NPORT-EX 2 NPORT_13799661319032951.htm FOR VALIDATION PURPOSES ONLY - [21351.TX]

Schedule of Investments

AllianzGI Best Styles Global Managed Volatility Portfolio

June 30, 2020 (unaudited)

 

    Shares     Value^  

COMMON STOCK—98.8%

    

Australia—0.4%

    

Brickworks Ltd.

     3,451     $ 37,981  

Telstra Corp. Ltd.

     54,738       118,816  
   

 

 

  
      156,797  
   

 

 

  

Austria—0.1%

    

Telekom Austria AG (e)

     3,219       22,242  
   

 

 

  

Belgium—0.5%

    

Elia Group S.A.

     925       100,631  

Proximus SADP

     3,622       73,806  
   

 

 

  
      174,437  
   

 

 

  

Canada—2.9%

    

Canadian Utilities Ltd., Class A

     2,754       68,566  

Cascades, Inc.

     673       7,332  

Cogeco Communications, Inc.

     1,058       76,225  

Emera, Inc.

     2,222       87,433  

Empire Co., Ltd., Class A

     2,490       59,627  

Franco-Nevada Corp.

     1,285       179,508  

Intact Financial Corp.

     1,950       185,592  

Killam Apartment Real Estate Investment Trust REIT

     2,174       28,056  

Metro, Inc.

     2,993       123,459  

Morneau Shepell, Inc.

     1,623       37,885  

Restaurant Brands International, Inc.

     1,872       101,887  

Shaw Communications, Inc., Class B

     7,315       119,295  
   

 

 

  
      1,074,865  
   

 

 

  

Chile—0.3%

    

Falabella S.A.

     31,370       99,296  
   

 

 

  

China—1.6%

    

BOC Aviation Ltd. (a)

     11,300       72,744  

China Dongxiang Group Co., Ltd.

     68,883       6,152  

China Everbright Greentech Ltd. (a)

     66,000       26,122  

China Mobile Ltd.

     7,000       47,264  

China Railway Signal & Communication Corp., Ltd., Class H (a)(e)

     35,000       15,115  

ENN Energy Holdings Ltd.

     8,600       97,184  

Golden Eagle Retail Group Ltd.

     20,000       19,147  

Legend Holdings Corp., Class H (a)

     15,200       17,825  

Lenovo Group Ltd.

     148,000       82,575  

Postal Savings Bank of China Co., Ltd.,
Class H (a)

     149,000       85,857  

Tencent Holdings Ltd.

     1,500       96,117  

Yuzhou Properties Co., Ltd.

     63,204       27,537  
   

 

 

  
      593,639  
   

 

 

  

Czech Republic—0.4%

    

CEZ AS

     4,930       105,562  

O2 Czech Republic AS

     4,201       38,833  
   

 

 

  
      144,395  
   

 

 

  

Denmark—0.5%

    

Solar A/S, Class B

     333       12,972  

Spar Nord Bank A/S (e)

     733       5,842  

Topdanmark A/S

     787       32,599  

Tryg A/S

     4,157       120,779  
   

 

 

  
      172,192  
   

 

 

  
    Shares     Value^  

Finland—0.7%

    

Elisa Oyj

     2,015     $ 122,616  

Neste Oyj

     3,174       124,662  
   

 

 

  
      247,278  
   

 

 

  

France—1.6%

    

Cegereal S.A. REIT

     478       18,595  

Eiffage S.A. (e)

     571       52,342  

Hermes International

     377       316,532  

SEB S.A.

     36       5,972  

Sodexo S.A.

     941       63,807  

Vinci S.A.

     1,447       134,170  
   

 

 

  
      591,418  
   

 

 

  

Germany—2.2%

    

Deutsche Boerse AG

     885       160,164  

Deutsche Telekom AG

     13,175       221,066  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen

     791       205,972  

TAG Immobilien AG (e)

     3,847       91,882  

Talanx AG (e)

     2,577       95,772  

TLG Immobilien AG (e)

     1,775       34,847  

WCM Beteiligungs & Grundbesitz AG (e)

     5,562       21,812  
   

 

 

  
      831,515  
   

 

 

  

Hong Kong—1.2%

    

CLP Holdings Ltd.

     22,719       223,129  

Hang Seng Bank Ltd.

     2,700       45,474  

Power Assets Holdings Ltd.

     22,000       120,209  

Swire Pacific Ltd., Class A

     11,344       60,291  

Yue Yuen Industrial Holdings Ltd.

     2,802       4,271  
   

 

 

  
      453,374  
   

 

 

  

Hungary—0.3%

    

Magyar Telekom Telecommunications PLC

     38,780       47,106  

MOL Hungarian Oil & Gas PLC (e)

     5,827       34,450  

OTP Bank Nyrt (e)

     994       34,944  
   

 

 

  
      116,500  
   

 

 

  

Ireland—0.0%

    

Irish Residential Properties REIT PLC

     3,629       5,765  
   

 

 

  

Israel—1.0%

    

Azrieli Group Ltd.

     2,253       102,685  

Mizrahi Tefahot Bank Ltd.

     3,586       67,381  

Nice Ltd. (e)

     766       144,393  

Strauss Group Ltd.

     2,857       79,214  
   

 

 

  
      393,673  
   

 

 

  

Italy—1.1%

    

Enav SpA (a)

     6,976       31,513  

Enel SpA

     17,649       152,636  

Hera SpA (e)

     2,579       9,684  

Snam SpA

     46,286       225,651  
   

 

 

  
      419,484  
   

 

 

  

Japan—14.4%

    

Aoyama Trading Co., Ltd.

     189       1,290  

Asahi Group Holdings Ltd.

     3,400       119,416  

Astellas Pharma, Inc.

     13,108       218,898  

Canon Marketing Japan, Inc.

     1,800       36,807  

Canon, Inc.

     5,090       101,535  
 

Schedule of Investments

AllianzGI Best Styles Global Managed Volatility Portfolio

June 30, 2020 (unaudited) (continued)

 

    Shares     Value^  

Central Japan Railway Co.

     700     $ 108,261  

FP Corp.

     500       40,039  

FUJIFILM Holdings Corp.

     2,979       127,506  

Fukuyama Transporting Co., Ltd.

     554       19,413  

Ichibanya Co., Ltd.

     400       17,628  

ITOCHU Corp.

     6,500       140,646  

Japan Post Holdings Co., Ltd.

     13,900       99,200  

Kajima Corp.

     9,400       112,394  

Kamigumi Co., Ltd.

     2,700       53,100  

KDDI Corp.

     7,000       208,860  

Kintetsu Group Holdings Co., Ltd.

     2,300       103,200  

McDonald’s Holdings Co. Japan Ltd.

     1,700       91,881  

Medipal Holdings Corp.

     3,700       71,412  

MEIJI Holdings Co., Ltd.

     2,600       206,898  

NEC Corp.

     3,600       172,964  

NET One Systems Co., Ltd.

     3,600       120,155  

Nichias Corp.

     1,602       33,480  

Nihon Unisys Ltd.

     2,079       65,366  

Nippon Prologis REIT, Inc. REIT

     56       170,163  

Nippon Telegraph & Telephone Corp.

     15,488       360,862  

Nissin Foods Holdings Co., Ltd.

