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

ITEM 1. REPORT TO SHAREHOLDERS

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

Table of Contents

Message to Shareholders		1
Disclosure of Fund Expenses		2
Allocation Tables		5
Key Investment Terms		7
Fund	Schedule of Investments
Virtus AllianzGI Convertible Fund (“AllianzGI Convertible Fund”)		9
Virtus AllianzGI Core Plus Bond Fund (“AllianzGI Core Plus Bond Fund”)		13
Virtus AllianzGI Emerging Markets Consumer Fund (“AllianzGI Emerging Markets Consumer Fund”)		18
Virtus AllianzGI Global Allocation Fund (“AllianzGI Global Allocation Fund”)		20
Virtus AllianzGI Global Dynamic Allocation Fund (“AllianzGI Global Dynamic Allocation Fund”)		31
Virtus AllianzGI Global Sustainability Fund (“AllianzGI Global Sustainability Fund”)		44
Virtus AllianzGI High Yield Bond Fund (“AllianzGI High Yield Bond Fund”)		45
Virtus AllianzGI International Small-Cap Fund (“AllianzGI International Small-Cap Fund”)		49
Virtus AllianzGI Preferred Securities and Income Fund (“AllianzGI Preferred Securities and Income Fund”)		51
Virtus AllianzGI Short Duration High Income Fund (“AllianzGI Short Duration High Income Fund”)		54
Virtus AllianzGI Water Fund (“AllianzGI Water Fund”)		58
Virtus NFJ Emerging Markets Value Fund (“NFJ Emerging Markets Value Fund”)		59
Statements of Assets and Liabilities		62
Statements of Operations		66
Statements of Changes in Net Assets		70
Financial Highlights		75
Notes to Financial Statements		86
Consideration of Advisory and Subadvisory Agreements by the Board of Trustees of the Trust		111
Shareholder Meeting Results		114
Privacy Policy		123

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.

MESSAGE TO SHAREHOLDERS

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.

1

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

2

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

3

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.

4

ALLOCATION TABLES (Unaudited)

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

5

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

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

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

ALLIANZGI CONVERTIBLE FUND

SCHEDULE OF INVESTMENTS

MARCH 31, 2021 (Unaudited)

	Principal Amount (000s)		Value
CONVERTIBLE BONDS & NOTES—86.0%
Airlines—2.5%
Air Canada(a)(b), 4.00%, 7/1/25	$	11,215	$	17,677,644
JetBlue Airways Corp.(a)(b), 0.50%, 4/1/26		18,620		20,459,656
Southwest Airlines Co., 1.25%, 5/1/25		20,430		35,075,756
				73,213,056
Auto Manufacturers—3.9%
Ford Motor Co.(a)(b), zero coupon, 3/15/26		34,250		34,592,500
NIO, Inc.(a)(b), zero coupon, 2/1/26		9,030		7,687,239
0.50%, 2/1/27		19,065		16,100,392
Tesla, Inc., 2.00%, 5/15/24		5,025		53,993,625
				112,373,756
Biotechnology—5.4%
Apellis Pharmaceuticals, Inc.(a)(b), 3.50%, 9/15/26		10,210		14,451,234
Bridgebio Pharma, Inc.(a)(b), 2.25%, 2/1/29		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), zero coupon, 11/15/27		21,395		27,439,087
Halozyme Therapeutics, Inc.(a)(b), 0.25%, 3/1/27		14,120		12,858,025
Illumina, Inc., zero coupon, 8/15/23		10,375		12,307,344
Insmed, Inc., 1.75%, 1/15/25		16,125		17,948,738
NeoGenomics, Inc., 0.25%, 1/15/28		18,830		18,945,220
				156,371,024
Capital Markets—1.0%
Colony Capital Operating Co. LLC(a)(b), 5.75%, 7/15/25		9,755		28,679,700
Commercial Services—5.7%
Alarm.com Holdings, Inc.(a)(b), zero coupon, 1/15/26		14,810		13,736,275
Chegg, Inc.(a)(b), zero coupon, 9/1/26		33,890		36,431,750
Repay Holdings Corp.(a)(b), zero coupon, 2/1/26		15,385		15,038,837
Sabre GLBL, Inc.(a)(b), 4.00%, 4/15/25		9,335		19,388,795
Shift4 Payments, Inc.(a)(b), zero coupon, 12/15/25		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., 0.50%, 12/15/26	$	20,695	$	24,070,354
Pure Storage, Inc., 0.125%, 4/15/23		22,740		25,146,097
Varonis Systems, Inc.(a)(b), 1.25%, 8/15/25		5,940		10,543,500
Zscaler, Inc.(a)(b), 0.125%, 7/1/25		13,115		17,482,295
				77,242,246
Diversified Financial Services—0.5%
Hannon Armstrong Sustainable Infrastructure Capital, Inc., zero coupon, 8/15/23		12,425		15,507,953
Electronics—1.2%
II-VI, Inc., 0.25%, 9/1/22		9,765		14,897,728
Itron, Inc.(a)(b), zero coupon, 3/15/26		21,245		21,165,331
				36,063,059
Energy-Alternate Sources—2.0%
Enphase Energy, Inc.(a)(b), zero coupon, 3/1/26		12,605		11,760,465
zero coupon, 3/1/28		13,045		12,033,697
Plug Power, Inc.(a)(b), 3.75%, 6/1/25		1,390		9,894,752
SolarEdge Technologies, Inc.(a)(b), zero coupon, 9/15/25		8,210		10,484,170
Sunrun, Inc.(a)(b), zero coupon, 2/1/26		15,965		14,339,384
				58,512,468
Entertainment—2.6%
DraftKings, Inc.(a)(b), zero coupon, 3/15/28		26,255		25,979,322
IMAX Corp.(a)(b), 0.50%, 4/1/26		19,640		19,420,032
Penn National Gaming, Inc., 2.75%, 5/15/26		2,085		9,403,350
Vail Resorts, Inc.(a)(b), zero coupon, 1/1/26		21,755		22,261,028
				77,063,732
Equity Real Estate Investment Trusts (REITs)—0.7%
Pebblebrook Hotel Trust, 1.75%, 12/15/26		18,195		21,288,150
Healthcare-Products—6.2%
CONMED Corp., 2.625%, 2/1/24		11,425		17,858,643
Envista Holdings Corp.(a)(b), 2.375%, 6/1/25		11,400		23,327,820
Haemonetics Corp.(a)(b), zero coupon, 3/1/26		23,585		22,346,787
Insulet Corp., 0.375%, 9/1/26		23,200		30,829,322

See Notes to Financial Statements

9

ALLIANZGI CONVERTIBLE FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2021 (Unaudited)

	Principal Amount (000s)		Value
Healthcare-Products—continued
NanoString Technologies, Inc., 2.625%, 3/1/25	$	8,855	$	14,058,995
Natera, Inc.(a)(b), 2.25%, 5/1/27		7,140		19,518,975
Novocure Ltd.(a)(b), zero coupon, 11/1/25		13,380		14,809,988
Omnicell, Inc.(a)(b), 0.25%, 9/15/25		13,685		19,501,125
Repligen Corp., 0.375%, 7/15/24		11,255		19,759,278
				182,010,933
Healthcare-Services—2.3%
Accolade, Inc.(a)(b), 0.50%, 4/1/26		11,260		12,322,662
Anthem, Inc., 2.75%, 10/15/42		1,125		5,637,713
Oak Street Health, Inc.(a)(b), zero coupon, 3/15/26		22,955		22,949,108
Teladoc Health, Inc.(a)(b), 1.25%, 6/1/27		22,210		24,681,973
				65,591,456
Internet—17.8%
21Vianet Group, Inc.(a)(b), zero coupon, 2/1/26		15,710		14,743,835
Airbnb, Inc.(a)(b), zero coupon, 3/15/26		24,715		25,802,460
Booking Holdings, Inc.(a)(b), 0.75%, 5/1/25		20,770		30,531,900
Etsy, Inc.(a)(b), 0.125%, 9/1/27		16,830		22,015,744
Eventbrite, Inc.(a)(b), 0.75%, 9/15/26		12,770		13,185,025
Expedia Group, Inc.(a)(b), zero coupon, 2/15/26		16,985		18,539,128
FuboTV, Inc.(a)(b), 3.25%, 2/15/26		16,055		13,757,128
Magnite, Inc.(a)(b), 0.25%, 3/15/26		15,935		15,297,863
Match Group Financeco 2, Inc.(a)(b), 0.875%, 6/15/26		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., zero coupon, 12/1/25		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., 0.125%, 11/1/25		13,535		15,429,900
Snap, Inc., 0.75%, 8/1/26		16,845		39,722,616
Spotify USA, Inc.(a)(b), zero coupon, 3/15/26		16,120		15,289,820
TechTarget, Inc.(a)(b), 0.125%, 12/15/25		11,415		13,471,983

	Principal Amount (000s)		Value
Internet—continued
Twitter, Inc., zero coupon, 3/15/26(a)(b)	$	5,585	$	5,277,825
0.25%, 6/15/24		13,470		17,898,936
Uber Technologies, Inc.(a)(b), zero coupon, 12/15/25		29,570		31,066,981
Wayfair, Inc., 1.00%, 8/15/26		8,990		19,924,087
Wayfair, Inc.(a)(b), 0.625%, 10/1/25		10,540		11,251,450
Zendesk, Inc.(a)(b), 0.625%, 6/15/25		15,295		21,116,277
Zillow Group, Inc., 2.75%, 5/15/25		19,095		39,622,125
				517,983,376
Iron/Steel—0.8%
Cleveland-Cliffs, Inc., 1.50%, 1/15/25		9,095		23,687,927
Leisure—2.6%
Callaway Golf Co.(a)(b), 2.75%, 5/1/26		7,565		12,945,606
NCL Corp., Ltd.(a)(b), 5.375%, 8/1/25		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), 1.00%, 11/15/24		7,660		19,011,163
Middleby Corp.(a)(b), 1.00%, 9/1/25		3,785		5,334,484
				24,345,647
Media—1.5%
Liberty Broadband Corp.(a)(b), 2.75%, 9/30/50		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), 0.25%, 4/1/26		3,250		3,400,313
Oil, Gas & Consumable Fuels—2.5%
EQT Corp.(a)(b), 1.75%, 5/1/26		23,090		33,914,592
Pioneer Natural Resources Co.(a)(b), 0.25%, 5/15/25		24,005		37,591,830
				71,506,422
Pharmaceuticals—2.1%
DexCom, Inc., 0.75%, 12/1/23		7,495		16,517,106

