AllianzGI Institutional Multi-Series Trust NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number811-22975

AllianzGI Institutional Multi-Series Trust

(Exact name of registrant as specified in charter)

1633 Broadway, New York, New York 10019

(Address of principal executive offices) (Zip code)

Scott Whisten

1633 Broadway

New York, New York 10019

(Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: March 31, 2020

ITEM 1. REPORT TO SHAREHOLDERS

AllianzGI Institutional Multi-Series Trust

Semiannual Report

March 31, 2020

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Portfolios’ website (us.allianzgi.com), 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 to receive shareholder reports and other communications from a Portfolio electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at us.allianzgi.com/edelivery.

If you prefer to receive paper copies of your shareholder reports after January 1, 2021, direct investors may inform a Portfolio at any time. Paper copies are provided free of charge and your election to receive reports in paper will apply to all funds held with the fund complex.


Table of Contents
Portfolio Summaries			2-7

Important Information			8-9

Schedules of Investments			10-28

Statements of Assets and Liabilities			29

Statements of Operations			30

Statements of Changes in Net Assets			31-32

Financial Highlights			33-35

Notes to Financial Statements			36-48

Changes to the Board of Trustees			49

Privacy Policy			50-52

AllianzGI Best Styles Global Managed Volatility Portfolio

(unaudited)

For the period of October 1, 2019 through March 31, 2020, as provided by Christian McCormick, Senior Product Specialist.

Portfolio Insights

For thesix-month period ended March 31, 2020, the AllianzGI Best Styles Global Managed Volatility Portfolio (the “Portfolio”) returned-13.82%, underperforming the MSCI ACWI Minimum Volatility Index (the “benchmark”), which returned-13.51%.

Market Overview

Global equities across all regions generated strong absolute performance in the fourth quarter 2019, but after a steady start to 2020, global equities changed direction inmid-February amid growing evidence that theCOVID-19 outbreak was spreading beyond China. The extended factory shutdowns in China also started to impact the global supply chain. Thesell-off gathered pace as the quarter progressed, with a growing number of countries employing travel restrictions and draconian quarantine measures to try to control the spread of the virus and avoid overloading health care systems. As fears increased that the global economy was heading for a severe recession, most markets entered an official bear market, defined as a retreat of at least 20% from a recent peak. The steep decline meant that global equities suffered their worst quarter since the 2008 financial crisis.

Portfolio Review

In what was a noisy and mainly beta driven market, style performance was as expected and

somewhat balanced. Unfortunately, on the downside Value and Small caps had a larger magnitude of detraction versus positive performance in other styles during the first quarter, which was a reversal from the fourth quarter 2019. Value underperformed by 5.2% and the smallest quintile in the benchmark universe by market cap underperformed by 5.7%. On the flip side, Quality and Low Volatility did well, which was to be expected. However, Revisions and Momentum also outperformed. Momentum did well as it already consisted of many high quality and low risk names, which have been outperforming for the past year, and the performance of Revisions seem to reflect confidence that most sell side analysts had a good understanding of how various companies would be affected by the virus and corresponding economic fallout.

The Best Styles strategy has only moderate leeway for sector and regional allocation with a maximum deviation of 3% versus the benchmark for active weightings. The overall contribution from active country/sector allocation was relatively benign as would be expected with our tight active collars, but there was a-27 basis points detraction from the country allocation

Best Styles holds a broad number of stocks to implement a well-diversified mix of investment styles and assigns a maximum active weighting

of 1% to individual stocks. Therefore, we expect stock selection to be the biggest driver of relative returns and this was the case over the past six months. Stock selection in the materials and energy sectors were the biggest detractors at-161 basis points and-58 basis points, respectively. Stock selection within information technology was the strongest at 76 basis points.

Outlook

In general, considering economic literature

(e.g. Reinhardt/Rogoff), we expect that higher indebtedness after the crisis should influence growth negatively. Ninety percent debt/gross domestic product has been considered a threshold for growth to be impacted negatively. This ratio will probably be surpassed by a lot of countries. The threshold may move up under current monetary policy conditions, but those policies may take a toll on growth themselves (“zombification”, empty toolbox, etc.). After the crisis, we expect to be dealing with a low trend growth environment as the base case. The wild card would be fiscal stimulus, but even though there would be stimulus on top of all the debt issued for guarantees, income substitution etc., in our view, it will probably not be enough.


Average Annual Total Return for the period ended March 31, 2020

	6 Month*		1 Year		Since Inception^†

AllianzGI Best Styles Global Managed Volatility Portfolio		-13.82%		-9.14%	4.85%
MSCI ACWI Minimum Volatility Index^†^†		-13.51%		-7.52%	4.68%

* Cumulative return

† The Portfolio began operations on April 11, 2016. Benchmark return comparisons began on the portfolio inception date.

†† The MSCI ACWI Minimum Volatility Index aims to reflect the performance characteristics of a minimum variance strategy applied to large andmid-cap equities across developed markets and emerging markets countries. The index is calculated by optimizing the MSCI ACWI Index, its parent index, for the lowest absolute risk (within a given set of constraints). Historically, the index has shown lower beta and volatility characteristics relative to the MSCI ACWI Index. Index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an index.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns do not reflect deduction of taxes that a shareholder would pay on portfolio distributions or redemption of portfolio shares. Total return performance assumes that all dividends and capital gain distributions were reinvested on the payable date. The Portfolio’s gross expense ratio is 0.70%. This ratio does not include an expense reduction, contractually agreed to through January 31, 2021. The Portfolio’s expense ratio net of this reduction is 0.45%. Expense ratio information is as of the Portfolio’s current PPM dated February 1, 2020, as further revised or supplemented from time to time.


		2		Semiannual Report / March 31, 2020

AllianzGI Best Styles Global Managed Volatility Portfolio

(unaudited) (continued)


Country Allocation (as of March 31, 2020)		Cumulative Returns through March 31, 2020

United States	51.7%
Japan	14.1%
Taiwan	5.1%
Switzerland	4.6%
China	2.6%
Singapore	1.6%
Korea (Republic of)	1.5%
Germany	1.5%
Other	15.6%
Cash & Equivalents — Net	1.7%


Shareholder Expense Example	Actual Performance
	Institutional Class

Beginning Account Value (10/1/19)		$	1,000.00

Ending Account Value (3/31/20)		$	861.80

Expenses Paid During Period		$	2.09

	Hypothetical Performance
	(5% return before expenses)
	Institutional Class

Beginning Account Value (10/1/19)		$	1,000.00

Ending Account Value (3/31/20)		$	1,022.75

Expenses Paid During Period		$	2.28

Expenses (net of reimbursement, if any) are equal to the annualized expense ratio 0.45%, multiplied by the average account value over the period, multiplied by 183/366


		3		Semiannual Report / March 31, 2020

AllianzGI GlobalSmall-Cap Opportunities Portfolio

(unaudited)

For the period of October 1, 2019 through March 31, 2020, as provided by Kunal Ghosh, Portfolio Manager.

Portfolio Insights

For thesix-month period ended March 31, 2020, the AllianzGI GlobalSmall-Cap Opportunities Portfolio (the “Portfolio”) returned-26.35%, underperforming the MSCI All Country WorldSmall-Cap Index (the “benchmark”), which returned-23.39%.

Market Overview

During the reporting period, global small cap equities were broadly lower due to the significant headwinds related to theCOVID-19 outbreak. The asset class initially advanced in each of the initial three months of the reporting period thanks to expectations of stable global growth projections, the agreement of a “phase one” trade deal between the US and China and better-than-expected corporate earnings. Global small cap equities declined modestly in January as investors were nervous about tensions between the United States and Iran, andCOVID-19 news began to capture headlines, mainly in China. The broad-based asset classsell-off intensified toward the end of February amid growing evidence that theCOVID-19 outbreak was spreading beyond China. Thesell-off accelerated in March as travel restrictions and social distancing efforts related toCOVID-19 led to fears grew that the global economy would be unable to avoid a recession.

Benchmark sector performance was lower across the board as all 11 sectors posted declines. Health care was the best performing sector, lower by nearly 4%, followed by double-digit losses in information technology and consumer staples. Meanwhile, the energy sector declined more than 57% due to the

significant headwinds in oil and gas companies. Consumer discretionary and financials rounded out the three largest benchmark sector laggards for the period.

Country results for the benchmark index were broadly negative as each of the 49 countries declined due to concerns of slowing global growth. Small cap stocks in Belgium were down 6%, followed by high-single-digit losses in China and Denmark. Meanwhile, small cap shares in emerging markets were among the largest underperformers, with the 10 largest decliners all coming from emerging market countries. Indonesia as the largest laggard with a 58% decline, followed by greater than 45% losses in Chile and Colombia.

Portfolio Review

The Portfolio seeks to benefit from the vast inefficiencies in global small cap equities. Results trailed the benchmark due to short-term stockpicking on both a country and sector basis.

Energy was the top relative performer thanks to an underweight allocation and positive stock selection. A relative overweight allocation to information technology aided results as did stockpicking in real estate. Meanwhile, consumer discretionary was the primary underperformer due to an overweight allocation and stock selection, particularly in the household durables industry. A relative underweight allocation in health care and stock selection in financials offset results more modestly. Country results were aided by positive stock selection in Canada, Brazil and

South Korea. Conversely, Japan was the principal laggard due to short-term stock selection.Bottom-up selections in the United States and Switzerland also offset performance during the reporting period.

Outlook

TheCOVID-19 outbreak has thrown the market for a painful shock. What was originally thought be fairly short and sharp in terms of the economic impact, given initial stabilization in China and greater transparency from the government, has resulted in an unexpected contagion across the globe. In the short-term, we expect the market to continue experiencing bouts of volatility, which will be heavily data-driven based uponCOVID-19 news and the corresponding response from governments globally. Our belief is there will be an eventual return to normalcy with limited discernable impact onmedium-to-longer-term outlook for most companies.

We continue to construct the Portfolio on abottom-up basis with conviction at the stock level. In addition, we apply a dual risk-budget, targeting a moderate tracking error and lower forecast risk than the benchmark, which may help protect capital during inevitable down market periods and provide our clients with a greater level of return consistency. We believe investment results will be supported by earnings growth and our behavioral finance-focused investment process and focus on higher quality securities with attractive company fundamentals will be a driver of returns for the coming periods.


Average Annual Total Return for the period ended March 31, 2020

	6 Month*	1 Year	5 Year	Since Inception^†

AllianzGI GlobalSmall-Cap Opportunities Portfolio	-26.35%	-27.08%	0.01%	0.60%

MSCI All Country WorldSmall-Cap Index^†^†	-23.39%	-23.06%	-0.49%	-0.28%

* Cumulative return

† The Portfolio began operations on July 23, 2014. Benchmark return comparisons began on the portfolio inception date.

†† The MSCI All Country WorldSmall-Cap Index capturessmall-cap representation across developed markets and emerging markets countries. The Index covers about 14% of the free float-adjusted market capitalization in each country. Index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an index.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns do not reflect deduction of taxes that a shareholder would pay on portfolio distributions or redemption of portfolio shares. Total return performance assumes that all dividends and capital gain distributions were reinvested on the payable date. The Portfolio’s gross expense ratio is 3.44%. This ratio does not include an expense reduction, contractually agreed to through January 31, 2021. The Portfolio’s expense ratio net of this reduction is 1.20%. Expense ratio information is as of the Portfolio’s current PPM dated February 1, 2020, as further revised or supplemented from time to time.


		4		Semiannual Report / March 31, 2020

AllianzGI GlobalSmall-Cap Opportunities Portfolio

(unaudited) (continued)


Country Allocation (as of March 31, 2020)		Cumulative Returns through March 31, 2020

United States	51.2%
Japan	12.3%
Taiwan	6.4%
China	3.2%
Korea (Republic of)	3.1%
Netherlands	2.6%
Australia	2.4%
United Kingdom	2.3%
Other	15.9%
Cash & Equivalents — Net	0.6%


Shareholder Expense Example	Actual Performance
	Institutional Class

Beginning Account Value (10/1/19)		$	1,000.00

Ending Account Value (3/31/20)		$	736.50

Expenses Paid During Period		$	5.21

	Hypothetical Performance
	(5% return before expenses)
	Institutional Class

Beginning Account Value (10/1/19)		$	1,000.00

Ending Account Value (3/31/20)		$	1,019.00

Expenses Paid During Period		$	6.06

Expenses (net of reimbursement, if any) are equal to the annualized expense ratio 1.20%, multiplied by the average account value over the period, multiplied by 183/366.


		5		Semiannual Report / March 31, 2020

AllianzGI International Growth Portfolio

(unaudited)

From inception on October 1, 2019 through March 31, 2020, as provided by Laura Villani, Product Specialist, Equities.

Portfolio Insights

For thesix-month period ended March 31, 2020, the AllianzGI International Growth Portfolio (the “Portfolio”) returned-6.65%, outperforming the MSCI ACWI ex USA Index (the “benchmark”), which returned-16.52%.

Market Overview

International equities ratcheted steadily higher untilmid-February, with sentiment lifted by growing optimism over a “phase one” trade deal between the US and China and better-than-expected corporate earnings. However, growing concerns about the impact of theCOVID-19 outbreak led to a steep correction in February, with thesell-off gathering pace in March as a growing number of countries imposed travel restrictions and lockdown measures. Global equities suffered their worst quarter since the 2008 financial crisis in the first quarter of 2020, with many markets entering an official bear market, defined as a decline of at least 20% from a recent peak.

At a sector level, energy stocks declined the most, almost halving in value as global oil demand plummeted and a price war between Russia and Saudi Arabia caused oil prices to hit an18-year low. Industrials companies were also hit badly as airlines were forced to ground their fleets and factories shut, while deteriorating economic fundamentals hurt financial companies. In contrast, Healthcare stocks advanced modestly, with companies rushing to develop tests, treatments and vaccines for theCOVID-19 virus. Technology companies also outperformed the broader market, as did providers of online content as a growing number of people were forced to stay at home.

Portfolio Review

The Portfolio maintains its strategy that takes abottom-up approach to identifying structural growth, rather than chasing growth momentum. We believe that our focus on high quality businesses, that display long term structural growth independently of the wider market, should shelter us to some extent from uncertainty in the markets.

During the period, the Portfolio saw a positive contribution from both stock selection and sector allocation, with stock selection being strongest. With regards to sector allocation, the underweights of energy and financials were especially supportive, while the overweight of Industrials detracted from active performance. From a country perspective, stock selection in Canada contributed most positively, and was supported by Denmark, Germany and China. Stock picking in South Africa hurt most. With the strategy being both sector and country agnostic, these results are simply an effect of the stock selection.

