Table of Contents
Allianz Funds Multi-Strategy Trust | ||||
Table of Contents
Schedule of Investments
AllianzGI Advanced Core Bond Portfolio
December 31, 2019 (unaudited)
Principal Amount (000s) | Value^ | |||||||
CORPORATE BONDS & NOTES—54.9% |
| |||||||
Aerospace & Defense—1.3% |
| |||||||
United Technologies Corp., | ||||||||
3.35%, 8/16/21 | $ | 200 | $ | 204,764 | ||||
4.15%, 5/15/45 | 30 | 34,437 | ||||||
|
| |||||||
239,201 | ||||||||
|
| |||||||
Agriculture—2.1% |
| |||||||
Altria Group, Inc., | ||||||||
5.375%, 1/31/44 | 20 | 22,573 | ||||||
Cargill, Inc. (a)(b), | ||||||||
3.05%, 4/19/21 | 200 | 202,864 | ||||||
Philip Morris International, Inc., | ||||||||
2.375%, 8/17/22 | 100 | 100,955 | ||||||
6.375%, 5/16/38 | 40 | 55,393 | ||||||
|
| |||||||
381,785 | ||||||||
|
| |||||||
Auto Manufacturers—4.4% |
| |||||||
Daimler Finance North America LLC (a)(b), | ||||||||
2.00%, 7/6/21 | 200 | 199,665 | ||||||
General Motors Co., | ||||||||
5.15%, 4/1/38 | 50 | 52,061 | ||||||
General Motors Financial Co., Inc., | ||||||||
3.95%, 4/13/24 | 50 | 52,298 | ||||||
4.35%, 4/9/25 | 50 | 53,163 | ||||||
Harley-Davidson Financial Services, Inc., Ser. SR (a)(b), | ||||||||
3.55%, 5/21/21 | 250 | 254,151 | ||||||
PACCAR Financial Corp., | ||||||||
2.30%, 8/10/22 | 200 | 202,193 | ||||||
|
| |||||||
813,531 | ||||||||
|
| |||||||
Banks—19.7% |
| |||||||
Bank of America Corp., | ||||||||
4.00%, 4/1/24 | 50 | 53,454 | ||||||
Bank of New York Mellon Corp., | ||||||||
2.60%, 2/7/22 | 200 | 202,876 | ||||||
Bank of Nova Scotia, | ||||||||
1.875%, 4/26/21 | 198 | 198,031 | ||||||
2.80%, 7/21/21 | 200 | 202,799 | ||||||
BNG Bank NV (a)(b), | ||||||||
1.625%, 4/19/21 | 200 | 199,663 | ||||||
2.375%, 3/16/26 | 50 | 51,321 | ||||||
Citigroup, Inc., | ||||||||
4.50%, 1/14/22 | 100 | 104,823 | ||||||
8.125%, 7/15/39 | 50 | 83,464 | ||||||
Commonwealth Bank of Australia (a)(b), | ||||||||
2.85%, 5/18/26 | 100 | 102,044 | ||||||
Deutsche Bank AG, | ||||||||
3.375%, 5/12/21 | 200 | 201,850 | ||||||
Fifth Third Bancorp, | ||||||||
2.60%, 6/15/22 | 200 | 202,466 | ||||||
ING Bank NV (a)(b), | ||||||||
2.625%, 12/5/22 | 250 | 255,355 |
Principal Amount (000s) | Value^ | |||||||
KeyCorp, | ||||||||
4.10%, 4/30/28 | $ | 120 | $ | 131,562 | ||||
Landwirtschaftliche Rentenbank, Ser. 37, | ||||||||
2.50%, 11/15/27 | 50 | 52,117 | ||||||
Lloyds Banking Group PLC, | ||||||||
4.05%, 8/16/23 | 200 | 211,593 | ||||||
Macquarie Bank Ltd. (a)(b), | ||||||||
3.90%, 1/15/26 | 100 | 105,841 | ||||||
Mitsubishi UFJ Financial Group, Inc., | ||||||||
3.677%, 2/22/27 | 130 | 138,417 | ||||||
Morgan Stanley, | ||||||||
2.50%, 4/21/21 | 200 | 201,592 | ||||||
4.375%, 1/22/47 | 50 | 59,874 | ||||||
National Australia Bank Ltd., | ||||||||
2.625%, 1/14/21 | 200 | 201,544 | ||||||
Santander UK PLC, | ||||||||
4.00%, 3/13/24 | 100 | 106,609 | ||||||
Wells Fargo & Co., | ||||||||
2.50%, 3/4/21 | 200 | 201,368 | ||||||
Ser. M, | ||||||||
3.45%, 2/13/23 | 100 | 103,410 | ||||||
Wells Fargo Bank N.A., | ||||||||
3.625%, 10/22/21 | 250 | 257,604 | ||||||
|
| |||||||
3,629,677 | ||||||||
|
| |||||||
Beverages—0.5% |
| |||||||
Anheuser-Busch Cos. LLC, | ||||||||
4.90%, 2/1/46 | 20 | 23,689 | ||||||
Diageo Capital PLC, | ||||||||
3.875%, 4/29/43 | 40 | 44,796 | ||||||
Keurig Dr. Pepper, Inc., | ||||||||
4.42%, 12/15/46 | 20 | 21,827 | ||||||
|
| |||||||
90,312 | ||||||||
|
| |||||||
Chemicals—3.0% |
| |||||||
Dow Chemical Co., | ||||||||
7.375%, 11/1/29 | 50 | 66,220 | ||||||
Ecolab, Inc., | ||||||||
2.375%, 8/10/22 | 200 | 202,015 | ||||||
Nutrien Ltd., | ||||||||
4.00%, 12/15/26 | 70 | 74,773 | ||||||
Syngenta Finance NV (a)(b), | ||||||||
3.933%, 4/23/21 | 200 | 203,717 | ||||||
|
| |||||||
546,725 | ||||||||
|
| |||||||
Computers—1.4% |
| |||||||
Apple, Inc., | ||||||||
4.65%, 2/23/46 | 50 | 62,559 | ||||||
International Business Machines Corp., | ||||||||
2.50%, 1/27/22 | 200 | 202,379 | ||||||
|
| |||||||
264,938 | ||||||||
|
| |||||||
Consumer Products—0.4% |
| |||||||
Colgate-Palmolive Co., | ||||||||
3.70%, 8/1/47 | 30 | 34,631 |
Table of Contents
Schedule of Investments
AllianzGI Advanced Core Bond Portfolio
December 31, 2019 (unaudited) (continued)
Principal Amount (000s) | Value^ | |||||||
Procter & Gamble Co., | ||||||||
3.50%, 10/25/47 | $ | 40 | $ | 44,781 | ||||
|
| |||||||
79,412 | ||||||||
|
| |||||||
Electric Utilities—1.2% |
| |||||||
Consolidated Edison Co. of New York, Inc., | ||||||||
4.50%, 5/15/58 | 50 | 58,242 | ||||||
Electricite de France S.A. (a)(b), | ||||||||
4.875%, 1/22/44 | 50 | 57,765 | ||||||
Florida Power & Light Co., | ||||||||
3.70%, 12/1/47 | 40 | 43,914 | ||||||
PPL Electric Utilities Corp., | ||||||||
4.15%, 6/15/48 | 50 | 57,086 | ||||||
|
| |||||||
217,007 | ||||||||
|
| |||||||
Electronics—0.6% |
| |||||||
Tyco Electronics Group S.A., | ||||||||
3.45%, 8/1/24 | 100 | 104,529 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs)—0.3% |
| |||||||
Welltower, Inc., | ||||||||
2.70%, 2/15/27 | 50 | 50,265 | ||||||
|
| |||||||
Food & Beverage—1.3% |
| |||||||
General Mills, Inc., | ||||||||
2.60%, 10/12/22 | 150 | 152,245 | ||||||
Kellogg Co., | ||||||||
3.40%, 11/15/27 | 50 | 52,313 | ||||||
Kroger Co., | ||||||||
4.65%, 1/15/48 | 40 | 43,807 | ||||||
|
| |||||||
248,365 | ||||||||
|
| |||||||
Healthcare-Products—0.1% |
| |||||||
Thermo Fisher Scientific, Inc., | ||||||||
4.10%, 8/15/47 | 20 | 22,566 | ||||||
|
| |||||||
Insurance—1.1% |
| |||||||
Allstate Corp., | ||||||||
3.28%, 12/15/26 | 50 | 52,926 | ||||||
MetLife, Inc., | ||||||||
5.70%, 6/15/35 | 70 | 93,879 | ||||||
Prudential Financial, Inc., | ||||||||
4.35%, 2/25/50 | 50 | 57,955 | ||||||
|
| |||||||
204,760 | ||||||||
|
| |||||||
Internet—0.6% |
| |||||||
Alphabet, Inc., | ||||||||
3.375%, 2/25/24 | 100 | 106,333 | ||||||
|
| |||||||
Iron/Steel—0.5% |
| |||||||
ArcelorMittal S.A., | ||||||||
4.55%, 3/11/26 | 50 | 53,563 | ||||||
Nucor Corp., | ||||||||
4.40%, 5/1/48 | 30 | 34,113 | ||||||
|
| |||||||
87,676 | ||||||||
|
|
Principal Amount (000s) | Value^ | |||||||
Machinery-Construction & Mining—1.1% |
| |||||||
Caterpillar Financial Services Corp., | ||||||||
3.15%, 9/7/21 | $ | 200 | $ | 204,457 | ||||
|
| |||||||
Machinery-Diversified—1.1% |
| |||||||
CNH Industrial Capital LLC, | ||||||||
4.875%, 4/1/21 | 150 | 154,894 | ||||||
John Deere Capital Corp., | ||||||||
2.65%, 6/24/24 | 50 | 51,193 | ||||||
|
| |||||||
206,087 | ||||||||
|
| |||||||
Media—1.2% |
| |||||||
Discovery Communications LLC, | ||||||||
3.80%, 3/13/24 | 50 | 52,691 | ||||||
6.35%, 6/1/40 | 30 | 38,518 | ||||||
Time Warner Cable LLC, | ||||||||
6.75%, 6/15/39 | 40 | 50,763 | ||||||
TWDC Enterprises 18 Corp., | ||||||||
4.125%, 6/1/44 | 20 | 23,580 | ||||||
ViacomCBS, Inc., | ||||||||
3.70%, 6/1/28 | 50 | 52,443 | ||||||
|
| |||||||
217,995 | ||||||||
|
| |||||||
Mining—2.2% |
| |||||||
BHP Billiton Finance USA Ltd., | ||||||||
2.875%, 2/24/22 | 200 | 203,761 | ||||||
Glencore Funding LLC (a)(b), | ||||||||
3.00%, 10/27/22 | 200 | 202,249 | ||||||
|
| |||||||
406,010 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels—3.4% |
| |||||||
BP Capital Markets PLC, | ||||||||
3.723%, 11/28/28 | 50 | 54,449 | ||||||
Equinor ASA, | ||||||||
2.65%, 1/15/24 | 150 | 153,727 | ||||||
2.90%, 11/8/20 | 200 | 202,024 | ||||||
Occidental Petroleum Corp., | ||||||||
3.00%, 2/15/27 | 100 | 100,078 | ||||||
Phillips 66, | ||||||||
4.875%, 11/15/44 | 30 | 36,229 | ||||||
Shell International Finance BV, | ||||||||
3.75%, 9/12/46 | 30 | 32,936 | ||||||
Total Capital International S.A., | ||||||||
3.455%, 2/19/29 | 50 | 54,137 | ||||||
|
| |||||||
633,580 | ||||||||
|
| |||||||
Pharmaceuticals—2.0% |
| |||||||
CVS Health Corp., | ||||||||
4.10%, 3/25/25 | 50 | 53,749 | ||||||
Eli Lilly & Co., | ||||||||
2.35%, 5/15/22 | 100 | 101,311 | ||||||
GlaxoSmithKline Capital, Inc., | ||||||||
3.625%, 5/15/25 | 50 | 53,581 | ||||||
Merck & Co., Inc., | ||||||||
3.40%, 3/7/29 | 60 | 65,051 |
Table of Contents
Schedule of Investments
AllianzGI Advanced Core Bond Portfolio
December 31, 2019 (unaudited) (continued)
Principal Amount (000s) | Value^ | |||||||
Pfizer, Inc., | ||||||||
2.75%, 6/3/26 | $ | 50 | $ | 51,698 | ||||
4.00%, 3/15/49 | 40 | 46,165 | ||||||
|
| |||||||
371,555 | ||||||||
|
| |||||||
Pipelines—1.5% | ||||||||
Energy Transfer Partners L.P., | ||||||||
6.00%, 6/15/48 | 40 | 46,713 | ||||||
Enterprise Products Operating LLC, | ||||||||
4.85%, 3/15/44 | 30 | 34,771 | ||||||
Kinder Morgan, Inc., | ||||||||
3.15%, 1/15/23 | 200 | 204,793 | ||||||
|
| |||||||
286,277 | ||||||||
|
| |||||||
Retail—1.6% | ||||||||
Macy’s Retail Holdings, Inc., | ||||||||
4.50%, 12/15/34 | 50 | 47,899 | ||||||
Walgreens Boots Alliance, Inc., | ||||||||
4.50%, 11/18/34 | 40 | 41,577 | ||||||
Walmart, Inc., | ||||||||
3.125%, 6/23/21 | 200 | 204,206 | ||||||
|
| |||||||
293,682 | ||||||||
|
| |||||||
Software—0.6% | ||||||||
Oracle Corp., | ||||||||
2.625%, 2/15/23 | 100 | 102,151 | ||||||
|
| |||||||
Telecommunications—0.9% | ||||||||
AT&T, Inc., | ||||||||
4.80%, 6/15/44 | 50 | 56,906 | ||||||
Cisco Systems, Inc., | ||||||||
5.50%, 1/15/40 | 50 | 68,146 | ||||||
Verizon Communications, Inc., | ||||||||
5.25%, 3/16/37 | 40 | 50,231 | ||||||
|
| |||||||
175,283 | ||||||||
|
| |||||||
Transportation—0.8% | ||||||||
CSX Corp., | ||||||||
2.60%, 11/1/26 | 50 | 50,813 | ||||||
FedEx Corp., | ||||||||
3.40%, 2/15/28 | 50 | 51,142 | ||||||
4.10%, 4/15/43 | 40 | 39,035 | ||||||
|
| |||||||
140,990 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes | 10,125,149 | |||||||
|
| |||||||
U.S. GOVERNMENT AGENCY SECURITIES—28.2% |
| |||||||
Fannie Mae, | ||||||||
6.625%, 11/15/30 | 70 | 100,109 | ||||||
Fannie Mae UMBS, MBS (c), | ||||||||
