AllianzGI Institutional Multi-Series Trust NPORTP AllianzGI Best Styles Global Managed Volatility Portfolio (Jun 2020 report)

Schedule of Investments

AllianzGI Best Styles Global Managed Volatility Portfolio

June 30, 2020 (unaudited)


	Shares		Value^

COMMON STOCK—98.8%

Australia—0.4%
Brickworks Ltd.		3,451	$	37,981
Telstra Corp. Ltd.		54,738		118,816

				156,797

Austria—0.1%
Telekom Austria AG (e)		3,219		22,242


Belgium—0.5%
Elia Group S.A.		925		100,631
Proximus SADP		3,622		73,806

				174,437

Canada—2.9%
Canadian Utilities Ltd., Class A		2,754		68,566
Cascades, Inc.		673		7,332
Cogeco Communications, Inc.		1,058		76,225
Emera, Inc.		2,222		87,433
Empire Co., Ltd., Class A		2,490		59,627
Franco-Nevada Corp.		1,285		179,508
Intact Financial Corp.		1,950		185,592
Killam Apartment Real Estate Investment Trust REIT		2,174		28,056
Metro, Inc.		2,993		123,459
Morneau Shepell, Inc.		1,623		37,885
Restaurant Brands International, Inc.		1,872		101,887
Shaw Communications, Inc., Class B		7,315		119,295

				1,074,865

Chile—0.3%
Falabella S.A.		31,370		99,296


China—1.6%
BOC Aviation Ltd. (a)		11,300		72,744
China Dongxiang Group Co., Ltd.		68,883		6,152
China Everbright Greentech Ltd. (a)		66,000		26,122
China Mobile Ltd.		7,000		47,264
China Railway Signal & Communication Corp., Ltd., Class H (a)(e)		35,000		15,115
ENN Energy Holdings Ltd.		8,600		97,184
Golden Eagle Retail Group Ltd.		20,000		19,147
Legend Holdings Corp., Class H (a)		15,200		17,825
Lenovo Group Ltd.		148,000		82,575
Postal Savings Bank of China Co., Ltd., Class H (a)		149,000		85,857
Tencent Holdings Ltd.		1,500		96,117
Yuzhou Properties Co., Ltd.		63,204		27,537

				593,639

Czech Republic—0.4%
CEZ AS		4,930		105,562
O2 Czech Republic AS		4,201		38,833

				144,395

Denmark—0.5%
Solar A/S, Class B		333		12,972
Spar Nord Bank A/S (e)		733		5,842
Topdanmark A/S		787		32,599
Tryg A/S		4,157		120,779

				172,192


	Shares		Value^

Finland—0.7%
Elisa Oyj		2,015	$	122,616
Neste Oyj		3,174		124,662

				247,278

France—1.6%
Cegereal S.A. REIT		478		18,595
Eiffage S.A. (e)		571		52,342
Hermes International		377		316,532
SEB S.A.		36		5,972
Sodexo S.A.		941		63,807
Vinci S.A.		1,447		134,170

				591,418

Germany—2.2%
Deutsche Boerse AG		885		160,164
Deutsche Telekom AG		13,175		221,066
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		791		205,972
TAG Immobilien AG (e)		3,847		91,882
Talanx AG (e)		2,577		95,772
TLG Immobilien AG (e)		1,775		34,847
WCM Beteiligungs & Grundbesitz AG (e)		5,562		21,812

				831,515

Hong Kong—1.2%
CLP Holdings Ltd.		22,719		223,129
Hang Seng Bank Ltd.		2,700		45,474
Power Assets Holdings Ltd.		22,000		120,209
Swire Pacific Ltd., Class A		11,344		60,291
Yue Yuen Industrial Holdings Ltd.		2,802		4,271

				453,374

Hungary—0.3%
Magyar Telekom Telecommunications PLC		38,780		47,106
MOL Hungarian Oil & Gas PLC (e)		5,827		34,450
OTP Bank Nyrt (e)		994		34,944

				116,500

Ireland—0.0%
Irish Residential Properties REIT PLC		3,629		5,765


Israel—1.0%
Azrieli Group Ltd.		2,253		102,685
Mizrahi Tefahot Bank Ltd.		3,586		67,381
Nice Ltd. (e)		766		144,393
Strauss Group Ltd.		2,857		79,214

				393,673


Italy—1.1%
Enav SpA (a)		6,976		31,513
Enel SpA		17,649		152,636
Hera SpA (e)		2,579		9,684
Snam SpA		46,286		225,651

				419,484

Japan—14.4%
Aoyama Trading Co., Ltd.		189		1,290
Asahi Group Holdings Ltd.		3,400		119,416
Astellas Pharma, Inc.		13,108		218,898
Canon Marketing Japan, Inc.		1,800		36,807
Canon, Inc.		5,090		101,535

Schedule of Investments

AllianzGI Best Styles Global Managed Volatility Portfolio

June 30, 2020 (unaudited) (continued)


