Allianz Funds NCSRS Certified semi-annual shareholder report (management investment company)

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

Virtus Investment Trust

(during the period being reported, Allianz Funds)

(Exact name of registrant as specified in charter)

101 Munson Street

Greenfield, MA 01301

(Address of principal executive offices) (Zip code)

Jennifer Fromm

Vice President, Chief Legal Officer, Counsel and Secretary for Registrant

One Financial Plaza

Hartford, CT 06103

(Name and address of agent for service)

Registrant’s telephone number, including area code: 800-988-8380

Date of fiscal year end: June 30

Date of reporting period: December 31, 2020

ITEM 1.

REPORT TO SHAREHOLDERS

SEMIANNUAL REPORT

VIRTUS INVESTMENT TRUST

December 31, 2020

Virtus AllianzGI Emerging Markets Opportunities Fund

(f/k/a AllianzGI Emerging Markets Opportunities Fund)

Virtus AllianzGI Focused Growth Fund

(f/k/a AllianzGI Focused Growth Fund)

Virtus AllianzGI Global Small-Cap Fund

(f/k/a AllianzGI Global Small-Cap Fund)

Virtus AllianzGI Health Sciences Fund

(f/k/a AllianzGI Health Sciences Fund)

Virtus AllianzGI Income & Growth Fund

(f/k/a AllianzGI Income & Growth Fund)

Virtus AllianzGI Mid-Cap Growth Fund

(f/k/a AllianzGI Mid-Cap Fund)

Virtus AllianzGI Small-Cap Fund

(f/k/a AllianzGI Small-Cap Fund)

Virtus AllianzGI Technology Fund

(f/k/a AllianzGI Technology Fund)

Virtus NFJ Dividend Value Fund

(f/k/a AllianzGI Dividend Value Fund)

Virtus NFJ International Value Fund

(f/k/a AllianzGI International Value Fund)

Virtus NFJ Large-Cap Value Fund

(f/k/a AllianzGI Large-Cap Value Fund)

Virtus NFJ Mid-Cap Value Fund

(f/k/a AllianzGI Mid-Cap Value Fund)

Virtus NFJ Small-Cap Value Fund

(f/k/a AllianzGI Small-Cap Value Fund)

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports like this one will no longer be sent by mail, unless specifically requested from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect at any time to receive not only shareholder reports but also certain other communications from the Fund electronically, or you may elect to receive paper copies of all future shareholder reports free of charge to you. If you own your shares directly with the Fund, you may make such elections by calling the Fund at 1-800-988-8380 (Class A, Class C and Class R) or 1-800-498-5413 (Class P, Class R6, Institutional and Administrative classes) or, with respect to requesting electronic delivery, by visiting www.virtus.com. An election made directly with the Fund will apply to all Virtus Mutual Funds in which you own shares directly. If you own your shares through a financial intermediary, please contact your financial intermediary to make your request and to determine whether your election will apply to all funds in which you own shares through that intermediary.

Not FDIC Insured • No Bank Guarantee • May Lose Value

Table of Contents



	2			Letter from the President

	3–9			Shareholder Expense Examples

	10–12			Allocation Tables

	13–15			Important Information and Key Investment Terms

	16-43			Schedules of Investments

	44-49			Statements of Assets and Liabilities

	50-52			Statements of Operations

	54-59			Statements of Changes in Net Assets

	60-85			Financial Highlights

	86-115			Notes to Financial Statements

	116-118			Consideration of Advisory and Subadvisory Agreements by the Board of Trustees of the Trust

	119-128			Shareholder Meeting Results

	129-130			Privacy Policy

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.

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: fixed-income risk, liquidity risk, derivatives risk, smaller company risk, non-US investment risk, focused investment risk and specific sector investment risks. Below investment grade securities involve a greater risk to principal than investment grade securities. Bond prices will normally decline as interest rates rise. The impact may be greater with longer-duration bonds. The market for certain securities may become illiquid, which could prevent a fund from purchasing or selling these securities at an advantageous time or price and possibly delay redemptions of fund shares. 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

LOGO

To Virtus Investment Trust Shareholders:

I am pleased to welcome you to the Virtus Funds. On February 1, 2021, Virtus Investment Partners finalized a strategic partnership with Allianz Global Investors (AllianzGI), and Virtus subsidiaries are now the investment adviser, administrator, transfer agent, and distributor of your Fund. Importantly, this partnership provides continuity in the investment approach and the portfolio teams who manage your Fund.

This semiannual report reviews the performance of your Fund for the six months ended December 31, 2020, as strong monetary and fiscal support helped global markets recover from pandemic-related declines. Many indexes were able to post positive returns for the six-month period despite the turmoil. U.S. large-capitalization stocks returned 22.16%, as measured by the S&P 500^® Index, but lagged small-cap stocks, which gained 37.85%, as measured by the Russell 2000^® Index. Within international equities, developed markets returned 21.61%, as measured by the MSCI EAFE^® Index (net), but were outpaced by emerging markets, which gained 31.14%, as measured by the MSCI Emerging Markets Index (net). In fixed income markets, signs of an economic recovery drove interest rates higher for the six-month period, with the yield on the 10-year Treasury at 0.93% on December 31, 2020, up from 0.66% on June 30, 2020. The broader U.S. fixed income market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 1.29%. Non-investment grade bonds were up 11.34% for the period, as measured by the Bloomberg Barclays U.S. Corporate High Yield Bond Index.

If you are new to Virtus, I encourage you to learn more about the many investment strategies we offer. Please visit us at Virtus.com.

Our entire team looks forward to serving you and your Fund. We are available to answer any questions you may have about the changes. Please call us at 1-800-988-8380 (Class A, Class C, and Class R) or 1-800-498-5413 (Class P, Class R6, Institutional, and Administrative classes) if you require assistance. Welcome to Virtus!

Sincerely,

LOGO

George R. Aylward

President, Virtus Investment Trust

February 2021

Performance data quoted represents past results. Past performance is no guarantee of future results, and current performance may be higher or lower than the performance shown above.


2		December 31, 2020 \|		Semiannual Report

Unaudited

Shareholder Expense Examples

AllianzGI Dividend Value Fund:



	Actual Performance
	Class A	Class C	Class R	Class P	Institutional Class	Class R6	Administrative Class

Beginning Account Value (7/1/20)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/20)	$1,162.50	$1,158.00	$1,161.00	$1,164.20	$1,165.10	$1,164.20	$1,162.10

Expenses Paid During Period	$5.67	$9.74	$7.03	$4.31	$3.77	$3.49	$5.12


	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Institutional Class	Class R6	Administrative Class

Beginning Account Value (7/1/20)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/20)	$1,019.96	$1,016.18	$1,018.70	$1,021.22	$1,021.73	$1,021.92	$1,020.47

Expenses Paid During Period	$5.30	$9.10	$6.56	$4.02	$3.52	$3.25	$4.79

For each class of the Fund, expenses (net of fee waivers) are equal to the annualized expense ratio for the class (1.04% for Class A, 1.79% for Class C, 1.29% for Class R, 0.79% for Class P, 0.69% for Institutional Class, 0.64% for Class R6 and 0.94% for Administrative Class), multiplied by the average account value over the period, multiplied by 184/365.

AllianzGI Emerging Markets Opportunities Fund:



	Actual Performance
	Class A	Class C	Class P	Institutional Class	Class R6

Beginning Account Value (7/1/20)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/20)	$1,322.30	$1,317.60	$1,324.60	$1,325.20	$1,325.30

Expenses Paid During Period	$7.55	$11.92	$6.09	$5.51	$5.22


	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class	Class R6

Beginning Account Value (7/1/20)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/20)	$1,018.70	$1,014.92	$1,019.96	$1,020.47	$1,020.72

Expenses Paid During Period	$6.56	$10.36	$5.30	$4.79	$4.53

For each class of the Fund, expenses (net of fee waivers) are equal to the annualized expense ratio for the class (1.29% for Class A, 2.04% for Class C, 1.04% for Class P, 0.94% for Institutional Class and 0.89% for Class R6), multiplied by the average account value over the period, multiplied by 184/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.


Semiannual Report		\| December 31, 2020			3

Unaudited

Shareholder Expense Examples (cont’d)

AllianzGI Focused Growth Fund:



	Actual Performance
	Class A	Class C	Class R	Class P	Institutional Class	Class R6	Administrative Class

Beginning Account Value (7/1/20)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/20)	$1,308.70	$1,303.70	$1,307.10	$1,310.40	$1,311.00	$1,311.40	$1,309.20

Expenses Paid During Period	$5.77	$10.23	$7.33	$4.44	$3.86	$3.56	$5.30


	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Institutional Class	Class R6	Administrative Class

Beginning Account Value (7/1/20)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/20)	$1,020.21	$1,016.32	$1,018.85	$1,021.36	$1,021.87	$1,022.13	$1,020.61

Expenses Paid During Period	$5.05	$8.95	$6.42	$3.88	$3.37	$3.11	$ 4.64

For each class of the Fund, expenses (net of fee waivers) are equal to the annualized expense ratio for the class (0.99% for Class A, 1.76% for Class C, 1.26% for Class R, 0.76% for Class P, 0.66% for Institutional Class, 0.61% for Class R6 and 0.91% for Administrative Class), multiplied by the average account value over the period, multiplied by 184/365.

AllianzGI Global Small-Cap Fund:



	Actual Performance
	Class A	Class C	Class P	Institutional Class

Beginning Account Value (7/1/20)	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/20)	$1,377.80	$1,372.70	$1,379.60	$1,380.20

Expenses Paid During Period	$9.71	$14.17	$8.22	$7.62


	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class

Beginning Account Value (7/1/20)	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/20)	$1,017.04	$1,013.26	$1,018.30	$1,018.80

Expenses Paid During Period	$8.24	$12.03	$6.97	$6.46

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 C, 1.37% for Class P and 1.27% for Institutional Class), multiplied by the average account value over the period, multiplied by 184/365.


4		December 31, 2020 \|		Semiannual Report

Unaudited

Shareholder Expense Examples (cont’d)

AllianzGI Health Sciences Fund:



	Actual Performance
		Class A	Class C	Class P*	Institutional Class

Beginning Account Value (7/1/20)		$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/20)		$1,121.10	$1,117.10	$1,122.30	$1,123.20

Expenses Paid During Period		$7.86	$11.85	$6.11	$5.99


	Hypothetical Performance
	(5% return before expenses)
		Class A	Class C	Class P*	Institutional Class

Beginning Account Value (7/1/20)		$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/20)		$1,017.80	$1,014.01	$1,019.00	$1,019.56

Expenses Paid During Period		$7.48	$11.27	$6.26	$5.70

* Class P commenced operations on July 13, 2020. The Actual expense example for Class P is based on the period since inception; the actual expense example for Class A, Class C, and Institutional Class, and the Hypothetical expense example are based on the period beginning July 1, 2020. If the Hypothetical expense example for Class P had been based on the period since inception, the Ending Account Value and Expenses Paid During the Period would have been: $1,017.66 and $5.81, respectively.

AllianzGI Income & Growth Fund:



	Actual Performance
	Class A	Class C	Class R	Class P	Institutional Class

Beginning Account Value (7/1/20)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/20)	$1,215.80	$1,211.30	$1,214.20	$1,217.50	$1,218.40

Expenses Paid During Period	$7.04	$11.20	$8.43	$5.65	$5.09


	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Institutional Class

Beginning Account Value (7/1/20)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/20)	$1,018.85	$1,015.07	$1,017.59	$1,020.11	$1,020.62

Expenses Paid During Period	$6.41	$10.21	$7.68	$5.14	$4.63

For each class of the Fund, expenses (net of fee waivers) are equal to the annualized expense ratio for the class (1.26% for Class A, 2.01% for Class C, 1.51% for Class R, 1.01% for Class P and 0.91% for Institutional Class), multiplied by the average account value over the period, multiplied by 184/365.


Semiannual Report		\| December 31, 2020			5

Unaudited

Shareholder Expense Examples (cont’d)

AllianzGI International Value Fund:



	Actual Performance
	Class A	Class C	Class R	Class P	Institutional Class	Class R6	Administrative Class

Beginning Account Value (7/1/20)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/20)	$1,243.60	$1,238.50	$1,241.90	$1,245.40	$1,245.80	$1,246.20	$1,244.50

Expenses Paid During Period	$7.30	$11.51	$8.70	$5.89	$5.32	$5.04	$6.73


	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Institutional Class	Class R6	Administrative Class

Beginning Account Value (7/1/20)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/20)	$1,018.70	$1,014.92	$1,017.44	$1,019.96	$1,020.47	$1,020.72	$1,019.21

Expenses Paid During Period	$6.56	$10.36	$7.83	$5.30	$4.79	$4.53	$6.06

For each class of the Fund, expenses (net of fee waiver) are equal to the annualized expense ratio for the class (1.29% for Class A, 2.04% for Class C, 1.54% for Class R, 1.04% for Class P, 0.94% for Institutional Class , 0.89% for Class R6 and 1.19% for Administrative Class), multiplied by the average account value over the period, multiplied by 184/365.

AllianzGI Large-Cap Value Fund:



	Actual Performance
	Class A	Class C	Class R	Class P	Institutional Class	Administrative Class

Beginning Account Value (7/1/20)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/20)	$1,185.70	$1,181.30	$1,184.10	$1,187.40	$1,187.60	$1,186.60

Expenses Paid During Period	$6.17	$10.28	$7.54	$4.80	$4.25	$5.62


	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Institutional Class	Administrative Class

Beginning Account Value (7/1/20)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/20)	$1,019.56	$1,015.78	$1,018.30	$1,020.82	$1,021.32	$1,020.06

Expenses Paid During Period	$5.70	$9.50	$6.97	$4.43	$3.92	$5.19

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.12% for Class A, 1.87% for Class C, 1.37% for Class R, 0.87% for Class P, 0.77% for Institutional Class and 1.02% for Administrative Class), multiplied by the average account value over the period, multiplied by 184/365.


6		December 31, 2020 \|		Semiannual Report

Unaudited

Shareholder Expense Examples (cont’d)

AllianzGI Mid-Cap Fund:



	Actual Performance
	Class A	Class C	Class R	Class P	Institutional Class	Administrative Class

Beginning Account Value (7/1/20)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/20)	$1,377.70	$1,371.20	$1,375.70	$1,377.10	$1,380.00	$1,377.60

Expenses Paid During Period	$6.83	$11.30	$8.32	$5.33	$4.74	$6.23


	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Institutional Class	Administrative Class

Beginning Account Value (7/1/20)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/20)	$1,019.46	$1,015.68	$1,018.20	$1,020.72	$1,021.22	$1,019.96

Expenses Paid During Period	$5.80	$9.60	$7.07	$4.53	$4.02	$5.30

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.14% for Class A, 1.89% for Class C, 1.39% for Class R, 0.89% for Class P, 0.79% for Institutional Class and 1.04% for Administrative Class), multiplied by the average account value over the period, multiplied by 184/365.

AllianzGI Mid-Cap Value Fund:



	Actual Performance
	Class A	Class C	Class R	Class P	Institutional Class	Class R6	Administrative Class

Beginning Account Value (7/1/20)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/20)	$1,205.50	$1,200.90	$1,204.20	$1,207.20	$1,207.80	$1,208.10	$1,206.50

Expenses Paid During Period	$5.50	$9.65	$6.89	$4.12	$3.56	$3.28	$4.95


	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Institutional Class	Class R6	Administrative Class

Beginning Account Value (7/1/20)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/20)	$1,020.21	$1,016.43	$1,018.95	$1,021.48	$1,021.98	$1,022.23	$1,020.72

Expenses Paid During Period	$5.04	$8.84	$6.31	$3.77	$3.26	$3.01	$4.53

For each class of the Fund, expenses ( net of fee waiver) are equal to the annualized expense ratio for the class (0.99% for Class A, 1.74% for Class C, 1.24% for Class R, 0.74% for Class P, 0.64% for Institutional Class, 0.59% for Class R6 and 0.89% for Administrative Class), multiplied by the average account value over the period, multiplied by 184/365.


Semiannual Report		\| December 31, 2020			7

Unaudited

Shareholder Expense Examples (cont’d)

AllianzGI Small-Cap Fund:



	Actual Performance
	Class A	Class C	Class P	Institutional Class	Class R6

Beginning Account Value (12/31/20)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (7/1/20)	$1,362.60	$1,357.50	$1,364.50	$1,365.00	$1,364.80

Expenses Paid During Period	$ 6.97	$ 11.41	$ 5.48	$ 4.89	$ 4.59


	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class	Class R6

Beginning Account Value (7/1/20)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/20)	$1,019.31	$1,015.53	$1,020.57	$1,021.07	$1,021.32

Expenses Paid During Period	$ 5.96	$ 9.75	$ 4.69	$ 4.18	$ 3.92

For each class of the Fund, expenses (net of fee waiver) are equal to the annualized expense ratio for the class (1.17% for Class A, 1.92% for Class C, 0.92% for Class P, 0.82% for Institutional Class and 0.77% for Class R6), multiplied by the average account value over the period, multiplied by 184/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.

AllianzGI Small-Cap Value Fund:



	Actual Performance
	Class A	Class C	Class R	Class P	Institutional Class	Class R6	Administrative Class

Beginning Account Value (7/1/20)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/20)	$1,240.90	$1,236.30	$1,239.10	$1,242.70	$1,243.10	$1,243.80	$1,242.80

Expenses Paid During Period	$6.61	$10.82	$8.01	$5.20	$4.64	$4.35	$6.05


	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class R	Class P	Institutional Class	Class R6	Administrative Class

Beginning Account Value (7/1/20)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/20)	$1,019.31	$1,015.53	$1,018.05	$1,020.57	$1,021.07	$1,021.32	$1,019.81

Expenses Paid During Period	$5.96	$9.75	$7.22	$4.69	$4.18	$3.92	$5.45

For each class of the Fund, expenses (net of fee waiver) are equal to the annualized expense ratio for the class (1.17% for Class A, 1.92% for Class C, 1.42% for Class R, 0.92% for Class P, 0.82% for Institutional Class , 0.77% for Class R6 and 1.07% for Administrative Class), multiplied by the average account value over the period, multiplied by 184/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.


8		December 31, 2020 \|		Semiannual Report

Unaudited

Shareholder Expense Examples (cont’d)

AllianzGI Technology Fund:



Shareholder Expense Example	Actual Performance
	Class A	Class C	Class P	Institutional Class	Administrative Class

Beginning Account Value (7/1/20)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/20)	$1,358.80	$1,354.00	$1,360.70	$1,361.30	$1,359.60

Expenses Paid During Period	$9.27	$13.65	$7.74	$7.14	$8.68


	Hypothetical Performance
	(5% return before expenses)
	Class A	Class C	Class P	Institutional Class	Administrative Class

Beginning Account Value (7/1/20)	$1,000.00	$1,000.00	$1,000.00	$1,000.00	$1,000.00

Ending Account Value (12/31/20)	$1,017.34	$1,013.61	$1,018.65	$1,019.16	$1,017.85

Expenses Paid During Period	$7.93	$11.67	$6.61	$6.11	$7.43

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.56% for Class A, 2.31% for Class C, 1.31% for Class P, 1.21% for Institutional Class and 1.46% for Administrative Class), multiplied by the average account value over the period, multiplied by 184/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.


Semiannual Report		\| December 31, 2020			9

Unaudited

Allocation Tables

December 31, 2020

AllianzGI Dividend Value Fund: Industry/Sectors



Equity Real Estate Investment Trusts (REITS)			14.3%

Banks			7.5%

Semiconductors & Semiconductor Equipment			7.3%

Insurance			6.5%

Aerospace & Defense			5.6%

Specialty Retail			4.9%

Pharmaceuticals			3.6%

Oil, Gas & Consumable Fuels			3.5%

Other			46.3%

Cash & Equivalents — Net			0.5%

AllianzGI Focused Growth Fund: Industry/Sectors



IT Services			16.6%

Software			15.0%

Technology Hardware, Storage & Peripherals			10.0%

Semiconductors & Semiconductor Equipment			7.4%

Pharmaceuticals			7.0%

Interactive Media & Services			6.9%

Internet & Direct Marketing Retail			6.8%

Automobiles			4.6%

Other			24.2%

Cash & Equivalents — Net			1.5%

AllianzGI Health Sciences Fund: Industry/Sectors



Pharmaceuticals			45.0%

HealthCare Equipment & Supplies			21.6%

HealthCare Providers & Services			11.4%

Biotechnology			11.3%

Life Sciences Tools & Services			7.4%

Other			0.7%

Cash & Equivalents — Net			2.6%

AllianzGI Emerging Markets Opportunities Fund: Country/Location Allocation



China			34.9%

Korea (Republic of)			19.7%

Taiwan			17.5%

India			13.3%

Russian Federation			4.8%

Brazil			3.5%

Thailand			1.1%

Peru			0.8%

Other			3.5%

Cash & Equivalents — Net			0.9%

AllianzGI Global Small-Cap Fund: Country/Location Allocation



United States			62.5%

Japan			10.5%

United Kingdom			5.3%

Germany			4.5%

France			2.4%

Switzerland			2.1%

Australia			1.6%

Denmark			1.2%

Other			8.9%

Cash & Equivalents — Net			1.0%

AllianzGI Income & Growth Fund: Industry/Sectors



Software			11.0%

Internet			5.6%

Media			4.3%

Telecommunications			3.7%

Semiconductors & Semiconductor Equipment			3.5%

Oil, Gas & Consumable Fuels			3.4%

Entertainment			3.3%

Pharmaceuticals			3.2%

Other			57.2%

Cash & Equivalents — Net			4.8%


10		December 31, 2020 \|		Semiannual Report

Unaudited

Allocation Tables (cont’d)

December 31, 2020

AllianzGI International Value Fund: Country/Location Allocation



China			18.0%

Japan			9.2%

United States			8.4%

United Kingdom			8.0%

Switzerland			7.8%

France			7.3%

Singapore			5.6%

Canada			5.4%

Other			29.4%

Cash & Equivalents — Net			0.9%

AllianzGI Large-Cap Value Fund: Industry/Sectors



Capital Markets			7.5%

Banks			5.9%

Insurance			5.1%

Aerospace & Defense			4.8%

Software			4.4%

IT Services			4.3%

Equity Real Estate Investment Trusts (REITs)			4.2%

Semiconductors & Semiconductor Equipment			4.0%

Other			56.8%

Cash & Equivalents — Net			3.0%

AllianzGI Mid-Cap Fund: Industry/Sectors



Software			12.6%

IT Services			12.3%

Health Care Equipment & Supplies			11.3%

Semiconductors & Semiconductor Equipment			9.1%

Electronic Equipment, Instruments & Components			6.0%

Hotels, Restaurants & Leisure			4.7%

Electrical Equipment			3.9%

Pharmaceuticals			3.7%

Other			36.0%

Cash & Equivalents — Net			0.4%

AllianzGI Mid-Cap Value Fund: Industry/Sectors



Equity Real Estate Investment Trusts (REITs)			10.7%

Insurance			10.2%

IT Services			4.6%

Electric Utilities			4.5%

Household Durables			4.4%

Specialty Retail			4.0%

Capital Markets			3.8%

Aerospace & Defense			3.4%

Other			53.3%

Cash & Equivalents — Net			1.1%

AllianzGI Small-Cap Fund: Industry/Sectors



Biotechnology			9.7%

Software			6.0%

Specialty Retail			5.5%

HealthCare Providers & Services			4.1%

Healthcare Equipment & Supplies			4.0%

Food Products			4.0%

Semiconductors & Semiconductor Equipment			3.7%

Banks			3.5%

Other			58.1%

Cash & Equivalents — Net			1.4%

AllianzGI Small-Cap Value Fund: Industry/Sectors



Banks			11.8%

Insurance			8.9%

Equity Real Estate Investment Trusts (REITs)			5.9%

Mortgage Real Estate Investment Trusts (REITs)			5.0%

Thrifts & Mortgage Finance			4.4%

Gas Utilities			4.1%

Household Durables			3.8%

IT Services			3.6%

Other			50.4%

Cash & Equivalents — Net			2.1%


Semiannual Report		\| December 31, 2020			11

Unaudited

Allocation Tables (cont’d)

December 31, 2020

AllianzGI Technology Fund: Industry/Sectors



Software			22.5%

Semiconductors & Semiconductor Equipment			18.4%

IT Services			17.9%

Technology Hardware, Storage & Peripherals			10.4%

Interactive Media & Services			8.2%

Internet & Direct Marketing Retail			2.7%

Automobiles			2.2%

Other			4.2%

Securities Sold Short			0.0%

Cash & Equivalents — Net			13.5%


12		December 31, 2020 \|		Semiannual Report

Unaudited

Important Information

Share Class (A/C)

The oldest share class for the following Funds is the Institutional share class, and the Class A and/or C shares were first offered in the month/year indicated in parentheses after each Fund name: AllianzGI Dividend Value (10/01), AllianzGI Large-Cap Value (7/02), AllianzGI Small-Cap Value (1/97), AllianzGI Mid-Cap (2/02), AllianzGI Emerging Markets Opportunities (8/06), AllianzGI Global Small-Cap (2/02) and AllianzGI Technology (2/02). The oldest share class for the following Funds is C, and the A shares were first offered in the month/year indicated in parentheses after each Fund name: AllianzGI Mid-Cap Value (2/91) and AllianzGI Focused Growth (10/90). The oldest share class for AllianzGI Health Sciences was the D share class, and the A and C shares were first offered in 2/02. For AllianzGI 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, A and C shares were each first offered in 7/13. For the AllianzGI Income & Growth Fund, Class A and Class C shares were first offered simultaneously with Institutional shares in 2/07.

Class A shares are subject to an initial sales charge. Class C shares are subject to a 1% CDSC for shares redeemed in the first year.

Share Class (R)

The oldest share classes are (Fund/share class): AllianzGI Dividend Value/Institutional and Administrative, AllianzGI Mid-Cap Value/C, AllianzGI 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 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 Value is the Institutional share class and the Fund first offered Class R shares in 11/09. The oldest share classes for AllianzGI Income & Growth are the Institutional, Class A and Class C share classes and the Fund first offered Class R shares in 2/11.

Share Class (P)

Class P shares were launched in July 2008, except for Class P shares of AllianzGI Mid-Cap Value Fund, which were launched February 28, 2011, Class P shares of AllianzGI Mid-Cap Fund, which were launched April 2, 2012, Class P shares of AllianzGI Small-Cap, which were launched July 1, 2013 and Class P shares of AllianzGI Health Sciences, which were launched July 13, 2020.

Share Class (Institutional/Administrative)

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 Mid-Cap Value (4/88) and AllianzGI Focused Growth (3/99). The oldest share class for the AllianzGI Health Sciences Fund was 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 International Value (5/10), AllianzGI Large-Cap Value (9/06), AllianzGI Small-Cap Value (11/95), AllianzGI Technology (3/05) and AllianzGI Mid-Cap (2/02).

Share Class (R6)

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 Emerging Markets Opportunities (12/15), AllianzGI Dividend Value (12/13), AllianzGI International Value (12/13), AllianzGI Small-Cap Value (12/13), AllianzGI Mid Cap Value (12/17) and AllianzGI Small-Cap (8/18). For AllianzGI Focused Growth, Class C is the oldest share class and Class R6 shares were first offered in 12/15.

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

Proxy Voting Procedures and Voting Record (Form N-PX)

During the period covered by this report, Allianz Global Investors U.S. LLC as the investment adviser (the “Investment Adviser”) voted, and beginning on February 1, 2021, the subadvisers will vote, proxies, if any, relating to portfolio securities in accordance with procedures that have been approved by the Board of Trustees of the Trust (“Trustees”, or the “Board”). You may obtain a description of these procedures, along with information regarding how the Funds voted proxies during the most recent 12-month period ended June 30, free of charge, by calling toll-free 1-800-988-8380 (Class A, Class C and Class R) or 1-800-498-5413 (Class P, Class R6, Institutional and Administrative classes). This information is also available through the Securities and Exchange Commission’s (the “SEC”) website at https://www.sec.gov.

Portfolio Holdings Information

The Trust files a complete schedule of portfolio holdings for each Fund with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT-P. Form N-PORT-P is available on the SEC’s website at https://www.sec.gov.

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

Shareholder Expense Example

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


Semiannual Report		\| December 31, 2020			13

Unaudited

Important Information (cont’d)

in other mutual funds. The Shareholder Expense Example is based on $1,000.00 invested at the beginning and held for the entire period of July 1, 2020 through December 31, 2020.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

The information in the table under the heading “Hypothetical Performance (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a 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 and 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.

The Shareholder Expense Examples and Allocation Tables are unaudited.

Effective February 1, 2021, the name of each fund listed in the column entitled “Previous Name” in the table below was changed to the corresponding name listed in the column entitled “New Name.” In addition, effective February 1, 2021, the name of the Trust changed from “Allianz Funds” to “Virtus Investment Trust.”


Previous Name		New Name
AllianzGI Dividend Value Fund (“AllianzGI Dividend Value”)		Virtus NFJ Dividend Value Fund
AllianzGI Emerging Markets Opportunities Fund (“AllianzGI Emerging Markets Opportunities”)		Virtus AllianzGI Emerging Markets Opportunities Fund
AllianzGI Focused Growth Fund (“AllianzGI Focused Growth”)		Virtus AllianzGI Focused Growth Fund
AllianzGI Global Small-Cap Fund (“AllianzGI Global Small-Cap”)		Virtus AllianzGI Global Small-Cap Fund
AllianzGI Health Sciences Fund (“AllianzGI Health Sciences”)		Virtus AllianzGI Health Sciences Fund
AllianzGI Income & Growth Fund (“AllianzGI Income & Growth”)		Virtus AllianzGI Income & Growth Fund
AllianzGI International Value Fund (“AllianzGI International Value”)		Virtus NFJ International Value Fund
AllianzGI Large-Cap Value Fund (“AllianzGI Large-Cap Value”)		Virtus NFJ Large-Cap Value Fund
AllianzGI Mid-Cap Fund (“AllianzGI Mid-Cap”)		Virtus AllianzGI Mid-Cap Growth Fund
AllianzGI Mid-Cap Value Fund (“AllianzGI Mid-Cap Value”)		Virtus NFJ Mid-Cap Value Fund
AllianzGI Small-Cap Fund (“AllianzGI Small-Cap”)		Virtus AllianzGI Small-Cap Fund
AllianzGI Small-Cap Value Fund (“AllianzGI Small-Cap Value”)		Virtus NFJ Small-Cap Value Fund
AllianzGI Technology Fund (“AllianzGI Technology”)		Virtus AllianzGI Technology Fund


14		December 31, 2020 \|		Semiannual Report

Unaudited

Key Investment Terms

American Depositary Receipt (“ADR”)

Represents shares of foreign companies traded in U.S. dollars on U.S. exchanges that are held by a U.S. bank or a trust. Foreign companies use ADRs in order to make it easier for Americans to buy their shares.

Bloomberg Barclays U.S. Aggregate Bond Index

The Bloomberg Barclays U.S. Aggregate Bond Index measures the U.S. investment-grade fixed-rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

Bloomberg Barclays U.S. Corporate High Yield Bond Index

The Bloomberg Barclays U.S. Corporate High Yield Bond Index measures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

Global Depositary Receipt (“GDR”)

Represents shares of foreign companies traded in U.S. dollars on U.S. exchanges that are held by an international bank or a trust. Foreign companies use GDRs in order to make it easier for foreign investors to buy their shares.

London Interbank Offered Rate (“LIBOR”)

A benchmark rate that some of the world’s leading banks charge each other for short-term loans and that serves as the first step to calculating interest rates on various loans throughout the world.

MSCI EAFE^® Index (net)

The MSCI EAFE^® (Europe, Australasia, Far East) Index (net) is a free float-adjusted market capitalization-weighted index that measures developed foreign market equity performance, excluding the U.S. and Canada. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

MSCI Emerging Markets Index (net)

The MSCI Emerging Markets Index (net) is a free float-adjusted market capitalization-weighted index designed to measure equity market performance in the global emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

Payment-in-Kind Security (“PIK”)

A bond which pays interest in the form of additional bonds, or preferred stock which pays dividends in the form of additional preferred stock.

Real Estate Investment Trust (“REIT”)

A publicly traded company that owns, develops and operates income-producing real estate such as apartments, office buildings, hotels, shopping centers and other commercial properties.

Russell 2000^® Index

The Russell 2000^® Index is a market capitalization-weighted index of the 2,000 smallest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

S&P 500^® Index

The S&P 500^® Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.


Semiannual Report		\| December 31, 2020			15

Schedule of Investments

December 31, 2020 (unaudited)

AllianzGI Dividend Value


	Shares		Value

Common Stock—99.0%

Aerospace & Defense—5.6%
L3Harris Technologies, Inc.		68,488		$12,945,602
Lockheed Martin Corp.		60,600		21,511,788
Northrop Grumman Corp.		31,165		9,496,599
Raytheon Technologies Corp.		57,614		4,119,977

				48,073,966


Banks—7.5%
Bank of America Corp.		418,388		12,681,340
Citigroup, Inc.		149,825		9,238,209
JPMorgan Chase & Co.		331,639		42,141,368

				64,060,917


Biotechnology—1.5%
AbbVie, Inc.		120,687		12,931,612


Capital Markets—3.0%
Blackstone Group, Inc., Class A		73,808		4,783,497
CME Group, Inc.		46,008		8,375,756
Intercontinental Exchange, Inc.		60,754		7,004,329
Morgan Stanley		78,948		5,410,306

				25,573,888


Chemicals—1.2%
Celanese Corp.		81,094		10,537,354


Commercial Services & Supplies—1.0%
Waste Management, Inc.		72,957		8,603,819


Communications Equipment—2.8%
Cisco Systems, Inc.		323,539		14,478,370
Motorola Solutions, Inc.		55,011		9,355,171

				23,833,541


Containers & Packaging—0.9%
Avery Dennison Corp.		51,772		8,030,355


Diversified Telecommunication Services—1.6%
Cogent Communications Holdings, Inc.		97,747		5,852,113
Verizon Communications, Inc.		128,566		7,553,252

				13,405,365


Electric Utilities—3.2%
NextEra Energy, Inc.		359,427		27,729,793


Equity Real Estate Investment Trusts (REITs)—14.3%
Alexandria Real Estate Equities, Inc.		46,491		8,285,626
American Tower Corp.		158,310		35,534,263
CoreSite Realty Corp.		186,673		23,386,393
Crown Castle International Corp.		104,828		16,687,569
Medical Properties Trust, Inc.		619,560		13,500,212
Prologis, Inc.		114,030		11,364,230
Sun Communities, Inc.		89,824		13,648,757

				122,407,050


Food & Staples Retailing—1.0%
Walmart, Inc.		58,941		8,496,345


Gas Utilities—2.5%
Atmos Energy Corp.		228,799		21,834,289


Healthcare Equipment & Supplies—1.9%
Abbott Laboratories		145,782		15,961,671


Healthcare Providers & Services—2.9%
Anthem, Inc.		35,365		11,355,348
Chemed Corp.		8,364		4,454,750
UnitedHealth Group, Inc.		25,877		9,074,546

				24,884,644


	Shares		Value

Hotels, Restaurants & Leisure—1.9%
McDonald’s Corp.		78,139	$	16,767,067


Household Products—2.2%
Church & Dwight Co., Inc.		43,758		3,817,010
Procter & Gamble Co.		108,353		15,076,237

				18,893,247


Industrial Conglomerates—2.4%
Honeywell International, Inc.		96,089		20,438,130


Insurance—6.5%
Allstate Corp.		253,554		27,873,191
Cincinnati Financial Corp.		117,483		10,264,490
Fidelity National Financial, Inc.		238,879		9,337,780
Marsh & McLennan Cos., Inc.		68,136		7,971,912

				55,447,373


IT Services—1.6%
Leidos Holdings, Inc.		86,198		9,061,134
Mastercard, Inc., Class A		13,155		4,695,545

				13,756,679


Life Sciences Tools & Services—2.2%
Agilent Technologies, Inc.		80,995		9,597,098
Thermo Fisher Scientific, Inc.		19,290		8,984,896

				18,581,994


Machinery—1.1%
Dover Corp.		73,460		9,274,325


Metals & Mining—0.4%
Royal Gold, Inc.		32,124		3,416,709


Mortgage Real Estate Investment Trusts (REITs)—0.5%
Blackstone Mortgage Trust, Inc., Class A		150,780		4,150,973


Multi-Line Retail—1.0%
Dollar General Corp.		40,575		8,532,922


Multi-Utilities—2.7%
DTE Energy Co.		96,495		11,715,458
WEC Energy Group, Inc.		125,088		11,511,849

				23,227,307


Oil, Gas & Consumable Fuels—3.5%
Lukoil PJSC ADR		230,278		15,741,804
ONEOK, Inc.		121,904		4,678,676
Valero Energy Corp.		167,683		9,485,827

				29,906,307


Pharmaceuticals—3.6%
Johnson & Johnson		98,190		15,453,142
Merck & Co., Inc.		187,676		15,351,897

				30,805,039


Professional Services—0.5%
TransUnion		44,617		4,426,899


Road & Rail—2.9%
Norfolk Southern Corp.		103,765		24,655,602


Semiconductors & Semiconductor Equipment—7.3%
Broadcom, Inc.		62,785		27,490,412
Intel Corp.		552,035		27,502,384
Texas Instruments, Inc.		44,943		7,376,495

				62,369,291


Software—1.8%
Microsoft Corp.		71,629		15,931,722


	Shares		Value

Specialty Retail—4.9%
Best Buy Co., Inc.		74,414	$	7,425,773
Home Depot, Inc.		129,967		34,521,835

				41,947,608


Technology Hardware, Storage & Peripherals—1.1%
Apple, Inc.		73,380		9,736,792

Total Common Stock (cost—$705,900,513)				848,630,595



Exchange-Traded Funds—0.5%
Invesco S&P 500 Equal Weight (a) (cost—$3,220,418)		27,516		3,509,391



	Principal Amount (000s)

Repurchase Agreements—0.1%
State Street Bank and Trust Co., dated 12/31/20, 0.00%, due 1/4/21, proceeds $1,205,000; collateralized by U.S. Treasury Notes, 0.25%, due 6/15/23, valued at $1,229,143 including accrued interest
(cost—$1,205,000)		$1,205		1,205,000


Total Investments (cost—$710,325,931)—99.6%				853,344,986


Other assets less liabilities—0.4%				3,803,600


Net Assets—100.0%				$857,148,586

Notes to Schedule of Investments:

(a) Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

Glossary:

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust


16		Semiannual Report		\| December 31, 2020 \|		See accompanying Notes to Financial Statements

Schedule of Investments

December 31, 2020 (unaudited)

AllianzGI Emerging Markets Opportunities


	Shares		Value

Common Stock—98.1%

Argentina—0.4%
MercadoLibre, Inc. (d)		700		$1,172,654


Brazil��2.5%
Hypera S.A.		159,200		1,052,840
Vale S.A.		331,200		5,574,506

				6,627,346


China—34.9%
Alibaba Group Holding Ltd. (d)		198,400		5,770,366
Alibaba Group Holding Ltd. ADR (d)		30,100		7,005,173
Anhui Conch Cement Co., Ltd., Class H		149,500		936,926
Baoshan Iron & Steel Co., Ltd., Class A		3,825,200		3,483,052
China Merchants Bank Co., Ltd., Class H		1,086,000		6,870,083
COSCO SHIPPING Holdings Co., Ltd., Class H (d)		3,151,000		3,777,688
Henan Shuanghui Investment & Development Co., Ltd., Class A		165,100		1,186,549
Hengyi Petrochemical Co., Ltd., Class A		850,000		1,665,057
Industrial & Commercial Bank of China Ltd., Class H		2,589,000		1,663,405
JD.com, Inc., Class A (d)		38,500		1,695,632
Lenovo Group Ltd.		1,978,000		1,869,982
Meituan, Class B (d)		150,000		5,646,518
NetEase, Inc.		65,700		1,254,993
New Oriental Education & Technology Group, Inc. ADR (d)		27,700		5,146,937
NIO, Inc. ADR (d)		51,500		2,510,110
Ping An Insurance Group Co. of China Ltd., Class H		149,000		1,813,272
RiseSun Real Estate Development Co., Ltd., Class A		854,452		854,009
Shanghai Bairun Investment Holding Group Co., Ltd., Class A		176,100		2,812,275
Shanxi Xinghuacun Fen Wine Factory Co., Ltd., Class A		71,066		4,082,549
Tencent Holdings Ltd.		241,100		17,348,054
Tsingtao Brewery Co., Ltd., Class A		202,464		3,081,207
Weichai Power Co., Ltd., Class H		1,405,000		2,825,053
Weifu High-Technology Group Co., Ltd., Class A		801,576		2,845,445
Wuliangye Yibin Co., Ltd., Class A		94,879		4,237,330
Zoomlion Heavy Industry Science and Technology Co., Ltd., Class H		2,637,000		3,164,203

				93,545,868


Hong Kong—0.5%
Xinyi Glass Holdings Ltd.		420,000		1,174,757


India—13.3%
Ambuja Cements Ltd.		442,121		1,507,777
Bajaj Auto Ltd.		29,461		1,390,502
Divi’s Laboratories Ltd.		104,889		5,516,342
Eicher Motors Ltd.		43,265		1,500,872
HCL Technologies Ltd.		183,563		2,382,445


	Shares		Value
HDFC Bank Ltd. ADR (d)		99,300	$	7,175,418
Hero MotoCorp Ltd.		35,386		1,508,019
Infosys Ltd.		238,315		4,085,382
Marico Ltd.		188,906		1,041,829
REC Ltd.		847,336		1,554,626
Reliance Industries Ltd.		92,738		2,523,300
Tata Chemicals Ltd.		162,766		1,065,768
Tata Consultancy Services Ltd.		32,170		1,263,159
Tata Steel Ltd.		349,527		3,088,019

				35,603,458


Indonesia—0.3%
Bank Central Asia Tbk PT		334,600		806,563


Korea (Republic of)—19.7%
CJ CheilJedang Corp.		15,034		5,280,253
Hana Financial Group, Inc.		219,027		6,976,305
Kia Motors Corp.		150,027		8,644,068
LG Chem Ltd.		1,559		1,185,489
LG Electronics, Inc.		90,378		11,254,015
POSCO		5,336		1,333,357
Samsung Electronics Co., Ltd.		189,347		14,139,576
SK Hynix, Inc.		36,834		4,023,321

				52,836,384


Malaysia—0.3%
Top Glove Corp., Bhd		430,900		658,379


Peru—0.8%
Southern Copper Corp.		33,900		2,207,568


Russian Federation—4.8%
Lukoil PJSC ADR		76,176		5,180,958
MMC Norilsk Nickel PJSC ADR		107,070		3,337,220
Sberbank of Russia PJSC ADR		168,105		2,430,499
Severstal PAO GDR		51,756		909,648
VTB Bank PJSC GDR		1,114,614		1,063,470

				12,921,795


Saudi Arabia—0.2%
Savola Group		43,521		493,295


South Africa—0.7%
AngloGold Ashanti Ltd. ADR		41,700		943,254
Gold Fields Ltd. ADR		100,800		934,416

				1,877,670


Taiwan—17.5%
Asustek Computer, Inc.		106,000		946,654
Cathay Financial Holding Co., Ltd.		482,000		725,786
E Ink Holdings, Inc.		629,000		1,028,507
Hon Hai Precision Industry Co., Ltd.		1,220,000		4,000,311
Radiant Opto-Electronics Corp.		696,000		2,834,731
Sino-American Silicon Products, Inc.		414,000		2,621,572
Taiwan Semiconductor Manufacturing Co., Ltd.		1,482,000		28,035,678
United Microelectronics Corp.		4,017,000		6,755,639

				46,948,878


Thailand—1.1%
Charoen Pokphand Foods PCL (b)(c)		3,376,600		3,014,691


Turkey—0.5%
Vestel Elektronik Sanayi ve Ticaret AS (d)		500,336		1,417,607


	Shares		Value

United States—0.6%
Crown Holdings, Inc. (d)		14,400	$	1,442,880

Total Common Stock (cost-$174,354,240)				262,749,793



Preferred Stock—1.0%

Brazil—1.0%
Cia Paranaense de Energia (cost—$1,496,315)		189,900		2,760,326



	Principal Amount (000s)

Repurchase Agreements—0.3%
State Street Bank and Trust Co., dated 12/31/20, 0.00%, due 1/4/21, proceeds $826,000; collateralized by U.S. Treasury Notes, 0.125%, due 7/15/23, valued at $842,523 including accrued interest
(cost—$826,000)		$826		826,000


Total Investments (cost—$176,676,555) (a)—99.4%				266,336,119


Other assets less liabilities—0.6%				1,548,515


Net Assets—100.0%				$267,884,634

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $232,539,411, representing 86.8% 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) Fair-Valued—Security with a value of $3,014,691, representing 1.1% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(d) Non-income producing.

Glossary:

ADR—American Depositary Receipt

GDR—Global Depositary Receipt


See accompanying Notes to Financial Statements		\| December 31, 2020 \|		Semiannual Report			17

Schedule of Investments

December 31, 2020 (unaudited)

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


Semiconductors & Semiconductor Equipment			16.5%
Banks			10.1%
Metals & Mining			8.1%
Internet & Direct Marketing Retail			8.0%
Interactive Media & Services			6.5%
Technology Hardware, Storage & Peripherals			6.3%
Automobiles			5.8%
Beverages			5.3%
Household Durables			4.7%
Food Products			3.7%
IT Services			2.9%
Oil, Gas & Consumable Fuels			2.9%
Machinery			2.2%
Life Sciences Tools & Services			2.1%
Diversified Consumer Services			1.9%
Electronic Equipment, Instruments & Components			1.9%
Chemicals			1.5%
Marine			1.4%
Auto Components			1.1%
Electric Utilities			1.0%
Insurance			1.0%
Construction Materials			0.9%
Diversified Financial Services			0.6%
Containers & Packaging			0.5%
Entertainment			0.5%
Building Products			0.4%
Pharmaceuticals			0.4%
Personal Products			0.4%
Real Estate Management & Development			0.3%
Healthcare Equipment & Supplies			0.2%
Repurchase Agreements			0.3%
Other assets less liabilities			0.6%

			100.0%

AllianzGI Focused Growth


	Shares		Value

Common Stock—98.5%

Aerospace & Defense—1.0%
L3Harris Technologies, Inc.		68,760		$12,997,015


Air Freight & Logistics—1.7%
XPO Logistics, Inc. (b)		183,950		21,926,840


Airlines—1.7%
Southwest Airlines Co.		488,240		22,756,866


Automobiles—4.6%
Tesla, Inc. (b)		86,035		60,712,318


Capital Markets—2.6%
MSCI, Inc.		43,955		19,627,226
S&P Global, Inc.		44,240		14,543,015

				34,170,241


Entertainment—0.5%
Roku, Inc. (b)		18,545		6,157,311


Healthcare Equipment & Supplies—2.2%
Align Technology, Inc. (b)		54,595		29,174,476


Healthcare Providers & Services—1.2%
Anthem, Inc.		50,885		16,338,665


Hotels, Restaurants & Leisure—2.6%
Chipotle Mexican Grill, Inc. (b)		10,660		14,782,329
Las Vegas Sands Corp.		323,255		19,265,998

				34,048,327


Interactive Media & Services—6.9%
Alphabet, Inc., Class A (b)		10,830		18,981,091
Facebook, Inc., Class A (b)		219,150		59,863,014
Pinterest, Inc., Class A (b)		182,095		12,000,061

				90,844,166


Internet & Direct Marketing Retail—6.8%
Amazon.com, Inc. (b)		27,742		90,353,752


IT Services—16.6%
EPAM Systems, Inc. (b)		76,310		27,345,689
Mastercard, Inc., Class A		96,215		34,342,982
Okta, Inc. (b)		68,705		17,468,933
PayPal Holdings, Inc. (b)		192,665		45,122,143
Repay Holdings Corp. (b)		435,745		11,874,051
Square, Inc., Class A (b)		127,550		27,759,982
Twilio, Inc., Class A (b)		45,550		15,418,675
Visa, Inc., Class A		182,650		39,951,035

				219,283,490


Life Sciences Tools & Services—3.0%
Avantor, Inc. (b)		883,645		24,874,607
Maravai LifeSciences Holdings, Inc., Class A (b)		502,622		14,098,547

				38,973,154


Multi-Line Retail—2.1%
Dollar General Corp.		133,605		28,097,131


Personal Products—1.0%
Estee Lauder Cos., Inc., Class A		51,095		13,600,978


Pharmaceuticals—7.0%
AstraZeneca PLC ADR		401,050		20,048,490
Bristol-Myers Squibb Co.		209,730		13,009,552
Horizon Therapeutics PLC (b)		368,970		26,990,155
Zoetis, Inc.		191,540		31,699,870

				91,748,067


Road & Rail—2.4%
Union Pacific Corp.		154,540		32,178,319


	Shares		Value

Semiconductors & Semiconductor Equipment—7.4%
Enphase Energy, Inc. (b)		89,150	$	15,643,150
Lam Research Corp.		71,825		33,920,793
NVIDIA Corp.		58,415		30,504,313
Skyworks Solutions, Inc.		118,045		18,046,720

				98,114,976


Software—15.0%
Crowdstrike Holdings, Inc., Class A (b)		100,475		21,282,615
Microsoft Corp. (a)		516,365		114,849,903
Paycom Software, Inc. (b)		37,680		17,040,780
Salesforce.com, Inc. (b)		115,050		25,602,077
ServiceNow, Inc. (b)		36,245		19,950,335

				198,725,710


Specialty Retail—2.2%
Burlington Stores, Inc. (b)		111,000		29,032,050


Technology Hardware, Storage & Peripherals—10.0%
Apple, Inc. (a)		994,210		131,921,725

Total Common Stock (cost— $601,979,467)				1,301,155,577



	Principal Amount (000s)

Repurchase Agreements—1.5%
State Street Bank and Trust Co., dated 12/31/20, 0.00%, due 1/4/21, proceeds $20,265,000; collateralized by U.S. Treasury Notes, 0.125%, due 7/15/23, valued at $20,670,359 including accrued interest
(cost— $20,265,000)		$20,265		20,265,000


Total Options Purchased—0.1% (cost—$882,215) (b)(c)(d)				881,875


Total Investments, before options written (cost—$623,126,682) — 100.1%				1,322,302,452

Total Options Written —(0.0)% (premiums received— $842,951) (b)(c)(d)				(17,188	)


Total Investments, net of options written (cost-$622,283,731) —100.1%				1,322,285,264


Other liabilities in excess of other assets—(0.1)%				(697,444	)


Net Assets—100.0%				$1,321,587,820

Notes to Schedule of Investments:

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

(b) Non-income producing.


18		Semiannual Report		\| December 31, 2020 \|		See accompanying Notes to Financial Statements

Schedule of Investments

December 31, 2020 (unaudited)

(d) Exchange traded option contracts outstanding at December 31, 2020:



Options purchased contracts outstanding at December 31, 2020:
Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Cost		Unrealized Depreciation

Call options:
Alphabet, Inc.		1,700.00 USD		1/15/21		125	$	12,500	$	881,875	$	882,215	$	(340	)



Options written contracts outstanding at December 31, 2020:
Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Received			Unrealized Appreciation

Put options:
Alphabet, Inc.		1,500.00 USD		1/15/21		(125	)	$	(12,500	)	$	(17,188	)	$	(842,951	)	$	825,763

Glossary:

ADR—American Depositary Receipt


See accompanying Notes to Financial Statements		\| December 31, 2020 \|		Semiannual Report			19

Schedule of Investments

December 31, 2020 (unaudited)

AllianzGI Global Small-Cap


	Shares		Value

Common Stock—98.4%

Australia—1.6%
ALS Ltd.		16,684		$123,157
Ansell Ltd.		1,651		44,135
Austal Ltd.		98,282		202,776
Bapcor Ltd.		30,726		184,775
Beach Energy Ltd.		29,500		41,150
Nick Scali Ltd.		13,434		100,080
Northern Star Resources Ltd.		6,900		67,441
Paradigm Biopharmaceuticals Ltd. (e)		36,371		71,196
Pro Medicus Ltd.		7,800		205,600
Starpharma Holdings Ltd. (e)		181,776		218,719
Worley Ltd.		20,644		182,340

				1,441,369


Austria—0.6%
Wienerberger AG		16,383		521,973


Denmark—1.2%
Ambu A/S, Class B		11,851		509,112
SimCorp A/S		3,444		512,041

				1,021,153


Finland—0.5%
Huhtamaki Oyj		8,307		430,799


France—2.4%
Elis S.A. (e)		25,635		424,670
Korian S.A. (e)		10,552		403,925
Nexity S.A.		8,896		384,175
SCOR SE (e)		13,990		453,787
SPIE S.A. (e)		23,152		504,777

				2,171,334


Germany—3.9%
alstria office REIT-AG		7,694		139,983
Bechtle AG		2,043		445,256
CANCOM SE		6,604		369,695
Evotec SE (e)		14,616		540,089
Hella GmbH & Co. KGaA (e)		8,349		539,556
Jenoptik AG		14,311		437,129
Scout24 AG (a)		4,946		404,156
Siltronic AG		3,618		565,788

				3,441,652


Hong Kong—1.1%
Alphamab Oncology (a)(e)		40,000		83,880
Hutchison China MediTech Ltd. ADR (e)		7,800		249,756
Nissin Foods Co., Ltd.		245,000		201,832
Techtronic Industries Co., Ltd.		13,500		192,961
VTech Holdings Ltd.		30,600		237,511

				965,940


Ireland—0.7%
Horizon Therapeutics PLC (e)		9,071		663,544


Italy—1.0%
Buzzi Unicem SpA		17,240		411,565
ERG SpA		16,033		460,649

				872,214


Japan—10.5%
Anritsu Corp.		6,100		136,175
Azbil Corp.		14,700		804,121
COMSYS Holdings Corp.		13,600		422,876
Fuji Electric Co., Ltd.		15,600		563,098
Fuji Oil Holdings, Inc.		12,800		366,105
Glory Ltd.		13,300		268,603
Heiwa Real Estate Co., Ltd.		6,000		217,117
Holon Co., Ltd.		2,100		97,223
Itochu Techno-Solutions Corp.		13,500		482,058
Jeol Ltd.		12,700		599,585


	Shares		Value
Marui Group Co., Ltd.		19,700	$	346,917
Mitsubishi UFJ Lease & Finance Co., Ltd.		120,300		577,667
Nihon Unisys Ltd.		16,000		627,134
NSK Ltd.		34,700		301,980
Open House Co., Ltd.		5,500		202,334
PALTAC Corp.		5,600		304,816
Penta-Ocean Construction Co., Ltd.		87,900		756,702
Ryohin Keikaku Co., Ltd.		13,700		280,364
Strike Co., Ltd.		5,200		258,623
T&D Holdings, Inc.		15,600		184,530
Taiyo Yuden Co., Ltd.		2,900		136,158
TechnoPro Holdings, Inc.		4,600		382,149
Tokyu Fudosan Holdings Corp.		106,900		571,018
ValueCommerce Co., Ltd.		8,800		272,928
Zeon Corp.		14,400		206,859

				9,367,140


Korea (Republic of)—0.3%
Koh Young Technology, Inc.		2,830		273,809


Netherlands—1.1%
ASM International NV		2,560		558,646
ASR Nederland NV		11,002		440,201

				998,847


New Zealand—0.1%
Eroad Ltd. (e)		22,372		81,064


Norway—1.2%
Elkem ASA (a)		149,284		494,928
Storebrand ASA (e)		71,862		538,329

				1,033,257


Singapore—0.3%
Mapletree Industrial Trust REIT		140,200		306,888


Sweden—1.0%
AAK AB		20,853		421,653
Elekta AB, Class B		34,984		468,681

				890,334


Switzerland—2.1%
Georg Fischer AG		429		553,676
Interroll Holding AG		166		506,609
OC Oerlikon Corp. AG		41,073		426,164
Quotient Ltd. (e)		77,275		402,603

				1,889,052


Taiwan—0.9%
ASMedia Technology, Inc.		5,000		280,130
Unimicron Technology Corp.		44,000		137,463
Win Semiconductors Corp.		14,000		172,807
Yageo Corp.		11,000		203,608

				794,008


Thailand—0.1%
Sri Trang Gloves Thailand PCL (c)(d)(e)		27,000		68,491


United Kingdom—5.3%
ASOS PLC (e)		7,180		467,914
Auto Trader Group PLC (a)		57,332		466,668
Crest Nicholson Holdings PLC (e)		86,617		386,227
Genus PLC		8,655		495,239
HomeServe PLC		25,120		351,729
Howden Joinery Group PLC (e)		48,472		456,627
Intermediate Capital Group PLC		21,227		499,473
Moneysupermarket.com Group PLC		97,183		347,090
Rotork PLC		84,778		368,771
Spectris PLC		10,740		413,666
Wizz Air Holdings PLC (a)(e)		7,396		461,771

				4,715,175


	Shares		Value

United States—62.5%
ACADIA Pharmaceuticals, Inc. (e)		4,639	$	248,001
Adaptive Biotechnologies Corp. (e)		10,666		630,681
Aspen Technology, Inc. (e)		8,231		1,072,088
Axon Enterprise, Inc. (e)		8,517		1,043,588
Bank of Hawaii Corp.		11,726		898,446
BellRing Brands, Inc., Class A (e)		39,863		969,070
Blackline, Inc. (e)		5,631		751,063
Cardlytics, Inc. (e)		6,084		868,613
Cerence, Inc. (e)		13,226		1,328,948
Chart Industries, Inc. (e)		6,699		789,075
Chegg, Inc. (e)		7,694		694,999
Chemours Co.		32,036		794,172
Churchill Downs, Inc.		4,599		895,839
Cinemark Holdings, Inc.		55,806		971,582
Clean Harbors, Inc. (e)		11,411		868,377
CONMED Corp.		7,606		851,872
Floor & Decor Holdings, Inc., Class A (e)		7,538		699,903
FormFactor, Inc. (e)		16,605		714,347
Freshpet, Inc. (e)		3,978		564,836
Haemonetics Corp. (e)		7,042		836,237
Health Catalyst, Inc. (e)		19,699		857,497
Huntsman Corp.		33,559		843,673
Huron Consulting Group, Inc. (e)		22,860		1,347,597
ICF International, Inc.		16,845		1,252,089
II-VI, Inc. (e)		8,835		671,107
ITT, Inc.		17,544		1,351,239
Kilroy Realty Corp. REIT		11,906		683,404
Kinsale Capital Group, Inc.		3,326		665,632
Kratos Defense & Security Solutions, Inc. (e)		33,553		920,359
LHC Group, Inc. (e)		2,408		513,675
Lindblad Expeditions Holdings, Inc. (e)		68,130		1,166,386
LivePerson, Inc. (e)		13,210		822,058
LPL Financial Holdings, Inc.		8,295		864,505
Materion Corp.		8,549		544,742
Matson, Inc.		17,871		1,018,111
MaxLinear, Inc. (e)		24,067		919,119
Monolithic Power Systems, Inc.		2,037		746,010
NanoString Technologies, Inc. (e)		10,528		704,113
Natera, Inc. (e)		9,251		920,660
nLight, Inc. (e)		20,188		659,138
Onto Innovation, Inc. (e)		14,545		691,615
Paylocity Holding Corp. (e)		3,101		638,527
Pebblebrook Hotel Trust REIT		47,827		899,148
Penn National Gaming, Inc. (e)		9,371		809,373
Perficient, Inc. (e)		16,600		790,990
Pinnacle Financial Partners, Inc.		16,078		1,035,423
Planet Fitness, Inc., Class A (e)		7,004		543,721
Plug Power, Inc. (e)		20,006		678,403
Popular, Inc.		17,405		980,250
Power Integrations, Inc.		7,685		629,094
Q2 Holdings, Inc. (e)		6,171		780,817
Saia, Inc. (e)		5,026		908,701
Shockwave Medical, Inc. (e)		5,328		552,620
Six Flags Entertainment Corp.		27,686		944,093
Summit Materials, Inc., Class A (e)		51,763		1,039,401
SunPower Corp. (e)		25,415		651,641
Tenet Healthcare Corp. (e)		16,327		651,937
Terreno Realty Corp. REIT		12,649		740,093
Trex Co., Inc. (e)		7,082		592,905
Twist Bioscience Corp. (e)		4,928		696,277
Varonis Systems, Inc. (e)		4,333		708,922
Visteon Corp. (e)		8,395		1,053,740
Webster Financial Corp.		23,142		975,435
Wendy’s Co.		39,702		870,268
Western Alliance Bancorp		16,477		987,796
YETI Holdings, Inc. (e)		17,772		1,216,849


20		Semiannual Report		\| December 31, 2020 \|		See accompanying Notes to Financial Statements

Schedule of Investments

December 31, 2020 (unaudited)


	Shares		Value
Zynga, Inc., Class A (e)		63,911		$630,802

				55,661,692

Total Common Stock (cost—$60,931,722)				87,609,735



Preferred Stock—0.6%

Germany—0.6%
Jungheinrich AG (cost—$274,813)		11,265		503,469


	Principal Amount (000s)		Value

Repurchase Agreements—0.9%
State Street Bank and Trust Co., dated 12/31/20, 0.00%, due 1/4/21, proceeds $840,000; collateralized by U.S. Treasury Notes, 0.125%, due 7/15/23, valued at $856,823 including accrued interest
(cost—$840,000)		$840		$840,000


Total Investments (cost—$62,046,535) (b)—99.9%				88,953,204


Other assets less liabilities (f)—0.1%				71,924


Net Assets—100.0%				$89,025,128

Notes to Schedule of Investments:

(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $1,911,403, representing 2.1% of net assets.

