Table of Contents

Allianz Funds Multi-Strategy Trust

Schedule of Investments

AllianzGI Advanced Core Bond Portfolio

December 31, 2019 (unaudited)

	Principal Amount (000s)		Value^
CORPORATE BONDS & NOTES—54.9%
Aerospace & Defense—1.3%
United Technologies Corp.,
3.35%, 8/16/21	$	200	$	204,764
4.15%, 5/15/45		30		34,437
				239,201
Agriculture—2.1%
Altria Group, Inc.,
5.375%, 1/31/44		20		22,573
Cargill, Inc. (a)(b),
3.05%, 4/19/21		200		202,864
Philip Morris International, Inc.,
2.375%, 8/17/22		100		100,955
6.375%, 5/16/38		40		55,393
				381,785
Auto Manufacturers—4.4%
Daimler Finance North America LLC (a)(b),
2.00%, 7/6/21		200		199,665
General Motors Co.,
5.15%, 4/1/38		50		52,061
General Motors Financial Co., Inc.,
3.95%, 4/13/24		50		52,298
4.35%, 4/9/25		50		53,163
Harley-Davidson Financial Services, Inc., Ser. SR (a)(b),
3.55%, 5/21/21		250		254,151
PACCAR Financial Corp.,
2.30%, 8/10/22		200		202,193
				813,531
Banks—19.7%
Bank of America Corp.,
4.00%, 4/1/24		50		53,454
Bank of New York Mellon Corp.,
2.60%, 2/7/22		200		202,876
Bank of Nova Scotia,
1.875%, 4/26/21		198		198,031
2.80%, 7/21/21		200		202,799
BNG Bank NV (a)(b),
1.625%, 4/19/21		200		199,663
2.375%, 3/16/26		50		51,321
Citigroup, Inc.,
4.50%, 1/14/22		100		104,823
8.125%, 7/15/39		50		83,464
Commonwealth Bank of Australia (a)(b),
2.85%, 5/18/26		100		102,044
Deutsche Bank AG,
3.375%, 5/12/21		200		201,850
Fifth Third Bancorp,
2.60%, 6/15/22		200		202,466
ING Bank NV (a)(b),
2.625%, 12/5/22		250		255,355

	Principal Amount (000s)		Value^
KeyCorp,
4.10%, 4/30/28	$	120	$	131,562
Landwirtschaftliche Rentenbank, Ser. 37,
2.50%, 11/15/27		50		52,117
Lloyds Banking Group PLC,
4.05%, 8/16/23		200		211,593
Macquarie Bank Ltd. (a)(b),
3.90%, 1/15/26		100		105,841
Mitsubishi UFJ Financial Group, Inc.,
3.677%, 2/22/27		130		138,417
Morgan Stanley,
2.50%, 4/21/21		200		201,592
4.375%, 1/22/47		50		59,874
National Australia Bank Ltd.,
2.625%, 1/14/21		200		201,544
Santander UK PLC,
4.00%, 3/13/24		100		106,609
Wells Fargo & Co.,
2.50%, 3/4/21		200		201,368
Ser. M,
3.45%, 2/13/23		100		103,410
Wells Fargo Bank N.A.,
3.625%, 10/22/21		250		257,604
				3,629,677
Beverages—0.5%
Anheuser-Busch Cos. LLC,
4.90%, 2/1/46		20		23,689
Diageo Capital PLC,
3.875%, 4/29/43		40		44,796
Keurig Dr. Pepper, Inc.,
4.42%, 12/15/46		20		21,827
				90,312
Chemicals—3.0%
Dow Chemical Co.,
7.375%, 11/1/29		50		66,220
Ecolab, Inc.,
2.375%, 8/10/22		200		202,015
Nutrien Ltd.,
4.00%, 12/15/26		70		74,773
Syngenta Finance NV (a)(b),
3.933%, 4/23/21		200		203,717
				546,725
Computers—1.4%
Apple, Inc.,
4.65%, 2/23/46		50		62,559
International Business Machines Corp.,
2.50%, 1/27/22		200		202,379
				264,938
Consumer Products—0.4%
Colgate-Palmolive Co.,
3.70%, 8/1/47		30		34,631

Schedule of Investments

AllianzGI Advanced Core Bond Portfolio

December 31, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
Procter & Gamble Co.,
3.50%, 10/25/47	$	40	$	44,781
				79,412
Electric Utilities—1.2%
Consolidated Edison Co. of New York, Inc.,
4.50%, 5/15/58		50		58,242
Electricite de France S.A. (a)(b),
4.875%, 1/22/44		50		57,765
Florida Power & Light Co.,
3.70%, 12/1/47		40		43,914
PPL Electric Utilities Corp.,
4.15%, 6/15/48		50		57,086
				217,007
Electronics—0.6%
Tyco Electronics Group S.A.,
3.45%, 8/1/24		100		104,529
Equity Real Estate Investment Trusts (REITs)—0.3%
Welltower, Inc.,
2.70%, 2/15/27		50		50,265
Food & Beverage—1.3%
General Mills, Inc.,
2.60%, 10/12/22		150		152,245
Kellogg Co.,
3.40%, 11/15/27		50		52,313
Kroger Co.,
4.65%, 1/15/48		40		43,807
				248,365
Healthcare-Products—0.1%
Thermo Fisher Scientific, Inc.,
4.10%, 8/15/47		20		22,566
Insurance—1.1%
Allstate Corp.,
3.28%, 12/15/26		50		52,926
MetLife, Inc.,
5.70%, 6/15/35		70		93,879
Prudential Financial, Inc.,
4.35%, 2/25/50		50		57,955
				204,760
Internet—0.6%
Alphabet, Inc.,
3.375%, 2/25/24		100		106,333
Iron/Steel—0.5%
ArcelorMittal S.A.,
4.55%, 3/11/26		50		53,563
Nucor Corp.,
4.40%, 5/1/48		30		34,113
				87,676

	Principal Amount (000s)		Value^
Machinery-Construction & Mining—1.1%
Caterpillar Financial Services Corp.,
3.15%, 9/7/21	$	200	$	204,457
Machinery-Diversified—1.1%
CNH Industrial Capital LLC,
4.875%, 4/1/21		150		154,894
John Deere Capital Corp.,
2.65%, 6/24/24		50		51,193
				206,087
Media—1.2%
Discovery Communications LLC,
3.80%, 3/13/24		50		52,691
6.35%, 6/1/40		30		38,518
Time Warner Cable LLC,
6.75%, 6/15/39		40		50,763
TWDC Enterprises 18 Corp.,
4.125%, 6/1/44		20		23,580
ViacomCBS, Inc.,
3.70%, 6/1/28		50		52,443
				217,995
Mining—2.2%
BHP Billiton Finance USA Ltd.,
2.875%, 2/24/22		200		203,761
Glencore Funding LLC (a)(b),
3.00%, 10/27/22		200		202,249
				406,010
Oil, Gas & Consumable Fuels—3.4%
BP Capital Markets PLC,
3.723%, 11/28/28		50		54,449
Equinor ASA,
2.65%, 1/15/24		150		153,727
2.90%, 11/8/20		200		202,024
Occidental Petroleum Corp.,
3.00%, 2/15/27		100		100,078
Phillips 66,
4.875%, 11/15/44		30		36,229
Shell International Finance BV,
3.75%, 9/12/46		30		32,936
Total Capital International S.A.,
3.455%, 2/19/29		50		54,137
				633,580
Pharmaceuticals—2.0%
CVS Health Corp.,
4.10%, 3/25/25		50		53,749
Eli Lilly & Co.,
2.35%, 5/15/22		100		101,311
GlaxoSmithKline Capital, Inc.,
3.625%, 5/15/25		50		53,581
Merck & Co., Inc.,
3.40%, 3/7/29		60		65,051