See Notes to Financial Statements

10

ALLIANZGI CONVERTIBLE FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2021 (Unaudited)

	Principal Amount (000s)		Value
Pharmaceuticals—continued
Jazz Investments I Ltd.(a)(b), 2.00%, 6/15/26	$	21,730	$	27,895,888
Pacira BioSciences, Inc.(a)(b), 0.75%, 8/1/25		14,980		18,145,274
				62,558,268
Real Estate—0.3%
Redfin Corp.(a)(b), zero coupon, 10/15/25		6,335		7,407,991
Retail—3.7%
American Eagle Outfitters, Inc.(a)(b), 3.75%, 4/15/25		7,655		26,227,944
Burlington Stores, Inc.(a)(b), 2.25%, 4/15/25		14,610		21,942,394
Dick’s Sporting Goods, Inc.(a)(b), 3.25%, 4/15/25		7,935		18,181,069
RH, zero coupon, 9/15/24		8,025		22,647,807
Shake Shack, Inc.(a)(b), zero coupon, 3/1/28		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), 0.25%, 3/15/26		8,575		8,669,234
Microchip Technology, Inc., 0.125%, 11/15/24		37,578		44,224,609
Micron Technology, Inc., Ser. D, 3.125%, 5/1/32		2,200		19,415,000
ON Semiconductor Corp., 1.625%, 10/15/23		9,730		20,171,506
Synaptics, Inc., 0.50%, 6/15/22		12,660		23,326,050
Teradyne, Inc., 1.25%, 12/15/23		3,115		11,981,069
				144,059,255
Software—11.3%
Atlassian, Inc., 0.625%, 5/1/23		4,125		10,627,031
Bentley Systems, Inc.(a)(b), 0.125%, 1/15/26		23,660		24,454,032
Bill.com Holdings, Inc.(a)(b), zero coupon, 12/1/25		14,600		17,374,000
Blackline, Inc.(a)(b), zero coupon, 3/15/26		17,945		17,417,866
Cerence, Inc.(a)(b), 3.00%, 6/1/25		1,145		2,916,888
Cloudflare, Inc.(a)(b), 0.75%, 5/15/25		8,395		16,585,372
Coupa Software, Inc.(a)(b), 0.375%, 6/15/26		19,640		22,193,200
Fastly, Inc.(a)(b), zero coupon, 3/15/26		19,225		19,212,984
Five9, Inc.(a)(b), 0.50%, 6/1/25		13,310		17,768,850

	Principal Amount (000s)		Value
Software—continued
HubSpot, Inc.(a)(b), 0.375%, 6/1/25	$	11,720	$	20,121,775
LivePerson, Inc.(a)(b), zero coupon, 12/15/26		23,280		23,454,600
MicroStrategy, Inc.(a)(b), zero coupon, 2/15/27		25,685		21,446,975
MongoDB, Inc., 0.25%, 1/15/26		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., zero coupon, 3/1/25		18,360		20,115,675
Splunk, Inc., 0.50%, 9/15/23		7,255		8,288,838
Twilio, Inc., 0.25%, 6/1/23		2,440		11,694,909
Tyler Technologies, Inc.(a)(b), 0.25%, 3/15/26		14,070		14,905,406
Zynga, Inc., zero coupon, 12/15/26(a)(b)		10,865		11,523,691
0.25%, 6/1/24		10,440		14,290,272
				328,158,344
Telecommunications—0.5%
Viavi Solutions, Inc., 1.00%, 3/1/24		10,070		13,248,344
Transportation—0.5%
Seaspan Corp.(a)(b), 3.75%, 12/15/25		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, 5.50%, 6/15/23		110,360		17,424,740
Diversified Financial Services—1.5%
2020 Mandatory Exchangeable Trust(a)(b), 6.50%, 5/16/23		10,350		19,832,670
KKR & Co., Inc., Ser. C, 6.00%, 9/15/23		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., 6.00%, 3/15/23		185,290		15,114,105

See Notes to Financial Statements

11

ALLIANZGI CONVERTIBLE FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2021 (Unaudited)

	Shares		Value
Hand/Machine Tools—0.9%
Stanley Black & Decker, Inc., 5.25%, 11/15/22		215,585	$	25,434,718
Healthcare-Products—2.0%
Avantor, Inc., Ser. A, 6.25%, 5/15/22		261,185		23,577,170
Danaher Corp., Ser. A, 4.75%, 4/15/22		22,470		34,381,572
				57,958,742
Machinery-Diversified—0.5%
Colfax Corp., 5.75%, 1/15/22		88,280		15,904,525
Semiconductors—2.0%
Broadcom, Inc., Ser. A, 8.00%, 9/30/22		40,240		59,333,478
Telecommunications—1.1%
2020 Cash Mandatory Exchangeable Trust(a)(b), 5.25%, 6/1/23		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., 6.875%, 2/15/24		139,980		14,459,934
Media—0.3%
ViacomCBS, Inc., Ser. A, 5.75%, 4/1/24		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., dated 3/31/21, 0.00%, due 4/1/21, proceeds $59,944,000; collateralized by U.S. Treasury Notes, 1.50%, due 11/30/24, valued at $61,142,968 including accrued interest (cost-$59,944,000)	$	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.

ALLIANZGI CORE PLUS BOND FUND

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., 3.25%, 1/15/28		270		289,640
Northrop Grumman Systems Corp., 7.875%, 3/1/26		240		309,750
Teledyne Technologies, Inc., 2.75%, 4/1/31		350		348,726
				1,602,676
Airlines—1.7%
American Airlines, Inc.(a)(b), 5.50%, 4/20/26		250		260,173
Delta Air Lines, Inc.(a)(b), 4.50%, 10/20/25		184		196,401
Mileage Plus Holdings LLC(a)(b), 6.50%, 6/20/27		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., 5.15%, 4/1/38		95		108,783
				946,222
Banks—8.0%
Australia & New Zealand Banking Group Ltd., (converts to FRN on 7/22/25)(a)(b)(f), 2.95%, 7/22/30		287		296,617
Deutsche Bank AG, (converts to FRN on 04/30/26)(d)(f), 6.00%, 10/30/25		200		202,500
First Horizon Corp., 4.00%, 5/26/25		501		549,826
HSBC Holdings PLC, (converts to FRN on 6/17/31)(d)(f), 4.60%, 12/17/30		291		287,726
Huntington Bancshares, Inc., (converts to FRN on 7/15/30)(d)(f), 5.625%, 7/15/30		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), 1.152%, 2/2/37		474		418,453
Lloyds Banking Group PLC, (converts to FRN on 9/27/25)(d)(f), 7.50%, 9/27/25		440		502,700
Popular, Inc., 6.125%, 9/14/23		295		318,600
Regions Financial Corp., Ser. D, (converts to FRN on 9/15/25)(d)(f), 5.75%, 6/15/25		280		308,350
Standard Chartered PLC, (converts to FRN on 1/14/26)(a)(b)(f), 1.456%, 1/14/27		260		253,790
State Street Corp., 3 mo. LIBOR + 1.000%(f), 1.184%, 6/15/47		290		249,505

	Principal Amount (000s)		Value
Banks—continued
Truist Financial Corp., Ser. Q, (converts to FRN on 9/1/30)(d)(f), 5.10%, 3/1/30	$	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., 3.375%, 7/29/49		138		142,550
Biotechnology—0.6%
Celgene Corp., 5.00%, 8/15/45		129		156,224
Gilead Sciences, Inc., 2.60%, 10/1/40		205		188,379
				344,603
Building Materials—0.3%
Carrier Global Corp., 2.722%, 2/15/30		190		191,728
Commercial Services—0.4%
Massachusetts Institute of Technology, 2.294%, 7/1/51		205		183,033
President & Fellows of Harvard College, 3.15%, 7/15/46		34		35,873
				218,906
Computers—0.5%
Apple, Inc., 2.65%, 2/8/51		185		169,050
Fortinet, Inc., 1.00%, 3/15/26		63		61,595
Leidos, Inc., 7.125%, 7/1/32		44		58,080
				288,725
Diversified Financial Services—2.7%
AerCap Ireland Capital DAC, 3.50%, 1/15/25		405		424,698
Air Lease Corp., (converts to FRN on 6/15/26)(d)(f), 4.65%, 6/15/26		153		151,087
Avolon Holdings Funding Ltd.(a)(b), 2.125%, 2/21/26		255		243,911
Charles Schwab Corp., (converts to FRN on 6/1/26)(d)(f), 4.00%, 6/1/26		195		197,886
GE Capital Funding LLC(a)(b), 4.55%, 5/15/32		325		372,629
Intercontinental Exchange, Inc., 2.65%, 9/15/40		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

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SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2021 (Unaudited)