(b) Securities with an aggregate value of $29,479,269, representing 33.1% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(c) Fair-Valued—Security with a value of $68,491, representing 0.1% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

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

(e) Non-income producing.

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



Forward foreign currency contracts outstanding at December 31, 2020:
Description	Counterparty		U.S.$ Value on Origination Date		U.S.$ Value December 31, 2020		Unrealized Appreciation
Purchased:
33,889 Hong Kong Dollar settling 1/5/21		State Street Bank London	$	4,371	$	4,371	$	—

Glossary:

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust


See accompanying Notes to Financial Statements		\| December 31, 2020 \|		Semiannual Report			21

Schedule of Investments

December 31, 2020 (unaudited)

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


Software			7.4%
Semiconductors & Semiconductor Equipment			7.1%
Machinery			5.9%
Hotels, Restaurants & Leisure			5.9%
Banks			5.5%
Healthcare Equipment & Supplies			4.9%
Electronic Equipment, Instruments & Components			4.1%
Professional Services			3.5%
Equity Real Estate Investment Trusts (REITs)			3.1%
IT Services			3.1%
Biotechnology			2.8%
Chemicals			2.6%
Insurance			2.6%
Aerospace & Defense			2.4%
Commercial Services & Supplies			2.4%
Construction Materials			2.2%
Life Sciences Tools & Services			2.1%
Capital Markets			1.8%
Entertainment			1.8%
Auto Components			1.8%
Healthcare Providers & Services			1.8%
Food Products			1.7%
Electrical Equipment			1.4%
Leisure Equipment & Products			1.4%
Construction & Engineering			1.3%
Real Estate Management & Development			1.3%
Media			1.3%
Pharmaceuticals			1.3%
Healthcare Technology			1.2%
Marine			1.1%
Personal Products			1.1%
Road & Rail			1.0%
Interactive Media & Services			1.0%
Internet & Direct Marketing Retail			0.9%
Specialty Retail			0.9%
Diversified Consumer Services			0.8%
Multi-Line Retail			0.7%
Metals & Mining			0.7%
Building Products			0.7%
Diversified Financial Services			0.7%
Distributors			0.6%
Airlines			0.5%
Independent Power Producers & Energy Traders			0.5%
Trading Companies & Distributors			0.5%
Containers & Packaging			0.5%
Household Durables			0.4%
Communications Equipment			0.3%
Real Estate			0.2%
Energy Equipment & Services			0.2%
Oil, Gas & Consumable Fuels			0.0%
Repurchase Agreements			0.9%
Other assets less liabilities			0.1%

			100.0%

AllianzGI Health Sciences


	Shares		Value

Common Stock—97.3%

Biotechnology—11.3%
AbbVie, Inc.		41,205		$4,415,116
ACADIA Pharmaceuticals, Inc. (d)		18,000		962,280
Adverum Biotechnologies, Inc. (d)		26,675		289,157
Arena Pharmaceuticals, Inc. (d)		8,100		622,323
Aurinia Pharmaceuticals, Inc. (d)		37,185		514,268
Avita Therapeutics, Inc. (d)		27,075		503,053
Biogen, Inc. (d)		4,435		1,085,954
Biohaven Pharmaceutical Holding Co., Ltd. (d)		3,920		335,983
BioNTech SE ADR (d)		4,005		326,488
Deciphera Pharmaceuticals, Inc. (d)		8,880		506,782
Epizyme, Inc. (d)		34,140		370,760
Gilead Sciences, Inc.		48,225		2,809,588
ImmunoGen, Inc. (d)		85,360		550,572
Iovance Biotherapeutics, Inc. (d)		14,570		676,048
Karyopharm Therapeutics, Inc. (d)		39,685		614,324
Mersana Therapeutics, Inc. (d)		28,810		766,634
Moderna, Inc. (d)		7,280		760,542
Natera, Inc. (d)		12,145		1,208,670
Translate Bio, Inc. (d)		30,290		558,245
Turning Point Therapeutics, Inc. (d)		6,275		764,609
Vertex Pharmaceuticals, Inc. (d)		5,255		1,241,967

				19,883,363


Electronic Equipment, Instruments & Components—0.4%
98 Devices, Inc. (d)		11,092		631,689


Healthcare Equipment & Supplies—21.6%
Abbott Laboratories		31,985		3,502,038
Alcon, Inc. (d)		52,885		3,489,352
Align Technology, Inc. (d)		6,315		3,374,610
Axonics Modulation Technologies, Inc. (d)		30,925		1,543,776
Boston Scientific Corp. (d)		98,482		3,540,428
CONMED Corp.		21,360		2,392,320
Cooper Cos., Inc.		7,935		2,882,944
DexCom, Inc. (d)		2,630		972,364
GenMark Diagnostics, Inc. (d)		88,760		1,295,896
Insulet Corp. (d)		3,560		910,043
Itamar Medical Ltd. ADR (d)		43,050		854,973
Medtronic PLC		28,980		3,394,717
Nevro Corp. (d)		7,285		1,261,033
Novocure Ltd. (d)		3,305		571,897
Quotient Ltd. (d)		242,694		1,264,436
Teleflex, Inc.		10,755		4,426,435
Zimmer Biomet Holdings, Inc.		14,085		2,170,358

				37,847,620


Healthcare Providers & Services—11.4%
Anthem, Inc.		13,940		4,475,995
Centene Corp. (d)		67,205		4,034,316
Cigna Corp.		9,720		2,023,510
Humana, Inc.		5,375		2,205,201
LHC Group, Inc. (d)		5,890		1,256,455
Tenet Healthcare Corp. (d)		44,800		1,788,864
UnitedHealth Group, Inc.		11,896		4,171,689

				19,956,030


Internet & Direct Marketing Retail—0.3%
Chewy, Inc., Class A (d)		6,955		625,185


	Shares		Value

Life Sciences Tools & Services—7.4%
10X Genomics, Inc. (d)		7,245	$	1,025,892
Avantor, Inc. (d)		199,855		5,625,918
Maravai LifeSciences Holdings, Inc., Class A (d)		104,852		2,941,099
PRA Health Sciences, Inc. (d)		11,560		1,450,086
Syneos Health, Inc. (d)		19,900		1,355,787
Thermo Fisher Scientific, Inc.		1,345		626,474

				13,025,256


Pharmaceuticals—44.9%
AstraZeneca PLC ADR		175,660		8,781,243
Bristol-Myers Squibb Co.		141,220		8,759,877
Catalent, Inc. (d)		40,715		4,237,210
Daiichi Sankyo Co., Ltd.		85,800		2,940,381
Eisai Co., Ltd.		7,300		522,046
Eli Lilly and Co.		37,970		6,410,855
Horizon Therapeutics PLC (d)		57,755		4,224,778
Johnson & Johnson		34,477		5,425,990
Merck & Co., Inc.		58,447		4,780,965
Novartis AG ADR		72,713		6,866,289
Ono Pharmaceutical Co., Ltd.		47,400		1,428,389
Pfizer, Inc.		141,409		5,205,265
Roche Holding AG ADR		205,065		8,990,050
Sanofi ADR		75,315		3,659,556
Zoetis, Inc.		38,455		6,364,302

				78,597,196

Total Common Stock (cost—$143,228,492)				170,566,339



	Units

Warrants—0.1%

Pharmaceuticals—0.1%
AIT Therapeutics, Inc., exercise price $4.25, expires 2/14/21 (b)(c)(d) (cost—$1,239)		123,899		98,748



	Shares

Rights—0.0%

Pharmaceuticals—0.0%
Elanco Animal Health, Inc., CVR (b)(c)(d) (cost—$957)		38,000		957



	Principal Amount (000s)

Repurchase Agreements—2.2%
State Street Bank and Trust Co., dated 12/31/20, 0.00%, due 1/4/21, proceeds $3,895,000; collateralized by U.S. Treasury Notes, 2.625%, due 6/30/23, valued at $3,972,966 including accrued interest
(cost—$3,895,000)		$3,895		3,895,000


Total Investments (cost—$147,125,688) (a)—99.6%				174,561,044


Other assets less liabilities—0.4%				651,515


Net Assets—100.0%				$175,212,559


22		Semiannual Report		\| December 31, 2020 \|		See accompanying Notes to Financial Statements

Schedule of Investments

December 31, 2020 (unaudited)

Notes to Schedule of Investments:

(a) Securities with an aggregate value of $4,890,816, representing 2.8% 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) Fair-Valued—Securities with an aggregate value of $99,705, representing 0.1% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(d) Non-income producing.

Glossary:

ADR—American Depositary Receipt

CVR—Contingent Value Rights. See Note 1.

AllianzGI Income & Growth


	Shares		Value

Common Stock—32.2%

Aerospace & Defense—0.2%
Boeing Co.		65,500		$14,020,930
Erickson, Inc. (f)(h)(n)		10,866		309,681

				14,330,611


Air Freight & Logistics—0.3%
FedEx Corp. (i)		67,300		17,472,426


Apparel & Textiles—0.0%
Quiksilver, Inc. (f)(h)(n)		2,328		32,010


Automobiles—1.2%
Ford Motor Co.		1,199,700		10,545,363
Tesla, Inc. (i)(n)		92,725		65,433,251

				75,978,614


Banks—0.4%
CCF Holdings LLC Class A (cost—$0; purchased 12/18/18) (f)(h)(l)(n)		31,304		3
CCF Holdings LLC Class B (cost—$0; purchased 12/12/18) (f)(h)(k)(l)(n)		42,857		4
JPMorgan Chase & Co.		180,000		22,872,600

				22,872,607


Biotechnology—0.4%
AbbVie, Inc.		244,942		26,245,535
BioMarin Pharmaceutical, Inc. (n)		3,926		344,271

				26,589,806


Capital Markets—0.3%
S&P Global, Inc.		49,625		16,313,226


Chemicals—0.2%
Chemours Co.		238,400		5,909,936
Dow, Inc.		59,533		3,304,081
DuPont de Nemours, Inc.		59,533		4,233,392

				13,447,409


Commercial Services—0.0%
Cenveo Corp. (f)(h)(k)(n)		19,074		576,798


Commercial Services & Supplies—0.1%
Stericycle, Inc. (n)		66,843		4,634,225


Construction & Engineering—0.0%
Fluor Corp.		155,625		2,485,331


Diversified Telecommunication Services—0.0%
Frontier Communications Corp. (n)		210,781		18,865


Electronic Equipment, Instruments & Components—0.1%
Belden, Inc.		125,172		5,244,707


Energy Equipment & Services—0.1%
Bristow Group, Inc. (n)		2,838		74,696
Schlumberger NV		172,400		3,763,492

				3,838,188


Entertainment—1.1%
Activision Blizzard, Inc. (i)		239,700		22,256,145
Netflix, Inc. (i)(n)		86,050		46,529,817

				68,785,962


Equity Real Estate Investment Trusts (REITs)—0.4%
Crown Castle International Corp.		148,671		23,666,936


Food & Staples Retailing—0.6%
Costco Wholesale Corp. (i)		104,200		39,260,476


	Shares		Value

Healthcare Equipment & Supplies—1.1%
Abbott Laboratories		140,950	$	15,432,616
Align Technology, Inc. (n)		50,375		26,919,392
Intuitive Surgical, Inc. (n)		30,375		24,849,788

				67,201,796


Healthcare Providers & Services—0.8%
UnitedHealth Group, Inc.		143,800		50,427,784


Hotels, Restaurants & Leisure—0.8%
McDonald’s Corp.		78,500		16,844,530
Starbucks Corp.		297,147		31,788,786

				48,633,316


Household Durables—0.3%
DR Horton, Inc.		315,950		21,775,274


Independent Power Producers & Energy Traders—0.0%
Vistra Corp.		144,101		2,833,026


Industrial Conglomerates—0.4%
General Electric Co.		326,200		3,522,960
Honeywell International, Inc.		94,300		20,057,610

				23,580,570


Insurance—0.1%
Aon PLC, Class A		17,900		3,781,733


Interactive Media & Services—2.9%
Alphabet, Inc., Class A (n)		57,625		100,995,880
Facebook, Inc., Class A (n)		292,950		80,022,222

				181,018,102


Internet & Direct Marketing Retail—1.6%
Amazon.com, Inc. (n)		29,900		97,382,207


IT Services—2.8%
Accenture PLC, Class A		60,500		15,803,205
Mastercard, Inc., Class A		122,925		43,876,849
PayPal Holdings, Inc. (i)(n)		152,825		35,791,615
Shopify, Inc., Class A (i)(n)		8,970		10,153,592
Square, Inc., Class A (i)(n)		44,325		9,646,893
Twilio, Inc., Class A (i)(n)		35,650		12,067,525
Visa, Inc., Class A		205,100		44,861,523

				172,201,202


Life Sciences Tools & Services—0.7%
IQVIA Holdings, Inc. (n)		123,225		22,078,223
Thermo Fisher Scientific, Inc.		50,650		23,591,757

				45,669,980


Machinery—0.7%
Caterpillar, Inc. (i)		120,175		21,874,253
Deere & Co.		78,275		21,059,889

				42,934,142


Media—0.0%
LiveStyle, Inc. (a)(f)(h)(k)(n)(o)		202,319		20
Postmedia Network Canada Corp. (f)(h)(n)		1,018,823		1,630,117

				1,630,137


Metals & Mining—0.4%
ArcelorMittal S.A. (n)		180,611		4,135,992
Freeport-McMoRan, Inc.		694,100		18,060,482

				22,196,474


Multi-Line Retail—0.8%
Dollar General Corp.		134,100		28,201,230
Target Corp. (i)		125,475		22,150,102

				50,351,332


See accompanying Notes to Financial Statements		\| December 31, 2020 \|		Semiannual Report			23

Schedule of Investments

December 31, 2020 (unaudited)


	Shares		Value

Oil, Gas & Consumable Fuels—0.2%
Arch Resources, Inc.		1,858	$	81,325
Chesapeake Energy Corp. (n)		6,253		9,505
Hercules Offshore, Inc. (f)(h)(n)		174,935		17
Kinder Morgan, Inc.		187,778		2,566,925
Oasis Petroleum, Inc. (n)		192,913		7,149,356
Occidental Petroleum Corp.		136,525		2,363,248
Riviera Resources, Inc. (f)(h)(n)		25,527		6,592
Southwestern Energy Co. (n)		508,010		1,513,870

				13,690,838


Pharmaceuticals—1.0%
Horizon Therapeutics PLC (n)		179,900		13,159,685
Merck & Co., Inc.		244,700		20,016,460
Teva Pharmaceutical Industries Ltd. ADR (n)		248,006		2,393,258
Zoetis, Inc.		171,500		28,383,250

				63,952,653


Road & Rail—0.2%
Union Pacific Corp.		50,300		10,473,466


Semiconductors—0.0%
GT Advanced Technologies, Inc. (f)(h)(n)		537		—	†


Semiconductors & Semiconductor Equipment—3.5%
Advanced Micro Devices, Inc. (i)(n)		313,275		28,730,450
Broadcom, Inc.		75,725		33,156,191
Enphase Energy, Inc. (i)(n)		109,350		19,187,645
Lam Research Corp. (i)		63,650		30,059,985
Marvell Technology Group Ltd. (i)		220,350		10,475,439
Micron Technology, Inc. (i)(n)		304,925		22,924,262
NVIDIA Corp. (i)		74,528		38,918,522
QUALCOMM, Inc. (i)		234,975		35,796,091

				219,248,585


Software—5.3%
Adobe, Inc. (i)(n)		103,075		51,549,869
Atlassian Corp. PLC, Class A (i)(n)		56,700		13,260,429
Crowdstrike Holdings, Inc., Class A (i)(n)		114,600		24,274,572
DocuSign, Inc. (i)(n)		64,050		14,238,315
Intuit, Inc.		83,000		31,527,550
Microsoft Corp.		443,675		98,682,193
Salesforce.com, Inc. (i)(n)		145,675		32,417,058
ServiceNow, Inc. (i)(n)		55,350		30,466,301
Workday, Inc., Class A (i)(n)		71,825		17,209,988
Zoom Video Communications, Inc., Class A (i)(n)		54,850		18,502,002

				332,128,277


Specialty Retail—0.7%
Home Depot, Inc.		176,900		46,988,178


Technology Hardware, Storage & Peripherals—1.8%
Apple, Inc.		829,075		110,009,962


Textiles, Apparel & Luxury Goods—0.7%
NIKE, Inc., Class B (i)		325,300		46,020,191

Total Common Stock (cost—$1,940,586,509)				2,009,677,422


	Principal Amount (000s)		Value

Corporate Bonds & Notes—30.4%

Advertising—0.1%
National CineMedia LLC (a)(c),
5.875%, 4/15/28		$8,220	$	6,987,000


Aerospace & Defense—0.8%
Kratos Defense & Security Solutions, Inc. (a)(c),
6.50%, 11/30/25		5,910		6,167,942
TransDigm, Inc.,
5.50%, 11/15/27		15,130		15,928,864
6.50%, 7/15/24		1,425		1,452,923
6.50%, 5/15/25		13,145		13,531,134
Triumph Group, Inc. (a)(c),
6.25%, 9/15/24		7,135		7,090,406
8.875%, 6/1/24		7,895		8,679,566

				52,850,835


Airlines—0.5%
American Airlines, Inc. (a)(c),
11.75%, 7/15/25		12,200		14,087,950
Delta Air Lines, Inc.,
7.375%, 1/15/26		12,455		14,236,452

				28,324,402


Auto Components—1.0%
Adient U.S. LLC (a)(c),
7.00%, 5/15/26		12,770		13,911,000
American Axle & Manufacturing, Inc.,
6.25%, 4/1/25		8,990		9,315,888
6.50%, 4/1/27		2,940		3,098,025
Clarios Global L.P. (a)(c),
8.50%, 5/15/27		12,895		14,030,525
Goodyear Tire & Rubber Co.,
5.00%, 5/31/26		12,670		12,976,487
Tenneco, Inc. (a)(c),
7.875%, 1/15/29		7,660		8,614,704

				61,946,629


Auto Manufacturers—1.3%
Allison Transmission, Inc. (a)(c),
3.75%, 1/30/31		4,600		4,715,000
Ford Motor Co.,
9.00%, 4/22/25		13,095		16,108,618
9.625%, 4/22/30		18,560		26,222,589
Ford Motor Credit Co. LLC,
4.00%, 11/13/30		5,810		6,118,976
5.125%, 6/16/25		4,465		4,860,376
Navistar International Corp. (a)(c),
6.625%, 11/1/25		11,295		11,847,325
Tesla, Inc. (a)(c),
5.30%, 8/15/25		9,850		10,280,937

				80,153,821


Building Materials—0.4%
Builders FirstSource, Inc. (a)(c),
5.00%, 3/1/30		10,190		11,081,625
Summit Materials LLC (a)(c),
5.25%, 1/15/29		12,470		13,109,088

				24,190,713


Chemicals—0.4%
Chemours Co.,
7.00%, 5/15/25		3,395		3,522,550
Kraton Polymers LLC (a)(c),
7.00%, 4/15/25		3,870		4,077,045
PQ Corp. (a)(c),
5.75%, 12/15/25		850		873,906
Trinseo Materials Operating SCA (a)(c),
5.375%, 9/1/25		4,535		4,639,872
Tronox Finance PLC (a)(c),
5.75%, 10/1/25		5,510		5,730,400


	Principal Amount (000s)		Value
Tronox, Inc. (a)(c),
6.50%, 4/15/26	$	7,370	$	7,683,225

				26,526,998


Commercial Services—1.1%
Avis Budget Car Rental LLC (a)(c),
5.75%, 7/15/27		14,925		15,102,234
Cenveo Corp. (a)(c)(e)(f)(h),
6.00%, 5/15/24		8,116		148,766
8.50%, 9/15/22 (l) (cost—$1,500,992; purchased 7/19/14-7/25/14)		1,520		30,400
Herc Holdings, Inc. (a)(c),
5.50%, 7/15/27		10,255		10,889,528
Hertz Corp. (a)(c)(e),
6.00%, 1/15/28		12,195		6,608,166
7.125%, 8/1/26		3,750		2,032,031
Laureate Education, Inc. (a)(c),
8.25%, 5/1/25		9,970		10,586,894
RR Donnelley & Sons Co.,
6.00%, 4/1/24		3,195		3,310,483
7.00%, 2/15/22		3,965		4,097,887
United Rentals North America, Inc.,
5.25%, 1/15/30		16,195		18,006,816

				70,813,205


Computers—0.2%
Dell International LLC (a)(c),
7.125%, 6/15/24		9,275		9,628,609
Monitronics International, Inc. (f)(h),
9.125%, 4/1/20		6,450		65

				9,628,674


Containers & Packaging—0.6%
Berry Global, Inc. (a)(c),
5.625%, 7/15/27		13,090		14,100,384
Owens-Brockway Glass Container, Inc. (a)(c),
6.625%, 5/13/27		13,260		14,378,813
Trivium Packaging Finance BV (a)(c),
8.50%, 8/15/27		10,445		11,455,815

				39,935,012


Distribution/Wholesale—0.2%
Performance Food Group, Inc. (a)(c),
5.50%, 10/15/27		11,570		12,227,523


Diversified Financial Services—1.3%
CCF Holdings LLC, PIK 10.75% (a)(c)(f)(h),
10.75%, 12/15/23		12,590		2,171,734
Community Choice Financial Issuer LLC (cost—$12,000,000; purchased 9/6/18) (a)(c)(f)(h)(l),
9.00%, 6/15/23		12,000		12,000,000
Nationstar Mortgage Holdings, Inc. (a)(c),
5.50%, 8/15/28		12,390		13,063,706
Navient Corp.,
5.00%, 3/15/27		11,555		11,672,052
6.75%, 6/15/26		14,905		16,274,397
OneMain Finance Corp.,
6.625%, 1/15/28		12,965		15,417,849
8.25%, 10/1/23		8,730		10,049,496

				80,649,234


Electric Utilities—0.2%
NRG Energy, Inc.,
5.75%, 1/15/28		8,895		9,734,465
Talen Energy Supply LLC,
6.50%, 6/1/25		3,365		2,752,991

				12,487,456


24		Semiannual Report		\| December 31, 2020 \|		See accompanying Notes to Financial Statements

Schedule of Investments

December 31, 2020 (unaudited)


	Principal Amount (000s)		Value

Electrical Equipment—0.4%
Energizer Holdings, Inc. (a)(c),
7.75%, 1/15/27	$	9,795	$	10,893,264
WESCO Distribution, Inc. (a)(c),
7.25%, 6/15/28		11,985		13,647,260

				24,540,524


Engineering & Construction—0.3%
AECOM,
5.875%, 10/15/24		8,145		9,104,318
Tutor Perini Corp. (a)(c),
6.875%, 5/1/25		7,095		7,015,181

				16,119,499


Entertainment—1.7%
AMC Entertainment Holdings, Inc.,
6.125%, 5/15/27		13,610		1,769,300
10.50%, 4/15/25 (a)(c)		4,970		3,538,019
Caesars Entertainment, Inc. (a)(c),
6.25%, 7/1/25		5,585		5,955,034
8.125%, 7/1/27		15,400		17,068,243
Cedar Fair L.P.,
5.375%, 6/1/24		5,550		5,577,750
5.375%, 4/15/27		11,680		11,964,700
International Game Technology PLC (a)(c),
6.25%, 1/15/27		10,850		12,445,221
6.50%, 2/15/25		4,175		4,678,171
Lions Gate Capital Holdings LLC (a)(c),
6.375%, 2/1/24		12,370		12,717,783
Live Nation Entertainment, Inc. (a)(c),
5.625%, 3/15/26		4,145		4,254,842
Scientific Games International, Inc. (a)(c),
8.25%, 3/15/26		14,025		15,137,253
Stars Group Holdings BV (a)(c),
7.00%, 7/15/26		9,005		9,494,647

				104,600,963


Equity Real Estate Investment Trusts (REITs)—0.1%
Uniti Group L.P.,
7.125%, 12/15/24 (a)(c)		2,500		2,529,687
8.25%, 10/15/23		6,445		6,505,422

				9,035,109


Food & Beverage—1.1%
Albertsons Cos., Inc. (a)(c),
4.875%, 2/15/30		10,135		11,177,689
7.50%, 3/15/26		3,095		3,469,263
Kraft Heinz Foods Co.,
6.50%, 2/9/40		20,230		27,379,115
Post Holdings, Inc. (a)(c),
5.75%, 3/1/27		10,700		11,348,687
U.S. Foods, Inc. (a)(c),
6.25%, 4/15/25		11,255		12,043,807

				65,418,561


Food Service—0.2%
Aramark Services, Inc. (a)(c),
5.00%, 2/1/28		12,730		13,430,150


Hand/Machine Tools—0.1%
Colfax Corp. (a)(c),
6.375%, 2/15/26		6,655		7,114,628


Healthcare-Services—1.4%
Centene Corp.,
4.625%, 12/15/29		2,135		2,368,333
5.375%, 6/1/26 (a)(c)		6,975		7,367,344
Charles River Laboratories International, Inc. (a)(c),
5.50%, 4/1/26		3,745		3,929,535
Community Health Systems, Inc.,
6.875%, 2/1/22		2,500		2,495,313
Encompass Health Corp.,
4.75%, 2/1/30		6,595		7,076,039


	Principal Amount (000s)		Value
HCA, Inc.,
5.375%, 9/1/26	$	3,015	$	3,471,094
5.625%, 9/1/28		12,420		14,693,170
IQVIA, Inc. (a)(c),
5.00%, 5/15/27		4,485		4,776,480
Select Medical Corp. (a)(c),
6.25%, 8/15/26		12,600		13,588,596
Tenet Healthcare Corp.,
6.25%, 2/1/27 (a)(c)		18,810		19,964,840
7.00%, 8/1/25		8,640		8,946,936

				88,677,680


Home Builders—0.4%
Beazer Homes USA, Inc.,
5.875%, 10/15/27		1,885		1,987,497
KB Home,
4.80%, 11/15/29		2,675		2,940,828
Picasso Finance Sub, Inc. (a)(c),
6.125%, 6/15/25		12,720		13,628,844
Taylor Morrison Communities, Inc. (a)(c),
5.75%, 1/15/28		7,925		8,999,828

				27,556,997


Household Products/Wares— 0.2%
Prestige Brands, Inc. (a)(c),
5.125%, 1/15/28		5,645		6,029,566
Spectrum Brands, Inc.,
5.75%, 7/15/25		3,720		3,845,922

				9,875,488


Internet—0.8%
Go Daddy Operating Co. LLC (a)(c),
5.25%, 12/1/27		8,700		9,173,063
Match Group Holdings II LLC (a)(c),
5.00%, 12/15/27		8,560		9,128,384
Netflix, Inc. (a)(c),
5.375%, 11/15/29		11,580		13,664,400
NortonLifeLock, Inc. (a)(c),
5.00%, 4/15/25		5,390		5,511,275
Uber Technologies, Inc. (a)(c),
7.50%, 9/15/27		6,265		6,899,331
8.00%, 11/1/26		6,925		7,552,578

				51,929,031


Iron/Steel—0.4%
Cleveland-Cliffs, Inc.,
5.875%, 6/1/27		15,200		15,517,224
United States Steel Corp.,
6.875%, 8/15/25		8,595		8,224,341

				23,741,565


Leisure—0.3%
NCL Corp., Ltd. (a)(c),
5.875%, 3/15/26		11,660		12,308,587
Royal Caribbean Cruises Ltd. (a)(c),
11.50%, 6/1/25		7,375		8,630,963

				20,939,550


Lodging—1.0%
Boyd Gaming Corp. (a)(c),
8.625%, 6/1/25		13,830		15,398,875
Hilton Domestic Operating Co., Inc. (a)(c),
4.00%, 5/1/31		7,055		7,457,029
MGM Resorts International,
4.75%, 10/15/28		13,640		14,645,882
6.75%, 5/1/25		620		672,065
Wyndham Hotels & Resorts, Inc. (a)(c),
5.375%, 4/15/26		12,110		12,556,556


	Principal Amount (000s)		Value
Wynn Las Vegas LLC (a)(c),
5.50%, 3/1/25	$	13,340	$	13,962,578

				64,692,985


Machinery-Construction & Mining—0.2%
Terex Corp. (a)(c),
5.625%, 2/1/25		10,835		11,181,720


Media—2.6%
CCO Holdings LLC (a)(c),
4.50%, 5/1/32		16,060		17,167,658
5.125%, 5/1/27		5,120		5,440,128
5.375%, 6/1/29		14,780		16,219,424
Clear Channel Worldwide Holdings, Inc.,
9.25%, 2/15/24		10,204		10,358,131
CSC Holdings LLC (a)(c),
5.75%, 1/15/30		5,680		6,233,828
7.50%, 4/1/28		9,860		11,102,015
Diamond Sports Group LLC (a)(c),
6.625%, 8/15/27		13,005		7,884,281
DISH DBS Corp.,
6.75%, 6/1/21		9,250		9,446,193
7.375%, 7/1/28		11,635		12,405,819
Gray Television, Inc. (a)(c),
4.75%, 10/15/30		8,635		8,780,716
5.875%, 7/15/26		8,930		9,359,756
LiveStyle, Inc. (cost—$7,083,190; purchased 1/31/14-10/7/15) (a)(c)(e)(f)(h)(l)(o),
9.625%, 2/1/19		7,628		8
Meredith Corp.,
6.875%, 2/1/26		12,250		12,066,250
Nexstar Broadcasting, Inc. (a)(c),
5.625%, 7/15/27		13,405		14,381,085
Scripps Escrow II, Inc. (a)(c),
3.875%, 1/15/29		1,600		1,670,992
5.375%, 1/15/31		6,070		6,394,624
Sirius XM Radio, Inc. (a)(c),
5.00%, 8/1/27		5,385		5,729,505
Virgin Media Secured Finance PLC (a)(c),
5.50%, 5/15/29		8,945		9,708,366

				164,348,779


Metal Fabricate/Hardware—0.2%
Park-Ohio Industries, Inc.,
6.625%, 4/15/27		12,890		13,373,375


Mining—0.8%
Alcoa Nederland Holding BV (a)(c),
6.75%, 9/30/24		8,475		8,843,027
Constellium SE (a)(c),
6.625%, 3/1/25		9,605		9,827,116
Freeport-McMoRan, Inc.,
5.25%, 9/1/29		10,690		11,910,691
Hudbay Minerals, Inc. (a)(c),
7.625%, 1/15/25		4,965		5,166,703
Joseph T. Ryerson & Son, Inc. (a)(c),
8.50%, 8/1/28		11,532		13,081,612

				48,829,149


Miscellaneous Manufacturing—0.2%
Koppers, Inc. (a)(c),
6.00%, 2/15/25		10,200		10,525,125


Oil, Gas & Consumable Fuels—2.7%
Callon Petroleum Co.,
6.125%, 10/1/24		6,110		3,528,525
6.25%, 4/15/23		9,725		6,199,687
Chesapeake Energy Corp. (e),
8.00%, 1/15/25		7,730		386,500
8.00%, 3/15/26		6,301		315,050


See accompanying Notes to Financial Statements		\| December 31, 2020 \|		Semiannual Report			25

Schedule of Investments

December 31, 2020 (unaudited)


	Principal Amount (000s)		Value
CNX Resources Corp. (a)(c),
7.25%, 3/14/27	$	11,270	$	12,073,213
Cobalt International Energy, Inc. (e),
7.75%, 12/1/23		9,216		179,528
Continental Resources, Inc.,
4.375%, 1/15/28		9,055		9,252,308
5.75%, 1/15/31 (a)(c)		5,545		6,165,236
EQT Corp.,
8.75%, 2/1/30		8,505		10,407,994
Mesquite Energy, Inc. (e),
6.125%, 1/15/23		6,240		62,400
Nabors Industries, Inc.,
5.75%, 2/1/25		1,910		999,446
9.00%, 2/1/25 (a)(c)		2,850		2,721,750
Noble Holding International Ltd. (e),
7.75%, 1/15/24		6,955		149,532
Occidental Petroleum Corp.,
3.50%, 6/15/25		6,275		6,069,243
5.55%, 3/15/26		14,595		15,257,029
6.625%, 9/1/30		11,355		12,345,724
PBF Holding Co. LLC,
6.00%, 2/15/28		10,735		6,152,497
PDC Energy, Inc.,
5.75%, 5/15/26		12,435		12,862,453
Range Resources Corp.,
4.875%, 5/15/25		8,965		8,485,059
Sable Permian Resources Land LLC (cost—$5,000,000; purchased 7/16/14) (a)(c)(e)(l),
7.375%, 11/1/21		5,000		50,000
SM Energy Co.,
6.625%, 1/15/27		11,360		9,116,400
Sunoco L.P.,
5.50%, 2/15/26		4,605		4,736,519
5.875%, 3/15/28		6,830		7,400,715
Talos Production LLC,
11.00%, 4/3/22		1,168		1,214,299
Transocean, Inc. (a)(c),
7.50%, 1/15/26		12,010		5,584,650
8.00%, 2/1/27		2,745		1,331,325
USA Compression Partners L.P.,
6.875%, 9/1/27		11,045		11,810,087
Valaris PLC (e),
5.20%, 3/15/25		1,295		61,513
7.75%, 2/1/26		6,640		286,549
Weatherford International Ltd. (a)(c),
11.00%, 12/1/24		605		473,412
WPX Energy, Inc.,
5.75%, 6/1/26		9,310		9,801,102

				165,479,745


Paper & Forest Products—0.2%
Mercer International, Inc.,
7.375%, 1/15/25		10,750		11,207,036


Personal Products—0.1%
Edgewell Personal Care Co. (a)(c),
5.50%, 6/1/28		6,105		6,569,499


Pharmaceuticals—0.9%
AdaptHealth LLC (a)(c)(d),
4.625%, 8/1/29		10,005		10,292,644
Bausch Health Americas, Inc. (a)(c),
8.50%, 1/31/27		12,710		14,153,665
Bausch Health Cos., Inc. (a)(c),
7.25%, 5/30/29		15,120		17,022,020
Horizon Therapeutics USA, Inc. (a)(c),
5.50%, 8/1/27		9,515		10,233,478
Mallinckrodt International Finance S.A. (a)(c)(e),
5.75%, 8/1/22		6,055		2,119,250

				53,821,057


Pipelines—1.2%
Cheniere Energy Partners L.P.,
5.625%, 10/1/26		9,510		9,930,342


	Principal Amount (000s)		Value
Crestwood Midstream Partners L.P.,
5.75%, 4/1/25	$	12,705	$	12,959,100
DCP Midstream Operating L.P.,
5.125%, 5/15/29		7,470		8,297,751
EQM Midstream Partners L.P. (a)(c),
6.50%, 7/1/27		8,470		9,549,501
NGL Energy Partners L.P.,
7.50%, 4/15/26		10,875		6,762,891
NuStar Logistics L.P.,
6.375%, 10/1/30		8,635		9,797,918
Targa Resources Partners L.P.,
6.50%, 7/15/27		7,170		7,797,375
6.875%, 1/15/29		10,670		12,037,094

				77,131,972


Real Estate—0.4%
Iron Mountain, Inc. (a)(c),
4.875%, 9/15/27		10,625		11,133,990
Kennedy-Wilson, Inc.,
5.875%, 4/1/24		12,503		12,706,174

				23,840,164


Retail—0.6%
99 Escrow Issuer, Inc. (a)(c),
7.50%, 1/15/26		1,760		1,753,400
Asbury Automotive Group Inc,
4.75%, 3/1/30		6,155		6,608,931
L Brands, Inc. (a)(c),
6.625%, 10/1/30		15,705		17,501,259
Neiman Marcus Group Ltd. LLC,
8.00%, 10/15/21		6,810		4,120,050
Party City Holdings, Inc. (a)(c),
6.625%, 8/1/26		9,505		7,152,513
Yum! Brands, Inc. (a)(c),
4.75%, 1/15/30		715		785,070

				37,921,223


Semiconductors—0.2%
Amkor Technology, Inc. (a)(c),
6.625%, 9/15/27		9,410		10,221,613


Software—0.4%
Rackspace Technology Global, Inc. (a)(c),
5.375%, 12/1/28		13,500		14,169,262
SS&C Technologies, Inc. (a)(c),
5.50%, 9/30/27		12,455		13,317,758

				27,487,020


Telecommunications—2.8%
Avaya, Inc. (a)(c),
6.125%, 9/15/28		15,335		16,410,520
CenturyLink, Inc. (a)(c),
4.50%, 1/15/29		15,690		15,993,994
5.125%, 12/15/26		15,205		16,077,995
Cincinnati Bell, Inc. (a)(c),
7.00%, 7/15/24		7,265		7,578,231
CommScope Technologies LLC (a)(c),
5.00%, 3/15/27		4,460		4,423,763
6.00%, 6/15/25		14,323		14,664,604
Frontier Communications Corp. (e),
10.50%, 9/15/22		9,315		4,876,542
GTT Communications, Inc. (a)(c),
7.875%, 12/31/24		10,045		4,055,669
Hughes Satellite Systems Corp.,
6.625%, 8/1/26		13,080		14,846,192
7.625%, 6/15/21		5,480		5,623,850
Intelsat Connect Finance S.A. (a)(c)(e),
9.50%, 2/15/23		3,195		872,634
Intelsat Jackson Holdings S.A. (e),
5.50%, 8/1/23		10,370		7,051,600
9.75%, 7/15/25 (a)(c)		6,940		5,007,904
LogMeIn, Inc. (a)(c),
5.50%, 9/1/27		14,320		15,018,100


	Principal Amount (000s)		Value
Sprint Communications, Inc.,
11.50%, 11/15/21	$	7,890	$	8,575,444
Sprint Corp.,
7.125%, 6/15/24		6,860		8,030,659
7.625%, 3/1/26		8,595		10,681,092
T-Mobile USA, Inc.,
6.50%, 1/15/26		14,240		14,756,200
Windstream Services LLC (cost—$6,508,218; purchased 12/4/13-11/15/18) (a)(c)(e)(l),
6.375%, 8/1/23		7,464		83,970

				174,628,963


Toys/Games/Hobbies—0.1%
Mattel, Inc. (a)(c),
5.875%, 12/15/27		7,215		8,031,197


Transportation—0.3%
Fortress Transportation and Infrastructure Investors LLC (a)(c),
9.75%, 8/1/27		12,065		13,852,128
XPO Logistics, Inc. (a)(c),
6.125%, 9/1/23		2,705		2,757,410

				16,609,538

Total Corporate Bonds & Notes (cost—$1,974,372,396)				1,895,601,407



Convertible Bonds & Notes—24.9%

Airlines—0.4%
Southwest Airlines Co.,
1.25%, 5/1/25		15,555		22,671,413


Apparel & Textiles—0.0%
Iconix Brand Group, Inc.,
5.75%, 8/15/23		4,185		2,197,125


Auto Components—0.1%
Meritor, Inc.,
3.25%, 10/15/37		6,235		7,171,913


Auto Manufacturers—1.8%
Tesla, Inc.,
1.25%, 3/1/21		7,550		73,985,281
2.00%, 5/15/24		3,470		39,460,493

				113,445,774


Banks— 0.3%
BofA Finance LLC,
0.125%, 9/1/22		9,735		11,370,480
JPMorgan Chase Bank N.A. (a)(c),
0.125%, 1/1/23		7,480		8,672,125

				20,042,605


Biotechnology—1.1%
Apellis Pharmaceuticals Inc (a)(c),
3.50%, 9/15/26		3,850		6,488,136
BioMarin Pharmaceutical, Inc.,
0.599%, 8/1/24		4,085		4,393,774
1.25%, 5/15/27 (a)(c)		8,115		8,520,750
Exact Sciences Corp.,
0.375%, 3/15/27		18,415		25,575,580
0.375%, 3/1/28		4,675		6,105,513
Guardant Health, Inc. (a)(c),
zero coupon, 11/15/27		10,885		12,790,155
Illumina, Inc.,
zero coupon, 8/15/23		2,720		3,092,927

				66,966,835


Commercial Services—1.3%
Chegg, Inc.,
zero coupon, 9/1/26 (a)(c)		19,015		21,357,979
0.125%, 3/15/25		5,900		10,717,109


26		Semiannual Report		\| December 31, 2020 \|		See accompanying Notes to Financial Statements

Schedule of Investments

December 31, 2020 (unaudited)


	Principal Amount (000s)		Value
Shift4 Payments, Inc. (a)(c),
zero coupon, 12/15/25	$	8,675	$	10,629,345
Square, Inc. (a)(c),
0.125%, 3/1/25		8,460		15,963,511
0.25%, 11/1/27		19,550		21,761,962

				80,429,906


Computers—0.8%
Lumentum Holdings, Inc.,
0.50%, 12/15/26		16,740		20,496,456
Western Digital Corp.,
1.50%, 2/1/24		9,135		9,125,370
Zscaler, Inc. (a)(c),
0.125%, 7/1/25		12,485		18,621,600

				48,243,426


Diversified Financial Services—0.2%
LendingTree, Inc. (a)(c),
0.50%, 7/15/25		11,630		11,340,747


Electronics—0.2%
Fortive Corp.,
0.875%, 2/15/22		3,885		4,015,862
II-VI, Inc.,
0.25%, 9/1/22		5,895		9,857,767

				13,873,629


Entertainment—0.3%
Cinemark Holdings, Inc. (a)(c),
4.50%, 8/15/25		935		1,369,293
Live Nation Entertainment, Inc.,
2.00%, 2/15/25 (a)(c)		3,360		3,589,276
2.50%, 3/15/23		9,000		11,662,202

				16,620,771


Healthcare-Products—0.6%
Insulet Corp.,
0.375%, 9/1/26		20,855		27,596,365
NuVasive, Inc.,
0.375%, 3/15/25 (a)(c)		4,545		4,419,417
2.25%, 3/15/21		4,355		4,430,919
Omnicell, Inc. (a)(c),
0.25%, 9/15/25		615		840,986

				37,287,687


Healthcare-Services—0.7%
Anthem, Inc.,
2.75%, 10/15/42		3,790		16,997,789
Teladoc Health, Inc. (a)(c),
1.25%, 6/1/27		23,175		27,872,685

				44,870,474


Internet—4.8%
Booking Holdings, Inc. (a)(c),
0.75%, 5/1/25		6,255		9,118,586
Etsy, Inc. (a)(c),
0.125%, 9/1/27		21,510		26,716,661
Match Group Financeco 2, Inc. (a)(c),
0.875%, 6/15/26		9,480		17,354,088
Match Group Financeco 3, Inc. (a)(c),
2.00%, 1/15/30		6,310		12,236,139
Momo, Inc.,
1.25%, 7/1/25		3,135		2,600,091
Okta, Inc.,
0.125%, 9/1/25		10,260		15,319,462
0.375%, 6/15/26 (a)(c)		8,205		10,557,987


	Principal Amount (000s)		Value
Palo Alto Networks, Inc.,
0.375%, 6/1/25 (a)(c)	$	18,355	$	24,262,195
0.75%, 7/1/23		6,465		9,134,430
Pinduoduo, Inc.,
zero coupon, 12/1/25		10,820		13,398,254
Proofpoint, Inc.,
0.25%, 8/15/24		14,170		15,936,164
Shopify, Inc.,
0.125%, 11/1/25		8,815		10,423,737
Snap, Inc.,
0.75%, 8/1/26		15,950		36,174,192
Twitter, Inc.,
0.25%, 6/15/24		10,280		12,449,017
Uber Technologies, Inc. (a)(c),
zero coupon, 12/15/25		4,310		4,430,847
Wayfair, Inc. (a)(c),
0.625%, 10/1/25		25,280		23,981,434
Wix.com Ltd. (a)(c),
zero coupon, 8/15/25		340		340,562
Zendesk, Inc. (a)(c),
0.625%, 6/15/25		13,560		20,013,247
Zillow Group, Inc.,
1.50%, 7/1/23		11,225		19,112,519
2.75%, 5/15/25		7,660		15,961,684

				299,521,296


Investment Companies—0.1%
Prospect Capital Corp.,
6.375%, 3/1/25		5,000		5,158,303


Leisure—0.9%
NCL Corp., Ltd. (a)(c),
5.375%, 8/1/25		5,035		8,545,243
6.00%, 5/15/24		8,765		18,430,118
Royal Caribbean Cruises Ltd. (a)(c),
2.875%, 11/15/23		6,505		7,806,000
4.25%, 6/15/23		16,125		21,514,681

				56,296,042


Media—1.4%
DISH Network Corp., zero coupon,
12/15/25 (a)(c)		3,515		3,549,199
2.375%, 3/15/24		14,960		13,997,771
3.375%, 8/15/26		17,910		17,117,154
Liberty Broadband Corp. (a)(c),
2.75%, 9/30/50		7,315		7,843,597
Liberty Media Corp., 1.00%, 1/30/23		7,170		9,167,710
1.375%, 10/15/23		12,475		15,830,760
2.25%, 9/30/46		2,580		1,225,429
2.75%, 12/1/49 (a)(c)		13,410		13,899,465
World Wrestling Entertainment, Inc.,
3.375%, 12/15/23		2,520		5,125,898

				87,756,983


Oil, Gas & Consumable Fuels—0.5%
Bristow Group, Inc. (f)(h),
4.50%, 6/1/23		1,625		—	†
Chesapeake Energy Corp. (e),
5.50%, 9/15/26		17,205		860,250
Ensco Jersey Finance Ltd. (e),
3.00%, 1/31/24		9,245		878,242
EQT Corp. (a)(c),
1.75%, 5/1/26		6,435		7,604,572
Oil States International, Inc.,
1.50%, 2/15/23		2,450		1,899,510


	Principal Amount (000s)		Value
Pioneer Natural Resources Co. (a)(c),
0.25%, 5/15/25	$	11,705	$	15,610,825
Transocean, Inc.,
0.50%, 1/30/23		9,755		4,982,969

				31,836,368


Pharmaceuticals—1.0%
Clovis Oncology, Inc.,
1.25%, 5/1/25		4,440		3,146,184
DexCom, Inc.,
0.25%, 11/15/25 (a)(c)		21,135		21,359,031
0.75%, 12/1/23		2,450		5,576,488
Jazz Investments I Ltd. (a)(c),
2.00%, 6/15/26		8,045		10,509,623
Neurocrine Biosciences, Inc.,
2.25%, 5/15/24		7,430		10,326,014
Sarepta Therapeutics, Inc.,
1.50%, 11/15/24		3,740		9,179,052
Tilray, Inc.,
5.00%, 10/1/23		2,975		2,528,750

				62,625,142


Pipelines—0.2%
Cheniere Energy, Inc.,
4.25%, 3/15/45		18,715		14,808,631


Real Estate—0.0%
Redfin Corp. (a)(c),
zero coupon, 10/15/25		1,945		2,334,287


Retail—0.6%
Burlington Stores, Inc. (a)(c),
2.25%, 4/15/25		9,485		13,186,638
Dick’s Sporting Goods, Inc. (a)(c),
3.25%, 4/15/25		6,000		10,713,750
RH,
zero coupon, 6/15/23		6,440		15,108,364

				39,008,752


Semiconductors—1.8%
Advanced Micro Devices, Inc.,
2.125%, 9/1/26		330		3,779,026
Cree, Inc.,
0.875%, 9/1/23		9,300		16,918,438
Inphi Corp. (a)(c),
0.75%, 4/15/25		11,485		16,171,191
Microchip Technology, Inc.,
0.125%, 11/15/24		42,743		47,320,413
ON Semiconductor Corp.,
1.625%, 10/15/23		12,460		20,907,683
Synaptics, Inc.,
0.50%, 6/15/22		6,100		8,426,431

				113,523,182


Software—5.2%
Akamai Technologies, Inc.,
0.125%, 5/1/25		19,110		23,746,979
Alteryx, Inc.,
0.50%, 8/1/24		5,940		6,174,513
1.00%, 8/1/26		9,285		9,846,123
Bill.com Holdings, Inc. (a)(c),
zero coupon, 12/1/25		10,650		12,220,069
Cloudflare, Inc. (a)(c),
0.75%, 5/15/25		4,495		9,613,989
Coupa Software, Inc. (a)(c),
0.375%, 6/15/26		24,525		33,103,031
Datadog, Inc. (a)(c),
0.125%, 6/15/25		11,750		15,445,097
DocuSign, Inc.,
0.50%, 9/15/23		4,490		14,015,128


See accompanying Notes to Financial Statements		\| December 31, 2020 \|		Semiannual Report			27

Schedule of Investments

December 31, 2020 (unaudited)


	Principal Amount (000s)		Value
Everbridge, Inc.,
0.125%, 12/15/24	$	7,805	$	11,626,450
Evolent Health, Inc.,
1.50%, 10/15/25		3,470		3,010,100
Five9, Inc. (a)(c),
0.50%, 6/1/25		11,390		16,602,666
HubSpot, Inc. (a)(c),
0.375%, 6/1/25		9,180		14,212,520
j2 Global, Inc. (a)(c),
1.75%, 11/1/26		13,085		13,625,923
MongoDB, Inc. (a)(c),
0.25%, 1/15/26		13,895		25,048,764
New Relic, Inc.,
0.50%, 5/1/23		9,355		9,188,820
Nutanix, Inc.,
zero coupon, 1/15/23		11,110		11,240,949
Pegasystems, Inc. (a)(c),
0.75%, 3/1/25		7,835		9,275,388
RingCentral, Inc. (a)(c),
zero coupon, 3/1/25		23,825		30,509,987
Sea Ltd. (a)(c),
2.375%, 12/1/25		1,195		2,760,885
Splunk, Inc.,
0.50%, 9/15/23		5,370		7,032,752
Splunk, Inc. (a)(c),
1.125%, 6/15/27		18,260		19,069,887
Workday, Inc.,
0.25%, 10/1/22		9,770		16,374,059
Zynga, Inc.,
zero coupon, 12/15/26 (a)(c)		2,000		2,109,525
0.25%, 6/1/24		6,660		8,915,692

				324,769,296


Telecommunications—0.5%
Infinera Corp.,
2.125%, 9/1/24		7,705		9,571,846
Viavi Solutions, Inc.,
1.00%, 3/1/24		2,685		3,449,856
1.75%, 6/1/23		7,478		9,289,373
Vonage Holdings Corp.,
1.75%, 6/1/24		5,275		5,749,906

				28,060,981


Transportation—0.1%
Greenbrier Cos., Inc.,
2.875%, 2/1/24		4,515		4,584,851
Teekay Corp.,
5.00%, 1/15/23		1,625		1,417,161

				6,002,012

Total Convertible Bonds & Notes (cost—$1,289,325,069)				1,556,863,580



	Shares

Convertible Preferred Stock—6.7%

Auto Components—0.4%
Aptiv PLC, Ser. A,
5.50%, 6/15/23		148,355		22,891,176


Banks—0.9%
Bank of America Corp., Ser. L (g),
7.25%		11,840		17,979,987
Wells Fargo & Co., Ser. L (g),
7.50%		23,655		35,905,925

				53,885,912


	Shares		Value

Chemicals—0.2%
International Flavors & Fragrances, Inc.,
6.00%, 9/15/21		289,890	$	11,839,108


Diversified Financial Services—0.4%
2020 Mandatory Exchangeable Trust (a)(c),
6.50%, 5/16/23		7,150		14,760,174
AMG Capital Trust II,
5.15%, 10/15/37		112,490		5,622,388
KKR & Co., Inc., Ser. C,
6.00%, 9/15/23		87,295		5,262,143

				25,644,705


Electric Utilities—1.1%
NextEra Energy, Inc.,
5.279%, 3/1/23		315,590		16,044,595
6.219%, 9/1/23		482,970		24,810,169
PG&E Corp.,
5.50%, 8/16/23		102,465		12,586,801
Sempra Energy, Ser. A,
6.00%, 1/15/21		133,900		13,357,864
Southern Co., Ser. 2019,
6.75%, 8/1/22		84,000		4,359,600

				71,159,029


Electronics—0.5%
Fortive Corp., Ser. A,
5.00%, 7/1/21		19,890		19,961,007
II-VI, Inc., Ser. A,
6.00%, 7/1/23		25,440		8,156,319

				28,117,326


Environmental Services—0.2%
GFL Environmental Inc.,
6.00%, 3/15/23		208,040		14,658,498


Hand/Machine Tools—0.1%
Stanley Black & Decker, Inc.,
5.25%, 11/15/22		49,070		5,487,989


Healthcare-Products—1.3%
Avantor, Inc., Ser. A,
6.25%, 5/15/22		249,330		22,167,931
Boston Scientific Corp., Ser. A,
5.50%, 6/1/23		139,025		15,232,969
Danaher Corp., Ser. B,
5.00%, 4/15/23		34,260		44,575,686

				81,976,586


Insurance—0.2%
Assurant, Inc., Ser. D,
6.50%, 3/15/21		88,565		11,500,165


Oil, Gas & Consumable Fuels—0.0%
Nabors Industries Ltd., Ser. A,
6.00%, 5/1/21		53,040		481,603


Pharmaceuticals—0.3%
Becton Dickinson and Co., Ser. B,
6.00%, 6/1/23		191,780		10,572,831
Elanco Animal Health, Inc.,
5.00%, 2/1/23		197,870		9,663,971

				20,236,802


Semiconductors—0.7%
Broadcom, Inc., Ser. A,
8.00%, 9/30/22		31,420		44,694,007


	Shares		Value

Telecommunications—0.4%
2020 Cash Mandatory Exchangeable Trust (a)(c),
5.25%, 6/1/23		20,265	$	24,341,710

Total Convertible Preferred Stock (cost—$358,810,382)				416,914,616



	Principal Amount (000s)

Senior Loans (a)(b)—0.5%

Entertainment—0.2%
Music Technology Holdings LLC, 3 mo. PIK + 8.000%, 8.000%, 12/16/22,
Fixed PIK Term Loan		$11,217		11,217,267


Healthcare-Products—0.2%
Avantor Funding, Inc., 1 mo. LIBOR + 2.500%, 11/8/27, 2020 Incremental
Term Loan B4 (d)		9,690		9,720,330


Software—0.1%
Camelot U.S. Acquisition 1 Co., 1 mo. LIBOR + 3.000%, 10/30/26,
Term Loan B (d)		9,720		9,690,645

Total Senior Loans (cost—$30,575,123)				30,628,242



	Shares

Preferred Stock (a)(f)(h)(n)(o)—0.3%

Media—0.3%
LiveStyle, Inc., Ser. A		7,960		1,190,020
LiveStyle, Inc., Ser. B (k)		8,000		80
LiveStyle, Inc., Ser. B (k)		171,344		15,888,729

Total Preferred Stock (cost—$25,578,848)				17,078,829



Mutual Fund—0.2%
AllianzGI High Yield Bond (j)(m) (cost—$10,471,649)		1,241,591		10,466,614



	Units

Warrants (n)—0.0%

Advertising—0.0%
Affinion Group Holdings, Inc., exercise price $67.12, expires 4/1/24 (cost—$1,422,155; purchased 4/1/19) (f)(h)(l)		7,203		68,934
Mood Media LLC, Ser. A, exercise price $1.30, expires 7/31/25 (f)(h)		1,360,280		375,437
Mood Media LLC, Ser. B, exercise price $1.70, expires 7/31/25 (f)(h)		1,360,280		327,827
Mood Media LLC, Ser. C, exercise price $2.00, expires 7/31/25 (f)(h)		1,360,280		299,262

				1,071,460


Iron/Steel—0.0%
Arch Resources, Inc., exercise price $54.65, expires 10/5/23 (f)(h)		4,002		38,791


28		Semiannual Report		\| December 31, 2020 \|		See accompanying Notes to Financial Statements

Schedule of Investments

December 31, 2020 (unaudited)


	Units		Value

Media—0.0%
LiveStyle, Inc., Ser. C, expires 11/30/21 (f)(h)(o)		43,500	$	4


Oil, Gas & Consumable Fuels—0.0%
Occidental Petroleum Corp., exercise price $22.00, expires 8/3/27		28,712		195,529

Total Warrants (cost—$3,510,385)				1,305,784



	Principal Amount (000s)

Repurchase Agreements—5.0%
State Street Bank and Trust Co., dated 12/31/20, 0.00%, due 1/4/21, proceeds $314,951,000; collateralized by U.S. Treasury Notes, 0.125%—2.625%, due 6/30/23—7/15/23, valued at $321,250,071 including accrued interest
(cost—$314,951,000)		$314,951		314,951,000


Total Investments, before options written (cost—$5,948,181,361)—100.2%				6,253,487,494

Total Options Written—(0.0)% (premiums received—$1,392,580) (n)(p)(q)				(950,795	)


Total Investments, net of options written (cost—5,946,788,781)—100.2%				6,252,536,699

Other liabilities in excess of other assets—(0.2)%				(10,116,868	)


Net Assets—100.0%				$6,242,419,831

Notes to Schedule of Investments:

† Actual amount rounds to less than $1.