Meanwhile Restaurant Brands was the lead detractor, subtracting-72 basis points from relative performance, given sales were affected byCOVID-19 precautions including restaurant closings and social distancing measures. The position was eventually exited in March, due to lower growth prospects, weakness in the balance sheet, and our concerns surrounding corporate culture, being an important aspect of our strategy.

Outlook

Although we cannot predict what is in store next, by nature the Portfolio is seeking the strongest structural growth names in a Global ex US universe, that are built to withstand challenging market conditions. In this environment, it is all about surviving. The ones surviving this storm will be stronger than many others that have left the scene.

Therefore we have been monitoring the flexibility of our companies, asking questions surrounding inventory levels, their supply chain and alternatives, as well as cost initiatives. Companies that have diversified distribution networks, online sales channels, critical products, and cash flows from high recurring revenues, have relatively less to worry about. The potential recovery of lost sales could also positively surprise fiscal year results.

The first quarter earnings results due in the next weeks will be critical in evaluating the severity of the situation and strength of our portfolio. Many of our names are benefiting from a high degree of recurring revenues, particularly in software via subscription fees. Our companies held up well in China’s slowdown and the Trade War environment of 2019, however, the gravity of current events is unprecedented.

Thankfully our strategy does not require us to make a bet on when this ends, but rather which companies have the best prospects to compound their structural growth over the next five years and beyond. In that frame, we believe the current environment is highlighting numerous opportunities.

Cumulative Return for the period ended March 31, 2020


	6 Month*	Since Inception^†

AllianzGI International Growth Portfolio	-6.65%	-7.77%
MSCI ACWI ex USA Index^†^†	-16.52%	-14.71%
MSCI AC World Index ex USA Growth Index	-10.41%	-7.31%

* Cumulative return

† The Portfolio began operations on May 15, 2019. Benchmark return comparisons began on the portfolio inception date.

†† The MSCI ACWI ex USA Index captures large- andmid-cap representation across Developed Markets countries (excluding the U.S.) and Emerging Markets countries. The index covers approximately 85% of the global equity opportunity set outside the US.

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns do not reflect deduction of taxes that a shareholder would pay on portfolio distributions or redemption of portfolio shares. Total return performance assumes that all dividends and capital gain distributions were reinvested on the payable date. The Portfolio’s gross expense ratio is 1.71%. This ratio does not include an expense reduction, contractually agreed to through January 31, 2021. The Portfolio’s expense ratio net of this reduction is 0.80%. Expense ratio information is as of the Portfolio’s current Private Placement Memorandum (“PPM”) dated February 1, 2020, as further revised or supplemented from time to time.


		6		Semiannual Report / March 31, 2020

AllianzGI International Growth Portfolio

(unaudited) (continued)


Industry/Sectors (as of March 31, 2020)		Cumulative Returns through March 31, 2020

China	15.7%
Denmark	15.2%
Germany	10.7%
Canada	7.4%
Sweden	6.8%
Netherlands	4.9%
Switzerland	4.8%
Israel	4.7%
Other	27.6%
Cash & Equivalents — Net	2.2%


Shareholder Expense Example	Actual Performance
	Institutional Class

Beginning Account Value (10/1/2019)		$	1,000.00

Ending Account Value (3/31/20)		$	933.50

Expenses Paid During Period		$	3.87

	Hypothetical Performance
	Institutional Class
	(5% return before expenses)

Beginning Account Value (10/1/19)		$	1,000.00

Ending Account Value (3/31/20)		$	1,021.00

Expenses Paid During Period		$	4.04

Expenses (net of reimbursement, if any) are equal to the annualized expense ratio 0.80%, multiplied by the average account value over the period, multiplied by 183/366.


		7		Semiannual Report / March 31, 2020

AllianzGI Institutional Multi-Series Trust

Important Information(unaudited)

As of March 31, 2020, AllianzGI Institutional Multi-Series Trust (the “Trust”) consisted of three investment series, AllianzGI Best Styles Global Managed Volatility Portfolio, AllianzGI GlobalSmall-Cap Opportunities Portfolio and AllianzGI International Growth Portfolio (each a “Portfolio” and collectively the “Portfolios”). The Portfolios each currently offer one share class.

The Cumulative Returns charts for each Portfolio assume the initial investment was made on the first day of each Portfolio’s initial fiscal year. Results assume that all dividends and capital gain distributions, if any, were reinvested. They do not take into account the effect of taxes. The benchmark cumulative return began on the last day of the month of each Portfolio’s inception date.

“Cash &Equivalents-Net” in the Allocation Summaries may be comprised of cash, repurchase agreements, U.S. Treasury Bills, and other assets net of other liabilities including net unrealized appreciation (depreciation) on futures contracts, and forward foreign currency contracts, as applicable. Please refer to this information when reviewing the Shareholder Expense Example for each Portfolio.

Proxy Voting

The Portfolios’ Investment Manager, Allianz Global Investors U.S. LLC (“AllianzGI U.S.” or the “Investment Manager”), has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by the Trust as the policies and procedures that the Investment Manager will use when voting proxies on behalf of each Portfolio. Copies of the written Proxy Policy and the factors that the Investment Manager may consider in determining how to vote proxies for each Portfolio, and information about how each Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling1-800-498-5413, on the Allianz Global Investors website at us.allianzgi.com and on the Securities and Exchange Commission’s (the “SEC”) website athttp://www.sec.gov.

FormN-PORT

The Trust files complete schedules of each Portfolio’s holdings with the SEC on FormN-PORT for the first and third quarters of the fiscal year; such filings are available on the SEC’s website at http://www.sec.gov.

A copy of the Trust’s FormN-PORT, when available, will be provided without charge, upon request, by calling1-800-498-5413. In addition, the Trust’s FormN-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling1-800-SEC-0330. A description of the Trust’s policies and procedures with respect to the disclosure of each Portfolio’s portfolio holdings is available in the Trust’s Statement of Additional Information. The Investment Adviser will post each Portfolio’s holdings information on the Portfolio’s website at us.allianzgi.com. Each Portfolio’s website will contain a complete schedule of portfolio holdings as of the relevant month end. The information will be posted on the website approximately thirty (30) calendar days after the relevant month’s end. Portfolio holdings information for each Portfolio will remain accessible on its website until the Trust files its FormN-CSR, or FormN-PORT for the last month of the Portfolio’s first or third fiscal quarters, with the SEC for the period that includes the date as of which the website information is current. The Trust’s policies with respect to the disclosure of the portfolio holdings are subject to change without notice.

The following disclosure provides important information regarding each Portfolio’s Shareholder Expense Example, which appears on each Portfolio Summary page in this Semiannual report.

Shareholder Expense Example

Shareholders incur two types of costs: (1) transaction costs; and (2) ongoing costs, including investment management fees and other Portfolio expenses. The Shareholder Expense Example is intended to help shareholders understand ongoing costs (in dollars) of investing in a Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The Shareholder Expense Example is based on $1,000.00 invested at the beginning of the period, as indicated, and held for the entire period October 1, 2019 through March 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 this column, 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 row titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.


		8		Semiannual Report / March 31, 2020

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the information for “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.

Allianz Global Investors Distributors LLC, 1633 Broadway, New York, NY, 10019, us.allianzgi.com,1-800-498-5413.


		9		Semiannual Report / March 31, 2020

Schedule of Investments

March 31, 2020 (unaudited)

AllianzGI Best Styles Global Managed Volatility Portfolio


	Shares		Value

COMMON STOCK - 98.1%

Australia - 1.1%
Brickworks Ltd.		6,500	$	53,173
Newcrest Mining Ltd.		5,577		76,588
Regis Resources Ltd.		26,025		57,838
Saracen Mineral Holdings Ltd. (e)		32,229		72,473
Silver Lake Resources Ltd. (e)		34,544		29,416
St. Barbara Ltd.		14,103		18,621
Telstra Corp. Ltd.		54,738		102,751

				410,860

Austria - 0.1%
Flughafen Wien AG		961		25,111
Telekom Austria AG		3,219		22,473

				47,584

Belgium - 0.7%
Ageas		1,893		78,885
Elia Group S.A		925		90,098
Proximus SADP		3,622		83,177

				252,160

Bermuda - 0.2%
Arch Capital Group Ltd. (e)		2,859		81,367

Brazil - 0.1%
Banco do Brasil S.A.		5,200		27,911

Canada - 1.1%
Cascades, Inc.		673		6,011
Cogeco Communications, Inc.		1,223		82,967
Emera, Inc.		2,423		95,557
Empire Co., Ltd., Class A		2,490		48,710
Fairfax Financial Holdings Ltd.		222		68,058
InterRent Real Estate Investment Trust REIT		2,995		28,326
Killam Apartment Real Estate Investment Trust REIT		2,174		24,377
Restaurant Brands International, Inc.		1,104		44,488

				398,494

China - 2.6%
BOC Aviation Ltd. (a)		11,300		71,390
China Construction Bank Corp., Class H		130,748		106,278
China Dongxiang Group Co., Ltd.		68,883		5,925
China Everbright Greentech Ltd. (a)		66,000		27,566
China Mobile Ltd.		22,500		168,621
China SCE Group Holdings Ltd.		184,000		81,205
China Telecom Corp., Ltd., Class H		72,000		21,815
China Water Affairs Group Ltd.		30,000		22,405
Golden Eagle Retail Group Ltd.		20,000		19,606
Jiangsu Expressway Co., Ltd., Class H		16,811		18,685
Lenovo Group Ltd.		198,000		104,889
Shenzhen Expressway Co., Ltd., Class H		94,300		95,339
Shenzhen Investment Holdings Bay Area Development Co., Ltd.		41,000		14,271
Tencent Holdings Ltd.		1,500		74,141
Yadea Group Holdings Ltd. (a)		58,000		16,243
Yuexiu Real Estate Investment Trust REIT		43,000		21,038
Yuexiu Transport Infrastructure Ltd.		80,000		48,415
Yuzhou Properties Co., Ltd.		63,204		26,625

				944,457

Czech Republic - 0.4%
CEZ AS		4,930		80,425
Moneta Money Bank AS (a)		14,893		30,673
O2 Czech Republic AS		4,201		38,222

				149,320

Denmark - 0.5%
Scandinavian Tobacco Group A/S, Class A (a)		884		8,876
Solar A/S, Class B		333		9,751
Spar Nord Bank A/S		733		4,425
Topdanmark A/S		787		31,580


See accompanying Notes to Financial Statements		10		Semiannual Report / March 31, 2020

Schedule of Investments

March 31, 2020 (unaudited)

AllianzGI Best Styles Global Managed Volatility Portfolio


	Shares		Value
Tryg A/S		4,652		113,229

				167,861

Finland - 0.6%
Elisa Oyj		2,015		124,372
Neste Oyj		3,174		105,528

				229,900

France - 1.4%
Cegereal S.A. REIT		1,840		72,576
Eiffage S.A.		1,063		75,455
Hermes International		243		165,340
Orpea		50		5,192
SEB S.A.		36		4,459
Sodexo S.A.		941		63,193
Vinci S.A.		1,328		108,510

				494,725

Germany - 1.5%
Deutsche Telekom AG		9,593		123,898
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		964		193,832
TAG Immobilien AG		3,847		75,657
Talanx AG (e)		2,577		86,705
TLG Immobilien AG		1,775		28,150
WCM Beteiligungs & Grundbesitz AG		5,562		16,958

				525,200

Hong Kong - 1.4%
CITIC Telecom International Holdings Ltd.		85,000		28,047
CK Hutchison Holdings Ltd.		8,203		54,674
CLP Holdings Ltd.		25,219		231,006
Fairwood Holdings Ltd.		11,000		20,835
Hang Seng Bank Ltd.		2,700		46,001
Hui Xian Real Estate Investment Trust REIT		50,000		15,733
NWS Holdings Ltd.		19,000		19,363
Swire Pacific Ltd., Class A		11,344		72,212
Yue Yuen Industrial Holdings Ltd.		2,802		4,282

				492,153

Hungary - 0.3%
Magyar Telekom Telecommunications PLC		38,780		43,187
MOL Hungarian Oil & Gas PLC		5,827		34,192
OTP Bank Nyrt		994		28,512

				105,891

Ireland - 0.0%
Irish Residential Properties REIT PLC		3,629		4,914

Israel - 0.6%
Bank LeumiLe-Israel BM		13,965		77,002
Israel Discount Bank Ltd., Class A		21,161		61,703
Mizrahi Tefahot Bank Ltd.		3,586		66,003
Shufersal Ltd.		2,678		15,154

				219,862

Italy - 1.3%
Enav SpA (a)		6,976		30,759
Enel SpA		23,558		162,499
Eni SpA		3,676		36,530
Hera SpA		2,579		9,331
Snam SpA		49,688		227,089

				466,208

Japan - 14.1%
Aoyama Trading Co., Ltd.		189		1,617
Asahi Group Holdings Ltd.		3,400		110,307
Astellas Pharma, Inc.		15,508		238,937
Bookoff Group Holdings Ltd.		1,500		11,130
Canon, Inc.		3,190		69,322
Cawachi Ltd.		900		19,751


See accompanying Notes to Financial Statements		11		Semiannual Report / March 31, 2020

Schedule of Investments

March 31, 2020 (unaudited)

