FOR VALIDATION PURPOSES ONLY - [21351.TX]
Schedule of Investments
AllianzGI Best Styles Global Managed Volatility Portfolio
June 30, 2020 (unaudited)
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Shares |
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Value^ |
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| COMMON STOCK—98.8% |
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| Australia—0.4% |
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| Brickworks Ltd. |
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3,451 |
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$ |
37,981 |
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| Telstra Corp. Ltd. |
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54,738 |
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118,816 |
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156,797 |
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| Austria—0.1% |
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| Telekom Austria AG (e) |
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3,219 |
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22,242 |
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| Belgium—0.5% |
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| Elia Group S.A. |
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925 |
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100,631 |
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| Proximus SADP |
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3,622 |
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73,806 |
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174,437 |
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| Canada—2.9% |
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| Canadian Utilities Ltd., Class A |
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2,754 |
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68,566 |
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| Cascades, Inc. |
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673 |
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7,332 |
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| Cogeco Communications, Inc. |
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1,058 |
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76,225 |
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| Emera, Inc. |
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2,222 |
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87,433 |
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| Empire Co., Ltd., Class A |
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2,490 |
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59,627 |
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| Franco-Nevada Corp. |
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1,285 |
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179,508 |
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| Intact Financial Corp. |
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1,950 |
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185,592 |
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| Killam Apartment Real Estate Investment Trust REIT |
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2,174 |
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28,056 |
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| Metro, Inc. |
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2,993 |
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123,459 |
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| Morneau Shepell, Inc. |
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1,623 |
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37,885 |
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| Restaurant Brands International, Inc. |
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1,872 |
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101,887 |
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| Shaw Communications, Inc., Class B |
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7,315 |
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119,295 |
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1,074,865 |
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| Chile—0.3% |
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| Falabella S.A. |
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31,370 |
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99,296 |
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| China—1.6% |
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| BOC Aviation Ltd. (a) |
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11,300 |
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72,744 |
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| China Dongxiang Group Co., Ltd. |
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68,883 |
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6,152 |
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| China Everbright Greentech Ltd. (a) |
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66,000 |
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26,122 |
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| China Mobile Ltd. |
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7,000 |
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47,264 |
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| China Railway Signal & Communication Corp., Ltd., Class H (a)(e) |
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35,000 |
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15,115 |
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| ENN Energy Holdings Ltd. |
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8,600 |
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97,184 |
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| Golden Eagle Retail Group Ltd. |
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20,000 |
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19,147 |
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| Legend Holdings Corp., Class H (a) |
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15,200 |
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17,825 |
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| Lenovo Group Ltd. |
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148,000 |
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82,575 |
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| Postal Savings Bank of China Co., Ltd.,
Class H (a) |
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149,000 |
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85,857 |
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| Tencent Holdings Ltd. |
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1,500 |
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96,117 |
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| Yuzhou Properties Co., Ltd. |
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63,204 |
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27,537 |
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593,639 |
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| Czech Republic—0.4% |
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| CEZ AS |
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4,930 |
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105,562 |
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| O2 Czech Republic AS |
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4,201 |
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38,833 |
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144,395 |
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| Denmark—0.5% |
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| Solar A/S, Class B |
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333 |
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12,972 |
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| Spar Nord Bank A/S (e) |
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|
733 |
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5,842 |
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| Topdanmark A/S |
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|
787 |
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32,599 |
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| Tryg A/S |
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4,157 |
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120,779 |
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172,192 |
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Shares |
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Value^ |
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| Finland—0.7% |
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| Elisa Oyj |
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2,015 |
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$ |
122,616 |
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| Neste Oyj |
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3,174 |
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124,662 |
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247,278 |
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| France—1.6% |
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| Cegereal S.A. REIT |
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|
478 |
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18,595 |
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| Eiffage S.A. (e) |
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|
571 |
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52,342 |
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| Hermes International |
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377 |
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316,532 |
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| SEB S.A. |
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|
36 |
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5,972 |
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| Sodexo S.A. |
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|
941 |
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|
63,807 |
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| Vinci S.A. |
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|
1,447 |
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134,170 |
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591,418 |
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| Germany—2.2% |
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| Deutsche Boerse AG |
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|
885 |
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160,164 |
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| Deutsche Telekom AG |
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13,175 |
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221,066 |