     1,300       115,180  

Nitori Holdings Co., Ltd.

     300       58,821  

NTT DOCOMO, Inc.

     19,857       527,164  

Obayashi Corp.

     8,373       78,718  

Okumura Corp.

     2,100       48,411  

Rengo Co., Ltd.

     3,800       30,977  

Rinnai Corp.

     1,000       83,743  

Sankyo Co., Ltd.

     3,200       77,457  

Sawai Pharmaceutical Co., Ltd.

     1,300       66,818  

Secom Co., Ltd.

     3,100       272,002  

Sekisui House Ltd.

     5,500       105,007  

Senko Group Holdings Co., Ltd.

     5,604       41,654  

Shibaura Electronics Co., Ltd.

     200       3,796  

Shimizu Corp.

     5,600       46,133  

Shizuoka Bank Ltd.

     12,200       78,483  

Softbank Corp.

     10,700       136,385  

Sony Financial Holdings, Inc.

     5,400       130,383  

Sugi Holdings Co., Ltd.

     1,300       88,158  

Sumitomo Corp.

     9,000       103,513  

Sumitomo Dainippon Pharma Co., Ltd.

     532       7,372  

Sumitomo Densetsu Co., Ltd.

     1,200       26,660  

Suzuken Co., Ltd.

     1,700       63,511  

Takasago Thermal Engineering Co., Ltd.

     3,503       51,521  

TOKAI Holdings Corp.

     2,200       20,347  

Tokio Marine Holdings, Inc.

     2,700       118,187  

Tokyo Gas Co., Ltd.

     3,700       88,595  

Toyo Seikan Group Holdings Ltd.

     6,600       74,430  

Toyo Suisan Kaisha Ltd.

     1,300       72,636  
   

 

 

  
      5,417,436  
   

 

 

  

Korea (Republic of)—0.7%

    

Easy Bio, Inc. (e)

     43       1,859  

Easy Holdings Co., Ltd.

     1,063       4,474  
    Shares     Value^  

KC Co., Ltd.

     210     $ 3,316  

Samsung Electronics Co., Ltd.

     3,199       141,612  

Samsung Fire & Marine Insurance Co., Ltd.

     528       77,629  

Shinhan Financial Group Co., Ltd.

     631       15,249  

SK Telecom Co., Ltd.

     154       27,122  
   

 

 

  
      271,261  
   

 

 

  

Malaysia—1.0%

    

CIMB Group Holdings Bhd.

     65,300       54,476  

Hong Leong Financial Group Bhd.

     2,400       7,385  

Malayan Banking Bhd.

     84,100       147,772  

MISC Bhd.

     35,200       63,059  

Petronas Dagangan Bhd.

     4,000       19,278  

Telekom Malaysia Bhd.

     29,900       29,044  

Tenaga Nasional Bhd.

     19,400       52,751  

VS Industry Bhd.

     38,900       8,912  
   

 

 

  
      382,677  
   

 

 

  

Morocco—0.1%

    

Maroc Telecom (e)

     3,783       53,987  
   

 

 

  

Netherlands—0.8%

    

ASR Nederland NV

     2,813       86,548  

Coca-Cola European Partners PLC

     1,029       38,855  

Koninklijke Ahold Delhaize NV

     6,623       180,504  
   

 

 

  
      305,907  
   

 

 

  

New Zealand—0.3%

    

Air New Zealand Ltd.

     32,303       27,704  

Summerset Group Holdings Ltd.

     16,234       68,027  

Tourism Holdings Ltd.

     3,878       4,991  
   

 

 

  
      100,722  
   

 

 

  

Norway—0.4%

    

B2Holding ASA

     5,084       1,993  

Mowi ASA

     2,253       42,946  

Orkla ASA

     10,205       89,596  
   

 

 

  
      134,535  
   

 

 

  

Peru—0.0%

    

Ferreycorp SAA

     40,342       18,225  
   

 

 

  

Philippines—0.2%

    

Altus San Nicolas Corp. (e)

     398       332  

Globe Telecom, Inc.

     605       25,146  

PLDT, Inc.

     1,115       27,763  

Robinsons Land Corp.

     29,500       10,412  
   

 

 

  
      63,653  
   

 

 

  

Poland—0.1%

    

Asseco Poland S.A.

     2,398       40,152  
   

 

 

  

Portugal—0.1%

    

NOS SGPS S.A. (e)

     7,232       31,588  

REN—Redes Energeticas Nacionais SGPS S.A.

     6,927       18,902  
   

 

 

  
      50,490  
   

 

 

  
 

Schedule of Investments

AllianzGI Best Styles Global Managed Volatility Portfolio

June 30, 2020 (unaudited) (continued)

 

    Shares     Value^  

Singapore—1.0%

    

ARA LOGOS Logistics Trust REIT

     21,200     $ 8,657  

CapitaLand Mall Trust REIT

     79,400       112,663  

China Aviation Oil Singapore Corp., Ltd.

     6,900       4,984  

Mapletree Commercial Trust REIT

     47,873       66,984  

Oversea-Chinese Banking Corp., Ltd.

     10,300       67,133  

Singapore Airlines Ltd.

     19,200       51,825  

Singapore Telecommunications Ltd.

     35,100       62,439  

Sino Grandness Food Industry Group Ltd. (e)

     77,400       1,347  
   

 

 

  
      376,032  
   

 

 

  

South Africa—0.0%

    

Astral Foods Ltd.

     1,214       10,249  
   

 

 

  

Spain—0.5%

    

Iberdrola S.A.

     13,691       159,838  

Lar Espana Real Estate Socimi S.A. REIT

     1,947       10,161  
   

 

 

  
      169,999  
   

 

 

  

Sweden—0.5%

    

Castellum AB

     2,957       55,408  

Investor AB, Class B

     2,313       122,700  
   

 

 

  
      178,108  
   

 

 

  

Switzerland—6.6%

    

Allreal Holding AG (e)

     399       79,097  

Baloise Holding AG

     636       95,814  

Banque Cantonale Vaudoise

     778       75,763  

Barry Callebaut AG

     50       95,442  

BKW AG

     111       9,966  

Cembra Money Bank AG

     796       77,811  

Chocoladefabriken Lindt & Spruengli AG

     11       90,853  

Galenica AG (a)

     1,008       72,269  

Geberit AG

     252       126,437  

Givaudan S.A.

     32       119,615  

Intershop Holding AG

     32       19,154  

Mobimo Holding AG (e)

     153       44,395  

Nestle S.A.

     3,338       370,086  

PSP Swiss Property AG

     756       85,153  

Roche Holding AG

     1,005       348,182  

Swiss Life Holding AG

     252       93,749  

Swiss Prime Site AG (e)

     1,795       166,514  

Swiss Re AG

     1,449       112,347  

Swisscom AG

     192       100,685  

Zurich Insurance Group AG

     872       308,976  
   

 

 

  
      2,492,308  
   

 

 

  

Taiwan—4.4%

    

Asia Cement Corp.

     23,000       34,111  

Cheng Loong Corp.

     37,000       29,292  

China Petrochemical Development Corp.

     54,500       15,405  

Chunghwa Telecom Co., Ltd.

     35,000       139,001  

Compal Electronics, Inc.

     160,000       104,728  

CTBC Financial Holding Co., Ltd.