AllianzGI Best Styles Global Managed Volatility Portfolio


	Shares		Value
Daiwa Office Investment Corp. REIT		8		44,397
DCM Holdings Co., Ltd.		10,175		94,114
Doutor Nichires Holdings Co., Ltd.		3,649		55,364
DTS Corp.		3,502		60,804
DyDo Group Holdings, Inc.		974		32,875
FamilyMart Co., Ltd.		5,200		93,371
FUJIFILM Holdings Corp.		4,279		210,867
Fukuyama Transporting Co., Ltd.		554		19,714
Geo Holdings Corp.		864		10,460
Ichigo Office REIT Investment Corp. REIT		14		9,714
ITOCHU Corp.		7,400		153,140
Japan Airlines Co., Ltd.		3,680		67,629
Japan Wool Textile Co., Ltd.		5,300		45,850
Kajima Corp.		9,400		96,082
Kamigumi Co., Ltd.		2,700		45,575
Kandenko Co., Ltd.		3,000		23,842
Kato Sangyo Co., Ltd.		600		18,869
KDDI Corp.		5,200		153,601
Kintetsu Group Holdings Co., Ltd.		2,300		106,449
LaSalle Logiport REIT		70		94,888
McDonald’s Holdings Co. Japan Ltd.		1,700		76,673
Mirait Holdings Corp.		6,400		79,457
Mitsubishi Corp.		4,800		101,531
Mitsubishi Research Institute, Inc.		700		21,288
Morinaga Milk Industry Co., Ltd.		2,900		111,858
NEC Corp.		5,400		196,631
NET One Systems Co., Ltd.		3,600		74,907
Nichias Corp.		1,602		29,727
Nihon Unisys Ltd.		2,079		55,454
Nippon REIT Investment Corp. REIT		16		47,382
Nippon Telegraph & Telephone Corp.		15,588		372,812
Nishimatsu Construction Co., Ltd.		2,300		43,913
Nisshin Seifun Group, Inc.		5,200		86,748
NTT DOCOMO, Inc.		20,057		627,244
Obayashi Corp.		8,373		71,049
Okumura Corp.		2,100		43,420
Raito Kogyo Co., Ltd.		4,537		51,300
Rengo Co., Ltd.		3,800		29,538
S Foods, Inc.		728		15,038
Sanki Engineering Co., Ltd.		1,000		11,195
Sankyo Co., Ltd.		3,200		92,802
Sawai Pharmaceutical Co., Ltd.		1,100		58,939
Sekisui House Ltd.		6,400		105,549
Senko Group Holdings Co., Ltd.		5,604		43,353
Shibaura Electronics Co., Ltd.		200		3,760
Sumitomo Corp.		8,200		93,515
Sumitomo Dainippon Pharma Co., Ltd.		532		6,906
Sumitomo Densetsu Co., Ltd.		1,200		24,555
Sushiro Global Holdings Ltd.		6,000		87,959
Suzuken Co., Ltd.		1,700		61,764
Takasago Thermal Engineering Co., Ltd.		3,503		53,565
Toho Co., Ltd.		1,500		45,865
Tokyo Gas Co., Ltd.		3,700		87,184
Tokyu Construction Co., Ltd.		2,600		13,655
Towa Pharmaceutical Co., Ltd.		1,500		31,354
Toyo Seikan Group Holdings Ltd.		6,600		75,288
Toyo Suisan Kaisha Ltd.		2,800		135,331
Tv Tokyo Holdings Corp.		934		20,807
Yurtec Corp.		1,868		10,585

				5,088,570

Korea (Republic of) - 1.5%
Daeduck Electronics Co.		5,033		29,755
Daekyo Co., Ltd.		2,318		11,245
Easy Bio, Inc.		1,107		3,231
Hansol Paper Co., Ltd.		1,424		12,169
KC Co., Ltd.		210		2,162
KT Corp.		660		10,682
KT&G Corp.		1,320		80,820
Kukdo Chemical Co., Ltd.		388		12,288
Macquarie Korea Infrastructure Fund		8,311		73,808
Partron Co., Ltd.		6,807		42,011
Samsung Electronics Co., Ltd.		3,199		124,382
Samsung Fire & Marine Insurance Co., Ltd.		616		77,907
Shinhan Financial Group Co., Ltd.		631		14,762
SK Telecom Co., Ltd.		154		22,399


See accompanying Notes to Financial Statements		12		Semiannual Report / March 31, 2020

Schedule of Investments

March 31, 2020 (unaudited)

AllianzGI Best Styles Global Managed Volatility Portfolio


	Shares		Value
Ubiquoss Holdings, Inc.		1,318		22,117

				539,738

Malaysia - 0.8%
Axis Real Estate Investment Trust REIT		36,500		15,462
Bermaz Auto Bhd.		30,800		8,022
Hong Leong Bank Bhd.		21,000		64,963
Hong Leong Financial Group Bhd.		2,400		7,537
Malayan Banking Bhd.		54,500		94,029
MISC Bhd.		15,800		27,107
Syarikat Takaful Malaysia Keluarga Bhd.		13,300		10,026
Tenaga Nasional Bhd.		19,400		53,993
VS Industry Bhd.		38,900		6,844

				287,983

Mexico - 0.1%
Banco del Bajio S.A. (a)		18,100		15,626
Qualitas Controladora S.A.B. de C.V.		11,600		29,794

				45,420

Morocco - 0.0%
Douja Promotion Groupe Addoha S.A. (e)		10,225		6,648

Netherlands - 0.7%
ASR Nederland NV		2,813		70,728
Coca-Cola European Partners PLC		1,317		49,427
Koninklijke Ahold Delhaize NV		4,081		95,073
Vastned Retail NV REIT		1,069		17,940

				233,168

New Zealand - 0.3%
Air New Zealand Ltd.		32,303		16,189
Arvida Group Ltd.		26,315		19,578
Summerset Group Holdings Ltd.		16,234		52,419
Tourism Holdings Ltd.		3,878		2,502

				90,688

Norway - 0.1%
B2Holding ASA		5,084		1,758
Elkem ASA (a)		8,219		10,358
Mowi ASA		2,253		34,064

				46,180

Peru - 0.1%
Ferreycorp SAA		40,342		14,811

Philippines - 0.2%
Altus San Nicolas Corp. (c)(d)(e)		568		113
Globe Telecom, Inc.		605		22,928
PLDT, Inc.		1,115		24,663
Robinsons Land Corp.		29,500		8,582

				56,286

Poland - 0.2%
Asseco Poland S.A.		4,650		64,959
Ciech S.A. (e)		1,701		10,979

				75,938

Singapore - 1.6%
Accordia Golf Trust UNIT		37,500		12,681
Cache Logistics Trust REIT		21,200		6,909
CapitaLand Mall Trust REIT		79,400		99,557
China Aviation Oil Singapore Corp., Ltd.		6,900		4,146
ComfortDelGro Corp. Ltd.		36,200		38,547
EC World Real Estate Investment Trust REIT		21,200		8,320
Fortune Real Estate Investment Trust REIT		66,000		60,675
Frasers Logistics & Industrial Trust REIT		99,000		61,202
Keppel DC REIT		37,500		60,184
Mapletree Commercial Trust REIT		47,873		61,401
Oversea-Chinese Banking Corp., Ltd.		10,300		62,407


See accompanying Notes to Financial Statements		13		Semiannual Report / March 31, 2020

Schedule of Investments

March 31, 2020 (unaudited)

AllianzGI Best Styles Global Managed Volatility Portfolio


	Shares		Value
Sheng Siong Group Ltd.		16,400		13,703
Singapore Airlines Ltd.		19,200		77,935
Sino Grandness Food Industry Group Ltd. (e)		77,400		640

				568,307

South Africa - 0.0%
Astral Foods Ltd.		1,214		13,030

Spain - 0.5%
Ebro Foods S.A.		1,610		33,045
Iberdrola S.A.		13,691		133,912
Lar Espana Real Estate Socimi S.A. REIT		1,947		8,643

				175,600

Sweden - 0.1%
Castellum AB		2,957		49,856

Switzerland - 4.6%
Baloise Holding AG		636		82,917
Banque Cantonale Vaudoise		30		24,558
Barry Callebaut AG		50		100,077
BKW AG		111		9,039
Cembra Money Bank AG		883		80,514
Intershop Holding AG		32		16,799
Nestle S.A.		3,447		352,862
PSP Swiss Property AG		690		86,284
Roche Holding AG		971		312,411
Swiss Life Holding AG		307		103,043
Swiss Re AG		1,888		145,374
Zurich Insurance Group AG		977		343,227

				1,657,105

Taiwan - 5.1%
Asia Cement Corp.		47,000		61,023
Cheng Loong Corp.		37,000		25,064
China Airlines Ltd.		69,000		15,030
China Motor Corp.		17,600		14,440
China Petrochemical Development Corp.		117,500		28,216
CTBC Financial Holding Co., Ltd.		195,000		114,824
E.Sun Financial Holding Co., Ltd.		140,665		112,287
First Financial Holding Co., Ltd.		332,659		214,965
Formosa Chemicals & Fibre Corp.		13,000		28,627
Formosa Petrochemical Corp.		50,000		133,493
Formosa Plastics Corp.		31,000		76,682
Fulgent Sun International Holding Co., Ltd.		8,000		22,085
Getac Technology Corp.		49,000		68,288
Global Mixed Mode Technology, Inc.		15,000		50,166
Great Wall Enterprise Co., Ltd.		31,458		38,402
HannStar Display Corp.		407,000		69,472
Hua Nan Financial Holdings Co., Ltd.		90,687		53,950
International CSRC Investment Holdings Co.		68,770		43,786
King Yuan Electronics Co., Ltd.		42,000		41,700
Lien Hwa Industrial Holdings Corp.		65,455		80,473
Mega Financial Holding Co., Ltd.		86,000		80,754
Mercuries Life Insurance Co., Ltd. (e)		48,594		13,172
Oriental Union Chemical Corp.		7,000		3,275
Powertech Technology, Inc.		37,000		104,784
Sinbon Electronics Co., Ltd.		18,139		74,670
Taichung Commercial Bank Co., Ltd.		65,224		22,233
Taiwan Fertilizer Co., Ltd.		18,000		24,727
Taiwan PCB Techvest Co., Ltd.		17,000		16,110
Tripod Technology Corp.		20,000		62,215
Uni-President Enterprises Corp.		29,000		62,768
Wisdom Marine Lines Co., Ltd. (e)		15,000		10,716
WT Microelectronics Co., Ltd.		10,003		11,275
Yuanta Financial Holding Co., Ltd.		132,000		67,393

				1,847,065

Thailand - 1.1%
Bangchak Corp. PCL (c)(d)		50,300		22,790
Bangkok Bank PCL (c)(d)		15,600		47,629
Electricity Generating PCL (c)(d)		7,500		52,542
IRPC PCL (c)(d)		188,900		12,153
PTT PCL (c)(d)		58,600		54,176
Siam Cement PCL (c)(d)		8,300		81,438


See accompanying Notes to Financial Statements		14		Semiannual Report / March 31, 2020

Schedule of Investments

March 31, 2020 (unaudited)

AllianzGI Best Styles Global Managed Volatility Portfolio


	Shares		Value
Siamgas & Petrochemicals PCL (c)(d)		151,900		35,341
Star Petroleum Refining PCL (c)(d)		179,100		23,879
Tisco Financial Group PCL (c)(d)		30,200		64,358

				394,306

United Kingdom - 1.4%
Berkeley Group Holdings PLC		1,286		57,399
Diageo PLC		1,594		50,545
Gamma Communications PLC		5,158		63,093
Highland Gold Mining Ltd.		12,952		31,257
Johnson Service Group PLC		17,486		22,238
Marston’s PLC		18,438		9,327
Primary Health Properties PLC REIT		16,812		33,381
Regional REIT Ltd. REIT (a)		20,237		20,684
Royal Dutch Shell PLC, Class A		3,379		58,595
Unilever PLC		2,933		147,912

				494,431

United States - 51.7%
Accenture PLC, Class A		519		84,732
Adobe, Inc. (e)		294		93,563
Aflac, Inc.		3,352		114,772
AG Mortgage Investment Trust, Inc. REIT		3,004		8,231
AGNC Investment Corp. REIT		10,756		113,798
Alleghany Corp.		178		98,318
Allstate Corp.		3,195		293,077
Altria Group, Inc.		3,855		149,073
Amdocs Ltd.		771		42,382
Ameren Corp.		2,416		175,957
American Electric Power Co., Inc.		2,333		186,593
American Financial Group, Inc.		996		69,800
American Tower Corp. REIT		245		53,349
Amgen, Inc.		791		160,359
Annaly Capital Management, Inc. REIT		16,695		84,644
Anthem, Inc.		486		110,341
Apollo Commercial Real Estate Finance, Inc. REIT		3,559		26,408
Apple, Inc.		1,301		330,831
Ares Commercial Real Estate Corp. REIT		4,387		30,665
AT&T, Inc.		10,669		311,001
Atmos Energy Corp.		188		18,655
Automatic Data Processing, Inc.		1,367		186,842
AutoZone, Inc. (e)		256		216,576
AvalonBay Communities, Inc. REIT		623		91,687
Berkshire Hathaway, Inc., Class B (e)		468		85,564
Bright Horizons Family Solutions, Inc. (e)		728		74,256
Bristol-Myers Squibb Co.		3,333		185,781
Cadence Design Systems, Inc. (e)		160		10,566
Casey’s General Stores, Inc.		272		36,037
CBTX, Inc.		1,720		30,564
Centene Corp. (e)		1,081		64,222
Chemed Corp.		228		98,770
Cherry Hill Mortgage Investment Corp. REIT		845		5,239
Chimera Investment Corp. REIT		3,274		29,793
Church & Dwight Co., Inc.		2,359		151,401
Cincinnati Financial Corp.		1,547		116,721
Cisco Systems, Inc.		5,855		230,160
CMS Energy Corp.		2,030		119,262
Coca-Cola Co.		1,148		50,799
Consolidated Edison, Inc.		5,662		441,636
Costco Wholesale Corp.		682		194,459
DTE Energy Co.		1,555		147,678
Duke Energy Corp.		3,713		300,307
Eli Lilly & Co.		2,618		363,169
Ellington Financial, Inc. REIT		1,999		11,414
Encompass Health Corp.		1,421		90,987
Ennis, Inc.		1,333		25,034
Entergy Corp.		1,735		163,038
Equity LifeStyle Properties, Inc. REIT		1,664		95,647
Equity Residential REIT		3,423		211,233
Essex Property Trust, Inc. REIT		586		129,061
Exelon Corp.		2,277		83,816
Exxon Mobil Corp.		395		14,998
Facebook, Inc., Class A (e)		947		157,960
frontdoor, Inc. (e)		1,870		65,039
FTI Consulting, Inc. (e)		785		94,019


See accompanying Notes to Financial Statements		15		Semiannual Report / March 31, 2020

Schedule of Investments

March 31, 2020 (unaudited)

