UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-06161

Allianz Funds

(Exact name of registrant as specified in charter)

1633 Broadway, New York, New York	10019
(Address of principal executive offices)	(Zip code)

Lawrence G. Altadonna

1633 Broadway,

New York, New York 10019

(Name and address of agent for service)

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

Date of fiscal year end: June 30, 2015

Date of reporting period: June 30, 2015

ITEM 1. REPORT TO SHAREHOLDERS

Allianz Funds

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

Annual Report

June 30, 2015

AllianzGI Emerging Markets Opportunities Fund

AllianzGI Focused Growth Fund

AllianzGI Global Natural Resources Fund

AllianzGI Global Small-Cap Fund

AllianzGI Health Sciences Fund (formerly AllianzGI Wellness Fund)

AllianzGI Income & Growth Fund

AllianzGI International Managed Volatility Fund

AllianzGI Mid-Cap Fund

AllianzGI NFJ All-Cap Value Fund

AllianzGI NFJ Dividend Value Fund

AllianzGI NFJ International Value Fund

AllianzGI NFJ Large-Cap Value Fund

AllianzGI NFJ Mid-Cap Value Fund

AllianzGI NFJ Small-Cap Value Fund

AllianzGI Small-Cap Blend Fund

AllianzGI Technology Fund

AllianzGI U.S. Managed Volatility Fund

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

Receive this report electronically and eliminate paper mailings.

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

Table of Contents

2–3	Letter from the President
4–51	Fund Summaries
52–54	Important Information
55–57	Benchmark Descriptions
58–85	Schedules of Investments
86–93	Statements of Assets and Liabilities
94–97	Statements of Operations
98–104	Statements of Changes in Net Assets
106–153	Financial Highlights
154–192	Notes to Financial Statements
193	Report of Independent Registered Public Accounting Firm
194–195	Federal Income Tax Information
196	Shareholder Meeting Results/Changes to Board of Trustees
197–198	Privacy Policy
199–201	Board of Trustees and Officers

A Word About Risk: A fund may be subject to various risks as described in its prospectus. Some of those risks may include, but are not limited to, the following: derivatives risk, smaller company risk, non-US investment risk, focused investment risk and specific sector investment risks. Use of derivative instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit and counterparty risk, management risk and the risk that a fund is unable to close out a position when it is most advantageous to do so. Portfolios investing in derivatives could lose more than the principal amount invested in those instruments. Investing in foreign securities may entail risk due to foreign economic and political developments; this risk may be enhanced when investing in emerging markets. Smaller companies may be more volatile than larger companies and may entail more risk. Concentrating investments in individual sectors may add additional risk and additional volatility compared to a diversified equity portfolio. The principal values of the Funds are not guaranteed at any time. Please refer to the applicable Fund’s current prospectus for complete details.

Letter from the President

Julian Sluyters

President & CEO

Dear Shareholder,

Despite a period of weakness, the US economy as a whole expanded during the 12-month fiscal reporting period ended June 30, 2015. While growth in many developed foreign countries was far from robust, there were some signs of progress as the reporting period progressed, partially due to a highly accommodative monetary policy. Against this backdrop, US equities posted a solid gain, whereas international stocks declined. Elsewhere, the US bond market moved modestly higher during the reporting period.

The 12-Month Fiscal Period in Review

For the 12-month period ended June 30, 2015, US stocks rose 7.42%, as measured by the S&P 500 Index. Two measures of stock performance in developed international and global markets produced mixed results, in dollar-denominated terms, with the MSCI EAFE (Europe, Australasia and Far East) Index declining 4.22% and the MSCI World Index gaining 1.43%. Elsewhere, the MSCI Emerging Markets Index returned -5.12% in dollar-denominated terms.

With respect to bonds, the Barclays US Credit Index rose 0.93%, whereas the Barclays Global High Yield Index declined 3.88%. The Barclays US Government Bond Index returned 2.27%, while the broader bond market, as measured by the Barclays US Aggregate Bond Index, gained 1.86%.

Turning to the US economy, gross domestic product (“GDP”), the value of goods and services produced in the country, the broadest measure of economic activity and the principal indicator of economic performance, expanded at a revised 4.3% annual pace during the third quarter of 2014. Economic growth then moderated, as GDP grew at an annual pace of 2.1% during the fourth quarter of 2014 and 0.6% during the first quarter of 2015. However, US economic activity improved, as the Commerce Department’s initial estimate showed that GDP — released after the reporting period had ended — grew at an annual pace of 2.3% for the second quarter of 2015.

The US Federal Reserve (the “Fed”) maintained an accommodative monetary policy during the reporting period, but it appeared to move closer to its first rate hike in nearly a decade. Looking back, at its meeting in October 2014, the Fed announced that it had concluded its asset purchase program. Moving forward, at its March 2015 meeting, the Fed eliminated the word “patient” from its official statement regarding when it may start raising rates. Then, at its June 2015 meeting, the Fed said that it “currently anticipates that, even after employment and inflation are

2 June 30, 2015  | Annual Report

near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Committee views as normal in the longer run.”

Economic growth outside the US was mixed during the reporting period. Anemic growth and concerns of deflation in the euro zone caused the European Central Bank (“ECB”) to announce that, beginning in March 2015, it would start a €60 billion-a-month bond-buying program that is expected to run until September 2016, if not longer. Early indications are that the ECB’s actions have helped to spur modest growth. The Bank of Japan (“BoJ”) also maintained a highly accommodative monetary policy. In October 2014, BoJ announced that it would increase its asset purchases by between ¥10 trillion and ¥20 trillion ($90.7 billion to $181.3 billion) to approximately ¥80 trillion ($725 billion) annually. Elsewhere, after holding rates steady at 6.0% since July 2012, the People’s Bank of China lowered rates four

times during the reporting period in an effort to stimulate growth. Its most recent action in June 2015 pushed rates down to 4.85%.

Outlook

While there have been signs of progress, we believe Greece will likely remain a headline-generator for some time. While we expect continued volatility and acknowledge the potential for Greece’s exit from the eurozone monetary union, we believe the balance of risks to be containable and may present buying opportunities.

Looking beyond geopolitics, global macroeconomic data remain consistent

with a moderate pace of growth heading into the second half of 2015. From an inflation standpoint, if the current trend holds, easier year-over-year comparables may cause a marked uptick in inflation in the industrialized world by early 2016, a development that we believe may be under-appreciated by some investors.

Despite the changing economic environment, we believe money and bond markets still do not appear to be priced for the start of Fed tightening. This, combined with poor bond-market liquidity, could result in more volatility as we get closer to interest rate “lift-off.” While equities may also experience volatility when the Fed raises rates, we believe stocks should see support from improving economic growth.

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

Sincerely,

Julian Sluyters

President & Chief Executive Officer

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

Receive this report electronically and eliminate paper mailings.

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

Annual Report |  June 30, 2015 3

Unaudited

AllianzGI Emerging Markets Opportunities Fund

For the period of July 1, 2014 through June 30, 2015, as provided by Lu Yu, Portfolio Manager.

Fund Insights

For the reporting period ended June 30, 2015, Class A shares at Net Asset Value (“NAV”) of the AllianzGI Emerging Markets Opportunities Fund (the “Fund”) returned -2.76%, outperforming the MSCI Emerging Markets Index (the “benchmark index”), which returned -5.12%.

Market Environment

Emerging market equities were significantly impacted by changing investor sentiment over the reporting period, with sentiment oscillating from bullish to bearish several times. At the beginning of the reporting period, emerging market equities were the beneficiaries of positive expectations for elections in countries such as India, Brazil and Indonesia, advancing in July and August. Volatility picked up in September amid concerns of the impact from a strengthening dollar coupled with commodity and energy price weakness. This translated into declines in three of the four months to end the calendar year, particularly for energy-related countries like Russia and Brazil. Market participants were then fixated on China, as a slowdown in GDP resulted in a fresh round of stimulus packages aimed at spurring growth. Emerging market equities rallied significantly in April, as investor preferences shifted gears in favor of lower-quality stocks which benefited from interest rate cuts. Market sentiment sharply reversed course in May and June as investors became increasingly apprehensive of ripple effects from the situation in Greece and concerns of a potential bubble in the local China A-share market. This resulted in indiscriminate selling.

At the end of the reporting period, China was the top benchmark performer for the full reporting period, followed by the Philippines and Taiwan. Meanwhile, Greece was the largest benchmark detractor, with commodity and energy-related countries of Colombia, Brazil and Russia also among the detractors. Sector performance for the benchmark index was mixed, with health care being the largest contributor followed by more modest returns for financials and telecom services. Conversely, cyclically-oriented stocks in the energy, materials and utilities sectors were among the biggest detractors.

Portfolio Review

The Fund’s performance relative to the benchmark index was the result of positive stock selection, alongside favorable sector and country allocation decisions. In addition, the reduction in forecast risk relative to the benchmark index helped protect capital during down market periods, which allowed clients to benefit from compounding returns.

During the reporting period, South Korea was the best relative performer for the Fund, contributing to results thanks to bottom-up stock selection. Emerging markets-related selections listed in the United States added to results as did stock selection in Brazil and Russia. Conversely, the Fund’s more conservative stock selection in China offset results, as did bottom-up investments in Taiwan. Consumer staples proved to be the best performing sector, and an underweight allocation to energy helped relative returns. Stock picking in information technology lagged the benchmark, as did selections in telecom services.

The largest individual active contributor to performance was Amorepacific Corp. Shares of the Korean skin care, make-up and fragrance products manufacturer advanced, due to strong revenue growth and market share gains. In addition, the company made the decision to split its share price in an effort to increase liquidity. Shares of Bank Of China Ltd. advanced, thanks in part to government stimulus packages aimed at spurring growth in the region. Earnings of the nation’s third-largest lender increased as loan and fee income rose. The largest individual active detractor to performance was LG Display Co. Ltd. The Korean developer and manufacturer of LCD, computer and mobile phone displays was lower following weakness in television panel prices. In addition, not owning Tencent Holdings Ltd. offset results given its sizeable benchmark index weight and outperformance due to its strong internet and social media leadership position, alongside positive sentiment towards Tencent in China.

Average Annual Total Return for the period ended June 30, 2015

	1 Year		5 Year		10 Year		Since Inception†
AllianzGI Emerging Markets Opportunities Fund Class A		–2.76%		5.67%		8.92%		10.68%
AllianzGI Emerging Markets Opportunities Fund Class A (adjusted)		–8.10%		4.48%		8.31%		10.11%
AllianzGI Emerging Markets Opportunities Fund Class C		–3.53%		4.87%		8.09%		9.84%
AllianzGI Emerging Markets Opportunities Fund Class C (adjusted)		–4.49%		4.87%		8.09%		9.84%
AllianzGI Emerging Markets Opportunities Fund Class D		–2.77%		5.66%		8.92%		10.68%
AllianzGI Emerging Markets Opportunities Fund Class P		–2.53%		5.93%		9.22%		10.98%
AllianzGI Emerging Markets Opportunities Fund Institutional Class		–2.45%		5.97%		9.35%		11.11%
MSCI Emerging Markets Index		–5.12%		3.68%		8.11%		10.18%
Lipper Emerging Markets Funds Average		–7.00%		3.38%		7.35%		9.38%

† The Fund began operations on 5/27/04. Benchmark comparisons began on the fund inception date. Lipper comparisons began on 5/31/04.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares and 1% contingent deferred sales charge (CDSC) on Class C shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Please see pages 52-54 for more information. The Fund’s expense ratios are 1.67% for Class A shares, 2.42% for Class C shares, 1.67% for Class D shares, 1.42% for Class P shares and 1.32% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated August 29, 2014, as supplemented to date.

4 June 30, 2015  | Annual Report

Unaudited

AllianzGI Emerging Markets Opportunities Fund (cont’d)

Cumulative Returns Through June 30, 2015

The Fund began operations on 5/27/04. Benchmark comparisons began on the fund inception date.

Country Allocation (as of June 30, 2015)

China	18.7%
Korea (Republic of)	18.2%
Brazil	11.1%
Taiwan	10.0%
India	8.7%
Hong Kong	6.2%
South Africa	3.6%
United States	3.4%
Other	15.5%
Cash & Equivalents — Net	4.6%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class D	Class P	Institutional Class
Beginning Account Value (1/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/15)	$1,018.50	$1,014.50	$1,018.20	$1,019.60	$1,020.00
Expenses Paid During Period	$8.36	$12.09	$8.36	$7.11	$6.61
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class D	Class P	Institutional Class
Beginning Account Value (1/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/15)	$1,016.51	$1,012.79	$1,016.51	$1,017.75	$1,018.25
Expenses Paid During Period	$8.35	$12.08	$8.35	$7.10	$6.61

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.67% for Class A, 2.42% for Class C, 1.67% for Class D, 1.42% for Class P, and 1.32% for Institutional Class), multiplied by the average account value over the period, multiplied by 181/365.

Annual Report |  June 30, 2015 5

Unaudited

AllianzGI Focused Growth Fund

For the period of July 1, 2014 through June 30, 2015, as provided by Scott Migliori, CFA, Senior Portfolio Manager.

Fund Insights

For the reporting period ended June 30, 2015, Class A shares at NAV of the AllianzGI Focused Growth Fund (the “Fund”) returned 11.57%, outperforming the Russell 1000 Growth Index (the “benchmark Index”), which returned 10.56%.

Market Environment

On the macro level, US share prices climbed to fresh all-time highs, as a strengthening labor market and solid corporate earnings outweighed mixed economic data and plummeting oil prices. During the period, we saw GDP growth fall short of expectations due to a variety of factors, including an unusually harsh winter, the west coast port strike, falling investment in the energy sector and a strong US dollar (which dampened exports). While some parts of the economy struggled, the job market has been a bright spot with unemployment falling to the lowest level since May 2008. Later in the period, consumer spending surged while pending home sales jumped to their highest level in nine years.

At the Federal Open Market Committee (“FOMC”) meeting in March, central bankers signaled that if incoming data is sufficiently strong, rate hikes could begin in 2015. Policymakers also reduced their forecasts for GDP, inflation and long-term unemployment. Together, we believe this means the Federal Reserve (the “Fed”) is not on a preset course, and is increasingly data dependent.

Within the benchmark index, the health care and consumer discretionary sectors were the largest contributors for the period. Meanwhile, the energy and utilities sectors were the only sectors that posted negative returns—both sectors declined by double digits.

Portfolio Review

The Fund’s performance was largely driven by stocks in the health care, technology and consumer staples sectors. Within health care, several companies are successfully developing and launching breakthrough treatments for chronic and life-threatening diseases. In technology, our holdings are benefiting from significant secular shifts, including mobile advertising, cloud computing and improvements in security technology. A consumer staples holding was boosted by a business partnership that increased its competitive positioning.

Conversely, stocks in the energy and industrials sectors detracted from the Fund’s performance. In energy, the sector was negatively impacted by the dramatic decline in oil prices, which was due to oversupply and soft demand. Within the industrials sector, some of our holdings were negatively impacted due to their exposure to weak foreign economies and the energy sector. We reduced the Fund’s weighting in the energy and industrials sectors during the period because we see prolonged headwinds in both areas.

From a sector allocation perspective, an overweight position in the health care sector and an underweight in the industrials sector contributed to the Fund’s relative returns during the period. On the negative side, an equal weight position in the energy sector and an overweight in consumer discretionary detracted from returns.

We maintain overweight positions in the technology and health care sectors and underweight positions in industrials and consumer staples sectors.

Outlook

We maintain a positive market outlook. With the US economy steadily improving, we believe the Fed will likely begin to raise short-term interest rates in the second half of 2015. Despite rising interest rates and potentially higher volatility, we expect US economic growth and company fundamentals to drive US equities higher. We also anticipate weak to modest global growth and low inflation to persist in the second half of this year.

Risks to the equity market include sooner than expected monetary tightening, protracted geopolitical tensions, a recession in Europe and slower than expected growth in China.

Average Annual Total Return for the period ended June 30, 2015

	1 Year		5 Year		10 Year		Since Inception†
AllianzGI Focused Growth Fund Class A		11.57%		18.48%		10.19%		11.21%
AllianzGI Focused Growth Fund Class A (adjusted)		5.44%		17.15%		9.57%		11.01%
AllianzGI Focused Growth Fund Class B		10.73%		17.60%		9.62%		11.03%
AllianzGI Focused Growth Fund Class B (adjusted)		5.80%		17.39%		9.62%		11.03%
AllianzGI Focused Growth Fund Class C		10.76%		17.59%		9.37%		10.38%
AllianzGI Focused Growth Fund Class C (adjusted)		9.77%		17.59%		9.37%		10.38%
AllianzGI Focused Growth Fund Class D		11.59%		18.48%		10.19%		11.21%
AllianzGI Focused Growth Fund Class R		11.32%		18.18%		9.92%		10.86%
AllianzGI Focused Growth Fund Class P		11.88%		18.78%		10.50%		11.53%
AllianzGI Focused Growth Fund Institutional Class		11.99%		18.90%		10.60%		11.64%
AllianzGI Focused Growth Fund Administrative Class		11.67%		18.60%		10.32%		11.35%
Russell 1000 Growth Index		10.56%		18.59%		9.10%		10.76%
Lipper Large-Cap Growth Funds Average		10.50%		17.21%		8.31%		9.36%

† The Fund began operations on 2/24/84. Benchmark and Lipper performance comparisons began on 2/29/84.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares, 5% contingent deferred sales charge (CDSC) on Class B shares and 1% CDSC on Class C shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Please see pages 52-54 for more information. The Fund’s expense ratios are 1.11% for Class A shares, 1.86% for Class B shares, 1.86% for Class C shares, 1.11% for Class D shares, 1.36% for Class R shares, 0.86% for Class P shares, 0.76% for Institutional Class shares and 1.01% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated August 29, 2014, as supplemented to date.

6 June 30, 2015  | Annual Report

Unaudited

AllianzGI Focused Growth Fund (cont’d)

Cumulative Returns Through June 30, 2015

The Fund began operations on 2/24/84. Benchmark performance comparisons began on 2/29/84.

Industry/Sectors (as of June 30, 2015)

Biotechnology	9.8%
Pharmaceuticals	9.2%
Internet Software & Services	8.6%
Technology Hardware, Storage & Peripherals	6.9%
Internet & Catalog Retail	6.2%
Specialty Retail	6.0%
Software	6.0%
Food & Staples Retailing	5.7%
Other	39.9%
Cash & Equivalents — Net	1.7%

Shareholder Expense Example	Actual Performance
	Class A	Class B	Class C	Class D	Class R	Class P	Institutional Class	Administrative Class
Beginning Account Value (1/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/15)	$1,073.10	$1,069.20	$1,069.20	$1,073.30	$1,072.10	$1,074.70	$1,075.20	$1,073.50
Expenses Paid During Period	$5.71	$9.54	$9.54	$5.71	$6.99	$4.42	$3.91	$5.19
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class B	Class C	Class D	Class R	Class P	Institutional Class	Administrative Class
Beginning Account Value (1/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/15)	$1,019.29	$1,015.57	$1,015.57	$1,019.29	$1,018.05	$1,020.53	$1,021.03	$1,019.79
Expenses Paid During Period	$5.56	$9.30	$9.30	$5.56	$6.80	$4.31	$3.81	$5.06

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.11% for Class A, 1.86% for Class B, 1.86% for Class C, 1.11% for Class D, 1.36% for Class R, 0.86% for Class P, 0.76% for Institutional Class and 1.01% for Administrative Class), multiplied by the average account value over the period, multiplied by 181/365.

Annual Report |  June 30, 2015 7

Unaudited

AllianzGI Global Natural Resources Fund

For the period of July 1, 2014, through June 30, 2015, as provided by Paul Strand, CFA, Portfolio Manager.

Fund Insights

For the reporting period ended June 30, 2015, Class A shares at NAV of the AllianzGI Global Natural Resources Fund (the “Fund”) returned -19.56%, underperforming the Custom Commodity Equity Benchmark (the “benchmark index”), which returned -11.54%.

Market Environment

Oil prices plummeted in the fourth quarter of 2014, as the Organization of the Petroleum Exporting Countries (“OPEC”) opted not to cut production to steady oil prices in response to increased supply from North American shale and other producers. In addition, China’s economic slowdown and lower consumption of raw materials has negatively impacted the prices for many other commodities.

Portfolio Review

During this period of relatively weak commodity prices, the Fund’s underperformance against the benchmark index was driven primarily by an overweight to the energy sector and stock selection in the energy and materials sectors. Relative performance against the mutual fund peers held up well.

Our positions in refiners, coatings, cement and alternative energy made the strongest contribution to performance during the reporting period. The refiners generally benefited from the drop in crude oil input costs, as those costs fell faster than finished product prices, thus widening margins. In addition, the US government has for the most part blocked the exporting of shale energy which has also helped the refiners in limiting crude costs. The coatings companies also benefited from lower input costs and continued strong demand from consumer and industrial end markets.

The primary detractor to performance was an overweight to the energy sector, in particular oil and gas exploration, energy equipment and service stocks. Lower upstream energy prices translated into lower revenues for the Exploration & Production companies (“E&P”) companies. With that pressure on revenues, the E&P companies cut back on drilling expenditures therefore negatively impacting the revenues and growth outlook for the oil service industry.

The Fund is a thematic, diversified and opportunistic strategy that combines top-down analysis of commodities and regional economies, with bottom-up analysis of natural resource-related companies. Every holding is supported by an investment theme. In response to the significant decline in energy prices in the second half of 2014, we eliminated some energy-related exposure with relatively higher balance sheet risk. Given that we expect to see range-bound commodity prices and higher market volatility for the foreseeable future, the Fund initiated a covered call writing strategy in the first quarter. We wrote several short-dated call options against long positions in a variety of sub-sectors. The covered call writing strategy is designed to capture some incremental income, enhance downside protection and in general add to overall performance. As we become more confident in the outlook for commodity prices, we will likely phase out the option strategy and not cap the potential upside to the long positions.

Outlook

We forecast oil prices to be generally range bound between $50 and $75 a barrel, with crude prices eventually normalizing to the $70 to $75 a barrel level. Given that we are currently at the low end of this predicted range, we expect some improvement in oil prices in the second half of 2015. We believe the aggressive production cutbacks that have been announced recently, particularly in North American drilling and other more global drilling projects, should help firm the supply overhang currently in the marketplace. We are also seeing signs of improved global energy demand with the lower oil prices. We maintain a modest global economic growth outlook for 2015 but are mindful that the economic tea leaves are difficult to forecast now with any precision. However, we are prepared to move aggressively to a more growth–oriented portfolio if we see some concrete signs of global economic reacceleration.

Average Annual Total Return for the period ended June 30, 2015

	1 Year		5 Year		10 Year		Since Inception†
AllianzGI Global Natural Resources Fund Class A		–19.56%		6.08%		5.50%		7.82%
AllianzGI Global Natural Resources Fund Class A (adjusted)		–23.98%		4.88%		4.91%		7.27%
AllianzGI Global Natural Resources Fund Class C		–20.17%		5.29%		4.73%		7.03%
AllianzGI Global Natural Resources Fund Class C (adjusted)		–20.97%		5.29%		4.73%		7.03%
AllianzGI Global Natural Resources Fund Class D		–19.55%		6.09%		5.51%		7.83%
AllianzGI Global Natural Resources Fund Class P		–19.38%		6.34%		5.79%		8.11%
AllianzGI Global Natural Resources Fund Institutional Class		–19.28%		6.46%		5.90%		8.22%
MSCI World Index		1.43%		13.10%		6.38%		6.71%
Custom Commodity Equity Benchmark		–11.54%		7.67%		7.74%		9.28%
World Energy and Materials Composite		–20.41%		5.64%		4.88%		6.79%
Lipper Global Natural Resources Funds Average		–24.65%		1.85%		3.56%		6.45%

† The Fund began operations on 6/30/04. Benchmark comparisons began on the fund inception date. Lipper comparisons began on 6/30/04.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares and 1% contingent deferred sales charge (CDSC) on Class C shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Please see pages 52-54 for more information. The Fund’s expense ratios are 1.41% for Class A shares, 2.16% for Class C shares, 1.41% for Class D shares, 1.16% for Class P shares and 1.06% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated August 29, 2014, as supplemented to date.

8 June 30, 2015  | Annual Report

Unaudited

AllianzGI Global Natural Resources Fund (cont’d)

Cumulative Returns Through June 30, 2015

The Fund began operations on 6/30/04. Benchmark comparisons began on the fund inception date.

Country Allocation (as of June 30, 2015)

United States	63.8%
Canada	10.4%
United Kingdom	5.6%
Japan	5.0%
France	3.1%
Switzerland	2.6%
Spain	1.7%
Germany	1.7%
Other	5.6%
Cash & Equivalents — Net (including Options Written)	0.5%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class D	Class P	Institutional Class
Beginning Account Value (1/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/15)	$1,012.10	$1,008.40	$1,012.10	$1,013.20	$1,014.30
Expenses Paid During Period	$7.03	$10.76	$7.03	$5.79	$5.29
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class D	Class P	Institutional Class
Beginning Account Value (1/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/15)	$1,017.80	$1,014.08	$1,017.80	$1,019.04	$1,019.54
Expenses Paid During Period	$7.05	$10.79	$7.05	$5.81	$5.31

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.41% for Class A, 2.16% for Class C, 1.41% for Class D, 1.16% for Class P and 1.06% for Institutional Class), multiplied by the average account value over the period, multiplied by 181/365.

Annual Report |  June 30, 2015 9

Unaudited

AllianzGI Global Small-Cap Fund

For the period of July 1, 2014 through June 30, 2015, as provided by Andrew Neville, Portfolio Manager.

Fund Insights

For the reporting period ended June 30, 2015, Class A shares at NAV of the AllianzGI Global Small-Cap Fund (the “Fund”) returned 4.48%, outperforming the MSCI World Small-Cap Index (the “benchmark index”), which returned 1.63%.

Market Environment

Global smaller companies continued to post absolute gains over the course of the reporting period. Japanese smaller companies registered the strongest gains, posting double-digit returns. Smaller companies from the US and Europe also performed positively, while smaller companies from the Asia-Pacific region suffered losses.

In the early part of the reporting period, mixed economic data and rising geopolitical risks led to profit taking. Besides tension in the Middle East, the EU and the US announced new sanctions against Russia, targeting the sectors of energy, banking and defense. In Japan, the cabinet approved Prime Minister Shinzo Abe’s revamped “third arrow” of structural reforms, the centerpiece being a corporate tax rate. Later on, disappointing Chinese economic data, first air strikes in Syria, intensified sanctions on Russia and weak euro-zone economic data weighed on equity markets. Strong US economic data, the more expansionary European Central Bank (“ECB”) policy, the weakening euro, the Scottish ‘No’ vote to independence and brisk initial public offering (“IPO”) and merger and acquisition (“M&A”) activity acted as a counterweight. After a turbulent October, robust US economic data, a strong start to the US earnings season and the surprising expansion of quantitative easing (“QE”) by the Bank of Japan (“BoJ”) resulted in a powerful recovery. Until mid-December the sharp decline in oil prices and disappointing economic data from China and Japan caused uncertainty amongst investors about the state of the global economy. The ECB launch of its QE program, the weak euro, improving euro-zone economic data, the more dovish-than-expected Federal Reserve (“Fed”) meeting in March, the rate cut in China and the Minsk II ceasefire agreement provided tailwinds for equity markets in the first quarter of 2015. Policymakers in more than 20 countries slashed borrowing costs in an effort to spur growth and fight weak—and in some cases negative—inflation. Furthermore, despite fear of a spillover effect resulting from a Greek default and “Grexit” (Greece exiting the euro or possibly even the European Union) being much more muted than in 2011, the deteriorating Greek financial situation and questions about the future of the euro made markets nervous. Market participants were also worried about the upcoming elections in the UK; however, the pro-business conservatives finally won a further five years in power. China’s central bank cut the benchmark one-year rate and the reserve requirement ratio (“RRR”) and announced a relaxation in the requirement for China’s mutual funds to invest in Hong Kong stocks via Stock Connect. Reports on Japan’s economy were mixed. Labor conditions continued to strengthen, with job openings hitting an eight year high and unemployment falling to its lowest level since 1997. Greece became the first advanced economy to default on an International Monetary Fund (“IMF”) loan. Finally, in the US, although the Q2 economic environment showed improvement over a sluggish first quarter, signs of strength in housing construction and consumption were offset by soft productivity, employment, and manufacturing data. The path of slow growth continues.

Portfolio Review

Stock selection was a strong driver of the Fund’s relative performance. All four regional sleeve portfolios achieved an outperformance versus their regional markets. Sector-wise, selection contributed most positively within energy and health care. Sector structure was also a strong positive contributor due to the underweight positions in energy and materials and an overweight in health care.

During the reporting period, the Fund’s largest overweights relative to the benchmark index were in the health care, consumer discretionary and information technology sectors, while the largest underweights were in the financials sector followed by the materials and energy sectors. Geographically, the largest overweights were in China, Spain and Ireland and the largest underweights were in Canada and the UK.

The strongest stock contributors to performance were the positions in Acadia Healthcare, Marriott Vacations World (both US) and Kusuri No Aoki (Japan), with the largest detractors being positions in Sanchez Energy (US), Schoeller Bleckmann Oil Field Equipment (Austria) and Gameloft (France). Acadia Healthcare is a provider of psychiatric services for behavioral health patients, which benefits from incremental monetary provisioning for mental health patients across the US medical care landscape. Marriott Vacations World sells vacation ownership villas in the US and 10 other countries. Kusuri No Aoki is a drug store chain operator. It expanded its product line from over-the-counter and prescription drugs to items such as food and daily goods.

Average Annual Total Return for the period ended June 30, 2015

	1 Year		5 Year		10 Year		Since Inception†
AllianzGI Global Small-Cap Fund Class A		4.48%		18.88%		8.12%		10.94%
AllianzGI Global Small-Cap Fund Class A (adjusted)		–1.27%		17.54%		7.51%		10.60%
AllianzGI Global Small-Cap Fund Class B		3.66%		17.98%		7.47%		10.60%
AllianzGI Global Small-Cap Fund Class B (adjusted)		–1.34%		17.77%		7.47%		10.60%
AllianzGI Global Small-Cap Fund Class C		3.69%		17.98%		7.31%		10.13%
AllianzGI Global Small-Cap Fund Class C (adjusted)		2.69%		17.98%		7.31%		10.13%
AllianzGI Global Small-Cap Fund Class D		4.46%		18.88%		8.12%		11.03%
AllianzGI Global Small-Cap Fund Class P		4.72%		19.17%		8.43%		11.26%
AllianzGI Global Small-Cap Fund Institutional Class		4.80%		19.28%		8.52%		11.37%
MSCI World Small-Cap Index		1.63%		14.89%		8.08%		8.18%
Lipper Global Small-/Mid-Cap Funds Average		0.51%		12.70%		7.56%		8.75%

† The Fund began operations on 12/31/96. Benchmark comparisons began on the fund inception date. Lipper comparisons began on 12/31/96.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares, 5% contingent deferred sales charge (CDSC) on Class B shares and 1% CDSC on Class C shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Please see pages 52-54 for more information. The Fund’s expense ratios are 1.61% for Class A shares, 2.36% for Class B shares, 2.36% for Class C shares, 1.61% for Class D shares, 1.36% for Class P shares and 1.26% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated August 29, 2014, as supplemented to date.

10 June 30, 2015  | Annual Report

Unaudited

AllianzGI Global Small-Cap Fund (cont’d)

Cumulative Returns Through June 30, 2015

The Fund began operations on 12/31/96. Benchmark comparisons began on the fund inception date.

Country Allocation (as of June 30, 2015)

United States	56.0%
Japan	11.2%
United Kingdom	5.0%
France	2.6%
Sweden	2.4%
Italy	1.9%
Ireland	1.8%
Spain	1.6%
Other	12.4%
Cash & Equivalents — Net	5.1%

Shareholder Expense Example	Actual Performance
	Class A	Class B	Class C	Class D	Class P	Institutional Class
Beginning Account Value (1/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/15)	$1,086.10	$1,081.90	$1,081.90	$1,086.20	$1,087.40	$1,087.80
Expenses Paid During Period	$8.33	$12.18	$12.18	$8.33	$7.04	$6.52
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class B	Class C	Class D	Class P	Institutional Class
Beginning Account Value (1/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/15)	$1,016.81	$1,013.09	$1,013.09	$1,016.81	$1,018.05	$1,018.55
Expenses Paid During Period	$8.05	$11.78	$11.78	$8.05	$6.80	$6.31

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.61% for Class A, 2.36% for Class B, 2.36% for Class C, 1.61% for Class D, 1.36% for Class P and 1.26% for Institutional Class), multiplied by the average account value over the period, multiplied by 181/365.

Annual Report |  June 30, 2015 11

Unaudited

AllianzGI Health Sciences Fund (formerly AllianzGI Wellness Fund)

For the period of July 1, 2014 through June 30, 2015, as provided by John Schroer, Lead Portfolio Manager.

Fund Insights

For the reporting period ended June 30, 2015, Class A shares at NAV of the AllianzGI Health Sciences Fund (the “Fund”) returned 30.53%, outperforming the World Healthcare and Consumer Blended Benchmark (the “benchmark index”), which returned 13.89%.

Market Environment

It was a good year for global health care stocks in general as the MSCI World Healthcare Index rose 17.19% versus a modest gain for the MSCI World Index of 1.4%. The health care sector outperformed some of the more economically sensitive sectors of the market, including energy and materials which were weighed down by China’s economic slowdown and the collapse in oil prices.

Portfolio Review

Overall, the Fund’s outperformance was primarily driven by stock selection in the biotechnology and pharmaceuticals sectors and positive allocation effects from an overweight in the biotechnology sector. Modest negative offsets included poor stock selection in the health care and information technology sectors and an underweight in the consumer discretionary sector.

Our positions in the pharmaceutical and biotechnology industries made the strongest contribution to performance during the period. In general the biotechnology sector benefited from the flow of positive news from established commercial drugs and drug pipelines and a very active environment for mergers & acquisitions. Additionally, the Food and Drug Administration’s (“FDA”) regulatory framework for reviewing new drug applications has generally been more favorable than in past years. The FDA is fostering a better effort to prioritize breakthrough drugs.

The largest detractors to performance were miscellaneous in nature, including holdings in specialty pharmaceuticals, biotechnology, health care and information technology. A relatively small holding in a small-cap biotechnology company which reported some disappointing phase 3 clinical trial results also negatively impacted performance.

Over the course of the year, the Fund significantly increased its number of positions as the health care sector broadened out and the Fund diversified into what we believe are several new promising opportunities. The Fund rotated out of some large pharmaceutical exposures and added several new smaller capitalization stocks. We also aggressively added to our managed health care positions, anticipating more benefits from the ongoing maturation of the Affordable Care Act.

Outlook

We believe that the long term investment outlook for global health care remains strong and promising. There are a number of trade trends impacting the global health care sector which we believe are favorable, including aging demographics in the United States, improved health care spending and quality of care globally, the ongoing maturation of the Affordable Care Act and the solid and exciting breakthroughs in medical science.

We are mindful that the global health care sector has enjoyed several years of relative outperformance and remain focused on avoiding potentially overvalued stocks in the sector. With that in mind, our focus continues to be on health care companies that we believe are delivering innovative and profitable drug treatments and cost effective, productivity-enhancing medical solutions. These factors are driving solid long term earnings growth and, in our opinion, still attractive overall valuations for global health care stocks.

Average Annual Total Return for the period ended June 30, 2015

	1 Year		5 Year		10 Year		Since Inception†
AllianzGI Health Sciences Fund Class A		30.53%		23.40%		11.79%		13.15%
AllianzGI Health Sciences Fund Class A (adjusted)		23.35%		22.01%		11.16%		12.81%
AllianzGI Health Sciences Fund Class B		29.56%		22.48%		11.12%		12.79%
AllianzGI Health Sciences Fund Class B (adjusted)		24.56%		22.30%		11.12%		12.79%
AllianzGI Health Sciences Fund Class C		29.57%		22.48%		10.96%		12.31%
AllianzGI Health Sciences Fund Class C (adjusted)		28.57%		22.48%		10.96%		12.31%
AllianzGI Health Sciences Fund Class D		30.51%		23.39%		11.79%		13.18%
AllianzGI Health Sciences Fund Institutional Class		30.97%		23.82%		12.18%		13.58%
MSCI World Index		1.43%		13.10%		6.38%		5.98%
World Healthcare and Consumer Blended Benchmark		13.89%		19.59%		10.05%		6.73%
Lipper Health/Biotechnology Funds Average		34.09%		27.77%		14.39%		13.33%

† The Fund began operations on 12/31/96. Benchmark comparisons began on the fund inception date. Lipper comparisons began on 12/31/96.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares, 5% contingent deferred sales charge (CDSC) on Class B shares and 1% CDSC on Class C shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Please see pages 52-54 for more information. The Fund’s expense ratios are 1.46% for Class A shares, 2.21% for Class B shares, 2.21% for Class C shares, 1.46% for Class D shares and 1.11% for Institutional Class Shares. Expense ratio information is as of the Fund’s current prospectus dated August 29, 2014, as supplemented to date.

12 June 30, 2015  | Annual Report

Unaudited

AllianzGI Health Sciences Fund (formerly AllianzGI Wellness Fund) (cont’d)

Cumulative Returns Through June 30, 2015

The Fund began operations on 12/31/96. Benchmark comparisons began on the fund inception date.

Industry/Sectors (as of June 30, 2015 )

Biotechnology	33.0%
Pharmaceuticals	31.6%
Health Care Providers & Services	15.7%
Health Care Equipment & Supplies	11.4%
Life Sciences Tools & Services	1.8%
Health Care Technology	1.7%
Food & Staples Retailing	1.7%
Cash & Equivalents — Net	3.1%

Shareholder Expense Example	Actual Performance
	Class A		Class B		Class C		Class D		Institutional Class
Beginning Account Value (1/1/15)		$1,000.00		$1,000.00		$1,000.00		$1,000.00		$1,000.00
Ending Account Value (6/30/15)		$1,181.80		$1,177.10		$1,177.30		$1,181.60		$1,183.70
Expenses Paid During Period		$7.90		$11.93		$11.93		$7.90		$6.01
	Hypothetical Performance
	(5% return before expenses)
	Class A		Class B		Class C		Class D		Institutional Class
Beginning Account Value (1/1/15)		$1,000.00		$1,000.00		$1,000.00		$1,000.00		$1,000.00
Ending Account Value (6/30/15)		$1,017.55		$1,013.84		$1,013.84		$1,017.55		$1,019.29
Expenses Paid During Period		$7.30		$11.03		$11.03		$7.30		$5.56

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.46% for Class A, 2.21% for Class B, 2.21% for Class C, 1.46% for Class D and 1.11% for Institutional Class ), multiplied by the average account value over the period, multiplied by 181/365.

Annual Report |  June 30, 2015 13

Unaudited

AllianzGI Income & Growth Fund

For the period of July 1, 2014 through June 30, 2015, as provided by Doug Forsyth, CFA, Portfolio Manager.

Fund Insights

For the reporting period ended June 30, 2015, Class A shares at NAV of the AllianzGI Income & Growth Fund (the “Fund”) returned 1.80%. For comparison purposes, the Russell 1000 Growth Index increased 10.56% and the overall US bond market, as measured by the Barclays US Aggregate Bond Index, rose 1.86%. The convertible universe gained 3.52%, as measured by the BofA Merrill Lynch All Convertibles Index, and high-yield bonds, as measured by the BofA Merrill Lynch US High Yield Master II Index, fell 0.55%. Lastly, the S&P 500 Index advanced 7.42%.

Market Environment

For the reporting period, several factors influenced the three asset classes included in the Fund (equities, high-yield bonds, and convertible bonds), including falling oil prices, corporate earnings, treasury rate volatility, economic data, increased market volatility and the Federal Reserve’s (the “Fed”) outlook.

One of the most significant influential factors in the period was the drop in oil prices. In the second half of 2014, investors sold energy-related issuers with little regard to quality. Energy prices continued to have an effect on issuers in the energy sector in 2015; however, market participants did a better job of isolating the commodity price impact to those relevant issuers.

The market has enjoyed earnings expansion since the crisis of 2008, and while this pace has not been linear, it has been on an upward trajectory. This year, as anticipated, adverse weather conditions, a west coast port shutdown and a strong dollar dampened profits, but earnings growth was impressive nonetheless.

Treasury-rate volatility remained a factor over the last year. This had a greater influence on high-yield and, to a lesser degree, the convertible asset class. Earlier in the period, the decrease in treasury yields and the flight-to-quality bid did separate performance among the high-yield rating categories. By contrast, the rise in yields in 2015 had a negative impact on busted convertible securities and on the BB-rated, more narrow-spread, high-yield issuers.

Another element that influenced the markets was the ongoing trend in economic indicators. While some of the data were mixed, many were positive, including employment. These trends helped confirm prospects for continued low default rates for high-yield and convertible bonds.

The Chicago Board Options Exchange Volatility Index (VIX) started the period just below 12 and spiked to the year’s high near 30 in October. After grinding back to 12 at the beginning of December, pockets of increased volatility followed into January concurrent with sharp declines in both crude oil and the treasury yield. The VIX proceeded lower into the end of the period before spiking once more on Greek debt concerns and a sell-off in Chinese equity markets.

Ongoing volatility reflects the changes in market dynamics. Pressure on banks and market makers, both regulatory and by their own design, to reduce inventory risk has increased the impact of buying and selling interest on pricing. For investment managers, this has added complexity to trading, resulting in more pressure on the market. However, absent a material change in the credit environment, this volatility also creates tremendous opportunity for investors.

Finally, global central banks have continued to be accommodative. Although there has been investor uncertainty around the timing of the first rate hike and the path of US monetary policy thereafter, the Fed’s message has remained consistent: changes in policy will be data-dependent and international developments will be assessed. In Europe, the ECB’s QE measures were ongoing, as were accommodative policies by other monetary leaders globally.

Portfolio Review

The Fund provided consistent income and generated a positive return over the trailing 12-month period.

In the equity sleeve, stock picking was strongest in consumer discretionary, consumer staples and energy followed by company specific outperformance in other sectors. Conversely, security selection in the information technology, industrials and materials sectors hampered performance.

In the convertibles sleeve, the Fund benefited from positive issue selection in technology and materials. An underweight in the energy and materials sectors also helped relative performance. By contrast, detractors included issue selection in the health care, industrials and consumer discretionary sectors, in addition to an underweight in the transportation sector and an overweight in the technology sector.

In the high-yield sleeve, industries that contributed positively to relative performance were metals/mining excluding steel, health care and media content. On the other hand, energy diversified media and diversified financial services pressured relative performance.

Individual stock implied volatilities were generally higher than the market and moved with the overall VIX trend line over the period. Single stock option premiums were retained on many of the opened positions, while the stock market advance forced in-the-money option positions to be actively managed, allowing underlying equity positions to participate in higher prices.

14 June 30, 2015  | Annual Report

Unaudited

AllianzGI Income & Growth Fund (cont’d)

Average Annual Total Return for the period ended June 30, 2015

	1 Year		5 Year		Since Inception†
AllianzGI Income & Growth Fund Class A		1.80%		10.99%		7.01%
AllianzGI Income & Growth Fund Class A (adjusted)		–3.80%		9.74%		6.28%
AllianzGI Income & Growth Fund Class C		1.03%		10.15%		6.20%
AllianzGI Income & Growth Fund Class C (adjusted)		0.10%		10.15%		6.20%
AllianzGI Income & Growth Fund Class D		1.71%		10.96%		6.99%
AllianzGI Income & Growth Fund Class R		1.49%		10.70%		6.75%
AllianzGI Income & Growth Fund Class P		2.07%		11.27%		7.29%
AllianzGI Income & Growth Fund Institutional Class		2.17%		11.38%		7.40%
S&P 500 Index		7.42%		17.34%		6.97%
Barclays US Aggregate Bond Index		1.86%		3.35%		4.64%
Lipper Flexible Portfolio Funds Average		–1.68%		8.63%		4.67%

† The Fund began operations on 2/28/07. Benchmark comparisons began on the fund inception date. Lipper comparisons began on 2/28/07.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares and 1% contingent deferred sales charge (CDSC) on Class C shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Please see pages 52-54 for more information. The Fund’s expense ratios are 1.32% for Class A shares, 2.07% for Class C shares, 1.32% for Class D shares, 1.57% for Class R shares, 1.07% for Class P shares and 0.97% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated August 29, 2014, as supplemented to date.

Cumulative Returns Through June 30, 2015

The Fund began operations on 2/28/07. Benchmark comparisons began on the fund inception date.

Industry/Sectors (as of June 30, 2015)

Oil, Gas & Consumable Fuels	5.0%
Software	4.9%
Semiconductors	4.7%
Media	4.6%
Internet	4.4%
Telecommunications	4.4%
Biotechnology	4.0%
Pharmaceuticals	3.5%
Other	60.4%
Cash & Equivalents — Net (including Options Written)	4.1%

Moody’s Ratings* (as of June 30, 2015)

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

Annual Report |  June 30, 2015 15

Unaudited

AllianzGI Income & Growth Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class D	Class R	Class P	Institutional Class
Beginning Account Value (1/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/15)	$1,022.80	$1,018.20	$1,021.90	$1,020.90	$1,024.30	$1,024.30
Expenses Paid During Period	$6.42	$10.16	$6.42	$7.67	$5.17	$4.67
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class D	Class R	Class P	Institutional Class
Beginning Account Value (1/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/15)	$1,018.45	$1,014.73	$1,018.45	$1,017.21	$1,019.69	$1,020.18
Expenses Paid During Period	$6.41	$10.14	$6.41	$7.65	$5.16	$4.66

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.28% for Class A, 2.03% for Class C, 1.28% for Class D, 1.53% for Class R, 1.03% for Class P and 0.93% for Institutional Class), multiplied by the average account value over the period, multiplied by 181/365.

16 June 30, 2015  | Annual Report

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Annual Report |  June 30, 2015 17

Unaudited

AllianzGI International Managed Volatility Fund

For the period of July 1, 2014 through June 30, 2015, as provided by Steven Tael, Portfolio Manager.

Fund Insights

For the reporting period ended June 30, 2015, Class A shares at NAV of the AllianzGI International Managed Volatility Fund (the “Fund”) returned -1.95%, outperforming the MSCI EAFE Index (the “benchmark index”), which returned -4.22%.

Market Environment

During the reporting period, US equities were the beneficiaries of improving investor sentiment relative to non-US equities, as risk in Asia and Europe increased while better-than-expected domestic economic growth and strong corporate profits drove US equity prices higher. Currency effects also limited returns of non-US equities for US investors, as the US dollar appreciated against the euro and the Japanese yen.

The Federal Reserve’s (the “Fed”) measured approach in signaling its intent to raise short-term interest rates provided support to the US stock market, adding to the view of a strengthening US economy. Monetary stimulus from other nations’ central banks provided similar support for broader equity markets. A strengthening US economy offset concerns about the impact of a stronger dollar on the profits of US multinational companies, the ongoing Greek debt crisis and the volatility originating in China’s stock market.

Country-level performance of the benchmark index was mixed across regions during the reporting period. Japan contributed positively to benchmark index performance, driven by a weaker yen and a strategy change at the Japanese Government Pension Investment Fund to increase their equity allocation. The United Kingdom and Australia contributed negatively to benchmark index performance, as stocks in these countries have significant exposure to the poorly performing energy and materials sectors. Sector performance of the benchmark index was also mixed during the reporting period. The consumer discretionary and health care sectors contributed positively to benchmark index performance while the energy and material sectors contributed negatively to benchmark index performance.

Portfolio Review

During the reporting period, the Fund achieved its goal of delivering lower volatility compared to the benchmark index, with annualized daily volatility of about 8% compared with about 11% for the benchmark index. The goal of the Fund is to build a portfolio of stocks which have complementary risk characteristics, resulting in lower volatility than the benchmark index. The Fund’s lower volatility focus resulted in outperformance relative to the benchmark index as higher volatility stocks in energy, materials and financial sectors were among the poorly performing stocks in the benchmark index.

Consistent with its stated objectives, the Fund was overweight less volatile stocks relative to the benchmark index. The Fund’s overweight position in the traditionally conservative utilities sector contributed positively to the Fund’s performance. The Fund’s underweight in the higher volatility financials, energy and materials sectors also contributed positively to the Fund’s performance. By contrast, the Fund’s overweight position in the consumer discretionary sector detracted from the Fund’s performance. From a country standpoint, the Fund’s overweight in Hong Kong positively contributed to Fund performance while an underweight to Switzerland negatively contributed.

Average Annual Total Return for the period ended June 30, 2015

	1 Year		5 Year		10 Year		Since Inception†
AllianzGI International Managed Volatility Fund Class A		–1.95%		8.51%		3.39%		5.05%
AllianzGI International Managed Volatility Fund Class A (adjusted)		–7.34%		7.29%		2.81%		4.63%
AllianzGI International Managed Volatility Fund Class C		–2.60%		7.71%		2.63%		4.27%
AllianzGI International Managed Volatility Fund Class C (adjusted)		–3.55%		7.71%		2.63%		4.27%
AllianzGI International Managed Volatility Fund Class D		–1.93%		8.46%		3.37%		5.03%
AllianzGI International Managed Volatility Fund Class R		–2.13%		8.25%		3.15%		4.71%
AllianzGI International Managed Volatility Fund Class P		–1.63%		8.81%		3.70%		5.27%
AllianzGI International Managed Volatility Fund Institutional Class		–1.60%		8.90%		3.79%		5.36%
MSCI EAFE Index		–4.22%		9.54%		5.12%		4.72%
MSCI EAFE Minimum Volatility Index		2.83%		10.76%		7.50%		N/A
Lipper International Multi-Cap Core Funds Average		–2.01%		9.19%		5.27%		5.09%

† The Fund began operations on 5/7/01. Benchmark comparisons began on the fund inception date. Lipper comparisons began on 4/30/01.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares and 1% contingent deferred sales charge (CDSC) on Class C shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Please see pages 52-54 for more information. The Fund’s gross expense ratios are 1.16% for Class A shares, 1.91% for Class C shares, 1.16% for Class D shares, 1.41% for Class R shares, 0.91% for Class P shares and 0.81% for Institutional Class shares. These ratios do not include an expense reduction, contractually agreed through at least October 31, 2015. The Fund’s expense ratios net of this reduction are 0.96% for Class A shares, 1.71% for Class C shares, 0.96% for Class D shares, 1.21% for Class R shares, 0.71% for Class P shares and 0.61% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated August 29, 2014, as supplemented to date.

18 June 30, 2015  | Annual Report

Unaudited

AllianzGI International Managed Volatility Fund (cont’d)

Cumulative Returns Through June 30, 2015

The Fund began operations on 5/7/01. Benchmark comparisons began on the fund inception date.

Country Allocation (as of June 30, 2015)

Japan	28.0%
United Kingdom	15.8%
Germany	9.9%
Australia	8.5%
Hong Kong	7.7%
France	7.1%
Singapore	5.1%
Switzerland	3.4%
Other	13.8%
Cash & Equivalents — Net	0.7%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class D	Class R	Class P	Institutional Class
Beginning Account Value (1/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/15)	$1,047.00	$1,043.40	$1,047.10	$1,046.20	$1,048.90	$1,048.70
Expenses Paid During Period	$4.87	$8.66	$4.87	$6.14	$3.61	$3.10
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class D	Class R	Class P	Institutional Class
Beginning Account Value (1/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/15)	$1,020.03	$1,016.31	$1,020.03	$1,018.79	$1,021.27	$1,021.77
Expenses Paid During Period	$4.81	$8.55	$4.81	$6.06	$3.56	$3.06

For each class of the Fund, expenses (net of fee waiver) are equal to the annualized expense ratio for the class (0.96% for Class A, 1.71% for Class C, 0.96% for Class D, 1.21% for Class R, 0.71% for Class P and 0.61% for Institutional Class), multiplied by the average account value over the period, multiplied by 181/365.

Annual Report |  June 30, 2015 19

Unaudited

AllianzGI Mid-Cap Fund

For the period of July 1, 2014 through June 30, 2015, as provided by Steven Klopukh, CFA, Lead Portfolio Manager.

Fund Insights

For the reporting period ended June 30, 2015, Class A shares at NAV of the AllianzGI Mid-Cap Fund (the “Fund”) returned 7.91%, underperforming the Russell Midcap Growth Index (the “benchmark Index”), which returned 9.45%.

Market Environment

US mid-cap stocks posted solid gains during the period, as improving US economic data continued to outweigh a weaker global economy and plummeting oil prices. The Fund seeks long-term capital appreciation by employing a strict growth style discipline. The Fund invests primarily in domestic companies that are in the earlier stages of their growth trajectories, with an emphasis on above-average revenue growth and sustained earnings growth.

Portfolio Review

Stock selection within the consumer discretionary and health care sectors detracted from the Fund’s relative performance. Conversely, stock selection in the consumer staples and financials sectors added to relative returns during the period. From a sector allocation perspective, the Fund’s underweight to energy stocks and overweight to health care stocks both added to returns. However, an underweight to the consumer staples sector and overweight to the materials sector held back relative returns.

As of June 30, 2015, the Fund was positioned with its largest overweight allocation to the health care sector, followed by a modest overweight allocation to the technology sector. The largest sector underweight was in industrials. While economic sectors have common traits, we believe company specific fundamentals are very important in general, and especially in the current environment. After a period of rising stock correlations, narrow dispersions and low volatility, these market traits appear to be dissipating. With the market focusing on the eventual start of a Federal Reserve (the “Fed”) rate hiking cycle following a period of extraordinary monetary stimulus, company fundamentals have begun to matter more to stock price performance.

Some of the powerful growth themes the Fund is capturing include cybersecurity, the technological innovation occurring within the field of health care, and the increasing use of semiconductor chips associated with the connected automobile and wearable devices. Similarly, “The Internet of Things” is a theme that refers to strong trends taking place to equip everyday devices and appliances with sensors to automatically work together.

Additionally, one of the features of the changing economic environment is a weakness in consumer spending, despite the significant boost in spending power that has come from falling gasoline prices. One plausible explanation is that consumers are skeptical of the recovery, and are in earnest trying to repair their balance sheets and cut back on spending for non-essential items. The Fund also has a meaningful exposure to companies that appeal to the cost-conscious consumer.

Ultimately, in our view, this more cautious approach to personal finance in the consumer sector will see positive results. Consumer discretionary stocks should ultimately benefit from pent up demand and more sustainable spending power as the economy strengthens.

Outlook

Despite the improving US economic environment, money and bond markets still do not appear to be priced for the start of Fed tightening. This, combined with poor bond market liquidity, could result in more volatility as we get closer to lift-off. While this may also impact equities, compared to bonds, stocks should see support from improving economic growth. Additionally, US mid caps generally have a higher exposure to the improving domestic US economy than their more globally exposed, larger cap counterparts.

As always, we continue to focus on stock selection, seeking to invest in high quality mid-cap companies with superior growth prospects that we feel are attractively valued. Our portfolio emphasizes free cash flow yield and responsible capital allocation.

20 June 30, 2015  | Annual Report

Unaudited

AllianzGI Mid-Cap Fund (cont’d)

Average Annual Total Return for the period ended June 30, 2015

	1 Year		5 Year		10 Year		Since Inception†
AllianzGI Mid-Cap Fund Class A		7.91%		15.13%		8.69%		13.07%
AllianzGI Mid-Cap Fund Class A (adjusted)		1.97%		13.84%		8.08%		12.89%
AllianzGI Mid-Cap Fund Class B		7.29%		14.27%		8.02%		12.89%
AllianzGI Mid-Cap Fund Class B (adjusted)		2.74%		14.04%		8.02%		12.89%
AllianzGI Mid-Cap Fund Class C		6.98%		14.25%		7.86%		12.29%
AllianzGI Mid-Cap Fund Class C (adjusted)		6.07%		14.25%		7.86%		12.29%
AllianzGI Mid-Cap Fund Class D		7.79%		15.15%		8.70%		13.29%
AllianzGI Mid-Cap Fund Class R		7.38%		14.86%		8.42%		12.88%
AllianzGI Mid-Cap Fund Class P		8.31%		15.49%		8.97%		13.53%
AllianzGI Mid-Cap Fund Institutional Class		8.29%		15.58%		9.07%		13.64%
AllianzGI Mid-Cap Fund Administrative Class		7.88%		15.21%		8.75%		13.34%
Russell Midcap Index		6.63%		18.23%		9.40%		13.42%
Russell Midcap Growth Index		9.45%		18.69%		9.69%		12.50%
Lipper Mid-Cap Growth Funds Average		9.41%		17.20%		8.64%		10.51%

† The Fund began operations on 11/6/79. Benchmark and Lipper performance comparisons began on 10/31/79.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares, 5% contingent deferred sales charge (CDSC) on Class B shares and 1% CDSC on Class C shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Please see pages 52-54 for more information. The Fund’s expense ratios are 1.13% for Class A shares, 1.88% for Class B shares, 1.88% for Class C shares, 1.13% for Class D shares, 1.38% for Class R shares, 0.88% for Class P shares, 0.78% for Institutional Class shares and 1.03% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated August 29, 2014, as supplemented to date.

Cumulative Returns Through June 30, 2015

The Fund began operations on 11/6/79. Benchmark performance comparisons began on 10/31/79.

Industry/Sectors (as of June 30, 2015 )

Health Care Equipment & Supplies	5.9%
Semiconductors & Semiconductor Equipment	5.6%
Household Durables	5.5%
Software	5.2%
Hotels, Restaurants & Leisure	4.9%
Specialty Retail	3.9%
Electrical Equipment	3.8%
Health Care Providers & Services	3.7%
Other	61.3%
Cash & Equivalents — Net	0.2%

Annual Report |  June 30, 2015 21

Unaudited

AllianzGI Mid-Cap Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class A	Class B	Class C	Class D	Class R	Class P	Institutional Class	Administrative Class
Beginning Account Value (1/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/15)	$1,051.90	$1,048.50	$1,045.50	$1,050.80	$1,049.30	$1,052.50	$1,052.40	$1,049.70
Expenses Paid During Period	$5.75	$9.55	$9.53	$5.75	$7.01	$4.48	$3.97	$5.23
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class B	Class C	Class D	Class R	Class P	Institutional Class	Administrative Class
Beginning Account Value (1/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/15)	$1,019.19	$1,015.47	$1,015.47	$1,019.19	$1,017.95	$1,020.43	$1,020.93	$1,019.69
Expenses Paid During Period	$5.66	$9.39	$9.39	$5.66	$6.90	$4.41	$3.91	$5.16

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.13% for Class A, 1.88 % for Class B, 1.88% for Class C, 1.13% for Class D, 1.38% for Class R, 0.88% for Class P, 0.78% for Institutional Class and 1.03% for Administrative Class), multiplied by the average account value over the period, multiplied by 181/365.

22 June 30, 2015  | Annual Report

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Annual Report |  June 30, 2015 23

Unaudited

AllianzGI NFJ All-Cap Value Fund

For the period of July 1, 2014 through June 30, 2015, as provided by Kris Marca, CFA, Product Specialist Associate.

Fund Insights

For the reporting period ended June 30, 2015, Class A shares at NAV of the AllianzGI NFJ All-Cap Value Fund (the “Fund”) returned 1.20%, underperforming the Russell 3000 Value Index (the “benchmark index”), which returned 3.86%.

Market Environment

The reporting period was positive for equity markets as the backdrop of record cash flows, positive earnings and low interest rates continued to support stocks. Over the trailing 12-months, growth as measured by the Russell 1000 Growth Index notably outperformed value as measured by the Russell 1000 Value Index by over 640 basis points.

During the latter half of 2014, the stock market rebounded sharply after falling over 7% during a stretch of apprehensiveness in early October which included a global Ebola outbreak. The second half of 2014 resulted in the third consecutive double-digit calendar year gain in the market since 2012. The sustained accommodative environment facilitated more shareholder friendly activities by S&P 500 companies, which in aggregate paid an all-time high of $350.4 billion in dividends over the past calendar year according to S&P Dow Jones Indices. In March 2015, the US Dollar Index, which quantifies the value of the US dollar against a basket of major currencies, extended to heights not seen in more than a decade as developed markets currencies continued to depreciate in the face of European and Japanese QE programs. The rising currency took a toll on some company sales and profits as overseas sales looked smaller when converted into US dollars. In its attempt to maximize employment and stabilize prices, the Federal Reserve (the “Fed”) confirmed in June that “conditions for a rate hike have not yet been achieved,” leaving the timing of the Fed’s first rate hike uncertain. Markets were also monitoring an increasingly politicized dialogue regarding the Greek debt crisis.

Divergent market performance over the period was tied, in part, to volatility in oil prices. The Organization of the Petroleum Exporting Countries (“OPEC”) decided to maintain current production levels in the face of global oversupply and weakening crude prices. After falling 46% in 2014, crude oil climbed 12% year-to-date through June to end the quarter at $59.47/barrel West Texas Intermediate (WTI).

Portfolio Review

The Fund’s relative underperformance against the benchmark index was due to negative stock selection, while the relative contribution from sector allocation overall was negligible. In terms of stock selection, the Fund’s holdings in the utilities, staples and financials sectors were the largest contributors to performance during the reporting period. This was more than offset by the Fund’s holdings in the health care, industrials and information technology sectors. From a sector allocation perspective, underweight positions in the energy—the worst performing sector for the period—and materials sectors contributed to the Fund’s relative returns during the reporting period. Underweights in the financials and health care sectors detracted the most from results.

Sector weight deviations are a result of NFJ’s bottom-up investment process. On average during the reporting period, the Fund’s largest overweights relative to the benchmark index were in the information technology, industrials and telecommunication services sectors, whereas the largest relative underweights were in the financials, utilities and consumer discretionary sectors.

Average Annual Total Return for the period ended June 30, 2015

	1 Year		5 Year		10 Year		Since Inception†
AllianzGI NFJ All-Cap Value Fund Class A		1.20%		15.05%		5.52%		8.82%
AllianzGI NFJ All-Cap Value Fund Class A (adjusted)		–4.36%		13.76%		4.93%		8.35%
AllianzGI NFJ All-Cap Value Fund Class B		0.39%		14.20%		4.90%		8.32%
AllianzGI NFJ All-Cap Value Fund Class B (adjusted)		–4.61%		13.96%		4.90%		8.32%
AllianzGI NFJ All-Cap Value Fund Class C		0.44%		14.17%		4.71%		7.99%
AllianzGI NFJ All-Cap Value Fund Class C (adjusted)		–0.55%		14.17%		4.71%		7.99%
AllianzGI NFJ All-Cap Value Fund Class D		1.19%		15.06%		5.52%		8.82%
AllianzGI NFJ All-Cap Value Fund Class P		1.50%		15.36%		5.81%		9.13%
AllianzGI NFJ All-Cap Value Fund Institutional Class		1.56%		15.44%		5.90%		9.24%
Russell 3000 Value Index		3.86%		16.36%		7.03%		9.38%
Lipper Multi-Cap Value Funds Average		2.43%		15.20%		6.57%		8.31%

† The Fund began operations on 7/19/02. Benchmark comparisons began on the fund inception date. Lipper comparisons began on 7/31/02.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares, 5% contingent deferred sales charge (CDSC) on Class B shares and 1% CDSC on Class C shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Please see pages 52-54 for more information. The Fund’s expense ratios are 1.31% for Class A shares, 2.06% for Class B shares, 2.06% for Class C shares, 1.31% for Class D shares, 1.06% for Class P shares and 0.96% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated August 29, 2014, as supplemented to date.

24 June 30, 2015  | Annual Report

Unaudited

AllianzGI NFJ All-Cap Value Fund (cont’d)

Cumulative Returns Through June 30, 2015

The Fund began operations on 7/19/02. Benchmark comparisons began on the fund inception date.

Industry/Sectors (as of June 30, 2015)

Banks	14.6%
Oil, Gas & Consumable Fuels	10.0%
Pharmaceuticals	6.3%
Insurance	5.3%
IT Services	4.6%
Diversified Telecommunication Services	3.9%
Consumer Finance	3.7%
Software	2.6%
Other	47.3%
Cash & Equivalents — Net	1.7%

Shareholder Expense Example	Actual Performance
	Class A	Class B	Class C	Class D	Class P	Institutional Class
Beginning Account Value (1/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/15)	$984.80	$980.70	$981.40	$985.00	$986.30	$986.30
Expenses Paid During Period	$6.45	$10.12	$10.12	$6.45	$5.22	$4.73
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class B	Class C	Class D	Class P	Institutional Class
Beginning Account Value (1/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/15)	$1,018.30	$1,014.58	$1,014.58	$1,018.30	$1,019.54	$1,020.03
Expenses Paid During Period	$6.56	$10.29	$10.29	$6.56	$5.31	$4.81

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.31% for Class A, 2.06% for Class B, 2.06% for Class C, 1.31% for Class D, 1.06% for Class P, and 0.96% for Institutional Class), multiplied by the average account value over the period, multiplied by 181/365.

Annual Report |  June 30, 2015 25

Unaudited

AllianzGI NFJ Dividend Value Fund

For the period of July 1, 2014 through June 30, 2015, as provided by Kris Marca, CFA, Product Specialist Associate.

Fund Insights

For the reporting period ended June 30, 2015, Class A shares at NAV of the AllianzGI NFJ Dividend Value Fund (the “Fund”) returned -0.65%, underperforming the Russell 1000 Value Index (the “benchmark index”), which returned 4.13%.

Market Environment

The reporting period was positive for equity markets as the backdrop of record cash flows, positive earnings and low interest rates continued to support stocks. Over the trailing 12-months, growth as measured by the Russell 1000 Growth Index notably outperformed value as measured by the Russell 1000 Value Index by over 640 basis points.

During the latter half of 2014, the stock market rebounded sharply after falling over 7% during a stretch of apprehensiveness in early October which included a global Ebola outbreak. The second half of 2014 resulted in the third consecutive double-digit calendar year gain in the market since 2012. The sustained accommodative environment facilitated more shareholder friendly activities by S&P 500 companies, which in aggregate paid an all-time high of $350.4 billion in dividends over the past calendar year according to S&P Dow Jones Indices. In March 2015, the US Dollar Index, which quantifies the value of the US dollar against a basket of major currencies, extended to heights not seen in more than a decade as developed markets currencies continued to depreciate in the face of European and Japanese QE programs. The rising currency took a toll on some company sales and profits as overseas sales looked smaller when converted into US dollars. In its attempt to maximize employment and stabilize prices, the Federal Reserve (the “Fed”) confirmed in June that “conditions for a rate hike have not yet been achieved,” leaving the timing of the Fed’s first rate hike uncertain. Markets were monitoring an increasingly politicized dialogue regarding the Greek debt crisis.

Divergent market performance over the period was tied, in part, to volatility in oil prices. The Organization of the Petroleum Exporting Countries (“OPEC”) decided to maintain current production levels in the face of global oversupply and weakening crude prices. After falling 46% in 2014, crude oil climbed 12% year-to-date through June to end the quarter at $59.47/barrel West Texas Intermediate (WTI).

Portfolio Review

The Fund’s relative underperformance against the benchmark index was due to negative stock selection, and to a lesser extent sector allocation, during the trailing 12-month period.

In terms of stock selection, the Fund’s holdings in the industrials, utilities and information technology sectors were the largest contributors to performance during the reporting period. This was more than offset by the Fund’s holdings in the health care, consumer discretionary and energy sectors.

From a sector allocation perspective, an underweight to utilities–the second worse performing sector after energy–contributed to performance. An overweight to the health care sector also contributed to relative returns. An overweight to the energy sector and underweight to the consumer staples sector detracted the most from results.

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

26 June 30, 2015  | Annual Report

Unaudited

AllianzGI NFJ Dividend Value Fund (cont’d)

Average Annual Total Return for the period ended June 30, 2015

	1 Year		5 Year		10 Year		Since Inception†
AllianzGI NFJ Dividend Value Fund Class A		–0.65%		14.87%		6.29%		8.06%
AllianzGI NFJ Dividend Value Fund Class A (adjusted)		–6.12%		13.58%		5.69%		7.66%
AllianzGI NFJ Dividend Value Fund Class B		–1.40%		14.01%		5.74%		7.69%
AllianzGI NFJ Dividend Value Fund Class B (adjusted)		–6.27%		13.77%		5.74%		7.69%
AllianzGI NFJ Dividend Value Fund Class C		–1.38%		14.00%		5.50%		7.25%
AllianzGI NFJ Dividend Value Fund Class C (adjusted)		–2.35%		14.00%		5.50%		7.25%
AllianzGI NFJ Dividend Value Fund Class D		–0.64%		14.87%		6.29%		8.06%
AllianzGI NFJ Dividend Value Fund Class R		–0.89%		14.57%		6.03%		7.79%
AllianzGI NFJ Dividend Value Fund Class P		–0.38%		15.16%		6.58%		8.40%
AllianzGI NFJ Dividend Value Fund Institutional Class		–0.29%		15.27%		6.68%		8.50%
AllianzGI NFJ Dividend Value Fund Administrative Class		–0.55%		14.99%		6.42%		8.23%
AllianzGI NFJ Dividend Value Fund Class R6		–0.22%		15.32%		6.73%		8.56%
Russell 1000 Value Index		4.13%		16.50%		7.05%		6.61%
Lipper Equity Income Funds Average		1.74%		14.28%		7.08%		6.18%

† The Fund began operations on 5/8/00. Benchmark comparisons began on the fund inception date. Lipper comparisons began on 4/30/00.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares, 5% contingent deferred sales charge (CDSC) on Class B shares and 1% CDSC on Class C shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Please see pages 52-54 for more information. The Fund’s expense ratios are 1.05% for Class A shares, 1.80% for Class B shares, 1.80% for Class C shares, 1.05% for Class D shares, 1.30% for Class R shares, 0.80% for Class P shares, 0.70% for Institutional Class shares, 0.95% for Administrative Class shares and 0.65% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated August 29, 2014, as supplemented to date.

Cumulative Returns Through June 30, 2015

The Fund began operations on 5/8/00. Benchmark comparisons began on the fund inception date.

Industry/Sectors (as of June 30, 2015)

Oil, Gas & Consumable Fuels	14.6%
Banks	14.5%
Insurance	10.2%
Pharmaceuticals	8.0%
Diversified Telecommunication Services	6.2%
Automobiles	4.2%
Software	3.8%
IT Services	3.5%
Other	33.9%
Cash & Equivalents — Net	1.1%

Annual Report |  June 30, 2015 27

Unaudited

AllianzGI NFJ Dividend Value Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class A	Class B	Class C	Class D	Class R	Class P	Institutional Class	Administrative Class	Class R6
Beginning Account Value (1/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/15)	$984.40	$980.60	$980.20	$984.50	$983.20	$985.70	$986.20	$985.00	$986.60
Expenses Paid During Period	$5.17	$8.84	$8.84	$5.17	$6.39	$3.94	$3.45	$4.68	$3.20
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class B	Class C	Class D	Class R	Class P	Institutional Class	Administrative Class	Class R6
Beginning Account Value (1/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/15)	$1,019.59	$1,015.87	$1,015.87	$1,019.59	$1,018.35	$1,020.83	$1,021.32	$1,020.08	$1,021.57
Expenses Paid During Period	$5.26	$9.00	$9.00	$5.26	$6.51	$4.01	$3.51	$4.76	$3.26

For each class of the Fund, expenses (net of fee waiver) are equal to the annualized expense ratio for the class (1.05% for Class A, 1.80% for Class B, 1.80% for Class C, 1.05% for Class D, 1.30% for Class R, 0.80% for Class P, 0.70% for Institutional Class 0.95% for Administrative Class and 0.65% for Class R6), multiplied by the average account value over the period, multiplied by 181/365.

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Annual Report |  June 30, 2015 29

Unaudited

AllianzGI NFJ International Value Fund

For the period of July 1, 2014 through June 30, 2015, as provided by Krysta Hill, Product Specialist Associate.

Fund Insights

For the reporting period ended June 30, 2015, Class A shares at NAV of the AllianzGI NFJ International Value Fund (the “Fund”) returned -8.30%, underperforming the MSCI All Country World ex-US Index (the “benchmark index”), which returned -5.26%.

Market Environment

Over the trailing 12-month period, international equities delivered negative total returns with developed equities, as measured by the MSCI EAFE Net Index, down 4.22% and emerging markets, as measured by the MSCI Emerging Markets Index, down 5.12%. Markets continued to favor the growth investing style, as the MSCI ACWI ex-US Value Net Index returned -8.44% for the one year period, while the MSCI ACWI ex-US Growth Net Index declined 2.06%. By country, China, Hong Kong and Japan posted some of the strongest results, up 25%, 10% and 9%, respectively. China’s central bank made several accommodative moves over the trailing one year period; the most recent included cutting the main lending rate by 25 basis points to a record low 4.85% and reducing reserve requirements for select banks. Japan released a first quarter 2015 GDP growth rate of 2.4% annualized, and the Nikkei reached a 15-year high during the second quarter of 2015. Greece was the poorest-performing country, returning -57.57%. The markets processed an increasingly politicized dialogue regarding the Greek debt crisis. At the close of the reporting period, the crisis deteriorated further as Greece defaulted on its €1.55 billion ($1.73 billion) June 30th International Monetary Fund (“IMF”) payment and became ineligible for Emergency Liquidity Assistance (“ELA”) for the first time in over five years. There were concerns for a potential exit from the euro zone and the spread of financial contagion resulted in risk-off trading as investors abandoned equities for the relative safe haven of US and German bonds in the last trading days of June. The S&P Goldman Sachs Commodity Index, a barometer for global commodity markets, plummeted 33.08% during the reporting period, despite a rebound in the second quarter of 2015. The price of Brent crude (the most common reference price for global oil trading) dropped precipitously in the fourth quarter of 2014, and over the reporting period declined 43.41% to end the month of June at $63.59/barrel.

Benchmark index returns by sector over the period exhibited a high degree of dispersion with 35% separating the returns of the best and worst performing sectors. Divergent market performance over the period was tied, in part, to a sizeable drop in oil prices. The weakest sector, energy, fell 29% while the strongest sector, health care, appreciated almost 6% during the reporting period. Six of ten Global Industry Classification Standard (“GICS”) economic sectors dipped to a loss over the trailing 12-month period, with the energy, materials and utilities sectors returning the worst performance. By contrast, the health care, information technology and consumer discretionary sectors posted the strongest results.

Portfolio Review

The Fund’s relative underperformance against the benchmark index was largely due to negative sector allocation, though stock selection was also a detractor over the reporting period. Country allocation was positive.

In terms of stock selection, the Fund’s holdings in the financials, consumer discretionary and materials sectors were the largest contributors to performance. This was offset by the Fund’s holdings in the consumer staples, utilities and information technology sectors, which failed to keep pace with benchmark index shares.

From a sector allocation perspective, an overweight in energy was the primary detractor to relative results, though an underweight in the health care sector also dampened relative returns. Overweight positions in the consumer discretionary and utilities sectors contributed to the Fund’s performance.

By country, overweights in China and Israel as well as an underweight in South Korea aided relative results. Conversely, an underweight in Japan and overweight in Norway detracted from performance.

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

30 June 30, 2015  | Annual Report

Unaudited

AllianzGI NFJ International Value Fund (cont’d)

Average Annual Total Return for the period ended June 30, 2015

	1 Year		5 Year		10 Year		Since Inception†
AllianzGI NFJ International Value Fund Class A		–8.30%		7.08%		6.61%		11.54%
AllianzGI NFJ International Value Fund Class A (adjusted)		–13.35%		5.88%		6.01%		11.04%
AllianzGI NFJ International Value Fund Class C		–8.99%		6.28%		5.81%		10.72%
AllianzGI NFJ International Value Fund Class C (adjusted)		9.88%		6.28%		5.81%		10.72%
AllianzGI NFJ International Value Fund Class D		–8.28%		7.09%		6.62%		11.55%
AllianzGI NFJ International Value Fund Class R		–8.52%		6.83%		6.37%		11.29%
AllianzGI NFJ International Value Fund Class P		–8.04%		7.37%		6.91%		11.85%
AllianzGI NFJ International Value Fund Institutional Class		–7.98%		7.46%		7.01%		11.95%
AllianzGI NFJ International Value Fund Administrative Class		–8.18%		7.22%		6.75%		11.68%
AllianzGI NFJ International Value Fund Class R6		–7.94%		7.51%		7.06%		12.01%
MSCI All Country World ex-US Index		–5.26%		7.76%		5.54%		9.34%
Lipper International Large-Cap Core Funds Average		–5.67%		8.51%		4.20%		8.15%

† The Fund began operations on 1/31/03. Benchmark comparisons began on the fund inception date. Lipper comparisons began on 1/31/03.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares and 1% contingent deferred sales charge (CDSC) on Class C shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Please see pages 52-54 for more information. The Fund’s gross expense ratios are 1.29% for Class A shares, 2.04% for Class C shares, 1.29% for Class D shares, 1.54% for Class R shares, 1.04% for Class P shares, 0.94% for Institutional Class shares, 1.19% for Administrative Class shares, and 0.89% for Class R6 shares. These ratios do not include an expense reduction, contractually agreed through at least October 31, 2015. The Fund’s expense ratios net of this reduction are 1.27% for Class A shares, 2.02% for Class C shares, 1.27% for Class D shares, 1.52% for Class R shares, 1.02% for Class P shares, 0.92% for Institutional Class shares, 1.17% for Administrative Class shares and 0.87% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated August 29, 2014, as supplemented to date.

Cumulative Returns Through June 30, 2015

The Fund began operations on 1/31/03. Benchmark comparisons began on the fund inception date.