2.50%, 1/16/35 TBA, 15 Year | 660 | 665,628 | ||||||
3.00%, 1/16/35 TBA, 15 Year | 120 | 122,954 | ||||||
4.00%, 1/14/50 TBA, 30 Year | 340 | 353,576 | ||||||
Fannie Mae UMBS, MBS (c), | ||||||||
3.00%, 1/14/50 TBA, 30 Year | 1,180 | 1,196,084 | ||||||
3.50%, 1/14/50 TBA, 30 Year | 750 | 771,172 | ||||||
4.50%, 1/14/50 TBA, 30 Year | 360 | 379,022 |
Principal Amount (000s) | Value^ | |||||||
Freddie Mac, | ||||||||
4.00%, 8/1/44 | $ | 94 | $ | 100,191 | ||||
6.25%, 7/15/32 | 70 | 100,816 | ||||||
Ginnie Mae, MBS, TBA, 30 Year (c), | ||||||||
3.00%, 1/21/50 | 800 | 821,277 | ||||||
3.50%, 1/21/50 | 510 | 525,562 | ||||||
4.00%, 1/21/50 | 60 | 62,103 | ||||||
|
| |||||||
Total U.S. Government Agency Securities (cost—$5,176,597) | 5,198,494 | |||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS—23.3% |
| |||||||
U.S. Treasury Bonds, | ||||||||
2.25%, 8/15/49 | 80 | 77,625 | ||||||
2.25%, 8/15/46 | 200 | 194,422 | ||||||
2.50%, 2/15/45 | 200 | 204,312 | ||||||
2.75%, 8/15/47 | 200 | 214,500 | ||||||
3.125%, 2/15/42 | 145 | 164,575 | ||||||
3.125%, 2/15/43 | 150 | 170,238 | ||||||
3.375%, 11/15/48 | 160 | 193,100 | ||||||
4.50%, 8/15/39 | 10 | 13,578 | ||||||
5.375%, 2/15/31 | 20 | 26,917 | ||||||
5.50%, 8/15/28 | 100 | 128,953 | ||||||
6.00%, 2/15/26 | 220 | 274,244 | ||||||
U.S. Treasury Notes, | ||||||||
1.375%, 8/31/26 | 200 | 194,484 | ||||||
1.50%, 9/15/22 (d) | 300 | 299,227 | ||||||
1.50%, 8/15/26 | 170 | 166,653 | ||||||
1.625%, 5/15/26 | 250 | 247,383 | ||||||
1.625%, 8/15/29 | 100 | 97,414 | ||||||
2.125%, 3/31/24 | 310 | 315,643 | ||||||
2.125%, 9/30/24 | 500 | 509,844 | ||||||
2.125%, 5/15/25 | 170 | 173,480 | ||||||
2.25%, 11/15/27 | 100 | 102,797 | ||||||
2.50%, 1/15/22 | 300 | 305,391 | ||||||
2.625%, 2/15/29 | 100 | 105,984 | ||||||
2.875%, 5/15/28 | 110 | 118,422 | ||||||
|
| |||||||
Total U.S. Treasury Obligations | 4,299,186 | |||||||
|
| |||||||
SOVEREIGN DEBT OBLIGATIONS—14.7% |
| |||||||
Canada—2.5% | ||||||||
Export Development Canada, | ||||||||
2.50%, 1/24/23 | 100 | 102,402 | ||||||
Province of Alberta Canada, | ||||||||
3.30%, 3/15/28 | 100 | 108,497 | ||||||
Province of British Columbia Canada, | ||||||||
2.25%, 6/2/26 | 50 | 50,820 | ||||||
Province of Ontario Canada, | ||||||||
2.50%, 4/27/26 | 100 | 102,628 | ||||||
Province of Quebec Canada, | ||||||||
2.875%, 10/16/24 | 100 | 104,609 | ||||||
|
| |||||||
468,956 | ||||||||
|
| |||||||
Chile—1.1% | ||||||||
Chile Government International Bond, | ||||||||
3.25%, 9/14/21 | 200 | 204,183 | ||||||
|
|
Table of Contents
Schedule of Investments
AllianzGI Advanced Core Bond Portfolio
December 31, 2019 (unaudited) (continued)
Principal Amount (000s) | Value^ | |||||||
Indonesia—2.0% | ||||||||
Indonesia Government International Bond, | ||||||||
3.75%, 4/25/22 | $ | 350 | $ | 361,576 | ||||
|
| |||||||
Korea (Republic of)—1.1% | ||||||||
Export-Import Bank of Korea, | ||||||||
2.625%, 5/26/26 | 200 | 201,581 | ||||||
|
| |||||||
Morocco—1.2% | ||||||||
Morocco Government International Bond, | ||||||||
4.25%, 12/11/22 | 200 | 211,376 | ||||||
|
| |||||||
Norway—1.1% | ||||||||
Kommunalbanken AS (a)(b), | ||||||||
3.125%, 10/18/21 | 200 | 204,903 | ||||||
|
| |||||||
Panama—0.7% | ||||||||
Panama Government International Bond, | ||||||||
7.125%, 1/29/26 | 100 | 125,526 | ||||||
|
| |||||||
Peru—0.6% | ||||||||
Peruvian Government International Bond, | ||||||||
4.125%, 8/25/27 | 100 | 112,271 | ||||||
|
| |||||||
Supranational—2.1% | ||||||||
Asian Development Bank, | ||||||||
3.125%, 9/26/28 | 50 | 54,631 | ||||||
Corp. Andina de Fomento, | ||||||||
3.25%, 2/11/22 | 200 | 204,388 | ||||||
European Investment Bank, | ||||||||
4.875%, 2/15/36 | 50 | 66,754 | ||||||
Inter-American Development Bank, | ||||||||
3.125%, 9/18/28 | 50 | 54,601 | ||||||
|
| |||||||
380,374 | ||||||||
|
| |||||||
Sweden—2.2% | ||||||||
Kommuninvest I Sverige AB (a)(b), | ||||||||
2.75%, 10/22/20 | 200 | 201,512 | ||||||
Svensk Exportkredit AB, 3.125%, 11/8/21 | 200 | 205,054 | ||||||
|
| |||||||
406,566 | ||||||||
|
|
Principal Amount (000s) | Value^ | |||||||
Uruguay—0.1% | ||||||||
Uruguay Government International Bond, 4.975%, 4/20/55 | $ | 20 | $ | 23,600 | ||||
|
| |||||||
Total Sovereign Debt Obligations | 2,700,912 | |||||||
|
| |||||||
Repurchase Agreements—3.3% | ||||||||
State Street Bank and Trust Co., | 609 | 609,000 | ||||||
|
| |||||||
Total Investments | 22,932,741 | |||||||
|
| |||||||
Liabilities in excess of other assets (e)—(24.4)% | (4,495,271 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $ | 18,437,470 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $2,241,050, representing 12.2% of net assets. |
(b) | 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $2,241,050, representing 12.2% of net assets. |
(c) | When-issued or delayed-delivery. To be settled/delivered after December 31, 2019. |
(d) | All or partial amount segregated for the benefit of the counterparty as collateral for futures contracts. |
(e) | Includes net unrealized appreciation (depreciation) of other financial instruments as follows: |
Futures contracts outstanding at December 31, 2019:
Type | Contracts | Expiration Date | Notional Amount (000s) | Market Value (000s) | Unrealized Appreciation | |||||||||||||||
Short position contracts: |
| |||||||||||||||||||
2-Year U.S. Treasury Note | (18 | ) | 3/31/20 | $ | (3,600 | ) | $ | (3,879 | ) | $ | 1,236 | |||||||||
|
|
(f) | At December 31, 2019, the Portfolio pledged $286,156 in cash as collateral for futures contracts. The Portfolio also held U.S. Treasury Obligations valued $75,825 as collateral for TBA securities. Securities held as collateral will not be pledged and are not reflected in the Schedule of Investments. |
Glossary:
MBS—Mortgage-Backed Securities
TBA—To Be Announced
UMBS—Uniform Mortgage-Backed Securities
Table of Contents
Schedule of Investments
AllianzGI Best Styles Global Managed Volatility Portfolio
December 31, 2019 (unaudited)
Shares | Value^ | |||||||
COMMON STOCK—96.8% |
| |||||||
Australia—1.1% |
| |||||||
Brickworks Ltd. | 6,500 | $ | 85,212 | |||||
Newcrest Mining Ltd. | 6,628 | 139,976 | ||||||
Regis Resources Ltd. | 26,025 | 78,746 | ||||||
Saracen Mineral Holdings Ltd. (e) | 32,229 | 74,741 | ||||||
Silver Lake Resources Ltd. (e) | 34,544 | 32,376 | ||||||
St. Barbara Ltd. | 14,103 | 26,795 | ||||||
Telstra Corp. Ltd. | 72,312 | 179,622 | ||||||
|
| |||||||
617,468 | ||||||||
|
| |||||||
Austria—0.1% |
| |||||||
Flughafen Wien AG | 961 | 40,831 | ||||||
Telekom Austria AG (e) | 3,219 | 26,286 | ||||||
|
| |||||||
67,117 | ||||||||
|
| |||||||
Belgium—0.6% |
| |||||||
Ageas | 2,045 | 120,926 | ||||||
Elia System Operator S.A. | 999 | 88,638 | ||||||
Proximus SADP | 3,622 | 103,784 | ||||||
|
| |||||||
313,348 | ||||||||
|
| |||||||
Bermuda—0.3% | �� | |||||||
Arch Capital Group Ltd. (e) | 3,631 | 155,734 | ||||||
|
| |||||||
Brazil—0.1% |
| |||||||
Banco do Brasil S.A. (e) | 5,200 | 68,632 | ||||||
|
| |||||||
Canada—0.8% |
| |||||||
Cascades, Inc. | 673 | 5,810 | ||||||
Cogeco Communications, Inc. | 1,375 | 119,864 | ||||||
Emera, Inc. | 2,879 | 123,691 | ||||||
Empire Co., Ltd., Class A | 2,490 | 58,408 | ||||||
Fairfax Financial Holdings Ltd. | 86 | 40,382 | ||||||
InterRent Real Estate Investment Trust REIT | 2,995 | 36,072 | ||||||
Killam Apartment Real Estate Investment Trust REIT | 2,174 | 31,709 | ||||||
|
| |||||||
415,936 | ||||||||
|
| |||||||
China—2.4% |
| |||||||
BOC Aviation Ltd. (a) | 13,300 | 135,264 | ||||||
China Construction Bank Corp., Class H | 140,748 | 122,034 | ||||||
China Dongxiang Group Co., Ltd. | 68,883 | 7,601 | ||||||
China Everbright Greentech Ltd. (a) | 66,000 | 35,758 | ||||||
China Mobile Ltd. | 28,000 | 236,596 | ||||||
China SCE Group Holdings Ltd. | 198,000 | 115,332 | ||||||
China Telecom Corp., Ltd., Class H | 72,000 | 29,663 | ||||||
China Water Affairs Group Ltd. | 30,000 | 22,447 | ||||||
Golden Eagle Retail Group Ltd. | 20,000 | 22,279 | ||||||
Jiangsu Expressway Co., Ltd., Class H | 16,811 | 23,037 | ||||||
Lenovo Group Ltd. | 248,000 | 166,545 | ||||||
Shenzhen Expressway Co., Ltd., Class H | 110,300 | 158,276 | ||||||
Shenzhen Investment Holdings Bay Area Development Co., Ltd. | 41,000 | 19,629 | ||||||
Tencent Holdings Ltd. | 1,500 | 72,264 | ||||||
Yadea Group Holdings Ltd. (a) | 58,000 | 15,241 | ||||||
Yuexiu Real Estate Investment Trust REIT | 43,000 | 29,144 | ||||||
Yuexiu Transport Infrastructure Ltd. | 80,000 | 71,174 | ||||||
Yuzhou Properties Co., Ltd. | 63,204 | 34,773 | ||||||
|
| |||||||
1,317,057 | ||||||||
|
|
Shares | Value^ | |||||||
Czech Republic—0.4% |
| |||||||
CEZ AS | 5,326 | $ | 119,699 | |||||
Moneta Money Bank AS (a) | 14,893 | 55,881 | ||||||
O2 Czech Republic AS | 4,201 | 43,363 | ||||||
|
| |||||||
218,943 | ||||||||
|
| |||||||
Denmark—0.5% |
| |||||||
Scandinavian Tobacco Group A/S, Class A (a) | 884 | 10,781 | ||||||
Solar A/S, Class B | 333 | 14,946 | ||||||
Spar Nord Bank A/S | 733 | 7,119 | ||||||
Topdanmark A/S | 787 | 38,796 | ||||||
Tryg A/S | 6,144 | 182,148 | ||||||
|
| |||||||
253,790 | ||||||||
|
| |||||||
Finland—0.5% |
| |||||||
Elisa Oyj | 2,669 | 147,445 | ||||||
Neste Oyj | 4,039 | 140,538 | ||||||
|
| |||||||
287,983 | ||||||||
|
| |||||||
France—1.5% |
| |||||||
Cegereal S.A. REIT | 1,987 | 95,393 | ||||||
Eiffage S.A. | 1,354 | 155,340 | ||||||
Hermes International | 311 | 232,973 | ||||||
Orpea | 50 | 6,415 | ||||||
SEB S.A. | 36 | 5,354 | ||||||
Sodexo S.A. | 941 | 111,516 | ||||||
Vinci S.A. | 1,752 | 195,126 | ||||||
|
| |||||||
802,117 | ||||||||
|
| |||||||
Germany—1.7% |
| |||||||
Deutsche Telekom AG | 12,241 | 200,044 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 1,280 | 377,719 | ||||||
