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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-22167
Virtus Strategy Trust
(during the period being reported, Allianz Funds Multi-Strategy Trust)
(Exact name of registrant as specified in charter)
101 Munson Street
Greenfield, MA 01301
(Address of principal executive offices) (Zip code)
Jennifer Fromm
Vice President, Chief Legal Officer, Counsel and Secretary for Registrant
One Financial Plaza
Hartford, CT 06103
(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-988-8380
Date of fiscal year end: September 30
Date of reporting period: March 31, 2021
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ITEM 1. | REPORT TO SHAREHOLDERS |
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SEMIANNUAL REPORT VIRTUS STRATEGY TRUST | ![]() |
March 31, 2021
Virtus AllianzGI Convertible Fund (f/k/a AllianzGI Convertible Fund) |
Virtus AllianzGI Core Plus Bond Fund (f/k/a AllianzGI Core Plus Bond Fund) |
Virtus AllianzGI Emerging Markets Consumer Fund (f/k/a AllianzGI Emerging Markets Consumer Fund) |
Virtus AllianzGI Global Allocation Fund (f/k/a AllianzGI Global Allocation Fund) |
Virtus AllianzGI Global Dynamic Allocation Fund (f/k/a AllianzGI Global Dynamic Allocation Fund) |
Virtus AllianzGI Global Sustainability Fund (f/k/a AllianzGI Global Sustainability Fund) |
Virtus AllianzGI High Yield Bond Fund (f/k/a AllianzGI High Yield Bond Fund) |
Virtus AllianzGI International Small-Cap Fund (f/k/a AllianzGI International Small-Cap Fund) |
Virtus AllianzGI Preferred Securities and Income Fund (f/k/a AllianzGI Preferred Securities and Income Fund) |
Virtus AllianzGI Short Duration High Income Fund (f/k/a AllianzGI Short Duration High Income Fund) |
Virtus AllianzGI Water Fund (f/k/a AllianzGI Water Fund) |
Virtus NFJ Emerging Markets Value Fund (f/k/a AllianzGI Emerging Markets Value Fund) |
As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports like this one will no longer be sent by mail, unless specifically requested from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.
You may elect at any time to receive not only shareholder reports but also certain other communications from the Fund electronically, or you may elect to receive paper copies of all future shareholder reports free of charge to you. If you own your shares directly with the Fund, you may make such elections by calling the Fund at 1-800-988-8380 (Class A and Class C) or 1-800-498-5413 (Class P, Class R6, Institutional, and Administrative classes) or, with respect to requesting electronic delivery, by visiting www.virtus.com. An election made directly with the Fund will apply to all Virtus Mutual Funds in which you own shares directly. If you own your shares through a financial intermediary, please contact your financial intermediary to make your request and to determine whether your election will apply to all funds in which you own shares through that intermediary.
Not FDIC Insured • No Bank Guarantee • May Lose Value
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Proxy Voting Procedures and Voting Record (Form N-PX)
The subadvisers vote proxies, if any, relating to portfolio securities in accordance with procedures that have been approved by the Board of Trustees of the Trust (“Trustees”, or the “Board”). You may obtain a description of these procedures, along with information regarding how the Funds voted proxies during the most recent 12-month period ended June 30, free of charge, by calling toll-free 1-800-243-1574. This information is also available through the Securities and Exchange Commission’s (the “SEC”) website at https://www.sec.gov.
PORTFOLIO HOLDINGS INFORMATION
The Trust files a complete schedule of portfolio holdings for each Fund with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT-P. Form N-PORT-P is available on the SEC’s website at https://www.sec.gov.
This report is not authorized for distribution to prospective investors in the Funds presented in this book unless preceded or accompanied by an effective prospectus which includes information concerning the sales charge, each Fund’s record and other pertinent information.
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To Virtus Strategy Trust Shareholders: |
![]() | I am pleased to welcome you to the Virtus Funds. On February 1, 2021, Virtus Investment Partners finalized a strategic partnership with Allianz Global Investors (“AllianzGI”), and our subsidiaries are now the investment adviser, administrator, distributor, and transfer agent of your Fund. Importantly, this partnership provides continuity in the investment approach for the management of your Fund.
This semiannual report reviews the performance of your Fund for the six months ended March 31, 2021. Monetary support and fiscal stimulus drove strong returns for global markets during the period as optimism about vaccinations increased and economic indicators improved. For the six months, U.S. | |
small-cap stocks, which gained 48.06% as measured by the Russell 2000® Index, strongly outperformed large-capitalization stocks, which returned 19.07%, as measured by the S&P 500® Index. Within international equities, developed markets, as measured by the MSCI EAFE® Index (net), returned 20.08%, while emerging markets, as measured by the MSCI Emerging Markets Index (net), gained 22.43%.
In fixed income markets, the yield on the 10-year Treasury rose sharply to 1.74% on March 31, 2021, from 0.69% on September 30, 2020, based on inflation fears. The broader U.S. fixed income market, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, was down 2.73% for the six-month period, but non-investment grade bonds, as measured by the Bloomberg Barclays U.S. Corporate High Yield Bond Index, were up 7.36%.
If you are new to the Virtus Funds, I encourage you to visit Virtus.com to learn more about the Virtus family of companies and the many investment strategies we offer.
Our entire team looks forward to serving you. We are available to answer any questions you may have about your Fund and the transition to Virtus. Please call us at 1-800-988-8380 (Class A and Class C) or 1-800-498-5413 (Class P, Class R6, Institutional, and Administrative classes) if you require assistance. Welcome to Virtus!
Sincerely,
George R. Aylward President, Virtus Strategy Trust
May 2021 |
Performance data quoted represents past results. Past performance is no guarantee of future results, and current performance may be higher or lower than the performance shown above. Investing involves risk, including the risk of loss of principal invested.
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VIRTUS STRATEGY TRUST
DISCLOSURE OF FUND EXPENSES (Unaudited)
FOR THE SIX-MONTH PERIOD OF OCTOBER 1, 2020 TO MARCH 31, 2021
We believe it is important for you to understand the impact of costs on your investment. All mutual funds have operating expenses. As a shareholder of a Virtus Strategy Trust fund (each, a “Fund”) you may incur two types of costs: (1) transaction costs, including sales charges on purchases of Class A shares and contingent deferred sales charges on Class C shares; and (2) ongoing costs, including investment advisory fees, distribution and service fees, and other expenses. Institutional Class shares, Class P shares and Class R6 shares are sold without a sales charge and do not incur distribution fees. Class R6 shares also do not incur shareholder servicing fees. For further information regarding applicable sales charges, see Note 1 in the Notes to Financial Statements. These examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period. The Annualized Expense Ratios may be different from the expense ratios in the Financial Highlights which is for the fiscal period ended March 31, 2021.
Please note that the expenses shown in the accompanying tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges or contingent deferred sales charges. Therefore, the accompanying tables are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
Actual Expenses
The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Beginning Account Value October 1, 2020 | Ending Account Value March 31, 2021 | Annualized Expense Ratio | Expenses Paid During Period* | |||||||||||||||
AllianzGI Convertible Fund | Class A | $ | 1,000.00 | $ | 1,223.00 | 0.94 | % | $ | 5.21 | |||||||||
Class C | 1,000.00 | 1,218.10 | 1.72 | 9.51 | ||||||||||||||
Class R | 1,000.00 | 1,221.30 | 1.16 | 6.42 | ||||||||||||||
Class P | 1,000.00 | 1,224.60 | 0.68 | 3.77 | ||||||||||||||
Institutional Class | 1,000.00 | 1,224.30 | 0.68 | 3.77 | ||||||||||||||
Administrative Class | 1,000.00 | 1,223.10 | 0.89 | 4.93 | ||||||||||||||
AllianzGI Core Plus Bond Fund | Class P | 1,000.00 | 1,004.10 | 0.35 | 1.75 | |||||||||||||
Institutional Class | 1,000.00 | 1,003.90 | 0.30 | 1.50 | ||||||||||||||
Class R6 | 1,000.00 | 1,004.00 | 0.25 | 1.25 | ||||||||||||||
AllianzGI Emerging Markets Consumer Fund | Class A | 1,000.00 | 1,162.00 | 1.40 | 7.55 | |||||||||||||
Institutional Class | 1,000.00 | 1,163.20 | 1.06 | 5.72 | ||||||||||||||
AllianzGI Global Allocation Fund | Class A | 1,000.00 | 1,097.90 | 0.60 | 3.14 | |||||||||||||
Class C | 1,000.00 | 1,093.90 | 1.35 | 7.05 | ||||||||||||||
Class R | 1,000.00 | 1,097.00 | 0.79 | 4.13 | ||||||||||||||
Class P | 1,000.00 | 1,098.30 | 0.40 | 2.09 | ||||||||||||||
Institutional Class | 1,000.00 | 1,099.30 | 0.34 | 1.78 | ||||||||||||||
Class R6 | 1,000.00 | 1,099.10 | 0.30 | 1.57 | ||||||||||||||
Administrative Class | 1,000.00 | 1,098.20 | 0.55 | 2.88 | ||||||||||||||
AllianzGI Global Dynamic Allocation Fund | Class A | 1,000.00 | 1,169.00 | 0.88 | 4.76 | |||||||||||||
Class C | 1,000.00 | 1,164.70 | 1.66 | 8.96 | ||||||||||||||
Class R | 1,000.00 | 1,166.20 | 1.26 | 6.80 | ||||||||||||||
Class P | 1,000.00 | 1,169.80 | 0.72 | 3.89 | ||||||||||||||
Institutional Class | 1,000.00 | 1,170.70 | 0.62 | 3.36 | ||||||||||||||
Class R6 | 1,000.00 | 1,170.00 | 0.62 | 3.35 | ||||||||||||||
Administrative Class | 1,000.00 | 1,169.10 | 0.87 | 4.70 | ||||||||||||||
AllianzGI Global Sustainability Fund | Class A | 1,000.00 | 1,127.90 | 0.95 | 5.04 | |||||||||||||
Class P | 1,000.00 | 1,128.50 | 0.79 | 4.19 | ||||||||||||||
Institutional Class | 1,000.00 | 1,129.20 | 0.69 | 3.66 | ||||||||||||||
AllianzGI High Yield Bond Fund | Class A | 1,000.00 | 1,078.20 | 1.20 | 6.22 | |||||||||||||
Class C | 1,000.00 | 1,073.60 | 1.89 | 9.77 | ||||||||||||||
Class R | 1,000.00 | 1,074.90 | 1.46 | 7.55 | ||||||||||||||
Class P | 1,000.00 | 1,078.80 | 0.88 | 4.56 | ||||||||||||||
Institutional Class | 1,000.00 | 1,078.30 | 0.92 | 4.77 | ||||||||||||||
Administrative Class | 1,000.00 | 1,077.70 | 1.07 | 5.54 | ||||||||||||||
AllianzGI International Small-Cap Fund | Class A | 1,000.00 | 1,215.60 | 1.25 | 6.90 | |||||||||||||
Class C | 1,000.00 | 1,210.80 | 2.00 | 11.02 | ||||||||||||||
Class R | 1,000.00 | 1,213.50 | 1.59 | 8.77 | ||||||||||||||
Class P | 1,000.00 | 1,216.20 | 1.10 | 6.08 | ||||||||||||||
Institutional Class | 1,000.00 | 1,216.90 | 1.04 | 5.75 | ||||||||||||||
Class R6 | 1,000.00 | 1,216.90 | 1.00 | 5.53 |
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VIRTUS STRATEGY TRUST
DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)
FOR THE SIX-MONTH PERIOD OF OCTOBER 1, 2020 TO MARCH 31, 2021
Beginning Account Value October 1, 2020 | Ending Account Value March 31, 2021 | Annualized Expense Ratio | Expenses Paid During Period* | |||||||||||||||
AllianzGI Preferred Securities and Income Fund | Class P | $ | 1,000.00 | $ | 1,093.90 | 0.60 | % | $ | 3.13 | |||||||||
Institutional Class | 1,000.00 | 1,093.40 | 0.55 | 2.87 | ||||||||||||||
Class R6 | 1,000.00 | 1,094.40 | 0.50 | 2.61 | ||||||||||||||
AllianzGI Short Duration High Income Fund | Class A | 1,000.00 | 1,092.30 | 0.86 | 4.49 | |||||||||||||
Class C | 1,000.00 | 1,090.70 | 1.11 | 5.79 | ||||||||||||||
Class P | 1,000.00 | 1,092.40 | 0.65 | 3.39 | ||||||||||||||
Institutional Class | 1,000.00 | 1,093.40 | 0.60 | 3.13 | ||||||||||||||
Class R6 | 1,000.00 | 1,093.60 | 0.54 | 2.82 | ||||||||||||||
AllianzGI Water Fund | Class A | 1,000.00 | 1,187.40 | 1.22 | 6.65 | |||||||||||||
Class C | 1,000.00 | 1,183.50 | 1.97 | 10.72 | ||||||||||||||
Class P | 1,000.00 | 1,189.40 | 0.94 | 5.13 | ||||||||||||||
Institutional Class | 1,000.00 | 1,189.40 | 0.93 | 5.08 | ||||||||||||||
NFJ Emerging Markets Value Fund | Class A | 1,000.00 | 1,152.50 | 0.14 | 6.12 | |||||||||||||
Class C | 1,000.00 | 1,148.20 | 1.89 | 10.12 | ||||||||||||||
Class P | 1,000.00 | 1,153.10 | 0.99 | 5.31 | ||||||||||||||
Institutional Class | 1,000.00 | 1,153.70 | 0.89 | 4.78 |
* | Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
For Funds which may invest in other funds, the annualized expense ratios noted above do not reflect fees and expenses associated with the underlying funds. If such fees and expenses had been included, the expenses would have been higher.
You can find more information about a Fund’s expenses in the Financial Statements section that follows. For additional information on operating expenses and other shareholder costs, refer to that Fund’s prospectus.
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not your Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.
Beginning Account Value October 1, 2020 | Ending Account Value March 31, 2021 | Annualized Expense Ratio | Expenses Paid During Period* | |||||||||||||||
AllianzGI Convertible Fund | Class A | $ | 1,000.00 | $ | 1,020.24 | 0.94 | % | $ | 4.73 | |||||||||
Class C | 1,000.00 | 1,016.36 | 1.72 | 8.65 | ||||||||||||||
Class R | 1,000.00 | 1,019.15 | 1.16 | 5.84 | ||||||||||||||
Class P | 1,000.00 | 1,021.54 | 0.68 | 3.43 | ||||||||||||||
Institutional Class | 1,000.00 | 1,021.54 | 0.68 | 3.43 | ||||||||||||||
Administrative Class | 1,000.00 | 1,020.49 | 0.89 | 4.48 | ||||||||||||||
AllianzGI Core Plus Bond Fund | Class P | 1,000.00 | 1,023.19 | 0.35 | 1.77 | |||||||||||||
Institutional Class | 1,000.00 | 1,023.44 | 0.30 | 1.51 | ||||||||||||||
Class R6 | 1,000.00 | 1,023.68 | 0.25 | 1.26 | ||||||||||||||
AllianzGI Emerging Markets Consumer Fund | Class A | 1,000.00 | 1,017.95 | 1.40 | 7.04 | |||||||||||||
Institutional Class | 1,000.00 | 1,019.65 | 1.06 | 5.34 | ||||||||||||||
AllianzGI Global Allocation Fund | Class A | 1,000.00 | 1,021.94 | 0.60 | 3.02 | |||||||||||||
Class C | 1,000.00 | 1,018.20 | 1.35 | 6.79 | ||||||||||||||
Class R | 1,000.00 | 1,020.99 | 0.79 | 3.98 | ||||||||||||||
Class P | 1,000.00 | 1,022.94 | 0.40 | 2.02 | ||||||||||||||
Institutional Class | 1,000.00 | 1,023.24 | 0.34 | 1.72 | ||||||||||||||
Class R6 | 1,000.00 | 1,023.44 | 0.30 | 1.51 | ||||||||||||||
Administrative Class | 1,000.00 | 1,022.19 | 0.55 | 2.77 | ||||||||||||||
AllianzGI Global Dynamic Allocation Fund | Class A | 1,000.00 | 1,020.54 | 0.88 | 4.43 | |||||||||||||
Class C | 1,000.00 | 1,016.65 | 1.66 | 8.35 | ||||||||||||||
Class R | 1,000.00 | 1,018.65 | 1.26 | 6.34 | ||||||||||||||
Class P | 1,000.00 | 1,021.34 | 0.72 | 3.63 | ||||||||||||||
Institutional Class | 1,000.00 | 1,021.84 | 0.62 | 3.13 | ||||||||||||||
Class R6 | 1,000.00 | 1,021.84 | 0.62 | 3.13 | ||||||||||||||
Administrative Class | 1,000.00 | 1,020.59 | 0.87 | 4.38 |
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VIRTUS STRATEGY TRUST
DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)
FOR THE SIX-MONTH PERIOD OF OCTOBER 1, 2020 TO MARCH 31, 2021
Beginning Account Value October 1, 2020 | Ending Account Value March 31, 2021 | Annualized Expense Ratio | Expenses Paid During Period* | |||||||||||||||
AllianzGI Global Sustainability Fund | Class A | $ | 1,000.00 | $ | 1,020.19 | 0.95 | % | $ | 4.78 | |||||||||
Class P | 1,000.00 | 1,020.99 | 0.79 | 3.98 | ||||||||||||||
Institutional Class | 1,000.00 | 1,021.49 | 0.69 | 3.48 | ||||||||||||||
AllianzGI High Yield Bond Fund | Class A | 1,000.00 | 1,018.95 | 1.20 | 6.04 | |||||||||||||
Class C | 1,000.00 | 1,015.51 | 1.89 | 9.50 | ||||||||||||||
Class R | 1,000.00 | 1,017.65 | 1.46 | 7.34 | ||||||||||||||
Class P | 1,000.00 | 1,020.54 | 0.88 | 4.43 | ||||||||||||||
Institutional Class | 1,000.00 | 1,020.34 | 0.92 | 4.63 | ||||||||||||||
Administrative Class | 1,000.00 | 1,019.60 | 1.07 | 5.39 | ||||||||||||||
AllianzGI International Small-Cap Fund | Class A | 1,000.00 | 1,018.70 | 1.25 | 6.29 | |||||||||||||
Class C | 1,000.00 | 1,014.96 | 2.00 | 10.05 | ||||||||||||||
Class R | 1,000.00 | 1,017.00 | 1.59 | 8.00 | ||||||||||||||
Class P | 1,000.00 | 1,019.45 | 1.10 | 5.54 | ||||||||||||||
Institutional Class | 1,000.00 | 1,019.75 | 1.04 | 5.24 | ||||||||||||||
Class R6 | 1,000.00 | 1,019.95 | 1.00 | 5.04 | ||||||||||||||
AllianzGI Preferred Securities and Income Fund | Class P | 1,000.00 | 1,021.94 | 0.60 | 3.02 | |||||||||||||
Institutional Class | 1,000.00 | 1,022.19 | 0.55 | 2.77 | ||||||||||||||
Class R6 | 1,000.00 | 1,022.44 | 0.50 | 2.52 | ||||||||||||||
AllianzGI Short Duration High Income Fund | Class A | 1,000.00 | 1,020.64 | 0.86 | 4.33 | |||||||||||||
Class C | 1,000.00 | 1,019.40 | 1.11 | 5.59 | ||||||||||||||
Class P | 1,000.00 | 1,021.69 | 0.65 | 3.28 | ||||||||||||||
Institutional Class | 1,000.00 | 1,021.94 | 0.60 | 3.02 | ||||||||||||||
Class R6 | 1,000.00 | 1,022.24 | 0.54 | 2.72 | ||||||||||||||
AllianzGI Water Fund | Class A | 1,000.00 | 1,018.85 | 1.22 | 6.14 | |||||||||||||
Class C | 1,000.00 | 1,015.11 | 1.97 | 9.90 | ||||||||||||||
Class P | 1,000.00 | 1,020.24 | 0.94 | 4.73 | ||||||||||||||
Institutional Class | 1,000.00 | 1,020.29 | 0.93 | 4.68 | ||||||||||||||
NFJ Emerging Markets Value Fund | Class A | 1,000.00 | 1,019.25 | 1.14 | 5.74 | |||||||||||||
Class C | 1,000.00 | 1,015.51 | 1.89 | 9.50 | ||||||||||||||
Class P | 1,000.00 | 1,020.00 | 0.99 | 4.99 | ||||||||||||||
Institutional Class | 1,000.00 | 1,020.49 | 0.89 | 4.48 |
* | Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
For Funds which may invest in other funds, the annualized expense ratios noted above do not reflect fees and expenses associated with the underlying funds. If such fees and expenses had been included, the expenses would have been higher.
You can find more information about a Fund’s expenses in the Financial Statements section that follows. For additional information on operating expenses and other shareholder costs, refer to that Fund’s prospectus.
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MARCH 31, 2021
The following tables present asset allocations within certain sectors as a percentage of total net assets as of March 31, 2021.
AllianzGI Convertible Fund Industry Allocation | ||||
Internet | 17.8 | % | ||
Software | 11.3 | |||
Healthcare-Products | 8.2 | |||
Semiconductors | 6.9 | |||
Commercial Services | 5.7 | |||
Biotechnology | 5.4 | |||
Auto Manufacturers | 3.9 | |||
Retail | 3.7 | |||
Other | 34.8 | |||
Cash & Equivalents-Net | 2.3 |
AllianzGI Core Plus Bond Fund Asset Allocation | ||||
Corporate Bonds & Notes | 46.9 | % | ||
Asset-Backed Securities | 25.7 | |||
U.S. Government Agency Securities | 21.7 | |||
U.S. Treasury Obligations | 10.3 | |||
Preferred Stock | 0.5 | |||
Cash & Equivalents-Net | -5.1 |
AllianzGI Emerging Markets Consumer Fund Country/Location Allocation | ||||
China | 39.8 | % | ||
Korea (Republic of) | 21.4 | |||
Taiwan | 12.3 | |||
United States | 6.4 | |||
India | 5.3 | |||
Germany | 3.4 | |||
Switzerland | 1.7 | |||
Russian Federation | 1.2 | |||
Other | 6.6 | |||
Cash & Equivalents-Net | 1.9 |
AllianzGI Global Allocation Fund Fund Allocation | ||||
Virtus AllianzGI Global Sustainability Fund | 30.0 | % | ||
iShares ESG Aware MSCI USA ETF | 4.5 | |||
iShares ESG Aware MSCI EAFE ETF | 3.0 | |||
iShares Core U.S. Aggregate Bond ETF | 1.8 | |||
iShares MSCI USA ESG Select ETF | 1.5 | |||
iShares ESG Aware MSCI EM ETF | 1.0 | |||
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | 0.9 | |||
Invesco WilderHill Clean Energy ETF | 0.5 | |||
Other | 49.4 | |||
Cash & Equivalents-Net | 7.4 |
AllianzGI Global Dynamic Allocation Fund Country/Location Allocation | ||||
United States | 48.2 | % | ||
United Kingdom | 6.1 | |||
France | 3.3 | |||
Germany | 3.0 | |||
China | 2.8 | |||
Japan | 2.7 | |||
Switzerland | 2.0 | |||
Netherlands | 1.9 | |||
Other | 13.8 | |||
Cash & Equivalents-Net | 16.2 |
AllianzGI Global Sustainability Fund Country/Location Allocation | ||||
United States | 59.7 | % | ||
United Kingdom | 9.1 | |||
Germany | 6.6 | |||
Japan | 5.7 | |||
Sweden | 4.9 | |||
Switzerland | 3.9 | |||
France | 2.5 | |||
Korea (Republic of) | 2.2 | |||
Other | 7.5 | |||
Cash & Equivalents-Net | -2.1 |
AllianzGI High Yield Bond Fund Industry Allocation | ||||
Media | 14.8 | % | ||
Oil, Gas & Consumable Fuels | 7.5 | |||
Telecommunications | 6.3 | |||
Entertainment | 4.7 | |||
Pipelines | 4.3 | |||
Healthcare-Services | 3.8 | |||
Lodging | 3.7 | |||
Auto Manufacturers | 3.4 | |||
Other | 47.1 | |||
Cash & Equivalents-Net | 4.4 |
AllianzGI International Small-Cap Fund Country/Location Allocation | ||||
Japan | 27.8 | % | ||
United Kingdom | 15.2 | |||
Germany | 8.9 | |||
France | 8.1 | |||
Australia | 4.8 | |||
Switzerland | 4.8 | |||
Norway | 3.8 | |||
Hong Kong | 3.1 | |||
Other | 19.6 | |||
Cash & Equivalents-Net | 3.9 |
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ALLOCATION TABLES (Unaudited) (Continued)
MARCH 31, 2021
AllianzGI Preferred Securities and Income Fund Industry Allocation | ||||
Banks | 42.0 | % | ||
Insurance | 20.6 | |||
Pipelines | 8.2 | |||
Diversified Financial Services | 5.9 | |||
Telecommunications | 5.1 | |||
Oil, Gas & Consumable Fuels | 4.4 | |||
Electric Utilities | 3.9 | |||
Consumer Finance | 3.2 | |||
Other | 5.1 | |||
Cash & Equivalents-Net | 1.6 |
AllianzGI Short Duration High Income Fund Industry Allocation | ||||
Oil, Gas, & Consumable Fuels | 10.0 | % | ||
Diversified Financial Services | 9.9 | |||
Pipelines | 7.5 | |||
Telecommunications | 6.6 | |||
Electric Utilities | 5.2 | |||
Retail | 4.8 | |||
Auto Manufacturers | 4.3 | |||
Commercial Services & Supplies | 4.0 | |||
Other | 39.5 | |||
Cash & Equivalents-Net | 8.2 |
AllianzGI Water Fund Country/Location Allocation | ||||
United States | 54.7 | % | ||
Switzerland | 11.5 | |||
United Kingdom | 11.0 | |||
Canada | 5.5 | |||
Sweden | 3.4 | |||
Netherlands | 3.2 | |||
Ireland | 2.6 | |||
Japan | 2.4 | |||
Other | 4.3 | |||
Cash & Equivalents-Net | 1.4 |
NFJ Emerging Markets Value Fund Country/Location Allocation | ||||
China | 38.9 | % | ||
Taiwan | 10.9 | |||
Korea (Republic of) | 10.0 | |||
India | 8.3 | |||
United States | 7.4 | |||
Hong Kong | 4.2 | |||
Brazil | 3.3 | |||
South Africa | 3.0 | |||
Other | 11.6 | |||
Cash & Equivalents-Net | 2.4 |
6
Table of Contents
VIRTUS STRATEGY TRUST
KEY INVESTMENT TERMS (Unaudited)
MARCH 31, 2021
American Depositary Receipt (“ADR”)
Foreign companies traded in U.S. dollars on U.S. exchanges that are held by a U.S. bank or a trust. Foreign companies use ADRs in order to make it easier for Americans to buy their shares.
Asset-Backed Securities (“ABS”)
Asset-backed securities represent interests in pools of underlying assets such as motor vehicle installment sales or installment loan contracts, leases of various types of real and personal property, and receivables from credit card arrangements.
Bloomberg Barclays U.S. Aggregate Bond Index
The Bloomberg Barclays U.S. Aggregate Bond Index measures the U.S. investment-grade fixed-rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.
Bloomberg Barclays U.S. Corporate High Yield Bond Index
The Bloomberg Barclays U.S. Corporate High Yield Bond Index measures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.
Collateralized Loan Obligation (“CLO”)
A collateralized loan obligation is a type of security backed by a pool of debt, typically low-rated corporate loans, structured so that there are several classes of bondholders with varying maturities, called tranches.
Exchange-Traded Fund (“ETF”)
An open-end fund that is traded on a stock exchange. Most ETFs have a portfolio of stocks or bonds that track a specific market index.
Global Depositary Receipt (“GDR”)
Foreign companies traded in U.S. dollars on U.S. exchanges that are held by an international bank or a trust. Foreign companies use GDRs in order to make it easier for foreign investors to buy their shares.
London Interbank Offered Rate (“LIBOR”)
A benchmark rate that some of the world’s leading banks charge each other for short-term loans and that serves as the first step to calculating interest rates on various loans throughout the world.
Mortgage-Backed Securities (“MBS”)
Mortgage-backed securities represent interests in pools of underlying home loans bought from banks which issue them.
MSCI EAFE® Index (net)
The MSCI EAFE® (Europe, Australasia, Far East) Index (net) is a free float-adjusted market capitalization-weighted index that measures developed foreign market equity performance, excluding the U.S. and Canada. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.
MSCI Emerging Markets Index (net)
The MSCI Emerging Markets Index (net) is a free float-adjusted market capitalization-weighted index designed to measure equity market performance in the global emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.
Payment-in-Kind Security (“PIK”)
A bond which pays interest in the form of additional bonds, or preferred stock which pays dividends in the form of additional preferred stock.
Real Estate Investment Trust (“REIT”)
A publicly traded company that owns, develops and operates income-producing real estate such as apartments, office buildings, hotels, shopping centers and other commercial properties.
Russell 2000® Index
The Russell 2000® Index is a market capitalization-weighted index of the 2,000 smallest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.
S&P 500® Index
The S&P 500® Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.
7
Table of Contents
VIRTUS STRATEGY TRUST
KEY INVESTMENT TERMS (Unaudited) (Continued)
MARCH 31, 2021
Tokyo Stock Price Index (“TOPIX”)
Tokyo Stock Price Index is a capitalization-weighted index of all companies listed on the First Section of the Tokyo Stock Exchange.
Treasury Inflation Protected Securities (“TIPS”)
Treasury inflation-protected securities are a type of Treasury security issued by the U.S. government. TIPS are indexed to inflation in order to protect investors from a decline in the purchasing power of their money.
Uniform Mortgage-Backed Securities (“UMBS”)
Uniform Mortgage-Backed Securities are passthrough securities, each representing an undivided interest in a pool of residential mortgages.
8
Table of Contents
SCHEDULE OF INVESTMENTS
MARCH 31, 2021 (Unaudited)
Principal Amount (000s) | Value | |||||||
CONVERTIBLE BONDS & NOTES—86.0% | ||||||||
Airlines—2.5% | ||||||||
Air Canada(a)(b), | $ | 11,215 | $ | 17,677,644 | ||||
JetBlue Airways Corp.(a)(b), | 18,620 | 20,459,656 | ||||||
Southwest Airlines Co., | 20,430 | 35,075,756 | ||||||
|
| |||||||
73,213,056 | ||||||||
|
| |||||||
Auto Manufacturers—3.9% | ||||||||
Ford Motor Co.(a)(b), | 34,250 | 34,592,500 | ||||||
NIO, Inc.(a)(b), | 9,030 | 7,687,239 | ||||||
0.50%, 2/1/27 | 19,065 | 16,100,392 | ||||||
Tesla, Inc., | 5,025 | 53,993,625 | ||||||
|
| |||||||
112,373,756 | ||||||||
|
| |||||||
Biotechnology—5.4% | ||||||||
Apellis Pharmaceuticals, Inc.(a)(b), | 10,210 | 14,451,234 | ||||||
Bridgebio Pharma, Inc.(a)(b), | 16,925 | 16,077,039 | ||||||
Exact Sciences Corp., | ||||||||
0.375%, 3/15/27 | 15,545 | 21,257,787 | ||||||
0.375%, 3/1/28 | 11,695 | 15,086,550 | ||||||
Guardant Health, Inc.(a)(b), | 21,395 | 27,439,087 | ||||||
Halozyme Therapeutics, Inc.(a)(b), | 14,120 | 12,858,025 | ||||||
Illumina, Inc., | 10,375 | 12,307,344 | ||||||
Insmed, Inc., | 16,125 | 17,948,738 | ||||||
NeoGenomics, Inc., | 18,830 | 18,945,220 | ||||||
|
| |||||||
156,371,024 | ||||||||
|
| |||||||
Capital Markets—1.0% | ||||||||
Colony Capital Operating Co. LLC(a)(b), | 9,755 | 28,679,700 | ||||||
|
| |||||||
Commercial Services—5.7% | ||||||||
Alarm.com Holdings, Inc.(a)(b), | 14,810 | 13,736,275 | ||||||
Chegg, Inc.(a)(b), | 33,890 | 36,431,750 | ||||||
Repay Holdings Corp.(a)(b), | 15,385 | 15,038,837 | ||||||
Sabre GLBL, Inc.(a)(b), | 9,335 | 19,388,795 | ||||||
Shift4 Payments, Inc.(a)(b), | 19,820 | 24,786,892 | ||||||
Square, Inc., | ||||||||
0.125%, 3/1/25(a)(b) | 8,735 | 17,016,872 | ||||||
0.25%, 11/1/27(a)(b) | 13,485 | 15,229,622 | ||||||
0.50%, 5/15/23 | 7,975 | 23,271,050 | ||||||
|
| |||||||
164,900,093 | ||||||||
|
|
Principal Amount (000s) | Value | |||||||
Computers—2.6% | ||||||||
Lumentum Holdings, Inc., | $ | 20,695 | $ | 24,070,354 | ||||
Pure Storage, Inc., | 22,740 | 25,146,097 | ||||||
Varonis Systems, Inc.(a)(b), | 5,940 | 10,543,500 | ||||||
Zscaler, Inc.(a)(b), | 13,115 | 17,482,295 | ||||||
|
| |||||||
77,242,246 | ||||||||
|
| |||||||
Diversified Financial Services—0.5% | ||||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc., | 12,425 | 15,507,953 | ||||||
|
| |||||||
Electronics—1.2% | ||||||||
II-VI, Inc., | 9,765 | 14,897,728 | ||||||
Itron, Inc.(a)(b), | 21,245 | 21,165,331 | ||||||
|
| |||||||
36,063,059 | ||||||||
|
| |||||||
Energy-Alternate Sources—2.0% | ||||||||
Enphase Energy, Inc.(a)(b), | 12,605 | 11,760,465 | ||||||
zero coupon, 3/1/28 | 13,045 | 12,033,697 | ||||||
Plug Power, Inc.(a)(b), | 1,390 | 9,894,752 | ||||||
SolarEdge Technologies, Inc.(a)(b), | 8,210 | 10,484,170 | ||||||
Sunrun, Inc.(a)(b), | 15,965 | 14,339,384 | ||||||
|
| |||||||
58,512,468 | ||||||||
|
| |||||||
Entertainment—2.6% | ||||||||
DraftKings, Inc.(a)(b), | 26,255 | 25,979,322 | ||||||
IMAX Corp.(a)(b), | 19,640 | 19,420,032 | ||||||
Penn National Gaming, Inc., | 2,085 | 9,403,350 | ||||||
Vail Resorts, Inc.(a)(b), | 21,755 | 22,261,028 | ||||||
|
| |||||||
77,063,732 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs)—0.7% | ||||||||
Pebblebrook Hotel Trust, | 18,195 | 21,288,150 | ||||||
|
| |||||||
Healthcare-Products—6.2% | ||||||||
CONMED Corp., | 11,425 | 17,858,643 | ||||||
Envista Holdings Corp.(a)(b), | 11,400 | 23,327,820 | ||||||
Haemonetics Corp.(a)(b), | 23,585 | 22,346,787 | ||||||
Insulet Corp., | 23,200 | 30,829,322 |
See Notes to Financial Statements
9
Table of Contents
ALLIANZGI CONVERTIBLE FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
Principal Amount (000s) | Value | |||||||
Healthcare-Products—continued | ||||||||
NanoString Technologies, Inc., | $ | 8,855 | $ | 14,058,995 | ||||
Natera, Inc.(a)(b), | 7,140 | 19,518,975 | ||||||
Novocure Ltd.(a)(b), | 13,380 | 14,809,988 | ||||||
Omnicell, Inc.(a)(b), | 13,685 | 19,501,125 | ||||||
Repligen Corp., | 11,255 | 19,759,278 | ||||||
|
| |||||||
182,010,933 | ||||||||
|
| |||||||
Healthcare-Services—2.3% | ||||||||
Accolade, Inc.(a)(b), | 11,260 | 12,322,662 | ||||||
Anthem, Inc., | 1,125 | 5,637,713 | ||||||
Oak Street Health, Inc.(a)(b), | 22,955 | 22,949,108 | ||||||
Teladoc Health, Inc.(a)(b), | 22,210 | 24,681,973 | ||||||
|
| |||||||
65,591,456 | ||||||||
|
| |||||||
Internet—17.8% | ||||||||
21Vianet Group, Inc.(a)(b), | 15,710 | 14,743,835 | ||||||
Airbnb, Inc.(a)(b), | 24,715 | 25,802,460 | ||||||
Booking Holdings, Inc.(a)(b), | 20,770 | 30,531,900 | ||||||
Etsy, Inc.(a)(b), | 16,830 | 22,015,744 | ||||||
Eventbrite, Inc.(a)(b), | 12,770 | 13,185,025 | ||||||
Expedia Group, Inc.(a)(b), | 16,985 | 18,539,128 | ||||||
FuboTV, Inc.(a)(b), | 16,055 | 13,757,128 | ||||||
Magnite, Inc.(a)(b), | 15,935 | 15,297,863 | ||||||
Match Group Financeco 2, Inc.(a)(b), | 21,470 | 35,962,250 | ||||||
Okta, Inc., | ||||||||
0.125%, 9/1/25 | 7,470 | 10,079,831 | ||||||
0.375%, 6/15/26(a)(b) | 12,070 | 14,076,638 | ||||||
Palo Alto Networks, Inc., | ||||||||
0.375%, 6/1/25(a)(b) | 24,315 | 30,029,025 | ||||||
0.75%, 7/1/23 | 6,345 | 8,388,090 | ||||||
Pinduoduo, Inc., | 12,385 | 13,109,153 | ||||||
RealReal, Inc.(a)(b), | ||||||||
1.00%, 3/1/28 | 7,290 | 7,253,550 | ||||||
3.00%, 6/15/25 | 9,985 | 15,139,756 | ||||||
Shopify, Inc., | 13,535 | 15,429,900 | ||||||
Snap, Inc., | 16,845 | 39,722,616 | ||||||
Spotify USA, Inc.(a)(b), | 16,120 | 15,289,820 | ||||||
TechTarget, Inc.(a)(b), | 11,415 | 13,471,983 |
Principal Amount (000s) | Value | |||||||
Internet—continued | ||||||||
Twitter, Inc., | $ | 5,585 | $ | 5,277,825 | ||||
0.25%, 6/15/24 | 13,470 | 17,898,936 | ||||||
Uber Technologies, Inc.(a)(b), | 29,570 | 31,066,981 | ||||||
Wayfair, Inc., | 8,990 | 19,924,087 | ||||||
Wayfair, Inc.(a)(b), | 10,540 | 11,251,450 | ||||||
Zendesk, Inc.(a)(b), | 15,295 | 21,116,277 | ||||||
Zillow Group, Inc., | 19,095 | 39,622,125 | ||||||
|
| |||||||
517,983,376 | ||||||||
|
| |||||||
Iron/Steel—0.8% | ||||||||
Cleveland-Cliffs, Inc., | 9,095 | 23,687,927 | ||||||
|
| |||||||
Leisure—2.6% | ||||||||
Callaway Golf Co.(a)(b), | 7,565 | 12,945,606 | ||||||
NCL Corp., Ltd.(a)(b), | 11,570 | 20,021,885 | ||||||
Royal Caribbean Cruises Ltd.(a)(b), | ||||||||
2.875%, 11/15/23 | 18,140 | 23,563,860 | ||||||
4.25%, 6/15/23 | 14,360 | 20,182,980 | ||||||
|
| |||||||
76,714,331 | ||||||||
|
| |||||||
Machinery-Diversified—0.8% | ||||||||
Chart Industries, Inc.(a)(b), | 7,660 | 19,011,163 | ||||||
Middleby Corp.(a)(b), | 3,785 | 5,334,484 | ||||||
|
| |||||||
24,345,647 | ||||||||
|
| |||||||
Media—1.5% | ||||||||
Liberty Broadband Corp.(a)(b), | 12,960 | 13,094,921 | ||||||
Liberty Media Corp., | ||||||||
1.00%, 1/30/23 | 12,510 | 15,862,680 | ||||||
1.375%, 10/15/23 | 12,295 | 15,653,730 | ||||||
|
| |||||||
44,611,331 | ||||||||
|
| |||||||
Mining—0.1% | ||||||||
MP Materials Corp.(a)(b), | 3,250 | 3,400,313 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels—2.5% | ||||||||
EQT Corp.(a)(b), | 23,090 | 33,914,592 | ||||||
Pioneer Natural Resources Co.(a)(b), | 24,005 | 37,591,830 | ||||||
|
| |||||||
71,506,422 | ||||||||
|
| |||||||
Pharmaceuticals—2.1% | ||||||||
DexCom, Inc., | 7,495 | 16,517,106 |
See Notes to Financial Statements
10
Table of Contents
ALLIANZGI CONVERTIBLE FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
Principal Amount (000s) | Value | |||||||
Pharmaceuticals—continued | ||||||||
Jazz Investments I Ltd.(a)(b), | $ | 21,730 | $ | 27,895,888 | ||||
Pacira BioSciences, Inc.(a)(b), | 14,980 | 18,145,274 | ||||||
|
| |||||||
62,558,268 | ||||||||
|
| |||||||
Real Estate—0.3% | ||||||||
Redfin Corp.(a)(b), | 6,335 | 7,407,991 | ||||||
|
| |||||||
Retail—3.7% | ||||||||
American Eagle Outfitters, Inc.(a)(b), | 7,655 | 26,227,944 | ||||||
Burlington Stores, Inc.(a)(b), | 14,610 | 21,942,394 | ||||||
Dick’s Sporting Goods, Inc.(a)(b), | 7,935 | 18,181,069 | ||||||
RH, | 8,025 | 22,647,807 | ||||||
Shake Shack, Inc.(a)(b), | 17,580 | 17,481,112 | ||||||
|
| |||||||
106,480,326 | ||||||||
|
| |||||||
Semiconductors—4.9% | ||||||||
Cree, Inc., | ||||||||
0.875%, 9/1/23 | 4,790 | 8,831,802 | ||||||
1.75%, 5/1/26(a)(b) | 3,150 | 7,439,985 | ||||||
MACOM Technology Solutions Holdings, Inc.(a)(b), | 8,575 | 8,669,234 | ||||||
Microchip Technology, Inc., | 37,578 | 44,224,609 | ||||||
Micron Technology, Inc., Ser. D, | 2,200 | 19,415,000 | ||||||
ON Semiconductor Corp., | 9,730 | 20,171,506 | ||||||
Synaptics, Inc., | 12,660 | 23,326,050 | ||||||
Teradyne, Inc., | 3,115 | 11,981,069 | ||||||
|
| |||||||
144,059,255 | ||||||||
|
| |||||||
Software—11.3% | ||||||||
Atlassian, Inc., | 4,125 | 10,627,031 | ||||||
Bentley Systems, Inc.(a)(b), | 23,660 | 24,454,032 | ||||||
Bill.com Holdings, Inc.(a)(b), | 14,600 | 17,374,000 | ||||||
Blackline, Inc.(a)(b), | 17,945 | 17,417,866 | ||||||
Cerence, Inc.(a)(b), | 1,145 | 2,916,888 | ||||||
Cloudflare, Inc.(a)(b), | 8,395 | 16,585,372 | ||||||
Coupa Software, Inc.(a)(b), | 19,640 | 22,193,200 | ||||||
Fastly, Inc.(a)(b), | 19,225 | 19,212,984 | ||||||
Five9, Inc.(a)(b), | 13,310 | 17,768,850 |
Principal Amount (000s) | Value | |||||||
Software—continued | ||||||||
HubSpot, Inc.(a)(b), | $ | 11,720 | $ | 20,121,775 | ||||
LivePerson, Inc.(a)(b), | 23,280 | 23,454,600 | ||||||
MicroStrategy, Inc.(a)(b), | 25,685 | 21,446,975 | ||||||
MongoDB, Inc., | 10,945 | 15,760,800 | ||||||
Nuance Communications, Inc., | ||||||||
1.00%, 12/15/35 | 6,565 | 12,120,959 | ||||||
1.25%, 4/1/25 | 2,590 | 5,884,221 | ||||||
RingCentral, Inc., | 18,360 | 20,115,675 | ||||||
Splunk, Inc., | 7,255 | 8,288,838 | ||||||
Twilio, Inc., | 2,440 | 11,694,909 | ||||||
Tyler Technologies, Inc.(a)(b), | 14,070 | 14,905,406 | ||||||
Zynga, Inc., | 10,865 | 11,523,691 | ||||||
0.25%, 6/1/24 | 10,440 | 14,290,272 | ||||||
|
| |||||||
328,158,344 | ||||||||
|
| |||||||
Telecommunications—0.5% | ||||||||
Viavi Solutions, Inc., | 10,070 | 13,248,344 | ||||||
|
| |||||||
Transportation—0.5% | ||||||||
Seaspan Corp.(a)(b), | 11,230 | 13,391,775 | ||||||
TOTAL CONVERTIBLE BONDS & NOTES (Cost-$2,086,446,615) | 2,506,371,276 | |||||||
Shares | ||||||||
CONVERTIBLE PREFERRED STOCK—10.9% |
| |||||||
Auto Components—0.6% | ||||||||
Aptiv PLC, Ser. A, | 110,360 | 17,424,740 | ||||||
|
| |||||||
Diversified Financial Services—1.5% | ||||||||
2020 Mandatory Exchangeable Trust(a)(b), | 10,350 | 19,832,670 | ||||||
KKR & Co., Inc., Ser. C, | 359,715 | 23,975,005 | ||||||
|
| |||||||
43,807,675 | ||||||||
|
| |||||||
Electric Utilities—1.8% | ||||||||
NextEra Energy, Inc., | ||||||||
5.279%, 3/1/23 | 656,260 | 32,504,558 | ||||||
6.219%, 9/1/23 | 389,645 | 19,326,392 | ||||||
|
| |||||||
51,830,950 | ||||||||
|
| |||||||
Environmental Services—0.5% | ||||||||
GFL Environmental, Inc., | 185,290 | 15,114,105 | ||||||
|
|
See Notes to Financial Statements
11
Table of Contents
ALLIANZGI CONVERTIBLE FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
Shares | Value | |||||||
Hand/Machine Tools—0.9% | ||||||||
Stanley Black & Decker, Inc., | 215,585 | $ | 25,434,718 | |||||
|
| |||||||
Healthcare-Products—2.0% | ||||||||
Avantor, Inc., Ser. A, | 261,185 | 23,577,170 | ||||||
Danaher Corp., Ser. A, | 22,470 | 34,381,572 | ||||||
|
| |||||||
57,958,742 | ||||||||
|
| |||||||
Machinery-Diversified—0.5% | ||||||||
Colfax Corp., | 88,280 | 15,904,525 | ||||||
|
| |||||||
Semiconductors—2.0% | ||||||||
Broadcom, Inc., Ser. A, | 40,240 | 59,333,478 | ||||||
|
| |||||||
Telecommunications—1.1% | ||||||||
2020 Cash Mandatory Exchangeable Trust(a)(b), | 27,685 | 31,135,935 | ||||||
TOTAL CONVERTIBLE PREFERRED STOCK (Cost-$252,944,724) | 317,944,868 | |||||||
PREFERRED STOCK—0.8% | ||||||||
Independent Power Producers & Energy Traders—0.5% | ||||||||
AES Corp., | 139,980 | 14,459,934 | ||||||
|
| |||||||
Media—0.3% | ||||||||
ViacomCBS, Inc., Ser. A, | 142,930 | 9,597,750 | ||||||
TOTAL PREFERRED STOCK (Cost-$23,441,205) | 24,057,684 | |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—2.1% |
| |||||||
State Street Bank and Trust Co., | $ | 59,944 | 59,944,000 | |||||
TOTAL INVESTMENTS—99.8% (Cost-$2,422,776,544) |
| 2,908,317,828 | ||||||
Other assets and liabilities, net—0.2% | 6,537,007 | |||||||
|
| |||||||
NET ASSETS—100.0% | $ | 2,914,854,835 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Private Placement – Restricted as to resale and may not have a readily available market. Private placement securities may include Rule 144A securities. These securities have an aggregate value of $1,662,471,155, representing 57.0% of net assets. |
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2021, these securities amounted to a value of $1,662,471,155 or 57.0% of net assets. |
Glossary:
REIT | Real Estate Investment Trust |
See Notes to Financial Statements
12
For information regarding the abbreviation, see the Key Investment Terms starting on page 7.
Table of Contents
SCHEDULE OF INVESTMENTS
MARCH 31, 2021 (Unaudited)
Principal Amount (000s) | Value | |||||||
CORPORATE BONDS & NOTES—46.9% | ||||||||
Aerospace & Defense—2.8% | ||||||||
Boeing Co., | ||||||||
2.196%, 2/4/26 | $ | 185 | $ | 184,427 | ||||
2.80%, 3/1/27 | 85 | 87,040 | ||||||
3.625%, 2/1/31 | 210 | 219,703 | ||||||
7.95%, 8/15/24 | 135 | 163,390 | ||||||
Northrop Grumman Corp., | 270 | 289,640 | ||||||
Northrop Grumman Systems Corp., | 240 | 309,750 | ||||||
Teledyne Technologies, Inc., | 350 | 348,726 | ||||||
|
| |||||||
1,602,676 | ||||||||
|
| |||||||
Airlines—1.7% | ||||||||
American Airlines, Inc.(a)(b), | 250 | 260,173 | ||||||
Delta Air Lines, Inc.(a)(b), | 184 | 196,401 | ||||||
Mileage Plus Holdings LLC(a)(b), | 470 | 515,237 | ||||||
|
| |||||||
971,811 | ||||||||
|
| |||||||
Auto Manufacturers—1.6% | ||||||||
Ford Motor Credit Co. LLC, | ||||||||
3.35%, 11/1/22 | 284 | 289,737 | ||||||
4.14%, 2/15/23 | 530 | 547,702 | ||||||
General Motors Co., | 95 | 108,783 | ||||||
|
| |||||||
946,222 | ||||||||
|
| |||||||
Banks—8.0% | ||||||||
Australia & New Zealand Banking Group Ltd., (converts to FRN on 7/22/25)(a)(b)(f), | 287 | 296,617 | ||||||
Deutsche Bank AG, (converts to FRN on 04/30/26)(d)(f), | 200 | 202,500 | ||||||
First Horizon Corp., | 501 | 549,826 | ||||||
HSBC Holdings PLC, (converts to FRN on 6/17/31)(d)(f), | 291 | 287,726 | ||||||
Huntington Bancshares, Inc., (converts to FRN on 7/15/30)(d)(f), | 350 | 389,025 | ||||||
Huntington Capital Trust I, 3 mo. LIBOR + 0.700%(f), 0.905%, 2/1/27 | 107 | 99,979 | ||||||
JPMorgan Chase & Co., 3 mo. LIBOR + 0.950%(f), | 474 | 418,453 | ||||||
Lloyds Banking Group PLC, (converts to FRN on 9/27/25)(d)(f), | 440 | 502,700 | ||||||
Popular, Inc., | 295 | 318,600 | ||||||
Regions Financial Corp., Ser. D, (converts to FRN on 9/15/25)(d)(f), | 280 | 308,350 | ||||||
Standard Chartered PLC, (converts to FRN on 1/14/26)(a)(b)(f), | 260 | 253,790 | ||||||
State Street Corp., 3 mo. LIBOR + 1.000%(f), | 290 | 249,505 |
Principal Amount (000s) | Value | |||||||
Banks—continued | ||||||||
Truist Financial Corp., Ser. Q, (converts to FRN on 9/1/30)(d)(f), | $ | 160 | $ | 174,448 | ||||
Wells Fargo & Co., (converts to FRN on 3/15/26)(d)(f), 3.90%, 3/15/26 | 214 | 216,119 | ||||||
Westpac Banking Corp., (converts to FRN on 2/4/25)(f), 2.894%, 2/4/30 | 355 | 365,654 | ||||||
|
| |||||||
4,633,292 | ||||||||
|
| |||||||
Beverages—0.2% | ||||||||
PepsiCo, Inc., | 138 | 142,550 | ||||||
|
| |||||||
Biotechnology—0.6% | ||||||||
Celgene Corp., | 129 | 156,224 | ||||||
Gilead Sciences, Inc., | 205 | 188,379 | ||||||
|
| |||||||
344,603 | ||||||||
|
| |||||||
Building Materials—0.3% | ||||||||
Carrier Global Corp., | 190 | 191,728 | ||||||
|
| |||||||
Commercial Services—0.4% | ||||||||
Massachusetts Institute of Technology, | 205 | 183,033 | ||||||
President & Fellows of Harvard College, | 34 | 35,873 | ||||||
|
| |||||||
218,906 | ||||||||
|
| |||||||
Computers—0.5% | ||||||||
Apple, Inc., | 185 | 169,050 | ||||||
Fortinet, Inc., | 63 | 61,595 | ||||||
Leidos, Inc., | 44 | 58,080 | ||||||
|
| |||||||
288,725 | ||||||||
|
| |||||||
Diversified Financial Services—2.7% | ||||||||
AerCap Ireland Capital DAC, | 405 | 424,698 | ||||||
Air Lease Corp., (converts to FRN on 6/15/26)(d)(f), | 153 | 151,087 | ||||||
Avolon Holdings Funding Ltd.(a)(b), | 255 | 243,911 | ||||||
Charles Schwab Corp., (converts to FRN on 6/1/26)(d)(f), | 195 | 197,886 | ||||||
GE Capital Funding LLC(a)(b), | 325 | 372,629 | ||||||
Intercontinental Exchange, Inc., | 190 | 175,765 | ||||||
|
| |||||||
1,565,976 | ||||||||
|
| |||||||
Electric Utilities—7.9% | ||||||||
CMS Energy Corp., (converts to FRN on 12/1/30)(f), 3.75%, 12/1/50 | 170 | 168,300 |
See Notes to Financial Statements
13
Table of Contents
ALLIANZGI CORE PLUS BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
Principal Amount (000s) | Value | |||||||
Electric Utilities—continued | ||||||||
Commonwealth Edison Co., | $ | 145 | $ | 193,008 | ||||
Consolidated Edison Co. of New York, Inc., Ser. 06-E, | 45 | 57,450 | ||||||
DTE Electric Co., | ||||||||
1.90%, 4/1/28 | 390 | 388,992 | ||||||
5.70%, 10/1/37 | 40 | 51,267 | ||||||
6.625%, 6/1/36, Ser. A | 45 | 64,154 | ||||||
Duke Energy Carolinas LLC, | ||||||||
2.55%, 4/15/31 | 117 | 117,765 | ||||||
3.45%, 4/15/51 | 73 | 74,560 | ||||||
Duke Energy Ohio, Inc., | 145 | 141,054 | ||||||
Duke Energy Progress LLC, | 17 | 18,479 | ||||||
Edison International, (converts to FRN on 3/15/26)(d)(f), | 190 | 192,622 | ||||||
Enel Finance International NV(a)(b), | 200 | 210,375 | ||||||
Georgia Power Co., | 125 | 119,326 | ||||||
Jersey Central Power & Light Co., | 240 | 294,596 | ||||||
MidAmerican Energy Co., | 130 | 144,356 | ||||||
NextEra Energy Capital Holdings, Inc., | 210 | 205,465 | ||||||
Niagara Mohawk Power Corp.(a)(b), | 405 | 387,072 | ||||||
NRG Energy, Inc.(a)(b), |
| |||||||
2.45%, 12/2/27 | 260 | 258,432 | ||||||
3.375%, 2/15/29 | 265 | 258,706 | ||||||
Pacific Gas and Electric Co., | ||||||||
4.50%, 12/15/41 | 45 | 43,612 | ||||||
4.55%, 7/1/30 | 210 | 227,766 | ||||||
4.95%, 7/1/50 | 65 | 66,800 | ||||||
Pennsylvania Electric Co., | ||||||||
3.25%, 3/15/28(a)(b) | 80 | 82,180 | ||||||
3.60%, 6/1/29(a)(b) | 125 | 131,096 | ||||||
4.15%, 4/15/25(a)(b) | 165 | 175,750 | ||||||
6.15%, 10/1/38 | 125 | 154,023 | ||||||
PPL Capital Funding, Inc., | 100 | 119,189 | ||||||
Sempra Energy, (converts to FRN on 10/15/25)(d)(f), | 120 | 128,400 | ||||||
Southern California Edison Co., | 96 | 95,567 | ||||||
Toledo Edison Co., | 35 | 44,542 | ||||||
|
| |||||||
4,614,904 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs)—2.4% | ||||||||
American Tower Corp., | 310 | 349,244 | ||||||
Crown Castle International Corp., | ||||||||
2.90%, 4/1/41 | 185 | 170,200 | ||||||
4.45%, 2/15/26 | 240 | 270,284 | ||||||
CyrusOne LP, | 195 | 180,199 | ||||||
Equinix, Inc., | 445 | 436,963 | ||||||
|
| |||||||
1,406,890 | ||||||||
|
|
Principal Amount (000s) | Value | |||||||
Food & Beverage—0.2% | ||||||||
Sysco Corp., | $ | 96 | $ | 138,660 | ||||
|
| |||||||
Healthcare-Products—0.5% | ||||||||
STERIS Irish FinCo UnLtd., Co., | ||||||||
2.70%, 3/15/31 | 190 | 188,575 | ||||||
3.75%, 3/15/51 | 114 | 114,838 | ||||||
|
| |||||||
303,413 | ||||||||
|
| |||||||
Healthcare-Services—0.5% | ||||||||
HCA, Inc., | 230 | 263,637 | ||||||
|
| |||||||
Insurance—3.1% | ||||||||
American International Group, Inc., | ||||||||
3.40%, 6/30/30 | 120 | 127,555 | ||||||
6.82%, 11/15/37 | 20 | 26,953 | ||||||
AmFam Holdings, Inc.(a)(b), | 195 | 193,463 | ||||||
Athene Global Funding(a)(b), | ||||||||
2.50%, 3/24/28 | 195 | 194,534 | ||||||
2.55%, 6/29/25 | 82 | 84,960 | ||||||
Belrose Funding Trust(a)(b), | 237 | 228,262 | ||||||
Berkshire Hathaway Finance Corp., | 88 | 81,109 | ||||||
MetLife, Inc., | ||||||||
9.25%, 4/8/38(a)(b) | 55 | 80,637 | ||||||
10.75%, 8/1/39 | 304 | 508,709 | ||||||
New York Life Insurance Co.(a)(b), | 110 | 129,813 | ||||||
Northwestern Mutual Life Insurance Co.(a)(b), | 140 | 149,188 | ||||||
|
| |||||||
1,805,183 | ||||||||
|
| |||||||
Media—1.6% | ||||||||
Charter Communications Operating LLC, | 110 | 129,651 | ||||||
Time Warner Cable LLC, | 35 | 46,025 | ||||||
Time Warner Entertainment Co., L.P., | 250 | 361,828 | ||||||
ViacomCBS, Inc., | ||||||||
4.20%, 5/19/32 | 134 | 149,786 | ||||||
6.25%, 2/28/57 (converts to FRN on 2/28/27)(f) | 127 | 141,111 | ||||||
Walt Disney Co., | 85 | 112,276 | ||||||
|
| |||||||
940,677 | ||||||||
|
| |||||||
Miscellaneous Manufacturing—0.1% | ||||||||
Textron, Inc., | 67 | 68,054 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels—2.8% | ||||||||
Boston Gas Co.(a)(b), | 264 | 281,130 | ||||||
BP Capital Markets PLC, (converts to FRN on 6/22/30)(d)(f), | 208 | 222,820 |
See Notes to Financial Statements
14
Table of Contents
ALLIANZGI CORE PLUS BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
Principal Amount (000s) | Value | |||||||
Oil, Gas & Consumable Fuels—continued | ||||||||
Cenovus Energy, Inc., | ||||||||
3.00%, 8/15/22 | $ | 110 | $ | 112,537 | ||||
3.80%, 9/15/23 | 55 | 58,140 | ||||||
Diamondback Energy, Inc., | 109 | 121,805 | ||||||
Hess Corp., | ||||||||
5.60%, 2/15/41 | 120 | 138,432 | ||||||
7.125%, 3/15/33 | 87 | 110,877 | ||||||
Petroleos Mexicanos, | 270 | 268,056 | ||||||
WPX Energy, Inc., | 299 | 321,960 | ||||||
|
| |||||||
1,635,757 | ||||||||
|
| |||||||
Pharmaceuticals—1.7% | ||||||||
Allergan Funding SCS, | 185 | 194,715 | ||||||
Cigna Corp., | 120 | 143,424 | ||||||
CVS Health Corp., | 295 | 271,672 | ||||||
Johnson & Johnson, | 100 | 88,607 | ||||||
Takeda Pharmaceutical Co., Ltd., | 130 | 124,162 | ||||||
Viatris, Inc.(a)(b), | 185 | 188,525 | ||||||
|
| |||||||
1,011,105 | ||||||||
|
| |||||||
Pipelines—2.8% | ||||||||
El Paso Natural Gas Co. LLC, | 125 | 176,437 | ||||||
Enable Midstream Partners LP, | ||||||||
3.90%, 5/15/24 | 150 | 159,796 | ||||||
4.95%, 5/15/28 | 430 | 474,017 | ||||||
Energy Transfer Operating L.P., | ||||||||
6.50%, 2/1/42 | 75 | 89,440 | ||||||
7.125%, 5/15/30 (converts to FRN on 5/15/30)(d)(f) | 281 | 273,778 | ||||||
Kinder Morgan Energy Partners L.P., | 40 | 54,763 | ||||||
Plains All American Pipeline L.P., | ||||||||
6.125%, 11/15/22, Ser. B (converts to FRN on 11/15/22)(d)(f) | 277 | 225,079 | ||||||
6.65%, 1/15/37 | 125 | 146,215 | ||||||
|
| |||||||
1,599,525 | ||||||||
|
| |||||||
Retail—0.9% | ||||||||
7-Eleven, Inc.(a)(b), 1.80%, 2/10/31 | 210 | 196,111 | ||||||
Lowe’s Cos., Inc., | ||||||||
2.625%, 4/1/31 | 195 | 195,555 | ||||||
3.00%, 10/15/50 | 110 | 102,599 | ||||||
|
| |||||||
494,265 | ||||||||
|
| |||||||
Semiconductors—1.0% | ||||||||
Broadcom Corp., 3.875%, 1/15/27 | 204 | 221,524 | ||||||
Broadcom, Inc., | ||||||||
3.469%, 4/15/34 | 226 | 226,773 | ||||||
3.50%, 2/15/41 | 109 | 104,394 | ||||||
|
| |||||||
552,691 | ||||||||
|
|
Principal Amount (000s) | Value | |||||||
Software—0.2% | ||||||||
Oracle Corp., | $ | 115 | $ | 116,372 | ||||
|
| |||||||
Telecommunications—2.4% | ||||||||
AT&T, Inc., | ||||||||
3.10%, 2/1/43 | 231 | 215,537 | ||||||
3.50%, 9/15/53(a)(b) | 85 | 78,552 | ||||||
T MOBILE USA, Inc, | 213 | 214,531 | ||||||
T-Mobile USA, Inc.(a)(b), | 375 | 409,935 | ||||||
Verizon Communications, Inc., | ||||||||
1.45%, 3/20/26 | 160 | 160,013 | ||||||
2.10%, 3/22/28 | 193 | 193,809 | ||||||
2.875%, 11/20/50 | 140 | 124,429 | ||||||
|
| |||||||
1,396,806 | ||||||||
|
| |||||||
Transportation—0.0% | ||||||||
Kansas City Southern, | 25 | 27,407 | ||||||
TOTAL CORPORATE BONDS & NOTES (Cost-$27,186,386) | 27,281,835 | |||||||
ASSET-BACKED SECURITIES—25.7% | ||||||||
American Express Credit Account(f), |
| |||||||
1 mo. LIBOR + 0.320%, 0.426%, 10/15/25 Series 2018-3, Class A | 100 | 100,371 | ||||||
1 mo. LIBOR + 0.340%, 0.446%, 12/15/25 Series 2018-5, Class A | 500 | 502,436 | ||||||
Bain Capital Credit CLO, | 80 | 79,880 | ||||||
CarMax Auto Owner Trust, Series 2020-1, Class A4, | 585 | 606,872 | ||||||
Carmax Auto Owner Trust, | ||||||||
2.30%, 4/15/25 Series 2019-3, Class A4 | 30 | 31,238 | ||||||
2.60%, 6/16/25 Series 2019-3, Class C | 400 | 416,791 | ||||||
Chesapeake Funding II LLC, Series 2019-2A, Class C(a)(b), | 400 | 408,493 | ||||||
Citibank Credit Card Issuance Trust, 1 mo. LIBOR + 0.620%, Series 2017-A5, Class A5(f), | 715 | 723,395 | ||||||
CNH Equipment Trust, Series 2019-B, Class A3, | 80 | 81,133 | ||||||
Discover Card Execution Note Trust, 1 mo. LIBOR + 0.360%, Series 2017-A7, Class A7(f), | 800 | 803,325 | ||||||
Dryden 68 CLO Ltd., 3 mo. LIBOR + 1.310%, Series 2019-68A, Class A(a)(b)(f), | 515 | 514,691 | ||||||
Ford Credit Auto Owner Trust(a)(b), | ||||||||
2.04%, 8/15/31 Series 2020-1, Class A | 232 | 240,172 | ||||||
3.19%, 7/15/31 Series 2018-1, Class A | 260 | 280,183 | ||||||
GM Financial Automobile Leasing Trust, | 400 | 405,926 | ||||||
GM Financial Consumer Automobile Receivables Trust 2020-2, Series 2020, Class A3, | 70 | 71,065 |
See Notes to Financial Statements
15
Table of Contents
ALLIANZGI CORE PLUS BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
Principal Amount (000s) | Value | |||||||
ASSET-BACKED SECURITIES—continued | ||||||||
Honda Auto Receivables 2018-2 Owner Trust, Series 2018, Class A4, | $ | 1,000 | $ | 1,015,385 | ||||
Honda Auto Receivables 2021-1 Owner Trust, Series 2021, Class A3, | 1,500 | 1,497,873 | ||||||
HPEFS Equipment Trust(a)(b), | ||||||||
0.32%, 3/20/31 Series 2021, Class A3 | 700 | 699,025 | ||||||
0.75%, 3/20/31 Series 2021, Class C | 500 | 498,276 | ||||||
2.21%, 9/20/29 Series 2019-1A, Class A3 | 507 | 510,408 | ||||||
2.49%, 9/20/29 Series 2019-1A, Class C | 400 | 407,690 | ||||||
Hyundai Auto Receivables Trust, | ||||||||
2.40%, 6/15/26 Series 2019-B, Class C | 600 | 624,764 | ||||||
2.66%, 6/15/23 Series 2019-A, Class A3 | 1,207 | 1,222,402 | ||||||
MVW LLC, Series 2019-2A, Class A(a)(b), | 403 | 411,391 | ||||||
Race Point IX CLO Ltd., 3 mo. LIBOR + 1.210%, Series 2015-9A, Class A1(a)(b)(f), | 194 | 193,758 | ||||||
Sofi Consumer Loan Program LLC, | 156 | 156,764 | ||||||
Tesla Auto Lease Trust 2021-A, Series 2021, Class A3(a)(b), | 150 | 149,886 | ||||||
Toyota Auto Receivables Owner Trust, Series 2020-C, Class A3, | 310 | 310,704 | ||||||
Vantage Data Centers LLC, Series 2020-1A, Class A2(a)(b), | 250 | 250,153 | ||||||
Venture 42 CLO Ltd., 3 mo. LIBOR + 1.130%, Series 2020-1A, Class A1(a)(b)(c)(e)(f), | 705 | 705,075 | ||||||
Verizon Owner Trust, Series 2019-C, Class A1A, | 755 | 768,013 | ||||||
Volvo Financial Equipment Master Owner Trust, 1 mo. LIBOR + 0.520%, Series 2018-A, Class A(a)(b)(f), | 253 | 253,280 | ||||||
TOTAL ASSET-BACKED SECURITIES (Cost-$14,838,833) |
| 14,940,818 | ||||||
U.S. GOVERNMENT AGENCY SECURITIES—21.7% | ||||||||
Fannie Mae, | ||||||||
2.00%, 2/1/51 | 794 | 795,333 | ||||||
2.50%, 11/1/31 MBS, Pool, 15 Year | 293 | 307,243 | ||||||
2.50%, 7/1/40 MBS, Pool, 20 Year | 397 | 408,766 | ||||||
2.50%, 12/1/50 MBS | 1,289 | 1,327,697 | ||||||
2.50%, 3/1/51 | 900 | 926,245 | ||||||
3.00%, 5/1/50 MBS | 1,822 | 1,896,064 | ||||||
3.00%, 7/1/50 MBS, Pool, 30 Year | 179 | 188,516 | ||||||
3.50%, 1/1/46 MBS, Pool, 30 Year | 1,132 | 1,225,118 | ||||||
Fannie Mae UMBS, MBS, TBA, 30 Year(c), | ||||||||
1.50%, 12/1/50 | 1,300 | 1,255,922 | ||||||
2.00%, 12/1/50 | 1,785 | 1,781,653 | ||||||
United States Small Business Administration, ABS, | ||||||||
1.21%, 12/1/45 Series 2020-25, Class L1 | 150 | 145,419 | ||||||
2.60%, 6/1/39 Series 2019-20, Class F1 | 36 | 36,793 | ||||||
2.69%, 7/1/44 Series 2019-25, Class G1 | 140 | 145,341 | ||||||
2.88%, 5/1/39 Series 2019-20, Class E1 | 200 | 206,795 | ||||||
2.92%, 1/1/38 Series 2018-20, Class A1 | 197 | 206,064 | ||||||
3.20%, 3/1/39 Series 2019-20, Class C1 | 104 | 111,893 | ||||||
3.26%, 2/1/39 Series 2019-20, Class B1 | 94 | 99,952 | ||||||
3.37%, 1/1/39 Series 2019-20, Class A1 | 245 | 259,623 | ||||||
3.50%, 5/1/38 Series 2018-20, Class E1 | 251 | 268,831 |
Principal Amount (000s) | Value | |||||||
U.S. GOVERNMENT AGENCY SECURITIES—continued | ||||||||
3.53%, 9/1/38 Series 2018-20, Class I1 | $ | 309 | $ | 331,267 | ||||
3.54%, 7/1/38 Series 2018-20, Class G1 | 228 | 244,696 | ||||||
3.58%, 8/1/38 Series 2018-20, Class H1 | 430 | 462,123 | ||||||
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost-$12,601,930) |
| 12,631,354 | ||||||
U.S. TREASURY OBLIGATIONS—10.3% | ||||||||
U.S. Treasury Bonds, | ||||||||
1.625%, 11/15/50 | 2,290 | 1,908,214 | ||||||
1.875%, 2/15/41 | 1,040 | 968,337 | ||||||
U.S. Treasury Notes, | ||||||||
0.75%, 3/31/26 | 1,040 | 1,030,981 | ||||||
1.125%, 2/15/31 | 1,347 | 1,272,705 | ||||||
1.375%, 5/31/21(h) | 775 | 776,667 | ||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost-$6,064,873) |
| 5,956,904 | ||||||
Shares | ||||||||
PREFERRED STOCK—0.5% | ||||||||
Banks—0.5% | ||||||||
Citigroup Capital XIII, 3 mo. LIBOR + 6.370%(f) | 9,980 | 268,462 | ||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—1.0% | ||||||||
State Street Bank and Trust Co., | $ | 569 | 569,000 | |||||
TOTAL INVESTMENTS—106.1% (Cost-$61,535,264) |
| 61,648,373 | ||||||
Other assets and liabilities, net(g)—(6.1)% | (3,529,758 | ) | ||||||
|
| |||||||
NET ASSETS—100.0% | $ | 58,118,615 | ||||||
|
|
Notes to Schedule of Investments:
(a) | Private Placement – Restricted as to resale and may not have a readily available market. Private placement securities may include Rule 144A securities. These securities have an aggregate value of $11,720,998, representing 20.2% of net assets. |
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2021, these securities amounted to a value of $11,720,998 or 20.2% of net assets. |
(c) | When-issued or delayed-delivery. This loan will settle after March 31, 2021, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected. |
(d) | Perpetual maturity. The date shown, if any, is the next call date. |
(e) | Level 3 security. See Note 2A in the Notes to Financial Statements. |
(f) | Variable or Floating Rate Security – Securities with an interest rate that changes periodically. The interest rate disclosed reflects the rate in effect on March 31, 2021. |
(g) | Includes net unrealized appreciation (depreciation) of other financial instruments as follows: |
See Notes to Financial Statements
16
Table of Contents
ALLIANZGI CORE PLUS BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
Futures contracts outstanding at March 31, 2021:
Type | Contracts | Expiration Date | Notional Amount (000s) | Market Value (000s) | Unrealized Appreciation (Depreciation) | |||||||||||||||
Long position contracts: | ||||||||||||||||||||
2-Year U.S. Treasury Note | 5 | 6/30/21 | $ | 1,000 | $ | 1,104 | $ | (44 | ) | |||||||||||
5-Year U.S. Treasury Note | 23 | 6/30/21 | 2,300 | 2,838 | (6,056 | ) | ||||||||||||||
U.S. Long Bond | 12 | 6/21/21 | 1,200 | 1,855 | (46,187 | ) | ||||||||||||||
U.S. Ultra Treasury Bond | 2 | 6/21/21 | 200 | 362 | (11,221 | ) | ||||||||||||||
|
| |||||||||||||||||||
$ | (63,508 | ) | ||||||||||||||||||
|
| |||||||||||||||||||
Short position contracts: | ||||||||||||||||||||
10-Year Ultra U.S. Treasury Bond | (27 | ) | 6/21/21 | $ | (2,700 | ) | $ | (3,880 | ) | $ | 133,486 | |||||||||
| ||||||||||||||||||||
$ | 69,978 | |||||||||||||||||||
|
|
Credit default swaps agreements outstanding at March 31, 2021:
Centrally cleared buy protection swap agreements:
Broker (Exchange)/ Reference Debt Issuer | Notional Amount (000s)(1) | Implied Credit Spread | Termination Date | Fixed Deal Pay Rate | Payment Frequency | Value(2) | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
Goldman Sachs (ICE): | ||||||||||||||||||||||||||||||||
Citigroup Inc. | $ | 1,100 | 0.591 | % | 6/20/26 | (1.00 | )% | Quarterly | $ | (24,569 | ) | $ | (24,691 | ) | $ | 122 | ||||||||||||||||
Energy Transfer Operating, L.P. | 775 | 1.375 | % | 6/20/26 | (1.00 | )% | Quarterly | 12,031 | 17,124 | (5,093 | ) | |||||||||||||||||||||
Halliburton Co. | 565 | 1.018 | % | 6/20/26 | (1.00 | )% | Quarterly | (1,061 | ) | 1,411 | (2,472 | ) | ||||||||||||||||||||
Hess Corp. | 615 | 1.452 | % | 6/20/26 | (1.00 | )% | Quarterly | 11,268 | 17,704 | (6,436 | ) | |||||||||||||||||||||
International Business Machines Corp. | 565 | 0.422 | % | 6/20/26 | (1.00 | )% | Quarterly | (17,556 | ) | (16,600 | ) | (956 | ) | |||||||||||||||||||
Lincoln National Corp. | 560 | 0.857 | % | 6/20/26 | (1.00 | )% | Quarterly | (5,198 | ) | (4,515 | ) | (683 | ) | |||||||||||||||||||
Morgan Stanley | 610 | 0.597 | % | 6/20/26 | (1.00 | )% | Quarterly | (12,656 | ) | (11,797 | ) | (859 | ) | |||||||||||||||||||
Simon Property Group, L.P. | 725 | 0.980 | % | 6/20/26 | (1.00 | )% | Quarterly | (2,347 | ) | 725 | (3,072 | ) | ||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (40,088 | ) | $ | (20,639 | ) | $ | (19,449 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
(1) | This represents the maximum potential amount the Fund could be required to make available as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(2) | The quoted market prices and resulting values for credit default swap agreements serve as an indicator of the status at March 31, 2021 of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement have been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
(h) | At March 31, 2021, the Fund pledged $219,136 in cash as collateral for futures contracts and pledged $20,091 in cash as collateral for swap contracts. The Fund also pledged U.S. Treasury Obligations valued at $569,048 as collateral for futures contracts and $159,246 as collateral for swap contracts. |
Glossary:
ABS | Asset-Backed Securities |
CLO | Collateralized Loan Obligation |
FRN | Floating Rate Note |
ICE | Intercontinental Exchange |
LIBOR | London Inter-Bank Offered Rate |
MBS | Mortgage-Backed Securities |
REIT | Real Estate Investment Trust |
TBA | To Be Announced |
UMBS | Uniform Mortgage-Backed Securities |
See Notes to Financial Statements
17
For information regarding the abbreviation, see the Key Investment Terms starting on page 7.