AllianzGI Best Styles Global Managed Volatility Portfolio


	Shares		Value
General Mills, Inc.		4,052		213,824
Global Payments, Inc.		1,007		145,240
Granite Point Mortgage Trust, Inc. REIT		406		2,058
Hershey Co.		1,444		191,330
Humana, Inc.		596		187,156
Intel Corp.		3,538		191,477
Intuit, Inc.		358		82,340
Invesco Mortgage Capital, Inc. REIT		3,841		13,098
Johnson & Johnson		4,381		574,481
Kellogg Co.		622		37,314
Kimberly-Clark Corp.		2,199		281,186
Laboratory Corp. of America Holdings (e)		809		102,250
Leidos Holdings, Inc.		1,386		127,027
Lockheed Martin Corp.		1,254		425,043
ManTech International Corp., Class A		1,303		94,689
Marsh & McLennan Cos., Inc.		527		45,564
Mastercard, Inc., Class A		1,349		325,864
McDonald’s Corp.		1,780		294,323
McGrath RentCorp		733		38,395
Merck & Co., Inc.		5,374		413,476
MFA Financial, Inc. REIT		8,361		12,960
Microsoft Corp.		1,791		282,459
Motorola Solutions, Inc.		856		113,780
National CineMedia, Inc.		706		2,302
NextEra Energy, Inc.		662		159,290
Northfield Bancorp, Inc.		396		4,431
Northrop Grumman Corp.		602		182,135
NVR, Inc. (e)		8		20,553
O’Reilly Automotive, Inc. (e)		477		143,601
Occidental Petroleum Corp.		3,706		42,915
Old Republic International Corp.		4,871		74,283
Omega Healthcare Investors, Inc. REIT		1,527		40,527
Paychex, Inc.		1,494		94,002
Peoples Bancorp, Inc.		669		14,818
PepsiCo, Inc.		2,645		317,664
Pfizer, Inc.		12,565		410,122
Pinnacle West Capital Corp.		1,356		102,771
Portland General Electric Co.		1,705		81,738
Procter & Gamble Co.		5,285		581,350
Progressive Corp.		3,428		253,124
Prospect Capital Corp.		9,920		42,160
PS Business Parks, Inc. REIT		605		81,990
Public Storage REIT		52		10,328
QCR Holdings, Inc.		286		7,742
Quest Diagnostics, Inc.		1,015		81,504
Raytheon Co.		572		75,018
RBB Bancorp		438		6,009
Realty Income Corp. REIT		1,402		69,904
RenaissanceRe Holdings Ltd.		1,252		186,949
Republic Services, Inc.		2,290		171,887
Retail Properties of America, Inc., Class A REIT		3,221		16,653
Ross Stores, Inc.		2,202		191,508
S&P Global, Inc.		386		94,589
Shockwave Medical, Inc. (e)		1,609		53,387
Southern Co.		2,326		125,930
SP Plus Corp. (e)		1,429		29,652
Starbucks Corp.		3,794		249,418
STORE Capital Corp. REIT		565		10,238
Sysco Corp.		2,288		104,401
T-Mobile U.S., Inc. (e)		1,758		147,496
Target Corp.		1,376		127,927
TCG BDC, Inc.		1,777		9,276
TJX Cos., Inc.		3,633		173,694
TPG RE Finance Trust, Inc. REIT		1,025		5,627
Tyson Foods, Inc., Class A		1,335		77,256
United Therapeutics Corp. (e)		929		88,092
UnitedHealth Group, Inc.		1,648		410,978
Valley National Bancorp		649		4,744
Verizon Communications, Inc.		8,660		465,302
Visa, Inc., Class A		501		80,721
Walmart, Inc.		2,030		230,649
Walt Disney Co.		401		38,737
Waste Management, Inc.		4,952		458,357
Waterstone Financial, Inc.		1,819		26,448
WEC Energy Group, Inc.		4,686		412,977
Western Asset Mortgage Capital Corp. REIT		3,885		8,897
Xcel Energy, Inc.		6,994		421,738


See accompanying Notes to Financial Statements		16		Semiannual Report / March 31, 2020

Schedule of Investments

March 31, 2020 (unaudited)

AllianzGI Best Styles Global Managed Volatility Portfolio


	Shares		Value
Zoetis, Inc.		1,530		180,066

				18,629,493

Total Common Stock (cost-$36,304,229)				35,333,490

PREFERRED STOCK - 0.2%

Brazil - 0.2%
Telefonica Brasil S.A.(cost-$101,254)		7,700		73,279

Total Investments(cost-$36,405,483) (b)-98.3%				35,406,769

Other assets lessliabilities-1.7%				625,751
NetAssets-100.0%			$	36,032,520


See accompanying Notes to Financial Statements		17		Semiannual Report / March 31, 2020

Schedule of Investments

March 31, 2020 (unaudited)

AllianzGI Best Styles Global Managed Volatility Portfolio

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 $232,175, representing 0.6% of net assets.

(b)	Securities with an aggregate value of $15,602,362, representing 43.3% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(c)	Fair-Valued—Securities with an aggregate value of $394,419, representing 1.1% 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.

Glossary:

REIT - Real Estate Investment Trust

UNIT - More than one class of securities traded together


See accompanying Notes to Financial Statements		18		Semiannual Report / March 31, 2020

Schedule of Investments

March 31, 2020 (unaudited)

AllianzGI Best Styles Global Managed Volatility Portfolio

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


Insurance	7.7	%
Pharmaceuticals	7.7	%
Electric Utilities	6.9	%
Diversified Telecommunication Services	5.2	%
Food Products	4.5	%
Equity Real Estate Investment Trusts (REITs)	4.5	%
IT Services	4.4	%
Banks	4.2	%
Multi-Utilities	3.6	%
Healthcare Providers & Services	3.6	%
Wireless Telecommunication Services	3.2	%
Household Products	2.8	%
Hotels, Restaurants & Leisure	2.5	%
Technology Hardware, Storage & Peripherals	2.5	%
Food & Staples Retailing	2.4	%
Specialty Retail	2.4	%
Commercial Services & Supplies	2.1	%
Aerospace & Defense	1.9	%
Construction & Engineering	1.8	%
Beverages	1.6	%
Oil, Gas & Consumable Fuels	1.6	%
Software	1.5	%
Real Estate Management & Development	1.3	%
Trading Companies & Distributors	1.2	%
Semiconductors & Semiconductor Equipment	1.1	%
Mortgage Real Estate Investment Trusts (REITs)	1.0	%
Communications Equipment	1.0	%
Gas Utilities	0.9	%
Electronic Equipment, Instruments & Components	0.9	%
Metals & Mining	0.8	%
Transportation Infrastructure	0.8	%
Biotechnology	0.7	%
Textiles, Apparel & Luxury Goods	0.7	%
Chemicals	0.7	%
Tobacco	0.7	%
Interactive Media & Services	0.6	%
Capital Markets	0.6	%
Road & Rail	0.6	%
Construction Materials	0.5	%
Household Durables	0.5	%
Airlines	0.5	%
Diversified Financial Services	0.5	%
Diversified Consumer Services	0.4	%
Personal Products	0.4	%
Multi-Line Retail	0.4	%
Containers & Packaging	0.4	%
Media	0.3	%
Professional Services	0.3	%
Leisure Equipment & Products	0.3	%
Entertainment	0.2	%
Building Products	0.2	%
Consumer Finance	0.2	%
Independent Power Producers & Energy Traders	0.2	%
Industrial Conglomerates	0.2	%
Healthcare Equipment & Supplies	0.2	%
Marine	0.1	%
Thrifts & Mortgage Finance	0.1	%
Automobiles	0.1	%
Water Utilities	0.1	%
Other assets less liabilities	1.7	%
	100.0	%


See accompanying Notes to Financial Statements		19		Semiannual Report / March 31, 2020

Schedule of Investments

March 31, 2020 (unaudited)

AllianzGI Global Small-Cap Opportunities Portfolio


	Shares			Value

COMMON STOCK - 98.9%

Australia - 2.4%
BWP Trust REIT		20,488		$	42,156
Charter Hall Retail REIT		7,665			14,639
JBHi-Fi Ltd.		5,207			89,652

					146,447

Belgium - 1.0%
bpost S.A.		8,895			62,711

Brazil - 0.4%
Cia Paranaense de Energia, Class P ADR		2,040			21,236

Canada - 2.0%
Cogeco Communications, Inc.		847			57,460
Granite Real Estate Investment Trust REIT		1,500			61,959

					119,419

China - 3.2%
China National Building Material Co., Ltd., Class H		30,000			32,229
Huaxin Cement Co., Ltd., Class B		28,199			42,714
Jiangsu Expressway Co., Ltd., Class H		32,000			35,567
Weichai Power Co., Ltd., Class H		52,000			82,830

					193,340

Denmark - 0.7%
Pandora A/S		1,244			39,971

Hong Kong - 0.6%
Hysan Development Co., Ltd.		12,000			38,753

India - 1.9%
WNS Holdings Ltd. ADR (e)		2,615			112,393

Italy - 1.8%
Unipol Gruppo SpA		31,352			106,919

Japan - 12.3%
Advance Residence Investment Corp. REIT		15			43,593
AEON REIT Investment Corp. REIT		21			20,185
Daiwa Office Investment Corp. REIT		4			22,198
Dip Corp.		2,500			40,153
EDION Corp.		9,200			75,892
Fuji Soft, Inc.		1,000			32,104
GungHo Online Entertainment, Inc.		1,990			27,738
Hulic Co., Ltd.		4,300			43,516
IDOM, Inc.		6,400	��		23,244
IR Japan Holdings Ltd.		600			32,095
Jafco Co., Ltd. (e)		1,300			33,798
Japan Logistics Fund, Inc. REIT		14			31,188
Japan Rental Housing Investments, Inc. REIT		21			17,778
Nippon Accommodations Fund, Inc. REIT		5			27,204
Nippon REIT Investment Corp. REIT		7			20,730
Sankyu, Inc.		3,500			130,410
Sumitomo Forestry Co., Ltd.		5,000			63,837
T-Gaia Corp.		2,900			54,833

					740,496

Korea (Republic of) - 3.1%
DB HiTek Co., Ltd.		3,744			65,403
LG Innotek Co., Ltd.		940			86,504
Macquarie Korea Infrastructure Fund		3,675			32,637

					184,544

Netherlands - 2.6%
ASR Nederland NV		2,437			61,274
Signify NV (a)		4,778			92,599

					153,873

Norway - 0.3%
BW LPG Ltd. (a)		4,959			14,950


See accompanying Notes to Financial Statements		20		Semiannual Report / March 31, 2020

Schedule of Investments

March 31, 2020 (unaudited)

AllianzGI Global Small-Cap Opportunities Portfolio


	Shares		Value

Portugal - 0.6%
NOS SGPS S.A.		11,622		38,814

Russian Federation - 0.7%
Federal Grid Co. Unified Energy System PJSC (c)(d)		21,610,000		44,517

Singapore - 1.8%
Mapletree Commercial Trust REIT		32,200		41,299
Mapletree Industrial Trust REIT		26,400		44,832
Mapletree North Asia Commercial Trust REIT		37,700		21,216

				107,347

South Africa - 0.4%
Harmony Gold Mining Co., Ltd. ADR (e)		11,160		24,329

Spain - 0.6%
Viscofan S.A.		632		34,604

Switzerland - 0.7%
Galenica AG (a)(e)		605		41,281

Taiwan - 6.4%
Powertech Technology, Inc.		18,000		50,976
Radiant Opto-Electronics Corp.		14,000		36,228
Silicon Motion Technology Corp. ADR		2,930		107,414
Sino-American Silicon Products, Inc.		14,000		35,837
Wistron Corp.		191,000		154,410

				384,865

Thailand - 1.0%
Thanachart Capital PCL (c)(d)		60,300		60,651

Turkey - 0.9%
Enerjisa Enerji AS (a)		26,601		27,272
Turkiye Sinai Kalkinma Bankasi AS (e)		189,590		26,948

				54,220

United Kingdom - 2.3%
Computacenter PLC		2,547		45,156
Go-Ahead Group PLC		2,533		25,652
Greggs PLC		3,261		64,894

				135,702

United States - 51.2%
Allied Motion Technologies, Inc.		760		18,012
Arcosa, Inc.		1,275		50,668
Aspen Technology, Inc. (e)		870		82,711
Balchem Corp.		600		59,232
Bancorp, Inc. (e)		3,385		20,547
Bruker Corp.		720		25,819
Cavco Industries, Inc. (e)		265		38,409
Century Communities, Inc. (e)		3,720		53,977
Charles River Laboratories International, Inc. (e)		410		51,746
Chemed Corp.		300		129,960
Cirrus Logic, Inc. (e)		1,900		124,697
Clean Harbors, Inc. (e)		420		21,563
Clearway Energy, Inc., Class A		4,400		75,548
Comfort Systems USA, Inc.		1,650		60,307
EMCOR Group, Inc.		1,545		94,739
Emergent Biosolutions, Inc. (e)		820		47,445
ePlus, Inc. (e)		570		35,693
GMS, Inc. (e)		1,690		26,584
HarborOne Bancorp, Inc. (e)		3,445		25,941
Hilltop Holdings, Inc.		4,905		74,164
Horizon Therapeutics PLC (e)		3,795		112,408
Inphi Corp. (e)		2,535		200,696
Integer Holdings Corp. (e)		2,040		128,234
M/I Homes, Inc. (e)		1,270		20,993
ManTech International Corp., Class A		1,900		138,073
Methode Electronics, Inc.		4,190		110,742
MGIC Investment Corp.		13,255		84,169
MSA Safety, Inc.		1,240		125,488
NewMarket Corp.		380		145,491


See accompanying Notes to Financial Statements		21		Semiannual Report / March 31, 2020

Schedule of Investments

March 31, 2020 (unaudited)

AllianzGI Global Small-Cap Opportunities Portfolio


	Shares			Value
Opus Bank		3,075			53,290
PRA Health Sciences, Inc. (e)		1,230			102,139
Prestige Consumer Healthcare, Inc. (e)		1,800			66,024
Progress Software Corp.		3,500			112,000
Rush Enterprises, Inc., Class A		1,525			48,678
SJW Group		595			34,373
South State Corp.		505			29,659
Teledyne Technologies, Inc. (e)		500			148,635
Tetra Tech, Inc.		1,180			83,332
Tompkins Financial Corp.		390			28,002
TopBuild Corp. (e)		970			69,491
United Therapeutics Corp. (e)		665			63,059
Vectrus, Inc. (e)		1,280			53,005

					3,075,743

Total Common Stock (cost-$6,985,792)			��		5,937,125

PREFERRED STOCK - 0.5%

Brazil - 0.5%
Cia Paranaense de Energia(cost-$29,286)		3,100			31,918

Total Investments(cost-$7,015,078) (b)-99.4%					5,969,043

Other assets lessliabilities-0.6%					33,502
NetAssets-100.0%				$	6,002,545


See accompanying Notes to Financial Statements		22		Semiannual Report / March 31, 2020

Schedule of Investments

March 31, 2020 (unaudited)

AllianzGI Global Small-Cap Opportunities Portfolio

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 $176,102, representing 2.9% of net assets.

(b)	Securities with an aggregate value of $2,317,203, representing 38.6% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(c)	Fair-Valued—Securities with an aggregate value of $105,168, representing 1.8% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

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

(e)	Non-income producing.