     195,000       135,142  
    Shares     Value^  

E.Sun Financial Holding Co., Ltd.

     211,665     $ 200,491  

Inventec Corp.

     88,000       75,127  

Mega Financial Holding Co., Ltd.

     230,000       241,764  

Oriental Union Chemical Corp.

     7,000       4,007  

Powertech Technology, Inc.

     19,000       69,355  

President Chain Store Corp.

     9,000       90,537  

SinoPac Financial Holdings Co., Ltd.

     108,000       39,920  

Taiwan Business Bank

     224,000       82,369  

Taiwan Fertilizer Co., Ltd.

     10,000       16,937  

Taiwan Semiconductor Manufacturing Co., Ltd.

     17,000       181,552  

United Microelectronics Corp.

     192,000       103,803  

Yuanta Financial Holding Co., Ltd.

     132,000       78,557  
   

 

 

  
      1,642,098  
   

 

 

  

Thailand—0.8%

    

Bangchak Corp. PCL (c)(d)

     50,300       34,535  

Bangkok Bank PCL (c)(d)

     15,600       54,415  

PTT PCL (c)(d)

     11,800       14,566  

Siam Cement PCL (c)(d)

     8,300       99,284  

Siamgas & Petrochemicals PCL (c)(d)

     151,900       42,087  

Star Petroleum Refining PCL (c)(d)

     179,100       39,072  

Tisco Financial Group PCL (c)(d)

     13,300       30,018  
   

 

 

  
      313,977  
   

 

 

  

United Kingdom—1.4%

    

Aon PLC, Class A

     800       154,080  

Berkeley Group Holdings PLC

     1,286       66,229  

Compass Group PLC

     5,845       80,418  

Diageo PLC

     2,594       86,218  

Unilever PLC

     2,272       122,554  
   

 

 

  
      509,499  
   

 

 

  

United States—50.7%

    

Accenture PLC, Class A

     519       111,440  

Adobe, Inc. (e)

     294       127,981  

Aflac, Inc.

     3,352       120,773  

AG Mortgage Investment Trust, Inc. REIT

     3,004       9,583  

Allstate Corp.

     3,195       309,883  

Ameren Corp.

     2,101       147,826  

American Electric Power Co., Inc.

     1,282       102,098  

American Financial Group, Inc.

     996       63,206  

American Tower Corp. REIT

     540       139,612  

Amgen, Inc.

     791       186,565  

Annaly Capital Management, Inc. REIT

     24,290       159,342  

Anthem, Inc.

     486       127,808  

Apple, Inc.

     469       171,091  

AT&T, Inc.

     10,243       309,646  

Automatic Data Processing, Inc.

     1,101       163,928  

AvalonBay Communities, Inc. REIT

     517       79,949  

Berkshire Hathaway, Inc., Class B (e)

     653       116,567  

Booz Allen Hamilton Holding Corp.

     1,818       141,422  

Bright Horizons Family Solutions, Inc. (e)

     728       85,322  

Bristol-Myers Squibb Co.

     4,456       262,013  

Brown & Brown, Inc.

     2,200       89,672  

Cadence Design Systems, Inc. (e)

     160       15,354  

Campbell Soup Co.

     2,579       127,996  
 

Schedule of Investments

AllianzGI Best Styles Global Managed Volatility Portfolio

June 30, 2020 (unaudited) (continued)

 

    Shares     Value^  

Casey’s General Stores, Inc.

     272     $ 40,669  

Cboe Global Markets, Inc.

     704       65,669  

Centene Corp. (e)

     1,081       68,698  

Cherry Hill Mortgage Investment Corp. REIT

     16       144  

Church & Dwight Co., Inc.

     647       50,013  

Cisco Systems, Inc.

     2,732       127,420  

Citrix Systems, Inc.

     521       77,061  

CMS Energy Corp.

     2,030       118,593  

Coca-Cola Co.

     4,654       207,941  

Columbia Sportswear Co.

     999       80,499  

Consolidated Edison, Inc.

     5,504       395,903  

Costco Wholesale Corp.

     682       206,789  

Crown Castle International Corp. REIT

     270       45,185  

CVS Health Corp.

     1,150       74,716  

Dollar General Corp.

     443       84,396  

DTE Energy Co.

     1,555       167,162  

Duke Energy Corp.

     1,119       89,397  

Easterly Government Properties, Inc. REIT

     2,715       62,771  

Eli Lilly & Co.

     2,532       415,704  

Encompass Health Corp.

     1,421       88,003  

Entergy Corp.

     1,835       172,141  

Equity Residential REIT

     2,878       169,284  

Exelon Corp.

     2,277       82,632  

Exponent, Inc.

     1,019       82,468  

Facebook, Inc., Class A (e)

     431       97,867  

Fidelity National Information Services, Inc.

     967       129,665  

Fiserv, Inc. (e)

     1,041       101,622  

frontdoor, Inc. (e)

     1,870       82,897  

FTI Consulting, Inc. (e)

     544       62,315  

General Mills, Inc.

     3,306       203,815  

Gentex Corp.

     3,835       98,828  

Graham Holdings Co., Class B

     104       35,638  

Hanover Insurance Group, Inc.

     770       78,024  

Hershey Co.

     2,142       277,646  

Hormel Foods Corp.

     2,757       133,080  

Humana, Inc.

     225       87,244  

Intel Corp.

     3,949       236,269  

Intuit, Inc.

     358       106,036  

Johnson & Johnson

     3,641       512,034  

Kearny Financial Corp.

     2,236       18,290  

Kellogg Co.

     1,158       76,497  

Kimberly-Clark Corp.

     1,989       281,145  

L3Harris Technologies, Inc.

     1,751       297,092  

Laboratory Corp. of America Holdings (e)

     677       112,456  

Lockheed Martin Corp.

     1,013       369,664  

ManTech International Corp., Class A

     975       66,778  

Marsh & McLennan Cos., Inc.

     737       79,132  

Mastercard, Inc., Class A

     1,047       309,598  

McDonald’s Corp.

     1,284       236,859  

McGrath RentCorp

     733       39,589  

Merck & Co., Inc.

     5,750       444,647  

Microsoft Corp.

     1,791       364,486  

Motorola Solutions, Inc.

     1,124       157,506  

Nasdaq, Inc.

     963       115,050  

National CineMedia, Inc.

     706       2,097  
    Shares     Value^  

NextEra Energy, Inc.

     1,628     $ 390,997  

Northfield Bancorp, Inc.

     396       4,562  

Northrop Grumman Corp.

     443       136,196  

NVR, Inc. (e)

     8       26,070  

O’Reilly Automotive, Inc. (e)

     625       263,544  

Omnicom Group, Inc.

     1,663       90,800  

Paychex, Inc.

     1,494       113,170  

PepsiCo, Inc.

     1,961       259,362  

Pfizer, Inc.

     7,884       257,807  

Pinnacle West Capital Corp.

     1,501       110,008  

Portland General Electric Co.

     1,476       61,712  

Procter & Gamble Co.

     4,659       557,077  

Progressive Corp.

     2,884       231,037  

Public Storage REIT

     160       30,702  

QCR Holdings, Inc.

     286       8,917  

Quest Diagnostics, Inc.

     1,015       115,669  

Raytheon Technologies Corp.