Table of Contents
ALLIANZGI EMERGING MARKETS CONSUMER FUND
SCHEDULE OF INVESTMENTS
MARCH 31, 2021 (Unaudited)
Shares | Value | |||||||
COMMON STOCK—98.1% |
| |||||||
Brazil—1.0% | ||||||||
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes | 8,300 | $ | 36,349 | |||||
Qualicorp Consultoria e Corretora de Seguros S.A. | 5,700 | 30,735 | ||||||
Sao Martinho S.A. | 12,900 | 67,976 | ||||||
|
| |||||||
135,060 | ||||||||
|
| |||||||
Canada—1.0% | ||||||||
Manulife Financial Corp. | 6,686 | 143,807 | ||||||
|
| |||||||
China—39.8% | ||||||||
Alibaba Group Holding Ltd.(b) | 7,700 | 217,903 | ||||||
Alibaba Group Holding Ltd. ADR(b) | 2,295 | 520,345 | ||||||
Baidu, Inc. ADR(b) | 650 | 141,408 | ||||||
Bilibili, Inc. ADR(b) | 995 | 106,525 | ||||||
China Galaxy Securities Co., Ltd., Class A | 123,996 | 195,783 | ||||||
China Merchants Bank Co., Ltd., Class H | 60,500 | 461,877 | ||||||
China Yuhua Education Corp., Ltd.(a) | 46,000 | 36,035 | ||||||
Geely Automobile Holdings Ltd. | 29,000 | 73,786 | ||||||
Great Wall Motor Co., Ltd., Class H | 23,500 | 65,143 | ||||||
Greenland Holdings Corp., Ltd., Class A | 61,785 | 52,689 | ||||||
Haidilao International Holding Ltd.(a) | 9,000 | 61,531 | ||||||
Hisense Home Appliances Group Co., Ltd., Class H | 23,000 | 38,461 | ||||||
JD.com, Inc. ADR(b) | 7,035 | 593,262 | ||||||
JD.com, Inc., Class A(b) | 1,900 | 78,697 | ||||||
Lenovo Group Ltd. | 78,000 | 110,969 | ||||||
Luzhou Laojiao Co., Ltd., Class A | 3,741 | 128,421 | ||||||
Meituan, Class B(a)(b) | 7,500 | 287,686 | ||||||
NetEase, Inc. | 3,400 | 69,189 | ||||||
New Oriental Education & Technology Group, Inc. ADR(b) | 7,210 | 100,940 | ||||||
NIO, Inc. ADR(b) | 1,945 | 75,816 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 24,000 | 285,718 | ||||||
Poly Developments and Holdings Group Co., Ltd., Class A | 21,300 | 46,239 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A | 2,400 | 146,127 | ||||||
Shenzhou International Group Holdings Ltd. | 2,900 | 60,096 | ||||||
Shimao Group Holdings Ltd. | 15,000 | 47,176 | ||||||
Tencent Holdings Ltd. | 13,400 | 1,051,440 | ||||||
Vipshop Holdings Ltd. ADR(b) | 2,735 | 81,667 | ||||||
Wuliangye Yibin Co., Ltd., Class A | 3,401 | 139,039 | ||||||
Wuxi Biologics Cayman, Inc.(a)(b) | 8,500 | 106,440 | ||||||
Xiaomi Corp., Class B(a)(b) | 30,800 | 102,018 | ||||||
Yadea Group Holdings Ltd.(a) | 18,000 | 39,963 | ||||||
Zhongsheng Group Holdings Ltd. | 10,500 | 74,015 | ||||||
|
| |||||||
5,596,404 | ||||||||
|
| |||||||
Denmark—0.7% | ||||||||
Pandora A/S | 925 | 99,102 | ||||||
|
| |||||||
Germany—3.4% | ||||||||
Daimler AG | 5,420 | 483,122 | ||||||
|
| |||||||
India—5.3% | ||||||||
Apollo Tyres Ltd. | 25,120 | 76,858 | ||||||
Bajaj Auto Ltd. | 1,126 | 56,530 | ||||||
HDFC Bank Ltd. ADR(b) | 4,565 | 354,655 | ||||||
LIC Housing Finance Ltd. | 20,200 | 118,304 | ||||||
Reliance Industries Ltd. | 5,283 | 144,738 | ||||||
|
| |||||||
751,085 | ||||||||
|
| |||||||
Indonesia—0.6% | ||||||||
Indofood Sukses Makmur Tbk PT | 122,100 | 55,481 |
Shares | Value | |||||||
Indonesia—continued | ||||||||
Media Nusantara Citra Tbk PT(b) | 424,700 | $ | 27,923 | |||||
|
| |||||||
83,404 | ||||||||
|
| |||||||
Korea (Republic of)—21.4% | ||||||||
CJ CheilJedang Corp. | 683 | 248,034 | ||||||
Hana Financial Group, Inc. | 12,314 | 465,685 | ||||||
Hankook Tire & Technology Co., Ltd. | 4,340 | 188,095 | ||||||
Hotel Shilla Co., Ltd. | 528 | 40,542 | ||||||
Hyundai Mobis Co., Ltd. | 250 | 64,502 | ||||||
Kakao Corp. | 321 | 141,249 | ||||||
Kia Motors Corp. | 4,272 | 312,921 | ||||||
KIWOOM Securities Co., Ltd. | 842 | 93,742 | ||||||
LG Electronics, Inc. | 2,626 | 348,045 | ||||||
NAVER Corp. | 419 | 139,574 | ||||||
Samsung Electronics Co., Ltd. | 13,454 | 967,666 | ||||||
|
| |||||||
3,010,055 | ||||||||
|
| |||||||
Mexico—0.4% | ||||||||
Gruma S.A.B de C.V., Class B | 5,015 | 59,227 | ||||||
|
| |||||||
Philippines—0.2% | ||||||||
Globe Telecom, Inc. | 840 | 32,536 | ||||||
|
| |||||||
Poland—0.3% | ||||||||
Dino Polska S.A.(a)(b) | 735 | 48,468 | ||||||
|
| |||||||
Russian Federation—1.2% | ||||||||
Mobile TeleSystems PJSC ADR | 19,710 | 164,381 | ||||||
|
| |||||||
Singapore—0.3% | ||||||||
IGG, Inc. | 35,000 | 45,111 | ||||||
|
| |||||||
South Africa—0.5% | ||||||||
Naspers Ltd., Class N | 289 | 69,151 | ||||||
|
| |||||||
Switzerland—1.7% | ||||||||
Roche Holding AG | 722 | 233,333 | ||||||
|
| |||||||
Taiwan—12.3% | ||||||||
Asustek Computer, Inc. | 28,000 | 365,542 | ||||||
Chicony Electronics Co., Ltd. | 12,000 | 42,687 | ||||||
Chlitina Holding Ltd. | 6,000 | 49,942 | ||||||
Chong Hong Construction Co., Ltd. | 20,000 | 58,108 | ||||||
CTBC Financial Holding Co., Ltd. | 97,000 | 75,131 | ||||||
First Financial Holding Co., Ltd. | 119,690 | 93,124 | ||||||
Fubon Financial Holding Co., Ltd. | 179,000 | 356,331 | ||||||
Grape King Bio Ltd. | 6,000 | 38,272 | ||||||
Lite-On Technology Corp. | 79,000 | 173,876 | ||||||
Primax Electronics Ltd. | 77,000 | 171,633 | ||||||
Qisda Corp. | 51,000 | 61,219 | ||||||
Quanta Computer, Inc. | 37,000 | 127,081 | ||||||
Yuanta Financial Holding Co., Ltd. | 147,000 | 115,918 | ||||||
|
| |||||||
1,728,864 | ||||||||
|
| |||||||
Thailand—0.9% | ||||||||
Charoen Pokphand Foods PCL | 47,900 | 45,218 | ||||||
Sri Trang Gloves Thailand PCL | 66,300 | 86,985 | ||||||
|
| |||||||
132,203 | ||||||||
|
|
See Notes to Financial Statements
18
Table of Contents
ALLIANZGI EMERGING MARKETS CONSUMER FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
Shares | Value | |||||||
Turkey—0.7% | ||||||||
Arcelik AS | 15,124 | $ | 61,285 | |||||
Turkcell Iletisim Hizmetleri AS | 22,060 | 39,994 | ||||||
|
| |||||||
101,279 | ||||||||
|
| |||||||
United States—6.4% | ||||||||
Apple, Inc. | 2,670 | 326,141 | ||||||
Microsoft Corp. | 1,025 | 241,664 | ||||||
Procter & Gamble Co. | 1,370 | 185,539 | ||||||
Thermo Fisher Scientific, Inc. | 320 | 146,042 | ||||||
|
| |||||||
899,386 | ||||||||
TOTAL COMMON STOCK (Cost-$8,906,898) |
| 13,815,978 | ||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—1.0% | ||||||||
State Street Bank and Trust Co., | $ | 141 | 141,000 | |||||
TOTAL INVESTMENTS—99.1% (Cost-$9,047,898) |
| 13,956,978 | ||||||
Other assets and liabilities, net—0.9% |
| 123,672 | ||||||
|
| |||||||
NET ASSETS—100.0% |
| $ | 14,080,650 | |||||
|
|
Notes to Schedule of Investments:
(a) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2021, these securities amounted to a value of $682,141 or 4.8% of net assets. |
(b) | Non-income producing. |
Glossary:
ADR | American Depositary Receipt |
The industry classification of portfolio holdings and other assets and liabilities, net, shown as a percentage of net assets were as follows:
Technology Hardware, Storage & Peripherals | 17.4 | % | ||
Internet & Direct Marketing Retail | 13.1 | |||
Interactive Media & Services | 10.5 | |||
Banks | 10.3 | |||
Automobiles | 7.9 | |||
Insurance | 5.6 | |||
Household Durables | 3.4 | |||
Food Products | 3.4 | |||
Auto Components | 2.3 | |||
Capital Markets | 2.1 | |||
Beverages | 1.9 | |||
Life Sciences Tools & Services | 1.8 | |||
Software | 1.7 | |||
Wireless Telecommunication Services | 1.7 | |||
Pharmaceuticals | 1.7 | |||
Healthcare Equipment & Supplies | 1.7 | |||
Entertainment | 1.6 | |||
Real Estate Management & Development | 1.5 | |||
Household Products | 1.3 | |||
Textiles, Apparel & Luxury Goods | 1.1 | |||
Oil, Gas & Consumable Fuels | 1.0 | |||
Diversified Consumer Services | 1.0 | |||
Thrifts & Mortgage Finance | 0.8 | |||
Diversified Financial Services | 0.8 | |||
Specialty Retail | 0.8 | |||
Personal Products | 0.6 | |||
Hotels, Restaurants & Leisure | 0.4 | |||
Food & Staples Retailing | 0.3 | |||
Healthcare Providers & Services | 0.2 | |||
Media | 0.2 | |||
Repurchase Agreements | 1.0 | |||
Other assets and liabilities, net | 0.9 | |||
100.0 | % |
See Notes to Financial Statements
19
For information regarding the abbreviation, see the Key Investment Terms starting on page 7.
Table of Contents
ALLIANZGI GLOBAL ALLOCATION FUND
SCHEDULE OF INVESTMENTS
MARCH 31, 2021 (Unaudited)
Shares | Value | |||||||
MUTUAL FUND—30.0% |
| |||||||
Virtus AllianzGI Global Sustainability Fund(g)(h)(k) | 3,678,561 | $ | 87,365,832 | |||||
EXCHANGE-TRADED FUNDS(k)—14.0% |
| |||||||
Invesco WilderHill Clean Energy ETF | 14,000 | 1,377,460 | ||||||
iShares Core U.S. Aggregate Bond ETF | 46,479 | 5,290,705 | ||||||
iShares ESG Aware MSCI EAFE ETF | 114,959 | 8,725,388 | ||||||
iShares ESG Aware MSCI EM ETF | 66,917 | 2,898,175 | ||||||
iShares ESG Aware MSCI USA ETF | 144,928 | 13,169,607 | ||||||
iShares Global Clean Energy ETF | 51,645 | 1,254,974 | ||||||
iShares JP Morgan USD Emerging Markets Bond ETF | 11,431 | 1,244,607 | ||||||
iShares MSCI USA ESG Select ETF | 50,326 | 4,419,629 | ||||||
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund(g) | 46,000 | 2,522,640 | ||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost-$40,359,756) |
| 40,903,185 | ||||||
Principal Amount (000s) | ||||||||
CORPORATE BONDS & NOTES—13.7% |
| |||||||
Aerospace & Defense—0.7% | ||||||||
BAE Systems PLC(a)(b), | $ | 125 | 117,294 | |||||
3.40%, 4/15/30 | 30 | 31,844 | ||||||
Boeing Co., | 130 | 129,597 | ||||||
2.80%, 3/1/27 | 175 | 179,200 | ||||||
3.625%, 2/1/31 | 225 | 235,396 | ||||||
L3Harris Technologies, Inc., | 175 | 189,917 | ||||||
Northrop Grumman Corp., | 565 | 606,098 | ||||||
Northrop Grumman Systems Corp., | 210 | 271,031 | ||||||
Raytheon Technologies Corp., | 75 | 96,457 | ||||||
7.20%, 8/15/27 | 93 | 121,737 | ||||||
Teledyne Technologies, Inc., | 200 | 199,272 | ||||||
|
| |||||||
2,177,843 | ||||||||
|
| |||||||
Airlines—0.2% | ||||||||
American Airlines, Inc.(a)(b), | 150 | 156,103 | ||||||
Delta Air Lines, Inc.(a)(b), | 205 | 218,817 | ||||||
Mileage Plus Holdings LLC(a)(b), | 315 | 345,319 | ||||||
|
| |||||||
720,239 | ||||||||
|
| |||||||
Auto Manufacturers—0.2% | ||||||||
Ford Motor Credit Co. LLC, | 215 | 222,181 | ||||||
General Motors Co., | 200 | 229,016 | ||||||
|
| |||||||
451,197 | ||||||||
|
| |||||||
Banks—3.5% | ||||||||
Australia & New Zealand Banking Group Ltd., | 303 | 313,154 |
Principal Amount (000s) | Value | |||||||
Banks—continued | ||||||||
Bank of America Corp.(i), | $ | 325 | $ | 340,662 | ||||
2.496%, 2/13/31 (converts to FRN on 2/13/30) | 560 | 554,844 | ||||||
Citigroup, Inc., (converts to FRN on 10/30/23)(i), | 1,010 | 1,009,314 | ||||||
Cooperatieve Rabobank UA, (converts to FRN on 2/24/26)(a)(b)(i), | 750 | 732,630 | ||||||
Deutsche Bank AG, (converts to FRN on 04/30/26)(e)(i), | 200 | 202,500 | ||||||
Goldman Sachs Group, Inc., (converts to FRN on 2/12/25)(i), | 330 | 324,358 | ||||||
HSBC Holdings PLC, (converts to FRN on 6/17/31)(e)(i), | 400 | 395,500 | ||||||
Huntington Capital Trust I, 3 mo. LIBOR + 0.700%(i), | 220 | 205,565 | ||||||
International Bank for Reconstruction & Development, SOFR + 0.370%(i), | 2,000 | 2,005,880 | ||||||
JPMorgan Chase & Co.(i), | 450 | 446,655 | ||||||
3 mo. LIBOR + 0.950%, 1.152%, 1/15/87 | 520 | 459,063 | ||||||
Lloyds Banking Group PLC, (converts to FRN on 9/27/25)(e)(i), | 130 | 148,525 | ||||||
Natwest Group PLC, (converts to FRN on 5/22/23)(i), | 375 | 386,898 | ||||||
Popular, Inc., | 340 | 367,200 | ||||||
Standard Chartered PLC, (converts to FRN on 1/14/26)(a)(b)(i), | 200 | 195,223 | ||||||
State Street Corp.(i), | 465 | 400,067 | ||||||
3.152%, 3/30/31 (converts to FRN on 3/30/30) | 60 | 63,608 | ||||||
Sumitomo Mitsui Financial Group, Inc., | 428 | 426,046 | ||||||
Truist Financial Corp.(i), | 400 | 395,222 | ||||||
5.10%, 3/1/30, Ser. Q (converts to FRN on 9/1/30)(e) | 250 | 272,575 | ||||||
Wells Fargo & Co., (converts to FRN on 3/15/26)(e)(i), | 197 | 198,950 | ||||||
Westpac Banking Corp., (converts to FRN on 2/4/25)(i), | 235 | 242,052 | ||||||
|
| |||||||
10,086,491 | ||||||||
|
| |||||||
Biotechnology—0.1% | ||||||||
Celgene Corp., | 70 | 84,773 | ||||||
Gilead Sciences, Inc., | 161 | 147,946 | ||||||
|
| |||||||
232,719 | ||||||||
|
| |||||||
Building Materials—0.1% | ||||||||
Carrier Global Corp., | 220 | 222,000 | ||||||
|
|
See Notes to Financial Statements
20
Table of Contents
ALLIANZGI GLOBAL ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
Principal Amount (000s) | Value | |||||||
Chemicals—0.0% | ||||||||
Air Products and Chemicals, Inc., | $ | 141 | $ | 130,461 | ||||
|
| |||||||
Commercial Services—0.2% | ||||||||
Experian Finance PLC(a)(b), | 200 | 203,116 | ||||||
Massachusetts Institute of Technology, | 175 | 267,344 | ||||||
President & Fellows of Harvard College, | 135 | 175,199 | ||||||
|
| |||||||
645,659 | ||||||||
|
| |||||||
Computers—0.1% | ||||||||
Apple, Inc., | 130 | 118,791 | ||||||
Fortinet, Inc., | 54 | 52,796 | ||||||
Leidos, Inc., | 33 | 43,560 | ||||||
|
| |||||||
215,147 | ||||||||
|
| |||||||
Diversified Financial Services—0.9% | ||||||||
AerCap Ireland Capital DAC, | 330 | 346,050 | ||||||
Air Lease Corp., (converts to FRN on 6/15/26)(e)(i), | 102 | 100,725 | ||||||
American Express Co., | 145 | 158,115 | ||||||
8.15%, 3/19/38 | 105 | 157,578 | ||||||
Avolon Holdings Funding Ltd.(a)(b), | 180 | 172,172 | ||||||
Charles Schwab Corp., (converts to FRN on 6/1/26)(e)(i), | 135 | 136,998 | ||||||
Discover Financial Services, | 190 | 210,864 | ||||||
5.50%, 10/30/27, Ser. C (converts to FRN on 10/30/27)(e)(i) | 230 | 238,694 | ||||||
GE Capital Funding LLC(a)(b), | 260 | 298,103 | ||||||
Intercontinental Exchange, Inc., | 110 | 101,759 | ||||||
Synchrony Financial, | 375 | 408,823 | ||||||
Visa, Inc., | 175 | 179,362 | ||||||
|
| |||||||
2,509,243 | ||||||||
|
| |||||||
Electric Utilities—2.5% | ||||||||
Alabama Power Co., | 165 | 178,235 | ||||||
Arizona Public Service Co., | 90 | 113,084 | ||||||
CMS Energy Corp., | 175 | 190,408 | ||||||
3.75%, 12/1/50 (converts to FRN on 12/1/30)(i) | 125 | 123,750 | ||||||
Commonwealth Edison Co., | 115 | 153,075 |
Principal Amount (000s) | Value | |||||||
Electric Utilities—continued | ||||||||
Consolidated Edison Co. of New York, Inc., Ser. 06-E, | $ | 40 | $ | 51,067 | ||||
DTE Electric Co., | 265 | 264,315 | ||||||
4.05%, 5/15/48, Ser. A | 120 | 135,942 | ||||||
5.70%, 10/1/37 | 240 | 307,603 | ||||||
6.625%, 6/1/36, Ser. A | 60 | 85,539 | ||||||
Duke Energy Carolinas LLC, | 80 | 80,523 | ||||||
3.45%, 4/15/51 | 50 | 51,069 | ||||||
Duke Energy Florida LLC, | 143 | 145,829 | ||||||
Duke Energy Progress LLC, | 330 | 358,709 | ||||||
Edison International, (converts to FRN on 3/15/26)(e)(i), | 155 | 157,139 | ||||||
Enel Finance International NV(a)(b), | 600 | 631,124 | ||||||
Georgia Power Co., | 200 | 190,922 | ||||||
Jersey Central Power & Light Co., | 270 | 331,420 | ||||||
MidAmerican Energy Co., | 108 | 119,927 | ||||||
NextEra Energy Capital Holdings, Inc., | 165 | 161,437 | ||||||
Niagara Mohawk Power Corp.(a)(b), | 180 | 172,032 | ||||||
NRG Energy, Inc.(a)(b), | 527 | 523,821 | ||||||
3.375%, 2/15/29 | 155 | 151,319 | ||||||
Pacific Gas and Electric Co., | 25 | 24,229 | ||||||
4.55%, 7/1/30 | 110 | 119,306 | ||||||
4.95%, 7/1/50 | 120 | 123,323 | ||||||
Pennsylvania Electric Co., | 92 | 96,487 | ||||||
4.15%, 4/15/25(a)(b) | 313 | 333,392 | ||||||
6.15%, 10/1/38 | 95 | 117,057 | ||||||
PPL Electric Utilities Corp., | 360 | 442,309 | ||||||
Public Service Co of Colorado, | 199 | 232,676 | ||||||
Sempra Energy, | 505 | 542,605 | ||||||
4.875%, 10/15/25 (converts to FRN on 10/15/25)(e)(i) | 113 | 120,910 | ||||||
Southern California Edison Co., | 140 | 139,368 | ||||||
Toledo Edison Co., | 18 | 22,907 | ||||||
Virginia Electric & Power Co., Ser. A, | 145 | 160,125 | ||||||
|
| |||||||
7,152,983 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs)—0.7% | ||||||||
Alexandria Real Estate Equities, Inc., | 77 | 71,531 | ||||||
American Tower Corp., | 147 | 157,601 | ||||||
4.40%, 2/15/26 | 555 | 625,260 |
See Notes to Financial Statements
21
Table of Contents
ALLIANZGI GLOBAL ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
Principal Amount (000s) | Value | |||||||
Equity Real Estate Investment Trusts (REITs)—continued | ||||||||
Crown Castle International Corp., | $ | 130 | $ | 119,600 | ||||
4.45%, 2/15/26 | 370 | 416,687 | ||||||
CyrusOne LP, | 95 | 87,790 | ||||||
Equinix, Inc., | 510 | 500,789 | ||||||
|
| |||||||
1,979,258 | ||||||||
|
| |||||||
Food & Beverage—0.3% | ||||||||
Anheuser-Busch InBev Finance, Inc., | 585 | 641,210 | ||||||
Constellation Brands, Inc., | 113 | 115,460 | ||||||
PepsiCo, Inc., | 200 | 193,563 | ||||||
Sysco Corp., | 41 | 59,219 | ||||||
|
| |||||||
1,009,452 | ||||||||
|
| |||||||
Healthcare-Products—0.1% | ||||||||
STERIS Irish FinCo UnLtd., Co., | 195 | 193,538 | ||||||
3.75%, 3/15/51 | 117 | 117,860 | ||||||
|
| |||||||
311,398 | ||||||||
|
| |||||||
Healthcare-Services—0.1% | ||||||||
HCA, Inc., | 165 | 189,131 | ||||||
|
| |||||||
Insurance—0.7% | ||||||||
American International Group, Inc., | 170 | 180,703 | ||||||
6.82%, 11/15/37 | 23 | 30,996 | ||||||
AmFam Holdings, Inc.(a)(b), | 135 | 133,936 | ||||||
Athene Global Funding(a)(b), | 135 | 134,677 | ||||||
2.55%, 6/29/25 | 111 | 115,007 | ||||||
Belrose Funding Trust(a)(b), | 110 | 105,944 | ||||||
Lincoln National Corp., 3 mo. LIBOR + 2.358%(i), | 345 | 295,796 | ||||||
Massachusetts Mutual Life Insurance Co.(a)(b), | 345 | 401,178 | ||||||
MetLife, Inc.(a)(b), | 145 | 212,588 | ||||||
Metropolitan Life Insurance Co.(a)(b), | 215 | 267,697 | ||||||
New York Life Insurance Co.(a)(b), | 80 | 94,410 | ||||||
|
| |||||||
1,972,932 | ||||||||
|
| |||||||
Internet—0.1% | ||||||||
Booking Holdings, Inc., | 265 | 308,687 | ||||||
|
|
Principal Amount (000s) | Value | |||||||
Media—0.5% | ||||||||
Charter Communications Operating LLC, | $ | 90 | $ | 106,078 | ||||
Comcast Corp., | 313 | 343,425 | ||||||
Time Warner Cable LLC, | 315 | 414,224 | ||||||
ViacomCBS, Inc., | 180 | 191,422 | ||||||
4.20%, 5/19/32 | 62 | 69,304 | ||||||
5.25%, 4/1/44 | 205 | 247,033 | ||||||
6.25%, 2/28/57 (converts to FRN on 2/28/27)(i) | 158 | 175,555 | ||||||
|
| |||||||
1,547,041 | ||||||||
|
| |||||||
Miscellaneous Manufacturing—0.0% | ||||||||
Textron, Inc., | 50 | 50,786 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels—0.5% | ||||||||
Boston Gas Co.(a)(b), | 435 | 463,225 | ||||||
Cenovus Energy, Inc., | 70 | 71,615 | ||||||
3.80%, 9/15/23 | 60 | 63,425 | ||||||
Diamondback Energy, Inc., | 108 | 120,688 | ||||||
Hess Corp., | 85 | 98,056 | ||||||
7.125%, 3/15/33 | 180 | 229,400 | ||||||
Marathon Petroleum Corp., | 85 | 100,757 | ||||||
Petroleos Mexicanos, | 130 | 129,064 | ||||||
WPX Energy, Inc., | 244 | 262,737 | ||||||
|
| |||||||
1,538,967 | ||||||||
|
| |||||||
Pharmaceuticals—0.4% | ||||||||
Cigna Corp., | 175 | 195,126 | ||||||
4.80%, 8/15/38 | 115 | 137,448 | ||||||
CVS Health Corp., | 205 | 188,789 | ||||||
4.30%, 3/25/28 | 223 | 253,235 | ||||||
Johnson & Johnson, | 70 | 62,025 | ||||||
Shire Acquisitions Investments Ireland DAC, | 180 | 193,924 | ||||||
Takeda Pharmaceutical Co., Ltd., | 60 | 57,306 | ||||||
Viatris, Inc.(a)(b), | 215 | 219,096 | ||||||
|
| |||||||
1,306,949 | ||||||||
|
| |||||||
Pipelines—0.7% | ||||||||
El Paso Natural Gas Co. LLC, | 205 | 289,356 | ||||||
Enable Midstream Partners LP, | 90 | 95,877 | ||||||
4.95%, 5/15/28 | 160 | 176,378 |
See Notes to Financial Statements
22
Table of Contents
ALLIANZGI GLOBAL ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
Principal Amount (000s) | Value | |||||||
Pipelines—continued | ||||||||
Energy Transfer Operating L.P., | $ | 375 | $ | 447,201 | ||||
7.125%, 5/15/30 (converts to FRN on 5/15/30)(e)(i) | 280 | 272,804 | ||||||
Kinder Morgan Energy Partners L.P., | 65 | 88,990 | ||||||
Plains All American Pipeline L.P., | 155 | 169,837 | ||||||
6.125%, 11/15/22, Ser. B (converts to FRN on 11/15/22)(e)(i) | 175 | 142,198 | ||||||
6.65%, 1/15/37 | 225 | 263,188 | ||||||
|
| |||||||
1,945,829 | ||||||||
|
| |||||||
Retail—0.1% | ||||||||
7-Eleven, Inc.(a)(b), | 145 | 135,410 | ||||||
Lowe’s Cos., Inc., | 135 | 135,384 | ||||||
3.00%, 10/15/50 | 79 | 73,685 | ||||||
|
| |||||||
344,479 | ||||||||
|
| |||||||
Semiconductors—0.2% | ||||||||
Broadcom Corp., | 83 | 90,130 | ||||||
Broadcom, Inc., | 92 | 92,315 | ||||||
3.50%, 2/15/41(a)(b) | 76 | 72,789 | ||||||
Intel Corp., | 330 | 311,658 | ||||||
|
| |||||||
566,892 | ||||||||
|
| |||||||
Software—0.2% | ||||||||
Microsoft Corp., | 170 | 154,797 | ||||||
3.50%, 11/15/42 | 275 | 302,199 | ||||||
Oracle Corp., | 155 | 156,850 | ||||||
3.80%, 11/15/37 | 95 | 98,667 | ||||||
|
| |||||||
712,513 | ||||||||
|
| |||||||
Telecommunications—0.6% | ||||||||
AT&T, Inc., | 159 | 148,357 | ||||||
3.50%, 9/15/53(a)(b) | 398 | 367,806 | ||||||
T MOBILE USA, Inc, | 148 | 149,064 | ||||||
T-Mobile USA, Inc.(a)(b), | 140 | 153,042 | ||||||
Verizon Communications, Inc., | 450 | 413,150 | ||||||
Verizon Communications, Inc., | 133 | 133,011 | ||||||
2.10%, 3/22/28 | 150 | 150,629 | ||||||
2.875%, 11/20/50 | 145 | 128,873 | ||||||
|
| |||||||
1,643,932 | ||||||||
|
| |||||||
Transportation—0.0% | ||||||||
Kansas City Southern, | 129 | 141,420 | ||||||
TOTAL CORPORATE BONDS & NOTES (Cost-$40,553,923) |
| 40,113,648 |
Principal Amount (000s) | Value | |||||||
U.S. GOVERNMENT AGENCY SECURITIES—11.0% | ||||||||
Fannie Mae(i), | $ | 2,000 | $ | 1,914,378 | ||||
Freddie Mac, | 1,300 | 1,256,240 | ||||||
1.639%, 1/25/30 | 870 | 857,654 | ||||||
2.074%, 1/25/31 | 50 | 50,689 | ||||||
2.651%, 11/25/29 | 2,000 | 2,126,918 | ||||||
Ginnie Mae, MBS, | 3,607 | 3,639,056 | ||||||
2.50%, 8/20/50 | 6,046 | 6,268,734 | ||||||
3.00%, 11/20/48 | 6,516 | 6,745,081 | ||||||
Small Business Administration Participation Certificates, ABS(f), | 3,133 | 3,041,755 | ||||||
1.34%, 2/1/46 | 620 | 603,076 | ||||||
United States Small Business Administration, ABS, | 2,198 | 2,134,240 | ||||||
1.21%, 12/1/45 Series 2020-25, Class L1 | 1,500 | 1,454,193 | ||||||
2.88%, 5/1/37 | 1,852 | 1,943,487 | ||||||
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost-$32,911,762) |
| 32,035,501 | ||||||
Shares | ||||||||
COMMON STOCK—10.6% |
| |||||||
Aerospace & Defense—0.1% | ||||||||
L3Harris Technologies, Inc. | 169 | 34,253 | ||||||
Lockheed Martin Corp. | 428 | 158,146 | ||||||
Northrop Grumman Corp. | 103 | 33,335 | ||||||
|
| |||||||
225,734 | ||||||||
|
| |||||||
Air Freight & Logistics—0.0% | ||||||||
SG Holdings Co., Ltd. | 2,600 | 59,573 | ||||||
Yamato Holdings Co., Ltd. | 2,400 | 65,784 | ||||||
|
| |||||||
125,357 | ||||||||
|
| |||||||
Airlines—0.0% | ||||||||
Air New Zealand Ltd.(j) | 17,087 | 20,406 | ||||||
|
| |||||||
Auto Components—0.0% | ||||||||
Gentex Corp. | 1,959 | 69,878 | ||||||
|
| |||||||
Banks—0.4% | ||||||||
Agricultural Bank of China Ltd., Class H | 361,000 | 144,417 | ||||||
Banco Bradesco S.A. ADR | 5,168 | 24,290 | ||||||
Bangkok Bank PCL | 13,100 | 52,819 | ||||||
Bank of China Ltd., Class H | 158,000 | 60,159 | ||||||
Bank of Communications Co., Ltd., Class H | 249,000 | 158,546 | ||||||
Banque Cantonale Vaudoise | 590 | 57,555 | ||||||
China Construction Bank Corp., Class H | 209,000 | 175,822 | ||||||
CTBC Financial Holding Co., Ltd. | 79,000 | 61,189 | ||||||
E.Sun Financial Holding Co., Ltd. | 63,000 | 57,628 | ||||||
Hang Seng Bank Ltd. | 800 | 15,487 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 66,000 | 47,373 | ||||||
KB Financial Group, Inc. ADR(j) | 781 | 38,605 | ||||||
Mega Financial Holding Co., Ltd. | 44,000 | 49,192 | ||||||
Mizuho Financial Group, Inc. | 5,400 | 77,982 | ||||||
Postal Savings Bank of China Co., Ltd., Class H(b) | 185,000 | 138,260 | ||||||
Shinhan Financial Group Co., Ltd. ADR(j) | 1,289 | 43,233 |
See Notes to Financial Statements
23
Table of Contents
ALLIANZGI GLOBAL ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
Shares | Value | |||||||
Banks—continued | ||||||||
Spar Nord Bank A/S(j) | 733 | $ | 7,823 | |||||
Tisco Financial Group PCL | 11,100 | 34,543 | ||||||
|
| |||||||
1,244,923 | ||||||||
|
| |||||||
Beverages—0.1% | ||||||||
Coca-Cola Co. | 2,802 | 147,693 | ||||||
Coca-Cola European Partners PLC | 599 | 31,244 | ||||||
PepsiCo, Inc. | 1,065 | 150,644 | ||||||
|
| |||||||
329,581 | ||||||||
|
| |||||||
Biotechnology—0.2% | ||||||||
Amgen, Inc. | 460 | 114,453 | ||||||
Gilead Sciences, Inc. | 3,247 | 209,854 | ||||||
Regeneron Pharmaceuticals, Inc.(j) | 330 | 156,136 | ||||||
Vertex Pharmaceuticals, Inc.(j) | 925 | 198,773 | ||||||
|
| |||||||
679,216 | ||||||||
|
| |||||||
Building Products—0.1% | ||||||||
Geberit AG | 131 | 83,383 | ||||||
Nichias Corp. | 502 | 12,740 | ||||||
Takasago Thermal Engineering Co., Ltd. | 2,903 | 45,200 | ||||||
|
| |||||||
141,323 | ||||||||
|
| |||||||
Capital Markets—0.2% | ||||||||
Deutsche Boerse AG | 522 | 86,742 | ||||||
Japan Exchange Group, Inc. | 2,400 | 56,248 | ||||||
Morgan Stanley | 1,340 | 104,064 | ||||||
Nasdaq, Inc. | 633 | 93,342 | ||||||
S&P Global, Inc. | 236 | 83,277 | ||||||
T Rowe Price Group, Inc. | 721 | 123,724 | ||||||
|
| |||||||
547,397 | ||||||||
|
| |||||||
Chemicals—0.3% | ||||||||
Air Products and Chemicals, Inc. | 531 | 149,392 | ||||||
Albemarle Corp. | 899 | 131,353 | ||||||
Chr Hansen Holding A/S(j) | 600 | 54,521 | ||||||
Givaudan S.A. | 34 | 131,014 | ||||||
Linde PLC | 541 | 151,556 | ||||||
Sociedad Quimica y Minera de Chile SA | 2,520 | 133,736 | ||||||
Taiwan Fertilizer Co., Ltd. | 8,000 | 15,841 | ||||||
|
| |||||||
767,413 | ||||||||
|
| |||||||
Commercial Services & Supplies—0.3% | ||||||||
Republic Services, Inc. | 1,989 | 197,607 | ||||||
Secom Co., Ltd. | 2,100 | 176,630 | ||||||
SP Plus Corp.(j) | 132 | 4,328 | ||||||
UniFirst Corp. | 269 | 60,178 | ||||||
Waste Management, Inc. | 2,793 | 360,353 | ||||||
|
| |||||||
799,096 | ||||||||
|
| |||||||
Communications Equipment—0.1% | ||||||||
Cisco Systems, Inc. | 2,676 | 138,376 | ||||||
Motorola Solutions, Inc. | 838 | 157,586 | ||||||
|
| |||||||
295,962 | ||||||||
|
| |||||||
Construction & Engineering—0.1% | ||||||||
China Conch Venture Holdings Ltd. | 14,000 | 65,821 | ||||||
Eiffage S.A.(j) | 480 | 48,049 | ||||||
Kajima Corp. | 4,400 | 62,428 |
Shares | Value | |||||||
Construction & Engineering—continued | ||||||||
Obayashi Corp. | 6,973 | $ | 63,920 | |||||
Okumura Corp. | 1,800 | 47,827 | ||||||
Shimizu Corp. | 4,700 | 38,033 | ||||||
Sumitomo Densetsu Co., Ltd. | 1,000 | 21,757 | ||||||
|
| |||||||
347,835 | ||||||||
|
| |||||||
Construction Materials—0.1% | ||||||||
Siam Cement PCL | 6,200 | 79,162 | ||||||
Taiwan Cement Corp. | 36,000 | 59,047 | ||||||
|
| |||||||
138,209 | ||||||||
|
| |||||||
Consumer Finance—0.0% | ||||||||
B2Holding ASA(j) | 5,084 | 5,201 | ||||||
|
| |||||||
Containers & Packaging—0.0% | ||||||||
Cascades, Inc. | 673 | 8,424 | ||||||
FP Corp. | 1,200 | 48,824 | ||||||
Silgan Holdings, Inc. | 1,388 | 58,337 | ||||||
Toyo Seikan Group Holdings Ltd. | 900 | 10,697 | ||||||
|
| |||||||
126,282 | ||||||||
|
| |||||||
Diversified Consumer Services—0.0% | ||||||||
Graham Holdings Co., Class B | 87 | 48,932 | ||||||
|
| |||||||
Diversified Financial Services—0.1% | ||||||||
Berkshire Hathaway, Inc., Class B(j) | 385 | 98,356 | ||||||
Investor AB, Class B | 1,194 | 95,209 | ||||||
Yuanta Financial Holding Co., Ltd. | 62,000 | 48,891 | ||||||
|
| |||||||
242,456 | ||||||||
|
| |||||||
Diversified Telecommunication Services—0.6% | ||||||||
Bezeq The Israeli Telecommunication Corp. Ltd.(j) | 28,375 | 30,309 | ||||||
Chunghwa Telecom Co., Ltd. ADR | 1,465 | 57,340 | ||||||
Deutsche Telekom AG | 12,176 | 245,167 | ||||||
Elisa Oyj | 1,393 | 83,541 | ||||||
Iliad S.A. | 338 | 64,252 | ||||||
KT Corp. ADR(j) | 5,245 | 65,248 | ||||||
Magyar Telekom Telecommunications PLC | 32,624 | 42,996 | ||||||
Maroc Telecom | 2,210 | 33,927 | ||||||
Nippon Telegraph & Telephone Corp. | 9,588 | 246,097 | ||||||
NOS SGPS S.A. | 6,083 | 22,143 | ||||||
Orange S.A. | 6,202 | 76,404 | ||||||
Proximus SADP | 2,691 | 58,570 | ||||||
Singapore Telecommunications Ltd. | 29,500 | 53,509 | ||||||
Swisscom AG | 132 | 70,808 | ||||||
Telefonica Brasil S.A. ADR | 4,343 | 34,179 | ||||||
Telekom Austria AG | 2,708 | 21,341 | ||||||
Telstra Corp. Ltd. | 26,977 | 69,667 | ||||||
Verizon Communications, Inc. | 6,783 | 394,431 | ||||||
|
| |||||||
1,669,929 | ||||||||
|
| |||||||
Electric Utilities—0.6% | ||||||||
American Electric Power Co., Inc. | 886 | 75,044 | ||||||
BKW AG | 111 | 12,073 | ||||||
CEZ AS | 3,409 | 84,243 | ||||||
CLP Holdings Ltd. | 13,719 | 133,235 | ||||||
Duke Energy Corp. | 778 | 75,100 | ||||||
Elia Group S.A. | 210 | 23,124 | ||||||
Emera, Inc. | 1,549 | 68,939 | ||||||
Enel SpA | 6,031 | 60,067 |
See Notes to Financial Statements
24
Table of Contents
ALLIANZGI GLOBAL ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
Shares | Value | |||||||
Electric Utilities—continued | ||||||||
Entergy Corp. | 529 | $ | 52,620 | |||||
Exelon Corp. | 853 | 37,310 | ||||||
Iberdrola S.A. | 8,715 | 112,268 | ||||||
NextEra Energy, Inc. | 7,585 | 573,502 | ||||||
Pinnacle West Capital Corp. | 819 | 66,626 | ||||||
Power Assets Holdings Ltd. | 16,500 | 97,420 | ||||||
Southern Co. | 1,178 | 73,225 | ||||||
Xcel Energy, Inc. | 3,493 | 232,319 | ||||||
|
| |||||||
1,777,115 | ||||||||
|
| |||||||
Electrical Equipment—0.2% | ||||||||
Ballard Power Systems, Inc. | 5,607 | 136,474 | ||||||
Generac Holdings, Inc.(j) | 438 | 143,423 | ||||||
Plug Power, Inc. | 3,051 | 109,348 | ||||||
Shoals Technologies Group, Inc. | 4,212 | 146,493 | ||||||
Sunrun, Inc. | 2,295 | 138,802 | ||||||
|
| |||||||
674,540 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components—0.1% | ||||||||
ALSO Holding AG(j) | 76 | 21,791 | ||||||
AU Optronics Corp.(j) | 3,321 | 24,908 | ||||||
Canon Marketing Japan, Inc. | 700 | 15,527 | ||||||
China Railway Signal & Communication Corp., Ltd., Class H(b) | 105,000 | 43,085 | ||||||
Hon Hai Precision Industry Co., Ltd. | 9,580 | 84,112 | ||||||
Keysight Technologies, Inc.(j) | 233 | 33,412 | ||||||
Shibaura Electronics Co., Ltd. | 200 | 6,611 | ||||||
Tripod Technology Corp. | 8,000 | 39,393 | ||||||
|
| |||||||
268,839 | ||||||||
|
| |||||||
Energy Equipment & Services—0.1% | ||||||||
Baker Hughes Co. | 6,002 | 129,703 | ||||||
|
| |||||||
Entertainment—0.1% | ||||||||
IGG, Inc. | 22,000 | 28,356 | ||||||
Koei Tecmo Holdings Co., Ltd. | 1,300 | 58,293 | ||||||
NetEase, Inc. ADR | 1,153 | 119,059 | ||||||
|
| |||||||
205,708 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs)—0.4% | ||||||||
Alexandria Real Estate Equities, Inc. | 472 | 77,550 | ||||||
American Tower Corp. | 318 | 76,021 | ||||||
ARA LOGOS Logistics Trust | 21,200 | 11,505 | ||||||
CapitaLand Mall Trust | 54,900 | 88,561 | ||||||
Crown Castle International Corp. | 1,089 | 187,450 | ||||||
Duke Realty Corp. | 2,806 | 117,656 | ||||||
Easterly Government Properties, Inc. | 2,284 | 47,347 | ||||||
Equity LifeStyle Properties, Inc. | 1,011 | 64,340 | ||||||
Equity Residential | 966 | 69,195 | ||||||
Fibra Uno Administracion S.A. de C.V. | 35,900 | 41,960 | ||||||
Gaming and Leisure Properties, Inc. | 1,743 | 73,955 | ||||||
Industrial & Infrastructure Fund Investment Corp. | 17 | 29,156 | ||||||
Killam Apartment Real Estate Investment Trust | 1,828 | 26,925 | ||||||
Lar Espana Real Estate Socimi S.A. | 1,947 | 11,644 | ||||||
Mapletree Industrial Trust | 15,600 | 31,775 | ||||||
Nippon Prologis REIT, Inc. | 33 | 105,952 | ||||||
Public Storage | 370 | 91,301 | ||||||
SBA Communications Corp. | 273 | 75,771 | ||||||
|
| |||||||
1,228,064 | ||||||||
|
|
Shares | Value | |||||||
Food & Staples Retailing—0.4% | ||||||||
Casey’s General Stores, Inc. | 183 | $ | 39,563 | |||||
Costco Wholesale Corp. | 338 | 119,138 | ||||||
Empire Co., Ltd., Class A | 1,850 | 57,677 | ||||||
Kesko Oyj, Class B | 2,431 | 74,350 | ||||||
Koninklijke Ahold Delhaize NV | 6,377 | 177,610 | ||||||
Kroger Co. | 2,264 | 81,481 | ||||||
Metro, Inc. | 1,762 | 80,382 | ||||||
Seven & i Holdings Co., Ltd. | 2,900 | 116,890 | ||||||
Sheng Siong Group Ltd. | 25,500 | 29,193 | ||||||
Sugi Holdings Co., Ltd. | 800 | 63,364 | ||||||
Walmart, Inc. | 1,403 | 190,569 | ||||||
Welcia Holdings Co., Ltd. | 1,500 | 51,479 | ||||||
|
| |||||||
1,081,696 | ||||||||
|
| |||||||
Food Products—0.5% | ||||||||
Astral Foods Ltd. | 1,214 | 12,044 | ||||||
Barry Callebaut AG | 38 | 85,878 | ||||||
Bunge Ltd. | 1,790 | 141,893 | ||||||
Campbell Soup Co. | 1,043 | 52,432 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 8 | 69,830 | ||||||
General Mills, Inc. | 1,225 | 75,117 | ||||||
Grupo Bimbo SAB De C.V., Ser. A | 14,000 | 29,384 | ||||||
Hershey Co. | 1,200 | 189,792 | ||||||
Hormel Foods Corp. | 2,933 | 140,139 | ||||||
JM Smucker Co. | 1,001 | 126,656 | ||||||
McCormick & Co., Inc. | 724 | 64,552 | ||||||
MEIJI Holdings Co., Ltd. | 1,500 | 96,455 | ||||||
Nestle S.A. | 2,060 | 229,594 | ||||||
Nissin Foods Holdings Co., Ltd. | 900 | 66,733 | ||||||
Sino Grandness Food Industry Group Ltd.(d)(f)(j) | 77,400 | 6 | ||||||
Strauss Group Ltd. | 1,776 | 47,812 | ||||||
Toyo Suisan Kaisha Ltd. | 1,100 | 46,196 | ||||||
Uni-President Enterprises Corp. | 23,000 | 58,844 | ||||||
|
| |||||||
1,533,357 | ||||||||
|
| |||||||
Gas Utilities—0.1% | ||||||||
ENN Energy Holdings Ltd. | 6,000 | 96,243 | ||||||
Snam SpA | 14,855 | 82,364 | ||||||
|
| |||||||
178,607 | ||||||||
|
| |||||||
Healthcare Equipment & Supplies—0.0% | ||||||||
BioMerieux | 95 | 12,088 | ||||||
DiaSorin SpA | 300 | 48,128 | ||||||
Hogy Medical Co., Ltd. | 500 | 15,240 | ||||||
|
| |||||||
75,456 | ||||||||
|
| |||||||
Healthcare Providers & Services—0.4% | ||||||||
Alfresa Holdings Corp. | 2,300 | 44,307 | ||||||
AmerisourceBergen Corp. | 631 | 74,502 | ||||||
Anthem, Inc. | 259 | 92,968 | ||||||
Centene Corp.(j) | 818 | 52,278 | ||||||
CVS Health Corp. | 1,295 | 97,423 | ||||||
Encompass Health Corp. | 784 | 64,210 | ||||||
Galenica AG(b) | 748 | 46,693 | ||||||
Humana, Inc. | 170 | 71,273 | ||||||
Laboratory Corp. of America Holdings(j) | 399 | 101,757 | ||||||
Medipal Holdings Corp. | 2,700 | 51,793 | ||||||
Quest Diagnostics, Inc. | 565 | 72,512 | ||||||
Sinopharm Group Co., Ltd., Class H | 17,200 | 41,639 | ||||||
Summerset Group Holdings Ltd. | 7,151 | 60,630 | ||||||
Suzuken Co., Ltd. | 1,400 | 54,685 |
See Notes to Financial Statements
25
Table of Contents
ALLIANZGI GLOBAL ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
Shares | Value | |||||||
Healthcare Providers & Services—continued | ||||||||
Toho Holdings Co., Ltd. | 1,100 | $ | 20,167 | |||||
UnitedHealth Group, Inc. | 489 | 181,942 | ||||||
|
| |||||||
1,128,779 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure—0.2% | ||||||||
Domino’s Pizza, Inc. | 182 | 66,938 | ||||||
Ichibanya Co., Ltd. | 400 | 17,412 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 1,400 | 64,484 | ||||||
McDonald’s Corp. | 793 | 177,743 | ||||||
Starbucks Corp. | 841 | 91,896 | ||||||
|
| |||||||
418,473 | ||||||||
|
| |||||||
Household Durables—0.1% | ||||||||
Rinnai Corp. | 600 | 67,139 | ||||||
SEB S.A. | 39 | 6,879 | ||||||
Sekisui House Ltd. | 3,700 | 79,330 | ||||||
|
| |||||||
153,348 | ||||||||
|
| |||||||
Household Products—0.3% | ||||||||
Clorox Co. | 509 | 98,176 | ||||||
Colgate-Palmolive Co. | 659 | 51,949 | ||||||
Earth Corp. | 700 | 42,104 | ||||||
Kimberly-Clark Corp. | 1,227 | 170,614 | ||||||
Procter & Gamble Co. | 2,801 | 379,340 | ||||||
Unicharm Corp. | 300 | 12,585 | ||||||
|
| |||||||
754,768 | ||||||||
|
| |||||||
Independent Power Producers & Energy Traders—0.1% | ||||||||
China Everbright Greentech Ltd.(b) | 55,000 | 22,356 | ||||||
EDP Renovaveis S.A. | 1,804 | 38,546 | ||||||
Sunnova Energy International, Inc. | 3,399 | 138,747 | ||||||
|
| |||||||
199,649 | ||||||||
|
| |||||||
Industrial Conglomerates—0.0% | ||||||||
Jardine Matheson Holdings Ltd. | 1,600 | 104,624 | ||||||
TOKAI Holdings Corp. | 1,800 | 15,541 | ||||||
|
| |||||||
120,165 | ||||||||
|
| |||||||
Insurance—0.4% | ||||||||
American Financial Group, Inc. | 740 | 84,434 | ||||||
Aon PLC, Class A | 131 | 30,144 | ||||||
AUB Group Ltd. | 3,083 | 45,101 | ||||||
Brown & Brown, Inc. | 1,671 | 76,381 | ||||||
Fubon Financial Holding Co., Ltd. | 33,000 | 65,692 | ||||||
Hanover Insurance Group, Inc. | 572 | 74,051 | ||||||
Intact Financial Corp. | 1,224 | 149,993 | ||||||
Japan Post Holdings Co., Ltd. | 10,400 | 92,677 | ||||||
Marsh & McLennan Cos., Inc. | 560 | 68,208 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 348 | 107,167 | ||||||
Progressive Corp. | 1,780 | 170,186 | ||||||
Qualitas Controladora S.A.B. de C.V. | 4,100 | 22,551 | ||||||
Talanx AG(j) | 698 | 29,599 | ||||||
Tryg A/S | 2,448 | 57,734 | ||||||
Willis Towers Watson PLC | 268 | 61,340 | ||||||
Zurich Insurance Group AG | 331 | 141,274 | ||||||
|
| |||||||
1,276,532 | ||||||||
|
| |||||||
Interactive Media & Services—0.0% | ||||||||
Tencent Holdings Ltd. | 1,200 | 94,159 | ||||||
|
|
Shares | Value | |||||||
Internet & Direct Marketing Retail—0.1% | ||||||||
Amazon.com, Inc.(j) | 45 | $ | 139,234 | |||||
|
| |||||||
IT Services—0.5% | ||||||||
Accenture PLC, Class A | 371 | 102,489 | ||||||
Automatic Data Processing, Inc. | 648 | 122,129 | ||||||
Booz Allen Hamilton Holding Corp. | 1,070 | 86,167 | ||||||
Fidelity National Information Services, Inc. | 569 | 80,007 | ||||||
Fiserv, Inc.(j) | 720 | 85,709 | ||||||
Limelight Networks, Inc.(j) | 4,130 | 14,744 | ||||||
ManTech International Corp., Class A | 725 | 63,039 | ||||||
Mastercard, Inc., Class A | 516 | 183,722 | ||||||
NEC Corp. | 1,400 | 82,438 | ||||||
NEC Networks & System Integration Corp. | 2,700 | 47,501 | ||||||
NET One Systems Co., Ltd. | 700 | 22,348 | ||||||
Paychex, Inc. | 2,591 | 253,970 | ||||||
Visa, Inc., Class A | 588 | 124,497 | ||||||
Western Union Co. | 2,783 | 68,629 | ||||||
|
| |||||||
1,337,389 | ||||||||
|
| |||||||
Leisure Equipment & Products—0.0% | ||||||||
Sankyo Co., Ltd. | 2,000 | 52,978 | ||||||
|
| |||||||
Life Sciences Tools & Services—0.0% | ||||||||
Bio-Rad Laboratories, Inc., Class A(j) | 123 | 70,254 | ||||||
Tecan Group AG | 105 | 46,593 | ||||||
|
| |||||||
116,847 | ||||||||
|
| |||||||
Machinery—0.1% | ||||||||
Chart Industries, Inc. | 951 | 135,375 | ||||||
Kone Oyj, Class B | 1,026 | 83,814 | ||||||
|
| |||||||
219,189 | ||||||||
|
| |||||||
Media—0.1% | ||||||||
Cogeco Communications, Inc. | 612 | 57,465 | ||||||
National CineMedia, Inc. | 706 | 3,262 | ||||||
Omnicom Group, Inc. | 1,264 | 93,725 | ||||||
Shaw Communications, Inc., Class B | 4,307 | 112,002 | ||||||
|
| |||||||
266,454 | ||||||||
|
| |||||||
Metals & Mining—0.3% | ||||||||
Agnico Eagle Mines Ltd. | 1,078 | 62,319 | ||||||
Barrick Gold Corp. | 4,117 | 81,672 | ||||||
First Quantum Minerals Ltd. | 6,421 | 122,370 | ||||||
Franco-Nevada Corp. | 1,266 | 158,656 | ||||||
Freeport-McMoRan, Inc. | 3,900 | 128,427 | ||||||
Newmont Corp. | 3,685 | 222,095 | ||||||
POSCO ADR | 854 | 61,659 | ||||||
Vale S.A. ADR | 4,398 | 76,437 | ||||||
Yamana Gold, Inc. | 8,821 | 38,325 | ||||||
|
| |||||||
951,960 | ||||||||
|
| |||||||
Mortgage Real Estate Investment Trusts (REITs)—0.0% | ||||||||
Cherry Hill Mortgage Investment Corp. | 16 | 149 | ||||||
|
| |||||||
Multi-Line Retail—0.1% | ||||||||
Dollar General Corp. | 1,222 | 247,602 | ||||||
Target Corp. | 578 | 114,484 | ||||||
|
| |||||||
362,086 | ||||||||
|
|
See Notes to Financial Statements
26
Table of Contents
ALLIANZGI GLOBAL ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
Shares | Value | |||||||
Multi-Utilities—0.3% | ||||||||
Canadian Utilities Ltd., Class A | 2,046 | $ | 54,931 | |||||
CMS Energy Corp. | 1,195 | 73,158 | ||||||
Consolidated Edison, Inc. | 3,711 | 277,583 | ||||||
Dominion Energy, Inc. | 1,137 | 86,366 | ||||||
DTE Energy Co. | 457 | 60,845 | ||||||
REN – Redes Energeticas Nacionais SGPS S.A. | 5,617 | 15,677 | ||||||
WEC Energy Group, Inc. | 1,506 | 140,947 | ||||||
|
| |||||||
709,507 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels—0.1% | ||||||||
China Aviation Oil Singapore Corp. Ltd. | 6,900 | 5,796 | ||||||
MOL Hungarian Oil & Gas PLC(j) | 4,902 | 35,493 | ||||||
Neste Oyj | 1,647 | 87,417 | ||||||
PTT PCL | 11,800 | 15,482 | ||||||
Star Petroleum Refining PCL | 179,100 | 51,581 | ||||||
Valero Energy Corp. | 1,767 | 126,517 | ||||||
|
| |||||||
322,286 | ||||||||
|
| |||||||
Personal Products—0.0% | ||||||||
Unilever PLC | 1,000 | 55,916 | ||||||
|
| |||||||
Pharmaceuticals—0.8% | ||||||||
Astellas Pharma, Inc. | 5,508 | 84,666 | ||||||
Bristol-Myers Squibb Co. | 2,526 | 159,466 | ||||||
Eli Lilly and Co. | 1,562 | 291,813 | ||||||
Horizon Therapeutics PLC(j) | 478 | 43,995 | ||||||
Johnson & Johnson | 2,534 | 416,463 | ||||||
Merck & Co., Inc. | 3,786 | 291,863 | ||||||
Novartis AG | 2,149 | 183,648 | ||||||
Pfizer, Inc. | 5,612 | 203,323 | ||||||
Richter Gedeon Nyrt | 2,371 | 69,905 | ||||||
Roche Holding AG | 620 | 200,369 | ||||||
Sawai Pharmaceutical Co., Ltd. | 1,100 | 53,348 | ||||||
Sumitomo Dainippon Pharma Co., Ltd. | 532 | 9,259 | ||||||
Takeda Pharmaceutical Co., Ltd. | 2,500 | 89,975 | ||||||
Viatris, Inc.(j) | 696 | 9,723 | ||||||
Zoetis, Inc. | 636 | 100,157 | ||||||
|
| |||||||
2,207,973 | ||||||||
|
| |||||||
Professional Services—0.0% | ||||||||
FTI Consulting, Inc.(j) | 457 | 64,030 | ||||||
Morneau Shepell, Inc. | 1,365 | 35,964 | ||||||
|
| |||||||
99,994 | ||||||||
|
| |||||||
Real Estate—0.0% | ||||||||
Mobimo Holding AG | 100 | 30,524 | ||||||
|
| |||||||
Real Estate Management & Development—0.1% | ||||||||
Allreal Holding AG | 237 | 47,743 | ||||||
Azrieli Group Ltd. | 837 | 51,600 | ||||||
Intershop Holding AG | 26 | 17,166 | ||||||
PSP Swiss Property AG | 427 | 52,045 | ||||||
Swiss Prime Site AG | 1,098 | 101,244 | ||||||
TAG Immobilien AG | 1,672 | 47,725 | ||||||
TLG Immobilien AG | 963 | 28,165 | ||||||
WCM Beteiligungs & Grundbesitz AG | 4,510 | 23,271 | ||||||
Yuzhou Group Holdings Co., Ltd. | 52,204 | 15,579 | ||||||
|
| |||||||
384,538 | ||||||||
|
|
Shares | Value | |||||||
Road & Rail—0.0% | ||||||||
Fukuyama Transporting Co., Ltd. | 154 | $ | 6,342 | |||||
Senko Group Holdings Co., Ltd. | 4,704 | 44,523 | ||||||
Tourism Holdings Ltd.(j) | 3,878 | 6,771 | ||||||
|
| |||||||
57,636 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment—0.4% | ||||||||
ASE Technology Holding Co., Ltd. ADR | 20,923 | 161,107 | ||||||
Dialog Semiconductor PLC(j) | 334 | 25,154 | ||||||
Enphase Energy, Inc. | 877 | 142,214 | ||||||
Global Mixed Mode Technology, Inc. | 9,000 | 65,450 | ||||||
Himax Technologies, Inc. ADR(j) | 10,380 | 141,687 | ||||||
Intel Corp. | 2,119 | 135,616 | ||||||
Silicon Motion Technology Corp. ADR | 3,262 | 193,730 | ||||||
SolarEdge Technologies, Inc. | 490 | 140,846 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 2,249 | 266,012 | ||||||
|
| |||||||
1,271,816 | ||||||||
|
| |||||||
Software—0.3% | ||||||||
Adobe, Inc.(j) | 209 | 99,352 | ||||||
Asseco Poland S.A. | 2,017 | 34,502 | ||||||
Cadence Design Systems, Inc.(j) | 160 | 21,918 | ||||||
Check Point Software Technologies Ltd.(j) | 321 | 35,942 | ||||||
Citrix Systems, Inc. | 744 | 104,428 | ||||||
Fortinet, Inc.(j) | 100 | 18,442 | ||||||
Intuit, Inc. | 247 | 94,616 | ||||||
Microsoft Corp. | 898 | 211,722 | ||||||
Oracle Corp. | 1,726 | 121,114 | ||||||
Tyler Technologies, Inc.(j) | 251 | 106,557 | ||||||
|
| |||||||
848,593 | ||||||||
|
| |||||||
Specialty Retail—0.2% | ||||||||
Aoyama Trading Co., Ltd.(j) | 189 | 1,412 | ||||||
AutoZone, Inc.(j) | 103 | 144,643 | ||||||
DCM Holdings Co., Ltd. | 3,600 | 37,650 | ||||||
Hornbach Holding AG & Co. KGaA | 269 | 26,246 | ||||||
Nitori Holdings Co., Ltd. | 800 | 154,798 | ||||||
O’Reilly Automotive, Inc.(j) | 332 | 168,407 | ||||||
TJX Cos., Inc. | 2,176 | 143,942 | ||||||
|
| |||||||
677,098 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals—0.2% | ||||||||
Apple, Inc. | 875 | 106,881 | ||||||
Canon, Inc. | 4,190 | 94,699 | ||||||
FUJIFILM Holdings Corp. | 1,979 | 117,444 | ||||||
Legend Holdings Corp., Class H(b) | 6,400 | 10,143 | ||||||
Lenovo Group Ltd. | 112,000 | 159,339 | ||||||
Samsung Electronics Co., Ltd. GDR | 118 | 215,232 | ||||||
|
| |||||||
703,738 | ||||||||
|
| |||||||
Telecommunications—0.1% | ||||||||
AT&T, Inc. | 7,525 | 227,782 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods—0.1% | ||||||||
China Dongxiang Group Co., Ltd. | 68,883 | 7,974 | ||||||
Hermes International | 131 | 145,021 | ||||||
|
| |||||||
152,995 | ||||||||
|
|
See Notes to Financial Statements
27
Table of Contents
ALLIANZGI GLOBAL ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
Shares | Value | |||||||
Thrifts & Mortgage Finance—0.0% | ||||||||
Kearny Financial Corp. | 2,236 | $ | 27,011 | |||||
TFS Financial Corp. | 2,337 | 47,605 | ||||||
Waterstone Financial, Inc. | 1,038 | 21,196 | ||||||
|
| |||||||
95,812 | ||||||||
|
| |||||||
Trading Companies & Distributors—0.0% | ||||||||
Solar A/S, Class B | 333 | 25,172 | ||||||
Watsco, Inc. | 193 | 50,325 | ||||||
|
| |||||||
75,497 | ||||||||
|
| |||||||
Transportation Infrastructure—0.0% | ||||||||
Enav SpA(b) | 5,868 | 28,544 | ||||||
Kamigumi Co., Ltd. | 2,200 | 41,665 | ||||||
Shenzhen Expressway Co., Ltd., Class H | 24,000 | 25,994 | ||||||
|
| |||||||
96,203 | ||||||||
|
| |||||||
Water Utilities—0.0% | ||||||||
American Water Works Co., Inc. | 153 | 22,938 | ||||||
|
| |||||||
Wireless Telecommunication Services—0.1% | ||||||||
KDDI Corp. | 4,100 | 125,712 | ||||||
SK Telecom Co., Ltd. ADR | 1,017 | 27,693 | ||||||
Softbank Corp. | 6,400 | 83,147 | ||||||
T-Mobile U.S., Inc.(j) | 484 | 60,640 | ||||||
|
| |||||||
297,192 | ||||||||
TOTAL COMMON STOCK (Cost-$29,398,876) |
| 30,908,412 | ||||||
Principal Amount (000s) | ||||||||
U.S. TREASURY OBLIGATIONS—8.2% |
| |||||||
U.S. Treasury Bonds, | $ | 3,211 | 3,208,868 | |||||
0.125%, 2/15/24 | 300 | 298,383 | ||||||
1.50%, 2/28/23 | 4,000 | 4,101,875 | ||||||
1.625%, 11/15/50 | 3,077 | 2,564,006 | ||||||
1.875%, 2/15/41 | 1,700 | 1,582,859 | ||||||
U.S. Treasury Notes, | 5,100 | 5,099,004 | ||||||
0.75%, 3/31/26 | 6,192 | 6,138,304 | ||||||
1.125%, 2/15/31(m) | 848 | 801,227 | ||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost-$23,852,081) |
| 23,794,526 | ||||||
ASSET-BACKED SECURITIES—5.1% | ||||||||
Ally Auto Receivables Trust 2019-4, | 1,000 | 1,012,191 | ||||||
CarMax Auto Owner Trust 2020-2, | 1,000 | 1,016,080 | ||||||
Citibank Credit Card Issuance Trust, 1 mo. LIBOR + 0.330%, Series 2018-A2, Class A2(i), | 1,000 | 1,003,832 | ||||||
Flatiron Clo 17 Ltd., 3 mo. LIBOR + ..980%(a)(b)(i), | 1,825 | 1,820,985 | ||||||
Grace Trust 2020-GRCE(a)(b), | 1,250 | 1,231,514 | ||||||
Hyundai Auto Receivables Trust 2020-A, | 1,500 | 1,525,058 |
Principal Amount (000s) | Value | |||||||
ASSET-BACKED SECURITIES—continued | ||||||||
Nissan Auto Receivables 2017-B Owner Trust, | $ | 1,862 | $ | 1,869,288 | ||||
One Bryant Park Trust 2019-OBP(a)(b), | 1,500 | 1,514,094 | ||||||
Tesla Auto Lease Trust 2018-B(a)(b), | 450 | 453,704 | ||||||
Tesla Auto Lease Trust 2021-A, Series 2021, Class A3(a)(b), | 750 | 749,429 | ||||||
Venture 42 CLO Ltd., 3 mo. LIBOR + 1.130%, Series 2020-1A, Class A1(a)(b)(f)(i), | 1,220 | 1,220,129 | ||||||
Verizon Owner Trust 2018-1(a)(b), | 1,500 | 1,508,335 | ||||||
TOTAL ASSET-BACKED SECURITIES (Cost-$15,114,199) |
| 14,924,639 | ||||||
Shares | ||||||||
RIGHTS(j)—0.0% |
| |||||||
Chemicals—0.0% | ||||||||
Sociedad Quimica y Minera de Chile SA, | 470 | 1,456 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels—0.0% | ||||||||
Snam SpA, exercise price EUR 4.46 expires 4/7/21 | 14,855 | 16 | ||||||
TOTAL RIGHTS (Cost-$0) |
| 1,472 | ||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—3.6% | ||||||||
State Street Bank and Trust Co., | $ | 10,406 | 10,406,000 | |||||
TOTAL INVESTMENTS—96.2% (Cost-$261,679,454)(c) |
| 280,453,215 | ||||||
Other assets and liabilities, net(l)—3.8% |
| 11,001,979 | ||||||
|
| |||||||
NET ASSETS—100.0% |
| $ | 291,455,194 | |||||
|
|
Notes to Schedule of Investments:
(a) | Private Placement – Restricted as to resale and may not have a readily available market. Private placement securities may include Rule 144A securities. These securities have an aggregate value of $16,066,945, representing 5.5% of net assets. |
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally only to qualified institutional buyers. At March 31, 2021, these securities amounted to a value of $16,356,026 or 5.6% of net assets. |
(c) | Securities with a value of $53,348, representing less than 0.05% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 2A in the Notes to Financial Statements. |
(d) | Fair-Valued – Security with a value of $6, representing less than 0.05% of net assets. See Note 2A in the Notes to Financial Statements. |
(e) | Perpetual maturity. The date shown, if any, is the next call date. |
(f) | Level 3 security. See Note 2A in the Notes to Financial Statements. |
See Notes to Financial Statements
28
Table of Contents
ALLIANZGI GLOBAL ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
(g) | Affiliated fund. |
(h) | Institutional Class shares. |
(i) | Variable or Floating Rate Security – Securities with an interest rate that changes periodically. The interest rate disclosed reflects the rate in effect on March 31, 2021. |
(j) | Non-income producing. |
(k) | Shares of these funds are publicly offered, and the prospectus and annual report are publicly available. |
(l) | Includes net unrealized appreciation (depreciation) of other financial instruments as follows: |
Futures contracts outstanding at March 31, 2021:
Type | Contracts | Expiration Date | Notional Amount (000s) | Market Value (000s) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||
Long position contracts: |
| |||||||||||||||||||||||
2-Year U.S. Treasury Note | 46 | 6/30/21 | $ | 9,200 | $ | 10,153 | $ | (8,939 | ) | |||||||||||||||
5-Year U.S. Treasury Note | 16 | 6/30/21 | 1,600 | 1,974 | (2,439 | ) | ||||||||||||||||||
BIST 30 Index | 80 | 4/30/21 | TRY | 1 | 140 | (11,544 | ) | |||||||||||||||||
Bovespa Index | 10 | 4/14/21 | BRL | — | (n) | 207 | (5,310 | ) | ||||||||||||||||
British Pound | 29 | 6/14/21 | $ | 1,813 | 2,498 | (36,880 | ) | |||||||||||||||||
E-mini Russell 1000® Index | 150 | 6/18/21 | 8 | 11,165 | 375 | |||||||||||||||||||
E-mini S&P 500® Index | 56 | 6/18/21 | 3 | 11,109 | 31,189 | |||||||||||||||||||
Euro-BTP | 14 | 6/8/21 | EUR | 1,400 | 2,451 | 13,120 | ||||||||||||||||||
Euro-Bund | 1 | 6/8/21 | 100 | 201 | 644 | |||||||||||||||||||
Euro-OAT | 3 | 6/8/21 | 300 | 570 | 994 | |||||||||||||||||||
FTSE 100 Index | 13 | 6/18/21 | GBP | — | (n) | 1,197 | (7,289 | ) | ||||||||||||||||
FTSE China A50 Index | 12 | 4/29/21 | SGD | — | (n) | 206 | 686 | |||||||||||||||||
FTSE/JSE Top 40 Index | 10 | 6/17/21 | ZAR | — | (n) | 415 | (5,403 | ) | ||||||||||||||||
FTSE/MIB Index | 5 | 6/18/21 | EUR | — | (n) | 715 | 9,172 | |||||||||||||||||
FTSE Taiwan Index | 6 | 4/28/21 | SGD | — | (n) | 348 | 3,140 | |||||||||||||||||
IBEX 35® Index | 6 | 4/16/21 | EUR | — | (n) | 604 | (3,218 | ) | ||||||||||||||||
Mini DAX® European Index | 16 | 6/18/21 | — | (n) | 1,410 | 22,960 | ||||||||||||||||||
MSCI EAFE® Index | 74 | 6/18/21 | $ | 4 | 8,110 | (43,738 | ) | |||||||||||||||||
MSCI Emerging Markets Index | 54 | 6/18/21 | 3 | 3,571 | (13,557 | ) | ||||||||||||||||||
S&P/TSX 60 Index | 5 | 6/17/21 | CAD | 1 | 884 | (6,582 | ) | |||||||||||||||||
SPI 200TM Future | 3 | 6/17/21 | AUD | — | (n) | 385 | 886 | |||||||||||||||||
TOPIX Index | 20 | 6/10/21 | JPY | 200 | 3,529 | 92,810 | ||||||||||||||||||
U.S. Long Bond | 6 | 6/21/21 | $ | 600 | 928 | (28,755 | ) | |||||||||||||||||
U.S. Ultra Treasury Bond | 14 | 6/21/21 | 1,400 | 2,537 | (64,968 | ) | ||||||||||||||||||
|
| |||||||||||||||||||||||
$ | (62,646 | ) | ||||||||||||||||||||||
|
| |||||||||||||||||||||||
Short position contracts: |
| |||||||||||||||||||||||
10-Year Ultra U.S. Treasury Bond | (43 | ) | 6/21/21 | $ | (4,300 | ) | $ | (6,179 | ) | $ | 209,429 | |||||||||||||
10-Year U.S. Treasury Note | (106 | ) | 6/21/21 | (10,600 | ) | (13,879 | ) | 260,490 | ||||||||||||||||
Australia Government 10-Year Bond | (37 | ) | 6/15/21 | AUD | (3,700 | ) | (3,881 | ) | 26,074 | |||||||||||||||
Australian Dollar | (7 | ) | 6/14/21 | $ | (700 | ) | (532 | ) | 10,878 | |||||||||||||||
Canada Government 10-Year Bond | (58 | ) | 6/21/21 | CAD | (5,800 | ) | (6,405 | ) | 142,708 | |||||||||||||||
Canadian Dollar | (5 | ) | 6/15/21 | $ | (500 | ) | (398 | ) | (5 | ) | ||||||||||||||
Euro Currency | (50 | ) | 6/14/21 | (6,250 | ) | (7,339 | ) | 153,232 | ||||||||||||||||
Japanese Yen | (80 | ) | 6/14/21 | (100 | ) | (9,035 | ) | 177,401 | ||||||||||||||||
Long Gilt | (21 | ) | 6/28/21 | GBP | (2,100 | ) | (3,694 | ) | 31,032 | |||||||||||||||
New Zealand Dollar | (9 | ) | 6/14/21 | $ | (900 | ) | (628 | ) | 13,630 | |||||||||||||||
|
| |||||||||||||||||||||||
$ | 1,024,869 | |||||||||||||||||||||||
| ||||||||||||||||||||||||
$ | 962,223 | |||||||||||||||||||||||
|
|
See Notes to Financial Statements
29
Table of Contents
ALLIANZGI GLOBAL ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
Credit default swaps agreements outstanding at March 31, 2021:
Centrally cleared buy protection swap agreements:
Broker (Exchange)/ Reference Debt Issuer | Notional Amount (000s)(1) | Implied Credit Spread | Termination Date | Fixed Deal Pay Rate | Payment Frequency | Value(2) | Upfront Premiums Paid | Unrealized Depreciation | ||||||||||||||||||||||||
Goldman Sachs (ICE): | ||||||||||||||||||||||||||||||||
Halliburtion Co. | $ | 390 | 1.02 | % | 6/20/26 | (1.00 | )% | Quarterly | $ | (733 | ) | $ | 973 | $ | (1,706 | ) | ||||||||||||||||
|
|
|
|
|
|
Centrally cleared sell protection swap agreements:
Broker (Exchange)/ Referenced Debt Issuer | Notional Amount (000s)(1) | Implied Credit Spread | Termination Date | Fixed Deal Received Rate | Payment Frequency | Value(2) | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
Goldman Sachs (ICE): | ||||||||||||||||||||||||||||||||
CDX.EM.35 Index | $ | 1,700 | 1.87 | % | 6/20/26 | 1.00 | % | Quarterly | $ | (70,678 | ) | $ | (69,870 | ) | $ | (808 | ) | |||||||||||||||
CDX.NA.HY.35 | $ | 3,350 | 2.89 | % | 12/20/25 | 5.00 | % | Quarterly | 309,727 | 299,470 | 10,257 | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 239,049 | $ | 229,600 | $ | 9,449 | |||||||||||||||||||||||||||
|
|
|
|
|
|
(1) | This represents the maximum potential amount the Fund could be required to make available as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(2) | The quoted market prices and resulting values for credit default swap agreements serve as an indicator of the status at March 31, 2021 of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement have been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
(m) | At March 31, 2021, the Fund pledged $11,535,572 in cash as collateral for futures contracts and held $230,359 in cash as collateral for swap contracts. The Fund also pledged U.S. Treasury Obligations valued at $15,999 as collateral for swap contracts. |
(n) | Notional amount rounds to less than 500. |
Glossary:
ABS | Asset-Backed Securities |
ADR | American Depositary Receipt |
AUD | Australian Dollar |
BIST | Borsa Istanbul |
BRL | Brazilian Real |
CAD | Canadian Dollar |
CDX | Credit Derivatives Index |
CLO | Collateralized Loan Obligation |
EAFE | Europe, Australasia and Far East |
ETF | Exchange-Traded Fund |
EUR | Euro |
FRN | Floating Rate Note |
FTSE | Financial Times Stock Exchange |
GBP | British Pound |
GDR | Global Depositary Receipt |
ICE | Intercontinental Exchange |
JPY | Japanese Yen |
JSE | Johannesburg Stock Exchange Limited |
LIBOR | London Inter-Bank Offered Rate |
MBS | Mortgage-Backed Securities |
MSCI | Morgan Stanley Capital International |
OAT | Obligations Assimilables du Trésor |
REIT | Real Estate Investment Trust |
SGD | Singapore Dollar |
SOFR | Secured Overnight Financing Rate |
TIPS | Treasury Inflation Protected Securities |
TOPIX | Tokyo Stock Price Index |
TRY | Turkish Lira |
ZAR | South African Rand |
See Notes to Financial Statements
30
For information regarding the abbreviation, see the Key Investment Terms starting on page 7.