	Shares		Value^

Central Japan Railway Co.		700	$	108,261
FP Corp.		500		40,039
FUJIFILM Holdings Corp.		2,979		127,506
Fukuyama Transporting Co., Ltd.		554		19,413
Ichibanya Co., Ltd.		400		17,628
ITOCHU Corp.		6,500		140,646
Japan Post Holdings Co., Ltd.		13,900		99,200
Kajima Corp.		9,400		112,394
Kamigumi Co., Ltd.		2,700		53,100
KDDI Corp.		7,000		208,860
Kintetsu Group Holdings Co., Ltd.		2,300		103,200
McDonald’s Holdings Co. Japan Ltd.		1,700		91,881
Medipal Holdings Corp.		3,700		71,412
MEIJI Holdings Co., Ltd.		2,600		206,898
NEC Corp.		3,600		172,964
NET One Systems Co., Ltd.		3,600		120,155
Nichias Corp.		1,602		33,480
Nihon Unisys Ltd.		2,079		65,366
Nippon Prologis REIT, Inc. REIT		56		170,163
Nippon Telegraph & Telephone Corp.		15,488		360,862
Nissin Foods Holdings Co., Ltd.		1,300		115,180
Nitori Holdings Co., Ltd.		300		58,821
NTT DOCOMO, Inc.		19,857		527,164
Obayashi Corp.		8,373		78,718
Okumura Corp.		2,100		48,411
Rengo Co., Ltd.		3,800		30,977
Rinnai Corp.		1,000		83,743
Sankyo Co., Ltd.		3,200		77,457
Sawai Pharmaceutical Co., Ltd.		1,300		66,818
Secom Co., Ltd.		3,100		272,002
Sekisui House Ltd.		5,500		105,007
Senko Group Holdings Co., Ltd.		5,604		41,654
Shibaura Electronics Co., Ltd.		200		3,796
Shimizu Corp.		5,600		46,133
Shizuoka Bank Ltd.		12,200		78,483
Softbank Corp.		10,700		136,385
Sony Financial Holdings, Inc.		5,400		130,383
Sugi Holdings Co., Ltd.		1,300		88,158
Sumitomo Corp.		9,000		103,513
Sumitomo Dainippon Pharma Co., Ltd.		532		7,372
Sumitomo Densetsu Co., Ltd.		1,200		26,660
Suzuken Co., Ltd.		1,700		63,511
Takasago Thermal Engineering Co., Ltd.		3,503		51,521
TOKAI Holdings Corp.		2,200		20,347
Tokio Marine Holdings, Inc.		2,700		118,187
Tokyo Gas Co., Ltd.		3,700		88,595
Toyo Seikan Group Holdings Ltd.		6,600		74,430
Toyo Suisan Kaisha Ltd.		1,300		72,636

				5,417,436

Korea (Republic of)—0.7%
Easy Bio, Inc. (e)		43		1,859
Easy Holdings Co., Ltd.		1,063		4,474


	Shares		Value^

KC Co., Ltd.		210	$	3,316
Samsung Electronics Co., Ltd.		3,199		141,612
Samsung Fire & Marine Insurance Co., Ltd.		528		77,629
Shinhan Financial Group Co., Ltd.		631		15,249
SK Telecom Co., Ltd.		154		27,122

				271,261

Malaysia—1.0%
CIMB Group Holdings Bhd.		65,300		54,476
Hong Leong Financial Group Bhd.		2,400		7,385
Malayan Banking Bhd.		84,100		147,772
MISC Bhd.		35,200		63,059
Petronas Dagangan Bhd.		4,000		19,278
Telekom Malaysia Bhd.		29,900		29,044
Tenaga Nasional Bhd.		19,400		52,751
VS Industry Bhd.		38,900		8,912

				382,677


Morocco—0.1%
Maroc Telecom (e)		3,783		53,987


Netherlands—0.8%
ASR Nederland NV		2,813		86,548
Coca-Cola European Partners PLC		1,029		38,855
Koninklijke Ahold Delhaize NV		6,623		180,504

				305,907

New Zealand—0.3%
Air New Zealand Ltd.		32,303		27,704
Summerset Group Holdings Ltd.		16,234		68,027
Tourism Holdings Ltd.		3,878		4,991

				100,722

Norway—0.4%
B2Holding ASA		5,084		1,993
Mowi ASA		2,253		42,946
Orkla ASA		10,205		89,596

				134,535

Peru—0.0%
Ferreycorp SAA		40,342		18,225


Philippines—0.2%
Altus San Nicolas Corp. (e)		398		332
Globe Telecom, Inc.		605		25,146
PLDT, Inc.		1,115		27,763
Robinsons Land Corp.		29,500		10,412

				63,653

Poland—0.1%
Asseco Poland S.A.		2,398		40,152

Portugal—0.1%
NOS SGPS S.A. (e)		7,232		31,588
REN—Redes Energeticas Nacionais SGPS S.A.		6,927		18,902

				50,490

Schedule of Investments

AllianzGI Best Styles Global Managed Volatility Portfolio

June 30, 2020 (unaudited) (continued)


	Shares		Value^

Singapore—1.0%
ARA LOGOS Logistics Trust REIT		21,200	$	8,657
CapitaLand Mall Trust REIT		79,400		112,663
China Aviation Oil Singapore Corp., Ltd.		6,900		4,984
Mapletree Commercial Trust REIT		47,873		66,984
Oversea-Chinese Banking Corp., Ltd.		10,300		67,133
Singapore Airlines Ltd.		19,200		51,825
Singapore Telecommunications Ltd.		35,100		62,439
Sino Grandness Food Industry Group Ltd. (e)		77,400		1,347

				376,032

South Africa—0.0%
Astral Foods Ltd.		1,214		10,249


Spain—0.5%
Iberdrola S.A.		13,691		159,838
Lar Espana Real Estate Socimi S.A. REIT		1,947		10,161

				169,999

Sweden—0.5%
Castellum AB		2,957		55,408
Investor AB, Class B		2,313		122,700

				178,108


Switzerland—6.6%
Allreal Holding AG (e)		399		79,097
Baloise Holding AG		636		95,814
Banque Cantonale Vaudoise		778		75,763
Barry Callebaut AG		50		95,442
BKW AG		111		9,966
Cembra Money Bank AG		796		77,811
Chocoladefabriken Lindt & Spruengli AG		11		90,853
Galenica AG (a)		1,008		72,269
Geberit AG		252		126,437
Givaudan S.A.		32		119,615
Intershop Holding AG		32		19,154
Mobimo Holding AG (e)		153		44,395
Nestle S.A.		3,338		370,086
PSP Swiss Property AG		756		85,153
Roche Holding AG		1,005		348,182
Swiss Life Holding AG		252		93,749
Swiss Prime Site AG (e)		1,795		166,514
Swiss Re AG		1,449		112,347
Swisscom AG		192		100,685
Zurich Insurance Group AG		872		308,976

