Holdings, Inc.		183,000		2,314,164
Taiheiyo Cement Corp.		24,000		704,474
TechnoPro Holdings, Inc.		18,900		1,319,051
Tokyu Fudosan Holdings Corp.		301,100		2,079,189
				30,279,479
Korea (Republic of)—0.9%
DB Insurance Co., Ltd.		8,247		372,529
Fila Korea Ltd.		10,899		498,016
				870,545
Netherlands—2.9%
ASM International NV		13,330		1,504,589
ASR Nederland NV		34,699		1,300,362
				2,804,951
Norway—2.7%
Elkem ASA (a)		396,176		1,117,197
Storebrand ASA		195,185		1,537,682
				2,654,879
Singapore—2.1%
Frasers Centrepoint Trust		318,200		665,418
Mapletree Commercial Trust REIT		430,571		765,664
Mapletree Industrial Trust REIT		303,700		587,358
				2,018,440
Sweden—2.9%
AAK AB		77,868		1,481,066
Elekta AB, Class B		107,011		1,409,280
				2,890,346
Switzerland—5.7%
Galenica AG (a)		24,733		1,527,538
Georg Fischer AG		1,279		1,296,938
Interroll Holding AG		657		1,476,519
OC Oerlikon Corp. AG		110,251		1,292,010
				5,593,005
Taiwan—0.7%
Win Semiconductors Corp.		20,000		197,070
Yageo Corp.		36,000		524,484
				721,554
Thailand—0.4%
Amata Corp. PCL (c)(d)		605,000		405,085
United Kingdom—15.7%
ASOS PLC (e)		25,163		1,127,622
Auto Trader Group PLC (a)		204,495		1,614,927
Derwent London PLC REIT		30,279		1,608,313

Schedule of Investments

AllianzGI International Small-Cap Fund

December 31, 2019 (unaudited) (continued)

	Shares		Value^
Genus PLC		36,349	$	1,531,041
HomeServe PLC		90,582		1,516,609
Howden Joinery Group PLC		174,578		1,555,359
Intermediate Capital Group PLC		77,283		1,648,364
Moneysupermarket.com Group PLC		294,610		1,293,287
Rotork PLC		352,168		1,565,495
Spectris PLC		39,983		1,540,850
Tullow Oil PLC		448,720		381,670
				15,383,537
Total Common Stock (cost—$78,593,088)				95,758,350
PREFERRED STOCK—1.1%
Germany—1.1%
Jungheinrich AG (cost—$1,321,708)		42,823		1,028,523
Total Investments (cost—$79,914,796) (b)—98.7%				96,786,873
Other assets less liabilities (f)—1.3%				1,283,490
Net Assets—100.0%			$	98,070,363

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 $6,196,863, representing 6.3% of net assets.

(b) Securities with an aggregate value of $81,275,110, representing 82.9% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(c) Fair-Valued—Security with a value of $405,085, representing 0.4% of net assets.

(d) Level 3 security.

(e) Non-income producing.

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

Forward foreign currency contracts outstanding at December 31, 2019:

Description	Counterparty		U.S.$ Value on Origination Date		U.S.$ Value December 31, 2019		Unrealized Appreciation
Sold:
3,166,746 Hong Kong Dollar settling 1/3/20		State Street Bank London	$	406,664	$	406,394	$	270

Glossary:

REIT—Real Estate Investment Trust

Schedule of Investments

AllianzGI International Small-Cap Fund

December 31, 2019 (unaudited) (continued)

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

Machinery	10.7	%
Electronic Equipment, Instruments & Components	8.5	%
Insurance	7.3	%
IT Services	6.1	%
Equity Real Estate Investment Trusts (REITs)	6.0	%
Real Estate Management & Development	5.9	%
Healthcare Providers & Services	4.3	%
Healthcare Equipment & Supplies	4.0	%
Construction Materials	3.8	%
Trading Companies & Distributors	3.8	%
Construction & Engineering	3.6	%
Interactive Media & Services	3.1	%
Commercial Services & Supplies	2.7	%
Internet & Direct Marketing Retail	2.5	%
Auto Components	2.3	%
Diversified Financial Services	2.3	%
Food Products	2.2	%
Biotechnology	1.9	%
Semiconductors & Semiconductor Equipment	1.7	%
Capital Markets	1.7	%
Software	1.6	%
Electrical Equipment	1.5	%
Hotels, Restaurants & Leisure	1.4	%
Professional Services	1.3	%
Pharmaceuticals	1.3	%
Household Durables	1.2	%
Chemicals	1.1	%
Containers & Packaging	1.0	%
Aerospace & Defense	0.7	%
Building Products	0.5	%
Textiles, Apparel & Luxury Goods	0.5	%
Energy Equipment & Services	0.5	%
Transportation Infrastructure	0.5	%
Oil, Gas & Consumable Fuels	0.4	%
Healthcare Technology	0.4	%
Multi-Line Retail	0.3	%
Independent Power Producers & Energy Traders	0.1	%
Other assets less liabilities	1.3	%
	100.0	%

Schedule of Investments

AllianzGI Micro Cap Fund

December 31, 2019 (unaudited)

	Shares		Value^
COMMON STOCK—98.9%
Banks—3.6%
Carolina Financial Corp.		3,361	$	145,296
First Foundation, Inc.		10,839		188,598
Preferred Bank		2,966		178,227
Tristate Capital Holdings, Inc. (a)		5,724		149,511
				661,632
Beverages—0.7%
MGP Ingredients, Inc.		2,770		134,207
Biotechnology—15.5%
Adverum Biotechnologies, Inc. (a)		6,863		79,062
Avrobio, Inc. (a)		2,785		56,062
BioSpecifics Technologies Corp. (a)		2,323		132,272
Dicerna Pharmaceuticals, Inc. (a)		6,565		144,627
Dynavax Technologies Corp. (a)		10,023		57,332
Fate Therapeutics, Inc. (a)		5,674		111,040
Homology Medicines, Inc. (a)		3,666		75,886
Intellia Therapeutics, Inc. (a)		7,395		108,485
Invitae Corp. (a)		8,817		142,218
Kadmon Holdings, Inc. (a)		19,762		89,522
Karyopharm Therapeutics, Inc. (a)		5,335		102,272
Kindred Biosciences, Inc. (a)		11,413		96,782
Krystal Biotech, Inc. (a)		1,487		82,350
Kura Oncology, Inc. (a)		5,773		79,379
MeiraGTx Holdings PLC (a)		2,819		56,436
Natera, Inc. (a)		6,939		233,775
Progenics Pharmaceuticals, Inc. (a)		11,594		59,013
Rocket Pharmaceuticals, Inc. (a)		3,329		75,768
Stemline Therapeutics, Inc. (a)		5,672		60,293
TG Therapeutics, Inc. (a)		9,430		104,673
Twist Bioscience Corp. (a)		3,471		72,891
Vanda Pharmaceuticals, Inc. (a)		5,906		96,918
Veracyte, Inc. (a)		12,379		345,622
Vericel Corp. (a)		8,673		150,910
Viking Therapeutics, Inc. (a)		9,724		77,987
Voyager Therapeutics, Inc. (a)		4,317		60,222
ZIOPHARM Oncology, Inc. (a)		22,031		103,986
				2,855,783
Building Products—0.7%
PGT Innovations, Inc. (a)		7,995		119,205
Construction & Engineering—2.9%
Construction Partners, Inc., Class A (a)		8,521		143,749
NV5 Global, Inc. (a)		4,132		208,460
Sterling Construction Co., Inc. (a)		12,976		182,702
				534,911
Construction Materials—0.7%
U.S. Concrete, Inc. (a)		3,182		132,562
Diversified Consumer Services—0.8%
Carriage Services, Inc.		5,721		146,458
Electrical Equipment—0.6%
Allied Motion Technologies, Inc.		2,335		113,248
Electronic Equipment, Instruments & Components—1.2%
Napco Security Technologies, Inc. (a)		7,748		227,714
Energy Equipment & Services—0.8%
DMC Global, Inc.		3,177		142,774

	Shares		Value^
Food Products—1.1%
John B Sanfilippo & Son, Inc.		2,188	$	199,721
Healthcare Equipment & Supplies—11.5%
Antares Pharma, Inc. (a)		42,191		198,298
Axogen, Inc. (a)		7,413		132,619
Axonics Modulation Technologies, Inc. (a)		5,487		152,045
BioLife Solutions, Inc. (a)		9,984		161,541
Cerus Corp. (a)		25,181		106,264
CryoLife, Inc. (a)		5,516		149,428
CryoPort, Inc. (a)		18,414		303,094
Mesa Laboratories, Inc.		794		198,024
OrthoPediatrics Corp. (a)		5,794		272,260
Surmodics, Inc. (a)		3,531		146,289
Tactile Systems Technology, Inc. (a)		4,339		292,926
				2,112,788
Healthcare Providers & Services—7.2%
Addus HomeCare Corp. (a)		2,846		276,688
BioTelemetry, Inc. (a)		4,324		200,201
Catasys, Inc. (a)		9,915		161,714
Joint Corp. (a)		11,249		181,559
R1 RCM, Inc. (a)		19,897		258,263
RadNet, Inc. (a)		11,629		236,069
				1,314,494
Healthcare Technology—2.0%
Tabula Rasa HealthCare, Inc. (a)		4,847		235,952
Vocera Communications, Inc. (a)		5,858		121,612
				357,564
Hotels, Restaurants & Leisure—3.1%
Carrols Restaurant Group, Inc. (a)		15,496		109,247
Century Casinos, Inc. (a)		17,127		135,646
Kura Sushi USA, Inc., Class A (a)		7,201		183,265
Lindblad Expeditions Holdings, Inc. (a)		9,023		147,526
				575,684
Household Durables—1.0%
LGI Homes, Inc. (a)		2,473		174,717
Insurance—1.1%
Palomar Holdings, Inc. (a)		3,917		197,769
Interactive Media & Services—1.0%
QuinStreet, Inc. (a)		12,075		184,868
Internet & Direct Marketing Retail—1.0%
Rubicon Project, Inc. (a)		22,798		186,032
IT Services—3.3%
Brightcove, Inc. (a)		18,830		163,633
Hackett Group, Inc.		8,999		145,244
Paysign, Inc. (a)		11,169		113,365
Perficient, Inc. (a)		4,172		192,204
				614,446
Life Sciences Tools & Services—4.5%
Codexis, Inc. (a)		7,653		122,371
NanoString Technologies, Inc. (a)		5,745		159,826
NeoGenomics, Inc. (a)		11,836		346,203
Quanterix Corp. (a)		8,470		200,146
				828,546
Machinery—4.2%
Columbus McKinnon Corp.		4,212		168,606
Kadant, Inc.		2,036		214,472
Kornit Digital Ltd. (a)		8,643		295,850
Spartan Motors, Inc.		4,946		89,424
				768,352

Schedule of Investments

AllianzGI Micro Cap Fund

December 31, 2019 (unaudited) (continued)

	Shares		Value^
Media—3.6%
Cardlytics, Inc. (a)		6,966	$	437,883
TechTarget, Inc. (a)		8,282		216,160
				654,043
Pharmaceuticals—4.8%
Amphastar Pharmaceuticals, Inc. (a)		6,935		133,776
ANI Pharmaceuticals, Inc. (a)		2,593		159,910
Axsome Therapeutics, Inc. (a)		3,241		334,990
Cara Therapeutics, Inc. (a)		4,489		72,318
Collegium Pharmaceutical, Inc. (a)		5,637		116,010
Omeros Corp. (a)		4,280		60,305
				877,309
Professional Services—2.9%
CRA International, Inc.		3,148		171,472
Franklin Covey Co. (a)		4,158		134,012
Kforce, Inc.		5,569		221,089
				526,573
Semiconductors & Semiconductor Equipment—5.0%
ACM Research, Inc., Class A (a)		5,317		98,099
Adesto Technologies Corp. (a)		20,581		174,938
Axcelis Technologies, Inc. (a)		6,721		161,942
FormFactor, Inc. (a)		10,301		267,517
Ichor Holdings Ltd. (a)		6,340		210,932
				913,428
Software—11.3%
Agilysys, Inc. (a)		7,253		184,299
Cerence, Inc. (a)		5,475		123,899
Digital Turbine, Inc. (a)		34,626		246,883
Everbridge, Inc. (a)		1,990		155,379
LivePerson, Inc. (a)		6,426		237,762
Model N, Inc. (a)		10,858		380,790
PROS Holdings, Inc. (a)		2,862		171,491
Sapiens International Corp. NV		8,114		186,622
Upland Software, Inc. (a)		6,488		231,687
Zix Corp. (a)		24,128		163,588
				2,082,400
Thrifts & Mortgage Finance—2.1%
First Defiance Financial Corp.		6,285		197,914
Meridian Bancorp, Inc.		9,309		187,018
				384,932
Wireless Telecommunication Services—0.7%
Boingo Wireless, Inc. (a)		11,934		130,677
Total Common Stock (cost—$12,770,878)				18,152,837

	Principal Amount (000s)		Value^
Repurchase Agreements—1.4%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $266,004; collateralized by U.S. Treasury Bonds, 3.00%, due 11/15/45, valued at $271,615 including accrued interest (cost—$266,000)	$	266	$	266,000
Total Investments (cost—$13,036,878)—100.3%				18,418,837
Liabilities in excess of other assets—(0.3)%				(48,120	)
Net Assets—100.0%			$	18,370,717

Notes to Schedule of Investments:

(a) Non-income producing.

Schedule of Investments

AllianzGI NFJ Emerging Markets Value Fund

December 31, 2019 (unaudited)

	Shares		Value^
COMMON STOCK—95.6%
Brazil—6.3%
B3 S.A.—Brasil Bolsa Balcao		61,000	$	655,300
Banco Bradesco S.A. ADR		68,503		613,102
Banco Santander Brasil S.A. UNIT		63,200		781,556
Cia de Locacao das Americas		110,200		624,231
Energisa S.A. UNIT		43,400		579,203
GRUPO SBF S.A. (e)		96,200		844,979
IRB Brasil Resseguros S.A.		71,800		697,532
Petrobras Distribuidora S.A.		102,700		769,594
StoneCo Ltd., Class A (e)		18,000		718,020
Vale S.A. ADR (e)		74,200		979,440
				7,262,957
Chile—0.4%
Banco Santander Chile		7,371,263		421,523
China—32.3%
Agricultural Bank of China Ltd., Class H		1,977,000		870,198
Alibaba Group Holding Ltd. (e)		23,100		614,237
Alibaba Group Holding Ltd. ADR (e)		33,294		7,061,657
Anhui Conch Cement Co., Ltd., Class H		162,000		1,180,353
ANTA Sports Products Ltd.		81,000		725,208
Bank of China Ltd., Class H		2,031,000		868,208
BOC Aviation Ltd. (a)		56,500		574,618
China Communications Services Corp., Ltd., Class H		908,000		661,917
China Construction Bank Corp., Class H		679,000		588,721
China Gas Holdings Ltd.		186,800		699,419
China Merchants Bank Co., Ltd., Class H		167,100		859,083
China Mobile Ltd.		62,000		523,891
China Overseas Land & Investment Ltd.		226,000		880,178
CIFI Holdings Group Co., Ltd.		742,000		627,387
Consun Pharmaceutical Group Ltd.		1,130,000		672,984
ENN Energy Holdings Ltd.		53,100		580,128
Guangdong Investment Ltd.		332,000		694,398
Industrial & Commercial Bank of China Ltd., Class H		932,000		719,065
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A		50,306		799,600
Logan Property Holdings Co., Ltd.		346,000		580,557
Longfor Group Holdings Ltd. (a)		131,500		615,812
Luxshare Precision Industry Co., Ltd., Class A		112,680		592,223
Luzhou Laojiao Co., Ltd., Class A		60,437		753,423
Midea Group Co., Ltd., Class A		71,500		599,472
Ping An Insurance Group Co of China Ltd., Class A		96,000		1,179,747
Ping An Insurance Group Co. of China Ltd., Class H		148,000		1,751,352
Shenzhou International Group Holdings Ltd.		39,400		575,834
SSY Group Ltd.		828,000		670,662
Tencent Holdings Ltd.		129,400		6,233,990
Tencent Holdings Ltd. ADR		13,300		638,533
Times China Holdings Ltd.		318,000		633,685
XTEP International Holdings Ltd.		1,165,500		619,303
Yum China Holdings, Inc.		11,643		558,980
Zhangzhou Pientzehuang Pharmaceutical Co., Ltd.		41,973		662,984
Zhejiang Expressway Co., Ltd., Class H		700,000		638,175
				37,505,982

	Shares		Value^
France—1.9%
Kering S.A. ADR		11,900	$	777,784
LVMH Moet Hennessy Louis Vuitton SE		1,658		772,551
Thales S.A.		5,723		595,506
				2,145,841
Greece—0.6%
Motor Oil Hellas Corinth Refineries S.A.		30,899		715,154
Hong Kong—3.0%
AIA Group Ltd.		113,600		1,194,840
Sands China Ltd.		115,200		615,522
SITC International Holdings Co., Ltd.		623,000		760,289
Techtronic Industries Co., Ltd.		108,500		885,544
Times Neighborhood Holdings Ltd. (e)		122,307		75,968
				3,532,163
Hungary—0.8%
OTP Bank Nyrt		16,429		860,222
India—8.1%
Aarti Industries Ltd.		64,342		748,858
Atul Ltd.		12,510		709,958
Bajaj Finserv Ltd.		4,826		635,390
HDFC Bank Ltd.		46,829		835,595
ICICI Bank Ltd.		82,355		624,561
Indraprastha Gas Ltd. (e)		120,160		721,032
Infosys Ltd.		125,385		1,291,218
ITC Ltd.		228,663		761,638
KEI Industries Ltd. (e)		137,722		884,180
Reliance Industries Ltd.		62,816		1,332,459
Sonata Software Ltd.		103,486		448,287
Varun Beverages Ltd. (e)		46,800		464,661
				9,457,837
Indonesia—2.4%
Ace Hardware Indonesia Tbk PT		5,087,000		547,835
Bank Central Asia Tbk PT		302,500		727,514
Bank Rakyat Indonesia Persero Tbk PT		2,329,800		737,442
Mitra Adiperkasa Tbk PT		9,523,500		723,583
				2,736,374
Korea (Republic of)—6.2%
AfreecaTV Co., Ltd.		11,662		694,077
Cheil Worldwide, Inc.		26,222		545,323
Fila Korea Ltd.		13,752		628,380
Hansol Chemical Co., Ltd.		8,014		733,389
Macquarie Korea Infrastructure Fund		75,013		752,433
NCSoft Corp.		1,173		547,328
Samsung Electronics Co., Ltd.		35,931		1,731,402
Shinhan Financial Group Co., Ltd. (e)		16,896		633,478
SK Hynix, Inc.		11,417		928,633
				7,194,443
Malaysia—1.3%
Carlsberg Brewery Malaysia Bhd., Class B		107,500		772,644
Serba Dinamik Holdings Bhd.		1,396,080		751,567
				1,524,211
Mexico—2.3%
Grupo Aeroportuario del Centro Norte S.A.B de C.V.		88,600		664,611
Grupo Financiero Banorte S.A.B de C.V., Class O		134,535		751,745
Prologis Property Mexico S.A. de C.V. REIT		261,046		578,216
Wal-Mart de Mexico S.A.B de C.V.		233,600		669,017
				2,663,589

Schedule of Investments

AllianzGI NFJ Emerging Markets Value Fund

December 31, 2019 (unaudited) (continued)

	Shares		Value^
Peru—0.7%
Credicorp Ltd.		2,700	$	575,451
Intercorp Financial Services, Inc.		6,573		268,836
				844,287
Philippines—0.6%
SM Investments Corp.		33,600		691,426
Poland—0.4%
Grupa Lotos S.A.		22,798		502,242
Russian Federation—4.2%
Gazprom Neft PJSC ADR		23,660		811,538
Lukoil PJSC (c)(d)		8,942		888,298
Novatek PJSC GDR		3,809		773,227
Sberbank of Russia PJSC ADR		54,828		899,179
Tatneft PJSC (c)(d)		59,320		725,484
TCS Group Holding PLC GDR		38,605		830,008
				4,927,734
Saudi Arabia—0.5%
Saudi Arabian Oil Co. (a)(e)		60,887		572,140
Singapore—2.2%
DBS Group Holdings Ltd.		55,600		1,072,037
Keppel DC REIT		498,400		771,132
Mapletree Industrial Trust REIT		388,200		750,782
				2,593,951
South Africa—2.9%
AngloGold Ashanti Ltd.		27,218		618,279
Capitec Bank Holdings Ltd.		8,037		829,855
Clicks Group Ltd.		31,253		572,555
Naspers Ltd., Class N		5,213		853,091
Standard Bank Group Ltd.		43,198		519,584
				3,393,364
Taiwan—11.6%
Accton Technology Corp.		130,000		729,758
Chipbond Technology Corp.		257,000		577,548
E.Sun Financial Holding Co., Ltd.		759,000		707,324
First Financial Holding Co., Ltd.		730,000		577,634
Getac Technology Corp.		326,000		508,349
Merry Electronics Co., Ltd.		111,000		620,356
Novatek Microelectronics Corp.		88,000		644,775
Parade Technologies Ltd.		30,000		616,679
Poya International Co., Ltd.		49,000		688,955
Realtek Semiconductor Corp.		94,000		738,673
Sinbon Electronics Co., Ltd.		181,000		748,215
Taiwan High Speed Rail Corp.		397,000		508,993
Taiwan Semiconductor Manufacturing Co., Ltd.		143,178		1,584,669
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		20,769		1,206,679
Taiwan Union Technology Corp.		112,000		554,749
Tripod Technology Corp.		140,000		587,608
Uni-President Enterprises Corp.		296,000		734,029
Wiwynn Corp.		28,133		594,768
Yuanta Financial Holding Co., Ltd.		855,000		576,395
				13,506,156
Thailand—2.4%
Airports of Thailand PCL		113,000		279,717
Home Product Center PCL		1,313,400		700,463
Krungthai Card PCL		493,300		649,658
PTT PCL NVDR		370,900		544,219
Thanachart Capital PCL NVDR		369,400		659,092
				2,833,149
United Arab Emirates—0.6%
Dubai Islamic Bank PJSC (e)		461,537		692,730

	Shares		Value^
United Kingdom—0.9%
Diageo PLC ADR		3,312	$	557,807
Evraz PLC		85,614		458,447
				1,016,254
United States—3.0%
Activision Blizzard, Inc.		9,681		575,245
Broadcom, Inc.		2,879		909,822
Citigroup, Inc.		10,100		806,889
Constellation Brands, Inc., Class A		2,632		499,422
Roper Technologies, Inc.		2,000		708,460
				3,499,838
Total Common Stock (cost—$96,242,347)				111,093,567
PREFERRED STOCK—3.8%
Brazil—1.9%
Banco Bradesco S.A.		115,400		1,042,894
Petroleo Brasileiro S.A.		156,000		1,178,274
				2,221,168
Korea (Republic of)—1.9%
LG Household & Health Care Ltd.		813		541,660
Samsung Electronics Co., Ltd.		43,171		1,690,224
				2,231,884
Total Preferred Stock (cost—$3,536,871)				4,453,052
	Principal Amount (000s)
Repurchase Agreements—0.3%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $328,005; collateralized by U.S. Treasury Bonds, 3.00%, due 11/15/45, valued at $339,519 including accrued interest (cost—$328,000)	$	328		328,000
Total Investments (cost—$100,107,218) (b)—99.7%				115,874,619
Other assets less liabilities—0.3%				362,291
Net Assets—100.0%			$	116,236,910

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 $1,762,570, representing 1.5% of net assets.

(b) Securities with an aggregate value of $82,124,934 representing 70.6% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(c) Fair-Valued—Securities with an aggregate value of $1,613,782, representing 1.4% of net assets.

(d) Level 3 security.

(e) Non-income producing.

Glossary:

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

NVDR—Non-Voting Depository Receipt

REIT—Real Estate Investment Trust

UNIT—More than one class of securities traded together

Schedule of Investments

AllianzGI NFJ Emerging Markets Value Fund

December 31, 2019 (unaudited) (continued)

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

Banks	17.5	%
Internet & Direct Marketing Retail	7.3	%
Oil, Gas & Consumable Fuels	6.9	%
Interactive Media & Services	6.5	%
Semiconductors & Semiconductor Equipment	6.2	%
Insurance	4.7	%
Technology Hardware, Storage & Peripherals	3.9	%
Textiles, Apparel & Luxury Goods	3.5	%
Beverages	3.3	%
Real Estate Management & Development	2.9	%
Specialty Retail	2.5	%
Electronic Equipment, Instruments & Components	2.2	%
IT Services	2.1	%
Chemicals	1.9	%
Equity Real Estate Investment Trusts (REITs)	1.8	%
Transportation Infrastructure	1.8	%
Metals & Mining	1.8	%
Pharmaceuticals	1.7	%
Gas Utilities	1.7	%
Capital Markets	1.7	%
Electrical Equipment	1.3	%
Multi-Line Retail	1.2	%
Industrial Conglomerates	1.2	%
Food & Staples Retailing	1.1	%
Construction Materials	1.0	%
Hotels, Restaurants & Leisure	1.0	%
Entertainment	1.0	%
Machinery	0.8	%
Tobacco	0.7	%
Marine	0.6	%
Energy Equipment & Services	0.6	%
Food Products	0.6	%
Communications Equipment	0.6	%
Water Utilities	0.6	%
Diversified Telecommunication Services	0.6	%
Consumer Finance	0.6	%
Road & Rail	0.5	%
Household Durables	0.5	%
Aerospace & Defense	0.5	%
Electric Utilities	0.5	%
Trading Companies & Distributors	0.5	%
Media	0.5	%
Personal Products	0.5	%
Wireless Telecommunication Services	0.4	%
Commercial Services & Supplies	0.1	%
Repurchase Agreements	0.3	%
Other assets less liabilities	0.3	%
	100.0	%

Consolidated Schedule of Investments

AllianzGI PerformanceFee Managed Futures Strategy Fund

December 31, 2019 (unaudited)

	Principal Amount (000s)		Value^
U.S. TREASURY OBLIGATIONS—74.9%
U.S. Treasury Notes,
1.125%, 3/31/20	$	5,000	$	4,994,141
1.125%, 4/30/20		5,000		4,991,797
1.25%, 1/31/20		5,000		4,999,218
1.25%, 2/29/20		5,000		4,996,875
1.375%, 5/31/20		4,800		4,795,125
Total U.S. Treasury Obligations (cost—$24,774,730)				24,777,156
	Shares
MUTUAL FUND—4.3%
AllianzGI Short Duration High Income (a)(b) (cost—$1,421,489)		98,509		1,432,317

	Principal Amount (000s)		Value^
Repurchase Agreements—2.9%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $958,013; collateralized by U.S. Treasury Bonds, 3.00%, due 11/15/45, valued at $978,946 including accrued interest (cost—$958,000)	$	958		958,000
Total Investments (cost—$27,154,219)—82.1%				27,167,473
Other assets less liabilities (c)—17.9%				5,939,291
Net Assets—100.0%			$	33,106,764

Notes to Consolidated Schedule of Investments:

(a) Affiliated fund.

(b) Class R6 share.

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

Futures contracts outstanding at December 31, 2019:

Type	Contracts		Expiration Date		Notional Amount (000s)			Market Value (000s)		Unrealized Appreciation (Depreciation)
Long position contracts:
10-Year U.S. Treasury Note		69		3/20/20	$	6,900		$	8,861	$	(75,246	)
Aluminum†		60		1/13/20		2			2,684		36,569
Aluminum†		28		2/17/20		1			1,261		28,229
Aluminum†		22		3/16/20		1			995		(4,992	)
Australia Government 10-Year Bond		36		3/16/20	AUD	3,600			3,612		(72,086	)
BIST 30 Index		134		2/28/20	TRY	13			318		1,351
Bovespa Index		25		2/12/20	BRL	—	(e)		721		13,592
Brent Crude†		4		3/31/20	$	4			259		(3,091	)
British Pound		17		3/16/20		1,063			1,412		9,023
Canada Government 10-Year Bond		13		3/20/20	CAD	1,300			1,376		(25,358	)
Coffee†		17		9/18/20	$	638			866		(32,730	)
Copper†		13		7/29/20		325			915		(1,671	)
E-mini S&P 500 Index		46		3/20/20		2			7,432		113,060
Euro-BTP		19		3/6/20	EUR	1,900			3,036		11,912
Euro-Bund 10-Year Bond		7		3/6/20		700			1,339		(11,158	)
Euro-OAT		7		3/6/20		700			1,278		(9,352	)
FTSE 100 Index		19		3/20/20	GBP	—	(e)		1,887		(3,483	)
FTSE China A50 Index		43		1/23/20	$	—	(e)		620		7,160
FTSE/JSE Top 40 Index		11		3/19/20	ZAR	—	(e)		403		(6,601	)
FTSE/MIB Index		8		3/20/20	EUR	—	(e)		1,050		(1,128	)
Gold 100 Oz.†		11		6/26/20	$	1			1,689		52,162
IBEX 35 Index		11		1/17/20	EUR	—	(e)		1,176		(10,194	)
Lean Hogs†		25		6/12/20	$	1,000			894		30,323
Low Sulphur Gasoil†		10		3/12/20		1			611		6,648
Mini DAX European Index		32		3/20/20	EUR	—	(e)		2,377		(27,673	)
MSCI Taiwan Index		21		1/30/20	$	2			965		(10,743	)
Nickel†		11		1/13/20		—	(e)		922		(201,294	)
Nickel†		11		2/17/20		—	(e)		924		(35,216	)
Nickel†		2		3/16/20		—	(e)		168		(2,245	)
Platinum†		19		4/28/20		1			929		33,321
S&P/TSX 60 Index		14		3/19/20	CAD	3			2,183		(188	)
Silver†		11		7/29/20	$	55			995		(5,858	)
SPI 200 Index		7		3/19/20	AUD	—	(e)		811		(13,773	)
Sugar No. 11†		64		9/30/20	$	7,168			995		3,061
TOPIX Index		40		3/12/20	JPY	400			6,336		(11,154	)
United Kingdom Government 10-Year Gilt		14		3/27/20	GBP	1,400			2,436		(25,852	)
WTI Crude Oil†		5		3/20/20	$	5			302		1,343
										$	(243,332	)

Consolidated Schedule of Investments

AllianzGI PerformanceFee Managed Futures Strategy Fund

December 31, 2019 (unaudited) (continued)

Type	Contracts			Expiration Date		Notional Amount (000s)			Market Value (000s)			Unrealized Appreciation (Depreciation)
Short position contracts:
10-Year Japanese Government Bond		(3	)		3/13/20	JPY	(300,000	)	$	(4,202	)	$	(3,502	)
Aluminum†		(60	)		1/13/20	$	(2	)		(2,684	)		(65,851	)
Aluminum†		(28	)		2/17/20		(1	)		(1,261	)		(44,589	)
Aluminum†		(24	)		3/16/20		(1	)		(1,086	)		(23,988	)
Australian Dollar		(36	)		3/16/20		(3,600	)		(2,534	)		(74,256	)
Canadian Dollar		(31	)		3/17/20		(3,100	)		(2,390	)		(45,808	)
Cattle Feeder†		(8	)		5/21/20		(400	)		(592	)		(1,031	)
Cattle Feeder†		(28	)		8/31/20		(1,120	)		(1,305	)		(12,369	)
CBOE Volatility Index		(20	)		2/19/20		(20	)		(332	)		(4,255	)
Cocoa†		(2	)		9/15/20		(—	)(e)		(50	)		(2,468	)
Corn†		(26	)		7/14/20		(130	)		(521	)		42
Cotton†		(6	)		12/8/20		(300	)		(211	)		(1,104	)
Euro Currency		(102	)		3/16/20		(12,750	)		(14,385	)		(129,604	)
Japanese Yen		(88	)		3/16/20		(110	)		(10,170	)		(11,941	)
KC HRW Wheat†		(5	)		7/14/20		(25	)		(125	)		(13,978	)
Natural Gas†		(65	)		3/27/20		(650	)		(1,397	)		23,371
New Zealand Dollar		(29	)		3/16/20		(2,900	)		(1,957	)		(53,528	)
Nickel†		(11	)		1/13/20		(—	)(e)		(922	)		51,043
Nickel†		(11	)		2/17/20		(—	)(e)		(924	)		(26,083	)
Soybean†		(14	)		7/14/20		(70	)		(686	)		(6,342	)
												$	(446,241	)
												$	(689,573	)

† 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.