Table of Contents
ALLIANZGI GLOBAL DYNAMIC ALLOCATION FUND
SCHEDULE OF INVESTMENTS
MARCH 31, 2021 (Unaudited)
Shares | Value | |||||||
COMMON STOCK—60.3% | ||||||||
Argentina—0.1% | ||||||||
MercadoLibre, Inc.(g) | 17 | $ | 25,026 | |||||
|
| |||||||
Australia—0.4% | ||||||||
Atlassian Corp. PLC, Class A(g) | 110 | 23,184 | ||||||
Austal Ltd. | 4,911 | 8,356 | ||||||
BHP Group Ltd. | 874 | 30,072 | ||||||
CSL Ltd. | 403 | 81,009 | ||||||
Fortescue Metals Group Ltd. | 1,671 | 25,371 | ||||||
Newcrest Mining Ltd. | 96 | 1,781 | ||||||
Rio Tinto Ltd. | 278 | 23,385 | ||||||
Silver Lake Resources Ltd.(g) | 3,883 | 4,409 | ||||||
Stockland REIT | 800 | 2,674 | ||||||
Vicinity Centres REIT | 1,738 | 2,185 | ||||||
Woolworths Group Ltd. | 638 | 19,805 | ||||||
|
| |||||||
222,231 | ||||||||
|
| |||||||
Austria—0.1% | ||||||||
ams AG(g) | 657 | 13,096 | ||||||
BAWAG Group AG(b)(g) | 234 | 12,085 | ||||||
EVN AG | 336 | 7,234 | ||||||
Flughafen Wien AG(g) | 67 | 2,298 | ||||||
OMV AG | 199 | 10,096 | ||||||
Raiffeisen Bank International AG(g) | 548 | 12,037 | ||||||
Telekom Austria AG | 357 | 2,813 | ||||||
Wienerberger AG | 387 | 14,160 | ||||||
|
| |||||||
73,819 | ||||||||
|
| |||||||
Belgium—0.1% | ||||||||
Ageas S.A. | 304 | 18,381 | ||||||
Bekaert S.A. | 325 | 13,599 | ||||||
Elia Group S.A. | 21 | 2,312 | ||||||
Etablissements Franz Colruyt NV | 104 | 6,203 | ||||||
Euronav NV | 457 | 4,183 | ||||||
Proximus SADP | 340 | 7,400 | ||||||
UCB S.A. | 126 | 11,986 | ||||||
|
| |||||||
64,064 | ||||||||
|
| |||||||
Brazil—0.7% | ||||||||
Banco do Brasil S.A. | 1,600 | 8,656 | ||||||
EDP – Energias do Brasil S.A. | 800 | 2,813 | ||||||
Engie Brasil Energia S.A. | 800 | 5,945 | ||||||
Iochpe Maxion S.A.(g) | 3,100 | 6,626 | ||||||
StoneCo Ltd., Class A(g) | 4,784 | 292,876 | ||||||
Telefonica Brasil S.A. | 900 | 7,072 | ||||||
Vale S.A. | 1,545 | 26,892 | ||||||
WEG S.A. | 800 | 10,597 | ||||||
|
| |||||||
361,477 | ||||||||
|
| |||||||
Canada—1.0% | ||||||||
Agnico Eagle Mines Ltd. | 113 | 6,533 | ||||||
B2Gold Corp. | 4,535 | 19,523 | ||||||
Barrick Gold Corp. | 1,116 | 22,139 | ||||||
Baytex Energy Corp.(g) | 1,346 | 1,403 | ||||||
Canadian Natural Resources Ltd. | 584 | 18,054 | ||||||
Canadian Tire Corp., Ltd., Class A | 146 | 20,718 | ||||||
Cascades, Inc. | 717 | 8,975 | ||||||
Cenovus Energy, Inc. | 787 | 5,912 | ||||||
Cogeco Communications, Inc. | 303 | 28,451 | ||||||
Crescent Point Energy Corp. | 346 | 1,443 |
Shares | Value | |||||||
Canada—continued | ||||||||
DREAM Unlimited Corp. | 716 | $ | 12,882 | |||||
Empire Co., Ltd., Class A | 287 | 8,948 | ||||||
Enghouse Systems Ltd. | 149 | 6,911 | ||||||
Exchange Income Corp. | 500 | 16,010 | ||||||
Fairfax Financial Holdings Ltd. | 23 | 10,039 | ||||||
Fortis, Inc. | 266 | 11,542 | ||||||
Franco-Nevada Corp. | 528 | 66,169 | ||||||
George Weston Ltd. | 297 | 26,299 | ||||||
Hydro One Ltd.(b) | 500 | 11,646 | ||||||
IA Financial Corp., Inc. | 320 | 17,399 | ||||||
InterRent Real Estate Investment Trust REIT | 481 | 5,661 | ||||||
Killam Apartment Real Estate Investment Trust REIT | 284 | 4,183 | ||||||
Loblaw Cos., Ltd. | 441 | 24,634 | ||||||
Lundin Mining Corp. | 2,227 | 22,913 | ||||||
Manulife Financial Corp. | 1,278 | 27,488 | ||||||
Mullen Group Ltd. | 1,862 | 18,047 | ||||||
Open Text Corp. | 307 | 14,638 | ||||||
Power Corp. of Canada | 909 | 23,891 | ||||||
Restaurant Brands International, Inc. | 123 | 7,999 | ||||||
Sagen MI Canada, Inc. | 144 | 4,979 | ||||||
Shopify, Inc., Class A(g) | 33 | 36,433 | ||||||
Sun Life Financial, Inc. | 416 | 21,023 | ||||||
|
| |||||||
532,885 | ||||||||
|
| |||||||
Chile—0.0% | ||||||||
Engie Energia Chile S.A. | 3,778 | 4,300 | ||||||
|
| |||||||
China—2.8% | ||||||||
Agricultural Bank of China Ltd., Class H | 69,000 | 27,603 | ||||||
Alibaba Group Holding Ltd. ADR(g) | 1,658 | 375,918 | ||||||
Baidu, Inc. ADR(g) | 77 | 16,751 | ||||||
Bank of China Ltd., Class H | 99,000 | 37,694 | ||||||
Bank of Communications Co., Ltd., Class H | 43,000 | 27,379 | ||||||
BOC Aviation Ltd.(b) | 1,500 | 14,529 | ||||||
China Conch Venture Holdings Ltd. | 6,500 | 30,560 | ||||||
China Construction Bank Corp., Class H | 74,812 | 62,936 | ||||||
China Dongxiang Group Co., Ltd. | 16,117 | 1,866 | ||||||
China Everbright Greentech Ltd.(b) | 10,000 | 4,065 | ||||||
China Life Insurance Co., Ltd., Class H | 4,000 | 8,263 | ||||||
China Lumena New Materials Corp.(c)(e)(g) | 44 | — | * | |||||
China Minsheng Banking Corp., Ltd., Class H | 9,000 | 5,221 | ||||||
China SCE Group Holdings Ltd. | 3,000 | 1,389 | ||||||
China Water Affairs Group Ltd. | 2,000 | 1,636 | ||||||
Chongqing Rural Commercial Bank Co., Ltd., Class H | 6,488 | 2,796 | ||||||
CITIC Ltd. | 10,000 | 9,467 | ||||||
Country Garden Holdings Co., Ltd. | 8,000 | 10,270 | ||||||
Country Garden Services Holdings Co., Ltd. | 3,172 | 32,152 | ||||||
CSPC Pharmaceutical Group Ltd. | 13,440 | 16,251 | ||||||
EVA Precision Industrial Holdings Ltd. | 20,236 | 1,874 | ||||||
Golden Eagle Retail Group Ltd. | 3,000 | 2,698 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 49,000 | 35,171 | ||||||
JD.com, Inc. ADR(g) | 377 | 31,793 | ||||||
Jiangsu Expressway Co., Ltd., Class H | 3,189 | 3,971 | ||||||
Ju Teng International Holdings Ltd. | 4,744 | 1,269 | ||||||
Lee & Man Paper Manufacturing Ltd. | 10,000 | 9,197 | ||||||
Lenovo Group Ltd. | 36,000 | 51,216 | ||||||
NetEase, Inc. ADR | 310 | 32,011 | ||||||
Postal Savings Bank of China Co., Ltd., Class H(b) | 48,000 | 35,873 | ||||||
Shenzhen Expressway Co., Ltd., Class H | 7,700 | 8,340 | ||||||
Shenzhen International Holdings Ltd. | 3,000 | 5,024 | ||||||
Shenzhen Investment Holdings Bay Area Development Co., Ltd. | 6,000 | 2,308 | ||||||
Sinopharm Group Co., Ltd., Class H | 3,200 | 7,747 |
See Notes to Financial Statements
31
Table of Contents
ALLIANZGI GLOBAL DYNAMIC ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
Shares | Value | |||||||
China—continued | ||||||||
Tencent Holdings Ltd. | 6,181 | $ | 484,996 | |||||
Tingyi Cayman Islands Holding Corp. | 4,000 | 7,348 | ||||||
Topsports International Holdings Ltd.(b) | 2,000 | 2,979 | ||||||
Xinyi Solar Holdings Ltd. | 6,000 | 9,864 | ||||||
Yuexiu Real Estate Investment Trust REIT | 5,000 | 2,560 | ||||||
Yuexiu Transport Infrastructure Ltd. | 16,000 | 10,105 | ||||||
|
| |||||||
1,433,090 | ||||||||
|
| |||||||
Colombia—0.0% | ||||||||
Bancolombia S.A. | 939 | 7,373 | ||||||
Corp. Financiera Colombiana S.A.(g) | 1,390 | 12,424 | ||||||
|
| |||||||
19,797 | ||||||||
|
| |||||||
Czech Republic—0.0% | ||||||||
CEZ AS | 307 | 7,586 | ||||||
Moneta Money Bank AS(b)(g) | 919 | 3,423 | ||||||
O2 Czech Republic AS | 593 | 6,901 | ||||||
|
| |||||||
17,910 | ||||||||
|
| |||||||
Denmark—1.5% | ||||||||
Ambu A/S, Class B | 5,777 | 271,307 | ||||||
Carlsberg AS, Class B | 153 | 23,508 | ||||||
Coloplast A/S, Class B | 523 | 78,641 | ||||||
D/S Norden A/S | 467 | 10,822 | ||||||
DSV A/S | 1,143 | 224,248 | ||||||
Novo Nordisk A/S, Class B | 2,138 | 144,848 | ||||||
Scandinavian Tobacco Group A/S, Class A(b)(g) | 122 | 2,341 | ||||||
Solar A/S, Class B | 41 | 3,099 | ||||||
Spar Nord Bank A/S(g) | 137 | 1,462 | ||||||
Tryg A/S | 398 | 9,386 | ||||||
|
| |||||||
769,662 | ||||||||
|
| |||||||
Finland—0.1% | ||||||||
Elisa Oyj | 388 | 23,269 | ||||||
Kesko Oyj, Class B | 422 | 12,906 | ||||||
Neste Oyj | 207 | 10,987 | ||||||
Oriola Oyj, Class B | 700 | 1,683 | ||||||
TietoEVRY Oyj | 186 | 5,763 | ||||||
|
| |||||||
54,608 | ||||||||
|
| |||||||
France—3.3% | ||||||||
Accor S.A.(g) | 1,830 | 69,017 | ||||||
Aeroports de Paris(g) | 800 | 95,599 | ||||||
Amundi S.A. (b)(g) | 189 | 15,116 | ||||||
APERAM S.A. | 51 | 2,298 | ||||||
AXA S.A. | 1,165 | 31,265 | ||||||
BNP Paribas S.A.(g) | 425 | 25,857 | ||||||
Boiron S.A. | 31 | 1,301 | ||||||
Bouygues S.A. | 4,280 | 171,605 | ||||||
CNP Assurances(g) | 1,014 | 19,276 | ||||||
Coface S.A.(g) | 855 | 9,465 | ||||||
Credit Agricole S.A.(g) | 957 | 13,854 | ||||||
Eiffage S.A.(g) | 540 | 54,055 | ||||||
Faurecia SE(g) | 16 | 852 | ||||||
Getlink SE(g) | 5,500 | 84,364 | ||||||
Iliad S.A. | 45 | 8,554 | ||||||
Klepierre S.A. REIT | 672 | 15,670 | ||||||
L’Oreal S.A. | 415 | 159,044 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 438 | 291,800 | ||||||
Orange S.A. | 3,738 | 46,049 | ||||||
Publicis Groupe S.A. | 239 | 14,586 |
Shares | Value | |||||||
France—continued | ||||||||
Safran S.A.(g) | 480 | $ | 65,324 | |||||
Sanofi | 350 | 34,580 | ||||||
Schneider Electric SE | 215 | 32,840 | ||||||
SEB S.A. | 7 | 1,235 | ||||||
Sodexo S.A. (g) | 2,500 | 239,759 | ||||||
Teleperformance | 71 | 25,878 | ||||||
TOTAL SE | 598 | 27,893 | ||||||
Vinci S.A. | 1,196 | 122,527 | ||||||
|
| |||||||
1,679,663 | ||||||||
|
| |||||||
Germany—2.9% | ||||||||
Adidas AG(g) | 669 | 208,844 | ||||||
Bayer AG | 514 | 32,525 | ||||||
Bayerische Motoren Werke AG | 275 | 28,531 | ||||||
Cewe Stiftung & Co. KGAA | 45 | 6,354 | ||||||
Daimler AG | 401 | 35,744 | ||||||
Deutsche Boerse AG | 99 | 16,451 | ||||||
Deutsche Lufthansa AG(g) | 7,310 | 96,911 | ||||||
Deutsche Telekom AG | 2,595 | 52,251 | ||||||
Dialog Semiconductor PLC(g) | 212 | 15,966 | ||||||
DWS Group GmbH & Co. KGaA(b) | 252 | 10,897 | ||||||
Fraport AG Frankfurt Airport Services Worldwide(g) | 1,500 | 91,207 | ||||||
HeidelbergCement AG | 275 | 24,980 | ||||||
HOCHTIEF AG | 1,000 | 89,477 | ||||||
Hornbach Holding AG & Co. KGaA | 100 | 9,757 | ||||||
Infineon Technologies AG | 3,451 | 146,319 | ||||||
LEG Immobilien SE | 77 | 10,128 | ||||||
MTU Aero Engines AG | 544 | 128,036 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 89 | 27,408 | ||||||
Nemetschek SE | 1,375 | 87,718 | ||||||
Nordex SE(g) | 482 | 15,476 | ||||||
SAP SE | 1,326 | 162,373 | ||||||
Talanx AG(g) | 31 | 1,315 | ||||||
TeamViewer AG(b)(g) | 157 | 6,707 | ||||||
TLG Immobilien AG | 287 | 8,394 | ||||||
United Internet AG | 520 | 20,855 | ||||||
Varta AG(g) | 66 | 9,713 | ||||||
WCM Beteiligungs & Grundbesitz AG | 967 | 4,990 | ||||||
Zalando SE(b)(g) | 1,714 | 168,117 | ||||||
|
| |||||||
1,517,444 | ||||||||
|
| |||||||
Greece—0.1% | ||||||||
Hellenic Telecommunications Organization S.A. | 687 | 11,021 | ||||||
National Bank of Greece S.A. (g) | 4,138 | 12,035 | ||||||
|
| |||||||
23,056 | ||||||||
|
| |||||||
Hong Kong—0.6% | ||||||||
AIA Group Ltd. | 15,200 | 184,376 | ||||||
Cathay Pacific Airways Ltd.(g) | 1,543 | 1,439 | ||||||
CITIC Telecom International Holdings Ltd. | 11,000 | 3,891 | ||||||
CK Hutchison Holdings Ltd. | 2,000 | 15,938 | ||||||
CLP Holdings Ltd. | 2,281 | 22,152 | ||||||
Dah Sing Banking Group Ltd. | 1,623 | 1,837 | ||||||
Fairwood Holdings Ltd. | 2,000 | 4,379 | ||||||
Global Brands Group Holding Ltd.(g) | 61,400 | 1,437 | ||||||
Hui Xian Real Estate Investment Trust REIT | 6,000 | 1,620 | ||||||
Jardine Matheson Holdings Ltd. | 400 | 26,156 | ||||||
Kerry Properties Ltd. | 2,243 | 7,228 | ||||||
Shanghai Industrial Urban Development Group Ltd. | 17,000 | 1,662 | ||||||
Sino Land Co., Ltd. | 6,000 | 8,351 | ||||||
Sun Hung Kai Properties Ltd. | 1,000 | 15,153 |
See Notes to Financial Statements
32
Table of Contents
ALLIANZGI GLOBAL DYNAMIC ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
Shares | Value | |||||||
Hong Kong—continued | ||||||||
United Laboratories International Holdings Ltd. | 6,000 | $ | 4,430 | |||||
Vinda International Holdings Ltd. | 2,000 | 6,753 | ||||||
Wharf Holdings Ltd. | 5,000 | 13,249 | ||||||
Yue Yuen Industrial Holdings Ltd. | 698 | 1,742 | ||||||
|
| |||||||
321,793 | ||||||||
|
| |||||||
Hungary—0.1% | ||||||||
Magyar Telekom Telecommunications PLC | 5,446 | 7,177 | ||||||
OTP Bank Nyrt(g) | 357 | 15,260 | ||||||
Richter Gedeon Nyrt | 384 | 11,322 | ||||||
|
| |||||||
33,759 | ||||||||
|
| |||||||
India—0.3% | ||||||||
HDFC Bank Ltd. ADR(g) | 1,979 | 153,748 | ||||||
|
| |||||||
Indonesia—0.0% | ||||||||
Indofood CBP Sukses Makmur Tbk PT | 10,700 | 6,777 | ||||||
Media Nusantara Citra Tbk PT(g) | 142,600 | 9,376 | ||||||
|
| |||||||
16,153 | ||||||||
|
| |||||||
Ireland—0.5% | ||||||||
Horizon Therapeutics PLC(g) | 309 | 28,440 | ||||||
Irish Residential Properties REIT PLC | 403 | 771 | ||||||
Kingspan Group PLC(g) | 1,641 | 139,134 | ||||||
Medtronic PLC | 368 | 43,472 | ||||||
Origin Enterprises PLC | 320 | 1,464 | ||||||
STERIS PLC | 108 | 20,572 | ||||||
|
| |||||||
233,853 | ||||||||
|
| |||||||
Israel—0.1% | ||||||||
Alony Hetz Properties & Investments Ltd. | 607 | 7,793 | ||||||
B Communications Ltd.(g) | 749 | 1,514 | ||||||
Check Point Software Technologies Ltd.(g) | 70 | 7,838 | ||||||
Equital Ltd.(g) | — | 4 | ||||||
Formula Systems 1985 Ltd. | 115 | 10,145 | ||||||
Shufersal Ltd. | 278 | 2,285 | ||||||
|
| |||||||
29,579 | ||||||||
|
| |||||||
Italy—0.6% | ||||||||
Assicurazioni Generali SpA | 1,162 | 23,247 | ||||||
Atlantia SpA(g) | 2,500 | 46,762 | ||||||
Autogrill SpA(g) | 14,000 | 115,746 | ||||||
DiaSorin SpA | 47 | 7,540 | ||||||
Enav SpA(b) | 918 | 4,466 | ||||||
Enel SpA | 4,789 | 47,697 | ||||||
Intesa Sanpaolo SpA(g) | 11,325 | 30,685 | ||||||
Snam SpA | 2,542 | 14,094 | ||||||
Telecom Italia SpA | 15,269 | 8,258 | ||||||
Unipol Gruppo SpA(g) | 1,244 | 6,938 | ||||||
|
| |||||||
305,433 | ||||||||
|
| |||||||
Japan—2.6% | ||||||||
ADEKA Corp. | 26 | 510 | ||||||
Aida Engineering Ltd. | 142 | 1,275 | ||||||
Aoyama Trading Co., Ltd.(g) | 111 | 829 | ||||||
Astellas Pharma, Inc. | 992 | 15,248 | ||||||
Canon Marketing Japan, Inc. | 300 | 6,654 | ||||||
Canon, Inc. | 410 | 9,266 | ||||||
Cawachi Ltd. | 200 | 5,204 | ||||||
Chubu Electric Power Co., Inc. | 900 | 11,583 |
Shares | Value | |||||||
Japan—continued | ||||||||
Chugai Pharmaceutical Co., Ltd. | 700 | $ | 28,379 | |||||
Chugoku Electric Power Co., Inc. | 700 | 8,592 | ||||||
DCM Holdings Co., Ltd. | 825 | 8,628 | ||||||
Doutor Nichires Holdings Co., Ltd. | 651 | 10,113 | ||||||
DyDo Group Holdings, Inc. | 126 | 6,054 | ||||||
Earth Corp. | 100 | 6,015 | ||||||
ENEOS Holdings, Inc. | 3,800 | 17,215 | ||||||
FUJIFILM Holdings Corp. | 421 | 24,984 | ||||||
Fukuyama Transporting Co., Ltd. | 145 | 5,972 | ||||||
Hitachi Ltd. | 500 | 22,596 | ||||||
Honda Motor Co., Ltd. | 1,100 | 32,973 | ||||||
Honeys Holdings Co., Ltd. | 39 | 381 | ||||||
ITOCHU Corp. | 877 | 28,411 | ||||||
Iwatani Corp. | 200 | 12,337 | ||||||
Japan Post Holdings Co., Ltd. | 3,900 | 34,754 | ||||||
Japan Post Insurance Co., Ltd. | 900 | 18,484 | ||||||
Japan Wool Textile Co., Ltd. | 600 | 5,581 | ||||||
Kajima Corp. | 900 | 12,769 | ||||||
Kamigumi Co., Ltd. | 400 | 7,575 | ||||||
Kandenko Co., Ltd. | 1,000 | 8,769 | ||||||
KDDI Corp. | 1,300 | 39,860 | ||||||
Keyence Corp. | 200 | 90,802 | ||||||
Konica Minolta, Inc. | 2,900 | 15,715 | ||||||
LaSalle Logiport REIT | 6 | 9,093 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 100 | 4,606 | ||||||
Mirait Holdings Corp. | 700 | 11,550 | ||||||
Mitsubishi Corp. | 1,200 | 33,922 | ||||||
Mitsubishi Research Institute, Inc. | 100 | 3,721 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 5,300 | 28,322 | ||||||
Mitsubishi UFJ Lease & Finance Co., Ltd. | 1,600 | 9,653 | ||||||
Mitsuboshi Belting Ltd. | 71 | 1,142 | ||||||
Mitsui & Co., Ltd. | 800 | 16,632 | ||||||
Mizuho Financial Group, Inc. | 1,400 | 20,218 | ||||||
MonotaRO Co., Ltd. | 2,200 | 59,488 | ||||||
Morinaga Milk Industry Co., Ltd. | 100 | 5,256 | ||||||
Murata Manufacturing Co., Ltd. | 300 | 23,957 | ||||||
NEC Corp. | 400 | 23,554 | ||||||
Nippo Corp. | 200 | 5,455 | ||||||
Nippon Telegraph & Telephone Corp. | 2,316 | 59,445 | ||||||
Nitori Holdings Co., Ltd. | 100 | 19,350 | ||||||
Obayashi Corp. | 2,427 | 22,248 | ||||||
Okumura Corp. | 200 | 5,314 | ||||||
Oracle Corp. | 100 | 9,754 | ||||||
Osaka Gas Co., Ltd. | 500 | 9,740 | ||||||
Raito Kogyo Co., Ltd. | 463 | 7,861 | ||||||
Rengo Co., Ltd. | 400 | 3,472 | ||||||
Ricoh Co., Ltd. | 1,500 | 15,227 | ||||||
Rinnai Corp. | 100 | 11,190 | ||||||
Sankyo Co., Ltd. | 400 | 10,596 | ||||||
Sanyo Special Steel Co., Ltd.(g) | 182 | 2,684 | ||||||
Sawai Pharmaceutical Co., Ltd. | 225 | 10,912 | ||||||
Secom Co., Ltd. | 300 | 25,233 | ||||||
Sekisui House Ltd. | 600 | 12,864 | ||||||
Senko Group Holdings Co., Ltd. | 796 | 7,534 | ||||||
Seven & i Holdings Co., Ltd. | 500 | 20,153 | ||||||
Shibaura Electronics Co., Ltd. | 100 | 3,305 | ||||||
Softbank Corp. | 2,800 | 36,377 | ||||||
Sony Corp. | 400 | 41,888 | ||||||
Sugi Holdings Co., Ltd. | 200 | 15,841 | ||||||
Sumitomo Corp. | 1,500 | 21,364 | ||||||
Sumitomo Densetsu Co., Ltd. | 200 | 4,351 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 1,100 | 39,808 | ||||||
Sumitomo Rubber Industries Ltd. | 1,000 | 11,786 | ||||||
Suzuken Co., Ltd. | 200 | 7,812 |
See Notes to Financial Statements
33
Table of Contents
ALLIANZGI GLOBAL DYNAMIC ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
Shares | Value | |||||||
Japan—continued | ||||||||
Takasago Thermal Engineering Co., Ltd. | 597 | $ | 9,295 | |||||
Takeda Pharmaceutical Co., Ltd. | 800 | 28,792 | ||||||
Tokyo Electron Ltd. | 100 | 42,258 | ||||||
Towa Pharmaceutical Co., Ltd. | 214 | 4,722 | ||||||
Toyo Suisan Kaisha Ltd. | 300 | 12,599 | ||||||
Toyota Motor Corp. | 651 | 50,657 | ||||||
Tsuruha Holdings, Inc. | 100 | 12,897 | ||||||
Tv Tokyo Holdings Corp. | 166 | 3,577 | ||||||
Yaoko Co., Ltd. | 100 | 6,141 | ||||||
Yurtec Corp. | 132 | 972 | ||||||
|
| |||||||
1,362,116 | ||||||||
|
| |||||||
Korea (Republic of)—0.7% | ||||||||
CJ CheilJedang Corp. | 19 | 6,900 | ||||||
CJ Corp. | 79 | 6,561 | ||||||
DL E&C Co., Ltd.(g) | 111 | 11,818 | ||||||
DL Holdings Co., Ltd. | 88 | 6,804 | ||||||
Doosan Bobcat, Inc. | 265 | 9,858 | ||||||
GS Holdings Corp. | 393 | 13,577 | ||||||
Hana Financial Group, Inc. | 314 | 11,875 | ||||||
HDC Hyundai Development Co-Engineering & Construction | 1 | 26 | ||||||
KB Financial Group, Inc. | 394 | 19,565 | ||||||
KC Co., Ltd. | 70 | 1,685 | ||||||
Kia Motors Corp. | 368 | 26,956 | ||||||
KT Corp. | 80 | 1,997 | ||||||
KT&G Corp. | 123 | 8,847 | ||||||
LG Innotek Co., Ltd. | 38 | 6,900 | ||||||
Macquarie Korea Infrastructure Fund | 731 | 7,525 | ||||||
NCSoft Corp. | 22 | 16,970 | ||||||
POSCO | 75 | 21,206 | ||||||
Posco International Corp. | 457 | 8,137 | ||||||
Samsung Card Co., Ltd. | 451 | 13,728 | ||||||
Samsung Electronics Co., Ltd. | 306 | 22,009 | ||||||
Samsung Electronics Co., Ltd. GDR | 34 | 62,016 | ||||||
Shinhan Financial Group Co., Ltd. | 652 | 21,575 | ||||||
SK Hynix, Inc. | 280 | 32,781 | ||||||
SK Telecom Co., Ltd. | 91 | 22,112 | ||||||
Woori Financial Group, Inc. | 1,946 | 17,366 | ||||||
|
| |||||||
378,794 | ||||||||
|
| |||||||
Malaysia—0.1% | ||||||||
Axis Real Estate Investment Trust REIT | 4,100 | 1,928 | ||||||
Bermaz Auto Bhd. | 3,500 | 1,215 | ||||||
Dialog Group Bhd. | 10,000 | 7,500 | ||||||
Hong Leong Bank Bhd. | 1,700 | 7,667 | ||||||
KNM Group Bhd.(g) | 31,700 | 1,453 | ||||||
Malayan Banking Bhd. | 5,200 | 10,346 | ||||||
MBM Resources BHD | 7,800 | 6,452 | ||||||
MISC Bhd. | 2,100 | 3,454 | ||||||
Tenaga Nasional Bhd. | 2,700 | 6,590 | ||||||
TIME dotCom Bhd. | 1,900 | 6,552 | ||||||
|
| |||||||
53,157 | ||||||||
|
| |||||||
Mexico—0.1% | ||||||||
Alfa S.A.B de C.V., Class A | 10,100 | 5,831 | ||||||
Alpek S.A.B de C.V.(g) | 7,700 | 7,184 | ||||||
Banco del Bajio S.A.(b)(g) | 3,200 | 4,316 | ||||||
Controladora Nemak SAB de C.V.(g) | 10,100 | 1,270 | ||||||
Fibra Uno Administracion S.A. de C.V. REIT | 6,500 | 7,597 | ||||||
Grupo Financiero Banorte S.A.B de C.V., Class O(g) | 3,100 | 17,462 | ||||||
Grupo Financiero Inbursa SAB De C.V.(g) | 4,500 | 4,088 |
Shares | Value | |||||||
Mexico—continued | ||||||||
Grupo Lala S.A.B de C.V. | 4,496 | $ | 3,003 | |||||
Macquarie Mexico Real Estate Management S.A. de C.V. REIT(b) | 5,300 | 6,610 | ||||||
Qualitas Controladora S.A.B. de C.V. | 900 | 4,950 | ||||||
|
| |||||||
62,311 | ||||||||
|
| |||||||
Morocco—0.0% | ||||||||
Co Sucrerie Marocaine et de Raffinage | 136 | 3,610 | ||||||
Douja Promotion Groupe Addoha S.A.(g) | 1,239 | 846 | ||||||
|
| |||||||
4,456 | ||||||||
|
| |||||||
Netherlands—1.9% | ||||||||
Aegon NV | 2,593 | 12,315 | ||||||
AerCap Holdings NV(g) | 161 | 9,457 | ||||||
Airbus SE(g) | 1,244 | 140,836 | ||||||
ASM International NV | 118 | 34,318 | ||||||
ASML Holding NV | 964 | 584,460 | ||||||
ASR Nederland NV | 285 | 12,771 | ||||||
Coca-Cola European Partners PLC | 133 | 6,937 | ||||||
Flow Traders(b) | 190 | 7,946 | ||||||
Koninklijke Ahold Delhaize NV | 2,209 | 61,524 | ||||||
Koninklijke KPN NV | 3,344 | 11,349 | ||||||
NN Group NV | 396 | 19,360 | ||||||
Signify NV(b)(g) | 288 | 14,847 | ||||||
Stellantis NV(g) | 975 | 17,242 | ||||||
VEON Ltd. ADR(g) | 3,730 | 6,602 | ||||||
Wolters Kluwer NV | 243 | 21,122 | ||||||
|
| |||||||
961,086 | ||||||||
|
| |||||||
New Zealand—0.4% | ||||||||
a2 Milk Co., Ltd.(g) | 1,347 | 8,109 | ||||||
Air New Zealand Ltd.(g) | 2,529 | 3,020 | ||||||
Arvida Group Ltd. | 3,328 | 3,835 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 786 | 17,621 | ||||||
Kiwi Property Group Ltd. REIT | 1,590 | 1,377 | ||||||
Mainfreight Ltd. | 2,272 | 110,121 | ||||||
Meridian Energy Ltd. | 6,733 | 25,346 | ||||||
Summerset Group Holdings Ltd. | 1,441 | 12,218 | ||||||
|
| |||||||
181,647 | ||||||||
|
| |||||||
Norway—0.2% | ||||||||
Avance Gas Holding Ltd.(b) | 3,418 | 18,982 | ||||||
Frontline Ltd. | 1,133 | 8,292 | ||||||
Orkla ASA | 1,499 | 14,694 | ||||||
Sparebanken Vest | 966 | 8,843 | ||||||
TGS NOPEC Geophysical Co ASA | 576 | 9,176 | ||||||
Yara International ASA | 344 | 17,889 | ||||||
|
| |||||||
77,876 | ||||||||
|
| |||||||
Peru—0.0% | ||||||||
Ferreycorp SAA | 7,075 | 4,196 | ||||||
|
| |||||||
Philippines—0.0% | ||||||||
Globe Telecom, Inc. | 70 | 2,711 | ||||||
PLDT, Inc. | 125 | 3,145 | ||||||
|
| |||||||
5,856 | ||||||||
|
| |||||||
Poland—0.0% | ||||||||
Asseco Poland S.A. | 406 | 6,945 | ||||||
Ciech S.A.(g) | 206 | 1,931 |
See Notes to Financial Statements
34
Table of Contents
ALLIANZGI GLOBAL DYNAMIC ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
Shares | Value | |||||||
Poland—continued | ||||||||
TEN Square Games S.A. | 95 | $ | 12,452 | |||||
|
| |||||||
21,328 | ||||||||
|
| |||||||
Portugal—0.0% | ||||||||
Jeronimo Martins SGPS S.A. | 757 | 12,739 | ||||||
REN – Redes Energeticas Nacionais SGPS S.A. | 627 | 1,750 | ||||||
|
| |||||||
14,489 | ||||||||
|
| |||||||
Singapore—0.4% | ||||||||
Accordia Golf Trust UNIT(c)(e) | 4,600 | 74 | ||||||
China Aviation Oil Singapore Corp. Ltd. | 8,800 | 7,392 | ||||||
Fortune Real Estate Investment Trust REIT | 8,000 | 7,667 | ||||||
Frasers Logistics & Commercial Trust REIT | 9,700 | 10,456 | ||||||
Parkway Life Real Estate Investment Trust REIT | 800 | 2,426 | ||||||
Sea Ltd. ADR(g) | 791 | 176,575 | ||||||
Sheng Siong Group Ltd. | 1,900 | 2,175 | ||||||
Sino Grandness Food Industry Group Ltd.(c)(e)(g) | 25,900 | 2 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 7,000 | 6,661 | ||||||
|
| |||||||
213,428 | ||||||||
|
| |||||||
South Africa—0.3% | ||||||||
Anglo American Platinum Ltd. | 204 | 29,745 | ||||||
Astral Foods Ltd. | 984 | 9,762 | ||||||
Gold Fields Ltd. | 1,465 | 13,649 | ||||||
Impala Platinum Holdings Ltd. | 1,533 | 28,430 | ||||||
MTN Group | 2,596 | 15,275 | ||||||
Nedbank Group Ltd. | 1,039 | 9,855 | ||||||
Old Mutual Ltd. | 11,523 | 9,860 | ||||||
Sibanye Stillwater Ltd. | 2,820 | 12,419 | ||||||
|
| |||||||
128,995 | ||||||||
|
| |||||||
Spain—0.9% | ||||||||
Aena SME S.A.(b)(g) | 700 | 113,529 | ||||||
Banco Santander S.A.(g) | 8,396 | 28,524 | ||||||
Ebro Foods S.A. | 211 | 4,350 | ||||||
Ferrovial S.A. | 2,460 | 64,130 | ||||||
Iberdrola S.A. | 4,174 | 53,770 | ||||||
International Consolidated Airlines Group S.A.(g) | 41,000 | 112,084 | ||||||
Lar Espana Real Estate Socimi S.A. REIT | 137 | 819 | ||||||
Mapfre S.A. | 8,896 | 18,528 | ||||||
Mediaset Espana Comunicacion S.A.(g) | 1,102 | 6,546 | ||||||
Neinor Homes S.A.(b)(g) | 694 | 8,529 | ||||||
Repsol S.A. | 1,539 | 19,059 | ||||||
Telefonica S.A. | 5,820 | 26,051 | ||||||
|
| |||||||
455,919 | ||||||||
|
| |||||||
Sweden—0.9% | ||||||||
Annehem Fastigheter AB(g) | 42 | 129 | ||||||
Arjo AB, Class B | 933 | 6,949 | ||||||
Assa Abloy AB, Class B | 4,000 | 114,960 | ||||||
Atlas Copco AB, Class A | 1,824 | 111,026 | ||||||
Essity AB, Class B | 510 | 16,112 | ||||||
Hexagon AB, Class B | 796 | 73,425 | ||||||
L E Lundbergforetagen AB, Class B(g) | 398 | 21,729 | ||||||
Peab AB(g) | 211 | 2,551 | ||||||
Saab AB, Class B(g) | 3,882 | 106,235 | ||||||
Skanska AB, Class B | 784 | 19,660 | ||||||
|
| |||||||
472,776 | ||||||||
|
|
Shares | Value | |||||||
Switzerland—2.0% | ||||||||
Allreal Holding AG | 53 | $ | 10,677 | |||||
ALSO Holding AG(g) | 17 | 4,874 | ||||||
Amcor PLC | 51 | 596 | ||||||
BKW AG | 16 | 1,740 | ||||||
Galenica AG(b) | 83 | 5,181 | ||||||
Givaudan S.A. | 7 | 26,974 | ||||||
Intershop Holding AG | 5 | 3,301 | ||||||
LafargeHolcim Ltd.(g) | 343 | 20,156 | ||||||
Lonza Group AG | 193 | 107,899 | ||||||
Nestle S.A. | 604 | 67,318 | ||||||
Novartis AG | 880 | 75,202 | ||||||
Partners Group Holding AG | 121 | 154,523 | ||||||
PSP Swiss Property AG | 58 | 7,069 | ||||||
Roche Holding AG | 296 | 95,660 | ||||||
Sika AG | 650 | 185,685 | ||||||
Sonova Holding AG(g) | 92 | 24,374 | ||||||
Swiss Life Holding AG | 60 | 29,494 | ||||||
Swiss Prime Site AG | 143 | 13,186 | ||||||
Swisscom AG | 47 | 25,212 | ||||||
UBS Group AG | 2,497 | 38,664 | ||||||
VAT Group AG (b) | 431 | 120,752 | ||||||
Zurich Insurance Group AG | 46 | 19,633 | ||||||
|
| |||||||
1,038,170 | ||||||||
|
| |||||||
Taiwan—1.3% | ||||||||
Asia Cement Corp. | 13,000 | 21,778 | ||||||
Asustek Computer, Inc. | 2,000 | 26,110 | ||||||
Cathay Financial Holding Co., Ltd. | 10,000 | 16,805 | ||||||
China Motor Corp.(g) | 2,000 | 4,647 | ||||||
Compal Electronics, Inc. | 17,000 | 15,908 | ||||||
CTBC Financial Holding Co., Ltd. | 17,000 | 13,167 | ||||||
E.Sun Financial Holding Co., Ltd. | 24,028 | 21,979 | ||||||
Far EasTone Telecommunications Co., Ltd. | 4,000 | 8,986 | ||||||
Fubon Financial Holding Co., Ltd. | 17,000 | 33,842 | ||||||
Fulgent Sun International Holding Co., Ltd. | 3,000 | 12,039 | ||||||
Getac Technology Corp. | 4,000 | 8,215 | ||||||
Global Mixed Mode Technology, Inc. | 2,000 | 14,545 | ||||||
Great Wall Enterprise Co., Ltd. | 3,450 | 6,602 | ||||||
Hon Hai Precision Industry Co., Ltd. | 9,200 | 39,982 | ||||||
Hua Nan Financial Holdings Co., Ltd. | 17,953 | 11,735 | ||||||
Lien Hwa Industrial Holdings Corp. | 8,110 | 13,458 | ||||||
Mega Financial Holding Co., Ltd. | 9,000 | 10,062 | ||||||
Pegatron Corp. | 5,000 | 12,985 | ||||||
Pou Chen Corp. | 8,000 | 9,252 | ||||||
Powertech Technology, Inc. | 4,000 | 14,790 | ||||||
Realtek Semiconductor Corp. | 2,000 | 34,627 | ||||||
Silicon Motion Technology Corp. ADR | 377 | 22,390 | ||||||
Sinbon Electronics Co., Ltd. | 2,000 | 18,505 | ||||||
Taiwan Cement Corp. | 8,750 | 14,352 | ||||||
Taiwan Fertilizer Co., Ltd. | 1,000 | 1,980 | ||||||
Taiwan PCB Techvest Co., Ltd. | 2,000 | 3,638 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 2,000 | 41,145 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 711 | 84,097 | ||||||
Tripod Technology Corp. | 2,000 | 9,848 | ||||||
Uni-President Enterprises Corp. | 4,000 | 10,234 | ||||||
United Microelectronics Corp. | 7,000 | 12,316 | ||||||
United Microelectronics Corp. ADR | 4,232 | 38,553 | ||||||
United Renewable Energy Co., Ltd.(g) | 3,340 | 1,756 | ||||||
Wisdom Marine Lines Co., Ltd.(g) | 2,118 | 2,657 | ||||||
Wistron Corp. | 9,000 | 10,567 | ||||||
WT Microelectronics Co., Ltd. | 1,707 | 2,821 | ||||||
Yuanta Financial Holding Co., Ltd. | 84,400 | 66,554 | ||||||
|
| |||||||
692,927 | ||||||||
|
|
See Notes to Financial Statements
35
Table of Contents
ALLIANZGI GLOBAL DYNAMIC ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
Shares | Value | |||||||
Thailand—0.0% | ||||||||
Bangchak Corp. PCL | 5,500 | $ | 4,532 | |||||
Delta Electronics Thailand PCL | 1,000 | 9,280 | ||||||
Thanachart Capital PCL | 4,000 | 4,864 | ||||||
|
| |||||||
18,676 | ||||||||
|
| |||||||
Turkey—0.1% | ||||||||
Dogus Otomotiv Servis ve Ticaret AS(g) | 909 | 3,128 | ||||||
Turkcell Iletisim Hizmetleri AS | 8,079 | 14,647 | ||||||
Turkiye Garanti Bankasi AS(g) | 8,067 | 6,536 | ||||||
Turkiye Petrol Rafinerileri AS(g) | 58 | 632 | ||||||
Turkiye Sinai Kalkinma Bankasi AS | 34,966 | 5,717 | ||||||
|
| |||||||
30,660 | ||||||||
|
| |||||||
United Kingdom—5.1% | ||||||||
Airtel Africa PLC(b) | 9,233 | 10,094 | ||||||
Anglo American PLC | 912 | 35,738 | ||||||
Aviva PLC | 2,238 | 12,594 | ||||||
BAE Systems PLC | 3,483 | 24,249 | ||||||
Barratt Developments PLC(g) | 1,790 | 18,429 | ||||||
Bovis Homes Group PLC | 768 | 11,562 | ||||||
British Land Co. PLC | 34,500 | 240,091 | ||||||
BT Group PLC(g) | 13,555 | 28,927 | ||||||
Burberry Group PLC(g) | 9,000 | 235,554 | ||||||
Compass Group PLC(g) | 5,869 | 118,250 | ||||||
Diversified Gas & Oil PLC | 5,445 | 8,332 | ||||||
easyJet PLC(g) | 11,000 | 148,340 | ||||||
Firstgroup PLC(g) | 90,000 | 114,210 | ||||||
Gamma Communications PLC | 373 | 8,433 | ||||||
IHS Markit Ltd. | 210 | 20,324 | ||||||
J Sainsbury PLC | 11,324 | 37,857 | ||||||
JD Sports Fashion PLC(g) | 2,210 | 25,123 | ||||||
Keller Group PLC | 1,261 | 13,977 | ||||||
Legal & General Group PLC | 5,118 | 19,692 | ||||||
M&G PLC | 3,176 | 9,081 | ||||||
Micro Focus International PLC(g) | 2,166 | 16,519 | ||||||
Mitchells & Butlers PLC(g) | 3,728 | 16,549 | ||||||
Rio Tinto PLC | 418 | 31,982 | ||||||
Rolls-Royce Holdings PLC(g) | 330,000 | 479,050 | ||||||
Royal Dutch Shell PLC, Class A | 314 | 6,186 | ||||||
Royal Dutch Shell PLC, Class A | 832 | 16,216 | ||||||
Royal Dutch Shell PLC, Class B | 897 | 16,509 | ||||||
SSP Group PLC | 100,000 | 513,390 | ||||||
TUI AG(g) | 50,000 | 252,717 | ||||||
Valaris PLC(g) | 195 | 15 | ||||||
Virgin Money UK PLC(g) | 1,098 | 2,862 | ||||||
Vodafone Group PLC | 14,421 | 26,219 | ||||||
Whitbread PLC(g) | 2,600 | 122,800 | ||||||
|
| |||||||
2,641,871 | ||||||||
|
| |||||||
United States—28.0% | ||||||||
3M Co., | 148 | 28,517 | ||||||
Abbott Laboratories | 354 | 42,423 | ||||||
AbbVie, Inc. | 556 | 60,170 | ||||||
Accenture PLC, Class A | 53 | 14,641 | ||||||
ACCO Brands Corp. | 1,980 | 16,711 | ||||||
Activision Blizzard, Inc. | 1,387 | 128,991 | ||||||
Adobe, Inc.(g) | 876 | 416,424 | ||||||
ADT, Inc. | 2,396 | 20,222 | ||||||
AES Corp. | 494 | 13,244 | ||||||
Affiliated Managers Group, Inc. | 119 | 17,735 | ||||||
Aflac, Inc. | 531 | 27,177 |
Shares | Value | |||||||
United States—continued | ||||||||
AGNC Investment Corp. REIT | 2,250 | $ | 37,710 | |||||
Air Lease Corp. | 309 | 15,141 | ||||||
Air Products and Chemicals, Inc. | 91 | 25,602 | ||||||
Akamai Technologies, Inc.(g) | 234 | 23,845 | ||||||
Align Technology, Inc.(g) | 177 | 95,851 | ||||||
Allstate Corp. | 550 | 63,195 | ||||||
Ally Financial, Inc. | 531 | 24,007 | ||||||
Alphabet, Inc., Class A(g) | 105 | 216,565 | ||||||
Alphabet, Inc., Class C(g) | 54 | 111,706 | ||||||
Amazon.com, Inc.(g) | 205 | 634,286 | ||||||
Amdocs Ltd. | 150 | 10,522 | ||||||
American Electric Power Co., Inc. | 241 | 20,413 | ||||||
American Equity Investment Life Holding Co. | 442 | 13,936 | ||||||
American Financial Group, Inc. | 201 | 22,934 | ||||||
American Homes 4 Rent, Class A REIT | 381 | 12,703 | ||||||
American Tower Corp. REIT | 130 | 31,078 | ||||||
American Water Works Co., Inc. | 157 | 23,537 | ||||||
Ameriprise Financial, Inc. | 108 | 25,105 | ||||||
Amgen, Inc. | 195 | 48,518 | ||||||
Analog Devices, Inc. | 216 | 33,497 | ||||||
Annaly Capital Management, Inc. REIT | 1,887 | 16,228 | ||||||
Anthem, Inc. | 175 | 62,816 | ||||||
Apple, Inc. | 2,843 | 347,272 | ||||||
Applied Materials, Inc. | 1,352 | 180,627 | ||||||
AT&T, Inc. | 2,631 | 79,640 | ||||||
Atmos Energy Corp. | 22 | 2,175 | ||||||
Automatic Data Processing, Inc. | 120 | 22,616 | ||||||
AutoZone, Inc.(g) | 23 | 32,299 | ||||||
Bank of America Corp. | 1,550 | 59,969 | ||||||
Baxter International, Inc. | 84 | 7,085 | ||||||
Berkshire Hathaway, Inc., Class B(g) | 123 | 31,423 | ||||||
Best Buy Co., Inc. | 236 | 27,095 | ||||||
Bio-Rad Laboratories, Inc., Class A(g) | 20 | 11,423 | ||||||
Biogen, Inc.(g) | 92 | 25,737 | ||||||
Bloom Energy Corp., Class A(g) | 607 | 16,419 | ||||||
Booz Allen Hamilton Holding Corp. | 459 | 36,963 | ||||||
Bristol-Myers Squibb Co. | 1,129 | 71,274 | ||||||
Broadcom, Inc. | 101 | 46,830 | ||||||
Brown & Brown, Inc. | 257 | 11,747 | ||||||
Cadence Design Systems, Inc.(g) | 271 | 37,124 | ||||||
Campbell Soup Co. | 171 | 8,596 | ||||||
Cardinal Health, Inc. | 538 | 32,683 | ||||||
Carlyle Group, Inc. | 385 | 14,153 | ||||||
Carrier Global Corp. | 783 | 33,058 | ||||||
Casey’s General Stores, Inc. | 36 | 7,783 | ||||||
Catalent, Inc.(g) | 911 | 95,937 | ||||||
Cboe Global Markets, Inc. | 55 | 5,428 | ||||||
CBTX, Inc. | 103 | 3,164 | ||||||
Centene Corp.(g) | 712 | 45,504 | ||||||
Central Garden & Pet Co., Class A(g) | 148 | 7,680 | ||||||
Charles Schwab Corp. | 411 | 26,789 | ||||||
Chemed Corp. | 20 | 9,196 | ||||||
Chevron Corp. | 389 | 40,763 | ||||||
Church & Dwight Co., Inc. | 210 | 18,343 | ||||||
Cigna Corp. | 160 | 38,678 | ||||||
Cincinnati Financial Corp. | 154 | 15,876 | ||||||
Cisco Systems, Inc. | 1,380 | 71,360 | ||||||
Citigroup, Inc. | 482 | 35,065 | ||||||
Citizens Financial Group, Inc. | 388 | 17,130 | ||||||
Citrix Systems, Inc. | 161 | 22,598 | ||||||
Clorox Co. | 198 | 38,190 | ||||||
CMS Energy Corp. | 192 | 11,754 | ||||||
CNA Financial Corp. | 420 | 18,745 | ||||||
Coca-Cola Co. | 307 | 16,182 |
See Notes to Financial Statements
36
Table of Contents
ALLIANZGI GLOBAL DYNAMIC ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
Shares | Value | |||||||
United States—continued | ||||||||
Colgate-Palmolive Co. | 383 | $ | 30,192 | |||||
Comcast Corp., Class A | 482 | 26,081 | ||||||
Computer Programs & Systems, Inc. | 458 | 14,015 | ||||||
Conagra Brands, Inc. | 351 | 13,198 | ||||||
Consolidated Edison, Inc. | 495 | 37,026 | ||||||
Cooper Cos., Inc. | 489 | 187,820 | ||||||
Costco Wholesale Corp. | 168 | 59,217 | ||||||
Crown Castle International Corp. REIT | 34 | 5,852 | ||||||
CVS Health Corp. | �� | 883 | 66,428 | |||||
Danaher Corp. | 148 | 33,312 | ||||||
DaVita, Inc.(g) | 213 | 22,955 | ||||||
Delta Air Lines, Inc.(g) | 423 | 20,422 | ||||||
DexCom, Inc.(g) | 64 | 23,001 | ||||||
Diamond S Shipping, Inc.(g) | 642 | 6,439 | ||||||
Dollar General Corp. | 396 | 80,238 | ||||||
Domino’s Pizza, Inc. | 33 | 12,137 | ||||||
Dover Corp. | 195 | 26,740 | ||||||
DR Horton, Inc. | 300 | 26,736 | ||||||
Dropbox, Inc., Class A(g) | 542 | 14,450 | ||||||
Duke Energy Corp. | 318 | 30,697 | ||||||
Duke Realty Corp. REIT | 484 | 20,294 | ||||||
Eastman Chemical Co. | 180 | 19,822 | ||||||
eBay, Inc. | 424 | 25,966 | ||||||
Ecolab, Inc. | 504 | 107,891 | ||||||
Edwards Lifesciences Corp.(g) | 1,993 | 166,695 | ||||||
Electronic Arts, Inc. | 231 | 31,270 | ||||||
Eli Lilly and Co. | 540 | 100,883 | ||||||
Ellington Financial, Inc. REIT | 34 | 544 | ||||||
Encompass Health Corp. | 126 | 10,319 | ||||||
Ennis, Inc. | 150 | 3,203 | ||||||
Entergy Corp. | 18 | 1,790 | ||||||
EOG Resources, Inc. | 92 | 6,673 | ||||||
Equinix, Inc. REIT | 32 | 21,747 | ||||||
Equity Commonwealth REIT | 210 | 5,838 | ||||||
Equity LifeStyle Properties, Inc. REIT | 147 | 9,355 | ||||||
Estee Lauder Cos., Inc., Class A | 667 | 193,997 | ||||||
Exxon Mobil Corp. | 708 | 39,528 | ||||||
Facebook, Inc., Class A(g) | 824 | 242,693 | ||||||
Fidelity National Information Services, Inc. | 195 | 27,419 | ||||||
Fiserv, Inc.(g) | 66 | 7,857 | ||||||
Fortinet, Inc.(g) | 161 | 29,692 | ||||||
FTI Consulting, Inc.(g) | 143 | 20,036 | ||||||
Gaming and Leisure Properties, Inc. REIT | 225 | 9,547 | ||||||
General Mills, Inc. | 133 | 8,156 | ||||||
General Motors Co.(g) | 805 | 46,255 | ||||||
Gilead Sciences, Inc. | 871 | 56,293 | ||||||
Golden MTN Financial Corp.(c)(e) | 1,041 | 76 | ||||||
H&E Equipment Services, Inc. | 341 | 12,958 | ||||||
Hartford Financial Services Group, Inc. | 706 | 47,154 | ||||||
Herc Holdings, Inc.(g) | 192 | 19,455 | ||||||
Hershey Co. | 137 | 21,668 | ||||||
Hewlett Packard Enterprise Co. | 1,474 | 23,201 | ||||||
HollyFrontier Corp. | 405 | 14,491 | ||||||
Honeywell International, Inc. | 209 | 45,368 | ||||||
Hormel Foods Corp. | 164 | 7,836 | ||||||
Host Hotels & Resorts, Inc. REIT | 12,500 | 210,625 | ||||||
HP, Inc. | 1,333 | 42,323 | ||||||
Humana, Inc. | 95 | 39,829 | ||||||
Insight Enterprises, Inc.(g) | 12 | 1,145 | ||||||
Intel Corp. | 1,150 | 73,600 | ||||||
Intercontinental Exchange, Inc. | 105 | 11,726 | ||||||
InterDigital, Inc. | 240 | 15,228 | ||||||
International Business Machines Corp. | 116 | 15,458 | ||||||
Intuit, Inc. | 377 | 144,414 |
Shares | Value | |||||||
United States—continued | ||||||||
Intuitive Surgical, Inc.(g) | 218 | $ | 161,089 | |||||
JM Smucker Co. | 182 | 23,028 | ||||||
Johnson & Johnson | 749 | 123,098 | ||||||
Johnson Controls International PLC | 530 | 31,625 | ||||||
JPMorgan Chase & Co. | 497 | 75,658 | ||||||
Kellogg Co. | 62 | 3,925 | ||||||
Keysight Technologies, Inc.(g) | 128 | 18,355 | ||||||
Kimberly-Clark Corp. | 373 | 51,866 | ||||||
Kinder Morgan, Inc. | 1,532 | 25,508 | ||||||
KLA Corp. | 79 | 26,102 | ||||||
Kroger Co. | 1,387 | 49,918 | ||||||
L3Harris Technologies, Inc. | 208 | 42,157 | ||||||
Laboratory Corp. of America Holdings(g) | 68 | 17,342 | ||||||
Lam Research Corp. | 77 | 45,833 | ||||||
Leidos Holdings, Inc. | 355 | 34,179 | ||||||
Lennox International, Inc. | 328 | 102,202 | ||||||
Lexington Realty Trust REIT | 846 | 9,399 | ||||||
Lockheed Martin Corp. | 80 | 29,560 | ||||||
Lowe’s Cos., Inc. | 289 | 54,962 | ||||||
Lumen Technologies, Inc. | 2,242 | 29,931 | ||||||
LyondellBasell Industries NV, Class A | 216 | 22,475 | ||||||
ManTech International Corp., Class A | 91 | 7,912 | ||||||
MarketAxess Holdings, Inc. | 38 | 18,921 | ||||||
Marsh & McLennan Cos., Inc. | 57 | 6,943 | ||||||
Masco Corp. | 187 | 11,201 | ||||||
Mastercard, Inc., Class A | 199 | 70,854 | ||||||
McDonald’s Corp. | 312 | 69,932 | ||||||
McGrath RentCorp | 260 | 20,969 | ||||||
Merck & Co., Inc. | 921 | 71,000 | ||||||
Methode Electronics, Inc. | 304 | 12,762 | ||||||
MetLife, Inc. | 618 | 37,568 | ||||||
Micron Technology, Inc.(g) | 448 | 39,518 | ||||||
Microsoft Corp. | 3,224 | 760,122 | ||||||
Molson Coors Brewing Co., Class B(g) | 205 | 10,486 | ||||||
Mondelez International, Inc., Class A | 576 | 33,713 | ||||||
Morgan Stanley | 561 | 43,567 | ||||||
Motorola Solutions, Inc. | 88 | 16,548 | ||||||
MSCI, Inc. | 657 | 275,467 | ||||||
MYR Group, Inc.(g) | 195 | 13,976 | ||||||
Nasdaq, Inc. | 212 | 31,262 | ||||||
Newell Brands, Inc. | 926 | 24,798 | ||||||
Newmont Corp. | 1,072 | 64,609 | ||||||
NextEra Energy, Inc. | 664 | 50,205 | ||||||
NIKE, Inc., Class B | 1,477 | 196,279 | ||||||
Northrop Grumman Corp. | 11 | 3,560 | ||||||
NortonLifeLock, Inc. | 534 | 11,353 | ||||||
NVIDIA Corp. | 159 | 84,895 | ||||||
O’Reilly Automotive, Inc.(g) | 95 | 48,189 | ||||||
Old Republic International Corp. | 407 | 8,889 | ||||||
Omnicom Group, Inc. | 137 | 10,159 | ||||||
OneMain Holdings, Inc. | 290 | 15,579 | ||||||
Oracle Corp. | 751 | 52,698 | ||||||
Otis Worldwide Corp. | 415 | 28,407 | ||||||
Paychex, Inc. | 146 | 14,311 | ||||||
PayPal Holdings, Inc.(g) | 1,331 | 323,220 | ||||||
PepsiCo, Inc. | 237 | 33,524 | ||||||
Pfizer, Inc. | 1,994 | 72,243 | ||||||
Phillips 66 | 213 | 17,368 | ||||||
Photronics, Inc.(g) | 1,122 | 14,429 | ||||||
Pool Corp. | 392 | 135,334 | ||||||
Popular, Inc. | 291 | 20,463 | ||||||
Procter & Gamble Co. | 844 | 114,303 | ||||||
Progressive Corp. | 527 | 50,386 | ||||||
Prudential Financial, Inc. | 259 | 23,595 | ||||||
Public Storage | 7 | 1,727 |
See Notes to Financial Statements
37
Table of Contents
ALLIANZGI GLOBAL DYNAMIC ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
Shares | Value | |||||||
United States—continued | ||||||||
QCR Holdings, Inc. | 33 | $ | 1,558 | |||||
Qorvo, Inc.(g) | 201 | 36,723 | ||||||
QUALCOMM, Inc. | 306 | 40,573 | ||||||
Quest Diagnostics, Inc. | 108 | 13,861 | ||||||
Raytheon Technologies Corp. | 2,400 | 185,448 | ||||||
Ready Capital Corp. REIT | 141 | 1,896 | ||||||
Regeneron Pharmaceuticals, Inc.(g) | 114 | 53,938 | ||||||
Reinsurance Group of America, Inc. | 193 | 24,328 | ||||||
Renewable Energy Group, Inc.(g) | 540 | 35,662 | ||||||
Republic Services, Inc. | 402 | 39,939 | ||||||
RLJ Lodging Trust | 14,000 | 216,720 | ||||||
Ross Stores, Inc. | 975 | 116,912 | ||||||
S&P Global, Inc. | 1,037 | 365,926 | ||||||
SBA Communications Corp. REIT | 45 | 12,490 | ||||||
ScanSource, Inc.(g) | 295 | 8,835 | ||||||
Schweitzer-Mauduit International, Inc. | 184 | 9,010 | ||||||
Service Properties Trust REIT | 17,500 | 207,550 | ||||||
ServiceNow, Inc.(g) | 21 | 10,502 | ||||||
Sherwin-Williams Co. | 169 | 124,724 | ||||||
Sirius XM Holdings, Inc. | 1,538 | 9,366 | ||||||
Skyworks Solutions, Inc. | 135 | 24,770 | ||||||
Southern Co. | 273 | 16,970 | ||||||
SP Plus Corp.(g) | 82 | 2,689 | ||||||
Square, Inc., Class A(g) | 924 | 209,794 | ||||||
Star Group L.P. | 1,380 | 14,614 | ||||||
Starbucks Corp. | 487 | 53,214 | ||||||
State Street Corp. | 313 | 26,295 | ||||||
Steel Dynamics, Inc. | 627 | 31,827 | ||||||
STORE Capital Corp. REIT | 64 | 2,144 | ||||||
Stryker Corp. | 134 | 32,640 | ||||||
Sykes Enterprises, Inc.(g) | 261 | 11,505 | ||||||
Synchrony Financial | 635 | 25,819 | ||||||
Synopsys, Inc.(g) | 138 | 34,194 | ||||||
T Rowe Price Group, Inc. | 96 | 16,474 | ||||||
T-Mobile U.S., Inc.(g) | 100 | 12,529 | ||||||
Target Corp. | 342 | 67,740 | ||||||
Teradyne, Inc. | 192 | 23,363 | ||||||
Thermo Fisher Scientific, Inc. | 97 | 44,269 | ||||||
TJX Cos., Inc. | 279 | 18,456 | ||||||
Tyler Technologies, Inc.(g) | 370 | 157,076 | ||||||
Tyson Foods, Inc., Class A | 305 | 22,661 | ||||||
United Therapeutics Corp.(g) | 34 | 5,687 | ||||||
UnitedHealth Group, Inc. | 454 | 168,920 | ||||||
Unum Group | 593 | 16,503 | ||||||
Valley National Bancorp | 201 | 2,762 | ||||||
Veeva Systems, Inc., Class A(g) | 130 | 33,961 | ||||||
Verizon Communications, Inc. | 2,417 | 140,549 | ||||||
Vertex Pharmaceuticals, Inc.(g) | 301 | 64,682 | ||||||
ViacomCBS, Inc., Class B | 305 | 13,755 | ||||||
Viatris, Inc.(g) | 248 | 3,465 | ||||||
Visa, Inc., Class A | 2,250 | 476,392 | ||||||
Vistra Corp. | 697 | 12,323 | ||||||
Vulcan Materials Co. | 157 | 26,494 | ||||||
Walgreens Boots Alliance, Inc. | 326 | 17,897 | ||||||
Walmart, Inc. | 562 | 76,336 | ||||||
Waste Connections, Inc. | 246 | 26,563 | ||||||
Waste Management, Inc. | 504 | 65,026 | ||||||
Waterstone Financial, Inc. | 258 | 5,268 | ||||||
WEC Energy Group, Inc. | 522 | 48,854 | ||||||
WestRock Co. | 478 | 24,880 | ||||||
Williams Cos., Inc. | 873 | 20,681 | ||||||
Xcel Energy, Inc. | 130 | 8,646 | ||||||
Zoetis, Inc. | 961 | 151,338 |
Shares | Value | |||||||
United States—continued | ||||||||
Zoom Video Communications, Inc., Class A(g) | 25 | $ | 8,032 | |||||
|
| |||||||
14,470,571 | ||||||||
TOTAL COMMON STOCK (Cost-$25,692,924) |
| 31,184,655 | ||||||
Principal Amount (000s) | ||||||||
CORPORATE BONDS & NOTES—22.5% | ||||||||
Australia—0.5% | ||||||||
Australia & New Zealand Banking Group Ltd., (converts to FRN on 7/22/25)(a)(b)(f), | $ | 155 | 160,194 | |||||
Westpac Banking Corp., (converts to FRN on 2/4/25)(f), 2.894%, 2/4/30 | 80 | 82,401 | ||||||
|
| |||||||
242,595 | ||||||||
|
| |||||||
Belgium—0.1% | ||||||||
Anheuser-Busch InBev Finance, Inc., | 35 | 38,363 | ||||||
|
| |||||||
Canada—0.1% | ||||||||
Cenovus Energy, Inc., | ||||||||
3.00%, 8/15/22 | 35 | 35,807 | ||||||
3.80%, 9/15/23 | 20 | 21,142 | ||||||
|
| |||||||
56,949 | ||||||||
|
| |||||||
Cayman Islands—0.1% | ||||||||
Avolon Holdings Funding Ltd.(a)(b), | 50 | 47,826 | ||||||
|
| |||||||
Ireland—0.4% | ||||||||
AerCap Ireland Capital DAC, | 85 | 89,134 | ||||||
Shire Acquisitions Investments Ireland DAC, | 30 | 32,321 | ||||||
STERIS Irish FinCo UnLtd., Co., | ||||||||
2.70%, 3/15/31 | 60 | 59,550 | ||||||
3.75%, 3/15/51 | 36 | 36,265 | ||||||
|
| |||||||
217,270 | ||||||||
|
| |||||||
Japan—0.1% | ||||||||
Takeda Pharmaceutical Co., Ltd., | 40 | 38,687 | ||||||
|
| |||||||
Luxembourg—0.1% | ||||||||
Allergan Funding SCS, | 40 | 42,100 | ||||||
|
| |||||||
Mexico—0.1% | ||||||||
Petroleos Mexicanos, | 55 | 54,604 | ||||||
|
| |||||||
Netherlands—0.4% | ||||||||
Enel Finance International NV(a)(b), | 200 | 210,375 | ||||||
|
|
See Notes to Financial Statements
38
Table of Contents
ALLIANZGI GLOBAL DYNAMIC ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
Principal Amount (000s) | Value | |||||||
Puerto Rico—0.3% | ||||||||
Popular, Inc., | $ | 165 | $ | 178,200 | ||||
|
| |||||||
United Kingdom—1.0% | ||||||||
BAE Systems PLC(a)(b), 3.40%, 4/15/30 | 80 | 84,917 | ||||||
HSBC Holdings PLC, (converts to FRN on 6/17/31)(d)(f), 4.60%, 12/17/30 | 200 | 197,750 | ||||||
Lloyds Banking Group PLC, (converts to FRN on 9/27/25)(d)(f), 7.50%, 9/27/25 | 40 | 45,700 | ||||||
Natwest Group PLC, (converts to FRN on 5/22/23)(f), 2.359%, 5/22/24 | 200 | 206,345 | ||||||
|
| |||||||
534,712 | ||||||||
|
| |||||||
United States—19.3% | ||||||||
7-Eleven, Inc.(a)(b), | 45 | 42,024 | ||||||
Air Lease Corp., (converts to FRN on 6/15/26)(d)(f), | 34 | 33,575 | ||||||
Air Products and Chemicals, Inc., | 57 | 52,739 | ||||||
Alabama Power Co., | ||||||||
2.80%, 4/1/25 | 145 | 152,131 | ||||||
4.10%, 1/15/42 | 20 | 21,604 | ||||||
Alexandria Real Estate Equities, Inc., | 28 | 26,011 | ||||||
American Airlines, Inc.(a)(b), | 50 | 52,034 | ||||||
American Express Co., | ||||||||
3.625%, 12/5/24 | 55 | 59,974 | ||||||
8.15%, 3/19/38 | 70 | 105,052 | ||||||
American International Group, Inc., | ||||||||
3.40%, 6/30/30 | 45 | 47,833 | ||||||
6.82%, 11/15/37 | 14 | 18,867 | ||||||
American Tower Corp., | ||||||||
3.375%, 5/15/24 | 100 | 107,212 | ||||||
4.40%, 2/15/26 | 215 | 242,218 | ||||||
AmFam Holdings, Inc.(a)(b), | 40 | 39,685 | ||||||
Anheuser- Busch InBev Finance, Inc., | 65 | 69,015 | ||||||
Apple, Inc., | 45 | 41,120 | ||||||
Arizona Public Service Co., | 95 | 119,366 | ||||||
AT&T, Inc., | ||||||||
3.10%, 2/1/43 | 53 | 49,452 | ||||||
3.50%, 9/15/53(a)(b) | 100 | 92,414 | ||||||
Athene Global Funding(a)(b), | ||||||||
2.50%, 3/24/28 | 40 | 39,904 | ||||||
2.55%, 6/29/25 | 60 | 62,166 | ||||||
Bank of America Corp.(f), | ||||||||
2.456%, 10/22/25 (converts to FRN on 10/22/24) | 145 | 151,988 | ||||||
2.496%, 2/13/31 (converts to FRN on 2/13/30) | 130 | 128,803 | ||||||
Belrose Funding Trust(a)(b), | 40 | 38,525 | ||||||
Berkshire Hathaway Finance Corp., | 21 | 19,356 | ||||||
Boeing Co., | ||||||||
2.196%, 2/4/26 | 45 | 44,860 | ||||||
2.80%, 3/1/27 | 45 | 46,080 | ||||||
3.625%, 2/1/31 | 65 | 68,003 |
Principal Amount (000s) | Value | |||||||
United States—continued | ||||||||
Booking Holdings, Inc., | $ | 60 | $ | 69,891 | ||||
Boston Gas Co.(a)(b), | 100 | 106,489 | ||||||
Broadcom Corp., | 29 | 31,491 | ||||||
Broadcom, Inc.(a)(b), | ||||||||
3.469%, 4/15/34 | 31 | 31,106 | ||||||
3.50%, 2/15/41 | 28 | 26,817 | ||||||
Carrier Global Corp., | 50 | 50,455 | ||||||
Celgene Corp., | 23 | 27,854 | ||||||
Charles Schwab Corp., (converts to FRN on 6/1/26)(d)(f), 4.00%, 6/1/26 | 40 | 40,592 | ||||||
Charter Communications Operating LLC, | 30 | 35,359 | ||||||
Cigna Corp., | ||||||||
4.125%, 11/15/25 | 50 | 55,750 | ||||||
4.80%, 8/15/38 | 35 | 41,832 | ||||||
Citigroup, Inc., | ||||||||
0.776%, 10/30/24 (converts to FRN on 10/30/23)(f) | 190 | 189,871 | ||||||
2.976%, 11/5/30 (converts to FRN on 11/5/29)(f) | 25 | 25,855 | ||||||
4.65%, 7/30/45 | 25 | 29,860 | ||||||
CMS Energy Corp., (converts to FRN on 12/1/30)(f), | 35 | 34,650 | ||||||
Comcast Corp., | ||||||||
3.20%, 7/15/36 | 65 | 67,786 | ||||||
3.75%, 4/1/40 | 41 | 44,985 | ||||||
Commonwealth Edison Co., | 30 | 39,933 | ||||||
Consolidated Edison Co. of New York, Inc., Ser. 06-E, 5.70%, 12/1/36 | 5 | 6,383 | ||||||
Constellation Brands, Inc., | 37 | 37,806 | ||||||
Crown Castle International Corp., | ||||||||
2.90%, 4/1/41 | 45 | 41,400 | ||||||
4.45%, 2/15/26 | 60 | 67,571 | ||||||
CVS Health Corp., | ||||||||
2.70%, 8/21/40 | 45 | 41,441 | ||||||
4.30%, 3/25/28 | 19 | 21,576 | ||||||
4.78%, 3/25/38 | 35 | 41,306 | ||||||
CyrusOne LP, | 45 | 41,584 | ||||||
Delta Air Lines, Inc.(a)(b), | 36 | 38,426 | ||||||
Diamondback Energy, Inc., | 36 | 40,229 | ||||||
Discover Financial Services, Ser. C, (converts to FRN on 10/30/27)(d)(f), | 45 | 46,701 | ||||||
DTE Electric Co., | ||||||||
1.90%, 4/1/28 | 80 | 79,793 | ||||||
5.70%, 10/1/37 | 90 | 115,351 | ||||||
6.625%, 6/1/36, Ser. A | 10 | 14,256 | ||||||
Duke Energy Carolinas LLC, | ||||||||
2.55%, 4/15/31(a)(b) | 24 | 24,157 | ||||||
3.45%, 4/15/51 | 17 | 17,363 | ||||||
Duke Energy Progress LLC, | ||||||||
3.45%, 3/15/29 | 140 | 152,179 | ||||||
6.125%, 9/15/33 | 20 | 25,659 | ||||||
Edison International, (converts to FRN on 3/15/26)(d)(f), 5.375%, 3/15/26 | 45 | 45,621 |
See Notes to Financial Statements
39
Table of Contents
ALLIANZGI GLOBAL DYNAMIC ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
Principal Amount (000s) | Value | |||||||
United States—continued | ||||||||
El Paso Natural Gas Co. LLC, | $ | 82 | $ | 115,743 | ||||
Enable Midstream Partners LP, | ||||||||
3.90%, 5/15/24 | 35 | 37,286 | ||||||
4.95%, 5/15/28 | 45 | 49,606 | ||||||
Energy Transfer Operating L.P., | ||||||||
6.50%, 2/1/42 | 80 | 95,403 | ||||||
7.125%, 5/15/30 (converts to FRN on 5/15/30)(d)(f) | 85 | 82,815 | ||||||
Equinix, Inc., | 150 | 147,291 | ||||||
First Maryland Capital II, 3 mo. LIBOR + 0.850%(f), | 25 | 23,897 | ||||||
Ford Motor Credit Co. LLC, | 185 | 188,737 | ||||||
Fortinet, Inc., | 18 | 17,599 | ||||||
GE Capital Funding LLC(a)(b), | 110 | 126,121 | ||||||
General Motors Co., | ||||||||
4.875%, 10/2/23 | 70 | 76,633 | ||||||
5.15%, 4/1/38 | 55 | 62,979 | ||||||
Georgia Power Co., | ||||||||
3.25%, 3/15/51 | 65 | 62,050 | ||||||
3.70%, 1/30/50, Ser. B | 10 | 10,254 | ||||||
Gilead Sciences, Inc., | 43 | 39,514 | ||||||
Goldman Sachs Group, Inc., (converts to FRN on 2/12/25)(f), 0.855%, 2/12/26 | 90 | 88,461 | ||||||
HCA, Inc., | 60 | 68,775 | ||||||
Hess Corp., | ||||||||
5.60%, 2/15/41 | 25 | 28,840 | ||||||
7.125%, 3/15/33 | 50 | 63,722 | ||||||
Huntington Bancshares, Inc., (converts to FRN on 7/15/30)(d)(f), 5.625%, 7/15/30 | 35 | 38,902 | ||||||
Huntington Capital Trust I, 3 mo. LIBOR + 0.700%(f), 0.905%, 2/1/27 | 105 | 98,110 | ||||||
Intel Corp., | ||||||||
3.10%, 2/15/60 | 35 | 33,055 | ||||||
4.25%, 12/15/42 | 40 | 46,087 | ||||||
Intercontinental Exchange, Inc., | 45 | 41,629 | ||||||
Jersey Central Power & Light Co., | 110 | 135,023 | ||||||
Johnson & Johnson, | 20 | 17,721 | ||||||
JPMorgan Chase & Co.(f), | ||||||||
0.563%, 2/16/25 (converts to FRN on 2/16/24) | 40 | 39,703 | ||||||
3 mo. LIBOR + 0.950%, 1.152%, 2/2/37 | 140 | 123,594 | ||||||
Kansas City Southern, | 18 | 19,733 | ||||||
Kinder Morgan Energy Partners L.P., | 40 | 54,763 | ||||||
L3Harris Technologies, Inc., | 80 | 86,819 | ||||||
Leidos, Inc., | 8 | 10,560 | ||||||
Lincoln National Corp., 3 mo. LIBOR + 2.358%(f), | 45 | 38,582 | ||||||
Lowe’s Cos., Inc., | ||||||||
2.625%, 4/1/31 | 40 | 40,114 | ||||||
3.00%, 10/15/50 | 28 | 26,116 |
Principal Amount (000s) | Value | |||||||
United States—continued | ||||||||
Marathon Petroleum Corp., | $ | 45 | $ | 53,342 | ||||
Massachusetts Institute of Technology, | 25 | 38,192 | ||||||
Massachusetts Mutual Life Insurance Co.(a)(b)(f), | 150 | 174,425 | ||||||
MetLife, Inc.(a)(b), | 95 | 139,282 | ||||||
Metropolitan Life Insurance Co.(a)(b), | 130 | 161,863 | ||||||
Microsoft Corp., | 80 | 72,846 | ||||||
MidAmerican Energy Co., | 39 | 43,307 | ||||||
Mileage Plus Holdings LLC(a)(b), | 100 | 109,625 | ||||||
New York Life Insurance Co.(a)(b), | 30 | 35,404 | ||||||
NextEra Energy Capital Holdings, Inc., | 40 | 39,136 | ||||||
Niagara Mohawk Power Corp.(a)(b), | 45 | 43,008 | ||||||
NiSource, Inc., | 100 | 108,510 | ||||||
Northrop Grumman Corp., | 120 | 128,729 | ||||||
Northrop Grumman Systems Corp., | 35 | 45,172 | ||||||
NRG Energy, Inc.(a)(b), | ||||||||
2.45%, 12/2/27 | 171 | 169,968 | ||||||
3.375%, 2/15/29 | 55 | 53,694 | ||||||
Oracle Corp., | ||||||||
3.65%, 3/25/41 | 45 | 45,537 | ||||||
3.80%, 11/15/37 | 30 | 31,158 | ||||||
Pacific Gas and Electric Co., | ||||||||
4.50%, 12/15/41 | 10 | 9,692 | ||||||
4.55%, 7/1/30 | 45 | 48,807 | ||||||
4.95%, 7/1/50 | 35 | 35,969 | ||||||
Pennsylvania Electric Co., | ||||||||
3.60%, 6/1/29(a)(b) | 25 | 26,219 | ||||||
4.15%, 4/15/25(a)(b) | 32 | 34,085 | ||||||
6.15%, 10/1/38 | 35 | 43,126 | ||||||
PepsiCo, Inc., | 50 | 60,528 | ||||||
Plains All American Pipeline L.P., | ||||||||
4.65%, 10/15/25 | 60 | 65,743 | ||||||
6.125%, 11/15/22, Ser. B (converts to FRN on 11/15/22)(d)(f) | 55 | 44,691 | ||||||
6.65%, 1/15/37 | 50 | 58,486 | ||||||
PPL Electric Utilities Corp., | 140 | 172,009 | ||||||
President & Fellows of Harvard College, | ||||||||
3.15%, 7/15/46 | 7 | 7,386 | ||||||
4.875%, 10/15/40 | 25 | 32,444 | ||||||
Public Service Co of Colorado, | 22 | 25,723 | ||||||
Raytheon Technologies Corp., | 100 | 128,609 | ||||||
Sempra Energy, | ||||||||
3.55%, 6/15/24 | 50 | 53,723 | ||||||
3.80%, 2/1/38 | 20 | 21,497 | ||||||
4.875%, 10/15/25 (converts to FRN on 10/15/25)(d)(f) | 39 | 41,730 |
See Notes to Financial Statements
40
Table of Contents
ALLIANZGI GLOBAL DYNAMIC ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
Principal Amount (000s) | Value | |||||||
United States—continued | ||||||||
Southern California Edison Co., | $ | 100 | $ | 99,549 | ||||
State Street Corp., 3 mo. LIBOR + 1.000%(f), | 165 | 141,959 | ||||||
Sysco Corp., | 27 | 38,998 | ||||||
T MOBILE USA, Inc, | 44 | 44,316 | ||||||
T-Mobile USA, Inc.(a)(b), | 80 | 87,453 | ||||||
Teledyne Technologies, Inc., | 75 | 74,727 | ||||||
Textron, Inc., | 18 | 18,283 | ||||||
Time Warner Cable LLC, | 90 | 118,350 | ||||||
Toledo Edison Co., | 4 | 5,091 | ||||||
Truist Financial Corp.(f), | ||||||||
1.267%, 3/2/27 (converts to FRN on 3/2/26) | 80 | 79,044 | ||||||
5.10%, 3/1/30, Ser. Q (converts to FRN on 9/1/30)(d) | 35 | 38,161 | ||||||
Union Pacific Corp., | 23 | 23,521 | ||||||
UnitedHealth Group, Inc., | 60 | 64,587 | ||||||
Utah Acquisition Sub, Inc., | 45 | 49,567 | ||||||
Verizon Communications, Inc., | ||||||||
1.45%, 3/20/26 | 44 | 44,004 | ||||||
2.10%, 3/22/28 | 50 | 50,210 | ||||||
2.875%, 11/20/50 | 80 | 71,103 | ||||||
ViacomCBS, Inc., | ||||||||
4.20%, 5/19/32 | 17 | 19,003 | ||||||
5.25%, 4/1/44 | 35 | 42,176 | ||||||
6.25%, 2/28/57 (converts to FRN on 2/28/27)(f) | 54 | 60,000 | ||||||
Viatris, Inc.(a)(b), | 60 | 61,143 | ||||||
Virginia Electric and Power Co., | 35 | 38,857 | ||||||
Visa, Inc., | ||||||||
1.90%, 4/15/27 | 75 | 76,870 | ||||||
2.70%, 4/15/40 | 20 | 19,587 | ||||||
Wells Fargo & Co., (converts to FRN on 3/15/26)(d)(f), 3.90%, 3/15/26 | 57 | 57,564 | ||||||
WPX Energy, Inc., | 78 | 83,990 | ||||||
|
| |||||||
9,969,404 | ||||||||
TOTAL CORPORATE BONDS & NOTES (Cost-$11,708,106) |
| 11,631,085 | ||||||
U.S. TREASURY OBLIGATIONS—0.7% | ||||||||
U.S. Treasury Bonds, | 251 | 209,154 | ||||||
U.S. Treasury Notes, | ||||||||
0.75%, 3/31/26 | 81 | 80,297 | ||||||
1.125%, 2/15/31(i) | 78 | 73,698 | ||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost-$365,008) |
| 363,149 |
Shares | Value | |||||||
PREFERRED STOCK—0.3% | ||||||||
Brazil—0.1% | ||||||||
Banco Bradesco S.A. | 2,900 | $ | 13,792 | |||||
Cia de Saneamento do Parana | 5,700 | 4,476 | ||||||
Cia Energetica de Minas Gerais | 1,968 | 4,556 | ||||||
Cia Paranaense de Energia | 11,000 | 13,934 | ||||||
Petroleo Brasileiro S.A. | 3,300 | 14,130 | ||||||
|
| |||||||
50,888 | ||||||||
|
| |||||||
Chile—0.0% | ||||||||
Embotelladora Andina S.A., Class B | 2,122 | 5,626 | ||||||
|
| |||||||
Germany—0.1% | ||||||||
Porsche Automobil Holding SE | 258 | 27,357 | ||||||
Volkswagen AG | 105 | 29,380 | ||||||
|
| |||||||
56,737 | ||||||||
|
| |||||||
Korea (Republic of)—0.1% | ||||||||
Samsung Electronics Co., Ltd. | 507 | 32,702 | ||||||
TOTAL PREFERRED STOCK (Cost-$98,933) |
| 145,953 | ||||||
Units | ||||||||
WARRANTS—0.0% | ||||||||
Canada—0.0% | ||||||||
Cenovus Energy, Inc., expires 1/1/26(g) | 65 | 259 | ||||||
Shares | ||||||||
RIGHTS—0.0% | ||||||||
Italy—0.0% | ||||||||
Snam SpA, exercise price EUR 4.46, | 2,542 | 3 | ||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—10.1% | ||||||||
State Street Bank and Trust Co., | $ | 5,251 | 5,251,000 | |||||
TOTAL INVESTMENTS—93.9% (Cost-$43,116,214) |
| 48,576,104 | ||||||
Other assets and liabilities, net(h)—6.1% |
| 3,165,368 | ||||||
|
| |||||||
NET ASSETS—100.0% |
| $ | 51,741,472 | |||||
|
|
Notes to Schedule of Investments:
* | Actual amount rounds to less than $1. |
(a) | Private Placement – Restricted as to resale and may not have a readily available market. Private placement securities may include Rule 144A securities. These securities have an aggregate value of $2,319,349, representing 4.5% of net assets. |
See Notes to Financial Statements
41
Table of Contents
ALLIANZGI GLOBAL DYNAMIC ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2021, these securities amounted to a value of $2,922,379 or 5.6% of net assets. |
(c) | Fair-Valued – Securities with an aggregate value of $152, representing less than 0.05% of net assets. See Note 2A in the Notes to Financial Statements. |
(d) | Perpetual maturity. The date shown, if any, is the next call date. |
(e) | Level 3 security. See Note 2A in the Notes to Financial Statements. |
(f) | Variable or Floating Rate Security – Securities with an interest rate that changes periodically. The interest rate disclosed reflects the rate in effect on March 31, 2021. |
(g) | Non-income producing. |
(h) | Includes net unrealized appreciation (depreciation) of other financial instruments as follows: |
Futures contracts outstanding at March 31, 2021:
Type | Contracts | Expiration Date | Notional Amount (000s) | Market Value (000s) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||
Long position contracts: |
| |||||||||||||||||||||||
E-mini Russell 1000® Index | 13 | 6/18/21 | $ | 1 | $ | 1,589 | $ | 38,480 | ||||||||||||||||
Euro Stoxx 50® Index | 20 | 6/18/21 | — | (j) | 907 | 22,141 | ||||||||||||||||||
Euro Stoxx® Small | 50 | 6/18/21 | 3 | 1,033 | 9,616 | |||||||||||||||||||
MSCI Emerging Markets Index | 17 | 6/18/21 | 1 | 1,124 | (14,998 | ) | ||||||||||||||||||
Nikkei 225 Index | 5 | 6/10/21 | JPY | 5 | 1,318 | 22,923 | ||||||||||||||||||
SPI 200 Future | 8 | 6/17/21 | AUD | — | (j) | 1,028 | 1,654 | |||||||||||||||||
TOPIX Index | 9 | 6/10/21 | JPY | 90 | 1,588 | 12,970 | ||||||||||||||||||
U.S. Ultra Treasury Bond | 3 | 6/21/21 | $ | 300 | 544 | (7,753 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
$ | 85,033 | |||||||||||||||||||||||
|
| |||||||||||||||||||||||
Short position contracts: |
| |||||||||||||||||||||||
10-Year Ultra U.S. Treasury Bond | (3 | ) | 6/21/21 | $ | (300 | ) | $ | (431 | ) | $ | 3,528 | |||||||||||||
| ||||||||||||||||||||||||
$ | 88,561 | |||||||||||||||||||||||
|
|
Credit default swap agreements outstanding at March 31, 2021:
Centrally cleared buy protection swap agreements:
Broker (Exchange)/ Reference Debt Issuer | Notional Amount (000s)(1) | Implied Credit Spread | Termination Date | Fixed Deal Pay Rate | Payment Frequency | Value(2) | Upfront Premiums Paid | Unrealized Depreciation | ||||||||||||||||||||||||
Goldman Sachs (ICE): | ||||||||||||||||||||||||||||||||
Halliburton Co. | $ | 120 | 1.018 | 6/20/26 | (1.00 | )% | Quarterly | $ | (225 | ) | $ | 300 | $ | (525 | ) | |||||||||||||||||
|
|
|
|
|
|
(1) | This represents the maximum potential amount the Fund could be required to make available as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(2) | The quoted market prices and resulting values for credit default swap agreements serve as an indicator of the status at March 31, 2021 of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement have been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
Volatility swap agreements outstanding at March 31, 2021:
Over-the-counter total return swap agreements:
Counterparty | Pay/ Receive Volatility | Reference Entity | Volatility Strike | Payment Frequency | Maturity Date | Notional Amount (000s) | Premiums (Received) | Unrealized Appreciation | ||||||||||||||||||||
UBS AG | Pay | S&P Index(3) | 21.90 | % | Maturity | 4/16/21 | $ | 5,000 | $ | — | $ | 21,200 | ||||||||||||||||
UBS AG | Pay | S&P Index(3) | 25.00 | % | Maturity | 4/16/21 | 5,000 | — | 35,536 | |||||||||||||||||||
UBS AG | Pay | S&P Index(3) | 21.00 | % | Maturity | 5/21/21 | 5,000 | — | 10,884 | |||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
$ | — | $ | 67,620 | |||||||||||||||||||||||||
|
|
|
|
(3) | Variance swap |
(i) | At March 31, 2021, the Fund pledged $2,486,878 in cash as collateral for futures contracts and received $290 in cash as collateral for swap contracts. The Fund also pledged U.S. Treasury Obligations valued at $5,333 as collateral for swap contracts. |
(j) | Notional amount rounds to less than 500. |
See Notes to Financial Statements
42
Table of Contents
ALLIANZGI GLOBAL DYNAMIC ALLOCATION FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
Glossary:
ADR | American Depositary Receipt |
AUD | Australian Dollar |
EUR | Euro |
FRN | Floating Rate Note |
GDR | Global Depositary Receipt |
ICE | Intercontinental Exchange |
JPY | Japanese Yen |
LIBOR | London Inter-Bank Offered Rate |
MSCI | Morgan Stanley Capital International |
REIT | Real Estate Investment Trust |
TOPIX | Tokyo Stock Price Index |
UNIT | More than one class of securities traded together |
The industry classification of portfolio holdings and other assets and liabilities, net, shown as a percentage of net assets were as follows:
Banks | 6.2 | % | ||
Electric Utilities | 5.1 | |||
Software | 4.2 | |||
Aerospace & Defense | 3.7 | |||
Insurance | 3.7 | |||
Semiconductors & Semiconductor Equipment | 3.5 | |||
Equity Real Estate Investment Trusts (REITs) | 3.4 | |||
IT Services | 3.2 | |||
Pharmaceuticals | 3.2 | |||
Hotels, Restaurants & Leisure | 3.1 | |||
Internet & Direct Marketing Retail | 2.4 | |||
Healthcare Equipment & Supplies | 2.4 | |||
Capital Markets | 2.2 | |||
Interactive Media & Services | 2.1 | |||
Oil, Gas & Consumable Fuels | 2.0 | |||
Textiles, Apparel & Luxury Goods | 1.9 | |||
Diversified Financial Services | 1.6 | |||
Technology Hardware, Storage & Peripherals | 1.3 | |||
Construction & Engineering | 1.3 | |||
Pipelines | 1.2 | |||
Airlines | 1.2 | |||
Chemicals | 1.2 | |||
Healthcare Providers & Services | 1.1 | |||
Diversified Telecommunication Services | 1.1 | |||
Metals & Mining | 1.0 | |||
Telecommunications | 1.0 | |||
Media | 1.0 | |||
Food & Staples Retailing | 0.9 | |||
Transportation Infrastructure | 0.9 | |||
Biotechnology | 0.9 | |||
Building Products | 0.9 | |||
Entertainment | 0.8 | |||
Road & Rail | 0.7 | |||
Specialty Retail | 0.7 | |||
U.S. Treasury Obligations | 0.7 | |||
Electronic Equipment, Instruments & Components | 0.7 | |||
Personal Products | 0.7 | |||
Food Products | 0.6 | |||
Auto Manufacturers | 0.6 | |||
Machinery | 0.6 | |||
Automobiles | 0.6 | |||
Household Products | 0.6 | |||
Commercial Services & Supplies | 0.5 | |||
Trading Companies & Distributors | 0.5 | |||
Beverages | 0.4 | |||
Semiconductors | 0.4 | |||
Wireless Telecommunication Services | 0.4 | |||
Multi-Line Retail | 0.3 | |||
Life Sciences Tools & Services | 0.3 |
Household Durables | 0.3 | % | ||
Distributors | 0.3 | |||
Industrial Conglomerates | 0.3 | |||
Healthcare-Services | 0.3 | |||
Construction Materials | 0.2 | |||
Food & Beverage | 0.2 | |||
Air Freight & Logistics | 0.2 | |||
Retail | 0.2 | |||
Communications Equipment | 0.2 | |||
Real Estate Management & Development | 0.2 | |||
Electrical Equipment | 0.2 | |||
Multi-Utilities | 0.2 | |||
Healthcare-Products | 0.2 | |||
Professional Services | 0.2 | |||
Consumer Finance | 0.2 | |||
Commercial Services | 0.2 | |||
Internet | 0.1 | |||
Computers | 0.1 | |||
Independent Power Producers & Energy Traders | 0.1 | |||
Mortgage Real Estate Investment Trusts (REITs) | 0.1 | |||
Building Materials | 0.1 | |||
Healthcare Technology | 0.2 | |||
Transportation | 0.1 | |||
Gas Utilities | 0.1 | |||
Containers & Packaging | 0.1 | |||
Real Estate | 0.1 | |||
Water Utilities | 0.1 | |||
Miscellaneous Manufacturing | 0.0 | |||
Paper & Forest Products | 0.0 | |||
Energy Equipment & Services | 0.0 | |||
Marine | 0.0 | |||
Auto Components | 0.0 | |||
Tobacco | 0.0 | |||
Leisure Equipment & Products | 0.0 | |||
Thrifts & Mortgage Finance | 0.0 | |||
Financial Services | 0.0 | |||
Repurchase Agreements | 10.1 | |||
Other assets and liabilities, net | 6.1 | |||
100.0 | % |
For information regarding the abbreviation, see the Key Investment Terms starting on page 7.