     1,335       82,263  

Realty Income Corp. REIT

     1,695       100,853  

Republic Services, Inc.

     3,224       264,529  

Ross Stores, Inc.

     1,770       150,875  

S&P Global, Inc.

     342       112,682  

Shockwave Medical, Inc. (e)

     1,609       76,218  

Southern Co.

     2,326       120,603  

SP Plus Corp. (e)

     1,429       29,595  

Starbucks Corp.

     3,794       279,200  

T-Mobile U.S., Inc. (e)

     1,672       174,139  

Target Corp.

     1,376       165,024  

TFS Financial Corp.

     2,778       39,753  

TJX Cos., Inc.

     3,812       192,735  

Tyler Technologies, Inc. (e)

     426       147,771  

Tyson Foods, Inc., Class A

     1,335       79,713  

UniFirst Corp.

     362       64,780  

UnitedHealth Group, Inc.

     857       252,772  

Verizon Communications, Inc.

     8,681       478,584  

Visa, Inc., Class A

     964       186,216  

Walmart, Inc.

     2,384       285,556  

Walt Disney Co.

     401       44,716  

Waste Management, Inc.

     5,417       573,714  

Waterstone Financial, Inc.

     1,280       18,982  

Watsco, Inc.

     474       84,230  

WEC Energy Group, Inc.

     4,686       410,728  

Xcel Energy, Inc.

     6,994       437,125  

Zoetis, Inc.

     1,146       157,048  
   

 

 

  
      19,024,235  
   

 

 

  

Total Common Stock (cost—$33,532,011)

 

     37,052,420  
   

 

 

  

PREFERRED STOCK—0.3%

    

Brazil—0.3%

    

Telefonica Brasil S.A.(cost—$115,456)

     9,100       80,373  
   

 

 

  

RIGHTS—0.0%

 

United States—0.0%

    

T-Mobile U.S., Inc., exercise price $103, expires 7/27/20 (e)(cost—$618)

     1,672       281  
   

 

 

  
 

Schedule of Investments

AllianzGI Best Styles Global Managed Volatility Portfolio

June 30, 2020 (unaudited) (continued)

 

    Principal
Amount
(000s)		     Value^  

Repurchase Agreements—0.7%

    

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

   $ 278     $ 278,000  
   

 

 

  

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

 

     37,411,074  
   

 

 

  

Other assets less liabilities—0.2%

 

     86,391  
   

 

 

  

Net Assets—100.0%

 

   $ 37,497,465  
   

 

 

  

 

Notes to Schedule of Investments:

 

(a)

144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $321,445, representing 0.9% of net assets.

(b)

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

(c)

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

(d)

Level 3 security.

(e)

Non-income producing.

Glossary:

REIT—Real Estate Investment Trust

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

 

Insurance

      7.7 % 

Pharmaceuticals

      7.2 % 

Electric Utilities

      6.9 % 

Diversified Telecommunication Services

      6.1 % 

Food Products

      5.5 % 

IT Services

      4.5 % 

Banks

      3.9 % 

Multi-Utilities

      3.6 % 

Commercial Services & Supplies

      3.3 % 

Healthcare Providers & Services

      3.2 % 

Wireless Telecommunication Services

      3.1 % 

Food & Staples Retailing

      2.9 % 

Equity Real Estate Investment Trusts (REITs)

      2.8 % 

Software

      2.7 % 

Household Products

      2.4 % 

Aerospace & Defense

      2.4 % 

Hotels, Restaurants & Leisure

      2.3 % 

Technology Hardware, Storage & Peripherals

      2.2 % 

Real Estate Management & Development

      2.0 % 

Beverages

      1.9 % 

Specialty Retail

      1.8 % 

Semiconductors & Semiconductor Equipment

      1.6 % 

Construction & Engineering

      1.3 % 

Capital Markets

      1.2 % 

Trading Companies & Distributors

      1.2 % 

Gas Utilities

      1.1 % 

Textiles, Apparel & Luxury Goods

      1.1 % 

Multi-Line Retail

      1.0 % 

Diversified Financial Services

      0.8 % 

Oil, Gas & Consumable Fuels

      0.8 % 

Media

      0.8 % 

Household Durables

      0.8 % 

Communications Equipment

      0.8 % 

Road & Rail

      0.7 % 

Building Products

      0.6 % 

Diversified Consumer Services

      0.5 % 

Interactive Media & Services

      0.5 % 

Biotechnology

      0.5 % 

Professional Services

      0.5 % 

Containers & Packaging

      0.5 % 

Metals & Mining

      0.5 % 

Construction Materials

      0.5 % 

Mortgage Real Estate Investment Trusts (REITs)

      0.4 % 

Chemicals

      0.4 % 

Personal Products

      0.3 % 

Auto Components

      0.3 % 

Transportation Infrastructure

      0.2 % 

Thrifts & Mortgage Finance

      0.2 % 

Consumer Finance

      0.2 % 

Airlines

      0.2 % 

Leisure Equipment & Products

      0.2 % 

Healthcare Equipment & Supplies

      0.2 % 

Electronic Equipment, Instruments & Components

      0.2 % 

Marine

      0.2 % 

Entertainment

      0.1 % 

Real Estate

      0.1 % 

Independent Power Producers & Energy Traders

      0.1 % 

Industrial Conglomerates

      0.1 % 

Telecommunications

      0.0 % 

Repurchase Agreements

      0.7 % 

Other assets less liabilities

      0.2 % 
  

 

 

  
     100.0 % 
  

 

 

  
 

Schedule of Investments

AllianzGI Global Small-Cap Opportunities Portfolio

June 30, 2020 (unaudited)

 

    Shares     Value^  

COMMON STOCK—98.7%

    

Australia—2.8%

    

BWP Trust REIT

     20,488     $ 54,498  

JB Hi-Fi Ltd.

     5,207       155,790  
   

 

 

  
      210,288  
   

 

 

  

Belgium—0.4%

    

bpost S.A.

     4,945       33,424  
   

 

 

  

Canada—3.7%

    

Alamos Gold, Inc., Class A

     3,021       28,172  

B2Gold Corp.

     5,101       29,007  

Centerra Gold, Inc.

     3,642       40,642  

Cogeco Communications, Inc.

     901       64,914  

Eldorado Gold Corp. (e)

     4,139       39,908  

IAMGOLD Corp. (e)

     10,449       41,485  

Real Matters, Inc. (e)

     1,553       30,291  
   

 

 

  
      274,419  
   

 

 

  

China—2.6%

    

China National Building Material Co., Ltd., Class H

     30,000       32,178  

Huaxin Cement Co., Ltd., Class B (e)

     17,399       31,778  

Sohu.com Ltd. (e)

     3,195       29,426  

Weichai Power Co., Ltd., Class H

     55,000       103,627  
   

 

 

  
      197,009  
   

 

 

  

Denmark—0.9%

    

Pandora A/S

     594       32,441  

Scandinavian Tobacco Group A/S,
Class A (a)

     2,505       36,990  
   

 

 

  
      69,431  
   

 

 

  

Germany—0.9%

    

HelloFresh SE (e)

     561       30,011  

MorphoSys AG ADR (e)

     1,190       37,687  
   

 

 

  
      67,698  
   

 

 

  

Hong Kong—0.4%

    

Hysan Development Co., Ltd.