Credit default swap agreements outstanding at December 31, 2019:

Centrally cleared sell protection swap agreements(1):

Broker (Exchange)/ Referenced Debt Issuer	Notional Amount (000s)(3)		Implied Credit Spread(2)			Termination Date		Fixed Deal Received Rate			Payment Frequency		Value(4)			Upfront Premiums Paid/ (Received)			Unrealized Appreciation
Goldman Sachs (ICE):
CDX.EM.32 Index	$	4,500		1.746	%		12/20/24		1.00	%		Quarterly	$	(149,837	)	$	(202,325	)	$	52,488
CDX.NA.HY.33 Index		6,600		2.807	%		12/20/24		5.00	%		Quarterly		646,760			442,920			203,840
													$	496,923		$	240,595		$	256,328

(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 December 31, 2019 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.

(d) At December 31, 2019, the Fund pledged $3,127,872 in cash as collateral for futures contracts and $580,933 in cash as collateral for swap contracts.

(e) Notional amount rounds to less than 500.

Consolidated Schedule of Investments

AllianzGI PerformanceFee Managed Futures Strategy Fund

December 31, 2019 (unaudited) (continued)

Glossary:

AUD—Australian Dollar

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

ICE—Intercontinental Exchange

JPY—Japanese Yen

JSE—Johannesburg Stock Exchange Limited

MSCI—Morgan Stanley Capital International

OAT—Obligations Assimilables du Trésor

TOPIX—Tokyo Stock Price Index

TRY—Turkish Lira

WTI—West Texas Intermediate

ZAR—South African Rand

Schedule of Investments

AllianzGI PerformanceFee Structured US Equity Fund

December 31, 2019 (unaudited)

	Shares		Value^
EXCHANGE-TRADED FUNDS—99.8%
iShares Core S&P 500 (a)(cost—$87,920,190)		304,286	$	98,357,407
	Principal Amount (000s)
Repurchase Agreements—0.9%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $852,012; collateralized by U.S. Treasury Bonds, 3.00%, due 11/15/45, valued at $871,432 including accrued interest (cost—$852,000)	$	852		852,000
Total Options Purchased—0.7% (cost—$529,660) (b)(c)(d)				698,426

	Value^
Total Investments, before options written (cost—$89,301,850)—101.4%	$	99,907,833
Total Options Written—(0.6)% (premiums received—$818,961) (b)(c)(d)		(573,940	)
Total Investments, net of options written (cost—$88,482,889)—100.8%		99,333,893
Other liabilities in excess of other assets—(0.8)%		(754,264	)
Net Assets—100.0%	$	98,579,629

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 December 31, 2019:

Options purchased contracts outstanding at December 31, 2019:

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Cost		Unrealized Appreciation (Depreciation)
Call options:
E-mini S&P 500 Index	309.00 USD		1/3/20		10	$	1,000	$	14,150	$	2,326	$	11,824
E-mini S&P 500 Index	313.00 USD		1/3/20		5		500		5,587		2,028		3,559
E-mini S&P 500 Index	314.00 USD		1/3/20		5		500		4,660		1,418		3,242
E-mini S&P 500 Index	315.00 USD		1/3/20		24		2,400		20,220		7,000		13,220
E-mini S&P 500 Index	335.00 USD		1/3/20		58		5,800		58		788		(730	)
E-mini S&P 500 Index	340.00 USD		1/3/20		40		4,000		20		184		(164	)
E-mini S&P 500 Index	350.00 USD		1/3/20		90		9,000		45		245		(200	)
E-mini S&P 500 Index	310.00 USD		1/6/20		10		1,000		13,250		1,516		11,734
E-mini S&P 500 Index	314.00 USD		1/6/20		12		1,200		11,100		5,092		6,008
E-mini S&P 500 Index	319.00 USD		1/6/20		11		1,100		5,852		1,340		4,512
E-mini S&P 500 Index	340.00 USD		1/6/20		20		2,000		20		114		(94	)
E-mini S&P 500 Index	350.00 USD		1/6/20		148		14,800		147		627		(480	)
E-mini S&P 500 Index	313.00 USD		1/10/20		10		1,000		10,585		2,656		7,929
E-mini S&P 500 Index	319.00 USD		1/10/20		11		1,100		5,973		1,592		4,381
E-mini S&P 500 Index	350.00 USD		1/10/20		168		16,800		168		671		(503	)
E-mini S&P 500 Index	312.00 USD		1/17/20		10		1,000		12,035		2,206		9,829
E-mini S&P 500 Index	355.00 USD		1/17/20		20		2,000		20		103		(83	)
E-mini S&P 500 Index	360.00 USD		1/17/20		68		6,800		34		180		(146	)
E-mini S&P 500 Index	316.00 USD		1/24/20		10		1,000		9,245		2,688		6,557
E-mini S&P 500 Index	322.00 USD		1/24/20		11		1,100		4,972		1,750		3,222
E-mini S&P 500 Index	319.00 USD		1/31/20		10		1,000		7,420		2,570		4,850
E-mini S&P 500 Index	323.00 USD		2/21/20		11		1,100		6,555		2,405		4,150
E-mini S&P 500 Index	360.00 USD		2/21/20		22		2,200		44		94		(50	)
E-mini S&P 500 Index Flex	307.00 USD		1/2/20		6		600		9,562		2,500		7,062
E-mini S&P 500 Index Flex	316.00 USD		1/2/20		10		1,000		6,981		1,166		5,815
E-mini S&P 500 Index Flex	325.00 USD		1/2/20		70		7,000		1,784		3,297		(1,513	)
E-mini S&P 500 Index Flex	360.00 USD		1/2/20		53		5,300		—		137		(137	)
E-mini S&P 500 Index Flex	319.00 USD		1/29/20		10		1,000		7,059		2,284		4,775
E-mini S&P 500 Index Flex	365.00 USD		1/29/20		20		2,000		10		52		(42	)
E-mini S&P 500 Index Flex	365.00 USD		1/31/20		56		5,600		39		127		(88	)
Nasdaq 100 Stock Index	9,800.00 USD		1/10/20		5		500		87		156		(69	)
Nasdaq 100 Stock Index	9,800.00 USD		1/17/20		4		400		110		103		7
Russell 2000 Index	1,835.00 USD		1/10/20		12		1,200		90		130		(40	)

Schedule of Investments

AllianzGI PerformanceFee Structured US Equity Fund

December 31, 2019 (unaudited) (continued)

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Cost		Unrealized Appreciation (Depreciation)
S&P 500 Mini Index	312.00 USD		1/2/20		17	$	1,700	$	18,621	$	7,115	$	11,506
S&P 500 Mini Index	315.00 USD		1/2/20		5		500		3,988		1,307		2,681
S&P 500 Mini Index	330.00 USD		1/2/20		43		4,300		12		257		(245	)
S&P 500 Mini Index	350.00 USD		1/2/20		90		9,000		—		231		(231	)
S&P 500 Mini Index	312.00 USD		1/3/20		15		1,500		16,777		6,587		10,190
S&P 500 Mini Index	325.00 USD		1/3/20		130		13,000		5,850		6,734		(884	)
S&P 500 Mini Index	321.00 USD		1/6/20		18		1,800		5,625		5,204		421
S&P 500 Mini Index	313.00 USD		1/8/20		11		1,100		11,495		5,172		6,323
S&P 500 Mini Index	314.00 USD		1/8/20		23		2,300		21,735		7,695		14,040
S&P 500 Mini Index	315.00 USD		1/8/20		3		300		2,586		1,203		1,383
S&P 500 Mini Index	319.00 USD		1/8/20		11		1,100		5,654		1,747		3,907
S&P 500 Mini Index	340.00 USD		1/8/20		20		2,000		20		132		(112	)
S&P 500 Mini Index	350.00 USD		1/8/20		103		10,300		103		275		(172	)
S&P 500 Mini Index	317.00 USD		1/10/20		10		1,000		6,535		4,051		2,484
S&P 500 Mini Index	326.00 USD		1/10/20		42		4,200		3,843		4,456		(613	)
S&P 500 Mini Index	312.00 USD		1/13/20		10		1,000		11,730		2,763		8,967
S&P 500 Mini Index	316.00 USD		1/13/20		11		1,100		8,255		3,255		5,000
S&P 500 Mini Index	320.00 USD		1/13/20		11		1,100		5,247		1,559		3,688
S&P 500 Mini Index	329.00 USD		1/13/20		43		4,300		1,376		1,982		(606	)
S&P 500 Mini Index	350.00 USD		1/13/20		103		10,300		103		250		(147	)
S&P 500 Mini Index	355.00 USD		1/13/20		23		2,300		23		62		(39	)
S&P 500 Mini Index	360.00 USD		1/13/20		20		2,000		20		72		(52	)
S&P 500 Mini Index	314.00 USD		1/15/20		10		1,000		10,775		1,816		8,959
S&P 500 Mini Index	316.00 USD		1/15/20		3		300		2,528		888		1,640
S&P 500 Mini Index	321.00 USD		1/15/20		11		1,100		4,692		1,627		3,065
S&P 500 Mini Index	328.00 USD		1/15/20		6		600		393		463		(70	)
S&P 500 Mini Index	350.00 USD		1/15/20		103		10,300		103		323		(220	)
S&P 500 Mini Index	360.00 USD		1/15/20		20		2,000		20		52		(32	)
S&P 500 Mini Index	322.00 USD		1/17/20		9		900		3,515		3,335		180
S&P 500 Mini Index	350.00 USD		1/17/20		45		4,500		45		553		(508	)
S&P 500 Mini Index	315.00 USD		1/21/20		10		1,000		9,740		2,841		6,899
S&P 500 Mini Index	321.00 USD		1/21/20		11		1,100		5,280		1,996		3,284
S&P 500 Mini Index	322.00 USD		1/21/20		25		2,500		10,200		9,144		1,056
S&P 500 Mini Index	329.00 USD		1/21/20		9		900		634		739		(105	)
S&P 500 Mini Index	350.00 USD		1/21/20		20		2,000		20		52		(32	)
S&P 500 Mini Index	355.00 USD		1/21/20		148		14,800		148		330		(182	)
S&P 500 Mini Index	315.00 USD		1/22/20		10		1,000		9,860		1,616		8,244
S&P 500 Mini Index	320.00 USD		1/22/20		11		1,100		6,276		1,615		4,661
S&P 500 Mini Index	323.00 USD		1/22/20		11		1,100		3,905		3,842		63
S&P 500 Mini Index	329.00 USD		1/22/20		9		900		711		828		(117	)
S&P 500 Mini Index	350.00 USD		1/22/20		20		2,000		20		52		(32	)
S&P 500 Mini Index	355.00 USD		1/22/20		148		14,800		148		399		(251	)
S&P 500 Mini Index	323.00 USD		1/24/20		9		900		3,456		3,484		(28	)
S&P 500 Mini Index	324.00 USD		1/24/20		13		1,300		4,167		5,174		(1,007	)
S&P 500 Mini Index	328.00 USD		1/24/20		3		300		381		567		(186	)
S&P 500 Mini Index	350.00 USD		1/24/20		20		2,000		20		72		(52	)
S&P 500 Mini Index	355.00 USD		1/24/20		103		10,300		103		389		(286	)
S&P 500 Mini Index	357.50 USD		1/24/20		27		2,700		27		81		(54	)
S&P 500 Mini Index	360.00 USD		1/24/20		36		3,600		22		75		(53	)
S&P 500 Mini Index	316.00 USD		1/27/20		2		200		1,875		1,008		867
S&P 500 Mini Index	319.00 USD		1/27/20		10		1,000		6,915		1,716		5,199
S&P 500 Mini Index	320.00 USD		1/27/20		3		300		1,840		1,215		625
S&P 500 Mini Index	322.00 USD		1/27/20		11		1,100		5,126		4,873		253
S&P 500 Mini Index	324.00 USD		1/27/20		11		1,100		3,690		1,717		1,973
S&P 500 Mini Index	325.00 USD		1/27/20		3		300		833		1,074		(241	)
S&P 500 Mini Index	360.00 USD		1/27/20		94		9,400		94		277		(183	)
S&P 500 Mini Index	365.00 USD		1/27/20		20		2,000		20		52		(32	)
S&P 500 Mini Index	322.00 USD		1/29/20		12		1,200		5,970		5,256		714
S&P 500 Mini Index	324.00 USD		1/29/20		11		1,100		4,013		2,025		1,988
S&P 500 Mini Index	360.00 USD		1/29/20		103		10,300		87		563		(476	)

Schedule of Investments

AllianzGI PerformanceFee Structured US Equity Fund

December 31, 2019 (unaudited) (continued)

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Cost		Unrealized Appreciation (Depreciation)
S&P 500 Mini Index	321.00 USD		1/31/20		11	$	1,100	$	6,512	$	2,454	$	4,058
S&P 500 Mini Index	325.00 USD		1/31/20		3		300		983		1,227		(244	)
S&P 500 Mini Index	355.00 USD		1/31/20		58		5,800		87		179		(92	)
S&P 500 Mini Index	357.50 USD		1/31/20		27		2,700		27		81		(54	)
S&P 500 Mini Index	320.00 USD		2/3/20		11		1,100		7,475		2,671		4,804
S&P 500 Mini Index	321.00 USD		2/3/20		13		1,300		7,872		3,189		4,683
S&P 500 Mini Index	340.00 USD		2/3/20		22		2,200		209		63		146
S&P 500 Mini Index	360.00 USD		2/3/20		58		5,800		87		121		(34	)
S&P 500 Mini Index	320.00 USD		2/5/20		11		1,100		7,648		2,912		4,736
S&P 500 Mini Index	324.00 USD		2/5/20		11		1,100		4,736		2,003		2,733
S&P 500 Mini Index	350.00 USD		2/5/20		22		2,200		90		107		(17	)
S&P 500 Mini Index	365.00 USD		2/5/20		58		5,800		37		121		(84	)
S&P 500 Mini Index	322.00 USD		2/7/20		11		1,100		6,325		2,572		3,753
S&P 500 Mini Index	324.00 USD		2/7/20		11		1,100		4,879		2,278		2,601
S&P 500 Mini Index	328.00 USD		2/7/20		2		200		455		580		(125	)
S&P 500 Mini Index	350.00 USD		2/7/20		22		2,200		66		107		(41	)
S&P 500 Mini Index	365.00 USD		2/7/20		58		5,800		45		121		(76	)
S&P 500 Mini Index	370.00 USD		2/7/20		18		1,800		9		38		(29	)
S&P 500 Mini Index	322.00 USD		2/10/20		11		1,100		6,430		2,153		4,277
S&P 500 Mini Index	323.00 USD		2/10/20		4		400		2,064		2,104		(40	)
S&P 500 Mini Index	324.00 USD		2/10/20		11		1,100		4,978		2,212		2,766
S&P 500 Mini Index	350.00 USD		2/10/20		22		2,200		66		103		(37	)
S&P 500 Mini Index	365.00 USD		2/10/20		58		5,800		87		121		(34	)
S&P 500 Mini Index	370.00 USD		2/10/20		36		3,600		36		72		(36	)
S&P 500 Mini Index	322.00 USD		2/12/20		4		400		2,371		2,108		263
S&P 500 Mini Index	323.00 USD		2/12/20		11		1,100		5,953		2,219		3,734
S&P 500 Mini Index	326.00 USD		2/12/20		8		800		2,930		1,457		1,473
S&P 500 Mini Index	350.00 USD		2/12/20		22		2,200		139		59		80
S&P 500 Mini Index	370.00 USD		2/12/20		79		7,900		47		165		(118	)
S&P 500 Mini Index	321.00 USD		2/14/20		2		200		1,383		977		406
S&P 500 Mini Index	324.00 USD		2/14/20		11		1,100		5,396		2,110		3,286
S&P 500 Mini Index	328.00 USD		2/14/20		2		200		542		670		(128	)
S&P 500 Mini Index	329.00 USD		2/14/20		8		800		1,824		1,192		632
S&P 500 Mini Index	350.00 USD		2/14/20		22		2,200		163		109		54
S&P 500 Mini Index	375.00 USD		2/14/20		18		1,800		8		56		(48	)
S&P 500 Mini Index	380.00 USD		2/14/20		16		1,600		5		32		(27	)
S&P 500 Mini Index	324.00 USD		2/18/20		3		300		1,569		1,473		96
S&P 500 Mini Index	325.00 USD		2/18/20		11		1,100		5,123		2,165		2,958
S&P 500 Mini Index	350.00 USD		2/18/20		22		2,200		238		283		(45	)
S&P 500 Mini Index	380.00 USD		2/18/20		27		2,700		17		108		(91	)
S&P 500 Mini Index	323.00 USD		2/19/20		3		300		1,774		1,593		181
S&P 500 Mini Index	324.00 USD		2/19/20		11		1,100		5,811		2,601		3,210
S&P 500 Mini Index	360.00 USD		2/19/20		22		2,200		82		54		28
S&P 500 Mini Index	380.00 USD		2/19/20		27		2,700		84		84		—
S&P 500 Mini Index	325.00 USD		2/24/20		11		1,100		5,561		2,421		3,140
S&P 500 Mini Index	360.00 USD		2/24/20		22		2,200		114		112		2
S&P 500 Mini Index	327.00 USD		2/26/20		11		1,100		4,526		2,278		2,248
S&P 500 Mini Index	329.00 USD		2/26/20		1		100		317		372		(55	)
S&P 500 Mini Index	334.00 USD		2/26/20		8		800		1,184		1,417		(233	)
S&P 500 Mini Index	365.00 USD		2/26/20		22		2,200		76		134		(58	)
S&P 500 Mini Index	380.00 USD		2/26/20		25		2,500		27		102		(75	)
S&P 500 Mini Index	324.00 USD		2/28/20		3		300		1,748		1,767		(19	)
S&P 500 Mini Index	327.00 USD		2/28/20		11		1,100		4,493		2,223		2,270
S&P 500 Mini Index	333.00 USD		2/28/20		8		800		1,324		1,456		(132	)
S&P 500 Mini Index	365.00 USD		2/28/20		22		2,200		81		68		13
S&P 500 Mini Index	385.00 USD		2/28/20		43		4,300		36		86		(50	)
S&P 500 Mini Index	323.00 USD		3/2/20		3		300		2,014		1,926		88
S&P 500 Mini Index	324.00 USD		3/2/20		11		1,100		6,877		2,388		4,489
S&P 500 Mini Index	331.00 USD		3/2/20		8		800		1,973		2,105		(132	)
S&P 500 Mini Index	365.00 USD		3/2/20		22		2,200		98		68		30
S&P 500 Mini Index	385.00 USD		3/2/20		43		4,300		129		133		(4	)

Schedule of Investments

AllianzGI PerformanceFee Structured US Equity Fund

December 31, 2019 (unaudited) (continued)

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Cost		Unrealized Appreciation (Depreciation)
S&P 500 Mini Index	325.00 USD		3/4/20		11	$	1,100	$	6,427	$	2,498	$	3,929
S&P 500 Mini Index	365.00 USD		3/4/20		22		2,200		110		90		20
S&P 500 Mini Index	327.00 USD		3/6/20		11		1,100		5,181		3,213		1,968
S&P 500 Mini Index	365.00 USD		3/6/20		22		2,200		122		46		76
S&P 500 Mini Index	327.00 USD		3/9/20		11		1,100		5,641		2,882		2,759
S&P 500 Mini Index	365.00 USD		3/9/20		22		2,200		139		68		71
S&P 500 Mini Index	327.00 USD		3/11/20		11		1,100		5,770		2,773		2,997
S&P 500 Mini Index	365.00 USD		3/11/20		22		2,200		150		46		104
S&P 500 Mini Index	328.00 USD		3/13/20		8		800		3,873		1,953		1,920
S&P 500 Mini Index	370.00 USD		3/13/20		16		1,600		75		66		9
S&P 500 Mini Index	332.00 USD		3/16/20		8		800		2,608		1,592		1,016
S&P 500 Mini Index	385.00 USD		3/16/20		16		1,600		27		32		(5	)
S&P 500 Mini Index	337.00 USD		3/27/20		8		800		1,717		2,017		(300	)
S&P 500 Mini Index	385.00 USD		3/27/20		16		1,600		38		66		(28	)
S&P 500 Mini Index	336.00 USD		3/30/20		8		800		2,036		2,056		(20	)
S&P 500 Mini Index	385.00 USD		3/30/20		16		1,600		42		32		10
S&P 500 Mini Index	335.00 USD		4/1/20		8		800		2,165		2,137		28
S&P 500 Mini Index	385.00 USD		4/1/20		16		1,600		48		50		(2	)
	Total call options							$	558,541	$	261,560	$	296,981
Put options:
E-mini S&P 500 Index	316.00 USD		1/3/20		7	$	700	$	101	$	3,008	$	(2,907	)
E-mini S&P 500 Index	314.00 USD		1/6/20		21		2,100		399		9,215		(8,816	)
Nasdaq 100 Stock Index	5,600.00 USD		1/31/20		6		600		165		547		(382	)
S&P 500 Index	2,050.00 USD		1/3/20		14		1,400		35		204		(169	)
S&P 500 Index	2,980.00 USD		1/3/20		2		200		90		3,208		(3,118	)
S&P 500 Index	1,900.00 USD		1/17/20		15		1,500		37		165		(128	)
S&P 500 Index	2,100.00 USD		1/17/20		14		1,400		105		237		(132	)
S&P 500 Index	2,000.00 USD		1/21/20		41		4,100		205		485		(280	)
S&P 500 Index	1,950.00 USD		1/24/20		46		4,600		115		503		(388	)
S&P 500 Index	2,050.00 USD		1/24/20		17		1,700		128		242		(114	)
S&P 500 Index	2,100.00 USD		1/24/20		34		3,400		340		511		(171	)
S&P 500 Index	2,000.00 USD		1/27/20		86		8,600		430		936		(506	)
S&P 500 Index	1,950.00 USD		1/3/20		19		1,900		48		239		(191	)
S&P 500 Index	2,000.00 USD		1/3/20		34		3,400		85		377		(292	)
S&P 500 Index	2,100.00 USD		1/3/20		6		600		15		85		(70	)
S&P 500 Index	2,300.00 USD		1/3/20		6		600		15		91		(76	)
S&P 500 Index	2,925.00 USD		1/3/20		4		400		110		7,248		(7,138	)
S&P 500 Index	3,210.00 USD		1/3/20		2		200		920		1,417		(497	)
S&P 500 Index	2,100.00 USD		1/6/20		6		600		15		67		(52	)
S&P 500 Index	2,950.00 USD		1/6/20		4		400		240		5,424		(5,184	)
S&P 500 Index	3,020.00 USD		1/6/20		2		200		175		2,862		(2,687	)
S&P 500 Index	2,000.00 USD		1/8/20		5		500		13		55		(42	)
S&P 500 Index	2,050.00 USD		1/8/20		6		600		15		97		(82	)
S&P 500 Index	3,000.00 USD		1/8/20		4		400		470		5,528		(5,058	)
S&P 500 Index	3,030.00 USD		1/8/20		2		200		270		3,834		(3,564	)
S&P 500 Index	3,205.00 USD		1/8/20		2		200		1,890		2,249		(359	)
S&P 500 Index	2,050.00 USD		1/10/20		6		600		30		127		(97	)
S&P 500 Index	3,010.00 USD		1/10/20		4		400		720		7,380		(6,660	)
S&P 500 Index	3,070.00 USD		1/10/20		2		200		550		3,304		(2,754	)
S&P 500 Index	3,205.00 USD		1/10/20		2		200		2,580		2,895		(315	)
S&P 500 Index	2,100.00 USD		1/13/20		4		400		20		56		(36	)
S&P 500 Index	3,055.00 USD		1/13/20		2		200		565		3,128		(2,563	)
S&P 500 Index	3,100.00 USD		1/13/20		2		200		840		2,084		(1,244	)
S&P 500 Index	3,225.00 USD		1/13/20		2		200		3,970		3,664		306
S&P 500 Index	2,000.00 USD		1/15/20		31		3,100		78		344		(266	)
S&P 500 Index	2,100.00 USD		1/15/20		4		400		20		60		(40	)
S&P 500 Index	3,085.00 USD		1/15/20		2		200		970		2,090		(1,120	)
S&P 500 Index	3,100.00 USD		1/15/20		2		200		1,110		2,491		(1,381	)
S&P 500 Index	3,225.00 USD		1/15/20		2		200		4,570		4,264		306
S&P 500 Index	1,925.00 USD		1/17/20		46		4,600		230		510		(280	)
S&P 500 Index	1,950.00 USD		1/17/20		35		3,500		175		388		(213	)

Schedule of Investments

AllianzGI PerformanceFee Structured US Equity Fund

December 31, 2019 (unaudited) (continued)

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Cost		Unrealized Appreciation (Depreciation)
S&P 500 Index	2,050.00 USD		1/17/20		5	$	500	$	37	$	81	$	(44	)
S&P 500 Index	2,110.00 USD		1/17/20		12		1,200		90		181		(91	)
S&P 500 Index	3,080.00 USD		1/17/20		2		200		1,110		2,322		(1,212	)
S&P 500 Index	3,120.00 USD		1/17/20		2		200		1,580		2,267		(687	)
S&P 500 Index	3,225.00 USD		1/17/20		2		200		4,960		4,624		336
S&P 500 Index	2,150.00 USD		1/21/20		4		400		40		68		(28	)
S&P 500 Index	2,925.00 USD		1/21/20		12		1,200		2,790		3,324		(534	)
S&P 500 Index	3,105.00 USD		1/21/20		2		200		1,660		2,308		(648	)
S&P 500 Index	3,130.00 USD		1/21/20		2		200		2,070		2,742		(672	)
S&P 500 Index	3,200.00 USD		1/21/20		2		200		4,130		5,793		(1,663	)
S&P 500 Index	2,150.00 USD		1/22/20		4		400		50		76		(26	)
S&P 500 Index	2,915.00 USD		1/22/20		12		1,200		2,940		4,033		(1,093	)
S&P 500 Index	3,115.00 USD		1/22/20		2		200		1,990		2,624		(634	)
S&P 500 Index	3,125.00 USD		1/22/20		2		200		2,170		2,850		(680	)
S&P 500 Index	3,175.00 USD		1/22/20		2		200		3,430		4,765		(1,335	)
S&P 500 Index	2,000.00 USD		1/24/20		5		500		38		50		(12	)
S&P 500 Index	3,110.00 USD		1/24/20		2		200		2,220		2,844		(624	)
S&P 500 Index	3,135.00 USD		1/24/20		2		200		2,730		2,655		75
S&P 500 Index	3,175.00 USD		1/24/20		2		200		3,880		5,330		(1,450	)
S&P 500 Index	2,850.00 USD		1/27/20		2		200		445		524		(79	)
S&P 500 Index	3,110.00 USD		1/27/20		1		100		1,205		1,540		(335	)
S&P 500 Index	3,120.00 USD		1/27/20		2		200		2,610		2,550		60
S&P 500 Index	3,215.00 USD		1/27/20		2		200		5,920		7,886		(1,966	)
S&P 500 Index	2,850.00 USD		1/29/20		2		200		520		712		(192	)
S&P 500 Index	3,125.00 USD		1/29/20		1		100		1,555		2,170		(615	)
S&P 500 Index	3,200.00 USD		1/29/20		2		200		5,670		7,453		(1,783	)
S&P 500 Index	3,110.00 USD		1/31/20		8		800		12,480		16,292		(3,812	)
S&P 500 Index	3,200.00 USD		1/31/20		2		200		6,170		8,133		(1,963	)
S&P 500 Mini Index	312.00 USD		1/2/20		13		1,300		10		6,033		(6,023	)
S&P 500 Mini Index	314.00 USD		1/2/20		9		900		17		4,078		(4,061	)
S&P 500 Mini Index	320.00 USD		1/2/20		10		1,000		269		2,391		(2,122	)
S&P 500 Mini Index	312.00 USD		1/3/20		15		1,500		150		6,601		(6,451	)
S&P 500 Mini Index	315.00 USD		1/3/20		18		1,800		225		6,974		(6,749	)
S&P 500 Mini Index	320.00 USD		1/3/20		13		1,300		442		3,211		(2,769	)
S&P 500 Mini Index	313.00 USD		1/8/20		11		1,100		330		4,840		(4,510	)
S&P 500 Mini Index	314.00 USD		1/8/20		13		1,300		429		5,352		(4,923	)
S&P 500 Mini Index	317.00 USD		1/10/20		28		2,800		2,156		6,216		(4,060	)
S&P 500 Mini Index	319.00 USD		1/13/20		18		1,800		2,106		3,351		(1,245	)
S&P 500 Mini Index	320.00 USD		1/15/20		10		1,000		1,625		2,101		(476	)
S&P 500 Mini Index	320.00 USD		1/17/20		2		200		378		634		(256	)
S&P 500 Mini Index	322.00 USD		1/17/20		9		900		2,160		2,755		(595	)
S&P 500 Mini Index	320.00 USD		1/21/20		9		900		1,859		2,305		(446	)
S&P 500 Mini Index	322.00 USD		1/21/20		22		2,200		5,687		6,818		(1,131	)
S&P 500 Mini Index	323.00 USD		1/22/20		25		2,500		7,588		8,437		(849	)
S&P 500 Mini Index	323.00 USD		1/24/20		15		1,500		4,928		4,744		184
S&P 500 Mini Index	324.00 USD		1/24/20		12		1,200		4,380		4,275		105
S&P 500 Mini Index	322.00 USD		1/27/20		11		1,100		3,416		4,235		(819	)
S&P 500 Mini Index	322.00 USD		1/29/20		13		1,300		4,381		4,933		(552	)
	Total put options							$	139,885	$	268,100	$	(128,215	)
	Total options purchased contracts							$	698,426	$	529,660	$	168,766

Options written contracts outstanding at December 31, 2019:

Description	Exercise Price	Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Received			Unrealized Appreciation (Depreciation)
Call options:
CBOE SPX Volatility Index	30.00 USD		1/22/20		(20	)	$	(2,000)		$	(350	)	$	(1,385	)	$	1,035
E-mini S&P 500 Index	318.00 USD		1/3/20		(19	)		(1,900	)		(10,383	)		(1,072	)		(9,311	)
E-mini S&P 500 Index	324.00 USD		1/3/20		(79	)		(7,900	)		(6,557	)		(5,998	)		(559	)

Schedule of Investments

AllianzGI PerformanceFee Structured US Equity Fund

December 31, 2019 (unaudited) (continued)

Description	Exercise Price	Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Received			Unrealized Appreciation (Depreciation)
E-mini S&P 500 Index	327.00 USD		1/3/20		(83	)	$	(8,300	)	$	(830	)	$	(2,252	)	$	1,422
E-mini S&P 500 Index	330.00 USD		1/3/20		(30	)		(3,000	)		(45	)		(432	)		387
E-mini S&P 500 Index	318.00 USD		1/6/20		(30	)		(3,000	)		(16,290	)		(1,152	)		(15,138	)
E-mini S&P 500 Index	328.00 USD		1/6/20		(33	)		(3,300	)		(330	)		(830	)		500
E-mini S&P 500 Index	321.00 USD		1/10/20		(30	)		(3,000	)		(11,445	)		(1,962	)		(9,483	)
E-mini S&P 500 Index	327.00 USD		1/10/20		(33	)		(3,300	)		(2,046	)		(1,197	)		(849	)
E-mini S&P 500 Index	320.00 USD		1/17/20		(14	)		(1,400	)		(7,539	)		(1,042	)		(6,497	)
E-mini S&P 500 Index	335.00 USD		1/17/20		(82	)		(8,200	)		(533	)		(1,386	)		853
E-mini S&P 500 Index	325.00 USD		1/24/20		(30	)		(3,000	)		(7,875	)		(1,812	)		(6,063	)
E-mini S&P 500 Index	331.00 USD		1/24/20		(33	)		(3,300	)		(1,699	)		(921	)		(778	)
E-mini S&P 500 Index	328.00 USD		1/31/20		(30	)		(3,000	)		(5,385	)		(1,452	)		(3,933	)
E-mini S&P 500 Index	332.00 USD		2/21/20		(33	)		(3,300	)		(5,197	)		(1,928	)		(3,269	)
E-mini S&P 500 Index Flex	322.00 USD		1/2/20		(39	)		(3,900	)		(6,294	)		(2,083	)		(4,211	)
E-mini S&P 500 Index Flex	328.00 USD		1/29/20		(30	)		(3,000	)		(5,096	)		(1,302	)		(3,794	)
Nasdaq 100 Stock Index	9,325.00 USD		2/21/20		(7	)		(700	)		(9,835	)		(12,241	)		2,406
Russell 2000 Index	1,710.00 USD		1/10/20		(12	)		(1,200	)		(1,530	)		(3,263	)		1,733
Russell 2000 Index	1,750.00 USD		1/24/20		(9	)		(900	)		(788	)		(1,502	)		714
S&P 500 Index	3,420.00 USD		2/28/20		(7	)		(700	)		(2,485	)		(3,626	)		1,141
S&P 500 Mini Index	323.00 USD		1/2/20		(29	)		(2,900	)		(2,894	)		(3,970	)		1,076
S&P 500 Mini Index	326.00 USD		1/2/20		(50	)		(5,000	)		(546	)		(978	)		432
S&P 500 Mini Index	327.00 USD		1/2/20		(50	)		(5,000	)		(219	)		(1,416	)		1,197
S&P 500 Mini Index	323.00 USD		1/3/20		(29	)		(2,900	)		(3,988	)		(4,667	)		679
S&P 500 Mini Index	322.00 USD		1/6/20		(29	)		(2,900	)		(6,801	)		(5,713	)		(1,088	)
S&P 500 Mini Index	322.00 USD		1/8/20		(59	)		(5,900	)		(15,960	)		(7,591	)		(8,369	)
S&P 500 Mini Index	327.00 USD		1/8/20		(33	)		(3,300	)		(1,304	)		(645	)		(659	)
S&P 500 Mini Index	319.00 USD		1/13/20		(29	)		(2,900	)		(16,197	)		(1,404	)		(14,793	)
S&P 500 Mini Index	328.00 USD		1/13/20		(33	)		(3,300	)		(1,617	)		(768	)		(849	)
S&P 500 Mini Index	330.00 USD		1/13/20		(34	)		(3,400	)		(697	)		(1,307	)		610
S&P 500 Mini Index	322.00 USD		1/15/20		(30	)		(3,000	)		(10,620	)		(1,722	)		(8,898	)
S&P 500 Mini Index	324.00 USD		1/21/20		(30	)		(3,000	)		(8,340	)		(1,602	)		(6,738	)
S&P 500 Mini Index	324.00 USD		1/22/20		(30	)		(3,000	)		(8,760	)		(1,452	)		(7,308	)
S&P 500 Mini Index	337.00 USD		1/24/20		(30	)		(3,000	)		(240	)		(450	)		210
S&P 500 Mini Index	328.00 USD		1/27/20		(30	)		(3,000	)		(4,140	)		(1,812	)		(2,328	)
S&P 500 Mini Index	333.00 USD		1/27/20		(33	)		(3,300	)		(1,056	)		(954	)		(102	)
S&P 500 Mini Index	338.00 USD		1/27/20		(30	)		(3,000	)		(210	)		(387	)		177
S&P 500 Mini Index	333.00 USD		1/29/20		(33	)		(3,300	)		(1,711	)		(921	)		(790	)
S&P 500 Mini Index	330.00 USD		1/31/20		(33	)		(3,300	)		(3,663	)		(1,482	)		(2,181	)
S&P 500 Mini Index	338.00 USD		1/31/20		(30	)		(3,000	)		(390	)		(690	)		300
S&P 500 Mini Index	329.00 USD		2/3/20		(66	)		(6,600	)		(10,164	)		(4,094	)		(6,070	)
S&P 500 Mini Index	329.00 USD		2/5/20		(33	)		(3,300	)		(6,085	)		(2,282	)		(3,803	)
S&P 500 Mini Index	332.00 USD		2/5/20		(33	)		(3,300	)		(3,146	)		(1,119	)		(2,027	)
S&P 500 Mini Index	330.00 USD		2/7/20		(33	)		(3,300	)		(4,967	)		(2,711	)		(2,256	)
S&P 500 Mini Index	332.00 USD		2/7/20		(33	)		(3,300	)		(3,168	)		(1,581	)		(1,587	)
S&P 500 Mini Index	339.00 USD		2/7/20		(20	)		(2,000	)		(380	)		(598	)		218
S&P 500 Mini Index	330.00 USD		2/10/20		(33	)		(3,300	)		(5,231	)		(2,254	)		(2,977	)
S&P 500 Mini Index	332.00 USD		2/10/20		(33	)		(3,300	)		(3,333	)		(2,208	)		(1,125	)
S&P 500 Mini Index	336.00 USD		2/10/20		(40	)		(4,000	)		(1,620	)		(1,800	)		180
S&P 500 Mini Index	331.00 USD		2/12/20		(33	)		(3,300	)		(5,114	)		(2,254	)		(2,860	)
S&P 500 Mini Index	333.00 USD		2/12/20		(24	)		(2,400	)		(2,443	)		(1,630	)		(813	)
S&P 500 Mini Index	336.00 USD		2/12/20		(40	)		(4,000	)		(1,813	)		(1,436	)		(377	)
S&P 500 Mini Index	332.00 USD		2/14/20		(33	)		(3,300	)		(4,608	)		(2,249	)		(2,359	)
S&P 500 Mini Index	338.00 USD		2/14/20		(24	)		(2,400	)		(1,018	)		(792	)		(226	)
S&P 500 Mini Index	340.00 USD		2/14/20		(20	)		(2,000	)		(490	)		(798	)		308
S&P 500 Mini Index	334.00 USD		2/18/20		(33	)		(3,300	)		(3,697	)		(1,853	)		(1,844	)
S&P 500 Mini Index	337.00 USD		2/18/20		(30	)		(3,000	)		(1,938	)		(1,650	)		(288	)
S&P 500 Mini Index	332.00 USD		2/19/20		(33	)		(3,300	)		(5,485	)		(2,460	)		(3,025	)
S&P 500 Mini Index	337.00 USD		2/19/20		(30	)		(3,000	)		(1,861	)		(1,497	)		(364	)
S&P 500 Mini Index	334.00 USD		2/24/20		(33	)		(3,300	)		(4,620	)		(1,944	)		(2,676	)
S&P 500 Mini Index	336.00 USD		2/26/20		(33	)		(3,300	)		(3,504	)		(1,845	)		(1,659	)
S&P 500 Mini Index	343.00 USD		2/26/20		(34	)		(3,400	)		(1,279	)		(1,731	)		452

Schedule of Investments

AllianzGI PerformanceFee Structured US Equity Fund

December 31, 2019 (unaudited) (continued)

Description	Exercise Price	Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Received			Unrealized Appreciation (Depreciation)
S&P 500 Mini Index	336.00 USD		2/28/20		(33	)	$	(3,300	)	$	(3,744	)	$	(2,208	)	$	(1,536	)
S&P 500 Mini Index	339.00 USD		2/28/20		(30	)		(3,000	)		(2,089	)		(1,770	)		(319	)
S&P 500 Mini Index	342.00 USD		2/28/20		(24	)		(2,400	)		(1,096	)		(1,056	)		(40	)
S&P 500 Mini Index	333.00 USD		3/2/20		(33	)		(3,300	)		(6,844	)		(1,977	)		(4,867	)
S&P 500 Mini Index	339.00 USD		3/2/20		(30	)		(3,000	)		(1,915	)		(2,218	)		303
S&P 500 Mini Index	341.00 USD		3/2/20		(24	)		(2,400	)		(1,210	)		(1,654	)		444
S&P 500 Mini Index	333.00 USD		3/4/20		(33	)		(3,300	)		(7,299	)		(2,274	)		(5,025	)
S&P 500 Mini Index	335.00 USD		3/6/20		(33	)		(3,300	)		(5,198	)		(2,934	)		(2,264	)
S&P 500 Mini Index	335.00 USD		3/9/20		(33	)		(3,300	)		(6,320	)		(2,607	)		(3,713	)
S&P 500 Mini Index	336.00 USD		3/11/20		(33	)		(3,300	)		(5,749	)		(2,208	)		(3,541	)
S&P 500 Mini Index	338.00 USD		3/13/20		(24	)		(2,400	)		(3,300	)		(1,054	)		(2,246	)
S&P 500 Mini Index	341.00 USD		3/16/20		(24	)		(2,400	)		(2,369	)		(1,416	)		(953	)
S&P 500 Mini Index	347.00 USD		3/27/20		(24	)		(2,400	)		(1,482	)		(1,174	)		(308	)
S&P 500 Mini Index	345.00 USD		3/30/20		(24	)		(2,400	)		(1,983	)		(1,896	)		(87	)
S&P 500 Mini Index	344.00 USD		4/1/20		(24	)		(2,400	)		(2,086	)		(1,798	)		(288	)
	Total call options									$	(320,533	)	$	(157,799	)	$	(162,734	)
Put options:
E-mini S&P 500 Index	275.00 USD		1/3/20		(23	)	$	(2,300	)	$	(23	)	$	(2,240	)	$	2,217
E-mini S&P 500 Index	308.00 USD		1/3/20		(7	)		(700	)		(59	)		(1,472	)		1,413
E-mini S&P 500 Index	307.00 USD		1/6/20		(9	)		(900	)		(99	)		(2,357	)		2,258
Nasdaq 100 Stock Index	7,500.00 USD		1/24/20		(2	)		(200	)		(990	)		(1,996	)		1,006
Nasdaq 100 Stock Index	7,600.00 USD		1/31/20		(3	)		(300	)		(3,075	)		(4,974	)		1,899
S&P 500 Index	2,850.00 USD		1/3/20		(6	)		(600	)		(75	)		(6,418	)		6,343
S&P 500 Index	2,875.00 USD		1/3/20		(4	)		(400	)		(80	)		(2,652	)		2,572
S&P 500 Index	3,175.00 USD		1/3/20		(4	)		(400	)		(750	)		(1,357	)		607
S&P 500 Index	2,875.00 USD		1/6/20		(6	)		(600	)		(210	)		(4,384	)		4,174
S&P 500 Index	2,940.00 USD		1/6/20		(4	)		(400	)		(220	)		(3,100	)		2,880
S&P 500 Index	2,920.00 USD		1/8/20		(6	)		(600	)		(465	)		(4,546	)		4,081
S&P 500 Index	2,950.00 USD		1/8/20		(4	)		(400	)		(350	)		(4,216	)		3,866
S&P 500 Index	3,155.00 USD		1/8/20		(4	)		(400	)		(1,660	)		(2,225	)		565
S&P 500 Index	2,805.00 USD		1/10/20		(3	)		(300	)		(187	)		(3,537	)		3,350
S&P 500 Index	2,815.00 USD		1/10/20		(3	)		(300	)		(187	)		(3,456	)		3,269
S&P 500 Index	2,825.00 USD		1/10/20		(3	)		(300	)		(202	)		(3,337	)		3,135
S&P 500 Index	2,850.00 USD		1/10/20		(3	)		(300	)		(240	)		(3,260	)		3,020
S&P 500 Index	2,860.00 USD		1/10/20		(3	)		(300	)		(247	)		(3,119	)		2,872
S&P 500 Index	2,930.00 USD		1/10/20		(6	)		(600	)		(705	)		(6,269	)		5,564
S&P 500 Index	2,990.00 USD		1/10/20		(4	)		(400	)		(640	)		(3,540	)		2,900
S&P 500 Index	3,140.00 USD		1/10/20		(4	)		(400	)		(2,120	)		(2,671	)		551
S&P 500 Index	2,975.00 USD		1/13/20		(4	)		(400	)		(680	)		(3,452	)		2,772
S&P 500 Index	3,020.00 USD		1/13/20		(4	)		(400	)		(880	)		(2,192	)		1,312
S&P 500 Index	3,160.00 USD		1/13/20		(4	)		(400	)		(3,160	)		(3,312	)		152
S&P 500 Index	3,005.00 USD		1/15/20		(4	)		(400	)		(1,050	)		(2,252	)		1,202
S&P 500 Index	3,020.00 USD		1/15/20		(4	)		(400	)		(1,160	)		(2,756	)		1,596
S&P 500 Index	3,155.00 USD		1/15/20		(4	)		(400	)		(3,820	)		(3,912	)		92
S&P 500 Index	2,275.00 USD		1/17/20		(1	)		(100	)		(10	)		(2,977	)		2,967
S&P 500 Index	2,300.00 USD		1/17/20		(1	)		(100	)		(10	)		(3,019	)		3,009
S&P 500 Index	2,350.00 USD		1/17/20		(1	)		(100	)		(13	)		(2,899	)		2,886
S&P 500 Index	2,375.00 USD		1/17/20		(3	)		(300	)		(45	)		(8,486	)		8,441
S&P 500 Index	2,500.00 USD		1/17/20		(1	)		(100	)		(22	)		(2,329	)		2,307
S&P 500 Index	2,525.00 USD		1/17/20		(5	)		(500	)		(150	)		(10,634	)		10,484
S&P 500 Index	2,595.00 USD		1/17/20		(4	)		(400	)		(150	)		(7,675	)		7,525
S&P 500 Index	2,620.00 USD		1/17/20		(2	)		(200	)		(80	)		(3,378	)		3,298
S&P 500 Index	2,635.00 USD		1/17/20		(2	)		(200	)		(95	)		(3,398	)		3,303
S&P 500 Index	2,645.00 USD		1/17/20		(2	)		(200	)		(100	)		(3,495	)		3,395
S&P 500 Index	2,650.00 USD		1/17/20		(2	)		(200	)		(100	)		(3,238	)		3,138
S&P 500 Index	2,655.00 USD		1/17/20		(4	)		(400	)		(210	)		(6,720	)		6,510
S&P 500 Index	2,670.00 USD		1/17/20		(2	)		(200	)		(105	)		(3,155	)		3,050
S&P 500 Index	2,820.00 USD		1/17/20		(3	)		(300	)		(337	)		(3,575	)		3,238
S&P 500 Index	2,830.00 USD		1/17/20		(3	)		(300	)		(352	)		(3,441	)		3,089
S&P 500 Index	2,835.00 USD		1/17/20		(3	)		(300	)		(367	)		(3,333	)		2,966

Schedule of Investments

AllianzGI PerformanceFee Structured US Equity Fund

December 31, 2019 (unaudited) (continued)

Description	Exercise Price	Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Received			Unrealized Appreciation (Depreciation)
S&P 500 Index	2,840.00 USD		1/17/20		(3	)	$	(300	)	$	(367	)	$	(3,525	)	$	3,158
S&P 500 Index	2,880.00 USD		1/17/20		(6	)		(600	)		(915	)		(1,851	)		936
S&P 500 Index	3,000.00 USD		1/17/20		(4	)		(400	)		(1,220	)		(2,640	)		1,420
S&P 500 Index	3,040.00 USD		1/17/20		(4	)		(400	)		(1,620	)		(2,492	)		872
S&P 500 Index	3,155.00 USD		1/17/20		(4	)		(400	)		(4,420	)		(4,432	)		12
S&P 500 Index	2,980.00 USD		1/21/20		(3	)		(300	)		(975	)		(1,851	)		876
S&P 500 Index	3,025.00 USD		1/21/20		(4	)		(400	)		(1,760	)		(2,616	)		856
S&P 500 Index	3,050.00 USD		1/21/20		(4	)		(400	)		(2,120	)		(3,176	)		1,056
S&P 500 Index	3,120.00 USD		1/21/20		(4	)		(400	)		(3,780	)		(5,569	)		1,789
S&P 500 Index	3,030.00 USD		1/22/20		(4	)		(400	)		(2,040	)		(2,964	)		924
S&P 500 Index	3,045.00 USD		1/22/20		(4	)		(400	)		(2,280	)		(3,220	)		940
S&P 500 Index	3,090.00 USD		1/22/20		(4	)		(400	)		(3,220	)		(4,646	)		1,426
S&P 500 Index	315.00 USD		1/24/20		(6	)		(600	)		(933	)		(887	)		(46	)
S&P 500 Index	2,850.00 USD		1/24/20		(3	)		(300	)		(607	)		(3,375	)		2,768
S&P 500 Index	2,870.00 USD		1/24/20		(3	)		(300	)		(675	)		(3,369	)		2,694
S&P 500 Index	2,880.00 USD		1/24/20		(3	)		(300	)		(713	)		(3,399	)		2,686
S&P 500 Index	2,885.00 USD		1/24/20		(5	)		(500	)		(1,225	)		(5,445	)		4,220
S&P 500 Index	2,970.00 USD		1/24/20		(8	)		(800	)		(3,240	)		(5,389	)		2,149
S&P 500 Index	3,030.00 USD		1/24/20		(4	)		(400	)		(2,420	)		(3,340	)		920
S&P 500 Index	3,055.00 USD		1/24/20		(4	)		(400	)		(2,900	)		(2,932	)		32
S&P 500 Index	3,085.00 USD		1/24/20		(4	)		(400	)		(3,620	)		(5,196	)		1,576
S&P 500 Index	2,980.00 USD		1/27/20		(3	)		(300	)		(1,425	)		(1,761	)		336
S&P 500 Index	3,035.00 USD		1/27/20		(4	)		(400	)		(2,760	)		(2,780	)		20
S&P 500 Index	3,050.00 USD		1/27/20		(2	)		(200	)		(1,520	)		(1,934	)		414
S&P 500 Index	3,130.00 USD		1/27/20		(4	)		(300	)		(4,245	)		(5,882	)		1,637
S&P 500 Index	2,980.00 USD		1/29/20		(3	)		(300	)		(1,680	)		(2,334	)		654
S&P 500 Index	3,045.00 USD		1/29/20		(2	)		(200	)		(1,720	)		(2,428	)		708
S&P 500 Index	3,110.00 USD		1/29/20		(3	)		(300	)		(4,155	)		(5,667	)		1,512
S&P 500 Index	2,350.00 USD		1/31/20		(1	)		(100	)		(30	)		(2,719	)		2,689
S&P 500 Index	2,400.00 USD		1/31/20		(2	)		(200	)		(75	)		(4,995	)		4,920
S&P 500 Index	2,450.00 USD		1/31/20		(1	)		(100	)		(42	)		(2,539	)		2,497
S&P 500 Index	2,625.00 USD		1/31/20		(2	)		(200	)		(190	)		(3,518	)		3,328
S&P 500 Index	2,650.00 USD		1/31/20		(2	)		(200	)		(220	)		(3,383	)		3,163
S&P 500 Index	2,670.00 USD		1/31/20		(4	)		(400	)		(480	)		(6,835	)		6,355
S&P 500 Index	2,680.00 USD		1/31/20		(4	)		(400	)		(510	)		(6,894	)		6,384
S&P 500 Index	2,690.00 USD		1/31/20		(4	)		(400	)		(530	)		(7,379	)		6,849
S&P 500 Index	2,715.00 USD		1/31/20		(4	)		(400	)		(600	)		(6,081	)		5,481
S&P 500 Index	2,730.00 USD		1/31/20		(2	)		(200	)		(320	)		(2,990	)		2,670
S&P 500 Index	2,740.00 USD		1/31/20		(7	)		(700	)		(1,190	)		(10,174	)		8,984
S&P 500 Index	2,800.00 USD		1/31/20		(3	)		(300	)		(690	)		(3,723	)		3,033
S&P 500 Index	2,810.00 USD		1/31/20		(3	)		(300	)		(720	)		(3,883	)		3,163
S&P 500 Index	2,815.00 USD		1/31/20		(3	)		(300	)		(750	)		(3,951	)		3,201
S&P 500 Index	2,855.00 USD		1/31/20		(3	)		(300	)		(923	)		(3,759	)		2,836
S&P 500 Index	2,860.00 USD		1/31/20		(3	)		(300	)		(945	)		(3,663	)		2,718
S&P 500 Index	2,980.00 USD		1/31/20		(24	)		(2,400	)		(15,360	)		(20,051	)		4,691
S&P 500 Index	3,100.00 USD		1/31/20		(4	)		(400	)		(5,800	)		(7,919	)		2,119
S&P 500 Index	2,820.00 USD		2/7/20		(6	)		(600	)		(2,130	)		(8,218	)		6,088
S&P 500 Index	2,855.00 USD		2/7/20		(3	)		(300	)		(1,275	)		(3,780	)		2,505
S&P 500 Index	2,890.00 USD		2/7/20		(2	)		(200	)		(1,030	)		(2,348	)		1,318
S&P 500 Index	2,890.00 USD		2/14/20		(8	)		(800	)		(5,400	)		(5,824	)		424
S&P 500 Index	2,920.00 USD		2/14/20		(6	)		(600	)		(4,740	)		(6,905	)		2,165
S&P 500 Index	2,930.00 USD		2/14/20		(6	)		(600	)		(5,040	)		(7,096	)		2,056
S&P 500 Index	2,955.00 USD		2/14/20		(2	)		(200	)		(1,930	)		(2,336	)		406
S&P 500 Index	2,250.00 USD		2/21/20		(1	)		(100	)		(47	)		(2,457	)		2,410
S&P 500 Index	2,300.00 USD		2/21/20		(1	)		(100	)		(55	)		(2,629	)		2,574
S&P 500 Index	2,350.00 USD		2/21/20		(1	)		(100	)		(70	)		(2,447	)		2,377
S&P 500 Index	2,375.00 USD		2/21/20		(2	)		(200	)		(155	)		(5,228	)		5,073
S&P 500 Index	2,700.00 USD		2/21/20		(2	)		(200	)		(650	)		(3,492	)		2,842
S&P 500 Index	2,705.00 USD		2/21/20		(2	)		(200	)		(660	)		(3,363	)		2,703
S&P 500 Index	2,720.00 USD		2/21/20		(2	)		(200	)		(710	)		(3,355	)		2,645
S&P 500 Index	2,730.00 USD		2/21/20		(2	)		(200	)		(740	)		(3,360	)		2,620
S&P 500 Index	2,740.00 USD		2/21/20		(6	)		(600	)		(2,310	)		(9,689	)		7,379

Schedule of Investments

AllianzGI PerformanceFee Structured US Equity Fund

December 31, 2019 (unaudited) (continued)

Description	Exercise Price	Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Received			Unrealized Appreciation (Depreciation)
S&P 500 Index	2,745.00 USD		2/21/20		(2	)	$	(200	)	$	(790	)	$	(3,123	)	$	2,333
S&P 500 Index	2,750.00 USD		2/21/20		(2	)		(200	)		(810	)		(3,270	)		2,460
S&P 500 Index	2,775.00 USD		2/21/20		(2	)		(200	)		(910	)		(2,940	)		2,030
S&P 500 Index	2,795.00 USD		2/21/20		(2	)		(200	)		(1,010	)		(3,028	)		2,018
S&P 500 Index	2,800.00 USD		2/21/20		(2	)		(200	)		(1,030	)		(3,007	)		1,977
S&P 500 Index	2,805.00 USD		2/21/20		(4	)		(400	)		(2,100	)		(5,788	)		3,688
S&P 500 Index	2,890.00 USD		2/21/20		(8	)		(800	)		(6,440	)		(6,936	)		496
S&P 500 Index	2,920.00 USD		2/21/20		(2	)		(200	)		(1,890	)		(2,450	)		560
S&P 500 Index	2,935.00 USD		2/21/20		(4	)		(400	)		(4,100	)		(4,804	)		704
S&P 500 Index	2,940.00 USD		2/21/20		(2	)		(200	)		(2,100	)		(2,482	)		382
S&P 500 Index	2,955.00 USD		2/21/20		(2	)		(200	)		(2,280	)		(2,366	)		86
S&P 500 Index	2,965.00 USD		2/21/20		(2	)		(200	)		(2,400	)		(2,359	)		(41	)
S&P 500 Index	2,350.00 USD		2/28/20		(1	)		(100	)		(97	)		(2,859	)		2,762
S&P 500 Index	2,450.00 USD		2/28/20		(1	)		(100	)		(145	)		(2,699	)		2,554
S&P 500 Index	2,675.00 USD		2/28/20		(2	)		(200	)		(750	)		(3,575	)		2,825
S&P 500 Index	2,730.00 USD		2/28/20		(4	)		(400	)		(1,900	)		(6,465	)		4,565
S&P 500 Index	2,740.00 USD		2/28/20		(2	)		(200	)		(1,010	)		(3,342	)		2,332
S&P 500 Index	2,775.00 USD		2/28/20		(2	)		(200	)		(1,180	)		(3,127	)		1,947
S&P 500 Index	2,785.00 USD		2/28/20		(2	)		(200	)		(1,230	)		(3,185	)		1,955
S&P 500 Index	2,740.00 USD		3/6/20		(4	)		(400	)		(2,520	)		(6,800	)		4,280
S&P 500 Index	2,780.00 USD		3/6/20		(2	)		(200	)		(1,510	)		(3,286	)		1,776
S&P 500 Index	2,810.00 USD		3/6/20		(1	)		(100	)		(865	)		(1,539	)		674
S&P 500 Index	2,400.00 USD		3/20/20		(2	)		(200	)		(435	)		(5,468	)		5,033
S&P 500 Index	2,425.00 USD		3/20/20		(1	)		(100	)		(240	)		(2,589	)		2,349
S&P 500 Index	2,450.00 USD		3/20/20		(2	)		(200	)		(525	)		(5,238	)		4,713
S&P 500 Index	2,475.00 USD		3/20/20		(1	)		(100	)		(290	)		(2,609	)		2,319
S&P 500 Index	2,830.00 USD		3/20/20		(4	)		(400	)		(5,100	)		(6,442	)		1,342
S&P 500 Index	2,835.00 USD		3/20/20		(4	)		(400	)		(5,220	)		(6,578	)		1,358
S&P 500 Index	2,840.00 USD		3/20/20		(1	)		(100	)		(1,330	)		(1,619	)		289
S&P 500 Index	2,855.00 USD		3/20/20		(2	)		(200	)		(2,840	)		(3,168	)		328
S&P 500 Index	2,860.00 USD		3/20/20		(2	)		(200	)		(2,910	)		(3,270	)		360
S&P 500 Index	2,875.00 USD		3/20/20		(1	)		(100	)		(1,550	)		(1,573	)		23
S&P 500 Index	2,885.00 USD		3/20/20		(1	)		(100	)		(1,620	)		(1,589	)		(31	)
S&P 500 Index	2,200.00 USD		3/31/20		(1	)		(100	)		(140	)		(3,325	)		3,185
S&P 500 Index	2,350.00 USD		3/31/20		(2	)		(200	)		(450	)		(5,588	)		5,138
S&P 500 Index	2,375.00 USD		3/31/20		(1	)		(100	)		(245	)		(2,733	)		2,488
S&P 500 Index	2,425.00 USD		4/17/20		(1	)		(100	)		(425	)		(2,727	)		2,302
S&P 500 Index	2,450.00 USD		4/17/20		(2	)		(200	)		(930	)		(4,926	)		3,996
S&P 500 Index	2,475.00 USD		4/17/20		(2	)		(200	)		(1,030	)		(4,745	)		3,715
S&P 500 Index	2,500.00 USD		4/30/20		(2	)		(200	)		(1,420	)		(5,275	)		3,855
S&P 500 Index	2,550.00 USD		4/30/20		(2	)		(200	)		(1,700	)		(5,056	)		3,356
S&P 500 Index	2,550.00 USD		5/15/20		(3	)		(300	)		(3,180	)		(8,069	)		4,889
S&P 500 Index	2,590.00 USD		5/15/20		(1	)		(100	)		(1,225	)		(2,597	)		1,372
S&P 500 Index	2,525.00 USD		5/29/20		(1	)		(100	)		(1,155	)		(2,828	)		1,673
S&P 500 Index	2,550.00 USD		5/29/20		(1	)		(100	)		(1,260	)		(2,617	)		1,357
S&P 500 Index	2,575.00 USD		5/29/20		(1	)		(100	)		(1,375	)		(2,578	)		1,203
S&P 500 Index	2,600.00 USD		5/29/20		(2	)		(200	)		(2,990	)		(5,315	)		2,325
S&P 500 Index	2,600.00 USD		6/19/20		(1	)		(100	)		(1,865	)		(2,769	)		904
S&P 500 Index	2,650.00 USD		6/19/20		(2	)		(200	)		(4,390	)		(5,157	)		767
S&P 500 Index	2,675.00 USD		6/19/20		(1	)		(100	)		(2,375	)		(2,619	)		244
S&P 500 Index	2,650.00 USD		6/30/20		(1	)		(100	)		(2,400	)		(2,749	)		349
S&P 500 Index	2,675.00 USD		6/30/20		(1	)		(100	)		(2,590	)		(2,629	)		39
S&P 500 Mini Index	308.00 USD		1/2/20		(9	)		(900	)		(1	)		(2,456	)		2,455
S&P 500 Mini Index	315.00 USD		1/2/20		(10	)		(1,000	)		(29	)		(1,129	)		1,100
S&P 500 Mini Index	323.00 USD		1/2/20		(29	)		(2,900	)		(3,048	)		(3,382	)		334
S&P 500 Mini Index	314.00 USD		1/3/20		(13	)		(1,300	)		(150	)		(1,365	)		1,215
S&P 500 Mini Index	323.00 USD		1/3/20		(29	)		(2,900	)		(2,799	)		(3,419	)		620
S&P 500 Mini Index	324.00 USD		1/3/20		(29	)		(2,900	)		(4,104	)		(3,944	)		(160	)
S&P 500 Mini Index	322.00 USD		1/6/20		(29	)		(2,900	)		(2,683	)		(4,466	)		1,783
S&P 500 Mini Index	322.00 USD		1/8/20		(29	)		(2,900	)		(3,741	)		(4,824	)		1,083
S&P 500 Mini Index	314.00 USD		1/10/20		(18	)		(1,800	)		(954	)		(1,600	)		646
S&P 500 Mini Index	270.00 USD		1/13/20		(11	)		(1,100	)		(44	)		(871	)		827

Schedule of Investments

AllianzGI PerformanceFee Structured US Equity Fund

December 31, 2019 (unaudited) (continued)

Description	Exercise Price	Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Received			Unrealized Appreciation (Depreciation)
S&P 500 Mini Index	315.00 USD		1/13/20		(15	)	$	(1,500	)	$	(1,050	)	$	(1,646	)	$	596
S&P 500 Mini Index	317.00 USD		1/15/20		(10	)		(1,000	)		(1,130	)		(1,533	)		403
S&P 500 Mini Index	314.00 USD		1/21/20		(9	)		(900	)		(1,017	)		(1,351	)		334
S&P 500 Mini Index	315.00 USD		1/22/20		(15	)		(1,500	)		(2,033	)		(2,464	)		431
	Total put options									$	(253,407	)	$	(661,162	)	$	407,755
	Total options written contracts									$	(573,940	)	$	(818,961	)	$	245,021

(e) At December 31, 2019, the Fund pledged $303,266 in cash as collateral for options written.