(a) Private Placement—Restricted as to resale and may not have a readily available market. Private placement securities include Rule 144A securities. Securities with an aggregate value of $1,937,154,555, representing 31.0% of net assets.

(b) These securities generally pay interest at rates which are periodically pre-determined by reference to a base lending rate plus a premium. These base lending rates are generally either the lending rate offered by one or more major European banks, such as the “LIBOR” or the prime rate offered by one or more major United States banks, or the certificate of deposit rate. These securities are generally considered to be restricted as the Fund is ordinarily contractually obligated to receive approval from the Agent bank and/or borrower prior to disposition. Remaining maturities of senior loans may be less than the stated maturities shown as a result of contractual or optional payments by the borrower. Such prepayments cannot be predicted with certainty. The interest rate disclosed reflects the rate in effect on December 31, 2020.

(c) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $1,889,447,464, representing 30.3% of net assets.

(d) When-issued or delayed-delivery. To be settled/delivered after December 31, 2020.

(e) In default.

(f) Fair-Valued—Securities with an aggregate value of $35,095,299, representing 0.6% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

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

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

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

(j) Affiliated fund. Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

(k) Affiliated security.

(l) Restricted. The aggregate cost of such securities is $33,514,555. The aggregate value is $12,233,319, representing 0.2% of net assets.

(m) Institutional Class share.

(n) Non-income producing.

(o) A member of the Fund’s portfolio management team is a member of the board of directors of LiveStyle, Inc. The Fund’s aggregate value of investments in LiveStyle, Inc. represents 0.3% of net assets.

(p) Exchange traded-Chicago Board Options Exchange.

(q) Exchange traded option contracts outstanding at December 31, 2020:



Options written contracts outstanding at December 31, 2020:
Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Received			Unrealized Appreciation (Depreciation)

Call options:
Activision Blizzard, Inc.		100.00 USD		1/15/21		(1,195	)	$	(119,500	)	$	(42,423	)	$	(35,366	)	$	(7,057	)
Adobe, Inc.		550.00 USD		1/15/21		(420	)		(42,000	)		(19,950	)		(98,142	)		78,192
Advanced Micro Devices, Inc.		110.00 USD		1/15/21		(1,550	)		(155,000	)		(27,125	)		(79,236	)		52,111
Atlassian Corp. PLC		265.00 USD		1/15/21		(145	)		(14,500	)		(5,075	)		(12,300	)		7,225
Caterpillar, Inc.		195.00 USD		1/15/21		(600	)		(60,000	)		(32,700	)		(39,224	)		6,524
Costco Wholesale Corp.		390.00 USD		1/15/21		(415	)		(41,500	)		(62,043	)		(35,872	)		(26,171	)
Crowdstrike Holdings, Inc.		250.00 USD		1/15/21		(460	)		(46,000	)		(35,650	)		(104,285	)		68,635
Docusign, Inc.		310.00 USD		1/15/21		(197	)		(19,700	)		(3,447	)		(72,526	)		69,079
Enphase Energy, Inc.		220.00 USD		1/15/21		(330	)		(33,000	)		(48,015	)		(31,660	)		(16,355	)
Fedex Corp.		310.00 USD		1/15/21		(340	)		(34,000	)		(6,460	)		(30,586	)		24,126
Lam Research Corp.		540.00 USD		1/15/21		(160	)		(16,000	)		(10,080	)		(37,913	)		27,833
Marvell Technology Group Ltd.		55.00 USD		1/15/21		(1,100	)		(110,000	)		(13,750	)		(20,134	)		6,384
Micron Technology, Inc.		85.00 USD		1/15/21		(1,525	)		(152,500	)		(115,138	)		(51,790	)		(63,348	)
Netflix, Inc.		560.00 USD		1/15/21		(215	)		(21,500	)		(175,225	)		(48,675	)		(126,550	)
Nike, Inc.		160.00 USD		1/15/21		(755	)		(75,500	)		(6,417	)		(44,046	)		37,629
Nvidia Corp.		590.00 USD		1/15/21		(375	)		(37,500	)		(41,625	)		(145,937	)		104,312


See accompanying Notes to Financial Statements		\| December 31, 2020 \|		Semiannual Report			29

Schedule of Investments

December 31, 2020 (unaudited)



Options written contracts outstanding at December 31, 2020 (continued):
Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Received			Unrealized Appreciation (Depreciation)

Call options (continued):
Paypal Holdings, Inc.		280.00 USD		1/15/21		(340	)	$	(34,000	)	$	(4,760	)	$	(33,143	)	$	28,383
Qualcomm, Inc.		162.50 USD		1/15/21		(1,175	)		(117,500	)		(118,675	)		(83,969	)		(34,706	)
Salesforce.com, Inc.		280.00 USD		1/15/21		(455	)		(45,500	)		(3,867	)		(64,991	)		61,124
Servicenow, Inc.		600.00 USD		1/15/21		(70	)		(7,000	)		(11,550	)		(15,349	)		3,799
Shopify, Inc.		1,500.00 USD		1/15/21		(45	)		(4,500	)		(3,937	)		(35,158	)		31,221
Square, Inc.		300.00 USD		1/15/21		(110	)		(11,000	)		(1,540	)		(14,432	)		12,892
Target Corp.		187.50 USD		1/15/21		(625	)		(62,500	)		(54,375	)		(50,575	)		(3,800	)
Tesla, Inc.		850.00 USD		1/15/21		(230	)		(23,000	)		(83,950	)		(144,715	)		60,765
Twilio, Inc.		420.00 USD		1/15/21		(90	)		(9,000	)		(4,905	)		(14,553	)		9,648
Workday, Inc.		270.00 USD		1/15/21		(180	)		(18,000	)		(7,650	)		(24,096	)		16,446
Zoom Video Communications, Inc.		450.00 USD		1/15/21		(135	)		(13,500	)		(10,463	)		(23,907	)		13,444

Total options written contracts											$	(950,795	)	$	(1,392,580	)	$	441,785

Glossary:

ADR—American Depositary Receipt

LIBOR—London Inter-Bank Offered Rate

PIK—Payment-in-Kind

REIT—Real Estate Investment Trust


30		Semiannual Report		\| December 31, 2020 \|		See accompanying Notes to Financial Statements

Schedule of Investments

December 31, 2020 (unaudited)

AllianzGI International Value


	Shares		Value

Common Stock—99.1%

Australia—1.0%
Goodman Group REIT		21,658		$316,585
Macquarie Group Ltd.		11,206		1,196,122

				1,512,707


Canada—5.4%
Bank of Montreal		10,029		762,505
Canadian National Railway Co.		3,494		384,123
Cogeco Communications, Inc.		10,298		791,706
goeasy Ltd.		5,580		423,684
Royal Bank of Canada		9,298		762,994
TC Energy Corp.		14,989		610,352
TFI International, Inc.		74,096		3,814,526
Toronto-Dominion Bank		13,573		765,789

				8,315,679
				��

China—18.0%
Alibaba Group Holding Ltd. (c)		101,100		2,940,443
Anhui Conch Cement Co., Ltd., Class H		94,500		592,238
ANTA Sports Products Ltd.		25,000		396,678
China Construction Bank Corp., Class H		984,100		742,286
China Lesso Group Holdings Ltd.		842,000		1,319,280
China Merchants Bank Co., Ltd., Class H		997,000		6,307,065
CIFI Holdings Group Co., Ltd.		2,856,000		2,420,197
ENN Energy Holdings Ltd.		100,700		1,478,246
Gree Electric Appliances, Inc. of Zhuhai, Class A		69,500		658,753
Longfor Group Holdings Ltd. (a)		470,000		2,749,252
NetEase, Inc.		83,900		1,602,647
Ping An Insurance Group Co. of China Ltd., Class H		193,500		2,354,820
Shenzhen Expressway Co., Ltd., Class H		684,000		644,394
Tencent Holdings Ltd.		48,800		3,511,344

				27,717,643


Denmark—0.2%
Coloplast A/S, Class B		1,965		300,505


Finland—3.7%
Kesko Oyj, Class B		182,803		4,691,932
Neste Oyj		5,063		367,593
Valmet Oyj		23,464		674,601

				5,734,126


France—7.3%
Air Liquide S.A.		2,998		491,513
BNP Paribas S.A. (c)		25,339		1,337,701
Capgemini SE		12,378		1,925,426
Euronext NV (a)		2,313		254,776
Kering S.A.		1,481		1,074,811
L’Oreal S.A.		2,930		1,117,947
Sanofi		23,128		2,241,636
Schneider Electric SE		19,267		2,784,610

				11,228,420


Germany—3.0%
Deutsche Boerse AG		2,153		366,596
Hannover Rueck SE		8,971		1,429,585
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		3,390		1,007,258


	Shares		Value
SAP SE		5,393	$	698,494
Vonovia SE		15,458		1,128,961

				4,630,894


Hong Kong—3.8%
AIA Group Ltd.		54,200		660,488
Hong Kong Exchanges & Clearing Ltd.		29,300		1,607,155
SITC International Holdings Co., Ltd.		374,000		807,712
Techtronic Industries Co., Ltd.		199,500		2,851,537

				5,926,892


India—0.5%
HDFC Bank Ltd. ADR (c)		5,316		384,134
Reliance Industries Ltd. GDR (a)		8,011		436,763

				820,897


Israel—0.5%
Bank Hapoalim BM (c)		108,841		747,546


Italy—1.4%
Enel SpA		158,712		1,614,852
Italgas SpA		86,344		550,012

				2,164,864


Japan—9.2%
Astellas Pharma, Inc.		50,100		775,736
Capcom Co., Ltd.		5,900		382,631
ITOCHU Corp.		108,200		3,111,844
KDDI Corp.		45,300		1,343,156
Nintendo Co., Ltd.		600		385,165
Sony Corp.		38,300		3,859,414
Tokio Marine Holdings, Inc.		21,300		1,097,409
Tokyo Electron Ltd.		2,700		1,008,620
Toyota Motor Corp.		29,000		2,237,932

				14,201,907


Korea (Republic of)—4.5%
Samsung Electronics Co., Ltd.		92,223		6,886,796


Netherlands—0.7%
Wolters Kluwer NV		12,829		1,082,346


Russian Federation—3.1%
Lukoil PJSC ADR		70,782		4,838,658


Saudi Arabia—0.5%
Saudi Arabian Oil Co. (a)		76,135		710,517


Singapore—5.6%
Ascendas Real Estate Investment Trust REIT		251,400		567,525
DBS Group Holdings Ltd.		33,900		642,430
Keppel DC REIT		490,000		1,043,419
Mapletree Industrial Trust REIT		2,920,300		6,392,343

				8,645,717


Spain—1.7%
Iberdrola S.A.		177,240		2,546,990


Sweden—0.2%
Swedish Match AB		3,312		257,742


Switzerland—7.8%
Nestle S.A.		19,427		2,296,490
Roche Holding AG		5,602		1,951,168
Swiss Life Holding AG		3,298		1,538,420
Zurich Insurance Group AG		14,933		6,293,078

				12,079,156


	Shares		Value

Taiwan—4.6%
E.Sun Financial Holding Co., Ltd.		858,000	$	780,934
Getac Technology Corp.		387,000		674,746
Micro-Star International Co., Ltd.		338,000		1,597,652
Taiwan Semiconductor Manufacturing Co., Ltd.		167,000		3,159,216
Uni-President Enterprises Corp.		201,000		483,440
Voltronic Power Technology Corp.		10,950		437,535

				7,133,523


United Kingdom—8.0%
3i Group PLC		53,843		851,631
BAE Systems PLC		434,958		2,900,637
GlaxoSmithKline PLC		67,533		1,235,716
IHS Markit Ltd.		13,198		1,185,576
London Stock Exchange Group PLC		2,437		300,815
Nomad Foods Ltd. (c)		21,337		542,387
RELX PLC		31,708		775,813
Rio Tinto PLC		45,286		3,408,817
Unilever PLC		18,183		1,101,000

				12,302,392


United States—8.4%
American Tower Corp. REIT		21,221		4,763,266
Broadcom, Inc.		14,271		6,248,557
Equinix, Inc. REIT		427		304,955
Gentex Corp.		40,127		1,361,509
Mastercard, Inc., Class A		855		305,184

				12,983,471

Total Common Stock (cost—$124,688,351)				152,769,388



	Principal Amount (000s)

Repurchase Agreements—1.2%
State Street Bank and Trust Co., dated 12/31/20, 0.00%, due 1/4/21, proceeds $1,803,000; collateralized by U.S. Treasury Notes, 2.625%, due 6/30/23, valued at $1,839,100 including accrued interest
(cost—$1,803,000)		$1,803		1,803,000


Total Investments (cost—$126,491,351) (b)—100.3%				154,572,388


Liabilities in excess of other assets—(0.3)%				(424,441	)


Net Assets—100.0%				$154,147,947


See accompanying Notes to Financial Statements		\| December 31, 2020 \|		Semiannual Report			31

Schedule of Investments

December 31, 2020 (unaudited)

Notes to Schedule of Investments:

(b) Securities with an aggregate value of $122,336,137, representing 79.4% 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.

Glossary:

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

REIT—Real Estate Investment Trust


The industry classification of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets were as follows:
Insurance			9.3%
Equity Real Estate Investment Trusts (REITs)			8.7%
Banks			8.6%
Semiconductors & Semiconductor Equipment			6.8%
Technology Hardware, Storage & Peripherals			5.9%
Oil, Gas & Consumable Fuels			4.5%
Real Estate Management & Development			4.1%
Pharmaceuticals			4.0%
Food & Staples Retailing			3.0%
Capital Markets			3.0%
Household Durables			2.9%
Road & Rail			2.7%
Electric Utilities			2.7%
Machinery			2.3%
Interactive Media & Services			2.3%
Metals & Mining			2.2%
Food Products			2.2%
Electrical Equipment			2.1%
Trading Companies & Distributors			2.0%
Professional Services			2.0%
Internet & Direct Marketing Retail			1.9%
Aerospace & Defense			1.9%
Entertainment			1.5%
Automobiles			1.4%
IT Services			1.4%
Personal Products			1.4%
Gas Utilities			1.3%
Textiles, Apparel & Luxury Goods			1.0%
Auto Components			0.9%
Wireless Telecommunication Services			0.9%
Building Products			0.9%
Marine			0.5%
Media			0.5%
Software			0.5%
Transportation Infrastructure			0.4%
Construction Materials			0.4%
Chemicals			0.3%
Consumer Finance			0.3%
Healthcare Equipment & Supplies			0.2%
Tobacco			0.2%
Repurchase Agreements			1.2%
Liabilities in excess of other assets			(0.3)%

			100.0%

AllianzGI Large-Cap Value


	Shares		Value

Common Stock—97.0%

Aerospace & Defense—4.8%
L3Harris Technologies, Inc.		40,366		$7,629,982
Lockheed Martin Corp.		10,690		3,794,736
Mercury Systems, Inc. (a)		31,198		2,747,296
Teledyne Technologies, Inc. (a)		4,539		1,779,197

				15,951,211


Air Freight & Logistics—0.4%
Expeditors International of Washington, Inc.		15,417		1,466,311


Auto Components—1.0%
Gentex Corp.		102,251		3,469,376


Banks—5.9%
Bank of America Corp.		113,343		3,435,426
First Republic Bank		11,332		1,665,011
JPMorgan Chase & Co.		113,460		14,417,362

				19,517,799


Biotechnology—1.1%
AbbVie, Inc.		35,672		3,822,255


Capital Markets—7.5%
CME Group, Inc.		20,760		3,779,358
Intercontinental Exchange, Inc.		27,290		3,146,264
Moody’s Corp.		5,441		1,579,196
Morgan Stanley		115,909		7,943,244
S&P Global, Inc.		15,413		5,066,715
T Rowe Price Group, Inc.		22,310		3,377,511

				24,892,288


Chemicals—2.6%
Air Products and Chemicals, Inc.		5,778		1,578,665
Celanese Corp.		29,692		3,858,179
Linde PLC		11,910		3,138,404

				8,575,248


Commercial Services & Supplies—1.0%
Copart, Inc. (a)		14,401		1,832,527
Waste Management, Inc.		12,852		1,515,637

				3,348,164


Communications Equipment—1.8%
Cisco Systems, Inc.		54,772		2,451,047
Motorola Solutions, Inc.		20,194		3,434,192

				5,885,239


Construction & Engineering—1.1%
EMCOR Group, Inc.		40,643		3,717,209



Containers & Packaging—1.1%
Avery Dennison Corp.		23,475		3,641,207



Distributors—1.4%
Pool Corp.		12,246		4,561,635


Diversified Telecommunication Services—0.3%
Cogent Communications Holdings, Inc.		15,982		956,842


Electric Utilities—3.6%
NextEra Energy, Inc.		153,972		11,878,940


Electrical Equipment—1.1%
AMETEK, Inc.		29,967		3,624,209


Electronic Equipment, Instruments & Components—0.6%
Keysight Technologies, Inc. (a)		14,409		1,903,285


Entertainment—0.5%
Activision Blizzard, Inc.		17,088		1,586,621


32		Semiannual Report		\| December 31, 2020 \|		See accompanying Notes to Financial Statements

Schedule of Investments

December 31, 2020 (unaudited)


	Shares		Value

Equity Real Estate Investment Trusts (REITs)—4.2%
Alexandria Real Estate Equities, Inc.		18,768	$	3,344,833
American Tower Corp.		11,189		2,511,483
CoreSite Realty Corp.		21,322		2,671,220
Douglas Emmett, Inc.		46,894		1,368,367
Medical Properties Trust, Inc.		70,126		1,528,045
Prologis, Inc.		26,938		2,684,641

				14,108,589


Food & Staples Retailing—1.4%
Costco Wholesale Corp.		4,072		1,534,248
Walmart, Inc.		20,986		3,025,132

				4,559,380


Food Products—0.4%
Hershey Co.		9,466		1,441,956


Gas Utilities—0.7%
ONE Gas, Inc.		30,595		2,348,778


Healthcare Equipment & Supplies—3.7%
Abbott Laboratories		26,752		2,929,077
Edwards Lifesciences Corp. (a)		39,583		3,611,157
Hill-Rom Holdings, Inc.		24,086		2,359,705
STERIS PLC		17,560		3,328,322

				12,228,261


Healthcare Providers & Services—2.6%
Anthem, Inc.		12,496		4,012,341
Chemed Corp.		2,788		1,484,917
UnitedHealth Group, Inc.		9,199		3,225,905

				8,723,163


Hotels, Restaurants & Leisure—0.9%
McDonald’s Corp.		13,289		2,851,554


Household Durables—0.4%
DR Horton, Inc.		21,363		1,472,338


Household Products—1.7%
Kimberly-Clark Corp.		10,658		1,437,018
Procter & Gamble Co.		30,985		4,311,253

				5,748,271


Industrial Conglomerates—2.4%
Honeywell International, Inc.		27,448		5,838,190
Roper Technologies, Inc.		5,224		2,252,014

				8,090,204


Insurance—5.1%
Allstate Corp.		24,315		2,672,948
Cincinnati Financial Corp.		16,567		1,447,459
Fidelity National Financial, Inc.		82,378		3,220,156
Marsh & McLennan Cos., Inc.		41,421		4,846,257
Primerica, Inc.		22,887		3,065,256
Progressive Corp.		15,779		1,560,227

				16,812,303


Interactive Media & Services—1.5%
Alphabet, Inc., Class A (a)		2,752		4,823,265


IT Services—4.3%
Broadridge Financial Solutions, Inc.		10,407		1,594,352
Fiserv, Inc. (a)		11,485		1,307,682
Global Payments, Inc.		8,025		1,728,746
Leidos Holdings, Inc.		30,592		3,215,831
Mastercard, Inc., Class A		4,494		1,604,088
PayPal Holdings, Inc. (a)		7,997		1,872,897
VeriSign, Inc. (a)		6,682		1,445,985
Visa, Inc., Class A		6,997		1,530,454

				14,300,035


Life Sciences Tools & Services—1.5%
Agilent Technologies, Inc.		22,369		2,650,503
Thermo Fisher Scientific, Inc.		5,345		2,489,594

				5,140,097


	Shares		Value

Machinery—1.7%
Deere & Co.		7,852	$	2,112,581
Dover Corp.		12,508		1,579,135
Toro Co.		19,437		1,843,405

				5,535,121


Media—1.6%
Cable One, Inc.		2,368		5,275,241


Metals & Mining—1.1%
Reliance Steel & Aluminum Co.		13,157		1,575,551
Royal Gold, Inc.		19,667		2,091,782

				3,667,333


Multi-Line Retail—0.9%
Dollar General Corp.		14,525		3,054,607


Multi-Utilities—1.2%
Sempra Energy		11,348		1,445,848
WEC Energy Group, Inc.		28,930		2,662,428

				4,108,276


Oil, Gas & Consumable Fuels—2.6%
Chevron Corp.		31,044		2,621,666
ConocoPhillips		48,055		1,921,719
ONEOK, Inc.		39,547		1,517,814
Valero Energy Corp.		48,527		2,745,172

				8,806,371


Pharmaceuticals—3.6%
Bristol-Myers Squibb Co.		33,880		2,101,577
Eli Lilly and Co.		10,960		1,850,486
Johnson & Johnson		20,913		3,291,288
Merck & Co., Inc.		58,710		4,802,478

				12,045,829


Professional Services—1.9%
FTI Consulting, Inc. (a)		14,435		1,612,678
IHS Markit Ltd.		17,264		1,550,825
TransUnion		32,990		3,273,268

				6,436,771


Road & Rail—2.7%
CSX Corp.		39,357		3,571,648
Norfolk Southern Corp.		22,471		5,339,334

				8,910,982


Semiconductors & Semiconductor Equipment—4.0%
Intel Corp.		140,123		6,980,928
KLA Corp.		7,163		1,854,572
Lam Research Corp.		9,321		4,402,029

				13,237,529


Software—4.4%
Aspen Technology, Inc. (a)		11,325		1,475,081
Fair Isaac Corp. (a)		3,665		1,872,962
Intuit, Inc.		8,615		3,272,408
Microsoft Corp.		36,151		8,040,705

				14,661,156


Specialty Retail—3.2%
Best Buy Co., Inc.		40,773		4,068,738
Home Depot, Inc.		24,868		6,605,438

				10,674,176


Technology Hardware, Storage & Peripherals—1.5%
Apple, Inc.		37,620		4,991,798

Total Common Stock (cost—$273,028,764)				322,851,223


	Principal Amount (000s)		Value

Repurchase Agreements—3.8%
State Street Bank and Trust Co., dated 12/31/20, 0.00%, due 1/4/21, proceeds $12,735,000; collateralized by U.S. Treasury Notes, 2.625%, due 6/30/23, valued at $12,989,758 including accrued interest
(cost—$12,735,000)		$12,735	$	12,735,000


Total Investments (cost—$285,763,764)—100.8%				335,586,223


Liabilities in excess of other assets—(0.8)%				(2,565,879	)


Net Assets—100.0%				$333,020,344

Notes to Schedule of Investments:

(a) Non-income producing.

Glossary:

REIT—Real Estate Investment Trust


See accompanying Notes to Financial Statements		\| December 31, 2020 \|		Semiannual Report			33

Schedule of Investments

December 31, 2020 (unaudited)

AllianzGI Mid-Cap


	Shares		Value

Common Stock—99.6%

Aerospace & Defense—1.3%
TransDigm Group, Inc.		9,200		$5,693,420


Air Freight & Logistics—2.0%
XPO Logistics, Inc. (a)		73,866		8,804,827


Airlines—1.0%
Southwest Airlines Co.		92,594		4,315,806


Biotechnology—1.3%
Natera, Inc. (a)		41,470		4,127,094
Twist Bioscience Corp. (a)		11,051		1,561,396

				5,688,490


Capital Markets—1.3%
MarketAxess Holdings, Inc.		9,755		5,565,813


Chemicals—1.2%
FMC Corp.		47,705		5,482,736


Commercial Services & Supplies—3.1%
IAA, Inc. (a)		117,950		7,664,391
Waste Connections, Inc.		57,887		5,937,470

				13,601,861


Consumer Finance—1.4%
Discover Financial Services		70,820		6,411,335


Containers & Packaging—2.2%
Crown Holdings, Inc. (a)		95,190		9,538,038


Distributors—1.4%
Pool Corp.		16,750		6,239,375


Electrical Equipment—3.9%
AMETEK, Inc.		45,092		5,453,426
Generac Holdings, Inc. (a)		26,029		5,919,255
Plug Power, Inc. (a)		177,365		6,014,447

				17,387,128


Electronic Equipment, Instruments & Components—6.0%
FLIR Systems, Inc.		112,774		4,942,884
IPG Photonics Corp. (a)		20,395		4,564,197
Keysight Technologies, Inc. (a)		35,395		4,675,326
TE Connectivity Ltd.		56,496		6,839,971
Trimble, Inc. (a)		85,422		5,703,627

				26,726,005


Entertainment—2.8%
Take-Two Interactive Software, Inc. (a)		34,578		7,184,963
Zynga, Inc., Class A (a)		540,044		5,330,234

				12,515,197


Food Products—2.1%
Freshpet, Inc. (a)		66,805		9,485,642


Healthcare Equipment & Supplies—11.3%
Align Technology, Inc. (a)		19,490		10,415,066
Cooper Cos., Inc.		16,615		6,036,562
DexCom, Inc. (a)		13,830		5,113,228
Edwards Lifesciences Corp. (a)		51,807		4,726,353
Haemonetics Corp. (a)		37,928		4,503,950
IDEXX Laboratories, Inc. (a)		18,020		9,007,657
Insulet Corp. (a)		19,758		5,050,737
Teleflex, Inc.		13,058		5,374,281

				50,227,834


Hotels, Restaurants & Leisure—4.7%
Airbnb, Inc., Class A (a)		329		48,297
Chipotle Mexican Grill, Inc. (a)		5,992		8,309,167


	Shares		Value
Hyatt Hotels Corp., Class A		54,120	$	4,018,410
Royal Caribbean Cruises Ltd.		52,703		3,936,387
Wingstop, Inc.		34,286		4,544,609

				20,856,870


Interactive Media & Services—1.4%
Pinterest, Inc., Class A (a)		91,918		6,057,396


IT Services—12.3%
Black Knight, Inc. (a)		64,352		5,685,499
Booz Allen Hamilton Holding Corp.		77,755		6,778,681
EPAM Systems, Inc. (a)		37,103		13,295,860
Shift4 Payments, Inc., Class A (a)		74,725		5,634,265
Square, Inc., Class A (a)		38,635		8,408,522
Twilio, Inc., Class A (a)		26,312		8,906,612
Wix.com Ltd. (a)		23,244		5,810,070

				54,519,509


Leisure Equipment & Products—1.3%
YETI Holdings, Inc. (a)		86,901		5,950,111


Life Sciences Tools & Services—2.5%
Avantor, Inc. (a)		245,449		6,909,389
Maravai LifeSciences Holdings, Inc., Class A (a)		155,429		4,359,784

				11,269,173


Machinery—1.5%
Kornit Digital Ltd. (a)		74,225		6,615,674


Oil, Gas & Consumable Fuels—0.9%
Diamondback Energy, Inc.		79,498		3,847,703


Pharmaceuticals—3.7%
Catalent, Inc. (a)		78,022		8,119,750
Horizon Therapeutics PLC (a)		114,389		8,367,555

				16,487,305


Road & Rail—1.1%
Kansas City Southern		24,805		5,063,445


Semiconductors & Semiconductor Equipment—9.1%
Advanced Micro Devices, Inc. (a)		65,440		6,001,502
Cree, Inc. (a)		37,385		3,959,071
Enphase Energy, Inc. (a)		50,357		8,836,143
Entegris, Inc.		71,746		6,894,791
Lam Research Corp.		11,635		5,494,861
Monolithic Power Systems, Inc.		25,324		9,274,409

				40,460,777


Software—12.6%
Ceridian HCM Holding, Inc. (a)		70,155		7,475,717
Coupa Software, Inc. (a)		20,422		6,921,220
DocuSign, Inc. (a)		36,853		8,192,422
Paycom Software, Inc. (a)		19,806		8,957,263
Splunk, Inc. (a)		50,464		8,573,329
Trade Desk, Inc., Class A (a)		7,139		5,718,339
Zscaler, Inc. (a)		51,735		10,331,997

				56,170,287


Specialty Retail—1.6%
Floor & Decor Holdings, Inc., Class A (a)		78,605		7,298,474


Textiles, Apparel & Luxury Goods—3.1%
Lululemon Athletica, Inc. (a)		27,090		9,428,133
VF Corp.		53,000		4,526,730

				13,954,863


	Shares		Value

Trading Companies & Distributors—1.5%
United Rentals, Inc. (a)		27,864	$	6,461,940

Total Common Stock (cost—$268,582,957)				442,697,034



	Principal Amount (000s)

Repurchase Agreements—0.5%
State Street Bank and Trust Co., dated 12/31/20, 0.00%, due 1/4/21, proceeds $2,187,000; collateralized by U.S. Treasury Notes, 2.625%, due 6/30/23, valued at $2,230,811 including accrued interest
(cost—$2,187,000)		$2,187		2,187,000


Total Investments (cost—$270,769,957)—100.1%				444,884,034


Liabilities in excess of other assets—(0.1)%				(312,281	)


Net Assets—100.0%				$444,571,753

Notes to Schedule of Investments:

(a) Non-income producing.


34		Semiannual Report		\| December 31, 2020 \|		See accompanying Notes to Financial Statements

Schedule of Investments

December 31, 2020 (unaudited)

AllianzGI Mid-Cap Value


	Shares		Value

Common Stock—98.4%

Aerospace & Defense—3.4%
L3Harris Technologies, Inc.		115,033		$21,743,538
Northrop Grumman Corp.		69,248		21,101,250
Teledyne Technologies, Inc. (a)		13,603		5,332,104

				48,176,892


Auto Components—1.1%
Gentex Corp.		431,444		14,638,895


Banks—2.0%
First Republic Bank		72,521		10,655,511
M&T Bank Corp.		138,857		17,676,496

				28,332,007


Beverages—0.2%
Brown-Forman Corp., Class B		41,920		3,329,706


Building Products—1.2%
Carrier Global Corp.		179,919		6,786,545
Masco Corp.		190,330		10,454,827

				17,241,372


Capital Markets—3.8%
Intercontinental Exchange, Inc.		42,979		4,955,049
LPL Financial Holdings, Inc.		66,906		6,972,943
MSCI, Inc.		9,697		4,330,002
Nasdaq, Inc.		92,980		12,342,165
Northern Trust Corp.		132,809		12,369,830
State Street Corp.		162,642		11,837,085

				52,807,074


Chemicals—2.4%
Celanese Corp.		124,438		16,169,474
FMC Corp.		49,077		5,640,420
RPM International, Inc.		68,651		6,232,138
Scotts Miracle-Gro Co.		27,211		5,418,798

				33,460,830


Commercial Services & Supplies—1.4%
Cintas Corp.		15,331		5,418,895
Republic Services, Inc.		118,480		11,409,624
Tetra Tech, Inc.		28,744		3,327,981

				20,156,500


Communications Equipment—0.4%
Motorola Solutions, Inc.		31,472		5,352,128


Construction & Engineering—0.5%
EMCOR Group, Inc.		76,406		6,988,093


Containers & Packaging—1.2%
Avery Dennison Corp.		86,197		13,370,016
Sonoco Products Co.		56,479		3,346,381

				16,716,397


Distributors—0.3%
Pool Corp.		11,173		4,161,942


Diversified Telecommunication Services—0.5%
Cogent Communications Holdings, Inc.		113,953		6,822,366


Electric Utilities—4.5%
Alliant Energy Corp.		262,255		13,514,000
Eversource Energy		195,641		16,924,903
Xcel Energy, Inc.		477,135		31,810,590

				62,249,493


Electrical Equipment—1.4%
AMETEK, Inc.		82,985		10,036,206
Eaton Corp. PLC		81,010		9,732,541

				19,768,747


	Shares		Value

Electronic Equipment, Instruments & Components—1.0%
Jabil, Inc.		156,057	$	6,637,104
Keysight Technologies, Inc. (a)		53,777		7,103,404

				13,740,508


Entertainment—0.5%
Activision Blizzard, Inc.		78,396		7,279,069


Equity Real Estate Investment Trusts (REITs)—10.7%
Alexandria Real Estate Equities, Inc.		53,286		9,496,631
American Tower Corp.		108,929		24,450,203
Americold Realty Trust		142,382		5,315,120
AvalonBay Communities, Inc.		61,260		9,827,942
CoreSite Realty Corp.		58,140		7,283,779
Crown Castle International Corp.		29,534		4,701,518
CyrusOne, Inc.		65,516		4,792,495
Duke Realty Corp.		176,632		7,059,981
Extra Space Storage, Inc.		53,180		6,161,435
Medical Properties Trust, Inc.		669,880		14,596,685
Mid-America Apartment Communities, Inc.		105,240		13,332,856
National Health Investors, Inc.		163,890		11,336,271
Prologis, Inc.		89,040		8,873,727
Realty Income Corp.		122,614		7,622,912
Sun Communities, Inc.		92,838		14,106,734

				148,958,289


Food & Staples Retailing—0.5%
Kroger Co.		230,084		7,307,468


Food Products—2.3%
Hershey Co.		75,059		11,433,738
McCormick & Co., Inc.		88,368		8,447,981
Tyson Foods, Inc., Class A		193,335		12,458,507

				32,340,226


Gas Utilities—2.5%
Atmos Energy Corp.		224,417		21,416,114
ONE Gas, Inc.		167,516		12,860,204

				34,276,318


Healthcare Equipment & Supplies—2.7%
Boston Scientific Corp. (a)		196,227		7,054,361
Hill-Rom Holdings, Inc.		69,788		6,837,130
ResMed, Inc.		25,968		5,519,758
STERIS PLC		48,890		9,266,611
Teleflex, Inc.		14,148		5,822,892
West Pharmaceutical Services, Inc.		13,548		3,838,284

				38,339,036


Healthcare Providers & Services—2.9%
Anthem, Inc.		39,826		12,787,731
Chemed Corp.		10,833		5,769,764
Humana, Inc.		13,712		5,625,622
Quest Diagnostics, Inc.		136,717		16,292,565

				40,475,682


Hotels, Restaurants & Leisure—0.4%
Domino’s Pizza, Inc.		13,151		5,042,882


Household Durables—4.4%
DR Horton, Inc.		193,400		13,329,128
Garmin Ltd.		56,520		6,763,183
PulteGroup, Inc.		663,049		28,590,673
Whirlpool Corp.		72,594		13,102,491

				61,785,475


Household Products—1.4%
Church & Dwight Co., Inc.		58,738		5,123,716
Clorox Co.		27,556		5,564,108
Kimberly-Clark Corp.		62,139		8,378,201

				19,066,025


	Shares		Value

Independent Power Producers & Energy Traders—0.5%
AES Corp.		297,922	$	7,001,167


Industrial Conglomerates—1.0%
Roper Technologies, Inc.		31,611		13,627,186


Insurance—10.2%
Allstate Corp.		229,160		25,191,559
American Financial Group, Inc.		212,217		18,594,453
Aon PLC, Class A		86,749		18,327,461
Cincinnati Financial Corp.		103,017		9,000,595
Fidelity National Financial, Inc.		541,274		21,158,401
Globe Life, Inc.		121,952		11,580,562
Hanover Insurance Group, Inc.		118,847		13,895,591
Lincoln National Corp.		78,690		3,958,894
Marsh & McLennan Cos., Inc.		44,600		5,218,200
Progressive Corp.		58,957		5,829,668
Reinsurance Group of America, Inc.		89,993		10,430,189

				143,185,573


IT Services—4.6%
Amdocs Ltd.		142,674		10,119,867
Broadridge Financial Solutions, Inc.		36,171		5,541,397
Global Payments, Inc.		66,537		14,333,400
Leidos Holdings, Inc.		236,864		24,899,144
Paychex, Inc.		44,521		4,148,467
VeriSign, Inc. (a)		25,077		5,426,663

				64,468,938


Life Sciences Tools & Services—3.1%
Agilent Technologies, Inc.		106,888		12,665,159
IQVIA Holdings, Inc. (a)		80,415		14,407,955
PerkinElmer, Inc.		82,386		11,822,391
PRA Health Sciences, Inc. (a)		39,129		4,908,342

				43,803,847


Machinery—3.3%
Cummins, Inc.		52,407		11,901,630
Dover Corp.		106,902		13,496,377
Stanley Black & Decker, Inc.		78,785		14,067,850
Toro Co.		65,824		6,242,748

				45,708,605


Metals & Mining—1.4%
Reliance Steel & Aluminum Co.		28,030		3,356,593
Royal Gold, Inc.		123,193		13,102,807
Steel Dynamics, Inc.		94,874		3,498,004

				19,957,404


Mortgage Real Estate Investment Trusts (REITs)—2.3%
AGNC Investment Corp.		531,319		8,288,576
Annaly Capital Management, Inc.		1,144,953		9,674,853
New Residential Investment Corp.		1,411,141		14,026,742

				31,990,171


Multi-Line Retail—0.8%
Dollar General Corp.		56,038		11,784,791


Multi-Utilities—3.3%
DTE Energy Co.		75,818		9,205,063
Sempra Energy		133,006		16,946,295
WEC Energy Group, Inc.		217,495		20,016,065

				46,167,423


See accompanying Notes to Financial Statements		\| December 31, 2020 \|		Semiannual Report			35

Schedule of Investments

December 31, 2020 (unaudited)


	Shares		Value

Oil, Gas & Consumable Fuels—2.0%
Hess Corp.		132,609	$	7,000,429
Marathon Petroleum Corp.		332,571		13,755,136
ONEOK, Inc.		192,828		7,400,739

				28,156,304


Professional Services—1.3%
FTI Consulting, Inc. (a)		42,669		4,766,981
IHS Markit Ltd.		82,441		7,405,675
TransUnion		55,331		5,489,942

				17,662,598


Road & Rail—1.8%
Kansas City Southern		35,362		7,218,445
Norfolk Southern Corp.		59,144		14,053,206
Old Dominion Freight Line, Inc.		16,205		3,162,892

				24,434,543


Semiconductors & Semiconductor Equipment—2.0%
Broadcom, Inc.		28,380		12,426,183
KLA Corp.		32,499		8,414,316
Lam Research Corp.		16,111		7,608,742

				28,449,241


Software—1.0%
Cadence Design Systems, Inc. (a)		51,905		7,081,399
Synopsys, Inc. (a)		28,279		7,331,048

				14,412,447


Specialty Retail—4.0%
AutoZone, Inc. (a)		11,779		13,963,298
Best Buy Co., Inc.		162,278		16,193,721
Lowe’s Cos., Inc.		87,368		14,023,438
Ross Stores, Inc.		95,624		11,743,583

				55,924,040


Technology Hardware, Storage & Peripherals—1.0%
Hewlett Packard Enterprise Co.		595,356		7,054,969
HP, Inc.		307,858		7,570,228

				14,625,197


Textiles, Apparel & Luxury Goods—0.2%
Lululemon Athletica, Inc. (a)		9,580		3,334,127


Thrifts & Mortgage Finance—0.3%
Premier Financial Corp.		202,254		4,651,842


Water Utilities—0.7%
American Water Works Co., Inc.		60,011		9,209,888

Total Common Stock (cost—$1,137,890,118)				1,377,368,752



Exchange-Traded Funds—0.5%
Invesco S&P 500 Equal Weight (b) (cost—$5,731,489)		52,638		6,713,451


	Principal Amount (000s)		Value

Repurchase Agreements—1.4%
State Street Bank and Trust Co., dated 12/31/20, 0.00%, due 1/4/21, proceeds $19,708,000; collateralized by U.S. Treasury Notes, 0.125%, due 7/15/23, valued at $20,102,244 including accrued interest
(cost—$19,708,000)		$19,708	$	19,708,000


Total Investments (cost—$1,163,329,607)—100.3%				1,403,790,203


Liabilities in excess of other assets—(0.3)%				(4,840,409	)


Net Assets—100.0%				$1,398,949,794

Notes to Schedule of Investments:

(a) Non-income producing.

(b) Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

Glossary:

REIT—Real Estate Investment Trust

AllianzGI Small-Cap


	Shares			Value

Common Stock—98.4%

Aerospace & Defense—1.0%
Axon Enterprise, Inc. (c)		6,063			$742,900
HEICO Corp.		990			131,076
Kratos Defense & Security Solutions, Inc. (c)		19,798			543,059

					1,417,035


Air Freight & Logistics—0.5%
XPO Logistics, Inc. (c)		5,414			645,349


Auto Components—1.2%
LCI Industries		9,000			1,167,120
Visteon Corp. (c)		4,469			560,949

					1,728,069


Banks—3.5%
Bank of Hawaii Corp.		7,529			576,872
Central Pacific Financial Corp.		11,380			216,334
First Financial Bankshares, Inc.		12,975			469,371
First Foundation, Inc.		3,395			67,900
Glacier Bancorp, Inc.		6,025			277,210
HarborOne Bancorp, Inc. (c)		6,596			71,633
Hilltop Holdings, Inc.		11,820			325,168
Hope Bancorp, Inc.		37,380			407,816
Investors Bancorp, Inc.		37,620			397,267
Pinnacle Financial Partners, Inc.		7,827			504,059
Preferred Bank		992			50,066
South State Corp.		5,040			364,392
Tristate Capital Holdings, Inc. (c)		1,995			34,713
United Bankshares, Inc.		6,885			223,074
Valley National Bancorp		29,540			288,015
Webster Financial Corp.		13,870			584,620

					4,858,510


Beverages—0.3%
Boston Beer Co., Inc., Class A (c)		295			293,315
Coca-Cola Consolidated, Inc.		285			75,887

					369,202


Biotechnology—9.7%
ACADIA Pharmaceuticals, Inc. (c)		11,732			627,193
Adverum Biotechnologies, Inc. (c)		18,181			197,082
Allakos, Inc. (c)		1,032			144,480
Arcturus Therapeutics Holdings, Inc. (c)		800			34,704
Arena Pharmaceuticals, Inc. (c)		3,479			267,292
Arrowhead Pharmaceuticals, Inc. (c)		3,545			272,008
Aurinia Pharmaceuticals, Inc. (c)		12,133			167,799
Avita Therapeutics, Inc. (c)		4,401	��		81,771
Avrobio, Inc. (c)		1,016			14,163
BioCryst Pharmaceuticals, Inc. (c)		6,391			47,613
Biohaven Pharmaceutical Holding Co., Ltd. (c)		2,926			250,787
Blueprint Medicines Corp. (c)		10,275			1,152,341
Castle Biosciences, Inc. (c)		928			62,315
ChemoCentryx, Inc. (c)		4,755			294,430
Cytokinetics, Inc. (c)		1,301			27,035
Deciphera Pharmaceuticals, Inc. (c)		3,457			197,291
Dicerna Pharmaceuticals, Inc. (c)		2,153			47,431
Dynavax Technologies Corp. (c)		3,420			15,219
Eagle Pharmaceuticals, Inc. (c)		4,945			230,289
Emergent Biosolutions, Inc. (c)		1,660			148,736
Epizyme, Inc. (c)		11,979			130,092
Fate Therapeutics, Inc. (c)		2,840			258,241
Halozyme Therapeutics, Inc. (c)		16,450			702,579
Homology Medicines, Inc. (c)		1,315			14,846
Inovio Pharmaceuticals, Inc. (c)		3,853			34,099
Intellia Therapeutics, Inc. (c)		2,466			134,150
Invitae Corp. (c)		11,885			496,912


36		Semiannual Report		\| December 31, 2020 \|		See accompanying Notes to Financial Statements

Schedule of Investments

December 31, 2020 (unaudited)


	Shares		Value
Iovance Biotherapeutics, Inc. (c)		7,026	$	326,006
Kadmon Holdings, Inc. (c)		7,506		31,150
Karuna Therapeutics, Inc. (c)		283		28,750
Karyopharm Therapeutics, Inc. (c)		17,266		267,278
Kindred Biosciences, Inc. (c)		3,521		15,176
Kodiak Sciences, Inc. (c)		2,421		355,669
Krystal Biotech, Inc. (c)		510		30,600
Kura Oncology, Inc. (c)		1,857		60,650
MannKind Corp. (c)		9,587		30,007
MeiraGTx Holdings PLC (c)		964		14,595
Mersana Therapeutics, Inc. (c)		15,939		424,137
Mirati Therapeutics, Inc. (c)		765		168,025
Natera, Inc. (c)		7,259		722,416
Novavax, Inc. (c)		1,440		160,574
Precision BioSciences, Inc. (c)		1,579		13,169
PTC Therapeutics, Inc. (c)		5,085		310,338
Replimune Group, Inc. (c)		5,469		208,642
Rocket Pharmaceuticals, Inc. (c)		7,034		385,745
Seres Therapeutics, Inc. (c)		1,462		35,819
Sorrento Therapeutics, Inc. (c)		7,346		50,136
TG Therapeutics, Inc. (c)		11,435		594,849
Translate Bio, Inc. (c)		1,321		24,346
Travere Therapeutics, Inc. (c)		12,535		341,641
Turning Point Therapeutics, Inc. (c)		2,752		335,331
Twist Bioscience Corp. (c)		4,949		699,244
Ultragenyx Pharmaceutical, Inc. (c)		3,930		544,030
United Therapeutics Corp. (c)		2,840		431,084
Vanda Pharmaceuticals, Inc. (c)		1,931		25,373
Veracyte, Inc. (c)		2,060		100,816
Vericel Corp. (c)		2,868		88,564
Viking Therapeutics, Inc. (c)		3,013		16,963
Voyager Therapeutics, Inc. (c)		1,348		9,638
Xencor, Inc. (c)		14,274		622,775
Y-mAbs Therapeutics, Inc. (c)		848		41,984
ZIOPHARM Oncology, Inc. (c)		7,552		19,031

				13,585,449


Building Products—0.4%
CSW Industrials, Inc.		566		63,341
PGT Innovations, Inc. (c)		2,291		46,599
Trex Co., Inc. (c)		4,987		417,512

				527,452


Capital Markets—2.4%
Artisan Partners Asset Management, Inc., Class A		10,765		541,910
Barings BDC, Inc.		15,405		141,726
Freedom Holding Corp. (c)		12,237		627,881
Golub Capital BDC, Inc.		17,265		244,127
Hercules Capital, Inc.		4,165		60,059
Main Street Capital Corp.		2,143		69,133
PJT Partners, Inc., Class A		14,410		1,084,353
Virtus Investment Partners, Inc.		2,390		518,630

				3,287,819


Chemicals—1.3%
Balchem Corp.		1,300		149,786
Sensient Technologies Corp.		8,120		599,012
Trinseo S.A.		20,200		1,034,442

				1,783,240


Commercial Services & Supplies—1.7%
Casella Waste Systems, Inc., Class A (c)		4,315		267,314
Clean Harbors, Inc. (c)		7,567		575,848
Herman Miller, Inc.		29,100		983,580
MSA Safety, Inc.		2,120		316,707
Tetra Tech, Inc.		2,015		233,297

				2,376,746


Communications Equipment—0.5%
Calix, Inc. (c)		24,665		734,030


	Shares		Value

Construction & Engineering—1.2%
Construction Partners, Inc., Class A (c)		2,681	$	78,044
EMCOR Group, Inc.		4,540		415,228
MasTec, Inc. (c)		13,780		939,520
NV5 Global, Inc. (c)		1,390		109,504
Sterling Construction Co., Inc. (c)		4,127		76,804

				1,619,100


Construction Materials—0.4%
Summit Materials, Inc., Class A (c)		26,821		538,566
U.S. Concrete, Inc. (c)		895		35,773

				574,339


Containers & Packaging—0.5%
Silgan Holdings, Inc.		17,193		637,516


Diversified Consumer Services—1.2%
Aspen Group, Inc. (c)		4,460		49,640
Bright Horizons Family Solutions, Inc. (c)		2,835		490,426
Carriage Services, Inc.		7,910		247,741
Chegg, Inc. (c)		6,093		550,381
Grand Canyon Education, Inc. (c)		3,025		281,658

				1,619,846


Diversified Telecommunication Services—0.4%
Bandwidth, Inc., Class A (c)		2,925		449,485
Cogent Communications Holdings, Inc.		2,770		165,840

				615,325


Electric Utilities—1.7%
ALLETE, Inc.		3,365		208,428
Hawaiian Electric Industries, Inc.		11,600		410,524
IDACORP, Inc.		6,614		635,143
Otter Tail Corp.		3,645		155,314
PNM Resources, Inc.		13,008		631,278
Portland General Electric Co.		8,455		361,620

				2,402,307


Electrical Equipment—0.8%
Allied Motion Technologies, Inc.		1,034		52,838
FuelCell Energy, Inc. (c)		3,300		36,861
Generac Holdings, Inc. (c)		2,085		474,150
Plug Power, Inc. (c)		16,264		551,512
Sunrun, Inc. (c)		858		59,528

				1,174,889


Electronic Equipment, Instruments & Components—2.0%
98 Devices, Inc. (c)		2,972		169,255
FARO Technologies, Inc. (c)		663		46,828
II-VI, Inc. (c)		8,910		676,804
Napco Security Technologies, Inc. (c)		2,600		68,172
nLight, Inc. (c)		17,343		566,249
OSI Systems, Inc. (c)		4,925		459,108
Vishay Intertechnology, Inc.		38,700		801,477

				2,787,893


Energy Equipment & Services—0.4%
DMC Global, Inc.		382		16,522
Liberty Oilfield Services, Inc., Class A		57,175		589,474

				605,996


Entertainment—1.5%
Cinemark Holdings, Inc.		36,151		629,389
Liberty Media Corp.-Liberty Formula One, Class A (c)		7,760		294,802
Madison Square Garden Entertainment Corp. (c)		870		91,385
Madison Square Garden Sports Corp., Class A (c)		1,527		281,120


	Shares		Value
Sciplay Corp., Class A (c)		18,935	$	262,250
Zynga, Inc., Class A (c)		58,133		573,773

				2,132,719


Equity Real Estate Investment Trusts (REITs)—1.9%
CareTrust REIT, Inc.		8,750		194,075
Chatham Lodging Trust		13,895		150,066
Industrial Logistics Properties Trust		26,930		627,200
Innovative Industrial Properties, Inc.		473		86,620
Kilroy Realty Corp.		6,990		401,226
National Health Investors, Inc.		2,800		193,676
Physicians Realty Trust		23,140		411,892
Piedmont Office Realty Trust, Inc., Class A		34,320		557,014

				2,621,769


Food & Staples Retailing—1.8%
Casey’s General Stores, Inc.		1,505		268,823
Grocery Outlet Holding Corp. (c)		2,960		116,180
Ingles Markets, Inc., Class A		4,035		172,133
Performance Food Group Co. (c)		9,125		434,441
PriceSmart, Inc.		3,400		309,706
SpartanNash Co.		13,560		236,080
Sprouts Farmers Market, Inc. (c)		18,295		367,730
Weis Markets, Inc.		11,635		556,269

				2,461,362


Food Products—4.0%
Cal-Maine Foods, Inc. (c)		6,973		261,766
Calavo Growers, Inc.		1,775		123,238
Flowers Foods, Inc.		27,609		624,792
Freshpet, Inc. (c)		3,662		519,967
Hain Celestial Group, Inc. (c)		12,105		486,016
Hostess Brands, Inc. (c)		36,622		536,146
J & J Snack Foods Corp.		2,745		426,491
John B Sanfilippo & Son, Inc.		8,456		666,840
Lancaster Colony Corp.		3,190		586,099
Sanderson Farms, Inc.		1,960		259,112
SunOpta, Inc. (c)		65,785		767,711
Tootsie Roll Industries, Inc.		10,767		319,780

				5,577,958


Gas Utilities—0.2%
Chesapeake Utilities Corp.		2,620		283,510
ONE Gas, Inc.		779		59,804

				343,314


Healthcare Equipment & Supplies—4.0%
Antares Pharma, Inc. (c)		13,960		55,700
Axogen, Inc. (c)		2,310		41,349
Axonics Modulation Technologies, Inc. (c)		1,918		95,747
BioLife Solutions, Inc. (c)		3,368		134,350
Cerus Corp. (c)		9,253		64,031
CONMED Corp.		12,233		1,370,096
CryoLife, Inc. (c)		1,324		31,260
CryoPort, Inc. (c)		3,881		170,298
GenMark Diagnostics, Inc. (c)		15,723		229,556
Globus Medical, Inc., Class A (c)		2,227		145,245
Haemonetics Corp. (c)		2,060		244,625
Itamar Medical Ltd. ADR (c)		7,834		155,583
Lantheus Holdings, Inc. (c)		1,800		24,282
Mesa Laboratories, Inc.		268		76,820
Nevro Corp. (c)		3,204		554,612
OrthoPediatrics Corp. (c)		1,818		74,992
Quotient Ltd. (c)		34,976		182,225
Shockwave Medical, Inc. (c)		4,593		476,386
Silk Road Medical, Inc. (c)		2,550		160,599
Surmodics, Inc. (c)		1,152		50,135
Utah Medical Products, Inc.		2,830		238,569
West Pharmaceutical Services, Inc.		3,769		1,067,795

				5,644,255


See accompanying Notes to Financial Statements		\| December 31, 2020 \|		Semiannual Report			37

Schedule of Investments

December 31, 2020 (unaudited)


	Shares		Value

Healthcare Providers & Services—4.1%
Addus HomeCare Corp. (c)		2,564	$	300,219
BioTelemetry, Inc. (c)		1,437		103,579
Chemed Corp.		1,824		971,481
Encompass Health Corp.		1,200		99,228
Ensign Group, Inc.		14,900		1,086,508
Joint Corp. (c)		3,750		98,475
LHC Group, Inc. (c)		3,030		646,360
National HealthCare Corp.		750		49,807
Ontrak, Inc. (c)		1,994		123,209
Providence Service Corp. (c)		600		83,178
R1 RCM, Inc. (c)		50,450		1,211,809
RadNet, Inc. (c)		3,758		73,544
Select Medical Holdings Corp. (c)		17,075		472,294
Tenet Healthcare Corp. (c)		12,146		484,990

				5,804,681


Healthcare Technology—0.4%
Health Catalyst, Inc. (c)		10,818		470,908
Simulations Plus, Inc.		473		34,018
Vocera Communications, Inc. (c)		1,731		71,888

				576,814


Hotels, Restaurants & Leisure—3.5%
Boyd Gaming Corp.		15,700		673,844
Churchill Downs, Inc.		3,396		661,507
Kura Sushi USA, Inc., Class A (c)		2,404		46,878
Lindblad Expeditions Holdings, Inc. (c)		36,900		631,728
Penn National Gaming, Inc. (c)		6,131		529,534
Planet Fitness, Inc., Class A (c)		5,329		413,690
Red Rock Resorts, Inc., Class A		47,900		1,199,416
Six Flags Entertainment Corp.		20,406		695,845