Schedule of Investments

AllianzGI Advanced Core Bond Portfolio

December 31, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
Pfizer, Inc.,
2.75%, 6/3/26	$	50	$	51,698
4.00%, 3/15/49		40		46,165
				371,555
Pipelines—1.5%
Energy Transfer Partners L.P., Ser. 30Y,
6.00%, 6/15/48		40		46,713
Enterprise Products Operating LLC,
4.85%, 3/15/44		30		34,771
Kinder Morgan, Inc.,
3.15%, 1/15/23		200		204,793
				286,277
Retail—1.6%
Macy’s Retail Holdings, Inc.,
4.50%, 12/15/34		50		47,899
Walgreens Boots Alliance, Inc.,
4.50%, 11/18/34		40		41,577
Walmart, Inc.,
3.125%, 6/23/21		200		204,206
				293,682
Software—0.6%
Oracle Corp.,
2.625%, 2/15/23		100		102,151
Telecommunications—0.9%
AT&T, Inc.,
4.80%, 6/15/44		50		56,906
Cisco Systems, Inc.,
5.50%, 1/15/40		50		68,146
Verizon Communications, Inc.,
5.25%, 3/16/37		40		50,231
				175,283
Transportation—0.8%
CSX Corp.,
2.60%, 11/1/26		50		50,813
FedEx Corp.,
3.40%, 2/15/28		50		51,142
4.10%, 4/15/43		40		39,035
				140,990
Total Corporate Bonds & Notes (cost—$9,738,682)				10,125,149
U.S. GOVERNMENT AGENCY SECURITIES—28.2%
Fannie Mae,
6.625%, 11/15/30		70		100,109
Fannie Mae UMBS, MBS (c),
2.50%, 1/16/35 TBA, 15 Year		660		665,628
3.00%, 1/16/35 TBA, 15 Year		120		122,954
4.00%, 1/14/50 TBA, 30 Year		340		353,576
Fannie Mae UMBS, MBS (c),
3.00%, 1/14/50 TBA, 30 Year		1,180		1,196,084
3.50%, 1/14/50 TBA, 30 Year		750		771,172
4.50%, 1/14/50 TBA, 30 Year		360		379,022

	Principal Amount (000s)		Value^
Freddie Mac,
4.00%, 8/1/44	$	94	$	100,191
6.25%, 7/15/32		70		100,816
Ginnie Mae, MBS, TBA, 30 Year (c),
3.00%, 1/21/50		800		821,277
3.50%, 1/21/50		510		525,562
4.00%, 1/21/50		60		62,103
Total U.S. Government Agency Securities (cost—$5,176,597)				5,198,494
U.S. TREASURY OBLIGATIONS—23.3%
U.S. Treasury Bonds,
2.25%, 8/15/49		80		77,625
2.25%, 8/15/46		200		194,422
2.50%, 2/15/45		200		204,312
2.75%, 8/15/47		200		214,500
3.125%, 2/15/42		145		164,575
3.125%, 2/15/43		150		170,238
3.375%, 11/15/48		160		193,100
4.50%, 8/15/39		10		13,578
5.375%, 2/15/31		20		26,917
5.50%, 8/15/28		100		128,953
6.00%, 2/15/26		220		274,244
U.S. Treasury Notes,
1.375%, 8/31/26		200		194,484
1.50%, 9/15/22 (d)		300		299,227
1.50%, 8/15/26		170		166,653
1.625%, 5/15/26		250		247,383
1.625%, 8/15/29		100		97,414
2.125%, 3/31/24		310		315,643
2.125%, 9/30/24		500		509,844
2.125%, 5/15/25		170		173,480
2.25%, 11/15/27		100		102,797
2.50%, 1/15/22		300		305,391
2.625%, 2/15/29		100		105,984
2.875%, 5/15/28		110		118,422
Total U.S. Treasury Obligations (cost—$4,158,845)				4,299,186
SOVEREIGN DEBT OBLIGATIONS—14.7%
Canada—2.5%
Export Development Canada,
2.50%, 1/24/23		100		102,402
Province of Alberta Canada,
3.30%, 3/15/28		100		108,497
Province of British Columbia Canada,
2.25%, 6/2/26		50		50,820
Province of Ontario Canada,
2.50%, 4/27/26		100		102,628
Province of Quebec Canada,
2.875%, 10/16/24		100		104,609
				468,956
Chile—1.1%
Chile Government International Bond,
3.25%, 9/14/21		200		204,183

Schedule of Investments

AllianzGI Advanced Core Bond Portfolio

December 31, 2019 (unaudited) (continued)

	Principal Amount (000s)		Value^
Indonesia—2.0%
Indonesia Government International Bond,
3.75%, 4/25/22	$	350	$	361,576
Korea (Republic of)—1.1%
Export-Import Bank of Korea,
2.625%, 5/26/26		200		201,581
Morocco—1.2%
Morocco Government International Bond,
4.25%, 12/11/22		200		211,376
Norway—1.1%
Kommunalbanken AS (a)(b),
3.125%, 10/18/21		200		204,903
Panama—0.7%
Panama Government International Bond,
7.125%, 1/29/26		100		125,526
Peru—0.6%
Peruvian Government International Bond,
4.125%, 8/25/27		100		112,271
Supranational—2.1%
Asian Development Bank,
3.125%, 9/26/28		50		54,631
Corp. Andina de Fomento,
3.25%, 2/11/22		200		204,388
European Investment Bank,
4.875%, 2/15/36		50		66,754
Inter-American Development Bank,
3.125%, 9/18/28		50		54,601
				380,374
Sweden—2.2%
Kommuninvest I Sverige AB (a)(b),
2.75%, 10/22/20		200		201,512
Svensk Exportkredit AB, 3.125%, 11/8/21		200		205,054
				406,566

	Principal Amount (000s)		Value^
Uruguay—0.1%
Uruguay Government International Bond, 4.975%, 4/20/55	$	20	$	23,600
Total Sovereign Debt Obligations (cost—$2,617,229)				2,700,912
Repurchase Agreements—3.3%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $609,008; collateralized by U.S. Treasury Bonds, 3.00%, due 11/15/45, valued at $622,452 including accrued interest (cost—$609,000)		609		609,000
Total Investments (cost—$22,300,353)—124.4%				22,932,741
Liabilities in excess of other assets (e)—(24.4)%				(4,495,271	)
Net Assets—100.0%			$	18,437,470

Notes to Schedule of Investments:

(a) Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $2,241,050, representing 12.2% of net assets.

(b) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $2,241,050, representing 12.2% of net assets.

(c) When-issued or delayed-delivery. To be settled/delivered after December 31, 2019.

(d) All or partial amount segregated for the benefit of the counterparty as collateral for futures contracts.

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

Futures contracts outstanding at December 31, 2019:

Type	Contracts			Expiration Date		Notional Amount (000s)			Market Value (000s)			Unrealized Appreciation
Short position contracts:
2-Year U.S. Treasury Note		(18	)		3/31/20	$	(3,600	)	$	(3,879	)	$	1,236

(f) At December 31, 2019, the Portfolio pledged $286,156 in cash as collateral for futures contracts. The Portfolio also held U.S. Treasury Obligations valued $75,825 as collateral for TBA securities. Securities held as collateral will not be pledged and are not reflected in the Schedule of Investments.

Glossary:

MBS—Mortgage-Backed Securities

TBA—To Be Announced

UMBS—Uniform Mortgage-Backed Securities

Schedule of Investments

AllianzGI Best Styles Global Managed Volatility Portfolio

December 31, 2019 (unaudited)

	Shares		Value^
COMMON STOCK—96.8%
Australia—1.1%
Brickworks Ltd.		6,500	$	85,212
Newcrest Mining Ltd.		6,628		139,976
Regis Resources Ltd.		26,025		78,746
Saracen Mineral Holdings Ltd. (e)		32,229		74,741
Silver Lake Resources Ltd. (e)		34,544		32,376
St. Barbara Ltd.		14,103		26,795
Telstra Corp. Ltd.		72,312		179,622
				617,468
Austria—0.1%
Flughafen Wien AG		961		40,831
Telekom Austria AG (e)		3,219		26,286
				67,117
Belgium—0.6%
Ageas		2,045		120,926
Elia System Operator S.A.		999		88,638
Proximus SADP		3,622		103,784
				313,348
Bermuda—0.3%
Arch Capital Group Ltd. (e)		3,631		155,734
Brazil—0.1%
Banco do Brasil S.A. (e)		5,200		68,632
Canada—0.8%
Cascades, Inc.		673		5,810
Cogeco Communications, Inc.		1,375		119,864
Emera, Inc.		2,879		123,691
Empire Co., Ltd., Class A		2,490		58,408
Fairfax Financial Holdings Ltd.		86		40,382
InterRent Real Estate Investment Trust REIT		2,995		36,072
Killam Apartment Real Estate Investment Trust REIT		2,174		31,709
				415,936
China—2.4%
BOC Aviation Ltd. (a)		13,300		135,264
China Construction Bank Corp., Class H		140,748		122,034
China Dongxiang Group Co., Ltd.		68,883		7,601
China Everbright Greentech Ltd. (a)		66,000		35,758
China Mobile Ltd.		28,000		236,596
China SCE Group Holdings Ltd.		198,000		115,332
China Telecom Corp., Ltd., Class H		72,000		29,663
China Water Affairs Group Ltd.		30,000		22,447
Golden Eagle Retail Group Ltd.		20,000		22,279
Jiangsu Expressway Co., Ltd., Class H		16,811		23,037
Lenovo Group Ltd.		248,000		166,545
Shenzhen Expressway Co., Ltd., Class H		110,300		158,276
Shenzhen Investment Holdings Bay Area Development Co., Ltd.		41,000		19,629
Tencent Holdings Ltd.		1,500		72,264
Yadea Group Holdings Ltd. (a)		58,000		15,241
Yuexiu Real Estate Investment Trust REIT		43,000		29,144
Yuexiu Transport Infrastructure Ltd.		80,000		71,174
Yuzhou Properties Co., Ltd.		63,204		34,773
				1,317,057