Glossary:

CBOE—Chicago Board Options Exchange

Schedule of Investments

AllianzGI PerformanceFee Structured US Fixed Income Fund

December 31, 2019 (unaudited)

	Shares		Value^
EXCHANGE-TRADED FUNDS—100.7%
iShares Core U.S. Aggregate Bond (a) (cost—$8,840,730)		81,111	$	9,114,443
	Principal Amount (000s)
Repurchase Agreements—1.4%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $123,002; collateralized by U.S. Treasury Bonds, 3.00%, due 11/15/45, valued at $130,149 including accrued interest (cost—$123,000)	$	123		123,000
Total Options Purchased—0.0% (cost—$397) (b)(c)(d)				105

	Value^
Total Investments, before options written (cost-$8,964,127)—102.1%	$	9,237,548
Total Options Written—(0.2)% (premiums received—$63,501) (b)(c)(d)		(20,071	)
Total Investments, net of options written (cost—$8,900,626)—101.9%		9,217,477
Other liabilities in excess of other assets—(1.9)%		(172,370	)
Net Assets—100.0%	$	9,045,107

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 December 31, 2019:

Options purchased contracts outstanding at December 31, 2019:

Description	Exercise Price	Expiration Date		Number of Contracts			Notional Amount			Market Value			Cost			Unrealized (Depreciation)
Put options:
S&P 500 Index	2,000.00 USD		1/3/20		15		$	1,500		$	37		$	159		$	(122	)
S&P 500 Index	2,050.00 USD		1/3/20		2			200			5			29			(24	)
S&P 500 Index	2,300.00 USD		1/3/20		12			1,200			30			141			(111	)
S&P 500 Index	2,000.00 USD		1/8/20		1			100			3			11			(8	)
S&P 500 Index	2,100.00 USD		1/17/20		2			200			15			32			(17	)
S&P 500 Index	2,050.00 USD		1/24/20		2			200			15			25			(10	)
	Total options purchased contracts									$	105		$	397		$	(292	)
Options written contracts outstanding at December 31, 2019:
Description	Exercise Price	Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Received			Unrealized Appreciation (Depreciation)
Call options:
E-mini S&P 500 Index Flex	230.00 USD		5/15/20		(4	)	$	(400	)	$	(143	)	$	(1,239	)	$	1,096
Put options:
E-mini S&P 500 Index	240.00 USD		1/31/20		(6	)	$	(600	)	$	(21	)	$	(1,466	)	$	1,445
E-mini S&P 500 Index	235.00 USD		3/20/20		(6	)		(600	)		(111	)		(1,807	)		1,696
E-mini S&P 500 Index	245.00 USD		3/31/20		(8	)		(800	)		(260	)		(2,356	)		2,096
E-mini S&P 500 Index Flex	220.00 USD		5/15/20		(2	)		(200	)		(42	)		(643	)		601
E-mini S&P 500 Index Flex	2,450.00 USD		7/31/20		(1	)		(100	)		(1,865	)		(3,517	)		1,652
S&P 500 Index	2,805.00 USD		2/21/20		(1	)		(100	)		(525	)		(1,446	)		921
S&P 500 Index	2,785.00 USD		2/28/20		(1	)		(100	)		(615	)		(1,593	)		978
S&P 500 Index	2,810.00 USD		3/6/20		(1	)		(100	)		(865	)		(1,539	)		674
S&P 500 Index	2,400.00 USD		3/20/20		(2	)		(200	)		(435	)		(5,468	)		5,033
S&P 500 Index	2,450.00 USD		3/20/20		(1	)		(100	)		(263	)		(2,679	)		2,416
S&P 500 Index	2,830.00 USD		3/20/20		(1	)		(100	)		(1,275	)		(1,591	)		316
S&P 500 Index	2,885.00 USD		3/20/20		(1	)		(100	)		(1,620	)		(1,589	)		(31	)
S&P 500 Index	2,450.00 USD		4/17/20		(1	)		(100	)		(465	)		(2,528	)		2,063
S&P 500 Index	2,500.00 USD		4/30/20		(1	)		(100	)		(710	)		(2,637	)		1,927
S&P 500 Index	2,300.00 USD		5/15/20		(1	)		(100	)		(440	)		(3,332	)		2,892

Schedule of Investments

AllianzGI PerformanceFee Structured US Fixed Income Fund

December 31, 2019 (unaudited) (continued)

Description	Exercise Price	Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Received			Unrealized Appreciation (Depreciation)
S&P 500 Index	2,550.00 USD		5/15/20		(1	)	$	(100	)	$	(1,060	)	$	(2,633	)	$	1,573
S&P 500 Index	2,250.00 USD		5/29/20		(1	)		(100	)		(445	)		(3,517	)		3,072
S&P 500 Index	2,350.00 USD		6/19/20		(1	)		(100	)		(810	)		(3,419	)		2,609
S&P 500 Index	2,275.00 USD		6/30/20		(1	)		(100	)		(700	)		(3,429	)		2,729
S&P 500 Index Flex	2,350.00 USD		7/17/20		(1	)		(100	)		(1,232	)		(3,245	)		2,013
S&P 500 Index Flex	2,400.00 USD		7/31/20		(1	)		(100	)		(1,613	)		(3,438	)		1,825
S&P 500 Mini Index	2,475.00 USD		8/21/20		(1	)		(100	)		(2,346	)		(3,467	)		1,121
S&P 500 Mini Index	265.00 USD		2/21/20		(6	)		(600	)		(159	)		(1,466	)		1,307
S&P 500 Mini Index	2,400.00 USD		8/31/20		(1	)		(100	)		(2,051	)		(3,457	)		1,406
	Total put options									$	(19,928	)	$	(62,262	)	$	42,334
	Total options written contracts									$	(20,071	)	$	(63,501	)	$	43,430

(e) At December 31, 2019, the Fund pledged $74,883 in cash as collateral for options written.

Schedule of Investments

AllianzGI Preferred Securities and Income Fund

December 31, 2019 (unaudited)

	Principal Amount (000s)		Value^
CORPORATE BONDS & NOTES—78.4%
Banks—45.3%
Bank of America Corp., (converts to FRN on 10/22/29) (d),
2.884%, 10/22/30	$	805	$	814,293
Citigroup, Inc., Ser. U, (converts to FRN on 9/12/24) (c)(d),
5.00%, 9/12/24		415		434,972
Citizens Financial Group, Inc., Ser. B, (converts to FRN on 7/6/23) (c)(d),
6.00%, 7/6/23		320		338,886
Credit Suisse Group AG, (converts to FRN on 8/21/26) (a)(b)(c)(d),
6.375%, 8/21/26		620		669,910
Fifth Third Bancorp, (converts to FRN on 6/30/23) (c)(d),
5.10%, 6/30/23		270		278,173
First Maryland Capital II, 3 mo. LIBOR + 0.850% (d),
2.759%, 2/1/27		698		661,355
Huntington Bancshares, Inc., Ser. E, (converts to FRN on 4/15/23) (c)(d),
5.70%, 4/15/23		390		404,904
JPMorgan Chase & Co., 3 mo. LIBOR + 0.950% (d),
2.852%, 2/2/37		797		705,345
KeyCorp,
2.55%, 10/1/29		820		801,995
Lloyds Banking Group PLC, (converts to FRN on 9/27/25) (c)(d),
7.50%, 9/27/25		225		252,474
NTC Capital II, 3 mo. LIBOR + 0.590%, Ser. B (d),
2.591%, 4/15/27		230		217,350
PNC Financial Services Group, Inc.,
3.45%, 4/23/29		185		197,582
5.00%, 11/1/26, Ser. S (converts to FRN on 11/1/26) (c)(d)		81		87,304
State Street Corp., 3 mo. LIBOR + 1.000% (d),
2.894%, 6/15/47		230		201,825
Truist Financial Corp. (c)(d),
4.80%, 9/1/24, Ser. N (converts to FRN on 9/1/24)		495		511,706
5.125%, 12/15/27, Ser. M (converts to FRN on 12/15/27)		285		293,236
U.S. Bancorp, Ser. J, (converts to FRN on 4/15/27) (c)(d),
5.30%, 4/15/27		470		517,296
Wells Fargo & Co.,
4.90%, 11/17/45		560		684,596
				8,073,202
Diversified Financial Services—4.8%
Discover Financial Services, Ser. C, (converts to FRN on 10/30/27) (c)(d),
5.50%, 10/30/27		810		854,161

	Principal Amount (000s)		Value^
Electric Utilities—2.9%
Emera, Inc., Ser. 16-A, (converts to FRN on 6/15/26) (d),
6.75%, 6/15/76	$	460	$	523,382
Insurance—16.1%
Allstate Corp., (converts to FRN on 5/15/37) (d),
6.50%, 5/15/57		280		349,300
American International Group, Inc. (d),
5.75%, 4/1/48, Ser. A-9 (converts to FRN on 4/1/28)		260		286,006
8.175%, 5/15/58 (converts to FRN on 5/15/38)		340		452,126
Lincoln National Corp., 3 mo. LIBOR + 2.358% (d),
4.262%, 5/17/66		670		595,944
MetLife, Inc.,
9.25%, 4/8/38 (a)(b)		215		317,394
10.75%, 8/1/39		375		616,875
Progressive Corp., Ser. B, (converts to FRN on 3/15/23) (c)(d),
5.375%, 3/15/23		250		262,900
				2,880,545
Media—2.3%
ViacomCBS, Inc., (converts to FRN on 2/28/27) (d),
6.25%, 2/28/57		370		410,987
Miscellaneous Manufacturing—2.8%
General Electric Co., Ser. D, (converts to FRN on 1/21/21) (c)(d),
5.00%, 1/21/21		500		490,625
Pipelines—2.8%
Plains All American Pipeline L.P., Ser. B, (converts to FRN on 11/15/22) (c)(d),
6.125%, 11/15/22		361		337,181
Transcanada Trust, (converts to FRN on 9/15/29) (d),
5.50%, 9/15/79		161		169,805
				506,986
Transportation—1.4%
BNSF Funding Trust I, (converts to FRN on 1/15/26) (d),
6.613%, 12/15/55		220		246,950
Total Corporate Bonds & Notes (cost—$13,488,910)				13,986,838
	Shares
PREFERRED STOCK—19.9%
Banks—6.8%
Citigroup Capital XIII (d)
8.31%, 10/30/40		15,130		420,614
JPMorgan Chase & Co., Ser. GG (c)		4,290		110,468

Schedule of Investments

AllianzGI Preferred Securities and Income Fund

December 31, 2019 (unaudited) (continued)

	Shares		Value^
Northern Trust Corp., Ser. E (c)		10,000	$	261,300
Regions Financial Corp., Ser. C (c)(d)
5.70%, 5/15/29		15,018		418,852
				1,211,234
Consumer Finance—2.8%
Capital One Financial Corp., Ser. I (c)		5,725		143,640
Synchrony Financial, Ser. A (c)		14,000		357,700
				501,340
Insurance—3.4%
Athene Holding Ltd., Ser. A (c)(d) 6.35%, 6/30/29		21,873		617,912
Pipelines—6.9%
Energy Transfer Operating L.P., Ser. E (c)(d)
7.60%, 5/15/24		48,630		1,231,312
Total Preferred Stock (cost—$3,479,898)				3,561,798
	Principal Amount (000s)
Repurchase Agreements—3.6%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $639,009; collateralized by U.S. Treasury Bonds, 3.00%, due 11/15/45, valued at $656,403 including accrued interest (cost—$639,000)	$	639		639,000
Total Investments (cost—$17,607,808)—101.9%			$	18,187,636
Liabilities in excess of other assets (e)—(1.9)%				(345,985	)
Net Assets—100.0%			$	17,841,651

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 $987,304, representing 5.5% 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 $987,304, representing 5.5% of net assets.

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

(d) Variable or Floating Rate Security—Securities with an interest rate that changes periodically. The interest rate disclosed reflects the rate in effect on December 31, 2019.

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

Futures contracts outstanding at December 31, 2019:

Type	Contracts		Expiration Date		Notional Amount (000s)		Market Value (000s)		Unrealized Depreciation
Long position contracts:
5-Year U.S. Treasury Note		3		3/31/20	$	300	$	356	$	(1,081	)

(g) At December 31, 2019, the Fund pledged $10,447 in cash held as collateral for futures contracts and $183 in cash held as collateral for swap contracts. There were no open swap contracts at December 31, 2019, however the Fund had cash as collateral for any transactions in the future.

Glossary:

FRN—Floating Rate Note

LIBOR—London Inter-Bank Offered Rate

Schedule of Investments

AllianzGI Short Duration High Income Fund

December 31, 2019 (unaudited)

	Principal Amount (000s)		Value^
CORPORATE BONDS & NOTES—82.5%
Advertising—1.2%
Lamar Media Corp.,
5.00%, 5/1/23	$	17,003	$	17,342,890
Outfront Media Capital LLC,
5.625%, 2/15/24		825		847,345
				18,190,235
Aerospace & Defense—0.1%
Triumph Group, Inc. (a)(c),
6.25%, 9/15/24		1,550		1,632,669
Auto Manufacturers—0.9%
Allison Transmission, Inc. (a)(c),
5.00%, 10/1/24		6,802		6,980,484
Ford Motor Credit Co. LLC,
2.681%, 1/9/20		3,000		3,000,005
General Motors Financial Co., Inc., 3 mo. USD-LIBOR+ 0.930% (f),
2.916%, 4/13/20		4,000		4,006,702
				13,987,191
Banks—1.6%
CIT Group, Inc.,
5.00%, 8/15/22		14,522		15,429,523
Fifth Third Bancorp,
4.30%, 1/16/24		8,291		8,897,139
				24,326,662
Biotechnology—0.4%
Amgen, Inc.,
4.10%, 6/15/21		6,260		6,428,105
Building Materials—0.6%
Builders FirstSource, Inc. (a)(c),
5.625%, 9/1/24		3,000		3,126,255
Louisiana-Pacific Corp.,
4.875%, 9/15/24		6,186		6,412,810
				9,539,065
Chemicals—0.9%
OCI NV (a)(c),
5.25%, 11/1/24		8,050		8,392,125
6.625%, 4/15/23		5,285		5,528,110
				13,920,235
Coal—0.2%
Cloud Peak Energy Resources LLC (d)(e),
12.00%, 11/21/21		40,020		4
12.00%, 5/1/25		9,151		3,091,488
				3,091,492
Commercial Services—3.4%
Nielsen Co. Luxembourg Sarl (a)(c),
5.50%, 10/1/21		13,848		13,931,088
Prime Security Services Borrower LLC (a)(c),
9.25%, 5/15/23		37,638		39,543,424
				53,474,512
Computers—3.3%
Dell International LLC (a)(c),
5.875%, 6/15/21		3,308		3,363,839
7.125%, 6/15/24		29,046		30,679,838
NCR Corp.,
5.00%, 7/15/22		6,990		7,073,006
6.375%, 12/15/23		9,150		9,397,828
				50,514,511

	Principal Amount (000s)		Value^
Containers & Packaging—2.2%
Berry Global, Inc.,
6.00%, 10/15/22	$	9,758	$	9,968,402
Crown Americas LLC,
4.50%, 1/15/23		6,500		6,849,310
Reynolds Group Issuer, Inc.,
3 mo. LIBOR + 3.500%, 5.501%, 7/15/21 (a)(c)(f)		6,000		6,021,000
5.75%, 10/15/20		11,775		11,804,095
				34,642,807
Distribution/Wholesale—3.9%
KAR Auction Services, Inc. (a)(c),
5.125%, 6/1/25		11,412		11,892,274
Wolverine Escrow LLC (a)(c),
8.50%, 11/15/24		24,400		25,304,874
9.00%, 11/15/26		22,250		23,347,704
				60,544,852
Diversified Financial Services—7.3%
Alliance Data Systems Corp. (a)(c),
4.75%, 12/15/24		34,000		33,957,500
Ally Financial, Inc.,
8.00%, 3/15/20		17,996		18,195,756
Credit Acceptance Corp. (a)(c),
5.125%, 12/31/24		3,200		3,331,072
Global Aircraft Leasing Co., Ltd., PIK 7.25% (a)(c),
6.50%, 9/15/24		45,950		48,061,403
LPL Holdings, Inc. (a)(c),
5.75%, 9/15/25		3,750		3,932,775
Park Aerospace Holdings Ltd. (a)(c),
5.25%, 8/15/22		6,000		6,399,347
				113,877,853
Electric Utilities—0.8%
AES Corp.,
4.00%, 3/15/21		2,000		2,032,000
4.875%, 5/15/23		9,825		9,992,860
				12,024,860
Electronics—1.3%
APX Group, Inc.,
7.875%, 12/1/22		6,125		6,193,866
8.50%, 11/1/24 (a)(c)		13,900		14,357,519
				20,551,385
Entertainment—1.3%
International Game Technology PLC (a)(c),
6.25%, 2/15/22		18,803		19,870,634
Environmental Services—0.6%
Stericycle, Inc. (a)(c),
5.375%, 7/15/24		9,035		9,505,588
Equity Real Estate Investment Trusts (REITs)—0.8%
ESH Hospitality, Inc. (a)(c),
5.25%, 5/1/25		9,300		9,633,266
Starwood Property Trust, Inc.,
3.625%, 2/1/21		2,000		2,018,300
				11,651,566
Food Service—1.0%
Aramark Services, Inc.,
5.00%, 4/1/25 (a)(c)		4,586		4,792,324
5.125%, 1/15/24		10,577		10,876,171
				15,668,495

Schedule of Investments

AllianzGI Short Duration High Income Fund

December 31, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
Hand/Machine Tools—0.6%
Colfax Corp. (a)(c),
6.00%, 2/15/24	$	8,000	$	8,516,680
Healthcare-Products—1.2%
Fresenius U.S. Finance II, Inc. (a)(c),
4.25%, 2/1/21		7,795		7,956,854
Hologic, Inc. (a)(c),
4.375%, 10/15/25		10,970		11,349,397
				19,306,251
Home Builders—1.6%
CalAtlantic Group, Inc.,
6.625%, 5/1/20		3,000		3,022,500
Lennar Corp.,
4.75%, 4/1/21		5,483		5,616,347
MDC Holdings, Inc.,
5.625%, 2/1/20		1,500		1,507,500
TRI Pointe Group, Inc.,
4.875%, 7/1/21		13,599		13,978,412
				24,124,759
Household Products/Wares—0.1%
Central Garden & Pet Co.,
6.125%, 11/15/23		925		957,759
Lodging—2.5%
Hilton Worldwide Finance LLC,
4.625%, 4/1/25		2,000		2,060,830
Las Vegas Sands Corp.,
3.20%, 8/8/24		27,930		28,707,926
Wynn Las Vegas LLC (a)(c),
5.50%, 3/1/25		8,000		8,589,920
				39,358,676
Machinery-Diversified—0.6%
CNH Industrial Capital LLC,
4.375%, 4/5/22		2,675		2,793,501
John Deere Capital Corp. (f),
3 mo. USD-LIBOR + 0.240%, 2.127%, 3/12/21		2,000		2,001,733
3 mo. USD-LIBOR + 0.480%, 2.365%, 9/8/22		5,000		5,022,046
				9,817,280
Media—7.1%
AMC Networks, Inc.,
4.75%, 12/15/22		10,264		10,372,080
5.00%, 4/1/24		34,350		35,122,875
CCO Holdings LLC,
5.125%, 5/1/23 (a)(c)		2,300		2,352,244
5.25%, 9/30/22		20,215		20,478,401
5.75%, 2/15/26 (a)(c)		10,064		10,636,340
Clear Channel Worldwide Holdings, Inc. (a)(c),
9.25%, 2/15/24		5,743		6,372,347
DISH DBS Corp.,
5.125%, 5/1/20		11,829		11,917,008
Quebecor Media, Inc.,
5.75%, 1/15/23		1,038		1,129,692
Sinclair Television Group, Inc. (a)(c),
5.625%, 8/1/24		1,650		1,700,878
Univision Communications, Inc. (a)(c),
6.75%, 9/15/22		10,434		10,619,850
				110,701,715
Miscellaneous Manufacturing—2.1%
General Electric Co.,
4.625%, 1/7/21		4,343		4,460,689
4.65%, 10/17/21		12,000		12,500,612
LSB Industries, Inc. (a)(c),
9.625%, 5/1/23		15,100		15,549,754
				32,511,055

	Principal Amount (000s)		Value^
Oil, Gas & Consumable Fuels—3.6%
AmeriGas Partners L.P.,
5.50%, 5/20/25	$	29,500	$	31,933,455
5.625%, 5/20/24		5,760		6,235,142
Laredo Petroleum, Inc.,
5.625%, 1/15/22		4,362		4,243,406
Sunoco L.P.,
4.875%, 1/15/23		12,500		12,817,938
				55,229,941
Pharmaceuticals—3.5%
Bausch Health Cos., Inc. (a)(c),
6.50%, 3/15/22		15,000		15,356,250
7.00%, 3/15/24		37,331		38,902,075
				54,258,325
Pipelines—3.9%
Kinder Morgan Energy Partners L.P.,
6.50%, 4/1/20		2,825		2,857,460
Kinder Morgan, Inc. (a)(c),
5.00%, 2/15/21		5,000		5,146,103
MPLX L.P. (a)(c),
6.25%, 10/15/22		745		759,751
PBF Logistics L.P.,
6.875%, 5/15/23		11,412		11,782,776
Tallgrass Energy Partners L.P. (a)(c),
4.75%, 10/1/23		6,000		5,999,940
Targa Resources Partners L.P.,
5.25%, 5/1/23		19,720		19,958,316
6.75%, 3/15/24		13,801		14,335,651
				60,839,997
Real Estate—6.0%
Iron Mountain, Inc.,
6.00%, 8/15/23		5,968		6,107,263
Newmark Group, Inc.,
6.125%, 11/15/23		18,597		20,506,977
Realogy Group LLC (a)(c),
4.875%, 6/1/23		14,550		14,331,750
5.25%, 12/1/21		33,635		34,047,029
SBA Communications Corp.,
4.875%, 7/15/22		18,167		18,426,425
				93,419,444
Retail—9.3%
1011778 BC ULC (a)(c),
4.25%, 5/15/24		18,251		18,745,328
Beacon Roofing Supply, Inc. (a)(c),
4.50%, 11/15/26		8,606		8,874,938
Dollar Tree, Inc.,
3.70%, 5/15/23		5,000		5,208,141
eG Global Finance PLC (a)(c),
6.75%, 2/7/25		8,250		8,390,951
8.50%, 10/30/25		19,000		20,203,365
GameStop Corp. (a)(c),
6.75%, 3/15/21		9,075		8,938,875
Group 1 Automotive, Inc. (a)(c),
5.25%, 12/15/23		2,523		2,599,737
Group 1 Automotive, Inc.,
5.00%, 6/1/22		3,140		3,191,003
KGA Escrow LLC (a)(c),
7.50%, 8/15/23		12,428		13,178,838
Party City Holdings, Inc. (a)(c),
6.125%, 8/15/23		35,159		30,866,613
Penske Automotive Group, Inc.,
5.75%, 10/1/22		23,540		23,922,360
				144,120,149
Telecommunications—6.9%
Connect Finco SARL (a)(c),
6.75%, 10/1/26		34,550		36,838,937
Hughes Satellite Systems Corp.,
7.625%, 6/15/21		15,830		16,942,374

Schedule of Investments

AllianzGI Short Duration High Income Fund

December 31, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
Level 3 Financing, Inc.,
5.375%, 8/15/22	$	5,186	$	5,206,485
5.375%, 1/15/24		5,925		6,038,553
T-Mobile USA, Inc.,
6.00%, 3/1/23		3,000		3,060,255
6.50%, 1/15/24		38,047		39,236,349
				107,322,953
Transportation—1.7%
Fly Leasing Ltd.,
6.375%, 10/15/21		10,125		10,333,828
XPO Logistics, Inc. (a)(c),
6.50%, 6/15/22		9,043		9,230,914
6.75%, 8/15/24		6,900		7,510,201
				27,074,943
Total Corporate Bonds & Notes (cost—$1,281,543,143)				1,281,002,644
SENIOR LOANS (a)(b)—7.2%
Commercial Services & Supplies—4.5%
APX Group, Inc., 2018 Term Loan B
6.844%, 4/1/24, 2 mo. LIBOR + 5.000%		31,630		31,719,355
8.75%, 4/1/24, 3 mo. PRIME + 4.000%		35		34,737
Asurion LLC,
4.799%, 8/4/22, 1 mo. LIBOR + 3.000%, 2017 Term Loan B4		12,710		12,801,601
8.299%, 8/4/25, 1 mo. LIBOR + 6.500%, 2017 2nd Lien Term Loan		26,000		26,380,250
				70,935,943
Electric Utilities—0.2%
Calpine Corp.,
3 mo. LIBOR + 2.250%, Term Loan B5,
4.20%, 1/15/24		2,977		2,995,867
Retail—0.2%
Whatabrands LLC,
3 mo. LIBOR + 3.250%, Term Loan B, 4.944%, 8/2/26		2,993		3,013,343
Specialty Retail—2.3%
PetSmart, Inc.,
1 mo. LIBOR + 4.000%, Consenting Term Loan, 5.74%, 3/11/22		35,628		35,317,572
Total Senior Loans (cost—$111,130,896)				112,262,725
ASSET-BACKED SECURITY—0.1%
Navajo Transitional Energy (d)(e),
9.00%, 10/24/24 (cost—$14,517,084)		6,101		2,060,992

	Principal Amount (000s)		Value^
Repurchase Agreements—9.2%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $142,148,974; collateralized by U.S. Treasury Bonds, 2.875%, due 8/15/45, valued at $144,995,349 including accrued interest (cost—$142,147,000)	$	142,147	$	142,147,000
Total Investments (cost—$1,549,338,123)—99.0%				1,537,473,361
Other assets less liabilities—1.0%				15,415,280
Net Assets—100.0%			$	1,552,888,641

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 $809,413,696, representing 52.1% of net assets.

(b) These securities generally pay interest at rates which are periodically pre-determined by reference to a base lending rate plus a premium. These base lending rates are generally either the lending rate offered by one or more major European banks, such as the “LIBOR” or the prime rate offered by one or more major United States banks, or the certificate of deposit rate. These securities are generally considered to be restricted as the Fund is ordinarily contractually obligated to receive approval from the Agent bank and/or borrower prior to disposition. Remaining maturities of senior loans may be less than the stated maturities shown as a result of contractual or optional payments by the borrower. Such prepayments cannot be predicted with certainty. The interest rate disclosed reflects the rate in effect on December 31, 2019.

(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 $697,150,971, representing 44.9% of net assets.

(d) Fair-Valued—Securities with an aggregate value of $5,152,484, representing 0.3% of net assets.

(e) Level 3 security.

(f) Variable or Floating Rate Security—Securities with an interest rate that changes periodically. The interest rate disclosed reflects the rate in effect on December 31, 2019.