Country Allocation (as of June 30, 2015)

United Kingdom	16.5%
Japan	11.5%
Canada	7.0%
China	6.5%
France	6.3%
Israel	4.1%
Singapore	4.0%
Sweden	3.9%
Other	39.2%
Cash & Equivalents — Net	1.0%

Annual Report |  June 30, 2015 31

Unaudited

AllianzGI NFJ International Value Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class D	Class R	Class P	Institutional Class	Administrative Class	Class R6
Beginning Account Value (1/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/15)	$1,022.70	$1,018.50	$1,022.70	$1,021.50	$1,024.00	$1,024.50	$1,023.30	$1,024.90
Expenses Paid During Period	$6.37	$10.11	$6.37	$7.62	$5.12	$4.62	$5.87	$4.37
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class D	Class R	Class P	Institutional Class	Administrative Class	Class R6
Beginning Account Value (1/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/15)	$1,018.50	$1,014.78	$1,018.50	$1,017.26	$1,019.74	$1,020.23	$1,018.99	$1,020.48
Expenses Paid During Period	$6.36	$10.09	$6.36	$7.60	$5.11	$4.61	$5.86	$4.36

For each class of the Fund, expenses (net of fee waiver) are equal to the annualized expense ratio for the class (1.27% for Class A, 2.02% for Class C, 1.27% for Class D, 1.52% for Class R, 1.02% for Class P, 0.92% for Institutional Class , 1.17% for Administrative Class and 0.87% for Class R6), multiplied by the average account value over the period,multiplied by 181/365.

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Annual Report |  June 30, 2015 33

Unaudited

AllianzGI NFJ Large-Cap Value Fund

For the period of July 1, 2014 through June 30, 2015, as provided by Kris Marca, CFA, Product Specialist Associate.

Fund Insights

For the reporting period ended June 30, 2015, Class A shares at NAV of the AllianzGI NFJ Large-Cap Value Fund (the “Fund”) returned 3.06%, underperforming the Russell Top 200 Value Index (the “benchmark index”), which returned 4.33%.

Market Environment

The reporting period was positive for equity markets as the backdrop of record cash flows, positive earnings and low interest rates continued to support stocks. Over the trailing 12-months, growth as measured by the Russell 1000 Growth Index, notably outperformed value as measured by the Russell 1000 Value Index by over 640 basis points.

During the latter half of 2014, the stock market rebounded sharply after falling over 7% during a stretch of apprehensiveness in early October which included a global Ebola outbreak. The second half of 2014 resulted in the third consecutive double-digit calendar year gain in the market since 2012. The sustained accommodative environment facilitated more shareholder friendly activities by S&P 500 companies, which in aggregate paid an all-time high of $350.4 billion in dividends over the past calendar year according to S&P Dow Jones Indices. In March 2015, the US Dollar Index, which quantifies the value of the US dollar against a basket of major currencies, extended to heights not seen in more than a decade as developed markets currencies continued to depreciate in the face of European and Japanese QE programs. The rising currency took a toll on some company sales and profits as overseas sales looked smaller when converted into US dollars. In its attempt to maximize employment and stabilize prices, the Federal Reserve (the “Fed”) confirmed in June that “conditions for a rate hike have not yet been achieved,” leaving the timing of the Fed’s first rate hike uncertain. Markets also were monitoring an increasingly politicized dialogue regarding the Greek debt crisis.

Divergent market performance over the period was tied, in part, to volatility in oil prices. The Organization of the Petroleum Exporting Countries (“OPEC”) decided to maintain current production levels in the face of global oversupply and weakening crude prices. After falling 46% in 2014, crude oil climbed 12% year-to-date through June to end the quarter at $59.47/barrel West Texas Intermediate (WTI).

Portfolio Review

The Fund’s relative underperformance against the benchmark index was due to negative sector allocation and to a lesser extent stock selection during the trailing 12-month period.

In terms of stock selection, the Fund’s holdings in the industrials, consumer staples and health care sectors were the largest contributors to performance during the reporting period. This was offset by the Fund’s holdings in the energy, consumer discretionary and information technology sectors.

From a sector allocation perspective, an underweight to energy—the worst performing sector—contributed to results. An overweight position in the information technology sector contributed to the Fund’s relative returns. An overweight to the materials sector and an underweight in the health care sector detracted from results.

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

34 June 30, 2015  | Annual Report

Unaudited

AllianzGI NFJ Large-Cap Value Fund (cont’d)

Average Annual Total Return for the period ended June 30, 2015

	1 Year		5 Year		10 Year		Since Inception†
AllianzGI NFJ Large-Cap Value Fund Class A		3.06%		15.27%		5.59%		7.34%
AllianzGI NFJ Large-Cap Value Fund Class A (adjusted)		–2.61%		13.97%		5.00%		6.94%
AllianzGI NFJ Large-Cap Value Fund Class B		2.30%		14.41%		4.96%		6.92%
AllianzGI NFJ Large-Cap Value Fund Class B (adjusted)		–2.70%		14.17%		4.96%		6.92%
AllianzGI NFJ Large-Cap Value Fund Class C		2.28%		14.41%		4.81%		6.54%
AllianzGI NFJ Large-Cap Value Fund Class C (adjusted)		1.28%		14.41%		4.81%		6.54%
AllianzGI NFJ Large-Cap Value Fund Class D		3.05%		15.26%		5.58%		7.33%
AllianzGI NFJ Large-Cap Value Fund Class R		2.80%		14.97%		5.33%		7.11%
AllianzGI NFJ Large-Cap Value Fund Class P		3.30%		15.55%		5.89%		7.68%
AllianzGI NFJ Large-Cap Value Fund Institutional Class		3.44%		15.68%		5.99%		7.78%
AllianzGI NFJ Large-Cap Value Fund Administrative Class		3.20%		15.39%		5.71%		7.51%
Russell Top 200 Value Index		4.33%		15.93%		6.29%		4.96%
Lipper Large-Cap Value Funds Average		4.07%		15.16%		6.37%		6.38%

† The Fund began operations on 5/8/00. Benchmark comparisons began on the fund inception date. Lipper comparisons began on 4/30/00.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares, 5% contingent deferred sales charge (CDSC) on Class B shares and 1% CDSC on Class C shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Please see pages 52-54 for more information. The Fund’s expense ratios are 1.11% for Class A shares, 1.86% for Class B shares, 1.86% for Class C shares, 1.11% for Class D shares, 1.36% for Class R shares, 0.86% for Class P shares, 0.76% for Institutional Class shares and 1.01% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated August 29, 2014, as supplemented to date.

Cumulative Returns Through June 30, 2015

The Fund began operations on 5/8/00. Benchmark comparisons began on the fund inception date.

Industry/Sectors (as of June 30, 2015)

Banks	13.3%
Oil, Gas & Consumable Fuels	12.3%
Pharmaceuticals	8.6%
Insurance	7.2%
Consumer Finance	4.8%
Capital Markets	4.2%
Diversified Telecommunication Services	3.8%
Aerospace & Defense	3.2%
Other	41.2%
Cash & Equivalents — Net	1.4%

Annual Report |  June 30, 2015 35

Unaudited

AllianzGI NFJ Large-Cap Value Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class A	Class B	Class C	Class D	Class R	Class P	Institutional Class	Administrative Class
Beginning Account Value (1/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/15)	$993.50	$989.80	$989.80	$993.50	$992.30	$994.40	$995.10	$994.00
Expenses Paid During Period	$5.49	$9.18	$9.18	$5.49	$6.72	$4.25	$3.76	$4.99
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class B	Class C	Class D	Class R	Class P	Institutional Class	Administrative Class
Beginning Account Value (1/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/15)	$1,019.29	$1,015.57	$1,015.57	$1,019.29	$1,018.05	$1,020.53	$1,021.03	$1,019.79
Expenses Paid During Period	$5.56	$9.30	$9.30	$5.56	$6.80	$4.31	$3.81	$5.06

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.11% for Class A, 1.86 % for Class B, 1.86 % for Class C, 1.11% for Class D, 1.36 % for Class R, 0.86% for Class P, 0.76 % for Institutional Class and 1.01% for Administrative Class), multiplied by the average account value over the period, multiplied by 181/365.

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Annual Report |  June 30, 2015 37

Unaudited

AllianzGI NFJ Mid-Cap Value Fund

For the period of July 1, 2014 through June 30, 2015, as provided by Kris Marca, CFA, Product Specialist Associate.

Fund Insights

For the reporting period ended June 30, 2015, Class A shares at NAV of the AllianzGI NFJ Mid-Cap Value Fund (the “Fund”) returned 2.66%, underperforming the Russell Midcap Value Index (the “benchmark index”), which returned 3.67%.

Market Environment

The reporting period was positive for equity markets as the backdrop of record cash flows, positive earnings and low interest rates continued to support stocks. Over the trailing 12-months, growth as measured by the Russell Midcap Growth Index notably outperformed value as measured by the Russell Midcap Value Index by over 570 basis points.

During the latter half of 2014, the stock market rebounded sharply after falling over 7% during a stretch of apprehensiveness in early October which included a global Ebola outbreak. The second half of 2014 resulted in the third consecutive double-digit calendar year gain in the market since 2012. The sustained accommodative environment facilitated more shareholder friendly activities by S&P 500 companies, which in aggregate paid an all-time high of $350.4 billion in dividends over the past calendar year according to S&P Dow Jones Indices. In March 2015, the US Dollar Index, which quantifies the value of the US dollar against a basket of major currencies, extended to heights not seen in more than a decade as developed markets currencies continued to depreciate in the face of European and Japanese QE programs. The rising currency took a toll on some company sales and profits as overseas sales looked smaller when converted into US dollars. In its attempt to maximize employment and stabilize prices, the Federal Reserve (the “Fed”) confirmed in June that “conditions for a rate hike have not yet been achieved,” leaving the timing of the Fed’s first rate hike uncertain. Markets were also monitoring an increasingly politicized dialogue regarding the Greek debt crisis.

Divergent market performance over the period was tied, in part, to volatility in oil prices. The Organization of the Petroleum Exporting Countries (“OPEC”) decided to maintain current production levels in the face of global oversupply and weakening crude prices. After falling 46% in 2014, crude oil climbed 12% year-to-date through June to end the quarter at $59.47/barrel West Texas Intermediate (WTI).

Portfolio Review

The Fund’s relative underperformance against the benchmark index was largely due to sector allocation during the trailing 12-month period.

In terms of stock selection, the Fund’s holdings in the energy, information technology and financials sectors were the largest contributors to performance during the reporting period. This was offset by the Fund’s holdings in the health care and consumer discretionary sectors.

From a sector allocation perspective, an underweight position in utilities and an overweight to consumer staples contributed to the Fund’s relative returns. An overweight to the energy sector and an underweight to the health care sector detracted the most from results.

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

38 June 30, 2015  | Annual Report

Unaudited

AllianzGI NFJ Mid-Cap Value Fund (cont’d)

Average Annual Total Return for the period ended June 30, 2015

	1 Year		5 Year		10 Year		Since Inception†
AllianzGI NFJ Mid-Cap Value Fund Class A		2.66%		15.40%		7.15%		11.38%
AllianzGI NFJ Mid-Cap Value Fund Class A (adjusted)		–2.99%		14.10%		6.54%		11.15%
AllianzGI NFJ Mid-Cap Value Fund Class B		1.90%		14.53%		6.58%		11.17%
AllianzGI NFJ Mid-Cap Value Fund Class B (adjusted)		–3.10%		14.29%		6.58%		11.17%
AllianzGI NFJ Mid-Cap Value Fund Class C		1.88%		14.53%		6.34%		10.55%
AllianzGI NFJ Mid-Cap Value Fund Class C (adjusted)		0.88%		14.53%		6.34%		10.55%
AllianzGI NFJ Mid-Cap Value Fund Class D		2.66%		15.39%		7.14%		11.39%
AllianzGI NFJ Mid-Cap Value Fund Class R		2.43%		15.10%		6.88%		11.03%
AllianzGI NFJ Mid-Cap Value Fund Class P		2.93%		15.69%		7.44%		11.68%
AllianzGI NFJ Mid-Cap Value Fund Institutional Class		3.01%		15.80%		7.55%		11.79%
AllianzGI NFJ Mid-Cap Value Fund Administrative Class		2.77%		15.51%		7.27%		11.53%
Russell Midcap Value Index		3.67%		17.73%		8.89%		12.19%
Lipper Multi-Cap Core Funds Average		2.43%		15.20%		6.57%		8.17%

† The Fund began operations on 4/18/88. Benchmark and Lipper performance comparisons began on 4/30/88.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares, 5% contingent deferred sales charge (CDSC) on Class B shares and 1% CDSC on Class C shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Please see pages 52-54 for more information. The Fund’s expense ratios are 1.35% for Class A shares, 2.10% for Class B shares, 2.10% for Class C shares, 1.35% for Class D shares, 1.60% for Class R shares, 1.10% for Class P shares, 1.00% for Institutional Class shares and 1.25% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated August 29, 2014, as supplemented to date.

Cumulative Returns Through June 30, 2015

The Fund began operations on 4/18/88. Benchmark performance comparisons began on 4/30/88.

Industry/Sectors (as of June 30, 2015)

Insurance	10.0%
Banks	8.3%
Chemicals	8.3%
Real Estate Investment Trust	5.2%
Food Products	5.0%
Oil, Gas & Consumable Fuels	5.0%
Capital Markets	4.2%
Electric Utilities	3.9%
Other	45.7%
Cash & Equivalents — Net	4.4%

Annual Report |  June 30, 2015 39

Unaudited

AllianzGI NFJ Mid-Cap Value Fund (cont’d)

Shareholder Expense Example	Actual Performance
	Class A	Class B	Class C	Class D	Class R	Class P	Institutional Class	Administrative Class
Beginning Account Value (1/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/15)	$1,016.10	$1,012.30	$1,012.10	$1,015.90	$1,014.80	$1,017.30	$1,017.90	$1,016.90
Expenses Paid During Period	$6.30	$10.03	$10.03	$6.30	$7.54	$5.05	$4.55	$5.80
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class B	Class C	Class D	Class R	Class P	Institutional Class	Administrative Class
Beginning Account Value (1/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/15)	$1,018.55	$1,014.83	$1,014.83	$1,018.55	$1,017.31	$1,019.79	$1,020.28	$1,019.04
Expenses Paid During Period	$6.31	$10.04	$10.04	$6.31	$7.55	$5.06	$4.56	$5.81

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.26% for Class A, 2.01% for Class B, 2.01% for Class C, 1.26% for Class D, 1.51% for Class R, 1.01% for Class P, 0.91% for Institutional Class and 1.16% for Administrative Class), multiplied by the average account value over the period, multiplied by 181/365. The expense ratio does not include the expenses of the Underlying Funds, which based upon the allocation of the Fund’s assets among the Underlying Funds are indirectly borne by the shareholders of the Fund.

40 June 30, 2015  | Annual Report

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Unaudited

AllianzGI NFJ Small-Cap Value Fund

For the period of July 1, 2014 through June 30, 2015, as provided by Kris Marca, CFA, Product Specialist Associate.

Fund Insights

For the reporting period ended June 30, 2015, Class A shares at NAV of the AllianzGI NFJ Small-Cap Value Fund (the “Fund”) returned -3.77%, underperforming the Russell 2000 Value Index (the “benchmark index”), which returned 0.78%.

Market Environment

The reporting period was positive for equity markets as the backdrop of record cash flows, positive earnings, and low interest rates continued to support stocks. Over the trailing 12-months, growth as measured by the Russell 2000 Growth Index notably outperformed value as measured by the Russell 2000 Value Index by over 1150 basis points.

During the latter half of 2014, the stock market rebounded sharply after falling over 7% during a stretch of apprehensiveness in early October which included a global Ebola outbreak. The second half of 2014 resulted in the third consecutive double-digit calendar year gain in the market since 2012. The sustained accommodative environment facilitated more shareholder friendly activities by S&P 500 companies, which in aggregate paid an all-time high of $350.4 billion in dividends over the past calendar year according to S&P Dow Jones Indices. In March 2015, the US Dollar Index, which quantifies the value of the US dollar against a basket of major currencies, extended to heights not seen in more than a decade as developed markets currencies continued to depreciate in the face of European and Japanese QE programs. The rising currency took a toll on some company sales and profits as overseas sales looked smaller when converted into US dollars. In its attempt to maximize employment and stabilize prices, the Federal Reserve (the “Fed”) confirmed in June that “conditions for a rate hike have not yet been achieved,” leaving the timing of the Fed’s first rate hike uncertain. Markets were also monitoring an increasingly politicized dialogue regarding the Greek debt crisis.

Divergent market performance over the period was tied, in part, to volatility in oil prices. The Organization of the Petroleum Exporting Countries (“OPEC”) decided to maintain current production levels in the face of global oversupply and weakening crude prices. After falling 46% in 2014, crude oil climbed 12% year-to-date through June to end the quarter at $59.47/barrel West Texas Intermediate (WTI).

Portfolio Review

The Fund’s relative underperformance versus the benchmark index was due to negative sector allocation which overwhelmed the Fund’s strong positive stock selection.

In terms of stock selection, the Fund’s holdings in the energy, information technology and materials sectors were the largest contributors to performance during the reporting period. This was marginally offset by the Fund’s holdings in the industrials, consumer discretionary and consumer staples sectors.

From a sector allocation perspective, an underweight in the utilities sector and an overweight in the consumer staples sector contributed to the Fund’s relative returns. Conversely, an overweight in the energy and materials sectors dampened relative returns.

Sector weight deviations are a result of NFJ’s bottom-up investment process. On average during the reporting period, the Fund’s largest overweights relative to the benchmark index were in the materials, industrials and energy sectors, whereas the largest relative underweights were in the financials, utilities and information technology sectors.

42 June 30, 2015  | Annual Report

Unaudited

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

Average Annual Total Return for the period ended June 30, 2015

	1 Year		5 Year		10 Year		Since Inception†
AllianzGI NFJ Small-Cap Value Fund Class A		–3.77%		13.29%		8.60%		11.73%
AllianzGI NFJ Small-Cap Value Fund Class A (adjusted)		–9.06%		12.02%		7.99%		11.46%
AllianzGI NFJ Small-Cap Value Fund Class B		–4.54%		12.44%		8.03%		11.48%
AllianzGI NFJ Small-Cap Value Fund Class B (adjusted)		–8.17%		12.19%		8.03%		11.48%
AllianzGI NFJ Small-Cap Value Fund Class C		–4.52%		12.45%		7.79%		10.90%
AllianzGI NFJ Small-Cap Value Fund Class C (adjusted)		–5.24%		12.45%		7.79%		10.90%
AllianzGI NFJ Small-Cap Value Fund Class D		–3.79%		13.29%		8.60%		11.73%
AllianzGI NFJ Small-Cap Value Fund Class R		–4.06%		13.01%		8.33%		11.40%
AllianzGI NFJ Small-Cap Value Fund Class P		–3.58%		13.57%		8.89%		12.05%
AllianzGI NFJ Small-Cap Value Fund Institutional Class		–3.40%		13.75%		9.04%		12.18%
AllianzGI NFJ Small-Cap Value Fund Administrative Class		–3.62%		13.46%		8.77%		11.85%
AllianzGI NFJ Small-Cap Value Fund Class R6		–3.37%		13.80%		9.09%		12.24%
Russell 2000 Value Index		0.78%		14.81%		6.87%		11.44%
Lipper Small-Cap Value Funds Average		0.72%		14.96%		7.66%		10.20%

† The Fund began operations on 10/1/91. Benchmark comparisons began on the fund inception date. Lipper comparisons began on 9/30/91.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares, 5% contingent deferred sales charge (CDSC) on Class B shares and 1% CDSC on Class C shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Please see pages 52-54 for more information. The Fund’s gross expense ratios are 1.21% for Class A shares, 1.96% for Class B shares, 1.96% for Class C shares, 1.21% for Class D shares, 1.46% for Class R shares, 0.96% for Class P shares, 0.86% for Institutional Class shares, 1.11% for Administrative Class shares and 0.81% for Class R6 shares. These ratios do not include an expense reduction, contractually agreed through at least October 31, 2015. The Fund’s expense ratios net of this reduction are 1.18% for Class A shares, 1.93% for Class B shares, 1.93% for Class C shares, 1.18% for Class D shares, 1.43% for Class R shares, 0.93% for Class P shares, 0.78% for Institutional Class shares, 1.03% for Administrative Class shares and 0.73% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated August 29, 2014, as supplemented to date.

Cumulative Returns Through June 30, 2015

The Fund began operations on 10/1/91. Benchmark comparisons began on the fund inception date.

Industry/Sectors (as of June 30, 2015 )

Banks	12.0%
Oil, Gas & Consumable Fuels	8.1%
Insurance	7.2%
Metals & Mining	6.1%
Real Estate Investment Trust	5.6%
Chemicals	4.6%
Specialty Retail	4.0%
Electrical Equipment	3.8%
Other	44.3%
Cash & Equivalents — Net	4.3%

Annual Report |  June 30, 2015 43

Unaudited

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

Shareholder Expense Example	Actual Performance
	Class A	Class B	Class C	Class D	Class R	Class P	Institutional Class	Administrative Class	Class R6
Beginning Account Value (1/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/15)	$1,006.60	$1,002.80	$1,002.90	$1,006.70	$1,005.20	$1,007.60	$1,008.60	$1,007.40	$1,009.00
Expenses Paid During Period	$5.87	$9.58	$9.58	$5.87	$7.11	$4.63	$3.88	$5.13	$3.64
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class B	Class C	Class D	Class R	Class P	Institutional Class	Administrative Class	Class R6
Beginning Account Value (1/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/15)	$1,018.94	$1,015.22	$1,015.22	$1,018.94	$1,017.70	$1,020.18	$1,020.93	$1,019.69	$1,021.17
Expenses Paid During Period	$5.91	$9.64	$9.64	$5.91	$7.15	$4.66	$3.91	$5.16	$3.66

For each class of the Fund, expenses (net of fee waiver) are equal to the annualized expense ratio for the class (1.18% for Class A, 1.93% for Class B, 1.93% for Class C, 1.18% for Class D, 1.43% for Class R, 0.93% for Class P, 0.78% for Institutional Class , 1.03% for Administrative Class and 0.73% for Class R6), multiplied by the average account value over the period, multiplied by 181/365.

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Annual Report |  June 30, 2015 45

Unaudited

AllianzGI Small-Cap Blend Fund

For the period from July 1, 2014 through June 30, 2015, as provided by Kunal Ghosh, Portfolio Manager.

Fund Insights

For the reporting period ended June 30, 2015, Class A shares at NAV of the AllianzGI Small-Cap Blend Fund (the “Fund”) returned 6.01%, underperforming the Russell 2000 Index (the “benchmark index”), which returned 6.49%.

Market Environment

Overall, US stocks closed higher during the reporting period despite episodes of equity market volatility.

During the third-quarter of 2014 selling pressure was more concentrated in smaller companies as speculation around Federal Reserve (the “Fed”) commentary and geopolitical concerns prompted investors to reduce exposure to risk assets. Equities found support in August and rallied into mid-September. Healthy second-quarter earnings, elevated mergers and acquisitions (“M&A”) activity and a robust initial public offering (“IPO”) market were sources of strength.

The stock market corrected in October, but the S&P 500 Index rebounded to a fresh all-time high in November. Slowing global economic momentum and benign inflation readings led to further accommodation by the Bank of Japan (“BoJ”), hints of aggressive action by the President of the European Central Bank (“ECB”), Mario Draghi, and a surprise rate cut by the Peoples Bank of China (“PBoC”). These policies bolstered US equities as well as Treasuries and the US dollar. A robust final third-quarter GDP report was met with more moderate economic data and corporate profits were generally better than expected. Lastly, the price of crude oil tumbled on fears supply would continue to outstrip demand with the Organization of the Petroleum Exporting Countries (“OPEC”) deciding against production cuts.

Volatility in the energy and currency markets had an impact on day-to-day stock prices in the beginning months of 2015; however, Fed commentary and monetary policy uncertainty arguably had a greater influence on investor sentiment. Small-cap stocks closed higher in the first quarter of the year.

As the end of the reporting period neared, investors could point to a number of catalysts as cause for an equity market pullback, including higher 10-year Treasury bond yields, repetitive global macro-related headlines and indecision around the timing of the first rate hike and the path of US monetary policy; yet, the market continued to trade near all-time highs as the fundamental backdrop for stocks remained positive. First-quarter profit growth was meager, but impressive nonetheless given Wall Street estimates heading into April. Elevated share buyback activity was also supportive of higher prices, while a flood of M&A announcements helped lift investor sentiment.

Against this backdrop, the benchmark index returned 6.49% and underperformed the Russell 1000 Index, which returned 7.37%. Within the small-cap universe, growth-oriented stocks outperformed value-oriented stocks. Specific to the Russell 2000 Index, sector performance was mixed. Health care, information technology, and consumer discretionary sectors were the strongest-performing sectors, followed by financials and consumer staples. By contrast, the energy, materials, industrials and utilities sectors underperformed.

Portfolio Review

The Fund combines four separately managed, unique small-cap strategies in one investment. The Fund’s performance relative to the benchmark index was helped by positive stock picking, whereas asset allocation effects detracted from overall performance. Security selection in the energy, financials and materials sectors contributed positively to results, while security selection in the consumer discretionary, information technology and health care sectors contributed negatively to results. Separately, an overweight in the health care sector and an underweight in the industrials sector helped relative performance, but was offset by an overweight in the energy sector.

Average Annual Total Return for the period ended June 30, 2015

	1 Year		Since Inception†
AllianzGI Small-Cap Blend Fund Class A		6.01%		14.28%
AllianzGI Small-Cap Blend Fund Class A (adjusted)		0.18%		11.09%
AllianzGI Small-Cap Blend Fund Class C		5.27%		13.47%
AllianzGI Small-Cap Blend Fund Class C (adjusted)		4.27%		13.47%
AllianzGI Small-Cap Blend Fund Class D		6.01%		14.29%
AllianzGI Small-Cap Blend Fund Class P		6.30%		14.57%
AllianzGI Small-Cap Blend Fund Institutional Class		6.41%		14.68%
Russell 2000 Index		6.49%		14.05%
Lipper Small-Cap Growth Funds Average		10.10%		16.02%

† The Fund began operations on 7/1/13. Benchmark performance comparison began on 7/1/13. Lipper performance comparisons began on 6/30/13.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares and 1% CDSC on Class C shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Please see pages 52-54 for more information. The Fund’s expense ratios are 1.32% for Class A shares, 2.07% for Class C shares, 1.32% for Class D shares, 1.07% for Class P shares and 0.97% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated August 29, 2014, as supplemented to date.

46 June 30, 2015  | Annual Report

Unaudited

AllianzGI Small-Cap Blend Fund (cont’d)

Cumulative Returns Through June 30, 2015

The Fund began operations on 7/1/13. Benchmark performance comparisons began on 7/1/13.

Industry/Sectors (as of June 30, 2015 )

Health Care Providers & Services	6.9%
Health Care Equipment & Supplies	6.5%
Hotels, Restaurant & Leisure	6.2%
Software	6.2%
Thrifts & Mortgage Finance	5.9%
Specialty Retail	5.8%
Banks	4.7%
Pharmaceuticals	4.7%
Other	51.0%
Cash & Equivalents — Net	2.1%

Shareholder Expense Example	Actual Performance
	Class A	Class C	Class D	Class P	Institutional Class
Beginning Account Value (1/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/15)	$1,062.30	$1,058.70	$1,062.40	$1,063.90	$1,064.50
Expenses Paid During Period	$6.34	$10.16	$6.34	$5.07	$4.61
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class D	Class P	Institutional Class
Beginning Account Value (1/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/15)	$1,018.65	$1,014.93	$1,018.65	$1,019.89	$1,020.33
Expenses Paid During Period	$6.21	$9.94	$6.21	$4.96	$4.51

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.24% for Class A, 1.99% for Class C, 1.24% for Class D, 0.99% for Class P, and 0.90% for Institutional Class), multiplied by the average account value over the period, multiplied by 181/365.

Annual Report |  June 30, 2015 47

Unaudited

AllianzGI Technology Fund

For the period of July 1, 2014 through June 30, 2015, as provided by Huachen Chen, CFA and Walter Price, CFA, Portfolio Managers.

Fund Insights

For the reporting period ended June 30, 2015, Class A shares at NAV of the AllianzGI Technology Fund (the “Fund”) returned 10.35%, outperforming the the S&P North American Technology Sector Index (the “benchmark Index”), which returned 10.21%.

Security stocks in general performed well during the 12-month period and were a major source of the Fund’s positive absolute and relative performance. After companies have historically underinvested in security, increasingly sophisticated security breaches continue to compromise sensitive data, proving the traditional firewall is no protection for these new threats. As a result, we are seeing a new wave of investment in security, which we believe will likely be an ongoing required investment for companies. Security providers that create more sophisticated solutions and adapt these solutions as threats evolve should be the largest long-term beneficiaries in the security industry.

Similarly, cloud computing stocks positively contributed to performance during the period, as we saw a greater number of large companies migrate to the cloud. The value proposition is very compelling to larger companies because cloud services can help companies increase productivity and implement improvements faster, which enables innovation to come sooner. In addition to these benefits, the cloud offers sizeable cost savings of roughly 50%.

Conversely, PC and hardware companies have struggled during the period and detracted from performance. Going into 2015, we expected the momentum from 2014 to carry over to this year, but this has yet to be seen. PC demand has been weighed down by weak international markets and currency headwinds, as well as slower corporate PC demand. Many companies that supply components for PC’s have reduced estimates for 2015, resulting in a sharp selloff in shares of this group. We expect lackluster growth in this space to continue as the rise in cloud computing appears to be reducing demand for hardware purchases. As a result, we reduced our exposure to PC and hardware companies, as well as semiconductor companies that supply PC and hardware components.

As a group, the performance of semiconductors has been mixed during the period. While PC and hardware suppliers have struggled, semiconductor companies within Apple’s food chain and companies that supply components for new technologies in mobile phones (transition to 3G/4G networks) have performed well.

Looking forward, we continue to believe that the technology sector can provide some of the best absolute and relative return opportunities in the equity markets—especially for bottom-up stock pickers. Presently, we are seeing a wave of innovation in the sector that we believe has the potential to produce attractive returns for companies with best-in-class solutions. We also see a number of companies whose present valuations, in our view, do not fully reflect positive company- and/or industry-specific tailwinds. We will continue to carefully balance the risks and rewards of these opportunities within the portfolio, leveraging our industry expertise, and emphasizing individual stock selection.

Average Annual Total Return for the period ended June 30, 2015

	1 Year		5 Year		10 Year		Since Inception†
AllianzGI Technology Fund Class A		10.35%		18.01%		10.80%		13.24%
AllianzGI Technology Fund Class A (adjusted)		4.27%		16.68%		10.17%		12.91%
AllianzGI Technology Fund Class B		9.52%		17.12%		10.13%		12.89%
AllianzGI Technology Fund Class B (adjusted)		5.09%		16.91%		10.13%		12.89%
AllianzGI Technology Fund Class C		9.53%		17.13%		9.97%		12.39%
AllianzGI Technology Fund Class C (adjusted)		8.65%		17.13%		9.97%		12.39%
AllianzGI Technology Fund Class D		10.35%		18.01%		10.80%		13.35%
AllianzGI Technology Fund Class P		10.62%		18.29%		11.10%		13.62%
AllianzGI Technology Fund Institutional Class		10.73%		18.42%		11.21%		13.74%
AllianzGI Technology Fund Administrative Class		10.46%		18.12%		10.93%		13.46%
NASDAQ Composite Index		13.13%		18.78%		9.26%		8.31%
S&P North American Technology Sector Index		10.21%		17.91%		10.23%		9.21%
Lipper Global Science/Technology Funds Average		9.16%		15.78%		10.77%		11.39%

† The Fund began operations on 12/27/95. Benchmark and Lipper performance comparisons began on 12/31/95.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares, 5% contingent deferred sales charge (CDSC) on Class B shares and 1% CDSC on Class C shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Please see pages 52-54 for more information. The Fund’s expense ratios are 1.58% for Class A shares, 2.33% for Class B shares, 2.33% for Class C shares, 1.58% for Class D shares, 1.33% for Class P shares, 1.23% for Institutional Class shares and 1.48% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated August 29, 2014, as supplemented to date.

48 June 30, 2015  | Annual Report

Unaudited

AllianzGI Technology Fund (cont’d)

Cumulative Returns Through June 30, 2015

The Fund began operations on 12/27/95. Benchmark and Lipper performance comparisons began on 12/31/95.

Industry/Sectors (as of June 30, 2015)

Software	25.3%
Internet Software & Services	13.9%
Semiconductors & Semiconductor Equipment	12.9%
IT Services	9.4%
Internet & Catalog Retail	8.6%
Technology Hardware, Storage & Peripherals	7.1%
Communications Equipment	6.7%
Other	11.6%
Securities Sold Short*	–0.8%
Cash & Equivalents — Net (including Options Purchased & Options Written )	5.3%

* Table below details the industry/sectors allocation for securities sold short

Industry/Sectors - Securities Sold Short

Semiconductors & Semiconductor Equipment	–0.7%
Software	–0.1%

Shareholder Expense Example	Actual Performance
	Class A	Class B	Class C	Class D	Class P	Institutional Class	Administrative Class
Beginning Account Value (1/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/15)	$1,049.30	$1,045.40	$1,045.40	$1,049.30	$1,050.40	$1,051.00	$1,049.70
Expenses Paid During Period	$8.23	$12.02	$12.02	$8.23	$6.96	$6.46	$7.72
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class B	Class C	Class D	Class P	Institutional Class	Administrative Class
Beginning Account Value (1/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/15)	$1,016.76	$1,013.04	$1,013.04	$1,016.76	$1,018.00	$1,018.50	$1,017.26
Expenses Paid During Period	$8.10	$11.83	$11.83	$8.10	$6.85	$6.36	$7.60

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.62% for Class A, 2.37% for Class B, 2.37% for Class C, 1.62% for Class D, 1.37% for Class P, 1.27% for Institutional Class and 1.52% for Administrative Class), multiplied by the average account value over the period, multiplied by 181/365.

Annual Report |  June 30, 2015 49

Unaudited

AllianzGI U.S. Managed Volatility Fund

For the period of July 1, 2014 through June 30, 2015, as provided by Mark Roemer, Portfolio Manager.

Fund Insights

For the reporting period ended June 30, 2015, Class A shares at NAV of the AllianzGI U.S. Managed Volatility Fund (the “Fund”) returned 2.06%, underperforming the Russell 1000 Index (the “benchmark index”), which returned 7.37%.

Market Environment

During the reporting period, US equities were the beneficiaries of improving investor sentiment. Better than expected domestic economic growth and strong corporate profits drove US equity prices higher. The positive outlook for US equities is reflected in the appreciation of the US dollar against the euro and Japanese yen.

The Federal Reserve’s (the “Fed”) measured approach in signaling its intent to raise short-term interest rates provided support to the US stock market, adding to the view of a strengthening US economy. Monetary stimulus from other nations’ central banks provided similar support for broader equity markets. A strengthening US economy offset concerns about the impact of a stronger dollar on the profits of US multinational companies, the ongoing Greek debt crisis and the volatility originating in China’s stock market.

Sector performance of the benchmark index was largely positive during the reporting period. The health care and consumer discretionary sectors contributed positively to benchmark index performance while the utilities and energy sectors contributed negatively to benchmark index performance.

Portfolio Review

During the reporting period, the Fund achieved its goal of delivering lower volatility compared to the benchmark index, with annualized daily volatility of about 9%, compared with about 12% for the benchmark index. The goal of the Fund is to build a portfolio of stocks which have complementary risk characteristics, resulting in lower volatility than that shown in the benchmark index. The Fund’s lower volatility focus resulted in underperformance relative to the benchmark index as riskier sectors were among the best performing stocks in the benchmark index.

Consistent with its stated objectives, the Fund was overweight less volatile stocks relative to the benchmark index. The Fund’s overweight position in the traditionally conservative utilities and telecommunications sectors, along with real estate investment trusts (“REITs”), contributed to the Fund’s underperformance during the period as higher yielding stocks underperformed on the prospect of rising interest rates. In contrast the Fund’s underweight position in the energy sector and overweight in the consumer staples sectors contributed positively to Fund performance during the period.

Average Annual Total Return for the period ended June 30, 2015

	1 Year		5 Year		10 Year		Since Inception†
AllianzGI U.S. Managed Volatility Fund Class A		2.06%		12.70%		6.02%		6.86%
AllianzGI U.S. Managed Volatility Fund Class A (adjusted)		–3.55%		11.43%		5.43%		6.40%
AllianzGI U.S. Managed Volatility Fund Class B		1.35%		11.86%		5.38%		6.36%
AllianzGI U.S. Managed Volatility Fund Class B (adjusted)		–3.32%		11.60%		5.38%		6.36%
AllianzGI U.S. Managed Volatility Fund Class C		1.30%		11.84%		5.23%		6.06%
AllianzGI U.S. Managed Volatility Fund Class C (adjusted)		0.37%		11.84%		5.23%		6.06%
AllianzGI U.S. Managed Volatility Fund Class D		2.11%		12.69%		6.01%		6.85%
AllianzGI U.S. Managed Volatility Fund Class P		2.34%		12.98%		6.31%		7.17%
AllianzGI U.S. Managed Volatility Fund Institutional Class		2.45%		13.10%		6.41%		7.27%
Russell 1000 Index		7.37%		17.58%		8.13%		9.67%
MSCI USA Minimum Volatility Index		9.85%		16.13%		7.36%		8.79%
Lipper Large-Cap Core Funds Average		2.43%		15.20%		6.57%		8.31%

† The Fund began operations on 7/19/02. Benchmark comparisons began on the fund inception date. Lipper comparisons began on 7/31/02.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares, 5% contingent deferred sales charge (CDSC) on Class B shares and 1% CDSC on Class C shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Please see pages 52-54 for more information. The Fund’s expense ratios are 0.97% for Class A shares, 1.72% for Class B shares, 1.72% for Class C shares, 0.97% for Class D shares, 0.72% for Class P shares and 0.62% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated August 29, 2014, as supplemented to date.

50 June 30, 2015  | Annual Report

Unaudited

AllianzGI U.S. Managed Volatility Fund (cont’d)

Cumulative Returns Through June 30, 2015

The Fund began operations on 7/19/02. Benchmark comparisons began on the fund inception date.

Industry/Sectors (as of June 30, 2015)

Real Estate Investment Trust	12.1%
Insurance	5.6%
Beverages	5.5%
Diversified Telecommunication Services	5.5%
IT Services	5.4%
Electric Utilities	5.4%
Health Care Providers & Services	5.4%
Household Products	4.9%
Other	49.6%
Cash & Equivalents — Net	0.6%

Shareholder Expense Example	Actual Performance
	Class A	Class B	Class C	Class D	Class P	Institutional Class
Beginning Account Value (1/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/15)	$983.90	$980.50	$980.20	$984.00	$985.10	$985.20
Expenses Paid During Period	$4.72	$8.40	$8.40	$4.72	$3.49	$3.00
	Hypothetical Performance
	(5% return before expenses)
	Class A	Class B	Class C	Class D	Class P	Institutional Class
Beginning Account Value (1/1/15)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00
Ending Account Value (6/30/15)	$1,020.03	$1,016.31	$1,016.31	$1,020.03	$1,021.27	$1,021.77
Expenses Paid During Period	$4.81	$8.55	$8.55	$4.81	$3.56	$3.06

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.96% for Class A, 1.71% for Class B, 1.71% for Class C, 0.96% for Class D, 0.71% for Class P and 0.61% for Institutional Class), multiplied by the average account value over the period, multiplied by 181/365.

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Unaudited

Important Information

Share Class (A/B/C)

The inception date on each Fund Summary page is the inception date of the Fund’s oldest share class or classes. Unless otherwise indicated, the noted A, B, or C share class is one of the Fund’s oldest share classes. The oldest share class for the following Funds is the Institutional share class, and the Class A, B and/or C shares were first offered in the month/year indicated in parentheses after each Fund name: AllianzGI NFJ Dividend Value (10/01), AllianzGI NFJ Large-Cap Value (7/02), AllianzGI NFJ Small-Cap Value (1/97), AllianzGI Mid-Cap (2/02), AllianzGI Emerging Markets Opportunities (8/06), AllianzGI Global Natural Resources (3/06), AllianzGI Global Small-Cap (2/02) and AllianzGI Technology (2/02). The oldest share class for the following Funds is C, and the A and B shares were first offered in the month/year indicated in parentheses after each Fund name: AllianzGI NFJ Mid-Cap Value (A in 2/91, B in 5/95) and AllianzGI Focused Growth (A in 10/90, B in 5/95). The oldest share class for AllianzGI Health Sciences is the D share class, and the A, B and C shares were first offered in 2/02. For AllianzGI International Managed Volatility the oldest share class is the Institutional share class and A and C shares were first offered in 11/04. For AllianzGI NFJ International Value the oldest share class is the Institutional share class and A and C shares were first offered in 4/05. For AllianzGI Small-Cap Blend, A and C shares were each first offered in 7/13.

Class A shares are subject to an initial sales charge. Class B shares are subject to a contingent deferred sales charge (CDSC) which declines from 5% in the first year to 0% at the beginning of the seventh year. Class C shares are subject to a 1% CDSC for shares redeemed in the first year.

Class B shares of Allianz Funds are no longer available for purchase, except through exchanges and dividend reinvestment.

Share Class (D)

The inception date on each Fund Summary page is the inception date of the Fund’s oldest share class or classes. Unless otherwise indicated, the noted D share class is one of the Fund’s oldest share classes. The oldest share class for the following Funds is the Institutional shares, and the D shares were first offered in the month/year indicated in parentheses after each Fund name: AllianzGI NFJ Dividend Value (10/01), AllianzGI NFJ Large-Cap Value (7/02), AllianzGI NFJ Mid-Cap Value (4/98), AllianzGI NFJ Small-Cap Value (6/02), AllianzGI Mid-Cap (12/00), AllianzGI Emerging Markets Opportunities (8/06), AllianzGI International Managed Volatility (11/04), AllianzGI NFJ International Value (4/05), AllianzGI Global Natural Resources (3/06), AllianzGI Global Small-Cap (3/99) and AllianzGI Technology (1/99). The oldest share class for AllianzGI Focused Growth is the C shares, and the D shares were first offered in (1/00). For AllianzGI Small-Cap Blend, Class D shares were first offered in 7/13.

Share Class (R)

The inception date on each Fund Summary page is the inception date of the Fund’s oldest share class or classes. The oldest share classes are (Fund/share class): AllianzGI NFJ Dividend Value/Institutional and

Administrative, AllianzGI NFJ Mid-Cap Value/C, AllianzGI NFJ Small-Cap Value/Institutional, AllianzGI Focused Growth/C and AllianzGI Mid-Cap/Institutional. Class R shares for these Funds were first offered in 12/02. The oldest share class for AllianzGI NFJ Large-Cap Value is the Institutional share class and it first offered Class R shares in 11/09. The oldest share class for AllianzGI International Managed Volatility is the Institutional share class, and the Class R shares were first offered in 1/06. The oldest share class for AllianzGI NFJ International Value is the Institutional share class and the Fund first offered Class R shares in 11/09.

Share Class (P)

Class P shares were launched in July 2008, except for Class P shares of AllianzGI NFJ Mid-Cap Value Fund, which were launched February 28, 2011, Class P shares of AllianzGI Mid-Cap Fund, which were launched April 2, 2012, and Class P shares of AllianzGI Small-Cap Blend, which were launched July 1, 2013.

Share Class (Institutional/Administrative)

The inception date on each Fund Summary page is the inception date of the Fund’s oldest share class or classes. Unless otherwise indicated, the noted Institutional or Administrative share class is one of the Fund’s oldest share classes. The oldest share class for the following Funds is the C shares, and the Institutional and Administrative shares were first offered in the month/year indicated in parentheses after each Fund name: AllianzGI NFJ Mid-Cap Value (4/88) and AllianzGI Focused Growth. The oldest share class for the AllianzGI Health Sciences Fund is the D share class, and the Institutional share class was first offered in 12/14. The oldest share class for the following Funds is the Institutional class and the Administrative shares were first offered in the month/year indicated in parentheses after each Fund name: AllianzGI NFJ Large-Cap Value (9/06), AllianzGI NFJ Small-Cap Value (11/95), AllianzGI Technology (3/05) and AllianzGI Mid-Cap (2/02). For AllianzGI Small-Cap Blend, Institutional Class shares were first offered in 7/13.

Share Class (R6)

The inception date on each Fund Summary page is the inception date of the Fund’s oldest share class or classes. The oldest share class for the following funds is the Institutional class and Class R6 shares were first offered in the month/year indicated in parentheses after each Fund name: AllianzGI NFJ Dividend Value (12/13), AllianzGI NFJ International Value (12/13) and AllianzGI NFJ Small-Cap Value (12/13).

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

The Lipper Averages are calculated by Lipper, Inc. They are based on the total return performance, with distributions reinvested and

52 June 30, 2015  | Annual Report

operating expenses deducted, of funds included by Lipper in the stated category. Lipper does not take into account sales charges.

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

Proxy Voting

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

Form N-Q

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

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

Shareholder Expense Example

The Shareholder Expense Example is based on $1,000.00 invested at the beginning of and held for the entire period. Shareholders of the Funds incur two types of costs: (1) transaction costs; and (2) ongoing costs, including investment advisory and administration fees;

distribution and/or service (12b-1) fees and other Fund expenses. The Shareholder Expense Example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Shareholder Expense Example is based on $1,000.00 invested at the beginning and held for the entire period January 1, 2015 through June 30, 2015.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Expense ratios may vary from period to period because of various factors such as increases in expenses not covered by advisory and administration fees (for example, expenses of the trustees and their counsel or litigation expenses) and/or because of reductions in the administration fees resulting from the size of the fund.

Credit Ratings

Bond ratings apply to the underlying holdings of a Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined for purposes of presentations in this report by using ratings provided by Moody’s Investors Service, Inc. (“Moody’s”). Presentations of credit ratings information in this report use ratings provided by Moody’s for this purpose, among other

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Important Information (cont’d)

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

All of the information on the Fund Summary pages, including Fund Insights, Average Annual Total Return and Cumulative Returns charts, Shareholder Expense Examples and Allocation/Credit Ratings Summaries is unaudited.

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

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Unaudited

Benchmark Descriptions

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

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

Index	Description
Barclays Global High Yield Index	The Barclays Global High Yield Index is an unmanaged index considered representative of fixed rate, non-investment grade debt of companies in the US, developed markets and emerging markets.
Barclays US Aggregate Bond Index	The Barclays US Aggregate Bond Index is composed of securities from the Barclays Government/Credit Bond Index, the Mortgage-Backed Securities Index and the Asset-Backed Securities Index. It is generally considered to be representative of the domestic, investment-grade, fixed-rate, taxable bond market.
Barclays US Credit Index	The Barclays US Credit Index is composed of securities from the US Government/Credit Index. It includes publicly issues US corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements. To qualify, securities must be rated investment grade (Baa3 or better) by Moody’s.
Barclays US Government Bond Index	The Barclays US Government Bond Index is composed of all publicly issued, nonconvertible, domestic debt of the US Government or any agency thereof, quasi-federal corporations or corporate debt guaranteed by the US Government.
BofA Merrill Lynch All Convertibles Index	The BofA Merrill Lynch All Convertibles Index is a widely used, unmanaged index that measures the performance of US dollar-denominated convertible securities not currently in bankruptcy with a total market value greater than $50 million at issuance.
BofA Merrill Lynch US High Yield Master II Index	The BofA Merrill Lynch US High Yield Master II Index is an unmanaged index consisting of US dollar denominated bonds that are issued in countries having BBB3 or higher debt ratings with at least one year remaining until maturity. All bonds must have a credit rating below investment grade but not default.
Chicago Board Options Exchange Volatility Index (VIX)	The Chicago Board Options Exchange Volatility Index reflects a market estimate of future volatility, based on the weighted average of the implied volatilities for a wide range of strikes.
Custom Commodity Equity Benchmark	The Custom Commodity Equity Benchmark represents the performance of a hypothetical index developed by the Adviser. This blended benchmark is comprised of four underlying indices in the following proportions: 25% DAX Global Agribusiness Index, 30% MSCI World Energy Index, 25% MSCI World Materials Index and 20% MSCI ACWI Industrials (equal-weighted) Index. The DAX Global Agribusiness Index replicates the performance of the largest and most liquid agribusiness companies. The MSCI World Energy Index is a component of the MSCI World Index and represents the energy securities defined by MSCI. The MSCI World Materials Index is a component of the MSCI World Index and represents the materials securities defined by MSCI. The MSCI ACWI Industrials (equal-weighted) Index is a component of the MSCI All Country World Index and represents the industrials securities defined by MSCI calculated equal-weighted. Performance data presently shown for MSCI and DAX Indexes is net of dividend tax withholding. It is not possible to invest directly in the blended benchmark or in the indices from which it is derived.
MSCI ACWI ex US Growth Net Index	The MSCI ACWI ex US Growth Net Index captures large and mid-cap securities exhibiting overall growth style characteristics across developed and emerging markets, excluding the United States.
MSCI ACWI ex US Value Net Index	The MSCI ex US Value Net Index captures large and mid-cap securities exhibiting overall value style characteristics across developed and emerging markets, excluding the United States.
MSCI All Country World ex-US Index	The MSCI All Country World ex-US Index (MSCI ACWI ex-US) is a market-capitalization index designed to measure equity market performance in 44 developed and emerging countries, excluding the U.S.

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Benchmark Descriptions (cont’d)

Index	Description
MSCI EAFE Net Index	The MSCI EAFE Net Index (Europe, Australasia and Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US and Canada.
MSCI EAFE Minimum Volatility Index	The MSCI EAFE Minimum Volatility Index aims to reflect the performance characteristics of a minimum variance strategy applied to the large and mid-cap equity universe across 22 Developed Markets countries (excluding the US and Canada). The index is calculated by optimizing the MSCI EAFE Index, its parent index, for the lowest absolute risk (within a given set of constraints). Historically, the index has shown lower beta and volatility characteristics relative to the MSCI EAFE Index.
MSCI Emerging Markets Index	The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.
MSCI USA Minimum Volatility Index	The MSCI USA Minimum Volatility Index aims to reflect the performance characteristics of a minimum variance strategy applied to the large and mid-cap USA equity universe. The index is calculated by optimizing the MSCI USA Index, its parent index, in USD for the lowest absolute risk (within a given set of constraints). Historically, the index has shown lower beta and volatility characteristics relative to the MSCI USA Index.
MSCI World Healthcare Index	The MSCI World Health Care Index is designed to capture the large and mid-cap segments across developed markets.
MSCI World Index	The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.
MSCI World Small-Cap Index	The MSCI World Small-Cap Index is a free float-adjusted market capitalization index that is designed to measure small-cap equity performance in the global developed markets. The index targets 40% of the eligible small-cap universe within each industry group, within each country. MSCI defines the small-cap universe as all listed securities with a market capitalization in the range of USD 200-1,500 million.
NASDAQ Composite Index	The NASDAQ Composite Index is a market-value-weighted, technology-oriented index composed of approximately 5,000 domestic and foreign securities.
Russell 1000 Index	The Russell 1000 Index is an unmanaged index that consists of the 1,000 largest companies in the Russell 3000 Index and represents approximately 90% of the total market capitalization of the Russell 3000 Index. It is highly correlated with the S&P 500 Index.
Russell 1000 Growth Index	The Russell 1000 Growth Index is an unmanaged index that measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.
Russell 1000 Value Index	The Russell 1000 Value Index is an unmanaged index that measures the performance of those Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth values.
Russell 2000 Index	The Russell 2000 Index is an unmanaged index that consists of the 2,000 smallest companies in the Russell 3000 Index and represents approximately 10% of the total market capitalization of the Russell 3000 Index. It is generally considered representative of the small-cap market.
Russell 2000 Growth Index	The Russell 2000 Growth Index is an unmanaged index composed of those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values.
Russell 2000 Value Index	The Russell 2000 Value Index is an unmanaged index that measures the performance of those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values.
Russell 3000 Value Index	The Russell 3000 Value Index is an unmanaged index composed of those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values.

56 June 30, 2015  | Annual Report

Index	Description
Russell Midcap Index	The Russell Midcap Index is an unmanaged index that represents the smallest, by market capitalization, 800 companies in the Russell 1000 Index.
Russell Midcap Growth Index	Russell Midcap Growth Index is an unmanaged index that measures the performance of those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000 Growth Index.
Russell Midcap Value Index	The Russell Midcap Value Index is an unmanaged index that measures the performance of medium capitalization companies in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000 Value Index.
Russell Top 200 Value Index	The Russell Top 200 Value Index is an unmanaged index that measures the performance of those Russell Top 200 Index companies with lower price-to-book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000 Value Index.
S&P 500 Index	The Standard & Poor’s 500 Index is an unmanaged market index that is generally representative of the US stock market.
S&P Goldman Sachs Commodity Index	The S&P Goldman Sachs Commodity Index is a commodity index of commodity sector returns which represents a broadly, diversified, unleveraged, long-only position in commodity futures.
S&P North American Technology Sector Index	The S&P North American Technology Sector Index is a modified capitalization-weighted index of selected technology stocks.
US Dollar Index	The US Dollar Index is a measure of the value of the US dollar relative to majority of its most significant trading partners.
World Energy and Materials Composite	The World Energy and Materials Composite represents the performance of a hypothetical index developed by the Adviser. This composite is derived from the World Energy and World Materials components of the MSCI World Index, which is described above. The two components are weighted in the composite based on the market capitalization of those sectors from the prior month. As a result, the weightings of the two components in the composite may vary from month to month.
World Healthcare and Consumer Blended Benchmark	The World Healthcare and Consumer Blended Benchmark is a blend of 70% MSCI World Healthcare Index, 15% MSCI World Consumer Discretionary Index and 15% MSCI World Consumer Staples Index. The World Healthcare and Consumer Blended Benchmark Index represents the performance of a hypothetical index developed by the Adviser.

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Schedule of Investments

June 30, 2015

AllianzGI Emerging Markets Opportunities Fund

	Shares		Value
Common Stock—91.9%
Australia—0.7%
Ramsay Health Care Ltd.		20,795		$985,015
Brazil—9.8%
Banco Bradesco S.A. ADR		181,700		1,664,372
BB Seguridade Participacoes S.A.		117,300		1,286,523
Cia Energetica de Minas Gerais ADR		120,452		458,922
Cielo S.A.		82,105		1,157,197
Itau Unibanco Holding S.A. ADR		283,727		3,106,811
JBS S.A.		843,491		4,438,427
Porto Seguro S.A.		85,676		1,140,840
Qualicorp S.A.		175,300		1,111,307
				14,364,399
China—18.7%
Agricultural Bank of China Ltd., Class H		2,277,000		1,229,103
Air China Ltd., Class H		816,000		922,159
Bank of China Ltd., Class H		3,606,000		2,344,869
China Citic Bank Corp., Ltd., Class H (c)		1,614,000		1,285,070
China Communications Construction Co., Ltd., Class H		668,000		993,996
China Everbright Bank Co., Ltd., Class H		2,565,000		1,529,701
China Railway Construction Corp., Ltd., Class H		206,500		317,216
China Railway Group Ltd., Class H		835,000		904,491
CNOOC Ltd.		845,000		1,200,792
Great Wall Motor Co., Ltd., Class H (b)		215,500		1,056,434
Haitong Securities Co., Ltd., Class H		1,222,400		3,231,976
Hengan International Group Co., Ltd.		131,000		1,554,137
Huaneng Power International, Inc., Class H		3,300,000		4,584,278
Industrial & Commercial Bank of China Ltd., Class H		2,248,300		1,781,188
NetEase, Inc. ADR		9,600		1,390,704
Sihuan Pharmaceutical Holdings Group Ltd. (b)		5,190,000		2,209,494
Sinopec Shanghai Petrochemical Co., Ltd., Class H (c)		1,306,000		706,324
				27,241,932
France—2.7%
Sanofi		39,510		3,908,718
Hong Kong—6.2%
AIA Group Ltd.		641,200		4,176,065
Bank of East Asia Ltd.		321,600		1,405,004
Link REIT		222,000		1,300,560
Skyworth Digital Holdings Ltd.		1,438,000		1,280,181
Yue Yuen Industrial Holdings Ltd.		255,500		851,330
				9,013,140
India—8.7%
Apollo Tyres Ltd.		503,225		1,341,678
Aurobindo Pharma Ltd.		25,862		591,844
HCL Technologies Ltd.		176,841		2,555,141
Indiabulls Housing Finance Ltd.		52,226		509,278

	Shares		Value
Infosys Ltd.		174,337	$	2,717,890
LIC Housing Finance Ltd.		263,335		1,862,910
Lupin Ltd.		26,675		786,441
Sintex Industries Ltd.		387,386		607,067
Tata Motors Ltd.		142,351		963,551
Wockhardt Ltd.		30,670		681,754
				12,617,554
Indonesia—0.9%
Bank Negara Indonesia Persero Tbk PT		1,966,200		779,524
Indofood Sukses Makmur Tbk PT		1,204,900		592,901
				1,372,425
Korea (Republic of)—18.2%
Amorepacific Corp.		10,598		3,963,238
Daesang Corp.		21,380		680,496
Hyosung Corp.		13,677		1,761,153
Kia Motors Corp.		24,697		1,001,956
Korea Electric Power Corp.		31,107		1,271,502
KT&G Corp.		13,240		1,126,430
LG Chem Ltd.		4,387		1,094,057
LG Display Co., Ltd.		96,674		2,232,069
LG Uplus Corp.		231,952		2,049,050
Samsung Electronics Co., Ltd.		6,132		6,957,276
SK Hynix, Inc.		116,744		4,424,774
				26,562,001
Malaysia—0.3%
AirAsia Bhd.		1,208,300		493,184
Mexico—1.9%
Gruma S.A.B. de C.V., Class B		220,073		2,838,861
Philippines—0.3%
Universal Robina Corp.		90,630		389,692
Poland—1.6%
Orange Polska S.A.		242,826		525,912
PGE Polska Grupa Energetyczna S.A.		362,913		1,779,749
				2,305,661
Russian Federation—1.0%
Lukoil OAO ADR		7,707		346,121
Severstal PAO GDR		109,594		1,159,505
				1,505,626
South Africa—3.6%
AVI Ltd.		96,106		643,652
FirstRand Ltd.		238,574		1,045,243
Life Healthcare Group Holdings Ltd.		138,649		427,333
Netcare Ltd.		230,377		724,801
Vodacom Group Ltd.		206,146		2,350,884
				5,191,913
Taiwan—10.0%
Asustek Computer, Inc.		248,000		2,415,264
AU Optronics Corp.		1,894,000		840,322
Cathay Financial Holding Co., Ltd.		1,290,000		2,252,275
Gigabyte Technology Co., Ltd.		235,000		238,295
Hon Hai Precision Industry Co., Ltd.		557,280		1,751,187
Pegatron Corp.		741,000		2,168,124
Powertech Technology, Inc.		380,000		822,257
Siliconware Precision Industries Co., Ltd.		1,053,000		1,606,658
SinoPac Financial Holdings Co., Ltd.		708,753		313,487

	Shares		Value
Taiwan Semi conductor Manu facturing Co., Ltd.		472,000	$	2,146,947
				14,554,816
Thailand—0.8%
Thai Union Frozen Products PCL NVDR		1,792,900		1,155,342
United Kingdom—3.1%
British American Tobacco PLC		5,653		305,059
Mondi PLC		193,223		4,159,947
				4,465,006
United States—3.4%
Lear Corp.		43,864		4,924,172
Total Common Stock (cost—$124,260,517)				133,889,457
Preferred Stock—3.5%
Brazil—1.3%
Cia Energetica de Sao Paulo, Class B		54,900		346,270
Suzano Papel e Celulose S.A., Class A		298,800		1,589,577
				1,935,847
Russian Federation—2.2%
Surgutneftegas OAO (b)		4,059,370		3,125,715
Total Preferred Stock (cost—$4,786,662)				5,061,562
Rights—0.0%
Korea (Republic of)—0.0%
Com2uSCorp, expires 7/31/15 (b)(c) (cost—$0)		611		6,135
	Principal Amount (000s)
Repurchase Agreements—3.7%
State Street Bank and Trust Co., dated 6/30/15, 0.00%, due 7/1/15, proceeds $5,366,000; collateralized by U.S. Treasury Notes, 1.75%, due 2/28/22, valued at $5,475,688 including accrued interest
(cost—$5,366,000)		$5,366		5,366,000
Total Investments (cost—$134,413,179) (a)—99.1%				144,323,154
Other assets less liabilities—0.9%				1,303,697
Net Assets—100.0%				$145,626,851

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $100,502,853, representing 69.0% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

58 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

Schedule of Investments

June 30, 2015

(b) Fair-Valued—Securities with an aggregate value of $6,397,778, representing 4.4% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(c) Non-income producing.

Glossary:

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

NVDR—Non-Voting Depository Receipt

REIT—Real Estate Investment Trust

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

Banks	10.4%
Technology Hardware, Storage & Peripherals	8.1%
Food Products	7.5%
Semiconductors & Semiconductor Equipment	6.2%
Insurance	6.1%
Pharmaceuticals	5.6%
IT Services	4.4%
Auto Components	4.3%
Paper & Forest Products	4.0%
Personal Products	3.8%
Independent Power and Renewable Electricity Producers	3.4%
Electronic Equipment, Instruments & Components	3.3%
Oil, Gas & Consumable Fuels	3.2%
Chemicals	2.4%
Electric Utilities	2.4%
Health Care Providers & Services	2.3%
Capital Markets	2.2%
Automobiles	2.1%
Diversified Telecommunication Services	1.8%
Thrifts & Mortgage Finance	1.6%
Wireless Telecommunication Services	1.6%
Construction & Engineering	1.5%
Tobacco	1.0%
Internet Software & Services	1.0%
Airlines	0.9%
Real Estate Investment Trust	0.9%
Household Durables	0.9%
Metals & Mining	0.8%
Diversified Financial Services	0.7%
Textiles, Apparel & Luxury Goods	0.6%
Building Products	0.4%
Repurchase Agreements	3.7%
Other assets less liabilities	0.9%
	100.0%

AllianzGI Focused Growth Fund

	Shares		Value
Common Stock—98.3%
Aerospace & Defense—4.3%
BE Aerospace, Inc.		194,245		$10,664,050
United Technologies Corp.		174,660		19,375,034
				30,039,084
Auto Components—1.8%
Delphi Automotive PLC		151,035		12,851,568
Banks—4.5%
Wells Fargo & Co.		564,665		31,756,760
Beverages—2.1%
Monster Beverage Corp. (a)		107,725		14,437,304
Biotechnology—9.8%
Alexion Pharmaceuticals, Inc. (a)		127,520		23,051,790
Biogen, Inc. (a)		77,985		31,501,261
Celgene Corp. (a)		124,620		14,422,896
				68,975,947
Chemicals—1.9%
PPG Industries, Inc.		113,270		12,994,334
Communications Equipment—2.8%
Palo Alto Networks, Inc. (a)		113,520		19,831,944
Diversified Financial Services—3.5%
CME Group, Inc.		265,745		24,730,230
Food & Staples Retailing—5.7%
Costco Wholesale Corp.		107,840		14,564,870
CVS Health Corp.		238,430		25,006,539
				39,571,409
Health Care Providers & Services—3.6%
UnitedHealth Group, Inc.		206,880		25,239,360
Internet & Catalog Retail—6.2%
Amazon.com, Inc. (a)		70,355		30,540,402
Priceline Group, Inc. (a)		11,320		13,033,508
				43,573,910
Internet Software & Services—8.6%
Facebook, Inc., Class A (a)		461,945		39,618,713
Google, Inc., Class A (a)		37,515		20,259,601
				59,878,314
IT Services—4.1%
Visa, Inc., Class A		430,080		28,879,872
Media—4.4%
Comcast Corp., Class A		157,680		9,482,875
Time Warner, Inc.		246,835		21,575,848
				31,058,723
Oil, Gas & Consumable Fuels—1.1%
Pioneer Natural Resources Co.		55,990		7,765,253
Range Resources Corp.		4,030		199,001
				7,964,254
Pharmaceuticals—9.2%
AbbVie, Inc.		313,725		21,079,183
Allergan PLC (a)		77,310		23,460,492
Bristol-Myers Squibb Co.		296,005		19,696,173
				64,235,848
Road & Rail—3.1%
Union Pacific Corp.		225,850		21,539,314
Semiconductors & Semiconductor Equipment—2.7%
NXP Semiconductors NV (a)		195,335		19,181,897

	Shares		Value
Software—6.0%
Microsoft Corp.		282,850	$	12,487,827
Salesforce.com, Inc. (a)		428,085		29,807,559
				42,295,386
Specialty Retail—6.0%
TJX Cos., Inc.		354,335		23,446,347
Tractor Supply Co.		209,590		18,850,525
				42,296,872
Technology Hardware, Storage & Peripherals—6.9%
Apple, Inc.		382,995		48,037,148
Total Common Stock (cost-$491,586,428)				689,369,478
	Principal Amount (000s)
Repurchase Agreements—1.8%
State Street Bank and Trust Co., dated 6/30/15, 0.00%, due 7/1/15, proceeds $12,419,000; collateralized by U.S. Treasury Notes, 2.00%, due 10/31/21, valued at $12,672,344 including accrued interest
(cost—$12,419,000)		$12,419		12,419,000
Total Investments (cost-$504,005,428)—100.1%				701,788,478
Liabilities in excess of other assets—(0.1)%				(513,656	)
Net Assets—100.0%				$701,274,822

Notes to Schedule of Investments:

(a) Non-income producing.

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 59

Schedule of Investments

June 30, 2015

AllianzGI Global Natural Resources Fund

	Shares		Value
Common Stock—99.5%
Australia—1.0%
BHP Billiton Ltd.		14,743		$300,740
Rio Tinto Ltd.		7,437		307,644
				608,384
Canada—10.4%
Agrium, Inc.		8,200		869,042
Canadian National Railway Co.		14,700		848,104
Canadian Solar, Inc. (c)		25,900		740,740
Enbridge, Inc.		12,150		568,200
Encana Corp.		48,365		533,215
Goldcorp, Inc.		41,200		668,634
Potash Corp. of Saskatchewan, Inc.		26,500		820,673
Suncor Energy, Inc.		34,997		963,889
				6,012,497
China—1.0%
Trina Solar Ltd. ADR (c)		52,175		607,317
Denmark—1.3%
Vestas Wind Systems A/S		14,700		732,699
France—3.1%
Arkema S.A.		10,545		762,272
Total S.A.		20,900		1,025,165
				1,787,437
Germany—1.7%
BASF SE		11,290		993,440
Japan—5.0%
FANUC Corp.		4,000		818,462
Mitsui & Co., Ltd.		51,600		701,044
Shin-Etsu Chemical Co., Ltd.		4,600		285,250
SMC Corp.		2,600		782,390
Teijin Ltd.		76,000		294,915
				2,882,061
Norway—1.0%
Yara International ASA		11,700		609,665
South Africa—1.3%
AngloGold Ashanti Ltd. (c)		83,055		743,493
Spain—1.7%
Gamesa Corp. Tecnologica S.A. (c)		63,600		1,004,734
Switzerland—2.6%
Syngenta AG		995		405,982
Weatherford International PLC (b)(c)		89,275		1,095,404
				1,501,386
United Kingdom—5.6%
BG Group PLC		25,875		430,943
BHP Billiton PLC		16,065		315,865
BP PLC		148,461		985,287
Rio Tinto PLC		7,933		326,308
Royal Dutch Shell PLC, Class A		40,958		1,158,052
				3,216,455
United States—63.8%
Anadarko Petroleum Corp. (b)		14,300		1,116,258
Archer-Daniels-Midland Co.		18,170		876,158
Ashland, Inc.		6,760		824,044
Axiall Corp.		9,385		338,329
Baker Hughes, Inc.		13,800		851,460
Berry Plastics Group, Inc. (b)(c)		26,335		853,254
Bonanza Creek Energy, Inc. (c)		70,900		1,293,925
Cabot Oil & Gas Corp.		17,300		545,642
CF Industries Holdings, Inc.		8,915		573,056
Concho Resources, Inc. (c)		9,800		1,115,828

	Shares		Value
Dow Chemical Co.		11,095		$567,731
Ecolab, Inc. (b)		8,745		988,797
EOG Resources, Inc.		17,800		1,558,390
Exxon Mobil Corp. (b)		15,400		1,281,280
Freeport-McMoRan, Inc.		29,300		545,566
Halliburton Co.		14,020		603,841
Huntsman Corp.		40,185		886,883
Kinder Morgan, Inc.		15,000		575,850
Kirby Corp. (c)		5,600		429,296
Laredo Petroleum, Inc. (c)		63,000		792,540
Marathon Petroleum Corp.		16,200		847,422
Monsanto Co. (b)		5,500		586,245
Newmont Mining Corp. (b)		30,000		700,800
Occidental Petroleum Corp.		7,500		583,275
Patterson-UTI Energy, Inc. (b)		67,000		1,260,605
PDC Energy, Inc. (c)		25,720		1,379,621
Phillips 66		10,200		821,712
Pioneer Natural Resources Co.		8,500		1,178,865
PPG Industries, Inc.		6,400		734,208
Range Resources Corp.		29,815		1,472,265
Schlumberger Ltd.		12,770		1,100,646
Sherwin-Williams Co.		2,800		770,056
SM Energy Co.		25,400		1,171,448
Southwestern Energy Co. (b)(c)		37,200		845,556
SunEdison, Inc. (c)		13,200		394,812
SunPower Corp. (b)(c)		19,000		539,790
U.S. Silica Holdings, Inc. (b)		43,200		1,268,352
U.S. Steel Corp.		33,600		692,832
Union Pacific Corp.		9,250		882,173
Univar, Inc. (c)		22,400		583,072
Valero Energy Corp.		13,500		845,100
Vulcan Materials Co.		9,985		838,041
Whiting Petroleum Corp. (c)		23,500		789,600
				36,904,624
Total Common Stock (cost-$58,248,209)				57,604,192
	Principal Amount (000s)
Repurchase Agreements—2.3%
State Street Bank and Trust Co., dated 6/30/15, 0.00%, due 7/1/15, proceeds $1,310,000; collateralized by U.S. Treasury Notes, 1.75%, due 2/28/22, valued at $1,338,063 including accrued interest
(cost—$1,310,000)		$1,310		1,310,000
Total Investments, before options written (cost—$59,558,209)—101.8%				58,914,192

	Contracts		Value
Options Written (c)(d)—(0.5)%
Call Options—(0.5)%
Baker Hughes, Inc., strike price $62.50, expires 7/17/15		138		$(19,320	)
Canadian Solar, Inc., strike price $30.00, expires 8/21/15		259		(45,973	)
Freeport-McMoRan, Inc., strike price $20.00, expires 7/17/15		293		(6,006	)
Laredo Petroleum, Inc., strike price $14.00, expires 8/21/15		630		(26,775	)
Newmont Mining Corp., strike price $25.00, expires 8/21/15		300		(14,700	)
Patterson-UTI Energy, Inc., strike price $20.00, expires 7/17/15		372		(8,370	)
SM Energy Co., strike price $45.00, expires 7/17/15		127		(30,163	)
Southwestern Energy Co., strike price $24.00, expires 8/21/15		372		(29,388	)
SunEdison, Inc., strike price $30.00, expires 7/24/15		132		(16,962	)
U.S. Steel Corp., strike price $21.50, expires 7/24/15		336		(20,832	)
Weatherford International PLC, strike price $14.00, expires 8/21/15		430		(8,385	)
Whiting Petroleum Corp., strike price $34.00, expires 7/24/15		235		(29,962	)
Total Options Written (premiums received—$436,665)				(256,836	)
Total Investments, net of options written (cost—$59,121,544) (a)—101.3%				58,657,356
Other liabilities in excess of other assets—(1.3)%				(780,800	)
Net Assets—100.0%				$57,876,556

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $12,984,350, representing 22.4% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

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

(c) Non-income producing.

(d) Exchange traded-Chicago Board Options Exchange.