	Shares		Value^
Czech Republic—0.4%
CEZ AS		5,326	$	119,699
Moneta Money Bank AS (a)		14,893		55,881
O2 Czech Republic AS		4,201		43,363
				218,943
Denmark—0.5%
Scandinavian Tobacco Group A/S, Class A (a)		884		10,781
Solar A/S, Class B		333		14,946
Spar Nord Bank A/S		733		7,119
Topdanmark A/S		787		38,796
Tryg A/S		6,144		182,148
				253,790
Finland—0.5%
Elisa Oyj		2,669		147,445
Neste Oyj		4,039		140,538
				287,983
France—1.5%
Cegereal S.A. REIT		1,987		95,393
Eiffage S.A.		1,354		155,340
Hermes International		311		232,973
Orpea		50		6,415
SEB S.A.		36		5,354
Sodexo S.A.		941		111,516
Vinci S.A.		1,752		195,126
				802,117
Germany—1.7%
Deutsche Telekom AG		12,241		200,044
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		1,280		377,719
TAG Immobilien AG (e)		4,572		113,549
Talanx AG (e)		3,280		162,334
TLG Immobilien AG		1,775		56,644
WCM Beteiligungs & Grundbesitz AG		5,562		30,903
				941,193
Hong Kong—1.3%
CITIC Telecom International Holdings Ltd.		85,000		30,980
CK Hutchison Holdings Ltd.		8,203		78,219
CLP Holdings Ltd.		32,719		343,465
Fairwood Holdings Ltd.		11,000		28,071
Hang Seng Bank Ltd.		2,700		55,809
Hui Xian Real Estate Investment Trust REIT		50,000		23,545
NWS Holdings Ltd.		19,000		26,630
Swire Pacific Ltd., Class A		11,344		105,382
Yue Yuen Industrial Holdings Ltd.		2,802		8,269
				700,370
Hungary—0.3%
Magyar Telekom Telecommunications PLC		38,780		58,660
MOL Hungarian Oil & Gas PLC		5,827		58,084
OTP Bank Nyrt		994		52,046
				168,790
Ireland—0.0%
Irish Residential Properties REIT PLC		3,629		6,472
Israel—0.6%
Bank Leumi Le-Israel BM		15,086		110,021
Israel Discount Bank Ltd., Class A		22,861		106,171

Schedule of Investments

AllianzGI Best Styles Global Managed Volatility Portfolio

December 31, 2019 (unaudited) (continued)

	Shares		Value^
Mizrahi Tefahot Bank Ltd.		3,874	$	103,337
Shufersal Ltd.		2,678		17,072
				336,601
Italy—1.3%
Enav SpA (a)		6,976		41,629
Enel SpA		30,061		238,799
Eni SpA		3,676		57,093
Hera SpA		2,579		11,296
Snam SpA		66,052		347,288
				696,105
Japan—12.0%
Aoyama Trading Co., Ltd.		189		2,660
Asahi Group Holdings Ltd.		4,200		191,606
Astellas Pharma, Inc.		19,708		336,415
Bookoff Group Holdings Ltd.		1,500		14,164
Canon, Inc.		3,190		87,305
Cawachi Ltd.		900		18,235
Daiwa Office Investment Corp. REIT		8		61,433
DCM Holdings Co., Ltd.		10,975		106,893
Doutor Nichires Holdings Co., Ltd.		3,649		72,428
DTS Corp.		3,502		81,347
DyDo Group Holdings, Inc.		974		41,100
FamilyMart Co., Ltd.		5,200		124,538
FUJIFILM Holdings Corp.		5,279		252,103
Fukuyama Transporting Co., Ltd.		554		20,121
Geo Holdings Corp.		864		10,656
Ichigo Office REIT Investment REIT		14		14,534
ITOCHU Corp.		9,000		208,590
Japan Airlines Co., Ltd.		3,680		114,580
Japan Wool Textile Co., Ltd.		5,300		54,744
Kajima Corp.		10,100		134,281
Kamigumi Co., Ltd.		2,700		59,351
Kandenko Co., Ltd.		3,000		28,756
Kato Sangyo Co., Ltd.		600		19,661
KDDI Corp.		6,500		193,936
Kintetsu Group Holdings Co., Ltd.		2,300		124,751
LaSalle Logiport REIT		75		111,486
McDonald’s Holdings Co. Japan Ltd.		1,700		81,904
Mirait Holdings Corp.		6,900		104,278
Mitsubishi Corp.		5,100		135,106
Mitsubishi Research Institute, Inc.		700		27,647
Morinaga Milk Industry Co., Ltd.		3,100		126,399
NEC Corp.		6,700		277,276
NET One Systems Co., Ltd.		3,600		91,916
Nichias Corp.		1,602		40,586
Nihon Unisys Ltd.		2,079		65,216
Nippon REIT Investment Corp. REIT		16		70,388
Nippon Telegraph & Telephone Corp.		19,888		502,643
Nishimatsu Construction Co., Ltd.		2,300		51,748
Nisshin Seifun Group, Inc.		5,200		90,727
NTT DOCOMO, Inc.		26,657		742,561
Obayashi Corp.		8,373		92,996
Okumura Corp.		2,100		57,733
Raito Kogyo Co., Ltd.		4,537		65,576
Rengo Co., Ltd.		3,800		28,951
S Foods, Inc.		728		18,985

	Shares		Value^
Sanki Engineering Co., Ltd.		1,000	$	14,083
Sankyo Co., Ltd.		3,400		112,923
Sawai Pharmaceutical Co., Ltd.		1,100		69,689
Sekisui House Ltd.		8,100		172,974
Senko Group Holdings Co., Ltd.		5,604		47,739
Shibaura Electronics Co., Ltd.		200		5,860
Sumitomo Corp.		10,400		154,475
Sumitomo Dainippon Pharma Co., Ltd.		532		10,308
Sumitomo Densetsu Co., Ltd.		1,200		32,258
Sushiro Global Holdings Ltd.		1,600		137,789
Suzuken Co., Ltd.		1,700		69,288
Takasago Thermal Engineering Co., Ltd.		3,503		62,668
Toho Co., Ltd.		1,500		62,508
Tokyo Gas Co., Ltd.		3,700		89,906
Tokyu Construction Co., Ltd.		2,600		18,519
Toshiba Plant Systems & Services Corp.		2,600		63,231
Towa Pharmaceutical Co., Ltd.		1,500		38,978
Toyo Seikan Group Holdings Ltd.		7,100		122,221
Toyo Suisan Kaisha Ltd.		3,000		127,397
Tv Tokyo Holdings Corp.		934		20,836
Yurtec Corp.		1,868		11,785
				6,603,745
Korea (Republic of)—1.5%
Daeduck Electronics Co.		5,033		45,418
Daekyo Co., Ltd.		2,318		12,227
Easy Bio, Inc.		1,107		4,765
Hansol Paper Co., Ltd.		1,424		17,759
KC Co., Ltd.		210		3,379
KT Corp.		660		15,401
KT&G Corp.		1,426		115,374
Kukdo Chemical Co., Ltd.		388		15,769
Macquarie Korea Infrastructure Fund		8,978		90,055
Orange Life Insurance Ltd. (a)		957		23,353
Partron Co., Ltd.		6,807		77,570
Samsung Electronics Co., Ltd.		3,800		183,110
Samsung Fire & Marine Insurance Co., Ltd.		731		153,682
SK Telecom Co., Ltd.		154		31,731
Ubiquoss Holdings, Inc.		1,318		22,919
				812,512
Malaysia—0.7%
Axis Real Estate Investment Trust REIT		36,500		15,794
Bermaz Auto Bhd.		30,800		15,818
Hong Leong Bank Bhd.		21,000		88,864
Hong Leong Financial Group Bhd.		2,400		9,916
Malayan Banking Bhd.		58,800		124,255
MISC Bhd.		15,800		32,282
Syarikat Takaful Malaysia Keluarga Bhd.		13,300		18,533
Tenaga Nasional Bhd.		19,400		62,924
VS Industry Bhd.		38,900		12,760
				381,146
Mexico—0.1%
Banco del Bajio S.A. (a)		18,100		30,317
Qualitas Controladora S.A.B. de C.V.		11,600		48,713
				79,030