				2,492,308

Taiwan—4.4%
Asia Cement Corp.		23,000		34,111
Cheng Loong Corp.		37,000		29,292
China Petrochemical Development Corp.		54,500		15,405
Chunghwa Telecom Co., Ltd.		35,000		139,001
Compal Electronics, Inc.		160,000		104,728
CTBC Financial Holding Co., Ltd.		195,000		135,142


	Shares		Value^

E.Sun Financial Holding Co., Ltd.		211,665	$	200,491
Inventec Corp.		88,000		75,127
Mega Financial Holding Co., Ltd.		230,000		241,764
Oriental Union Chemical Corp.		7,000		4,007
Powertech Technology, Inc.		19,000		69,355
President Chain Store Corp.		9,000		90,537
SinoPac Financial Holdings Co., Ltd.		108,000		39,920
Taiwan Business Bank		224,000		82,369
Taiwan Fertilizer Co., Ltd.		10,000		16,937
Taiwan Semiconductor Manufacturing Co., Ltd.		17,000		181,552
United Microelectronics Corp.		192,000		103,803
Yuanta Financial Holding Co., Ltd.		132,000		78,557

				1,642,098

Thailand—0.8%
Bangchak Corp. PCL (c)(d)		50,300		34,535
Bangkok Bank PCL (c)(d)		15,600		54,415
PTT PCL (c)(d)		11,800		14,566
Siam Cement PCL (c)(d)		8,300		99,284
Siamgas & Petrochemicals PCL (c)(d)		151,900		42,087
Star Petroleum Refining PCL (c)(d)		179,100		39,072
Tisco Financial Group PCL (c)(d)		13,300		30,018

				313,977

United Kingdom—1.4%
Aon PLC, Class A		800		154,080
Berkeley Group Holdings PLC		1,286		66,229
Compass Group PLC		5,845		80,418
Diageo PLC		2,594		86,218
Unilever PLC		2,272		122,554

				509,499

United States—50.7%
Accenture PLC, Class A		519		111,440
Adobe, Inc. (e)		294		127,981
Aflac, Inc.		3,352		120,773
AG Mortgage Investment Trust, Inc. REIT		3,004		9,583
Allstate Corp.		3,195		309,883
Ameren Corp.		2,101		147,826
American Electric Power Co., Inc.		1,282		102,098
American Financial Group, Inc.		996		63,206
American Tower Corp. REIT		540		139,612
Amgen, Inc.		791		186,565
Annaly Capital Management, Inc. REIT		24,290		159,342
Anthem, Inc.		486		127,808
Apple, Inc.		469		171,091
AT&T, Inc.		10,243		309,646
Automatic Data Processing, Inc.		1,101		163,928
AvalonBay Communities, Inc. REIT		517		79,949
Berkshire Hathaway, Inc., Class B (e)		653		116,567
Booz Allen Hamilton Holding Corp.		1,818		141,422
Bright Horizons Family Solutions, Inc. (e)		728		85,322
Bristol-Myers Squibb Co.		4,456		262,013
Brown & Brown, Inc.		2,200		89,672
Cadence Design Systems, Inc. (e)		160		15,354
Campbell Soup Co.		2,579		127,996

Schedule of Investments

AllianzGI Best Styles Global Managed Volatility Portfolio

June 30, 2020 (unaudited) (continued)


	Shares		Value^

Casey’s General Stores, Inc.		272	$	40,669
Cboe Global Markets, Inc.		704		65,669
Centene Corp. (e)		1,081		68,698
Cherry Hill Mortgage Investment Corp. REIT		16		144
Church & Dwight Co., Inc.		647		50,013
Cisco Systems, Inc.		2,732		127,420
Citrix Systems, Inc.		521		77,061
CMS Energy Corp.		2,030		118,593
Coca-Cola Co.		4,654		207,941
Columbia Sportswear Co.		999		80,499
Consolidated Edison, Inc.		5,504		395,903
Costco Wholesale Corp.		682		206,789
Crown Castle International Corp. REIT		270		45,185
CVS Health Corp.		1,150		74,716
Dollar General Corp.		443		84,396
DTE Energy Co.		1,555		167,162
Duke Energy Corp.		1,119		89,397
Easterly Government Properties, Inc. REIT		2,715		62,771
Eli Lilly & Co.		2,532		415,704
Encompass Health Corp.		1,421		88,003
Entergy Corp.		1,835		172,141
Equity Residential REIT		2,878		169,284
Exelon Corp.		2,277		82,632
Exponent, Inc.		1,019		82,468
Facebook, Inc., Class A (e)		431		97,867
Fidelity National Information Services, Inc.		967		129,665
Fiserv, Inc. (e)		1,041		101,622
frontdoor, Inc. (e)		1,870		82,897
FTI Consulting, Inc. (e)		544		62,315
General Mills, Inc.		3,306		203,815
Gentex Corp.		3,835		98,828
Graham Holdings Co., Class B		104		35,638
Hanover Insurance Group, Inc.		770		78,024
Hershey Co.		2,142		277,646
Hormel Foods Corp.		2,757		133,080
Humana, Inc.		225		87,244
Intel Corp.		3,949		236,269
Intuit, Inc.		358		106,036
Johnson & Johnson		3,641		512,034
Kearny Financial Corp.		2,236		18,290
Kellogg Co.		1,158		76,497
Kimberly-Clark Corp.		1,989		281,145
L3Harris Technologies, Inc.		1,751		297,092
Laboratory Corp. of America Holdings (e)		677		112,456
Lockheed Martin Corp.		1,013		369,664
ManTech International Corp., Class A		975		66,778
Marsh & McLennan Cos., Inc.		737		79,132
Mastercard, Inc., Class A		1,047		309,598
McDonald’s Corp.		1,284		236,859
McGrath RentCorp		733		39,589
Merck & Co., Inc.		5,750		444,647
Microsoft Corp.		1,791		364,486
Motorola Solutions, Inc.		1,124		157,506
Nasdaq, Inc.		963		115,050
National CineMedia, Inc.		706		2,097