				4,852,442


Household Durables—2.3%
Helen of Troy Ltd. (c)		1,555		345,505
Installed Building Products, Inc. (c)		6,505		663,055
La-Z-Boy, Inc.		27,535		1,096,994
Lennar Corp., Class B		6,925		423,810
LGI Homes, Inc. (c)		788		83,410
Meritage Homes Corp. (c)		7,305		605,000

				3,217,774


Household Products—0.3%
WD-40 Co.		1,660		441,029


Independent Power Producers & Energy Traders—0.6%
Brookfield Renewable Corp., Class A		10,746		626,170
Ormat Technologies, Inc.		2,312		208,727

				834,897


Insurance—1.4%
AMERISAFE, Inc.		5,054		290,251
Donegal Group, Inc., Class A		15,014		211,247
Employers Holdings, Inc.		1,740		56,011
Enstar Group Ltd. (c)		555		113,714
Kemper Corp.		5,715		439,083
National General Holdings Corp.		5,955		203,542
NI Holdings, Inc. (c)		4,435		72,823
Palomar Holdings, Inc. (c)		728		64,675
RLI Corp.		3,240		337,446
Safety Insurance Group, Inc.		2,090		162,811

				1,951,603


Interactive Media & Services—0.1%
EverQuote, Inc., Class A (c)		1,316		49,152
QuinStreet, Inc. (c)		4,061		87,068

				136,220


	Shares		Value

Internet & Direct Marketing Retail—0.6%
Magnite, Inc. (c)		7,375	$	226,486
Overstock.com, Inc. (c)		1,223		58,667
PetMed Express, Inc.		15,680		502,701

				787,854


IT Services—1.7%
Brightcove, Inc. (c)		5,995		110,308
Hackett Group, Inc.		2,908		41,846
Limelight Networks, Inc. (c)		5,549		22,141
ManTech International Corp., Class A		6,235		554,541
Paysign, Inc. (c)		3,741		17,358
Perficient, Inc. (c)		12,773		608,633
Repay Holdings Corp. (c)		8,152		222,142
Science Applications International Corp.		2,040		193,066
Shift4 Payments, Inc., Class A (c)		8,250		622,050

				2,392,085


Leisure Equipment & Products—3.1%
Acushnet Holdings Corp.		15,414		624,883
Callaway Golf Co.		36,900		885,969
Malibu Boats, Inc., Class A (c)		6,556		409,357
YETI Holdings, Inc. (c)		35,902		2,458,210

				4,378,419

Life Sciences Tools & Services—2.6%
Adaptive Biotechnologies Corp. (c)		6,322		373,820
Charles River Laboratories International, Inc. (c)		2,920		729,591
Codexis, Inc. (c)		2,516		54,924
Medpace Holdings, Inc. (c)		6,326		880,579
NanoString Technologies, Inc. (c)		8,201		548,483
NeoGenomics, Inc. (c)		10,127		545,238
PRA Health Sciences, Inc. (c)		2,890		362,522
Quanterix Corp. (c)		2,859		132,943

				3,628,100


Machinery—1.7%
Altra Industrial Motion Corp.		13,000		720,590
Columbus McKinnon Corp.		1,237		47,550
Douglas Dynamics, Inc.		941		40,247
ITT, Inc.		9,775		752,871
Kadant, Inc.		635		89,522
Shyft Group, Inc.		2,779		78,868
SPX Corp. (c)		11,830		645,208

				2,374,856


Marine—1.0%
Matson, Inc.		23,301		1,327,458


Media—1.6%
Cable One, Inc.		278		619,306
Cardlytics, Inc. (c)		5,880		839,488
Liberty Broadband Corp., Class A (c)		4,014		632,526
TechTarget, Inc. (c)		2,928		173,074

				2,264,394


Mortgage Real Estate Investment Trusts (REITs)—0.5%
AG Mortgage Investment Trust, Inc.		70,845		208,993
Arbor Realty Trust, Inc.		36,100		511,898

				720,891


Multi-Utilities—0.5%
Avista Corp.		1,955		78,474
Black Hills Corp.		7,807		479,740
Unitil Corp.		3,670		162,471

				720,685


	Shares		Value

Oil, Gas & Consumable Fuels—0.7%
Enviva Partners L.P.		5,928	$	269,250
Hess Midstream L.P., Class A		18,170		355,587
Penn Virginia Corp. (c)		21,700		220,255
Sunoco L.P.		4,470		128,646

				973,738


Paper & Forest Products—1.4%
Boise Cascade Co.		13,005		621,639
Louisiana-Pacific Corp.		37,615		1,398,150

				2,019,789


Personal Products—1.8%
BellRing Brands, Inc., Class A (c)		27,388		665,803
Medifast, Inc.		3,400		667,556
Nu Skin Enterprises, Inc., Class A		16,375		894,566
USANA Health Sciences, Inc. (c)		3,700		285,270

				2,513,195


Pharmaceuticals—1.8%
Amphastar Pharmaceuticals, Inc. (c)		2,288		46,012
ANI Pharmaceuticals, Inc. (c)		849		24,655
Arvinas, Inc. (c)		207		17,580
Axsome Therapeutics, Inc. (c)		3,664		298,506
Cara Therapeutics, Inc. (c)		1,462		22,120
Catalent, Inc. (c)		9,746		1,014,266
Collegium Pharmaceutical, Inc. (c)		2,424		48,553
Horizon Therapeutics PLC (c)		6,090		445,483
Omeros Corp. (c)		1,415		20,213
Prestige Consumer Healthcare, Inc. (c)		12,995		453,136
Provention Bio, Inc. (c)		1,621		27,460
Revance Therapeutics, Inc. (c)		1,696		48,065

				2,466,049


Professional Services—0.9%
ASGN, Inc. (c)		4,830		403,450
CRA International, Inc.		1,128		57,449
Franklin Covey Co. (c)		1,232		27,436
ICF International, Inc.		9,031		671,274
Kforce, Inc.		863		36,324

				1,195,933


Real Estate Management & Development—0.1%
eXp World Holdings, Inc. (c)		1,200		75,744


Road & Rail—0.4%
Saia, Inc. (c)		3,258		589,046


Semiconductors & Semiconductor Equipment—3.7%
ACM Research, Inc., Class A (c)		637		51,756
Axcelis Technologies, Inc. (c)		2,132		62,084
FormFactor, Inc. (c)		30,108		1,295,246
Ichor Holdings Ltd. (c)		22,908		690,562
MaxLinear, Inc. (c)		14,525		554,710
Onto Innovation, Inc. (c)		8,557		406,885
Power Integrations, Inc.		14,588		1,194,174
SunPower Corp. (c)		15,963		409,291
Ultra Clean Holdings, Inc. (c)		17,600		548,240

				5,212,948


Software—6.0%
Agilysys, Inc. (c)		2,411		92,534
Aspen Technology, Inc. (c)		5,628		733,047
Blackline, Inc. (c)		3,617		482,435
Box, Inc., Class A (c)		37,200		671,460
Cerence, Inc. (c)		10,178		1,022,685
Digital Turbine, Inc. (c)		7,064		399,540
Domo, Inc., Class B (c)		1,500		95,655
LivePerson, Inc. (c)		11,333		705,253
Model N, Inc. (c)		1,997		71,253
OneSpan, Inc. (c)		663		13,711
Paylocity Holding Corp. (c)		2,284		470,298


38		Semiannual Report		\| December 31, 2020 \|		See accompanying Notes to Financial Statements

Schedule of Investments

December 31, 2020 (unaudited)


	Shares		Value
Pluralsight, Inc., Class A (c)		12,715	$	266,506
Progress Software Corp.		8,065		364,457
PROS Holdings, Inc. (c)		527		26,756
Q2 Holdings, Inc. (c)		4,113		520,418
Sapiens International Corp. NV		2,631		80,535
SPS Commerce, Inc. (c)		7,250		787,278
Tenable Holdings, Inc. (c)		17,995		940,419
Upland Software, Inc. (c)		2,192		100,591
Varonis Systems, Inc. (c)		3,358		549,402
Zix Corp. (c)		8,066		69,610

				8,463,843


Specialty Retail—5.5%
Asbury Automotive Group, Inc. (c)		6,455		940,752
Boot Barn Holdings, Inc. (c)		1,413		61,268
Cato Corp., Class A		14,685		140,829
Floor & Decor Holdings, Inc., Class A (c)		6,270		582,170
Genesco, Inc. (c)		14,315		430,738
GrowGeneration Corp. (c)		14,823		596,181
Hibbett Sports, Inc. (c)		29,875		1,379,628
Lithia Motors, Inc., Class A		1,935		566,316
Lumber Liquidators Holdings, Inc. (c)		34,930		1,073,748
Murphy USA, Inc.		3,345		437,760
Rent-A-Center, Inc.		19,310		739,380
TravelCenters of America, Inc. (c)		22,370		729,262

				7,678,032


Textiles, Apparel & Luxury Goods—1.2%
Crocs, Inc. (c)		20,940		1,312,100
Deckers Outdoor Corp. (c)		1,325		379,984

				1,692,084


Thrifts & Mortgage Finance—2.1%
Capitol Federal Financial, Inc.		28,319		353,988
ESSA Bancorp, Inc.		3,505		52,575
Flagstar Bancorp, Inc.		22,080		899,981
Meridian Bancorp, Inc.		2,897		43,194
PCSB Financial Corp.		3,320		52,921
PennyMac Financial Services, Inc.		16,370		1,074,199
Pioneer Bancorp, Inc. (c)		3,740		39,532
Premier Financial Corp.		1,985		45,655
Waterstone Financial, Inc.		23,655		445,187

				3,007,232


Tobacco—0.1%
Universal Corp.		3,420		166,246


Trading Companies & Distributors—0.8%
BMC Stock Holdings, Inc. (c)		21,845		1,172,640


Water Utilities—1.4%
American States Water Co.		6,611		525,641
California Water Service Group		10,410		562,452
Middlesex Water Co.		5,826		422,210
SJW Group		6,550		454,308

				1,964,611


Wireless Telecommunication Services—0.0%
Boingo Wireless, Inc. (c)		3,972		50,524

Total Common Stock (cost—$98,708,718)				137,783,345



Exchange-Traded Funds—0.2%
Principal Healthcare Innovators Index (d) (cost—$117,127)		2,875		168,791


	Shares		Value

Rights—0.0%

Biotechnology—0.0%
Stemline Therapeutics, Inc., CVR, expires 12/31/21 (a)(b)(c) (cost—$661)		2,004	$	—	†



	Principal Amount (000s)

Repurchase Agreements—1.1%
State Street Bank and Trust Co., dated 12/31/20, 0.00%, due 1/4/21, proceeds $1,563,000; collateralized by U.S. Treasury Notes, 0.125%, due 7/15/23, valued at $1,594,343 including accrued interest
(cost—$1,563,000)		$1,563		1,563,000


Total Investments (cost—$100,389,506)—99.7%				139,515,136


Other assets less liabilities—0.3%				489,777


Net Assets—100.0%				$140,004,913

Notes to Schedule of Investments:

† Actual amount rounds to less than $1.

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

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

(d) Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

Glossary:

ADR—American Depositary Receipt

CVR—Contingent Value Rights. See Note 1.

REIT—Real Estate Investment Trust

AllianzGI Small-Cap Value


	Shares		Value

Common Stock—97.1%

Aerospace & Defense—1.2%
Curtiss-Wright Corp.		47,660		$5,545,241
Mercury Systems, Inc. (a)		11,523		1,014,715

				6,559,956


Airlines—0.8%
SkyWest, Inc.		102,621		4,136,652


Auto Components—1.0%
Dana, Inc.		108,337		2,114,738
Fox Factory Holding Corp. (a)		11,986		1,267,040
Standard Motor Products, Inc.		58,327		2,359,911

				5,741,689


Banks—11.8%
Atlantic Union Bankshares Corp.		147,993		4,874,889
BancFirst Corp.		52,755		3,096,719
Bank of Hawaii Corp.		42,200		3,233,364
Commerce Bancshares, Inc.		41,895		2,752,502
Community Bank System, Inc.		116,762		7,275,440
Enterprise Financial Services Corp.		116,472		4,070,696
First Citizens BancShares, Inc., Class A		4,857		2,789,229
First Financial Bankshares, Inc.		32,295		1,168,272
First Interstate Bancsystem, Inc., Class A		36,285		1,479,339
Glacier Bancorp, Inc.		131,982		6,072,492
Independent Bank Corp.		25,382		1,853,901
South State Corp.		112,435		8,129,051
United Community Banks, Inc.		146,089		4,154,771
Valley National Bancorp		1,440,278		14,042,711

				64,993,376


Building Products—1.4%
Simpson Manufacturing Co., Inc.		24,057		2,248,126
UFP Industries, Inc.		98,614		5,478,008

				7,726,134


Capital Markets—2.6%
AllianceBernstein Holding L.P.		214,795		7,253,627
Houlihan Lokey, Inc.		57,057		3,835,942
Stifel Financial Corp.		69,250		3,494,355

				14,583,924


Chemicals—1.0%
Cabot Corp.		61,782		2,772,776
Innospec, Inc.		14,182		1,286,733
Stepan Co.		14,198		1,694,105

				5,753,614


Commercial Services & Supplies—3.1%
ABM Industries, Inc.		98,072		3,711,044
Brady Corp., Class A		54,995		2,904,836
Ennis, Inc.		54,949		980,840
McGrath RentCorp		85,734		5,752,751
MSA Safety, Inc.		15,208		2,271,923
Tetra Tech, Inc.		14,196		1,643,613

				17,265,007


Communications Equipment—0.5%
Lumentum Holdings, Inc. (a)		28,375		2,689,950


Construction & Engineering—2.0%
AECOM (a)		80,267		3,995,691
EMCOR Group, Inc.		33,739		3,085,769
Quanta Services, Inc.		58,786		4,233,768

				11,315,228


See accompanying Notes to Financial Statements		\| December 31, 2020 \|		Semiannual Report			39

Schedule of Investments

December 31, 2020 (unaudited)


	Shares		Value

Consumer Finance—0.7%
PROG Holdings, Inc.		67,412	$	3,631,484


Containers & Packaging—1.9%
Silgan Holdings, Inc.		150,091		5,565,375
Sonoco Products Co.		86,301		5,113,334

				10,678,709


Diversified Consumer Services—0.3%
Strategic Education, Inc.		18,003		1,716,226


Diversified Financial Services—0.9%
Cannae Holdings, Inc. (a)		65,723		2,909,557
Compass Diversified Holdings		109,977		2,139,053

				5,048,610


Diversified Telecommunication Services—1.0%
Cogent Communications Holdings, Inc.		95,670		5,727,763


Electric Utilities—1.4%
IDACORP, Inc.		78,851		7,572,062


Electronic Equipment, Instruments & Components—2.1%
Dolby Laboratories, Inc., Class A		13,903		1,350,398
Fabrinet (a)		33,945		2,633,793
Jabil, Inc.		71,638		3,046,764
Methode Electronics, Inc.		115,420		4,418,278

				11,449,233


Equity Real Estate Investment Trusts (REITs)—5.9%
American Assets Trust, Inc.		63,718		1,840,176
Americold Realty Trust		62,517		2,333,760
CoreSite Realty Corp.		30,670		3,842,338
CyrusOne, Inc.		13,233		967,994
First Industrial Realty Trust, Inc.		26,826		1,130,179
Hudson Pacific Properties, Inc.		120,957		2,905,387
Life Storage, Inc.		30,391		3,628,382
National Health Investors, Inc.		112,404		7,774,985
Rexford Industrial Realty, Inc.		50,422		2,476,224
STAG Industrial, Inc.		116,707		3,655,263
Terreno Realty Corp.		32,834		1,921,117

				32,475,805


Food Products—0.8%
Calavo Growers, Inc.		17,809		1,236,479
Nomad Foods Ltd. (a)		47,721		1,213,068
Simply Good Foods Co. (a)		60,163		1,886,711

				4,336,258


Gas Utilities—4.1%
ONE Gas, Inc.		124,028		9,521,630
Spire, Inc.		206,811		13,244,176

				22,765,806


Healthcare Equipment & Supplies—1.6%
CONMED Corp.		25,709		2,879,408
Hill-Rom Holdings, Inc.		60,758		5,952,461

				8,831,869


Healthcare Providers & Services—0.7%
Chemed Corp.		2,893		1,540,841
Ensign Group, Inc.		28,285		2,062,542

				3,603,383


Healthcare Technology—0.4%
HMS Holdings Corp. (a)		56,415		2,073,251


Hotels, Restaurants & Leisure—1.1%
Cracker Barrel Old Country Store, Inc.		2,063		272,151
Wendy’s Co.		205,395		4,502,259
Wingstop, Inc.		9,268		1,228,473

				6,002,883


	Shares		Value

Household Durables—3.8%
Helen of Troy Ltd. (a)		12,504	$	2,778,264
KB Home		284,608		9,540,060
MDC Holdings, Inc.		181,055		8,799,273

				21,117,597


Household Products—0.5%
WD-40 Co.		10,399		2,762,806


Insurance—8.9%
American Financial Group, Inc.		178,293		15,622,033
CNO Financial Group, Inc.		151,443		3,366,578
First American Financial Corp.		88,499		4,569,203
Globe Life, Inc.		52,797		5,013,603
Hanover Insurance Group, Inc.		46,665		5,456,072
Horace Mann Educators Corp.		62,713		2,636,454
Kinsale Capital Group, Inc.		4,828		966,228
Old Republic International Corp.		331,184		6,527,636
Primerica, Inc.		19,002		2,544,938
Selective Insurance Group, Inc.		40,761		2,730,172

				49,432,917


IT Services—3.6%
ExlService Holdings, Inc. (a)		28,890		2,459,406
KBR, Inc.		181,100		5,601,423
ManTech International Corp., Class A		109,639		9,751,292
Science Applications International Corp.		22,175		2,098,642

				19,910,763


Leisure Equipment & Products—0.9%
Acushnet Holdings Corp.		91,577		3,712,532
YETI Holdings, Inc. (a)		19,650		1,345,435

				5,057,967


Life Sciences Tools & Services—1.7%
Bruker Corp.		78,104		4,227,769
Medpace Holdings, Inc. (a)		7,993		1,112,626
PRA Health Sciences, Inc. (a)		31,758		3,983,724

				9,324,119


Machinery—3.4%
Douglas Dynamics, Inc.		20,684		884,655
ESCO Technologies, Inc.		10,686		1,103,009
Federal Signal Corp.		74,632		2,475,543
Hillenbrand, Inc.		74,367		2,959,806
ITT, Inc.		38,848		2,992,073
SPX Corp. (a)		57,579		3,140,359
Toro Co.		26,827		2,544,273
Watts Water Technologies, Inc., Class A		23,364		2,843,399

				18,943,117


Media—1.0%
Cogeco Communications, Inc.		37,010		2,845,313
TEGNA, Inc.		202,755		2,828,432

				5,673,745


Metals & Mining—2.6%
Commercial Metals Co.		221,570		4,551,048
Gold Fields Ltd. ADR		280,034		2,595,915
Kaiser Aluminum Corp.		36,710		3,630,619
Royal Gold, Inc.		33,400		3,552,424

				14,330,006


Mortgage Real Estate Investment Trusts (REITs)—5.0%
Apollo Commercial Real Estate Finance, Inc.		767,051		8,567,960
Arbor Realty Trust, Inc.		246,209		3,491,243
Blackstone Mortgage Trust, Inc., Class A		455,056		12,527,692
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		43,737		2,774,238

				27,361,133


	Shares		Value

Multi-Line Retail—0.2%
Ollie’s Bargain Outlet Holdings, Inc. (a)		15,367	$	1,256,560


Multi-Utilities—3.3%
Black Hills Corp.		108,448		6,664,130
NorthWestern Corp.		129,152		7,530,853
Unitil Corp.		88,140		3,901,958

				18,096,941


Oil, Gas & Consumable Fuels—1.2%
Delek Logistics Partners L.P.		75,467		2,414,944
SFL Corp. Ltd.		498,049		3,127,748
World Fuel Services Corp.		40,426		1,259,674

				6,802,366


Professional Services—0.9%
CBIZ, Inc. (a)		96,459		2,566,774
Exponent, Inc.		9,730		875,992
FTI Consulting, Inc. (a)		12,731		1,422,307

				4,865,073


Road & Rail—1.2%
TFI International, Inc.		24,957		1,287,282
Werner Enterprises, Inc.		138,609		5,436,245

				6,723,527


Semiconductors & Semiconductor Equipment—2.0%
Cirrus Logic, Inc. (a)		32,616		2,681,035
CMC Materials, Inc.		23,230		3,514,699
FormFactor, Inc. (a)		53,911		2,319,251
MKS Instruments, Inc.		15,408		2,318,134

				10,833,119


Software—1.3%
Aspen Technology, Inc. (a)		8,945		1,165,086
Progress Software Corp.		127,539		5,763,488

				6,928,574


Specialty Retail—1.0%
Aaron’s Co., Inc. (a)		34,476		653,665
Lithia Motors, Inc., Class A		9,055		2,650,127
RH (a)		4,819		2,156,599

				5,460,391


Thrifts & Mortgage Finance—4.4%
Essent Group Ltd.		66,860		2,888,352
Federal Agricultural Mortgage Corp.		17,221		1,278,659
Meta Financial Group, Inc.		93,128		3,404,760
PennyMac Financial Services, Inc.		26,711		1,752,776
Premier Financial Corp.		103,620		2,383,260
Radian Group, Inc.		121,899		2,468,455
Walker & Dunlop, Inc.		109,763		10,100,391

				24,276,653


Trading Companies & Distributors—0.9%
SiteOne Landscape Supply, Inc. (a)		5,668		899,115
Triton International Ltd.		89,411		4,337,327

				5,236,442


Water Utilities—1.0%
American States Water Co.		16,058		1,276,771
California Water Service Group		26,887		1,452,705
SJW Group		38,597		2,677,088

				5,406,564

Total Common Stock (cost—$450,161,596)				536,479,252



Exchange-Traded Funds—0.8%
Invesco S&P 500 Equal Weight (b) (cost—$4,010,385)		36,828		4,697,043


40		Semiannual Report		\| December 31, 2020 \|		See accompanying Notes to Financial Statements

Schedule of Investments

December 31, 2020 (unaudited)


	Principal Amount (000s)		Value

Repurchase Agreements—2.5%
State Street Bank and Trust Co., dated 12/31/20, 0.00%, due 1/4/21, proceeds $13,752,000; collateralized by U.S. Treasury Notes, 0.125%, due 7/15/23, valued at $14,027,079 including accrued interest
(cost—$13,752,000)		$13,752	$	13,752,000


Total Investments (cost—$467,923,981)—100.4%				554,928,295


Liabilities in excess of other assets-(0.4)%				(2,464,238	)


Net Assets—100.0%				$552,464,057

Notes to Schedule of Investments:

(a) Non-income producing.

(b) Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

Glossary:

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust

AllianzGI Technology


	Shares		Value

Common Stock—86.5%

Automobiles—2.2%
General Motors Co.		168,420		$7,013,009
Tesla, Inc. (d)		66,625		47,015,264

				54,028,273


Communications Equipment—0.0%
Arista Networks, Inc. (d)		100		29,057
Cisco Systems, Inc.		100		4,475
Lumentum Holdings, Inc. (d)		95		9,006
Motorola Solutions, Inc.		95		16,156
Nokia Oyj ADR (d)		95		371

				59,065


Diversified Consumer Services—0.0%
New Oriental Education & Technology Group, Inc. ADR (d)		95		17,652
TAL Education Group ADR (d)		100		7,151

				24,803


Electrical Equipment—0.0%
Bloom Energy Corp., Class A (d)		12,980		372,007


Electronic Equipment, Instruments & Components—2.1%
CDW Corp.		95		12,520
Cognex Corp.		100		8,028
Flex Ltd. (d)		698,220		12,553,996
IPG Photonics Corp. (d)		95		21,260
Murata Manufacturing Co., Ltd.		300		27,159
Samsung Electro-Mechanics Co., Ltd.		165		27,097
Samsung SDI Co., Ltd.		69,889		40,503,996

				53,154,056


Entertainment—1.1%
Activision Blizzard, Inc.		4,005		371,864
NetEase, Inc. ADR		86,605		8,294,161
Netflix, Inc. (d)		32,450		17,546,689
Nintendo Co., Ltd.		100		64,194
Roku, Inc. (d)		100		33,202
Take-Two Interactive Software, Inc. (d)		2,575		535,059
Zynga, Inc., Class A (d)		161,610		1,595,091

				28,440,260


Healthcare Technology—0.3%
Veeva Systems, Inc., Class A (d)		32,515		8,852,209


Hotels, Restaurants & Leisure—0.0%
Airbnb, Inc., Class A (d)		710		104,228


Household Durables—0.0%
Garmin Ltd.		95		11,368


Industrial Conglomerates—0.0%
Roper Technologies, Inc.		100		43,109


Interactive Media & Services—8.2%
Alphabet, Inc., Class C (d)		32,850		57,549,258
Facebook, Inc., Class A (c)(d)		258,450		70,598,202
NAVER Corp.		475		128,045
Pinterest, Inc., Class A (d)		582,166		38,364,740
Snap, Inc., Class A (d)		746,510		37,377,756
Tencent Holdings Ltd.		100		7,195
Twitter, Inc. (d)		95		5,144
Yandex NV, Class A (d)		95		6,610
Yelp, Inc. (d)		95		3,104
Zillow Group, Inc., Class A (d)		95		12,914
ZoomInfo Technologies, Inc., Class A (d)		19,200		926,016

				204,978,984


	Shares		Value

Internet & Direct Marketing Retail—2.7%
Alibaba Group Holding Ltd. ADR (d)		100	$	23,273
Amazon.com, Inc. (d)		20,710		67,451,020
Booking Holdings, Inc. (d)		100		222,727
eBay, Inc.		95		4,774
Expedia Group, Inc.		95		12,578
GrubHub, Inc. (d)		95		7,056
JD.com, Inc. ADR (d)		100		8,790
Trip.com Group Ltd. ADR (d)		95		3,204

				67,733,422


IT Services—17.9%
Accenture PLC, Class A		95		24,815
Adyen NV (a)(d)		95		220,736
Akamai Technologies, Inc. (d)		100		10,499
Fidelity National Information Services, Inc.		100		14,146
Fiserv, Inc. (d)		67,180		7,649,115
Global Payments, Inc.		35,609		7,670,891
GoDaddy, Inc., Class A (d)		95		7,880
MongoDB, Inc. (d)		165,700		59,492,928
Okta, Inc. (d)		292,055		74,257,904
PayPal Holdings, Inc. (d)		326,335		76,427,657
Shopify, Inc., Class A (d)		13,010		14,726,670
Snowflake, Inc., Class A (d)		15,247		4,290,506
Square, Inc., Class A (c)(d)		283,200		61,635,648
Tata Consultancy Services Ltd.		2,000		78,530
Twilio, Inc., Class A (d)		419,590		142,031,215

				448,539,140


Media—0.0%
Comcast Corp., Class A		95		4,978


Professional Services—0.0%
Verisk Analytics, Inc.		95		19,721


Road & Rail—0.7%
Lyft, Inc., Class A (d)		341,865		16,795,827


Semiconductors & Semiconductor Equipment—18.4%
Advanced Micro Devices, Inc. (c)(d)		345,175		31,655,999
Advantest Corp.		1,000		74,902
ams AG (d)		95		2,070
ASML Holding NV		100		48,772
Cree, Inc. (d)		33,405		3,537,589
Infineon Technologies AG		680,885		26,002,050
KLA Corp.		100		25,891
Lam Research Corp.		69,135		32,650,386
Marvell Technology Group Ltd.		290,715		13,820,591
Maxim Integrated Products, Inc.		95		8,422
MediaTek, Inc.		1,000		26,667
Microchip Technology, Inc.		100		13,811
Micron Technology, Inc. (c)(d)		1,110,560		83,491,901
NVIDIA Corp.		38,920		20,324,024
NXP Semiconductors NV		223,380		35,519,654
ON Semiconductor Corp. (d)		100		3,273
Qorvo, Inc. (d)		146,000		24,275,420
QUALCOMM, Inc.		351,700		53,577,978
SK Hynix, Inc.		79,760		8,712,062
Skyworks Solutions, Inc.		82,790		12,656,935
STMicroelectronics NV		370,661		13,758,936
STMicroelectronics NV		443,990		16,425,740
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		368,565		40,188,328


See accompanying Notes to Financial Statements		\| December 31, 2020 \|		Semiannual Report			41

Schedule of Investments

December 31, 2020 (unaudited)


	Shares		Value
Teradyne, Inc.		195,340	$	23,419,313
Tokyo Electron Ltd.		58,000		21,666,641
Universal Display Corp.		95		21,831

				461,909,186


Software—22.5%
Alteryx, Inc., Class A (d)		139,278		16,962,668
Atlassian Corp. PLC, Class A (d)		100		23,387
Cadence Design Systems, Inc. (d)		3,330		454,312
Crowdstrike Holdings, Inc., Class A (d)		463,705		98,221,993
CyberArk Software Ltd. (d)		132,190		21,360,582
Datadog, Inc., Class A (d)		105,865		10,421,351
DocuSign, Inc. (d)		121,505		27,010,561
Dropbox, Inc., Class A (d)		95		2,108
Dynatrace, Inc. (d)		100		4,327
Elastic NV (d)		100		14,613
FireEye, Inc. (d)		469,320		10,822,519
Fortinet, Inc. (d)		100		14,853
HubSpot, Inc. (d)		89,030		35,295,053
Intuit, Inc.		95		36,086
Microsoft Corp. (c)		154,585		34,382,796
Nutanix, Inc., Class A (d)		100		3,187
Palo Alto Networks, Inc. (d)		23,210		8,248,602
Paycom Software, Inc. (d)		236,849		107,114,960
RealPage, Inc. (d)		100		8,724
RingCentral, Inc., Class A (d)		131,560		49,857,293
Salesforce.com, Inc. (d)		100		22,253
ServiceNow, Inc. (d)		100		55,043
Slack Technologies, Inc., Class A (d)		105		4,435
Splunk, Inc. (d)		130,020		22,089,098
Trade Desk, Inc., Class A (d)		13,370		10,709,370
Varonis Systems, Inc. (d)		152,710		24,984,883
VMware, Inc., Class A (d)		95		13,325
Zendesk, Inc. (d)		5,820		832,958
Zoom Video Communications, Inc., Class A (d)		22,565		7,611,626
Zscaler, Inc. (d)		382,135		76,316,181

				562,899,147


	Shares		Value

Technology Hardware, Storage & Peripherals—10.4%
Apple, Inc. (c)		1,263,015	$	167,589,460
Catcher Technology Co., Ltd.		1,000		7,353
Dell Technologies, Inc., Class C (d)		175		12,826
Hewlett Packard Enterprise Co.		95		1,126
HP, Inc.		95		2,336
NetApp, Inc.		100		6,624
Pure Storage, Inc., Class A (d)		11,950		270,189
Samsung Electronics Co., Ltd.		1,235,071		92,229,505

				260,119,419

Total Common Stock (cost—$1,171,587,224)				2,168,089,202



Exchange-Traded Funds—0.0%
Invesco S&P 500 High Beta (e) (cost—$4,352)		100		5,677



	Principal Amount (000s)

Repurchase Agreements—10.9%
State Street Bank and Trust Co., dated 12/31/20, 0.00%, due 1/4/21, proceeds $272,335,000; collateralized by U.S. Treasury Notes, 0.25%—2.625%, due 6/15/23—6/30/23, valued at $277,781,797 including accrued interest
(cost—$272,335,000)		$272,335		272,335,000


Total Options Purchased—2.9% (cost—$24,447,071) (d)(f)(g)				74,146,675


Total Investments, before options written and securities sold short (cost—$1,468,373,647)—100.3%				2,514,576,554


	Shares		Value

Securities Sold Short—(0.0)%

Exchange-Traded Fund—(0.0)%
iShares Core S&P Small-Cap (e) (proceeds received—$5,603)		100	$	(9,190	)

Total Options Written—(0.1)% (premiums received—$19,947,483) (d)(f)(g)				(3,572,505	)


Total Investments, net of options written and securities sold short (cost-$1,448,420,561) (b)—100.2%				2,510,994,859


Other liabilities in excess of other assets—(0.2)%				(5,261,947	)


Net Assets—100.0%				$2,505,732,912

Notes to Schedule of Investments:

(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Security with a value of $220,736, representing less than 0.05% of net assets.

(b) Securities with an aggregate value of $206,203,942, representing 8.2% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

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

(d) Non-income producing.

(e) Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

(f) Exchange traded-Chicago Board Options Exchange.

(g) Exchange traded option contracts outstanding at December 31, 2020:



Options purchased contracts outstanding at December 31, 2020:
Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Cost		Unrealized Appreciation (Depreciation)

Call options:
Alphabet, Inc.		1,700.00 USD		1/15/21		920	$	92,000	$	6,495,200	$	6,753,295	$	(258,095	)
Amazon.com, Inc.		2,070.00 USD		1/15/21		250		25,000		29,701,875		2,784,260		26,917,615
Amazon.com, Inc.		2,000.00 USD		6/18/21		150		15,000		19,134,750		2,505,306		16,629,444
Datadog, Inc.		90.00 USD		1/21/22		1,034		103,400		2,688,400		1,917,960		770,440
Fidelity National Information Services, Inc.		155.00 USD		1/21/22		1,446		144,600		1,525,530		1,947,818		(422,288	)
Fiserv, Inc.		120.00 USD		1/21/22		1,980		198,000		2,395,800		2,855,237		(459,437	)
Global Payments, Inc.		210.00 USD		6/18/21		1,512		151,200		3,190,320		2,929,282		261,038
Palo Alto Networks, Inc.		260.00 USD		1/15/21		656		65,600		6,264,800		743,525		5,521,275
Pure Storage, Inc.		20.00 USD		1/15/21		10,000		1,000,000		2,750,000		2,010,388		739,612

Total options purchased contracts									$	74,146,675	$	24,447,071	$	49,699,604
															��


42		Semiannual Report		\| December 31, 2020 \|		See accompanying Notes to Financial Statements

Schedule of Investments

December 31, 2020 (unaudited)



Options written contracts outstanding at December 31, 2020:
Description	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Received			Unrealized Appreciation

Put options:
Alphabet, Inc.		1,500.00 USD		1/15/21		(920	)	$	(92,000	)	$	(121,900	)	$	(5,916,232	)	$	5,794,332
Amazon.com, Inc.		1,500.00 USD		1/15/21		(250	)		(25,000	)		(750	)		(1,135,297	)		1,134,547
Amazon.com, Inc.		1,400.00 USD		6/18/21		(150	)		(15,000	)		(60,075	)		(2,159,646	)		2,099,571
Datadog, Inc.		70.00 USD		1/21/22		(1,034	)		(103,400	)		(816,860	)		(1,424,392	)		607,532
Fidelity National Information Services, Inc.		120.00 USD		1/21/22		(1,446	)		(144,600	)		(1,214,640	)		(1,768,363	)		553,723
Fiserv, Inc.		90.00 USD		1/21/22		(1,980	)		(198,000	)		(920,700	)		(2,030,368	)		1,109,668
Global Payments, Inc.		160.00 USD		6/18/21		(1,512	)		(151,200	)		(400,680	)		(2,472,113	)		2,071,433
KLA Corp.		160.00 USD		1/15/21		(1,026	)		(102,600	)		(10,260	)		(1,322,476	)		1,312,216
Palo Alto Networks, Inc.		230.00 USD		1/15/21		(656	)		(65,600	)		(1,640	)		(465,510	)		463,870
Pure Storage, Inc.		12.50 USD		1/15/21		(10,000	)		(1,000,000	)		(25,000	)		(1,253,086	)		1,228,086

Total options written contracts											$	(3,572,505	)	$	(19,947,483	)	$	16,374,978

Glossary:

ADR—American Depositary Receipt


See accompanying Notes to Financial Statements		\| December 31, 2020 \|		Semiannual Report			43

Statements of Assets and Liabilities

December 31, 2020 (unaudited)


	AllianzGI Dividend Value		AllianzGI Emerging Markets Opportunities		AllianzGI Focused Growth		AllianzGI Global Small-Cap
Assets:
Investments, at value	$	853,344,986	$	266,336,119	$	1,322,302,452	$	88,953,204
Investments in Affiliates, at value		—		—		—		—
Cash		601		706		869		1,336
Foreign currency, at value		—		1,190,669		—		58,013
Receivable for investments sold		5,061,344		1,881,508		3,472,458		17,687
Dividends and interest receivable (net of foreign withholding taxes)		1,600,946		672,705		196,140		36,169
Receivable for Fund shares sold		510,531		96,823		437,529		17,289
Investments in Affiliated Funds — Trustees Deferred Compensation Plan (see Note 4)		1,886,995		84,244		301,097		66,580
Tax reclaims receivable		286,955		48,949		—		144,305
Total Assets		862,692,358		270,311,723		1,326,710,545		89,294,583
Liabilities:
Payable for investments purchased		—		1,870,737		—		45,788
Payable for Fund shares redeemed		2,641,879		258,326		3,825,928		45,543
Investment Advisory fees payable		273,259		145,434		382,953		67,745
Trustees Deferred Compensation Plan payable (see Note 4)		1,886,995		84,244		301,097		66,580
Administration fees payable		270,142		59,113		380,530		30,956
Servicing fees payable		91,866		7,875		174,911		10,436
Distribution fees payable		379,631		1,360		40,118		2,407
Options written, at value		—		—		17,188		—
Total Liabilities		5,543,772		2,427,089		5,122,725		269,455
Net Assets	$	857,148,586	$	267,884,634	$	1,321,587,820	$	89,025,128
Net Assets Consist of:
Paid-in-capital	$	763,203,793	$	227,994,260	$	573,565,392	$	55,916,706
Total distributable earnings (loss)		93,944,793		39,890,374		748,022,428		33,108,422
Net Assets	$	857,148,586	$	267,884,634	$	1,321,587,820	$	89,025,128
Cost of Investments	$	710,325,931	$	176,676,555	$	623,126,682	$	62,046,535
Cost of Investments in Affiliates	$	—	$	—	$	—	$	—
Cost of Foreign Currency	$	—	$	1,186,858	$	—	$	56,766
Premiums Received for Options Written	$	—	$	—	$	842,951	$	—
Net Assets:
Class A	$	350,359,081	$	35,910,816	$	763,754,433	$	46,214,551
Class C		29,721,210		2,165,476		53,932,736		3,850,081
Class R		53,354,747		—		24,466,970		—
Class P		206,829,161		15,872,987		101,823,344		5,232,862
Institutional Class		117,436,638		189,217,471		191,645,885		33,727,634
Class R6		75,549,663		24,717,884		180,076,898		—
Administrative Class		23,898,086		—		5,887,554		—


44		Semiannual Report		\| December 31, 2020 \|		See accompanying Notes to Financial Statements


AllianzGI Health Sciences		AllianzGI Income & Growth		AllianzGI International Value			AllianzGI Large-Cap Value		AllianzGI Mid-Cap

$	174,561,044	$	6,226,555,249	$	154,572,388		$	335,586,223	$	444,884,034
	—		26,932,245		—			—		—
	73		1,311,117		521			581		32,780
	—		—		1,195,035			—		—
	694,380		8,029,741		1,521,268			—		—
	136,300		36,263,793		160,892			327,489		61,685
	2,916		8,858,240		47,816			126,920		196,005
	55,250		758,338		390,697			228,176		81,494
	193,094		—		280,657			55,347		—
	175,643,057		6,308,708,723		158,169,274			336,324,736		445,255,998

	—		51,021,748		3,130,785			2,667,015		—
	163,609		6,886,484		321,664			144,558		195,678
	117,676		3,274,712		71,447			124,564		172,626
	55,250		758,338		390,697			228,176		81,494
	57,678		1,778,023		57,092			99,239		142,059
	33,844		737,648		15,682			36,651		75,364
	2,441		881,144		33,960			4,189		17,024
	—		950,795		—			—		—
	430,498		66,288,892		4,021,327			3,304,392		684,245
$	175,212,559	$	6,242,419,831	$	154,147,947		$	333,020,344	$	444,571,753

$	142,462,845	$	5,889,774,810	$	582,375,410		$	296,067,741	$	236,382,602
	32,749,714		352,645,021		(428,227,463	)		36,952,603		208,189,151
$	175,212,559	$	6,242,419,831	$	154,147,947		$	333,020,344	$	444,571,753
$	147,125,688	$	5,910,951,113	$	126,491,351		$	285,763,764	$	270,769,957
$	—	$	37,230,248	$	—		$	—	$	—
$	—	$	—	$	1,193,298		$	—	$	—
$	—	$	1,392,580	$	—		$	—	$	—

$	157,956,079	$	2,131,282,102	$	64,223,441		$	167,575,453	$	343,851,851
	3,902,231		1,407,783,408		6,380,621			5,515,166		17,506,152
	—		5,098,105		4,595,990			1,347,621		2,521,196
	136,808		1,624,251,259		25,828,069			18,405,402		20,651,205
	13,217,441		1,074,004,957		42,470,030			139,710,166		57,667,143
	—		—		1,439,949			—		—
	—		—		9,209,847			466,536		2,374,206


See accompanying Notes to Financial Statements		\| December 31, 2020 \|		Semiannual Report			45

Statements of Assets and Liabilities (cont’d)

December 31, 2020 (unaudited)


	AllianzGI Dividend Value		AllianzGI Emerging Markets Opportunities		AllianzGI Focused Growth		AllianzGI Global Small-Cap
Shares Issued and Outstanding:
Class A		31,363,734		1,059,252		10,860,417		982,712
Class C		2,602,128		63,976		1,386,626		101,009
Class R		4,776,380		—		523,626		—
Class P		18,325,244		480,473		2,094,344		101,678
Institutional Class		10,421,992		5,590,301		3,021,272		646,361
Class R6		6,736,506		734,793		2,830,998		—
Administrative Class		2,077,203		—		102,598		—
Net Asset Value and Redemption Price Per Share:*
Class A	$	11.17	$	33.90	$	70.32	$	47.03
Class C		11.42		33.85		38.89		38.12
Class R		11.17		—		46.73		—
Class P		11.29		33.04		48.62		51.47
Institutional Class		11.27		33.85		63.43		52.18
Class R6		11.21		33.64		63.61		—
Administrative Class		11.50		—		57.38		—

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


46		Semiannual Report		\| December 31, 2020 \|		See accompanying Notes to Financial Statements


AllianzGI Health Sciences		AllianzGI Income & Growth		AllianzGI International Value		AllianzGI Large-Cap Value		AllianzGI Mid-Cap

	4,719,153		166,722,288		3,110,087		5,788,635		64,374,728
	165,571		121,818,308		314,418		188,111		4,364,320
	—		398,777		221,924		46,027		486,616
	4,021		123,397,375		1,242,856		629,552		3,240,102
	387,745		80,678,009		2,041,866		4,850,546		8,954,251
	—		—		69,272		—		—
	—		—		444,730		15,860		410,964

$	33.47	$	12.78	$	20.65	$	28.95	$	5.34
	23.57		11.56		20.29		29.32		4.01
	—		12.78		20.71		29.28		5.18
	34.02		13.16		20.78		29.24		6.37
	34.09		13.31		20.80		28.80		6.44
	—		—		20.79		—		—
	—		—		20.71		29.42		5.78


See accompanying Notes to Financial Statements		\| December 31, 2020 \|		Semiannual Report			47

Statements of Assets and Liabilities (cont’d)

December 31, 2020 (unaudited)


	AllianzGI Mid-Cap Value		AllianzGI Small-Cap		AllianzGI Small-Cap Value		AllianzGI Technology
Assets:
Investments, at value	$	1,403,790,203	$	139,515,136	$	554,928,295	$	2,514,576,554
Cash		39		237,820		700		810
Foreign currency, at value		—		—		—		4,597,827
Dividends and interest receivable (net of foreign withholding taxes)		2,989,162		61,386		1,367,223		307,823
Receivable for investments sold		2,733,483		77,439		—		5,534,119
Receivable for Fund shares sold		1,381,124		513,648		883,621		1,789,817
Tax reclaims receivable		18,054		—		—		41,082
Investments in Affiliated Funds — Trustees Deferred Compensation Plan (see Note 4)		377,768		15,492		1,566,215		466,659
Total Assets		1,411,289,833		140,420,921		558,746,054		2,527,314,691
Liabilities:
Payable for investments purchased		6,995,198		268,861		1,745,013		12,767,228
Payable for Fund shares redeemed		4,000,102		9,346		1,785,562		2,004,772
Securities sold short, at value		—		—		—		9,190
Options written, at value		—		—		—		3,572,505
Investment Advisory fees payable		649,057		69,988		235,184		1,850,373
Distribution fees payable		39,552		3,470		717,628		54,806
Servicing fees payable		125,248		17,177		66,122		177,273
Administration fees payable		153,114		31,674		166,273		674,897
Trustees Deferred Compensation Plan payable (see Note 4)		377,768		15,492		1,566,215		466,659
Accrued expenses and other liabilities		—		—		—		4,076
Total Liabilities		12,340,039		416,008		6,281,997		21,581,779
Net Assets	$	1,398,949,794	$	140,004,913	$	552,464,057	$	2,505,732,912
Net Assets Consist of:
Paid-in-capital	$	1,218,356,547	$	98,385,595	$	507,768,569	$	1,351,135,480
Total distributable earnings		180,593,247		41,619,318		44,695,488		1,154,597,432
Net Assets	$	1,398,949,794	$	140,004,913	$	552,464,057	$	2,505,732,912
Cost of Investments	$	1,163,329,607	$	100,389,506	$	467,923,981	$	1,468,373,647
Cost of Foreign Currency	$	—	$	—	$	—	$	4,017,448
Proceeds Received on Securities Sold Short	$	—	$	—	$	—	$	5,603
Premiums Received for Options Written	$	—	$	—	$	—	$	19,947,483
Net Assets:
Class A	$	535,928,346	$	76,958,258	$	295,294,722	$	797,797,608
Class C		40,020,750		5,583,017		1,722,129		61,915,856
Class R		19,250,733		—		14,998,357		—
Class P		245,730,828		21,409,615		24,716,185		198,299,309
Institutional Class		433,305,268		29,090,624		95,993,758		1,365,377,873
Class R6		86,980,439		6,963,399		80,975,179		—
Administrative Class		37,733,430		—		38,763,727		82,342,266


48		Semiannual Report		\| December 31, 2020 \|		See accompanying Notes to Financial Statements

Statements of Assets and Liabilities (cont’d)

December 31, 2020 (unaudited)


	AllianzGI Mid-Cap Value		AllianzGI Small-Cap		AllianzGI Small-Cap Value		AllianzGI Technology
Shares Issued and Outstanding:
Class A		17,459,676		3,221,117		21,955,110		10,437,616
Class C		1,612,121		246,283		145,086		1,436,957
Class R		745,903		—		1,007,152		—
Class P		10,209,019		886,447		1,564,624		2,159,712
Institutional Class		13,128,348		1,194,596		6,002,583		14,402,222
Class R6		2,638,874		285,684		5,110,208		—
Administrative Class		1,188,528		—		2,884,967		970,053
Net Asset Value and Redemption Price Per Share:*
Class A	$	30.70	$	23.89	$	13.45	$	76.43
Class C		24.82		22.67		11.87		43.09
Class R		25.81		—		14.89		—
Class P		24.07		24.15		15.80		91.82
Institutional Class		33.01		24.35		15.99		94.80
Class R6		32.96		24.37		15.85		—
Administrative Class		31.75		—		13.44		84.88

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


See accompanying Notes to Financial Statements		\| December 31, 2020 \|		Semiannual Report			49

Statements of Operations

Six Months ended December 31, 2020 (unaudited)


	AllianzGI Dividend Value			AllianzGI Emerging Markets Opportunities			AllianzGI Focused Growth			AllianzGI Global Small-Cap
Investment Income:
Dividends, net of foreign withholding taxes*	$	11,234,883		$	2,689,113		$	3,199,051		$	351,548
Interest		—			—			—			1
Dividends from investments in Affiliates		—			—			—			—
Miscellaneous		—			3			—			—
Total Investment Income		11,234,883			2,689,116			3,199,051			351,549
Expenses:
Investment advisory		1,926,127			1,103,050			2,753,865			364,320
Administration		1,592,126			538,288			2,211,544			166,189
Distribution — Class C		122,600			7,928			190,423			13,959
Distribution — Class R		65,916			—			29,198			—
Servicing — Class A		432,748			43,256			889,949			50,626
Servicing — Class C		40,867			2,643			63,474			4,653
Servicing — Class R		65,916			—			29,198			—
Distribution and/or servicing — Administrative Class		31,661			—			6,602			—
Trustees		60,633			18,045			81,127			5,463
Line of credit commitment		9,954			2,980			13,647			897
Legal		370			111			547			34
Miscellaneous		7,160			27,275			8,796			399
Total Expenses		4,356,078			1,743,576			6,278,370			606,540
Less: Investment Advisory/Administration waived		(321,021	)		(454,197	)		(683,166	)		—
Net Expenses		4,035,057			1,289,379			5,595,204			606,540
Net Investment Income (Loss)		7,199,826			1,399,737			(2,396,153	)		(254,991	)
Realized and Change in Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		28,151,729			25,212,478			107,883,460			11,180,544
Options written		—			—			574,213			—
Forward foreign currency contracts		—			—			—			(146	)
Foreign currency transactions		—			(85,004	)		—			7,759
Net change in unrealized appreciation/depreciation of:
Investments		93,353,222			46,178,468			217,376,167			15,181,628
Investments in Affiliates		—			—			—			—
Options written		—			—			286,925			—
Forward foreign currency contracts		—			—			—			29
Foreign currency transactions		—			65,370			—			10,332
Net realized and change in unrealized gain		121,504,951			71,371,312			326,120,765			26,380,146
Net Increase in Net Assets Resulting from Investment Operations	$	128,704,777		$	72,771,049		$	323,724,612		$	26,125,155
* Foreign withholding taxes	$	21,479		$	510,884		$	—		$	25,090


50		Semiannual Report		\| December 31, 2020 \|		See accompanying Notes to Financial Statements


AllianzGI Health Sciences			AllianzGI Income & Growth			AllianzGI International Value			AllianzGI Large-Cap Value			AllianzGI Mid-Cap

$	989,802		$	18,658,539		$	1,608,558		$	3,029,615		$	553,764
	—			54,133,144			—			—			—
	—			285,768			—			—			—
	—			—			1			—			—

	989,802			73,077,451			1,608,559			3,029,615			553,764

	688,852			18,113,936			423,978			668,305			928,788
	337,849			9,665,596			330,109			537,882			763,114
	15,251			4,853,337			24,442			24,061			60,172
	—			6,642			5,581			1,592			2,577
	193,607			2,381,658			75,221			199,994			381,056
	5,084			1,617,779			8,147			8,020			20,057
	—			6,642			5,581			1,592			2,577
	—			—			6,073			1,340			2,594
	11,549			360,462			9,364			19,406			25,532
	1,979			61,389			1,572			3,277			4,326
	76			2,432			60			127			169
	69			19,690			437			146			3,862
	1,254,316			37,089,563			890,565			1,465,742			2,194,824
	—			(435,844	)		(52,997	)		—			—
	1,254,316			36,653,719			837,568			1,465,742			2,194,824
	(264,514	)		36,423,732			770,991			1,563,873			(1,641,060	)


	16,479,638			192,167,290			13,532,744			(652,989	)		56,473,900
	—			(3,203,213	)		—			—			—
	(6,619	)		—			—			—			—
	10,723			—			55,316			—			5

	3,431,523			850,008,322			16,638,042			50,157,482			71,314,605
	—			1,581,650			—			—			—
	—			420,450			—			—			—
	—			—			—			—			—
	1,201			—			11,319			—			—
	19,916,466			1,040,974,499			30,237,421			49,504,493			127,788,510
$	19,651,952		$	1,077,398,231		$	31,008,412		$	51,068,366		$	126,147,450
$	6,606		$	—		$	152,090		$	—		$	3,538


See accompanying Notes to Financial Statements		\| December 31, 2020 \|		Semiannual Report			51

Statements of Operations (cont’d)

Six Months ended December 31, 2020 (unaudited)


	AllianzGI Mid-Cap Value			AllianzGI Small-Cap			AllianzGI Small-Cap Value			AllianzGI Technology
Investment Income:
Dividends, net of foreign withholding taxes*	$	14,689,326		$	689,262		$	7,799,327		$	2,803,970
Miscellaneous		–			–			—			(58	)
Total Investment Income		14,689,326			689,262			7,799,327			2,803,912
Expenses:
Investment advisory		3,629,845			371,096			1,600,798			9,870,603
Administration		2,319,511			228,978			938,286			3,621,861
Distribution — Class C		145,072			17,946			6,276			210,674
Distribution — Class R		21,734			—			18,051			—
Servicing — Class A		635,018			83,226			346,444			911,410
Servicing — Class C		48,357			5,982			2,092			70,225
Servicing — Class R		21,734			—			18,051			—
Distribution and/or servicing — Administrative Class		45,744			—			45,145			66,647
Legal		567			52			219			957
Dividends on securities sold short		—			—			—			54
Trustees		88,513			7,997			37,937			140,796
Securities sold short		—			—			—			27,486
Excise tax		—			—			7,385			—
Line of credit commitment		14,827			1,346			6,064			23,853
Miscellaneous		324			1,782			1,665			13,401
Total Expenses		6,971,246			718,405			3,028,413			14,957,967
Less: Investment Advisory/Administration waived		(1,451,938	)		(61,849	)		(266,800	)		(9,255	)
Net Expenses		5,519,308			656,556			2,761,613			14,948,712
Net Investment Income (Loss)		9,170,018			32,706			5,037,714			(12,144,800	)
Realized and Change in Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		58,555,581			12,999,640			(5,483,215	)		320,835,602
Securities sold short		—			—			—			(1,846,435	)
Options written		—			—			—			3,856,687
Forward foreign currency contracts		—			—			—			38,345
Foreign currency transactions		—			—			3,507			212,185
Net change in unrealized appreciation/depreciation of:
Investments		177,927,926			25,471,055			114,539,839			345,541,149
Securities sold short		—			—			—			(36	)
Options written		—			—			—			15,569,841
Foreign currency transactions		—			—			11			223,909
Net realized and change in unrealized gain		236,483,507			38,470,695			109,060,142			684,431,247
Net Increase in Net Assets Resulting from Investment Operations	$	245,653,525		$	38,503,401		$	114,097,856		$	672,286,447
* Foreign withholding taxes	$	—		$	1,118		$	2,969		$	166,779


52		Semiannual Report		\| December 31, 2020 \|		See accompanying Notes to Financial Statements

(THIS PAGE INTENTIONALLY LEFT BLANK)


See accompanying Notes to Financial Statements		\| December 31, 2020 \|		Semiannual Report			53

Statements of Changes in Net Assets


	AllianzGI Dividend Value						AllianzGI Emerging Markets Opportunities

	Six Months ended December 31, 2020 (unaudited)			Year ended June 30, 2020			Six Months ended December 31, 2020 (unaudited)			Year ended June 30, 2020
Increase (Decrease) in Net Assets from:

Investment Operations:
Net investment income (loss)	$	7,199,826		$	20,814,816		$	1,399,737		$	6,519,781
Net realized gain (loss)		28,151,729			19,124,818			25,127,474			(28,897,731	)
Net change in unrealized appreciation/depreciation		93,353,222			(126,220,431	)		46,243,838			9,491,633

Net increase (decrease) in net assets resulting from investment operations		128,704,777			(86,280,797	)		72,771,049			(12,886,317	)
Distributions to Shareholders from:

Distributable earnings:
Class A		(2,213,306	)		(56,080,548	)		(332,136	)		(917,791	)
Class C		(55,052	)		(6,720,695	)		(1	)		(32,037	)
Class R		(264,191	)		(8,916,420	)		—			—
Class P		(1,570,608	)		(43,500,474	)		(214,835	)		(381,714	)
Institutional Class		(927,922	)		(27,828,308	)		(2,694,152	)		(6,546,761	)
Class R6		(571,444	)		(9,340,811	)		(370,929	)		(582,626	)
Administrative Class		(156,821	)		(4,094,685	)		—			—
Total distributions to shareholders		(5,759,344	)		(156,481,941	)		(3,612,053	)		(8,460,929	)
Fund Share Transactions:
Net proceeds from the sale of shares		44,724,722			140,656,577			18,863,187			64,881,545
Issued in reinvestment of distributions		5,162,894			137,434,327			3,320,821			8,039,907
Cost of shares redeemed		(161,885,223	)		(546,370,620	)		(76,985,764	)		(176,406,409	)
Net increase (decrease) from Fund share transactions		(111,997,607	)		(268,279,716	)		(54,801,756	)		(103,484,957	)
Total increase (decrease) in net assets		10,947,826			(511,042,454	)		14,357,240			(124,832,203	)
Net Assets:
Beginning of period		846,200,760			1,357,243,214			253,527,394			378,359,597
End of period	$	857,148,586		$	846,200,760		$	267,884,634		$	253,527,394

—	May reflect actual amounts rounding to less than $1.