TAG Immobilien AG (e) | 4,572 | 113,549 | ||||||
Talanx AG (e) | 3,280 | 162,334 | ||||||
TLG Immobilien AG | 1,775 | 56,644 | ||||||
WCM Beteiligungs & Grundbesitz AG | 5,562 | 30,903 | ||||||
|
| |||||||
941,193 | ||||||||
|
| |||||||
Hong Kong—1.3% |
| |||||||
CITIC Telecom International Holdings Ltd. | 85,000 | 30,980 | ||||||
CK Hutchison Holdings Ltd. | 8,203 | 78,219 | ||||||
CLP Holdings Ltd. | 32,719 | 343,465 | ||||||
Fairwood Holdings Ltd. | 11,000 | 28,071 | ||||||
Hang Seng Bank Ltd. | 2,700 | 55,809 | ||||||
Hui Xian Real Estate Investment Trust REIT | 50,000 | 23,545 | ||||||
NWS Holdings Ltd. | 19,000 | 26,630 | ||||||
Swire Pacific Ltd., Class A | 11,344 | 105,382 | ||||||
Yue Yuen Industrial Holdings Ltd. | 2,802 | 8,269 | ||||||
|
| |||||||
700,370 | ||||||||
|
| |||||||
Hungary—0.3% |
| |||||||
Magyar Telekom Telecommunications PLC | 38,780 | 58,660 | ||||||
MOL Hungarian Oil & Gas PLC | 5,827 | 58,084 | ||||||
OTP Bank Nyrt | 994 | 52,046 | ||||||
|
| |||||||
168,790 | ||||||||
|
| |||||||
Ireland—0.0% |
| |||||||
Irish Residential Properties REIT PLC | 3,629 | 6,472 | ||||||
|
| |||||||
Israel—0.6% |
| |||||||
Bank LeumiLe-Israel BM | 15,086 | 110,021 | ||||||
Israel Discount Bank Ltd., Class A | 22,861 | 106,171 |
Table of Contents
Schedule of Investments
AllianzGI Best Styles Global Managed Volatility Portfolio
December 31, 2019 (unaudited) (continued)
Shares | Value^ | |||||||
Mizrahi Tefahot Bank Ltd. | 3,874 | $ | 103,337 | |||||
Shufersal Ltd. | 2,678 | 17,072 | ||||||
|
| |||||||
336,601 | ||||||||
|
| |||||||
Italy—1.3% |
| |||||||
Enav SpA (a) | 6,976 | 41,629 | ||||||
Enel SpA | 30,061 | 238,799 | ||||||
Eni SpA | 3,676 | 57,093 | ||||||
Hera SpA | 2,579 | 11,296 | ||||||
Snam SpA | 66,052 | 347,288 | ||||||
|
| |||||||
696,105 | ||||||||
|
| |||||||
Japan—12.0% |
| |||||||
Aoyama Trading Co., Ltd. | 189 | 2,660 | ||||||
Asahi Group Holdings Ltd. | 4,200 | 191,606 | ||||||
Astellas Pharma, Inc. | 19,708 | 336,415 | ||||||
Bookoff Group Holdings Ltd. | 1,500 | 14,164 | ||||||
Canon, Inc. | 3,190 | 87,305 | ||||||
Cawachi Ltd. | 900 | 18,235 | ||||||
Daiwa Office Investment Corp. REIT | 8 | 61,433 | ||||||
DCM Holdings Co., Ltd. | 10,975 | 106,893 | ||||||
Doutor Nichires Holdings Co., Ltd. | 3,649 | 72,428 | ||||||
DTS Corp. | 3,502 | 81,347 | ||||||
DyDo Group Holdings, Inc. | 974 | 41,100 | ||||||
FamilyMart Co., Ltd. | 5,200 | 124,538 | ||||||
FUJIFILM Holdings Corp. | 5,279 | 252,103 | ||||||
Fukuyama Transporting Co., Ltd. | 554 | 20,121 | ||||||
Geo Holdings Corp. | 864 | 10,656 | ||||||
Ichigo Office REIT Investment REIT | 14 | 14,534 | ||||||
ITOCHU Corp. | 9,000 | 208,590 | ||||||
Japan Airlines Co., Ltd. | 3,680 | 114,580 | ||||||
Japan Wool Textile Co., Ltd. | 5,300 | 54,744 | ||||||
Kajima Corp. | 10,100 | 134,281 | ||||||
Kamigumi Co., Ltd. | 2,700 | 59,351 | ||||||
Kandenko Co., Ltd. | 3,000 | 28,756 | ||||||
Kato Sangyo Co., Ltd. | 600 | 19,661 | ||||||
KDDI Corp. | 6,500 | 193,936 | ||||||
Kintetsu Group Holdings Co., Ltd. | 2,300 | 124,751 | ||||||
LaSalle Logiport REIT | 75 | 111,486 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 1,700 | 81,904 | ||||||
Mirait Holdings Corp. | 6,900 | 104,278 | ||||||
Mitsubishi Corp. | 5,100 | 135,106 | ||||||
Mitsubishi Research Institute, Inc. | 700 | 27,647 | ||||||
Morinaga Milk Industry Co., Ltd. | 3,100 | 126,399 | ||||||
NEC Corp. | 6,700 | 277,276 | ||||||
NET One Systems Co., Ltd. | 3,600 | 91,916 | ||||||
Nichias Corp. | 1,602 | 40,586 | ||||||
Nihon Unisys Ltd. | 2,079 | 65,216 | ||||||
Nippon REIT Investment Corp. REIT | 16 | 70,388 | ||||||
Nippon Telegraph & Telephone Corp. | 19,888 | 502,643 | ||||||
Nishimatsu Construction Co., Ltd. | 2,300 | 51,748 | ||||||
Nisshin Seifun Group, Inc. | 5,200 | 90,727 | ||||||
NTT DOCOMO, Inc. | 26,657 | 742,561 | ||||||
Obayashi Corp. | 8,373 | 92,996 | ||||||
Okumura Corp. | 2,100 | 57,733 | ||||||
Raito Kogyo Co., Ltd. | 4,537 | 65,576 | ||||||
Rengo Co., Ltd. | 3,800 | 28,951 | ||||||
S Foods, Inc. | 728 | 18,985 |
Shares | Value^ | |||||||
Sanki Engineering Co., Ltd. | 1,000 | $ | 14,083 | |||||
Sankyo Co., Ltd. | 3,400 | 112,923 | ||||||
Sawai Pharmaceutical Co., Ltd. | 1,100 | 69,689 | ||||||
Sekisui House Ltd. | 8,100 | 172,974 | ||||||
Senko Group Holdings Co., Ltd. | 5,604 | 47,739 | ||||||
Shibaura Electronics Co., Ltd. | 200 | 5,860 | ||||||
Sumitomo Corp. | 10,400 | 154,475 | ||||||
Sumitomo Dainippon Pharma Co., Ltd. | 532 | 10,308 | ||||||
Sumitomo Densetsu Co., Ltd. | 1,200 | 32,258 | ||||||
Sushiro Global Holdings Ltd. | 1,600 | 137,789 | ||||||
Suzuken Co., Ltd. | 1,700 | 69,288 | ||||||
Takasago Thermal Engineering Co., Ltd. | 3,503 | 62,668 | ||||||
Toho Co., Ltd. | 1,500 | 62,508 | ||||||
Tokyo Gas Co., Ltd. | 3,700 | 89,906 | ||||||
Tokyu Construction Co., Ltd. | 2,600 | 18,519 | ||||||
Toshiba Plant Systems & Services Corp. | 2,600 | 63,231 | ||||||
Towa Pharmaceutical Co., Ltd. | 1,500 | 38,978 | ||||||
Toyo Seikan Group Holdings Ltd. | 7,100 | 122,221 | ||||||
Toyo Suisan Kaisha Ltd. | 3,000 | 127,397 | ||||||
Tv Tokyo Holdings Corp. | 934 | 20,836 | ||||||
Yurtec Corp. | 1,868 | 11,785 | ||||||
|
| |||||||
6,603,745 | ||||||||
|
| |||||||
Korea (Republic of)—1.5% |
| |||||||
Daeduck Electronics Co. | 5,033 | 45,418 | ||||||
Daekyo Co., Ltd. | 2,318 | 12,227 | ||||||
Easy Bio, Inc. | 1,107 | 4,765 | ||||||
Hansol Paper Co., Ltd. | 1,424 | 17,759 | ||||||
KC Co., Ltd. | 210 | 3,379 | ||||||
KT Corp. | 660 | 15,401 | ||||||
KT&G Corp. | 1,426 | 115,374 | ||||||
Kukdo Chemical Co., Ltd. | 388 | 15,769 | ||||||
Macquarie Korea Infrastructure Fund | 8,978 | 90,055 | ||||||
Orange Life Insurance Ltd. (a) | 957 | 23,353 | ||||||
Partron Co., Ltd. | 6,807 | 77,570 | ||||||
Samsung Electronics Co., Ltd. | 3,800 | 183,110 | ||||||
Samsung Fire & Marine Insurance Co., Ltd. | 731 | 153,682 | ||||||
SK Telecom Co., Ltd. | 154 | 31,731 | ||||||
Ubiquoss Holdings, Inc. | 1,318 | 22,919 | ||||||
|
| |||||||
812,512 | ||||||||
|
| |||||||
Malaysia—0.7% |
| |||||||
Axis Real Estate Investment Trust REIT | 36,500 | 15,794 | ||||||
Bermaz Auto Bhd. | 30,800 | 15,818 | ||||||
Hong Leong Bank Bhd. | 21,000 | 88,864 | ||||||
Hong Leong Financial Group Bhd. | 2,400 | 9,916 | ||||||
Malayan Banking Bhd. | 58,800 | 124,255 | ||||||
MISC Bhd. | 15,800 | 32,282 | ||||||
Syarikat Takaful Malaysia Keluarga Bhd. | 13,300 | 18,533 | ||||||
Tenaga Nasional Bhd. | 19,400 | 62,924 | ||||||
VS Industry Bhd. | 38,900 | 12,760 | ||||||
|
| |||||||
381,146 | ||||||||
|
| |||||||
Mexico—0.1% |
| |||||||
Banco del Bajio S.A. (a) | 18,100 | 30,317 | ||||||
Qualitas Controladora S.A.B. de C.V. | 11,600 | 48,713 | ||||||
|
| |||||||
79,030 | ||||||||
|
|
Table of Contents
Schedule of Investments
AllianzGI Best Styles Global Managed Volatility Portfolio
December 31, 2019 (unaudited) (continued)
Shares | Value^ | |||||||
Morocco—0.0% |
| |||||||
Douja Promotion Groupe Addoha S.A. (e) | 10,225 | $ | 12,123 | |||||
|
| |||||||
Netherlands—0.6% |
| |||||||
ASR Nederland NV | 3,038 | 113,850 | ||||||
Coca-Cola European Partners PLC | 1,317 | 67,009 | ||||||
Koninklijke Ahold Delhaize NV | 5,049 | 126,591 | ||||||
Vastned Retail NV REIT | 1,069 | 32,016 | ||||||
|
| |||||||
339,466 | ||||||||
|
| |||||||
New Zealand—0.4% |
| |||||||
Air New Zealand Ltd. | 32,303 | 63,717 | ||||||
Arvida Group Ltd. | 26,315 | 34,013 | ||||||
Summerset Group Holdings Ltd. | 16,234 | 97,298 | ||||||
Tourism Holdings Ltd. | 3,878 | 9,012 | ||||||
|
| |||||||
204,040 | ||||||||
|
| |||||||
Norway—0.2% |
| |||||||
B2Holding ASA | 5,084 | 5,536 | ||||||
Elkem ASA (a) | 8,219 | 23,177 | ||||||
Mowi ASA | 2,253 | 58,580 | ||||||
|
| |||||||
87,293 | ||||||||
|
| |||||||
Peru—0.0% |
| |||||||
Ferreycorp SAA | 40,342 | 26,667 | ||||||
|
| |||||||
Philippines—0.1% |
| |||||||
Altus San Nicolas Corp. (c)(d)(e) | 568 | 57 | ||||||
Globe Telecom, Inc. | 605 | 24,132 | ||||||
PLDT, Inc. | 1,115 | 21,870 | ||||||
Robinsons Land Corp. | 29,500 | 16,047 | ||||||
|
| |||||||
62,106 | ||||||||
|
| |||||||
Poland—0.2% |
| |||||||
Asseco Poland S.A. | 4,650 | 78,148 | ||||||
Ciech S.A. (e) | 1,701 | 17,782 | ||||||
|
| |||||||
95,930 | ||||||||
|
| |||||||
Singapore—1.6% |
| |||||||
Accordia Golf Trust UNIT | 37,500 | 18,657 | ||||||
Cache Logistics Trust REIT | 21,200 | 11,266 | ||||||
CapitaLand Mall Trust REIT | 100,600 | 184,155 | ||||||
China Aviation Oil Singapore Corp., Ltd. | 6,900 | 6,521 | ||||||
ComfortDelGro Corp. Ltd. | 36,200 | 64,053 | ||||||
EC World Real Estate Investment Trust REIT | 21,200 | 11,743 | ||||||
Fortune Real Estate Investment Trust REIT | 66,000 | 77,007 | ||||||
Frasers Logistics & Industrial Trust REIT | 106,900 | 98,558 | ||||||
Keppel DC REIT | 37,500 | 58,021 | ||||||
Mapletree Commercial Trust REIT | 47,873 | 85,130 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 10,300 | 84,260 | ||||||
Sheng Siong Group Ltd. | 16,400 | 15,120 | ||||||
Singapore Airlines Ltd. | 24,600 | 165,393 | ||||||
Sino Grandness Food Industry Group Ltd. (e) | 77,400 | 2,302 | ||||||
|
| |||||||
882,186 | ||||||||
|
| |||||||
South Africa—0.0% |
| |||||||
Astral Foods Ltd. | 1,214 | 18,822 | ||||||
|
|
Shares | Value^ | |||||||
Spain—0.4% |
| |||||||
Ebro Foods S.A. | 1,610 | $ | 34,837 | |||||
Iberdrola S.A. | 17,153 | 176,771 | ||||||
Lar Espana Real Estate Socimi S.A. REIT | 1,947 | 15,506 | ||||||
|
| |||||||
227,114 | ||||||||
|
| |||||||
Sweden—0.1% |
| |||||||
Castellum AB | 2,957 | 69,455 | ||||||
|
| |||||||
Switzerland—4.5% |
| |||||||
Baloise Holding AG | 755 | 136,644 | ||||||
Banque Cantonale Vaudoise | 30 | 24,489 | ||||||
Barry Callebaut AG | 66 | 145,694 | ||||||
BKW AG | 111 | 8,196 | ||||||
Cembra Money Bank AG | 1,136 | 124,289 | ||||||