	Principal Amount (000s)		Value
Electric Utilities—continued
Commonwealth Edison Co., 5.90%, 3/15/36	$	145	$	193,008
Consolidated Edison Co. of New York, Inc., Ser. 06-E, 5.70%, 12/1/36		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., 2.125%, 6/1/30		145		141,054
Duke Energy Progress LLC, 3.45%, 3/15/29		17		18,479
Edison International, (converts to FRN on 3/15/26)(d)(f), 5.375%, 3/15/26		190		192,622
Enel Finance International NV(a)(b), 2.65%, 9/10/24		200		210,375
Georgia Power Co., 3.25%, 3/15/51		125		119,326
Jersey Central Power & Light Co., 6.15%, 6/1/37		240		294,596
MidAmerican Energy Co., 3.95%, 8/1/47		130		144,356
NextEra Energy Capital Holdings, Inc., 2.25%, 6/1/30		210		205,465
Niagara Mohawk Power Corp.(a)(b), 1.96%, 6/27/30		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., 5.00%, 3/15/44		100		119,189
Sempra Energy, (converts to FRN on 10/15/25)(d)(f), 4.875%, 10/15/25		120		128,400
Southern California Edison Co., 3.90%, 12/1/41		96		95,567
Toledo Edison Co., 6.15%, 5/15/37		35		44,542
				4,614,904
Equity Real Estate Investment Trusts (REITs)—2.4%
American Tower Corp., 4.40%, 2/15/26		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, 2.15%, 11/1/30		195		180,199
Equinix, Inc., 1.00%, 9/15/25		445		436,963
				1,406,890

	Principal Amount (000s)		Value
Food & Beverage—0.2%
Sysco Corp., 6.60%, 4/1/50	$	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., 5.875%, 2/15/26		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), 2.805%, 3/11/31		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), 2.33%, 8/15/30		237		228,262
Berkshire Hathaway Finance Corp., 2.85%, 10/15/50		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), 4.45%, 5/15/69		110		129,813
Northwestern Mutual Life Insurance Co.(a)(b), 3.85%, 9/30/47		140		149,188
				1,805,183
Media—1.6%
Charter Communications Operating LLC, 5.375%, 4/1/38		110		129,651
Time Warner Cable LLC, 6.55%, 5/1/37		35		46,025
Time Warner Entertainment Co., L.P., 8.375%, 7/15/33		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., 7.30%, 4/30/28		85		112,276
				940,677
Miscellaneous Manufacturing—0.1%
Textron, Inc., 3.00%, 6/1/30		67		68,054
Oil, Gas & Consumable Fuels—2.8%
Boston Gas Co.(a)(b), 3.15%, 8/1/27		264		281,130
BP Capital Markets PLC, (converts to FRN on 6/22/30)(d)(f), 4.875%, 3/22/30		208		222,820

See Notes to Financial Statements

14

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., 4.75%, 5/31/25		109		121,805
Hess Corp.,
5.60%, 2/15/41		120		138,432
7.125%, 3/15/33		87		110,877
Petroleos Mexicanos, 4.50%, 1/23/26		270		268,056
WPX Energy, Inc., 4.50%, 1/15/30		299		321,960
				1,635,757
Pharmaceuticals—1.7%
Allergan Funding SCS, 3.80%, 3/15/25		185		194,715
Cigna Corp., 4.80%, 8/15/38		120		143,424
CVS Health Corp., 2.70%, 8/21/40		295		271,672
Johnson & Johnson, 2.45%, 9/1/60		100		88,607
Takeda Pharmaceutical Co., Ltd., 3.175%, 7/9/50		130		124,162
Viatris, Inc.(a)(b), 4.00%, 6/22/50		185		188,525
				1,011,105
Pipelines—2.8%
El Paso Natural Gas Co. LLC, 8.375%, 6/15/32		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., 7.50%, 11/15/40		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., 3.65%, 3/25/41	$	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, 2.25%, 2/15/26		213		214,531
T-Mobile USA, Inc.(a)(b), 3.75%, 4/15/27		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, 4.30%, 5/15/43		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, 3 mo. LIBOR + 0.960%, Series 2018-1A, Class A1(a)(b)(f), 1.178%, 4/23/31		80		79,880
CarMax Auto Owner Trust, Series 2020-1, Class A4, 2.03%, 6/16/25		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), 2.27%, 9/15/31		400		408,493
Citibank Credit Card Issuance Trust, 1 mo. LIBOR + 0.620%, Series 2017-A5, Class A5(f), 0.731%, 4/22/26		715		723,395
CNH Equipment Trust, Series 2019-B, Class A3, 2.52%, 8/15/24		80		81,133
Discover Card Execution Note Trust, 1 mo. LIBOR + 0.360%, Series 2017-A7, Class A7(f), 0.466%, 4/15/25		800		803,325
Dryden 68 CLO Ltd., 3 mo. LIBOR + 1.310%, Series 2019-68A, Class A(a)(b)(f), 1.551%, 7/15/32		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, Series 2019-3, Class C, 2.35%, 7/20/23		400		405,926
GM Financial Consumer Automobile Receivables Trust 2020-2, Series 2020, Class A3, 1.49%, 12/16/24		70		71,065

See Notes to Financial Statements

15

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, 3.16%, 8/19/24	$	1,000	$	1,015,385
Honda Auto Receivables 2021-1 Owner Trust, Series 2021, Class A3, 0.27%, 4/21/25		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), 2.22%, 10/20/38		403		411,391
Race Point IX CLO Ltd., 3 mo. LIBOR + 1.210%, Series 2015-9A, Class A1(a)(b)(f), 1.451%, 10/15/30		194		193,758
Sofi Consumer Loan Program LLC, Series 2016-3, Class B(a)(b)(f), 4.49%, 12/26/25		156		156,764
Tesla Auto Lease Trust 2021-A, Series 2021, Class A3(a)(b), 0.56%, 3/20/25		150		149,886
Toyota Auto Receivables Owner Trust, Series 2020-C, Class A3, 0.44%, 10/15/24		310		310,704
Vantage Data Centers LLC, Series 2020-1A, Class A2(a)(b), 1.645%, 9/15/45		250		250,153
Venture 42 CLO Ltd., 3 mo. LIBOR + 1.130%, Series 2020-1A, Class A1(a)(b)(c)(e)(f), 1.00%, 4/15/34		705		705,075
Verizon Owner Trust, Series 2019-C, Class A1A, 1.94%, 4/22/24		755		768,013
Volvo Financial Equipment Master Owner Trust, 1 mo. LIBOR + 0.520%, Series 2018-A, Class A(a)(b)(f), 0.626%, 7/17/23		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) (Cost-$274,242)		9,980		268,462
	Principal Amount (000s)
Repurchase Agreements—1.0%
State Street Bank and Trust Co., dated 3/31/21, 0.00%, due 4/1/21, proceeds $569,000; collateralized by U.S. Treasury Note, 1.38%, due 1/31/25, valued at $580,407 including accrued interest (cost-$569,000)	$	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

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.

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

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., dated 3/31/21, 0.00%, due 4/1/21, proceeds $141,000; collateralized by U.S. Treasury Notes, 1.75%, due 12/31/24, valued at $143,864 including accrued interest (cost-$141,000)	$	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.

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) (Cost-$69,082,857)		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), 1.90%, 2/15/31	$	125		117,294
3.40%, 4/15/30		30		31,844
Boeing Co., 2.196%, 2/4/26		130		129,597
2.80%, 3/1/27		175		179,200
3.625%, 2/1/31		225		235,396
L3Harris Technologies, Inc., 3.95%, 5/28/24		175		189,917
Northrop Grumman Corp., 3.25%, 1/15/28		565		606,098
Northrop Grumman Systems Corp., 7.875%, 3/1/26		210		271,031
Raytheon Technologies Corp., 7.00%, 11/1/28		75		96,457
7.20%, 8/15/27		93		121,737
Teledyne Technologies, Inc., 2.75%, 4/1/31		200		199,272
				2,177,843
Airlines—0.2%
American Airlines, Inc.(a)(b), 5.50%, 4/20/26		150		156,103
Delta Air Lines, Inc.(a)(b), 4.50%, 10/20/25		205		218,817
Mileage Plus Holdings LLC(a)(b), 6.50%, 6/20/27		315		345,319
				720,239
Auto Manufacturers—0.2%
Ford Motor Credit Co. LLC, 4.14%, 2/15/23		215		222,181
General Motors Co., 5.15%, 4/1/38		200		229,016
				451,197
Banks—3.5%
Australia & New Zealand Banking Group Ltd., (converts to FRN on 7/22/25)(a)(b)(i), 2.95%, 7/22/30		303		313,154

	Principal Amount (000s)		Value
Banks—continued
Bank of America Corp.(i), 2.456%, 10/22/25 (converts to FRN on 10/22/24)	$	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), 0.776%, 10/30/24		1,010		1,009,314
Cooperatieve Rabobank UA, (converts to FRN on 2/24/26)(a)(b)(i), 1.106%, 2/24/27		750		732,630
Deutsche Bank AG, (converts to FRN on 04/30/26)(e)(i), 6.00%, 10/30/25		200		202,500
Goldman Sachs Group, Inc., (converts to FRN on 2/12/25)(i), 0.855%, 2/12/26		330		324,358
HSBC Holdings PLC, (converts to FRN on 6/17/31)(e)(i), 4.60%, 12/17/30		400		395,500
Huntington Capital Trust I, 3 mo. LIBOR + 0.700%(i), 0.905%, 2/1/27		220		205,565
International Bank for Reconstruction & Development, SOFR + 0.370%(i), 0.395%, 2/11/31		2,000		2,005,880
JPMorgan Chase & Co.(i), 0.563%, 2/16/25 (converts to FRN on 2/16/24)		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), 7.50%, 9/27/25		130		148,525
Natwest Group PLC, (converts to FRN on 5/22/23)(i), 2.359%, 5/22/24		375		386,898
Popular, Inc., 6.125%, 9/14/23		340		367,200
Standard Chartered PLC, (converts to FRN on 1/14/26)(a)(b)(i), 1.456%, 1/14/27		200		195,223
State Street Corp.(i), 3 mo. LIBOR + 1.000%, 1.184%, 6/1/77		465		400,067
3.152%, 3/30/31 (converts to FRN on 3/30/30)		60		63,608
Sumitomo Mitsui Financial Group, Inc., 0.508%, 1/12/24		428		426,046
Truist Financial Corp.(i), 1.267%, 3/2/27 (converts to FRN on 3/2/26)		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), 3.90%, 3/15/26		197		198,950
Westpac Banking Corp., (converts to FRN on 2/4/25)(i), 2.894%, 2/4/30		235		242,052
				10,086,491
Biotechnology—0.1%
Celgene Corp., 5.00%, 8/15/45		70		84,773
Gilead Sciences, Inc., 2.60%, 10/1/40		161		147,946
				232,719
Building Materials—0.1%
Carrier Global Corp., 2.722%, 2/15/30		220		222,000

