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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:811-22167
Allianz Funds Multi-Strategy Trust
(Exact name of registrant as specified in charter)
1633 Broadway, New York, NY 10019
(Address of principal executive offices) (Zip code)
Scott Whisten
1633 Broadway, New York, NY 10019
(Name and address of agent for service)
Registrant’s telephone number, including area code:212-739-3367
Date of fiscal year end: September 30
Date of reporting period: March 31, 2019
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Item 1. Report to Shareholders
Allianz Funds
Multi-Strategy Trust
SHARE CLASSES A, C, R, P, INSTITUTIONAL, R6, ADMINISTRATIVE
Semiannual Report
March 31, 2019
AllianzGI Retirement 2020 Fund
AllianzGI Retirement 2025 Fund
AllianzGI Retirement 2030 Fund
AllianzGI Retirement 2035 Fund
AllianzGI Retirement 2040 Fund
AllianzGI Retirement 2045 Fund
AllianzGI Retirement 2050 Fund
AllianzGI Retirement 2055 Fund
AllianzGI Multi Asset Income Fund
AllianzGI Global Allocation Fund
AllianzGI Best Styles Global Equity Fund
AllianzGI Best Styles International Equity Fund
AllianzGI Best Styles U.S. Equity Fund
AllianzGI Convertible Fund
AllianzGI Core Bond Fund
AllianzGI Core Plus Bond Fund
AllianzGI Emerging Markets Consumer Fund
AllianzGI Emerging Markets Debt Fund
AllianzGI Emerging Markets Small-Cap Fund
AllianzGI Floating Rate Note Fund (formerly AllianzGI Real Estate Debt Fund)
AllianzGI Global Dynamic Allocation Fund
AllianzGI Global High Yield Fund
AllianzGI Global Sustainability Fund
AllianzGI Global Water Fund
AllianzGI Green Bond Fund
AllianzGI High Yield Bond Fund
AllianzGI International Growth Fund
AllianzGI International Small-Cap Fund
AllianzGI Micro Cap Fund
AllianzGI NFJ Emerging Markets Value Fund
AllianzGI PerformanceFee Managed Futures Strategy Fund
AllianzGI PerformanceFee Structured US Equity Fund
AllianzGI PerformanceFee Structured US Fixed Income Fund
AllianzGI Preferred Securities and Income Fund
AllianzGI Short Duration High Income Fund
AllianzGI Short Term Bond Fund
AllianzGI Structured Return Fund
AllianzGI U.S. Equity Hedged Fund
AllianzGI Ultra Micro Cap Fund
This material is authorized for use only when preceded or accompanied by the current Allianz Funds Multi-Strategy Trust prospectus. Investors should consider the investment objectives, risks, charges and expenses of each Fund carefully before investing. This and other information is contained in the Funds’ prospectuses and summary prospectuses. Please read the prospectus carefully before you invest.
Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (us.allianzgi.com), 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 to receive shareholder reports and other communications from a Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at us.allianzgi.com/edelivery.
If you prefer to receive paper copies of your shareholder reports after January 1, 2021, direct investors may inform a Fund at any time. If you invest through a financial intermediary, you should contact your financial intermediary directly. Paper copies are provided free of charge and your election to receive reports in paper will apply to all funds held with the fund complex if you invest directly with a Fund or all funds held in your account if you invest through your financial intermediary.
Receive this report electronically and eliminate paper mailings.
To enroll, go to us.allianzgi.com/edelivery.
Table of Contents
2–3 | Letter from the President | |||
4–107 | Fund Summaries | |||
108–109 | Important Information | |||
110–113 | Benchmark Descriptions | |||
114–205 | Schedules of Investments | |||
206–219 | Statements of Assets and Liabilities | |||
220–232 | Statements of Operations | |||
234–249 | Statements of Changes in Net Assets | |||
250–311 | Financial Highlights | |||
312–385 | Notes to Financial Statements | |||
386 | Changes to the Board of Trustees/Shareholder Meeting Results | |||
387–388 | Matters Relating to the Trustees’ Consideration of the Investment Management Agreements | |||
389–390 | Privacy Policy |
A Word About Risk:A fund may be subject to various risks as described in its prospectus. Some of those risks may include, but are not limited to, the following: derivatives risk, smaller company risk, non-US investment risk, focused investment risk and specific sector investment risks. Use of derivative instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, counterparty risk, management risk and the risk that a fund is unable to close out a position when it is most advantageous to do so. Portfolios investing in derivatives could lose more than the principal amount invested in those instruments. Investing in foreign securities may entail risk due to foreign economic and political developments; this risk may be enhanced when investing in emerging markets. Smaller companies may be more volatile than larger companies and may entail more risk. Concentrating investments in individual sectors may add additional risk and additional volatility compared to a diversified equity portfolio. AllianzGI target-date funds seek to manage risk and return by blending two separately-managed portfolios: a return-generating portfolio for growth potential, and a defensive portfolio for principal protection. The balance grows increasingly defensive over time until the target date is reached, after which the Fund’s assets roll into a retirement income strategy. The principal values of the Funds are not guaranteed at any time, including the target date. Please refer to each Fund’s applicable current prospectus for complete details.
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Thomas J. Fuccillo
President & CEO
Dear Shareholder,
The US economic expansion continued during the six-month fiscal reporting period ended March 31, 2019. In contrast, economic growth overseas weakened. Over this period, global equities generated weak results. Meanwhile, the overall US bond market posted a positive return during the reporting period.
Six Months in Review
For the six-month period ended March 31, 2019, US stocks, as measured by the Standard & Poor’s 500 Index, returned -1.72%. Two measures of stock performance in developed international and global markets, the MSCI EAFE (Europe, Australasia and Far East) Index (net) and the MSCI World Index (net), returned -3.81% and -2.61%, respectively, in dollar-denominated terms. Elsewhere, the MSCI Emerging Markets Index (net) gained 1.71%. With respect to bonds, the Bloomberg Barclays US Credit Index returned 4.89%, whereas the Bloomberg Barclays Global High Yield Index returned 2.62%. The Bloomberg Barclays US Government Bond Index returned 2.83%, while the broader bond market index, as measured by the Bloomberg Barclays US Aggregate Bond Index, gained 4.63%.
Turning to the US economy, gross domestic product (“GDP”), the value of goods and services produced in the country, the broadest measure of economic activity and the principal indicator of economic performance, grew at an annual pace of 3.4% and 2.6% during the third and fourth quarters of 2018, respectively. The Commerce Department’s initial reading for first quarter 2019 GDP growth — released after the reporting period ended — was 3.2%.
Looking back, the US Federal Reserve (the “Fed”) raised rates at its meetings in September and December of 2018. The last hike pushed the federal funds rate to a range between 2.25% and 2.50%. The Fed also continued to reduce the size of its balance sheet. However, at its January 2019 meeting, the Fed indicated that it expected to temper its monetary policy tightening in 2019, although this may change based on incoming economic data.
Outlook
Last year was generally a challenging one for investors overall, with poor returns and renewed volatility giving global investors few places to hide, particularly as the year came to a close. The markets seem to us wary of the growing signs of economic fatigue around the world. Late-cycle fault lines have become more visible, and we believe that corporate profit growth has peaked and fiscal stimulus is waning.
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Meanwhile, economic growth around the world is getting patchier, and the US growth is slowing down amid growing fears of a recession. While the US economy has the potential to deteriorate in 2019, as signaled by a flatter yield curve and weaker housing market, a recession seems unlikely this year. Even if a recession were to happen, in our opinion active investors will still be able to find opportunities by focusing on the fundamentals — including using proprietary research.
Given recent market conditions and concerns about a recession, it is understandable that investors may be nervous that this long but lackluster economic cycle is coming to an end. However, we do not believe it is finished just yet. So, despite market corrections and volatility, we believe investors should aim to benefit from the long-term power of compounding. In our opinion investors should look beyond the immediate news flow and political bluster to focus on balance-sheet strengths and other qualities that underpin the sustainability of investments.
On behalf of Allianz Global Investors U.S. LLC, the Funds’ investment adviser, thank you for investing with us. We encourage you to consult with your financial advisor and to visit our website, us.allianzgi.com, for additional information. We remain dedicated to serving your investment needs.
Sincerely,
Thomas J. Fuccillo
President & Chief Executive Officer
Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an index.
Receive this report electronically and eliminate paper mailings.
To enroll, go to us.allianzgi.com/edelivery.
Semiannual Report | | March 31, 2019 | 3 |
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Unaudited
For the period of October 1, 2018 through March 31, 2019, as provided by the Multi-Asset US Group.
Fund Insights
For the six-month period ended March 31, 2019, Class A shares at net asset value (“NAV”) of the AllianzGI Target-Date Funds (collectively, the “Funds” and each, a “Fund”) returned between -0.34% and -4.15%, with shorter-dated Funds posting more favorable results. In terms of relative performance, all strategies underperformed their respective benchmarks (Morningstar Lifetime Moderate series) for the six-month period.
Market Overview
The six-month period was a tale of two markets, as the first half was marked by a general pull-back in risk assets and a return of volatility. In particular, the fear of central bank policy error and a slowdown in global growth, against a backdrop of geopolitical uncertainty, led to equity market underperformance. In December of 2018, US equities had the worst performance in seven years and nearly every major developed market posted negative returns. Quantitative easing, which the market took to imply tighter financial conditions, falling stock prices, rising long term rates and weaker economic growth, was an important explanation for market conditions during the six-month period.
In the first half of the six-month period, idiosyncratic risks around the world contributed to investors pricing in a weaker growth and policy mix. In the US, the mid-term elections in late November 2018 resulted in Democrats winning the House, which the markets speculated would substantially reduce the chances of further fiscal stimulus for 2019. In Europe, political tensions and social unrest in France and political uncertainty in Italy related to the confrontation between those governments and the European Union over its budget contributed to higher government bond yields and poor equity performance.
In contrast, the second half of the six-month period experienced a rebound in risk assets and lower volatility. Beginning in early January 2019, the US Federal Reserve (the “Fed”) signaled that it would pivot its approach to monetary policy from its hawkish stance at its December 2018 meeting, where it promised more rate hikes by the end of 2020, to a more tentative posture over the six months or longer. As a result of the Fed’s new stance and rising optimism over US-China trade negotiations, the selloff of US equities that occurred in December of 2018 was reversed in January 2019 and retraced about one half of the December drawdown. Global equities rallied and interest rates fell to their lowest levels in more than a year. Despite persisting concerns about global growth prospects, risk assets nonetheless rallied. In February, a stronger-than-expected fourth quarter gross domestic product in the US helped support a further boost to equities, even as other economic data—especially in Europe—continued to weaken.
Overall, long-dated treasuries were among the best performing asset classes. In equities, emerging markets outperformed developed markets. Among developed markets, equities in the UK outperformed those of Europe and the US despite uncertainties over Brexit.
Portfolio Review
Underweights in all major developed equity market segments were a headwind to performance during the period. The Funds’ risk mitigation strategies held significant underweight positions in equities at the end of December of 2018, though they were reduced throughout the strong rally in January and February of 2019. Positive contributions from Australian stocks and small capitalization stocks in emerging markets offset negative contributions from positions in Japan and Europe. The Funds’ equity selection and exposure, driven and modulated largely by the Best Styles strategy (as defined in each Funds’ prospectus) also underperformed the applicable/relevant benchmark(s).
In the shorter vintages with more exposure to fixed income, performance was aided by positive allocations to preferred shares, emerging markets debt, inflation-protected treasury securities, in addition to positive effects from duration management. However, selection effects detracted slightly from performance as the AllianzGI Advanced Core Bond Fund, a core holding, underperformed the Bloomberg Barclays US Aggregate Bond index, a measure of the broader U.S. bond market, by approximately 33 basis points for the period.
At the end of this period, the Funds generally maintained equity weightings at close to their respective benchmarks’ weights, reflecting our cautious view that the opportunity set is currently quite challenged. This is indicated by our tracking error, which is running about 65-75% of what we expect over a full market cycle. A greater proportion of our active trades lie in the fixed income space where we believe there are more opportunities for interesting trades given that the direction of interest rates is in flux, as determined by the Fed.
Outlook
Going forward, we expect that the sources of optimism that helped improve sentiment in the second half of the period will likely continue in the near term. At the same time, however, we believe that many of the risks that previously weighed on sentiment may linger in the background: uncertainty surrounding trade negotiation, weakening manufacturing sectors and trade (especially in Europe) Brexit-related uncertainty, a slowing economy in China and in other emerging markets, the potential for delay in structural reforms in light of new governments taking over.
* The “Target-Date Funds” are the AllianzGI Retirement 2020 Fund, the AllianzGI Retirement 2025 Fund, the AllianzGI Retirement 2030 Fund, the AllianzGI Retirement 2035 Fund, the AllianzGI Retirement 2040 Fund, the AllianzGI Retirement 2045 Fund, the AllianzGI Retirement 2050 Fund, and the AllianzGI Retirement 2055 Fund.
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AllianzGI Retirement 2020 Fund
Average Annual Total Return for the period ended March 31, 2019
6 Month* | 1 Year | 5 Year | 10 Year | Since Inception† | ||||||||||||||||||
AllianzGI Retirement 2020 Fund Class A | –0.34% | 1.46% | 3.38% | 6.85% | 6.60% | |||||||||||||||||
| AllianzGI Retirement 2020 Fund Class A (adjusted) | –5.82% | –4.12% | 2.22% | 6.25% | 6.01% | ||||||||||||||||
AllianzGI Retirement 2020 Fund Class C | –0.72% | 0.73% | 2.62% | 6.05% | 5.79% | |||||||||||||||||
| AllianzGI Retirement 2020 Fund Class C (adjusted) | –1.66% | –0.22% | 2.62% | 6.05% | 5.79% | ||||||||||||||||
| AllianzGI Retirement 2020 Fund Class R | –0.85% | 0.76% | 2.57% | 6.28% | 6.03% | ||||||||||||||||
| AllianzGI Retirement 2020 Fund Class P | –0.21% | 1.78% | 3.69% | 7.15% | 6.89% | ||||||||||||||||
| AllianzGI Retirement 2020 Fund Class R6 | –0.16% | 1.87% | 3.79% | 7.25% | 6.99% | ||||||||||||||||
AllianzGI Retirement 2020 Fund Administrative Class | –0.38% | 1.40% | 3.41% | 6.89% | 6.63% | |||||||||||||||||
| Morningstar Lifetime Moderate 2020 Index | 1.70% | 4.50% | 5.00% | 9.99% | 9.15% | ||||||||||||||||
| AllianzGI 2020 Strategic Benchmark | 1.85% | 4.74% | 4.38% | 6.92% | 6.39% | ||||||||||||||||
Lipper Mixed-Asset Target 2020 Funds Average | 0.81% | 3.24% | 4.33% | 9.11% | 8.20% |
* Cumulative return
† The Fund began operations on December 29, 2008. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2008.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s gross expense ratios are 1.19% for Class A shares, 1.94% for Class C shares, 1.44% for Class R shares, 0.79% for Class P shares, 0.69% for Class R6 shares, and 1.04% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 0.95% for Class A shares, 1.70% for Class C shares, 1.30% for Class R shares, 0.65% for Class P shares, 0.55% for Class R6 shares and 0.90% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
Cumulative Returns Through March 31, 2019
Fund Allocation (as of March 31, 2019)
AllianzGI Global Dynamic Allocation | 66.2% | |||
AllianzGI Advanced Core Bond | 18.8% | |||
AllianzGI Best Styles U.S. Equity | 5.0% | |||
Vanguard Mortgage-Backed Securities | 4.0% | |||
Vanguard Intermediate-Term Corporate Bond | 1.5% | |||
AllianzGI Emerging Markets Small-Cap | 1.0% | |||
iShares TIPS Bond | 0.8% | |||
AllianzGI Short Duration High Income | 0.7% | |||
AllianzGI Emerging Markets Debt | 0.3% | |||
Cash & Equivalents — Net | 1.7% |
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Unaudited
AllianzGI Retirement 2020 Fund (cont’d)
Shareholder Expense Example | Actual Performance | |||||||||||
Class A | Class C | Class R | Class P | Class R6 | Administrative Class | |||||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
Ending Account Value (3/31/19) | $996.60 | $992.80 | $991.50 | $997.90 | $998.40 | $996.20 | ||||||
Expenses Paid During Period | $1.94 | $5.66 | $3.67 | $0.45 | $0.01 | $1.69 | ||||||
Hypothetical Performance | ||||||||||||
(5% return before expenses) | ||||||||||||
Class A | Class C | Class R | Class P | Class R6 | Administrative Class | |||||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
Ending Account Value (3/31/19) | $1,022.99 | $1,019.25 | $1,021.24 | $1,024.48 | $1,024.92 | $1,023.24 | ||||||
Expenses Paid During Period | $1.97 | $5.74 | $3.73 | $0.45 | $0.01 | $1.72 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.39% for Class A, 1.14% for Class C, 0.74% for Class R, 0.09% for Class P, less than 0.005% for Class R6 and 0.34% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.
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AllianzGI Retirement 2025 Fund
Average Annual Total Return for the period ended March 31, 2019
6 Month* | 1 Year | 5 Year | Since Inception† | |||||||||||||||
AllianzGI Retirement 2025 Fund Class A | –1.60% | 0.86% | 3.99% | 5.28% | ||||||||||||||
| AllianzGI Retirement 2025 Fund Class A (adjusted) | –7.01% | –4.69% | 2.82% | 4.46% | |||||||||||||
| AllianzGI Retirement 2025 Fund Class R | –1.77% | 0.53% | 3.62% | 4.90% | |||||||||||||
| AllianzGI Retirement 2025 Fund Class P | –1.43% | 1.25% | 4.32% | 5.60% | |||||||||||||
| AllianzGI Retirement 2025 Fund Class R6 | –1.39% | 1.34% | 4.41% | 5.70% | |||||||||||||
AllianzGI Retirement 2025 Fund Administrative Class | –1.56% | 0.94% | 4.04% | 5.32% | ||||||||||||||
| Morningstar Lifetime Moderate 2025 Index | 1.31% | 4.52% | 5.47% | 8.59% | |||||||||||||
| AllianzGI 2025 Strategic Benchmark | 1.02% | 4.75% | 4.95% | 5.88% | |||||||||||||
Lipper Mixed-Asset Target 2025 Funds Average | 0.38% | 3.32% | 4.88% | 7.63% |
* Cumulative return
† The Fund began operations on December 19, 2011. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2011.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s gross expense ratios are 1.23% for Class A shares, 1.48% for Class R shares, 0.83% for Class P shares, 0.73% for Class R6 shares and 1.08% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 0.95% for Class A shares, 1.30% for Class R shares, 0.65% for Class P shares, 0.55% for Class R6 shares and 0.90% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
Cumulative Returns Through March 31, 2019
Fund Allocation (as of March 31, 2019)
AllianzGI Global Dynamic Allocation | 74.3% | |||
AllianzGI Advanced Core Bond | 12.2% | |||
AllianzGI Best Styles U.S. Equity | 6.9% | |||
Vanguard Mortgage-Backed Securities | 0.7% | |||
AllianzGI Emerging Markets Small-Cap | 0.7% | |||
iShares TIPS Bond | 0.4% | |||
AllianzGI Emerging Markets Debt | 0.2% | |||
Cash & Equivalents — Net | 4.6% |
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Unaudited
AllianzGI Retirement 2025 Fund (cont’d)
Shareholder Expense Example | Actual Performance | |||||||||
Class A | Class R | Class P | Class R6 | Administrative Class | ||||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
Ending Account Value (3/31/19) | $984.00 | $982.30 | $985.70 | $986.10 | $984.40 | |||||
Expenses Paid During Period | $1.73 | $3.46 | $0.25 | $0.01 | $1.48 | |||||
Hypothetical Performance | ||||||||||
(5% return before expenses) | ||||||||||
Class A | Class R | Class P | Class R6 | Administrative Class | ||||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
Ending Account Value (3/31/19) | $1,023.19 | $1,021.44 | $1,024.68 | $1,024.92 | $1,023.44 | |||||
Expenses Paid During Period | $1.77 | $3.53 | $0.25 | $0.01 | $1.51 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.35% for Class A, 0.70% for Class R, 0.05% for Class P, less than 0.005% for Class R6 and 0.30% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.
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AllianzGI Retirement 2030 Fund
Average Annual Total Return for the period ended March 31, 2019
6 Month* | 1 Year | 5 Year | 10 Year | Since Inception† | ||||||||||||||||||
AllianzGI Retirement 2030 Fund Class A | –2.59% | 0.36% | 4.21% | 8.48% | 7.92% | |||||||||||||||||
| AllianzGI Retirement 2030 Fund Class A (adjusted) | –7.95% | –5.16% | 3.03% | 7.86% | 7.33% | ||||||||||||||||
AllianzGI Retirement 2030 Fund Class C | –2.97% | –0.41% | 3.41% | 7.70% | 7.15% | |||||||||||||||||
| AllianzGI Retirement 2030 Fund Class C (adjusted) | –3.88% | –1.34% | 3.41% | 7.70% | 7.15% | ||||||||||||||||
| AllianzGI Retirement 2030 Fund Class R | –2.75% | –0.03% | 3.83% | 8.16% | 7.61% | ||||||||||||||||
| AllianzGI Retirement 2030 Fund Class P | –2.43% | 0.67% | 4.51% | 8.82% | 8.25% | ||||||||||||||||
| AllianzGI Retirement 2030 Fund Class R6 | –2.41% | 0.73% | 4.60% | 8.91% | 8.35% | ||||||||||||||||
AllianzGI Retirement 2030 Fund Administrative Class | –2.59% | 0.36% | 4.25% | 8.57% | 8.01% | |||||||||||||||||
| Morningstar Lifetime Moderate 2030 Index | 0.65% | 4.42% | 5.95% | 11.88% | 10.85% | ||||||||||||||||
| AllianzGI 2030 Strategic Benchmark | 0.26% | 4.73% | 5.41% | 8.94% | 8.00% | ||||||||||||||||
Lipper Mixed-Asset Target 2030 Funds Average | –0.23% | 3.16% | 5.38% | 10.81% | 9.65% |
* Cumulative return
† The Fund began operations on December 29, 2008. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2008.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s gross expense ratios are 1.22% for Class A shares, 1.97% for Class C shares, 1.47% for Class R shares, 0.82% for Class P shares, 0.72% for Class R6 shares and 1.07% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 0.95% for Class A shares, 1.70% for Class C shares, 1.30% for Class R shares, 0.65% for Class P shares, 0.55% for Class R6 shares and 0.90% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
Cumulative Returns Through March 31, 2019
Fund Allocation (as of March 31, 2019)
AllianzGI Global Dynamic Allocation | 71.2% | |||
AllianzGI Best Styles U.S. Equity | 12.3% | |||
AllianzGI Best Styles Global Equity | 7.4% | |||
AllianzGI Advanced Core Bond | 4.0% | |||
AllianzGI Emerging Markets Small-Cap | 1.3% | |||
iShares TIPS Bond | 0.1% | |||
Cash & Equivalents — Net | 3.7% |
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AllianzGI Retirement 2030 Fund (cont’d)
Shareholder Expense Example | Actual Performance | |||||||||||
Class A | Class C | Class R | Class P | Class R6 | Administrative Class | |||||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
Ending Account Value (3/31/19) | $974.10 | $970.30 | $972.50 | $975.70 | $975.90 | $974.10 | ||||||
Expenses Paid During Period | $1.67 | $5.35 | $3.39 | $0.20 | $0.01 | $1.43 | ||||||
Hypothetical Performance | ||||||||||||
(5% return before expenses) | ||||||||||||
Class A | Class C | Class R | Class P | Class R6 | Administrative Class | |||||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
Ending Account Value (3/31/19) | $1,023.24 | $1,019.50 | $1,021.49 | $1,024.73 | $1,024.92 | $1,023.49 | ||||||
Expenses Paid During Period | $1.72 | $5.49 | $3.48 | $0.20 | $0.01 | $1.46 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.34% for Class A, 1.09% for Class C, 0.69% for Class R, 0.04% for Class P, less than 0.005% for Class R6 and 0.29% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.
10 | March 31, 2019 | | Semiannual Report |
Table of Contents
Unaudited
AllianzGI Retirement 2035 Fund
Average Annual Total Return for the period ended March 31, 2019
6 Month* | 1 Year | 5 Year | Since Inception† | |||||||||||||||
AllianzGI Retirement 2035 Fund Class A | –3.10% | 0.19% | 4.57% | 6.77% | ||||||||||||||
| AllianzGI Retirement 2035 Fund Class A (adjusted) | –8.43% | –5.32% | 3.39% | 5.94% | |||||||||||||
| AllianzGI Retirement 2035 Fund Class R | –3.30% | –0.20% | 4.19% | 6.39% | |||||||||||||
| AllianzGI Retirement 2035 Fund Class P | –3.00% | 0.43% | 4.87% | 7.09% | |||||||||||||
| AllianzGI Retirement 2035 Fund Class R6 | –2.91% | 0.57% | 4.99% | 7.19% | |||||||||||||
AllianzGI Retirement 2035 Fund Administrative Class | –3.11% | 0.20% | 4.60% | 6.81% | ||||||||||||||
| Morningstar Lifetime Moderate 2035 Index | –0.15% | 4.18% | 6.33% | 10.22% | |||||||||||||
| AllianzGI 2035 Strategic Benchmark | –0.42% | 4.69% | 5.67% | 7.71% | |||||||||||||
Lipper Mixed-Asset Target 2035 Funds Average | –0.91% | 3.06% | 5.91% | 8.99% |
* Cumulative return
† The Fund began operations on December 19, 2011. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2011.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares.Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s gross expense ratios are 1.16% for Class A shares, 1.41% for Class R shares, 0.76% for Class P shares, 0.66% for Class R6 shares and 1.01% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 0.95% for Class A shares, 1.30% for Class R shares, 0.65% for Class P shares, 0.55% for Class R6 shares and 0.90% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
Cumulative Returns Through March 31, 2019
Fund Allocation (as of March 31, 2019)
AllianzGI Global Dynamic Allocation | 48.4% | |||
AllianzGI Best Styles Global Equity | 28.0% | |||
AllianzGI Best Styles U.S. Equity | 14.4% | |||
AllianzGI Advanced Core Bond | 2.8% | |||
AllianzGI Emerging Markets Small-Cap | 1.4% | |||
Cash & Equivalents — Net | 5.0% |
Semiannual Report | | March 31, 2019 | 11 |
Table of Contents
Unaudited
AllianzGI Retirement 2035 Fund (cont’d)
Shareholder Expense Example | Actual Performance | |||||||||
Class A | Class R | Class P | Class R6 | Administrative Class | ||||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
Ending Account Value (3/31/19) | $969.00 | $967.00 | $970.00 | $970.90 | $968.90 | |||||
Expenses Paid During Period | $2.01 | $3.73 | $0.54 | $0.05 | $1.77 | |||||
Hypothetical Performance | ||||||||||
(5% return before expenses) | ||||||||||
Class A | Class R | Class P | Class R6 | Administrative Class | ||||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
Ending Account Value (3/31/19) | $1,022.89 | $1,021.14 | $1,024.38 | $1,024.88 | $1,023.14 | |||||
Expenses Paid During Period | $2.07 | $3.83 | $0.56 | $0.05 | $1.82 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.41% for Class A, 0.76% for Class R, 0.11% for Class P, less than 0.01% for Class R6 and 0.36% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.
12 | March 31, 2019 | | Semiannual Report |
Table of Contents
Unaudited
AllianzGI Retirement 2040 Fund
Average Annual Total Return for the period ended March 31, 2019
6 Month* | 1 Year | 5 Year | 10 Year | Since Inception† | ||||||||||||||||||
AllianzGI Retirement 2040 Fund Class A | –3.68% | –0.21% | 4.69% | 10.02% | 9.07% | |||||||||||||||||
| AllianzGI Retirement 2040 Fund Class A (adjusted) | –8.97% | –5.70% | 3.51% | 9.40% | 8.47% | ||||||||||||||||
AllianzGI Retirement 2040 Fund Class C | –4.04% | –0.95% | 3.90% | 9.18% | 8.24% | |||||||||||||||||
| AllianzGI Retirement 2040 Fund Class C (adjusted) | –4.93% | –1.87% | 3.90% | 9.18% | 8.24% | ||||||||||||||||
| AllianzGI Retirement 2040 Fund Class R | –3.86% | –0.59% | 4.32% | 9.66% | 8.72% | ||||||||||||||||
| AllianzGI Retirement 2040 Fund Class P | –3.59% | 0.02% | 5.00% | 10.33% | 9.37% | ||||||||||||||||
| AllianzGI Retirement 2040 Fund Class R6 | –3.49% | 0.17% | 5.10% | 10.43% | 9.47% | ||||||||||||||||
AllianzGI Retirement 2040 Fund Administrative Class | –3.71% | –0.21% | 4.72% | 10.06% | 9.11% | |||||||||||||||||
| Morningstar Lifetime Moderate 2040 Index | –0.80% | 3.87% | 6.51% | 12.70% | 11.60% | ||||||||||||||||
| AllianzGI 2040 Strategic Benchmark | –1.00% | 4.64% | 5.72% | 10.57% | 9.21% | ||||||||||||||||
Lipper Mixed-Asset Target 2040 Funds Average | –1.25% | 2.89% | 6.06% | 11.71% | 10.40% |
* Cumulative return
† The Fund began operations on December 29, 2008. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2008.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s gross expense ratios are 1.11% for Class A shares, 1.86% for Class C shares, 1.36% for Class R shares, 0.71% for Class P shares, 0.61% for Class R6 shares and 0.96% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 0.95% for Class A shares, 1.70% for Class C shares, 1.30% for Class R shares, 0.65% for Class P shares, 0.55% for Class R6 shares and 0.90% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
Cumulative Returns Through March 31, 2019
Fund Allocation (as of March 31, 2019)
AllianzGI Best Styles Global Equity | 45.0% | |||
AllianzGI Global Dynamic Allocation | 30.9% | |||
AllianzGI Best Styles U.S. Equity | 17.0% | |||
AllianzGI Advanced Core Bond | 1.4% | |||
AllianzGI Emerging Markets Small-Cap | 1.2% | |||
Cash & Equivalents — Net | 4.5% |
Semiannual Report | | March 31, 2019 | 13 |
Table of Contents
Unaudited
AllianzGI Retirement 2040 Fund (cont’d)
Shareholder Expense Example | Actual Performance | |||||||||||
Class A | Class C | Class R | Class P | Class R6 | Administrative Class | |||||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
Ending Account Value (3/31/19) | $963.20 | $959.60 | $961.40 | $964.10 | $965.10 | $962.90 | ||||||
Expenses Paid During Period | $2.25 | $5.91 | $3.96 | $0.78 | $0.29 | $2.01 | ||||||
Hypothetical Performance | ||||||||||||
(5% return before expenses) | ||||||||||||
Class A | Class C | Class R | Class P | Class R6 | Administrative Class | |||||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
Ending Account Value (3/31/19) | $1,022.64 | $1,018.90 | $1,020.89 | $1,024.13 | $1,024.63 | $1,022.89 | ||||||
Expenses Paid During Period | $2.32 | $6.09 | $4.08 | $0.81 | $0.30 | $2.07 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.46% for Class A, 1.21% for Class C, 0.81% for Class R, 0.16% for Class P, 0.06% for Class R6 and 0.41% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.
14 | March 31, 2019 | | Semiannual Report |
Table of Contents
Unaudited
AllianzGI Retirement 2045 Fund
Average Annual Total Return for the period ended March 31, 2019
6 Month* | 1 Year | 5 Year | Since Inception† | |||||||||||||||
AllianzGI Retirement 2045 Fund Class A | –3.98% | –0.48% | 4.85% | 7.59% | ||||||||||||||
| AllianzGI Retirement 2045 Fund Class A (adjusted) | –9.26% | –5.96% | 3.67% | 6.75% | |||||||||||||
| AllianzGI Retirement 2045 Fund Class R | –4.15% | –0.77% | 4.50% | 7.22% | |||||||||||||
| AllianzGI Retirement 2045 Fund Class P | –3.83% | –0.14% | 5.20% | 7.92% | |||||||||||||
| AllianzGI Retirement 2045 Fund Class R6 | –3.79% | –0.06% | 5.31% | 8.03% | |||||||||||||
AllianzGI Retirement 2045 Fund Administrative Class | –3.90% | –0.39% | 4.92% | 7.64% | ||||||||||||||
| Morningstar Lifetime Moderate 2045 Index | –1.14% | 3.59% | 6.53% | 10.55% | |||||||||||||
| AllianzGI 2045 Strategic Benchmark | –1.30% | 4.61% | 5.79% | 8.64% | |||||||||||||
Lipper Mixed-Asset Target 2045 Funds Average | –1.57% | 2.90% | 6.34% | 9.60% |
* Cumulative return
† The Fund began operations on December 19, 2011. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2011.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares.Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s gross expense ratios are 1.07% for Class A shares, 1.32% for Class R shares, 0.67% for Class P shares, 0.57% for Class R6 shares and 0.92% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 0.95% for Class A shares, 1.30% for Class R shares, 0.65% for Class P shares, 0.55% for Class R6 shares and 0.90% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
Cumulative Returns Through March 31, 2019
Fund Allocation (as of March 31, 2019)
AllianzGI Best Styles Global Equity | 53.7% | |||
AllianzGI Global Dynamic Allocation | 23.0% | |||
AllianzGI Best Styles U.S. Equity | 18.6% | |||
AllianzGI Emerging Markets Small-Cap | 1.0% | |||
Cash & Equivalents — Net | 3.7% |
Semiannual Report | | March 31, 2019 | 15 |
Table of Contents
Unaudited
AllianzGI Retirement 2045 Fund (cont’d)
Shareholder Expense Example | Actual Performance | |||||||||
Class A | Class R | Class P | Class R6 | Administrative Class | ||||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
Ending Account Value (3/31/19) | $960.20 | $958.50 | $961.70 | $962.10 | $961.00 | |||||
Expenses Paid During Period | $2.39 | $4.10 | $0.93 | $0.44 | $2.15 | |||||
Hypothetical Performance | ||||||||||
(5% return before expenses) | ||||||||||
Class A | Class R | Class P | Class R6 | Administrative Class | ||||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
Ending Account Value (3/31/19) | $1,022.49 | $1,020.74 | $1,023.98 | $1,024.48 | $1,022.74 | |||||
Expenses Paid During Period | $2.47 | $4.23 | $0.96 | $0.45 | $2.22 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.49% for Class A, 0.84% for Class R, 0.19% for Class P, 0.09% for Class R6 and 0.44% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.
16 | March 31, 2019 | | Semiannual Report |
Table of Contents
Unaudited
AllianzGI Retirement 2050 Fund
Average Annual Total Return for the period ended March 31, 2019
6 Month* | 1 Year | 5 Year | 10 Year | Since Inception† | ||||||||||||||||||
AllianzGI Retirement 2050 Fund Class A | –4.15% | –0.66% | 4.79% | 10.37% | 9.41% | |||||||||||||||||
| AllianzGI Retirement 2050 Fund Class A (adjusted) | –9.43% | –6.12% | 3.61% | 9.74% | 8.80% | ||||||||||||||||
AllianzGI Retirement 2050 Fund Class C | –4.52% | –1.38% | 4.01% | 9.56% | 8.60% | |||||||||||||||||
| AllianzGI Retirement 2050 Fund Class C (adjusted) | –5.40% | –2.29% | 4.01% | 9.56% | 8.60% | ||||||||||||||||
| AllianzGI Retirement 2050 Fund Class R | –4.32% | –1.01% | 4.41% | 10.02% | 9.07% | ||||||||||||||||
| AllianzGI Retirement 2050 Fund Class P | –4.03% | –0.39% | 5.11% | 10.70% | 9.73% | ||||||||||||||||
| AllianzGI Retirement 2050 Fund Class R6 | –3.98% | –0.26% | 5.21% | 10.79% | 9.83% | ||||||||||||||||
AllianzGI Retirement 2050 Fund Administrative Class | –4.14% | –0.61% | 4.84% | 10.44% | 9.47% | |||||||||||||||||
| Morningstar Lifetime Moderate 2050 Index | –1.23% | 3.39% | 6.46% | 12.69% | 11.58% | ||||||||||||||||
| AllianzGI 2050 Strategic Benchmark | –1.45% | 4.59% | 5.84% | 10.75% | 9.37% | ||||||||||||||||
Lipper Mixed-Asset Target 2050+ Funds Average | –1.59% | 2.80% | 6.30% | 11.93% | 10.54% |
* Cumulative return
† The Fund began operations on December 29, 2008. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2008.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s gross expense ratios are 1.06% for Class A shares, 1.81% for Class C shares, 1.31% for Class R shares, 0.66% for Class P shares, 0.56% for Class R6 shares and 0.91% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 0.95% for Class A shares, 1.70% for Class C shares, 1.30% for Class R shares, 0.65% for Class P shares, 0.55% for Class R6 shares and 0.90% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
Cumulative Returns Through March 31, 2019
Fund Allocation (as of March 31, 2019)
AllianzGI Best Styles Global Equity | 59.7% | |||
AllianzGI Best Styles U.S. Equity | 18.6% | |||
AllianzGI Global Dynamic Allocation | 17.7% | |||
AllianzGI Emerging Markets Small-Cap | 0.9% | |||
Cash & Equivalents — Net | 3.1% |
Semiannual Report | | March 31, 2019 | 17 |
Table of Contents
Unaudited
AllianzGI Retirement 2050 Fund (cont’d)
Shareholder Expense Example | Actual Performance | |||||||||||
Class A | Class C | Class R | Class P | Class R6 | Administrative Class | |||||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
Ending Account Value (3/31/19) | $958.50 | $954.80 | $956.80 | $959.70 | $960.20 | $958.60 | ||||||
Expenses Paid During Period | $2.44 | $6.09 | $4.15 | $0.98 | $0.49 | $2.20 | ||||||
Hypothetical Performance | ||||||||||||
(5% return before expenses) | ||||||||||||
Class A | Class C | Class R | Class P | Class R6 | Administrative Class | |||||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
Ending Account Value (3/31/19) | $1,022.44 | $1,018.70 | $1,020.69 | $1,023.93 | $1,024.43 | $1,022.69 | ||||||
Expenses Paid During Period | $2.52 | $6.29 | $4.28 | $1.01 | $0.50 | $2.27 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.50% for Class A, 1.25% for Class C, 0.85% for Class R, 0.20% for Class P, 0.10% for Class R6 and 0.45% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.
18 | March 31, 2019 | | Semiannual Report |
Table of Contents
Unaudited
AllianzGI Retirement 2055 Fund
Average Annual Total Return for the period ended March 31, 2019
6 Month* | 1 Year | 5 Year | Since Inception† | |||||||||||||||
AllianzGI Retirement 2055 Fund Class A | –4.14% | –0.60% | 4.76% | 7.70% | ||||||||||||||
| AllianzGI Retirement 2055 Fund Class A (adjusted) | –9.41% | –6.07% | 3.58% | 6.87% | |||||||||||||
| AllianzGI Retirement 2055 Fund Class R | –4.29% | –0.90% | 4.41% | 7.34% | |||||||||||||
| AllianzGI Retirement 2055 Fund Class P | –3.99% | –0.23% | 5.09% | 8.04% | |||||||||||||
| AllianzGI Retirement 2055 Fund Class R6 | –3.96% | –0.21% | 5.18% | 8.14% | |||||||||||||
AllianzGI Retirement 2055 Fund Administrative Class | –4.14% | –0.56% | 4.81% | 7.75% | ||||||||||||||
| Morningstar Lifetime Moderate 2055 Index | –1.25% | 3.22% | 6.38% | 10.38% | |||||||||||||
| AllianzGI 2055 Strategic Benchmark | –1.45% | 4.59% | 5.84% | 8.68% | |||||||||||||
Lipper Mixed-Asset Target 2055+ Funds Average | –1.82% | 2.87% | 6.46% | 9.89% |
* Cumulative return
† The Fund began operations on December 19, 2011. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2011.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s gross expense ratios are 1.06% for Class A shares, 1.31% for Class R shares, 0.66% for Class P shares, 0.56% for Class R6 shares and 0.91% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 0.95% for Class A shares, 1.30% for Class R shares, 0.65% for Class P shares, 0.55% for Class R6 shares and 0.90% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
Cumulative Returns Through March 31, 2019
Fund Allocation (as of March 31, 2019)
AllianzGI Best Styles Global Equity | 58.3% | |||
AllianzGI Best Styles U.S. Equity | 18.5% | |||
AllianzGI Global Dynamic Allocation | 17.2% | |||
AllianzGI Emerging Markets Small-Cap | 1.0% | |||
Cash & Equivalents — Net | 5.0% |
Semiannual Report | | March 31, 2019 | 19 |
Table of Contents
Unaudited
AllianzGI Retirement 2055 Fund (cont’d)
Shareholder Expense Example | Actual Performance | |||||||||
Class A | Class R | Class P | Class R6 | Administrative Class | ||||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
Ending Account Value (3/31/19) | $958.60 | $957.10 | $960.10 | $960.40 | $958.60 | |||||
Expenses Paid During Period | $2.49 | $4.20 | $1.03 | $0.54 | $2.25 | |||||
Hypothetical Performance | ||||||||||
(5% return before expenses) | ||||||||||
Class A | Class R | Class P | Class R6 | Administrative Class | ||||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
Ending Account Value (3/31/19) | $1,022.39 | $1,020.64 | $1,023.88 | $1,024.38 | $1,022.64 | |||||
Expenses Paid During Period | $2.57 | $4.33 | $1.06 | $0.56 | $2.32 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.51% for Class A, 0.86 for Class R, 0.21% for Class P, 0.11% for Class R6 and 0.46% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.
20 | March 31, 2019 | | Semiannual Report |
Table of Contents
Unaudited
AllianzGI Multi Asset Income Fund
For the period of October 1, 2018 through March 31, 2019, as provided by the Multi-Asset US Group.
Fund Insights
For the six-month period ended March 31, 2019, Class A shares at net asset value (“NAV”) of the AllianzGI Multi Asset Income Fund (the “Fund”) returned 1.94%, underperforming the Bloomberg Barclays U.S. Universal Bond Index (the “benchmark”), which returned 4.53%.
Market Overview
The six-month period was a tale of two markets, as the first half was marked by a general pull-back in risk assets and a return of volatility. In particular, the fear of central bank policy error and a slowdown in global growth, against a backdrop of geopolitical uncertainty, led to equity market underperformance. In December 2018, US equities had the worst performance in seven years and nearly every major developed market posted negative returns. Quantitative easing, which the market took to imply tighter financial conditions, falling stock prices, rising long term rates and weaker economic growth, was an important explanation for market conditions during the six-month period.
In the first half of the six-month period, idiosyncratic risks around the world contributed to investors pricing in a weaker growth and policy mix. In the US, the mid-term elections in late November 2018 resulted in Democrats winning the House, which the markets speculated would substantially reduce the chances of further fiscal stimulus for 2019. In Europe, political tensions and social unrest in France and political uncertainty in Italy related to the confrontation between these governments and the European Union over its budget contributed to higher government bond yields and poor equity performance.
In contrast, the second half of the six-month period experienced a rebound in risk assets and lower volatility. Beginning in early January 2019, the US Federal Reserve (the “Fed”) signaled that it would pivot its approach to monetary policy from a hawkish stance at its December 2018 meeting, where it promised more rate hikes by the end of 2020, to a more dovish stance, indicating that rate hikes would remain on hold for the next six months or longer. As a result of the Fed’s new stance and rising optimism over US-China trade negotiations, the selloff of US equities that occurred in December 2018 reversed in January 2019 and retraced about one half of the December drawdown. Global equities rallied and interest rates fell to their lowest levels in more than a year. Despite persisting concerns about global growth prospects, risk assets nonetheless rallied. In February, a stronger than expected fourth quarter gross domestic product in the US helped support a further boost to equities, even as other economic data—especially in Europe—continued to weaken.
Overall, long-dated treasuries were among the best performing asset classes. In equities, emerging markets outperformed developed markets. Among developed markets, equities in the UK outperformed those of Europe and the US despite uncertainties over Brexit.
Portfolio Review
During the fourth quarter of 2018, financial markets were buffeted by fears of a looming trade war, geopolitical tensions and significant slowing global growth. This resulted in not only a significant increase in market volatility across all asset classes and but also a decoupling of traditional market correlations. The Fund’s major detractors were its overweight allocation to US equities, which fell 13.5% for the period, and its positions in energy-related equities, as crude oil fell over 40% for the quarter. Despite this, the portfolio maintained overall equity weightings moderately close to benchmark.
With the turn of the year, the Fund began to make significant gains from diversifying allocations to mortgage real estate investment trusts (REITs), preferred shares, convertible bonds, emerging markets debt as well as from a strong recovery in energy-related equities. Astute management of the fixed income buckets with global allocations to Italian, French and Asian debt, as well as strong duration positioning of the government bond portfolio were significant positive contributors to performance. By the end of the period, normalcy had returned to financial markets as reflected by portfolio volatility and tracking error returning to historical averages.
Outlook
We continue to run a higher-than-normal proportion of our active trades in the fixed income space. We believe there are more opportunities in these markets, given the wide disparity of possible outcomes for the direction and timing of interest rate changes. Our focus remains on maintaining a robust multi-asset portfolio with the objective of delivering a diversified, consistent and high quality stream of income.
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Unaudited
AllianzGI Multi Asset Income Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2019
6 Month* | 1 Year | 5 Year | 10 Year | Since Inception† | ||||||||||||||||||
AllianzGI Multi Asset Income Fund Class A | 1.94% | 3.71% | 3.30% | 6.25% | 6.21% | |||||||||||||||||
| AllianzGI Multi Asset Income Fund Class A (adjusted) | –3.67% | –2.00% | 2.13% | 5.65% | 5.62% | ||||||||||||||||
AllianzGI Multi Asset Income Fund Class C | 1.54% | 2.96% | 2.52% | 5.46% | 5.42% | |||||||||||||||||
| AllianzGI Multi Asset Income Fund Class C (adjusted) | 0.55% | 1.97% | 2.52% | 5.46% | 5.42% | ||||||||||||||||
| AllianzGI Multi Asset Income Fund Class R | 1.78% | 3.39% | 2.94% | 5.91% | 5.87% | ||||||||||||||||
| AllianzGI Multi Asset Income Fund Class P | 2.06% | 4.02% | 3.61% | 6.56% | 6.51% | ||||||||||||||||
| AllianzGI Multi Asset Income Fund Class R6 | 2.09% | 4.09% | 3.70% | 6.66% | 6.61% | ||||||||||||||||
AllianzGI Multi Asset Income Fund Administrative Class | 1.94% | 3.82% | 3.14% | 6.20% | 6.16% | |||||||||||||||||
| AllianzGI Multi Asset Income Fund Institutional Class | 2.09% | 4.07% | 3.65% | 6.60% | 6.55% | ||||||||||||||||
| Bloomberg Barclays U.S. Universal Bond Index | 4.53% | 4.53% | 3.00% | 4.36% | 4.29% | ||||||||||||||||
| AllianzGI Multi Asset Income Strategic Benchmark | 2.76% | 4.70% | 3.56% | 5.53% | 5.29% | ||||||||||||||||
| MSCI World High Dividend Yield Index | 0.73% | 5.31% | 4.96% | 12.16% | 10.01% | ||||||||||||||||
Lipper Mixed-Asset Target Today Funds Average | 1.66% | 3.29% | 3.32% | 6.44% | 6.02% |
* Cumulative return
† The Fund began operations on December 29, 2008. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2008.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s gross expense ratios are 1.23% for Class A shares, 1.98% for Class C shares, 1.48% for Class R shares, 0.83% for Class P shares, 0.78% for Institutional Class, 0.73% for Class R6 shares and 1.08% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 0.95% for Class A shares, 1.70% for Class C shares, 1.30% for Class R shares, 0.65% for Class P shares, 0.60% for Institutional Class, 0.55% for Class R6 shares and 0.90% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
22 | March 31, 2019 | | Semiannual Report |
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Unaudited
AllianzGI Multi Asset Income Fund (cont’d)
Cumulative Returns Through March 31, 2019
Fund Allocation (as of March 31, 2019)
PIMCO Income | 20.0% | |||
AllianzGI Floating Rate Note | 10.6% | |||
AllianzGI Short Duration High Income | 10.0% | |||
AllianzGI Emerging Markets Debt | 8.9% | |||
iShares iBoxx $ Investment Grade Corporate Bond | 6.9% | |||
AllianzGI Preferred Securities & Income | 5.5% | |||
AllianzGI Global High Yield | 5.4% | |||
PIMCO Senior Floating Rate | 4.9% | |||
Other | 22.3% | |||
Cash & Equivalents — Net | 5.5% |
Shareholder Expense Example | Actual Performance | |||||||||||||
Class A | Class C | Class R | Class P | Institutional Class | Class R6 | Administrative Class | ||||||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||||
Ending Account Value (3/31/19) | $1,019.40 | $1,015.40 | $1,017.80 | $1,020.60 | $1,020.90 | $1,020.90 | $1,019.40 | |||||||
Expenses Paid During Period | $1.86 | $5.63 | $3.62 | $0.35 | $0.10 | $0.01 | $1.51 | |||||||
Hypothetical Performance | ||||||||||||||
(5% return before expenses) | ||||||||||||||
Class A | Class C | Class R | Class P | Institutional Class | Class R6 | Administrative Class | ||||||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||||
Ending Account Value (3/31/19) | $1,023.09 | $1,019.35 | $1,021.34 | $1,024.58 | $1,024.83 | $1,024.92 | $1,023.44 | |||||||
Expenses Paid During Period | $1.87 | $5.64 | $3.63 | $0.35 | $0.10 | $0.01 | $1.51 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.37% for Class A, 1.12% for Class C, 0.72% for Class R, 0.07% for Class P, 0.02% for Institutional Class, less than 0.005% for Class R6 and 0.30% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.
Semiannual Report | | March 31, 2019 | 23 |
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Unaudited
AllianzGI Global Allocation Fund
For the period of October 1, 2018 through March 31, 2019, as provided by the Multi-Asset US Group.
Fund Insights
For the six-month period ended March 31, 2019, Class A shares at net asset value (“NAV”) of the AllianzGI Global Allocation Fund (the “Fund”) returned-0.70%, underperforming the 60% MSCI ACWI, 40% Barclays U.S. Aggregate Bond Index (the “benchmark”), which returned 0.74%.
Market Overview
The six-month period was a tale of two markets, as the first half of the was marked by a general pull-back in risk assets and a return of volatility. In particular, the fear of central bank policy error and a slowdown in global growth, against a backdrop of geopolitical uncertainty, led to equity market underperformance. In December 2018, US equities had the worst performance in seven years and nearly every major developed market posted negative returns. Quantitative easing, which the market took to imply tighter financial conditions, falling stock prices, rising long term rates and weaker economic growth, was an important explanation for market conditions during the six-month period.
In the first half of the six-month period, idiosyncratic risks around the world contributed to investors pricing in a weaker growth and policy mix. In the US, the mid-term elections in late November 2018 resulted in Democrats winning the House, which the markets speculated would substantially reduce the chances of further fiscal stimulus for 2019. In Europe, political tensions and social unrest in France and political uncertainty in Italy related to the confrontation between these governments and the European Union over its budget contributed to higher government bond yields and poor equity performance.
In contrast, the second half of the six-month period experienced a rebound in risk assets and lower volatility. Beginning in early January 2019, the US Federal Reserve (the “Fed”) signaled that it would pivot its approach to monetary policy from a hawkish stance at its December 2018 meeting, where it promised more rate hikes by the end of 2020, to a more dovish stance, indicating that rate hikes would remain on hold for the next six months or longer. As a result of the Fed’s new stance and rising optimism over US-China trade negotiations, the selloff of US equities that occurred in December 2018 reversed in January 2019 and retraced about one half of the December drawdown. Global equities rallied and interest rates fell to their lowest levels in more than a year. Despite persisting concerns about global growth prospects, risk assets nonetheless rallied. In February, a stronger-than-expected fourth quarter gross domestic product in the US helped support a further boost to equities, even as other economic data—especially in Europe—continued to weaken.
Overall, long-dated treasuries were among the best performing asset classes. In equities, emerging markets outperformed developed markets. Among developed markets, equities in the UK outperformed those of Europe and the US despite uncertainties over Brexit.
Portfolio Review
The main contributors to performance for the period were allocations to US Treasury bonds and currencies and, within the opportunistic portion of the portfolio, allocations to emerging market debt and equities. Allocation to equities detracted given the relative underweight to neutral allocations in the second half of the period when global equities rallied. For the most part, selection effects in equities were negative with the exception of emerging Asia. In terms of selection, the main detractor was the Best Styles Global strategy, which was overweight the value factor, and value continued to underperform. This was partially offset by positive selection from the International Growth strategy employed in the Fund during the period. While allocation to US Treasury bonds was slightly positive, allocation to corporate bonds offset this contribution. Selection effects in corporate bonds and asset-backed securities were also modestly positive.
Outlook
Going forward, we believe that the sources of optimism that helped improve sentiment in the second half of the period will likely continue in the near term. At the same time, however, we believe that many of the risks that previously weighed on sentiment may linger in the background: uncertainty surrounding trade negotiation, weakening manufacturing sectors and trade (especially in Europe) Brexit-related uncertainty, a slowing economy in China and in other emerging markets, the potential for delay in structural reforms in light of new governments taking over. We remain cautious in our positioning overall: a roughly neutral exposure to equities with a bias to increase US equities, and a modest overweight to US Treasuries as of the end of March.
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Unaudited
AllianzGI Global Allocation Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2019
6 Month* | 1 Year | 5 Year | 10 Year | Since Inception† | ||||||||||||||||||
AllianzGI Global Allocation Fund Class A | –0.70% | 0.10% | 3.23% | 8.43% | 5.44% | |||||||||||||||||
| AllianzGI Global Allocation Fund Class A (adjusted) | –6.16% | –5.41% | 2.06% | 7.82% | 5.15% | ||||||||||||||||
AllianzGI Global Allocation Fund Class C | –1.13% | –0.70% | 2.47% | 7.63% | 4.66% | |||||||||||||||||
| AllianzGI Global Allocation Fund Class C (adjusted) | –2.07% | –1.65% | 2.47% | 7.63% | 4.66% | ||||||||||||||||
| AllianzGI Global Allocation Fund Class R | –0.80% | –0.15% | 3.06% | 8.21% | 5.21% | ||||||||||||||||
| AllianzGI Global Allocation Fund Class P | –0.64% | 0.30% | 3.51% | 8.68% | 5.68% | ||||||||||||||||
| AllianzGI Global Allocation Fund Institutional Class | –0.56% | 0.37% | 3.47% | 8.71% | 5.86% | ||||||||||||||||
AllianzGI Global Allocation Fund Administrative Class | –0.69% | 0.12% | 3.28% | 8.46% | 5.49% | |||||||||||||||||
| AllianzGI Global Allocation Fund Class R6 | –0.59% | 0.40% | 3.57% | 8.82% | 5.96% | ||||||||||||||||
| 60% MSCI ACWI, 40% Bloomberg Barclays U.S. Aggregate Index | 0.74% | 3.59% | 5.11% | 8.89% | 5.75% | ||||||||||||||||
| MSCI ACWI | –2.13% | 2.60% | 6.45% | 11.98% | 5.98% | ||||||||||||||||
| Bloomberg Barclays U.S. Aggregate Bond Index | 4.63% | 4.48% | 2.74% | 3.77% | 4.60% | ||||||||||||||||
Lipper Alternative Global Macro Funds Average | 0.36% | 0.99% | 1.77% | 6.20% | 0.07% |
* Cumulative return
† The Fund began operations on September 30, 1998. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on September 30, 1998.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s gross expense ratios are 1.54% for Class A shares, 2.28% for Class C shares, 1.74% for Class R shares, 1.30% for Class P shares, 1.28% for Institutional Class shares, 1.23% for Class R6 shares and 1.48% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 1.01% for Class A shares, 1.76% for Class C shares, 1.21% for Class R shares, 0.81% for Class P shares, 0.76% for Institutional Class shares, 0.71% for Class R6 shares and 0.96% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
Cumulative Returns Through March 31, 2019
Fund Allocation (as of March 31, 2019)
AllianzGI Best Styles Global Equity | 37.6% | |||
AllianzGI Advanced Core Bond | 21.1% | |||
AllianzGI Best Styles Global Managed Volatility | 11.4% | |||
AllianzGI PerformanceFee Managed Futures Strategy | 9.4% | |||
AllianzGI International Growth | 5.8% | |||
AllianzGI Emerging Markets Debt | 4.8% | |||
iShares MBS | 2.5% | |||
iShares iBoxx $ Investment Grade Corporate Bond | 1.5% | |||
AllianzGI Emerging Markets Small-Cap | 1.5% | |||
Schwab U.S. TIPS | 1.0% | |||
Cash & Equivalents — Net | 3.4% |
Semiannual Report | | March 31, 2019 | 25 |
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Unaudited
AllianzGI Global Allocation Fund (cont’d)
Shareholder Expense Example | Actual Performance | |||||||||||||
Class A | Class C | Class R | Class P | Institutional Class | Class R6 | Administrative Class | ||||||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||||
Ending Account Value (3/31/19) | $993.00 | $988.70 | $992.00 | $993.60 | $994.40 | $994.10 | $993.10 | |||||||
Expenses Paid During Period | $2.93 | $6.79 | $3.97 | $1.79 | $1.79 | $1.50 | $2.73 | |||||||
Hypothetical Performance | ||||||||||||||
(5% return before expenses) | ||||||||||||||
Class A | Class C | Class R | Class P | Institutional Class | Class R6 | Administrative Class | ||||||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||||
Ending Account Value (3/31/19) | $1,021.99 | $1,018.10 | $1,020.94 | $1,023.14 | $1,023.14 | $1,023.44 | $1,022.19 | |||||||
Expenses Paid During Period | $2.97 | $6.89 | $4.03 | $1.82 | $1.82 | $1.51 | $2.77 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.59% for Class A, 1.37% for Class C, 0.80% for Class R, 0.36% for Class P, 0.36% for Institutional Class, 0.30% for Class R6 and 0.55% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.
26 | March 31, 2019 | | Semiannual Report |
Table of Contents
Unaudited
AllianzGI Best Styles Global Equity Fund
For the period of October 1, 2018 through March 31, 2019, as provided by Christian McCormick, Senior Product Specialist.
Fund Insights
For the six-month period ended March 31, 2019, the Class A shares at net asset value (“NAV”) of the AllianzGI Best Styles Global Equity Fund (the “Fund”) returned -4.26%, underperforming the MSCI ACWI (the “benchmark”), which returned -2.13%
Market Overview
It was a volatile six months for global equities, with a severe setback in the last three months of 2018 followed by a sharp rebound at the start of 2019. A sudden rise in bond yields in early October 2018 provided the catalyst for the sell-off, with concerns over the outlook for global growth, heightened political risks and the ongoing trade tensions between the US and China also weighing on sentiment. While equity markets recovered strongly over the first quarter of 2019, helped by a dovish tone from central banks, many developed markets closed the six-month period lower, although emerging markets performed better, posting moderate gains.
At a sector level, utilities and real estate companies were the standout performers. On balance, information technology companies also gained, despite falling from favor in late 2018. In contrast, energy stocks delivered the weakest returns, undermined by a sharp drop in oil prices over the last three months of 2018. The financials sector was another laggard amid concerns over the impact of lower bond yields on banks’ profit margins.
US economic activity moderated and inflation eased during the six-month period as the fiscal stimulus from tax cuts faded. While the US Federal Reserve (the “Fed”) raised rates as expected in December 2018, only three months later it reversed its previous guidance of further rate increases in 2019. Outside of the US, economic growth slowed as exports were hit by lower trade. Having only ended its bond-buying program in December 2018, the European Central Bank reinstated its policy of offering cheap long-term loans to banks and pledged to hold rates until the end of 2020. Elsewhere, central banks in general sounded more dovish. The People’s Bank of China injected a record amount of liquidity into China’s economy and cut the reserve requirement ratio for banks, with the Chinese authorities announcing further stimulus measures.
The Japanese yen strengthened against all major currencies over the six-month period, benefitting from its status as a safe haven in times of market turbulence. In contrast, the euro was the weakest of the major currencies, undermined by disappointing economic data, heightened political risks and the European Central Bank’s dovish stance. Unsurprisingly, the British pound was perhaps the most volatile major currency as the deadline for Brexit approached without any certainty as to whether the UK will leave the EU with or without a deal. On balance, however, the British pound closed the six-month period with little change against the US dollar.
It was a rollercoaster ride for oil which sold off sharply in the final quarter of 2018 on news that oil-producing nations had pledged to increase production. Brent crude fell from just above $85 per barrel to end the year at just under $55 per barrel. However, oil prices recovered in the first quarter of 2019, rising back to just above $68 per barrel amid worries over the impact of US sanctions on Venezuela and Iran on oil supplies. Meanwhile, gold strengthened, helped by its status as a safe haven in times of market turmoil.
Portfolio Review
The Fund underperformed its benchmark over the six-month period. This was primarily driven by negative selection from our style exposure. Overall, the past six months were very difficult for factor investors across global and regional market indices. The strategy seeks to harvest the risk premiums from the styles: Value, Momentum, Revisions, Growth, and Quality. We hold the allocations to these five styles relatively stable and the Value piece is held in rough equilibrium to the trend following piece (Momentum, Revisions, and Growth). We do this as it is our main source of diversification since the two pieces tend to have a negative correlation to each other.
Over the six-month period, Value and the trend following piece both underperformed and Quality was roughly flat. Therefore our main sources of excess return were negative and we received no tailwind from Quality. In addition, we tend to own many mid- and small-cap stocks as part of our style exposure and these underperformed mega caps, adding an additional headwind to relative performance.
We generally expect styles to go through periods such as this given that they are risk premiums and therefore investors are taking on additional risk to own them relative to the market. Our risk management was quite effective and tracking error was well within expectations despite the challenging environment.
We do not tactically invest in the styles and timing has historically been close to impossible, especially net of transaction costs. That said, Value has been underperforming for an extended period now, since 2010, and we believe that Value is most likely closer to a turning point than not.
Outlook
By the end of the first quarter of 2019, global equities had erased almost all the losses of the preceding three months. However, this recovery has largely been driven by increasingly supportive monetary policy and a softening of the US and China trade-war rhetoric. With economic data and corporate earnings growth resolutely mixed, the pattern of lower and more volatile returns is likely to continue.
In our opinion, growth appears supportive, if softer, for now. While US manufacturing survey data slid to its lowest level since November 2016, its non-manufacturing counterpart beat expectations. Similarly, China’s recent fiscal and monetary policy decisions have pushed its official Purchasing Managers Index (“PMI”) back into growth at 50.5. European data remains bleak by contrast, with euro-zone manufacturing data experiencing its steepest contraction since April 2013.
Political affairs also remain conciliatory. Although a possible resolution to US-China trade talks has been buoying markets for some time, delay is preferable to the alternative. If necessary, Chinese officials have expressed their willingness to continue negotiations as far as June. In Europe, the UK parliament has opted for similar postponement, voting to extend article 50 and avoid a “no deal” departure from the European Union.
Semiannual Report | | March 31, 2019 | 27 |
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Unaudited
AllianzGI Best Styles Global Equity Fund (cont’d)
At a company level, this has translated to earnings downgrades that were less severe than expected. Combined with the pause in further quantitative tightening, equity valuations have risen sharply, particularly in growth sectors like technology. Cyclical sectors like materials and industrials have also benefitted as the threat of higher debt servicing costs recedes.
In our opinion, economic data, monetary policy and geopolitics remain finely balanced for now. However, March’s yield curve inversion suggests to us longer term confidence is starting to ebb. As a result, we believe that quality characteristics are rising in importance for stocks and portfolios alike. We also believe that a rise in volatility and scrupulous active management should present opportunities to invest in these companies and generate superior returns for clients in the long-term.
Average Annual Total Return for the period ended March 31, 2019
6 Month* | 1 Year | 5 Year | Since Inception† | |||||||||||||||
AllianzGI Best Styles Global Equity Fund Class A | –4.26% | –2.11% | 5.52% | 5.84% | ||||||||||||||
| AllianzGI Best Styles Global Equity Fund Class A (adjusted) | –9.52% | –7.49% | 4.33% | 4.72% | |||||||||||||
AllianzGI Best Styles Global Equity Fund Class C | –4.63% | –2.84% | 4.79% | 5.10% | ||||||||||||||
| AllianzGI Best Styles Global Equity Fund Class C (adjusted) | –5.46% | –3.70% | 4.79% | 5.10% | |||||||||||||
| AllianzGI Best Styles Global Equity Fund Class P | –4.17% | –1.90% | 5.74% | 6.06% | |||||||||||||
| AllianzGI Best Styles Global Equity Fund Institutional Class | –4.08% | –1.79% | 5.85% | 6.16% | |||||||||||||
| AllianzGI Best Styles Global Equity Fund Class R6 | –4.13% | –1.86% | 5.89% | 6.21% | |||||||||||||
| MSCI ACWI | –2.13% | 2.60% | 6.45% | 6.69% | |||||||||||||
Lipper Global Multi-Cap Value Funds Average | –4.35% | –2.41% | 3.50% | 3.97% |
* Cumulative return
† The Fund began operations on December 2, 2013. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on November 30, 2013.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s gross expense ratios are 0.75% for Class A shares, 1.49% for Class C shares, 0.52% for Class P shares, 0.49% for Institutional Class shares and 0.42% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. The Funds expense ratios net of this reduction are 0.70% for Class A shares, 1.40% for Class C shares, 0.50% for Class P shares, 0.40% for Institutional Class shares and 0.40% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
Cumulative Returns Through March 31, 2019
Country Allocation (as of March 31, 2019)
United States | 55.3% | |||
Japan | 7.0% | |||
France | 4.3% | |||
China | 4.1% | |||
United Kingdom | 4.1% | |||
Canada | 3.8% | |||
Australia | 2.3% | |||
Germany | 1.9% | |||
Other | 16.7% | |||
Cash & Equivalents — Net | 0.5% |
28 | March 31, 2019 | | Semiannual Report |
Table of Contents
Unaudited
AllianzGI Best Styles Global Equity Fund (cont’d)
Shareholder Expense Example | Actual Performance | |||||||||
Class A | Class C | Class P | Institutional Class | Class R6 | ||||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
Ending Account Value (3/31/19) | $957.40 | $953.70 | $958.30 | $959.20 | $958.70 | |||||
Expenses Paid During Period | $3.42 | $6.82 | $2.44 | $1.95 | $1.95 | |||||
Hypothetical Performance | ||||||||||
(5% return before expenses) | ||||||||||
Class A | Class C | Class P | Institutional Class | Class R6 | ||||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
Ending Account Value (3/31/19) | $1,021.44 | $1,017.95 | $1,022.44 | $1,022.94 | $1,022.94 | |||||
Expenses Paid During Period | $3.53 | $7.04 | $2.52 | $2.02 | $2.02 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.70% for Class A, 1.40% for Class C, 0.50% for Class P, 0.40% for Institutional Class and 0.40% for Class R6), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investent companies in which the Fund invests, which are indirectly borne by Fund shareholders.