Glossary:

ADR—American Depositary Receipt

60 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

Schedule of Investments

June 30, 2015

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

Oil, Gas & Consumable Fuels	41.3%
Chemicals	19.4%
Energy Equipment & Services	10.8%
Metals & Mining	7.9%
Semiconductors & Semiconductor Equipment	3.9%
Electrical Equipment	3.0%
Road & Rail	3.0%
Machinery	2.8%
Trading Companies & Distributors	2.2%
Food Products	1.5%
Containers & Packaging	1.5%
Construction Materials	1.5%
Marine	0.7%
Repurchase Agreements	2.3%
Options Written	(0.5)%
Other liabilities in excess of other assets	(1.3)%
	100.0%

AllianzGI Global Small-Cap Fund

	Shares		Value
Common Stock—94.9%
Australia—0.9%
Challenger Ltd.		149,500		$774,947
Dick Smith Holdings Ltd.		343,659		550,668
Spotless Group Holdings Ltd.		466,447		750,842
				2,076,457
Austria—1.2%
AMS AG		41,373		1,809,476
Schoeller-Bleckmann Oilfield Equipment AG (d)		12,176		738,522
				2,547,998
Belgium—0.6%
Ontex Group NV (d)		41,344		1,241,030
Canada—0.7%
Gildan Activewear, Inc.		47,942		1,593,592
China—0.8%
China Everbright International Ltd.		534,000		961,897
Sunny Optical Technology Group Co., Ltd.		344,000		747,898
				1,709,795
Denmark—0.8%
SimCorp A/S (d)		45,295		1,803,840
Finland—1.0%
Amer Sports Oyj		49,062		1,307,489
Huhtamaki Oyj		30,116		930,724
				2,238,213
France—2.6%
GameLoft SE (d)(e)		145,560		622,359
Korian-Medica		40,124		1,333,468
Sartorius Stedim Biotech		9,201		2,538,276
Virbac S.A.		5,937		1,270,821
				5,764,924
Germany—1.5%
Aareal Bank AG (d)		40,445		1,590,255
Bechtle AG (d)		16,278		1,233,173
Bertrandt AG		3,573		468,864
				3,292,292
Hong Kong—1.0%
Ju Teng International Holdings Ltd. (d)		980,000		474,099
Nexteer Automotive Group Ltd.		884,000		919,334
Techtronic Industries Co., Ltd.		119,000		390,617
Xinyi Glass Holdings Ltd.		978,000		524,280
				2,308,330
Ireland—1.8%
Glanbia PLC		55,922		1,104,747
ICON PLC (e)		17,980		1,210,054
Kingspan Group PLC (d)		65,559		1,583,027
				3,897,828
Israel—0.5%
Mellanox Technologies Ltd. (e)		23,611		1,147,258
Italy—1.9%
Banca Popolare di Milano Scarl		1,863,000		1,964,773
De’ Longhi (d)		45,102		1,034,081
Yoox SpA (e)		39,479		1,277,595
				4,276,449

	Shares		Value
Japan—11.2%
ABC-Mart, Inc.		22,000	$	1,346,453
Aica Kogyo Co., Ltd.		48,300		1,121,954
Aozora Bank Ltd.		356,000		1,343,193
Asics Corp.		20,500		529,580
Bandai Namco Holdings, Inc.		63,100		1,219,379
Calbee, Inc.		22,200		935,242
Coca-Cola East Japan Co., Ltd.		31,400		580,613
Daicel Corp.		100,100		1,284,502
Daiho Corp.		206,000		1,016,052
Disco Corp.		14,700		1,215,231
Don Quijote Holdings Co., Ltd.		25,400		1,080,743
Fukushima Industries Corp.		45,000		824,029
Hoshizaki Electric Co., Ltd.		24,800		1,458,722
Kusuri No Aoki Co., Ltd.		41,600		1,841,315
Lion Corp.		102,000		817,407
Maeda Road Construction Co., Ltd.		42,000		772,776
Obayashi Corp.		249,000		1,815,744
Sanwa Holdings Corp.		90,000		757,136
Seiko Holdings Corp.		178,000		900,098
Suruga Bank Ltd.		47,100		1,008,935
Teijin Ltd.		428,000		1,660,836
Tokyo Tatemono Co., Ltd.		23,500		326,172
Yamaha Motor Co., Ltd.		38,400		839,027
				24,695,139
New Zealand—0.1%
Metlifecare Ltd.		64,179		202,239
Norway—0.5%
Opera Software ASA (d)		79,513		684,530
ProSafe SE		94,933		328,908
				1,013,438
Philippines—0.3%
Cosco Capital, Inc.		4,023,400		695,587
Spain—1.6%
Bolsas y Mercados Espanoles SHMSF S.A.		32,935		1,334,922
Gamesa Corp. Tecnologica S.A. (e)		140,679		2,222,405
				3,557,327
Sweden—2.4%
Betsson AB (e)		125,523		1,812,324
JM AB		28,226		769,290
NetEnt AB (d)(e)		39,661		1,539,267
Nibe Industrier AB, Class B		39,337		1,067,368
				5,188,249
Switzerland—1.4%
Burckhardt Compression Holding AG (d)		1,996		756,094
Georg Fischer AG		1,921		1,320,611
Interroll Holding AG (d)		1,761		1,120,696
				3,197,401
Taiwan—0.9%
Chipbond Technology Corp.		268,000		578,452
Hermes Microvision, Inc.		6,000		389,623
Primax Electronics Ltd. (d)		406,000		513,945
Sinbon Electronics Co., Ltd.		282,000		525,302
				2,007,322
Thailand—0.2%
AP Thailand PCL (c)		2,384,800		507,498

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 61

Schedule of Investments

June 30, 2015

	Shares		Value
United Kingdom—5.0%
Auto Trader Group PLC (a)(e)		288,360	$	1,387,579
DS Smith PLC		103,210		625,884
Elementis PLC		261,215		1,051,774
Intermediate Capital Group PLC		147,448		1,273,764
Pets at Home Group PLC		310,448		1,457,033
Restaurant Group PLC		166,395		1,819,712
Rotork PLC (d)		335,140		1,225,129
Senior PLC (d)		117,838		531,036
Spirax-Sarco Engineering PLC (d)		32,059		1,709,877
				11,081,788
United States—56.0%
Acadia Healthcare Co., Inc. (e)		33,753		2,643,873
Acuity Brands, Inc.		8,895		1,600,922
Air Lease Corp.		38,591		1,308,235
Aircastle Ltd.		90,290		2,046,874
AMAG Pharmaceuticals, Inc. (e)		21,346		1,474,155
American Eagle Outfitters, Inc.		56,940		980,507
Amsurg Corp. (e)		20,144		1,409,073
Arthur J Gallagher & Co.		34,690		1,640,837
Bank of the Ozarks, Inc.		58,419		2,672,669
Belden, Inc.		13,527		1,098,798
Berry Plastics Group, Inc. (e)		31,216		1,011,398
Brookdale Senior Living, Inc. (e)		53,304		1,849,649
Brown & Brown, Inc.		44,326		1,456,552
Burlington Stores, Inc. (e)		21,348		1,093,018
Cadence Design Systems, Inc. (e)		87,656		1,723,317
CANCOM SE (d)		28,163		1,013,659
Carlisle Cos., Inc.		14,246		1,426,310
Carrizo Oil & Gas, Inc. (e)		20,657		1,017,151
Cathay General Bancorp		61,043		1,980,845
Centene Corp. (e)		26,979		2,169,112
Cepheid (e)		19,643		1,201,169
Chatham Lodging Trust REIT		67,943		1,798,451
Cheesecake Factory, Inc.		28,367		1,546,994
Cooper Cos., Inc.		8,603		1,531,076
Core-Mark Holding Co., Inc.		25,568		1,514,904
Cypress Semiconductor Corp.		81,828		962,297
Depomed, Inc. (e)		37,235		799,063
Diamond Resorts International, Inc. (e)		69,221		2,183,923
Eagle Bancorp, Inc. (e)		23,645		1,039,434
Echo Global Logistics, Inc. (e)		36,246		1,183,794
Electronics for Imaging, Inc. (e)		24,794		1,078,787
Endurance International Group Holdings, Inc. (e)		46,309		956,744
ExamWorks Group, Inc. (e)		45,783		1,790,115
Extra Space Storage, Inc. REIT		22,298		1,454,276
FelCor Lodging Trust, Inc. REIT		98,816		976,302
Globus Medical, Inc., Class A (e)		69,961		1,795,899
Guidewire Software, Inc. (e)		22,424		1,186,902
Hanesbrands, Inc.		58,019		1,933,193
Hanover Insurance Group, Inc.		23,070		1,707,872
HD Supply Holdings, Inc. (e)		42,292		1,487,833
HFF, Inc., Class A		30,342		1,266,172
Infoblox, Inc. (e)		36,388		953,729
Inogen, Inc. (e)		28,801		1,284,525
Jarden Corp. (e)		36,363		1,881,785
Kaiser Aluminum Corp.		15,932		1,323,631
Kennedy-Wilson Holdings, Inc.		59,440		1,461,630
La Quinta Holdings, Inc. (e)		62,271		1,422,892
LDR Holding Corp. (e)		38,623		1,670,445
Lear Corp.		15,513		1,741,489

	Shares		Value
Ligand Pharmaceuticals, Inc., Class B (e)		11,789		$1,189,510
Macquarie Infrastructure Corp.		28,386		2,345,535
Marriott Vacations Worldwide Corp.		29,458		2,702,772
Matador Resources Co. (e)		35,214		880,350
MAXIMUS, Inc.		25,167		1,654,227
MDC Partners, Inc., Class A		38,789		764,143
Melia Hotels International S.A.		114,256		1,508,159
Mentor Graphics Corp.		43,687		1,154,647
Middleby Corp. (e)		9,039		1,014,447
Motorcar Parts of America, Inc. (e)		24,482		736,663
Omnicell, Inc. (e)		35,464		1,337,347
PAREXEL International Corp. (e)		12,206		784,968
Phibro Animal Health Corp., Class A		36,704		1,429,254
PrivateBancorp, Inc.		55,729		2,219,129
PTC, Inc. (e)		28,508		1,169,398
Receptos, Inc. (e)		4,230		803,912
Rite Aid Corp. (e)		173,057		1,445,026
Ryder System, Inc.		20,595		1,799,385
Select Comfort Corp. (e)		34,033		1,023,372
Six Flags Entertainment Corp.		31,627		1,418,471
South State Corp.		28,123		2,137,067
Springleaf Holdings, Inc. (e)		29,999		1,377,254
Strategic Hotels & Resorts, Inc. REIT (e)		173,422		2,101,875
SunEdison, Inc. (e)		57,803		1,728,888
Synaptics, Inc. (e)		8,868		769,166
Synergy Resources Corp. (e)		60,421		690,612
Take-Two Interactive Software, Inc. (e)		51,778		1,427,519
Team Health Holdings, Inc. (e)		28,512		1,862,689
Texas Roadhouse, Inc.		33,194		1,242,451
Ultimate Software Group, Inc. (e)		7,824		1,285,796
United Natural Foods, Inc. (e)		10,121		644,505
VeriFone Systems, Inc. (e)		28,820		978,727
Verint Systems, Inc. (e)		29,831		1,812,084
Vonage Holdings Corp. (e)		228,902		1,123,909
Western Alliance Bancorp (e)		65,478		2,210,537
WEX, Inc. (e)		8,172		931,363
XPO Logistics, Inc. (e)		32,954		1,488,862
				123,946,299
Total Common Stock (cost—$168,653,306)				209,990,293

	Principal Amount (000s)		Value
Repurchase Agreements—4.5%
State Street Bank and Trust Co., dated 6/30/15, 0.00%, due 7/1/15, proceeds $9,927,000; collateralized by U.S. Treasury Notes, 1.75%, due 2/28/22, valued at $10,126,813 including accrued interest
(cost—$9,927,000)		$9,927	$	9,927,000
Total Investments (cost—$178,580,306) (b)—99.4%				219,917,293
Other assets less liabilities—0.6%				1,273,844
Net Assets—100.0%				$221,191,137

Notes to Schedule of Investments:

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

(b) Securities with an aggregate value of $71,496,271, representing 32.3% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(c) Fair-Valued—Security with a value of $507,498, representing 0.2% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(d) Affiliated security.

(e) Non-income producing.

Glossary:

REIT—Real Estate Investment Trust

62 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

Schedule of Investments

June 30, 2015

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

Banks	7.6%
Hotels, Restaurants & Leisure	7.0%
Health Care Providers & Services	5.9%
Software	5.8%
Machinery	4.3%
Health Care Equipment & Supplies	4.0%
Semiconductors & Semiconductor Equipment	3.8%
Real Estate Investment Trust	2.9%
IT Services	2.7%
Specialty Retail	2.4%
Textiles, Apparel & Luxury Goods	2.2%
Trading Companies & Distributors	2.2%
Insurance	2.2%
Biotechnology	2.1%
Food & Staples Retailing	2.1%
Internet Software & Services	2.0%
Building Products	2.0%
Chemicals	1.9%
Household Durables	1.8%
Auto Components	1.7%
Electrical Equipment	1.7%
Construction & Engineering	1.6%
Pharmaceuticals	1.6%
Electronic Equipment, Instruments & Components	1.3%
Air Freight & Logistics	1.2%
Oil, Gas & Consumable Fuels	1.2%
Containers & Packaging	1.2%
Capital Markets	1.2%
Leisure Products	1.2%
Transportation Infrastructure	1.1%
Real Estate Management & Development	1.0%
Multi-line Retail	1.0%
Diversified Financial Services	1.0%
Life Sciences Tools & Services	1.0%
Food Products	0.9%
Road & Rail	0.8%
Commercial Services & Supplies	0.7%
Technology Hardware, Storage & Peripherals	0.7%
Thrifts & Mortgage Finance	0.7%
Distributors	0.7%
Industrial Conglomerates	0.6%
Consumer Finance	0.6%
Health Care Technology	0.6%
Metals & Mining	0.6%
Internet & Catalog Retail	0.6%
Personal Products	0.6%
Energy Equipment & Services	0.6%
Diversified Telecommunication Services	0.5%
Automobiles	0.4%
Household Products	0.4%
Media	0.3%
Beverages	0.3%
Aerospace & Defense	0.2%
Professional Services	0.2%
Repurchase Agreements	4.5%
Other assets less liabilities	0.6%
	100.0%

AllianzGI Health Sciences Fund

	Shares		Value
Common Stock—96.8%
Biotechnology—33.0%
Actelion Ltd. (d)		6,730		$985,618
Alexion Pharmaceuticals, Inc. (d)		40,775		7,370,897
Alkermes PLC (d)		33,570		2,159,894
Amgen, Inc.		20,245		3,108,012
Biogen, Inc. (d)		22,035		8,900,818
BioMarin Pharmaceutical, Inc. (d)		25,155		3,440,701
Bluebird Bio, Inc. (d)		3,400		572,458
Celgene Corp. (d)		64,995		7,522,196
Clovis Oncology, Inc. (d)		25,225		2,216,773
Dyax Corp. (d)		55,115		1,460,547
Eagle Pharmaceuticals, Inc. (d)		99,384		8,036,190
Gilead Sciences, Inc.		5,945		696,041
Heron Therapeutics, Inc. (d)		29,035		904,731
Incyte Corp. (d)		48,710		5,076,069
Intercept Pharmaceuticals, Inc. (d)		3,255		785,692
Karyopharm Therapeutics, Inc. (d)		11,182		304,262
Medivation, Inc. (d)		31,675		3,617,285
Neurocrine Biosciences, Inc. (d)		18,480		882,605
Ophthotech Corp. (d)		28,925		1,505,835
Regeneron Pharmaceuticals, Inc. (d)		13,400		6,835,742
Ultragenyx Pharmaceutical, Inc. (d)		8,000		819,120
Vertex Pharmaceuticals, Inc. (d)		54,274		6,701,754
				73,903,240
Food & Staples Retailing—1.7%
CVS Health Corp.		24,475		2,566,938
Walgreens Boots Alliance, Inc.		14,240		1,202,426
				3,769,364
Health Care Equipment & Supplies—11.4%
Abaxis, Inc.		24,233		1,247,515
ABIOMED, Inc. (d)		14,970		983,978
Boston Scientific Corp. (d)		287,065		5,081,050
DexCom, Inc. (d)		34,910		2,792,102
Edwards Lifesciences Corp. (d)		15,475		2,204,104
Inogen, Inc. (d)		24,715		1,102,289
Medtronic PLC		32,500		2,408,250
Smith & Nephew PLC ADR		94,145		3,196,223
St. Jude Medical, Inc.		21,645		1,581,600
Wright Medical Group, Inc. (d)		80,560		2,115,506
Zeltiq Aesthetics, Inc. (d)		25,930		764,157
Zimmer Biomet Holdings, Inc.		19,100		2,086,293
				25,563,067
Health Care Providers & Services—15.7%
Aetna, Inc.		13,570		1,729,632
Anthem, Inc.		12,945		2,124,792
Cardinal Health, Inc.		24,700		2,066,155
Cigna Corp.		32,615		5,283,630
Diplomat Pharmacy, Inc. (d)		56,905		2,546,499
Express Scripts Holding Co. (d)		12,550		1,116,197
Fresenius Medical Care AG & Co. KGaA		15,365		1,272,010
HCA Holdings, Inc. (d)		38,210		3,466,411
Humana, Inc.		8,175		1,563,714
Kindred Healthcare, Inc.		69,000		1,400,010
McKesson Corp.		12,145		2,730,318
PharMerica Corp. (d)		68,790		2,290,707
UnitedHealth Group, Inc.		63,190		7,709,180
				35,299,255

	Shares		Value
Health Care Technology—1.7%
Cerner Corp. (d)		55,515		$3,833,866
Life Sciences Tools & Services—1.8%
Charles River Laboratories International, Inc. (d)		12,820		901,759
Illumina, Inc. (d)		4,870		1,063,413
Quintiles Transnational Holdings, Inc. (d)		29,220		2,121,664
				4,086,836
Pharmaceuticals—31.5%
AbbVie, Inc.		124,865		8,389,679
Akorn, Inc. (d)		86,600		3,780,956
Allergan PLC (d)		32,470		9,853,346
Bristol-Myers Squibb Co.		83,075		5,527,811
Catalent, Inc. (d)		113,185		3,319,716
Eisai Co., Ltd.		24,800		1,662,706
Eli Lilly & Co.		52,865		4,413,699
Endo International PLC (d)		11,950		951,818
Intersect ENT, Inc. (d)		51,294		1,468,547
Johnson & Johnson (c)		55,695		5,428,035
Mallinckrodt PLC (d)		10,350		1,218,402
Medicines Co. (d)		38,815		1,110,497
Merck & Co., Inc.		72,860		4,147,920
Mylan NV (d)		11,605		787,515
Novartis AG ADR		18,375		1,806,998
Pfizer, Inc.		72,025		2,414,998
Relypsa, Inc. (d)		14,950		494,696
Roche Holding AG		8,645		2,423,984
Shire PLC		80,025		6,429,972
Shire PLC ADR		14,005		3,382,067
UCB S.A.		21,715		1,561,421
				70,574,783
Total Common Stock (cost—$171,077,934)				217,030,411
	Units
Warrants—0.1%
Pharmaceuticals—0.1%
Sunesis Pharmaceuticals, Inc., strike price $2.52, expires 10/6/15 (b)(d) (cost—$125,814)		180,767		135,955
	Principal Amount (000s)
Repurchase Agreements—3.7%
State Street Bank and Trust Co., dated 6/30/15, 0.00%, due 7/1/15, proceeds $8,326,000; collateralized by U.S. Treasury Notes, 2.125%, due 12/31/21, valued at $8,492,750 including accrued interest
(cost—$8,326,000)		$8,326		8,326,000
Total Investments (cost—$179,529,748) (a)—100.6%				225,492,366
Liabilities in excess of other assets—(0.6)%				(1,261,159	)
Net Assets—100.0%				$224,231,207

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 63

Schedule of Investments

June 30, 2015

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $14,335,711, representing 6.4% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(b) Fair-Valued—Security with a value of $135,955, representing 0.1% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(c) All or partial amount segregated for the benefit of the counterparty as collateral for options written. There were no open options written outstanding at June 30, 2015, however the Fund had securities segregated as collateral for any transactions in the future.

(d) Non-income producing.

Glossary:

ADR—American Depositary Receipt

AllianzGI Income & Growth Fund

	Shares		Value
Common Stock—32.9%
Aerospace & Defense—0.8%
Boeing Co.		163,200		$22,639,104
Auto Components—0.7%
Johnson Controls, Inc.		408,300		20,223,099
Automobiles—0.6%
Ford Motor Co.		1,199,700		18,007,497
Banks—0.7%
Wells Fargo & Co.		382,200		21,494,928
Beverages—1.1%
Coca-Cola Co.		412,300		16,174,529
PepsiCo, Inc.		193,600		18,070,624
				34,245,153
Biotechnology—2.2%
Amgen, Inc.		145,000		22,260,400
Biogen, Inc. (f)(g)		46,500		18,783,210
Gilead Sciences, Inc. (f)		211,900		24,809,252
				65,852,862
Chemicals—0.6%
Monsanto Co.		179,600		19,143,564
Communications Equipment—0.5%
QUALCOMM, Inc.		237,700		14,887,151
Construction & Engineering—0.4%
Fluor Corp.		209,800		11,121,498
Diversified Telecommunication Services—0.6%
Verizon Communications, Inc.		372,900		17,380,869
Electronic Equipment, Instruments & Components—0.7%
Amphenol Corp., Class A		340,800		19,756,176
Energy Equipment & Services—0.7%
Diamond Offshore Drilling, Inc.		43,300		1,117,573
National Oilwell Varco, Inc.		93,000		4,490,040
Schlumberger Ltd.		172,400		14,859,156
				20,466,769
Food & Staples Retailing—2.0%
Costco Wholesale Corp.		151,100		20,407,566
Kroger Co.		268,800		19,490,688
Walgreens Boots Alliance, Inc. (f)		256,400		21,650,416
				61,548,670
Health Care Equipment & Supplies—1.0%
Baxter International, Inc.		247,200		17,286,696
Medtronic PLC		157,374		11,661,413
				28,948,109
Health Care Providers & Services—1.1%
McKesson Corp.		109,400		24,594,214
UnitedHealth Group, Inc. (f)		82,400		10,052,800
				34,647,014
Hotels, Restaurants & Leisure—1.4%
McDonald’s Corp. (f)		126,400		12,016,848
MGM Resorts International (g)		230,251		4,202,081
Starbucks Corp. (f)		483,300		25,912,129
				42,131,058
Household Products—0.5%
Procter & Gamble Co.		191,500		14,982,960
Industrial Conglomerates—1.2%
3M Co.		112,700		17,389,610

	Shares		Value
General Electric Co.		747,300	$	19,855,761
				37,245,371
Insurance—0.6%
Prudential Financial, Inc.		196,500		17,197,680
Internet & Catalog Retail—0.8%
Amazon.com, Inc. (f)(g)		59,100		25,654,719
Internet Software & Services—1.8%
Alibaba Group Holding Ltd. ADR (g)		98,500		8,103,595
Facebook, Inc., Class A (f)(g)		248,700		21,329,756
Google, Inc., Class A (f)(g)		29,100		15,715,164
Google, Inc., Class C (f)(g)		18,851		9,812,134
				54,960,649
IT Services—1.3%
International Business Machines Corp.		92,200		14,997,252
Visa, Inc., Class A		360,000		24,174,000
				39,171,252
Machinery—1.1%
AGCO Corp. (f)		208,700		11,849,986
Deere & Co. (f)		145,600		14,130,480
Joy Global, Inc.		187,200		6,776,640
				32,757,106
Media—1.6%
Comcast Corp., Class A (f)		382,500		23,003,550
Walt Disney Co. (f)		230,000		26,252,200
				49,255,750
Metals & Mining—0.1%
Freeport-McMoRan, Inc.		218,100		4,061,022
Multi-line Retail—0.7%
Target Corp.		274,700		22,423,761
Oil, Gas & Consumable Fuels—0.6%
Occidental Petroleum Corp.		94,700		7,364,819
Valero Energy Corp. (f)		191,100		11,962,860
				19,327,679
Pharmaceuticals—1.4%
AbbVie, Inc.		332,700		22,354,113
Bristol-Myers Squibb Co.		297,000		19,762,380
				42,116,493
Road & Rail—0.6%
Union Pacific Corp.		196,100		18,702,057
Semiconductors & Semiconductor Equipment—1.4%
Intel Corp.		660,300		20,083,025
Texas Instruments, Inc.		409,000		21,067,590
				41,150,615
Software—1.6%
Microsoft Corp.		588,300		25,973,445
Oracle Corp. (f)		532,400		21,455,720
				47,429,165
Specialty Retail—0.8%
Home Depot, Inc.		210,800		23,426,204
Technology Hardware, Storage & Peripherals—1.7%
Apple, Inc. (f)		260,900		32,723,382
EMC Corp.		747,500		19,726,525
				52,449,907
Total Common Stock (cost—$1,090,225,425)				994,805,911

64 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

Schedule of Investments

June 30, 2015

	Principal Amount (000s)		Value
Corporate Bonds & Notes—31.4%
Advertising—0.1%
Affinion Group, Inc., 7.875%, 12/15/18		$3,820	$	2,559,400
Aerospace & Defense—0.7%
KLX, Inc. (a)(b), 5.875%, 12/1/22		6,595		6,693,199
Kratos Defense & Security Solutions, Inc., 7.00%, 5/15/19		2,495		2,286,044
TransDigm, Inc.,
6.50%, 5/15/25 (a)(b)		5,020		4,988,625
7.50%, 7/15/21		7,626		8,236,080
				22,203,948
Apparel & Textiles—0.0%
Quiksilver, Inc., 10.00%, 8/1/20		1,000		380,000
Auto Components—0.6%
Accuride Corp., 9.50%, 8/1/18		3,915		4,012,875
American Axle & Manufacturing, Inc., 6.625%, 10/15/22		6,565		6,926,075
Commercial Vehicle Group, Inc., 7.875%, 4/15/19		3,485		3,589,550
Goodyear Tire & Rubber Co., 8.25%, 8/15/20		4,845		5,083,616
				19,612,116
Auto Manufacturers—0.4%
FCA US LLC, 8.25%, 6/15/21		5,520		6,030,600
Navistar International Corp., 8.25%, 11/1/21		6,153		5,876,115
				11,906,715
Banks—0.1%
Citigroup, Inc. (e), 5.35%, 5/15/23		3,774		3,557,939
Building Materials—0.2%
Louisiana-Pacific Corp., 7.50%, 6/1/20		6,035		6,487,625
Chemicals—0.9%
A Schulman, Inc. (a)(b), 6.875%, 6/1/23		1,360		1,394,000
Chemours Co. (a)(b),
6.625%, 5/15/23		7,000		6,798,750
7.00%, 5/15/25		6,565		6,384,463
OMNOVA Solutions, Inc., 7.875%, 11/1/18		3,616		3,629,560
Platform Specialty Products Corp. (a)(b), 6.50%, 2/1/22		6,505		6,748,937
Univar, Inc. (a)(b)(c), 6.75%, 7/15/23		2,000		2,025,000
				26,980,710
Coal—0.2%
Arch Coal, Inc., 9.875%, 6/15/19		3,930		687,750
CONSOL Energy, Inc., 5.875%, 4/15/22		5,530		4,723,284
				5,411,034
Commercial Services—1.7%
Cardtronics, Inc. (a)(b), 5.125%, 8/1/22		2,065		2,028,863

	Principal Amount (000s)		Value
Cenveo Corp.,
6.00%, 8/1/19 (a)(b)	$	1,095	$	1,034,775
8.50%, 9/15/22 (a)(b)		1,520		1,276,800
11.50%, 5/15/17		4,205		4,304,869
ExamWorks Group, Inc., 5.625%, 4/15/23		4,865		5,010,950
Harland Clarke Holdings Corp. (a)(b),
9.25%, 3/1/21		6,895		6,162,406
9.75%, 8/1/18		4,190		4,383,787
Hertz Corp., 6.75%, 4/15/19		3,795		3,925,548
Monitronics International, Inc., 9.125%, 4/1/20		2,450		2,376,500
RR Donnelley & Sons Co.,
6.00%, 4/1/24		3,195		3,222,956
7.00%, 2/15/22		5,500		5,933,125
SFX Entertainment, Inc. (a)(b), 9.625%, 2/1/19		5,578		4,922,585
United Rentals North America, Inc.,
5.50%, 7/15/25		4,100		3,977,000
8.25%, 2/1/21		1,846		1,977,528
				50,537,692
Computers—0.1%
Unisys Corp., 6.25%, 8/15/17		3,615		3,836,419
Containers & Packaging—0.2%
Owens-Brockway Glass Container, Inc. (a)(b), 5.00%, 1/15/22		1,460		1,447,225
Reynolds Group Issuer, Inc., 9.875%, 8/15/19		3,585		3,770,972
				5,218,197
Distribution/Wholesale—0.6%
H&E Equipment Services, Inc., 7.00%, 9/1/22		6,015		6,233,044
HD Supply, Inc.,
7.50%, 7/15/20		2,465		2,619,062
11.00%, 4/15/20		5,380		6,014,302
Park-Ohio Industries, Inc., 8.125%, 4/1/21		3,795		4,041,675
				18,908,083
Diversified Financial Services—1.3%
Ally Financial, Inc., 8.00%, 3/15/20		2,995		3,534,100
Community Choice Financial, Inc., 10.75%, 5/1/19		6,035		3,115,569
Energizer SpinCo, Inc. (a)(b), 5.50%, 6/15/25		1,000		990,000
International Lease Finance Corp.,
8.25%, 12/15/20		3,805		4,527,950
8.75%, 3/15/17		4,035		4,424,821
Nationstar Mortgage LLC,
7.875%, 10/1/20		5,105		5,111,381
9.625%, 5/1/19		4,260		4,542,225
Navient Corp., 8.45%, 6/15/18		3,920		4,366,096
Springleaf Finance Corp.,
6.90%, 12/15/17		3,530		3,750,625
8.25%, 10/1/23		4,360		4,937,700
				39,300,467
Electric Utilities—0.6%
Calpine Corp.,
5.75%, 1/15/25		6,140		5,994,175
7.875%, 1/15/23 (a)(b)		874		948,290
NRG Energy, Inc., 6.25%, 5/1/24		6,523		6,506,693

	Principal Amount (000s)		Value
Talen Energy Supply LLC (a)(b), 6.50%, 6/1/25	$	3,365	$	3,369,206
				16,818,364
Electrical Equipment—0.2%
Anixter, Inc., 5.125%, 10/1/21		1,470		1,501,237
WireCo WorldGroup, Inc., 9.50%, 5/15/17		4,815		4,547,190
				6,048,427
Electronics—0.1%
Kemet Corp., 10.50%, 5/1/18		3,065		3,110,975
Engineering & Construction—0.5%
AECOM (a)(b), 5.875%, 10/15/24		11,270		11,453,138
Dycom Investments, Inc., 7.125%, 1/15/21		2,405		2,525,250
				13,978,388
Entertainment—0.6%
Cedar Fair L.P., 5.375%, 6/1/24		6,055		6,153,091
International Game Technology PLC (a)(b), 6.25%, 2/15/22		4,095		3,931,200
Scientific Games International, Inc., 10.00%, 12/1/22		10,000		9,681,250
				19,765,541
Food & Beverage—0.9%
Post Holdings, Inc., 7.375%, 2/15/22		8,900		9,089,125
SUPERVALU, Inc.,
6.75%, 6/1/21		7,400		7,511,000
8.00%, 5/1/16		2,375		2,488,881
U.S. Foods, Inc., 8.50%, 6/30/19		7,300		7,628,500
				26,717,506
Healthcare-Products—0.6%
Hologic, Inc. (a)(b)(c), 5.25%, 7/15/22		4,020		4,115,475
Kinetic Concepts, Inc., 10.50%, 11/1/18		7,450		7,971,649
Teleflex, Inc., 5.25%, 6/15/24		4,820		4,905,314
				16,992,438
Healthcare-Services—1.9%
Community Health Systems, Inc.,
6.875%, 2/1/22		2,500		2,646,875
7.125%, 7/15/20		4,970		5,278,140
8.00%, 11/15/19		5,730		6,052,312
DaVita HealthCare Partners, Inc., 5.125%, 7/15/24		7,060		6,954,100
Envision Healthcare Corp. (a)(b),
5.125%, 7/1/22		4,370		4,413,700
HCA, Inc., 7.50%, 2/15/22		7,500		8,625,000
Kindred Healthcare, Inc.,
6.375%, 4/15/22		6,493		6,509,232
8.00%, 1/15/20 (a)(b)		2,890		3,099,525
8.75%, 1/15/23 (a)(b)		2,630		2,866,700
Select Medical Corp., 6.375%, 6/1/21		2,550		2,588,250
Tenet Healthcare Corp.,
5.00%, 3/1/19 (a)(b)		3,250		3,262,188
8.125%, 4/1/22		5,255		5,767,363
				58,063,385

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 65

Schedule of Investments

June 30, 2015

	Principal Amount (000s)		Value
Holding Companies-Diversified—0.2%
Horizon Pharma Financing, Inc. (a)(b), 6.625%, 5/1/23	$	6,230	$	6,502,563
Home Builders—1.1%
Beazer Homes USA, Inc.,
7.25%, 2/1/23		2,810		2,739,750
9.125%, 5/15/19		2,475		2,589,469
Brookfield Residential Properties, Inc. (a)(b),
6.125%, 7/1/22		5,000		4,950,000
6.50%, 12/15/20		8,735		8,738,668
KB Home, 8.00%, 3/15/20		4,835		5,342,675
Standard Pacific Corp.,
5.875%, 11/15/24		2,295		2,375,325
8.375%, 5/15/18		4,650		5,324,250
William Lyon Homes, Inc., 8.50%, 11/15/20		785		851,725
				32,911,862
Household Products/Wares—0.1%
Spectrum Brands, Inc. (a)(b), 5.75%, 7/15/25		3,080		3,141,600
Insurance—0.1%
CNO Financial Group, Inc., 5.25%, 5/30/25		4,025		4,100,268
Internet—0.5%
Affinion Investments LLC, 13.50%, 8/15/18		3,876		1,724,597
j2 Global, Inc., 8.00%, 8/1/20		5,380		5,837,300
Mood Media Corp. (a)(b), 9.25%, 10/15/20		1,910		1,637,825
Netflix, Inc. (a)(b), 5.875%, 2/15/25		6,205		6,453,883
				15,653,605
Iron/Steel—0.4%
AK Steel Corp.,
7.625%, 5/15/20		1,220		1,021,750
8.375%, 4/1/22		1,405		1,159,125
8.75%, 12/1/18		1,315		1,388,969
ArcelorMittal, 10.60%, 6/1/19		5,385		6,468,731
Steel Dynamics, Inc., 5.50%, 10/1/24		1,270		1,273,175
				11,311,750
Leisure Time—0.3%
Jarden Corp., 7.50%, 5/1/17		3,190		3,485,075
NCL Corp. Ltd. (a)(b), 5.25%, 11/15/19		5,615		5,776,431
				9,261,506
Lodging—0.6%
MGM Resorts International,
6.625%, 12/15/21		8,690		9,124,500
7.50%, 6/1/16		1,830		1,912,350
Wynn Las Vegas LLC,
5.50%, 3/1/25 (a)(b)		3,230		3,092,725
7.75%, 8/15/20		3,550		3,731,937
				17,861,512
Machinery-Construction & Mining—0.2%
BlueLine Rental Finance Corp. (a)(b), 7.00%, 2/1/19		6,300		6,504,750
Machinery-Diversified—0.3%
Case New Holland Industrial, Inc., 7.875%, 12/1/17		1,750		1,925,000

	Principal Amount (000s)		Value
Zebra Technologies Corp. (a)(b), 7.25%, 10/15/22	$	6,580	$	7,139,300
				9,064,300
Media—2.6%
American Media, Inc., 11.50%, 12/15/17		4,700		4,846,875
Cablevision Systems Corp.,
8.00%, 4/15/20		2,250		2,446,875
8.625%, 9/15/17		4,020		4,432,050
CCO Holdings LLC, 5.75%, 1/15/24		6,915		6,984,150
Clear Channel Worldwide Holdings, Inc., 6.50%, 11/15/22		6,610		6,907,450
DISH DBS Corp.,
5.875%, 7/15/22		4,400		4,323,000
6.75%, 6/1/21		6,000		6,270,000
Gray Television, Inc., 7.50%, 10/1/20		6,015		6,398,456
LIN Television Corp. (a)(b), 5.875%, 11/15/22		6,155		6,247,325
McClatchy Co., 9.00%, 12/15/22		7,035		6,727,219
McGraw-Hill Global Education Holdings LLC, 9.75%, 4/1/21		4,935		5,453,175
Mediacom Broadband LLC, 6.375%, 4/1/23		2,700		2,713,500
Nexstar Broadcasting, Inc., 6.875%, 11/15/20		6,220		6,616,525
Postmedia Network, Inc., 12.50%, 7/15/18		2,980		3,054,500
Sinclair Television Group, Inc., 6.375%, 11/1/21		4,335		4,497,562
				77,918,662
Mining—0.3%
Alcoa, Inc., 5.90%, 2/1/27		2,310		2,454,375
HudBay Minerals, Inc., 9.50%, 10/1/20		3,385		3,605,025
Thompson Creek Metals Co., Inc.,
7.375%, 6/1/18		2,595		2,140,875
12.50%, 5/1/19		437		406,410
				8,606,685
Miscellaneous Manufacturing—0.1%
Gates Global LLC (a)(b), 6.00%, 7/15/22		1,260		1,146,600
Trinseo Materials Operating SCA (a)(b), 6.75%, 5/1/22		2,465		2,520,463
				3,667,063
Oil, Gas & Consumable Fuels—2.9%
American Energy-Permian Basin LLC (a)(b), 7.375%, 11/1/21		5,000		3,421,900
BreitBurn Energy Partners L.P.,
7.875%, 4/15/22		1,870		1,570,800
8.625%, 10/15/20		5,475		4,845,375
Calumet Specialty Products Partners L.P., 6.50%, 4/15/21		9,925		9,825,750
Carrizo Oil & Gas, Inc., 6.25%, 4/15/23		1,735		1,748,013
Chesapeake Energy Corp., 6.625%, 8/15/20		6,055		5,933,900
Concho Resources, Inc., 7.00%, 1/15/21		3,170		3,332,463
CVR Refining LLC, 6.50%, 11/1/22		3,375		3,391,875

	Principal Amount (000s)		Value
Energy XXI Gulf Coast, Inc.,
6.875%, 3/15/24	$	3,120	$	1,029,600
9.25%, 12/15/17		5,110		2,721,075
EP Energy LLC, 9.375%, 5/1/20		5,685		6,118,481
Hercules Offshore, Inc. (a)(b),
6.75%, 4/1/22		4,295		1,513,988
8.75%, 7/15/21		6,590		2,306,500
Laredo Petroleum, Inc., 7.375%, 5/1/22		2,490		2,633,175
Linn Energy LLC, 6.50%, 9/15/21		2,940		2,205,000
Range Resources Corp. (a)(b), 4.875%, 5/15/25		6,750		6,582,262
Rice Energy, Inc., 6.25%, 5/1/22		5,045		5,032,387
Sanchez Energy Corp., 6.125%, 1/15/23		4,820		4,338,000
Sunoco L.P. (a)(b), 6.375%, 4/1/23		7,270		7,597,150
Ultra Petroleum Corp. (a)(b), 6.125%, 10/1/24		1,210		1,067,825
United Refining Co., 10.50%, 2/28/18		2,048		2,160,640
Vanguard Natural Resources LLC, 7.875%, 4/1/20		7,305		7,012,800
				86,388,959
Paper & Forest Products—0.1%
Mercer International, Inc., 7.75%, 12/1/22		4,140		4,471,200
Pharmaceuticals—0.8%
Endo Finance LLC (a)(b),
5.375%, 1/15/23		4,015		3,974,850
7.00%, 12/15/20		4,000		4,215,000
Omnicare, Inc., 5.00%, 12/1/24		3,430		3,704,400
Valeant Pharmaceuticals International, Inc. (a)(b),
6.125%, 4/15/25		6,030		6,225,975
7.50%, 7/15/21		6,000		6,502,500
				24,622,725
Pipelines—0.5%
Energy Transfer Equity L.P., 5.875%, 1/15/24		5,259		5,479,878
Sabine Pass Liquefaction LLC, 5.75%, 5/15/24		5,268		5,274,585
Tesoro Logistics L.P.,
6.125%, 10/15/21		2,715		2,843,962
6.25%, 10/15/22 (a)(b)		1,010		1,050,400
				14,648,825
Real Estate—0.2%
Kennedy-Wilson, Inc., 5.875%, 4/1/24		5,458		5,444,355
Real Estate Investment Trust—0.4%
Equinix, Inc., 5.375%, 1/1/22		6,670		6,720,025
iStar Financial, Inc., 7.125%, 2/15/18		3,805		3,976,035
				10,696,060
Retail—1.3%
Caleres, Inc., 7.125%, 5/15/19		4,172		4,345,138
Conn’s, Inc., 7.25%, 7/15/22		7,620		7,505,700
Family Tree Escrow LLC (a)(b), 5.75%, 3/1/23		8,290		8,704,500

66 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

Schedule of Investments

June 30, 2015

	Principal Amount (000s)		Value
Neiman Marcus Group Ltd. LLC (a)(b), 8.00%, 10/15/21	$	6,810	$	7,218,600
Rite Aid Corp.,
8.00%, 8/15/20		4,500		4,702,500
9.25%, 3/15/20		3,000		3,258,750
Sonic Automotive, Inc., 7.00%, 7/15/22		3,340		3,632,250
				39,367,438
Semiconductors—1.0%
Advanced Micro Devices, Inc.,
6.75%, 3/1/19		2,515		2,294,938
7.00%, 7/1/24		2,000		1,700,000
7.50%, 8/15/22		1,670		1,482,125
Amkor Technology, Inc., 6.375%, 10/1/22		6,010		6,107,662
Freescale Semiconductor, Inc. (a)(b), 6.00%, 1/15/22		6,500		6,906,250
Micron Technology, Inc., 5.875%, 2/15/22		6,400		6,512,000
Sensata Technologies BV (a)(b), 5.625%, 11/1/24		5,020		5,189,425
				30,192,400
Shipbuilding—0.2%
Huntington Ingalls Industries, Inc. (a)(b), 5.00%, 12/15/21		5,135		5,244,119
Software—0.8%
Activision Blizzard, Inc. (a)(b), 6.125%, 9/15/23		3,770		4,052,750
First Data Corp.,
7.375%, 6/15/19 (a)(b)		500		521,000
10.625%, 6/15/21		3,250		3,607,500
12.625%, 1/15/21		2,585		2,992,137
MSCI, Inc. (a)(b), 5.25%, 11/15/24		6,620		6,719,300
Open Text Corp. (a)(b), 5.625%, 1/15/23		5,145		5,106,412
SS&C Tech Holdings, Inc. (b), 5.875%, 7/15/23		2,005		2,030,063
				25,029,162
Telecommunications—3.2%
CenturyLink, Inc., 6.75%, 12/1/23		2,000		2,013,750
Cincinnati Bell, Inc., 8.375%, 10/15/20		530		558,488
CommScope Technologies Finance LLC (a)(b), 6.00%, 6/15/25		6,140		6,132,325
Consolidated Communications, Inc.,
6.50%, 10/1/22 (a)(b)		7,200		6,975,000
10.875%, 6/1/20		4,105		4,705,356
EarthLink Holdings Corp.,
7.375%, 6/1/20		3,210		3,354,450
8.875%, 5/15/19		2,416		2,530,760
Hughes Satellite Systems Corp., 7.625%, 6/15/21		6,890		7,606,215
Intelsat Jackson Holdings S.A.,
5.50%, 8/1/23		3,500		3,110,625
7.25%, 4/1/19		5,005		5,098,844
Level 3 Financing, Inc. (a)(b), 5.375%, 5/1/25		9,765		9,423,225
Sprint Communications, Inc.,
6.00%, 11/15/22		3,925		3,596,281
8.375%, 8/15/17		4,250		4,611,250
11.50%, 11/15/21		4,360		5,144,800

	Principal Amount (000s)		Value
Sprint Corp., 7.125%, 6/15/24	$	2,250	$	2,092,725
T-Mobile USA, Inc.,
6.625%, 11/15/20		3,205		3,341,212
6.625%, 4/1/23		4,000		4,165,000
6.836%, 4/28/23		6,405		6,749,269
West Corp. (a)(b), 5.375%, 7/15/22		7,935		7,448,981
Windstream Services LLC,
7.50%, 6/1/22		2,500		2,206,250
7.50%, 4/1/23		2,125		1,864,688
7.875%, 11/1/17		3,000		3,198,750
				95,928,244
Transportation—0.5%
Erickson, Inc., 8.25%, 5/1/20		5,346		4,250,070
Quality Distribution LLC, 9.875%, 11/1/18		1,973		2,079,049
XPO Logistics, Inc. (a)(b),
6.50%, 6/15/22		2,995		2,938,844
7.875%, 9/1/19		5,790		6,217,012
				15,484,975
Utilities—0.2%
TerraForm Power Operating LLC (a)(b), 5.875%, 2/1/23		7,010		7,150,200
Total Corporate Bonds & Notes (cost—$983,514,070)				949,570,157
Convertible Bonds—23.5%
Apparel & Textiles—0.2%
Iconix Brand Group, Inc.,
1.50%, 3/15/18		4,185		4,289,625
2.50%, 6/1/16		1,440		1,482,300
				5,771,925
Auto Manufacturers—1.3%
Fiat Chrysler Automobiles NV, 7.875%, 12/15/16		14,092		17,808,765
Tesla Motors, Inc.,
0.25%, 3/1/19		5,995		5,957,531
1.25%, 3/1/21		14,665		14,417,528
				38,183,824
Biotechnology—1.8%
Aegerion Pharmaceuticals, Inc. (a)(b), 2.00%, 8/15/19		5,500		4,382,813
BioMarin Pharmaceutical, Inc.,
0.75%, 10/15/18		4,470		6,911,737
1.50%, 10/15/20		1,740		2,779,650
Gilead Sciences, Inc. (f), 1.625%, 5/1/16		2,625		13,540,091
Illumina, Inc., zero coupon, 6/15/19		4,000		4,702,500
0.50%, 6/15/21		15,200		18,800,500
Medicines Co., 1.375%, 6/1/17		2,440		2,915,800
Theravance, Inc., 2.125%, 1/15/23		1,360		1,279,250
				55,312,341
Commercial Services—0.3%
Huron Consulting Group, Inc. (a)(b), 1.25%, 10/1/19		7,980		8,708,175
Computers—0.6%
Brocade Communications Systems, Inc. (a)(b), 1.375%, 1/1/20		8,515		8,876,887

	Principal Amount (000s)		Value
SanDisk Corp., 0.50%, 10/15/20	$	10,845	$	10,567,097
				19,443,984
Distribution/Wholesale—0.2%
WESCO International, Inc., 6.00%, 9/15/29		2,995		7,266,619
Diversified Financial Services—0.2%
Encore Capital Group, Inc., 2.875%, 3/15/21		6,960		6,490,200
Electric Utilities—0.1%
NRG Yield, Inc. (a)(b), 3.25%, 6/1/20		4,420		4,428,288
Energy-Alternate Sources—1.2%
SolarCity Corp. (a)(b), 1.625%, 11/1/19		9,520		8,758,400
SunEdison, Inc. (a)(b),
0.25%, 1/15/20		9,565		11,669,300
2.625%, 6/1/23		11,995		12,204,913
3.375%, 6/1/25		3,800		3,944,875
				36,577,488
Health Care Providers & Services—0.2%
Brookdale Senior Living, Inc., 2.75%, 6/15/18		3,555		4,650,384
Healthcare-Products—1.0%
Cepheid, 1.25%, 2/1/21		3,625		4,207,266
Hologic, Inc., zero coupon, 12/15/43		7,495		9,111,109
2.00%, 12/15/37		2,410		4,039,762
NuVasive, Inc., 2.75%, 7/1/17		6,135		7,822,125
Wright Medical Group, Inc. (a)(b), 2.00%, 2/15/20		4,555		4,856,769
				30,037,031
Healthcare-Services—0.5%
Impax Laboratories, Inc. (b), 2.00%, 6/15/22		4,880		4,901,350
Molina Healthcare, Inc., 1.125%, 1/15/20		6,420		11,383,463
				16,284,813
Home Builders—0.8%
KB Home, 1.375%, 2/1/19		5,375		5,257,422
Lennar Corp. (a)(b), 3.25%, 11/15/21		5,205		11,376,178
Ryland Group, Inc.,
0.25%, 6/1/19		1,705		1,653,850
1.625%, 5/15/18		2,875		4,375,391
				22,662,841
Insurance—0.8%
Fidelity National Financial, Inc., 4.25%, 8/15/18		4,695		9,618,881
MGIC Investment Corp., 5.00%, 5/1/17		4,810		5,546,531
Radian Group, Inc., 2.25%, 3/1/19		5,900		10,498,313
				25,663,725
Internet—3.9%
Ctrip.com International Ltd.,
1.25%, 10/15/18		7,610		8,703,938
1.99%, 7/1/25 (a)(b)		3,340		3,258,588
FireEye, Inc. (a)(b),
1.00%, 6/1/35		3,680		3,946,800
1.625%, 6/1/35		2,945		3,154,831

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 67

Schedule of Investments

June 30, 2015

	Principal Amount (000s)		Value
LinkedIn Corp. (a)(b), 0.50%, 11/1/19	$	7,425	$	7,462,162
Priceline Group, Inc.,
0.35%, 6/15/20		10,775		12,000,656
0.90%, 9/15/21 (a)(b)		2,660		2,543,625
1.00%, 3/15/18		2,995		4,002,069
Qihoo 360 Technology Co., Ltd., 2.50%, 9/15/18		5,095		4,999,469
SINA Corp., 1.00%, 12/1/18		6,445		6,167,059
Twitter, Inc. (a)(b),
0.25%, 9/15/19		4,920		4,421,850
1.00%, 9/15/21		9,690		8,533,256
VeriSign, Inc., 4.136%, 8/15/37		6,275		11,593,062
Web.com Group, Inc., 1.00%, 8/15/18		5,700		5,671,500
WebMD Health Corp.,
1.50%, 12/1/20		2,970		3,203,888
2.50%, 1/31/18		6,075		6,215,484
Yahoo!, Inc., zero coupon, 12/1/18		15,765		16,247,803
YY, Inc., 2.25%, 4/1/19		7,795		7,268,838
				119,394,878
Iron/Steel—0.0%
United States Steel Corp., 2.75%, 4/1/19		1,215		1,344,853
Leisure Time—0.6%
Jarden Corp.,
1.125%, 3/15/34		8,485		9,922,147
1.875%, 9/15/18		4,020		6,758,625
				16,680,772
Machinery-Diversified—0.1%
Chart Industries, Inc., 2.00%, 8/1/18		3,165		3,074,006
Media—0.4%
Liberty Media Corp., 1.375%, 10/15/23		12,025		11,483,875
Miscellaneous Manufacturing—0.1%
Trinity Industries, Inc., 3.875%, 6/1/36		2,230		2,833,494
Oil, Gas & Consumable Fuels—0.9%
Cheniere Energy, Inc., 4.25%, 3/15/45		12,605		9,501,019
Cobalt International Energy, Inc.,
2.625%, 12/1/19		7,050		5,212,594
3.125%, 5/15/24		4,900		3,573,937
Energy XXI Ltd., 3.00%, 12/15/18		7,835		1,919,575
Stone Energy Corp., 1.75%, 3/1/17		5,735		5,265,447
Whiting Petroleum Corp. (a)(b), 1.25%, 4/1/20		575		631,062
				26,103,634
Pharmaceuticals—0.5%
Herbalife Ltd. (a), 2.00%, 8/15/19		9,350		8,298,172
Jazz Investments I Ltd. (a)(b), 1.875%, 8/15/21		6,810		7,954,931
				16,253,103
Real Estate Investment Trust—0.4%
iStar Financial, Inc. (a)(b), 1.50%, 11/15/16		4,510		4,574,831

	Principal Amount (000s)		Value
Starwood Property Trust, Inc., 4.55%, 3/1/18	$	6,610	$	6,919,844
				11,494,675
Retail—0.1%
Restoration Hardware Holdings, Inc. (a)(b), zero coupon, 7/15/20		2,700		2,694,938
Semiconductors—3.7%
GT Advanced Technologies, Inc. (d), 3.00%, 10/1/17		2,860		829,400
Intel Corp., 3.25%, 8/1/39		9,630		14,667,742
Lam Research Corp.,
0.50%, 5/15/16		3,735		4,972,219
1.25%, 5/15/18		6,860		9,762,637
Microchip Technology, Inc.,
1.625%, 2/15/25 (a)(b)		9,160		9,285,950
2.125%, 12/15/37		5,320		10,181,150
Micron Technology, Inc., 3.00%, 11/15/43		13,602		12,352,316
Novellus Systems, Inc., 2.625%, 5/15/41		3,370		8,031,131
NVIDIA Corp., 1.00%, 12/1/18		9,210		10,597,256
NXP Semiconductors NV (a)(b), 1.00%, 12/1/19		7,800		9,130,875
ON Semiconductor Corp.,
1.00%, 12/1/20 (a)(b)		500		497,188
2.625%, 12/15/26		7,790		9,669,338
Xilinx, Inc., 2.625%, 6/15/17		6,995		10,846,622
				110,823,824
Software—2.5%
Akamai Technologies, Inc., zero coupon, 2/15/19		12,525		13,096,516
Allscripts Healthcare Solutions, Inc., 1.25%, 7/1/20		5,200		5,317,000
Citrix Systems, Inc., 0.50%, 4/15/19		10,500		11,143,125
Red Hat, Inc. (a)(b), 0.25%, 10/1/19		8,065		9,909,869
Salesforce.com, Inc., 0.25%, 4/1/18		14,100		17,175,562
ServiceNow, Inc., zero coupon, 11/1/18		9,395		11,097,844
Verint Systems, Inc., 1.50%, 6/1/21		1,400		1,590,750
Workday, Inc., 0.75%, 7/15/18		4,995		5,653,715
				74,984,381
Telecommunications—0.8%
Ciena Corp.,
0.875%, 6/15/17		5,465		5,512,819
3.75%, 10/15/18 (a)(b)		2,910		3,975,787
Ixia, 3.00%, 12/15/15		3,385		3,389,231
JDS Uniphase Corp., 0.625%, 8/15/33		10,315		10,179,616
				23,057,453
Transportation—0.3%
Hornbeck Offshore Services, Inc., 1.50%, 9/1/19		4,860		3,979,125

	Principal Amount (000s)		Value
Scorpio Tankers, Inc. (a)(b), 2.375%, 7/1/19	$	4,440	$	4,761,900
				8,741,025
Total Convertible Bonds (cost—$734,683,087)				710,446,549
	Shares
Convertible Preferred Stock—8.1%
Aerospace & Defense—0.4%
United Technologies Corp., 7.50%, 8/1/15		193,270		11,074,371
Automobiles—0.2%
Goldman Sachs Group, Inc. (General Motors Co.) (i), 8.00%, 12/17/15		144,000		4,502,448
Banks—0.9%
Bank of America Corp., Ser. L (e),
7.25%		5,215		5,799,080
JPMorgan Chase & Co. (Bank of America Corp.) (i), 8.00%, 9/18/15		536,300		8,393,095
Wells Fargo & Co., Ser. L (e), 7.50%		10,570		12,419,750
				26,611,925
Diversified Telecommunication Services—0.0%
Intelsat S.A., Ser. A, 5.75%, 5/1/16		43,650		1,251,882
Electric Utilities—0.3%
Exelon Corp., 6.50%, 6/1/17		205,550		9,323,748
Food Products—1.0%
Post Holdings, Inc. (a)(b)(e), 2.50%		110,675		11,655,461
Tyson Foods, Inc., 4.75%, 7/15/17		235,240		12,117,212
Wells Fargo & Co. (Archer Daniels-Midland Co.) (i),
8.00%, 8/28/15		173,000		7,795,380
				31,568,053
Health Care Providers & Services—0.3%
Goldman Sachs Group, Inc. (Laboratory Corp. of America Holdings) (i), 8.00%, 3/31/16		36,500		4,318,935
JPMorgan Chase & Co. (HCA Holding, Inc.) (i), 8.00%, 5/5/16		8,744		7,224,293
				11,543,228
Healthcare-Services—0.7%
Anthem, Inc., 5.25%, 5/1/18		420,315		21,436,065
Independent Power Producers & Energy Traders—0.2%
Dynegy, Inc., Ser. A, 5.375%, 11/1/17		68,515		6,810,391
Iron/Steel—0.2%
ArcelorMittal, 6.00%, 1/15/16		346,315		5,486,946
Machinery—0.5%
Stanley Black & Decker, Inc.,
4.75%, 11/17/15		71,900		10,411,120
6.25%, 11/17/16, UNIT (g)		29,675		3,538,744
				13,949,864

68 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

Schedule of Investments

June 30, 2015

	Shares		Value
Metals & Mining—0.2%
Alcoa, Inc., Ser. 1, 5.375%, 10/1/17		167,215	$	6,610,009
Oil, Gas & Consumable Fuels—0.6%
Chesapeake Energy Corp. (a)(b)(e), 5.75%		14,300		9,768,688
Southwestern Energy Co., Ser. B, 6.25%, 1/15/18		140,820		6,952,283
				16,720,971
Pharmaceuticals—0.8%
Allergan PLC, Ser. A, 5.50%, 3/1/18		24,615		25,663,107
Real Estate Investment Trust—1.0%
American Tower Corp.,
5.25%, 5/15/17, Ser. A		93,840		9,523,352
5.50%, 2/15/18		91,795		9,179,500
Crown Castle International Corp., Ser. A, 4.50%, 11/1/16		107,230		11,066,136
				29,768,988
Telecommunications—0.4%
Frontier Communications Corp., Ser. A, 11.125%, 6/29/18		128,300		12,817,170
Wireless Telecommunication Services—0.4%
T-Mobile U.S., Inc., 5.50%, 12/15/17		178,740		12,064,950
Total Convertible Preferred Stock (cost—$260,756,281)				247,204,116
	Principal Amount (000s)
Repurchase Agreements—4.2%
State Street Bank and Trust Co., dated 6/30/15, 0.00%, due 7/1/15, proceeds $128,133,000; collateralized by U.S. Treasury Notes, 2.125%, due 12/31/21, valued at $130,696,781 including accrued interest
(cost—$128,133,000)		$128,133		128,133,000
Total Investments, before options written (cost—$3,197,311,863)—100.1%				3,030,159,733
	Contracts
Options Written (g)(h)—(0.0)%
Call Options—(0.0)%
AGCO Corp., strike price $60.00, expires 8/21/15		1,460		(160,600	)
Amazon.com, Inc., strike price $465.00, expires 7/17/15		395		(33,970	)
Apple, Inc., strike price $132.00, expires 7/17/15		1,300		(32,500	)
Biogen, Inc., strike price $437.50, expires 7/17/15		80		(8,200	)
Comcast Corp, strike price $62.50, expires 7/17/15		2,295		(43,605	)

	Contracts		Value
Deere & Co., strike price $96.00, expires 7/17/15		875	$	(228,813	)
Facebook, Inc., strike price $92.50, expires 7/17/15		1,740		(29,580	)
Gilead Sciences, Inc., strike price $130.00, expires 7/17/15		1,480		(14,800	)
Google, Inc., strike price $600.00, expires 7/17/15		214		(4,600	)
McDonald’s Corp., strike price $98.50, expires 7/17/15		80		(3,080	)
Oracle Corp., strike price $48.00, expires 7/17/15		3,195		(7,987	)
Starbucks Corp., strike price $56.00, expires 7/17/15		2,900		(43,500	)
UnitedHealth Group, Inc., strike price $131.00, expires 7/17/15		495		(21,532	)
Valero Energy Corp., strike price $64.00, expires 7/17/15		1,145		(104,768	)
Walgreens Boots Alliance, Inc., strike price $92.00, expires 7/17/15		1,540		(31,570	)
Walt Disney Co., strike price $118.00, expires 7/17/15		1,150		(37,375	)
Total Options Written (premiums received—$672,406)				(806,480	)
Total Investments, net of options written (cost—$3,196,639,457)—100.1%				3,029,353,253
Other liabilities in excess of other assets—(0.1)%				(1,945,929	)
Net Assets—100.0%				$3,027,407,324

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 $494,664,625, representing 16.3% 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. Unless otherwise indicated, these securities are not considered to be illiquid.

(c) When-issued or delayed-delivery. To be settled/delivered after June 30, 2015.

(d) In default.

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

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

(g) Non-income producing.

(h) Exchange traded-Chicago Board Options Exchange.

(i) 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:

ADR—American Depositary Receipt

UNIT—More than one class of securities traded together.

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 69

Schedule of Investments

June 30, 2015

AllianzGI International Managed Volatility Fund

	Shares		Value
Common Stock—99.3%
Australia—8.5%
AGL Energy Ltd.		121,160		$1,451,364
Amcor Ltd.		68,152		720,196
APA Group		76,570		486,338
Coca-Cola Amatil Ltd.		50,405		355,554
CSL Ltd.		4,561		304,065
Domino’s Pizza Enterprises Ltd.		11,372		312,289
Flight Centre Travel Group Ltd.		26,743		702,882
Insurance Australia Group Ltd.		64,843		278,784
JB Hi-Fi Ltd.		60,052		901,568
Primary Health Care Ltd.		62,583		242,906
Qantas Airways Ltd. (d)		161,155		391,604
Scentre Group REIT		81,879		236,524
Sonic Healthcare Ltd.		16,247		267,534
Transpacific Industries Group Ltd.		456,765		271,513
Westfield Corp. REIT		86,439		607,124
				7,530,245
Belgium—1.1%
Ageas		14,396		555,445
UCB S.A.		5,600		402,669
				958,114
China—0.5%
Anhui Conch Cement Co., Ltd., Class H		121,000		423,952
Denmark—0.7%
Sydbank A/S		8,023		306,462
TDC A/S		44,378		325,306
				631,768
France—7.1%
Dassault Systemes		9,511		690,443
Edenred		21,843		539,713
Eutelsat Communications S.A.		27,730		895,768
Neopost S.A.		5,136		220,990
Numericable-SFR SAS (d)		5,875		311,407
SCOR SE		54,650		1,932,503
SES S.A.		52,402		1,761,648
				6,352,472
Germany—9.9%
Celesio AG		14,851		430,558
Deutsche Annington Immobilien SE		28,154		794,449
Fresenius Medical Care AG & Co. KGaA		32,500		2,690,552
Fresenius SE & Co. KGaA		8,629		554,037
Kabel Deutschland Holding AG (d)		4,786		640,439
MAN SE		20,299		2,091,316
Rhoen Klinikum AG		59,076		1,583,981
				8,785,332
Hong Kong—7.7%
Cathay Pacific Airways Ltd.		96,000		235,863
Cheung Kong Infrastructure Holdings Ltd.		61,000		473,113
Esprit Holdings Ltd.		314,100		294,367
HKT Trust & HKT Ltd.		189,000		221,878
Hongkong Land Holdings Ltd.		177,700		1,457,140
Hysan Development Co., Ltd.		69,000		298,358
Jardine Matheson Holdings Ltd.		21,400		1,213,216
Lifestyle International Holdings Ltd.		234,000		434,700
PCCW Ltd.		568,000		338,056
Swire Pacific Ltd., Class A		24,500		307,962
Techtronic Industries Co., Ltd.		248,000		814,059

	Shares		Value
VTech Holdings Ltd.		32,500	$	429,355
Yue Yuen Industrial Holdings Ltd.		92,000		306,546
				6,824,613
Ireland—0.4%
James Hardie Industries PLC		23,185		308,597
Israel—3.1%
Bank Hapoalim BM		65,948		354,929
Bank Leumi Le-Israel BM (d)		279,519		1,181,108
Bezeq The Israeli Telecommunication Corp., Ltd.		376,632		641,394
Mizrahi Tefahot Bank Ltd.		49,014		607,438
				2,784,869
Japan—28.0%
ABC-Mart, Inc.		11,400		697,707
ANA Holdings, Inc.		98,000		265,710
Aozora Bank Ltd.		79,000		298,068
Bandai Namco Holdings, Inc.		23,400		452,194
Canon, Inc.		12,600		408,724
Coca-Cola West Co., Ltd.		20,200		364,585
Don Quijote Holdings Co., Ltd.		12,200		519,097
Ebara Corp.		48,000		232,277
FamilyMart Co., Ltd.		5,300		243,721
Fuji Heavy Industries Ltd.		6,800		250,041
GungHo Online Entertainment, Inc.		61,400		238,943
Hikari Tsushin, Inc.		4,600		310,031
HIS Co., Ltd.		7,700		262,240
Idemitsu Kosan Co., Ltd.		20,900		410,015
Iida Group Holdings Co., Ltd.		25,900		411,740
ITOCHU Corp.		17,300		228,485
K’s Holdings Corp.		9,900		356,564
Kewpie Corp.		19,900		421,346
Lawson, Inc.		25,500		1,744,994
Medipal Holdings Corp.		14,800		241,056
Mitsubishi Gas Chemical Co., Inc.		49,000		274,363
Mitsui Engineering & Shipbuilding Co., Ltd.		851,000		1,472,269
Nippo Corp.		25,000		428,574
Nippon Yusen KK		97,000		270,053
Nissha Printing Co., Ltd.		16,400		277,630
Nisshinbo Holdings, Inc.		27,000		301,769
Nomura Real Estate Holdings, Inc.		39,700		833,249
Onward Holdings Co., Ltd.		71,000		489,528
Oriental Land Co., Ltd.		7,100		452,903
Osaka Gas Co., Ltd.		166,000		655,168
Otsuka Corp.		14,100		658,211
Otsuka Holdings Co., Ltd.		8,900		283,582
Renesas Electronics Corp. (d)		30,900		220,577
Rinnai Corp.		3,100		244,110
Rohto Pharmaceutical Co., Ltd.		28,300		466,822
Sankyo Co., Ltd.		23,200		821,368
Sankyu, Inc.		58,000		316,732
Sanrio Co., Ltd.		10,300		279,856
Santen Pharmaceutical Co., Ltd.		18,300		258,922
Sawai Pharmaceutical Co., Ltd.		11,800		686,760
Sega Sammy Holdings, Inc.		17,100		223,588
Seiko Epson Corp.		20,300		359,725
Shimamura Co., Ltd.		3,600		377,961
Shiseido Co., Ltd.		59,400		1,347,269
Square Enix Holdings Co., Ltd.		24,900		550,490
Sumitomo Dainippon Pharma Co., Ltd.		38,000		418,771
Suntory Beverage & Food Ltd.		14,800		589,202
Tadano Ltd.		66,000		985,767
Takeda Pharmaceutical Co., Ltd.		13,300		641,973
Towa Pharmaceutical Co., Ltd.		5,300		339,112

	Shares		Value
Tsuruha Holdings, Inc.		4,900		$381,147
United Urban Investment Corp. REIT		203		286,672
Yamazaki Baking Co., Ltd.		20,000		333,020
				24,884,681
Luxembourg—0.5%
Altice S.A. (d)		3,496		481,538
Netherlands—2.5%
Koninklijke DSM NV		22,423		1,301,883
Nutreco NV (c)(d)		8,674		437,577
RELX NV		19,979		475,214
				2,214,674
New Zealand—1.3%
Auckland International Airport Ltd.		82,856		277,310
Sky Network Television Ltd.		161,058		655,672
SKYCITY Entertainment Group Ltd.		87,992		250,355
				1,183,337
Singapore—5.1%
CapitaLand Commercial Trust REIT		202,100		233,907
CapitaLand Mall Trust REIT		172,800		275,630
ComfortDelGro Corp., Ltd.		444,000		1,031,123
Hutchison Port Holdings Trust UNIT		654,800		412,425
Singapore Airlines Ltd.		129,400		1,030,285
Singapore Post Ltd.		276,200		388,432
Singapore Press Holdings Ltd.		233,400		706,665
StarHub Ltd.		167,400		490,729
				4,569,196
Spain—0.6%
Viscofan S.A.		8,944		541,061
Sweden—3.1%
Autoliv, Inc. SDR		16,832		1,965,300
Meda AB, Class A		41,739		580,838
Modern Times Group MTG AB, Class B		7,972		213,954
				2,760,092
Switzerland—3.4%
Helvetia Holding AG		448		256,074
Lonza Group AG (d)		1,984		265,192
Roche Holding AG		2,027		568,354
Sonova Holding AG		5,810		785,655
Swisscom AG		2,058		1,153,399
				3,028,674
United Kingdom—15.8%
Admiral Group PLC		37,216		810,947
Berendsen PLC		14,048		224,879
Berkeley Group Holdings PLC		6,066		318,762
BP PLC		46,278		307,132
BT Group PLC		67,079		475,009
BTG PLC (d)		27,035		266,585
Centamin PLC		342,900		333,137
Direct Line Insurance Group PLC		102,809		542,683
Dixons Carphone PLC		36,683		260,849
easyJet PLC		22,290		541,837
GlaxoSmithKline PLC		19,336		402,033
Hikma Pharmaceuticals PLC		25,830		784,603
Imperial Tobacco Group PLC		9,245		445,259
Merlin Entertainments PLC (a)		145,129		973,359
Next PLC		2,823		330,409
Pennon Group PLC		128,172		1,632,761
Randgold Resources Ltd.		9,451		633,938

70 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

Schedule of Investments

June 30, 2015

	Shares		Value
Reckitt Benckiser Group PLC		12,419		$1,070,943
RELX PLC		25,278		410,785
Royal Mail PLC		29,732		240,369
RSA Insurance Group PLC		223,185		1,391,735
Serco Group PLC		191,921		355,895
SSE PLC		51,824		1,250,741
				14,004,650
Total Investments (cost—$84,405,187) (b)—99.3%				88,267,865
Other assets less liabilities—0.7%				640,725
Net Assets—100.0%				$88,908,590

Notes to Schedule of Investments:

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

(b) Securities with an aggregate value of $83,451,894, representing 93.9% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(c) Fair-Valued—Security with a value of $437,577, representing 0.5% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(d) Non-income producing.

Glossary:

REIT—Real Estate Investment Trust

SDR—Swedish Depository 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:

Media	7.3%
Pharmaceuticals	6.9%
Health Care Providers & Services	6.8%
Insurance	6.5%
Machinery	5.5%
Real Estate Management & Development	4.0%
Specialty Retail	3.8%
Diversified Telecommunication Services	3.6%
Hotels, Restaurants & Leisure	3.4%
Banks	3.1%
Airlines	2.7%
Food & Staples Retailing	2.7%
Auto Components	2.2%
Household Durables	2.1%
Food Products	2.0%
Electric Utilities	1.9%
Commercial Services & Supplies	1.9%
Real Estate Investment Trust	1.9%
Water Utilities	1.8%
Chemicals	1.8%
Industrial Conglomerates	1.7%
Software	1.7%
Multi-Utilities	1.6%
Road & Rail	1.6%
Personal Products	1.5%
Beverages	1.5%
Multi-line Retail	1.5%
Gas Utilities	1.2%
Household Products	1.2%
Leisure Equipment & Products	1.1%
Technology Hardware, Storage & Peripherals	1.1%
Metals & Mining	1.1%
Health Care Equipment & Supplies	0.9%
Construction Materials	0.9%
Textiles, Apparel & Luxury Goods	0.8%
Containers & Packaging	0.8%
Oil, Gas & Consumable Fuels	0.8%
Transportation Infrastructure	0.8%
IT Services	0.7%
Air Freight & Logistics	0.7%
Wireless Telecommunication Services	0.5%
Leisure Products	0.5%
Tobacco	0.5%
Communications Equipment	0.5%
Construction & Engineering	0.5%
Biotechnology	0.3%
Marine	0.3%
Life Sciences Tools & Services	0.3%
Automobiles	0.3%
Trading Companies & Distributors	0.3%
Semiconductors & Semiconductor Equipment	0.2%
Other assets less liabilities	0.7%
	100.0%

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 71

Schedule of Investments

June 30, 2015

AllianzGI Mid-Cap Fund

	Shares		Value
Common Stock—99.8%
Aerospace & Defense—1.1%
BE Aerospace, Inc.		65,270		$3,583,323
Airlines—2.6%
United Continental Holdings, Inc. (a)		155,790		8,258,428
Auto Components—2.2%
Delphi Automotive PLC		80,325		6,834,854
Banks—1.7%
First Republic Bank		84,255		5,310,593
Beverages—1.8%
Constellation Brands, Inc., Class A		48,045		5,574,181
Biotechnology—3.5%
Incyte Corp. (a)		35,880		3,739,055
Medivation, Inc. (a)		32,275		3,685,805
Vertex Pharmaceuticals, Inc. (a)		28,875		3,565,485
				10,990,345
Capital Markets—2.8%
Ameriprise Financial, Inc.		29,280		3,657,951
SEI Investments Co.		104,210		5,109,416
				8,767,367
Chemicals—3.3%
International Flavors & Fragrances, Inc.		37,725		4,122,965
Sherwin-Williams Co.		22,065		6,068,317
				10,191,282
Communications Equipment—3.6%
F5 Networks, Inc. (a)		44,875		5,400,706
Palo Alto Networks, Inc. (a)		34,080		5,953,776
				11,354,482
Construction Materials—1.3%
Vulcan Materials Co.		49,395		4,145,722
Containers & Packaging—1.2%
Berry Plastics Group, Inc. (a)		116,975		3,789,990
Diversified Financial Services—2.4%
CBOE Holdings, Inc.		68,630		3,927,009
McGraw Hill Financial, Inc.		34,420		3,457,489
				7,384,498
Electrical Equipment—3.8%
Acuity Brands, Inc.		29,165		5,249,117
AMETEK, Inc.		119,125		6,525,667
				11,774,784
Energy Equipment & Services—0.7%
Weatherford International PLC (a)		181,555		2,227,680
Food Products—3.0%
Tyson Foods, Inc., Class A		137,290		5,852,673
WhiteWave Foods Co. (a)		71,770		3,508,117
				9,360,790
Health Care Equipment & Supplies—5.9%
Boston Scientific Corp. (a)		270,405		4,786,169
Cooper Cos., Inc.		26,330		4,685,950
DexCom, Inc. (a)		40,035		3,201,999
Edwards Lifesciences Corp. (a)		40,280		5,737,080
				18,411,198
Health Care Providers & Services—3.7%
Cardinal Health, Inc.		66,065		5,526,337
Diplomat Pharmacy, Inc. (a)		132,720		5,939,220
				11,465,557

	Shares		Value
Hotels, Restaurants & Leisure—4.9%
Chipotle Mexican Grill, Inc. (a)		8,050	$	4,870,170
Dunkin’ Brands Group, Inc.		93,355		5,134,525
Royal Caribbean Cruises Ltd.		68,500		5,390,265
				15,394,960
Household Durables—5.5%
Harman International Industries, Inc.		55,105		6,554,189
Newell Rubbermaid, Inc.		148,710		6,113,468
Tempur Sealy International, Inc. (a)		71,475		4,710,202
				17,377,859
Internet Software & Services—2.0%
HomeAway, Inc. (a)		105,420		3,280,670
Yelp, Inc. (a)		72,450		3,117,524
				6,398,194
IT Services—1.6%
Fidelity National Information Services, Inc.		78,675		4,862,115
Life Sciences Tools & Services—3.3%
PerkinElmer, Inc.		71,030		3,739,019
Quintiles Transnational Holdings, Inc. (a)		90,505		6,571,568
				10,310,587
Machinery—2.5%
ITT Corp.		61,420		2,569,813
WABCO Holdings, Inc. (a)		41,655		5,153,556
				7,723,369
Media—2.8%
AMC Networks, Inc., Class A (a)		68,705		5,623,504
Scripps Networks Interactive, Inc., Class A		49,785		3,254,446
				8,877,950
Multi-line Retail—2.4%
Dollar Tree, Inc. (a)		96,140		7,594,099
Oil, Gas & Consumable Fuels—1.1%
Concho Resources, Inc. (a)		30,530		3,476,146
Personal Products—1.3%
Coty, Inc., Class A (a)		127,895		4,088,803
Pharmaceuticals—3.5%
Catalent, Inc. (a)		149,930		4,397,447
Endo International PLC (a)		81,055		6,456,031
				10,853,478
Professional Services—1.6%
Towers Watson & Co., Class A		40,410		5,083,578
Real Estate Investment Trust—1.8%
Equinix, Inc., REIT		22,310		5,666,740
Real Estate Management & Development—1.9%
CBRE Group, Inc., Class A (a)		161,500		5,975,500
Semiconductors & Semiconductor Equipment—5.6%
Atmel Corp.		383,965		3,783,975
Lam Research Corp.		58,360		4,747,586
NXP Semiconductors NV (a)		46,160		4,532,912
Skyworks Solutions, Inc.		43,715		4,550,732
				17,615,205
Software—5.2%
Activision Blizzard, Inc.		300,070		7,264,694
Red Hat, Inc. (a)		65,185		4,949,497
Splunk, Inc. (a)		58,335		4,061,283
				16,275,474

	Shares		Value
Specialty Retail—3.9%
Advance Auto Parts, Inc.		47,285	$	7,532,027
Michaels Cos., Inc. (a)		178,415		4,801,148
				12,333,175
Technology Hardware, Storage & Peripherals—1.2%
Western Digital Corp.		47,665		3,737,889
Textiles, Apparel & Luxury Goods—3.1%
Gildan Activewear, Inc.		134,520		4,471,445
Michael Kors Holdings Ltd. (a)		125,035		5,262,723
				9,734,168
Total Common Stock (cost—$263,178,972)				312,804,363
	Principal Amount (000s)
Repurchase Agreements—0.6%
State Street Bank and Trust Co., dated 6/30/15, 0.00%, due 7/1/15, proceeds $1,864,000; collateralized by U.S. Treasury Notes, 1.75%, due 2/28/22, valued at $1,905,875 including accrued interest
(cost—$1,864,000)		$1,864		1,864,000
Total Investments (cost-$265,042,972)—100.4%				314,668,363
Liabilities in excess of other assets—(0.4)%				(1,139,741	)
Net Assets—100.0%				$313,528,622

Notes to Schedule of Investments:

(a) Non-income producing.