54		Semiannual Report		\| December 31, 2020 \|		See accompanying Notes to Financial Statements


AllianzGI Focused Growth						AllianzGI Global Small-Cap						AllianzGI Health Sciences

Six Months ended December 31, 2020 (unaudited)			Year ended June 30, 2020			Six Months ended December 31, 2020 (unaudited)			Year ended June 30, 2020			Six Months ended December 31, 2020 (unaudited)			Year ended June 30, 2020



$	(2,396,153	)	$	(1,158,939	)	$	(254,991	)	$	(497,242	)	$	(264,514	)	$	222,055
	108,457,673			141,194,027			11,188,157			6,085,536			16,483,742			16,594,451
	217,663,092			84,472,455			15,191,989			(8,600,197	)		3,432,724			2,454,066

	323,724,612			224,507,543			26,125,155			(3,011,903	)		19,651,952			19,270,572



	(61,954,695	)		(71,954,089	)		(2,066,370	)		(3,176,268	)		(20,303,559	)		(10,065,053	)
	(7,421,205	)		(8,748,772	)		(207,917	)		(499,188	)		(672,961	)		(345,656	)
	(2,810,594	)		(3,434,752	)		—			—			—			—
	(11,539,453	)		(14,030,851	)		(212,646	)		(646,423	)		(18,352	)		—
	(17,046,966	)		(20,050,942	)		(1,360,678	)		(3,167,395	)		(1,858,361	)		(313,756	)
	(15,710,734	)		(18,688,902	)		—			—			—			—
	(563,961	)		(695,736	)		—			—			—			—
	(117,047,608	)		(137,604,044	)		(3,847,611	)		(7,489,274	)		(22,853,233	)		(10,724,465	)

	82,296,458			138,942,551			3,225,373			4,601,862			5,633,098			13,767,000
	106,546,287			123,886,800			3,637,689			6,996,507			22,074,370			10,356,965
	(150,285,089	)		(314,763,479	)		(14,669,337	)		(60,435,140	)		(12,919,888	)		(24,532,379	)
	38,557,656			(51,934,128	)		(7,806,275	)		(48,836,771	)		14,787,580			(408,414	)
	245,234,660			34,969,371			14,471,269			(59,337,948	)		11,586,299			8,137,693

	1,076,353,160			1,041,383,789			74,553,859			133,891,807			163,626,260			155,488,567
$	1,321,587,820		$	1,076,353,160		$	89,025,128		$	74,553,859		$	175,212,559		$	163,626,260


See accompanying Notes to Financial Statements		\| December 31, 2020 \|		Semiannual Report			55

Statements of Changes in Net Assets (cont’d)


	AllianzGI Income & Growth						AllianzGI International Value

	Six Months ended December 31, 2020 (unaudited)			Year ended June 30, 2020			Six Months ended December 31, 2020 (unaudited)			Year ended June 30, 2020
Increase (Decrease) in Net Assets from:

Investment Operations:
Net investment income (loss)	$	36,423,732		$	73,611,916		$	770,991		$	3,277,691
Net realized gain (loss)		188,964,077			319,859,874			13,588,060			(19,914,865	)
Net change in unrealized appreciation/depreciation		852,010,422			(99,316,390	)		16,649,361			4,997,409

Net increase (decrease) in net assets resulting from investment operations		1,077,398,231			294,155,400			31,008,412			(11,639,765	)
Distributions to Shareholders from:

Distributable earnings:
Class A		(66,976,509	)		(119,931,728	)		(934,506	)		(1,405,157	)
Class C		(45,809,941	)		(95,475,297	)		(70,946	)		(148,309	)
Class R		(178,268	)		(430,317	)		(62,180	)		(100,179	)
Class P		(50,982,798	)		(91,904,739	)		(403,314	)		(709,355	)
Institutional Class		(32,783,770	)		(59,262,556	)		(684,151	)		(1,056,165	)
Class R6		—			—			(22,889	)		(32,599	)
Administrative Class		—			—			(92,417	)		(27,201	)
Total distributions to shareholders		(196,731,286	)		(367,004,637	)		(2,270,403	)		(3,478,965	)
Fund Share Transactions:
Net proceeds from the sale of shares		967,490,106			1,479,074,103			17,250,788			17,583,522
Issued in reinvestment of distributions		178,384,030			331,618,076			2,086,852			3,176,764
Cost of shares redeemed		(688,703,165	)		(1,356,266,581	)		(23,392,456	)		(55,982,371	)
Net increase (decrease) from Fund share transactions		457,170,971			454,425,598			(4,054,816	)		(35,222,085	)
Total increase (decrease) in net assets		1,337,837,916			381,576,361			24,683,193			(50,340,815	)
Net Assets:
Beginning of period		4,904,581,915			4,523,005,554			129,464,754			179,805,569
End of period	$	6,242,419,831		$	4,904,581,915		$	154,147,947		$	129,464,754

—	May reflect actual amounts rounding to less than $1.


56		Semiannual Report		\| December 31, 2020 \|		See accompanying Notes to Financial Statements


AllianzGI Large-Cap Value						AllianzGI Mid-Cap						AllianzGI Mid-Cap Value

Six Months ended December 31, 2020 (unaudited)			Year ended June 30, 2020			Six Months ended December 31, 2020 (unaudited)			Year ended June 30, 2020			Six Months ended December 31, 2020 (unaudited)			Year ended June 30, 2020



$	1,563,873		$	4,812,182		$	(1,641,060	)	$	(2,017,489	)	$	9,170,018		$	19,076,741
	(652,989	)		515,374			56,473,905			31,423,983			58,555,581			(50,734,444	)
	50,157,482			(18,371,499	)		71,314,605			30,674,691			177,927,926			(94,080,300	)
	51,068,366			(13,043,943	)		126,147,450			60,081,185			245,653,525			(125,738,003	)



	(487,671	)		(5,831,151	)		(34,098,164	)		(11,314,973	)		(5,490,368	)		(47,357,050	)
	(2	)		(249,261	)		(2,223,514	)		(890,197	)		(139,963	)		(4,329,388	)
	(2,187	)		(58,717	)		(247,636	)		(62,933	)		(187,930	)		(1,914,476	)
	(73,645	)		(654,862	)		(1,762,260	)		(486,183	)		(4,346,501	)		(21,721,615	)
	(571,818	)		(3,758,206	)		(4,701,695	)		(2,171,232	)		(6,026,446	)		(33,543,054	)
	—			—			—			—			(1,244,784	)		(5,444,939	)
	(3,099	)		(44,392	)		(217,927	)		(70,695	)		(405,399	)		(2,689,085	)
	(1,138,422	)		(10,596,589	)		(43,251,196	)		(14,996,213	)		(17,841,391	)		(116,999,607	)

	43,881,602			68,570,284			21,153,853			55,585,635			160,351,159			432,993,516
	1,082,634			9,937,244			39,099,800			13,532,766			15,956,717			104,673,910
	(29,895,196	)		(132,376,371	)		(49,348,376	)		(75,600,574	)		(230,497,076	)		(382,404,116	)
	15,069,040			(53,868,843	)		10,905,277			(6,482,173	)		(54,189,200	)		155,263,310
	64,998,984			(77,509,375	)		93,801,531			38,602,799			173,622,934			(87,474,300	)

	268,021,360			345,530,735			350,770,222			312,167,423			1,225,326,860			1,312,801,160
$	333,020,344		$	268,021,360		$	444,571,753		$	350,770,222		$	1,398,949,794		$	1,225,326,860


See accompanying Notes to Financial Statements		\| December 31, 2020 \|		Semiannual Report			57

Statements of Changes in Net Assets (cont’d)


	AllianzGI Small-Cap						AllianzGI Small-Cap Value

	Six Months ended December 31, 2020 (unaudited)			Year ended June 30, 2020			Six Months ended December 31, 2020 (unaudited)			Year ended June 30, 2020
Increase (Decrease) in Net Assets from:

Investment Operations:
Net investment income (loss)	$	32,706		$	372,939		$	5,037,714		$	11,192,305
Net realized gain (loss)		12,999,640			(8,467,197	)		(5,479,708	)		15,556,655
Net change in unrealized appreciation/depreciation		25,471,055			(2,123,837	)		114,539,850			(133,222,295	)
Net increase (decrease) in net assets resulting from investment operations		38,503,401			(10,218,095	)		114,097,856			(106,473,335	)
Distributions to Shareholders from:

Distributable earnings:
Class A		(78,037	)		(36,355	)		(6,282,851	)		(34,922,642	)
Class C		(2	)		(2	)		(24,884	)		(223,274	)
Class R		—			—			(213,512	)		(1,588,320	)
Class P		(72,874	)		(54,723	)		(493,801	)		(2,577,066	)
Institutional Class		(130,828	)		(51,869	)		(2,005,893	)		(11,170,094	)
Class R6		(28,681	)		(96,048	)		(1,728,212	)		(10,202,555	)
Administrative Class		—			—			(739,033	)		(9,276,658	)
Total distributions to shareholders		(310,422	)		(238,997	)		(11,488,186	)		(69,960,609	)
Fund Share Transactions:
Net proceeds from the sale of shares		15,217,445			58,465,117			26,906,794			79,233,991
Issued in reinvestment of distributions		303,205			234,792			10,525,519			64,678,073
Cost of shares redeemed		(23,911,182	)		(48,688,186	)		(115,764,241	)		(490,909,819	)
Net increase (decrease) from Fund share transactions		(8,390,532	)		10,011,723			(78,331,928	)		(346,997,755	)
Total increase (decrease) in net assets		29,802,447			(445,369	)		24,277,742			(523,431,699	)
Net Assets:
Beginning of period		110,202,466			110,647,835			528,186,315			1,051,618,014
End of period	$	140,004,913		$	110,202,466		$	552,464,057		$	528,186,315

—	May reflect actual amounts rounding to less than $1.


58		Semiannual Report		\| December 31, 2020 \|		See accompanying Notes to Financial Statements


AllianzGI Technology

Six Months ended December 31, 2020 (unaudited)			Year ended June 30, 2020



$	(12,144,800	)	$	(14,920,229	)
	323,096,384			312,837,062
	361,334,863			116,262,900
	672,286,447			414,179,733



	(139,870,651	)		(99,021,129	)
	(17,151,617	)		(10,444,134	)
	—			—
	(29,816,455	)		(20,909,955	)
	(197,486,960	)		(115,521,538	)
	—			—
	(13,247,263	)		(1,647,783	)
	(397,572,946	)		(247,544,539	)

	327,636,033			382,937,947
	381,511,884			236,616,587
	(355,570,994	)		(526,003,444	)
	353,576,923			93,551,090
	628,290,424			260,186,284

	1,877,442,488			1,617,256,204
$	2,505,732,912		$	1,877,442,488


See accompanying Notes to Financial Statements		\| December 31, 2020 \|		Semiannual Report			59

Financial Highlights

For a Share Outstanding for the Period ended:^


	Net Asset Value, Beginning of Period		Net Investment Income (a)		Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Dividend Value:
Class A
12/31/2020†	$	9.67	$	0.08	$	1.49		$	1.57		$	(0.07	)	$	—
6/30/2020		12.11		0.19		(1.01	)		(0.82	)		(0.20	)		(1.42	)
6/30/2019		14.76		0.26		(0.05	)		0.21			(0.26	)		(2.60	)
6/30/2018		17.20		0.27		1.45			1.72			(0.28	)		(3.88	)
6/30/2017		15.74		0.34		2.08			2.42			(0.37	)		(0.59	)
6/30/2016		16.68		0.37		(0.92	)		(0.55	)		(0.39	)		—
Class C
12/31/2020†	$	9.88	$	0.04	$	1.52		$	1.56		$	(0.02	)	$	—
6/30/2020		12.32		0.11		(1.02	)		(0.91	)		(0.11	)		(1.42	)
6/30/2019		14.92		0.17		(0.05	)		0.12			(0.12	)		(2.60	)
6/30/2018		17.34		0.15		1.46			1.61			(0.15	)		(3.88	)
6/30/2017		15.86		0.21		2.10			2.31			(0.24	)		(0.59	)
6/30/2016		16.83		0.25		(0.93	)		(0.68	)		(0.29	)		—
Class R
12/31/2020†	$	9.67	$	0.07	$	1.48		$	1.55		$	(0.05	)	$	—
6/30/2020		12.10		0.17		(1.01	)		(0.84	)		(0.17	)		(1.42	)
6/30/2019		14.71		0.23		(0.05	)		0.18			(0.19	)		(2.60	)
6/30/2018		17.15		0.23		1.45			1.68			(0.24	)		(3.88	)
6/30/2017		15.70		0.29		2.08			2.37			(0.33	)		(0.59	)
6/30/2016		16.65		0.33		(0.92	)		(0.59	)		(0.36	)		—
Class P
12/31/2020†	$	9.77	$	0.10	$	1.50		$	1.60		$	(0.08	)	$	—
6/30/2020		12.21		0.23		(1.02	)		(0.79	)		(0.23	)		(1.42	)
6/30/2019		14.87		0.30		(0.05	)		0.25			(0.31	)		(2.60	)
6/30/2018		17.30		0.32		1.45			1.77			(0.32	)		(3.88	)
6/30/2017		15.83		0.38		2.09			2.47			(0.41	)		(0.59	)
6/30/2016		16.77		0.41		(0.93	)		(0.52	)		(0.42	)		—
Institutional Class
12/31/2020†	$	9.75	$	0.10	$	1.51		$	1.61		$	(0.09	)	$	—
6/30/2020		12.20		0.24		(1.03	)		(0.79	)		(0.24	)		(1.42	)
6/30/2019		14.87		0.31		(0.05	)		0.26			(0.33	)		(2.60	)
6/30/2018		17.30		0.34		1.45			1.79			(0.34	)		(3.88	)
6/30/2017		15.82		0.41		2.08			2.49			(0.42	)		(0.59	)
6/30/2016		16.76		0.42		(0.93	)		(0.51	)		(0.43	)		—
Class R6
12/31/2020†	$	9.71	$	0.11	$	1.48		$	1.59		$	(0.09	)	$	—
6/30/2020		12.15		0.24		(1.02	)		(0.78	)		(0.24	)		(1.42	)
6/30/2019		14.83		0.31		(0.04	)		0.27			(0.35	)		(2.60	)
6/30/2018		17.27		0.34		1.45			1.79			(0.35	)		(3.88	)
6/30/2017		15.80		0.41		2.09			2.50			(0.44	)		(0.59	)
6/30/2016		16.74		0.42		(0.92	)		(0.50	)		(0.44	)		—
Administrative Class
12/31/2020†	$	9.96	$	0.09	$	1.52		$	1.61		$	(0.07	)	$	—
6/30/2020		12.41		0.21		(1.03	)		(0.82	)		(0.21	)		(1.42	)
6/30/2019		15.04		0.28		(0.05	)		0.23			(0.26	)		(2.60	)
6/30/2018		17.41		0.32		1.43			1.75			(0.24	)		(3.88	)
6/30/2017		15.92		0.36		2.11			2.47			(0.39	)		(0.59	)
6/30/2016		16.87		0.39		(0.94	)		(0.55	)		(0.40	)		—

^	A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%.

†	Unaudited

(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.


60		Semiannual Report		\| December 31, 2020 \|		See accompanying Notes to Financial Statements


Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate


$	(0.07	)	$	11.17		16.25	%	$	350,359		1.04	%(c)(d)		1.12	%(c)(d)		1.59	%(c)(d)		48	%
	(1.62	)		9.67		(8.54	)		329,828		1.04			1.12			1.74			139
	(2.86	)		12.11		4.39			453,255		1.01			1.11			1.97			52
	(4.16	)		14.76		9.55			480,068		0.95			1.10			1.66			47
	(0.96	)		17.20		15.55			599,510		0.99			1.09			2.02			41
	(0.39	)		15.74		(3.25	)		814,993		1.07			1.07			2.34			42

$	(0.02	)	$	11.42		15.80	%	$	29,721		1.79	%(c)(d)		1.87	%(c)(d)		0.81	%(c)(d)		48	%
	(1.53	)		9.88		(9.17	)		38,900		1.79			1.87			0.98			139
	(2.72	)		12.32		3.56			75,395		1.76			1.86			1.23			52
	(4.03	)		14.92		8.77			231,933		1.70			1.85			0.91			47
	(0.83	)		17.34		14.67			274,212		1.74			1.84			1.28			41
	(0.29	)		15.86		(3.97	)		347,825		1.82			1.82			1.59			42

$	(0.05	)	$	11.17		16.10	%	$	53,355		1.29	%(c)(d)		1.37	%(c)(d)		1.33	%(c)(d)		48	%
	(1.59	)		9.67		(8.70	)		52,184		1.29			1.37			1.49			139
	(2.79	)		12.10		4.07			73,610		1.26			1.36			1.72			52
	(4.12	)		14.71		9.30			94,437		1.20			1.35			1.41			47
	(0.92	)		17.15		15.24			130,630		1.24			1.34			1.77			41
	(0.36	)		15.70		(3.50	)		157,199		1.32			1.32			2.09			42

$	(0.08	)	$	11.29		16.42	%	$	206,829		0.79	%(c)(d)		0.87	%(c)(d)		1.82	%(c)(d)		48	%
	(1.65	)		9.77		(8.23	)		221,250		0.79			0.87			1.98			139
	(2.91	)		12.21		4.62			378,642		0.76			0.86			2.22			52
	(4.20	)		14.87		9.83			551,096		0.70			0.85			1.91			47
	(1.00	)		17.30		15.79			639,847		0.74			0.84			2.27			41
	(0.42	)		15.83		(3.03	)		1,057,863		0.82			0.82			2.60			42

$	(0.09	)	$	11.27		16.51	%	$	117,437		0.69	%(c)(d)		0.77	%(c)(d)		1.93	%(c)(d)		48	%
	(1.66	)		9.75		(8.24	)		117,755		0.69			0.77			2.07			139
	(2.93	)		12.20		4.75			263,357		0.66			0.76			2.32			52
	(4.22	)		14.87		9.94			438,422		0.60			0.75			2.03			47
	(1.01	)		17.30		15.96			731,788		0.64			0.74			2.44			41
	(0.43	)		15.82		(2.95	)		2,233,140		0.72			0.72			2.69			42

$	(0.09	)	$	11.21		16.42	%	$	75,550		0.64	%(c)(d)		0.72	%(c)(d)		2.01	%(c)(d)		48	%
	(1.66	)		9.71		(8.12	)		60,490		0.64			0.72			2.15			139
	(2.95	)		12.15		4.82			65,935		0.61			0.71			2.38			52
	(4.23	)		14.83		9.96			85,285		0.55			0.70			2.06			47
	(1.03	)		17.27		16.01			95,755		0.59			0.69			2.44			41
	(0.44	)		15.80		(2.90	)		128,994		0.67			0.67			2.72			42

$	(0.07	)	$	11.50		16.21	%	$	23,898		0.94	%(c)(d)		1.02	%(c)(d)		1.67	%(c)(d)		48	%
	(1.63	)		9.96		(8.33	)		25,794		0.94			1.02			1.84			139
	(2.86	)		12.41		4.42			47,049		0.91			1.01			2.07			52
	(4.12	)		15.04		9.67			84,009		0.85			1.00			1.87			47
	(0.98	)		17.41		15.68			345,533		0.89			0.99			2.11			41
	(0.40	)		15.92		(3.19	)		387,993		0.97			0.97			2.44			42

(c)

Annualized, unless otherwise noted.

(d)

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


See accompanying Notes to Financial Statements		\| December 31, 2020 \|		Semiannual Report			61

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			Net Asset Value, End of Period
AllianzGI Emerging Markets Opportunities:
Class A
12/31/2020†	$	25.88	$	0.11	$	8.22		$	8.33		$	(0.31	)	$	33.90
6/30/2020		27.06		0.46		(1.08	)		(0.62	)		(0.56	)		25.88
6/30/2019		28.53		0.56		(1.55	)		(0.99	)		(0.48	)		27.06
6/30/2018		26.59		0.41		1.85			2.26			(0.32	)		28.53
6/30/2017		22.60		0.41		3.98			4.39			(0.40	)		26.59
6/30/2016		25.90		0.34		(3.39	)		(3.05	)		(0.25	)		22.60
Class C
12/31/2020†	$	25.69	$	—	$	8.16		$	8.16		$	—		$	33.85
6/30/2020		26.81		0.28		(1.10	)		(0.82	)		(0.30	)		25.69
6/30/2019		28.05		0.31		(1.45	)		(1.14	)		(0.10	)		26.81
6/30/2018		26.13		0.16		1.84			2.00			(0.08	)		28.05
6/30/2017		22.09		0.19		3.96			4.15			(0.11	)		26.13
6/30/2016		25.21		0.22		(3.34	)		(3.12	)		—			22.09
Class P
12/31/2020†	$	25.30	$	0.14	$	8.05		$	8.19		$	(0.45	)	$	33.04
6/30/2020		26.46		0.53		(1.06	)		(0.53	)		(0.63	)		25.30
6/30/2019		28.02		0.55		(1.47	)		(0.92	)		(0.64	)		26.46
6/30/2018		26.17		0.46		1.84			2.30			(0.45	)		28.02
6/30/2017		22.23		0.44		3.94			4.38			(0.44	)		26.17
6/30/2016		25.44		0.46		(3.40	)		(2.94	)		(0.27	)		22.23
Institutional Class
12/31/2020†	$	25.91	$	0.17	$	8.24		$	8.41		$	(0.47	)	$	33.85
6/30/2020		27.10		0.54		(1.06	)		(0.52	)		(0.67	)		25.91
6/30/2019		28.72		0.54		(1.47	)		(0.93	)		(0.69	)		27.10
6/30/2018		26.83		0.53		1.85			2.38			(0.49	)		28.72
6/30/2017		22.74		0.49		4.03			4.52			(0.43	)		26.83
6/30/2016		25.95		0.44		(3.42	)		(2.98	)		(0.23	)		22.74
Class R6
12/31/2020†	$	25.78	$	0.17	$	8.20		$	8.37		$	(0.51	)	$	33.64
6/30/2020		26.96		0.54		(1.03	)		(0.49	)		(0.69	)		25.78
6/30/2019		28.57		0.57		(1.48	)		(0.91	)		(0.70	)		26.96
6/30/2018		26.69		0.62		1.76			2.38			(0.50	)		28.57
6/30/2017		22.69		0.60		3.90			4.50			(0.50	)		26.69
12/14/2015* - 6/30/2016		21.21		0.31		1.47			1.78			(0.30	)		22.69

^	A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%.

†	Unaudited

*	Commencement of operations.

(a)

Calculated on average shares outstanding during the period.

(b)

(c)

Annualized, unless otherwise noted.


62		Semiannual Report		\| December 31, 2020 \|		See accompanying Notes to Financial Statements


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


	32.23	%	$	35,911		1.29	%(c)		1.64	%(c)		0.76	%(c)		33	%
	(2.45	)		32,514		1.28			1.63			1.75			83
	(3.29	)		48,388		1.26			1.61			2.08			101
	8.44			108,279		1.26			1.61			1.36			88
	19.76			154,357		1.42			1.62			1.69			155
	(11.73	)		143,677		1.48			1.62			1.59			85

	31.76	%	$	2,166		2.04	%(c)		2.39	%(c)		0.02	%(c)		33	%
	(3.16	)		2,022		2.03			2.38			1.08			83
	(4.05	)		3,675		2.01			2.36			1.15			101
	7.63			8,113		2.01			2.36			0.55			88
	18.91			8,982		2.17			2.37			0.80			155
	(12.38	)		11,862		2.27			2.37			1.02			85

	32.41	%	$	15,873		1.04	%(c)		1.39	%(c)		0.97	%(c)		33	%
	(2.19	)		12,814		1.03			1.38			2.07			83
	(3.05	)		20,454		1.01			1.36			2.08			101
	8.71			29,887		1.01			1.36			1.55			88
	20.11			21,586		1.17			1.37			1.86			155
	(11.51	)		20,262		1.26			1.37			2.11			85

	32.52	%	$	189,217		0.94	%(c)		1.29	%(c)		1.15	%(c)		33	%
	(2.11	)		186,595		0.93			1.28			2.05			83
	(2.97	)		282,196		0.91			1.26			2.03			101
	8.79			197,536		0.91			1.26			1.74			88
	20.26			72,688		1.07			1.27			2.02			155
	(11.41	)		64,785		1.17			1.27			2.00			85

	32.53	%	$	24,718		0.89	%(c)		1.24	%(c)		1.14	%(c)		33	%
	(2.04	)		19,582		0.88			1.23			2.10			83
	(2.93	)		23,647		0.86			1.21			2.13			101
	8.85			24,277		0.86			1.21			2.03			88
	20.27			692		1.02			1.22			2.46			155
	8.46			21		1.07	(c)		1.22	(c)		2.63	(c)		85


See accompanying Notes to Financial Statements		\| December 31, 2020 \|		Semiannual Report			63

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 Focused Growth:
Class A
12/31/2020†	$	58.46	$	(0.16	)	$	18.14		$	17.98	$	—		$	(6.12	)
6/30/2020		53.33		(0.10	)		12.28			12.18		—			(7.05	)
6/30/2019		56.83		(0.08	)		2.48			2.40		—			(5.90	)
6/30/2018		46.62		—			10.92			10.92		—			(0.71	)
6/30/2017		40.72		0.06			6.85			6.91		—			(1.01	)
6/30/2016		42.73		0.08			0.62			0.70		—			(2.71	)
Class C
12/31/2020†	$	34.58	$	(0.25	)	$	10.68		$	10.43	$	—		$	(6.12	)
6/30/2020		34.42		(0.31	)		7.52			7.21		—			(7.05	)
6/30/2019		39.41		(0.36	)		1.27			0.91		—			(5.90	)
6/30/2018		32.76		(0.29	)		7.65			7.36		—			(0.71	)
6/30/2017		29.12		(0.19	)		4.84			4.65		—			(1.01	)
6/30/2016		31.53		(0.17	)		0.47			0.30		—			(2.71	)
Class R
12/31/2020†	$	40.49	$	(0.17	)	$	12.53		$	12.36	$	—		$	(6.12	)
6/30/2020		39.02		(0.18	)		8.70			8.52		—			(7.05	)
6/30/2019		43.54		(0.16	)		1.54			1.38		—			(5.90	)
6/30/2018		35.95		(0.11	)		8.41			8.30		—			(0.71	)
6/30/2017		31.71		(0.04	)		5.29			5.25		—			(1.01	)
6/30/2016		33.93		(0.02	)		0.51			0.49		—			(2.71	)
Class P
12/31/2020†	$	41.83	$	(0.06	)	$	12.97		$	12.91	$	—		$	(6.12	)
6/30/2020		39.91		0.01			8.96			8.97		—			(7.05	)
6/30/2019		44.18		0.03			1.60			1.63		—			(5.90	)
6/30/2018		36.33		0.09			8.52			8.61		(0.05	)		(0.71	)
6/30/2017		31.88		0.14			5.32			5.46		—			(1.01	)
6/30/2016		33.94		0.15			0.50			0.65		—			(2.71	)
Institutional Class
12/31/2020†	$	53.11	$	(0.04	)	$	16.48		$	16.44	$	—		$	(6.12	)
6/30/2020		48.89		0.06			11.21			11.27		—			(7.05	)
6/30/2019		52.51		0.09			2.19			2.28		—			(5.90	)
6/30/2018		43.02		0.16			10.08			10.24		(0.04	)		(0.71	)
6/30/2017		37.53		0.20			6.30			6.50		—			(1.01	)
6/30/2016		39.45		0.21			0.58			0.79		—			(2.71	)
Class R6
12/31/2020†	$	53.23	$	(0.03	)	$	16.53		$	16.50	$	—		$	(6.12	)
6/30/2020		48.96		0.09			11.23			11.32		—			(7.05	)
6/30/2019		52.56		0.11			2.19			2.30		—			(5.90	)
6/30/2018		43.04		0.19			10.10			10.29		(0.06	)		(0.71	)
6/30/2017		37.53		0.21			6.31			6.52		—			(1.01	)
12/14/2015* - 6/30/2016		37.51		0.12			(0.10	)		0.02		—			—
Administrative Class
12/31/2020†	$	48.56	$	(0.11	)	$	15.05		$	14.94	$	—		$	(6.12	)
6/30/2020		45.36		(0.05	)		10.30			10.25		—			(7.05	)
6/30/2019		49.33		(0.04	)		1.97			1.93		—			(5.90	)
6/30/2018		40.51		0.03			9.50			9.53		—			(0.71	)
6/30/2017		35.48		0.09			5.95			6.04		—			(1.01	)
6/30/2016		37.53		0.11			0.55			0.66		—			(2.71	)

^	A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%.

†	Unaudited

*	Commencement of operations.

(a)

Calculated on average shares outstanding during the period.


64		Semiannual Report		\| December 31, 2020 \|		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


$	(6.12	)	$	70.32		30.89	%	$	763,754		0.99	%(c)		1.11	%(c)		(0.47	)%(c)		21	%
	(7.05	)		58.46		24.74			618,302		1.00			1.12			(0.20	)		63
	(5.90	)		53.33		6.79			577,106		1.00			1.12			(0.15	)		50
	(0.71	)		56.83		23.53			421,188		0.99			1.11			—			40
	(1.01	)		46.62		17.29			373,359		1.05			1.11			0.15			46
	(2.71	)		40.72		1.54			357,077		1.11			1.11			0.20			55

$	(6.12	)	$	38.89		30.37	%	$	53,933		1.76	%(c)		1.86	%(c)		(1.24	)%(c)		21	%
	(7.05	)		34.58		23.79			45,878		1.77			1.87			(0.97	)		63
	(5.90	)		34.42		5.93			48,706		1.77			1.87			(0.93	)		50
	(0.71	)		39.41		22.59			233,854		1.76			1.86			(0.77	)		40
	(1.01	)		32.76		16.40			217,685		1.81			1.86			(0.62	)		46
	(2.71	)		29.12		0.79			230,432		1.86			1.86			(0.56	)		55

$	(6.12	)	$	46.73		30.71	%	$	24,467		1.26	%(c)		1.36	%(c)		(0.74	)%(c)		21	%
	(7.05	)		40.49		24.40			20,481		1.27			1.37			(0.47	)		63
	(5.90	)		39.02		6.50			22,511		1.27			1.37			(0.41	)		50
	(0.71	)		43.54		23.21			23,781		1.26			1.36			(0.27	)		40
	(1.01	)		35.95		16.96			20,635		1.31			1.36			(0.11	)		46
	(2.71	)		31.71		1.31			17,877		1.36			1.36			(0.05	)		55

$	(6.12	)	$	48.62		31.04	%	$	101,823		0.76	%(c)		0.86	%(c)		(0.24	)%(c)		21	%
	(7.05	)		41.83		25.03			84,929		0.77			0.87			0.03			63
	(5.90	)		39.91		7.01			91,265		0.77			0.87			0.09			50
	(0.76	)		44.18		23.84			109,456		0.76			0.86			0.23			40
	(1.01	)		36.33		17.54			80,667		0.81			0.86			0.41			46
	(2.71	)		31.88		1.81			35,025		0.86			0.86			0.46			55

$	(6.12	)	$	63.43		31.10	%	$	191,646		0.66	%(c)		0.76	%(c)		(0.14	)%(c)		21	%
	(7.05	)		53.11		25.15			165,726		0.67			0.77			0.13			63
	(5.90	)		48.89		7.15			162,173		0.67			0.77			0.18			50
	(0.75	)		52.51		23.93			177,278		0.66			0.76			0.33			40
	(1.01	)		43.02		17.67			195,161		0.71			0.76			0.50			46
	(2.71	)		37.53		1.92			155,976		0.76			0.76			0.55			55

$	(6.12	)	$	63.61		31.14	%	$	180,077		0.61	%(c)		0.71	%(c)		(0.09	)%(c)		21	%
	(7.05	)		53.23		25.22			136,519		0.62			0.72			0.19			63
	(5.90	)		48.96		7.18			134,485		0.62			0.72			0.23			50
	(0.77	)		52.56		24.03			114,054		0.61			0.71			0.38			40
	(1.01	)		43.04		17.72			36,374		0.66			0.71			0.53			46
	—			37.53		0.05			11,564		0.71	(c)		0.71	(c)		0.60	(c)		55

$	(6.12	)	$	57.38		30.92	%	$	5,888		0.91	%(c)		1.01	%(c)		(0.39	)%(c)		21	%
	(7.05	)		48.56		24.84			4,518		0.92			1.02			(0.11	)		63
	(5.90	)		45.36		6.88			5,138		0.92			1.02			(0.08	)		50
	(0.71	)		49.33		23.63			4,017		0.91			1.01			0.07			40
	(1.01	)		40.51		17.39			4,288		0.96			1.01			0.25			46
	(2.71	)		35.48		1.65			7,900		1.01			1.01			0.29			55

(b)

(c)

Annualized, unless otherwise noted.


See accompanying Notes to Financial Statements		\| December 31, 2020 \|		Semiannual Report			65

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:^


	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains
AllianzGI Global Small-Cap:
Class A
12/31/2020†	$	35.72	$	(0.15	)	$	13.63		$	13.48		$	—		$	(2.17	)
6/30/2020		39.37		(0.23	)		(0.47	)		(0.70	)		—			(2.95	)
6/30/2019		51.40		(0.14	)		(3.88	)		(4.02	)		—			(8.01	)
6/30/2018		47.75		(0.26	)		8.28			8.02			(0.10	)		(4.27	)
6/30/2017		41.18		(0.14	)		6.71			6.57			—			—
6/30/2016		45.05		(0.13	)		(3.74	)		(3.87	)		—			—
Class C
12/31/2020†	$	29.36	$	(0.25	)	$	11.18		$	10.93		$	—		$	(2.17	)
6/30/2020		33.10		(0.42	)		(0.37	)		(0.79	)		—			(2.95	)
6/30/2019		45.13		(0.45	)		(3.57	)		(4.02	)		—			(8.01	)
6/30/2018		42.62		(0.57	)		7.35			6.78			—			(4.27	)
6/30/2017		37.03		(0.42	)		6.01			5.59			—			—
6/30/2016		40.81		(0.41	)		(3.37	)		(3.78	)		—			—
Class P
12/31/2020†	$	38.89	$	(0.11	)	$	14.86		$	14.75		$	—		$	(2.17	)
6/30/2020		42.51		(0.18	)		(0.49	)		(0.67	)		—			(2.95	)
6/30/2019		54.57		(0.06	)		(3.99	)		(4.05	)		—			(8.01	)
6/30/2018		50.40		(0.15	)		8.75			8.60			(0.16	)		(4.27	)
6/30/2017		43.36		0.02			7.02			7.04			—			—
6/30/2016		47.30		(0.05	)		(3.89	)		(3.94	)		—			—
Institutional Class
12/31/2020†	$	39.39	$	(0.09	)	$	15.05		$	14.96		$	—		$	(2.17	)
6/30/2020		42.97		(0.13	)		(0.50	)		(0.63	)		—			(2.95	)
6/30/2019		55.01		0.01			(4.04	)		(4.03	)		—			(8.01	)
6/30/2018		50.77		(0.09	)		8.81			8.72			(0.21	)		(4.27	)
6/30/2017		43.63		0.02			7.12			7.14			—			—
6/30/2016		47.55		0.02			(3.94	)		(3.92	)		—			—

^	A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%.

†	Unaudited

(a)

Calculated on average shares outstanding during the period.

(b)

(c)

Annualized, unless otherwise noted.

(d)

Payments from Affiliates increased the end of period net asset value and total return by less than $0.01 and 0.01%, respectively.


66		Semiannual Report		\| December 31, 2020 \|		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


$	(2.17	)	$	47.03			37.78	%	$	46,215		1.62	%(c)		(0.75	)%(c)		43	%
	(2.95	)		35.72			(2.20	)		36,141		1.63			(0.63	)		93
	(8.01	)		39.37			(4.64	)		46,947		1.62			(0.34	)		85
	(4.37	)		51.40	(d)		17.08	(d)		56,929		1.62			(0.51	)		77
	—			47.75	(d)		15.96	(d)		56,686		1.61			(0.32	)		80
	—			41.18			(8.59	)		68,625		1.61			(0.31	)		87

$	(2.17	)	$	38.12			37.27	%	$	3,850		2.37	%(c)		(1.51	)%(c)		43	%
	(2.95	)		29.36			(2.92	)		4,120		2.38			(1.39	)		93
	(8.01	)		33.10			(5.37	)		7,354		2.37			(1.18	)		85
	(4.27	)		45.13	(d)		16.21	(d)		19,630		2.37			(1.25	)		77
	—			42.62	(d)		15.10	(d)		19,729		2.36			(1.06	)		80
	—			37.03			(9.26	)		23,055		2.36			(1.09	)		87

$	(2.17	)	$	51.47			37.96	%	$	5,232		1.37	%(c)		(0.50	)%(c)		43	%
	(2.95	)		38.89			(1.96	)		4,444		1.37			(0.44	)		93
	(8.01	)		42.51			(4.40	)		11,675		1.37			(0.13	)		85
	(4.43	)		54.57	(d)		17.36	(d)		18,262		1.37			(0.27	)		77
	—			50.40	(d)		16.24	(d)		23,214		1.36			0.03			80
	—			43.36			(8.33	)		20,921		1.36			(0.11	)		87

$	(2.17	)	$	52.18			38.02	%	$	33,728		1.27	%(c)		(0.40	)%(c)		43	%
	(2.95	)		39.39			(1.84	)		29,849		1.27			(0.32	)		93
	(8.01	)		42.97			(4.32	)		67,916		1.27			0.01			85
	(4.48	)		55.01	(d)		17.48	(d)		98,623		1.27			(0.17	)		77
	—			50.77	(d)		16.36	(d)		114,925		1.26			0.05			80
	—			43.63			(8.25	)		122,294		1.26			0.06			87


See accompanying Notes to Financial Statements		\| December 31, 2020 \|		Semiannual Report			67

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 Health Sciences:
Class A
12/31/2020†	$	34.21	$	(0.06	)	$	4.17		$	4.11		$	(0.03	)	$	(4.82	)
6/30/2020		32.27		0.05			4.22			4.27			(0.01	)		(2.32	)
6/30/2019		33.27		0.02			3.57			3.59			(0.31	)		(4.28	)
6/30/2018		31.61		(0.02	)		1.68			1.66			—			—
6/30/2017		27.77		(0.01	)		3.85			3.84			—			—
6/30/2016		38.48		(0.02	)		(3.87	)		(3.89	)		—			(6.82	)
Class C
12/31/2020†	$	25.44	$	(0.14	)	$	3.09		$	2.95		$	—		$	(4.82	)
6/30/2020		24.71		(0.15	)		3.20			3.05			—			(2.32	)
6/30/2019		26.43		(0.19	)		2.75			2.56			—			(4.28	)
6/30/2018		25.30		(0.21	)		1.34			1.13			—			—
6/30/2017		22.40		(0.18	)		3.08			2.90			—			—
6/30/2016		32.67		(0.28	)		(3.17	)		(3.45	)		—			(6.82	)
Class P
7/13/2020* - 12/31/2020†	$	35.14	$	(0.01	)	$	3.95		$	3.94		$	(0.24	)	$	(4.82	)
Institutional Class
12/31/2020†	$	34.85	$	0.01		$	4.25		$	4.26		$	(0.20	)	$	(4.82	)
6/30/2020		32.76		0.15			4.30			4.45			(0.04	)		(2.32	)
6/30/2019		33.69		0.13			3.63			3.76			(0.41	)		(4.28	)
6/30/2018		31.90		0.10			1.69			1.79			—			—
6/30/2017		27.93		0.09			3.88			3.97			—			—
6/30/2016		38.53		0.04			(3.82	)		(3.78	)		—			(6.82	)

^	A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%.

†	Unaudited

*	Commencement of operations.

(a)

Calculated on average shares outstanding during the period.

(b)

(c)

Annualized, unless otherwise noted.


68		Semiannual Report		\| December 31, 2020 \|		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


$	(4.85	)	$	33.47		12.11	%	$	157,957		1.47	%(c)		(0.32	)%(c)		48	%
	(2.33	)		34.21		13.37			148,223		1.47			0.15			91
	(4.59	)		32.27		13.14			147,068		1.47			0.06			102
	—			33.27		5.25			141,122		1.47			(0.05	)		55
	—			31.61		13.83			150,756		1.46			(0.04	)		82
	(6.82	)		27.77		(10.82	)		167,724		1.47			(0.07	)		113

$	(4.82	)	$	23.57		11.71	%	$	3,902		2.22	%(c)		(1.06	)%(c)		48	%
	(2.32	)		25.44		12.52			4,221		2.22			(0.60	)		91
	(4.28	)		24.71		12.34			4,131		2.22			(0.75	)		102
	—			26.43		4.47			8,218		2.22			(0.81	)		55
	—			25.30		12.95			10,358		2.21			(0.79	)		82
	(6.82	)		22.40		(11.48	)		13,446		2.22			(1.07	)		113

$	(5.06	)	$	34.02		12.23	%	$	137		1.22	%(c)		(0.07	)%(c)		48	%

$	(5.02	)	$	34.09		12.32	%	$	13,217		1.12	%(c)		0.03	%(c)		48	%
	(2.36	)		34.85		13.76			11,182		1.12			0.45			91
	(4.69	)		32.76		13.54			4,290		1.12			0.39			102
	—			33.69		5.61			2,854		1.12			0.29			55
	—			31.90		14.21			3,692		1.11			0.31			82
	(6.82	)		27.93		(10.49	)		1,977		1.12			0.14			113


See accompanying Notes to Financial Statements		\| December 31, 2020 \|		Semiannual Report			69

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											��
12/31/2020†	$	10.89	$	0.08		$	2.23		$	2.31		$	(0.10	)	$	(0.32	)
6/30/2020		11.01		0.18			0.54			0.72			(0.21	)		(0.63	)
6/30/2019		11.34		0.20			0.38			0.58			(0.25	)		(0.66	)
6/30/2018		11.24		0.23			0.82			1.05			(0.28	)		(0.67	)
6/30/2017		10.80		0.27			1.17			1.44			(0.32	)		(0.68	)
6/30/2016		12.12		0.28			(0.55	)		(0.27	)		(0.37	)		(0.68	)
Class C
12/31/2020†	$	9.89	$	0.03		$	2.02		$	2.05		$	(0.06	)	$	(0.32	)
6/30/2020		10.07		0.09			0.50			0.59			(0.14	)		(0.63	)
6/30/2019		10.46		0.11			0.34			0.45			(0.18	)		(0.66	)
6/30/2018		10.44		0.13			0.76			0.89			(0.20	)		(0.67	)
6/30/2017		10.10		0.18			1.09			1.27			(0.25	)		(0.68	)
6/30/2016		11.46		0.19			(0.53	)		(0.34	)		(0.34	)		(0.68	)
Class R
12/31/2020†	$	10.89	$	0.07		$	2.22		$	2.29		$	(0.08	)	$	(0.32	)
6/30/2020		11.01		0.15			0.54			0.69			(0.18	)		(0.63	)
6/30/2019		11.34		0.17			0.38			0.55			(0.22	)		(0.66	)
6/30/2018		11.24		0.20			0.82			1.02			(0.25	)		(0.67	)
6/30/2017		10.80		0.25			1.16			1.41			(0.29	)		(0.68	)
6/30/2016		12.14		0.26			(0.56	)		(0.30	)		(0.36	)		(0.68	)
Class P
12/31/2020†	$	11.20	$	0.10	��	$	2.29		$	2.39		$	(0.11	)	$	(0.32	)
6/30/2020		11.29		0.21			0.57			0.78			(0.24	)		(0.63	)
6/30/2019		11.61		0.23			0.38			0.61			(0.27	)		(0.66	)
6/30/2018		11.48		0.26			0.84			1.10			(0.30	)		(0.67	)
6/30/2017		11.01		0.31			1.19			1.50			(0.35	)		(0.68	)
6/30/2016		12.32		0.32			(0.57	)		(0.25	)		(0.38	)		(0.68	)
Institutional Class
12/31/2020†	$	11.32	$	0.11		$	2.32		$	2.43		$	(0.12	)	$	(0.32	)
6/30/2020		11.41		0.22			0.57			0.79			(0.25	)		(0.63	)
6/30/2019		11.72		0.25			0.38			0.63			(0.28	)		(0.66	)
6/30/2018		11.58		0.28			0.84			1.12			(0.31	)		(0.67	)
6/30/2017		11.09		0.32			1.21			1.53			(0.36	)		(0.68	)
6/30/2016		12.40		0.33			(0.57	)		(0.24	)		(0.39	)		(0.68	)

^	A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%.

†	Unaudited

(a)

Calculated on average shares outstanding during the period.

(b)

(c)

Annualized, unless otherwise noted.

(d)

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

(e)

Payments from Affiliates increased the end of period net asset value and total return by less than $0.01 and 0.01%, respectively.


70		Semiannual Report		\| December 31, 2020 \|		See accompanying Notes to Financial Statements


Total Dividends and Distributions			Net Asset Value, End of Period			Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate


$	(0.42	)	$	12.78			21.58	%	$	2,131,282		1.26	%(c)(d)		1.28	%(c)(d)		1.36	%(c)(d)		39	%
	(0.84	)		10.89			6.98			1,631,126		1.28	(d)		1.29	(d)		1.65	(d)		93
	(0.91	)		11.01	(e)		5.45	(e)		1,458,642		1.28			1.29			1.84			66
	(0.95	)		11.34			9.58			1,250,639		1.28			1.29			1.99			102
	(1.00	)		11.24			13.88			1,091,888		1.29			1.29			2.45			159
	(1.05	)		10.80			(2.02	)		1,009,542		1.34			1.34			2.56			94

$	(0.38	)	$	11.56			21.13	%	$	1,407,783		2.01	%(c)(d)		2.03	%(c)(d)		0.61	%(c)(d)		39	%
	(0.77	)		9.89			6.31			1,215,780		2.03	(d)		2.04	(d)		0.90	(d)		93
	(0.84	)		10.07	(e)		4.60	(e)		1,234,667		2.03			2.04			1.09			66
	(0.87	)		10.46			8.78			1,116,788		2.03			2.04			1.24			102
	(0.93	)		10.44			13.08			1,090,887		2.04			2.04			1.70			159
	(1.02	)		10.10			(2.79	)		1,159,303		2.09			2.09			1.81			94

$	(0.40	)	$	12.78			21.42	%	$	5,098		1.51	%(c)(d)		1.53	%(c)(d)		1.10	%(c)(d)		39	%
	(0.81	)		10.89			6.72			6,032		1.53	(d)		1.54	(d)		1.40	(d)		93
	(0.88	)		11.01	(e)		5.19	(e)		4,873		1.53			1.54			1.60			66
	(0.92	)		11.34			9.32			3,150		1.53			1.54			1.73			102
	(0.97	)		11.24			13.59			1,781		1.54			1.54			2.20			159
	(1.04	)		10.80			(2.31	)		2,261		1.59			1.59			2.30			94

$	(0.43	)	$	13.16			21.75	%	$	1,624,251		1.01	%(c)(d)		1.03	%(c)(d)		1.61	%(c)(d)		39	%
	(0.87	)		11.20			7.32			1,253,364		1.03	(d)		1.04	(d)		1.90	(d)		93
	(0.93	)		11.29	(e)		5.64	(e)		1,122,083		1.03			1.04			2.09			66
	(0.97	)		11.61			9.90			897,716		1.03			1.04			2.24			102
	(1.03	)		11.48			14.14			690,147		1.04			1.04			2.69			159
	(1.06	)		11.01			(1.81	)		560,425		1.09			1.09			2.81			94

$	(0.44	)	$	13.31			21.84	%	$	1,074,006		0.91	%(c)(d)		0.93	%(c)(d)		1.71	%(c)(d)		39	%
	(0.88	)		11.32			7.35			798,280		0.93	(d)		0.94	(d)		2.00	(d)		93
	(0.94	)		11.41	(e)		5.78	(e)		702,741		0.93			0.94			2.19			66
	(0.98	)		11.72			10.00			460,024		0.93			0.94			2.34			102
	(1.04	)		11.58			14.33			342,652		0.94			0.94			2.76			159
	(1.07	)		11.09			(1.76	)		181,890		0.99			0.99			2.91			94


See accompanying Notes to Financial Statements		\| December 31, 2020 \|		Semiannual Report			71

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 Return of Capital
AllianzGI International Value:
Class A
12/31/2020†	$	16.86	$	0.09	$	3.99		$	4.08		$	(0.29	)	$	—
6/30/2020		18.47		0.36		(1.58	)		(1.22	)		(0.39	)		—
6/30/2019		18.52		0.33		(0.08	)		0.25			(0.30	)		—
6/30/2018		18.13		0.34		0.38			0.72			(0.32	)		(0.01	)
6/30/2017		16.32		0.34		1.92			2.26			(0.45	)		—
6/30/2016		21.61		0.37		(5.15	)		(4.78	)		(0.51	)		—
Class C
12/31/2020†	$	16.57	$	0.03	$	3.90		$	3.93		$	(0.21	)	$	—
6/30/2020		18.15		0.22		(1.54	)		(1.32	)		(0.26	)		—
6/30/2019		18.20		0.17		(0.04	)		0.13			(0.18	)		—
6/30/2018		17.86		0.19		0.37			0.56			(0.21	)		(0.01	)
6/30/2017		16.09		0.23		1.86			2.09			(0.32	)		—
6/30/2016		21.37		0.24		(5.08	)		(4.84	)		(0.44	)		—
Class R
12/31/2020†	$	16.91	$	0.07	$	4.00		$	4.07		$	(0.27	)	$	—
6/30/2020		18.52		0.32		(1.58	)		(1.26	)		(0.35	)		—
6/30/2019		18.56		0.29		(0.07	)		0.22			(0.26	)		—
6/30/2018		18.15		0.31		0.35			0.66			(0.24	)		(0.01	)
6/30/2017		16.35		0.33		1.88			2.21			(0.41	)		—
6/30/2016		21.66		0.35		(5.17	)		(4.82	)		(0.49	)		—
Class P
12/31/2020†	$	16.96	$	0.12	$	4.02		$	4.14		$	(0.32	)	$	—
6/30/2020		18.58		0.41		(1.60	)		(1.19	)		(0.43	)		—
6/30/2019		18.61		0.35		(0.04	)		0.31			(0.34	)		—
6/30/2018		18.21		0.36		0.41			0.77			(0.36	)		(0.01	)
6/30/2017		16.40		0.40		1.90			2.30			(0.49	)		—
6/30/2016		21.70		0.43		(5.18	)		(4.75	)		(0.55	)		—
Institutional Class
12/31/2020†	$	16.98	$	0.13	$	4.02		$	4.15		$	(0.33	)	$	—
6/30/2020		18.60		0.43		(1.60	)		(1.17	)		(0.45	)		—
6/30/2019		18.64		0.41		(0.08	)		0.33			(0.37	)		—
6/30/2018		18.24		0.42		0.36			0.78			(0.37	)		(0.01	)
6/30/2017		16.42		0.37		1.95			2.32			(0.50	)		—
6/30/2016		21.71		0.40		(5.13	)		(4.73	)		(0.56	)		—
Class R6
12/31/2020†	$	16.97	$	0.13	$	4.02		$	4.15		$	(0.33	)	$	—
6/30/2020		18.59		0.44		(1.60	)		(1.16	)		(0.46	)		—
6/30/2019		18.63		0.37		(0.04	)		0.33			(0.37	)		—
6/30/2018		18.19		0.29		0.50			0.79			(0.34	)		(0.01	)
6/30/2017		16.38		0.40		1.93			2.33			(0.52	)		—
6/30/2016		21.68		0.48		(5.20	)		(4.72	)		(0.58	)		—
Administrative Class
12/31/2020†	$	16.92	$	0.04	$	4.07		$	4.11		$	(0.32	)	$	—
6/30/2020		18.54		0.38		(1.59	)		(1.21	)		(0.41	)		—
6/30/2019		18.56		0.29		0.01			0.30			(0.32	)		—
6/30/2018		18.19		0.38		0.35			0.73			(0.35	)		(0.01	)
6/30/2017		16.37		0.36		1.92			2.28			(0.46	)		—
6/30/2016		21.68		0.42		(5.20	)		(4.78	)		(0.53	)		—

^	A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%.

†	Unaudited

(a)

Calculated on average shares outstanding during the period.


72		Semiannual Report		\| December 31, 2020 \|		See accompanying Notes to Financial Statements


Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate


$	(0.29	)	$	20.65		24.36	%	$	64,223		1.29	%(c)		1.37	%(c)		1.00	%(c)		69	%
	(0.39	)		16.86		(6.66	)		55,297		1.30			1.37			2.06			91
	(0.30	)		18.47		1.44			71,931		1.30			1.38			1.84			49
	(0.33	)		18.52		3.95			88,385		1.29			1.37			1.76			63
	(0.45	)		18.13		13.99			127,642		1.30			1.35			2.01			63
	(0.51	)		16.32		(22.28	)		258,429		1.29			1.32			2.04			50

$	(0.21	)	$	20.29		23.85	%	$	6,381		2.04	%(c)		2.11	%(c)		0.38	%(c)		69	%
	(0.26	)		16.57		(7.33	)		7,488		2.05			2.12			1.27			91
	(0.18	)		18.15		0.76			13,926		2.05			2.13			0.98			49
	(0.22	)		18.20		3.11			36,184		2.04			2.12			0.99			63
	(0.32	)		17.86		13.10			54,546		2.05			2.10			1.37			63
	(0.44	)		16.09		(22.81	)		83,722		2.04			2.07			1.33			50

$	(0.27	)	$	20.71		24.19	%	$	4,596		1.54	%(c)		1.62	%(c)		0.76	%(c)		69	%
	(0.35	)		16.91		(6.89	)		4,382		1.55			1.62			1.82			91
	(0.26	)		18.52		1.23			6,108		1.55			1.63			1.58			49
	(0.25	)		18.56		3.64			9,190		1.54			1.62			1.58			63
	(0.41	)		18.15		13.68			11,300		1.55			1.60			1.91			63
	(0.49	)		16.35		(22.43	)		13,915		1.54			1.57			1.89			50

$	(0.32	)	$	20.78		24.54	%	$	25,828		1.04	%(c)		1.12	%(c)		1.26	%(c)		69	%
	(0.43	)		16.96		(6.45	)		22,912		1.05			1.12			2.29			91
	(0.34	)		18.58		1.76			38,655		1.05			1.13			1.93			49
	(0.37	)		18.61		4.17			89,644		1.04			1.12			1.87			63
	(0.49	)		18.21		14.20			148,540		1.05			1.10			2.34			63
	(0.55	)		16.40		(22.07	)		350,745		1.04			1.07			2.34			50

$	(0.33	)	$	20.80		24.58	%	$	42,470		0.94	%(c)		1.02	%(c)		1.36	%(c)		69	%
	(0.45	)		16.98		(6.33	)		37,009		0.95			1.02			2.41			91
	(0.37	)		18.60		1.84			46,473		0.95			1.03			2.24			49
	(0.38	)		18.64		4.27			55,924		0.94			1.02			2.14			63
	(0.50	)		18.24		14.33			74,272		0.95			1.00			2.18			63
	(0.56	)		16.42		(21.97	)		309,622		0.94			0.97			2.17			50

$	(0.33	)	$	20.79		24.62	%	$	1,440		0.89	%(c)		0.97	%(c)		1.41	%(c)		69	%
	(0.46	)		16.97		(6.28	)		1,230		0.90			0.97			2.47			91
	(0.37	)		18.59		1.88			1,277		0.90			0.98			2.07			49
	(0.35	)		18.63		4.31			1,836		0.89			0.97			1.48			63
	(0.52	)		18.19		14.42			28,460		0.90			0.95			2.33			63
	(0.58	)		16.38		(21.97	)		55,751		0.89			0.92			2.64			50

$	(0.32	)	$	20.71		24.45	%	$	9,210		1.19	%(c)		1.27	%(c)		0.45	%(c)		69	%
	(0.41	)		16.92		(6.58	)		1,147		1.20			1.27			2.17			91
	(0.32	)		18.54		1.68			1,436		1.20			1.28			1.60			49
	(0.36	)		18.56		4.01			4,829		1.19			1.27			1.96			63
	(0.46	)		18.19		14.09			4,973		1.20			1.25			2.08			63
	(0.53	)		16.37		(22.22	)		14,487		1.19			1.22			2.31			50

(b)

(c)

Annualized, unless otherwise noted.