Semiannual Report | | March 31, 2019 | 29 |
Table of Contents
Unaudited
AllianzGI Best Styles International Equity Fund
For the period of October 1, 2018 through March 31, 2019, as provided by Christian McCormick, Senior Product Specialist.
Fund Insights
For the six-month period ended March 31, 2019, the Class A shares at net asset value (“NAV”) of the AllianzGI Best Styles International Equity Fund (the “Fund”) returned -5.88%, underperforming the MSCI EAFE Index (the “benchmark”), which returned -3.81%.
Market Overview
It was a volatile six months for global equities, with a severe setback in the last three months of 2018 followed by a sharp rebound at the start of 2019. A sudden rise in bond yields in early October 2018 provided the catalyst for the sell-off, with concerns over the outlook for global growth, heightened political risks and the ongoing trade tensions between the US and China also weighing on sentiment. While equity markets recovered strongly over the first quarter of 2019, helped by a dovish tone from central banks, many developed markets closed the six-month period lower, although emerging markets performed better, posting moderate gains.
At a sector level, utilities and real estate companies were the standout performers. On balance, information technology companies also gained, despite falling from favor in late 2018. In contrast, energy stocks delivered the weakest returns, undermined by a sharp drop in oil prices over the last three months of 2018. The financials sector was another laggard amid concerns over the impact of lower bond yields on banks’ profit margins.
US economic activity moderated and inflation eased during the six-month period as the fiscal stimulus from tax cuts faded. While the US Federal Reserve (the “Fed”) raised rates as expected in December 2018, only three months later it reversed its previous guidance of further rate increases in 2019. Outside of the US, economic growth slowed as exports were hit by lower trade. Having only ended its bond-buying program in December 2018, the European Central Bank reinstated its policy of offering cheap long-term loans to banks and pledged to hold rates until the end of 2020. Elsewhere, central banks in general sounded more dovish. The People’s Bank of China injected a record amount of liquidity into China’s economy and cut the reserve requirement ratio for banks, with the Chinese authorities announcing further stimulus measures.
The Japanese yen strengthened against all major currencies over the six-month period, benefitting from its status as a safe haven in times of market turbulence. In contrast, the euro was the weakest of the major currencies, undermined by disappointing economic data, heightened political risks and the European Central Bank’s dovish stance. Unsurprisingly, the British pound was perhaps the most volatile major currency as the deadline for Brexit approached without any certainty as to whether the UK will leave the EU with or without a deal. On balance, however, the British pound closed thesix-month period with little change against the US dollar.
It was a rollercoaster ride for oil which sold off sharply in the final quarter of 2018 on news that oil-producing nations had pledged to increase production. Brent crude fell from just above $85 per barrel to end the year at just under $55 per barrel. However, oil prices recovered in the first quarter of 2019, rising back to just above $68 per barrel amid worries over the impact of US sanctions on Venezuela and Iran on oil supplies. Meanwhile, gold strengthened, helped by its status as a safe haven in times of market turmoil.
Portfolio Review
The Fund underperformed its benchmark over the six-month period. This was primarily driven by negative selection from our style exposure. Overall, the past six months were very difficult for factor investors across the global and regional market indices. The strategy seeks to harvest the risk premiums from the styles: Value, Momentum, Revisions, Growth, and Quality. We hold the allocations to these five styles relatively stable and the Value piece is held in rough equilibrium to the trend following piece (Momentum, Revisions, and Growth). We do this as it is our main source of diversification since the two pieces tend to have a negative correlation to each other.
Over the six-month period, Value and the trend following piece both underperformed and Quality was roughly flat. Therefore our main sources of excess return were negative and we received no tailwind from Quality. In addition, we tend to own many mid and small cap stocks as part of our style exposure and these underperformed mega caps, adding an additional headwind to relative performance.
We generally expect styles to go through periods such as this given that they are risk premiums and therefore investors are taking on additional risk to own them relative to the market. Our risk management was quite effective and tracking error was well within expectations despite the challenging environment.
We do not tactically invest in the styles and timing has historically been close to impossible, especially net of transaction costs. That said, Value has been underperforming for an extended period now, since 2010, and we believe that Value is most likely closer to a turning point than not.
Outlook
By the end of the first quarter of 2019, global equities had erased almost all the losses made in the preceding three months. However, this recovery has largely been driven by increasingly supportive monetary policy and a softening of the US and China trade-war rhetoric. With economic data and corporate earnings growth resolutely mixed, the pattern of lower and more volatile returns is likely to continue.
In our opinion, growth appears supportive, if softer, for now. While US manufacturing survey data slid to its lowest level since November 2016, its non-manufacturing counterpart beat expectations. Similarly, China’s recent fiscal and monetary policy decisions have pushed its official Purchasing Managers Index (“PMI”) back into growth at 50.5. European data remains bleak by contrast, with euro-zone manufacturing data experiencing its steepest contraction since April 2013.
Political affairs also remain conciliatory. Although a possible resolution to US-China trade talks has been buoying markets for some time, delay is preferable to the alternative. If necessary, Chinese officials have expressed their willingness to continue negotiations as far as June. In Europe, the UK parliament has opted for similar postponement, voting to extend article 50 and avoid a “no deal” departure from the European Union.
30 | March 31, 2019 | | Semiannual Report |
Table of Contents
Unaudited
AllianzGI Best Styles International Equity Fund (cont’d)
At a company level, this has translated to earnings downgrades that were less severe than expected. Combined with the pause in further quantitative tightening, equity valuations have risen sharply, particularly in growth sectors like technology. Cyclical sectors like materials and industrials have also benefitted as the threat of higher debt servicing costs recedes.
We believe that economic data, monetary policy and geopolitics remain finely balanced for now. However, March’s yield curve inversion suggests longer term confidence is starting to ebb. As a result, we believe that quality characteristics are rising in importance for stocks and portfolios alike. We believe also that a rise in volatility and scrupulous active management should present opportunities to invest in these companies and generate superior returns for clients in the long-term.
Average Annual Total Return for the period ended March 31, 2019
6 Month* | 1 Year | Since Inception† | ||||||||||||
AllianzGI Best Styles International Equity Fund Class A | –5.88% | –8.92% | 2.25% | |||||||||||
| AllianzGI Best Styles International Equity Fund Class A (adjusted) | –11.05% | –13.93% | 0.91% | ||||||||||
AllianzGI Best Styles International Equity Fund Class C | –6.33% | –9.63% | 1.49% | |||||||||||
| AllianzGI Best Styles International Equity Fund Class C (adjusted) | –7.24% | –10.51% | 1.49% | ||||||||||
| AllianzGI Best Styles International Equity Fund Class P | –5.83% | –8.80% | 2.41% | ||||||||||
| AllianzGI Best Styles International Equity Fund Institutional Class | –5.86% | –8.77% | 2.49% | ||||||||||
| AllianzGI Best Styles International Equity Fund Class R6 | –5.76% | –8.67% | 2.55% | ||||||||||
| MSCI EAFE Index | –3.81% | –3.71% | 3.59% | ||||||||||
Lipper International Multi-Cap Value Funds Average | –6.23% | –8.89% | 1.28% |
* Cumulative return
† The Fund began operations on December 9, 2014. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on November 30, 2014.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s gross expense ratios are 1.71% for Class A shares, 2.55% for Class C shares, 1.56% for Class P shares, 1.34% for Institutional Class shares and 1.46% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 0.70% for Class A shares, 1.45% for Class C shares, 0.55% for Class P shares, 0.45% for Institutional Class shares and 0.45% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
Cumulative Returns Through March 31, 2019
Country Allocation (as of March 31, 2019)
Japan | 23.8% | |||
United Kingdom | 17.0% | |||
France | 9.6% | |||
Switzerland | 7.7% | |||
Italy | 4.9% | |||
Germany | 4.8% | |||
Hong Kong | 3.7% | |||
Australia | 3.5% | |||
Other | 23.7% | |||
Cash & Equivalents — Net | 1.3% |
Semiannual Report | | March 31, 2019 | 31 |
Table of Contents
Unaudited
AllianzGI Best Styles International Equity Fund (cont’d)
Shareholder Expense Example | Actual Performance | |||||||||
Class A | Class C | Class P | Institutional Class | Class R6 | ||||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
Ending Account Value (3/31/19) | $941.20 | $936.70 | $941.70 | $941.40 | $942.40 | |||||
Expenses Paid During Period | $3.39 | $7.00 | $2.66 | $2.18 | $2.18 | |||||
Hypothetical Performance | ||||||||||
(5% return before expenses) | ||||||||||
Class A | Class C | Class P | Institutional Class | Class R6 | ||||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
Ending Account Value (3/31/19) | $1,021.44 | $1,017.70 | $1,022.19 | $1,022.69 | $1,022.69 | |||||
Expenses Paid During Period | $3.53 | $7.29 | $2.77 | $2.27 | $2.27 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.70% for Class A, 1.45% for Class C, 0.55% for Class P, 0.45% for Institutional Class and 0.45% for Class R6), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.
32 | March 31, 2019 | | Semiannual Report |
Table of Contents
Unaudited
AllianzGI Best Styles U.S. Equity Fund
For the period of October 1, 2018 through March 31, 2019, as provided by Christian McCormick, Senior Product Specialist.
Fund Insights
For the six-month period ended March 31, 2019, the Class A shares at net asset value (“NAV”) of the AllianzGI Best Styles U.S. Equity Fund (the “Fund”) returned -3.47%, underperforming the S&P 500 Index (the “benchmark”), which returned -1.72%.
Market Overview
It was a volatile six months for global equities, with a severe setback in the last three months of 2018 followed by a sharp rebound at the start of 2019. A sudden rise in bond yields in early October 2018 provided the catalyst for the sell-off, with concerns over the outlook for global growth, heightened political risks and the ongoing trade tensions between the US and China also weighing on sentiment. While equity markets recovered strongly over the first quarter of 2019, helped by a dovish tone from central banks, many developed markets closed the six-month period lower, although emerging markets performed better, posting moderate gains.
At a sector level, utilities and real estate companies were the standout performers. On balance, information technology companies also gained, despite falling from favor in late 2018. In contrast, energy stocks delivered the weakest returns, undermined by a sharp drop in oil prices over the last three months of 2018. The financials sector was another laggard amid concerns over the impact of lower bond yields on banks’ profit margins.
US economic activity moderated and inflation eased during the six-month period as the fiscal stimulus from tax cuts faded. While the US Federal Reserve (the “Fed”) raised rates as expected in December 2018, only three months later it reversed its previous guidance of further rate increases in 2019. Outside of the US, economic growth slowed as exports were hit by lower trade. Having only ended its bond-buying program in December 2018, the European Central Bank reinstated its policy of offering cheap long-term loans to banks and pledged to hold rates until the end of 2020. Elsewhere, central banks in general sounded more dovish. The People’s Bank of China injected a record amount of liquidity into China’s economy and cut the reserve requirement ratio for banks, with the Chinese authorities announcing further stimulus measures.
The Japanese yen strengthened against all major currencies over the six-month period, benefitting from its status as a safe haven in times of market turbulence. In contrast, the euro was the weakest of the major currencies, undermined by disappointing economic data, heightened political risks and the European Central Bank’s dovish stance. Unsurprisingly, the British pound was perhaps the most volatile major currency as the deadline for Brexit approached without any certainty as to whether the UK will leave the EU with or without a deal. On balance, however, the British pound closed thesix-month period with little change against the US dollar.
It was a rollercoaster ride for oil which sold off sharply in the final quarter of 2018 on news that oil-producing nations had pledged to increase production. Brent crude fell from just above $85 per barrel to end the year at just under $55 per barrel. However, oil prices recovered in the first quarter of 2019, rising back to just above $68 per barrel amid worries over the impact of US sanctions on Venezuela and Iran on oil supplies. Meanwhile, gold strengthened, helped by its status as a safe haven in times of market turmoil.
Portfolio Review
The Fund underperformed its benchmark over the six-month period. This was primarily driven by negative selection from our style exposure. Overall, the past six months were very difficult for factor investors across the global and regional market indices. The strategy seeks to harvest the risk premiums from the styles: Value, Momentum, Revisions, Growth, and Quality. We hold the allocations to these five styles relatively stable and the Value piece is held in rough equilibrium to the trend following piece (Momentum, Revisions, and Growth). We do this as it is our main source of diversification since the two pieces tend to have a negative correlation to each other.
Over the six-month period, Value and the trend following piece both underperformed and Quality was roughly flat. Therefore our main sources of excess return were negative and we received no tailwind from Quality. In addition, we tend to own many mid and small cap stocks as part of our style exposure and these underperformed mega caps, adding an additional headwind to relative performance.
We generally expect styles to go through periods such as this given that they are risk premiums and therefore investors are taking on additional risk to own them relative to the market. Our risk management was quite effective and tracking error was well within expectations despite the challenging environment.
We do not tactically invest in the styles and timing has historically been close to impossible, especially net of transaction costs. That said, Value has been underperforming for an extended period now, really since 2010, and is most likely closer to a turning point than not.
Outlook
By the end of the first quarter of 2019, global equities had erased almost all the losses made in the preceding three months. However, this recovery has largely been driven by increasingly supportive monetary policy and a softening of the US and China trade-war rhetoric. With economic data and corporate earnings growth resolutely mixed, the pattern of lower and more volatile returns is likely to continue.
In our opinion, growth appears supportive, if softer, for now. While US manufacturing survey data slid to its lowest level since November 2016, its non-manufacturing counterpart beat expectations. Similarly, China’s recent fiscal and monetary policy decisions have pushed its official Purchasing Managers Index (“PMI”) back into growth at 50.5. European data remains bleak by contrast, with euro-zone manufacturing data experiencing its steepest contraction since April 2013.
Political affairs also remain conciliatory. Although a possible resolution to US-China trade talks has been buoying markets for some time, delay is preferable to the alternative. If necessary, Chinese officials have expressed their willingness to continue negotiations as far as June. In Europe, the UK parliament has opted for similar postponement, voting to extend article 50 and avoid a “no deal” departure from the European Union.
Semiannual Report | | March 31, 2019 | 33 |
Table of Contents
Unaudited
AllianzGI Best Styles U.S. Equity Fund (cont’d)
At a company level, this has translated to earnings downgrades that were less severe than expected. Combined with the pause in further quantitative tightening, equity valuations have risen sharply, particularly in growth sectors like technology. Cyclical sectors like materials and industrials have also benefitted as the threat of higher debt servicing costs recedes.
We believe that economic data, monetary policy and geopolitics remain finely balanced for now. However, March’s yield curve inversion suggests to us longer term confidence is starting to ebb. As a result, we believe that quality characteristics are rising in importance for stocks and portfolios alike. We believe also that a rise in volatility and scrupulous active management should present opportunities to invest in these companies and generate superior returns for clients in the long-term.
Average Annual Total Return for the period ended March 31, 2019
6 Month* | 1 Year | Since Inception† | ||||||||||||
AllianzGI Best Styles U.S. Equity Fund Class A | –3.47% | 6.57% | 8.63% | |||||||||||
| AllianzGI Best Styles U.S. Equity Fund Class A (adjusted) | –8.77% | 0.71% | 7.22% | ||||||||||
AllianzGI Best Styles U.S. Equity Fund Class C | –3.78% | 5.87% | 7.85% | |||||||||||
| AllianzGI Best Styles U.S. Equity Fund Class C (adjusted) | –4.53% | 5.04% | 7.85% | ||||||||||
| AllianzGI Best Styles U.S. Equity Fund Class P | –3.36% | 6.75% | 8.79% | ||||||||||
| AllianzGI Best Styles U.S. Equity Fund Institutional Class | –3.36% | 6.82% | 8.87% | ||||||||||
| AllianzGI Best Styles U.S. Equity Fund R6 | –3.36% | 6.82% | 8.96% | ||||||||||
| S&P 500 Index | –1.72% | 9.50% | 9.98% | ||||||||||
Lipper Multi-Cap Core Funds Average | –3.23% | 5.01% | 7.09% |
* Cumulative return
† The Fund began operations on December 1, 2014. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on November 30, 2014.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s gross expense ratios are 0.76% for Class A shares, 1.53% for Class C shares, 0.56% for Class P shares, 0.51% for Institutional Class shares and 0.50% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 0.65% for Class A shares, 1.40% for Class C shares, 0.50% for Class P shares, 0.40% for Institutional Class shares and 0.40% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
Cumulative Returns Through March 31, 2019
Industry Allocation (as of March 31, 2019)
Software | 7.0% | |||
Health Care Providers & Services | 5.5% | |||
Technology Hardware, Storage & Peripherals | 5.3% | |||
Pharmaceuticals | 4.8% | |||
Banks | 4.5% | |||
IT Services | 4.2% | |||
Semiconductors & Semiconductor Equipment | 3.9% | |||
Interactive Media & Services | 3.8% | |||
Other | 60.4% | |||
Cash & Equivalents — Net | 0.6% |
34 | March 31, 2019 | | Semiannual Report |
Table of Contents
Unaudited
AllianzGI Best Styles U.S. Equity Fund (cont’d)
Shareholder Expense Example | Actual Performance | |||||||||
Class A | Class C | Class P | Institutional Class | Class R6 | ||||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
Ending Account Value (3/31/19) | $965.30 | $962.20 | $966.40 | $966.40 | $966.40 | |||||
Expenses Paid During Period | $3.18 | $6.85 | $2.45 | $2.35 | $1.96 | |||||
Hypothetical Performance | ||||||||||
(5% return before expenses) | ||||||||||
Class A | Class C | Class P | Institutional Class | Class R6 | ||||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
Ending Account Value (3/31/19) | $1,021.69 | $1,017.95 | $1,022.44 | $1,022.54 | $1,022.94 | |||||
Expenses Paid During Period | $3.28 | $7.04 | $2.52 | $2.42 | $2.02 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.65% for Class A, 1.40% for Class C, 0.50% for Class P, 0.48% for Institutional Class and 0.40% for Class R6), multiplied by the average account value over the period, multiplied by 182/365.
Semiannual Report | | March 31, 2019 | 35 |
Table of Contents
Unaudited
AllianzGI Convertible Fund
For the period of October 1, 2018 through March 31, 2019, as provided by Doug Forsyth, CFA, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2019, Class A shares at net asset value (“NAV”) of the AllianzGI Convertible Fund (the “Fund”) returned 0.16%, outperforming the ICE BofA Merrill Lynch All Convertibles Index (the “benchmark”), which returned -0.01%.
Market Overview
After a challenging finish to 2018, convertible bonds started 2019 on strong footing and finished unchanged for the six-month period.
In the fourth quarter of 2018 investors lost confidence in the staying power of earnings and the stability of the economy, fearing that trade wars and the US Federal Reserve’s (the “Fed’s”) path would lessen their durability. Despite asset class weakness over the three month period, there was no change in overall fundamentals to substantiate the market’s sharp selloff.
In the first quarter of 2019 investor confidence rebounded. Aside from optimism around a possible US-China trade agreement, factors that influenced sentiment included the Fed, corporate earnings and economic data.
The market reacted positively to Jerome Powell’s dovish remarks at an economic conference in January, noting that the Fed is prepared to shift its policy stance if necessary. Then, in March, the Fed communicated reduced projections for rate hikes in 2019 from two to zero and an end to balance sheet reductions by September. The market reaction to the Fed’s March communication was swift. The 10-year US Treasury yield dropped and triggered a short-lived yield curve inversion (3-month/10-year). Overseas, other central banks also announced dovish actions.
Fourth quarter financial results were better-than-expected for most convertible issuers. Further, fourth quarter earnings growth for the S&P 500 Index was impressive, rising more than 16% on a year-over-year basis, according to Refinitiv, a financial markets data provider. Additionally, net leverage remained low and interest coverage remained elevated, validating a continuation of a positive credit cycle.
Economic data was balanced in the first quarter. The labor market remained strong with signs of rising incomes and low unemployment, while consumer confidence and small business optimism retreated. Ongoing growth provided a supportive backdrop for risk assets.
Portfolio Review
The Fund rebounded with the market in the first quarter of 2019 and outperformed the benchmark return over the trailing six-month reporting period.
Relative attribution for the period included several positive single-name performers from a variety of industries. The majority of the portfolio’s issuers exceeded earnings expectations, which contributed to absolute performance during the reporting period.
Sector allocations that helped relative performance during the period included technology, industrials and media. Relative outperformance in the abovementioned sectors was primarily driven by positive credit selection.
Sector allocations that hurt relative performance during the period included energy, financials and utilities. In energy, the benefit of a sector underweight was offset by relative underperformance. Sector underweights in financials and utilities primarily detracted from performance.
Outlook
We believe the US economy and corporate earnings will deliver solid growth in 2019. While some cyclical areas have exhibited weakness, the market overall remains healthy and is not signaling an economic downturn.
In our view, US economic activity should slow from above-trend growth in 2018 to a moderate pace in 2019. Despite some headwinds, the residual impacts of the U.S. federal government’s tax cuts, ongoing deregulation efforts and the potential for an infrastructure spending bill support a continuation of economic growth.
36 | March 31, 2019 | | Semiannual Report |
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Unaudited
AllianzGI Convertible Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2019
6 Month* | 1 Year | 5 Year | 10 Year | Since Inception† | ||||||||||||||||||
AllianzGI Convertible Fund Class A | 0.16% | 10.26% | 6.85% | 12.22% | 10.00% | |||||||||||||||||
| AllianzGI Convertible Fund Class A (adjusted) | –5.34% | 4.20% | 5.65% | 11.59% | 9.76% | ||||||||||||||||
AllianzGI Convertible Fund Class C | –0.16% | 9.43% | 6.08% | 11.41% | 9.19% | |||||||||||||||||
| AllianzGI Convertible Fund Class C (adjusted) | –1.02% | 8.49% | 6.08% | 11.41% | 9.19% | ||||||||||||||||
| AllianzGI Convertible Fund Class R | 0.12% | 10.20% | 6.53% | 11.87% | 9.70% | ||||||||||||||||
| AllianzGI Convertible Fund Class P | 0.31% | 10.52% | 7.13% | 12.48% | 10.25% | ||||||||||||||||
| AllianzGI Convertible Fund Institutional Class | 0.37% | 10.59% | 7.19% | 12.57% | 10.35% | ||||||||||||||||
AllianzGI Convertible Fund Administrative Class | 0.19% | 10.30% | 6.95% | 12.29% | 10.03% | |||||||||||||||||
| ICE BofA Merrill Lynch All Convertibles Index | –0.01% | 7.84% | 7.13% | 13.00% | 8.31% | ||||||||||||||||
Lipper Convertible Securities Funds Average | 0.01% | 6.34% | 5.84% | 11.13% | 6.72% |
* Cumulative return
† The Fund began operations on April 19, 1993. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on April 30,1993.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s expense ratios are 0.96% for Class A shares, 1.73% for Class C shares, 1.17% for Class R shares, 0.74% for Class P shares, 0.71% for Institutional Class shares and 0.93% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
Cumulative Returns Through March 31, 2019
Industry Allocation (as of
March 31, 2019)
Software | 15.1% | |||
Semiconductors | 9.4% | |||
Internet | 9.4% | |||
Healthcare-Products | 6.2% | |||
Biotechnology | 5.9% | |||
Banks | 5.2% | |||
Media | 4.4% | |||
Electric Utilities | 4.3% | |||
Other | 35.4% | |||
Cash & Equivalents — Net | 4.7% |
S&P Ratings* (as of March 31, 2019)
* As a percentage of total investments. Credit ratings refer to the underlying holdings of the Fund and are categorized from highest to lowest credit quality using ratings provided by S&P Global Ratings (“S&P”). S&P’s ratings have been selected for several reasons, including the portfolio managers’ usage of S&P ratings methodology among other credit quality information in managing the Fund, access to background information and other materials provided by S&P, as well as the Funds’ considerations of industry practice. The Fund also displays S&P credit ratings information in materials provided in client presentations. See “Important Information” for more detail on the selection of S&P for the Fund’s ratings presentation. Securities not rated by S&P and bonds that do not currently have a rating available are designated in the chart above as “NR” and “NA”, respectively.
Semiannual Report | | March 31, 2019 | 37 |
Table of Contents
Unaudited
AllianzGI Convertible Fund (cont’d)
Shareholder Expense Example | Actual Performance | |||||||||||
Class A | Class C | Class R | Class P | Institutional Class | Administrative Class | |||||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
Ending Account Value (3/31/19) | $1,001.60 | $998.40 | $1,001.20 | $1,003.10 | $1,003.70 | $1,001.90 | ||||||
Expenses Paid During Period | $5.04 | $8.62 | $5.89 | $3.70 | $3.55 | $4.69 | ||||||
Hypothetical Performance | ||||||||||||
(5% return before expenses) | ||||||||||||
Class A | Class C | Class R | Class P | Institutional Class | Administrative Class | |||||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
Ending Account Value (3/31/19) | $1,019.90 | $1,016.31 | $1,019.05 | $1,021.24 | $1,021.39 | $1,020.24 | ||||||
Expenses Paid During Period | $5.09 | $8.70 | $5.94 | $3.73 | $3.58 | $4.73 |
For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.01% for Class A, 1.73% for Class C, 1.18% for Class R, 0.74% for Class P, 0.71% for Institutional Class and 0.94% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365.
38 | March 31, 2019 | | Semiannual Report |
Table of Contents
Unaudited
AllianzGI Core Bond Fund
For the period of October 1, 2018 through March 31, 2019, as provided by Carl W. Pappo Jr., CFA, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2019, Institutional Class shares at net asset value (“NAV”) of the AllianzGI Core Bond Fund (the “Fund”) returned 5.07%, outperforming the Bloomberg Barclay’s U.S. Aggregate Bond Index (the “benchmark”), which returned 4.63%.
Market Overview
The six-month period was characterized by a sharp decline in interest rates, along with significant spread volatility in risk assets. Ultimately, rates declined by 40 to 70 basis points during the period, driven by dovish comments in the first quarter of 2019 by the Federal Reserve Open Market Committee (the “FOMC”) reversing their prior commitment to raise the federal funds target rate for the coming year.
Portfolio Review
The Fund’s healthy relative performance was driven by security selection within the credit allocation and the Fund’s underweight to investment grade corporates. Investment grade bonds were wider by 13 basis points at the end of the period, but were substantially wider at the end of 2018. Within the period, the team cut the Fund’s underweight position in half by adding to subordinated financial and industrial bonds, both of which subsequently outperformed the market during the remainder of the period.
The Fund’s performance in securitized assets was more muted. The overweight in AAA-rated asset-backed securities (“ABS”) was positive as spreads tightened, while the underweight to commercial mortgage-backed securities (“CMBS”), albeit slight, reduced performance as CMBS spreads tightened. The overweight in the mortgage-backed securities sector added additional carry, but spreads only changed marginally. Collateralized loan obligation (“CLO”) performance was similarly mixed as carry was positive, but twin headwinds of less floating-rate demand and heavy supply kept spreads steady.
Outlook
We will continue to remain up-in-quality on a relative basis for the foreseeable future. Ultimately, we believe that the fundamental backdrop has changed little; current economic growth and employment in the US remain robust, offset by slower global growth (particularly in Germany). We believe US gross domestic product growth will remain positive, but argue that valuations are stretched too thin. Many companies given healthy earnings reports decided to lever-up to return capital to shareholders, or engage in large scale merger and acquisition transactions. Given that we are approaching what we believe to be the latter stages of the current business cycle, we view this behavior as especially risky and short sighted. We believe the risks in the corporate bond sector currently outweigh the potential rewards.
We are therefore positioned accordingly with underweights in both investment grade credit and CMBS. Within our corporate holdings, positioning at the security level remains relatively defensive. We are overweight positions to securities with strong or improving credit fundamentals, like the banking and pipeline sectors, or to those with resilient business models mostly immune to economic cycles, like utilities, defense contractors, and select healthcare companies. Conversely, we are avoiding investments in more cyclically sensitive industries such as automotive manufacturers, retailers, restaurants, home builders, and basic materials. We believe this defensive positioning will serve us well in the coming quarters and will allow us to act aggressively when the credit markets present more attractive investment opportunities.
As for securitized assets, we remain overweight high quality ABS and government-guaranteed Small Business Administration securities, as consumers overall continue to benefit from employment growth, rising wages, low inflation, and lower rates. That said, we do have concerns about some segments of the consumer market, as lending requirements have eased and high valuations in many assets have encouraged an expansion in debt. As such, our focus has been in prime consumer or well-established commercial ABS segments. Our overweight in agency mortgage-backed securities continues to add positive carry, but prepayments may be problematic if the market rates rally further. Finally, while we view CLOs as subject to many of the late cycle behaviors that have led to our underweight in investment grade corporates, we also see value in the senior tranches of CLOs which have substantial credit protection, but have lagged the recovery experienced in ABS, CMBS, and corporates securities year-to-date due to unfavorable supply and demand technicals.
Cumulative Total Return for the period ended March 31, 2019
6 Month | Since Inception† | |||||||||
| AllianzGI Core Bond Fund Institutional Class | 5.07% | 5.21% | |||||||
| AllianzGI Core Bond Fund Class P | 5.01% | 5.13% | |||||||
| AllianzGI Core Bond Fund Class R6 | 5.05% | 5.21% | |||||||
| Bloomberg Barclays U.S. Aggregate Bond Index | 4.63% | 4.61% | |||||||
Lipper Core Bond Funds Average | 4.12% | 4.09% |
† The Fund began operations on May 30, 2018. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on May 31, 2018.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns do not reflect deduction of taxes that a shareholder would pay on funds distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s gross expense ratios are 1.28% for Institutional Class shares, 1.28% for Class P shares and 1.31% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2022. The Fund’s expense ratios net of this reduction are 0.25% for Institutional Class shares, 0.30% for Class P shares and 0.20% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
Semiannual Report | | March 31, 2019 | 39 |
Table of Contents
Unaudited
AllianzGI Core Bond Fund (cont’d)
Cumulative Returns Through March 31, 2019
Asset Allocation (as of March 31, 2019)
U.S. Government Agency Securities | 37.0% | |||
U.S. Treasury Obligations | 23.5% | |||
Asset-Backed Securities | 22.1% | |||
Corporate Bonds and Notes | 16.2% | |||
Cash & Equivalents — Net | 1.2% |
Credit Ratings* (as of March 31, 2019)
* As a percentage of total investments. Credit ratings apply to the credit worthiness of the issuers of the underlying securities and not to the Fund or its shares. Ratings are subject to change. Ratings are based off of the highest available rating from S&P Global Ratings (“S&P”), Moody’s and Fitch. Bonds not rated by the aforementioned agencies are “unrated”. Ratings are shown based on the S&P rating scale, which ranges from AAA (highest) to D (lowest). Where applicable, securities ratings of an agency other than S&P have been converted to the S&P equivalent. “NR” denotes securities that are not rated. Not rated securities do not necessarily indicate low quality. Ratings are relative, subjective and not absolute standards of quality, and represent the opinions of the independent Nationally Recognized Statistical Rating Organizations (NRSRO). The security’s credit rating does not eliminate risk. The Fund is not rated by an independent rating agency.
Shareholder Expense Example | Actual Performance | |||||
Class P | Institutional Class | R6 | ||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | |||
Ending Account Value (3/31/19) | $1,050.10 | $1,050.70 | $1,050.50 | |||
Expenses Paid During Period | $1.53 | $1.28 | $1.02 | |||
Hypothetical Performance | ||||||
(5% return before expenses) | ||||||
Class P | Institutional Class | R6 | ||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | |||
Ending Account Value (3/31/19) | $1,023.44 | $1,023.68 | $1,023.93 | |||
Expenses Paid During Period | $1.51 | $1.26 | $1.01 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.30% for Class P, 0.25% for Institutional Class and 0.20% for Class R6), multiplied by the average account value over the period, multiplied by 182/365.
40 | March 31, 2019 | | Semiannual Report |
Table of Contents
Unaudited
AllianzGI Core Plus Bond Fund
For the period of October 1, 2018 through March 31, 2019, as provided by Carl W. Pappo Jr., CFA, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2019, Institutional Class shares at net asset value (“NAV”) of the AllianzGI Core Plus Bond Fund (the “Fund”) returned 4.77%, outperforming the Bloomberg Barclay’s U.S. Aggregate Bond Index (the “benchmark”), which returned 4.63%.
Market Overview
The six-month period was characterized by a sharp decline in interest rates, along with significant spread volatility in risk assets. Ultimately, rates declined by 40 to 70 basis points during the period driven by dovish comments in the first quarter of 2019 by the Federal Reserve Open Market Committee (the “FOMC”) reversing their prior commitment to raise the federal funds target rate for the coming year.
Portfolio Review
The Fund’s relative performance was driven by security selection within the credit allocation and the Fund’s defensive positioning to investment grade corporates and an underweight to the high yield sector. Investment grade and high yield bonds widened by 13 and 75 basis points, respectively compared to the spread levels that prevailed at the end of 2018 which were 40 and 210 basis points wider.
The Fund’s performance in securitized assets was more muted. The overweight in AAA-rated asset-backed securities (“ABS”) was positive as spreads tightened, while the underweight to commercial mortgage-backed securities (“CMBS”), albeit slight, reduced performance as CMBS spreads tightened. The overweight in the mortgage-backed securities (“MBS”) sector added carry, but spreads only changed marginally. Collateralized loan obligation (“CLO”) performance was similarly mixed as carry was positive, but twin headwinds of less floating-rate demand and heavy supply kept spreads steady.
Outlook
We will continue to remain up-in-quality on a relative basis for the foreseeable future. Ultimately, we believe that the fundamental backdrop has changed little; current economic growth and employment in the US remain robust, offset by slower global growth (particularly in Germany). We believe US gross domestic product growth will remain positive, but argue that valuations are stretched too thin. Many companies given healthy earnings reports decided to lever-up to return capital to shareholders, or engage in large scale merger and acquisition transactions. Given that we are approaching what we believe to be the latter stages of the current business cycle, we view this behavior as especially risky and short sighted. We believe the risks in the corporate bond sector currently outweigh the potential rewards.
We are therefore positioned accordingly with underweights in both investment grade credit and CMBS. Within our corporate holdings, positioning at the security level remains relatively defensive. We are overweight positions to securities with strong or improving credit fundamentals, like the banking and pipeline sectors, or to those with resilient business models mostly immune to economic cycles, like utilities, defense contractors, and select healthcare companies. Conversely, we are avoiding investments in more cyclically sensitive industries such as automotive manufacturers, retailers, restaurants, home builders, and basic materials. We believe this defensive positioning will serve us well in the coming quarters and will allow us to act aggressively when the credit markets present more attractive investment opportunities.
As for securitized assets, we remain overweight high quality ABS and government-guaranteed Small Business Administration securities as consumers overall continue to benefit from employment growth, rising wages, low inflation, and lower rates. That said, we do have concerns about some segments of the consumer market, as lending requirements have eased and high valuations in many assets have encouraged an expansion in debt. As such, our focus has been in prime consumer or well-established commercial ABS segments. Our overweight in agency mortgage-backed securities continues to add positive carry, but prepayments may be problematic if the market rates rally further. Finally, while we view CLOs as subject to many of the late cycle behaviors that have led to our underweight in investment grade corporates, we also see value in the senior tranches of CLOs which have substantial credit protection, but have lagged the recovery experienced in ABS, CMBS, and corporates securities year-to-date due to unfavorable supply and demand technicals.
Cumulative Total Return for the period ended March 31, 2019
6 Month | Since Inception† | |||||||||
| AllianzGI Core Plus Bond Fund Institutional Class | 4.77% | 4.98% | |||||||
| AllianzGI Core Plus Bond Fund Class P | 4.72% | 4.91% | |||||||
| AllianzGI Core Plus Bond Fund Class R6 | 4.83% | 5.05% | |||||||
| Bloomberg Barclays U.S. Aggregate Bond Index | 4.63% | 4.61% | |||||||
Lipper Core Plus Bond Funds Average | 4.15% | 4.32% |
† The Fund began operations on May 30, 2018. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on May 31, 2018.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns do not reflect deduction of taxes that a shareholder would pay on funds distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s gross expense ratios are 0.82% for Institutional Class shares, 0.82% for Class P shares and 0.82% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2022. The Fund’s expense ratios net of this reduction are 0.30% for Institutional Class shares, 0.35% for Class P shares and 0.25% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
Semiannual Report | | March 31, 2019 | 41 |
Table of Contents
Unaudited
AllianzGI Core Plus Bond Fund (cont’d)
Cumulative Returns Through March 31, 2019
Asset Allocation (as of March 31, 2019)
U.S. Government Agency Securities | 37.7% | |||
Corporate Bonds & Notes | 27.9% | |||
U.S. Treasury Obligations | 16.8% | |||
Asset-Backed Securities | 16.3% | |||
Cash & Equivalents — Net | 1.3% |
Credit Ratings* (as of March 31, 2019)
* As a percentage of total investments. Credit ratings apply to the credit worthiness of the issuers of the underlying securities and not to the Fund or its shares. Ratings are subject to change. Ratings are based off of the highest available rating from S&P Global Ratings (“S&P”), Moody’s and Fitch. Bonds not rated by the aforementioned agencies are “unrated”. Ratings are shown based on the S&P rating scale, which ranges from AAA (highest) to D (lowest). Where applicable, securities ratings of an agency other than S&P have been converted to the S&P equivalent. “NR” denotes securities that are not rated. Not rated securities do not necessarily indicate low quality. Ratings are relative, subjective and not absolute standards of quality, and represent the opinions of the independent Nationally Recognized Statistical Rating Organizations (NRSRO). The security’s credit rating does not eliminate risk. The Fund is not rated by an independent rating agency.
Shareholder Expense Example | Actual Performance | |||||
Class P | Institutional Class | R6 | ||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | |||
Ending Account Value (3/31/19) | $1,047.20 | $1,047.70 | $1,048.30 | |||
Expenses Paid During Period | $1.79 | $1.53 | $1.28 | |||
Hypothetical Performance | ||||||
(5% return before expenses) | ||||||
Class P | Institutional Class | R6 | ||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | |||
Ending Account Value (3/31/19) | $1,023.19 | $1,023.44 | $1,023.68 | |||
Expenses Paid During Period | $1.77 | $1.51 | $1.26 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.35% for Class P, 0.30% for Institutional Class and 0.25% for Class R6), multiplied by the average account value over the period, multiplied by 182/365.
42 | March 31, 2019 | | Semiannual Report |
Table of Contents
Unaudited
AllianzGI Emerging Markets Consumer Fund
For the period of October 1, 2018 through March 31, 2019, as provided by Lu Yu, CFA, CIPM, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2019, Class A shares at net asset value (“NAV”) of the AllianzGI Emerging Markets Consumer Fund (the “Fund”) returned -0.25%, underperforming the MSCI Emerging Markets Index (the “benchmark”), which returned 1.71%.
Market Overview
Emerging market equities were modestly positive during the reporting period, thanks to a rebound in sentiment to begin 2019. Initially, the asset class fell victim to concerns of slowing global earnings growth and a moderation in investor sentiment. A sudden rise in bond yields at the start of October was a catalyst for the broad-based sell off. After positive results in November, equities again declined in December of 2018 amid weak economic data in Europe and Japan, which prompted fears over the impact of higher tariffs and the outlook for global growth. Emerging markets equities broadly advanced in January, February and March of 2019 as investor sentiment rapidly improved following headwinds at the end of 2018. Earnings growth estimates pointed to expansion in each of the three upcoming calendar year periods and the asset class was buoyed by expectations that central banks would slow the pace of rate hikes. In addition, the market remained hopeful for an eventual trade resolution between the US and China, which had been an overhang for the asset class for the past year.
Benchmark sector performance was mostly higher, with eight out of 11 sectors posting positive results. Real estate was the top performer with a 17.3% return due in part to expectations of slowing rate hikes, followed by high single-digit advances in utilities and financials. Conversely, health care was the largest laggard for the benchmark, posting a 13.1% decline, followed by more modest underperformance in information technology and materials sectors.
Country results were mixed, with 14 out of 24 countries posting gains. Brazil led results to the upside with a 22.9% gain due to optimism over the reform agenda of newly-elected President Jair Bolsanaro. Indonesia, the Philippines and Hungary each posted low double-digit returns during the reporting period due to the favorable economic backdrop. Meanwhile, Pakistan, the smallest weight in the benchmark, was down 15.5% due to macroeconomic headwinds, while Mexico declined 14.2% due to uncertainty over new government policies following the election of president Andrés Manuel López Obrador. South Korea, Taiwan and Malaysia each posted mid-single-digit losses during the reporting period.
Portfolio Review
The Fund is strategically focused on local emerging markets consumption while avoiding hard-asset and export-oriented stocks which do not capture secular growth of the rising middle class. The Fund trailed the benchmark due primarily to asset allocation decisions through the focus on consumer-related segments of the benchmark, which generally trailed their non-consumer counterparts during the reporting period.
Information technology was the largest contributor during the six-month period, thanks to bottom-up stock selection. The exclusion of the materials sector and selections within consumer staples also contributed to results. Meanwhile, financials was the biggest headwind to results due to the outperformance of state-owned enterprise related financials which outperformed their consumer-related counterparts. Stock picking in communications services and the focus on airlines within the industrials sector also offset results. Country results were aided by strong stock selection in China, followed by results in South Korea and India. Conversely, a relative underweight to Brazil offset results, as did bottom-up selections in Turkey and Russia.
Outlook
Emerging markets equities have garnered attention as investors look for bargains in a bull market which is a now a decade old. Over the 10 year period, emerging market equities have trailed developed markets equities on a cumulative basis by 96%. The expectations of low single-digit earnings growth, attractive valuations as measured by price-to-earnings and price-to-book ratios relative to history, alongside improving sentiment and moderating currency headwinds are among the key factors driving recent performance. Market participants are also focused on the likelihood of an eventual trade and tariff resolution between the US and China, which could help further fuel growth expectations. We continue to believe that emerging markets equities have the potential to outperform developed markets on a relative basis in light of the attractive valuation and growth mix, regardless of the upcoming direction of the market. Furthermore, we witnessed a turnaround in emerging markets consumer-related performance in February and March of 2019, which could signal improved momentum in the segment. Over the long-term, our belief in the secular consumer-related growth and benefits from rising wages, favorable demographics and an expanding middle class remains intact.
Semiannual Report | | March 31, 2019 | 43 |
Table of Contents
Unaudited
AllianzGI Emerging Markets Consumer Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2019
6 Month* | 1 Year | Since Inception† | ||||||||||||
AllianzGI Emerging Markets Consumer Fund Class A | –0.25% | –14.27% | –0.27% | |||||||||||
| AllianzGI Emerging Markets Consumer Fund Class A (adjusted) | –5.73% | –18.98% | –1.57% | ||||||||||
| AllianzGI Emerging Markets Consumer Fund Institutional Class | –0.09% | –13.93% | 0.09% | ||||||||||
| MSCI Emerging Markets Index | 1.71% | –7.41% | 4.03% | ||||||||||
Lipper Emerging Markets Funds Average | 2.23% | –9.32% | 2.31% |
* Cumulative return
† The Fund began operations on December 1, 2014. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on November 30, 2014.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares.Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s gross expense ratios are 1.78% for Class A shares and 1.37% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 1.55% for Class A shares and 1.20% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
Cumulative Returns Through March 31, 2019
Country Allocation (as of March 31, 2019)
China | 37.0% | |||
United States | 9.5% | |||
Taiwan | 8.0% | |||
India | 7.7% | |||
Korea (Republic of) | 6.8% | |||
Brazil | 6.0% | |||
Thailand | 4.6% | |||
Hong Kong | 4.1% | |||
Other | 14.3% | |||
Cash & Equivalents — Net | 2.0% |
44 | March 31, 2019 | | Semiannual Report |
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Unaudited
AllianzGI Emerging Markets Consumer Fund (cont’d)
Shareholder Expense Example | Actual Performance | |||
Class A | Institutional Class | |||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | ||
Ending Account Value (3/31/19) | $997.50 | $999.10 | ||
Expenses Paid During Period | $7.72 | $5.98 | ||
Hypothetical Performance | ||||
(5% return before expenses) | ||||
Class A | Institutional Class | |||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | ||
Ending Account Value (3/31/19) | $1,017.20 | $1,018.95 | ||
Expenses Paid During Period | $7.80 | $6.04 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.55% for Class A and 1.20% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.
Semiannual Report | | March 31, 2019 | 45 |
Table of Contents
Unaudited
AllianzGI Emerging Markets Debt Fund
For the period of October 1, 2018 through March 31, 2019, as provided by the AllianzGI Emerging Markets Debt Team.
Fund Insights
For the six-month period ended March 31, 2019, Class A shares at net asset value (“NAV”) of the AllianzGI Emerging Markets Debt Fund (the “Fund”) returned 5.02%, underperforming the JPM EMBI Global Diversified USD (the “benchmark”), which returned 5.61%.
Market overview
Emerging market assets found some stability early in the last quarter of 2018, following sustained pressure through the second and third quarters of 2018. Sentiment was buoyed by a dovish turn from the US Federal Reserve (the “Fed”), indicating that future rate hikes may be delayed. There were also signs of some de-escalation in trade war risks after China and the US agreed to a temporary truce at the G20 meeting, an international forum for the governments and central bank governors from 19 countries and the European Union. However, overall support for emerging markets assets was limited by concerns about the global growth backdrop, persistent US dollar (“USD”) strength and a plunge in Brent crude oil prices.
The EMBI-GD sovereign index declined by -1.3% in USD total returns over the fourth quarter of 2018, with spreads widening 79 basis points. Oil-exporting economies (particularly in the Middle East and Africa) were hardest hit. However, in 2019, emerging markets assets made a strong start to the year, as coupled with the dovish turns by global central banks, we also saw more aggressive monetary policy stimulus action from the People’s Bank of China, fueling appetite for riskier assets. Emerging markets hard currency debt rose by almost 7% in USD total returns in the first quarter of 2019, supported by further strong inflows into the asset class, leading to a narrowing in spreads by 63 basis points. High yield credits outperformed investment grade, and idiosyncratic stories led to outperformance in the Middle East and Africa, but credits were also buoyed by the recovery in oil and other commodity prices.
The positive country-specific stories across Africa were mainly rating related. Egypt was upgraded by Fitch to B+ on the back of improving credit fundamentals as the sovereign continues through its International Monetary Fund (IMF) restructuring program. In South Africa, Moody’s decided to defer the long awaited review of its Baa3 rating, where 50% of the market had anticipated a downgrade in the outlook. The lack of negative action prompted a relief rally in South African assets. Positive support for Middle East oil exporters such as Saudi Arabia, Kuwait and Qatar came from a combination of rising oil prices and several well-telegraphed new bond issues from the region that were heavily oversubscribed and easily absorbed by the market, amidst a rising tide backdrop for the asset class.
The period was not without its share of negative idiosyncratic events, including fears of further economic vulnerability in Turkey as locals dollarized deposits, in turn testing the resilience of Turkish lira. Meanwhile in Latin America, spiraling inflation data in Argentina kept the central bank in a defensive mode – dampening market sentiment. Ratings for Pemex (Mexican State-Owned Petroleum Company) were downgraded over debt sustainability concerns – whilst the sovereign seemed more willing to offer support as the quarter unfolded, it is clear that the large refinancing needs of Pemex are casting a long shadow over Mexican assets. Positively, in Latin America, the reformist-minded President Bolsonaro of Brazil is continuing to push on with much needed adjustments to the pension system, and in Ecuador the IMF announced a $4.5bn program of rescue financing (with additional multi-lateral support lined up to total $10bn of new credit), leading to outperformance of the hard currency bonds.
Portfolio review
At the start of the period, the Fund was positioned overweight the Central and Eastern Europe region (including allocations to Hungary, Poland & Russia) which benefitted performance as gross domestic product numbers from across most of the region showed faster than expected growth.
We had been selective in our Latin-American exposure given the diverging political trends in the region. Mexican assets suffered at the end of 2018 as President Andrés Manuel López Obrador announced he would cancel the construction of the new Mexico City airport. A subsequent buyback offer of airport bonds late in the year help stabilize sentiment. However, Mexican assets underperformed and we held a high conviction underweight to Mexico in the Fund, on the expectation of political disruption to sovereign credit fundamentals. Relative underperformance late in 2018 was mainly attributable to exposures that the Fund held in oil-exporting African & Middle East names, was responded poorly to the dip in oil prices. In addition, a modest overweight in overall market risk detracted from returns, as the sentiment of emerging markets risk was choppy into year-end.
However, we started 2019 with a positive outlook for emerging markets sovereign bonds, reflected in the Fund by retaining a headline overweight beta position, though still with a sharp focus on individual country selection given the range of idiosyncratic risks on our radar. The decision to be overweight risk was well-rewarded given the strong backdrop for the asset class. The rapid pace of the recovery through the first quarter of 2019 had led us to be mindful to trim overall risk from mid-February onwards. With March being softer for emerging market spreads the timing of the tactical risk reduction was positive. Profits were crystallized on positions across Central & Eastern Europe, Middle East and Africa, especially where year-to-date returns had been particularly strong, including Ivory Coast, Kenya, Saudi Arabia and Uzbekistan, where we had opportunistically participated in the country’s inaugural new issue in February. The Fund’s remaining exposures in Middle East oil-exporting names (Kuwait, Qatar) continued to positively contribute to returns through the first quarter of 2019, with another leg higher in oil prices providing a tailwind for the region. In Africa, the Fund’s exposure to Egypt was a positive, as bonds responded well to a sovereign rating upgrade from Fitch, to B+.
One of the Fund’s largest contributors to outperformance in the first quarter was from Latin American exposures – our high conviction overweight in Ecuador was well-rewarded subsequent to the IMF program agreement.
Outlook
In our opinion, the global macro backdrop for emerging markets assets remains relatively positive; although we are now considering some symmetry to the path of the US dollar this year – as slowing growth dynamics in the rest of the world may prevent the dollar from weakening substantially. Dollar strength is typically an external headwind for emerging markets assets, but at this juncture we remain convinced that emerging market sovereign bonds are set to perform well this year. We note that inflows into emerging markets assets have been persistent in the first quarter of 2019, totaling over $20bn and providing a decent tailwind of support.
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AllianzGI Emerging Markets Debt Fund (cont’d)
We believe that the much talked-about asset class risks from a slowdown in Chinese growth may also be waning, with the recent National People’s Congress event in China showing that policymakers are targeting a stabilization of growth this year, with fiscal policy set to do the heavy lifting. We believe that recent credit growth data already hints at some stabilization in activity for the coming months. In our opinion, the macro backdrop for the second half of 2019 may prove to be more resilient than we have seen in recent months.
Average Annual Total Return for the period ended March 31, 2019
6 Month* | 1 Year | Since Inception† | ||||||||||||
AllianzGI Emerging Markets Debt Fund Class A | 5.02% | –0.83% | 2.88% | |||||||||||
| AllianzGI Emerging Markets Debt Fund Class A (adjusted) | 1.08% | –4.55% | 2.02% | ||||||||||
AllianzGI Emerging Markets Debt Fund Class C | 4.53% | –1.58% | 2.11% | |||||||||||
| AllianzGI Emerging Markets Debt Fund Class C (adjusted) | 3.53% | –2.54% | 2.11% | ||||||||||
| AllianzGI Emerging Markets Debt Fund Class P | 5.12% | –0.59% | 3.05% | ||||||||||
| AllianzGI Emerging Markets Debt Fund Institutional Class | 5.15% | –0.48% | 3.15% | ||||||||||
| JPM EMBI Global Diversified USD | 5.61% | 4.21% | 4.94% | ||||||||||
| 40% JPM EMBI Global Diversified, 40% JPM CEMBI Broad Diversified, 20% JPM GBI Global EM Diversified Index | 5.33% | 1.96% | 3.63% | ||||||||||
Lipper Emerging Market Hard Currency Debt Funds Average | 4.75% | 0.31% | 2.90% |
* Cumulative return
† The Fund began operations on September 15, 2014. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on September 30, 2014.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum initial sales charge of 3.75% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s gross expense ratios are 1.75% for Class A shares, 2.53% for Class C shares, and 1.54% for Class P shares and 1.47% shares for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 1.05% for Class A shares,1.80% for Class C shares, 0.90% for Class P shares and 0.80% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
Cumulative Returns Through March 31, 2019
Country Allocation (as of March 31, 2019)
Columbia | 4.5% | |||
Qatar | 4.2% | |||
Indonesia | 4.0% | |||
Egypt | 3.9% | |||
Kazakhstan | 3.8% | |||
Brazil | 3.7% | |||
Panama | 3.4% | |||
Peru | 3.3% | |||
Other | 59.4% | |||
Cash & Equivalents — Net | 9.8% |
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AllianzGI Emerging Markets Debt Fund (cont’d)
Moody’s Ratings* (as of March 31, 2019)
* As a percentage of total investments. Credit ratings refer to the underlying holdings of the Fund and are categorized from highest to lowest credit quality using ratings provided by Moody’s. Moody’s ratings have been selected for several reasons, including the access to information and materials provided by Moody’s, as well as the Fund’s consideration of industry practice. See “Important Information” for more detail on the selection of Moody’s for the Fund’s ratings presentation. Securities not rated by Moody’s and bonds that do not currently have a rating available are designated in the chart above as “NR” and “NA”, respectively.
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Shareholder Expense Example | Actual Performance | |||||||
Class A | Class C | Class P | Institutional Class | |||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
Ending Account Value (3/31/19) | $1,050.20 | $1,045.30 | $1,051.20 | $1,051.50 | ||||
Expenses Paid During Period | $5.37 | $9.18 | $4.60 | $4.09 | ||||
Hypothetical Performance | ||||||||
(5% return before expenses) | ||||||||
Class A | Class C | Class P | Institutional Class | |||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
Ending Account Value (3/31/19) | $1,019.70 | $1,015.96 | $1,020.44 | $1,020.94 | ||||
Expenses Paid During Period | $5.29 | $9.05 | $4.53 | $4.03 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.05% for Class A, 1.80% for Class C, 0.90% for Class P and 0.80% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.
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Unaudited
AllianzGI Emerging Markets Small-Cap Fund
For the period of October 1, 2018 through March 31, 2019, as provided by Kunal Ghosh, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2019, Class A shares at net asset value (“NAV”) of the AllianzGI Emerging Markets Small-Cap Fund (the “Fund”) returned 3.02%, outperforming the MSCI Emerging Markets Small-Cap Index (the “benchmark”), which returned 0.03%.
Market Overview
Emerging markets small-caps were essentially flat during the reporting period, as headwinds in the final quarter of 2018 were offset by a rebound in sentiment to begin 2019. Initially, the asset class fell victim to concerns of slowing global earnings growth and a moderation in investor sentiment. A sudden rise in bond yields at the start of October 2018 was a catalyst for the broad-based sell off. After positive results in November 2018, equities again declined in December 2018 amid weak economic data in Europe and Japan, which prompted fears over the impact of higher tariffs and the outlook for global growth. Emerging markets equities broadly advanced in January, February and March of 2019 as investor sentiment rapidly improved following headwinds at the end of 2018. The markets generally interpreted earnings growth estimates to point to expansion in each of the three upcoming calendar year periods and the asset class was buoyed by expectations that central banks would slow the pace of rate hikes. In addition, the market remained hopeful for an eventual trade resolution between the US and China, which had been an overhang for the asset class for the past year.
Benchmark sector performance was mixed, with six out of 11 sectors posting positive results. Utilities led results to the upside, posting an 11.6% return, followed by more modest gains in consumer discretionary and real estate sectors. Meanwhile, energy and health care sectors were each lower by 9.5% for the period.
Country results for the benchmark were split down the middle, with 12 out of 24 countries posting gains. Brazil led results to the upside with a 31.7% gain due to optimism over the reform agenda of newly-elected President Jair Bolsanaro. The Philippines, India and the Czech Republic each posted low double-digit returns during the reporting period due to the favorable economic backdrop. Meanwhile, Peru was down 20% as a result of idiosyncratic impacts and Pakistan was lower by 17.1% due to macroeconomic headwinds. The United Arab Emirates, Mexico, Thailand and South Korea each posted low double-digit losses during the reporting period.
Portfolio Review
During the reporting period, the Fund outpaced the benchmark thanks to strong bottom-up stock selection on both a country and sector basis.
Information technology was the top performer thanks to stockpicking in the semiconductor industry, followed by positive selections in health care, consumer discretionary and financials sectors. Meanwhile, more conservative stock selection in utilities and materials offset results during the reporting period. From a country perspective, South Korea was a significant contributor to results due to strong bottom-up stock selection. Selections in Taiwan and Russia aided results as did an underweight allocation to Mexico. Conversely, stockpicking in Brazil, India and China trailed the benchmark during the reporting period.
Outlook
Emerging markets equities have garnered attention as investors are looking for bargains in a bull market which is a now a decade old. Over the 10 year period, emerging markets equities have trailed developed market equities on a cumulative basis by 96%. The expectations of low single-digit earnings growth, attractive valuations as measured by price-to-earnings and price-to-book ratios relative to history, alongside improving sentiment and moderating currency headwinds are among the key factors driving recent performance. Market participants are also focused on the likelihood of an eventual trade and tariff resolution between the US and China, which could help further fuel growth expectations. We continue to believe that emerging markets equities have the potential to outperform developed markets on a relative basis in light of the attractive valuation and growth mix, regardless of the upcoming direction of the market. Furthermore, we witnessed a turnaround in emerging markets consumer-related performance in February and March of 2019, which could signal improved momentum in the segment. Over the long-term, our belief in the secular consumer-related growth and benefits from rising wages, favorable demographics and an expanding middle class remains intact.
Average Annual Total Return for the period ended March 31, 2019
6 Month* | 1 Year | Since Inception† | ||||||||||||
AllianzGI Emerging Markets Small-Cap Fund Class A | 3.02% | –6.80% | 5.20% | |||||||||||
| AllianzGI Emerging Markets Small-Cap Fund Class A (adjusted) | –2.64% | –11.92% | 3.83% | ||||||||||
| AllianzGI Emerging Markets Small-Cap Fund Institutional Class | 3.23% | –6.49% | 5.57% | ||||||||||
| MSCI Emerging Markets Small-Cap Index | 0.03% | –12.42% | 2.28% | ||||||||||
Lipper Emerging Markets Funds Average | 2.23% | –9.32% | 2.31% |
* Cumulative return
† The Fund began operations on December 1, 2014. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on November 30, 2014.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares.Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s gross expense ratios are 3.71% for Class A shares and 3.05% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 1.85% for Class A shares and 1.50% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
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AllianzGI Emerging Markets Small-Cap Fund (cont’d)
Cumulative Returns Through March 31, 2019
Country Allocation (as of March 31, 2019 )
Taiwan | 20.7% | |||
Korea (Republic of) | 16.3% | |||
India | 13.5% | |||
Brazil | 11.9% | |||
China | 8.5% | |||
Thailand | 4.8% | |||
South Africa | 4.7% | |||
Russian Federation | 4.4% | |||
Other | 14.6% | |||
Cash & Equivalents — Net | 0.6% |
Shareholder Expense Example | Actual Performance | |||
Class A | Institutional Class | |||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | ||
Ending Account Value (3/31/19) | $1,030.20 | $1,032.30 | ||
Expenses Paid During Period | $9.36 | $7.60 | ||
Hypothetical Performance | ||||
(5% return before expenses) | ||||
Class A | Institutional Class | |||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | ||
Ending Account Value (3/31/19) | $1,015.71 | $1,017.45 | ||
Expenses Paid During Period | $9.30 | $7.54 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.85% for Class A and 1.50% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.
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AllianzGI Floating Rate Note Fund (formerly AllianzGI Real Estate Debt Fund)*
For the period of October 1, 2018 through March 31, 2019, as provided by Malie Conway and Jonathan Yip, CFA, Co-Lead Portfolio Managers.
Fund Insights
For the six-month period ended March 31, 2019, Institutional Class shares at net asset value (“NAV”) of the AllianzGI Floating Rate Note Fund (the “Fund”) returned 1.11%, underperforming the ICE BofA Merrill Lynch 3-Month US Treasury Bill Index (the “benchmark”), which returned 1.16%.
Market Overview
The first quarter of 2019 was a strong quarter for the global bond markets as fears about the global growth outlook resulted in increasingly dovish rhetoric from central banks globally. US Federal Reserve (the “Fed”) Chairman Jerome Powell set the stage at the beginning of the year by signaling that the Fed was becoming more data dependent on its policy stance. In March of 2019, the Fed lowered its medium term rate path, signaling no further rate hikes in 2019 and only one hike in 2020, whilst also announcing an end to its balance sheet normalization program before year-end. Elsewhere, the slowdown in euro area growth saw the European Central Bank also signaling a more dovish policy stance, while the Chinese central bank introduced further monetary easing measures to stem the downside risks to the Chinese economy. The 3-month-10-year US Treasury curve briefly inverted for the first time since 2007, as10-year US Treasury yields fell to 2.41%—their lowest levels since end-2017. German yields went into negative territory up to the 10-year part of the curve, with 10-year bond yields closing at -7 basis points to end the quarter.
Global investment grade credit staged a strong comeback in the first quarter of 2019 as credit spreads tightened by 26 basis points to 115 basis points offsetting most of the underperformance of fourth quarter 2018. By currency of issue, the US dollar (“USD”) outperformed the euro (“EUR”) and the great biritsh pound (GBP) after lagging in the previous quarter as Fed actions supported the market. While spreads tightened across all sectors, industrials outperformed with cyclical sectors such as US homebuilders and energy leading the gains. Financials generated strong returns despite the fall in government yields and flattening of the yield curve given robust capital ratios and healthy asset quality metrics.
Portfolio Overview
Since February 1, 2019, when the Fund changed its name and investment objective, the Fund returned 0.74% in USD terms on a net of fee basis, with credit spread compression driving positive excess returns across our sector allocations. USD denominated issues represented the bulk of the holdings (approximately 80%) with EUR denominated holdings making up most of the residual (17%) and a small portion invested in GBP issues. The Fund holds a core allocation (~43%) in the financial sector, which contributed a substantial portion of the performance. We continue to find financials attractive as they have significantly de-risked their business models compared to their pre-crisis levels, and are better positioned fundamentally compared to industrials where some of credit metrics are at their all-time weakest levels especially among the BBB-rated issuers. In terms of positioning across ratings, we have a higher allocation to the A-rated securities (37%) followed by BBB-rated (35%) issuers as we were slightly defensively positioned with only a modest allocation to select high yield issuers where we have a favorable view on the credit. With the riskiest assets performing relatively well during the period, our modest allocation to high yield made a positive contribution. The overall duration of the fund remained near 0.25 years.
Outlook
At its latest policy meeting, the Fed maintained its federal funds rate target range at 2.25-2.50%, as expected, but lowered its medium-term rate path, signalling no further rate hikes in 2019 and only one hike in 2020. While central bank dovishness has so far been supportive for credit and we expect rates to remain stable, investment grade still requires a selective approach as we see BBB issuers are still increasing leverage and pursuing mergers and acquisitions. Meanwhile, we believe that high yield fundamentals remain broadly favorable, with leverage declining in the US but rising in Europe. Interest coverage ratios in high yield are improving on both sides of the Atlantic as a result of declining rates. In our opinion, European credit looks relatively attractive vs. the US, for both investment grade and high yield. Emerging markets high yield is also now starting to look attractive to us; we will be selective and look at specific names in countries with macro tailwinds.
With a flat yield curve and rate volatility reaching all-time lows in March of 2019, we do not believe investors are getting compensated for taking exposure to longer duration assets, as such, investors should maintain a low interest rate sensitivity profile through an allocation to floating rate notes while capturing yield through higher quality credit.
* Effective February 1, 2019, the AllianzGI Real Estate Debt Fund (“Real Estate Debt Fund”) changed its name to AllianzGI Floating Rate Note Fund as part of its repositioning. In connection with this change the Real Estate Debt Fund’s investment objective, principal investment strategies, fundamental investment restriction, management fee and operating expenses were revised.