See Notes to Financial Statements

20

ALLIANZGI GLOBAL ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2021 (Unaudited)

	Principal Amount (000s)		Value
Chemicals—0.0%
Air Products and Chemicals, Inc., 2.80%, 5/15/50	$	141	$	130,461
Commercial Services—0.2%
Experian Finance PLC(a)(b), 2.75%, 3/8/30		200		203,116
Massachusetts Institute of Technology, 5.60%, 12/31/99		175		267,344
President & Fellows of Harvard College, 4.875%, 10/15/40		135		175,199
				645,659
Computers—0.1%
Apple, Inc., 2.65%, 2/8/51		130		118,791
Fortinet, Inc., 1.00%, 3/15/26		54		52,796
Leidos, Inc., 7.125%, 7/1/32		33		43,560
				215,147
Diversified Financial Services—0.9%
AerCap Ireland Capital DAC, 3.50%, 1/15/25		330		346,050
Air Lease Corp., (converts to FRN on 6/15/26)(e)(i), 4.65%, 6/15/26		102		100,725
American Express Co., 3.625%, 12/5/24		145		158,115
8.15%, 3/19/38		105		157,578
Avolon Holdings Funding Ltd.(a)(b), 2.125%, 2/21/26		180		172,172
Charles Schwab Corp., (converts to FRN on 6/1/26)(e)(i), 4.00%, 6/1/26		135		136,998
Discover Financial Services, 4.10%, 2/9/27		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), 4.55%, 5/15/32		260		298,103
Intercontinental Exchange, Inc., 2.65%, 9/15/40		110		101,759
Synchrony Financial, 4.375%, 3/19/24		375		408,823
Visa, Inc., 1.90%, 4/15/27		175		179,362
				2,509,243
Electric Utilities—2.5%
Alabama Power Co., 4.10%, 1/15/42		165		178,235
Arizona Public Service Co., 5.50%, 9/1/35		90		113,084
CMS Energy Corp., 3.60%, 11/15/25		175		190,408
3.75%, 12/1/50 (converts to FRN on 12/1/30)(i)		125		123,750
Commonwealth Edison Co., 5.90%, 3/15/36		115		153,075

	Principal Amount (000s)		Value
Electric Utilities—continued
Consolidated Edison Co. of New York, Inc., Ser. 06-E, 5.70%, 12/1/36	$	40	$	51,067
DTE Electric Co., 1.90%, 4/1/28		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, 2.55%, 4/15/31		80		80,523
3.45%, 4/15/51		50		51,069
Duke Energy Florida LLC, 2.50%, 12/1/29		143		145,829
Duke Energy Progress LLC, 3.45%, 3/15/29		330		358,709
Edison International, (converts to FRN on 3/15/26)(e)(i), 5.375%, 3/15/26		155		157,139
Enel Finance International NV(a)(b), 2.65%, 9/10/24		600		631,124
Georgia Power Co., 3.25%, 3/15/51		200		190,922
Jersey Central Power & Light Co., 6.15%, 6/1/37		270		331,420
MidAmerican Energy Co., 3.95%, 8/1/47		108		119,927
NextEra Energy Capital Holdings, Inc., 2.25%, 6/1/30		165		161,437
Niagara Mohawk Power Corp.(a)(b), 1.96%, 6/27/30		180		172,032
NRG Energy, Inc.(a)(b), 2.45%, 12/2/27		527		523,821
3.375%, 2/15/29		155		151,319
Pacific Gas and Electric Co., 4.50%, 12/15/41		25		24,229
4.55%, 7/1/30		110		119,306
4.95%, 7/1/50		120		123,323
Pennsylvania Electric Co., 3.60%, 6/1/29(a)(b)		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., 5.20%, 7/15/41		360		442,309
Public Service Co of Colorado, 4.75%, 8/15/41		199		232,676
Sempra Energy, 3.55%, 6/15/24		505		542,605
4.875%, 10/15/25 (converts to FRN on 10/15/25)(e)(i)		113		120,910
Southern California Edison Co., 3.90%, 12/1/41		140		139,368
Toledo Edison Co., 6.15%, 5/15/37		18		22,907
Virginia Electric & Power Co., Ser. A, 3.80%, 4/1/28		145		160,125
				7,152,983
Equity Real Estate Investment Trusts (REITs)—0.7%
Alexandria Real Estate Equities, Inc., 2.00%, 5/18/32		77		71,531
American Tower Corp., 3.375%, 5/15/24		147		157,601
4.40%, 2/15/26		555		625,260

See Notes to Financial Statements

21

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., 2.90%, 4/1/41	$	130	$	119,600
4.45%, 2/15/26		370		416,687
CyrusOne LP, 2.15%, 11/1/30		95		87,790
Equinix, Inc., 1.00%, 9/15/25		510		500,789
				1,979,258
Food & Beverage—0.3%
Anheuser-Busch InBev Finance, Inc., 3.65%, 2/1/26		585		641,210
Constellation Brands, Inc., 2.875%, 5/1/30		113		115,460
PepsiCo, Inc., 2.875%, 10/15/49		200		193,563
Sysco Corp., 6.60%, 4/1/50		41		59,219
				1,009,452
Healthcare-Products—0.1%
STERIS Irish FinCo UnLtd., Co., 2.70%, 3/15/31		195		193,538
3.75%, 3/15/51		117		117,860
				311,398
Healthcare-Services—0.1%
HCA, Inc., 5.875%, 2/15/26		165		189,131
Insurance—0.7%
American International Group, Inc., 3.40%, 6/30/30		170		180,703
6.82%, 11/15/37		23		30,996
AmFam Holdings, Inc.(a)(b), 2.805%, 3/11/31		135		133,936
Athene Global Funding(a)(b), 2.50%, 3/24/28		135		134,677
2.55%, 6/29/25		111		115,007
Belrose Funding Trust(a)(b), 2.33%, 8/15/30		110		105,944
Lincoln National Corp., 3 mo. LIBOR + 2.358%(i), 2.549%, 5/17/66		345		295,796
Massachusetts Mutual Life Insurance Co.(a)(b), 5.077%, 2/15/69		345		401,178
MetLife, Inc.(a)(b), 9.25%, 4/8/68		145		212,588
Metropolitan Life Insurance Co.(a)(b), 7.80%, 11/1/25		215		267,697
New York Life Insurance Co.(a)(b), 4.45%, 5/15/69		80		94,410
				1,972,932
Internet—0.1%
Booking Holdings, Inc., 4.625%, 4/13/30		265		308,687

	Principal Amount (000s)		Value
Media—0.5%
Charter Communications Operating LLC, 5.375%, 4/1/38	$	90	$	106,078
Comcast Corp., 3.75%, 4/1/40		313		343,425
Time Warner Cable LLC, 6.55%, 5/1/37		315		414,224
ViacomCBS, Inc., 3.45%, 10/4/26		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., 3.00%, 6/1/30		50		50,786
Oil, Gas & Consumable Fuels—0.5%
Boston Gas Co.(a)(b), 3.15%, 8/1/27		435		463,225
Cenovus Energy, Inc., 3.00%, 8/15/22		70		71,615
3.80%, 9/15/23		60		63,425
Diamondback Energy, Inc., 4.75%, 5/31/25		108		120,688
Hess Corp., 5.60%, 2/15/41		85		98,056
7.125%, 3/15/33		180		229,400
Marathon Petroleum Corp., 5.85%, 12/15/45		85		100,757
Petroleos Mexicanos, 4.50%, 1/23/26		130		129,064
WPX Energy, Inc., 4.50%, 1/15/30		244		262,737
				1,538,967
Pharmaceuticals—0.4%
Cigna Corp., 4.125%, 11/15/25		175		195,126
4.80%, 8/15/38		115		137,448
CVS Health Corp., 2.70%, 8/21/40		205		188,789
4.30%, 3/25/28		223		253,235
Johnson & Johnson, 2.45%, 9/1/60		70		62,025
Shire Acquisitions Investments Ireland DAC, 3.20%, 9/23/26		180		193,924
Takeda Pharmaceutical Co., Ltd., 3.175%, 7/9/50		60		57,306
Viatris, Inc.(a)(b), 4.00%, 6/22/50		215		219,096
				1,306,949
Pipelines—0.7%
El Paso Natural Gas Co. LLC, 8.375%, 6/15/32		205		289,356
Enable Midstream Partners LP, 3.90%, 5/15/24		90		95,877
4.95%, 5/15/28		160		176,378

See Notes to Financial Statements

22

ALLIANZGI GLOBAL ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2021 (Unaudited)