See Notes to Financial Statements
43
Table of Contents
ALLIANZGI GLOBAL SUSTAINABILITY FUND
SCHEDULE OF INVESTMENTS
MARCH 31, 2021 (Unaudited)
Shares | Value | |||||||
COMMON STOCK—102.1% | ||||||||
Australia—1.5% | ||||||||
CSL Ltd. | 8,728 | $ | 1,754,458 | |||||
|
| |||||||
Denmark—1.5% | ||||||||
Novo Nordisk A/S, Class B | 27,103 | 1,836,206 | ||||||
|
| |||||||
France—2.5% | ||||||||
Bureau Veritas S.A.(a) | 47,923 | 1,363,957 | ||||||
Kering S.A. | 2,337 | 1,613,117 | ||||||
|
| |||||||
2,977,074 | ||||||||
|
| |||||||
Germany—6.6% | ||||||||
Adidas AG(a) | 9,531 | 2,975,318 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 9,502 | 2,926,151 | ||||||
SAP SE | 16,591 | 2,031,623 | ||||||
|
| |||||||
7,933,092 | ||||||||
|
| |||||||
Hong Kong—1.4% | ||||||||
AIA Group Ltd. | 142,000 | 1,722,463 | ||||||
|
| |||||||
Japan—5.7% | ||||||||
Daikin Industries Ltd. | 16,200 | 3,265,604 | ||||||
Keyence Corp. | 7,800 | 3,541,260 | ||||||
|
| |||||||
6,806,864 | ||||||||
|
| |||||||
Korea (Republic of)—2.2% | ||||||||
Samsung Electronics Co., Ltd. GDR | 1,442 | 2,630,208 | ||||||
|
| |||||||
Netherlands—1.2% | ||||||||
ASML Holding NV | 2,454 | 1,487,826 | ||||||
|
| |||||||
Spain—1.9% | ||||||||
Industria de Diseno Textil S.A. | 69,185 | 2,279,844 | ||||||
|
| |||||||
Sweden—4.9% | ||||||||
Assa Abloy AB, Class B | 73,487 | 2,112,022 | ||||||
Atlas Copco AB, Class A | 62,546 | 3,807,138 | ||||||
|
| |||||||
5,919,160 | ||||||||
|
| |||||||
Switzerland—3.9% | ||||||||
Roche Holding AG | 8,440 | 2,727,607 | ||||||
UBS Group AG | 125,508 | 1,943,406 | ||||||
|
| |||||||
4,671,013 | ||||||||
|
| |||||||
United Kingdom—9.1% | ||||||||
AstraZeneca PLC | 24,426 | 2,440,330 | ||||||
Prudential PLC | 107,469 | 2,282,354 | ||||||
Reckitt Benckiser Group PLC | 24,506 | 2,195,281 | ||||||
Royal Dutch Shell PLC, Class B | 102,750 | 1,891,042 | ||||||
Unilever PLC | 37,129 | 2,076,105 | ||||||
|
| |||||||
10,885,112 | ||||||||
|
| |||||||
United States—59.7% | ||||||||
AbbVie, Inc. | 15,747 | 1,704,140 | ||||||
Accenture PLC, Class A | 11,184 | 3,089,580 | ||||||
Adobe, Inc.(a) | 7,410 | 3,522,492 | ||||||
Agilent Technologies, Inc. | 32,541 | 4,137,263 | ||||||
Alphabet, Inc., Class A(a) | 1,965 | 4,052,852 | ||||||
American Express Co. | 21,694 | 3,068,399 |
Shares | Value | |||||||
United States—continued | ||||||||
Apple, Inc. | 49,551 | $ | 6,052,655 | |||||
Booking Holdings, Inc.(a) | 575 | 1,339,658 | ||||||
Bright Horizons Family Solutions, Inc.(a) | 10,505 | 1,801,082 | ||||||
CME Group, Inc. | 8,482 | 1,732,279 | ||||||
Colgate-Palmolive Co. | 18,360 | 1,447,319 | ||||||
Eaton Corp. PLC | 16,475 | 2,278,163 | ||||||
Ecolab, Inc. | 5,744 | 1,229,618 | ||||||
Estee Lauder Cos., Inc., Class A | 8,752 | 2,545,519 | ||||||
International Flavors & Fragrances, Inc. | 14,948 | 2,086,890 | ||||||
Intuit, Inc. | 10,425 | 3,993,401 | ||||||
Johnson & Johnson | 13,000 | 2,136,550 | ||||||
Microsoft Corp. | 28,194 | 6,647,299 | ||||||
Mondelez International, Inc., Class A | 28,062 | 1,642,469 | ||||||
S&P Global, Inc. | 10,204 | 3,600,685 | ||||||
Starbucks Corp. | 31,809 | 3,475,769 | ||||||
UnitedHealth Group, Inc. | 8,752 | 3,256,357 | ||||||
Visa, Inc., Class A | 22,205 | 4,701,465 | ||||||
Xylem, Inc. | 20,531 | 2,159,451 | ||||||
|
| |||||||
71,701,355 | ||||||||
TOTAL INVESTMENTS (Cost-$92,673,594)—102.1% |
| 122,604,675 | ||||||
Other assets and liabilities, net—(2.1)% |
| (2,483,740 | ) | |||||
|
| |||||||
NET ASSETS—100.0% |
| $ | 120,120,935 | |||||
|
|
Notes to Schedule of Investments:
(a) | Non-income producing. |
Glossary:
GDR | Global Depositary Receipt |
The industry classification of portfolio holdings and other assets and liabilities, net, shown as a percentage of net assets were as follows:
Software | 13.5 | % | ||
Pharmaceuticals | 7.6 | |||
Technology Hardware, Storage & Peripherals | 7.2 | |||
IT Services | 6.5 | |||
Capital Markets | 6.1 | |||
Insurance | 5.8 | |||
Machinery | 5.0 | |||
Building Products | 4.5 | |||
Hotels, Restaurants & Leisure | 4.0 | |||
Personal Products | 3.8 | |||
Textiles, Apparel & Luxury Goods | 3.8 | |||
Life Sciences Tools & Services | 3.4 | |||
Interactive Media & Services | 3.4 | |||
Household Products | 3.0 | |||
Electronic Equipment, Instruments & Components | 2.9 | |||
Biotechnology | 2.9 | |||
Chemicals | 2.8 | |||
Healthcare Providers & Services | 2.7 | |||
Consumer Finance | 2.6 | |||
Specialty Retail | 1.9 | |||
Electrical Equipment | 1.9 | |||
Oil, Gas & Consumable Fuels | 1.6 | |||
Diversified Consumer Services | 1.5 | |||
Food Products | 1.4 | |||
Semiconductors & Semiconductor Equipment | 1.2 | |||
Professional Services | 1.1 | |||
Liabilities in excess of other assets | (2.1 | ) | ||
100.0 | % |
For information regarding the abbreviation, see the Key Investment Terms starting on page 7.
See Notes to Financial Statements
44
Table of Contents
ALLIANZGI HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS
MARCH 31, 2021 (Unaudited)
Principal Amount (000s) | Value | |||||||
CORPORATE BONDS & NOTES—85.6% |
| |||||||
Advertising—0.3% | ||||||||
Clear Channel Outdoor Holdings, Inc.(a)(b), | $ | 185 | $ | 182,965 | ||||
|
| |||||||
Aerospace & Defense—2.7% | ||||||||
TransDigm, Inc., | ||||||||
5.50%, 11/15/27 | 185 | 191,499 | ||||||
6.50%, 5/15/25 | 900 | 916,875 | ||||||
Triumph Group, Inc.(a)(b), | ||||||||
6.25%, 9/15/24 | 245 | 248,602 | ||||||
8.875%, 6/1/24 | 485 | 545,722 | ||||||
|
| |||||||
1,902,698 | ||||||||
|
| |||||||
Airlines—2.5% | ||||||||
American Airlines, Inc.(a)(b), | ||||||||
5.75%, 4/20/29 | 345 | 366,959 | ||||||
11.75%, 7/15/25 | 285 | 352,542 | ||||||
Delta Air Lines, Inc., | 500 | 584,648 | ||||||
Hawaiian Brand Intellectual Property Ltd.(a)(b), | 395 | 419,727 | ||||||
|
| |||||||
1,723,876 | ||||||||
|
| |||||||
Auto Components—3.3% | ||||||||
Adient U.S. LLC(a)(b), | 7 | 7,455 | ||||||
American Axle & Manufacturing, Inc., | 405 | 420,187 | ||||||
Clarios Global L.P.(a)(b), | 500 | 538,125 | ||||||
Goodyear Tire & Rubber Co., | ||||||||
5.00%, 5/31/26 | 420 | 431,403 | ||||||
5.25%, 4/30/31 | 270 | 270,000 | ||||||
Tenneco, Inc.(a)(b), | 565 | 634,043 | ||||||
|
| |||||||
2,301,213 | ||||||||
|
| |||||||
Auto Manufacturers—3.4% | ||||||||
Ford Motor Co., | ||||||||
9.00%, 4/22/25 | 725 | 878,058 | ||||||
9.625%, 4/22/30 | 575 | 802,436 | ||||||
Navistar International Corp.(a)(b), | 295 | 306,071 | ||||||
Tesla, Inc.(a)(b), | 370 | 383,912 | ||||||
|
| |||||||
2,370,477 | ||||||||
|
| |||||||
Beverages—0.5% | ||||||||
Triton Water Holdings, Inc.(a)(b), | 340 | 346,800 | ||||||
|
| |||||||
Building Materials—1.9% | ||||||||
Builders FirstSource, Inc.(a)(b), | 430 | 450,876 | ||||||
Griffon Corp., | 270 | 287,213 | ||||||
Summit Materials LLC(a)(b), | 535 | 558,406 | ||||||
|
| |||||||
1,296,495 | ||||||||
|
|
Principal Amount (000s) | Value | |||||||
Chemicals—0.5% | ||||||||
Tronox, Inc.(a)(b), | $ | 345 | $ | 345,431 | ||||
|
| |||||||
Commercial Services—3.3% | ||||||||
Avis Budget Car Rental LLC(a)(b), | 520 | 538,850 | ||||||
Herc Holdings, Inc.(a)(b), | 465 | 494,853 | ||||||
Laureate Education, Inc.(a)(b), | 150 | 156,750 | ||||||
NESCO Holdings II, Inc.(a)(b), | 340 | 348,772 | ||||||
RR Donnelley & Sons Co., | 193 | 199,273 | ||||||
United Rentals North America, Inc., | 535 | 580,635 | ||||||
|
| |||||||
2,319,133 | ||||||||
|
| |||||||
Containers & Packaging—2.4% | ||||||||
Berry Global, Inc.(a)(b), | 550 | 580,937 | ||||||
Owens-Brockway Glass Container, Inc.(a)(b), | 460 | 500,078 | ||||||
Trivium Packaging Finance BV(a)(b), | 525 | 569,730 | ||||||
|
| |||||||
1,650,745 | ||||||||
|
| |||||||
Distribution/Wholesale—0.8% | ||||||||
Performance Food Group, Inc.(a)(b), | 540 | 564,710 | ||||||
|
| |||||||
Diversified Financial Services—3.0% | ||||||||
Nationstar Mortgage Holdings, Inc.(a)(b), | 495 | 497,005 | ||||||
Navient Corp., | 525 | 569,100 | ||||||
OneMain Finance Corp., | 790 | 895,315 | ||||||
PennyMac Financial Services, Inc.(a)(b), | 180 | 172,125 | ||||||
|
| |||||||
2,133,545 | ||||||||
|
| |||||||
Electrical Equipment—0.7% | ||||||||
WESCO Distribution, Inc.(a)(b), | 445 | 496,796 | ||||||
|
| |||||||
Entertainment—4.7% | ||||||||
Caesars Entertainment, Inc.(a)(b), | 565 | 623,051 | ||||||
Cedar Fair L.P., | 480 | 492,000 | ||||||
International Game Technology PLC(a)(b), | 400 | 443,178 | ||||||
Lions Gate Capital Holdings LLC(a)(b), | 345 | 345,038 | ||||||
Scientific Games International, Inc.(a)(b), | 600 | 643,500 | ||||||
Stars Group Holdings BV(a)(b), | 705 | 736,725 | ||||||
|
| |||||||
3,283,492 | ||||||||
|
|
See Notes to Financial Statements
45
Table of Contents
ALLIANZGI HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
Principal Amount (000s) | Value | |||||||
Equity Real Estate Investment Trusts (REITs)—0.5% | ||||||||
Service Properties Trust, | ||||||||
4.35%, 10/1/24 | $ | 150 | $ | 149,121 | ||||
4.50%, 3/15/25 | 200 | 197,625 | ||||||
|
| |||||||
346,746 | ||||||||
|
| |||||||
Food & Beverage—2.9% |
| |||||||
Kraft Heinz Foods Co., | 455 | 594,186 | ||||||
Post Holdings, Inc.(a)(b), | 530 | 557,433 | ||||||
Simmons Foods, Inc.(a)(b), | 360 | 363,157 | ||||||
U.S. Foods, Inc.(a)(b), | 470 | 503,840 | ||||||
|
| |||||||
2,018,616 | ||||||||
|
| |||||||
Food Service—0.4% | ||||||||
Aramark Services, Inc.(a)(b), | 300 | 311,325 | ||||||
|
| |||||||
Healthcare-Services—3.8% | ||||||||
Centene Corp.(a)(b), | 350 | 365,995 | ||||||
Charles River Laboratories International, Inc.(a)(b), | 345 | 350,710 | ||||||
Encompass Health Corp., | 210 | 216,027 | ||||||
HCA, Inc., | 310 | 356,500 | ||||||
Select Medical Corp.(a)(b), | 405 | 430,418 | ||||||
Tenet Healthcare Corp.(a)(b), | 870 | 918,602 | ||||||
|
| |||||||
2,638,252 | ||||||||
|
| |||||||
Home Builders—1.2% | ||||||||
Picasso Finance Sub, Inc.(a)(b), | 400 | 425,000 | ||||||
Taylor Morrison Communities, Inc.(a)(b), | 400 | 440,620 | ||||||
|
| |||||||
865,620 | ||||||||
|
| |||||||
Household Products/Wares—0.6% | ||||||||
Prestige Brands, Inc.(a)(b), | 395 | 414,193 | ||||||
|
| |||||||
Internet—2.2% | ||||||||
Endure Digital, Inc.(a)(b), | 205 | 200,367 | ||||||
Go Daddy Operating Co. LLC(a)(b), | 330 | 348,975 | ||||||
Netflix, Inc.(a)(b), | 300 | 354,765 | ||||||
Uber Technologies, Inc.(a)(b), | ||||||||
7.50%, 9/15/27 | 305 | 336,897 | ||||||
8.00%, 11/1/26 | 265 | 286,863 | ||||||
|
| |||||||
1,527,867 | ||||||||
|
|
Principal Amount (000s) | Value | |||||||
Investment Companies—0.5% | ||||||||
Compass Group Diversified Holdings LLC(a)(b), | $ | 350 | $ | 366,951 | ||||
|
| |||||||
Iron/Steel—0.7% | ||||||||
Cleveland-Cliffs, Inc., | 495 | 512,325 | ||||||
|
| |||||||
Leisure—2.6% | ||||||||
Carnival Corp.(a)(b), | ||||||||
5.75%, 3/1/27 | 180 | 184,725 | ||||||
10.50%, 2/1/26 | 340 | 399,925 | ||||||
NCL Corp., Ltd.(a)(b), | 530 | 535,300 | ||||||
Royal Caribbean Cruises Ltd.(a)(b), | 585 | 682,256 | ||||||
|
| |||||||
1,802,206 | ||||||||
|
| |||||||
Lodging—3.7% | ||||||||
Boyd Gaming Corp.(a)(b), | 455 | 505,960 | ||||||
Hilton Domestic Operating Co., Inc.(a)(b), | 445 | 445,000 | ||||||
MGM Resorts International, | ||||||||
4.75%, 10/15/28 | 445 | 459,627 | ||||||
6.75%, 5/1/25 | 205 | 220,872 | ||||||
Wyndham Hotels & Resorts, Inc.(a)(b), | 540 | 552,150 | ||||||
Wynn Las Vegas LLC(a)(b), | 380 | 401,470 | ||||||
|
| |||||||
2,585,079 | ||||||||
|
| |||||||
Machinery-Construction & Mining—0.8% | ||||||||
Terex Corp.(a)(b), | 510 | 527,952 | ||||||
|
| |||||||
Media—6.0% | ||||||||
CCO Holdings LLC(a)(b), | ||||||||
4.50%, 5/1/32 | 265 | 268,313 | ||||||
5.375%, 6/1/29 | 500 | 536,250 | ||||||
Clear Channel Worldwide Holdings, Inc., | 220 | 228,866 | ||||||
CSC Holdings LLC(a)(b), | ||||||||
5.75%, 1/15/30 | 185 | 194,850 | ||||||
7.50%, 4/1/28 | 510 | 562,428 | ||||||
DISH DBS Corp., | 495 | 519,280 | ||||||
Gray Television, Inc.(a)(b), | 440 | 436,150 | ||||||
LiveStyle, Inc.(a)(b)(c)(d)(e)(i), | 2,761 | 3 | ||||||
Meredith Corp., | 410 | 421,654 | ||||||
Nexstar Broadcasting, Inc.(a)(b), | 260 | 272,511 | ||||||
Scripps Escrow II, Inc.(a)(b), | 405 | 401,962 | ||||||
Virgin Media Secured Finance PLC(a)(b), | 350 | 371,438 | ||||||
|
| |||||||
4,213,705 | ||||||||
|
|
See Notes to Financial Statements
46
Table of Contents
ALLIANZGI HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
Principal Amount (000s) | Value | |||||||
Metal Fabricate/Hardware—0.7% | ||||||||
Park-Ohio Industries, Inc., | $ | 495 | $ | 499,950 | ||||
|
| |||||||
Mining—1.5% | ||||||||
FMG Resources August 206 Pty Ltd.(a)(b), | 350 | 356,346 | ||||||
Hudbay Minerals, Inc.(a)(b), | 365 | 379,348 | ||||||
Joseph T. Ryerson & Son, Inc.(a)(b), | 311 | 348,320 | ||||||
|
| |||||||
1,084,014 | ||||||||
|
| |||||||
Miscellaneous Manufacturing—0.5% | ||||||||
Koppers, Inc.(a)(b), | 360 | 371,084 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels—7.5% | ||||||||
Antero Resources Corp.(a)(b), | 390 | 415,350 | ||||||
CITGO Petroleum Corp.(a)(b), | 170 | 171,535 | ||||||
CNX Resources Corp.(a)(b), | 405 | 435,015 | ||||||
Comstock Resources, Inc.(a)(b), | 180 | 184,500 | ||||||
Continental Resources, Inc., | ||||||||
4.375%, 1/15/28 | 235 | 247,102 | ||||||
5.75%, 1/15/31 (a)(b) | 260 | 293,764 | ||||||
EQT Corp., | 455 | 580,261 | ||||||
Occidental Petroleum Corp., | ||||||||
5.55%, 3/15/26 | 650 | 687,440 | ||||||
6.625%, 9/1/30 | 380 | 427,044 | ||||||
8.875%, 7/15/30 | 150 | 189,150 | ||||||
PBF Holding Co. LLC, | 505 | 373,069 | �� | |||||
PDC Energy, Inc., | 475 | 492,694 | ||||||
Sunoco L.P., | 205 | 214,559 | ||||||
USA Compression Partners L.P., | 495 | 509,850 | ||||||
|
| |||||||
5,221,333 | ||||||||
|
| |||||||
Paper & Forest Products—0.6% | ||||||||
Mercer International, Inc.(a)(b), | 390 | 404,040 | ||||||
|
| |||||||
Personal Products—0.3% | ||||||||
Edgewell Personal Care Co.(a)(b), | 220 | 232,320 | ||||||
|
| |||||||
Pharmaceuticals—2.0% | ||||||||
AdaptHealth LLC(a)(b), | 410 | 407,950 | ||||||
Bausch Health Americas, Inc.(a)(b), | 500 | 554,688 | ||||||
Bausch Health Cos., Inc.(a)(b), | 405 | 452,081 | ||||||
|
| |||||||
1,414,719 | ||||||||
|
|
Principal Amount (000s) | Value | |||||||
Pipelines—4.3% | ||||||||
Cheniere Energy Partners L.P., | $ | 340 | $ | 355,538 | ||||
Crestwood Midstream Partners L.P., | ||||||||
5.75%, 4/1/25 | 290 | 291,601 | ||||||
6.00%, 2/1/29 (a)(b) | 305 | 300,425 | ||||||
DCP Midstream Operating L.P., | 290 | 308,400 | ||||||
EQM Midstream Partners L.P.(a)(b), | ||||||||
4.75%, 1/15/31 | 205 | 198,850 | ||||||
6.50%, 7/1/27 | 220 | 239,195 | ||||||
NGL Energy Operating LLC(a)(b), | 330 | 339,075 | ||||||
NuStar Logistics L.P., | 305 | 329,781 | ||||||
Targa Resources Partners L.P., | 585 | 635,708 | ||||||
|
| |||||||
2,998,573 | ||||||||
|
| |||||||
Real Estate—1.5% | ||||||||
Iron Mountain, Inc.(a)(b), | 525 | 537,141 | ||||||
Kennedy-Wilson, Inc., | 520 | 526,630 | ||||||
|
| |||||||
1,063,771 | ||||||||
|
| |||||||
Retail—1.0% | ||||||||
Asbury Automotive Group Inc, | 240 | 247,920 | ||||||
L Brands, Inc.(a)(b), | 405 | 462,429 | ||||||
|
| |||||||
710,349 | ||||||||
|
| |||||||
Semiconductors—0.9% | ||||||||
Amkor Technology, Inc.(a)(b), | 245 | 265,213 | ||||||
Synaptics, Inc.(a)(b), | 345 | 342,343 | ||||||
|
| |||||||
607,556 | ||||||||
|
| |||||||
Software—1.5% | ||||||||
Rackspace Technology Global, Inc.(a)(b), | 560 | 569,422 | ||||||
SS&C Technologies, Inc.(a)(b), | 445 | 473,947 | ||||||
|
| |||||||
1,043,369 | ||||||||
|
| |||||||
Telecommunications—6.3% | ||||||||
Avaya, Inc.(a)(b), | 480 | 509,551 | ||||||
Cincinnati Bell, Inc.(a)(b), | 510 | 525,937 | ||||||
CommScope Technologies LLC(a)(b), | 496 | 505,945 | ||||||
Hughes Satellite Systems Corp., | 465 | 515,267 | ||||||
LogMeIn, Inc.(a)(b), | 555 | 581,018 | ||||||
Lumen Technologies, Inc.(a)(b), | 440 | 429,132 | ||||||
Plantronics, Inc.(a)(b), | 360 | 353,700 |
See Notes to Financial Statements
47
Table of Contents
ALLIANZGI HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
Principal Amount (000s) | Value | |||||||
Telecommunications—continued | ||||||||
Sprint Corp., | $ | 530 | $ | 649,091 | ||||
T-Mobile USA, Inc., | 340 | 342,550 | ||||||
|
| |||||||
4,412,191 | ||||||||
|
| |||||||
Toys/Games/Hobbies—0.4% | ||||||||
Mattel, Inc.(a)(b), | 285 | 312,879 | ||||||
|
| |||||||
Transportation—0.7% | ||||||||
Fortress Transportation and Infrastructure Investors LLC(a)(b), | 410 | 466,887 | ||||||
TOTAL CORPORATE BONDS & NOTES (Cost-$58,888,280) |
| 59,892,248 | ||||||
Shares | ||||||||
PREFERRED STOCK(a)(e)(g)(h)(i) — 8.8% | ||||||||
Media—8.8% | ||||||||
LiveStyle, Inc., Ser. A (cost-$261,945; purchased 09/30/16-11/08/16) | 2,672 | 403,606 | ||||||
LiveStyle, Inc., Ser. B (cost-$5,645,148; purchased 02/10/16-11/30/16)(d)(f) | 57,581 | 5,758,100 | ||||||
TOTAL PREFERRED STOCK (Cost-$5,907,093) |
| 6,161,706 | ||||||
COMMON STOCK(e)(h)—1.2% | ||||||||
Aerospace & Defense—0.1% | ||||||||
Erickson, Inc.(d) | 2,675 | 80,276 | ||||||
|
| |||||||
Banks—1.1% | ||||||||
CCF Holdings LLC(d) | 856,452 | 770,807 | ||||||
CCF Holdings LLC, Class B(d)(f) | 7,143 | 1 | ||||||
|
| |||||||
770,808 | ||||||||
|
| |||||||
Media—0.0% | ||||||||
LiveStyle, Inc. | 67,983 | 1 | ||||||
TOTAL COMMON STOCK (Cost-$4,945,305) |
| 851,085 | ||||||
Units | ||||||||
WARRANTS(d)(e)(h)— 0.0% |
| |||||||
Advertising—0.0% | ||||||||
Affinion Group Holdings, Inc., exercise price $67.12 expires 4/1/24 | 3,898 | 1 | ||||||
|
| |||||||
Media—0.0% | ||||||||
LiveStyle, Inc., Ser. C, expires 11/30/21(i) | 14,500 | —* | ||||||
TOTAL WARRANTS (Cost-$769,740) |
| 1 |
Principal Amount (000s) | Value | |||||||
Repurchase Agreements—6.7% | ||||||||
State Street Bank and Trust Co., | $ | 4,656 | $ | 4,656,000 | ||||
TOTAL INVESTMENTS (Cost-$75,166,418)—102.3% |
| 71,561,040 | ||||||
Other assets and liabilities, net—(2.3)% |
| (1,597,433 | ) | |||||
|
| |||||||
NET ASSETS—100.0% |
| $ | 69,963,607 | |||||
|
|
Notes to Schedule of Investments:
* | Actual amount rounds to less than $1. |
(a) | Private Placement – restricted as to resale and may not have a readily available market. Private placement securities may include Rule 144A securities. These securities have an aggregate value of $40,073,918, representing 57.3% of net assets. |
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2021, these securities amounted to a value of $40,073,918 or 57.3% of net assets. |
(c) | Security in default; no interest payments are being received during the bankruptcy proceedings. |
(d) | Fair-Valued – Securities with an aggregate value of $6,609,188, representing 9.4% of net assets. See Note 2A in the Notes to Financial Statements. |
(e) | Level 3 security. See Note 2A in the Notes to Financial Statements. |
(f) | Affiliated security. |
(g) | Restricted. The aggregate cost of such securities is $6,676,833. The aggregate value is $6,161,708, representing less than 8.8% of net assets. |
(h) | Non-income producing. |
(i) | A member of the Fund’s portfolio management team is a member of the board of directors of LiveStyle, Inc. The Fund’s aggregate value of investments in LiveStyle, Inc. represents 8.8% of net assets. |
Glossary:
REIT | Real Estate Investment Trust |
For information regarding the abbreviation, see the Key Investment Terms starting on page 7.
See Notes to Financial Statements
48
Table of Contents
ALLIANZGI INTERNATIONAL SMALL-CAP FUND
SCHEDULE OF INVESTMENTS
MARCH 31, 2021 (Unaudited)
Shares | Value | |||||||
COMMON STOCK—94.5% |
| |||||||
Australia—4.8% | ||||||||
ALS Ltd. | 66,352 | $ | 487,849 | |||||
Ansell Ltd. | 8,707 | 259,510 | ||||||
Bapcor Ltd. | 98,562 | 560,722 | ||||||
Beach Energy Ltd. | 227,500 | 296,348 | ||||||
Nick Scali Ltd. | 51,321 | 388,639 | ||||||
Northern Star Resources Ltd. | 47,900 | 344,906 | ||||||
Openpay Group Ltd.(b) | 61,925 | 111,473 | ||||||
Paradigm Biopharmaceuticals Ltd.(b) | 143,178 | 279,490 | ||||||
Pro Medicus Ltd. | 21,200 | 665,515 | ||||||
Starpharma Holdings Ltd.(b) | 565,945 | 825,338 | ||||||
|
| |||||||
4,219,790 | ||||||||
|
| |||||||
Austria—1.8% | ||||||||
Wienerberger AG | 41,980 | 1,535,974 | ||||||
|
| |||||||
Denmark—2.6% | ||||||||
Ambu A/S, Class B | 26,135 | 1,227,386 | ||||||
SimCorp A/S | 8,825 | 1,092,821 | ||||||
|
| |||||||
2,320,207 | ||||||||
|
| |||||||
Finland—1.1% | ||||||||
Huhtamaki Oyj | 21,287 | 962,584 | ||||||
|
| |||||||
France—8.1% | ||||||||
Elis S.A.(b) | 75,686 | 1,235,497 | ||||||
Korian S.A.(b) | 27,040 | 939,245 | ||||||
Nexity S.A. | 22,797 | 1,124,969 | ||||||
SCOR SE(b) | 33,037 | 1,127,406 | ||||||
SOITEC(b) | 6,191 | 1,265,450 | ||||||
SPIE S.A.(b) | 59,185 | 1,417,276 | ||||||
|
| |||||||
7,109,843 | ||||||||
|
| |||||||
Germany—7.3% | ||||||||
Bechtle AG | 5,235 | 981,640 | ||||||
CANCOM SE | 16,922 | 975,155 | ||||||
Evotec SE(b) | 35,157 | 1,267,368 | ||||||
Hella GmbH & Co. KGaA(b) | 19,812 | 1,111,027 | ||||||
Jenoptik AG | 36,671 | 1,100,904 | ||||||
Scout24 AG(a) | 12,804 | 971,487 | ||||||
|
| |||||||
6,407,581 | ||||||||
|
| |||||||
Hong Kong—3.1% | ||||||||
Hutchison China MediTech Ltd. ADR(b) | 22,600 | 638,450 | ||||||
Melco International Development Ltd. | 313,000 | 637,749 | ||||||
Techtronic Industries Co., Ltd. | 36,000 | 615,891 | ||||||
VTech Holdings Ltd. | 92,600 | 833,794 | ||||||
|
| |||||||
2,725,884 | ||||||||
|
| |||||||
Ireland—1.4% | ||||||||
Grafton Group PLC | 86,460 | 1,220,543 | ||||||
|
| |||||||
Italy—2.7% | ||||||||
Buzzi Unicem SpA | 44,177 | 1,148,547 | ||||||
ERG SpA | 41,083 | 1,220,832 | ||||||
|
| |||||||
2,369,379 | ||||||||
|
|
Shares | Value | |||||||
Japan—27.8% | ||||||||
Anritsu Corp. | 22,200 | $ | 484,400 | |||||
COMSYS Holdings Corp. | 39,300 | 1,210,323 | ||||||
Ferrotec Holdings Corp. | 20,300 | 404,992 | ||||||
Fuji Electric Co., Ltd. | 34,200 | 1,423,906 | ||||||
Fuji Oil Holdings, Inc. | 30,000 | 800,090 | ||||||
Heiwa Real Estate Co., Ltd. | 19,600 | 611,587 | ||||||
Holon Co., Ltd. | 5,600 | 244,787 | ||||||
Jeol Ltd. | 29,400 | 1,165,645 | ||||||
Marui Group Co., Ltd. | 75,100 | 1,410,096 | ||||||
Mitsubishi UFJ Lease & Finance Co., Ltd. | 261,500 | 1,577,620 | ||||||
Mitsui OSK Lines Ltd. | 15,600 | 545,947 | ||||||
Nihon Unisys Ltd. | 13,700 | 421,919 | ||||||
NSK Ltd. | 88,500 | 907,180 | ||||||
Open House Co., Ltd. | 20,900 | 890,928 | ||||||
PALTAC Corp. | 14,800 | 800,650 | ||||||
Park24 Co., Ltd.(b) | 39,100 | 730,620 | ||||||
Penta-Ocean Construction Co., Ltd. | 233,700 | 1,834,141 | ||||||
Ryohin Keikaku Co., Ltd. | 55,700 | 1,316,980 | ||||||
Showa Denko KK | 13,400 | 381,215 | ||||||
T&D Holdings, Inc. | 83,600 | 1,076,664 | ||||||
Tokai Carbon Co., Ltd. | 103,200 | 1,665,553 | ||||||
Tokyu Fudosan Holdings Corp. | 250,800 | 1,483,622 | ||||||
ValueCommerce Co., Ltd. | 23,300 | 755,448 | ||||||
Zenkoku Hosho Co., Ltd. | 19,300 | 885,473 | ||||||
Zeon Corp. | 85,600 | 1,367,590 | ||||||
|
| |||||||
24,397,376 | ||||||||
|
| |||||||
Korea (Republic of)—0.9% | ||||||||
Koh Young Technology, Inc. | 7,840 | 796,642 | ||||||
|
| |||||||
Netherlands—2.8% | ||||||||
ASM International NV | 3,977 | 1,156,629 | ||||||
ASR Nederland NV | 28,191 | 1,263,207 | ||||||
|
| |||||||
2,419,836 | ||||||||
|
| |||||||
New Zealand—0.3% | ||||||||
Eroad Ltd.(b) | 72,675 | 224,113 | ||||||
|
| |||||||
Norway—3.8% | ||||||||
Elkem ASA(a) | 382,528 | 1,663,720 | ||||||
Storebrand ASA(b) | 169,914 | 1,711,228 | ||||||
|
| |||||||
3,374,948 | ||||||||
|
| |||||||
Singapore—0.7% | ||||||||
Mapletree Industrial Trust REIT | 321,400 | 654,651 | ||||||
|
| |||||||
Sweden—2.7% | ||||||||
AAK AB | 53,435 | 1,209,613 | ||||||
Elekta AB, Class B | 88,983 | 1,153,877 | ||||||
|
| |||||||
2,363,490 | ||||||||
|
| |||||||
Switzerland—4.8% | ||||||||
Georg Fischer AG | 1,100 | 1,469,926 | ||||||
Interroll Holding AG | 425 | 1,501,878 | ||||||
OC Oerlikon Corp. AG | 105,717 | 1,222,543 | ||||||
|
| |||||||
4,194,347 | ||||||||
|
| |||||||
Taiwan—2.6% | ||||||||
ASMedia Technology, Inc. | 13,000 | 678,863 | ||||||
Unimicron Technology Corp. | 190,000 | 609,295 |
See Notes to Financial Statements
49
Table of Contents
ALLIANZGI INTERNATIONAL SMALL-CAP FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
Shares | Value | |||||||
Taiwan—continued | ||||||||
Win Semiconductors Corp. | 33,000 | $ | 452,213 | |||||
Yageo Corp. | 27,000 | 523,289 | ||||||
|
| |||||||
2,263,660 | ||||||||
|
| |||||||
United Kingdom—15.2% | ||||||||
ASOS PLC(b) | 17,169 | 1,309,852 | ||||||
Auto Trader Group PLC(a)(b) | 146,909 | 1,122,819 | ||||||
Crest Nicholson Holdings PLC(b) | 221,947 | 1,248,382 | ||||||
Genus PLC | 20,525 | 1,374,607 | ||||||
HomeServe PLC | 64,368 | 1,065,739 | ||||||
Howden Joinery Group PLC(b) | 124,206 | 1,255,118 | ||||||
Intermediate Capital Group PLC | 54,393 | 1,381,245 | ||||||
Moneysupermarket.com Group PLC | 295,845 | 1,087,332 | ||||||
Rotork PLC | 217,236 | 1,067,951 | ||||||
Spectris PLC | 27,520 | 1,262,232 | ||||||
Wizz Air Holdings PLC(a)(b) | 17,338 | 1,152,562 | ||||||
|
| |||||||
13,327,839 | ||||||||
TOTAL COMMON STOCK (Cost-$61,169,643) |
| 82,888,687 | ||||||
PREFERRED STOCK—1.6% |
| |||||||
Germany—1.6% | ||||||||
Jungheinrich AG | 28,867 | 1,387,945 | ||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—3.3% |
| |||||||
State Street Bank and Trust Co., | $ | 2,908 | 2,908,000 | |||||
TOTAL INVESTMENTS (Cost-$64,753,969)—99.4% |
| 87,184,632 | ||||||
Other assets and liabilities, net—0.6% |
| 511,253 | ||||||
|
| |||||||
NET ASSETS—100.0% |
| $ | 87,695,885 | |||||
|
|
Notes to Schedule of Investments:
(a) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2021, these securities amounted to a value of $4,910,588 or 5.6% of net assets. |
(b) | Non-income producing. |
Glossary:
ADR | American Depositary Receipt |
REIT | Real Estate Investment Trust |
The industry classification of portfolio holdings and other assets and liabilities, net, shown as a percentage of net assets were as follows: | ||||
Machinery | 9.3 | % | ||
Insurance | 5.9 | |||
Chemicals | 5.8 | |||
Semiconductors & Semiconductor Equipment | 5.7 | |||
Commercial Services & Supplies | 5.1 | |||
Electronic Equipment, Instruments & Components | 4.8 | |||
Healthcare Equipment & Supplies | 4.3 | |||
Construction & Engineering | 3.5 | |||
Multi-Line Retail | 3.1 | |||
Construction Materials | 3.1 | |||
Real Estate Management & Development | 3.0 | |||
Trading Companies & Distributors | 2.8 | |||
Diversified Financial Services | 2.8 | |||
Internet & Direct Marketing Retail | 2.7 | |||
IT Services | 2.7 | |||
Household Durables | 2.4 | |||
Interactive Media & Services | 2.4 | |||
Food Products | 2.3 | |||
Biotechnology | 1.9 | |||
Pharmaceuticals | 1.7 | |||
Electrical Equipment | 1.6 | |||
Capital Markets | 1.6 | |||
Distributors | 1.6 | |||
Life Sciences Tools & Services | 1.4 | |||
Independent Power Producers & Energy Traders | 1.4 | |||
Airlines | 1.3 | |||
Auto Components | 1.3 | |||
Software | 1.2 | |||
Containers & Packaging | 1.1 | |||
Healthcare Providers & Services | 1.1 | |||
Communications Equipment | 1.0 | |||
Media | 0.9 | |||
Healthcare Technology | 0.8 | |||
Equity Real Estate Investment Trusts (REITs) | 0.7 | |||
Hotels, Restaurants & Leisure | 0.7 | |||
Real Estate | 0.7 | |||
Marine | 0.6 | |||
Professional Services | 0.6 | |||
Specialty Retail | 0.4 | |||
Metals & Mining | 0.4 | |||
Oil, Gas & Consumable Fuels | 0.3 | |||
Consumer Finance | 0.1 | |||
Repurchase Agreements | 3.3 | |||
Other assets and liabilities, net | 0.6 | |||
100.0 | % |
For information regarding the abbreviation, see the Key Investment Terms starting on page 7.
See Notes to Financial Statements
50
Table of Contents
ALLIANZGI PREFERRED SECURITIES AND INCOME FUND
SCHEDULE OF INVESTMENTS
MARCH 31, 2021 (Unaudited)
Principal Amount (000s) | Value | |||||||
CORPORATE BONDS & NOTES—65.8% |
| |||||||
Auto Manufacturers—0.5% | ||||||||
General Motors Financial Co., Inc., Ser. C, (converts to FRN on 9/30/30)(c)(d), | $ | 97 | $ | 104,760 | ||||
|
| |||||||
Banks—26.0% | ||||||||
Bank of America Corp., (converts to FRN on 3/15/28)(c)(d), | 380 | 414,455 | ||||||
Barclays PLC, (converts to FRN on 6/15/26)(c)(d), | 240 | 262,080 | ||||||
Citizens Financial Group, Inc., Ser. B, (converts to FRN on 7/6/23)(c)(d), | 165 | 169,744 | ||||||
Deutsche Bank AG(c)(d), | 950 | 961,875 | ||||||
HSBC Holdings PLC, (converts to FRN on 6/17/31)(c)(d), | 371 | 366,826 | ||||||
Huntington Bancshares, Inc., (converts to FRN on 7/15/30)(c)(d), | 385 | 427,927 | ||||||
JPMorgan Chase & Co., 3 mo. LIBOR + 0.950%(d), | 652 | 575,594 | ||||||
Lloyds Banking Group PLC, (converts to FRN on 9/27/25)(c)(d), | 900 | 1,028,250 | ||||||
NTC Capital II, 3 mo. LIBOR + 0.590%, Ser. B(d), | 175 | 168,839 | ||||||
Regions Financial Corp., Ser. D, (converts to FRN on 9/15/25)(c)(d), | 120 | 132,150 | ||||||
Standard Chartered PLC, (converts to FRN on 7/14/31)(a)(b)(c)(d), | 400 | 398,600 | ||||||
Truist Financial Corp., Ser. Q, (converts to FRN on 9/1/30)(c)(d), | 230 | 250,769 | ||||||
Wells Fargo & Co., (converts to FRN on 3/15/26)(c)(d), | 347 | 350,435 | ||||||
|
| |||||||
5,507,544 | ||||||||
|
| |||||||
Diversified Financial Services—5.9% | ||||||||
Air Lease Corp., (converts to FRN on 6/15/26)(c)(d), | 297 | 293,287 | ||||||
Charles Schwab Corp., (converts to FRN on 6/1/26)(c)(d), | 210 | 213,108 | ||||||
Discover Financial Services(c)(d), 5.50%, 10/30/27, Ser. C (converts to FRN on 10/30/27) | 545 | 565,601 | ||||||
6.125%, 6/23/25 (converts to FRN on 9/23/25) | 175 | 194,250 | ||||||
|
| |||||||
1,266,246 | ||||||||
|
| |||||||
Electric Utilities—3.9% | ||||||||
Edison International, (converts to FRN on 3/15/26)(c)(d), | 640 | 648,832 | ||||||
Sempra Energy, (converts to FRN on 10/15/25)(c)(d), | 165 | 176,550 | ||||||
|
| |||||||
825,382 | ||||||||
|
|
Principal Amount (000s) | Value | |||||||
Insurance—16.6% | ||||||||
American International Group, Inc., (converts to FRN on 5/15/38)(d), | $ | 374 | $ | 519,046 | ||||
Liberty Mutual Group, Inc.(a)(b), | 350 | 315,542 | ||||||
Lincoln National Corp., 3 mo. LIBOR + 2.358%(d), | 1,085 | 930,257 | ||||||
MetLife, Inc., | ||||||||
9.25%, 4/8/68(a)(b) | 215 | 315,216 | ||||||
10.75%, 8/1/69 | 860 | 1,439,111 | ||||||
|
| |||||||
3,519,172 | ||||||||
|
| |||||||
Media—1.5% | ||||||||
ViacomCBS, Inc., (converts to FRN on 2/28/27)(d), | 290 | 322,222 | ||||||
|
| |||||||
Miscellaneous Manufacturing—0.9% | ||||||||
General Electric Co., Ser. D, (converts to FRN on 1/21/21)(c)(d), | 200 | 189,000 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels—2.3% | ||||||||
BP Capital Markets PLC, (converts to FRN on 6/22/30)(c)(d), | 450 | 482,063 | ||||||
|
| |||||||
Pipelines—8.2% | ||||||||
Enbridge, Inc. (converts to FRN on 3/1/28)(d), | 75 | 78,518 | ||||||
Energy Transfer Operating L.P., (converts to FRN on 5/15/30)(c)(d), | 935 | 910,970 | ||||||
Plains All American Pipeline L.P., Ser. B, (converts to FRN on 11/15/22) (c)(d), | 801 | 650,861 | ||||||
Transcanada Trust, (converts to FRN on 9/15/29)(d), | 90 | 96,187 | ||||||
|
| |||||||
1,736,536 | ||||||||
TOTAL CORPORATE BONDS & NOTES (Cost-$13,240,694) |
| 13,952,925 | ||||||
Shares | ||||||||
PREFERRED STOCK—27.2% |
| |||||||
Auto Manufacturers—0.4% | ||||||||
Ford Motor Co., | 3,000 | 79,080 | ||||||
|
| |||||||
Banks—16.0% | ||||||||
Bank of America Corp., Ser. LL(c), | 8,200 | 217,054 | ||||||
Citigroup Capital XIII,(d), | 17,095 | 459,856 | ||||||
First Horizon Corp.(c), | 31,910 | 885,502 | ||||||
JPMorgan Chase & Co.(c), | 18,000 | 461,160 | ||||||
Regions Financial Corp., Ser. C,(c)(d), | 24,618 | 681,426 |
See Notes to Financial Statements
51
Table of Contents
ALLIANZGI PREFERRED SECURITIES AND INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
Shares | Value | |||||||
Banks—continued | ||||||||
Wells Fargo & Co.(c), | 11,160 | $ | 284,915 | |||||
Wells Fargo & Co., Ser. Q,(c)(d), | 15,350 | 411,380 | ||||||
|
| |||||||
3,401,293 | ||||||||
|
| |||||||
Consumer Finance—3.2% | ||||||||
Capital One Financial Corp.(c), | 8,000 | 201,120 | ||||||
Synchrony Financial, Ser. A(c), | 17,985 | 479,840 | ||||||
|
| |||||||
680,960 | ||||||||
|
| |||||||
Insurance—4.0% | ||||||||
Athene Holding Ltd., Ser. A,(c)(d), | 29,468 | 845,731 | ||||||
|
| |||||||
Telecommunications—2.3% | ||||||||
AT&T, Inc., Ser. C(c), | 19,100 | 482,657 | ||||||
|
| |||||||
Wireless Telecommunication Services—1.3% | ||||||||
United States Cellular Corp., | 10,370 | 270,761 | ||||||
TOTAL PREFERRED STOCK (Cost-$5,486,023) |
| 5,760,482 | ||||||
COMMON STOCK—4.9% |
| |||||||
Oil, Gas & Consumable Fuels—2.1% | ||||||||
Energy Transfer L.P. | 57,900 | 444,672 | ||||||
|
| |||||||
Telecommunications—2.8% | ||||||||
AT&T, Inc. | 19,565 | 592,233 | ||||||
TOTAL COMMON STOCK (Cost-$964,406) |
| 1,036,905 |
Principal Amount (000s) | Value | |||||||
U.S. TREASURY OBLIGATIONS—0.5% |
| |||||||
U.S. Treasury Bonds(f), | $ | 150 | $ | 117,047 | ||||
Repurchase Agreements—0.7% | ||||||||
State Street Bank and Trust Co., | 140 | 140,000 | ||||||
TOTAL INVESTMENTS (Cost-$19,962,491)—99.1% |
| 21,007,359 | ||||||
Other assets and liabilities, net(e)—0.9% |
| 198,174 | ||||||
|
| |||||||
NET ASSETS—100.0% |
| $ | 21,205,533 | |||||
|
|
Notes to Schedule of Investments:
(a) | Private Placement – Restricted as to resale and may not have a readily available market. Private placement securities may include Rule 144A securities. These securities have an aggregate value of $1,029,358, representing 4.9% of net assets. |
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2021, these securities amounted to a value of $1,029,358 or 4.9% of net assets. |
(c) | Perpetual maturity. The date shown, if any, is the next call date. |
(d) | Variable or Floating Rate Security – Securities with an interest rate that changes periodically. The interest rate disclosed reflects the rate in effect on March 31, 2021. |
(e) | Includes net unrealized appreciation (depreciation) of other financial instruments as follows: |
Futures contracts outstanding at March 31, 2021:
Type | Contracts | Expiration Date | Notional Amount (000s) | Market Value (000s) | Unrealized Depreciation | |||||||||||||||
Long position contracts: | ||||||||||||||||||||
5-Year U.S. Treasury Note | 3 | 6/30/21 | $ | 300 | $ | 370 | $ | (4,546 | ) | |||||||||||
|
|
Credit default swaps agreements outstanding at March 31, 2021:
Centrally cleared buy protection swap agreements:
Broker (Exchange)/ Reference Debt Issuer | Notional Amount (000s)(1) | Implied Credit Spread | Termination Date | Fixed Deal Pay Rate | Payment Frequency | Value(2) | Upfront Premiums Paid | Unrealized Depreciation | ||||||||||||||||||||||||
Goldman Sachs (ICE): | ||||||||||||||||||||||||||||||||
Simon Property Group, L.P. | $ | 105 | 0.980 | % | 6/20/26 | (1.00 | )% | Quarterly | $ | (340 | ) | $ | 105 | $ | (445 | ) | ||||||||||||||||
|
|
|
|
|
|
See Notes to Financial Statements
52
Table of Contents
ALLIANZGI PREFERRED SECURITIES AND INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
Centrally cleared sell protection swap agreements:
Broker (Exchange)/ Referenced Debt Issuer | Notional Amount (000s)(1) | Implied Credit Spread | Termination Date | Fixed Deal Received Rate | Payment Frequency | Value(2) | Upfront Premiums Paid | Unrealized Appreciation | ||||||||||||||||||||||||
Goldman Sachs (ICE): | ||||||||||||||||||||||||||||||||
CDX.NA.HY.35 | $ | 1,310 | 2.891 | % | 12/20/25 | 5.00 | % | Quarterly | $ | 121,022 | $ | 112,899 | $ | 8,123 | ||||||||||||||||||
|
|
|
|
|
|
(1) | This represents the maximum potential amount the Fund could be required to make available as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(2) | The quoted market prices and resulting values for credit default swap agreements serve as an indicator of the status at March 31, 2021 of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement have been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
(f) | At March 31, 2021, the Fund pledged $24,114 in cash as collateral for futures contracts and received $113,024 in cash as collateral for swap contracts. The Fund also pledged U.S. Treasury Obligations valued at $104,465 as collateral for swap contracts. |
Glossary:
CDX | Credit Derivatives Index |
FRN | Floating Rate Note |
ICE | Intercontinental Exchange |
LIBOR | London Inter-Bank Offered Rate |
For information regarding the abbreviation, see the Key Investment Terms starting on page 7.
See Notes to Financial Statements
53
Table of Contents
ALLIANZGI SHORT DURATION HIGH INCOME FUND
SCHEDULE OF INVESTMENTS
MARCH 31, 2021 (Unaudited)
Principal Amount (000s) | Value | |||||||
CORPORATE BONDS & NOTES—84.4% |
| |||||||
Advertising—0.2% | ||||||||
Outfront Media Capital LLC(a)(c), | $ | 1,250 | $ | 1,321,875 | ||||
|
| |||||||
Aerospace & Defense—1.6% | ||||||||
Spirit AeroSystems, Inc.(a)(c), | 11,500 | 12,370,550 | ||||||
|
| |||||||
Airlines—1.5% | ||||||||
Hawaiian Brand Intellectual Property Ltd.(a)(c), | 2,500 | 2,656,500 | ||||||
Mileage Plus Holdings LLC(a)(c), | 6,450 | 7,070,812 | ||||||
Spirit Loyalty Cayman Ltd.(a)(c), | 2,000 | 2,260,000 | ||||||
|
| |||||||
11,987,312 | ||||||||
|
| |||||||
Apparel & Textiles—0.2% | ||||||||
Hanesbrands, Inc.(a)(c), | 1,250 | 1,322,656 | ||||||
|
| |||||||
Auto Components—2.0% | ||||||||
Clarios Global LP(a)(c), | 800 | 855,760 | ||||||
Dana, Inc., | 2,138 | 2,181,188 | ||||||
Goodyear Tire & Rubber Co., | 10,950 | 12,283,710 | ||||||
|
| |||||||
15,320,658 | ||||||||
|
| |||||||
Auto Manufacturers—4.3% | ||||||||
Ford Motor Co., | 15,050 | 16,780,750 | ||||||
Tesla, Inc.(a)(c), | 15,723 | 16,314,185 | ||||||
|
| |||||||
33,094,935 | ||||||||
|
| |||||||
Chemicals—0.2% | ||||||||
CVR Partners L.P.(a)(c), | 1,675 | 1,689,656 | ||||||
|
| |||||||
Coal—0.5% | ||||||||
Cloud Peak Energy Resources LLC, | 6,711 | 4,160,678 | ||||||
|
| |||||||
Commercial Services—3.0% | ||||||||
Alta Equipment Group, Inc.(a)(c), | 1,200 | 1,216,500 | ||||||
APX Group, Inc., | 12,688 | 13,163,800 | ||||||
Brink’s Co.(a)(c), | 5,000 | 5,281,250 | ||||||
Prime Security Services Borrower LLC(a)(c), | 3,000 | 3,199,950 | ||||||
|
| |||||||
22,861,500 | ||||||||
|
| |||||||
Computers—0.1% | ||||||||
Dell International LLC(a)(c), | 1,100 | 1,132,313 | ||||||
|
|
Principal Amount (000s) | Value | |||||||
Distribution/Wholesale—3.5% | ||||||||
Wolverine Escrow LLC(a)(c), | ||||||||
8.50%, 11/15/24 | $ | 12,259 | $ | 12,228,353 | ||||
9.00%, 11/15/26 | 15,090 | 15,075,664 | ||||||
|
| |||||||
27,304,017 | ||||||||
|
| |||||||
Diversified Financial Services—9.9% | ||||||||
Alliance Data Systems Corp.(a)(c), | ||||||||
4.75%, 12/15/24 | 19,500 | 20,011,875 | ||||||
7.00%, 1/15/26 | 6,000 | 6,421,200 | ||||||
Global Aircraft Leasing Co., Ltd., PIK 7.25%(a)(c), | 28,546 | 27,375,334 | ||||||
LD Holdings Group LLC(a)(c), | 6,775 | 7,096,812 | ||||||
PennyMac Financial Services, Inc.(a)(c), | 1,750 | 1,813,963 | ||||||
SLM Corp., | 8,950 | 9,397,678 | ||||||
United Wholesale Mortgage LLC(a)(c), | 4,000 | 4,170,000 | ||||||
|
| |||||||
76,286,862 | ||||||||
|
| |||||||
Electric Utilities—3.3% | ||||||||
Calpine Corp.(a)(c), | 2,250 | 2,313,563 | ||||||
NRG Energy, Inc., | 16,137 | 16,782,480 | ||||||
Vistra Operations Co. LLC(a)(c), | 5,950 | 6,165,687 | ||||||
|
| |||||||
25,261,730 | ||||||||
|
| |||||||
Engineering & Construction—0.9% | ||||||||
PowerTeam Services LLC(a)(c), | 6,095 | 6,719,737 | ||||||
|
| |||||||
Entertainment—1.6% | ||||||||
Banijay Entertainment S.A.S. U.(a)(c), | 3,092 | 3,192,490 | ||||||
International Game Technology PLC(a)(c), | 1,500 | 1,541,370 | ||||||
Scientific Games International, Inc.(a)(c), | 5,500 | 5,696,350 | ||||||
Wynn Resorts Finance LLC(a)(c), | 1,800 | 1,951,353 | ||||||
|
| |||||||
12,381,563 | ||||||||
|
| |||||||
Environmental Services—0.2% | ||||||||
Stericycle, Inc.(a)(c), | 1,336 | 1,379,420 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs)—1.1% | ||||||||
ESH Hospitality, Inc.(a)(c), | 5,300 | 5,406,000 | ||||||
SBA Communications Corp., | 3,000 | 3,080,610 | ||||||
|
| |||||||
8,486,610 | ||||||||
|
| |||||||
Food Service—0.6% | ||||||||
Aramark Services, Inc.(a)(c), | 4,586 | 4,694,917 | ||||||
|
|
See Notes to Financial Statements
54
Table of Contents
ALLIANZGI SHORT DURATION HIGH INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
Principal Amount (000s) | Value | |||||||
Hand/Machine Tools—1.1% |
| |||||||
Colfax Corp.(a)(c), | $ | 8,000 | $ | 8,248,000 | ||||
|
| |||||||
Healthcare-Services—1.5% | ||||||||
Akumin, Inc.(a)(c), | 9,375 | 9,972,656 | ||||||
RP Escrow Issuer LLC(a)(c), | 1,400 | 1,450,750 | ||||||
|
| |||||||
11,423,406 | ||||||||
|
| |||||||
Home Builders—1.0% | ||||||||
Lennar Corp., | 6,500 | 6,561,750 | ||||||
Picasso Finance Sub, Inc.(a)(c), | 810 | 860,625 | ||||||
|
| |||||||
7,422,375 | ||||||||
|
| |||||||
Household Products/Wares—0.4% | ||||||||
Spectrum Brands, Inc., | 3,099 | 3,195,844 | ||||||
|
| |||||||
Lodging—2.4% | ||||||||
Las Vegas Sands Corp., | 8,930 | 9,310,633 | ||||||
MGM Resorts International, | 500 | 526,700 | ||||||
Wynn Las Vegas LLC(a)(c), | 8,000 | 8,452,000 | ||||||
|
| |||||||
18,289,333 | ||||||||
|
| |||||||
Machinery-Diversified—0.4% | ||||||||
CNH Industrial Capital LLC, | 2,675 | 2,773,615 | ||||||
|
| |||||||
Media—3.1% | ||||||||
AMC Networks, Inc., | 9,749 | 9,870,863 | ||||||
CCO Holdings LLC(a)(c), | ||||||||
5.50%, 5/1/26 | 1,500 | 1,546,950 | ||||||
5.75%, 2/15/26 | 6,799 | 7,014,868 | ||||||
Sirius XM Radio, Inc.(a)(c), | 3,500 | 3,605,350 | ||||||
TEGNA, Inc.(a)(c), | 1,500 | 1,591,875 | ||||||
|
| |||||||
23,629,906 | ||||||||
|
| |||||||
Mining—0.9% | ||||||||
Novelis Corp.(a)(c), | 6,471 | 6,754,106 | ||||||
|
| |||||||
Miscellaneous Manufacturing—1.9% | ||||||||
Hillenbrand, Inc., | 2,000 | 2,135,000 | ||||||
LSB Industries, Inc.(a)(c), | 12,600 | 12,917,646 | ||||||
|
| |||||||
15,052,646 | ||||||||
|
|
Principal Amount (000s) | Value | |||||||
Oil, Gas & Consumable Fuels—10.0% | ||||||||
AmeriGas Partners L.P., | ||||||||
5.50%, 5/20/25 | $ | 602 | $ | 654,675 | ||||
5.625%, 5/20/24 | 4,510 | 5,008,355 | ||||||
CVR Energy, Inc.(a)(c), | 27,929 | 27,286,633 | ||||||
PBF Holding Co. LLC, | ||||||||
7.25%, 6/15/25 | 32,000 | 26,067,200 | ||||||
9.25%, 5/15/25(a)(c) | 4,000 | 4,083,800 | ||||||
TechnipFMC PLC(a)(c), | 13,385 | 14,005,284 | ||||||
|
| |||||||
77,105,947 | ||||||||
|
| |||||||
Pharmaceuticals—0.8% | ||||||||
Bausch Health Cos., Inc.(a)(c), | 6,200 | 6,342,600 | ||||||
|
| |||||||
Pipelines—6.6% | ||||||||
EQM Midstream Partners LP(a)(c), | 8,000 | 8,610,000 | ||||||
New Fortress Energy, Inc.(a)(c), | ||||||||
6.50%, 9/30/26(d) | 5,000 | 5,037,500 | ||||||
6.75%, 9/15/25 | 17,700 | 18,184,980 | ||||||
NuStar Logistics LP, | 3,450 | 3,693,294 | ||||||
PBF Logistics L.P., | 11,912 | 11,914,621 | ||||||
Rattler Midstream L.P.(a)(c), | 3,000 | 3,132,360 | ||||||
|
| |||||||
50,572,755 | ||||||||
|
| |||||||
Real Estate—2.8% | ||||||||
Newmark Group, Inc., | 13,197 | 14,486,061 | ||||||
Realogy Group LLC (a)(c), | ||||||||
4.875%, 6/1/23 | 1,500 | 1,541,250 | ||||||
7.625%, 6/15/25 | 5,000 | 5,459,000 | ||||||
|
| |||||||
21,486,311 | ||||||||
|
| |||||||
Retail—4.8% | ||||||||
1011778 BC ULC(a)(c), | 4,500 | 4,781,250 | ||||||
Carvana Co.(a)(c), | 4,000 | 4,103,400 | ||||||
eG Global Finance PLC(a)(c), | ||||||||
6.75%, 2/7/25 | 3,250 | 3,323,125 | ||||||
8.50%, 10/30/25 | 9,104 | 9,693,211 | ||||||
GameStop Corp.(a)(c), | 9,075 | 9,483,375 | ||||||
KFC Holding Co.(a)(c), | 3,500 | 3,607,030 | ||||||
Sally Holdings LLC, | 2,034 | 2,097,562 | ||||||
|
| |||||||
37,088,953 | ||||||||
|
| |||||||
Semiconductors—0.7% | ||||||||
ams AG(a)(c), | 5,250 | 5,619,141 | ||||||
|
|
See Notes to Financial Statements
55
Table of Contents
ALLIANZGI SHORT DURATION HIGH INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
Principal Amount (000s) | Value | |||||||
Software—1.2% | ||||||||
ACI Worldwide, Inc.(a)(c), | $ | 1,000 | $ | 1,055,000 | ||||
Veritas US, Inc.(a)(c), | 8,000 | 8,309,200 | ||||||
|
| |||||||
9,364,200 | ||||||||
|
| |||||||
Telecommunications—6.4% | ||||||||
Connect Finco SARL(a)(c), | 26,140 | 27,832,303 | ||||||
Hughes Satellite Systems Corp., | 5,830 | 5,897,045 | ||||||
Level 3 Financing, Inc., | ||||||||
5.25%, 3/15/26 | 1,000 | 1,030,000 | ||||||
5.375%, 5/1/25 | 3,000 | 3,063,000 | ||||||
LogMeIn, Inc. (a)(c), | 2,000 | 2,093,760 | ||||||
Lumen Technologies, Inc., | ||||||||
5.125%, 12/15/26(a)(c) | 3,000 | 3,160,140 | ||||||
5.80%, 3/15/22 | 500 | 517,550 | ||||||
Viasat, Inc.(a)(c), | 5,250 | 5,506,804 | ||||||
|
| |||||||
49,100,602 | ||||||||
|
| |||||||
Toys/Games/Hobbies—0.3% | ||||||||
Mattel, Inc.(a)(c), | 2,308 | 2,426,747 | ||||||
|
| |||||||
Transportation—3.4% | ||||||||
Fly Leasing Ltd., | 9,990 | 10,196,044 | ||||||
Fortress Transportation and Infrastructure Investors LLC(a)(c), | 7,000 | 7,315,000 | ||||||
XPO Logistics, Inc. (a)(c), | ||||||||
6.25%, 5/1/25 | 1,500 | 1,614,135 | ||||||
6.75%, 8/15/24 | 6,900 | 7,236,375 | ||||||
|
| |||||||
26,361,554 | ||||||||
TOTAL CORPORATE BONDS & NOTES (Cost-$648,463,955) |
| 650,035,030 | ||||||
SENIOR LOANS(a)(b)—7.0% |
| |||||||
Commercial Services & Supplies—4.0% | ||||||||
APX Group, Inc., (3 mo. LIBOR + 4.000%), 7.25%, 12/31/25, | 14,370 | 14,351,676 | ||||||
Asurion LLC, | ||||||||
(1 mo. LIBOR + 3.250%), 3.359%, 12/23/26, 2020 Term Loan B8 | 8,069 | 8,012,667 | ||||||
(1 mo. LIBOR + 5.250%), 5.359%, 1/31/28, 2021 2nd Lien Term Loan B3 | 8,000 | 8,140,000 | ||||||
|
| |||||||
30,504,343 | ||||||||
|
| |||||||
Electric Utilities—1.9% | ||||||||
Pacific Gas & Electric Company, (3 mo. LIBOR + 3.000%), 3.50%, 6/23/25, | 14,888 | 14,854,896 | ||||||
|
|
Principal Amount (000s) | Value | |||||||
Pipelines—0.9% | ||||||||
Prairie ECI Acquiror LP, (1 mo. LIBOR + 4.750%), 4.859%, 3/11/26, | $ | 7,200 | $ | 6,970,725 | ||||
|
| |||||||
Telecommunications—0.2% | ||||||||
LogMeIn, Inc., (1 mo. LIBOR + 4.750%), 4.854%, 8/31/27, | 1,999 | 1,991,696 | ||||||
TOTAL SENIOR LOANS (Cost-$54,281,992) |
| 54,321,660 | ||||||
ASSET-BACKED SECURITY—0.4% | ||||||||
Navajo Transitional Energy Co. LLC, | 4,270 | 2,775,820 | ||||||
Shares | ||||||||
COMMON STOCK—0.0% |
| |||||||
Coal—0.0% | ||||||||
Cloud Peak Energy, Inc.(e)(f)(g) | 40,020 | —* | ||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—6.8% |
| |||||||
State Street Bank and Trust Co., | $ | 52,411 | 52,411,000 | |||||
TOTAL INVESTMENTS (Cost-$763,271,897)—98.6% |
| 759,543,510 | ||||||
Other assets and liabilities, net—1.4% |
| 10,507,889 | ||||||
|
| |||||||
NET ASSETS—100.0% |
| $ | 770,051,399 | |||||
|
|
Notes to Schedule of Investments:
* | Actual amount rounds to less than $1. |
(a) | Private Placement – Restricted as to resale and may not have a readily available market. Private placement securities may include Rule 144A securities. These securities have an aggregate value of $507,525,984, representing 65.9% of net assets. |
(b) | These securities generally pay interest at rates which are periodically pre-determined by reference to a base lending rate plus a premium. These base lending rates are generally either the lending rate offered by one or more major European banks, such as the “LIBOR” or the prime rate offered by one or more major United States banks, or the certificate of deposit rate. These securities are generally considered to be restricted as the Fund is ordinarily contractually obligated to receive approval from the Agent bank and/or borrower prior to disposition. Remaining maturities of senior loans may be less than the stated maturities shown as a result of contractual or optional payments by the borrower. Such prepayments cannot be predicted with certainty. The interest rate disclosed reflects the rate in effect on March 31, 2021. |
(c) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, |
See Notes to Financial Statements
56
Table of Contents
ALLIANZGI SHORT DURATION HIGH INCOME FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
normally to qualified institutional buyers. At March 31, 2021, these securities amounted to a value of $453,204,324 or 58.9% of net assets. |
(d) | When-issued or delayed-delivery. This loan will settle after March 31, 2021, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected. |
(e) | Fair-Valued – Security with a value of $0, representing less than 0.05% of net assets. See Note 2A in the Notes to Financial Statements. |
(f) | Level 3 security. See Note 2A in the Notes to Financial Statements. |
(g) | Restricted. The aggregate cost of such security is $0. The aggregate value is $0, representing less than 0.05% of net assets. |
Glossary:
LIBOR | London Inter-Bank Offered Rate |
PIK | Payment-in-Kind |
REIT | Real Estate Investment Trust |
For information regarding the abbreviation, see the Key Investment Terms starting on page 7.