Glossary:

REIT—Real Estate Investment Trust

72 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

Schedule of Investments

June 30, 2015

AllianzGI NFJ All-Cap Value Fund

	Shares		Value
Common Stock—98.3%
Aerospace & Defense—2.5%
Northrop Grumman Corp.		3,900		$618,657
Auto Components—1.2%
Lear Corp.		2,700		303,102
Automobiles—1.2%
Thor Industries, Inc.		5,100		287,028
Banks—14.6%
Citigroup, Inc.		11,600		640,784
Fifth Third Bancorp		31,500		655,830
JPMorgan Chase & Co.		9,900		670,824
KeyCorp		43,700		656,374
Old National Bancorp		24,800		358,608
Wells Fargo & Co.		11,300		635,512
				3,617,932
Beverages—1.3%
Molson Coors Brewing Co., Class B		4,600		321,126
Biotechnology—2.5%
Gilead Sciences, Inc.		5,200		608,816
Capital Markets—2.6%
Ameriprise Financial, Inc.		5,100		637,143
Chemicals—1.3%
Celanese Corp., Ser. A		4,600		330,648
Communications Equipment—2.5%
Cisco Systems, Inc.		22,500		617,850
Consumer Finance—3.7%
Capital One Financial Corp.		7,000		615,790
Navient Corp.		16,900		307,749
				923,539
Diversified Financial Services—1.3%
NASDAQ OMX Group, Inc.		6,400		312,384
Diversified Telecommunication Services—3.9%
AT&T, Inc.		18,600		660,672
Verizon Communications, Inc.		6,500		302,965
				963,637
Electrical Equipment—2.4%
Eaton Corp. PLC		8,900		600,661
Electronic Equipment, Instruments & Components—1.3%
Avnet, Inc.		7,800		320,658
Food & Staples Retailing—2.5%
Kroger Co.		4,400		319,044
Wal-Mart Stores, Inc.		4,100		290,813
				609,857
Food Products—2.6%
Ingredion, Inc.		7,900		630,499
Health Care Equipment & Supplies—2.5%
Medtronic PLC		8,200		607,620
Health Care Providers & Services—1.2%
Cigna Corp.		1,833		296,946
Household Durables—1.4%
DR Horton, Inc.		12,600		344,736
Industrial Conglomerates—2.5%
General Electric Co.		23,000		611,110

	Shares		Value
Insurance—5.3%
Hartford Financial Services Group, Inc.		7,500	$	311,775
MetLife, Inc.		11,500		643,885
Reinsurance Group of America, Inc.		3,700		351,019
				1,306,679
IT Services—4.6%
International Business Machines Corp.		3,700		601,842
Xerox Corp.		50,500		537,320
				1,139,162
Machinery—1.3%
Crane Co.		5,600		328,888
Multi-line Retail—2.5%
Macy’s, Inc.		9,000		607,230
Multi-Utilities—2.3%
Public Service Enterprise Group, Inc.		14,700		577,416
Oil, Gas & Consumable Fuels—10.0%
Chevron Corp.		5,500		530,585
ConocoPhillips		6,300		386,883
Devon Energy Corp.		4,200		249,858
HollyFrontier Corp.		5,324		227,282
Royal Dutch Shell PLC ADR		4,900		279,349
Total S.A. ADR		9,300		457,281
Valero Energy Corp.		5,600		350,560
				2,481,798
Paper & Forest Products—2.3%
International Paper Co.		11,800		561,562
Pharmaceuticals—6.3%
Merck & Co., Inc.		10,400		592,072
Pfizer, Inc.		18,700		627,011
Teva Pharmaceutical Industries Ltd. ADR		5,800		342,780
				1,561,863
Road & Rail—2.3%
Ryder System, Inc.		6,600		576,642
Semiconductors & Semiconductor Equipment—1.3%
Intel Corp.		10,400		316,316
Software—2.6%
Activision Blizzard, Inc.		13,400		324,414
CA, Inc.		11,000		322,190
				646,604
Technology Hardware, Storage & Peripherals—1.2%
Hewlett-Packard Co.		9,800		294,098
Thrifts & Mortgage Finance—1.3%
Washington Federal, Inc.		14,000		326,900
Total Common Stock (cost—$20,855,268)				24,289,107

	Principal Amount (000s)		Value
Repurchase Agreements—0.7%
State Street Bank and Trust Co., dated 6/30/15, 0.00%, due 7/1/15, proceeds $172,000; collateralized by U.S. Treasury Notes, 2.00%, due 10/31/21, valued at $175,656 including accrued interest
(cost—$172,000)		$172	$	172,000
Total Investments (cost—$21,027,268)—99.0%				24,461,107
Other assets less liabilities—1.0%				237,491
Net Assets—100.0%				$24,698,598

Glossary:

ADR—American Depositary Receipt

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 73

Schedule of Investments

June 30, 2015

AllianzGI NFJ Dividend Value Fund

	Shares		Value
Common Stock—98.9%
Aerospace & Defense—1.4%
Northrop Grumman Corp.		701,600		$111,294,808
Automobiles—4.2%
Ford Motor Co.		22,460,600		337,133,606
Banks—14.5%
Citigroup, Inc.		3,114,300		172,033,932
Fifth Third Bancorp		7,986,400		166,276,848
JPMorgan Chase & Co.		4,838,300		327,843,208
PNC Financial Services Group, Inc.		1,677,978		160,498,596
Wells Fargo & Co.		5,818,000		327,204,320
				1,153,856,904
Biotechnology—2.0%
Gilead Sciences, Inc.		1,349,800		158,034,584
Capital Markets—2.0%
Ameriprise Financial, Inc.		1,284,041		160,415,242
Chemicals—1.9%
Celanese Corp., Ser. A		2,001,439		143,863,435
Dow Chemical Co.		186,030		9,519,155
				153,382,590
Communications Equipment—1.8%
Cisco Systems, Inc.		5,119,900		140,592,454
Consumer Finance—3.3%
Capital One Financial Corp.		1,252,100		110,147,237
Navient Corp.		8,386,000		152,709,060
				262,856,297
Diversified Telecommunication Services—6.2%
AT&T, Inc.		9,301,757		330,398,409
Verizon Communications, Inc.		3,394,500		158,217,645
				488,616,054
Electric Utilities—1.7%
American Electric Power Co., Inc.		2,601,400		137,796,158
Electrical Equipment—2.0%
Eaton Corp. PLC		2,390,900		161,361,841
Food & Staples Retailing—2.0%
Wal-Mart Stores, Inc.		2,283,400		161,961,562
Health Care Equipment & Supplies—1.8%
Baxter International, Inc.		2,025,100		141,615,243
Health Care Providers & Services—1.7%
Anthem, Inc.		831,600		136,498,824
Industrial Conglomerates—0.4%
General Electric Co.		1,111,200		29,524,584
Insurance—10.2%
Allstate Corp.		2,201,700		142,824,279
Hartford Financial Services Group, Inc.		4,113,400		170,994,038
MetLife, Inc.		5,715,800		320,027,642
Travelers Cos., Inc.		1,811,000		175,051,260
				808,897,219
IT Services—3.5%
International Business Machines Corp.		1,000,134		162,681,796
Xerox Corp.		11,096,100		118,062,504
				280,744,300

	Shares		Value
Leisure Equipment & Products—2.2%
Mattel, Inc.		6,708,800		$172,349,072
Machinery—2.0%
Cummins, Inc.		1,204,600		158,031,474
Multi-line Retail—1.9%
Macy’s, Inc.		2,220,300		149,803,641
Multi-Utilities—1.9%
Public Service Enterprise Group, Inc.		3,818,500		149,990,680
Oil, Gas & Consumable Fuels—14.6%
Chevron Corp.		1,603,400		154,679,998
Royal Dutch Shell PLC ADR		5,576,521		317,917,462
Sasol Ltd. ADR		4,499,113		166,737,128
Total S.A. ADR		6,644,000		326,685,480
Valero Energy Corp.		3,134,300		196,207,180
				1,162,227,248
Paper & Forest Products—2.0%
International Paper Co.		3,338,100		158,860,179
Pharmaceuticals—8.0%
AbbVie, Inc.		2,399,200		161,202,248
Johnson & Johnson		1,539,800		150,068,908
Pfizer, Inc.		4,764,600		159,757,038
Teva Pharmaceutical Industries Ltd. ADR		2,725,200		161,059,320
				632,087,514
Road & Rail—0.2%
Norfolk Southern Corp.		218,394		19,078,900
Semiconductors & Semiconductor Equipment—1.7%
Intel Corp.		4,365,074		132,763,726
Software—3.8%
CA, Inc.		4,999,900		146,447,071
Symantec Corp.		6,661,700		154,884,525
				301,331,596
Total Common Stock (cost—$6,653,457,513)				7,861,106,300
	Principal Amount (000s)
Repurchase Agreements—1.6%
State Street Bank and Trust Co., dated 6/30/15, 0.00%, due 7/1/15, proceeds $125,219,000; collateralized by U.S. Treasury Notes, 2.00%, due 10/31/21, valued at $127,727,188 including accrued interest
(cost—$125,219,000) $125,219				125,219,000
Total Investments (cost—$6,778,676,513)—100.5%				7,986,325,300
Liabilities in excess of other assets—(0.5)%				(40,218,132	)
Net Assets—100.0%				$7,946,107,168

Glossary:

ADR—American Depositary Receipt

AllianzGI NFJ International Value Fund

	Shares		Value
Common Stock—96.9%
Australia—2.9%
Australia & New Zealand Banking Group Ltd. ADR		1,919,300		$47,521,868
Beach Energy Ltd. (b)		32,612,366		26,405,964
				73,927,832
Brazil—2.1%
Banco Bradesco S.A. ADR		5,939,552		54,406,296
Canada—7.0%
Magna International, Inc.		415,700		23,316,613
Manulife Financial Corp.		2,795,100		51,960,909
Methanex Corp.		464,200		25,837,372
Open Text Corp.		629,600		25,517,688
Toronto-Dominion Bank		1,224,300		52,044,993
				178,677,575
China—6.5%
Anhui Conch Cement Co., Ltd., Class H		12,602,000		44,154,089
Belle International Holdings Ltd.		21,091,000		24,215,789
China Construction Bank Corp., Class H		53,743,500		49,091,665
China Mobile Ltd.		3,822,600		48,979,890
				166,441,433
France—6.3%
Atos S.E.		350,955		26,224,499
AXA S.A.		2,030,084		51,466,355
Sanofi		552,546		54,663,291
Technip S.A.		478,031		29,625,554
				161,979,699
Germany—1.0%
Siemens AG		251,108		25,404,940
Hong Kong—3.6%
BOC Hong Kong Holdings Ltd.		13,031,900		54,407,342
CK Hutchison Holdings Ltd.		2,605,500		38,474,154
				92,881,496
India—2.0%
ICICI Bank Ltd. ADR		2,320,000		24,174,400
Tata Motors Ltd. ADR		755,100		26,028,297
				50,202,697
Indonesia—0.9%
Bank Rakyat Indonesia Persero Tbk PT		30,798,400		23,836,954
Ireland—0.8%
Smurfit Kappa Group PLC		775,003		21,360,554
Israel—4.1%
Israel Chemicals Ltd.		3,889,615		27,166,779
Teva Pharmaceutical Industries Ltd. ADR		1,305,000		77,125,500
				104,292,279
Japan—11.5%
Isuzu Motors Ltd.		4,265,000		55,954,908
KDDI Corp.		807,400		19,484,135
Kobe Steel Ltd.		15,817,000		26,610,704
Komatsu Ltd.		1,359,800		27,282,078
Mitsui & Co., Ltd. ADR		185,800		50,491,150
Mizuho Financial Group, Inc.		12,908,500		27,930,541
Sumitomo Metal Mining Co., Ltd.		3,755,000		57,109,674
T&D Holdings, Inc.		2,050,800		30,572,331
				295,435,521

74 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

Schedule of Investments

June 30, 2015

	Shares		Value
Korea (Republic of)—2.0%
Korea Electric Power Corp. ADR		2,573,041	$	52,387,115
Mexico—2.3%
America Movil S.A.B. de C.V., Ser. L ADR		2,723,700		58,042,047
Netherlands—1.9%
Aegon NV		6,755,968		49,846,818
Norway—2.7%
DNB ASA		1,516,342		25,252,560
Norsk Hydro ASA		10,440,500		43,818,024
				69,070,584
Russian Federation—1.8%
Lukoil OAO ADR		1,017,800		45,709,398
Singapore—4.0%
Keppel Corp., Ltd.		8,997,800		54,842,688
United Overseas Bank Ltd. ADR		1,424,500		49,052,658
				103,895,346
South Africa—3.4%
Sasol Ltd. ADR		2,361,223		87,506,924
Sweden—3.9%
Nordea Bank AB		4,107,678		51,229,933
Svenska Cellulosa AB SCA ADR		899,900		23,001,444
TeliaSonera AB		4,490,891		26,468,119
				100,699,496
Switzerland—3.1%
Zurich Insurance Group AG ADR		2,604,600		79,179,840
Taiwan—3.5%
AU Optronics Corp. ADR		9,396,400		41,907,944
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		2,159,000		49,030,890
				90,938,834
Turkey—2.2%
KOC Holding AS ADR		2,451,239		57,040,332
United Kingdom—16.5%
BAE Systems PLC ADR		1,705,700		48,390,709
Centrica PLC		12,690,283		52,658,066
Imperial Tobacco Group PLC		970,519		46,742,318
Man Group PLC		10,219,604		25,187,892
Marks & Spencer Group PLC ADR		2,863,400		48,334,192
Persimmon PLC (c)		1,582,525		49,099,338
Rio Tinto PLC ADR		1,242,500		51,203,425
Royal Dutch Shell PLC ADR		1,384,800		78,947,448
Sky PLC		1,337,612		21,786,538
				422,349,926
United States—0.9%
Axis Capital Holdings Ltd.		430,300		22,965,111
Total Common Stock (cost—$2,452,845,533)				2,488,479,047
Preferred Stock—2.1%
Germany—2.1%
Volkswagen AG (cost—$50,852,202)		233,976		54,300,829

	Principal Amount (000s)		Value
Repurchase Agreements—0.2%
State Street Bank and Trust Co., dated 6/30/15, 0.00%, due 7/1/15, proceeds $4,494,000; collateralized by U.S. Treasury Notes, 2.00%, due 10/31/21, valued at $4,587,138 including accrued interest
(cost—$4,494,000)		$4,494	$	4,494,000
Total Investments (cost—$2,508,191,735) (a) —99.2%				2,547,273,876
Other assets less liabilities—0.8%				19,605,190
Net Assets—100.0%				$2,566,879,066

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $1,267,439,524, representing 49.4% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(b) Affiliated security.

(c) Non-income producing.

Glossary:

ADR—American Depositary Receipt

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

Banks	18.0%
Insurance	11.1%
Oil, Gas & Consumable Fuels	9.3%
Metals & Mining	6.9%
Industrial Conglomerates	6.8%
Automobiles	5.3%
Pharmaceuticals	5.1%
Wireless Telecommunication Services	4.9%
Chemicals	2.1%
Multi-Utilities	2.1%
Electric Utilities	2.0%
Trading Companies & Distributors	2.0%
Household Durables	1.9%
Semiconductors & Semiconductor Equipment	1.9%
Aerospace & Defense	1.9%
Multi-line Retail	1.9%
Tobacco	1.8%
Construction Materials	1.7%
Electronic Equipment, Instruments & Components	1.6%
Energy Equipment & Services	1.2%
Machinery	1.1%
Diversified Telecommunication Services	1.0%
IT Services	1.0%
Software	1.0%
Capital Markets	1.0%
Textiles, Apparel & Luxury Goods	1.0%
Auto Components	0.9%
Household Products	0.9%
Media	0.8%
Containers & Packaging	0.8%
Repurchase Agreements	0.2%
Other assets less liabilities	0.8%
	100.0%

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 75

Schedule of Investments

June 30, 2015

AllianzGI NFJ Large-Cap Value Fund

	Shares		Value
Common Stock—98.6%
Aerospace & Defense—3.2%
Lockheed Martin Corp.		37,200		$6,915,480
Northrop Grumman Corp.		80,700		12,801,441
				19,716,921
Automobiles—2.6%
Ford Motor Co.		1,079,500		16,203,295
Banks—13.3%
Citigroup, Inc.		333,000		18,394,920
Fifth Third Bancorp		583,915		12,157,110
JPMorgan Chase & Co.		284,100		19,250,616
KeyCorp		890,100		13,369,302
Wells Fargo & Co.		334,400		18,806,656
				81,978,604
Beverages—1.0%
Molson Coors Brewing Co., Class B		91,700		6,401,577
Biotechnology—1.2%
Gilead Sciences, Inc.		60,700		7,106,756
Capital Markets—4.2%
Ameriprise Financial, Inc.		47,500		5,934,175
Goldman Sachs Group, Inc.		62,700		13,091,133
State Street Corp.		89,500		6,891,500
				25,916,808
Chemicals—1.1%
Eastman Chemical Co.		81,000		6,627,420
Communications Equipment—2.9%
Cisco Systems, Inc.		642,500		17,643,050
Consumer Finance—4.8%
Capital One Financial Corp.		212,500		18,693,625
Navient Corp.		611,700		11,139,057
				29,832,682
Diversified Telecommunication Services—3.8%
AT&T, Inc.		329,400		11,700,288
Verizon Communications, Inc.		257,900		12,020,719
				23,721,007
Electric Utilities—1.9%
American Electric Power Co., Inc.		116,700		6,181,599
PPL Corp.		194,500		5,731,915
				11,913,514
Electrical Equipment—1.9%
Eaton Corp. PLC		87,400		5,898,626
Emerson Electric Co.		107,000		5,931,010
				11,829,636
Food & Staples Retailing—1.2%
Kroger Co.		99,400		7,207,494
Food Products—1.3%
ConAgra Foods, Inc.		182,400		7,974,528
Health Care Equipment & Supplies—2.0%
Medtronic PLC		169,700		12,574,770
Health Care Providers & Services—2.3%
Anthem, Inc.		41,600		6,828,224
Cigna Corp.		43,561		7,056,882
				13,885,106
Household Durables—1.9%
DR Horton, Inc.		221,600		6,062,976
Whirlpool Corp.		33,000		5,710,650
				11,773,626

	Shares		Value
Independent Power Producers & Energy Traders—0.1%
Talen Energy Corp. (a)		24,294	$	416,885
Industrial Conglomerates—2.0%
General Electric Co.		458,400		12,179,688
Insurance—7.2%
Allstate Corp.		95,300		6,182,111
Hartford Financial Services Group, Inc.		298,000		12,387,860
MetLife, Inc.		234,700		13,140,853
Prudential Financial, Inc.		73,800		6,458,976
Travelers Cos., Inc.		67,100		6,485,886
				44,655,686
IT Services—1.9%
International Business Machines Corp.		36,500		5,937,090
Xerox Corp.		553,300		5,887,112
				11,824,202
Machinery—2.0%
Cummins, Inc.		44,600		5,851,074
Deere & Co.		69,200		6,715,860
				12,566,934
Metals & Mining—0.6%
Freeport-McMoRan, Inc.		193,300		3,599,246
Multi-line Retail—2.1%
Macy’s, Inc.		188,100		12,691,107
Multi-Utilities—1.1%
Public Service Enterprise Group, Inc.		173,100		6,799,368
Oil, Gas & Consumable Fuels—12.3%
Chevron Corp.		113,800		10,978,286
ConocoPhillips		199,100		12,226,731
Devon Energy Corp.		92,800		5,520,672
Exxon Mobil Corp.		66,700		5,549,440
HollyFrontier Corp.		145,723		6,220,915
Royal Dutch Shell PLC ADR		195,700		11,156,857
Sasol Ltd. ADR		170,900		6,333,554
Total S.A. ADR		231,600		11,387,772
Valero Energy Corp.		103,900		6,504,140
				75,878,367
Paper & Forest Products—1.7%
International Paper Co.		225,200		10,717,268
Pharmaceuticals—8.6%
Johnson & Johnson		122,700		11,958,342
Merck & Co., Inc.		211,400		12,035,002
Pfizer, Inc.		363,900		12,201,567
Teva Pharmaceutical Industries Ltd. ADR		286,100		16,908,510
				53,103,421
Semiconductors & Semiconductor Equipment—1.8%
Intel Corp.		373,700		11,366,085
Software—2.9%
CA, Inc.		384,106		11,250,465
Symantec Corp.		280,800		6,528,600
				17,779,065
Technology Hardware, Storage & Peripherals—2.7%
Apple, Inc.		50,500		6,333,962
Hewlett-Packard Co.		344,854		10,349,069
				16,683,031

	Shares		Value
Tobacco—1.0%
Altria Group, Inc.		129,400	$	6,328,954
Total Common Stock (cost—$494,456,005)				608,896,101
	Principal Amount (000s)
Repurchase Agreements—0.8%
State Street Bank and Trust Co., dated 6/30/15, 0.00%, due 7/1/15, proceeds $5,033,000; collateralized by U.S. Treasury Notes, 2.00%, due 10/31/21, valued at $5,134,181 including accrued interest
(cost—$5,033,000)		$5,033		5,033,000
Total Investments (cost—$499,489,005)—99.4%				613,929,101
Other assets less liabilities—0.6%				3,679,546
Net Assets—100.0%				$617,608,647

Notes to Schedule of Investments:

(a) Non-income producing.

Glossary:

ADR—American Depositary Receipt

76 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

Schedule of Investments

June 30, 2015

AllianzGI NFJ Mid-Cap Value Fund

	Shares		Value
Common Stock—94.7%
Aerospace & Defense—2.0%
Orbital ATK, Inc.		98,300		$7,211,288
Raytheon Co.		80,000		7,654,400
				14,865,688
Airlines—2.0%
Alaska Air Group, Inc.		120,300		7,750,929
Southwest Airlines Co.		208,400		6,895,956
				14,646,885
Auto Components—3.1%
Goodyear Tire & Rubber Co.		255,900		7,715,385
Lear Corp.		67,800		7,611,228
Magna International, Inc.		135,600		7,605,804
				22,932,417
Automobiles—0.9%
Harley-Davidson, Inc.		125,000		7,043,750
Banks—8.3%
BB&T Corp.		206,300		8,315,953
BOK Financial Corp.		116,300		8,092,154
Cullen/Frost Bankers, Inc.		102,400		8,046,592
Fifth Third Bancorp		374,200		7,790,844
KeyCorp		520,400		7,816,408
National Bank of Canada		166,283		6,246,596
Prosperity Bancshares, Inc.		128,200		7,402,268
Regions Financial Corp.		805,900		8,349,124
				62,059,939
Beverages—1.0%
Coca-Cola Enterprises, Inc.		167,800		7,289,232
Capital Markets—4.2%
Ameriprise Financial, Inc.		71,300		8,907,509
Ares Capital Corp.		404,600		6,659,716
Carlyle Group L.P.		264,500		7,445,675
KKR & Co. L.P.		372,600		8,513,910
				31,526,810
Chemicals—8.3%
Agrium, Inc.		80,200		8,497,190
Celanese Corp., Ser. A		108,600		7,806,168
CF Industries Holdings, Inc.		125,230		8,049,785
Eastman Chemical Co.		102,100		8,353,822
Huntsman Corp.		340,400		7,512,628
Methanex Corp.		135,600		7,547,496
Potash Corp. of Saskatchewan, Inc.		225,100		6,971,347
Terra Nitrogen Co. L.P.		60,000		7,265,400
				62,003,836
Communications Equipment—1.7%
Brocade Communications Systems, Inc.		735,500		8,737,740
Harris Corp.		53,400		4,106,994
				12,844,734
Consumer Finance—1.1%
Discover Financial Services		144,900		8,349,138
Containers & Packaging—1.0%
Packaging Corp. of America		119,700		7,480,053
Diversified Consumer Services—1.1%
Graham Holdings Co., Class B		7,800		8,385,390
Diversified Telecommunication Services—0.9%
CenturyLink, Inc.		216,200		6,351,956
Electric Utilities—3.9%
Entergy Corp.		99,500		7,014,750
FirstEnergy Corp.		223,900		7,287,945
PPL Corp.		251,600		7,414,652

	Shares		Value
Southern Co.		179,100		$7,504,290
				29,221,637
Electrical Equipment—2.2%
Babcock & Wilcox Co. (a)		256,100		8,400,080
Eaton Corp. PLC		116,200		7,842,338
				16,242,418
Electronic Equipment, Instruments & Components—1.9%
Avnet, Inc.		178,600		7,342,246
Corning, Inc.		359,800		7,098,854
				14,441,100
Food Products—5.0%
Archer-Daniels-Midland Co.		148,800		7,175,136
ConAgra Foods, Inc.		170,700		7,463,004
Ingredion, Inc.		97,000		7,741,570
Kellogg Co.		113,400		7,110,180
Tyson Foods, Inc., Class A		182,500		7,779,975
				37,269,865
Health Care Equipment & Supplies—1.6%
St. Jude Medical, Inc.		51,800		3,785,026
Zimmer Biomet Holdings, Inc.		73,700		8,050,251
				11,835,277
Health Care Providers & Services—2.6%
Anthem, Inc.		48,500		7,960,790
Cardinal Health, Inc.		43,600		3,647,140
Quest Diagnostics, Inc.		103,800		7,527,576
				19,135,506
Household Durables—1.5%
Tupperware Brands Corp.		59,900		3,865,946
Whirlpool Corp.		40,600		7,025,830
				10,891,776
Insurance—10.0%
Assurant, Inc.		119,800		8,026,600
Axis Capital Holdings Ltd.		141,800		7,567,866
Chubb Corp.		89,500		8,515,030
Everest Re Group Ltd.		42,100		7,662,621
Hartford Financial Services Group, Inc.		184,500		7,669,665
Lincoln National Corp.		128,800		7,627,536
Principal Financial Group, Inc.		74,700		3,831,363
Prudential Financial, Inc.		90,200		7,894,304
Travelers Cos., Inc.		80,400		7,771,464
Unum Group		217,900		7,789,925
				74,356,374
IT Services—1.9%
Booz Allen Hamilton Holding Corp.		302,600		7,637,624
Xerox Corp.		613,600		6,528,704
				14,166,328
Machinery—2.6%
Cummins, Inc.		55,600		7,294,164
Oshkosh Corp.		144,400		6,119,672
Trinity Industries, Inc.		220,800		5,835,744
				19,249,580
Media—2.1%
Gannett Co., Inc. (b)		107,950		1,510,221
Shaw Communications, Inc., Class B		338,684		7,379,924
TEGNA, Inc.		215,900		6,923,913
				15,814,058
Metals & Mining—0.9%
Silver Wheaton Corp.		308,500		5,349,390
Ternium S.A. ADR		77,920		1,348,795
				6,698,185

	Shares		Value
Multi-Utilities—2.0%
Public Service Enterprise Group, Inc.		199,200	$	7,824,576
SCANA Corp.		138,500		7,015,025
				14,839,601
Oil, Gas & Consumable Fuels—5.0%
Alliance Resource Partners L.P.		167,794		4,188,138
HollyFrontier Corp.		191,100		8,158,059
Marathon Petroleum Corp.		153,100		8,008,661
Sasol Ltd. ADR		230,400		8,538,624
Valero Energy Corp.		128,500		8,044,100
				36,937,582
Paper & Forest Products—1.1%
International Paper Co.		164,100		7,809,519
Real Estate Investment Trust—5.2%
Corrections Corp. of America		226,200		7,482,696
Digital Realty Trust, Inc.		115,200		7,681,536
HCP, Inc.		213,600		7,789,992
Mid-America Apartment Communities, Inc.		106,100		7,725,141
Two Harbors Investment Corp.		798,000		7,772,520
				38,451,885
Road & Rail—1.0%
Norfolk Southern Corp.		85,300		7,451,808
Semiconductors & Semiconductor Equipment—3.1%
Avago Technologies Ltd.		50,600		6,726,258
Broadcom Corp., Class A		145,500		7,491,795
Lam Research Corp.		106,200		8,639,370
				22,857,423
Software—2.0%
CA, Inc.		262,400		7,685,696
Symantec Corp.		314,100		7,302,825
				14,988,521
Specialty Retail—2.4%
Gap, Inc.		92,300		3,523,091
GNC Holdings, Inc., Class A		166,700		7,414,816
Penske Automotive Group, Inc.		134,300		6,998,373
				17,936,280
Wireless Telecommunication Services—1.1%
Rogers Communications, Inc., Class B		222,900		7,919,637
Total Common Stock (cost—$592,311,767)				704,294,188
Mutual Funds—0.9%
Central Fund of Canada Ltd., Class A (cost—$8,098,853)		587,800		6,853,748

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 77

Schedule of Investments

June 30, 2015

	Principal Amount (000s)		Value
Repurchase Agreements—4.6%
State Street Bank and Trust Co., dated 6/30/15, 0.00%, due 7/1/15, proceeds $34,477,000; collateralized by U.S. Treasury Notes, 2.00%, due 10/31/21, valued at $35,171,400 including accrued interest
(cost—$34,477,000)		$34,477		$34,477,000
Total Investments (cost—$634,887,620)—100.2%				745,624,936
Liabilities in excess of other assets—(0.2)%				(1,684,341	)
Net Assets—100.0%				$743,940,595

Notes to Schedule of Investments:

(a) When-issued or delayed-delivery. To be settled/delivered after June 30, 2015.

(b) Non-income producing.

Glossary:

ADR—American Depositary Receipt

AllianzGI NFJ Small-Cap Value Fund

	Shares		Value
Common Stock—95.1%
Aerospace & Defense—2.9%
Elbit Systems Ltd.		348,015		$27,235,654
Orbital ATK, Inc.		899,705		66,002,359
Triumph Group, Inc.		1,230,600		81,207,294
				174,445,307
Air Freight & Logistics—0.2%
Park-Ohio Holdings Corp.		318,396		15,429,470
Airlines—0.8%
Westjet Airlines Ltd. (b)		2,305,574		48,252,766
Auto Components—1.3%
Dana Holding Corp.		3,212,000		66,102,960
Strattec Security Corp.		162,242		11,146,025
				77,248,985
Automobiles—1.0%
Thor Industries, Inc.		1,074,300		60,461,604
Banks—12.0%
Canadian Western Bank		1,681,220		38,725,940
Community Trust Bancorp, Inc.		543,420		18,949,056
Cullen/Frost Bankers, Inc.		813,700		63,940,546
First Financial Bancorp		1,072,853		19,246,983
First Interstate Bancsystem, Inc., Class A		632,200		17,537,228
First Merchants Corp.		911,623		22,517,088
FirstMerit Corp.		3,479,100		72,469,653
Fulton Financial Corp.		426,739		5,573,211
Great Western Bancorp, Inc.		1,286,964		31,028,702
Hancock Holding Co.		689,500		22,001,945
International Bancshares Corp.		1,253,981		33,694,470
National Penn Bancshares, Inc.		3,109,383		35,073,840
Old National Bancorp		3,530,200		51,046,692
Prosperity Bancshares, Inc.		1,142,900		65,991,046
S&T Bancorp, Inc.		407,719		12,064,405
TCF Financial Corp.		4,012,800		66,652,608
Trustmark Corp.		1,960,401		48,970,817
Umpqua Holdings Corp.		3,793,400		68,243,266
Union Bankshares Corp.		789,300		18,343,332
WesBanco, Inc.		483,891		16,461,972
				728,532,800
Capital Markets—2.2%
AllianceBernstein Holding L.P.		1,072,402		31,668,031
Artisan Partners Asset Management, Inc., Class A		672,700		31,253,642
Fortress Investment Group LLC, Class A		5,514,881		40,258,631
Investment Technology Group, Inc.		502,900		12,471,920
OM Asset Management PLC		1,141,164		20,301,308
				135,953,532
Chemicals—4.6%
A Schulman, Inc.		1,175,362		51,386,827
Cabot Corp.		1,561,500		58,228,335
Innophos Holdings, Inc.		924,622		48,672,102
Methanex Corp.		984,084		54,774,115
Rayonier Advanced Materials, Inc.		1,392,304		22,638,863
Rentech Nitrogen Partners L.P.		195,368		2,791,809
Stepan Co.		465,361		25,180,684
Terra Nitrogen Co. L.P.		131,870		15,968,138
				279,640,873

	Shares		Value
Commercial Services & Supplies—2.7%
Deluxe Corp.		962,400	$	59,668,800
Ennis, Inc.		805,451		14,973,334
Essendant, Inc.		1,164,177		45,693,947
West Corp.		1,358,564		40,892,777
				161,228,858
Containers & Packaging—1.8%
Silgan Holdings, Inc.		896,363		47,292,112
Sonoco Products Co.		1,515,350		64,947,901
				112,240,013
Diversified Telecommunication Services—0.4%
Inteliquent, Inc.		1,397,438		25,712,859
Electric Utilities—2.4%
ALLETE, Inc.		1,371,100		63,605,329
Great Plains Energy, Inc.		2,019,200		48,783,872
Portland General Electric Co.		982,400		32,576,384
				144,965,585
Electrical Equipment—3.8%
AZZ, Inc.		176,492		9,142,286
Babcock & Wilcox Co. (a)		2,564,617		84,119,437
EnerSys		973,700		68,441,373
Regal Beloit Corp.		944,600		68,568,514
				230,271,610
Electronic Equipment, Instruments & Components—2.2%
AVX Corp.		1,239,900		16,689,054
Methode Electronics, Inc.		1,029,522		28,260,379
SYNNEX Corp.		764,911		55,983,836
Vishay Intertechnology, Inc.		2,823,000		32,972,640
				133,905,909
Energy Equipment & Services—0.8%
Atwood Oceanics, Inc.		585,500		15,480,620
Bristow Group, Inc.		575,769		30,688,488
				46,169,108
Food & Staples Retailing—1.4%
Andersons, Inc. (b)		1,569,725		61,219,275
Ingles Markets, Inc., Class A		244,936		11,700,593
Weis Markets, Inc.		252,661		10,649,661
				83,569,529
Food Products—3.0%
Cal-Maine Foods, Inc. (b)		1,331,491		69,503,830
Ingredion, Inc.		1,030,900		82,276,129
Sanderson Farms, Inc.		437,342		32,870,625
				184,650,584
Gas Utilities—0.6%
Laclede Group, Inc.		676,300		35,208,178
Health Care Equipment & Supplies—0.6%
Teleflex, Inc.		255,700		34,634,565
Health Care Providers & Services—1.5%
Ensign Group, Inc.		426,784		21,791,591
Owens & Minor, Inc.		1,822,685		61,971,290
Select Medical Holdings Corp.		276,187		4,474,229
				88,237,110
Household Durables—1.1%
Ryland Group, Inc. (b)		1,424,743		66,065,333
Insurance—7.2%
Allied World Assurance Co. Holdings AG		1,578,768		68,234,353
American Financial Group, Inc.		1,198,900		77,976,456
First American Financial Corp.		1,593,900		59,309,019

78 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

Schedule of Investments

June 30, 2015

	Shares		Value
Hanover Insurance Group, Inc.		525,700	$	38,917,571
HCI Group, Inc.		373,247		16,501,250
Kemper Corp.		545,450		21,027,098
Montpelier Re Holdings Ltd.		1,294,678		51,139,781
Symetra Financial Corp.		1,793,496		43,348,798
United Insurance Holdings Corp. (b)		1,075,932		16,719,983
Universal Insurance Holdings, Inc. (b)		1,847,103		44,699,893
				437,874,202
Internet Software & Services—0.5%
j2 Global, Inc.		493,677		33,540,415
IT Services—2.4%
Booz Allen Hamilton Holding Corp.		2,407,200		60,757,728
Convergys Corp.		1,701,396		43,368,584
CSG Systems International, Inc.		1,230,800		38,967,128
				143,093,440
Machinery—2.9%
Crane Co.		1,273,600		74,798,528
Global Brass & Copper Holdings, Inc.		994,300		16,913,043
Hillenbrand, Inc.		1,338,800		41,101,160
Standex International Corp.		17,712		1,415,720
Trinity Industries, Inc.		1,491,170		39,411,623
				173,640,074
Media—2.1%
Corus Entertainment, Inc., Class B		1,938,552		25,873,228
Meredith Corp.		1,294,282		67,496,806
Time, Inc.		1,485,887		34,190,260
				127,560,294
Metals & Mining—6.1%
Commercial Metals Co.		4,889,900		78,629,592
Compass Minerals International, Inc.		760,600		62,475,684
Hi-Crush Partners L.P.		801,408		24,595,212
HudBay Minerals, Inc.		8,186,927		68,169,768
Royal Gold, Inc.		1,126,255		69,366,045
Steel Dynamics, Inc.		2,960,600		61,328,829
SunCoke Energy Partners L.P.		189,297		3,236,979
				367,802,109
Oil, Gas & Consumable Fuels—8.1%
Alliance Resource Partners L.P.		1,356,700		33,863,232
Alon USA Partners L.P.		924,722		19,437,656
Boardwalk Pipeline Partners L.P.		3,153,029		45,781,981
Delek Logistics Partners L.P.		429,266		19,767,699
Delek U.S. Holdings, Inc.		1,313,800		48,374,116
Golar LNG Partners L.P.		802,003		19,785,414
Northern Tier Energy L.P.		1,587,200		37,727,744
SandRidge Permian Trust		1,869,779		13,985,947
Ship Finance International Ltd.		2,838,362		46,322,068
Sunoco L.P.		1,071,246		48,527,444
Western Refining, Inc.		1,900,400		82,895,448
World Fuel Services Corp.		1,544,188		74,043,815
				490,512,564
Paper & Forest Products—2.6%
KapStone Paper and Packaging Corp.		2,276,570		52,634,298
Neenah Paper, Inc. (b)		880,113		51,891,463

	Shares		Value
Schweitzer-Mauduit International, Inc.		809,034	$	32,264,276
Western Forest Products, Inc.		10,250,636		18,301,776
				155,091,813
Real Estate Investment Trust—5.6%
Blackstone Mortgage Trust, Inc., Class A		2,092,100		58,202,222
Corrections Corp. of America		846,400		27,998,912
Franklin Street Properties Corp.		2,726,800		30,840,108
Home Properties, Inc.		479,800		35,049,390
Omega Healthcare Investors, Inc.		1,467,800		50,389,574
Retail Properties of America, Inc., Class A		3,686,801		51,357,138
Starwood Property Trust, Inc.		2,545,700		54,910,749
WP GLIMCHER, Inc.		2,371,000		32,079,630
				340,827,723
Software—1.0%
Mentor Graphics Corp.		2,349,394		62,094,483
Specialty Retail—4.0%
Buckle, Inc.		1,436,669		65,756,340
GNC Holdings, Inc., Class A		1,545,642		68,750,156
Group 1 Automotive, Inc.		701,301		63,699,170
Sonic Automotive, Inc., Class A		802,300		19,118,809
Stage Stores, Inc. (b)		1,372,700		24,063,431
				241,387,906
Thrifts & Mortgage Finance—1.1%
Washington Federal, Inc.		2,815,800		65,748,930
Tobacco—1.4%
Universal Corp. (b)		1,455,700		83,440,724
Trading Companies & Distributors—2.8%
Applied Industrial Technologies, Inc.		1,389,700		55,101,605
GATX Corp.		890,023		47,304,722
TAL International Group, Inc. (b)		1,346,320		42,543,712
Textainer Group Holdings Ltd.		974,472		25,346,017
				170,296,056
Total Common Stock (cost—$4,952,909,042)				5,759,735,311
Mutual Funds—0.6%
Central Fund of Canada Ltd., Class A (cost—$40,829,564)		3,336,400		38,902,424

	Principal Amount (000s)		Value
Repurchase Agreements—5.3%
State Street Bank and Trust Co., dated 6/30/15, 0.00%, due 7/1/15, proceeds $319,259,000; collateralized by U.S. Treasury Notes, 2.00%—2.125%, due 9/30/21—10/31/21, valued at $325,644,513 including accrued interest
(cost—$319,259,000)		$319,259	$	319,259,000
Total Investments (cost—$5,312,997,606)—101.0%				6,117,896,735
Liabilities in excess of other assets—(1.0)%				(61,483,921	)
Net Assets-100.0%				$6,056,412,814

Notes to Schedule of Investments:

(a) When-issued or delayed-delivery. To be settled/delivered after June 30, 2015.

(b) Affiliated security.

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 79

Schedule of Investments

June 30, 2015

AllianzGI Small-Cap Blend Fund

	Shares		Value
Common Stock—97.9%
Aerospace & Defense—0.3%
Astronics Corp. (b)		3,396		$240,742
Air Freight & Logistics—1.1%
Atlas Air Worldwide Holdings, Inc. (b)		7,715		424,016
Echo Global Logistics, Inc. (b)		6,387		208,599
Forward Air Corp.		3,325		173,765
Park-Ohio Holdings Corp.		492		23,842
XPO Logistics, Inc. (b)		4,704		212,527
				1,042,749
Auto Components—0.6%
Cooper Tire & Rubber Co.		1,555		52,606
Motorcar Parts of America, Inc. (b)		7,640		229,887
Tower International, Inc. (b)		11,933		310,855
				593,348
Automobiles—0.1%
Thor Industries, Inc.		1,510		84,983
Banks—4.7%
Ameris Bancorp		1,687		42,664
Bank of the Ozarks, Inc.		27,338		1,250,713
Banner Corp.		1,168		55,982
Cathay General Bancorp		7,335		238,021
CU Bancorp (b)		3,850		85,316
Eagle Bancorp, Inc. (b)		4,860		213,646
First Merchants Corp.		2,018		49,845
First NBC Bank Holding Co. (b)		7,360		264,960
Guaranty Bancorp		17,565		289,998
HomeTrust Bancshares, Inc. (b)		15,720		263,467
Old Line Bancshares, Inc.		2,880		45,763
PrivateBancorp, Inc.		6,935		276,152
Seacoast Banking Corp. of Florida (b)		30,800		486,640
South State Corp.		2,522		191,647
Suffolk Bancorp		8,500		218,110
Trico Bancshares		2,170		52,188
Tristate Capital Holdings, Inc. (b)		5,875		75,964
Western Alliance Bancorp (b)		8,122		274,199
				4,375,275
Beverages—0.5%
Boston Beer Co., Inc., Class A (b)		245		56,837
Coca-Cola Bottling Co. Consolidated		2,655		401,091
				457,928
Biotechnology—2.5%
AMAG Pharmaceuticals, Inc. (b)		3,580		247,235
Anacor Pharmaceuticals, Inc. (b)		3,184		246,537
BioSpecifics Technologies Corp. (b)		888		45,821
Cepheid (b)		3,149		192,561
Eagle Pharmaceuticals, Inc. (b)		2,835		229,238
Esperion Therapeutics, Inc. (b)		1,455		118,961
Five Prime Therapeutics, Inc. (b)		1,359		33,757
Insmed, Inc. (b)		1,260		30,769
Insys Therapeutics, Inc. (b)		4,462		160,275
Ligand Pharmaceuticals, Inc., Class B (b)		3,151		317,936
MacroGenics, Inc. (b)		776		29,465
Pfenex, Inc. (b)		1,777		34,474
Receptos, Inc. (b)		899		170,855
Repligen Corp. (b)		7,344		303,087
Sage Therapeutics, Inc. (b)		1,268		92,564
Synergy Pharmaceuticals, Inc. (b)		4,180		34,694
				2,288,229

	Shares		Value
Building Products—0.5%
American Woodmark Corp. (b)		824	$	45,196
Builders FirstSource, Inc. (b)		18,569		238,426
Patrick Industries, Inc. (b)		2,493		94,859
PGT, Inc. (b)		3,596		52,178
				430,659
Capital Markets—0.7%
Cowen Group, Inc., Class A (b)		40,951		262,086
Ellington Financial LLC		7,720		142,897
HFF, Inc., Class A		5,472		228,347
				633,330
Chemicals—1.4%
American Vanguard Corp.		2,737		37,771
Cytec Industries, Inc.		3,945		238,791
Ferro Corp. (b)		10,504		176,257
Innospec, Inc.		2,085		93,908
KMG Chemicals, Inc.		10,810		275,006
OCI Resources L.P.		3,160		77,420
PolyOne Corp.		5,833		228,479
Stepan Co.		2,695		145,826
				1,273,458
Commercial Services & Supplies—1.6%
ABM Industries, Inc.		1,640		53,907
Deluxe Corp.		2,355		146,010
Interface, Inc.		18,410		461,171
Kimball International, Inc., Class B		2,970		36,115
Knoll, Inc.		20,050		501,851
Quad/Graphics, Inc.		13,440		248,774
				1,447,828
Communications Equipment—0.2%
Ciena Corp. (b)		4,805		113,782
NETGEAR, Inc. (b)		2,240		67,245
ShoreTel, Inc. (b)		5,783		39,209
				220,236
Construction & Engineering—0.4%
Argan, Inc.		4,140		166,966
MasTec, Inc. (b)		8,225		163,431
				330,397
Construction Materials—0.3%
U.S. Concrete, Inc. (b)		6,135		232,455
Containers & Packaging—0.1%
Silgan Holdings, Inc.		1,145		60,410
Distributors—0.2%
Core-Mark Holding Co., Inc.		2,844		168,507
Diversified Consumer Services—0.8%
Carriage Services, Inc.		1,946		46,471
Grand Canyon Education, Inc. (b)		8,870		376,088
Stonemor Partners L.P.		10,800		325,620
				748,179
Diversified Financial Services—0.7%
Compass Diversified Holdings		41,075		673,630
Diversified Telecommunication Services—0.9%
8x8, Inc. (b)		23,175		207,648
Cogent Communications Holdings, Inc.		1,640		55,498
Consolidated Communications Holdings, Inc.		2,365		49,689
Hawaiian Telcom Holdco, Inc. (b)		7,055		184,135
inContact, Inc. (b)		16,675		164,582
Vonage Holdings Corp. (b)		31,129		152,843
				814,395
Electric Utilities—1.1%
ALLETE, Inc.		5,130		237,981
Empire District Electric Co.		4,045		88,181

	Shares		Value
Great Plains Energy, Inc.		12,350	$	298,376
Otter Tail Corp.		3,560		94,696
Portland General Electric Co.		8,410		278,875
				998,109
Electrical Equipment—0.0%
Enphase Energy, Inc. (b)		3,895		29,641
Electronic Equipment, Instruments & Components—0.9%
Belden, Inc.		2,112		171,558
Dolby Laboratories, Inc., Class A		1,445		57,338
Multi-Fineline Electronix, Inc. (b)		13,260		289,863
Newport Corp. (b)		7,976		151,225
Orbotech Ltd. (b)		8,928		185,702
				855,686
Energy Equipment & Services—0.6%
C&J Energy Services Ltd. (b)		9,436		124,555
Matrix Service Co. (b)		10,360		189,381
Oceaneering International, Inc.		795		37,039
SEACOR Holdings, Inc. (b)		2,460		174,513
				525,488
Food & Staples Retailing—1.2%
Casey’s General Stores, Inc.		3,233		309,527
Smart & Final Stores, Inc. (b)		7,420		132,595
SpartanNash Co.		6,815		221,760
United Natural Foods, Inc. (b)		4,276		272,296
Village Super Market, Inc., Class A		1,925		61,003
Weis Markets, Inc.		3,370		142,046
				1,139,227
Food Products—2.4%
B&G Foods, Inc.		3,020		86,161
Cal-Maine Foods, Inc. (a)		8,900		464,580
Dean Foods Co.		28,885		467,070
Fresh Del Monte Produce, Inc.		6,265		242,205
J&J Snack Foods Corp.		935		103,476
John B Sanfilippo & Son, Inc.		851		44,167
Lancaster Colony Corp.		3,400		308,890
Pinnacle Foods, Inc.		9,215		419,651
Sanderson Farms, Inc.		925		69,523
Tootsie Roll Industries, Inc.		1,279		41,325
				2,247,048
Gas Utilities—0.5%
New Jersey Resources Corp.		5,780		159,239
Northwest Natural Gas Co.		3,770		159,019
Star Gas Partners L.P.		13,440		118,675
				436,933
Health Care Equipment & Supplies—6.5%
AngioDynamics, Inc. (b)		9,457		155,095
AtriCure, Inc. (b)		2,134		52,582
Cardiovascular Systems, Inc. (b)		4,901		129,631
CONMED Corp.		4,215		245,608
Cooper Cos., Inc.		895		159,283
Cynosure, Inc., Class A (b)		6,733		259,759
Globus Medical, Inc., Class A (b)		7,319		187,879
Greatbatch, Inc. (b)		16,818		906,827
HeartWare International, Inc. (b)		590		42,887
Hill-Rom Holdings, Inc.		13,250		719,872
ICU Medical, Inc. (b)		6,735		644,270
Inogen, Inc. (b)		6,890		307,294
Integra LifeSciences Holdings Corp. (b)		615		41,433
LDR Holding Corp. (b)		4,900		211,925
Masimo Corp. (b)		5,725		221,787
Merit Medical Systems, Inc. (b)		18,085		389,551
Natus Medical, Inc. (b)		11,895		506,251
RTI Surgical, Inc. (b)		95,238		615,237
Spectranetics Corp. (b)		1,467		33,756

80 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

Schedule of Investments

June 30, 2015

	Shares		Value
SurModics, Inc. (b)		1,291	$	30,235
Trinity Biotech PLC ADR		1,906		34,422
Vascular Solutions, Inc. (b)		1,425		49,476
				5,945,060
Health Care Providers & Services—6.9%
AAC Holdings, Inc. (b)		2,616		113,953
Acadia Healthcare Co., Inc. (b)		8,187		641,288
Aceto Corp.		2,134		52,560
Adeptus Health, Inc., Class A (b)		3,726		353,933
Amsurg Corp. (b)		15,981		1,117,871
Bio-Reference Laboratories, Inc. (b)		1,125		46,406
BioTelemetry, Inc. (b)		4,088		38,550
Capital Senior Living Corp. (b)		1,925		47,163
Centene Corp. (b)		2,959		237,904
Chemed Corp.		1,190		156,009
Cross Country Healthcare, Inc. (b)		3,891		49,338
ExamWorks Group, Inc. (b)		3,789		148,150
Health Net, Inc. (b)		1,245		79,829
HealthSouth Corp.		6,375		293,632
LHC Group, Inc. (b)		7,220		276,165
Magellan Health, Inc. (b)		11,985		839,789
Molina Healthcare, Inc. (b)		1,925		135,327
Owens & Minor, Inc.		4,825		164,050
Premier, Inc., Class A (b)		3,075		118,264
Providence Service Corp. (b)		4,290		189,961
RadNet, Inc. (b)		4,388		29,356
Team Health Holdings, Inc. (b)		3,745		244,661
VCA, Inc. (b)		18,471		1,004,915
				6,379,074
Health Care Technology—1.1%
Computer Programs & Systems, Inc.		1,445		77,192
Omnicell, Inc. (b)		6,973		262,952
Vocera Communications, Inc. (b)		58,550		670,397
				1,010,541
Hotels, Restaurants & Leisure—6.2%
Biglari Holdings, Inc. (b)		305		126,194
Bob Evans Farms, Inc.		1,605		81,935
Carrols Restaurant Group, Inc. (b)		4,327		45,001
Cedar Fair L.P.		4,360		237,576
Cheesecake Factory, Inc.		8,343		454,986
Churchill Downs, Inc.		1,835		229,467
Cracker Barrel Old Country Store, Inc.		1,060		158,110
Diamond Resorts International, Inc. (b)		7,666		241,862
International Speedway Corp., Class A		10,090		370,000
Isle of Capri Casinos, Inc. (b)		13,700		248,655
Kona Grill, Inc. (b)		1,474		28,610
La Quinta Holdings, Inc. (b)		9,328		213,145
Marriott Vacations Worldwide Corp.		9,650		885,388
Popeyes Louisiana Kitchen, Inc. (b)		894		53,631
Rave Restaurant Group, Inc. (b)		2,928		38,210
Six Flags Entertainment Corp.		3,441		154,329
Sonic Corp.		24,143		695,318
Texas Roadhouse, Inc.		25,160		941,739
Vail Resorts, Inc.		4,390		479,388
Wendy’s Co.		4,246		47,895
				5,731,439
Household Durables—1.7%
Helen of Troy Ltd. (b)		10,407		1,014,578
LGI Homes, Inc. (b)		2,401		47,492

	Shares		Value
Libbey, Inc.		5,238		$216,487
M/I Homes, Inc. (b)		1,766		43,567
Ryland Group, Inc. (a)		3,950		183,162
Skullcandy, Inc. (b)		3,960		30,373
				1,535,659
Household Products—0.1%
WD-40 Co.		925		80,623
Insurance—2.1%
AMERISAFE, Inc.		4,404		207,252
Federated National Holding Co.		1,117		27,031
Hanover Insurance Group, Inc.		10,556		781,461
Heritage Insurance Holdings, Inc. (b)		1,886		43,359
Infinity Property & Casualty Corp.		6,845		519,125
Navigators Group, Inc. (b)		3,960		307,138
ProAssurance Corp.		1,050		48,520
				1,933,886
Internet & Catalog Retail—0.4%
HSN, Inc.		3,080		216,185
Nutrisystem, Inc.		2,364		58,816
PetMed Express, Inc.		4,565		78,838
				353,839
Internet Software & Services—0.6%
Autobytel, Inc. (b)		3,049		48,754
Endurance International Group Holdings, Inc. (b)		6,486		134,001
GTT Communications, Inc. (b)		2,069		49,387
Internap Corp. (b)		4,110		38,017
IntraLinks Holdings, Inc. (b)		3,762		44,805
Limelight Networks, Inc. (b)		8,772		34,562
SPS Commerce, Inc. (b)		3,303		217,337
TechTarget, Inc. (b)		3,299		29,460
				596,323
IT Services—2.1%
CACI International, Inc., Class A (b)		1,895		153,287
Convergys Corp.		8,398		214,065
DST Systems, Inc.		7,721		972,692
Forrester Research, Inc.		2,290		82,486
Hackett Group, Inc.		3,668		49,261
MAXIMUS, Inc.		3,347		219,998
Virtusa Corp. (b)		1,326		68,156
WEX, Inc. (b)		1,492		170,043
				1,929,988
Leisure Equipment & Products—0.1%
Nautilus, Inc. (b)		3,901		83,911
Life Sciences Tools & Services—2.4%
Affymetrix, Inc. (b)		10,070		109,964
Albany Molecular Research, Inc. (b)		12,379		250,303
Bio-Rad Laboratories, Inc., Class A (b)		1,535		231,186
Bio-Techne Corp.		2,740		269,808
Cambrex Corp. (b)		15,866		697,152
Charles River Laboratories International, Inc. (b)		3,515		247,245
ICON PLC (b)		3,178		213,880
NeoGenomics, Inc. (b)		8,036		43,475
PAREXEL International Corp. (b)		2,631		169,200
				2,232,213
Machinery—0.8%
Kadant, Inc.		911		42,999
Lydall, Inc. (b)		1,320		39,019
Middleby Corp. (b)		1,082		121,433
NN, Inc.		1,499		38,255
Toro Co.		6,955		471,410
				713,116

	Shares		Value
Media—0.7%
AMC Entertainment Holdings, Inc., Class A		11,150	$	342,082
Carmike Cinemas, Inc. (b)		1,956		51,912
Entravision Communications Corp., Class A		5,981		49,224
John Wiley & Sons, Inc., Class A		1,050		57,088
MDC Partners, Inc., Class A		6,648		130,966
Morningstar, Inc.		595		47,332
				678,604
Metals & Mining—0.8%
Kaiser Aluminum Corp.		7,487		622,020
Olympic Steel, Inc.		2,144		37,391
SunCoke Energy Partners L.P.		6,860		117,306
				776,717
Multi-line Retail—0.2%
Burlington Stores, Inc. (b)		3,931		201,267
Multi-Utilities—0.6%
Avista Corp.		2,360		72,334
Vectren Corp.		12,965		498,893
				571,227
Oil, Gas & Consumable Fuels—3.5%
Abraxas Petroleum Corp. (b)		56,288		166,050
Alon USA Partners L.P.		29,025		610,105
Carrizo Oil & Gas, Inc. (b)		3,192		157,174
Cheniere Energy Partners L.P.		1,225		37,791
CVR Refining L.P.		25,420		465,186
Diamondback Energy, Inc. (b)		1,963		147,971
Gastar Exploration, Inc. (b)		7,475		23,098
Matador Resources Co. (b)		5,651		141,275
Nordic American Tankers Ltd.		44,545		633,875
Sunoco L.P.		1,975		89,468
Synergy Resources Corp. (b)		10,803		123,478
Teekay Tankers Ltd., Class A		67,449		445,838
World Fuel Services Corp.		3,385		162,311
				3,203,620
Paper & Forest Products—1.1%
Clearwater Paper Corp. (b)		1,385		79,361
Deltic Timber Corp.		2,285		154,557
Mercer International, Inc. (b)		55,745		762,592
Neenah Paper, Inc. (a)		890		52,474
				1,048,984
Personal Products—0.1%
Coty, Inc., Class A (b)		3,745		119,728
Pharmaceuticals—4.7%
ANI Pharmaceuticals, Inc. (b)		7,837		486,286
Cempra, Inc. (b)		933		32,058
Depomed, Inc. (b)		11,593		248,786
Horizon Pharma PLC (b)		30,910		1,073,813
IGI Laboratories, Inc. (b)		5,954		37,510
Impax Laboratories, Inc. (b)		3,344		153,557
Intersect ENT, Inc. (b)		6,864		196,516
Lannett Co., Inc. (b)		11,250		668,700
Omeros Corp. (b)		2,023		36,394
Pernix Therapeutics Holdings, Inc. (b)		4,824		28,558
Phibro Animal Health Corp., Class A		7,777		302,836
Prestige Brands Holdings, Inc. (b)		14,725		680,884
Supernus Pharmaceuticals, Inc. (b)		11,984		203,488
Tetraphase Pharmaceuticals, Inc. (b)		3,154		149,626
				4,299,012

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 81

Schedule of Investments

June 30, 2015

	Shares		Value
Professional Services—0.4%
FTI Consulting, Inc. (b)		3,730	$	153,825
GP Strategies Corp. (b)		1,320		43,877
ICF International, Inc. (b)		3,722		129,749
				327,451
Real Estate Investment Trust—2.3%
American Capital Mortgage Investment Corp.		3,610		57,724
Anworth Mortgage Asset Corp.		33,610		165,697
Capstead Mortgage Corp.		27,715		307,637
Cedar Realty Trust, Inc.		5,518		35,315
Chimera Investment Corp.		9,499		130,231
CYS Investments, Inc.		18,000		139,140
Five Oaks Investment Corp.		5,750		48,013
Gladstone Commercial Corp.		3,915		64,833
Hatteras Financial Corp.		9,970		162,511
Healthcare Realty Trust, Inc.		1,640		38,146
Invesco Mortgage Capital, Inc.		38,335		548,957
New Residential Investment Corp.		15,005		228,676
Resource Capital Corp.		10,540		40,790
Strategic Hotels & Resorts, Inc. (b)		11,200		135,744
				2,103,414
Real Estate Management & Development—0.6%
Kennedy-Wilson Holdings, Inc.		22,494		553,128
Road & Rail—0.2%
Celadon Group, Inc.		1,618		33,460
Covenant Transportation Group, Inc., Class A (b)		1,154		28,919
Ryder System, Inc.		1,839		160,674
				223,053
Semiconductors & Semiconductor Equipment—4.0%
Advanced Energy Industries, Inc. (b)		30,890		849,166
Cirrus Logic, Inc. (b)		26,740		909,962
Cypress Semiconductor Corp.		13,634		160,336
DSP Group, Inc. (b)		6,400		66,112
FormFactor, Inc. (b)		5,633		51,824
Inphi Corp. (b)		9,066		207,249
Kulicke & Soffa Industries, Inc. (b)		10,218		119,653
M/A-COM Technology Solutions Holdings, Inc. (b)		5,315		203,299
MaxLinear, Inc., Class A (b)		3,370		40,777
Mellanox Technologies Ltd. (b)		3,589		174,389
PDF Solutions, Inc. (b)		2,068		33,088
Qorvo, Inc. (b)		1,667		133,810
SunEdison, Inc. (b)		7,776		232,580
Synaptics, Inc. (b)		1,704		147,796
Tower Semiconductor Ltd. (b)		16,395		253,139
Xcerra Corp. (b)		14,217		107,623
				3,690,803
Software—6.2%
ACI Worldwide, Inc. (b)		8,450		207,616
Aspen Technology, Inc. (b)		2,665		121,391
Cadence Design Systems, Inc. (b)		8,966		176,272
Callidus Software, Inc. (b)		15,731		245,089
ePlus, Inc. (b)		596		45,683
Guidewire Software, Inc. (b)		2,305		122,004
Infoblox, Inc. (b)		5,354		140,328
Jive Software, Inc. (b)		140,455		737,389
Manhattan Associates, Inc. (b)		10,960		653,764
Mentor Graphics Corp.		9,124		241,147
MicroStrategy, Inc., Class A (b)		4,360		741,549
Progress Software Corp. (b)		26,735		735,212

	Shares		Value
Proofpoint, Inc. (b)		1,708	$	108,748
PTC, Inc. (b)		4,389		180,037
Rubicon Project, Inc. (b)		24,380		364,725
Silver Spring Networks, Inc. (b)		3,311		41,090
Synchronoss Technologies, Inc. (b)		3,631		166,046
Take-Two Interactive Software, Inc. (b)		5,851		161,312
Telenav, Inc. (b)		3,987		32,095
Ultimate Software Group, Inc. (b)		1,338		219,887
Verint Systems, Inc. (b)		4,041		245,471
				5,686,855
Specialty Retail—5.8%
American Eagle Outfitters, Inc.		40,414		695,929
Big 5 Sporting Goods Corp.		4,314		61,302
Chico’s FAS, Inc.		3,130		52,052
Citi Trends, Inc. (b)		1,820		44,044
CST Brands, Inc.		2,145		83,784
DSW, Inc., Class A		4,565		152,334
Express, Inc. (b)		45,770		828,895
GameStop Corp., Class A		965		41,456
Group 1 Automotive, Inc.		7,460		677,592
Kirkland’s, Inc.		24,623		686,243
Monro Muffler Brake, Inc.		610		37,918
Penske Automotive Group, Inc.		5,859		305,312
Rent-A-Center, Inc.		2,095		59,393
Select Comfort Corp. (b)		23,556		708,329
Shoe Carnival, Inc.		30,461		879,104
Tilly’s, Inc., Class A (b)		2,477		23,953
West Marine, Inc. (b)		3,640		35,090
				5,372,730
Technology Hardware, Storage & Peripherals—1.1%
Electronics for Imaging, Inc. (b)		3,767		163,902
QLogic Corp. (b)		44,575		632,519
Quantum Corp. (b)		21,482		36,090
Super Micro Computer, Inc. (b)		5,291		156,508
				989,019
Textiles, Apparel & Luxury Goods—1.4%
Columbia Sportswear Co.		650		39,299
Crocs, Inc. (b)		3,470		51,044
Fossil Group, Inc. (b)		780		54,101
Oxford Industries, Inc.		3,430		299,953
Unifi, Inc. (b)		25,612		858,002
Vince Holding Corp. (b)		2,405		28,812
				1,331,211
Thrifts & Mortgage Finance—5.9%
America First Multifamily Investors L.P.		41,710		231,490
Beneficial Bancorp, Inc. (b)		53,255		665,155
Capitol Federal Financial, Inc.		11,615		139,845
Charter Financial Corp.		30,555		379,187
Clifton Bancorp, Inc.		10,060		140,739
Dime Community Bancshares, Inc.		2,740		46,416
Flagstar Bancorp, Inc. (b)		36,335		671,471
HomeStreet, Inc. (b)		35,955		820,493
LendingTree, Inc. (b)		4,183		328,826
Meridian Bancorp, Inc. (b)		3,659		49,067
Meta Financial Group, Inc.		8,030		344,648
Northfield Bancorp, Inc.		11,155		167,883
Northwest Bancshares, Inc.		30,690		393,446
Territorial Bancorp, Inc.		1,835		44,517
TFS Financial Corp.		7,890		132,710
Walker & Dunlop, Inc. (b)		25,544		683,046
Waterstone Financial, Inc.		11,505		151,866
				5,390,805

	Shares		Value
Tobacco—0.5%
Universal Corp. (a)		1,770	$	101,456
Vector Group Ltd.		13,525		317,297
				418,753
Trading Companies & Distributors—1.4%
Air Lease Corp.		4,186		141,905
Aircastle Ltd.		24,850		563,350
Kaman Corp.		4,070		170,696
MSC Industrial Direct Co., Inc., Class A		5,495		383,386
Watsco, Inc.		310		38,359
				1,297,696
Transportation Infrastructure—0.3%
Macquarie Infrastructure Corp.		3,004		248,221
Wireless Telecommunication Services—0.8%
Telephone & Data Systems, Inc.		25,865		760,431
Total Common Stock (cost—$81,910,264)				90,167,271
	Principal Amount (000s)
Repurchase Agreements—2.1%
State Street Bank and Trust Co., dated 6/30/15, 0.00%, due 7/1/15, proceeds $1,930,000; collateralized by U.S. Treasury Notes, 2.125%, due 9/30/21, valued at $1,971,744 including accrued interest
(cost—$1,930,000)		$1,930		1,930,000
Total Investments (cost—$83,840,264)—100.0%				92,097,271
Liabilities in excess of other assets—(0.0)%				(11,904	)
Net Assets—100.0%				$92,085,367

Notes to Schedule of Investments:

(a) Affiliated security.

(b) Non-income producing.

Glossary:

ADR—American Depositary Receipt

82 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

Schedule of Investments

June 30, 2015

AllianzGI Technology Fund

	Shares		Value
Common Stock—95.5%
Automobiles—4.6%
Tesla Motors, Inc. (b)(d)		237,110		$63,607,129
Chemicals—0.0%
Monsanto Co.		100		10,659
Communications Equipment—6.7%
Alcatel-Lucent ADR (d)		100		362
Cisco Systems, Inc. (b)		810,500		22,256,330
JDS Uniphase Corp. (d)		100		1,158
Juniper Networks, Inc.		100		2,597
Motorola Solutions, Inc.		100		5,734
Palo Alto Networks, Inc. (d)		401,850		70,203,195
QUALCOMM, Inc.		100		6,263
				92,475,639
Diversified Consumer Services—0.0%
New Oriental Education & Technology Group, Inc. ADR (d)		6,000		147,120
Diversified Telecommunication Services—0.0%
Verizon Communications, Inc.		100		4,661
Electrical Equipment—2.0%
Nidec Corp.		261,400		19,562,602
SolarCity Corp. (d)		137,700		7,373,835
				26,936,437
Electronic Equipment, Instruments & Components—4.2%
CDW Corp.		510,600		17,503,368
Corning, Inc.		248,015		4,893,336
Fitbit, Inc., Class A (d)		40,835		1,561,122
Flextronics International Ltd. (d)		1,134,405		12,830,120
IPG Photonics Corp. (d)		64,530		5,496,343
Keyence Corp.		8,030		4,327,981
LG Display Co., Ltd.		1,000		23,089
Murata Manufacturing Co., Ltd.		54,300		9,476,181
Samsung Electro-Mechanics Co., Ltd.		170		7,776
TPK Holding Co., Ltd.		100		579
Yaskawa Electric Corp.		165,500		2,116,820
				58,236,715
Health Care Equipment & Supplies—0.3%
Hoya Corp.		102,800		4,117,111
Household Durables—0.5%
Harman International Industries, Inc.		56,500		6,720,110
Internet & Catalog Retail—8.6%
Amazon.com, Inc. (d)		99,530		43,204,978
Expedia, Inc.		140,200		15,330,870
JD.com, Inc. ADR (d)		240,400		8,197,640
Netflix, Inc. (d)		30,740		20,194,336
Priceline Group, Inc. (d)		11,000		12,665,070
Rakuten, Inc.		1,000		16,144
TripAdvisor, Inc. (d)		14,045		1,223,881
Vipshop Holdings Ltd. ADR (d)		781,250		17,382,812
				118,215,731
Internet Software & Services—13.9%
58.com, Inc. ADR (d)		100		6,406
Akamai Technologies, Inc. (d)		71,100		4,964,202
Alibaba Group Holding Ltd. ADR (d)		144,900		11,920,923
Autohome, Inc. ADR (d)		4,968		251,083

	Shares		Value
Baidu, Inc. ADR (d)		100	$	19,908
Cornerstone OnDemand, Inc. (d)		100		3,480
Criteo S.A. ADR (d)		727,860		34,697,086
eBay, Inc. (b)(d)		35,085		2,113,520
Facebook, Inc., Class A (d)		715,345		61,351,564
GoDaddy, Inc., Class A (d)		200,525		5,652,800
Google, Inc., Class A (b)(d)		22,100		11,934,884
Google, Inc., Class C (d)		16,445		8,559,787
LinkedIn Corp., Class A (d)		100		20,663
NAVER Corp.		100		56,764
NetEase, Inc. ADR		150,200		21,758,723
Phoenix New Media Ltd. ADR (d)		100		792
Qihoo 360 Technology Co., Ltd. ADR (d)		100		6,769
Rackspace Hosting, Inc. (d)		100		3,719
SINA Corp. (d)		100		5,356
SouFun Holdings Ltd. ADR		1,300,890		10,940,485
Tencent Holdings Ltd.		870,800		17,424,221
Twitter, Inc. (d)		100		3,622
Yahoo!, Inc. (d)		100		3,929
Yelp, Inc. (d)		100		4,303
Zillow Group, Inc., Class A (d)		100		8,674
				191,713,663
IT Services—9.4%
Alliance Data Systems Corp. (d)		8,090		2,361,794
Amadeus IT Holding S.A., Class A		196,900		7,860,288
Cognizant Technology Solutions Corp., Class A (d)		518,275		31,661,420
Computer Sciences Corp.		92,160		6,049,382
Fidelity National Information Services, Inc.		49,000		3,028,200
Fiserv, Inc. (d)		95,625		7,920,619
Mastercard, Inc., Class A		225,500		21,079,740
Tata Consultancy Services Ltd.		1,000		40,122
Visa, Inc., Class A (b)		724,125		48,624,994
				128,626,559
Media—0.0%
Comcast Corp., Class A		100		6,014
Real Estate Investment Trust—0.0%
American Tower Corp.		100		9,329
Semiconductors & Semiconductor Equipment—12.9%
Advanced Micro Devices, Inc. (d)		100		240
Analog Devices, Inc. (b)		216,225		13,878,402
Applied Materials, Inc.		100		1,922
Atmel Corp.		100		986
Avago Technologies Ltd. (b)		228,750		30,407,737
Broadcom Corp., Class A		278,325		14,330,954
Canadian Solar, Inc. (d)		149,200		4,267,120
Infineon Technologies AG (c)		680,000		8,438,521
Intel Corp.		100		3,041
Lam Research Corp.		222,925		18,134,949
Marvell Technology Group Ltd.		180,400		2,378,574
MediaTek, Inc.		1,000		13,670
Micron Technology, Inc. (b)(d)		155,485		2,929,337
NXP Semiconductors NV (d)		100		9,820
Qorvo, Inc. (d)		98,800		7,930,676
SK Hynix, Inc.		1,000		37,902

	Shares		Value
Skyworks Solutions, Inc.		597,850	$	62,236,185
SunEdison, Inc. (d)		166,400		4,977,024
SunPower Corp. (d)		222,815		6,330,174
Taiwan Semiconductor Manufacturing Co., Ltd.		206,000		937,015
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		5,200		118,092
Teradyne, Inc.		100		1,929
Veeco Instruments, Inc. (d)		100		2,874
Xilinx, Inc.		100		4,416
				177,371,560
Software—25.3%
Activision Blizzard, Inc.		100		2,421
Adobe Systems, Inc. (d)		268,375		21,741,059
Aspen Technology, Inc. (d)		41,840		1,905,812
Check Point Software Technologies Ltd. (d)		100		7,955
Dassault Systemes		57,200		4,152,386
Electronic Arts, Inc. (d)		112,275		7,466,287
FireEye, Inc. (d)		684,145		33,461,532
Fortinet, Inc. (d)		394,325		16,297,452
Imperva, Inc. (d)		280,935		19,019,299
Infoblox, Inc. (d)		263,413		6,904,055
Intuit, Inc.		122,100		12,304,017
Microsoft Corp. (b)		979,545		43,246,912
Mobileye NV (d)		19,590		1,041,600
NetSuite, Inc. (d)		100		9,175
Oracle Corp. (b)		599,635		24,165,290
Proofpoint, Inc. (d)		297,645		18,951,057
Qualys, Inc. (d)		126,985		5,123,845
Sage Group PLC		580,600		4,673,553
Salesforce.com, Inc. (d)		193,860		13,498,472
SAP SE ADR		72,835		5,115,202
ServiceNow, Inc. (d)		793,585		58,971,301
Splunk, Inc. (d)		350,880		24,428,266
Symantec Corp.		100		2,325
Tableau Software, Inc., Class A (d)		217,000		25,020,100
Workday, Inc., Class A (d)		100		7,639
Zendesk, Inc. (d)		100		2,221
				347,519,233
Technology Hardware, Storage & Peripherals—7.1%
Apple, Inc. (b)		513,900		64,455,907
Asustek Computer, Inc.		264,000		2,571,088
Canon, Inc.		145,100		4,706,809
Catcher Technology Co., Ltd.		1,000		12,502
Diebold, Inc.		100		3,500
EMC Corp.		100		2,639
FUJIFILM Holdings Corp.		79,500		2,837,198
Hewlett-Packard Co.		100		3,001
Lenovo Group Ltd.		455,000		629,067
NEC Corp.		16,000		48,418
NetApp, Inc.		168,200		5,308,392
Samsung Electronics Co., Ltd.		100		113,459
SanDisk Corp.		100		5,822
Seagate Technology PLC		100		4,750
Western Digital Corp.		207,705		16,288,226
				96,990,778
Total Common Stock (cost—$992,782,881)				1,312,708,448
Exchange-Traded Funds—0.0%
iShares FTSE A50 China Index		1,000		1,847
iShares MSCI Emerging Markets Index		100		3,962
Total Exchange-Traded Funds (cost—$5,747)				5,809

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 83

Schedule of Investments

June 30, 2015

	Principal Amount (000s)		Value
Repurchase Agreements—3.9%
State Street Bank and Trust Co., dated 6/30/15, 0.00%, due 7/1/15, proceeds $53,451,000; collateralized by U.S. Treasury Notes, 1.75%—2.125%, due 10/31/21—2/28/22, valued at $54,524,575 including accrued interest
(cost—$53,451,000)		$53,451	$	53,451,000
	Contracts
Options Purchased (d)(e)— 1.1%
Call Options—1.1%
Apple, Inc., strike price $118.57, expires 1/15/16		2,101		2,657,765
strike price $140.00, expires 1/20/17		1,737		1,910,700
Autodesk, Inc., strike price $65.00, expires 1/20/17		1,900		593,750
eBay, Inc., strike price $60.00, expires 1/20/17		5,904		4,664,160
Intuit, Inc., strike price $95.00, expires 1/15/16		2,562		2,523,570
Microsoft Corp., strike price $50.00, expires 1/15/16		6,800		540,600
strike price $52.50, expires 1/20/17		6,000		1,116,000
Sunpower Corp., strike price $35.00, expires 1/15/16		7,254		881,361
				14,887,906
Put Options—0.0%
International Business Machines Corp., strike price $150.00, expires 1/15/16		1,050		522,375
Total Options Purchased (cost—$17,244,930)				15,410,281
Total Investments, before options written and securities sold short (cost—$1,063,484,558)—100.5%				1,381,575,538
Options Written (d)(e)— (1.1)%
Call Options—(0.3)%
International Business Machines Corp., strike price $170.00, expires 1/15/16		1,050		(553,875	)
Tesla Motors, Inc., strike price $265.00, expires 9/18/15		1,950		(3,797,625	)
				(4,351,500	)
Put Options—(0.8)%
Apple, Inc., strike price $98.57, expires 1/15/16		2,101		(290,988	)
strike price $115.00, expires 1/20/17		1,737		(2,062,688	)
Autodesk, Inc., strike price $50.00, expires 1/20/17		1,900		(1,377,500	)

	Contracts		Value
eBay, Inc., strike price $50.00, expires 1/20/17		5,904		$(1,664,928	)
Intuit, Inc., strike price $75.00, expires 1/15/16		2,562		(185,745	)
Microsoft Corp., strike price $40.00, expires 1/15/16		6,800		(1,003,000	)
strike price $43.00, expires 1/20/17		6,000		(3,045,000	)
Pandora Media, Inc., strike price $13.00, expires 1/15/16		2,158		(249,249	)
strike price $15.00, expires 1/15/16		3,318		(661,941	)
Sunpower Corp., strike price $20.00, expires 1/15/16		7,254		(457,002	)
VMware, Inc., strike price $70.00, expires 7/17/15		1,674		(12,555	)
				(11,010,596	)
Total Options Written (premiums received—$19,551,433)				(15,362,096	)
	Shares
Securities Sold Short—(0.8)%
Common Stock—(0.8)%
Communications Equipment—(0.0)%
Nokia Oyj ADR		9,770		(66,924	)
IT Services—(0.0)%
International Business Machines Corp.		100		(16,266	)
Semiconductors & Semiconductor Equipment—(0.7)%
Cypress Semiconductor Corp.		100		(1,176	)
Integrated Device Technology, Inc. (d)		140,000		(3,038,000	)
Texas Instruments, Inc.		113,525		(5,847,673	)
				(8,886,849	)
Software—(0.1)%
Citrix Systems, Inc. (d)		22,192		(1,556,991	)
Total Securities Sold Short (proceeds received—$9,878,441)				(10,527,030	)
Total Investments, net of options written and securities sold short (cost—$1,034,054,684) (a)—98.6%				1,355,686,412
Other assets less other liabilities—1.4%				18,996,811
Net Assets—100.0%				$1,374,683,223

Notes to Schedule of Investments:

(a) Securities (net of securities sold short) with an aggregate value of $94,161,144, representing 6.8% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(b) All or partial amount segregated for the benefit of the counterparty as collateral for securities sold short and options written.

(c) Affiliated security.

(d) Non-income producing.

(e) Exchange traded-Chicago Board Options Exchange.

Glossary:

ADR—American Depositary Receipt

FTSE—Financial Times Stock Exchange

MSCI—Morgan Stanley Capital International

84 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

Schedule of Investments

June 30, 2015

AllianzGI U.S. Managed Volatility Fund

	Shares		Value
Common Stock—99.4%
Banks—1.8%
BOK Financial Corp.		16,795		$1,168,596
Citizens Financial Group, Inc.		7,735		211,243
				1,379,839
Beverages—5.5%
Coca-Cola Co.		52,485		2,058,986
PepsiCo, Inc.		23,935		2,234,093
				4,293,079
Biotechnology—0.4%
Myriad Genetics, Inc. (a)		8,445		287,046
Capital Markets—2.2%
Interactive Brokers Group, Inc., Class A		41,405		1,720,792
Chemicals—1.5%
Praxair, Inc.		4,985		595,957
Scotts Miracle-Gro Co., Class A		9,930		587,955
				1,183,912
Commercial Services & Supplies—3.9%
Covanta Holding Corp.		51,865		1,099,019
Republic Services, Inc.		10,980		430,087
Stericycle, Inc. (a)		11,080		1,483,723
				3,012,829
Containers & Packaging—0.3%
Silgan Holdings, Inc.		4,720		249,027
Diversified Financial Services—3.5%
CBOE Holdings, Inc.		21,525		1,231,660
CME Group, Inc.		11,360		1,057,162
FNFV Group (a)		26,205		403,033
				2,691,855
Diversified Telecommunication Services—5.5%
AT&T, Inc.		46,355		1,646,530
CenturyLink, Inc.		13,815		405,885
Verizon Communications, Inc.		46,745		2,178,784
				4,231,199
Electric Utilities—5.4%
Edison International		4,800		266,784
ITC Holdings Corp.		52,470		1,688,485
Southern Co.		53,025		2,221,747
				4,177,016
Electronic Equipment, Instruments & Components—0.3%
Dolby Laboratories, Inc., Class A		6,225		247,008
Energy Equipment & Services—0.4%
Frank’s International NV		18,600		350,424
Food & Staples Retailing—3.2%
Kroger Co.		4,010		290,765
Sprouts Farmers Market, Inc. (a)		9,010		243,090
Sysco Corp.		24,075		869,108
Wal-Mart Stores, Inc.		15,195		1,077,781
				2,480,744
Food Products—3.2%
Pinnacle Foods, Inc.		55,025		2,505,839
Health Care Equipment & Supplies—2.1%
Baxter International, Inc.		11,260		787,412
Sirona Dental Systems, Inc. (a)		8,260		829,469
				1,616,881
Health Care Providers & Services—5.4%
AmerisourceBergen Corp.		7,225		768,306
DaVita HealthCare Partners, Inc. (a)		15,275		1,213,904

	Shares		Value
Laboratory Corp. of America Holdings (a)		8,050	$	975,821
MEDNAX, Inc. (a)		12,015		890,432
Quest Diagnostics, Inc.		4,190		303,859
				4,152,322
Hotels, Restaurants & Leisure—0.4%
Aramark		9,430		292,047
Household Products—4.9%
Clorox Co.		21,830		2,270,757
Procter & Gamble Co.		19,080		1,492,819
				3,763,576
Insurance—5.6%
Arch Capital Group Ltd. (a)		8,840		591,926
Erie Indemnity Co., Class A		3,100		254,417
Markel Corp. (a)		2,245		1,797,527
Validus Holdings Ltd.		7,510		330,365
White Mountains Insurance Group Ltd.		2,035		1,332,803
				4,307,038
Internet Software & Services—0.4%
Twitter, Inc. (a)		9,750		353,145
IT Services—5.4%
Amdocs Ltd.		34,925		1,906,556
Automatic Data Processing, Inc.		16,115		1,292,907
Genpact Ltd. (a)		10,025		213,833
Sabre Corp.		21,415		509,677
Science Applications International Corp.		5,385		284,597
				4,207,570
Life Sciences Tools & Services—1.0%
Bio-Rad Laboratories, Inc., Class A (a)		5,305		798,986
Media—2.4%
Madison Square Garden Co., Class A (a)		7,460		622,835
Morningstar, Inc.		7,945		632,025
Thomson Reuters Corp.		15,045		572,763
				1,827,623
Metals & Mining—0.7%
Newmont Mining Corp.		22,970		536,579
Multi-line Retail—0.3%
Kohl’s Corp.		3,445		215,691
Multi-Utilities—2.9%
Consolidated Edison, Inc.		38,250		2,213,910
Oil, Gas & Consumable Fuels—3.7%
Antero Resources Corp. (a)		10,100		346,834
Exxon Mobil Corp.		21,525		1,790,880
Range Resources Corp.		4,265		210,606
Ultra Petroleum Corp. (a)		39,520		494,790
				2,843,110
Personal Products—1.6%
Coty, Inc., Class A (a)		38,510		1,231,165
Pharmaceuticals—1.4%
Johnson & Johnson		3,695		360,115
Pfizer, Inc.		21,395		717,374
				1,077,489
Real Estate Investment Trust—12.1%
American Capital Agency Corp.		114,430		2,102,079
American Homes 4 Rent		104,715		1,679,629
Annaly Capital Management, Inc.		113,915		1,046,879
Brixmor Property Group, Inc.		78,270		1,810,385
Chimera Investment Corp.		34,986		479,658

	Shares		Value
Hatteras Financial Corp.		39,570	$	644,991
MFA Financial, Inc.		28,120		207,807
Post Properties, Inc.		11,750		638,847
Spirit Realty Capital, Inc.		25,990		251,323
Starwood Property Trust, Inc.		22,640		488,345
				9,349,943
Software—1.9%
Microsoft Corp.		17,525		773,729
Nuance Communications, Inc. (a)		25,875		453,071
Zynga, Inc., Class A (a)		83,690		239,353
				1,466,153
Specialty Retail—1.4%
Bed Bath & Beyond, Inc. (a)		4,160		286,957
Chico’s FAS, Inc.		19,465		323,703
DSW, Inc., Class A		13,755		459,004
				1,069,664
Technology Hardware, Storage & Peripherals—1.5%
Apple, Inc.		9,155		1,148,266
Textiles, Apparel & Luxury Goods—0.3%
Carter’s, Inc.		2,625		279,038
Thrifts & Mortgage Finance—2.8%
Capitol Federal Financial, Inc.		126,500		1,523,060
TFS Financial Corp.		38,015		639,412
				2,162,472
Trading Companies & Distributors—0.5%
NOW, Inc. (a)		18,165		361,665
Water Utilities—2.7%
American Water Works Co., Inc.		43,175		2,099,600
Wireless Telecommunication Services—0.9%
SBA Communications Corp., Class A (a)		4,235		486,898
Sprint Corp. (a)		46,580		212,405
				699,303
Total Common Stock (cost—$77,640,295)				76,883,845
	Principal Amount (000s)
Repurchase Agreements—0.4%
State Street Bank and Trust Co., dated 6/30/15, 0.00%, due 7/1/15, proceeds $308,000; collateralized by U.S. Treasury Notes, 2.00%, due 10/31/21, valued at $316,181 including accrued interest
(cost—$308,000)		$308		308,000
Total Investments (cost—$77,948,295)—99.8%				77,191,845
Other assets less liabilities—0.2%				158,536
Net Assets—100.0%				$77,350,381

Notes to Schedule of Investments:

(a) Non-income producing.