	Principal Amount (000s)		Value
Pipelines—continued
Energy Transfer Operating L.P., 6.50%, 2/1/42	$	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., 7.50%, 11/15/40		65		88,990
Plains All American Pipeline L.P., 4.65%, 10/15/25		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), 1.80%, 2/10/31		145		135,410
Lowe’s Cos., Inc., 2.625%, 4/1/31		135		135,384
3.00%, 10/15/50		79		73,685
				344,479
Semiconductors—0.2%
Broadcom Corp., 3.875%, 1/15/27		83		90,130
Broadcom, Inc., 3.469%, 4/15/34		92		92,315
3.50%, 2/15/41(a)(b)		76		72,789
Intel Corp., 3.10%, 2/15/60		330		311,658
				566,892
Software—0.2%
Microsoft Corp., 2.525%, 6/1/50		170		154,797
3.50%, 11/15/42		275		302,199
Oracle Corp., 3.65%, 3/25/41		155		156,850
3.80%, 11/15/37		95		98,667
				712,513
Telecommunications—0.6%
AT&T, Inc., 3.10%, 2/1/43		159		148,357
3.50%, 9/15/53(a)(b)		398		367,806
T MOBILE USA, Inc, 2.25%, 2/15/26		148		149,064
T-Mobile USA, Inc.(a)(b), 3.75%, 4/15/27		140		153,042
Verizon Communications, Inc., 1.50%, 9/18/30		450		413,150
Verizon Communications, Inc., 1.45%, 3/20/26		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, 4.30%, 5/15/43		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), 1.383%, 12/25/30	$	2,000	$	1,914,378
Freddie Mac, 1.493%, 9/25/30		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, 2.00%, 12/20/50		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), 1.28%, 1/1/46		3,133		3,041,755
1.34%, 2/1/46		620		603,076
United States Small Business Administration, ABS, 1.03%, 7/1/40		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

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

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

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

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

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, 0.125%, 3/31/23	$	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, 0.125%, 11/30/22		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, 1.84%, 6/17/24		1,000		1,012,191
CarMax Auto Owner Trust 2020-2, 1.70%, 11/15/24		1,000		1,016,080
Citibank Credit Card Issuance Trust, 1 mo. LIBOR + 0.330%, Series 2018-A2, Class A2(i), 0.441%, 1/20/25		1,000		1,003,832
Flatiron Clo 17 Ltd., 3 mo. LIBOR + .980%(a)(b)(i), 1.178%, 5/15/30		1,825		1,820,985
Grace Trust 2020-GRCE(a)(b), 2.347%, 12/10/40		1,250		1,231,514
Hyundai Auto Receivables Trust 2020-A, 1.41%, 11/15/24		1,500		1,525,058

	Principal Amount (000s)		Value
ASSET-BACKED SECURITIES—continued
Nissan Auto Receivables 2017-B Owner Trust, 1.95%, 10/16/23	$	1,862	$	1,869,288
One Bryant Park Trust 2019-OBP(a)(b), 2.516%, 9/15/54		1,500		1,514,094
Tesla Auto Lease Trust 2018-B(a)(b), 4.12%, 10/20/21		450		453,704
Tesla Auto Lease Trust 2021-A, Series 2021, Class A3(a)(b), 0.56%, 3/20/25		750		749,429
Venture 42 CLO Ltd., 3 mo. LIBOR + 1.130%, Series 2020-1A, Class A1(a)(b)(f)(i), 1.00%, 4/15/34		1,220		1,220,129
Verizon Owner Trust 2018-1(a)(b), 3.05%, 9/20/22		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, exercise price USD 50.05, expires 4/19/21		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., dated 3/31/21, 0.00%, due 4/1/21, proceeds $10,406,000; collateralized by U.S. Treasury Notes, 1.75%, due 12/31/24, valued at $10,614,148 including accrued interest (cost-$10,406,000)	$	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

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

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.

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

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

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

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

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

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

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

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), 2.95%, 7/22/30	$	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., 3.65%, 2/1/26		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), 2.125%, 2/21/26		50		47,826
Ireland—0.4%
AerCap Ireland Capital DAC, 3.50%, 1/15/25		85		89,134
Shire Acquisitions Investments Ireland DAC, 3.20%, 9/23/26		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., 3.025%, 7/9/40		40		38,687
Luxembourg—0.1%
Allergan Funding SCS, 3.80%, 3/15/25		40		42,100
Mexico—0.1%
Petroleos Mexicanos, 4.50%, 1/23/26		55		54,604
Netherlands—0.4%
Enel Finance International NV(a)(b), 2.65%, 9/10/24		200		210,375

See Notes to Financial Statements

38

ALLIANZGI GLOBAL DYNAMIC ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2021 (Unaudited)

	Principal Amount (000s)		Value
Puerto Rico—0.3%
Popular, Inc., 6.125%, 9/14/23	$	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), 1.80%, 2/10/31		45		42,024
Air Lease Corp., (converts to FRN on 6/15/26)(d)(f), 4.65%, 6/15/26		34		33,575
Air Products and Chemicals, Inc., 2.80%, 5/15/50		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., 2.00%, 5/18/32		28		26,011
American Airlines, Inc.(a)(b), 5.50%, 4/20/26		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), 2.805%, 3/11/31		40		39,685
Anheuser- Busch InBev Finance, Inc., 4.00%, 1/17/43		65		69,015
Apple, Inc., 2.65%, 2/8/51		45		41,120
Arizona Public Service Co., 5.50%, 9/1/35		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), 2.33%, 8/15/30		40		38,525
Berkshire Hathaway Finance Corp., 2.85%, 10/15/50		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., 4.625%, 4/13/30	$	60	$	69,891
Boston Gas Co.(a)(b), 3.15%, 8/1/27		100		106,489
Broadcom Corp., 3.875%, 1/15/27		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., 2.722%, 2/15/30		50		50,455
Celgene Corp., 5.00%, 8/15/45		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, 5.375%, 4/1/38		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), 3.75%, 12/1/50		35		34,650
Comcast Corp.,
3.20%, 7/15/36		65		67,786
3.75%, 4/1/40		41		44,985
Commonwealth Edison Co., 5.90%, 3/15/36		30		39,933
Consolidated Edison Co. of New York, Inc., Ser. 06-E, 5.70%, 12/1/36		5		6,383
Constellation Brands, Inc., 2.875%, 5/1/30		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, 2.15%, 11/1/30		45		41,584
Delta Air Lines, Inc.(a)(b), 4.50%, 10/20/25		36		38,426
Diamondback Energy, Inc., 4.75%, 5/31/25		36		40,229
Discover Financial Services, Ser. C, (converts to FRN on 10/30/27)(d)(f), 5.50%, 10/30/27		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

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, 8.375%, 6/15/32	$	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., 1.00%, 9/15/25		150		147,291
First Maryland Capital II, 3 mo. LIBOR + 0.850%(f), 1.055%, 2/1/27		25		23,897
Ford Motor Credit Co. LLC, 3.35%, 11/1/22		185		188,737
Fortinet, Inc., 1.00%, 3/15/26		18		17,599
GE Capital Funding LLC(a)(b), 4.55%, 5/15/32		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., 2.60%, 10/1/40		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., 5.875%, 2/15/26		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., 2.65%, 9/15/40		45		41,629
Jersey Central Power & Light Co., 6.15%, 6/1/37		110		135,023
Johnson & Johnson, 2.45%, 9/1/60		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, 4.30%, 5/15/43		18		19,733
Kinder Morgan Energy Partners L.P., 7.50%, 11/15/40		40		54,763
L3Harris Technologies, Inc., 3.95%, 5/28/24		80		86,819
Leidos, Inc., 7.125%, 7/1/32		8		10,560
Lincoln National Corp., 3 mo. LIBOR + 2.358%(f), 2.549%, 5/17/66		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., 5.85%, 12/15/45	$	45	$	53,342
Massachusetts Institute of Technology, 5.60%, 7/1/11		25		38,192
Massachusetts Mutual Life Insurance Co.(a)(b)(f), 5.077%, 2/15/69		150		174,425
MetLife, Inc.(a)(b), 9.25%, 4/8/68		95		139,282
Metropolitan Life Insurance Co.(a)(b), 7.80%, 11/1/25		130		161,863
Microsoft Corp., 2.525%, 6/1/50		80		72,846
MidAmerican Energy Co., 3.95%, 8/1/47		39		43,307
Mileage Plus Holdings LLC(a)(b), 6.50%, 6/20/27		100		109,625
New York Life Insurance Co.(a)(b), 4.45%, 5/15/69		30		35,404
NextEra Energy Capital Holdings, Inc., 2.25%, 6/1/30		40		39,136
Niagara Mohawk Power Corp.(a)(b), 1.96%, 6/27/30		45		43,008
NiSource, Inc., 3.49%, 5/15/27		100		108,510
Northrop Grumman Corp., 3.25%, 1/15/28		120		128,729
Northrop Grumman Systems Corp., 7.875%, 3/1/26		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., 4.45%, 4/14/46		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., 5.20%, 7/15/41		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, 4.75%, 8/15/41		22		25,723
Raytheon Technologies Corp., 7.00%, 11/1/28		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

ALLIANZGI GLOBAL DYNAMIC ALLOCATION FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2021 (Unaudited)

	Principal Amount (000s)		Value
United States—continued
Southern California Edison Co., 3.90%, 12/1/41	$	100	$	99,549
State Street Corp., 3 mo. LIBOR + 1.000%(f), 1.184%, 6/15/47		165		141,959
Sysco Corp., 6.60%, 4/1/50		27		38,998
T MOBILE USA, Inc, 2.25%, 2/15/26		44		44,316
T-Mobile USA, Inc.(a)(b), 3.75%, 4/15/27		80		87,453
Teledyne Technologies, Inc., 2.75%, 4/1/31		75		74,727
Textron, Inc., 3.00%, 6/1/30		18		18,283
Time Warner Cable LLC, 6.55%, 5/1/37		90		118,350
Toledo Edison Co., 6.15%, 5/15/37		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., 3.75%, 2/5/70		23		23,521
UnitedHealth Group, Inc., 3.50%, 8/15/39		60		64,587
Utah Acquisition Sub, Inc., 3.95%, 6/15/26		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), 4.00%, 6/22/50		60		61,143
Virginia Electric and Power Co., 4.00%, 1/15/43		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., 4.50%, 1/15/30		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, 1.625%, 11/15/50		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) (Cost-$243)		65		259
	Shares
RIGHTS—0.0%
Italy—0.0%
Snam SpA, exercise price EUR 4.46, expires 4/7/21(g) (Cost-$0)		2,542		3
	Principal Amount (000s)
Repurchase Agreements—10.1%
State Street Bank and Trust Co., dated 3/31/21, 0.00%, due 4/1/21, proceeds $5,251,000; collateralized by U.S. Treasury Notes, 1.50%, due 11/30/24, valued at $5,356,078 including accrued interest (cost-$5,251,000)	$	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