Intershop Holding AG | 32 | 18,708 | ||||||
Nestle S.A. | 4,582 | 496,071 | ||||||
PSP Swiss Property AG | 888 | 122,610 | ||||||
Roche Holding AG | 1,291 | 419,578 | ||||||
Swiss Life Holding AG | 389 | 195,150 | ||||||
Swiss Re AG | 2,409 | 270,633 | ||||||
Zurich Insurance Group AG | 1,297 | 532,028 | ||||||
|
| |||||||
2,494,090 | ||||||||
|
| |||||||
Taiwan—4.5% |
| |||||||
Asia Cement Corp. | 47,000 | 75,233 | ||||||
Cheng Loong Corp. | 37,000 | 23,822 | ||||||
China Airlines Ltd. | 69,000 | 20,855 | ||||||
China Motor Corp. | 17,600 | 22,979 | ||||||
China Petrochemical Development Corp. | 117,500 | 38,439 | ||||||
CTBC Financial Holding Co., Ltd. | 246,000 | 184,043 | ||||||
E.Sun Financial Holding Co., Ltd. | 178,665 | 166,501 | ||||||
First Financial Holding Co., Ltd. | 423,659 | 335,232 | ||||||
Formosa Chemicals & Fibre Corp. | 13,000 | 37,981 | ||||||
Formosa Petrochemical Corp. | 57,000 | 185,390 | ||||||
Formosa Plastics Corp. | 31,000 | 103,242 | ||||||
Fulgent Sun International Holding Co., Ltd. | 8,000 | 35,822 | ||||||
Getac Technology Corp. | 49,000 | 76,408 | ||||||
Global Mixed Mode Technology, Inc. | 15,000 | 63,331 | ||||||
Great Wall Enterprise Co., Ltd. | 31,458 | 45,813 | ||||||
HannStar Display Corp. | 439,000 | 118,571 | ||||||
Hua Nan Financial Holdings Co., Ltd. | 90,687 | 66,609 | ||||||
International CSRC Investment Holdings Co. | 68,770 | 71,998 | ||||||
King Yuan Electronics Co., Ltd. | 42,000 | 52,686 | ||||||
Lien Hwa Industrial Holdings Corp. | 70,455 | 86,723 | ||||||
Mega Financial Holding Co., Ltd. | 92,000 | 93,943 | ||||||
Mercuries Life Insurance Co., Ltd. (e) | 48,594 | 18,844 | ||||||
Oriental Union Chemical Corp. | 7,000 | 4,906 | ||||||
Powertech Technology, Inc. | 42,000 | 139,785 | ||||||
Sinbon Electronics Co., Ltd. | 18,139 | 74,983 | ||||||
Taichung Commercial Bank Co., Ltd. | 65,224 | 26,089 | ||||||
Taiwan Fertilizer Co., Ltd. | 18,000 | 29,766 | ||||||
Taiwan PCB Techvest Co., Ltd. | 17,000 | 20,729 | ||||||
Tripod Technology Corp. | 20,000 | 83,944 | ||||||
Uni-President Enterprises Corp. | 29,000 | 71,915 | ||||||
Wisdom Marine Lines Co., Ltd. (e) | 15,000 | 14,797 |
Table of Contents
Schedule of Investments
AllianzGI Best Styles Global Managed Volatility Portfolio
December 31, 2019 (unaudited) (continued)
Shares | Value^ | |||||||
WT Microelectronics Co., Ltd. | 10,003 | $ | 14,048 | |||||
Yuanta Financial Holding Co., Ltd. | 142,000 | 95,729 | ||||||
|
| |||||||
2,501,156 | ||||||||
|
| |||||||
Thailand—1.2% |
| |||||||
Bangchak Corp. PCL (c)(d) | 50,300 | 46,973 | ||||||
Bangkok Bank PCL (c)(d) | 15,600 | 83,239 | ||||||
Electricity Generating PCL (c)(d) | 7,500 | 82,024 | ||||||
IRPC PCL (c)(d) | 188,900 | 23,160 | ||||||
PTT PCL (c)(d) | 58,600 | 85,984 | ||||||
Siam Cement PCL (c)(d) | 8,900 | 116,326 | ||||||
Siamgas & Petrochemicals PCL (c)(d) | 151,900 | 49,093 | ||||||
Star Petroleum Refining PCL (c)(d) | 179,100 | 63,899 | ||||||
Tisco Financial Group PCL (c)(d) | 32,600 | 107,928 | ||||||
|
| |||||||
658,626 | ||||||||
|
| |||||||
United Kingdom—1.3% |
| |||||||
Berkeley Group Holdings PLC | 1,389 | 89,399 | ||||||
Diageo PLC | 1,594 | 67,166 | ||||||
Gamma Communications PLC | 5,572 | 98,163 | ||||||
Highland Gold Mining Ltd. | 12,952 | 33,472 | ||||||
Johnson Service Group PLC | 17,486 | 45,397 | ||||||
Marston’s PLC | 18,438 | 31,066 | ||||||
Primary Health Properties PLC REIT | 16,812 | 35,631 | ||||||
Regional REIT Ltd. REIT (a) | 20,237 | 30,306 | ||||||
Royal Dutch Shell PLC, Class A | 3,379 | 99,630 | ||||||
Unilever PLC | 3,742 | 214,202 | ||||||
|
| |||||||
744,432 | ||||||||
|
| |||||||
United States—53.9% |
| |||||||
Accenture PLC, Class A | 668 | 140,661 | ||||||
Adobe, Inc. (e) | 392 | 129,286 | ||||||
Aflac, Inc. | 4,278 | 226,306 | ||||||
AG Mortgage Investment Trust, Inc. REIT | 3,004 | 46,322 | ||||||
AGNC Investment Corp. REIT | 13,725 | 242,658 | ||||||
Alleghany Corp. (e) | 233 | 186,300 | ||||||
Allstate Corp. | 4,247 | 477,575 | ||||||
Altria Group, Inc. | 4,628 | 230,983 | ||||||
Amdocs Ltd. | 771 | 55,658 | ||||||
Ameren Corp. | 3,083 | 236,774 | ||||||
American Electric Power Co., Inc. | 3,102 | 293,170 | ||||||
American Financial Group, Inc. | 1,282 | 140,571 | ||||||
American Tower Corp. REIT | 245 | 56,306 | ||||||
Amgen, Inc. | 1,009 | 243,240 | ||||||
Annaly Capital Management, Inc. REIT | 21,303 | 200,674 | ||||||
Anthem, Inc. | 641 | 193,601 | ||||||
Apollo Commercial Real Estate Finance, Inc. REIT | 4,686 | 85,707 | ||||||
Apple, Inc. | 1,728 | 507,427 | ||||||
Ares Commercial Real Estate Corp. REIT | 4,387 | 69,490 | ||||||
AT&T, Inc. | 14,181 | 554,193 | ||||||
Atmos Energy Corp. | 188 | 21,030 | ||||||
Automatic Data Processing, Inc. | 1,817 | 309,799 | ||||||
AutoZone, Inc. (e) | 368 | 438,402 | ||||||
AvalonBay Communities, Inc. REIT | 822 | 172,373 | ||||||
Berkshire Hathaway, Inc., Class B (e) | 555 | 125,708 | ||||||
Bright Horizons Family Solutions, Inc. (e) | 927 | 139,319 | ||||||
Bristol-Myers Squibb Co. | 4,252 | 272,936 |
Shares | Value^ | |||||||
Cadence Design Systems, Inc. (e) | 160 | $ | 11,098 | |||||
Casey’s General Stores, Inc. | 272 | 43,245 | ||||||
CBTX, Inc. | 1,720 | 53,526 | ||||||
Chemed Corp. | 270 | 118,600 | ||||||
Cherry Hill Mortgage Investment Corp. REIT | 845 | 12,329 | ||||||
Chimera Investment Corp. REIT | 3,274 | 67,313 | ||||||
Church & Dwight Co., Inc. | 3,537 | 248,793 | ||||||
Cincinnati Financial Corp. | 1,973 | 207,461 | ||||||
Cisco Systems, Inc. | 8,255 | 395,910 | ||||||
CMS Energy Corp. | 2,680 | 168,411 | ||||||
Coca-Cola Co. | 1,240 | 68,634 | ||||||
Consolidated Edison, Inc. | 7,832 | 708,561 | ||||||
Costco Wholesale Corp. | 922 | 270,994 | ||||||
DTE Energy Co. | 1,984 | 257,662 | ||||||
Duke Energy Corp. | 4,935 | 450,121 | ||||||
Eli Lilly & Co. | 3,630 | 477,091 | ||||||
Ellington Financial, Inc. | 1,999 | 36,642 | ||||||
Encompass Health Corp. | 1,830 | 126,764 | ||||||
Ennis, Inc. | 1,333 | 28,859 | ||||||
Entergy Corp. | 2,214 | 265,237 | ||||||
Equity LifeStyle Properties, Inc. REIT | 2,198 | 154,717 | ||||||
Equity Residential REIT | 4,551 | 368,267 | ||||||
Essex Property Trust, Inc. REIT | 749 | 225,344 | ||||||
Exelon Corp. | 2,933 | 133,715 | ||||||
Exxon Mobil Corp. | 395 | 27,563 | ||||||
Facebook, Inc., Class A (e) | 1,209 | 248,147 | ||||||
frontdoor, Inc. (e) | 2,020 | 95,788 | ||||||
FTI Consulting, Inc. (e) | 848 | 93,840 | ||||||
General Mills, Inc. | 5,170 | 276,905 | ||||||
Global Payments, Inc. | 1,285 | 234,590 | ||||||
Granite Point Mortgage Trust, Inc. REIT | 406 | 7,462 | ||||||
Hershey Co. | 1,842 | 270,737 | ||||||
Humana, Inc. | 790 | 289,551 | ||||||
Intel Corp. | 4,702 | 281,415 | ||||||
Intuit, Inc. | 386 | 101,105 | ||||||
Invesco Mortgage Capital, Inc. REIT | 5,280 | 87,912 | ||||||
Johnson & Johnson | 5,823 | 849,401 | ||||||
Kellogg Co. | 622 | 43,018 | ||||||
Kimberly-Clark Corp. | 2,922 | 401,921 | ||||||
Laboratory Corp. of America Holdings (e) | 1,032 | 174,583 | ||||||
Leidos Holdings, Inc. | 1,768 | 173,070 | ||||||
Lockheed Martin Corp. | 1,727 | 672,459 | ||||||
ManTech International Corp., Class A | 1,677 | 133,959 | ||||||
Marsh & McLennan Cos., Inc. | 527 | 58,713 | ||||||
Mastercard, Inc., Class A | 1,791 | 534,775 | ||||||
McDonald’s Corp. | 2,365 | 467,348 | ||||||
McGrath RentCorp | 733 | 56,104 | ||||||
Merck & Co., Inc. | 7,143 | 649,656 | ||||||
MFA Financial, Inc. REIT | 8,361 | 63,962 | ||||||
Microsoft Corp. | 2,380 | 375,326 | ||||||
Motorola Solutions, Inc. | 1,093 | 176,126 | ||||||
National CineMedia, Inc. | 706 | 5,147 | ||||||
NextEra Energy, Inc. | 845 | 204,625 | ||||||
Northfield Bancorp, Inc. | 396 | 6,716 | ||||||
Northrop Grumman Corp. | 800 | 275,176 | ||||||
NVR, Inc. (e) | 8 | 30,467 | ||||||
O’Reilly Automotive, Inc. (e) | 633 | 277,419 | ||||||
Occidental Petroleum Corp. | 3,977 | 163,892 | ||||||
Old Republic International Corp. | 6,277 | 140,416 |
Table of Contents
Schedule of Investments
AllianzGI Best Styles Global Managed Volatility Portfolio
December 31, 2019 (unaudited) (continued)
Shares | Value^ | |||||||
Omega Healthcare Investors, Inc. REIT | 1,527 | $ | 64,668 | |||||
Paychex, Inc. | 1,900 | 161,614 | ||||||
Peoples Bancorp, Inc. | 669 | 23,188 | ||||||
PepsiCo, Inc. | 4,177 | 570,871 | ||||||
Pfizer, Inc. | 16,940 | 663,709 | ||||||
Pinnacle West Capital Corp. | 1,790 | 160,975 | ||||||
Portland General Electric Co. | 2,025 | 112,975 | ||||||
Procter & Gamble Co. | 7,025 | 877,422 | ||||||
Progressive Corp. | 4,556 | 329,809 | ||||||
Prospect Capital Corp. | 14,030 | 90,353 | ||||||
PS Business Parks, Inc. REIT | 653 | 107,660 | ||||||
Public Storage REIT | 52 | 11,074 | ||||||
QCR Holdings, Inc. | 286 | 12,544 | ||||||
Quest Diagnostics, Inc. | 1,307 | 139,575 | ||||||
Raytheon Co. | 728 | 159,971 | ||||||
RBB Bancorp | 438 | 9,272 | ||||||
Realty Income Corp. REIT | 1,805 | 132,902 | ||||||
RenaissanceRe Holdings Ltd. | 1,663 | 325,981 | ||||||
Republic Services, Inc. | 3,044 | 272,834 | ||||||
Retail Properties of America, Inc., Class A REIT | 3,221 | 43,161 | ||||||
Ross Stores, Inc. | 2,927 | 340,761 | ||||||
S&P Global, Inc. | 495 | 135,160 | ||||||
Shockwave Medical, Inc. (e) | 1,609 | 70,667 | ||||||
Southern Co. | 2,967 | 188,998 | ||||||
SP Plus Corp. (e) | 1,429 | 60,632 | ||||||
Starbucks Corp. | 5,327 | 468,350 | ||||||
STORE Capital Corp. REIT | 565 | 21,041 | ||||||
Sysco Corp. | 2,804 | 239,854 | ||||||
T-Mobile U.S., Inc. (e) | 2,406 | 188,679 | ||||||
Target Corp. | 1,754 | 224,880 | ||||||
TCG BDC, Inc. | 1,777 | 23,776 | ||||||
TJX Cos., Inc. | 4,828 | 294,798 | ||||||
TPG RE Finance Trust, Inc. REIT | 1,025 | 20,777 | ||||||