Schedule of Investments

AllianzGI Best Styles Global Managed Volatility Portfolio

December 31, 2019 (unaudited) (continued)

	Shares		Value^
Morocco—0.0%
Douja Promotion Groupe Addoha S.A. (e)		10,225	$	12,123
Netherlands—0.6%
ASR Nederland NV		3,038		113,850
Coca-Cola European Partners PLC		1,317		67,009
Koninklijke Ahold Delhaize NV		5,049		126,591
Vastned Retail NV REIT		1,069		32,016
				339,466
New Zealand—0.4%
Air New Zealand Ltd.		32,303		63,717
Arvida Group Ltd.		26,315		34,013
Summerset Group Holdings Ltd.		16,234		97,298
Tourism Holdings Ltd.		3,878		9,012
				204,040
Norway—0.2%
B2Holding ASA		5,084		5,536
Elkem ASA (a)		8,219		23,177
Mowi ASA		2,253		58,580
				87,293
Peru—0.0%
Ferreycorp SAA		40,342		26,667
Philippines—0.1%
Altus San Nicolas Corp. (c)(d)(e)		568		57
Globe Telecom, Inc.		605		24,132
PLDT, Inc.		1,115		21,870
Robinsons Land Corp.		29,500		16,047
				62,106
Poland—0.2%
Asseco Poland S.A.		4,650		78,148
Ciech S.A. (e)		1,701		17,782
				95,930
Singapore—1.6%
Accordia Golf Trust UNIT		37,500		18,657
Cache Logistics Trust REIT		21,200		11,266
CapitaLand Mall Trust REIT		100,600		184,155
China Aviation Oil Singapore Corp., Ltd.		6,900		6,521
ComfortDelGro Corp. Ltd.		36,200		64,053
EC World Real Estate Investment Trust REIT		21,200		11,743
Fortune Real Estate Investment Trust REIT		66,000		77,007
Frasers Logistics & Industrial Trust REIT		106,900		98,558
Keppel DC REIT		37,500		58,021
Mapletree Commercial Trust REIT		47,873		85,130
Oversea-Chinese Banking Corp., Ltd.		10,300		84,260
Sheng Siong Group Ltd.		16,400		15,120
Singapore Airlines Ltd.		24,600		165,393
Sino Grandness Food Industry Group Ltd. (e)		77,400		2,302
				882,186
South Africa—0.0%
Astral Foods Ltd.		1,214		18,822

	Shares		Value^
Spain—0.4%
Ebro Foods S.A.		1,610	$	34,837
Iberdrola S.A.		17,153		176,771
Lar Espana Real Estate Socimi S.A. REIT		1,947		15,506
				227,114
Sweden—0.1%
Castellum AB		2,957		69,455
Switzerland—4.5%
Baloise Holding AG		755		136,644
Banque Cantonale Vaudoise		30		24,489
Barry Callebaut AG		66		145,694
BKW AG		111		8,196
Cembra Money Bank AG		1,136		124,289
Intershop Holding AG		32		18,708
Nestle S.A.		4,582		496,071
PSP Swiss Property AG		888		122,610
Roche Holding AG		1,291		419,578
Swiss Life Holding AG		389		195,150
Swiss Re AG		2,409		270,633
Zurich Insurance Group AG		1,297		532,028
				2,494,090
Taiwan—4.5%
Asia Cement Corp.		47,000		75,233
Cheng Loong Corp.		37,000		23,822
China Airlines Ltd.		69,000		20,855
China Motor Corp.		17,600		22,979
China Petrochemical Development Corp.		117,500		38,439
CTBC Financial Holding Co., Ltd.		246,000		184,043
E.Sun Financial Holding Co., Ltd.		178,665		166,501
First Financial Holding Co., Ltd.		423,659		335,232
Formosa Chemicals & Fibre Corp.		13,000		37,981
Formosa Petrochemical Corp.		57,000		185,390
Formosa Plastics Corp.		31,000		103,242
Fulgent Sun International Holding Co., Ltd.		8,000		35,822
Getac Technology Corp.		49,000		76,408
Global Mixed Mode Technology, Inc.		15,000		63,331
Great Wall Enterprise Co., Ltd.		31,458		45,813
HannStar Display Corp.		439,000		118,571
Hua Nan Financial Holdings Co., Ltd.		90,687		66,609
International CSRC Investment Holdings Co.		68,770		71,998
King Yuan Electronics Co., Ltd.		42,000		52,686
Lien Hwa Industrial Holdings Corp.		70,455		86,723
Mega Financial Holding Co., Ltd.		92,000		93,943
Mercuries Life Insurance Co., Ltd. (e)		48,594		18,844
Oriental Union Chemical Corp.		7,000		4,906
Powertech Technology, Inc.		42,000		139,785
Sinbon Electronics Co., Ltd.		18,139		74,983
Taichung Commercial Bank Co., Ltd.		65,224		26,089
Taiwan Fertilizer Co., Ltd.		18,000		29,766
Taiwan PCB Techvest Co., Ltd.		17,000		20,729
Tripod Technology Corp.		20,000		83,944
Uni-President Enterprises Corp.		29,000		71,915
Wisdom Marine Lines Co., Ltd. (e)		15,000		14,797

Schedule of Investments

AllianzGI Best Styles Global Managed Volatility Portfolio

December 31, 2019 (unaudited) (continued)

	Shares		Value^
WT Microelectronics Co., Ltd.		10,003	$	14,048
Yuanta Financial Holding Co., Ltd.		142,000		95,729
				2,501,156
Thailand—1.2%
Bangchak Corp. PCL (c)(d)		50,300		46,973
Bangkok Bank PCL (c)(d)		15,600		83,239
Electricity Generating PCL (c)(d)		7,500		82,024
IRPC PCL (c)(d)		188,900		23,160
PTT PCL (c)(d)		58,600		85,984
Siam Cement PCL (c)(d)		8,900		116,326
Siamgas & Petrochemicals PCL (c)(d)		151,900		49,093
Star Petroleum Refining PCL (c)(d)		179,100		63,899
Tisco Financial Group PCL (c)(d)		32,600		107,928
				658,626
United Kingdom—1.3%
Berkeley Group Holdings PLC		1,389		89,399
Diageo PLC		1,594		67,166
Gamma Communications PLC		5,572		98,163
Highland Gold Mining Ltd.		12,952		33,472
Johnson Service Group PLC		17,486		45,397
Marston’s PLC		18,438		31,066
Primary Health Properties PLC REIT		16,812		35,631
Regional REIT Ltd. REIT (a)		20,237		30,306
Royal Dutch Shell PLC, Class A		3,379		99,630
Unilever PLC		3,742		214,202
				744,432
United States—53.9%
Accenture PLC, Class A		668		140,661
Adobe, Inc. (e)		392		129,286
Aflac, Inc.		4,278		226,306
AG Mortgage Investment Trust, Inc. REIT		3,004		46,322
AGNC Investment Corp. REIT		13,725		242,658
Alleghany Corp. (e)		233		186,300
Allstate Corp.		4,247		477,575
Altria Group, Inc.		4,628		230,983
Amdocs Ltd.		771		55,658
Ameren Corp.		3,083		236,774
American Electric Power Co., Inc.		3,102		293,170
American Financial Group, Inc.		1,282		140,571
American Tower Corp. REIT		245		56,306
Amgen, Inc.		1,009		243,240
Annaly Capital Management, Inc. REIT		21,303		200,674
Anthem, Inc.		641		193,601
Apollo Commercial Real Estate Finance, Inc. REIT		4,686		85,707
Apple, Inc.		1,728		507,427
Ares Commercial Real Estate Corp. REIT		4,387		69,490
AT&T, Inc.		14,181		554,193
Atmos Energy Corp.		188		21,030
Automatic Data Processing, Inc.		1,817		309,799
AutoZone, Inc. (e)		368		438,402
AvalonBay Communities, Inc. REIT		822		172,373
Berkshire Hathaway, Inc., Class B (e)		555		125,708
Bright Horizons Family Solutions, Inc. (e)		927		139,319
Bristol-Myers Squibb Co.		4,252		272,936