See Notes to Financial Statements
57
Table of Contents
SCHEDULE OF INVESTMENTS
MARCH 31, 2021 (Unaudited)
Shares | Value | |||||||
COMMON STOCK—98.6% |
| |||||||
Australia—1.5% | ||||||||
Reliance Worldwide Corp., Ltd. | 3,739,628 | $ | 12,753,551 | |||||
|
| |||||||
Canada—5.5% | ||||||||
Algonquin Power & Utilities Corp. | 1,352,259 | 21,423,949 | ||||||
Stantec, Inc. | 609,569 | 26,095,975 | ||||||
|
| |||||||
47,519,924 | ||||||||
|
| |||||||
France—1.8% | ||||||||
Veolia Environnement S.A. | 617,844 | 15,838,568 | ||||||
|
| |||||||
Ireland—2.6% | ||||||||
STERIS PLC | 45,000 | 8,571,600 | ||||||
Trane Technologies PLC | 86,174 | 14,266,967 | ||||||
|
| |||||||
22,838,567 | ||||||||
|
| |||||||
Italy—1.0% | ||||||||
Hera SpA | 2,189,318 | 8,390,307 | ||||||
|
| |||||||
Japan—2.4% | ||||||||
Kubota Corp. | 920,900 | 20,954,685 | ||||||
|
| |||||||
Netherlands—3.2% | ||||||||
Aalberts NV | 181,864 | 9,213,347 | ||||||
Arcadis NV(a) | 461,705 | 18,820,505 | ||||||
|
| |||||||
28,033,852 | ||||||||
|
| |||||||
Sweden—3.4% | ||||||||
Alfa Laval AB(a) | 984,262 | 29,752,866 | ||||||
|
| |||||||
Switzerland—11.5% | ||||||||
Bucher Industries AG | 30,193 | 15,384,805 | ||||||
Geberit AG | 53,008 | 33,740,267 | ||||||
Georg Fischer AG | 24,529 | 32,778,000 | ||||||
Sika AG | 61,823 | 17,660,911 | ||||||
|
| |||||||
99,563,983 | ||||||||
|
| |||||||
United Kingdom—11.0% | ||||||||
CNH Industrial NV(a) | 830,521 | 12,851,297 | ||||||
Halma PLC | 1,130,089 | 36,985,490 | ||||||
Pennon Group PLC | 1,272,805 | 17,108,207 | ||||||
Severn Trent PLC | 882,829 | 28,065,573 | ||||||
|
| |||||||
95,010,567 | ||||||||
|
| |||||||
United States—54.7% | ||||||||
AGCO Corp. | 185,509 | 26,648,368 | ||||||
Agilent Technologies, Inc. | 137,632 | 17,498,533 | ||||||
American Water Works Co., Inc. | 340,527 | 51,051,808 | ||||||
Badger Meter, Inc. | 132,361 | 12,318,838 | ||||||
Danaher Corp. | 144,968 | 32,629,397 | ||||||
Deere & Co. | 69,516 | 26,008,716 | ||||||
Ecolab, Inc. | 74,361 | 15,918,459 | ||||||
Evoqua Water Technologies Corp.(a) | 454,307 | 11,948,274 | ||||||
Franklin Electric Co., Inc. | 281,331 | 22,208,269 | ||||||
IDEX Corp. | 165,961 | 34,738,957 | ||||||
Itron, Inc.(a) | 217,561 | 19,286,783 | ||||||
Lindsay Corp. | 100,780 | 16,791,964 | ||||||
PerkinElmer, Inc. | 137,224 | 17,604,467 | ||||||
Tetra Tech, Inc. | 256,842 | 34,858,596 |
Shares | Value | |||||||
United States—continued | ||||||||
Thermo Fisher Scientific, Inc. | 64,707 | $ | 29,530,981 | |||||
Trimble, Inc.(a) | 347,714 | 27,048,672 | ||||||
Valmont Industries, Inc. | 94,744 | 22,517,807 | ||||||
Waste Management, Inc. | 118,322 | 15,265,904 | ||||||
Xylem, Inc. | 392,758 | 41,310,286 | ||||||
|
| |||||||
475,185,079 | ||||||||
TOTAL COMMON STOCK (Cost-$585,018,406) |
| 855,841,949 | ||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—0.7% | ||||||||
State Street Bank and Trust Co., | $ | 6,342 | 6,342,000 | |||||
TOTAL INVESTMENTS (Cost—$591,360,406)—99.3% |
| 862,183,949 | ||||||
Other assets and liabilities, net—0.7% |
| 5,834,953 | ||||||
|
| |||||||
NET ASSETS—100.0% |
| $ | 868,018,902 | |||||
|
|
Notes to Schedule of Investments:
(a) | Non-income producing. |
The industry classification of portfolio holdings and other assets and liabilities, net, shown as a percentage of net assets were as follows:
Machinery | 34.6 | % | ||
Water Utilities | 11.1 | |||
Electronic Equipment, Instruments & Components | 11.0 | |||
Life Sciences Tools & Services | 7.4 | |||
Building Products | 7.0 | |||
Commercial Services & Supplies | 5.8 | |||
Multi-Utilities | 5.3 | |||
Construction & Engineering | 4.8 | |||
Healthcare Equipment & Supplies | 4.7 | |||
Chemicals | 3.9 | |||
Professional Services | 3.0 | |||
Repurchase Agreements | 0.7 | |||
Other assets and liabilities, net | 0.7 | |||
100.0 | % |
See Notes to Financial Statements
58
Table of Contents
NFJ EMERGING MARKETS VALUE FUND
SCHEDULE OF INVESTMENTS
MARCH 31, 2021 (Unaudited)
Shares | Value | |||||||
COMMON STOCK—92.5% |
| |||||||
Argentina—0.5% | ||||||||
MercadoLibre, Inc.(b) | 547 | $ | 805,261 | |||||
|
| |||||||
Brazil—3.3% | ||||||||
Ambipar Participacoes e Empreendimentos S.A.(b) | 161,300 | 716,424 | ||||||
B3 S.A. – Brasil Bolsa Balcao | 237,816 | 2,307,749 | ||||||
Cia de Locacao das Americas | 182,507 | 803,483 | ||||||
Magazine Luiza S.A. | 171,600 | 617,054 | ||||||
StoneCo Ltd., Class A(b) | 12,865 | 787,595 | ||||||
|
| |||||||
5,232,305 | ||||||||
|
| |||||||
China—38.9% | ||||||||
A-Living Smart City Services Co., Ltd., Class H(a) | 188,250 | 835,418 | ||||||
Aier Eye Hospital Group Co., Ltd., Class A | 116,650 | 1,054,388 | ||||||
Alibaba Group Holding Ltd.(b) | 374,200 | 10,589,522 | ||||||
Anhui Conch Cement Co., Ltd., Class H | 84,500 | 549,449 | ||||||
ANTA Sports Products Ltd. | 63,000 | 1,027,566 | ||||||
Bank of Ningbo Co., Ltd., Class A | 69,454 | 411,956 | ||||||
China Construction Bank Corp., Class H | 892,000 | 750,399 | ||||||
China Lesso Group Holdings Ltd. | 236,000 | 507,573 | ||||||
China Merchants Bank Co., Ltd., Class A | 119,244 | 929,576 | ||||||
China Merchants Bank Co., Ltd., Class H | 555,100 | 4,237,813 | ||||||
CIFI Holdings Group Co., Ltd. | 838,000 | 812,766 | ||||||
CSPC Pharmaceutical Group Ltd. | 332,800 | 402,403 | ||||||
Double Medical Technology, Inc., Class A | 55,600 | 424,867 | ||||||
East Money Information Co., Ltd., Class A | 395,389 | 1,644,287 | ||||||
ENN Energy Holdings Ltd. | 93,100 | 1,493,365 | ||||||
Foshan Haitian Flavouring & Food Co., Ltd., Class A | 27,341 | 666,528 | ||||||
Gree Electric Appliances, Inc. of Zhuhai, Class A | 42,400 | 405,565 | ||||||
Guangdong Investment Ltd. | 480,000 | 781,673 | ||||||
Henan Shuanghui Investment & Development Co., Ltd., Class A | 73,300 | 458,474 | ||||||
JD.com, Inc., Class A(b) | 34,100 | 1,412,408 | ||||||
Kweichow Moutai Co., Ltd., Class A | 2,900 | 888,802 | ||||||
Li Ning Co., Ltd. | 158,500 | 1,029,605 | ||||||
Longfor Group Holdings Ltd.(a) | 184,500 | 1,222,232 | ||||||
Luxshare Precision Industry Co., Ltd., Class A | 1,083,230 | 5,590,491 | ||||||
Meituan, Class B(a)(b) | 22,600 | 866,894 | ||||||
Midea Group Co., Ltd., Class A | 65,300 | 819,164 | ||||||
NetEase, Inc. | 44,100 | 897,418 | ||||||
New Oriental Education & Technology Group, Inc. ADR(b) | 42,243 | 591,402 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 107,500 | 1,279,778 | ||||||
Shandong Weigao Group Medical Polymer Co., Ltd., Class H | 292,000 | 576,180 | ||||||
Shenzhen Expressway Co., Ltd., Class H | 246,000 | 266,439 | ||||||
Shenzhou International Group Holdings Ltd. | 24,900 | 515,994 | ||||||
Sino Biopharmaceutical Ltd. | 342,500 | 342,760 | ||||||
Tencent Holdings Ltd. | 171,800 | 13,480,403 | ||||||
Wuliangye Yibin Co., Ltd., Class A | 31,555 | 1,290,024 | ||||||
Yealink Network Technology Corp., Ltd., Class A | 42,335 | 440,271 | ||||||
Yihai International Holding Ltd.(b) | 57,000 | 590,229 | ||||||
Yonghui Superstores Co., Ltd., Class A | 273,000 | 283,204 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co., Ltd., Class A | 18,473 | 808,698 | ||||||
|
| |||||||
61,175,984 | ||||||||
|
| |||||||
Hong Kong—4.2% | ||||||||
AIA Group Ltd. | 65,000 | 788,451 | ||||||
Ausnutria Dairy Corp. Ltd.(b) | 373,000 | 488,435 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 22,800 | 1,341,470 | ||||||
SITC International Holdings Co., Ltd. | 354,000 | 1,199,869 |
Shares | Value | |||||||
Hong Kong—continued | ||||||||
SUNeVision Holdings Ltd. | 834,000 | $ | 859,307 | |||||
Techtronic Industries Co., Ltd. | 91,000 | 1,556,836 | ||||||
Times Neighborhood Holdings Ltd. | 402,307 | 303,770 | ||||||
|
| |||||||
6,538,138 | ||||||||
|
| |||||||
India—8.3% | ||||||||
Aarti Industries Ltd. | 44,569 | 803,097 | ||||||
Asian Paints Ltd. | 30,649 | 1,063,668 | ||||||
Atul Ltd.(b) | 7,413 | 718,150 | ||||||
Bajaj Finserv Ltd.(b) | 5,255 | 694,924 | ||||||
Britannia Industries Ltd. | 12,286 | 609,152 | ||||||
Coromandel International Ltd. | 67,892 | 719,232 | ||||||
HDFC Bank Ltd.(b) | 45,287 | 925,174 | ||||||
Hindustan Unilever Ltd. | 16,470 | 547,733 | ||||||
Indraprastha Gas Ltd. | 131,652 | 922,561 | ||||||
Infosys Ltd. | 74,585 | 1,395,579 | ||||||
Ipca Laboratories Ltd. | 34,804 | 906,233 | ||||||
Manappuram Finance Ltd. | 213,434 | 435,545 | ||||||
Muthoot Finance Ltd. | 29,291 | 483,111 | ||||||
Reliance Industries Ltd. | 77,562 | 2,124,969 | ||||||
Tata Consultancy Services Ltd. | 15,722 | 683,348 | ||||||
|
| |||||||
13,032,476 | ||||||||
|
| |||||||
Indonesia—1.1% | ||||||||
Ace Hardware Indonesia Tbk PT | 7,186,400 | 754,510 | ||||||
Bank Central Asia Tbk PT | 415,800 | 889,569 | ||||||
|
| |||||||
1,644,079 | ||||||||
|
| |||||||
Kazakhstan—0.6% | ||||||||
Kaspi.KZ JSC GDR | 13,660 | 969,860 | ||||||
|
| |||||||
Korea (Republic of)—4.9% | ||||||||
Coupang, Inc.(b) | 22,373 | 1,104,108 | ||||||
Douzone Bizon Co., Ltd. | 8,405 | 729,287 | ||||||
Hansol Chemical Co., Ltd. | 3,386 | 721,030 | ||||||
Kakao Corp. | 2,251 | 990,500 | ||||||
Macquarie Korea Infrastructure Fund | 51,326 | 528,339 | ||||||
NAVER Corp. | 3,041 | 1,012,995 | ||||||
NCSoft Corp. | 1,110 | 856,223 | ||||||
NICE Information Service Co., Ltd. | 37,105 | 831,113 | ||||||
Samsung Electronics Co., Ltd. | 12,815 | 921,706 | ||||||
|
| |||||||
7,695,301 | ||||||||
|
| |||||||
Mexico—0.2% | ||||||||
Prologis Property Mexico S.A. de C.V. REIT | 176,146 | 378,413 | ||||||
|
| |||||||
Netherlands—2.3% | ||||||||
ASM International NV | 3,378 | 982,422 | ||||||
ASML Holding NV | 1,804 | 1,093,740 | ||||||
Prosus NV(b) | 6,016 | 668,811 | ||||||
Yandex NV, Class A(b) | 14,257 | 913,303 | ||||||
|
| |||||||
3,658,276 | ||||||||
|
| |||||||
Philippines—0.6% | ||||||||
Wilcon Depot, Inc. | 2,446,900 | 897,344 | ||||||
|
| |||||||
Poland���0.6% | ||||||||
Dino Polska S.A.(a)(b) | 14,186 | 935,467 | ||||||
|
|
See Notes to Financial Statements
59
Table of Contents
NFJ EMERGING MARKETS VALUE FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
Shares | Value | |||||||
Russian Federation—1.1% | ||||||||
LUKOIL PJSC ADR | 1,267 | $ | 102,361 | |||||
Lukoil PJSC ADR | 11,912 | 963,204 | ||||||
Polyus PJSC GDR | 6,416 | 590,593 | ||||||
|
| |||||||
1,656,158 | ||||||||
|
| |||||||
Saudi Arabia—1.1% | ||||||||
Abdullah Al Othaim Markets Co. | 19,989 | 673,708 | ||||||
Al Rajhi Bank | 22,823 | 601,262 | ||||||
Saudi Arabian Oil Co.(a) | 44,612 | 428,241 | ||||||
|
| |||||||
1,703,211 | ||||||||
|
| |||||||
Singapore—1.9% | ||||||||
Keppel DC REIT | 461,700 | 926,695 | ||||||
Mapletree Industrial Trust REIT | 482,500 | 982,791 | ||||||
Sea Ltd. ADR(b) | 4,553 | 1,016,366 | ||||||
|
| |||||||
2,925,852 | ||||||||
|
| |||||||
South Africa—3.0% | ||||||||
AngloGold Ashanti Ltd. | 23,881 | 520,722 | ||||||
Capitec Bank Holdings Ltd.(b) | 8,295 | 797,939 | ||||||
Clicks Group Ltd. | 59,251 | 965,037 | ||||||
Gold Fields Ltd. ADR | 161,307 | 1,530,803 | ||||||
Naspers Ltd., Class N | 4,040 | 966,674 | ||||||
|
| |||||||
4,781,175 | ||||||||
|
| |||||||
Taiwan—10.9% | ||||||||
Accton Technology Corp. | 83,000 | 802,860 | ||||||
ASMedia Technology, Inc. | 15,000 | 783,303 | ||||||
ASPEED Technology, Inc. | 16,000 | 967,301 | ||||||
Chailease Holding Co., Ltd. | 107,720 | 743,730 | ||||||
E.Sun Financial Holding Co., Ltd. | 701,022 | 641,246 | ||||||
Getac Technology Corp. | 135,000 | 277,258 | ||||||
Lotes Co., Ltd. | 51,000 | 892,808 | ||||||
MediaTek, Inc. | 32,000 | 1,086,742 | ||||||
Micro-Star International Co., Ltd. | 121,000 | 737,882 | ||||||
Parade Technologies Ltd. | 20,000 | 858,655 | ||||||
Poya International Co., Ltd. | 30,000 | 626,643 | ||||||
Realtek Semiconductor Corp. | 56,200 | 973,007 | ||||||
Sinbon Electronics Co., Ltd. | 99,000 | 915,992 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 113,000 | 2,324,712 | ||||||
Taiwan Union Technology Corp. | 69,000 | 288,981 | ||||||
Tripod Technology Corp. | 87,000 | 428,399 | ||||||
Uni-President Enterprises Corp. | 184,000 | 470,753 | ||||||
Unimicron Technology Corp. | 266,000 | 853,012 | ||||||
Vanguard International Semiconductor Corp. | 277,000 | 1,048,470 | ||||||
Voltronic Power Technology Corp. | 22,350 | 865,550 | ||||||
Wiwynn Corp. | 18,133 | 535,735 | ||||||
|
| |||||||
17,123,039 | ||||||||
|
| |||||||
Thailand—1.6% | ||||||||
Carabao Group PCL | 179,900 | 742,627 | ||||||
Global Power Synergy PCL NVDR | 249,800 | 615,507 | ||||||
Home Product Center PCL | 1,923,900 | 911,159 | ||||||
Tisco Financial Group PCL NVDR | 99,000 | 308,088 | ||||||
|
| |||||||
2,577,381 | ||||||||
|
| |||||||
United States—7.4% | ||||||||
American Tower Corp. REIT | 4,575 | 1,093,700 | ||||||
Broadcom, Inc. | 2,182 | 1,011,706 | ||||||
Equinix, Inc. REIT | 1,468 | 997,638 |
Shares | Value | |||||||
United States—continued | ||||||||
Fabrinet(b) | 10,321 | $ | 932,915 | |||||
Lam Research Corp. | 1,609 | 957,741 | ||||||
NVIDIA Corp. | 2,956 | 1,578,297 | ||||||
Teradyne, Inc. | 41,471 | 5,046,191 | ||||||
|
| |||||||
11,618,188 | ||||||||
TOTAL COMMON STOCK (Cost-$115,291,248) |
| 145,347,908 | ||||||
PREFERRED STOCK—5.1% | ||||||||
Korea (Republic of)—5.1% | ||||||||
Samsung Electronics Co., Ltd. | 123,815 | 7,986,300 | ||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—2.2% | ||||||||
State Street Bank and Trust Co., | $ | 3,475 | 3,475,000 | |||||
TOTAL INVESTMENTS (Cost-$125,739,348)—99.8% |
| 156,809,208 | ||||||
Other assets and liabilities, net—0.2% |
| 313,993 | ||||||
|
| |||||||
NET ASSETS—100.0% |
| $ | 157,123,201 | |||||
|
|
Notes to Schedule of Investments:
(a) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2021, these securities amounted to a value of $4,288,252 or 2.7% of net assets. |
(b) | Non-income producing. |
Glossary:
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
NVDR | Non-Voting Depository Receipt |
REIT | Real Estate Investment Trust |
For information regarding the abbreviation, see the Key Investment Terms starting on page 7.
See Notes to Financial Statements
60
Table of Contents
NFJ EMERGING MARKETS VALUE FUND
SCHEDULE OF INVESTMENTS (Continued)
MARCH 31, 2021 (Unaudited)
The industry classification of portfolio holdings and other assets and liabilities, net, shown as a percentage of net assets were as follows:
Semiconductors & Semiconductor Equipment | 11.9 | % | ||
Internet & Direct Marketing Retail | 10.4 | |||
Interactive Media & Services | 10.4 | |||
Banks | 6.7 | |||
Electronic Equipment, Instruments & Components | 6.3 | |||
Semiconductors | 5.1 | |||
Capital Markets | 3.7 | |||
Equity Real Estate Investment Trusts (REITs) | 2.8 | |||
Chemicals | 2.6 | |||
IT Services | 2.4 | |||
Oil, Gas & Consumable Fuels | 2.3 | |||
Food Products | 2.1 | |||
Beverages | 1.9 | |||
Food & Staples Retailing | 1.8 | |||
Entertainment | 1.8 | |||
Insurance | 1.7 | |||
Metals & Mining | 1.7 | |||
Textiles, Apparel & Luxury Goods | 1.6 | |||
Specialty Retail | 1.6 | |||
Technology Hardware, Storage & Peripherals | 1.6 | |||
Pharmaceuticals | 1.6 | |||
Gas Utilities | 1.5 | |||
Real Estate Management & Development | 1.3 | |||
Consumer Finance | 1.2 | |||
Commercial Services & Supplies | 1.2 | |||
Machinery | 1.0 | |||
Multi-Line Retail | 0.8 | |||
Communications Equipment | 0.8 | |||
Household Durables | 0.8 | |||
Marine | 0.8 | |||
Healthcare Providers & Services | 0.7 | |||
Healthcare Equipment & Supplies | 0.6 | |||
Electrical Equipment | 0.5 | |||
Professional Services | 0.5 | |||
Road & Rail | 0.5 | |||
Water Utilities | 0.5 | |||
Diversified Financial Services | 0.5 | |||
Software | 0.5 | |||
Independent Power Producers & Energy Traders | 0.4 | |||
Diversified Consumer Services | 0.4 | |||
Construction Materials | 0.3 | |||
Household Products | 0.3 | |||
Building Products | 0.3 | |||
Transportation Infrastructure | 0.2 | |||
Repurchase Agreements | 2.2 | |||
Other assets and liabilities, net | 0.2 | |||
100.0 | % |
See Notes to Financial Statements
61
Table of Contents
VIRTUS STRATEGY TRUST
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)
MARCH 31, 2021
AllianzGI Convertible Fund | AllianzGI Core Plus Bond Fund | AllianzGI Emerging Markets Consumer Fund | ||||||||||
Assets: | ||||||||||||
Investments, at value | $ | 2,848,373,828 | $ | 61,079,373 | $ | 13,815,978 | ||||||
Repurchase agreements, at value | 59,944,000 | 569,000 | 141,000 | |||||||||
Cash | 535 | 22,080 | 900 | |||||||||
Foreign currency, at value | — | — | 50,393 | |||||||||
Receivable for investments sold | 27,088,174 | 961,471 | 41,744 | |||||||||
Dividends and interest receivable (net of foreign withholding taxes) | 4,257,638 | 289,696 | 55,518 | |||||||||
Deposits with brokers for derivatives collateral | — | 239,227 | — | |||||||||
Receivable from Investment Adviser | — | 9,060 | 4,340 | |||||||||
Receivable for TBA investments sold | — | 892,914 | — | |||||||||
Investments in Affiliated Funds – Trustees Deferred Compensation Plan (see Note 4) | 215,239 | 1,628 | 8,987 | |||||||||
Receivable for variation margin on futures contracts | — | 731 | — | |||||||||
Receivable for Fund shares sold | 3,547,212 | — | — | |||||||||
Tax reclaims receivable | — | — | 11,479 | |||||||||
Prepaid expenses and other assets | 218,068 | 20,678 | 23,932 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 2,943,644,694 | 64,085,858 | 14,154,271 | |||||||||
|
|
|
|
|
| |||||||
Liabilities: | ||||||||||||
Payable for TBA investments purchased | — | 3,974,379 | — | |||||||||
Payable for investments purchased | 23,394,445 | 1,594,235 | — | |||||||||
Payable for Fund shares redeemed | 2,902,043 | 292,753 | — | |||||||||
Swap premiums received | — | 20,639 | — | |||||||||
Payable for variation margin on centrally cleared swaps | — | 6,085 | — | |||||||||
Trustees Deferred Compensation Plan payable (see Note 4) | 215,239 | 1,628 | 8,987 | |||||||||
Servicing fees payable | 121,143 | — | 20 | |||||||||
Investment advisory fees payable | 1,254,753 | — | — | |||||||||
Distribution fees payable | 105,625 | — | — | |||||||||
Accrued expenses and other liabilities | 796,611 | 77,524 | 64,614 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 28,789,859 | 5,967,243 | 73,621 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 2,914,854,835 | $ | 58,118,615 | $ | 14,080,650 | ||||||
|
|
|
|
|
| |||||||
Net Assets Consist of: | ||||||||||||
Paid-in-capital | $ | 2,124,083,897 | $ | 58,251,460 | $ | 5,394,219 | ||||||
Total distributable earnings (loss) | 790,770,938 | (132,845 | ) | 8,686,431 | ||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 2,914,854,835 | $ | 58,118,615 | $ | 14,080,650 | ||||||
|
|
|
|
|
| |||||||
Cost of Investments | $ | 2,362,832,544 | $ | 60,966,264 | $ | 8,906,898 | ||||||
Cost of Repurchase Agreements | $ | 59,944,000 | $ | 569,000 | $ | 141,000 | ||||||
Cost of Foreign Currency | $ | — | $ | — | $ | 50,248 | ||||||
Net Assets: | ||||||||||||
Class A | $ | 415,848,176 | $ | — | $ | 100,652 | ||||||
Class C | 143,113,229 | — | — | |||||||||
Class R | 1,312,047 | — | — | |||||||||
Class P | 768,677,275 | 12,123 | — | |||||||||
Institutional Class | 1,562,620,410 | 38,550 | 13,979,998 | |||||||||
Class R6 | — | 58,067,942 | — | |||||||||
Administrative Class | 23,283,698 | — | — | |||||||||
Shares Issued and Outstanding: | ||||||||||||
Class A | 9,335,702 | — | 5,682 | |||||||||
Class C | 3,161,177 | — | — | |||||||||
Class R | 28,107 | — | — | |||||||||
Class P | 17,849,150 | 801 | — | |||||||||
Institutional Class | 35,804,462 | 2,553 | 781,347 | |||||||||
Class R6 | — | 3,842,584 | — | |||||||||
Administrative Class | 529,459 | — | — | |||||||||
Net Asset Value and Redemption Price Per Share:* | ||||||||||||
Class A | $ | 44.54 | $ | — | $ | 17.72 | ||||||
Class C | 45.27 | — | — | |||||||||
Class R | 46.68 | — | — | |||||||||
Class P | 43.07 | 15.13 | — | |||||||||
Institutional Class | 43.64 | 15.10 | 17.89 | |||||||||
Class R6 | — | 15.11 | — | |||||||||
Administrative Class | 43.98 | — | — |
* | Net asset value and redemption price per share may not recalculate exactly due to rounding. |
See Notes to Financial Statements
62
Table of Contents
VIRTUS STRATEGY TRUST
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)
MARCH 31, 2021
AllianzGI Global Allocation Fund | AllianzGI Global Dynamic Allocation Fund | AllianzGI Global Sustainability Fund | ||||||||||
Assets: | ||||||||||||
Investments, at value | $ | 180,158,743 | $ | 43,325,104 | $ | 122,604,675 | ||||||
Investments in Affiliates, at value | 89,888,472 | — | — | |||||||||
Repurchase agreements, at value | 10,406,000 | 5,251,000 | — | |||||||||
Cash | 4,251,447 | 4,062 | — | |||||||||
Foreign currency, at value | 21,140 | 415,761 | 4 | |||||||||
Receivable for investments sold | 1,903,870 | 276,791 | 5,562,451 | |||||||||
Dividends and interest receivable (net of foreign withholding taxes) | 495,764 | 152,645 | 83,156 | |||||||||
Deposits with brokers for derivatives collateral | 11,305,213 | 2,486,588 | — | |||||||||
Receivable from Investment Adviser | 3,431 | 26,677 | — | |||||||||
Investments in Affiliated Funds – Trustees Deferred Compensation Plan (see Note 4) | 80,641 | 43,215 | 5,660 | |||||||||
Receivable for variation margin on futures contracts | 17,730 | 3,904 | — | |||||||||
Swap premiums paid | 230,573 | 300 | — | |||||||||
Receivable for Fund shares sold | 14,024 | 27,400 | 27,134 | |||||||||
Unrealized appreciation of OTC swaps | — | 67,620 | — | |||||||||
Tax reclaims receivable | 6,109 | 78,612 | 83,421 | |||||||||
Receivable for variation margin on centrally cleared swaps | 17,331 | — | — | |||||||||
Prepaid expenses and other assets | 75,537 | 86,115 | 35,872 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 298,876,025 | 52,245,794 | 128,402,373 | |||||||||
|
|
|
|
|
| |||||||
Liabilities: | ||||||||||||
Payable for investments purchased | 6,812,204 | 315,608 | — | |||||||||
Payable for Fund shares redeemed | 389,357 | 596 | 9,797 | |||||||||
Payable for variation margin on centrally cleared swaps | — | 237 | — | |||||||||
Trustees Deferred Compensation Plan payable (see Note 4) | 80,641 | 43,215 | 5,660 | |||||||||
Payable to custodian for cash overdraft | — | — | 8,095,499 | |||||||||
Servicing fees payable | 11,248 | 540 | 872 | |||||||||
Investment advisory fees payable | — | — | 42,842 | |||||||||
Distribution fees payable | 2,476 | 947 | — | |||||||||
Line of credit payable | — | — | 1,329 | |||||||||
Accrued expenses and other liabilities | 124,905 | 143,179 | 125,439 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 7,420,831 | 504,322 | 8,281,438 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 291,455,194 | $ | 51,741,472 | $ | 120,120,935 | ||||||
|
|
|
|
|
| |||||||
Net Assets Consist of: | ||||||||||||
Paid-in-capital | $ | 257,698,970 | $ | 43,240,945 | $ | 73,946,963 | ||||||
Total distributable earnings (loss) | 33,756,224 | 8,500,527 | 46,173,972 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 291,455,194 | $ | 51,741,472 | $ | 120,120,935 | ||||||
|
|
|
|
|
| |||||||
Cost of Investments | $ | 179,716,717 | $ | 37,865,214 | $ | 92,673,594 | ||||||
Cost of Investments in Affiliates | $ | 71,556,737 | $ | — | $ | — | ||||||
Cost of Repurchase Agreements | $ | 10,406,000 | $ | 5,251,000 | $ | — | ||||||
Cost of Foreign Currency | $ | 21,490 | $ | 416,100 | $ | 4 | ||||||
Net Assets: | ||||||||||||
Class A | $ | 50,181,422 | $ | 2,222,248 | $ | 4,376,381 | ||||||
Class C | 2,889,439 | 569,273 | — | |||||||||
Class R | 24,836 | 28,123 | — | |||||||||
Class P | 5,733,049 | 219,517 | 5,669,867 | |||||||||
Institutional Class | 10,677,771 | 13,111,080 | 110,074,687 | |||||||||
Class R6 | 221,918,569 | 35,562,051 | — | |||||||||
Administrative Class | 30,108 | 29,180 | — | |||||||||
Shares Issued and Outstanding: | ||||||||||||
Class A | 4,372,592 | 136,347 | 189,569 | |||||||||
Class C | 241,423 | 35,743 | — | |||||||||
Class R | 2,189 | 1,694 | — | |||||||||
Class P | 507,741 | 13,022 | 243,693 | |||||||||
Institutional Class | 937,268 | 788,095 | 4,632,622 | |||||||||
Class R6 | 19,995,920 | 2,162,607 | — | |||||||||
Administrative Class | 2,540 | 1,799 | — | |||||||||
Net Asset Value and Redemption Price Per Share:* | ||||||||||||
Class A | $ | 11.48 | $ | 16.30 | $ | 23.09 | ||||||
Class C | 11.97 | 15.93 | — | |||||||||
Class R | 11.35 | 16.60 | — | |||||||||
Class P | 11.29 | 16.86 | 23.27 | |||||||||
Institutional Class | 11.39 | 16.64 | 23.76 | |||||||||
Class R6 | 11.10 | 16.44 | — | |||||||||
Administrative Class | 11.86 | 16.22 | — |
* | Net asset value and redemption price per share may not recalculate exactly due to rounding. |
See Notes to Financial Statements
63
Table of Contents
VIRTUS STRATEGY TRUST
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)
MARCH 31, 2021
AllianzGI High Yield Bond Fund | AllianzGI International Small-Cap Fund | AllianzGI Preferred Securities and Income Fund | ||||||||||
Assets: | ||||||||||||
Investments, at value | $ | 61,146,939 | $ | 84,276,632 | $ | 20,867,359 | ||||||
Investments in Affiliates, at value | 5,758,101 | — | — | |||||||||
Repurchase agreements, at value | 4,656,000 | 2,908,000 | 140,000 | |||||||||
Cash | 11,555 | 350 | 619,995 | |||||||||
Foreign currency, at value | — | 282,144 | — | |||||||||
Receivable for investments sold | 3,501,200 | — | 304,438 | |||||||||
Dividends and interest receivable (net of foreign withholding taxes) | 790,949 | 231,910 | 202,112 | |||||||||
Receivable from Investment Adviser | — | — | 6,108 | |||||||||
Investments in Affiliated Funds – Trustees Deferred Compensation Plan (see Note 4) | 57,257 | 32,453 | 365 | |||||||||
Swap premiums paid | — | — | 113,004 | |||||||||
Receivable for Fund shares sold | 1,078 | 16,323 | — | |||||||||
Tax reclaims receivable | — | 306,388 | — | |||||||||
Receivable for variation margin on centrally cleared swaps | — | — | 5,163 | |||||||||
Prepaid expenses and other assets | 66,705 | 68,045 | 19,949 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 75,989,784 | 88,122,245 | 22,278,493 | |||||||||
|
|
|
|
|
| |||||||
Liabilities: | ||||||||||||
Payable for investments purchased | 5,468,638 | 223,509 | 929,025 | |||||||||
Payable for Fund shares redeemed | 352,533 | 7,067 | — | |||||||||
Trustees Deferred Compensation Plan payable (see Note 4) | 57,257 | 32,453 | 365 | |||||||||
Payable for variation margin on futures contracts | — | — | 492 | |||||||||
Servicing fees payable | 5,024 | 1,178 | — | |||||||||
Investment advisory fees payable | 18,258 | 35,368 | — | |||||||||
Distribution fees payable | 1,825 | 487 | — | |||||||||
Deposits received from brokers for derivatives collateral | — | — | 88,910 | |||||||||
Accrued expenses and other liabilities | 122,642 | 126,298 | 54,168 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 6,026,177 | 426,360 | 1,072,960 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 69,963,607 | $ | 87,695,885 | $ | 21,205,533 | ||||||
|
|
|
|
|
| |||||||
Net Assets Consist of: | ||||||||||||
Paid-in-capital | $ | 109,894,284 | $ | 60,167,493 | $ | 19,698,408 | ||||||
Total distributable earnings (loss) | (39,930,677 | ) | 27,528,392 | 1,507,125 | ||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 69,963,607 | $ | 87,695,885 | $ | 21,205,533 | ||||||
|
|
|
|
|
| |||||||
Cost of Investments | $ | 64,865,270 | $ | 61,845,969 | $ | 19,822,491 | ||||||
Cost of Investments in Affiliates | $ | 5,645,148 | $ | — | $ | — | ||||||
Cost of Repurchase Agreements | $ | 4,656,000 | $ | 2,908,000 | $ | 140,000 | ||||||
Cost of Foreign Currency | $ | — | $ | 283,237 | $ | — | ||||||
Net Assets: | ||||||||||||
Class A | $ | 20,650,465 | $ | 4,104,557 | $ | — | ||||||
Class C | 2,712,293 | 423,210 | — | |||||||||
Class R | 221,789 | 855,419 | — | |||||||||
Class P | 3,749,196 | 12,195,309 | 12,267 | |||||||||
Institutional Class | 42,601,390 | 36,610,329 | 6,748,334 | |||||||||
Class R6 | — | 33,507,061 | 14,444,932 | |||||||||
Administrative Class | 28,474 | — | — | |||||||||
Shares Issued and Outstanding: | ||||||||||||
Class A | 2,341,665 | 99,351 | — | |||||||||
Class C | 308,157 | 10,659 | — | |||||||||
Class R | 26,488 | 22,240 | — | |||||||||
Class P | 446,284 | 296,344 | 782 | |||||||||
Institutional Class | 5,050,908 | 859,699 | 430,426 | |||||||||
Class R6 | — | 793,925 | 921,396 | |||||||||
Administrative Class | 3,385 | — | — | |||||||||
Net Asset Value and Redemption Price Per Share:* | ||||||||||||
Class A | $ | 8.82 | $ | 41.31 | $ | — | ||||||
Class C | 8.80 | 39.70 | — | |||||||||
Class R | 8.37 | 38.46 | — | |||||||||
Class P | 8.40 | 41.15 | 15.68 | |||||||||
Institutional Class | 8.43 | 42.59 | 15.68 | |||||||||
Class R6 | — | 42.20 | 15.68 | |||||||||
Administrative Class | 8.41 | — | — |
* | Net asset value and redemption price per share may not recalculate exactly due to rounding. |
See Notes to Financial Statements
64
Table of Contents
VIRTUS STRATEGY TRUST
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)
MARCH 31, 2021
AllianzGI Short Duration High Income Fund | AllianzGI Water Fund | NFJ Emerging Markets Value Fund | ||||||||||
Assets: |
| |||||||||||
Investments, at value | $ | 707,132,510 | $ | 855,841,949 | $ | 153,334,208 | ||||||
Repurchase agreements, at value | 52,411,000 | 6,342,000 | 3,475,000 | |||||||||
Cash | 81,398 | 54,013 | 402 | |||||||||
Foreign currency, at value | — | 3,872,313 | 1,485,761 | |||||||||
Dividends and interest receivable (net of foreign withholding taxes) | 12,574,872 | 825,354 | 405,008 | |||||||||
Receivable for investments sold | 5,245,223 | — | 938,651 | |||||||||
Receivable for Fund shares sold | 393,467 | 1,639,211 | 126,796 | |||||||||
Tax reclaims receivable | — | 1,076,978 | 7,079 | |||||||||
Investments in Affiliated Funds – Trustees Deferred Compensation Plan (see Note 4) | 257,519 | 124,461 | 19,083 | |||||||||
Receivable for principal paydowns | 305,035 | — | — | |||||||||
Prepaid expenses and other assets | 69,225 | 75,333 | 48,625 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 778,470,249 | 869,851,612 | 159,840,613 | |||||||||
|
|
|
|
|
| |||||||
Liabilities: |
| |||||||||||
Payable for investments purchased | 6,200,000 | — | 2,306,832 | |||||||||
Payable for Fund shares redeemed | 1,019,200 | 597,648 | 106,677 | |||||||||
Investment advisory fees payable | 229,633 | 491,504 | 57,353 | |||||||||
Distribution fees payable | 18,622 | 41,499 | 683 | |||||||||
Servicing fees payable | 50,154 | 65,069 | 3,870 | |||||||||
Trustees Deferred Compensation Plan payable (see Note 4) | 257,519 | 124,461 | 19,083 | |||||||||
Accrued expenses and other liabilities | 643,722 | 512,529 | 222,914 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 8,418,850 | 1,832,710 | 2,717,412 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 770,051,399 | $ | 868,018,902 | $ | 157,123,201 | ||||||
|
|
|
|
|
| |||||||
Net Assets Consist of: | ||||||||||||
Paid-in-capital | $ | 918,668,305 | $ | 550,593,365 | $ | 139,226,354 | ||||||
Total distributable earnings (loss) | (148,616,906 | ) | 317,425,537 | 17,896,847 | ||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 770,051,399 | $ | 868,018,902 | $ | 157,123,201 | ||||||
|
|
|
|
|
| |||||||
Cost of Investments | $ | 710,860,897 | $ | 585,018,406 | $ | 122,264,348 | ||||||
Cost of Repurchase Agreements | $ | 52,411,000 | $ | 6,342,000 | $ | 3,475,000 | ||||||
Cost of Foreign Currency | $ | — | $ | 3,927,615 | $ | 1,492,612 | ||||||
Net Assets: |
| |||||||||||
Class A | $ | 151,426,519 | $ | 244,701,038 | $ | 16,909,735 | ||||||
Class C | 87,131,961 | 66,394,207 | 1,053,811 | |||||||||
Class P | 245,404,641 | 290,370,149 | 10,576,681 | |||||||||
Institutional Class | 265,603,869 | 266,553,508 | 128,582,974 | |||||||||
Class R6 | 20,484,409 | — | — | |||||||||
Shares Issued and Outstanding: |
| |||||||||||
Class A | 10,262,500 | 11,876,576 | 817,030 | |||||||||
Class C | 5,888,763 | 3,403,040 | 50,817 | |||||||||
Class P | 16,714,953 | 14,063,608 | 514,879 | |||||||||
Institutional Class | 18,143,139 | 13,182,637 | 6,254,631 | |||||||||
Class R6 | 1,398,113 | — | — | |||||||||
Net Asset Value and Redemption Price Per Share:* |
| |||||||||||
Class A | $ | 14.76 | $ | 20.60 | $ | 20.70 | ||||||
Class C | 14.80 | 19.51 | 20.74 | |||||||||
Class P | 14.68 | 20.65 | 20.54 | |||||||||
Institutional Class | 14.64 | 20.22 | 20.56 | |||||||||
Class R6 | 14.65 | — | — |
* | Net asset value and redemption price per share may not recalculate exactly due to rounding. |
See Notes to Financial Statements
65
Table of Contents
VIRTUS STRATEGY TRUST
STATEMENTS OF OPERATIONS (Unaudited)
PERIOD ENDED MARCH 31, 2021
AllianzGI Convertible Fund | AllianzGI Core Plus Bond Fund | AllianzGI Emerging Markets Consumer Fund | ||||||||||
Investment Income: | ||||||||||||
Interest | $ | 8,143,995 | $ | 635,047 | $ | — | ||||||
Dividends, net of foreign withholding taxes* | 8,345,619 | 14,002 | 113,711 | |||||||||
Miscellaneous | 15 | — | 2 | |||||||||
|
|
|
|
|
| |||||||
Total Investment Income | 16,489,629 | 649,049 | 113,713 | |||||||||
|
|
|
|
|
| |||||||
Expenses: | ||||||||||||
Investment advisory | 7,466,147 | 79,876 | 87,963 | |||||||||
Administration | 443,515 | 8,425 | 2,564 | |||||||||
Distribution – Class C | 519,740 | — | — | |||||||||
Distribution – Class R | 1,013 | — | — | |||||||||
Servicing – Class A | 449,074 | — | 94 | |||||||||
Servicing – Class C | 173,247 | — | — | |||||||||
Servicing – Class R | 1,013 | — | — | |||||||||
Administrative servicing – Class P | 89,210 | — | — | |||||||||
Distribution and/or servicing – Administrative Class | 27,477 | — | — | |||||||||
Sub-transfer agent – Class A | 69,299 | — | 32 | |||||||||
Sub-transfer agent – Class C | 39,708 | — | — | |||||||||
Sub-transfer agent – Class R | 137 | — | — | |||||||||
Sub-transfer agent – Class P | 64,454 | — | — | |||||||||
Sub-transfer agent – Institutional Class | 259,850 | — | 5,627 | |||||||||
Sub-transfer agent – Administrative Class | 131 | — | — | |||||||||
Transfer agent | 240,633 | 5,827 | 2,642 | |||||||||
Custodian and accounting agent | 131,330 | 36,910 | 52,245 | |||||||||
Registration | 97,930 | 23,226 | 17,303 | |||||||||
Trustees | 68,491 | 1,888 | 1,205 | |||||||||
Shareholder communications | 64,466 | 6,805 | 6,184 | |||||||||
Legal | 41,728 | 8,990 | 4,670 | |||||||||
Audit and tax services | 34,090 | 23,656 | 19,098 | |||||||||
Recoupment | 33,531 | — | — | |||||||||
Insurance | 23,357 | 3,713 | 3,268 | |||||||||
Line of credit commitment | 20,073 | 663 | 423 | |||||||||
Miscellaneous | 26,583 | 2,026 | 1,646 | |||||||||
|
|
|
|
|
| |||||||
Total Expenses | 10,386,227 | 202,005 | 204,964 | |||||||||
Less: Fee Waiver/Reimbursement from Investment Adviser | (302,268 | ) | (134,655 | ) | (95,695 | ) | ||||||
|
|
|
|
|
| |||||||
Net Expenses | 10,083,959 | 67,350 | 109,269 | |||||||||
|
|
|
|
|
| |||||||
Net Investment Income | 6,405,670 | 581,699 | 4,444 | |||||||||
|
|
|
|
|
| |||||||
Realized and Change in Unrealized Gain (Loss): | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | 328,939,361 | 328,084 | 9,071,458 | |||||||||
Futures contracts | — | (235,342 | ) | — | ||||||||
Swaps | — | (155,553 | ) | — | ||||||||
Foreign currency transactions | — | — | 7,759 | |||||||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||
Investments | 135,169,845 | (864,677 | ) | (5,651,776 | ) | |||||||
Futures contracts | — | 117,658 | — | |||||||||
Swaps | — | 312,029 | — | |||||||||
Foreign currency transactions | — | — | (5,107 | ) | ||||||||
|
|
|
|
|
| |||||||
Net realized and change in unrealized gain (loss) | 464,109,206 | (497,801 | ) | 3,422,334 | ||||||||
|
|
|
|
|
| |||||||
Net Increase in Net Assets Resulting from Investment Operations | $ | 470,514,876 | $ | 83,898 | $ | 3,426,778 | ||||||
|
|
|
|
|
| |||||||
*Foreignwithholding taxes | $ | — | $ | — | $ | 21,311 |
See Notes to Financial Statements
66
Table of Contents
VIRTUS STRATEGY TRUST
STATEMENTS OF OPERATIONS (Unaudited) (Continued)
PERIOD ENDED MARCH 31, 2021
AllianzGI Global Allocation Fund | AllianzGI Global Dynamic Allocation Fund | AllianzGI Global Sustainability Fund | ||||||||||
Investment Income: | ||||||||||||
Interest | $ | 823,069 | $ | 190,009 | $ | — | ||||||
Dividends, net of foreign withholding taxes* | 436,911 | 202,397 | 1,093,083 | |||||||||
Dividends from investments in Affiliates | 2,391,294 | 120,690 | — | |||||||||
Miscellaneous | 889 | 30 | — | |||||||||
|
|
|
|
|
| |||||||
Total Investment Income | 3,652,163 | 513,126 | 1,093,083 | |||||||||
|
|
|
|
|
| |||||||
Expenses: | ||||||||||||
Investment advisory | 998,673 | 170,593 | 697,099 | |||||||||
Administration | 43,911 | 7,526 | 25,519 | |||||||||
Distribution – Class C | 13,308 | 2,097 | — | |||||||||
Distribution – Class R | 30 | 36 | — | |||||||||
Servicing – Class A | 61,196 | 2,110 | 3,842 | |||||||||
Servicing – Class C | 4,436 | 699 | — | |||||||||
Servicing – Class R | 30 | 36 | — | |||||||||
Administrative servicing – Class P | 1,371 | 22 | 5,583 | |||||||||
Distribution and/or servicing – Administrative Class | 37 | 34 | — | |||||||||
Sub-transfer agent – Class A | 13,505 | 474 | 761 | |||||||||
Sub-transfer agent – Class C | 1,063 | 171 | — | |||||||||
Sub-transfer agent – Class R | — | 59 | — | |||||||||
Sub-transfer agent – Class P | 856 | 7 | 3,806 | |||||||||
Sub-transfer agent – Institutional Class | 853 | 4,398 | 3,799 | |||||||||
Transfer agent | 45,367 | 9,085 | 15,671 | |||||||||
Custodian and accounting agent | 35,618 | 163,857 | 98,771 | |||||||||
Registration | 48,494 | 47,211 | 23,831 | |||||||||
Trustees | 10,024 | 1,592 | 5,834 | |||||||||
Shareholder communications | 11,662 | 8,115 | 8,618 | |||||||||
Legal | 18,156 | 14,815 | 7,287 | |||||||||
Audit and tax services | 15,252 | 21,695 | 17,825 | |||||||||
Insurance | 7,285 | 4,680 | 5,319 | |||||||||
Line of credit commitment | 3,297 | 816 | 1,852 | |||||||||
Interest expense | — | — | 1,329 | |||||||||
Miscellaneous | 5,646 | 4,422 | 3,229 | |||||||||
|
|
|
|
|
| |||||||
Total Expenses | 1,340,070 | 464,550 | 929,975 | |||||||||
Less: Fee Waiver/Reimbursement from Investment Adviser | (820,992 | ) | (308,426 | ) | (306,090 | ) | ||||||
|
|
|
|
|
| |||||||
Net Expenses | 519,078 | 156,124 | 623,885 | |||||||||
|
|
|
|
|
| |||||||
Net Investment Income | 3,133,085 | 357,002 | 469,198 | |||||||||
|
|
|
|
|
| |||||||
Realized and Change in Unrealized Gain (Loss): | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | 2,898,867 | 1,678,108 | 16,442,756 | |||||||||
Investments in Affiliates | 2,430,913 | (2,547,305 | ) | — | ||||||||
Futures contracts | 6,736,340 | 2,505,047 | — | |||||||||
Swaps | (21,150 | ) | 158,386 | — | ||||||||
Forward foreign currency contracts | — | — | 1,243 | |||||||||
Foreign currency transactions | (19,339 | ) | 28,286 | (23,924 | ) | |||||||
Net capital gain distributions received from underlying Affiliated funds | 4,054,984 | 4,136,542 | — | |||||||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||
Investments | (1,228,997 | ) | 2,402,265 | 4,356,959 | ||||||||
Investments in Affiliates | 7,111,868 | (1,351,046 | ) | — | ||||||||
Futures contracts | 1,055,157 | 213,147 | — | |||||||||
Swaps | 6,192 | 56,882 | — | |||||||||
Foreign currency transactions | (33,891 | ) | (30,894 | ) | (2,160 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized and change in unrealized gain | 22,990,944 | 7,249,418 | 20,774,874 | |||||||||
|
|
|
|
|
| |||||||
Net Increase in Net Assets Resulting from Investment Operations | $ | 26,124,029 | $ | 7,606,420 | $ | 21,244,072 | ||||||
|
|
|
|
|
| |||||||
*Foreignwithholding taxes | $ | 12,574 | $ | 11,189 | $ | 55,318 |
See Notes to Financial Statements
67
Table of Contents
VIRTUS STRATEGY TRUST
STATEMENTS OF OPERATIONS (Unaudited) (Continued)
PERIOD ENDED MARCH 31, 2021
AllianzGI High Yield Bond Fund | AllianzGI International Small-Cap Fund | AllianzGI Preferred Securities and Income Fund | ||||||||||
Investment Income: | ||||||||||||
Interest | $ | 2,374,237 | $ | — | $ | 408,100 | ||||||
Dividends, net of foreign withholding taxes* | 64,575 | 438,191 | 181,905 | |||||||||
Miscellaneous | 30 | — | — | |||||||||
|
|
|
|
|
| |||||||
Total Investment Income | 2,438,842 | 438,191 | 590,005 | |||||||||
|
|
|
|
|
| |||||||
Expenses: | ||||||||||||
Investment advisory | 192,815 | 419,019 | 51,497 | |||||||||
Administration | 10,684 | 13,022 | 3,175 | |||||||||
Distribution – Class C | 13,580 | 2,706 | — | |||||||||
Distribution – Class R | 393 | 1,185 | — | |||||||||
Servicing – Class A | 25,762 | 4,939 | — | |||||||||
Servicing – Class C | 4,527 | 902 | — | |||||||||
Servicing – Class R | 393 | 1,185 | — | |||||||||
Administrative servicing – Class P | 1,962 | 3,505 | — | |||||||||
Distribution and/or servicing – Administrative Class | 34 | — | — | |||||||||
Sub-transfer agent – Class A | 11,712 | 1,319 | — | |||||||||
Sub-transfer agent – Class C | 1,149 | 230 | — | |||||||||
Sub-transfer agent – Class R | 154 | 1,003 | — | |||||||||
Sub-transfer agent – Class P | 838 | 1,136 | — | |||||||||
Sub-transfer agent – Institutional Class | 22,209 | 13,599 | 2,000 | |||||||||
Sub-transfer agent – Administrative Class | 4 | — | — | |||||||||
Transfer agent | 13,374 | 11,970 | 3,037 | |||||||||
Custodian and accounting agent | 31,873 | 82,082 | 23,358 | |||||||||
Registration | 43,528 | 43,091 | 23,947 | |||||||||
Trustees | 2,978 | 2,723 | 920 | |||||||||
Shareholder communications | 9,304 | 10,054 | 6,639 | |||||||||
Legal | 10,203 | 7,886 | 4,962 | |||||||||
Audit and tax services | 25,232 | 19,782 | 22,735 | |||||||||
Insurance | 4,551 | 4,026 | 3,130 | |||||||||
Line of credit commitment | 1,119 | 927 | 291 | |||||||||
Miscellaneous | 4,315 | 2,966 | 1,883 | |||||||||
|
|
|
|
|
| |||||||
Total Expenses | 432,693 | 649,257 | 147,574 | |||||||||
Less: Fee Waiver/Reimbursement from Investment Adviser | (18,159 | ) | (205,047 | ) | (88,253 | ) | ||||||
|
|
|
|
|
| |||||||
Net Expenses | 414,534 | 444,210 | 59,321 | |||||||||
|
|
|
|
|
| |||||||
Net Investment Income (Loss) | 2,024,308 | (6,019 | ) | 530,684 | ||||||||
|
|
|
|
|
| |||||||
Realized and Change in Unrealized Gain (Loss): | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | (309,385 | ) | 6,417,325 | 637,961 | ||||||||
Futures contracts | — | — | (3,153 | ) | ||||||||
Swaps | — | — | (151,511 | ) | ||||||||
Forward foreign currency contracts | — | 854 | — | |||||||||
Foreign currency transactions | — | 13,504 | — | |||||||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||
Investments | 3,285,205 | 9,764,286 | 1,018,828 | |||||||||
Investments in Affiliates | 1,358,337 | — | — | |||||||||
Futures contracts | — | — | (4,683 | ) | ||||||||
Swaps | — | — | 132,791 | |||||||||
Forward foreign currency contracts | — | (283 | ) | — | ||||||||
Foreign currency transactions | — | (18,567 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Net realized and change in unrealized gain | 4,334,157 | 16,177,119 | 1,630,233 | |||||||||
|
|
|
|
|
| |||||||
Net Increase in Net Assets Resulting from Investment Operations | $ | 6,358,465 | $ | 16,171,100 | $ | 2,160,917 | ||||||
|
|
|
|
|
| |||||||
*Foreignwithholding taxes | $ | — | $ | 46,215 | $ | — |
See Notes to Financial Statements
68
Table of Contents
VIRTUS STRATEGY TRUST
STATEMENTS OF OPERATIONS (Unaudited) (Continued)
PERIOD ENDED MARCH 31, 2021
AllianzGI Short Duration High Income Fund | AllianzGI Water Fund | NFJ Emerging Markets Value Fund | ||||||||||
Investment Income: | ||||||||||||
Interest | $ | 20,627,494 | $ | 1,490 | $ | — | ||||||
Dividends, net of foreign withholding taxes* | — | 3,741,247 | 804,451 | |||||||||
Miscellaneous | 220,294 | — | — | |||||||||
|
|
|
|
|
| |||||||
Total Investment Income | 20,847,788 | 3,742,737 | 804,451 | |||||||||
|
|
|
|
|
| |||||||
Expenses: |
| |||||||||||
Investment advisory | 1,889,747 | 3,781,619 | 660,154 | |||||||||
Administration | 114,353 | 125,464 | 24,419 | |||||||||
Distribution – Class C | 113,013 | 239,328 | 4,083 | |||||||||
Servicing – Class A | 177,109 | 282,318 | 20,774 | |||||||||
Servicing – Class C | 113,013 | 79,776 | 1,361 | |||||||||
Administrative servicing – Class P | 85,995 | 80,346 | 2,753 | |||||||||
Sub-transfer agent – Class A | 40,180 | 69,504 | 11,064 | |||||||||
Sub-transfer agent – Class C | 31,425 | 24,487 | 533 | |||||||||
Sub-transfer agent – Class P | 34,158 | 34,546 | 1,005 | |||||||||
Sub-transfer agent – Institutional Class | 126,305 | 70,731 | 57,894 | |||||||||
Custodian and accounting agent | 90,538 | 149,908 | 129,052 | |||||||||
Audit and tax services | 20,656 | 22,783 | 24,386 | |||||||||
Shareholder communications | 37,864 | 45,195 | 13,157 | |||||||||
Legal | 31,238 | 23,822 | 6,698 | |||||||||
Transfer agent | 90,407 | 85,834 | 15,894 | |||||||||
Trustees | 28,478 | 23,719 | 4,790 | |||||||||
Registration | 53,647 | 41,956 | 31,450 | |||||||||
Insurance | 15,986 | 12,149 | 4,626 | |||||||||
Line of credit commitment | 11,118 | 7,920 | 1,524 | |||||||||
Miscellaneous | 14,233 | 14,735 | 3,754 | |||||||||
|
|
|
|
|
| |||||||
Total Expenses | 3,119,463 | 5,216,140 | 1,019,371 | |||||||||
Less: Fee Waiver/Reimbursement from Investment Adviser | (275,242 | ) | (827,321 | ) | (295,373 | ) | ||||||
|
|
|
|
|
| |||||||
Net Expenses | 2,844,221 | 4,388,819 | 723,998 | |||||||||
|
|
|
|
|
| |||||||
Net Investment Income (Loss) | 18,003,567 | (646,082 | ) | 80,453 | ||||||||
|
|
|
|
|
| |||||||
Realized and Change in Unrealized Gain (Loss): |
| |||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | (3,977,491 | ) | 53,687,102 | 12,135,152 | ||||||||
Forward foreign currency contracts | — | 91 | — | |||||||||
Foreign currency transactions | — | (54,918 | ) | 45,110 | ||||||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||
Investments | 56,179,827 | 80,978,007 | 8,684,343 | |||||||||
Foreign currency transactions | — | (15,147 | ) | (47,182 | ) | |||||||
|
|
|
|
|
| |||||||
Net realized and change in unrealized gain | 52,202,336 | 134,595,135 | 20,817,423 | |||||||||
|
|
|
|
|
| |||||||
Net Increase in Net Assets Resulting from Investment Operations | $ | 70,205,903 | $ | 133,949,053 | $ | 20,897,876 | ||||||
|
|
|
|
|
| |||||||
*Foreignwithholding taxes | $ | — | $ | 70,777 | $ | 122,447 |
See Notes to Financial Statements
69
Table of Contents
VIRTUS STRATEGY TRUST
STATEMENTS OF CHANGES IN NET ASSETS
AllianzGI Convertible Fund | AllianzGI Core Plus Bond Fund | |||||||||||||||
Six Months Ended March 31, 2021 (unaudited) | Year Ended September 30, 2020 | Six Months Ended March 31, 2021 (unaudited) | Year Ended September 30, 2020 | |||||||||||||
Increase (Decrease) in Net Assets from: | ||||||||||||||||
Investment Operations: | ||||||||||||||||
Net investment income | $ | 6,405,670 | $ | 11,291,458 | $ | 581,699 | $ | 1,464,329 | ||||||||
Net realized gain (loss) | 328,939,361 | 138,326,201 | (62,811 | ) | 3,867,831 | |||||||||||
Net change in unrealized appreciation/depreciation | 135,169,845 | 296,228,404 | (434,990 | ) | (257,691 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from investment operations | 470,514,876 | 445,846,063 | 83,898 | 5,074,469 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Distributable earnings: | ||||||||||||||||
Class A | (21,674,838 | ) | (3,905,437 | ) | — | — | ||||||||||
Class C | (8,086,507 | ) | (2,225,302 | ) | — | — | ||||||||||
Class R | (22,721 | ) | (6,817 | ) | — | — | ||||||||||
Class P | (45,676,025 | ) | (11,071,629 | ) | (1,026 | ) | (693 | ) | ||||||||
Institutional Class | (90,363,251 | ) | (23,303,995 | ) | (3,330 | ) | (875 | ) | ||||||||
Class R6 | — | — | (4,475,312 | ) | (3,642,611 | ) | ||||||||||
Administrative Class | (1,398,098 | ) | (55,241 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (167,221,440 | ) | (40,568,421 | ) | (4,479,668 | ) | (3,644,179 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Share Transactions: | ||||||||||||||||
Net proceeds from the sale of shares | 982,760,608 | 1,363,503,942 | 11,160,185 | 2,198,533 | ||||||||||||
Issued in reinvestment of distributions | 156,206,706 | 38,820,500 | 4,479,668 | 3,644,179 | ||||||||||||
Cost of shares redeemed | (501,926,983 | ) | (489,553,720 | ) | (3,559,428 | ) | (16,280,298 | ) | ||||||||
Net increase (decrease) from Fund share transactions | 637,040,331 | 912,770,722 | 12,080,425 | (10,437,586 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total increase (decrease) in net assets | 940,333,767 | 1,318,048,364 | 7,684,655 | (9,007,296 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 1,974,521,068 | 656,472,704 | 50,433,960 | 59,441,256 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 2,914,854,835 | $ | 1,974,521,068 | $ | 58,118,615 | $ | 50,433,960 | ||||||||
|
|
|
|
|
|
|
|
— | May reflect actual amounts rounding to less than $1. |
See Notes to Financial Statements
70
Table of Contents
VIRTUS STRATEGY TRUST
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
AllianzGI Emerging Markets Consumer Fund | AllianzGI Global Allocation Fund | AllianzGI Global Dynamic Allocation Fund | ||||||||||||||||||||||
Six Months Ended March 31, 2021 (unaudited) | Year Ended September 30, 2020 | Six Months Ended March 31, 2021 (unaudited) | Year Ended September 30, 2020 | Six Months Ended March 31, 2021 (unaudited) | Year Ended September 30, 2020 | |||||||||||||||||||
Increase (Decrease) in Net Assets from: | ||||||||||||||||||||||||
Investment Operations: | ||||||||||||||||||||||||
Net investment income | $ | 4,444 | $ | 412,932 | $ | 3,133,085 | $ | 4,326,448 | $ | 357,002 | $ | 1,691,180 | ||||||||||||
Net realized gain (loss) | 9,079,217 | (871,918 | ) | 16,080,615 | 21,915,196 | 5,959,064 | 9,397,445 | |||||||||||||||||
Net change in unrealized appreciation/depreciation | (5,656,883 | ) | 5,540,663 | 6,910,329 | 3,683,605 | 1,290,354 | 34,749 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase in net assets resulting from investment operations | 3,426,778 | 5,081,677 | 26,124,029 | 29,925,249 | 7,606,420 | 11,123,374 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||||||
Distributable earnings: | ||||||||||||||||||||||||
Class A | (2,757 | ) | (457 | ) | (2,933,161 | ) | (4,287,547 | ) | (409,579 | ) | (178,699 | ) | ||||||||||||
Class C | — | — | (167,581 | ) | (444,086 | ) | (142,910 | ) | (63,940 | ) | ||||||||||||||
Class R | — | — | (1,411 | ) | (1,863 | ) | (6,265 | ) | (10,836 | ) | ||||||||||||||
Class P | — | — | (369,398 | ) | (674,026 | ) | (19,138 | ) | (4,691 | ) | ||||||||||||||
Institutional Class | (524,580 | ) | (437,367 | ) | (670,377 | ) | (587,050 | ) | (3,318,823 | ) | (1,011,445 | ) | ||||||||||||
Class R6 | — | — | (14,768,303 | ) | (24,243,636 | ) | (8,451,342 | ) | (11,995,496 | ) | ||||||||||||||
Administrative Class | — | — | (1,720 | ) | (2,124 | ) | (7,071 | ) | (2,455 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions to shareholders | (527,337 | ) | (437,824 | ) | (18,911,951 | ) | (30,240,332 | ) | (12,355,128 | ) | (13,267,562 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Fund Share Transactions: | ||||||||||||||||||||||||
Net proceeds from the sale of shares | 719,219 | 671,459 | 53,165,370 | 48,158,876 | 2,647,145 | 14,013,349 | ||||||||||||||||||
Issued in reinvestment of distributions | 424,720 | 388,159 | 18,210,290 | 29,041,225 | 12,354,562 | 13,265,491 | ||||||||||||||||||
Cost of shares redeemed | (25,473,322 | ) | (9,440,526 | ) | (43,967,900 | ) | (137,213,249 | ) | (3,945,470 | ) | (130,315,476 | ) | ||||||||||||
Net increase (decrease) from Fund share transactions | (24,329,383 | ) | (8,380,908 | ) | 27,407,760 | (60,013,148 | ) | 11,056,237 | (103,036,636 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total increase (decrease) in net assets | (21,429,942 | ) | (3,737,055 | ) | 34,619,838 | (60,328,231 | ) | 6,307,529 | (105,180,824 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of period | 35,510,592 | 39,247,647 | 256,835,356 | 317,163,587 | 45,433,943 | 150,614,767 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 14,080,650 | $ | 35,510,592 | $ | 291,455,194 | $ | 256,835,356 | $ | 51,741,472 | $ | 45,433,943 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
— | May reflect actual amounts rounding to less than $1. |
See Notes to Financial Statements
71
Table of Contents
VIRTUS STRATEGY TRUST
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
AllianzGI Global Sustainability Fund | AllianzGI High Yield Bond Fund | |||||||||||||||
Six Months Ended March 31, 2021 (unaudited) | Year Ended September 30, 2020 | Six Months Ended March 31, 2021 (unaudited) | Year Ended September 30, 2020 | |||||||||||||
Increase (Decrease) in Net Assets from: | ||||||||||||||||
Investment Operations: | ||||||||||||||||
Net investment income | $ | 469,198 | $ | 1,277,532 | $ | 2,024,308 | $ | 5,555,078 | ||||||||
Net realized gain (loss) | 16,420,075 | 3,487,244 | (309,385 | ) | (3,055,416 | ) | ||||||||||
Net change in unrealized appreciation/depreciation | 4,354,799 | 22,095,428 | 4,643,542 | (3,143,331 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from investment operations | 21,244,072 | 26,860,204 | 6,358,465 | (643,669 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: | ||||||||||||||||
Distributable earnings: | ||||||||||||||||
Class A | (79,749 | ) | (26,611 | ) | (522,490 | ) | (1,141,126 | ) | ||||||||
Class C | — | — | (80,214 | ) | (177,624 | ) | ||||||||||
Class R | — | — | (7,111 | ) | (32,602 | ) | ||||||||||
Class P | (1,011,734 | ) | (490,968 | ) | (221,382 | ) | (603,251 | ) | ||||||||
Institutional Class | (4,099,968 | ) | (2,565,366 | ) | (1,354,437 | ) | (4,000,073 | ) | ||||||||
Administrative Class | — | — | (761 | ) | (1,419 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (5,191,451 | ) | (3,082,945 | ) | (2,186,395 | ) | (5,956,095 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Share Transactions: | ||||||||||||||||
Net proceeds from the sale of shares | 16,820,105 | 171,221,042 | 8,438,127 | 33,347,960 | ||||||||||||
Issued in reinvestment of distributions | 5,172,589 | 3,082,945 | 2,136,400 | 5,804,047 | ||||||||||||
Cost of shares redeemed | (80,719,100 | ) | (60,384,083 | ) | (31,481,104 | ) | (67,842,459 | ) | ||||||||
Net increase (decrease) from Fund share transactions | (58,726,406 | ) | 113,919,904 | (20,906,577 | ) | (28,690,452 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total increase (decrease) in net assets | (42,673,785 | ) | 137,697,163 | (16,734,507 | ) | (35,290,216 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Beginning of period | 162,794,720 | 25,097,557 | 86,698,114 | 121,988,330 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 120,120,935 | $ | 162,794,720 | $ | 69,963,607 | $ | 86,698,114 | ||||||||
|
|
|
|
|
|
|
|
— | May reflect actual amounts rounding to less than $1. |
See Notes to Financial Statements
72
Table of Contents
VIRTUS STRATEGY TRUST
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
AllianzGI International Small-Cap Fund | AllianzGI Preferred Securities and Income Fund | AllianzGI Short Duration High Income Fund | ||||||||||||||||||||||
Six Months Ended March 31, 2021 (unaudited) | Year Ended September 30, 2020 | Six Months Ended March 31, 2021 (unaudited) | Year Ended September 30, 2020 | Six Months Ended March 31, 2021 (unaudited) | Year Ended September 30, 2020 | |||||||||||||||||||
Increase (Decrease) in Net Assets from: | ||||||||||||||||||||||||
Investment Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | (6,019 | ) | $ | 569,686 | $ | 530,684 | $ | 953,565 | $ | 18,003,567 | $ | 48,272,816 | |||||||||||
Net realized gain (loss) | 6,431,683 | 2,252,882 | 483,297 | 349,007 | (3,977,491 | ) | (45,704,174 | ) | ||||||||||||||||
Net change in unrealized appreciation/depreciation | 9,745,436 | 3,856,639 | 1,146,936 | (689,519 | ) | 56,179,827 | (42,227,195 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from investment operations | 16,171,100 | 6,679,207 | 2,160,917 | 613,053 | 70,205,903 | (39,658,553 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions to Shareholders from: | ||||||||||||||||||||||||
Distributable earnings: | ||||||||||||||||||||||||
Class A | (43,132 | ) | (67,731 | ) | — | — | (4,968,390 | ) | (6,316,827 | ) | ||||||||||||||
Class C | (5,364 | ) | (1,250 | ) | — | — | (2,705,551 | ) | (4,670,485 | ) | ||||||||||||||
Class R | (12,095 | ) | (19,726 | ) | — | — | — | — | ||||||||||||||||
Class P | (127,709 | ) | (223,775 | ) | (327 | ) | (777 | ) | (8,495,254 | ) | (24,930,340 | ) | ||||||||||||
Institutional Class | (499,254 | ) | (628,894 | ) | (195,239 | ) | (289,815 | ) | (10,170,839 | ) | (17,988,728 | ) | ||||||||||||
Class R6 | (430,983 | ) | (690,384 | ) | (437,820 | ) | (1,120,300 | ) | (1,054,436 | ) | (2,118,099 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions to shareholders | (1,118,537 | ) | (1,631,760 | ) | (633,386 | ) | (1,410,892 | ) | (27,394,470 | ) | (56,024,479 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Fund Share Transactions: | ||||||||||||||||||||||||
Net proceeds from the sale of shares | 7,875,895 | 15,589,889 | 1,758,998 | 18,685,457 | 114,734,385 | 1,336,812,641 | ||||||||||||||||||
Issued in reinvestment of distributions | 1,085,310 | 1,567,744 | 632,347 | 1,409,958 | 24,493,089 | 50,999,324 | ||||||||||||||||||
Cost of shares redeemed | (14,089,720 | ) | (40,113,713 | ) | (8,225,394 | ) | (11,477,144 | ) | (223,761,694 | ) | (1,662,542,975 | ) | ||||||||||||
Net increase (decrease) from Fund share transactions | (5,128,515 | ) | (22,956,080 | ) | (5,834,049 | ) | 8,618,271 | (84,534,220 | ) | (274,731,010 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total increase (decrease) in net assets | 9,924,048 | (17,908,633 | ) | (4,306,518 | ) | 7,820,432 | (41,722,787 | ) | (370,414,042 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of period | 77,771,837 | 95,680,470 | 25,512,051 | 17,691,619 | 811,774,186 | 1,182,188,228 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 87,695,885 | $ | 77,771,837 | $ | 21,205,533 | $ | 25,512,051 | $ | 770,051,399 | $ | 811,774,186 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
— | May reflect actual amounts rounding to less than $1. |
See Notes to Financial Statements
73
Table of Contents
VIRTUS STRATEGY TRUST
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
AllianzGI Water Fund | NFJ Emerging Markets Value Fund | |||||||||||||||
Six Months Ended March 31, 2021 (unaudited) | Year Ended September 30, 2020 | Six Months Ended March 31, 2021 (unaudited) | Year Ended September 30, 2020 | |||||||||||||
Increase (Decrease) in Net Assets from: |
| |||||||||||||||
Investment Operations: |
| |||||||||||||||
Net investment income (loss) | $ | (646,082 | ) | $ | 3,027,081 | $ | 80,453 | $ | 1,320,947 | |||||||
Net realized gain | 53,632,275 | 7,362,506 | 12,180,262 | 1,186,542 | ||||||||||||
Net change in unrealized appreciation/depreciation | 80,962,860 | 58,380,541 | 8,637,161 | 18,436,621 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from investment operations | 133,949,053 | 68,770,128 | 20,897,876 | 20,944,110 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from: |
| |||||||||||||||
Distributable earnings: |
| |||||||||||||||
Class A | (3,621,610 | ) | (5,630,824 | ) | (117,556 | ) | (165,073 | ) | ||||||||
Class C | (945,170 | ) | (1,775,781 | ) | (430 | ) | (5,560 | ) | ||||||||
Class P | (4,914,805 | ) | (6,754,853 | ) | (112,355 | ) | (65,991 | ) | ||||||||
Institutional Class | (4,511,413 | ) | (5,443,459 | ) | (1,355,386 | ) | (1,388,389 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (13,992,998 | ) | (19,604,917 | ) | (1,585,727 | ) | (1,625,013 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Share Transactions: |
| |||||||||||||||
Net proceeds from the sale of shares | 121,933,808 | 203,646,972 | 16,004,647 | 47,750,342 | ||||||||||||
Issued in reinvestment of distributions | 11,578,032 | 15,915,920 | 1,584,823 | 1,622,648 | ||||||||||||
Cost of shares redeemed | (88,975,680 | ) | (175,760,469 | ) | (18,710,674 | ) | (37,893,396 | ) | ||||||||
Net increase (decrease) from Fund share transactions | 44,536,160 | 43,802,423 | (1,121,204 | ) | 11,479,594 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total increase in net assets | 164,492,215 | 92,967,634 | 18,190,945 | 30,798,691 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: |
| |||||||||||||||
Beginning of period | 703,526,687 | 610,559,053 | 138,932,256 | 108,133,565 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 868,018,902 | $ | 703,526,687 | $ | 157,123,201 | $ | 138,932,256 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements
74
Table of Contents
VIRTUS STRATEGY TRUST
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING
THROUGHOUT EACH PERIOD^
| Net Asset Value, Beginning of Period | Net Investment Income (Loss)(a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Dividends and Distributions | Net Asset Value, End of Period | Total Return(b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement | Ratio of Net Investment Income (Loss) to Average Net Assets | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AllianzGI Convertible Fund: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 38.77 | $ | 0.07 | $ | 8.52 | $ | 8.59 | $ | (0.15 | ) | $ | (2.67 | ) | $ | (2.82 | ) | $ | 44.54 | 22.30 | % | $ | 415,848 | 0.94 | %(c)(e) | 0.96 | %(c) | 0.32 | %(c) | 66 | % | |||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 29.25 | 0.27 | 10.59 | 10.86 | (0.43 | ) | (0.91 | ) | (1.34 | ) | 38.77 | 38.44 | 254,762 | 0.96 | 0.98 | 0.83 | 145 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 32.78 | 0.29 | 0.63 | 0.92 | (0.90 | ) | (3.55 | ) | (4.45 | ) | 29.25 | 5.29 | 69,611 | 1.02 | 1.02 | 0.99 | 143 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 34.27 | 0.32 | 4.58 | 4.90 | (1.30 | ) | (5.09 | ) | (6.39 | ) | 32.78 | 16.83 | 61,385 | 0.96 | 0.96 | 1.02 | 133 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 31.02 | 0.38 | 3.64 | 4.02 | (0.77 | ) | — | (0.77 | ) | 34.27 | 13.14 | 76,586 | 1.02 | 1.02 | 1.19 | 124 | (d) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 32.13 | 0.64 | 1.29 | 1.93 | (0.53 | ) | (2.51 | ) | (3.04 | ) | 31.02 | 6.42 | 259,711 | 0.99 | 0.99 | 2.12 | 101 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 39.39 | $ | (0.10 | ) | $ | 8.65 | $ | 8.55 | $ | — | $ | (2.67 | ) | $ | (2.67 | ) | $ | 45.27 | 21.81 | % | $ | 143,113 | 1.72 | %(c)(e) | 1.73 | %(c) | (0.46 | )%(c) | 66 | % | |||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 29.61 | 0.02 | 10.77 | 10.79 | (0.10 | ) | (0.91 | ) | (1.01 | ) | 39.39 | 37.40 | 112,523 | 1.73 | 1.74 | 0.06 | 145 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 32.95 | 0.08 | 0.67 | 0.75 | (0.54 | ) | (3.55 | ) | (4.09 | ) | 29.61 | 4.53 | 60,434 | 1.75 | 1.75 | 0.26 | 143 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 34.36 | 0.08 | 4.59 | 4.67 | (0.99 | ) | (5.09 | ) | (6.08 | ) | 32.95 | 15.90 | 53,461 | 1.73 | 1.73 | 0.24 | 133 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 31.19 | 0.17 | 3.65 | 3.82 | (0.65 | ) | — | (0.65 | ) | 34.36 | 12.41 | 48,905 | 1.69 | 1.69 | 0.51 | 124 | (d) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 32.20 | 0.42 | 1.30 | 1.72 | (0.22 | ) | (2.51 | ) | (2.73 | ) | 31.19 | 5.65 | 67,423 | 1.71 | 1.71 | 1.40 | 101 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 40.45 | $ | 0.01 | $ | 8.91 | $ | 8.92 | $ | (0.02 | ) | $ | (2.67 | ) | $ | (2.69 | ) | $ | 46.68 | 22.13 | % | $ | 1,312 | 1.16 | %(c)(e) | 1.22 | %(c) | 0.04 | %(c) | 66 | % | |||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 30.43 | 0.21 | 11.04 | 11.25 | (0.32 | ) | (0.91 | ) | (1.23 | ) | 40.45 | 38.14 | 298 | 1.15 | 1.15 | 0.63 | 145 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 33.92 | 0.26 | 0.66 | 0.92 | (0.86 | ) | (3.55 | ) | (4.41 | ) | 30.43 | 5.12 | 166 | 1.17 | 1.17 | 0.87 | 143 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 34.19 | 0.27 | 4.70 | 4.97 | (0.15 | ) | (5.09 | ) | (5.24 | ) | 33.92 | 16.59 | 98 | 1.17 | 1.17 | 0.81 | 133 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 30.97 | 0.26 | 3.64 | 3.90 | (0.68 | ) | — | (0.68 | ) | 34.19 | 12.79 | 114 | 1.42 | 1.42 | 0.82 | 124 | (d) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 32.08 | 0.52 | 1.27 | 1.79 | (0.39 | ) | (2.51 | ) | (2.90 | ) | 30.97 | 5.95 | 1,145 | 1.43 | 1.43 | 1.73 | 101 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 37.57 | $ | 0.12 | $ | 8.27 | $ | 8.39 | $ | (0.22 | ) | $ | (2.67 | ) | $ | (2.89 | ) | $ | 43.07 | 22.46 | % | $ | 768,677 | 0.68 | %(c)(e) | 0.70 | %(c) | 0.58 | %(c) | 66 | % | |||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 28.45 | 0.34 | 10.27 | 10.61 | (0.58 | ) | (0.91 | ) | (1.49 | ) | 37.57 | 38.78 | 547,783 | 0.71 | 0.71 | 1.08 | 145 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 32.12 | 0.35 | 0.60 | 0.95 | (1.07 | ) | (3.55 | ) | (4.62 | ) | 28.45 | 5.59 | 155,601 | 0.75 | 0.75 | 1.26 | 143 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 33.95 | 0.38 | 4.50 | 4.88 | (1.62 | ) | (5.09 | ) | (6.71 | ) | 32.12 | 17.08 | 102,412 | 0.74 | 0.74 | 1.24 | 133 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 30.84 | 0.48 | 3.61 | 4.09 | (0.98 | ) | — | (0.98 | ) | 33.95 | 13.52 | 80,392 | 0.72 | 0.72 | 1.49 | 124 | (d) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 32.07 | 0.72 | 1.27 | 1.99 | (0.71 | ) | (2.51 | ) | (3.22 | ) | 30.84 | 6.67 | 88,900 | 0.73 | 0.73 | 2.38 | 101 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 38.04 | $ | 0.13 | $ | 8.35 | $ | 8.48 | $ | (0.21 | ) | $ | (2.67 | ) | $ | (2.88 | ) | $ | 43.64 | 22.43 | % | $ | 1,562,621 | 0.68 | %(c)(e) | 0.70 | %(c) | 0.58 | %(c) | 66 | % | |||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 28.76 | 0.34 | 10.40 | 10.74 | (0.55 | ) | (0.91 | ) | (1.46 | ) | 38.04 | 38.80 | 1,045,769 | 0.71 | 0.71 | 1.07 | 145 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 32.41 | 0.37 | 0.61 | 0.98 | (1.08 | ) | (3.55 | ) | (4.63 | ) | 28.76 | 5.62 | 370,111 | 0.72 | 0.72 | 1.29 | 143 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 33.89 | 0.40 | 4.52 | 4.92 | (1.31 | ) | (5.09 | ) | (6.40 | ) | 32.41 | 17.10 | 332,874 | 0.71 | 0.71 | 1.27 | 133 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 30.76 | 0.49 | 3.61 | 4.10 | (0.97 | ) | — | (0.97 | ) | 33.89 | 13.58 | 322,732 | 0.68 | 0.68 | 1.54 | 124 | (d) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 32.02 | 0.74 | 1.26 | 2.00 | (0.75 | ) | (2.51 | ) | (3.26 | ) | 30.76 | 6.73 | 1,089,974 | 0.67 | 0.67 | 2.47 | 101 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Administrative Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 38.36 | $ | 0.08 | $ | 8.44 | $ | 8.52 | $ | (0.23 | ) | $ | (2.67 | ) | $ | (2.90 | ) | $ | 43.98 | 22.31 | % | $ | 23,284 | 0.89 | %(c)(e) | 0.91 | %(c) | 0.39 | %(c) | 66 | % | |||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 28.95 | 0.35 | 10.42 | 10.77 | (0.45 | ) | (0.91 | ) | (1.36 | ) | 38.36 | 38.50 | 13,386 | 0.93 | 0.93 | 0.99 | 145 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 32.46 | 0.30 | 0.61 | 0.91 | (0.87 | ) | (3.55 | ) | (4.42 | ) | 28.95 | 5.29 | 550 | 0.97 | 0.97 | 1.03 | 143 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 34.08 | 0.33 | 4.54 | 4.87 | (1.40 | ) | (5.09 | ) | (6.49 | ) | 32.46 | 16.88 | 997 | 0.93 | 0.93 | 1.05 | 133 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 30.96 | 0.42 | 3.62 | 4.04 | (0.92 | ) | — | (0.92 | ) | 34.08 | 13.30 | 1,240 | 0.89 | 0.89 | 1.32 | 124 | (d) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 32.14 | 0.66 | 1.29 | 1.95 | (0.62 | ) | (2.51 | ) | (3.13 | ) | 30.96 | 6.52 | 1,428 | 0.90 | 0.90 | 2.20 | 101 |