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| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen |
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|
791 |
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205,972 |
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| TAG Immobilien AG (e) |
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3,847 |
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91,882 |
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| Talanx AG (e) |
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|
2,577 |
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95,772 |
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| TLG Immobilien AG (e) |
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|
1,775 |
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34,847 |
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| WCM Beteiligungs & Grundbesitz AG (e) |
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5,562 |
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21,812 |
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831,515 |
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| Hong Kong—1.2% |
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| CLP Holdings Ltd. |
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22,719 |
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223,129 |
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| Hang Seng Bank Ltd. |
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|
2,700 |
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45,474 |
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| Power Assets Holdings Ltd. |
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22,000 |
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|
120,209 |
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| Swire Pacific Ltd., Class A |
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|
11,344 |
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60,291 |
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| Yue Yuen Industrial Holdings Ltd. |
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2,802 |
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4,271 |
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453,374 |
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| Hungary—0.3% |
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| Magyar Telekom Telecommunications PLC |
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38,780 |
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47,106 |
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| MOL Hungarian Oil & Gas PLC (e) |
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5,827 |
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34,450 |
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| OTP Bank Nyrt (e) |
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|
994 |
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34,944 |
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116,500 |
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| Ireland—0.0% |
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| Irish Residential Properties REIT PLC |
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|
3,629 |
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5,765 |
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| Israel—1.0% |
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| Azrieli Group Ltd. |
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2,253 |
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|
102,685 |
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| Mizrahi Tefahot Bank Ltd. |
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|
3,586 |
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67,381 |
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| Nice Ltd. (e) |
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|
766 |
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|
144,393 |
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| Strauss Group Ltd. |
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|
2,857 |
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|
79,214 |
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393,673 |
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| Italy—1.1% |
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| Enav SpA (a) |
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6,976 |
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31,513 |
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| Enel SpA |
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|
17,649 |
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|
152,636 |
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| Hera SpA (e) |
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|
2,579 |
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|
9,684 |
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| Snam SpA |
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|
46,286 |
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|
225,651 |
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419,484 |
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| Japan—14.4% |
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| Aoyama Trading Co., Ltd. |
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|
189 |
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|
1,290 |
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| Asahi Group Holdings Ltd. |
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|
3,400 |
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|
119,416 |
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| Astellas Pharma, Inc. |
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|
13,108 |
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|
218,898 |
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| Canon Marketing Japan, Inc. |
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|
1,800 |
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|
36,807 |
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| Canon, Inc. |
|
|
5,090 |
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|
101,535 |
|
Schedule of Investments
AllianzGI Best Styles Global Managed Volatility Portfolio
June 30, 2020 (unaudited)
(continued)
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| |
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Shares |
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|
Value^ |
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| Central Japan Railway Co. |
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|
700 |
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$ |
108,261 |
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| FP Corp. |
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|
500 |
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40,039 |
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| FUJIFILM Holdings Corp. |
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2,979 |
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|
127,506 |
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| Fukuyama Transporting Co., Ltd. |
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|
554 |
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|
19,413 |
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| Ichibanya Co., Ltd. |
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|
400 |
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|
17,628 |
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| ITOCHU Corp. |
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6,500 |
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|
140,646 |
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| Japan Post Holdings Co., Ltd. |
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13,900 |
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|
99,200 |
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| Kajima Corp. |
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9,400 |
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|
112,394 |
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| Kamigumi Co., Ltd. |
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2,700 |
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53,100 |
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| KDDI Corp. |
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7,000 |
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|
208,860 |
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| Kintetsu Group Holdings Co., Ltd. |
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|
2,300 |
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|
103,200 |
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| McDonald’s Holdings Co. Japan Ltd. |
|
|
1,700 |
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|
91,881 |
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| Medipal Holdings Corp. |
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|
3,700 |
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|
71,412 |
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| MEIJI Holdings Co., Ltd. |
|
|
2,600 |
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|
206,898 |
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| NEC Corp. |
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|
3,600 |
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|
172,964 |
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| NET One Systems Co., Ltd. |
|
|
3,600 |
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|
120,155 |
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| Nichias Corp. |
|
|
1,602 |
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|
33,480 |
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| Nihon Unisys Ltd. |
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|
2,079 |
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|
65,366 |
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| Nippon Prologis REIT, Inc. REIT |
|
|
56 |
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|
170,163 |
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| Nippon Telegraph & Telephone Corp. |
|
|
15,488 |
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|
360,862 |
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| Nissin Foods Holdings Co., Ltd. |
|
|
1,300 |
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|
|
115,180 |
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| Nitori Holdings Co., Ltd. |
|
|
300 |
|
|
|
58,821 |
|
| NTT DOCOMO, Inc. |
|
|
19,857 |
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|
|
527,164 |
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| Obayashi Corp. |
|
|
8,373 |
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|
|
78,718 |
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| 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. |
| (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. |
| (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.
|
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. |