	Shares		Value^
Cadence Design Systems, Inc. (e)		160	$	11,098
Casey’s General Stores, Inc.		272		43,245
CBTX, Inc.		1,720		53,526
Chemed Corp.		270		118,600
Cherry Hill Mortgage Investment Corp. REIT		845		12,329
Chimera Investment Corp. REIT		3,274		67,313
Church & Dwight Co., Inc.		3,537		248,793
Cincinnati Financial Corp.		1,973		207,461
Cisco Systems, Inc.		8,255		395,910
CMS Energy Corp.		2,680		168,411
Coca-Cola Co.		1,240		68,634
Consolidated Edison, Inc.		7,832		708,561
Costco Wholesale Corp.		922		270,994
DTE Energy Co.		1,984		257,662
Duke Energy Corp.		4,935		450,121
Eli Lilly & Co.		3,630		477,091
Ellington Financial, Inc.		1,999		36,642
Encompass Health Corp.		1,830		126,764
Ennis, Inc.		1,333		28,859
Entergy Corp.		2,214		265,237
Equity LifeStyle Properties, Inc. REIT		2,198		154,717
Equity Residential REIT		4,551		368,267
Essex Property Trust, Inc. REIT		749		225,344
Exelon Corp.		2,933		133,715
Exxon Mobil Corp.		395		27,563
Facebook, Inc., Class A (e)		1,209		248,147
frontdoor, Inc. (e)		2,020		95,788
FTI Consulting, Inc. (e)		848		93,840
General Mills, Inc.		5,170		276,905
Global Payments, Inc.		1,285		234,590
Granite Point Mortgage Trust, Inc. REIT		406		7,462
Hershey Co.		1,842		270,737
Humana, Inc.		790		289,551
Intel Corp.		4,702		281,415
Intuit, Inc.		386		101,105
Invesco Mortgage Capital, Inc. REIT		5,280		87,912
Johnson & Johnson		5,823		849,401
Kellogg Co.		622		43,018
Kimberly-Clark Corp.		2,922		401,921
Laboratory Corp. of America Holdings (e)		1,032		174,583
Leidos Holdings, Inc.		1,768		173,070
Lockheed Martin Corp.		1,727		672,459
ManTech International Corp., Class A		1,677		133,959
Marsh & McLennan Cos., Inc.		527		58,713
Mastercard, Inc., Class A		1,791		534,775
McDonald’s Corp.		2,365		467,348
McGrath RentCorp		733		56,104
Merck & Co., Inc.		7,143		649,656
MFA Financial, Inc. REIT		8,361		63,962
Microsoft Corp.		2,380		375,326
Motorola Solutions, Inc.		1,093		176,126
National CineMedia, Inc.		706		5,147
NextEra Energy, Inc.		845		204,625
Northfield Bancorp, Inc.		396		6,716
Northrop Grumman Corp.		800		275,176
NVR, Inc. (e)		8		30,467
O’Reilly Automotive, Inc. (e)		633		277,419
Occidental Petroleum Corp.		3,977		163,892
Old Republic International Corp.		6,277		140,416

Schedule of Investments

AllianzGI Best Styles Global Managed Volatility Portfolio

December 31, 2019 (unaudited) (continued)

	Shares		Value^
Omega Healthcare Investors, Inc. REIT		1,527	$	64,668
Paychex, Inc.		1,900		161,614
Peoples Bancorp, Inc.		669		23,188
PepsiCo, Inc.		4,177		570,871
Pfizer, Inc.		16,940		663,709
Pinnacle West Capital Corp.		1,790		160,975
Portland General Electric Co.		2,025		112,975
Procter & Gamble Co.		7,025		877,422
Progressive Corp.		4,556		329,809
Prospect Capital Corp.		14,030		90,353
PS Business Parks, Inc. REIT		653		107,660
Public Storage REIT		52		11,074
QCR Holdings, Inc.		286		12,544
Quest Diagnostics, Inc.		1,307		139,575
Raytheon Co.		728		159,971
RBB Bancorp		438		9,272
Realty Income Corp. REIT		1,805		132,902
RenaissanceRe Holdings Ltd.		1,663		325,981
Republic Services, Inc.		3,044		272,834
Retail Properties of America, Inc., Class A REIT		3,221		43,161
Ross Stores, Inc.		2,927		340,761
S&P Global, Inc.		495		135,160
Shockwave Medical, Inc. (e)		1,609		70,667
Southern Co.		2,967		188,998
SP Plus Corp. (e)		1,429		60,632
Starbucks Corp.		5,327		468,350
STORE Capital Corp. REIT		565		21,041
Sysco Corp.		2,804		239,854
T-Mobile U.S., Inc. (e)		2,406		188,679
Target Corp.		1,754		224,880
TCG BDC, Inc.		1,777		23,776
TJX Cos., Inc.		4,828		294,798
TPG RE Finance Trust, Inc. REIT		1,025		20,777
Tyson Foods, Inc., Class A		1,442		131,280
United Therapeutics Corp. (e)		1,003		88,344
UnitedHealth Group, Inc.		2,355		692,323
Valley National Bancorp		649		7,431
Verizon Communications, Inc.		11,511		706,775
Visa, Inc., Class A		541		101,654
Walmart, Inc.		2,859		339,764
Walt Disney Co.		401		57,997
Waste Management, Inc.		7,044		802,734
Waterstone Financial, Inc.		1,819		34,616
WEC Energy Group, Inc.		6,229		574,501
WellCare Health Plans, Inc. (e)		481		158,831
Western Asset Mortgage Capital Corp. REIT		3,885		40,132
Xcel Energy, Inc.		9,296		590,203
Zoetis, Inc.		1,952		258,347
				29,778,920
Total Common Stock (cost—$44,749,843)				53,446,515

	Shares		Value^
PREFERRED STOCK—0.2%
Brazil—0.2%
Telefonica Brasil S.A. (cost—$109,160)		8,300	$	119,965
EXCHANGE-TRADED FUNDS—0.2%
iShares Edge MSCI Min Vol Global (cost—$74,052)		880		84,330
RIGHTS—0.0%
Morocco—0.0%
Douja Promotion Groupe Addoha S.A., exercise price MAD 10.00, expires 1/8/20 (c)(d)(e) (cost—$0)		10,225		355
	Principal Amount (000s)
Repurchase Agreements—2.4%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $1,342,019; collateralized by U.S. Treasury Bonds, 3.00%, due 11/15/45, valued at $1,369,393 including accrued interest (cost—$1,342,000)	$	1,342		1,342,000
Total Investments (cost—$46,275,055) (b)—99.6%				54,993,165
Other assets less liabilities—0.4%				214,179
Net Assets—100.0%			$	55,207,344

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 $401,707, representing 0.7% of net assets.

(b) Securities with an aggregate value of $20,229,128, representing 36.6% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(c) Fair-Valued—Securities with an aggregate value of $659,038, representing 1.2% of net assets.

(d) Level 3 security.

(e) Non-income producing.

Glossary:

MAD—Moroccan Dirham

MSCI—Morgan Stanley Capital International

REIT—Real Estate Investment Trust

UNIT—More than one class of securities traded together

Schedule of Investments

AllianzGI Best Styles Global Managed Volatility Portfolio

December 31, 2019 (unaudited) (continued)

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

Insurance	8.5	%
Pharmaceuticals	7.3	%
Electric Utilities	6.5	%
Diversified Telecommunication Services	5.1	%
Equity Real Estate Investment Trusts (REITs)	4.5	%
IT Services	4.3	%
Banks	4.0	%
Healthcare Providers & Services	3.8	%
Food Products	3.8	%
Multi-Utilities	3.5	%
Household Products	2.8	%
Specialty Retail	2.7	%
Wireless Telecommunication Services	2.6	%
Hotels, Restaurants & Leisure	2.6	%
Food & Staples Retailing	2.3	%
Technology Hardware, Storage & Peripherals	2.3	%
Commercial Services & Supplies	2.3	%
Aerospace & Defense	2.0	%
Construction & Engineering	1.9	%
Oil, Gas & Consumable Fuels	1.8	%
Mortgage Real Estate Investment Trusts (REITs)	1.8	%
Beverages	1.8	%
Real Estate Management & Development	1.3	%
Software	1.3	%
Trading Companies & Distributors	1.2	%
Communications Equipment	1.0	%
Semiconductors & Semiconductor Equipment	1.0	%
Gas Utilities	0.8	%
Electronic Equipment, Instruments & Components	0.8	%
Capital Markets	0.8	%
Transportation Infrastructure	0.8	%
Metals & Mining	0.7	%
Airlines	0.7	%
Tobacco	0.6	%
Chemicals	0.6	%
Textiles, Apparel & Luxury Goods	0.6	%
Biotechnology	0.6	%
Interactive Media & Services	0.6	%
Household Durables	0.5	%
Construction Materials	0.5	%
Road & Rail	0.5	%
Diversified Consumer Services	0.4	%
Multi-Line Retail	0.4	%
Personal Products	0.4	%
Containers & Packaging	0.3	%
Diversified Financial Services	0.3	%
Media	0.3	%
Consumer Finance	0.2	%
Entertainment	0.2	%

