Table of Contents Allianz Funds Multi-Strategy Trust AllianzGI Retirement 2020 Fund AllianzGI Retirement 2025 Fund AllianzGI Retirement 2030 Fund AllianzGI Retirement 2035 Fund AllianzGI Retirement 2040 Fund AllianzGI Retirement 2045 Fund AllianzGI Retirement 2050 Fund AllianzGI Retirement 2055 Fund AllianzGI Multi Asset Income Fund AllianzGI Global Allocation Fund AllianzGI Best Styles Global Equity Fund AllianzGI Best Styles International Equity Fund AllianzGI Best Styles U.S. Equity Fund AllianzGI Convertible Fund AllianzGI Core Bond Fund AllianzGI Core Plus Bond Fund AllianzGI Emerging Markets Consumer Fund AllianzGI Emerging Markets Small-Cap Fund AllianzGI Emerging Markets SRI Debt Fund AllianzGI Floating Rate Note Fund AllianzGI Global Dynamic Allocation Fund AllianzGI Global High Yield Fund AllianzGI Global Sustainability Fund AllianzGI Green Bond Fund AllianzGI High Yield Bond Fund AllianzGI International Small-Cap Fund AllianzGI Micro Cap Fund AllianzGI NFJ Emerging Markets Value Fund AllianzGI PerformanceFee Managed Futures Strategy Fund AllianzGI PerformanceFee Structured US Equity Fund AllianzGI PerformanceFee Structured US Fixed Income Fund AllianzGI Preferred Securities and Income Fund AllianzGI Short Duration High Income Fund AllianzGI Short Term Bond Fund AllianzGI Structured Return Fund AllianzGI U.S. Equity Hedged Fund AllianzGI Ultra Micro Cap Fund AllianzGI Water Fund (formerly AllianzGI Global Water Fund) Schedule of Investments AllianzGI Retirement 2020 Fund December 31, 2019 (unaudited) Principal Amount Shares Value^ (000s) Value^ MUTUAL FUNDS (a)—92.9% Repurchase Agreements—2.8% State Street Bank and Trust Co., AllianzGI Advanced Core Bond 221,790 $ 3,313,543 dated 12/31/19, 0.25%, due 1/2/20, AllianzGI Emerging Markets proceeds $433,006; collateralized by Small-Cap (b) 5,877 99,446 U.S. Treasury Bonds, 2.50%, due AllianzGI Emerging Markets SRI 2/15/46, valued at $441,712 including Debt (b) 11,282 158,169 accrued interest AllianzGI Global Dynamic Allocation (c) 596,332 10,978,481 (cost—$433,000) $ 433 $ 433,000 Total Mutual Funds (cost—$14,343,275) 14,549,639 Total Investments EXCHANGE-TRADED FUNDS—2.9% (cost—$15,218,930)—98.6% 15,441,801 Invesco DB Gold 3,403 154,020 Other assets less liabilities (d)—1.4% 215,911 Vanguard Mortgage-Backed Securities 5,739 305,142 Net Assets—100.0% $15,657,712 Total Exchange-Traded Funds (cost—$442,655) 459,162 Notes to Schedule of Investments: (a) Affiliated fund. (b) Institutional Class share. (c) Class R6 share. (d) Includes net unrealized appreciation (depreciation) of other financial instruments as follows: Futures contracts outstanding at December 31, 2019: Notional Market Unrealized Expiration Amount Value Appreciation Type Contracts Date (000s) (000s) (Depreciation) Long position contracts: 2-Year U.S. Treasury Note 6 3/31/20 $ 1,200 $ 1,293 $ (1,182) 5-Year U.S. Treasury Note 6 3/31/20 600 712 (198) 10-Year U.S. Treasury Note 2 3/20/20 200 257 (2,252) CBOE SPX Volatility Index 1 1/22/20 