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AllianzGI Floating Rate Note Fund (formerly AllianzGI Real Estate Debt Fund) (cont’d)
Average Annual Total Return for the period ended March 31, 2019
6 Month* | 1 Year | Since Inception† | ||||||||||||
| AllianzGI Floating Rate Note Fund Institutional Class | 1.11% | 2.06% | 1.88% | ||||||||||
| AllianzGI Floating Rate Note Fund Class P | 1.04% | 1.95% | 1.77% | ||||||||||
| ICE BofA Merrill Lynch 3-Month US Treasury Bill Index | 1.16% | 2.10% | 1.95% | ||||||||||
Lipper Ultra-Short Obligations Funds Average | 1.25% | 2.36% | 2.06% |
* Cumulative return
† The Fund began operations on December 27, 2017. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2017.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s gross expense ratios are 1.90% for Class P shares and 1.92% for Institutional Class shares. These ratios do not include an expense reduction contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 0.40% for Class P shares and 0.30% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
Cumulative Returns Through March 31, 2019
Asset Allocation (as of March 31, 2019)
Corporate Bonds & Notes | 78.2% | |||
Mortgage-Backed Securities | 8.4% | |||
Sovereign Debt Obligations | 3.7% | |||
Asset-Backed Securities | 3.7% | |||
U.S. Government Agency Securities | 1.3% | |||
Cash & Equivalents — Net | 4.7% |
Credit Ratings* (as of March 31, 2019)
* As a percentage of total investments. Credit ratings apply to the credit worthiness of the issuers of the underlying securities and not to the Fund or its shares. Ratings are subject to change. Ratings are based off of the lowest available rating from S&P Global Ratings (“S&P”), Moody’s and Fitch. Bonds not rated by the aforementioned agencies are “unrated”. Ratings are shown based on the S&P rating scale, which ranges from AAA (highest) to D (lowest). Where applicable, securities ratings of an agency other than S&P have been converted to the S&P equivalent. “NR” denotes securities that are not rated. Not rated securities do not necessarily indicate low quality. Ratings are relative, subjective and not absolute standards of quality, and represent the opinions of the independent Nationally Recognized Statistical Rating Organizations (NRSRO). The security’s credit rating does not eliminate risk. The Fund is not rated by an independent rating agency.
Previous shareholder reports for the Fund displayed bond ratings derived from a weighted average credit rating based on ratings assigned by Fitch, Moody’s, Kroll, Morningstar, DBRS and S&P.
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Shareholder Expense Example | Actual Performance | |||
Class P | Institutional Class | |||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | ||
Ending Account Value (3/31/19) | $1,010.40 | $1,011.10 | ||
Expenses Paid During Period | $3.01 | $2.51 | ||
Hypothetical Performance | ||||
(5% return before expenses) | ||||
Class P | Institutional Class | |||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | ||
Ending Account Value (3/31/19) | $1,021.94 | $1,022.44 | ||
Expenses Paid During Period | $3.02 | $2.52 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.60% for Class P and 0.50% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.
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AllianzGI Global Dynamic Allocation Fund
For the period of October 1, 2018 through March 31, 2019, as provided by the Multi-Asset US Group.
Fund Insights
For the six-month period ended March 31, 2019, Class A shares at net asset value (“NAV”) of the AllianzGI Global Dynamic Allocation Fund (the “Fund”) returned -2.49%, underperforming the MSCI ACWI (the “benchmark”), which returned -2.13%.
Market Overview
The six-month period was a tale of two markets, as the first half was marked by a general pull-back in risk assets and a return of volatility. In particular, the fear of central bank policy error and a slowdown in global growth against a backdrop of geopolitical uncertainty led to equity market underperformance. In December 2018, US equities had the worst performance in seven years and nearly every major developed market posted negative returns. Quantitative easing, which the market took to imply tighter financial conditions, falling stock prices, rising long term rates and weaker economic growth, was an important explanation for market conditions during the six-month period.
In the first half of the six-month period, idiosyncratic risks around the world contributed to investors pricing in a weaker growth and policy mix. In the US, the mid-term elections in late November 2018 resulted in Democrats winning the House, which substantially reduced the chances of further fiscal stimulus for 2019. In Europe, political tensions and social unrest in France, and political uncertainty in Italy related to the confrontation between the government and the European Union over its budget, contributed to higher government bond yields and poor equity performance.
In contrast, the second half of the six-month period experienced a rebound in risk assets and lower volatility. Beginning in early January 2019, the US Federal Reserve (the “Fed”) signaled that it would pivot its approach to monetary policy from a hawkish stance at its December 2018 meeting, where it promised more rate hikes by the end of 2020, to a more dovish stance, indicating that rate hikes would remain on hold for the next six months or longer. As a result of the Fed’s new stance and rising optimism over the US-China trade negotiations, the selloff in US equities that occurred in December reversed in January and retraced about one half of the December drawdown. Global equities rallied and interest rates fell to their lowest levels in more than a year. Despite persisting concerns about global growth prospects, risk assets nonetheless rallied. In February, a stronger than expected fourth quarter gross domestic product in the US helped support a further boost to equities, even as other economic data—especially in Europe—continued to weaken.
Overall, long-dated treasuries were among the best performing asset classes. In equities, emerging markets outperformed developed markets. Among developed markets, equities in the United Kingdom (“UK”) outperformed those of Europe and the US despite uncertainties over Brexit.
Portfolio Review
Allocation in equities was the single largest detractor from performance over the period as the Fund was defensively positioned towards the end of 2018 and thus significantly underweight in equities into the sharp rally of January and February. As part of the risk mitigation strategy, the portfolio was underweight in most major equity regions during the first two months of 2019 but over the same period reduced that underweight to sit approximately neutral by the end of February. Stock selection via the Best Styles strategy underperformed its benchmark in all major regions for the period. However, diversification into opportunistic asset classes such as small-cap equities, volatility, real estate investment trusts (“REITs”) and convertible bonds helped to mitigate risks and add considerable value to the portfolio.
In the fixed income space, significant value was added from an underweight in corporate bonds during the fourth quarter of 2018 as well as from astute duration management—the combination of both effects accounting for about 32 basis points of added value. In addition, contributions from diversification into European sovereign bonds in the UK, Germany, and Italy were positive for the period.
At the end of the period, the Fund maintained equity weightings close to the benchmark weights, reflecting our cautious view that the opportunity set is currently quite challenged. This is indicated by our tracking error, which has fallen by half over the last 3 months. A greater than normal proportion of our active trades lie in the fixed income space where with the Fed in play, there ought to be a multitude of opportunities for outperformance. We currently have taken a more defensive position in the fixed income space, having sold positions in convertibles and bank loans to keep credit quality higher than usual.
Outlook
Going forward, we believe that the sources of optimism that helped improve sentiment in the second half of the period will likely continue in the near term. At the same time, however, many of the risks that previously weighed on sentiment linger in the background: uncertainty surrounding trade negotiation, weakening manufacturing sectors and trade, especially in Europe, Brexit-related uncertainty, a slowing economy in China, and in other emerging markets the potential for delay in structural reforms in light of new governments taking over.
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AllianzGI Global Dynamic Allocation Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2019
6 Month* | 1 Year | 5 Year | Since Inception† | |||||||||||||||
AllianzGI Global Dynamic Allocation Fund Class A | –2.49% | –1.02% | 2.32% | 8.50% | ||||||||||||||
| AllianzGI Global Dynamic Allocation Fund Class A — Adjusted | –7.85% | –6.46% | 1.17% | 7.89% | |||||||||||||
AllianzGI Global Dynamic Allocation Fund Class C | –2.84% | –1.73% | 1.53% | 7.69% | ||||||||||||||
| AllianzGI Global Dynamic Allocation Fund Class C — Adjusted | –3.78% | –2.69% | 1.53% | 7.69% | |||||||||||||
| AllianzGI Global Dynamic Allocation Fund Class R | –2.63% | –1.35% | 2.01% | 8.22% | |||||||||||||
| AllianzGI Global Dynamic Allocation Fund Class P | –2.35% | –0.82% | 2.49% | 8.70% | |||||||||||||
| AllianzGI Global Dynamic Allocation Fund Institutional Class | –2.33% | –0.71% | 2.58% | 8.81% | |||||||||||||
| AllianzGI Global Dynamic Allocation Fund Class R6 | –2.35% | –0.73% | 2.65% | 8.90% | |||||||||||||
AllianzGI Global Dynamic Allocation Fund Administrative Class | –2.50% | –0.97% | 2.32% | 8.53% | ||||||||||||||
| MSCI ACWI | –2.13% | 2.60% | 6.45% | 11.08% | |||||||||||||
| Bloomberg Barclays U.S. Aggregate Bond Index | 4.63% | 4.48% | 2.74% | 3.73% | |||||||||||||
| 60% MSCI ACWI, 40% Bloomberg Barclays U.S. Aggregate Index | 0.74% | 3.59% | 5.11% | 8.34% | |||||||||||||
Lipper Alternative Global Macro Funds Average | 0.36% | 0.99% | 1.77% | 5.85% |
* Cumulative return
† The Fund began operations on April 27, 2009. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on April 30, 2009.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s gross expense ratios are 1.29% for Class A shares, 2.05% for Class C shares, 1.62% for Class R shares, 1.07% for Class P shares, 0.98% for Institutional Class shares, 0.95% for Class R6 shares and 1.21% for Administrative Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 1.01% for Class A shares, 1.78% for Class C shares, 1.38% for Class R shares, 0.84% for Class P shares, 0.74% for Institutional Class shares, 0.74% for Class R6 shares and 0.99% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
Cumulative Returns Through March 31, 2019
Country Allocation (as of March 31, 2019 )
United States | 59.2% | |||
Japan | 4.6% | |||
Canada | 4.1% | |||
United Kingdom | 3.3% | |||
China | 3.1% | |||
France | 2.7% | |||
Germany | 2.0% | |||
Korea (Republic of) | 2.2% | |||
Other | 20.3% | |||
Cash & Equivalents — Net | –1.5% |
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Shareholder Expense Example | Actual Performance | |||||||||||||
Class A | Class C | Class R | Class P | Institutional Class | Class R6 | Administrative Class | ||||||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||||
Ending Account Value (3/31/19) | $975.10 | $971.60 | $973.70 | $976.50 | $976.70 | $976.50 | $975.00 | |||||||
Expenses Paid During Period | $4.78 | $8.55 | $6.59 | $3.94 | $3.45 | $3.45 | $4.68 | |||||||
Hypothetical Performance | ||||||||||||||
(5% return before expenses) | ||||||||||||||
Class A | Class C | Class R | Class P | Institutional Class | Class R6 | Administrative Class | ||||||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||||
Ending Account Value (3/31/19) | $1,020.09 | $1,016.26 | $1,018.25 | $1,020.94 | $1,021.44 | $1,021.44 | $1,020.19 | |||||||
Expenses Paid During Period | $4.89 | $8.75 | $6.74 | $4.03 | $3.53 | $3.53 | $4.78 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.97% for Class A, 1.74% for Class C, 1.34% for Class R, 0.80% for Class P, 0.70% for Institutional Class, 0.70% for Class R6 and 0.95% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.
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AllianzGI Global High Yield Fund
For the period of October 1, 2018 through March 31, 2019, as provided by David Newman, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2019, Institutional Class shares at net asset value (“NAV”) of the AllianzGI Global High Yield Fund (the “Fund ”) returned 2.81%, underperforming the ICE BofA Merrill Lynch Global High Yield Constrained Index USD Hedged (the “benchmark”), which returned 3.30%.
Market Overview
The six-month period was really one of two distinct halves as the last quarter of 2018 was marked by a volatile, risk off environment due to increasing concerns over a potential slowdown in global growth, stability of the trade truce with China, the stalemate over a partial US government shutdown and disappointment that the US Federal Reserve (the “Fed”) appeared to be on autopilot indicating two additional interest rate hikes for 2019 while the market was expecting a more dovish outcome. However, the dark clouds hanging over the market quickly receded at the beginning of 2019 as some of these issues, like the government shutdown, were resolved and Fed Chairman Jerome Powell pivoted significantly signaling that the Fed was becoming more data dependent on its policy stance. In March, the Fed lowered its medium term path, signaling no further rate hikes in 2019 and only one hike in 2020, while also announcing an end to its balance sheet normalization program before year end. Elsewhere, the slowdown in euro area growth saw the European Central Bank also signaling a more dovish policy stance, while the Chinese central bank provided additional policy stimulus.
The resulting change in investor psychology initiated a strong rally which generally offset the fourth quarter selloff of 2018. By region, emerging market high yield issues led the way with a return of 6.22% during the reporting period, clearly outperforming the developed markets which produced returns of 3.10% (euro ("EUR") denominated issues), 2.39% (US dollar (“USD”) denominated issues) and 2.24% (British pound ("GBP") denominated issues). However, dispersion by credit rating was much more significant as BB’s returned 4.64% and B’s returned 2.80% while CCC and lower issues returned -2.56% as they were not able to fully offset their fourth quarter underperformance despite being the best performer during the first quarter of 2019.
Portfolio Review
The Fund was slightly underweight risk assets versus the index which helped relative performance as the market sold off during the fourth quarter. However, while we reduced our exposure to cash during the first quarter of 2019, even modest cash exposures detracted from performance given the strong rally in the market. In terms of the geographic selection within the fund, we continue to prefer EUR and GBP denominated holdings versus USD securities as EUR denominated B rated issues remained cheap compared to USD issues and GBP issuers continued to trade cheap to EUR issues due to Brexit risks. While this positioning added value, our decision to underweight the emerging markets due to their tighter valuations had an offsetting negative impact. Although we remained underweight in emerging markets, our bias to reduce the underweight in markets where we have a positive view (such as Brazil) contributed to performance and holdings from these countries represented some of the strongest performers over the period.
Credit rating selection had a neutral impact on relative performance during the period. An underweight position in securities rated CCC and lower contributed to performance, particularly at the end of 2018 as the market sold off and the lowest rated credits performed worst during the period. However, our preference for B rated issues versus BB’s detracted. During the period we continued to modestly improve the credit quality of the portfolio by migration towards BB’s when the opportunities presented themselves as we believe BB’s will be the right place to be if the credit cycle turns.
Sector positioning had a small negative impact on relative performance, with most of the impact coming during fourth quarter of 2018 due to an overweight to metals and mining, and an initial overweight to energy (which we reduced as oil prices began to fall). An underweight to homebuilders also detracted as the outlook for that sector improved given the Fed’s pivot away from further interest rate hikes. Positive contributors included our underweight to the auto sector as well as an overweight to services, while overweights to favored sectors such as leisure and consumer goods had smaller positive contributions. Overall, the largest contributor to positive excess return over the period was superior security selection among individual holdings.
Outlook
Looking ahead, our proprietary leading indicators are signaling a period of underwhelming global growth momentum through 2019, although we believe there are tentative signs of a stabilization in activity. Meanwhile, indicators of narrow and broad money supply growth continue to run below their long-term averages, suggesting soft inflation dynamics ahead. Despite this backdrop, we expect high yield fundamentals to remain broadly favorable, with leverage declining in the US but rising modestly in Europe. Interest coverage ratios are improving as a result of declining rates. High yield spreads overall are around fair value in our opinion, taking into account our expectations of defaults for the next year. We believe European high yield now offers value in selective names, on an idiosyncratic basis. In our opinion, the US market has relatively outperformed, and does not offer value compared to Europe. Emerging market high yield is now starting to look attractive on a relative basis; we will be selective and look at specific names in countries with macro tailwinds. Single B-rated issues continue to look attractive but we are gradually rotating into BBs to reflect a more defensive stance. While we do not expect spreads to tighten in the near term, we expect the global high yield asset class to provide returns close to their yield, which is still attractive against other fixed-income alternatives for long-term investors.
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AllianzGI Global High Yield Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2019
6 Month* | 1 Year | Since Inception† | ||||||||||||
| AllianzGI Global High Yield Fund Institutional Class | 2.81% | 4.21% | 3.74% | ||||||||||
| AllianzGI Global High Yield Fund Class P | 2.81% | 4.09% | 3.64% | ||||||||||
| ICE BofA Merrill Lynch Global High Yield Constrained Index USD Hedged | 3.30% | 5.49% | 4.40% | ||||||||||
Lipper High Yield Funds Average | 1.73% | 4.39% | 3.46% |
* Cumulative return
† The Fund began operations on May 3, 2017. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on April 30, 2017.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s gross expense ratios are 1.48% for Class P shares and 1.48% for Institutional Class shares. 2018, as further revised or supplemented from time to time. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 0.80% for Class P shares and 0.70% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
Cumulative Returns Through March 31, 2019
Country Allocation (as of March 31, 2019)
United States | 56.5% | |||
Netherlands | 5.2% | |||
Canada | 4.4% | |||
United Kingdom | 3.7% | |||
Italy | 2.7% | |||
France | 2.7% | |||
Brazil | 2.5% | |||
China | 2.2% | |||
Other | 14.0% | |||
Cash & Equivalents — Net | 6.1% |
Credit Ratings* (as of March 31, 2019)
* As a percentage of total investments. Credit ratings apply to the credit worthiness of the issuers of the underlying securities and not to the Fund or its shares. Ratings are subject to change. Ratings are based off of the lowest available rating from S&P Global Ratings (“S&P”), Moody’s and Fitch. Bonds not rated by the aforementioned agencies are “unrated”. Ratings are shown based on the S&P rating scale, which ranges from AAA (highest) to D (lowest). Where applicable, securities ratings of an agency other than S&P have been converted to the S&P equivalent. “NR” denotes securities that are not rated. Not rated securities do not necessarily indicate low quality. Ratings are relative, subjective and not absolute standards of quality, and represent the opinions of the independent Nationally Recognized Statistical Rating Organizations (NRSRO). The security’s credit rating does not eliminate risk. The Fund is not rated by an independent rating agency. Previous shareholder reports for the Fund displayed bond ratings provided by S&P.
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AllianzGI Global High Yield Fund (cont’d)
Shareholder Expense Example | Actual Performance | |||
Class P | Institutional Class | |||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | ||
Ending Account Value (3/31/19) | $1,028.10 | $1,028.10 | ||
Expenses Paid During Period | $4.10 | $3.59 | ||
Hypothetical Performance | ||||
(5% return before expenses) | ||||
Class P | Institutional Class | |||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | ||
Ending Account Value (3/31/19) | $1,020.89 | $1,021.39 | ||
Expenses Paid During Period | $4.08 | $3.58 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.81% for Class P and 0.71% for Institutional Class), multiplied by the average account value over the period, multiplied 182/365.
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AllianzGI Global Sustainability Fund
For the period of October 1, 2018 through March 31, 2019, as provided by the Global Equity Team.
Fund Insights
For the six-month period ended March 31, 2019, Class A shares at net asset value (“NAV”) of the AllianzGI Global Sustainability Fund (the “Fund”) returned -2.67%, underperforming the MSCI ACWI (the “benchmark”), which returned -2.13%.
Market Overview
It was a volatile six months for global equities, with a severe setback in the last three months of 2018 followed by a sharp rebound at the start of 2019. A sudden rise in bond yields in early October 2018 provided the catalyst for the sell-off, with concerns over the outlook for global growth, heightened political risks and the ongoing trade tensions between the US and China also weighing on sentiment. While equity markets recovered strongly over the first quarter of 2019, helped by a dovish tone from central banks, many developed markets closed the six-month period lower although emerging markets performed better, posting moderate gains.
At a sector level, utilities and real estate companies were the standout performers. On balance, information technology companies also gained, despite falling from favor in late 2018. In contrast, energy stocks delivered the weakest returns, undermined by a sharp drop in oil prices over the last three months of 2018. The financials sector was another laggard amid concerns over the impact of lower bond yields on banks’ profit margins.
US economic activity moderated and inflation eased during the six-month period as the fiscal stimulus from tax cuts faded. While the US Federal Reserve (the “Fed”) raised rates as expected in December 2018, only three months later it reversed its previous guidance of further rate increases in 2019. Outside of the US, economic growth slowed as exports were hit by lower trade. Having only ended its bond-buying program in December 2018, the European Central Bank reinstated its policy of offering cheap long-term loans to banks and pledged to hold rates until the end of 2020. Elsewhere, central banks in general sounded more dovish. The People’s Bank of China injected a record amount of liquidity into China’s economy and cut the reserve requirement ratio for banks, with the Chinese authorities announcing further stimulus measures.
The Japanese yen strengthened against all major currencies over the six-month period, benefitting from its status as a safe haven in times of market turbulence. In contrast, the euro was the weakest of the major currencies, undermined by disappointing economic data, heightened political risks and the European Central Bank’s dovish stance. Unsurprisingly, the British pound was perhaps the most volatile major currency as the deadline for Brexit approached without any certainty as to whether the United Kingdom will leave the European Union with or without a deal. On balance, however, it closed the six-month period with little change against the US dollar.
It was a rollercoaster ride for oil which sold off sharply in the final quarter of 2018 on news that oil-producing nations had pledged to increase production. Brent crude fell from just above $85 per barrel to end December at just under $55 per barrel. However, oil prices recovered in the first quarter of 2019, rising back to just above $68 per barrel amid worries over the impact of US sanctions on Venezuela and Iran on oil supplies. Meanwhile, gold strengthened, helped by its status as a safe haven in times of market turmoil.
Portfolio Review
The Fund outperformed its benchmark over the six month period. This was primarily driven by strong selection, with picks in the consumer discretionary, health care and information technology boosting returns in particular. The main weakness in the Fund has been driven by sector allocation. Utilities have benefitted strongly from the fourth quarter’s downturn, with investors turning to more defensive stocks with income characteristics. Similarly, weaker interest rate expectations have recently driven some short-term outperformance in the real estate sector. However, both industries tend to lack the quality growth companies we believe drive longer-term returns. As such, we are comfortable with our positioning.
Starbucks has made the largest positive contribution to performance. The international retailer of coffee products released impressive fourth quarter results in November and has proved resilient in the recent market volatility. Just under half of Starbucks stores are based in the US, where same store sales rose by 4%. The company is also investing heavily in Asia Pacific, where sales grew by 1%, reversing a prior dip. Starbucks’ CEO, Kevin Johnson, has made a commitment to healthier menus, technological innovation and a leaner balance sheet—restructuring US and European operations and accelerating share buybacks. Although these initiatives, combined with the Nestle deal, may take some time to translate into substantial margin growth, they should support it in the long-run.
Intuit has also performed well. The provider of financial management software recently delivered another solid quarter of results, with strong sales growth and a confident full year outlook. Both user numbers and revenues per user beat estimations, reflecting Intuit’s investment in innovations like faster payments settlement & same day/instant payroll. The introduction of TurboTax Live appears to be resonating with customers in particular this year given the number of changes in tax regulations. Management has guided conservatively and has indicated that its innovation pipeline engine is still healthy. We continue to hold the stock.
EOG Resources (“EOG”) has been the largest single detractor from returns of the Fund. The energy company has suffered due to a combination of volatile oil prices and rising capital expenditure (capex). EOG has particularly high exposure to US shale and, in the period from October to December, West Texas Intermediate Crude prices dropped over 40%, reaching a low of $42.50 having touched over $76. However, some of this decline has now reversed, and the company’s long-term business plan remains on track. In particular, the rise in capex from $5.8 to $6 billion appears to be with a view to capturing cheaper current service costs. Ultimately, EOG has committed to reduce its debt by another $3 billion by 2021 and continues to generate solid free cash flow with oil at its current price.
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AllianzGI Global Sustainability Fund (cont’d)
Performance has also been adversely impacted by our holding in UBS. Towards the end of March, the Swiss banking group issued a profit warning, guiding for lower investment bank revenues. While this was partially expected, UBS also revealed weaker wealth management revenues as a result of lower transaction volumes and invested assets. In February, UBS was also found guilty by a French court of illegally soliciting clients and laundering the proceeds of tax evasion, resulting in a possible penalty payment of up to 4.5 billion euros. This will probably limit their ability to do share buybacks, something which has been a positive for the stock of late. Nonetheless, the business remains structurally sound and is one of the better environmental, social and governance (“ESG”) performers within the financial sector. The stock is a relatively small position in the fund and is under review.
Outlook
At the end of the first quarter of 2019, global equities have erased almost all the losses made in the preceding three months. However, this recovery has largely been driven by increasingly supportive monetary policy and a softening of the US and China trade-war rhetoric. With economic data and corporate earnings growth resolutely mixed, the pattern of lower and more volatile returns is likely to continue.
Growth appears supportive, if softer, for now. While US manufacturing survey data slid to its lowest level since November 2016, its non-manufacturing counterpart beat expectations. Similarly, China’s recent fiscal and monetary policy decisions have pushed its official Purchasing Managers Index (“PMI”) back into growth at 50.5. European data, remains bleak by contrast, with euro-zone manufacturing data experiencing its steepest contraction since April 2013.
Political affairs also remain conciliatory. Although a possible resolution to US-China trade talks has been buoying markets for some time, delay is preferable to the alternative. If necessary, Chinese officials have expressed their willingness to continue negotiations as far as June. In Europe, the UK parliament has opted for similar postponement, voting to extend article 50 and avoid a “no deal” departure from the European Union.
At a company level, this has translated to earnings downgrades that were less severe than expected. Combined with the pause in further quantitative tightening, equity valuations have risen sharply, particularly in growth sectors like technology. Cyclical sectors like materials and industrials have also benefitted as the threat of higher debt servicing costs recedes.
Economic data, monetary policy and geopolitics remain finely balanced for now. However, March’s yield curve inversion suggests longer term confidence is starting to ebb. As a result, we believe quality characteristics are rising in importance for stocks and portfolios alike. In our opinion, a rise in volatility and scrupulous active management should present opportunities to invest in these companies and generate superior returns for clients in the long-term.
Average Annual Total Return for the period ended March 31, 2019
6 Month* | 1 Year | Since Inception† | ||||||||||||
AllianzGI Global Sustainability Fund Class A | –2.67% | 4.47% | 7.03% | |||||||||||
| AllianzGI Global Sustainability Fund Class A — Adjusted | –8.02% | –1.27% | 5.64% | ||||||||||
| AllianzGI Global Sustainability Fund Class P | –2.57% | 4.66% | 7.21% | ||||||||||
| AllianzGI Global Sustainability Fund Institutional Class | –2.57% | 4.76% | 7.29% | ||||||||||
| MSCI ACWI | –2.13% | 2.60% | 6.62% | ||||||||||
| Dow Jones Sustainability World Total Return Index | –1.59% | 2.24% | 6.21% | ||||||||||
Lipper Global Large-Cap Growth Funds Average | –0.81% | 5.87% | 7.66% |
* Cumulative return
† The Fund began operations on December 9, 2014. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on November 30, 2014.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s gross expense ratios are 1.70% for Class A shares, 1.25% for Class P shares and 1.43% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 1.09% for Class A shares, 0.94% for Class P shares and 0.84% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
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AllianzGI Global Sustainability Fund (cont’d)
Cumulative Returns Through March 31, 2019
Country Allocation (as of March 31, 2019)
United States | 53.4% | |||
United Kingdom | 11.9% | |||
Germany | 6.8% | |||
Japan | 4.7% | |||
Spain | 4.0% | |||
Switzerland | 3.8% | |||
Sweden | 3.3% | |||
France | 2.4% | |||
Other | 6.7% | |||
Cash & Equivalents — Net | 3.0% |
Shareholder Expense Example | Actual Performance | |||||
Class A | Class P | Institutional Class | ||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | |||
Ending Account Value (3/31/19) | $973.30 | $974.30 | $974.30 | |||
Expenses Paid During Period | $5.36 | $4.63 | $4.13 | |||
Hypothetical Performance | ||||||
(5% return before expenses) | ||||||
Class A | Class P | Institutional Class | ||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | |||
Ending Account Value (3/31/19) | $1,019.50 | $1,020.24 | $1,020.74 | |||
Expenses Paid During Period | $5.49 | $4.73 | $4.23 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.09% for Class A, 0.94% for Class P and 0.84% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.
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AllianzGI Global Water Fund
For the period of October 1, 2018 through March 31, 2019, as provided by Andreas Fruschki, CFA, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2019, Class A shares at net asset value (“NAV”) of the AllianzGI Global Water Fund (the “Fund”) returned 0.27%, underperforming the S&P Global Water Index (the “benchmark”), which returned 3.86%.
Market Overview
It was a volatile six months for global equities, with a severe setback in the last three months of 2018, followed by a sharp rebound at the start of 2019. A sudden rise in bond yields in early October 2018 provided the catalyst for the sell-off, with concerns over the outlook for global growth, heightened political risks, and the ongoing trade tensions between the US and China also weighing on sentiment. While equity markets recovered strongly over the first quarter of 2019, helped by a dovish tone from central banks, many developed markets closed the six-month period lower. We saw water investments outpace the broad global equity market given the resilient growth nature of water stocks. Defensive in nature, utility companies provided downside support during the volatile fourth quarter, while more growth oriented industrial names supported strong results during the rebound at the start of 2019.
Portfolio Overview
The Fund trailed the benchmark during the six-month period with both stock selection and sector allocation detracting from relative results. With respect to sector allocation, the relative underweight to utilities was negative in the short period of sentiment-driven market volatility, as investors moved toward defensive areas of the market.
From a single line perspective, on an absolute basis, American Water Works was the largest contributor to results. The leading US water utility benefitted from the risk-off sentiment in the fourth quarter as well as continued organic and inorganic growth supported by increasingly supportive regulation and solid internal business strategy.
In contrast, Andritz AG, an industrial machinery player, was the largest absolute detractor. The company has recently faced some challenges due to volatility in some of its end-markets driven by short term economic pressures. The market continues to assess the balance between solid long-term potential and the medium-term risk-return profile.
Outlook
In our opinion, the Fund remains an attractive asset in the current market and economic conditions. As global growth continues to slow and we approach the end of the cycle, the water theme offers a sustainable growth and de-correlation appeal.
Adequate water infrastructure in developed nations continues to be an issue with population growth, industrial evolution and climate change, all increasing the need for investments. In developing countries, the attractive investment opportunity is anchored in the lack of adequate water infrastructure combined with rising living standards and growing income levels. In order for these nations to develop and meet the rising expectations of their citizens, significant investments in infrastructure are needed, especially related to the water quality management.
In order to capitalize on this opportunity, we invest in companies that offer solutions to the scarcity crisis and those that stand to benefit from investments in water infrastructure and quality enhancements. We seek to invest, under normal circumstances, at least 80% of the Fund’s net assets in equities that are substantially engaged in water-related activities. We target investments with the most attractive combination of alignment to the United National Sustainable Development Goals (SDGs) related to water resource management and clean water access, and strong companies with significant exposure to the water end-markets. We believe this combination offers investors the most attractive and effective long-term exposure.
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AllianzGI Global Water Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2019
6 Month* | 1 Year | 5 Year | 10 Year | Since Inception† | ||||||||||||||||||
AllianzGI Global Water Fund Class A | 0.27% | 2.78% | 4.55% | 11.46% | 4.99% | |||||||||||||||||
| AllianzGI Global Water Fund Class A (adjusted) | –5.24% | –2.87% | 3.37% | 10.83% | 4.45% | ||||||||||||||||
AllianzGI Global Water Fund Class C | –0.19% | 1.94% | 3.75% | 10.60% | 4.19% | |||||||||||||||||
| AllianzGI Global Water Fund Class C (adjusted) | –1.16% | 0.95% | 3.75% | 10.60% | 4.19% | ||||||||||||||||
| AllianzGI Global Water Fund Class P | 0.32% | 3.03% | 4.81% | 11.72% | 5.24% | ||||||||||||||||
| AllianzGI Global Water Fund Institutional Class | 0.34% | 3.03% | 4.84% | 11.80% | 5.31% | ||||||||||||||||
| S&P Global Water Index | 3.86% | 7.34% | 6.78% | 14.26% | 7.25% | ||||||||||||||||
| MSCI ACWI | –2.13% | 2.60% | 6.45% | 11.98% | 5.30% | ||||||||||||||||
Lipper Global Natural Resources Funds Average | –9.86% | –5.90% | –4.79% | 3.06% | –3.86% |
* Cumulative return
† The Fund began operations on March 31, 2008. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on March 31, 2008.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s gross expense ratios are 1.41% for Class A shares, 2.16% for Class C shares 1.15% for Class P shares and 1.14% for Institutional Class shares. These ratios do not include an expense reduction contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 1.22% for Class A shares, 1.97% for Class C shares, 0.94% for Class P shares, and 0.93% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
Cumulative Returns Through March 31, 2019
Country Allocation (as of March 31, 2019)
United States | 59.0% | |||
United Kingdom | 13.9% | |||
France | 6.4% | |||
China | 4.7% | |||
Sweden | 4.4% | |||
Switzerland | 3.7% | |||
Austria | 3.3% | |||
Finland | 1.8% | |||
Other | 1.9% | |||
Cash & Equivalents — Net | 0.9% |
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AllianzGI Global Water Fund (cont’d)
Shareholder Expense Example | Actual Performance | |||||||
Class A | Class C | Class P | Institutional Class | |||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
Ending Account Value (3/31/19) | $1,002.70 | $998.10 | $1,003.20 | $1,003.40 | ||||
Expenses Paid During Period | $6.14 | $9.86 | $4.74 | $4.75 | ||||
Hypothetical Performance | ||||||||
(5% return before expenses) | ||||||||
Class A | Class C | Class P | Institutional Class | |||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
Ending Account Value (3/31/19) | $1,018.80 | $1,015.06 | $1,020.19 | $1,020.19 | ||||
Expenses Paid During Period | $6.19 | $9.95 | $4.78 | $4.78 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.23% for Class A, 1.98% for Class C, 0.95% for Class P and 0.95% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.
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AllianzGI Green Bond Fund
From inception on November 19, 2018, through March 31, 2019, as provided by Julien Bras, CFA, Portfolio Manager.
Fund Insights
From inception on November 19, 2018 through March 31, 2019, Class A shares at net asset value (“NAV”) of the AllianzGI Green Bond Fund (the “Fund”) returned 4.98%, underperforming the ICE BofA Merrill Lynch Green Bond Index (the “benchmark”) which returned 5.46%.
Market Environment
The first quarter of 2019 witnessed a sharp recovery from the sharp sell-off. A more dovish tone from central banks, especially the US Federal Reserve (the “Fed”) U-turn highlighting the end of tightening measures, together with the European Central Bank (ECB) revising down its one-year forecast of growth and inflation, helped the fixed income credit markets recover. The US and German curves flattened, sending the 10-year German rate back to negative territory and the US rate below 2.50%. Despite the eased tensions between the US and China over trade negotiations, no hard deal has been reached yet and slowing growth began to morph into something more tangible than expected in Europe, with Italy in technical recession and Germany running out of steam.
According to the Climate Bond Initiative, the green bond market new issues added up to $48bn in the first quarter of 2019, recording a 42% growth compared to 2018. 43 market entrants tapped into green bonds and debut issuers represented around 23%. First quarter volumes were driven by non-financial corporates, which accounted for a third of issuance. Government-backed entities and financial corporates were also active in the market, each contributing 17%. As of end of March, the benchmark was composed of 347 bonds for a market value of $267bn.
Performance analysis
The Fund underperformed from its launch date to the end of 2018 due to the ramp-up period, the Fund being progressively invested in an environment of positive market performance correlated to decreasing US interest rates. The Fund then outperformed its benchmark in the first quarter of 2019 (4.38% vs. 3.95%). Over the same time frame, the Fund’s selection on some agency issuers and the overweight on utilities made a positive contribution to relative return although the cash exposure and the respective underweights on supranationals and sovereigns had a slight negative impact to the Fund’s relative return.
Outlook
We believe further growth is expected for 2019 in the green bonds market globally. In our opinion, stronger regulation, growing investor appetite and governmental focus on addressing climate change are key nurturing factors to this expansion. In the current environment, we remain underweight European duration and more neutral on US duration and maintain our focus on bottom-up green bond selection.
Cumulative Total Return for the period ended March 31, 2019
Since Inception† | ||||||
AllianzGI Green Bond Fund Class A | 4.98% | |||||
| AllianzGI Green Bond Fund Class A (adjusted) | 1.05% | ||||
| AllianzGI Green Bond Fund Class P | 5.04% | ||||
| AllianzGI Green Bond Fund Institutional Class | 5.08% | ||||
| ICE BofA Merrill Lynch Green Bond Index | 5.46% | ||||
Lipper Core Bond Funds Average | 4.63% |
† The Fund began operations on November 19, 2018. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on November 30, 2018.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A Shares. Returns do not reflect deduction of taxes that a shareholder would pay on funds distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s gross expense ratios are 5.84% for Class A shares, 5.59% for Institutional Class shares and 5.64% for Class P shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2022. The Fund’s expense ratios net of this reduction are 0.75% for Class A shares, 0.50% for Institutional Class shares and 0.55% for Class P shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
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AllianzGI Green Bond Fund (cont’d)
Cumulative Returns Through March 31, 2019
Country Allocation (as of March 31, 2019)
United States | 20.4% | |||
Netherlands | 16.6% | |||
France | 10.3% | |||
Supranational | 10.2% | |||
Australia | 5.3% | |||
United Kingdom | 4.6% | |||
Canada | 3.8% | |||
Indonesia | 3.6% | |||
Other | 24.7% | |||
Cash & Equivalents — Net | 0.5% |
Credit Ratings* (as of March 31, 2019)
* As a percentage of total investments. Credit ratings apply to the credit worthiness of the issuers of the underlying securities and not to the Fund or its shares. Ratings are subject to change. Ratings are based off of the highest available rating from S&P Global Ratings (“S&P”), Moody’s and Fitch. Bonds not rated by the aforementioned agencies are “unrated”. Ratings are shown based on the S&P rating scale, which ranges from AAA (highest) to D (lowest). Where applicable, securities ratings of an agency other than S&P have been converted to the S&P equivalent. “NR” denotes securities that are not rated. Not rated securities do not necessarily indicate low quality. Ratings are relative, subjective and not absolute standards of quality, and represent the opinions of the independent Nationally Recognized Statistical Rating Organizations (NRSRO). The security’s credit rating does not eliminate risk. The Fund is not rated by an independent rating agency.
Shareholder Expense Example | Actual Performance | |||||
Class A | Class P | Institutional Class | ||||
Beginning Account Value (11/19/18) | $1,000.00 | $1,000.00 | $1,000.00 | |||
Ending Account Value (3/31/19) | $1,049.80 | $1,050.40 | $1,050.80 | |||
Expenses Paid During Period | $2.85 | $2.22 | $1.89 | |||
Hypothetical Performance | ||||||
(5% return before expenses) | ||||||
Class A | Class P | Institutional Class | ||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | |||
Ending Account Value (3/31/19) | $1,021.09 | $1,021.94 | $1,022.39 | |||
Expenses Paid During Period | $3.88 | $3.02 | $2.57 |
*The Fund commenced operations on November 19, 2018. The Actual expense example is based on the period since inception; the Hypothetical expense example is based on the period beginning October 1, 2018. If the Hypothetical expense example had been based on the period since inception, the Ending Account Value and Expenses Paid During Period would have been: $1,015.30 and $2.81, respectively, for Class A; $1,015.91 and $2.19, respectively, for Class P; $1,016.24 and $1.86, respectively, for Institutional Class.
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.77% for Class A, 0.60% for Class P and 0.51% for Institutional Class), multiplied by the average account value over the period, multiplied by 132/365 for the Actual example and 182/365 for the Hypothetical expense example.
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AllianzGI High Yield Bond Fund
For the period of October 1, 2018 through March 31, 2019, as provided by Doug Forsyth, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2019, Class A shares at net asset value (“NAV”) of the AllianzGI High Yield Bond Fund (the “Fund”) returned 1.08%, underperforming the ICE BofA Merrill Lynch High Yield Master II Index (the “benchmark”), which returned 2.39 %.
Market Overview
After a challenging finish to 2018, high-yield bonds started 2019 on strong footing and finished with a gain for the six-month period.
In the fourth quarter of 2018 investors lost confidence in the staying power of earnings and the stability of the economy, fearing that trade wars and the US Federal Reserve’s (the “Fed’s”) path would lessen their durability. Despite asset class weakness over the three month period, there was no change in overall fundamentals to substantiate the market’s sharp selloff.
In the first quarter of 2019 investor confidence rebounded. Aside from optimism around a possible US-China trade agreement, factors that influenced sentiment included the Fed, corporate earnings and economic data.
The market reacted positively to Fed Chairman Jerome Powell’s dovish remarks at an economic conference in January 2019 noting that the Fed is prepared to shift its policy stance if necessary. Then in March the Fed communicated reduced projections for rate hikes in 2019 from two to zero and an end to balance sheet reductions by September. The market reaction to the Fed’s March communication was swift. The 10-year US Treasury yield dropped and triggered a short-lived yield curve inversion (3-month/10-year). Overseas, other central banks also announced dovish actions.
Fourth quarter financial results were better-than-expected for most high-yield issuers. Further, fourth quarter earnings growth for the S&P 500 Index was impressive, rising more than 16% on a year-over-year basis, according to Refinitiv, a global provider of financial markets data. Additionally, net leverage remained low and interest coverage remained elevated, validating a continuation of a positive credit cycle.
Economic data were balanced in the first quarter. The labor market remained strong with signs of rising incomes and low unemployment, while consumer confidence and small business optimism retreated. Ongoing growth provided a supportive backdrop for risk assets.
Portfolio Review
The Fund rebounded with the market in the first quarter of 2019 but trailed the benchmark return over the six-month reporting period.
Performance dispersion among credit-quality subcategories aided relative performance. The portfolio’s credit allocation, specifically an underweight in CCC rated bonds was a tailwind as the lowest quality, highest risk issues underperformed higher quality bonds.
Industry allocations that helped relative performance during the period included energy, support-services and capital goods. In energy, positive credit selection and an industry underweight aided relative performance. In the support-services and capital goods industries, security selection was a contributor in addition to overweight allocations.
Industry allocations that negatively impacted relative performance during the reporting period included telecommunications, financial services and media. Relative underperformance in the above mentioned sectors was primarily driven by negative credit selection.
Outlook
We believe the US economy and corporate earnings will deliver solid growth in 2019. While some cyclical areas of high yield have exhibited weakness, the credit profile of the overall market remains healthy and, in our opinion, is not signaling an economic downturn.
We expect US economic activity to slow from above-trend growth in 2018 to a moderate pace in 2019. Despite some headwinds, we believe the residual impacts of the Federal Government tax cuts, ongoing deregulation efforts and the potential for an infrastructure spending bill support a continuation of economic growth.
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AllianzGI High Yield Bond Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2019
6 Month* | 1 Year | 5 Year | 10 Year | Since Inception† | ||||||||||||||||||
AllianzGI High Yield Bond Fund Class A | 1.08% | 3.71% | 2.46% | 8.64% | 6.89% | |||||||||||||||||
| AllianzGI High Yield Bond Fund Class A (adjusted) | –2.71% | –0.18% | 1.68% | 8.23% | 6.71% | ||||||||||||||||
AllianzGI High Yield Bond Fund Class C | 0.61% | 2.88% | 1.77% | 7.89% | 6.12% | |||||||||||||||||
| AllianzGI High Yield Bond Fund Class C (adjusted) | –0.37% | 1.90% | 1.77% | 7.89% | 6.12% | ||||||||||||||||
| AllianzGI High Yield Bond Fund Class R | 0.90% | 3.40% | 2.03% | 8.28% | 6.58% | ||||||||||||||||
| AllianzGI High Yield Bond Fund Class P | 1.30% | 4.07% | 2.84% | 8.95% | 7.11% | ||||||||||||||||
| AllianzGI High Yield Bond Fund Institutional Class | 1.18% | 3.91% | 2.82% | 9.04% | 7.34% | ||||||||||||||||
AllianzGI High Yield Bond Fund Administrative Class | 1.26% | 4.01% | 2.42% | 8.64% | 6.89% | |||||||||||||||||
| ICE BofA Merrill Lynch High Yield Master II Index | 2.39% | 5.94% | 4.70% | 11.24% | 7.04% | ||||||||||||||||
Lipper High Yield Funds Average | 1.73% | 4.39% | 3.43% | 9.57% | 5.64% |
* Cumulative return
† The Fund began operations on July 31, 1996. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on July 31, 1996.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account themaximum initial sales charge of 3.75% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s expense ratios are 1.05% for Class A shares, 1.71% for Class C shares, 1.44% for Class R shares, 0.70% for Class P shares, 0.73% for Institutional Class shares and 0.88% for Administrative Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
Cumulative Returns Through March 31, 2019
Industry Allocation (as of March 31, 2019)
Media | 11.4% | |||
Oil, Gas & Consumable Fuels | 8.9% | |||
Telecommunications | 8.4% | |||
Diversified Financial Services | 6.8% | |||
Healthcare-Services | 5.5% | |||
Entertainment | 4.7% | |||
Commercial Services | 3.8% | |||
Pharmaceuticals | 3.1% | |||
Other | 45.0% | |||
Cash & Equivalents — Net | 2.4% |
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AllianzGI High Yield Bond Fund (cont’d)
Credit Ratings* (as of March 31, 2019)
* As a percentage of total investments. Securities ratings refer to the underlying holdings of the Fund and are categorized from highest to lowest credit quality using ratings provided by S&P Global Ratings (“S&P”). S&P’s ratings have been selected for several reasons, including the portfolio managers’ usage of S&P ratings methodology among other credit quality information in managing the Fund, access to background information and other materials provided by S&P, as well as the Funds’ considerations of industry practice. The Fund also displays S&P credit ratings information in materials provided in client presentations. Previous shareholder reports for the Fund displayed bond ratings provided by Moody’s. See “Important Information” for more detail on the selection of S&P for the Fund’s ratings presentation. Securities not rated by S&P and bonds that do not currently have a rating available are designated in the chart above as “NR” and “NA”, respectively.
Shareholder Expense Example | Actual Performance | |||||||||||
Class A | Class C | Class R | Class P | Institutional Class | Administrative Class | |||||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
Ending Account Value (3/31/19) | $1,010.80 | $1,006.10 | $1,009.00 | $1,013.00 | $1,011.80 | $1,012.60 | ||||||
Expenses Paid During Period | $5.51 | $8.85 | $7.11 | $3.91 | $3.96 | $4.72 | ||||||
Hypothetical Performance | ||||||||||||
(5% return before expenses) | ||||||||||||
Class A | Class C | Class R | Class P | Institutional Class | Administrative Class | |||||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
Ending Account Value (3/31/19) | $1,019.45 | $1,016.11 | $1,017.85 | $1,021.04 | $1,020.99 | $1,022.14 | ||||||
Expenses Paid During Period | $5.54 | $8.90 | $7.14 | $3.93 | $3.98 | $4.73 |
For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.10% for Class A, 1.77% for Class C, 1.42% for Class R, 0.78% for Class P, 0.79% for Institutional Class and 0.94% for Administrative Class), multiplied by the average account value over the period, multiplied by 182/365.
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AllianzGI International Growth Fund
For the period of October 1, 2018 through March 31, 2019 as provided by Laura Villani, Product Specialist Associate, Equities.
Fund Insights
For the six-month period ended March 31, 2019, Class A shares at net asset value (“NAV”) of the AllianzGI International Growth Fund (the “Fund”) returned -0.88%, outperforming the MSCI ACWI ex USA Index (the “benchmark”), which returned -2.33%.
Market Overview
International equities were hit by the global selloff during the fourth quarter of 2018. Investors feared a decline in global growth, with the US Federal Reserve (the “Fed”) hiking rates again, and relatively weak Chinese gross domestic product data creating a link to the higher tariffs. In Europe, the vote for Theresa May’s Brexit deal was postponed until the 15th of January, initially seen as raising the chances of a crash on the 29th of March, while France was unsettled by the yellow vest unrest, and Italian growth stagnated due to the budget standoff with Brussels. Chinese equities were among the weakest performers in the Asian region, with key indices closing the quarter near a four-year low, as China’s economy continued to slow. Japanese, Australian and emerging markets equities all retreated sharply in the final quarter of 2018. More positively, Brazilian equities defied the broader sell off to post double-digit gains. The real also surged as investors reacted positively to the election of market-friendly, far-right candidate Jair Bolsonaro as the country’s president.
In a stark contrast, international equity markets then rallied strongly in first quarter of 2019, rebounding from their sharp sell-off at the end of 2018. Investors were bullish on hopes of improved trade relations between the US and China, and a dovish tone from major central banks, with China injecting a record amount of liquidity and the European Central Bank (“ECB”) providing another round of targeted long-term refinancing operations. In Europe, this helped overcome weak euro-zone economic news, as well as the uncertainty caused by the UK’s impending Brexit deadline. News that index provider MSCI was to increase China’s weighting in its widely-used emerging markets index buoyed shares here, given it should bring significant investor inflows into Chinese stocks. In Latin America, Brazilian stocks extended their multi-month rebound amid optimism over the reform agenda of newly-elected President Jair Bolsonaro. Australia and New Zealand recorded double-digit gains, while Japan lagged other developed markets, held back by news that first quarter corporate profits were falling sharply.
Portfolio Review
During the six-month period, the Fund saw a positive contribution from the stock selection, and slightly negative contribution from the sector allocation. With regards to sector allocation, the underweights to real estate and utilities, and overweight to industrials, were not supportive. From a country perspective, stock selection in Canada contributed most positively, supported also by India and South Korea. Stock picking in the UK, China and Sweden detracted. With the strategy being both sector and country agnostic, these results are simply an effect of the stock selection.
HDFC Bank Ltd., one of India’s largest private banks, was the top contributor with an active contribution of 74 basis points, followed by Ambu AS, AIA Group Ltd., Infineon Technologies AG, and Alibaba Group Holding Ltd (between 34 and 46 basis points each). HDFC looks to benefit from rising loan demand and cost efficiency gains, delivering a return on equity of around 18% this year. Results for the second quarter released in October supported this outlook, with net profit growth of +21% year-over-year driven by loan growth and improved operating leverage.
Meanwhile international online fashion retailer Asos was the lead detractor, subtracting 90 basis points from relative performance, after limited promotional activity during Black Friday and Cyber Monday led the firm to reduce fiscal year guidance. The stock was overly punished in our view, falling over 50% in December, and is well on its way to recovery in terms of year-to-date performance. Asos Plc added 1.9mn customers in the second half, the largest ever absolute increase over the period, and also recently launched Asos Supply (homewares), being an additional growth driver. German payment processing firm Wirecard AG, China’s dominant search engine Baidu, Inc., and kitchen equipment manufacturer Hoshizaki Corp. also detracted over 50 basis points each.
Outlook
International equities appear to be entering a period of stabilization, with recent macro data suggesting we have reached the trough of the global slowdown. There are now signs of Chinese fiscal stimulus beginning to feed through, as confirmed by recent purchasing managers index figures (crucial indicator of customer demand in cyclical sectors such as autos, many industrials, semiconductors, and also luxury goods). The more dovish Fed and ECB are also providing support, while progress on US-China trade talks is promising also in a more international context.
We believe that the market is likely to be more sensitive to market news and company reporting in at least the next quarter or two, given uncertainties on the macro environment, and the re-ratings seen since last earnings season. However the current late cycle environment of declining yields, relatively lower macro visibility, and declining market earnings growth can create an even greater contrast in the performance of the benchmark versus our high quality growth holdings. As long term investors we will take any market moves on short term factors as opportunities to reposition the portfolio according to our long term views, which has been a good source of alpha in the past.
Ultimately we remain true to style in all market environments. Our conviction rests in our focus on high quality, structural growth names that we believe will continue to deliver on the principle of compounding growth. We believe that companies with a high return on invested capital that reinvest their high returns back into the business, and repeat this process over time, will outperform a stock which is simply discounted in the short-term.
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AllianzGI International Growth Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2019
6 Month* | 1 Year | Since Inception† | ||||||||||||
AllianzGI International Growth Fund Class A | –0.88% | –2.19% | 7.93% | |||||||||||
| AllianzGI International Growth Fund Class A (adjusted) | –6.33% | –7.57% | 6.47% | ||||||||||
| AllianzGI International Growth Fund Institutional Class | –0.72% | –1.95% | 8.21% | ||||||||||
| MSCI ACWI ex USA Index | –2.33% | –4.22% | 4.10% | ||||||||||
| MSCI ACWI ex USA Growth Index | –1.39% | –3.05% | 5.34% | ||||||||||
Lipper International Multi-Cap Growth Funds Average | –3.56% | –4.97% | 4.58% |
* Cumulative return
† The Fund began operations on February 2, 2015. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on January 31, 2015.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A Shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s gross expense ratios are 1.89% for Class A shares and 1.61% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 1.05% for Class A shares and 0.80% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
Cumulative Returns Through March 31, 2019
Country Allocation (as of March 31, 2019)
China | 14.5% | |||
Germany | 11.1% | |||
Canada | 10.7% | |||
Denmark | 9.4% | |||
United Kingdom | 7.2% | |||
Sweden | 7.1% | |||
Brazil | 4.7% | |||
Japan | 4.3% | |||
Other | 30.3% | |||
Cash & Equivalents — Net | 0.7% |
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AllianzGI International Growth Fund (cont’d)
Shareholder Expense Example | Actual Performance | |||
Class A | Institutional Class | |||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | ||
Ending Account Value (3/31/19) | $991.20 | $992.80 | ||
Expenses Paid During Period | $5.21 | $3.97 | ||
Hypothetical Performance | ||||
(5% return before expenses) | ||||
Class A | Institutional Class | |||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | ||
Ending Account Value (3/31/19) | $1,019.70 | $1,020.94 | ||
Expenses Paid During Period | $5.29 | $4.03 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.05% for Class A and 0.80% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.
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AllianzGI International Small-Cap Fund
For the period of October 1, 2018 through March 31, 2019, as provided by Alexandra Russo, Product Specialist.
Fund Insights
For the six-month period ended March 31, 2019, Class A shares at net asset value (“NAV”) of the AllianzGI International Small-Cap Fund (the “Fund”) returned -13.48%, underperforming the MSCI World ex USA Small Cap Index (the “benchmark”), which returned -7.00%.
Market Overview
It was a volatile six months for international equities, with a severe setback in the last three months of 2018 followed by a sharp rebound at the start of 2019. A sudden rise in bond yields in early October 2018 provided the catalyst for the sell-off, with concerns over the outlook for global growth, heightened political risks and the ongoing trade tensions between the US and China also weighing on sentiment. While equity markets recovered strongly over the first quarter of 2019, helped by a dovish tone from central banks, many developed markets closed the six-month period lower although emerging markets performed better, posting moderate gains.
In Europe, euro-zone investor confidence, as measured by Sentix, reached the lowest level since late 2014 in early 2019. The euro-zone economy expanded by just 0.2% in the final quarter of 2018, with Italy falling into a recession, having recorded two successive quarters of negative growth. The euro-zone composite purchasing managers’ index fell to a 66-month low in January and, despite a modest recovery in February, March’s reading slipped again with the manufacturing component indicating the sector was experiencing its steepest contraction since April 2013. With inflation remaining below target and growth subdued, the European Central Bank reinstated its policy of offering cheap long-term loans to banks and pledged not to raise rates until the end of 2019 at the earliest. There was still no clarification over the UK’s Brexit process.
In Asia ex-Japan, Chinese economic data showed that higher US tariffs were having a negative impact on China’s already slowing economy. China’s gross domestic product expanded by 6.6% in 2018, the slowest pace of growth since 1990, and data for 2019 continued to indicate the economy was slowing, with both the Caixin and official manufacturing purchasing managers’ indices dropping into contraction territory. In response, the People’s Bank of China cut the reserve requirement ratio for banks. Australia’s gross domestic product grew by a weaker-than-expected 0.2% in the final quarter of 2018, taking the annual growth rate to 2.3%. The Reserve Bank of Australia held rates steady at 1.5%.
Economic activity in Japan was impacted by natural disasters, including a typhoon and an earthquake. This caused the economy to shrink by 2.4% on an annualised basis in the third quarter, although growth rebounded in the final quarter of the year, with economic activity expanding by an annualised 1.9%. The manufacturing purchasing managers’ index fell below the 50 level in February, the first time in two-and-a-half years that the sector has contracted, with industrial production and exports also weak.
Portfolio Specifics
In absolute terms, all three small-cap markets showed losses. Japanese small-caps registered the strongest losses followed by small-caps from Europe and finally Asia ex-Japan. In relative terms, all three sleeve portfolios closed behind their local indices.
Both, stock selection and sector allocation had a negative effect on performance. The overweight in industrials stocks as well as the underweight in real estate and utilities weighed on the Fund’s relative performance. Nevertheless, our overweight exposure to the information technology sector and our underweight in energy were favorable. Stock selection in the materials, industrials and financials sectors had a particularly negative impact on performance. Stock selection in the energy and communication services sectors contributed to performance, however.
On single stock basis, the positions in Auto Trader, Rengo and SimCorp were the most positive contributors. On the other hand, the positions in KH Neochem, ASOS and Maruwa were the most significant detractors.
Outlook
Two issues continue to shape developments on the capital markets. In Europe, the issue of Brexit is still looming large. The original leaving date (March 29, 2019) has now passed and still the European Union and the United Kingdom have not been able to agree on the exit procedure. Elsewhere, there has been some progress on the other issue, namely the trade conflict between the US and China. Both sides are working towards finding a solution by the end of April. In addition, there are signs of a slowdown in growth, including in the US, which has been a global growth engine for some time. Overall, however, we do not think that the global economy is heading for a recession, even though corporate profit growth looks to be past its peak. At the same time, potentially looser monetary policy from the US Federal Reserve should support equity investments in general. Overall, we continue to believe that volatility will increase, with increasing disparity between sectors and countries.
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AllianzGI International Small-Cap Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2019
6 Month* | 1 Year | 5 Year | 10 Year | Since Inception† | ||||||||||||||||||
AllianzGI International Small-Cap Fund Class A | –13.48% | –16.46% | 2.82% | 12.02% | 10.75% | |||||||||||||||||
| AllianzGI International Small-Cap Fund Class A (adjusted) | –18.23% | –21.05% | 1.67% | 11.39% | 10.45% | ||||||||||||||||
AllianzGI International Small-Cap Fund Class C | –13.83% | –17.15% | 2.03% | 11.17% | 9.91% | |||||||||||||||||
| AllianzGI International Small-Cap Fund Class C (adjusted) | –14.55% | –17.85% | 2.03% | 11.17% | 9.91% | ||||||||||||||||
| AllianzGI International Small-Cap Fund Class R | –13.60% | –16.74% | 2.53% | 11.72% | 10.46% | ||||||||||||||||
| AllianzGI International Small-Cap Fund Class P | –13.41% | –16.34% | 2.98% | 12.23% | 11.05% | ||||||||||||||||
| AllianzGI International Small-Cap Fund Institutional Class | –13.39% | –16.29% | 3.05% | 12.33% | 11.14% | ||||||||||||||||
| AllianzGI International Small-Cap Fund Class R6 | –13.37% | –16.26% | 3.13% | 12.43% | 11.24% | ||||||||||||||||
| MSCI World ex USA Small Cap Index | –7.00% | –8.66% | 3.69% | 12.25% | 7.36% | ||||||||||||||||
| MSCI EAFE Small Cap Index | –7.10% | –9.36% | 4.47% | 12.76% | 7.51% | ||||||||||||||||
Lipper International Small/Mid-Cap Growth Funds Average | –7.13% | –10.37% | 3.60% | 12.66% | 8.35% |
* Cumulative return
† The Fund began operations on December 31, 1997. Benchmark return and Lipper performance comparisons began on the fund inception date.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s gross expense ratios are 1.50% for Class A shares, 2.27% for Class C shares, 1.86% for Class R shares, 1.29% for Class P shares, 1.28% for Institutional Class shares and 1.22% for Class R6 shares. These ratios do not include expense reductions, contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 1.25% for Class A shares, 2.00% for Class C shares, 1.59% for Class R shares, 1.10% for Class P shares, 1.04% for Institutional Class shares and 1.00% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
Cumulative Returns Through March 31, 2019
Country Allocation (as of March 31, 2019 )
Japan | 30.1% | |||
United Kingdom | 12.8% | |||
Germany | 10.2% | |||
France | 6.2% | |||
Switzerland | 5.8% | |||
Denmark | 5.7% | |||
Austria | 5.3% | |||
Australia | 3.9% | |||
Other | 16.8% | |||
Cash & Equivalents — Net | 3.2% |
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AllianzGI International Small-Cap Fund (cont’d)
Shareholder Expense Example | Actual Performance | |||||||||||
Class A | Class C | Class R | Class P | Institutional Class | Class R6 | |||||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
Ending Account Value (3/31/19) | $865.20 | $861.70 | $864.00 | $865.90 | $866.10 | $866.30 | ||||||
Expenses Paid During Period | $5.81 | $9.56 | $7.39 | $5.12 | $4.84 | $4.65 | ||||||
Hypothetical Performance | ||||||||||||
(5% return before expenses) | ||||||||||||
Class A | Class C | Class R | Class P | Institutional Class | Class R6 | |||||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||||
Ending Account Value (3/31/19) | $1,018.70 | $1,014.66 | $1,017.00 | $1,019.45 | $1,019.75 | $1,019.95 | ||||||
Expenses Paid During Period | $6.29 | $10.35 | $8.00 | $5.54 | $5.24 | $5.04 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.25% for Class A, 2.06% for Class C, 1.59% for Class R, 1.10% for Class P, 1.04% for Institutional Class and 1.00% for Class R6), multiplied by the average account value over the period, multiplied by 182/365.
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AllianzGI Micro Cap Fund
For the period of October 1, 2018 through March 31, 2019, as provided by Robert Marren, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2019, Class A shares at net asset value (“NAV”) of the AllianzGI Micro Cap Fund (the “Fund”) returned -13.85%, underperforming the Russell Microcap Growth Index (the “benchmark”), which returned -12.92%.
Market Environment
US equities broadly fell over the six-month period. In early October 2018, the combination of elevated interest rates and investors’ hawkish interpretation of US Federal Reserve (the “Fed”) Chairman Jerome Powell’s commentary on monetary policy provided the catalyst for a sharp selloff. Markets recovered subsequently in the first quarter of 2019. The rebound was driven primarily by the dovish commentary from the Fed and was also helped by improved trade relations between the US and China.
Against this market backdrop, the Russell Microcap Index returned -11.94% and underperformed the Russell 2000 by 3.38%. Within the micro-cap universe, growth stocks underperformed value stocks by 1.89%. Specific to the benchmark, sector performance was broadly negative. Utilities and real estate were the only positive performing sectors. In contrast, the energy sector had the weakest performance, followed by materials and consumer discretionary.
Portfolio Review
The Fund underperformed its benchmark over the reporting period. From an attribution perspective, asset weightings contributed to the underperformance while security selection impact was neutral. Stock picking in the information technology, health care and materials sectors contributed positively to Fund performance. Conversely, negative security selection in the communication services, industrials and consumer discretionary sectors were offsetting. Separately, an overweight in energy hurt returns but was partially balanced by an underweight to consumer discretionary that helped performance.
A top contributor, Veracyte Inc., develops cancer diagnosis tests built on genetic sequencing and machine learning technology. The stock benefitted from delivering strong quarterly earnings results and guidance, helped by accelerating testing volumes. The largest absolute detractor was Boingo Wireless Inc., a provider of Wi-Fi hotspots and small cellular networks. The stock was lower after posting revenue and earnings guidance below investor expectations.
Outlook
We maintain the view that the current economic expansion should continue at a moderate pace. Key manufacturing and service surveys flash expansionary numbers; employment metrics remain positive; and leading indicators signal benign conditions. However, we anticipate that economic growth should decelerate in 2019, as temporary boosts from factors that include tax reform and inventory build ahead of tariffs rolls over.
On a monetary policy front, the Fed maintained its data dependent approach and signaled a pause in rate hikes for the rest of 2019. While employment conditions remained solid, the Federal Open Market Committee identified the potential for decelerating economic conditions, citing slowing household spending and business investments. Further, the central bank announced the end of the balance sheet runoff in September of 2019, helping ease financial conditions. Overall, we believe the Fed’s flexible approach to monetary policy should help stabilize investor appetite for risk assets.
Specific to small-cap equities, in our opinion, the asset class has the potential to generate high single digits earnings growth, while large cap equity earnings growth projections are low single digits. With small-cap’s price-to-earnings multiple below historical averages, it appears to trade at reasonable valuations relative to its growth potential.
Ultimately, we believe that company-specific results will dictate performance. We continue to uncover exciting, new positive change-based opportunities within the small-cap investment universe.
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AllianzGI Micro Cap Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2019
6 Month* | 1 Year | 5 Year | 10 Year | Since Inception† | ||||||||||||||||||
AllianzGI Micro Cap Fund Class A | –13.85% | –4.16% | 3.74% | 14.44% | 10.48% | |||||||||||||||||
| AllianzGI Micro Cap Fund Class A (adjusted) | –18.59% | –9.43% | 2.57% | 13.79% | 10.22% | ||||||||||||||||
| AllianzGI Micro Cap Fund Class P | –13.83% | –4.15% | 3.83% | 14.58% | 10.69% | ||||||||||||||||
| AllianzGI Micro Cap Fund Institutional Class | –13.80% | –4.11% | 3.81% | 14.64% | 10.78% | ||||||||||||||||
| Russell Microcap Growth Index | –12.92% | –1.43% | 3.50% | 14.77% | 6.53% | ||||||||||||||||
Lipper Small-Cap Growth Funds Average | –6.44% | 9.11% | 8.77% | 16.47% | 8.39% |
* Cumulative return
† The Fund began operations on July 12, 1995. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on June 30, 1995.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares.Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s gross expense ratios are 1.98% for Class A shares, 1.68% for Class P shares and 1.78% for Institutional Class shares. This ratio does not include an expense reduction, contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 1.42% for Class A shares, 1.34% for Class P shares and 1.34% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
Cumulative Returns Through March 31, 2019
Industry Allocation (as of March 31, 2019)
Biotechnology | 17.3% | |||
Healthcare Equipment & Supplies | 12.4% | |||
Software | 10.2% | |||
Life Sciences Tools & Services | 5.6% | |||
Banks | 5.3% | |||
Heathcare Providers & Services | 4.5% | |||
Pharmaceuticals | 4.4% | |||
Healthcare Technology | 3.1% | |||
Other | 37.1% | |||
Cash & Equivalents — Net | 0.1% |
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AllianzGI Micro Cap Fund (cont’d)
Shareholder Expense Example | Actual Performance | |||||
Class A | Class P | Institutional Class | ||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | |||
Ending Account Value (3/31/19) | $861.50 | $861.70 | $862.00 | |||
Expenses Paid During Period | $6.59 | $6.22 | $6.22 | |||
Hypothetical Performance | ||||||
(5% return before expenses) | ||||||
Class A | Class P | Institutional Class | ||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | |||
Ending Account Value (3/31/19) | $1,017.85 | $1,018.25 | $1,018.25 | |||
Expenses Paid During Period | $7.14 | $6.74 | $6.74 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.42% for Class A, 1.34% for Class P and 1.34% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.