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 Paid (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

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

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

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), 7.75%, 4/15/28	$	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., 7.375%, 1/15/26		500		584,648
Hawaiian Brand Intellectual Property Ltd.(a)(b), 5.75%, 1/20/26		395		419,727
				1,723,876
Auto Components—3.3%
Adient U.S. LLC(a)(b), 7.00%, 5/15/26		7		7,455
American Axle & Manufacturing, Inc., 6.50%, 4/1/27		405		420,187
Clarios Global L.P.(a)(b), 8.50%, 5/15/27		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), 7.875%, 1/15/29		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), 6.625%, 11/1/25		295		306,071
Tesla, Inc.(a)(b), 5.30%, 8/15/25		370		383,912
				2,370,477
Beverages—0.5%
Triton Water Holdings, Inc.(a)(b), 6.25%, 4/1/29		340		346,800
Building Materials—1.9%
Builders FirstSource, Inc.(a)(b), 5.00%, 3/1/30		430		450,876
Griffon Corp., 5.75%, 3/1/28		270		287,213
Summit Materials LLC(a)(b), 5.25%, 1/15/29		535		558,406
				1,296,495

	Principal Amount (000s)		Value
Chemicals—0.5%
Tronox, Inc.(a)(b), 4.625%, 3/15/29	$	345	$	345,431
Commercial Services—3.3%
Avis Budget Car Rental LLC(a)(b), 5.75%, 7/15/27		520		538,850
Herc Holdings, Inc.(a)(b), 5.50%, 7/15/27		465		494,853
Laureate Education, Inc.(a)(b), 8.25%, 5/1/25		150		156,750
NESCO Holdings II, Inc.(a)(b), 5.50%, 4/15/29		340		348,772
RR Donnelley & Sons Co., 7.00%, 2/15/22		193		199,273
United Rentals North America, Inc., 5.25%, 1/15/30		535		580,635
				2,319,133
Containers & Packaging—2.4%
Berry Global, Inc.(a)(b), 5.625%, 7/15/27		550		580,937
Owens-Brockway Glass Container, Inc.(a)(b), 6.625%, 5/13/27		460		500,078
Trivium Packaging Finance BV(a)(b), 8.50%, 8/15/27		525		569,730
				1,650,745
Distribution/Wholesale—0.8%
Performance Food Group, Inc.(a)(b), 5.50%, 10/15/27		540		564,710
Diversified Financial Services—3.0%
Nationstar Mortgage Holdings, Inc.(a)(b), 5.50%, 8/15/28		495		497,005
Navient Corp., 6.75%, 6/15/26		525		569,100
OneMain Finance Corp., 6.625%, 1/15/28		790		895,315
PennyMac Financial Services, Inc.(a)(b), 4.25%, 2/15/29		180		172,125
				2,133,545
Electrical Equipment—0.7%
WESCO Distribution, Inc.(a)(b), 7.25%, 6/15/28		445		496,796
Entertainment—4.7%
Caesars Entertainment, Inc.(a)(b), 8.125%, 7/1/27		565		623,051
Cedar Fair L.P., 5.375%, 4/15/27		480		492,000
International Game Technology PLC(a)(b), 6.25%, 1/15/27		400		443,178
Lions Gate Capital Holdings LLC(a)(b), 5.50%, 4/15/29		345		345,038
Scientific Games International, Inc.(a)(b), 8.25%, 3/15/26		600		643,500
Stars Group Holdings BV(a)(b), 7.00%, 7/15/26		705		736,725
				3,283,492

See Notes to Financial Statements

45

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., 6.50%, 2/9/40		455		594,186
Post Holdings, Inc.(a)(b), 5.75%, 3/1/27		530		557,433
Simmons Foods, Inc.(a)(b), 4.625%, 3/1/29		360		363,157
U.S. Foods, Inc.(a)(b), 6.25%, 4/15/25		470		503,840
				2,018,616
Food Service—0.4%
Aramark Services, Inc.(a)(b), 5.00%, 2/1/28		300		311,325
Healthcare-Services—3.8%
Centene Corp.(a)(b), 5.375%, 6/1/26		350		365,995
Charles River Laboratories International, Inc.(a)(b), 4.00%, 3/15/31		345		350,710
Encompass Health Corp., 4.75%, 2/1/30		210		216,027
HCA, Inc., 5.625%, 9/1/28		310		356,500
Select Medical Corp.(a)(b), 6.25%, 8/15/26		405		430,418
Tenet Healthcare Corp.(a)(b), 6.25%, 2/1/27		870		918,602
				2,638,252
Home Builders—1.2%
Picasso Finance Sub, Inc.(a)(b), 6.125%, 6/15/25		400		425,000
Taylor Morrison Communities, Inc.(a)(b), 5.75%, 1/15/28		400		440,620
				865,620
Household Products/Wares—0.6%
Prestige Brands, Inc.(a)(b), 5.125%, 1/15/28		395		414,193
Internet—2.2%
Endure Digital, Inc.(a)(b), 6.00%, 2/15/29		205		200,367
Go Daddy Operating Co. LLC(a)(b), 5.25%, 12/1/27		330		348,975
Netflix, Inc.(a)(b), 5.375%, 11/15/29		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), 5.25%, 4/15/29	$	350	$	366,951
Iron/Steel—0.7%
Cleveland-Cliffs, Inc., 5.875%, 6/1/27		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), 5.875%, 3/15/26		530		535,300
Royal Caribbean Cruises Ltd.(a)(b), 11.50%, 6/1/25		585		682,256
				1,802,206
Lodging—3.7%
Boyd Gaming Corp.(a)(b), 8.625%, 6/1/25		455		505,960
Hilton Domestic Operating Co., Inc.(a)(b), 4.00%, 5/1/31		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), 5.375%, 4/15/26		540		552,150
Wynn Las Vegas LLC(a)(b), 5.50%, 3/1/25		380		401,470
				2,585,079
Machinery-Construction & Mining—0.8%
Terex Corp.(a)(b), 5.00%, 5/15/29		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., 9.25%, 2/15/24		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., 7.375%, 7/1/28		495		519,280
Gray Television, Inc.(a)(b), 4.75%, 10/15/30		440		436,150
LiveStyle, Inc.(a)(b)(c)(d)(e)(i), 9.625%, 2/1/19		2,761		3
Meredith Corp., 6.875%, 2/1/26		410		421,654
Nexstar Broadcasting, Inc.(a)(b), 5.625%, 7/15/27		260		272,511
Scripps Escrow II, Inc.(a)(b), 5.375%, 1/15/31		405		401,962
Virgin Media Secured Finance PLC(a)(b), 5.50%, 5/15/29		350		371,438
				4,213,705

See Notes to Financial Statements

46

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., 6.625%, 4/15/27	$	495	$	499,950
Mining—1.5%
FMG Resources August 206 Pty Ltd.(a)(b), 4.375%, 4/1/31		350		356,346
Hudbay Minerals, Inc.(a)(b), 4.50%, 4/1/26		365		379,348
Joseph T. Ryerson & Son, Inc.(a)(b), 8.50%, 8/1/28		311		348,320
				1,084,014
Miscellaneous Manufacturing—0.5%
Koppers, Inc.(a)(b), 6.00%, 2/15/25		360		371,084
Oil, Gas & Consumable Fuels—7.5%
Antero Resources Corp.(a)(b), 7.625%, 2/1/29		390		415,350
CITGO Petroleum Corp.(a)(b), 6.375%, 6/15/26		170		171,535
CNX Resources Corp.(a)(b), 7.25%, 3/14/27		405		435,015
Comstock Resources, Inc.(a)(b), 6.75%, 3/1/29		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., 8.50%, 2/1/30		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, 6.00%, 2/15/28		505		373,069
PDC Energy, Inc., 5.75%, 5/15/26		475		492,694
Sunoco L.P., 5.875%, 3/15/28		205		214,559
USA Compression Partners L.P., 6.875%, 9/1/27		495		509,850
				5,221,333
Paper & Forest Products—0.6%
Mercer International, Inc.(a)(b), 5.125%, 2/1/29		390		404,040
Personal Products—0.3%
Edgewell Personal Care Co.(a)(b), 5.50%, 6/1/28		220		232,320
Pharmaceuticals—2.0%
AdaptHealth LLC(a)(b), 4.625%, 8/1/29		410		407,950
Bausch Health Americas, Inc.(a)(b), 8.50%, 1/31/27		500		554,688
Bausch Health Cos., Inc.(a)(b), 7.25%, 5/30/29		405		452,081
				1,414,719