	Shares		Value^

NextEra Energy, Inc.		1,628	$	390,997
Northfield Bancorp, Inc.		396		4,562
Northrop Grumman Corp.		443		136,196
NVR, Inc. (e)		8		26,070
O’Reilly Automotive, Inc. (e)		625		263,544
Omnicom Group, Inc.		1,663		90,800
Paychex, Inc.		1,494		113,170
PepsiCo, Inc.		1,961		259,362
Pfizer, Inc.		7,884		257,807
Pinnacle West Capital Corp.		1,501		110,008
Portland General Electric Co.		1,476		61,712
Procter & Gamble Co.		4,659		557,077
Progressive Corp.		2,884		231,037
Public Storage REIT		160		30,702
QCR Holdings, Inc.		286		8,917
Quest Diagnostics, Inc.		1,015		115,669
Raytheon Technologies Corp.		1,335		82,263
Realty Income Corp. REIT		1,695		100,853
Republic Services, Inc.		3,224		264,529
Ross Stores, Inc.		1,770		150,875
S&P Global, Inc.		342		112,682
Shockwave Medical, Inc. (e)		1,609		76,218
Southern Co.		2,326		120,603
SP Plus Corp. (e)		1,429		29,595
Starbucks Corp.		3,794		279,200
T-Mobile U.S., Inc. (e)		1,672		174,139
Target Corp.		1,376		165,024
TFS Financial Corp.		2,778		39,753
TJX Cos., Inc.		3,812		192,735
Tyler Technologies, Inc. (e)		426		147,771
Tyson Foods, Inc., Class A		1,335		79,713
UniFirst Corp.		362		64,780
UnitedHealth Group, Inc.		857		252,772
Verizon Communications, Inc.		8,681		478,584
Visa, Inc., Class A		964		186,216
Walmart, Inc.		2,384		285,556
Walt Disney Co.		401		44,716
Waste Management, Inc.		5,417		573,714
Waterstone Financial, Inc.		1,280		18,982
Watsco, Inc.		474		84,230
WEC Energy Group, Inc.		4,686		410,728
Xcel Energy, Inc.		6,994		437,125
Zoetis, Inc.		1,146		157,048

				19,024,235


Total Common Stock (cost—$33,532,011)				37,052,420


PREFERRED STOCK—0.3%

Brazil—0.3%
Telefonica Brasil S.A.(cost—$115,456)		9,100		80,373


RIGHTS—0.0%

United States—0.0%
T-Mobile U.S., Inc., exercise price $103, expires 7/27/20 (e)(cost—$618)		1,672		281

Schedule of Investments

AllianzGI Best Styles Global Managed Volatility Portfolio

June 30, 2020 (unaudited) (continued)


	Principal Amount (000s)		Value^

Repurchase Agreements—0.7%
State Street Bank and Trust Co., dated 6/30/20, 0.00%, due 7/1/20, proceeds $278,000; collateralized by U.S. Treasury Notes, 3.00%, due 10/31/25, valued at $283,604 including accrued interest (cost—$278,000)	$	278	$	278,000


Total Investments (cost-$33,926,085) (b)—99.8%				37,411,074


Other assets less liabilities—0.2%				86,391


Net Assets—100.0%			$	37,497,465

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 $321,445, representing 0.9% of net assets.

(b)	Securities with an aggregate value of $16,269,381, representing 43.4% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(c)	Fair-Valued—Securities with an aggregate value of $313,977, representing 0.8% of net assets.

(d)	Level 3 security.

(e)	Non-income producing.

Glossary:

REIT—Real Estate Investment Trust

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


Insurance	7.7	%
Pharmaceuticals	7.2	%
Electric Utilities	6.9	%
Diversified Telecommunication Services	6.1	%
Food Products	5.5	%
IT Services	4.5	%
Banks	3.9	%
Multi-Utilities	3.6	%
Commercial Services & Supplies	3.3	%
Healthcare Providers & Services	3.2	%
Wireless Telecommunication Services	3.1	%
Food & Staples Retailing	2.9	%
Equity Real Estate Investment Trusts (REITs)	2.8	%
Software	2.7	%
Household Products	2.4	%
Aerospace & Defense	2.4	%
Hotels, Restaurants & Leisure	2.3	%
Technology Hardware, Storage & Peripherals	2.2	%
Real Estate Management & Development	2.0	%
Beverages	1.9	%
Specialty Retail	1.8	%
Semiconductors & Semiconductor Equipment	1.6	%
Construction & Engineering	1.3	%
Capital Markets	1.2	%
Trading Companies & Distributors	1.2	%
Gas Utilities	1.1	%
Textiles, Apparel & Luxury Goods	1.1	%
Multi-Line Retail	1.0	%
Diversified Financial Services	0.8	%
Oil, Gas & Consumable Fuels	0.8	%
Media	0.8	%
Household Durables	0.8	%
Communications Equipment	0.8	%
Road & Rail	0.7	%
Building Products	0.6	%
Diversified Consumer Services	0.5	%
Interactive Media & Services	0.5	%
Biotechnology	0.5	%
Professional Services	0.5	%
Containers & Packaging	0.5	%
Metals & Mining	0.5	%
Construction Materials	0.5	%
Mortgage Real Estate Investment Trusts (REITs)	0.4	%
Chemicals	0.4	%
Personal Products	0.3	%
Auto Components	0.3	%
Transportation Infrastructure	0.2	%
Thrifts & Mortgage Finance	0.2	%
Consumer Finance	0.2	%
Airlines	0.2	%
Leisure Equipment & Products	0.2	%
Healthcare Equipment & Supplies	0.2	%
Electronic Equipment, Instruments & Components	0.2	%
Marine	0.2	%
Entertainment	0.1	%
Real Estate	0.1	%
Independent Power Producers & Energy Traders	0.1	%
Industrial Conglomerates	0.1	%
Telecommunications	0.0	%
Repurchase Agreements	0.7	%
Other assets less liabilities	0.2	%