Tyson Foods, Inc., Class A | 1,442 | 131,280 | ||||||
United Therapeutics Corp. (e) | 1,003 | 88,344 | ||||||
UnitedHealth Group, Inc. | 2,355 | 692,323 | ||||||
Valley National Bancorp | 649 | 7,431 | ||||||
Verizon Communications, Inc. | 11,511 | 706,775 | ||||||
Visa, Inc., Class A | 541 | 101,654 | ||||||
Walmart, Inc. | 2,859 | 339,764 | ||||||
Walt Disney Co. | 401 | 57,997 | ||||||
Waste Management, Inc. | 7,044 | 802,734 | ||||||
Waterstone Financial, Inc. | 1,819 | 34,616 | ||||||
WEC Energy Group, Inc. | 6,229 | 574,501 | ||||||
WellCare Health Plans, Inc. (e) | 481 | 158,831 | ||||||
Western Asset Mortgage Capital Corp. REIT | 3,885 | 40,132 | ||||||
Xcel Energy, Inc. | 9,296 | 590,203 | ||||||
Zoetis, Inc. | 1,952 | 258,347 | ||||||
|
| |||||||
29,778,920 | ||||||||
|
| |||||||
Total Common Stock (cost—$44,749,843) |
| 53,446,515 | ||||||
|
|
Shares | Value^ | |||||||
PREFERRED STOCK—0.2% |
| |||||||
Brazil—0.2% | ||||||||
Telefonica Brasil S.A. | 8,300 | $ | 119,965 | |||||
|
| |||||||
EXCHANGE-TRADED FUNDS—0.2% |
| |||||||
iShares Edge MSCI Min Vol Global | 880 | 84,330 | ||||||
|
| |||||||
RIGHTS—0.0% |
| |||||||
Morocco—0.0% |
| |||||||
Douja Promotion Groupe Addoha S.A., exercise price MAD 10.00, expires 1/8/20 (c)(d)(e) | 10,225 | 355 | ||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—2.4% |
| |||||||
State Street Bank and Trust Co., | $ | 1,342 | 1,342,000 | |||||
|
| |||||||
Total Investments |
| 54,993,165 | ||||||
|
| |||||||
Other assets less liabilities—0.4% |
| 214,179 | ||||||
|
| |||||||
Net Assets—100.0% |
| $ | 55,207,344 | |||||
|
|
Notes to Schedule of Investments:
(a) | 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $401,707, representing 0.7% of net assets. |
(b) | Securities with an aggregate value of $20,229,128, representing 36.6% of net assets, were valued utilizing modeling tools provided by a third-party vendor. |
(c) | Fair-Valued—Securities with an aggregate value of $659,038, representing 1.2% of net assets. |
(d) | Level 3 security. |
(e) | Non-income producing. |
Glossary:
MAD—Moroccan Dirham
MSCI—Morgan Stanley Capital International
REIT—Real Estate Investment Trust
UNIT—More than one class of securities traded together
Table of Contents
Schedule of Investments
AllianzGI Best Styles Global Managed Volatility Portfolio
December 31, 2019 (unaudited) (continued)
The industry classification of portfolio holdings and other assets less liabilities shown as a percentage of net assets were as follows:
Insurance | 8.5 | % | ||
Pharmaceuticals | 7.3 | % | ||
Electric Utilities | 6.5 | % | ||
Diversified Telecommunication Services | 5.1 | % | ||
Equity Real Estate Investment Trusts (REITs) | 4.5 | % | ||
IT Services | 4.3 | % | ||
Banks | 4.0 | % | ||
Healthcare Providers & Services | 3.8 | % | ||
Food Products | 3.8 | % | ||
Multi-Utilities | 3.5 | % | ||
Household Products | 2.8 | % | ||
Specialty Retail | 2.7 | % | ||
Wireless Telecommunication Services | 2.6 | % | ||
Hotels, Restaurants & Leisure | 2.6 | % | ||
Food & Staples Retailing | 2.3 | % | ||
Technology Hardware, Storage & Peripherals | 2.3 | % | ||
Commercial Services & Supplies | 2.3 | % | ||
Aerospace & Defense | 2.0 | % | ||
Construction & Engineering | 1.9 | % | ||
Oil, Gas & Consumable Fuels | 1.8 | % | ||
Mortgage Real Estate Investment Trusts (REITs) | 1.8 | % | ||
Beverages | 1.8 | % | ||
Real Estate Management & Development | 1.3 | % | ||
Software | 1.3 | % | ||
Trading Companies & Distributors | 1.2 | % | ||
Communications Equipment | 1.0 | % | ||
Semiconductors & Semiconductor Equipment | 1.0 | % | ||
Gas Utilities | 0.8 | % | ||
Electronic Equipment, Instruments & Components | 0.8 | % | ||
Capital Markets | 0.8 | % | ||
Transportation Infrastructure | 0.8 | % | ||
Metals & Mining | 0.7 | % | ||
Airlines | 0.7 | % | ||
Tobacco | 0.6 | % | ||
Chemicals | 0.6 | % | ||
Textiles, Apparel & Luxury Goods | 0.6 | % | ||
Biotechnology | 0.6 | % | ||
Interactive Media & Services | 0.6 | % | ||
Household Durables | 0.5 | % | ||
Construction Materials | 0.5 | % | ||
Road & Rail | 0.5 | % | ||
Diversified Consumer Services | 0.4 | % | ||
Multi-Line Retail | 0.4 | % | ||
Personal Products | 0.4 | % | ||
Containers & Packaging | 0.3 | % | ||
Diversified Financial Services | 0.3 | % | ||
Media | 0.3 | % | ||
Consumer Finance | 0.2 | % | ||
Entertainment | 0.2 | % |
Independent Power Producers & Energy Traders | 0.2 | % | ||
Leisure Equipment & Products | 0.2 | % | ||
Industrial Conglomerates | 0.2 | % | ||
Building Products | 0.2 | % | ||
Professional Services | 0.2 | % | ||
Exchange-Traded Funds | 0.2 | % | ||
Healthcare Equipment & Supplies | 0.1 | % | ||
Marine | 0.1 | % | ||
Thrifts & Mortgage Finance | 0.1 | % | ||
Automobiles | 0.1 | % | ||
Repurchase Agreements | 2.4 | % | ||
Other assets less liabilities | 0.4 | % | ||
|
| |||
100.0 | % | |||
|
|
Table of Contents
Schedule of Investments
AllianzGI GlobalSmall-Cap Opportunities Portfolio
December 31, 2019 (unaudited)
Shares | Value^ | |||||||
COMMON STOCK—98.1% |
| |||||||
Australia—4.9% |
| |||||||
BWP Trust REIT | 34,993 | $ | 96,431 | |||||
Charter Hall Retail REIT | 13,408 | 40,186 | ||||||
Cromwell Property Group REIT | 45,077 | 37,191 | ||||||
JBHi-Fi Ltd. | 6,825 | 180,631 | ||||||
Qantas Airways Ltd. | 41,186 | 205,291 | ||||||
|
| |||||||
559,730 | ||||||||
|
| |||||||
Belgium—0.5% |
| |||||||
bpost S.A. | 5,088 | 58,826 | ||||||
|
| |||||||
Brazil—0.6% |
| |||||||
Cia Paranaense de Energia, Class P ADR | 3,915 | 66,320 | ||||||
|
| |||||||
Canada—2.7% |
| |||||||
Cogeco Communications, Inc. | 1,000 | 87,174 | ||||||
Gibson Energy, Inc. | 2,355 | 48,222 | ||||||
Granite Real Estate Investment Trust REIT | 2,559 | 130,024 | ||||||
International Petroleum Corp. (e) | 9,305 | 41,523 | ||||||
|
| |||||||
306,943 | ||||||||
|
| |||||||
China—2.2% |
| |||||||
Huaxin Cement Co., Ltd., Class B | 33,399 | 69,406 | ||||||
Jiangsu Expressway Co., Ltd., Class H | 36,000 | 49,331 | ||||||
Weichai Power Co., Ltd., Class H | 61,000 | 128,754 | ||||||
|
| |||||||
247,491 | ||||||||
|
| |||||||
Denmark—1.5% |
| |||||||
Topdanmark A/S | 3,367 | 165,978 | ||||||
|
| |||||||
Greece—0.5% |
| |||||||
Motor Oil Hellas Corinth Refineries S.A. | 2,503 | 57,932 | ||||||
|
| |||||||
Hong Kong—0.7% |
| |||||||
Hysan Development Co., Ltd. | 20,000 | 78,425 | ||||||
|
| |||||||
India—1.4% |
| |||||||
Oil India Ltd. | 20,243 | 43,405 | ||||||
WNS Holdings Ltd. ADR (e) | 1,795 | 118,739 | ||||||
|
| |||||||
162,144 | ||||||||
|
| |||||||
Italy—1.9% |
| |||||||
Unipol Gruppo SpA | 37,050 | 212,706 | ||||||
|
| |||||||
Japan—11.8% |
| |||||||
Advance Residence Investment Corp. REIT | 36 | 114,111 | ||||||
AEON REIT Investment Corp. REIT | 54 | 73,940 | ||||||
Daiwa Office Investment Corp. REIT | 8 | 61,433 | ||||||
Dip Corp. | 2,900 | 85,664 | ||||||
EDION Corp. | 10,800 | 119,938 | ||||||
Fuji Soft, Inc. | 1,200 | 46,213 | ||||||
GungHo Online Entertainment, Inc. | 2,390 | 50,633 | ||||||
Invincible Investment Corp. REIT | 124 | 70,642 | ||||||
Japan Rental Housing Investments, Inc. REIT | 51 | 49,895 | ||||||
Nippon Accommodations Fund, Inc. REIT | 12 | 75,763 | ||||||
Nippon REIT Investment Corp. REIT | 19 | 83,586 | ||||||
Okamura Corp. | 3,600 | 36,574 |
Shares | Value^ | |||||||
Sankyu, Inc. | 4,000 | $ | 201,009 | |||||
SKY Perfect JSAT Holdings, Inc. | 8,800 | 39,017 | ||||||
Skylark Holdings Co., Ltd. | 1,900 | 37,250 | ||||||
Sumitomo Forestry Co., Ltd. | 5,800 | 85,411 | ||||||
T-Gaia Corp. | 3,400 | 82,347 | ||||||
World Co., Ltd. | 1,400 | 34,384 | ||||||
|
| |||||||
1,347,810 | ||||||||
|
| |||||||
Korea (Republic of)—1.3% |
| |||||||
DB HiTek Co., Ltd. | 4,424 | 105,582 | ||||||
Macquarie Korea Infrastructure Fund | 4,343 | 43,564 | ||||||
|
| |||||||
149,146 | ||||||||
|
| |||||||
Netherlands—2.5% |
| |||||||
ASR Nederland NV | 2,879 | 107,892 | ||||||
Signify NV (a) | 5,646 | 176,713 | ||||||
|
| |||||||
284,605 | ||||||||
|
| |||||||
Portugal—0.7% |
| |||||||
NOS SGPS S.A. | 13,734 | 74,163 | ||||||
|
| |||||||
Singapore—2.4% |
| |||||||
Mapletree Commercial Trust REIT | 55,400 | 98,515 | ||||||
Mapletree Industrial Trust REIT | 46,100 | 89,158 | ||||||
Mapletree North Asia Commercial Trust REIT | 97,400 | 84,099 | ||||||
|
| |||||||
271,772 | ||||||||
|
| |||||||
South Africa—0.5% |
| |||||||
Harmony Gold Mining Co., Ltd. ADR (e) | 15,400 | 55,902 | ||||||
|
| |||||||
Switzerland—0.4% |
| |||||||
Adecco Group AG | 764 | 48,302 | ||||||
|
| |||||||
Taiwan—2.9% |
| |||||||
Radiant Opto-Electronics Corp. | 16,000 | 64,062 | ||||||
Sino-American Silicon Products, Inc. | 16,000 | 53,143 | ||||||
Wistron Corp. | 225,000 | 213,014 | ||||||
|
| |||||||
330,219 | ||||||||
|
| |||||||
Thailand—1.1% |
| |||||||
Thanachart Capital PCL (c)(d) | 71,200 | 127,037 | ||||||
|
| |||||||
Turkey—0.7% |
| |||||||
Enerjisa Enerji AS (a) | 31,436 | 39,023 | ||||||
Turkiye Sinai Kalkinma Bankasi AS (e) | 224,047 | 45,528 | ||||||
|
| |||||||
84,551 | ||||||||
|
| |||||||
United Kingdom—4.3% |
| |||||||
Computacenter PLC | 3,011 | 70,714 | ||||||
Go-Ahead Group PLC | 2,994 | 87,735 | ||||||
Greggs PLC | 5,751 | 175,419 | ||||||
Hays PLC | 20,611 | 49,579 | ||||||
QinetiQ Group PLC | 7,534 | 35,707 | ||||||
SSP Group PLC | 7,708 | 66,361 | ||||||
|
| |||||||
485,515 | ||||||||
|
| |||||||
United States—52.6% |
| |||||||
Allied Motion Technologies, Inc. | 895 | 43,408 | ||||||
America’sCar-Mart, Inc. (e) | 1,025 | 112,402 | ||||||
Amkor Technology, Inc. (e) | 7,450 | 96,850 |
Table of Contents
Schedule of Investments
AllianzGI GlobalSmall-Cap Opportunities Portfolio
December 31, 2019 (unaudited) (continued)
Shares | Value^ | |||||||
Arcosa, Inc. | 1,505 | $ | 67,048 | |||||
Aspen Technology, Inc. (e) | 1,025 | 123,953 | ||||||