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AllianzGI NFJ Emerging Markets Value Fund
For the period of October 1, 2018 through March 31, 2019, as provided by the Value Equity, US team.
Fund Insights
For the six-month period ended March 31, 2019, Class A shares at net asset value (“NAV”) of the AllianzGI NFJ Emerging Markets Value Fund (the “Fund”) returned 0.76%, underperforming the MSCI Emerging Markets Index (the “benchmark”), which returned 1.71%.
Market Overview
It was a volatile period for emerging market equities which closed the period with modest gains, outperforming most developed markets. Emerging market stocks joined in the global equity sell-off during the final quarter of 2018, reflecting rising concerns about the outlook for global growth and trade. But the start of 2019 saw markets rebound amid hopes of improved trade relations between the US and China as well as a more dovish tone from central banks, especially the US Federal Reserve (the “Fed”). Brazilian stocks were standout performers as investors reacted positively to the election of market-friendly, far-right candidate Jair Bolsonaro as the country’s president. At the other end of the scale, Mexican equities were one of the weakest markets on a global basis amid concerns over incoming president Andrés Manuel López Obrador’s decision to abandon plans to complete Mexico City’s new partially-built airport, as well as other controversial proposals.
In terms of sectors, real estate and utilities stocks in the benchmark posted robust gains of 17% and 8%, respectively, followed by gains from financials and consumer discretionary names. In contrast, the health care sector slumped 13%, followed by information technology and materials names, which each fell 4.5% over the six-month period.
Portfolio Review
The Fund’s relative underperformance versus its benchmark was driven by negative stock selection by country, though sector allocations also modestly detracted. In contrast, stock selection by sector and country allocations positively impacted relative performance during the six-month period.
In terms of stock selection by sector, holdings in the industrials, information technology and consumer staples sectors were robust contributors to performance. These gains were only somewhat offset by negative selection effects across the financials, materials and health care sectors over the reporting period.
From a sector allocation perspective, an overweight in information technology and underweight in consumer discretionary detracted from relative performance. Conversely, underweight exposures in the health care and materials sectors boosted relative performance results.
Selection by country was negative on weakness from the Fund’s South Africa, India and South Korean-based holdings. In contract, selections in Brazil, Taiwan and China benefitted performance during the six-month period.
Country allocation contributed to results, largely due to an overweight in France and underweight in Taiwan. This was somewhat offset by the negative impacts of an underweight in China and overweight in Mexico.
Outlook
For almost two decades, the world has witnessed a massive upward trend in Chinese growth that has been arguably the most important factor influencing the global economy. Last year, two major events unfolded that interrupted this trajectory of Chinese economic expansion. First, the Politburo in Beijing determined that deleveraging had to become a primary objective of its centralized planning. Second, the Trump administration pivoted its foreign policy to “level the playing field” in terms of trade with China. These two forces created tremendous uncertainty over China’s future expansion. So began the global stock market sell off that culminated in the fourth quarter of 2018.
The effects of those two events were felt far beyond the borders of China. China’s demand for raw materials, capital goods and other products and services seemed to sputter. As a result, purchasing managers index numbers in Japan, Europe and just about everywhere else began to fall precipitously. China has become too much of an economic juggernaut to be viewed in isolation—roughly 9% of revenues in Japan’s Nikkei Index and 6% of revenues in Germany’s DAX Index come from China. With the brakes being applied to Chinese consumption of vehicles, electrical equipment, machinery and other items, nations around the world have seen their export numbers pinched.
With all of this negative news, why did markets rally so strongly in the first quarter of 2019? The simple answer is that Beijing launched even more aggressive government stimulus efforts, and in aggregate these measures were enough to quell fears of an eminent recession. The Chinese stimulus efforts led to improving business confidence and a more optimistic outlook. The resulting strength around China quickly started to support the markets of China’s trading partners. Rates around the world drifted lower and price-to-earnings multiples expanded once again, thus lifting markets.
While China still faces many long term challenges such as demographic issues and continuing communist rule, the country’s government remains committed to keeping its economy growing. The remainder of this year will continue to bring its own challenges including developments around Brexit, a Japanese consumption tax hike, French/Italian political unrest and further central bank policy changes. However, recession fears at this point seem to be overdone. In our view, we may be in a scenario of slower-than-usual economic growth but by no means are we in a doom and gloom situation. We expect 2019 to be a smoother ride for investors in international markets versus the whip-saw year that was 2018.
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AllianzGI NFJ Emerging Markets Value Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2019
6 Month* | 1 Year | 5 Year | Since Inception† | |||||||||||||||
AllianzGI NFJ Emerging Markets Value Fund Class A | 0.76% | –11.92% | 4.45% | 4.15% | ||||||||||||||
| AllianzGI NFJ Emerging Markets Value Fund Class A (adjusted) | –4.78% | –16.77% | 3.27% | 3.22% | |||||||||||||
AllianzGI NFJ Emerging Markets Value Fund Class C | 0.37% | –12.61% | 3.67% | 3.37% | ||||||||||||||
| AllianzGI NFJ Emerging Markets Value Fund Class C (adjusted) | –0.63% | –13.47% | 3.67% | 3.37% | |||||||||||||
| AllianzGI NFJ Emerging Markets Value Fund Class P | 0.88% | –11.80% | 4.61% | 4.32% | |||||||||||||
| AllianzGI NFJ Emerging Markets Value Fund Institutional Class | 0.86% | –11.71% | 4.70% | 4.42% | |||||||||||||
| MSCI Emerging Markets Index | 1.71% | –7.41% | 3.68% | 2.57% | |||||||||||||
Lipper Emerging Markets Funds Average | 2.23% | –9.32% | 2.55% | 2.10% |
* Cumulative return
† The Fund began operations on December 18, 2012. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2012.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s gross expense ratios are 1.65% for Class A shares, 2.38% for Class C shares, 1.48% for Class P shares and 1.39% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 1.14% for Class A shares, 1.89% for Class C shares, 0.98% for Class P shares and 0.89% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
Cumulative Returns Through March 31, 2019
Country Allocation (as of March 31, 2019)
China | 23.7% | |||
India | 10.1% | |||
Korea (Republic of) | 8.7% | |||
Taiwan | 8.5% | |||
Brazil | 5.7% | |||
South Africa | 5.6% | |||
Hong Kong | 5.1% | |||
Mexico | 4.8% | |||
Other | 25.1% | |||
Cash & Equivalents — Net | 2.7% |
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AllianzGI NFJ Emerging Markets Value Fund (cont’d)
Shareholder Expense Example | Actual Performance | |||||||
Class A | Class C | Class P | Institutional Class | |||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
Ending Account Value (3/31/19) | $1,007.60 | $1,003.70 | $1,008.80 | $1,008.60 | ||||
Expenses Paid During Period | $5.81 | $9.54 | $5.01 | $4.56 | ||||
Hypothetical Performance | ||||||||
(5% return before expenses) | ||||||||
Class A | Class C | Class P | Institutional Class | |||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
Ending Account Value (3/31/19) | $1,019.15 | $1,015.41 | $1,019.95 | $1,020.39 | ||||
Expenses Paid During Period | $5.84 | $9.60 | $5.04 | $4.58 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.16% for Class A, 1.91% for Class C, 1.00% for Class P and 0.91% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.
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AllianzGI PerformanceFee Managed Futures Strategy Fund
For the period of October 1, 2018 through March 31, 2019, as provided by the Multi-Asset US Group.
Fund Insights
For the six-month period ended March 31, 2019, Institutional Class shares at net asset value (“NAV”) of the AllianzGI PerformanceFee Managed Futures Strategy Fund (the “Fund”) returned -1.08%, underperforming the ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill (the “benchmark”), which returned 1.17%.
Market Overview
The six-month period was a tale of two markets, as the first half was marked by a general pull-back in risk assets and a return of volatility. In particular, the fear of central bank policy error and a slowdown in global growth against a backdrop of geopolitical uncertainty led to equity market underperformance. In December 2018, US equities had the worst performance in seven years and nearly every major developed market posted negative returns. Quantitative easing (QE), which the market took to imply tighter financial conditions, falling stock prices, rising long term rates and weaker economic growth, were important factors for market conditions during the period.
In the first half of the six-month period, idiosyncratic risks around the world contributed to investors pricing in a weaker growth and policy mix. In the US, the mid-term elections in late November 2018 resulted in Democrats winning the House, which substantially reduced the chances of further fiscal stimulus for 2019. In Europe, political tensions and social unrest in France and political uncertainty in Italy related to the confrontation between the government and the European Union over its budget contributed to higher government bond yields and poor equity performance.
In contrast, the second half of the period experienced a rebound in risk assets and lower volatility. Beginning in early January, the US Federal Reserve (the “Fed”) signaled that it would pivot its approach to monetary policy from a hawkish stance at its December meeting, where it promised more rate hikes by the end of 2020, to an indication that it would remain on hold for the next six months or longer. As a result of the Fed’s new stance and rising optimism over the US-China trade negotiations, the selloff in US equities that occurred in December reversed in January and retraced about one half of the December drawdown. Global equities rallied and interest rates fell to their lowest levels in more than a year. Despite persisting concerns about global economic conditions, risk assets nonetheless rallied. In February, a stronger than expected fourth quarter published Gross Domestic Product (“GDP”) figure in the US helped support a further boost to equities, even as other economic data—especially in Europe—continued to weaken.
For the period overall, long-dated treasuries were among the best performing asset classes. In equities, emerging markets outperformed developed markets. Among developed markets, equities in the UK outperformed those of Europe and the US despite uncertainties over Brexit. Overall, MSCI ACWI returned around -2%, and a broad US bond index returned more than 4%.
Portfolio Review
During the period, the main detractors were global equities (-365 basis points), commodities (-270 basis points) and currencies (-30 basis points). The main contributors were fixed income (+415 basis points) and CBOE Volatility Index (VIX) futures (+65 basis points).
At the beginning of the period, net exposure to equities went progressively short from +44% to -7% by the end of October and a net -34% short by the end of December. We were typically long VIX futures during the fourth quarter of 2018, especially in October and December. However as risky assets rallied, we progressively reduced this position to -13% by the end of January, going long +10% by the end of February and +18% by the end of March.
Global duration exposure was progressively increased, from 0% in the beginning of the period to 96% by the end of November and further to 162% by the end of December. This was stable through January, but lowered to +143% in February. It was raised again to +155% by the end of March due to a strong bull market in duration.
US High Yield was progressively reduced from about +23% in the beginning to +8% by the end of October, and short -11% by the end of November where it remained stable through the market downturn in December. This short US High Yield position was eliminated during January, turning into a long +6.9% position by the end of February, and ended March as a +11% position. Emerging markets credit was volatile, beginning with a -7% short which was increased to -16% by the end of November, but eliminated entirely during December. We then went long emerging markets credit +8% by the end of January which was increased to +13% and +15% by the end of February and March respectively.
Shorts in international currencies versus the US dollar (USD) remained stable at 76% during October and November but were reduced significantly to 48% by end of December. In 2019 this was progressively reduced to about 30% by the end of March. The positions were volatile during January and February.
In the fourth quarter of 2018, we were mostly short the oil sector as well as metals ending with shorts in the oil sector and industrial metals at -3.3% and-7.5% respectively. However, during February these positions were reduced considerably to approximately neutral where they stayed until March as oil prices rose together with the risk-on rally. Our shorts in precious metals fluctuated in December but the overall sign did not change, ending at -6% in December 2018, and neutral by the end of March. Natural gas was long during the fourth quarter of 2018, though reduced slightly by end of December. This was reduced more during January-February, but raised again to +1.3% by the end of March.
Exposures in the grains and softs sectors were short during the fourth quarter of 2018 though the magnitude fluctuated. The short sizes were small at -3% and -1.5% respectively at the beginning of the quarter, rising to -8% and -6% by the end of November. Then grains shorts were reduced to -5% while softs stayed stable. We stayed short grains and softs during the first quarter of 2019, with the magnitude increasing from about -5% each at the beginning of March to about -8% each at the end of March. Livestock were overall long but the magnitudes fluctuated throughout the period, and ended with a large long position of +8% by the end of the first quarter of 2019.
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AllianzGI PerformanceFee Managed Futures Strategy Fund (cont’d)
Outlook
Going forward, we expect that the sources of optimism that helped improve sentiment in the second half of the period will likely continue in the near term. At the same time, however, many of the risks that previously weighed on sentiment linger in the background: uncertainty surrounding trade negotiation, weakening manufacturing sectors and trade, especially in Europe, Brexit-related uncertainty, a slowing economy in China, and in other emerging markets the potential for delay in structural reforms in light of new governments taking over. We remain relatively cautious in our positioning overall.
Average Annual Total Return for the period ended March 31, 2019
6 Month* | 1 Year | Since Inception† | ||||||||||||
| AllianzGI PerformanceFee Managed Futures Strategy Fund Institutional Class | –1.08% | –1.59% | –4.03% | ||||||||||
| AllianzGI PerformanceFee Managed Futures Strategy Fund Class P | –1.24% | –1.65% | –4.07% | ||||||||||
| AllianzGI PerformanceFee Managed Futures Strategy Fund Class R6 | –1.21% | –1.52% | –3.97% | ||||||||||
| ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index | 1.17% | 2.12% | 1.98% | ||||||||||
Lipper Alternative Managed Futures Funds Average | –2.38% | –2.57% | –4.27% |
* Cumulative return
† The Fund began operations on December 18, 2017. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2017.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns do not reflect deduction of taxes that a shareholder would pay on funds distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s gross expense ratios are 3.83% for Institutional Class shares, 2.63% for Class P shares and 2.62% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 0.90% for Institutional Class shares, 0.95% for Class P shares and 0.85% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
Cumulative Returns Through March 31, 2019
Asset Allocation (as of March 31, 2019)
U.S. Treasury Obligations | 85.6% | |||
Cash & Equivalents — Net | 14.4% |
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Shareholder Expense Example | Actual Performance | |||||
Class P | Institutional Class | R6 | ||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | |||
Ending Account Value (3/31/19) | $987.60 | $989.20 | $987.90 | |||
Expenses Paid During Period | $0.94 | $0.69 | $0.45 | |||
Hypothetical Performance | ||||||
(5% return before expenses) | ||||||
Class P | Institutional Class | R6 | ||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | |||
Ending Account Value (3/31/19) | $1,023.98 | $1,024.23 | $1,024.48 | |||
Expenses Paid During Period | $0.96 | $0.71 | $0.45 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.19% for Class P ,0.14% for Institutional Class and 0.09% for Class R6), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.
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Unaudited
AllianzGI PerformanceFee Structured US Equity Fund
For the period of October 1, 2018 through March 31, 2019, as provided by Greg Tournant and Stephen Bond-Nelson, Co-Portfolio Managers.
Fund Insights
For the six-month period ended March 31, 2019, Institutional Class shares at net asset value (“NAV”) of the AllianzGI PerformanceFee Structured US Equity Fund (the “Fund”) returned -2.46%, underperforming the S&P 500 Index (the “benchmark”), which returned -1.72%.
Market Overview
The severely fluctuating equity market was accompanied by a comparatively subdued implied-volatility environment in the fourth quarter. While it was one of the most difficult periods the strategy’s option portfolio has ever had to contend with, we were able to manage risk well. The benchmark underwent multiple declines in the final three months of 2018, ultimately ending down 13.52% for the fourth quarter of 2018. Atypically, the index experienced two peak-to-trough corrections greater than -10%, first in October 2018 then again in December.
However, the accompanying level of implied volatility, both before and after the moves, remained muted by historical standards. This disconnect in the relationship between the behavior of the equity index and the behavior of option prices made the environment uniquely challenging for the Fund, leading to higher restructuring costs and a slower expected relative performance recovery.
In the first quarter of 2019, with market conditions stabilizing amid a powerful equity market rally, the option portfolio generated excess returns above its targeted rate. Heading into the new year, the Fund’s option portfolio had been positioned for a variety of market scenarios—both to the downside and upside—and the latter is what took hold. Over just a few weeks from its late-December lows through mid-January, the S&P 500 Index surged 17%, its fastest rate of ascent in 10 years.
The benchmark, which underlies the Fund’s index option positions, returned 13.65% in the first quarter. The CBOE Volatility Index (“VIX”), a measure of option prices that had peaked at 36 in late December, behaved more in line with typical historical levels during the quarter with an average of 16.
Portfolio Review
In the first quarter of 2019, the Fund was able to recoup the cost it spent on managing risk during market stress in the preceding months, as is the goal. The Fund’s option portfolio benefited from realized gains on both range-bound spreads and upside directional positions, as well as from mark-to-market recovery as marked-down option positions cycled through expiration.
The option portfolio had entered the year with a slightly longer-duration profile, the result of diagonal restructuring we had undertaken during the severe late-December correction to manage risk as cost-effectively as possible. During this period we had extended our range-bound zones to the downside by approximately 15%, with expirations dates pushed several weeks further out in time. This restructuring had improved the option portfolio’s resilience in the event of further equity market declines.
However, we had also taken the opportunity to position the option portfolio for a V-shaped equity rebound, which is a typical statistical path following a sharp decline. The premise is that if the market were to remain lower, the VIX would likely remain elevated, providing a favorable aftermath for heightened excess return potential. But if the market were to rally, the VIX would likely subside quickly, creating a missed opportunity for the option portfolio.
So as a hedge against this opportunity cost, during the December correction we built additional directional positions to the upside, via long call spreads and in some cases long calls. With the benchmark up 8.01% in January alone, these upside directional positions boosted performance.
Still, it is important to bear in mind that we always construct the option portfolio for multiple scenarios. Had the benchmark stayed down or continued lower, we believe that the downside directional positions and higher VIX would likely have aided the option portfolio’s relative recovery.
The other benefit of the strong equity market and accompanying VIX decline is that we were able to close out a number of longer-dated option positions and restore the option portfolio to its typical weighted-average duration of approximately six to eight weeks. With some of our strikes now 20% to 25% below the post-rally index levels, we took the opportunity to cover range-bound positions several months prior to expiration even as we were able to pocket 90% or more of their expected value.
As the quarter progressed, the benchmark sustained its climb but at a more gradual pace. The index rose 3.21% in February and 1.94% in March, with brief periods of choppiness—which can be favorable because they often keep the VIX at least in the mid-teens. The option portfolio continued to benefit from gains on range-bound positions, with positive relative performance each month.
Outlook
Looking ahead, if the VIX’s diminished responsiveness to market pullbacks persists, deploying our hedging allocation via sealed range-bound spreads is expected to improve upon the 2018 experience. If equity indexes continue to exhibit severe intraday and intraweek moves, our enhanced ability to stand pat should benefit the option portfolio. Not only would we be able to simply let the statistical path play out, but we would also be able to be more opportunistic during the brief period that the VIX is elevated.
And if the relationship between index declines and a higher VIX goes back to behaving more in line with historical standards, this would naturally be favorable for the option portfolio.
We do not know which of these lies ahead. But in keeping with the strategy’s philosophy, we believe that the Fund is positioned to anticipate either scenario.
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AllianzGI PerformanceFee Structured US Equity Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2019
6 Month* | 1 Year | Since Inception† | ||||||||||||
| AllianzGI PerformanceFee Structured US Equity Fund Institutional Class | –2.46% | 11.24% | 6.62% | ||||||||||
| AllianzGI PerformanceFee Structured US Equity Fund Class P | –2.59% | 11.08% | 6.50% | ||||||||||
| AllianzGI PerformanceFee Structured US Equity Fund Class R6 | –2.46% | 11.23% | 6.62% | ||||||||||
| S&P 500 Index | –1.72% | 9.50% | 6.23% | ||||||||||
Lipper Large-Cap Core Funds Average | –2.27% | 7.57% | 5.18% |
* Cumulative return
† The Fund began operations on December 18, 2017. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2017.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s gross expense ratios are 1.12% for Institutional Class shares, 1.39% for Class P shares and 1.35% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 0.64% for Institutional Class shares, 0.64% for Class P shares and 0.64% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
Cumulative Returns Through March 31, 2019
Asset Allocation (as of March 31, 2019)
Exchange-Traded Funds | 100.0% | |||
Cash & Equivalents — Net | 0.0% |
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AllianzGI PerformanceFee Structured US Equity Fund (cont’d)
Shareholder Expense Example | Actual Performance | |||||
Class P | Institutional Class | R6 | ||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | |||
Ending Account Value (3/31/19) | $974.10 | $975.40 | $975.40 | |||
Expenses Paid During Period | $1.18 | $1.18 | $1.18 | |||
Hypothetical Performance | ||||||
(5% return before expenses) | ||||||
Class P | Institutional Class | R6 | ||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | |||
Ending Account Value (3/31/19) | $1,023.73 | $1,023.73 | $1,023.73 | |||
Expenses Paid During Period | $1.21 | $1.21 | $1.21 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.24% for Class P, 0.24% for Institutional Class and 0.24% for Class R6), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.
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Unaudited
AllianzGI PerformanceFee Structured US Fixed Income Fund
For the period of October 1, 2018 through March 31, 2019, as provided by Greg Tournant and Stephen Bond-Nelson, Co-Portfolio Managers.
Fund Insights
For the six-month period ended March 31, 2019, Institutional Class shares at net asset value (“NAV”) of the AllianzGI PerformanceFee Structured US Fixed Income (the “Fund”) returned 4.67%, outperforming the Bloomberg Barclays U.S. Aggregate Bond Index (the “benchmark”), which returned 4.63%.
Market Overview
The period was characterized by a severely fluctuating equity market in the fourth quarter of 2018 followed by a strong market rally in the first quarter of 2019.
The severely fluctuating equity market was accompanied by a comparatively subdued implied-volatility environment in the fourth quarter. While it was one of the most difficult periods the strategy’s option portfolio has ever had to contend with, we were able to manage risk well. The S&P 500 Index underwent multiple declines in the final three months of 2018, ultimately ending down 13.52% for the period. Atypically, the index experienced two peak-to-trough corrections greater than -10%, first in October 2018 then again in December.
However, the accompanying level of implied volatility, both before and after the moves, remained muted by historical standards. This disconnect in the relationship between the behavior of the equity index and the behavior of option prices made the environment uniquely challenging for the Fund, leading to higher restructuring costs and a slower expected relative performance recovery.
In the first quarter of 2019, with market conditions stabilizing amid a powerful equity market rally, the option portfolio generated excess returns above its targeted rate. Heading into the new year, the Fund’s option portfolio had been positioned for a variety of market scenarios—both to the downside and upside—and the latter is what took hold. Over just a few weeks from its late-December lows through mid-January, the S&P 500 Index surged 17%, its fastest rate of ascent in 10 years.
The S&P 500, which underlies the Fund’s index option positions, returned 13.65% in the first quarter. The CBOE Volatility Index (“VIX”), a measure of option prices that had peaked at 36 in late December, behaved more in line with typical historical levels during the quarter with an average of 16.
Portfolio Review
In the first quarter, the Fund was able to recoup the cost it spent on managing risk during market stress in the preceding months, as is the goal. The Fund’s option portfolio benefited from realized gains on both range-bound spreads and upside directional positions, as well as from mark-to-market recovery as marked-down option positions cycled through expiration.
The Fund’s option portfolio had entered the year with a slightly longer-duration profile, the result of diagonal restructuring we had undertaken during the severe late-December correction to manage risk as cost-effectively as possible. During this period we had extended our range-bound zones to the downside by approximately 15%, with expirations dates pushed several weeks further out in time. This restructuring had improved the option portfolio’s resilience in the event of further equity market declines.
However, we had also taken the opportunity to position the option portfolio for a V-shaped equity rebound, which is a typical statistical path following a sharp decline. The premise is that if the market were to remain lower, the VIX would likely remain elevated, providing a favorable aftermath for heightened excess return potential. But if the market were to rally, the VIX would likely subside quickly, creating a missed opportunity for the option portfolio.
So as a hedge against this opportunity cost, during the December correction we built additional directional positions to the upside, via long call spreads and in some cases long calls. With the S&P 500 up 8.01% in January alone, these upside directional positions boosted excess performance. For the month, the Fund’s fixed income exposure delivered positive performance, with the benchmark returning 1.06%.
Still, it is important to bear in mind that we always construct the option portfolio for multiple scenarios. Had the S&P 500 stayed down or continued lower, we believe that the downside directional positions and higher VIX would likely have aided the option portfolio’s relative recovery instead.
The other benefit of the strong equity market and accompanying VIX decline is that we were able to close out a number of longer-dated option positions and restore the option portfolio to its typical weighted-average duration of approximately six to eight weeks. With some of our strikes now 20% to 25% below the post-rally index levels, we took the opportunity to cover range-bound positions several months prior to expiration even as we were able to pocket 90% or more of their expected value.
As the quarter progressed, the S&P 500 sustained its climb but at a more gradual pace. The index rose 3.21% in February and 1.94% in March, with brief periods of choppiness—which can be favorable because they often keep the VIX at least in the mid-teens. The option portfolio continued to benefit from gains on range-bound positions, with positive relative performance each month. The benchmark returned -0.06% in February and 1.92% in March.
Outlook
Looking ahead, if the VIX’s diminished responsiveness to market pullbacks persists, deploying our hedging allocation via sealed range-bound spreads is expected to improve upon the 2018 experience. If equity indexes continue to exhibit severe intraday and intraweek moves, our enhanced ability to stand pat should benefit the option portfolio. Not only would we be able to simply let the statistical path play out, but we would also be able to be more opportunistic during the brief period that the VIX is elevated.
And if the relationship between index declines and a higher VIX goes back to behaving more in line with historical standards, this would naturally be favorable for the option portfolio.
We do not know which of these lies ahead. But in keeping with the strategy’s philosophy, we believe that the Fund is positioned to anticipate either scenario.
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AllianzGI PerformanceFee Structured US Fixed Income Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2019
6 Month* | 1 Year | Since Inception† | ||||||||||||
| AllianzGI PerformanceFee Structured US Fixed Income Fund Institutional Class | 4.67% | 5.84% | 3.05% | ||||||||||
| AllianzGI PerformanceFee Structured US Fixed Income Fund Class P | 4.62% | 5.79% | 3.02% | ||||||||||
| AllianzGI PerformanceFee Structured US Fixed Income Fund R6 | 4.61% | 5.79% | 3.01% | ||||||||||
| Bloomberg Barclays U.S. Aggregate Bond Index | 4.63% | 4.48% | 2.35% | ||||||||||
Lipper General Bond Funds Average | 3.01% | 3.42% | 1.75% |
* Cumulative return
† The Fund began operations on December 18, 2017. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on December 31, 2017.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s gross expense ratios are 33.76% for Institutional Class shares, 1.35% for Class P shares and 1.38% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 0.34% for Institutional Class shares, 0.34% for Class P shares and 0.34% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
Cumulative Returns Through March 31, 2019
Asset Allocation (as of March 31, 2019)
Exchange-Traded Funds | 100.2% | |||
Cash & Equivalents — Net | –0.2% |
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AllianzGI PerformanceFee Structured US Fixed Income Fund (cont’d)
Shareholder Expense Example | Actual Performance | |||||
Class P | Institutional Class | R6 | ||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | |||
Ending Account Value (3/31/19) | $1,046.20 | $1,046.70 | $1,046.10 | |||
Expenses Paid During Period | $1.38 | $1.38 | $1.38 | |||
Hypothetical Performance | ||||||
(5% return before expenses) | ||||||
Class P | Institutional Class | R6 | ||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | |||
Ending Account Value (3/31/19) | $1,023.59 | $1,023.59 | $1,023.59 | |||
Expenses Paid During Period | $1.36 | $1.36 | $1.36 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.27% for Class P, 0.27% for Institutional Class and 0.27% for Class R6), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invest, which are indirectly borne by Fund shareholders.
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AllianzGI Preferred Securities and Income Fund
For the period of October 1, 2018 through March 31, 2019, as provided by Carl W. Pappo Jr., CFA, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2019, Institutional Class shares at net asset value (“NAV”) of the AllianzGI Preferred Securities and Income Fund (the “Fund”) returned 2.33%, underperforming the ICE BofA Merrill Lynch Fixed Rate Preferred Securities Index (the “benchmark”), which returned 3.75%.
Market Overview
Preferred market performance over the six-month period was like aTale of Two Cities; where concerns over tighter financial conditions, global trade and slower global growth increased volatility and risk aversion driving negative returns in the fourth quarter of 2018, followed by a dovish shift in rhetoric from the US Federal Reserve (the “Fed”) which reduced expectations for additional interest rate hikes in 2019, lowering treasury interest rates and fueling a rebound in risk assets in the first quarter of 2019. The market, as represented by the benchmark, returned 3.75% for the six-month period ended March 31, 2019, composed of -4.55% for the fourth quarter of 2018, and +8.02% for the first quarter of 2019. The $25 retail market underperformed in the first half, where weak performance was exacerbated by mutual fund and exchange-traded fund outflows of -$3.7billion. The $25 sector, represented by S&P US Preferred Stock index, returned -5.66% in the fourth quarter of 2018, versus -3.97% for the $1000 institutional market, represented by the Ice BofA Merrill Lynch US Investment Grade Institutional Capital Securities Index. Returns for the two market segments were more closely aligned in the first quarter of 2019, with the $25 retail sector returning 8.02% and the $1000 institutional market returning 7.52%. Inflows into mutual funds and exchange-traded funds slowly returned in March, but at $255 million for the quarter were still dwarfed by the fourth quarter outflows. The real estate investment trust (REIT) sector, represented by the Ice BofA Merrill Lynch REIT Preferred Securities Index, posted the best three and six month trailing returns at 13.32% and 6.48% respectively, as the 2019 outlook for REITs was very sensitive to higher interest costs.
Portfolio Review
During the six-month period, the Fund posted a 2.33% return, lagging the benchmark return of 3.75%. Relative performance was hurt by the Fund’s exposure to floating rate bonds, whose prices were negatively impacted by the dovish shift in the Fed’s outlook for interest rate increases. The Fund was initially hurt by exposure to lower rated regional bank securities and pipelines, but ultimately benefited from their strong rebound in the first quarter of 2019. From a security selection basis, the portfolio benefited from agile security positioning in GE, moving from an underweight and up-in-capital structure position when leverage and corporate strategy concerns forced a CEO change, and then a move back into the preferreds as disclosure concerning its capital structure improved and their strategy to address leverage was communicated.
Outlook
While the pace of economic growth is expected to slow modestly in 2019, it will likely remain supportive of corporate earnings and support dividend and coupon payments. The Fed has shifted its outlook, no longer expecting to raise rates in 2019, reducing financial conditions headwinds. We believe that banks, roughly 55% of the preferred universe, will continue to exhibit strong fundamentals. In our view, asset quality is as good as it gets, and will continue to normalize at a reasonable pace in 2019, supported by manageable consumer leverage, low unemployment and a modest pace of late cycle loan growth. Capital levels are expected to decline modestly, as payouts to common shareholders increase. However, deregulation has been measured and we think will continue to encourage banks to maintain capital levels well above requirements. We continue to favor banks given our view that they have supportive fundamentals and limited event risk. In the fourth quarter of 2018, we reduced our underweight to the $25 market. Underperformance of that segment in late October and early November eased the valuation differential between like securities in the $25 and $1000 format. We will continue to seek opportunities to optimize value between the markets on an issuer level basis.
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AllianzGI Preferred Securities and Income Fund (cont’d)
Cumulative Total Return for the period ended March 31, 2019
6 Month | Since Inception† | |||||||||
| AllianzGI Preferred Securities and Income Fund Institutional Class | 2.33% | 4.13% | |||||||
| AllianzGI Preferred Securities and Income Fund Class P | 2.30% | 4.09% | |||||||
| AllianzGI Preferred Securities and Income Fund Class R6 | 2.36% | 4.18% | |||||||
| ICE BofA Merrill Lynch Fixed Rate Preferred Securities Index | 3.75% | 4.95% | |||||||
| S&P 500 Financials Index | –5.67% | –4.27% | |||||||
Lipper Flexible Income Funds Average | 1.57% | 2.89% |
† The Fund began operations on May 30, 2018. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on May 31, 2018.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns do not reflect deduction of taxes that a shareholder would pay on funds distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s gross expense ratios are 3.14% for Institutional Class shares, 1.75% for Class P shares and 1.76% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2022. The Fund’s expense ratios net of this reduction are 0.55% for Institutional Class shares, 0.60% for Class P shares and 0.50% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
Cumulative Returns Through March 31, 2019
Industry Allocation (as of March 31, 2019)
Banks | 57.3% | |||
Insurance | 11.9% | |||
Diversified Financial Services | 5.5% | |||
Pipelines | 5.4% | |||
Miscellaneous Manufacturing | 5.4% | |||
Electric Utilities | 4.9% | |||
Mining | 3.1% | |||
Equity Real Estate Investment Trusts (REITs) | 2.1% | |||
Capital Markets | 2.6% | |||
Cash & Equivalents — Net | 1.8% |
Credit Ratings* (as of March 31, 2019)
* As a percentage of total investments. Credit ratings apply to the credit worthiness of the issuers of the underlying securities and not to the Fund or its shares. Ratings are subject to change. Ratings are based off of the highest available rating from S&P Global Ratings (“S&P”), Moody’s and Fitch. Bonds not rated by the aforementioned agencies are “unrated”. Ratings are shown based on the S&P rating scale, which ranges from AAA (highest) to D (lowest). Where applicable, securities ratings of an agency other than S&P have been converted to the S&P equivalent. “NR” denotes securities that are not rated. Not rated securities do not necessarily indicate low quality. Ratings are relative, subjective and not absolute standards of quality, and represent the opinions of the independent Nationally Recognized Statistical Rating Organizations (NRSRO). The security’s credit rating does not eliminate risk. The Fund is not rated by an independent rating agency.
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AllianzGI Preferred Securities and Income Fund (cont’d)
Shareholder Expense Example | Actual Performance | |||||
Class P | Institutional Class | R6 | ||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | |||
Ending Account Value (3/31/19) | $1,023.00 | $1,023.30 | $1,023.60 | |||
Expenses Paid During Period | $3.03 | $2.77 | $2.52 | |||
Hypothetical Performance | ||||||
(5% return before expenses) | ||||||
Class P | Institutional Class | R6 | ||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | |||
Ending Account Value (3/31/19) | $1,021.94 | $1,022.19 | $1,022.44 | |||
Expenses Paid During Period | $3.02 | $2.77 | $2.52 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.60% for Class P ,0.55% for Institutional Class and 0.50% for Class R6), multiplied by the average account value over the period, multiplied by 182/365 for the Actual example and 182/365.
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Unaudited
AllianzGI Short Duration High Income Fund
For the period of October 1, 2018 through March 31, 2019, as provided by Doug Forsyth, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2019, Class A shares at net asset value (“NAV”) of the AllianzGI Short Duration High Income Fund (the “Fund”) returned -0.21%, underperforming the ICE BofA Merrill Lynch 1-3 Year BB U.S. Cash Pay High Yield Index (the “benchmark”), which returned 2.97%.
Market Overview
After a challenging finish to 2018, high-yield bonds started 2019 on a strong footing and finished with a gain for the six-month period.
In the fourth quarter of 2018 investors lost confidence in the staying power of earnings and the stability of the economy, fearing that trade wars and the US Federal Reserve’s (the “Fed’s”) path would lessen their durability. Despite asset class weakness over the three month period, there was no change in overall fundamentals to substantiate the market’s sharp selloff.
In the first quarter of 2019, investor confidence rebounded. Aside from optimism around a possible US-China trade agreement, factors that influenced sentiment included actions by the Fed and European Central Bank, corporate earnings and economic data.
The market reacted positively to Fed Chairman Jerome Powell’s dovish remarks at an economic conference in January noting that the Fed is prepared to shift its policy stance if necessary. Then in March the Fed communicated reduced projections for rate hikes in 2019 from two to zero and an end to balance sheet reductions by September of 2019. The market reaction to the Fed’s March communication was swift. The 10-year US Treasury yield dropped and triggered a short-lived yield curve inversion (3-month/10-year). Overseas, other central banks also announced dovish actions.
Fourth quarter financial results were better than expected for most high-yield issuers. Further, fourth quarter earnings growth for the S&P 500 Index was impressive, rising more than 16% on a year-over-year basis, according to Refinitiv. Additionally, on a relative basis net leverage remained low and interest coverage remained elevated, validating a continuation of a positive credit cycle.
Economic data were balanced in the first quarter. The labor market remained strong with signs of rising incomes and low unemployment, while consumer confidence and small business optimism retreated. Ongoing growth provided a supportive backdrop for risk assets.
Portfolio Review
The Fund rebounded with the broad high-yield market in the first quarter but trailed the benchmark return over the six-month reporting period.
Performance in the reporting period benefited from industry weightings and active credit selection. Industry weightings that benefited performance include retail, basic industry and real estate and support-services. Only one industry, metals/mining excluding steel, detracted from performance in the period.
The portfolio continued to stay up in quality while avoiding the lowest quality credits with average credit quality at Ba3/BB-. Emphasis remains on credit quality, liquidity and minimizing premiums paid. Average duration in the portfolio continues to remain low and well below the average yield and coupon.
Outlook
We believe the US economy and corporate earnings will deliver solid growth in 2019. While some cyclical areas of high yield have exhibited weakness, our view is that the credit profile of the overall market remains healthy and appears to not signal an economic downturn.
We believe US economic activity should slow from above-trend growth in 2018 to a moderate pace in 2019.
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AllianzGI Short Duration High Income Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2019
6 Month* | 1 Year | 5 Year | Since Inception† | |||||||||||||||
AllianzGI Short Duration High Income Fund Class A | –0.21% | 2.30% | 3.20% | 4.48% | ||||||||||||||
| AllianzGI Short Duration High Income Fund Class A (adjusted) | –2.46% | –0.01% | 2.73% | 4.17% | |||||||||||||
AllianzGI Short Duration High Income Fund Class C | –0.33% | 2.09% | 2.94% | 4.17% | ||||||||||||||
| AllianzGI Short Duration High Income Fund Class C (adjusted) | –1.30% | 1.12% | 2.94% | 4.17% | |||||||||||||
| AllianzGI Short Duration High Income Fund Class P | –0.06% | 2.60% | 3.44% | 4.69% | |||||||||||||
| AllianzGI Short Duration High Income Fund Institutional Class | –0.09% | 2.58% | 3.48% | 4.77% | |||||||||||||
| AllianzGI Short Duration High Income Fund Class R6 | 0.02% | 2.67% | 3.53% | 4.80% | |||||||||||||
| ICE BofA Merrill Lynch 1-3 Year BB U.S. Cash Pay High Yield Index | 2.97% | 5.40% | 3.83% | 5.33% | |||||||||||||
Lipper High Yield Funds Average | 1.73% | 4.39% | 3.43% | 6.27% |
* Cumulative return
† The Fund began operations on October 3, 2011. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on September 30, 2011.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum initial sales charge of 2.25% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership.Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s gross expense ratios are 0.89% for Class A shares, 1.11% for Class C shares, 0.65% for Class P shares, 0.60% for Institutional Class shares and 0.55% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
Cumulative Returns Through March 31, 2019
Industry Allocation (as of March 31, 2019)
Retail | 8.8% | |||
Media | 7.7% | |||
Real Estate | 6.2% | |||
Commercial Services & Supplies | 6.0% | |||
Home Builders | 5.8% | |||
Telecommunications | 5.5% | |||
Healthcare-Services | 4.2% | |||
Commercial Services | 3.5% | |||
Other | 40.8% | |||
Cash & Equivalents — Net | 11.5% |
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AllianzGI Short Duration High Income Fund (cont’d)
S&P Ratings* (as of March 31, 2019)
* As a percentage of total investments. Bond ratings refer to the underlying holdings of the Fund and are categorized from highest to lowest credit quality using ratings provided by S&P Global Ratings (“S&P”). S&P’s ratings have been selected for several reasons, including the portfolio managers’ usage of S&P ratings methodology among other credit quality information in managing the Fund, access to background information and other materials provided by S&P, as well as the Funds’ considerations of industry practice. The Fund also displays S&P credit ratings information in materials provided in client presentations. Previous shareholder reports for the Fund displayed bond ratings provided by Moody’s. See “Important Information” for more detail on the selection of S&P for the Fund’s ratings presentation. Bonds not rated by S&P and bonds that do not currently have a rating available are designated in the chart above as “NR” and “NA”, respectively.
Shareholder Expense Example | Actual Performance | |||||||||
Class A | Class C | Class P | Institutional Class | Class R6 | ||||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
Ending Account Value (3/31/19) | $997.90 | $996.70 | $999.40 | $999.10 | $1,000.20 | |||||
Expenses Paid During Period | $4.38 | $5.48 | $3.04 | $3.04 | $2.79 | |||||
Hypothetical Performance | ||||||||||
(5% return before expenses) | ||||||||||
Class A | Class C | Class P | Institutional Class | Class R6 | ||||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
Ending Account Value (3/31/19) | $1,020.54 | $1,019.45 | $1,021.89 | $1,021.89 | $1,022.14 | |||||
Expenses Paid During Period | $4.43 | $5.54 | $3.07 | $3.07 | $2.82 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.88% for Class A, 1.10% for Class C, 0.61% for Class P, 0.61% for Institutional Class and 0.56% for Class R6), multiplied by the average account value over the period, multiplied by 182/365.
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Unaudited
AllianzGI Short Term Bond Fund
For the period of October 1, 2018 through March 31, 2019, as provided by Doug Forsyth, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2019, Class A shares at net asset value (“NAV”) of the AllianzGI Short Term Bond Fund (the “Fund”) returned 2.75%, outperforming the Bloomberg Barclays U.S. Government/Credit 1-3 Year Index (the “benchmark”), which returned 2.40%.
Market Overview
Short-maturity US Treasuries and investment grade corporates produced a positive return over the reporting period. The asset classes exhibited relative strength during the risk off environment in the fourth quarter of 2018 and benefited from the decline in global yields and fundamental resiliency in the first quarter of 2019.
In the first half of the reporting period investors lost confidence in the staying power of earnings and the stability of the economy, fearing that trade wars and the US Federal Reserve’s (the “Fed’s”) path would lessen their durability. Consequently, in a flight-to-quality reaction, investors rotated out of risk assets into safer investments including fixed income.
In the second half of the reporting period investor confidence rebounded. Aside from optimism around a possible US-China trade agreement, factors that influenced sentiment included actions by the Fed and European Central Bank, corporate earnings and economic data.
Fixed income and risk assets reacted positively to the Fed’s shift in policy stance. In March the Fed communicated reduced projections for rate hikes in 2019 from two to zero and an end to balance sheet reductions by September of 2019. The reaction to the Fed’s March communication was swift. The 10-year US Treasury yield dropped and triggered a short-lived yield curve inversion (3-month/10-year). Overseas, other central banks also announced dovish actions.
Fourth quarter financial results were better-than-expected for most US companies. Further, fourth quarter earnings growth for the S&P 500 Index was impressive, rising more than 16% on a year-over-year basis, according to Refinitiv. Additionally, on a relative basis net leverage remained low and interest coverage remained elevated, validating a continuation of a positive credit cycle.
Economic data were balanced in the first quarter of 2019. The labor market remained strong with signs of rising incomes and low unemployment, while consumer confidence and small business optimism retreated. Ongoing growth provided a supportive backdrop for corporate credit.
Portfolio Review
The Fund provided a positive total return over the reporting period. As expected, the Fund offered stability during the risk off environment in the first half of the reporting period and benefited from the decline in global yields and fundamental resiliency in the second half of the reporting period.
The strongest-performing exposure within the Fund was corporate credit, which included select high yield bond issues, followed by government bond holdings and securitized debt exposure.
Within corporate credit, industries that contributed the most to Fund performance were banking, healthcare and capital goods. There were no industries that detracted from performance in the period.
Outlook
We believe the US economy and corporate earnings will deliver solid growth in 2019. While some cyclical areas of high yield have exhibited weakness, in our view the credit profile of the overall market remains healthy and appears to not signal an economic downturn.
We believe that US economic activity should slow from above-trend growth in 2018 to a moderate pace in 2019.
Cumulative Total Return for the period ended March 31, 2019
6 Month | Since Inception† | |||||||||
AllianzGI Short Term Bond Fund Class A | 2.75% | 2.89% | ||||||||
| AllianzGI Short Term Bond Fund Class A (adjusted) | 0.44% | 0.58% | |||||||
| AllianzGI Short Term Bond Fund Class P | 2.88% | 3.01% | |||||||
| AllianzGI Short Term Bond Fund Institutional Class | 2.93% | 3.07% | |||||||
| Bloomberg Barclays U.S. Government/Credit 1-3 Year Index | 2.40% | 2.35% | |||||||
Lipper Short Invstmnt Grade Debt Funds Average | 2.06% | 2.10% |
† The Fund began operations on August 23, 2018. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on August 31, 2018.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum sales charge of 2.25% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on funds distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s gross expense ratios are 10.12% for Class A shares, 9.87% for Class P shares and 9.90% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2022. The Fund’s expense ratios net of this reduction are 0.64% for Class A shares, 0.49% for Class P shares, 0.39% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
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AllianzGI Short Term Bond Fund (cont’d)
Cumulative Returns Through March 31, 2019
Asset Allocation (as of March 31, 2019 )
Corporate Bonds & Notes | 79.6% | |||
U.S. Treasury Obligations | 10.8% | |||
U.S. Government Agency Securities | 5.4% | |||
Cash & Equivalents — Net | 4.2% |
* As a percentage of total investments. Bond ratings refer to the underlying holdings of the Fund and are categorized from highest to lowest credit quality using ratings provided by S&P Global Ratings (“S&P”). S&P’s ratings have been selected for several reasons, including the portfolio managers’ usage of S&P ratings methodology among other credit quality information in managing the Fund, access to background information and other materials provided by S&P, as well as the Funds’ considerations of industry practice. The Fund also displays S&P credit ratings information in materials provided in client presentations. See “Important Information” for more detail on the selection of S&P for the Fund’s ratings presentation. Bonds not rated by S&P and bonds that do not currently have a rating available are designated in the chart above as “NR” and “NA”, respectively.
Credit Ratings* (as of March 31, 2019)
Shareholder Expense Example | Actual Performance | |||||
Class A | Class P | Institutional Class | ||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | |||
Ending Account Value (3/31/19) | $1,027.50 | $1,028.80 | $1,029.30 | |||
Expenses Paid During Period | $3.24 | $2.48 | $1.97 | |||
Hypothetical Performance | ||||||
(5% return before expenses) | ||||||
Class A | Class P | Institutional Class | ||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | |||
Ending Account Value (3/31/19) | $1,021.74 | $1,022.49 | $1,022.99 | |||
Expenses Paid During Period | $3.23 | $2.47 | $1.97 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.64% for Class A , 0.49% for Class P and 0.39% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.
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AllianzGI Structured Return Fund
For the period of October 1, 2018 through March 31, 2019, as provided by Greg Tournant and Stephen Bond-Nelson, Co-Portfolio Managers.
Fund Insights
For the six-month period ended March 31, 2019, Class A shares at net asset value (“NAV”) of the AllianzGI Structured Return Fund (the “Fund”) returned 0.02%, underperforming the ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill (the “benchmark”), which returned 1.17%.
Market Overview
The severely fluctuating equity market was accompanied by a comparatively subdued implied-volatility environment in the fourth quarter. While it was one of the most difficult periods the strategy has ever had to contend with, we were able to manage risk well. The S&P 500 Index underwent multiple declines in the final three months of 2018, ultimately ending down 13.52% for the period. Atypically, the index experienced two peak-to-trough corrections greater than -10%, first in October then again in December.
However, the accompanying level of implied volatility, both before and after the moves, remained muted by historical standards. This disconnect in the relationship between the behavior of the equity index and the behavior of option prices made the environment uniquely challenging for the Fund, leading to higher restructuring costs and a slower expected performance recovery.
In the first quarter of 2019, with market conditions stabilizing amid a powerful equity market rally, the portfolio generated excess returns above its targeted rate. Heading into the new year, the Fund had been positioned for a variety of market scenarios—both to the downside and upside—and the latter is what took hold. Over just a few weeks from its late-December lows through mid-January, the S&P 500 Index surged 17%, its fastest rate of ascent in 10 years.
The S&P 500, which underlies the Fund’s index option positions, returned 13.65% in the first quarter of 2019. The CBOE Volatility Index (“VIX”), a measure of option prices that had peaked at 36 in late December, behaved more in line with typical historical levels during the quarter with an average of 16.
Portfolio Review
In the first quarter, the Fund was able to recoup the cost it spent on managing risk during market stress in the preceding months, as is the goal. The portfolio benefited from realized gains on both range-bound spreads and upside directional positions, as well as from mark-to-market recovery as marked-down positions cycled through expiration.
The Fund had entered the year with a slightly longer duration profile, the result of diagonal restructuring we had undertaken during the severe late-December correction to manage risk and reduce costs. During this period we had extended our range-bound zones to the downside by approximately 15%, with expiration dates pushed several weeks further out in time. This restructuring had improved the Fund’s resilience in the event of further equity market declines.
However, we had also taken the opportunity to position the portfolio for a V-shaped equity rebound, which is a typical statistical path following a sharp decline. The premise is that if the market were to remain lower, the VIX would likely remain elevated, providing a favorable aftermath for heightened profit potential. But if the market were to rally, the VIX would likely subside quickly, creating a missed opportunity for the portfolio.
So as a hedge against this opportunity cost, during the December correction we built additional directional positions to the upside, via long call spreads and in some cases long calls. With the S&P 500 up 8.01% in January alone, these upside directional positions boosted performance, with the portfolio up 1.04% for the month.
As the quarter progressed, the S&P 500 sustained its climb but at a more gradual pace. The index rose 3.21% in February and 1.94% in March, with brief periods of choppiness—which can be favorable because they often keep the VIX at least in the mid-teens. The portfolio continued to benefit from gains on range-bound positions, with positive relative performance each month.
Outlook
Looking ahead, if the VIX’s diminished responsiveness to market pullbacks persists, deploying our hedging allocation into sealed range-bound spreads is expected to improve upon the 2018 experience. If equity indexes continue to exhibit severe intraday and intraweek moves, our enhanced ability to do nothing should benefit the portfolio. Not only would we be able to simply let the statistical path play out, but we would also be better positioned to be more opportunistic during the brief period that the VIX is elevated.
And if the relationship between index declines and a higher VIX resumes behaving more in line with historical standards, this would naturally be favorable for the portfolio.
We do not know which of these lies ahead. But in keeping with the strategy’s philosophy, we believe that the Fund is positioned to anticipate either scenario.
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AllianzGI Structured Return Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2019
6 Month* | 1 Year | 5 Year | Since Inception† | |||||||||||||||
AllianzGI Structured Return Fund Class A | 0.02% | 4.82% | 3.82% | 3.97% | ||||||||||||||
| AllianzGI Structured Return Fund Class A (adjusted) | –5.48% | –0.95% | 2.65% | 3.04% | |||||||||||||
AllianzGI Structured Return Fund Class C | –0.33% | 4.01% | 3.04% | 3.17% | ||||||||||||||
| AllianzGI Structured Return Fund Class C (adjusted) | –1.30% | 3.01% | 3.04% | 3.17% | |||||||||||||
| AllianzGI Structured Return Fund Class P | 0.16% | 5.04% | 4.02% | 4.16% | |||||||||||||
| AllianzGI Structured Return Fund Institutional Class | 0.19% | 5.15% | 4.09% | 4.24% | |||||||||||||
| AllianzGI Structured Return Fund Class R6 | 0.20% | 5.12% | 4.17% | 4.32% | |||||||||||||
| ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill | 1.17% | 2.12% | 0.74% | 0.60% | |||||||||||||
Lipper Absolute Return Funds Average | –0.74% | –0.19% | 1.50% | 2.39% |
* Cumulative return
† The Fund began operations on December 3, 2012. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on November 30, 2012.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s gross expense ratios are 1.11% for Class A shares, 1.83% for Class C shares, 0.82% for Class P shares, 0.84% for Institutional Class shares and 0.78% for Class R6 shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 1.07% for Class A shares, 1.82% for Class C shares, 0.82% for Class P shares, 0.78% for Institutional Class shares and 0.76% for Class R6 shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
Cumulative Returns Through March 31, 2019
Asset Allocation (as of March 31, 2019)
Exchange-Traded Funds | 90.9% | |||
Cash & Equivalents — Net | 9.1% |
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AllianzGI Structured Return Fund (cont’d)
Shareholder Expense Example | Actual Performance | |||||||||
Class A | Class C | Class P | Institutional Class | Class R6 | ||||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
Ending Account Value (3/31/19) | $1,000.20 | $996.70 | $1,001.60 | $1,001.90 | $1,002.00 | |||||
Expenses Paid During Period | $4.94 | $8.81 | $3.84 | $3.49 | $3.39 | |||||
�� | ||||||||||
Hypothetical Performance | ||||||||||
(5% return before expenses) | ||||||||||
Class A | Class C | Class P | Institutional Class | Class R6 | ||||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | |||||
Ending Account Value (3/31/19) | $1,020.00 | $1,016.11 | $1,021.09 | $1,021.44 | $1,021.54 | |||||
Expenses Paid During Period | $4.99 | $8.90 | $3.88 | $3.53 | $3.43 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (0.99% for Class A, 1.77% for Class C, 0.77% for Class P, 0.70% for Institutional Class and 0.68% for Class R6), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.
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Unaudited
AllianzGI U.S. Equity Hedged Fund
For the period of October 1, 2018 through March 31, 2019, as provided by Greg Tournant and Stephen Bond-Nelson, Co-Portfolio Managers.
Fund Insights
For the six-month period ended March 31, 2019, Class A shares at net asset value (“NAV”) of the AllianzGI U.S. Equity Hedged Fund (the “Fund”) returned-3.45%, underperforming the S&P 500 (the “benchmark”) which returned -1.72%.
Market Overview
For the six-month period, the Fund mitigated risk during a severely fluctuating equity market in the fourth quarter of 2018, but lagged the benchmark in the first quarter of 2019 amid a strong market rally.
The benchmark underwent multiple declines in the final three months of 2018, ultimately ending down 13.52% for the period. Atypically, the benchmark experienced two peak-to-trough corrections greater than -10%, first in October then again in December of 2018. The severely fluctuating equity market was accompanied by a comparatively subdued implied-volatility environment.
Market conditions stabilized amid a powerful equity-market rally in the first quarter. The benchmark was up 8.01% in January alone. As the quarter progressed, the benchmark sustained its climb but at a more gradual pace. The Index rose 3.21% in February and 1.94% in March, with brief periods of choppiness, ultimately returning 13.65% for the quarter.
Portfolio Review
Class A shares of the Fund returned -9.58% and +7.10% in the fourth and first quarters, compared with -13.52% and +13.65%, respectively, for the benchmark.
In October and December of 2018, the Fund’s long put positions, laddered into the portfolio with a one-year duration at position inception, helped cushion the portfolio against the equity market decline. In particular, these long put positions were able to further benefit the portfolio when the benchmark continued to fall in December. For the month of December, Class A shares of the Fund returned -5.56% compared to -9.03% for the benchmark.
Over just a few weeks from its late-December lows through mid-January, the benchmark surged 17%, its fastest rate of ascent in 10 years. The sharp benchmark rebound caused us to incur some losses on some of our short calls in January 2019. These shorter-duration positions, designed to help offset the cost of our hedging, were written in a moderate-CBOE Volatility Index (VIX) environment, and were therefore unable to accommodate the atypically rapid equity market ascent. For the month, Class A shares of the Fund returned +3.39% compared to +8.01% for the benchmark.
In February and March, the benchmark continued to vacillate, reaching some of the strikes of our short calls, while the VIX remained relatively muted. Still, the Fund was able to capture the majority of the equity market ascent in the second half of the quarter. Class A shares of the Fund returned +2.31% and +1.43%, respectively, in February and March compared to +3.12% and +1.94%, respectively, for the benchmark.
Outlook
Demonstrating the full scope of its benefit in the fourth quarter of 2018, the Fund’s long put positions paid off in the context of a severely decline equity market. These positions helped mitigate downside risk, as is their objective. As demonstrated in the first quarter of 2019, the Fund is also able to meaningfully participate in the upside in a steadily rising equity market environment.
Looking ahead, we believe the Fund is well positioned to help smooth potential future equity market volatility, while continually mitigating downside risk. Over the changing market environments that have occurred during the past two quarters, the Fund has shown it can provide capital appreciation and a reduced risk profile.
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AllianzGI U.S. Equity Hedged Fund (cont’d)
Average Annual Total Return for the period ended March 31, 2019
6 Month* | 1 Year | 5 Year | Since Inception† | |||||||||||||||
AllianzGI U.S. Equity Hedged Fund Class A | –3.45% | 3.96% | 4.09% | 5.93% | ||||||||||||||
| AllianzGI U.S. Equity Hedged Fund Class A (adjusted) | –8.76% | –1.76% | 2.92% | 4.99% | |||||||||||||
AllianzGI U.S. Equity Hedged Fund Class C | –3.87% | 3.14% | 3.31% | 5.15% | ||||||||||||||
| AllianzGI U.S. Equity Hedged Fund Class C (adjusted) | –4.77% | 2.17% | 3.31% | 5.15% | |||||||||||||
| AllianzGI U.S. Equity Hedged Fund Class P | –3.40% | 4.07% | 4.23% | 6.09% | |||||||||||||
| AllianzGI U.S. Equity Hedged Fund Institutional Class | –3.37% | 4.16% | 4.34% | 6.20% | |||||||||||||
| S&P 500 Index | –1.72% | 9.50% | 10.91% | 14.03% | |||||||||||||
Lipper Alternative Long/Short Equity Funds Average | –3.00% | 0.85% | 3.48% | 5.71% |
* Cumulative return
† The Fund began operations on December 3, 2012. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on November 30, 2012.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares and the contingent deferred sales charge (CDSC) of 1% on Class C shares, which may apply to shares redeemed during the first year of ownership. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s gross expense ratios are 7.49% for Class A shares, 8.29% for Class C shares, 7.29% for Class P shares and 7.19% for Institutional Class shares. These ratios do not include an expense reduction, contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 1.34% on prospectus for Class A shares, 2.09% for Class C shares, 1.19% for Class P shares and 1.09% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
Cumulative Returns Through March 31, 2019
Asset Allocation (as of March 31, 2019)
Exchange-Traded Funds | 99.4% | |||
Cash & Equivalents — Net | 0.6% |
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Shareholder Expense Example | Actual Performance | |||||||
Class A | Class C | Class P | Institutional Class | |||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
Ending Account Value (3/31/19) | $965.50 | $961.30 | $966.00 | $966.30 | ||||
Expenses Paid During Period | $6.17 | $9.83 | $5.39 | $4.95 | ||||
Hypothetical Performance | ||||||||
(5% return before expenses) | ||||||||
Class A | Class C | Class P | Institutional Class | |||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | ||||
Ending Account Value (3/31/19) | $1,018.65 | $1,014.91 | $1,019.45 | $1,019.90 | ||||
Expenses Paid During Period | $6.34 | $10.10 | $5.54 | $5.09 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.26% for Class A, 2.01% for Class C, 1.10% for Class P and 1.01% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365. These expenses do not include the expenses of the investment companies in which the Fund invests, which are indirectly borne by Fund shareholders.
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AllianzGI Ultra Micro Cap Fund
For the period of October 1, 2018 through March 31, 2019, as provided by Robert Marren, Portfolio Manager.
Fund Insights
For the six-month period ended March 31, 2019, Class A shares at net asset value (“NAV”) of the AllianzGI Ultra Micro Cap Fund (the “Fund”) returned-17.47%, underperforming the Russell Microcap Growth Index (the “benchmark”), which returned -12.92%.
Market Environment
US equities broadly fell over the period. In early October, the combination of elevated interest rates and investors’ hawkish interpretation of US Federal Reserve (the “Fed”) Chairman Jerome Powell’s commentary on monetary policy provided the catalyst for a sharp selloff. Markets recovered subsequently in the first quarter of 2019. The rebound was driven primarily by the dovish commentary from the Fed and was also helped by improved trade relations between the US and China.
Against this market backdrop, the Russell Microcap index returned -11.94% and underperformed the Russell 2000 by 3.38%. Within the micro-cap universe, growth stocks underperformed value by 1.89%. Specific to the benchmark, sector performance was broadly negative. Utilities and real estate were the only positive performing sectors. In contrast, the energy sector had the weakest performance, followed by materials and consumer discretionary.
Portfolio Review
The Fund underperformed its benchmark over the six-month period. From an attribution perspective, stock selection drove relative underperformance and asset allocation was negative as well. Stock picking in the health care, consumer discretionary and industrials sectors detracted from performance. An overweight to energy detracted from returns while the overweight to information technology was partially offsetting.
A top contributor, Veracyte Inc., develops cancer diagnosis tests built on genetic sequencing and machine learning technology. The stock benefitted from delivering strong quarterly earnings results and guidance, helped by accelerating testing volumes. The largest absolute detractor was Intricon Corp., is a medical device company with a product lineup that includes hearing aids and components for continuous glucose monitoring (“CGM”) systems. The stock was weak given greater competitive pressures in the CGM industry and regulatory delays in the hearing aid business.
Outlook
We maintain the view that the current economic expansion should continue at a moderate pace. Key manufacturing and service surveys flash expansionary numbers; employment metrics remain positive; and leading indicators signal benign conditions. However, we anticipate that economic growth should decelerate in 2019, as temporary boosts from factors that include tax reform and inventory build ahead of tariffs rolls over.
On a monetary policy front, the Fed maintained its data dependent approach and signaled a pause in rate hikes for the rest of 2019. While employment conditions remained solid, the Federal Open Market Committee identified the potential for decelerating economic conditions, citing slowing household spending and business investments. Further, the central bank announced the end of the balance sheet runoff in September of 2019, helping ease financial conditions. Overall, the Fed’s flexible approach to monetary policy should help stabilize investor appetite for risk assets.
Specific to small cap equities, the asset class has the potential to generate high single digits earnings growth, while large cap equity earnings growth projections are low single digits. With small cap’s price-to-earnings multiple below historical averages, it appears to trade at reasonable valuations relative to its growth potential.
Ultimately, we believe that company-specific results will dictate performance. We continue to uncover what we believe are exciting, new positive change-based opportunities within the small cap investment universe.
Average Annual Total Return for the period ended March 31, 2019
6 Month* | 1 Year | 5 Year | 10 Year | Since Inception† | ||||||||||||||||||
AllianzGI Ultra Micro Cap Fund Class A | –17.47% | –5.39% | 0.97% | 17.28% | 9.77% | |||||||||||||||||
| AllianzGI Ultra Micro Cap Fund Class A (adjusted) | –22.01% | –10.60% | –0.17% | 16.62% | 9.22% | ||||||||||||||||
| AllianzGI Ultra Micro Cap Fund Class P | –17.34% | –5.13% | 1.27% | 17.59% | 10.06% | ||||||||||||||||
| AllianzGI Ultra Micro Cap Fund Institutional Class | –17.36% | –5.14% | 1.23% | 17.62% | 10.10% | ||||||||||||||||
| Russell Microcap Growth Index | –12.92% | –1.43% | 3.50% | 14.77% | 7.54% | ||||||||||||||||
Lipper Small-Cap Growth Funds Average | –6.44% | 9.11% | 8.77% | 16.47% | 9.55% |
* Cumulative return
† The Fund began operations on January 28, 2008. Benchmark return comparisons began on the fund inception date. Lipper performance comparisons began on January 31, 2008.
Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit our website at us.allianzgi.com. Investment return and the principal value will fluctuate. Shares may be worth more or less than original cost when redeemed.The adjusted returns take into account the maximum initial sales charge of 5.50% on Class A shares. Returns do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See pages 108 and 109 for more information. The Fund’s gross expense ratios are 2.07% for Class A shares, 1.75% for Class P shares and 1.82% for Institutional Class shares. These ratios do not include an expense reduction contractually guaranteed through at least January 31, 2020. The Fund’s expense ratios net of this reduction are 1.86% for Class A share, 1.57% for Class P shares, and 1.54% for Institutional Class shares. Expense ratio information is as of the Fund’s current prospectus dated February 1, 2019, as further revised or supplemented from time to time.
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AllianzGI Ultra Micro Cap Fund (cont’d)
Cumulative Returns Through March 31, 2019
Industry Allocation (as of March 31, 2019)
Biotechnology | 14.8% | |||
Healthcare Equipment & Supplies | 11.7% | |||
Software | 8.3% | |||
Life Sciences Tools & Services | 6.7% | |||
Banks | 6.6% | |||
Healthcare Providers & Services | 4.7% | |||
Healthcare Technology | 3.7% | |||
Pharmaceuticais | 3.4% | |||
Other | 39.7% | |||
Cash & Equivalents — Net | 0.4% |
Shareholder Expense Example | Actual Performance | |||||
Class A | Class P | Institutional Class | ||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | |||
Ending Account Value (3/31/19) | $825.30 | $826.60 | $826.40 | |||
Expenses Paid During Period | $8.46 | $7.15 | $7.01 | |||
Hypothetical Performance | ||||||
(5% return before expenses) | ||||||
Class A | Class P | Institutional Class | ||||
Beginning Account Value (10/1/18) | $1,000.00 | $1,000.00 | $1,000.00 | |||
Ending Account Value (3/31/19) | $1,015.66 | $1,017.10 | $1,017.25 | |||
Expenses Paid During Period | $9.35 | $7.90 | $7.75 |
For each class of the Fund, expenses (net of fee waiver and reimbursement, if any) are equal to the annualized expense ratio for the class (1.86% for Class A, 1.57% for Class P and 1.54% for Institutional Class), multiplied by the average account value over the period, multiplied by 182/365.