	100.0	%

Schedule of Investments

AllianzGI Global Small-Cap Opportunities Portfolio

June 30, 2020 (unaudited)


	Shares		Value^

COMMON STOCK—98.7%

Australia—2.8%
BWP Trust REIT		20,488	$	54,498
JB Hi-Fi Ltd.		5,207		155,790

				210,288

Belgium—0.4%
bpost S.A.		4,945		33,424


Canada—3.7%
Alamos Gold, Inc., Class A		3,021		28,172
B2Gold Corp.		5,101		29,007
Centerra Gold, Inc.		3,642		40,642
Cogeco Communications, Inc.		901		64,914
Eldorado Gold Corp. (e)		4,139		39,908
IAMGOLD Corp. (e)		10,449		41,485
Real Matters, Inc. (e)		1,553		30,291

				274,419

China—2.6%
China National Building Material Co., Ltd., Class H		30,000		32,178
Huaxin Cement Co., Ltd., Class B (e)		17,399		31,778
Sohu.com Ltd. (e)		3,195		29,426
Weichai Power Co., Ltd., Class H		55,000		103,627

				197,009

Denmark—0.9%
Pandora A/S		594		32,441
Scandinavian Tobacco Group A/S, Class A (a)		2,505		36,990

				69,431

Germany—0.9%
HelloFresh SE (e)		561		30,011
MorphoSys AG ADR (e)		1,190		37,687

				67,698

Hong Kong—0.4%
Hysan Development Co., Ltd.		9,000		29,054


India—0.4%
Bajaj Auto Ltd.		774		28,954


Ireland—0.3%
Avadel Pharmaceuticals PLC ADR (e)		2,675		21,614


Israel—0.5%
Teva Pharmaceutical Industries Ltd. ADR (e)		3,055		37,668


Italy—1.7%
Unipol Gruppo SpA		32,597		127,340


Japan—10.8%
Advance Residence Investment Corp. REIT		15		44,636
Change, Inc.		600		41,952
Dip Corp.		2,500		50,783
EDION Corp.		6,900		70,082
Fuji Soft, Inc.		1,000		39,691
GungHo Online Entertainment, Inc.		1,990		35,580


	Shares		Value^

Hulic Co., Ltd.		4,300	$	40,596
IDOM, Inc.		6,400		29,496
IR Japan Holdings Ltd.		600		63,230
Japan Logistics Fund, Inc. REIT		14		38,022
MonotaRO Co., Ltd.		1,400		56,250
Nippon Accommodations Fund, Inc. REIT		5		28,913
Nippon Gas Co., Ltd.		1,400		60,196
Sankyu, Inc.		2,100		79,150
Sumitomo Forestry Co., Ltd.		5,000		62,905
T-Gaia Corp.		1,800		34,022
Usen-Next Holdings Co, Ltd.		2,700		31,689

				807,193

Korea (Republic of)—3.2%
DB HiTek Co., Ltd.		3,902		94,590
LG Innotek Co., Ltd.		983		144,161

				238,751

Netherlands—2.5%
ASR Nederland NV		2,437		74,980
Signify NV (a)(e)		4,301		110,579

				185,559

Portugal—0.4%
NOS SGPS S.A. (e)		6,742		29,448


Russian Federation—0.8%
Federal Grid Co. Unified Energy System PJSC (c)(d)		21,610		56,834


Singapore—0.7%
Mapletree Industrial Trust REIT		26,400		54,918


South Africa—1.3%
Gold Fields Ltd. ADR		5,250		49,350
Harmony Gold Mining Co., Ltd. ADR (e)		12,045		50,228

				99,578

Spain—0.6%
Viscofan S.A.		632		41,254


Sweden—2.4%
Swedish Match AB		2,490		175,684


Switzerland—0.6%
Galenica AG (a)		605		43,376


Taiwan—5.7%
Powertech Technology, Inc.		18,000		65,705
Silicon Motion Technology Corp. ADR		2,930		142,896
Wistron Corp.		181,000		220,961

				429,562

Thailand—1.0%
Thanachart Capital PCL (c)(d)		63,400		73,403


Turkey—0.9%
Enerjisa Enerji AS (a)		26,601		33,380
Turkiye Sinai Kalkinma Bankasi AS (e)		189,590		35,685

				69,065

Schedule of Investments

AllianzGI Global Small-Cap Opportunities Portfolio

June 30, 2020 (unaudited) (continued)


	Shares		Value^

United Kingdom—3.6%
Centamin PLC		29,007	$	66,214
Computacenter PLC		2,547		51,621
Greggs PLC		3,261		65,403
Plus500 Ltd.		3,545		57,821
Polymetal International PLC		1,584		31,713

				272,772

United States—49.6%
American States Water Co.		440		34,597
Arcosa, Inc.		1,275		53,805
Aspen Technology, Inc. (e)		560		58,022
Balchem Corp.		600		56,916
BancFirst Corp.		685		27,790
Bruker Corp.		720		29,290
Cal-Maine Foods, Inc. (e)		1,880		83,622
Cavco Industries, Inc. (e)		265		51,105
Century Communities, Inc. (e)		3,720		114,055
Charles River Laboratories International, Inc. (e)		410		71,484
Chemed Corp.		275		124,044
Cirrus Logic, Inc. (e)		330		20,387
Clearway Energy, Inc., Class A		4,400		92,268
Cloudera, Inc. (e)		2,925		37,206
Comfort Systems USA, Inc.		1,650		67,238
Digital Turbine, Inc. (e)		4,695		59,016
EMCOR Group, Inc.		1,620		107,147
Emergent Biosolutions, Inc. (e)		760		60,101
ePlus, Inc. (e)		570		40,288
Gladstone Commercial Corp. REIT		1,475		27,656
GMS, Inc. (e)		1,690		41,557
Grocery Outlet Holding Corp. (e)		690		28,152
HarborOne Bancorp, Inc. (e)		3,010		25,705
Hecla Mining Co.		9,275		30,329
Hilltop Holdings, Inc.		5,290		97,601
Horizon Therapeutics PLC (e)		3,770		209,537
Inphi Corp. (e)		1,195		140,413
Integer Holdings Corp. (e)		1,545		112,862
M/I Homes, Inc. (e)		1,270		43,739
ManTech International Corp., Class A		1,850		126,707
Methode Electronics, Inc.		4,190		130,979
MGIC Investment Corp.		13,255		108,558
MSA Safety, Inc.		390		44,632
NewMarket Corp.		370		148,178
Pacific Premier Bancorp, Inc.		2,974		64,476
PacWest Bancorp		1,410		27,791
Patterson-UTI Energy, Inc.		7,135		24,758
PRA Health Sciences, Inc. (e)		1,090		106,046
Prestige Consumer Healthcare, Inc. (e)		1,800		67,608
Progress Software Corp.		2,285		88,544
ProPetro Holding Corp. (e)		5,275		27,114
Provident Financial Services, Inc.		2,385		34,463
Renewable Energy Group, Inc. (e)		1,070		26,515
Rush Enterprises, Inc., Class A		1,525		63,227
Sandy Spring Bancorp Inc.		1,055		26,143
Sangamo Therapeutics, Inc. (e)		3,365		30,150
Silgan Holdings, Inc.		3,915		126,807
SJW Group		595		36,955