^ | A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%. |
† | Unaudited |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
(c) | Annualized, unless otherwise noted. |
(d) | Portfolio turnover rate excludes securities received or delivered from in-kind fund share transactions. |
(e) | Expense limitations may have been updated during the period. See Note 4B in the Notes to Financial Statements. |
See Notes to Financial Statements
75
Table of Contents
VIRTUS STRATEGY TRUST
FINANCIAL HIGHLIGHTS (Continued)
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING
THROUGHOUT EACH PERIOD^
| Net Asset Value, Beginning of Period | Net Investment Income (Loss)(a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Dividends and Distributions | Net Asset Value, End of Period | Total Return(b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement | Ratio of Net Investment Income (Loss) to Average Net Assets | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AllianzGI Core Plus Bond Fund: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 16.41 | $ | 0.17 | $ | (0.07 | ) | $ | 0.10 | $ | (0.30 | ) | $ | (1.08 | ) | $ | (1.38 | ) | $ | 15.13 | 0.41 | % | $ | 12 | 0.35 | %(c)(f) | 0.73 | %(c) | 2.09 | %(c) | 180 | % | ||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 16.00 | 0.39 | 1.00 | 1.39 | (0.41 | ) | (0.57 | ) | (0.98 | ) | 16.41 | 9.18 | 12 | 0.35 | 0.73 | 2.46 | 552 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 14.92 | 0.46 | 1.06 | 1.52 | (0.44 | ) | — | (0.44 | ) | 16.00 | 10.39 | 11 | 0.35 | 0.93 | 3.01 | 864 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5/30/2018* – 9/30/2018 | 15.00 | 0.14 | (0.11 | ) | 0.03 | (0.11 | ) | — | (0.11 | ) | 14.92 | 0.18 | 10 | 0.35 | (c)(d) | 1.19 | (c)(d) | 2.81 | (c)(d) | 302 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 16.41 | $ | 0.17 | $ | (0.08 | ) | $ | 0.09 | $ | (0.32 | ) | $ | (1.08 | ) | $ | (1.40 | ) | $ | 15.10 | 0.39 | % | $ | 39 | 0.30 | %(c)(f) | 0.76 | %(c) | 2.14 | %(c) | 180 | % | ||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 16.00 | 0.40 | 1.00 | 1.40 | (0.42 | ) | (0.57 | ) | (0.99 | ) | 16.41 | 9.25 | 39 | 0.30 | 0.74 | 2.49 | 552 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 14.92 | 0.47 | 1.06 | 1.53 | (0.45 | ) | — | (0.45 | ) | 16.00 | 10.47 | 11 | 0.30 | 21.03 | 3.06 | 864 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5/30/2018* – 9/30/2018 | 15.00 | 0.14 | (0.11 | ) | 0.03 | (0.11 | ) | — | (0.11 | ) | 14.92 | 0.20 | 10 | 0.30 | (c)(d) | 1.19 | (c)(d) | 2.86 | (c)(d) | 302 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 16.41 | $ | 0.17 | $ | (0.08 | ) | $ | 0.09 | $ | (0.31 | ) | $ | (1.08 | ) | $ | (1.39 | ) | $ | 15.11 | 0.40 | % | $ | 58,068 | 0.25 | %(c)(f) | 0.76 | %(c) | 2.18 | %(c) | 180 | % | ||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 16.00 | 0.41 | 1.00 | 1.41 | (0.43 | ) | (0.57 | ) | (1.00 | ) | 16.41 | 9.28 | 50,383 | 0.25 | 0.76 | 2.56 | 552 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 14.92 | 0.48 | 1.07 | 1.55 | (0.47 | ) | — | (0.47 | ) | 16.00 | 10.56 | 59,419 | 0.25 | 0.94 | 3.11 | 864 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5/30/2018* – 9/30/2018 | 15.00 | 0.15 | (0.12 | ) | 0.03 | (0.11 | ) | — | (0.11 | ) | 14.92 | 0.22 | 40,075 | 0.25 | (c)(d) | 1.19 | (c)(d) | 2.91 | (c)(d) | 302 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
AllianzGI Emerging Markets Consumer Fund: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 15.88 | $ | (0.02 | ) | $ | 2.55 | $ | 2.53 | $ | (0.69 | ) | $ | — | $ | (0.69 | ) | $ | 17.72 | (e) | 16.20 | %(e) | $ | 101 | 1.40 | %(c)(f) | 2.37 | %(c) | (0.19 | )%(c) | 28 | % | ||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 13.51 | 0.12 | 2.35 | 2.47 | (0.10 | ) | — | (0.10 | ) | 15.88 | 18.34 | 63 | 1.40 | 1.81 | 0.86 | 57 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 13.88 | 0.12 | (0.45 | ) | (0.33 | ) | (0.04 | ) | — | (0.04 | ) | 13.51 | (2.34 | ) | 62 | 1.52 | 1.75 | 0.90 | 82 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 15.76 | 0.11 | (1.11 | ) | (1.00 | ) | (0.26 | ) | (0.62 | ) | (0.88 | ) | 13.88 | (7.04 | ) | 69 | 1.55 | 1.78 | 0.68 | 115 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 13.60 | 0.21 | 2.07 | 2.28 | (0.12 | ) | — | (0.12 | ) | 15.76 | 16.97 | 155 | 1.55 | 16.84 | 1.47 | 122 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 12.24 | 0.11 | 1.31 | 1.42 | (0.06 | ) | — | (0.06 | ) | 13.60 | 11.67 | 48 | 1.58 | 38.88 | 0.90 | 91 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 15.89 | $ | — | $ | 2.56 | $ | 2.56 | $ | (0.56 | ) | $ | — | $ | (0.56 | ) | $ | 17.89 | (e) | 16.32 | %(e) | $ | 13,980 | 1.05 | %(c)(f) | 1.98 | %(c) | 0.04 | %(c) | 28 | % | |||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 13.51 | 0.16 | 2.37 | 2.53 | (0.15 | ) | — | (0.15 | ) | 15.89 | 18.84 | 35,448 | 1.05 | 1.51 | 1.12 | 57 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 14.05 | 0.17 | (0.48 | ) | (0.31 | ) | (0.23 | ) | — | (0.23 | ) | 13.51 | (2.05 | ) | 39,186 | 1.16 | 1.43 | 1.30 | 82 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 15.86 | 0.21 | (1.17 | ) | (0.96 | ) | (0.23 | ) | (0.62 | ) | (0.85 | ) | 14.05 | (6.69 | ) | 43,333 | 1.20 | 1.37 | 1.36 | 115 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 13.68 | 0.22 | 2.11 | 2.33 | (0.15 | ) | — | (0.15 | ) | 15.86 | 17.37 | 43,487 | 1.20 | 1.64 | 1.55 | 122 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 12.28 | 0.19 | 1.28 | 1.47 | (0.07 | ) | — | (0.07 | ) | 13.68 | 12.06 | 44,630 | 1.22 | 2.04 | 1.49 | 91 |
^ | A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%. |
† | Unaudited |
* | Commencement of operations. |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
(c) | Annualized, unless otherwise noted. |
(d) | Certain expenses incurred by the Fund were not annualized. |
(e) | Payments from Affiliates increased the end of period net asset value and total return by less than $0.01 and 0.01%, respectively. |
(f) | Expense limitations may have been updated during the period. See Note 4B in the Notes to Financial Statements. |
See Notes to Financial Statements
76
Table of Contents
VIRTUS STRATEGY TRUST
FINANCIAL HIGHLIGHTS (Continued)
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING
THROUGHOUT EACH PERIOD^
| Net Asset Value, Beginning of Period | Net Investment Income (Loss)(a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Dividends and Distributions | Net Asset Value, End of Period | Total Return(b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement(c) | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement(c) | Ratio of Net Investment Income (Loss) to Average Net Assets(c) | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AllianzGI Global Allocation Fund: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 11.11 | $ | 0.11 | $ | 0.96 | $ | 1.07 | $ | (0.17 | ) | $ | (0.53 | ) | $ | (0.70 | ) | $ | 11.48 | 9.79 | % | $ | 50,181 | 0.60 | %(d)(f) | 1.18 | %(d) | �� | 1.96 | %(d) | 111 | % | ||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 11.05 | 0.13 | 0.94 | 1.07 | (0.12 | ) | (0.89 | ) | (1.01 | ) | 11.11 | 10.21 | 46,506 | 0.52 | 1.14 | 1.18 | 141 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 11.47 | 0.21 | 0.06 | 0.27 | (0.25 | ) | (0.44 | ) | (0.69 | ) | 11.05 | (e) | 3.05 | (e) | 49,259 | 0.61 | 1.14 | 1.95 | 29 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 12.34 | 0.26 | 0.07 | 0.33 | (0.55 | ) | (0.65 | ) | (1.20 | ) | 11.47 | 2.62 | 40,974 | 0.59 | 1.12 | 2.24 | 17 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 11.23 | 0.20 | 1.11 | 1.31 | (0.20 | ) | — | (0.20 | ) | 12.34 | 11.88 | 47,170 | 0.60 | 1.12 | 1.73 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 10.98 | 0.07 | 0.63 | 0.70 | (0.05 | ) | (0.40 | ) | (0.45 | ) | 11.23 | 6.55 | 84,852 | 0.60 | 1.13 | 0.68 | 57 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 11.47 | $ | 0.08 | $ | 0.98 | $ | 1.06 | $ | (0.03 | ) | $ | (0.53 | ) | $ | (0.56 | ) | $ | 11.97 | 9.39 | % | $ | 2,889 | 1.35 | %(d)(f) | 1.93 | %(d) | 1.28 | %(d) | 111 | % | |||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 11.37 | 0.06 | 0.95 | 1.01 | (0.02 | ) | (0.89 | ) | (0.91 | ) | 11.47 | 9.28 | 3,549 | 1.27 | 1.83 | 0.55 | 141 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 11.67 | 0.13 | 0.08 | 0.21 | (0.07 | ) | (0.44 | ) | (0.51 | ) | 11.37 | (e) | 2.29 | (e) | 6,393 | 1.34 | 1.91 | 1.14 | 29 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 12.47 | 0.19 | 0.06 | 0.25 | (0.40 | ) | (0.65 | ) | (1.05 | ) | 11.67 | 1.90 | 26,220 | 1.33 | 1.86 | 1.56 | 17 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 11.32 | 0.13 | 1.12 | 1.25 | (0.10 | ) | — | (0.10 | ) | 12.47 | 11.09 | 34,670 | 1.35 | 1.87 | 1.12 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 11.13 | (0.01 | ) | 0.63 | 0.62 | (0.03 | ) | (0.40 | ) | (0.43 | ) | 11.32 | 5.72 | 46,387 | 1.38 | 1.90 | (0.06 | ) | 57 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 10.98 | $ | 0.10 | $ | 0.95 | $ | 1.05 | $ | (0.15 | ) | $ | (0.53 | ) | $ | (0.68 | ) | $ | 11.35 | 9.70 | % | $ | 25 | 0.79 | %(d)(f) | 1.37 | %(d) | 1.76 | %(d) | 111 | % | |||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 10.93 | 0.10 | 0.93 | 1.03 | (0.09 | ) | (0.89 | ) | (0.98 | ) | 10.98 | 9.96 | 23 | 0.72 | 1.34 | 0.94 | 141 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 11.34 | 0.26 | (0.01 | ) | 0.25 | (0.22 | ) | (0.44 | ) | (0.66 | ) | 10.93 | (e) | 2.80 | (e) | 21 | 0.81 | 1.46 | 2.43 | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 12.22 | 0.21 | 0.10 | 0.31 | (0.54 | ) | (0.65 | ) | (1.19 | ) | 11.34 | 2.43 | 35 | 0.80 | 1.32 | 1.85 | 17 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 11.15 | 0.18 | 1.11 | 1.29 | (0.22 | ) | — | (0.22 | ) | 12.22 | 11.78 | 24 | 0.78 | 1.31 | 1.55 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 10.93 | 0.05 | 0.62 | 0.67 | (0.05 | ) | (0.40 | ) | (0.45 | ) | 11.15 | 6.25 | 17 | 0.81 | 1.33 | 0.45 | 57 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 10.96 | $ | 0.12 | $ | 0.94 | $ | 1.06 | $ | (0.20 | ) | $ | (0.53 | ) | $ | (0.73 | ) | $ | 11.29 | 9.83 | % | $ | 5,733 | 0.40 | %(d)(f) | 0.95 | %(d) | 2.17 | %(d) | 111 | % | |||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 10.94 | 0.17 | 0.90 | 1.07 | (0.16 | ) | (0.89 | ) | (1.05 | ) | 10.96 | 10.39 | 5,371 | 0.32 | 0.90 | 1.63 | 141 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 11.38 | 0.18 | 0.12 | 0.30 | (0.30 | ) | (0.44 | ) | (0.74 | ) | 10.94 | (e) | 3.30 | (e) | 6,173 | 0.37 | 0.91 | 1.68 | 29 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 12.28 | 0.27 | 0.09 | 0.36 | (0.61 | ) | (0.65 | ) | (1.26 | ) | 11.38 | 2.92 | 4,292 | 0.35 | 0.88 | 2.30 | 17 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 11.24 | 0.24 | 1.11 | 1.35 | (0.31 | ) | — | (0.31 | ) | 12.28 | 12.31 | 3,563 | 0.32 | 0.85 | 2.05 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 10.98 | 0.12 | 0.61 | 0.73 | (0.07 | ) | (0.40 | ) | (0.47 | ) | 11.24 | 6.78 | 1,901 | 0.30 | 0.83 | 1.10 | 57 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 11.05 | $ | 0.13 | $ | 0.95 | $ | 1.08 | $ | (0.21 | ) | $ | (0.53 | ) | $ | (0.74 | ) | $ | 11.39 | 9.93 | % | $ | 10,678 | 0.34 | %(d)(f) | 0.89 | %(d) | 2.21 | %(d) | 111 | % | |||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 11.02 | 0.14 | 0.94 | 1.08 | (0.16 | ) | (0.89 | ) | (1.05 | ) | 11.05 | 10.40 | 9,609 | 0.29 | 0.88 | 1.28 | 141 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 11.45 | 0.24 | 0.06 | 0.30 | (0.29 | ) | (0.44 | ) | (0.73 | ) | 11.02 | (e) | 3.34 | (e) | 6,026 | 0.36 | 0.89 | 2.25 | 29 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 12.15 | 0.28 | 0.08 | 0.36 | (0.41 | ) | (0.65 | ) | (1.06 | ) | 11.45 | 2.92 | 6,652 | 0.33 | 0.86 | 2.43 | 17 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 11.11 | 0.26 | 1.05 | 1.31 | (0.27 | ) | — | (0.27 | ) | 12.15 | 12.08 | 6,871 | 0.40 | 0.95 | 2.35 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 10.86 | 0.10 | 0.61 | 0.71 | (0.06 | ) | (0.40 | ) | (0.46 | ) | 11.11 | 6.72 | 68,709 | 0.40 | 0.92 | 0.89 | 57 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 10.79 | $ | 0.13 | $ | 0.92 | $ | 1.05 | $ | (0.21 | ) | $ | (0.53 | ) | $ | (0.74 | ) | $ | 11.10 | 9.91 | % | $ | 221,919 | 0.30 | %(d)(f) | 0.87 | %(d) | 2.26 | %(d) | 111 | % | |||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 10.78 | 0.16 | 0.92 | 1.08 | (0.18 | ) | (0.89 | ) | (1.07 | ) | 10.79 | 10.57 | 191,750 | 0.22 | 0.83 | 1.52 | 141 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 11.23 | 0.23 | 0.06 | 0.29 | (0.30 | ) | (0.44 | ) | (0.74 | ) | 10.78 | (e) | 3.34 | (e) | 249,269 | 0.28 | 0.82 | 2.23 | 29 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 12.13 | 0.29 | 0.07 | 0.36 | (0.61 | ) | (0.65 | ) | (1.26 | ) | 11.23 | 2.95 | 252,313 | 0.28 | 0.81 | 2.48 | 17 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 11.10 | 0.23 | 1.11 | 1.34 | (0.31 | ) | — | (0.31 | ) | 12.13 | 12.40 | 264,255 | 0.28 | 0.80 | 1.99 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 10.85 | 0.05 | 0.67 | 0.72 | (0.07 | ) | (0.40 | ) | (0.47 | ) | 11.10 | 6.81 | 291,767 | 0.30 | 0.83 | 0.48 | 57 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Administrative Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 11.46 | $ | 0.12 | $ | 0.99 | $ | 1.11 | $ | (0.18 | ) | $ | (0.53 | ) | $ | (0.71 | ) | $ | 11.86 | 9.82 | % | $ | 30 | 0.55 | %(d)(f) | 1.12 | %(d) | 2.05 | %(d) | 111 | % | |||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 11.38 | 0.13 | 0.98 | 1.11 | (0.14 | ) | (0.89 | ) | (1.03 | ) | 11.46 | 10.24 | 27 | 0.47 | 1.08 | 1.17 | 141 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 11.77 | 0.22 | 0.08 | 0.30 | (0.25 | ) | (0.44 | ) | (0.69 | ) | 11.38 | (e) | 3.17 | (e) | 23 | 0.53 | 1.07 | 1.97 | 29 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 12.64 | 0.28 | 0.07 | 0.35 | (0.57 | ) | (0.65 | ) | (1.22 | ) | 11.77 | 2.68 | 22 | 0.53 | 1.06 | 2.28 | 17 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 11.52 | 0.22 | 1.15 | 1.37 | (0.25 | ) | — | (0.25 | ) | 12.64 | 12.07 | 26 | 0.53 | 1.06 | 1.86 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 11.25 | 0.08 | 0.64 | 0.72 | (0.05 | ) | (0.40 | ) | (0.45 | ) | 11.52 | 6.58 | 32 | 0.56 | 1.08 | 0.67 | 57 |
^ | A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%. |
† | Unaudited |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
(c) | Does not include expenses of the investment companies in which the Fund invests. |
(d) | Annualized, unless otherwise noted. |
(e) | Payments from Affiliates increased the end of period net asset value and total return by less than $0.01 and 0.01%, respectively. |
(f) | Expense limitations may have been updated during the period. See Note 4B in the Notes to Financial Statements. |
See Notes to Financial Statements
77
Table of Contents
VIRTUS STRATEGY TRUST
FINANCIAL HIGHLIGHTS (Continued)
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING
THROUGHOUT EACH PERIOD^
| Net Asset Value, Beginning of Period | Net Investment Income(a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Dividends and Distributions | Net Asset Value, End of Period | Total Return(b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement(c) | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement(c) | Ratio of Net Investment Income to Average Net Assets(c) | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AllianzGI Global Dynamic Allocation Fund: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 18.74 | $ | 0.10 | $ | 2.75 | $ | 2.85 | $ | (1.74 | ) | $ | (3.55 | ) | $ | (5.29 | ) | $ | 16.30 | 16.90 | % | $ | 2,222 | 0.89 | %(d)(e) | 2.18 | %(d) | 1.20 | %(d) | 102 | % | |||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 19.21 | 0.21 | 1.34 | 1.55 | (0.72 | ) | (1.30 | ) | (2.02 | ) | 18.74 | 8.20 | 1,491 | 0.82 | 1.62 | 1.17 | 221 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 20.19 | 0.34 | (0.48 | ) | (0.14 | ) | (0.36 | ) | (0.48 | ) | (0.84 | ) | 19.21 | (0.25 | ) | 1,812 | 0.97 | 1.32 | 1.78 | 222 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 20.52 | 0.28 | 0.32 | 0.60 | (0.21 | ) | (0.72 | ) | (0.93 | ) | 20.19 | 2.93 | 2,015 | 0.97 | 1.25 | 1.37 | 152 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 18.32 | 0.20 | 2.00 | 2.20 | — | — | — | 20.52 | 12.01 | 2,421 | 1.02 | 1.35 | 1.05 | 192 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 17.99 | 0.17 | 0.66 | 0.83 | (0.22 | ) | (0.28 | ) | (0.50 | ) | 18.32 | 4.69 | 5,198 | 0.76 | 1.73 | 0.96 | 79 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 18.32 | $ | 0.04 | $ | 2.68 | $ | 2.72 | $ | (1.56 | ) | $ | (3.55 | ) | $ | (5.11 | ) | $ | 15.93 | 16.47 | % | $ | 569 | 1.66 | %(d)(e) | 2.92 | %(d) | 0.44 | %(d) | 102 | % | |||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 18.84 | 0.07 | 1.30 | 1.37 | (0.59 | ) | (1.30 | ) | (1.89 | ) | 18.32 | 7.37 | 525 | 1.58 | 2.38 | 0.40 | 221 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 19.56 | 0.19 | (0.43 | ) | (0.24 | ) | — | (0.48 | ) | (0.48 | ) | 18.84 | (1.00 | ) | 588 | 1.74 | 2.08 | 1.00 | 222 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 20.05 | 0.12 | 0.31 | 0.43 | (0.20 | ) | (0.72 | ) | (0.92 | ) | 19.56 | 2.09 | 1,195 | 1.74 | 2.01 | 0.61 | 152 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 18.05 | 0.08 | 1.92 | 2.00 | — | — | — | 20.05 | 11.08 | 1,325 | 1.77 | 2.08 | 0.42 | 192 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 17.63 | 0.08 | 0.62 | 0.70 | — | (0.28 | ) | (0.28 | ) | 18.05 | 4.02 | 1,029 | 1.49 | 2.69 | 0.45 | 79 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 18.63 | $ | 0.07 | $ | 2.74 | $ | 2.81 | $ | (1.29 | ) | $ | (3.55 | ) | $ | (4.84 | ) | $ | 16.60 | 16.62 | % | $ | 28 | 1.26 | %(d)(e) | 2.76 | %(d) | 0.80 | %(d) | 102 | % | |||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 19.10 | 0.16 | 1.32 | 1.48 | (0.65 | ) | (1.30 | ) | (1.95 | ) | 18.63 | 7.86 | 44 | 1.18 | 2.00 | 0.87 | 221 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 19.97 | 0.26 | (0.45 | ) | (0.19 | ) | (0.20 | ) | (0.48 | ) | (0.68 | ) | 19.10 | (0.60 | ) | 121 | 1.34 | 1.67 | 1.38 | 222 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 20.35 | 0.21 | 0.30 | 0.51 | (0.17 | ) | (0.72 | ) | (0.89 | ) | 19.97 | 2.49 | 160 | 1.34 | 1.58 | 1.05 | 152 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 18.23 | 0.16 | 1.96 | 2.12 | — | — | — | 20.35 | 11.63 | 137 | 1.35 | 1.70 | 0.84 | 192 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 17.84 | 0.16 | 0.63 | 0.79 | (0.12 | ) | (0.28 | ) | (0.40 | ) | 18.23 | 4.50 | 159 | 1.01 | 2.25 | 0.90 | 79 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 19.61 | $ | 0.12 | $ | 2.86 | $ | 2.98 | $ | (2.18 | ) | $ | (3.55 | ) | $ | (5.73 | ) | $ | 16.86 | 16.98 | % | $ | 220 | 0.72 | %(d)(e) | 1.95 | %(d) | 1.40 | %(d) | 102 | % | |||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 19.09 | 0.21 | 1.61 | 1.82 | — | (1.30 | ) | (1.30 | ) | 19.61 | 9.73 | 59 | 0.68 | 1.19 | 1.05 | 221 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 20.07 | 0.36 | (0.46 | ) | (0.10 | ) | (0.40 | ) | (0.48 | ) | (0.88 | ) | 19.09 | (0.05 | ) | 11,456 | 0.80 | 1.12 | 1.95 | 222 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 20.48 | 0.32 | 0.31 | 0.63 | (0.32 | ) | (0.72 | ) | (1.04 | ) | 20.07 | 3.08 | 13,436 | 0.80 | 1.03 | 1.58 | 152 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 18.36 | 0.28 | 1.94 | 2.22 | (0.10 | ) | — | (0.10 | ) | 20.48 | 12.18 | 12,730 | 0.82 | 1.11 | 1.44 | 192 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 17.97 | 0.16 | 0.71 | 0.87 | (0.20 | ) | (0.28 | ) | (0.48 | ) | 18.36 | 4.89 | 186 | 0.61 | 1.47 | 0.90 | 79 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 19.05 | $ | 0.13 | $ | 2.80 | $ | 2.93 | $ | (1.79 | ) | $ | (3.55 | ) | $ | (5.34 | ) | $ | 16.64 | 17.07 | % | $ | 13,111 | 0.62 | %(d)(e) | 1.93 | %(d) | 1.50 | %(d) | 102 | % | |||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 19.50 | 0.26 | 1.37 | 1.63 | (0.78 | ) | (1.30 | ) | (2.08 | ) | 19.05 | 8.52 | 12,294 | 0.54 | 1.40 | 1.42 | 221 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 20.22 | 0.39 | (0.45 | ) | (0.06 | ) | (0.18 | ) | (0.48 | ) | (0.66 | ) | 19.50 | 0.03 | 9,330 | 0.70 | 1.12 | 2.05 | 222 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 20.61 | 0.34 | 0.32 | 0.66 | (0.33 | ) | (0.72 | ) | (1.05 | ) | 20.22 | 3.18 | 13,225 | 0.70 | 0.94 | 1.65 | 152 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 18.37 | 0.27 | 1.98 | 2.25 | (0.01 | ) | — | (0.01 | ) | 20.61 | 12.27 | 31,783 | 0.75 | 1.03 | 1.42 | 192 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 18.02 | 0.23 | 0.65 | 0.88 | (0.25 | ) | (0.28 | ) | (0.53 | ) | 18.37 | 4.98 | 37,722 | 0.51 | 1.45 | 1.27 | 79 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 18.75 | $ | 0.13 | $ | 2.74 | $ | 2.87 | $ | (1.63 | ) | $ | (3.55 | ) | $ | (5.18 | ) | $ | 16.44 | 17.00 | % | $ | 35,562 | 0.62 | %(d)(e) | 1.86 | %(d) | 1.48 | %(d) | 102 | % | |||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 19.18 | 0.27 | 1.33 | 1.60 | (0.73 | ) | (1.30 | ) | (2.03 | ) | 18.75 | 8.54 | 30,996 | 0.54 | 1.28 | 1.45 | 221 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 20.15 | 0.39 | (0.48 | ) | (0.09 | ) | (0.40 | ) | (0.48 | ) | (0.88 | ) | 19.18 | (0.01 | ) | 127,285 | 0.70 | 1.01 | 2.08 | 222 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 20.56 | 0.34 | 0.32 | 0.66 | (0.35 | ) | (0.72 | ) | (1.07 | ) | 20.15 | 3.19 | 192,375 | 0.70 | 0.91 | 1.67 | 152 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 18.38 | 0.28 | 1.99 | 2.27 | (0.09 | ) | — | (0.09 | ) | 20.56 | 12.39 | 231,584 | 0.70 | 0.99 | 1.49 | 192 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/1/2016* – 9/30/2016 | 17.30 | 0.09 | 0.99 | 1.08 | — | — | — | 18.38 | 6.24 | 9,029 | 0.36 | (d) | 1.36 | (d) | 0.77 | (d) | 79 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Administrative Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 18.67 | $ | 0.11 | $ | 2.73 | $ | 2.84 | $ | (1.74 | ) | $ | (3.55 | ) | $ | (5.29 | ) | $ | 16.22 | 16.91 | % | $ | 29 | 0.87 | %(d)(e) | 2.11 | %(d) | 1.24 | %(d) | 102 | % | |||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 19.16 | 0.21 | 1.34 | 1.55 | (0.74 | ) | (1.30 | ) | (2.04 | ) | 18.67 | 8.24 | 25 | 0.79 | 1.57 | 1.18 | 221 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 20.15 | 0.34 | (0.48 | ) | (0.14 | ) | (0.37 | ) | (0.48 | ) | (0.85 | ) | 19.16 | (0.26 | ) | 23 | 0.95 | 1.27 | 1.80 | 222 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 20.55 | 0.29 | 0.32 | 0.61 | (0.29 | ) | (0.72 | ) | (1.01 | ) | 20.15 | 2.93 | 23 | 0.96 | 1.17 | 1.42 | 152 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 18.35 | 0.23 | 1.97 | 2.20 | — | — | — | 20.55 | 11.99 | 23 | 1.00 | 1.25 | 1.18 | 192 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 17.93 | 0.21 | 0.63 | 0.84 | (0.14 | ) | (0.28 | ) | (0.42 | ) | 18.35 | 4.73 | 20 | 0.76 | 1.89 | 1.15 | 79 |
^ | A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%. |
† | Unaudited |
* | Commencement of operations. |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
(c) | Does not include expenses of the investment companies in which the Fund invests. |
(d) | Annualized, unless otherwise noted. |
(e) | Expense limitations may have been updated during the period. See Note 4B in the Notes to Financial Statements. |
See Notes to Financial Statements
78
Table of Contents
VIRTUS STRATEGY TRUST
FINANCIAL HIGHLIGHTS (Continued)
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING
THROUGHOUT EACH PERIOD^
| Net Asset Value, Beginning of Period | Net Investment Income(a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Dividends and Distributions | Net Asset Value, End of Period | Total Return(b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement | Ratio of Net Investment Income to Average Net Assets | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AllianzGI Global Sustainability Fund: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 21.06 | $ | 0.05 | $ | 2.63 | $ | 2.68 | $ | (0.15 | ) | $ | (0.50 | ) | $ | (0.65 | ) | $ | 23.09 | 12.79 | % | $ | 4,376 | 0.94 | %(c)(e) | 1.37 | %(c) | 0.42 | %(c) | 17 | % | |||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 18.27 | 0.11 | 3.03 | 3.14 | (0.02 | ) | (0.33 | ) | (0.35 | ) | 21.06 | 17.35 | 2,350 | 0.98 | 1.44 | 0.58 | 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 19.46 | 0.14 | 0.04 | 0.18 | (0.30 | ) | (1.07 | ) | (1.37 | ) | 18.27 | 2.43 | 1,444 | 1.09 | 1.84 | 0.77 | 49 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 17.96 | 0.17 | 1.98 | 2.15 | (0.21 | ) | (0.44 | ) | (0.65 | ) | 19.46 | 12.23 | 614 | 1.09 | 1.70 | 0.92 | 20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 15.80 | 0.13 | 2.20 | 2.33 | (0.14 | ) | (0.03 | ) | (0.17 | ) | 17.96 | 14.94 | 402 | 1.12 | 7.55 | 0.79 | 27 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 14.10 | 0.14 | 1.76 | 1.90 | (0.20 | ) | — | (0.20 | ) | 15.80 | 13.54 | 125 | 1.20 | 21.93 | 0.94 | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 21.22 | $ | 0.04 | $ | 2.68 | $ | 2.72 | $ | (0.17 | ) | $ | (0.50 | ) | $ | (0.67 | ) | $ | 23.27 | 12.85 | % | $ | 5,670 | 0.79 | %(c)(e) | 1.09 | %(c) | 0.38 | %(c) | 17 | % | |||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 18.39 | 0.14 | 3.05 | 3.19 | (0.03 | ) | (0.33 | ) | (0.36 | ) | 21.22 | 17.52 | 28,372 | 0.84 | 1.13 | 0.74 | 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 19.68 | 0.21 | (0.02 | ) | 0.19 | (0.41 | ) | (1.07 | ) | (1.48 | ) | 18.39 | 2.56 | 21,582 | 0.94 | 1.65 | 1.17 | 49 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 18.13 | 0.16 | 2.05 | 2.21 | (0.22 | ) | (0.44 | ) | (0.66 | ) | 19.68 | 12.44 | 11,362 | 0.94 | 1.25 | 0.84 | 20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 15.91 | 0.15 | 2.23 | 2.38 | (0.13 | ) | (0.03 | ) | (0.16 | ) | 18.13 | 15.13 | 64 | 0.96 | 1.62 | 0.88 | 27 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 14.12 | 0.17 | 1.75 | 1.92 | (0.13 | ) | — | (0.13 | ) | 15.91 | 13.67 | 11 | 1.05 | 3.44 | 1.15 | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 21.64 | $ | 0.07 | $ | 2.72 | $ | 2.79 | $ | (0.17 | ) | $ | (0.50 | ) | $ | (0.67 | ) | $ | 23.76 | 12.92 | % | $ | 110,075 | 0.69 | %(c)(e) | 1.05 | %(c) | 0.58 | %(c) | 17 | % | |||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 18.75 | 0.17 | 3.10 | 3.27 | (0.05 | ) | (0.33 | ) | (0.38 | ) | 21.64 | 17.59 | 132,073 | 0.74 | 1.03 | 0.88 | 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 19.72 | 0.19 | 0.06 | 0.25 | (0.15 | ) | (1.07 | ) | (1.22 | ) | 18.75 | 2.63 | 2,072 | 0.84 | 1.66 | 1.05 | 49 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 18.13 | 0.22 | 2.00 | 2.22 | (0.19 | ) | (0.44 | ) | (0.63 | ) | 19.72 | 12.52 | 28,237 | 0.84 | 1.43 | 1.18 | 20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 15.92 | 0.19 | 2.20 | 2.39 | (0.15 | ) | (0.03 | ) | (0.18 | ) | 18.13 | 15.25 | 26,615 | 0.89 | 1.63 | 1.16 | 27 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 14.13 | 0.22 | 1.71 | 1.93 | (0.14 | ) | — | (0.14 | ) | 15.92 | 13.77 | 20,610 | 0.95 | 2.04 | 1.47 | 20 |
^ | A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%. |
† | Unaudited |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
(c) | Annualized, unless otherwise noted. |
(e) | Expense limitations may have been updated during the period. See Note 4B in the Notes to Financial Statements. |
See Notes to Financial Statements
79
Table of Contents
VIRTUS STRATEGY TRUST
FINANCIAL HIGHLIGHTS (Continued)
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING
THROUGHOUT EACH PERIOD^
| Net Asset Value, Beginning of Period | Net Investment Income(a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Total Dividends and Distributions | Net Asset Value, End of Period | Total Return(b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement | Ratio of Net Investment Income to Average Net Assets | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
AllianzGI High | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 8.39 | $ | 0.21 | $ | 0.44 | $ | 0.65 | $ | (0.22 | ) | $ | (0.22 | ) | $ | 8.82 | 7.82 | % | $ | 20,650 | 1.20 | %(c)(e) | 1.24 | %(c) | 4.88 | %(c) | 84 | % | |||||||||||||||||||||||||||||||||||||||
9/30/2020 | 8.91 | 0.42 | (0.50 | ) | (0.08 | ) | (0.44 | ) | (0.44 | ) | 8.39 | (0.82 | ) | 20,251 | 1.12 | 1.12 | 4.96 | 143 | |||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 8.91 | 0.43 | 0.01 | 0.44 | (0.44 | ) | (0.44 | ) | 8.91 | 5.18 | 26,937 | 1.07 | 1.07 | 4.98 | 70 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 9.31 | 0.45 | (0.39 | ) | 0.06 | (0.46 | ) | (0.46 | ) | 8.91 | 0.67 | 33,768 | 1.05 | 1.05 | 4.93 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 9.14 | 0.48 | 0.18 | 0.66 | (0.49 | ) | (0.49 | ) | 9.31 | 7.42 | 58,525 | 1.09 | 1.09 | 5.19 | 37 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 8.92 | 0.53 | 0.24 | 0.77 | (0.55 | ) | (0.55 | ) | 9.14 | 9.08 | 58,004 | 0.98 | 0.98 | 6.02 | 59 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 8.38 | $ | 0.18 | $ | 0.43 | $ | 0.61 | $ | (0.19 | ) | $ | (0.19 | ) | $ | 8.80 | 7.36 | % | $ | 2,712 | 1.89 | %(c)(e) | 1.93 | %(c) | 4.19 | %(c) | 84 | % | |||||||||||||||||||||||||||||||||||||||
9/30/2020 | 8.89 | 0.36 | (0.49 | ) | (0.13 | ) | (0.38 | ) | (0.38 | ) | 8.38 | (1.41 | ) | 3,880 | 1.81 | 1.81 | 4.26 | 143 | |||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 8.90 | 0.37 | — | 0.37 | (0.38 | ) | (0.38 | ) | 8.89 | 4.33 | 4,880 | 1.76 | 1.76 | 4.28 | 70 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 9.30 | 0.39 | (0.39 | ) | — | (0.40 | ) | (0.40 | ) | 8.90 | 0.02 | 8,544 | 1.71 | 1.71 | 4.27 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 9.12 | 0.42 | 0.20 | 0.62 | (0.44 | ) | (0.44 | ) | 9.30 | 6.90 | 11,723 | 1.70 | 1.70 | 4.59 | 37 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 8.90 | 0.46 | 0.24 | 0.70 | (0.48 | ) | (0.48 | ) | 9.12 | 8.32 | 14,815 | 1.71 | 1.71 | 5.28 | 59 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 7.98 | $ | 0.19 | $ | 0.40 | $ | 0.59 | $ | (0.20 | ) | $ | (0.20 | ) | $ | 8.37 | 7.49 | % | $ | 222 | 1.46 | %(c)(e) | 1.46 | %(c) | 4.59 | %(c) | 84 | % | |||||||||||||||||||||||||||||||||||||||
9/30/2020 | 8.51 | 0.37 | (0.49 | ) | (0.12 | ) | (0.41 | ) | (0.41 | ) | 7.98 | (1.28 | ) | 508 | 1.52 | 1.52 | 4.57 | 143 | |||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 8.54 | 0.38 | — | 0.38 | (0.41 | ) | (0.41 | ) | 8.51 | 4.68 | 654 | 1.48 | 1.48 | 4.56 | 70 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 8.94 | 0.39 | (0.37 | ) | 0.02 | (0.42 | ) | (0.42 | ) | 8.54 | 0.33 | 878 | 1.44 | 1.44 | 4.55 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 8.79 | 0.43 | 0.18 | 0.61 | (0.46 | ) | (0.46 | ) | 8.94 | 7.12 | 1,048 | 1.44 | 1.44 | 4.84 | 37 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 8.61 | 0.48 | 0.22 | 0.70 | (0.52 | ) | (0.52 | ) | 8.79 | 8.62 | 1,310 | 1.34 | 1.34 | 5.65 | 59 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class P | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 8.01 | $ | 0.21 | $ | 0.42 | $ | 0.63 | $ | (0.24 | ) | $ | (0.24 | ) | $ | 8.40 | 7.88 | % | $ | 3,750 | 0.88 | %(c)(e) | 0.93 | %(c) | 5.15 | %(c) | 84 | % | |||||||||||||||||||||||||||||||||||||||
9/30/2020 | 8.53 | 0.43 | (0.48 | ) | (0.05 | ) | (0.47 | ) | (0.47 | ) | 8.01 | (0.46 | ) | 10,113 | 0.80 | 0.80 | 5.28 | 143 | |||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 8.55 | 0.44 | 0.01 | 0.45 | (0.47 | ) | (0.47 | ) | 8.53 | 5.56 | 12,128 | 0.73 | 0.73 | 5.31 | 70 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 8.96 | 0.46 | (0.38 | ) | 0.08 | (0.49 | ) | (0.49 | ) | 8.55 | 0.94 | 17,535 | 0.70 | 0.70 | 5.26 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 8.80 | 0.50 | 0.19 | 0.69 | (0.53 | ) | (0.53 | ) | 8.96 | 8.07 | 35,931 | 0.67 | 0.67 | 5.62 | 37 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 8.62 | 0.53 | 0.23 | 0.76 | (0.58 | ) | (0.58 | ) | 8.80 | 9.31 | 57,378 | 0.69 | 0.69 | 6.30 | 59 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 8.04 | $ | 0.21 | $ | 0.41 | $ | 0.62 | $ | (0.23 | ) | $ | (0.23 | ) | $ | 8.43 | 7.83 | % | $ | 42,602 | 0.92 | %(c)(e) | 0.96 | %(c) | 5.16 | %(c) | 84 | % | |||||||||||||||||||||||||||||||||||||||
9/30/2020 | 8.56 | 0.43 | (0.48 | ) | (0.05 | ) | (0.47 | ) | (0.47 | ) | 8.04 | (0.50 | ) | 51,920 | 0.83 | 0.83 | 5.22 | 143 | |||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 8.58 | 0.44 | 0.01 | 0.45 | (0.47 | ) | (0.47 | ) | 8.56 | 5.48 | 77,365 | 0.79 | 0.79 | 5.25 | 70 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 8.98 | 0.46 | (0.37 | ) | 0.09 | (0.49 | ) | (0.49 | ) | 8.58 | 1.03 | 122,078 | 0.73 | 0.73 | 5.26 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 8.83 | 0.50 | 0.18 | 0.68 | (0.53 | ) | (0.53 | ) | 8.98 | 7.91 | 155,022 | 0.69 | 0.69 | 5.61 | 37 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 8.64 | 0.53 | 0.24 | 0.77 | (0.58 | ) | (0.58 | ) | 8.83 | 9.41 | 227,149 | 0.66 | 0.66 | 6.31 | 59 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Administrative Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 8.02 | $ | 0.21 | $ | 0.41 | $ | 0.62 | $ | (0.23 | ) | $ | (0.23 | ) | $ | 8.41 | 7.77 | % | $ | 28 | 1.07 | %(c)(e) | 1.15 | %(c) | 5.01 | %(c) | 84 | % | |||||||||||||||||||||||||||||||||||||||
9/30/2020 | 8.54 | 0.42 | (0.48 | ) | (0.06 | ) | (0.46 | ) | (0.46 | ) | 8.02 | (0.63 | ) | 26 | 1.00 | 1.00 | 5.14 | 143 | |||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 8.44 | 0.43 | 0.03 | 0.46 | (0.36 | ) | (0.36 | ) | 8.54 | 5.60 | 24 | 0.94 | 0.94 | 5.10 | 70 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 8.84 | 0.44 | (0.37 | ) | 0.07 | (0.47 | ) | (0.47 | ) | 8.44 | 0.83 | 20 | 0.88 | 0.88 | 4.93 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 8.70 | 0.48 | 0.17 | 0.65 | (0.51 | ) | (0.51 | ) | 8.84 | 7.75 | 1,490 | 0.86 | 0.86 | 5.45 | 37 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 8.52 | 0.50 | 0.22 | 0.72 | (0.54 | ) | (0.54 | ) | 8.70 | 8.97 | 2,086 | 1.07 | 1.07 | 5.94 | 59 |
^ | A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%. |
† | Unaudited |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
(c) | Annualized, unless otherwise noted. |
(e) | Expense limitations may have been updated during the period. See Note 4B in the Notes to Financial Statements. |
See Notes to Financial Statements
80
Table of Contents
VIRTUS STRATEGY TRUST
FINANCIAL HIGHLIGHTS (Continued)
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING
THROUGHOUT EACH PERIOD^
| Net Asset Value, Beginning of Period | Net Investment Income (Loss)(a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Dividends and Distributions | Net Asset Value, End of Period | Total Return(b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement | Ratio of Net Investment Income (Loss) to Average Net Assets | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AllianzGI International Small-Cap Fund: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 34.36 | $ | (0.04 | ) | $ | 7.42 | $ | 7.38 | $ | (0.30 | ) | $ | (0.13 | ) | $ | (0.43 | ) | $ | 41.31 | 21.56 | % | $ | 4,105 | 1.25 | %(c)(e) | 1.79 | %(c) | (0.21 | )%(c) | 24 | % | ||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 32.15 | 0.15 | 2.54 | 2.69 | (0.48 | ) | — | (0.48 | ) | 34.36 | 8.37 | 3,619 | 1.25 | 1.75 | 0.47 | 60 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 43.09 | 0.34 | (6.28 | ) | (5.94 | ) | (0.10 | ) | (4.90 | ) | (5.00 | ) | 32.15 | (12.05 | ) | 4,826 | 1.25 | 1.94 | 1.05 | 55 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 41.19 | 0.42 | 2.41 | 2.83 | (0.25 | ) | (0.68 | ) | (0.93 | ) | 43.09 | 6.88 | 9,108 | 1.25 | 1.50 | 0.95 | 62 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 34.57 | — | 6.93 | 6.93 | (0.31 | ) | — | (0.31 | ) | 41.19 | (d) | 20.34 | (d) | 6,068 | 1.36 | 1.93 | 0.01 | 67 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 34.53 | 0.10 | 1.67 | 1.77 | (0.28 | ) | (1.45 | ) | (1.73 | ) | 34.57 | 5.07 | 13,524 | 1.45 | 1.68 | 0.30 | 76 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 33.00 | $ | (0.22 | ) | $ | 7.16 | $ | 6.94 | $ | (0.11 | ) | $ | (0.13 | ) | $ | (0.24 | ) | $ | 39.70 | 21.08 | % | $ | 423 | 2.00 | %(c)(e) | 2.53 | %(c) | (1.19 | )%(c) | 24 | % | ||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 30.72 | (0.08 | ) | 2.40 | 2.32 | (0.04 | ) | — | (0.04 | ) | 33.00 | 7.56 | 722 | 2.00 | 2.49 | (0.27 | ) | 60 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 41.63 | 0.05 | (6.06 | ) | (6.01 | ) | — | (4.90 | ) | (4.90 | ) | 30.72 | (12.75 | ) | 963 | 2.04 | 2.59 | 0.16 | 55 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 40.01 | (0.15 | ) | 2.55 | 2.40 | (0.10 | ) | (0.68 | ) | (0.78 | ) | 41.63 | 5.99 | 2,610 | 2.08 | 2.27 | (0.35 | ) | 62 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 33.78 | (0.19 | ) | 6.67 | 6.48 | (0.25 | ) | — | (0.25 | ) | 40.01 | (d) | 19.39 | (d) | 2,829 | 2.14 | 2.50 | (0.56 | ) | 67 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 33.94 | (0.12 | ) | 1.61 | 1.49 | (0.20 | ) | (1.45 | ) | (1.65 | ) | 33.78 | 4.30 | 3,232 | 2.19 | 2.54 | (0.35 | ) | 76 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 32.06 | $ | (0.12 | ) | $ | 6.94 | $ | 6.82 | $ | (0.29 | ) | $ | (0.13 | ) | $ | (0.42 | ) | $ | 38.46 | 21.35 | % | $ | 856 | 1.59 | %(c)(e) | 2.18 | %(c) | (0.64 | )%(c) | 24 | % | ||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 30.19 | 0.05 | 2.37 | 2.42 | (0.55 | ) | — | (0.55 | ) | 32.06 | 8.01 | 849 | 1.59 | 2.16 | 0.15 | 60 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 41.90 | 0.27 | (6.28 | ) | (6.01 | ) | (0.80 | ) | (4.90 | ) | (5.70 | ) | 30.19 | (12.36 | ) | 1,044 | 1.59 | 2.30 | 0.89 | 55 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 40.46 | 0.13 | 2.50 | 2.63 | (0.51 | ) | (0.68 | ) | (1.19 | ) | 41.90 | 6.51 | 845 | 1.59 | 1.86 | 0.30 | 62 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 34.07 | 0.01 | 6.70 | 6.71 | (0.32 | ) | — | (0.32 | ) | 40.46 | (d) | 19.98 | (d) | 264 | 1.64 | 2.11 | 0.02 | 67 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 34.03 | 0.03 | 1.63 | 1.66 | (0.17 | ) | (1.45 | ) | (1.62 | ) | 34.07 | 4.81 | 130 | 1.70 | 2.17 | 0.09 | 76 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 34.20 | $ | (0.01 | ) | $ | 7.38 | $ | 7.37 | $ | (0.29 | ) | $ | (0.13 | ) | $ | (0.42 | ) | $ | 41.15 | 21.62 | % | $ | 12,195 | 1.10 | %(c)(e) | 1.55 | %(c) | (0.06 | )%(c) | 24 | % | ||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 31.91 | 0.17 | 2.56 | 2.73 | (0.44 | ) | — | (0.44 | ) | 34.20 | 8.55 | 10,751 | 1.10 | 1.49 | 0.53 | 60 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 43.06 | 0.33 | (6.25 | ) | (5.92 | ) | (0.33 | ) | (4.90 | ) | (5.23 | ) | 31.91 | (11.92 | ) | 19,740 | 1.10 | 1.58 | 1.01 | 55 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 41.33 | 0.22 | 2.68 | 2.90 | (0.49 | ) | (0.68 | ) | (1.17 | ) | 43.06 | 7.02 | 48,830 | 1.10 | 1.29 | 0.51 | 62 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 34.66 | 0.19 | 6.82 | 7.01 | (0.34 | ) | — | (0.34 | ) | 41.33 | (d) | 20.55 | (d) | 55,843 | 1.17 | 1.42 | 0.55 | 67 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 34.49 | 0.18 | 1.64 | 1.82 | (0.20 | ) | (1.45 | ) | (1.65 | ) | 34.66 | 5.25 | 40,183 | 1.28 | 1.44 | 0.54 | 76 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 35.49 | $ | — | $ | 7.67 | $ | 7.67 | $ | (0.44 | ) | $ | (0.13 | ) | $ | (0.57 | ) | $ | 42.59 | 21.69 | % | $ | 36,610 | 1.04 | %(c)(e) | 1.55 | %(c) | — | %(c) | 24 | % | |||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 33.21 | 0.23 | 2.63 | 2.86 | (0.58 | ) | — | (0.58 | ) | 35.49 | 8.61 | 31,942 | 1.04 | 1.51 | 0.69 | 60 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 44.65 | 0.47 | (6.58 | ) | (6.11 | ) | (0.43 | ) | (4.90 | ) | (5.33 | ) | 33.21 | (11.88 | ) | 40,477 | 1.04 | 1.61 | 1.39 | 55 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 42.85 | 0.32 | 2.71 | 3.03 | (0.55 | ) | (0.68 | ) | (1.23 | ) | 44.65 | 7.09 | 49,443 | 1.05 | 1.28 | 0.70 | 62 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 35.91 | 0.36 | 6.92 | 7.28 | (0.34 | ) | — | (0.34 | ) | 42.85 | (d) | 20.58 | (d) | 67,921 | 1.11 | 1.43 | 0.94 | 67 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 35.65 | 0.10 | 1.81 | 1.91 | (0.20 | ) | (1.45 | ) | (1.65 | ) | 35.91 | 5.31 | 29,031 | 1.21 | 1.48 | 0.28 | 76 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 35.17 | $ | 0.01 | $ | 7.59 | $ | 7.60 | $ | (0.44 | ) | $ | (0.13 | ) | $ | (0.57 | ) | $ | 42.20 | 21.69 | % | $ | 33,507 | 1.00 | %(c)(e) | 1.47 | %(c) | 0.06 | %(c) | 24 | % | |||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 33.03 | 0.26 | 2.59 | 2.85 | (0.71 | ) | — | (0.71 | ) | 35.17 | 8.63 | 29,889 | 1.00 | 1.43 | 0.80 | 60 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 44.64 | 0.48 | (6.59 | ) | (6.11 | ) | (0.60 | ) | (4.90 | ) | (5.50 | ) | 33.03 | (11.82 | ) | 28,630 | 1.00 | 1.49 | 1.44 | 55 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 42.90 | 0.40 | 2.66 | 3.06 | (0.64 | ) | (0.68 | ) | (1.32 | ) | 44.64 | 7.14 | 33,876 | 1.00 | 1.22 | 0.87 | 62 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 35.94 | 0.22 | 7.09 | 7.31 | (0.35 | ) | — | (0.35 | ) | 42.90 | (d) | 20.66 | (d) | 17,804 | 1.05 | 1.42 | 0.60 | 67 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/1/2016* – 9/30/2016 | 33.52 | 0.34 | 2.08 | 2.42 | — | — | — | 35.94 | 7.22 | 15,534 | 1.11 | (c) | 1.56 | (c) | 1.48 | (c) | 76 |
^ | A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%. |
† | Unaudited |
* | Commencement of operations. |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
(c) | Annualized, unless otherwise noted. |
(d) | Payments from Affiliates increased the end of period net asset value and total return by less than $0.01 and 0.01%, respectively. |
(e) | Expense limitations may have been updated during the period. See Note 4B in the Notes to Financial Statements. |
See Notes to Financial Statements
81
Table of Contents
VIRTUS STRATEGY TRUST
FINANCIAL HIGHLIGHTS (Continued)
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING
THROUGHOUT EACH PERIOD^
| Net Asset Value, Beginning of Period | Net Investment Income(a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Dividends and Distributions | Net Asset Value, End of Period | Total Return(b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement | Ratio of Net Investment Income to Average Net Assets | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AllianzGI Preferred Securities and Income Fund: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 14.73 | $ | 0.35 | $ | 1.03 | $ | 1.38 | $ | (0.34 | ) | $ | (0.09 | ) | $ | (0.43 | ) | $ | 15.68 | 9.39 | % | $ | 13 | 0.60 | %(c)(e) | 1.27 | %(c) | 4.57 | %(c) | 53 | % | |||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 15.65 | 0.63 | (0.48 | ) | 0.15 | (0.68 | ) | (0.39 | ) | (1.07 | ) | 14.73 | 1.01 | 11 | 0.60 | 1.36 | 4.27 | 166 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 15.06 | 0.68 | 0.64 | 1.32 | (0.71 | ) | (0.02 | ) | (0.73 | ) | 15.65 | 9.14 | 11 | 0.60 | 2.04 | 4.55 | 98 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
5/30/2018* – 9/30/2018 | 15.00 | 0.23 | 0.03 | 0.26 | (0.20 | ) | — | (0.20 | ) | 15.06 | 1.74 | 10 | 0.60 | (c)(d) | 3.21 | (c)(d) | 4.62 | (c)(d) | 39 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 14.74 | $ | 0.36 | $ | 1.01 | $ | 1.37 | $ | (0.34 | ) | $ | (0.09 | ) | $ | (0.43 | ) | $ | 15.68 | 9.34 | % | $ | 6,748 | 0.55 | %(c)(e) | 1.33 | %(c) | 4.61 | %(c) | 53 | % | |||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 15.65 | 0.66 | (0.50 | ) | 0.16 | (0.68 | ) | (0.39 | ) | (1.07 | ) | 14.74 | 1.13 | 7,662 | 0.55 | 1.34 | 4.52 | 166 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 15.06 | 0.69 | 0.64 | 1.33 | (0.72 | ) | (0.02 | ) | (0.74 | ) | 15.65 | 9.21 | 3,035 | 0.55 | 2.09 | 4.62 | 98 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
5/30/2018* – 9/30/2018 | 15.00 | 0.26 | — | 0.26 | (0.20 | ) | — | (0.20 | ) | 15.06 | 1.76 | 1,548 | 0.56 | (c)(d) | 4.22 | (c)(d) | 5.28 | (c)(d) | 39 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 14.73 | $ | 0.36 | $ | 1.02 | $ | 1.38 | $ | (0.34 | ) | $ | (0.09 | ) | $ | (0.43 | ) | $ | 15.68 | 9.44 | % | $ | 14,445 | 0.50 | %(c)(e) | 1.27 | %(c) | 4.65 | %(c) | 53 | % | |||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 15.65 | 0.65 | (0.49 | ) | 0.16 | (0.69 | ) | (0.39 | ) | (1.08 | ) | 14.73 | 1.10 | 17,839 | 0.50 | 1.35 | 4.41 | 166 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 15.06 | 0.70 | 0.64 | 1.34 | (0.73 | ) | (0.02 | ) | (0.75 | ) | 15.65 | 9.26 | 14,646 | 0.50 | 2.00 | 4.66 | 98 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
5/30/2018* – 9/30/2018 | 15.00 | 0.24 | 0.03 | 0.27 | (0.21 | ) | — | (0.21 | ) | 15.06 | 1.78 | 10,157 | 0.50 | (c)(d) | 3.22 | (c)(d) | 4.71 | (c)(d) | 39 |
^ | A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%. |
† | Unaudited |
* | Commencement of operations. |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
(c) | Annualized, unless otherwise noted. |
(d) | Certain expenses incurred by the Fund were not annualized. |
(e) | Expense limitations may have been updated during the period. See Note 4B in the Notes to Financial Statements. |
See Notes to Financial Statements
82
Table of Contents
VIRTUS STRATEGY TRUST
FINANCIAL HIGHLIGHTS (Continued)
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING
THROUGHOUT EACH PERIOD^
| Net Asset Value, Beginning of Period | Net Investment Income(a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Net Asset Value, End of Period | Total Return(b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement | Ratio of Net Investment Income to Average Net Assets | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||
AllianzGI Short Duration | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 13.99 | $ | 0.40 | $ | 0.87 | $ | 1.27 | $ | (0.50 | ) | $ | 14.76 | 9.23 | % | $ | 151,427 | 0.86 | %(c)(d) | 0.92 | %(c) | 5.49 | %(c) | 34 | % | |||||||||||||||||||||||||||||||||||||
9/30/2020 | 14.62 | 0.58 | (0.54 | ) | 0.04 | (0.67 | ) | 13.99 | 0.37 | 136,690 | 0.86 | 0.87 | 4.13 | 81 | ||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 14.93 | 0.51 | (0.11 | ) | 0.40 | (0.71 | ) | 14.62 | 2.85 | 136,086 | 0.88 | 0.88 | 3.52 | 47 | ||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 15.18 | 0.59 | (0.16 | ) | 0.43 | (0.68 | ) | 14.93 | 2.95 | 150,899 | 0.89 | 0.89 | 3.92 | 60 | ||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 15.29 | 0.60 | 0.04 | 0.64 | (0.75 | ) | 15.18 | 4.27 | 218,312 | 0.89 | 0.89 | 3.94 | 88 | |||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 15.04 | 0.72 | 0.38 | 1.10 | (0.85 | ) | 15.29 | 7.65 | 226,149 | 0.85 | 0.85 | 4.85 | 63 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 13.98 | $ | 0.38 | $ | 0.87 | $ | 1.25 | $ | (0.43 | ) | $ | 14.80 | 9.07 | % | $ | 87,132 | 1.11 | %(c)(d) | 1.18 | %(c) | 5.23 | %(c) | 34 | % | |||||||||||||||||||||||||||||||||||||
9/30/2020 | 14.61 | 0.54 | (0.54 | ) | — | (0.63 | ) | 13.98 | 0.12 | 90,863 | 1.12 | 1.13 | 3.86 | 81 | ||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 14.90 | 0.47 | (0.10 | ) | 0.37 | (0.66 | ) | 14.61 | 2.58 | 117,058 | 1.14 | 1.14 | 3.25 | 47 | ||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 15.15 | 0.55 | (0.15 | ) | 0.40 | (0.65 | ) | 14.90 | 2.74 | 135,483 | 1.11 | 1.11 | 3.70 | 60 | ||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 15.27 | 0.56 | 0.03 | 0.59 | (0.71 | ) | 15.15 | 4.00 | 148,587 | 1.12 | 1.12 | 3.70 | 88 | |||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 15.00 | 0.68 | 0.38 | 1.06 | (0.79 | ) | 15.27 | 7.42 | 132,649 | 1.13 | 1.13 | 4.58 | 63 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 13.90 | $ | 0.41 | $ | 0.86 | $ | 1.27 | $ | (0.49 | ) | $ | 14.68 | 9.24 | % | $ | 245,404 | 0.65 | %(c)(d) | 0.70 | %(c) | 5.69 | %(c) | 34 | % | |||||||||||||||||||||||||||||||||||||
9/30/2020 | 14.51 | 0.59 | (0.51 | ) | 0.08 | (0.69 | ) | 13.90 | 0.69 | 264,908 | 0.63 | 0.67 | 4.16 | 81 | ||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 14.88 | 0.53 | (0.10 | ) | 0.43 | (0.80 | ) | 14.51 | 3.05 | 501,138 | 0.65 | 0.65 | 3.70 | 47 | ||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 15.13 | 0.62 | (0.15 | ) | 0.47 | (0.72 | ) | 14.88 | 3.21 | 411,367 | 0.65 | 0.65 | 4.14 | 60 | ||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 15.24 | 0.63 | 0.05 | 0.68 | (0.79 | ) | 15.13 | 4.56 | 700,376 | 0.63 | 0.63 | 4.19 | 88 | |||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 15.03 | 0.74 | 0.38 | 1.12 | (0.91 | ) | 15.24 | 7.84 | 554,281 | 0.66 | 0.66 | 4.97 | 63 | |||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 13.89 | $ | 0.41 | $ | 0.87 | $ | 1.28 | $ | (0.53 | ) | $ | 14.64 | 9.34 | % | $ | 265,604 | 0.60 | %(c)(d) | 0.70 | %(c) | 5.74 | %(c) | 34 | % | |||||||||||||||||||||||||||||||||||||
9/30/2020 | 14.52 | 0.61 | (0.54 | ) | 0.07 | (0.70 | ) | 13.89 | 0.63 | 285,572 | 0.61 | 0.64 | 4.35 | 81 | ||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 14.89 | 0.54 | (0.11 | ) | 0.43 | (0.80 | ) | 14.52 | 3.06 | 388,672 | 0.63 | 0.63 | 3.74 | 47 | ||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 15.14 | 0.63 | (0.15 | ) | 0.48 | (0.73 | ) | 14.89 | 3.26 | 388,443 | 0.60 | 0.60 | 4.20 | 60 | ||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 15.25 | 0.64 | 0.04 | 0.68 | (0.79 | ) | 15.14 | 4.61 | 539,078 | 0.59 | 0.59 | 4.22 | 88 | |||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 15.05 | 0.76 | 0.37 | 1.13 | (0.93 | ) | 15.25 | 7.90 | 420,440 | 0.58 | 0.58 | 5.10 | 63 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 13.89 | $ | 0.41 | $ | 0.87 | $ | 1.28 | $ | (0.52 | ) | $ | 14.65 | 9.36 | % | $ | 20,484 | 0.55 | %(c)(d) | 0.60 | %(c) | 5.79 | %(c) | 34 | % | |||||||||||||||||||||||||||||||||||||
9/30/2020 | 14.52 | 0.62 | (0.54 | ) | 0.08 | (0.71 | ) | 13.89 | 0.70 | 33,741 | 0.55 | 0.56 | 4.49 | 81 | ||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 14.89 | 0.56 | (0.11 | ) | 0.45 | (0.82 | ) | 14.52 | 3.20 | 39,234 | 0.57 | 0.57 | 3.89 | 47 | ||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 15.14 | 0.64 | (0.16 | ) | 0.48 | (0.73 | ) | 14.89 | 3.29 | 52,922 | 0.55 | 0.55 | 4.27 | 60 | ||||||||||||||||||||||||||||||||||||||||||||||||
2/1/2017* – 9/30/2017 | 15.18 | 0.42 | 0.03 | 0.45 | (0.49 | ) | 15.14 | 3.04 | 70,595 | 0.56 | (c) | 0.56 | (c) | 4.25 | (c) | 88 |
^ | A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%. |
† | Unaudited |
* | Commencement of operations. |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
(c) | Annualized, unless otherwise noted. |
(d) | Expense limitations may have been updated during the period. See Note 4B in the Notes to Financial Statements. |
See Notes to Financial Statements
83
Table of Contents
VIRTUS STRATEGY TRUST
FINANCIAL HIGHLIGHTS (Continued)
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING
THROUGHOUT EACH PERIOD^
| Net Asset Value, Beginning of Period | Net Investment Income (Loss)(a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Dividends and Distributions | Net Asset Value, End of Period | Total Return(b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement | Ratio of Net Investment Income (Loss) to Average Net Assets | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AllianzGI Water Fund: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 17.63 | $ | (0.03 | ) | $ | 3.32 | $ | 3.29 | $ | (0.05 | ) | $ | (0.27 | ) | $ | (0.32 | ) | $ | 20.60 | 18.74 | % | $ | 244,701 | 1.22 | %(c)(d) | 1.40 | %(c) | (0.28 | )%(c) | 27 | % | ||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 16.31 | 0.06 | 1.77 | 1.83 | (0.11 | ) | (0.40 | ) | (0.51 | ) | 17.63 | 11.35 | 200,384 | 1.22 | 1.40 | 0.37 | 28 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 15.54 | 0.11 | 1.15 | 1.26 | (0.13 | ) | (0.36 | ) | (0.49 | ) | 16.31 | 8.88 | 177,463 | 1.23 | 1.40 | 0.76 | 33 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 15.49 | 0.13 | 0.34 | 0.47 | (0.04 | ) | (0.38 | ) | (0.42 | ) | 15.54 | 3.05 | 172,374 | 1.19 | 1.41 | 0.84 | 34 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 14.46 | 0.08 | 1.08 | 1.16 | (0.05 | ) | (0.08 | ) | (0.13 | ) | 15.49 | 8.18 | 190,693 | 1.33 | 1.44 | 0.59 | 29 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 11.99 | 0.08 | 2.44 | 2.52 | (0.03 | ) | (0.02 | ) | (0.05 | ) | 14.46 | 21.06 | 237,785 | 1.49 | 1.49 | 0.62 | 55 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 16.73 | $ | (0.10 | ) | $ | 3.15 | $ | 3.05 | $ | — | $ | (0.27 | ) | $ | (0.27 | ) | $ | 19.51 | 18.35 | % | $ | 66,394 | 1.97 | %(c)(d) | 2.16 | %(c) | (1.04 | )%(c) | 27 | % | |||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 15.52 | (0.06 | ) | 1.67 | 1.61 | — | (0.40 | ) | (0.40 | ) | 16.73 | 10.48 | 57,901 | 1.97 | 2.16 | (0.38 | ) | 28 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 14.79 | — | 1.10 | 1.10 | (0.01 | ) | (0.36 | ) | (0.37 | ) | 15.52 | 8.02 | 70,175 | 1.98 | 2.15 | 0.01 | 33 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 14.82 | 0.01 | 0.34 | 0.35 | — | (0.38 | ) | (0.38 | ) | 14.79 | 2.35 | 83,156 | 1.94 | 2.16 | 0.07 | 34 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 13.90 | (0.01 | ) | 1.01 | 1.00 | — | (0.08 | ) | (0.08 | ) | 14.82 | 7.32 | 89,250 | 2.07 | 2.19 | (0.07 | ) | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 11.59 | (0.02 | ) | 2.35 | 2.33 | — | (0.02 | ) | (0.02 | ) | 13.90 | 20.13 | 92,028 | 2.25 | 2.25 | (0.18 | ) | 55 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 17.68 | $ | — | $ | 3.33 | $ | 3.33 | $ | (0.09 | ) | $ | (0.27 | ) | $ | (0.36 | ) | $ | 20.65 | 18.94 | % | $ | 290,370 | 0.94 | %(c)(d) | 1.17 | %(c) | — | %(c) | 27 | % | |||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 16.33 | 0.11 | 1.77 | 1.88 | (0.13 | ) | (0.40 | ) | (0.53 | ) | 17.68 | 11.67 | 240,922 | 0.94 | 1.16 | 0.66 | 28 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 15.59 | 0.15 | 1.14 | 1.29 | (0.19 | ) | (0.36 | ) | (0.55 | ) | 16.33 | 9.14 | 210,425 | 0.95 | 1.17 | 1.03 | 33 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 15.57 | 0.17 | 0.36 | 0.53 | (0.13 | ) | (0.38 | ) | (0.51 | ) | 15.59 | 3.40 | 243,338 | 0.93 | 1.15 | 1.12 | 34 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 14.54 | 0.15 | 1.04 | 1.19 | (0.08 | ) | (0.08 | ) | (0.16 | ) | 15.57 | 8.40 | 210,746 | 1.04 | 1.16 | 1.02 | 29 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 12.05 | 0.11 | 2.45 | 2.56 | (0.05 | ) | (0.02 | ) | (0.07 | ) | 14.54 | 21.37 | 125,532 | 1.24 | 1.24 | 0.82 | 55 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 17.33 | $ | — | $ | 3.26 | $ | 3.26 | $ | (0.10 | ) | $ | (0.27 | ) | $ | (0.37 | ) | $ | 20.22 | 18.94 | % | $ | 266,554 | 0.93 | %(c)(d) | 1.15 | %(c) | 0.01 | %(c) | 27 | % | |||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 16.03 | 0.11 | 1.74 | 1.85 | (0.15 | ) | (0.40 | ) | (0.55 | ) | 17.33 | 11.71 | 204,320 | 0.93 | 1.13 | 0.68 | 28 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 15.31 | 0.15 | 1.11 | 1.26 | (0.18 | ) | (0.36 | ) | (0.54 | ) | 16.03 | 9.12 | 152,496 | 0.94 | 1.18 | 1.04 | 33 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 15.32 | 0.17 | 0.34 | 0.51 | (0.14 | ) | (0.38 | ) | (0.52 | ) | 15.31 | 3.36 | 164,322 | 0.92 | 1.14 | 1.13 | 34 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 14.33 | 0.16 | 1.02 | 1.18 | (0.11 | ) | (0.08 | ) | (0.19 | ) | 15.32 | 8.49 | 142,353 | 1.01 | 1.15 | 1.13 | 29 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 11.90 | 0.11 | 2.41 | 2.52 | (0.07 | ) | (0.02 | ) | (0.09 | ) | 14.33 | 21.32 | 68,550 | 1.21 | 1.21 | 0.86 | 55 |
^ | A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%. |
† | Unaudited |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
(c) | Annualized, unless otherwise noted. |
(d) | Expense limitations may have been updated during the period. See Note 4B in the Notes to Financial Statements. |
See Notes to Financial Statements
84
Table of Contents
VIRTUS STRATEGY TRUST
FINANCIAL HIGHLIGHTS (Continued)
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING
THROUGHOUT EACH PERIOD^
| Net Asset Value, Beginning of Period | Net Investment Income (Loss)(a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | Total Dividends and Distributions | Net Asset Value, End of Period | Total Return(b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement | Ratio of Net Investment Income (Loss) to Average Net Assets | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NFJ Emerging Markets Value Fund: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 18.09 | $ | (0.01 | ) | $ | 2.77 | $ | 2.76 | $ | (0.15 | ) | $ | — | $ | (0.15 | ) | $ | 20.70 | 15.25 | % | $ | 16,910 | 1.14 | %(c)(g) | 1.57 | %(c) | (0.10 | )%(c) | 39 | % | |||||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 15.55 | 0.15 | 2.58 | 2.73 | (0.19 | ) | — | (0.19 | ) | 18.09 | 17.63 | 14,907 | 1.14 | 1.64 | 0.89 | 105 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 16.18 | 0.42 | (0.68 | ) | (0.26 | ) | (0.37 | ) | — | (0.37 | ) | 15.55 | (1.68 | ) | 14,395 | 1.15 | 1.65 | 2.69 | 101 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 17.24 | 0.41 | (1.14 | ) | (0.73 | ) | (0.26 | ) | (0.07 | ) | (0.33 | ) | 16.18 | (4.36 | ) | 22,590 | 1.14 | 1.65 | 2.31 | 116 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 14.31 | 0.40 | 2.85 | 3.25 | (0.32 | ) | — | (0.32 | ) | 17.24 | (d) | 23.07 | (d) | 11,026 | 1.22 | (e) | 3.32 | (e) | 2.58 | (e) | 120 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 12.34 | 0.47 | 1.90 | 2.37 | (0.40 | ) | — | (0.40 | ) | 14.31 | (f) | 19.57 | (f) | 2,141 | 1.39 | 7.84 | 3.62 | 104 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 18.07 | $ | (0.09 | ) | $ | 2.77 | $ | 2.68 | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | 20.74 | 14.82 | % | $ | 1,054 | 1.89 | %(c)(g) | 2.28 | %(c) | (0.86 | )%(c) | 39 | % | |||||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 15.56 | 0.03 | 2.57 | 2.60 | (0.09 | ) | — | (0.09 | ) | 18.07 | 16.75 | 1,016 | 1.89 | 2.37 | 0.16 | 105 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 16.23 | 0.35 | (0.73 | ) | (0.38 | ) | (0.29 | ) | — | (0.29 | ) | 15.56 | (2.38 | ) | 1,006 | 1.90 | 2.40 | 2.24 | 101 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 17.33 | 0.24 | (1.11 | ) | (0.87 | ) | (0.16 | ) | (0.07 | ) | (0.23 | ) | 16.23 | (5.08 | ) | 1,196 | 1.90 | 2.38 | 1.35 | 116 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 14.29 | 0.34 | 2.81 | 3.15 | (0.11 | ) | — | (0.11 | ) | 17.33 | (d) | 22.06 | (d) | 527 | 1.95 | (e) | 4.00 | (e) | 2.16 | (e) | 120 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 12.31 | 0.32 | 1.96 | 2.28 | (0.30 | ) | — | (0.30 | ) | 14.29 | (f) | 18.80 | (f) | 113 | 2.16 | 8.01 | 2.49 | 104 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 18.05 | $ | 0.01 | $ | 2.75 | $ | 2.76 | $ | (0.27 | ) | $ | — | $ | (0.27 | ) | $ | 20.54 | 15.31 | % | $ | 10,576 | 0.99 | %(c)(g) | 1.27 | %(c) | 0.07 | %(c) | 39 | % | ||||||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 15.53 | 0.22 | 2.53 | 2.75 | (0.23 | ) | — | (0.23 | ) | 18.05 | 17.85 | 7,192 | 0.99 | 1.27 | 1.33 | 105 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 16.16 | 0.45 | (0.69 | ) | (0.24 | ) | (0.39 | ) | — | (0.39 | ) | 15.53 | (1.53 | ) | 2,022 | 0.99 | 1.32 | 2.90 | 101 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 17.13 | 0.36 | (1.08 | ) | (0.72 | ) | (0.18 | ) | (0.07 | ) | (0.25 | ) | 16.16 | (4.30 | ) | 3,312 | 0.98 | 1.48 | 2.03 | 116 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 14.31 | 0.46 | 2.78 | 3.24 | (0.42 | ) | — | (0.42 | ) | 17.13 | (d) | 23.22 | (d) | 19,899 | 1.05 | (e) | 3.00 | (e) | 2.99 | (e) | 120 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 12.46 | 0.62 | 1.80 | 2.42 | (0.57 | ) | — | (0.57 | ) | 14.31 | (f) | 19.95 | (f) | 139 | 1.20 | 7.47 | 4.67 | 104 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3/31/2021† | $ | 18.01 | $ | 0.01 | $ | 2.75 | $ | 2.76 | $ | (0.21 | ) | $ | — | $ | (0.21 | ) | $ | 20.56 | 15.37 | % | $ | 128,583 | 0.89 | %(c)(g) | 1.27 | %(c) | 0.14 | %(c) | 39 | % | ||||||||||||||||||||||||||||||||||||||||||||
9/30/2020 | 15.48 | 0.19 | 2.57 | 2.76 | (0.23 | ) | — | (0.23 | ) | 18.01 | 17.95 | 115,817 | 0.89 | 1.34 | 1.18 | 105 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2019 | 16.29 | 0.49 | (0.73 | ) | (0.24 | ) | (0.57 | ) | — | (0.57 | ) | 15.48 | (1.45 | ) | 90,711 | 0.90 | 1.37 | 3.13 | 101 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2018 | 17.49 | 0.42 | (1.11 | ) | (0.69 | ) | (0.44 | ) | (0.07 | ) | (0.51 | ) | 16.29 | (4.12 | ) | 111,161 | 0.90 | 1.39 | 2.41 | 116 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2017 | 14.46 | 0.44 | 2.91 | 3.35 | (0.32 | ) | — | (0.32 | ) | 17.49 | (d) | 23.33 | (d) | 34,444 | 0.95 | (e) | 2.87 | (e) | 2.71 | (e) | 120 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
9/30/2016 | 12.47 | 0.43 | 2.01 | 2.44 | (0.45 | ) | — | (0.45 | ) | 14.46 | (f) | 19.95 | (f) | 6,370 | 1.17 | 6.98 | 3.35 | 104 |
^ | A “—” may reflect actual amounts rounding to less than $0.01 or 0.01%. |
† | Unaudited |
(a) | Calculated on average shares outstanding during the period. |
(b) | Total return is calculated assuming a purchase of a share on the first day of the period and a sale of a share on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested. Total return does not reflect sales charges and includes the effect of fee waivers and reimbursements. Total return may reflect adjustments to conform to U.S. GAAP. Total return for a period of less than one year is not annualized. |
(c) | Annualized, unless otherwise noted. |
(d) | Payments from Affiliates increased the end of year net asset value (“NAV”) and total return by $0.02 and 0.15%, respectively, for Class A, $0.02 and 0.14%, respectively, for Class C, $0.02 and 0.14%, respectively, for Class P and $0.01 and 0.07%, respectively for Institutional Class. If the Affiliates had not made these payments, the end of year NAV and total return would have been $17.22 and 22.92%, respectively, for Class A, $17.31 and 21.92%, respectively, for Class C, $17.11 and 23.08%, respectively, for Class P and $17.48 and 23.26%, respectively for Institutional Class. |
(e) | Does not include expenses of the investment companies in which the Fund invests. |
(f) | Payments from Affiliates increased the end of period net asset value and total return by less than $0.01 and 0.01%, respectively. |
(g) | Expense limitations may have been updated during the period. See Note 4B in the Notes to Financial Statements. |
See Notes to Financial Statements
85
Table of Contents
VIRTUS STRATEGY TRUST
NOTES TO FINANCIAL STATEMENTS (Unaudited)
MARCH 31, 2021
Note 1. Organization
Virtus Strategy Trust (the “Trust”) is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.