Glossary:

LIBOR—London Inter-Bank Offered Rate

PIK—Payment-in-Kind

Schedule of Investments

AllianzGI Short Term Bond Fund

December 31, 2019 (unaudited)

	Principal Amount (000s)		Value^
CORPORATE BONDS & NOTES—78.6%
Aerospace & Defense—1.6%
Raytheon Co.,
3.125%, 10/15/20	$	100	$	101,087
Triumph Group, Inc. (a)(b),
6.25%, 9/15/24		100		105,334
				206,421
Banks—15.4%
Bank of America Corp.,
5.70%, 1/24/22		447		479,758
Barclays Bank PLC, 3 mo. USD-LIBOR + 0.460% (c),
2.444%, 1/11/21		100		100,125
Citigroup, Inc.,
4.50%, 1/14/22		200		209,646
Fifth Third Bancorp,
4.30%, 1/16/24		100		107,311
Goldman Sachs Group, Inc.,
5.25%, 7/27/21		300		315,038
JPMorgan Chase & Co.,
4.625%, 5/10/21		300		310,911
Morgan Stanley,
5.50%, 7/28/21		300		316,085
PNC Financial Services Group, Inc.,
3.50%, 1/23/24		200		210,749
				2,049,623
Biotechnology—1.5%
Amgen, Inc.,
4.10%, 6/15/21		200		205,371
Chemicals—3.9%
CVR Partners L.P. (a)(b),
9.25%, 6/15/23		100		104,667
Dow Chemical Co.,
3.15%, 5/15/24		200		206,461
OCI NV (a)(b),
5.25%, 11/1/24		200		208,500
				519,628
Commercial Services—1.5%
Prime Security Services Borrower LLC (a)(b),
9.25%, 5/15/23		188		197,518
Computers—3.1%
Dell International LLC (a)(b),
7.125%, 6/15/24		300		316,875
NCR Corp.,
6.375%, 12/15/23		100		102,708
				419,583
Containers & Packaging—1.3%
Crown Americas LLC,
4.50%, 1/15/23		75		79,031
Reynolds Group Issuer, Inc., 3 mo. LIBOR + 3.500% (a)(b)(c),
5.501%, 7/15/21		100		100,350
				179,381
Distribution/Wholesale—1.6%
Wolverine Escrow LLC (a)(b),
8.50%, 11/15/24		200		207,417
Diversified Financial Services—5.8%
AerCap Ireland Capital DAC,
4.50%, 5/15/21		245		253,131
American Express Co.,
3.70%, 11/5/21		200		206,080

	Principal Amount (000s)		Value^
Capital One Financial Corp.,
4.75%, 7/15/21	$	130	$	135,368
Global Aircraft Leasing Co., Ltd., PIK 7.25% (a)(b),
6.50%, 9/15/24		100		104,595
Park Aerospace Holdings Ltd. (a)(b),
5.25%, 8/15/22		75		79,992
				779,166
Electronics—1.5%
APX Group, Inc.,
7.875%, 12/1/22		100		101,124
8.50%, 11/1/24 (a)(b)		100		103,292
				204,416
Entertainment—0.8%
International Game Technology PLC (a)(b),
6.25%, 2/15/22		100		105,678
Environmental Services—1.5%
Waste Management, Inc.,
4.75%, 6/30/20		200		202,929
Equity Real Estate Investment Trusts (REITs)—3.1%
American Tower Corp.,
3.375%, 5/15/24		100		103,830
CC Holdings GS V LLC,
3.849%, 4/15/23		100		104,802
ERP Operating L.P.,
4.625%, 12/15/21		200		208,999
				417,631
Food & Beverage—1.0%
Hershey Co.,
4.125%, 12/1/20		125		127,619
Hand/Machine Tools—0.8%
Colfax Corp. (a)(b),
6.00%, 2/15/24		100		106,459
Healthcare-Products—2.3%
DH Europe Finance II Sarl,
2.05%, 11/15/22		100		100,204
Fresenius U.S. Finance II, Inc. (a)(b),
4.50%, 1/15/23		150		157,127
Medtronic, Inc.,
3.15%, 3/15/22		50		51,397
				308,728
Insurance—3.2%
Marsh & McLennan Cos., Inc.,
4.05%, 10/15/23		200		212,265
Prudential Financial, Inc.,
4.50%, 11/16/21		200		209,969
				422,234
Lodging—5.6%
Choice Hotels International, Inc.,
5.75%, 7/1/22		211		227,750
Las Vegas Sands Corp.,
3.20%, 8/8/24		200		205,571
Marriott International, Inc.,
2.125%, 10/3/22		100		100,121
3.60%, 4/15/24		200		210,176
				743,618
Machinery-Construction & Mining—1.5%
Caterpillar Financial Services Corp., 3 mo. USD-LIBOR + 0.350 (c),
2.235%, 12/7/20		200		200,382

Schedule of Investments

AllianzGI Short Term Bond Fund

December 31, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
Media—2.3%
CCO Holdings LLC (a)(b),
5.125%, 5/1/23	$	100	$	102,272
Cox Communications, Inc. (a)(b),
3.25%, 12/15/22		200		205,752
				308,024
Miscellaneous Manufacturing—2.1%
General Electric Co.,
4.625%, 1/7/21		68		69,843
4.65%, 10/17/21		200		208,343
				278,186
Oil, Gas & Consumable Fuels—1.5%
Occidental Petroleum Corp.,
4.10%, 2/1/21		200		203,298
Pharmaceuticals—2.3%
Bausch Health Cos., Inc. (a)(b),
7.00%, 3/15/24		100		104,208
Pfizer, Inc.,
3.00%, 9/15/21		200		204,154
				308,362
Pipelines—4.6%
Kinder Morgan Energy Partners L.P.,
6.50%, 4/1/20		300		303,447
Sabine Pass Liquefaction LLC,
5.625%, 2/1/21		300		308,467
				611,914
Real Estate—1.2%
Newmark Group, Inc.,
6.125%, 11/15/23		100		110,270
Realogy Group LLC (a)(b),
4.875%, 6/1/23		50		49,250
				159,520
Retail—3.5%
Dollar Tree, Inc.,
3.70%, 5/15/23		150		156,244
eG Global Finance PLC (a)(b),
8.50%, 10/30/25		200		212,667
GameStop Corp. (a)(b),
6.75%, 3/15/21		100		98,500
				467,411
Technology Hardware, Storage & Peripherals—1.5%
Apple, Inc., 3 mo. USD-LIBOR + 0.500% (c),
2.401%, 2/9/22		200		201,669
Telecommunications—1.1%
Sprint Spectrum Co. LLC (a)(b),
3.36%, 9/20/21		44		44,178
T-Mobile USA, Inc.,
6.00%, 3/1/23		100		102,009
				146,187
Transportation—1.5%
Burlington Northern Santa Fe LLC,
4.10%, 6/1/21		200		205,164
Total Corporate Bonds & Notes (cost—$10,307,466)				10,493,537

	Principal Amount (000s)		Value^
U.S. TREASURY OBLIGATIONS—12.4%
U.S. Treasury Notes,
2.00%, 1/31/20	$	200	$	200,094
2.25%, 3/31/20		200		200,297
2.50%, 5/31/20		200		200,703
2.50%, 6/30/20		200		200,859
2.625%, 7/31/20		200		201,156
2.625%, 8/15/20		200		201,234
3.125%, 5/15/21		100		102,055
3.50%, 5/15/20		150		151,031
3.625%, 2/15/20		200		200,500
Total U.S. Treasury Obligations (cost—$1,654,068)				1,657,929
U.S. GOVERNMENT AGENCY SECURITIES—5.1%
Federal Home Loan Banks,
2.875%, 9/11/20		100		100,839
3.00%, 9/10/21		100		102,263
3.125%, 9/9/22		100		103,866
5.00%, 12/10/21		250		266,038
Federal Home Loan Mortgage Corp.,
2.50%, 4/23/20		100		100,248
Total U.S. Government Agency Securities (cost—$667,093)				673,254
Repurchase Agreements—2.9%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $388,005; collateralized by U.S. Treasury Bonds, 2.50%, due 2/15/46, valued at $400,139 including accrued interest (cost—$388,000)		388		388,000
Total Investments (cost—$13,016,627)—99.0%				13,212,720
Other assets less liabilities—1.0%				130,099
Net Assets—100.0%			$	13,342,819

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 $2,714,631, representing 20.3% 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 $2,714,631, representing 20.3% of net assets.

(c) Variable or Floating Rate Security—Securities with an interest rate that changes periodically. The interest rate disclosed reflects the rate in effect on December 31, 2019.

Glossary:

LIBOR—London Inter-Bank Offered Rate

PIK—Payment-in-Kind

Schedule of Investments

AllianzGI Structured Return Fund

December 31, 2019 (unaudited)

	Shares		Value^
EXCHANGE-TRADED FUNDS—89.5%
iShares Core S&P 500 (a) (cost—$456,378,553)		1,700,000	$	549,508,000
	Principal Amount (000s)
Repurchase Agreements—21.4%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $131,460,826; collateralized by U.S. Treasury Bonds, 2.50%, due 2/15/46, valued at $134,093,324 including accrued interest (cost—$131,459,000)	$	131,459		131,459,000
Total Options Purchased—1.0% (cost—$4,784,222) (b)(c)(d)				6,322,959
Total Investments, before options written (cost—$592,621,775)—111.9%				687,289,959
Total Options Written—(12.0)% (premiums received—$57,606,496) (b)(c)(d)				(73,586,442	)
Total Investments, net of options written (cost—$535,015,279)—99.9%				613,703,517
Other assets less other liabilities—0.1%				740,314
Net Assets—100.0%			$	614,443,831

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 December 31, 2019:

Options purchased contracts outstanding at December 31, 2019:

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Cost		Unrealized Appreciation (Depreciation)
Call options:
E-mini S&P 500 Index	309.00 USD		1/3/20		108	$	10,800	$	152,820	$	25,120	$	127,700
E-mini S&P 500 Index	313.00 USD		1/3/20		51		5,100		56,992		20,685		36,307
E-mini S&P 500 Index	314.00 USD		1/3/20		59		5,900		54,988		16,732		38,256
E-mini S&P 500 Index	315.00 USD		1/3/20		108		10,800		90,990		19,720		71,270
E-mini S&P 500 Index	335.00 USD		1/3/20		597		59,700		597		8,113		(7,516	)
E-mini S&P 500 Index	340.00 USD		1/3/20		432		43,200		216		1,982		(1,766	)
E-mini S&P 500 Index	350.00 USD		1/3/20		990		99,000		495		2,683		(2,188	)
E-mini S&P 500 Index	310.00 USD		1/6/20		108		10,800		143,100		16,372		126,728
E-mini S&P 500 Index	319.00 USD		1/6/20		114		11,400		60,648		13,891		46,757
E-mini S&P 500 Index	340.00 USD		1/6/20		216		21,600		216		1,233		(1,017	)
E-mini S&P 500 Index	350.00 USD		1/6/20		1,587		158,700		1,587		6,645		(5,058	)
E-mini S&P 500 Index	313.00 USD		1/10/20		108		10,800		114,318		28,390		85,928
E-mini S&P 500 Index	319.00 USD		1/10/20		114		11,400		61,902		16,494		45,408
E-mini S&P 500 Index	350.00 USD		1/10/20		1,803		180,300		1,803		7,224		(5,421	)
E-mini S&P 500 Index	312.00 USD		1/17/20		108		10,800		129,978		23,824		106,154
E-mini S&P 500 Index	355.00 USD		1/17/20		216		21,600		216		1,114		(898	)
E-mini S&P 500 Index	360.00 USD		1/17/20		737		73,700		369		1,949		(1,580	)
E-mini S&P 500 Index	316.00 USD		1/24/20		108		10,800		99,846		28,500		71,346
E-mini S&P 500 Index	322.00 USD		1/24/20		114		11,400		51,528		18,136		33,392
E-mini S&P 500 Index	319.00 USD		1/31/20		108		10,800		80,136		29,283		50,853
E-mini S&P 500 Index	323.00 USD		2/21/20		114		11,400		67,944		24,919		43,025
E-mini S&P 500 Index	360.00 USD		2/21/20		228		22,800		456		976		(520	)
E-mini S&P 500 Index Flex	307.00 USD		1/2/20		62		6,200		98,807		25,828		72,979
E-mini S&P 500 Index Flex	316.00 USD		1/2/20		108		10,800		75,397		12,592		62,805
E-mini S&P 500 Index Flex	325.00 USD		1/2/20		761		76,100		19,394		35,839		(16,445	)
E-mini S&P 500 Index Flex	360.00 USD		1/2/20		557		55,700		—		1,442		(1,442	)
E-mini S&P 500 Index Flex	319.00 USD		1/29/20		108		10,800		76,236		24,106		52,130
E-mini S&P 500 Index Flex	365.00 USD		1/29/20		216		21,600		111		559		(448	)
E-mini S&P 500 Index Flex	365.00 USD		1/31/20		657		65,700		463		1,482		(1,019	)

Schedule of Investments

AllianzGI Structured Return Fund

December 31, 2019 (unaudited) (continued)

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Cost		Unrealized Appreciation (Depreciation)
S&P 500 Index	3,600.00 USD		1/10/20		215	$	21,500	$	538	$	1,828	$	(1,290	)
S&P 500 Index	3,600.00 USD		1/17/20		215		21,500		1,075		2,815		(1,740	)
S&P 500 Index	3,550.00 USD		1/24/20		215		21,500		1,075		3,460		(2,385	)
S&P 500 Index	3,550.00 USD		1/31/20		215		21,500		1,613		4,890		(3,277	)
S&P 500 Index	3,600.00 USD		2/7/20		210		21,000		1,575		2,256		(681	)
S&P 500 Index	3,600.00 USD		2/14/20		210		21,000		3,150		6,876		(3,726	)
S&P 500 Index	3,650.00 USD		2/21/20		200		20,000		1,500		5,146		(3,646	)
S&P 500 Mini Index	312.00 USD		1/2/20		51		5,100		55,864		19,568		36,296
S&P 500 Mini Index	315.00 USD		1/2/20		59		5,900		47,053		15,425		31,628
S&P 500 Mini Index	330.00 USD		1/2/20		462		46,200		128		2,719		(2,591	)
S&P 500 Mini Index	350.00 USD		1/2/20		990		99,000		—		2,529		(2,529	)
S&P 500 Mini Index	325.00 USD		1/3/20		1,402		140,200		63,090		72,666		(9,576	)
S&P 500 Mini Index	3,450.00 USD		1/3/20		220		22,000		550		10,250		(9,700	)
S&P 500 Mini Index	321.00 USD		1/6/20		194		19,400		60,625		56,084		4,541
S&P 500 Mini Index	314.00 USD		1/8/20		108		10,800		102,060		21,016		81,044
S&P 500 Mini Index	315.00 USD		1/8/20		35		3,500		30,170		14,038		16,132
S&P 500 Mini Index	319.00 USD		1/8/20		114		11,400		58,596		18,109		40,487
S&P 500 Mini Index	340.00 USD		1/8/20		216		21,600		216		1,423		(1,207	)
S&P 500 Mini Index	350.00 USD		1/8/20		1,056		105,600		1,056		2,823		(1,767	)
S&P 500 Mini Index	326.00 USD		1/10/20		444		44,400		40,626		48,882		(8,256	)
S&P 500 Mini Index	312.00 USD		1/13/20		108		10,800		126,684		29,236		97,448
S&P 500 Mini Index	316.00 USD		1/13/20		123		12,300		92,311		36,427		55,884
S&P 500 Mini Index	320.00 USD		1/13/20		114		11,400		54,378		16,152		38,226
S&P 500 Mini Index	329.00 USD		1/13/20		461		46,100		14,752		21,206		(6,454	)
S&P 500 Mini Index	350.00 USD		1/13/20		1,128		112,800		1,128		2,713		(1,585	)
S&P 500 Mini Index	355.00 USD		1/13/20		245		24,500		245		657		(412	)
S&P 500 Mini Index	360.00 USD		1/13/20		216		21,600		216		775		(559	)
S&P 500 Mini Index	314.00 USD		1/15/20		108		10,800		116,370		19,612		96,758
S&P 500 Mini Index	316.00 USD		1/15/20		30		3,000		25,275		8,883		16,392
S&P 500 Mini Index	321.00 USD		1/15/20		114		11,400		48,621		16,855		31,766
S&P 500 Mini Index	328.00 USD		1/15/20		72		7,200		4,716		5,544		(828	)
S&P 500 Mini Index	350.00 USD		1/15/20		1,128		112,800		1,128		3,410		(2,282	)
S&P 500 Mini Index	360.00 USD		1/15/20		216		21,600		216		559		(343	)
S&P 500 Mini Index	350.00 USD		1/17/20		522		52,200		522		6,417		(5,895	)
S&P 500 Mini Index	315.00 USD		1/21/20		108		10,800		105,192		30,150		75,042
S&P 500 Mini Index	321.00 USD		1/21/20		114		11,400		54,720		20,685		34,035
S&P 500 Mini Index	329.00 USD		1/21/20		102		10,200		7,191		8,364		(1,173	)
S&P 500 Mini Index	350.00 USD		1/21/20		216		21,600		216		559		(343	)
S&P 500 Mini Index	355.00 USD		1/21/20		1,578		157,800		1,578		3,513		(1,935	)
S&P 500 Mini Index	315.00 USD		1/22/20		108		10,800		106,488		17,452		89,036
S&P 500 Mini Index	320.00 USD		1/22/20		114		11,400		65,037		16,741		48,296
S&P 500 Mini Index	329.00 USD		1/22/20		102		10,200		8,058		9,375		(1,317	)
S&P 500 Mini Index	350.00 USD		1/22/20		216		21,600		216		559		(343	)
S&P 500 Mini Index	355.00 USD		1/22/20		1,578		157,800		1,578		4,212		(2,634	)
S&P 500 Mini Index	328.00 USD		1/24/20		44		4,400		5,588		8,316		(2,728	)
S&P 500 Mini Index	350.00 USD		1/24/20		216		21,600		216		775		(559	)
S&P 500 Mini Index	355.00 USD		1/24/20		1,038		103,800		1,038		3,961		(2,923	)
S&P 500 Mini Index	357.50 USD		1/24/20		396		39,600		396		1,188		(792	)
S&P 500 Mini Index	360.00 USD		1/24/20		522		52,200		324		1,093		(769	)
S&P 500 Mini Index	316.00 USD		1/27/20		24		2,400		22,500		12,098		10,402
S&P 500 Mini Index	319.00 USD		1/27/20		108		10,800		74,682		18,532		56,150
S&P 500 Mini Index	320.00 USD		1/27/20		35		3,500		21,472		14,174		7,298
S&P 500 Mini Index	324.00 USD		1/27/20		114		11,400		38,247		17,794		20,453
S&P 500 Mini Index	325.00 USD		1/27/20		44		4,400		12,210		15,752		(3,542	)
S&P 500 Mini Index	360.00 USD		1/27/20		1,065		106,500		1,065		3,129		(2,064	)
S&P 500 Mini Index	365.00 USD		1/27/20		216		21,600		216		559		(343	)
S&P 500 Mini Index	324.00 USD		1/29/20		114		11,400		41,591		20,986		20,605
S&P 500 Mini Index	360.00 USD		1/29/20		1,038		103,800		876		5,752		(4,876	)
S&P 500 Mini Index	321.00 USD		1/31/20		114		11,400		67,488		25,433		42,055
S&P 500 Mini Index	325.00 USD		1/31/20		44		4,400		14,410		17,996		(3,586	)
S&P 500 Mini Index	355.00 USD		1/31/20		597		59,700		896		1,847		(951	)
S&P 500 Mini Index	357.50 USD		1/31/20		396		39,600		396		1,188		(792	)
S&P 500 Mini Index	320.00 USD		2/3/20		114		11,400		77,463		27,685		49,778
S&P 500 Mini Index	321.00 USD		2/3/20		144		14,400		87,192		36,768		50,424
S&P 500 Mini Index	340.00 USD		2/3/20		228		22,800		2,166		650		1,516
S&P 500 Mini Index	360.00 USD		2/3/20		597		59,700		896		1,250		(354	)
S&P 500 Mini Index	320.00 USD		2/5/20		114		11,400		79,263		30,031		49,232

Schedule of Investments

AllianzGI Structured Return Fund

December 31, 2019 (unaudited) (continued)

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Cost		Unrealized Appreciation (Depreciation)
S&P 500 Mini Index	324.00 USD		2/5/20		112	$	11,200	$	48,223	$	20,395	$	27,828
S&P 500 Mini Index	350.00 USD		2/5/20		228		22,800		929		1,106		(177	)
S&P 500 Mini Index	365.00 USD		2/5/20		584		58,400		370		1,223		(853	)
S&P 500 Mini Index	322.00 USD		2/7/20		114		11,400		65,550		26,659		38,891
S&P 500 Mini Index	324.00 USD		2/7/20		112		11,200		49,672		23,195		26,477
S&P 500 Mini Index	328.00 USD		2/7/20		28		2,800		6,370		8,120		(1,750	)
S&P 500 Mini Index	350.00 USD		2/7/20		228		22,800		684		1,106		(422	)
S&P 500 Mini Index	365.00 USD		2/7/20		584		58,400		449		1,222		(773	)
S&P 500 Mini Index	370.00 USD		2/7/20		252		25,200		120		504		(384	)
S&P 500 Mini Index	322.00 USD		2/10/20		114		11,400		66,633		22,308		44,325
S&P 500 Mini Index	323.00 USD		2/10/20		53		5,300		27,348		27,878		(530	)
S&P 500 Mini Index	324.00 USD		2/10/20		112		11,200		50,680		22,522		28,158
S&P 500 Mini Index	350.00 USD		2/10/20		228		22,800		684		1,068		(384	)
S&P 500 Mini Index	365.00 USD		2/10/20		584		58,400		876		1,223		(347	)
S&P 500 Mini Index	370.00 USD		2/10/20		477		47,700		477		954		(477	)
S&P 500 Mini Index	322.00 USD		2/12/20		53		5,300		31,419		27,931		3,488
S&P 500 Mini Index	323.00 USD		2/12/20		114		11,400		61,692		22,992		38,700
S&P 500 Mini Index	326.00 USD		2/12/20		112		11,200		41,025		20,394		20,631
S&P 500 Mini Index	350.00 USD		2/12/20		228		22,800		1,444		612		832
S&P 500 Mini Index	370.00 USD		2/12/20		1,061		106,100		635		2,177		(1,542	)
S&P 500 Mini Index	321.00 USD		2/14/20		24		2,400		16,596		11,719		4,877
S&P 500 Mini Index	324.00 USD		2/14/20		114		11,400		55,917		21,871		34,046
S&P 500 Mini Index	328.00 USD		2/14/20		24		2,400		6,504		8,037		(1,533	)
S&P 500 Mini Index	329.00 USD		2/14/20		112		11,200		25,536		16,688		8,848
S&P 500 Mini Index	350.00 USD		2/14/20		228		22,800		1,693		1,106		587
S&P 500 Mini Index	375.00 USD		2/14/20		216		21,600		98		648		(550	)
S&P 500 Mini Index	380.00 USD		2/14/20		224		22,400		69		448		(379	)
S&P 500 Mini Index	324.00 USD		2/18/20		45		4,500		23,539		22,095		1,444
S&P 500 Mini Index	325.00 USD		2/18/20		114		11,400		53,093		22,441		30,652
S&P 500 Mini Index	350.00 USD		2/18/20		228		22,800		2,469		2,930		(461	)
S&P 500 Mini Index	380.00 USD		2/18/20		405		40,500		249		1,620		(1,371	)
S&P 500 Mini Index	323.00 USD		2/19/20		45		4,500		26,615		23,895		2,720
S&P 500 Mini Index	324.00 USD		2/19/20		114		11,400		60,228		26,955		33,273
S&P 500 Mini Index	360.00 USD		2/19/20		228		22,800		853		557		296
S&P 500 Mini Index	380.00 USD		2/19/20		405		40,500		1,253		1,215		38
S&P 500 Mini Index	325.00 USD		2/24/20		114		11,400		57,632		25,090		32,542
S&P 500 Mini Index	360.00 USD		2/24/20		228		22,800		1,183		1,160		23
S&P 500 Mini Index	327.00 USD		2/26/20		114		11,400		46,902		23,608		23,294
S&P 500 Mini Index	329.00 USD		2/26/20		19		1,900		6,031		7,068		(1,037	)
S&P 500 Mini Index	334.00 USD		2/26/20		107		10,700		15,832		18,939		(3,107	)
S&P 500 Mini Index	365.00 USD		2/26/20		228		22,800		786		1,388		(602	)
S&P 500 Mini Index	380.00 USD		2/26/20		385		38,500		417		1,540		(1,123	)
S&P 500 Mini Index	324.00 USD		2/28/20		37		3,700		21,552		21,792		(240	)
S&P 500 Mini Index	327.00 USD		2/28/20		114		11,400		46,569		23,038		23,531
S&P 500 Mini Index	333.00 USD		2/28/20		103		10,300		17,047		18,746		(1,699	)
S&P 500 Mini Index	365.00 USD		2/28/20		228		22,800		844		704		140
S&P 500 Mini Index	385.00 USD		2/28/20		539		53,900		448		1,078		(630	)
S&P 500 Mini Index	323.00 USD		3/2/20		37		3,700		24,834		23,754		1,080
S&P 500 Mini Index	324.00 USD		3/2/20		114		11,400		71,267		24,748		46,519
S&P 500 Mini Index	331.00 USD		3/2/20		103		10,300		25,400		27,089		(1,689	)
S&P 500 Mini Index	365.00 USD		3/2/20		228		22,800		1,019		705		314
S&P 500 Mini Index	385.00 USD		3/2/20		539		53,900		1,617		1,617		—
S&P 500 Mini Index	325.00 USD		3/4/20		114		11,400		66,611		25,889		40,722
S&P 500 Mini Index	365.00 USD		3/4/20		228		22,800		1,139		934		205
S&P 500 Mini Index	327.00 USD		3/6/20		112		11,200		52,752		32,715		20,037
S&P 500 Mini Index	365.00 USD		3/6/20		224		22,400		1,246		469		777
S&P 500 Mini Index	327.00 USD		3/9/20		112		11,200		57,438		29,344		28,094
S&P 500 Mini Index	365.00 USD		3/9/20		224		22,400		1,417		693		724
S&P 500 Mini Index	327.00 USD		3/11/20		112		11,200		58,747		28,234		30,513
S&P 500 Mini Index	365.00 USD		3/11/20		224		22,400		1,526		469		1,057
S&P 500 Mini Index	328.00 USD		3/13/20		112		11,200		54,227		27,338		26,889
S&P 500 Mini Index	370.00 USD		3/13/20		224		22,400		1,055		917		138
S&P 500 Mini Index	332.00 USD		3/16/20		112		11,200		36,512		22,288		14,224
S&P 500 Mini Index	385.00 USD		3/16/20		224		22,400		384		448		(64	)
S&P 500 Mini Index	337.00 USD		3/27/20		107		10,700		22,964		26,964		(4,000	)
S&P 500 Mini Index	385.00 USD		3/27/20		214		21,400		514		856		(342	)
S&P 500 Mini Index	336.00 USD		3/30/20		103		10,300		26,208		26,471		(263	)
S&P 500 Mini Index	385.00 USD		3/30/20		206		20,600		535		412		123
S&P 500 Mini Index	335.00 USD		4/1/20		103		10,300		27,876		27,501		375
S&P 500 Mini Index	385.00 USD		4/1/20		206		20,600		618		618		—
	Total call options							$	4,780,681	$	2,146,087	$	2,634,594

Schedule of Investments

AllianzGI Structured Return Fund

December 31, 2019 (unaudited) (continued)

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Cost		Unrealized Appreciation (Depreciation)
Put options:
E-mini S&P 500 Index	316.00 USD		1/3/20		75	$	7,500	$	1,087	$	32,230	$	(31,143	)
E-mini S&P 500 Index	314.00 USD		1/6/20		93		9,300		1,767		43,625		(41,858	)
S&P 500 Index	2,050.00 USD		1/3/20		14		1,400		35		204		(169	)
S&P 500 Index	2,980.00 USD		1/3/20		26		2,600		1,170		41,706		(40,536	)
S&P 500 Index	1,900.00 USD		1/17/20		20		2,000		50		221		(171	)
S&P 500 Index	2,100.00 USD		1/17/20		67		6,700		503		1,247		(744	)
S&P 500 Index	1,950.00 USD		1/24/20		162		16,200		405		1,741		(1,336	)
S&P 500 Index	2,050.00 USD		1/24/20		28		2,800		210		395		(185	)
S&P 500 Index	2,100.00 USD		1/24/20		283		28,300		2,830		9,216		(6,386	)
S&P 500 Index	2,000.00 USD		1/27/20		85		8,500		425		921		(496	)
S&P 500 Index	1,900.00 USD		1/3/20		220		22,000		550		5,850		(5,300	)
S&P 500 Index	1,950.00 USD		1/3/20		7		700		18		106		(88	)
S&P 500 Index	2,100.00 USD		1/3/20		6		600		15		85		(70	)
S&P 500 Index	2,300.00 USD		1/3/20		64		6,400		160		966		(806	)
S&P 500 Index	2,400.00 USD		1/3/20		500		50,000		1,250		10,372		(9,122	)
S&P 500 Index	2,925.00 USD		1/3/20		38		3,800		1,045		68,860		(67,815	)
S&P 500 Index	3,210.00 USD		1/3/20		31		3,100		14,260		21,958		(7,698	)
S&P 500 Index	2,100.00 USD		1/6/20		66		6,600		165		732		(567	)
S&P 500 Index	2,950.00 USD		1/6/20		38		3,800		2,280		51,532		(49,252	)
S&P 500 Index	3,020.00 USD		1/6/20		26		2,600		2,275		37,208		(34,933	)
S&P 500 Index	2,000.00 USD		1/8/20		7		700		18		77		(59	)
S&P 500 Index	2,050.00 USD		1/8/20		66		6,600		165		1,062		(897	)
S&P 500 Index	3,000.00 USD		1/8/20		38		3,800		4,465		52,520		(48,055	)
S&P 500 Index	3,030.00 USD		1/8/20		26		2,600		3,510		49,844		(46,334	)
S&P 500 Index	3,205.00 USD		1/8/20		31		3,100		29,295		34,867		(5,572	)
S&P 500 Index	2,000.00 USD		1/10/20		215		21,500		537		6,772		(6,235	)
S&P 500 Index	2,050.00 USD		1/10/20		66		6,600		330		1,392		(1,062	)
S&P 500 Index	3,010.00 USD		1/10/20		38		3,800		6,840		70,114		(63,274	)
S&P 500 Index	3,070.00 USD		1/10/20		26		2,600		7,150		42,954		(35,804	)
S&P 500 Index	3,205.00 USD		1/10/20		31		3,100		39,990		44,867		(4,877	)
S&P 500 Index	2,100.00 USD		1/13/20		58		5,800		290		817		(527	)
S&P 500 Index	3,055.00 USD		1/13/20		38		3,800		10,735		59,436		(48,701	)
S&P 500 Index	3,100.00 USD		1/13/20		26		2,600		10,920		27,094		(16,174	)
S&P 500 Index	3,225.00 USD		1/13/20		31		3,100		61,535		56,792		4,743
S&P 500 Index	2,100.00 USD		1/15/20		58		5,800		290		875		(585	)
S&P 500 Index	3,085.00 USD		1/15/20		38		3,800		18,430		39,714		(21,284	)
S&P 500 Index	3,100.00 USD		1/15/20		26		2,600		14,430		32,381		(17,951	)
S&P 500 Index	3,225.00 USD		1/15/20		31		3,100		70,835		66,092		4,743
S&P 500 Index	1,925.00 USD		1/17/20		9		900		45		100		(55	)
S&P 500 Index	2,050.00 USD		1/17/20		9		900		68		145		(77	)
S&P 500 Index	2,075.00 USD		1/17/20		215		21,500		2,150		6,685		(4,535	)
S&P 500 Index	2,200.00 USD		1/17/20		1,500		150,000		15,000		38,588		(23,588	)
S&P 500 Index	3,080.00 USD		1/17/20		38		3,800		21,090		44,122		(23,032	)
S&P 500 Index	3,120.00 USD		1/17/20		26		2,600		20,540		29,473		(8,933	)
S&P 500 Index	3,225.00 USD		1/17/20		31		3,100		76,880		71,672		5,208
S&P 500 Index	2,150.00 USD		1/21/20		58		5,800		580		991		(411	)
S&P 500 Index	2,925.00 USD		1/21/20		120		12,000		27,900		33,240		(5,340	)
S&P 500 Index	3,105.00 USD		1/21/20		38		3,800		31,540		43,852		(12,312	)
S&P 500 Index	3,130.00 USD		1/21/20		26		2,600		26,910		35,648		(8,738	)
S&P 500 Index	3,200.00 USD		1/21/20		31		3,100		64,015		89,786		(25,771	)
S&P 500 Index	2,150.00 USD		1/22/20		58		5,800		725		1,107		(382	)
S&P 500 Index	2,915.00 USD		1/22/20		120		12,000		29,400		40,320		(10,920	)
S&P 500 Index	3,115.00 USD		1/22/20		38		3,800		37,810		49,860		(12,050	)
S&P 500 Index	3,125.00 USD		1/22/20		26		2,600		28,210		37,052		(8,842	)
S&P 500 Index	3,175.00 USD		1/22/20		31		3,100		53,165		73,857		(20,692	)
S&P 500 Index	2,000.00 USD		1/24/20		7		700		53		70		(17	)
S&P 500 Index	3,110.00 USD		1/24/20		38		3,800		42,180		54,040		(11,860	)
S&P 500 Index	3,135.00 USD		1/24/20		26		2,600		35,490		34,519		971
S&P 500 Index	3,175.00 USD		1/24/20		31		3,100		60,140		82,606		(22,466	)
S&P 500 Index	2,850.00 USD		1/27/20		18		1,800		4,005		4,716		(711	)
S&P 500 Index	3,110.00 USD		1/27/20		9		900		10,845		13,860		(3,015	)
S&P 500 Index	3,120.00 USD		1/27/20		38		3,800		49,590		48,450		1,140
S&P 500 Index	3,215.00 USD		1/27/20		31		3,100		91,760		122,232		(30,472	)
S&P 500 Index	2,850.00 USD		1/29/20		18		1,800		4,680		6,408		(1,728	)
S&P 500 Index	3,125.00 USD		1/29/20		12		1,200		18,660		26,040		(7,380	)
S&P 500 Index	3,200.00 USD		1/29/20		31		3,100		87,885		115,526		(27,641	)