     9,000       29,054  
   

 

 

  

India—0.4%

    

Bajaj Auto Ltd.

     774       28,954  
   

 

 

  

Ireland—0.3%

    

Avadel Pharmaceuticals PLC ADR (e)

     2,675       21,614  
   

 

 

  

Israel—0.5%

    

Teva Pharmaceutical Industries Ltd. ADR (e)

     3,055       37,668  
   

 

 

  

Italy—1.7%

    

Unipol Gruppo SpA

     32,597       127,340  
   

 

 

  

Japan—10.8%

    

Advance Residence Investment Corp. REIT

     15       44,636  

Change, Inc.

     600       41,952  

Dip Corp.

     2,500       50,783  

EDION Corp.

     6,900       70,082  

Fuji Soft, Inc.

     1,000       39,691  

GungHo Online Entertainment, Inc.

     1,990       35,580  
    Shares     Value^  

Hulic Co., Ltd.

     4,300     $ 40,596  

IDOM, Inc.

     6,400       29,496  

IR Japan Holdings Ltd.

     600       63,230  

Japan Logistics Fund, Inc. REIT

     14       38,022  

MonotaRO Co., Ltd.

     1,400       56,250  

Nippon Accommodations Fund, Inc. REIT

     5       28,913  

Nippon Gas Co., Ltd.

     1,400       60,196  

Sankyu, Inc.

     2,100       79,150  

Sumitomo Forestry Co., Ltd.

     5,000       62,905  

T-Gaia Corp.

     1,800       34,022  

Usen-Next Holdings Co, Ltd.

     2,700       31,689  
   

 

 

  
      807,193  
   

 

 

  

Korea (Republic of)—3.2%

 

DB HiTek Co., Ltd.

     3,902       94,590  

LG Innotek Co., Ltd.

     983       144,161  
   

 

 

  
      238,751  
   

 

 

  

Netherlands—2.5%

    

ASR Nederland NV

     2,437       74,980  

Signify NV (a)(e)

     4,301       110,579  
   

 

 

  
      185,559  
   

 

 

  

Portugal—0.4%

    

NOS SGPS S.A. (e)

     6,742       29,448  
   

 

 

  

Russian Federation—0.8%

    

Federal Grid Co. Unified Energy System PJSC (c)(d)

     21,610       56,834  
   

 

 

  

Singapore—0.7%

    

Mapletree Industrial Trust REIT

     26,400       54,918  
   

 

 

  

South Africa—1.3%

    

Gold Fields Ltd. ADR

     5,250       49,350  

Harmony Gold Mining Co., Ltd. ADR (e)

     12,045       50,228  
   

 

 

  
      99,578  
   

 

 

  

Spain—0.6%

    

Viscofan S.A.

     632       41,254  
   

 

 

  

Sweden—2.4%

    

Swedish Match AB

     2,490       175,684  
   

 

 

  

Switzerland—0.6%

    

Galenica AG (a)

     605       43,376  
   

 

 

  

Taiwan—5.7%

    

Powertech Technology, Inc.

     18,000       65,705  

Silicon Motion Technology Corp. ADR

     2,930       142,896  

Wistron Corp.

     181,000       220,961  
   

 

 

  
      429,562  
   

 

 

  

Thailand—1.0%

    

Thanachart Capital PCL (c)(d)

     63,400       73,403  
   

 

 

  

Turkey—0.9%

    

Enerjisa Enerji AS (a)

     26,601       33,380  

Turkiye Sinai Kalkinma Bankasi AS (e)

     189,590       35,685  
   

 

 

  
      69,065  
   

 

 

  
 

Schedule of Investments

AllianzGI Global Small-Cap Opportunities Portfolio

June 30, 2020 (unaudited) (continued)

 

    Shares     Value^  

United Kingdom—3.6%

    

Centamin PLC

     29,007     $ 66,214  

Computacenter PLC

     2,547       51,621  

Greggs PLC

     3,261       65,403  

Plus500 Ltd.

     3,545       57,821  

Polymetal International PLC

     1,584       31,713  
   

 

 

  
      272,772  
   

 

 

  

United States—49.6%

    

American States Water Co.

     440       34,597  

Arcosa, Inc.

     1,275       53,805  

Aspen Technology, Inc. (e)

     560       58,022  

Balchem Corp.

     600       56,916  

BancFirst Corp.

     685       27,790  

Bruker Corp.

     720       29,290  

Cal-Maine Foods, Inc. (e)

     1,880       83,622  

Cavco Industries, Inc. (e)

     265       51,105  

Century Communities, Inc. (e)

     3,720       114,055  

Charles River Laboratories International, Inc. (e)

     410       71,484  

Chemed Corp.

     275       124,044  

Cirrus Logic, Inc. (e)

     330       20,387  

Clearway Energy, Inc., Class A

     4,400       92,268  

Cloudera, Inc. (e)

     2,925       37,206  

Comfort Systems USA, Inc.

     1,650       67,238  

Digital Turbine, Inc. (e)

     4,695       59,016  

EMCOR Group, Inc.

     1,620       107,147  

Emergent Biosolutions, Inc. (e)

     760       60,101  

ePlus, Inc. (e)

     570       40,288  

Gladstone Commercial Corp. REIT

     1,475       27,656  

GMS, Inc. (e)

     1,690       41,557  

Grocery Outlet Holding Corp. (e)

     690       28,152  

HarborOne Bancorp, Inc. (e)

     3,010       25,705  

Hecla Mining Co.

     9,275       30,329  

Hilltop Holdings, Inc.

     5,290       97,601  

Horizon Therapeutics PLC (e)

     3,770       209,537  

Inphi Corp. (e)

     1,195       140,413  

Integer Holdings Corp. (e)

     1,545       112,862  

M/I Homes, Inc. (e)

     1,270       43,739  

ManTech International Corp., Class A

     1,850       126,707  

Methode Electronics, Inc.

     4,190       130,979  

MGIC Investment Corp.

     13,255       108,558  

MSA Safety, Inc.

     390       44,632  

NewMarket Corp.

     370       148,178  

Pacific Premier Bancorp, Inc.

     2,974       64,476  

PacWest Bancorp

     1,410       27,791  

Patterson-UTI Energy, Inc.

     7,135       24,758  

PRA Health Sciences, Inc. (e)

     1,090       106,046  

Prestige Consumer Healthcare, Inc. (e)

     1,800       67,608  

Progress Software Corp.

     2,285       88,544  

ProPetro Holding Corp. (e)

     5,275       27,114  

Provident Financial Services, Inc.

     2,385       34,463  

Renewable Energy Group, Inc. (e)

     1,070       26,515  

Rush Enterprises, Inc., Class A

     1,525       63,227  

Sandy Spring Bancorp Inc.

     1,055       26,143  

Sangamo Therapeutics, Inc. (e)

     3,365       30,150  

Silgan Holdings, Inc.

     3,915       126,807  

SJW Group

     595       36,955  
    Shares     Value^  

Tetra Tech, Inc.

     1,225     $ 96,922  

Tompkins Financial Corp.

     390       25,260  

TopBuild Corp. (e)

     970       110,357  

Transocean Ltd. (e)

     16,150       29,555  

U.S. Silica Holdings, Inc.