See accompanying Notes to Financial Statements		\| December 31, 2020 \|		Semiannual Report			73

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 Large-Cap Value:
Class A
12/31/2020†	$	24.49	$	0.12	$	4.42		$	4.54		$	(0.08	)	$	—
6/30/2020		26.90		0.39		(1.88	)		(1.49	)		(0.41	)		(0.51	)
6/30/2019		26.14		0.41		0.79			1.20			(0.39	)		(0.05	)
6/30/2018		24.31		0.41		1.83			2.24			(0.41	)		—
6/30/2017		20.34		0.36		3.97	(d)		4.33			(0.36	)		—
6/30/2016		21.44		0.37		(1.09	)		(0.72	)		(0.38	)		—
Class C
12/31/2020†	$	24.82	$	0.02	$	4.48		$	4.50		$	—		$	—
6/30/2020		27.23		0.19		(1.88	)		(1.69	)		(0.21	)		(0.51	)
6/30/2019		26.44		0.19		0.81			1.00			(0.16	)		(0.05	)
6/30/2018		24.57		0.22		1.86			2.08			(0.21	)		—
6/30/2017		20.50		0.19		4.01	(d)		4.20			(0.13	)		—
6/30/2016		21.57		0.22		(1.09	)		(0.87	)		(0.20	)		—
Class R
12/31/2020†	$	24.77	$	0.09	$	4.47		$	4.56		$	(0.05	)	$	—
6/30/2020		27.18		0.33		(1.89	)		(1.56	)		(0.34	)		(0.51	)
6/30/2019		26.41		0.34		0.80			1.14			(0.32	)		(0.05	)
6/30/2018		24.55		0.35		1.85			2.20			(0.34	)		—
6/30/2017		20.51		0.30		4.02	(d)		4.32			(0.28	)		—
6/30/2016		21.60		0.32		(1.09	)		(0.77	)		(0.32	)		—
Class P
12/31/2020†	$	24.73	$	0.16	$	4.47		$	4.63		$	(0.12	)	$	—
6/30/2020		27.16		0.46		(1.90	)		(1.44	)		(0.48	)		(0.51	)
6/30/2019		26.38		0.48		0.81			1.29			(0.46	)		(0.05	)
6/30/2018		24.53		0.47		1.86			2.33			(0.48	)		—
6/30/2017		20.56		0.42		4.01	(d)		4.43			(0.46	)		—
6/30/2016		21.68		0.42		(1.09	)		(0.67	)		(0.45	)		—
Institutional Class
12/31/2020†	$	24.37	$	0.17	$	4.39		$	4.56		$	(0.13	)	$	—
6/30/2020		26.77		0.48		(1.87	)		(1.39	)		(0.50	)		(0.51	)
6/30/2019		26.02		0.50		0.79			1.29			(0.49	)		(0.05	)
6/30/2018		24.20		0.49		1.84			2.33			(0.51	)		—
6/30/2017		20.27		0.43		3.97	(d)		4.40			(0.47	)		—
6/30/2016		21.39		0.44		(1.09	)		(0.65	)		(0.47	)		—
Administrative Class
12/31/2020†	$	24.85	$	0.13	$	4.50		$	4.63		$	(0.06	)	$	—
6/30/2020		27.29		0.42		(1.91	)		(1.49	)		(0.44	)		(0.51	)
6/30/2019		26.51		0.45		0.80			1.25			(0.42	)		(0.05	)
6/30/2018		24.64		0.43		1.88			2.31			(0.44	)		—
6/30/2017		20.61		0.38		4.04	(d)		4.42			(0.39	)		—
6/30/2016		21.73		0.39		(1.10	)		(0.71	)		(0.41	)		—

^	A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%.

†	Unaudited

(a)

Calculated on average shares outstanding during the period.

(b)


74		Semiannual Report		\| December 31, 2020 \|		See accompanying Notes to Financial Statements


Total Dividends and Distributions			Net Asset Value, End of Period			Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate


$	(0.08	)	$	28.95			18.57	%	$	167,575		1.12	%(c)		1.12	%(c)		0.93	%(c)		49	%
	(0.92	)		24.49			(5.71	)		150,404		1.12			1.12			1.48			114
	(0.44	)		26.90			4.67			178,311		1.12			1.12			1.57			68
	(0.41	)		26.14			9.27			145,338		1.06			1.11			1.56			110
	(0.36	)		24.31	(d)		21.42	(d)		151,306		1.02			1.12			1.60			67
	(0.38	)		20.34			(3.30	)		150,436		1.11			1.11			1.82			51

$	—		$	29.32			18.13	%	$	5,515		1.87	%(c)		1.87	%(c)		0.17	%(c)		49	%
	(0.72	)		24.82			(6.41	)		7,854		1.87			1.87			0.73			114
	(0.21	)		27.23			3.82			12,080		1.87			1.87			0.70			68
	(0.21	)		26.44			8.49			62,232		1.81			1.86			0.82			110
	(0.13	)		24.57	(d)		20.52	(d)		70,159		1.77			1.87			0.86			67
	(0.20	)		20.50			(4.04	)		79,758		1.86			1.86			1.06			51

$	(0.05	)	$	29.28			18.41	%	$	1,348		1.37	%(c)		1.37	%(c)		0.68	%(c)		49	%
	(0.85	)		24.77			(5.92	)		1,197		1.37			1.37			1.24			114
	(0.37	)		27.18			4.37			2,090		1.37			1.37			1.24			68
	(0.34	)		26.41			9.00			5,200		1.31			1.36			1.35			110
	(0.28	)		24.55	(d)		21.14	(d)		6,997		1.27			1.37			1.35			67
	(0.32	)		20.51			(3.53	)		7,200		1.36			1.36			1.56			51

$	(0.12	)	$	29.24			18.74	%	$	18,405		0.87	%(c)		0.87	%(c)		1.17	%(c)		49	%
	(0.99	)		24.73			(5.49	)		15,384		0.87			0.87			1.73			114
	(0.51	)		27.16			4.95			19,097		0.87			0.87			1.80			68
	(0.48	)		26.38			9.54			20,242		0.81			0.86			1.80			110
	(0.46	)		24.53	(d)		21.71	(d)		18,164		0.77			0.87			1.85			67
	(0.45	)		20.56			(3.06	)		14,197		0.86			0.86			2.06			51

$	(0.13	)	$	28.80			18.76	%	$	139,710		0.77	%(c)		0.77	%(c)		1.27	%(c)		49	%
	(1.01	)		24.37			(5.36	)		92,001		0.77			0.77			1.81			114
	(0.54	)		26.77			5.02			132,572		0.77			0.77			1.91			68
	(0.51	)		26.02			9.66			127,728		0.71			0.76			1.89			110
	(0.47	)		24.20	(d)		21.88	(d)		114,377		0.67			0.77			1.95			67
	(0.47	)		20.27			(2.99	)		150,909		0.76			0.76			2.18			51

$	(0.06	)	$	29.42			18.66	%	$	467		1.02	%(c)		1.02	%(c)		0.99	%(c)		49	%
	(0.95	)		24.85			(5.65	)		1,181		1.02			1.02			1.58			114
	(0.47	)		27.29			4.77			1,381		1.02			1.02			1.66			68
	(0.44	)		26.51			9.40			1,323		0.96			1.01			1.64			110
	(0.39	)		24.64	(d)		21.58	(d)		1,272		0.92			1.02			1.71			67
	(0.41	)		20.61			(3.23	)		1,345		1.01			1.01			1.91			51

(c)

Annualized, unless otherwise noted.

(d)

Payments from securities litigation increased net realized and change in unrealized gain (loss) and net asset value per share by approximately $0.65 for Class A; $0.68 for Class C; $0.71 for Class R; $0.75 for Class P; $0.57 for Institutional Class and $0.65 for Administrative Class. The increase in total return per class was approximately 3.24% for Class A; 3.33% for Class C; 3.50% for Class R; 3.72% for Class P; 2.87% for Institutional Class and 3.21% for Administrative Class.


See accompanying Notes to Financial Statements		\| December 31, 2020 \|		Semiannual Report			75

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:^


	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Distributions from Net Realized Capital Gains			Net Asset Value, End of Period
AllianzGI Mid-Cap:
Class A
12/31/2020†	$	4.30	$	(0.02	)	$	1.64		$	1.62		$	(0.58	)	$	5.34
6/30/2020		3.75		(0.02	)		0.75			0.73			(0.18	)		4.30
6/30/2019		3.88		(0.02	)		0.37			0.35			(0.48	)		3.75
6/30/2018		3.74		(0.02	)		0.54			0.52			(0.38	)		3.88
6/30/2017		3.40		(0.01	)		0.62			0.61			(0.27	)		3.74
6/30/2016		3.65		(0.01	)		(0.03	)		(0.04	)		(0.21	)		3.40
Class C
12/31/2020†	$	3.35	$	(0.03	)	$	1.27		$	1.24		$	(0.58	)	$	4.01
6/30/2020		2.98		(0.04	)		0.59			0.55			(0.18	)		3.35
6/30/2019		3.23		(0.04	)		0.27			0.23			(0.48	)		2.98
6/30/2018		3.19		(0.04	)		0.46			0.42			(0.38	)		3.23
6/30/2017		2.96		(0.04	)		0.54			0.50			(0.27	)		3.19
6/30/2016		3.22		(0.03	)		(0.02	)		(0.05	)		(0.21	)		2.96
Class R
12/31/2020†	$	4.19	$	(0.03	)	$	1.60		$	1.57		$	(0.58	)	$	5.18
6/30/2020		3.66		(0.03	)		0.74			0.71			(0.18	)		4.19
6/30/2019		3.82		(0.03	)		0.35			0.32			(0.48	)		3.66
6/30/2018		3.69		(0.03	)		0.54			0.51			(0.38	)		3.82
6/30/2017		3.37		(0.02	)		0.61			0.59			(0.27	)		3.69
6/30/2016		3.62		(0.02	)		(0.02	)		(0.04	)		(0.21	)		3.37
Class P
12/31/2020†	$	5.05	$	(0.02	)	$	1.92		$	1.90		$	(0.58	)	$	6.37
6/30/2020		4.36		(0.02	)		0.89			0.87			(0.18	)		5.05
6/30/2019		4.41		(0.02	)		0.45			0.43			(0.48	)		4.36
6/30/2018		4.19		(0.01	)		0.61			0.60			(0.38	)		4.41
6/30/2017		3.77		(0.01	)		0.70			0.69			(0.27	)		4.19
6/30/2016		4.01		–			(0.03	)		(0.03	)		(0.21	)		3.77
Institutional Class
12/31/2020†	$	5.09	$	(0.02	)	$	1.95		$	1.93		$	(0.58	)	$	6.44
6/30/2020		4.39		(0.01	)		0.89			0.88			(0.18	)		5.09
6/30/2019		4.43		(0.01	)		0.45			0.44			(0.48	)		4.39
6/30/2018		4.21		(0.01	)		0.61			0.60			(0.38	)		4.43
6/30/2017		3.78		–			0.70			0.70			(0.27	)		4.21
6/30/2016		4.02		–			(0.03	)		(0.03	)		(0.21	)		3.78
Administrative Class
12/31/2020†	$	4.62	$	(0.02	)	$	1.76		$	1.74		$	(0.58	)	$	5.78
6/30/2020		4.01		(0.02	)		0.81			0.79			(0.18	)		4.62
6/30/2019		4.11		(0.02	)		0.40			0.38			(0.48	)		4.01
6/30/2018		3.94		(0.02	)		0.57			0.55			(0.38	)		4.11
6/30/2017		3.56		(0.01	)		0.66			0.65			(0.27	)		3.94
6/30/2016		3.80		(0.01	)		(0.02	)		(0.03	)		(0.21	)		3.56

^	A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%.

†	Unaudited

(a)

Calculated on average shares outstanding during the period.


76		Semiannual Report		\| December 31, 2020 \|		See accompanying Notes to Financial Statements


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


	37.77	%	$	343,852		1.14	%(c)		(0.86	)%(c)		37	%
	20.15			263,361		1.14			(0.66	)		53
	13.58			240,017		1.14			(0.66	)		60
	14.14			116,673		1.13			(0.48	)		79
	18.89			112,947		1.13			(0.40	)		77
	(1.05	)		86,224		1.13			(0.26	)		73

	37.12	%	$	17,506		1.89	%(c)		(1.61	)%(c)		37	%
	19.29			15,495		1.89			(1.41	)		53
	12.56			21,251		1.89			(1.34	)		60
	13.40			142,931		1.88			(1.23	)		79
	17.95			142,565		1.88			(1.15	)		77
	(1.51	)		162,104		1.88			(1.01	)		73

	37.57	%	$	2,521		1.39	%(c)		(1.11	)%(c)		37	%
	20.09			1,703		1.39			(0.91	)		53
	12.97			1,384		1.39			(0.89	)		60
	14.03			1,463		1.38			(0.72	)		79
	18.45			2,345		1.38			(0.65	)		77
	(1.05	)		2,195		1.38			(0.51	)		73

	37.71	%	$	20,652		0.89	%(c)		(0.61	)%(c)		37	%
	20.56			13,670		0.89			(0.41	)		53
	13.79			11,617		0.89			(0.39	)		60
	14.56			11,189		0.88			(0.23	)		79
	19.18			8,604		0.88			(0.15	)		77
	(0.69	)		2,009		0.88			(0.01	)		73

	38.00	%	$	57,667		0.79	%(c)		(0.51	)%(c)		37	%
	20.64			54,793		0.79			(0.31	)		53
	13.97			36,373		0.79			(0.29	)		60
	14.47			31,876		0.78			(0.13	)		79
	19.39			26,788		0.78			(0.05	)		77
	(0.69	)		29,092		0.78			0.11			73

	37.76	%	$	2,374		1.04	%(c)		(0.76	)%(c)		37	%
	20.34			1,748		1.04			(0.56	)		53
	13.61			1,525		1.04			(0.54	)		60
	14.19			1,441		1.03			(0.40	)		79
	19.19			575		1.03			(0.30	)		77
	(0.73	)		488		1.03			(0.16	)		73

(b)

(c)

Annualized, unless otherwise noted.


See accompanying Notes to Financial Statements		\| December 31, 2020 \|		Semiannual Report			77

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 Mid-Cap Value:
Class A
12/31/2020†	$	25.72	$	0.17	$	5.12		$	5.29		$	(0.26	)	$	(0.05	)
6/30/2020		30.60		0.38		(2.72	)		(2.34	)		(0.33	)		(2.21	)
6/30/2019		30.06		0.44		0.54			0.98			(0.31	)		(0.13	)
6/30/2018		31.41		0.39		1.27			1.66			(0.26	)		(2.75	)
6/30/2017		24.37		0.36		7.03	(e)		7.39			(0.33	)		(0.02	)
6/30/2016		25.82		0.45		(0.87	)		(0.42	)		(0.32	)		(0.71	)
Class C
12/31/2020†	$	20.74	$	0.05	$	4.12		$	4.17		$	(0.04	)	$	(0.05	)
6/30/2020		25.16		0.13		(2.18	)		(2.05	)		(0.16	)		(2.21	)
6/30/2019		24.62		0.13		0.54			0.67			—			(0.13	)
6/30/2018		26.22		0.12		1.08			1.20			(0.05	)		(2.75	)
6/30/2017		20.43		0.13		5.87	(e)		6.00			(0.19	)		(0.02	)
6/30/2016		21.83		0.23		(0.73	)		(0.50	)		(0.19	)		(0.71	)
Class R
12/31/2020†	$	21.65	$	0.12	$	4.30		$	4.42		$	(0.21	)	$	(0.05	)
6/30/2020		26.16		0.26		(2.26	)		(2.00	)		(0.30	)		(2.21	)
6/30/2019		25.79		0.31		0.46			0.77			(0.27	)		(0.13	)
6/30/2018		27.40		0.24		1.17			1.41			(0.27	)		(2.75	)
6/30/2017		21.26		0.26		6.13	(e)		6.39			(0.23	)		(0.02	)
6/30/2016		22.68		0.34		(0.76	)		(0.42	)		(0.29	)		(0.71	)
Class P
12/31/2020†	$	20.30	$	0.17	$	4.03		$	4.20		$	(0.38	)	$	(0.05	)
6/30/2020		24.68		0.36		(2.10	)		(1.74	)		(0.43	)		(2.21	)
6/30/2019		24.35		0.41		0.43			0.84			(0.38	)		(0.13	)
6/30/2018		26.01		0.37		1.10			1.47			(0.38	)		(2.75	)
6/30/2017		20.27		0.32		5.87	(e)		6.19			(0.43	)		(0.02	)
6/30/2016		21.70		0.43		(0.74	)		(0.31	)		(0.41	)		(0.71	)
Institutional Class
12/31/2020†	$	27.70	$	0.24	$	5.53		$	5.77		$	(0.41	)	$	(0.05	)
6/30/2020		32.77		0.51		(2.92	)		(2.41	)		(0.45	)		(2.21	)
6/30/2019		32.15		0.58		0.57			1.15			(0.40	)		(0.13	)
6/30/2018		33.41		0.51		1.38			1.89			(0.40	)		(2.75	)
6/30/2017		25.88		0.48		7.47	(e)		7.95			(0.40	)		(0.02	)
6/30/2016		27.33		0.56		(0.90	)		(0.34	)		(0.40	)		(0.71	)
Class R6
12/31/2020†	$	27.68	$	0.26	$	5.50		$	5.76		$	(0.43	)	$	(0.05	)
6/30/2020		32.75		0.56		(2.95	)		(2.39	)		(0.47	)		(2.21	)
6/30/2019		32.13		0.63		0.53			1.16			(0.41	)		(0.13	)
12/18/2017* - 6/30/2018		36.74		0.18		(1.61	)		(1.43	)		(0.43	)		(2.75	)
Administrative Class
12/31/2020†	$	26.59	$	0.20	$	5.29		$	5.49		$	(0.28	)	$	(0.05	)
6/30/2020		31.57		0.42		(2.81	)		(2.39	)		(0.38	)		(2.21	)
6/30/2019		31.00		0.48		0.56			1.04			(0.34	)		(0.13	)
6/30/2018		32.35		0.42		1.32			1.74			(0.34	)		(2.75	)
6/30/2017		25.08		0.40		7.24	(e)		7.64			(0.35	)		(0.02	)
6/30/2016		26.54		0.49		(0.89	)		(0.40	)		(0.35	)		(0.71	)

^	A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%.

†	Unaudited

*	Commencement of operations.

(a)

Calculated on average shares outstanding during the period.

(b)


78		Semiannual Report		\| December 31, 2020 \|		See accompanying Notes to Financial Statements


Total Dividends and Distributions			Net Asset Value, End of Period			Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate


$	(0.31	)	$	30.70			20.59	%	$	535,928		0.99	%(c)(d)		1.21	%(c)(d)		1.23	%(c)(d)		61	%
	(2.54	)		25.72			(8.93	)		474,970		0.99			1.21			1.30			197
	(0.44	)		30.60			3.46			595,707		0.99			1.21			1.48			81
	(3.01	)		30.06			4.88			518,293		1.04	(d)		1.21	(d)		1.22	(d)		31
	(0.35	)		31.41	(e)		30.53	(e)		480,691		1.21	(d)		1.21	(d)		1.30	(d)		45
	(1.03	)		24.37			(1.46	)		363,166		1.23	(d)		1.23	(d)		1.88	(d)		50

$	(0.09	)	$	24.82			20.09	%	$	40,021		1.74	%(c)(d)		1.96	%(c)(d)		0.47	%(c)(d)		61	%
	(2.37	)		20.74			(9.64	)		37,278		1.74			1.96			0.55			197
	(0.13	)		25.16			2.73			48,176		1.74			1.96			0.54			81
	(2.80	)		24.62			4.10			182,192		1.79	(d)		1.96	(d)		0.46	(d)		31
	(0.21	)		26.22	(e)		29.52	(e)		168,922		1.96	(d)		1.96	(d)		0.59	(d)		45
	(0.90	)		20.43			(2.16	)		173,304		1.98	(d)		1.98	(d)		1.13	(d)		50

$	(0.26	)	$	25.81			20.42	%	$	19,251		1.24	%(c)(d)		1.46	%(c)(d)		0.99	%(c)(d)		61	%
	(2.51	)		21.65			(9.17	)		16,268		1.24			1.46			1.05			197
	(0.40	)		26.16			3.21			20,087		1.24			1.46			1.22			81
	(3.02	)		25.79			4.65			15,644		1.27	(d)		1.46	(d)		0.90	(d)		31
	(0.25	)		27.40	(e)		30.19	(e)		5,591		1.46	(d)		1.46	(d)		1.09	(d)		45
	(1.00	)		21.26			(1.70	)		6,969		1.48	(d)		1.48	(d)		1.58	(d)		50

$	(0.43	)	$	24.07			20.72	%	$	245,731		0.74	%(c)(d)		0.96	%(c)(d)		1.49	%(c)(d)		61	%
	(2.64	)		20.30			(8.72	)		211,729		0.74			0.96			1.57			197
	(0.51	)		24.68			3.75			197,201		0.74			0.96			1.70			81
	(3.13	)		24.35			5.17			200,081		0.77	(d)		0.96	(d)		1.46	(d)		31
	(0.45	)		26.01	(e)		30.82	(e)		52,167		0.96	(d)		0.96	(d)		1.39	(d)		45
	(1.12	)		20.27			(1.19	)		17,268		0.98	(d)		0.98	(d)		2.14	(d)		50

$	(0.46	)	$	33.01			20.82	%	$	433,305		0.64	%(c)(d)		0.86	%(c)(d)		1.58	%(c)(d)		61	%
	(2.66	)		27.70			(8.62	)		385,311		0.64			0.86			1.67			197
	(0.53	)		32.77			3.83			406,173		0.64			0.86			1.82			81
	(3.15	)		32.15			5.26			332,110		0.66	(d)		0.86	(d)		1.53	(d)		31
	(0.42	)		33.41	(e)		30.95	(e)		53,333		0.86	(d)		0.86	(d)		1.66	(d)		45
	(1.11	)		25.88			(1.08	)		55,877		0.88	(d)		0.88	(d)		2.16	(d)		50

$	(0.48	)	$	32.96			20.81	%	$	86,981		0.59	%(c)(d)		0.81	%(c)(d)		1.68	%(c)(d)		61	%
	(2.68	)		27.68			(8.57	)		66,260		0.59			0.81			1.86			197
	(0.54	)		32.75			3.89			18,052		0.59			0.81			2.03			81
	(3.18	)		32.13			(4.25	)		2,167		0.59	(c)(d)		0.81	(c)(d)		1.04	(c)(d)		31

$	(0.33	)	$	31.75			20.65	%	$	37,733		0.89	%(c)(d)		1.11	%(c)(d)		1.33	%(c)(d)		61	%
	(2.59	)		26.59			(8.85	)		33,511		0.89			1.11			1.43			197
	(0.47	)		31.57			3.60			27,405		0.89			1.11			1.58			81
	(3.09	)		31.00			4.98			18,947		0.92	(d)		1.11	(d)		1.32	(d)		31
	(0.37	)		32.35	(e)		30.66	(e)		5,120		1.11	(d)		1.11	(d)		1.40	(d)		45
	(1.06	)		25.08			(1.36	)		3,792		1.13	(d)		1.13	(d)		1.98	(d)		50

(c)

Annualized, unless otherwise noted.

(d)

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

(e)

Payments from securities litigation increased net realized and change in unrealized gain (loss) and net asset value per share by approximately $1.41 for Class A; $1.23 for Class C; $1.13 for Class R; $1.93 for Class P; $1.19 for Institutional Class and $1.63 for Administrative Class. The increase in total return per class was approximately 5.86% for Class A; 6.08% for Class C; 5.37% for Class R; 9.70% for Class P; 4.66% for Institutional Class and 6.58% for Administrative Class.


See accompanying Notes to Financial Statements		\| December 31, 2020 \|		Semiannual Report			79

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 Small-Cap:
Class A
12/31/2020†	$	17.55	$	(0.01	)	$	6.37		$	6.36		$	(0.02	)	$	—
6/30/2020		19.50		0.04			(1.98	)		(1.94	)		(0.01	)		—
6/30/2019		21.61		0.07			(0.53	)		(0.46	)		(0.02	)		(1.63	)
6/30/2018		20.51		(0.02	)		3.92			3.90			—			(2.80	)
6/30/2017		16.71		0.03			3.79			3.82			(0.01	)		(0.01	)
6/30/2016		18.41		0.03			(1.14	)		(1.11	)		(0.09	)		(0.50	)
Class C
12/31/2020†	$	16.70	$	(0.08	)	$	6.05		$	5.97		$	—		$	—
6/30/2020		18.68		(0.09	)		(1.89	)		(1.98	)		—			—
6/30/2019		20.92		(0.07	)		(0.54	)		(0.61	)		—			(1.63	)
6/30/2018		20.07		(0.17	)		3.82			3.65			—			(2.80	)
6/30/2017		16.48		(0.11	)		3.71			3.60			—			(0.01	)
6/30/2016		18.20		(0.10	)		(1.12	)		(1.22	)		—			(0.50	)
Class P
12/31/2020†	$	17.76	$	0.02		$	6.45		$	6.47		$	(0.08	)	$	—
6/30/2020		19.74		0.08			(1.99	)		(1.91	)		(0.07	)		—
6/30/2019		21.81		0.12			(0.53	)		(0.41	)		(0.03	)		(1.63	)
6/30/2018		20.63		0.03			3.95			3.98			—			(2.80	)
6/30/2017		16.77		0.07			3.81			3.88			(0.01	)		(0.01	)
6/30/2016		18.49		0.07			(1.15	)		(1.08	)		(0.14	)		(0.50	)
Institutional Class
12/31/2020†	$	17.92	$	0.03		$	6.51		$	6.54		$	(0.11	)	$	—
6/30/2020		19.90		0.09			(1.99	)		(1.90	)		(0.08	)		—
6/30/2019		21.96		0.14			(0.53	)		(0.39	)		(0.04	)		(1.63	)
6/30/2018		20.73		0.05			3.98			4.03			—			(2.80	)
6/30/2017		16.84		0.10			3.81			3.91			(0.01	)		(0.01	)
6/30/2016		18.49		0.08			(1.13	)		(1.05	)		(0.10	)		(0.50	)
Class R6
12/31/2020†	$	17.93	$	0.04		$	6.50		$	6.54		$	(0.10	)	$	—
6/30/2020		19.90		0.14			(2.03	)		(1.89	)		(0.08	)		—
8/22/2018* - 6/30/2019		23.16		0.13			(1.71	)		(1.58	)		(0.05	)		(1.63	)

^	A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%.

†	Unaudited

*	Commencement of operations.

(a)

Calculated on average shares outstanding during the period.

(b)

(c)

Annualized, unless otherwise noted.

(d)

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

(e)

Payments from Affiliates increased the end of period net asset value and total return by less than $0.01 and 0.01%, respectively.


80		Semiannual Report		\| December 31, 2020 \|		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


$	(0.02	)	$	23.89			36.26	%	$	76,958		1.17	%(c)(d)		1.27	%(c)(d)		(0.05	)%(c)(d)		40	%
	(0.01	)		17.55	(e)		(9.95	)(e)		58,062		1.17	(d)		1.27	(d)		0.23	(d)		110
	(1.65	)		19.50			(0.62	)		66,269		1.18			1.27			0.35			78
	(2.80	)		21.61			19.96			44,860		1.31	(d)		1.31	(d)		(0.07	)(d)		126
	(0.02	)		20.51	(e)		22.82	(e)		39,509		1.31			1.31			0.15			152
	(0.59	)		16.71			(6.02	)		32,660		1.27			1.31			0.17			139

$	—		$	22.67			35.75	%	$	5,583		1.92	%(c)(d)		2.02	%(c)(d)		(0.81	)%(c)(d)		40	%
	—			16.70	(e)		(10.60	)(e)		4,251		1.92	(d)		2.02	(d)		(0.53	)(d)		110
	(1.63	)		18.68			(1.39	)		7,873		1.93			2.02			(0.36	)		78
	(2.80	)		20.92			19.10			35,080		2.06	(d)		2.06	(d)		(0.82	)(d)		126
	(0.01	)		20.07	(e)		21.82	(e)		32,802		2.06			2.06			(0.60	)		152
	(0.50	)		16.48			(6.72	)		36,607		2.02			2.06			(0.58	)		139

$	(0.08	)	$	24.15			36.45	%	$	21,410		0.92	%(c)(d)		1.02	%(c)(d)		0.19	%(c)(d)		40	%
	(0.07	)		17.76	(e)		(9.74	)(e)		16,747		0.92	(d)		1.02	(d)		0.44	(d)		110
	(1.66	)		19.74			(0.36	)		9,637		0.93			1.02			0.61			78
	(2.80	)		21.81			20.25			6,883		1.06	(d)		1.06	(d)		0.12	(d)		126
	(0.02	)		20.63	(e)		23.12	(e)		3,425		1.06			1.06			0.39			152
	(0.64	)		16.77			(5.82	)		3,246		1.02			1.06			0.43			139

$	(0.11	)	$	24.35			36.50	%	$	29,091		0.82	%(c)(d)		0.92	%(c)(d)		0.30	%(c)(d)		40	%
	(0.08	)		17.92	(e)		(9.62	)(e)		22,028		0.82	(d)		0.92	(d)		0.49	(d)		110
	(1.67	)		19.90			(0.29	)		9,077		0.83			0.92			0.70			78
	(2.80	)		21.96			20.40			8,104		0.96	(d)		0.96	(d)		0.21	(d)		126
	(0.02	)		20.73	(e)		23.22	(e)		3,037		0.96			0.96			0.52			152
	(0.60	)		16.84			(5.69	)		2,738		0.92			0.96			0.46			139

$	(0.10	)	$	24.37			36.48	%	$	6,963		0.77	%(c)(d)		0.87	%(c)(d)		0.36	%(c)(d)		40	%
	(0.08	)		17.93	(e)		(9.55	)(e)		9,114		0.77	(d)		0.87	(d)		0.71	(d)		110
	(1.68	)		19.90			(5.42	)		17,792		0.77	(c)		0.87	(c)		0.76	(c)		78


See accompanying Notes to Financial Statements		\| December 31, 2020 \|		Semiannual Report			81

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 Small-Cap Value:
Class A
12/31/2020†	$	11.07	$	0.11	$	2.56		$	2.67		$	(0.24	)	$	(0.05	)
6/30/2020		14.53		0.18		(2.28	)		(2.10	)		(0.06	)		(1.30	)
6/30/2019		21.71		0.29		(2.73	)		(2.44	)		(0.62	)		(4.12	)
6/30/2018		24.36		0.29		1.44			1.73			(0.12	)		(4.26	)
6/30/2017		20.82		0.30		4.12			4.42			(0.32	)		(0.56	)
6/30/2016		25.91		0.41		(1.92	)		(1.51	)		(0.35	)		(3.23	)
Class C
12/31/2020†	$	9.74	$	0.05	$	2.25		$	2.30		$	(0.12	)	$	(0.05	)
6/30/2020		12.97		0.07		(2.00	)		(1.93	)		—			(1.30	)
6/30/2019		19.30		0.16		(2.41	)		(2.25	)		—			(4.08	)*
6/30/2018		22.14		0.11		1.31			1.42			—			(4.26	)
6/30/2017		19.02		0.12		3.75			3.87			(0.19	)		(0.56	)
6/30/2016		23.99		0.23		(1.78	)		(1.55	)		(0.19	)		(3.23	)
Class R
12/31/2020†	$	12.18	$	0.10	$	2.83		$	2.93		$	(0.17	)	$	(0.05	)
6/30/2020		15.85		0.16		(2.53	)		(2.37	)		—			(1.30	)
6/30/2019		23.10		0.26		(2.85	)		(2.59	)		(0.54	)		(4.12	)
6/30/2018		25.64		0.25		1.51			1.76			(0.04	)		(4.26	)
6/30/2017		21.87		0.25		4.34			4.59			(0.26	)		(0.56	)
6/30/2016		26.99		0.37		(1.99	)		(1.62	)		(0.27	)		(3.23	)
Class P
12/31/2020†	$	12.97	$	0.14	$	3.01		$	3.15		$	(0.27	)	$	(0.05	)
6/30/2020		16.79		0.25		(2.68	)		(2.43	)		(0.09	)		(1.30	)
6/30/2019		24.18		0.38		(2.97	)		(2.59	)		(0.68	)		(4.12	)
6/30/2018		26.69		0.39		1.56			1.95			(0.20	)		(4.26	)
6/30/2017		22.74		0.36		4.54			4.90			(0.39	)		(0.56	)
6/30/2016		27.92		0.51		(2.06	)		(1.55	)		(0.40	)		(3.23	)
Institutional Class
12/31/2020†	$	13.13	$	0.15	$	3.04		$	3.19		$	(0.28	)	$	(0.05	)
6/30/2020		16.95		0.27		(2.72	)		(2.45	)		(0.07	)		(1.30	)
6/30/2019		24.34		0.41		(3.00	)		(2.59	)		(0.68	)		(4.12	)
6/30/2018		26.82		0.42		1.58			2.00			(0.22	)		(4.26	)
6/30/2017		22.84		0.42		4.53			4.95			(0.41	)		(0.56	)
6/30/2016		28.05		0.55		(2.08	)		(1.53	)		(0.45	)		(3.23	)
Class R6
12/31/2020†	$	13.02	$	0.15	$	3.02		$	3.17		$	(0.29	)	$	(0.05	)
6/30/2020		16.85		0.27		(2.68	)		(2.41	)		(0.12	)		(1.30	)
6/30/2019		24.25		0.41		(2.99	)		(2.58	)		(0.70	)		(4.12	)
6/30/2018		26.75		0.44		1.56			2.00			(0.24	)		(4.26	)
6/30/2017		22.79		0.41		4.55			4.96			(0.44	)		(0.56	)
6/30/2016		28.02		0.56		(2.08	)		(1.52	)		(0.48	)		(3.23	)
Administrative Class
12/31/2020†	$	11.02	$	0.11	$	2.57		$	2.68		$	(0.21	)	$	(0.05	)
6/30/2020		14.48		0.19		(2.27	)		(2.08	)		(0.08	)		(1.30	)
6/30/2019		21.65		0.30		(2.73	)		(2.43	)		(0.62	)		(4.12	)
6/30/2018		24.30		0.32		1.43			1.75			(0.14	)		(4.26	)
6/30/2017		20.78		0.33		4.11			4.44			(0.36	)		(0.56	)
6/30/2016		25.87		0.45		(1.92	)		(1.47	)		(0.39	)		(3.23	)

^	A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%.

†	Unaudited

The character of a portion of the distribution was redesignated from net investment income to net realized capital gain for the year ended June 30, 2019. The per share amount for Class C differs from other classes, as at the time the distribution was made, Class C had minimal distributable net investment income, therefore no redesignation for Class C was made.


82		Semiannual Report		\| December 31, 2020 \|		See accompanying Notes to Financial Statements


Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate


$	(0.29	)	$	13.45		24.09	%	$	295,295		1.17	%(c)(d)		1.27	%(c)(d)		1.77	%(c)(d)		46	%
	(1.36	)		11.07		(16.62	)		267,845		1.17	(d)		1.27	(d)		1.37	(d)		126
	(4.74	)		14.53		(7.70	)		439,710		1.18			1.26			1.65			47
	(4.38	)		21.71		7.04			718,104		1.20			1.25			1.27			24
	(0.88	)		24.36		21.38			788,438		1.20	(d)		1.24	(d)		1.31	(d)		30
	(3.58	)		20.82		(5.31	)		1,037,525		1.22	(d)		1.23	(d)		1.88	(d)		48

$	(0.17	)	$	11.87		23.63	%	$	1,722		1.92	%(c)(d)		2.02	%(c)(d)		1.00	%(c)(d)		46	%
	(1.30	)		9.74		(17.26	)		1,627		1.92	(d)		2.02	(d)		0.58	(d)		126
	(4.08	)		12.97		(8.35	)		3,984		1.93			2.01			0.88			47
	(4.26	)		19.30		6.26			106,052		1.95			2.00			0.54			24
	(0.75	)		22.14		20.45			135,225		1.95	(d)		1.99	(d)		0.56	(d)		30
	(3.42	)		19.02		(5.99	)		175,139		1.97	(d)		1.98	(d)		1.14	(d)		48

$	(0.22	)	$	14.89		24.02	%	$	14,998		1.42	%(c)(d)		1.52	%(c)(d)		1.50	%(c)(d)		46	%
	(1.30	)		12.18		(16.86	)		14,258		1.42	(d)		1.52	(d)		1.13	(d)		126
	(4.66	)		15.85		(7.97	)		22,153		1.43			1.51			1.41			47
	(4.30	)		23.10		6.77			37,655		1.45			1.50			1.02			24
	(0.82	)		25.64		21.09			51,759		1.45	(d)		1.49	(d)		1.04	(d)		30
	(3.50	)		21.87		(5.52	)		64,707		1.47	(d)		1.48	(d)		1.62	(d)		48

$	(0.32	)	$	15.80		24.27	%	$	24,716		0.92	%(c)(d)		1.02	%(c)(d)		2.03	%(c)(d)		46	%
	(1.39	)		12.97		(16.39	)		21,354		0.92	(d)		1.02	(d)		1.62	(d)		126
	(4.80	)		16.79		(7.49	)		39,426		0.93			1.01			1.91			47
	(4.46	)		24.18		7.27			65,466		0.95			1.00			1.54			24
	(0.95	)		26.69		21.66			72,679		0.95	(d)		0.99	(d)		1.42	(d)		30
	(3.63	)		22.74		(5.01	)		58,556		0.97	(d)		0.98	(d)		2.13	(d)		48

$	(0.33	)	$	15.99		24.31	%	$	95,994		0.82	%(c)(d)		0.92	%(c)(d)		2.08	%(c)(d)		46	%
	(1.37	)		13.13		(16.31	)		99,894		0.82	(d)		0.92	(d)		1.67	(d)		126
	(4.80	)		16.95		(7.42	)		288,309		0.83			0.91			1.98			47
	(4.48	)		24.34		7.43			778,547		0.85			0.90			1.61			24
	(0.97	)		26.82		21.82			1,213,861		0.83	(d)		0.89	(d)		1.68	(d)		30
	(3.68	)		22.84		(4.93	)		1,800,472		0.82	(d)		0.88	(d)		2.28	(d)		48

$	(0.34	)	$	15.85		24.38	%	$	80,975		0.77	%(c)(d)		0.87	%(c)(d)		2.12	%(c)(d)		46	%
	(1.42	)		13.02		(16.25	)		88,885		0.77	(d)		0.87	(d)		1.76	(d)		126
	(4.82	)		16.85		(7.37	)		150,200		0.78			0.86			2.04			47
	(4.50	)		24.25		7.44			347,379		0.80			0.85			1.70			24
	(1.00	)		26.75		21.90			464,279		0.79	(d)		0.84	(d)		1.60	(d)		30
	(3.71	)		22.79		(4.86	)		371,453		0.77	(d)		0.83	(d)		2.39	(d)		48

$	(0.26	)	$	13.44		24.28	%	$	38,764		1.07	%(c)(d)		1.17	%(c)(d)		1.88	%(c)(d)		46	%
	(1.38	)		11.02		(16.58	)		34,323		1.07	(d)		1.17	(d)		1.39	(d)		126
	(4.74	)		14.48		(7.64	)		107,836		1.08			1.16			1.74			47
	(4.40	)		21.65		7.14			206,749		1.10			1.15			1.38			24
	(0.92	)		24.30		21.52			365,241		1.09	(d)		1.14	(d)		1.43	(d)		30
	(3.62	)		20.78		(5.11	)		494,621		1.07	(d)		1.13	(d)		2.03	(d)		48

(a)

Calculated on average shares outstanding during the period.

(b)

(c)

Annualized, unless otherwise noted.

(d)

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


See accompanying Notes to Financial Statements		\| December 31, 2020 \|		Semiannual Report			83

Financial Highlights (cont’d)

For a Share Outstanding for the Period ended:^


	Net Asset Value, Beginning of Period		Net Investment Income (Loss) (a)			Net Realized and Change in Unrealized Gain (Loss)			Total from Investment Operations			Distributions from Net Realized Capital Gains			Net Asset Value, End of Period
AllianzGI Technology:
Class A
12/31/2020†	$	68.06	$	(0.51	)	$	24.85		$	24.34		$	(15.97	)	$	76.43
6/30/2020		63.92		(0.68	)		16.01			15.33			(11.19	)		68.06	(e)
6/30/2019		71.60		(0.68	)		5.90			5.22			(12.90	)		63.92
6/30/2018		60.82		(0.64	)		22.58			21.94			(11.16	)		71.60
6/30/2017		48.03		(0.17	)(f)		15.75			15.58			(2.79	)		60.82	(f)
6/30/2016		58.15		(0.38	)		(1.07	)		(1.45	)		(8.67	)		48.03
Class C
12/31/2020†	$	43.68	$	(0.51	)	$	15.89		$	15.38		$	(15.97	)	$	43.09
6/30/2020		45.22		(0.76	)		10.41			9.65			(11.19	)		43.68	(e)
6/30/2019		55.32		(0.92	)		3.72			2.80			(12.90	)		45.22
6/30/2018		49.43		(0.91	)		17.96			17.05			(11.16	)		55.32
6/30/2017		39.80		(0.46	)(f)		12.88			12.42			(2.79	)		49.43	(f)
6/30/2016		49.98		(0.66	)		(0.85	)		(1.51	)		(8.67	)		39.80
Class P
12/31/2020†	$	79.28	$	(0.48	)	$	28.99		$	28.51		$	(15.97	)	$	91.82
6/30/2020		72.49		(0.60	)		18.58			17.98			(11.19	)		79.28	(e)
6/30/2019		79.05		(0.58	)		6.92			6.34			(12.90	)		72.49
6/30/2018		66.03		(0.53	)		24.71			24.18			(11.16	)		79.05
6/30/2017		51.80		—(f	)		17.02			17.02			(2.79	)		66.03	(f)
6/30/2016		61.90		(0.27	)		(1.16	)		(1.43	)		(8.67	)		51.80
Institutional Class
12/31/2020†	$	81.43	$	(0.45	)	$	29.79		$	29.34		$	(15.97	)	$	94.80
6/30/2020		74.10		(0.55	)		19.07			18.52			(11.19	)		81.43	(e)
6/30/2019		80.40		(0.52	)		7.12			6.60			(12.90	)		74.10
6/30/2018		66.94		(0.45	)		25.07			24.62			(11.16	)		80.40
6/30/2017		52.43		0.06(f	)		17.24			17.30			(2.79	)		66.94	(f)
6/30/2016		62.49		(0.24	)		(1.15	)		(1.39	)		(8.67	)		52.43
Administrative Class
12/31/2020†	$	74.24	$	(0.53	)	$	27.14		$	26.61		$	(15.97	)	$	84.88
6/30/2020		68.67		(0.67	)		17.43			16.76			(11.19	)		74.24	(e)
6/30/2019		75.76		(0.67	)		6.48			5.81			(12.90	)		68.67
6/30/2018		63.76		(0.61	)		23.77			23.16			(11.16	)		75.76
6/30/2017		50.18		(0.23	)(f)		16.60			16.37			(2.79	)		63.76	(f)
6/30/2016		60.32		(0.36	)		(1.11	)		(1.47	)		(8.67	)		50.18

^	A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%.

†	Unaudited

(a)

Calculated on average shares outstanding during the period.

(b)


84		Semiannual Report		\| December 31, 2020 \|		See accompanying Notes to Financial Statements


Total Return (b)			Net Assets, End of Period (000s)		Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement (c)			Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c)			Ratio of Net Investment Income (Loss) to Average Net Assets (c)			Portfolio Turnover Rate


	35.88	%	$	797,798		1.55	%(d)		1.55	%(d)		(1.30	)%(d)		71	%
	28.34	(e)		664,833		1.57			1.57			(1.12	)		212
	12.40			601,112		1.51			1.56			(1.05	)		109
	38.89			530,127		1.42			1.57			(0.95	)		104
	33.69	(f)		452,039		1.51			1.61			(0.31	)(f)		128
	(3.24	)		417,305		1.66			1.66			(0.74	)		171

	35.40	%	$	61,916		2.31	%(d)		2.31	%(d)		(2.05	)%(d)		71	%
	27.37	(e)		50,421		2.32			2.32			(1.87	)		212
	11.57			48,842		2.23			2.31			(1.78	)		109
	37.86			138,589		2.17			2.32			(1.70	)		104
	32.69	(f)		113,411		2.26			2.36			(1.05	)(f)		128
	(3.95	)		112,423		2.41			2.41			(1.53	)		171

	36.07	%	$	198,299		1.30	%(d)		1.30	%(d)		(1.05	)%(d)		71	%
	28.67	(e)		154,810		1.32			1.32			(0.87	)		212
	12.68			155,553		1.27			1.31			(0.80	)		109
	39.24			100,560		1.17			1.32			(0.71	)		104
	34.03	(f)		59,369		1.26			1.35			(0.01	)(f)		128
	(2.99	)		44,881		1.41			1.41			(0.50	)		171

	36.13	%	$	1,365,378		1.20	%(d)		1.21	%(d)		(0.95	)%(d)		71	%
	28.78	(e)		995,709		1.22			1.22			(0.78	)		212
	12.81			800,061		1.16			1.21			(0.69	)		109
	39.37			789,922		1.07			1.22			(0.59	)		104
	34.16	(f)		736,162		1.16			1.25			0.09(f	)		128
	(2.89	)		518,761		1.31			1.31			(0.43	)		171

	35.96	%	$	82,342		1.46	%(d)		1.46	%(d)		(1.22	)%(d)		71	%
	28.46	(e)		11,669		1.47			1.47			(1.02	)		212
	12.52			11,688		1.40			1.46			(0.95	)		109
	39.02			23,535		1.32			1.47			(0.85	)		104
	33.83	(f)		15,062		1.44			1.52			(0.41	)(f)		128
	(3.15	)		62,913		1.56			1.56			(0.68	)		171

(c)

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

(d)

Annualized, unless otherwise noted.

(e)

Payments from Affiliates increased the end of period net asset value and total return by less than $0.01 and 0.01%, respectively.

(f)

An out of period adjustment of $3,694,541, which is included in miscellaneous income, related to income earned in previous years, decreased net investment loss per share and increased net asset value per share by approximately $0.15 for Class A; $0.13 for Class C; $0.20 for Class P; $0.20 for Institutional Class and $0.04 for Administrative Class. The increase in total return and decrease in ratio of net investment loss to average net assets relating to this income for each share class was approximately 0.33% and 0.28% for Class A; 0.35% and 0.29% for Class C; 0.40% and 0.33% for Class P; 0.40% and 0.32% for Institutional Class; 0.09% and 0.08% for Administrative Class, respectively.


See accompanying Notes to Financial Statements		\| December 31, 2020 \|		Semiannual Report			85

Notes to Financial Statements

December 31, 2020 (unaudited)

1.	ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Virtus Investment Trust (known during the period being reported as Allianz Funds) (the “Trust”) is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”), 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 Topic 946 Financial Services-Investment Companies. As of December 31, 2020, the Trust consisted of thirteen separate investment series (each a “Fund” and collectively, the ”Funds”), and Allianz Global Investors U.S. LLC (“AllianzGI U.S.” or the “Investment Adviser”) served as the Funds’ investment adviser. AllianzGI U.S. is an indirect, wholly-owned subsidiary of PFP Holdings, Inc. and is a member of Munich-based Allianz Group. Currently, the Trust offers up to seven classes of shares to new and existing investors: A, C, R, P, Institutional, R6 and Administrative. Class C shares of a Fund will automatically convert to Class A shares of the same Fund following a required holding period, which as of December 31, 2020, was ten years. Such conversions are subject to certain limitations.

The following Fund sold and issued shares of beneficial interest to Allianz Fund Investments, Inc. (“AFI”), an indirect wholly-owned subsidiary of Allianz SE, during the six months ended December 31, 2020:

AllianzGI Health Sciences:

Class

Date

Amount

7/13/20

285

10,000

The investment objective of each of AllianzGI Dividend Value, AllianzGI International Value, AllianzGI Large-Cap Value, AllianzGI Mid-Cap Value and AllianzGI Small-Cap Value is to seek long-term growth of capital and income. The investment objective of AllianzGI Emerging Markets Opportunities is to seek maximum long-term capital appreciation. The investment objective of each AllianzGI Focused Growth, AllianzGI Global Small-Cap, AllianzGI Health Sciences, AllianzGI Mid-Cap, AllianzGI Small-Cap and AllianzGI Technology is to seek long-term capital appreciation. 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.

Like many other companies, the Trust’s organizational documents provide that its officers (“Officers”) and the Board of Trustees (the “Board” or the “Trustees”) are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its Funds. In addition, both in some of its principal service contracts and in the normal course of its business, the Trust and Funds enter into contracts

that provide indemnifications to other parties for certain types of losses or liabilities. The Trust’s and the Funds’ maximum exposure under these arrangements is unknown as this could involve future claims against the Trust or the Funds.

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

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

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


86		December 31, 2020 \|		Semiannual Report

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

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

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

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

∎

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

∎

Level 2—valuations based on other significant observable inputs, which may include, but are not limited to, quoted prices for similar assets or

liabilities, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates or other market corroborated inputs

∎

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

The valuation techniques used by the Funds to measure fair value during the six months ended December 31, 2020 were intended to maximize the use of observable inputs and to minimize the use of unobservable inputs.

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

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

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

Equity Securities (Common and Preferred Stock and Warrants)—Equity securities traded in inactive markets and certain foreign equity securities are valued using inputs which include broker-dealer quotes, recently executed transactions adjusted for changes in the benchmark index, or evaluated price quotes received from independent pricing services that take into account the integrity of the market sector and issuer, and the individual characteristics of the security,


Semiannual Report		\| December 31, 2020			87

Notes to Financial Statements (cont’d)

December 31, 2020 (unaudited) (continued)

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

Convertible Bonds & Notes—Convertible bonds & notes are valued by independent pricing services based on various inputs and techniques, which include broker-dealer quotations from relevant

market makers and recently executed transactions in securities of the issuer or comparable issuers. The broker-dealer quotations received are supported by credit analysis of the issuer that takes into consideration credit quality assessments, daily trading activity, and the activity of the underlying equities, listed bonds and sector-specific trends. To the extent that these inputs are observable, the values of convertible bonds & notes are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

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

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

A summary of the inputs used at December 31, 2020 in valuing each Fund’s assets and liabilities is listed below (refer to the Schedules of Investments and Notes to Schedules of Investments for more detailed information on Investments in Securities and Other Financial Instruments):



AllianzGI Dividend Value:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 12/31/20
Common Stock	$	848,630,595		—		—	$	848,630,595
Exchange-Traded Funds		3,509,391		—		—		3,509,391
Repurchase Agreements		—	$	1,205,000		—		1,205,000
Totals	$	852,139,986	$	1,205,000		—	$	853,344,986


88		December 31, 2020 \|		Semiannual Report



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 12/31/20
Common Stock:
Argentina	$	1,172,654			—		—	$	1,172,654
China		14,662,220		$	78,883,648		—		93,545,868
India		7,175,418			28,428,040		—		35,603,458
Peru		2,207,568			—		—		2,207,568
South Africa		1,877,670			—		—		1,877,670
Thailand		—			—	$	3,014,691		3,014,691
Turkey		1,417,607			—		—		1,417,607
United States		1,442,880			—		—		1,442,880
All Other		—			122,467,397		—		122,467,397
Preferred Stock		—			2,760,326		—		2,760,326
Repurchase Agreements		—			826,000		—		826,000
Totals	$	29,956,017		$	233,365,411	$	3,014,691	$	266,336,119


AllianzGI Focused Growth:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 12/31/20
Common Stock	$	1,301,155,577			—		—	$	1,301,155,577
Repurchase Agreements		—		$	20,265,000		—		20,265,000
Options Purchased:
Market Price		881,875			—		—		881,875
		1,302,037,452			20,265,000		—		1,322,302,452
Investments in Securities – Liabilities
Options Written:
Market Price		(17,188	)		—		—		(17,188	)
Totals	$	1,302,020,264		$	20,265,000		—	$	1,322,285,264


Semiannual Report		\| December 31, 2020			89

Notes to Financial Statements (cont’d)

December 31, 2020 (unaudited) (continued)



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 12/31/20
Common Stock:
Australia		—	$	1,441,369			—	$	1,441,369
Denmark		—		1,021,153			—		1,021,153
Finland		—		430,799			—		430,799
France		—		2,171,334			—		2,171,334
Germany	$	984,812		2,456,840			—		3,441,652
Hong Kong		249,756		716,184			—		965,940
Italy		—		872,214			—		872,214
Japan		—		9,367,140			—		9,367,140
Korea (Republic of)		—		273,809			—		273,809
Netherlands		—		998,847			—		998,847
Norway		—		1,033,257			—		1,033,257
Singapore		—		306,888			—		306,888
Sweden		—		890,334			—		890,334
Switzerland		402,603		1,486,449			—		1,889,052
Taiwan		—		794,008			—		794,008
Thailand		—		—		$	68,491		68,491
United Kingdom		—		4,715,175			—		4,715,175
All Other		56,928,273		—			—		56,928,273
Preferred Stock		—		503,469			—		503,469
Repurchase Agreements		—		840,000			—		840,000
		58,565,444		30,319,269			68,491		88,953,204
*Other Financial Instruments – Assets**
Foreign Exchange Contracts		—		—	†		—		—	†
Totals	$	58,565,444	$	30,319,269		$	68,491	$	88,953,204


AllianzGI Health Sciences:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs			Level 3– Significant Unobservable Inputs		Value at 12/31/20
Common Stock:
Pharmaceuticals	$	73,706,380	$	4,890,816			—	$	78,597,196
All Other		91,969,143		—			—		91,969,143
Warrants		—		—		$	98,748		98,748
Rights		—		—			957		957
Repurchase Agreements		—		3,895,000			—		3,895,000
Totals	$	165,675,523	$	8,785,816		$	99,705	$	174,561,044


90		December 31, 2020 \|		Semiannual 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 12/31/20
Common Stock:
Aerospace & Defense	$	14,020,930			—	$	309,681		$	14,330,611
Apparel & Textiles		—			—		32,010			32,010
Banks		22,872,600			—		7			22,872,607
Commercial Services		—			—		576,798			576,798
Media		—			—		1,630,137			1,630,137
Oil, Gas & Consumable Fuels		13,684,229			—		6,609			13,690,838
Semiconductors		—			—		—	†		—	†
All Other		1,956,544,421			—		—			1,956,544,421
Corporate Bonds & Notes:
Commercial Services		—		$	70,634,039		179,166			70,813,205
Computers		—			9,628,609		65			9,628,674
Diversified Financial Services		—			66,477,500		14,171,734			80,649,234
Media		—			164,348,771		8			164,348,779
All Other		—			1,570,161,515		—			1,570,161,515
Convertible Bonds & Notes:		—					—
Oil, Gas & Consumable Fuels		—			31,836,368		—	†		31,836,368
All Other		—			1,525,027,212		—			1,525,027,212
Convertible Preferred Stock:
Diversified Financial Services		5,262,143			20,382,562		—			25,644,705
Telecommunications		—			24,341,710		—			24,341,710
All Other		366,928,201			—		—			366,928,201
Senior Loans		—			30,628,242		—			30,628,242
Preferred Stock		—			—		17,078,829			17,078,829
Mutual Funds		10,466,614			—		—			10,466,614
Warrants:
Advertising		—			—		1,071,460			1,071,460
Iron/Steel		—			—		38,791			38,791
Media		—			—		4			4
All Other		195,529			—		—			195,529
Repurchase Agreements		—			314,951,000		—			314,951,000
		2,389,974,667			3,828,417,528		35,095,299			6,253,487,494
Investments in Securities – Liabilities
Options Written:
Market Price		(950,795	)		—		—			(950,795	)
Totals	$	2,389,023,872		$	3,828,417,528	$	35,095,299		$	6,252,536,699


AllianzGI International Value:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs			Value at 12/31/20
Common Stock:
Canada	$	8,315,679			—		—		$	8,315,679
India		384,134		$	436,763		—			820,897
Netherlands		1,082,346			—		—			1,082,346
Russian Federation		4,838,658			—		—			4,838,658
United Kingdom		2,828,963			9,473,429		—			12,302,392
United States		12,983,471			—		—			12,983,471
All Other		—			112,425,945		—			112,425,945
Repurchase Agreements		—			1,803,000		—			1,803,000
Totals	$	30,433,251		$	124,139,137		—		$	154,572,388


Semiannual Report		\| December 31, 2020			91

Notes to Financial Statements (cont’d)

December 31, 2020 (unaudited) (continued)



AllianzGI Large-Cap Value:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs			Value at 12/31/20
Common Stock	$	322,851,223		—		—		$	322,851,223
Repurchase Agreements		—	$	12,735,000		—			12,735,000
Totals	$	322,851,223	$	12,735,000		—		$	335,586,223


AllianzGI Mid-Cap:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs			Value at 12/31/20
Common Stock	$	442,697,034		—		—		$	442,697,034
Repurchase Agreements		—	$	2,187,000		—			2,187,000
Totals	$	442,697,034	$	2,187,000		—		$	444,884,034


AllianzGI Mid-Cap Value:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs			Value at 12/31/20
Common Stock	$	1,377,368,752		—		—		$	1,377,368,752
Exchange-Traded Funds		6,713,451		—		—			6,713,451
Repurchase Agreements		—	$	19,708,000		—			19,708,000
Totals	$	1,384,082,203	$	19,708,000		—		$	1,403,790,203


AllianzGI Small-Cap:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs			Value at 12/31/20
Common Stock	$	137,783,345		—		—		$	137,783,345
Exchange-Traded Funds		168,791		—		—			168,791
Rights		—		—		—	†		—	†
Repurchase Agreements		—	$	1,563,000		—			1,563,000
Totals	$	137,952,136	$	1,563,000		—	†	$	139,515,136


AllianzGI Small-Cap Value:
Investments in Securities – Assets	Level 1– Quoted Prices		Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs			Value at 12/31/20
Common Stock	$	536,479,252		—		—		$	536,479,252
Exchange-Traded Funds		4,697,043		—		—			4,697,043
Repurchase Agreements		—	$	13,752,000		—			13,752,000
Totals	$	541,176,295	$	13,752,000		—		$	554,928,295


92		December 31, 2020 \|		Semiannual Report



AllianzGI Technology:
Investments in Securities – Assets	Level 1– Quoted Prices			Level 2– Other Significant Observable Inputs		Level 3– Significant Unobservable Inputs		Value at 12/31/20
Common Stock:
Electronic Equipment, Instruments & Components	$	12,595,804		$	40,558,252		—	$	53,154,056
Entertainment		28,376,066			64,194		—		28,440,260
Interactive Media & Services		204,843,744			135,240		—		204,978,984
IT Services		448,239,874			299,266		—		448,539,140
Semiconductors & Semiconductor Equipment		388,999,054			72,910,132		—		461,909,186
Technology Hardware, Storage & Peripherals		167,882,561			92,236,858		—		260,119,419
All Other		710,948,157			—		—		710,948,157
Exchange-Traded Funds		5,677			—		—		5,677
Repurchase Agreements		—			272,335,000		—		272,335,000
Options Purchased:
Market Price		74,146,675			—		—		74,146,675
		2,036,037,612			478,538,942		—		2,514,576,554
Investments in Securities – Liabilities
Options Written:
Market Price		(3,572,505	)		—		—		(3,572,505	)
Securities Sold Short, at value		(9,190	)		—		—		(9,190	)
		(3,581,695	)		—		—		(3,581,695	)
Totals	$	2,032,455,917		$	478,538,942		—	$	2,510,994,859

A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the six months ended December 31, 2020, was as follows:



AllianzGI Emerging Markets Opportunities:
Investments in Securities – Assets	Beginning Balance 6/30/20		Purchases		Sales			Accrued Discount (Premiums)		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3		Transfers out of Level 3		Ending Balance 12/31/20
Common Stock:
Thailand	$	7,604,987	$	—	$	(3,827,227	)	$	—	$	44,114		$	(807,183	)	$	—	$	—	$	3,014,691


AllianzGI Global Small-Cap:
Investments in Securities – Assets	Beginning Balance 6/30/20		Purchases		Sales			Accrued Discount (Premiums)		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3		Transfers out of Level 3		Ending Balance 12/31/20
Common Stock:
Thailand	$	—	$	221,031	$	(145,143	)	$	—	$	(12,037	)	$	4,640		$	—	$	—	$	68,491


AllianzGI Health Sciences:
Investments in Securities – Assets	Beginning Balance 6/30/20		Purchases		Sales			Accrued Discount (Premiums)		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3		Transfers out of Level 3		Ending Balance 12/31/20
Warrants	$	262,666	$	—	$	—		$	—	$	—		$	(163,918	)	$	—	$	—	$	98,748
Rights		957		—		—			—		—			—			—		—		957
Totals	$	263,623	$	—	$	—		$	—	$	—		$	(163,918	)	$	—	$	—	$	99,705


Semiannual Report		\| December 31, 2020			93

Notes to Financial Statements (cont’d)

December 31, 2020 (unaudited) (continued)



AllianzGI Income & Growth:
Investments in Securities – Assets	Beginning Balance 6/30/20			Purchases		Sales			Accrued Discount (Premiums)		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3			Transfers out of Level 3		Ending Balance 12/31/20
Common Stock:
Advertising	$	157,575		$	—	$	—	@	$	—	$	(458,209	)	$	300,634		$	—		$	—	$	—
Aerospace & Defense		183,201			—		—			—		—			126,480			—			—		309,681
Apparel & Textiles		28,890			—		—			—		—			3,120			—			—		32,010
Banks		7			—		—			—		—			—			—			—		7
Commercial Services		576,798			—		—			—		—			—			—			—		576,798
Media		784,514			—		—			—		—			845,623			—			—		1,630,137
Oil, Gas & Consumable Fuels		17			—		—			—		—			—			6,592	**		—		6,609
Semiconductors		—	†		—		—			—		—			—			—			—		—	†
Corporate Bonds & Notes:
Commercial Services		179,166			—		—			—		—			—			—			—		179,166
Computers		65			—		—			—		—			—			—			—		65
Diversified Financial Services		3,301,117			642,182		—			61,304		—			(1,832,869	)		12,000,000	***		—		14,171,734
Media		8			—		—			—		—			—			—			—		8
Preferred Stock		16,230,676			—		—			—		—			848,153			—			—		17,078,829
Convertible Bonds & Notes:
Oil, Gas & Consumable Fuels		—			—		—			—		—			—			—	†,***		—		—	†
Warrants:
Advertising		4,610			1,946,103		—			—		—			(879,253	)		—			—		1,071,460
Iron/Steel		11,658			—		—			—		—			27,133			—			—		38,791
Media		4			—		—			—		—			—			—			—		4
Totals	$	21,458,306		$	2,588,285	$	—		$	61,304	$	(458,209	)	$	(560,979	)	$	12,006,592		$	—	$	35,095,299

The table for AllianzGI Income & Growth includes Level 3 investments that are valued by brokers and independent pricing services. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 1(b).