Schedule of Investments

AllianzGI Structured Return Fund

December 31, 2019 (unaudited) (continued)

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Cost		Unrealized Appreciation (Depreciation)
S&P 500 Index	2,100.00 USD		1/31/20		215	$	21,500	$	3,225	$	9,190	$	(5,965	)
S&P 500 Index	3,110.00 USD		1/31/20		84		8,400		131,040		171,066		(40,026	)
S&P 500 Index	3,200.00 USD		1/31/20		31		3,100		95,635		126,066		(30,431	)
S&P 500 Index	2,000.00 USD		2/7/20		210		21,000		2,625		6,980		(4,355	)
S&P 500 Index	2,000.00 USD		2/14/20		210		21,000		3,675		5,807		(2,132	)
S&P 500 Index	2,050.00 USD		2/21/20		200		20,000		5,000		7,549		(2,549	)
S&P 500 Mini Index	314.00 USD		1/2/20		96		9,600		181		43,497		(43,316	)
S&P 500 Mini Index	320.00 USD		1/2/20		112		11,200		3,018		26,779		(23,761	)
S&P 500 Mini Index	315.00 USD		1/3/20		30		3,000		375		9,652		(9,277	)
S&P 500 Mini Index	320.00 USD		1/3/20		135		13,500		4,590		33,345		(28,755	)
S&P 500 Mini Index	317.00 USD		1/10/20		194		19,400		14,938		25,044		(10,106	)
S&P 500 Mini Index	319.00 USD		1/13/20		159		15,900		18,603		26,871		(8,268	)
S&P 500 Mini Index	320.00 USD		1/15/20		110		11,000		17,875		23,100		(5,225	)
S&P 500 Mini Index	320.00 USD		1/21/20		97		9,700		20,030		24,832		(4,802	)
S&P 500 Mini Index	323.00 USD		1/22/20		161		16,100		48,863		57,155		(8,292	)
S&P 500 Mini Index	323.00 USD		1/24/20		64		6,400		21,024		19,392		1,632
	Total put options							$	1,542,278	$	2,638,135	$	(1,095,857	)
	Total options purchased contracts							$	6,322,959	$	4,784,222	$	1,538,737

Options written contracts outstanding at December 31, 2019:

Description	Exercise Price	Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Received			Unrealized Appreciation (Depreciation)
Call options:
CBOE SPX Volatility Index	30.00 USD		1/22/20		(168	)	$	(16,800	)	$	(2,940	)	$	(11,633	)	$	8,693
E-mini S&P 500 Index	318.00 USD		1/3/20		(210	)		(21,000	)		(114,765	)		(11,846	)		(102,919	)
E-mini S&P 500 Index	324.00 USD		1/3/20		(590	)		(59,000	)		(48,970	)		(14,993	)		(33,977	)
E-mini S&P 500 Index	327.00 USD		1/3/20		(852	)		(85,200	)		(8,520	)		(23,185	)		14,665
E-mini S&P 500 Index	330.00 USD		1/3/20		(324	)		(32,400	)		(486	)		(4,669	)		4,183
E-mini S&P 500 Index	318.00 USD		1/6/20		(324	)		(32,400	)		(175,932	)		(12,445	)		(163,487	)
E-mini S&P 500 Index	328.00 USD		1/6/20		(342	)		(34,200	)		(3,420	)		(8,601	)		5,181
E-mini S&P 500 Index	321.00 USD		1/10/20		(324	)		(32,400	)		(123,606	)		(21,193	)		(102,413	)
E-mini S&P 500 Index	327.00 USD		1/10/20		(342	)		(34,200	)		(21,204	)		(12,421	)		(8,783	)
E-mini S&P 500 Index	320.00 USD		1/17/20		(177	)		(17,700	)		(95,315	)		(13,171	)		(82,144	)
E-mini S&P 500 Index	335.00 USD		1/17/20		(884	)		(88,400	)		(5,746	)		(14,945	)		9,199
E-mini S&P 500 Index	325.00 USD		1/24/20		(324	)		(32,400	)		(85,050	)		(19,573	)		(65,477	)
E-mini S&P 500 Index	331.00 USD		1/24/20		(342	)		(34,200	)		(17,613	)		(9,546	)		(8,067	)
E-mini S&P 500 Index	328.00 USD		1/31/20		(324	)		(32,400	)		(58,158	)		(15,685	)		(42,473	)
E-mini S&P 500 Index	332.00 USD		2/21/20		(342	)		(34,200	)		(53,865	)		(19,977	)		(33,888	)
E-mini S&P 500 Index Flex	322.00 USD		1/2/20		(403	)		(40,300	)		(65,039	)		(21,524	)		(43,515	)
E-mini S&P 500 Index Flex	328.00 USD		1/29/20		(324	)		(32,400	)		(55,039	)		(14,065	)		(40,974	)
S&P 500 Index	2,730.00 USD		1/3/20		(220	)		(22,000	)		(11,083,600	)		(6,973,430	)		(4,110,170	)
S&P 500 Index	2,800.00 USD		1/10/20		(215	)		(21,500	)		(9,338,525	)		(6,522,768	)		(2,815,757	)
S&P 500 Index	2,830.00 USD		1/17/20		(215	)		(21,500	)		(8,720,400	)		(6,485,670	)		(2,234,730	)
S&P 500 Index	3,290.00 USD		1/17/20		(130	)		(13,000	)		(76,050	)		(75,303	)		(747	)
S&P 500 Index	2,820.00 USD		1/24/20		(215	)		(21,500	)		(8,961,200	)		(6,514,265	)		(2,446,935	)
S&P 500 Index	2,850.00 USD		1/31/20		(215	)		(21,500	)		(8,344,150	)		(6,631,300	)		(1,712,850	)
S&P 500 Index	2,840.00 USD		2/7/20		(210	)		(21,000	)		(8,376,900	)		(6,739,164	)		(1,637,736	)
S&P 500 Index	2,880.00 USD		2/14/20		(210	)		(21,000	)		(7,573,650	)		(6,375,234	)		(1,198,416	)
S&P 500 Index	2,930.00 USD		2/21/20		(200	)		(20,000	)		(6,282,000	)		(6,152,158	)		(129,842	)
S&P 500 Mini Index	326.00 USD		1/2/20		(590	)		(59,000	)		(6,438	)		(11,538	)		5,100
S&P 500 Mini Index	327.00 USD		1/2/20		(510	)		(51,000	)		(2,233	)		(14,442	)		12,209
S&P 500 Mini Index	322.00 USD		1/8/20		(324	)		(32,400	)		(87,642	)		(18,925	)		(68,717	)
S&P 500 Mini Index	327.00 USD		1/8/20		(342	)		(34,200	)		(13,509	)		(6,688	)		(6,821	)
S&P 500 Mini Index	319.00 USD		1/13/20		(324	)		(32,400	)		(180,954	)		(15,685	)		(165,269	)
S&P 500 Mini Index	328.00 USD		1/13/20		(342	)		(34,200	)		(16,758	)		(7,975	)		(8,783	)
S&P 500 Mini Index	330.00 USD		1/13/20		(368	)		(36,800	)		(7,544	)		(14,149	)		6,605
S&P 500 Mini Index	322.00 USD		1/15/20		(324	)		(32,400	)		(114,696	)		(18,601	)		(96,095	)
S&P 500 Mini Index	324.00 USD		1/21/20		(324	)		(32,400	)		(90,072	)		(17,305	)		(72,767	)
S&P 500 Mini Index	324.00 USD		1/22/20		(324	)		(32,400	)		(94,608	)		(15,685	)		(78,923	)
S&P 500 Mini Index	337.00 USD		1/24/20		(440	)		(44,000	)		(3,520	)		(6,600	)		3,080
S&P 500 Mini Index	328.00 USD		1/27/20		(324	)		(32,400	)		(44,712	)		(19,573	)		(25,139	)
S&P 500 Mini Index	333.00 USD		1/27/20		(342	)		(34,200	)		(10,944	)		(9,888	)		(1,056	)

Schedule of Investments

AllianzGI Structured Return Fund

December 31, 2019 (unaudited) (continued)

Description	Exercise Price	Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Received			Unrealized Appreciation (Depreciation)
S&P 500 Mini Index	338.00 USD		1/27/20		(440	)	$	(44,000	)	$	(3,080	)	$	(5,720	)	$	2,640
S&P 500 Mini Index	333.00 USD		1/29/20		(342	)		(34,200	)		(17,727	)		(9,546	)		(8,181	)
S&P 500 Mini Index	330.00 USD		1/31/20		(342	)		(34,200	)		(37,962	)		(15,358	)		(22,604	)
S&P 500 Mini Index	338.00 USD		1/31/20		(440	)		(44,000	)		(5,720	)		(10,120	)		4,400
S&P 500 Mini Index	329.00 USD		2/3/20		(684	)		(68,400	)		(105,336	)		(42,427	)		(62,909	)
S&P 500 Mini Index	329.00 USD		2/5/20		(342	)		(34,200	)		(63,060	)		(23,649	)		(39,411	)
S&P 500 Mini Index	332.00 USD		2/5/20		(336	)		(33,600	)		(32,030	)		(11,392	)		(20,638	)
S&P 500 Mini Index	330.00 USD		2/7/20		(342	)		(34,200	)		(51,471	)		(28,095	)		(23,376	)
S&P 500 Mini Index	332.00 USD		2/7/20		(336	)		(33,600	)		(32,256	)		(16,097	)		(16,159	)
S&P 500 Mini Index	339.00 USD		2/7/20		(280	)		(28,000	)		(5,320	)		(8,400	)		3,080
S&P 500 Mini Index	330.00 USD		2/10/20		(342	)		(34,200	)		(54,207	)		(23,365	)		(30,842	)
S&P 500 Mini Index	332.00 USD		2/10/20		(336	)		(33,600	)		(33,936	)		(22,481	)		(11,455	)
S&P 500 Mini Index	336.00 USD		2/10/20		(530	)		(53,000	)		(21,465	)		(23,850	)		2,385
S&P 500 Mini Index	331.00 USD		2/12/20		(342	)		(34,200	)		(53,002	)		(23,364	)		(29,638	)
S&P 500 Mini Index	333.00 USD		2/12/20		(336	)		(33,600	)		(34,203	)		(22,817	)		(11,386	)
S&P 500 Mini Index	336.00 USD		2/12/20		(530	)		(53,000	)		(24,020	)		(19,080	)		(4,940	)
S&P 500 Mini Index	332.00 USD		2/14/20		(342	)		(34,200	)		(47,760	)		(23,307	)		(24,453	)
S&P 500 Mini Index	338.00 USD		2/14/20		(336	)		(33,600	)		(14,245	)		(11,088	)		(3,157	)
S&P 500 Mini Index	340.00 USD		2/14/20		(240	)		(24,000	)		(5,880	)		(9,600	)		3,720
S&P 500 Mini Index	334.00 USD		2/18/20		(342	)		(34,200	)		(38,317	)		(19,203	)		(19,114	)
S&P 500 Mini Index	337.00 USD		2/18/20		(450	)		(45,000	)		(29,066	)		(24,750	)		(4,316	)
S&P 500 Mini Index	332.00 USD		2/19/20		(342	)		(34,200	)		(56,844	)		(25,498	)		(31,346	)
S&P 500 Mini Index	337.00 USD		2/19/20		(450	)		(45,000	)		(27,914	)		(22,501	)		(5,413	)
S&P 500 Mini Index	334.00 USD		2/24/20		(342	)		(34,200	)		(47,884	)		(20,148	)		(27,736	)
S&P 500 Mini Index	336.00 USD		2/26/20		(342	)		(34,200	)		(36,312	)		(19,122	)		(17,190	)
S&P 500 Mini Index	343.00 USD		2/26/20		(511	)		(51,100	)		(19,226	)		(26,061	)		6,835
S&P 500 Mini Index	336.00 USD		2/28/20		(342	)		(34,200	)		(38,797	)		(22,883	)		(15,914	)
S&P 500 Mini Index	339.00 USD		2/28/20		(370	)		(37,000	)		(25,761	)		(21,830	)		(3,931	)
S&P 500 Mini Index	342.00 USD		2/28/20		(309	)		(30,900	)		(14,112	)		(13,596	)		(516	)
S&P 500 Mini Index	333.00 USD		3/2/20		(342	)		(34,200	)		(70,925	)		(20,488	)		(50,437	)
S&P 500 Mini Index	339.00 USD		3/2/20		(370	)		(37,000	)		(23,621	)		(27,380	)		3,759
S&P 500 Mini Index	341.00 USD		3/2/20		(309	)		(30,900	)		(15,577	)		(21,321	)		5,744
S&P 500 Mini Index	333.00 USD		3/4/20		(342	)		(34,200	)		(75,646	)		(23,566	)		(52,080	)
S&P 500 Mini Index	335.00 USD		3/6/20		(336	)		(33,600	)		(52,920	)		(29,873	)		(23,047	)
S&P 500 Mini Index	335.00 USD		3/9/20		(336	)		(33,600	)		(64,354	)		(26,544	)		(37,810	)
S&P 500 Mini Index	336.00 USD		3/11/20		(336	)		(33,600	)		(58,536	)		(22,481	)		(36,055	)
S&P 500 Mini Index	338.00 USD		3/13/20		(336	)		(33,600	)		(46,206	)		(14,752	)		(31,454	)
S&P 500 Mini Index	341.00 USD		3/16/20		(336	)		(33,600	)		(33,169	)		(19,824	)		(13,345	)
S&P 500 Mini Index	347.00 USD		3/27/20		(321	)		(32,100	)		(19,823	)		(15,729	)		(4,094	)
S&P 500 Mini Index	345.00 USD		3/30/20		(309	)		(30,900	)		(25,529	)		(24,411	)		(1,118	)
S&P 500 Mini Index	344.00 USD		4/1/20		(309	)		(30,900	)		(26,861	)		(23,175	)		(3,686	)
	Total call options									$	(71,855,853	)	$	(53,730,710	)	$	(18,125,143	)
Put options:
E-mini S&P 500 Index	275.00 USD		1/3/20		(245	)	$	(24,500	)	$	(245	)	$	(23,866	)	$	23,621
E-mini S&P 500 Index	308.00 USD		1/3/20		(75	)		(7,500	)		(638	)		(15,770	)		15,132
E-mini S&P 500 Index	307.00 USD		1/6/20		(93	)		(9,300	)		(1,023	)		(24,358	)		23,335
S&P 500 Index	2,850.00 USD		1/3/20		(61	)		(6,100	)		(763	)		(65,265	)		64,502
S&P 500 Index	2,875.00 USD		1/3/20		(46	)		(4,600	)		(920	)		(30,494	)		29,574
S&P 500 Index	3,175.00 USD		1/3/20		(62	)		(6,200	)		(11,625	)		(21,029	)		9,404
S&P 500 Index	2,875.00 USD		1/6/20		(64	)		(6,400	)		(2,240	)		(46,778	)		44,538
S&P 500 Index	2,940.00 USD		1/6/20		(43	)		(4,300	)		(2,365	)		(33,321	)		30,956
S&P 500 Index	2,920.00 USD		1/8/20		(64	)		(6,400	)		(4,960	)		(48,506	)		43,546
S&P 500 Index	2,950.00 USD		1/8/20		(43	)		(4,300	)		(3,763	)		(45,318	)		41,555
S&P 500 Index	3,155.00 USD		1/8/20		(62	)		(6,200	)		(25,730	)		(34,488	)		8,758
S&P 500 Index	2,930.00 USD		1/10/20		(64	)		(6,400	)		(7,520	)		(66,874	)		59,354
S&P 500 Index	2,990.00 USD		1/10/20		(43	)		(4,300	)		(6,880	)		(38,051	)		31,171
S&P 500 Index	3,140.00 USD		1/10/20		(62	)		(6,200	)		(32,860	)		(41,394	)		8,534
S&P 500 Index	2,975.00 USD		1/13/20		(64	)		(6,400	)		(10,880	)		(55,226	)		44,346
S&P 500 Index	3,020.00 USD		1/13/20		(43	)		(4,300	)		(9,460	)		(23,560	)		14,100
S&P 500 Index	3,160.00 USD		1/13/20		(62	)		(6,200	)		(48,980	)		(51,336	)		2,356
S&P 500 Index	3,005.00 USD		1/15/20		(61	)		(6,100	)		(16,013	)		(34,338	)		18,325
S&P 500 Index	3,020.00 USD		1/15/20		(43	)		(4,300	)		(12,470	)		(29,623	)		17,153
S&P 500 Index	3,155.00 USD		1/15/20		(62	)		(6,200	)		(59,210	)		(60,636	)		1,426
S&P 500 Index	2,500.00 USD		1/17/20		(9	)		(900	)		(202	)		(20,958	)		20,756
S&P 500 Index	2,525.00 USD		1/17/20		(34	)		(3,400	)		(1,020	)		(74,268	)		73,248
S&P 500 Index	2,595.00 USD		1/17/20		(10	)		(1,000	)		(375	)		(19,188	)		18,813

Schedule of Investments

AllianzGI Structured Return Fund

December 31, 2019 (unaudited) (continued)

Description	Exercise Price	Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Received			Unrealized Appreciation (Depreciation)
S&P 500 Index	2,620.00 USD		1/17/20		(5	)	$	(500	)	$	(200	)	$	(8,444	)	$	8,244
S&P 500 Index	2,635.00 USD		1/17/20		(5	)		(500	)		(237	)		(8,493	)		8,256
S&P 500 Index	2,645.00 USD		1/17/20		(5	)		(500	)		(250	)		(8,737	)		8,487
S&P 500 Index	2,650.00 USD		1/17/20		(5	)		(500	)		(250	)		(8,094	)		7,844
S&P 500 Index	2,655.00 USD		1/17/20		(10	)		(1,000	)		(525	)		(16,801	)		16,276
S&P 500 Index	2,670.00 USD		1/17/20		(5	)		(500	)		(262	)		(7,888	)		7,626
S&P 500 Index	3,000.00 USD		1/17/20		(61	)		(6,100	)		(18,605	)		(40,254	)		21,649
S&P 500 Index	3,040.00 USD		1/17/20		(43	)		(4,300	)		(17,415	)		(26,789	)		9,374
S&P 500 Index	3,155.00 USD		1/17/20		(62	)		(6,200	)		(68,510	)		(68,696	)		186
S&P 500 Index	3,025.00 USD		1/21/20		(61	)		(6,100	)		(26,840	)		(39,894	)		13,054
S&P 500 Index	3,050.00 USD		1/21/20		(43	)		(4,300	)		(22,790	)		(34,138	)		11,348
S&P 500 Index	3,120.00 USD		1/21/20		(62	)		(6,200	)		(58,590	)		(86,321	)		27,731
S&P 500 Index	3,030.00 USD		1/22/20		(61	)		(6,100	)		(31,110	)		(45,195	)		14,085
S&P 500 Index	3,045.00 USD		1/22/20		(43	)		(4,300	)		(24,510	)		(34,611	)		10,101
S&P 500 Index	3,090.00 USD		1/22/20		(62	)		(6,200	)		(49,910	)		(72,020	)		22,110
S&P 500 Index	315.00 USD		1/24/20		(64	)		(6,400	)		(9,952	)		(9,472	)		(480	)
S&P 500 Index	2,970.00 USD		1/24/20		(81	)		(8,100	)		(32,805	)		(54,559	)		21,754
S&P 500 Index	3,030.00 USD		1/24/20		(61	)		(6,100	)		(36,905	)		(50,929	)		14,024
S&P 500 Index	3,055.00 USD		1/24/20		(43	)		(4,300	)		(31,175	)		(31,519	)		344
S&P 500 Index	3,085.00 USD		1/24/20		(62	)		(6,200	)		(56,110	)		(80,544	)		24,434
S&P 500 Index	2,980.00 USD		1/27/20		(27	)		(2,700	)		(12,825	)		(15,849	)		3,024
S&P 500 Index	3,035.00 USD		1/27/20		(61	)		(6,100	)		(42,090	)		(42,395	)		305
S&P 500 Index	3,050.00 USD		1/27/20		(18	)		(1,800	)		(13,680	)		(17,406	)		3,726
S&P 500 Index	3,130.00 USD		1/27/20		(62	)		5,000			(70,750	)		(98,025	)		27,275
S&P 500 Index	2,980.00 USD		1/29/20		(27	)		(2,700	)		(15,120	)		(21,006	)		5,886
S&P 500 Index	3,045.00 USD		1/29/20		(18	)		(1,800	)		(15,480	)		(21,852	)		6,372
S&P 500 Index	3,110.00 USD		1/29/20		(53	)		(5,300	)		(73,405	)		(100,118	)		26,713
S&P 500 Index	2,350.00 USD		1/31/20		(9	)		(900	)		(270	)		(24,467	)		24,197
S&P 500 Index	2,400.00 USD		1/31/20		(18	)		(1,800	)		(675	)		(44,953	)		44,278
S&P 500 Index	2,450.00 USD		1/31/20		(9	)		(900	)		(382	)		(22,848	)		22,466
S&P 500 Index	2,625.00 USD		1/31/20		(5	)		(500	)		(475	)		(8,794	)		8,319
S&P 500 Index	2,650.00 USD		1/31/20		(5	)		(500	)		(550	)		(8,457	)		7,907
S&P 500 Index	2,670.00 USD		1/31/20		(10	)		(1,000	)		(1,200	)		(17,088	)		15,888
S&P 500 Index	2,680.00 USD		1/31/20		(10	)		(1,000	)		(1,275	)		(17,234	)		15,959
S&P 500 Index	2,690.00 USD		1/31/20		(10	)		(1,000	)		(1,325	)		(18,448	)		17,123
S&P 500 Index	2,715.00 USD		1/31/20		(10	)		(1,000	)		(1,500	)		(15,201	)		13,701
S&P 500 Index	2,730.00 USD		1/31/20		(5	)		(500	)		(800	)		(7,476	)		6,676
S&P 500 Index	2,740.00 USD		1/31/20		(10	)		(1,000	)		(1,700	)		(14,776	)		13,076
S&P 500 Index	2,980.00 USD		1/31/20		(252	)		(25,200	)		(161,280	)		(210,546	)		49,266
S&P 500 Index	3,100.00 USD		1/31/20		(62	)		(6,200	)		(89,900	)		(122,751	)		32,851
S&P 500 Index	2,250.00 USD		2/21/20		(9	)		(900	)		(427	)		(22,116	)		21,689
S&P 500 Index	2,300.00 USD		2/21/20		(9	)		(900	)		(495	)		(23,659	)		23,164
S&P 500 Index	2,350.00 USD		2/21/20		(9	)		(900	)		(630	)		(22,027	)		21,397
S&P 500 Index	2,375.00 USD		2/21/20		(18	)		(1,800	)		(1,395	)		(47,048	)		45,653
S&P 500 Index	2,700.00 USD		2/21/20		(5	)		(500	)		(1,625	)		(8,729	)		7,104
S&P 500 Index	2,705.00 USD		2/21/20		(5	)		(500	)		(1,650	)		(8,407	)		6,757
S&P 500 Index	2,720.00 USD		2/21/20		(5	)		(500	)		(1,775	)		(8,387	)		6,612
S&P 500 Index	2,730.00 USD		2/21/20		(5	)		(500	)		(1,850	)		(8,401	)		6,551
S&P 500 Index	2,740.00 USD		2/21/20		(15	)		(1,500	)		(5,775	)		(24,222	)		18,447
S&P 500 Index	2,745.00 USD		2/21/20		(5	)		(500	)		(1,975	)		(7,808	)		5,833
S&P 500 Index	2,750.00 USD		2/21/20		(5	)		(500	)		(2,025	)		(8,176	)		6,151
S&P 500 Index	2,775.00 USD		2/21/20		(5	)		(500	)		(2,275	)		(7,350	)		5,075
S&P 500 Index	2,795.00 USD		2/21/20		(5	)		(500	)		(2,525	)		(7,570	)		5,045
S&P 500 Index	2,800.00 USD		2/21/20		(5	)		(500	)		(2,575	)		(7,517	)		4,942
S&P 500 Index	2,805.00 USD		2/21/20		(10	)		(1,000	)		(5,250	)		(14,469	)		9,219
S&P 500 Index	2,350.00 USD		2/28/20		(8	)		(800	)		(780	)		(22,870	)		22,090
S&P 500 Index	2,450.00 USD		2/28/20		(8	)		(800	)		(1,160	)		(21,590	)		20,430
S&P 500 Index	2,675.00 USD		2/28/20		(5	)		(500	)		(1,875	)		(8,938	)		7,063
S&P 500 Index	2,730.00 USD		2/28/20		(10	)		(1,000	)		(4,750	)		(16,166	)		11,416
S&P 500 Index	2,740.00 USD		2/28/20		(5	)		(500	)		(2,525	)		(8,355	)		5,830
S&P 500 Index	2,775.00 USD		2/28/20		(5	)		(500	)		(2,950	)		(7,816	)		4,866
S&P 500 Index	2,785.00 USD		2/28/20		(5	)		(500	)		(3,075	)		(7,963	)		4,888
S&P 500 Index	2,740.00 USD		3/6/20		(10	)		(1,000	)		(6,300	)		(16,999	)		10,699
S&P 500 Index	2,780.00 USD		3/6/20		(5	)		(500	)		(3,775	)		(8,215	)		4,440
S&P 500 Index	2,810.00 USD		3/6/20		(5	)		(500	)		(4,325	)		(7,694	)		3,369
S&P 500 Index	2,175.00 USD		3/20/20		(10	)		(1,000	)		(1,050	)		(36,288	)		35,238
S&P 500 Index	2,400.00 USD		3/20/20		(16	)		(1,600	)		(3,480	)		(43,740	)		40,260
S&P 500 Index	2,425.00 USD		3/20/20		(8	)		(800	)		(1,920	)		(20,710	)		18,790

Schedule of Investments

AllianzGI Structured Return Fund

December 31, 2019 (unaudited) (continued)

Description	Exercise Price	Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Received			Unrealized Appreciation (Depreciation)
S&P 500 Index	2,450.00 USD		3/20/20		(16	)	$	(1,600	)	$	(4,200	)	$	(41,900	)	$	37,700
S&P 500 Index	2,475.00 USD		3/20/20		(8	)		(800	)		(2,320	)		(20,868	)		18,548
S&P 500 Index	2,830.00 USD		3/20/20		(10	)		(1,000	)		(12,750	)		(16,303	)		3,553
S&P 500 Index	2,835.00 USD		3/20/20		(15	)		(1,500	)		(19,575	)		(24,640	)		5,065
S&P 500 Index	2,840.00 USD		3/20/20		(5	)		(500	)		(6,650	)		(8,096	)		1,446
S&P 500 Index	2,855.00 USD		3/20/20		(10	)		(1,000	)		(14,200	)		(15,842	)		1,642
S&P 500 Index	2,860.00 USD		3/20/20		(11	)		(1,100	)		(16,005	)		(17,992	)		1,987
S&P 500 Index	2,875.00 USD		3/20/20		(5	)		(500	)		(7,750	)		(7,865	)		115
S&P 500 Index	2,885.00 USD		3/20/20		(5	)		(500	)		(8,100	)		(7,947	)		(153	)
S&P 500 Index	2,200.00 USD		3/31/20		(14	)		(1,400	)		(1,960	)		(46,553	)		44,593
S&P 500 Index	2,350.00 USD		3/31/20		(18	)		(1,800	)		(4,050	)		(50,288	)		46,238
S&P 500 Index	2,375.00 USD		3/31/20		(8	)		(800	)		(1,960	)		(21,862	)		19,902
S&P 500 Index	2,425.00 USD		4/17/20		(8	)		(800	)		(3,400	)		(21,819	)		18,419
S&P 500 Index	2,450.00 USD		4/17/20		(16	)		(1,600	)		(7,440	)		(39,407	)		31,967
S&P 500 Index	2,475.00 USD		4/17/20		(16	)		(1,600	)		(8,240	)		(37,958	)		29,718
S&P 500 Index	2,500.00 USD		4/30/20		(16	)		(1,600	)		(11,360	)		(42,199	)		30,839
S&P 500 Index	2,550.00 USD		4/30/20		(16	)		(1,600	)		(13,600	)		(40,445	)		26,845
S&P 500 Index	2,550.00 USD		5/15/20		(24	)		(2,400	)		(25,440	)		(64,555	)		39,115
S&P 500 Index	2,590.00 USD		5/15/20		(8	)		(800	)		(9,800	)		(20,777	)		10,977
S&P 500 Index	2,525.00 USD		5/29/20		(8	)		(800	)		(9,240	)		(22,623	)		13,383
S&P 500 Index	2,550.00 USD		5/29/20		(8	)		(800	)		(10,080	)		(20,939	)		10,859
S&P 500 Index	2,575.00 USD		5/29/20		(8	)		(800	)		(11,000	)		(20,623	)		9,623
S&P 500 Index	2,600.00 USD		5/29/20		(16	)		(1,600	)		(23,920	)		(42,519	)		18,599
S&P 500 Index	2,600.00 USD		6/19/20		(8	)		(800	)		(14,920	)		(22,154	)		7,234
S&P 500 Index	2,650.00 USD		6/19/20		(16	)		(1,600	)		(35,120	)		(41,256	)		6,136
S&P 500 Index	2,675.00 USD		6/19/20		(8	)		(800	)		(19,000	)		(20,954	)		1,954
S&P 500 Index	2,650.00 USD		6/30/20		(7	)		(700	)		(16,800	)		(19,245	)		2,445
S&P 500 Index	2,675.00 USD		6/30/20		(8	)		(800	)		(20,720	)		(21,034	)		314
S&P 500 Mini Index	308.00 USD		1/2/20		(96	)		(9,600	)		(14	)		(26,198	)		26,184
S&P 500 Mini Index	315.00 USD		1/2/20		(112	)		(11,200	)		(324	)		(12,646	)		12,322
S&P 500 Mini Index	314.00 USD		1/3/20		(135	)		(13,500	)		(1,553	)		(14,175	)		12,622
S&P 500 Mini Index	314.00 USD		1/10/20		(194	)		(19,400	)		(10,282	)		(18,016	)		7,734
S&P 500 Mini Index	270.00 USD		1/13/20		(123	)		(12,300	)		(492	)		(9,756	)		9,264
S&P 500 Mini Index	315.00 USD		1/13/20		(159	)		(15,900	)		(11,130	)		(17,466	)		6,336
S&P 500 Mini Index	317.00 USD		1/15/20		(110	)		(11,000	)		(12,430	)		(16,872	)		4,442
S&P 500 Mini Index	314.00 USD		1/21/20		(97	)		(9,700	)		(10,961	)		(14,570	)		3,609
S&P 500 Mini Index	315.00 USD		1/22/20		(161	)		(16,100	)		(21,816	)		(26,461	)		4,645
	Total put options									$	(1,730,589	)	$	(3,875,786	)	$	2,145,197
	Total options written contracts									$	(73,586,442	)	$	(57,606,496	)	$	(15,979,946	)

(e) At December 31, 2019, the Fund pledged $1,744,416 in cash as collateral for options written.