     11,435       41,280  

United Therapeutics Corp. (e)

     665       80,465  

Vectrus, Inc. (e)

     1,280       62,886  
   

 

 

  
      3,702,308  
   

 

 

  

Total Common Stock (cost—$6,790,970)

 

     7,376,604  
   

 

 

  

PREFERRED STOCK—0.5%

    

Brazil—0.5%

    

Cia Paranaense de Energia (cost—$29,286)

     3,100       34,671  
   

 

 

  

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

 

     7,411,275  
   

 

 

  

Other assets less liabilities—0.8%

 

     57,908  
   

 

 

  

Net Assets—100.0%

 

   $ 7,469,183  
   

 

 

  

 

Notes to Schedule of Investments:

 

(a)

144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $224,325, representing 3.0% of net assets.

(b)

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

(c)

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

(d)

Level 3 security.

(e)

Non-income producing.

Glossary:

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust

 

Schedule of Investments

AllianzGI Global Small-Cap Opportunities Portfolio

June 30, 2020 (unaudited) (continued)

 

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

 

 

Semiconductors & Semiconductor Equipment

      6.2 % 

Metals & Mining

      5.4 % 

Banks

      5.4 % 

Household Durables

      5.1 % 

Pharmaceuticals

      4.5 % 

Electronic Equipment, Instruments & Components

      4.2 % 

Specialty Retail

      3.9 % 

Software

      3.8 % 

Equity Real Estate Investment Trusts (REITs)

      3.3 % 

Construction & Engineering

      3.1 % 

Technology Hardware, Storage & Peripherals

      3.0 % 

IT Services

      2.9 % 

Tobacco

      2.8 % 

Biotechnology

      2.8 % 

Life Sciences Tools & Services

      2.8 % 

Chemicals

      2.7 % 

Insurance

      2.7 % 

Healthcare Providers & Services

      2.2 % 

Trading Companies & Distributors

      2.2 % 

Thrifts & Mortgage Finance

      1.9 % 

Commercial Services & Supplies

      1.9 % 

Containers & Packaging

      1.7 % 

Electric Utilities

      1.7 % 

Food Products

      1.7 % 

Energy Equipment & Services

      1.6 % 

Healthcare Equipment & Supplies

      1.5 % 

Electrical Equipment

      1.5 % 

Machinery

      1.4 % 

Independent Power Producers & Energy Traders

      1.2 % 

Interactive Media & Services

      1.1 % 

Road & Rail

      1.1 % 

Water Utilities

      1.0 % 

Real Estate Management & Development

      0.9 % 

Hotels, Restaurants & Leisure

      0.9 % 

Media

      0.9 % 

Construction Materials

      0.9 % 

Professional Services

      0.8 % 

Aerospace & Defense

      0.8 % 

Diversified Telecommunication Services

      0.8 % 

Gas Utilities

      0.8 % 

Diversified Financial Services

      0.8 % 

Entertainment

      0.5 % 

Air Freight & Logistics

      0.4 % 

Textiles, Apparel & Luxury Goods

      0.4 % 

Real Estate

      0.4 % 

Internet & Direct Marketing Retail

      0.4 % 

Automobiles

      0.4 % 

Food & Staples Retailing

      0.4 % 

Oil, Gas & Consumable Fuels

      0.4 % 

Other assets less liabilities

      0.8 % 
  

 

 

  
     100.0 % 
  

 

 

  

    

 

Schedule of Investments

AllianzGI International Growth Portfolio

June 30, 2020 (unaudited)

 

    Shares     Value^  

COMMON STOCK—98.1%

    

Argentina—3.4%

    

MercadoLibre, Inc. (c)

     1,121     $ 1,105,048  
   

 

 

  

Australia—3.8%

    

CSL Ltd.

     1,492       296,742  

Domino’s Pizza Enterprises Ltd.

     19,215       921,147  

Treasury Wine Estates Ltd.

     5,584       40,629  
   

 

 

  
      1,258,518  
   

 

 

  

Brazil—3.8%

    

StoneCo Ltd., Class A (c)

     31,665       1,227,335  
   

 

 

  

Canada—7.7%

    

Alimentation Couche-Tard, Inc., Class B

     20,357       638,330  

Canadian National Railway Co.

     2,518       222,773  

Constellation Software, Inc.

     644       727,152  

Shopify, Inc., Class A (c)

     993       942,556  
   

 

 

  
      2,530,811  
   

 

 

  

China—14.0%

    

Alibaba Group Holding Ltd. ADR (c)

     7,773       1,676,636  

TAL Education Group ADR (c)

     4,051       277,007  

Tencent Holdings Ltd.

     26,610       1,705,112  

Tencent Music Entertainment Group ADR (c)

     63,141       849,878  

Weibo Corp. ADR (c)

     1,811       60,850  
   

 

 

  
      4,569,483  
   

 

 

  

Denmark—13.8%

    

Ambu A/S, Class B

     57,330       1,812,331  

Coloplast A/S, Class B

     877       136,696  

DSV PANALPINA A/S

     7,368       905,048  

Netcompany Group A/S (a)(c)

     19,282       1,264,632  

Novo Nordisk A/S, Class B

     6,054       394,404  
   

 

 

  
      4,513,111  
   

 

 

  

Germany—11.3%

    

Adidas AG (c)

     1,176       310,054  

Bechtle AG

     3,881       687,871  

GRENKE AG

     4,952       384,134  

Infineon Technologies AG

     45,271       1,060,798  

SAP SE

     6,044       844,887  

Zalando SE (a)(c)

     5,769       409,256  
   

 

 

  
      3,697,000  
   

 

 

  

Hong Kong—2.6%

    

AIA Group Ltd.

     90,959       851,158  
   

 

 

  

India—3.5%

    

HDFC Bank Ltd. ADR

     24,941       1,133,818  
   

 

 

  

Indonesia—0.7%

    

Ace Hardware Indonesia Tbk PT (c)

     184,773       19,567  

Bank Central Asia Tbk PT

     108,655       217,397  
   

 

 

  
      236,964  
   

 

 

  

Ireland—1.3%

    

Kingspan Group PLC

     6,576       419,879  
   

 

 

  
    Shares     Value^  

Israel—8.6%

    

Wix.com Ltd. (c)

     10,934     $ 2,801,510  
   

 

 

  

Japan—3.3%

    

Keyence Corp.

     1,560       653,736  

MonotaRO Co., Ltd.

     10,375       416,851  
   

 

 

  
      1,070,587  
   

 

 

  

Netherlands—5.0%

    

ASML Holding NV

     4,426       1,619,088  
   

 

 

  

New Zealand—1.3%

 

  

Mainfreight Ltd.

     16,193       413,388  
   

 

 

  

Philippines—0.1%

    

Jollibee Foods Corp.

     5,841       16,491  
   

 

 

  

South Africa—1.3%

    

PSG Group Ltd.