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The inception date on each Fund Summary page is the inception date of the Fund’s oldest share class or classes. The AllianzGI Global Allocation Fund reorganized on May 4, 2009 when its predecessor merged into the Trust. The Global Allocation Fund’s shares were first offered in 9/98. On April 12, 2010, the following funds reorganized when their predecessors merged into series of the Trust (including fund’s inception date): AllianzGI Convertible Fund (4/93), AllianzGI High Yield Bond Fund (7/96), AllianzGI International Small-Cap Fund (12/97), AllianzGI Micro Cap Fund (7/95), AllianzGI Ultra Micro Cap Fund (1/08). For each of the reorganized funds, Institutional Class is the oldest share class, except that for AllianzGI International Small-Cap Fund, the oldest share class of the predecessor fund merged into Class P.
The Target-Date Funds are designed to offer individual investors comprehensive asset allocation strategies tailored to the approximate date when they expect to begin withdrawing assets. The target date included in the Fund’s name does not necessarily represent the specific year an investor will begin withdrawing assets. It is intended only as a general guide. Each Fund follows a target asset allocation schedule that changes over time to help reduce portfolio risk, increasing its exposure to conservative investments as the target date approaches. The principal value of a Fund is not guaranteed at any time, including the target date. A Fund’s shareholders may experiences losses, including losses near, at or after the target year indicated in the Fund’s name.
Returns measure performance from the inception of the oldest share class to the present, so some returns predate the inception of the actual share class. Those returns are calculated by adjusting the returns of the oldest share class to reflect the indicated share class’s different operating expenses. Total return performance assumes that all dividend and capital gain distributions were reinvested on the payable date.
Class A shares are subject to an initial sales charge. Class C shares are subject to a 1% contingent deferred sales charge (“CDSC”) for shares redeemed in the first year. Class R shares are generally available only to 401(k) plans, 457 plans, employer sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans, non-qualified deferred compensation plans and healthcare benefit funding plans. Class P shares are offered primarily through certain asset allocation, wrap fee and other similar programs offered by broker-dealers and other intermediaries. Institutional Class shares are offered primarily for direct investment by investors such as pension and profit sharing plans, employee benefit trusts, endowments, foundations, corporations and high net worth individuals. Administrative Class shares are offered primarily through employee benefit plan alliances, broker-dealers and other intermediaries. Class R6 shares are offered primarily for 401(k) plans, 457 plans, employer sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans, non-qualified deferred compensation plans, healthcare benefit funding plans and other specified benefit plans and accounts whereby the plan or the plan’s broker, dealer or other financial Intermediary has an agreement with the Distributor or the Investment Manager to utilize Class R6 shares In certain Investment products or programs.
Class D and Class B shares were converted into Class A shares on November 13, 2015 and December 4, 2015, respectively.
The Lipper Averages are calculated by Lipper, Inc. They are based on the total return performance, with distributions reinvested and
operating expenses deducted, of funds included by Lipper in the stated category. Lipper does not take into account sales charges.
The Cumulative Returns charts for each Fund assume the initial investment was made on the first day of the Fund’s initial fiscal year. The charts reflect any sales load that would have applied at the time of purchase or any CDSC that would have applied if a full redemption occurred on the last business day of the most recent fiscal year. Results assume that all dividends and capital gain distributions were reinvested. They do not take into account the effect of taxes. The benchmark cumulative return began on the last day of the month of the respective Fund’s inception date.
“Cash & Equivalents—Net” in the Allocation Summaries may be comprised of cash, repurchase agreements, U.S. Treasury Bills, options purchased, options written and other assets net of other liabilities including net unrealized appreciation (depreciation) on futures contracts, forward foreign currency contracts and swap agreements, as applicable.
Proxy Voting
The Funds’ Investment Manager has adopted written proxy voting policies and procedures (the “Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940. The Proxy Policy has been adopted by Allianz Funds Multi-Strategy Trust (the “Trust”) as the policies and procedures that the Investment Manager will use when voting proxies on behalf of the Funds. Copies of the written Proxy Policy and the factors that the Investment Manager may consider in determining how to vote proxies for each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling1-800-988-8380 (retail classes: A, C & R) or1-800-498-5413 (Class P, R6, Institutional & Administrative classes), on the Allianz Global Investors Distributors LLC’s website at us.allianzgi.com, and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.
Form N-Q
The Trust files complete schedules of each Fund’s portfolio holdings with the SEC on Form N-Q for the first and third quarters of each fiscal year, which are available on the SEC’s website at http://www.sec.gov. A copy of the Trust’s Form N-Q is available without charge, upon request, by calling 1-800-988-8380 (retail classes: A, C & R) or1-800-498-5413 (Class P, R6, Institutional & Administrative classes). A description of the Trust’s policies and procedures with respect to the disclosure of each Portfolio’s holdings, together with additional information about portfolio holdings disclosure, is available in the Trust’s Statement of Additional Information. In addition, the Investment Manager will post each Fund’s holding information on the Fund’s website at us.allianzgi.com. Each Fund’s website will contain a complete schedule of portfolio holdings as of the relevant month end. The information will be posted approximately thirty (30) calendar days after the relevant month’s end, and such information will remain accessible on the website until the Trust files its Form N-CSR or Form N-Q with the SEC for the period that includes the date as of which the website information is current. Beginning April 30, 2019, and for subsequent periods, this information will be posted on the website approximately thirty (30) calendar days after the relevant month’s end, and such information will remain accessible on the
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Important Information (cont’d)
website until the Trust files its Form N-CSR or Form N-PORT for the last month of the Fund’s first or third fiscal quarters with the SEC for the period that includes the date as of which the website information is current. The Trust’s policies with respect to the disclosure of portfolio holdings are subject to change without notice.
The following disclosure provides important information regarding each Fund’s Shareholder Expense Example, which appears on each Fund Summary page in this Semiannual Report. Please refer to this information when reviewing the Shareholder Expense Example for a Fund.
Shareholder Expense Example
Shareholders of a Fund incur two types of costs: (1) transaction costs; and (2) ongoing costs, including investment management fees; distribution and/or service (12b-1) fees and other Fund expenses. The Shareholder Expense Example is intended to help shareholders understand ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Shareholder Expense Example is based on an investment of $1,000.00 invested at the beginning of the period, as indicated, and held for the entire period through March 31, 2019.
Actual Expenses
The information in the table under the heading “Actual Performance” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the appropriate column for your share class, in the row entitled “Expenses Paid During Period”, to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The information in the table under the heading “Hypothetical Performance (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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 the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the information under the heading “Hypothetical Performance (5% return before expenses)” is 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.
Shareholders may be subject to an annual fee of $15 for any accounts, including fiduciary accounts, with balances that fall below $1,000. This fee is not included in the shareholder expense example. If you are subject to the fee, keep it in mind when you are estimating the
ongoing expenses of investing in the Funds and when comparing the expenses of these Funds with other funds.
Credit Ratings
Credit ratings apply to the underlying holdings of a Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality.
With respect to AllianzGI Core Bond Fund, AllianzGI Core Plus Bond Fund, AllianzGI Green Bond Fund and AllianzGI Preferred Securities and Income Fund, the presentation of credit ratings information in this report use the highest available rating provided by S&P, Moody’s or Fitch to ensure the quality of the portfolios.
With respect to AllianzGI Emerging Markets Debt Fund, presentations of credit ratings information in this report use ratings provided by Moody’s because of, among other reasons, the access to background information and other materials provided by Moody’s, as well as the Funds’ considerations of industry practice. With respect to AllianzGI Convertible Fund, AllianzGI High Yield Bond Fund, AllianzGI Short Duration High Income Fund and AllianzGI Short Term Bond Fund, presentations of credit ratings information in this report use ratings provided by S&P because of, among other reasons, the applicable portfolio managers’ usage of S&P ratings methodology among other credit quality information in managing the respective portfolios, access to background information and other materials provided by S&P, as well as the Funds’ considerations of industry practice. The Funds also display S&P credit ratings information in materials provided in client presentations.
With respect to AllianzGI Floating Rate Note Fund and AllianzGI Global High Yield Fund, the presentation of credit ratings information in this report uses the lowest available rating provided by S&P, Moody’s or Fitch to ensure the most conservative presentation of the quality of the portfolio.
Except for the methodologies described above for AllianzGI Floating Rate Note Fund, AllianzGI Global High Yield Fund and AllianzGI Green Bond Fund, securities not rated by Moody’s or S&P, or securities that do not have a rating available from Moody’s or S&P are designated as “NR” and “NA”, respectively. Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change periodically, even as frequently as daily. Ratings assigned by Moody’s, S&P or another rating agency are not absolute standards of credit quality and do not evaluate market risk. Rating agencies may fail to make timely changes in credit ratings, and an issuer’s current financial condition may be better or worse than a rating indicates. In formulating investment decisions for the applicable Funds, Allianz Global Investors U.S. LLC develops its own analysis of the credit quality and risks associated with individual debt instruments, rather than relying exclusively on rating agencies or third-party research.
All the information on the Fund Summary pages, including Fund Insights, Average Annual/Cumulative Total Return Tables, Cumulative Return Charts, Shareholder Expense Examples and Allocation/Credit Rating Summaries is unaudited.
Allianz Global Investors Distributors LLC, 1633 Broadway, New York, NY, 10019, us.allianzgi.com, 1-800-988-8380 (retail classes: A, C & R) or 1-800-498-5413 (Class P, R6, Institutional & Administrative classes).
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Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an index.
Prior to November 1, 2006, performance data for the MSCI Indices was calculated gross of dividend tax withholding. Performance data presently shown for the Indices is net of dividend tax withholding. This recalculation results in lower performance for the Indices.
Index | Description | |
AllianzGI 2020 Strategic Benchmark, AllianzGI 2025 Strategic Benchmark, AllianzGI 2030 Strategic Benchmark, AllianzGI 2035 Strategic Benchmark, AllianzGI 2040 Strategic Benchmark, AllianzGI 2045 Strategic Benchmark, AllianzGI 2050 Strategic Benchmark and AllianzGI 2055 Strategic Benchmark | The AllianzGI 2020 Strategic Benchmark, AllianzGI 2025 Strategic Benchmark, AllianzGI 2030 Strategic Benchmark, AllianzGI 2035 Strategic Benchmark, AllianzGI 2040 Strategic Benchmark, AllianzGI 2045 Strategic Benchmark, AllianzGI 2050 Strategic Benchmark and AllianzGI 2055 Strategic Benchmark each represents the performance of a custom blended index developed by AllianzGI U.S., it is comprised of three underlying indices: MSCI USA Index, MSCI ACWI ex USA Index and Bloomberg Barclays U.S. Aggregate Bond Index. The strategic weights to these indices reflect the glidepath which starts with a 93% weight to the Equity Indices, becoming more conservative to end 5 years past the target retirement date with 30% weight to the equity indices. | |
AllianzGI Multi Asset Income Strategic Benchmark | The AllianzGI Multi Asset Income StrategicBenchmark represents the performance of a custom blended index developed by the Adviser it is comprised of three underlying indices: 20% MSCI USA Index, 10% MSCI ACWI ex USA Index and 70% Bloomberg Barclays US Aggregate Bond Index. | |
Bloomberg Barclays Global High Yield Index | The Bloomberg Barclays Global High Yield Index is a multi-currency flagship measure of the global high yield debt market. The index represents the union of the U.S. High Yield, the Pan-European High Yield, and Emerging Markets (EM) Hard Currency High Yield Indices. | |
Bloomberg Barclays U.S. Aggregate Bond Index | The Bloomberg Barclays U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable, and U.S. dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. | |
Bloomberg Barclays U.S. Credit Index | The Bloomberg Barclays U.S. Credit Index is the credit component of the U.S. Government/Credit Index. It includes publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements. To qualify, bonds must be SEC-registered. | |
Bloomberg Barclays U.S. Government Bond Index | The Bloomberg Barclays U.S. Bond Index is a market capitalization-weighted index, meaning the securities in the index are weighted according to the market size of each bond type. Most U.S. traded investment grade bonds are represented. | |
Bloomberg Barclays U.S. Government/Credit 1-3 Year Index | The Bloomberg Barclays U.S. Government/Credit 1-3 Year Index is the 1-3 Year component of the U.S. Government/Credit index. The Government Index includes treasuries and agencies. The Credit Index includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. | |
Bloomberg Barclays U.S. TIPS Index | The Bloomberg Barclays U.S. Treasury U.S. TIPS Index consists of Inflation-Protection securities issued by the U.S. Treasury. | |
Bloomberg Barclays U.S. Universal Bond Index | The Bloomberg Barclays U.S. Universal Bond Index represents the union of the U.S. Aggregate Index, the U.S. High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, and the non-ERISA portion of the CMBS Index. Municipal debt, private placements, and non-dollar-denominated issues are excluded from the Universal Index. The only constituent of the index that includes floating-rate debt is the Emerging Markets Index. | |
Dow Jones Sustainability World Total Return Index | The Dow Jones Sustainability World Total Return Index tracks the performance of the top 10% of the 2500 largest companies in the S&P Global Broad Market Index that are the world’s sustainability leaders based on economic, environmental and social criteria. | |
ICE BofA Merrill Lynch 0-3 Month US Treasury Bill Index | The ICE BofA Merrill Lynch 0-3 Month US Treasury Bill Index is a subset of ICE BofA Merrill Lynch US Treasury Bill Index including all securities with a remaining term to final maturity less than 3 months. |
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Unaudited
Benchmark Descriptions (cont’d)
Index | Description | |
ICE BofA Merrill Lynch 1-3 Year BB U.S. Cash Pay High Yield Index | The ICE BofA Merrill Lynch 1-3 Year BB U.S. Cash Pay High Yield Index is a subset of the ICE BofA Merrill Lynch U.S. Cash Pay High Yield Index, including all securities with a remaining term to final maturity less than 3 years and rated BB1 through BB3, inclusive. The ICE BofA Merrill Lynch US Cash Pay High Yield Index tracks the performance of U.S. dollar-denominated below investment grade corporate debt, currently in a coupon paying period, that is publicly issued in the U.S. domestic market. | |
ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index | The ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index tracks the performance of the3-month U.S. Treasury markets. | |
ICE BofA Merrill Lynch All Convertibles Index | The ICE BofA Merrill Lynch All Convertibles Index is a widely used, unmanaged index that measures the performance of U.S. dollar-denominated convertible securities not currently in bankruptcy with a total market value greater than $50 million at issuance. | |
ICE BofA Merrill Lynch Fixed Rate Preferred Securities Index | The ICE BofA Merrill Lynch Fixed Rate Preferred Securities Index tracks the performance of fixed rate US dollar denominated preferred securities issued in the US domestic market. | |
ICE BofA Merrill Lynch Global High Yield Constrained Index | The ICE BofA Merrill Lynch Global High Yield Constrained Index contains all securities in the ICE BofA Merrill Lynch Global High Yield Index USD but caps issuer exposure at 2%. The ICE BofA Merrill Lynch Global High Yield Index tracks the performance of below investment grade corporate debt publicly issued in the major domestic or eurobond markets. | |
ICE BofA Merrill Lynch Green Bond Index | The ICE BofA Merrill Lynch Green Bond Index tracks the performance of securities issued for qualified “green” purposes. Qualifying bonds must have a clearly designated use of proceeds that is solely applied toward projects or activities that promote climate change mitigation or adaptation or other environmental sustainability purposes. | |
ICE BofA Merrill Lynch High Yield Master II Index | The ICE BofA Merrill Lynch High Yield Master II Index is an unmanaged index consisting of US dollar-denominated bonds that are issued in countries having a BBB3 or higher debt rating with at least one year remaining until maturity. All bonds must have a credit rating below investment grade but not in default. | |
ICE BofA Merrill Lynch US Treasury Bill Index | The ICE BofA Merrill Lynch US Treasury Bill Index tracks the performance of US dollar denominated US Treasury Bills publicly issued in the US domestic market. | |
JP Morgan Corporate Emerging Markets Broad Diversified Index(CEMBI-BD) | The JP Morgan Corporate Emerging Markets Broad Diversified Index (CEMBI-BD) tracks total returns of US dollar-denominated debt instruments issued by corporate entities in emerging market countries. Two variations are available: CEMBI Broad and CEMBI. The CEMBI Broad is the most comprehensive corporate benchmark followed by the CEMBI, which consists of an investable universe of corporate bonds. Both indices are also available in Diversified versions. | |
JP Morgan Emerging Markets Bond Index Global Diversified (EMBI Global Diversified) | The JP Morgan Emerging Markets Bond Index Global Diversified (EMBI Global Diversified) is a uniquely-weighted version of the EMBI Global. It limits the weights of those index countries with larger debt stocks by only including specified portions of these countries’ eligible current face amounts of debt outstanding. The countries covered in the EMBI Global Diversified are identical to those covered by the EMBI Global. | |
JP Morgan Government BondIndex-Emerging Markets(GBI-EM) | The JP Morgan Government Bond Index-Emerging Markets (GBI-EM) is the first comprehensive, global local emerging markets index, and consists of regularly traded, liquid fixed-rate, domestic currency government bonds to which international investors can gain exposure. Variations of the index are available to allow investors to select the most appropriate benchmark for their objectives. | |
Morningstar Lifetime Moderate 2020, Morningstar Lifetime Moderate 2025, Morningstar Lifetime Moderate 2030, Morningstar Lifetime Moderate 2035, Morningstar Lifetime Moderate 2040, Morningstar Lifetime Moderate 2045, Morningstar Lifetime Moderate 2050 and Morningstar Lifetime Moderate 2055 | The Morningstar Lifetime Moderate 2020, Morningstar Lifetime Moderate 2025, Morningstar Lifetime Moderate 2030, Morningstar Lifetime Moderate 2035, Morningstar Lifetime Moderate 2040, Morningstar Lifetime Moderate 2045, Morningstar Lifetime Moderate 2050 and Morningstar Lifetime Moderate 2055 Indices each represents a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS. The portfolio is held in proportions appropriate for a U.S. investor’s investment horizon until retirement. The moderate risk profile is for investors who are comfortable with average exposure to equity market volatility. |
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Unaudited
Benchmark Descriptions (cont’d)
Index | Description | |
MSCI ACWI ex USA Growth Index | The MSCI ACWI ex USA Growth Index captures large and mid-cap securities exhibiting overall growth style characteristics across developed and emerging markets, excluding the United States. | |
MSCI ACWI ex USA Index | The MSCI ACWI ex USA Index captures large and mid cap representation across Developed Markets countries (excluding the U.S.) and Emerging Markets countries. The index covers approximately 85% of the global equity opportunity set outside the US. | |
MSCI All Country World Index (Also known as: MSCI AC World Index and MSCI ACWI) | The MSCI All Country World Index (ACWI) captures large and mid cap representation across the Developed Markets and Emerging Markets countries. The index covers approximately 85% of the global investable equity opportunity set. | |
MSCI EAFE Index | The MSCI EAFE Index is an equity index which captures large and mid cap representation across Developed Markets countries around the world, excluding the US and Canada. | |
MSCI EAFE Small Cap Index | The MSCI EAFE Small Cap Index is an equity index which captures small cap representation across Developed Markets countries around the world, excluding the US and Canada. | |
MSCI Emerging Markets Index | The MSCI Emerging Markets Index captures large and mid cap representation across Emerging Markets countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country. | |
MSCI Emerging Markets Small-Cap Index | The MSCI Emerging Markets Small-Cap Index includes small cap representation across Emerging Markets countries. The index covers approximately 14% of the free float-adjusted market capitalization in each country. The Small cap segment tends to capture more local economic and sector characteristics relative to larger Emerging Markets capitalization segments. | |
MSCI World ex USA Small Cap Index | The MSCI World ex USA Small Cap Index captures small cap representation across Developed Markets countries (excluding the United States). The index covers approximately 14% of the free float-adjusted market capitalization in each country. | |
MSCI World High Dividend Yield Index | The MSCI World High Dividend Yield Index is based on the MSCI World Index, its parent index, and includes large and mid cap stocks across Developed Markets countries. The index is designed to reflect the performance of equities in the parent index (excluding REITs) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The index also applies quality screens and reviews 12-month past performance to omit stocks with potentially deteriorating fundamentals that could force them to cut or reduce dividends. | |
MSCI World Index | The MSCI World Index captures large and mid cap representation across Developed Markets countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country. | |
Russell 2000 Index | The Russell 2000 Index measures the performance of the small cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 10% of total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. | |
Russell Microcap Growth Index | The Russell Microcap Growth Index measures the performance of the microcap growth segment of the US equity market. It includes those Russell Microcap Index companies with higherprice-to-book ratios and higher forecasted growth values. | |
Russell Microcap Index | The Russell Microcap Index measures the performance of the microcap segment of the U.S. equity market. It makes up less than 3% of the U.S. equity market. | |
S&P 500 Financials Index | The S&P 500 Financials Index comprises those companies included in the S&P 500 that are classified as members of the GICS® financials sector. | |
S&P 500 Index | The Standard & Poor’s 500 Index is an unmanaged index of large capitalization common stocks. |
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Benchmark Descriptions (cont’d)
Index | Description | |
S&P Global Water Index | The Standard & Poor’s Global Water Index is comprised of 50 of the largest publicly traded companies in water-related businesses that meet specific investability requirements. This index is designed to provide liquid exposure to the leading publicly-listed companies in the global water industry, from both developed markets and emerging markets. | |
USD Overnight LIBOR | USD Overnight LIBOR (London Inter-Bank Offered Rate) Index is the average interest rate at which leading banks in London borrow U.S. dollar funds from one another with a maturity of one day (overnight). |
Semiannual Report | | March 31, 2019 | 113 |
Table of Contents
March 31, 2019 (Unaudited)
AllianzGI Retirement 2020 Fund
Shares | Value | |||||||
Mutual Funds(a)—92.0% |
| |||||||
AllianzGI Advanced Core Bond | 414,984 | $6,100,265 | ||||||
AllianzGI Best Styles U.S. Equity (d) | 103,938 | 1,616,231 | ||||||
AllianzGI Emerging Markets Debt (b) | 7,498 | 101,899 | ||||||
AllianzGI Emerging MarketsSmall-Cap (b) | 20,212 | 322,982 | ||||||
AllianzGI Global Dynamic Allocation (d) | 1,145,841 | 21,461,601 | ||||||
AllianzGI Short Duration High Income (d) | 16,559 | 238,786 | ||||||
|
| |||||||
Total Mutual Funds (cost—$29,337,058) |
| 29,841,764 | ||||||
|
| |||||||
Exchange-Traded Funds—6.3% |
| |||||||
iShares TIPS Bond | 2,405 | 271,933 | ||||||
Vanguard Intermediate-Term Corporate Bond | 5,528 | 480,217 | ||||||
Vanguard Mortgage-Backed Securities | 24,502 | 1,282,925 | ||||||
|
| |||||||
Total Exchange-Traded Funds (cost—$1,967,009) |
| 2,035,075 | ||||||
|
|
Principal Amount (000s) | Value | |||||||
Short-Term Investments—4.1% |
| |||||||
Repurchase Agreements—2.6% |
| |||||||
State Street Bank and Trust Co., dated 3/29/19, 0.50%, due 4/1/19, proceeds $841,035; collateralized by U.S. Treasury Notes, 1.75%, due 5/31/22, valued at $858,273 including accrued interest |
| |||||||
(cost—$841,000) | $841 | $ | 841,000 | |||||
|
| |||||||
U.S. Treasury Obligation(c)—1.5% |
| |||||||
U.S. Treasury Bill, | 500 | 497,330 | ||||||
|
| |||||||
Total Short-Term Investments (cost—$1,338,333) |
| 1,338,330 | ||||||
|
| |||||||
Total Investments (cost—$32,642,400)—102.4% |
| 33,215,169 | ||||||
|
| |||||||
Liabilities in excess of other assets (e)—(2.4)% |
| (793,573 | ) | |||||
|
| |||||||
Net Assets—100.0% |
| $32,421,596 | ||||||
|
|
Notes to Schedule of Investments:
(a) Affiliated fund.
(b) Institutional Class share.
(c) Rates reflect the effective yields at purchase date.
(d) Class R6 share.
(e) Includes net unrealized appreciation (depreciation) of other financial instruments as follows:
Futures contracts outstanding at March 31, 2019: | ||||||||||||||||||||||
Type | Contracts | Expiration Date | Notional Amount | Market Value | Unrealized Appreciation (Depreciation) | |||||||||||||||||
Long position contracts: | ||||||||||||||||||||||
10-Year U.S. Ultra Treasury Bond | 4 | 6/19/19 | $ | 400 | $ | 531 | $ | 11,243 | ||||||||||||||
Dow Jones U.S. Real Estate Index | 1 | 6/21/19 | — | (g) | 34 | 718 | ||||||||||||||||
E-mini S&P 500 Index | 7 | 6/21/19 | — | (g) | 993 | 17,029 | ||||||||||||||||
|
| |||||||||||||||||||||
$ | 28,990 | |||||||||||||||||||||
|
| |||||||||||||||||||||
Short position contracts: | ||||||||||||||||||||||
Euro STOXX 50 Index | (1 | ) | 6/21/19 | EUR | (— | )(g) | $ | (37 | ) | $ | (686 | ) | ||||||||||
Mini MSCI Emerging Markets Index | (10 | ) | 6/21/19 | $ | (1 | ) | (529 | ) | (1,973 | ) | ||||||||||||
MSCI EAFE Index | (8 | ) | 6/21/19 | (— | )(g) | (747 | ) | (9,538 | ) | |||||||||||||
U.S. Dollar Index | (1 | ) | 6/17/19 | (1 | ) | (97 | ) | (96 | ) | |||||||||||||
|
| |||||||||||||||||||||
$ | (12,293 | ) | ||||||||||||||||||||
|
| |||||||||||||||||||||
$ | 16,697 | |||||||||||||||||||||
|
|
(f) At March 31, 2019, the Fund pledged $326,610 in cash as collateral for futures contracts.
(g) Notional amount rounds to less than 500.
Glossary:
EAFE—Europe, Australasia and Far East
EUR—Euro
MSCI—Morgan Stanley Capital International
TIPS—Treasury Inflation Protected Securities
114 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
AllianzGI Retirement 2025 Fund
Shares | Value | |||||||
Mutual Funds(a)—94.3% |
| |||||||
AllianzGI Advanced Core Bond | 392,011 | $5,762,564 | ||||||
AllianzGI Best Styles U.S. Equity (d) | 211,286 | 3,285,490 | ||||||
AllianzGI Emerging Markets Debt (b) | 7,356 | 99,963 | ||||||
AllianzGI Emerging MarketsSmall-Cap (b) | 21,701 | 346,786 | ||||||
AllianzGI Global Dynamic Allocation (d) | 1,882,770 | 35,264,281 | ||||||
|
| |||||||
Total Mutual Funds (cost—$43,896,985) |
| 44,759,084 | ||||||
|
| |||||||
Exchange-Traded Funds—1.1% |
| |||||||
iShares TIPS Bond | 1,769 | 200,021 | ||||||
Vanguard Mortgage-Backed Securities | 6,642 | 347,775 | ||||||
|
| |||||||
Total Exchange-Traded Funds (cost—$529,561) |
| 547,796 | ||||||
|
|
Principal Amount (000s) | Value | |||||||
Short-Term Investments—4.3% |
| |||||||
Repurchase Agreements—2.2% |
| |||||||
State Street Bank and Trust Co., dated 3/29/19, 0.50%, due 4/1/19, proceeds $1,060,044; collateralized by U.S. Treasury Notes, 1.75%, due 6/30/22, valued at $1,084,695 including accrued interest |
| |||||||
(cost—$1,060,000) | $1,060 | $ | 1,060,000 | |||||
|
| |||||||
U.S. Treasury Obligations(d)—2.1% |
| |||||||
U.S. Treasury Bills, | 1,000 | 994,660 | ||||||
|
| |||||||
Total Short-Term Investments (cost—$2,054,650) |
| 2,054,660 | ||||||
|
| |||||||
Total Investments (cost—$46,481,196)—99.7% |
| 47,361,540 | ||||||
|
| |||||||
Other assets less liabilities (e)—0.3% |
| 120,962 | ||||||
|
| |||||||
Net Assets—100.0% |
| $47,482,502 | ||||||
|
|
Notes to Schedule of Investments:
(a) Affiliated fund.
(b) Institutional Class share.
(c) Rates reflect the effective yields at purchase date.
(d) Class R6 share.
(e) Includes net unrealized appreciation (depreciation) of other financial instruments as follows:
Futures contracts outstanding at March 31, 2019: | ||||||||||||||||||||||
Type | Contracts | Expiration Date | Notional Amount (000s) | Market Value (000s) | Unrealized Appreciation (Depreciation) | |||||||||||||||||
Long position contracts: |
| |||||||||||||||||||||
Dow Jones U.S. Real Estate Index | 6 | 6/21/19 | $ | 1 | $ | 206 | $ | 4,307 | ||||||||||||||
E-mini Russell 1000 Index | 2 | 6/21/19 | — | (g) | 122 | 780 | ||||||||||||||||
E-mini S&P 500 Index | 21 | 6/21/19 | 1 | 2,980 | 51,088 | |||||||||||||||||
SPI 200 Index | 1 | 6/20/19 | AUD | — | (g) | 109 | (198 | ) | ||||||||||||||
|
| |||||||||||||||||||||
$ | 55,977 | |||||||||||||||||||||
|
| |||||||||||||||||||||
Short position contracts: |
| |||||||||||||||||||||
10-Year U.S. Ultra Treasury | (3 | ) | 6/19/19 | $ | (300 | ) | $ | (398 | ) | $ | 1,354 | |||||||||||
E-mini NASDAQ 100 Index | (1 | ) | 6/21/19 | (— | )(g) | (148 | ) | 703 | ||||||||||||||
Euro STOXX 50 Index | (4 | ) | 6/21/19 | EUR | (— | )(g) | (147 | ) | (2,743 | ) | ||||||||||||
FTSE 100 Index | (1 | ) | 6/21/19 | GBP | (— | )(g) | (94 | ) | 519 | |||||||||||||
Mini MSCI Emerging Markets Index | (9 | ) | 6/21/19 | $ | (— | )(g) | (476 | ) | (1,776 | ) | ||||||||||||
MSCI EAFE Index | (5 | ) | 6/21/19 | (— | )(g) | (466 | ) | (5,961 | ) | |||||||||||||
U.S. Dollar Index | (2 | ) | 6/17/19 | (2 | ) | (194 | ) | (197 | ) | |||||||||||||
|
| |||||||||||||||||||||
$ | (8,101 | ) | ||||||||||||||||||||
|
| |||||||||||||||||||||
$ | 47,876 | |||||||||||||||||||||
|
|
(f) At March 31, 2019, the Fund pledged $619,499 in cash as collateral for futures contracts.
(g) Notional amount rounds to less than 500.
Glossary:
AUD—Australian Dollar
EAFE—Europe, Australasia and Far East
EUR—Euro
FTSE—Financial Times Stock Exchange
GBP—British Pound
MSCI—Morgan Stanley Capital International
TIPS—Treasury Inflation Protected Securities
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 115 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
AllianzGI Retirement 2030 Fund
Shares | Value | |||||||
Mutual Funds(a)—96.2% |
| |||||||
AllianzGI Advanced Core Bond | 156,775 | $2,304,591 | ||||||
AllianzGI Best Styles Global Equity (d) | 305,587 | 4,296,550 | ||||||
AllianzGI Best Styles U.S. Equity (d) | 463,178 | 7,202,418 | ||||||
AllianzGI Emerging MarketsSmall-Cap (b) | 49,222 | 786,572 | ||||||
AllianzGI Global Dynamic Allocation (d) | 2,215,515 | 41,496,591 | ||||||
|
| |||||||
Total Mutual Funds (cost—$55,080,517) |
| 56,086,722 | ||||||
|
| |||||||
Exchange-Traded Funds—0.1% |
| |||||||
iShares TIPS Bond | 531 | 60,040 | ||||||
|
|
Principal Amount (000s) | Value | |||||||
Short-Term Investments—2.3% |
| |||||||
Repurchase Agreements—1.8% |
| |||||||
State Street Bank and Trust Co., dated 3/29/19, 0.50%, due 4/1/19, proceeds $1,047,044; collateralized by U.S. Treasury Notes, 1.75%, due 5/31/22, valued at $1,071,601 including accrued interest |
| |||||||
(cost—$1,047,000) | $1,047 | $ | 1,047,000 | |||||
|
| |||||||
U.S. Treasury Obligation(c)—0.5% |
| |||||||
U.S. Treasury Bill, | 300 | 298,398 | ||||||
|
| |||||||
Total Short-Term Investments (cost—$1,345,400) |
| 1,345,398 | ||||||
|
| |||||||
Total Investments (cost—$56,484,417)—98.6% |
| 57,492,160 | ||||||
|
| |||||||
Other assets less liabilities (e)—1.4% |
| 820,228 | ||||||
|
| |||||||
Net Assets—100.0% |
| $58,312,388 | ||||||
|
|
Notes to Schedule of Investments:
(a) Affiliated fund.
(b) Institutional Class share.
(c) Rates reflect the effective yields at purchase date.
(d) Class R6 share.
(e) Includes net unrealized appreciation (depreciation) of other financial instruments as follows:
Futures contracts outstanding at March 31, 2019: | ||||||||||||||||||||||
Type | Contracts | Expiration Date | Notional Amount (000s) | Market Value (000s) | Unrealized Appreciation (Depreciation) | |||||||||||||||||
Long position contracts: |
| |||||||||||||||||||||
Dow Jones U.S. Real Estate Index | 15 | 6/21/19 | $ | 2 | $ | 515 | $ | 10,766 | ||||||||||||||
E-mini Russell 1000 Index | 3 | 6/21/19 | — | (g) | 183 | 1,195 | ||||||||||||||||
E-mini S&P 500 Index | 21 | 6/21/19 | 1 | 2,980 | 51,088 | |||||||||||||||||
SPI 200 Index | 4 | 6/20/19 | AUD | — | (g) | 438 | (401 | ) | ||||||||||||||
|
| |||||||||||||||||||||
$ | 62,648 | |||||||||||||||||||||
|
| |||||||||||||||||||||
Short position contracts: | ||||||||||||||||||||||
E-mini NASDAQ 100 Index | (1 | ) | 6/21/19 | $ | (—) | (g) | $ | (148 | ) | $ | 713 | |||||||||||
Euro STOXX 50 Index | (11 | ) | 6/21/19 | EUR | (—) | (g) | (404 | ) | (7,544 | ) | ||||||||||||
FTSE 100 Index | (4 | ) | 6/21/19 | GBP | (—) | (g) | (376 | ) | (2,807 | ) | ||||||||||||
Mini MSCI Emerging Markets Index | (17 | ) | 6/21/19 | $ | (1 | ) | (899 | ) | (698 | ) | ||||||||||||
TOPIX Index | (1 | ) | 6/13/19 | JPY | (10 | ) | (143 | ) | 447 | |||||||||||||
U.S. Dollar Index | (5 | ) | 6/17/19 | $ | (5 | ) | (484 | ) | (492 | ) | ||||||||||||
|
| |||||||||||||||||||||
$ | (10,381 | ) | ||||||||||||||||||||
|
| |||||||||||||||||||||
$ | 52,267 | |||||||||||||||||||||
|
|
(f) At March 31, 2019, the Fund pledged $845,282 in cash as collateral for futures contracts.
(g) Notional amount rounds to less than 500.
Glossary:
AUD—Australian Dollar
EUR—Euro
FTSE—Financial Times Stock Exchange
GBP—British Pound
JPY—Japanese Yen
MSCI—Morgan Stanley Capital International
TIPS—Treasury Inflation Protected Securities
TOPIX—Tokyo Stock Price Index
��
116 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
AllianzGI Retirement 2035 Fund
Shares | Value | |||||||
Mutual Funds(a)—95.0% |
| |||||||
AllianzGI Advanced Core Bond | 85,155 | $1,251,784 | ||||||
AllianzGI Best Styles Global Equity (d) | 897,737 | 12,622,188 | ||||||
AllianzGI Best Styles U.S. Equity (d) | 418,658 | 6,510,126 | ||||||
AllianzGI Emerging MarketsSmall-Cap (b) | 40,452 | 646,424 | ||||||
AllianzGI Global Dynamic Allocation (d) | 1,165,144 | 21,823,142 | ||||||
|
| |||||||
Total Mutual Funds (cost—$42,896,104) |
| 42,853,664 | ||||||
|
|
Principal Amount (000s) | Value | |||||||
Short-Term Investments—3.5% |
| |||||||
Repurchase Agreements—2.4% |
| |||||||
State Street Bank and Trust Co., dated 3/29/19, 0.50%, due 4/1/19, proceeds $1,080,045; collateralized by U.S. Treasury Notes, 1.75%, due 6/30/22, valued at $1,104,507 including accrued interest |
| |||||||
(cost—$1,080,000) | $1,080 | $ | 1,080,000 | |||||
|
| |||||||
U.S. Treasury Obligation(c)—1.1% |
| |||||||
U.S. Treasury Bill, | 500 | 497,330 | ||||||
|
| |||||||
Total Short-Term Investments (cost—$1,577,333) |
| 1,577,330 | ||||||
|
| |||||||
Total Investments (cost—$44,473,437)—98.5% |
| 44,430,994 | ||||||
|
| |||||||
Other assets less liabilities (e)—1.5% |
| 685,816 | ||||||
|
| |||||||
Net Assets—100.0% |
| $45,116,810 | ||||||
|
|
Notes to Schedule of Investments:
(a) Affiliated fund.
(b) Institutional Class share.
(c) Rates reflect the effective yields at purchase date.
(d) Class R6 share.
(e) Includes net unrealized appreciation (depreciation) of other financial instruments as follows:
Futures contracts outstanding at March 31, 2019: | ||||||||||||||||||||||
Type | Contracts | Expiration Date | Notional Amount (000s) | Market Value (000s) | Unrealized Appreciation (Depreciation) | |||||||||||||||||
Long position contracts: | ||||||||||||||||||||||
Dow Jones U.S. Real Estate Index | 23 | 6/21/19 | $ | 2 | $ | 790 | $ | 16,508 | ||||||||||||||
E-mini Russell 1000 Index | 5 | 6/21/19 | — | (g) | 304 | 2,059 | ||||||||||||||||
E-mini S&P 500 Index | 17 | 6/21/19 | 1 | 2,412 | 41,357 | |||||||||||||||||
SPI 200 Index | 6 | 6/20/19 | AUD | — | (g) | 657 | (424) | |||||||||||||||
|
| |||||||||||||||||||||
$ | 59,500 | |||||||||||||||||||||
|
| |||||||||||||||||||||
Short position contracts: | ||||||||||||||||||||||
E-mini NASDAQ 100 Index | (2) | 6/21/19 | $ | (—) | (g) | $ | (296) | $ | 1,421 | |||||||||||||
Euro STOXX 50 Index | (17) | 6/21/19 | EUR | (—) | (g) | (624) | (11,658) | |||||||||||||||
FTSE 100 Index | (6) | 6/21/19 | GBP | (—) | (g) | (563) | (1,801) | |||||||||||||||
Mini MSCI Emerging Markets Index | (14) | 6/21/19 | $ | (1) | (740) | 1,208 | ||||||||||||||||
TOPIX Index | (1) | 6/13/19 | JPY | (10) | (144) | 447 | ||||||||||||||||
U.S. Dollar Index | (7) | 6/17/19 | $ | (7) | (678) | (689) | ||||||||||||||||
|
| |||||||||||||||||||||
$ | (11,072) | |||||||||||||||||||||
|
| |||||||||||||||||||||
$ | 48,428 | |||||||||||||||||||||
|
|
(f) At March 31, 2019, the Fund pledged $726,933 in cash as collateral for futures contracts.
(g) Notional amount rounds to less than 500.
Glossary:
AUD—Australian Dollar
EUR—Euro
FTSE—Financial Times Stock Exchange
GBP—British Pound
JPY—Japanese Yen
MSCI—Morgan Stanley Capital International
TOPIX—Tokyo Stock Price Index
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 117 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
AllianzGI Retirement 2040 Fund
Shares | Value | |||||||
Mutual Funds(a)—95.5% |
| |||||||
AllianzGI Advanced Core Bond | 44,691 | $656,959 | ||||||
AllianzGI Best Styles Global Equity (d) | 1,508,944 | 21,215,752 | ||||||
AllianzGI Best Styles U.S. Equity (d) | 516,815 | 8,036,478 | ||||||
AllianzGI Emerging MarketsSmall-Cap (b) | 34,361 | 549,091 | ||||||
AllianzGI Global Dynamic Allocation (d) | 778,876 | 14,588,344 | ||||||
|
| |||||||
Total Mutual Funds (cost—$45,829,990) |
| 45,046,624 | ||||||
|
|
Principal Amount (000s) | Value | |||||||
Short-Term Investments—2.8% |
| |||||||
Repurchase Agreements—2.3% |
| |||||||
State Street Bank and Trust Co., dated 3/29/19, 0.50%, due 4/1/19, proceeds $1,071,045; collateralized by U.S. Treasury Notes, 1.75%, due 5/31/22, valued at $1,096,406 including accrued interest |
| |||||||
(cost—$1,071,000) | $1,071 | $ | 1,071,000 | |||||
|
| |||||||
U.S. Treasury Obligation(c)—0.5% |
| |||||||
U.S. Treasury Bill, | 250 | 249,489 | ||||||
|
| |||||||
Total Short-Term Investments (cost—$1,320,489) |
| 1,320,489 | ||||||
|
| |||||||
Total Investments (cost—$47,150,479)—98.3% |
| 46,367,113 | ||||||
|
| |||||||
Other assets less liabilities (e)—1.7% |
| 795,183 | ||||||
|
| |||||||
Net Assets—100.0% |
| $47,162,296 | ||||||
|
|
Notes to Schedule of Investments:
(a) Affiliated fund.
(b) Institutional Class share.
(c) Rates reflect the effective yields at purchase date.
(d) Class R6 share.
(e) Includes net unrealized appreciation (depreciation) of other financial instruments as follows:
Futures contracts outstanding at March 31, 2019: | ||||||||||||||||||||||
Type | Contracts | Expiration Date | Notional Amount (000s) | Market Value (000s) | Unrealized Appreciation (Depreciation) | |||||||||||||||||
Long position contracts: | ||||||||||||||||||||||
Dow Jones U.S. Real Estate Index | 34 | 6/21/19 | $ | 3 | $ | 1,168 | $ | 24,404 | ||||||||||||||
E-mini Russell 1000 Index | 10 | 6/21/19 | 1 | 608 | 4,255 | |||||||||||||||||
E-mini S&P 500 Index | 17 | 6/21/19 | 1 | 2,412 | 41,357 | |||||||||||||||||
SPI 200 Index | 8 | 6/20/19 | AUD | — | (g) | 876 | (820 | ) | ||||||||||||||
|
| |||||||||||||||||||||
$ | 69,196 | |||||||||||||||||||||
|
| |||||||||||||||||||||
Short position contracts: | ||||||||||||||||||||||
E-mini NASDAQ 100 Index | (4 | ) | 6/21/19 | $ | (—) | (g) | $ | (592 | ) | $ | 2,826 | |||||||||||
Euro STOXX 50 Index | (25 | ) | 6/21/19 | EUR | (—) | (g) | (918 | ) | (17,144 | ) | ||||||||||||
FTSE 100 Index | (10 | ) | 6/21/19 | GBP | (—) | (g) | (939 | ) | (2,289 | ) | ||||||||||||
Mini MSCI Emerging Markets Index | (14 | ) | 6/21/19 | $ | (1) | (740 | ) | 5,108 | ||||||||||||||
TOPIX Index | (2 | ) | 6/13/19 | JPY | (20) | (287 | ) | 894 | ||||||||||||||
U.S. Dollar Index | (11 | ) | 6/17/19 | $ | (11) | (1,066 | ) | (1,083 | ) | |||||||||||||
|
| |||||||||||||||||||||
$ | (11,688 | ) | ||||||||||||||||||||
|
| |||||||||||||||||||||
$ | 57,508 | |||||||||||||||||||||
|
|
(f) At March 31, 2019, the Fund pledged $859,239 in cash as collateral for futures contracts.
(g) Notional amount rounds to less than 500.
Glossary:
AUD—Australian Dollar
EUR—Euro
FTSE—Financial Times Stock Exchange
GBP—British Pound
JPY—Japanese Yen
MSCI—Morgan Stanley Capital International
TOPIX—Tokyo Stock Price Index
118 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
AllianzGI Retirement 2045 Fund
Shares | Value | |||||||
Mutual Funds(a)—96.3% |
| |||||||
AllianzGI Best Styles Global Equity (c) | 1,207,696 | $16,980,201 | ||||||
AllianzGI Best Styles U.S. Equity (c) | 378,232 | 5,881,514 | ||||||
AllianzGI Emerging MarketsSmall-Cap (b) | 20,279 | 324,057 | ||||||
AllianzGI Global Dynamic Allocation (c) | 389,021 | 7,286,365 | ||||||
|
| |||||||
Total Mutual Funds (cost—$31,311,321) |
| 30,472,137 | ||||||
|
|
Principal Amount (000s) | Value | |||||||
Repurchase Agreements—1.9% |
| |||||||
State Street Bank and Trust Co., dated 3/29/19, 0.50%, due 4/1/19, proceeds $603,025; collateralized by U.S. Treasury Notes, 1.75%, due 6/30/22, valued at $619,118 including accrued interest |
| |||||||
(cost—$603,000) | $603 | $ | 603,000 | |||||
|
| |||||||
Total Investments (cost—$31,914,321)—98.2% |
| 31,075,137 | ||||||
|
| |||||||
Other assets less liabilities (d)—1.8% | 554,068 | |||||||
|
| |||||||
Net Assets—100.0% | $31,629,205 | |||||||
|
|
Notes to Schedule of Investments:
(a) Affiliated fund.
(b) Institutional Class share.
(c) Class R6 share.
(d) Includes net unrealized appreciation (depreciation) of other financial instruments as follows:
Futures contracts outstanding at March 31, 2019: | ||||||||||||||||||||||
Type | Contracts | Expiration Date | Notional Amount (000s) | Market Value (000s) | Unrealized Appreciation (Depreciation) | |||||||||||||||||
Long position contracts: | ||||||||||||||||||||||
Dow Jones U.S. Real Estate Index | 26 | 6/21/19 | $ | 3 | $ | 893 | $ | 18,662 | ||||||||||||||
E-mini Russell 1000 Index | 7 | 6/21/19 | — | (f) | 426 | 2,915 | ||||||||||||||||
E-mini S&P 500 Index | 12 | 6/21/19 | 1 | 1,703 | 29,193 | |||||||||||||||||
SPI 200 Index | 6 | 6/20/19 | AUD | — | (f) | 657 | (797 | ) | ||||||||||||||
|
| |||||||||||||||||||||
$ | 49,973 | |||||||||||||||||||||
|
| |||||||||||||||||||||
Short position contracts: | ||||||||||||||||||||||
E-mini NASDAQ 100 Index | (3 | ) | 6/21/19 | $ | (— | )(f) | $ | (444 | ) | $ | 2,133 | |||||||||||
Euro STOXX 50 Index | (19 | ) | 6/21/19 | EUR | (��� | )(f) | (697 | ) | (13,030 | ) | ||||||||||||
FTSE 100 Index | (7 | ) | 6/21/19 | GBP | (— | )(f) | (657 | ) | (3,782 | ) | ||||||||||||
Mini MSCI Emerging Markets Index | (9 | ) | 6/21/19 | $ | (— | )(f) | (476 | ) | 4,830 | |||||||||||||
TOPIX Index | (2 | ) | 6/13/19 | JPY | (20 | ) | (287 | ) | 894 | |||||||||||||
U.S. Dollar Index | (8 | ) | 6/17/19 | $ | (8 | ) | (775 | ) | (787 | ) | ||||||||||||
|
| |||||||||||||||||||||
$ | (9,742 | ) | ||||||||||||||||||||
|
| |||||||||||||||||||||
$ | 40,231 | |||||||||||||||||||||
|
|
(e) At March 31, 2019, the Fund pledged $672,107 in cash as collateral for futures contracts.
(f) Notional amount rounds to less than 500.
Glossary:
AUD—Australian Dollar
EUR—Euro
FTSE—Financial Times Stock Exchange
GBP—British Pound
JPY—Japanese Yen
MSCI—Morgan Stanley Capital International
TOPIX—Tokyo Stock Price Index
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 119 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
AllianzGI Retirement 2050 Fund
Shares | Value | |||||||
Mutual Funds(a)—96.9% |
| |||||||
AllianzGI Best Styles Global Equity (c) | 1,387,239 | $19,504,582 | ||||||
AllianzGI Best Styles U.S. Equity (c) | 391,310 | 6,084,873 | ||||||
AllianzGI Emerging MarketsSmall-Cap (b) | 19,491 | 311,468 | ||||||
AllianzGI Global Dynamic Allocation (c) | 308,418 | 5,776,673 | ||||||
|
| |||||||
Total Mutual Funds (cost—$33,054,229) |
| 31,677,596 | ||||||
|
|
Principal Amount (000s) | Value | |||||||
Repurchase Agreements—2.3% |
| |||||||
State Street Bank and Trust Co., dated 3/29/19, 0.50%, due 4/1/19, proceeds $755,031; collateralized by U.S. Treasury Notes, 1.75%, due 5/31/22, valued at $773,934 including accrued interest |
| |||||||
(cost—$755,000) | $755 | $ | 755,000 | |||||
|
| |||||||
Total Investments (cost—$33,809,229)—99.2% |
| 32,432,596 | ||||||
|
| |||||||
Other assets less liabilities (d)—0.8% | 250,263 | |||||||
|
| |||||||
Net Assets—100.0% | $32,682,859 | |||||||
|
|
Notes to Schedule of Investments:
(a) Affiliated fund.
(b) Institutional Class share.
(c) Class R6 share.
(d) Includes net unrealized appreciation (depreciation) of other financial instruments as follows:
Futures contracts outstanding at March 31, 2019: | ||||||||||||||||||||||
Type | Contracts | Expiration Date | Notional Amount (000s) | Market Value (000s) | Unrealized Appreciation (Depreciation) | |||||||||||||||||
Long position contracts: | ||||||||||||||||||||||
Dow Jones U.S. Real Estate Index | 30 | 6/21/19 | $ | 3 | $ | 1,031 | $ | 21,533 | ||||||||||||||
E-mini Russell 1000 Index | 10 | 6/21/19 | 1 | 608 | 4,285 | |||||||||||||||||
E-mini S&P 500 Index | 13 | 6/21/19 | 1 | 1,845 | 31,626 | |||||||||||||||||
SPI 200 Index | 7 | 6/20/19 | AUD | — | (f) | 767 | (622 | ) | ||||||||||||||
|
| |||||||||||||||||||||
$ | 56,822 | |||||||||||||||||||||
|
| |||||||||||||||||||||
Short position contracts: | ||||||||||||||||||||||
E-mini NASDAQ 100 Index | (4 | ) | 6/21/19 | $ | (— | )(f) | $ | (592 | ) | $ | 2,821 | |||||||||||
Euro STOXX 50 Index | (22 | ) | 6/21/19 | EUR | (— | )(f) | (807 | ) | (15,087 | ) | ||||||||||||
FTSE 100 Index | (8 | ) | 6/21/19 | GBP | (— | )(f) | (751 | ) | (3,276 | ) | ||||||||||||
Mini MSCI Emerging Markets Index | (9 | ) | 6/21/19 | $ | (— | )(f) | (476 | ) | 4,825 | |||||||||||||
TOPIX Index | (2 | ) | 6/13/19 | JPY | (20 | ) | (287 | ) | 894 | |||||||||||||
U.S. Dollar Index | (9 | ) | 6/17/19 | $ | (9 | ) | (872 | ) | (886 | ) | ||||||||||||
|
| |||||||||||||||||||||
$ | (10,709 | ) | ||||||||||||||||||||
|
| |||||||||||||||||||||
$ | 46,113 | |||||||||||||||||||||
|
|
(e) At March 31, 2019, the Fund pledged $706,683 in cash as collateral for futures contracts.
(f) Notional amount rounds to less than 500.
Glossary:
AUD—Australian Dollar
EUR—Euro
FTSE—Financial Times Stock Exchange
GBP—British Pound
JPY—Japanese Yen
MSCI—Morgan Stanley Capital International
TOPIX—Tokyo Stock Price Index
120 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
AllianzGI Retirement 2055 Fund
Shares | Value | |||||||
Mutual Funds(a)—95.0% |
| |||||||
AllianzGI Best Styles Global Equity (c) | 707,290 | $9,944,497 | ||||||
AllianzGI Best Styles U.S. Equity (c) | 203,119 | 3,158,501 | ||||||
AllianzGI Emerging MarketsSmall-Cap (b) | 10,222 | 163,346 | ||||||
AllianzGI Global Dynamic Allocation (c) | 156,996 | 2,940,532 | ||||||
|
| |||||||
Total Mutual Funds | ||||||||
(cost—$17,076,361) | 16,206,876 | |||||||
|
|
Principal Amount (000s) | Value | |||||||
Repurchase Agreements—2.9% |
| |||||||
State Street Bank and Trust Co., dated 3/29/19, 0.50%, due 4/1/19, proceeds $494,021; collateralized by U.S. Treasury Notes, 1.875%, due 7/31/22, valued at $506,331 including accrued interest |
| |||||||
(cost—$494,000) | $494 | $ | 494,000 | |||||
|
| |||||||
Total Investments (cost—$17,570,361)—97.9% |
| 16,700,876 | ||||||
|
| |||||||
Other assets less liabilities (d)—2.1% | 365,709 | |||||||
|
| |||||||
Net Assets—100.0% | $17,066,585 | |||||||
|
|
Notes to Schedule of Investments:
(a) Affiliated fund.
(b) Institutional Class share.
(c) Class R6 share.
(d) Includes net unrealized appreciation (depreciation) of other financial instruments as follows:
Futures contracts outstanding at March 31, 2019: | ||||||||||||||||||||||
Type | Contracts | Expiration Date | Notional Amount (000s) | Market Value (000s) | Unrealized Appreciation (Depreciation) | |||||||||||||||||
Long position contracts: | ||||||||||||||||||||||
Dow Jones U.S. Real Estate Index | 16 | 6/21/19 | $ | 2 | $ | 550 | $ | 11,484 | ||||||||||||||
E-mini Russell 1000 Index | 5 | 6/21/19 | — | (f) | 304 | 2,055 | ||||||||||||||||
E-mini S&P 500 Index | 7 | 6/21/19 | — | (f) | 993 | 17,029 | ||||||||||||||||
SPI 200 Index | 4 | 6/20/19 | AUD | — | (f) | 438 | (401 | ) | ||||||||||||||
|
| |||||||||||||||||||||
$ | 30,167 | |||||||||||||||||||||
|
| |||||||||||||||||||||
Short position contracts: | ||||||||||||||||||||||
E-mini NASDAQ 100 Index | (2 | ) | 6/21/19 | $ | (— | )(f) | $ | (296 | ) | $ | 1,416 | |||||||||||
Euro STOXX 50 Index | (11 | ) | 6/21/19 | EUR | (— | )(f) | (404 | ) | (7,544 | ) | ||||||||||||
FTSE 100 Index | (4 | ) | 6/21/19 | GBP | (— | )(f) | (376 | ) | (365 | ) | ||||||||||||
Mini MSCI Emerging Markets Index | (5 | ) | 6/21/19 | $ | (— | )(f) | (264 | ) | 2,959 | |||||||||||||
TOPIX Index | (1 | ) | 6/13/19 | JPY | (10 | ) | (144 | ) | 447 | |||||||||||||
U.S. Dollar Index | (5 | ) | 6/17/19 | $ | (5 | ) | (484 | ) | (492 | ) | ||||||||||||
|
| |||||||||||||||||||||
$ | (3,579 | ) | ||||||||||||||||||||
|
| |||||||||||||||||||||
$ | 26,588 | |||||||||||||||||||||
|
|
(e) At March 31, 2019, the Fund pledged $409,839 in cash as collateral for futures contracts.
(f) Notional amount rounds to less than 500.
Glossary:
AUD—Australian Dollar
EUR—Euro
FTSE—Financial Times Stock Exchange
GBP—British Pound
JPY—Japanese Yen
MSCI—Morgan Stanley Capital International
TOPIX—Tokyo Stock Price Index
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 121 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
AllianzGI Multi Asset Income Fund
Shares | Value | |||||||
Mutual Funds—67.7% |
| |||||||
AllianzGI Emerging Markets Debt (a)(b) | 216,382 | $2,940,637 | ||||||
AllianzGI Floating Rate Note (a)(b) | 237,127 | 3,492,880 | ||||||
AllianzGI Global High Yield (a)(b) | 120,499 | 1,765,308 | ||||||
AllianzGI Preferred Securities & Income (a)(d) | 119,777 | 1,797,848 | ||||||
AllianzGI Short Duration High Income (a)(d) | 227,489 | 3,280,394 | ||||||
Harvest Asian Bond (b) | 79,210 | 787,343 | ||||||
PIMCO Income (a)(b) | 548,955 | 6,587,459 | ||||||
PIMCO Senior Floating Rate (a)(b) | 167,810 | 1,632,792 | ||||||
|
| |||||||
Total Mutual Funds (cost—$22,182,523) | 22,284,661 | |||||||
|
| |||||||
Common Stock—18.0% |
| |||||||
Equity Real Estate Investment Trusts (REITs)—11.8% |
| |||||||
American Tower Corp. | 699 | 137,745 | ||||||
Apple Hospitality REIT, Inc. | 14,100 | 229,830 | ||||||
AvalonBay Communities, Inc. | 1,198 | 240,475 | ||||||
Crown Castle International Corp. | 1,207 | 154,496 | ||||||
EPR Properties | 1,567 | 120,502 | ||||||
Gaming and Leisure Properties, Inc. | 3,671 | 141,590 | ||||||
GEO Group, Inc. | 5,051 | 96,979 | ||||||
Hospitality Properties Trust | 5,603 | 147,415 | ||||||
Iron Mountain, Inc. | 6,220 | 220,561 | ||||||
Kimco Realty Corp. | 12,657 | 234,155 | ||||||
Omega Healthcare Investors, Inc. | 6,600 | 251,790 | ||||||
Public Storage | 551 | 119,997 |
Shares | Value | |||||||
Sabra Health Care REIT, Inc. | 12,809 | $ | 249,391 | |||||
Senior Housing Properties Trust | 18,666 | 219,886 | ||||||
Simon Property Group, Inc. | 1,940 | 353,487 | ||||||
STAG Industrial, Inc. | 4,134 | 122,573 | ||||||
Uniti Group, Inc. | 26,092 | 291,970 | ||||||
Ventas, Inc. | 1,809 | 115,432 | ||||||
VEREIT, Inc. | 21,582 | 180,641 | ||||||
Welltower, Inc. | 1,606 | 124,626 | ||||||
WP Carey, Inc. | 1,785 | 139,819 | ||||||
|
| |||||||
3,893,360 | ||||||||
|
| |||||||
Mortgage Real Estate Investment Trusts (REITs)—6.2% |
| |||||||
AGNC Investment Corp. | 18,700 | 336,600 | ||||||
Annaly Capital Management, Inc. | 33,000 | 329,670 | ||||||
Blackstone Mortgage Trust, Inc., Class A | 7,500 | 259,200 | ||||||
Chimera Investment Corp. | 15,000 | 281,100 | ||||||
New Residential Investment Corp. | 17,185 | 290,599 | ||||||
Starwood Property Trust, Inc. | 12,235 | 273,452 | ||||||
Two Harbors Investment Corp. | 18,780 | 254,093 | ||||||
|
| |||||||
2,024,714 | ||||||||
|
| |||||||
Total Common Stock (cost—$5,652,576) | 5,918,074 | |||||||
|
| |||||||
Exchange-Traded Funds—8.8% |
| |||||||
iShares iBoxx $ Investment Grade Corporate Bond | 19,000 | 2,262,140 | ||||||
VanEck Vectors J.P. Morgan EM Local Currency Bond | 19,200 | 640,512 | ||||||
|
| |||||||
Total Exchange-Traded Funds (cost—$2,830,480) | 2,902,652 | |||||||
|
|
Principal Amount (000s) | Value | |||||||
Short-Term Investments—2.4% |
| |||||||
U.S. Treasury Obligation(c)—1.5% |
| |||||||
U.S. Treasury Bill, | $500 | $ | 497,108 | |||||
|
| |||||||
Repurchase Agreements—0.9% |
| |||||||
State Street Bank and Trust Co., dated 3/29/19, 0.50%, due 4/1/19, proceeds $305,013; collateralized by U.S. Treasury Notes, 1.75%, due 6/30/22, valued at $312,036 including accrued interest |
| |||||||
(cost—$305,000) | 305 | 305,000 | ||||||
|
| |||||||
Total Short-Term Investments (cost—$802,082) |
| 802,108 | ||||||
|
| |||||||
Total Investments (cost—$31,467,661)—96.9% |
| 31,907,495 | ||||||
|
| |||||||
Other assets less liabilities (e)—3.1% | 1,036,713 | |||||||
|
| |||||||
Net Assets—100.0% | $32,944,208 | |||||||
|
|
Notes to Schedule of Investments:
(a) Affiliated fund.
(b) Institutional Class share.
(c) Rates reflect the effective yields at purchase date.
(d) Class R6 share.
(e) Includes net unrealized appreciation (depreciation) of other financial instruments as follows:
Futures contracts outstanding at March 31, 2019: | ||||||||||||||||||||||
Type | Contracts | Expiration Date | Notional Amount (000s) | Market Value (000s) | Unrealized Appreciation (Depreciation) | |||||||||||||||||
Long position contracts: | ||||||||||||||||||||||
E-mini Russell 2000 Index | 30 | 6/21/19 | $ | 2 | $ | 2,316 | $ | 6,053 | ||||||||||||||
E-mini S&P 500 Index | 24 | 6/21/19 | 1 | 3,405 | 58,386 | |||||||||||||||||
Euro STOXX 50 Index | 45 | 6/21/19 | EUR | (— | )(g) | 1,652 | 14,571 | |||||||||||||||
Mini MSCI Emerging Markets Index | 32 | 6/21/19 | $ | 2 | 1,692 | 6,657 | ||||||||||||||||
TOPIX Index | 5 | 6/13/19 | JPY | 50 | 718 | 8,326 | ||||||||||||||||
U.S. Ultra Treasury Bond | 18 | 6/19/19 | $ | 1,800 | 3,024 | 121,715 | ||||||||||||||||
|
| |||||||||||||||||||||
$ | 215,708 | |||||||||||||||||||||
|
| |||||||||||||||||||||
Short position contracts: | ||||||||||||||||||||||
10-Year U.S. Treasury Note | (41 | ) | 6/19/19 | $ | (4,100 | ) | $ | (5,093 | ) | $ | (2,543 | ) | ||||||||||
Dow Jones U.S. Real Estate Index | (107 | ) | 6/21/19 | (11 | ) | (3,675 | ) | (93,209 | ) | |||||||||||||
|
| |||||||||||||||||||||
$ | (95,752 | ) | ||||||||||||||||||||
|
| |||||||||||||||||||||
$ | 119,956 | |||||||||||||||||||||
|
|
122 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
(f) At March 31, 2019, the Fund pledged $948,111 in cash as collateral for futures contracts.
(g) Notional amount rounds to less than 500.
Glossary:
EUR—Euro
JPY—Japanese Yen
MSCI—Morgan Stanley Capital International
REIT—Real Estate Investment Trust
TOPIX—Tokyo Stock Price Index
AllianzGI Global Allocation Fund
Shares | Value | |||||||
Mutual Funds(a)—91.6% |
| |||||||
AllianzGI Advanced Core Bond | 4,616,027 | $67,855,603 | ||||||
AllianzGI Best Styles Global Equity (d) | 8,589,726 | 120,771,554 | ||||||
AllianzGI Best Styles Global Managed Volatility | 2,369,889 | 36,662,178 | ||||||
AllianzGI Emerging Markets Debt (b) | 1,128,925 | 15,342,086 | ||||||
AllianzGI Emerging MarketsSmall-Cap (b) | 290,699 | 4,645,364 | ||||||
AllianzGI International Growth (b) | 1,052,249 | 18,582,716 | ||||||
AllianzGI PerformanceFee Managed Futures Strategy (d) | 3,221,389 | 30,281,056 | ||||||
|
| |||||||
Total Mutual Funds (cost—$292,693,292) | 294,140,557 | |||||||
|
| |||||||
Exchange-Traded Funds—5.0% |
| |||||||
iShares iBoxx $ Investment Grade Corporate Bond | 41,257 | 4,912,058 | ||||||
iShares MBS | 75,132 | 7,991,040 | ||||||
Schwab U.S. TIPS | 56,611 | 3,113,605 | ||||||
|
| |||||||
Total Exchange-Traded Funds (cost—$15,969,307) |
| 16,016,703 | ||||||
|
|
Principal Amount (000s) | Value | |||||||
Short-Term Investments—2.4% |
| |||||||
Repurchase Agreements—1.5% |
| |||||||
State Street Bank and Trust Co., dated 3/29/19, 0.50%, due 4/1/19, proceeds $4,975,207; collateralized by U.S. Treasury Notes, 1.75%, due 5/31/22, valued at $5,075,221 including accrued interest |
| |||||||
(cost—$4,975,000) | $4,975 | $ | 4,975,000 | |||||
|
| |||||||
U.S. Treasury Obligation(c)— 0.9% |
| |||||||
U.S. Treasury Bill, | 3,000 | 2,986,797 | ||||||
|
| |||||||
Total Short-Term Investments (cost—$7,961,800) |
| 7,961,797 | ||||||
|
| |||||||
Total Investments (cost—$316,624,399)—99.0% |
| 318,119,057 | ||||||
|
| |||||||
Other assets less liabilities (e)—1.0% | 3,109,251 | |||||||
|
| |||||||
Net Assets—100.0% | $321,228,308 | |||||||
|
|
Notes to Schedule of Investments:
(a) Affiliated fund.