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 85

Statements of Assets and Liabilities

June 30, 2015

	AllianzGI Emerging Markets Opportunities			AllianzGI Focused Growth			AllianzGI Global Natural Resources			AllianzGI Global Small-Cap
Assets:
Investments, at value	$	144,323,154		$	701,788,478		$	58,914,192		$	200,502,674
Investments in Affiliates, at value		—			—			—			19,414,619
Cash		43,223			—			22,816			504
Foreign currency, at value		1,346,133			—			13,989			769,301
Receivable for Fund shares sold		2,618,585			822,001			363,481			291,926
Dividends and interest receivable (net of foreign withholding taxes)		505,181			82,385			71,872			128,969
Receivable for investments sold		427,264			8,852,093			1,901,855			1,296,078
Tax reclaims receivable		73,663			—			13,462			52,826
Investments in Affiliated Funds — Trustee Deferred Compensation Plan (see Note 4)		25,694			116,894			8,060			32,760
Unrealized appreciation of forward foreign currency contracts		1,103			—			1,179			—
Dividends receivable from Affiliates		—			—			—			62,019
Prepaid expenses and other assets		—			—			—			—
Total Assets		149,364,000			711,661,851			61,310,906			222,551,676
Liabilities:
Payable for investments purchased		3,166,550			8,956,448			3,079,318			588,568
Payable for Fund shares redeemed		113,605			564,219			27,647			456,069
Payable to custodian for cash overdraft		—			441			—			—
Investment Advisory fees payable		104,288			262,546			33,773			164,642
Administration fees payable		53,102			222,815			19,113			75,695
Trustees Deferred Compensation Plan payable (see Note 4)		25,694			116,894			8,060			32,760
Servicing fees payable		14,492			115,810			3,888			23,698
Distribution fees payable		9,414			147,194			2,879			16,273
Options written, at value		—			—			256,836			—
Unrealized depreciation of forward foreign currency contracts		—			—			2,787			2,634
Accrued expenses and other liabilities		250,004			662			49			200
Total Liabilities		3,737,149			10,387,029			3,434,350			1,360,539
Net Assets	$	145,626,851		$	701,274,822		$	57,876,556		$	221,191,137
Net Assets Consist of:
Paid-in-capital	$	197,275,558		$	466,302,546		$	64,890,989		$	189,444,255
Undistributed (dividends in excess of) net investment income		1,471,791			(840,016	)		226,659			(483,990	)
Accumulated net realized gain (loss)		(62,735,001	)		38,029,242			(6,775,769	)		(9,100,873	)
Net unrealized appreciation (depreciation)		9,614,503			197,783,050			(465,323	)		41,331,745
Net Assets	$	145,626,851		$	701,274,822		$	57,876,556		$	221,191,137
Cost of Investments	$	134,413,179		$	504,005,428		$	59,558,209		$	159,960,552
Cost of Investments in Affiliates	$	—		$	—		$	—		$	18,619,754
Cost of Foreign Currency	$	1,344,079		$	—		$	13,834		$	767,539
Premiums Received for Options Written	$	—		$	—		$	436,665		$	—

86 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

AllianzGI Health Sciences			AllianzGI Income & Growth			AllianzGI International Managed Volatility			AllianzGI Mid-Cap			AllianzGI NFJ All-Cap Value
$	225,492,366		$	3,030,159,733		$	88,267,865		$	314,668,363		$	24,461,107
	—			—			—			—			—
	41			—			66,514			—			270
	—			—			381,880			—			—
	816,892			12,061,075			31,453			47,259			140
	70,461			20,455,628			109,191			115,516			42,580
	—			1,228,951			—			2,151,774			1,054,373
	104,222			—			157,727			—			939
	29,026			144,999			52,904			30,779			5,443
	19,716			—			—			—			—
	—			—			—			—			—
	—			—			2,625			—			—
	226,532,724			3,064,050,386			89,070,159			317,013,691			25,564,852
	1,742,935			28,110,123			—			2,734,146			824,383
	253,120			3,847,459			50,139			310,601			6,055
	—			3,828			—			407			—
	145,441			1,612,979			30,022			123,759			13,507
	72,621			929,598			17,419			103,240			8,149
	29,026			144,999			52,904			30,779			5,443
	45,201			445,327			5,905			60,192			3,813
	13,001			739,663			5,088			121,614			4,878
	—			806,480			—			—			—
	—			—			—			—			—
	172			2,606			92			331			26
	2,301,517			36,643,062			161,569			3,485,069			866,254
$	224,231,207		$	3,027,407,324		$	88,908,590		$	313,528,622		$	24,698,598
$	161,128,226		$	3,129,557,181		$	270,512,512		$	250,935,116		$	28,821,508
	(811,807	)		4,479,716			1,027,533			(1,419,882	)		141,073
	17,959,560			60,656,631			(186,486,803	)		14,387,997			(7,697,822	)
	45,955,228			(167,286,204	)		3,855,348			49,625,391			3,433,839
$	224,231,207		$	3,027,407,324		$	88,908,590		$	313,528,622		$	24,698,598
$	179,529,748		$	3,197,311,863		$	84,405,187		$	265,042,972		$	21,027,268
$	—		$	—		$	—		$	—		$	—
$	—		$	—		$	384,402		$	—		$	—
$	—		$	672,406		$	—		$	—		$	—

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 87

Statements of Assets and Liabilities (cont’d)

June 30, 2015

	AllianzGI Emerging Markets Opportunities		AllianzGI Focused Growth		AllianzGI Global Natural Resources		AllianzGI Global Small-Cap
Net Assets:
Class A	$	28,690,212	$	297,571,643	$	11,394,674	$	57,589,937
Class B		—		1,396,081		—		382,671
Class C		15,068,788		227,518,677		4,578,703		25,958,966
Class D		27,300,392		14,568,684		3,024,156		30,278,498
Class R		—		14,751,618		—		—
Class P		12,229,036		16,049,791		8,127,663		26,662,324
Institutional Class		62,338,423		122,979,236		30,751,360		80,318,741
Administrative Class		—		6,439,092		—		—
Shares Issued and Outstanding:
Class A		1,107,928		6,964,291		683,889		1,278,451
Class B		—		44,277		—		9,374
Class C		597,632		7,216,071		292,112		636,070
Class D		1,040,661		401,363		181,432		672,901
Class R		—		434,764		—		—
Class P		480,741		472,952		481,761		563,660
Institutional Class		2,401,876		3,117,624		1,808,948		1,688,968
Administrative Class		—		171,565		—		—
Net Asset Value and Redemption Price Per Share:*
Class A	$	25.90	$	42.73	$	16.66	$	45.05
Class B		—		31.53		—		40.82
Class C		25.21		31.53		15.67		40.81
Class D		26.23		36.30		16.67		45.00
Class R		—		33.93		—		—
Class P		25.44		33.94		16.87		47.30
Institutional Class		25.95		39.45		17.00		47.55
Administrative Class		—		37.53		—		—

* Net asset value and redemption price per share may not recalculate exactly due to rounding.

88 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

AllianzGI Health Sciences		AllianzGI Income & Growth		AllianzGI International Managed Volatility		AllianzGI Mid-Cap		AllianzGI NFJ All-Cap Value
$	45,092,964	$	897,529,631	$	19,009,027	$	98,252,926	$	9,299,512
	478,270		—		—		383,256		82,847
	20,901,791		1,195,390,982		8,028,613		183,765,320		7,617,777
	156,518,073		64,403,213		997,404		1,588,340		1,106,950
	—		2,543,612		55,729		2,867,077		—
	—		676,864,622		529,745		2,009,850		4,645,342
	1,240,109		190,675,264		60,288,072		24,129,975		1,946,170
	—		—		—		531,878		—
	1,171,878		74,065,861		1,311,566		26,932,385		599,185
	14,657		—		—		118,418		5,428
	639,854		104,282,787		556,566		57,009,698		516,486
	4,069,370		5,289,921		68,963		426,863		70,238
	—		209,606		3,903		791,300		—
	—		54,949,088		36,865		501,822		293,881
	32,182		15,381,622		4,179,925		6,006,872		117,541
	—		—		—		139,841		—
$	38.48	$	12.12	$	14.49	$	3.65	$	15.52
	32.63		—		—		3.24		15.26
	32.67		11.46		14.43		3.22		14.75
	38.46		12.17		14.46		3.72		15.76
	—		12.14		14.28		3.62		—
	—		12.32		14.37		4.01		15.81
	38.53		12.40		14.42		4.02		16.56
	—		—		—		3.80		—

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 89

Statements of Assets and Liabilities (cont’d)

June 30, 2015

	AllianzGI NFJ Dividend Value			AllianzGI NFJ International Value			AllianzGI NFJ Large-Cap Value			AllianzGI NFJ Mid-Cap Value
Assets:
Investments, at value	$	7,986,325,300		$	2,520,867,912		$	613,929,101		$	745,624,936
Investments in Affiliates, at value		—			26,405,964			—			—
Cash		—			—			—			152,904
Foreign currency, at value		—			5,927,177			—			1,990,652
Unrealized appreciation of forward foreign currency contracts		—			11,517			—			—
Dividends and interest receivable (net of foreign withholding taxes)		9,899,419			7,763,652			916,976			1,359,946
Receivable for investments sold		61,068,160			31,992,790			3,219,530			8,437,429
Receivable for investments in Affiliates sold		—			—			—			—
Receivable for Fund shares sold		6,493,797			2,273,660			521,090			137,662
Tax reclaims receivable		670,725			763,403			23,380			—
Dividends receivable from Affiliates		—			—			—			—
Investments in Affiliated Funds — Trustee Deferred Compensation Plan (see Note 4)		1,598,807			357,457			183,415			220,042
Total Assets		8,066,056,208			2,596,363,532			618,793,492			757,923,571
Liabilities:
Payable for investments purchased		72,788,842			10,997,950			—			12,442,243
Payable for investments in Affiliates purchased		—			2,552,240			—			—
Payable for Fund shares redeemed		39,393,320			13,151,739			465,355			441,730
Payable to custodian for cash overdraft		14,855			4,822			1,029			—
Securities sold short, at value		—			—			—			—
Options written, at value		—			—			—			—
Investment Advisory fees payable		3,003,409			1,323,239			232,089			374,431
Distribution fees payable		681,841			118,857			62,042			129,766
Servicing fees payable		474,421			154,356			59,961			132,491
Unrealized depreciation of forward foreign currency contracts		—			6,201			—			—
Administration fees payable		1,984,378			814,591			180,188			241,488
Trustees Deferred Compensation Plan payable (see Note 4)		1,598,807			357,457			183,415			220,042
Accrued expenses and other liabilities		9,167			3,014			766			785
Total Liabilities		119,949,040			29,484,466			1,184,845			13,982,976
Net Assets	$	7,946,107,168		$	2,566,879,066		$	617,608,647		$	743,940,595
Net Assets Consist of:
Paid-in-capital	$	7,107,044,482		$	2,685,876,501		$	866,521,414		$	626,531,294
Undistributed (dividends in excess of) net investment income		(1,598,807	)		15,996,422			25,530			1,365,825
Accumulated net realized gain (loss)		(366,996,293	)		(173,994,927	)		(363,378,393	)		5,568,961
Net unrealized appreciation (depreciation)		1,207,657,786			39,001,070			114,440,096			110,474,515
Net Assets	$	7,946,107,168		$	2,566,879,066		$	617,608,647		$	743,940,595
Cost of Investments	$	6,778,676,513		$	2,460,741,063		$	499,489,005		$	634,887,620
Cost of Investments in Affiliates	$	—		$	47,450,672		$	—		$	—
Cost of Foreign Currency	$	—		$	5,919,841		$	—		$	2,132,358
Proceeds Received on Securities Sold Short	$	—		$	—		$	—		$	—
Premiums Received for Options Written	$	—		$	—		$	—		$	—

90 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

AllianzGI NFJ Small-Cap Value		AllianzGI Small-Cap Blend		AllianzGI Technology			AllianzGI U.S. Managed Volatility
$	5,609,496,325	$	91,295,599	$	1,373,137,017		$	77,191,845
	508,400,410		801,672		8,438,521			—
	—		—		—			423
	596,709		—		7,337,631			—
	—		—		—			—
	8,074,385		105,854		302,711			200,260
	29,704,174		220,902		55,870,165			5,682
	10,806,090		—		—			—
	2,600,067		829		3,955,279			19,789
	—		—		12,092			—
	454,056		—		—			—
	1,209,027		1,014		234,012			8,282
	6,171,341,243		92,425,870		1,449,287,428			77,426,281
	77,279,187		131,204		45,615,693			—
	—		—		—			—
	31,762,636		87,999		935,737			22,506
	12,476		11		1,967			—
	—		—		10,527,030			—
	—		—		15,362,096			—
	2,251,318		45,133		1,041,081			19,479
	634,546		27,546		96,928			1,135
	433,329		17,319		133,355			3,491
	—		—		—			—
	1,338,476		30,047		396,486			20,918
	1,209,027		1,014		234,012			8,282
	7,434		230		259,820			89
	114,928,429		340,503		74,604,205			75,900
$	6,056,412,814	$	92,085,367	$	1,374,683,223		$	77,350,381
$	4,676,264,726	$	82,117,731	$	909,596,316		$	74,931,600
	41,758,661		58,549		(7,912,591	)		959,655
	557,480,364		1,682,770		151,282,303			2,255,892
	780,909,063		8,226,317		321,717,195			(796,766	)
$	6,056,412,814	$	92,085,367	$	1,374,683,223		$	77,350,381
$	4,925,717,869	$	83,212,718	$	1,054,796,935		$	77,948,295
$	387,279,737	$	627,546	$	8,687,623		$	—
$	601,372	$	—	$	7,252,368		$	—
$	—	$	—	$	9,878,441		$	—
$	—	$	—	$	19,551,433		$	—

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 91

Statements of Assets and Liabilities (cont’d)

June 30, 2015

	AllianzGI NFJ Dividend Value		AllianzGI NFJ International Value		AllianzGI NFJ Large-Cap Value		AllianzGI NFJ Mid-Cap Value
Net Assets:
Class A	$	1,363,171,068	$	466,261,853	$	145,038,480	$	408,705,718
Class B		4,461,091		—		922,912		1,625,730
Class C		440,554,460		154,476,311		94,367,288		198,432,311
Class D		217,677,321		83,264,331		36,990,543		11,217,513
Class R		226,100,712		22,511,328		8,640,574		11,664,713
Class P		1,543,700,558		659,204,049		17,698,973		15,306,921
Institutional Class		3,402,950,574		1,095,976,434		312,294,483		92,289,492
Class R6		119,482,973		66,164,261		—		—
Administrative Class		628,008,411		19,020,499		1,655,394		4,698,197
Shares Issued and Outstanding:
Class A		81,709,883		21,574,574		6,765,564		15,831,509
Class B		262,523		—		42,447		70,574
Class C		26,170,627		7,227,463		4,374,985		9,089,348
Class D		12,971,911		3,859,057		1,709,315		429,418
Class R		13,578,485		1,039,141		400,020		514,373
Class P		92,052,641		30,383,689		816,559		705,398
Institutional Class		203,049,160		50,479,818		14,602,119		3,377,026
Class R6		7,138,133		3,051,775		—		—
Administrative Class		37,230,661		877,478		76,194		177,047
Net Asset Value and Redemption Price Per Share:*
Class A	$	16.68	$	21.61	$	21.44	$	25.82
Class B		16.99		—		21.74		23.04
Class C		16.83		21.37		21.57		21.83
Class D		16.78		21.58		21.64		26.12
Class R		16.65		21.66		21.60		22.68
Class P		16.77		21.70		21.68		21.70
Institutional Class		16.76		21.71		21.39		27.33
Class R6		16.74		21.68		—		—
Administrative Class		16.87		21.68		21.73		26.54

* Net asset value and redemption price per share may not recalculate exactly due to rounding.

92 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

AllianzGI NFJ Small-Cap Value		AllianzGI Small-Cap Blend		AllianzGI Technology		AllianzGI U.S. Managed Volatility
$	1,591,999,795	$	38,578,969	$	340,765,337	$	14,377,264
	5,358,446		—		965,944		100,309
	259,628,865		44,067,011		130,394,856		1,692,858
	82,888,975		639,765		158,585,310		513,827
	97,345,333		—		—		—
	106,077,395		2,143,509		53,710,028		413,045
	2,866,196,004		6,656,113		617,315,117		60,253,078
	235,613,215		—		—		—
	811,304,786		—		72,946,631		—
	61,452,588		2,095,380		5,861,068		1,022,028
	215,527		—		19,325		7,677
	10,822,187		2,421,847		2,609,480		131,326
	3,070,051		34,798		2,769,806		36,345
	3,606,364		—		—		—
	3,798,732		115,959		867,805		28,320
	102,191,024		359,898		9,879,806		4,114,924
	8,408,758		—		—		—
	31,365,487		—		1,209,575		—
$	25.91	$	18.41	$	58.15	$	14.07
	24.86		—		50.00		13.07
	23.99		18.20		49.98		12.89
	27.00		18.38		57.27		14.14
	26.99		—		—		—
	27.92		18.49		61.90		14.59
	28.05		18.49		62.49		14.64
	28.02		—		—		—
	25.87		—		60.32		—

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 93

Statements of Operations

Year ended June 30, 2015

	AllianzGI Emerging Markets Opportunities			AllianzGI Focused Growth			AllianzGI Global Natural Resources			AllianzGI Global Small-Cap
Investment Income:
Dividends, net of foreign withholding taxes*	$	3,733,396		$	7,060,278		$	892,777		$	2,011,522
Interest		9			—			—			1
Dividends from investments in Affiliates		—			—			—			382,515
Miscellaneous		157			—			—			240
Total Investment Income		3,733,562			7,060,278			892,777			2,394,278
Expenses:
Investment advisory		1,145,527			3,041,719			358,086			1,866,122
Administration		579,973			2,589,596			201,080			855,248
Distribution — Class B		—			13,718			—			3,699
Distribution — Class C		122,512			1,679,468			30,052			176,550
Distribution — Class R		—			39,552			—			—
Servicing — Class A		68,413			718,441			26,442			131,257
Servicing — Class B		—			4,572			—			1,233
Servicing — Class C		40,837			559,823			10,017			58,850
Servicing — Class D		56,331			40,025			7,770			80,833
Servicing — Class R		—			39,552			—			—
Distribution and/or servicing — Administrative Class		—			15,276			—			—
Trustees		5,840			29,663			2,502			9,344
Excise tax		349			—			—			—
Proxy		3,257			13,211			1,035			5,711
Miscellaneous		18,202			344			2,339			2,974
Total Expenses		2,041,241			8,784,960			639,323			3,191,821
Less: Investment Advisory/Administration waived		—			—			—			—
Net Expenses		2,041,241			8,784,960			639,323			3,191,821
Net Investment Income (Loss)		1,692,321			(1,724,682	)		253,454			(797,543	)
Realized and Change in Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		3,038,134			63,823,752			(136,507	)		8,271,181
Investments in Affiliates		(81,322	)		—			—			(524,227	)
Securities sold short		—			—			—			—
Options written		—			—			565,751			—
Foreign currency transactions		(166,810	)		—			(19,246	)		(87,003	)
Net change in unrealized appreciation/depreciation of:
Investments		(8,862,241	)		7,626,445			(11,656,598	)		4,298,109
Investments in Affiliates		26,319			—			—			(1,511,339	)
Securities sold short		—			—			—			—
Options written		—			—			179,829			—
Foreign currency transactions		(6,396	)		—			(1,497	)		(2,837	)
Net realized and change in unrealized gain (loss)		(6,052,316	)		71,450,197			(11,068,268	)		10,443,884
Net Increase (Decrease) in Net Assets Resulting from Investment Operations	$	(4,359,995	)	$	69,725,515		$	(10,814,814	)	$	9,646,341
* Foreign withholding taxes	$	442,512		$	—		$	51,501		$	136,185

94 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

AllianzGI Health Sciences			AllianzGI Income & Growth			AllianzGI International Managed Volatility			AllianzGI Mid-Cap			AllianzGI NFJ All-Cap Value
$	1,384,246		$	29,051,342		$	2,670,838		$	2,450,238		$	666,573
	—			67,022,703			—			—			—
	—			—			2,776			—			—
	3,529			88,557			2,690			—			—
	1,387,775			96,162,602			2,676,304			2,450,238			666,573
	1,510,258			17,934,128			355,057			1,546,162			170,861
	754,725			10,356,766			384,252			1,282,540			103,842
	3,727			—			—			4,412			1,161
	116,091			8,049,305			66,882			1,404,415			58,747
	—			8,907			173			6,889			—
	88,001			2,111,441			46,664			253,226			25,439
	1,242			—			—			1,471			387
	38,697			2,683,102			22,294			468,138			19,582
	343,005			146,652			2,501			4,377			3,898
	—			8,907			173			6,889			—
	—			—			—			1,237			—
	8,241			117,285			4,271			14,793			1,512
	—			1,040,727			—			—			—
	5,648			53,548			1,523			7,468			674
	1,949			3,210			3,736			2,901			2,206
	2,871,584			42,513,978			887,526			5,004,918			388,309
	—			(76,468	)		(177,528	)		—			—
	2,871,584			42,437,510			709,998			5,004,918			388,309
	(1,483,809	)		53,725,092			1,966,306			(2,554,680	)		278,264
	33,602,072			158,347,715			1,500,502			35,444,772			3,183,398
	(296,863	)		—			(56,490	)		—			—
	200,020			—			—			—			—
	—			(6,298,283	)		—			—			—
	(46,269	)		—			(129,778	)		—			—
	17,834,479			(161,445,673	)		(5,393,293	)		(9,593,953	)		(3,146,587	)
	256,926			—			—			—			—
	(5,884	)		—			—			—			—
	—			(412,517	)		—			—			—
	(8,121	)		—			(12,317	)		—			—
	51,536,360			(9,808,758	)		(4,091,376	)		25,850,819			36,811
$	50,052,551		$	43,916,334		$	(2,125,070	)	$	23,296,139		$	315,075
$	17,918		$	—		$	184,943		$	8,737		$	7,990

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 95

Statements of Operations (cont’d)

Year ended June 30, 2015

	AllianzGI NFJ Dividend Value			AllianzGI NFJ International Value			AllianzGI NFJ Large-Cap Value			AllianzGI NFJ Mid-Cap Value
Investment Income:
Interest	$	—		$	—		$	—		$	594
Dividends, net of foreign withholding taxes*		265,411,993			89,196,837			20,176,138			19,170,131
Dividends from investments in Affiliates		—			680,931			—			—
Miscellaneous		9			—			—			—
Total Investment Income		265,412,002			89,877,768			20,176,138			19,170,725
Expenses:
Investment advisory		40,132,121			17,184,979			3,321,239			4,621,447
Administration		25,991,810			11,214,925			2,539,976			2,988,197
Distribution — Class B		43,955			—			11,108			18,723
Distribution — Class C		3,579,271			1,316,653			749,298			1,549,992
Distribution — Class R		622,604			60,335			27,049			32,847
Servicing — Class A		4,009,199			1,530,224			394,987			1,072,098
Servicing — Class B		14,652			—			3,703			6,241
Servicing — Class C		1,193,090			438,884			249,766			516,664
Servicing — Class D		584,376			234,177			96,907			31,499
Servicing — Class R		622,604			60,335			27,049			32,847
Distribution and/or servicing — Administrative Class		1,828,142			49,151			6,520			12,376
Dividends on securities sold short		—			—			—			—
Trustees		397,545			128,168			33,547			34,413
Excise tax		—			—			—			9,407
Proxy		251,253			75,850			27,204			22,736
Miscellaneous		330,267			137,119			8,014			324
Total Expenses		79,600,889			32,430,800			7,496,367			10,949,811
Less: Investment Advisory/Administration waived		(355,658	)		(693,928	)		—			—
Net Expenses		79,245,231			31,736,872			7,496,367			10,949,811
Net Investment Income (Loss)		186,166,771			58,140,896			12,679,771			8,220,914
Realized and Change in Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		966,411,263			20,438,142			126,455,813			112,835,403
Investments in Affiliates		—			—			—			—
Securities sold short		—			—			—			—
Futures contracts		—			—			—			—
Options written		—			—			—			—
Foreign currency transactions		—			(692,946	)		—			(87,009	)
Payments from Affiliates (See Note 11)		—			—			—			—
Net change in unrealized appreciation/depreciation of:
Investments		(1,174,448,894	)		(307,431,452	)		(113,548,492	)		(102,320,687	)
Investments in Affiliates		—			(21,044,708	)		—			—
Securities sold short		—			—			—			—
Options written		—			—			—			—
Foreign currency transactions		—			(213,313	)		—			(144,474	)
Net realized and change in unrealized gain (loss)		(208,037,631	)		(308,944,277	)		12,907,321			10,283,233
Net Increase (Decrease) in Net Assets Resulting from Investment Operations	$	(21,870,860	)	$	(250,803,381	)	$	25,587,092		$	18,504,147
* Foreign withholding taxes	$	6,040,203		$	8,591,903		$	280,937		$	294,280

96 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

AllianzGI NFJ Small-Cap Value			AllianzGI Small-Cap Blend			AllianzGI Technology			AllianzGI U.S. Managed Volatility
$	—		$	—		$	—		$	—
	137,135,371			573,618			9,392,130			2,526,010
	39,897,313			12,225			—			—
	—			—			2,225			—
	177,032,684			585,843			9,394,355			2,526,010
	41,465,375			220,510			11,981,650			259,029
	20,152,314			128,893			4,589,631			277,064
	54,058			—			10,768			1,269
	2,224,666			105,306			965,421			14,686
	283,567			—			—			—
	4,756,609			30,660			838,595			37,073
	18,019			—			3,589			423
	741,555			35,102			321,807			4,895
	257,783			576			407,251			1,624
	283,567			—			—			—
	2,433,558			—			171,015			—
	—			—			480,360			—
	313,914			1,136			58,008			4,330
	—			—			—			—
	139,942			198			31,795			822
	41,227			579			268,418			1,233
	73,166,154			522,960			20,128,308			602,448
	(4,373,145	)		(18,243	)		—			—
	68,793,009			504,717			20,128,308			602,448
	108,239,675			81,126			(10,733,953	)		1,923,562
	988,158,806			1,876,782			234,498,881			6,336,771
	90,920,375			(220,237	)		(21,725	)		—
	—			—			(7,676,912	)		—
	—			—			(66,529	)		—
	—			—			16,872,229			—
	784,249			—			(1,424,030	)		—
	35,528			—			—			—
	(1,231,358,542	)		2,371,244			(92,862,220	)		(5,912,950	)
	(237,862,713	)		173,847			(234,174	)		—
	—			—			(1,551,453	)		—
	—			—			(5,592,848	)		—
	(8,734	)		—			30,701			—
	(389,331,031	)		4,201,636			141,971,920			423,821
$	(281,091,356	)	$	4,282,762		$	131,237,967		$	2,347,383
$	1,129,869		$	229		$	409,408		$	4,876

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 97

Statements of Changes in Net Assets

	AllianzGI Emerging Markets Opportunities						AllianzGI Focused Growth
	Year ended June 30, 2015			Year ended June 30, 2014			Year ended June 30, 2015			Year ended June 30, 2014
Increase (Decrease) in Net Assets from:
Investment Operations:
Net investment income (loss)	$	1,692,321		$	1,556,591		$	(1,724,682	)	$	(690,854	)
Net realized gain		2,790,002			6,855,668			63,823,752			58,655,325
Net change in unrealized appreciation/depreciation		(8,842,318	)		7,684,959			7,626,445			83,277,224
Net increase (decrease) in net assets resulting from investment operations		(4,359,995	)		16,097,218			69,725,515			141,241,695
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(342,236	)		(391,494	)		(1,175,303	)		(154,822	)
Class B		—			—			(1	)		(3	)
Class C		(69,162	)		(86,654	)		(55,288	)		(67	)
Class D		(376,314	)		(159,928	)		(81,114	)		(14,971	)
Class R		—			—			(64,419	)		(5,642	)
Class P		(64,761	)		(30,509	)		(151,448	)		(54,244	)
Institutional Class		(1,036,641	)		(1,081,226	)		(970,094	)		(189,558	)
Administrative Class		—			—			(41,926	)		(1	)
Net realized capital gains:
Class A		—			—			(23,275,914	)		(19,580,548	)
Class B		—			—			(195,200	)		(282,136	)
Class C		—			—			(24,162,384	)		(21,308,450	)
Class D		—			—			(1,368,336	)		(648,482	)
Class R		—			—			(1,633,435	)		(1,434,132	)
Class P		—			—			(1,651,324	)		(1,266,256	)
Institutional Class		—			—			(9,502,632	)		(4,032,319	)
Administrative Class		—			—			(560,098	)		(413,706	)
Total dividends and distributions to shareholders		(1,889,114	)		(1,749,811	)		(64,888,916	)		(49,385,337	)
Fund Share Transactions:
Net proceeds from the sale of shares		76,954,626			33,650,447			108,154,571			72,324,614
Issued in reorganization		—			—			—			65,997,541
Issued in reinvestment of dividends and distributions		1,755,726			1,628,133			57,667,647			43,130,753
Cost of shares redeemed		(54,462,274	)		(52,993,894	)		(126,141,366	)		(83,180,852	)
Net increase (decrease) from Fund share transactions		24,248,078			(17,715,314	)		39,680,852			98,272,056
Total increase (decrease) in net assets		17,998,969			(3,367,907	)		44,517,451			190,128,414
Net Assets:
Beginning of year		127,627,882			130,995,789			656,757,371			466,628,957
End of year*	$	145,626,851		$	127,627,882		$	701,274,822		$	656,757,371
* Including undistributed (dividends in excess of) net investment income of:	$	1,471,791		$	1,172,029		$	(840,016	)	$	(719,127	)

98 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

AllianzGI Global Natural Resources						AllianzGI Global Small-Cap						AllianzGI Health Sciences
Year ended June 30, 2015			Year ended June 30, 2014			Year ended June 30, 2015			Year ended June 30, 2014			Year ended June 30, 2015			Year ended June 30, 2014
$	253,454		$	66,071		$	(797,543	)	$	(807,662	)	$	(1,483,809	)	$	(895,413	)
	409,998			3,582,883			7,659,951			10,558,757			33,458,960			32,611,869
	(11,478,266	)		8,186,189			2,783,933			19,206,644			18,077,400			10,516,366
	(10,814,814	)		11,835,143			9,646,341			28,957,739			50,052,551			42,232,822
	(5	)		(33,854	)		—			—			—			—
	—			—			—			—			—			—
	(20	)		(2	)		—			—			—			—
	(2	)		(11,073	)		—			—			—			—
	—			—			—			—			—			—
	(4,800	)		(5,276	)		—			—			—			—
	(52,697	)		(201,572	)		—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			(4,341,823	)		(4,191,074	)
	—			—			—			—			(76,395	)		(111,562	)
	—			—			—			—			(2,400,557	)		(1,973,624	)
	—			—			—			—			(17,978,780	)		(19,354,183	)
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	(57,524	)		(251,777	)		—			—			(24,797,555	)		(25,630,443	)
	34,154,824			12,728,241			99,688,782			121,887,731			47,198,922			10,563,205
	—			—			—			—			—			—
	55,034			236,634			—			—			23,758,565			24,521,115
	(18,128,475	)		(12,795,326	)		(87,308,631	)		(53,743,949	)		(32,489,123	)		(25,114,412	)
	16,081,383			169,549			12,380,151			68,143,782			38,468,364			9,969,908
	5,209,045			11,752,915			22,026,492			97,101,521			63,723,360			26,572,287
	52,667,511			40,914,596			199,164,645			102,063,124			160,507,847			133,935,560
$	57,876,556		$	52,667,511		$	221,191,137		$	199,164,645		$	224,231,207		$	160,507,847
$	226,659		$	49,975		$	(483,990	)	$	(359,344	)	$	(811,807	)	$	(297,173	)

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 99

Statements of Changes in Net Assets (cont’d)

	AllianzGI Income & Growth						AllianzGI International Managed Volatility
	Year ended June 30, 2015			Year ended June 30, 2014			Year ended June 30, 2015			Year ended June 30, 2014
Increase (Decrease) in Net Assets from:
Investment Operations:
Net investment income (loss)	$	53,725,092		$	39,249,028		$	1,966,306		$	3,015,875
Net realized gain		152,049,432			165,081,547			1,314,234			3,614,973
Net change in unrealized appreciation/depreciation		(161,858,190	)		68,247,031			(5,405,610	)		7,725,958
Net increase (decrease) in net assets resulting from investment operations		43,916,334			272,577,606			(2,125,070	)		14,356,806
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(17,469,425	)		(13,511,924	)		(659,238	)		(496,832	)
Class B		—			—			—			—
Class C		(21,517,690	)		(13,195,078	)		(238,991	)		(195,357	)
Class D		(1,227,036	)		(836,755	)		(34,447	)		(27,083	)
Class R		(79,102	)		(65,370	)		(3,305	)		(1,415	)
Class P		(12,804,936	)		(6,313,426	)		(18,580	)		(18,398	)
Institutional Class		(3,693,718	)		(3,083,946	)		(2,413,482	)		(1,597,425	)
Class R6		—			—			—			—
Administrative Class**		—			—			—			(274	)
Net realized capital gains:
Class A		(53,386,819	)		(41,772,366	)		—			—
Class B		—			—			—			—
Class C		(71,917,628	)		(44,361,414	)		—			—
Class D		(3,695,254	)		(2,548,679	)		—			—
Class R		(213,783	)		(200,640	)		—			—
Class P		(37,997,341	)		(19,094,218	)		—			—
Institutional Class		(10,886,026	)		(9,025,034	)		—			—
Administrative Class**		—			—			—			—
Total dividends and distributions to shareholders		(234,888,758	)		(154,008,850	)		(3,368,043	)		(2,336,784	)
Fund Share Transactions:
Net proceeds from the sale of shares		1,327,476,420			1,286,395,620			21,115,629			24,605,664
Issued in reinvestment of dividends and distributions		194,511,555			126,395,327			3,003,618			2,100,165
Cost of shares redeemed		(761,709,847	)		(402,934,580	)		(23,742,269	)		(21,033,346	)
Net increase (decrease) from Fund share transactions		760,278,128			1,009,856,367			376,978			5,672,483
Total increase (decrease) in net assets		569,305,704			1,128,425,123			(5,116,135	)		17,692,505
Net Assets:
Beginning of year		2,458,101,620			1,329,676,497			94,024,725			76,332,220
End of year*	$	3,027,407,324		$	2,458,101,620		$	88,908,590		$	94,024,725
* Including undistributed (dividends in excess of) net investment income of:	$	4,479,716		$	7,461,552		$	1,027,533		$	1,978,773

** AllianzGI International Managed Volatility and AllianzGI NFJ All-Cap Value each liquidated its Administrative Class on May 21, 2014.

*** For the period December 19, 2013 through June 30, 2014.

100 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

AllianzGI Mid-Cap						AllianzGI NFJ All-Cap Value						AllianzGI NFJ Dividend Value
Year ended June 30, 2015			Year ended June 30, 2014			Year ended June 30, 2015			Year ended June 30, 2014			Year ended June 30, 2015			Year ended June 30, 2014
$	(2,554,680	)	$	(1,935,764	)	$	278,264		$	308,892		$	186,166,771		$	184,037,852
	35,444,772			59,159,181			3,183,398			2,445,700			966,411,263			621,326,988
	(9,593,953	)		8,743,182			(3,146,587	)		2,808,210			(1,174,448,894	)		1,105,317,918
	23,296,139			65,966,599			315,075			5,562,802			(21,870,860	)		1,910,682,758
	—			—			(105,374	)		(204,962	)		(30,043,283	)		(36,331,638	)
	—			—			(1	)		(1,425	)		(59,587	)		(137,927	)
	—			—			(50,547	)		(65,219	)		(5,633,983	)		(5,827,970	)
	—			—			(18,505	)		(20,167	)		(4,507,751	)		(5,224,507	)
	—			—			—			—			(4,211,400	)		(4,663,795	)
	—			—			(93,118	)		(62,316	)		(36,421,774	)		(30,625,514	)
	—			—			(15,581	)		(12,286	)		(89,139,151	)		(92,307,543	)
	—			—			—			—			(2,034,427	)		(5,724	)***
	—			—			—			(426	)		(14,348,871	)		(17,874,457	)
	(13,741,186	)		—			—			—			—			—
	(89,209	)		—			—			—			—			—
	(28,213,813	)		—			—			—			—			—
	(231,838	)		—			—			—			—			—
	(363,544	)		—			—			—			—			—
	(265,150	)		—			—			—			—			—
	(4,149,780	)		—			—			—			—			—
	(61,058	)		—			—			—			—			—
	(47,115,578	)		—			(283,126	)		(366,801	)		(186,400,227	)		(192,999,075	)
	16,953,965			13,714,529			9,947,753			5,184,198			2,003,920,720			1,684,358,983
	39,883,850			—			257,291			331,174			161,953,892			170,443,454
	(60,905,622	)		(50,993,738	)		(11,466,864	)		(9,083,578	)		(3,355,957,385	)		(2,778,353,713	)
	(4,067,807	)		(37,279,209	)		(1,261,820	)		(3,568,206	)		(1,190,082,773	)		(923,551,276	)
	(27,887,246	)		28,687,390			(1,229,871	)		1,627,795			(1,398,353,860	)		794,132,407
	341,415,868			312,728,478			25,928,469			24,300,674			9,344,461,028			8,550,328,621
$	313,528,622		$	341,415,868		$	24,698,598		$	25,928,469		$	7,946,107,168		$	9,344,461,028
$	(1,419,882	)	$	(909,715	)	$	141,073		$	147,380		$	(1,598,807	)	$	(1,528,839	)

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 101

Statements of Changes in Net Assets (cont’d)

	AllianzGI NFJ International Value						AllianzGI NFJ Large-Cap Value
	Year ended June 30, 2015			Year ended June 30, 2014			Year ended June 30, 2015			Year ended June 30, 2014
Increase (Decrease) in Net Assets from:
Investment Operations:
Net investment income	$	58,140,896		$	67,537,119		$	12,679,771		$	12,779,683
Net realized gain		19,745,196			207,715,157			126,455,813			59,576,348
Net change in unrealized appreciation/depreciation		(328,689,473	)		256,340,111			(113,548,492	)		76,286,244
Net increase (decrease) in net assets resulting from investment operations		(250,803,381	)		531,592,387			25,587,092			148,642,275
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(15,015,402	)		(15,993,142	)		(2,429,831	)		(2,751,844	)
Class B		—			—			(6,327	)		(24,765	)
Class C		(3,234,284	)		(2,472,984	)		(615,519	)		(884,403	)
Class D		(2,398,536	)		(1,848,333	)		(606,972	)		(620,734	)
Class R		(564,621	)		(403,324	)		(120,559	)		(136,604	)
Class P		(19,688,357	)		(9,407,430	)		(375,446	)		(211,909	)
Institutional Class		(35,369,016	)		(29,428,249	)		(8,631,455	)		(7,959,470	)
Class R6		(1,303,495	)		(12,062	)***		—			—
Administrative Class		(527,149	)		(332,053	)		(16,981	)		(106,518	)
Net realized capital gains:
Class A		—			—			—			—
Class B		—			—			—			—
Class C		—			—			—			—
Class D		—			—			—			—
Class R		—			—			—			—
Class P		—			—			—			—
Institutional Class		—			—			—			—
Class R6		—			—			—			—
Administrative Class		—			—			—			—
Total dividends and distributions to shareholders		(78,100,860	)		(59,897,577	)		(12,803,090	)		(12,696,247	)
Fund Share Transactions:
Net proceeds from the sale of shares		1,029,116,704			913,819,502			84,166,148			88,415,355
Issued in reorganization		—			—			—			—
Issued in reinvestment of dividends and distributions		62,503,532			49,887,858			12,190,499			12,048,739
Cost of shares redeemed		(1,369,954,214	)		(1,272,360,215	)		(271,145,060	)		(153,178,212	)
Net increase (decrease) from Fund share transactions		(278,333,978	)		(308,652,855	)		(174,788,413	)		(52,714,118	)
Total increase (decrease) in net assets		(607,238,219	)		163,041,955			(162,004,411	)		83,231,910
Net Assets:
Beginning of period		3,174,117,285			3,011,075,330			779,613,058			696,381,148
End of period*	$	2,566,879,066		$	3,174,117,285		$	617,608,647		$	779,613,058
* Including undistributed net investment income of:	$	15,996,422		$	26,234,050		$	25,530		$	148,849

** Commencement of operations.

*** For the period December 19, 2013 through June 30, 2014.

102 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

AllianzGI NFJ Mid-Cap Value						AllianzGI NFJ Small-Cap Value						AllianzGI Small-Cap Blend
Year ended June 30, 2015			Year ended June 30, 2014			Year ended June 30, 2015			Year ended June 30, 2014			Year ended June 30, 2015			Period from July 2, 2013** through June 30, 2014
$	8,220,914		$	8,523,517		$	108,239,675		$	106,717,259		$	81,126		$	37,897
	112,748,394			107,457,989			1,079,898,958			1,264,552,988			1,656,545			348,884
	(102,465,161	)		62,970,359			(1,469,229,989	)		373,479,532			2,545,091			809,089
	18,504,147			178,951,865			(281,091,356	)		1,744,749,779			4,282,762			1,195,870
	(6,146,306	)		(3,854,552	)		(48,375,001	)		(24,530,670	)		(264	)		(178	)
	(14,558	)		(1,238	)		(128,953	)		(28,553	)		—			—
	(2,199,409	)		(868,266	)		(5,784,572	)		(1,480,395	)		(1	)		(196	)
	(186,512	)		(99,867	)		(2,523,912	)		(1,280,629	)		(456	)		(25	)
	(202,001	)		(115,776	)		(2,408,701	)		(1,112,028	)		—			—
	(332,618	)		(96,513	)		(3,238,075	)		(885,418	)		(55	)		(38	)
	(1,492,264	)		(1,031,791	)		(91,325,488	)		(53,144,549	)		(35,853	)		(21,904	)
	—			—			(2,277,892	)		—			—			—
	(77,964	)		(49,064	)		(25,216,077	)		(16,002,350	)		—			—
	—			—			(408,522,525	)		(236,232,764	)		(4,603	)		(320	)
	—			—			(1,661,594	)		(1,063,825	)		—			—
	—			—			(67,989,591	)		(37,692,561	)		(2,566	)		(415	)
	—			—			(22,199,902	)		(12,740,136	)		(3,527	)		(77	)
	—			—			(23,216,837	)		(14,245,656	)		—			—
	—			—			(25,219,014	)		(8,483,671	)		(569	)		(77	)
	—			—			(670,655,491	)		(377,457,661	)		(299,518	)		(38,733	)
	—			—			(15,217,478	)		—			—			—
	—			—			(204,451,227	)		(134,692,499	)		—			—
	(10,651,632	)		(6,117,067	)		(1,620,412,330	)		(921,073,365	)		(347,412	)		(61,963	)
	66,025,492			55,263,681			1,177,488,985			1,124,110,419			1,879,409			291,010
	—			—			—			—			88,275,532			—
	9,580,071			5,516,077			1,495,907,228			854,323,902			347,412			61,963
	(147,412,360	)		(135,914,810	)		(2,660,726,182	)		(2,456,177,915	)		(8,809,010	)		(70,206	)
	(71,806,797	)		(75,135,052	)		12,670,031			(477,743,594	)		81,693,343			282,767
	(63,954,282	)		97,699,746			(1,888,833,655	)		345,932,820			85,628,693			1,416,674
	807,894,877			710,195,131			7,945,246,469			7,599,313,649			6,456,674			5,040,000
$	743,940,595		$	807,894,877		$	6,056,412,814		$	7,945,246,469		$	92,085,367		$	6,456,674
$	1,365,825		$	9,935,561		$	41,758,661		$	102,145,231		$	58,549		$	16,919

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 103

Statements of Changes in Net Assets (cont’d)

	AllianzGI Technology						AllianzGI U.S. Managed Volatility
	Year ended June 30, 2015			Year ended June 30, 2014			Year ended June 30, 2015			Year ended June 30, 2014
Increase (Decrease) in Net Assets from:
Investment Operations:
Net investment income (loss)	$	(10,733,953	)	$	(10,127,895	)	$	1,923,562		$	1,144,808
Net realized gain		242,181,914			187,199,345			6,336,771			5,905,076
Net change in unrealized appreciation/depreciation		(100,209,994	)		169,018,998			(5,912,950	)		2,740,907
Net increase in net assets resulting from investment operations		131,237,967			346,090,448			2,347,383			9,790,791
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		—			—			(194,046	)		(177,068	)
Class B		—			—			(1	)		(1	)
Class C		—			—			(15,158	)		(8,177	)
Class D		—			—			(7,781	)		(5,760	)
Class P		—			—			(6,930	)		(1,416	)
Institutional Class		—			—			(1,479,917	)		(658,375	)
Administrative Class		—			—			—			(269	)
Net realized capital gains:
Class A		(56,977,484	)		(22,273,723	)		(1,048,796	)		(203,527	)
Class B		(257,636	)		(201,427	)		(13,221	)		(6,074	)
Class C		(24,783,564	)		(9,832,730	)		(148,121	)		(31,099	)
Class D		(28,953,145	)		(12,874,345	)		(45,402	)		(10,711	)
Class P		(8,243,450	)		(2,907,686	)		(29,625	)		(1,781	)
Institutional Class		(93,920,470	)		(35,223,005	)		(6,069,950	)		(658,602	)
Administrative Class		(11,362,755	)		(4,525,241	)		—			(325	)
Total dividends and distributions to shareholders		(224,498,504	)		(87,838,157	)		(9,058,948	)		(1,763,185	)
Fund Share Transactions:
Net proceeds from the sale of shares		285,977,565			308,620,725			54,819,928			37,068,257
Issued in reinvestment of dividends and distributions		212,221,123			83,429,339			8,249,934			1,525,416
Cost of shares redeemed		(315,817,299	)		(368,041,606	)		(58,343,754)			(22,204,082)
Net increase from Fund share transactions		182,381,389			24,008,458			4,726,108			16,389,591
Total increase (decrease) in net assets		89,120,852			282,260,749			(1,985,457	)		24,417,197
Net Assets:
Beginning of year		1,285,562,371			1,003,301,622			79,335,838			54,918,641
End of year*	$	1,374,683,223		$	1,285,562,371		$	77,350,381		$	79,335,838
* Including undistributed (dividends in excess of) net investment income of:	$	(7,912,591	)	$	(6,823,056	)	$	959,655		$	691,877

104 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

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See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 105

Financial Highlights

For a Share Outstanding for the Year ended:

	Net Asset Value, Beginning of Year		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income
AllianzGI Emerging Markets Opportunities:
Class A
6/30/2015	$	27.00	$	0.35		$	(1.10	)	$	(0.75	)	$	(0.35	)
6/30/2014		23.96		0.30			3.06			3.36			(0.32	)
6/30/2013		22.76		0.31			1.20			1.51			(0.31	)
6/30/2012		28.17		0.39			(5.68	)		(5.29	)		(0.12	)
6/30/2011		20.54		0.15			7.48			7.63			—	(c)
Class C
6/30/2015	$	26.25	$	0.14		$	(1.07	)	$	(0.93	)	$	(0.11	)
6/30/2014		23.28		0.11			2.97			3.08			(0.11	)
6/30/2013		22.15		0.11			1.17			1.28			(0.15	)
6/30/2012		27.48		0.20			(5.53	)		(5.33	)		—	(c)
6/30/2011		20.18		(0.02	)		7.32			7.30			—	(c)
Class D
6/30/2015	$	27.45	$	0.33		$	(1.10	)	$	(0.77	)	$	(0.45	)
6/30/2014		24.33		0.35			3.05			3.40			(0.28	)
6/30/2013		23.10		0.30			1.24			1.54			(0.31	)
6/30/2012		28.63		0.47			(5.86	)		(5.39	)		(0.14	)
6/30/2011		20.88		0.22			7.53			7.75			—	(c)
Class P
6/30/2015	$	26.63	$	0.42		$	(1.11	)	$	(0.69	)	$	(0.50	)
6/30/2014		23.63		0.38			2.99			3.37			(0.37	)
6/30/2013		22.43		0.36			1.19			1.55			(0.35	)
6/30/2012		27.95		0.40			(5.60	)		(5.20	)		(0.32	)
6/30/2011		20.36		0.25			7.39			7.64			(0.05	)
Institutional Class
6/30/2015	$	27.11	$	0.43		$	(1.11	)	$	(0.68	)	$	(0.48	)
6/30/2014		24.10		0.39			3.07			3.46			(0.45	)
6/30/2013		22.85		0.38			1.23			1.61			(0.36	)
6/30/2012		28.30		0.45			(5.69	)		(5.24	)		(0.21	)
6/30/2011		20.63		0.25			7.52			7.77			(0.10	)

(a) Calculated on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

(c) Less than $(0.01) per share.

(d) Payments from Affiliates increased net asset value and total return by less than $0.01 and 0.01%, respectively.

106 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

Net Asset Value, End of Year			Total Return (b)			Net Assets, End of Year (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
$	25.90			(2.76	)%	$	28,690		1.67	%		1.67	%		1.30	%		99	%
	27.00			14.12			29,361		1.67			1.67			1.21			120
	23.96			6.61			34,563		1.67			1.67			1.22			102
	22.76			(18.84	)		40,076		1.67			1.69			1.62			206
	28.17	(d)		37.21	(d)		35,026		1.63			1.67			0.59			193
$	25.21			(3.53	)%	$	15,069		2.42	%		2.42	%		0.53	%		99	%
	26.25			13.26			18,170		2.42			2.42			0.44			120
	23.28			5.84			20,746		2.42			2.42			0.47			102
	22.15			(19.47	)		24,985		2.42			2.44			0.85			206
	27.48	(d)		36.17	(d)		22,052		2.38			2.42			(0.09	)		193
$	26.23			(2.77	)%	$	27,300		1.67	%		1.67	%		1.21	%		99	%
	27.45			14.12			21,322		1.67			1.67			1.36			120
	24.33			6.63			15,521		1.67			1.67			1.17			102
	23.10			(18.87	)		23,794		1.67			1.69			1.92			206
	28.63	(d)		37.20	(d)		12,853		1.63			1.67			0.81			193
$	25.44			(2.53	)%	$	12,229		1.42	%		1.42	%		1.63	%		99	%
	26.63			14.38			2,066		1.42			1.42			1.54			120
	23.63			6.90			2,594		1.42			1.42			1.46			102
	22.43			(18.65	)		3,598		1.42			1.44			1.71			206
	27.95	(d)		37.57	(d)		1,165		1.38			1.42			0.97			193
$	25.95			(2.45	)%	$	62,339		1.32	%		1.32	%		1.60	%		99	%
	27.11			14.51			56,709		1.32			1.32			1.53			120
	24.10			7.01			57,572		1.32			1.32			1.53			102
	22.85			(18.56	)		87,237		1.32			1.34			1.88			206
	28.30	(d)		37.24	(d)		78,090		1.27			1.32			0.98			193

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 107

Financial Highlights (cont’d)

For a Share Outstanding for the Year ended:

	Net Asset Value, Beginning of Year		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain		Total from Investment Operations		Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Focused Growth:
Class A
6/30/2015	$	41.93	$	(0.03	)	$	4.57	$	4.54	$	(0.17	)	$	(3.57	)
6/30/2014		34.82		0.05			10.40		10.45		(0.02	)		(3.32	)
6/30/2013		31.57		0.14			5.14		5.28		—			(2.03	)
6/30/2012		30.58		—	(c)		0.99		0.99		—			—
6/30/2011		23.21		(0.05	)		7.42		7.37		—			—
Class B
6/30/2015	$	31.96	$	(0.25	)	$	3.39	$	3.14	$	—	(e)	$	(3.57	)
6/30/2014		27.38		(0.19	)		8.09		7.90		—	(e)		(3.32	)
6/30/2013		25.43		(0.10	)		4.08		3.98		—			(2.03	)
6/30/2012		24.82		(0.18	)		0.79		0.61		—			—
6/30/2011		18.97		(0.20	)		6.05		5.85		—			—
Class C
6/30/2015	$	31.96	$	(0.25	)	$	3.40	$	3.15	$	(0.01	)	$	(3.57	)
6/30/2014		27.38		(0.19	)		8.09		7.90		—	(e)		(3.32	)
6/30/2013		25.43		(0.09	)		4.07		3.98		—			(2.03	)
6/30/2012		24.81		(0.18	)		0.80		0.62		—			—
6/30/2011		18.98		(0.21	)		6.04		5.83		—			—
Class D
6/30/2015	$	36.19	$	(0.02	)	$	3.90	$	3.88	$	(0.20	)	$	(3.57	)
6/30/2014		30.48		0.05			9.05		9.10		(0.07	)		(3.32	)
6/30/2013		27.88		0.11			4.52		4.63		—			(2.03	)
6/30/2012		27.01		—	(c)		0.87		0.87		—			—
6/30/2011		20.50		(0.05	)		6.56		6.51		—			—
Class R
6/30/2015	$	34.08	$	(0.11	)	$	3.66	$	3.55	$	(0.13	)	$	(3.57	)
6/30/2014		28.89		(0.04	)		8.56		8.52		(0.01	)		(3.32	)
6/30/2013		26.59		0.04			4.29		4.33		—			(2.03	)
6/30/2012		25.82		(0.06	)		0.83		0.77		—			—
6/30/2011		19.65		(0.10	)		6.27		6.17		—			—

108 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Year		Total Return (b)			Net Assets, End of Year (000s)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
$	(3.74	)	$	42.73		11.57	%	$	297,572		1.11	%		(0.06	)%		58	%
	(3.34	)		41.93		30.97			282,561		1.11			0.13			51
	(2.03	)		34.82		17.48			209,790		1.12			0.41			141
	—			31.57		3.24			343,859		1.16			—	(d)		81
	—			30.58		31.75			372,361		1.16			(0.18	)		92
$	(3.57	)	$	31.53		10.73	%	$	1,396		1.86	%		(0.81	)%		58	%
	(3.32	)		31.96		30.00			2,526		1.86			(0.62	)		51
	(2.03	)		27.38		16.56			2,688		1.87			(0.37	)		141
	—			25.43		2.46			3,709		1.91			(0.75	)		81
	—			24.82		30.84			6,860		1.91			(0.91	)		92
$	(3.58	)	$	31.53		10.76	%	$	227,519		1.86	%		(0.81	)%		58	%
	(3.32	)		31.96		29.99			223,035		1.86			(0.62	)		51
	(2.03	)		27.38		16.56			182,921		1.87			(0.36	)		141
	—			25.43		2.50			178,931		1.91			(0.75	)		81
	—			24.81		30.72			200,471		1.91			(0.93	)		92
$	(3.77	)	$	36.30		11.59	%	$	14,569		1.11	%		(0.05	)%		58	%
	(3.39	)		36.19		30.95			15,886		1.11			0.13			51
	(2.03	)		30.48		17.47			6,449		1.12			0.37			141
	—			27.88		3.22			8,433		1.16			—	(d)		81
	—			27.01		31.76			8,858		1.16			(0.19	)		92
$	(3.70	)	$	33.93		11.32	%	$	14,751		1.36	%		(0.31	)%		58	%
	(3.33	)		34.08		30.62			15,989		1.36			(0.12	)		51
	(2.03	)		28.89		17.17			12,866		1.37			0.14			141
	—			26.59		2.98			17,051		1.41			(0.25	)		81
	—			25.82		31.40			19,733		1.41			(0.44	)		92

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 109

Financial Highlights (cont’d)

For a Share Outstanding for the Year ended:

	Net Asset Value, Beginning of Year		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain		Total from Investment Operations		Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Focused Growth (cont’d)
Class P
6/30/2015	$	34.09	$	0.06		$	3.66	$	3.72	$	(0.30	)	$	(3.57	)
6/30/2014		28.86		0.12			8.56		8.68		(0.13	)		(3.32	)
6/30/2013		26.43		0.18			4.28		4.46		—			(2.03	)
6/30/2012		25.54		0.06			0.83		0.89		—			—
6/30/2011		19.34		0.01			6.19		6.20		—			—
Institutional Class
6/30/2015	$	39.01	$	0.11		$	4.23	$	4.34	$	(0.33	)	$	(3.57	)
6/30/2014		32.58		0.17			9.72		9.89		(0.14	)		(3.32	)
6/30/2013		29.57		0.23			4.81		5.04		—			(2.03	)
6/30/2012		28.54		0.10			0.93		1.03		—			—
6/30/2011		21.59		0.05			6.90		6.95		—			—
Administrative Class
6/30/2015	$	37.31	$	0.01		$	4.02	$	4.03	$	(0.24	)	$	(3.57	)
6/30/2014		31.24		0.08			9.31		9.39		—	(e)		(3.32	)
6/30/2013		28.50		0.15			4.62		4.77		—			(2.03	)
6/30/2012		27.58		0.03			0.89		0.92		—			—
6/30/2011		20.91		(0.01	)		6.68		6.67		—			—

(a) Calculated on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day of the year and a sale of a share on the last day of each year reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP.

(c) Less than $0.01 per share.

(d) Less than 0.005%.

(e) Less than $(0.01) per share.

110 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Year		Total Return (b)			Net Assets, End of Year (000s)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
$	(3.87	)	$	33.94		11.88	%	$	16,050		0.86	%		0.19	%		58	%
	(3.45	)		34.09		31.26			14,774		0.86			0.38			51
	(2.03	)		28.86		17.79			9,953		0.87			0.64			141
	—			26.43		3.48			9,665		0.91			0.25			81
	—			25.54		32.06			8,875		0.91			0.05			92
$	(3.90	)	$	39.45		11.99	%	$	122,979		0.76	%		0.29	%		58	%
	(3.46	)		39.01		31.39			95,990		0.76			0.47			51
	(2.03	)		32.58		17.90			38,077		0.77			0.75			141
	—			29.57		3.61			27,659		0.81			0.35			81
	—			28.54		32.19			28,030		0.81			0.20			92
$	(3.81	)	$	37.53		11.67	%	$	6,439		1.01	%		0.04	%		58	%
	(3.32	)		37.31		31.07			5,996		1.01			0.22			51
	(2.03	)		31.24		17.62			3,885		1.02			0.51			141
	—			28.50		3.34			8,686		1.06			0.10			81
	—			27.58		31.90			8,622		1.06			(0.05	)		92

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 111

Financial Highlights (cont’d)

For a Share Outstanding for the Year ended:

	Net Asset Value, Beginning of Year		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income
AllianzGI Global Natural Resources:
Class A
6/30/2015	$	20.71	$	0.06		$	(4.11	)	$	(4.05	)	$	—	(c)
6/30/2014		16.19		—	(c)		4.58			4.58			(0.06	)
6/30/2013		14.65		0.08			1.50			1.58			(0.04	)
6/30/2012		18.07		0.06			(3.48	)		(3.42	)		—
6/30/2011		12.48		(0.04	)		5.63			5.59			—
Class C
6/30/2015	$	19.63	$	(0.07	)	$	(3.89	)	$	(3.96	)	$	—	(c)
6/30/2014		15.41		(0.13	)		4.35			4.22			—	(c)
6/30/2013		14.01		(0.04	)		1.44			1.40			—	(c)
6/30/2012		17.41		(0.06	)		(3.34	)		(3.40	)		—
6/30/2011		12.12		(0.16	)		5.45			5.29			—
Class D
6/30/2015	$	20.72	$	0.06		$	(4.11	)	$	(4.05	)	$	—	(c)
6/30/2014		16.20		—	(c)		4.59			4.59			(0.07	)
6/30/2013		14.65		0.08			1.50			1.58			(0.03	)
6/30/2012		18.06		0.06			(3.47	)		(3.41	)		—
6/30/2011		12.48		(0.04	)		5.62			5.58			—
Class P
6/30/2015	$	20.98	$	0.13		$	(4.20	)	$	(4.07	)	$	(0.04	)
6/30/2014		16.41		0.05			4.65			4.70			(0.13	)
6/30/2013		14.83		0.12			1.52			1.64			(0.06	)
6/30/2012		18.25		0.10			(3.52	)		(3.42	)		—
6/30/2011		12.57		0.01			5.67			5.68			—
Institutional Class
6/30/2015	$	21.10	$	0.12		$	(4.19	)	$	(4.07	)	$	(0.03	)
6/30/2014		16.49		0.06			4.68			4.74			(0.13	)
6/30/2013		14.93		0.14			1.52			1.66			(0.10	)
6/30/2012		18.35		0.12			(3.54	)		(3.42	)		—
6/30/2011		12.62		0.03			5.70			5.73			—

(a) Calculated on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day of the year and a sale of a share on the last day of each year reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP.

(c) Less than $(0.01) per share.

(d) Less than (0.005)%.

112 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

Net Asset Value, End of Year		Total Return (b)			Net Assets, End of Year (000s)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
$	16.66		(19.56	)%	$	11,395		1.41	%		0.32	%		107	%
	20.71		28.36			12,320		1.41			—	(d)		93
	16.19		10.80			9,131		1.42			0.53			116
	14.65		(18.93	)		9,387		1.42			0.38			190
	18.07		44.79			15,584		1.41			(0.23	)		130
$	15.67		(20.17	)%	$	4,579		2.16	%		(0.42	)%		107	%
	19.63		27.38			4,002		2.16			(0.77	)		93
	15.41		9.99			4,181		2.17			(0.25	)		116
	14.01		(19.53	)		5,678		2.17			(0.38	)		190
	17.41		43.65			10,645		2.16			(0.97	)		130
$	16.67		(19.55	)%	$	3,024		1.41	%		0.31	%		107	%
	20.72		28.37			3,329		1.41			(0.02	)		93
	16.20		10.75			2,556		1.42			0.51			116
	14.65		(18.88	)		3,235		1.42			0.37			190
	18.06		44.71			5,747		1.41			(0.23	)		130
$	16.87		(19.38	)%	$	8,128		1.16	%		0.73	%		107	%
	20.98		28.73			1,308		1.16			0.24			93
	16.41		11.06			435		1.17			0.76			116
	14.83		(18.74	)		594		1.17			0.65			190
	18.25		45.19			890		1.17			0.04			130
$	17.00		(19.28	)%	$	30,751		1.06	%		0.67	%		107	%
	21.10		28.86			31,709		1.06			0.34			93
	16.49		11.14			24,612		1.07			0.86			116
	14.93		(18.64	)		21,372		1.07			0.78			190
	18.35		45.40			24,744		1.07			0.15			130

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 113

Financial Highlights (cont’d)

For a Share Outstanding for the Year ended:

	Net Asset Value, Beginning of Year		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income
AllianzGI Global Small-Cap:
Class A
6/30/2015	$	43.12	$	(0.19	)	$	2.12		$	1.93		$	—
6/30/2014		34.59		(0.23	)		8.76			8.53			—
6/30/2013		27.95		(0.13	)		6.77			6.64			—
6/30/2012		29.26		(0.18	)		(1.13	)		(1.31	)		—
6/30/2011		19.01		(0.11	)		10.41			10.30			(0.05	)
Class B
6/30/2015	$	39.38	$	(0.49	)	$	1.93		$	1.44		$	—
6/30/2014		31.83		(0.52	)		8.07			7.55			—
6/30/2013		25.91		(0.36	)		6.28			5.92			—
6/30/2012		27.34		(0.38	)		(1.05	)		(1.43	)		—
6/30/2011		17.86		(0.27	)		9.75			9.48			—	(c)
Class C
6/30/2015	$	39.36	$	(0.46	)	$	1.91		$	1.45		$	—
6/30/2014		31.81		(0.48	)		8.03			7.55			—
6/30/2013		25.90		(0.34	)		6.25			5.91			—
6/30/2012		27.32		(0.36	)		(1.06	)		(1.42	)		—
6/30/2011		17.85		(0.27	)		9.74			9.47			—	(c)
Class D
6/30/2015	$	43.08	$	(0.20	)	$	2.12		$	1.92		$	—
6/30/2014		34.55		(0.23	)		8.76			8.53			—
6/30/2013		27.92		(0.13	)		6.76			6.63			—
6/30/2012		29.23		(0.18	)		(1.13	)		(1.31	)		—
6/30/2011		19.01		(0.11	)		10.40			10.29			(0.07	)
Class P
6/30/2015	$	45.17	$	(0.06	)	$	2.19		$	2.13		$	—
6/30/2014		36.14		(0.03	)		9.06			9.03			—
6/30/2013		29.13		(0.03	)		7.04			7.01			—
6/30/2012		30.42		(0.12	)		(1.17	)		(1.29	)		—
6/30/2011		19.74		(0.04	)		10.80			10.76			(0.08	)
Institutional Class
6/30/2015	$	45.37	$	(0.05	)	$	2.23		$	2.18		$	—
6/30/2014		36.26		(0.09	)		9.20			9.11			—
6/30/2013		29.20		0.02			7.04			7.06			—
6/30/2012		30.46		(0.09	)		(1.17	)		(1.26	)		—
6/30/2011		19.76		(0.01	)		10.81			10.80			(0.10	)

(a) Calculated on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day of the year and a sale of a share on the last day of each year reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP.

(c) Less than $(0.01) per share.

114 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

Net Asset Value, End of Year		Total Return (b)			Net Assets, End of Year (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
$	45.05		4.48	%	$	57,590		1.61	%		1.61	%		(0.45	)%		64	%
	43.12		24.66			55,955		1.61			1.61			(0.56	)		73
	34.59		23.76			34,054		1.61			1.61			(0.41	)		108
	27.95		(4.48	)		27,103		1.59			1.64			(0.70	)		80
	29.26		54.21			31,511		1.59			1.71			(0.43	)		116
$	40.82		3.66	%	$	383		2.36	%		2.36	%		(1.27	)%		64	%
	39.38		23.72			742		2.36			2.36			(1.43	)		73
	31.83		22.85			1,267		2.36			2.36			(1.25	)		108
	25.91		(5.23	)		3,145		2.34			2.39			(1.53	)		80
	27.34		53.08			8,047		2.34			2.46			(1.18	)		116
$	40.81		3.69	%	$	25,959		2.36	%		2.36	%		(1.19	)%		64	%
	39.36		23.73			23,560		2.36			2.36			(1.30	)		73
	31.81		22.82			12,948		2.36			2.36			(1.16	)		108
	25.90		(5.20	)		11,898		2.34			2.39			(1.46	)		80
	27.32		53.05			15,205		2.34			2.46			(1.17	)		116
$	45.00		4.46	%	$	30,278		1.61	%		1.61	%		(0.47	)%		64	%
	43.08		24.69			36,447		1.61			1.61			(0.57	)		73
	34.55		23.75			18,732		1.61			1.61			(0.41	)		108
	27.92		(4.48	)		18,409		1.59			1.64			(0.69	)		80
	29.23		54.21			19,567		1.59			1.71			(0.44	)		116
$	47.30		4.72	%	$	26,662		1.36	%		1.36	%		(0.14	)%		64	%
	45.17		24.99			18,179		1.36			1.36			(0.07	)		73
	36.14		24.06			2,419		1.36			1.36			(0.09	)		108
	29.13		(4.24	)		1,339		1.34			1.39			(0.45	)		80
	30.42		54.55			1,538		1.34			1.46			(0.15	)		116
$	47.55		4.80	%	$	80,319		1.26	%		1.26	%		(0.12	)%		64	%
	45.37		25.12			64,282		1.26			1.26			(0.21	)		73
	36.26		24.18			32,643		1.26			1.26			0.07			108
	29.20		(4.14	)		13,896		1.24			1.29			(0.33	)		80
	30.46		54.69			15,483		1.24			1.36			(0.06	)		116

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 115

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Loss (a)			Net Realized and Change in Unrealized Gain		Total from Investment Operations			Distributions from Net Realized Capital Gains
AllianzGI Health Sciences:
Class A
6/30/2015	$	33.91	$	(0.26	)	$	9.79	$	9.53		$	(4.96	)
6/30/2014		30.82		(0.17	)		9.34		9.17			(6.08	)
6/30/2013		27.85		(0.06	)		5.22		5.16			(2.19	)
6/30/2012		30.52		(0.16	)		0.21		0.05			(2.72	)
6/30/2011		22.58		(0.14	)		8.08		7.94			—
Class B
6/30/2015	$	29.63	$	(0.46	)	$	8.42	$	7.96		$	(4.96	)
6/30/2014		27.80		(0.38	)		8.29		7.91			(6.08	)
6/30/2013		25.50		(0.26	)		4.75		4.49			(2.19	)
6/30/2012		28.42		(0.34	)		0.14		(0.20	)		(2.72	)
6/30/2011		21.18		(0.32	)		7.56		7.24			—
Class C
6/30/2015	$	29.66	$	(0.45	)	$	8.42	$	7.97		$	(4.96	)
6/30/2014		27.82		(0.37	)		8.29		7.92			(6.08	)
6/30/2013		25.52		(0.26	)		4.75		4.49			(2.19	)
6/30/2012		28.43		(0.33	)		0.14		(0.19	)		(2.72	)
6/30/2011		21.19		(0.32	)		7.56		7.24			—
Class D
6/30/2015	$	33.90	$	(0.26	)	$	9.78	$	9.52		$	(4.96	)
6/30/2014		30.82		(0.18	)		9.34		9.16			(6.08	)
6/30/2013		27.84		(0.07	)		5.24		5.17			(2.19	)
6/30/2012		30.52		(0.16	)		0.20		0.04			(2.72	)
6/30/2011		22.57		(0.14	)		8.09		7.95			—
Institutional Class
12/22/2014* - 6/30/2015	$	33.09	$	(0.04	)	$	5.48	$	5.44		$	—

* Commencement of operations.

(a) Calculated on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

(c) Annualized.

116 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Loss to Average Net Assets			Portfolio Turnover Rate
$	38.48		30.53	%	$	45,093		1.46	%		(0.72	)%		76	%
	33.91		34.03			28,019		1.46			(0.54	)		119
	30.82		19.62			21,345		1.46			(0.22	)		134
	27.85		1.60			18,883		1.46			(0.58	)		95
	30.52		35.16			22,727		1.46			(0.52	)		127
$	32.63		29.56	%	$	478		2.21	%		(1.48	)%		76	%
	29.63		33.03			585		2.21			(1.33	)		119
	27.80		18.76			707		2.21			(0.99	)		134
	25.50		0.79			1,450		2.21			(1.37	)		95
	28.42		34.18			3,446		2.21			(1.33	)		127
$	32.67		29.57	%	$	20,902		2.21	%		(1.46	)%		76	%
	29.66		33.05			10,828		2.21			(1.29	)		119
	27.82		18.75			8,370		2.21			(0.97	)		134
	25.52		0.83			7,326		2.21			(1.34	)		95
	28.43		34.17			8,478		2.21			(1.30	)		127
$	38.46		30.51	%	$	156,518		1.46	%		(0.73	)%		76	%
	33.90		34.04			121,076		1.46			(0.55	)		119
	30.82		19.67			103,514		1.46			(0.22	)		134
	27.84		1.57			99,831		1.46			(0.59	)		95
	30.52		35.22			116,792		1.46			(0.55	)		127
$	38.53		16.44	%	$	1,240		1.10	%(c)		(0.21	)%(c)		76	%

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 117

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Income & Growth:
Class A
6/30/2015	$	12.95	$	0.27	$	(0.05	)	$	0.22		$	(0.26	)	$	(0.79	)
6/30/2014		12.02		0.30		1.68			1.98			(0.26	)		(0.79	)
6/30/2013		11.55		0.34		1.18			1.52			(0.35	)		(0.70	)
6/30/2012		12.69		0.36		(0.43	)		(0.07	)		(0.46	)		(0.61	)
6/30/2011		11.10		0.37		2.29			2.66			(0.28	)		(0.79	)
Class C
6/30/2015	$	12.38	$	0.17	$	(0.06	)	$	0.11		$	(0.24	)	$	(0.79	)
6/30/2014		11.59		0.19		1.63			1.82			(0.24	)		(0.79	)
6/30/2013		11.23		0.25		1.13			1.38			(0.32	)		(0.70	)
6/30/2012		12.42		0.27		(0.43	)		(0.16	)		(0.42	)		(0.61	)
6/30/2011		10.93		0.27		2.26			2.53			(0.25	)		(0.79	)
Class D
6/30/2015	$	13.01	$	0.27	$	(0.06	)	$	0.21		$	(0.26	)	$	(0.79	)
6/30/2014		12.07		0.30		1.69			1.99			(0.26	)		(0.79	)
6/30/2013		11.59		0.35		1.18			1.53			(0.35	)		(0.70	)
6/30/2012		12.73		0.37		(0.44	)		(0.07	)		(0.46	)		(0.61	)
6/30/2011		11.13		0.37		2.31			2.68			(0.29	)		(0.79	)
Class R
6/30/2015	$	13.00	$	0.24	$	(0.05	)	$	0.19		$	(0.26	)	$	(0.79	)
6/30/2014		12.08		0.27		1.70			1.97			(0.26	)		(0.79	)
6/30/2013		11.62		0.31		1.19			1.50			(0.34	)		(0.70	)
6/30/2012		12.78		0.35		(0.45	)		(0.10	)		(0.45	)		(0.61	)
2/28/2011* - 6/30/2011		13.24		0.10		(0.22	)		(0.12	)		(0.02	)		(0.32	)
Class P
6/30/2015	$	13.12	$	0.31	$	(0.05	)	$	0.26		$	(0.27	)	$	(0.79	)
6/30/2014		12.15		0.33		1.70			2.03			(0.27	)		(0.79	)
6/30/2013		11.64		0.38		1.19			1.57			(0.36	)		(0.70	)
6/30/2012		12.77		0.40		(0.44	)		(0.04	)		(0.48	)		(0.61	)
6/30/2011		11.14		0.40		2.32			2.72			(0.30	)		(0.79	)
Institutional Class
6/30/2015	$	13.19	$	0.32	$	(0.05	)	$	0.27		$	(0.27	)	$	(0.79	)
6/30/2014		12.20		0.35		1.70			2.05			(0.27	)		(0.79	)
6/30/2013		11.67		0.39		1.20			1.59			(0.36	)		(0.70	)
6/30/2012		12.80		0.41		(0.45	)		(0.04	)		(0.48	)		(0.61	)
6/30/2011		11.16		0.42		2.31			2.73			(0.30	)		(0.79	)

* Commencement of operations.

(a) Calculated on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total investment return for a period of less than one year is not annualized.

(c) Payments from Affiliates increased net asset value and total return by less than $0.01 and 0.01%, respectively.