As of the date of this report, 12 funds of the Trust (each a “Fund” or collectively the “Funds”) are offered for sale, all 12 of which are reported in this semi-annual report.
Each Fund has a distinct investment objective and all of the Funds, except the AllianzGI Water Fund, are diversified.
Effective February 1, 2021, the name of the Trust changed from “Allianz Funds Multi-Strategy Trust” to “Virtus Strategy Trust,” and the Funds’ names were changed as reflected on the cover of this Report.
The Funds have the following investment objectives:
Fund | Investment objective(s) | |
AllianzGI Convertible Fund | Seeking to maximize total return, consisting of capital appreciation and current income. Seeking total return, consisting of current income and capital appreciation. Seeking long-term capital appreciation. Seeking after-inflation capital appreciation and current income. Seeking long-term capital appreciation. Seeking long-term capital appreciation. Seeking a high level of current income and capital growth. Seeking to maximize long-term capital appreciation. Seeking total return consisting of high current income and capital appreciation. Seeking a high level of current income with lower volatility than the broader high yield market. Seeking long-term capital appreciation. Seeking long-term growth of capital and income. | |
AllianzGI Core Plus Bond Fund | ||
AllianzGI Emerging Markets Consumer Fund | ||
AllianzGI Global Allocation Fund | ||
AllianzGI Global Dynamic Allocation Fund | ||
AllianzGI Global Sustainability Fund | ||
AllianzGI High Yield Bond Fund | ||
AllianzGI International Small-Cap Fund | ||
AllianzGI Preferred Securities and Income Fund | ||
AllianzGI Short Duration High Income Fund | ||
AllianzGI Water Fund | ||
NFJ Emerging Markets Value Fund |
There is no guarantee that a Fund will achieve its objective(s).
The AllianzGI Convertible Fund and AllianzGI High Yield Bond Fund offer Class A shares, Class C shares, Class R shares, Institutional Class shares, Class P shares, and Administrative Class shares. The AllianzGI Core Plus Bond Fund and AllianzGI Preferred Securities and Income Fund offer Institutional Class shares, Class P shares and Class R6 shares. The AllianzGI Emerging Markets Consumer Fund offers Class A shares and Institutional Class shares. The AllianzGI Global Allocation Fund and AllianzGI Global Dynamic Allocation Fund offer Class A shares, Class C shares, Class R shares, Institutional Class shares, Class P shares, Administrative Class shares, and Class R6 shares. The AllianzGI Global Sustainability Fund offers Class A shares, Institutional Class, and Class P shares. The AllianzGI International Small-Cap Fund offers Class A shares, Class C shares, Class R shares, Institutional Class shares, Class P shares and Class R6 shares. The AllianzGI Short Duration High Income Fund offers Class A shares, Class C shares, Institutional Class shares, Class P shares and Class R6 shares. The remaining Funds offer Class A shares, Class C shares, Institutional Class shares, and Class P shares.
Class A shares of AllianzGI High Yield Bond Fund are sold with a front-end sales charge of up to 3.75% with some exceptions. Class A shares of AllianzGI Short Duration High Income Fund are sold with a front-end sales charge of up to 2.25% with some exceptions. Class A shares of all other Funds are sold with a front-end sales charge of up to 5.50% with some exceptions. Generally, Class A shares are not subject to any charges by the Funds when redeemed; however, a 0.50% - 1.00% contingent deferred sales charge (“CDSC”) may be imposed on certain redemptions made within a certain period following purchases on which a finder’s fee has been paid. The period for which such CDSC applies for the Funds is 12 months for the AllianzGI Short Duration High Income Fund, and 18 months for all other Funds. The CDSC period begins on the last day of the month preceding the month in which the purchase was made.
Class C shares are generally sold with a 1% CDSC, applicable if redeemed within one year of purchase. Class C shares and any reinvested dividends and other distributions paid on such shares, will be automatically converted to Class A shares of the same Fund following a required holding period, which as of March 1, 2021, is eight years. Class R shares, Institutional Class shares, Class P shares, Administrative Class shares, and Class R6 shares are sold without a front-end sales charge or CDSC.
Class R6 shares are offered without a minimum initial investment to the following investors in plan level or omnibus accounts only (provided that they do not require or receive any compensation, administrative payments, sub-transfer agency payments or service payments with respect to Class R6 shares): (i) qualified retirement plans, including, but not limited to, 401(k) plans, 457 plans, employer sponsored 403(b) plans, and defined benefit plans; (ii) banks and trust companies; (iii) insurance companies; (iv) financial intermediaries utilizing such shares in fee-based investment advisory programs; (v) registered investment companies; and (vi) non-qualified deferred compensation plans. Other institutional investors may be permitted to purchase Class R6 shares subject to the applicable Fund’s determination of eligibility and may be subject to a $2,500,000 minimum initial investment requirement. In addition, without a minimum initial investment requirement, Class R6 shares are available to any Trustee of the Virtus Funds and trustees/directors of affiliated open- and closed-end funds, directors, officers and employees of Virtus and its affiliates, and a spouse or domestic partner, child or minor grandchild of any such qualifying individual (in each case either individually or jointly with other investors), provided in each case that those shares are held directly with the Transfer Agent or in an eligible account. Class R6 shares do not carry sales commissions or pay Rule 12b-1 fees. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from Fund assets or the Funds’ distributor’s or an affiliate’s resources on sales of or investments in Class R6 shares
Institutional Class Shares are offered primarily to clients of financial intermediaries that (i) charge such clients an ongoing fee for advisory, investment, consulting, or similar services; or (ii) have entered into an agreement with the Funds’ distributor or transfer agent to offer Institutional Class Shares
86
Table of Contents
VIRTUS STRATEGY TRUST
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
MARCH 31, 2021
through a no-load network or platform. Such clients may include pension and profit sharing plans, other employee benefit trusts, endowments, foundations and corporations. Institutional Class Shares are also offered to private and institutional clients of, or referred by, the adviser, a subadviser or their affiliates, and to Trustees of the Funds and trustees/directors of affiliated open- and closed-end funds, and directors, officers and employees of Virtus and its affiliates. If you are eligible to purchase and do purchase Institutional Class Shares, you will pay no sales charge at any time. There are no distribution and service fees applicable to Institutional Class Shares
Class P shares are offered primarily through certain asset allocation, wrap fee and other similar programs offered by broker-dealers and other intermediaries (“service agents”) that have established a shareholder servicing relationship with the Trust on behalf of their customers. Such programs established with broker-dealers or financial intermediaries may purchase shares only if the program for which the shares are being acquired will maintain an omnibus or pooled account for each fund. Class P shares may also be offered for direct investment by other investors such as pension and profit sharing plans, employee benefit trusts and plan alliances, endowments, foundations and corporations.
Class R shares are generally available only to 401(k) plans, 457 plans, existing employer-sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans, non-qualified deferred compensation plans, health care benefit funding plans, and other specified benefit plans and accounts whereby the plan or the plan’s financial service firm has an agreement with the Funds’ distributor or transfer agent to utilize Class R shares in certain investment products or programs (each such plan or account, a “Class R Eligible Plan”). Class R shares are not available to traditional and Roth IRAs, SEPs, SAR-SEPs, SIMPLE IRAs, 403(b)(7) custodial accounts, Coverdell Education Savings Accounts or retail or institutional benefit plans other than those specified above. Additionally, Class R shares are generally available only to Class R Eligible Plans where Class R shares are held on the books of the Funds through omnibus accounts (either at the plan level or the financial services firm level). Although Class R shares may be purchased by a plan administrator directly from the distributor, specified benefit plans that purchase Class R shares directly from the distributor must hold their shares in an omnibus account at the benefit plan level. Plan participants may not directly purchase Class R shares from the distributor.
Administrative Class shares are offered primarily through employee benefit plan alliances, broker-dealers, and other intermediaries, and each fund pays service or distribution fees to such entities for services they provide to Administrative Class shareholders.
The Funds may impose an annual fee on accounts having balances of less than $2,500. The small account fee may be waived in certain circumstances, as disclosed in the prospectuses and/or statement of additional information. The fees collected will be used to offset certain expenses of the Funds. These fees are reflected as “Less low balance account fees” in each Fund’s Statement of Operations for the period, as applicable.
Each class of shares has identical voting, dividend, liquidation and other rights and the same terms and conditions, except that each class bears any expenses attributable specifically to that class (“class-specific expenses”) and has exclusive voting rights with respect to any Rule 12b-1 and/or shareholder service plan (“12b-1 Plan”) approved by the Board. Institutional Class shares, Class R6 shares, Class P shares, and Administrative Class shares are not subject to a 12b-1 Plan. Class-specific expenses may include shareholder servicing fees, sub-transfer agency fees, and fees under a 12b-1 Plan, as well as certain other expenses as designated by the Funds’ Treasurer and approved by the Board. Investment income, common operating expenses and realized and unrealized gains and losses of each Fund are borne pro-rata by the holders of each class of shares.
Note 2. Significant Accounting Policies
The Trust is an investment company that follows the accounting and reporting guidance of Accounting Standards Codification Topic 946 applicable to Investment Companies. The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements and for derivatives, included in Note 3 below. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and those differences could be significant.
A. | Security Valuation |
Each Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Funds’ policy is to recognize transfers into or out of Level 3 at the end of the reporting period.
• Level 1 – | quoted prices in active markets for identical securities (security types generally include listed equities). |
• Level 2 – | prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
• Level 3 – | prices determined using significant unobservable inputs (including the Valuation Committee’s own assumptions in determining the fair value of investments). |
A description of the valuation techniques applied to a Fund’s major categories of assets and liabilities measured at fair value on a recurring basis is as follows:
Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded or, if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Restricted equity securities and private placements that are illiquid, or are internally fair valued by the Valuation Committee, are generally categorized as Level 3 in the hierarchy.
Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that a Fund calculates its net asset value (“NAV”) at the close of regular trading on the New York Stock Exchange (“NYSE”) (generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases, the Funds fair value non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for
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MARCH 31, 2021
investments such as ADRs, financial futures, ETFs, and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.
Debt securities, including convertible bonds, and restricted securities, are valued based on evaluated quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing that considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, activity of the underlying equities, and current day trade information, as well as dealer supplied prices. These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments, such as mortgage-backed and asset-backed securities may also incorporate collateral analysis and utilize cash flow models for valuation and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt securities that are internally fair valued by the Valuation Committee are generally categorized as Level 3 in the hierarchy.
Listed derivatives, such as options and futures, that are actively traded are valued at the last posted settlement price from the exchange where they are principally traded and are categorized as Level 1 in the hierarchy. Over-the-counter (“OTC”) derivative contracts, which include forward currency contracts, swaps, swaptions, options and equity linked instruments, are valued based on model prices provided by independent pricing services or from dealer quotes. Depending on the derivative type and the specific terms of the transaction, these models vary and include observable inputs in actively quoted markets including but not limited to: underlying reference entity details, indices, spreads, interest rates, yield curves, dividend and exchange rates. These instruments are generally categorized as Level 2 in the hierarchy. Centrally cleared swaps listed or traded on a bilateral or trade facility platform, such as a registered exchange, are valued at the last posted settlement price determined by the respective exchange. These securities are generally categorized as Level 2 within the hierarchy.
Investments in open-end mutual funds are valued at NAV. Investments in closed-end funds and ETFs are valued as of the close of regular trading on the NYSE each business day. Each is categorized as Level 1 in the hierarchy.
The following is a summary of the inputs used to value each Fund’s net assets by each major security type. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
AllianzGI Convertible Fund: |
| |||||||||||||||
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Value at 3/31/21 | |||||||||||||
Investments in Securities – Assets |
| |||||||||||||||
Convertible Bonds & Notes | — | $ | 2,506,371,276 | — | $ | 2,506,371,276 | ||||||||||
Convertible Preferred Stock | $ | 266,976,263 | 50,968,605 | — | 317,944,868 | |||||||||||
Preferred Stock | 24,057,684 | — | — | 24,057,684 | ||||||||||||
Repurchase Agreements | — | 59,944,000 | — | 59,944,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Totals | $ | 291,033,947 | $ | 2,617,283,881 | — | $ | 2,908,317,828 | |||||||||
|
|
|
|
|
|
|
| |||||||||
AllianzGI Core Plus Bond Fund: |
| |||||||||||||||
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Value at 3/31/21 | |||||||||||||
Investments in Securities – Assets |
| |||||||||||||||
Corporate Bonds & Notes | — | $ | 27,281,835 | — | $ | 27,281,835 | ||||||||||
Asset-Backed Securities | — | 14,235,743 | $ | 705,075 | 14,940,818 | |||||||||||
U.S. Government Agency Securities | — | 12,631,354 | — | 12,631,354 | ||||||||||||
U.S. Treasury Obligations | — | 5,956,904 | — | 5,956,904 | ||||||||||||
Preferred Stock | $ | 268,462 | — | — | 268,462 | |||||||||||
Repurchase Agreements | — | 569,000 | — | 569,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
268,462 | 60,674,836 | 705,075 | 61,648,373 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments* – Assets |
| |||||||||||||||
Credit Contracts | — | 122 | — | 122 | ||||||||||||
Interest Rate Contracts | 133,486 | — | — | 133,486 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
133,486 | 122 | — | 133,608 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments* – Liabilities |
| |||||||||||||||
Credit Contracts | — | (19,571 | ) | — | (19,571 | ) | ||||||||||
Interest Rate Contracts | (63,508 | ) | — | — | (63,508 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
(63,508 | ) | (19,571 | ) | — | (83,079 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Totals | $ | 338,440 | $ | 60,655,387 | $ | 705,075 | $ | 61,698,902 | ||||||||
|
|
|
|
|
|
|
|
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MARCH 31, 2021
AllianzGI Emerging Markets Consumer Fund: |
| |||||||||||||||
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Value at 3/31/21 | |||||||||||||
Investments in Securities – Assets |
| |||||||||||||||
Common Stock | $ | 13,815,978 | — | — | $ | 13,815,978 | ||||||||||
Repurchase Agreements | — | $ | 141,000 | — | 141,000 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Totals | $ | 13,815,978 | $ | 141,000 | — | $ | 13,956,978 | |||||||||
|
|
|
|
|
|
|
| |||||||||
AllianzGI Global Allocation Fund: |
| |||||||||||||||
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Value at 3/31/21 | |||||||||||||
Investments in Securities – Assets |
| |||||||||||||||
Mutual Funds | $ | 87,365,832 | — | — | $ | 87,365,832 | ||||||||||
Exchange-Traded Funds | 40,903,185 | — | — | 40,903,185 | ||||||||||||
Corporate Bonds & Notes | — | $ | 40,113,648 | — | 40,113,648 | |||||||||||
U.S. Government Agency Securities | — | 28,390,670 | $ | 3,644,831 | 32,035,501 | |||||||||||
Common Stock | 30,855,058 | 53,348 | 6 | 30,908,412 | ||||||||||||
U.S. Treasury Obligations | — | 23,794,526 | — | 23,794,526 | ||||||||||||
Asset-Backed Securities | — | 13,704,510 | 1,220,129 | 14,924,639 | ||||||||||||
Rights | 1,456 | 16 | — | 1,472 | ||||||||||||
Repurchase Agreements | — | 10,406,000 | — | 10,406,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
159,125,531 | 116,462,718 | 4,864,966 | 280,453,215 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments* – Assets |
| |||||||||||||||
Credit Contracts | — | 10,257 | — | 10,257 | ||||||||||||
Foreign Exchange Contracts | 355,141 | — | — | 355,141 | ||||||||||||
Interest Rate Contracts | 684,491 | — | — | 684,491 | ||||||||||||
Market Price | 161,218 | — | — | 161,218 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
1,200,850 | 10,257 | — | 1,211,107 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments* – Liabilities |
| |||||||||||||||
Credit Contracts | — | (2,514 | ) | — | (2,514 | ) | ||||||||||
Foreign Exchange Contracts | (36,885 | ) | — | — | (36,885 | ) | ||||||||||
Interest Rate Contracts | (105,101 | ) | — | — | (105,101 | ) | ||||||||||
Market Price | (96,641 | ) | — | — | (96,641 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
(238,627 | ) | (2,514 | ) | — | (241,141 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Totals | $ | 160,087,754 | $ | 116,470,461 | $ | 4,864,966 | $ | 281,423,181 | ||||||||
|
|
|
|
|
|
|
| |||||||||
AllianzGI Global Dynamic Allocation Fund: |
| |||||||||||||||
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Value at 3/31/21 | |||||||||||||
Investments in Securities – Assets |
| |||||||||||||||
Common Stock | $ | 31,173,591 | $ | 10,912 | $ | 152 | $ | 31,184,655 | ||||||||
Corporate Bonds & Notes | — | 11,631,085 | — | 11,631,085 | ||||||||||||
U.S. Treasury Obligations | — | 363,149 | — | 363,149 | ||||||||||||
Preferred Stock | 145,953 | — | — | 145,953 | ||||||||||||
Warrants | 259 | — | — | 259 | ||||||||||||
Rights | — | 3 | — | 3 | ||||||||||||
Repurchase Agreements | — | 5,251,000 | — | 5,251,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
31,319,803 | 17,256,149 | 152 | 48,576,104 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments* – Assets |
| |||||||||||||||
Interest Rate Contracts | 3,528 | — | — | 3,528 | ||||||||||||
Market Price | 107,784 | 67,620 | — | 175,404 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
111,312 | 67,620 | — | 178,932 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments* – Liabilities |
| |||||||||||||||
Credit Contracts | — | (525 | ) | — | (525 | ) | ||||||||||
Interest Rate Contracts | (7,753 | ) | — | — | (7,753 | ) | ||||||||||
Market Price | (14,998 | ) | — | — | (14,998 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
(22,751 | ) | (525 | ) | — | (23,276 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Totals | $ | 31,408,364 | $ | 17,323,244 | $ | 152 | $ | 48,731,760 | ||||||||
|
|
|
|
|
|
|
|
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MARCH 31, 2021
AllianzGI Global Sustainability Fund: |
| |||||||||||||||
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Value at 3/31/21 | |||||||||||||
Investments in Securities – Assets |
| |||||||||||||||
Common Stock | $ | 122,604,675 | — | — | $ | 122,604,675 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Totals | $ | 122,604,675 | — | — | $ | 122,604,675 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
AllianzGI High Yield Bond Fund: |
| |||||||||||||||
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Value at 3/31/21 | |||||||||||||
Investments in Securities – Assets |
| |||||||||||||||
Corporate Bonds & Notes | — | $ | 59,892,245 | $ | 3 | $ | 59,892,248 | |||||||||
Preferred Stock | — | — | 6,161,706 | 6,161,706 | ||||||||||||
Common Stock | — | — | 851,085 | 851,085 | ||||||||||||
Warrants | — | — | 1 | 1 | ||||||||||||
Repurchase Agreements | — | 4,656,000 | — | 4,656,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Totals | — | $ | 64,548,245 | $ | 7,012,795 | $ | 71,561,040 | |||||||||
|
|
|
|
|
|
|
| |||||||||
AllianzGI International Small-Cap Fund: |
| |||||||||||||||
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Value at 3/31/21 | |||||||||||||
Investments in Securities – Assets |
| |||||||||||||||
Common Stock | $ | 82,888,687 | — | — | $ | 82,888,687 | ||||||||||
Preferred Stock | 1,387,945 | — | — | 1,387,945 | ||||||||||||
Repurchase Agreements | — | $ | 2,908,000 | — | 2,908,000 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Totals | $ | 84,276,632 | $ | 2,908,000 | — | $ | 87,184,632 | |||||||||
|
|
|
|
|
|
|
| |||||||||
AllianzGI Preferred Securities and Income Fund: |
| |||||||||||||||
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Value at 3/31/21 | |||||||||||||
Investments in Securities – Assets |
| |||||||||||||||
Corporate Bonds & Notes | — | $ | 13,952,925 | — | $ | 13,952,925 | ||||||||||
Preferred Stock | $ | 5,760,482 | — | — | 5,760,482 | |||||||||||
Common Stock | 1,036,905 | — | — | 1,036,905 | ||||||||||||
U.S. Treasury Obligations | — | 117,047 | — | 117,047 | ||||||||||||
Repurchase Agreements | — | 140,000 | — | 140,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
6,797,387 | 14,209,972 | — | 21,007,359 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments* – Assets |
| |||||||||||||||
Credit Contracts | — | 8,123 | — | 8,123 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Other Financial Instruments* – Liabilities |
| |||||||||||||||
Credit Contracts | — | (445 | ) | — | (445 | ) | ||||||||||
Interest Rate Contracts | (4,546 | ) | — | — | (4,546 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
(4,546 | ) | (445 | ) | — | (4,991 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Totals | $ | 6,792,841 | $ | 14,217,650 | — | $ | 21,010,491 | |||||||||
|
|
|
|
|
|
|
| |||||||||
AllianzGI Short Duration High Income Fund: |
| |||||||||||||||
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Value at 3/31/21 | |||||||||||||
Investments in Securities – Assets |
| |||||||||||||||
Corporate Bonds & Notes | — | $ | 650,035,030 | — | $ | 650,035,030 | ||||||||||
Senior Loans | — | 54,321,660 | — | 54,321,660 | ||||||||||||
Asset-Backed Securities | — | 2,775,820 | — | 2,775,820 | ||||||||||||
Common Stock | — | — | — | † | — | † | ||||||||||
Repurchase Agreements | — | 52,411,000 | — | 52,411,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Totals | — | $ | 759,543,510 | — | † | $ | 759,543,510 | |||||||||
|
|
|
|
|
|
|
|
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MARCH 31, 2021
AllianzGI Water Fund: |
| |||||||||||||||
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Value at 3/31/21 | |||||||||||||
Investments in Securities – Assets |
| |||||||||||||||
Common Stock | $ | 855,841,949 | — | — | $ | 855,841,949 | ||||||||||
Repurchase Agreements | — | $ | 6,342,000 | — | 6,342,000 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Totals | $ | 855,841,949 | $ | 6,342,000 | — | $ | 862,183,949 | |||||||||
|
|
|
|
|
|
|
| |||||||||
NFJ Emerging Markets Value Fund: |
| |||||||||||||||
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Value at 3/31/21 | |||||||||||||
Investments in Securities – Assets |
| |||||||||||||||
Common Stock | $ | 145,347,908 | — | — | $ | 145,347,908 | ||||||||||
Preferred Stock | 7,986,300 | — | — | 7,986,300 | ||||||||||||
Repurchase Agreements | — | $ | 3,475,000 | — | 3,475,000 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Totals | $ | 153,334,208 | $ | 3,475,000 | — | $ | 156,809,208 | |||||||||
|
|
|
|
|
|
|
|
A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the six months ended March 31, 2021, was as follows:
AllianzGI Core Plus Bond Fund: |
| |||||||||||||||||||||||||||||||||||
Beginning Balance 9/30/20 | 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 3/31/21 | ||||||||||||||||||||||||||||
Investments in Securities – Assets |
| |||||||||||||||||||||||||||||||||||
Asset-Backed Securities | — | $ | 705,000 | — | — | — | $ | 75 | — | — | $ | 705,075 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
AllianzGI Global Allocation Fund: |
| |||||||||||||||||||||||||||||||||||
Beginning Balance 9/30/20 | 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 3/31/21 | ||||||||||||||||||||||||||||
Investments in Securities – Assets |
| |||||||||||||||||||||||||||||||||||
U.S. Government Agency Securities | — | $ | 3,753,000 | — | — | — | $ | (108,169 | ) | — | — | $ | 3,644,831 | |||||||||||||||||||||||
Common Stock | — | 1,037 | — | — | — | (1,031 | ) | — | — | 6 | ||||||||||||||||||||||||||
Asset-Backed Securities | — | 1,220,000 | — | — | — | 129 | — | — | 1,220,129 | |||||||||||||||||||||||||||
|
|
|
|
|
|
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Totals | — | $ | 4,974,037 | — | — | — | $ | (109,071 | ) | — | — | $ | 4,864,966 | |||||||||||||||||||||||
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AllianzGI High Yield Bond Fund: |
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Beginning Balance 9/30/20 | 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 3/31/21 | ||||||||||||||||||||||||||||
Investments in Securities – Assets |
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Corporate Bonds & Notes | $ | 2,765,699 | $ | 175,660 | $ | (5,360,378 | ) | $ | 14,594 | $ | (3,074,081 | ) | $ | 5,478,509 | — | — | $ | 3 | ||||||||||||||||||
Preferred Stock | 4,799,228 | — | — | — | — | 1,362,478 | — | — | 6,161,706 | |||||||||||||||||||||||||||
Common Stock | 34,810 | 3,454,238 | — | — | — | (2,637,963 | ) | — | — | 851,085 | ||||||||||||||||||||||||||
Warrants | 16,255 | — | — | — | — | (16,254 | ) | — | — | 1 | ||||||||||||||||||||||||||
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Totals | $ | 7,615,992 | $ | 3,629,898 | $ | (5,360,378 | ) | $ | 14,594 | $ | (3,074,081 | ) | $ | 4,186,770 | — | — | $ | 7,012,795 | ||||||||||||||||||
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MARCH 31, 2021
The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at March 31, 2021:
AllianzGI High Yield Bond Fund: |
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Ending Balance at 3/31/21 | Valuation Technique Used | Unobservable Inputs | Input Values | |||||||||||||
Investments in Securities – Assets |
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Preferred Stock: | ||||||||||||||||
Media | $ | 6,161,706 | | Market and Company Comparables | | EV Multiples | 1.63x (0.45x – 4.99x) | |||||||||
Illiquidity Discount | (25% – 55%) | |||||||||||||||
Common Stock: | ||||||||||||||||
Aerospace and Defense | $ | 80,276 | | Market and Company Comparables | | EV Multiples | | 1.17x (0.72x – 2.32x) 11.93x (5.44x – 46x) 1.02x (0.51x – 1.38x) |
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| M&A Transaction Multiples Illiquidity Discount | | | 0.86x (0.41x – 1.96x) 40% | | |||||||||||
Banks | $ | 1 | | Market and Company Comparables | | EV Multiples | | 1.32x (0.33x – 2.52x) 7.39x (3.03x – 11.39x) 0.57x (0.22x – 0.93x) |
| |||||||
Illiquidity Discount | 20% |
* | Other financial instruments are derivatives, such as futures contracts, swap agreements, which are valued at the unrealized appreciation (depreciation) of the instrument. |
† | Actual amount rounds to less than $1. |
The net change in unrealized appreciation/depreciation of Level 3 investments which the following Funds held at March 31, 2021 was:
AllianzGI Core Plus Bond Fund | $ | 75 | ||
AllianzGI Global Allocation Fund | (109,071 | ) | ||
AllianzGI High Yield Bond Fund | (1,291,739 | ) |
B. | Security Transactions and Investment Income |
Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income is recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as a Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Conversion premium is not amortized. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.
Dividend income from REITs is recorded using management’s estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceeds their cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.
C. | Income Taxes |
Each Fund is treated as a separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes is required. The Funds may be subject to excise tax based on distributions to shareholders.
Certain Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests.
Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Generally, the Funds’ income tax returns for the prior three years, as applicable, remain subject to examination by the relevant tax jurisdictions (with limited exceptions).
D. | Distributions to Shareholders |
Distributions are recorded by each Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP.
E. | Convertible Securities |
Certain Funds’ may invest a portion of their assets in convertible securities. Although convertible securities derive part of their value from that of the securities into which they are convertible, they are not considered derivative financial instruments. However, certain of the Funds’ investments in convertible securities include features which render them sensitive to price changes in their underlying securities. The value of structured/synthetic convertible securities can be affected by interest rate changes and credit risks of the issuer. Such securities may be structured in ways that limit their potential for capital appreciation and the entire value of the security may be at risk of loss depending on the performance of the underlying equity security. Consequently, the Funds are exposed to greater downside risk than traditional convertible securities, but typically still less than that of the underlying stock.
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F. | Expenses |
Expenses incurred together by a Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses to each Fund or an alternative allocation method can be more appropriately used.
In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests.
G. | Foreign Currency Transactions |
Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. The Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.
H. | Securities Traded on a To-Be-Announced Basis |
Certain Funds may trade securities on a to-be-announced (“TBA”) basis. In a TBA transaction, a Fund commits to purchasing or selling securities which have not yet been issued by the issuer and for which specific information, such as the face amount, maturity date and underlying pool of investments in U.S. government agency mortgage pass-through securities, is not announced. Securities purchased on a TBA basis are not settled until they are delivered to the Fund. Beginning on the date a Fund enters into a TBA transaction, cash, U.S. government securities or other liquid high-grade debt obligations are segregated in an amount equal in value to the purchase price of the TBA security. These securities are subject to market fluctuations and their current value is determined in the same manner as for other securities.
H. | When-issued Purchases and Forward Commitments (Delayed Delivery) |
Certain Funds may engage in when-issued or forward commitment transactions. Securities purchased on a when-issued or forward commitment basis are also known as delayed delivery transactions. Delayed delivery transactions involve a commitment by a Fund to purchase or sell a security at a future date (ordinarily up to 90 days later). When-issued or forward commitments enable the Funds to lock in what is believed to be an attractive price or yield on a particular security for a period of time, regardless of future changes in interest rates. Each Fund records when-issued and forward commitment securities on the trade date. Each Fund maintains collateral for the securities purchased. Securities purchased on a when-issued or forward commitment basis begin earning interest on the settlement date.
I. | Leveraged Loans |
Certain Funds may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. Leveraged loans are generally non-investment grade and often involve borrowers that are highly leveraged. The Funds may invest in obligations of borrowers who are in bankruptcy proceedings. Leveraged loans are typically senior in the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the leveraged loan. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When investing in loan participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon receipt by the lender of payments from the borrower. A Fund generally has no right to enforce compliance with the terms of the leveraged loan with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the leveraged loan. When a Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan.
A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. Leveraged loans may involve foreign borrowers and investments may be denominated in foreign currencies. Direct indebtedness of emerging countries involves a risk that the government entities responsible for the repayment of the debt may be unable, or unwilling, to pay the principal and interest when due.
The leveraged loans have floating rate loan interests which generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally LIBOR, the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a leveraged loan is purchased a Fund may pay an assignment fee. On an ongoing basis, a Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a leveraged loan. Prepayment penalty fees are received upon the prepayment of a leveraged loan by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid.
As of March 31, 2021, the Funds did not hold any unfunded loan commitments.
J. | Repurchase Agreements |
Certain Funds are parties to Master Repurchase Agreements (“Master Repo Agreements”) with select counterparties. The Master Repo Agreements include provisions for initiation of repurchase transactions, income payments, events of default, and maintenance of collateral.
The Funds enter into transactions, under the Master Repo Agreements, with their custodian bank or securities brokerage firms whereby they purchase securities under agreements (i.e., repurchase agreements) to resell such securities at an agreed upon price and date. The Funds, through their custodian, take possession of securities collateralizing the repurchase agreement. Such agreements are carried at the contract amount in the financial statements, which is considered to represent fair value. The collateral that is pledged (i.e. the securities received by the Funds), which consists primarily of U.S. government obligations and asset-backed securities, is held by the custodian bank for the benefit of the Funds until the maturity of the repurchase agreement. Provisions of the repurchase agreements and the procedures adopted by the Funds require
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that the market value of the collateral, including accrued interest thereon, be sufficient in the event of default by the counterparty. If the counterparty defaults under the Master Repo Agreements and the value of the collateral declines or if the counterparty enters an insolvency proceeding, realization of the collateral by the Funds may be delayed or limited. The gross values are included in the Funds’ Schedules of Investments. As of March 31, 2021, the value of the related collateral exceeded the value of the repurchase agreements for each Fund.
K. | Warrants |
The Funds may receive warrants. Warrants are securities that are usually issued together with a debt security or preferred stock and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants may be freely transferable and are often traded on major exchanges. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline in interest rates would permit a Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.
Note 3. Derivative Financial Instruments and Transactions
Disclosures about derivative instruments and hedging activities are intended to enable investors to understand how and why a Fund uses derivatives, how derivatives are accounted for, and how derivative instruments affect a Fund’s results of operations and financial position. Summarized below are such disclosures and accounting policies for each specific type of derivative instrument used by certain Funds.
A. | Futures Contracts |
A futures contract is an agreement between two parties to purchase (long) or sell (short) a security at a set price for delivery on a future date. Upon entering into a futures contract, a Fund is required to pledge to the broker an amount of cash and/or securities equal to the “initial margin” requirements of the futures exchange on which the contract is traded. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by a Fund for financial statement purposes on a daily basis as unrealized appreciation or depreciation. When the contract expires or is closed, gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed is realized. This is presented in the Statement of Operations as net realized gain (loss) from future contracts.
During the fiscal period, the AllianzGI Core Plus Bond Fund, AllianzGI Global Allocation Fund, AllianzGI Global Dynamic Allocation Fund and AllianzGI Preferred Securities and Income Fund utilized futures to optimize performance by gaining exposure to broad markets or to hedge the risk of securities within the portfolios. The potential risks of doing so are that 1) the use of futures may result in larger losses or smaller gains than the use of more traditional investments, 2) the prices of futures and the price movements of the securities that the future is intended to simulate may not correlate well, 3) the Fund’s success in using futures will be dependent upon the subadviser’s ability to correctly predict such price movements, 4) liquidity of futures can be adversely affected by market factors, and the prices of such securities may move in unexpected ways, and 5) if the Fund cannot close out a futures position, it may be compelled to continue to make daily cash payments to the broker to meet margin requirements, thus increasing transaction costs. Futures contracts outstanding at period end, if any, are listed after each Fund’s Schedule of Investments.
B. | Forward Foreign Currency Exchange Contracts |
A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. Forward foreign currency exchange contracts, when used by a Fund, help to manage the overall exposure to the currencies in which some of the investments held by the Fund are denominated. The contract is marked-to-market daily and the change in market value is recorded by the Fund as an unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The use of forward foreign currency exchange contracts involves the risk that the value of the contract changes unfavorably due to movements in the value of the referenced foreign currencies. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of foreign currency.
During the fiscal period, the AllianzGI Global Sustainability Fund, AllianzGI International Small-Cap Fund and AllianzGI Water Fund entered into forward foreign currency exchange contracts as an economic hedge against either specific transactions or portfolio instruments or to obtain exposure to, or hedge exposure away from, foreign currencies (foreign currency exchange rate risk). Forward foreign currency contracts outstanding at period end, if any, are listed after each Fund’s Schedule of Investments.
C. | Options Contracts |
An options contract provides the purchaser with the right, but not the obligation, to buy (call option) or sell (put option) a financial instrument at an agreed upon price. Certain Funds may purchase or write both put and call options on portfolio securities. A Fund doing so is subject to equity price risk and/or foreign currency risk in the normal course of pursuing its investment objectives.
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When a Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When a Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. Holdings of the Fund designated to cover outstanding written options are noted in the Schedules of Investments. Purchased options are reported as an asset within “Investment in securities at value” in the Statements of Assets and Liabilities. Written options are reported as a liability within “Written options at value.” Changes in value of the purchased option are included in “Net change in unrealized appreciation (depreciation) from investments” in the Statements of Operations. Changes in value of written options are included in “Net change in unrealized appreciation (depreciation) from written options” in the Statements of Operations.
If an option expires unexercised, the Fund realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost basis of the purchase. The difference between the premium and the amount received or paid on effecting a closing purchase or sale transaction is also treated as a realized gain or loss. Gain or loss on purchased options is included in “Net realized gain (loss) on investments” in the Statements of Operations. Gain or loss on written options is presented separately as “Net realized gain (loss) from written options” in the Statements of Operations.
The risk in writing call options is that the Fund gives up the opportunity for profit if the market price/foreign currency rate of the referenced security/currency increases and the option is exercised. The risk in writing put options is that the Fund may incur a loss if the market price/foreign currency rate of the referenced security/currency decreases and the option is exercised. The risk in buying options is that the Fund pays a premium whether or not the option is exercised. The use of such instruments may involve certain additional risks as a result of unanticipated movements in the market. Writers (sellers) of options are subject to unlimited risk of loss, as the seller will be obligated to deliver or take delivery of the security at a predetermined price which may, upon exercise of the option, be significantly different from the then-market value.
During the fiscal period, the Funds did not enter into options contracts.
D. | Swaps |
Certain Funds enter into swap agreements, in which the Fund and a counterparty agree either to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). The value of the swap is reflected on the Statements of Assets and Liabilities as “Swaps at value”. Swaps are marked-to-market daily and changes in value are recorded as “Net change in unrealized appreciation (depreciation) on swaps” in the Statements of Operations.
Any upfront premiums paid are recorded as assets and any upfront fees received are recorded as liabilities and are shown under “Swaps at value” in the Statements of Assets and Liabilities and are amortized over the term of the swap. When a swap is terminated, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any.
Generally, the basis of the contracts is the unamortized premium received or paid. Cash settlements between the Fund and the counterparty are recognized as “Net realized gain (loss) on swaps” in the Statements of Operations. Swap contracts outstanding at period end, if any, are listed after each Fund’s Schedule of Investments.
In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is submitted to a central counterparty (the “CCP”) and the Fund’s counterparty on the swap agreement becomes the CCP. The Fund is required to interface with the CCP through a clearing broker. Upon entering into a centrally cleared swap, a Fund is required to deposit initial margin with the clearing broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap.
Securities deposited as margin are designated on the Schedule of Investments and cash deposited is recorded on the Statements of Assets and Liabilities as “Deposits with brokers for derivatives collateral”.
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.
Credit default swaps – A Fund may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps on single-name issuers are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation accelerators, repudiation, moratorium or restructuring). Credit default swaps on a combination or basket of single-name issuers are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the protection seller to make a specific payment should a negative credit event take place with respect to any of the referenced entities (e.g., bankruptcy, failure to pay, obligation accelerators, repudiation, moratorium or restructuring). Credit default swaps on traded indexes are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the seller to make a specific payment should a write-down, principal or interest shortfall or default of all or individual underlying securities included in the index occur. As a buyer, if an underlying credit event occurs, the Fund will either receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index or receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. The Funds may enter into credit default swaps to manage their exposure to the market or certain sectors of the market, to reduce their risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed (credit risk).
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During the fiscal period, the AllianzGI Core Plus Bond Fund, AllianzGI Global Allocation Fund, AllianzGI Global Dynamic Allocation Fund and AllianzGI Preferred Securities and Income Fund utilized both single name credit default swaps and credit index swaps to gain exposure to short individual securities or to gain exposure to a credit or asset-backed index.
Total return swaps – Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (coupons plus capital gains/losses) of an underlying instrument in exchange for fixed or floating rate interest payments. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. Certain Funds may enter into total return swaps to obtain exposure to a security or market without owning such security or investing directly in that market or to transfer the risk/return of one market (e.g., fixed income) to another market (e.g., equity) (equity risk and/or interest rate risk).
Certain Funds may enter into equity basket swaps to obtain exposure to a portfolio of long and short securities. Under the terms of the agreement, the swap is designed to function as a portfolio of direct investments in long and short equity or fixed income positions. This means that the Fund has the ability to trade in and out of long and short positions within the swap and will receive all of the economic benefits and risks equivalent to direct investments in these positions such as: capital appreciation (depreciation), corporate actions, and dividends and interest received and paid, all of which are reflected in the swap value. The swap value also includes interest charges and credits related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on defined market rates plus or minus a specified spread and are referred to herein as “financing costs”. Positions within the swap are reset periodically, and financing costs are reset monthly.
During a reset, any unrealized gains (losses) on positions and accrued financing costs become available for cash settlement between the Fund and the swap counterparty. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement, and is generally determined based on limits and thresholds established as part of the ISDA Master Agreement (defined below in “Derivative Risks”) between the Fund and the counterparty.
The value of the swap is derived from a combination of (i) the net value of the underlying positions, which are valued daily using the last sale or closing prices on the principal exchange on which the securities are traded; (ii) financing costs; (iii) the value of dividends or accrued interest; (iv) cash balances within the swap; and (v) other factors, as applicable. The swap involves additional risks than if the Fund has invested in the underlying positions directly, including: the risk that changes in the swap may not correlate perfectly with the underlying long and short securities; credit risk related to the counterparty’s failure to perform under contract terms; and liquidity risk related to the lack of a liquid market for the swap contract, which may limit the ability of the Fund to close out its position(s).
During the fiscal period, AllianzGI Global Dynamic Allocation Fund utilized total return swaps to gain exposure to broad markets or to hedge the risk of individual securities within the portfolios, obtain long or short exposure to the underlying reference instrument, obtain leverage and gain exposure to restricted markets in order to avoid the operational burden of ownership filing requirements.
Interest rate swaps – Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Certain Funds may enter into interest rate swaps to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate risk by economically hedging the value of the fixed rate bonds which may decrease when interest rates rise (interest rate risk).
During the fiscal period, the Funds did not utilize interest rate swaps.
Inflation swaps – Inflation swaps are contracts in which one party agrees to pay the cumulative percentage increase in a price index (e.g., the Consumer Price Index with respect to CPI swaps) over the term of the swap (with some lag on the inflation index), while the other pays a compounded fixed rate. One factor that may lead to changes in the values of inflation swaps is a change in real interest rates, which are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, which may lead to a decrease in value of an inflation swap. Certain Funds may enter into inflation swaps to hedge the inflation risk associated with non-inflation indexed investments, thereby creating “synthetic” inflation-indexed investments.
During the fiscal period, the Funds did not utilize inflation swaps.
Variance swaps –Variance swaps are contracts in which two parties agree to exchange cash payments based on the difference between the stated level of variance and the actual variance realized on an underlying asset or index. Certain Funds may enter into variance swaps in an attempt to hedge equity market risk or adjust exposure to the equity markets.
During the fiscal period, the AllianzGI Global Dynamic Allocation Fund utilized variance swaps to capitalize on volatility in the equity markets.
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The following is a summary of derivative instruments categorized by primary risk exposure, presented in the financial statements as of March 31, 2021:
The effect of derivatives on the Statements of Assets and Liabilities at March 31, 2021:
AllianzGI Core Plus Bond Fund: | Primary Risks | |||||||||||
Location | Interest Rate Contracts | Credit Contracts | Total | |||||||||
Asset derivatives: | ||||||||||||
Unrealized appreciation of swaps** | — | $ | 122 | $ | 122 | |||||||
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Unrealized appreciation on futures contracts* | $ | 133,486 | — | 133,486 | ||||||||
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Total asset derivatives | $ | 133,486 | $ | 122 | $ | 133,608 | ||||||
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Liability derivatives: | ||||||||||||
Unrealized depreciation of swaps** | — | $ | (19,571 | ) | $ | (19,571 | ) | |||||
|
|
|
|
|
| |||||||
Unrealized depreciation on futures contracts* | $ | (63,508 | ) | — | (63,508 | ) | ||||||
|
|
|
|
|
| |||||||
Total liability derivatives | $ | (63,508 | ) | $ | (19,571 | ) | $ | (83,079 | ) | |||
|
|
|
|
|
|
* | Included in net unrealized appreciation of $69,978 on futures contracts as reported in the Fund’s Notes to Schedule of Investments. Only variation margin is reported within the Statements of Assets and Liabilities |
** | Included in net unrealized depreciation of $19,449 on swaps as reported in the Fund’s Notes to Schedule of Investments. Only variation margin is reported within the Statements of Assets and Liabilities. |
AllianzGI Global Allocation Fund: | Primary Risks | |||||||||||||||||||
Location | Market Price | Interest Rate Contracts | Credit Contracts | Foreign Exchange Contracts | Total | |||||||||||||||
Asset derivatives: | ||||||||||||||||||||
Unrealized appreciation of swaps** | — | — | $ | 10,257 | — | $ | 10,257 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Unrealized appreciation on futures contracts* | $ | 161,218 | $ | 684,491 | — | $ | 355,141 | 1,200,850 | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total asset derivatives | $ | 161,218 | $ | 684,491 | $ | 10,257 | $ | 355,141 | $ | 1,211,107 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liability derivatives: | ||||||||||||||||||||
Unrealized depreciation of swaps** | — | — | $ | (2,514 | ) | — | $ | (2,514 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Unrealized depreciation on futures contracts* | $ | (96,641 | ) | $ | (105,101 | ) | $ | (36,885 | ) | (238,627 | ) | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total liability derivatives | $ | (96,641 | ) | $ | (105,101 | ) | $ | (36,885 | ) | $ | (241,141 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|
* | Included in net unrealized appreciation of $962,223 on futures contracts as reported in the Fund’s Notes to Schedule of Investments. Only variation margin is reported within the Statements of Assets and Liabilities. |
** | Included in net unrealized appreciation of $7,743 on swaps as reported in the Fund’s Notes to Schedule of Investments. Only variation margin is reported within the Statements of Assets and Liabilities. |
AllianzGI Global Dynamic Allocation Fund: | Primary Risks | |||||||||||||||
Location | Market Price | Interest Rate Contracts | Credit Contracts | Total | ||||||||||||
Asset derivatives: | ||||||||||||||||
Unrealized appreciation of swaps | $ | 67,620 | — | $ | — | $ | 67,620 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Unrealized appreciation on futures contracts* | 107,784 | $ | 3,528 | — | 111,312 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total asset derivatives | $ | 175,404 | $ | 3,528 | $ | — | $178,932 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Liability derivatives: | ||||||||||||||||
Unrealized depreciation of swaps** | — | — | $ | (525 | ) | $ | (525 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Unrealized depreciation on futures contracts* | $ | (14,998 | ) | $ | (7,753 | ) | — | (22,751 | ) | |||||||
|
|
|
|
|
|
|
| |||||||||
Total liability derivatives | $ | (14,998 | ) | $ | (7,753 | ) | $ | (525 | ) | $(23,276) | ||||||
|
|
|
|
|
|
|
|
* | Included in net unrealized appreciation of $88,561 on futures contracts as reported in the Fund’s Notes to Schedule of Investments. Only variation margin is reported within the Statements of Assets and Liabilities. |
** | Included in net unrealized depreciation of $525 on swaps as reported in the Fund’s Notes to Schedule of Investments. Only variation margin is reported within the Statements of Assets and Liabilities. |
97
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
MARCH 31, 2021
AllianzGI Preferred Securities and Income Fund: | Primary Risks | |||||||||||
Location | Interest Rate | Credit | Total | |||||||||
Asset derivatives: | ||||||||||||
Unrealized appreciation on swap contracts** | — | $ | 8,123 | $ | 8,123 | |||||||
|
|
|
|
|
| |||||||
Liability derivatives: | ||||||||||||
Unrealized depreciation on futures contracts* | $ | (4,546 | ) | — | $ | (4,546 | ) | |||||
|
|
|
|
|
| |||||||
Unrealized depreciation on swap contracts** | — | $ | (445 | ) | (445 | ) | ||||||
|
|
|
|
|
| |||||||
Total liability derivatives | $ | (4,546 | ) | $ | (445 | ) | $ | (4,991 | ) | |||
|
|
|
|
|
|
* | Included in net unrealized depreciation of $4,546 on futures contracts as reported in the Fund’s Notes to Schedule of Investments. Only variation margin is reported within the Statements of Assets and Liabilities. |
** | Included in net unrealized appreciation of $7,678 on swaps as reported in the Fund’s Notes to Schedule of Investments. Only variation margin is reported within the Statements of Assets and Liabilities. |
The effect of derivatives on the Statements of Operations for the six months ended March 31, 2021:
AllianzGI Core Plus Bond Fund: | Primary Risks | |||||||||||
Location | Interest Rate Contracts | Credit Contracts | Total | |||||||||
Net realized loss on: | ||||||||||||
Futures contracts | $ | (235,342 | ) | — | $ | (235,342 | ) | |||||
|
|
|
|
|
| |||||||
Swaps | — | $ | (155,553 | ) | (155,553 | ) | ||||||
|
|
|
|
|
| |||||||
Total net realized loss | $ | (235,342 | ) | $ | (155,553 | ) | $ | (390,895 | ) | |||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||
Futures contracts | $ | 117,658 | — | $ | 117,658 | |||||||
|
|
|
|
|
| |||||||
Swaps | — | $ | 312,029 | $ | 312,029 | |||||||
|
|
|
|
|
| |||||||
Total net change in unrealized appreciation/depreciation | $ | 117,658 | $ | 312,029 | $ | 429,687 | ||||||
|
|
|
|
|
|
AllianzGI Global Allocation Fund: | Primary Risks | |||||||||||||||||||
Location | Market | Interest Rate | Credit | Foreign | Total | |||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||
Futures contracts | $ | 7,349,577 | $ | (741,723 | ) | — | $ | 128,486 | $ | 6,736,340 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Swaps | — | — | $ | (21,150 | ) | — | (21,150 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total net realized gain (loss) | $ | 7,349,577 | $ | (741,723 | ) | $ | (21,150 | ) | $ | 128,486 | $ | 6,715,190 | ||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||||||||||
Futures contracts | $ | 276,908 | $ | 488,453 | — | $ | 289,796 | $ | 1,055,157 | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Swaps | — | — | $ | 6,192 | — | 6,192 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total net change in unrealized appreciation/depreciation | $ | 276,908 | $ | 488,453 | $ | 6,192 | $ | 289,796 | $ | 1,061,349 | ||||||||||
|
|
|
|
|
|
|
|
|
|
AllianzGI Global Dynamic Allocation Fund: | Primary Risks | |||||||||||||||||||
Location | Market | Interest Rate | Credit | Foreign | Total | |||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||
Futures contracts | $ | 2,779,721 | $ | (99,128 | ) | — | $ | (175,546 | ) | $ | 2,505,047 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Swaps | 182,622 | — | $ | (24,236 | ) | — | 158,386 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total net realized gain (loss) | $ | 2,962,343 | $ | (99,128 | ) | $ | (24,236 | ) | $ | (175,546 | ) | $ | 2,663,433 | |||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||||||||||
Futures contracts | $ | 234,276 | $ | (21,652 | ) | — | $ | 523 | $ | 213,147 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Swaps | 57,869 | — | $ | (987 | ) | — | 56,882 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total net change in unrealized appreciation/depreciation | $ | 292,145 | $ | (21,652 | ) | $ | (987 | ) | $ | 523 | $ | 270,029 | ||||||||
|
|
|
|
|
|
|
|
|
|
98
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VIRTUS STRATEGY TRUST
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
MARCH 31, 2021
AllianzGI Global Sustainability Fund: | | Primary Risks | | |
Location | Foreign | |||
Net realized gain on: | ||||
Forward foreign currency contracts | $ | 1,243 | ||
|
| |||
AllianzGI International Small-Cap Fund: | | Primary Risks | | |
Location | Foreign | |||
Net realized gain on: | ||||
Forward foreign currency contracts | $ | 854 | ||
|
| |||
Net change in unrealized appreciation/depreciation of: | ||||
Forward foreign currency contracts | $ | (283 | ) | |
|
|
AllianzGI Preferred Securities and Income Fund: | Primary Risks | |||||||||||
Location | Interest Rate Contracts | Credit Contracts | Total | |||||||||
Net realized loss on: | ||||||||||||
Futures contracts | $ | (3,153 | ) | — | $ | (3,153 | ) | |||||
|
|
|
|
|
| |||||||
Swaps | — | $ | (151,511 | ) | (151,511 | ) | ||||||
|
|
|
|
|
| |||||||
Total net realized loss | $ | (3,153 | ) | $ | (151,511 | ) | $ | (154,664 | ) | |||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||
Futures contracts | $ | (4,683 | ) | — | $ | (4,683 | ) | |||||
|
|
|
|
|
| |||||||
Swaps contracts | — | $ | 132,791 | 132,791 | ||||||||
|
|
|
|
|
| |||||||
Total net change in unrealized appreciation/depreciation | $ | (4,683 | ) | $ | 132,791 | $ | 128,108 | |||||
|
|
|
|
|
|
AllianzGI Water Fund: | | Primary Risks | | |
Location | Foreign | |||
Net realized gain on: | ||||
Forward foreign currency contracts | $ | 91 | ||
|
|
The monthly average values (unless otherwise specified) of the derivatives held by the Funds in the tables shown below indicate the volume of derivative activity for each applicable Fund for the six months ended March 31, 2021.
Forward Foreign Currency Contracts(1) | Futures Contracts(2) | Credit Default Swap Agreements(3) | Total Return Swap Agreements(3) | |||||||||||||||||||||||||
Purchased | Sold | Long | Short | Buy | Sell | |||||||||||||||||||||||
AllianzGI Core Plus Bond Fund | — | — | 41 | 36 | $ | 10,492 | $ | 10,322 | — | |||||||||||||||||||
AllianzGI Global Allocation Fund | — | — | 876 | 140 | 5,703 | 5,675 | — | |||||||||||||||||||||
AllianzGI Global Dynamic Allocation Fund | — | — | 206 | 36 | 2,764 | 2,946 | $ | 9 | ||||||||||||||||||||
AllianzGI Global Sustainability Fund | — | † | — | — | — | — | — | — | ||||||||||||||||||||
AllianzGI International Small-Cap Fund | $ | 22,581 | $ | 7,110 | — | — | — | — | — | |||||||||||||||||||
AllianzGI Preferred Securities and Income Fund | — | — | 3 | — | 1,473 | 1,421 | — | |||||||||||||||||||||
AllianzGI Water Fund | — | — | † | — | — | — | — | — |
† | Fund had derivative activity during the period but did not have open positions at any month-end in the period. |
(1) | U.S. $ value on origination date. |
(2) | Number of contracts. |
(3) | Notional amount (in thousands). |
99
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VIRTUS STRATEGY TRUST
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
MARCH 31, 2021
C. | Derivative Risks |
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
A Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by such Fund. For OTC purchased options, each Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by such Fund should the counterparty fail to perform under the contracts. Options written by a Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund, and not the counterparty to perform.
With exchange traded purchased options and futures and centrally cleared swaps generally speaking, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Fund.
In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, each Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event a Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.
The following table presents by counterparty, the AllianzGI Global Dynamic Allocation Fund’s derivative assets and liabilities net of related collateral held by the Fund at March 31, 2021 which has not been offset in the Statements of Assets and Liabilities, but would be available for offset to the extent of a default by the counterparty to the transaction.
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Gross Asset Derivatives Presented in Statement of Assets and Liabilities | Financial Instrument/ Derivative Offset | Cash Collateral Received | Net Amount | ||||||||||||
Swaps: |
| |||||||||||||||
UBS AG | $ | 67,620 | $ | — | $ | — | $ | 67,620 | ||||||||
|
|
|
|
|
|
|
|
Note 4. Investment Advisory Fees and Related Party Transactions
A. | Investment Adviser and Subadviser |
Effective February 1, 2021, Virtus Investment Advisers, Inc. (the “Adviser”), an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. (“Virtus”), is the investment adviser to the Funds. The Adviser manages the Funds’ investment programs and general operations of the Funds, including oversight of the Funds’ subadvisers. The Funds’ subadvisers are Allianz Global Investors U.S. LLC (“AllianzGI U.S.”), and NFJ Investment Group, LLC, a newly formed indirect, wholly-owned subsidiary of Virtus the portfolio management team of which was previously employed by AllianzGI U.S.
100
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VIRTUS STRATEGY TRUST
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
MARCH 31, 2021
As compensation for its services to the Funds, the Adviser is entitled to a fee, which is calculated daily and paid monthly based upon the following annual rates as a percentage of the average daily net assets of each Fund:
Advisory Fee | ||||
AllianzGI Convertible Fund | 0.57 | % | ||
AllianzGI Core Plus Bond Fund | 0.30 | |||
AllianzGI Emerging Markets Consumer Fund | 0.85 | |||
AllianzGI Global Allocation Fund | 0.70 | |||
AllianzGI Global Dynamic Allocation Fund | 0.70 | |||
AllianzGI Global Sustainability Fund | 0.80 | |||
AllianzGI High Yield Bond Fund | 0.48 | |||
AllianzGI International Small-Cap Fund | 1.00 | |||
AllianzGI Preferred Securities and Income Fund | 0.45 | |||
AllianzGI Short Duration High Income Fund | 0.48 | |||
AllianzGI Water Fund | 0.95 | |||
NFJ Emerging Markets Value Fund | 0.85 |
Prior to February 1, 2021, the Funds paid monthly advisory fees to AllianzGI U.S., in its former capacity as investment adviser to the funds, at the same annual rates.
B. | Expense Limitations |
The Adviser has contractually agreed to limit each Fund’s annual total operating expenses, subject to the exceptions listed below, so that such expenses do not exceed, on an annualized basis, the following respective percentages of average daily net assets through February 1, 2023. Following the contractual period, the Adviser may discontinue these expense limitation arrangements at any time. The waivers and reimbursements are accrued daily and received monthly.
Expense Limitations | ||||||||||||||||||||||||||||
Class A | Class C | Class R | Class P | Institutional Class | Class R6 | Administrative Class | ||||||||||||||||||||||
AllianzGI Convertible Fund | 0.96 | % | 1.73 | % | 1.15 | % | 0.71 | % | 0.71 | % | N/A | 0.93 | % | |||||||||||||||
AllianzGI Core Plus Bond Fund | N/A | N/A | N/A | 0.35 | 0.30 | 0.25 | % | N/A | ||||||||||||||||||||
AllianzGI Emerging Markets Consumer Fund | 1.40 | N/A | N/A | N/A | 1.05 | N/A | N/A | |||||||||||||||||||||
AllianzGI Global Allocation Fund | 0.52 | 1.27 | 0.72 | 0.32 | 0.29 | 0.22 | 0.47 | |||||||||||||||||||||
AllianzGI Global Dynamic Allocation Fund | 0.82 | 1.58 | 1.18 | 0.68 | 0.54 | 0.54 | 0.79 | |||||||||||||||||||||
AllianzGI Global Sustainability Fund | 0.94 | N/A | N/A | 0.79 | 0.69 | N/A | N/A | |||||||||||||||||||||
AllianzGI High Yield Bond Fund | 1.12 | 1.81 | 1.52 | 0.80 | 0.83 | N/A | 1.00 | |||||||||||||||||||||
AllianzGI International Small-Cap Fund | 1.25 | 2.00 | 1.59 | 1.10 | 1.04 | 1.00 | N/A | |||||||||||||||||||||
AllianzGI Preferred Securities and Income Fund | N/A | N/A | N/A | 0.60 | 0.55 | 0.50 | N/A | |||||||||||||||||||||
AllianzGI Short Duration High Income Fund | 0.86 | 1.11 | N/A | 0.65 | 0.60 | 0.55 | N/A | |||||||||||||||||||||
AllianzGI Water Fund | 1.22 | 1.97 | N/A | 0.94 | 0.93 | N/A | N/A | |||||||||||||||||||||
NFJ Emerging Markets Value Fund | 1.14 | 1.89 | N/A | 0.99 | 0.89 | N/A | N/A |
The exclusions include interest, any other fees or expenses relating to financial leverage or borrowing (such as commitment, amendment or renewal expenses on credit or redemption facilities), taxes, extraordinary, unusual or infrequently occurring expenses (such as litigation), brokerage commissions, expenses incurred in connection with any merger or reorganization, expenses incurred indirectly through investment in one or more investment companies, and dividend expenses, if any.
Prior to February 1, 2021, the Funds were contractually limited to:
Management Fee Waiver | Class A | Class C | Class R | Class P | Institutional Class | Class R6 | Administrative Class | |||||||||||||||||||||||||
AllianzGI Convertible Fund | N/A | 0.96 | % | 1.73 | % | 1.17 | % | 0.74 | % | 0.71 | % | N/A | 0.93 | % | ||||||||||||||||||
AllianzGI Core Plus Bond Fund | N/A | N/A | N/A | N/A | 0.35 | 0.30 | 0.25 | % | N/A | |||||||||||||||||||||||
AllianzGI Emerging Markets Consumer Fund | N/A | 1.39 | N/A | N/A | N/A | 1.05 | N/A | N/A | ||||||||||||||||||||||||
AllianzGI Global Allocation Fund | 0.55 | % | 1.01 | 1.76 | 1.21 | 0.81 | 0.74 | 0.71 | 0.96 | |||||||||||||||||||||||
AllianzGI Global Dynamic Allocation Fund | 0.55 | 1.01 | 1.78 | 1.38 | 0.84 | 0.74 | 0.74 | 0.99 | ||||||||||||||||||||||||
AllianzGI Global Sustainability Fund | N/A | 0.94 | N/A | N/A | 0.79 | 0.69 | N/A | N/A | ||||||||||||||||||||||||
AllianzGI High Yield Bond Fund | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||
AllianzGI International Small-Cap Fund | N/A | 1.25 | 2.00 | 1.59 | 1.10 | 1.04 | 1.00 | N/A | ||||||||||||||||||||||||
AllianzGI Preferred Securities and Income Fund | N/A | N/A | N/A | N/A | 0.60 | 0.55 | 0.50 | N/A | ||||||||||||||||||||||||
AllianzGI Short Duration High Income Fund | N/A | 0.86 | 1.11 | N/A | 0.65 | 0.60 | 0.55 | N/A | ||||||||||||||||||||||||
AllianzGI Water Fund | N/A | 1.22 | 1.97 | N/A | 0.94 | 0.93 | N/A | N/A | ||||||||||||||||||||||||
NFJ Emerging Markets Value Fund | N/A | 1.14 | 1.89 | N/A | 0.98 | 0.89 | N/A | N/A |
101
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VIRTUS STRATEGY TRUST
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
MARCH 31, 2021
C. | Expense Recapture |
Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. A Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. Any expenses recaptured for expenses reimbursed or fees waived prior to February 1, 2021, will be paid to AllianzGI U.S. All or a portion of the following Adviser reimbursed expenses may be recaptured by the fiscal year ending:
Expiration | ||||||||||||||||||||
2021 | 2022 | 2023 | 2024 | Totals | ||||||||||||||||
AllianzGI Convertible Fund | $ | — | $ | — | $ | — | $ | 302,268 | $ | 302,268 | ||||||||||
AllianzGI Core Plus Bond Fund | 180,862 | 292,997 | 287,267 | 134,655 | 895,781 | |||||||||||||||
AllianzGI Emerging Markets Consumer Fund | 82,270 | 104,650 | 166,775 | 95,695 | 449,390 | |||||||||||||||
AllianzGI Global Allocation Fund | — | 4,732 | 519,276 | 367,310 | 891,318 | |||||||||||||||
AllianzGI Global Dynamic Allocation Fund | 457,777 | 535,503 | 683,542 | 297,992 | 1,974,814 | |||||||||||||||
AllianzGI Global Sustainability Fund | 139,780 | 186,454 | 441,367 | 306,090 | 1,073,691 | |||||||||||||||
AllianzGI High Yield Bond Fund | — | — | — | 18,159 | 18,159 | |||||||||||||||
AllianzGI International Small-Cap Fund | 190,541 | 530,473 | 372,809 | 205,047 | 1,298,870 | |||||||||||||||
AllianzGI Preferred Securities and Income Fund | 151,931 | 223,469 | 178,890 | 88,253 | 642,543 | |||||||||||||||
AllianzGI Short Duration High Income Fund | — | — | 280,880 | 275,242 | 556,122 | |||||||||||||||
AllianzGI Water Fund | — | 767,632 | 1,242,119 | 827,321 | 2,837,072 | |||||||||||||||
NFJ Emerging Markets Value Fund | 377,554 | 488,649 | 522,849 | 295,373 | 1,684,425 |
During the period ended March 31, 2021, the Adviser recaptured expenses previously waived for the following Funds:
AllianzGI Convertible Fund | $ | 33,531 |
D. | Distributor |
Effective February 1, 2021, VP Distributors, LLC (“VP Distributors”), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of each Fund’s shares. VP Distributors has advised the Funds that for the 2 months ended March 31, 2021, it retained net commissions of $58,788 for Class A shares and CDSC of $1,251 and $3,256 for Class A shares and Class C shares, respectively. Prior to February 1, 2021, Allianz Global Investors Distributors LLC, the former Distributor, served as the principal underwriter of each class of the Trust’s shares.
In addition, each Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the annual rates of 0.25% for Class A shares, and 1.00% for Class C shares (0.90% for AllianzGl High Yield Bond Fund and 0.50% for AllianzGI Short Duration High Income Fund), and 0.50% for Class R shares. Administrative Class shares pay a 0.25% Administrative Distribution fee; Institutional Class shares, Class R6 shares, Class P shares and Administrative Class shares are not subject to a 12b-1 Plan.
Under certain circumstances, shares of certain Virtus Mutual Funds may be exchanged for shares of the same class of certain other Virtus Mutual Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply.
E. | Administrator and Transfer Agent |
Effective February 1, 2021, Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds.
Prior to February 1, 2021, in its capacity as investment adviser to the Funds during the period, in addition to its investment advisory services, AllianzGI U.S. provided administrative services to the Funds.
Prior to February 1, 2021, State Street Bank and Trust Company served as transfer agent to the Funds.
For the period ended March 31, 2021, the Funds incurred administration fees totaling $822,577, which are included in the Statements of Operations within the line item “Administration.” The fees are calculated daily and paid monthly.
For the period ended March 31, 2021, the Funds incurred transfer agent fees totaling $539,741, which are included in the Statements of Operations within the line item “Transfer agent.” The fees are calculated daily and paid monthly.
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
MARCH 31, 2021
F. | Investments in Affiliates |
A summary of the total long-term and short-term purchases and sales of the affiliated underlying funds during the period ended March 31, 2021, is as follows:
AllianzGI Global Allocation Fund: | ||||||||||||||||||||||||||||||||||||
Market Value 9/30/2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Market Value 3/31/2021 | Dividend Income | Shares as of 3/31/2021 | Net Realized Gain (Loss) | Net Capital Gain Distributions Received | ||||||||||||||||||||||||||||
AllianzGI Best Styles Global Managed Volatility Fund | $ | 26,045,195 | $ | 2,595,771 | $ | 26,829,292 | $ | (1,386,747 | ) | $ | — | $ | 951,902 | — | $ | (424,927 | ) | $ | 1,643,869 | |||||||||||||||||
AllianzGI Global Sustainability Fund | 105,061,149 | 3,234,854 | 31,431,820 | 4,750,207 | 87,365,832 | 823,739 | 3,678,561 | 5,751,442 | 2,411,115 | |||||||||||||||||||||||||||
AllianzGI Green Bond Fund | 24,369,005 | 28,968 | 24,876,097 | (636,135 | ) | — | 28,968 | — | 1,114,259 | — | ||||||||||||||||||||||||||
AllianzGI PerformanceFee Managed Futures Strategy Fund | 24,606,249 | 2,983,065 | 27,920,715 | 4,341,262 | — | 565,065 | — | (4,009,861 | ) | — | ||||||||||||||||||||||||||
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund | 2,479,359 | — | — | 43,281 | 2,522,640 | 21,620 | 46,000 | — | — | |||||||||||||||||||||||||||
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Totals | $ | 182,560,957 | $ | 8,842,658 | $ | 111,057,924 | $ | 7,111,868 | $ | 89,888,472 | $ | 2,391,294 | 3,724,561 | $ | 2,430,913 | $ | 4,054,984 | |||||||||||||||||||
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AllianzGI Global Dynamic Allocation Fund: | ||||||||||||||||||||||||||||||||||||
Market Value 9/30/2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Market Value 3/31/2021 | Dividend Income | Shares as of 3/31/2021 | Net Realized Gain (Loss) | Net Capital Gain Distributions Received | ||||||||||||||||||||||||||||
AllianzGI International Growth Fund | $ | 4,190,727 | $ | 4,257,232 | $ | 4,549,608 | $ | (1,351,046 | ) | $ | — | $ | 120,690 | — | $ | (2,547,305 | ) | $ | 4,136,542 | |||||||||||||||||
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AllianzGI High Yield Bond Fund: | ||||||||||||||||||||||||||||||||||||
Market Value 9/30/2020 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Market Value 3/31/2021 | Dividend Income | Shares as of 3/31/2021 | Net Realized Gain (Loss) | Net Capital Gain Distributions Received | ||||||||||||||||||||||||||||
CCF Holdings LLC Class B | $ | — | * | $ | — | $ | — | $ | 1 | $ | 1 | $ | — | 7,143 | $ | — | $ | — | ||||||||||||||||||
LiveStyle, Inc., Ser B | 4,399,764 | — | — | 1,358,336 | 5,758,100 | — | 57,581 | — | — | |||||||||||||||||||||||||||
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Totals | $ | 4,399,764 | $ | — | $ | — | $ | 1,358,337 | $ | 5,758,101 | $ | — | 64,724 | $ | — | $ | — | |||||||||||||||||||
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* | Actual amount rounds to less than $1. |
G. | Trustee Compensation |
The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other assets” in the Statements of Assets and Liabilities at March 31, 2021.
In calendar year 2018 and certain prior periods, the Funds maintained a different deferred compensation plan pursuant to which each Trustee who was not affiliated with AllianzGI U.S. had the opportunity to elect not to receive all or a portion of his or her fees from the respective Fund on a current basis, but instead to receive in a subsequent period chosen by the Trustee an amount equal to the value of such compensation if such compensation had been invested in one or more series of Virtus Investment Trust (then known as Allianz Funds) and Virtus Strategy Trust (then known as Allianz Funds Multi-Strategy Trust) selected by the such Trustee from and after the normal payment dates for such compensation. The deferred compensation program was closed to new deferrals effective January 1, 2019, and all Trustee fees earned with respect to service in calendar year 2019 and 2020 were paid in cash, on a current basis. The Trustees do not currently receive any pension or retirement benefits from the Funds.
In addition to the Trustee fees deferred in the current period, the Funds still have obligations with respect to Trustee fees deferred in 2018 and in prior periods, and will continue to have such obligations until all deferred Trustee fees are paid out pursuant to the terms of the applicable deferred compensation plan.
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
MARCH 31, 2021
Note 5. Purchases and Sales of Securities
Purchases and sales of securities (excluding U.S. Government and agency securities and short-term securities) during the period ended March 31, 2021, were as follows:
Purchases | Sales | |||||||
AllianzGI Convertible Fund | $ | 2,083,255,950 | $ | 1,640,049,750 | ||||
AllianzGI Core Plus Bond Fund | 35,713,696 | 31,417,323 | ||||||
AllianzGI Emerging Markets Consumer Fund | 5,720,675 | 30,354,489 | ||||||
AllianzGI Global Allocation Fund | 144,322,001 | 166,567,319 | ||||||
AllianzGI Global Dynamic Allocation Fund | 42,338,635 | 34,583,426 | ||||||
AllianzGI Global Sustainability Fund | 28,142,416 | 75,838,218 | ||||||
AllianzGI High Yield Bond Fund | 64,074,589 | 85,522,075 | ||||||
AllianzGI International Small-Cap Fund | 19,089,735 | 27,640,617 | ||||||
AllianzGI Preferred Securities and Income Fund | 11,724,662 | 17,543,205 | ||||||
AllianzGI Short Duration High Income Fund | 252,484,290 | 368,756,965 | ||||||
AllianzGI Water Fund | 256,943,557 | 203,911,426 | ||||||
NFJ Emerging Markets Value Fund | 58,289,804 | 56,681,657 |
Purchases and sales of long-term U.S. Government and agency securities during the period ended March 31, 2021, were as follows:
Purchases | Sales | |||||||
AllianzGI Core Plus Bond Fund | $ | 73,243,225 | $ | 67,214,894 | ||||
AllianzGI Global Allocation Fund | 165,897,978 | 118,961,171 | ||||||
AllianzGI Global Dynamic Allocation Fund | 6,408,979 | 6,380,135 | ||||||
AllianzGI Preferred Securities and Income Fund | 131,301 | — |
Note 6. Capital Share Transactions
AllianzGI Convertible Fund | AllianzGI Core Plus Bond Fund | |||||||||||||||||||||||||||||||
Six Months ended March 31, 2021 (unaudited) | Year ended September 30, 2020 | Six Months ended March 31, 2021 (unaudited) | Year ended September 30, 2020 | |||||||||||||||||||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | |||||||||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||||||||||
Class A | 3,663,139 | $ | 162,364,426 | 5,360,325 | $ | 176,137,365 | — | $ | — | — | $ | — | ||||||||||||||||||||
Class C | 595,831 | 26,744,676 | 1,496,827 | 49,314,122 | — | — | — | — | ||||||||||||||||||||||||
Class R | 22,077 | 1,020,896 | 1,780 | 62,067 | — | — | — | — | ||||||||||||||||||||||||
Class P | 5,896,894 | 252,434,121 | 13,169,157 | 406,955,186 | — | — | — | — | ||||||||||||||||||||||||
Institutional Class | 12,274,202 | 529,122,069 | 22,968,199 | 718,717,185 | — | — | 1,592 | 25,984 | ||||||||||||||||||||||||
Class R6 | — | — | — | — | 713,458 | 11,160,185 | 135,169 | 2,172,549 | ||||||||||||||||||||||||
Administrative Class | 266,638 | 11,074,420 | 345,848 | 12,318,017 | — | — | — | — | ||||||||||||||||||||||||
Issued in reinvestment of dividends and distributions: | ||||||||||||||||||||||||||||||||
Class A | 427,790 | 18,749,871 | 120,304 | 3,677,305 | — | — | — | — | ||||||||||||||||||||||||
Class C | 154,984 | 6,909,177 | 63,483 | 1,943,210 | — | — | — | — | ||||||||||||||||||||||||
Class R | 464 | 21,312 | 215 | 6,786 | — | — | — | — | ||||||||||||||||||||||||
Class P | 933,305 | 39,547,982 | 335,211 | 9,975,702 | 65 | 1,026 | 45 | 693 | ||||||||||||||||||||||||
Institutional Class | 2,086,451 | 89,580,266 | 770,836 | 23,162,256 | 213 | 3,330 | 56 | 875 | ||||||||||||||||||||||||
Class R6 | — | — | — | — | 286,162 | 4,475,312 | 234,541 | 3,642,611 | ||||||||||||||||||||||||
Administrative Class | 32,314 | 1,398,098 | 1,655 | 55,241 | — | — | — | — | ||||||||||||||||||||||||
Cost of shares redeemed: | ||||||||||||||||||||||||||||||||
Class A | (1,326,557 | ) | (58,823,574 | ) | (1,289,181 | ) | (41,935,176 | ) | — | — | — | — | ||||||||||||||||||||
Class C | (446,327 | ) | (20,513,084 | ) | (744,408 | ) | (24,393,928 | ) | — | — | — | — | ||||||||||||||||||||
Class R | (1,809 | ) | (75,372 | ) | (66 | ) | (2,220 | ) | — | — | — | — | ||||||||||||||||||||
Class P | (3,562,180 | ) | (153,940,254 | ) | (4,393,435 | ) | (132,223,296 | ) | — | — | — | — | ||||||||||||||||||||
Institutional Class | (6,050,565 | ) | (263,314,701 | ) | (9,114,615 | ) | (290,448,061 | ) | — | — | — | — | ||||||||||||||||||||
Class R6 | — | — | — | — | (227,905 | ) | (3,559,428 | ) | (1,013,547 | ) | (16,280,298 | ) | ||||||||||||||||||||
Administrative Class | (118,428 | ) | (5,259,998 | ) | (17,557 | ) | (551,039 | ) | — | — | — | — | ||||||||||||||||||||
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Net increase (decrease) resulting from Fund share transactions | 14,848,223 | $ | 637,040,331 | 29,074,578 | $ | 912,770,722 | 771,993 | $ | 12,080,425 | (642,144 | ) | $ | (10,437,586 | ) | ||||||||||||||||||
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— May reflect actual amounts rounding to less than $1 or less than 1 share.