Atkore International Group, Inc. (e) | 4,940 | 199,872 | ||||||
Bancorp, Inc. (e) | 4,000 | 51,880 | ||||||
Barrett Business Services, Inc. | 815 | 73,725 | ||||||
Benchmark Electronics, Inc. | 4,500 | 154,620 | ||||||
Bio-Techne Corp. | 740 | 162,437 | ||||||
Bruker Corp. | 850 | 43,325 | ||||||
Builders FirstSource, Inc. (e) | 7,300 | 185,493 | ||||||
Carriage Services, Inc. | 1,500 | 38,400 | ||||||
Century Communities, Inc. (e) | 4,400 | 120,340 | ||||||
Charles River Laboratories International, Inc. (e) | 1,075 | 164,217 | ||||||
Clean Harbors, Inc. (e) | 500 | 42,875 | ||||||
Clearway Energy, Inc., Class A | 5,200 | 99,424 | ||||||
Comfort Systems USA, Inc. | 1,950 | 97,208 | ||||||
EMCOR Group, Inc. | 1,825 | 157,498 | ||||||
Emergent Biosolutions, Inc. (e) | 965 | 52,062 | ||||||
ePlus, Inc. (e) | 1,260 | 106,205 | ||||||
GMS, Inc. (e) | 1,995 | 54,025 | ||||||
Group 1 Automotive, Inc. | 1,435 | 143,500 | ||||||
HarborOne Bancorp, Inc. (e) | 4,070 | 44,729 | ||||||
Hilltop Holdings, Inc. | 5,800 | 144,594 | ||||||
Horizon Therapeutics PLC (e) | 1,530 | 55,386 | ||||||
Inphi Corp. (e) | 3,000 | 222,060 | ||||||
Integer Holdings Corp. (e) | 2,415 | 194,238 | ||||||
KB Home | 3,020 | 103,495 | ||||||
Kelly Services, Inc., Class A | 2,095 | 47,305 | ||||||
Lennar Corp., Class B | 845 | 37,772 | ||||||
Lithia Motors, Inc., Class A | 500 | 73,500 | ||||||
M/I Homes, Inc. (e) | 1,500 | 59,025 | ||||||
ManTech International Corp., Class A | 3,530 | 281,976 | ||||||
Matrix Service Co. (e) | 2,520 | 57,658 | ||||||
Methode Electronics, Inc. | 5,730 | 225,476 | ||||||
MGIC Investment Corp. | 15,665 | 221,973 | ||||||
Moog, Inc., Class A | 1,900 | 162,127 | ||||||
MSA Safety, Inc. | 1,465 | 185,117 | ||||||
NewMarket Corp. | 445 | 216,501 | ||||||
PRA Health Sciences, Inc. (e) | 1,455 | 161,723 | ||||||
Progress Software Corp. | 4,135 | 171,809 | ||||||
Rush Enterprises, Inc., Class A | 1,800 | 83,700 | ||||||
SJW Group | 705 | 50,097 | ||||||
Taylor Morrison Home Corp., Class A (e) | 11,330 | 247,674 | ||||||
Tetra Tech, Inc. | 1,390 | 119,762 | ||||||
TopBuild Corp. (e) | 1,150 | 118,542 | ||||||
Triple-S Management Corp., Class B (e) | 2,167 | 40,068 | ||||||
United Therapeutics Corp. (e) | 785 | 69,143 | ||||||
Vectrus, Inc. (e) | 1,515 | 77,659 | ||||||
Veeco Instruments, Inc. (e) | 2,860 | 41,999 | ||||||
Vishay Intertechnology, Inc. | 3,915 | 83,350 | ||||||
|
| |||||||
5,989,225 | ||||||||
|
| |||||||
Total Common Stock (cost—$10,097,863) |
| 11,164,742 | ||||||
|
|
Shares | Value^ | |||||||
PREFERRED STOCK—0.8% |
| |||||||
Brazil—0.8% |
| |||||||
Cia Paranaense de Energia | 4,900 | $ | 84,506 | |||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—1.3% |
| |||||||
State Street Bank and Trust Co., | $ | 151 | 151,000 | |||||
|
| |||||||
Total Investments |
| 11,400,248 | ||||||
|
| |||||||
Liabilities in excess of other assets—(0.2)% |
| (18,265 | ) | |||||
|
| |||||||
Net Assets—100.0% |
| $ | 11,381,983 | |||||
|
|
Notes to Schedule of Investments:
(a) | 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $215,736, representing 1.9% of net assets. |
(b) | Securities with an aggregate value of $3,981,177, representing 35.0% of net assets, were valued utilizing modeling tools provided by a third-party vendor. |
(c) | Fair-Valued—Security with a value of $127,037, representing 1.1% of net assets. |
(d) | Level 3 security. |
(e) | Non-income producing. |
Glossary:
ADR—American Depositary Receipt
REIT—Real Estate Investment Trust
Table of Contents
Schedule of Investments
AllianzGI GlobalSmall-Cap Opportunities Portfolio
December 31, 2019 (unaudited) (continued)
The industry classification of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets were as follows:
Equity Real Estate Investment Trusts (REITs) | 9.7 | % | ||
Household Durables | 6.8 | % | ||
Specialty Retail | 6.6 | % | ||
Semiconductors & Semiconductor Equipment | 5.1 | % | ||
Electronic Equipment, Instruments & Components | 5.0 | % | ||
Life Sciences Tools & Services | 4.7 | % | ||
Insurance | 4.3 | % | ||
IT Services | 4.1 | % | ||
Electrical Equipment | 3.7 | % | ||
Banks | 3.6 | % | ||
Commercial Services & Supplies | 3.4 | % | ||
Software | 3.0 | % | ||
Construction & Engineering | 2.8 | % | ||
Road & Rail | 2.5 | % | ||
Hotels, Restaurants & Leisure | 2.5 | % | ||
Aerospace & Defense | 2.4 | % | ||
Thrifts & Mortgage Finance | 2.0 | % | ||
Professional Services | 1.9 | % | ||
Chemicals | 1.9 | % | ||
Technology Hardware, Storage & Peripherals | 1.9 | % | ||
Airlines | 1.8 | % | ||
Media | 1.8 | % | ||
Healthcare Equipment & Supplies | 1.7 | % | ||
Oil, Gas & Consumable Fuels | 1.7 | % | ||
Electric Utilities | 1.7 | % | ||
Building Products | 1.6 | % | ||
Trading Companies & Distributors | 1.2 | % | ||
Machinery | 1.1 | % | ||
Biotechnology | 1.1 | % | ||
Independent Power Producers & Energy Traders | 0.9 | % | ||
Interactive Media & Services | 0.8 | % | ||
Real Estate Management & Development | 0.7 | % | ||
Construction Materials | 0.6 | % | ||
Air Freight & Logistics | 0.5 | % | ||
Energy Equipment & Services | 0.5 | % | ||
Metals & Mining | 0.5 | % | ||
Pharmaceuticals | 0.5 | % | ||
Entertainment | 0.4 | % | ||
Water Utilities | 0.4 | % | ||
Transportation Infrastructure | 0.4 | % |
Capital Markets | 0.4 | % | ||
Healthcare Providers & Services | 0.4 | % | ||
Diversified Consumer Services | 0.3 | % | ||
Repurchase Agreements | 1.3 | % | ||
Liabilities in excess of other assets | (0.2 | )% | ||
|
| |||
100.0 | % | |||
|
|
Table of Contents
Schedule of Investments
AllianzGI International Growth Portfolio
December 31, 2019 (unaudited)
Shares | Value^ | |||||||
COMMON STOCK—100.5% |
| |||||||
Australia—3.3% |
| |||||||
CSL Ltd. | 2,225 | $ | 431,388 | |||||
Domino’s Pizza Enterprises Ltd. | 17,535 | 644,515 | ||||||
Treasury Wine Estates Ltd. | 21,298 | 242,600 | ||||||
|
| |||||||
1,318,503 | ||||||||
|
| |||||||
Brazil—4.2% |
| |||||||
Lojas Renner S.A. | 12,048 | 169,084 | ||||||
StoneCo Ltd., Class A (c) | 37,967 | 1,514,504 | ||||||
|
| |||||||
1,683,588 | ||||||||
|
| |||||||
Canada—9.2% |
| |||||||
Alimentation Couche-Tard, Inc., Class B | 32,052 | 1,017,183 | ||||||
Canadian National Railway Co. | 4,854 | 439,105 | ||||||
Constellation Software, Inc. | 917 | 890,596 | ||||||
Restaurant Brands International, Inc. | 8,907 | 567,804 | ||||||
Shopify, Inc., Class A (c) | 2,064 | 820,605 | ||||||
|
| |||||||
3,735,293 | ||||||||
|
| |||||||
China—14.3% |
| |||||||
Alibaba Group Holding Ltd. ADR (c) | 11,593 | 2,458,875 | ||||||
TAL Education Group ADR (c) | 7,551 | 363,958 | ||||||
Tencent Holdings Ltd. | 41,432 | 1,996,033 | ||||||
Tencent Music Entertainment Group ADR (c) | 45,491 | 534,064 | ||||||
Weibo Corp. ADR (c) | 9,964 | 461,832 | ||||||
|
| |||||||
5,814,762 | ||||||||
|
| |||||||
Denmark—12.2% |
| |||||||
Ambu A/S, Class B | 93,589 | 1,569,217 | ||||||
Coloplast A/S, Class B | 1,664 | 206,438 | ||||||
DSV PANALPINA A/S | 10,979 | 1,265,366 | ||||||
Netcompany Group A/S (a)(c) | 28,245 | 1,344,021 | ||||||
Novo Nordisk A/S, Class B | 10,024 | 580,879 | ||||||
|
| |||||||
4,965,921 | ||||||||
|
| |||||||
Germany—11.4% |
| |||||||
Bechtle AG | 5,783 | 807,480 | ||||||
GRENKE AG | 7,059 | 730,443 | ||||||
Infineon Technologies AG | 64,083 | 1,447,914 | ||||||
SAP SE | 9,396 | 1,264,684 | ||||||
Zalando SE (a)(c) | 7,350 | 370,661 | ||||||
|
| |||||||
4,621,182 | ||||||||
|
| |||||||
Hong Kong—4.0% |
| |||||||
AIA Group Ltd. | 154,338 | 1,623,321 | ||||||
|
| |||||||
India—4.3% |
| |||||||
HDFC Bank Ltd. ADR | 27,647 | 1,751,990 | ||||||
|
| |||||||
Indonesia—1.7% |
| |||||||
Ace Hardware Indonesia Tbk PT | 2,611,182 | 281,206 | ||||||
Bank Central Asia Tbk PT | 161,844 | 389,236 | ||||||
|
| |||||||
670,442 | ||||||||
|
| |||||||
Ireland—2.8% |
| |||||||
Kingspan Group PLC | 11,220 | 685,279 | ||||||
Ryanair Holdings PLC ADR (c) | 4,953 | 433,932 | ||||||
|
| |||||||
1,119,211 | ||||||||
|
|
Shares | Value^ | |||||||
Israel—4.2% |
| |||||||
Wix.com Ltd. (c) | 13,927 | $ | 1,704,386 | |||||
|
| |||||||
Japan—3.5% |
| |||||||
Keyence Corp. | 2,604 | 914,364 | ||||||
MonotaRO Co., Ltd. | 18,530 | 493,287 | ||||||
|
| |||||||
1,407,651 | ||||||||
|
| |||||||
Netherlands—4.8% |
| |||||||
ASML Holding NV | 6,582 | 1,948,643 | ||||||
|
| |||||||
New Zealand—1.7% |
| |||||||
Mainfreight Ltd. | 24,129 | 690,701 | ||||||
|
| |||||||
Philippines—0.4% |
| |||||||
Jollibee Foods Corp. | 42,146 | 179,577 | ||||||
|
| |||||||
South Africa—2.6% |
| |||||||
PSG Group Ltd. | 63,502 | 1,061,661 | ||||||
|
| |||||||
Sweden—8.0% |
| |||||||
AddTech AB, Class B | 22,334 | 722,501 | ||||||
Assa Abloy AB, Class B | 13,821 | 323,072 | ||||||
Atlas Copco AB, Class A | 16,696 | 666,432 | ||||||
Epiroc AB, Class A | 27,681 | 338,518 | ||||||
Hexagon AB, Class B | 8,966 | 502,556 | ||||||
Hexpol AB | 71,798 | 705,596 | ||||||
|
| |||||||
3,258,675 | ||||||||
|
| |||||||
Switzerland—5.1% |
| |||||||
Partners Group Holding AG | 753 | 690,145 | ||||||
Sika AG | 3,044 | 571,649 | ||||||
Temenos AG (c) | 2,318 | 366,683 | ||||||
VAT Group AG (a)(c) | 2,703 | 456,014 | ||||||
|
| |||||||
2,084,491 | ||||||||
|
| |||||||
United Kingdom—2.8% |
| |||||||
ASOS PLC (c) | 9,139 | 409,543 | ||||||
DCC PLC | 8,599 | 745,870 | ||||||
|
| |||||||
1,155,413 | ||||||||
|
| |||||||
Total Investments |
| 40,795,411 | ||||||
|
| |||||||
Liabilities in excess of other assets—(0.5)% |
| (213,424 | ) | |||||
|
| |||||||
Net Assets—100.0% |
| $ | 40,581,987 | |||||
|
|
Notes to Schedule of Investments:
(a) | 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $2,170,696, representing 5.3% of net assets. |