(b) Institutional Class share.
(c) Rates reflect the effective yields at purchase date.
(d) Class R6 share.
(e) Includes net unrealized appreciation (depreciation) of other financial instruments as follows:
Futures contracts outstanding at March 31, 2019: | ||||||||||||||||||||||
Type | Contracts | Expiration Date | Notional Amount (000s) | Market Value (000s) | Unrealized Appreciation (Depreciation) | |||||||||||||||||
Long position contracts: | ||||||||||||||||||||||
2-Year U.S. Treasury Note | 85 | 6/28/19 | $ | 17,000 | $ | 18,113 | $ | 62,280 | ||||||||||||||
10-Year U.S. Treasury Note | 205 | 6/19/19 | 20,500 | 25,465 | 349,767 | |||||||||||||||||
E-mini Russell 2000 Index | 39 | 6/21/19 | 2 | 3,010 | (18,515 | ) | ||||||||||||||||
E-mini S&P 500 Index | 135 | 6/21/19 | 7 | 19,155 | 250,826 | |||||||||||||||||
|
| |||||||||||||||||||||
$ | 644,358 | |||||||||||||||||||||
|
|
(f) At March 31, 2019, the Fund pledged $3,317,710 in cash as collateral for futures contracts.
Glossary:
MBS—Mortgage-Backed Securities
TIPS—Treasury Inflation Protected Securities
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 123 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
AllianzGI Best Styles Global Equity Fund
Shares | Value | |||||||
Common Stock—98.3% |
| |||||||
Australia—2.3% |
| |||||||
Alumina Ltd. | 275,980 | $475,267 | ||||||
Aristocrat Leisure Ltd. | 29,565 | 515,634 | ||||||
BHP Group Ltd. | 54,222 | 1,482,067 | ||||||
Bingo Industries Ltd. | 284,191 | 309,187 | ||||||
BlueScope Steel Ltd. | 42,948 | 426,280 | ||||||
Bravura Solutions Ltd. | 77,079 | 299,766 | ||||||
Computershare Ltd. | 38,200 | 464,368 | ||||||
CSL Ltd. | 13,758 | 1,908,955 | ||||||
Flight Centre Travel Group Ltd. | 14,590 | 435,852 | ||||||
Macquarie Group Ltd. | 14,393 | 1,325,537 | ||||||
National Australia Bank Ltd. | 56,621 | 1,017,376 | ||||||
Rio Tinto Ltd. | 8,643 | 601,913 | ||||||
Sandfire Resources NL | 45,773 | 224,975 | ||||||
Sonic Healthcare Ltd. | 30,637 | 534,692 | ||||||
St. Barbara Ltd. | 67,870 | 162,405 | ||||||
Westpac Banking Corp. | 61,140 | 1,127,019 | ||||||
|
| |||||||
11,311,293 | ||||||||
|
| |||||||
Austria—0.4% |
| |||||||
Erste Group Bank AG | 15,288 | 561,890 | ||||||
EVN AG | 15,600 | 227,141 | ||||||
OMV AG | 9,104 | 494,360 | ||||||
Raiffeisen Bank International AG | 20,390 | 458,006 | ||||||
voestalpine AG | 13,469 | 409,434 | ||||||
|
| |||||||
2,150,831 | ||||||||
|
| |||||||
Bermuda—0.0% |
| |||||||
Bank of NT Butterfield & Son Ltd. | 6,457 | 231,677 | ||||||
|
| |||||||
Brazil—0.6% |
| |||||||
Banco Bradesco S.A. | 41,900 | 405,050 | ||||||
Banco do Brasil S.A. | 30,200 | 375,788 | ||||||
JBS S.A. | 101,500 | 412,704 | ||||||
Petroleo Brasileiro S.A. | 87,300 | 694,547 | ||||||
Smiles Fidelidade S.A. | 5,900 | 71,879 | ||||||
Suzano Papel e Celulose S.A. | 12,870 | 153,016 | ||||||
Vale S.A. | 76,719 | 997,944 | ||||||
|
| |||||||
3,110,928 | ||||||||
|
| |||||||
Canada—3.8% |
| |||||||
Bank of Nova Scotia | 31,321 | 1,667,360 | ||||||
Bausch Health Cos., Inc. (e) | 21,600 | 532,908 | ||||||
BRP, Inc. | 16,576 | 459,938 | ||||||
Canadian Apartment Properties REIT | 9,004 | 346,119 | ||||||
Canadian Imperial Bank of Commerce | 14,098 | 1,114,041 | ||||||
Cogeco Communications, Inc. | 9,743 | 622,193 | ||||||
Dream Global Real Estate Investment Trust REIT | 22,444 | 237,985 | ||||||
Exchange Income Corp. | 9,638 | 238,651 | ||||||
Fairfax Financial Holdings Ltd. | 1,431 | 662,842 | ||||||
Genworth MI Canada, Inc. | 5,921 | 179,400 | ||||||
George Weston Ltd. | 21,160 | 1,521,506 | ||||||
Husky Energy, Inc. | 27,627 | 273,924 | ||||||
IA Financial Corp., Inc. | 10,277 | 378,981 | ||||||
Magellan Aerospace Corp. | 12,732 | 169,207 | ||||||
Magna International, Inc. | 8,401 | 409,064 | ||||||
Manulife Financial Corp. | 51,196 | 865,813 | ||||||
Martinrea International, Inc. | 22,134 | 200,413 | ||||||
Methanex Corp. | 6,471 | 367,530 | ||||||
National Bank of Canada | 14,804 | 668,110 | ||||||
Northview Apartment Real Estate Investment Trust REIT | 12,178 | 264,456 | ||||||
Nutrien Ltd. | 24,059 | 1,268,888 |
Shares | Value | |||||||
Power Corp. of Canada | 14,962 | $ | 348,873 | |||||
Royal Bank of Canada | 27,900 | 2,104,896 | ||||||
Suncor Energy, Inc. | 39,747 | 1,288,167 | ||||||
Teck Resources Ltd. Class B | 17,546 | 405,973 | ||||||
Toronto-Dominion Bank | 23,249 | 1,261,659 | ||||||
Transcontinental, Inc., Class A | 53,535 | 670,214 | ||||||
|
| |||||||
18,529,111 | ||||||||
|
| |||||||
Chile—0.2% |
| |||||||
Banco Santander Chile | 3,867,681 | 290,941 | ||||||
Empresas CMPC S.A. | 79,086 | 278,920 | ||||||
Itau CorpBanca | 26,844,575 | 236,747 | ||||||
|
| |||||||
806,608 | ||||||||
|
| |||||||
China—4.1% |
| |||||||
58.com, Inc. ADR (e) | 8,423 | 553,223 | ||||||
Agile Group Holdings Ltd. | 156,909 | 254,689 | ||||||
Agricultural Bank of China Ltd., Class H | 850,000 | 392,924 | ||||||
Alibaba Group Holding Ltd. ADR (e) | 16,184 | 2,952,771 | ||||||
Anhui Conch Cement Co., Ltd., Class H | 59,500 | 364,075 | ||||||
Autohome, Inc. ADR (e) | 7,128 | 749,295 | ||||||
Baidu, Inc. ADR (e) | 5,652 | 931,732 | ||||||
Bank of Communications Co., Ltd., Class H | 377,961 | 310,081 | ||||||
Beijing Enterprises Holdings Ltd. | 86,000 | 488,344 | ||||||
BOC Aviation Ltd. (a) | 79,600 | 649,706 | ||||||
China CITIC Bank Corp., Ltd., Class H | 832,000 | 530,536 | ||||||
China Communications Services Corp., Ltd., Class H | 298,000 | 266,267 | ||||||
China Construction Bank Corp., Class H | 1,620,188 | 1,390,718 | ||||||
China Lumena New Materials | 60,228 | 1,151 | ||||||
China Shenhua Energy Co., Ltd., Class H | 261,500 | 596,793 | ||||||
China Yuchai International Ltd. | 11,447 | 181,435 | ||||||
China Zhongwang Holdings Ltd. | 390,000 | 212,795 | ||||||
CIFI Holdings Group Co., Ltd. | 1,138,000 | 864,337 | ||||||
CITIC Ltd. | 219,000 | 327,387 | ||||||
Country Garden Holdings Co., Ltd. | 214,000 | 335,066 | ||||||
Country Garden Services Holdings Co., Ltd. (e) | 24,597 | 45,926 | ||||||
CSPC Pharmaceutical Group Ltd. | 186,000 | 346,544 | ||||||
Fosun International Ltd. | 106,000 | 180,097 | ||||||
Guangzhou Automobile Group Co., Ltd., Class H | 283,991 | 336,108 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 1,640,000 | 1,204,390 | ||||||
Kingboard Holdings Ltd. | 65,500 | 232,647 | ||||||
Postal Savings Bank of China Co., Ltd., Class H (a) | 394,000 | 225,594 | ||||||
Shanghai Industrial Holdings Ltd. | 152,000 | 358,236 | ||||||
Sinotrans Ltd., Class H | 214,000 | 92,029 |
Shares | Value | |||||||
Sinotruk Hong Kong Ltd. | 159,000 | $ | 339,353 | |||||
SSY Group Ltd. | 210,000 | 195,839 | ||||||
Tencent Holdings Ltd. | 74,419 | 3,422,365 | ||||||
Uni-President China Holdings Ltd. | 365,000 | 358,198 | ||||||
Yuzhou Properties Co., Ltd. | 472,708 | 285,959 | ||||||
|
| |||||||
19,976,610 | ||||||||
|
| |||||||
Czech Republic—0.1% |
| |||||||
CEZ AS | 21,259 | 499,584 | ||||||
|
| |||||||
Denmark—0.2% |
| |||||||
Demant A/S (e) | 23,338 | 690,727 | ||||||
Netcompany Group A/S (a)(e) | 7,534 | 269,759 | ||||||
Royal Unibrew A/S | 3,048 | 225,097 | ||||||
|
| |||||||
1,185,583 | ||||||||
|
| |||||||
Finland—0.3% |
| |||||||
Outokumpu Oyj | 55,348 | 201,474 | ||||||
Stora Enso Oyj, Class R | 27,449 | 336,065 | ||||||
UPM-Kymmene Oyj | 24,829 | 725,178 | ||||||
|
| |||||||
1,262,717 | ||||||||
|
| |||||||
France—4.3% |
| |||||||
Aeroports de Paris | 2,693 | 521,037 | ||||||
ArcelorMittal | 25,006 | 507,480 | ||||||
AXA S.A. | 41,119 | 1,034,180 | ||||||
BNP Paribas S.A. | 22,497 | 1,070,591 | ||||||
Cie de Saint-Gobain | 19,165 | 694,903 | ||||||
Cie Generale des Etablissements Michelin SCA | 9,403 | 1,110,908 | ||||||
CNP Assurances | 25,929 | 570,905 | ||||||
Coface S.A. | 26,406 | 233,480 | ||||||
Credit Agricole S.A. | 31,895 | 385,098 | ||||||
Eiffage S.A. | 8,035 | 772,387 | ||||||
Engie S.A. | 76,034 | 1,133,883 | ||||||
Faurecia S.A. | 6,885 | 289,826 | ||||||
Ipsen S.A. | 3,773 | 517,395 | ||||||
Jacquet Metal Service S.A. | 9,684 | 161,541 | ||||||
Kaufman & Broad S.A. | 6,512 | 266,073 | ||||||
Kering S.A. | 1,826 | 1,047,398 | ||||||
Klepierre S.A. REIT | 15,094 | 528,124 | ||||||
Korian S.A. | 6,364 | 257,711 | ||||||
L’Oreal S.A. | 3,830 | 1,031,386 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 3,817 | 1,405,929 | ||||||
Orange S.A. | 69,585 | 1,134,448 | ||||||
Peugeot S.A. | 27,928 | 681,489 | ||||||
Renault S.A. | 5,725 | 378,524 | ||||||
Societe Generale S.A. | 22,068 | 637,621 | ||||||
STMicroelectronics NV | 20,325 | 301,467 | ||||||
Total S.A. | 37,699 | 2,097,922 | ||||||
Unibail-Rodamco-Westfield REIT | 4,026 | 659,993 | ||||||
Vinci S.A. | 13,811 | 1,343,835 | ||||||
|
| |||||||
20,775,534 | ||||||||
|
| |||||||
Germany—1.8% |
| |||||||
Bayer AG | 22,521 | 1,450,170 | ||||||
Bayerische Motoren Werke AG | 4,517 | 348,776 | ||||||
Covestro AG (a) | 7,673 | 423,329 | ||||||
Deutsche Boerse AG | 6,016 | 771,369 | ||||||
Deutsche Lufthansa AG | 21,986 | 483,275 | ||||||
Deutsche Telekom AG | 58,038 | 964,196 | ||||||
Deutz AG | 33,091 | 277,628 | ||||||
DWS Group GmbH & Co. KGaA (a)(e) | 13,206 | 459,229 | ||||||
Fresenius SE & Co. KGaA | 13,631 | 761,863 | ||||||
HeidelbergCement AG | 8,104 | 584,150 | ||||||
MTU Aero Engines AG | 1,328 | 301,006 | ||||||
SAP SE | 14,200 | 1,641,584 | ||||||
|
| |||||||
8,466,575 | ||||||||
|
|
124 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Shares | Value | |||||||
Greece—0.0% |
| |||||||
FF Group (c)(d)(e) | 19,365 | $ | — | |||||
|
| |||||||
Hong Kong—0.7% |
| |||||||
CK Asset Holdings Ltd. | 94,500 | 841,597 | ||||||
Hang Seng Bank Ltd. | 28,100 | 693,870 | ||||||
Health & Happiness H&H International Holdings Ltd. (e) | 39,500 | 247,815 | ||||||
Hysan Development Co., Ltd. | 111,000 | 594,981 | ||||||
IT Ltd. | 244,000 | 113,004 | ||||||
Johnson Electric Holdings Ltd. | 115,000 | 266,661 | ||||||
Kerry Properties Ltd. | 73,257 | 327,519 | ||||||
Wharf Real Estate Investment Co., Ltd. | 52,000 | 387,541 | ||||||
|
| |||||||
3,472,988 | ||||||||
|
| |||||||
Hungary—0.1% |
| |||||||
Magyar Telekom Telecommunications PLC | 286,755 | 463,114 | ||||||
|
| |||||||
Indonesia—0.5% |
| |||||||
Astra International Tbk PT | 1,037,200 | 532,578 | ||||||
Bank Central Asia Tbk PT | 228,500 | 445,891 | ||||||
Bank Negara Indonesia Persero Tbk PT | 835,745 | 553,135 | ||||||
Indah Kiat Pulp & Paper Corp. Tbk PT | 358,900 | 217,098 | ||||||
Indika Energy Tbk PT | 488,300 | 62,759 | ||||||
Indo Tambangraya Megah Tbk PT | 156,400 | 263,311 | ||||||
Mitra Adiperkasa Tbk PT | 4,042,900 | 275,394 | ||||||
|
| |||||||
2,350,166 | ||||||||
|
| |||||||
Ireland—0.1% |
| |||||||
Origin Enterprises PLC | 37,213 | 219,565 | ||||||
Smurfit Kappa Group PLC | 15,510 | 435,567 | ||||||
|
| |||||||
655,132 | ||||||||
|
| |||||||
Israel—0.3% |
| |||||||
Bank LeumiLe-Israel BM | 45,817 | 300,172 | ||||||
First International Bank of Israel Ltd. | 10,252 | 242,050 | ||||||
Harel Insurance Investments & Financial Services Ltd. | 24,265 | 160,234 | ||||||
Hilan Ltd. | 13,889 | 377,948 | ||||||
Teva Pharmaceutical Industries Ltd. ADR (e) | 33,622 | 527,193 | ||||||
|
| |||||||
1,607,597 | ||||||||
|
| |||||||
Italy—1.3% |
| |||||||
Amplifon SpA | 14,445 | 281,898 | ||||||
Enav SpA (a) | 53,340 | 290,913 | ||||||
Enel SpA | 291,251 | 1,866,279 | ||||||
Eni SpA | 57,089 | 1,008,678 | ||||||
Intesa Sanpaolo SpA | 229,762 | 560,738 | ||||||
Iren SpA | 87,670 | 223,812 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 33,911 | 353,084 | ||||||
Moncler SpA | 15,320 | 618,310 | ||||||
Telecom Italia SpA (e) | 922,657 | 574,672 | ||||||
Unipol Gruppo SpA | 51,626 | 257,528 | ||||||
|
| |||||||
6,035,912 | ||||||||
|
| |||||||
Japan—7.0% |
| |||||||
Aeon Co., Ltd. | 27,400 | 573,902 | ||||||
AGC, Inc. | 10,600 | 372,330 | ||||||
Astellas Pharma, Inc. | 118,400 | 1,779,052 | ||||||
Bandai Namco Holdings, Inc. | 15,500 | 727,739 | ||||||
Chubu Electric Power Co., Inc. | 45,900 | 717,561 |
Shares | Value | |||||||
Dai-ichi Life Holdings, Inc. | 36,800 | $ | 512,305 | |||||
Daikin Industries Ltd. | 7,000 | 822,812 | ||||||
East Japan Railway Co. | 8,800 | 849,781 | ||||||
Exedy Corp. | 5,926 | 128,734 | ||||||
Hitachi Ltd. | 24,600 | 799,269 | ||||||
Honda Motor Co., Ltd. | 61,800 | 1,678,535 | ||||||
Hoya Corp. | 12,200 | 808,094 | ||||||
ITOCHU Corp. | 59,923 | 1,086,031 | ||||||
JFE Holdings, Inc. | 18,400 | 313,183 | ||||||
JVC Kenwood Corp. | 79,200 | 192,114 | ||||||
JXTG Holdings, Inc. | 81,800 | 373,412 | ||||||
Kajima Corp. | 41,500 | 613,898 | ||||||
Kansai Electric Power Co., Inc. | 44,100 | 650,347 | ||||||
Kikkoman Corp. | 11,100 | 545,799 | ||||||
Mazda Motor Corp. | 54,800 | 614,412 | ||||||
Mitsubishi Chemical Holdings Corp. | 47,394 | 334,725 | ||||||
Mitsubishi Corp. | 61,200 | 1,703,882 | ||||||
Mitsui & Co., Ltd. | 101,900 | 1,585,608 | ||||||
Mitsui Matsushima Holdings Co., Ltd. | 15,200 | 169,318 | ||||||
Mitsui Sugar Co., Ltd. | 13,000 | 320,378 | ||||||
Nidec Corp. | 6,400 | 814,943 | ||||||
Nippon Telegraph & Telephone Corp. | 20,348 | 867,457 | ||||||
Nissan Motor Co., Ltd. | 130,541 | 1,072,021 | ||||||
Obayashi Corp. | 59,900 | 603,713 | ||||||
Recruit Holdings Co., Ltd. | 63,700 | 1,826,307 | ||||||
SBI Holdings, Inc. | 20,000 | 447,233 | ||||||
Secom Co., Ltd. | 7,300 | 626,040 | ||||||
Shiseido Co., Ltd. | 15,900 | 1,151,237 | ||||||
SoftBank Group Corp. | 19,000 | 1,852,056 | ||||||
Sojitz Corp. | 62,716 | 221,598 | ||||||
Sony Corp. | 25,800 | 1,089,306 | ||||||
Sumitomo Electric Industries Ltd. | 35,100 | 466,938 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 27,200 | 952,509 | ||||||
Sumitomo Rubber Industries Ltd. | 37,100 | 445,593 | ||||||
Teijin Ltd. | 15,800 | 261,269 | ||||||
Toyota Motor Corp. | 41,649 | 2,453,575 | ||||||
Toyota Tsusho Corp. | 10,200 | 333,274 | ||||||
YA-MAN Ltd. | 28,900 | 299,035 | ||||||
|
| |||||||
34,057,325 | ||||||||
|
| |||||||
Korea (Republic of)—1.3% |
| |||||||
Dongwon Industries Co., Ltd. | 2,076 | 426,920 | ||||||
Hana Financial Group, Inc. | 11,387 | 365,613 | ||||||
HDC Hyundai DevelopmentCo-Engineering & Construction (e) | 1 | 45 | ||||||
Industrial Bank of Korea | 18,603 | 230,339 | ||||||
KB Financial Group, Inc. | 13,482 | 498,863 | ||||||
LG Corp. | 2,955 | 201,856 | ||||||
LG Electronics, Inc. | 8,157 | 540,867 | ||||||
POSCO | 1,742 | 388,988 | ||||||
Samsung Electronics Co., Ltd. GDR | 1,675 | 1,643,175 | ||||||
Shinhan Financial Group Co., Ltd. | 16,842 | 625,380 | ||||||
SK Hynix, Inc. | 12,764 | 836,888 | ||||||
SK Telecom Co., Ltd. | 1,989 | 440,501 | ||||||
|
| |||||||
6,199,435 | ||||||||
|
| |||||||
Malaysia—0.4% |
| |||||||
AirAsia Group Bhd. | 305,900 | 199,672 | ||||||
CIMB Group Holdings Bhd. | 379,500 | 479,561 | ||||||
Genting Bhd. | 167,800 | 273,276 | ||||||
Hong Leong Financial Group Bhd. | 67,900 | 319,165 | ||||||
Petronas Chemicals Group Bhd. | 143,100 | 321,309 |
Shares | Value | |||||||
Petronas Dagangan Bhd. | 77,000 | $ | 472,381 | |||||
|
| |||||||
2,065,364 | ||||||||
|
| |||||||
Mexico—0.5% |
| |||||||
Banco del Bajio S.A. (a) | 59,200 | 117,575 | ||||||
Grupo Financiero Banorte S.A.B de C.V., Class O | 85,600 | 465,039 | ||||||
Megacable Holdings SAB de C.V. UNIT | 47,700 | 221,221 | ||||||
Ternium S.A. ADR | 17,835 | 485,469 | ||||||
Wal-Mart de Mexico S.A.B de C.V. | 417,300 | 1,115,580 | ||||||
|
| |||||||
2,404,884 | ||||||||
|
| |||||||
Netherlands—1.0% |
| |||||||
Aegon NV | 90,506 | 434,742 | ||||||
AerCap Holdings NV (e) | 8,753 | 407,365 | ||||||
ASML Holding NV | 7,324 | 1,376,544 | ||||||
ASR Nederland NV | 8,937 | 372,372 | ||||||
Flow Traders (a) | 7,809 | 215,317 | ||||||
Koninklijke Ahold Delhaize NV | 57,544 | 1,532,038 | ||||||
NIBC Holding NV (a) | 30,769 | 282,035 | ||||||
Signify NV (a) | 9,069 | 242,630 | ||||||
|
| |||||||
4,863,043 | ||||||||
|
| |||||||
New Zealand—0.3% |
| |||||||
a2 Milk Co., Ltd. (e) | 41,375 | 404,839 | ||||||
Air New Zealand Ltd. | 203,124 | 350,933 | ||||||
Auckland International Airport Ltd. | 60,507 | 335,669 | ||||||
Oceania Healthcare Ltd. | 301,697 | 207,632 | ||||||
Summerset Group Holdings Ltd. | 38,100 | 171,288 | ||||||
Synlait Milk Ltd. (e) | 11,224 | 81,110 | ||||||
|
| |||||||
1,551,471 | ||||||||
|
| |||||||
Norway—0.6% |
| |||||||
Austevoll Seafood ASA | 13,592 | 160,945 | ||||||
Elkem ASA (a)(e) | 85,536 | 303,553 | ||||||
Equinor ASA | 34,244 | 750,630 | ||||||
FLEX LNG Ltd. (e) | 18,750 | 242,621 | ||||||
Frontline Ltd. (e) | 45,718 | 292,259 | ||||||
Norsk Hydro ASA | 97,631 | 397,046 | ||||||
Norwegian Finans Holding ASA (e) | 26,484 | 205,904 | ||||||
Salmar ASA | 5,740 | 275,705 | ||||||
Selvaag Bolig ASA | 59,599 | 297,299 | ||||||
Sparebank 1 Nord Norge | 21,943 | 162,149 | ||||||
|
| |||||||
3,088,111 | ||||||||
|
| |||||||
Peru—0.1% |
| |||||||
Ferreycorp SAA | 164,086 | 122,162 | ||||||
Volcan Cia Minera SAA, Class B | 750,965 | 140,340 | ||||||
|
| |||||||
262,502 | ||||||||
|
| |||||||
Philippines—0.3% |
| |||||||
Globe Telecom, Inc. | 6,335 | 233,807 | ||||||
Metro Pacific Investments Corp. | 1,714,000 | 158,383 | ||||||
San Miguel Corp. | 48,130 | 159,595 | ||||||
SM Prime Holdings, Inc. | 502,000 | 381,680 | ||||||
Vista Land & Lifescapes, Inc. | 2,079,900 | 286,377 | ||||||
|
| |||||||
1,219,842 | ||||||||
|
| |||||||
Poland—0.1% |
| |||||||
Asseco Poland S.A. | 18,081 | 244,578 | ||||||
|
| |||||||
Qatar—0.1% |
| |||||||
Commercial Bank PQSC | 12,584 | 155,404 | ||||||
Industries Qatar QSC | 8,269 | 281,905 | ||||||
|
| |||||||
437,309 | ||||||||
|
|
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 125 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Shares | Value | |||||||
Romania—0.1% |
| |||||||
BRD-Groupe Societe Generale S.A. | 101,864 | $ | 311,236 | |||||
|
| |||||||
Singapore—0.1% |
| |||||||
United Overseas Bank Ltd. | 26,700 | 498,153 | ||||||
|
| |||||||
South Africa—0.1% |
| |||||||
Astral Foods Ltd. | 24,719 | 287,266 | ||||||
|
| |||||||
Spain—0.9% |
| |||||||
Amadeus IT Group S.A. | 11,091 | 888,931 | ||||||
Banco Santander S.A. | 259,171 | 1,203,468 | ||||||
CaixaBank S.A. | 107,114 | 334,965 | ||||||
International Consolidated Airlines Group S.A. | 61,642 | 410,164 | ||||||
Repsol S.A. | 43,006 | 735,758 | ||||||
Telefonica S.A. | 106,703 | 893,838 | ||||||
|
| |||||||
4,467,124 | ||||||||
|
| |||||||
Sweden—0.6% |
| |||||||
Dios Fastigheter AB | 33,015 | 271,206 | ||||||
Klovern AB, Class B | 183,704 | 252,019 | ||||||
Lundin Petroleum AB | 8,772 | 297,037 | ||||||
Nyfosa AB (e) | 17,717 | 106,142 | ||||||
SSAB AB, Class A | 62,981 | 226,853 | ||||||
Swedbank AB, Class A (e) | 31,229 | 441,357 | ||||||
Volvo AB, Class B | 73,821 | 1,145,417 | ||||||
|
| |||||||
2,740,031 | ||||||||
|
| |||||||
Switzerland—1.8% |
| |||||||
Implenia AG | 6,903 | 205,757 | ||||||
Lonza Group AG (e) | 3,120 | 968,625 | ||||||
Nestle S.A. | 16,662 | 1,588,728 | ||||||
Novartis AG | 32,685 | 3,141,664 | ||||||
Straumann Holding AG | 489 | 399,757 | ||||||
Sunrise Communications Group AG (a)(e) | 3,073 | 226,322 | ||||||
Swiss Life Holding AG (e) | 2,273 | 1,001,484 | ||||||
Zurich Insurance Group AG | 3,229 | 1,068,917 | ||||||
|
| |||||||
8,601,254 | ||||||||
|
| |||||||
Taiwan—1.6% |
| |||||||
Asia Cement Corp. | 219,000 | 285,313 | ||||||
China Development Financial Holding Corp. | 1,547,000 | 517,795 | ||||||
E.Sun Financial Holding Co., Ltd. | 538,000 | 415,166 | ||||||
Far Eastern New Century Corp. | 277,000 | 274,229 | ||||||
Formosa Chemicals & Fibre Corp. | 105,000 | 382,560 | ||||||
Formosa Plastics Corp. | 71,000 | 252,724 | ||||||
Grand Pacific Petrochemical | 296,000 | 230,786 | ||||||
Great Wall Enterprise Co., Ltd. | 264,290 | 302,935 | ||||||
Hon Hai Precision Industry Co., Ltd. | 1 | 2 | ||||||
Lien Hwa Industrial Corp. | 243,100 | 265,657 | ||||||
Nanya Technology Corp. | 196,000 | 391,983 | ||||||
Pou Chen Corp. | 318,000 | 387,927 | ||||||
Powertech Technology, Inc. | 52,000 | 123,134 | ||||||
President Chain Store Corp. | 30,000 | 295,739 | ||||||
Ruentex Development Co., Ltd. | 251,000 | 380,048 | ||||||
Taiwan Cement Corp. | 229,000 | 307,037 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 33,259 | 1,362,289 | ||||||
Tripod Technology Corp. | 76,000 | 245,709 |
Shares | Value | |||||||
Uni-President Enterprises Corp. | 110,000 | $ | 267,298 | |||||
United Microelectronics Corp. ADR | 270,931 | 509,350 | ||||||
Yuanta Financial Holding Co., Ltd. | 1,285,000 | 732,967 | ||||||
|
| |||||||
7,930,648 | ||||||||
|
| |||||||
Thailand—0.4% |
| |||||||
Bangkok Dusit Medical Services PCL (c)(d) | 370,700 | 289,831 | ||||||
Banpu PCL (c)(d) | 378,600 | 193,579 | ||||||
Kiatnakin Bank PCL (c)(d) | 256,000 | 561,185 | ||||||
PTT Global Chemical PCL (c)(d) | 171,100 | 363,404 | ||||||
Thanachart Capital PCL (c)(d) | 114,200 | 196,210 | ||||||
Tisco Financial Group PCL (c)(d) | 96,700 | 269,301 | ||||||
|
| |||||||
1,873,510 | ||||||||
|
| |||||||
Turkey—0.3% |
| |||||||
Akbank T.A.S. (e) | 146,411 | 166,708 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT | 460,283 | 126,613 | ||||||
Eregli Demir ve Celik Fabrikalari T.A.S. | 121,203 | 198,808 | ||||||
Haci Omer Sabanci Holding A/S | 105,417 | 148,732 | ||||||
Soda Sanayii AS | 182,075 | 244,922 | ||||||
TAV Havalimanlari Holding AS | 50,295 | 211,012 | ||||||
Trakya Cam Sanayii AS | 372,303 | 222,349 | ||||||
Turk Hava Yollari AO (e) | 53,783 | 125,132 | ||||||
Yatas Yatak ve Yorgan Sanayi ve Ticaret AS (e) | 48,820 | 45,179 | ||||||
|
| |||||||
1,489,455 | ||||||||
|
| |||||||
United Arab Emirates—0.2% |
| |||||||
Aldar Properties PJSC | 922,648 | 456,097 | ||||||
DP World PLC | 17,421 | 278,736 | ||||||
|
| |||||||
734,833 | ||||||||
|
| |||||||
United Kingdom—4.1% |
| |||||||
Alliance Pharma PLC | 522,375 | 476,257 | ||||||
Anglo American PLC | 51,710 | 1,383,054 | ||||||
Aviva PLC | 121,876 | 655,380 | ||||||
BP PLC | 397,316 | 2,885,099 | ||||||
British American Tobacco PLC | 10,000 | 417,178 | ||||||
Diageo PLC | 20,000 | 818,441 | ||||||
easyJet PLC | 11,778 | 171,589 | ||||||
Greene King PLC | 41,092 | 356,233 | ||||||
HSBC Holdings PLC | 115,233 | 936,366 | ||||||
Informa PLC | 68,189 | 661,231 | ||||||
J Sainsbury PLC | 87,576 | 268,741 | ||||||
Keller Group PLC | 37,415 | 300,686 | ||||||
Legal & General Group PLC | 197,926 | 710,282 | ||||||
Lloyds Banking Group PLC | 1,453,119 | 1,177,284 | ||||||
Marston’s PLC | 212,342 | 284,180 | ||||||
Morgan Sindall Group PLC | 11,799 | 192,710 | ||||||
National Express Group PLC | 104,616 | 553,204 | ||||||
Rio Tinto PLC | 27,010 | 1,569,903 | ||||||
Royal Dutch Shell PLC, Class A | 18,868 | 591,963 | ||||||
Royal Dutch Shell PLC, Class B | 79,363 | 2,508,313 | ||||||
Standard Life Aberdeen PLC | 169,690 | 583,229 | ||||||
Taylor Wimpey PLC | 101,667 | 232,532 | ||||||
TUI AG | 30,283 | 290,454 |
Shares | Value | |||||||
Vesuvius PLC | 38,406 | $ | 297,008 | |||||
Vodafone Group PLC | 753,707 | 1,373,441 | ||||||
|
| |||||||
19,694,758 | ||||||||
|
| |||||||
United States—55.3% |
| |||||||
Abbott Laboratories | 24,023 | 1,920,399 | ||||||
AbbVie, Inc. | 18,089 | 1,457,793 | ||||||
ABIOMED, Inc. (e) | 1,765 | 504,066 | ||||||
Adobe, Inc. (e) | 11,392 | 3,035,854 | ||||||
AES Corp. | 44,993 | 813,473 | ||||||
Aflac, Inc. | 28,485 | 1,424,250 | ||||||
Agilent Technologies, Inc. | 11,487 | 923,325 | ||||||
Align Technology, Inc. (e) | 4,013 | 1,141,016 | ||||||
Allstate Corp. | 14,214 | 1,338,675 | ||||||
Ally Financial, Inc. | 10,781 | 296,370 | ||||||
Alphabet, Inc., Class A (e) | 2,498 | 2,939,871 | ||||||
Alphabet, Inc., Class C (e) | 2,671 | 3,133,911 | ||||||
Amazon.com, Inc. (e) | 5,415 | 9,642,761 | ||||||
American Equity Investment Life Holding Co. | 12,987 | 350,909 | ||||||
American Express Co. | 13,256 | 1,448,881 | ||||||
AMETEK, Inc. | 16,157 | 1,340,546 | ||||||
Antero Resources Corp. (e) | 32,281 | 285,041 | ||||||
Anthem, Inc. | 10,858 | 3,116,029 | ||||||
Apple, Inc. | 53,322 | 10,128,514 | ||||||
Archer-Daniels-Midland Co. | 70,601 | 3,045,021 | ||||||
AT&T, Inc. | 144,471 | 4,530,611 | ||||||
Athene Holding Ltd., Class A (e) | 23,580 | 962,064 | ||||||
AutoZone, Inc. (e) | 918 | 940,142 | ||||||
Avnet, Inc. | 21,467 | 931,024 | ||||||
AXA Equitable Holdings, Inc. | 28,907 | 582,187 | ||||||
Bank of America Corp. | 112,196 | 3,095,488 | ||||||
Baxter International, Inc. | 12,325 | 1,002,146 | ||||||
Becton Dickinson and Co. | 5,076 | 1,267,630 | ||||||
Berkshire Hathaway, Inc., Class B (e) | 7,042 | 1,414,667 | ||||||
Best Buy Co., Inc. | 12,558 | 892,372 | ||||||
BGC Partners, Inc., Class A | 32,762 | 173,966 | ||||||
Boeing Co. | 12,711 | 4,848,230 | ||||||
BorgWarner, Inc. | 6,981 | 268,140 | ||||||
Boston Beer Co., Inc., Class A (e) | 1,533 | 451,821 | ||||||
Boston Scientific Corp. (e) | 54,204 | 2,080,350 | ||||||
Broadridge Financial Solutions, Inc. | 10,772 | 1,116,949 | ||||||
Bunge Ltd. | 16,076 | 853,153 | ||||||
CAI International, Inc. (e) | 19,219 | 445,881 | ||||||
Carnival Corp. | 30,553 | 1,549,648 | ||||||
Caterpillar, Inc. | 8,537 | 1,156,678 | ||||||
CDW Corp. | 12,746 | 1,228,332 | ||||||
Celanese Corp. | 4,019 | 396,314 | ||||||
Centene Corp. (e) | 8,722 | 463,138 | ||||||
Chevron Corp. | 32,799 | 4,040,181 | ||||||
Cigna Corp. | 4,125 | 663,383 | ||||||
Cisco Systems, Inc. | 101,200 | 5,463,788 | ||||||
Citi Trends, Inc. | 11,649 | 224,942 | ||||||
Citigroup, Inc. | 36,142 | 2,248,755 | ||||||
Citizens Financial Group, Inc. | 19,364 | 629,330 | ||||||
Comcast Corp., Class A | 76,390 | 3,054,072 | ||||||
Conagra Brands, Inc. | 32,373 | 898,027 | ||||||
ConocoPhillips | 21,209 | 1,415,489 | ||||||
Constellation Brands, Inc., Class A | 6,721 | 1,178,393 | ||||||
Costco Wholesale Corp. | 14,530 | 3,518,294 | ||||||
Coty, Inc., Class A | 36,713 | 422,200 | ||||||
Crown Castle International Corp. REIT | 8,792 | 1,125,376 | ||||||
CSX Corp. | 23,321 | 1,744,877 | ||||||
Cushman & Wakefield PLC (e) | 13,731 | 244,412 | ||||||
CVS Health Corp. | 43,787 | 2,361,433 |
126 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Shares | Value | |||||||
Dana, Inc. | 16,290 | $ | 288,985 | |||||
Danaher Corp. | 11,691 | 1,543,446 | ||||||
Duke Energy Corp. | 6,000 | 540,000 | ||||||
Eastman Chemical Co. | 12,588 | 955,177 | ||||||
Eaton Corp. PLC | 19,147 | 1,542,482 | ||||||
Edison International | 10,022 | 620,562 | ||||||
Eli Lilly & Co. | 22,007 | 2,855,628 | ||||||
Encompass Health Corp. | 3,693 | 215,671 | ||||||
Entergy Corp. | 15,756 | 1,506,746 | ||||||
EOG Resources, Inc. | 8,027 | 764,010 | ||||||
Exelon Corp. | 57,467 | 2,880,821 | ||||||
Exxon Mobil Corp. | 39,795 | 3,215,436 | ||||||
Facebook, Inc., Class A (e) | 24,911 | 4,152,415 | ||||||
FedEx Corp. | 5,810 | 1,053,992 | ||||||
FLIR Systems, Inc. | 16,451 | 782,739 | ||||||
Fortinet, Inc. (e) | 7,896 | 663,027 | ||||||
Garmin Ltd. | 10,057 | 868,422 | ||||||
Garrett Motion, Inc. (e) | 1,276 | 18,795 | ||||||
General Motors Co. | 52,013 | 1,929,682 | ||||||
Globus Medical, Inc., Class A (e) | 9,754 | 481,945 | ||||||
GMS, Inc. (e) | 14,050 | 212,436 | ||||||
Haemonetics Corp. (e) | 2,624 | 229,548 | ||||||
Hartford Financial Services Group, Inc. | 14,615 | 726,658 | ||||||
HCA Healthcare, Inc. | 11,767 | 1,534,181 | ||||||
HEICO Corp., Class A | 7,458 | 626,920 | ||||||
Herbalife Nutrition Ltd. (e) | 9,067 | 480,460 | ||||||
Hewlett Packard Enterprise Co. | 59,173 | 913,039 | ||||||
HollyFrontier Corp. | 15,805 | 778,712 | ||||||
Home Depot, Inc. | 17,113 | 3,283,814 | ||||||
HP, Inc. | 83,333 | 1,619,160 | ||||||
Humana, Inc. | 3,272 | 870,352 | ||||||
Illumina, Inc. (e) | 5,919 | 1,838,974 | ||||||
Intel Corp. | 66,121 | 3,550,698 | ||||||
Intuit, Inc. | 5,148 | 1,345,739 | ||||||
Intuitive Surgical, Inc. (e) | 3,768 | 2,149,945 | ||||||
Jacobs Engineering Group, Inc. | 5,070 | 381,213 | ||||||
Johnson & Johnson | 33,566 | 4,692,191 | ||||||
JPMorgan Chase & Co. | 47,248 | 4,782,915 | ||||||
Kohl’s Corp. | 5,399 | 371,289 | ||||||
Korn/Ferry International | 3,757 | 168,238 | ||||||
Lam Research Corp. | 2,000 | 358,020 | ||||||
Lear Corp. | 3,608 | 489,642 | ||||||
Loews Corp. | 30,135 | 1,444,371 | ||||||
Lululemon Athletica, Inc. (e) | 7,967 | 1,305,552 | ||||||
LyondellBasell Industries NV, Class A | 6,356 | 534,413 | ||||||
Macy’s, Inc. | 11,565 | 277,907 | ||||||
ManTech International Corp., Class A | 9,307 | 502,764 | ||||||
Marathon Petroleum Corp. | 13,699 | 819,885 | ||||||
MarineMax, Inc. (e) | 13,002 | 249,118 | ||||||
Mastercard, Inc., Class A | 12,994 | 3,059,437 | ||||||
MasterCraft Boat Holdings, Inc. (e) | 12,300 | 277,611 | ||||||
McDonald’s Corp. | 2,527 | 479,877 | ||||||
McGrath RentCorp | 3,634 | 205,575 | ||||||
MDC Holdings, Inc. | 8,920 | 259,215 | ||||||
Mercer International, Inc. | 28,751 | 388,426 | ||||||
Merck & Co., Inc. | 44,241 | 3,679,524 | ||||||
Merit Medical Systems, Inc. (e) | 5,184 | 320,527 | ||||||
Micron Technology, Inc. (e) | 25,268 | 1,044,326 | ||||||
Microsoft Corp. | 90,284 | 10,648,095 | ||||||
NetApp, Inc. | 20,561 | 1,425,700 | ||||||
Netflix, Inc. (e) | 7,366 | 2,626,421 | ||||||
Newmark Group, Inc., Class A | 15,198 | 126,751 | ||||||
Norfolk Southern Corp. | 6,245 | 1,167,128 | ||||||
Northern Oil and Gas, Inc. (e) | 104,131 | 285,319 |
Shares | Value | |||||||
NVIDIA Corp. | 8,266 | $ | 1,484,243 | |||||
O’Reilly Automotive, Inc. (e) | 4,780 | 1,856,074 | ||||||
Occidental Petroleum Corp. | 11,465 | 758,983 | ||||||
Old Dominion Freight Line, Inc. | 11,461 | 1,654,854 | ||||||
Ollie’s Bargain Outlet Holdings, Inc. (e) | 2,925 | 249,590 | ||||||
Oracle Corp. | 41,534 | 2,230,791 | ||||||
Owens Corning | 6,029 | 284,087 | ||||||
PACCAR, Inc. | 26,179 | 1,783,837 | ||||||
PBF Energy, Inc., Class A | 5,756 | 179,242 | ||||||
Pfizer, Inc. | 79,986 | 3,397,005 | ||||||
Phillips 66 | 8,009 | 762,217 | ||||||
Planet Fitness, Inc., Class A (e) | 4,099 | 281,683 | ||||||
PNC Financial Services Group, Inc. | 16,072 | 1,971,392 | ||||||
Procter & Gamble Co. | 33,735 | 3,510,127 | ||||||
Progressive Corp. | 14,867 | 1,071,762 | ||||||
Prudential Financial, Inc. | 10,359 | 951,785 | ||||||
PulteGroup, Inc. | 22,928 | 641,067 | ||||||
Quest Diagnostics, Inc. | 5,828 | 524,054 | ||||||
RadNet, Inc. (e) | 36,275 | 449,447 | ||||||
Ralph Lauren Corp. | 4,344 | 563,330 | ||||||
Reinsurance Group of America, Inc. | 7,664 | 1,088,135 | ||||||
Reliance Steel & Aluminum Co. | 1,549 | 139,813 | ||||||
Robert Half International, Inc. | 8,133 | 529,946 | ||||||
Ross Stores, Inc. | 14,411 | 1,341,664 | ||||||
Sabre Corp. | 22,706 | 485,681 | ||||||
Salesforce.com, Inc. (e) | 17,853 | 2,827,380 | ||||||
Santander Consumer USA Holdings, Inc. | 12,250 | 258,843 | ||||||
Simply Good Foods Co. (e) | 25,564 | 526,363 | ||||||
SS&C Technologies Holdings, Inc. | 22,168 | 1,411,880 | ||||||
Synovus Financial Corp. | 5,577 | 191,626 | ||||||
Sysco Corp. | 10,736 | 716,735 | ||||||
T Rowe Price Group, Inc. | 7,380 | 738,886 | ||||||
Target Corp. | 15,986 | 1,283,036 | ||||||
TE Connectivity Ltd. | 9,623 | 777,057 | ||||||
Texas Instruments, Inc. | 18,800 | 1,994,116 | ||||||
Thermo Fisher Scientific, Inc. | 10,254 | 2,806,725 | ||||||
TJX Cos., Inc. | 40,994 | 2,181,291 | ||||||
Toll Brothers, Inc. | 6,942 | 251,300 | ||||||
Total System Services, Inc. | 7,569 | 719,131 | ||||||
Tractor Supply Co. | 6,169 | 603,081 | ||||||
Tyson Foods, Inc., Class A | 15,194 | 1,054,919 | ||||||
Union Pacific Corp. | 15,045 | 2,515,524 | ||||||
United Rentals, Inc. (e) | 8,557 | 977,637 | ||||||
UnitedHealth Group, Inc. | 15,795 | 3,905,472 | ||||||
Unum Group | 17,059 | 577,106 | ||||||
Verint Systems, Inc. (e) | 4,677 | 279,965 | ||||||
Verizon Communications, Inc. | 59,756 | 3,533,372 | ||||||
Verso Corp., Class A (e) | 11,270 | 241,403 | ||||||
Viacom, Inc. Class B | 21,432 | 601,596 | ||||||
Visa, Inc., Class A | 28,882 | 4,511,080 | ||||||
Vishay Intertechnology, Inc. | 10,439 | 192,808 | ||||||
Vistra Energy Corp. | 33,515 | 872,395 | ||||||
Voya Financial, Inc. | 12,887 | 643,835 | ||||||
Walgreens Boots Alliance, Inc. | 22,194 | 1,404,214 | ||||||
WellCare Health Plans, Inc. (e) | 1,309 | 353,103 | ||||||
Wells Fargo & Co. | 15,020 | 725,766 | ||||||
Xenia Hotels & Resorts, Inc. REIT | 9,499 | 208,123 | ||||||
Zebra Technologies Corp., Class A (e) | 1,630 | 341,534 | ||||||
Zoetis, Inc. | 10,834 | 1,090,659 | ||||||
|
| |||||||
267,091,425 | ||||||||
|
| |||||||
Total Common Stock (cost—$447,189,784) |
| 475,005,517 | ||||||
|
|
Shares | Value | |||||||
Exchange-Traded Funds—0.7% |
| |||||||
iShares Core MSCI EAFE | 16,241 | $ | 986,966 | |||||
iShares Core MSCI Emerging Markets | 10,188 | 526,821 | ||||||
iShares Core S&P 500 | 6,173 | 1,756,589 | ||||||
|
| |||||||
Total Exchange-Traded Funds (cost—$3,190,914) |
| 3,270,376 | ||||||
|
| |||||||
Preferred Stock—0.5% |
| |||||||
Brazil—0.1% |
| |||||||
Petroleo Brasileiro S.A. | 103,000 | 738,166 | ||||||
|
| |||||||
Colombia—0.1% |
| |||||||
Grupo Aval Acciones y Valores S.A. | 693,573 | 268,681 | ||||||
|
| |||||||
Germany—0.1% |
| |||||||
Sixt SE | 5,631 | 384,471 | ||||||
|
| |||||||
Korea (Republic of)—0.2% |
| |||||||
Samsung Electronics Co., Ltd. | 37,695 | 1,207,000 | ||||||
|
| |||||||
Total Preferred Stock (cost—$2,250,268) | 2,598,318 | |||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—0.5% |
| |||||||
State Street Bank and Trust Co., dated 3/29/19, 0.50%, due 4/1/19, proceeds $2,387,099; collateralized by U.S. Treasury Notes, 1.75%, due 5/31/22, valued at $2,435,907 including accrued interest |
| |||||||
(cost—$2,387,000) | $2,387 | 2,387,000 | ||||||
|
| |||||||
Total Investments (cost—$455,017,966) (b)—100.0% |
| 483,261,211 | ||||||
|
| |||||||
Other assets less liabilities—0.0% | 129,151 | |||||||
|
| |||||||
Net Assets—100.0% | $483,390,362 | |||||||
|
|
Notes to Schedule of Investments:
(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $3,705,962, representing 0.8% of net assets.
(b) Securities with an aggregate value of $167,910,544, representing 34.7% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(c) Fair-Valued—Securities with an aggregate value of $1,874,661, representing 0.4% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(d) Level 3 security. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(e)Non-income producing.