The tables above may include Level 3 investments that are valued by brokers or independent pricing services. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 1(b).


94		December 31, 2020 \|		Semiannual Report

The following tables presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at December 31, 2020:



AllianzGI Health Sciences:
Investments in Securities – Assets	Ending Balance at 12/31/20		Valuation Technique Used		Unobservable Inputs		Input Values
Warrants:
Pharmaceuticals	$	98,748		Black Scholes Model		Implied Price	$	5.248
						Volatility		43.55	%


AllianzGI Income & Growth:
Investments in Securities – Assets	Ending Balance at 12/31/20		Valuation Technique Used		Unobservable Inputs		Input Values
Common Stock:
Aerospace & Defense	$	309,681		Market and Company Comparables		EV Multiples		1.06x (0.60x-2.02x	)
							9.86x (-24.03x-32.90x)
								1.02x (0.43x-1.84x	)
						M&A Transaction Multiples		0.92x (0.43x-1.96x	)
						Illiquidity Discount		40	%
Apparel & Textile	$	32,010		Market and Company Comparables		EV Multiples		0.69x (0.10x-1.12x	)
								12.57x (4.95x-21.76x	)
						Illiquidity Discount		25	%
Media	$	1,630,117		Market and Company Comparables		EV Multiples		0.84x (0.57x-4.54x	)
								7.23x (4.99x-31.47x	)
						M&A Transaction Multiples		8.52x (6.65x-10.11x	)
						Illiquidity Discount		10	%
Corporate Bonds & Notes:
Diversified Financial Services	$	2,171,734		Market and Company Comparables		EV Multiples		1.05x (0.61x-1.83x	)
							3.11x (0.94x-4.43x)
								0.63x (0.38x-0.87x	)
						Illiquidity Discount		20	%
Preferred Stock:
Media	$	1,190,020		Market and Company Comparables		EV Multiples		0.95x (0.36x-2.39x	)
					Illiquidity Discount		1%-25%
	$	15,888,729		Market and Company Comparables		EV Multiples		0.95x (0.36x-2.39x	)
						Illiquidity Discount		25%
Warrants:
Advertising	$	68,934		Market and Company Comparables		EV Multiples		2.22x (1.24x-8.25x	)
								10.3x (6.26x-25.68x	)
				Black-Scholes Model		Volatility		32.98	%
						Implied Price	$	55.90
	$	1,002,526		Market and Company Comparables		EV Multiples		1.88x (0.94x-4.12x	)
								8.35x (6.28x-9.89x	)
						M&A Transaction Multiples		1.03x (0.67x-1.54x	)
				Black-Scholes Model		Volatility		77	%
						Implied Price	$	0.629

The tables above do not include Level 3 Investments that are valued by the brokers or independent pricing services.

*	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 Level 1 and into Level 3 due to a third-party independent pricing vendor price being unavailable or unreliable at December 31, 2020.

***	Transferred out of Level 2 and into Level 3 due to a third-party independent pricing vendor price being unavailable or unreliable at December 31, 2020.

†	Actual amount rounds to less than $1.

@	Removed via corporate action.


Semiannual Report		\| December 31, 2020			95

Notes to Financial Statements (cont’d)

December 31, 2020 (unaudited) (continued)

The net change in unrealized appreciation/depreciation of Level 3 investments which the following Funds held at December 31, 2020 was:


AllianzGI Emerging Markets Opportunities	$	(467,730	)
AllianzGI Global Small-Cap		4,640
AllianzGI Health Sciences		(163,918	)
AllianzGI Income & Growth		(1,013,128	)

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

(c) Investment Transactions and Investment Income. Investment transactions are accounted for on the trade date. Securities purchased and sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains and losses on investments are determined on an identified cost basis. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as a component of net change in unrealized appreciation (depreciation) of investments on the Statements of Operations. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Interest income adjusted for the accretion of discounts and amortization of premiums is recorded on an accrual basis. Discounts or premiums on debt securities purchased are accreted or amortized, respectively, to interest income. Conversion premium is not amortized. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, and then are recorded as soon after the ex-dividend date as the Funds, using reasonable diligence, become aware of such dividends. Dividend and interest income on the Statements of Operations are shown net of any foreign taxes withheld on income from foreign securities. Payments received from real estate investment trust securities may be comprised of dividends, realized gains and return of capital. The payment may initially be recorded as dividend income and may subsequently be reclassified as realized gains and/or return of capital upon receipt of information from the issuer. Payments considered return of capital reduce the cost basis of the respective security. Distributions, if any, in excess of the cost basis of a security are recognized as capital gains. Dividends from underlying funds are recorded as dividend income, while capital gain distributions are recorded as net capital gain distributions received from underlying funds on the Statements of Operations. 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 NAV 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 December 31, 2020, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken. The Funds’ U.S. 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 Dividend Value, AllianzGI Income & Growth, AllianzGI International Value and AllianzGI Large-Cap Value), are declared and distributed to shareholders annually. Dividends from net investment income, if any, for AllianzGI Dividend Value, AllianzGI International Value and AllianzGI Large-Cap Value are declared and distributed quarterly. Dividends from net investment income and/or distributions from short-term capital gains for AllianzGI Income & Growth, if any, are declared and distributed monthly. Net realized capital gains, if any, earned by each Fund, will be distributed annually. The Funds record dividends and distributions to their respective shareholders on the ex-dividend date. The amount of dividends from net investment income and distributions from net realized capital gains is determined in accordance with U.S 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 U.S. 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 U.S. 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,


96		December 31, 2020 \|		Semiannual Report

income and expenses are translated at the prevailing exchange rate on the respective dates of such transactions. The resulting net foreign currency gain (loss) is included in the Funds’ Statements of Operations.

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

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

The Funds enter into transactions, under the Master Repo Agreements, with their custodian bank or securities brokerage firms whereby they purchase securities under agreements (i.e., repurchase agreements) to resell such securities at an agreed upon price and date. The Funds, through their custodian, take possession of securities collateralizing the repurchase agreement. Such agreements are carried at the contract amount in the financial statements, which is considered to represent fair value. The collateral that is pledged (i.e. the securities received by the Funds), which consists primarily of U.S. government obligations and asset-backed securities, is held by the custodian bank for the benefit of the Funds until the maturity of the repurchase agreement. Provisions of the repurchase agreements and the procedures adopted by the Funds require that the market value of the collateral, including accrued interest thereon, be sufficient in the event of default by the counterparty. If the counterparty defaults under the Master Repo Agreements and the value of the collateral declines or if the counterparty enters an insolvency proceeding, realization of the collateral by the Funds may be delayed or limited. The gross values are included in the Funds’ Schedules of Investments. As of December 31, 2020, the value of the related collateral exceeded the value of the repurchase agreements for each Fund.

(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. This collateral earns interest and the interest is used to pay each lender a fee for borrowed securities, to compensate the broker for its services, and to provide a rebate to the borrower (the Fund) for posting the collateral. The net proceeds from these transactions are shown as miscellaneous income or miscellaneous expense on the Statements of Operations. 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 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.


Semiannual Report		\| December 31, 2020			97

Notes to Financial Statements (cont’d)

December 31, 2020 (unaudited) (continued)

(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) Exchange-Traded Funds. Certain Funds may invest in exchange-traded-funds (“ETFs”), which typically are index-based investment companies that hold substantially all of their assets in securities representing their specific index, but may also be actively-managed investment companies. Shares of ETFs trade throughout the day on an exchange and represent an investment in a portfolio of securities and other assets. As a shareholder of another investment company, the Funds would bear their pro rata portion of the other investment company’s expenses, including advisory fees, in addition to the expenses the Funds bear directly in connection with their own operations.

(m) Convertible Securities. Certain Funds may invest a portion of their assets in convertible securities. Although convertible securities derive part of their value from that of the securities into which they are convertible, they are not considered derivative financial instruments. However, certain of the Funds’ investments in convertible securities include features which render them sensitive to price changes in their underlying securities. The value of structured/synthetic convertible securities can be affected by interest rate changes and credit risks of the issuer. Such securities may be structured in ways that limit their potential for capital appreciation and the entire value of the security may be at risk of loss depending on the performance of the underlying equity security. Consequently, the Funds are exposed to greater downside risk than traditional convertible securities, but typically still less than that of the underlying stock.

(n) Payment In-Kind Securities. The Funds may invest in payment in-kind securities, which are debt or preferred stock securities that require or permit payment of interest in the form of additional securities. Payment in-kind securities allow the issuer to avoid or delay the need to generate cash to meet current interest payments and, as a result, may involve greater risk than securities that pay interest currently or in cash.

(o) Loan Interest Expense. Loan interest expense relates to the amounts borrowed under the credit facility (See Note 10). Loan interest expense is recorded as it is incurred.

(p) Contingent Value Rights. A Fund may invest in contingent value rights (“CVRs”). A CVR gives the holder the right to receive an amount (which may be a fixed amount or determined by a formula) in the event that a specified corporate action, business milestone, or other trigger occurs (or does not occur) which is often subject to an expiration date. CVRs often are awarded to shareholders in the context of a corporate acquisition or major restructuring. For example, shareholders of an acquired company may receive a CVR that enables them to receive additional shares of the acquiring company in the event that the acquiring company’s share price falls below a certain level by a specified date. Risks associated with the use of CVRs are generally similar to risks associated with the use of options, such as the risk that the required trigger does not (or does) occur prior to a CVR’s expiration, causing the CVR to expire with no value. CVRs also present illiquidity risk, as they may not be registered securities or may otherwise be non-transferable or difficult to transfer, as well as counterparty risk and credit risk. Further, because CVRs are valued based on the likelihood of the occurrence of a trigger, valuation often requires modeling and judgment, which increases the risk of mispricing or improper valuation.

(q) Restricted Securities. The Funds are permitted to invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult.

2.	PRINCIPAL RISKS

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

Interest rate risk is the risk that fixed income securities’ valuations will change because of changes in interest rates. During periods of rising nominal interest rates, the values of fixed income instruments are generally expected to decline. Conversely, during periods of declining nominal interest rates, the values of fixed income instruments are generally expected to rise. To the extent that a Fund effectively has short positions with respect to fixed income instruments, the values of such short positions would generally be expected to rise when nominal interest rates rise and to decline when nominal interest rates decline. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is used primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. Interest rate changes can be sudden and unpredictable, and the Funds may lose money as a result of movements in interest


98		December 31, 2020 \|		Semiannual Report

rates. High-yield or junk bonds are subject to greater levels of credit and liquidity risk, may be speculative and may decline in value due to increase in interest rates or an issuer’s deterioration and/or default. The Funds may not be able to hedge against changes in interest rates or may choose not to do so for cost or other reasons. In addition, any hedges may not work as intended. The values of equity and other non-fixed income securities may also decline due to fluctuations in interest rates.

Variable and floating rate securities generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. Inverse floating rate securities may decrease in value if interest rates increase. Inverse floating rate securities may also exhibit greater price volatility than a fixed rate obligation with similar credit quality. When the Funds hold variable or floating rate securities, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the NAV of the Funds’ shares.

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

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

The Funds are subject to elements of risk not typically associated with investments in the U.S., due to concentrated investments in foreign issuers located in a specific country or region. Such concentrations will subject the Funds to additional risks resulting from future political or economic conditions in such country or region and the possible imposition of adverse governmental laws or currency exchange restrictions affecting such country or region, which could cause the securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies.

Funds may be subject to increased risk to the extent they allocate assets among investment styles and certain styles under-perform relative to other investment styles.

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 local, regional or global events, including geopolitical and other events may disrupt the economy on a national or global level. For example, events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the economy or the markets for financial instruments and, as a result, could have a significant impact on a Fund and its investments. As a further example, an outbreak of respiratory disease caused by a novel coronavirus designated as COVID-19 was first detected in China in December 2019 and subsequently spread globally, being designated as a pandemic in early 2020. The transmission of COVID-19 and efforts to contain its spread have resulted in, among other things, border closings and other significant travel restrictions and disruptions; mandatory stay-at-home and work-from-home orders in numerous countries, including the United States; significant disruptions to business operations, supply chains and customer activity, as well as mandatory business closures; lower consumer demand for goods and services; event cancellations and restrictions; cancellations, reductions and other changes in services; significant challenges in healthcare service preparation and delivery; public gathering limitations and prolonged quarantines; and general concern and uncertainty. These effects have exacerbated the significant risks inherent in market investments, and the COVID-19 pandemic has already meaningfully disrupted the global economy and markets, causing market losses across a range of asset classes, as well as both heightened market volatility and increased illiquidity for trading. Although the long-term economic fallout of COVID-19 is difficult to predict, it has the potential to continue to have ongoing material adverse effects on the global economy, the economies of individual countries, and the financial performance of individual issuers, sectors, industries, asset classes, and markets in significant and unforeseen ways. Health crises caused by the outbreak of COVID-19 may also exacerbate other pre-existing political, social, economic, market and financial risks. The effects of the outbreak in developing or emerging market countries may be greater due to less established


Semiannual Report		\| December 31, 2020			99

Notes to Financial Statements (cont’d)

December 31, 2020 (unaudited) (continued)

health care systems. The COVID-19 pandemic and its effects may be short term or may last for an extended period of time, and in either case could result in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn or recession. Furthermore, the ability of the Investment Adviser or its affiliates to operate effectively, including the ability of personnel to function, communicate and travel to the extent necessary to carry out each Fund’s investment strategies and objectives, may be materially impaired. All of the foregoing could impair a Fund’s ability to maintain operational standards (such as with respect to satisfying redemption requests), providers, adversely affect the value and liquidity of each Fund’s investments, and negatively impact each Fund’s performance and your investment in the respective Fund.

Certain of the Funds invest in ETFs. Shareholders will indirectly bear fees and expenses associated with the ETFs in which a Fund invests, in addition to a Fund’s direct fees and expenses. The cost of investing in a Fund, therefore, may be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. In addition, a Fund’s NAV will be subject to fluctuations in the market values of the ETFs in which it invests. A Fund is also subject to the risks associated with the securities or other investments in which the ETFs invest, and the ability of a Fund to meet its investment objective will directly depend on the ability of the ETFs to meet their investment objectives. An index based ETF’s performance may not match that of the index it seeks to track.

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

The Funds are exposed to risks associated with leverage. Leverage may cause the value of the Funds’ shares to be more volatile than if the Funds did not use leverage. This is because leverage tends to exaggerate the effect of any increase or decrease in the value of the Funds’ portfolio securities. The Funds may engage in transactions or purchase instruments that give rise to forms of leverage. In addition, to the extent the Funds employ leverage, dividend and interest costs on such leverage may not be recovered by any appreciation of the securities purchased with the leverage proceeds and could exceed the Funds’ investment returns, resulting in greater losses. As discussed further in Note 10, the Funds have entered into a credit agreement. In connection with their use of leverage as well as their investment

activities, the Funds may have exposure to the London Interbank Offered Rate (“LIBOR”). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has announced plans to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate, and any potential effects of the transition away from LIBOR on a Fund or on certain instruments in which a Fund invests are not known.

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.

Short sales may be used by certain Funds. When a Fund engages in a short sale on a security, it must borrow the security sold short and deliver it to the counterparty. The Fund will ordinarily have to pay a fee or premium to borrow particular securities and be obligated to repay the lender of the security any dividends or interest that accrue on the security during the period of the loan. The amount of any gain from a short sale will be decreased, and the amount of any loss increased, by the amount of the premium, dividends, interest or expenses a Fund pays in connection with the short sale. Short sales expose a Fund to the risk that it will be required to cover its short position at a time when the securities have appreciated in value, thus resulting in a loss to the Fund.

Investments in senior loans and repurchase agreements also involve special risks. Although typically secured, senior loans may not be backed by sufficient collateral to satisfy their issuers’ obligations in the event of bankruptcy or similar scenarios. Senior loans may also be illiquid. Similarly, repurchase agreements may result in losses if the collateral associated with such positions is insufficient in the event of a counterparty default or similar scenario. Repurchase agreement positions may also be illiquid.

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.


100		December 31, 2020 \|		Semiannual Report

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

The Funds may write (sell) put and call options on securities and indices to earn premiums, for hedging purposes, risk management purposes or otherwise as part of their investment strategies. When an option is written, the premium received is recorded as an asset with an equal liability that is subsequently marked to market to reflect the market value of the option written. These liabilities, if any, are reflected

as options written in the Funds’ Statements of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option written is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a put option written is exercised, the premium reduces the cost basis of the security. In writing an option, the Funds bear the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could result in the Funds purchasing a security at a price different from its current market value.

There are several risks associated with option transactions on securities. For example, there are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objective. The Funds’ ability to use options successfully will depend on the Investment Adviser’s ability to predict pertinent market movements, which cannot be assured. As the writer of a covered call option, a Fund foregoes, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call, but has retained the risk of loss should the price of the underlying security decline.

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.


Semiannual Report		\| December 31, 2020			101

Notes to Financial Statements (cont’d)

December 31, 2020 (unaudited) (continued)

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 December 31, 2020:



AllianzGI Focused Growth:
Location	Market Price
Asset derivatives:
Investments, at value (options purchased)		$ 881,875
Liability derivatives:
Options written, at value		$ (17,188	)


AllianzGI Income & Growth:
Location	Market Price
Liability derivatives:
Options written, at value		$ (950,795	)


AllianzGI Technology:
Location	Market Price
Asset derivatives:
Investments, at value (options purchased)		$ 74,146,675
Liability derivatives:
Options written, at value		$ (3,572,505	)

The effect of derivatives on the Statements of Operations for the six months ended December 31, 2020:



AllianzGI Focused Growth:
Location	Market Price
Net realized gain on:
Options written	$	574,213
Net change in unrealized appreciation/depreciation of:
Investments (options purchased)	$	(340	)
Options written		286,925
Total net change in unrealized appreciation/depreciation	$	286,585



AllianzGI Global Small-Cap:
Location	Foreign Exchange Contracts
Net realized loss on:
Forward foreign currency contracts	$	(146	)
Net change in unrealized appreciation/depreciation of:
Forward foreign currency contracts	$	29



AllianzGI Health Sciences:
Location	Foreign Exchange Contracts
Net realized loss on:
Forward foreign currency contracts	$	(6,619	)



AllianzGI Income & Growth:
Location	Market Price
Net realized loss on:
Options written	$	(3,203,213	)
Net change in unrealized appreciation/depreciation of:
Options written	$	420,450



AllianzGI Technology:
Location	Market Price		Foreign Exchange Contracts		Total
Net realized gain on:
Investments (options purchased)	$	1,276,021	$	—	$	1,276,021
Options written		3,856,687		—		3,856,687
Forward foreign currency contracts		—		38,345		38,345
Total net realized gain	$	5,132,708	$	38,345	$	5,171,053
Net change in unrealized appreciation/depreciation of:
Investments (options purchased)	$	25,775,360		—	$	25,775,360
Options written		15,569,841		—		15,569,841
Total net change in unrealized appreciation/depreciation	$	41,345,201		—	$	41,345,201

The average volume (based on the open positions at each month-end) of derivative activity during the six months ended December 31, 2020:



	Options Purchased		Options Written			Forward Foreign Currency Contracts(2)

	Contracts(1)		Contracts(1)			Purchased			Sold
AllianzGI Focused Growth		54		(75	)		—			—
AllianzGI Global Small-Cap		—		—		$	7,636			—
AllianzGI Health Sciences		—		—			—	†		—
AllianzGI Income & Growth		—		(14,298	)		—			—
AllianzGI Technology		16,362		(17,691	)		717,631			—

†	Fund had derivative activity during the period but it did not have open positions at any month-end in the period.

(1)

Number of contracts

(2)

U.S. $ value on origination date

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

Investment Advisory Fee. For the period reported in these financial statements, AllianzGI U.S. served as the investment adviser to the


102		December 31, 2020 \|		Semiannual Report

Funds, pursuant to an investment advisory contract. AllianzGI U.S. received a monthly fee (the “Investment Advisory Fee”) from each Fund at an annual rate based on the average daily net assets of each Fund.

Administration Fee. For the period reported in these financial statements, AllianzGI U.S. provided administrative services to the

Funds and also bore the cost of most third-party administrative services required by the Funds, and in return it received 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 were charged at an annual rate as indicated in the following table:



	All Classes						Class A, C, and R*						Class P						Institutional Class						Class R6						Administrative Class

	Investment Advisory Fee			Effective Advisory Fee			Administ- ration Fee			Effective Administ- ration Fee			Administ- ration Fee			Effective Administ- ration Fee			Administ- ration Fee			Effective Administ- ration Fee			Administ- ration Fee			Effective Administ- ration Fee			Administ- ration Fee			Effective Administ- ration Fee
AllianzGI Dividend Value(3)		0.45			0.38(10	)		0.40			0.40			0.40			0.40			0.30			0.30			0.25			0.25			0.30			0.30
AllianzGI Emerging Markets Opportunities(1)		0.85	%		0.65	%(4)		0.50	%		0.35	%(5)		0.50	%		0.35	%(5)		0.40	%		0.25	%(5)		0.35	%		0.20	%(5)		N/A			N/A
AllianzGI Focused Growth(3)		0.45			0.35(6	)		0.40			†(7	)		0.40			0.40			0.30			0.30			0.25			0.25			0.30	%		0.30	%
AllianzGI Global Small-Cap(2)		0.90			0.90			0.45			0.45			0.45			0.45			0.35			0.35			0.30			N/A			N/A			N/A
AllianzGI Health Sciences(3)		0.80			0.80			0.40			0.40			0.40			0.40			0.30			0.30			N/A			N/A			N/A			N/A
AllianzGI Income & Growth(3)		0.65			0.63(9	)		0.40			0.36			0.40			0.36			0.30			0.26			N/A			N/A			N/A			N/A
AllianzGI International Value(1)		0.60			0.55(11	)		0.50			0.48(12	)		0.50			0.47(12	)		0.40			0.37(12	)		0.35			0.32(12	)		0.40			0.38(12	)
AllianzGI Large-Cap Value(3)		0.45			0.45			0.40			0.40			0.40			0.40			0.30			0.30			N/A			N/A			0.30			0.30
AllianzGI Mid-Cap		0.47			0.47			0.40			0.40			0.40			0.40			0.30			0.30			N/A			N/A			0.30			0.30
AllianzGI Mid-Cap Value(3)		0.55			0.55			0.40			0.17(13	)		0.40			0.17(13	)		0.30			0.07(13	)		0.25			0.02(13	)		0.30			0.07(13	)
AllianzGI Small-Cap(3)		0.60			0.60(16	)		0.40			0.30(15	)		0.40			0.30(16	)		0.30			0.20(16	)		0.25			0.15(16	)		N/A			N/A
AllianzGI Small-Cap Value(3)		0.60			0.50(14	)		0.40			0.40			0.40			0.40(15	)		0.30			0.30(15	)		0.25			0.25(15	)		0.30			0.30(15	)
AllianzGI Technology(3)		0.89			0.90(8	)		0.40			0.39			0.40			0.39			0.30			0.29			N/A			N/A			0.30			0.29

(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 that 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 that 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 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 $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 that 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)

Investment Adviser has contractually agreed to observe, through August 31, 2021, an irrevocable waiver of a portion of its Investment Advisory Fee, which reduces the 0.85% contractual fee rate by 0.20% to 0.65%. An identical waiver arrangement has been in effect since before the beginning of the Fund’s most recent fiscal year.

(5)

The Administrator has contractually agreed to observe, through August 31, 2021, an irrevocable waiver of a portion of its Administration Fees, which reduces the contractual fee rate by 0.15%. This waiver has been in effect since before the beginning of the Fund’s most recent fiscal year.

(6)

Investment Adviser has contractually agreed to observe, through August 31, 2021, an irrevocable waiver of a portion of its Investment Advisory Fee, which reduces the 0.45% contractual fee rate by 0.10% to 0.35%. An identical waiver arrangement has been in effect since before the beginning of the Fund’s most recent fiscal year.

(7)

The Administrator has contractually agreed to observe, through August 31, 2021, an irrevocable waiver of a portion of its Administration Fees for Class A shares, which reduces the contractual fee rate by 0.02%. This waiver has been in effect since before the beginning of the Fund’s most recent fiscal year.


Semiannual Report		\| December 31, 2020			103

Notes to Financial Statements (cont’d)

December 31, 2020 (unaudited) (continued)

(8)

Investment Adviser has contractually agreed to observe, through August 31, 2021, 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 has been in effect since before the beginning of the Fund’s most recent fiscal year.

(9)

Investment Adviser has contractually agreed to observe, through August 31, 2021, 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 has been in effect since before the beginning of the Fund’s most recent fiscal year.

(10)

Investment Adviser has contractually agreed to observe, through August 31, 2021, an irrevocable waiver of a portion of its Investment Advisory fee, which reduces the 0.45% contractual fee rate by 0.075% to 0.375%, and by an additional 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.

(11)

Investment Adviser has contractually agreed to observe, through August 31, 2021, an irrevocable waiver of a portion of the Investment Advisory Fee, which reduces the 0.60% contractual fee rate by 0.05% to 0.55%, and an additional 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 has been in effect since before the beginning of the Fund’s most recent fiscal year.

(12)

The Administrator has contractually agreed to observe, through August 31, 2021, an irrevocable waiver of a portion of its Administration Fees, which reduces the contractual fee rate by 0.025%. This waiver has been in effect since before the beginning of the Fund’s most recent fiscal year.

(13)

The Administrator has contractually agreed to observe through August 31, 2021, an irrevocable waiver of a portion of its Administration Fees, which reduces the contractual fee rate by 0.22%. This waiver has been in effect since before the beginning of the Fund’s most recent fiscal year.

(14)

Investment Adviser has contractually agreed to observe, through August 31, 2021, an irrevocable waiver of a portion of the Investment Advisory Fee, which reduces the 0.60% contractual fee rate by 0.10% to 0.50%, and then by an additional 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.

(15)

The Administrator has contractually agreed to observe, through August 31, 2021, an irrevocable waiver of a portion of its Administration Fees, which reduces the contractual fee rate by 0.10%.

†	The effective Administration Fee rate for Class A is 0.38%; for Class C and Class R is 0.40%, respectively.

*	Class R shares is not available for all Funds.

Distribution and Servicing Fees. For the period reported in these financial statements, Allianz Global Investors Distributors LLC (the “Distributor”), an affiliate of AllianzGI U.S., served 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, C and R classes, the Distributor receives (i) in connection with the distribution of C and R class shares of the Trust, certain distribution fees from the Trust, and (ii) in connection with personal services rendered to A, C and R class shareholders of the Trust and the maintenance of shareholder accounts, certain servicing fees from the Trust.

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 C
All Funds		0.75	%		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 and C shares. For the six months ended December 31, 2020, the Distributor received $945,745, 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.


104		December 31, 2020 \|		Semiannual Report

Deferred Compensation. The Trustees do not currently receive any pension or retirement benefits from the Trust. In calendar year 2018 and certain prior periods, the Trust maintained a deferred compensation plan pursuant to which each Independent Trustee had the opportunity to elect not to receive all or a portion of his or her fees from the Trust on a current basis, but instead to receive in a subsequent period chosen by the Trustee an amount equal to the value of such compensation if such compensation had been invested in one or more series of Allianz Funds Multi-Strategy Trust or the Trust selected by the Trustees from and after the normal payment dates for such compensation. The deferred compensation program was closed to new deferrals effective January 1, 2020, and all Trustee fees earned with respect to service in calendar year 2020 and beyond have been or will be paid in cash, on a current basis, unless the Board of Trustees reopens the program to new deferrals. The Trust still has obligations with respect to Trustee fees deferred in 2018 and in prior periods, and will continue to have such obligations until all deferred Trustee fees are paid out pursuant to the terms of the deferred compensation plan.

5.	INVESTMENTS IN SECURITIES

For the six months ended December 31, 2020, purchases and sales of investments, other than short-term securities were:



	Purchases		Sales
AllianzGI Dividend Value	$	399,856,105	$	507,420,023
AllianzGI Emerging Markets Opportunities		82,422,217		139,356,323
AllianzGI Focused Growth		255,122,224		347,591,735
AllianzGI Global Small-Cap		33,386,231		45,185,137
AllianzGI Health Sciences		79,058,096		85,128,253
AllianzGI Income & Growth		2,266,751,859		2,074,166,287
AllianzGI International Value		92,730,417		94,805,216
AllianzGI Large-Cap Value		150,168,543		139,752,704
AllianzGI Mid-Cap		145,410,920		181,563,954
AllianzGI Mid-Cap Value		782,153,538		854,336,101
AllianzGI Small-Cap		47,961,141		56,562,058
AllianzGI Small-Cap Value		237,800,416		329,222,106
AllianzGI Technology^		1,401,854,923		1,581,856,638

^	Securities sold short of $13,552,193; covers on securities sold short of $15,410,621.

6.	INCOME TAX INFORMATION

At December 31, 2020, the aggregate cost basis and the net unrealized appreciation (depreciation) of investments and other financial instruments for U.S. federal income tax purposes were:


	Federal Tax Cost Basis(1)		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation
AllianzGI Dividend Value Fund	$	720,887,846	$	141,407,809	$	(8,950,669	)	$	132,457,140
AllianzGI Emerging Markets Opportunities Fund		176,898,157		91,499,011		(2,061,049	)		89,437,962
AllianzGI Focused Growth Fund		622,551,785		702,333,178		(2,599,699	)		699,733,479
AllianzGI Global Small-Cap Fund		62,537,455		27,220,219		(804,470	)		26,415,749
AllianzGI Health Sciences Fund		147,707,925		28,940,728		(2,087,609	)		26,853,119
AllianzGI Income & Growth Fund		5,960,972,217		752,581,043		(461,016,561	)		291,564,482
AllianzGI International Value Fund		127,569,701		27,794,558		(791,871	)		27,002,687
AllianzGI Large-Cap Value Fund		288,146,926		51,171,608		(3,732,311	)		47,439,297
AllianzGI Mid-Cap Fund		271,460,199		174,219,728		(795,893	)		173,423,835
AllianzGI Mid-Cap Value Fund		1,190,539,946		221,010,142		(7,759,885	)		213,250,257
AllianzGI Small-Cap Fund		100,854,973		40,906,811		(2,246,648	)		38,660,163
AllianzGI Small-Cap Value Fund		482,007,227		84,668,478		(11,747,410	)		72,921,068
AllianzGI Technology Fund		1,489,460,659		1,024,108,529		(2,574,329	)		1,021,534,200

(1)

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


Semiannual Report		\| December 31, 2020			105

Notes to Financial Statements (cont’d)

December 31, 2020 (unaudited) (continued)

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 Dividend Value												AllianzGI Emerging Markets Opportunities

	Six Months ended December 31, 2020 (unaudited)						Year ended June 30, 2020						Six Months ended December 31, 2020 (unaudited)						Year ended June 30, 2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		1,637,646		$	16,870,429			4,193,025		$	47,389,072			56,410		$	1,695,373			144,055		$	3,703,846
Class C		36,796			385,622			257,662			2,841,264			1,042			31,402			5,013			128,107
Class R		208,552			2,174,201			681,674			6,533,384			—			—			—			—
Class P		646,178			6,805,615			3,193,349			34,512,983			11,399			337,362			106,554			2,612,820
Institutional Class		429,502			4,566,653			2,584,048			29,428,914			440,921			13,485,691			2,066,744			53,664,156
Class R6		1,228,046			13,342,237			1,537,200			17,157,845			105,515			3,313,359			186,995			4,772,616
Administrative Class		53,999			579,966			257,509			2,793,115			—			—			—			—

Issued in reinvestment of dividends and distributions:
Class A		182,567			1,951,957			4,393,336			49,683,548			9,380			311,235			30,762			867,174
Class C		4,907			54,254			491,446			5,713,397			—			1			1,087			30,545
Class R		24,488			261,893			777,315			8,811,540			—			—			—			—
Class P		117,719			1,270,424			2,855,246			32,589,267			6,577			212,633			13,671			376,224
Institutional Class		83,163			896,099			2,379,287			27,201,280			73,249			2,426,023			219,423			6,183,338
Class R6		53,107			571,444			826,941			9,340,811			11,271			370,929			20,786			582,626
Administrative Class		14,270			156,821			352,465			4,094,484			—			—			—			—

Cost of shares redeemed:
Class A		(4,564,394	)		(47,715,000	)		(11,916,582	)		(131,786,612	)		(262,947	)		(7,881,410	)		(706,837	)		(18,162,330	)
Class C		(1,377,001	)		(14,403,714	)		(2,930,025	)		(33,954,543	)		(15,751	)		(467,917	)		(64,480	)		(1,628,445	)
Class R		(853,450	)		(8,809,360	)		(2,143,190	)		(23,044,308	)		—			—			—			—
Class P		(5,088,300	)		(53,786,258	)		(14,398,245	)		(157,888,751	)		(44,069	)		(1,299,827	)		(386,774	)		(9,560,905	)
Institutional Class		(2,164,391	)		(22,780,093	)		(14,479,995	)		(160,415,578	)		(2,124,318	)		(63,095,648	)		(5,497,930	)		(138,850,854	)
Class R6		(775,272	)		(8,098,188	)		(1,559,699	)		(17,417,443	)		(141,536	)		(4,240,962	)		(325,206	)		(8,203,875	)
Administrative Class		(582,059	)		(6,292,609	)		(1,808,902	)		(21,863,385	)		—			—			—			—
Net increase (decrease) resulting from Fund share transactions		(10,683,927	)	$	(111,997,607	)		(24,456,135	)	$	(268,279,716	)		(1,872,857	)	$	(54,801,756	)		(4,186,137	)	$	(103,484,957	)

–	May reflect actual amounts rounding to less than $1 or less than 1 share.

#	For the period July 13, 2020 (commencement of share class) through December 31, 2020. “Shares sold” includes shares sold to AFI.


106		December 31, 2020 \|		Semiannual Report


AllianzGI Focused Growth												AllianzGI Global Small-Cap												AllianzGI Health Sciences

Six Months ended December 31, 2020 (unaudited)						Year ended June 30, 2020						Six Months ended December 31, 2020 (unaudited)						Year ended June 30, 2020						Six Months ended December 31, 2020 (unaudited)						Year ended June 30, 2020
Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount

	365,563		$	24,618,700			818,405		$	42,300,013			27,617		$	1,135,077			33,146		$	1,240,087			71,965		$	2,531,886			132,866		$	4,363,069
	85,865			3,385,319			157,378			4,983,252			1,725			64,475			5,111			157,999			6,158			162,479			28,035			681,121
	48,925			2,304,393			82,857			3,050,935			—			—			—			—			—			—			—			—
	185,746			8,940,038			481,192			18,475,308			6,269			277,329			15,037			597,144			3,627	#		131,678	#		—			—
	271,841			16,785,220			821,950			38,685,091			36,337			1,748,491			65,653			2,606,632			78,104			2,807,054			258,720			8,722,810
	407,164			26,132,961			640,224			30,508,020			—			—			—			—			—			—			—			—
	2,276			129,828			20,522			939,932			—			—			—			—			—			—			—			—


	821,040			56,996,571			1,281,065			65,462,399			40,868			1,912,202			78,232			2,957,958			588,306			19,561,168			290,557			9,736,819
	184,524			7,087,569			263,084			7,984,592			5,439			206,346			14,869			463,904			28,734			672,961			12,951			324,031
	55,820			2,574,967			89,301			3,164,830			—			—			—			—			—			—			—			—
	198,800			9,540,429			302,105			11,032,878			3,095			158,463			9,904			407,250			543	#		18,352	#		—			—
	224,760			14,072,212			363,782			16,857,643			26,212			1,360,678			76,103			3,167,395			53,807			1,821,890			8,689			296,115
	250,211			15,710,734			402,518			18,688,902			—			—			—			—			—			—			—			—
	9,952			563,805			16,397			695,556			—			—			—			—			—			—			—			—


	(902,010	)		(61,563,938	)		(2,345,077	)		(122,051,089	)		(97,643	)		(4,031,077	)		(292,098	)		(10,598,756	)		(274,213	)		(9,717,387	)		(647,674	)		(20,945,491	)
	(210,412	)		(8,226,339	)		(508,764	)		(16,492,494	)		(46,464	)		(1,510,985	)		(101,822	)		(3,078,860	)		(35,263	)		(914,387	)		(42,205	)		(1,032,110	)
	(86,982	)		(4,132,663	)		(243,281	)		(9,211,952	)		—			—			—			—			—			—			—			—
	(320,485	)		(15,505,154	)		(1,039,638	)		(39,332,931	)		(21,946	)		(979,860	)		(185,344	)		(6,977,596	)		(149	)		(5,033	)		—			—
	(595,808	)		(36,533,576	)		(1,382,539	)		(65,691,338	)		(174,002	)		(8,147,414	)		(964,324	)		(39,779,928	)		(65,043	)#		(2,283,081	)#		(77,490	)		(2,554,778	)
	(391,015	)		(24,172,144	)		(1,224,791	)		(59,454,896	)		—			—			—			—			—			—			—			—
	(2,683	)		(151,276	)		(57,136	)		(2,528,779	)		—			—			—			—			—			—			—			—
	603,092		$	38,557,656			(1,060,446	)	$	(51,934,128	)		(192,493	)	$	(7,806,275	)		(1,245,533	)	$	(48,836,771	)		456,576		$	14,787,580			(35,551	)	$	(408,414	)


Semiannual Report		\| December 31, 2020			107

Notes to Financial Statements (cont’d)

December 31, 2020 (unaudited) (continued)


	AllianzGI Income & Growth												AllianzGI International Value

	Six Months ended December 31, 2020 (unaudited)						Year ended June 30, 2020						Six Months ended December 31, 2020 (unaudited)						Year ended June 30, 2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		26,661,088		$	314,761,956			42,470,266		$	458,307,364			216,039		$	3,994,604			570,879		$	9,917,509
Class C		14,493,358			156,435,960			26,827,688			265,433,243			3,664			67,445			21,479			373,610
Class R		23,894			281,282			163,204			1,786,258			17,067			318,554			53,276			887,205
Class P		21,872,973			266,716,439			38,656,111			427,259,153			37,859			703,785			53,278			935,646
Institutional Class		18,434,620			229,294,469			29,285,040			326,288,085			140,418			2,612,497			281,304			4,831,385
Class R6		—			—			—			—			8,991			172,232			23,498			376,509
Administrative Class		—			—			—			—			503,399			9,381,671			15,163			261,658

Issued in reinvestment of dividends and distributions:
Class A		5,288,490			62,672,406			10,716,958			114,275,806			45,716			876,077			75,620			1,327,623
Class C		4,037,499			43,308,659			8,925,701			86,795,322			3,707			69,673			7,435			131,292
Class R		15,088			178,268			40,330			430,317			3,240			62,180			5,646			100,179
Class P		3,242,663			39,558,605			6,486,306			71,039,043			14,569			281,149			28,868			508,213
Institutional Class		2,646,875			32,666,092			5,335,005			59,077,588			35,335			682,467			59,937			1,049,657
Class R6		—			—			—			—			1,186			22,889			1,865			32,599
Administrative Class		—			—			—			—			4,623			92,417			1,554			27,201

Cost of shares redeemed:
Class A		(14,994,280	)		(177,853,729	)		(35,958,214	)		(381,658,065	)		(431,699	)		(8,062,911	)		(1,260,019	)		(21,948,711	)
Class C		(19,698,528	)		(208,583,871	)		(35,348,794	)		(342,277,417	)		(144,951	)		(2,589,055	)		(344,021	)		(5,895,946	)
Class R		(194,105	)		(2,232,759	)		(92,452	)		(1,000,625	)		(57,587	)		(1,060,219	)		(129,498	)		(2,284,645	)
Class P		(13,609,032	)		(165,758,664	)		(32,610,163	)		(351,278,476	)		(160,271	)		(2,989,627	)		(811,469	)		(13,881,635	)
Institutional Class		(10,897,087	)		(134,274,142	)		(25,733,018	)		(280,051,998	)		(313,705	)		(5,794,359	)		(659,490	)		(11,111,521	)
Class R6		—			—			—			—			(13,388	)		(244,827	)		(21,565	)		(384,682	)
Administrative Class		—			—			—			—			(131,108	)		(2,651,458	)		(26,372	)		(475,231	)
Net increase (decrease) resulting from Fund share transactions		37,323,516		$	457,170,971			39,163,968		$	454,425,598			(216,896	)	$	(4,054,816	)		(2,052,632	)	$	(35,222,085	)

–	May reflect actual amounts rounding to less than $1 or less than 1 share.


108		December 31, 2020 \|		Semiannual Report


AllianzGI Large-Cap Value												AllianzGI Mid-Cap												AllianzGI Mid-Cap Value

Six Months ended December 31, 2020 (unaudited)						Year ended June 30, 2020						Six Months ended December 31, 2020 (unaudited)						Year ended June 30, 2020						Six Months ended December 31, 2020 (unaudited)						Year ended June 30, 2020
Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount

	151,168		$	3,929,526			282,716		$	7,207,163			1,551,535		$	7,901,515			5,530,796		$	21,292,287			488,948		$	13,921,150			1,919,358		$	55,370,753
	3,741			97,367			36,209			912,343			172,046			680,867			245,383			723,159			72,589			1,656,026			343,814			8,057,851
	4,386			112,300			14,639			368,652			104,864			521,572			213,581			807,257			79,764			1,941,567			240,521			5,949,639
	81,486			2,165,599			56,962			1,522,918			573,485			3,306,167			639,541			2,828,821			1,607,440			35,830,659			5,431,382			119,319,213
	1,408,317			37,368,565			2,388,884			58,419,448			1,398,931			8,595,431			6,763,364			29,602,379			2,283,198			68,586,886			5,184,884			153,606,350
	—			—			—			—			—			—			—			—			938,297			29,670,727			2,161,892			70,723,536
	8,100			208,245			5,498			139,760			28,475			148,301			83,579			331,732			302,094			8,744,146			687,991			19,966,174


	16,352			440,768			201,929			5,280,956			5,665,050			30,081,416			2,610,485			9,919,842			156,656			4,787,395			1,366,776			41,672,996
	—			2			8,027			215,851			537,180			2,143,349			285,007			846,472			5,307			131,189			160,184			3,954,936
	81			2,187			2,217			58,598			48,085			247,636			15,966			59,233			7,287			187,288			74,035			1,902,697
	2,529			69,013			23,340			614,039			269,892			1,708,416			104,605			465,493			155,868			3,734,595			749,548			18,019,137
	20,954			567,565			142,551			3,723,408			734,540			4,701,056			483,526			2,171,031			166,456			5,469,742			945,832			31,013,835
	—			—			—			—			—			—			—			—			37,939			1,244,784			166,258			5,444,939
	117			3,099			1,677			44,392			37,966			217,927			17,327			70,695			12,709			401,723			84,588			2,665,370


	(520,384	)		(13,807,624	)		(971,846	)		(25,134,443	)		(4,047,849	)		(20,509,789	)		(10,968,495	)		(40,834,967	)		(1,653,069	)		(46,750,349	)		(4,284,821	)		(119,915,174	)
	(132,065	)		(3,520,938	)		(171,378	)		(4,517,496	)		(967,984	)		(3,640,603	)		(3,037,545	)		(9,116,900	)		(263,235	)		(5,933,569	)		(621,647	)		(14,024,340	)
	(6,765	)		(175,995	)		(45,404	)		(1,101,206	)		(72,633	)		(368,198	)		(201,060	)		(754,085	)		(92,583	)		(2,178,737	)		(331,033	)		(8,018,951	)
	(76,495	)		(2,060,531	)		(161,500	)		(4,076,178	)		(312,230	)		(1,874,256	)		(702,403	)		(3,057,582	)		(1,984,947	)		(43,790,430	)		(3,741,443	)		(79,410,479	)
	(354,195	)		(9,304,469	)		(3,707,915	)		(97,287,632	)		(3,939,401	)		(22,769,915	)		(4,772,890	)		(21,421,383	)		(3,229,573	)		(98,488,297	)		(4,615,848	)		(135,325,112	)
	—			—			—			—			—			—			—			—			(731,087	)		(21,937,838	)		(485,632	)		(14,557,503	)
	(39,874	)		(1,025,639	)		(10,272	)		(259,416	)		(33,991	)		(185,615	)		(103,157	)		(415,657	)		(386,493	)		(11,417,857	)		(380,386	)		(11,152,557	)
	567,453		$	15,069,040			(1,903,666	)	$	(53,868,843	)		1,747,961		$	10,905,277			(2,792,390	)	$	(6,482,173	)		(2,026,435	)	$	(54,189,200	)		5,056,253		$	155,263,310


Semiannual Report		\| December 31, 2020			109

Notes to Financial Statements (cont’d)

December 31, 2020 (unaudited) (continued)


	AllianzGI Small-Cap												AllianzGI Small-Cap Value

	Six Months ended December 31, 2020 (unaudited)						Year ended June 30, 2020						Six Months ended December 31, 2020 (unaudited)						Year ended June 30, 2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold:
Class A		183,360		$	3,676,212			463,109		$	8,626,005			764,332		$	9,334,604			1,914,009		$	23,590,458
Class C		8,579			173,810			49,065			891,075			3,927			41,984			19,576			201,320
Class R		—			—			—			—			65,535			875,082			157,302			2,210,680
Class P		279,441			5,767,890			816,776			15,074,101			165,497			2,298,952			413,984			6,566,673
Institutional Class		201,603			4,157,740			1,312,314			24,014,426			322,317			4,648,754			1,191,633			17,523,857
Class R6		71,405			1,441,794			524,773			9,859,510			513,557			7,430,013			1,353,058			20,719,065
Administrative Class		—			—			—			—			186,594			2,277,405			606,485			8,421,938

Issued in reinvestment of dividends and distributions:
Class A		3,035			72,416			1,632			33,389			428,478			5,780,168			2,205,554			31,782,029
Class C		—			2			—			3			2,088			24,870			16,900			215,135
Class R		—			—			—			—			14,195			212,072			99,180			1,575,974
Class P		2,956			71,299			2,586			53,483			24,555			388,948			107,314			1,809,314
Institutional Class		5,379			130,807			2,488			51,869			112,521			1,804,830			611,030			10,424,180
Class R6		1,178			28,681			4,607			96,048			99,157			1,575,606			567,653			9,599,019
Administrative Class		—			—			—			—			54,824			739,025			646,162			9,272,422

Cost of shares redeemed:
Class A		(273,147	)		(5,537,940	)		(555,248	)		(9,773,148	)		(3,442,220	)		(41,677,374	)		(10,181,232	)		(137,187,545	)
Class C		(16,858	)		(309,508	)		(215,989	)		(3,999,466	)		(28,022	)		(304,235	)		(176,644	)		(2,242,087	)
Class R		—			—			—			—			(242,676	)		(3,218,203	)		(483,683	)		(6,915,519	)
Class P		(338,712	)		(6,979,383	)		(364,824	)		(6,611,270	)		(272,407	)		(3,859,950	)		(1,222,145	)		(18,438,944	)
Institutional Class		(241,536	)		(5,181,711	)		(541,682	)		(9,409,714	)		(2,041,844	)		(29,697,230	)		(11,198,771	)		(185,648,350	)
Class R6		(295,326	)		(5,902,641	)		(915,080	)		(18,894,588	)		(2,331,582	)		(31,323,043	)		(4,003,088	)		(62,474,690	)
Administrative Class		—			—			—			—			(469,691	)		(5,684,206	)		(5,586,028	)		(78,002,684	)
Net increase (decrease) resulting from Fund share transactions		(408,643	)	$	(8,390,532	)		584,527		$	10,011,723			(6,070,865	)	$	(78,331,928	)		(22,941,751	)	$	(346,997,755	)

–	May reflect actual amounts rounding to less than $1 or less than 1 share.


110		December 31, 2020 \|		Semiannual Report


AllianzGI Technology

Six Months ended December 31, 2020 (unaudited)						Year ended June 30, 2020
Shares			Amount			Shares			Amount

	609,661		$	47,210,014			1,419,803		$	83,096,454
	81,773			3,946,303			245,503			9,558,130
	—			—			—			—
	246,795			22,737,954			494,730			33,680,157
	1,964,690			183,776,942			3,625,923			250,396,596
	—			—			—			—
	764,521			69,964,820			98,762			6,206,610


	1,729,124			131,430,677			1,717,063			93,597,114
	385,341			16,515,699			271,884			9,548,573
	—			—			—			—
	290,989			26,567,334			293,746			18,626,410
	2,055,276			193,750,911			1,738,813			113,196,707
	—			—			—			—
	156,939			13,247,263			27,726			1,647,783


	(1,669,875	)		(134,889,546	)		(2,772,609	)		(161,363,428	)
	(184,469	)		(8,814,790	)		(443,259	)		(17,851,156	)
	—			—			—			—
	(330,844	)		(29,994,246	)		(981,508	)		(67,131,728	)
	(1,845,318	)		(172,518,679	)		(3,934,639	)		(271,073,252	)
	—			—			—			—
	(108,591	)		(9,353,733	)		(139,509	)		(8,583,880	)
	4,146,012		$	353,576,923			1,662,429		$	93,551,090


Semiannual Report		\| December 31, 2020			111

Notes to Financial Statements (cont’d)

December 31, 2020 (unaudited) (continued)

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 December 31, 2020, the significant account-holders, owners of 5% or greater of each respective Fund’s outstanding shares were as follows:


	Unaffiliated
	Number of Account Holders		Approximate Ownership
AllianzGI Dividend Value		7		62	%
AllianzGI Emerging Markets Opportunities		5		84	%
AllianzGI Focused Growth		6		54	%
AllianzGI Global Small-Cap		5		67	%
AllianzGI Health Sciences		3		58	%
AllianzGI Income & Growth		10		88	%
AllianzGI International Value		8		68	%
AllianzGI Large-Cap Value		9		73	%
AllianzGI Mid-Cap		8		67	%
AllianzGI Mid-Cap Value		9		66	%
AllianzGI Small-Cap		8		65	%
AllianzGI Small-Cap Value		4		49	%
AllianzGI Technology		3		45	%

9.	FUND EVENTS

(a) New Class

Effective July 13, 2020, AllianzGI Health Sciences Fund began offering Class P shares.

(b) Investment Advisory Agreement

On July 7, 2020, AllianzGI U.S. and Virtus Investment Partners, Inc. (“Virtus”) announced that they have entered into an agreement providing for a strategic alliance between the two parties. As part of this strategic alliance, wholly-owned subsidiaries of Virtus are expected to become the investment adviser, distributor, administrator, and transfer agent for the Funds (the “Transition”). AllianzGI U.S. portfolio management teams are expected to continue to be responsible for the day-to-day management of the Funds, through AllianzGI U.S. serving as sub-adviser to the AllianzGI U.S. Funds. Certain of the new arrangements, including the new management agreements and sub-advisory agreements, must be approved by the Funds’ Board of Trustees and Fund shareholders in order to take effect. The new management agreements are substantially similar to the existing management agreements. The Board of Trustees’ considerations in approving the new management agreement and sub-advisory agreements will be included in a future shareholder report.

The Funds’ Board of Trustees has granted approval for each of these and certain other related items. Each such item was also submitted for shareholder approval at a special meeting of shareholders held on October 28, 2020. Shareholders of record as of September 10, 2020 were entitled to vote at the special meeting of shareholders. At the

meeting quorum was achieved and required approvals were obtained with respect to the election of trustees to the Board of Trustees. Consummation of the Transition is conditioned on, among other things, the obtainment of all required approvals and consents representing a minimum threshold of assets under AllianzGI U.S.’s management. The closing of the Transition is expected to occur on or around February 1, 2020.

10.

BORROWINGS

The Trust entered into a credit agreement (the “State Street Agreement”), among the Trust and Allianz Funds Multi-Strategy Trust, as borrowers (collectively, the “AllianzGI Borrowers” and each series thereof, an “AllianzGI Borrower Fund”), and State Street Bank and Trust Company, as agent and lender, for a committed line of credit. The State Street Agreement permits the AllianzGI Borrowers to borrow up to $200 million in aggregate, subject to (i) a requirement that each AllianzGI Borrower Fund’s asset coverage with respect to senior securities representing indebtedness be 300% or higher, and (ii) certain other limitations and conditions. For the period from October 24, 2019 through October 1, 2020, pursuant to the terms of the State Street Agreement then in effect, each AllianzGI Borrower Fund paid interest on any amounts borrowed under the facility at a rate per annum equal to 1.25% plus the higher of the then-current federal funds overnight rate or the one-month LIBOR rate, subject to upward adjustment for outstanding past due payments. The State Street Agreement was extended by an additional 364-day period by an amendment effective October 2, 2020 with an expiration date of October 1, 2021 (the “Amendment”). The Amendment includes a change to the investment adviser from Allianz Global Investors


112		December 31, 2020 \|		Semiannual Report

U.S. LLC to Virtus Investment Advisers, Inc. to become effective upon the effective date on which the transactions resulting in the investment adviser change shall become effective. In addition, effective October 2, 2020, each AllianzGI Borrower Fund must pay interest on any amounts borrowed under the facility at a rate per annum equal to the sum of (a) 0.10% plus (b) the “applicable margin” of 1.25% plus (c) the higher of the then-current federal funds overnight rate or an overnight bank lending rate. Amounts borrowed may be repaid and reborrowed on a revolving basis during the term of the facility. The Funds did not utilize the line of credit during the six months ended December 31, 2020. As discussed in Note 2 above, the Funds may face certain risks and uncertainties insofar as they are exposed to LIBOR.

Pursuant to an exemptive order issued by the SEC (the “Order”), the Funds are authorized to enter into a master interfund lending agreement (the “Interfund Program”) with each other and certain funds advised by the Investment Adviser (each a “Participating Fund”). The Interfund Program allows each Participating Fund, whose policies permit it to do so, to lend money directly to and borrow money directly from other Funds for temporary purposes. During the period or six months ended December 31, 2020, the Funds did not participate as a borrower or lender in the Interfund Program.

11.