Glossary:

CBOE—Chicago Board Options Exchange

Schedule of Investments

AllianzGI U.S. Equity Hedged Fund

December 31, 2019 (unaudited)

.	Shares		Value^
EXCHANGE-TRADED FUNDS—98.7%
SPDR S&P 500 (a)(cost—$1,754,969)		7,385	$	2,376,936
Total Options Purchased—0.5% (cost—$58,657) (b)(c)(d)				13,560
Total Investments, before options written (cost—$1,813,626)—99.2%				2,390,496
Total Options Written—(0.3)% (premiums received—$5,915) (b)(c)(d)				(7,995	)

.	Value^
Total Investments, net of options written (cost—$1,807,711)—98.9%	$	2,382,501
Other assets less other liabilities—1.1%		26,244
Net Assets—100.0%	$	2,408,745

Notes to Schedule of Investments:

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

(b) Non-income producing.

(c) Exchange traded-Chicago Board Options Exchange.

(d) Exchange traded option contracts outstanding at December 31, 2019:

Options purchased contracts outstanding at December 31, 2019:

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Cost		Unrealized Depreciation
Call options:
S&P 500 Index	3,500.00 USD		1/10/20		4	$	400	$	10	$	31	$	(21	)
S&P 500 Index	3,600.00 USD		1/17/20		3		300		8		24		(16	)
	Total call options							$	18	$	55	$	(37	)
Put options:
S&P 500 Index	2,450.00 USD		3/20/20		1	$	100	$	262	$	6,598	$	(6,336	)
S&P 500 Index	2,550.00 USD		4/17/20		1		100		680		6,869		(6,189	)
S&P 500 Index	2,500.00 USD		5/15/20		1		100		895		7,412		(6,517	)
S&P 500 Index	2,575.00 USD		6/19/20		2		200		3,430		14,679		(11,249	)
S&P 500 Index	2,575.00 USD		9/18/20		1		100		3,315		7,804		(4,489	)
S&P 500 Index Flex	2,625.00 USD		7/17/20		1		100		2,769		7,437		(4,668	)
S&P 500 Index Flex	2,450.00 USD		8/21/20		1		100		2,191		7,803		(5,612	)
	Total put options							$	13,542	$	58,602	$	(45,060	)
	Total options purchased contracts							$	13,560	$	58,657	$	(45,097	)

Options written contracts outstanding at December 31, 2019:

Description	Exercise Price	Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Received			Unrealized Appreciation (Depreciation)
Call options:
S&P 500 Index	3,260.00 USD		1/17/20		(3	)	$	(300	)	$	(4,575	)	$	(2,398	)	$	(2,177	)
S&P 500 Index	3,310.00 USD		1/31/20		(4	)		(400	)		(3,420	)		(3,517	)		97
	Total options written contracts									$	(7,995	)	$	(5,915	)	$	(2,080	)

(e) At December 31, 2019, the Fund pledged $299 in cash as collateral for options written.

Schedule of Investments

AllianzGI Ultra Micro Cap Fund

December 31, 2019 (unaudited)

	Shares		Value^
COMMON STOCK—101.0%
Aerospace & Defense—1.4%
Ducommun, Inc. (a)		4,224	$	213,439
Banks—6.5%
Atlantic Capital Bancshares, Inc. (a)		9,585		175,885
First Foundation, Inc.		7,704		134,050
Heritage Commerce Corp.		13,068		167,662
People’s Utah Bancorp		4,953		149,184
Preferred Bank		3,691		221,792
Tristate Capital Holdings, Inc. (a)		4,805		125,507
				974,080
Biotechnology—12.5%
Adverum Biotechnologies, Inc. (a)		6,031		69,477
Avrobio, Inc. (a)		2,314		46,581
BioSpecifics Technologies Corp. (a)		2,242		127,659
Dicerna Pharmaceuticals, Inc. (a)		5,622		123,853
Dynavax Technologies Corp. (a)		8,439		48,271
Homology Medicines, Inc. (a)		3,276		67,813
Intellia Therapeutics, Inc. (a)		6,553		96,133
Kadmon Holdings, Inc. (a)		16,667		75,502
Kindred Biosciences, Inc. (a)		9,268		78,593
Krystal Biotech, Inc. (a)		1,228		68,007
Kura Oncology, Inc. (a)		5,114		70,318
MeiraGTx Holdings PLC (a)		2,355		47,147
Progenics Pharmaceuticals, Inc. (a)		9,727		49,510
Stemline Therapeutics, Inc. (a)		4,969		52,820
TG Therapeutics, Inc. (a)		7,334		81,407
Twist Bioscience Corp. (a)		2,657		55,797
Vanda Pharmaceuticals, Inc. (a)		5,287		86,760
Veracyte, Inc. (a)		11,261		314,407
Vericel Corp. (a)		6,717		116,876
Viking Therapeutics, Inc. (a)		8,971		71,947
Voyager Therapeutics, Inc. (a)		3,806		53,094
ZIOPHARM Oncology, Inc. (a)		18,838		88,915
				1,890,887
Construction & Engineering—2.6%
NV5 Global, Inc. (a)		4,309		217,389
Sterling Construction Co., Inc. (a)		12,083		170,129
				387,518
Construction Materials—0.7%
U.S. Concrete, Inc. (a)		2,683		111,774
Diversified Consumer Services—0.9%
Carriage Services, Inc.		5,306		135,834
Electrical Equipment—1.1%
Allied Motion Technologies, Inc.		3,315		160,777
Electronic Equipment, Instruments & Components—1.9%
Iteris, Inc. (a)		19,948		99,540
Napco Security Technologies, Inc. (a)		6,658		195,679
				295,219
Energy Equipment & Services—1.3%
DMC Global, Inc.		4,222		189,737
Food Products—1.3%
John B Sanfilippo & Son, Inc.		2,104		192,053
Healthcare Equipment & Supplies—14.8%
Alphatec Holdings, Inc. (a)		22,648		160,688
Antares Pharma, Inc. (a)		39,286		184,644
Axogen, Inc. (a)		6,699		119,845
Axonics Modulation Technologies, Inc. (a)		4,497		124,612
BioLife Solutions, Inc. (a)		8,857		143,306

	Shares		Value^
CryoLife, Inc. (a)		4,491	$	121,661
CryoPort, Inc. (a)		16,244		267,376
Mesa Laboratories, Inc.		760		189,544
OrthoPediatrics Corp. (a)		5,747		270,052
Quotient Ltd. (a)		15,981		151,979
Surmodics, Inc. (a)		2,994		124,041
Tactile Systems Technology, Inc. (a)		3,662		247,222
Zynex, Inc.		16,657		131,091
				2,236,061
Healthcare Providers & Services—7.4%
Addus HomeCare Corp. (a)		2,457		238,870
BioTelemetry, Inc. (a)		3,176		147,049
Catasys, Inc. (a)		10,550		172,071
Fulgent Genetics, Inc. (a)		13,236		170,744
Joint Corp. (a)		9,935		160,351
RadNet, Inc. (a)		10,885		220,965
				1,110,050
Healthcare Technology—3.5%
Icad, Inc. (a)		17,260		134,110
OptimizeRx Corp. (a)		7,424		76,244
Tabula Rasa HealthCare, Inc. (a)		4,425		215,409
Vocera Communications, Inc. (a)		5,055		104,942
				530,705
Hotels, Restaurants & Leisure—2.5%
Carrols Restaurant Group, Inc. (a)		11,850		83,543
Century Casinos, Inc. (a)		15,990		126,641
Kura Sushi USA, Inc., Class A (a)		6,312		160,640
				370,824
Household Durables—1.8%
Green Brick Partners, Inc. (a)		11,515		132,192
LGI Homes, Inc. (a)		1,936		136,778
				268,970
Interactive Media & Services—3.3%
EverQuote, Inc., Class A (a)		9,890		339,722
QuinStreet, Inc. (a)		10,653		163,097
				502,819
Internet & Direct Marketing Retail—1.0%
Rubicon Project, Inc. (a)		19,224		156,868
IT Services—3.5%
Brightcove, Inc. (a)		16,827		146,227
Hackett Group, Inc.		7,575		122,260
Paysign, Inc. (a)		9,650		97,948
Perficient, Inc. (a)		3,632		167,326
				533,761
Life Sciences Tools & Services—4.4%
Codexis, Inc. (a)		5,941		94,997
NanoString Technologies, Inc. (a)		3,600		100,152
NeoGenomics, Inc. (a)		9,522		278,518
Quanterix Corp. (a)		7,828		184,976
				658,643
Machinery—1.8%
LiqTech International, Inc. (a)		21,779		127,407
Spartan Motors, Inc.		7,902		142,868
				270,275
Media—3.6%
Cardlytics, Inc. (a)		5,747		361,256
TechTarget, Inc. (a)		7,237		188,886
				550,142
Pharmaceuticals—3.8%
ANI Pharmaceuticals, Inc. (a)		2,412		148,748
Axsome Therapeutics, Inc. (a)		2,562		264,808

Schedule of Investments

AllianzGI Ultra Micro Cap Fund

December 31, 2019 (unaudited) (continued)

	Shares		Value^
Cara Therapeutics, Inc. (a)		3,850	$	62,024
Collegium Pharmaceutical, Inc. (a)		4,711		96,952
				572,532
Professional Services—1.0%
CRA International, Inc.		2,772		150,991
Semiconductors & Semiconductor Equipment—5.3%
ACM Research, Inc., Class A (a)		12,508		230,773
Adesto Technologies Corp. (a)		19,736		167,756
FormFactor, Inc. (a)		8,597		223,264
Ichor Holdings Ltd. (a)		5,493		182,752
				804,545
Software—9.5%
Agilysys, Inc. (a)		7,600		193,116
Cerence, Inc. (a)		4,763		107,787
Digital Turbine, Inc. (a)		35,179		250,826
Model N, Inc. (a)		9,142		320,610
QAD, Inc., Class A		3,734		190,173
Upland Software, Inc. (a)		6,019		214,938
Zix Corp. (a)		22,166		150,285
				1,427,735
Trading Companies & Distributors—0.9%
Lawson Products, Inc. (a)		2,736		142,545
Water Utilities—1.9%
AquaVenture Holdings Ltd. (a)		10,338		280,366
Wireless Telecommunication Services—0.8%
Boingo Wireless, Inc. (a)		10,966		120,078
Total Common Stock (cost—$10,278,942)				15,239,228
	Principal Amount (000s)
Repurchase Agreements—0.7%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $100,001; collateralized by U.S. Treasury Bonds, 3.00%, due 11/15/45, valued at $107,514 including accrued interest (cost—$100,000)	$	100		100,000
Total Investments (cost—$10,378,942)—101.7%				15,339,228
Liabilities in excess of other assets—(1.7)%				(254,334	)
Net Assets—100.0%			$	15,084,894

Notes to Schedule of Investments:

Non-income producing.

Schedule of Investments

AllianzGI Water Fund (formerly AllianzGI Global Water Fund)†

December 31, 2019 (unaudited)

	Shares		Value^
COMMON STOCK—98.8%
Austria—1.3%
ANDRITZ AG		204,016	$	8,770,695
Brazil—3.4%
Cia de Saneamento Basico do Estado de Sao Paulo		952,500		14,392,788
Cia de Saneamento do Parana UNIT		305,400		7,727,478
				22,120,266
China—2.3%
China Water Affairs Group Ltd.		8,212,000		6,144,561
Guangdong Investment Ltd.		4,292,000		8,976,974
				15,121,535
Finland—0.4%
Uponor Oyj		193,959		2,536,027
France—9.6%
Suez		1,284,389		19,462,681
Veolia Environnement S.A.		1,638,943		43,609,570
				63,072,251
Netherlands—1.7%
Arcadis NV		482,308		11,293,547
Sweden—3.5%
Alfa Laval AB		910,747		22,936,473
Switzerland—6.3%
Geberit AG		44,280		24,853,541
Georg Fischer AG		8,783		8,906,179
Landis+Gyr Group AG (b)		69,285		7,201,939
				40,961,659
United Kingdom—13.7%
Halma PLC		1,331,376		37,282,034
Pennon Group PLC		1,524,582		20,678,962
Severn Trent PLC		468,578		15,610,060
United Utilities Group PLC		1,307,135		16,357,347
				89,928,403
United States—56.6%
Agilent Technologies, Inc.		109,027		9,301,093
American States Water Co.		136,450		11,822,028
American Water Works Co., Inc.		513,039		63,026,841
AO Smith Corp.		130,308		6,207,873
Aqua America, Inc.		559,050		26,241,807
California Water Service Group		262,495		13,534,242
Danaher Corp.		277,138		42,535,140
Ecolab, Inc.		67,985		13,120,425
IDEX Corp.		216,160		37,179,520
Itron, Inc. (b)		181,552		15,241,291
Mueller Water Products, Inc., Class A		928,724		11,126,114
PerkinElmer, Inc.		195,350		18,968,485
Tetra Tech, Inc.		303,267		26,129,485
Thermo Fisher Scientific, Inc.		64,303		20,890,116
Waste Management, Inc.		158,131		18,020,609
Xylem, Inc.		471,751		37,169,261
				370,514,330
Total Common Stock (cost—$465,657,797)				647,255,186

	Principal Amount (000s)		Value^
Repurchase Agreements—1.1%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $6,905,096; collateralized by U.S. Treasury Bonds, 3.00%, due 11/15/45, valued at $7,045,019 including accrued interest (cost—$6,905,000)	$	6,905	$	6,905,000
Total Investments (cost—$472,562,797) (a)—99.9%				654,160,186
Other assets less liabilities—0.1%				907,497
Net Assets—100.0%			$	655,067,683

Notes to Schedule of Investments:

† Effective February 1, 2020, AllianzGI Global Water Fund changed its name to AllianzGI Water Fund.

(a) Securities with an aggregate value of $261,130,796, representing 39.9% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(b) Non-income producing.

Glossary:

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:

Water Utilities	31.2	%
Machinery	19.3	%
Multi-Utilities	9.6	%
Electronic Equipment, Instruments & Components	9.1	%
Life Sciences Tools & Services	7.5	%
Commercial Services & Supplies	6.8	%
Healthcare Equipment & Supplies	6.5	%
Building Products	5.1	%
Chemicals	2.0	%
Construction & Engineering	1.7	%
Repurchase Agreements	1.1	%
Other assets less liabilities	0.1	%
	100.0	%

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

The Board of Trustees (the “Board”) of each Fund of the Allianz Funds Multi-Strategy Trust (the “Trust”) has adopted procedures for valuing portfolio securities and other financial derivative instruments in circumstances where market quotes are not readily available (including in cases where available market quotes are deemed to be unreliable), and has delegated responsibility for applying the valuation methods to the investment manager, Allianz Global Investors U.S. LLC (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 instructed. 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 set forth by the Board. The Board shall review and ratify the appropriateness of the valuation methods and these methods may be amended or supplemented from time to time by the Valuation Committee.

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

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

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

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

Fair Value Measurements

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

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

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

• Level 3—valuations based on significant unobservable inputs (including the Investment Manager’s or the 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 three months ended December 31, 2019 were intended to maximize the use of observable inputs and to minimize the use of unobservable inputs.

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

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

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

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

U.S. Treasury Obligations—U.S. Treasury obligations are valued by independent pricing services based on pricing models that evaluate the mean between the most recently quoted bid and ask price. The models also take into consideration data received from active market makers and broker-dealers, yield curves, and the spread over comparable U.S. Treasury issues. The spreads change daily in response to market conditions and are generally obtained from the new issue market and broker-dealer sources. To the extent that these inputs are observable, the values of U.S. Treasury obligations are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Government Sponsored Enterprise and Mortgage-Backed Securities—Government sponsored enterprise and mortgage-backed securities are valued by independent pricing services using pricing models based on inputs that include issuer type, coupon, cash flows, mortgage prepayment projection tables and Adjustable Rate Mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. To the extent that these inputs are observable, the values of government sponsored enterprise and mortgage-backed securities are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Sovereign Debt Obligations—Sovereign debt obligations are valued by independent pricing services based on discounted cash flow models that incorporate option adjusted spreads along with benchmark curves and credit spreads. In addition, international bond markets are monitored regularly for information pertaining to the issuer and/or the specific issue. To the extent that these inputs are observable, the values of sovereign debt obligations are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

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

specific trends. To the extent that these inputs are observable, the values of corporate bonds & notes are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Convertible Bonds & 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. 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 December 31, 2019 in valuing each Fund’s assets and liabilities is listed below (refer to the Schedules of Investments and Notes to Schedule of Investments for more detailed information on Investments in Securities and Other Financial Instruments):

	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 12/31/19
AllianzGI Retirement 2020:
Investments in Securities—Assets
Mutual Funds	$	14,549,639			—		—	$	14,549,639
Exchange-Traded Funds		459,162			—		—		459,162
Repurchase Agreements		—		$	433,000		—		433,000
		15,008,801			433,000		—		15,441,801
Other Financial Instruments*—Assets
Foreign Exchange Contracts		3,655			—		—		3,655
Interest Rate Contracts		7,734			—		—		7,734
Market Price		3,408			—		—		3,408
		14,797			—		—		14,797
Other Financial Instruments*—Liabilities
Foreign Exchange Contracts		(3,505	)		—		—		(3,505	)
Interest Rate Contracts		(9,323	)		—		—		(9,323	)
Market Price		(26,671	)		—		—		(26,671	)
		(39,499	)		—		—		(39,499	)
Totals	$	14,984,099		$	433,000		—	$	15,417,099

	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 12/31/19
AllianzGI Retirement 2025:
Investments in Securities—Assets
Mutual Funds	$	19,270,362			—		—	$	19,270,362
Exchange-Traded Funds		502,161			—		—		502,161
Repurchase Agreements		—		$	505,000		—		505,000
		19,772,523			505,000		—		20,277,523
Other Financial Instruments*—Assets
Foreign Exchange Contracts		5,482			—		—		5,482
Interest Rate Contracts		7,735			—		—		7,735
Market Price		4,545			—		—		4,545
		17,762			—		—		17,762
Other Financial Instruments*—Liabilities
Foreign Exchange Contracts		(5,260	)		—		—		(5,260	)
Interest Rate Contracts		(7,727	)		—		—		(7,727	)
Market Price		(29,596	)		—		—		(29,596	)
		(42,583	)		—		—		(42,583	)
Totals	$	19,747,702		$	505,000		—	$	20,252,702
AllianzGI Retirement 2030:
Investments in Securities—Assets
Mutual Funds	$	27,585,117			—		—	$	27,585,117
Exchange-Traded Funds		290,524			—		—		290,524
Repurchase Agreements		—		$	791,000		—		791,000
		27,875,641			791,000		—		28,666,641
Other Financial Instruments*—Assets
Foreign Exchange Contracts		7,309			—		—		7,309
Interest Rate Contracts		27,213			—		—		27,213
Market Price		20,686			—		—		20,686
		55,208			—		—		55,208
Other Financial Instruments*—Liabilities
Foreign Exchange Contracts		(7,741	)		—		—		(7,741	)
Interest Rate Contracts		(14,108	)		—		—		(14,108	)
Market Price		(30,225	)		—		—		(30,225	)
		(52,074	)		—		—		(52,074	)
Totals	$	27,878,775		$	791,000		—	$	28,669,775
AllianzGI Retirement 2035:
Investments in Securities—Assets
Mutual Funds	$	21,955,747			—		—	$	21,955,747
Exchange-Traded Funds		268,844			—		—		268,844
Repurchase Agreements		—		$	703,000		—		703,000
		22,224,591			703,000		—		22,927,591
Other Financial Instruments*—Assets
Foreign Exchange Contracts		5,482			—		—		5,482
Interest Rate Contracts		17,801			—		—		17,801
Market Price		16,295			—		—		16,295
		39,578			—		—		39,578
Other Financial Instruments*—Liabilities
Foreign Exchange Contracts		(6,203	)		—		—		(6,203	)
Interest Rate Contracts		(7,954	)		—		—		(7,954	)
Market Price		(16,557	)		—		—		(16,557	)
		(30,714	)		—		—		(30,714	)
Totals	$	22,233,455		$	703,000		—	$	22,936,455

	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 12/31/19
AllianzGI Retirement 2040:
Investments in Securities—Assets
Mutual Funds	$	25,037,124			—		—	$	25,037,124
Exchange-Traded Funds		265,903			—		—		265,903
Repurchase Agreements		—		$	793,000		—		793,000
		25,303,027			793,000		—		26,096,027
Other Financial Instruments*—Assets
Foreign Exchange Contracts		5,482			—		—		5,482
Interest Rate Contracts		25,535			—		—		25,535
Market Price		31,306			—		—		31,306
		62,323			—		—		62,323
Other Financial Instruments*—Liabilities
Foreign Exchange Contracts		(6,715	)		—		—		(6,715	)
Interest Rate Contracts		(13,878	)		—		—		(13,878	)
Market Price		(9,224	)		—		—		(9,224	)
		(29,817	)		—		—		(29,817	)
Totals	$	25,335,533		$	793,000		—	$	26,128,533
AllianzGI Retirement 2045:
Investments in Securities—Assets
Mutual Funds	$	14,826,538			—		—	$	14,826,538
Exchange-Traded Funds		159,949			—		—		159,949
Repurchase Agreements		—		$	739,000		—		739,000
		14,986,487			739,000		—		15,725,487
Other Financial Instruments*—Assets
Foreign Exchange Contracts		3,655			—		—		3,655
Interest Rate Contracts		14,445			—		—		14,445
Market Price		24,659			—		—		24,659
		42,759			—		—		42,759
Other Financial Instruments*—Liabilities
Foreign Exchange Contracts		(4,019	)		—		—		(4,019	)
Interest Rate Contracts		(7,261	)		—		—		(7,261	)
Market Price		(6,349	)		—		—		(6,349	)
		(17,629	)		—		—		(17,629	)
Totals	$	15,011,617		$	739,000		—	$	15,750,617
AllianzGI Retirement 2050:
Investments in Securities—Assets
Mutual Funds	$	21,739,059			—		—	$	21,739,059
Exchange-Traded Funds		499,220			—		—		499,220
Repurchase Agreements		—		$	937,000		—		937,000
U.S. Treasury Obligations		—			295,745		—		295,745
		22,238,279			1,232,745		—		23,471,024
Other Financial Instruments*—Assets
Foreign Exchange Contracts		5,482			—		—		5,482
Interest Rate Contracts		16,123			—		—		16,123
Market Price		36,403			—		—		36,403
		58,008			—		—		58,008
Other Financial Instruments*—Liabilities
Foreign Exchange Contracts		(6,203	)		—		—		(6,203	)
Interest Rate Contracts		(7,761	)		—		—		(7,761	)
Market Price		(6,349	)		—		—		(6,349	)
		(20,313	)		—		—		(20,313	)
Totals	$	22,275,974		$	1,232,745		—	$	23,508,719

	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 12/31/19
AllianzGI Retirement 2055:
Investments in Securities—Assets
Mutual Funds	$	10,693,097			—		—	$	10,693,097
Exchange-Traded Funds		426,978			—		—		426,978
Repurchase Agreements		—		$	799,000		—		799,000
		11,120,075			799,000		—		11,919,075
Other Financial Instruments*—Assets
Foreign Exchange Contracts		3,655			—		—		3,655
Interest Rate Contracts		5,033			—		—		5,033
Market Price		15,801			—		—		15,801
		24,489			—		—		24,489
Other Financial Instruments*—Liabilities
Foreign Exchange Contracts		(3,208	)		—		—		(3,208	)
Interest Rate Contracts		(1,117	)		—		—		(1,117	)
Market Price		(2,208	)		—		—		(2,208	)
		(6,533	)		—		—		(6,533	)
Totals	$	11,138,031		$	799,000		—	$	11,937,031
AllianzGI Multi Asset Income:
Investments in Securities—Assets
Mutual Funds	$	12,608,235			—		—	$	12,608,235
Common Stock:
Tobacco		388,018		$	474,297		—		862,315
All Other		3,924,703			—		—		3,924,703
Exchange-Traded Funds		2,367,389			—		—		2,367,389
Repurchase Agreements		—			1,708,000		—		1,708,000
		19,288,345			2,182,297		—		21,470,642
Other Financial Instruments*—Assets
Interest Rate Contracts		45			—		—		45
Market Price		52,806			—		—		52,806
		52,851			—		—		52,851
Other Financial Instruments*—Liabilities
Interest Rate Contracts		(70,035	)		—		—		(70,035	)
Market Price		(18,512	)		—		—		(18,512	)
		(88,547	)		—		—		(88,547	)
Totals	$	19,252,649		$	2,182,297		—	$	21,434,946
AllianzGI Global Allocation:
Investments in Securities—Assets
Mutual Funds	$	259,340,959			—		—	$	259,340,959
Corporate Bonds & Notes		—		$	45,596,612		—		45,596,612
Exchange-Traded Funds		4,735,108			—		—		4,735,108
U.S. Treasury Obligations		—			1,424,586		—		1,424,586
Repurchase Agreements		—			7,729,000		—		7,729,000
		264,076,067			54,750,198		—		318,826,265
Other Financial Instruments*—Assets
Interest Rate Contracts		30,974			—		—		30,974
Market Price		216,294			—		—		216,294
		247,268			—		—		247,268
Other Financial Instruments*—Liabilities
Foreign Exchange Contracts		(11,139	)		—		—		(11,139	)
Interest Rate Contracts		(401,330	)		—		—		(401,330	)
		(412,469	)		—		—		(412,469	)
Totals	$	263,910,866		$	54,750,198		—	$	318,661,064

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs			Value at 12/31/19
AllianzGI Best Styles Global Equity:
Investments in Securities—Assets
Common Stock:
Australia		—	$	5,974,263		—		$	5,974,263
Austria	$	232,981		1,074,789		—			1,307,770
Brazil		—		1,321,846		—			1,321,846
Chile		170,206		349,287		—			519,493
China		2,714,845		8,837,029		—	††		11,551,874
Denmark		746,899		214,891		—			961,790
Finland		—		920,527		—			920,527
France		801,416		9,294,202		—			10,095,618
Germany		215,105		4,447,938		—			4,663,043
Hong Kong		—		1,867,159		—			1,867,159
Hungary		—		379,125		—			379,125
Indonesia		—		1,374,293		—			1,374,293
Ireland		154,862		318,376		—			473,238
Israel		104,713		896,834		—			1,001,547
Italy		453,983		3,084,006		—			3,537,989
Japan		—		17,069,359		—			17,069,359
Korea (Republic of)		940,084		2,694,383		—			3,634,467
Malaysia		517,076		694,131		—			1,211,207
Netherlands		474,697		2,285,184		—			2,759,881
New Zealand		618,294		973,508		—			1,591,802
Norway		556,865		1,891,347		—			2,448,212
Philippines		629,873		377,377		—			1,007,250
Poland		—		233,855		—			233,855
Qatar		233,467		162,697		—			396,164
Singapore		—		281,233		—			281,233
Spain		—		1,992,034		—			1,992,034
Sweden		153,216		1,793,455		—			1,946,671
Switzerland		—		4,388,070		—			4,388,070
Taiwan		1,106,729		4,391,409		—			5,498,138
Thailand		—		—	$	1,531,617			1,531,617
Turkey		189,145		1,219,019		—			1,408,164
United Arab Emirates		—		609,646		—			609,646
United Kingdom		689,593		8,554,466		—			9,244,059
All Other		113,065,115		—		—			113,065,115
Preferred Stock		—		1,599,628		—			1,599,628
Exchange-Traded Funds		536,233		—		—			536,233
Rights		9,737		—		—			9,737
Repurchase Agreements		—		1,218,000		—			1,218,000
Totals	$	125,315,134	$	92,783,366	$	1,531,617		$	219,630,117

†† Actual amount rounds to less than $1.