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
MARCH 31, 2021
AllianzGI Emerging Markets Consumer Fund | AllianzGI Global Allocation Fund | |||||||||||||||||||||||||||||||
Six Months ended March 31, 2021 (unaudited) | Year ended September 30, 2020 | Six Months ended March 31, 2021 (unaudited) | Year ended September 30, 2020 | |||||||||||||||||||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | |||||||||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||||||||||
Class A | 1,675 | $ | 29,746 | 4,191 | $ | 60,222 | 496,004 | $ | 5,638,533 | 339,921 | $ | 3,633,733 | ||||||||||||||||||||
Class C | — | — | — | — | 22,146 | 260,546 | 97,235 | 1,083,076 | ||||||||||||||||||||||||
Class P | — | — | — | — | 152,679 | 1,706,592 | 354,618 | 3,696,965 | ||||||||||||||||||||||||
Institutional Class | 38,176 | 689,473 | 41,628 | 611,237 | 164,949 | 1,870,716 | 441,421 | 4,729,055 | ||||||||||||||||||||||||
Class R6 | — | — | — | — | 3,871,843 | 43,687,463 | 3,422,749 | 35,014,173 | ||||||||||||||||||||||||
Administrative Class | — | — | — | — | 131 | 1,520 | 180 | 1,874 | ||||||||||||||||||||||||
Issued in reinvestment of dividends and distributions: | ||||||||||||||||||||||||||||||||
Class A | 165 | 2,757 | 31 | 457 | 218,490 | 2,470,856 | 342,737 | 3,622,560 | ||||||||||||||||||||||||
Class C | — | — | — | — | 13,911 | 163,949 | 33,633 | 369,764 | ||||||||||||||||||||||||
Class R | — | — | — | — | 127 | 1,411 | 178 | 1,863 | ||||||||||||||||||||||||
Class P | — | — | — | — | 15,509 | 172,454 | 25,204 | 262,712 | ||||||||||||||||||||||||
Institutional Class | 24,953 | 421,963 | 26,628 | 387,702 | 56,291 | 631,597 | 51,338 | 538,566 | ||||||||||||||||||||||||
Class R6 | — | — | — | — | 1,351,315 | 14,768,303 | 2,365,902 | 24,243,636 | ||||||||||||||||||||||||
Administrative Class | — | — | — | — | 147 | 1,720 | 195 | 2,124 | ||||||||||||||||||||||||
Cost of shares redeemed: | ||||||||||||||||||||||||||||||||
Class A | (136 | ) | (2,288 | ) | (4,833 | ) | (68,848 | ) | (526,860 | ) | (5,992,519 | ) | (953,519 | ) | (10,095,495 | ) | ||||||||||||||||
Class C | — | — | — | — | (103,929 | ) | (1,238,654 | ) | (384,010 | ) | (4,208,450 | ) | ||||||||||||||||||||
Class P | — | — | — | — | (150,551 | ) | (1,688,354 | ) | (453,965 | ) | (4,754,739 | ) | ||||||||||||||||||||
Institutional Class | (1,512,695 | ) | (25,471,034 | ) | (738,026 | ) | (9,371,678 | ) | (153,472 | ) | (1,734,253 | ) | (170,252 | ) | (1,748,395 | ) | ||||||||||||||||
Class R6 | — | — | — | — | (3,000,819 | ) | (33,312,584 | ) | (11,129,047 | ) | (116,406,025 | ) | ||||||||||||||||||||
Administrative Class | — | — | — | — | (127 | ) | (1,536 | ) | (15 | ) | (145 | ) | ||||||||||||||||||||
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Net increase (decrease) resulting from Fund share transactions | (1,447,862 | ) | $ | (24,329,383 | ) | (670,381 | ) | $ | (8,380,908 | ) | 2,427,784 | $ | 27,407,760 | (5,615,497 | ) | $ | (60,013,148 | ) | ||||||||||||||
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AllianzGI Global Dynamic Allocation Fund | AllianzGI Global Sustainability Fund | |||||||||||||||||||||||||||||||
Six Months ended March 31, 2021 (unaudited) | Year ended September 30, 2020 | Six Months ended March 31, 2021 (unaudited) | Year ended September 30, 2020 | |||||||||||||||||||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | |||||||||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||||||||||
Class A | 41,088 | $ | 656,863 | 22,644 | $ | 418,515 | 78,599 | $ | 1,773,541 | 61,722 | $ | 1,167,236 | ||||||||||||||||||||
Class C | 371 | 6,237 | 7,118 | 130,239 | — | — | — | — | ||||||||||||||||||||||||
Class R | 2 | 47 | 481 | 8,692 | — | — | — | — | ||||||||||||||||||||||||
Class P | 9,309 | 154,150 | 5 | 100 | 428,547 | 9,599,258 | 738,742 | 14,120,188 | ||||||||||||||||||||||||
Institutional Class | 46,078 | 806,329 | 171,561 | 3,130,127 | 234,988 | 5,447,306 | 8,161,406 | 155,933,618 | ||||||||||||||||||||||||
Class R6 | 61,808 | 1,023,519 | 560,123 | 10,325,676 | — | — | — | — | ||||||||||||||||||||||||
Issued in reinvestment of dividends and distributions: | ||||||||||||||||||||||||||||||||
Class A | 26,648 | 409,579 | 9,553 | 176,628 | 3,538 | 79,260 | 1,364 | 26,611 | ||||||||||||||||||||||||
Class C | 9,496 | 142,910 | 3,517 | 63,940 | — | — | — | — | ||||||||||||||||||||||||
Class R | 400 | 6,265 | 588 | 10,836 | — | — | — | — | ||||||||||||||||||||||||
Class P | 1,204 | 19,138 | 247 | 4,691 | 44,673 | 1,008,277 | 24,998 | 490,968 | ||||||||||||||||||||||||
Institutional Class | 211,624 | 3,318,257 | 53,944 | 1,011,445 | 177,303 | 4,085,052 | 128,204 | 2,565,366 | ||||||||||||||||||||||||
Class R6 | 545,248 | 8,451,342 | 650,162 | 11,995,496 | — | — | — | — | ||||||||||||||||||||||||
Administrative Class | 462 | 7,071 | 133 | 2,455 | — | — | — | — | ||||||||||||||||||||||||
Cost of shares redeemed: | ||||||||||||||||||||||||||||||||
Class A | (10,921 | ) | (182,989 | ) | (47,002 | ) | (815,174 | ) | (4,182 | ) | (94,732 | ) | (30,523 | ) | (593,953 | ) | ||||||||||||||||
Class C | (2,790 | ) | (46,789 | ) | (13,160 | ) | (236,423 | ) | — | — | — | — | ||||||||||||||||||||
Class R | (1,087 | ) | (20,788 | ) | (5,052 | ) | (88,971 | ) | — | — | — | — | ||||||||||||||||||||
Class P | (487 | ) | (8,136 | ) | (597,472 | ) | (11,737,306 | ) | (1,566,771 | ) | (35,821,720 | ) | (600,117 | ) | (11,854,461 | ) | ||||||||||||||||
Institutional Class | (114,890 | ) | (2,005,139 | ) | (58,640 | ) | (1,075,288 | ) | (1,883,084 | ) | (44,802,648 | ) | (2,296,682 | ) | (47,935,669 | ) | ||||||||||||||||
Class R6 | (97,549 | ) | (1,681,629 | ) | (6,192,616 | ) | (116,362,314 | ) | — | — | — | — | ||||||||||||||||||||
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Net increase (decrease) resulting from Fund share transactions | 726,014 | $ | 11,056,237 | (5,433,866 | ) | $ | (103,036,636 | ) | (2,486,389 | ) | $ | (58,726,406 | ) | 6,189,114 | $ | 113,919,904 | ||||||||||||||||
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— May reflect actual amounts rounding to less than $1 or less than 1 share.
105
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VIRTUS STRATEGY TRUST
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
MARCH 31, 2021
AllianzGI High Yield Bond Fund | AllianzGI International Small-Cap Fund | |||||||||||||||||||||||||||||||
Six Months ended March 31, 2021 (unaudited) | Year ended September 30, 2020 | Six Months ended March 31, 2021 (unaudited) | Year ended September 30, 2020 | |||||||||||||||||||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | |||||||||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||||||||||
Class A | 326,049 | $ | 2,835,501 | 427,233 | $ | 3,690,470 | 15,778 | $ | 632,156 | 14,308 | $ | 462,738 | ||||||||||||||||||||
Class C | 11,494 | 98,373 | 71,535 | 609,436 | 133 | 5,126 | 220 | 6,784 | ||||||||||||||||||||||||
Class R | 46,099 | 378,545 | 98,536 | 792,854 | 4,730 | 170,935 | 6,214 | 181,010 | ||||||||||||||||||||||||
Class P | 71,473 | 592,788 | 350,233 | 2,857,637 | 5,590 | 221,962 | 19,186 | 581,477 | ||||||||||||||||||||||||
Institutional Class | 548,263 | 4,532,757 | 3,084,998 | 25,393,732 | 44,487 | 1,856,363 | 77,726 | 2,457,518 | ||||||||||||||||||||||||
Class R6 | — | — | — | — | 122,210 | 4,989,353 | 360,781 | 11,900,362 | ||||||||||||||||||||||||
Administrative Class | 21 | 163 | 458 | 3,831 | — | — | — | — | ||||||||||||||||||||||||
Issued in reinvestment of dividends and distributions: | ||||||||||||||||||||||||||||||||
Class A | 56,406 | 491,655 | 127,293 | 1,077,155 | 1,080 | 42,453 | 1,918 | 66,312 | ||||||||||||||||||||||||
Class C | 8,920 | 77,551 | 19,800 | 167,197 | 142 | 5,364 | 36 | 1,196 | ||||||||||||||||||||||||
Class R | 834 | 6,910 | 3,194 | 25,779 | 330 | 12,095 | 610 | 19,726 | ||||||||||||||||||||||||
Class P | 26,505 | 219,461 | 73,485 | 594,620 | 3,183 | 124,608 | 6,420 | 220,655 | ||||||||||||||||||||||||
Institutional Class | 160,857 | 1,340,062 | 486,601 | 3,937,877 | 11,600 | 469,807 | 15,974 | 569,471 | ||||||||||||||||||||||||
Class R6 | — | — | — | — | 10,737 | 430,983 | 19,547 | 690,384 | ||||||||||||||||||||||||
Administrative Class | 91 | 761 | 176 | 1,419 | — | — | — | — | ||||||||||||||||||||||||
Cost of shares redeemed: | ||||||||||||||||||||||||||||||||
Class A | (454,071 | ) | (3,935,533 | ) | (1,164,633 | ) | (10,073,406 | ) | (22,813 | ) | (900,714 | ) | (61,009 | ) | (1,973,484 | ) | ||||||||||||||||
Class C | (175,387 | ) | (1,538,327 | ) | (176,870 | ) | (1,533,669 | ) | (11,496 | ) | (450,103 | ) | (9,731 | ) | (304,284 | ) | ||||||||||||||||
Class R | (84,052 | ) | (690,943 | ) | (114,949 | ) | (931,552 | ) | (9,293 | ) | (347,493 | ) | (14,912 | ) | (406,822 | ) | ||||||||||||||||
Class P | (914,730 | ) | (7,616,331 | ) | (582,812 | ) | (4,727,469 | ) | (26,826 | ) | (1,034,786 | ) | (329,810 | ) | (10,374,948 | ) | ||||||||||||||||
Institutional Class | (2,119,583 | ) | (17,699,863 | ) | (6,151,897 | ) | (50,574,719 | ) | (96,440 | ) | (3,908,607 | ) | (412,505 | ) | (14,070,174 | ) | ||||||||||||||||
Class R6 | — | — | — | — | (188,817 | ) | (7,448,017 | ) | (397,418 | ) | (12,984,001 | ) | ||||||||||||||||||||
Administrative Class | (13 | ) | (107 | ) | (197 | ) | (1,644 | ) | — | — | — | — | ||||||||||||||||||||
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Net decrease resulting from Fund share transactions | (2,490,824 | ) | $ | (20,906,577 | ) | (3,447,816 | ) | $ | (28,690,452 | ) | (135,685 | ) | $ | (5,128,515 | ) | (702,445 | ) | $ | (22,956,080 | ) | ||||||||||||
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AllianzGI Preferred Securities and Income Fund | AllianzGI Short Duration High Income Fund | |||||||||||||||||||||||||||||||
Six Months ended March 31, 2021 (unaudited) | Year ended September 30, 2020 | Six Months ended March 31, 2021 (unaudited) | Year ended September 30, 2020 | |||||||||||||||||||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | |||||||||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||||||||||
Class A | — | $ | — | — | $ | — | 2,242,897 | $ | 32,691,480 | 5,584,271 | $ | 79,619,684 | ||||||||||||||||||||
Class C | — | — | — | — | 521,059 | 7,543,925 | 1,833,843 | 26,112,022 | ||||||||||||||||||||||||
Class R | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Class P | — | — | — | — | 1,573,710 | 22,661,285 | 69,044,554 | 992,957,066 | ||||||||||||||||||||||||
Institutional Class | 47,446 | 746,485 | 851,446 | 12,388,519 | 2,643,881 | 37,912,312 | 14,160,445 | 199,832,491 | ||||||||||||||||||||||||
Class R6 | 65,967 | 1,012,513 | 408,622 | 6,296,938 | 970,881 | 13,925,383 | 2,853,830 | 38,291,378 | ||||||||||||||||||||||||
Issued in reinvestment of dividends and distributions: | ||||||||||||||||||||||||||||||||
Class A | — | — | — | — | 296,533 | 4,292,356 | 396,028 | 5,521,281 | ||||||||||||||||||||||||
Class C | — | — | — | — | 170,486 | 2,469,862 | 292,482 | 4,076,736 | ||||||||||||||||||||||||
Class R | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Class P | 21 | 327 | 51 | 777 | 457,492 | 6,579,635 | 1,519,206 | 21,455,898 | ||||||||||||||||||||||||
Institutional Class | 12,566 | 195,239 | 19,713 | 289,805 | 703,297 | 10,096,800 | 1,287,104 | 17,827,310 | ||||||||||||||||||||||||
Class R6 | 28,145 | 436,781 | 75,305 | 1,119,376 | 73,597 | 1,054,436 | 153,825 | 2,118,099 | ||||||||||||||||||||||||
Cost of shares redeemed: | ||||||||||||||||||||||||||||||||
Class A | — | — | — | — | (2,044,894 | ) | (29,615,078 | ) | (5,520,989 | ) | (75,974,850 | ) | ||||||||||||||||||||
Class C | — | — | — | — | (1,301,708 | ) | (18,906,043 | ) | (3,641,283 | ) | (50,732,741 | ) | ||||||||||||||||||||
Class R | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Class P | — | — | — | — | (4,379,240 | ) | (62,727,824 | ) | (86,028,179 | ) | (1,196,629,668 | ) | ||||||||||||||||||||
Institutional Class | (149,550 | ) | (2,309,364 | ) | (545,140 | ) | (8,319,097 | ) | (5,756,618 | ) | (82,552,012 | ) | (21,663,814 | ) | (294,426,028 | ) | ||||||||||||||||
Class R6 | (383,512 | ) | (5,916,030 | ) | (209,238 | ) | (3,158,047 | ) | (2,075,100 | ) | (29,960,737 | ) | (3,281,051 | ) | (44,779,688 | ) | ||||||||||||||||
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Net increase (decrease) resulting from Fund share transactions | (378,917 | ) | $ | (5,834,049 | ) | 600,759 | $ | 8,618,271 | (5,903,727 | ) | $ | (84,534,220 | ) | (23,009,728 | ) | $ | (274,731,010 | ) | ||||||||||||||
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— May reflect actual amounts rounding to less than $1 or less than 1 share.
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VIRTUS STRATEGY TRUST
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
MARCH 31, 2021
AllianzGI Water Fund | NFJ Emerging Markets Value Fund | |||||||||||||||||||||||||||||||
Six Months ended March 31, 2021 (unaudited) | Year ended September 30, 2020 | Six Months ended March 31, 2021 (unaudited) | Year ended September 30, 2020 | |||||||||||||||||||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | |||||||||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||||||||||
Class A | 1,469,838 | $ | 29,030,622 | 3,111,235 | $ | 52,000,961 | 94,505 | $ | 1,995,138 | 319,555 | $ | 5,098,352 | ||||||||||||||||||||
Class C | 290,338 | 5,412,760 | 422,568 | 6,789,056 | 3,975 | 80,599 | 1,799 | 30,042 | ||||||||||||||||||||||||
Class P | 1,658,619 | 32,594,101 | 3,909,541 | 63,391,353 | 163,085 | 3,456,025 | 364,179 | 5,920,668 | ||||||||||||||||||||||||
Institutional Class | 2,839,630 | 54,896,325 | 5,086,870 | 81,465,602 | 498,129 | 10,472,885 | 2,326,621 | 36,701,280 | ||||||||||||||||||||||||
Issued in reinvestment of dividends and distributions: | ||||||||||||||||||||||||||||||||
Class A | 148,456 | 2,884,491 | 277,313 | 4,678,272 | 5,734 | 116,811 | 9,568 | 162,847 | ||||||||||||||||||||||||
Class C | 48,196 | 888,255 | 89,591 | 1,443,306 | 21 | 430 | 320 | 5,560 | ||||||||||||||||||||||||
Class P | 169,680 | 3,300,276 | 258,241 | 4,359,113 | 5,559 | 112,355 | 3,857 | 65,991 | ||||||||||||||||||||||||
Institutional Class | 236,483 | 4,505,010 | 328,413 | 5,435,229 | 67,009 | 1,355,227 | 82,910 | 1,388,250 | ||||||||||||||||||||||||
Cost of shares redeemed: | ||||||||||||||||||||||||||||||||
Class A | (1,109,843 | ) | (21,839,644 | ) | (2,902,541 | ) | (46,929,908 | ) | (107,357 | ) | (2,211,685 | ) | (430,708 | ) | (6,650,798 | ) | ||||||||||||||||
Class C | (396,242 | ) | (7,436,500 | ) | (1,574,139 | ) | (24,807,639 | ) | (9,412 | ) | (186,080 | ) | (10,576 | ) | (178,519 | ) | ||||||||||||||||
Class P | (1,395,224 | ) | (27,408,761 | ) | (3,424,732 | ) | (54,723,672 | ) | (52,262 | ) | (1,059,027 | ) | (99,730 | ) | (1,631,048 | ) | ||||||||||||||||
Institutional Class | (1,685,260 | ) | (32,290,775 | ) | (3,134,461 | ) | (49,299,250 | ) | (742,577 | ) | (15,253,882 | ) | (1,836,620 | ) | (29,433,031 | ) | ||||||||||||||||
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Net increase (decrease) resulting from Fund share transactions | 2,274,671 | $ | 44,536,160 | 2,447,899 | $ | 43,802,423 | (73,591 | ) | $ | (1,121,204 | ) | 731,175 | $ | 11,479,594 | ||||||||||||||||||
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Note 7. 10% Shareholders
As of March 31, 2021, certain Funds had individual shareholder account(s) and/or omnibus shareholder account(s) (comprised of a group of individual shareholders), which individually amounted to more than 10% of the total shares outstanding of each such Fund as detailed below:
Unaffiliated | Affiliated | |||||||||||||||||||
Number of Account Holders | Approximate Ownership | Number of Account Holders | Approximate Ownership* | AFI/ Allianz of America** | ||||||||||||||||
AllianzGI Convertible Fund | 9 | 80 | % | — | — | — | ||||||||||||||
AllianzGI Core Plus Bond Fund | — | — | — | — | 96 | % | ||||||||||||||
AllianzGI Emerging Markets Consumer Fund | 5 | 94 | % | — | — | — | ||||||||||||||
AllianzGI Global Allocation Fund | 1 | 31 | % | 1 | 45 | % | — | |||||||||||||
AllianzGI Global Dynamic Allocation Fund | 3 | 94 | % | — | — | — | ||||||||||||||
AllianzGI Global Sustainability Fund | 2 | 32 | % | 1 | 64 | % | — | |||||||||||||
AllianzGI High Yield Bond Fund | 3 | 61 | % | 2 | 17 | % | — | |||||||||||||
AllianzGI International Small-Cap Fund | 2 | 76 | % | — | — | — | ||||||||||||||
AllianzGI Preferred Securities and Income Fund | 2 | 35 | % | 1 | 18 | % | 44 | % | ||||||||||||
AllianzGI Short Duration High Income Fund | 8 | 79 | % | — | — | — | ||||||||||||||
AllianzGI Water Fund | 8 | 81 | % | — | — | — | ||||||||||||||
NFJ Emerging Markets Value Fund | 2 | 87 | % | — | — | — |
* | This represents the aggregate percentage of affiliated entities that own 5% or more of the Fund’s outstanding shares. These affiliated entities include funds/portfolios of the Trust. |
** | Allianz Funds Investments, Inc. (“AFI”) and Allianz of America, Inc. (“Allianz of America”) are indirect, wholly-owned subsidiaries of Allianz SE. |
Note 8. Credit and Market Risk and Asset Concentration
Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on a Fund and its investments, including hampering the ability of the Fund’s portfolio manager(s) to invest the Fund’s assets as intended.
In July 2017, the head of the United Kingdom Financial Conduct Authority announced the intention to phase out the use of LIBOR by the end of 2021. However, subsequent announcements by the FCA, the LIBOR administrator and other regulators indicate that it is possible that certain LIBORs may continue beyond 2021 and certain of the most widely used LIBORs may continue until mid-2023. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The expected discontinuation of LIBOR could have a significant impact on the financial markets and may present a material risk for certain market participants, including the Funds. Abandonment of or modifications to LIBOR could lead to significant short- and long-term uncertainty and market instability. The risks associated with this discontinuation and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. It remains uncertain how such changes would be implemented and the effects such changes would have on the Funds, issuers of instruments in which the Funds invest, and the financial markets generally.
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VIRTUS STRATEGY TRUST
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
MARCH 31, 2021
In countries with limited or developing markets, investments may present greater risks than in more developed markets and the prices of such investments may be volatile. The consequences of political, social or economic changes in these markets may have disruptive effects on the market prices of these investments and the income they generate, as well as a Fund’s ability to repatriate such amounts.
High-yield/high-risk securities typically entail greater price volatility and/or principal and interest rate risk. There is a greater chance that an issuer will not be able to make principal and interest payments on time. Analysis of the creditworthiness of issuers of high-yield/high-risk securities may be complex, and as a result, it may be more difficult for the Adviser and/or subadviser to accurately predict risk.
Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that the market may fluctuate for other reasons, and there is no assurance that the insurance company will meet its obligations. Insured securities have been identified in the Schedule of Investments. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in the Funds.
Certain Funds may invest a high percentage of their assets in specific sectors of the market in the pursuit of their investment objectives. Fluctuations in these sectors of concentration may have a greater impact on a Fund, positive or negative, than if the Fund did not concentrate its investments in such sectors.
Note 9. Indemnifications
Under the Trust’s organizational documents and in separate agreements between each Trustee and the Trust, its Trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust and its funds. In addition, in the normal course of business, the Trust and the Funds enter into contracts that provide a variety of indemnifications to other parties. The Trust’s and/or the Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust or the Funds and that have not occurred. However, neither the Trust nor the Funds have had prior claims or losses pursuant to these arrangements, and they expect the risk of loss to be remote.
Note 10. Restricted Securities
Restricted securities are not registered under the Securities Act of 1933, as amended (the “1933 Act”). Generally, 144A securities are excluded from this category. Each Fund will bear any costs, including those involved in registration under the 1933 Act, in connection with the disposition of such securities. At March 31, 2021, any securities that were restricted are footnoted in each Fund’s Schedule of Investments.
Note 11. Redemption Facility and Interfund Lending
The Trust is party to a credit agreement (the “State Street Agreement”), among the Trust and Virtus Investment Trust, as borrowers (collectively, the “Borrowers” and each series thereof, a “Borrower Fund”), and State Street Bank and Trust Company, as agent and lender, for a committed line of credit. The State Street Agreement permits the Borrowers to borrow up to $200 million in aggregate, subject to (i) a requirement that each Borrower Fund’s asset coverage with respect to senior securities representing indebtedness be 300% or higher, and (ii) certain other limitations and conditions. For the period from October 24, 2019 through October 1, 2020, pursuant to the terms of the State Street Agreement then in effect, each Borrower Fund paid interest on any amounts borrowed under the facility at a rate per annum equal to 1.25% plus the higher of the then-current federal funds overnight rate or the one-month LIBOR rate, subject to upward adjustment for outstanding past due payments. The State Street Agreement was extended by an additional 364-day period by an amendment effective October 2, 2020 with an expiration date of October 1, 2021 (the “Amendment”). The Amendment included a change to the investment adviser from Allianz GI U.S. to Virtus Investment Advisers, Inc. to become effective upon the effective date on which the transactions resulting in the investment adviser change shall become effective, which was later determined to be February 1, 2021. In addition, effective October 2, 2020, each Borrower Fund must pay interest on any amounts borrowed under the facility at a rate per annum equal to the sum of (a) 0.10% plus (b) the “applicable margin” of 1.25% plus (c) the higher of the then-current federal funds overnight rate or an overnight bank lending rate. Amounts borrowed may be repaid and reborrowed on a revolving basis during the term of the facility. The Funds did not utilize the line of credit during the period ended March 31, 2021. As discussed in Note 8 above, the Funds may face certain risks and uncertainties insofar as they are exposed to LIBOR.
Pursuant to an exemptive order issued by the SEC (the “Order”), the Funds are authorized to enter into a master interfund lending agreement (the “Interfund Program”) with each other and certain funds advised by the Adviser (and prior to February 1, 2021, by AllianzGI U.S.) (each a “Participating Fund”). The Interfund Program allows each Participating Fund, whose policies permit it to do so, to lend money directly to and borrow money directly from other Funds for temporary purposes. During the period ended March 31, 2021, the Funds did not participate as a borrower or lender in the Interfund Program.
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Table of Contents
VIRTUS STRATEGY TRUST
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
MARCH 31, 2021
Note 12. Federal Income Tax Information
At March 31, 2021, the aggregate cost basis and the net unrealized appreciation (depreciation) of investments and other financial instruments for U.S. federal income tax purposes were:
Federal Tax Cost Basis(1) | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||
AllianzGI Convertible Fund | $ | 2,428,843,370 | $ | 509,444,143 | $ | 29,969,685 | $ | 479,474,458 | ||||||||
AllianzGI Core Plus Bond | 61,707,937 | 778,562 | 787,597 | (9,035 | ) | |||||||||||
AllianzGI Emerging Markets Consumer | 9,217,271 | 4,989,303 | 249,596 | 4,739,707 | ||||||||||||
AllianzGI Global Allocation | 261,848,201 | 22,939,115 | 3,364,135 | 19,574,980 | ||||||||||||
AllianzGI Global Dynamic Allocation | 43,468,741 | 6,117,605 | 854,586 | 5,263,019 | ||||||||||||
AllianzGI Global Sustainability | 93,161,932 | 30,275,397 | 832,654 | 29,442,743 | ||||||||||||
AllianzGI High Yield Bond | 75,303,103 | 4,101,966 | 7,844,029 | (3,742,063 | ) | |||||||||||
AllianzGI International Small-Cap | 64,977,364 | 22,956,109 | 748,841 | 22,207,268 | ||||||||||||
AllianzGI Preferred Securities and Income | 20,015,595 | 1,077,508 | 82,612 | 994,896 | ||||||||||||
AllianzGI Short Duration High Income | 771,431,442 | 18,534,998 | 30,422,930 | (11,887,932 | ) | |||||||||||
AllianzGI Water | 593,884,139 | 268,424,461 | 124,651 | 268,299,810 | ||||||||||||
NFJ Emerging Markets Value Fund | 126,711,443 | 34,852,455 | 4,754,690 | 30,097,765 |
(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. |
As of September 30, 2020, certain Funds have capital loss carryovers available to offset future realized capital gains, if any, to the extent permitted by the Internal Revenue Code. Net capital losses are carried forward without expiration and generally retain their short-term and/or long-term tax character, as applicable. The Funds’ capital loss carryovers are as follows:
No Expiration | Total | |||||||||||||||
Short-Term | Long-Term | Short-Term | Long-Term | |||||||||||||
AllianzGI Emerging Markets Consumer Fund | $ | 3,253,018 | $ | 434,575 | $ | 3,253,018 | $ | 434,575 | ||||||||
AllianzGI High Yield Bond Fund | 5,319,115 | 26,432,484 | 5,319,115 | 26,432,484 | ||||||||||||
AllianzGI Short Duration High Income Fund | 17,424,763 | 48,142,270 | 17,424,763 | 48,142,270 | ||||||||||||
NFJ Emerging Markets Value Fund | 19,842,900 | — | 19,842,900 | — |
Capital losses realized after October 31 and certain late year ordinary losses may be deferred and treated as occurring on the first day of the following fiscal year. For the period ended September 30, 2020, the following Funds deferred qualified late year losses as follows:
Capital Loss Deferred | ||||
AllianzGI Emerging Markets Consumer Fund | $ | 991,048 | ||
AllianzGI High Yield Bond Fund | 3,274,953 | |||
AllianzGI International Small-Cap Fund | 181,365 | |||
AllianzGI Short Duration High Income Fund | 65,427,967 | |||
NFJ Emerging Markets Value Fund | 2,995,194 |
Note 13. In-Kind Transactions
During the period ended March 31, 2021, AllianzGI Global Allocation Fund accepted assets from affiliated entities in connection with in-kind transactions. For financial reporting and tax purposes, the cost of contributed securities is equal to the market value of the securities on the date of contribution. The Fund sold 1,948,556 shares in-kind with a value of $25,803,891. The number of shares sold and value are included in the “shares issued” and “Net proceeds from the sale of common stock” on the Statements of Changes in Net Assets.
Note 14. Regulatory Matters and Litigation
From time to time, the Trust, the Funds, the Adviser and/or the subadvisers and/or their affiliates may be involved in litigation and arbitration as well as examinations and investigations by various regulatory bodies, including the SEC, involving compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting their activities. At this time, the Adviser believes that the outcomes of such matters are not likely, either individually or in aggregate, to be material to these financial statements.
Note 15. Recent Accounting Pronouncement
In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”), No. 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.
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Table of Contents
VIRTUS STRATEGY TRUST
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
MARCH 31, 2021
Note 16. Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available for issuance. Effective May 21, 2021, Class R shares will be converted to Class A shares. Shareholders holding Class R shares will receive Class A shares having an aggregate net asset value equal to the aggregate net asset value of their Class R shares immediately prior to the conversion. No sales charges will be imposed in connection with this conversion. No purchases may be made into the Class R shares after the close of business on May 17, 2021, provided that the Funds’ transfer agent may make exceptions in its discretion to address operational limitations.
On May 20, 2021, the following Funds declared per-share net investment income dividends to shareholders, payable May 20, 2021 to shareholders of record on May 19, 2021 as follows:
Class A | Class C | Class R | Class P | Institutional Class | Class R6 | Administrative Class | ||||||||||||||||||||||
AllianzGI Core Plus Bond Fund | N/A | N/A | N/A | $ | 0.02741 | $ | 0.02772 | $ | 0.02850 | N/A | ||||||||||||||||||
AllianzGI High Yield Bond Fund | $ | 0.03390 | $ | 0.02969 | $ | 0.03198 | $ | 0.03667 | $ | 0.03600 | N/A | $ | 0.03498 | |||||||||||||||
AllianzGI Preferred Securities and Income Fund | N/A | N/A | N/A | $ | 0.07889 | $ | 0.07884 | $ | 0.08000 | N/A | ||||||||||||||||||
AllianzGI Short Duration High Income Fund | $ | 0.06000 | $ | 0.05763 | N/A | $ | 0.06248 | $ | 0.06286 | $ | 0.06344 | N/A |
110
Table of Contents
CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS
BY THE BOARD OF TRUSTEES OF THE TRUST (Unaudited)
At special joint Contracts Committee meetings held on August 20, 2020 and August 27, 2020, the Independent Trustees considered various proposed agreements in connection with the proposed strategic partnership between Allianz Global Investors U.S. LLC (“AllianzGI U.S.”) and Virtus Investment Partners, Inc. (together with its affiliates, “Virtus”) (the “Agreements”), pursuant to which Virtus would become the investment adviser, distributor and/or administrator for the Funds, with AllianzGI U.S. and/or its portfolio managers continuing to provide portfolio management services in a subadvisory capacity (the “Transition”). For Virtus NFJ Emerging Markets Value Fund, previously managed by the AllianzGI Value Equity team, following the Transition such Fund is being sub-advised by NFJ Investment Group LLC, an affiliate of Virtus to which the former AllianzGI Value Equity Team has moved (the “Virtus Value Equity Subadviser”).
In evaluating the Agreements, the Independent Trustees considered how the Transition would impact the Funds and considered the representations from Virtus and AllianzGI U.S. regarding the potential benefits of their strategic partnership with respect to the Funds. The Independent Trustees inquired whether Virtus and AllianzGI U.S. had specific plans for the future structure of the Funds, whether they planned to propose to eliminate any Funds, and whether there were plans to change the fees or expense structure of any of the Funds. The Independent Trustees considered in this regard that following the Transition there were no changes planned to the current organizational structure of each Fund. They also considered that Virtus had agreed to contractually limit each Fund’s total operating expenses so that, on a net basis, such expenses would be equal to or lower than current net total expenses for at least two years following the effective date of the Transition (the “Closing”).
In addition, the Independent Trustees considered the following in connection with their consideration of the Agreements: (1) the nature, extent, and quality of the services expected to be provided by Virtus, AllianzGI U.S. and the Virtus Value Equity Subadviser; and (2) the fairness of the Agreements. With respect to the nature, extent and quality of the services, the Independent Trustees considered the following, among other factors: (1) Virtus’ experience as a manager of managers of the Virtus funds whose portfolios are managed by subadvisers; (2) the experience of key Virtus personnel responsible for oversight of the Funds; (3) the experience of Virtus and its affiliates in providing administrative and other services, including its oversight of third-party service providers; (4) the quality of the services provided by Virtus and its affiliates to the Virtus funds and the performance history and third-party rankings of those funds; (5) Virtus’ risk management program, including with respect to enterprise, operational and other risks; and (6) Virtus’ representations regarding the soundness of Virtus’ financial condition and its relationship to a large financial services enterprise.
With respect to the fairness of the Agreements, the Independent Trustees considered the following, among other matters: (1) the projected profitability of Virtus and its affiliates from their potential relationship with each Fund; (2) the projected profitability of AllianzGI U.S. and Virtus Value Equity Subadviser, respectively, as applicable, related to becoming a subadviser to a Fund; (3) the pro forma expenses of each Fund following the Transition, including reflecting any proposed changes in service providers to the Funds; (4) the extent to which economies of scale might be realized as each Fund grows and any potential reduction in expenses associated with being part of a larger fund complex; (5) whether fee levels reflect any such potential economies of scale for the benefit of investors in each Fund; and (6) any potential “fall-out” benefits from the relationships of Virtus, AllianzGI U.S. and Virtus Value Equity Subadviser with the Funds, such as reputational value derived from serving as the adviser or subadviser to the Funds. In considering the estimate of the projected profitability of Virtus, AllianzGI U.S. and Virtus Value Equity Subadviser from their relationships with each Fund, as applicable, the Boards determined that such profitability was not excessive in light of the nature, scope and quality of services expected to be provided.
Recommendations and other factors considered
In unanimously approving and recommending Shareholder approval of the Agreements, the Independent Trustees concluded, as considered in the context of AllianzGI U.S’s representation that it is exiting the U.S. fund business (except as subadviser), that the terms of each Agreement are fair and reasonable and that approval of the Agreements is in the best interests of each Fund and its Shareholders. In reaching this determination in the exercise of their business judgment, the Independent Trustees considered the following factors, among others, in addition to those noted above:
(1) | the terms of the Agreements were substantially similar in all material respects to those of the Funds’ pre-Transition investment management agreements and investment advisory agreements, as applicable, which were approved by the Board and Independent Trustees on June 25, 2020 (together, the “pre-Transition IMAs”); |
(2) | the various potential benefits of the Transition to the Shareholders of each Fund; |
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BY THE BOARD OF TRUSTEES OF THE TRUST (Unaudited) (Continued)
(3) | the investment and performance oversight process used by Virtus under its multi-manager model under which it contracts with and oversees affiliated and unaffiliated subadvisers, and its ability to adequately and effectively oversee and perform due diligence on those subadvisers, including AllianzGI U.S. and the Virtus Value Equity Subadviser; |
(4) | the structure of the Virtus Value Equity Subadviser as an affiliated manager of Virtus and its access to resources, including Virtus’ investment oversight capabilities, trading and compliance infrastructure; |
(5) | the compliance history of Virtus and AllianzGI U.S. and their respective compliance programs, including Virtus’ oversight of the compliance programs of the subadvisers it employs; |
(6) | the adequacy of Virtus’ resources to service the Funds, as compared with the resources of AllianzGI U.S., including Virtus’ resources with respect to its investment oversight, legal, compliance, valuation, fund administration and accounting functions, and its commitment to add additional resources to support those areas as necessary with the addition of the Funds to the Virtus fund complex, in connection with and following the Transition; |
(7) | the experience of Virtus in managing leverage for open-end and closed-end funds, including its experience with the related compliance issues and testing involved in managing leverage as well as Virtus’ experience dealing with activists in the closed-end funds that they currently manage or have managed; |
(8) | the impact on the continued use of leverage on the Funds’ advisory fees which are based on total managed assets and the inherent conflicts involved with the use of leverage; |
(9) | there would be no proposed changes to each Fund’s principal investment objectives and strategies as a direct result of the Transition; |
(10) | the performance of the Funds relative to comparable funds and unmanaged indices, as reviewed during the Boards’ 2020 annual Section 15(c) renewal process; |
(11) | the continuity of the portfolio managers for each of the Funds, the representations from Virtus to AllianzGI U.S. as to the length and terms of the sub-advisory relationship as reflected in the strategic partnership agreement between AllianzGI U.S. and Virtus (the “Strategic Partnership Agreement”), and any impact of the subadvisory arrangements on the retention of those portfolio managers by AllianzGI U.S. or the Virtus Value Equity Subadviser; |
(12) | the advisory fees under the Agreements are identical to those paid under the Pre-Transition IMAs; |
(13) | information provided by AllianzGI U.S. and Virtus regarding the fees and expense ratios of the Funds relative to comparable funds, as reviewed during the Boards’ 2020 annual Section 15(c) renewal process; |
(14) | the fees and expense ratios of any funds or accounts managed by AllianzGI U.S. or Virtus (if any) using a comparable investment strategy to those of the Funds; |
(15) | the reasonableness of the proposed “fee split” in the advisory and subadvisory fees, including whether the split in the fee appropriately reflected the services that would be provided by Virtus on the one hand, and the services that would be provided by AllianzGI U.S. or the Virtus Value Equity Subadviser, on the other, and whether the fee split could provide an incentive for Virtus to replace AllianzGI U.S. with an affiliated manager; |
(16) | that Virtus has agreed to contractually limit each Fund’s total operating expenses so that, on a net basis, such expenses will be equal to or lower than current net total expenses for at least two years following the Closing, although the Independent Trustees noted that total operating expenses could increase after that date unless the expense limitation agreement is continued; |
(17) | the ability to spread fixed costs over a large combined asset base among the funds in the Virtus fund complex, which has the potential to result in a reduction in the per share expenses paid by Shareholders of each Fund over the longer term; |
(18) | the commitment of Virtus and AllianzGI U.S. to pay the expenses of each Fund associated with the Transition, including all legal expenses associated with the Transition and the Boards’ approval of the Agreements, as well as the expenses associated with the proxy solicitation, so that Shareholders of the Funds would not have to bear any such expenses; |
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BY THE BOARD OF TRUSTEES OF THE TRUST (Unaudited) (Continued)
(19) | the possible benefits that may be realized by each Fund and by Virtus, AllianzGI U.S. and Virtus Value Equity Subadviser as a result of the Transition, including certain payouts to AllianzGI U.S. based on a percentage of the net management fees of certain Funds, as reflected in the Strategic Partnership Agreement; |
(20) | AllianzGI U.S.’s communication to the Boards that it is exiting the U.S. fund business (except as a subadviser) and has entered into the Strategic Partnership Agreement with Virtus; |
(21) | any impact on Virtus or AllianzGI U.S. or their operations related to the COVID-19 pandemic and the resulting market volatility and the functioning of their business continuity during this time; |
(22) | Virtus’ experience with other similar fund adoptions and the related transitions; |
(23) | compensation expected to be paid by the Funds to Virtus affiliates for other services; |
(24) | that other proposed changes to the Funds’ other service providers were not expected to result in any diminution in the quality or extent of the services as compared with the services currently provided to each Fund and its Shareholders; and |
(25) | that three of the Independent Trustees would, subject to required approvals, (a) remain on the Boards of Trustees of each Fund in order to maintain the continuity and historical knowledge of those Boards with respect to AllianzGI U.S., the individual Fund strategies, and the portfolio managers of each Fund, among other matters; and (b) be proposed for nomination to the boards of trustees of the open-end funds and certain closed-end funds in the Virtus fund complex in order to realize administrative and cost efficiencies involved with having one unified, integrated board with one set of board meetings as requested and recommended by Virtus and AllianzGI U.S. as part of their strategic alliance; and |
(26) | the commitment from Virtus and AllianzGI U.S. that they would refrain from imposing or seeking to impose, for a period of two years after the Closing, any “unfair burden” within the meaning of Section 15(f) of the 1940 Act on the Funds. |
Conclusions
After reviewing these and other factors, the Boards concluded, with respect to each Fund, within the context of their overall conclusions regarding the Agreements and in their business judgment that they were satisfied with Virtus’ and AllianzGI U.S.’s responses to their requests for information, including Virtus’ representations regarding its efforts to improve performance for underperforming Funds following the Transition. The Boards also concluded that the fees payable under the Agreements represent reasonable compensation in light of the nature, extent and quality of services expected to be provided by Virtus, AllianzGI U.S. and the Virtus Value Equity Subadviser, taking into account Virtus’ agreement to continue existing expense limitations for at least a two-year period following the Closing. Based on their evaluation of factors they deemed to be material, including, but not limited to, those factors described above, the Boards, including the Independent Trustees, unanimously concluded that the approval of the Agreements with respect to each Fund was in the best interests of the Funds and their Shareholders, and determined to recommend that the Agreements be submitted for approval by Fund Shareholders.
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RESULTS OF SHAREHOLDER MEETINGS (Unaudited)
VIRTUS STRATEGY TRUST
OCTOBER 28, 2020
At a joint special meeting of shareholders of Virtus AllianzGI Core Plus Bond Fund (known at the time as AllianzGI Core Plus Bond Fund), Virtus AllianzGI Global Allocation Fund (known at the time as AllianzGI Global Allocation Fund), Virtus AllianzGI Global Dynamic Allocation Fund (known at the time as AllianzGI Global Dynamic Allocation Fund), Virtus AllianzGI Global Sustainability Fund (known at the time as AllianzGI Global Sustainability Fund) and Virtus AllianzGI Preferred Securities and Income Fund (known at the time as AllianzGI Preferred Securities and Income Fund, series of Virtus Strategy Trust, held on October 28, 2020, shareholders voted on the following proposals:
Virtus AllianzGI Core Plus Bond Fund (known at the time as AllianzGI Core Plus Bond Fund)
Votes For | Votes Against | Abstain | Broker Non-Votes | |||||
Proposal 2: To approve an Investment Management Agreement between the Trust, on behalf of the Fund, and Virtus Investment Advisers, Inc. | 3,285,427.345
100% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 0.000
0.000% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 0.000
0.000% of Shares Voted, with more than 50% of the Shares present or represented by proxy | n/a | ||||
Proposal 3a: To approve a Subadvisory Agreement by and among the Trust, Virtus Investment Advisers, Inc. and AllianzGI U.S. LLC. | 3,285,427.345
100% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 0.000
0.000% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 0.000
0.000% of Shares Voted, with more than 50% of the Shares present or represented by proxy | n/a | ||||
Proposal 4: To approve a proposal to permit Virtus Investment Advisers, Inc., as the investment adviser to the Fund, to hire, terminate and replace affiliated (both wholly-owned and partially-owned) and unaffiliated subadvisers for the Fund or to modify subadvisory agreements for the Fund without shareholder approval, and to permit the Fund to disclose advisory and subadvisory fee information in an aggregated manner. | 3,285,427.345
100% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 0.000
0.000% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 0.000
0.000% of Shares Voted, with more than 50% of the Shares present or represented by proxy | n/a |
Virtus AllianzGI Global Allocation Fund (known at the time as AllianzGI Global Allocation Fund)
Votes For | Votes Against | Abstain | Broker Non-Votes | |||||
Proposal 2: To approve an Investment Management Agreement between the Trust, on behalf of the Fund, and Virtus Investment Advisers, Inc. | 15,198,867.646
85.173% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 37,573.066
0.211% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 134,931.654
0.756% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 2,473,367.915
13.860% of Shares Voted, with more than 50% of the Shares present or represented by proxy | ||||
Proposal 3a: To approve a Subadvisory Agreement by and among the Trust, Virtus Investment Advisers, Inc. and AllianzGI U.S. LLC. | 15,190,025.149
85.124% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 42,959.867
0.241% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 138,387.350
0.775% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 2,473,367.915
13.860% of Shares Voted, with more than 50% of the Shares present or represented by proxy | ||||
Proposal 4: To approve a proposal to permit Virtus Investment Advisers, Inc., as the investment adviser to the Fund, to hire, terminate and replace affiliated (both wholly-owned and partially-owned) and unaffiliated subadvisers for the Fund or to modify subadvisory agreements for the Fund without shareholder approval, and to permit the Fund to disclose advisory and subadvisory fee information in an aggregated manner. | 15,059,667.723
84.393% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 163,130.749
0.915% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 148,573.894
0.832% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 2,473,367.915
13.860% of Shares Voted, with more than 50% of the Shares present or represented by proxy |
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RESULTS OF SHAREHOLDER MEETINGS (Unaudited) (Continued)
VIRTUS STRATEGY TRUST
OCTOBER 28, 2020
Virtus AllianzGI Global Dynamic Allocation Fund (known at the time as AllianzGI Global Dynamic Allocation Fund)
Votes For | Votes Against | Abstain | Broker Non-Votes | |||||
Proposal 2: To approve an Investment Management Agreement between the Trust, on behalf of the Fund, and Virtus Investment Advisers, Inc. | 1,084,891.876
84.617% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 14,241.453
1.111% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 1,806.901
0.140% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 181,193.731
14.132% of Shares Voted, with more than 50% of the Shares present or represented by proxy | ||||
Proposal 3a: To approve a Subadvisory Agreement by and among the Trust, Virtus Investment Advisers, Inc. and AllianzGI U.S. LLC. | 1,084,891.876
84.617% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 13,000.453
1.014% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 3,047.901
0.237% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 181,193.731
14.132% of Shares Voted, with more than 50% of the Shares present or represented by proxy | ||||
Proposal 4: To approve a proposal to permit Virtus Investment Advisers, Inc., as the investment adviser to the Fund, to hire, terminate and replace affiliated (both wholly-owned and partially-owned) and unaffiliated subadvisers for the Fund or to modify subadvisory agreements for the Fund without shareholder approval, and to permit the Fund to disclose advisory and subadvisory fee information in an aggregated manner. | 1,084,891.876
84.617% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 13,000.453
1.014% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 3,047.901
0.237% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 181,193.731
14.132% of Shares Voted, with more than 50% of the Shares present or represented by proxy |
Virtus AllianzGI Global Sustainability Fund (known at the time as AllianzGI Global Sustainability Fund)
Votes For | Votes Against | Abstain | Broker Non-Votes | |||||
Proposal 2: To approve an Investment Management Agreement between the Trust, on behalf of the Fund, and Virtus Investment Advisers, Inc. | 6,796,267.844
91.699% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 180.911
0.003% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 399.090
0.005% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 614,659.878
8.293% of Shares Voted, with more than 50% of the Shares present or represented by proxy | ||||
Proposal 3a: To approve a Subadvisory Agreement by and among the Trust, Virtus Investment Advisers, Inc. and AllianzGI U.S. LLC. | 6,796,267.844
91.699% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 180.911
0.003% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 399.090
0.005% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 614,659.878
8.293% of Shares Voted, with more than 50% of the Shares present or represented by proxy | ||||
Proposal 4: To approve a proposal to permit Virtus Investment Advisers, Inc., as the investment adviser to the Fund, to hire, terminate and replace affiliated (both wholly-owned and partially-owned) and unaffiliated subadvisers for the Fund or to modify subadvisory agreements for the Fund without shareholder approval, and to permit the Fund to disclose advisory and subadvisory fee information in an aggregated manner. | 6,794,277.773
91.673% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 1,745.589
0.023% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 824.483
0.011% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 614,659.878
8.293% of Shares Voted, with more than 50% of the Shares present or represented by proxy |
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RESULTS OF SHAREHOLDER MEETINGS (Unaudited) (Continued)
VIRTUS STRATEGY TRUST
OCTOBER 28, 2020
Virtus AllianzGI Preferred Securities and Income Fund (known at the time as AllianzGI Preferred Securities and Income Fund)
Votes For | Votes Against | Abstain | Broker Non-Votes | |||||
Proposal 2: To approve an Investment Management Agreement between the Trust, on behalf of the Fund, and Virtus Investment Advisers, Inc. | 1,270,471.603
79.422% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 0.000
0.000% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 0.000
0.000% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 329,177.802
20.578% of Shares Voted, with more than 50% of the Shares present or represented by proxy | ||||
Proposal 3a: To approve a Subadvisory Agreement by and among the Trust, Virtus Investment Advisers, Inc. and AllianzGI U.S. LLC. | 1,269,586.195
79.367% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 0.000
0.000% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 885.408
0.055% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 329,177.802
20.578% of Shares Voted, with more than 50% of the Shares present or represented by proxy | ||||
Proposal 4: To approve a proposal to permit Virtus Investment Advisers, Inc., as the investment adviser to the Fund, to hire, terminate and replace affiliated (both wholly-owned and partially-owned) and unaffiliated subadvisers for the Fund or to modify subadvisory agreements for the Fund without shareholder approval, and to permit the Fund to disclose advisory and subadvisory fee information in an aggregated manner. | 1,269,586.195
79.367% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 885.408
0.055% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 0.000
0.000% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 329,177.802
20.578% of Shares Voted, with more than 50% of the Shares present or represented by proxy |
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RESULTS OF SHAREHOLDER MEETINGS (Unaudited) (Continued)
VIRTUS STRATEGY TRUST
NOVEMBER 24, 2020
At a joint special meeting of shareholders of Virtus AllianzGI Emerging Markets Value Fund (known at the time as AllianzGI Emerging Markets Value Fund), and Virtus AllianzGI High Yield Bond Fund (known at the time as AllianzGI High Yield Bond Fund), series of Virtus Strategy Trust, held on November 24, 2020, shareholders voted on the following proposals:
Virtus NFJ Emerging Markets Value Fund (known at the time as AllianzGI Emerging Markets Value Fund)
Votes For | Votes Against | Abstain | Broker Non-Votes | |||||
Proposal 2: To approve an Investment Management Agreement between the Trust, on behalf of the Fund, and Virtus Investment Advisers, Inc. | 3,257,834.013
76.315% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 162,679.506
3.811% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 180,808.742
4.236% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 667,616.230
15.638% of Shares Voted, with more than 50% of the Shares present or represented by proxy | ||||
Proposal 3b: To approve a Subadvisory Agreement by and among the Trust, Virtus Investment Advisers, Inc. and NFJ Investment Group, LLC | 3,242,758.594
75.962% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 169,831.908
3.979% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 188,731.759
4.421% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 667,616.230
15.638% of Shares Voted, with more than 50% of the Shares present or represented by proxy | ||||
Proposal 4: To approve a proposal to permit Virtus Investment Advisers, Inc., as the investment adviser to the Fund, to hire, terminate and replace affiliated (both wholly-owned and partially-owned) and unaffiliated subadvisers for the Fund or to modify subadvisory agreements for the Fund without shareholder approval, and to permit the Fund to disclose advisory and subadvisory fee information in an aggregated manner. | 3,159,410.642
74.010% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 258,863.026
6.064% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 183,048.593
4.288% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 667,616.230
15.638% of Shares Voted, with more than 50% of the Shares present or represented by proxy |
Virtus AllianzGI High Yield Bond Fund (known at the time as AllianzGI High Yield Bond Fund)
Votes For | Votes Against | Abstain | Broker Non-Votes | |||||
Proposal 2: To approve an Investment Management Agreement between the Trust, on behalf of the Fund, and Virtus Investment Advisers, Inc. | 5,545,984.873
61.729% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 211,910.184
2.359% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 303,503.030
3.378% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 2,923,029.688
32.534% of Shares Voted, with more than 50% of the Shares present or represented by proxy | ||||
Proposal 3a: To approve a Subadvisory Agreement by and among the Trust, Virtus Investment Advisers, Inc. and AllianzGI U.S. LLC. | 5,541,068.654
61.675% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 211,512.947
2.354% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 308,816.486
3.437% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 2,923,029.688
32.534% of Shares Voted, with more than 50% of the Shares present or represented by proxy | ||||
Proposal 4: To approve a proposal to permit Virtus Investment Advisers, Inc., as the investment adviser to the Fund, to hire, terminate and replace affiliated (both wholly-owned and partially-owned) and unaffiliated subadvisers for the Fund or to modify subadvisory agreements for the Fund without shareholder approval, and to permit the Fund to disclose advisory and subadvisory fee information in an aggregated manner. | 5,458,353.613
60.754% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 299,628.658
3.335% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 303,415.816
3.377% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 2,923,029.688
32.534% of Shares Voted, with more than 50% of the Shares present or represented by proxy |
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RESULTS OF SHAREHOLDER MEETINGS (Unaudited) (Continued)
VIRTUS STRATEGY TRUST
DECEMBER 23, 2020
At a joint special meeting of shareholders of Virtus AllianzGI Convertible Fund (known at the time as AllianzGI Convertible Fund), Virtus AllianzGI Emerging Markets Consumer Fund (known at the time as AllianzGI Emerging Markets Consumer Fund), Virtus AllianzGI International Small Cap Fund (known at the time as AllianzGI International Small Cap Fund) and Virtus AllianzGI Short Duration High Income Fund (known at the time as AllianzGI Short Duration High Income Fund), series of Virtus Strategy Trust, held on December 23, 2020, shareholders voted on the following proposals:
Virtus AllianzGI Convertible Fund (known at the time as AllianzGI Convertible Fund)
Votes For | Votes Against | Abstain | Broker Non-Votes | |||||
Proposal 2: To approve an Investment Management Agreement between the Trust, on behalf of the Fund, and Virtus Investment Advisers, Inc. | 22,604,388.303
67.508% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 382,025.913
1.141% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 763,005.064
2.278% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 9,734,968.682
29.073% of Shares Voted, with more than 50% of the Shares present or represented by proxy | ||||
Proposal 3a: To approve a Subadvisory Agreement by and among the Trust, Virtus Investment Advisers, Inc. and AllianzGI U.S. LLC | 22,562,803.299
67.384% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 417,082.737
1.245% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 769,533.244
2.298% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 9,734,968.682
29.073% of Shares Voted, with more than 50% of the Shares present or represented by proxy |
Virtus AllianzGI Emerging Market Consumer Fund (known at the time as AllianzGI Emerging Markets Consumer Fund)
Votes For | Votes Against | Abstain | Broker Non-Votes | |||||
Proposal 2: To approve an Investment Management Agreement between the Trust, on behalf of the Fund, and Virtus Investment Advisers, Inc. | 1,222,908.679
84.807% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 0.00
0.00% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 0.00
0.00% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 219,095.528
15.193% of Shares Voted, with more than 50% of the Shares present or represented by proxy | ||||
Proposal 3a: To approve a Subadvisory Agreement by and among the Trust, Virtus Investment Advisers, Inc. and AllianzGI U.S. LLC | 1,222,908.679
84.807% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 0.00
0.00% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 0.00
0.00% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 219,095.528
15.193% of Shares Voted, with more than 50% of the Shares present or represented by proxy | ||||
Proposal 4: To approve a proposal to permit Virtus Investment Advisers, Inc., as the investment adviser to the Fund, to hire, terminate and replace affiliated (both wholly-owned and partially-owned) and unaffiliated subadvisers for the Fund or to modify subadvisory agreements for the Fund without shareholder approval, and to permit the Fund to disclose advisory and subadvisory fee information in an aggregated manner. | 1,222,908.679
84.807% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 0.00
0.00% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 0.00
0.00% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 219,095.528
15.193% of Shares Voted, with more than 50% of the Shares present or represented by proxy |
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RESULTS OF SHAREHOLDER MEETINGS (Unaudited) (Continued)
VIRTUS STRATEGY TRUST
DECEMBER 23, 2020
Virtus AllianzGI International Small Cap Fund (known at the time as AllianzGI International Small Cap Fund)
Votes For | Votes Against | Abstain | Broker Non-Votes | |||||
Proposal 2: To approve an Investment Management Agreement between the Trust, on behalf of the Fund, and Virtus Investment Advisers, Inc. | 987,172.655
85.074% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 3,498.749
0.302% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 2,657.430
0.229% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 167,042.423
14.395% of Shares Voted, with more than 50% of the Shares present or represented by proxy | ||||
Proposal 3a: To approve a Subadvisory Agreement by and among the Trust, Virtus Investment Advisers, Inc. and AllianzGI U.S. LLC | 986,942.048
85.054% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 3,729.356
0.322% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 2,657.430
0.229% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 167,042.423
14.395% of Shares Voted, with more than 50% of the Shares present or represented by proxy | ||||
Proposal 4: To approve a proposal to permit Virtus Investment Advisers, Inc., as the investment adviser to the Fund, to hire, terminate and replace affiliated (both wholly-owned and partially-owned) and unaffiliated subadvisers for the Fund or to modify subadvisory agreements for the Fund without shareholder approval, and to permit the Fund to disclose advisory and subadvisory fee information in an aggregated manner. | 984,351.907
84.831% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 5,048.643
0.436% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 3,928.284
0.338% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 167,042.423
14.395% of Shares Voted, with more than 50% of the Shares present or represented by proxy |
Virtus AllianzGI Short Duration High Income Fund (known at the time as AllianzGI Short Duration High Income Fund)
Votes For | Votes Against | Abstain | Broker Non-Votes | |||||
Proposal 2: To approve an Investment Management Agreement between the Trust, on behalf of the Fund, and Virtus Investment Advisers, Inc. | 29,718,013.379
69.286% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 346,719.822
0.809% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 707,223.168
1.648% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 12,119,992.313
28.257% of Shares Voted, with more than 50% of the Shares present or represented by proxy | ||||
Proposal 3a: To approve a Subadvisory Agreement by and among the Trust, Virtus Investment Advisers, Inc. and AllianzGI U.S. LLC | 29,698,728.073
69.241% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 363,533.669
0.848% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 709,694.627
1.654% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 12,119,992.313
28.257% of Shares Voted, with more than 50% of the Shares present or represented by proxy | ||||
Proposal 4: To approve a proposal to permit Virtus Investment Advisers, Inc., as the investment adviser to the Fund, to hire, terminate and replace affiliated (both wholly-owned and partially-owned) and unaffiliated subadvisers for the Fund or to modify subadvisory agreements for the Fund without shareholder approval, and to permit the Fund to disclose advisory and subadvisory fee information in an aggregated manner. | 29,242,289.568
68.177% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 762,028.455
1.777% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 767,638.346
1.789% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 12,119,992.313
28.257% of Shares Voted, with more than 50% of the Shares present or represented by proxy |
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RESULTS OF SHAREHOLDER MEETINGS (Unaudited) (Continued)
VIRTUS STRATEGY TRUST
JANUARY 26, 2021
At a special meeting of shareholders of all series of Virtus Strategy Trust (then known as Allianz Funds Multi-Strategy Trust)(the “Trust”, the series of which are the “Funds”), held on January 26, 2021, shareholders voted on the following proposals:
All Funds
Proposal 1: To elect Trustees | Votes For | Votes Withheld | ||||||
Donald C. Burke | 473,317,354.506 | 18,063,647.696 | ||||||
Sarah E. Cogan | 474,001,448.044 | 17,379,554.158 | ||||||
Deborah A. DeCotis | 473,866,918.106 | 17,514,084.096 | ||||||
F. Ford Drummond | 473,159,864.726 | 18,221,137.476 | ||||||
Sidney E. Harris | 472,982,673.446 | 18,398,328.756 | ||||||
John R. Mallin | 473,152,665.113 | 18,228,337.089 | ||||||
Connie D. McDaniel | 473,755,896.103 | 17,625,106.099 | ||||||
Philip R. McLoughlin | 472,878,020.393 | 18,502,981.809 | ||||||
Geraldine M. McNamara | 473,510,300.326 | 17,870,701.876 | ||||||
James M. Oates | 472,802,953.502 | 18,578,048.700 | ||||||
R. Keith Walton | 473,169,911.701 | 18,211,090.501 | ||||||
Brian T. Zino | 473,181,556.281 | 18,199,445.921 | ||||||
George R. Aylward | 473,298,951.090 | 18,082,051.112 |
Shareholders of the Trust approved the above proposal, thus electing the individuals listed above as Trustees of the Trust.
Also at the January 26, 2021 special meeting of shareholders of Virtus AllianzGI Convertible Fund (known at the time as AllianzGI Convertible Fund) and Virtus AllianzGI Water Fund (known at the time as AllianzGI Water Fund), Virtus AllianzGI Emerging Markets Consumer Fund (known at the time as AllianzGI Emerging Markets Consumer Fund), series of Virtus Strategy Trust, shareholders voted on the following proposals:
Virtus AllianzGI Convertible Fund (known at the time as AllianzGI Convertible Fund)
Votes For | Votes Against | Abstain | Broker Non-Votes | |||||
Proposal 4: To approve a proposal to permit Virtus Investment Advisers, Inc., as the investment adviser to the Fund, to hire, terminate and replace affiliated (both wholly-owned and partially-owned) and unaffiliated subadvisers for the Fund or to modify subadvisory agreements for the Fund without shareholder approval, and to permit the Fund to disclose advisory and subadvisory fee information in an aggregated manner. | 22,990,879.669
67.833% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 927,075.340
2.736% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 949,371.208
2.801% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 9,026,165.953
26.630% of Shares Voted, with more than 50% of the Shares present or represented by proxy |
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RESULTS OF SHAREHOLDER MEETINGS (Unaudited) (Continued)
VIRTUS STRATEGY TRUST
JANUARY 26, 2021
Virtus AllianzGI Water Fund (known at the time as AllianzGI Water Fund)
Votes For | Votes Against | Abstain | Broker Non-Votes | |||||
Proposal 2: To approve an Investment Management Agreement between the Trust, on behalf of the Fund, and Virtus Investment Advisers, Inc. | 18,045,896.592
68.136% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 576,688.182
2.178% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 1,122,725.099
4.239% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 6,739,947.228
25.447% of Shares Voted, with more than 50% of the Shares present or represented by proxy | ||||
Proposal 3a: To approve a Subadvisory Agreement by and among the Trust, Virtus Investment Advisers, Inc. and AllianzGI U.S. LLC | 17,993,036.110
67.937% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 607,980.114
2.296% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 1,144,293.649
4.320% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 6,739,947.228
25.447% of Shares Voted, with more than 50% of the Shares present or represented by proxy |
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RESULTS OF SHAREHOLDER MEETINGS (Unaudited) (Continued)
VIRTUS STRATEGY TRUST
FEBRUARY 12, 2021
At a special meeting of shareholders of Virtus AllianzGI Water Fund (known at the time as AllianzGI Water Fund), a series of Virtus Strategy Trust, held on February 12, 2021, shareholders voted on the following proposals:
Virtus AllianzGI Water Fund (known at the time as AllianzGI Water Fund)
Votes For | Votes Against | Abstain | Broker Non-Votes | |||||
Proposal 4: To approve a proposal to permit Virtus Investment Advisers, Inc., as the investment adviser to the Fund, to hire, terminate and replace affiliated (both wholly-owned and partially-owned) and unaffiliated subadvisers for the Fund or to modify subadvisory agreements for the Fund without shareholder approval, and to permit the Fund to disclose advisory and subadvisory fee information in an aggregated manner. | 18,569,353.440
67.272% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 1,122,581.148
4.067% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 1,547,125.323
5.604% of Shares Voted, with more than 50% of the Shares present or represented by proxy | 6,364,693.292
23.057% of Shares Voted, with more than 50% of the Shares present or represented by proxy |
Shareholders of the Funds voted to approve the above proposals.
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FACTS | WHAT DO VP DISTRIBUTORS, LLC; VIRTUS FUND SERVICES, LLC; AND VIRTUS MUTUAL FUNDS (VIRTUS) DO WITH YOUR PERSONAL INFORMATION? | |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:
> Social Security Number and Account Balances > Transaction History and Checking Account Information > Account Transactions and Wire Transfer Instructions
When you are no longer our customer, we continue to share your information as described in this notice. | |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Virtus chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Virtus share? | Can you limit this sharing? | ||
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No | ||
For our marketing purposes — to offer our products and services to you | Yes | No | ||
For joint marketing with other financial companies | No | We don’t share | ||
For our affiliates’ everyday business purposes — information about your transactions and experiences | No | We don’t share | ||
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share | ||
For our affiliates to market to you | No | We don’t share | ||
For nonaffiliates to market to you | No | We don’t share |
Questions? | Call 800-243-1574 or go to www.Virtus.com |
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Privacy Policy (Unaudited) (Continued)
Who we are | ||
Who is providing this notice? | VP Distributors, LLC; Virtus Fund Services, LLC; and Virtus Mutual Funds (Virtus) | |
What we do | ||
How does Virtus protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. | |
How does Virtus collect my personal information? | We collect your personal information, for example, when you
> open an account or give us your contact information > pay us by check or make a wire transfer > buy securities from us
We also collect your personal information from others, such as credit bureaus, affiliates, or other companies | |
Why can’t I limit all sharing? | Federal law gives you the right to limit only
> sharing for affiliates’ everyday business purposes – information about your creditworthiness > affiliates from using your information to market to you > sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing. | |
Definitions | ||
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.
> Virtus does not share with our affiliates. | |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.
> Virtus does not share with our nonaffiliates so they can market to you. | |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
> Virtus doesn’t jointly market. |
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Virtus Strategy Trust (Unaudited)
Supplement dated February 26, 2021, to the
Virtus AllianzGI High Yield Bond Fund Summary Prospectus
and the Virtus Strategy Trust Statutory Prospectus, each dated February 1, 2021
IMPORTANT NOTICETO INVESTORS
Virtus AllianzGI High Yield Bond Fund (“the Fund”)
Under “Fees and Expenses” in the Fund’s summary prospectus and in the summary section of the Fund’s statutory prospectus, the second table is hereby replaced in its entirety with the following:
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | Class A | Class C | Class R | Institutional | Class P | Administrative | ||||||||||||||||||
Management Fees | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% | ||||||||||||||||||
Distribution and Shareholder Servicing (12b-1) Fees | 0.25% | 0.90% | 0.50% | None | None | 0.25% | ||||||||||||||||||
Other Expenses(3) | 0.41% | 0.38% | 0.39% | 0.39% | 0.40% | 0.43% | ||||||||||||||||||
Total Annual Fund Operating Expenses | 1.14% | 1.76% | 1.37% | 0.87% | 0.88% | 1.16% | ||||||||||||||||||
Less: Fee Waiver and/or Expense Reimbursement(2) | (0.02% | ) | N/A | N/A | (0.04% | ) | (0.08% | ) | (0.16% | ) | ||||||||||||||
Total Annual Fund Operating Expenses After Expense | 1.12% | 1.76% | 1.37% | 0.83% | 0.80% | 1.00% |
Under the “Sales Charges” section, the row for the Fund in the Rule 12b-1 table on page 170 of the statutory prospectus is hereby replaced in its entirety with the following:
Fund | Class A | Class C | Class R | Institutional | Class P | Administrative | ||||||||||||||||||
Virtus AllianzGI High Yield Bond Fund | 0.25% | 0.90% | 0.50% | None | None | 0.25% |
All Funds
In the “Sales Charges” section, under the sub heading “What arrangement is best for you?” the paragraph describing Class C Shares on page 172 is hereby replaced in its entirety:
Class C Shares (all funds). If you purchase Class C Shares, you will not pay a sales charge at the time of purchase. The full amount of your purchase payment is invested initially. If you sell your Class C Shares within the first year after they are purchased, you will normally pay a deferred sales charge of 1%. (See “Deferred Sales Charge Alternative—Class C Shares” below.) For Virtus AllianzGI High Yield Bond Fund, the distribution and services fees are 0.90%. Class C Shares have higher distribution and services fees (1.00%) and pay lower dividends than Class A Shares, therefore Class C shareholders normally pay higher annual expenses and receive lower dividends than Class A shareholders. Effective on or about March 1, 2021 (the “Class C Conversion Date”), with certain exceptions, all Class C Shares of a fund that were purchased eight years or more prior to the Class C Conversion Date will automatically convert to Class A Shares of the same fund. After the Class C Conversion Date, all Class C Shares of a fund held in accounts directly with the Trust’s transfer agent will automatically convert to Class A shares of the same fund on or about the first business day of the month following the eight-year anniversary of purchase. If an investor intends to purchase greater than $999,999 of Class C shares, (except of the Virtus AllianzGI Short Duration High Income Fund), and the purchase would qualify for Class A shares with no load, then the purchase will automatically be made into a purchase of Class A shares, thus reducing expenses. If an investor intends to purchase greater than $249,999 of Class C shares of the Virtus AllianzGI Short Duration High Income Fund, and the purchase would qualify for Class A shares with no load, then the purchase will automatically be made into a purchase of Class A shares, thus reducing expenses. The Funds may refuse any order to purchase shares. If you transact in Class C Shares through a financial intermediary, your financial intermediary may charge you a fee outside of the fund, such as brokerage commission or an investment advisory fee. You should consult your financial intermediary regarding the different share classes available to you, how their fees and expenses differ, and whether the fees charged by your financial intermediary differ depending upon which share class you choose.
Under “Share Class Performance” in the Financial Highlights section on page 218 of the Statutory Prospectus, the second paragraph is hereby amended by replacing the second sentence with the following:
These include 12b-1 distribution and servicing fees, which are not paid by Institutional Class or Class P and are paid by Class C (at a maximum rate of 1.00% per annum, (0.90% per annum for Class C of Virtus AllianzGI High Yield Bond Fund)), Class A and Administrative Class (at a maximum rate of 0.25% per annum) and Class R (at a maximum rate of 0.50% per annum).
Investors should retain this supplement with the Prospectuses for future reference.
VST 8060/AllianzGI High Yield Bond DistFee & Class C Max Correction (02/2021)
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Virtus AllianzGI Global Sustainability Fund (the “Fund”),
a series of Virtus Strategy Trust (Unaudited)
Supplement Dated February 26, 2021, to the Summary Prospectus
and Virtus Strategy Trust Statutory Prospectus, each dated February 1, 2021
IMPORTANT NOTICETO INVESTORS
Effective on March 1, 2021, Jeremy Kent, CFA, and Paul Schofield will no longer be portfolio managers of the Fund, and Robbie Miles, CFA, and Gunnar Miller will be added as portfolio managers of the Fund.
The disclosure under “Portfolio Management” in the Fund’s summary prospectus and in the summary section of Fund’s statutory prospectus will be replaced in its entirety with the following:
> | Robbie Miles, CFA, portfolio manager and vice president of AllianzGI U.S., has managed the Fund since March 2021. |
> | Gunnar Miller, senior portfolio manager and Global Director of Research of AllianzGI U.S., has managed the Fund since March 2021. |
In the Management of the Funds section under “Portfolio Management” on page 142 of the Fund’s statutory prospectus, the row for the Fund in the table under the subheading “AllianzGI” will be replaced with the following:
Virtus AllianzGI Global Sustainability Fund | Robbie Miles, CFA (since March 2021) | |
Gunnar Miller (since March 2021) |
The existing footnote (“1”) to the table is hereby removed.
The portfolio manager biographies under the referenced table will be amended by removing the references to Jeremy Kent, CFA and Paul Schofield.
Please retain this Supplement with the Prospectuses for future reference.
8060 VST AllianzGI Global Sustainability Fund PM Changes (2/2021)
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VIRTUS STRATEGY TRUST
Trustees
Philip R. McLoughlin, Chairman
George R. Aylward
Donald C. Burke
Sarah E. Cogan
Deborah A. DeCotis
F. Ford Drummund
Sidney E. Harris
John R. Mallin
Connie D. McDaniel
Geraldine M. McNamara
James M. Oates
R. Keith Walton
Brian T. Zino
Advisory Board Member
William R. Moyer
Officers
George R. Aylward, President
Peter Batchelar, Senior Vice President
W. Patrick Bradley, Executive Vice President, Chief Financial Officer and Treasurer
Kevin J. Carr, Senior Vice President and Assistant Secretary
Nancy J. Engberg, Senior Vice President and Chief Compliance Officer
Jennifer S. Fromm, Vice President, Chief Legal Officer, Counsel and Secretary
Julia R. Short, Senior Vice President
Investment Adviser
Virtus Investment Advisers, Inc.
One Financial Plaza
Hartford, CT 06103-2608
Principal Underwriter
VP Distributors, LLC
One Financial Plaza
Hartford, CT 06103-2608
Custodian
State Street Bank and Trust Company
801 Pennsylvania Avenue
Kansas City, MO 64105
Administrator and Transfer Agent
Virtus Fund Services, LLC
One Financial Plaza
Hartford, CT 06103-2608
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
2001 Market Street
Philadelphia, PA 19103-7042
Important Notice to Shareholders
The Securities and Exchange Commission has modified mailing regulations for semiannual and annual shareholder fund reports to allow mutual fund companies to send a single copy of these reports to shareholders who share the same mailing address. If you would like additional copies, please call Mutual Fund Services at 1-800-243-1574.
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| ||
P.O. Box 219723 Kansas City, MO 64121-9723 |
For more information about Virtus Mutual Funds, please contact us at 1-800-988-8380
(Class A, Class C and Class R) or 1-800-498-5413 (Class P, Class R6, Institutional and Administrative classes), or visit Virtus.com.
8069 | 04-21 |
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ITEM 2. | CODE OF ETHICS |
(a) Not required in this filing.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
Not required in this filing.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
Not required in this filing.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANT |
Disclosure not required for open-end management investment companies.
ITEM 6. | INVESTMENTS |
(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this form.
(b) Not applicable.
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Disclosure not required for open-end management investment companies.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Disclosure not required for open-end management investment companies.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED COMPANIES. |
Disclosure not required for open-end management investment companies.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS |
Effective February 1, 2021, the Board has adopted a new policy for consideration of Trustee nominees recommended by shareholders. With regards to such policy, an individual shareholder or shareholder group submitting a nomination must hold either individually or in the aggregate for at least one full year as of the date of nomination 5% of the shares of a series of the Trust, among other qualifications and restrictions. Shareholders or
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shareholder groups submitting nominees must comply with all requirements set forth in the Trust’s policy for consideration of Trustee nominees recommended by shareholders and any such submission must be in writing, directed to the attention of the Board’s Governance and Nominating Committee in care of the Trust’s Secretary, and should include biographical information, including business experience for the past ten years and a description of the qualifications of the proposed nominee, along with a statement from the proposed nominee that he or she is willing to serve and meets the requirements to be an Independent Trustee, if applicable. Shareholder nominees for Trustee will be given the same consideration as any candidate provided the nominee meets certain minimum requirements.
ITEM 11. | CONTROLS AND PROCEDURES |
(a) | The registrant’s principal executive and principal financial officers have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”) (17 CFR 270.30a-3(c)), as amended) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document. |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Disclosure not required for open-end management investment companies.
ITEM 13. | EXHIBITS |
(a)(1) Not required in this filing
(a)(2) Exhibit 99_CERT. – Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
(a)(3) Not applicable
(a)(4) Not applicable.
(b) Exhibit 99.906 CERT. – Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Virtus Strategy Trust (formerly known as Allianz Funds Multi-Strategy Trust) | ||
By: | /s/ George R. Aylward | |
George R. Aylward, President | ||
(principal executive officer) | ||
Date: June 4, 2021 | ||
By: | /s/ W. Patrick Bradley | |
W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer | ||
(principal financial officer) | ||
Date: June 4, 2021 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ George R. Aylward | |
George R. Aylward, President | ||
(principal executive officer) | ||
Date: June 4, 2021 | ||
By: | /s/ W. Patrick Bradley | |
W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer | ||
(principal financial officer) | ||
Date: June 4, 2021 |