1 15 (2,208) E-mini Russell 2000 Index 3 3/20/20 — (f) 250 3,408 Euro-Bund 10-Year Bond 3 3/6/20 EUR 300 574 (5,691) Euro Currency 2 3/16/20 $ 250 282 3,655 Japanese Yen 2 3/16/20 3 231 (429) $ (4,897) Short position contracts: 10-Year Ultra U.S. Treasury Bond (1) 3/20/20 $ (100) $ (141) $ 1,678 E-mini S&P 500 Index (2) 3/20/20 (—)(f) (323) (4,567) Euro Buxl 30-Year Bond (1) 3/6/20 EUR (100) (223) 6,056 Mexican Peso (6) 3/16/20 $ (3,000) (157) (3,076) Mini MSCI Emerging Markets Index (7) 3/20/20 (—)(f) (392) (11,076) MSCI EAFE Index (11) 3/20/20 (1) (1,120) (8,820) $ (19,805) $ (24,702) (e) At December 31, 2019, the Fund pledged $228,428 in cash as collateral for futures contracts. (f) Notional amount rounds to less than 500. Glossary: CBOE—Chicago Board Options Exchange EAFE—Europe, Australasia and Far East EUR—Euro MSCI—Morgan Stanley Capital International Schedule of Investments AllianzGI Retirement 2025 Fund December 31, 2019 (unaudited) Principal Amount Shares Value^ (000s) Value^ MUTUAL FUNDS (a)—92.1% Repurchase Agreements—2.4% State Street Bank and Trust Co., AllianzGI Advanced Core Bond 85,483 $ 1,277,119 dated 12/31/19, 0.25%, due 1/2/20, AllianzGI Emerging Markets proceeds $505,007; collateralized by Small-Cap (b) 8,315 140,696 U.S. Treasury Bonds, 2.50%, due AllianzGI Global Dynamic Allocation (c) 969,720 17,852,547 2/15/46, valued at $519,661 including Total Mutual Funds (cost—$19,034,772) 19,270,362 accrued interest (cost—$505,000) $ 505 $ 505,000 EXCHANGE-TRADED FUNDS—2.4% Total Investments Invesco DB Gold 5,555 251,419 (cost—$20,036,840)—96.9% 20,277,523 iShares TIPS Bond 2,151 250,742 Other assets less liabilities (d)—3.1% 639,271 Total Exchange-Traded Funds (cost—$497,068) 502,161 Net Assets—100.0% $20,916,794 Notes to Schedule of Investments: (a) Affiliated fund. (b) Institutional Class share. (c) Class R6 share. (d) Includes net unrealized appreciation (depreciation) of other financial instruments as follows: Futures contracts outstanding at December 31, 2019: Notional Market Unrealized Expiration Amount Value Appreciation Type Contracts Date (000s) (000s) (Depreciation) Long position contracts: 2-Year U.S. Treasury Note 9 3/31/20 $ 1,800 $ 1,939 $ (1,773) 5-Year U.S. Treasury Note 8 3/31/20 800 949 (264) CBOE SPX Volatility Index 1 1/22/20 1 15 (2,208) E-mini Russell 2000 Index 4 3/20/20 — (f) 334 4,545 Euro-Bund 10-Year Bond 3 3/6/20 EUR 300 574 (5,690) Euro Currency 3 3/16/20 $ 375 423 5,482 Japanese Yen 3 3/16/20 4 347 (646) $ (554) Short position contracts: 10-Year Ultra U.S. Treasury Bond (1) 3/20/20 $ (100) $ (141) $ 1,679 E-mini S&P 500 Index (1) 3/20/20 (—)(f) (161) (1,556) Euro Buxl 30-Year Bond (1) 3/6/20 EUR (100) (222) 6,056 Mexican Peso (9) 3/16/20 $ (4,500) (236) (4,614) Mini MSCI Emerging Markets Index (7) 3/20/20 (—)(f) (392) (11,076) MSCI EAFE Index (18) 3/20/20 (1) (1,833) (14,756) $ (24,267) $ (24,821) (e) At December 31, 2019, the Fund pledged $648,434 in cash as collateral for futures contracts. (f) Notional amount