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 127 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Glossary:
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
MSCI—Morgan Stanley Capital International
REIT—Real Estate Investment Trust
UNIT—More than one class of securities traded together
The industry classification of portfolio holdings and other assets less liabilities shown as a percentage of net assets were as follows:
Banks | 9.6% | |||
Oil, Gas & Consumable Fuels | 6.2% | |||
Software | 5.2% | |||
Pharmaceuticals | 5.1% | |||
Insurance | 4.0% | |||
Healthcare Providers & Services | 3.5% | |||
Technology Hardware, Storage & Peripherals | 3.5% | |||
Interactive Media & Services | 3.3% | |||
Healthcare Equipment & Supplies | 3.0% | |||
Diversified Telecommunication Services | 2.8% | |||
Semiconductors & Semiconductor Equipment | 2.8% | |||
Internet & Direct Marketing Retail | 2.6% | |||
Food Products | 2.6% | |||
IT Services | 2.4% | |||
Specialty Retail | 2.4% | |||
Metals & Mining | 2.3% | |||
Food & Staples Retailing | 2.3% | |||
Automobiles | 2.1% | |||
Electric Utilities | 2.0% | |||
Road & Rail | 1.8% | |||
Trading Companies & Distributors | 1.7% | |||
Real Estate Management & Development | 1.4% | |||
Chemicals | 1.4% | |||
Life Sciences Tools & Services | 1.4% | |||
Aerospace & Defense | 1.2% | |||
Electronic Equipment, Instruments & Components | 1.1% | |||
Communications Equipment | 1.1% | |||
Textiles, Apparel & Luxury Goods | 1.1% | |||
Machinery | 1.1% | |||
Media | 1.1% | |||
Hotels, Restaurants & Leisure | 0.9% | |||
Construction & Engineering | 0.9% | |||
Household Durables | 0.9% | |||
Diversified Financial Services | 0.9% | |||
Electrical Equipment | 0.9% | |||
Auto Components | 0.9% | |||
Capital Markets | 0.8% | |||
Wireless Telecommunication Services | 0.8% | |||
Household Products | 0.7% | |||
Equity Real Estate Investment Trusts (REITs) | 0.7% | |||
Personal Products | 0.7% | |||
Biotechnology | 0.7% | |||
Exchange-Traded Funds | 0.7% | |||
Beverages | 0.6% | |||
Entertainment | 0.5% | |||
Professional Services | 0.5% | |||
Multi-Line Retail | 0.5% | |||
Building Products | 0.5% |
Paper & Forest Products | 0.5% | |||
Industrial Conglomerates | 0.5% | |||
Consumer Finance | 0.4% | |||
Airlines | 0.4% | |||
Commercial Services & Supplies | 0.4% | |||
Independent Power Producers & Energy Traders | 0.4% | |||
Transportation Infrastructure | 0.3% | |||
Construction Materials | 0.3% | |||
Leisure Equipment & Products | 0.3% | |||
Multi-Utilities | 0.3% | |||
Air Freight & Logistics | 0.2% | |||
Containers & Packaging | 0.1% | |||
Tobacco | 0.1% | |||
Commercial Services | 0.1% | |||
Thrifts & Mortgage Finance | 0.0% | |||
Advertising | 0.0% | |||
Repurchase Agreements | 0.5% | |||
Other assets less liabilities | 0.0% | |||
|
| |||
100.0% | ||||
|
|
AllianzGI Best Styles International Equity Fund
Shares | Value | |||||||
Common Stock—97.1% |
| |||||||
Australia—3.5% |
| |||||||
Alumina Ltd. | 22,152 | $38,148 | ||||||
Aristocrat Leisure Ltd. | 3,948 | 68,856 | ||||||
Aurizon Holdings Ltd. | 13,362 | 43,199 | ||||||
Australian Pharmaceutical Industries Ltd. | 36,421 | 39,249 | ||||||
Bravura Solutions Ltd. | 3,358 | 13,059 | ||||||
Crown Resorts Ltd. | 3,011 | 24,625 | ||||||
GrainCorp Ltd., Class A | 1,347 | 8,783 | ||||||
Healthscope Ltd. | 23,008 | 39,698 | ||||||
IDP Education Ltd. | 1,446 | 14,990 | ||||||
Macquarie Group Ltd. | 1,937 | 178,390 | ||||||
Orora Ltd. | 31,669 | 67,220 | ||||||
Qantas Airways Ltd. | 19,559 | 78,704 | ||||||
Sandfire Resources NL | 2,399 | 11,791 | ||||||
Saracen Mineral Holdings Ltd. (e) | 9,428 | 19,418 | ||||||
Sims Metal Management Ltd. | 4,351 | 33,143 | ||||||
South32 Ltd. | 15,607 | 41,449 | ||||||
Super Retail Group Ltd. | 2,954 | 16,865 | ||||||
Wesfarmers Ltd. | 3,912 | 96,333 | ||||||
|
| |||||||
833,920 | ||||||||
|
| |||||||
Austria—0.7% |
| |||||||
Erste Group Bank AG | 153 | 5,623 | ||||||
Lenzing AG | 117 | 12,557 | ||||||
Mayr Melnhof Karton AG | 307 | 38,502 | ||||||
OMV AG | 1,944 | 105,562 | ||||||
Telekom Austria AG | 282 | 2,051 | ||||||
|
| |||||||
164,295 | ||||||||
|
| |||||||
Belgium—0.9% |
| |||||||
Ageas | 1,045 | 50,407 | ||||||
Barco NV | 64 | 9,813 | ||||||
Cofinimmo S.A. REIT | 102 | 13,547 | ||||||
Colruyt S.A. | 535 | 39,532 | ||||||
UCB S.A. | 1,080 | 92,774 | ||||||
|
| |||||||
206,073 | ||||||||
|
| |||||||
Brazil—0.4% |
| |||||||
Banco Santander Brasil S.A. ADR | 3,762 | 42,247 | ||||||
Porto Seguro S.A. | 700 | 9,624 | ||||||
SLC Agricola S.A. | 700 | 7,341 | ||||||
Vale S.A. | 2,597 | 33,781 | ||||||
|
| |||||||
92,993 | ||||||||
|
| |||||||
Canada—1.0% |
| |||||||
Canfor Corp. (e) | 731 | 7,494 | ||||||
Capital Power Corp. | 592 | 13,866 | ||||||
Empire Co., Ltd., Class A | 1,046 | 22,644 | ||||||
Kirkland Lake Gold Ltd. | 742 | 22,565 | ||||||
Methanex Corp. | 605 | 34,362 | ||||||
Parkland Fuel Corp. | 1,014 | 30,981 | ||||||
Rogers Communications, Inc., Class B | 626 | 33,667 | ||||||
Toronto-Dominion Bank | 1,411 | 76,660 | ||||||
|
| |||||||
242,239 | ||||||||
|
| |||||||
China—0.7% |
| |||||||
Agricultural Bank of China Ltd., Class H | 98,000 | 45,302 | ||||||
Bosideng International Holdings Ltd. | 48,000 | 11,761 | ||||||
China Mobile Ltd. | 2,000 | 20,409 | ||||||
China Petroleum & Chemical Corp. ADR | 363 | 28,859 | ||||||
Guangdong Investment Ltd. | 26,000 | 50,201 | ||||||
|
| |||||||
156,532 | ||||||||
|
|
128 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Shares | Value | |||||||
Denmark—0.8% |
| |||||||
Alm Brand A/S | 7,920 | $ | 68,348 | |||||
Novo Nordisk A/S, Class B | 1,963 | 102,597 | ||||||
Rockwool International A/S, Class B | 41 | 9,615 | ||||||
Topdanmark A/S | 474 | 23,681 | ||||||
|
| |||||||
204,241 | ||||||||
|
| |||||||
Finland—0.8% |
| |||||||
Cramo Oyj | 530 | 10,422 | ||||||
Nokia Oyj | 2,033 | 11,580 | ||||||
Tieto Oyj | 232 | 7,090 | ||||||
UPM-Kymmene Oyj | 4,370 | 127,634 | ||||||
Valmet Oyj | 1,557 | 39,448 | ||||||
|
| |||||||
196,174 | ||||||||
|
| |||||||
France—9.6% |
| |||||||
Aeroports de Paris | 148 | 28,635 | ||||||
Airbus SE | 93 | 12,315 | ||||||
Alten S.A. | 701 | 75,055 | ||||||
Amundi S.A. (a) | 430 | 27,080 | ||||||
ArcelorMittal | 2,474 | 50,223 | ||||||
Arkema S.A. | 122 | 11,639 | ||||||
Atos SE | 618 | 59,660 | ||||||
BNP Paribas S.A. | 1,213 | 57,724 | ||||||
Bouygues S.A. | 3,417 | 122,153 | ||||||
Casino Guichard Perrachon S.A. | 611 | 26,490 | ||||||
Christian Dior SE | 145 | 69,113 | ||||||
CNP Assurances | 679 | 14,950 | ||||||
Credit Agricole S.A. | 12,649 | 152,723 | ||||||
Dassault Aviation S.A. | 18 | 26,552 | ||||||
Eiffage S.A. | 635 | 61,041 | ||||||
Engie S.A. | 9,458 | 141,046 | ||||||
ICADE REIT | 217 | 18,354 | ||||||
Ipsen S.A. | 356 | 48,819 | ||||||
Kaufman & Broad S.A. | 340 | 13,892 | ||||||
Kering S.A. | 315 | 180,685 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 221 | 81,402 | ||||||
Orange S.A. | 4,509 | 73,510 | ||||||
Peugeot S.A. | 6,007 | 146,580 | ||||||
Rubis SCA | 86 | 4,695 | ||||||
Safran S.A. | 636 | 87,171 | ||||||
Sanofi | 3,621 | 320,184 | ||||||
SCOR SE | 328 | 13,970 | ||||||
Societe Generale S.A. | 4,714 | 136,204 | ||||||
STMicroelectronics NV | 2,618 | 38,831 | ||||||
Total S.A. | 1,281 | 71,287 | ||||||
Ubisoft Entertainment S.A. (e) | 749 | 66,790 | ||||||
Veolia Environnement S.A. | 2,116 | 47,343 | ||||||
Wendel S.A. | 161 | 20,289 | ||||||
|
| |||||||
2,306,405 | ||||||||
|
| |||||||
Germany—4.4% |
| |||||||
Adidas AG | 217 | 52,779 | ||||||
BASF SE | 783 | 57,744 | ||||||
Bayer AG | 406 | 26,143 | ||||||
Bayerische Motoren Werke AG | 1,238 | 95,591 | ||||||
Covestro AG (a) | 1,801 | 99,363 | ||||||
Deutsche Lufthansa AG | 4,125 | 90,672 | ||||||
Deutsche Post AG | 2,957 | 96,230 | ||||||
Deutsche Telekom AG | 10,951 | 181,931 | ||||||
E.ON SE | 1,547 | 17,215 | ||||||
HOCHTIEF AG | 165 | 23,907 | ||||||
Kloeckner & Co. SE | 1,902 | 13,988 | ||||||
Linde AG | 226 | 49,854 | ||||||
Merck KGaA | 1,003 | 114,513 | ||||||
SAP SE | 198 | 22,890 | ||||||
TAG Immobilien AG | 994 | 24,550 | ||||||
Wirecard AG | 457 | 57,410 | ||||||
Wuestenrot & Wuerttembergische AG | 2,252 | 43,248 | ||||||
|
| |||||||
1,068,028 | ||||||||
|
|
Shares | Value | |||||||
Greece—0.5% |
| |||||||
Hellenic Petroleum S.A. | 7,577 | $ | 72,779 | |||||
Mytilineos Holdings S.A. | 5,418 | 54,796 | ||||||
|
| |||||||
127,575 | ||||||||
|
| |||||||
Hong Kong—3.7% |
| |||||||
AIA Group Ltd. | 36,000 | 359,992 | ||||||
CK Asset Holdings Ltd. | 11,500 | 102,417 | ||||||
CK Hutchison Holdings Ltd. | 17,920 | 188,435 | ||||||
Henderson Land Development Co., Ltd. | 6,600 | 42,005 | ||||||
Hongkong Land Holdings Ltd. | 1,100 | 7,829 | ||||||
I-CABLE Communications Ltd. (e) | 2,808 | 37 | ||||||
Man Wah Holdings Ltd. | 48,800 | 28,623 | ||||||
Shun Tak Holdings Ltd. | 112,000 | 44,545 | ||||||
Vitasoy International Holdings Ltd. | 4,000 | 19,373 | ||||||
WH Group Ltd. (a) | 70,000 | 74,874 | ||||||
Wheelock & Co., Ltd. | 3,000 | 22,017 | ||||||
|
| |||||||
890,147 | ||||||||
|
| |||||||
Hungary—0.3% |
| |||||||
OTP Bank Nyrt | 1,741 | 76,753 | ||||||
|
| |||||||
Ireland—0.2% |
| |||||||
CRH PLC | 1,381 | 42,789 | ||||||
Kingspan Group PLC | 377 | 17,373 | ||||||
|
| |||||||
60,162 | ||||||||
|
| |||||||
Israel—0.3% |
| |||||||
Israel Discount Bank Ltd., Class A | 23,662 | 81,999 | ||||||
|
| |||||||
Italy—4.9% |
| |||||||
A2A SpA | 23,808 | 43,500 | ||||||
Assicurazioni Generali SpA | 3,692 | 68,452 | ||||||
Davide Campari-Milano SpA | 6,087 | 59,803 | ||||||
Enel SpA | 37,048 | 237,396 | ||||||
Eni SpA | 12,543 | 221,616 | ||||||
ERG SpA | 544 | 10,303 | ||||||
EXOR NV | 457 | 29,679 | ||||||
Fiat Chrysler Automobiles NV (e) | 9,372 | 139,977 | ||||||
Fiat Chrysler Automobiles NV (e) | 2,951 | 43,822 | ||||||
Fincantieri SpA (e) | 7,202 | 8,865 | ||||||
Interpump Group SpA | 418 | 13,653 | ||||||
Intesa Sanpaolo SpA | 26,648 | 65,035 | ||||||
Recordati SpA | 1,298 | 50,578 | ||||||
Snam SpA | 16,413 | 84,431 | ||||||
Societa Cattolica di Assicurazioni SC | 7,555 | 72,284 | ||||||
Telecom Italia SpA | 39,550 | 22,461 | ||||||
UnipolSai Assicurazioni SpA | 7,466 | 20,162 | ||||||
|
| |||||||
1,192,017 | ||||||||
|
| |||||||
Japan—23.8% |
| |||||||
Aeon Fantasy Co., Ltd. | 200 | 5,169 | ||||||
AEON REIT Investment Corp. REIT | 6 | 7,072 | ||||||
AGC, Inc. | 600 | 21,075 | ||||||
Aisin Seiki Co., Ltd. | 1,500 | 53,699 | ||||||
Alfresa Holdings Corp. | 2,900 | 82,641 | ||||||
ANA Holdings, Inc. | 1,400 | 51,363 | ||||||
Anritsu Corp. | 3,600 | 66,964 | ||||||
AOI Electronics Co., Ltd. | 1,400 | 30,607 | ||||||
Aoyama Trading Co., Ltd. | 300 | 6,825 | ||||||
Asahi Kasei Corp. | 11,300 | 117,026 | ||||||
Astellas Pharma, Inc. | 8,100 | 121,709 | ||||||
Bandai Namco Holdings, Inc. | 1,900 | 89,207 | ||||||
Brother Industries Ltd. | 1,200 | 22,287 | ||||||
Dai-ichi Life Holdings, Inc. | 5,900 | 82,136 | ||||||
Daiwa House Industry Co., Ltd. | 400 | 12,739 |
Shares | Value | |||||||
Daiwa Office Investment Corp. REIT | 2 | $ | 14,227 | |||||
Enigmo, Inc. (e) | 400 | 10,353 | ||||||
Fancl Corp. | 3,000 | 77,804 | ||||||
FUJIFILM Holdings Corp. | 3,300 | 150,309 | ||||||
Heiwado Co., Ltd. | 1,700 | 36,223 | ||||||
Hikari Tsushin, Inc. | 200 | 37,961 | ||||||
Hitachi Ltd. | 3,400 | 110,468 | ||||||
Hokuhoku Financial Group, Inc. | 1,900 | 19,804 | ||||||
Honda Motor Co., Ltd. | 3,900 | 105,927 | ||||||
Hosiden Corp. | 2,100 | 17,668 | ||||||
Japan Airlines Co., Ltd. | 2,200 | 77,527 | ||||||
Japan Best Rescue System Co., Ltd. | 1,000 | 13,734 | ||||||
Japan Post Holdings Co., Ltd. | 6,000 | 70,223 | ||||||
JFE Holdings, Inc. | 5,700 | 97,019 | ||||||
Kajima Corp. | 3,500 | 51,775 | ||||||
Kamigumi Co., Ltd. | 500 | 11,597 | ||||||
Kansai Electric Power Co., Inc. | 4,800 | 70,786 | ||||||
Keio Corp. | 400 | 25,875 | ||||||
Kinden Corp. | 4,000 | 66,376 | ||||||
Kobe Bussan Co., Ltd. | 500 | 18,994 | ||||||
Kohnan Shoji Co., Ltd. | 400 | 9,933 | ||||||
Komeri Co., Ltd. | 300 | 7,360 | ||||||
Kurita Water Industries Ltd. | 900 | 23,045 | ||||||
KYORIN Holdings, Inc. | 1,700 | 33,219 | ||||||
Marubeni Corp. | 17,500 | 121,334 | ||||||
Matsumotokiyoshi Holdings Co., Ltd. | 1,000 | 33,413 | ||||||
Medipal Holdings Corp. | 1,200 | 28,553 | ||||||
Megmilk Snow Brand Co., Ltd. | 1,500 | 36,585 | ||||||
Mitsubishi Chemical Holdings Corp. | 14,600 | 103,114 | ||||||
Mitsubishi Corp. | 7,100 | 197,673 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 2,100 | 30,079 | ||||||
Mitsubishi Tanabe Pharma Corp. | 1,600 | 21,431 | ||||||
Mitsui & Co., Ltd. | 10,500 | 163,385 | ||||||
Morinaga Milk Industry Co., Ltd. | 1,300 | 44,197 | ||||||
Nichi-iko Pharmaceutical Co., Ltd. | 700 | 9,299 | ||||||
Nihon Unisys Ltd. | 800 | 21,239 | ||||||
Nintendo Co., Ltd. | 300 | 86,007 | ||||||
Nippon Electric Glass Co., Ltd. | 1,900 | 50,481 | ||||||
Nippon Flour Mills Co., Ltd. | 2,900 | 49,838 | ||||||
Nippon Suisan Kaisha Ltd. | 3,600 | 27,523 | ||||||
Nippon Telegraph & Telephone Corp. | 2,600 | 110,841 | ||||||
Nippon Television Holdings, Inc. | 2,700 | 40,534 | ||||||
Nishimatsu Construction Co., Ltd. | 800 | 17,774 | ||||||
Nissan Motor Co., Ltd. | 18,500 | 151,925 | ||||||
Nisshin Oillio Group Ltd. | 2,000 | 59,175 | ||||||
Nisshin Seifun Group, Inc. | 500 | 11,494 | ||||||
Obayashi Corp. | 8,300 | 83,653 | ||||||
Okinawa Cellular Telephone Co. | 1,800 | 57,251 | ||||||
Okumura Corp. | 700 | 22,261 | ||||||
ORIX Corp. | 5,900 | 84,769 | ||||||
Pan Pacific International Holdings Corp. | 500 | 33,127 | ||||||
Prima Meat Packers Ltd. | 1,000 | 18,582 | ||||||
Riso Kyoiku Co., Ltd. | 1,900 | 8,767 | ||||||
Rohm Co., Ltd. | 900 | 56,389 | ||||||
SEC Carbon Ltd. | 100 | 8,817 | ||||||
Seino Holdings Co., Ltd. | 2,300 | 30,736 | ||||||
Sekisui Chemical Co., Ltd. | 6,200 | 99,905 | ||||||
Shin-Etsu Chemical Co., Ltd. | 800 | 67,319 | ||||||
Shindengen Electric Manufacturing Co., Ltd. | 500 | 18,498 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 129 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Shares | Value | |||||||
Shionogi & Co., Ltd. | 2,200 | $ | 136,579 | |||||
SoftBank Group Corp. | 600 | 58,486 | ||||||
Sojitz Corp. | 23,300 | 82,327 | ||||||
Sompo Holdings, Inc. | 3,400 | 125,912 | ||||||
Sony Corp. | 5,300 | 223,772 | ||||||
Sony Financial Holdings, Inc. | 2,000 | 37,744 | ||||||
Sumitomo Corp. | 9,700 | 134,484 | ||||||
Sumitomo Dainippon Pharma Co., Ltd. | 1,000 | 24,819 | ||||||
Sumitomo Electric Industries Ltd. | 3,100 | 41,240 | ||||||
Sumitomo Forestry Co., Ltd. | 400 | 5,568 | ||||||
Sushiro Global Holdings Ltd. | 600 | 41,352 | ||||||
Suzuken Co., Ltd. | 500 | 29,002 | ||||||
Systena Corp. | 1,200 | 13,085 | ||||||
Taisei Corp. | 2,000 | 93,046 | ||||||
Taisho Pharmaceutical Holdings Co., Ltd. | 100 | 9,553 | ||||||
Takeda Pharmaceutical Co., Ltd. | 5,300 | 217,047 | ||||||
TIS, Inc. | 500 | 23,725 | ||||||
Tohoku Electric Power Co., Inc. | 1,400 | 17,876 | ||||||
Tokio Marine Holdings, Inc. | 3,200 | 155,029 | ||||||
Tokyo Broadcasting System Holdings, Inc. | 500 | 9,164 | ||||||
Tokyo Electron Ltd. | 1,000 | 145,058 | ||||||
Tomy Co., Ltd. | 800 | 8,274 | ||||||
Towa Pharmaceutical Co., Ltd. | 300 | 7,912 | ||||||
Toyota Motor Corp. | 1,200 | 70,693 | ||||||
Tsumura & Co. | 400 | 12,183 | ||||||
USS Co., Ltd. | 700 | 13,018 | ||||||
Valor Holdings Co., Ltd. | 1,700 | 41,249 | ||||||
Warabeya Nichiyo Holdings Co., Ltd. | 700 | 11,522 | ||||||
|
| |||||||
5,724,413 | ||||||||
|
| |||||||
Korea (Republic of)—0.9% |
| |||||||
Asiana Airlines, Inc. (e) | 3,147 | 9,746 | ||||||
Daeduck Electronics Co. | 892 | 7,513 | ||||||
JYP Entertainment Corp. (e) | 453 | 12,328 | ||||||
POSCO | 138 | 30,815 | ||||||
RFHIC Corp. | 708 | 17,999 | ||||||
Samsung Electronics Co., Ltd. GDR | 70 | 68,808 | ||||||
Samwha Capacitor Co., Ltd. | 342 | 16,784 | ||||||
SK Hynix, Inc. | 472 | 30,947 | ||||||
SK Telecom Co., Ltd. | 140 | 31,006 | ||||||
|
| |||||||
225,946 | ||||||||
|
| |||||||
Mexico—0.2% |
| |||||||
Wal-Mart de Mexico S.A.B de C.V. | 20,400 | 54,536 | ||||||
|
| |||||||
Netherlands—3.5% |
| |||||||
Aalberts Industries NV | 728 | 25,201 | ||||||
ASR Nederland NV | 1,943 | 80,958 | ||||||
BE Semiconductor Industries NV | 2,163 | 57,745 | ||||||
ING Groep NV | 7,432 | 90,056 | ||||||
Koninklijke Ahold Delhaize NV | 5,735 | 152,687 | ||||||
Koninklijke DSM NV | 1,205 | 131,447 | ||||||
Koninklijke KPN NV | 21,056 | 66,839 | ||||||
Koninklijke Philips NV | 733 | 29,949 | ||||||
Unilever NV | 3,430 | 199,974 | ||||||
|
| |||||||
834,856 | ||||||||
|
| |||||||
New Zealand—0.8% |
| |||||||
Air New Zealand Ltd. | 24,662 | 42,608 | ||||||
Auckland International Airport Ltd. | 2,679 | 14,862 | ||||||
Contact Energy Ltd. | 2,709 | 12,819 | ||||||
FonterraCo-operative Group Ltd. UNIT | 17,136 | 49,611 | ||||||
New Zealand Refining Co., Ltd. | 29,024 | 41,581 | ||||||
Trade Me Group Ltd. | 1,746 | 7,587 | ||||||
Trade Me Group Ltd. | 3,013 | 13,173 | ||||||
|
| |||||||
182,241 | ||||||||
|
|
Shares | Value | |||||||
Norway—1.8% |
| |||||||
Austevoll Seafood ASA | 2,179 | $ | 25,802 | |||||
Equinor ASA | 8,027 | 175,952 | ||||||
Grieg Seafood ASA | 728 | 8,838 | ||||||
Mowi ASA | 1,700 | 37,980 | ||||||
Orkla ASA | 883 | 6,781 | ||||||
Salmar ASA | 494 | 23,728 | ||||||
SpareBank 1 SR Bank ASA | 5,431 | 62,608 | ||||||
Telenor ASA | 4,383 | 87,765 | ||||||
|
| |||||||
429,454 | ||||||||
|
| |||||||
Portugal—0.4% |
| |||||||
Altri SGPS S.A. | 800 | 6,270 | ||||||
Galp Energia SGPS S.A. | 4,474 | 71,690 | ||||||
NOS SGPS S.A. | 1,178 | 7,536 | ||||||
|
| |||||||
85,496 | ||||||||
|
| |||||||
Russian Federation—0.3% |
| |||||||
Novolipetsk Steel PJSC GDR | 1,966 | 50,522 | ||||||
X5 Retail Group NV GDR | 1,019 | 25,394 | ||||||
|
| |||||||
75,916 | ||||||||
|
| |||||||
Singapore—1.8% |
| |||||||
Best World International Ltd. | 18,600 | 29,858 | ||||||
DBS Group Holdings Ltd. | 9,200 | 171,735 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 10,000 | 81,756 | ||||||
QAF Ltd. | 64,800 | 40,211 | ||||||
Singapore Airlines Ltd. | 5,400 | 38,560 | ||||||
Singapore Technologies Engineering Ltd. | 10,800 | 29,866 | ||||||
Venture Corp., Ltd. | 2,600 | 34,544 | ||||||
|
| |||||||
426,530 | ||||||||
|
| |||||||
Spain—2.9% |
| |||||||
ACS Actividades de Construccion y Servicios S.A. | 1,818 | 79,923 | ||||||
Banco Santander S.A. | 14,854 | 68,975 | ||||||
Cia de Distribucion Integral Logista Holdings S.A. | 1,131 | 26,650 | ||||||
CIE Automotive S.A. | 1,641 | 44,185 | ||||||
Ence Energia y Celulosa S.A. | 4,347 | 24,222 | ||||||
Endesa S.A. | 1,812 | 46,243 | ||||||
Iberdrola S.A. | 8,275 | 72,653 | ||||||
International Consolidated Airlines Group S.A. | 12,639 | 84,099 | ||||||
International Consolidated Airlines Group S.A. | 5,064 | 33,735 | ||||||
Melia Hotels International S.A. | 3,837 | 35,637 | ||||||
Red Electrica Corp. S.A. | 2,212 | 47,152 | ||||||
Repsol S.A. | 6,187 | 105,849 | ||||||
Telefonica S.A. | 4,665 | 39,078 | ||||||
|
| |||||||
708,401 | ||||||||
|
| |||||||
Sweden—2.1% |
| |||||||
Boliden AB | 933 | 26,590 | ||||||
Bravida Holding AB (a) | 761 | 6,713 | ||||||
Electrolux AB, Ser. B | 1,581 | 40,712 | ||||||
Loomis AB, Class B | 773 | 26,657 | ||||||
Nobina AB (a) | 11,074 | 71,393 | ||||||
SAS AB (e) | 5,875 | 11,826 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 8,252 | 71,487 | ||||||
SSAB AB, Class B | 7,308 | 22,277 | ||||||
Svenska Cellulosa AB SCA, Class B | 3,559 | 30,902 | ||||||
Swedish Orphan Biovitrum AB (e) | 1,170 | 27,446 | ||||||
Volvo AB, Class B | 11,001 | 170,693 | ||||||
|
| |||||||
506,696 | ||||||||
|
| |||||||
Switzerland—7.7% |
| |||||||
Adecco Group AG | 1,894 | 101,148 | ||||||
Baloise Holding AG | 687 | 113,544 | ||||||
Flughafen Zurich AG | 262 | 47,815 |
Shares | Value | |||||||
Nestle S.A. | 4,422 | $ | 421,639 | |||||
Novartis AG | 2,997 | 288,070 | ||||||
OC Oerlikon Corp. AG (e) | 4,600 | 58,918 | ||||||
Pargesa Holding S.A. | 218 | 17,097 | ||||||
Partners Group Holding AG | 183 | 133,126 | ||||||
Roche Holding AG | 976 | 268,942 | ||||||
Sunrise Communications Group AG (a)(e) | 504 | 37,119 | ||||||
Swiss Life Holding AG (e) | 307 | 135,264 | ||||||
Zurich Insurance Group AG | 690 | 228,415 | ||||||
|
| |||||||
1,851,097 | ||||||||
|
| |||||||
Taiwan—1.0% |
| |||||||
Center Laboratories, Inc. (e) | 6,000 | 16,250 | ||||||
China Development Financial Holding Corp. | 101,000 | 33,806 | ||||||
Compeq Manufacturing Co., Ltd. | 6,000 | 4,627 | ||||||
Formosa Chemicals & Fibre Corp. | 22,000 | 80,155 | ||||||
Formosa Plastics Corp. | 17,000 | 60,511 | ||||||
HannStar Display Corp. | 140,000 | 31,040 | ||||||
Mitac Holdings Corp. | 19,545 | 20,047 | ||||||
|
| |||||||
246,436 | ||||||||
|
| |||||||
Thailand—0.1% |
| |||||||
PTT PCL (c)(d) | 19,800 | 29,950 | ||||||
|
| |||||||
Turkey—0.1% |
| |||||||
Soda Sanayii AS | 11,099 | 14,930 | ||||||
Vestel Beyaz Esya Sanayi ve Ticaret AS | 2,300 | 6,987 | ||||||
|
| |||||||
21,917 | ||||||||
|
| |||||||
United Kingdom—17.0% |
| |||||||
3i Group PLC | 885 | 11,349 | ||||||
Admiral Group PLC | 1,390 | 39,318 | ||||||
Anglo American PLC | 2,739 | 73,258 | ||||||
AstraZeneca PLC | 1,341 | 107,040 | ||||||
Auto Trader Group PLC (a) | 4,562 | 31,028 | ||||||
Barratt Developments PLC | 5,353 | 41,814 | ||||||
BCA Marketplace PLC | 3,205 | 8,251 | ||||||
Bellway PLC | 896 | 35,546 | ||||||
Berkeley Group Holdings PLC | 1,836 | 88,265 | ||||||
BP PLC | 50,740 | 368,447 | ||||||
British American Tobacco PLC | 2,389 | 99,664 | ||||||
Carnival PLC | 2,056 | 101,623 | ||||||
Centrica PLC | 26,952 | 40,148 | ||||||
Coca-Cola HBC AG (e) | 3,131 | 106,765 | ||||||
Compass Group PLC | 5,913 | 139,123 | ||||||
Computacenter PLC | 727 | 10,477 | ||||||
Dart Group PLC | 4,276 | 44,221 | ||||||
Direct Line Insurance Group PLC | 20,102 | 92,474 | ||||||
EI Group PLC (e) | 2,530 | 7,019 | ||||||
Electrocomponents PLC | 8,550 | 62,616 | ||||||
Experian PLC | 2,372 | 64,199 | ||||||
Firstgroup PLC (e) | 9,880 | 11,704 | ||||||
GlaxoSmithKline PLC | 3,738 | 77,660 | ||||||
Glencore PLC (e) | 11,233 | 46,551 | ||||||
Highland Gold Mining Ltd. | 12,810 | 30,533 | ||||||
HSBC Holdings PLC | 24,668 | 200,448 | ||||||
JD Sports Fashion PLC | 2,698 | 17,677 | ||||||
Legal & General Group PLC | 39,681 | 142,400 | ||||||
Man Group PLC | 27,382 | 48,506 | ||||||
Moneysupermarket.com Group PLC | 3,211 | 15,568 | ||||||
National Express Group PLC | 12,590 | 66,575 | ||||||
OneSavings Bank PLC | 10,539 | 52,689 | ||||||
Persimmon PLC | 3,857 | 109,098 | ||||||
Plus500 Ltd. | 1,827 | 17,894 | ||||||
QinetiQ Group PLC | 2,565 | 10,073 | ||||||
RELX PLC | 6,063 | 129,744 | ||||||
Rio Tinto PLC | 4,444 | 258,299 | ||||||
Royal Dutch Shell PLC, Class A | 3,789 | 118,876 |
130 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Shares | Value | |||||||
Royal Dutch Shell PLC, Class A | 12,852 | $ | 403,886 | |||||
Royal Dutch Shell PLC, Class B | 3,555 | 112,358 | ||||||
Smith & Nephew PLC | 4,068 | 80,787 | ||||||
Spirent Communications PLC | 4,151 | 7,774 | ||||||
SSE PLC | 3,128 | 48,396 | ||||||
Standard Life Aberdeen PLC | 13,580 | 46,675 | ||||||
Tate & Lyle PLC | 2,467 | 23,334 | ||||||
Taylor Wimpey PLC | 23,278 | 53,241 | ||||||
TESCO PLC | 54,945 | 166,291 | ||||||
TUI AG | 9,060 | 86,897 | ||||||
TUI AG | 1,015 | 9,748 | ||||||
Vodafone Group PLC | 28,417 | 51,783 | ||||||
WPP PLC | 7,320 | 77,329 | ||||||
|
| |||||||
4,095,439 | ||||||||
|
| |||||||
Total Common Stock (cost—$23,321,910) |
| 23,398,877 | ||||||
|
| |||||||
Exchange-Traded Funds—1.0% |
| |||||||
iShares Core MSCI EAFE (cost—$237,561) | 3,977 | 241,682 | ||||||
|
| |||||||
Preferred Stock—0.6% |
| |||||||
Brazil—0.2% |
| |||||||
Cia Brasileira de Distribuicao | 1,600 | 37,375 | ||||||
Cia de Gas de Sao Paulo—COMGAS, Class A | 500 | 10,459 | ||||||
|
| |||||||
47,834 | ||||||||
|
| |||||||
Germany—0.4% |
| |||||||
Volkswagen AG | 569 | 89,706 | ||||||
|
| |||||||
Total Preferred Stock (cost—$129,037) |
| 137,540 | ||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—0.8% |
| |||||||
State Street Bank and Trust Co., dated 3/29/19, 0.50%, due 4/1/19, proceeds $186,008; collateralized by U.S. Treasury Notes, 1.75%, due 6/30/22, valued at $193,165 including accrued interest |
| |||||||
(cost—$186,000) | $186 | 186,000 | ||||||
|
| |||||||
Total Investments (cost—$23,874,508) (b)—99.5% |
| 23,964,099 | ||||||
|
| |||||||
Other assets less liabilities—0.5% | 118,235 | |||||||
|
| |||||||
Net Assets—100.0% |
| $24,082,334 | ||||||
|
|
Notes to Schedule of Investments:
(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $347,570, representing 1.4% of net assets.
(b) Securities with an aggregate value of $22,512,587, representing 93.5% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(c) Fair-Valued—Security with a value of $29,950, representing 0.1% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(d) Level 3 security. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(e)Non-income producing.
Glossary:
ADR—American Depositary Receipt
EAFE—Europe, Australasia and Far East
GDR—Global Depositary Receipt
MSCI—Morgan Stanley Capital International
REIT—Real Estate Investment Trust
UNIT—More than one class of securities traded together
The industry classification of portfolio holdings and other assets less liabilities shown as a percentage of net assets were as follows:
Pharmaceuticals | 8.8% | |||
Insurance | 8.5% | |||
Oil, Gas & Consumable Fuels | 8.1% | |||
Banks | 6.4% | |||
Food Products | 4.2% | |||
Metals & Mining | 3.7% | |||
Chemicals | 3.6% | |||
Automobiles | 3.5% | |||
Food & Staples Retailing | 3.1% | |||
Household Durables | 3.1% | |||
Trading Companies & Distributors | 3.0% | |||
Construction & Engineering | 2.6% | |||
Diversified Telecommunication Services | 2.6% | |||
Airlines | 2.3% | |||
Electric Utilities | 2.3% | |||
Hotels, Restaurants & Leisure | 2.2% | |||
Electronic Equipment, Instruments & Components | 1.7% | |||
Capital Markets | 1.7% | |||
Semiconductors & Semiconductor Equipment | 1.6% | |||
Textiles, Apparel & Luxury Goods | 1.6% | |||
Machinery | 1.4% | |||
Personal Products | 1.3% | |||
Professional Services | 1.2% | |||
Multi-Utilities | 1.2% | |||
Industrial Conglomerates | 1.2% | |||
Technology Hardware, Storage & Peripherals | 1.1% |
IT Services | 1.1% | |||
Wireless Telecommunication Services | 1.1% | |||
Road & Rail | 1.0% | |||
Exchange-Traded Funds | 1.0% | |||
Healthcare Providers & Services | 0.9% | |||
Diversified Financial Services | 0.9% | |||
Real Estate Management & Development | 0.9% | |||
Beverages | 0.7% | |||
Aerospace & Defense | 0.7% | |||
Paper & Forest Products | 0.7% | |||
Auto Components | 0.6% | |||
Media | 0.6% | |||
Air Freight & Logistics | 0.5% | |||
Specialty Retail | 0.5% | |||
Software | 0.5% | |||
Healthcare Equipment & Supplies | 0.5% | |||
Containers & Packaging | 0.4% | |||
Transportation Infrastructure | 0.4% | |||
Tobacco | 0.4% | |||
Gas Utilities | 0.4% | |||
Entertainment | 0.4% | |||
Leisure Equipment & Products | 0.4% | |||
Equity Real Estate Investment Trusts (REITs) | 0.2% | |||
Thrifts & Mortgage Finance | 0.2% | |||
Water Utilities | 0.2% | |||
Building Products | 0.2% | |||
Internet & Direct Marketing Retail | 0.2% | |||
Construction Materials | 0.2% | |||
Diversified Consumer Services | 0.2% | |||
Commercial Services & Supplies | 0.1% | |||
Multi-Line Retail | 0.1% | |||
Interactive Media & Services | 0.1% | |||
Household Products | 0.1% | |||
Biotechnology | 0.1% | |||
Independent Power Producers & Energy Traders | 0.1% | |||
Communications Equipment | 0.1% | |||
Electrical Equipment | 0.0% | |||
Repurchase Agreements | 0.8% | |||
Other assets less liabilities | 0.5% | |||
|
| |||
100.0% | ||||
|
|
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 131 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
AllianzGI Best Styles U.S. Equity Fund
Shares | Value | |||||||
Common Stock—99.4% |
| |||||||
Aerospace & Defense—2.0% |
| |||||||
Boeing Co. | 3,386 | $1,291,488 | ||||||
Huntington Ingalls Industries, Inc. | 920 | 190,624 | ||||||
Northrop Grumman Corp. | 1,512 | 407,635 | ||||||
|
| |||||||
1,889,747 | ||||||||
|
| |||||||
Air Freight & Logistics—0.2% |
| |||||||
Atlas Air Worldwide Holdings, Inc. (a) | 704 | 35,594 | ||||||
FedEx Corp. | 1,057 | 191,751 | ||||||
|
| |||||||
227,345 | ||||||||
|
| |||||||
Airlines—0.6% |
| |||||||
Allegiant Travel Co. | 771 | 99,821 | ||||||
Delta Air Lines, Inc. | 6,524 | 336,965 | ||||||
SkyWest, Inc. | 1,747 | 94,845 | ||||||
WestJet Airlines Ltd. | 679 | 9,872 | ||||||
|
| |||||||
541,503 | ||||||||
|
| |||||||
Auto Components—0.4% |
| |||||||
Lear Corp. | 1,532 | 207,908 | ||||||
Magna International, Inc. | 3,274 | 159,418 | ||||||
|
| |||||||
367,326 | ||||||||
|
| |||||||
Automobiles—0.4% |
| |||||||
General Motors Co. | 11,122 | 412,626 | ||||||
|
| |||||||
Banks—4.5% |
| |||||||
Bank of America Corp. | 40,816 | 1,126,113 | ||||||
Bank of Nova Scotia | 2,755 | 146,661 | ||||||
Bank of NT Butterfield & Son Ltd. | 846 | 30,355 | ||||||
Cadence BanCorp | 7,455 | 138,290 | ||||||
Citizens Financial Group, Inc. | 9,278 | 301,535 | ||||||
Comerica, Inc. | 4,602 | 337,419 | ||||||
Cullen/Frost Bankers, Inc. | 2,118 | 205,594 | ||||||
JPMorgan Chase & Co. | 9,510 | 962,697 | ||||||
Laurentian Bank of Canada | 2,195 | 66,605 | ||||||
Regions Financial Corp. | 21,240 | 300,546 | ||||||
Synovus Financial Corp. | 4,764 | 163,691 | ||||||
Umpqua Holdings Corp. | 9,747 | 160,826 | ||||||
Wells Fargo & Co. | 6,679 | 322,729 | ||||||
|
| |||||||
4,263,061 | ||||||||
|
| |||||||
Beverages—1.4% |
| |||||||
Coca-Cola Co. | 711 | 33,318 | ||||||
Constellation Brands, Inc., Class A | 2,224 | 389,934 | ||||||
Keurig Dr Pepper, Inc. | 4,431 | 123,935 | ||||||
PepsiCo, Inc. | 6,019 | 737,628 | ||||||
|
| |||||||
1,284,815 | ||||||||
|
| |||||||
Biotechnology—2.5% |
| |||||||
AbbVie, Inc. | 9,645 | 777,291 | ||||||
Amgen, Inc. | 4,713 | 895,376 | ||||||
Biogen, Inc. (a) | 685 | 161,920 | ||||||
Gilead Sciences, Inc. | 8,299 | 539,518 | ||||||
Myriad Genetics, Inc. (a) | 277 | 9,196 | ||||||
|
| |||||||
2,383,301 | ||||||||
|
| |||||||
Capital Markets—2.0% |
| |||||||
Apollo Investment Corp. | 3,242 | 49,084 | ||||||
Bank of New York Mellon Corp. | 5,189 | 261,681 | ||||||
BlackRock, Inc. | 704 | 300,868 | ||||||
E*TRADE Financial Corp. | 5,753 | 267,112 | ||||||
Interactive Brokers Group, Inc., Class A | 1,693 | 87,833 | ||||||
Morgan Stanley | 9,953 | 420,017 | ||||||
S&P Global, Inc. | 881 | 185,494 | ||||||
T Rowe Price Group, Inc. | 2,892 | 289,547 | ||||||
|
| |||||||
1,861,636 | ||||||||
|
|
Shares | Value | |||||||
Chemicals—1.5% |
| |||||||
Air Products & Chemicals, Inc. | 2,468 | $ | 471,289 | |||||
Celanese Corp. | 1,246 | 122,868 | ||||||
Eastman Chemical Co. | 2,550 | 193,494 | ||||||
Huntsman Corp. | 2,110 | 47,454 | ||||||
LyondellBasell Industries NV, Class A | 4,277 | 359,610 | ||||||
Trinseo S.A. | 712 | 32,254 | ||||||
Westlake Chemical Corp. | 2,427 | 164,696 | ||||||
|
| |||||||
1,391,665 | ||||||||
|
| |||||||
Commercial Services & Supplies—0.9% |
| |||||||
Brady Corp., Class A | 666 | 30,909 | ||||||
Copart, Inc. (a) | 3,628 | 219,821 | ||||||
KAR Auction Services, Inc. | 3,321 | 170,401 | ||||||
McGrath RentCorp | 688 | 38,920 | ||||||
Transcontinental, Inc., Class A, Class A | 2,489 | 31,160 | ||||||
Waste Management, Inc. | 3,288 | 341,656 | ||||||
|
| |||||||
832,867 | ||||||||
|
| |||||||
Communications Equipment—1.8% |
| |||||||
Cisco Systems, Inc. | 27,496 | 1,484,509 | ||||||
Juniper Networks, Inc. | 10,225 | 270,656 | ||||||
|
| |||||||
1,755,165 | ||||||||
|
| |||||||
Construction & Engineering—0.0% |
| |||||||
WSP Global, Inc. | 278 | 15,192 | ||||||
|
| |||||||
Consumer Finance—1.3% |
| |||||||
American Express Co. | 1,678 | 183,405 | ||||||
Capital One Financial Corp. | 4,623 | 377,653 | ||||||
Discover Financial Services | 5,098 | 362,774 | ||||||
Green Dot Corp., Class A (a) | 1,524 | 92,431 | ||||||
Santander Consumer USA Holdings, Inc. | 11,645 | 246,059 | ||||||
World Acceptance Corp. (a) | 119 | 13,938 | ||||||
|
| |||||||
1,276,260 | ||||||||
|
| |||||||
Containers & Packaging—0.3% |
| |||||||
CCL Industries, Inc., Class B | 1,683 | 68,134 | ||||||
Graphic Packaging Holding Co. | 14,624 | 184,701 | ||||||
|
| |||||||
252,835 | ||||||||
|
| |||||||
Diversified Consumer Services—0.1% |
| |||||||
H&R Block, Inc. | 4,003 | 95,832 | ||||||
|
| |||||||
Diversified Financial Services—1.2% |
| |||||||
Berkshire Hathaway, Inc., Class B (a) | 5,340 | 1,072,752 | ||||||
Jefferies Financial Group, Inc. | 4,040 | 75,912 | ||||||
|
| |||||||
1,148,664 | ||||||||
|
| |||||||
Diversified Telecommunication Services—2.9% |
| |||||||
AT&T, Inc. | 45,970 | 1,441,619 | ||||||
CenturyLink, Inc. | 2,102 | 25,203 | ||||||
Verizon Communications, Inc. | 21,056 | 1,245,041 | ||||||
|
| |||||||
2,711,863 | ||||||||
|
| |||||||
Electric Utilities—3.1% |
| |||||||
American Electric Power Co., Inc. | 6,366 | 533,152 | ||||||
Duke Energy Corp. | 4,010 | 360,900 | ||||||
Emera, Inc. | 744 | 27,820 | ||||||
Entergy Corp. | 4,068 | 389,023 | ||||||
Exelon Corp. | 11,140 | 558,448 | ||||||
NextEra Energy, Inc. | 3,318 | 641,436 | ||||||
Portland General Electric Co. | 2,014 | 104,406 | ||||||
PPL Corp. | 9,555 | 303,276 | ||||||
|
| |||||||
2,918,461 | ||||||||
|
| |||||||
Electrical Equipment—0.4% |
| |||||||
AMETEK, Inc. | 3,299 | 273,718 | ||||||
Regal Beloit Corp. | 1,222 | 100,045 | ||||||
|
| |||||||
373,763 | ||||||||
|
|
Shares | Value | |||||||
Electronic Equipment, Instruments & Components—0.2% |
| |||||||
Arrow Electronics, Inc. (a) | 2,161 | $ | 166,527 | |||||
|
| |||||||
Energy Equipment & Services—0.0% |
| |||||||
Nordic American Offshore Ltd. | 28 | 83 | ||||||
|
| |||||||
Entertainment—1.4% |
| |||||||
Activision Blizzard, Inc. | 2,652 | 120,746 | ||||||
Netflix, Inc. (a) | 1,603 | 571,566 | ||||||
Take-Two Interactive Software, Inc. (a) | 2,577 | 243,191 | ||||||
Walt Disney Co. | 3,735 | 414,697 | ||||||
|
| |||||||
1,350,200 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs)—1.8% |
| |||||||
Apple Hospitality REIT, Inc. | 4,679 | 76,268 | ||||||
Brixmor Property Group, Inc. | 6,517 | 119,717 | ||||||
Canadian Apartment Properties REIT | 1,118 | 42,977 | ||||||
CubeSmart | 4,451 | 142,610 | ||||||
Dream Global Real Estate Investment Trust | 4,708 | 49,921 | ||||||
Extra Space Storage, Inc. | 3,059 | 311,743 | ||||||
Gaming and Leisure Properties, Inc. | 6,045 | 233,156 | ||||||
Hospitality Properties Trust | 3,355 | 88,270 | ||||||
Life Storage, Inc. | 2,142 | 208,352 | ||||||
Monmouth Real Estate Investment Corp. | 948 | 12,495 | ||||||
National Storage Affiliates Trust | 2,620 | 74,696 | ||||||
Pebblebrook Hotel Trust | 2,970 | 92,248 | ||||||
RPT Realty | 2,742 | 32,932 | ||||||
Spirit Realty Capital, Inc. | 2,766 | 109,893 | ||||||
STORE Capital Corp. | 2,936 | 98,356 | ||||||
Xenia Hotels & Resorts, Inc. | 2,452 | 53,723 | ||||||
|
| |||||||
1,747,357 | ||||||||
|
| |||||||
Food & Staples Retailing—1.8% |
| |||||||
Costco Wholesale Corp. | 2,562 | 620,363 | ||||||
Empire Co., Ltd., Class A | 3,515 | 76,095 | ||||||
George Weston Ltd. | 657 | 47,241 | ||||||
Kroger Co. | 12,395 | 304,917 | ||||||
SpartanNash Co. | 531 | 8,427 | ||||||
Walmart, Inc. | 6,535 | 637,358 | ||||||
|
| |||||||
1,694,401 | ||||||||
|
| |||||||
Food Products—0.9% |
| |||||||
Archer-Daniels-Midland Co. | 8,320 | 358,842 | ||||||
Kraft Heinz Co. | 2,936 | 95,860 | ||||||
Tyson Foods, Inc., Class A | 6,010 | 417,274 | ||||||
|
| |||||||
871,976 | ||||||||
|
| |||||||
Healthcare Equipment & Supplies—2.9% |
| |||||||
Abbott Laboratories | 11,565 | 924,506 | ||||||
Align Technology, Inc. (a) | 998 | 283,761 | ||||||
CONMED Corp. | 738 | 61,387 | ||||||
Cutera, Inc. (a) | 1,108 | 19,567 | ||||||
Danaher Corp. | 3,760 | 496,395 | ||||||
IntriCon Corp. (a) | 777 | 19,487 | ||||||
Medtronic PLC | 6,981 | 635,830 | ||||||
Merit Medical Systems, Inc. (a) | 335 | 20,713 | ||||||
STERIS PLC | 2,099 | 268,735 | ||||||
|
| |||||||
2,730,381 | ||||||||
|
| |||||||
Healthcare Providers & Services—5.5% |
| |||||||
AmerisourceBergen Corp. | 3,999 | 318,000 | ||||||
Anthem, Inc. | 2,386 | 684,734 | ||||||
BioTelemetry, Inc. (a) | 396 | 24,798 | ||||||
Cardinal Health, Inc. | 5,236 | 252,113 | ||||||
Centene Corp. (a) | 6,360 | 337,716 | ||||||
Chemed Corp. | 659 | 210,926 |
132 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Shares | Value | |||||||
Cigna Corp. | 2,225 | $ | 357,825 | |||||
CVS Health Corp. | 9,218 | 497,127 | ||||||
Encompass Health Corp. | 2,571 | 150,146 | ||||||
Humana, Inc. | 1,258 | 334,628 | ||||||
Laboratory Corp. of America Holdings (a) | 598 | 91,482 | ||||||
Patterson Cos., Inc. | 9,387 | 205,106 | ||||||
Quest Diagnostics, Inc. | 3,171 | 285,136 | ||||||
UnitedHealth Group, Inc. | 5,653 | 1,397,761 | ||||||
Universal Health Services, Inc., Class B | 728 | 97,385 | ||||||
|
| |||||||
5,244,883 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure—0.9% |
| |||||||
BJ’s Restaurants, Inc. | 1,035 | 48,935 | ||||||
Brinker International, Inc. | 897 | 39,809 | ||||||
Carnival Corp. | 3,534 | 179,244 | ||||||
Restaurant Brands International, Inc. | 4,616 | 300,548 | ||||||
Royal Caribbean Cruises Ltd. | 2,327 | 266,721 | ||||||
|
| |||||||
835,257 | ||||||||
|
| |||||||
Household Products—0.6% |
| |||||||
Procter & Gamble Co. | 5,789 | 602,345 | ||||||
|
| |||||||
Independent Power Producers & Energy Traders—0.3% |
| |||||||
AES Corp. | 15,501 | 280,258 | ||||||
Capital Power Corp. | 1,368 | 32,041 | ||||||
|
| |||||||
312,299 | ||||||||
|
| |||||||
Insurance—3.3% |
| |||||||
Aflac, Inc. | 10,168 | 508,400 | ||||||
Allstate Corp. | 3,846 | 362,216 | ||||||
American Equity Investment Life Holding Co. | 3,559 | 96,164 | ||||||
CNA Financial Corp. | 1,356 | 58,783 | ||||||
Fairfax Financial Holdings Ltd. | 235 | 108,852 | ||||||
Loews Corp. | 6,479 | 310,538 | ||||||
Manulife Financial Corp. | 1,521 | 25,723 | ||||||
Old Republic International Corp. | 8,540 | 178,657 | ||||||
Power Corp. of Canada | 3,728 | 86,927 | ||||||
Principal Financial Group, Inc. | 5,411 | 271,578 | ||||||
Progressive Corp. | 7,066 | 509,388 | ||||||
Prudential Financial, Inc. | 4,913 | 451,406 | ||||||
Torchmark Corp. | 290 | 23,766 | ||||||
Universal Insurance Holdings, Inc. | 3,359 | 104,129 | ||||||
|
| |||||||
3,096,527 | ||||||||
|
| |||||||
Interactive Media & Services—3.8% |
| |||||||
Alphabet, Inc., Class A (a) | 1,030 | 1,212,197 | ||||||
Alphabet, Inc., Class C (a) | 1,035 | 1,214,376 | ||||||
Facebook, Inc., Class A (a) | 7,325 | 1,221,004 | ||||||
|
| |||||||
3,647,577 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail—3.5% |
| |||||||
Amazon.com, Inc. (a) | 1,839 | 3,274,799 | ||||||
PetMed Express, Inc. | 2,645 | 60,253 | ||||||
|
| |||||||
3,335,052 | ||||||||
|
| |||||||
IT Services—4.2% |
| |||||||
Amdocs Ltd. | 1,498 | 81,057 | ||||||
Black Knight, Inc. (a) | 2,360 | 128,620 | ||||||
Broadridge Financial Solutions, Inc. | 1,206 | 125,050 | ||||||
CACI International, Inc., Class A (a) | 838 | 152,533 | ||||||
DXC Technology Co. | 3,155 | 202,898 | ||||||
International Business Machines Corp. | 2,747 | 387,602 | ||||||
Mastercard, Inc., Class A | 4,656 | 1,096,255 | ||||||
PayPal Holdings, Inc. (a) | 10,129 | 1,051,795 | ||||||
Visa, Inc., Class A | 5,049 | 788,603 | ||||||
|
| |||||||
4,014,413 | ||||||||
|
|
Shares | Value | |||||||
Life Sciences Tools & Services—0.2% |
| |||||||
PerkinElmer, Inc. | 474 | $ | 45,675 | |||||
Thermo Fisher Scientific, Inc. | 635 | 173,812 | ||||||
|
| |||||||
219,487 | ||||||||
|
| |||||||
Machinery—1.1% |
| |||||||
Caterpillar, Inc. | 2,840 | 384,791 | ||||||
Ingersoll-Rand PLC | 3,525 | 380,524 | ||||||
PACCAR, Inc. | 4,190 | 285,507 | ||||||
|
| |||||||
1,050,822 | ||||||||
|
| |||||||
Media—1.2% |
| |||||||
Cogeco Communications, Inc. | 593 | 37,869 | ||||||
Comcast Corp., Class A | 27,603 | 1,103,568 | ||||||
|
| |||||||
1,141,437 | ||||||||
|
| |||||||
Metals & Mining—0.7% |
| |||||||
IAMGOLD Corp. (a) | 3,004 | 10,408 | ||||||
Nucor Corp. | 6,046 | 352,784 | ||||||
OceanaGold Corp. | 9,229 | 29,006 | ||||||
Reliance Steel & Aluminum Co. | 1,622 | 146,402 | ||||||
Teck Resources Ltd., Class B, Class B | 5,067 | 117,238 | ||||||
|
| |||||||
655,838 | ||||||||
|
| |||||||
Mortgage Real Estate Investment Trusts (REITs)—1.5% |
| |||||||
AGNC Investment Corp. | 11,752 | 211,536 | ||||||
Annaly Capital Management, Inc. | 26,392 | 263,656 | ||||||
Anworth Mortgage Asset Corp. | 5,962 | 24,087 | ||||||
Arbor Realty Trust, Inc. | 7,124 | 92,398 | ||||||
ARMOUR Residential REIT, Inc. | 8,739 | 170,673 | ||||||
Chimera Investment Corp. | 6,470 | 121,248 | ||||||
Invesco Mortgage Capital, Inc. | 2,674 | 42,249 | ||||||
Ladder Capital Corp. | 3,871 | 65,884 | ||||||
MFA Financial, Inc. | 27,464 | 199,663 | ||||||
New York Mortgage Trust, Inc. | 2,737 | 16,668 | ||||||
Two Harbors Investment Corp. | 13,594 | 183,927 | ||||||
|
| |||||||
1,391,989 | ||||||||
|
| |||||||
Multi-Line Retail—0.9% |
| |||||||
Kohl’s Corp. | 3,617 | 248,741 | ||||||
Macy’s, Inc. | 6,826 | 164,029 | ||||||
Target Corp. | 6,099 | 489,506 | ||||||
|
| |||||||
902,276 | ||||||||
|
| |||||||
Multi-Utilities—1.9% |
| |||||||
Algonquin Power & Utilities Corp. | 3,997 | 44,954 | ||||||
Ameren Corp. | 5,456 | 401,289 | ||||||
CenterPoint Energy, Inc. | 10,261 | 315,013 | ||||||
MDU Resources Group, Inc. | 3,741 | 96,630 | ||||||
NorthWestern Corp. | 2,109 | 148,495 | ||||||
Public Service Enterprise Group, Inc. | 5,468 | 324,854 | ||||||
WEC Energy Group, Inc. | 5,542 | 438,261 | ||||||
|
| |||||||
1,769,496 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels—4.1% |
| |||||||
ARC Resources Ltd. | 5,019 | 34,252 | ||||||
Atmos Energy Corp. | 2,650 | 272,765 | ||||||
Canadian Natural Resources Ltd. | 3,103 | 85,194 | ||||||
Chesapeake Energy Corp. (a) | 36,317 | 112,583 | ||||||
Chevron Corp. | 2,480 | 305,486 | ||||||
EOG Resources, Inc. | 3,580 | 340,744 | ||||||
Exxon Mobil Corp. | 9,595 | 775,276 | ||||||
Husky Energy, Inc. | 2,042 | 20,247 | ||||||
Marathon Petroleum Corp. | 7,996 | 478,561 | ||||||
Occidental Petroleum Corp. | 7,677 | 508,217 | ||||||
Pioneer Natural Resources Co. | 347 | 52,841 | ||||||
Suncor Energy, Inc. | 10,308 | 334,074 | ||||||
Valero Energy Corp. | 6,681 | 566,749 | ||||||
|
| |||||||
3,886,989 | ||||||||
|
|
Shares | Value | |||||||
Paper & Forest Products—0.3% |
| |||||||
Domtar Corp. | 1,908 | $ | 94,732 | |||||
Louisiana-Pacific Corp. | 7,154 | 174,415 | ||||||
|
| |||||||
269,147 | ||||||||
|
| |||||||
Personal Products—0.6% |
| |||||||
Estee Lauder Cos., Inc., Class A | 3,421 | 566,347 | ||||||
|
| |||||||
Pharmaceuticals—4.8% |
| |||||||
Allergan PLC | 2,028 | 296,919 | ||||||
Bausch Health Cos., Inc. (a) | 2,492 | 61,482 | ||||||
Johnson & Johnson | 11,789 | 1,647,984 | ||||||
Merck & Co., Inc. | 7,344 | 610,801 | ||||||
Pfizer, Inc. | 35,963 | 1,527,349 | ||||||
Zoetis, Inc. | 3,997 | 402,378 | ||||||
|
| |||||||
4,546,913 | ||||||||
|
| |||||||
Professional Services—0.3% |
| |||||||
FTI Consulting, Inc. (a) | 1,979 | 152,027 | ||||||
Insperity, Inc. | 1,365 | 168,796 | ||||||
Navigant Consulting, Inc. | 436 | 8,489 | ||||||
|
| |||||||
329,312 | ||||||||
|
| |||||||
Real Estate Management & Development—0.1% |
| |||||||
Jones Lang LaSalle, Inc. | 413 | 63,676 | ||||||
|
| |||||||
Road & Rail—1.9% |
| |||||||
Avis Budget Group, Inc. (a) | 6,010 | 209,509 | ||||||
Hertz Global Holdings, Inc. (a) | 10,723 | 186,258 | ||||||
Kansas City Southern | 2,042 | 236,831 | ||||||
Ryder System, Inc. | 2,631 | 163,096 | ||||||
Union Pacific Corp. | 5,748 | 961,066 | ||||||
|
| |||||||
1,756,760 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment—3.9% |
| |||||||
Applied Materials, Inc. | 2,211 | 87,688 | ||||||
Cabot Microelectronics Corp. | 1,235 | 138,271 | ||||||
Cirrus Logic, Inc. (a) | 319 | 13,420 | ||||||
Cohu, Inc. | 960 | 14,160 | ||||||
Intel Corp. | 17,599 | 945,066 | ||||||
KLA-Tencor Corp. | 3,260 | 389,277 | ||||||
Lam Research Corp. | 2,429 | 434,815 | ||||||
Micron Technology, Inc. (a) | 6,504 | 268,810 | ||||||
NVIDIA Corp. | 3,076 | 552,327 | ||||||
ON Semiconductor Corp. (a) | 11,289 | 232,215 | ||||||
Rudolph Technologies, Inc. (a) | 1,092 | 24,898 | ||||||
Texas Instruments, Inc. | 6,062 | 642,996 | ||||||
|
| |||||||
3,743,943 | ||||||||
|
| |||||||
Software—7.0% |
| |||||||
Adobe, Inc. (a) | 3,621 | 964,960 | ||||||
Alteryx, Inc., Class A (a) | 2,088 | 175,121 | ||||||
Intuit, Inc. | 1,339 | 350,028 | ||||||
Microsoft Corp. | 34,790 | 4,103,133 | ||||||
Oracle Corp. | 10,876 | 584,150 | ||||||
Salesforce.com, Inc. (a) | 2,620 | 414,929 | ||||||
|
| |||||||
6,592,321 | ||||||||
|
| |||||||
Specialty Retail—2.7% |
| |||||||
American Eagle Outfitters, Inc. | 2,536 | 56,223 | ||||||
Best Buy Co., Inc. | 1,094 | 77,740 | ||||||
Buckle, Inc. | 2,945 | 55,130 | ||||||
Burlington Stores, Inc. (a) | 1,257 | 196,947 | ||||||
Home Depot, Inc. | 5,001 | 959,642 | ||||||
MarineMax, Inc. (a) | 2,087 | 39,987 | ||||||
O’Reilly Automotive, Inc. (a) | 1,171 | 454,699 | ||||||
Ross Stores, Inc. | 5,054 | 470,527 | ||||||
Tailored Brands, Inc. | 1,982 | 15,539 | ||||||
Tractor Supply Co. | 1,941 | 189,752 | ||||||
|
| |||||||
2,516,186 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals—5.3% |
| |||||||
Apple, Inc. | 19,571 | 3,717,511 | ||||||
Dell Technologies, Inc. Class C (a) | 5,978 | 350,849 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 133 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Shares | Value | |||||||
Hewlett Packard Enterprise Co. | 23,723 | $ | 366,046 | |||||
HP, Inc. | 20,219 | 392,855 | ||||||
NetApp, Inc. | 2,928 | 203,028 | ||||||
|
| |||||||
5,030,289 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods—0.6% |
| |||||||
Deckers Outdoor Corp. (a) | 1,611 | 236,801 | ||||||
Lululemon Athletica, Inc. (a) | 867 | 142,075 | ||||||
PVH Corp. | 1,927 | 234,998 | ||||||
|
| |||||||
613,874 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance—0.1% |
| |||||||
Genworth MI Canada, Inc. | 2,481 | 75,172 | ||||||
|
| |||||||
Tobacco—0.5% |
| |||||||
Altria Group, Inc. | 4,981 | 286,059 | ||||||
British American Tobacco PLC ADR | 4,476 | 186,739 | ||||||
|
| |||||||
472,798 | ||||||||
|
|
Shares | Value | |||||||
Trading Companies & Distributors—0.6% |
| |||||||
Aircastle Ltd. | 3,249 | $ | 65,760 | |||||
Finning International, Inc. | 1,874 | 33,319 | ||||||
HD Supply Holdings, Inc. (a) | 2,362 | 102,393 | ||||||
MSC Industrial Direct Co., Inc., Class A | 1,371 | 113,395 | ||||||
United Rentals, Inc. (a) | 1,072 | 122,476 | ||||||
WW Grainger, Inc. | 440 | 132,409 | ||||||
|
| |||||||
569,752 | ||||||||
|
| |||||||
Wireless Telecommunication Services—0.5% |
| |||||||
Rogers Communications, Inc., Class B | 1,465 | 78,789 | ||||||
T-Mobile U.S., Inc. (a) | 5,169 | 357,178 | ||||||
|
| |||||||
435,967 | ||||||||
|
| |||||||
Total Common Stock (cost—$82,150,281) |
| 94,253,996 | ||||||
|
| |||||||
Principal Amount (000s) | Value | |||||||
Repurchase Agreements—0.3% |
| |||||||
State Street Bank and Trust Co., dated 3/29/19, 0.50%, due 4/1/19, proceeds $307,013; collateralized by U.S. Treasury Notes, 1.75%, due 5/31/22, valued at $317,511 including accrued interest |
| |||||||
(cost—$307,000) | $307 | $ | 307,000 | |||||
|
| |||||||
Total Investments (cost—$82,457,281)—99.7% |
| 94,560,996 | ||||||
|
| |||||||
Other assets less liabilities (b)—0.3% |
| 260,115 | ||||||
|
| |||||||
Net Assets—100.0% |
| $94,821,111 | ||||||
|
|
Notes to Schedule of Investments:
(a)Non-income producing.
(b) Includes net unrealized appreciation (depreciation) of other financial instruments as follows:
Futures contracts outstanding at March 31, 2019: | ||||||||||||||||||||||
Type | Contracts | Expiration Date | Notional Amount (000s) | Market Value (000s) | Unrealized Appreciation | |||||||||||||||||
Long position contracts: |
| |||||||||||||||||||||
E-mini S&P 500 Index | 2 | 6/21/19 | $ | — | (d) | $ | 284 | $ | 1,801 | |||||||||||||
|
|
(c) At March 31, 2019, the Fund pledged $191,670 in cash as collateral for futures contracts.
(d) Notional amount rounds to less than 500.
Glossary:
ADR—American Depositary Receipt
REIT—Real Estate Investment Trust
134 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
AllianzGI Convertible Fund
Principal Amount (000s) | Value | |||||||
Convertible Bonds & Notes—78.8% |
| |||||||
Aerospace & Defense—0.7% |
| |||||||
Aerojet Rocketdyne Holdings, Inc., |
| |||||||
2.25%, 12/15/23 | $2,500 | $3,717,488 | ||||||
|
| |||||||
Apparel & Textiles—0.1% |
| |||||||
Iconix Brand Group, Inc., |
| |||||||
5.75%, 8/15/23 | 2,340 | 608,400 | ||||||
|
| |||||||
Auto Manufacturers—1.4% |
| |||||||
Tesla, Inc., |
| |||||||
2.375%, 3/15/22 | 6,720 | 7,350,000 | ||||||
|
| |||||||
Biotechnology—5.9% |
| |||||||
Amicus Therapeutics, Inc., |
| |||||||
3.00%, 12/15/23 | 1,075 | 2,460,406 | ||||||
BioMarin Pharmaceutical, Inc., |
| |||||||
0.599%, 8/1/24 | 3,750 | 3,846,094 | ||||||
Exact Sciences Corp., |
| |||||||
0.375%, 3/15/27 | 4,220 | 4,316,119 | ||||||
Illumina, Inc., | ||||||||
zero coupon, 8/15/23 (a)(b) | 5,030 | 5,377,424 | ||||||
0.50%, 6/15/21 | 575 | 780,233 | ||||||
Insmed, Inc., |
| |||||||
1.75%, 1/15/25 | 3,880 | 3,932,788 | ||||||
Intercept Pharmaceuticals, Inc., |
| |||||||
3.25%, 7/1/23 | 3,880 | 3,858,918 | ||||||
Medicines Co., | ||||||||
2.75%, 7/15/23 | 2,465 | 2,086,044 | ||||||
3.50%, 1/15/24 (a)(b) | 710 | 918,909 | ||||||
PTC Therapeutics, Inc., |
| |||||||
3.00%, 8/15/22 | 3,355 | 3,499,479 | ||||||
|
| |||||||
31,076,414 | ||||||||
|
| |||||||
Commercial Services—3.2% |
| |||||||
Chegg, Inc. (a)(b), |
| |||||||
0.125%, 3/15/25 | 4,450 | 4,406,238 | ||||||
Euronet Worldwide, Inc., | ||||||||
0.75%, 3/15/49 (a)(b) | 4,930 | 5,322,561 | ||||||
1.50%, 10/1/44 | 375 | 737,350 | ||||||
Square, Inc. (a)(b), |
| |||||||
0.50%, 5/15/23 | 5,420 | 6,543,444 | ||||||
|
| |||||||
17,009,593 | ||||||||
|
| |||||||
Computers—1.8% |
| |||||||
Lumentum Holdings, Inc., |
| |||||||
0.25%, 3/15/24 | 3,055 | 3,611,749 | ||||||
Pure Storage, Inc. (a)(b), |
| |||||||
0.125%, 4/15/23 | 2,445 | 2,629,706 | ||||||
Rapid7, Inc. (a)(b), |
| |||||||
1.25%, 8/1/23 | 2,525 | 3,449,956 | ||||||
|
| |||||||
9,691,411 | ||||||||
|
| |||||||
Diversified Financial Services—1.5% |
| |||||||
GS Finance Corp. (Fidelity National Information Services, Inc.) (d)(e), |
| |||||||
zero coupon, 6/5/23 | 3,350 | 4,185,490 | ||||||
LendingTree, Inc., |
| |||||||
0.625%, 6/1/22 | 2,150 | 3,780,592 | ||||||
|
| |||||||
7,966,082 | ||||||||
|
| |||||||
Electric Utilities—1.1% |
| |||||||
NRG Energy, Inc. (a)(b), |
| |||||||
2.75%, 6/1/48 | 5,310 | 6,051,953 | ||||||
|
| |||||||
Electronics—2.0% |
| |||||||
Fortive Corp. (a)(b), |
| |||||||
0.875%, 2/15/22 | 4,225 | 4,451,275 | ||||||
II-VI, Inc., |
| |||||||
0.25%, 9/1/22 | 3,040 | 3,187,808 | ||||||
OSI Systems, Inc., |
| |||||||
1.25%, 9/1/22 | 2,940 | 2,987,775 | ||||||
|
| |||||||
10,626,858 | ||||||||
|
|
Principal Amount (000s) | Value | |||||||
Energy-Alternate Sources—0.3% |
| |||||||
NextEra Energy Partners L.P. (a)(b), |
| |||||||
1.50%, 9/15/20 | $ | 1,620 | $ | 1,616,663 | ||||
|
| |||||||
Entertainment—0.9% |
| |||||||
Live Nation Entertainment, Inc., |
| |||||||
2.50%, 3/15/23 | 3,925 | 4,535,741 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs)—1.4% |
| |||||||
Blackstone Mortgage Trust, Inc., |
| |||||||
4.375%, 5/5/22 | 3,030 | 3,068,478 | ||||||
Extra Space Storage L.P. (a)(b), |
| |||||||
3.125%, 10/1/35 | 1,650 | 1,899,472 | ||||||
IIP Operating Partnership L.P. (a)(b), |
| |||||||
3.75%, 2/21/24 | 2,085 | 2,529,475 | ||||||
|
| |||||||
7,497,425 | ||||||||
|
| |||||||
Healthcare-Products—3.6% |
| |||||||
CONMED Corp. (a)(b), | ||||||||
2.625%, 2/1/24 | 4,975 | 5,532,287 | ||||||
Insulet Corp. (a)(b), | ||||||||
1.375%, 11/15/24 | 5,410 | 6,529,194 | ||||||
Wright Medical Group, Inc. (a)(b), |
| |||||||
1.625%, 6/15/23 | 6,347 | 7,120,541 | ||||||
|
| |||||||
19,182,022 | ||||||||
|
| |||||||
Healthcare-Services—2.2% |
| |||||||
Anthem, Inc., | ||||||||
2.75%, 10/15/42 | 1,275 | 5,065,844 | ||||||
Molina Healthcare, Inc., | ||||||||
1.125%, 1/15/20 | 1,105 | 3,805,876 | ||||||
Teladoc Health, Inc. (a)(b), |
| |||||||
1.375%, 5/15/25 | 2,070 | 2,675,845 | ||||||
|
| |||||||
11,547,565 | ||||||||
|
| |||||||
Internet—9.4% |
| |||||||
Boingo Wireless, Inc. (a)(b), |
| |||||||
1.00%, 10/1/23 | 995 | 896,569 | ||||||
Booking Holdings, Inc., | ||||||||
0.35%, 6/15/20 | 2,060 | 2,790,927 | ||||||
Ctrip.com International Ltd., |
| |||||||
1.99%, 7/1/25 | 3,520 | 3,990,878 | ||||||
Etsy, Inc., | ||||||||
zero coupon, 3/1/23 | 1,525 | 2,948,830 | ||||||
IAC FinanceCo., Inc. (a)(b), |
| |||||||
0.875%, 10/1/22 | 2,145 | 3,153,780 | ||||||
MercadoLibre, Inc. (a)(b), |
| |||||||
2.00%, 8/15/28 | 1,895 | 2,552,328 | ||||||
Okta, Inc., | ||||||||
0.25%, 2/15/23 | 2,115 | 3,829,208 | ||||||
Palo Alto Networks, Inc. (a)(b), |
| |||||||
0.75%, 7/1/23 | 6,560 | 7,296,290 | ||||||
Q2 Holdings, Inc., | ||||||||
0.75%, 2/15/23 | 1,135 | 1,489,426 | ||||||
RingCentral, Inc., | ||||||||
zero coupon, 3/15/23 | 3,080 | 4,405,292 | ||||||
Twitter, Inc. (a)(b), | ||||||||
0.25%, 6/15/24 | 3,425 | 3,177,991 | ||||||
Wayfair, Inc. (a)(b), | ||||||||
1.125%, 11/1/24 | 2,660 | 3,869,579 | ||||||
Wix.com Ltd. (a)(b), | ||||||||
zero coupon, 7/1/23 | 4,790 | 5,274,968 | ||||||
Zendesk, Inc., | ||||||||
0.25%, 3/15/23 | 2,585 | 3,777,387 | ||||||
|
| |||||||
49,453,453 | ||||||||
|
| |||||||
Lodging—1.0% |
| |||||||
Caesars Entertainment Corp., |
| |||||||
5.00%, 10/1/24 | 3,615 | 5,147,218 | ||||||
|
|
Principal Amount (000s) | Value | |||||||
Machinery-Diversified—1.0% |
| |||||||
Chart Industries, Inc. (a)(b), |
| |||||||
1.00%, 11/15/24 | $ | 3,320 | $ | 5,417,552 | ||||
|
| |||||||
Media—4.4% | ||||||||
DISH Network Corp., | ||||||||
2.375%, 3/15/24 | 2,485 | 2,059,124 | ||||||
3.375%, 8/15/26 | 6,500 | 5,538,001 | ||||||
Liberty Media Corp., | ||||||||
1.00%, 1/30/23 | 3,625 | 4,068,997 | ||||||
2.125%, 3/31/48 (a)(b) | 5,745 | 5,543,925 | ||||||
2.25%, 12/1/48 (a)(b) | 2,020 | 2,259,357 | ||||||
World Wrestling Entertainment, Inc., |
| |||||||
3.375%, 12/15/23 | 1,015 | 3,582,990 | ||||||
|
| |||||||
23,052,394 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels—2.9% |
| |||||||
Chesapeake Energy Corp., |
| |||||||
5.50%, 9/15/26 | 5,510 | 5,119,309 | ||||||
Ensco Jersey Finance Ltd., |
| |||||||
3.00%, 1/31/24 | 4,280 | 3,311,903 | ||||||
Oasis Petroleum, Inc., |
| |||||||
2.625%, 9/15/23 | 3,570 | 3,341,990 | ||||||
Transocean, Inc., |
| |||||||
0.50%, 1/30/23 | 3,230 | 3,618,035 | ||||||
|
| |||||||
15,391,237 | ||||||||
|
| |||||||
Pharmaceuticals—4.2% |
| |||||||
Array BioPharma, Inc. (a)(b), |
| |||||||
2.625%, 12/1/24 | 1,580 | 2,778,266 | ||||||
DexCom, Inc. (a)(b), |
| |||||||
0.75%, 12/1/23 | 2,870 | 2,963,242 | ||||||
Herbalife Nutrition Ltd., |
| |||||||
2.625%, 3/15/24 | 6,055 | 6,413,055 | ||||||
Horizon Pharma Investment Ltd., |
| |||||||
2.50%, 3/15/22 | 4,070 | 4,643,185 | ||||||
Neurocrine Biosciences, Inc., |
| |||||||
2.25%, 5/15/24 | 1,015 | 1,374,172 | ||||||
Sarepta Therapeutics, Inc., |
| |||||||
1.50%, 11/15/24 | 2,150 | 3,892,844 | ||||||
|
| |||||||
22,064,764 | ||||||||
|
| |||||||
Pipelines—1.2% |
| |||||||
Cheniere Energy, Inc., |
| |||||||
4.25%, 3/15/45 | 8,060 | 6,342,213 | ||||||
|
| |||||||
Retail—0.7% |
| |||||||
RH (a)(b), |
| |||||||
zero coupon, 6/15/23 | 4,280 | 3,661,845 | ||||||
|
| |||||||
Semiconductors—9.4% |
| |||||||
Advanced Micro Devices, Inc., |
| |||||||
2.125%, 9/1/26 | 1,685 | 5,509,459 | ||||||
Cree, Inc. (a)(b), |
| |||||||
0.875%, 9/1/23 | 4,650 | 5,339,892 | ||||||
Cypress Semiconductor Corp., |
| |||||||
2.00%, 2/1/23 | 5,315 | 5,462,720 | ||||||
Inphi Corp., | ||||||||
0.75%, 9/1/21 | 1,615 | 1,692,478 | ||||||
1.125%, 12/1/20 | 2,730 | 3,358,732 | ||||||
Intel Corp., |
| |||||||
3.25%, 8/1/39 | 1,720 | 4,520,332 | ||||||
Microchip Technology, Inc., |
| |||||||
1.625%, 2/15/27 | 12,345 | 13,583,203 | ||||||
Novellus Systems, Inc., |
| |||||||
2.625%, 5/15/41 | 510 | 2,820,374 | ||||||
ON Semiconductor Corp., |
| |||||||
1.625%, 10/15/23 | 5,865 | 7,233,625 | ||||||
|
| |||||||
49,520,815 | ||||||||
|
| |||||||
Software—15.1% |
| |||||||
Akamai Technologies, Inc. (a)(b), |
| |||||||
0.125%, 5/1/25 | 6,515 | 6,509,430 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 135 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Principal Amount (000s) | Value | |||||||
Alteryx, Inc. (a)(b), |
| |||||||
0.50%, 6/1/23 | $ | 1,790 | $ | 3,569,157 | ||||
Atlassian, Inc. (a)(b), |
| |||||||
0.625%, 5/1/23 | 3,025 | 4,523,030 | ||||||
Benefitfocus, Inc. (a)(b), |
| |||||||
1.25%, 12/15/23 | 4,125 | 4,740,863 | ||||||
DocuSign, Inc. (a)(b), |
| |||||||
0.50%, 9/15/23 | 4,525 | 4,660,688 | ||||||
Envestnet, Inc. (a)(b), |
| |||||||
1.75%, 6/1/23 | 5,860 | 6,753,149 | ||||||
Five9, Inc. (a)(b), |
| |||||||
0.125%, 5/1/23 | 1,935 | 2,726,251 | ||||||
j2 Global, Inc., |
| |||||||
3.25%, 6/15/29 | 2,450 | 3,279,364 | ||||||
LivePerson, Inc. (a)(b), |
| |||||||
0.75%, 3/1/24 | 5,200 | 5,375,760 | ||||||
MongoDB, Inc. (a)(b), |
| |||||||
0.75%, 6/15/24 | 1,205 | 2,664,356 | ||||||
New Relic, Inc. (a)(b), |
| |||||||
0.50%, 5/1/23 | 4,430 | 4,989,878 | ||||||
Pluralsight, Inc. (a)(b), |
| |||||||
0.375%, 3/1/24 | 4,895 | 5,248,604 | ||||||
RealPage, Inc., |
| |||||||
1.50%, 11/15/22 | 2,605 | 4,020,219 | ||||||
ServiceNow, Inc., |
| |||||||
zero coupon, 6/1/22 | 2,795 | 5,184,707 | ||||||
Splunk, Inc. (a)(b), |
| |||||||
1.125%, 9/15/25 | 6,330 | 6,956,935 | ||||||
Twilio, Inc. (a)(b), |
| |||||||
0.25%, 6/1/23 | 1,625 | 3,099,793 | ||||||
Workday, Inc., |
| |||||||
0.25%, 10/1/22 | 4,005 | 5,674,589 | ||||||
|
| |||||||
79,976,773 | ||||||||
|
| |||||||
Telecommunications—2.2% |
| |||||||
GCI Liberty, Inc. (a)(b), |
| |||||||
1.75%, 9/30/46 | 5,675 | 6,226,353 | ||||||
Viavi Solutions, Inc., |
| |||||||
1.00%, 3/1/24 | 4,820 | 5,444,037 | ||||||
|
| |||||||
11,670,390 | ||||||||
|
| |||||||
Transportation—1.2% |
| |||||||
Air Transport Services Group, Inc., |
| |||||||
1.125%, 10/15/24 | 6,390 | 6,405,231 | ||||||
|
| |||||||
Total Convertible Bonds & Notes (cost—$372,774,894) |
| 416,581,500 | ||||||
|
| |||||||
Shares | ||||||||
Convertible Preferred Stock—16.5% |
| |||||||
Banks—5.2% |
| |||||||
Bank of America Corp., Ser. L (c), |
| |||||||
7.25% | 10,010 | 13,031,719 | ||||||
Wells Fargo & Co., Ser. L (c), |
| |||||||
7.50% | 11,095 | 14,338,623 | ||||||
|
| |||||||
27,370,342 | ||||||||
|
| |||||||
Chemicals—0.8% |
| |||||||
International Flavors & Fragrances, Inc., |
| |||||||
6.00%, 9/15/21 | 83,945 | 4,192,213 | ||||||
|
| |||||||
Electric Utilities—3.2% |
| |||||||
American Electric Power Co., Inc., |
| |||||||
6.125%, 3/15/22 | 101,510 | 5,222,690 | ||||||
CenterPoint Energy, Inc., Ser. B, |
| |||||||
7.00%, 9/1/21 | 76,260 | 4,029,578 | ||||||
NextEra Energy, Inc., |
| |||||||
6.123%, 9/1/19 | 122,890 | 7,601,976 | ||||||
|
| |||||||
16,854,244 | ||||||||
|
| |||||||
Electronics—1.0% |
| |||||||
Fortive Corp., Ser. A, |
| |||||||
5.00%, 7/1/21 | 5,100 | 5,374,580 | ||||||
|
|
Shares | Value | |||||||
Equity Real Estate Investment Trusts (REITs)—1.3% |
| |||||||
Crown Castle International Corp., Ser. A, |
| |||||||
6.875%, 8/1/20 | 5,905 | $ | 6,992,996 | |||||
|
| |||||||
Hand/Machine Tools—0.9% |
| |||||||
Colfax Corp., |
| |||||||
5.75%, 1/15/22 | 20,095 | 2,675,247 | ||||||
Stanley Black & Decker, Inc., |
| |||||||
5.375%, 5/15/20 | 20,755 | 2,031,629 | ||||||
|
| |||||||
4,706,876 | ||||||||
|
| |||||||
Healthcare-Products—2.6% |
| |||||||
Becton Dickinson and Co., Ser. A, |
| |||||||
6.125%, 5/1/20 | 128,160 | 7,974,893 | ||||||
Danaher Corp., Ser. A, |
| |||||||
4.75%, 4/15/22 | 5,275 | 5,554,522 | ||||||
|
| |||||||
13,529,415 | ||||||||
|
| |||||||
Insurance—1.0% |
| |||||||
Assurant, Inc., Ser. D, |
| |||||||
6.50%, 3/15/21 | 53,500 | 5,546,880 | ||||||
|
| |||||||
Investment Companies—0.5% |
| |||||||
Mandatory Exchangeable Trust (a)(b), |
| |||||||
5.75%, 6/1/19 | 13,200 | 2,686,662 | ||||||
|
| |||||||
Total Convertible Preferred Stock (cost—$79,326,414) |
| 87,254,208 | ||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—5.4% |
| |||||||
State Street Bank and Trust Co., |
| |||||||
(cost—$28,688,000) | $28,688 | 28,688,000 | ||||||
|
| |||||||
Total Investments (cost—$480,789,308)—100.7% |
| 532,523,708 | ||||||
|
| |||||||
Liabilities in excess of other assets—(0.7)% |
| (3,931,063 | ) | |||||
|
| |||||||
Net Assets—100.0% |
| $528,592,645 | ||||||
|
|
Notes to Schedule of Investments:
(a) Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $191,971,436, representing 36.3% of net assets.