Independent Power Producers & Energy Traders	0.2	%
Leisure Equipment & Products	0.2	%
Industrial Conglomerates	0.2	%
Building Products	0.2	%
Professional Services	0.2	%
Exchange-Traded Funds	0.2	%
Healthcare Equipment & Supplies	0.1	%
Marine	0.1	%
Thrifts & Mortgage Finance	0.1	%
Automobiles	0.1	%
Repurchase Agreements	2.4	%
Other assets less liabilities	0.4	%
	100.0	%

Schedule of Investments

AllianzGI Global Small-Cap Opportunities Portfolio

December 31, 2019 (unaudited)

	Shares		Value^
COMMON STOCK—98.1%
Australia—4.9%
BWP Trust REIT		34,993	$	96,431
Charter Hall Retail REIT		13,408		40,186
Cromwell Property Group REIT		45,077		37,191
JB Hi-Fi Ltd.		6,825		180,631
Qantas Airways Ltd.		41,186		205,291
				559,730
Belgium—0.5%
bpost S.A.		5,088		58,826
Brazil—0.6%
Cia Paranaense de Energia, Class P ADR		3,915		66,320
Canada—2.7%
Cogeco Communications, Inc.		1,000		87,174
Gibson Energy, Inc.		2,355		48,222
Granite Real Estate Investment Trust REIT		2,559		130,024
International Petroleum Corp. (e)		9,305		41,523
				306,943
China—2.2%
Huaxin Cement Co., Ltd., Class B		33,399		69,406
Jiangsu Expressway Co., Ltd., Class H		36,000		49,331
Weichai Power Co., Ltd., Class H		61,000		128,754
				247,491
Denmark—1.5%
Topdanmark A/S		3,367		165,978
Greece—0.5%
Motor Oil Hellas Corinth Refineries S.A.		2,503		57,932
Hong Kong—0.7%
Hysan Development Co., Ltd.		20,000		78,425
India—1.4%
Oil India Ltd.		20,243		43,405
WNS Holdings Ltd. ADR (e)		1,795		118,739
				162,144
Italy—1.9%
Unipol Gruppo SpA		37,050		212,706
Japan—11.8%
Advance Residence Investment Corp. REIT		36		114,111
AEON REIT Investment Corp. REIT		54		73,940
Daiwa Office Investment Corp. REIT		8		61,433
Dip Corp.		2,900		85,664
EDION Corp.		10,800		119,938
Fuji Soft, Inc.		1,200		46,213
GungHo Online Entertainment, Inc.		2,390		50,633
Invincible Investment Corp. REIT		124		70,642
Japan Rental Housing Investments, Inc. REIT		51		49,895
Nippon Accommodations Fund, Inc. REIT		12		75,763
Nippon REIT Investment Corp. REIT		19		83,586
Okamura Corp.		3,600		36,574

	Shares		Value^
Sankyu, Inc.		4,000	$	201,009
SKY Perfect JSAT Holdings, Inc.		8,800		39,017
Skylark Holdings Co., Ltd.		1,900		37,250
Sumitomo Forestry Co., Ltd.		5,800		85,411
T-Gaia Corp.		3,400		82,347
World Co., Ltd.		1,400		34,384
				1,347,810
Korea (Republic of)—1.3%
DB HiTek Co., Ltd.		4,424		105,582
Macquarie Korea Infrastructure Fund		4,343		43,564
				149,146
Netherlands—2.5%
ASR Nederland NV		2,879		107,892
Signify NV (a)		5,646		176,713
				284,605
Portugal—0.7%
NOS SGPS S.A.		13,734		74,163
Singapore—2.4%
Mapletree Commercial Trust REIT		55,400		98,515
Mapletree Industrial Trust REIT		46,100		89,158
Mapletree North Asia Commercial Trust REIT		97,400		84,099
				271,772
South Africa—0.5%
Harmony Gold Mining Co., Ltd. ADR (e)		15,400		55,902
Switzerland—0.4%
Adecco Group AG		764		48,302
Taiwan—2.9%
Radiant Opto-Electronics Corp.		16,000		64,062
Sino-American Silicon Products, Inc.		16,000		53,143
Wistron Corp.		225,000		213,014
				330,219
Thailand—1.1%
Thanachart Capital PCL (c)(d)		71,200		127,037
Turkey—0.7%
Enerjisa Enerji AS (a)		31,436		39,023
Turkiye Sinai Kalkinma Bankasi AS (e)		224,047		45,528
				84,551
United Kingdom—4.3%
Computacenter PLC		3,011		70,714
Go-Ahead Group PLC		2,994		87,735
Greggs PLC		5,751		175,419
Hays PLC		20,611		49,579
QinetiQ Group PLC		7,534		35,707
SSP Group PLC		7,708		66,361
				485,515
United States—52.6%
Allied Motion Technologies, Inc.		895		43,408
America’s Car-Mart, Inc. (e)		1,025		112,402
Amkor Technology, Inc. (e)		7,450		96,850

Schedule of Investments

AllianzGI Global Small-Cap Opportunities Portfolio

December 31, 2019 (unaudited) (continued)

	Shares		Value^
Arcosa, Inc.		1,505	$	67,048
Aspen Technology, Inc. (e)		1,025		123,953
Atkore International Group, Inc. (e)		4,940		199,872
Bancorp, Inc. (e)		4,000		51,880
Barrett Business Services, Inc.		815		73,725
Benchmark Electronics, Inc.		4,500		154,620
Bio-Techne Corp.		740		162,437
Bruker Corp.		850		43,325
Builders FirstSource, Inc. (e)		7,300		185,493
Carriage Services, Inc.		1,500		38,400
Century Communities, Inc. (e)		4,400		120,340
Charles River Laboratories International, Inc. (e)		1,075		164,217
Clean Harbors, Inc. (e)		500		42,875
Clearway Energy, Inc., Class A		5,200		99,424
Comfort Systems USA, Inc.		1,950		97,208
EMCOR Group, Inc.		1,825		157,498
Emergent Biosolutions, Inc. (e)		965		52,062
ePlus, Inc. (e)		1,260		106,205
GMS, Inc. (e)		1,995		54,025
Group 1 Automotive, Inc.		1,435		143,500
HarborOne Bancorp, Inc. (e)		4,070		44,729
Hilltop Holdings, Inc.		5,800		144,594
Horizon Therapeutics PLC (e)		1,530		55,386
Inphi Corp. (e)		3,000		222,060
Integer Holdings Corp. (e)		2,415		194,238
KB Home		3,020		103,495
Kelly Services, Inc., Class A		2,095		47,305
Lennar Corp., Class B		845		37,772
Lithia Motors, Inc., Class A		500		73,500
M/I Homes, Inc. (e)		1,500		59,025
ManTech International Corp., Class A		3,530		281,976
Matrix Service Co. (e)		2,520		57,658
Methode Electronics, Inc.		5,730		225,476
MGIC Investment Corp.		15,665		221,973
Moog, Inc., Class A		1,900		162,127
MSA Safety, Inc.		1,465		185,117
NewMarket Corp.		445		216,501
PRA Health Sciences, Inc. (e)		1,455		161,723
Progress Software Corp.		4,135		171,809
Rush Enterprises, Inc., Class A		1,800		83,700
SJW Group		705		50,097
Taylor Morrison Home Corp., Class A (e)		11,330		247,674
Tetra Tech, Inc.		1,390		119,762
TopBuild Corp. (e)		1,150		118,542
Triple-S Management Corp., Class B (e)		2,167		40,068
United Therapeutics Corp. (e)		785		69,143
Vectrus, Inc. (e)		1,515		77,659
Veeco Instruments, Inc. (e)		2,860		41,999
Vishay Intertechnology, Inc.		3,915		83,350
				5,989,225
Total Common Stock (cost—$10,097,863)				11,164,742

	Shares		Value^
PREFERRED STOCK—0.8%
Brazil—0.8%
Cia Paranaense de Energia (cost—$53,772)		4,900	$	84,506
	Principal Amount (000s)
Repurchase Agreements—1.3%
State Street Bank and Trust Co., dated 12/31/19, 0.25%, due 1/2/20, proceeds $151,002; collateralized by U.S. Treasury Bonds, 3.00%, due 11/15/45, valued at $158,442 including accrued interest (cost—$151,000)	$	151		151,000
Total Investments (cost—$10,302,635) (b)—100.2%				11,400,248
Liabilities in excess of other assets—(0.2)%				(18,265	)
Net Assets—100.0%			$	11,381,983

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 $215,736, representing 1.9% of net assets.