(b) | Securities with an aggregate value of $20,458,089, representing 50.4% of net assets, were valued utilizing modeling tools provided by a third-party vendor. |
(c) | Non-income producing. |
Glossary:
ADR—American Depositary Receipt
Table of Contents
Schedule of Investments
AllianzGI International Growth Portfolio
December 31, 2019 (unaudited) (continued)
The industry classification of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets were as follows:
IT Services | 11.9 | % | ||
Software | 9.5 | % | ||
Semiconductors & Semiconductor Equipment | 8.4 | % | ||
Internet & Direct Marketing Retail | 8.0 | % | ||
Interactive Media & Services | 6.1 | % | ||
Banks | 5.3 | % | ||
Air Freight & Logistics | 4.8 | % | ||
Diversified Financial Services | 4.4 | % | ||
Healthcare Equipment & Supplies | 4.4 | % | ||
Insurance | 4.0 | % | ||
Machinery | 3.6 | % | ||
Electronic Equipment, Instruments & Components | 3.5 | % | ||
Hotels, Restaurants & Leisure | 3.4 | % | ||
Chemicals | 3.1 | % | ||
Trading Companies & Distributors | 3.0 | % | ||
Food & Staples Retailing | 2.5 | % | ||
Building Products | 2.5 | % | ||
Specialty Retail | 2.0 | % | ||
Industrial Conglomerates | 1.8 | % | ||
Capital Markets | 1.7 | % | ||
Pharmaceuticals | 1.4 | % | ||
Road & Rail | 1.1 | % | ||
Airlines | 1.1 | % | ||
Biotechnology | 1.1 | % |
Diversified Consumer Services | 0.9 | % | ||
Beverages | 0.6 | % | ||
Multi-Line Retail | 0.4 | % | ||
Liabilities in excess of other assets | (0.5 | )% | ||
|
| |||
100.0 | % | |||
|
|
Table of Contents
^ | Portfolio securities and other financial instruments for which market quotations are readily available are valued at market value. Market values for various types of securities and other instruments are determined on the basis of closing prices or last sales prices on an exchange or other market, or based on quotes or other market information obtained from quotation reporting systems, established market makers or pricing services. Investments in mutual funds are valued at the net asset value (“NAV”) as reported on each business day, and, under normal circumstances, ETFs are valued at their current market trading price. The Portfolios’ investments are valued daily using prices supplied by an independent pricing service or broker/dealer quotations, or by using the last sale or settlement price on the exchange that is the primary market for such securities, or the mean between the last bid and ask quotations. The market value for NASDAQ Global Market and NASDAQ Capital Market securities may also be calculated using the NASDAQ Official Closing Price instead of the last reported sales price. Independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Exchange traded futures are valued at the price determined by the relevant exchange. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily until settlement at the forward settlement date. |
The Board of Trustees (the “Board”) of each Portfolio of the AllianzGI Institutional Multi-Series Trust (the “Trust”) has adopted procedures for valuing portfolio securities and other financial derivative instruments in circumstances where market quotes are not readily available (including in cases where available market quotes are deemed to be unreliable), and has delegated responsibility for applying the valuation methods to the Allianz Global Investors U.S. LLC (the “Investment Manager”). The Trust’s Valuation Committee was established by the Board to oversee the implementation of the Portfolios’ valuation methods and to make fair value determinations on behalf of the Board, as instructed. The Investment Manager monitors the continued appropriateness of methods applied and identifies circumstances and events that may require fair valuation. The Investment Manager determines if adjustments should be made in light of market changes, events affecting the issuer or other factors. If the Investment Manager determines that a valuation method may no longer be appropriate, another valuation method previously approved by the Trust’s Valuation Committee may be selected or the Trust’s Valuation Committee will be convened to consider the matter and take any appropriate action in accordance with procedures set forth by the Board. The Board shall review and ratify the appropriateness of the valuation methods and these methods may be amended or supplemented from time to time by the Trust’s Valuation Committee.
Short-term debt investments having a remaining maturity of 60 days or less are valued at amortized cost unless the Board or its Valuation Committee determines that particular circumstances dictate otherwise.
Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of each Portfolio may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the New York Stock Exchange (“NYSE”) is closed and the NAV of a Portfoio’s shares may change on days when an investor is not able to purchase or redeem or exchanges shares.
The prices used by the Portfolios to value investments may differ from the value that would be realized if the investments were sold, and these differences could be material. Each Portfolio’s NAV is normally determined as of the close of regular trading (normally, 4:00 p.m., Eastern Time) on the NYSE on each day the NYSE is open for business. In unusual circumstances, the Board or the Valuation Committee may in good faith determine the NAV as of 4:00 p.m., Eastern Time, notwithstanding an earlier, unscheduled close or halt of trading on the NYSE.
The prices of certain portfolio securities or financial instruments may be determined at a time prior to the close of regular trading on the NYSE. In considering whether fair value pricing is required and in determining fair values, the Portfolios may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the time the NAV of a Portfolio is calculated. With respect to certain foreign securities, the Portfolios may fair-value securities using modeling tools provided by third-party vendors, where appropriate. The Portfolios have retained a statistical research service to assist in determining the fair value of foreign securities. This service utilizes statistics and programs based on historical performance of markets and other economic data to assist in making fair value estimates. Fair value estimates used by the Portfolios for foreign securities may differ from the value realized from the sale of those securities and the difference could be material. Fair value pricing may require subjective determinations about the value of a security or other assets, and fair values used to determine the NAV of a Portfolio may differ from quoted or published prices, or from prices that are used by others, for the same investments. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities or other assets held by a Portfolio.
Table of Contents
Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants. The three levels of the fair value hierarchy are described below:
• | Level 1—quoted prices in active markets for identical investments that the Portfolios have the ability to access |
• | Level 2—valuations based on other significant observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates or other market corroborated inputs |
• | Level 3—valuations based on significant unobservable inputs (including the Investment Manager’s or the Trust’s Valuation Committee’s own assumptions and securities whose price was determined by using a single broker’s quote) |
The valuation techniques used by the Portfolios to measure fair value during the three months ended December 31, 2019 were intended to maximize the use of observable inputs and to minimize the use of unobservable inputs.
An investment asset’s or liability’s level within the fair value hierarchy is based on the lowest level input, individually or in aggregate, that is significant to the fair value measurement. The objective of fair value measurement remains the same even when there is a significant decrease in the volume and level of activity for an asset or liability and regardless of the valuation techniques used.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following are certain inputs and techniques that the Portfolios generally use to evaluate how to classify each major category of assets and liabilities within Level 2 and Level 3, in accordance with accounting principles generally accepted in the United States of America.
An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed reasonable in good faith by the Valuation Committee, following the procedures established by the Board, to represent fair value. Under these procedures, the Portfolios generally use a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Portfolios’ valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Portfolios’ valuation procedures are designed to value a security at the price the Portfolios may reasonably expect to receive upon the security’s sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Portfolios would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available.
Equity Securities (Common and Preferred Stock and Warrants)—Equity securities traded in inactive markets and certain foreign equity securities are valued using inputs which include broker-dealer quotes, recently executed transactions adjusted for changes in the benchmark index, or evaluated price quotes received from independent pricing services that take into account the integrity of the market sector and issuer, the individual characteristics of the security, and information received from broker-dealers and other market sources pertaining to the issuer or security. To the extent that these inputs are observable, the values of equity securities are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.