	Shares		Value^

Tetra Tech, Inc.		1,225	$	96,922
Tompkins Financial Corp.		390		25,260
TopBuild Corp. (e)		970		110,357
Transocean Ltd. (e)		16,150		29,555
U.S. Silica Holdings, Inc.		11,435		41,280
United Therapeutics Corp. (e)		665		80,465
Vectrus, Inc. (e)		1,280		62,886

				3,702,308


Total Common Stock (cost—$6,790,970)				7,376,604


PREFERRED STOCK—0.5%

Brazil—0.5%
Cia Paranaense de Energia (cost—$29,286)		3,100		34,671


Total Investments (cost—$6,820,256) (b)—99.2%				7,411,275


Other assets less liabilities—0.8%				57,908


Net Assets—100.0%			$	7,469,183

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 $224,325, representing 3.0% of net assets.

(b)	Securities with an aggregate value of $2,790,452, representing 37.4% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(c)	Fair-Valued—Securities with an aggregate value of $130,237, representing 1.7% of net assets.

(d)	Level 3 security.

(e)	Non-income producing.

Glossary:

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust

Schedule of Investments

AllianzGI Global Small-Cap Opportunities Portfolio

June 30, 2020 (unaudited) (continued)


The industry classification of portfolio holdings and other assets less liabilities shown as a percentage of net assets were as follows:
Semiconductors & Semiconductor Equipment	6.2	%
Metals & Mining	5.4	%
Banks	5.4	%
Household Durables	5.1	%
Pharmaceuticals	4.5	%
Electronic Equipment, Instruments & Components	4.2	%
Specialty Retail	3.9	%
Software	3.8	%
Equity Real Estate Investment Trusts (REITs)	3.3	%
Construction & Engineering	3.1	%
Technology Hardware, Storage & Peripherals	3.0	%
IT Services	2.9	%
Tobacco	2.8	%
Biotechnology	2.8	%
Life Sciences Tools & Services	2.8	%
Chemicals	2.7	%
Insurance	2.7	%
Healthcare Providers & Services	2.2	%
Trading Companies & Distributors	2.2	%
Thrifts & Mortgage Finance	1.9	%
Commercial Services & Supplies	1.9	%
Containers & Packaging	1.7	%
Electric Utilities	1.7	%
Food Products	1.7	%
Energy Equipment & Services	1.6	%
Healthcare Equipment & Supplies	1.5	%
Electrical Equipment	1.5	%
Machinery	1.4	%
Independent Power Producers & Energy Traders	1.2	%
Interactive Media & Services	1.1	%
Road & Rail	1.1	%
Water Utilities	1.0	%
Real Estate Management & Development	0.9	%
Hotels, Restaurants & Leisure	0.9	%
Media	0.9	%
Construction Materials	0.9	%
Professional Services	0.8	%
Aerospace & Defense	0.8	%
Diversified Telecommunication Services	0.8	%
Gas Utilities	0.8	%
Diversified Financial Services	0.8	%
Entertainment	0.5	%
Air Freight & Logistics	0.4	%
Textiles, Apparel & Luxury Goods	0.4	%
Real Estate	0.4	%
Internet & Direct Marketing Retail	0.4	%
Automobiles	0.4	%
Food & Staples Retailing	0.4	%
Oil, Gas & Consumable Fuels	0.4	%
Other assets less liabilities	0.8	%

	100.0	%

Schedule of Investments

AllianzGI International Growth Portfolio

June 30, 2020 (unaudited)


	Shares		Value^

COMMON STOCK—98.1%

Argentina—3.4%
MercadoLibre, Inc. (c)		1,121	$	1,105,048


Australia—3.8%
CSL Ltd.		1,492		296,742
Domino’s Pizza Enterprises Ltd.		19,215		921,147
Treasury Wine Estates Ltd.		5,584		40,629

				1,258,518

Brazil—3.8%
StoneCo Ltd., Class A (c)		31,665		1,227,335


Canada—7.7%
Alimentation Couche-Tard, Inc., Class B		20,357		638,330
Canadian National Railway Co.		2,518		222,773
Constellation Software, Inc.		644		727,152
Shopify, Inc., Class A (c)		993		942,556

				2,530,811

China—14.0%
Alibaba Group Holding Ltd. ADR (c)		7,773		1,676,636
TAL Education Group ADR (c)		4,051		277,007
Tencent Holdings Ltd.		26,610		1,705,112
Tencent Music Entertainment Group ADR (c)		63,141		849,878
Weibo Corp. ADR (c)		1,811		60,850

				4,569,483

Denmark—13.8%
Ambu A/S, Class B		57,330		1,812,331
Coloplast A/S, Class B		877		136,696
DSV PANALPINA A/S		7,368		905,048
Netcompany Group A/S (a)(c)		19,282		1,264,632
Novo Nordisk A/S, Class B		6,054		394,404