Glossary:

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust


See accompanying Notes to Financial Statements		23		Semiannual Report / March 31, 2020

Schedule of Investments

March 31, 2020 (unaudited)

AllianzGI Global Small-Cap Opportunities Portfolio

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


Semiconductors & Semiconductor Equipment	10.3	%
Equity Real Estate Investment Trusts (REITs)	6.3	%
Banks	5.3	%
IT Services	4.9	%
Household Durables	4.1	%
Specialty Retail	4.1	%
Electronic Equipment, Instruments & Components	3.9	%
Commercial Services & Supplies	3.8	%
Software	3.8	%
Construction & Engineering	3.4	%
Chemicals	3.4	%
Aerospace & Defense	3.4	%
Life Sciences Tools & Services	3.0	%
Pharmaceuticals	3.0	%
Healthcare Providers & Services	2.8	%
Insurance	2.8	%
Road & Rail	2.6	%
Technology Hardware, Storage & Peripherals	2.6	%
Healthcare Equipment & Supplies	2.1	%
Electric Utilities	2.1	%
Real Estate Management & Development	1.9	%
Electrical Equipment	1.8	%
Biotechnology	1.8	%
Thrifts & Mortgage Finance	1.4	%
Machinery	1.4	%
Independent Power Producers & Energy Traders	1.3	%
Trading Companies & Distributors	1.3	%
Construction Materials	1.2	%
Capital Markets	1.1	%
Hotels, Restaurants & Leisure	1.1	%
Air Freight & Logistics	1.0	%
Media	1.0	%
Interactive Media & Services	0.7	%
Textiles, Apparel & Luxury Goods	0.7	%
Diversified Telecommunication Services	0.6	%
Transportation Infrastructure	0.6	%
Food Products	0.6	%
Water Utilities	0.6	%
Professional Services	0.5	%
Entertainment	0.5	%
Metals & Mining	0.4	%
Oil, Gas & Consumable Fuels	0.2	%
Other assets less liabilities	0.6	%
	100.0	%


See accompanying Notes to Financial Statements		24		Semiannual Report / March 31, 2020

Schedule of Investments

March 31, 2020 (unaudited)

AllianzGI International Growth Portfolio


	Shares		Value

COMMON STOCK - 97.8%

Argentina - 2.1%
MercadoLibre, Inc. (c)		1,246	$	608,771

Australia - 3.9%
CSL Ltd.		1,880		340,790
Domino’s Pizza Enterprises Ltd.		18,002		557,348
Treasury Wine Estates Ltd.		39,300		243,997

				1,142,135

Brazil - 2.7%
StoneCo Ltd., Class A (c)		36,035		784,482

Canada - 7.4%
Alimentation Couche-Tard, Inc., Class B		25,640		603,969
Canadian National Railway Co.		3,170		247,847
Constellation Software, Inc.		810		736,166
Shopify, Inc., Class A (c)		1,415		589,956

				2,177,938

China - 15.7%
Alibaba Group Holding Ltd. ADR (c)		9,791		1,904,154
TAL Education Group ADR (c)		5,103		271,786
Tencent Holdings Ltd.		33,516		1,656,615
Tencent Music Entertainment Group ADR (c)		50,107		504,076
Weibo Corp. ADR (c)		8,805		291,534

				4,628,165

Denmark - 15.2%
Ambu A/S, Class B		79,920		1,924,602
Coloplast A/S, Class B		1,213		175,917
DSV PANALPINA A/S		9,280		843,821
Netcompany Group A/S (a)(c)		23,875		1,096,548
Novo Nordisk A/S, Class B		7,626		455,394

				4,496,282

Germany - 10.7%
Adidas AG		1,482		329,044
Bechtle AG		4,888		615,461
GRENKE AG		6,238		359,474
Infineon Technologies AG		54,171		781,999
SAP SE		7,612		849,864
Zalando SE (a)(c)		6,212		234,131

				3,169,973

Hong Kong - 3.8%
AIA Group Ltd.		125,837		1,126,824

India - 3.4%
HDFC Bank Ltd. ADR		26,154		1,005,883

Indonesia - 1.2%
Ace Hardware Indonesia Tbk PT		1,561,724		124,250
Bank Central Asia Tbk PT		136,855		230,589

				354,839

Ireland - 2.3%
Kingspan Group PLC		8,283		446,321
Ryanair Holdings PLC ADR (c)		4,376		232,322

				678,643

Israel - 4.7%
Wix.com Ltd. (c)		13,720		1,383,250

Japan - 3.6%
Keyence Corp.		2,079		668,424
MonotaRO Co., Ltd.		14,742		389,505

				1,057,929


See accompanying Notes to Financial Statements		25		Semiannual Report / March 31, 2020

Schedule of Investments

March 31, 2020 (unaudited)

AllianzGI International Growth Portfolio


	Shares		Value

Netherlands - 4.9%
ASML Holding NV		5,436		1,433,009

New Zealand - 1.4%
Mainfreight Ltd.		20,396		419,370

Philippines - 0.3%
Jollibee Foods Corp.		45,327		94,349

South Africa - 1.3%
PSG Group Ltd.		54,795		394,627

Sweden - 6.8%
AddTech AB, Class B		18,879		460,730
Assa Abloy AB, Class B		11,683		218,106
Atlas Copco AB, Class A		12,775		424,823
Epiroc AB, Class A		23,400		231,227
Hexagon AB, Class B		7,579		320,479
Hexpol AB		60,694		358,599

				2,013,964

Switzerland - 4.8%
Partners Group Holding AG		609		416,962
Sika AG		2,572		422,355
Temenos AG (c)		1,959		255,355
VAT Group AG (a)(c)		2,284		311,405

				1,406,077

United Kingdom - 1.6%
DCC PLC		7,598		474,504

Total Common Stock (cost-$29,891,030)				28,851,014

	Principal Amount (000s)

Repurchase Agreements - 2.2%

State Street Bank and Trust Co., dated 3/31/20, 0.00%, due 4/1/20, proceeds $656,000; collateralized by U.S Treasury Inflation Index, 0.625%, due 4/15/23, valued at $673,270 including accrued interest (cost-$656,000)	$	656		656,000

Total Investments(cost-$30,547,030) (b)-100.0%				29,507,014

Other assets lessliabilities-0.0%				2,958
NetAssets-100.0%			$	29,509,972


See accompanying Notes to Financial Statements		26		Semiannual Report / March 31, 2020

Schedule of Investments

March 31, 2020 (unaudited)

AllianzGI International Growth Portfolio

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 $1,642,084, representing 5.6% of net assets.

(b)	Securities with an aggregate value of $19,686,818, representing 66.7% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.

(c)	Non-income producing.

Glossary:

ADR - American Depositary Receipt


See accompanying Notes to Financial Statements		27		Semiannual Report / March 31, 2020

Schedule of Investments

March 31, 2020 (unaudited)

AllianzGI International Growth Portfolio

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


IT Services	11.4	%
Software	10.0	%
Internet & Direct Marketing Retail	9.3	%
Semiconductors & Semiconductor Equipment	7.5	%
Healthcare Equipment & Supplies	7.1	%
Interactive Media & Services	6.6	%
Air Freight & Logistics	4.3	%
Banks	4.2	%
Insurance	3.8	%
Electronic Equipment, Instruments & Components	3.4	%
Machinery	3.3	%
Trading Companies & Distributors	2.9	%
Chemicals	2.6	%
Diversified Financial Services	2.6	%
Building Products	2.3	%
Hotels, Restaurants & Leisure	2.2	%
Food & Staples Retailing	2.1	%
Entertainment	1.7	%
Industrial Conglomerates	1.6	%
Pharmaceuticals	1.5	%
Capital Markets	1.4	%
Biotechnology	1.2	%
Textiles, Apparel & Luxury Goods	1.1	%
Diversified Consumer Services	0.9	%
Road & Rail	0.8	%
Beverages	0.8	%
Airlines	0.8	%
Specialty Retail	0.4	%
Repurchase Agreements	2.2	%
	100.0	%


See accompanying Notes to Financial Statements		28		Semiannual Report / March 31, 2020

Statements of Assets and Liabilities

March 31, 2020 (unaudited)


	AllianzGI Best Styles Global Managed Volatility			AllianzGI Global Small-Cap Opportunities			AllianzGI International Growth
Assets:
Investments, at value		$35,406,769			$5,969,043			$29,507,014
Cash		91,764			72,129			967
Foreign currency, at value		330,842			2,032			37,890
Dividends and interest receivable (net of foreign withholding taxes)		148,286			14,996			10,417
Receivable for investments sold		64,562			–			382,480
Receivable from Investment Manager		9,401			6,066			–
Deferred offering costs		–			–			3,330
Tax reclaims receivable		31,480			1,422			8,499
Investments in Affiliated Funds - Trustees Deferred Compensation Plan (see Note 4)		7,302			686			–
Prepaid expenses and other assets		1,407			1,094			304
Total Assets		36,091,813			6,067,468			29,950,901

Liabilities:
Payable for investments purchased		–			–			371,349
Investment management fees payable		–			–			4,294
Trustees Deferred Compensation Plan payable (see Note 4)		7,302			686			–
Accrued expenses and other liabilities		51,991			64,237			65,286
Total Liabilities		59,293			64,923			440,929
Net Assets		$36,032,520			$6,002,545			$29,509,972

Net Assets Consist of:
Paid-in-capital		$36,283,642			$7,877,866			$30,436,126
Total distributable earnings (loss)		(251,122	)		(1,875,321	)		(926,154	)
Net Assets		$36,032,520			$6,002,545			$29,509,972

Cost of Investments		$36,405,483			$7,015,078			$30,547,030
Cost of Foreign Currency		$327,629			$2,049			$37,587
Shares Issued and Outstanding		2,690,666			514,345			2,135,189
Net Asset Value Per Share*		$13.39			$11.67			$13.82

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


See accompanying Notes to Financial Statements		29		Semiannual Report / March 31, 2020

Statements of Operations

Six Months ended March 31, 2020 (unaudited)


	AllianzGI Best Styles Global Managed Volatility			AllianzGI Global Small-Cap Opportunities			AllianzGI International Growth

Investment Income:
Dividends, net of foreign withholding taxes*		$584,321			$77,977			$87,474
Interest		698			138			1,015
Total Investment Income		585,019			78,115			88,489

Expenses:
Investment management		101,409			40,822			136,462
Custodian and accounting agent		52,347			29,089			61,482
Legal		23,729			19,288			7,564
Audit and tax services		23,248			19,449			18,173
Shareholder communications		6,035			5,344			4,191
Trustees		3,529			499			2,382
Insurance		2,923			2,274			3,596
Transfer agent		2,447			1,988			3,047
Line of credit commitment		585			95			458
Offering		–			–			13,542
Miscellaneous		1,325			1,305			1,534
Total Expenses		217,577			120,153			252,431
Less: Fee Waiver/Reimbursement from Investment Manager		(102,904	)		(65,628	)		(95,896	)
Net Expenses		114,673			54,525			156,535
Net Investment Income (Loss)		470,346			23,590			(68,046	)

Realized and Change in Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		960,761			(595,120	)		211,476
Forward foreign currency contracts		(3	)		(2	)		1,188
Foreign currency transactions		(1,247	)		1,426			(1,144	)
Net change in unrealized appreciation/depreciation of:
Investments		(7,474,630	)		(1,485,694	)		(732,220	)
Forward foreign currency contracts		1			1			–
Foreign currency transactions		2,097			(399	)		(800	)
Net realized and change in unrealized loss		(6,513,021	)		(2,079,788	)		(521,500	)
Net Decrease in Net Assets Resulting from Investment Operations		$(6,042,675	)		$(2,056,198	)		$(589,546	)
*Foreign withholding taxes		$27,206			$6,148			$12,739


See accompanying Notes to Financial Statements		30		Semiannual Report / March 31, 2020

Statements of Changes in Net Assets


	AllianzGI Best Styles Global Managed Volatility						AllianzGI Global Small-Cap Opportunities
	Six Months ended March 31, 2020 (unaudited)			Year ended September 30, 2019			Six Months ended March 31, 2020 (unaudited)			Year ended September 30, 2019

Increase (Decrease) in Net Assets from:

Investment Operations:
Net investment income		$470,346			$1,196,116			$23,590			$66,187
Net realized gain (loss)		959,511			1,645,571			(593,696	)		(64,571	)
Net change in unrealized appreciation/depreciation		(7,472,532	)		(376,626	)		(1,486,092	)		(384,287	)
Net increase (decrease) in net assets resulting from investment operations		(6,042,675	)		2,465,061			(2,056,198	)		(382,671	)

Distributions to Shareholders from:
Distributable earnings		(2,602,380	)		(7,046,627	)		(172,672	)		(441,282	)

Common Stock Transactions:
Net proceeds from the sale of common stock		9,781,524			5,548,753			3,142,783			2,867,171
Issued in reinvestment of distributions		2,602,380			7,046,627			172,672			441,282
Cost of shares redeemed		(18,645,533	)		(8,896,535	)		(3,076,218	)		–
Net increase (decrease) from Portfolio share transactions		(6,261,629	)		3,698,845			239,237			3,308,453
Total increase (decrease) in net assets		(14,906,684	)		(882,721	)		(1,989,633	)		2,484,500

Net Assets:
Beginning of period		50,939,204			51,821,925			7,992,178			5,507,678
End of period		$36,032,520			$50,939,204			$6,002,545			$7,992,178

Shares Activity:
Issued		592,213			338,152			186,898			175,792
Issued in reinvestment of distributions		160,048			506,587			10,080			30,433
Redeemed		(1,185,246	)		(582,274	)		(179,430	)		–
Net increase (decrease)		(432,985	)		262,465			17,548			206,225

–	May reflect actual amounts rounding to less than $1.


See accompanying Notes to Financial Statements		31		Semiannual Report / March 31, 2020

Statements of Changes in Net Assets


	AllianzGI International Growth
	Six Months ended March 31, 2020 (unaudited)			Period from May 15, 2019* through September 30, 2019

Increase (Decrease) in Net Assets from:

Investment Operations:
Net investment income (loss)		$(68,046	)		$4,291
Net realized gain		211,520			9,142
Net change in unrealized appreciation/depreciation		(733,020	)		(307,634	)
Net decrease in net assets resulting from investment operations		(589,546	)		(294,201	)

Distributions to Shareholders from:
Distributable earnings		(42,407	)		–

Common Stock Transactions:
Net proceeds from the sale of common stock		12,700,706			47,320,433
Issued in reinvestment of distributions		42,407			–
Cost of shares redeemed		(32,354,545	)		(272,875	)
Net increase (decrease) from Portfolio share transactions		(19,611,432	)		47,047,558
Total increase (decrease) in net assets		(20,243,385	)		46,753,357

Net Assets:
Beginning of period		49,753,357			3,000,000
End of period		$29,509,972			$49,753,357

Shares Activity:
Issued		834,080			3,174,908
Issued in reinvestment of distributions		2,558			–
Redeemed		(2,058,080	)		(18,277	)
Net increase (decrease)		(1,221,442	)		3,156,631

–	May reflect actual amounts rounding to less than $1.