rounds to less than 500. Glossary: CBOE—Chicago Board Options Exchange EAFE—Europe, Australasia and Far East EUR—Euro MSCI—Morgan Stanley Capital International TIPS—Treasury Inflation Protected Securities Schedule of Investments AllianzGI Retirement 2030 Fund December 31, 2019 (unaudited) Principal Amount Shares Value^ (000s) Value^ MUTUAL FUNDS (a)—93.4% Repurchase Agreements—2.7% State Street Bank and Trust Co., AllianzGI Best Styles Global dated 12/31/19, 0.25%, due 1/2/20, Managed Volatility 27,422 $ 448,628 proceeds $791,011; collateralized by AllianzGI Best Styles U.S. Equity (c) 88,024 1,204,173 U.S. Treasury Bonds, 2.50%, due AllianzGI Emerging Markets 2/15/46, valued at $810,671 including Small-Cap (b) 8,879 150,227 accrued interest AllianzGI Global Dynamic (cost—$791,000) $ 791 $ 791,000 Allocation (c) 1,382,480 25,451,457 AllianzGI Global Small-Cap Total Investments Opportunities 10,384 178,405 (cost—$28,375,456)—97.1% 28,666,641 AllianzGI Mid-Cap (b) 33,604 152,227 Other assets less liabilities (d)—2.9% 848,734 Total Mutual Funds (cost—$27,296,307) 27,585,117 Net Assets—100.0% $29,515,375 EXCHANGE-TRADED FUNDS—1.0% Notes to Schedule of Investments: Invesco DB Gold (cost—$288,149) 6,419 290,524 (a) Affiliated fund. (b) Institutional Class share. (c) Class R6 share. (d) Includes net unrealized appreciation (depreciation) of other financial instruments as follows: Futures contracts outstanding at December 31, 2019: Notional Market Unrealized Expiration Amount Value Appreciation Type Contracts Date (000s) (000s) (Depreciation) Long position contracts: 2-Year U.S. Treasury Note 12 3/31/20 $ 2,400 $ 2,586 $ (2,364) 5-Year U.S. Treasury Note 11 3/31/20 1,100 1,305 (363) CBOE SPX Volatility Index 1 1/22/20 1 15 (2,207) E-mini Russell 2000 Index 6 3/20/20 — (f) 501 6,817 E-mini S&P 500 Index 3 3/20/20 — (f) 485 9,016 Euro-Bund 10-Year Bond 6 3/6/20 EUR 600 1,147 (11,381) Euro Currency 4 3/16/20 $ 500 564 7,309 Japanese Yen 5 3/16/20 6 578 (1,076) XAE Energy 3 3/20/20 — (f) 187 4,853 $ 10,604 Short position contracts: 10-Year Ultra U.S. Treasury Bond (9) 3/20/20 $ (900) $(1,266) $ 15,101 Euro Buxl 30-Year Bond (2) 3/6/20 EUR (200) (445) 12,112 Mexican Peso (13) 3/16/20 $ (6,500) (341) (6,665) Mini MSCI Emerging Markets Index (9) 3/20/20 (—)(f) (504) (14,240) MSCI EAFE Index (21) 3/20/20 (1) (2,138) (13,778) $ (7,470) $3,134 (e) At December 31, 2019, the Fund pledged $841,651 in cash as collateral for futures contracts. (f) Notional amount rounds to less than 500. Glossary: CBOE—Chicago Board Options Exchange EAFE—Europe, Australasia and Far East EUR—Euro MSCI—Morgan Stanley Capital International Schedule of Investments AllianzGI Retirement 2035 Fund December 31, 2019 (unaudited) Principal Amount Shares Value^ (000s) Value^ MUTUAL FUNDS (a)—92.5% Repurchase Agreements—3.0% State Street Bank and Trust Co., AllianzGI Best Styles Global dated 12/31/19, 0.25%, due Managed Volatility 85,548 $ 1,399,566 1/2/20, proceeds $703,010; AllianzGI Best Styles U.S.