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 12/31/19
AllianzGI Best Styles International Equity:
Investments in Securities—Assets
Common Stock:
Austria	$	32,354	$	114,659		—	$	147,013
Belgium		19,680		117,249		—		136,929
Brazil		26,832		18,761		—		45,593
Canada		288,586		—		—		288,586
China		21,834		298,600		—		320,434
Denmark		129,496		253,689		—		383,185
Finland		15,085		194,347		—		209,432
France		50,244		2,166,067		—		2,216,311
Germany		343,621		980,891		—		1,324,512
Ireland		25,739		66,787		—		92,526
Italy		11,728		1,023,900		—		1,035,628
Japan		17,597		6,099,339		—		6,116,936
Mexico		66,010		—		—		66,010
New Zealand		65,201		36,091		—		101,292
Norway		84,211		301,076		—		385,287
Philippines		4,786		—		—		4,786
Singapore		11,232		433,758	$	22,533		467,523
Sweden		160,307		267,335		—		427,642
Switzerland		21,737		2,248,916		—		2,270,653
Thailand		—		—		60,439		60,439
Turkey		11,530		8,346		—		19,876
United Kingdom		379,565		3,392,106		—		3,771,671
All Other		—		4,244,764		—		4,244,764
Preferred Stock		—		173,218		—		173,218
Exchange-Traded Funds		62,174		—		—		62,174
Rights		4,427		—		—		4,427
Repurchase Agreements		—		255,000		—		255,000
Totals	$	1,853,976	$	22,694,899	$	82,972	$	24,631,847
AllianzGI Best Styles U.S. Equity:
Investments in Securities—Assets
Common Stock	$	46,934,480		—		—	$	46,934,480
Repurchase Agreements		—	$	621,000		—		621,000
Totals	$	46,934,480	$	621,000		—	$	47,555,480
AllianzGI Convertible:
Investments in Securities—Assets
Convertible Bonds & Notes:
Diversified Financial Services		—	$	2,044,797	$	4,835,505	$	6,880,302
All Other		—		647,709,806		—		647,709,806
Convertible Preferred Stock	$	142,042,842		—		—		142,042,842
Repurchase Agreements		—		28,778,000		—		28,778,000
Totals	$	142,042,842	$	678,532,603	$	4,835,505	$	825,410,950

	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 12/31/19
AllianzGI Core Bond:
Investments in Securities—Assets
U.S. Government Agency Securities		—		$	12,955,527			—	$	12,955,527
Corporate Bonds & Notes		—			9,251,498			—		9,251,498
Asset-Backed Securities		—			6,897,178			—		6,897,178
U.S. Treasury Obligations		—			6,057,345			—		6,057,345
Mortgage-Backed Securities		—			792,110			—		792,110
Preferred Stock	$	199,465			—			—		199,465
Repurchase Agreements		—			1,160,000			—		1,160,000
		199,465			37,113,658			—		37,313,123
Other Financial Instruments*—Assets
Credit Contracts		—			529			—		529
Interest Rate Contracts		8,858			—			—		8,858
		8,858			529			—		9,387
Other Financial Instruments*—Liabilities
Credit Contracts		—			(22,082	)		—		(22,082	)
Interest Rate Contracts		(68,472	)		—			—		(68,472	)
		(68,472	)		(22,082	)		—		(90,554	)
Totals	$	139,851		$	37,092,105			—	$	37,231,956
AllianzGI Core Plus Bond:
Investments in Securities—Assets
U.S. Government Agency Securities		—		$	21,337,522			—	$	21,337,522
Corporate Bonds & Notes		—			19,051,353			—		19,051,353
Asset-Backed Securities		—			15,962,346			—		15,962,346
U.S. Treasury Obligations		—			1,689,841			—		1,689,841
Preferred Stock	$	1,495,191			—			—		1,495,191
Mortgage-Backed Securities		—			1,366,873			—		1,366,873
Repurchase Agreements		—			3,454,000			—		3,454,000
		1,495,191			62,861,935			—		64,357,126
Other Financial Instruments*—Assets
Credit Contracts		—			8,733			—		8,733
Interest Rate Contracts		8,763			—			—		8,763
		8,763			8,733			—		17,496
Other Financial Instruments*—Liabilities
Credit Contracts		—			(92,162	)		—		(92,162	)
Interest Rate Contracts		(186,362	)		—			—		(186,362	)
		(186,362	)		(92,162	)		—		(278,524	)
Totals	$	1,317,592		$	62,778,506			—	$	64,096,098
AllianzGI Emerging Markets Consumer:
Investments in Securities—Assets
Common Stock:
Brazil	$	196,142		$	2,597,373			—	$	2,793,515
Canada		796,088			—			—		796,088
China		4,381,107			10,799,122			—		15,180,229
India		1,553,832			1,085,336			—		2,639,168
Mexico		911,501			—			—		911,501
Philippines		285,716			379,387		$	589		665,692
Russian Federation		603,418			—			—		603,418
Thailand		—			—			1,677,779		1,677,779
Turkey		65,031			184,756			—		249,787
United States		3,446,917			—			—		3,446,917
All Other		—			12,548,037			—		12,548,037
Preferred Stock		—			772,330			—		772,330
Totals	$	12,239,752		$	28,366,341		$	1,678,368	$	42,284,461

	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 12/31/19
AllianzGI Emerging Markets Small-Cap:
Investments in Securities—Assets
Common Stock:
China	$	50,279		$	888,692			—	$	938,971
India		264,083			789,238			—		1,053,321
Korea (Republic of)		244,228			756,595			—		1,000,823
Mexico		356,681			—			—		356,681
Poland		29,399			50,047			—		79,446
Russian Federation		71,783			—		$	35,860		107,643
South Africa		182,325			165,445			—		347,770
Thailand		—			—			367,492		367,492
Turkey		113,054			337,796			—		450,850
All Other		—			3,031,313			—		3,031,313
Preferred Stock:
Brazil		—			280,851			—		280,851
Russian Federation		—			—			82,239		82,239
Totals	$	1,311,832		$	6,299,977		$	485,591	$	8,097,400
AllianzGI Emerging Markets SRI Debt:
Investments in Securities—Assets
Sovereign Debt Obligations		—		$	16,905,919			—	$	16,905,919
U.S. Treasury Obligations		—			1,909,074			—		1,909,074
Corporate Bonds & Notes		—			515,313			—		515,313
		—			19,330,306			—		19,330,306
Other Financial Instruments*—Assets
Foreign Exchange Contracts		—			5,072			—		5,072
Interest Rate Contracts	$	7,929			—			—		7,929
		7,929			5,072			—		13,001
Other Financial Instruments*—Liabilities
Foreign Exchange Contracts		—			(50,082	)		—		(50,082	)
Interest Rate Contracts		(32,531	)		—			—		(32,531	)
		(32,531	)		(50,082	)		—		(82,613	)
Totals	$	(24,602	)	$	19,285,296			—	$	19,260,694
AllianzGI Floating Rate Note:
Investments in Securities—Assets
Corporate Bonds & Notes		—		$	10,436,255			—	$	10,436,255
Mortgage-Backed Securities		—			1,714,357			—		1,714,357
Asset-Backed Securities		—			687,169			—		687,169
Sovereign Debt Obligations		—			201,286			—		201,286
U.S. Government Agency Securities		—			39,870			—		39,870
Repurchase Agreements		—			179,000			—		179,000
		—			13,257,937			—		13,257,937
Other Financial Instruments*—Assets
Foreign Exchange Contracts		—			1,871			—		1,871
Interest Rate Contracts	$	8,991			—			—		8,991
		8,991			1,871			—		10,862
Other Financial Instruments*—Liabilities
Foreign Exchange Contracts		—			(21,270	)		—		(21,270	)
Interest Rate Contracts		(406	)		—			—		(406	)
		(406	)		(21,270	)		—		(21,676	)
Totals	$	8,585		$	13,238,538			—	$	13,247,123

	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 12/31/19
AllianzGI Global Dynamic Allocation:
Investments in Securities—Assets
Common Stock:
Austria	$	24,671		$	101,855			—	$	126,526
Belgium		33,716			66,466			—		100,182
Bermuda		53,897			—			—		53,897
Brazil		9,078			157,517			—		166,595
Canada		1,134,413			—			—		1,134,413
Chile		12,125			36,634			—		48,759
China		271,485			1,272,788			—		1,544,273
Czech Republic		78,375			45,761			—		124,136
Denmark		121,772			15,389			—		137,161
Finland		89,461			98,034			—		187,495
France		99,609			1,149,840			—		1,249,449
Germany		131,036			631,472			—		762,508
Ireland		88,151			24,948			—		113,099
Israel		20,227			184,849			—		205,076
Italy		55,279			438,351			—		493,630
Japan		26,395			3,674,998			—		3,701,393
Korea (Republic of)		109,686			496,740			—		606,426
Malaysia		54,947			214,099			—		269,046
Mexico		176,380			—			—		176,380
Morocco		4,068			—			—		4,068
Netherlands		48,058			373,604			—		421,662
New Zealand		85,762			106,975			—		192,737
Norway		57,755			189,660			—		247,415
Peru		37,775			—			—		37,775
Philippines		70,447			50,561			—		121,008
Singapore		46,841			292,407			—		339,248
Spain		16,648			242,042			—		258,690
Sweden		51,706			159,390			—		211,096
Switzerland		8,716			1,006,773			—		1,015,489
Taiwan		63,841			1,289,346			—		1,353,187
Thailand		—			—		$	412,170		412,170
Turkey		19,838			161,407			—		181,245
United Kingdom		223,576			1,021,960			—		1,245,536
United States		20,643,491			—			—		20,643,491
All Other		—			1,454,211			—		1,454,211
Corporate Bonds & Notes		—			34,548,089			—		34,548,089
Mutual Funds		31,005,788			—			—		31,005,788
Exchange-Traded Funds		14,301,323			—			—		14,301,323
U.S. Treasury Obligations		—			1,752,310			—		1,752,310
Preferred Stock:
Brazil		—			68,286			—		68,286
Colombia		—			53,158			—		53,158
Germany		—			22,481			—		22,481
Korea (Republic of)		—			61,429			—		61,429
All Other		318,272			—			—		318,272
Rights:
Morocco		—			—			119		119
Spain		880			—			—		880
Repurchase Agreements		—			5,521,000			—		5,521,000
		69,595,488			56,984,830			412,289		126,992,607
Other Financial Instruments*—Assets
Interest Rate Contracts		185			—			—		185
Market Price		390,858			—			—		390,858
		391,043			—			—		391,043
Other Financial Instruments*—Liabilities
Credit Contracts		—			(27,602	)		—		(27,602	)
Interest Rate Contracts		(140,643	)		—			—		(140,643	)
Market Price		(82,479	)		—			—		(82,479	)
		(223,122	)		(27,602	)		—		(250,724	)
Totals	$	69,763,409		$	56,957,228		$	412,289	$	127,132,926

	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 12/31/19
AllianzGI Global High Yield:
Investments in Securities—Assets
Corporate Bonds & Notes		—		$	24,163,824			—	$	24,163,824
Other Financial Instruments*—Assets
Foreign Exchange Contracts		—			5,567			—		5,567
Interest Rate Contracts	$	6,242			—			—		6,242
		6,242			5,567			—		11,809
Other Financial Instruments*—Liabilities
Foreign Exchange Contracts		—			(62,916	)		—		(62,916	)
Market Price		(5,590	)		—			—		(5,590	)
		(5,590	)		(62,916	)		—		(68,506	)
Totals	$	652		$	24,106,475			—	$	24,107,127
AllianzGI Global Sustainability:
Investments in Securities—Assets
Common Stock:
Australia		—		$	2,632,724			—	$	2,632,724
Denmark		—			2,443,355			—		2,443,355
France		—			4,079,115			—		4,079,115
Germany	$	4,107,567			8,237,447			—		12,345,014
Hong Kong		—			1,977,377			—		1,977,377
Japan		—			7,102,594			—		7,102,594
Korea (Republic of)		5,965			2,673,416			—		2,679,381
Spain		—			6,386,867			—		6,386,867
Sweden		—			6,408,531			—		6,408,531
Switzerland		—			6,368,460			—		6,368,460
United Kingdom		—			18,062,368			—		18,062,368
All Other		94,991,499			—			—		94,991,499
Repurchase Agreements		—			3,782,000			—		3,782,000
Totals	$	99,105,031		$	70,154,254			—	$	169,259,285
AllianzGI Green Bond:
Investments in Securities—Assets
Corporate Bonds & Notes		—		$	28,279,028			—	$	28,279,028
Sovereign Debt Obligations		—			5,683,023			—		5,683,023
Repurchase Agreements		—			724,000			—		724,000
		—			34,686,051			—		34,686,051
Other Financial Instruments*—Assets
Interest Rate Contracts	$	25,931			—			—		25,931
Other Financial Instruments*—Liabilities
Foreign Exchange Contracts		—			(169,527	)		—		(169,527	)
Interest Rate Contracts		(48,690	)		—			—		(48,690	)
		(48,690	)		(169,527	)		—		(218,217	)
Totals	$	(22,759	)	$	34,516,524			—	$	34,493,765
AllianzGI High Yield Bond:
Investments in Securities—Assets
Corporate Bonds & Notes:
Diversified Financial Services		—		$	5,564,940		$	1,292,659	$	6,857,599
Media		—			11,203,436			3		11,203,439
All Other		—			89,500,432			—		89,500,432
Preferred Stock		—			—			6,161,706		6,161,706
Common Stock		—			—			54,792		54,792
Warrants		—			—			30,833		30,833
Repurchase Agreements		—			913,000			—		913,000
Totals		—		$	107,181,808		$	7,539,993	$	114,721,801

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 12/31/19
AllianzGI International Small-Cap:
Investments in Securities—Assets
Common Stock:
Austria	$	1,635,454	$	2,820,005		—	$	4,455,459
Denmark		2,501,052		—		—		2,501,052
Finland		934,539		—		—		934,539
Germany		2,670,662		6,025,332		—		8,695,994
Ireland		1,354,250		—		—		1,354,250
Sweden		1,409,280		1,481,066		—		2,890,346
Switzerland		1,476,519		4,116,486		—		5,593,005
Thailand		—		—	$	405,085		405,085
United Kingdom		3,124,922		12,258,615		—		15,383,537
All Other		—		53,545,083		—		53,545,083
Preferred Stock		—		1,028,523		—		1,028,523
		15,106,678		81,275,110		405,085		96,786,873
Other Financial Instruments*—Assets
Foreign Exchange Contracts		—		270		—		270
Totals	$	15,106,678	$	81,275,380	$	405,085	$	96,787,143
AllianzGI Micro Cap:
Investments in Securities—Assets
Common Stock	$	18,152,837		—		—	$	18,152,837
Repurchase Agreements		—	$	266,000		—		266,000
Totals	$	18,152,837	$	266,000		—	$	18,418,837
AllianzGI NFJ Emerging Markets Value:
Investments in Securities—Assets
Common Stock:
Brazil	$	2,310,562	$	4,952,395		—	$	7,262,957
Chile		421,523		—		—		421,523
China		8,873,407		28,632,575		—		37,505,982
France		777,784		1,368,057		—		2,145,841
India		2,791,283		6,666,554		—		9,457,837
Korea (Republic of)		1,297,756		5,896,687		—		7,194,443
Malaysia		772,644		751,567		—		1,524,211
Mexico		2,663,589		—		—		2,663,589
Peru		844,287		—		—		844,287
Poland		502,242		—		—		502,242
Russian Federation		3,313,952		—	$	1,613,782		4,927,734
Saudi Arabia		572,140		—		—		572,140
South Africa		1,402,410		1,990,954		—		3,393,364
Taiwan		1,206,679		12,299,477		—		13,506,156
United Kingdom		557,807		458,447		—		1,016,254
United States		3,499,838		—		—		3,499,838
All Other		—		14,655,169		—		14,655,169
Preferred Stock		—		4,453,052		—		4,453,052
Repurchase Agreements		—		328,000		—		328,000
Totals	$	31,807,903	$	82,452,934	$	1,613,782	$	115,874,619

	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 12/31/19
AllianzGI PerformanceFee Managed Futures Strategy:
Investments in Securities—Assets
U.S. Treasury Obligations		—		$	24,777,156			—	$	24,777,156
Mutual Funds	$	1,432,317			—			—		1,432,317
Repurchase Agreements		—			958,000			—		958,000
		1,432,317			25,735,156			—		27,167,473
Other Financial Instruments* – Assets
Commodity Contracts		266,112			—			—		266,112
Credit Contracts		—			256,328			—		256,328
Foreign Exchange Contracts		9,023			—			—		9,023
Interest Rate Contracts		11,912			—			—		11,912
Market Price		135,163			—			—		135,163
		422,210			256,328			—		678,538
Other Financial Instruments* – Liabilities
Commodity Contracts		(484,900	)		—			—		(484,900	)
Foreign Exchange Contracts		(315,137	)		—			—		(315,137	)
Interest Rate Contracts		(222,554	)		—			—		(222,554	)
Market Price		(89,192	)		—			—		(89,192	)
		(1,111,783	)		—			—		(1,111,783	)
Totals	$	742,744		$	25,991,484			—	$	26,734,228
AllianzGI PerformanceFee Structured US Equity:
Investments in Securities—Assets
Exchange-Traded Funds	$	98,357,407			—			—	$	98,357,407
Repurchase Agreements		—		$	852,000			—		852,000
Options Purchased:
Market Price		553,072			145,354			—		698,426
		98,910,479			997,354			—		99,907,833
Investments in Securities—Liabilities
Options Written:
Market Price		(460,005	)		(113,935	)		—		(573,940	)
Totals	$	98,450,474		$	883,419			—	$	99,333,893
AllianzGI PerformanceFee Structured US Fixed Income:
Investments in Securities—Assets
Exchange-Traded Funds	$	9,114,443			—			—	$	9,114,443
Repurchase Agreements		—		$	123,000			—		123,000
Options Purchased:
Market Price		105			—			—		105
		9,114,548			123,000			—		9,237,548
Investments in Securities—Liabilities
Options Written:
Market Price		(10,779	)		(9,292	)		—		(20,071	)
Totals	$	9,103,769		$	113,708			—	$	9,217,477
AllianzGI Preferred Securities and Income:
Investments in Securities—Assets
Corporate Bonds & Notes		—		$	13,986,838			—	$	13,986,838
Preferred Stock	$	3,561,798			—			—		3,561,798
Repurchase Agreements		—			639,000			—		639,000
		3,561,798			14,625,838			—		18,187,636
Other Financial Instruments*—Liabilities
Interest Rate Contracts		(1,081	)		—			—		(1,081	)
Totals	$	3,560,717		$	14,625,838			—	$	18,186,555

	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 12/31/19
AllianzGI Short Duration High Income:
Investments in Securities—Assets
Corporate Bonds & Notes:
Coal		—			—		$	3,091,492	$	3,091,492
All Other		—		$	1,277,911,152			—		1,277,911,152
Senior Loans		—			112,262,725			—		112,262,725
Asset-Backed Securities		—			—			2,060,992		2,060,992
Repurchase Agreements		—			142,147,000			—		142,147,000
Totals		—		$	1,532,320,877		$	5,152,484	$	1,537,473,361
AllianzGI Short Term Bond:
Investments in Securities—Assets
Corporate Bonds & Notes		—		$	10,493,537			—	$	10,493,537
U.S. Treasury Obligations		—			1,657,929			—		1,657,929
U.S. Government Agency Securities		—			673,254			—		673,254
Repurchase Agreements		—			388,000			—		388,000
Totals		—		$	13,212,720			—	$	13,212,720
AllianzGI Structured Return:
Investments in Securities—Assets
Exchange-Traded Funds	$	549,508,000			—			—	$	549,508,000
Repurchase Agreements		—		$	131,459,000			—		131,459,000
Options Purchased:
Market Price		4,854,559			1,468,400			—		6,322,959
		554,362,559			132,927,400			—		687,289,959
Investments in Securities—Liabilities
Options Written:
Market Price		(72,376,828	)		(1,209,614	)		—		(73,586,442	)
Totals	$	481,985,731		$	131,717,786			—	$	613,703,517
AllianzGI U.S. Equity Hedged:
Investments in Securities—Assets
Exchange-Traded Funds	$	2,376,936			—			—	$	2,376,936
Options Purchased:
Market Price		8,600		$	4,960			—		13,560
		2,385,536			4,960			—		2,390,496
Investments in Securities—Liabilities
Options Written:
Market Price		(7,995	)		—			—		(7,995	)
Totals	$	2,377,541		$	4,960			—	$	2,382,501
AllianzGI Ultra Micro Cap:
Investments in Securities—Assets
Common Stock	$	15,239,228			—			—	$	15,239,228
Repurchase Agreements		—		$	100,000			—		100,000
Totals	$	15,239,228		$	100,000			—	$	15,339,228

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 12/31/19
AllianzGI Water:
Investments in Securities—Assets
Common Stock:
Austria		—	$	8,770,695		—	$	8,770,695
Brazil		—		22,120,266		—		22,120,266
China		—		15,121,535		—		15,121,535
Finland		—		2,536,027		—		2,536,027
France		—		63,072,251		—		63,072,251
Netherlands		—		11,293,547		—		11,293,547
Sweden		—		22,936,473		—		22,936,473
Switzerland		—		40,961,659		—		40,961,659
United Kingdom	$	15,610,060		74,318,343		—		89,928,403
All Other		370,514,330		—		—		370,514,330
Repurchase Agreements		—		6,905,000		—		6,905,000
Totals	$	386,124,390	$	268,035,796		—	$	654,160,186

A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the three months ended December 31, 2019, was as follows:

	Beginning Balance 9/30/19		Purchases		Sales			Accrued Discount (Premiums)		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3		Transfers out of Level 3		Ending Balance 12/31/19
AllianzGI Best Styles Global Equity:
Investments in Securities—Assets
Common Stock:
China	$	1,153	$	—	$	—		$	—	$	—		$	(1,153	)	$	—	$	—	$	—	††
Greece		—		—		(1,069	)		—		(386,601	)		387,670			—		—		—
Thailand		1,829,586		—		(341,073	)		—		7,758			35,346			—		—		1,531,617
Totals	$	1,830,739	$	—	$	(342,142	)	$	—	$	(378,843	)	$	421,863		$	—	$	—	$	1,531,617
	Beginning Balance 9/30/19		Purchases		Sales			Accrued Discount (Premiums)		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3**		Transfers out of Level 3		Ending Balance 12/31/19
AllianzGI Best Styles International Equity:
Investments in Securities—Assets
Common Stock:
Singapore	$	12,112	$	—	$	—		$	—	$	—		$	663		$	9,758	$	—	$	22,533
Thailand		63,236		—		—			—		—			(2,797	)		—		—		60,439
Totals	$	75,348	$	—	$	—		$	—	$	—		$	(2,134	)	$	9,758	$	—	$	82,972
	Beginning Balance 9/30/19		Purchases		Sales			Accrued Discount (Premiums)		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3		Transfers out of Level 3		Ending Balance 12/31/19
AllianzGI Convertible:
Investments in Securities—Assets
Convertible Bonds & Notes:
Diversified Financial Services	$	3,857,048	$	702,576	$	—		$	178	$	—		$	275,703		$	—	$	—	$	4,835,505
	Beginning Balance 9/30/19		Purchases		Sales			Accrued Discount (Premiums)		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3		Transfers out of Level 3		Ending Balance 12/31/19
AllianzGI Emerging Markets Consumer:
Investments in Securities—Assets
Common Stock:
Philippines	$	575	$	—	$	—		$	—	$	—		$	14		$	—	$	—	$	589
Thailand		2,327,954		—		(655,187	)		—		24,685			(19,673	)		—		—		1,677,779
Totals	$	2,328,529	$	—	$	(655,187	)	$	—	$	24,685		$	(19,659	)	$	—	$	—	$	1,678,368

	Beginning Balance 9/30/19			Purchases			Sales			Accrued Discount (Premiums)		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3		Transfers out of Level 3			Ending Balance 12/31/19
AllianzGI Emerging Markets Small-Cap:
Investments in Securities—Assets
Common Stock:
Russian Federation	$	36,894		$	—		$	(2,318	)	$	—	$	107		$	1,177		$	—	$	—		$	35,860
Thailand		496,692			—			(131,138	)		—		29,205			(27,267	)		—		—			367,492
Preferred Stock:
Russian Federation		221,365			—			(142,069	)		—		11,770			(8,827	)		—		—			82,239
Totals	$	754,951		$	—		$	(275,525	)	$	—	$	41,082		$	(34,917	)	$	—	$	—		$	485,591
	Beginning Balance 9/30/19			Purchases			Sales			Accrued Discount (Premiums)		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3**		Transfers out of Level 3***			Ending Balance 12/31/19
AllianzGI Global Dynamic Allocation:
Investments in Securities—Assets
Common Stock:
China	$	34		$	—		$	—		$	—	$	—		$	(34	)	$	—	$	—		$	—
Greece		—	††		—			(273	)		—		(98,895	)		99,168			—		—			—
Taiwan		7,958			—			—			—		—			(2,735	)		—		(5,223	)		—
Thailand		410,024			—			(8,941	)		—		7,286			(26,613	)		30,414		—			412,170
Rights:
Morocco		—			119	†		—			—		—			—			—		—			119
Singapore		207			—			—			—		—			(207	)		—		—			—
Totals	$	418,223		$	119		$	(9,214	)	$	—	$	(91,609	)	$	69,579		$	30,414	$	(5,223	)	$	412,289
	Beginning Balance 9/30/19			Purchases			Sales			Accrued Discount (Premiums)		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3		Transfers out of Level 3			Ending Balance 12/31/19
AllianzGI High Yield Bond:
Investments in Securities—Assets
Corporate Bonds & Notes:
Commercial Services	$	126,445		$	—		$	(27,988	)†	$	—	$	—		$	(98,457	)	$	—	$	—		$	—
Diversified Financial Services		1,447,756			158,197	†		—			6,510		—			(319,804	)		—		—			1,292,659
Media		3			—			—			—		—			—			—		—			3
Preferred Stock		6,148,346			—			—			—		—			13,360			—		—			6,161,706
Common Stock:
Aerospace & Defense		68,454			—			—			—		—			(13,670	)		—		—			54,784
Banks		1			—			—			—		—			—			—		—			1
Media		7			—			—			—		—			—			—		—			7
Warrants:
Advertising		38,238			—			—			—		—			(7,406	)		—		—			30,832
Media		1			—			—			—		—			—			—		—			1
Totals	$	7,829,251		$	158,197		$	(27,988	)	$	6,510	$	—		$	(425,977	)	$	—	$	—		$	7,539,993
	Beginning Balance 9/30/19			Purchases			Sales			Accrued Discount (Premiums)		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3		Transfers out of Level 3			Ending Balance 12/31/19
AllianzGI International Small-Cap:
Investments in Securities—Assets
Common Stock:
Thailand	$	494,789		$	—		$	—		$	—	$	—		$	(89,704	)	$	—	$	—		$	405,085

	Beginning Balance 9/30/19		Purchases		Sales			Accrued Discount (Premiums)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3		Transfers out of Level 3		Ending Balance 12/31/19
AllianzGI NFJ Emerging Markets Value:
Investments in Securities—Assets
Common Stock:
Russian Federation	$	1,612,979	$	175,198	$	(413,083	)	$	—	$	53,198	$	185,490		$	—	$	—	$	1,613,782
Rights:
Singapore		3,590		—		—			—		—		(3,590	)		—		—		—
Totals	$	1,616,569	$	175,198	$	(413,083	)	$	—	$	53,198	$	181,900		$	—	$	—	$	1,613,782
	Beginning Balance 9/30/19		Purchases		Sales			Accrued Discount (Premiums)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3		Transfers out of Level 3		Ending Balance 12/31/19
AllianzGI Short Duration High Income:
Investments in Securities—Assets
Corporate Bonds & Notes:
Coal	$	—	$	21,775,626	$	—		$	—	$	—	$	(18,684,134	)	$	—	$	—	$	3,091,492
Asset-Backed Securities		—		14,517,084		—			—		—		(12,456,092	)		—		—		2,060,992
Totals	$	—	$	36,292,710	$	—		$	—	$	—	$	(31,140,226	)	$	—	$	—	$	5,152,484

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

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at December 31, 2019:

	Ending Balance at 12/31/19		Valuation Technique Used	Unobservable Inputs	Input Values (Ranges)
AllianzGI High Yield Bond:
Investments in Securities—Assets
Corporate Bonds & Notes
Diversified Financial Services	$	1,292,659	Market and Company Comparables	EV Multiples	1.75x (0.38x - 5.16x)
				Illiquidity Discount	20%
Preferred Stock	$	6,161,706	Market and Company Comparables	EV Multiples	0.90x (0.30x - 1.53x)
				Illiquidity Discount	25%
Common Stock	$	54,784	Market and Company Comparables	EV Multiples M&A Transaction Multiples	0.68x (0.36x - 0.83x) 0.91x (0.38x - 2.12x)
				Illiquidity Discount	40%
Warrants	$	30,832	Market and Company Comparables	EV Multiples	6.42x (1.21x - 27.11x) 6.39x (1.26x - 19.85x)
			Black-Sholes Model	Expected Volatility	26.52%
				Implied Price	$52.24

The table above does not include Level 3 Investments that are valued by brokers or independent pricing services.

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

** Transferred out of Level 2 and into Level 3 due to an exchange traded closing price being unavailable or unreliable at December 31, 2019.

*** Transferred out of Level 3 and into Level 2 as a result of securities trading outside of the U.S. whose values were adjusted by the application of a modeling tool at December 31, 2019.

† Issued or removed via corporate action.

†† Actual amount rounds to less than $1.

The net change in unrealized appreciation/depreciation of Level 3 investments which the following Funds held at December 31, 2019 was:

AllianzGI Best Styles Global Equity	$	44,675
AllianzGI Best Styles International Equity		(2,117	)
AllianzGI Convertible		275,703
AllianzGI Emerging Markets Consumer		20,734
AllianzGI Emerging Markets Small-Cap		3,619
AllianzGI Global Dynamic Allocation		(31,482	)
AllianzGI High Yield Bond		(453,964	)
AllianzGI International Small-Cap		(89,704	)
AllianzGI NFJ Emerging Markets Value		243,218
AllianzGI Short Duration High Income		(31,140,226	)

At December 31, 2019, the aggregate cost basis and the net unrealized appreciation (depreciation) of investments in securities and other financial instruments for federal income tax purposes were:

	Federal Tax Cost Basis(1)		Unrealized Appreciation		Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
AllianzGI Retirement 2020	$	15,333,069	$	123,607	$	39,577	$	84,030
AllianzGI Retirement 2025		20,121,429		173,855		42,582		131,273
AllianzGI Retirement 2030		28,445,723		278,347		54,295		224,052
AllianzGI Retirement 2035		22,631,391		367,774		62,710		305,064
AllianzGI Retirement 2040		25,576,458		620,032		67,957		552,075
AllianzGI Retirement 2045		15,345,608		462,323		57,314		405,009
AllianzGI Retirement 2050		22,943,409		675,175		109,865		565,310
AllianzGI Retirement 2055		11,678,165		320,269		61,403		258,866
AllianzGI Multi Asset Income		20,818,870		737,986		121,910		616,076
AllianzGI Global Allocation		309,722,060		12,508,657		3,569,653		8,939,004
AllianzGI Best Styles Global Equity		193,649,289		39,790,607		13,809,779		25,980,828
AllianzGI Best Styles International Equity		22,793,733		3,098,608		1,260,494		1,838,114
AllianzGI Best Styles U.S. Equity		39,146,309		9,031,996		622,825		8,409,171
AllianzGI Convertible		726,678,337		100,785,285		2,052,672		98,732,613
AllianzGI Core Bond		37,019,052		420,359		207,455		212,904
AllianzGI Core Plus Bond		63,750,543		744,351		398,796		345,555
AllianzGI Emerging Markets Consumer		34,361,214		8,479,973		556,726		7,923,247
AllianzGI Emerging Markets Small-Cap		6,714,834		1,688,697		306,131		1,382,566
AllianzGI Emerging Markets SRI Debt		18,653,844		824,971		218,121		606,850
AllianzGI Floating Rate Note		13,155,629		135,146		43,652		91,494
AllianzGI Global Dynamic Allocation		118,676,013		10,862,322		2,405,409		8,456,913
AllianzGI Global High Yield		23,344,167		914,270		151,310		762,960
AllianzGI Global Sustainability		152,988,199		16,735,448		464,362		16,271,086
AllianzGI Green Bond		34,321,439		507,612		335,286		172,326
AllianzGI High Yield Bond		119,523,303		5,300,476		10,101,978		(4,801,502	)
AllianzGI International Small-Cap		80,167,692		19,525,013		2,905,562		16,619,451
AllianzGI Micro Cap		13,115,850		5,966,700		663,713		5,302,987
AllianzGI NFJ Emerging Markets Value		101,062,743		16,925,663		2,113,787		14,811,876
AllianzGI PerformanceFee Managed Futures Strategy		27,154,225		693,964		1,113,961		(419,997	)
AllianzGI PerformanceFee Structured US Equity		88,557,632		11,099,732		323,471		10,776,261
AllianzGI PerformanceFee Structured US Fixed Income		8,915,054		302,746		323		302,423
AllianzGI Preferred Securities and Income		17,628,367		584,284		26,096		558,188
AllianzGI Short Duration High Income		1,562,768,627		19,071,021		44,366,287		(25,295,266	)
AllianzGI Short Term Bond		13,090,288		153,760		31,328		122,432
AllianzGI Structured Return		575,640,227		57,579,642		19,516,352		38,063,290
AllianzGI U.S. Equity Hedged		1,807,711		622,065		47,275		574,790
AllianzGI Ultra Micro Cap		10,378,942		5,498,804		538,518		4,960,286
AllianzGI Water		474,411,937		187,305,352		7,557,103		179,748,249

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