*	Commencement of operations.


See accompanying Notes to Financial Statements		32		Semiannual Report / March 31, 2020

Financial Highlights

For a share of common stock outstanding throughout each period:^


	AllianzGI Best Styles Global Managed Volatility
	Six months ended March 31, 2020 (unaudited)	Year ended September 30, 2019	Year ended September 30, 2018	Year ended September 30, 2017	Period from April 11, 2016* through September 30, 2016
Net asset value, beginning of period	$16.31	$18.11	$17.85	$15.81	$15.00

Investment Operations:
Net investment income(a)	0.15	0.39	0.42	0.40	0.22
Net realized and change in unrealized gain (loss)	(2.26)	0.25	1.09	1.99	0.59
Total from investment operations	(2.11)	0.64	1.51	2.39	0.81

Dividends and Distributions to Shareholders from:
Net investment income	(0.38)	(0.50)	(0.60)	(0.31)	—
Net realized gains	(0.43)	(1.94)	(0.65)	(0.04)	—
Total dividends and distributions to shareholders	(0.81)	(2.44)	(1.25)	(0.35)	—
Net asset value, end of period	$13.39	$16.31	$18.11	$17.85	$15.81
Total Return(b)	(13.82)%	5.84%	8.77%	15.41%	5.40%

RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000s)	$36,033	$50,939	$51,822	$59,116	$77,339
Ratio of expenses to average net assets with fee reimbursement	0.45%(c)(e)	0.45%(e)	0.45%(e)	0.45%(e)	0.45%(c)(d)
Ratio of expenses to average net assets without fee reimbursement	0.86%(c)(e)	0.70%(e)	0.84%(e)	0.83%(e)	0.99%(c)(d)
Ratio of net investment income to average net assets	1.86%(c)(e)	2.45%(e)	2.37%(e)	2.42%(e)	2.96%(c)(d)
Portfolio turnover rate	10%	45%	59%	31%(f)	1%

^	A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%.

*	Commencement of operations.

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

(b)

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

(c)	Annualized, unless otherwise noted.

(d)	Certain expenses incurred by the Portfolio were not annualized.

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

(f)	Portfolio turnover rate excludes securities received or delivered fromin-kind fund share transactions.


See accompanying Notes to Financial Statements		33		Semiannual Report / March 31, 2020

Financial Highlights

For a share of common stock outstanding throughout each period:^


	AllianzGI GlobalSmall-Cap Opportunities
	Six months ended March 31, 2020 (unaudited)		Year ended September 30, 2019		Year ended September 30, 2018		Year ended September 30, 2017		Year ended September 30, 2016		Period from December 1, 2014 through September 30, 2015#		Period from July 23, 2014* through November 30, 2014


Net asset value, beginning of period		$16.09		$18.95		$20.19		$15.72		$14.53		$14.70		$15.00

Investment Operations:

Net investment income(a)		0.04		0.21		0.22		0.19		0.15		0.12		0.05

Net realized and change in unrealized gain (loss)		(4.20)		(1.55)		1.40		4.49		1.13		(0.25)		(0.35)

Total from investment operations		(4.16)		(1.34)		1.62		4.68		1.28		(0.13)		(0.30)

Dividends and Distributions to Shareholders from:

Net investment income		(0.26)		(0.31)		(0.43)		(0.21)		(0.09)		(0.04)		—

Net realized gains		—		(1.21)		(2.43)		—		—		—		—

Total dividends and distributions to shareholders		(0.26)		(1.52)		(2.86)		(0.21)		(0.09)		(0.04)		—
Net asset value, end of period		$11.67		$16.09		$18.95		$20.19		$15.72		$14.53		$14.70

Total Return(b)		(26.35)%		(6.20)%		8.91%		30.06%		8.85%		(0.86)%		(2.00)%

RATIOS/SUPPLEMENTAL DATA:

Net assets, end of period (000s)		$6,003		$7,992		$5,508		$5,055		$5,287		$4,856		$4,899

Ratio of expenses to average net assets with fee reimbursement		1.20%(c)		1.20%		1.20%		1.20%		1.20%		1.22%(c)(d)		1.20%(c)(d)

Ratio of expenses to average net assets without fee reimbursement		2.65%(c)		3.44%(e)		3.70%		4.24%		5.48%		7.06%(c)(d)		4.88%(c)(d)

Ratio of net investment income to average net assets		0.52%(c)		1.27%		1.16%		1.10%		1.04%		0.91%(c)(d)		0.88%(c)(d)

Portfolio turnover rate		80%		53%		98%		143%		177%		152%		56%

^	A “ —” may reflect actual amounts rounding to less than $0.01 or 0.01%.

*	Commencement of operations.

#	Fiscal year end changed from November 30^thto September 30^th.

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

(b)

(c)	Annualized, unless otherwise noted.

(d)	Certain expenses incurred were not annualized.

(e)

Due to a change in accounting estimate resulting from a revised agreement with the Fund’s custodian and accounting agent, in order to lower costs and seek economies of scale for all Portfolios in the Trust, the custodian and accounting agent expense was reduced for the period. The effect of the Ratio of Expenses to Average Net Assets without Fee Waiver/Reimbursement was a decrease in the ratio of 1.08%.


See accompanying Notes to Financial Statements		34		Semiannual Report /March 31, 2020

Financial Highlights

For a share of common stock outstanding throughout each period:^


	AllianzGI International Growth
	Six months ended March 31, 2020 (unaudited)	Period from May 15, 2019* through September 30, 2019


Net asset value, beginning of period	$14.82	$15.00

Investment Operations:

Net investment income (loss)(a)	(0.03)	—

Net realized and change in unrealized loss	(0.95)	(0.18)

Total from investment operations	(0.98)	(0.18)

Dividends and Distributions to Shareholders from:

Net investment income	(0.01)	—

Net realized gains	(0.01)	—

Total dividends and distributions to shareholders	(0.02)	—

Net asset value, end of period	$13.82	$14.82

Total Return(b)	(6.65)%	(1.20)%

RATIOS/SUPPLEMENTAL DATA:

Net assets, end of period (000s)	$29,510	$49,753

Ratio of expenses to average net assets with fee reimbursement	0.80%(c)	0.80%(c)(d)

Ratio of expenses to average net assets without fee reimbursement	1.26%(c)(d)	1.83%(c)(d)

Ratio of net investment income (loss) to average net assets	(0.35)%(c)	0.03%(c)(d)

Portfolio turnover rate	27%(e)	22%(e)

^	A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%.

*	Commencement of operations.

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

(b)

(c)	Annualized, unless otherwise noted.

(d)	Certain expenses incurred were not annualized.

(e)	Portfolio turnover rate excludes securities received or delivered fromin-kind fund share transactions.


See accompanying Notes to Financial Statements		35		Semiannual Report / March 31, 2020

AllianzGI Institutional Multi-Series Trust

Notes to Financial Statements

March 31, 2020 (unaudited)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

AllianzGI Institutional Multi-Series Trust (the “Trust”) was organized on June 3, 2014 and is registered under the Investment Company Act of 1940, as amended (the“1940-Act”), as anopen-end registered investment company. The Trust follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 Financial Services-Investment Companies. As of March 31, 2020, the Trust consisted of three separate investment series, (each a “Portfolio” and collectively the “Portfolios”). Allianz Global Investors U.S. LLC (“AllianzGI U.S.” or the “Investment Manager”) serves as the Portfolios’ investment manager. AllianzGI U.S. is an indirect wholly-owned subsidiary of Allianz Asset Management of America L.P. (“AAM”). Effective April 1, 2020, ownership of AllianzGI U.S. was transferred from AAM to PFP Holdings, Inc., a wholly-owned subsidiary of Allianz of America, Inc. through a series of transactions involving various entities. Shares of the Portfolios have not been registered for public sale and are currently offered and sold on a private placement basis in accordance with Rule 506(c) of Regulation D under the Securities Act of 1933, as amended. Currently, the Trust has authorized one class of shares.

The following Portfolio sold and issued shares of beneficial interest to Allianz Fund Investments, Inc. (“AFI”) during the period ended September 30, 2019. AFI is an indirect, wholly-owned subsidiary of Allianz SE.


AllianzGI International Growth
	Date	Shares	Amount
	5/15/19	200,000	$	3,000,000

The investment objective of AllianzGI Best Styles Global Managed Volatility, AllianzGI GlobalSmall-Cap Opportunities and AllianzGI International Growth is to seek long-term capital appreciation. There can be no assurance that the Portfolios will meet their stated objective.

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

In the normal course of business, the Portfolios enter into contracts that contain a variety of representations that provide general indemnifications. The Portfolios’ maximum exposures under these arrangements are unknown as this would involve future claims that may be made against the Portfolios that have not yet occurred. However, based on experience, the risk of loss is expected to be remote.

Like many other companies, the Portfolios’ organizational documents provide that its officers (“Officers”) and the Board of Trustees of the Trust (the “Board” or the “Trustees”) are indemnified against certain liabilities arising out of the performance of their duties to the Portfolios. In addition, both in some of their principal service contracts and in the normal course of its business, the Portfolios enter into contracts that provide indemnifications to other parties for certain types of losses or liabilities. The Portfolios maximum exposure under these arrangements is unknown as this could involve future claims against the Portfolios.

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

(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, or 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 Portfolios’ 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


		36		Semiannual Report / March 31, 2020

AllianzGI Institutional Multi-Series Trust

Notes to Financial Statements

March 31, 2020 (unaudited) (continued)

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 Manager. The Trust’s Valuation Committee was established by the Board to oversee the implementation of the Portfolios’ valuation methods and to make fair value determinations on behalf of the Board, as instructed. The Investment Manager monitors the continued appropriateness of methods applied and identifies circumstances and events that may require fair valuation. The Investment Manager determines if adjustments should be made in light of market changes, events affecting the issuer or other factors. If the Investment Manager determines that a valuation method may no longer be appropriate, another valuation method previously approved by the Trust’s Valuation Committee may be selected or the Trust’s Valuation Committee will be convened to consider the matter and take any appropriate action in accordance with procedures set forth by the Board. The Board shall review and ratify the appropriateness of the valuation methods and these methods may be amended or supplemented from time to time by the Trust’s Valuation Committee.

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

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of the Portfolios 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 U.S. 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 Portfolio’s shares may change on days when an investor is not able to purchase or redeem or exchange shares.

The prices used by the Portfolios 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 Portfolios’ financial statements. Each Portfolio’s NAV 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 Portfolios 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 a Portfolio is calculated. With respect to certain foreign securities, the Portfolios may fair-value securities using modeling tools provided by third-party vendors, where appropriate. The Portfolios 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 Portfolios 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 a Portfolio 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 Portfolio.

(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 Portfolios have the ability to access


		37		Semiannual Report / March 31, 2020

AllianzGI Institutional Multi-Series Trust

Notes to Financial Statements

March 31, 2020 (unaudited) (continued)

•

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

•

Level 3 – valuations based on significant unobservable inputs (including the Investment Manager’s or the Trust’s Valuation Committee’s own assumptions and securities whose price was determined by using a single broker’s quote)

The valuation techniques used by the Portfolios to measure fair value during the six months ended March 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 Portfolios 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 Portfolios 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 Portfolios’ valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Portfolios’ valuation procedures are designed to value a security at the price the Portfolios 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 Portfolios would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available.

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


		38		Semiannual Report / March 31, 2020

AllianzGI Institutional Multi-Series Trust

Notes to Financial Statements

March 31, 2020 (unaudited) (continued)

A summary of the inputs used at March 31, 2020 in valuing each Portfolio’s assets and liabilities is listed below (refer to the Schedules of Investments and Notes to the Schedules of Investments for more detailed information on Investments in Securities and Other Financial Instruments):

AllianzGI Best Styles Global Managed Volatility:


	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 3/31/20
Investments in Securities - Assets
Common Stock:
Australia		—	$	410,860		—	$	410,860
Austria		—		47,584		—		47,584
Belgium		—		252,160		—		252,160
China	$	19,606		924,851		—		944,457
Czech Republic		—		149,320		—		149,320
Denmark		—		167,861		—		167,861
Finland		—		229,900		—		229,900
France		—		494,725		—		494,725
Germany		—		525,200		—		525,200
Hong Kong		—		492,153		—		492,153
Hungary		—		105,891		—		105,891
Ireland		—		4,914		—		4,914
Israel		—		219,862		—		219,862
Italy		—		466,208		—		466,208
Japan		—		5,088,570		—		5,088,570
Korea (Republic of)		—		539,738		—		539,738
Malaysia		15,462		272,521		—		287,983
Morocco		—		6,648		—		6,648
Netherlands		49,427		183,741		—		233,168
New Zealand		—		90,688		—		90,688
Norway		—		46,180		—		46,180
Philippines		—		56,173	$	113		56,286
Poland		—		75,938		—		75,938
Singapore		—		568,307		—		568,307
Spain		41,688		133,912		—		175,600
Sweden		—		49,856		—		49,856
Switzerland		—		1,657,105		—		1,657,105
Taiwan		—		1,847,065		—		1,847,065
Thailand		—		—		394,306		394,306
United Kingdom		—		494,431		—		494,431
All Other		19,210,526		—		—		19,210,526
Preferred Stock		73,279		—		—		73,279
Totals	$	19,409,988	$	15,602,362	$	394,419	$	35,406,769

AllianzGI GlobalSmall-Cap Opportunities:
	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 3/31/20
Investments in Securities - Assets
Common Stock:
Australia		—	$	146,447		—	$	146,447
Belgium		—		62,711		—		62,711
China		—		193,340		—		193,340
Denmark		—		39,971		—		39,971
Hong Kong		—		38,753		—		38,753
Italy		—		106,919		—		106,919
Japan		—		740,496		—		740,496
Korea (Republic of)		—		184,544		—		184,544
Netherlands		—		153,873		—		153,873
Norway		—		14,950		—		14,950
Portugal		—		38,814		—		38,814
Russian Federation		—		—	$	44,517		44,517
Singapore		—		107,347		—		107,347
Spain		—		34,604		—		34,604
Switzerland		—		41,281		—		41,281
Taiwan	$	107,414		277,451		—		384,865
Thailand		—		—		60,651		60,651
United Kingdom		—		135,702		—		135,702
All Other		3,407,340		—		—		3,407,340
Preferred Stock		31,918		—		—		31,918
Totals	$	3,546,672	$	2,317,203	$	105,168	$	5,969,043
AllianzGI International Growth:
	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 3/31/20
Investments in Securities - Assets
Common Stock:
Argentina	$	608,771		—		—	$	608,771
Brazil		784,482		—		—		784,482
Canada		2,177,938		—		—		2,177,938
China		2,971,550	$	1,656,615		—		4,628,165
India		1,005,883		—		—		1,005,883
Ireland		232,322		446,321		—		678,643
Israel		1,383,250		—		—		1,383,250
All Other		—		17,583,882		—		17,583,882
Repurchase Agreements		—		656,000		—		656,000
Totals	$	9,164,196	$	20,342,818		—	$	29,507,014


		39		Semiannual Report / March 31, 2020

AllianzGI Institutional Multi-Series Trust

Notes to Financial Statements

March 31, 2020 (unaudited) (continued)

A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the six months ended March 31, 2020, was as follows:

AllianzGI Best Styles Global Managed Volatility:


	Beginning Balance 9/30/19		Purchases		Sales			Accrued Discount (Premiums)		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3*		Transfers out of Level 3**			Ending Balance 3/31/20
Investments in Securities - Assets
Common Stock:
Philippines	$	57	$	—	$	—		$	—	$	—		$	56		$	—	$	—		$	113
Taiwan		35,017		—		—			—		—			(20,577	)		—		(14,440	)		—
Thailand		571,570		—		(10,348	)		—		(4,517	)		(210,028	)		47,629		—			394,306
Rights:
Singapore		569		—		—			—		—			(569	)		—		—			—
Totals	$	607,213	$	—	$	(10,348	)	$	—	$	(4,517	)	$	(231,118	)	$	47,629	$	(14,440	)	$	394,419

AllianzGI GlobalSmall-Cap Opportunities:

	Beginning Balance 9/30/19		Purchases		Sales			Accrued Discount (Premiums)		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3		Transfers out of Level 3			Ending Balance 3/31/20
Investments in Securities - Assets
Common Stock:
Russian Federation	$	44,314	$	91,254	$	(71,821	)	$	—	$	(598	)	$	(18,632	)	$	—	$	—		$	44,517
Thailand		95,457		40,279		(26,945	)		—		(2,413	)		(45,727	)		—		—			60,651
Totals	$	139,771	$	131,533	$	(98,766	)	$	—	$	(3,011	)	$	(64,359	)	$	—	$	—		$	105,168

The tables above do not 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).