	Principal Amount (000s)		Value
Pipelines—4.3%
Cheniere Energy Partners L.P., 5.625%, 10/1/26	$	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., 5.125%, 5/15/29		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), 7.50%, 2/1/26		330		339,075
NuStar Logistics L.P., 6.375%, 10/1/30		305		329,781
Targa Resources Partners L.P., 6.50%, 7/15/27		585		635,708
				2,998,573
Real Estate—1.5%
Iron Mountain, Inc.(a)(b), 4.875%, 9/15/27		525		537,141
Kennedy-Wilson, Inc., 5.00%, 3/1/31		520		526,630
				1,063,771
Retail—1.0%
Asbury Automotive Group Inc, 4.75%, 3/1/30		240		247,920
L Brands, Inc.(a)(b), 6.625%, 10/1/30		405		462,429
				710,349
Semiconductors—0.9%
Amkor Technology, Inc.(a)(b), 6.625%, 9/15/27		245		265,213
Synaptics, Inc.(a)(b), 4.00%, 6/15/29		345		342,343
				607,556
Software—1.5%
Rackspace Technology Global, Inc.(a)(b), 5.375%, 12/1/28		560		569,422
SS&C Technologies, Inc.(a)(b), 5.50%, 9/30/27		445		473,947
				1,043,369
Telecommunications—6.3%
Avaya, Inc.(a)(b), 6.125%, 9/15/28		480		509,551
Cincinnati Bell, Inc.(a)(b), 7.00%, 7/15/24		510		525,937
CommScope Technologies LLC(a)(b), 6.00%, 6/15/25		496		505,945
Hughes Satellite Systems Corp., 6.625%, 8/1/26		465		515,267
LogMeIn, Inc.(a)(b), 5.50%, 9/1/27		555		581,018
Lumen Technologies, Inc.(a)(b), 4.50%, 1/15/29		440		429,132
Plantronics, Inc.(a)(b), 4.75%, 3/1/29		360		353,700

See Notes to Financial Statements

47

ALLIANZGI HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2021 (Unaudited)

	Principal Amount (000s)		Value
Telecommunications—continued
Sprint Corp., 7.625%, 3/1/26	$	530	$	649,091
T-Mobile USA, Inc., 3.50%, 4/15/31		340		342,550
				4,412,191
Toys/Games/Hobbies—0.4%
Mattel, Inc.(a)(b), 5.875%, 12/15/27		285		312,879
Transportation—0.7%
Fortress Transportation and Infrastructure Investors LLC(a)(b), 9.75%, 8/1/27		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. (cost-$0; purchased 12/01/16) (d)(g)(i)		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 (cost-$769,740; purchased 11/04/15)(g)		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., dated 3/31/21, 0.00%, due 4/1/21, proceeds $4,656,000; collateralized by U.S. Treasury Notes, 1.50%, due 11/30/24, valued at $4,749,144 including accrued interest (cost-$4,656,000)	$	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

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

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 (Cost-$676,326)		28,867		1,387,945
	Principal Amount (000s)
Repurchase Agreements—3.3%
State Street Bank and Trust Co., dated 3/31/21, 0.00%, due 4/1/21, proceeds $2,908,000; collateralized by U.S. Treasury Notes, 1.50%, due 11/30/24, valued at $2,966,212 including accrued interest (cost-$2,908,000)	$	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

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), 5.70%, 9/30/30	$	97	$	104,760
Banks—26.0%
Bank of America Corp., (converts to FRN on 3/15/28)(c)(d), 5.875%, 3/15/28		380		414,455
Barclays PLC, (converts to FRN on 6/15/26)(c)(d), 6.125%, 12/15/25		240		262,080
Citizens Financial Group, Inc., Ser. B, (converts to FRN on 7/6/23)(c)(d), 6.00%, 7/6/23		165		169,744
Deutsche Bank AG(c)(d), 6.00%, 10/30/25		950		961,875
HSBC Holdings PLC, (converts to FRN on 6/17/31)(c)(d), 4.60%, 12/17/30		371		366,826
Huntington Bancshares, Inc., (converts to FRN on 7/15/30)(c)(d), 5.625%, 7/15/30		385		427,927
JPMorgan Chase & Co., 3 mo. LIBOR + 0.950%(d), 1.152%, 1/15/87		652		575,594
Lloyds Banking Group PLC, (converts to FRN on 9/27/25)(c)(d), 7.50%, 9/27/25		900		1,028,250
NTC Capital II, 3 mo. LIBOR + 0.590%, Ser. B(d), 0.831%, 4/15/27		175		168,839
Regions Financial Corp., Ser. D, (converts to FRN on 9/15/25)(c)(d), 5.75%, 6/15/25		120		132,150
Standard Chartered PLC, (converts to FRN on 7/14/31)(a)(b)(c)(d), 4.75%, 1/14/31		400		398,600
Truist Financial Corp., Ser. Q, (converts to FRN on 9/1/30)(c)(d), 5.10%, 3/1/30		230		250,769
Wells Fargo & Co., (converts to FRN on 3/15/26)(c)(d), 3.90%, 3/15/26		347		350,435
				5,507,544
Diversified Financial Services—5.9%
Air Lease Corp., (converts to FRN on 6/15/26)(c)(d), 4.65%, 6/15/26		297		293,287
Charles Schwab Corp., (converts to FRN on 6/1/26)(c)(d), 4.00%, 6/1/26		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), 5.375%, 3/15/26		640		648,832
Sempra Energy, (converts to FRN on 10/15/25)(c)(d), 4.875%, 10/15/25		165		176,550
				825,382

	Principal Amount (000s)		Value
Insurance—16.6%
American International Group, Inc., (converts to FRN on 5/15/38)(d), 8.175%, 5/15/68	$	374	$	519,046
Liberty Mutual Group, Inc.(a)(b), 4.30%, 2/1/61		350		315,542
Lincoln National Corp., 3 mo. LIBOR + 2.358%(d), 2.549%, 5/17/66		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), 6.25%, 2/28/57		290		322,222
Miscellaneous Manufacturing—0.9%
General Electric Co., Ser. D, (converts to FRN on 1/21/21)(c)(d), 3.514%, 6/15/21		200		189,000
Oil, Gas & Consumable Fuels—2.3%
BP Capital Markets PLC, (converts to FRN on 6/22/30)(c)(d), 4.875%, 3/22/30		450		482,063
Pipelines—8.2%
Enbridge, Inc. (converts to FRN on 3/1/28)(d), 6.25%, 3/1/78		75		78,518
Energy Transfer Operating L.P., (converts to FRN on 5/15/30)(c)(d), 7.125%, 5/15/30		935		910,970
Plains All American Pipeline L.P., Ser. B, (converts to FRN on 11/15/22) (c)(d), 6.125%, 11/15/22		801		650,861
Transcanada Trust, (converts to FRN on 9/15/29)(d), 5.50%, 9/15/79		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., 6.00%, 12/1/59		3,000		79,080
Banks—16.0%
Bank of America Corp., Ser. LL(c), 5.00%, 9/17/24		8,200		217,054
Citigroup Capital XIII,(d), 6.582%, 10/30/40		17,095		459,856
First Horizon Corp.(c), 6.50%, 10/10/25		31,910		885,502
JPMorgan Chase & Co.(c), 4.55%, 6/1/26		18,000		461,160
Regions Financial Corp., Ser. C,(c)(d), 5.70%, 5/15/29		24,618		681,426

See Notes to Financial Statements

51

ALLIANZGI PREFERRED SECURITIES AND INCOME FUND

SCHEDULE OF INVESTMENTS (Continued)

MARCH 31, 2021 (Unaudited)

	Shares		Value
Banks—continued
Wells Fargo & Co.(c), 4.75%, 3/15/25		11,160	$	284,915
Wells Fargo & Co., Ser. Q,(c)(d), 5.85%, 9/15/23		15,350		411,380
				3,401,293
Consumer Finance—3.2%
Capital One Financial Corp.(c), 4.80%, 6/1/25		8,000		201,120
Synchrony Financial, Ser. A(c), 5.625%, 11/15/24		17,985		479,840
				680,960
Insurance—4.0%
Athene Holding Ltd., Ser. A,(c)(d), 6.35%, 6/30/29		29,468		845,731
Telecommunications—2.3%
AT&T, Inc., Ser. C(c), 4.75%, 2/18/25		19,100		482,657
Wireless Telecommunication Services—1.3%
United States Cellular Corp., 6.25%, 9/1/69		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), 1.375%, 8/15/50 (Cost-$131,368)	$	150	$	117,047
Repurchase Agreements—0.7%
State Street Bank and Trust Co., dated 3/31/21, 0.00%, due 4/1/21, proceeds $140,000; collateralized by U.S. Treasury Notes, 1.50%, due 11/30/24, valued at $142,838 including accrued interest (cost-$140,000)		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