(b) Securities with an aggregate value of $3,981,177, representing 35.0% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(c) Fair-Valued—Security with a value of $127,037, representing 1.1% 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

December 31, 2019 (unaudited) (continued)

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

Equity Real Estate Investment Trusts (REITs)	9.7	%
Household Durables	6.8	%
Specialty Retail	6.6	%
Semiconductors & Semiconductor Equipment	5.1	%
Electronic Equipment, Instruments & Components	5.0	%
Life Sciences Tools & Services	4.7	%
Insurance	4.3	%
IT Services	4.1	%
Electrical Equipment	3.7	%
Banks	3.6	%
Commercial Services & Supplies	3.4	%
Software	3.0	%
Construction & Engineering	2.8	%
Road & Rail	2.5	%
Hotels, Restaurants & Leisure	2.5	%
Aerospace & Defense	2.4	%
Thrifts & Mortgage Finance	2.0	%
Professional Services	1.9	%
Chemicals	1.9	%
Technology Hardware, Storage & Peripherals	1.9	%
Airlines	1.8	%
Media	1.8	%
Healthcare Equipment & Supplies	1.7	%
Oil, Gas & Consumable Fuels	1.7	%
Electric Utilities	1.7	%
Building Products	1.6	%
Trading Companies & Distributors	1.2	%
Machinery	1.1	%
Biotechnology	1.1	%
Independent Power Producers & Energy Traders	0.9	%
Interactive Media & Services	0.8	%
Real Estate Management & Development	0.7	%
Construction Materials	0.6	%
Air Freight & Logistics	0.5	%
Energy Equipment & Services	0.5	%
Metals & Mining	0.5	%
Pharmaceuticals	0.5	%
Entertainment	0.4	%
Water Utilities	0.4	%
Transportation Infrastructure	0.4	%

Capital Markets	0.4	%
Healthcare Providers & Services	0.4	%
Diversified Consumer Services	0.3	%
Repurchase Agreements	1.3	%
Liabilities in excess of other assets	(0.2	)%
	100.0	%

Schedule of Investments

AllianzGI International Growth Portfolio

December 31, 2019 (unaudited)

	Shares		Value^
COMMON STOCK—100.5%
Australia—3.3%
CSL Ltd.		2,225	$	431,388
Domino’s Pizza Enterprises Ltd.		17,535		644,515
Treasury Wine Estates Ltd.		21,298		242,600
				1,318,503
Brazil—4.2%
Lojas Renner S.A.		12,048		169,084
StoneCo Ltd., Class A (c)		37,967		1,514,504
				1,683,588
Canada—9.2%
Alimentation Couche-Tard, Inc., Class B		32,052		1,017,183
Canadian National Railway Co.		4,854		439,105
Constellation Software, Inc.		917		890,596
Restaurant Brands International, Inc.		8,907		567,804
Shopify, Inc., Class A (c)		2,064		820,605
				3,735,293
China—14.3%
Alibaba Group Holding Ltd. ADR (c)		11,593		2,458,875
TAL Education Group ADR (c)		7,551		363,958
Tencent Holdings Ltd.		41,432		1,996,033
Tencent Music Entertainment Group ADR (c)		45,491		534,064
Weibo Corp. ADR (c)		9,964		461,832
				5,814,762
Denmark—12.2%
Ambu A/S, Class B		93,589		1,569,217
Coloplast A/S, Class B		1,664		206,438
DSV PANALPINA A/S		10,979		1,265,366
Netcompany Group A/S (a)(c)		28,245		1,344,021
Novo Nordisk A/S, Class B		10,024		580,879
				4,965,921
Germany—11.4%
Bechtle AG		5,783		807,480
GRENKE AG		7,059		730,443
Infineon Technologies AG		64,083		1,447,914
SAP SE		9,396		1,264,684
Zalando SE (a)(c)		7,350		370,661
				4,621,182
Hong Kong—4.0%
AIA Group Ltd.		154,338		1,623,321
India—4.3%
HDFC Bank Ltd. ADR		27,647		1,751,990
Indonesia—1.7%
Ace Hardware Indonesia Tbk PT		2,611,182		281,206
Bank Central Asia Tbk PT		161,844		389,236
				670,442
Ireland—2.8%
Kingspan Group PLC		11,220		685,279
Ryanair Holdings PLC ADR (c)		4,953		433,932
				1,119,211

	Shares		Value^
Israel—4.2%
Wix.com Ltd. (c)		13,927	$	1,704,386
Japan—3.5%
Keyence Corp.		2,604		914,364
MonotaRO Co., Ltd.		18,530		493,287
				1,407,651
Netherlands—4.8%
ASML Holding NV		6,582		1,948,643
New Zealand—1.7%
Mainfreight Ltd.		24,129		690,701
Philippines—0.4%
Jollibee Foods Corp.		42,146		179,577
South Africa—2.6%
PSG Group Ltd.		63,502		1,061,661
Sweden—8.0%
AddTech AB, Class B		22,334		722,501
Assa Abloy AB, Class B		13,821		323,072
Atlas Copco AB, Class A		16,696		666,432
Epiroc AB, Class A		27,681		338,518
Hexagon AB, Class B		8,966		502,556
Hexpol AB		71,798		705,596
				3,258,675
Switzerland—5.1%
Partners Group Holding AG		753		690,145
Sika AG		3,044		571,649
Temenos AG (c)		2,318		366,683
VAT Group AG (a)(c)		2,703		456,014
				2,084,491
United Kingdom—2.8%
ASOS PLC (c)		9,139		409,543
DCC PLC		8,599		745,870
				1,155,413
Total Investments (cost—$35,178,226) (b)—100.5%				40,795,411
Liabilities in excess of other assets—(0.5)%				(213,424	)
Net Assets—100.0%			$	40,581,987

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 $2,170,696, representing 5.3% of net assets.

(b) Securities with an aggregate value of $20,458,089, representing 50.4% of net assets, were valued utilizing modeling tools provided by a third-party vendor.

(c) Non-income producing.

Glossary:

ADR—American Depositary Receipt

Schedule of Investments

AllianzGI International Growth Portfolio

December 31, 2019 (unaudited) (continued)

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

IT Services	11.9	%
Software	9.5	%
Semiconductors & Semiconductor Equipment	8.4	%
Internet & Direct Marketing Retail	8.0	%
Interactive Media & Services	6.1	%
Banks	5.3	%
Air Freight & Logistics	4.8	%
Diversified Financial Services	4.4	%
Healthcare Equipment & Supplies	4.4	%
Insurance	4.0	%
Machinery	3.6	%
Electronic Equipment, Instruments & Components	3.5	%
Hotels, Restaurants & Leisure	3.4	%
Chemicals	3.1	%
Trading Companies & Distributors	3.0	%
Food & Staples Retailing	2.5	%
Building Products	2.5	%
Specialty Retail	2.0	%
Industrial Conglomerates	1.8	%
Capital Markets	1.7	%
Pharmaceuticals	1.4	%
Road & Rail	1.1	%
Airlines	1.1	%
Biotechnology	1.1	%

Diversified Consumer Services	0.9	%
Beverages	0.6	%
Multi-Line Retail	0.4	%
Liabilities in excess of other assets	(0.5	)%
	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 pricing services. Investments in mutual funds are valued at the net asset value (“NAV”) as reported on each business day, and, under normal circumstances, 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. Exchange traded futures are valued at the price determined by the relevant exchange. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily until settlement at the forward settlement date.

The Board of Trustees (the “Board”) of each Portfolio of the AllianzGI Institutional Multi-Series Trust (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 responsibility for applying the valuation methods to the 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 each Portfolio 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 Portfoio’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 three months ended December 31, 2019 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 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.