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

** Transferred out of Level 3 and into Level 2 because an exchange traded price was available at March 31, 2020.

The net change in unrealized appreciation/depreciation of Level 3 investments which the following Portfolios held at March 31, 2020 was:


AllianzGI Best Styles Global Managed Volatility	$	(250,873	)
AllianzGI GlobalSmall-Cap Opportunities		(80,230	)

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


		40		Semiannual Report / March 31, 2020

AllianzGI Institutional Multi-Series Trust

Notes to Financial Statements

March 31, 2020 (unaudited) (continued)

(c) Investment Transactions and Investment Income. Investment transactions are accounted for on the trade date. Realized gains and losses on investments are determined on an identified cost basis. Dividend income is recorded on theex-dividend date, except for certain dividends from foreign securities where theex-dividend date may have passed, and then are recorded as soon after theex-dividend date as the Portfolios, 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 certain investments may be comprised of dividends, realized gains and return of capital. These payments 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.

(d) Federal Income Taxes. The Portfolios 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 Portfolios 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 Portfolios, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures. In accordance with provisions set forth under U.S. GAAP, the Investment Manager has reviewed the Portfolios’ tax positions for all open tax years. As of March 31, 2020, the Portfolios have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken. The Portfolios’ U.S. federal income tax returns since inception remain subject to examination by the Internal Revenue Service. The Portfolios’ federal income tax returns for the prior three years, as applicable, remain subject to examination by the Internal Revenue Service.

(e) Dividends and Distributions to Shareholders. The Portfolios declare dividends and distributions from net investment income and net realized capital gains, if any, annually. The Portfolios record dividends and distributions to their respective shareholders on theex-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) Foreign Currency Translation. The Portfolios’ accounting records are maintained in U.S. dollars as follows: (1) the foreign currency market values of investments and other assets and liabilities denominated in foreign currencies are translated at the prevailing exchange rate at the end of the period; and (2) purchases and sales, income and expenses are translated at the prevailing exchange rate on the respective dates of such transactions. The resulting net foreign currency gain (loss) is included in the Portfolios’ Statements of Operations.

The Portfolios 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 Portfolios 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.

(g) Repurchase Agreements. The Portfolios 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.


		41		Semiannual Report / March 31, 2020

AllianzGI Institutional Multi-Series Trust

Notes to Financial Statements

March 31, 2020 (unaudited) (continued)

The Portfolios 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 Portfolios, 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 Portfolios), which consists primarily of U.S. government obligations and asset-backed securities, is held by the custodian bank for the benefit of the Portfolios until the maturity of the repurchase agreement. Provisions of the repurchase agreements and the procedures adopted by the Portfolios 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 Portfolios may be delayed or limited. The gross values are included in the Portfolios’ Schedules of Investments. As of March 31, 2020, the value of the related collateral exceeded the value of the repurchase agreements for each Portfolio.

(h) Rights. The Portfolios 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.

2. PRINCIPAL RISKS

In the normal course of business, the Portfolios 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 Portfolios 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 Portfolio 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 Portfolios may lose money as a result of movements in interest rates. High-yield or junk bonds are subject to greater levels of credit and liquidity risk, may be speculative and may decline in value due to increase in interest rates or an issuer’s deterioration and/or default. The Portfolios 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 othernon-fixed income securities may also decline due to fluctuations in interest rates.

To the extent the Portfolios 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 Portfolios’ investments in foreign currency-denominated securities may reduce the returns of the Portfolios.


		42		Semiannual Report / March 31, 2020

AllianzGI Institutional Multi-Series Trust

Notes to Financial Statements

March 31, 2020 (unaudited) (continued)

The Portfolios 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 Portfolios to additional risks resulting from future political or economic conditions in such country or region and the possible imposition of adverse governmental laws or currency exchange restrictions affecting such country or region, which could cause the securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies.

The market values of securities may decline due to general market conditions (market risk) which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, adverse changes to credit markets or adverse investor sentiment. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity-related investments generally have greater market price volatility than fixed income securities, although under certain market conditions fixed income securities may have comparable or greater price volatility. Credit ratings downgrades may also negatively affect securities held by the Portfolios. Even when markets perform well, there is no assurance that the investments held by the Portfolios 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 will, 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 Portfolio and its investments. As a further example, an outbreak of respiratory disease caused by a novel coronavirus designated asCOVID-19 was first detected in China in December 2019 and subsequently spread globally, being designated as a pandemic in early 2020. Associated disruptions could impair a Portfolio’s ability to maintain operational standards, disrupt the operations of the Portfolio’s service providers, adversely affect the value and liquidity of the Portfolio’s investments, and negatively impact the Portfolio’s performance and your investment in the Portfolio.

The Portfolios are exposed to counterparty risk, or the risk that an institution or other entity with which the Portfolios have unsettled or open transactions will default. The potential loss to the Portfolios could exceed the value of the financial assets recorded in the Portfolios’ financial statements. Financial assets, which potentially expose the Portfolios to counterparty risk, consist principally of cash due from counterparties and investments. The Investment Manager seeks to minimize the Portfolios’ 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 Portfolios’ 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 Portfolios are exposed to risks associated with leverage. Leverage may cause the value of the Portfolios’ shares to be more volatile than if the Portfolios did not use leverage. This is because leverage tends to exaggerate the effect of any increase or decrease in the value of the Portfolios’ portfolio securities. The Portfolios may engage in transactions or purchase instruments that give rise to forms of leverage. In addition, to the extent the Portfolios employ 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 Portfolios’ investment returns, resulting in greater losses. As discussed further in Note 9, the Portfolios have entered into a credit agreement. In connection with their use of leverage as well as their investment activities, the Portfolios 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 Portfolio or on certain instruments in which a Portfolio invests are not known.

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 Portfolios at times use derivatives for hedging purposes, the Portfolios reflect derivatives at fair value and recognize changes in fair value through the Portfolios’ Statements of Operations, and such derivatives do not qualify for hedge accounting treatment.


		43		Semiannual Report / March 31, 2020

AllianzGI Institutional Multi-Series Trust

Notes to Financial Statements

March 31, 2020 (unaudited) (continued)

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 Portfolios 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 Portfolios 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 Portfolios’ Statements of Assets and Liabilities. The Portfolios did not have any open forward foreign currency contracts as of March 31, 2020.

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

The effect of derivatives on the Statements of Operations for the six months ended March 31, 2020:

AllianzGI Best Styles Global Managed Volatility:


Location	Foreign Exchange Contracts
Net realized loss on:
Forward foreign currency contracts	$	(3	)
Net change in unrealized appreciation/depreciation of:
Forward foreign currency contracts	$	1

AllianzGI GlobalSmall-Cap Opportunities:
Location	Foreign Exchange Contracts
Net realized loss on:
Forward foreign currency contracts	$	(2	)
Net change in unrealized appreciation/depreciation of:
Forward foreign currency contracts	$	1

AllianzGI International Growth:
Location	Foreign Exchange Contracts
Net realized gain on:
Forward foreign currency contracts	$	1,188


		44		Semiannual Report / March 31, 2020

AllianzGI Institutional Multi-Series Trust

Notes to Financial Statements

March 31, 2020 (unaudited) (continued)

The average volume (based on open positions at each fiscalmonth-end) of derivative activity during the six months ended March 31, 2020:


	Forward Foreign Currency Contracts(1)
	Purchased		Sold
AllianzGI Best Styles Global Managed Volatility		$—		$124
AllianzGI GlobalSmall-Cap Opportunities		—		84
AllianzGI International Growth		2,277		—

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

4. INVESTMENT MANAGER/DISTRIBUTOR FEES/DEFERRED COMPENSATION

Investment Management Fee. Each Portfolio has an Investment Management Agreement (for the purpose of this section, the “Agreement”) with the Investment Manager. Subject to the supervision of the Trust’s Board, the Investment Manager was responsible for managing, either directly or through others selected by it, each Portfolio’s investment activities, business affairs and administrative matters. Pursuant to the Agreement, the Investment Manager receives an annual fee, payable monthly, at an annual rate of each Portfolio’s average daily net assets (the “Investment Management Fee”).

The Investment Management fee was charged at an annual rate as indicated in the following table:


	Management Fee
AllianzGI Best Styles Global Managed Volatility		0.40	%
AllianzGI GlobalSmall-Cap Opportunities		0.90
AllianzGI International Growth		0.70

Distribution Fees. Allianz Global Investors Distributors LLC (the “Distributor”), an affiliate of the Investment Manager, serves as the distributor of the Portfolios’ shares pursuant to a Distribution Contract. The Distributor, for each of the Portfolios, currently receives no compensation in connection with the services it provides under the Distribution Contract.

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 or Allianz Funds Multi-Strategy 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, 2019, and all Trustee fees earned with respect to service in calendar year 2019 and beyond have been or will be paid in cash, on a current basis, unless the Board of Trustees of the Allianz-Sponsored Funds reopens the program to new deferrals. Allianz Funds and Allianz Funds Multi-Strategy Trust still have 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. EXPENSE LIMITATION/MANAGEMENT FEE WAIVER AND RECOUPMENT

The Trust and the Investment Manager have entered into Expense Limitation and Management Fee Waiver Agreements as indicated below:


	Expense Limitation
AllianzGI Best Styles Global Managed Volatility (1)		0.45	%
AllianzGI GlobalSmall-Cap Opportunities (2)		1.20
AllianzGI International Growth (3)		0.80

(1) The Investment Manager has contractually agreed to irrevocably waive its management fee and/or reimburse the Portfolio through January 31, 2021, to the extent that Total Annual Portfolio Operating Expenses, including payment of organizational expenses but excluding interest, tax and extraordinary expenses, and certain credits and other expenses, exceed 0.45%. Under the Expense Limitation Agreement, the Investment Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit in effect at the time of such


		45		Semiannual Report / March 31, 2020

AllianzGI Institutional Multi-Series Trust

Notes to Financial Statements

March 31, 2020 (unaudited) (continued)

waiver/reimbursement or recoupment. The Expense Limitation Agreement is terminable by the Trust (based on approval by the Board) upon 90 days’ prior written notice to the Investment Manager or at any time by mutual agreement of the parties. (2) The Investment Manager has contractually agreed to irrevocably waive its management fee and/or reimburse the Portfolio through January 31, 2021, to the extent that Total Annual Portfolio Operating Expenses, including payment of organizational expenses but excluding interest, tax and extraordinary expenses, and certain credits and other expenses, exceed 1.20%. Under the Expense Limitation Agreement, the Investment Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit in effect at the time of such waiver/reimbursement or recoupment. The Expense Limitation Agreement is terminable by the Trust (based on approval by the Board) upon 90 days’ prior written notice to the Investment Manager or at any time by mutual agreement of the parties. (3) The Investment Manager has contractually agreed to irrevocably waive its management fee or reimburse the Portfolio through January 31, 2021, to the extent that Total Annual Portfolio Operating Expenses, including payment of organizational expenses but excluding interest, tax and extraordinary expenses, and certain credits and other expenses, exceed 0.80%. Under the Expense Limitation Agreement, the Investment Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit in effect at the time of such waiver/reimbursement or recoupment. The Expense Limitation Agreement is terminable by the Trust (based on approval by the Board) upon 90 days’ prior written notice to the Investment Manager or at any time by mutual agreement of the parties.

During the six months ended March 31, 2020, the Investment Manager did not recoup any expenses from the Portfolios. The following represents the amounts that still can be recouped by the Investment Manager:


	Unrecouped Expenses Waived/Reimbursed through Fiscal Period or Year ended
	9/30/2017	9/30/2018	9/30/2019	Totals
AllianzGI Best Styles Global Managed Volatility Portfolio	$258,092	$241,955	$104,437	$604,484
AllianzGI GlobalSmall-Cap Opportunities Portfolio	144,937	132,581	66,267	343,785
AllianzGI International Growth Portfolio	—	—	97,103	97,103

6. INVESTMENTS IN SECURITIES

For the six months ended March 31, 2020, purchases and sales of investments, other than short-term securities:


	Purchases	Sales
AllianzGI Best Styles Global Managed Volatility	$4,684,536	$12,918,078
AllianzGI GlobalSmall-Cap Opportunities	7,063,278	6,995,284
AllianzGI International Growth	5,930,937	25,835,586

7. INCOME TAX INFORMATION

At March 31, 2020, the aggregate cost basis and the net unrealized appreciation (depreciation) of investments in securities and other financial instruments for U.S. federal income tax purposes were:


	Federal Tax Cost Basis(1)		Unrealized Appreciation		Unrealized Depreciation		Net Unrealized Depreciation
AllianzGI Best Styles Global Managed Volatility		$36,523,338		$4,260,244		$5,376,813		$(1,116,569)
AllianzGI GlobalSmall-Cap Opportunities		7,047,231		253,932		1,332,120		(1,078,188)
AllianzGI International Growth		31,113,571		2,586,086		4,192,643		(1,606,557)

(1) Differences, if any, between book and tax cost basis were attributable to wash sale loss deferrals.