				4,513,111

Germany—11.3%
Adidas AG (c)		1,176		310,054
Bechtle AG		3,881		687,871
GRENKE AG		4,952		384,134
Infineon Technologies AG		45,271		1,060,798
SAP SE		6,044		844,887
Zalando SE (a)(c)		5,769		409,256

				3,697,000

Hong Kong—2.6%
AIA Group Ltd.		90,959		851,158


India—3.5%
HDFC Bank Ltd. ADR		24,941		1,133,818


Indonesia—0.7%
Ace Hardware Indonesia Tbk PT (c)		184,773		19,567
Bank Central Asia Tbk PT		108,655		217,397

				236,964

Ireland—1.3%
Kingspan Group PLC		6,576		419,879


	Shares		Value^

Israel—8.6%
Wix.com Ltd. (c)		10,934	$	2,801,510


Japan—3.3%
Keyence Corp.		1,560		653,736
MonotaRO Co., Ltd.		10,375		416,851

				1,070,587

Netherlands—5.0%
ASML Holding NV		4,426		1,619,088


New Zealand—1.3%
Mainfreight Ltd.		16,193		413,388


Philippines—0.1%
Jollibee Foods Corp.		5,841		16,491


South Africa—1.3%
PSG Group Ltd.		45,791		418,639


Sweden—6.6%
AddTech AB, Class B		14,989		606,229
Assa Abloy AB, Class B		9,275		189,836
Atlas Copco AB, Class A		10,142		431,901
Epiroc AB, Class A		18,578		232,790
Hexagon AB, Class B		6,017		353,352
Hexpol AB		48,188		359,574

				2,173,682

Switzerland—4.5%
Partners Group Holding AG		484		440,775
Sika AG		2,043		393,834
Temenos AG		1,867		290,177
VAT Group AG (a)(c)		1,813		332,999

				1,457,785

United Kingdom—1.5%
DCC PLC		6,031		503,249


Total Investments (cost—$22,990,987) (b)—98.1%				32,017,544


Other assets less liabilities (d)—1.9%				616,806


Net Assets—100.0%			$	32,634,350

Schedule of Investments

AllianzGI International Growth Portfolio

June 30, 2020 (unaudited) (continued)

Notes to Schedule of Investments:

(a)	144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $2,006,887, representing 6.1% of net assets.

(b)	Securities with an aggregate value of $19,090,019, representing 58.5% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(c)	Non-income producing.

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

Forward foreign currency contracts outstanding at June 30, 2020:


Description	Counterparty	U.S.$ Value on Origination Date		U.S.$ Value June 30, 2020		Unrealized Appreciation
Sold:
737,117 Hong Kong Dollar settling 7/2/20	State Street Bank and Trust Co.	$	95,109	$	95,106	$	3
270,893 South African Rand settling 7/2/20	State Street Bank and Trust Co.		15,761		15,611		150

						$	153

Glossary:

ADR—American Depositary Receipt

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


IT Services	17.3	%
Internet & Direct Marketing Retail	9.8	%
Software	9.6	%
Semiconductors & Semiconductor Equipment	8.2	%
Healthcare Equipment & Supplies	6.0	%
Interactive Media & Services	5.4	%
Banks	4.1	%
Air Freight & Logistics	4.0	%
Trading Companies & Distributors	3.1	%
Electronic Equipment, Instruments & Components	3.1	%
Machinery	3.1	%
Hotels, Restaurants & Leisure	2.9	%
Insurance	2.6	%
Entertainment	2.6	%
Diversified Financial Services	2.5	%
Chemicals	2.3	%
Food & Staples Retailing	2.0	%
Building Products	1.9	%
Industrial Conglomerates	1.5	%
Capital Markets	1.4	%
Pharmaceuticals	1.2	%
Textiles, Apparel & Luxury Goods	0.9	%
Biotechnology	0.9	%
Diversified Consumer Services	0.8	%
Road & Rail	0.7	%
Beverages	0.1	%
Specialty Retail	0.1	%
Other assets less liabilities	1.9	%

	100.0	%

Portfolio securities and other financial instruments for which market quotations are readily available are valued at market value. Market values for various types of securities and other instruments are determined on the basis of closing prices or last sales prices on an exchange or other market, or based on quotes or other market information obtained from quotation reporting systems, established market makers or independent pricing services. As of June 30, 2020, AllianzGI Institutional Multi-Series Trust (the “Trust”) consisted of three separate investment series (each a “Portfolio” and collectively the “Portfolios”). 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 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 of Trustees (the “Board”) of each Portfolio of the Trust has adopted procedures for valuing portfolio securities and other financial derivative instruments in circumstances where market quotes are not readily available (including in cases where available market quotes are deemed to be unreliable), and has delegated primary responsibility for applying the valuation methods to Allianz Global Investors U.S. LLC (the “Investment Manager”). The Trust’s Valuation Committee was established by the Board to oversee the implementation of the 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 are valued at amortized cost unless the Board or its Valuation Committee determines that particular circumstances dictate otherwise.

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

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

•

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 nine months ended June 30, 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 accounting principles generally accepted in the United States of America.

An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed reasonable in good faith by the Valuation Committee, following the procedures established by the Board, to represent fair value. Under these procedures, the 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)—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.