     45,791       418,639  
   

 

 

  

Sweden—6.6%

    

AddTech AB, Class B

     14,989       606,229  

Assa Abloy AB, Class B

     9,275       189,836  

Atlas Copco AB, Class A

     10,142       431,901  

Epiroc AB, Class A

     18,578       232,790  

Hexagon AB, Class B

     6,017       353,352  

Hexpol AB

     48,188       359,574  
   

 

 

  
      2,173,682  
   

 

 

  

Switzerland—4.5%

    

Partners Group Holding AG

     484       440,775  

Sika AG

     2,043       393,834  

Temenos AG

     1,867       290,177  

VAT Group AG (a)(c)

     1,813       332,999  
   

 

 

  
      1,457,785  
   

 

 

  

United Kingdom—1.5%

    

DCC PLC

     6,031       503,249  
   

 

 

  

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

      32,017,544  
   

 

 

  

Other assets less liabilities (d)—1.9%

       616,806  
   

 

 

  

Net Assets—100.0%

     $ 32,634,350  
   

 

 

  
 

Schedule of Investments

AllianzGI International Growth Portfolio

June 30, 2020 (unaudited) (continued)

 

Notes to Schedule of Investments:

 

(a)

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

(b)

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

(c)

Non-income producing.

(d)

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

 

  

Forward foreign currency contracts outstanding at June 30, 2020:

 

Description

   

Counterparty

    U.S.$ Value on
Origination Date		      U.S.$ Value
June 30, 2020		      Unrealized
Appreciation		  

Sold:

            

737,117 Hong Kong Dollar settling 7/2/20

    State Street Bank and Trust Co.    $ 95,109      $ 95,106      $ 3  

270,893 South African Rand settling 7/2/20

    State Street Bank and Trust Co.      15,761        15,611        150  
           

 

 

  
            $ 153  
           

 

 

  

Glossary:

ADR—American Depositary Receipt

 

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

 

IT Services

      17.3 % 

Internet & Direct Marketing Retail

      9.8 % 

Software

      9.6 % 

Semiconductors & Semiconductor Equipment

      8.2 % 

Healthcare Equipment & Supplies

      6.0 % 

Interactive Media & Services

      5.4 % 

Banks

      4.1 % 

Air Freight & Logistics

      4.0 % 

Trading Companies & Distributors

      3.1 % 

Electronic Equipment, Instruments & Components

      3.1 % 

Machinery

      3.1 % 

Hotels, Restaurants & Leisure

      2.9 % 

Insurance

      2.6 % 

Entertainment

      2.6 % 

Diversified Financial Services

      2.5 % 

Chemicals

      2.3 % 

Food & Staples Retailing

      2.0 % 

Building Products

      1.9 % 

Industrial Conglomerates

      1.5 % 

Capital Markets

      1.4 % 

Pharmaceuticals

      1.2 % 

Textiles, Apparel & Luxury Goods

      0.9 % 

Biotechnology

      0.9 % 

Diversified Consumer Services

      0.8 % 

Road & Rail

      0.7 % 

Beverages

      0.1 % 

Specialty Retail

      0.1 % 

Other assets less liabilities

      1.9 % 
  

 

 

  
     100.0 % 
  

 

 

  

    

 
^

Portfolio securities and other financial instruments for which market quotations are readily available are valued at market value. Market values for various types of securities and other instruments are determined on the basis of closing prices or last sales prices on an exchange or other market, or based on quotes or other market information obtained from quotation reporting systems, established market makers or independent pricing services. As of June 30, 2020, AllianzGI Institutional Multi-Series Trust (the “Trust”) consisted of three separate investment series (each a “Portfolio” and collectively the “Portfolios”). Investments in mutual funds are valued at the net asset value (“NAV”) as reported on each business day, and under normal circumstances, exchange-traded funds (“ETFs”) are valued at their current market trading price. The Portfolios’ investments are valued daily using prices supplied by an independent pricing service or broker/dealer quotations, or by using the last sale or settlement price on the exchange that is the primary market for such securities, or the mean between the last bid and ask quotations. The market value for NASDAQ Global Market and NASDAQ Capital Market securities may also be calculated using the NASDAQ Official Closing Price instead of the last reported sales price. Independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics.

The Board of Trustees (the “Board”) of each Portfolio of the Trust has adopted procedures for valuing portfolio securities and other financial derivative instruments in circumstances where market quotes are not readily available (including in cases where available market quotes are deemed to be unreliable), and has delegated primary responsibility for applying the valuation methods to Allianz Global Investors U.S. LLC (the “Investment Manager”). The Trust’s Valuation Committee was established by the Board to oversee the implementation of the Portfolios’ valuation methods and to make fair value determinations on behalf of the Board, as instructed. The Investment Manager monitors the continued appropriateness of methods applied and identifies circumstances and events that may require fair valuation. The Investment Manager determines if adjustments should be made in light of market changes, events affecting the issuer, or other factors. If the Investment Manager determines that a valuation method may no longer be appropriate, another valuation method previously approved by the Trust’s Valuation Committee may be selected or the Trust’s Valuation Committee will be convened to consider the matter and take any appropriate action in accordance with procedures set forth by the Board. The Board shall review and ratify the appropriateness of the valuation methods and these methods may be amended or supplemented from time to time by the Trust’s Valuation Committee.

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

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

The prices used by the Portfolios to value investments may differ from the value that would be realized if the investments were sold, and these differences could be material. Each Portfolio’s NAV is normally determined as of the close of regular trading (normally, 4:00 p.m., Eastern Time) on the NYSE on each day the NYSE is open for business. In unusual circumstances, the Board or the Valuation Committee may in good faith determine the NAV as of 4:00 p.m., Eastern Time, notwithstanding an earlier, unscheduled close or halt of trading on the NYSE.

The prices of certain portfolio securities or financial instruments may be determined at a time prior to the close of regular trading on the NYSE. In considering whether fair value pricing is required and in determining fair values, the Portfolios may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the time the NAV of a Portfolio is calculated. With respect to certain foreign securities, the Portfolios may fair-value securities using modeling tools provided by third-party vendors, where appropriate. The Portfolios have retained a statistical research service to assist in determining the fair value of foreign securities. This service utilizes statistics and programs based on historical performance of markets and other economic data to assist in making fair value estimates. Fair value estimates used by the Portfolios for foreign securities may differ from the value realized from the sale of those securities and the difference could be material. Fair value pricing may require subjective determinations about the value of a security or other assets, and fair values used to determine the NAV of a Portfolio may differ from quoted or published prices, or from prices that are used by others, for the same investments. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities or other assets held by a Portfolio.

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants. The three levels of the fair value hierarchy are described below:

 

  •  

Level 1—quoted prices in active markets for identical investments that the Portfolios have the ability to access

 

  •  

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

 

  •  

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

The valuation techniques used by the Portfolios to measure fair value during the nine months ended June 30, 2020 were intended to maximize the use of observable inputs and to minimize the use of unobservable inputs.

An investment asset’s or liability’s level within the fair value hierarchy is based on the lowest level input, individually or in aggregate, that is significant to the fair value measurement. The objective of fair value measurement remains the same even when there is a significant decrease in the volume and level of activity for an asset or liability and regardless of the valuation techniques used.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following are certain inputs and techniques that the Portfolios generally use to evaluate how to classify each major category of assets and liabilities within Level 2 and Level 3, in accordance with accounting principles generally accepted in the United States of America.

An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed reasonable in good faith by the Valuation Committee, following the procedures established by the Board, to represent fair value. Under these procedures, the Portfolios generally use a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Portfolios’ valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Portfolios’ valuation procedures are designed to value a security at the price the Portfolios may reasonably expect to receive upon the security’s sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Portfolios would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available.