RELATED PARTY TRANSACTIONS

The Investment Adviser and Distributor are related parties. Fees payable to and amounts due from these parties are disclosed in Note 4 and the accrued related party fee and receivable amounts are disclosed on the Statements of Assets and Liabilities.

Certain Funds are permitted to purchase or sell securities from or to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price.

During the six months ended December 31, 2020, the Funds did not engage in any purchases of securities pursuant to Rule 17a-7 of the 1940 Act.

(a) Payments from Affiliates

During the six months ended December 31, 2020, AllianzGI U.S. reimbursed AllianzGI Mid-Cap $32,613 for realized losses.

(b) Affiliated Transactions

An affiliate includes any company in which a Fund held 5% or more of a company’s outstanding voting securities at any point during the reporting period. The table below represents transactions in and earnings from these affiliated issuers during the six months ended December 31, 2020:



AllianzGI Income & Growth:
	Market Value 6/30/2020		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Market Value 12/31/2020		Dividend Income		Shares as of 12/31/2020		Net Realized Gain (Loss)
AllianzGI High Yield Bond	$	9,447,349	$	285,768		—	$	733,497	$	10,466,614	$	285,768		1,241,591		—
CCF Holdings LLC, Class B		4		—		—		—		4		—		42,857		—
Cenveo Corp.		576,798		—		—		—		576,798		—		19,074		—
LiveStyle, Inc.		20		—		—		—		20		—		202,319		—
LiveStyle, Inc., Ser. B		15,040,576		—		—		848,153		15,888,729		—		171,344		—
LiveStyle, Inc., Ser. B		80		—		—		—		80		—		8,000		—
Totals	$	25,064,827	$	285,768		—	$	1,581,650	$	26,932,245	$	285,768		1,685,185		—

12.

REGULATORY MATTERS AND LITIGATION

From time to time, the Trust, the Funds, the Funds’ investment adviser and/or subadvisers and/or their affiliates may be involved in litigation and arbitration as well as examinations and investigations by various regulatory bodies, including the SEC, involving compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting their activities. At this time, the Trust believes that the outcomes of such matters are not likely, either individually or in aggregate, to be material to these financial statements.

13.

RECENT ACCOUNTING PRONOUNCEMENT

In March 2020, FASB issued Accounting Standards Update (“ASU”), No. 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered based reference rates


Semiannual Report		\| December 31, 2020			113

Notes to Financial Statements (cont’d)

December 31, 2020 (unaudited) (continued)

as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

14.

SUBSEQUENT EVENTS

In preparing these financial statements, the Funds’ management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

Effective February 1, 2021, Virtus subsidiary companies became the investment adviser, distributor, administrator and transfer agent to the Funds. Virtus Investment Advisers, Inc. (“VIA”), an indirect, wholly-owned subsidiary of Virtus, is the investment adviser to the Funds. VIA manages the Funds’ investment programs and general operations of the Funds, including oversight of the Funds’ subadvisers. The Funds’ subadvisers are AllianzGI U.S. , and NFJ Investment Group, LLC, which is a newly formed indirect, wholly-owned subsidiary of Virtus the portfolio management team of which was previously employed by AllianzGI U.S. The portfolio managers of the Funds are generally the same as of February 1, 2021, as they were during the period covered in this report.

VP Distributors, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of each Fund’s shares. Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds.

Expenses.

The investment advisory agreement with VIA provides that the Trust and Funds will bear all costs and expenses (other than those specifically referred to as being borne by VIA) incurred in the operation of the Trust, and eliminates the unitary fee structure under the management agreement previously in place with AllianzGI. Each Fund will pay expenses incurred in its own operation and will also pay a portion of the Trust’s general administration expenses allocated on the basis of the asset values of the respective Funds.

Each Fund will pay expenses incurred in its own operation and will also pay a portion of the Trust’s general administration expenses allocated on the basis of the asset values of the respective Funds.

Expenses incurred together by a Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses to each Fund or an alternative allocation method can be more appropriately used. In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests.

For managing, or directing the management of, the investment programs and general operations of each Fund, VIA is entitled to a fee pursuant to an investment advisory agreement. Fees are calculated daily and paid monthly, at the following annual rates (based on the average daily net assets of the particular Funds):


Fund	Investment Advisory Fee
AllianzGI Dividend Value		0.45	%
AllianzGI Emerging Markets Opportunities		0.85	%
AllianzGI Focused Growth		0.45	%
AllianzGI Global Small-Cap		0.90	%
AllianzGI Health Sciences		0.80	%
AllianzGI Income & Growth		0.65	%
AllianzGI International Value		0.60	%
AllianzGI Large-Cap Value		0.45	%
AllianzGI Mid-Cap		0.47	%
AllianzGI Mid-Cap Value		0.55	%
AllianzGI Small-Cap		0.60	%
AllianzGI Small-Cap Value		0.60	%
AllianzGI Technology		0.90	%

VIA has contractually agreed to limit each Fund’s annual total operating expenses, subject to the exceptions listed below, so that such expenses do not exceed, on an annualized basis, the following respective percentages of average daily net assets through February 1, 2023. Following the contractual period, VIA may discontinue these expense reimbursement arrangements at any time. The waivers and reimbursements are calculated daily and received monthly.


114		December 31, 2020 \|		Semiannual Report


	Class A	Class C	Institutional Class	Class P	Class R		Class R6	Administrative Class		Through Date

AllianzGI Dividend Value	1.05%	1.80%	0.70%	0.80%		1.30%	0.65%		0.95%	February 1, 2023

AllianzGI Emerging Markets Opportunities	1.29%	2.04%	0.94%	1.04%		N/A	0.89%		N/A	February 1, 2023

AllianzGI Focused Growth	1.00%	1.77%	0.67%	0.77%		1.27%	0.62%		0.92%	February 1, 2023

AllianzGI Global Small-Cap	1.63%	2.38%	1.28%	1.38%		N/A	1.23%		N/A	February 1, 2023

AllianzGI Health Sciences	1.47%	2.22%	1.12%	1.22%		N/A	1.07%		N/A	February 1, 2023

AllianzGI Income & Growth	1.28%	2.03%	0.93%	1.03%		1.53%	0.88%		N/A	February 1, 2023

AllianzGI International Value	1.30%	2.05%	0.95%	1.05%		1.55%	0.90%		1.20%	February 1, 2023

AllianzGI Large-Cap Value	1.12%	1.87%	0.77%	0.87%		1.37%	0.72%		1.02%	February 1, 2023

AllianzGI Mid-Cap	1.14%	1.89%	0.79%	0.89%		1.39%	0.74%		1.04%	February 1, 2023

AllianzGI Mid-Cap Value	1.00%	1.75%	0.65%	0.75%		1.25%	0.60%		0.90%	February 1, 2023

AllianzGI Small-Cap	1.17%	1.92%	0.82%	0.92%		N/A	0.77%		N/A	February 1, 2023

AllianzGI Small-Cap Value	1.17%	1.92%	0.82%	0.92%		1.42%	0.77%		1.07%	February 1, 2023

AllianzGI Technology	1.57%	2.32%	1.22%	1.32%		N/A	1.17%		1.47%	February 1, 2023

The exceptions include interest, fees or expenses relating to financial leverage or borrowing (such as commitment, amendment and renewal expenses on credit or redemption facilities), taxes, extraordinary, unusual or infrequently occurring expenses (such as litigation), brokerage commissions, expenses incurred in connection with any merger or reorganization, acquired fund fees and expenses, and dividend expenses, if any.

Valuation of Investments.

On February 1, 2021, the Trust adopted an amended valuation policy, which changed the pricing methodology for debt instruments and options.

On January 21, 2021, AllianzGI Income & Growth declared per-share net investment income dividends and short-term capital gain distributions to shareholders, payable January 21, 2021 to shareholders of record on January 20, 2021 as follows:



Share Class	Dividend Rate		Short-Term Capital Gains
Class A	$	0.01083	$	0.05917
Class C	$	0.00405	$	0.05917
Class R	$	0.00831	$	0.05917
Class P	$	0.01345	$	0.05917
Institutional Class	$	0.01454	$	0.05917

On February 18, 2021, AllianzGI Income & Growth declared per-share net investment income dividends and short-term capital gain distributions to shareholders, payable February 18, 2021 to shareholders of record on February 17, 2021 as follows:



Share Class	Dividend Rate		Short-Term Capital Gains
Class A	$	0.01598	$	0.05402
Class C	$	0.01079	$	0.05402
Class R	$	0.01196	$	0.05402
Class P	$	0.01774	$	0.05402
Institutional Class	$	0.01808	$	0.05402

There were no other subsequent events identified that require recognition or disclosure.


Semiannual Report		\| December 31, 2020			115

Unaudited

Consideration of Advisory and Subadvisory Agreements by the Board of Trustees of the Trust

At meetings held on August 20 and August 27, 2020 by the Contracts Committee (the “Committee”) of the Board of Trustees of the Trust (the “Board”), the Trustees who are not interested persons of the Trust as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (such Act, the “1940 Act” and such Trustees, the “Independent Trustees”) considered proposed advisory and subadvisory agreements in connection with the proposed strategic partnership between Allianz Global Investors U.S. LLC (“AllianzGI U.S.”), the then-current investment adviser to each series of the Trust (each a “Fund” and collectively, the “Funds”), and Virtus Investment Partners, Inc. (together with its affiliates, “Virtus”), pursuant to which Virtus companies would become, subject to certain shareholder approvals and additional terms and conditions, the investment adviser, distributor, transfer agent and administrator for the Funds (the “Transition”). In addition, in connection with the Transition, AllianzGI U.S. would continue to provide portfolio management services for certain Funds¹ in a subadvisory capacity (the “Allianz Sub-Advised Funds”), and Funds previously managed by the AllianzGI Value Equity US team² would be sub-advised by NFJ Investment Group LLC, a newly-formed affiliate of Virtus (the “Virtus Value Equity Subadviser”) (the “Value Equity Funds”). On August 31, 2020, the Board approved an advisory agreement between the Funds and Virtus Investment Advisers, Inc. (the “Advisory Agreement”), subadvisory agreements between each Allianz Sub-Advised Fund and AllianzGI U.S. and subadvisory agreements between each Value Equity Fund and the Virtus Value Equity Subadviser (the “Subadvisory Agreements”, and together with the Advisory Agreement, the “Agreements”), as further discussed below.

At a meeting held on January 26, 2021, the Board, including a majority of Independent Trustees, also considered and approved (i) with respect to Virtus AllianzGI Emerging Markets Opportunities Fund³, an interim investment advisory agreement between the Trust and Virtus and an interim subadvisory agreement between Virtus and AllianzGI U.S. and (ii) with respect to Virtus NFJ International Value Fund, an interim investment advisory agreement between the Trust and Virtus and an interim subadvisory agreement between Virtus and the Virtus Value Equity Subadviser. These interim agreements became effective February 1, 2021 for a term of 150 days, pending consideration of the Agreements by shareholders of Virtus AllianzGI Emerging Markets Opportunities Fund and Virtus NFJ International Value Fund. The interim advisory contracts are substantively identical to the Funds’ preexisting primary advisory agreements with AllianzGI U.S., which the Board had previously approved, except for certain provisions necessary for compliance with Rule 15a-4 under the 1940 Act, including provisions related to term and termination and provisions according to

which advisory fees are to be held in escrow pending shareholder consideration of the Agreements. The Board’s evaluation of the interim advisory and subadvisory agreements included consideration of the same information and factors as the Board’s consideration of the Agreements, as detailed below, as well as consideration of potential alternative arrangements for Virtus AllianzGI Emerging Markets Opportunities Fund and Virtus NFJ International Value Fund and consideration of the fact that the scope and quality of services to be provided to the Funds under the interim contracts are be at least equivalent to the scope and quality of services provided under the preexisting primary advisory contract.

In evaluating the Agreements, the Independent Trustees considered how the Transition was expected to impact the Funds and considered the representations from Virtus and AllianzGI U.S. regarding the potential benefits of their strategic partnership with respect to the Funds. The Independent Trustees inquired whether Virtus and AllianzGI U.S. had specific plans for the future structure of the Funds, whether they planned to propose to eliminate any Funds, and whether there were plans to change the fees or expense structure of any of the Funds. The Independent Trustees considered in this regard that following the Transition there would be no changes planned to the organizational structure of each Fund. They also considered that Virtus had agreed to contractually limit each Fund’s total operating expenses so that, on a net basis, such expenses would be equal to or lower than total expenses prior to the Transition for at least two years following the effective date of the Transition.

In addition, the Independent Trustees considered the following in connection with their consideration of the Agreements: (1) the nature, extent, and quality of the services expected to be provided by Virtus, AllianzGI U.S. and/or the Virtus Value Equity Subadviser, as applicable; and (2) the fairness of the Agreements.

Nature, Extent and Quality of Services

With respect to the nature, extent and quality of the services, the Independent Trustees considered the following, among other factors: (1) Virtus’ experience as a manager of managers of the Virtus funds whose portfolios are managed by subadvisers; (2) the experience of key Virtus personnel responsible for oversight of the Funds; (3) the experience of Virtus affiliates in providing administrative and other services, including its oversight of third-party service providers; (4) the quality of the services provided by Virtus affiliates to the Virtus funds and the performance history and third-party rankings of those funds; (5) Virtus’ risk management program, including with respect to enterprise, operational and other risks; (6) the growth over time and

The Allianz Sub-Advised Funds are: Virtus AllianzGI Emerging Markets Opportunities Fund, Virtus AllianzGI Focused Growth Fund, Virtus AllianzGI Global Small-Cap Fund, Virtus AllianzGI Health Sciences Fund, Virtus AllianzGI Income & Growth Fund, Virtus AllianzGI Mid-Cap Growth Fund, Virtus AllianzGI Small-Cap Fund and Virtus AllianzGI Technology Fund.

2	The Value Equity Funds are: Virtus AllianzGI Dividend Value Fund, Virtus AllianzGI International Value Fund, Virtus AllianzGI Large-Cap Value Fund, Virtus AllianzGI Mid-Cap Value Fund and Virtus AllianzGI Small-Cap Value Fund.

3	Subsequent to the Transition, shareholders of Virtus AllianzGI Emerging Markets Opportunities Fund and Virtus NFJ International Value Fund approved the Agreements.


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net flows of the Virtus fund complex and the stated commitment of Virtus to actively promote the sale of shares of the Funds using their extensive distribution network and relationships with intermediaries; and (7) Virtus’ representations regarding the soundness of Virtus’ financial condition and its relationship to a large financial services enterprise.

Fairness

With respect to the fairness of the Agreements, the Independent Trustees considered the following, among other matters: (1) the projected profitability of Virtus affiliates from their potential relationship with each Fund; (2) the projected profitability of AllianzGI U.S. and the Virtus Value Equity Subadviser, as applicable, related to becoming a subadviser to a Fund; (3) the pro forma expenses of each Fund following the Transition, including reflecting any proposed changes in service providers to the Funds; (4) the extent to which economies of scale might be realized as each Fund grows and any potential reduction in expenses associated with being part of a larger fund complex; (5) whether fee levels reflect any such potential economies of scale for the benefit of investors in each Fund; and (6) any potential “fall-out” benefits from the relationships of Virtus, AllianzGI U.S. and the Virtus Value Equity Subadviser with the Funds, such as reputational value derived from serving as the adviser or subadviser to the Funds, as applicable. In considering the estimate of the projected profitability of Virtus, AllianzGI U.S. and Virtus Value Equity Subadviser from their relationships with each Fund, as applicable, the Board determined that such profitability was not excessive in light of the nature, scope and quality of services expected to be provided.

Other Factors

In unanimously approving and recommending shareholder approval of the Agreements, the Independent Trustees concluded, as considered in the context of AllianzGI U.S’s representation that it is exiting the U.S. fund business (except as subadviser), that the terms of each Agreement are fair and reasonable and that approval of the Agreements is in the best interests of each Fund and its shareholders. In reaching this determination in the exercise of their business judgment, the Independent Trustees considered the following factors, among others, in addition to those noted above:

(1)

the terms of the proposed new investment advisory agreement for the Funds (together, the “Proposed Investment Advisory Agreement”) are substantially similar in all material respects to those of the Funds’ investment advisory agreement with AllianzGI U.S., which were approved by the Board and Independent Trustees on June 25, 2020 (together, the “Prior IAA”), with the exception of the move away from the unitary administration fee to a pass-through fee structure;

(2)

the various potential benefits of the Transition to the shareholders of each Fund, including the potential benefit of

access to an enhanced distribution network, which could result in the growth of Fund assets and economies of scale over time;

(3)

the investment and performance oversight process used by Virtus under its multi-manager model under which it contracts with and oversees affiliated and unaffiliated subadvisers, and its ability to adequately and effectively oversee and perform due diligence on those subadvisers, including AllianzGI U.S. and the Virtus Value Equity Subadviser;

(4)

the structure of the Virtus Value Equity Subadviser as an affiliated manager of Virtus and its access to resources, including Virtus’ investment oversight capabilities, trading and compliance infrastructure;

(5)

the compliance history of Virtus and AllianzGI U.S. and their respective compliance programs, including Virtus’ oversight of the compliance programs of the subadvisers it employs;

(6)

the adequacy of Virtus’ resources to service the Funds, as compared with the resources of AllianzGI U.S., including Virtus’ resources with respect to its investment oversight, legal, compliance, valuation, fund administration and accounting functions, and its commitment to add additional resources to support those areas as necessary with the addition of the Funds to the Virtus fund complex, in connection with and following the Transition;

(7)

there would be no proposed changes to each Fund’s principal investment objectives and strategies as a direct result of the Transition;

(8)

the performance of the Funds relative to comparable funds and unmanaged indices, as reviewed during the Board’s 2020 annual Section 15(c) renewal process;

(9)

the continuity of the portfolio managers for each of the Funds, the representations from Virtus to AllianzGI U.S. as to the length and terms of the sub-advisory relationship as reflected in the strategic partnership agreement between AllianzGI U.S. and Virtus (the “Strategic Partnership Agreement”), and any impact of the subadvisory arrangements on the retention of those portfolio managers by AllianzGI U.S. or the Virtus Value Equity Subadviser;

(10)

the advisory fees under the Proposed Investment Advisory Agreement are identical to those paid under the Prior IAA;

(11)

information provided by AllianzGI U.S. and Virtus regarding the fees and expense ratios of the Funds relative to comparable funds, as reviewed during the Board’s 2020 annual Section 15(c) renewal process;

(12)

the fees and expense ratios of any funds or accounts managed by AllianzGI U.S. or Virtus (if any) using a comparable investment strategy to those of the Funds;


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Unaudited

Consideration of Advisory and Subadvisory Agreements by the Board of Trustees of the Trust (cont’d)

(13)

the reasonableness of the proposed “fee split” in the advisory and subadvisory fees, including whether the split in the fee appropriately reflects the services provided by Virtus on the one hand, and the services that would be provided by AllianzGI U.S. or the Virtus Value Equity Subadviser, on the other, and whether the fee split could provide an incentive for Virtus to replace AllianzGI U.S. with an affiliated manager;

(14)

that Virtus has agreed to contractually limit each Fund’s total operating expenses for all classes of shares so that, on a net basis, such expenses will be equal to or lower than net total expenses prior to the Transition for at least two years following the Transition, although the Independent Trustees noted that total operating expenses could increase after that date unless the expense limitation agreement is continued;

(15)

the change from the unitary administration fee for the Funds, which could result in either an increase or decrease in total annual operating expenses for certain Funds on a pro forma basis, while taking into account the commitment from Virtus to maintain each Fund’s total annual operating expenses of each class prior to the Transition for at least two years following the Transition and the potential for additional economies of scale for these administration expenses due to the increase in fund assets managed by Virtus;

(16)

the ability to spread fixed costs over a large combined asset base among the funds in the Virtus fund complex, which has the potential to result in a reduction in the per share expenses paid by shareholders of each Fund over the longer term;

(17)

the commitment of Virtus and AllianzGI U.S. to pay the expenses of each Fund associated with the Transition, including all legal expenses associated with the Transition and the Board’s approval of the Agreements, as well as the expenses associated with the proxy solicitation, so that shareholders of the Funds would not have to bear any such expenses;

(18)

the possible benefits that may be realized by each Fund and by Virtus, AllianzGI U.S. and Virtus Value Equity Subadviser as a result of the Transition, including certain payouts to AllianzGI U.S. based on a percentage of the net management fees of certain Funds, as reflected in the Strategic Partnership Agreement;

(19)

AllianzGI U.S.’s communication to the Board that it is exiting the U.S. fund business (except as a subadviser) and has entered into the Strategic Partnership Agreement with Virtus;

(20)

any impact on Virtus or AllianzGI U.S. or their operations related to the COVID-19 pandemic and the resulting market volatility and the functioning of their business continuity during this time;

(21)

Virtus’ experience with other similar fund adoptions and the related transitions;

(22)

compensation expected to be paid by the Funds to Virtus affiliates for other services;

(23)

that other proposed changes to the Funds’ other service providers were not expected to result in any diminution in the quality or extent of the services as compared with the services provided to each Fund and its shareholders prior to the Transition;

(24)

that three of the Independent Trustees would, subject to required approvals, (a) remain on the Board of each Fund in order to maintain the continuity and historical knowledge of the Board with respect to AllianzGI U.S., the individual Fund strategies, and the portfolio managers of each Fund, among other matters; and (b) be proposed for nomination to the boards of trustees of the open-end funds and certain closed-end funds in the Virtus fund complex in order to realize administrative and cost efficiencies involved with having one unified, integrated board with one set of board meetings as requested and recommended by Virtus and AllianzGI U.S. as part of their strategic alliance; and

(25)

the commitment from Virtus and AllianzGI U.S. that they would refrain from imposing or seeking to impose, for a period of two years after the Transition, any “unfair burden” within the meaning of Section 15(f) of the 1940 Act on the Funds.

Conclusion

After reviewing these and other factors, the Board concluded, with respect to each Fund, within the context of their overall conclusions regarding the Agreements and in their business judgment that they were satisfied with Virtus’ and AllianzGI U.S.’s responses to their requests for information, including Virtus’ representations regarding its efforts to improve performance for underperforming Funds following the Transition. The Board also concluded that the fees payable under the Agreements represent reasonable compensation in light of the nature, extent and quality of services expected to be provided by Virtus, AllianzGI U.S. and the Virtus Value Equity Subadviser, as applicable, taking into account Virtus’ agreement to continue existing expense limitations for at least a two-year period following the Transition. Based on their evaluation of factors they deemed to be material, including, but not limited to, those factors described above, the Board, including the Independent Trustees, unanimously concluded that the approval of the Agreements with respect to each Fund was in the best interests of the Fund and its shareholders, and determined to recommend that the Agreements be submitted for approval by Fund shareholders.


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Unaudited

Shareholder Meeting Results

RESULTS OF SHAREHOLDER MEETING

VIRTUS INVESTMENT TRUST

NOVEMBER 24, 2020

At a special meeting of shareholders of Virtus AllianzGI Global Small-Cap Fund (known at the time as AllianzGI Global Small-Cap Fund)(the “Fund”), a series of Virtus Investment Trust, held on November 24, 2020, shareholders voted on the following proposals:

Virtus AllianzGI Global Small-Cap Fund (known at the time as AllianzGI Global Small-Cap Fund)


	Votes For	Votes Against	Abstain	Broker Non-Votes
Proposal 2: To approve an Investment Management Agreement between the Trust, on behalf of the Fund, and Virtus Investment Advisers, Inc.	882,825.912 70.481% of Shares Voted, with more than 50% of the Shares present or represented by proxy	23,506.417 1.877% of Shares Voted, with more than 50% of the Shares present or represented by proxy	40,442.312 3.228% of Shares Voted, with more than 50% of the Shares present or represented by proxy	305,805.330 24.414% of Shares Voted, with more than 50% of the Shares present or represented by proxy
Proposal 3a: To approve a Subadvisory Agreement by and among the Trust, Virtus Investment Advisers, Inc. and AllianzGI U.S. LLC.	882,366.192 70.444% of Shares Voted, with more than 50% of the Shares present or represented by proxy	24,382.996 1.947% of Shares Voted, with more than 50% of the Shares present or represented by proxy	40,025.453 3.195% of Shares Voted, with more than 50% of the Shares present or represented by proxy	305,805.330 24.414% of Shares Voted, with more than 50% of the Shares present or represented by proxy
Proposal 4: To approve a proposal to permit Virtus Investment Advisers, Inc., as the investment adviser to the Fund, to hire, terminate and replace affiliated (both wholly-owned and partially-owned) and unaffiliated subadvisers for the Fund or to modify subadvisory agreements for the Fund without shareholder approval, and to permit the Fund to disclose advisory and subadvisory fee information in an aggregated manner.	871,254.112 69.557% of Shares Voted, with more than 50% of the Shares present or represented by proxy	33,987.866 2.714% of Shares Voted, with more than 50% of the Shares present or represented by proxy	41,532.663 3.315% of Shares Voted, with more than 50% of the Shares present or represented by proxy	305,805.330 24.414% of Shares Voted, with more than 50% of the Shares present or represented by proxy

Shareholders of the Fund voted to approve the above proposals.


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Unaudited

Shareholder Meeting Results (cont’d)

RESULTS OF SHAREHOLDER MEETING

VIRTUS INVESTMENT TRUST

DECEMBER 23, 2020

At a special meeting of shareholders of Virtus AllianzGI Focused Growth Fund (known at the time as AllianzGI Focused Growth Fund), Virtus AllianzGI Income & Growth Fund (known at the time as AllianzGI Income & Growth Fund), Virtus AllianzGI Mid-Cap Growth Fund (known at the time as AllianzGI Mid-Cap Fund), Virtus NFJ Mid-Cap Value Fund (known at the time as AllianzGI Mid-Cap Value Fund), and Virtus AllianzGI Technology Fund (known at the time as AllianzGI Technology Fund)(together, the “Funds”), each a series of Virtus Investment Trust, held on December 23, 2020, shareholders voted on the following proposals:

Virtus AllianzGI Focused Growth Fund (known at the time as AllianzGI Focused Growth Fund)


	Votes For	Votes Against	Abstain	Broker Non-Votes
Proposal 2: To approve an Investment Management Agreement between the Trust, on behalf of the Fund, and Virtus Investment Advisers, Inc.	8,227,831.839 76.846% of Shares Voted, with more than 50% of the Shares present or represented by proxy	280,843.629 2.624% of Shares Voted, with more than 50% of the Shares present or represented by proxy	420,927.908 3.931% of Shares Voted, with more than 50% of the Shares present or represented by proxy	1,777,339.120 16.599% of Shares Voted, with more than 50% of the Shares present or represented by proxy
Proposal 3a: To approve a Subadvisory Agreement by and among the Trust, Virtus Investment Advisers, Inc. and AllianzGI U.S. LLC.	8,204,100.841 76.625% of Shares Voted, with more than 50% of the Shares present or represented by proxy	299,369.661 2.797% of Shares Voted, with more than 50% of the Shares present or represented by proxy	426,132.874 3.979% of Shares Voted, with more than 50% of the Shares present or represented by proxy	1,777,339.120 16.599% of Shares Voted, with more than 50% of the Shares present or represented by proxy
Proposal 4: To approve a proposal to permit Virtus Investment Advisers, Inc., as the investment adviser to the Fund, to hire, terminate and replace affiliated (both wholly-owned and partially-owned) and unaffiliated subadvisers for the Fund or to modify subadvisory agreements for the Fund without shareholder approval, and to permit the Fund to disclose advisory and subadvisory fee information in an aggregated manner.	8,061,426.268 75.292% of Shares Voted, with more than 50% of the Shares present or represented by proxy	396,050.552 3.700% of Shares Voted, with more than 50% of the Shares present or represented by proxy	472,126.556 4.409% of Shares Voted, with more than 50% of the Shares present or represented by proxy	1,777,339.120 16.599% of Shares Voted, with more than 50% of the Shares present or represented by proxy
Proposal 5: To approve a change in the classification of the Fund from a “diversified” fund to a “non-diversified” fund.	8,026,546.626 74.966% of Shares Voted, with more than 50% of the Shares present or represented by proxy	444,542.949 4.152% of Shares Voted, with more than 50% of the Shares present or represented by proxy	458,513.801 4.283% of Shares Voted, with more than 50% of the Shares present or represented by proxy	1,777,339.120 16.599% of Shares Voted, with more than 50% of the Shares present or represented by proxy


120		December 31, 2020 \|		Semiannual Report

Virtus AllianzGI Income & Growth Fund (known at the time as AllianzGI Income & Growth Fund)


	Votes For	Votes Against	Abstain	Broker Non-Votes
Proposal 2: To approve an Investment Management Agreement between the Trust, on behalf of the Fund, and Virtus Investment Advisers, Inc.	199,857,099.011 67.630% of Shares Voted, with more than 50% of the Shares present or represented by proxy	5,062,141.923 1.713% of Shares Voted, with more than 50% of the Shares present or represented by proxy	9,508,707.822 3.218% of Shares Voted, with more than 50% of the Shares present or represented by proxy	81,089,860.486 27.439% of Shares Voted, with more than 50% of the Shares present or represented by proxy
Proposal 3a: To approve a Subadvisory Agreement by and among the Trust, Virtus Investment Advisers, Inc. and AllianzGI U.S. LLC.	199,147,899.274 67.390% of Shares Voted, with more than 50% of the Shares present or represented by proxy	5,427,812.568 1.837% of Shares Voted, with more than 50% of the Shares present or represented by proxy	9,852,236.914 3.334% of Shares Voted, with more than 50% of the Shares present or represented by proxy	81,089,860.486 27.439% of Shares Voted, with more than 50% of the Shares present or represented by proxy

Virtus AllianzGI Mid-Cap Growth Fund (known at the time as AllianzGI Mid-Cap Fund)


	Votes For	Votes Against	Abstain	Broker Non-Votes
Proposal 2: To approve an Investment Management Agreement between the Trust, on behalf of the Fund, and Virtus Investment Advisers, Inc.	35,839,957.015 71.599% of Shares Voted, with more than 50% of the Shares present or represented by proxy	1,470,518.072 2.938% of Shares Voted, with more than 50% of the Shares present or represented by proxy	2,376,813.411 4.748% of Shares Voted, with more than 50% of the Shares present or represented by proxy	10,369,594.645 20.715% of Shares Voted, with more than 50% of the Shares present or represented by proxy
Proposal 3a: To approve a Subadvisory Agreement by and among the Trust, Virtus Investment Advisers, Inc. and AllianzGI U.S. LLC.	35,706,620.230 71.333% of Shares Voted, with more than 50% of the Shares present or represented by proxy	1,507,861.153 3.013% of Shares Voted, with more than 50% of the Shares present or represented by proxy	2,472,807.115 4.939% of Shares Voted, with more than 50% of the Shares present or represented by proxy	10,369,594.645 20.715% of Shares Voted, with more than 50% of the Shares present or represented by proxy
Proposal 4: To approve a proposal to permit Virtus Investment Advisers, Inc., as the investment adviser to the Fund, to hire, terminate and replace affiliated (both wholly-owned and partially-owned) and unaffiliated subadvisers for the Fund or to modify subadvisory agreements for the Fund without shareholder approval, and to permit the Fund to disclose advisory and subadvisory fee information in an aggregated manner.	34,918,027.440 69.757% of Shares Voted, with more than 50% of the Shares present or represented by proxy	2,228,689.139 4.453% of Shares Voted, with more than 50% of the Shares present or represented by proxy	2,540,571.919 5.075% of Shares Voted, with more than 50% of the Shares present or represented by proxy	10,369,594.645 20.715% of Shares Voted, with more than 50% of the Shares present or represented by proxy


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Unaudited

Shareholder Meeting Results (cont’d)

Virtus NFJ Mid-Cap Value Fund (known at the time as AllianzGI Mid-Cap Value Fund)


	Votes For	Votes Against	Abstain	Broker Non-Votes
Proposal 2: To approve an Investment Management Agreement between the Trust, on behalf of the Fund, and Virtus Investment Advisers, Inc.	19,770,226.527 69.657% of Shares Voted, with more than 50% of the Shares present or represented by proxy	590,571.788 2.081% of Shares Voted, with more than 50% of the Shares present or represented by proxy	751,781.584 2.648% of Shares Voted, with more than 50% of the Shares present or represented by proxy	7,269,912.566 25.614% of Shares Voted, with more than 50% of the Shares present or represented by proxy
Proposal 3b: To approve a Subadvisory Agreement by and among the Trust, Virtus Investment Advisers, Inc. and NFJ Investment Group, LLC.	19,608,131.202 69.086% of Shares Voted, with more than 50% of the Shares present or represented by proxy	701,591.743 2.472% of Shares Voted, with more than 50% of the Shares present or represented by proxy	802,856.954 2.828% of Shares Voted, with more than 50% of the Shares present or represented by proxy	7,269,912.566 25.614% of Shares Voted, with more than 50% of the Shares present or represented by proxy
Proposal 4: To approve a proposal to permit Virtus Investment Advisers, Inc., as the investment adviser to the Fund, to hire, terminate and replace affiliated (both wholly-owned and partially-owned) and unaffiliated subadvisers for the Fund or to modify subadvisory agreements for the Fund without shareholder approval, and to permit the Fund to disclose advisory and subadvisory fee information in an aggregated manner.	19,177,909.375 67.570% of Shares Voted, with more than 50% of the Shares present or represented by proxy	1,075,458.473 3.789% of Shares Voted, with more than 50% of the Shares present or represented by proxy	859,212.051 3.027% of Shares Voted, with more than 50% of the Shares present or represented by proxy	7,269,912.566 25.614% of Shares Voted, with more than 50% of the Shares present or represented by proxy

Virtus AllianzGI Technology Fund (known at the time as AllianzGI Technology Fund)


	Votes For	Votes Against	Abstain	Broker Non-Votes
Proposal 2: To approve an Investment Management Agreement between the Trust, on behalf of the Fund, and Virtus Investment Advisers, Inc.	8,707,845.500 69.214% of Shares Voted, with more than 50% of the Shares present or represented by proxy	317,348.702 2.523% of Shares Voted, with more than 50% of the Shares present or represented by proxy	316,310.908 2.514% of Shares Voted, with more than 50% of the Shares present or represented by proxy	3,239,598.166 25.749% of Shares Voted, with more than 50% of the Shares present or represented by proxy
Proposal 3a: To approve a Subadvisory Agreement by and among the Trust, Virtus Investment Advisers, Inc. and AllianzGI U.S. LLC.	8,683,024.152 69.017% of Shares Voted, with more than 50% of the Shares present or represented by proxy	341,468.627 2.715% of Shares Voted, with more than 50% of the Shares present or represented by proxy	317,012.331 2.519% of Shares Voted, with more than 50% of the Shares present or represented by proxy	3,239,598.166 25.749% of Shares Voted, with more than 50% of the Shares present or represented by proxy
Proposal 4: To approve a proposal to permit Virtus Investment Advisers, Inc., as the investment adviser to the Fund, to hire, terminate and replace affiliated (both wholly-owned and partially-owned) and unaffiliated subadvisers for the Fund or to modify subadvisory agreements for the Fund without shareholder approval, and to permit the Fund to disclose advisory and subadvisory fee information in an aggregated manner.	8,460,719.904 67.250% of Shares Voted, with more than 50% of the Shares present or represented by proxy	503,919.398 4.006% of Shares Voted, with more than 50% of the Shares present or represented by proxy	376,865.808 2.995% of Shares Voted, with more than 50% of the Shares present or represented by proxy	3,239,598.166 25.749% of Shares Voted, with more than 50% of the Shares present or represented by proxy

Shareholders of the Funds voted to approve the above proposals.


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RESULTS OF SHAREHOLDER MEETING

VIRTUS INVESTMENT TRUST

JANUARY 26, 2021

At a special meeting of shareholders of all series of Virtus Investment Trust (then known as Allianz Funds)(the “Trust”, the series of which are the “Funds”), held on January 26, 2021, shareholders voted on the following proposals:

All Funds


Proposal 1: To elect Trustees	Votes For		Votes Withheld
Donald C. Burke		473,317,354.506		18,063,647.696
Sarah E. Cogan		474,001,448.044		17,379,554.158
Deborah A. DeCotis		473,866,918.106		17,514,084.096
F. Ford Drummond		473,159,864.726		18,221,137.476
Sidney E. Harris		472,982,673.446		18,398,328.756
John R. Mallin		473,152,665.113		18,228,337.089
Connie D. McDaniel		473,755,896.103		17,625,106.099
Philip R. McLoughlin		472,878,020.393		18,502,981.809
Geraldine M. McNamara		473,510,300.326		17,870,701.876
James M. Oates		472,802,953.502		18,578,048.700
R. Keith Walton		473,169,911.701		18,211,090.501
Brian T. Zino		473,181,556.281		18,199,445.921
George R. Aylward		473,298,951.090		18,082,051.112

Shareholders of the Trust approved the above proposal, thus electing the individuals listed above as Trustees of the Trust.

Virtus NFJ Dividend Value Fund (known at the time as AllianzGI Dividend Value Fund)


	Votes For	Votes Against	Abstain	Broker Non-Votes
Proposal 2: To approve an Investment Management Agreement between the Trust, on behalf of the Fund, and Virtus Investment Advisers, Inc.	29,440,505.464 70.132% of Shares Voted, with more than 50% of the Shares present or represented by proxy	1,074,248.838 2.559% of Shares Voted, with more than 50% of the Shares present or represented by proxy	3,861,755.959 9.199% of Shares Voted, with more than 50% of the Shares present or represented by proxy	7,602,779.783 18.110% of Shares Voted, with more than 50% of the Shares present or represented by proxy
Proposal 3b: To approve a Subadvisory Agreement by and among the Trust, Virtus Investment Advisers, Inc. and NFJ Investment Group, LLC.	29,221,839.600 69.611% of Shares Voted, with more than 50% of the Shares present or represented by proxy	1,144,824.360 2.728% of Shares Voted, with more than 50% of the Shares present or represented by proxy	4,009,846.301 9.551% of Shares Voted, with more than 50% of the Shares present or represented by proxy	7,602,779.783 18.110% of Shares Voted, with more than 50% of the Shares present or represented by proxy
Proposal 4: To approve a proposal to permit Virtus Investment Advisers, Inc., as the investment adviser to the Fund, to hire, terminate and replace affiliated (both wholly-owned and partially-owned) and unaffiliated subadvisers for the Fund or to modify subadvisory agreements for the Fund without shareholder approval, and to permit the Fund to disclose advisory and subadvisory fee information in an aggregated manner.	28,574,899.880 68.070% of Shares Voted, with more than 50% of the Shares present or represented by proxy	1,744,245.532 4.155% of Shares Voted, with more than 50% of the Shares present or represented by proxy	4,057,364.749 9.665% of Shares Voted, with more than 50% of the Shares present or represented by proxy	7,602,779.883 18.110% of Shares Voted, with more than 50% of the Shares present or represented by proxy


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Unaudited

Shareholder Meeting Results (cont’d)

Virtus AllianzGI Health Sciences Fund (known at the time as AllianzGI Health Sciences Fund)


	Votes For	Votes Against	Abstain	Broker Non-Votes
Proposal 2: To approve an Investment Management Agreement between the Trust, on behalf of the Fund, and Virtus Investment Advisers, Inc.	2,250,175.374 69.873% of Shares Voted, with more than 50% of the Shares present or represented by proxy	110,824.885 3.442% of Shares Voted, with more than 50% of the Shares present or represented by proxy	163,397.380 5.073% of Shares Voted, with more than 50% of the Shares present or represented by proxy	696,024.841 21.612% of Shares Voted, with more than 50% of the Shares present or represented by proxy
Proposal 3a: To approve a Subadvisory Agreement by and among the Trust, Virtus Investment Advisers, Inc. and AllianzGI U.S. LLC.	2,245,545.395 69.729% of Shares Voted, with more than 50% of the Shares present or represented by proxy	115,787.377 3.596% of Shares Voted, with more than 50% of the Shares present or represented by proxy	163,064.867 5.063% of Shares Voted, with more than 50% of the Shares present or represented by proxy	696,024.841 21.612% of Shares Voted, with more than 50% of the Shares present or represented by proxy
Proposal 4: To approve a proposal to permit Virtus Investment Advisers, Inc., as the investment adviser to the Fund, to hire, terminate and replace affiliated (both wholly-owned and partially-owned) and unaffiliated subadvisers for the Fund or to modify subadvisory agreements for the Fund without shareholder approval, and to permit the Fund to disclose advisory and subadvisory fee information in an aggregated manner.	2,181,814.732 67.750% of Shares Voted, with more than 50% of the Shares present or represented by proxy	171,634.928 5.330% of Shares Voted, with more than 50% of the Shares present or represented by proxy	170,947.979 5.308% of Shares Voted, with more than 50% of the Shares present or represented by proxy	696,024.841 21.612% of Shares Voted, with more than 50% of the Shares present or represented by proxy

Virtus AllianzGI Income & Growth Fund (known at the time as AllianzGI Income & Growth Fund)
	Votes For	Votes Against	Abstain	Broker Non-Votes
Proposal 4: To approve a proposal to permit Virtus Investment Advisers, Inc., as the investment adviser to the Fund, to hire, terminate and replace affiliated (both wholly-owned and partially-owned) and unaffiliated subadvisers for the Fund or to modify subadvisory agreements for the Fund without shareholder approval, and to permit the Fund to disclose advisory and subadvisory fee information in an aggregated manner.	203,267,033.374 67.934% of Shares Voted, with more than 50% of the Shares present or represented by proxy	9,527,496.770 3.185% of Shares Voted, with more than 50% of the Shares present or represented by proxy	11,599,287.023 3.876% of Shares Voted, with more than 50% of the Shares present or represented by proxy	74,821,704.777 25.005% of Shares Voted, with more than 50% of the Shares present or represented by proxy


124		December 31, 2020 \|		Semiannual Report

Virtus NFJ Large-Cap Value Fund (known at the time as AllianzGI Large-Cap Value Fund)


	Votes For	Votes Against	Abstain	Broker Non-Votes
Proposal 2: To approve an Investment Management Agreement between the Trust, on behalf of the Fund, and Virtus Investment Advisers, Inc.	4,508,727.456 69.488% of Shares Voted, with more than 50% of the Shares present or represented by proxy	159,604.875 2.460% of Shares Voted, with more than 50% of the Shares present or represented by proxy	236,924.831 3.651% of Shares Voted, with more than 50% of the Shares present or represented by proxy	1,583,268.248 24.401% of Shares Voted, with more than 50% of the Shares present or represented by proxy
Proposal 3b: To approve a Subadvisory Agreement by and among the Trust, Virtus Investment Advisers, Inc. and NFJ Investment Group, LLC.	4,496,782.576 69.304% of Shares Voted, with more than 50% of the Shares present or represented by proxy	178,108.589 2.745% of Shares Voted, with more than 50% of the Shares present or represented by proxy	230,365.997 3.550% of Shares Voted, with more than 50% of the Shares present or represented by proxy	1,583,268.248 24.401% of Shares Voted, with more than 50% of the Shares present or represented by proxy
Proposal 4: To approve a proposal to permit Virtus Investment Advisers, Inc., as the investment adviser to the Fund, to hire, terminate and replace affiliated (both wholly-owned and partially-owned) and unaffiliated subadvisers for the Fund or to modify subadvisory agreements for the Fund without shareholder approval, and to permit the Fund to disclose advisory and subadvisory fee information in an aggregated manner.	4,396,641.269 67.761% of Shares Voted, with more than 50% of the Shares present or represented by proxy	267,278.266 4.119% of Shares Voted, with more than 50% of the Shares present or represented by proxy	241,337.627 3.719% of Shares Voted, with more than 50% of the Shares present or represented by proxy	1,583,268.248 24.401% of Shares Voted, with more than 50% of the Shares present or represented by proxy

Virtus AllianzGI Small-Cap Fund (known at the time as AllianzGI Small-Cap Fund)
	Votes For	Votes Against	Abstain	Broker Non-Votes
Proposal 2: To approve an Investment Management Agreement between the Trust, on behalf of the Fund, and Virtus Investment Advisers, Inc.	2,586,151.021 68.565% of Shares Voted, with more than 50% of the Shares present or represented by proxy	104,693.247 2.776% of Shares Voted, with more than 50% of the Shares present or represented by proxy	216,656.597 5.744% of Shares Voted, with more than 50% of the Shares present or represented by proxy	864,347.291 22.915% of Shares Voted, with more than 50% of the Shares present or represented by proxy
Proposal 3a: To approve a Subadvisory Agreement by and among the Trust, Virtus Investment Advisers, Inc. and AllianzGI U.S. LLC.	2,583,032.460 68.482% of Shares Voted, with more than 50% of the Shares present or represented by proxy	102,647.870 2.722% of Shares Voted, with more than 50% of the Shares present or represented by proxy	221,820.535 5.881% of Shares Voted, with more than 50% of the Shares present or represented by proxy	864,347.291 22.915% of Shares Voted, with more than 50% of the Shares present or represented by proxy


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Unaudited

Shareholder Meeting Results (cont’d)

Virtus NFJ Small-Cap Value Fund (known at the time as AllianzGI Small-Cap Value Fund)


	Votes For	Votes Against	Abstain	Broker Non-Votes
Proposal 2: To approve an Investment Management Agreement between the Trust, on behalf of the Fund, and Virtus Investment Advisers, Inc.	16,688,777.821 77.272% of Shares Voted, with more than 50% of the Shares present or represented by proxy	405,653.506 1.879% of Shares Voted, with more than 50% of the Shares present or represented by proxy	900,800.213 4.170% of Shares Voted, with more than 50% of the Shares present or represented by proxy	3,602,347.809 16.679% of Shares Voted, with more than 50% of the Shares present or represented by proxy
Proposal 3b: To approve a Subadvisory Agreement by and among the Trust, Virtus Investment Advisers, Inc. and NFJ Investment Group, LLC.	16,625,199.547 76.978% of Shares Voted, with more than 50% of the Shares present or represented by proxy	430,724.869 1.994% of Shares Voted, with more than 50% of the Shares present or represented by proxy	939,307.124 4.349% of Shares Voted, with more than 50% of the Shares present or represented by proxy	3,602,347.809 16.679% of Shares Voted, with more than 50% of the Shares present or represented by proxy
Proposal 4: To approve a proposal to permit Virtus Investment Advisers, Inc., as the investment adviser to the Fund, to hire, terminate and replace affiliated (both wholly-owned and partially-owned) and unaffiliated subadvisers for the Fund or to modify subadvisory agreements for the Fund without shareholder approval, and to permit the Fund to disclose advisory and subadvisory fee information in an aggregated manner.	15,883,779.776 73.545% of Shares Voted, with more than 50% of the Shares present or represented by proxy	1,218,105.682 5.640% of Shares Voted, with more than 50% of the Shares present or represented by proxy	893,346.082 4.136% of Shares Voted, with more than 50% of the Shares present or represented by proxy	3,602,347.809 16.679% of Shares Voted, with more than 50% of the Shares present or represented by proxy

Shareholders of the Funds voted to approve the above proposals.


126		December 31, 2020 \|		Semiannual Report

RESULTS OF SHAREHOLDER MEETING

VIRTUS INVESTMENT TRUST

FEBRUARY 12, 2021

At a special meeting of shareholders of Virtus AllianzGI Emerging Markets Opportunities Fund and Virtus AllianzGI Small-Cap Fund (the “Funds”), each a series of Virtus Investment Trust, held on February 12, 2021, shareholders voted on the following proposals:

Virtus AllianzGI Emerging Markets Opportunities Fund


	Votes For	Votes Against	Abstain
Proposal 2: To approve an Investment Management Agreement between the Trust, on behalf of the Fund, and Virtus Investment Advisers, Inc.	4,357,764.012 50.502% of Total Shares	96,421.787 1.117% of Total Shares	227,060.724 2.631% of Total Shares
Proposal 3a: To approve a Subadvisory Agreement by and among the Trust, Virtus Investment Advisers, Inc. and AllianzGI U.S. LLC.	4,353,319.990 50.450% of Total Shares	99,010.231 1.147% of Total Shares	228,916.302 2.652% of Total Shares

Virtus AllianzGI Small-Cap Fund

Votes For

Votes Against

Abstain

Broker

Non-Votes

Proposal 4: To approve a proposal to permit Virtus Investment Advisers, Inc., as the investment adviser to the Fund, to hire, terminate and replace affiliated (both wholly-owned and partially-owned) and unaffiliated subadvisers for the Fund or to modify subadvisory agreements for the Fund without shareholder approval, and to permit the Fund to disclose advisory and subadvisory fee information in an aggregated manner.

2,601,995.857

67.411% of Shares Voted, with more than 50% of the Shares present or represented by proxy

194,185.198

5.031% of Shares Voted, with more than 50% of the Shares present or represented by proxy

245,637.277

6.363% of Shares Voted, with more than 50% of the Shares present or represented by proxy

818,132.071

21.195% of Shares Voted, with more than 50% of the Shares present or represented by proxy

Shareholders of the Funds voted to approve the above proposals.


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Unaudited

Shareholder Meeting Results (cont’d)

RESULTS OF SHAREHOLDER MEETING

VIRTUS INVESTMENT TRUST

FEBRUARY 25, 2021

At a special meeting of shareholders of Virtus AllianzGI Emerging Markets Opportunities Fund and Virtus NFJ International Value Fund (the “Funds”), each a series of Virtus Investment Trust, held on February 25, 2021, shareholders voted on the following proposals:

Virtus AllianzGI Emerging Markets Opportunities Fund

Votes For

Votes Against

Abstain

subadvisory fee information in an aggregated manner.

4,335,140.836

50.239% of Total Shares

154,586.283

1.791% of Total Shares

233,341.028

2.990% of Total Shares

Virtus NFJ International Value Fund


	Votes For	Votes Against	Abstain	Broker Non-Votes
Proposal 2: To approve an Investment Management Agreement between the Trust, on behalf of the Fund, and Virtus Investment Advisers, Inc.	2,621,935.087 67.695% of Shares Voted, with more than 50% of the Shares present or represented by proxy	91,727.734 2.369% of Shares Voted, with more than 50% of the Shares present or represented by proxy	173,947.546 4.491% of Shares Voted, with more than 50% of the Shares present or represented by proxy	985,552.963 25.445% of Shares Voted, with more than 50% of the Shares present or represented by proxy
Proposal 3b: To approve a Subadvisory Agreement by and among the Trust, Virtus Investment Advisers, Inc. and NFJ Investment Group, LLC.	2,610,874.902 67.410% of Shares Voted, with more than 50% of the Shares present or represented by proxy	100,507.564 2.595% of Shares Voted, with more than 50% of the Shares present or represented by proxy	176,227.901 4.550% of Shares Voted, with more than 50% of the Shares present or represented by proxy	985,552.963 25.445% of Shares Voted, with more than 50% of the Shares present or represented by proxy
Proposal 4: To approve a proposal to permit Virtus Investment Advisers, Inc., as the investment adviser to the Fund, to hire, terminate and replace affiliated (both wholly-owned and partially-owned) and unaffiliated subadvisers for the Fund or to modify subadvisory agreements for the Fund without shareholder approval, and to permit the Fund to disclose advisory and subadvisory fee information in an aggregated manner.	2,542,675.116 65.649% of Shares Voted, with more than 50% of the Shares present or represented by proxy	179,523.732 4.636% of Shares Voted, with more than 50% of the Shares present or represented by proxy	165,411.519 4.270% of Shares Voted, with more than 50% of the Shares present or represented by proxy	985,552.963 25.445% of Shares Voted, with more than 50% of the Shares present or represented by proxy

Shareholders of the Funds voted to approve the above proposals with the exception of Proposal 4 for Virtus NFJ International Value Fund.


128		December 31, 2020 \|		Semiannual Report

Unaudited

FACTS

WHAT DO VP DISTRIBUTORS, LLC; VIRTUS FUND SERVICES, LLC; AND

VIRTUS MUTUAL FUNDS (VIRTUS) DO WITH YOUR PERSONAL INFORMATION?



Why?		Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?

The types of personal information we collect and share depend on the product or service you have with us. This information can include:

> Social Security Number and Account Balances

> Transaction History and Checking Account Information

> Account Transactions and Wire Transfer Instructions

When you are no longer our customer, we continue to share your information as described in this notice.

How?

All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Virtus chooses to share; and whether you can limit this sharing.



Reasons we can share your personal information	Does Virtus share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For our affiliates to market to you	No	We don’t share
For nonaffiliates to market to you	No	We don’t share



Questions?		Call 800-243-1574 or go to www.Virtus.com


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Who we are
Who is providing this notice?		VP Distributors, LLC; Virtus Fund Services, LLC; and Virtus Mutual Funds (Virtus)

What we do

How does Virtus protect my personal information?		To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.

How does Virtus collect my personal information?		We collect your personal information, for example, when you > open an account or give us your contact information > pay us by check or make a wire transfer > buy securities from us We also collect your personal information from others, such as credit bureaus, affiliates, or other companies

Why can’t I limit all sharing?		Federal law gives you the right to limit only > sharing for affiliates’ everyday business purposes — information about your creditworthiness > affiliates from using your information to market to you > sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions

Affiliates		Companies related by common ownership or control. They can be financial and nonfinancial companies. > Virtus does not share with our affiliates.

Nonaffiliates		Companies not related by common ownership or control. They can be financial and nonfinancial companies. > Virtus does not share with our nonaffiliates so they can market to you.

Joint marketing		A formal agreement between nonaffiliated financial companies that together market financial products or services to you. > Virtus doesn’t jointly market.


130		December 31, 2020 \|		Semiannual Report

Virtus Investment Trust

Trustees

Philip R. McLoughlin

Chairman

George R. Aylward

Donald C. Burke

Sarah E. Cogan

Deborah A. DeCotis

F. Ford Drummund

Sidney E. Harris

John R. Mallin

Connie D. McDaniel

Geraldine M. McNamara

James M. Oates

R. Keith Walton

Brian T. Zino

Advisory Board Member

William R. Moyer

Officers

George R. Aylward

President

Peter Batchelar

Senior Vice President

W. Patrick Bradley

Executive Vice President, Chief Financial Officer and Treasurer

Kevin J. Carr

Senior Vice President and Assistant Secretary

Nancy J. Engberg

Senior Vice President and Chief Compliance Officer

Jennifer S. Fromm

Vice President, Chief Legal Officer, Counsel and Secretary

Julia R. Short

Senior Vice President

Francis G. Waltman

Executive Vice President

Investment Adviser

Virtus Investment Advisers, Inc.

One Financial Plaza

Hartford, CT 06103-2608

Principal Underwriter

VP Distributors, LLC

One Financial Plaza

Hartford, CT 06103-2608

Custodian

State Street Bank and Trust Co.

801 Pennsylvania Avenue

Kansas City, MO 64105

Administrator and Transfer Agent

Virtus Fund Services, LLC

One Financial Plaza

Hartford, CT 06103-2608

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

2001 Market Street

Philadelphia, PA 19103-7042

This report, including the financial information herein, is transmitted to the shareholders of the Trust for their information. It is not a prospectus, circular or representation intended for use in the purchase of shares of each Fund or any securities mentioned in this report.

The financial information included herein is taken from the records of the Funds without examination by an independent registered public accounting firm, who did not express an opinion herein.

LOGO

P.O. Box 219723

Kansas City, MO 64121-9723

For more information about Virtus Mutual Funds, please contact us at 1-800-988-8380 (Class A, Class C and Class R) or 1-800-498-5413 (Class P, Class R6, Institutional and Administrative classes), or visit Virtus.com.


8033		02-21

ITEM 2.

CODE OF ETHICS

(a) Not required in this filing.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT

Not required in this filing.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not required in this filing.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANT

Disclosure not required for open-end management investment companies.

ITEM 6.

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

During the period being reported, there were no material changes to the procedures by which shareholders may recommend nominees to the Trust’s Board of Trustees (the “Board”) since the Trust last provided disclosure in response to this item. Effective February 1, 2021, the Board has adopted a new policy for consideration of Trustee nominees recommended by shareholders. With regards to such policy, an individual shareholder or shareholder

group submitting a nomination must hold either individually or in the aggregate for at least one full year as of the date of nomination 5% of the shares of a series of the Trust, among other qualifications and restrictions. Shareholders or shareholder groups submitting nominees must comply with all requirements set forth in the Trust’s policy for consideration of Trustee nominees recommended by shareholders and any such submission must be in writing, directed to the attention of the Board’s Governance and Nominating Committee in care of the Trust’s Secretary, and should include biographical information, including business experience for the past ten years and a description of the qualifications of the proposed nominee, along with a statement from the proposed nominee that he or she is willing to serve and meets the requirements to be an Independent Trustee, if applicable. Shareholder nominees for Trustee will be given the same consideration as any candidate provided the nominee meets certain minimum requirements.

ITEM 11.

CONTROLS AND PROCEDURES

(a) The registrant’s principal executive and principal financial officers have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”) (17 CFR 270.30a-3(c)), as amended) 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 changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 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.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Disclosure not required for open-end management investment companies.

ITEM 13.

EXHIBITS


(a)(1)		Not required in this filing

(a)(2)		Exhibit 99_CERT. – Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

(a)(3)		Not applicable

(b)		Exhibit 99.906 CERT. – Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Virtus Investment Trust (formerly known as Allianz Funds)

By:		/s/ George R. Aylward
		George R. Aylward, President
		(principal executive officer)

Date: March 10, 2021

By:		/s/ W. Patrick Bradley
		W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer
		(principal financial officer)

Date: March 10, 2021

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/ George R. Aylward
		George R. Aylward, President
		(principal executive officer)

Date: March 10, 2021

By:		/s/ W. Patrick Bradley
		W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer
		(principal financial officer)

Date: March 10, 2021

Allianz Funds N-CSRSCertified semi-annual shareholder report (management investment company)