(d) Annualized.

118 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period			Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
$	(1.05	)	$	12.12			1.80	%	$	897,530		1.32	%		1.32	%		2.16	%		84	%
	(1.05	)		12.95	(c)		17.03	(c)		863,378		1.32			1.32			2.34			114
	(1.05	)		12.02	(c)		13.63	(c)		473,578		1.32			1.32			2.88			193
	(1.07	)		11.55			(0.22	)		349,492		1.31			1.31			3.10			129
	(1.07	)		12.69			24.66			320,215		1.31			1.31			2.91			192
$	(1.03	)	$	11.46			0.95	%	$	1,195,391		2.07	%		2.07	%		1.41	%		84	%
	(1.03	)		12.38	(c)		16.14	(c)		933,126		2.07			2.07			1.59			114
	(1.02	)		11.59	(c)		12.78	(c)		482,554		2.07			2.07			2.13			193
	(1.03	)		11.23			(1.01	)		340,815		2.06			2.06			2.36			129
	(1.04	)		12.42			23.77			265,737		2.06			2.06			2.14			192
$	(1.05	)	$	12.17			1.71	%	$	64,403		1.32	%		1.32	%		2.16	%		84	%
	(1.05	)		13.01	(c)		17.05	(c)		51,432		1.32			1.32			2.35			114
	(1.05	)		12.07	(c)		13.65	(c)		32,117		1.32			1.32			2.92			193
	(1.07	)		11.59			(0.22	)		37,672		1.31			1.31			3.09			129
	(1.08	)		12.73			24.59			37,456		1.31			1.31			2.87			192
$	(1.05	)	$	12.14			1.49	%	$	2,543		1.57	%		1.57	%		1.89	%		84	%
	(1.05	)		13.00	(c)		16.71	(c)		3,733		1.57			1.57			2.09			114
	(1.04	)		12.08	(c)		13.38	(c)		2,547		1.57			1.57			2.61			193
	(1.06	)		11.62			(0.50	)		1,338		1.54			1.54			2.94			129
	(0.34	)		12.78			(0.84	)		10		1.56	(d)		1.56	(d)		2.28	(d)		192
$	(1.06	)	$	12.32			2.07	%	$	676,865		1.07	%		1.07	%		2.42	%		84	%
	(1.06	)		13.12	(c)		17.26	(c)		443,278		1.07			1.07			2.59			114
	(1.06	)		12.15	(c)		13.97	(c)		212,734		1.07			1.07			3.13			193
	(1.09	)		11.64			(0.01	)		156,842		1.06			1.06			3.37			129
	(1.09	)		12.77			25.06			81,471		1.06			1.06			3.16			192
$	(1.06	)	$	12.40			2.17	%	$	190,675		0.97	%		0.97	%		2.51	%		84	%
	(1.06	)		13.19	(c)		17.38	(c)		163,155		0.97			0.97			2.71			114
	(1.06	)		12.20	(c)		14.14	(c)		126,146		0.97			0.97			3.23			193
	(1.09	)		11.67			0.04			106,346		0.96			0.96			3.46			129
	(1.09	)		12.80			25.15			59,812		0.96			0.96			3.30			192

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 119

Financial Highlights (cont’d)

For a Share Outstanding for the Year ended:

	Net Asset Value, Beginning of Year		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income
AllianzGI International Managed Volatility:
Class A
6/30/2015	$	15.34	$	0.30	$	(0.62	)	$	(0.32	)	$	(0.53	)
6/30/2014		13.39		0.48		1.86			2.34			(0.39	)
6/30/2013		12.46		0.33		1.10			1.43			(0.50	)
6/30/2012		14.72		0.26		(2.22	)		(1.96	)		(0.30	)
6/30/2011		11.13		0.18		3.65			3.83			(0.24	)
Class C
6/30/2015	$	15.24	$	0.19	$	(0.60	)	$	(0.41	)	$	(0.40	)
6/30/2014		13.29		0.36		1.85			2.21			(0.26	)
6/30/2013		12.36		0.22		1.09			1.31			(0.38	)
6/30/2012		14.56		0.15		(2.17	)		(2.02	)		(0.18	)
6/30/2011		11.01		0.07		3.61			3.68			(0.13	)
Class D
6/30/2015	$	15.30	$	0.30	$	(0.62	)	$	(0.32	)	$	(0.52	)
6/30/2014		13.35		0.47		1.86			2.33			(0.38	)
6/30/2013		12.43		0.34		1.08			1.42			(0.50	)
6/30/2012		14.66		0.25		(2.23	)		(1.98	)		(0.25	)
6/30/2011		11.05		0.14		3.66			3.80			(0.19	)
Class R
6/30/2015	$	15.14	$	0.24	$	(0.59	)	$	(0.35	)	$	(0.51	)
6/30/2014		13.16		0.40		1.88			2.28			(0.30	)
6/30/2013		12.27		0.30		1.07			1.37			(0.48	)
6/30/2012		14.53		0.24		(2.21	)		(1.97	)		(0.29	)
6/30/2011		11.02		0.16		3.59			3.75			(0.24	)
Class P
6/30/2015	$	15.20	$	0.34	$	(0.62	)	$	(0.28	)	$	(0.55	)
6/30/2014		13.27		0.50		1.85			2.35			(0.42	)
6/30/2013		12.35		0.35		1.10			1.45			(0.53	)
6/30/2012		14.59		0.26		(2.18	)		(1.92	)		(0.32	)
6/30/2011		11.04		0.19		3.65			3.84			(0.29	)
Institutional Class
6/30/2015	$	15.27	$	0.35	$	(0.62	)	$	(0.27	)	$	(0.58	)
6/30/2014		13.33		0.54		1.84			2.38			(0.44	)
6/30/2013		12.41		0.41		1.06			1.47			(0.55	)
6/30/2012		14.69		0.32		(2.24	)		(1.92	)		(0.36	)
6/30/2011		11.12		0.21		3.66			3.87			(0.30	)

(a) Calculated on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day of the year and a sale of a share on the last day of each year reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP.

120 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

Net Asset Value, End of Year		Total Return (b)			Net Assets, End of Year (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
$	14.49		(1.95	)%	$	19,009		0.96	%		1.16	%		2.07	%		105	%
	15.34		17.77			18,726		0.96			1.16			3.33			86
	13.39		11.60			16,031		0.96			1.16			2.44			100
	12.46		(13.15	)		16,615		1.17			1.28			2.07			170
	14.72		34.43			25,783		1.33			1.36			1.33			240
$	14.43		(2.60	)%	$	8,029		1.71	%		1.91	%		1.29	%		105	%
	15.24		16.87			10,049		1.71			1.91			2.52			86
	13.29		10.73			10,774		1.71			1.91			1.65			100
	12.36		(13.78	)		12,477		1.92			2.03			1.25			170
	14.56		33.37			21,252		2.08			2.11			0.52			240
$	14.46		(1.93	)%	$	997		0.96	%		1.16	%		2.06	%		105	%
	15.30		17.78			1,108		0.96			1.16			3.31			86
	13.35		11.57			1,007		0.96			1.16			2.53			100
	12.43		(13.38	)		894		1.17			1.28			2.00			170
	14.66		34.46			1,604		1.34			1.37			1.04			240
$	14.28		(2.13	)%	$	56		1.21	%		1.41	%		1.64	%		105	%
	15.14		17.55			69		1.21			1.41			2.87			86
	13.16		11.29			103		1.21			1.41			2.31			100
	12.27		(13.39	)		81		1.42			1.53			1.98			170
	14.53		34.05			83		1.58			1.61			1.18			240
$	14.37		(1.63	)%	$	530		0.71	%		0.91	%		2.34	%		105	%
	15.20		18.05			622		0.71			0.91			3.53			86
	13.27		11.89			606		0.71			0.91			2.67			100
	12.35		(13.00	)		676		0.92			1.03			2.11			170
	14.59		34.92			1,438		1.09			1.12			1.40			240
$	14.42		(1.60	)%	$	60,288		0.61	%		0.81	%		2.40	%		105	%
	15.27		18.19			63,451		0.61			0.81			3.81			86
	13.33		12.00			47,801		0.61			0.81			3.06			100
	12.41		(12.89	)		35,837		0.82			0.93			2.62			170
	14.69		34.99			37,737		0.98			1.01			1.51			240

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 121

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Mid-Cap:
Class A
6/30/2015	$	3.92	$	(0.01	)	$	0.28		$	0.27		$	—		$	(0.54	)
6/30/2014		3.20		(0.01	)		0.73			0.72			—			—
6/30/2013		2.83		—	(c)		0.60			0.60			—			(0.23	)
6/30/2012		3.28		(0.01	)		(0.34	)		(0.35	)		—			(0.10	)
6/30/2011		2.36		(0.01	)		0.93			0.92			—	(c)		—
Class B
6/30/2015	$	3.56	$	(0.04	)	$	0.26		$	0.22		$	—		$	(0.54	)
6/30/2014		2.93		(0.03	)		0.66			0.63			—			—
6/30/2013		2.63		(0.02	)		0.55			0.53			—			(0.23	)
6/30/2012		3.08		(0.03	)		(0.32	)		(0.35	)		—			(0.10	)
6/30/2011		2.23		(0.03	)		0.88			0.85			—	(c)		—
Class C
6/30/2015	$	3.55	$	(0.04	)	$	0.25		$	0.21		$	—		$	(0.54	)
6/30/2014		2.92		(0.03	)		0.66			0.63			—			—
6/30/2013		2.62		(0.02	)		0.55			0.53			—			(0.23	)
6/30/2012		3.06		(0.02	)		(0.32	)		(0.34	)		—			(0.10	)
6/30/2011		2.22		(0.03	)		0.87			0.84			—	(c)		—
Class D
6/30/2015	$	3.99	$	(0.01	)	$	0.28		$	0.27		$	—		$	(0.54	)
6/30/2014		3.25		(0.01	)		0.75			0.74			—			—
6/30/2013		2.88		—	(c)		0.60			0.60			—			(0.23	)
6/30/2012		3.33		(0.01	)		(0.34	)		(0.35	)		—			(0.10	)
6/30/2011		2.39		(0.01	)		0.95			0.94			—	(c)		—
Class R
6/30/2015	$	3.91	$	(0.02	)	$	0.27		$	0.25		$	—		$	(0.54	)
6/30/2014		3.20		(0.02	)		0.73			0.71			—			—
6/30/2013		2.84		(0.01	)		0.60			0.59			—			(0.23	)
6/30/2012		3.29		(0.02	)		(0.33	)		(0.35	)		—			(0.10	)
6/30/2011		2.38		(0.02	)		0.93			0.91			—	(c)		—
Class P
6/30/2015	$	4.24	$	—	(c)	$	0.31		$	0.31		$	—		$	(0.54	)
6/30/2014		3.45		—	(e)		0.79			0.79			—			—
6/30/2013		3.03		0.01			0.64			0.65			—			(0.23	)
4/2/2012* - 6/30/2012		3.40		—	(e)		(0.37	)		(0.37	)		—			—

122 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period			Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
$	(0.54	)	$	3.65			7.91	%	$	98,253		1.13	%		(0.38	)%		79	%
	—			3.92			22.50			106,116		1.13			(0.18	)		88
	(0.23	)		3.20	(d)		22.89	(d)		95,365		1.13			(0.02	)		76
	(0.10	)		2.83	(d)		(10.52	)(d)		95,731		1.13			(0.24	)		303
	—	(c)		3.28	(d)		39.17	(d)		11,498		1.13			(0.46	)		133
$	(0.54	)	$	3.24			7.29	%	$	383		1.88	%		(1.14	)%		79	%
	—			3.56			21.50			848		1.88			(0.95	)		88
	(0.23	)		2.93	(d)		21.90	(d)		1,257		1.88			(0.79	)		76
	(0.10	)		2.63	(d)		(11.21	)(d)		2,320		1.88			(1.15	)		303
	—	(c)		3.08	(d)		38.12	(d)		2,344		1.88			(1.19	)		133
$	(0.54	)	$	3.22			6.98	%	$	183,765		1.88	%		(1.13	)%		79	%
	—			3.55			21.58			193,481		1.88			(0.93	)		88
	(0.23	)		2.92	(d)		21.99	(d)		176,602		1.88			(0.76	)		76
	(0.10	)		2.62	(d)		(10.97	)(d)		173,734		1.88			(0.91	)		303
	—	(c)		3.06	(d)		37.84	(d)		5,942		1.88			(1.21	)		133
$	(0.54	)	$	3.72			7.79	%	$	1,589		1.13	%		(0.38	)%		79	%
	—			3.99			22.77			1,803		1.13			(0.18	)		88
	(0.23	)		3.25	(d)		22.46	(d)		1,526		1.13			(0.02	)		76
	(0.10	)		2.88	(d)		(10.35	)(d)		1,858		1.13			(0.40	)		303
	—	(c)		3.33	(d)		39.38	(d)		1,807		1.13			(0.45	)		133
$	(0.54	)	$	3.62			7.38	%	$	2,867		1.38	%		(0.63	)%		79	%
	—			3.91			22.19			2,795		1.38			(0.44	)		88
	(0.23	)		3.20	(d)		22.46	(d)		2,398		1.38			(0.23	)		76
	(0.10	)		2.84	(d)		(10.49	)(d)		1,332		1.38			(0.68	)		303
	—	(c)		3.29	(d)		38.98	(d)		1,832		1.38			(0.71	)		133
$	(0.54	)	$	4.01			8.31	%	$	2,010		0.88	%		(0.12	)%		79	%
	—			4.24			22.90			1,339		0.88			0.07			88
	(0.23	)		3.45	(d)		23.02	(d)		1,077		0.88			0.21			76
	—			3.03	(d)		(10.88	)(d)		1,405		0.88	(f)		0.14	(f)		303

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 123

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Mid-Cap (cont’d)
Institutional Class
6/30/2015	$	4.25	$	—	(c)	$	0.31		$	0.31		$	—		$	(0.54	)
6/30/2014		3.46		0.01			0.78			0.79			—			—
6/30/2013		3.03		0.01			0.65			0.66			—			(0.23	)
6/30/2012		3.49		—	(c)		(0.36	)		(0.36	)		—			(0.10	)
6/30/2011		2.51		—	(c)		0.99			0.99			(0.01	)		—
Administrative Class
6/30/2015	$	4.06	$	(0.01	)	$	0.29		$	0.28		$	—		$	(0.54	)
6/30/2014		3.32		—	(c)		0.74			0.74			—			—
6/30/2013		2.92		—	(c)		0.63			0.63			—			(0.23	)
6/30/2012		3.37		(0.01	)		(0.34	)		(0.35	)		—			(0.10	)
6/30/2011		2.43		(0.01	)		0.96			0.95			(0.01	)		—

* Commencement of operations.

(a) Calculated on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

(c) Less than $(0.01) per share.

(d) Payments from Affiliates increased net asset value and total return by less than $0.01 and 0.01%, respectively.

(e) Less than $0.01 per share.

(f) Annualized.

124 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period			Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
$	(0.54	)	$	4.02			8.29	%	$	24,130		0.78	%		(0.04	)%		79	%
	—			4.25			22.83			34,540		0.78			0.16			88
	(0.23	)		3.46	(d)		23.38	(d)		33,050		0.78			0.41			76
	(0.10	)		3.03	(d)		(10.17	)(d)		51,878		0.78			(0.06	)		303
	(0.01	)		3.49	(d)		39.90	(d)		55,460		0.78			(0.09	)		133
$	(0.54	)	$	3.80			7.88	%	$	532		1.03	%		(0.28	)%		79	%
	—			4.06			22.29			494		1.03			(0.09	)		88
	(0.23	)		3.32	(d)		23.21	(d)		1,453		1.03			(0.06	)		76
	(0.10	)		2.92	(d)		(10.23	)(d)		3,588		1.03			(0.32	)		303
	(0.01	)		3.37	(d)		39.11	(d)		2,923		1.03			(0.35	)		133

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 125

Financial Highlights (cont’d)

For a Share Outstanding for the Year ended:

	Net Asset Value, Beginning of Year		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income
AllianzGI NFJ All-Cap Value:
Class A
6/30/2015	$	15.50	$	0.19	$	—		$	0.19		$	(0.17	)
6/30/2014		12.69		0.19		2.84			3.03			(0.22	)
6/30/2013		10.83		0.21		1.87			2.08			(0.22	)
6/30/2012		11.16		0.19		(0.35	)		(0.16	)		(0.17	)
6/30/2011		8.40		0.20		2.82			3.02			(0.26	)
Class B
6/30/2015	$	15.20	$	0.06	$	—		$	0.06		$	—	(c)
6/30/2014		12.40		0.08		2.78			2.86			(0.06	)
6/30/2013		10.54		0.12		1.83			1.95			(0.09	)
6/30/2012		10.83		0.10		(0.33	)		(0.23	)		(0.06	)
6/30/2011		8.13		0.12		2.74			2.86			(0.16	)
Class C
6/30/2015	$	14.78	$	0.07	$	—		$	0.07		$	(0.10	)
6/30/2014		12.12		0.08		2.71			2.79			(0.13	)
6/30/2013		10.35		0.12		1.78			1.90			(0.13	)
6/30/2012		10.68		0.11		(0.34	)		(0.23	)		(0.10	)
6/30/2011		8.05		0.12		2.69			2.81			(0.18	)
Class D
6/30/2015	$	15.76	$	0.19	$	—		$	0.19		$	(0.19	)
6/30/2014		12.86		0.19		2.89			3.08			(0.18	)
6/30/2013		10.98		0.23		1.87			2.10			(0.22	)
6/30/2012		11.31		0.19		(0.35	)		(0.16	)		(0.17	)
6/30/2011		8.50		0.20		2.86			3.06			(0.25	)
Class P
6/30/2015	$	15.82	$	0.24	$	—		$	0.24		$	(0.25	)
6/30/2014		12.95		0.23		2.89			3.12			(0.25	)
6/30/2013		11.05		0.24		1.91			2.15			(0.25	)
6/30/2012		11.40		0.23		(0.36	)		(0.13	)		(0.22	)
6/30/2011		8.57		0.23		2.88			3.11			(0.28	)
Institutional Class
6/30/2015	$	16.55	$	0.27	$	(0.01	)	$	0.26		$	(0.25	)
6/30/2014		13.54		0.26		3.02			3.28			(0.27	)
6/30/2013		11.55		0.26		2.00			2.26			(0.27	)
6/30/2012		11.91		0.27		(0.40	)		(0.13	)		(0.23	)
6/30/2011		8.71		0.21		2.99			3.20			—	(c)

(a) Calculated on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day of the year and a sale of a share on the last day of each year reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP.

(c) Less than $(0.01) per share.

126 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

Net Asset Value, End of Year		Total Return (b)			Net Assets, End of Year (000s)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
$	15.52		1.20	%	$	9,300		1.32	%		1.21	%		46	%
	15.50		24.07			13,143		1.31			1.35			23
	12.69		19.42			11,727		1.31			1.79			38
	10.83		(1.32	)		12,026		1.31			1.81			36
	11.16		36.26			12,477		1.32			1.99			68
$	15.26		0.39	%	$	83		2.07	%		0.38	%		46	%
	15.20		23.08			317		2.06			0.58			23
	12.40		18.65			460		2.06			1.03			38
	10.54		(2.13	)		630		2.06			1.01			36
	10.83		35.34			1,249		2.07			1.23			68
$	14.75		0.44	%	$	7,618		2.07	%		0.47	%		46	%
	14.78		23.09			7,569		2.06			0.59			23
	12.12		18.54			6,533		2.06			1.04			38
	10.35		(2.08	)		6,347		2.06			1.06			36
	10.68		35.18			6,397		2.07			1.20			68
$	15.76		1.19	%	$	1,107		1.32	%		1.21	%		46	%
	15.76		24.09			1,581		1.31			1.34			23
	12.86		19.37			1,770		1.31			1.90			38
	10.98		(1.35	)		1,431		1.31			1.77			36
	11.31		36.35			2,339		1.32			1.99			68
$	15.81		1.50	%	$	4,645		1.07	%		1.48	%		46	%
	15.82		24.31			2,369		1.06			1.61			23
	12.95		19.74			3,273		1.06			2.04			38
	11.05		(1.03	)		2,760		1.06			2.09			36
	11.40		36.63			1,231		1.07			2.20			68
$	16.56		1.56	%	$	1,946		0.97	%		1.59	%		46	%
	16.55		24.43			949		0.96			1.69			23
	13.54		19.85			514		0.96			2.11			38
	11.55		(1.01	)		321		0.96			2.34			36
	11.91		36.74			20		0.97			2.22			68

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 127

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income
AllianzGI NFJ Dividend Value:
Class A
6/30/2015	$	17.12	$	0.33	$	(0.44	)	$	(0.11	)	$	(0.33	)
6/30/2014		14.14		0.29		3.01			3.30			(0.32	)
6/30/2013		11.87		0.33		2.25			2.58			(0.31	)
6/30/2012		12.01		0.31		(0.13	)		0.18			(0.32	)
6/30/2011		9.39		0.31		2.63			2.94			(0.32	)
Class B
6/30/2015	$	17.42	$	0.20	$	(0.44	)	$	(0.24	)	$	(0.19	)
6/30/2014		14.36		0.18		3.04			3.22			(0.16	)
6/30/2013		11.99		0.23		2.28			2.51			(0.14	)
6/30/2012		12.11		0.22		(0.12	)		0.10			(0.22	)
6/30/2011		9.46		0.22		2.65			2.87			(0.22	)
Class C
6/30/2015	$	17.27	$	0.20	$	(0.43	)	$	(0.23	)	$	(0.21	)
6/30/2014		14.27		0.18		3.02			3.20			(0.20	)
6/30/2013		11.93		0.23		2.26			2.49			(0.15	)
6/30/2012		12.05		0.22		(0.11	)		0.11			(0.23	)
6/30/2011		9.43		0.23		2.62			2.85			(0.23	)
Class D
6/30/2015	$	17.22	$	0.33	$	(0.43	)	$	(0.10	)	$	(0.34	)
6/30/2014		14.22		0.30		3.01			3.31			(0.31	)
6/30/2013		11.91		0.33		2.26			2.59			(0.28	)
6/30/2012		12.03		0.30		(0.12	)		0.18			(0.30	)
6/30/2011		9.41		0.32		2.62			2.94			(0.32	)
Class R
6/30/2015	$	17.09	$	0.28	$	(0.43	)	$	(0.15	)	$	(0.29	)
6/30/2014		14.12		0.26		2.99			3.25			(0.28	)
6/30/2013		11.84		0.30		2.24			2.54			(0.26	)
6/30/2012		11.97		0.28		(0.12	)		0.16			(0.29	)
6/30/2011		9.37		0.28		2.61			2.89			(0.29	)
Class P
6/30/2015	$	17.21	$	0.37	$	(0.43	)	$	(0.06	)	$	(0.38	)
6/30/2014		14.21		0.34		3.01			3.35			(0.35	)
6/30/2013		11.96		0.37		2.25			2.62			(0.37	)
6/30/2012		12.09		0.34		(0.12	)		0.22			(0.35	)
6/30/2011		9.46		0.35		2.63			2.98			(0.35	)

128 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
$	16.68		(0.65	)%	$	1,363,171		1.05	%		1.05	%		1.92	%		44	%
	17.12		23.50			1,913,130		1.05			1.05			1.89			26
	14.14		21.88			1,683,290		1.06			1.06			2.52			32
	11.87		1.67			1,657,689		1.06			1.06			2.66			42
	12.01		31.56			1,744,973		1.06			1.06			2.77			38
$	16.99		(1.40	)%	$	4,461		1.80	%		1.80	%		1.17	%		44	%
	17.42		22.53			7,506		1.80			1.80			1.16			26
	14.36		21.00			21,647		1.81			1.81			1.75			32
	11.99		0.92			32,940		1.81			1.81			1.87			42
	12.11		30.55			60,863		1.81			1.81			1.99			38
$	16.83		(1.38	)%	$	440,554		1.80	%		1.80	%		1.18	%		44	%
	17.27		22.51			497,725		1.80			1.80			1.14			26
	14.27		20.94			449,708		1.81			1.81			1.77			32
	11.93		1.03			424,818		1.81			1.81			1.90			42
	12.05		30.43			489,609		1.81			1.81			2.02			38
$	16.78		(0.64	)%	$	217,677		1.05	%		1.05	%		1.93	%		44	%
	17.22		23.48			255,189		1.05			1.05			1.90			26
	14.22		21.90			271,376		1.06			1.06			2.52			32
	11.91		1.64			264,166		1.06			1.06			2.60			42
	12.03		31.53			842,689		1.06			1.06			2.80			38
$	16.65		(0.89	)%	$	226,101		1.30	%		1.30	%		1.68	%		44	%
	17.09		23.16			272,790		1.30			1.30			1.65			26
	14.12		21.56			261,167		1.31			1.31			2.27			32
	11.84		1.51			232,727		1.31			1.31			2.41			42
	11.97		31.09			239,509		1.31			1.31			2.52			38
$	16.77		(0.38	)%	$	1,543,701		0.80	%		0.80	%		2.18	%		44	%
	17.21		23.82			1,446,734		0.80			0.80			2.15			26
	14.21		22.11			1,247,867		0.81			0.81			2.77			32
	11.96		2.00			1,122,084		0.81			0.81			2.91			42
	12.09		31.81			1,173,849		0.81			0.81			3.08			38

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 129

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income
AllianzGI NFJ Dividend Value (cont’d)
Institutional Class
6/30/2015	$	17.20	$	0.39	$	(0.43	)	$	(0.04	)	$	(0.40	)
6/30/2014		14.20		0.35		3.02			3.37			(0.37	)
6/30/2013		11.96		0.38		2.25			2.63			(0.39	)
6/30/2012		12.09		0.35		(0.12	)		0.23			(0.36	)
6/30/2011		9.46		0.35		2.64			2.99			(0.36	)
Administrative Class
6/30/2015	$	17.31	$	0.35	$	(0.44	)	$	(0.09	)	$	(0.35	)
6/30/2014		14.29		0.31		3.04			3.35			(0.33	)
6/30/2013		12.01		0.34		2.27			2.61			(0.33	)
6/30/2012		12.14		0.32		(0.12	)		0.20			(0.33	)
6/30/2011		9.49		0.32		2.66			2.98			(0.33	)
Class R6
6/30/2015	$	17.19	$	0.39	$	(0.42	)	$	(0.03	)	$	(0.42	)
12/19/2013* - 6/30/2014		15.62		0.19		1.56			1.75			(0.18	)

* Commencement of operations.

(a) Calculated on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

(c) Annualized.

130 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
$	16.76		(0.29	)%	$	3,402,951		0.70	%		0.70	%		2.27	%		44	%
	17.20		23.96			4,078,876		0.70			0.70			2.24			26
	14.20		22.25			3,751,107		0.71			0.71			2.87			32
	11.96		2.11			3,051,582		0.71			0.71			3.03			42
	12.09		31.89			2,390,240		0.71			0.71			3.13			38
$	16.87		(0.55	)%	$	628,008		0.95	%		0.95	%		2.03	%		44	%
	17.31		23.64			871,543		0.95			0.95			1.99			26
	14.29		21.96			864,167		0.96			0.96			2.61			32
	12.01		1.82			959,176		0.96			0.96			2.76			42
	12.14		31.67			1,132,586		0.96			0.96			2.87			38
$	16.74		(0.22	)%	$	119,483		0.65	%		0.65	%		2.30	%		44	%
	17.19		11.27			968		0.65	(c)		0.65	(c)		2.13	(c)		26

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 131

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income
AllianzGI NFJ International Value:
Class A
6/30/2015	$	24.17	$	0.41	$	(2.40	)	$	(1.99	)	$	(0.57	)
6/30/2014		20.80		0.46		3.32			3.78			(0.41	)
6/30/2013		18.80		0.44		1.84			2.28			(0.28	)
6/30/2012		21.20		0.46		(2.43	)		(1.97	)		(0.43	)
6/30/2011		16.97		0.43		4.21			4.64			(0.41	)
Class C
6/30/2015	$	23.91	$	0.24	$	(2.37	)	$	(2.13	)	$	(0.41	)
6/30/2014		20.62		0.28		3.29			3.57			(0.28	)
6/30/2013		18.65		0.27		1.83			2.10			(0.13	)
6/30/2012		21.02		0.31		(2.39	)		(2.08	)		(0.29	)
6/30/2011		16.83		0.27		4.18			4.45			(0.26	)
Class D
6/30/2015	$	24.14	$	0.42	$	(2.40	)	$	(1.98	)	$	(0.58	)
6/30/2014		20.77		0.43		3.34			3.77			(0.40	)
6/30/2013		18.78		0.45		1.82			2.27			(0.28	)
6/30/2012		21.18		0.49		(2.45	)		(1.96	)		(0.44	)
6/30/2011		16.95		0.43		4.21			4.64			(0.41	)
Class R
6/30/2015	$	24.23	$	0.37	$	(2.41	)	$	(2.04	)	$	(0.53	)
6/30/2014		20.87		0.42		3.31			3.73			(0.37	)
6/30/2013		18.89		0.42		1.81			2.23			(0.25	)
6/30/2012		21.35		0.49		(2.51	)		(2.02	)		(0.44	)
6/30/2011		17.11		0.44		4.19			4.63			(0.39	)
Class P
6/30/2015	$	24.28	$	0.48	$	(2.41	)	$	(1.93	)	$	(0.65	)
6/30/2014		20.88		0.51		3.34			3.85			(0.45	)
6/30/2013		18.90		0.50		1.85			2.35			(0.37	)
6/30/2012		21.31		0.51		(2.43	)		(1.92	)		(0.49	)
6/30/2011		17.07		0.57		4.14			4.71			(0.47	)
Institutional Class
6/30/2015	$	24.29	$	0.50	$	(2.42	)	$	(1.92	)	$	(0.66	)
6/30/2014		20.88		0.52		3.36			3.88			(0.47	)
6/30/2013		18.92		0.53		1.83			2.36			(0.40	)
6/30/2012		21.33		0.55		(2.45	)		(1.90	)		(0.51	)
6/30/2011		17.08		0.52		4.21			4.73			(0.48	)

132 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
$	21.61		(8.30	)%	$	466,262		1.27	%		1.30	%		1.83	%		54	%
	24.17		18.25			924,201		1.24			1.29			2.01			33
	20.80		12.08			855,773		1.22			1.30			2.10			19
	18.80		(9.10	)		686,507		1.23			1.31			2.42			38
	21.20		27.48			837,409		1.21			1.31			2.12			48
$	21.37		(8.99	)%	$	154,476		2.02	%		2.05	%		1.09	%		54	%
	23.91		17.36			203,445		1.99			2.04			1.23			33
	20.62		11.21			198,600		1.97			2.05			1.30			19
	18.65		(9.76	)		183,126		1.98			2.06			1.66			38
	21.02		26.53			238,689		1.96			2.06			1.35			48
$	21.58		(8.28	)%	$	83,265		1.27	%		1.30	%		1.87	%		54	%
	24.14		18.24			103,483		1.24			1.29			1.91			33
	20.77		12.10			126,786		1.22			1.30			2.13			19
	18.78		(9.14	)		105,295		1.23			1.31			2.57			38
	21.18		27.52			95,223		1.21			1.31			2.13			48
$	21.66		(8.52	)%	$	22,511		1.52	%		1.55	%		1.63	%		54	%
	24.23		17.95			28,344		1.49			1.54			1.85			33
	20.87		11.75			18,306		1.47			1.55			1.99			19
	18.89		(9.30	)		8,886		1.48			1.56			2.58			38
	21.35		27.20			1,482		1.46			1.56			2.10			48
$	21.70		(8.04	)%	$	659,204		1.02	%		1.05	%		2.15	%		54	%
	24.28		18.54			500,111		0.99			1.04			2.24			33
	20.88		12.35			458,708		0.97			1.05			2.34			19
	18.90		(8.85	)		366,717		0.98			1.06			2.67			38
	21.31		27.81			390,799		0.96			1.06			2.75			48
$	21.71		(7.98	)%	$	1,095,977		0.92	%		0.95	%		2.21	%		54	%
	24.29		18.68			1,392,488		0.89			0.94			2.29			33
	20.88		12.49			1,311,993		0.87			0.95			2.50			19
	18.92		(8.78	)		887,388		0.88			0.96			2.88			38
	21.33		27.88			646,022		0.86			0.96			2.56			48

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 133

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income
AllianzGI NFJ International Value (cont’d)
Administrative Class
6/30/2015	$	24.25	$	0.45	$	(2.41	)	$	(1.96	)	$	(0.61	)
6/30/2014		20.83		0.46		3.36			3.82			(0.40	)
6/30/2013		18.89		0.48		1.82			2.30			(0.36	)
6/30/2012		21.32		0.50		(2.44	)		(1.94	)		(0.49	)
6/30/2011		17.06		0.45		4.23			4.68			(0.42	)
Class R6
6/30/2015	$	24.28	$	0.55	$	(2.46	)	$	(1.91	)	$	(0.69	)
12/19/2013* - 6/30/2014		22.59		0.59		1.30			1.89			(0.20	)

* Commencement of operations.

(a) Calculated on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

(c) Annualized.

134 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
$	21.68		(8.18	)%	$	19,020		1.17	%		1.20	%		2.00	%		54	%
	24.25		18.42			20,604		1.14			1.19			2.01			33
	20.83		12.18			40,909		1.12			1.20			2.26			19
	18.89		(8.98	)		4,080		1.13			1.21			2.63			38
	21.32		27.61			12		1.11			1.21			2.21			48
$	21.68		(7.94	)%	$	66,164		0.87	%		0.90	%		2.51	%		54	%
	24.28		8.38			1,441		0.87	(c)		0.89	(c)		4.65	(c)		33

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 135

Financial Highlights (cont’d)

For a Share Outstanding for the Year ended:

	Net Asset Value, Beginning of Year		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations		Dividends from Net Investment Income
AllianzGI NFJ Large-Cap Value:
Class A
6/30/2015	$	21.13	$	0.35	$	0.30		$	0.65	$	(0.34	)
6/30/2014		17.56		0.32		3.57			3.89		(0.32	)
6/30/2013		14.56		0.32		3.03			3.35		(0.35	)
6/30/2012		14.64		0.30		(0.06	)		0.24		(0.32	)
6/30/2011		11.62		0.28		3.03			3.31		(0.29	)
Class B
6/30/2015	$	21.36	$	0.19	$	0.30		$	0.49	$	(0.11	)
6/30/2014		17.74		0.18		3.59			3.77		(0.15	)
6/30/2013		14.60		0.20		3.05			3.25		(0.11	)
6/30/2012		14.65		0.19		(0.06	)		0.13		(0.18	)
6/30/2011		11.60		0.17		3.04			3.21		(0.16	)
Class C
6/30/2015	$	21.22	$	0.19	$	0.30		$	0.49	$	(0.14	)
6/30/2014		17.64		0.18		3.57			3.75		(0.17	)
6/30/2013		14.53		0.20		3.04			3.24		(0.13	)
6/30/2012		14.61		0.20		(0.06	)		0.14		(0.22	)
6/30/2011		11.59		0.18		3.02			3.20		(0.18	)
Class D
6/30/2015	$	21.33	$	0.35	$	0.30		$	0.65	$	(0.34	)
6/30/2014		17.72		0.32		3.61			3.93		(0.32	)
6/30/2013		14.58		0.32		3.04			3.36		(0.22	)
6/30/2012		14.60		0.30		(0.06	)		0.24		(0.26	)
6/30/2011		11.59		0.28		3.02			3.30		(0.29	)
Class R
6/30/2015	$	21.26	$	0.30	$	0.30		$	0.60	$	(0.26	)
6/30/2014		17.67		0.27		3.60			3.87		(0.28	)
6/30/2013		14.63		0.28		3.04			3.32		(0.28	)
6/30/2012		14.71		0.27		(0.06	)		0.21		(0.29	)
6/30/2011		11.67		0.25		3.04			3.29		(0.25	)
Class P
6/30/2015	$	21.42	$	0.41	$	0.31		$	0.72	$	(0.46	)
6/30/2014		17.80		0.37		3.62			3.99		(0.37	)
6/30/2013		14.78		0.37		3.07			3.44		(0.42	)
6/30/2012		14.86		0.34		(0.06	)		0.28		(0.36	)
6/30/2011		11.79		0.32		3.07			3.39		(0.32	)
Institutional Class
6/30/2015	$	21.13	$	0.42	$	0.31		$	0.73	$	(0.47	)
6/30/2014		17.56		0.39		3.57			3.96		(0.39	)
6/30/2013		14.60		0.38		3.02			3.40		(0.44	)
6/30/2012		14.68		0.35		(0.05	)		0.30		(0.38	)
6/30/2011		11.65		0.33		3.04			3.37		(0.34	)

136 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

Net Asset Value, End of Year		Total Return (b)			Net Assets, End of Year (000s)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
$	21.44		3.06	%	$	145,039		1.11	%		1.63	%		26	%
	21.13		22.30			172,182		1.11			1.65			22
	17.56		23.21			164,174		1.11			2.00			23
	14.56		1.83			164,440		1.11			2.17			27
	14.64		28.69			208,662		1.11			2.07			19
$	21.74		2.30	%	$	923		1.86	%		0.86	%		26	%
	21.36		21.31			2,403		1.86			0.90			22
	17.74		22.32			4,010		1.86			1.23			23
	14.60		1.02			8,692		1.86			1.41			27
	14.65		27.81			30,370		1.86			1.30			19
$	21.57		2.28	%	$	94,367		1.86	%		0.88	%		26	%
	21.22		21.35			103,838		1.86			0.90			22
	17.64		22.35			97,106		1.86			1.25			23
	14.53		1.06			102,906		1.86			1.42			27
	14.61		27.74			125,271		1.86			1.31			19
$	21.64		3.05	%	$	36,991		1.11	%		1.63	%		26	%
	21.33		22.31			39,787		1.11			1.65			22
	17.72		23.15			38,880		1.11			2.00			23
	14.58		1.83			39,922		1.11			2.18			27
	14.60		28.72			682,474		1.11			2.07			19
$	21.60		2.80	%	$	8,641		1.36	%		1.39	%		26	%
	21.26		22.00			11,546		1.36			1.40			22
	17.67		22.86			8,507		1.36			1.76			23
	14.63		1.55			9,694		1.36			1.91			27
	14.71		28.41			11,483		1.36			1.81			19
$	21.68		3.35	%	$	17,699		0.86	%		1.88	%		26	%
	21.42		22.57			12,148		0.86			1.90			22
	17.80		23.51			10,265		0.86			2.25			23
	14.78		2.09			10,786		0.86			2.42			27
	14.86		29.03			8,437		0.86			2.32			19
$	21.39		3.44	%	$	312,294		0.76	%		1.97	%		26	%
	21.13		22.73			431,318		0.76			2.00			22
	17.56		23.58			366,609		0.76			2.35			23
	14.60		2.23			316,694		0.76			2.47			27
	14.68		29.18			174,202		0.76			2.41			19

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 137

Financial Highlights (cont’d)

For a Share Outstanding for the Year ended:

	Net Asset Value, Beginning of Year		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations		Dividends from Net Investment Income
AllianzGI NFJ Large-Cap Value (cont’d)
Administrative Class
6/30/2015	$	21.26	$	0.39	$	0.29		$	0.68	$	(0.21	)
6/30/2014		17.67		0.34		3.59			3.93		(0.34	)
6/30/2013		14.66		0.34		3.05			3.39		(0.38	)
6/30/2012		14.71		0.31		(0.06	)		0.25		(0.30	)
6/30/2011		11.67		0.30		3.04			3.34		(0.30	)

(a) Calculated on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day of the year and a sale of a share on the last day of each year reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP.

138 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

Net Asset Value, End of Year		Total Return (b)			Net Assets, End of Year (000s)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
$	21.73		3.20	%	$	1,655		1.01	%		1.79	%		26	%
	21.26		22.38			6,391		1.01			1.76			22
	17.67		23.28			6,830		1.01			2.10			23
	14.66		1.95			6,807		1.01			2.18			27
	14.71		28.88			19,590		1.01			2.16			19

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 139

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income
AllianzGI NFJ Mid-Cap Value:
Class A
6/30/2015	$	25.52	$	0.31	$	0.36		$	0.67		$	(0.37	)
6/30/2014		20.33		0.29		5.10			5.39			(0.20	)
6/30/2013		16.85		0.27		3.56			3.83			(0.35	)
6/30/2012		17.73		0.21		(0.90	)		(0.69	)		(0.19	)
6/30/2011		13.49		0.21		4.24			4.45			(0.21	)
Class B
6/30/2015	$	22.74	$	0.09	$	0.34		$	0.43		$	(0.13	)
6/30/2014		18.10		0.09		4.56			4.65			(0.01	)
6/30/2013		14.83		0.10		3.17			3.27			—	(c)
6/30/2012		15.55		0.06		(0.78	)		(0.72	)		—	(c)
6/30/2011		11.78		0.07		3.72			3.79			(0.02	)
Class C
6/30/2015	$	21.66	$	0.10	$	0.30		$	0.40		$	(0.23	)
6/30/2014		17.30		0.10		4.34			4.44			(0.08	)
6/30/2013		14.40		0.11		3.04			3.15			(0.25	)
6/30/2012		15.19		0.07		(0.77	)		(0.70	)		(0.09	)
6/30/2011		11.58		0.07		3.65			3.72			(0.11	)
Class D
6/30/2015	$	25.82	$	0.31	$	0.37		$	0.68		$	(0.38	)
6/30/2014		20.57		0.30		5.15			5.45			(0.20	)
6/30/2013		17.02		0.27		3.61			3.88			(0.33	)
6/30/2012		17.86		0.20		(0.90	)		(0.70	)		(0.14	)
6/30/2011		13.60		0.22		4.27			4.49			(0.23	)
Class R
6/30/2015	$	22.48	$	0.22	$	0.32		$	0.54		$	(0.34	)
6/30/2014		17.95		0.21		4.49			4.70			(0.17	)
6/30/2013		14.93		0.20		3.14			3.34			(0.32	)
6/30/2012		15.75		0.15		(0.80	)		(0.65	)		(0.17	)
6/30/2011		12.00		0.15		3.77			3.92			(0.17	)
Class P
6/30/2015	$	21.57	$	0.33	$	0.29		$	0.62		$	(0.49	)
6/30/2014		17.23		0.29		4.32			4.61			(0.27	)
6/30/2013		14.38		0.26		3.04			3.30			(0.45	)
6/30/2012		15.23		0.24		(0.79	)		(0.55	)		(0.30	)
2/28/2011* - 6/30/2011		14.98		0.08		0.17			0.25			—
Institutional Class
6/30/2015	$	26.99	$	0.43	$	0.37		$	0.80		$	(0.46	)
6/30/2014		21.49		0.41		5.38			5.79			(0.29	)
6/30/2013		17.80		0.36		3.76			4.12			(0.43	)
6/30/2012		18.72		0.32		(0.99	)		(0.67	)		(0.25	)
6/30/2011		14.19		0.28		4.47			4.75			(0.22	)

140 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
$	25.82		2.66	%	$	408,706		1.26	%(e)		1.23	%(e)		48	%
	25.52		26.63			459,875		1.26	(e)		1.28	(e)		40
	20.33		22.94			409,581		1.26			1.46			28
	16.85		(3.83	)		397,102		1.26			1.25			27
	17.73		33.15			467,858		1.26			1.27			55
$	23.04		1.90	%	$	1,626		2.01	%(e)		0.41	%(e)		48	%
	22.74		25.67			3,366		2.01	(e)		0.45	(e)		40
	18.10		22.05			4,824		2.01			0.59			28
	14.83		(4.63	)		12,728		2.01			0.38			27
	15.55		32.19			53,608		2.01			0.52			55
$	21.83		1.88	%	$	198,432		2.01	%(e)		0.48	%(e)		48	%
	21.66		25.72			217,181		2.01	(e)		0.53	(e)		40
	17.30		22.02			194,591		2.01			0.71			28
	14.40		(4.60	)		188,453		2.01			0.50			27
	15.19		32.19			232,335		2.01			0.52			55
$	26.12		2.66	%	$	11,218		1.26	%(e)		1.19	%(e)		48	%
	25.82		26.60			11,794		1.26	(e)		1.27	(e)		40
	20.57		22.98			10,958		1.26			1.44			28
	17.02		(3.89	)		12,397		1.26			1.16			27
	17.86		33.15			38,286		1.26			1.29			55
$	22.68		2.43	%	$	11,665		1.51	%(e)		0.96	%(e)		48	%
	22.48		26.29			14,103		1.51	(e)		1.01	(e)		40
	17.95		22.59			12,738		1.51			1.21			28
	14.93		(4.08	)		12,287		1.51			0.99			27
	15.75		32.82			15,530		1.51			1.02			55
$	21.70		2.93	%	$	15,307		1.01	%(e)		1.55	%(e)		48	%
	21.57		26.92			6,687		1.01	(e)		1.50	(e)		40
	17.23		23.28			6,707		1.01			1.64			28
	14.38		(3.53	)		3,276		1.01			1.68			27
	15.23		1.67			75		1.00	(d)		1.63	(d)		55
$	27.33		3.01	%	$	92,289		0.91	%(e)		1.60	%(e)		48	%
	26.99		27.09			89,928		0.91	(e)		1.66	(e)		40
	21.49		23.39			66,059		0.91			1.84			28
	17.80		(3.51	)		50,843		0.91			1.80			27
	18.72		33.61			24,763		0.91			1.64			55

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 141

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income
AllianzGI NFJ Mid-Cap Value (cont’d)
Administrative Class
6/30/2015	$	26.23	$	0.35	$	0.37		$	0.72		$	(0.41	)
6/30/2014		20.89		0.32		5.25			5.57			(0.23	)
6/30/2013		17.30		0.30		3.65			3.95			(0.36	)
6/30/2012		18.19		0.23		(0.93	)		(0.70	)		(0.19	)
6/30/2011		13.82		0.23		4.35			4.58			(0.21	)

* Commencement of operations.

(a) Calculated on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

(c) Less than $(0.01) per share.

(d) Annualized.

(e) Does not include expenses of the investment companies in which the Fund invests.

142 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
$	26.54		2.77	%	$	4,698		1.16	%(e)		1.33	%(e)		48	%
	26.23		26.77			4,961		1.16	(e)		1.36	(e)		40
	20.89		23.07			4,737		1.16			1.56			28
	17.30		(3.77	)		4,630		1.16			1.32			27
	18.19		33.28			6,683		1.16			1.39			55

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 143

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI NFJ Small-Cap Value:
Class A
6/30/2015	$	35.24	$	0.41	$	(1.95	)	$	(1.54	)	$	(0.67	)	$	(7.12	)
6/30/2014		31.96		0.39		6.96			7.35			(0.35	)		(3.72	)
6/30/2013		28.25		0.53		5.41			5.94			(0.38	)		(1.85	)
6/30/2012		30.67		0.39		(1.52	)		(1.13	)		(0.44	)		(0.85	)
6/30/2011		23.52		0.32		7.25			7.57			(0.42	)		—
Class B
6/30/2015	$	34.15	$	0.19	$	(1.92	)	$	(1.73	)	$	(0.44	)	$	(7.12	)
6/30/2014		31.07		0.13		6.76			6.89			(0.09	)		(3.72	)
6/30/2013		27.46		0.30		5.25			5.55			(0.09	)		(1.85	)
6/30/2012		29.60		0.17		(1.46	)		(1.29	)		—	(d)		(0.85	)
6/30/2011		22.59		0.14		6.94			7.08			(0.07	)		—
Class C
6/30/2015	$	33.27	$	0.17	$	(1.85	)	$	(1.68	)	$	(0.48	)	$	(7.12	)
6/30/2014		30.40		0.13		6.59			6.72			(0.13	)		(3.72	)
6/30/2013		26.97		0.29		5.16			5.45			(0.17	)		(1.85	)
6/30/2012		29.32		0.16		(1.44	)		(1.28	)		(0.22	)		(0.85	)
6/30/2011		22.50		0.11		6.93			7.04			(0.22	)		—
Class D
6/30/2015	$	36.37	$	0.43	$	(2.02	)	$	(1.59	)	$	(0.66	)	$	(7.12	)
6/30/2014		32.86		0.40		7.17			7.57			(0.34	)		(3.72	)
6/30/2013		28.98		0.55		5.55			6.10			(0.37	)		(1.85	)
6/30/2012		31.42		0.40		(1.56	)		(1.16	)		(0.43	)		(0.85	)
6/30/2011		24.06		0.33		7.43			7.76			(0.40	)		—
Class R
6/30/2015	$	36.37	$	0.34	$	(2.02	)	$	(1.68	)	$	(0.58	)	$	(7.12	)
6/30/2014		32.87		0.31		7.17			7.48			(0.26	)		(3.72	)
6/30/2013		28.96		0.47		5.56			6.03			(0.27	)		(1.85	)
6/30/2012		31.40		0.32		(1.55	)		(1.23	)		(0.36	)		(0.85	)
6/30/2011		24.07		0.26		7.42			7.68			(0.35	)		—
Class P
6/30/2015	$	37.36	$	0.51	$	(2.07	)	$	(1.56	)	$	(0.76	)	$	(7.12	)
6/30/2014		33.59		0.48		7.37			7.85			(0.36	)		(3.72	)
6/30/2013		29.59		0.64		5.67			6.31			(0.46	)		(1.85	)
6/30/2012		32.06		0.47		(1.56	)		(1.09	)		(0.53	)		(0.85	)
6/30/2011		24.54		0.39		7.59			7.98			(0.46	)		—
Institutional Class
6/30/2015	$	37.46	$	0.56	$	(2.07	)	$	(1.51	)	$	(0.78	)	$	(7.12	)
6/30/2014		33.73		0.56		7.36			7.92			(0.47	)		(3.72	)
6/30/2013		29.70		0.69		5.70			6.39			(0.51	)		(1.85	)
6/30/2012		32.17		0.52		(1.58	)		(1.06	)		(0.56	)		(0.85	)
6/30/2011		24.63		0.45		7.60			8.05			(0.51	)		—

144 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period			Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
$	(7.79	)	$	25.91	(c)		(3.77	)%	$	1,592,000		1.18	%		1.21	%		1.39	%		42	%
	(4.07	)		35.24			24.36			2,250,556		1.17			1.21			1.15			29
	(2.23	)		31.96			22.10			2,139,306		1.18			1.18			1.77			31
	(1.29	)		28.25	(c)		(3.48	)(c)		2,069,509		1.18			1.18			1.35			26
	(0.42	)		30.67			32.33			2,560,148		1.18			1.18			1.14			26
$	(7.56	)	$	24.86	(c)		(4.54	)%	$	5,359		1.93	%		1.96	%		0.67	%		42	%
	(3.81	)		34.15			23.45			8,849		1.92			1.96			0.39			29
	(1.94	)		31.07			21.20			10,026		1.93			1.93			1.02			31
	(0.85	)		27.46	(c)		(4.21	)(c)		12,678		1.93			1.93			0.60			26
	(0.07	)		29.60			31.36			38,545		1.93			1.93			0.54			26
$	(7.60	)	$	23.99	(c)		(4.52	)%	$	259,629		1.93	%		1.96	%		0.63	%		42	%
	(3.85	)		33.27			23.43			342,352		1.92			1.96			0.40			29
	(2.02	)		30.40			21.25			326,520		1.93			1.93			1.02			31
	(1.07	)		26.97	(c)		(4.22	)(c)		329,937		1.93			1.93			0.60			26
	(0.22	)		29.32			31.36			410,818		1.93			1.93			0.42			26
$	(7.78	)	$	27.00	(c)		(3.79	)%	$	82,889		1.18	%		1.21	%		1.40	%		42	%
	(4.06	)		36.37			24.37			121,356		1.17			1.21			1.15			29
	(2.22	)		32.86			22.14			118,418		1.18			1.18			1.77			31
	(1.28	)		28.98	(c)		(3.52	)(c)		119,903		1.18			1.18			1.35			26
	(0.40	)		31.42			32.33			150,210		1.18			1.18			1.16			26
$	(7.70	)	$	26.99	(c)		(4.06	)%	$	97,345		1.43	%		1.46	%		1.13	%		42	%
	(3.98	)		36.37			24.06			131,571		1.42			1.46			0.90			29
	(2.12	)		32.87			21.82			132,478		1.43			1.43			1.50			31
	(1.21	)		28.96	(c)		(3.73	)(c)		143,337		1.43			1.43			1.10			26
	(0.35	)		31.40			32.05			175,290		1.43			1.43			0.89			26
$	(7.88	)	$	27.92	(c)		(3.58	)%	$	106,077		0.93	%		0.96	%		1.63	%		42	%
	(4.08	)		37.36			24.68			93,195		0.92			0.96			1.34			29
	(2.31	)		33.59			22.43			125,247		0.93			0.93			2.03			31
	(1.38	)		29.59	(c)		(3.23	)(c)		117,040		0.93			0.93			1.58			26
	(0.46	)		32.06			32.64			82,009		0.93			0.93			1.32			26
$	(7.90	)	$	28.05	(c)		(3.40	)%	$	2,866,196		0.78	%		0.86	%		1.78	%		42	%
	(4.19	)		37.46			24.85			3,749,112		0.77			0.86			1.55			29
	(2.36	)		33.73			22.63			3,537,603		0.78			0.83			2.17			31
	(1.41	)		29.70	(c)		(3.11	)(c)		2,769,904		0.78			0.83			1.74			26
	(0.51	)		32.17			32.88			2,876,467		0.78			0.83			1.53			26

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 145

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI NFJ Small-Cap Value (cont’d)
Administrative Class
6/30/2015	$	35.19	$	0.46	$	(1.96	)	$	(1.50	)	$	(0.70	)	$	(7.12	)
6/30/2014		31.92		0.44		6.95			7.39			(0.40	)		(3.72	)
6/30/2013		28.23		0.58		5.39			5.97			(0.43	)		(1.85	)
6/30/2012		30.65		0.43		(1.52	)		(1.09	)		(0.48	)		(0.85	)
6/30/2011		23.50		0.36		7.25			7.61			(0.46	)		—
Class R6
6/30/2015	$	37.47	$	0.40	$	(1.90	)	$	(1.50	)	$	(0.83	)	$	(7.12	)
12/19/2013* - 6/30/2014		34.19		0.29		2.99			3.28			—			—

* Commencement of operations.

(a) Calculated on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

(c) Payments from Affiliates increased the end of year net asset value and total return by less than $0.01 and 0.00%, respectively.

(d) Less than $(0.01) per share.

(e) Annualized.

146 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period			Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
$	(7.82	)	$	25.87	(c)		(3.62	)%	$	811,305		1.03	%		1.11	%		1.54	%		42	%
	(4.12	)		35.19			24.55			1,220,261		1.02			1.11			1.30			29
	(2.28	)		31.92			22.30			1,209,716		1.03			1.08			1.92			31
	(1.33	)		28.23	(c)		(3.36	)(c)		1,266,720		1.03			1.08			1.50			26
	(0.46	)		30.65			32.54			1,577,240		1.03			1.08			1.27			26
$	(7.95	)	$	28.02	(c)		(3.37	)%	$	235,613		0.73	%		0.81	%		1.36	%		42	%
	—			37.47			9.59			27,994		0.72	(e)		0.81	(e)		1.49	(e)		29

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 147

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:

	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain		Total from Investment Operations		Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Small-Cap Blend:
Class A
6/30/2015	$	18.28	$	0.09		$	0.93	$	1.02	$	(0.05	)	$	(0.84	)
7/2/2013* - 6/30/2014		15.00		0.08			3.38		3.46		(0.06	)		(0.12	)
Class C
6/30/2015	$	18.16	$	(0.05	)	$	0.93	$	0.88	$	—(d	)	$	(0.84	)
7/2/2013* - 6/30/2014		15.00		(0.07	)		3.40		3.33		(0.05	)		(0.12	)
Class D
6/30/2015	$	18.31	$	0.09		$	0.92	$	1.01	$	(0.10	)	$	(0.84	)
7/2/2013* - 6/30/2014		15.00		0.05			3.42		3.47		(0.04	)		(0.12	)
Class P
6/30/2015	$	18.33	$	0.13		$	0.95	$	1.08	$	(0.08	)	$	(0.84	)
7/2/2013* - 6/30/2014		15.00		0.10			3.41		3.51		(0.06	)		(0.12	)
Institutional Class
6/30/2015	$	18.34	$	0.15		$	0.94	$	1.09	$	(0.10	)	$	(0.84	)
7/2/2013* - 6/30/2014		15.00		0.11			3.42		3.53		(0.07	)		(0.12	)

* Commencement of operations.

(a) Calculated on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day of the year and a sale of a share on the last day of each year reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized.

(c) Annualized.

(d) Less than $(0.01) per share.

148 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
$	(0.89	)	$	18.41		6.01	%	$	38,579		1.24	%		1.30	%		0.47	%		148	%
	(0.18	)		18.28		23.15			103		1.31	(c)		3.19	(c)		0.46	(c)		119
$	(0.84	)	$	18.20		5.27	%	$	44,067		1.99	%		2.05	%		(0.29	)%		148	%
	(0.17	)		18.16		22.28			39		2.06	(c)		3.99	(c)		(0.38	)(c)		119
$	(0.94	)	$	18.38		6.01	%	$	640		1.25	%		1.30	%		0.47	%		148	%
	(0.16	)		18.31		23.16			25		1.31	(c)		3.44	(c)		0.30	(c)		119
$	(0.92	)	$	18.49		6.36	%	$	2,143		0.99	%		1.05	%		0.73	%		148	%
	(0.18	)		18.33		23.43			13		1.06	(c)		3.40	(c)		0.56	(c)		119
$	(0.94	)	$	18.49		6.41	%	$	6,656		0.93	%		0.95	%		0.86	%		148	%
	(0.19	)		18.34		23.56			6,277		0.96	(c)		3.30	(c)		0.66	(c)		119

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 149

Financial Highlights (cont’d)

For a Share Outstanding for the Year ended:

	Net Asset Value, Beginning of Year		Net Investment Loss (a)			Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Distributions from Net Realized Capital Gains
AllianzGI Technology:
Class A
6/30/2015	$	63.49	$	(0.54	)	$	6.49		$	5.95		$	(11.29	)
6/30/2014		50.70		(0.54	)		17.81			17.27			(4.48	)
6/30/2013		45.66		(0.30	)		8.11			7.81			(2.77	)
6/30/2012		50.94		(0.42	)		(4.86	)		(5.28	)		—
6/30/2011		35.09		(0.61	)		16.46			15.85			—
Class B
6/30/2015	$	56.48	$	(0.86	)	$	5.67		$	4.81		$	(11.29	)
6/30/2014		45.84		(0.88	)		16.00			15.12			(4.48	)
6/30/2013		41.84		(0.58	)		7.35			6.77			(2.77	)
6/30/2012		47.03		(0.70	)		(4.49	)		(5.19	)		—
6/30/2011		32.65		(0.87	)		15.25			14.38			—
Class C
6/30/2015	$	56.46	$	(0.87	)	$	5.68		$	4.81		$	(11.29	)
6/30/2014		45.82		(0.88	)		16.00			15.12			(4.48	)
6/30/2013		41.83		(0.59	)		7.35			6.76			(2.77	)
6/30/2012		47.01		(0.70	)		(4.48	)		(5.18	)		—
6/30/2011		32.63		(0.89	)		15.27			14.38			—
Class D
6/30/2015	$	62.69	$	(0.53	)	$	6.40		$	5.87		$	(11.29	)
6/30/2014		50.10		(0.54	)		17.61			17.07			(4.48	)
6/30/2013		45.16		(0.30	)		8.01			7.71			(2.77	)
6/30/2012		50.38		(0.42	)		(4.80	)		(5.22	)		—
6/30/2011		34.71		(0.60	)		16.27			15.67			—
Class P
6/30/2015	$	66.74	$	(0.42	)	$	6.87		$	6.45		$	(11.29	)
6/30/2014		52.97		(0.42	)		18.67			18.25			(4.48	)
6/30/2013		47.48		(0.18	)		8.44			8.26			(2.77	)
6/30/2012		52.83		(0.31	)		(5.04	)		(5.35	)		—
6/30/2011		36.32		(0.51	)		17.02			16.51			—
Institutional Class
6/30/2015	$	67.21	$	(0.36	)	$	6.93		$	6.57		$	(11.29	)
6/30/2014		53.27		(0.36	)		18.78			18.42			(4.48	)
6/30/2013		47.68		(0.14	)		8.50			8.36			(2.77	)
6/30/2012		53.01		(0.27	)		(5.06	)		(5.33	)		—
6/30/2011		36.39		(0.47	)		17.09			16.62			—
Administrative Class
6/30/2015	$	65.40	$	(0.50	)	$	6.71		$	6.21		$	(11.29	)
6/30/2014		52.06		(0.50	)		18.32			17.82			(4.48	)
6/30/2013		46.77		(0.25	)		8.31			8.06			(2.77	)
6/30/2012		52.13		(0.38	)		(4.98	)		(5.36	)		—
6/30/2011		35.88		(0.58	)		16.83			16.25			—

(a) Calculated on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day of the year and a sale of a share on the last day of each year reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP.

(c) Payments from Affiliates increased net asset value and total return by less than $0.01 and 0.01%, respectively.

150 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

Net Asset Value, End of Year			Total Return (b)			Net Assets, End of Year (000s)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Loss to Average Net Assets			Portfolio Turnover Rate
$	58.15			10.33	%	$	340,765		1.61	%		(0.90	)%		165	%
	63.49			35.10			330,421		1.59			(0.92	)		152
	50.70			17.95			259,132		1.57			(0.63	)		161
	45.66			(10.37	)		258,603		1.58			(0.91	)		176
	50.94	(c)		45.17	(c)		358,971		1.60			(1.31	)		171
$	50.00			9.48	%	$	966		2.36	%		(1.60	)%		165	%
	56.48			34.06			2,009		2.34			(1.67	)		152
	45.84			17.10			2,666		2.32			(1.36	)		161
	41.84			(11.04	)		4,824		2.33			(1.66	)		176
	47.03	(c)		44.04	(c)		11,686		2.35			(2.07	)		171
$	49.98			9.51	%	$	130,395		2.36	%		(1.65	)%		165	%
	56.46			34.08			127,243		2.34			(1.67	)		152
	45.82			17.08			104,421		2.32			(1.37	)		161
	41.83			(11.02	)		108,200		2.33			(1.66	)		176
	47.01	(c)		44.07	(c)		140,676		2.35			(2.07	)		171
$	57.27			10.33	%	$	158,585		1.61	%		(0.90	)%		165	%
	62.69			35.09			171,101		1.59			(0.92	)		152
	50.10			17.95			154,286		1.57			(0.64	)		161
	45.16			(10.36	)		132,654		1.58			(0.92	)		176
	50.38	(c)		45.15	(c)		186,348		1.60			(1.32	)		171
$	61.90			10.62	%	$	53,710		1.36	%		(0.66	)%		165	%
	66.74			35.43			45,425		1.34			(0.67	)		152
	52.97			18.24			33,833		1.32			(0.38	)		161
	47.48			(10.13	)		36,159		1.33			(0.66	)		176
	52.83	(c)		45.46	(c)		59,233		1.35			(1.02	)		171
$	62.49			10.71	%	$	617,315		1.26	%		(0.55	)%		165	%
	67.21			35.56			544,216		1.24			(0.57	)		152
	53.27			18.38			399,840		1.22			(0.28	)		161
	47.68			(10.05	)		377,526		1.23			(0.56	)		176
	53.01	(c)		45.67	(c)		443,233		1.25			(0.97	)		171
$	60.32			10.44	%	$	72,947		1.51	%		(0.80	)%		165	%
	65.40			35.25			65,147		1.49			(0.82	)		152
	52.06			18.06			49,124		1.47			(0.53	)		161
	46.77			(10.28	)		48,897		1.48			(0.81	)		176
	52.13	(c)		45.29	(c)		71,805		1.50			(1.21	)		171

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 151

Financial Highlights (cont’d)

For a Share Outstanding for the Year ended:

	Net Asset Value, Beginning of Year		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss)		Total from Investment Operations		Dividends from Net Investment Income
AllianzGI U.S. Managed Volatility:
Class A
6/30/2015	$	15.04	$	0.29		$	0.04	$	0.33	$	(0.19	)
6/30/2014		13.39		0.22			1.84		2.06		(0.19	)
6/30/2013		13.62		0.33			1.22		1.55		(0.33	)
6/30/2012		14.32		0.20			0.34		0.54		(0.05	)
6/30/2011		11.06		0.08			3.26		3.34		(0.08	)
Class B
6/30/2015	$	13.97	$	0.15		$	0.06	$	0.21	$	—	(c)
6/30/2014		12.39		0.08			1.72		1.80		—	(c)
6/30/2013		12.69		0.23			1.11		1.34		(0.19	)
6/30/2012		13.48		0.09			0.31		0.40		—	(c)
6/30/2011		10.42		(0.01	)		3.07		3.06		—	(c)
Class C
6/30/2015	$	13.90	$	0.16		$	0.04	$	0.20	$	(0.10	)
6/30/2014		12.38		0.10			1.70		1.80		(0.06	)
6/30/2013		12.70		0.23			1.11		1.34		(0.21	)
6/30/2012		13.49		0.10			0.30		0.40		—	(c)
6/30/2011		10.43		(0.01	)		3.07		3.06		—	(c)
Class D
6/30/2015	$	15.09	$	0.29		$	0.05	$	0.34	$	(0.18	)
6/30/2014		13.37		0.21			1.85		2.06		(0.12	)
6/30/2013		13.59		0.32			1.22		1.54		(0.31	)
6/30/2012		14.32		0.22			0.31		0.53		(0.07	)
6/30/2011		11.06		0.09			3.26		3.35		(0.09	)
Class P
6/30/2015	$	15.56	$	0.35		$	0.03	$	0.38	$	(0.24	)
6/30/2014		13.79		0.23			1.93		2.16		(0.17	)
6/30/2013		13.98		0.38			1.24		1.62		(0.36	)
6/30/2012		14.70		0.25			0.33		0.58		(0.11	)
6/30/2011		11.35		0.12			3.35		3.47		(0.12	)
Institutional Class
6/30/2015	$	15.60	$	0.36		$	0.04	$	0.40	$	(0.25	)
6/30/2014		13.86		0.28			1.89		2.17		(0.21	)
6/30/2013		14.04		0.35			1.29		1.64		(0.37	)
6/30/2012		14.73		0.25			0.35		0.60		(0.10	)
6/30/2011		11.36		0.16			3.34		3.50		(0.13	)

(a) Calculated on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day of the year and a sale of a share on the last day of each year reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP.

(c) Less than $(0.01) per share.

(d) Does not include expenses of the investment companies in which the Fund invests.

152 Annual Report |  June 30, 2015  | See accompanying Notes to Financial Statements

Distributions from Net Realized Capital Gains			Total Dividends and Distributions			Net Asset Value, End of Year		Total Return (b)			Net Assets, End of Year (000s)		Ratio of Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
$	(1.11	)	$	(1.30	)	$	14.07		2.06	%	$	14,377		0.96	%(d)		1.93	%(d)		165	%
	(0.22	)		(0.41	)		15.04		15.62			15,055		0.96	(d)		1.58	(d)		122
	(1.45	)		(1.78	)		13.39		13.02			8,183		0.96			2.51			86
	(1.19	)		(1.24	)		13.62		4.63			6,412		1.08			1.52			199
	—			(0.08	)		14.32		30.27			7,838		1.17			0.62			138
$	(1.11	)	$	(1.11	)	$	13.07		1.35	%	$	100		1.71	%(d)		1.09	%(d)		165	%
	(0.22	)		(0.22	)		13.97		14.67			230		1.71	(d)		0.61	(d)		122
	(1.45	)		(1.64	)		12.39		12.17			577		1.71			1.82			86
	(1.19	)		(1.19	)		12.69		3.85			880		1.83			0.69			199
	—			—	(c)		13.48		29.37			1,655		1.92			(0.06	)		138
$	(1.11	)	$	(1.21	)	$	12.89		1.30	%	$	1,693		1.71	%(d)		1.19	%(d)		165	%
	(0.22	)		(0.28	)		13.90		14.69			1,881		1.71	(d)		0.75	(d)		122
	(1.45	)		(1.66	)		12.38		12.15			1,904		1.71			1.82			86
	(1.19	)		(1.19	)		12.70		3.85			2,540		1.83			0.79			199
	—			—	(c)		13.49		29.34			3,408		1.92			(0.11	)		138
$	(1.11	)	$	(1.29	)	$	14.14		2.11	%	$	514		0.96	%(d)		1.93	%(d)		165	%
	(0.22	)		(0.34	)		15.09		15.59			735		0.96	(d)		1.52	(d)		122
	(1.45	)		(1.76	)		13.37		12.95			1,405		0.96			2.39			86
	(1.19	)		(1.26	)		13.59		4.61			707		1.08			1.66			199
	—			(0.09	)		14.32		30.31			605		1.17			0.65			138
$	(1.11	)	$	(1.35	)	$	14.59		2.34	%	$	413		0.71	%(d)		2.31	%(d)		165	%
	(0.22	)		(0.39	)		15.56		15.92			181		0.71	(d)		1.62	(d)		122
	(1.45	)		(1.81	)		13.79		13.30			235		0.71			2.78			86
	(1.19	)		(1.30	)		13.98		4.86			82		0.83			1.87			199
	—			(0.12	)		14.70		30.62			58		0.92			0.89			138
$	(1.11	)	$	(1.36	)	$	14.64		2.45	%	$	60,253		0.61	%(d)		2.33	%(d)		165	%
	(0.22	)		(0.43	)		15.60		15.96			61,254		0.61	(d)		1.89	(d)		122
	(1.45	)		(1.82	)		13.86		13.36			42,595		0.61			2.52			86
	(1.19	)		(1.29	)		14.04		5.00			7,857		0.73			1.86			199
	—			(0.13	)		14.73		30.86			10,085		0.82			1.22			138

See accompanying Notes to Financial Statements |  June 30, 2015  | Annual Report 153

Notes to Financial Statements

June 30, 2015

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Allianz Funds (the “Trust”) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company organized as a Massachusetts business trust, and accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification “ASC” Topic 946 Financial Services—Investment Companies. As of June 30, 2015 the Trust consisted of seventeen separate investment funds (each a “Fund” and collectively, the “Funds”). Allianz Global Investors Fund Management LLC (“AGIFM” or the “Investment Adviser” ) serves as the Funds’ investment adviser and the Funds’ sub-advisers are Allianz Global Investors U.S. LLC (“AllianzGI U.S.”) and NFJ Investment Group LLC (“NFJ”) (collectively the “Sub-Advisers”), each an affiliate of the Investment Adviser. The Investment Adviser and the Sub-Advisers are indirect wholly-owned subsidiaries of Allianz Asset Management of America L.P. (“AAM”). AAM is an indirect, wholly-owned subsidiary of Allianz SE, a publicly traded European insurance and financial services company. Currently, the Trust may offer up to eight classes of shares to new and existing investors: A, C, D, R, P, Institutional, R6 and Administrative. As of November 1, 2009, Class B shares were no longer available for purchase, except through exchanges and dividend reinvestments.

The following Funds sold and issued shares of beneficial interest to Allianz Fund Investments, Inc. (“AFI”), an indirect wholly-owned subsidiary of Allianz SE, during the year ended June 30, 2015 and the year ended June 30, 2014:

AllianzGI Health Sciences
Class	Date		Shares		Amount
Institutional		12/22/14		302	$	10,000
AllianzGI NFJ Dividend Value
Class	Date		Shares		Amount
Class R6		12/19/13		640	$	10,000
AllianzGI NFJ International Value
Class	Date		Shares		Amount
Class R6		12/19/13		443	$	10,000
AllianzGI NFJ Small-Cap Value
Class	Date		Shares		Amount
Class R6		12/19/13		292	$	10,000
AllianzGI Small-Cap Blend
Class	Date		Shares		Amount
A		7/1/13		667	$	10,000
C		7/1/13		666		10,000
D		7/1/13		667		10,000
P		7/1/13		667		10,000
Institutional		7/1/13		333,333		5,000,000
				336,000	$	5,040,000

The investment objective of AllianzGI Emerging Markets Opportunities and AllianzGI International Managed Volatility is to seek maximum long-term capital appreciation. The investment objective of AllianzGI Focused Growth, AllianzGI Global Natural Resources, AllianzGI Global Small-Cap, AllianzGI Health Sciences, AllianzGI Mid-Cap, AllianzGI Small-Cap Blend, AllianzGI Technology and AllianzGI U.S. Managed Volatility is to seek long-term capital appreciation. The investment objective of AllianzGI NFJ All-Cap Value, AllianzGI NFJ Dividend Value, AllianzGI NFJ International Value, AllianzGI NFJ Large-Cap Value, AllianzGI NFJ Mid-Cap Value and AllianzGI NFJ Small-Cap Value is to seek long-term growth of capital and income. The investment objective of AllianzGI Income & Growth is to seek total return comprised of current income, current gains and capital appreciation. There can be no assurance that the Funds will meet their stated objectives.

The preparation of the Funds’ financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires the Funds’ management to make estimates and assumptions that affect the reported amounts and disclosures in each Fund’s financial statements. Actual results could differ from those estimates.

In the normal course of business, the Funds enter into contracts that contain a variety of representations that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred.

In June 2014, FASB issued an Accounting Standards Update (“ASU”) that expands secured borrowing accounting for certain repurchase agreements. ASU 2014-11 also sets forth additional disclosure requirements for certain transactions accounted for as sales, in order to provide financial statement users with information to compare to similar transactions accounted for as secured borrowings. ASU 2014-11 became effective for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. At this time, management is evaluating the implications of these changes on the Fund’s financial statements.

In April 2015, the FASB issued ASU 2015-7, disclosures for investments in certain entities that calculate net asset value per share (“NAV”) (or its equivalent), modifying ASC 946 Financial Services Investment Companies. Under the modifications, investments in affiliated and private investment funds valued at NAV are no longer included in the fair value hierarchy. ASU 2015-7 is effective prospectively during interim or annual periods beginning after December 15, 2014. At this time, management is evaluating the implications of these changes on the Funds’ financial statements.

The following is a summary of significant accounting policies consistently followed by the Funds:

(a) Valuation of Investments.  Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Market value is generally determined on

154 June 30, 2015  | Annual Report

the basis of official closing prices, last reported sales prices, or if no sales or closing prices are reported, on the basis of quotes obtained from a quotation reporting system, established market makers, or independent pricing services. Investments in mutual funds are valued at the NAV as reported on each business day. The Funds’ investments are valued daily using prices supplied by an independent pricing service or broker/dealer quotations, or by using the last sale or settlement price on the exchange that is the primary market for such securities, or the mean between the last bid and ask quotations. The market value for NASDAQ Global Market and NASDAQ Capital Market securities may also be calculated using the NASDAQ Official Closing Price instead of the last reported sales price. Independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily until settlement at the forward settlement date.

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

Short-term debt instruments maturing in 60 days or less are valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing premium or discount based on their value on the 61^st day prior to maturity, if the original term to maturity exceeded 60 days.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of each share class of a Fund may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the New York Stock Exchange (“NYSE”) is closed.

The prices used by the Funds to value investments may differ from the value that would be realized if the investments were sold, and these differences could be material to the Funds’ financial statements. The NAV of each share class of a Fund is normally determined as of the close of regular trading (normally, 4:00 p.m. Eastern time) on the NYSE on each day the NYSE is open for business.

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

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

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

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

n Level 3—valuations based on significant unobservable inputs (including the Sub-Advisers’ or Valuation Committee’s own assumptions and securities whose price was determined by using a single broker’s quote)

The valuation techniques used by the Funds to measure fair value during the year ended June 30, 2015 were intended to maximize the use of observable inputs and to minimize the use of unobservable inputs.

The Funds’ policy is to recognize transfers between levels at the end of the reporting period. An investment asset’s or liability’s level within the fair value hierarchy is based on the lowest level input, individually or in aggregate, that is significant to the fair value measurement. The

Annual Report |  June 30, 2015 155

Notes to Financial Statements (cont’d)

June 30, 2015

objective of fair value measurement remains the same even when there is a significant decrease in the volume and level of activity for an asset or liability and regardless of the valuation techniques used. Investments categorized as Level 1 or 2 as of period end may have been transferred between Levels 1 and 2 since the prior period due to changes in the valuation method utilized in valuing the investments.