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

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

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

 

     Level 1 -
Quoted Prices		      Level 2 -
Other Significant
Observable
Inputs		      Level 3 -
Significant
Unobservable
Inputs		      Value at
6/30/20		  

AllianzGI Best Styles Global Managed Volatility:

            

Investments in Securities—Assets

            

Common Stock:

            

Australia

      —        $ 156,797        —        $ 156,797  

Belgium

      —          174,437        —          174,437  

China

    $ 19,147        574,492        —          593,639  

Czech Republic

      —          144,395        —          144,395  

Denmark

      —          172,192        —          172,192  

Finland

      —          247,278        —          247,278  

France

      —          591,418        —          591,418  

Germany

      —          831,515        —          831,515  

Hong Kong

      —          453,374        —          453,374  

Hungary

      —          116,500        —          116,500  

Israel

      —          393,673        —          393,673  

Italy

      —          419,484        —          419,484  

Japan

      —          5,417,436        —          5,417,436  

Korea (Republic of)

      1,859        269,402        —          271,261  

Malaysia

      —          382,677        —          382,677  

Morocco

      —          53,987        —          53,987  

Netherlands

      38,855        267,052        —          305,907  

New Zealand

      —          100,722        —          100,722  

Norway

      —          134,535        —          134,535  

Philippines

      332        63,321        —          63,653  

Poland

      —          40,152        —          40,152  

Portugal

      —          50,490        —          50,490  

Singapore

      —          376,032        —          376,032  

South Africa

      —          10,249        —          10,249  

Spain

      10,161        159,838        —          169,999  

Sweden

      —          178,108        —          178,108  

Switzerland

      —          2,492,308        —          2,492,308  

Taiwan

      —          1,642,098        —          1,642,098  

Thailand

      —          —        $ 313,977        313,977  

United Kingdom

      154,080        355,419        —          509,499  

All Other

      20,244,628        —          —          20,244,628  

Preferred Stock

      80,373        —          —          80,373  

Rights

      281        —          —          281  

Repurchase Agreements

      —          278,000        —          278,000  
  

 

 

     

 

 

     

 

 

     

 

 

  

Totals

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

 

 

     

 

 

     

 

 

     

 

 

  
     Level 1 -
Quoted Prices		      Level 2 -
Other Significant
Observable
Inputs		      Level 3 -
Significant
Unobservable
Inputs		      Value at
6/30/20		  

AllianzGI Global Small-Cap Opportunities:

            

Investments in Securities—Assets

            

Common Stock:

            

Australia

      —        $ 210,288        —        $ 210,288  

Belgium

      —          33,424        —          33,424  

China

    $ 29,426        167,583        —          197,009  

Denmark

      —          69,431        —          69,431  

Germany

      37,687        30,011        —          67,698  

Hong Kong

      —          29,054        —          29,054  

India

      —          28,954        —          28,954  

Italy

      —          127,340        —          127,340  

Japan

      —          807,193        —          807,193  

Korea (Republic of)

      —          238,751        —          238,751  

Netherlands

      —          185,559        —          185,559  

Portugal

      —          29,448        —          29,448  

Russian Federation

      —          —        $ 56,834        56,834  

Singapore

      —          54,918        —          54,918  

Sweden

      —          175,684        —          175,684  

Switzerland

      —          43,376        —          43,376  

Taiwan

      142,896        286,666        —          429,562  

Thailand

      —          —          73,403        73,403  

United Kingdom

      —          272,772        —          272,772  

All Other

      4,245,906        —          —          4,245,906  

Preferred Stock

      34,671        —          —          34,671  
  

 

 

     

 

 

     

 

 

     

 

 

  

Totals

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

 

 

     

 

 

     

 

 

     

 

 

  

AllianzGI International Growth:

            

Investments in Securities—Assets

            

Common Stock:

            

Argentina

    $ 1,105,048        —          —        $ 1,105,048  

Brazil

      1,227,335        —          —          1,227,335  

Canada

      2,530,811        —          —          2,530,811  

China

      2,864,371      $ 1,705,112        —          4,569,483  

Denmark

      1,264,632        3,248,479        —          4,513,111  

India

      1,133,818        —          —          1,133,818  

Israel

      2,801,510        —          —          2,801,510  

All Other

      —          14,136,428        —          14,136,428  
  

 

 

     

 

 

     

 

 

     

 

 

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

 

 

     

 

 

     

 

 

     

 

 

  

Other Financial Instruments*—Assets

            

Foreign Exchange Contracts

      —          153        —          153  
  

 

 

     

 

 

     

 

 

     

 

 

  

Totals

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

 

 

     

 

 

     

 

 

     

 

 

  

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

 

     Beginning
Balance
9/30/19		      Purchases      Sales     Accrued
Discount
(Premiums)		      Net
Realized
Gain
(Loss)		     Net Change
in Unrealized
Appreciation/
Depreciation		     Transfers
into
Level
3**		      Transfers
out of
Level 3***		     Ending
Balance
6/30/20		  

AllianzGI Best Styles Global Managed Volatility:

                       

Investments in Securities—Assets

                       

Common Stock:

                       

Philippines

    $ 57      $ —        $ —       $ —        $ —       $ 275     $ —        $ (332 )    $ —    

Taiwan

      35,017        —          (18,070 )      —          (16,890 )      (57 )      —          —         —    

Thailand

      571,570        —          (176,610 )      —          (36,764 )      (98,635 )      54,416        —         313,977  

Rights:

                       

Singapore

      569        —          —   †      —          —         (569 )      —          —         —    
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  

Totals

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

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  
     Beginning
Balance
9/30/19		      Purchases      Sales     Accrued
Discount
(Premiums)		      Net
Realized
Gain
(Loss)		     Net Change
in Unrealized
Appreciation/
Depreciation		     Transfers
into
Level 3		      Transfers
out of
Level 3		      Ending
Balance
6/30/20		  

AllianzGI Global Small-Cap Opportunities:

                        

Investments in Securities—Assets

                        

Common Stock:

                        

Russian Federation

    $ 44,314      $ 91,254      $ (71,821 )    $ —        $ (597 )    $ (6,316 )    $ —        $ —        $ 56,834  

Thailand

      95,457        43,598        (26,945 )      —          (2,413 )      (36,294 )      —          —          73,403  
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Totals

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

 

 

     

 

 

     

 

 

    

 

 

     

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

The tables above do not include Level 3 investments that are valued by brokers or independent pricing services. The inputs for these investments are not readily available or cannot be reasonably estimated.

 

*

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

**

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

***

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

†

Expiration of rights.

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

 

AllianzGI Best Styles Global Managed Volatility

    $ (93,082 ) 

AllianzGI Global Small-Cap Opportunities

      (60,941 ) 

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

 

     Federal Tax Cost
Basis(1)		      Unrealized
Appreciation		      Unrealized
Depreciation		      Net Unrealized
Appreciation
(Depreciation)		  

AllianzGI Best Styles Global Managed Volatility

    $ 34,024,452      $ 5,495,624      $ 2,109,002      $ 3,386,622  

AllianzGI Global Small-Cap Opportunities

      6,850,158        980,414        419,297        561,117  

AllianzGI International Growth

      23,597,795        8,863,402        443,500        8,419,902  

 

(1)

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