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

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), 6.25%, 6/15/25	$	1,250	$	1,321,875
Aerospace & Defense—1.6%
Spirit AeroSystems, Inc.(a)(c), 7.50%, 4/15/25		11,500		12,370,550
Airlines—1.5%
Hawaiian Brand Intellectual Property Ltd.(a)(c), 5.75%, 1/20/26		2,500		2,656,500
Mileage Plus Holdings LLC(a)(c), 6.50%, 6/20/27		6,450		7,070,812
Spirit Loyalty Cayman Ltd.(a)(c), 8.00%, 9/20/25		2,000		2,260,000
				11,987,312
Apparel & Textiles—0.2%
Hanesbrands, Inc.(a)(c), 5.375%, 5/15/25		1,250		1,322,656
Auto Components—2.0%
Clarios Global LP(a)(c), 6.75%, 5/15/25		800		855,760
Dana, Inc., 5.50%, 12/15/24		2,138		2,181,188
Goodyear Tire & Rubber Co., 9.50%, 5/31/25		10,950		12,283,710
				15,320,658
Auto Manufacturers—4.3%
Ford Motor Co., 8.50%, 4/21/23		15,050		16,780,750
Tesla, Inc.(a)(c), 5.30%, 8/15/25		15,723		16,314,185
				33,094,935
Chemicals—0.2%
CVR Partners L.P.(a)(c), 9.25%, 6/15/23		1,675		1,689,656
Coal—0.5%
Cloud Peak Energy Resources LLC, 12.00%, 5/1/25		6,711		4,160,678
Commercial Services—3.0%
Alta Equipment Group, Inc.(a)(c), 5.625%, 4/15/26		1,200		1,216,500
APX Group, Inc., 8.50%, 11/1/24		12,688		13,163,800
Brink’s Co.(a)(c), 5.50%, 7/15/25		5,000		5,281,250
Prime Security Services Borrower LLC(a)(c), 5.25%, 4/15/24		3,000		3,199,950
				22,861,500
Computers—0.1%
Dell International LLC(a)(c), 7.125%, 6/15/24		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), 6.50%, 9/15/24		28,546		27,375,334
LD Holdings Group LLC(a)(c), 6.50%, 11/1/25		6,775		7,096,812
PennyMac Financial Services, Inc.(a)(c), 5.375%, 10/15/25		1,750		1,813,963
SLM Corp., 4.20%, 10/29/25		8,950		9,397,678
United Wholesale Mortgage LLC(a)(c), 5.50%, 11/15/25		4,000		4,170,000
				76,286,862
Electric Utilities—3.3%
Calpine Corp.(a)(c), 5.25%, 6/1/26		2,250		2,313,563
NRG Energy, Inc., 7.25%, 5/15/26		16,137		16,782,480
Vistra Operations Co. LLC(a)(c), 5.50%, 9/1/26		5,950		6,165,687
				25,261,730
Engineering & Construction—0.9%
PowerTeam Services LLC(a)(c), 9.033%, 12/4/25		6,095		6,719,737
Entertainment—1.6%
Banijay Entertainment S.A.S. U.(a)(c), 5.375%, 3/1/25		3,092		3,192,490
International Game Technology PLC(a)(c), 4.125%, 4/15/26		1,500		1,541,370
Scientific Games International, Inc.(a)(c), 5.00%, 10/15/25		5,500		5,696,350
Wynn Resorts Finance LLC(a)(c), 7.75%, 4/15/25		1,800		1,951,353
				12,381,563
Environmental Services—0.2%
Stericycle, Inc.(a)(c), 5.375%, 7/15/24		1,336		1,379,420
Equity Real Estate Investment Trusts (REITs)—1.1%
ESH Hospitality, Inc.(a)(c), 5.25%, 5/1/25		5,300		5,406,000
SBA Communications Corp., 4.875%, 9/1/24		3,000		3,080,610
				8,486,610
Food Service—0.6%
Aramark Services, Inc.(a)(c), 5.00%, 4/1/25		4,586		4,694,917

See Notes to Financial Statements

54

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), 6.00%, 2/15/24	$	8,000	$	8,248,000
Healthcare-Services—1.5%
Akumin, Inc.(a)(c), 7.00%, 11/1/25		9,375		9,972,656
RP Escrow Issuer LLC(a)(c), 5.25%, 12/15/25		1,400		1,450,750
				11,423,406
Home Builders—1.0%
Lennar Corp., 6.25%, 12/15/21		6,500		6,561,750
Picasso Finance Sub, Inc.(a)(c), 6.125%, 6/15/25		810		860,625
				7,422,375
Household Products/Wares—0.4%
Spectrum Brands, Inc., 5.75%, 7/15/25		3,099		3,195,844
Lodging—2.4%
Las Vegas Sands Corp., 3.20%, 8/8/24		8,930		9,310,633
MGM Resorts International, 7.75%, 3/15/22		500		526,700
Wynn Las Vegas LLC(a)(c), 5.50%, 3/1/25		8,000		8,452,000
				18,289,333
Machinery-Diversified—0.4%
CNH Industrial Capital LLC, 4.375%, 4/5/22		2,675		2,773,615
Media—3.1%
AMC Networks, Inc., 5.00%, 4/1/24		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), 4.625%, 7/15/24		3,500		3,605,350
TEGNA, Inc.(a)(c), 4.75%, 3/15/26		1,500		1,591,875
				23,629,906
Mining—0.9%
Novelis Corp.(a)(c), 5.875%, 9/30/26		6,471		6,754,106
Miscellaneous Manufacturing—1.9%
Hillenbrand, Inc., 5.75%, 6/15/25		2,000		2,135,000
LSB Industries, Inc.(a)(c), 9.625%, 5/1/23		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), 5.25%, 2/15/25		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), 6.50%, 2/1/26		13,385		14,005,284
				77,105,947
Pharmaceuticals—0.8%
Bausch Health Cos., Inc.(a)(c), 7.00%, 3/15/24		6,200		6,342,600
Pipelines—6.6%
EQM Midstream Partners LP(a)(c), 6.00%, 7/1/25		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, 5.75%, 10/1/25		3,450		3,693,294
PBF Logistics L.P., 6.875%, 5/15/23		11,912		11,914,621
Rattler Midstream L.P.(a)(c), 5.625%, 7/15/25		3,000		3,132,360
				50,572,755
Real Estate—2.8%
Newmark Group, Inc., 6.125%, 11/15/23		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), 5.75%, 4/15/25		4,500		4,781,250
Carvana Co.(a)(c), 5.625%, 10/1/25		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), 10.00%, 3/15/23		9,075		9,483,375
KFC Holding Co.(a)(c), 5.25%, 6/1/26		3,500		3,607,030
Sally Holdings LLC, 5.625%, 12/1/25		2,034		2,097,562
				37,088,953
Semiconductors—0.7%
ams AG(a)(c), 7.00%, 7/31/25		5,250		5,619,141

See Notes to Financial Statements

55

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), 5.75%, 8/15/26	$	1,000	$	1,055,000
Veritas US, Inc.(a)(c), 7.50%, 9/1/25		8,000		8,309,200
				9,364,200
Telecommunications—6.4%
Connect Finco SARL(a)(c), 6.75%, 10/1/26		26,140		27,832,303
Hughes Satellite Systems Corp., 7.625%, 6/15/21		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), 5.50%, 9/1/27		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), 5.625%, 4/15/27		5,250		5,506,804
				49,100,602
Toys/Games/Hobbies—0.3%
Mattel, Inc.(a)(c), 6.75%, 12/31/25		2,308		2,426,747
Transportation—3.4%
Fly Leasing Ltd., 5.25%, 10/15/24		9,990		10,196,044
Fortress Transportation and Infrastructure Investors LLC(a)(c), 6.50%, 10/1/25		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, 2020 Term Loan		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, 2020 Term Loan		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, Term Loan B	$	7,200	$	6,970,725
Telecommunications—0.2%
LogMeIn, Inc., (1 mo. LIBOR + 4.750%), 4.854%, 8/31/27, Term Loan B		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, 9.00%, 10/24/24 (Cost-$8,114,950)		4,270		2,775,820
	Shares
COMMON STOCK—0.0%
Coal—0.0%
Cloud Peak Energy, Inc.(e)(f)(g) (Cost-$0)		40,020		—*
	Principal Amount (000s)
Repurchase Agreements—6.8%
State Street Bank and Trust Co., dated 3/31/21, 0.00%, due 4/1/21, proceeds $52,411,000; collateralized by U.S. Treasury Notes, 1.75%, due 12/31/24, valued at $53,459,236 including accrued interest (cost-$52,411,000)	$	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

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

ALLIANZGI WATER FUND

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., dated 3/31/21, 0.00%, due 4/1/21, proceeds $6,342,000; collateralized by U.S. Treasury Notes, 1.50%, due 11/30/24, valued at $6,468,927 including accrued interest (cost-$6,342,000)	$	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

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

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. (Cost-$6,973,100)		123,815		7,986,300
	Principal Amount (000s)
Repurchase Agreements—2.2%
State Street Bank and Trust Co., dated 3/31/21, 0.00%, due 4/1/21, proceeds $3,475,000; collateralized by U.S. Treasury Notes, 1.50%, due 11/30/24, valued at $3,544,536 including accrued interest (cost-$3,475,000)	$	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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

VIRTUS STRATEGY TRUST

FINANCIAL HIGHLIGHTS

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

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

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

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

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

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 Yield Bond Fund:
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

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

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

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 High Income Fund:
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

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

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

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

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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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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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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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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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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
Totals		—	$	4,974,037		—			—		—		$	(109,071	)		—		—	$	4,864,966
AllianzGI High Yield 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
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
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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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:
	Ending Balance at 3/31/21		Valuation Technique Used		Unobservable Inputs		Input Values
Investments in Securities – Assets
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)
						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
Unrealized appreciation on futures contracts*	$	133,486			—			133,486
Total asset derivatives	$	133,486		$	122		$	133,608
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.

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AllianzGI Preferred Securities and Income Fund:		Primary Risks
Location	Interest Rate Contracts			Credit Contracts			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 Price		Interest Rate Contracts			Credit Contracts			Foreign Exchange Contracts		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 Price		Interest Rate Contracts			Credit Contracts			Foreign Exchange Contracts			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

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MARCH 31, 2021

AllianzGI Global Sustainability Fund:		Primary Risks
Location	Foreign Exchange Contracts
Net realized gain on:
Forward foreign currency contracts	$	1,243
AllianzGI International Small-Cap Fund:		Primary Risks
Location	Foreign Exchange Contracts
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 Exchange Contracts
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).

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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.

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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

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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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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		—			—
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

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

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		—		—
Totals	$	4,399,764		$	—	$	—	$	1,358,337	$	5,758,101	$	—		64,724	$	—	$	—

* 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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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	)		—			—			—			—
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	)

— May reflect actual amounts rounding to less than $1 or less than 1 share.

104

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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	)
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	)

	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	)		—			—			—			—
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

— May reflect actual amounts rounding to less than $1 or less than 1 share.

105

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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	)		—			—			—			—
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	)

	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	)
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	)

— May reflect actual amounts rounding to less than $1 or less than 1 share.

106

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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	)
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

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.

107

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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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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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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

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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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

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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CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS

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.

113

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

114

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

115

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

116

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

117

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

118

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

119

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

120

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

121

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.

122

Privacy Policy (Unaudited)

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

123

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.

124

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 NOTICE TO 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)

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 NOTICE TO 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)

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.

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

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

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

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