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

A summary of the inputs used at June 30, 2020 in valuing each Portfolio’s assets and liabilities is listed below (refer to the Schedules of Investments and Notes to Schedules of Investments for more detailed information on Investments in Securities and Other Financial Instruments):


	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 6/30/20
AllianzGI Best Styles Global Managed Volatility:
Investments in Securities—Assets
Common Stock:
Australia		—	$	156,797		—	$	156,797
Belgium		—		174,437		—		174,437
China	$	19,147		574,492		—		593,639
Czech Republic		—		144,395		—		144,395
Denmark		—		172,192		—		172,192
Finland		—		247,278		—		247,278
France		—		591,418		—		591,418
Germany		—		831,515		—		831,515
Hong Kong		—		453,374		—		453,374
Hungary		—		116,500		—		116,500
Israel		—		393,673		—		393,673
Italy		—		419,484		—		419,484
Japan		—		5,417,436		—		5,417,436
Korea (Republic of)		1,859		269,402		—		271,261
Malaysia		—		382,677		—		382,677
Morocco		—		53,987		—		53,987
Netherlands		38,855		267,052		—		305,907
New Zealand		—		100,722		—		100,722
Norway		—		134,535		—		134,535
Philippines		332		63,321		—		63,653
Poland		—		40,152		—		40,152
Portugal		—		50,490		—		50,490
Singapore		—		376,032		—		376,032
South Africa		—		10,249		—		10,249
Spain		10,161		159,838		—		169,999
Sweden		—		178,108		—		178,108
Switzerland		—		2,492,308		—		2,492,308
Taiwan		—		1,642,098		—		1,642,098
Thailand		—		—	$	313,977		313,977
United Kingdom		154,080		355,419		—		509,499
All Other		20,244,628		—		—		20,244,628
Preferred Stock		80,373		—		—		80,373
Rights		281		—		—		281
Repurchase Agreements		—		278,000		—		278,000

Totals	$	20,549,716	$	16,547,381	$	313,977	$	37,411,074


	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 6/30/20
AllianzGI Global Small-Cap Opportunities:
Investments in Securities—Assets
Common Stock:
Australia		—	$	210,288		—	$	210,288
Belgium		—		33,424		—		33,424
China	$	29,426		167,583		—		197,009
Denmark		—		69,431		—		69,431
Germany		37,687		30,011		—		67,698
Hong Kong		—		29,054		—		29,054
India		—		28,954		—		28,954
Italy		—		127,340		—		127,340
Japan		—		807,193		—		807,193
Korea (Republic of)		—		238,751		—		238,751
Netherlands		—		185,559		—		185,559
Portugal		—		29,448		—		29,448
Russian Federation		—		—	$	56,834		56,834
Singapore		—		54,918		—		54,918
Sweden		—		175,684		—		175,684
Switzerland		—		43,376		—		43,376
Taiwan		142,896		286,666		—		429,562
Thailand		—		—		73,403		73,403
United Kingdom		—		272,772		—		272,772
All Other		4,245,906		—		—		4,245,906
Preferred Stock		34,671		—		—		34,671

Totals	$	4,490,586	$	2,790,452	$	130,237	$	7,411,275


AllianzGI International Growth:
Investments in Securities—Assets
Common Stock:
Argentina	$	1,105,048		—		—	$	1,105,048
Brazil		1,227,335		—		—		1,227,335
Canada		2,530,811		—		—		2,530,811
China		2,864,371	$	1,705,112		—		4,569,483
Denmark		1,264,632		3,248,479		—		4,513,111
India		1,133,818		—		—		1,133,818
Israel		2,801,510		—		—		2,801,510
All Other		—		14,136,428		—		14,136,428

		12,927,525		19,090,019		—		32,017,544

*Other Financial Instruments—Assets**
Foreign Exchange Contracts		—		153		—		153

Totals	$	12,927,525	$	19,090,172		—	$	32,017,697

A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the nine months ended June 30, 2020, was as follows:


	Beginning Balance 9/30/19		Purchases		Sales			Accrued Discount (Premiums)		Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/ Depreciation			Transfers into Level 3**		Transfers out of Level 3***			Ending Balance 6/30/20
AllianzGI Best Styles Global Managed Volatility:
Investments in Securities—Assets
Common Stock:
Philippines	$	57	$	—	$	—		$	—	$	—		$	275		$	—	$	(332	)	$	—
Taiwan		35,017		—		(18,070	)		—		(16,890	)		(57	)		—		—			—
Thailand		571,570		—		(176,610	)		—		(36,764	)		(98,635	)		54,416		—			313,977
Rights:
Singapore		569		—		—	†		—		—			(569	)		—		—			—

Totals	$	607,213	$	—	$	(194,680	)	$	—	$	(53,654	)	$	(98,986	)	$	54,416	$	(332	)	$	313,977


	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 6/30/20
AllianzGI Global Small-Cap Opportunities:
Investments in Securities—Assets
Common Stock:
Russian Federation	$	44,314	$	91,254	$	(71,821	)	$	—	$	(597	)	$	(6,316	)	$	—	$	—	$	56,834
Thailand		95,457		43,598		(26,945	)		—		(2,413	)		(36,294	)		—		—		73,403

Totals	$	139,771	$	134,852	$	(98,766	)	$	—	$	(3,010	)	$	(42,610	)	$	—	$	—	$	130,237

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.

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

**	Transferred out of Level 2 and into Level 3 due to an exchange traded closing price being unavailable or unreliable at June 30, 2020.

***	Transferred out of Level 3 and into Level 1 because an exchange traded price was available at June 30, 2020.

†	Expiration of rights.

The net change in unrealized appreciation/depreciation of Level 3 investments which the following Portfolios held at June 30, 2020, was:


AllianzGI Best Styles Global Managed Volatility	$	(93,082	)
AllianzGI Global Small-Cap Opportunities		(60,941	)

At June 30, 2020, the aggregate cost basis and the net unrealized appreciation (depreciation) of investments in securities and other financial instruments for federal income tax purposes were:


	Federal Tax Cost Basis(1)		Unrealized Appreciation		Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
AllianzGI Best Styles Global Managed Volatility	$	34,024,452	$	5,495,624	$	2,109,002	$	3,386,622
AllianzGI Global Small-Cap Opportunities		6,850,158		980,414		419,297		561,117
AllianzGI International Growth		23,597,795		8,863,402		443,500		8,419,902

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

AllianzGI Institutional Multi-Series Trust NPORT-PAllianzGI Best Styles Global Managed Volatility Portfolio (Jun 2020 report)