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

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

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

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

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

Forward Foreign Currency Contracts—Forward foreign currency contracts are valued by independent pricing services using various inputs and techniques, which include broker-dealer quotations, actual trading information and foreign currency exchange rates gathered from leading market makers and foreign currency exchange trading centers throughout the world. To the extent that these inputs are observable, the values of forward foreign currency contracts are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

156 June 30, 2015  | Annual Report

A summary of the inputs used at June 30, 2015 in valuing each Fund’s assets and liabilities is listed below (refer to the Schedules of Investments and Notes 5(a) and 5(b) for more detailed information on Investments in Securities and Other Financial Instruments):

AllianzGI Emerging Markets Opportunities:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 6/30/15
Common Stock:
Brazil	$	14,364,399		—		—	$	14,364,399
China		2,312,863	$	21,663,141	$	3,265,928		27,241,932
India		2,555,141		10,062,413		—		12,617,554
Korea (Republic of)		1,126,430		25,435,571		—		26,562,001
Malaysia		493,184		—		—		493,184
Mexico		2,838,861		—		—		2,838,861
Russian Federation		1,505,626		—		—		1,505,626
United States		4,924,172		—		—		4,924,172
All Other		—		43,341,728		—		43,341,728
Preferred Stock:
Brazil		1,935,847		—		—		1,935,847
Russian Federation		—		—		3,125,715		3,125,715
Rights		—		—		6,135		6,135
Repurchase Agreements		—		5,366,000		—		5,366,000
		32,056,523		105,868,853		6,397,778		144,323,154
Other Financial Instruments* – Assets
Foreign Exchange Contracts		—		1,103		—		1,103
Totals	$	32,056,523	$	105,869,956	$	6,397,778	$	144,324,257
AllianzGI Focused Growth:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 6/30/15
Common Stock	$	689,369,478		—		—	$	689,369,478
Repurchase Agreements		—	$	12,419,000		—		12,419,000
Totals	$	689,369,478	$	12,419,000		—	$	701,788,478
AllianzGI Global Natural Resources:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 6/30/15
Common Stock:
Australia		—	$	608,384		—	$	608,384
Denmark		—		732,699		—		732,699
France		—		1,787,437		—		1,787,437
Germany		—		993,440		—		993,440
Japan		—		2,882,061		—		2,882,061
Norway		—		609,665		—		609,665
South Africa		—		743,493		—		743,493
Spain		—		1,004,734		—		1,004,734
Switzerland	$	1,095,404		405,982		—		1,501,386
United Kingdom		—		3,216,455		—		3,216,455
All Other		43,524,438		—		—		43,524,438
Repurchase Agreements		—		1,310,000		—		1,310,000
		44,619,842		14,294,350		—		58,914,192

Annual Report |  June 30, 2015 157

Notes to Financial Statements (cont’d)

June 30, 2015

AllianzGI Global Natural Resources:
Investments in Securities – Liabilities	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 6/30/15
Options Written:
Market Price	$	(256,836	)		—			—	$	(256,836	)
Other Financial Instruments* – Assets
Foreign Exchange Contracts		—		$	1,179			—		1,179
Other Financial Instruments* – Liabilities
Foreign Exchange Contracts		—			(2,787	)		—		(2,787	)
Totals	$	44,363,006		$	14,292,742			—	$	58,655,748
AllianzGI Global Small-Cap:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 6/30/15
Common Stock:
Canada	$	1,593,592			—			—	$	1,593,592
Denmark		1,803,840			—			—		1,803,840
France		5,142,565		$	622,359			—		5,764,924
Hong Kong		474,099			1,834,231			—		2,308,330
Ireland		2,314,801			1,583,027			—		3,897,828
Israel		1,147,258			—			—		1,147,258
Switzerland		1,120,696			2,076,705			—		3,197,401
Thailand		—			—		$	507,498		507,498
United Kingdom		1,457,033			9,624,755			—		11,081,788
United States		122,932,640			1,013,659			—		123,946,299
All Other		—			54,741,535			—		54,741,535
Repurchase Agreements		—			9,927,000			—		9,927,000
		137,986,524			81,423,271			507,498		219,917,293
Other Financial Instruments* – Liabilities
Foreign Exchange Contracts		—			(2,634	)		—		(2,634	)
Totals	$	137,986,524		$	81,420,637		$	507,498	$	219,914,659
AllianzGI Health Sciences:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 6/30/15
Common Stock:
Biotechnology	$	72,917,622		$	985,618			—	$	73,903,240
Health Care Providers & Services		34,027,245			1,272,010			—		35,299,255
Pharmaceuticals		58,496,700			12,078,083			—		70,574,783
All Other		37,253,133			—			—		37,253,133
Warrants		—			—		$	135,955		135,955
Repurchase Agreements		—			8,326,000			—		8,326,000
		202,694,700			22,661,711			135,955		225,492,366
Other Financial Instruments* – Assets
Foreign Exchange Contracts		—			19,716			—		19,716
Totals	$	202,694,700		$	22,681,427		$	135,955	$	225,512,082

158 June 30, 2015  | Annual Report

AllianzGI Income & Growth:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 6/30/15
Common Stock	$	994,805,911			—		—	$	994,805,911
Corporate Bonds & Notes		—		$	949,570,157		—		949,570,157
Convertible Bonds		—			710,446,549		—		710,446,549
Convertible Preferred Stock:
Automobiles		—			—	$	4,502,448		4,502,448
Banks		18,218,830			—		8,393,095		26,611,925
Food Products		12,117,212			11,655,461		7,795,380		31,568,053
Health Care Providers & Services		—			—		11,543,228		11,543,228
Iron/Steel		—			5,486,946		—		5,486,946
Machinery		3,538,744			10,411,120		—		13,949,864
Oil, Gas & Consumable Fuels		6,952,283			9,768,688		—		16,720,971
All Other		136,820,681			—		—		136,820,681
Repurchase Agreements		—			128,133,000		—		128,133,000
		1,172,453,661			1,825,471,921		32,234,151		3,030,159,733
Investments in Securities – Liabilities
Options Written:
Market Price		(806,480	)		—		—		(806,480	)
Totals	$	1,171,647,181		$	1,825,471,921	$	32,234,151	$	3,029,353,253
AllianzGI International Managed Volatility:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 6/30/15
Common Stock:
France	$	532,397		$	5,820,075		—	$	6,352,472
Hong Kong		2,113,718			4,710,895		—		6,824,613
Luxembourg		481,538			—		—		481,538
Netherlands		—			1,777,097	$	437,577		2,214,674
United Kingdom		1,250,741			12,753,909		—		14,004,650
All Other		—			58,389,918		—		58,389,918
Totals	$	4,378,394		$	83,451,894	$	437,577	$	88,267,865
AllianzGI Mid-Cap:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 6/30/15
Common Stock	$	312,804,363			—		—	$	312,804,363
Repurchase Agreements		—		$	1,864,000		—		1,864,000
Totals	$	312,804,363		$	1,864,000		—	$	314,668,363
AllianzGI NFJ All-Cap Value:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 6/30/15
Common Stock	$	24,289,107			—		—	$	24,289,107
Repurchase Agreements		—		$	172,000		—		172,000
Totals	$	24,289,107		$	172,000		—	$	24,461,107

Annual Report |  June 30, 2015 159

Notes to Financial Statements (cont’d)

June 30, 2015

AllianzGI NFJ Dividend Value:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 6/30/15
Common Stock	$	7,861,106,300		—			—	$	7,861,106,300
Repurchase Agreements		—	$	125,219,000			—		125,219,000
Totals	$	7,861,106,300	$	125,219,000			—	$	7,986,325,300
AllianzGI NFJ International Value:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 6/30/15
Common Stock:
Australia	$	47,521,868	$	26,405,964			—	$	73,927,832
China		24,215,789		142,225,644			—		166,441,433
France		—		161,979,699			—		161,979,699
Germany		—		25,404,940			—		25,404,940
Hong Kong		—		92,881,496			—		92,881,496
Indonesia		—		23,836,954			—		23,836,954
Ireland		—		21,360,554			—		21,360,554
Israel		77,125,500		27,166,779			—		104,292,279
Japan		50,491,150		244,944,371			—		295,435,521
Netherlands		—		49,846,818			—		49,846,818
Norway		—		69,070,584			—		69,070,584
Singapore		49,052,658		54,842,688			—		103,895,346
Sweden		23,001,444		77,698,052			—		100,699,496
United Kingdom		226,875,774		195,474,152			—		422,349,926
All Other		777,056,169		—			—		777,056,169
Preferred Stock		—		54,300,829			—		54,300,829
Repurchase Agreements		—		4,494,000			—		4,494,000
		1,275,340,352		1,271,933,524			—		2,547,273,876
Other Financial Instruments* – Assets
Foreign Exchange Contracts		—		11,517			—		11,517
Other Financial Instruments* – Liabilities
Foreign Exchange Contracts		—		(6,201	)		—		(6,201	)
Totals	$	1,275,340,352	$	1,271,938,840			—	$	2,547,279,192
AllianzGI NFJ Large-Cap Value:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 6/30/15
Common Stock	$	608,896,101		—			—	$	608,896,101
Repurchase Agreements		—	$	5,033,000			—		5,033,000
Totals	$	608,896,101	$	5,033,000			—	$	613,929,101
AllianzGI NFJ Mid-Cap Value:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 6/30/15
Common Stock	$	704,294,188		—			—	$	704,294,188
Mutual Funds		6,853,748		—			—		6,853,748
Repurchase Agreements		—	$	34,477,000			—		34,477,000
Totals	$	711,147,936	$	34,477,000			—	$	745,624,936

160 June 30, 2015  | Annual Report

AllianzGI NFJ Small-Cap Value:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 6/30/15
Common Stock	$	5,759,735,311			—		—	$	5,759,735,311
Mutual Funds		38,902,424			—		—		38,902,424
Repurchase Agreements		—		$	319,259,000		—		319,259,000
Totals	$	5,798,637,735		$	319,259,000		—	$	6,117,896,735
AllianzGI Small-Cap Blend:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 6/30/15
Common Stock	$	90,167,271			—		—	$	90,167,271
Repurchase Agreements		—		$	1,930,000		—		1,930,000
Totals	$	90,167,271		$	1,930,000		—	$	92,097,271
AllianzGI Technology:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 6/30/15
Common Stock:
Electrical Equipment	$	7,373,835		$	19,562,602		—	$	26,936,437
Electronic Equipment, Instruments & Components		42,284,289			15,952,426		—		58,236,715
Health Care Equipment & Supplies		—			4,117,111		—		4,117,111
Internet & Catalog Retail		118,199,587			16,144		—		118,215,731
Internet Software & Services		174,232,678			17,480,985		—		191,713,663
IT Services		120,766,271			7,860,288		—		128,626,559
Semiconductors & Semiconductor Equipment		167,944,452			9,427,108		—		177,371,560
Software		338,693,294			8,825,939		—		347,519,233
Technology Hardware, Storage & Peripherals		86,072,237			10,918,541		—		96,990,778
All Other		162,980,661			—		—		162,980,661
Exchange-Traded Funds		5,809			—		—		5,809
Repurchase Agreements		—			53,451,000		—		53,451,000
Options Purchased:
Market Price		15,410,281			—		—		15,410,281
		1,233,963,394			147,612,144		—		1,381,575,538
Investments in Securities – Liabilities
Options Written:
Market Price		(15,362,096	)		—		—		(15,362,096	)
Securities Sold Short, at value		(10,527,030	)		—		—		(10,527,030	)
		(25,889,126	)		—		—		(25,889,126	)
Totals	$	1,208,074,268		$	147,612,144		—	$	1,355,686,412
AllianzGI U.S. Managed Volatility:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 6/30/15
Common Stock	$	76,883,845			—		—	$	76,883,845
Repurchase Agreements		—		$	308,000		—		308,000
Totals	$	76,883,845		$	308,000		—	$	77,191,845

Annual Report |  June 30, 2015 161

Notes to Financial Statements (cont’d)

June 30, 2015

At June 30, 2015, the following Funds had transfers between Levels 1 and 2:

	Transfers
	Level 1 to Level 2			Level 2 to Level 1
AllianzGI Emerging Markets Opportunities	$	5,132,802(a	)	$	2,555,141(b	)
AllianzGI Global Small-Cap		1,489,363(a	)		7,595,194(b	)
AllianzGI Income & Growth		—			21,943,102(c	)
AllianzGI International Managed Volatility		4,117,036(a	)		3,150,749(b	)
AllianzGI Technology		—			40,122(b	)

(a) This transfer was a result of securities trading outside the U.S. whose values were not adjusted by the application of a modeling tool at June 30, 2014, which was applied on June 30, 2015.

(b) This transfer was a result of securities trading outside the U.S. whose values were adjusted by the application of a modeling tool at June 30, 2014, which was not applied on June 30, 2015.

(c) This transfer was a result of securities without an exchange-traded closing price at June 30, 2014, which was available on June 30, 2015.

A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the year ended June 30, 2015, was as follows:

AllianzGI Emerging Markets Opportunities:
Investments in Securities – Assets	Beginning Balance 6/30/14		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 6/30/15
Common Stock:
China		—	$	2,561,346	$	(1,106,663	)		—	$	(262,212	)	$	(136,037	)	$	2,209,494		—	$	3,265,928
Russian Federation	$	986,318		45,446		(603,143	)		—		(340,385	)		(88,236	)		—		—		—
Preferred Stock:
Russian Federation		3,068,175		1,368,753		(1,098,525	)		—		(125,779	)		(86,909	)		—		—		3,125,715
Rights		—		—		—			—		—			6,135			—		—		6,135
Totals	$	4,054,493	$	3,975,545	$	(2,808,331	)		—	$	(728,376	)	$	(305,047	)	$	2,209,494		—	$	6,397,778
AllianzGI Global Small-Cap:
Investments in Securities – Assets	Beginning Balance 6/30/14		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 6/30/15
Common Stock:
Thailand		—	$	977,788	$	(554,171	)		—	$	42,491		$	41,390			—		—	$	507,498
AllianzGI Health Sciences:
Investments in Securities – Assets	Beginning Balance 6/30/14		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 6/30/15
Warrants	$	771,550		—		—			—		—		$	(635,595	)		—		—	$	135,955

162 June 30, 2015  | Annual Report

AllianzGI Income & Growth:
Investments in Securities – Assets	Beginning Balance 6/30/14		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 6/30/15
Convertible Preferred Stock:
Automobiles		—	$	4,675,824		—			—		—	$	(173,376	)		—		—	$	4,502,448
Banks		—		8,883,702		—			—		—		(490,607	)		—		—		8,393,095
Food Products		—		8,683,804		—			—		—		(888,424	)		—		—		7,795,380
Health Care Providers & Services	$	2,973,488		11,363,486	$	(3,431,930	)	$	296,257	$	478,747		(136,820	)		—		—		11,543,228
Totals	$	2,973,488	$	33,606,816	$	(3,431,930	)	$	296,257	$	478,747	$	(1,689,227	)		—		—	$	32,234,151
AllianzGI International Managed Volatility:
Investments in Securities – Assets	Beginning Balance 6/30/14		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 6/30/15
Common Stock:
Netherlands		—		—		—			—		—		—		$	437,577		—	$	437,577
Rights:
Hong Kong	$	28,188		—	$	(22,022	)		—	$	22,022	$	(28,188	)		—		—		—
Totals	$	28,188		—	$	(22,022	)		—	$	22,022	$	(28,188	)	$	437,577		—	$	437,577

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 June 30, 2015:

AllianzGI Emerging Markets Opportunities:
Investments In Securities – Assets	Ending Balance at 6/30/15		Valuation Technique Used	Unobservable Inputs	Input Values
Common Stock	$	2,209,494	Fundamental Analytical Data Relating to the Investment	Price of Stock		HKD  3.30
	$	1,056,434	Last Price	Trading Volume		HKD  38.00
Preferred Stock	$	3,125,715	Value of Foreign Security Traded on Foreign Exchange	Price of Non-Resident Shares on Foreign Exchange		$  0.77
Rights	$	6,135	Fundamental Analytical Data Relating to the Investment	Price of Right		KRW  11,200

AllianzGI Global Small-Cap:
Investments In Securities – Assets	Ending Balance at 6/30/15		Valuation Technique Used	Unobservable Inputs	Input Values
Common Stock	$	507,498	Value of Foreign Security Traded on Foreign Exchange	Price of Non-Resident Shares on Foreign Exchange		THB  7.19

AllianzGI Health Sciences:
Investments In Securities – Assets	Ending Balance at 6/30/15		Valuation Technique Used	Unobservable Inputs	Input Values
Warrants	$	135,955	Analytical Model	Price of Warrant	$	0.7521

Annual Report |  June 30, 2015 163

Notes to Financial Statements (cont’d)

June 30, 2015

AllianzGI Income & Growth:
Investments In Securities – Assets	Ending Balance at 6/30/15		Valuation Technique Used	Unobservable Inputs	Input Values
Convertible Preferred Stock	$	32,234,151	Third-Party Pricing Vendor	Single Broker Quote	$	15.65-$118.33
AllianzGI International Managed Volatility:
Investments In Securities – Assets	Ending Balance at 6/30/15		Valuation Technique Used	Unobservable Inputs	Input Values
Common Stock	$	437,577	Offer Price	Price of Stock		EUR  45.25

EUR — Euro Dollar

HKD — Hong Kong Dollar

KRW — South Korean Won

THB — Thai Baht

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

** Transferred out of the Level 2 into Level 3 because trading was halted and Sub-Adviser recommended to use an average of the last closing price and some observed over-the-counter trades.

*** Transferred out of Level 2 into Level 3 because trading was halted and the Sub-Adviser recommended the last closing price at June 30, 2015.

The net change in unrealized appreciation/depreciation of Level 3 investments which the following funds held at June 30, 2015 was:

AllianzGI Emerging Market Opportunities	$	(204,736	)
AllianzGI Global Small-Cap		41,390
AllianzGI Health Sciences		(635,595	)
AllianzGI Income & Growth		(1,668,922	)
AllianzGI International Managed Volatility		54,470

Net realized gain (loss) and net change in unrealized appreciation/depreciation are reflected on the Statements of Operations.

(c) Investment Transactions and Investment Income.  Investment transactions are accounted for on the trade date. Securities purchased and sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses on investments are determined on an identified cost basis. Interest income adjusted for the accretion of discount and amortization of premiums is recorded on an accrual basis. Discounts or premiums on debt securities purchased are accreted or amortized, respectively, to interest income. Conversion premium is not amortized. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, and then are recorded as soon after the ex-dividend date as the Funds, using reasonable diligence, become aware of such dividends. Payments received from real estate investment trust securities may be comprised of dividends, realized gains and return of capital. The payment may initially be recorded as dividend income and may subsequently be reclassified as realized gains and/or return of capital upon receipt of information from the issuer. Payments considered return of capital reduce the cost basis of the respective security. Distributions, if any, in excess of the cost basis of a security are recognized as capital gains. Dividends from underlying funds are recorded as dividend income, while capital gain distributions are recorded as net capital gain distributions received from underlying funds on the Statements of Operations. Consent fees relating to

corporate actions are recorded as miscellaneous income upon receipt. Expenses are recorded on an accrual basis and such expenses exclude those of the underlying funds. Expenses of the underlying funds are reflected in the net asset values of those funds.

(d) Federal Income Taxes.  The Funds intend to distribute all of their taxable income and to comply with the other requirements of Subchapter M of the U.S. Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Accordingly, no provision for U.S. federal income taxes is required. The Funds may be subject to excise tax based on distributions to shareholders.

Accounting for uncertainty in income taxes establishes for all entities, including pass-through entities such as the Funds, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures. In accordance with provisions set forth under U.S. GAAP, the Investment Adviser has reviewed the Funds’ tax positions for all open tax years. As of June 30, 2015, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken. The Funds’ federal income tax returns for the prior three years as applicable, remain subject to examination by the Internal Revenue Service.

(e) Dividends and Distributions to Shareholders.  Dividends from net investment income, if any, of each Fund (except AllianzGI Income & Growth, AllianzGI NFJ Dividend Value, AllianzGI NFJ International Value and AllianzGI NFJ Large-Cap Value), are declared and distributed to shareholders annually. Dividends from net investment income and/or distributions from short-term capital gains for AllianzGI Income & Growth, if any, are declared and distributed monthly. Dividends from net investment income, if any, for AllianzGI NFJ Dividend Value, AllianzGI NFJ International Value and AllianzGI NFJ Large-Cap Value are declared and distributed quarterly. Net realized capital gains, if any, earned by each Fund, will be distributed annually.

164 June 30, 2015  | Annual Report

The Funds record dividends and distributions to their respective shareholders on the ex-dividend date. The amount of dividends from net investment income and distributions from net realized capital gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These “book-tax” differences are considered either temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal income tax treatment; temporary differences do not require reclassification. To the extent dividends and/or distributions exceed current and accumulated earnings and profits for federal income tax purposes, they are reported as dividends and/or distributions to shareholders from return of capital.

(f) Multi-Class Operations.  Each class offered by the Funds has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income, non-class specific expenses, and realized and unrealized capital gains and losses of each Fund are allocated daily to each class of shares based on the relative net assets of each class. Class specific expenses, where applicable, include administration, distribution and servicing fees.

(g) Foreign Currency Translation.  The Funds’ accounting records are maintained in U.S. dollars as follows: (1) the foreign currency market values of investments and other assets and liabilities denominated in foreign currencies are translated at the prevailing exchange rate at the end of the period; and (2) purchases and sales, income and expenses are translated at the prevailing exchange rate on the respective dates of such transactions. The resulting net foreign currency gain (loss) is included in the Funds’ Statements of Operations.

The Funds do not generally isolate that portion of the results of operations arising as a result of changes in foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities. Accordingly, such foreign currency gain (loss) is included in net realized and unrealized gain (loss) on investments. However, the Funds do isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations pursuant to U.S. federal income tax regulations; such amount is categorized as foreign currency gain (loss) for both financial reporting and income tax reporting purposes.

(h) Repurchase Agreements.  The Funds are parties to Master Repurchase Agreements (“Master Repo Agreements”) with select counterparties. The Master Repo Agreements maintain provisions for initiation, income payments, events of default, and maintenance of collateral.

The Funds enter into transactions, under the Master Repo Agreements, with their custodian bank or securities brokerage firms whereby they purchase securities under agreements to resell such securities at an agreed upon price and date (“repurchase agreements”). The Funds, through their custodian, take possession of

securities collateralizing the repurchase agreement. Such agreements are carried at the contract amount in the financial statements, which is considered to represent fair value. Collateral pledged (the securities received), which consists primarily of U.S. government obligations and asset-backed securities, is held by the custodian bank for the benefit of the Funds until maturity of the repurchase agreement. Provisions of the repurchase agreements and the procedures adopted by the Funds require that the market value of the collateral, including accrued interest thereon, be sufficient in the event of default by the counterparty. If the counterparty defaults under the Master Repo Agreements and the value of the collateral declines or if the counterparty enters an insolvency proceeding, realization of the collateral by the Funds may be delayed or limited. The gross values are included in the Funds’ Schedules of Investments. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2015.

(i) Securities Sold Short.  Certain Funds engage in short sales for investment and risk management purposes. Short sales are transactions in which a Fund sells a security or other instrument (such as an option, forward, future or other derivative contract) it does not own. When a Fund engages in a short sale, it must borrow the security sold short and deliver it to the counterparty. The Funds will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Until a short position is closed out, the net proceeds of the short sale will be retained by the lending broker to the extent necessary to meet margin requirements, together with any additional assets the broker requires as collateral. A Fund is also required to designate, on its books or the books of its custodian, liquid assets (less any additional collateral held by the broker) to cover the short sale obligation, marked to market daily. Short sales expose the Funds to the risk that they will be required to cover the short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the applicable Fund. A short sale is “against the box” if a Fund holds in its portfolio or has the right to acquire the security sold short at no additional cost. The Funds will be subject to additional risks to the extent that they engage in short sales that are not “against the box.” A Fund’s loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

(j) Warrants.  The Funds may receive warrants. Warrants are securities that are usually issued together with a debt security or preferred stock and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants may be freely transferable and are often traded on major exchanges. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the

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June 30, 2015

issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline in interest rates would permit a Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

(k) Rights.  The Funds may receive rights. A right is a privilege granted to existing shareholders of a corporation to subscribe for shares of a new issue of common stock before it is issued. Rights normally have a short life, usually two to four weeks, are freely transferable and entitle the holder to buy the new common stock at a lower price than the public offering price. Rights may entail greater risks than certain other types of investments. Generally, rights do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the right, the right will expire worthless. Rights may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities.

(l) When-Issued/Delayed-Delivery Transactions.   When-issued or delayed-delivery transactions involve a commitment to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Funds will set aside and maintain until the settlement date in a designated account, liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed-delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations; consequently, such fluctuations are taken into account when determining the NAV. The Funds may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a realized gain or loss. When a security is sold on a delayed-delivery basis, the Funds do not participate in future gains and losses with respect to the security.

2. PRINCIPAL RISKS

In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to, among other things, changes in the market (market risk) or failure of the other party to a transaction to perform (counterparty risk). The Funds are also exposed to other risks such as, but not limited to, interest rate, foreign currency, credit and leverage risks.

Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Funds are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is used primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e. yield) movements. Interest rate changes can be sudden and unpredictable, and the Funds may lose money as a result of movements in interest rates. The Funds may not be able to hedge against changes in interest rates or may choose not to do so for cost or other reasons. In addition, any hedges may not work as intended.

The Funds are exposed to credit risk, which is the risk of losing money if the issuer or guarantor of a fixed income security is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or to otherwise honor its obligations. Securities are subject to varying degrees of credit risk, which are often reflected in credit ratings.

To the extent the Funds directly invest in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, they will be subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including economic growth, inflation, changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or the imposition of currency controls or other political developments in the United States or abroad. As a result, the Funds’ investments in foreign currency-denominated securities may reduce the returns of the Funds. The local emerging market currencies in which the Funds may be invested may experience substantially greater volatility against the U.S. dollar than the major convertible currencies in developed countries.

The Funds are subject to elements of risk not typically associated with investments in the U.S., due to concentrated investments in foreign issuers located in a specific country or region. Such concentrations will subject the Funds to additional risks resulting from future political or economic conditions in such country or region and the possible

166 June 30, 2015  | Annual Report

imposition of adverse governmental laws or currency exchange restrictions affecting such country or region, which could cause the securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies.

The market values of securities may decline due to general market conditions (market risk) which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, adverse changes to credit markets or adverse investor sentiment. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity-related investments generally have greater market price volatility than fixed income securities, although under certain market conditions fixed income securities may have comparable or greater price volatility. Credit ratings downgrades may also negatively affect securities held by the Funds. Even when markets perform well, there is no assurance that the investments held by the Funds will increase in value along with the broader market. In addition, market risk includes the risk that geopolitical events will disrupt the economy on a national or global level.

The Funds are exposed to counterparty risk, or the risk that an institution or other entity with which the Funds have unsettled or open transactions will default. The potential loss to the Funds could exceed the value of the financial assets recorded in the Funds’ financial statements. Financial assets, which potentially expose the Funds to counterparty risk, consist principally of cash due from counterparties and investments. The Sub-Advisers seek to minimize the Funds’ counterparty risk by performing reviews of each counterparty and by minimizing concentration of counterparty risk by undertaking transactions with multiple customers and counterparties on recognized and reputable exchanges. Delivery of securities sold is only made once the Funds have received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligation.

The Funds are exposed to risks associated with leverage. Leverage may cause the value of the Funds’ shares to be more volatile than if the Funds did not use leverage. This is because leverage tends to exaggerate the effect of any increase or decrease in the value of the Funds’ portfolio securities. The Funds may engage in transactions or purchase instruments that give rise to forms of leverage. In addition, to the extent the Funds employ leverage, dividend and interest costs may not be recovered by any appreciation of the securities purchased with the leverage proceeds and could exceed the Funds’ investment returns, resulting in greater losses.

The Funds may hold defaulted securities that may involve special considerations including bankruptcy proceedings, other regulatory and legal restrictions affecting the Funds’ ability to trade, and the availability of prices from independent pricing services or dealer quotations. Defaulted securities are often illiquid and may not be actively traded.

Sale of securities in bankrupt companies at an acceptable price may be difficult and differences compared to the value of the securities used by the Funds could be material. A Fund may incur additional expenses to the extent it is required to seek recovery upon a portfolio security’s default in the payment of principal or interest. In any bankruptcy proceeding relating to a defaulted investment, a Fund may lose its entire investment or may be required to accept cash or securities with a value substantially less than its original investment.

The considerations and factors surrounding the settlement of certain purchases and sales made on a delayed-delivery basis are governed by Master Securities Forward Transaction Agreements (“Master Forward Agreements”) between the Funds and select counterparties. The Master Forward Agreements maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

The counterparty risk associated with certain contracts may be reduced by master netting arrangements to the extent that if an event of default occurs, all amounts with the counterparty are terminated and settled on a net basis. The Funds’ overall exposure to counterparty risk with respect to transactions subject to master netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.

The Funds may invest in other investment companies, including investment companies advised or sub-advised by the Investment Adviser or its affiliates. Investing in other investment companies involves certain additional expenses and tax results that would not be present in a direct investment in such other investment companies. Each Fund’s NAV will fluctuate in response to changes in the NAVs of the other investment companies in which it invests. The extent to which the investment performance and risks associated with each Fund correlate to those of a particular investment company will depend upon the extent to which each Fund’s assets are allocated from time to time for investment in such investment company, which will vary. To the extent that a Fund invests a significant portion of its assets in another investment company, it will be particularly sensitive to the risks associated with that investment company.

3. FINANCIAL DERIVATIVE INSTRUMENTS

Disclosure about derivatives and hedging activities requires qualitative disclosure regarding objectives and strategies for using derivatives, quantitative disclosure about fair value amounts of gains and losses on derivatives, and disclosure about credit-risk-related contingent features in derivative agreements. The disclosure requirements distinguish between derivatives which are accounted for as “hedges”, and those that do not qualify for such accounting. Although the Funds at times use derivatives for hedging purposes, the Funds reflect derivatives at fair value and recognize changes in fair value through the Funds’ Statements of Operations, and such derivatives do not qualify for hedge accounting treatment.

Option Transactions.  The Funds purchase put and call options on securities and indices for hedging purposes, risk management

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Notes to Financial Statements (cont’d)

June 30, 2015

purposes or otherwise as part of their investment strategies. The risks associated with purchasing an option include the risk that the Funds pay a premium whether or not the option is exercised. Additionally, the Funds bear the risk of loss of premiums and changes in market value should the counterparty not perform under the contract. Put and call options purchased are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by the premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

The Funds may write (sell) put and call options on securities and indices to earn premiums, for hedging purposes, risk management purposes or otherwise as part of their investment strategies. When an option is written, the premium received is recorded as an asset with an equal liability that is subsequently marked to market to reflect the market value of the option written. These liabilities, if any, are reflected as options written in the Funds’ Statements of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option written is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a put option written is exercised, the premium reduces the cost basis of the security. In writing an option, the Funds bear the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could result in the Funds purchasing a security at a price different from its current market value.

Futures Contracts.  The Funds use futures contracts to manage their exposure to the securities markets or the movements in interest rates and currency values. A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into such a contract, the Funds are required to pledge to the broker an amount of cash or securities equal to the minimum “initial margin” requirements of the exchange. Pursuant to the contracts, the Funds agree to receive from or pay to the broker an amount of cash or securities equal to the daily fluctuation in the value of the contracts. Such receipts or payments are known as “variation

margin” and are recorded by the Funds as unrealized appreciation or depreciation. When the contracts are closed, the Funds record a realized gain or loss equal to the difference between the value of the contracts at the time they were opened and the value at the time they were closed. Any unrealized appreciation or depreciation recorded is simultaneously reversed. The use of futures transactions involves various risks, including the risk of an imperfect correlation in the movements in the price of futures contracts, interest rates and underlying hedging assets, and possible inability or unwillingness of counterparties to meet the terms of their contracts.

Forward Foreign Currency Contracts.  A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. The Funds enter into forward foreign currency contracts for the purpose of hedging against foreign currency risk arising from the investment or anticipated investment in securities denominated in foreign currencies. The Funds also enter into these contracts for purposes of increasing exposure to a foreign currency or shifting exposure to foreign currency fluctuations from one country to another. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. All commitments are marked to market daily at the applicable exchange rates and any resulting unrealized appreciation or depreciation is recorded. Realized gains or losses are recorded at the time the forward contract matures or by delivery of the currency. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. In addition, these contracts may involve market risk in excess of the unrealized appreciation (depreciation) reflected in the Funds’ Statements of Assets and Liabilities.

The following is a summary of the Funds’ derivatives categorized by risk exposure.

The effect of derivatives on the Statements of Assets and Liabilities at June 30, 2015:

AllianzGI Emerging Markets Opportunities:
Location	Foreign Exchange Contracts
Asset derivatives:
Unrealized appreciation of forward foreign currency contracts	$	1,103

AllianzGI Global Natural Resources:
Location	Market Price			Foreign Exchange Contracts			Total
Asset derivatives:
Unrealized appreciation of forward foreign currency contracts		—		$	1,179		$	1,179
Liability derivatives:
Options written, at value	$	(256,836	)		—		$	(256,836	)
Unrealized depreciation of forward foreign currency contracts		—			(2,787	)		(2,787	)
Total liability derivatives	$	(256,836	)	$	(2,787	)	$	(259,623	)

168 June 30, 2015  | Annual Report

AllianzGI Global Small-Cap:
Location	Foreign Exchange Contracts
Liability derivatives:
Unrealized depreciation of forward foreign currency contracts	$	(2,634	)

AllianzGI Health Sciences:
Location	Foreign Exchange Contracts
Asset derivatives:
Unrealized appreciation of forward foreign currency contracts	$	19,716

AllianzGI Income & Growth:
Location	Market Price
Liability derivatives:
Options written, at value	$	(806,480	)

AllianzGI NFJ International Value:
Location	Foreign Exchange Contracts
Asset derivatives:
Unrealized appreciation of forward foreign currency contracts	$	11,517
Liability derivatives:
Unrealized depreciation of forward foreign currency contracts	$	(6,201	)

AllianzGI Technology:
Location	Market Price
Asset derivatives:
Investments, at value (options purchased)	$	15,410,281
Liability derivatives:
Options written, at value	$	(15,362,096	)

The effect of derivatives on the Statements of Operations for the year ended June 30, 2015:

AllianzGI Emerging Markets Opportunities:
Location	Foreign Exchange Contracts
Net realized loss on:
Foreign currency transactions (forward foreign currency contracts)	$	(7,697	)
Net change in unrealized appreciation/depreciation of:
Foreign currency transactions (forward foreign currency contracts)	$	1,103

AllianzGI Global Natural Resources:
Location	Market Price		Foreign Exchange Contracts			Total
Net realized gain on:
Options written	$	565,751		—		$	565,751
Foreign currency transactions (forward foreign currency contracts)		—	$	5,216			5,216
Total net realized gain	$	565,751	$	5,216		$	570,967
Net change in unrealized appreciation/depreciation of:
Options written	$	179,829		—		$	179,829
Foreign currency transactions (forward foreign currency contracts)		—	$	(1,608	)		(1,608	)
Total net change in unrealized appreciation/depreciation	$	179,829	$	(1,608	)	$	178,221

AllianzGI Global Small-Cap:
Location	Foreign Exchange Contracts
Net realized loss on:
Foreign currency transactions (forward foreign currency contracts)	$	(26,697	)
Net change in unrealized appreciation/depreciation of:
Foreign currency transactions (forward foreign currency contracts)	$	(2,634	)

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Notes to Financial Statements (cont’d)

June 30, 2015

AllianzGI Health Sciences:
Location	Market Price		Foreign Exchange Contracts		Total
Net realized gain on:
Investments (options purchased)	$	1,691,526		—	$	1,691,526
Net change in unrealized appreciation/depreciation of:
Foreign currency transactions (forward foreign currency contracts)		—	$	19,716	$	19,716

AllianzGI Income & Growth:
Location	Market Price
Net realized loss on:
Options written	$	(6,298,283	)
Net change in unrealized appreciation/depreciation of:
Options written	$	(412,517	)

AllianzGI International Managed Volatility:
Location	Foreign Exchange Contracts
Net realized loss on:
Foreign currency transactions (forward foreign currency contracts)	$	(53,630	)

AllianzGI NFJ International Value:
Location	Foreign Exchange Contracts
Net realized gain on:
Foreign currency transactions (forward foreign currency contracts)	$	209,969
Net change in unrealized appreciation/depreciation of:
Foreign currency transactions (forward foreign currency contracts)	$	5,316

AllianzGI NFJ Small-Cap Value:
Location	Foreign Exchange Contracts
Net realized gain on:
Foreign currency transactions (forward foreign currency contracts)	$	88,119

AllianzGI Technology:
Location	Market Price			Foreign Exchange Contracts			Total
Net realized gain (loss) on:
Investments (options purchased)	$	10,018,889			—		$	10,018,889
Futures contracts		—		$	(66,529	)		(66,529	)
Options written		16,872,229			—			16,872,229
Foreign currency transactions (forward foreign currency contracts)		—			(35,235	)		(35,235	)
Total net realized gain (loss)	$	26,891,118		$	(101,764	)	$	26,789,354
Net change in unrealized appreciation/depreciation of:
Investments (options purchased)	$	(39,232,323	)		—		$	(39,232,323	)
Options written		(5,592,848	)		—			(5,592,848	)
Total net change in unrealized appreciation/depreciation	$	(44,825,171	)		—		$	(44,825,171	)

The average volume (based on the open positions at each fiscal quarter-end) of derivative activity during the year ended June 30, 2015:

	Options Purchased		Options Written		Futures Contracts(1)		Forward Foreign Currency Contracts(2)
	Contracts(1)		Contracts(1)		Short		Purchased		Sold
AllianzGI Emerging Markets Opportunities		—		—		—	$	24,605		—
AllianzGI Global Small-Cap		—		—		—		5,485	$	63,956
AllianzGI Global Natural Resources		—		1,328		—		90,856		24,652
AllianzGI Health Sciences		334		—		—		344,644		—
AllianzGI Income & Growth		—		15,139		—		—		—
AllianzGI NFJ International Value		—		—		—		1,316,077		—
AllianzGI Technology		40,700		58,238		12		—		—

(1) Number of contracts

(2) U.S. $ value on origination date

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The following tables present by counterparty, the Funds’ derivative assets and liabilities net of related collateral held by the Funds at June 30, 2015 which has not been offset in the Statements of Assets and Liabilities, but would be available for offset to the extent of a default by the counterparty to the transaction.

Financial Assets and Derivative Assets, and Collateral Received at June 30, 2015:

AllianzGI Emerging Markets Opportunities:
Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in Statement of Assets and Liabilities		Financial Instrument/ Derivative Offset		Cash Collateral Received		Net Amount
Foreign Currency Exchange Contracts Northern Trust Company	$	1,103		—		—	$	1,103

AllianzGI Global Natural Resources:
Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in Statement of Assets and Liabilities		Financial Instrument/ Derivative Offset			Cash Collateral Received		Net Amount
Foreign Currency Exchange Contracts Northern Trust Company	$	1,179	$	(1,179	)		—		—

AllianzGI Health Sciences:
Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in Statement of Assets and  Liabilities		Financial Instrument/ Derivative Offset		Cash Collateral Received		Net Amount
Foreign Currency Exchange Contracts Northern Trust Company	$	19,716		—		—	$	19,716

AllianzGI NFJ International Value:
Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Asset Derivatives Presented in Statement of Assets and  Liabilities		Financial Instrument/ Derivative Offset			Cash Collateral Received (Pledged)		Net Amount
Foreign Currency Exchange Contracts Northern Trust Company	$	11,517	$	(6,201	)		—	$	5,316

Financial Liabilities and Derivative Liabilities, and Collateral Received at June 30, 2015:

AllianzGI Global Natural Resources:
Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Liability Derivatives Presented in Statement of Assets and Liabilities		Financial Instrument/ Derivative Offset			Cash Collateral Received (Pledged)		Net Amount
Foreign Currency Exchange Contracts Northern Trust Company	$	2,787	$	(1,179	)		—	$	1,608

AllianzGI Global Small-Cap:
Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Liability Derivatives Presented in Statement of Assets and Liabilities		Financial Instrument/ Derivative Offset		Cash Collateral Received (Pledged)		Net Amount
Foreign Currency Exchange Contracts Northern Trust Company	$	2,634		—		—	$	2,634

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Notes to Financial Statements (cont’d)

June 30, 2015

AllianzGI NFJ International Value:
Gross Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Liability Derivatives Presented in Statement of Assets and Liabilities		Financial Instrument/ Derivative Offset			Cash Collateral Received		Net Amount
Foreign Currency Exchange Contracts Northern Trust Company	$	6,201	$	(6,201	)		—		—

4. INVESTMENT ADVISER/ADMINISTRATOR/DISTRIBUTOR FEES/EXPENSES & DEFERRED COMPENSATION

Investment Advisory Fee.  AGIFM serves as investment adviser to the Funds, pursuant to an investment advisory contract. AGIFM receives a monthly fee (the “Investment Advisory Fee”) from each Fund at an annual rate based on the average daily net assets of each Fund.

The Investment Adviser has retained the Sub-Advisers to manage the Funds’ investments. Subject to the supervision of the Investment Adviser, the Sub-Advisers are responsible for making all of the Funds’ investment decisions. The Investment Adviser, not the Funds, pays a portion of the fees it receives as Investment Adviser to the Sub-Advisers in return for their services in accordance with the portfolio management agreements. AllianzGI U.S. sub-advises the following Funds: AllianzGI Emerging Markets Opportunities, AllianzGI Focused Growth, AllianzGI Global Natural Resources, AllianzGI Global Small-Cap, AllianzGI Health Sciences, AllianzGI Income & Growth, AllianzGI International Managed Volatility, AllianzGI Mid-Cap, AllianzGI Small-Cap Blend, AllianzGI Technology and AllianzGI U.S. Managed Volatility. NFJ sub-advises the following Funds: AllianzGI NFJ All-Cap Value, AllianzGI NFJ Dividend Value, AllianzGI NFJ International Value, AllianzGI NFJ Large-Cap Value, AllianzGI NFJ Mid-Cap Value and AllianzGI NFJ Small-Cap Value.

Administration Fee.  AGIFM provides administrative services to the Funds and also bears the cost of most third-party administrative services required by the Funds, and in return it receives from each share class of each Fund a monthly administration fee based on each share class’ average daily net assets (the “Administration Fee”).

The Investment Advisory Fee and Administration Fee for all classes are charged at an annual rate as indicated in the following table:

	All Classes						Class A, B, C, D, and R						Class P						Institutional Class						Administrative Class						Class R6
	Investment Advisory Fee			Effective Advisory Fee			Administration Fee			Effective Administration Fee			Administration Fee			Effective Administration Fee			Administration Fee			Effective Administration Fee			Administration Fee			Effective Administration Fee			Administration Fee			Effective Administration Fee
AllianzGI Emerging Markets Opportunities(1)		0.90	%		0.90	%		0.50	%		0.50	%		0.50	%		0.50	%		0.40	%		0.40	%		N/A			N/A			N/A			N/A
AllianzGI Focused Growth(3)		0.45			0.45			0.40			0.40			0.40			0.40			0.30			0.30			0.30	%		0.30	%		N/A			N/A
AllianzGI Global Natural Resources(2)		0.70			0.70			0.45			0.45			0.45			0.45			0.35			0.35			N/A			N/A			N/A			N/A
AllianzGI Global Small-Cap(2)		0.90			0.90			0.45			0.45			0.45			0.45			0.35			0.35			N/A			N/A			N/A			N/A
AllianzGI Health Sciences(3)		0.80			0.80			0.40			0.40			N/A			N/A			0.30			0.30			N/A			N/A			N/A			N/A
AllianzGI Income & Growth(3)		0.65			0.65	(5)		0.40			0.38			0.40			0.38			0.30			0.28			N/A			N/A			N/A			N/A
AllianzGI International Managed Volatility(1)		0.40			0.40			0.50			0.30	(10)		0.50			0.30	(10)		0.40			0.20	(10)		N/A			N/A			N/A			N/A
AllianzGI Mid-Cap(3)		0.47			0.47			0.40			0.40			0.40			0.40			0.30			0.30			0.30			0.30			N/A			N/A
AllianzGI NFJ All-Cap Value(3)		0.65			0.65			0.40			0.40			0.40			0.40			0.30			0.30			N/A			N/A			N/A			N/A
AllianzGI NFJ Dividend Value(3)		0.45			0.45	(9)		0.40			0.34			0.40			0.34			0.30			0.24			0.30			0.24			0.25	%		0.19	%
AllianzGI NFJ International Value(1)		0.60			0.60	(7)		0.50			0.41	(11)		0.50			0.41	(11)		0.40			0.31	(11)		0.40			0.31	(11)		0.35			0.26	(11)
AllianzGI NFJ Large-Cap Value(3)		0.45			0.45			0.40			0.40			0.40			0.40			0.30			0.30			0.30			0.30			N/A			N/A

172 June 30, 2015  | Annual Report

	All Classes						Class A, B, C, D, and R						Class P						Institutional Class						Administrative Class						Class R6
	Investment Advisory Fee			Effective Advisory Fee			Administration Fee			Effective Administration Fee			Administration Fee			Effective Administration Fee			Administration Fee			Effective Administration Fee			Administration Fee			Effective Administration Fee			Administration Fee			Effective Administration Fee
AllianzGI NFJ Mid-Cap Value(3)		0.60	%		0.60	%		0.40	%		0.40	%		0.40	%		0.40	%		0.30	%		0.30	%		0.30	%		0.30	%		N/A			N/A
AllianzGI NFJ Small-Cap Value(3)		0.60			0.57	(8)		0.40			0.36			0.40			0.36			0.30			0.21	(12)		0.30			0.21	(12)		0.25	%		0.16	%(12)
AllianzGI Small-Cap Blend(3)		0.65			0.60	(6)		0.40			0.40			0.40			0.40			0.30			0.30			N/A			N/A			N/A			N/A
AllianzGI Technology(3)		0.90			0.90	(4)		0.40			0.39			0.40			0.39			0.30			0.29			0.30			0.29			N/A			N/A
AllianzGI U.S. Managed Volatility(3)		0.30			0.30			0.40			0.40			0.40			0.40			0.30			0.30			N/A			N/A			N/A			N/A

(1) The total Administration Fee rate for each class of shares shall be reduced according to the following schedule, each based on such Fund’s aggregate average daily net assets: by 0.025% per annum on assets in excess of $250 million, by an additional 0.025% per annum on assets in excess of $500 million, by an additional 0.025% per annum on assets in excess of $1 billion, by an additional 0.025% per annum on assets in excess of $2.5 billion, by an additional 0.025% per annum on assets in excess of $5 billion and by an additional 0.025% per annum on assets in excess of $7.5 billion. To the extent any such reduction in the fee rate applies, the dollar amount of the fee reduction with respect to each share class is calculated and applied on a pro rata basis by reference to the percentage of the Fund’s average daily net assets attributable to that class.

(2) The total Administration Fee rate for each class of shares shall be reduced according to the following schedule, each based on such Fund’s aggregate average daily net assets: by 0.025% per annum on assets in excess of $500 million, by an additional 0.025% per annum on assets in excess of $1 billion, by an additional 0.025% per annum on assets in excess of $2.5 billion, by an additional 0.025% per annum on assets in excess of $5 billion and by an additional 0.025% per annum on assets in excess of $7.5 billion. To the extent any such reduction in the fee rate applies, the dollar amount of the fee reduction with respect to each share class is calculated and applied on a pro rata basis by reference to the percentage of the Fund’s average daily net assets attributable to that class.

(3) The total Administration Fee for each class of shares shall be reduced according to the following schedule, each based on such Fund’s aggregate average daily net assets: by 0.025% per annum on assets in excess of $1 billion, by an additional 0.025% per annum on assets in excess of $2.5 billion, by an additional 0.025% per annum on assets in excess of $5 billion and by an additional 0.025% per annum on assets in excess of $7.5 billion. To the extent any such reduction in the fee rate applies, the dollar amount of the fee reduction with respect to each share class is calculated and applied on a pro rata basis by reference to the percentage of the Fund’s average daily net assets attributable to that class.

(4) Effective November 1, 2014, the Adviser has contractually agreed to observe, through October 31, 2015, an irrevocable waiver of a portion of the Investment Advisory Fee, which reduces the 0.90% contractual fee rate by 0.01% on net assets in excess of $2 billion, by an additional 0.015% on net assets in excess of $3 billion and by an additional 0.025% on net assets in excess of $5 billion, each based on the Fund’s average daily net assets. An identical waiver arrangement was in place for the Fund from November 1, 2013 through October 31, 2014.

(5) Effective November 1, 2014, the Adviser has contractually agreed to observe, through October 31, 2015, an irrevocable waiver of a portion of the Investment Advisory Fee, which reduces the 0.65% contractual fee rate by 0.01% on net assets in excess of $2 billion, by an additional 0.015% on net assets in excess of $3 billion and by an additional 0.025% on net assets in excess of $5 billion, each based on the Fund’s average daily net assets. An identical waiver arrangement was in place for the Fund from November 1, 2013 through October 31, 2014.

(6) Effective March 9, 2015, the Adviser has contractually agreed to observe, through March 31, 2016, an irrevocable waiver of a portion of the Investment Advisory Fee, which reduces the 0.65% contractual fee rate by 0.06% to 0.59%.

(7) Effective November 1, 2014, the Adviser has contractually agreed to observe, through October 31, 2015, an irrevocable waiver of a portion of the Investment Advisory Fee, which reduces the 0.60% contractual fee rate by 0.01% on net assets in excess of $4 billion, by an additional 0.015% on net assets in excess of $5 billion and by an additional 0.025% on net assets in excess of $7.5 billion, each based on the Fund’s average daily net assets. An identical waiver arrangement was in place for the Fund from November 1, 2013 through October 31, 2014.

(8) Effective November 1, 2014, the Adviser has contractually agreed to observe, through October 31, 2015, an irrevocable waiver of a portion of the Investment Advisory Fee, which reduces the 0.60% contractual fee rate by 0.025% on net assets in excess of $3 billion, by an additional 0.025% on net assets in excess of $4 billion and by an additional 0.025% on net assets in excess of $5 billion, each based on the Fund’s average daily net assets. An identical waiver arrangement was in place for the Fund from November 1, 2013 through October 31, 2014.

(9) Effective November 1, 2014, the Adviser has contractually agreed to observe, through October 31, 2015, an irrevocable waiver of a portion of the Investment Advisory Fee, which reduces the 0.45% contractual fee rate by 0.025% on net assets in excess of $7.5 billion and by an additional 0.025% on net assets in excess of $10 billion, each based on the Fund’s average daily net assets. An identical waiver arrangement was in place for the Fund from November 1, 2013 through October 31, 2014.

(10) Effective November 1, 2014, the Administrator has contractually agreed to observe, through October 31, 2015, an irrevocable waiver of a portion of its Administration Fees, which reduces the contractual fee rate by 0.20%. An identical waiver arrangement was in place for the Fund from November 1, 2013 through October 31, 2014.

(11) Effective December 16, 2013, the Administrator had contractually agreed to observe, through October 31, 2015, an irrevocable waiver of a portion of its Administration Fees which reduced the contractual fee rate by 0.025%

(12) Effective November 1, 2014, the Administrator has contractually agreed to observe, through October 31, 2015, an irrevocable waiver of a portion of its Administration Fees paid by Institutional Class, Class R6 and Administrative Class shares in the amount of 0.05% of the Fund’s average daily net assets attributable to these particular share classes. An identical waiver arrangement was in place for the Fund from November 1, 2013 through October 31, 2014.

Distribution and Servicing Fees.  Allianz Global Investors Distributors LLC (the “Distributor”), an affiliate of AGIFM, serves as the distributor of the Trust’s shares. The Funds are permitted to reimburse the Distributor on a quarterly basis, out of the Administrative Class assets of each Fund offering Administrative Class shares, in an amount up to 0.25% on an annual basis of the average daily net assets of that class, for payments made to financial intermediaries that provide services in connection with the distribution of shares or administration of plans or programs that use Fund shares as their funding medium. Unreimbursed costs may be carried forward for reimbursement for up to twelve months beyond the date in which they are incurred, subject

always to the limit that not more than 0.25% of the average daily net assets attributable to the Administrative Class may be expensed.

Pursuant to the Distribution and Servicing Plans adopted by the A, B, C, D and R classes, the Distributor receives (i) in connection with the distribution of B, C, D and R class shares of the Trust, certain distribution fees from the Trust, and (ii) in connection with personal services rendered to A, B, C, D and R class shareholders of the Trust and the maintenance of shareholder accounts, certain servicing fees from the Trust.

Annual Report |  June 30, 2015 173

Notes to Financial Statements (cont’d)

June 30, 2015

The Funds paid the Distributor distribution and/or servicing fees at an effective rate as set forth below (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

	Allowable Rate
	Distribution Fee			Servicing Fee
Class A
All Funds		—			0.25	%
Class B
All Funds		0.75	%		0.25
Class C
All Funds		0.75			0.25
Class D
All Funds		—			0.25
Class R
All Funds		0.25			0.25

The Distributor also receives the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares and contingent deferred sales charges (“CDSC”) paid by the shareholders upon certain redemptions of Class A, B and C shares. For the year ended June 30, 2015, the Distributor received $1,686,923, representing commissions (sales charges) and CDSC from the funds.

Expenses.  The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust’s executive officers and employees who are not officers, directors, stockholders or employees of the Investment Adviser or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) the costs of borrowing money, including interest expense and bank overdraft charges; (v) fees and expenses of the Trustees who are not “interested persons” of the Investment Adviser or the Trust, and any counsel or other experts retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organization expenses, if any and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class shares and may include certain other expenses as permitted by the Trust’s Amended and Restated Multi-Class Plan adopted pursuant to Rule 18f-3 under the Investment Company Act of 1940 and subject to review and approval by the Trustees. The Funds may invest in other investment companies, including investment companies advised or sub-advised by the Investment Adviser or its affiliates. Investing in other investment companies involves certain additional expenses and tax results that would not be present in a direct investment in such other investment companies. The ratio of expenses to average net assets per share class, as disclosed in the Financial Highlights, may differ from the estimated annual fund operating expenses per share class as disclosed in the Prospectus for the reasons set forth above.

Deferred Compensation.  The Trustees do not currently receive any pension or retirement benefits from the Trust or the Fund Complex.

The Trust has adopted a deferred compensation plan (the “Plan”) for the Trustees, which permits the Trustees to defer their receipt of compensation from the Trust, at their election, in accordance with the terms of the Plan. Under the Plan, each Trustee may elect not to receive all or a portion of his or her fees from the Trust on a current basis but to receive in a subsequent period chosen by the Trustee an amount equal to the value of such compensation if such compensation had been invested in a Fund or Funds, or in one or more series of Allianz Funds Multi-Strategy Trust, selected by the Trustees from and after the normal payment dates for such compensation. The deferred compensation program is structured such that the Trust remains in substantially the same financial position whether Trustee fees are paid when earned or deferred.

5. INVESTMENTS IN SECURITIES

For the year ended June 30, 2015, purchases and sales of investments, other than short-term securities were:

	Purchases		Sales
AllianzGI Emerging Markets Opportunities	$	144,138,555	$	124,748,702
AllianzGI Focused Growth		381,164,768		413,760,486
AllianzGI Global Natural Resources		72,149,526		54,249,468
AllianzGI Global Small-Cap		134,506,153		129,059,588
AllianzGI Health Sciences*		147,076,452		138,718,289
AllianzGI Income & Growth		2,766,706,750		2,243,933,374
AllianzGI International Managed Volatility		91,693,786		92,216,540
AllianzGI Mid-Cap		259,148,412		311,336,111
AllianzGI NFJ All-Cap Value		11,843,235		12,800,617
AllianzGI NFJ Dividend Value		3,857,539,320		4,979,671,470
AllianzGI NFJ International Value		1,522,985,896		1,775,748,956
AllianzGI NFJ Large-Cap Value		192,329,004		369,519,615
AllianzGI NFJ Mid-Cap Value		356,872,918		450,578,837
AllianzGI NFJ Small-Cap Value		2,746,401,029		4,114,870,983
AllianzGI Small-Cap Blend		48,021,765		54,616,308
AllianzGI Technology**		1,977,771,356		1,982,589,408
AllianzGI U.S. Managed Volatility	$	138,615,123	$	140,631,467

* Securities sold short of $2,877,466; covers on securities sold short of $1,873,461.

** Securities sold short of $229,754,176; covers on securities sold short of $211,826,343.

(a) Transactions in options written for the year ended June 30, 2015:

	AllianzGI Global Natural Resources:
	Contracts			Premiums
Options outstanding, June 30, 2014		—			—
Options written		12,309		$	1,916,373
Options terminated in closing transactions		(6,337	)		(1,110,609	)
Options expired		(2,348	)		(369,099	)
Options outstanding, June 30, 2015		3,624		$	436,665

174 June 30, 2015  | Annual Report

	AllianzGI Income & Growth:
	Contracts			Premiums
Options outstanding, June 30, 2014		14,365		$	967,870
Options written		220,574			12,163,221
Options terminated in closing transactions		(76,219	)		(4,587,023	)
Options expired		(138,376	)		(7,871,662	)
Options outstanding, June 30, 2015		20,344		$	672,406

	AllianzGI Technology:
	Contracts			Premiums
Options outstanding, June 30, 2014		51,807		$	21,838,110
Options written		159,719			71,153,939
Options terminated in closing transactions		(88,660	)		(44,720,763	)
Options expired		(78,458	)		(28,719,853	)
Options outstanding, June 30, 2015		44,408		$	19,551,433

(b) Forward foreign currency contracts outstanding at June 30, 2015:

AllianzGI Emerging Markets Opportunities:
	Counterparty		U.S.$ Value on Origination Date		U.S.$ Value June 30, 2015		Unrealized Appreciation
Purchased:
24,628 Australian Dollar settling 7/2/15		Northern Trust Company	$	18,847	$	19,002	$	155
1,279,810 South African Rand settling 7/6/15		Northern Trust Company		104,176		105,124		948
							$	1,103
AllianzGI Global Natural Resources:
	Counterparty		U.S.$ Value on Origination Date		U.S.$ Value June 30, 2015		Unrealized Appreciation (Depreciation)
Purchased:
347,513 Canadian Dollar settling 7/2/15		Northern Trust Company	$	280,920	$	278,233	$	(2,687	)
216,415 Canadian Dollar settling 7/6/15		Northern Trust Company		173,361		173,261		(100	)
Sold:
152,480 Canadian Dollar settling 7/2/15		Northern Trust Company		123,261		122,082		1,179
							$	(1,608	)
AllianzGI Global Small-Cap:
	Counterparty		U.S.$ Value on Origination Date		U.S.$ Value June 30, 2015		Unrealized Depreciation
Sold:
417,875 Australian Dollar settling 7/2/15		Northern Trust Company	$	319,778	$	322,412	$	(2,634	)
AllianzGI Health Sciences:
	Counterparty		U.S.$ Value on Origination Date		U.S.$ Value June 30, 2015		Unrealized Appreciation
Purchased:
213,309,043 Japanese Yen settling 7/1/15		Northern Trust Company	$	1,723,219	$	1,742,935	$	19,716
AllianzGI NFJ International Value:
	Counterparty		U.S.$ Value on Origination Date		U.S.$ Value June 30, 2015		Unrealized Appreciation (Depreciation)
Purchased:
1,231,364 Australian Dollar settling 7/1/15		Northern Trust Company	$	943,290	$	950,059	$	6,769
753,324 Australian Dollar settling 7/2/15		Northern Trust Company		576,479		581,227		4,748
1,340,606 Australian Dollar settling 7/3/15		Northern Trust Company		1,035,288		1,034,285		(1,003	)
491,997,900 Japanese Yen settling 7/3/15		Northern Trust Company		4,025,327		4,020,129		(5,198	)
							$	5,316

Annual Report |  June 30, 2015 175

Notes to Financial Statements (cont’d)

June 30, 2015

6. INCOME TAX INFORMATION

The tax character of dividends paid was:

	Period or Year ended June 30, 2015						Period or Year ended June 30, 2014
	Ordinary Income(1)		15% Long-term Capital Gain		25% Long-Term Capital Gain		Ordinary Income(1)		15% Long-term Capital Gain
AllianzGI Emerging Markets Opportunities	$	1,889,114		—		—	$	1,749,811		—
AllianzGI Focused Growth		15,353,999	$	49,534,917		—		13,744,081	$	35,641,256
AllianzGI Global Natural Resources		57,524		—		—		251,777		—
AllianzGI Global Small-Cap		—		—		—		—		—
AllianzGI Health Sciences		14,918,832		9,878,723		—		8,124,007		17,506,436
AllianzGI Income & Growth		229,266,732		5,622,026		—		154,008,850		—
AllianzGI International Managed Volatility		3,368,043		—		—		2,336,784		—
AllianzGI Mid-Cap		—		47,115,578		—		—		—
AllianzGI NFJ All-Cap Value		283,126		—		—		366,801		—
AllianzGI NFJ Dividend Value		186,400,227		—		—		192,999,075		—
AllianzGI NFJ International Value		78,100,860		—		—		59,897,577		—
AllianzGI NFJ Large-Cap Value		12,803,090		—		—		12,696,247		—
AllianzGI NFJ Mid-Cap Value		10,651,632		—		—		6,117,067		—
AllianzGI NFJ Small-Cap Value		285,785,408		1,334,450,202		176,680		139,198,515		781,874,850
AllianzGI Small-Cap Blend		345,349		2,056		7		61,963		—
AllianzGI Technology		53,505,462		170,993,042		—		4,998,861		82,839,296
AllianzGI U.S. Managed Volatility		5,927,367		3,131,581		—		851,066		912,119

(1) Includes short-term capital gains, if any.

At June 30, 2015, the components of distributable earnings was:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Capital Loss Carryforwards(2)		Late Year Ordinary Loss(3)
									Post-October Capital Loss(4)
									Short-Term		Long-Term
AllianzGI Emerging Markets Opportunities	$	2,545,335		—	$	60,211,263		—	$	957,621		—
AllianzGI Focused Growth		4,482,958	$	33,891,544		—	$	723,122		—		—
AllianzGI Global Natural Resources		245,574		—		4,508,168		12,463		341,776		—
AllianzGI Global Small-Cap		—		—		5,878,327		87,387		3,072,838		—
AllianzGI Health Sciences		11,267,314		14,428,652		7,733,418		763,065		—		—
AllianzGI Income & Growth		63,096,477		14,930,214		—		—		—		—
AllianzGI International Managed Volatility		1,154,598		—		184,588,093		3,849		1,450,683		—
AllianzGI Mid-Cap		—		18,982,100		—		1,389,103		3,644,620		—
AllianzGI NFJ All-Cap Value		146,516		—		7,653,288		—		—		—
AllianzGI NFJ Dividend Value		—		—		301,775,539		—		41,903,529		—
AllianzGI NFJ International Value		22,611,150		—		150,760,204		—		23,173,197		—
AllianzGI NFJ Large-Cap Value		208,945		—		359,962,679		—		—		—
AllianzGI NFJ Mid-Cap Value		1,639,062		6,340,534		—		65,541		2,801,534		—
AllianzGI NFJ Small-Cap Value		22,131,128		597,558,644		—		—		65,542,931		—
AllianzGI Small-Cap Blend		38,593		1,711,270		—		—		35,916		—
AllianzGI Technology		27,080,166		133,342,369		—		7,678,256		—		—
AllianzGI U.S. Managed Volatility		2,789,620		2,310,074		1,529,688		—		—		—

(2) Capital loss carryforwards available as a reduction, to the extent provided in the regulations, of any future net realized gains. To the extent that these losses are used to offset future realized capital gains, such gains will not be disbursed.

(3) Certain ordinary losses realized during the period November 1, 2014 through June 30, 2015, and/or other ordinary losses realized during the period January 1, 2015 through June 30, 2015, which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

(4) Capital losses realized during the period November 1, 2014 through June 30, 2015 which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

176 June 30, 2015  | Annual Report

Under the Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010, for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term capital losses.

At June 30, 2015, capital loss carryforward amounts were:

	2016			2017			2018
AllianzGI Emerging Markets Opportunities		—		$	30,125,746		$	30,085,517	*
AllianzGI Focused Growth		—			—			—
AllianzGI Global Natural Resources		—			—			4,508,168
AllianzGI Global Small-Cap		—			—			5,878,327
AllianzGI Health Sciences		—			2,577,806	*		5,155,612	*
AllianzGI Income & Growth		—			—			—
AllianzGI International Managed Volatility		—			134,335,679			50,252,414
AllianzGI Mid-Cap		—			—			—
AllianzGI NFJ All-Cap Value		—			—			7,653,288
AllianzGI NFJ Dividend Value		—			—			301,775,539
AllianzGI NFJ International Value		—			—			150,760,204
AllianzGI NFJ Large-Cap Value	$	17,261,411	*		37,111,699	*		305,589,569	*
AllianzGI NFJ Mid-Cap Value		—			—			—
AllianzGI NFJ Small-Cap Value		—			—			—
AllianzGI Small-Cap Blend		—			—			—
AllianzGI Technology		—			—			—
AllianzGI U.S. Managed Volatility		—			—			1,529,688	*

* Subject to limitations under IRC Sections 381-384

For the year ended June 30, 2015, the Funds utilized the following amounts of pre-enactment capital loss carryforwards:

	Utilized
AllianzGI Emerging Markets Opportunities	$	3,997,512
AllianzGI Focused Growth		—
AllianzGI Global Natural Resources		2,332,764
AllianzGI Global Small-Cap		8,650,511
AllianzGI Health Sciences		2,577,806
AllianzGI Income & Growth		—
AllianzGI International Managed Volatility		2,698,983
AllianzGI Mid-Cap		1,880,680
AllianzGI NFJ All-Cap Value		3,080,493
AllianzGI NFJ Dividend Value		1,015,217,982
AllianzGI NFJ International Value		30,021,956
AllianzGI NFJ Large-Cap Value		125,608,480
AllianzGI NFJ Mid-Cap Value		111,130,367
AllianzGI NFJ Small-Cap Value		—
AllianzGI Small-Cap Blend		—
AllianzGI Technology		—
AllianzGI U.S. Managed Volatility		509,896

Annual Report |  June 30, 2015 177

Notes to Financial Statements (cont’d)

June 30, 2015

For the period or year ended June 30, 2015, permanent “book-tax” adjustments were:

	Undistributed (Dividends in Excess of) Net Investment Income			Accumulated Net Realized Gain(Loss)			Paid-in Capital			Unrealized Depreciation
AllianzGI Emerging Markets Opportunities(b)(f)	$	496,555		$	(496,555	)		—			—
AllianzGI Focused Growth(a)(j)		4,143,386			(1,635,364	)	$	(2,508,022	)		—
AllianzGI Global Natural Resources(f)		(19,246	)		19,246			—			—
AllianzGI Global Small-Cap(d)(f)(g)(l)		672,897			87,467			(757,239	)	$	(3,125	)
AllianzGI Health Sciences(f)(d)		969,175			(969,175	)		—			—
AllianzGI Income & Growth(e)(g)(h)(i)(m)(r)		84,979			955,748			(1,040,727	)		—
AllianzGI International Managed Volatility(b)(f)(l)		450,497			(447,968	)		(2,529	)		—
AllianzGI Mid-Cap(d)(l)(j)		2,044,513			1,790,715			(3,835,228	)		—
AllianzGI NFJ All-Cap Value(s)		(1,445	)		1,445			—			—
AllianzGI NFJ Dividend Value(c)		163,488			—			(163,488	)		—
AllianzGI NFJ International Value(b)(f)		9,722,336			(9,722,336	)		—			—
AllianzGI NFJ Large-Cap Value		—			—			—			—
AllianzGI NFJ Mid-Cap Value(f)(g)(l)(n)(p)		(6,139,018	)		6,151,532			(168	)		(12,346	)
AllianzGI NFJ Small-Cap Value(a)(f)(g)(l)(n)(p)		12,652,426			2,483,830			(29,448	)		(15,106,808	)
AllianzGI Small-Cap Blend(a)(g)(k)(l)(o)(p)		(2,867	)		27,106			5,410			(29,649	)
AllianzGI Technology(b)(d)(f)(j)(q)(s)		9,644,418			(9,642,604	)		(1,814	)		—
AllianzGI U.S. Managed Volatility(g)		48,049			(7,733	)		—			(40,316	)

These permanent “book-tax” differences were primarily attributable to:

(a) Reclassification of distributions.

(b) Reclassification of gains from securities classified as Passive Foreign Investment Companies (“PFICs”) for tax purposes.

(c) Taxable overdistributions.

(d) Net operating losses.

(e) Reclassification of non-deductible expenses.

(f) Reclassification of gains and losses from foreign currency transactions.

(g) Reclassifications related to investments in Real Estate Investment Trusts (REITs).

(h) Consent fees.

(i) Reclassification due to convertible preferred securities.

(j) Security litigation.

(k) Open basis adjustment to paid-in capital.

(l) Gain/Loss on Sale of partnership.

(m) Reclassification of contingent debt.

(n) Adjustment to prior year’s beginning balance.

(o) Adjustments from target fund.

(p) Distribution from partnerships.

(q) Reclassification of dividend expense.

(r) Section 305 sales adjustment.

(s) Miscellaneous adjustment.

Net investment income, net realized gains or losses and net assets were not affected by these adjustments.

178 June 30, 2015  | Annual Report

At June 30, 2015, the aggregate cost basis and the net unrealized appreciation (depreciation) of investments (before options written and securities sold short) for federal income tax purposes were:

	Federal Tax Cost Basis(5)		Unrealized Appreciation		Unrealized Deprecation		Net Unrealized Appreciation (Depreciation)
AllianzGI Emerging Markets Opportunities	$	137,026,042	$	14,155,893	$	6,858,781	$	7,297,112
AllianzGI Focused Growth		504,350,688		199,959,542		2,521,752		197,437,790
AllianzGI Global Natural Resources		61,484,036		1,287,413		3,857,257		(2,569,844	)
AllianzGI Global Small-Cap		179,096,491		46,146,252		5,325,450		40,820,802
AllianzGI Health Sciences		179,532,736		48,230,936		2,271,306		45,959,630
AllianzGI Income & Growth		3,209,804,444		38,496,416		218,141,127		(179,644,711	)
AllianzGI International Managed Volatility		84,923,527		6,302,539		2,958,201		3,344,338
AllianzGI Mid-Cap		265,992,455		55,981,460		7,305,552		48,675,908
AllianzGI NFJ All-Cap Value		21,071,802		3,795,947		406,642		3,389,305
AllianzGI NFJ Dividend Value		6,801,993,738		1,316,641,665		132,310,103		1,184,331,562
AllianzGI NFJ International Value		2,514,505,217		206,268,123		173,499,464		32,768,659
AllianzGI NFJ Large-Cap Value		502,904,719		130,191,359		19,166,977		111,024,382
AllianzGI NFJ Mid-Cap Value		632,845,313		137,974,227		25,194,604		112,779,623
AllianzGI NFJ Small-Cap Value		5,261,624,189		1,131,133,477		274,860,931		856,272,546
AllianzGI Small-Cap Blend		83,802,141		10,457,201		2,162,071		8,295,130
AllianzGI Technology		1,069,188,791		331,779,762		19,393,015		312,386,747
AllianzGI U.S. Managed Volatility		78,294,472		2,173,317		3,275,944		(1,102,627	)

(5) Differences, if any, between book and tax cost basis are primarily attributable to wash sale loss deferrals, PFIC mark-to-market, differing treatment of bond premium amortization, basis adjustments from convertible preferred stock, basis adjustments from investments in partnerships, Real Estate Investment Trusts (REITs), and Section 305.

Annual Report |  June 30, 2015 179

Notes to Financial Statements (cont’d)

June 30, 2015

7. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with $0.0001 par value. Changes in shares of beneficial interest were as follows:

	AllianzGI Emerging Markets Opportunities												AllianzGI Focused Growth
	Year ended June 30, 2015						Year ended June 30, 2014						Year ended June 30, 2015						Year ended June 30, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		248,334		$	6,673,795			115,822		$	2,910,691			915,745		$	39,565,416			736,378		$	29,327,392
Class B		—			—			—			—			1,988			67,644			5,264			156,757
Class C		57,254			1,501,787			59,569			1,452,956			340,185			11,468,812			235,887			7,142,483
Class D		915,055			24,461,289			286,649			7,734,913			298,158			10,722,330			160,957			5,556,817
Class R		—			—			—			—			116,753			4,009,476			129,679			4,210,304
Class P		440,673			11,632,514			23,094			584,300			200,363			6,840,706			100,852			3,209,603
Institutional Class		1,234,859			32,685,241			827,558			20,967,587			884,518			34,761,711			582,346			21,876,474
Administrative Class		—			—			—			—			18,748			718,476			23,324			844,784
Issued in reinvestment of dividends and distributions:
Class A		10,875			274,813			12,988			325,597			565,765			22,379,733			477,553			18,222,097
Class B		—			—			—			—			5,307			154,797			6,199			180,903
Class C		2,052			50,695			2,521			61,677			719,678			21,001,055			625,037			18,244,825
Class D		14,565			372,876			6,187			157,714			42,708			1,437,695			20,002			659,991
Class R		—			—			—			—			49,326			1,551,156			40,368			1,253,544
Class P		1,079			26,741			439			10,844			44,144			1,392,443			32,222			1,002,644
Institutional Class		40,767			1,030,601			42,670			1,072,301			249,755			9,148,842			88,610			3,153,042
Administrative Class		—			—			—			—			17,283			601,926			12,200			413,707
Issued in reorganization:
Class A		—			—			—			—			—			—			487,872			20,174,345
Class B		—			—			—			—			—			—			16,663			525,521
Class C		—			—			—			—			—			—			185,803			5,860,709
Class D		—			—			—			—			—			—			117,075			4,178,883
Class R		—			—			—			—			—			—			1,027			34,545
Class P		—			—			—			—			—			—			11,088			372,775
Institutional Class		—			—			—			—			—			—			879,508			33,833,693
Administrative Class		—			—			—			—			—			—			27,643			1,017,070
Cost of shares redeemed:
Class A		(238,735	)		(6,354,685	)		(483,687	)		(12,206,032	)		(1,256,730	)		(52,421,541	)		(987,381	)		(39,297,899	)
Class B		—			—			—			—			(42,065	)		(1,337,077	)		(47,249	)		(1,456,882	)
Class C		(153,913	)		(3,977,988	)		(261,039	)		(6,360,930	)		(821,980	)		(25,699,442	)		(748,479	)		(22,833,495	)
Class D		(665,587	)		(17,818,837	)		(154,258	)		(3,943,667	)		(378,476	)		(13,559,019	)		(70,678	)		(2,420,557	)
Class R		—			—			—			—			(200,400	)		(6,712,216	)		(147,319	)		(4,773,558	)
Class P		(38,592	)		(1,001,081	)		(55,731	)		(1,375,017	)		(204,901	)		(6,970,739	)		(55,758	)		(1,806,174	)
Institutional Class		(965,530	)		(25,309,683	)		(1,167,342	)		(29,108,248	)		(477,055	)		(18,517,682	)		(258,620	)		(9,632,432	)
Administrative Class		—			—			—			—			(25,192	)		(923,650	)		(26,783	)		(959,855	)
Net increase (decrease) resulting from Fund share transactions		903,156		$	24,248,078			(744,560	)	$	(17,715,314	)		1,063,625		$	39,680,852			2,661,290		$	98,272,056

* Actual amount rounds to less than 1 share.

† For the period December 22, 2014 (commencement of share class) through June 30, 2015. “Shares sold” includes shares sold to AFI.