U.S. Treasury Obligations—U.S. Treasury obligations are valued by independent pricing services based on pricing models that evaluate the mean between the most recently quoted bid and ask price. The models also take into consideration data received from active market makers and broker-dealers, yield curves, and the spread over comparable U.S. Treasury issues. The spreads change daily in response to market conditions and are generally obtained from the new issue market and broker-dealer sources. To the extent that these inputs are observable, the values of U.S. Treasury obligations are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.
Table of Contents
Government Sponsored Enterprise and Mortgage-Backed Securities—Government sponsored enterprise and mortgage-backed securities are valued by independent pricing services using pricing models based on inputs that include issuer type, coupon, cash flows, mortgage prepayment projection tables and Adjustable Rate Mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. To the extent that these inputs are observable, the values of government sponsored enterprise and mortgage-backed securities are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.
Sovereign Debt Obligations—Sovereign debt obligations are valued by independent pricing services based on discounted cash flow models that incorporate option adjusted spreads along with benchmark curves and credit spreads. In addition, international bond markets are monitored regularly for information pertaining to the issuer and/or the specific issue. To the extent that these inputs are observable, the values of sovereign debt obligations are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.
Corporate Bonds & Notes—Corporate bonds & notes are generally comprised of two main categories: investment grade bonds and high yield bonds. Investment grade bonds are valued by independent pricing services using various inputs and techniques, which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer or comparable issuers, and option adjusted spread models that include base curve and spread curve inputs. Adjustments to individual bonds can be applied to recognize trading differences compared to other bonds issued by the same issuer. High yield bonds are valued by independent pricing services based primarily on broker-dealer quotations from relevant market makers and recently executed transactions in securities of the issuer or comparable issuers. The broker-dealer quotations received are supported by credit analysis of the issuer that takes into consideration credit quality assessments, daily trading activity, and the activity of the underlying equities, listed bonds and sector-specific trends. To the extent that these inputs are observable, the values of corporate bonds & notes are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.
A summary of the inputs used at December 31, 2019 in valuing each Portfolio’s assets and liabilities is listed below (refer to the Schedules of Investments and Notes to the Schedules of Investments for more detailed information on Investments in Securities and Other Financial Instruments):
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Value at 12/31/19 | |||||||||||||
AllianzGI Advanced Core Bond: | ||||||||||||||||
Investments in Securities—Assets |
| |||||||||||||||
Corporate Bonds & Notes | — | $ | 10,125,149 | — | $ | 10,125,149 | ||||||||||
U.S. Government Agency Securities | — | 5,198,494 | — | 5,198,494 | ||||||||||||
U.S. Treasury Obligations | — | 4,299,186 | — | 4,299,186 | ||||||||||||
Sovereign Debt Obligations | — | 2,700,912 | — | 2,700,912 | ||||||||||||
Repurchase Agreements | — | 609,000 | — | 609,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
— | 22,932,741 | — | 22,932,741 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments*—Assets |
| |||||||||||||||
Interest Rate Contracts | $ | 1,236 | — | — | 1,236 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Totals | $ | 1,236 | $ | 22,932,741 | — | $ | 22,933,977 | |||||||||
|
|
|
|
|
|
|
|
Table of Contents
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Value at 12/31/19 | |||||||||||||
AllianzGI Best Styles Global Managed Volatility: | ||||||||||||||||
Investments in Securities—Assets |
| |||||||||||||||
Common Stock: |
| |||||||||||||||
Australia | — | $ | 617,468 | — | $ | 617,468 | ||||||||||
Austria | $ | 26,286 | 40,831 | — | 67,117 | |||||||||||
Belgium | 88,638 | 224,710 | — | 313,348 | ||||||||||||
Brazil | — | 68,632 | — | 68,632 | ||||||||||||
China | 22,279 | 1,294,778 | — | 1,317,057 | ||||||||||||
Czech Republic | 163,062 | 55,881 | — | 218,943 | ||||||||||||
France | 206,909 | 595,208 | — | 802,117 | ||||||||||||
Germany | 56,644 | 884,549 | — | 941,193 | ||||||||||||
Hong Kong | — | 700,370 | — | 700,370 | ||||||||||||
Hungary | — | 168,790 | — | 168,790 | ||||||||||||
Israel | — | 336,601 | — | 336,601 | ||||||||||||
Italy | 41,629 | 654,476 | — | 696,105 | ||||||||||||
Japan | 84,922 | 6,518,823 | — | 6,603,745 | ||||||||||||
Korea (Republic of) | 102,282 | 710,230 | — | 812,512 | ||||||||||||
Malaysia | 44,243 | 336,903 | — | 381,146 | ||||||||||||
Netherlands | 99,025 | 240,441 | — | 339,466 | ||||||||||||
New Zealand | 97,730 | 106,310 | — | 204,040 | ||||||||||||
Norway | — | 87,293 | — | 87,293 | ||||||||||||
Philippines | 40,179 | 21,870 | $ | 57 | 62,106 | |||||||||||
Poland | — | 95,930 | — | 95,930 | ||||||||||||
Singapore | 125,421 | 756,765 | — | 882,186 | ||||||||||||
Spain | 50,343 | 176,771 | — | 227,114 | ||||||||||||
Switzerland | 24,489 | 2,469,601 | — | 2,494,090 | ||||||||||||
Taiwan | — | 2,501,156 | — | 2,501,156 | ||||||||||||
Thailand | — | — | 658,626 | 658,626 | ||||||||||||
United Kingdom | 299,656 | 444,776 | — | 744,432 | ||||||||||||
All Other | 31,104,932 | — | — | 31,104,932 | ||||||||||||
Preferred Stock | — | 119,965 | — | 119,965 | ||||||||||||
Exchange-Traded Funds | 84,330 | — | — | 84,330 | ||||||||||||
Rights | — | — | 355 | 355 | ||||||||||||
Repurchase Agreements | — | 1,342,000 | — | 1,342,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Totals | $ | 32,762,999 | $ | 21,571,128 | $ | 659,038 | $ | 54,993,165 | ||||||||
|
|
|
|
|
|
|
|
Table of Contents
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Value at 12/31/19 | |||||||||||||
AllianzGI GlobalSmall-Cap Opportunities: |
| |||||||||||||||
Investments in Securities—Assets |
| |||||||||||||||
Common Stock: |
| |||||||||||||||
Australia | — | $ | 559,730 | — | $ | 559,730 | ||||||||||
Belgium | — | 58,826 | — | 58,826 | ||||||||||||
Canada | $ | 265,420 | 41,523 | — | 306,943 | |||||||||||
China | — | 247,491 | — | 247,491 | ||||||||||||
Greece | — | 57,932 | — | 57,932 | ||||||||||||
Hong Kong | — | 78,425 | — | 78,425 | ||||||||||||
India | 118,739 | 43,405 | — | 162,144 | ||||||||||||
Italy | — | 212,706 | — | 212,706 | ||||||||||||
Japan | 279,886 | 1,067,924 | — | 1,347,810 | ||||||||||||
Korea (Republic of) | 43,564 | 105,582 | — | 149,146 | ||||||||||||
Netherlands | — | 284,605 | — | 284,605 | ||||||||||||
Portugal | — | 74,163 | — | 74,163 | ||||||||||||
Singapore | — | 271,772 | — | 271,772 | ||||||||||||
Switzerland | — | 48,302 | — | 48,302 | ||||||||||||
Taiwan | — | 330,219 | — | 330,219 | ||||||||||||
Thailand | — | — | $ | 127,037 | 127,037 | |||||||||||
Turkey | — | 84,551 | — | 84,551 | ||||||||||||
United Kingdom | 156,000 | 329,515 | — | 485,515 | ||||||||||||
All Other | 6,277,425 | — | — | 6,277,425 | ||||||||||||
Preferred Stock | — | 84,506 | — | 84,506 | ||||||||||||
Repurchase Agreements | — | 151,000 | — | 151,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Totals | $ | 7,141,034 | $ | 4,132,177 | $ | 127,037 | $ | 11,400,248 | ||||||||
|
|
|
|
|
|
|
| |||||||||
AllianzGI International Growth: |
| |||||||||||||||
Investments in Securities—Assets |
| |||||||||||||||
Common Stock: |
| |||||||||||||||
Brazil | $ | 1,514,504 | $ | 169,084 | — | $ | 1,683,588 | |||||||||
Canada | 3,735,293 | — | — | 3,735,293 | ||||||||||||
China | 3,818,729 | 1,996,033 | — | 5,814,762 | ||||||||||||
Denmark | 4,178,604 | 787,317 | — | 4,965,921 | ||||||||||||
Germany | 730,443 | 3,890,739 | — | 4,621,182 | ||||||||||||
India | 1,751,990 | — | — | 1,751,990 | ||||||||||||
Ireland | 1,119,211 | — | — | 1,119,211 | ||||||||||||
Israel | 1,704,386 | — | — | 1,704,386 | ||||||||||||
South Africa | 1,061,661 | — | — | 1,061,661 | ||||||||||||
Sweden | 722,501 | 2,536,174 | — | 3,258,675 | ||||||||||||
All Other | — | 11,078,742 | — | 11,078,742 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Totals | $ | 20,337,322 | $ | 20,458,089 | — | $ | 40,795,411 | |||||||||
|
|
|
|
|
|
|
|
Table of Contents
A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the three months ended December 31, 2019, was as follows:
Beginning Balance 9/30/19 | Purchases | Sales | Accrued Discount (Premiums) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation/ Depreciation | Transfers into Level 3** | Transfers out of Level 3*** | Ending Balance 12/31/19 | ||||||||||||||||||||||||||||
AllianzGI Best Styles Global Managed Volatility: |
| |||||||||||||||||||||||||||||||||||
Investments in Securities—Assets |
| |||||||||||||||||||||||||||||||||||
Common Stock: |
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Philippines | $ | 57 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 57 | ||||||||||||||||||
Taiwan | 35,017 | — | — | — | — | (12,038 | ) | — | (22,979 | ) | — | |||||||||||||||||||||||||
Thailand | 571,570 | — | — | — | — | 3,817 | 83,239 | — | 658,626 | |||||||||||||||||||||||||||
Rights: |
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Morocco | — | — | † | — | — | — | 355 | — | — | 355 | ||||||||||||||||||||||||||
Singapore | 569 | — | (569 | )† | — | — | — | — | — | — | ||||||||||||||||||||||||||
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Totals | $ | 607,213 | $ | — | $ | (569 | ) | $ | — | $ | — | $ | (7,866 | ) | $ | 83,239 | $ | (22,979 | ) | $ | 659,038 | |||||||||||||||
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Beginning Balance 9/30/19 | Purchases | Sales | Accrued Discount (Premiums) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation/ Depreciation | Transfers into Level 3 | Transfers out of Level 3 | Ending Balance 12/31/19 | ||||||||||||||||||||||||||||
AllianzGI GlobalSmall-Cap Opportunities: |
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Investments in Securities—Assets | ||||||||||||||||||||||||||||||||||||
Common Stock: |
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Russian Federation | $ | 44,314 | $ | 18,279 | $ | (71,821 | ) | $ | — | $ | (598 | ) | $ | 9,826 | $ | — | $ | — | $ | — | ||||||||||||||||
Thailand | 95,457 | 35,463 | — | — | — | (3,883 | ) | — | — | 127,037 | ||||||||||||||||||||||||||
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Totals | $ | 139,771 | $ | 53,742 | $ | (71,821 | ) | $ | — | $ | (598 | ) | $ | 5,943 | $ | — | $ | — | $ | 127,037 | ||||||||||||||||
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* | Other financial instruments are derivatives, such as futures contracts, which are valued at the unrealized appreciation (depreciation) of the instrument. |
** | Transferred out of Level 2 and into Level 3 due to an exchange traded closing price being unavailable or unreliable on December 31, 2019. |
*** | Transferred out of Level 3 and into Level 2 as a result of securities trading outside of the U.S. whose values were adjusted by the application of a modeling tool at December 31, 2019. |
† | Issued or removed via corporate action. |
Table of Contents
The net change in unrealized appreciation/depreciation of Level 3 investments which the following Portfolios held at December 31, 2019 was:
AllianzGI Best Styles Global Managed Volatility | $ | (2,297 | ) | |
AllianzGI GlobalSmall-Cap Opportunities | (3,883 | ) |
At December 31, 2019, the aggregate cost basis and the net unrealized appreciation (depreciation) of investments in securities and other financial instruments for federal income tax purposes were:
Federal Tax Cost Basis(1) | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||
AllianzGI Advanced Core Bond | $ | 22,371,143 | $ | 596,163 | $ | 33,329 | $ | 562,834 | ||||||||
AllianzGI Best Styles Global Managed Volatility | 46,344,381 | 9,862,860 | 1,214,076 | 8,648,784 | ||||||||||||
AllianzGI GlobalSmall-Cap Opportunities | 10,337,045 | 1,165,057 | 101,854 | 1,063,203 | ||||||||||||
AllianzGI International Growth | 35,628,008 | 5,511,384 | 343,981 | 5,167,403 |
(1) | Differences, if any, between book and tax cost basis are primarily attributable to wash sale loss deferrals and the differing treatment of bond premium amortization. |