U.S. Treasury Obligations—U.S. Treasury obligations are valued by independent pricing services based on pricing models that evaluate the mean between the most recently quoted bid and ask price. The models also take into consideration data received from active market makers and broker-dealers, yield curves, and the spread over comparable U.S. Treasury issues. The spreads change daily in response to market conditions and are generally obtained from the new issue market and broker-dealer sources. To the extent that these inputs are observable, the values of U.S. Treasury obligations are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Government Sponsored Enterprise and Mortgage-Backed Securities—Government sponsored enterprise and mortgage-backed securities are valued by independent pricing services using pricing models based on inputs that include issuer type, coupon, cash flows, mortgage prepayment projection tables and Adjustable Rate Mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. To the extent that these inputs are observable, the values of government sponsored enterprise and mortgage-backed securities are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Sovereign Debt Obligations—Sovereign debt obligations are valued by independent pricing services based on discounted cash flow models that incorporate option adjusted spreads along with benchmark curves and credit spreads. In addition, international bond markets are monitored regularly for information pertaining to the issuer and/or the specific issue. To the extent that these inputs are observable, the values of sovereign debt obligations are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

Corporate Bonds & Notes—Corporate bonds & notes are generally comprised of two main categories: investment grade bonds and high yield bonds. Investment grade bonds are valued by independent pricing services using various inputs and techniques, which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer or comparable issuers, and option adjusted spread models that include base curve and spread curve inputs. Adjustments to individual bonds can be applied to recognize trading differences compared to other bonds issued by the same issuer. High yield bonds are valued by independent pricing services based primarily on broker-dealer quotations from relevant market makers and recently executed transactions in securities of the issuer or comparable issuers. The broker-dealer quotations received are supported by credit analysis of the issuer that takes into consideration credit quality assessments, daily trading activity, and the activity of the underlying equities, listed bonds and sector-specific trends. To the extent that these inputs are observable, the values of corporate bonds & notes are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.

A summary of the inputs used at December 31, 2019 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):

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 12/31/19
AllianzGI Advanced Core Bond:
Investments in Securities—Assets
Corporate Bonds & Notes		—	$	10,125,149		—	$	10,125,149
U.S. Government Agency Securities		—		5,198,494		—		5,198,494
U.S. Treasury Obligations		—		4,299,186		—		4,299,186
Sovereign Debt Obligations		—		2,700,912		—		2,700,912
Repurchase Agreements		—		609,000		—		609,000
		—		22,932,741		—		22,932,741
Other Financial Instruments*—Assets
Interest Rate Contracts	$	1,236		—		—		1,236
Totals	$	1,236	$	22,932,741		—	$	22,933,977

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 12/31/19
AllianzGI Best Styles Global Managed Volatility:
Investments in Securities—Assets
Common Stock:
Australia		—	$	617,468		—	$	617,468
Austria	$	26,286		40,831		—		67,117
Belgium		88,638		224,710		—		313,348
Brazil		—		68,632		—		68,632
China		22,279		1,294,778		—		1,317,057
Czech Republic		163,062		55,881		—		218,943
France		206,909		595,208		—		802,117
Germany		56,644		884,549		—		941,193
Hong Kong		—		700,370		—		700,370
Hungary		—		168,790		—		168,790
Israel		—		336,601		—		336,601
Italy		41,629		654,476		—		696,105
Japan		84,922		6,518,823		—		6,603,745
Korea (Republic of)		102,282		710,230		—		812,512
Malaysia		44,243		336,903		—		381,146
Netherlands		99,025		240,441		—		339,466
New Zealand		97,730		106,310		—		204,040
Norway		—		87,293		—		87,293
Philippines		40,179		21,870	$	57		62,106
Poland		—		95,930		—		95,930
Singapore		125,421		756,765		—		882,186
Spain		50,343		176,771		—		227,114
Switzerland		24,489		2,469,601		—		2,494,090
Taiwan		—		2,501,156		—		2,501,156
Thailand		—		—		658,626		658,626
United Kingdom		299,656		444,776		—		744,432
All Other		31,104,932		—		—		31,104,932
Preferred Stock		—		119,965		—		119,965
Exchange-Traded Funds		84,330		—		—		84,330
Rights		—		—		355		355
Repurchase Agreements		—		1,342,000		—		1,342,000
Totals	$	32,762,999	$	21,571,128	$	659,038	$	54,993,165

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 12/31/19
AllianzGI Global Small-Cap Opportunities:
Investments in Securities—Assets
Common Stock:
Australia		—	$	559,730		—	$	559,730
Belgium		—		58,826		—		58,826
Canada	$	265,420		41,523		—		306,943
China		—		247,491		—		247,491
Greece		—		57,932		—		57,932
Hong Kong		—		78,425		—		78,425
India		118,739		43,405		—		162,144
Italy		—		212,706		—		212,706
Japan		279,886		1,067,924		—		1,347,810
Korea (Republic of)		43,564		105,582		—		149,146
Netherlands		—		284,605		—		284,605
Portugal		—		74,163		—		74,163
Singapore		—		271,772		—		271,772
Switzerland		—		48,302		—		48,302
Taiwan		—		330,219		—		330,219
Thailand		—		—	$	127,037		127,037
Turkey		—		84,551		—		84,551
United Kingdom		156,000		329,515		—		485,515
All Other		6,277,425		—		—		6,277,425
Preferred Stock		—		84,506		—		84,506
Repurchase Agreements		—		151,000		—		151,000
Totals	$	7,141,034	$	4,132,177	$	127,037	$	11,400,248
AllianzGI International Growth:
Investments in Securities—Assets
Common Stock:
Brazil	$	1,514,504	$	169,084		—	$	1,683,588
Canada		3,735,293		—		—		3,735,293
China		3,818,729		1,996,033		—		5,814,762
Denmark		4,178,604		787,317		—		4,965,921
Germany		730,443		3,890,739		—		4,621,182
India		1,751,990		—		—		1,751,990
Ireland		1,119,211		—		—		1,119,211
Israel		1,704,386		—		—		1,704,386
South Africa		1,061,661		—		—		1,061,661
Sweden		722,501		2,536,174		—		3,258,675
All Other		—		11,078,742		—		11,078,742
Totals	$	20,337,322	$	20,458,089		—	$	40,795,411

A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the three months ended December 31, 2019, 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 12/31/19
AllianzGI Best Styles Global Managed Volatility:
Investments in Securities—Assets
Common Stock:
Philippines	$	57	$	—		$	—		$	—	$	—	$	—		$	—	$	—		$	57
Taiwan		35,017		—			—			—		—		(12,038	)		—		(22,979	)		—
Thailand		571,570		—			—			—		—		3,817			83,239		—			658,626
Rights:
Morocco		—		—	†		—			—		—		355			—		—			355
Singapore		569		—			(569	)†		—		—		—			—		—			—
Totals	$	607,213	$	—		$	(569	)	$	—	$	—	$	(7,866	)	$	83,239	$	(22,979	)	$	659,038

	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 12/31/19
AllianzGI Global Small-Cap Opportunities:
Investments in Securities—Assets
Common Stock:
Russian Federation	$	44,314	$	18,279	$	(71,821	)	$	—	$	(598	)	$	9,826		$	—	$	—	$	—
Thailand		95,457		35,463		—			—		—			(3,883	)		—		—		127,037
Totals	$	139,771	$	53,742	$	(71,821	)	$	—	$	(598	)	$	5,943		$	—	$	—	$	127,037

* Other financial instruments are derivatives, such as futures 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 on December 31, 2019.

*** Transferred out of Level 3 and into Level 2 as a result of securities trading outside of the U.S. whose values were adjusted by the application of a modeling tool at December 31, 2019.

† Issued or removed via corporate action.

The net change in unrealized appreciation/depreciation of Level 3 investments which the following Portfolios held at December 31, 2019 was:

AllianzGI Best Styles Global Managed Volatility	$	(2,297	)
AllianzGI Global Small-Cap Opportunities		(3,883	)

At December 31, 2019, 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 Advanced Core Bond	$	22,371,143	$	596,163	$	33,329	$	562,834
AllianzGI Best Styles Global Managed Volatility		46,344,381		9,862,860		1,214,076		8,648,784
AllianzGI Global Small-Cap Opportunities		10,337,045		1,165,057		101,854		1,063,203
AllianzGI International Growth		35,628,008		5,511,384		343,981		5,167,403

(1) Differences, if any, between book and tax cost basis are primarily attributable to wash sale loss deferrals and the differing treatment of bond premium amortization.