180 June 30, 2015  | Annual Report

AllianzGI Global Natural Resources												AllianzGI Global Small-Cap												AllianzGI Health Sciences
Year ended June 30, 2015						Year ended June 30, 2014						Year ended June 30, 2015						Year ended June 30, 2014						Year ended June 30, 2015						Year ended June 30, 2014
Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
	340,972		$	5,865,884			165,753		$	3,122,110			326,308		$	14,157,322			564,697		$	22,961,090			424,910		$	15,094,291			166,047		$	5,318,373
	—			—			—			—			461			18,832			711			25,958			1,991			57,725			1,699			44,291
	141,990			2,408,860			11,464			200,955			152,226			5,998,936			251,796			9,461,275			267,034			8,399,520			75,681			2,152,406
	75,637			1,345,706			43,680			809,511			187,515			7,938,570			771,496			31,536,689			620,108			22,536,739			94,649			3,048,135
	—			—			—			—			—			—			—			—			—			—			—			—
	470,799			8,085,077			42,840			796,908			416,451			18,636,284			389,547			16,951,278			—			—			—			—
	915,653			16,449,297			416,392			7,798,757			1,184,618			52,938,838			965,179			40,951,441			32,182	†		1,110,647	†		—			—
	—			—			—			—			—			—			—			—			—			—			—			—
	—	*		4			1,182			21,579			—			—			—			—			120,661			3,981,799			134,698			3,860,430
	—			—			—			—			—			—			—			—			2,374			66,710			3,853			96,900
	1			16			—	*		2			—			—			—			—			72,321			2,034,396			62,051			1,561,818
	—	*		2			597			10,900			—			—			—			—			535,951			17,675,660			663,246			19,001,967
	—			—			—			—			—			—			—			—			—			—			—			—
	140			2,315			140			2,584			—			—			—			—			—			—			—			—
	3,157			52,697			10,855			201,569			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—			—			—			—
	(251,810	)		(4,522,375	)		(136,271	)		(2,513,112	)		(345,413	)		(14,618,059	)		(251,633	)		(10,206,687	)		(199,912	)		(7,067,521	)		(166,983	)		(5,341,797	)
	—			—			—			—			(9,921	)		(382,935	)		(21,679	)		(802,183	)		(9,439	)		(283,454	)		(11,254	)		(330,294	)
	(53,687	)		(889,567	)		(79,030	)		(1,398,330	)		(114,663	)		(4,440,507	)		(60,286	)		(2,239,295	)		(64,545	)		(1,970,100	)		(73,530	)		(2,049,777	)
	(54,831	)		(951,989	)		(41,489	)		(767,060	)		(360,731	)		(15,277,950	)		(467,499	)		(18,954,021	)		(658,233	)		(23,168,048	)		(545,471	)		(17,392,544	)
	—			—			—			—			—			—			—			—			—			—			—			—
	(51,552	)		(899,946	)		(7,087	)		(134,828	)		(255,269	)		(11,140,967	)		(54,000	)		(2,331,191	)		—			—			—			—
	(612,807	)		(10,864,598	)		(416,984	)		(7,981,996	)		(912,639	)		(41,448,213	)		(448,382	)		(19,210,572	)		—			—			—			—
	—			—			—			—			—			—			—			—			—			—			—			—
	923,662		$	16,081,383			12,042		$	169,549			268,943		$	12,380,151			1,639,947		$	68,143,782			1,145,403		$	38,468,364			404,686		$	9,969,908

Annual Report |  June 30, 2015 181

Notes to Financial Statements (cont’d)

June 30, 2015

	AllianzGI Income & Growth												AllianzGI International Managed Volatility
	Year ended June 30, 2015						Year ended June 30, 2014						Year ended June 30, 2015						Year ended June 30, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		27,499,312		$	343,650,289			35,107,466		$	444,731,907			353,130		$	5,170,630			415,286		$	5,900,377
Class B		—			—			—			—			—			—			—			—
Class C		36,922,983			439,188,434			37,585,296			457,899,572			15,803			229,413			13,310			191,213
Class D		2,193,330			27,560,879			1,894,600			24,061,742			7,677			111,323			9,980			142,650
Class R		43,297			540,056			65,286			828,343			2,405			35,395			615			8,581
Class P		33,477,428			426,783,333			22,374,824			287,359,130			17,358			250,152			8,323			119,414
Institutional Class		7,059,551			89,753,429			5,551,738			71,514,926			1,042,508			15,318,716			1,300,572			18,243,429
Class R6		—			—			—			—			—			—			—			—
Administrative Class		—			—			—			—			—			—			—			—
Issued in reinvestment of dividends and distributions:
Class A		4,963,850			61,787,407			3,825,102			48,463,712			23,811			329,074			20,962			289,488
Class B		—			—			—			—			—			—			—			—
Class C		6,443,650			76,185,301			3,791,661			46,109,818			15,689			216,668			12,748			175,538
Class D		385,094			4,813,905			261,979			3,329,829			2,473			34,098			1,948			26,827
Class R		23,467			292,885			20,918			266,009			173			2,363			102			1,387
Class P		2,930,543			36,998,954			1,267,934			16,263,269			579			7,933			675			9,226
Institutional Class		1,136,282			14,433,103			930,272			11,962,690			175,782			2,413,482			116,430			1,597,425
Class R6		—			—			—			—			—			—			—			—
Administrative Class**		—			—			—			—			—			—			19			274
Cost of shares redeemed:
Class A		(25,058,750	)		(314,858,293	)		(11,664,034	)		(147,712,257	)		(286,365	)		(4,185,459	)		(412,886	)		(5,909,175	)
Class B		—			—			—			—			—			—			—			—
Class C		(14,481,861	)		(171,338,094	)		(7,601,837	)		(92,277,735	)		(134,216	)		(1,949,620	)		(177,646	)		(2,521,830	)
Class D		(1,242,454	)		(15,499,847	)		(863,506	)		(10,930,863	)		(13,590	)		(199,758	)		(14,980	)		(214,411	)
Class R		(144,449	)		(1,802,848	)		(9,777	)		(126,091	)		(3,229	)		(44,104	)		(3,955	)		(55,886	)
Class P		(15,234,538	)		(192,475,092	)		(7,379,863	)		(94,319,016	)		(22,009	)		(323,638	)		(13,722	)		(195,060	)
Institutional Class		(5,181,366	)		(65,735,673	)		(4,457,516	)		(57,568,618	)		(1,194,179	)		(17,039,690	)		(848,211	)		(12,125,490	)
Class R6		—			—			—			—			—			—			—			—
Administrative Class**		—			—			—			—			—			—			(710	)		(11,494	)
Net increase (decrease) resulting from Fund share transactions		61,735,369		$	760,278,128			80,700,543		$	1,009,856,367			3,800		$	376,978			428,860		$	5,672,483

* Actual amount rounds to less than 1 share.

† For the period December 19, 2013 (commencement of operations) through June 30, 2014. “Shares sold” includes shares sold to AFI.

** The Administrative Class of AllianzGI International Managed Volatility and AllianzGI NFJ All-Cap Value liquidated on May 21, 2014

182 June 30, 2015  | Annual Report

AllianzGI Mid-Cap												AllianzGI NFJ All-Cap Value												AllianzGI NFJ Dividend Value
Year ended June 30, 2015						Year ended June 30, 2014						Year ended June 30, 2015						Year ended June 30, 2014						Year ended June 30, 2015						Year ended June 30, 2014
Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
	1,293,457		$	4,747,503			1,396,486		$	5,092,041			97,591		$	1,523,654			177,941		$	2,488,455			16,520,171		$	280,073,257			21,008,939		$	325,672,558
	348			1,438			4,960			16,240			—			—			5			61			976			17,057			4,074			64,407
	1,739,236			5,486,818			483,849			1,608,941			97,590			1,469,240			83,579			1,124,702			1,903,760			32,651,473			1,962,751			30,812,445
	26,428			100,507			54,917			203,147			18,413			290,245			12,043			165,747			2,172,479			37,211,460			3,358,195			52,670,107
	108,080			390,142			129,106			459,937			—			—			—			—			1,752,927			29,662,173			2,381,945			36,675,696
	263,141			1,108,263			21,412			89,492			347,286			5,530,988			76,715			1,090,913			36,981,443			636,067,115			22,323,348			349,553,957
	1,242,431			5,038,769			1,453,096			5,709,646			68,512			1,133,626			20,845			314,320			41,626,512			710,106,256			49,116,569			774,426,472
	—			—			—			—			—			—			—			—			7,877,302			135,128,284			56,035	†		927,509	†
	20,747			80,525			143,834			535,085			—			—			—			—			8,319,300			143,003,645			7,181,757			113,555,832
	3,480,748			11,869,352			—			—			6,046			95,287			13,662			191,539			1,588,775			27,137,065			2,116,520			33,554,902
	28,059			85,018			—			—			—	*		1			103			1,425			2,818			48,990			6,957			109,964
	7,613,175			22,991,789			—			—			3,111			46,765			4,411			59,200			250,366			4,312,809			278,625			4,451,911
	53,789			186,648			—			—			874			13,978			1,116			15,910			260,605			4,475,654			326,482			5,190,886
	94,609			320,723			—			—			—			—			—			—			243,820			4,155,785			290,964			4,597,871
	59,002			220,079			—			—			5,348			85,679			3,524			50,388			1,245,478			21,368,870			952,649			15,166,470
	1,109,407			4,149,183			—			—			929			15,581			822			12,286			4,907,800			84,197,662			5,629,241			89,608,436
	—			—			—			—			—			—			—			—			119,162			2,034,427			334	†		5,724	†
	17,199			61,058			—			—			—			—			29			426			823,660			14,222,630			1,109,908			17,757,290
	(4,905,528	)		(18,284,352	)		(4,141,546	)		(15,132,242	)		(352,311	)		(5,504,060	)		(267,465	)		(3,839,313	)		(48,151,773	)		(822,969,474	)		(30,415,682	)		(473,629,973	)
	(147,931	)		(498,022	)		(196,164	)		(647,966	)		(15,424	)		(235,438	)		(16,339	)		(219,004	)		(172,190	)		(2,977,035	)		(1,088,110	)		(17,030,364	)
	(6,809,829	)		(22,486,403	)		(6,490,821	)		(21,389,134	)		(96,358	)		(1,442,766	)		(114,910	)		(1,529,567	)		(4,798,788	)		(82,245,601	)		(4,950,980	)		(77,628,271	)
	(105,425	)		(399,848	)		(71,605	)		(261,289	)		(49,411	)		(787,120	)		(50,345	)		(716,646	)		(4,280,991	)		(73,251,847	)		(7,950,721	)		(124,999,997	)
	(126,866	)		(475,028	)		(163,872	)		(585,598	)		—			—			—			—			(4,380,355	)		(74,102,390	)		(5,211,621	)		(80,137,760	)
	(135,906	)		(547,253	)		(17,698	)		(70,505	)		(208,487	)		(3,344,453	)		(183,296	)		(2,714,864	)		(30,234,293	)		(517,457,982	)		(27,016,413	)		(429,111,077	)
	(4,469,891	)		(18,135,761	)		(2,890,060	)		(11,162,817	)		(9,240	)		(153,027	)		(2,315	)		(35,207	)		(80,651,785	)		(1,383,685,723	)		(81,692,763	)		(1,284,944,186	)
	—			—			—			—			—			—			—			—			(914,647	)		(15,578,212	)		(53	)†		886	)†
	(19,758	)		(78,955	)		(460,316	)		(1,744,187	)		—			—			(1,871	)		(28,977	)		(22,274,941	)		(383,689,121	)		(18,407,919	)		(290,871,199	)
	428,722		$	(4,067,807	)		(10,744,422	)	$	(37,279,209	)		(85,531	)	$	(1,261,820	)		(241,746	)	$	(3,568,206	)		(69,262,409	)	$	(1,190,082,773	)		(58,628,969	)	$	(923,551,276	)

Annual Report |  June 30, 2015 183

Notes to Financial Statements (cont’d)

June 30, 2015

	AllianzGI NFJ International Value												AllianzGI NFJ Large-Cap Value
	Year ended June 30, 2015						Year ended June 30, 2014						Year ended June 30, 2015						Year ended June 30, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		4,948,320		$	110,662,507			11,412,039		$	259,386,482			451,392		$	9,705,899			570,795		$	11,073,119
Class B		—			—			—			—			117			2,606			235			4,549
Class C		730,388			16,165,287			932,703			21,020,789			122,633			2,646,406			128,891			2,520,613
Class D		1,110,727			24,585,710			1,236,854			28,214,162			72,917			1,586,917			70,692			1,389,146
Class R		288,874			6,459,310			540,897			12,273,800			82,919			1,780,039			185,514			3,696,507
Class P		25,463,025			577,157,867			6,289,363			144,116,220			489,698			10,589,388			119,198			2,340,507
Institutional Class		9,612,805			215,291,929			19,402,693			439,157,704			2,688,784			57,586,030			3,417,379			66,361,288
Class R6		3,292,932			73,316,997			59,390	†		1,417,319	†		—			—			—			—
Administrative Class		245,602			5,477,097			364,919			8,233,026			12,483			268,863			52,780			1,029,626
Issued in reinvestment of dividends and distributions:
Class A		583,258			13,247,642			629,912			14,688,660			102,138			2,220,733			128,140			2,529,777
Class B		—			—			—			—			272			5,988			1,151			22,701
Class C		112,974			2,555,996			82,884			1,920,239			22,661			495,822			35,839			709,939
Class D		105,566			2,383,835			78,735			1,832,599			26,763			587,388			30,163			601,170
Class R		24,837			564,621			17,188			403,290			5,355			117,259			6,652			132,631
Class P		374,611			8,458,644			105,761			2,480,017			13,430			295,429			7,399			148,191
Institutional Class		1,477,442			33,463,224			1,207,904			28,218,938			389,653			8,450,899			394,179			7,797,812
Class R6		58,963			1,302,421			493	†		12,062	†		—			—			—			—
Administrative Class		23,305			527,149			14,158			332,053			770			16,981			5,357			106,518
Issued in reorganization:
Class A		—			—			—			—			—			—			—			—
Class C		—			—			—			—			—			—			—			—
Class D		—			—			—			—			—			—			—			—
Class P		—			—			—			—			—			—			—			—
Institutional Class		—			—			—			—			—			—			—			—
Cost of shares redeemed:
Class A		(22,196,535	)		(506,294,360	)		(14,951,090	)		(340,518,390	)		(1,938,327	)		(41,561,767	)		(1,897,848	)		(36,728,327	)
Class B		—			—			—			—			(70,400	)		(1,524,182	)		(115,008	)		(2,250,663	)
Class C		(2,122,976	)		(46,811,534	)		(2,138,941	)		(47,989,971	)		(664,449	)		(14,318,457	)		(776,771	)		(15,079,024	)
Class D		(1,643,948	)		(36,455,773	)		(3,133,740	)		(70,474,634	)		(255,882	)		(5,553,136	)		(429,041	)		(8,352,699	)
Class R		(444,145	)		(10,016,087	)		(265,591	)		(6,103,757	)		(231,387	)		(5,019,025	)		(130,395	)		(2,558,225	)
Class P		(16,049,920	)		(354,407,393	)		(7,768,380	)		(176,059,652	)		(253,652	)		(5,511,697	)		(136,195	)		(2,692,380	)
Institutional Class		(17,938,723	)		(402,638,896	)		(26,114,207	)		(597,993,896	)		(8,888,316	)		(192,501,048	)		(4,272,074	)		(82,757,715	)
Class R6		(359,482	)		(7,958,503	)		(521	)†		(12,554	)†		—			—			—			—
Administrative Class		(240,950	)		(5,371,668	)		(1,493,055	)		(33,207,361	)		(237,657	)		(5,155,748	)		(144,086	)		(2,759,179	)
Net increase (decrease) resulting from Fund share transactions		(12,543,050	)	$	(278,333,978	)		(13,489,632	)	$	(308,652,855	)		(8,058,085	)	$	(174,788,413	)		(2,747,054	)	$	(52,714,118	)

† For the period December 19, 2013 (commencement of operations) through June 30, 2014. “Shares sold” includes shares sold to AFI.

** Commencement of operations.

184 June 30, 2015  | Annual Report

AllianzGI NFJ Mid-Cap Value												AllianzGI NFJ Small-Cap Value												AllianzGI Small-Cap Blend
Year ended June 30, 2015						Year ended June 30, 2014						Year ended June 30, 2015						Year ended June 30, 2014						Year ended June 30, 2015						Period from July 2, 2013** through June 30, 2014
Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
	519,512		$	13,270,071			763,903		$	17,744,786			8,429,076		$	239,730,884			8,471,202		$	284,300,530			42,257		$	763,198			4,944		$	85,672
	103			2,321			1			60			11,935			295,178			6,451			200,298			—			—			—			—
	149,723			3,245,343			146,203			2,879,091			665,178			15,951,881			326,104			9,998,669			11,589			207,671			5,479			97,069
	245,796			6,425,661			28,845			672,379			67,866			2,056,715			90,025			3,157,475			3,564			63,887			703			12,500
	73,390			1,648,757			116,114			2,359,789			479,809			14,520,484			691,134			24,128,037			—			—			—			—
	530,397			11,452,388			117,040			2,334,246			1,698,227			58,866,486			513,309			18,018,402			30,899			564,613			—			—
	1,084,959			29,482,361			1,175,172			28,620,882			15,903,999			493,298,692			16,145,906			579,859,990			15,578			280,040			5,384			95,769
	—			—			—			—			7,704,788			229,988,682			759,674	†		27,284,967	†		—			—			—			—
	18,893			498,590			27,859			652,448			4,131,049			122,779,983			5,253,254			177,162,051			—			—			—			—
	219,899			5,548,047			150,371			3,479,584			15,943,556			411,421,095			7,283,270			234,284,639			287			4,865			29			498
	578			13,064			55			1,137			58,762			1,451,107			27,980			868,721			—			—			—			—
	85,007			1,820,839			36,281			715,463			2,344,232			55,978,626			971,412			29,433,550			153			2,567			36			611
	7,287			186,043			4,227			99,004			907,377			24,378,947			411,188			13,642,853			234			3,984			6			102
	8,888			197,225			5,425			110,779			942,550			25,287,328			453,710			15,037,307			—			—			—			—
	11,563			244,894			1,507			29,451			771,543			21,459,051			167,758			5,710,228			37			624			6			115
	55,964			1,491,995			42,226			1,031,595			25,702,891			717,801,220			11,965,914			409,324,483			19,663			335,372			3,525			60,637
	—			—			—			—			626,495			17,495,370			—			—			—			—			—			—
	3,008			77,964			2,063			49,064			8,558,786			220,634,484			4,542,865			146,022,121			—			—			—			—
	—			—			—			—			—			—			—			—			2,177,664			38,361,785			—			—
	—			—			—			—			—			—			—			—			2,546,236			44,432,552			—			—
	—			—			—			—			—			—			—			—			30,808			541,939			—			—
	—			—			—			—			—			—			—			—			96,502			1,705,391			—			—
	—			—			—			—			—			—			—			—			182,962			3,233,865			—			—
	(2,930,480	)		(74,825,819	)		(3,040,632	)		(70,152,271	)		(26,775,355	)		(770,303,047	)		(18,828,703	)		(635,527,987	)		(130,447	)		(2,380,267	)		(21	)		(378	)
	(78,145	)		(1,792,010	)		(118,577	)		(2,403,242	)		(114,339	)		(3,055,451	)		(97,940	)		(3,188,374	)		—			—			—			—
	(1,172,934	)		(25,434,344	)		(1,400,098	)		(27,433,595	)		(2,478,003	)		(65,686,956	)		(1,749,065	)		(55,822,521	)		(138,286	)		(2,487,407	)		(4,027	)		(69,828	)
	(280,412	)		(7,177,169	)		(109,110	)		(2,551,386	)		(1,241,654	)		(35,525,284	)		(767,970	)		(26,624,468	)		(1,184	)		(21,628	)		—			—
	(195,146	)		(4,351,717	)		(203,922	)		(4,104,282	)		(1,433,936	)		(43,078,178	)		(1,557,523	)		(53,840,959	)		—			—			—			—
	(146,547	)		(3,166,834	)		(197,897	)		(3,899,387	)		(1,165,790	)		(34,531,409	)		(1,915,021	)		(71,291,793	)		(12,152	)		(222,345	)		—			—
	(1,096,189	)		(29,765,719	)		(959,084	)		(23,772,300	)		(39,498,930	)		(1,210,244,704	)		(32,916,021	)		(1,169,312,990	)		(200,547	)		(3,697,363	)		—			—
	—			—			—			—			(669,645	)		(19,603,982	)		(12,554	)†		(461,196	)†		—			—			—			—
	(33,988	)		(898,748	)		(67,528	)		(1,598,347	)		(15,996,056	)		(478,697,171	)		(13,016,932	)		(440,107,627	)		—			—			—			—
	(2,918,874	)	$	(71,806,797	)		(3,479,556	)	$	(75,135,052	)		5,574,411		$	12,670,031			(12,780,573	)	$	(477,743,594	)		4,675,817		$	81,693,343			16,064		$	282,767

Annual Report |  June 30, 2015 185

Notes to Financial Statements (cont’d)

June 30, 2015

	AllianzGI Technology												AllianzGI U.S. Managed Volatility
	Year ended June 30, 2015						Year ended June 30, 2014						Year ended June 30, 2015						Year ended June 30, 2014
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		1,135,068		$	67,660,096			1,187,724		$	70,527,605			269,636		$	3,969,628			538,380		$	7,416,776
Class B		480			23,168			217			10,955			764			10,517			431			5,510
Class C		254,003			12,948,659			164,999			8,701,318			48,187			650,523			10,702			140,181
Class D		698,367			41,941,967			1,221,198			71,603,092			9,433			139,352			169,472			2,412,855
Class P		288,443			18,553,559			274,847			17,303,793			36,343			559,177			10,995			158,092
Institutional Class		2,027,086			130,473,232			1,962,336			123,170,004			3,160,549			49,490,731			1,836,788			26,934,843
Administrative Class		234,421			14,376,884			281,527			17,303,958			—			—			—			—
Issued in reinvestment of dividends and distributions:
Class A		919,153			50,663,687			355,666			20,226,739			33,316			480,839			11,221			154,834
Class B		5,088			242,142			3,784			192,226			688			9,146			382			4,879
Class C		450,733			21,441,369			168,201			8,541,271			9,769			129,120			2,372			30,239
Class D		524,388			28,463,768			225,962			12,687,793			3,614			52,386			1,177			16,266
Class P		130,513			7,646,739			45,184			2,697,503			1,962			29,385			132			1,884
Institutional Class		1,562,934			92,400,663			575,113			34,558,566			502,321			7,549,058			92,080			1,316,721
Administrative Class*		198,858			11,362,755			77,302			4,525,241			—			—			42			593
Cost of shares redeemed:
Class A		(1,397,248	)		(83,815,617	)		(1,450,703	)		(85,946,618	)		(282,249	)		(4,190,312	)		(159,461	)		(2,237,674	)
Class B		(21,811	)		(1,180,302	)		(26,585	)		(1,403,492	)		(10,208	)		(140,312	)		(30,974	)		(406,041	)
Class C		(348,830	)		(18,158,487	)		(358,522	)		(18,838,814	)		(61,977	)		(831,397	)		(31,594	)		(411,199	)
Class D		(1,182,182	)		(70,068,262	)		(1,797,223	)		(104,491,073	)		(25,408	)		(374,062	)		(227,010	)		(3,196,039	)
Class P		(231,771	)		(14,563,437	)		(278,072	)		(17,111,964	)		(21,594	)		(325,434	)		(16,577	)		(239,306	)
Institutional Class		(1,807,026	)		(114,628,290	)		(1,946,631	)		(121,509,024	)		(3,473,402	)		(52,482,237	)		(1,076,634	)		(15,690,839	)
Administrative Class*		(219,878	)		(13,402,904	)		(306,333	)		(18,740,621	)		—			—			(1,541	)		(22,984	)
Net increase resulting from Fund share transactions		3,220,789		$	182,381,389			379,991		$	24,008,458			201,744		$	4,726,108			1,130,383		$	16,389,591

* The Administrative Class of AllianzGI U.S. Managed Volatility liquidated on May 21, 2014

186 June 30, 2015  | Annual Report

8. SIGNIFICANT ACCOUNT HOLDERS

From time to time, a Fund may have a concentration of shareholders, which may include the Investment Adviser or affiliates of the Investment Adviser, holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact to a Fund.

At June 30, 2015, the significant account-holders, owners of 5% or greater of each respective Fund’s outstanding shares were as follows:

	Unaffiliated					Affiliated
	Number of Account Holders		Approximate Ownership			AllianzGI Global Allocation Fund*
AllianzGI Emerging Markets Opportunities		7		73	%		—
AllianzGI Focused Growth		5		53	%		—
AllianzGI Global Natural Resources		3		45	%		—
AllianzGI Global Small-Cap		7		69	%		—
AllianzGI Health Sciences		3		54	%		—
AllianzGI Income & Growth		7		80	%		—
AllianzGI International Managed Volatility		4		57	%		10	%
AllianzGI Mid-Cap		6		58	%		—
AllianzGI NFJ All-Cap Value		7		77	%		—
AllianzGI NFJ Dividend Value		6		60	%		—
AllianzGI NFJ International Value		4		56	%		—
AllianzGI NFJ Large-Cap Value		6		56	%		—
AllianzGI NFJ Mid-Cap Value		6		53	%		—
AllianzGI NFJ Small-Cap Value		4		53	%		—
AllianzGI Small-Cap Blend		5		50	%		—
AllianzGI Technology		3		35	%		—
AllianzGI U.S. Managed Volatility		4		62	%		14	%

* An investment series of the Allianz Funds Multi-Strategy Trust.

9. AFFILIATED TRANSACTIONS

An affiliate includes any company in which a Sub-Adviser’s advised accounts owns 5% or more of a company’s outstanding voting securities at any point during the fiscal year. The table below represents transactions in and earnings from these affiliated issuers during the year ended June 30, 2015:

AllianzGI Emerging Markets Opportunities:
	Market Value 06/30/2014		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)		Market Value 6/30/2015		Dividend Income		Net Realized Loss
Infineon Technologies AG†	$	1,214,972	$	30,525	$	(1,190,493	)		—		—		—	$	(81,322	)

AllianzGI Global Small-Cap:
	Market Value 06/30/2014		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)			Market Value 6/30/2015		Dividend Income		Net Realized Loss
AMS AG†	$	1,415,863		—		—			—		$	1,809,476		—		—
Aareal Bank AG		1,452,351	$	400,739		—		$	363,256			1,590,255	$	39,741		—
Bechtle AG		1,272,749		110,224		—			(102,585	)		1,233,173		16,156		—
Bertrandt AG†,††		519,170		39,312		—			(73,479	)		468,864		7,191		—
Betsson AB†,††		1,411,135		131,336	$	(95,245	)		—			1,812,324		59,925	$	(7,143	)
Burckhardt Compression Holding AG††		—		1,023,430		—			(267,336	)		756,094		—		—
CANCOM SE		1,316,516		100,029		—			(293,697	)		1,013,659		11,745		—
De’ Longhi††		891,519		79,788		—			89,422			1,034,081		16,876		—
GameLoft SE		1,228,696		82,324		—			(750,556	)		622,359		—		—

Annual Report |  June 30, 2015 187

Notes to Financial Statements (cont’d)

June 30, 2015

AllianzGI Global Small-Cap (cont’d)
	Market Value 06/30/2014		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)			Market Value 6/30/2015		Dividend Income		Net Realized Gain(Loss)
Gerry Weber International AG†,††	$	852,460	$	73,176	$	(453,128	)		—			—	$	11,367	$	(493,598	)
IGI Laboratories, Inc.†,††		—		844,468		(582,396	)		—			—		—		(262,072	)
Interroll Holding AG††		—		1,009,603		—		$	111,093		$	1,120,696		—		—
Ju Teng International Holdings Ltd.		727,835		123,427		(159,964	)		28,176			474,099		18,963		(13,508	)
Kingspan Group PLC††		—		1,344,569		—			238,458			1,583,027		7,081		—
Mentor Graphics Corp.†,††		829,151		119,608		—			290,352			1,154,647		8,982		—
Meritor, Inc.†,††		1,109,704		130,119		(1,089,733	)		—			—		—		(216,133	)
NetEnt AB††		—		987,362		—			551,905			1,539,267		—		—
Ontex Group NV††		—		1,029,024		—			212,006			1,241,030		6,433		—
Opera Software ASA††		—		740,503		—			(55,973	)		684,530		1,998		—
Primax Electronics Ltd.††		478,991		285,597		(145,412	)		(44,430	)		513,945		6,604		(29,640	)
Rotork PLC††		1,398,462		133,458		—			37,799			1,225,129		25,019		—
Schoeller-Bleckmann Oilfield Equipment AG		1,436,763		107,537		—			(354,020	)		738,522		15,367		—
Senior PLC††		521,905		47,303		—			(17,601	)		531,036		10,326		—
SimCorp A/S		1,426,023		111,821		—			610,514			1,803,840		21,750		—
Spirax-Sarco Engineering PLC††		1,624,627		158,108		(239,550	)		438,434			1,709,877		96,991		2,842
Vacon PLC†		1,493,746		136,623		(1,753,191	)		—			—		—		495,025
Totals	$	21,407,666	$	9,349,488	$	(4,518,619	)	$	1,011,738		$	24,659,930	$	382,515	$	(524,227	)

AllianzGI Health Sciences:
	Market Value 06/30/2014		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)		Market Value 6/30/2015		Dividend Income		Net Realized Loss
Protalix BioTherapeutics, Inc.†	$	502,532		—	$	(462,595	)		—		—		—	$	(296,863)

AllianzGI NFJ International Value:
	Market Value 06/30/2014		Purchases at Cost		Proceeds from Sales		Unrealized Depreciation			Market Value 6/30/2015		Dividend Income		Net Realized Gain(Loss)
Beach Energy Ltd.††		—	$	47,450,672		—	$	(21,044,708	)	$	26,405,964	$	680,931		—

AllianzGI NFJ Small-Cap Value:
	Market Value 06/30/2014		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)			Market Value 6/30/2015		Dividend Income		Net Realized Gain(Loss)
AAR Corp.†	$	59,242,976		—	$	(65,098,516	)		—			—	$	602,468	$	3,576,923
Altisource Residential Corp.†		71,650,152		—		(49,646,015	)		—			—		2,955,149		(31,834,035	)
Andersons, Inc.		78,763,949	$	16,459,645		(17,913,249	)	$	13,986,092		$	61,219,275		798,678		10,089,902
Arctic Cat, Inc.†		37,196,712		—		(31,486,432	)		—			—		156,454		(10,181,615	)
Cal-Maine Foods, Inc.		75,026,486		14,108,166		(48,879,629	)		38,768,868			69,503,830		1,776,850		33,277,249
Cash America International, Inc.†		77,303,357		—		(44,083,281	)		—			—		185,299		16,824,249
Commercial Metals Co.†		91,126,764		—		(6,321,233	)		1,243,521			78,629,592		2,483,136		462,817
Ennis, Inc.†,††		10,147,152		1,895,076		—			1,921,703			14,973,334		525,456		—
First Interstate Bancsystem, Inc.†,††		12,491,928		4,570,732		—			2,024,171			17,537,228		418,528		—
Group 1 Automotive, Inc.†		82,244,489		—		(22,518,298	)		35,428,749			63,699,170		580,952		11,670,447
HCI Group, Inc.†,††		—		17,189,567		—			(688,317	)		16,501,250		145,074		—
Home Loan Servicing Solutions Ltd.†		74,331,646		4,643,535		(16,213,187	)		—			—		4,891,544		(23,449,408	)
Innophos Holdings, Inc.†		67,679,292		—		(14,458,332	)		25,328,029			48,672,102		1,934,978		8,038,789
Inteliquent, Inc.†,††		—		23,242,227		(7,553,668	)		7,694,070			25,712,859		744,939		2,330,230

188 June 30, 2015  | Annual Report

AllianzGI NFJ Small-Cap Value (cont’d)
	Market Value 06/30/2014		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)			Market Value 6/30/2015		Dividend Income		Net Realized Gain(Loss)
Mentor Graphics Corp.†	$	79,062,549	$	1,165,483	$	(34,979,740	)	$	18,850,595		$	62,094,483	$	734,422	$	11,031,710
Meredith Corp.†,††		41,235,702		39,380,964		(22,114,868	)		7,788,904			67,496,806		2,580,008		6,416,173
Montpelier Re Holdings Ltd.†,††		41,364,962		—		—			24,428,496			51,139,781		1,035,742		—
Neenah Paper, Inc.		46,778,006		—		—			33,233,206			51,891,463		1,003,329		—
Olin Corp.†		96,486,664		—		(109,885,074	)		—			—		2,034,085		29,156,847
PetMed Express, Inc.†		16,332,031		—		(18,667,695	)		—			—		617,903		2,242,792
Rayonier Advanced Materials, Inc.†,††		—		87,078,720		(10,834,971	)		(34,487,226	)		22,638,863		538,335		(19,117,660	)
Ryland Group, Inc.††		—		72,454,987		(5,944,067	)		(601,354	)		66,065,333		41,050		155,767
SandRidge Permian Trust†,††		23,092,539		2,909,820		(1,236,667	)		(9,918,752	)		13,985,947		4,933,423		(1,278,781	)
Sanderson Farms, Inc.†		75,897,842		7,339,718		(37,561,230	)		2,829,791			32,870,625		904,821		9,810,236
Stage Stores, Inc.††		—		26,227,254		—			(2,163,823	)		24,063,431		141,960		—
Sturm Ruger & Co., Inc.†		82,751,788		6,843,851		(59,765,094	)		—			—		844,785		(4,125,070	)
TAL International Group, Inc.		59,722,755		—		—			(1,092,197	)		42,543,712		—		—
United Insurance Holdings Corp.††		—		19,966,425		(538,627	)		(2,943,094	)		16,719,983		68,299		235,279
Universal Corp.		81,049,005		7,971,064		(10,615,626	)		24,224,946			83,440,724		3,139,979		1,716,811
Universal Insurance Holdings, Inc.		22,528,929		1,860,461		(720,751	)		19,328,538			44,699,893		1,100,939		354,400
Westjet Airlines Ltd.		58,427,608		—		(2,128,190	)		(1,620,511	)		48,252,766		859,040		588,927
j2 Global, Inc.†		75,757,547		—		(60,136,864	)		17,272,999			33,540,415		1,119,688		32,927,396
Totals	$	1,537,692,830	$	355,307,695	$	(699,301,304	)	$	220,837,404		$	1,057,892,865	$	39,897,313	$	90,920,375

AllianzGI Small-Cap Blend:
	Market Value 06/30/2014		Purchases at Cost		Proceeds from Sales			Unrealized Appreciation (Depreciation)			Market Value 6/30/2015		Dividend Income		Net Realized Gain(Loss)
Andersons, Inc.†,††	$	46,422	$	2,488	$	(48,838	)		—			—	$	179	$	(10,025	)
Cal-Maine Foods, Inc.††		62,800		419,875		(188,947	)	$	159,908		$	464,580		4,080		16,459
First Interstate Bancsystem, Inc.†,††		55,991		1,571		(59,128	)		—			—		637		1,948
Group 1 Automotive, Inc.†,††		—		710,302		(49,361	)		20,110			677,592		1,634		(3,459	)
HCI Group, Inc.†,††		20,950		48,928		(66,958	)		—			—		493		(1,578	)
IGI Laboratories, Inc.†,††		3,717		270,705		(107,571	)		(21,867	)		37,510		—		(107,313	)
Mentor Graphics Corp.†,††		14,819		218,087		(5,684	)		15,389			241,147		608		(187	)
Meritor, Inc.†,††		10,667		336,991		(303,337	)		—			—		—		(44,813	)
Neenah Paper, Inc.††		3,561		55,029		(4,712	)		4			52,474		323		(6	)
PetMed Express, Inc.†,††		—		73,079		(3,777	)		9,228			78,838		888		308
Rayonier Advanced Materials, Inc.†,††		—		37,315		(33,625	)		—			—		—		(3,690	)
Ryland Group, Inc.††		—		191,981		(3,672	)		(4,621	)		183,162		107		(526	)
SandRidge Permian Trust†,††		15,355		1,379		(12,346	)		—			—		834		(6,294	)
Sanderson Farms, Inc.†,††		6,804		75,680		(4,560	)		(6,454	)		69,523		284		91
Stage Stores, Inc.†,††		—		166,186		(128,879	)		—			—		1,027		(37,307	)
Sturm Ruger & Co., Inc.†,††		—		38,588		(36,251	)		—			—		—		(2,337	)
United Insurance Holdings Corp.†,††		36,591		38,908		(55,860	)		—			—		99		(21,544	)
Universal Corp.††		—		86,424		(3,839	)		18,835			101,456		1,032		36
Totals	$	277,677	$	2,773,516	$	(1,117,345	)	$	190,532		$	1,906,282	$	12,225	$	(220,237	)

Annual Report |  June 30, 2015 189

Notes to Financial Statements (cont’d)

June 30, 2015

AllianzGI Technology:
	Market Value 06/30/2014		Purchases at Cost		Proceeds from Sales			Unrealized Depreciation			Market Value 6/30/2015		Dividend Income		Net Realized Loss
Aixtron SE†	$	14,514		—	$	(7,717	)		—			—		—	$	(21,725	)
Infineon Technologies AG††		—	$	8,687,623		—		$	(249,102	)	$	8,438,521		—		—
Totals	$	14,514	$	8,687,623	$	(7,717	)	$	(249,102	)	$	8,438,521		—	$	(21,725	)

† Not affiliated at June 30, 2015.

†† Not affiliated at June 30, 2014.

Certain additional purchases of existing portfolio holdings that were not considered affiliated in prior years, resulted in the Funds owning in excess of 5% of the outstanding shares of certain issues at June 30, 2015. The percentages and market values of the affiliated transactions presented below include both acquisitions of new investments and prior year holdings that became affiliated during the reporting period.

AllianzGI Global Small-Cap:
Issuer Name	Sub-Adviser’s % Holding			Market Value		Market Value as a % of Fund’s Net Assets
Aareal Bank AG		7.97	%	$	1,590,255		0.72	%
Bechtle AG		7.11	%		1,233,173		0.56	%
Burckhardt Compression Holding AG		5.55	%		756,094		0.34	%
CANCOM SE		13.91	%		1,013,659		0.46	%
De’ Longhi		5.41	%		1,034,081		0.47	%
GameLoft SE		12.60	%		622,359		0.28	%
Interroll Holding AG		10.70	%		1,120,696		0.51	%
Ju Teng International Holdings Ltd.		5.00	%		474,099		0.21	%
Kingspan Group PLC		7.74	%		1,583,027		0.72	%
NetEnt AB		6.68	%		1,539,267		0.70	%
Ontex Group NV		8.41	%		1,241,030		0.56	%
Opera Software ASA		5.02	%		684,530		0.31	%
Primax Electronics Ltd.		7.51	%		513,945		0.23	%
Rotork PLC		5.65	%		1,225,129		0.55	%
Schoeller-Bleckmann Oilfield Equipment AG		5.02	%		738,522		0.33	%
Senior PLC		5.15	%		531,036		0.24	%
SimCorp A/S		14.04	%		1,803,840		0.82	%
Spirax-Sarco Engineering PLC		5.73	%		1,709,877		0.77	%
Totals				$	19,414,619		8.78	%

AllianzGI NFJ International Value:
Issuer Name	Sub-Adviser’s % Holding			Market Value		Market Value as a % of Fund’s Net Assets
Beach Energy Ltd.		6.38	%	$	26,405,964		1.03	%

190 June 30, 2015  | Annual Report

AllianzGI NFJ Small-Cap Value:
Issuer Name	Sub-Adviser’s % Holding			Market Value		Market Value as a % of Fund’s Net Assets
Andersons, Inc.		6.11	%	$	61,219,275		1.01	%
Cal-Maine Foods, Inc.		5.12	%		69,503,830		1.15	%
Neenah Paper, Inc.		5.92	%		51,891,463		0.86	%
Ryland Group, Inc.		5.12	%		66,065,333		1.09	%
Stage Stores, Inc		5.26	%		24,063,431		0.40	%
TAL International Group, Inc.		5.15	%		42,543,712		0.70	%
United Insurance Holdings Corp.		5.22	%		16,719,983		0.27	%
Universal Corp.		7.28	%		83,440,724		1.38	%
Universal Insurance Holdings, Inc.		5.49	%		44,699,893		0.74	%
Westjet Airlines Ltd.		13.63	%		48,252,766		0.79	%
Totals				$	508,400,410		8.39	%

AllianzGI Small Cap Blend:
Issuer Name	Sub-Adviser’s % Holding			Market Value		Market Value as a % of Fund’s Net Assets
Cal-Maine Foods, Inc.		5.12	%	$	464,580		0.50	%
Neenah Paper, Inc.		5.92	%		52,474		0.06	%
Ryland Group, Inc.		5.12	%		183,162		0.20	%
Universal Corp.		7.28	%		101,456		0.11	%
Totals				$	801,672		0.87	%

AllianzGI Technology:
Issuer Name	Sub-Adviser’s % Holding			Market Value		Market Value as a % of Fund’s Net Assets
Infineon Technologies AG		7.22	%	$	8,438,521		0.61	%

10. FUND EVENTS

(a) Name Changes

Effective December 22, 2014, AllianzGI Wellness Fund changed its name to AllianzGI Health Sciences Fund and adopted new investment policies.

(b) New Share Classes

Effective December 22, 2014, AllianzGI Health Sciences Fund began offering Institutional Class shares.

(c) Reorganization

Prior to the opening of business on March 9, 2015, AllianzGI Small-Cap Blend (the “Survivor Fund”) acquired all assets and liabilities of AllianzGI Opportunity (the “Target Fund”). The purpose of the transaction was to combine two funds managed by the Investment Adviser with comparable investment objectives and strategies. The acquisition was accomplished by a tax-free exchange of shares of the Target Fund, valued at $88,275,532 in total, for shares of the Survivor Fund as follows:

	Shares of Target Fund		Shares of Survivor Fund
Class A		1,440,531		2,177,664	*
Class B		12,452		—
Class C		2,658,292		2,546,236
Class D		29,850		30,808
Class R		3,897		—
Class P		87,727		96,502	*
Institutional Class		148,657		182,962
Administrative Class		5,234		—

* The Target Fund’s Class A, B and R shares merged into the Survivor Fund’s Class A. The Target Fund’s Class P and Administrative Class merged into the Survivor Fund’s Class P.

Annual Report |  June 30, 2015 191

Notes to Financial Statements (cont’d)

June 30, 2015

The investment portfolio of the Target Fund, with a fair value of $88,248,459 and identified cost of $83,344,441 at March 6, 2015, was the principal asset acquired by the Survivor Fund. For financial reporting purposes, assets received and shares issued by the Survivor Fund were recorded at fair value; however, the cost basis of the investments received from the Target Fund was carried forward to align ongoing reporting of the Survivor Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Immediately prior to the acquisition, the Survivor Fund’s net assets were $7,284,654 and net assets after the merger were $96,200,501. The Target Fund’s unrealized appreciation at acquisition date was $4,904,018.

Assuming the acquisition had been completed on July 1, 2014, the beginning of the annual reporting period of the Survivor Fund, the Survivor Fund’s pro forma results of operations for the year ended June 30, 2015, would have been as follows:

Net investment income	$	100,305	*
Net realized and unrealized gain on investments		8,463,880	**
Net increase in net assets resulting from operations	$	8,564,185

* $81,126 as reported, plus $19,179 of the Target Fund premerger.

** $4,201,636 as reported, plus $4,262,244 of the Target Fund premerger.

Because both the Survivor Fund and the Target Fund continuously sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Target Fund that have been included in the Survivor Fund’s Statement of Operations since March 9, 2015.

See Note 7 in the Notes to Financial Statements for the changes in shares outstanding for the Survivor Fund during the year ended June 30, 2015.

11. PAYMENTS FROM AFFILIATES

During the year ended June 30, 2015, AllianzGI U.S. reimbursed AllianzGI NFJ Small-Cap Value $35,528 (less than $0.01 per share) for realized losses resulting from trading errors.

During the year ended June 30, 2014, AllianzGI U.S. reimbursed AllianzGI Income & Growth $118,029 (less than $0.01 per share) for realized losses resulting from a trading error.

12. SUBSEQUENT EVENTS

In preparing these financial statements, the Funds’ management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

On July 16, 2015, AllianzGI Income & Growth declared per-share net investment income dividends to shareholders, payable July 16, 2015 to shareholders of record on July 15, 2015.

Class A	Class C		Class D		Class R		Class P		Institutional Class
$0.08750	$	0.08062	$	0.08744	$	0.08296	$	0.08995	$	0.09098

On July 31, 2015, the Trust entered into a credit agreement (the “Northern Trust Agreement”), among the Trust, AllianzGI Institutional Multi-Series Trust, Allianz Funds Multi-Strategy Trust and Premier Multi-Series VIT, as borrowers (collectively, the “AGI Borrowers” and each series thereof, an “AGI Borrower Fund”), and Northern Trust Company, as lender, for a committed line of credit. The Northern Trust Agreement has a 364 day term and permits the AGI Borrowers to borrow up to $200 million in aggregate, subject to (i) a requirement that each AGI Borrower Fund’s asset coverage with respect to senior securities representing indebtedness be 300% or higher, and (ii) certain other limitations and conditions. Each AGI Borrower Fund will pay interest on any amounts borrowed under the facility at the greater of (i) the federal funds overnight rate plus 1.00% or (ii) 1.50%, subject to upward adjustment when any past-due payments are outstanding. The AGI Borrowers will also pay a usage fee at an annualized rate of 0.15% on undrawn amounts, allocated pro rata among the AGI Borrower Funds on the basis of net assets. Amounts borrowed may be repaid and reborrowed on a revolving basis during the term of the facility.

On August 5, 2015, the Board approved the conversion of the Class D shares of each Fund into Class A shares of the same Fund (the “Class D Conversion”). The Class D Conversion will be effected on the basis of the relative net asset values of the Class D and Class A shares involved and, following the conversion, each Fund will cease to have any Class D shares authorized or outstanding. The Class D Conversion will take place pursuant to the Fifteenth Amended and Restated Multi-Class Plan of the Trust, which was approved by the Board at its August 5 meeting, and is expected to be completed in the fourth calendar quarter of 2015.

There were no other subsequent events identified that require recognition or disclosure.

192 June 30, 2015  | Annual Report

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of Allianz Funds Trust:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of AllianzGI Emerging Markets Opportunities Fund, AllianzGI Focused Growth Fund, AllianzGI Global Natural Resources Fund, AllianzGI Global Small-Cap Fund, AllianzGI Health Sciences Fund (formerly AllianzGI Wellness Fund), AllianzGI Income & Growth Fund, AllianzGI International Managed Volatility Fund, AllianzGI Mid-Cap Fund, AllianzGI NFJ All-Cap Value Fund, AllianzGI NFJ Dividend Value Fund, Allianz NFJ International Value Fund, AllianzGI NFJ Large-Cap Value Fund, AllianzGI NFJ Mid-Cap Value Fund, AllianzGI NFJ Small-Cap Value Fund, AllianzGI Small-Cap Blend Fund, AllianzGI Technology Fund and AllianzGI U.S. Managed Volatility Fund (constituting Allianz Funds Trust, hereinafter referred to as the “Funds”) at June 30, 2015, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at June 30, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Kansas City, Missouri

August 20, 2015

Annual Report |  June 30, 2015 193

Unaudited

Federal Income Tax Information

As required by the Internal Revenue Code, shareholders must be notified regarding certain tax attributes of distributions made by each fund.

During the year ended June 30, 2015, the following Funds distributed long-term capital gains in the amounts indicated (or the maximum amount allowable):

	15% Long-Term Capital Gain		25% Long-Term Capital Gain
AllianzGI Emerging Markets Opportunities		—		—
AllianzGI Focused Growth	$	49,534,917		—
AllianzGI Global Natural Resources				—
AllianzGI Global Small-Cap				—
AllianzGI Health Sciences		9,878,723		—
AllianzGI Income & Growth		5,622,026		—
AllianzGI International Managed Volatility				—
AllianzGI Mid-Cap		47,115,578		—
AllianzGI NFJ All-Cap Value				—
AllianzGI NFJ Dividend Value				—
AllianzGI NFJ International Value				—
AllianzGI NFJ Large-Cap Value				—
AllianzGI NFJ Mid-Cap Value				—
AllianzGI NFJ Small-Cap Value		1,334,450,202	$	176,680
AllianzGI Small-Cap Blend		2,056		7
AllianzGI Technology		170,993,042		—
AllianzGI U.S. Managed Volatility		3,131,581		—

Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentages of ordinary dividends paid during the fiscal year ended June 30, 2015, are designated as “qualified dividend income”:

AllianzGI Emerging Markets Opportunities	90	%
AllianzGI Focused Growth	44	%
AllianzGI Global Natural Resources	100	%
AllianzGI Global Small-Cap	0	%
AllianzGI Health Sciences	8	%

AllianzGI Income & Growth	11	%
AllianzGI International Managed Volatility	68	%
AllianzGI Mid-Cap	0	%
AllianzGI NFJ All-Cap Value	100	%
AllianzGI NFJ Dividend Value	100	%
AllianzGI NFJ International Value	100	%
AllianzGI NFJ Large-Cap Value	100	%
AllianzGI NFJ Mid-Cap Value	100	%
AllianzGI NFJ Small-Cap Value	79	%
AllianzGI Small-Cap Blend	23	%
AllianzGI Technology	12	%
AllianzGI U.S. Managed Volatility	31	%

Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a Fund’s dividend distribution that qualifies under tax law. The percentage of the following Funds’ ordinary income dividends paid during the fiscal year ended June 30, 2015, that qualify for the corporate dividend received deduction is set forth below:

AllianzGI Emerging Markets Opportunities	1	%
AllianzGI Focused Growth	42	%
AllianzGI Global Natural Resources	100	%
AllianzGI Global Small-Cap	0	%
AllianzGI Health Sciences	6	%
AllianzGI Income & Growth	11	%
AllianzGI International Managed Volatility	0	%
AllianzGI Mid-Cap	0	%
AllianzGI NFJ All-Cap Value	100	%
AllianzGI NFJ Dividend Value	100	%
AllianzGI NFJ International Value	0	%
AllianzGI NFJ Large-Cap Value	100	%
AllianzGI NFJ Mid-Cap Value	100	%
AllianzGI NFJ Small-Cap Value	74	%
AllianzGI Small-Cap Blend	23	%
AllianzGI Technology	10	%
AllianzGI U.S. Managed Volatility	31	%

Foreign Tax Credit:  The following Funds had elected to pass through the credit for tax paid in foreign countries. The foreign income and foreign tax per share outstanding on June 30, 2015 are as follows:

	Gross Foreign Dividends		Gross Foreign Dividends Per Share		Foreign Tax		Foreign Tax Per Share
AllianzGI Emerging Markets Opportunities	$	4,092,548	$	0.854928	$	442,512	$	0.092440
AllianzGI International Managed Volatility		2,855,132		0.470534		184,833		0.030461
AllianzGI NFJ International Value		98,073,258		0.771599		8,591,903		0.067598

194 June 30, 2015  | Annual Report

The following Funds had elected to pass through the credit for tax paid in foreign countries. The foreign income and foreign tax per share outstanding on June 30, 2014 are as follows:

	Gross Foreign Dividends		Gross Foreign Dividends Per Share		Foreign Tax		Foreign Tax Per Share
AllianzGI Emerging Markets Opportunities	$	4,003,371	$	0.814395	$	481,100	$	0.097869
AllianzGI International Managed Volatility		3,365,373		0.563387		180,628		0.030238
AllianzGI NFJ International Value		111,520,638		0.796291		8,605,220		0.061444

Since the Funds’ tax year is not the calendar year, another notification will be sent with respect to calendar year 2015. In January 2016, shareholders will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received during calendar year 2015. The amount that will be reported will be the amount to use on the shareholder’s 2015 federal income tax return and may differ from the amount which must be reported in connection with the Funds’ tax year ended June 30, 2015. Shareholders are advised to consult their tax advisers as to the federal, state and local tax status of the dividend income received from the Funds.

Annual Report |  June 30, 2015 195

Unaudited

Shareholder Meeting Results/Changes to Board of Trustees

Shareholder Meeting Results:

The Trust held a special shareholder meeting on December 18, 2014 for the election of Trustees to the Board.

Shareholders of the Trust voted as indicated below:

	Affirmative		Withholding Authority
Election of Deborah A. DeCotis		836,922,927		12,582,900
Re-election of F. Ford Drummond		837,416,191		12,089,636
Election of Bradford K. Gallagher		836,733,107		12,772,720
Election of James A. Jacobson		836,806,181		12,699,646
Election of Hans W. Kertess		835,542,439		13,963,388
Election of William B. Ogden, IV		836,844,994		12,660,833
Election of Susan M. King*		837,335,838		12,169,989
Re-election of James S. MacLeod		837,339,215		12,166,612
Election of Alan Rappaport		836,024,614		13,481,212
Re-election of Davey S. Scoon		835,948,371		13,557,456
Election of Julian Sluyters*		837,542,317		11,963,510

* Interested Trustee

Changes to Board of Trustees:

Effective October 8, 2014, C. Kim Goodwin resigned as a Trustee of the Trust.

Effective December 18, 2014, John C. Maney, Edward E. Sheridan, W. Bryant Stooks and James W. Zug resigned as Trustees of the Trust.

Effective December 18, 2014, Deborah A. DeCotis, Bradford K. Gallagher, James A. Jacobson, Hans W. Kertess, William B. Ogden, IV, Alan Rappaport, Julian Sluyters and Susan M. King were elected as Trustees of the Trust.

196 June 30, 2015  | Annual Report

Unaudited

Privacy Policy

Please read this Policy carefully. It gives you important information about how Allianz Global Investors U.S. and its U.S. affiliates (“AllianzGI US,” “we” or “us”) handle non-public personal information (“Personal Information”) that we may receive about you. It applies to all of our past, present and future clients and shareholders of AllianzGI US and the funds and accounts it manages, advises, sub-advises, administers or distributes, and will continue to apply when you are no longer a client or shareholder. As used throughout this Policy, “AllianzGI US” means Allianz Global Investors U.S. LLC, Allianz Global Investors Fund Management LLC, Allianz Global Investors Distributors LLC, NFJ Investment Group LLC and the family of registered and unregistered funds managed by one or more of these firms. AllianzGI US is part of a global investment management group, and the privacy policies of other Allianz Global Investors entities outside of the United States may have provisions in their policies that differ from this Privacy Policy. Please refer to the website of the specific non-US Allianz Global Investors entity for its policy on privacy.

We Care about Your Privacy

We consider your privacy to be a fundamental aspect of our relationship with you, and we strive to maintain the confidentiality, integrity and security of your Personal Information. To ensure your privacy, we have developed policies that are designed to protect your Personal Information while allowing your needs to be served.

Information We May Collect

In the course of providing you with products and services, we may obtain Personal Information about you, which may come from sources such as account application and other forms, from other written, electronic, or verbal communications, from account transactions, from a brokerage or financial advisory firm, financial advisor or consultant, and/or from information you provide on our website.

You are not required to supply any of the Personal Information that we may request. However, failure to do so may result in us being unable to open and maintain your account, or to provide services to you.

How Your Information Is Shared

We do not disclose your Personal Information to anyone for marketing purposes. We disclose your Personal Information only to those service providers, affiliated and non-affiliated, who need the information for everyday business purposes, such as to respond to your inquiries, to perform services, and/or to service and maintain your account. This applies to all of the categories of Personal Information we collect about you. The affiliated and non-affiliated service providers who receive your Personal Information also may use it to process your transactions, provide you with materials (including preparing and mailing prospectuses and shareholder reports and gathering shareholder proxies), and provide you with account statements and other materials relating to your account. These service providers provide services at our direction, and under their agreements with us, are required to keep your Personal Information confidential and to use it only for providing the contractually required services. Our service providers may not use your Personal Information to market products and services to you except in conformance with applicable laws and regulations. We also may provide your Personal Information to your respective brokerage or financial advisory firm, custodian, and/or to your financial advisor or consultant.

In addition, we reserve the right to disclose or report Personal Information to non-affiliated third parties, in limited circumstances, where we believe in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities or pursuant to other legal process, or to protect our rights or property, including to enforce our Privacy Policy or other agreements with you. Personal Information collected by us may also be transferred as part of a corporate sale, restructuring, bankruptcy, or other transfer of assets.

Security of Your Information

We maintain your Personal Information for as long as necessary for legitimate business purposes or otherwise as required by law. In maintaining this information, we have implemented appropriate procedures that are designed to restrict access to your Personal Information only to those who need to know that information in order to provide products and/or services to you. In addition, we have implemented physical, electronic and procedural safeguards to help protect your Personal Information.

Privacy and the Internet

The Personal Information that you provide through our website, as applicable, is handled in the same way as the Personal Information that you provide by any other means, as described above. This section of the Policy gives you additional information about the way in which Personal Information that is obtained online is handled.

n Online Enrollment, Account Access and Transactions:  When you visit our website, you can visit pages that are open to the general public, or, where available, log into protected pages to enroll online, access information about your account, or conduct certain transactions. Access to the secure pages of our website is permitted only after you have created a User ID and Password. The User ID and Password must be supplied each time you want to access

Annual Report |  June 30, 2015 197

Unaudited

Privacy Policy (cont’d)

your account information online. This information serves to verify your identity. When you enter Personal Information into our website (including your Social Security Number or Taxpayer Identification Number and your password) to enroll or access your account online, you will log into secure pages. By using our website, you consent to this Privacy Policy and to the use of your Personal Information in accordance with the practices described in this Policy. If you provide Personal Information to effect transactions on our website, a record of the transactions you have performed while on the site is retained by us. For additional terms and conditions governing your use of our website, please refer to the Investor Mutual Fund Access – Disclaimer which is incorporated herein by reference and is available on our website.

n Cookies and Similar Technologies:  Cookies are small text files stored in your computer’s hard drive when you visit certain web pages. Cookies and similar technologies help us to provide customized services and information. We use these technologies on our website to improve our website and services, including to evaluate the effectiveness of our site, and to enhance the site user experience. Because an industry-standard Do-Not-Track protocol is not yet established, our website will continue to operate as described in this Privacy Policy and will not be affected by any Do-Not-Track signals from any browser.

Changes to Our Privacy Policy

We may modify this Privacy Policy from time-to-time to reflect changes in related practices and procedures, or applicable laws and regulations. If we make changes, we will notify you on our website and the revised Policy will become effective immediately upon posting to our website. We also will provide account owners with a copy of our Privacy Policy annually. We encourage you to visit our website periodically to remain up to date on our Privacy Policy. You acknowledge that by using our website after we have posted changes to this Privacy Policy, you are agreeing to the terms of the Privacy Policy as modified.

Obtaining Additional Information

If you have any questions about this Privacy Policy or our privacy related practices in the United States, you may contact us via our dedicated email at PrivacyUS@allianzgi.com.

198 June 30, 2015  | Annual Report

Allianz Funds—Board of Trustees

(unaudited)

The chart below identifies the Trustees and Officers of the Trust. The “interested” Trustees defined by the 1940 Act, are indicated below. Unless otherwise indicated, the correspondence address of all persons below is: 1633 Broadway, New York, New York 10019. The Funds’ Statement of Additional Information contains additional information about the Trustees. The Statement of Additional Information is available without charge, upon request, by calling 1-800-988-8380 (retail classes: A, B, C and R) or 1-800-498-5413 (Class D, Class P, Class R6, Institutional and Administrative classes).

Name, Year of Birth and Position Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Interested Trustees
Susan M. King† 1959	12/2014 to present	Chief Marketing Officer, Allianz Global Investors U.S. LLC (since 2013). Formerly, Global Head of Marketing for Morgan Stanley Investment Management (2011-2013). Formerly, Consultant (self-employed) (2009-2011). Formerly, Head of US Distribution Marketing for Legg Mason (2005-2009).	68	None.
Julian Sluyters† 1960	3/2014 to present	Chairman of the Management Board of Allianz Global Investors Fund Management LLC (since 2013); Chief Operating Officer, Managing Director and member of the Executive Committee of Allianz Global Investors U.S. Holdings LLC (since 2012); President and Chief Executive Officer of the Fund Complex and Formerly, President and Chief Executive Officer, Old Mutual Capital Inc. (2008-2012).	68	None.
Independent Trustees
Davey S. Scoon 1946 Chairman of the Board of Trustees	1/2006 to present	Adjunct Professor, University of Wisconsin-Madison.(since 2011). Formerly, Chief Administrative and Financial Officer, Tom’s of Maine (personal care products manufacturing) (2003-2005); and Chief Administrative and Financial Officer (formerly Vice President and Chief Financial Officer), Sun Life Financial U.S. (financial services) (2001-2003).	68	Chairman, Tufts Health Plan; Director, AMAG Pharmaceuticals, Inc. (since 2006); Director, Orthofix International N.V. (since 2011); and Director, Biodel, Inc. (since 2013). Formerly, Director, CardioKine Inc (2005-2011); and Director, NitroMed, Inc. (2003-2009).
Deborah A DeCotis 1952	6/2014 to present	Advisory Director, Morgan Stanley & Co., Inc. (since 1996); Co-Chair Special Projects Committee, Memorial Sloan Kettering (since 2005); Member, Circle Financial Group (since 2009); Trustee, Stanford University (since 2010); and Member, Council on Foreign Relations (since 2013). Formerly, Director, Helena Rubenstein Foundation (1997-2010); Principal, LaLoop LLC, a retail accessories company (1999-2014); and Director, Armor Holdings (2002-2010).	93	None.
F. Ford Drummond 1962	1/2006 to present	Owner/Operator, Drummond Ranch; and Director, Oklahoma Water Resources Board. Formerly, Director, The Cleveland Bank; and General Counsel, BMI-Health Plans (benefits administration).	68	Director, BancFirst Corporation
Bradford K. Gallagher 1959	12/2014 to present	Retired. Founder, Spyglass Investments, LLC, a private investment vehicle (since 2001). Formerly, Partner, New Technology Ventures Capital Management LLC, a venture capital fund (2011-2013); Chairman and Trustee, Atlantic Maritime Heritage Foundation (2007-2012); Founder, President and CEO, Cypress Holding Company and Cypress Tree Investment Management Company (1995-2001); and Chairman and Trustee, The Common Fund (2005-2014).	93	Formerly, Chairman and Trustee, Grail Advisors ETF Trust (2009-2010); and Trustee, Nicholas-Applegate Institutional Funds (2007-2010).

Annual Report |  June 30, 2015 199

Allianz Funds—Board of Trustees (cont’d)

(unaudited)

Name, Year of Birth and Position Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
James A. Jacobson 1945	12/2014 to present	Retired. Trustee (since 2002) and Chairman of Investment Committee (since 2007), Ronald McDonald House of New York. Formerly, Vice Chairman and Managing Director, Spear, Leeds & Kellogg Specialists, LLC, a specialist firm on the New York Stock Exchange (2003-2008).	93	Trustee, Alpine Mutual Funds Complex (consisting of 18 funds).
Hans W. Kertess 1939	12/2014 to present	President, H. Kertess & Co., a financial advisory company; and Senior Adviser (formerly Managing Director), Royal Bank of Canada Capital Markets (since 2004).	93	None.
James S. MacLeod 1947	1/2006 to present	Director, Chairman and Chief Executive Officer, CoastalSouth Bancshares, Inc.; Director and President, CoastalStates Bank; Director, Homeowners Mortgage; and Trustee, University of Tampa. Formerly, Executive Vice President, Mortgage Guaranty Insurance Corporation; and Chief Executive Officer, Homeowners Mortgage.	68	Director, Sykes Enterprises, Inc.
William B. Ogden, IV 1945	12/2014 to present	Retired. Formerly, Asset Management Industry Consultant; and Managing Director, Investment Banking Division of Citigroup Global Markets Inc.	93	None.
Alan Rappaport 1953	12/2014 to present	Advisory Director (formerly Vice Chairman), Roundtable Investment Partners (since 2009); Adjunct Professor New York University Stern School of Business (since 2011); Lecturer, Stanford University Graduate School of Business (since 2013); Trustee, American Museum of Natural History (since 2005); Trustee, NYU Langone Medical Center (since 2007); and Director, Victory Capital Holdings, Inc., an asset management firm (since 2013). Formerly, Vice Chairman, US Trust (formerly Chairman and President of Private Bank of Bank of America, the predecessor entity of US Trust) (2001-2008).	93	None.

† Each of Ms. King and Mr. Sluyters is an “Interested Person” of the Trust, as defined in Section 2(a)(19) of the 1940 Act, due to her or his affiliation with the Manager and its affiliates.

200 June 30, 2015  | Annual Report

Allianz Funds—Officers

(unaudited)

Name, Year of Birth, Position(s) Held with Trust	Term of Office* and Length of Time Served	Principal Occupation(s) During Past 5 Years
Julian Sluyters 1960 President and Chief Executive Officer	3/2014 to present	Chairman of the Management Board of Allianz Global Investors Fund Management LLC (since 2013); Chief Operating Officer, Managing Director and member of the Executive Committee of Allianz Global Investors U.S. Holdings LLC (since 2012); President and Chief Executive Officer of the Fund Complex and Formerly, President and Chief Executive Officer, Old Mutual Capital Inc. (2008-2012).
Lawrence G. Altadonna 1966 Treasurer, Principal Financial and Accounting Officer	1/2011 to present	Director, Director of Fund Administration, Allianz Global Investors Fund Management LLC; Treasurer, Principal Financial and Accounting Officer of 68 funds in the Fund Complex and of The Korea Fund, Inc. Formerly, Assistant Treasurer of numerous funds in the Fund Complex (2005-2010).
Thomas J. Fuccillo 1968 Vice President, Secretary and Chief Legal Officer	12/2006 to present	Managing Director, Chief Legal Officer and Secretary of Allianz Global Investors Fund Management LLC and Allianz Global Investors Distributors LLC; Managing Director and Chief Regulatory Counsel of Allianz Global Investors U.S. Holdings LLC; Vice President, Secretary and Chief Legal Officer of 68 funds in the Fund Complex; and Secretary and Chief Legal Officer of The Korea Fund, Inc.
Thomas L. Harter, CFA 1975 Chief Compliance Officer	4/2013 to present	Director of Allianz Global Investors U.S. Holdings LLC; Chief Compliance Officer of Allianz Global Investors Fund Management LLC; Chief Compliance Officer of 68 funds in the Fund Complex and of The Korea Fund, Inc. Formerly, Vice President and Compliance Manager (2005-2012).
Scott Whisten 1971 Assistant Treasurer	3/2007 to present	Director of Allianz Global Investors Fund Management LLC; and Assistant Treasurer of 68 funds in the Fund Complex.
Richard J. Cochran 1961 Assistant Treasurer	5/2008 to present	Vice President of Allianz Global Investors Fund Management LLC; Assistant Treasurer of 68 funds in the Fund Complex and of The Korea Fund, Inc.
Orhan Dzemaili 1974 Assistant Treasurer	1/2011 to present	Director of Allianz Global Investors Fund Management LLC; and Assistant Treasurer of 68 funds in the Fund Complex.
Richard H. Kirk 1961 Assistant Secretary	12/2004 to present	Director and Senior Counsel of Allianz Global Investors U.S. Holdings LLC; Director and Senior Counsel of Allianz Global Investors Distributors LLC. Assistant Secretary of 61 funds in the Fund Complex.
Paul Koo 1964 Assistant Secretary	4/2013 to present	Director, Deputy Head of US Compliance, Chief Compliance Officer, Allianz Global Investors U.S. LLC; and Assistant Secretary of 61 funds in the Fund Complex. Formerly, Associate Chief Compliance Officer, Dodge & Cox (2010-2011).

* The officers of the Trust are elected annually by the Board of Trustees.

Annual Report |  June 30, 2015 201

Allianz Funds

Trustees

Davey S. Scoon

Chairman of the Board of Trustees

Deborah A. DeCotis

F. Ford Drummond

Bradford K. Gallagher

James A. Jacobson

Hans W. Kertess

Susan M. King

James S. MacLeod

William B. Ogden, IV

Alan Rappaport

Julian Sluyters

Officers

Julian Sluyters

President and Chief Executive Officer

Lawrence G. Altadonna

Treasurer, Principal Financial & Accounting Officer

Thomas J. Fuccillo

Vice President, Secretary & Chief Legal Officer

Thomas L. Harter

Chief Compliance Officer

Scott Whisten

Assistant Treasurer

Richard J. Cochran

Assistant Treasurer

Orhan Dzemaili

Assistant Treasurer

Richard H. Kirk

Assistant Secretary

Paul Koo⁽¹⁾

Assistant Secretary

Investment Adviser

Allianz Global Investors Fund Management LLC

1633 Broadway

New York, NY 10019

Sub-Advisers

Allianz Global Investors U.S. LLC

1633 Broadway

New York, NY 10019

NFJ Investment Group LLC

2100 Ross Avenue, Suite 700

Dallas, TX 75201

Distributor

Allianz Global Investors Distributors LLC

1633 Broadway

New York, NY 10019

Custodian & Accounting Agent

State Street Bank & Trust Co.

801 Pennsylvania Avenue

Kansas City, MO 64105

Shareholder Servicing and Transfer Agent

Boston Financial Data Services, Inc.

(Class A, Class B, Class C, Class D and Class R shares)

P.O. Box 8050

Boston, MA 02266-8050

(Class P, Institutional Class, Class R6 and Administrative Class shares)

330 West 9^th Street, 5^th Floor

Kansas City, MO 64105

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut, Suite 1300

Kansas City, MO 64106

Legal Counsel

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

This report, including the financial information herein, is transmitted to the shareholders of the Funds for their information. It is not a prospectus, circular or representation intended for use in the purchase of shares of each Fund or any securities mentioned in this report.

For Account Information

Contact your financial adviser, or if you receive account statements directly from Allianz Global Investors, you can also call (800) 988-8380 for Class A, B, C and R shares or (800) 498-5413 for Class D, Class P,Class R6, Institutional Class and Administrative Class shares. Telephone representatives are available Monday-Friday 8:30 am to 6:00 pm Eastern Time. Or visit our website, us.allianzgi.com.

(1) Paul Koo is Assistant Secretary of the Trust with a limited authority to open, maintain and close certain custodial and trading accounts for all series of the Trust.

About Allianz Global Investors

Understand. Act. This two-word philosophy is at the core of what we do. To stand out as the investment partner our clients trust, we listen closely to understand their needs, then act decisively to deliver solutions. We are a diversified active investment manager with a strong parent company, a culture of risk management and $496 billion in assets under management.* With 24 offices in 18 countries and over 500 investment professionals, we provide global investment and research capabilities with consultative local delivery.

For more information about any of our investment solutions or client services, call your financial advisor or visit us.allianzgi.com.

* Combined worldwide Aum as of June 30, 2015

Investors should consider the investment objectives, risks, charges and expenses of the above mentioned Funds carefully before investing. This and other information is contained in the Funds’ prospectus, which may be obtained by contacting your financial advisor, by visiting us.allianzgi.com or by calling 1-800-988-8380 (retail classes: A, B, C & R) or 1-800-498-5413 (Class D, Class P, Class R6, Institutional and Administrative classes). Please read the prospectus carefully before you invest or send money.

Allianz Global Investors Fund Management LLC serves as the investment manager for the Allianz Funds and the Allianz Multi-Strategy Funds. Allianz Funds and the Allianz Multi-Strategy Funds are distributed by Allianz Global Investors Distributors LLC. © 2015. For information about any product, contact your financial advisor.

us.allianzgi.com

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

AZ1005AR_063015

AGI-2015-07-01-12601

ITEM 2. CODE OF ETHICS

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies — Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s President and Chief Executive Officer and Principal Financial Officer; the registrant’s Principal Financial Officer also serves as the Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-926-4456. The code of ethics are included as an Exhibit 99.CODE ETH hereto.

(b) During the period covered by this report, there were not any amendments to a provision of the code of ethics adopted in 2(a) above.

(c) During the period covered by this report, there were not any waivers or implicit waivers to a provision of the code of ethics adopted in 2(a) above.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

The Board of Trustees has determined that James A. Jacobson, who serves on the Board’s Audit Oversight Committee, qualifies as an “audit committee financial expert” and is “independent” for purposes of this Item.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

a) Audit fees. The aggregate fees billed for each of the last two fiscal years (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant (the “Auditor”) for the audit of the Registrant’s annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $657,800 in 2014 and $611,105 in 2015.

b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the principal accountants that are reasonably related to the performance of the audit registrant’s financial statements and are not reported under paragraph (e) of this Item were $13,000 in 2014 and $0 in 2015.

c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax service and tax planning (“Tax Services”) were $238,500 in 2014 and $221,100 in 2015. These services include review or preparation of U.S. federal, state, local, certain foreign tax returns, excise tax returns and the calculation of excise tax distributions.

d) All Other Fees. The aggregate fees billed in the Reporting Periods for professional services, if any, billed for other products and services rendered by the principal account to the Trust were $0 in 2014 and $0 in 2015.

e) 1. Audit Committee Pre-Approval Policies and Procedures. The Registrant’s Audit Committee has established policies and procedures for pre-approval of all audit and permissible non-audit services by the Auditor for the Registrant, as well as the Auditor’s engagements related directly to the operations and financial reporting of the Registrant. The Registrant’s policy is stated below.

ALLIANZ FUNDS (The “Fund”)

AUDIT OVERSIGHT COMMITTEE POLICY

FOR

PRE-APPROVAL OF SERVICES PROVIDED BY THE INDEPENDENT ACCOUNTANTS

The Fund’s Audit Oversight Committee (“Committee”) is charged with the oversight of the fund’s financial reporting policies and practices and their internal controls. As part of this responsibility, the Committee must pre-approve any independent accounting firm’s engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed engagement by the independent accountants, the Committee will assess the effect that the engagement might reasonably be expected to have on the accountant’s independence. The Committee’s evaluation will be based on:

a review of the nature of the professional services expected to be provided,

the fees to be charged in connection with the services expected to be provided

a review of the safeguards put into place by the accounting firm to safeguard independence, and

periodic meetings with the accounting firm.

POLICY FOR AUDIT AND NON-AUDIT SERVICES TO BE PROVIDED TO THE FUND

On an annual basis, the Committee of the Fund will review and pre-approve the scope of the audits of the Fund and proposed audit fees, and permitted non-audit (including audit under related) services that may be performed by the Fund’s independent accountants. At least annually, the Committee will receive a report of all audit and non-audit services that were rendered in the previous calendar year pursuant to this Policy.

In addition to the Committee’s pre-approval of services pursuant to this Policy, the engagement of the independent accounting firm for any permitted non-audit service provided to the fund with also require the separate written pre-approval of the President of the fund, who will confirm, independently that the accounting firm’s engagement will not adversely affect the firm’s independence. All non-audit services performed by the independent accounting firm will be disclosed, as required, in filings with the Securities and Exchange Commission.

AUDIT SERVICES

The categories of audit services and related fees to be reviewed and pre-approved annually by the Committee are:

Annual Fund financial statement audits

Seed audits (related to new product filings, as required)

SEC and regulatory filings and consents

AUDIT-RELATED SERVICES

The following categories of audit-related services are considered to be consistent with the role of the Fund’s independent accountants and services falling under one of these categories will be pre-approved by the Committee on an annual basis if the Committee deems those services to be consistent with the accounting firm’s independence:

Accounting consultations

Fund merger support services

Agreed upon procedure reports

Other Attestation reports

Comfort letters

Other internal control reports

Individual audit-related services that fall within one of these categories and are not presented to the Committee as part of the annual pre-approval process described above, may be pre-approved, if deemed consistent with the accounting firm’s independence, by the Committee Chair (or any other Committee member who is a disinterested trustee under the Investment Company to whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $500,000 any such pre-approval shall be reported to the full Committee at its next regularly scheduled meeting.

TAX SERVICES

The following categories of tax services are considered to be consistent with the role of the Fund’s independent accountants and services falling under one of these categories will be pre-approved by the Committee on an annual basis if the Committee deems those services to be consistent with the accounting firm’s independence:

Tax compliance services related to the filing or amendment of the following:

Federal, state and local income tax compliance; and, Sales and use tax compliance

Timely RIC qualification reviews

Tax distribution analysis and planning

Tax authority examination services

Tax appeals support services

Accounting methods studies

Fund merger support services

Other tax consulting services and related projects

Individual tax services that fall within one of these categories and are not presented to the Committee as part of the annual pre-approval process described above, may be pre-approved, if deemed consistent with the accounting firm’s independence, by the Committee Chair (or any other Committee member who is a disinterested trustee under the Investment Company Act to whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $500,000 any such pre-approval shall be reported to the full Committee at its next regularly scheduled meeting.

PROSCRIBED SERVICES

The Fund’s independent accountants will not render services in the following categories of non-audit services:

Bookkeeping or other services related to the accounting records or financial statements of the Fund

Financial information systems design and implementation

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

Actuarial services

Internal audit outsourcing services

Management functions or human resources

Broker or dealer, investment adviser or investment banking services

Legal services and expert services unrelated to the audit

Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

PRE-APPROVAL OF NON-AUDIT SERVICES PROVIDED TO OTHER ENTITIES WITHIN THE FUND COMPLEX

The Committee will pre-approve annually any permitted non-audit services to be provided to Allianz Global Investors Fund Management LLC or any other investment manager to the Funds (but not including any sub-adviser whose role is primarily portfolio management and is sub-contracted by the investment manager) (the “Investment Manager”) and any entity controlling, controlled by, or under common control with the Investment Manager that provides ongoing services to the Funds (including affiliated sub-advisers to the Funds), provided, in each case, that the engagement relates directly to the operations and financial reporting of the Funds (such entities, including the Investment Manager, shall be referred to herein as the “Accounting Affiliates”). Individual projects that are not presented to the Committee as part of the annual pre-approval process, may be pre-approved, if deemed consistent with the accounting firm’s independence, by the Committee Chairman (or any other Committee member who is a disinterested trustee under the Investment Company Act to whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $500,000. Any such pre-approval shall be reported to the full Committee at its next regularly scheduled meeting.

Although the Committee will not pre-approve all services provided to the Investment Manager and its affiliates, the Committee will receive an annual report from the Funds’ independent accounting firm showing the aggregate fees for all services provided to the Investment Manager and its affiliates.

DE MINIMUS EXCEPTION TO REQUIREMENT OF PRE-APPROVAL OF NON-AUDIT SERVICES

With respect to the provision of permitted non-audit services to a Fund or Accounting Affiliates, the pre-approval requirement is waived if:

(1) The aggregate amount of all such permitted non-audit services provided constitutes no more than (i) with respect to such services provided to the Fund, five percent (5%) of the total amount of revenues paid by the Fund to its independent accountant during the fiscal year in which the services are provided, and (ii) with respect to such services provided to Accounting Affiliates, five percent (5%) of the total amount of revenues paid to the Fund’s independent accountant by the Fund and the Accounting Affiliates during the fiscal year in which the services are provided;

(2) Such services were not recognized by the Fund at the time of the engagement for such services to be non-audit services; and

(3) Such services are promptly brought to the attention of the Committee and approved prior to the completion of the audit by the Committee or by the Committee Chairman (or any other Committee member who is a disinterested trustee under the Investment Company Act to whom this Committee Chairman or other delegate shall be reported to the full Committee at its next regularly scheduled meeting.

e) 2. No services were approved pursuant to the procedures contained in paragraph (C) (7) (i) (C) of Rule 2-01 of Registration S-X.

f) Not applicable.

g) Non-audit fees. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant, and rendered to the Adviser, for the 2014 Reporting Period was $4,916,694 and the 2015 Reporting Period was $5,711,508.

h) Auditor Independence. The Registrant’s Audit Oversight Committee has considered whether the provision of non-audit services that were rendered to the Adviser which were not pre-approved is compatible with maintaining the Auditor’s independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANT

Disclosure not required for open-end management investment companies.

ITEM 6. INVESTMENTS

(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Disclosure not required for open-end management investment companies.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Disclosure not required for open-end management investment companies.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED COMPANIES.

Disclosure not required for open-end management investment companies.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the Trust’s Board of Trustees since the Trust last provided disclosure in response to this item.

ITEM 11. CONTROLS AND PROCEDURES

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

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

ITEM 12. EXHIBITS

(a)(1) Exhibit 99.CODE ETH – Code of Ethics

(a)(2) Exhibit 99.302CERT – Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

(a)(3) Not applicable

(b) Exhibit 99.906CERT – Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Signatures

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

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

Date: August 26, 2015

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

Date: August 26, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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

Date: August 26, 2015

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

Date: August 26, 2015