		46		Semiannual Report / March 31, 2020

AllianzGI Institutional Multi-Series Trust

Notes to Financial Statements

March 31, 2020 (unaudited) (continued)

8. SIGNIFICANT ACCOUNT HOLDERS

From time to time, a Portfolio may have a concentration of shareholders, which may include the Investment Manager or affiliates of the Investment Manager, holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact to a Portfolio.

At March 31, 2020, the significant account-holders, owners of 5% or greater of each respective Portfolio’s outstanding shares, were as follows:


	Affiliated*
	Number of Account Holders		Approximate Ownership		AFI

AllianzGI Best Styles Global Managed Volatility		4		90%	—

AllianzGI GlobalSmall-Cap Opportunities		4		55%	35%

AllianzGI International Growth		4		81%	5%

* This represents the aggregate percentage of affiliated entities that own 5% or more of the Portfolio’s outstanding shares.

These affiliated entities include portfolios of the Trust and Allianz Multi-Series Collective Investment Trust.

9. BORROWINGS

The Trust has entered into a credit agreement (the “State Street Agreement”), among the Trust, Allianz Funds Multi-Strategy Trust and Allianz Funds, 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. Each AllianzGI Borrower Fund must pay interest on any amounts borrowed under the facility at a rate per annum equal to 1.25% plus the higher of the then-current federal funds overnight rate or the one month LIBOR rate, subject to upward adjustment when any past due payments are outstanding. As discussed in Note 2 above, the Portfolios may face certain risks and uncertainties insofar as they are exposed to LIBOR. The State Street Agreement was extended by an additional364-day period by an amendment effective October 24, 2019, with an expiration date of October 2, 2020 (the “Amendment”). Amounts borrowed may be repaid and reborrowed on a revolving basis during the term of the facility.

The Portfolios did not utilize the line of credit during the six months ended March 31, 2020.

Pursuant to an exemptive order issued by the SEC (the “Order”), the Portfolios are authorized to enter into a master interfund lending agreement (the “Interfund Program”) with each other and certain funds advised by the Investment Manager (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 Portfolios for temporary purposes through the Interfund Program.

During the six months ended March 31, 2020, the Portfolios did not participate as a borrower or lender in the Interfund Program.

10. FUND EVENTS

On February 27, 2020, AllianzGI Advanced Core Bond Portfolio liquidated as a series of the Trust.

11. SUBSEQUENT EVENTS

In preparing these financial statements, the Portfolios’ management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.


		47		Semiannual Report / March 31, 2020

AllianzGI Institutional Multi-Series Trust

Notes to Financial Statements

March 31, 2020 (unaudited) (continued)

Since the end of the reporting period, global responses toCOVID-19 have significantly impacted broad financial sectors and the global economy. This has caused significant volatility and negative performance in global financial markets generally and in the securities in which the Portfolios invest specifically. The extent of the impact ofCOVID-19 on the Portfolios’ operational and financial performance will depend on certain developments including, among others, the duration and spread of the outbreak, and the resulting impact on financial markets, all of which are uncertain and cannot be predicted. Given the inherent uncertainties, it is not practicable at this time to determine what impactCOVID-19 will have on the Portfolios or to provide a quantitative estimate of any future impact. These effects could have a material negative impact on the Portfolios’ future results of operations.

There were no other subsequent events identified that require recognition or disclosure.


		48		Semiannual Report / March 31, 2020

AllianzGI Institutional Multi-Series Trust

Changes to the Board of Trustees (unaudited)

Effective December 31, 2019, Bradford K. Gallagher retired as an Independent Trustee of the Trust.


		49		Semiannual Report / March 31, 2020

AllianzGI Institutional Multi-Series Trust

Please read this Policy carefully. It gives you important information about how Allianz Global Investors U.S. and its U.S. affiliates (“AllianzGI US,” “we” or “us”) handlenon-public personal information (“Personal Information”) that we may receive about you. It applies to all of our past, present and future clients and shareholders of AllianzGI US and the funds and accounts it manages, advises, administers or distributes, and will continue to apply when you are no longer a client or shareholder. As used throughout this Policy, “AllianzGI US” means Allianz Global Investors U.S. LLC, Allianz Global Investors Distributors LLC, and the family of registered and unregistered funds managed by one or more of these firms. AllianzGI US is part of a global investment management group, and the privacy policies of other Allianz Global Investors entities outside of the United States may have provisions in their policies that differ from this Privacy Policy. Please refer to the website of the specificnon-US Allianz Global Investors entity for its policy on privacy.

We Care about Your Privacy

We consider your privacy to be a fundamental aspect of our relationship with you, and we strive to maintain the confidentiality, integrity and security of your Personal Information. To ensure your privacy, we have developed policies that are designed to protect your Personal Information while allowing your needs to be served.

Information We May Collect

In the course of providing you with products and services, we may obtain Personal Information about you, which may come from sources such as account application and other forms, from other written, electronic, or verbal communications, from account transactions, from a brokerage or financial advisory firm, financial advisor or consultant, and/or from information you provide on our website.

You are not required to supply any of the Personal Information that we may request. However, failure to do so may result in us being unable to open and maintain your account, or to provide services to you.

How Your Information Is Shared

We do not disclose your Personal Information to anyone for marketing purposes. We disclose your Personal Information only to those service providers, affiliated andnon-affiliated, who need the information for everyday business purposes, such as to respond to your inquiries, to perform services, and/or to service and maintain your account. This applies to all of the categories of Personal Information we collect about you. The affiliated andnon-affiliated service providers who receive your Personal Information also may use it to process your transactions, provide you with materials (including preparing and mailing prospectuses and shareholder reports and gathering shareholder proxies), and provide you with account statements and other materials relating to your account. These service providers provide services at our direction, and under their agreements with us, are required to keep your Personal Information confidential and to use it only for providing the contractually required services. Our service providers may not use your Personal Information to market products and services to you except in conformance with applicable laws and regulations. We also may provide your Personal Information to your respective brokerage or financial advisory firm, custodian, and/or to your financial advisor or consultant.

In addition, we reserve the right to disclose or report Personal Information tonon-affiliated third parties, in limited circumstances, where we believe in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities or pursuant to other legal process, or to protect our rights or property, including to enforce our Privacy Policy or other agreements with you. Personal Information collected by us may also be transferred as part of a corporate sale, restructuring, bankruptcy, or other transfer of assets.

Security of Your Information

We maintain your Personal Information for as long as necessary for legitimate business purposes or otherwise as required by law. In maintaining this information, we have implemented appropriate procedures that are designed to restrict access to your Personal Information only to those who need to know that information in order to provide products and/or services to you. In addition, we have implemented physical, electronic and procedural safeguards to help protect your Personal Information.


		50		Semiannual Report / March 31, 2020

AllianzGI Institutional Multi-Series Trust

Privacy and the Internet

The Personal Information that you provide through our website, as applicable, is handled in the same way as the Personal Information that you provide by any other means, as described above. This section of the Policy gives you additional information about the way in which Personal Information that is obtained online is handled.

•Online Enrollment, Account Access and Transactions: When you visit our website, you can visit pages that are open to the general public, or, where available, log into protected pages to enroll online, access information about your account, or conduct certain transactions. Access to these secure pages is permitted only after you have created a User ID and Password. The User ID and Password must be supplied each time you want to access your account information online. This information serves to verify your identity. When you enter Personal Information into our website to enroll or access your account online, you will log into secure pages. By using our website, you consent to this Privacy Policy and to the use of your Personal Information in accordance with the practices described in this Policy. If you provide Personal Information to effect transactions, a record of the transactions you have performed while on the site is retained by us. For additional terms and conditions governing your use of our website, please refer to the Investor Mutual Fund Access – Disclaimer which is incorporated herein by reference and is available on our website.

•Cookies and Similar Technologies:Cookies are small text files stored in your computer’s hard drive when you visit certain web pages. Clear GIFs (also known as Web Beacons) are typically transparent very small graphic images (usually 1 pixel x 1 pixel) that are placed on a website that may be included on our services provided via our website and typically work in conjunction with cookies to identify our users and user behavior. We may use cookies and automatically collected information to: (i) personalize our website and the services provided via our website, such as remembering your information so that you will not have tore-enter it during your use of, or the next time you use, our website and the services provided via our website; (ii) provide customized advertisements, content, and information; (iii) monitor and analyze the effectiveness of our website and the services provided via our website and third-party marketing activities; (iv) monitor aggregate site usage metrics such as total number of visitors and pages viewed; and (v) track your entries, submissions, and status in any promotions or other activities offered through our website and the services provided via our website. Tracking technology also helps us manage and improve the usability of our website, (i) detecting whether there has been any contact between your computer and us in the past and (ii) to identify the most popular sections of our website. Because an industry-standardDo-Not-Track protocol is not yet established, our website will continue to operate as described in this Privacy Policy and will not be affected by anyDo-Not-Track signals from any browser.

•Use of Social Media Plugins Our website uses the following Social Media Plugins (“Plugins”):

• Facebook Share Button operated by Facebook Inc., 1601 S. California Ave, Palo Alto, CA 94304, USA

• Tweet Button operated by Twitter Inc., 795 Folsom St., Suite 600, San Francisco, CA 94107, USA

• LinkedIn Share Button operated by LinkedIn Corporation, 2029 Stierlin Court, Mountain View, CA 94043, USA

All Plugins are marked with the brand of the respective operators Facebook, Twitter and LinkedIn (“Operators”). When you visit our website that contains a social plugin, your browser establishes a direct connection to the servers of the Operator. The Operator directly transfers the plugin content to your browser which embeds the latter into our website, enabling the Operator to receive information about you having accessed the respective page of our website. Thus, AllianzGI US has no influence on the data gathered by the plugin and we inform you according to our state of knowledge: The embedded plugins provide the Operator with the information that you have accessed the corresponding page of our website. If you do not wish to have such data transferred to the Operators, you need to log out of your respective account before visiting our website. Please see the Operators’ data privacy statements in order to get further information about purpose and scope of the data collection and the processing and use:

• Facebook:https://de-de.facebook.com/about/privacy

• Twitter: https://twitter.com/privacy

• Linked In: https://www.linkedin.com/legal/privacy-policy


		51		Semiannual Report / March 31, 2020

AllianzGI Institutional Multi-Series Trust

Changes to Our Privacy Policy

We may modify this Privacy Policy fromtime-to-time to reflect changes in related practices and procedures, or applicable laws and regulations. If we make changes, we will notify you on our website and the revised Policy will become effective immediately upon posting to our website. We also will provide account owners with a copy of our Privacy Policy, annually if required. We encourage you to visit our website periodically to remain up to date on our Privacy Policy. You acknowledge that by using our website after we have posted changes to this Privacy Policy, you are agreeing to the terms of the Privacy Policy as modified.

Obtaining Additional Information

If you have any questions about this Privacy Policy or our privacy related practices in the United States, you may contact us via our dedicated email at PrivacyUS@allianzgi.com


		52		Semiannual Report / March 31, 2020


Trustees		Investment Manager
Alan Rappaport		Allianz Global Investors U.S. LLC
Chairman of the Board of Trustees		1633 Broadway
Sarah E. Cogan		New York, NY 10019
Deborah A. Decotis
F. Ford Drummond		Distributor
Thomas J. Fuccillo		Allianz Global Investors Distributors LLC
Erick R. Holt		1633 Broadway
James A. Jacobson		New York, NY 10019
Hans W. Kertess
James S. MacLeod		Custodian & Accounting Agent
William B. Ogden, IV		State Street Bank and Trust Co.
Davey S. Scoon		801 Pennsylvania Avenue
		Kansas City, MO 64105
Officers
Thomas J. Fuccillo		Transfer Agent
President and Chief Executive Officer		State Street Bank and Trust Company, which has delegated its
Scott Whisten		obligations as transfer agent to:
Treasurer, Principal Financial and		DST Asset Management Solutions, Inc.
Accounting Officer		P.O. Box 219723
Angela Borreggine		Kansas City, MO 64121-9723
Chief Legal Officer and Secretary
Thomas L. Harter
Chief Compliance Officer, CFA		Independent Registered Public Accounting Firm
Richard J. Cochran		PricewaterhouseCoopers LLP
Assistant Treasurer		300 Madison Avenue
Orhan Dzemaili		New York, NY 10017
Assistant Treasurer
Debra Rubano		Legal Counsel
Assistant Secretary		Ropes & Gray LLC
Craig A. Ruckman		Prudential Tower
Assistant Secretary		800 Boylston Street
		Boston, MA 02199

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 Portfolio or any securities mentioned in this report.

The financial information included herein is taken from the records of the Portfolios without examination by an independent registered public accounting firm, who did not express an opinion herein.

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 foropen-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 FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES

Disclosure not required foropen-end management investment companies.

ITEM 8. PORTFOLIO MANAGERS OFCLOSED-END MANAGEMENT INVESTMENT COMPANIES

Disclosure not required foropen-end management investment companies.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BYCLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Disclosure not required foropen-end management investment companies.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There were no material changes to the procedures by which shareholders may recommend nominees to the Trust’s Board of Trustees since the Trust’s last provided disclosure in response to this item.

ITEM 11. CONTROLS AND PROCEDURES

(a)

The registrant’s President & Chief Executive Officer and Treasurer, Principal Financial & Accounting Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”) (17 CFR270.30a-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 significant changes in the registrant’s internal control over financial reporting (as defined in Rule30a-3(d) under the 1940 Act (17 CFR270.30a-3(d))) that occurred during the most recent semi-annual 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 FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES

Disclosure not required foropen-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.

(a) (4) 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.


AllianzGI Institutional Multi-Series Trust

By:		/s/ Thomas J. Fuccillo
		Thomas J. Fuccillo
		President & Chief Executive Officer

Date:		June 5, 2020


By:		/s/ Scott Whisten
		Scott Whisten
		Treasurer, Principal Financial & Accounting Officer

Date:		June 5, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Thomas J. Fuccillo
		Thomas J. Fuccillo
		President & Chief Executive Officer

Date:		June 5, 2020

By:		/s/ Scott Whisten
		Scott Whisten
		Treasurer, Principal Financial & Accounting Officer

Date:		June 5, 2020

AllianzGI Institutional Multi-Series Trust N-CSRSCertified semi-annual shareholder report (management investment company)