(b) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $191,971,436, representing 36.3% of net assets.
(c) Perpetual maturity. The date shown, if any, is the next call date.
(d) Level 3 security. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(e) Securities exchangeable or convertible into securities of an entity different than the issuer or structured by the issuer to provide exposure to securities of an entity different than the issuer (synthetic convertible securities). Such entity is identified in the parenthetical.
Glossary:
REIT—Real Estate Investment Trust
136 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
AllianzGI Core Bond Fund
Principal Amount (000s) | Value | |||||||
U.S. Government Agency Securities—37.0% |
| |||||||
Fannie Mae, MBS, 30 Year, |
| |||||||
3.00%, 7/1/47 Pool | $988 | $984,814 | ||||||
3.50%, 4/1/48 Pool | 849 | 866,315 | ||||||
4.00%, 6/1/48 Pool | 3,164 | 3,268,392 | ||||||
4.50%, 10/1/48 Pool | 1,407 | 1,473,573 | ||||||
Ginnie Mae, MBS, 30 Year, |
| |||||||
3.50%, 2/20/48 Pool | 1,365 | 1,395,298 | ||||||
4.00%, 3/20/48 Pool | 466 | 481,671 | ||||||
4.50%, 10/20/48 Pool | 1,180 | 1,226,342 | ||||||
United States Small Business Administration, ABS, |
| |||||||
3.20%, 3/1/39Series 2019-20, Class C1 | 90 | 92,514 | ||||||
3.37%, 1/1/39Series 2019-20, Class A1 | 220 | 226,445 | ||||||
3.50%, 5/1/38Series 2018-20, Class E1 | 440 | 457,256 | ||||||
3.53%, 9/1/38Series 2018-20, Class I1 | 232 | 241,640 | ||||||
3.54%, 7/1/38Series 2018-20, Class G1 | 198 | 206,946 | ||||||
3.54%, 12/1/38Series 2018-20, Class L1 | 300 | 312,471 | ||||||
3.58%, 8/1/38Series 2018-20, Class H1 | 240 | 251,137 | ||||||
3.60%, 6/1/38Series 2018-20, Class F1 | 187 | 196,235 | ||||||
3.77%, 10/1/38Series 2018-20, Class J1 | 150 | 158,304 | ||||||
|
| |||||||
Total U.S. Government Agency Securities |
| |||||||
(cost—$11,626,638) |
| 11,839,353 | ||||||
|
| |||||||
U.S. Treasury Obligations—23.5% |
| |||||||
U.S. Treasury Bonds, |
| |||||||
3.375%, 11/15/48 | 1,069 | 1,193,104 | ||||||
4.50%, 5/15/38 | 429 | 552,907 | ||||||
U.S. Treasury Notes, | ||||||||
2.375%, 3/15/22 | 885 | 889,287 | ||||||
2.375%, 2/29/24 | 1,786 | 1,798,837 | ||||||
2.50%, 2/28/21 | 261 | 262,101 | ||||||
2.50%, 2/28/26 | 1,058 | 1,070,812 | ||||||
2.625%, 2/15/29 | 477 | 486,391 | ||||||
3.125%, 5/15/19 | 1,250 | 1,250,879 | ||||||
|
| |||||||
Total U.S. Treasury Obligations (cost—$7,428,664) |
| 7,504,318 | ||||||
|
| |||||||
Corporate Bonds & Notes—22.1% |
| |||||||
Aerospace & Defense—1.6% |
| |||||||
L3 Technologies, Inc., 3.95%, 5/28/24 | 335 | 344,739 | ||||||
Northrop Grumman Corp., 2.93%, 1/15/25 | 55 | 54,330 | ||||||
Northrop Grumman Systems Corp., |
| |||||||
7.875%, 3/1/26 | 100 | 124,742 | ||||||
|
| |||||||
523,811 | ||||||||
|
| |||||||
Banks—5.8% |
| |||||||
Corestates Capital III, 3 mo.USD-LIBOR-BBA |
| |||||||
3.254%, 2/15/27 | 190 | 175,275 | ||||||
Fifth Third Bancorp, (converts to FRN on 6/30/23) (c)(d), |
| |||||||
5.10%, 6/30/23 | 85 | 81,513 | ||||||
First Maryland Capital II, 3 mo. LIBOR + 0.850% (d), |
| |||||||
3.586%, 2/1/27 | 305 | 282,888 | ||||||
Huntington Bancshares, Inc., Ser. E, (converts to FRN on 4/15/23) (c)(d), |
| |||||||
5.70%, 4/15/23 | 85 | 82,925 |
Principal Amount (000s) | Value | |||||||
Huntington National Bank, |
| |||||||
3.125%, 4/1/22 | $ | 135 | $ | 136,149 | ||||
JPMorgan Chase & Co., 3 mo. LIBOR + 0.950% (d), |
| |||||||
3.688%, 2/2/37 | 365 | 310,706 | ||||||
KeyCorp, Ser. D, (converts to FRN on 9/15/26) (c)(d), |
| |||||||
5.00%, 9/15/26 | 230 | 225,178 | ||||||
State Street Corp., 3 mo. LIBOR + 1.00% (d), |
| |||||||
3.611%, 6/15/47 | 235 | 187,706 | ||||||
Synchrony Bank, 3.00%, 6/15/22 | 205 | 202,689 | ||||||
Synovus Financial Corp., 3.125%, 11/1/22 | 190 | 187,118 | ||||||
|
| |||||||
1,872,147 | ||||||||
|
| |||||||
Biotechnology—0.2% |
| |||||||
Celgene Corp., 4.55%, 2/20/48 | 65 | 66,175 | ||||||
|
| |||||||
Electric Utilities—3.1% |
| |||||||
Alabama Power Co., 2.80%, 4/1/25 | 130 | 127,186 | ||||||
Duke Energy Florida LLC, 3.40%, 10/1/46 | 58 | 53,974 | ||||||
Duke Energy Progress LLC, 4.10%, 3/15/43 | 25 | 25,971 | ||||||
Jersey Central Power & Light Co. (a)(b), |
| |||||||
4.30%, 1/15/26 | 105 | 109,142 | ||||||
NextEra Energy Capital Holdings, Inc., |
| |||||||
2.90%, 4/1/22 | 160 | 160,304 | ||||||
4.80%, 12/1/77 (converts to FRN on 12/1/27) (d) | 95 | 85,114 | ||||||
PacifiCorp, 4.15%, 2/15/50 | 96 | 99,901 | ||||||
Pennsylvania Electric Co. (a)(b), |
| |||||||
3.25%, 3/15/28 | 30 | 29,040 | ||||||
Sempra Energy, 3.55%, 6/15/24 | 170 | 170,308 | ||||||
Toledo Edison Co., 6.15%, 5/15/37 | 75 | 93,101 | ||||||
Virginia Electric & Power Co., Ser. B, |
| |||||||
3.80%, 9/15/47 | 30 | 29,142 | ||||||
|
| |||||||
983,183 | ||||||||
|
| |||||||
Insurance—1.3% |
| |||||||
Brighthouse Financial, Inc., 4.70%, 6/22/47 | 70 | 55,940 | ||||||
Liberty Mutual Insurance Co. (a)(b), |
| |||||||
8.50%, 5/15/25 | 55 | 67,341 | ||||||
Massachusetts Mutual Life Insurance Co. (a)(b), |
| |||||||
5.375%, 12/1/41 | 50 | 57,606 | ||||||
MetLife, Inc. (a)(b), 9.25%, 4/8/38 | 45 | 60,637 | ||||||
Northwestern Mutual Life Insurance Co. (a)(b), |
| |||||||
3.85%, 9/30/47 | 30 | 29,314 | ||||||
Nuveen Finance LLC (a)(b), 4.125%, 11/1/24 | 100 | 105,163 | ||||||
Teachers Insurance & Annuity Assoc. of America (a)(b), |
| |||||||
4.27%, 5/15/47 | 30 | 31,040 | ||||||
|
| |||||||
407,041 | ||||||||
|
| |||||||
Internet—0.3% |
| |||||||
Amazon.com, Inc., 2.80%, 8/22/24 | 100 | 100,354 | ||||||
|
| |||||||
Media—2.1% |
| |||||||
Charter Communications Operating LLC, |
| |||||||
4.50%, 2/1/24 | 88 | 91,781 | ||||||
Comcast Corp., 4.25%, 10/15/30 | 155 | 164,959 |
Principal Amount (000s) | Value | |||||||
Time Warner Cable LLC, 4.50%, 9/15/42 | $ | 25 | $ | 22,008 | ||||
Walt Disney Co. (a)(b), 3.00%, 9/15/22 | 260 | 262,790 | ||||||
6.20%, 12/15/34 | 112 | 146,857 | ||||||
|
| |||||||
688,395 | ||||||||
|
| |||||||
Miscellaneous Manufacturing—2.4% |
| |||||||
General Electric Co. (d), |
| |||||||
3 mo.USD-LIBOR-BBA + 1.000%, 3.611%, 3/15/23 | 166 | 163,123 | ||||||
3 mo.USD-LIBOR-BBA + 1.000%, 3.787%, 4/15/23 | 280 | 271,666 | ||||||
5.00%, 1/21/21, Ser. D (converts to FRN on 1/21/21) (c) | 340 | 317,688 | ||||||
|
| |||||||
752,477 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels—0.6% |
| |||||||
Boston Gas Co. (a)(b), 3.15%, 8/1/27 | 113 | 110,703 | ||||||
NiSource, Inc., 3.49%, 5/15/27 | 70 | 69,895 | ||||||
|
| |||||||
180,598 | ||||||||
|
| |||||||
Pharmaceuticals—0.3% |
| |||||||
CVS Health Corp., 5.05%, 3/25/48 | 100 | 101,066 | ||||||
|
| |||||||
Pipelines—1.0% |
| |||||||
Columbia Pipeline Group, Inc., |
| |||||||
4.50%, 6/1/25 | 112 | 117,055 | ||||||
El Paso Natural Gas Co. LLC, |
| |||||||
8.375%, 6/15/32 | 55 | 72,621 | ||||||
Energy Transfer Operating L.P., |
| |||||||
6.50%, 2/1/42 | 65 | 73,121 | ||||||
Enterprise Products Operating LLC, Ser. E, (converts to FRN on 8/16/27) (d), |
| |||||||
5.25%, 8/16/77 | 55 | 51,013 | ||||||
|
| |||||||
313,810 | ||||||||
|
| |||||||
Semiconductors—2.2% |
| |||||||
Broadcom Corp., 3.50%, 1/15/28 | 65 | 59,966 | ||||||
Broadcom, Inc. (b), 4.75%, 4/15/29 | 650 | 646,913 | ||||||
|
| |||||||
706,879 | ||||||||
|
| |||||||
Software—0.3% |
| |||||||
Microsoft Corp., 2.875%, 2/6/24 | 105 | 106,240 | ||||||
|
| |||||||
Telecommunications—0.9% |
| |||||||
AT&T, Inc., 3.20%, 3/1/22 | 215 | 216,890 | ||||||
4.85%, 3/1/39 | 64 | 64,488 | ||||||
|
| |||||||
281,378 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes (cost—$6,952,936) |
| 7,083,554 | ||||||
|
| |||||||
Asset-Backed Securities—16.2% |
| |||||||
Ally Auto Receivables Trust, |
| |||||||
2.91%, 9/15/23Series 2019-1, Class A3 | 190 | 191,567 | ||||||
3.00%, 1/17/23Series 2018-3, Class A3 | 267 | 268,537 | ||||||
American Express Credit Account Master Trust, 1 mo. LIBOR +0.380%, Series 2017-5, Class A (d), |
| |||||||
2.864%, 2/18/25 | 547 | 548,960 | ||||||
Avery Point VI CLO Ltd., 3 mo.USD-LIBOR +1.050%, Series 2015-6A, Class AR (a)(b)(d), |
| |||||||
3.783%, 8/5/27 | 340 | 339,428 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 137 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Principal Amount (000s) | Value | |||||||
BA Credit Card Trust,Series 2018-A3, Class A3, |
| |||||||
3.10%, 12/15/23 | $ | 250 | $ | 253,164 | ||||
BMW Vehicle Owner Trust,Series 2018-A, Class A4, |
| |||||||
2.51%, 6/25/24 | 86 | 85,859 | ||||||
Citibank Credit Card Issuance Trust, 1 mo. LIBOR +0.330%, Series 2018-A2, Class A2 (d), |
| |||||||
2.818%, 1/20/25 | 505 | 504,729 | ||||||
Ford Credit Auto Owner Trust,Series 2018-A, Class A4, |
| |||||||
3.16%, 10/15/23 | 203 | 206,402 | ||||||
Honda Auto Receivables Owner Trust, |
| |||||||
2.83%, 3/20/23Series 2019-1, Class A3 | 210 | 211,421 | ||||||
3.07%, 11/21/24Series 2018-3, Class A4 | 100 | 101,257 | ||||||
John Deere Owner Trust,Series 2018-B, Class A4, |
| |||||||
3.23%, 6/16/25 | 257 | 261,514 | ||||||
Nissan Auto Lease Trust,Series 2018-A, Class A3, |
| |||||||
3.25%, 9/15/21 | 220 | 221,779 | ||||||
Nissan Auto Receivables Owner Trust,Series 2019-A, Class A3, |
| |||||||
2.90%, 10/16/23 | 320 | 322,575 | ||||||
Octagon Investment Partners 30 Ltd., 3 mo.USD-LIBOR-BBA +1.320%, Series 2017-1A, Class A1 (a)(b)(d), |
| |||||||
4.081%, 3/17/30 | 210 | 209,739 |
Principal Amount (000s) | Value | |||||||
Toyota Auto Receivables Owner Trust,Series 2019-A, Class A3, |
| |||||||
2.91%, 7/17/23 | $ | 320 | $ | 322,475 | ||||
Verizon Owner Trust, 1 mo.USD-LIBOR+0.260%, Series 2018-1A, Class A1B (b)(d), |
| |||||||
2.748%, 9/20/22 | 605 | 605,368 | ||||||
Volvo Financial Equipment Master Owner Trust, 1 mo. LIBOR +0.520%, Series 2018-A, Class A (a)(b)(d), |
| |||||||
3.004%, 7/17/23 | 515 | 517,125 | ||||||
|
| |||||||
Total Asset-Backed Securities (cost—$5,146,473) |
| 5,171,899 | ||||||
|
| |||||||
Total Investments (cost—$31,154,711)—98.8% |
| 31,599,124 | ||||||
|
| |||||||
Other assets less liabilities (e)—1.2% | 393,587 | |||||||
|
| |||||||
Net Assets—100.0% |
| $31,992,711 | ||||||
|
|
Notes to Schedule of Investments:
(a) Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $2,251,200, representing 7.0% of net assets.
(b) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $3,503,481, representing 11.0% 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, 2019.
(e) Includes net unrealized appreciation (depreciation) of other financial instruments as follows:
Futures contracts outstanding at March 31, 2019: | ||||||||||||||||||||||
Type | Contracts | Expiration Date | Notional Amount (000s) | Market Value (000s) | Unrealized Appreciation (Depreciation) | |||||||||||||||||
Long position contracts: |
| |||||||||||||||||||||
2-Year U.S. Treasury Note | 10 | 6/28/19 | $ | 2,000 | $ | 2,131 | $ | 5,032 | ||||||||||||||
5-Year U.S. Treasury Note | 23 | 6/28/19 | 2,300 | 2,664 | 21,211 | |||||||||||||||||
U.S. Long Bond | 7 | 6/19/19 | 700 | 1,048 | 27,126 | |||||||||||||||||
U.S. Ultra Treasury Bond | 6 | 6/19/19 | 600 | 1,008 | 36,785 | |||||||||||||||||
|
| |||||||||||||||||||||
$ | 90,154 | |||||||||||||||||||||
|
| |||||||||||||||||||||
Short position contracts: |
| |||||||||||||||||||||
10-Year U.S. Ultra Treasury Bond | (3 | ) | 6/19/19 | $ | (300 | ) | $ | (398 | ) | $ | (7,412 | ) | ||||||||||
|
| |||||||||||||||||||||
$ | 82,742 | |||||||||||||||||||||
|
|
Credit default swaps agreements outstanding at March 31, 2019: | ||||||||||||||||||||||||||||||||
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): |
| |||||||||||||||||||||||||||||||
AT&T, Inc. | $ | 640 | 1.223 | % | 12/20/23 | (1.00 | )% | Quarterly | $ | 1,775 | $ | (592 | ) | $ | 2,367 | |||||||||||||||||
Cardinal Health, Inc. | 335 | 1.127 | % | 12/20/23 | (1.00 | )% | Quarterly | (659 | ) | 1,965 | (2,624 | ) | ||||||||||||||||||||
Ford Motor Company | 620 | 2.484 | % | 12/20/23 | (5.00 | )% | Quarterly | (72,158 | ) | (67,589 | ) | (4,569 | ) | |||||||||||||||||||
General Electric Company | 100 | 0.789 | % | 12/20/23 | (1.00 | )% | Quarterly | (387 | ) | 4,098 | (4,485 | ) | ||||||||||||||||||||
McKesson Corporation | 330 | 1.016 | % | 12/20/23 | (1.00 | )% | Quarterly | (2,176 | ) | (1,051 | ) | (1,125 | ) | |||||||||||||||||||
Verizon Communications, Inc. | 190 | 0.589 | % | 12/20/23 | (1.00 | )% | Quarterly | (3,753 | ) | (3,809 | ) | 56 | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
$ | (77,358 | ) | $ | (66,978 | ) | $ | (10,380 | ) | ||||||||||||||||||||||||
|
|
138 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (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.IG.32 Index | $ | 4,520 | 0.638 | % | 6/20/24 | 1.00 | % | Quarterly | $ | 81,768 | $ | 71,125 | $ | 10,643 |
(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, 2019 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, 2019, the Fund pledged $240,172 in cash as collateral for futures contracts. The Fund also held U.S. Treasury Obligations valued at $493,519 as collateral for swap contracts. Securities held as collateral will not be pledged and are not reflected in the Schedule of Investments.
Glossary:
ABS—Asset-Backed Securities
BBA—British Bankers’ Association
CDX—Credit Derivatives Index
CLO—Collateralized Loan Obligation
FRN—Floating Rate Note
ICE—Intercontinental Exchange
LIBOR—London Inter-Bank Offered Rate
MBS—Mortgage-Backed Securities
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 139 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
AllianzGI Core Plus Bond Fund
Principal Amount (000s) | Value | |||||||
U.S. Government Agency Securities—37.7% |
| |||||||
Fannie Mae, MBS, 30 Year, | ||||||||
3.00%, 7/1/47 Pool | $1,341 | $1,337,515 | ||||||
3.50%, 4/1/48 Pool | 1,152 | 1,176,303 | ||||||
4.00%, 6/1/48 Pool | 4,432 | 4,578,209 | ||||||
4.50%, 10/1/48 Pool | 1,827 | 1,912,503 | ||||||
Ginnie Mae, MBS, 30 Year, |
| |||||||
3.50%, 2/20/48 Pool | 1,858 | 1,899,156 | ||||||
4.00%, 3/20/48 Pool | 621 | 642,228 | ||||||
4.50%, 10/20/48 Pool | 1,617 | 1,681,110 | ||||||
United States Small Business Administration, ABS, |
| |||||||
3.20%, 3/1/39 | 120 | 123,352 | ||||||
3.37%, 1/1/39 | 300 | 308,789 | ||||||
3.50%, 5/1/38 | 430 | 447,095 | ||||||
3.53%, 9/1/38 | 320 | 333,402 | ||||||
3.54%, 7/1/38 | 276 | 287,705 | ||||||
3.54%, 12/1/38 | 410 | 427,044 | ||||||
3.58%, 8/1/38 | 358 | 374,143 | ||||||
3.60%, 6/1/38 | 363 | 380,141 | ||||||
3.77%, 10/1/38 | 150 | 158,304 | ||||||
|
| |||||||
Total U.S. Government Agency Securities (cost—$15,780,001) |
| 16,066,999 | ||||||
|
| |||||||
Corporate Bonds & Notes—27.9% |
| |||||||
Aerospace & Defense—1.6% |
| |||||||
L3 Technologies, Inc., | ||||||||
3.95%, 5/28/24 | 414 | 426,035 | ||||||
Northrop Grumman Corp., |
| |||||||
2.93%, 1/15/25 | 70 | 69,148 | ||||||
Northrop Grumman Systems Corp., |
| |||||||
7.875%, 3/1/26 | 140 | 174,639 | ||||||
|
| |||||||
669,822 | ||||||||
|
| |||||||
Banks—9.0% |
| |||||||
Barclays PLC, (converts to FRN on 6/15/24) (c)(d), |
| |||||||
8.00%, 6/15/24 | 705 | 722,748 | ||||||
Citigroup, Inc., Ser. P, (converts to FRN on 5/15/25) (c)(d), |
| |||||||
5.95%, 5/15/25 | 420 | 428,797 | ||||||
Citizens Financial Group, Inc., Ser. B, (converts to FRN on 7/6/23) (c)(d), |
| |||||||
6.00%, 7/6/23 | 70 | 69,634 | ||||||
Fifth Third Bancorp, (converts to FRN on 6/30/23) (c)(d), |
| |||||||
5.10%, 6/30/23 | 205 | 196,590 | ||||||
First Maryland Capital II, 3 mo. LIBOR + 0.850% (d), |
| |||||||
3.586%, 2/1/27 | 355 | 329,262 | ||||||
Huntington Bancshares, Inc., Ser. E, (converts to FRN on 4/15/23) (c)(d), |
| |||||||
5.70%, 4/15/23 | 205 | 199,995 | ||||||
JPMorgan Chase & Co., 3 mo. LIBOR + 0.950% (d), |
| |||||||
3.688%, 2/2/37 | 370 | 314,963 | ||||||
KeyCorp, Ser. D, (converts to FRN on 9/15/26) (c)(d), |
| |||||||
5.00%, 9/15/26 | 400 | 391,614 | ||||||
Popular, Inc., | ||||||||
6.125%, 9/14/23 | 225 | 235,125 | ||||||
State Street Corp., 3 mo. LIBOR + 1.00% (d), |
| |||||||
3.611%, 6/15/47 | 385 | 307,519 |
Principal Amount (000s) | Value | |||||||
Synchrony Bank, | ||||||||
3.00%, 6/15/22 | $ | 420 | $ | 415,266 | ||||
Synovus Financial Corp., | ||||||||
3.125%, 11/1/22 | 210 | 206,815 | ||||||
|
| |||||||
3,818,328 | ||||||||
|
| |||||||
Biotechnology—0.2% |
| |||||||
Celgene Corp., | ||||||||
4.55%, 2/20/48 | 90 | 91,626 | ||||||
|
| |||||||
Diversified Financial Services—0.6% |
| |||||||
Discover Financial Services, Ser. C, (converts to FRN on 10/30/27) (c)(d), |
| |||||||
5.50%, 10/30/27 | 265 | 252,141 | ||||||
|
| |||||||
Electric Utilities—3.4% |
| |||||||
Alabama Power Co., | ||||||||
2.80%, 4/1/25 | 215 | 210,346 | ||||||
Duke Energy Florida LLC, |
| |||||||
3.40%, 10/1/46 | 72 | 67,002 | ||||||
Jersey Central Power & Light Co. (a)(b), |
| |||||||
4.30%, 1/15/26 | 110 | 114,339 | ||||||
NextEra Energy Capital Holdings, Inc., |
| |||||||
2.90%, 4/1/22 | 210 | 210,399 | ||||||
4.80%, 12/1/77 (converts to FRN on 12/1/27) (d) | 225 | 201,586 | ||||||
PacifiCorp, | ||||||||
4.15%, 2/15/50 | 136 | 141,526 | ||||||
Pennsylvania Electric Co. (a)(b), |
| |||||||
3.25%, 3/15/28 | 50 | 48,401 | ||||||
Sempra Energy, | ||||||||
3.55%, 6/15/24 | 230 | 230,417 | ||||||
Toledo Edison Co., | ||||||||
6.15%, 5/15/37 | 160 | 198,615 | ||||||
Virginia Electric & Power Co., Ser. B, |
| |||||||
3.80%, 9/15/47 | 40 | 38,856 | ||||||
|
| |||||||
1,461,487 | ||||||||
|
| |||||||
Insurance—1.3% |
| |||||||
Brighthouse Financial, Inc., |
| |||||||
4.70%, 6/22/47 | 90 | 71,923 | ||||||
Liberty Mutual Insurance Co. (a)(b), |
| |||||||
8.50%, 5/15/25 | 75 | 91,829 | ||||||
Massachusetts Mutual Life Insurance Co. (a)(b), |
| |||||||
5.375%, 12/1/41 | 80 | 92,169 | ||||||
MetLife, Inc. (a)(b), | ||||||||
9.25%, 4/8/38 | 70 | 94,325 | ||||||
Northwestern Mutual Life Insurance Co. (a)(b), |
| |||||||
3.85%, 9/30/47 | 40 | 39,086 | ||||||
Nuveen Finance LLC (a)(b), |
| |||||||
4.125%, 11/1/24 | 120 | 126,196 | ||||||
Teachers Insurance & Annuity Assoc. of America (a)(b), |
| |||||||
4.27%, 5/15/47 | 40 | 41,386 | ||||||
|
| |||||||
556,914 | ||||||||
|
| |||||||
Internet—0.3% |
| |||||||
Amazon.com, Inc., | ||||||||
2.80%, 8/22/24 | 110 | 110,390 | ||||||
Media—1.9% |
| |||||||
Comcast Corp., | ||||||||
4.25%, 10/15/30 | 180 | 191,565 | ||||||
Time Warner Cable LLC, | ||||||||
4.50%, 9/15/42 | 95 | 83,631 | ||||||
Walt Disney Co. (a)(b), | ||||||||
3.00%, 9/15/22 | 350 | 353,755 | ||||||
6.20%, 12/15/34 | 154 | 201,929 | ||||||
|
| |||||||
830,880 | ||||||||
|
| |||||||
Miscellaneous Manufacturing—3.4% |
| |||||||
General Electric Co. (d), | ||||||||
3 mo.USD-LIBOR-BBA + 1.000%, 3.611%, 3/15/23 | 223 | 219,135 |
Principal Amount (000s) | Value | |||||||
3 mo.USD-LIBOR-BBA + 1.000%, 3.787%, 4/15/23 | $ | 382 | $ | 370,630 | ||||
5.00%, 1/21/21, Ser. D (converts to FRN on 1/21/21) (c) | 925 | 864,297 | ||||||
|
| |||||||
1,454,062 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels—0.6% |
| |||||||
Boston Gas Co. (a)(b), | ||||||||
3.15%, 8/1/27 | 164 | 160,666 | ||||||
NiSource, Inc., | ||||||||
3.49%, 5/15/27 | 85 | 84,872 | ||||||
|
| |||||||
245,538 | ||||||||
|
| |||||||
Pharmaceuticals—0.3% |
| |||||||
CVS Health Corp., | ||||||||
5.05%, 3/25/48 | 135 | 136,440 | ||||||
|
| |||||||
Pipelines—1.9% |
| |||||||
Columbia Pipeline Group, Inc., |
| |||||||
4.50%, 6/1/25 | 154 | 160,951 | ||||||
El Paso Natural Gas Co. LLC, |
| |||||||
8.375%, 6/15/32 | 65 | 85,825 | ||||||
Energy Transfer Operating L.P., |
| |||||||
6.50%, 2/1/42 | 90 | 101,244 | ||||||
Enterprise Products Operating LLC, Ser. E, (converts to FRN on 8/16/27) (d), |
| |||||||
5.25%, 8/16/77 | 70 | 64,925 | ||||||
Plains All American Pipeline L.P., Ser. B, (converts to FRN on 11/15/22) (c)(d), |
| |||||||
6.125%, 11/15/22 | 425 | 399,065 | ||||||
|
| |||||||
812,010 | ||||||||
|
| |||||||
Semiconductors—2.2% | ||||||||
Broadcom Corp., | ||||||||
3.50%, 1/15/28 | 90 | 83,031 | ||||||
Broadcom, Inc. (b), | ||||||||
4.75%, 4/15/29 | 865 | 860,891 | ||||||
|
| |||||||
943,922 | ||||||||
|
| |||||||
Software—0.3% | ||||||||
Microsoft Corp., | ||||||||
2.875%, 2/6/24 | 120 | 121,417 | ||||||
|
| |||||||
Telecommunications—0.9% |
| |||||||
AT&T, Inc., | ||||||||
3.20%, 3/1/22 | 295 | 297,593 | ||||||
4.85%, 3/1/39 | 87 | 87,664 | ||||||
|
| |||||||
385,257 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes (cost—$11,639,386) | 11,890,234 | |||||||
|
| |||||||
U.S. Treasury Obligations—16.8% |
| |||||||
U.S. Treasury Bonds, | ||||||||
3.375%, 11/15/48 | 1,015 | 1,132,835 | ||||||
4.50%, 5/15/38 | 182 | 234,567 | ||||||
U.S. Treasury Notes, | ||||||||
2.375%, 3/15/22 | 1,103 | 1,108,343 | ||||||
2.375%, 2/29/24 | 1,108 | 1,115,964 | ||||||
2.50%, 2/28/21 | 245 | 246,033 | ||||||
2.50%, 2/28/26 | 1,089 | 1,102,187 | ||||||
2.625%, 2/15/29 | 1,100 | 1,121,656 | ||||||
3.125%, 5/15/19 | 1,080 | 1,080,759 | ||||||
|
| |||||||
Total U.S. Treasury Obligations (cost—$7,099,914) | 7,142,344 | |||||||
|
| |||||||
140 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Principal Amount (000s) | Value | |||||||
Asset-Backed Securities—16.3% |
| |||||||
Ally Auto Receivables Trust, |
| |||||||
2.91%, 9/15/23 | $ | 260 | $ | 262,144 | ||||
3.00%, 1/17/23 | 202 | 203,163 | ||||||
American Express Credit Account Master Trust, 1 mo. LIBOR + 0.380%, Series 2017-5, Class A (d), |
| |||||||
2.864%, 2/18/25 | 778 | 780,788 | ||||||
Avery Point VI CLO Ltd., 3 mo. USD-LIBOR + 1.050%, Series 2015-6A, Class AR (a)(b)(d), |
| |||||||
3.783%, 8/5/27 | 470 | 469,210 | ||||||
BA Credit Card Trust, Series 2018-A3, Class A3, |
| |||||||
3.10%, 12/15/23 | 150 | 151,899 | ||||||
BMW Vehicle Owner Trust, Series 2018-A, Class A4, |
| |||||||
2.51%, 6/25/24 | 260 | 259,574 | ||||||
Citibank Credit Card Issuance Trust, 1 mo. LIBOR + 0.330%, Series 2018-A2, Class A2 (d), |
| |||||||
2.818%, 1/20/25 | 700 | 699,625 | ||||||
Ford Credit Auto Owner Trust, Series 2018-A, Class A4, |
| |||||||
3.16%, 10/15/23 | 298 | 302,994 | ||||||
Honda Auto Receivables Owner Trust, |
| |||||||
2.83%, 3/20/23Series 2019-1, Class A3 | 280 | 281,894 | ||||||
3.07%, 11/21/24 Series2018-3, Class A4 | 170 | 172,137 | ||||||
John Deere Owner Trust, Series 2018-B, Class A4, |
| |||||||
3.23%, 6/16/25 | 353 | 359,200 | ||||||
Nissan Auto Lease Trust, Series 2018-A, Class A3, |
| |||||||
3.25%, 9/15/21 | 300 | 302,425 | ||||||
Nissan Auto Receivables Owner Trust, Series 2019-A, Class A3, |
| |||||||
2.90%, 10/16/23 | 435 | 438,501 |
Principal Amount (000s) | Value | |||||||
Octagon Investment Partners 30 Ltd., 3 mo.USD-LIBOR-BBA + 1.320%, Series 2017-1A, Class A1 (a)(b)(d), |
| |||||||
4.081%, 3/17/30 | $ | 276 | $ | 275,371 | ||||
Toyota Auto Receivables Owner Trust, Series 2019-A, Class A3, |
| |||||||
2.91%, 7/17/23 | 435 | 438,364 | ||||||
Verizon Owner Trust, 1 mo. USD-LIBOR+ 0.260%, Series 2018-1A, Class A1B (b)(d), |
| |||||||
2.748%, 9/20/22 | 825 | 825,502 | ||||||
Volvo Financial Equipment Master Owner Trust, 1 mo. LIBOR + 0.520%, Series 2018-A, Class A (a)(b)(d), |
| |||||||
3.004%, 7/17/23 | 705 | 707,908 | ||||||
|
| |||||||
Total Asset-Backed Securities (cost—$6,899,284) |
| 6,930,699 | ||||||
|
| |||||||
Repurchase Agreements—1.5% |
| |||||||
State Street Bank and Trust Co., dated 3/29/19, 0.50%, due 4/1/19, proceeds $622,026; collateralized by U.S. Treasury Notes, 1.75%, due 6/30/22, valued at $638,930 including accrued interest |
| |||||||
(cost—$622,000) | 622 | 622,000 | ||||||
|
| |||||||
Total Investments (cost—$42,040,585)—100.2% |
| 42,652,276 | ||||||
|
| |||||||
Liabilities in excess of other assets (e)—(0.2)% | (103,877 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $42,548,399 | |||||||
|
|
Notes to Schedule of Investments:
(a) Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $2,816,570, representing 6.6% of net assets.
(b) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $4,502,963, representing 10.6% 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, 2019.
(e) Includes net unrealized appreciation (depreciation) of other financial instruments as follows:
Futures contracts outstanding at March 31, 2019: | ||||||||||||||||||||||
Type | Contracts | Expiration Date | Notional Amount (000s) | Market Value (000s) | Unrealized Appreciation (Depreciation) | |||||||||||||||||
Long position contracts: | ||||||||||||||||||||||
2-Year U.S. Treasury Note | 11 | 6/28/19 | $ | 2,200 | $ | 2,344 | $ | 7,796 | ||||||||||||||
10-Year U.S. Treasury Note | 6 | 6/19/19 | 600 | 745 | 10,489 | |||||||||||||||||
5-Year U.S. Treasury Note | 24 | 6/28/19 | 2,400 | 2,780 | 22,670 | |||||||||||||||||
U.S. Long Bond | 8 | 6/19/19 | 800 | 1,197 | 31,001 | |||||||||||||||||
U.S. Ultra Treasury Bond | 13 | 6/19/19 | 1,300 | 2,184 | 81,420 | |||||||||||||||||
|
| |||||||||||||||||||||
$ | 153,376 | |||||||||||||||||||||
|
| |||||||||||||||||||||
Short position contracts: | ||||||||||||||||||||||
10-Year U.S. Ultra Treasury Bond | (10 | ) | 6/19/19 | $ | (1,000 | ) | $ | (1,328 | ) | $ | (25,097 | ) | ||||||||||
|
| |||||||||||||||||||||
$ | 128,279 | |||||||||||||||||||||
|
|
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 141 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Credit default swaps agreements outstanding at March 31, 2019: | ||||||||||||||||||||||||||||||||
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): |
| |||||||||||||||||||||||||||||||
AT&T, Inc. | $ | 870 | 1.223 | % | 12/20/23 | (1.00 | )% | Quarterly | $ | 2,414 | $ | (804 | ) | $ | 3,218 | |||||||||||||||||
Cardinal Health, Inc. | 460 | 1.127 | % | 12/20/23 | (1.00 | )% | Quarterly | (904 | ) | 2,698 | (3,602 | ) | ||||||||||||||||||||
CDX.NA.HY.32 Index | 4,100 | 3.503 | % | 6/20/24 | (5.00 | )% | Quarterly | (277,414 | ) | (250,268 | ) | (27,146 | ) | |||||||||||||||||||
Ford Motor Company | 850 | 2.484 | % | 12/20/23 | (5.00 | )% | Quarterly | (98,927 | ) | (92,662 | ) | (6,265 | ) | |||||||||||||||||||
General Electric Company | 135 | 0.789 | % | 12/20/23 | (1.00 | )% | Quarterly | (523 | ) | 5,566 | (6,089 | ) | ||||||||||||||||||||
McKesson Corporation | 450 | 1.016 | % | 12/20/23 | (1.00 | )% | Quarterly | (2,968 | ) | (1,434 | ) | (1,534 | ) | |||||||||||||||||||
Verizon Communications, Inc. | 255 | 0.589 | % | 12/20/23 | (1.00 | )% | Quarterly | (5,038 | ) | (5,113 | ) | 75 | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
$ | (383,360 | ) | $ | (342,017 | ) | $ | (41,343 | ) | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
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.IG.32 Index | $ | 10,205 | 0.638 | % | 6/20/24 | 1.00 | % | Quarterly | $ | 184,612 | $ | 160,583 | $ | 24,029 |
(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, 2019 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, 2019, the Fund pledged $479,221 in cash as collateral for futures contracts. The Fund also held U.S. Treasury Obligations valued at $987,039 as collateral for swap contracts. Securities held as collateral will not be pledged and are not reflected in the Schedule of Investments.
Glossary:
ABS—Asset-Backed Securities
BBA—British Bankers’ Association
CDX—Credit Derivatives Index
CLO—Collateralized Loan Obligation
FRN—Floating Rate Note
ICE—Intercontinental Exchange
LIBOR—London Inter-Bank Offered Rate
MBS—Mortgage-Backed Securities
142 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
AllianzGI Emerging Markets Consumer Fund
Shares | Value | |||||||
Common Stock—96.4% |
| |||||||
Brazil—4.4% |
| |||||||
Ambev S.A. | 57,000 | $245,013 | ||||||
Banco Santander Brasil S.A. ADR | 15,370 | 172,605 | ||||||
IRB Brasil Resseguros S.A. | 12,200 | 284,330 | ||||||
JBS S.A. | 47,400 | 192,731 | ||||||
Porto Seguro S.A. | 44,900 | 617,305 | ||||||
Sul America S.A. UNIT | 16,300 | 124,060 | ||||||
Tim Participacoes S.A. | 44,100 | 132,795 | ||||||
|
| |||||||
1,768,839 | ||||||||
|
| |||||||
Canada—1.1% |
| |||||||
Manulife Financial Corp. | 26,946 | 455,704 | ||||||
|
| |||||||
China—37.0% |
| |||||||
Alibaba Group Holding Ltd. | 10,085 | 1,840,008 | ||||||
Autohome, Inc. ADR (e) | 2,945 | 309,579 | ||||||
Baidu, Inc. ADR (e) | 980 | 161,553 | ||||||
BYD Electronic International Co., Ltd. | 184,500 | 238,595 | ||||||
China Medical System Holdings Ltd. | 64,000 | 62,222 | ||||||
China Merchants Bank Co., Ltd., Class H | 276,500 | 1,347,034 | ||||||
China Mobile Ltd. | 176,500 | 1,801,063 | ||||||
China Vanke Co., Ltd., Class H | 313,700 | 1,320,332 | ||||||
Greenland Holdings Group Co., Ltd., Class A | 388,785 | 435,258 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class H | 94,000 | 415,142 | ||||||
Hisense Home Appliances Group Co., Ltd., Class H | 35,000 | 49,277 | ||||||
Luye Pharma Group Ltd. (a) | 344,000 | 301,356 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 193,000 | 2,172,835 | ||||||
Shimao Property Holdings Ltd. | 107,000 | 335,322 | ||||||
Tencent Holdings Ltd. | 73,700 | 3,389,300 | ||||||
Tencent Music Entertainment Group ADR (e) | 16 | 290 | ||||||
Yum China Holdings, Inc. | 16,400 | 736,524 | ||||||
Zhongsheng Group Holdings Ltd. | 33,000 | 82,094 | ||||||
|
| |||||||
14,997,784 | ||||||||
|
| |||||||
Greece—0.2% |
| |||||||
OPAP S.A. | 8,776 | 90,705 | ||||||
|
| |||||||
Hong Kong—4.1% |
| |||||||
Geely Automobile Holdings Ltd. | 133,000 | 255,225 | ||||||
Lenovo Group Ltd. | 1,236,000 | 1,115,176 | ||||||
Pacific Textile Holdings Ltd. | 59,000 | 53,073 | ||||||
Swire Pacific Ltd., Class A | 11,000 | 141,690 | ||||||
Yue Yuen Industrial Holdings Ltd. | 24,000 | 82,626 | ||||||
|
| |||||||
1,647,790 | ||||||||
|
| |||||||
India—7.7% |
| |||||||
DLF Ltd. | 91,008 | 265,089 | ||||||
HDFC Bank Ltd. ADR | 14,360 | 1,664,467 | ||||||
Hindustan Unilever Ltd. | 26,859 | 661,432 | ||||||
Housing Development Finance Corp., Ltd. | 18,472 | 523,526 | ||||||
|
| |||||||
3,114,514 | ||||||||
|
|
Shares | Value | |||||||
Indonesia—1.0% |
| |||||||
Charoen Pokphand Indonesia Tbk PT | 535,100 | $ | 240,729 | |||||
Gudang Garam Tbk PT | 9,700 | 56,751 | ||||||
Unilever Indonesia Tbk PT | 36,000 | 124,580 | ||||||
|
| |||||||
422,060 | ||||||||
|
| |||||||
Japan—1.0% |
| |||||||
Astellas Pharma, Inc. | 6,800 | 102,175 | ||||||
Terumo Corp. | 9,600 | 293,815 | ||||||
|
| |||||||
395,990 | ||||||||
|
| |||||||
Korea (Republic of)—6.8% |
| |||||||
Coway Co., Ltd. | 1,997 | 166,255 | ||||||
Fila Korea Ltd. | 9,058 | 623,014 | ||||||
Samsung Electronics Co., Ltd. | 50,104 | 1,976,249 | ||||||
|
| |||||||
2,765,518 | ||||||||
|
| |||||||
Malaysia—1.5% |
| |||||||
Public Bank Bhd. | 109,400 | 621,109 | ||||||
|
| |||||||
Mexico—2.5% |
| |||||||
Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand ADR | 11,165 | 75,587 | ||||||
Grupo Financiero Banorte S.A.B de C.V., Class O | 119,000 | 646,491 | ||||||
Wal-Mart de Mexico S.A.B de C.V. | 103,100 | 275,620 | ||||||
|
| |||||||
997,698 | ||||||||
|
| |||||||
Philippines—1.0% |
| |||||||
Ayala Land, Inc. | 86,600 | 74,102 | ||||||
Jollibee Foods Corp. | 33,730 | 203,626 | ||||||
Robinsons Land Corp. | 286,900 | 133,861 | ||||||
|
| |||||||
411,589 | ||||||||
|
| |||||||
Poland—0.7% |
| |||||||
Dino Polska S.A. (a)(e) | 2,497 | 78,611 | ||||||
Powszechna Kasa Oszczednosci Bank Polski S.A. | 21,671 | 217,884 | ||||||
|
| |||||||
296,495 | ||||||||
|
| |||||||
Russian Federation—1.3% |
| |||||||
Mail.Ru Group Ltd. GDR (e) | 4,073 | 100,847 | ||||||
Mobile TeleSystems PJSC ADR | 56,050 | 423,738 | ||||||
|
| |||||||
524,585 | ||||||||
|
| |||||||
Singapore—1.0% |
| |||||||
CapitaLand Ltd. | 156,900 | 423,340 | ||||||
|
| |||||||
South Africa—1.4% |
| |||||||
Absa Group Ltd. | 30,222 | 319,836 | ||||||
Telkom S.A. SOC Ltd. | 53,455 | 271,484 | ||||||
|
| |||||||
591,320 | ||||||||
|
| |||||||
Switzerland—1.5% |
| |||||||
Roche Holding AG | 2,202 | 606,772 | ||||||
|
| |||||||
Taiwan—8.0% |
| |||||||
Cathay Financial Holding Co., Ltd. | 705,000 | 1,029,815 | ||||||
Chlitina Holding Ltd. | 48,000 | 460,062 | ||||||
CTBC Financial Holding Co., Ltd. | 291,000 | 193,249 | ||||||
Eclat Textile Co., Ltd. | 25,000 | 337,107 | ||||||
First Financial Holding Co., Ltd. | 948,601 | 649,678 | ||||||
Grape King Bio Ltd. | 19,000 | 122,812 | ||||||
Shin Kong Financial Holding Co., Ltd. | 384,724 | 113,501 |
Shares | Value | |||||||
Taiwan Paiho Ltd. | 46,000 | $ | 107,115 | |||||
Uni-President Enterprises Corp. | 89,000 | 216,268 | ||||||
|
| |||||||
3,229,607 | ||||||||
|
| |||||||
Thailand—4.6% |
| |||||||
Advanced Info Service PCL (c)(d) | 91,800 | 533,117 | ||||||
Bangkok Dusit Medical Services PCL (c)(d) | 617,700 | 482,948 | ||||||
Home Product Center PCL (c)(d) | 609,500 | 294,166 | ||||||
Land & Houses PCL (c)(d) | 554,700 | 187,152 | ||||||
Thanachart Capital PCL (c)(d) | 207,100 | 355,824 | ||||||
|
| |||||||
1,853,207 | ||||||||
|
| |||||||
Turkey—0.1% |
| |||||||
Ulker Biskuvi Sanayi AS | 16,273 | 49,734 | ||||||
|
| |||||||
United States—9.5% |
| |||||||
Mastercard, Inc., Class A | 6,910 | 1,626,960 | ||||||
Philip Morris International, Inc. | 10,500 | 928,095 | ||||||
Procter & Gamble Co. | 6,400 | 665,920 | ||||||
Thermo Fisher Scientific, Inc. | 1,020 | 279,194 | ||||||
Visa, Inc., Class A | 2,165 | 338,151 | ||||||
|
| |||||||
3,838,320 | ||||||||
|
| |||||||
Total Common Stock (cost—$33,361,220) |
| 39,102,680 | ||||||
|
| |||||||
Preferred Stock—1.6% |
| |||||||
Brazil—1.6% |
| |||||||
Banco do Estado do Rio Grande do Sul S.A., Class B | 24,200 | 149,513 | ||||||
Cia Brasileira de Distribuicao | 4,700 | 109,789 | ||||||
Itau Unibanco Holding S.A. | 44,950 | 395,272 | ||||||
|
| |||||||
Total Preferred Stock (cost—$616,892) |
| 654,574 | ||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—1.1% |
| |||||||
State Street Bank and Trust Co., dated 3/29/19, 0.50%, due 4/1/19, proceeds $426,018; collateralized by U.S. Treasury Notes, 1.75%, due 5/31/22, valued at $436,578 including accrued interest |
| |||||||
(cost—$426,000) | $426 | 426,000 | ||||||
|
| |||||||
Total Investments (cost—$34,404,112) (b)—99.1% |
| 40,183,254 | ||||||
|
| |||||||
Other assets less liabilities—0.9% |
| 363,337 | ||||||
|
| |||||||
Net Assets—100.0% |
| $40,546,591 | ||||||
|
|
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 143 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Notes to Schedule of Investments:
(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $379,967, representing 0.9% of net assets.
(b) Securities with an aggregate value of $24,398,430, representing 60.2% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(c) Fair-Valued—Securities with an aggregate value of $1,853,207, representing 4.6% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(d) Level 3 security. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(e)Non-income producing.
Glossary:
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
UNIT—More than one class of securities traded together
The industry classification of portfolio holdings and other assets less liabilities shown as a percentage of net assets were as follows:
Banks | 16.8% | |||
Insurance | 11.8% | |||
Interactive Media & Services | 9.8% | |||
Real Estate Management & Development | 8.2% | |||
Technology Hardware, Storage & Peripherals | 7.6% | |||
Wireless Telecommunication Services | 7.1% | |||
IT Services | 4.9% | |||
Internet & Direct Marketing Retail | 4.5% | |||
Pharmaceuticals | 3.7% | |||
Household Products | 3.6% | |||
Textiles, Apparel & Luxury Goods | 3.0% | |||
Hotels, Restaurants & Leisure | 2.5% | |||
Tobacco | 2.4% | |||
Food Products | 1.7% | |||
Personal Products | 1.4% | |||
Thrifts & Mortgage Finance | 1.3% | |||
Healthcare Providers & Services | 1.2% | |||
Food & Staples Retailing | 1.2% | |||
Specialty Retail | 0.9% | |||
Healthcare Equipment & Supplies | 0.7% | |||
Life Sciences Tools & Services | 0.7% | |||
Diversified Telecommunication Services | 0.7% | |||
Automobiles | 0.6% | |||
Beverages | 0.6% | |||
Communications Equipment | 0.6% | |||
Household Durables | 0.5% | |||
Entertainment | 0.0% | |||
Repurchase Agreements | 1.1% | |||
Other assets less liabilities | 0.9% | |||
|
| |||
100.0% | ||||
|
|
AllianzGI Emerging Markets Debt Fund
Principal Amount (000s) | Value | |||||||||||
Sovereign Debt Obligations—79.5% |
| |||||||||||
Angola—1.0% |
| |||||||||||
Angolan Government International Bond (a)(b), |
| |||||||||||
8.25%, 5/9/28 | $ | 200 | $209,268 | |||||||||
|
| |||||||||||
Argentina—1.5% |
| |||||||||||
Argentine Republic Government International Bond, |
| |||||||||||
7.50%, 4/22/26 | 350 | 297,310 | ||||||||||
|
| |||||||||||
Azerbaijan—1.3% |
| |||||||||||
Republic of Azerbaijan International Bond, |
| |||||||||||
3.50%, 9/1/32 | 300 | 264,217 | ||||||||||
|
| |||||||||||
Belarus—1.0% |
| |||||||||||
Republic of Belarus International Bond (a)(b), |
| |||||||||||
6.20%, 2/28/30 | 200 | 196,142 | ||||||||||
|
| |||||||||||
Brazil—3.7% |
| |||||||||||
Brazilian Government International Bond, |
| |||||||||||
2.625%, 1/5/23 |
| 550 | 534,400 | |||||||||
5.625%, 2/21/47 | 200 | 199,375 | ||||||||||
|
| |||||||||||
733,775 | ||||||||||||
|
| |||||||||||
Chile—1.0% |
| |||||||||||
Chile Government International Bond, |
| |||||||||||
3.125%, 3/27/25 | 200 | 203,492 | ||||||||||
|
| |||||||||||
Colombia—4.5% |
| |||||||||||
Colombia Government International Bond, |
| |||||||||||
2.625%, 3/15/23 | 400 | 392,842 | ||||||||||
3.875%, 4/25/27 | 300 | 305,286 | ||||||||||
5.00%, 6/15/45 | 200 | 210,444 | ||||||||||
|
| |||||||||||
908,572 | ||||||||||||
|
| |||||||||||
Dominican Republic—2.9% |
| |||||||||||
Dominican Republic International Bond, |
| |||||||||||
5.95%, 1/25/27 | 350 | 368,812 | ||||||||||
6.50%, 2/15/48 | 200 | 207,438 | ||||||||||
|
| |||||||||||
576,250 | ||||||||||||
|
| |||||||||||
Ecuador—2.6% |
| |||||||||||
Ecuador Government International Bond, |
| |||||||||||
7.875%, 1/23/28 | 550 | 525,901 | ||||||||||
|
| |||||||||||
Egypt—3.9% |
| |||||||||||
Egypt Government International Bond, |
| |||||||||||
6.875%, 4/30/40 | 400 | 366,268 | ||||||||||
7.50%, 1/31/27 | 200 | 209,799 | ||||||||||
7.60%, 3/1/29 (a)(b) | 200 | 205,793 | ||||||||||
|
| |||||||||||
781,860 | ||||||||||||
|
| |||||||||||
El Salvador—1.0% |
| |||||||||||
El Salvador Government International Bond, |
| |||||||||||
6.375%, 1/18/27 | 200 | 197,475 | ||||||||||
|
| |||||||||||
Ghana—1.0% |
| |||||||||||
Ghana Government International Bond (a)(b), |
| |||||||||||
8.125%, 3/26/32 | 200 | 199,570 | ||||||||||
|
| |||||||||||
Guatemala—0.7% |
| |||||||||||
Guatemala Government Bond (a)(b), |
| |||||||||||
4.50%, 5/3/26 | 150 | 147,656 | ||||||||||
|
| |||||||||||
Honduras—0.8% |
| |||||||||||
Honduras Government International |
| |||||||||||
6.25%, 1/19/27 | 150 | 158,526 | ||||||||||
|
| |||||||||||
Hungary—1.8% |
| |||||||||||
Hungary Government International Bond, |
| |||||||||||
5.375%, 3/25/24 | 200 | 220,000 | ||||||||||
7.625%, 3/29/41 | 100 | 148,774 | ||||||||||
|
| |||||||||||
368,774 | ||||||||||||
|
| |||||||||||
Indonesia—2.5% |
| |||||||||||
Indonesia Government International Bond, |
| |||||||||||
3.50%, 1/11/28 | 300 | 292,486 | ||||||||||
4.625%, 4/15/43 | 200 | 200,387 | ||||||||||
|
| |||||||||||
492,873 | ||||||||||||
|
|
Principal Amount (000s) | Value | |||||||||||
Ivory Coast—2.0% |
| |||||||||||
Ivory Coast Government International Bond, |
| |||||||||||
6.375%, 3/3/28 | $ | 400 | $ | 391,156 | ||||||||
|
| |||||||||||
Jamaica—1.2% |
| |||||||||||
Jamaica Government International Bond, |
| |||||||||||
7.875%, 7/28/45 | 200 | 240,774 | ||||||||||
|
| |||||||||||
Jordan—1.0% |
| |||||||||||
Jordan Government International Bond, |
| |||||||||||
5.75%, 1/31/27 | 200 | 196,240 | ||||||||||
|
| |||||||||||
Kazakhstan—3.8% |
| |||||||||||
Kazakhstan Government International Bond, |
| |||||||||||
4.875%, 10/14/44 | 300 | 320,632 | ||||||||||
5.125%, 7/21/25 | 400 | 437,101 | ||||||||||
|
| |||||||||||
757,733 | ||||||||||||
|
| |||||||||||
Korea (Republic of)—1.0% |
| |||||||||||
Korea Expressway Corp. (a)(b), |
| |||||||||||
3.625%, 10/22/21 | 200 | 203,863 | ||||||||||
|
| |||||||||||
Kuwait—3.1% |
| |||||||||||
Kuwait International Government Bond, |
| |||||||||||
3.50%, 3/20/27 | 600 | 614,082 | ||||||||||
|
| |||||||||||
Lebanon—2.0% |
| |||||||||||
Lebanon Government International Bond, |
| |||||||||||
6.20%, 2/26/25 | 490 | 401,765 | ||||||||||
|
| |||||||||||
Malaysia—1.3% |
| |||||||||||
Malaysia Sukuk Global Bhd, |
| |||||||||||
3.179%, 4/27/26 | 250 | 252,028 | ||||||||||
|
| |||||||||||
Mongolia—1.0% |
| |||||||||||
Mongolia Government International Bond (a)(b), |
| |||||||||||
5.625%, 5/1/23 | 200 | 202,285 | ||||||||||
|
| |||||||||||
Nigeria—2.0% |
| |||||||||||
Nigeria Government International Bond, |
| |||||||||||
6.50%, 11/28/27 | 200 | 198,010 | ||||||||||
7.625%, 11/28/47 (a)(b) |
| 200 | 195,182 | |||||||||
|
| |||||||||||
393,192 | ||||||||||||
|
| |||||||||||
Panama—3.4% |
| |||||||||||
Panama Government International Bond, |
| |||||||||||
3.75%, 3/16/25 | 450 | 465,162 | ||||||||||
4.30%, 4/29/53 | 200 | 204,840 | ||||||||||
|
| |||||||||||
670,002 | ||||||||||||
|
| |||||||||||
Paraguay—2.2% |
| |||||||||||
Paraguay Government International Bond, |
| |||||||||||
5.00%, 4/15/26 | 200 | 210,500 | ||||||||||
6.10%, 8/11/44 | 200 | 225,800 | ||||||||||
|
| |||||||||||
436,300 | ||||||||||||
|
| |||||||||||
Peru—3.3% |
| |||||||||||
Peru Government Bond (b), |
| |||||||||||
5.94%, 2/12/29 | PEN | 800 | 254,461 | |||||||||
6.15%, 8/12/32 | 1,300 | 412,878 | ||||||||||
|
| |||||||||||
667,339 | ||||||||||||
|
| |||||||||||
Philippines—3.3% |
| |||||||||||
Philippine Government International Bond, |
| |||||||||||
3.00%, 2/1/28 | $ | 450 | 445,229 | |||||||||
3.95%, 1/20/40 | 200 | 210,717 | ||||||||||
|
| |||||||||||
655,946 | ||||||||||||
|
| |||||||||||
Poland—2.5% |
| |||||||||||
Republic of Poland Government International Bond, |
| |||||||||||
3.00%, 3/17/23 | 200 | 201,547 | ||||||||||
3.25%, 4/6/26 | 300 | 305,263 | ||||||||||
|
| |||||||||||
506,810 | ||||||||||||
|
| |||||||||||
Qatar—4.2% |
| |||||||||||
Qatar Government International Bond (a)(b), |
| |||||||||||
4.00%, 3/14/29 | 500 | 515,819 | ||||||||||
4.817%, 3/14/49 | 300 | 316,576 | ||||||||||
|
| |||||||||||
832,395 | ||||||||||||
|
|
144 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Principal Amount (000s) | Value | |||||||||||
Romania—0.6% |
| |||||||||||
Romanian Government International Bond, |
| |||||||||||
6.125%, 1/22/44 | $ | 100 | $ | 114,960 | ||||||||
|
| |||||||||||
Saudi Arabia—1.5% |
| |||||||||||
Saudi Government International Bond, |
| |||||||||||
3.625%, 3/4/28 | 300 | 298,132 | ||||||||||
|
| |||||||||||
South Africa—2.1% |
| |||||||||||
Republic of South Africa Government International Bond, |
| |||||||||||
4.30%, 10/12/28 | 250 | 234,344 | ||||||||||
4.85%, 9/27/27 | 200 | 195,511 | ||||||||||
|
| |||||||||||
429,855 | ||||||||||||
|
| |||||||||||
Ukraine—2.9% |
| |||||||||||
Ukraine Government International Bond, |
| |||||||||||
7.75%, 9/1/21 | 200 | 198,895 | ||||||||||
7.75%, 9/1/23 (a)(b) |
| 400 | 389,890 | |||||||||
|
| |||||||||||
588,785 | ||||||||||||
|
| |||||||||||
Uruguay—3.2% |
| |||||||||||
Uruguay Government International Bond, |
| |||||||||||
4.375%, 10/27/27 | 150 | 158,292 | ||||||||||
4.375%, 1/23/31 | 310 | 326,260 | ||||||||||
5.10%, 6/18/50 | 150 | 160,466 | ||||||||||
|
| |||||||||||
645,018 | ||||||||||||
|
| |||||||||||
Venezuela—0.7% |
| |||||||||||
Venezuela Government International Bond (c), |
| |||||||||||
7.00%, 3/31/38 | 200 | 57,500 | ||||||||||
9.25%, 9/15/27 | 225 | 72,563 | ||||||||||
|
| |||||||||||
130,063 | ||||||||||||
|
| |||||||||||
Total Sovereign Debt Obligations |
| 15,890,384 | ||||||||||
|
|
Principal Amount (000s) | Value | |||||||||||
Corporate Bonds & Notes—10.7% |
| |||||||||||
Chile—1.5% |
| |||||||||||
Corp. Nacional del Cobre de Chile, |
| |||||||||||
3.625%, 8/1/27 | $ | 300 | $ | 300,743 | ||||||||
|
| |||||||||||
China—2.0% |
| |||||||||||
Sinopec Group Overseas Development 2015 Ltd., |
| |||||||||||
3.25%, 4/28/25 | 200 | 198,719 | ||||||||||
State Grid Overseas Investment 2016 |
| |||||||||||
2.875%, 5/18/26 | 200 | 193,374 | ||||||||||
|
| |||||||||||
392,093 | ||||||||||||
|
| |||||||||||
Hong Kong—2.0% |
| |||||||||||
Chinalco Capital Holdings Ltd., |
| |||||||||||
4.00%, 8/25/21 | 200 | 198,714 | ||||||||||
CNAC HK Finbridge Co., Ltd., |
| |||||||||||
4.625%, 3/14/23 | 200 | 207,402 | ||||||||||
|
| |||||||||||
406,116 | ||||||||||||
|
| |||||||||||
Indonesia—1.5% |
| |||||||||||
Perusahaan Listrik Negara PT, |
| |||||||||||
4.125%, 5/15/27 | 300 | 295,134 | ||||||||||
|
| |||||||||||
Mexico—3.0% |
| |||||||||||
Petroleos Mexicanos, |
| |||||||||||
3.75%, 4/16/26 | € | 100 | 109,777 | |||||||||
5.50%, 2/24/25 | 200 | 246,564 | ||||||||||
6.50%, 1/23/29 | $ | 250 | 248,346 | |||||||||
|
| |||||||||||
604,687 | ||||||||||||
|
| |||||||||||
Venezuela—0.7% |
| |||||||||||
Petroleos de Venezuela S.A. (c), |
| |||||||||||
6.00%, 5/16/24 | 550 | 128,425 | ||||||||||
|
| |||||||||||
Total Corporate Bonds & Notes (cost—$2,085,206) |
| 2,127,198 | ||||||||||
|
|
Principal Amount (000s) | Value | |||||||||||
Repurchase Agreements—9.3% |
| |||||||||||
State Street Bank and Trust Co., dated 3/29/19, 0.50%, due 4/1/19, proceeds $1,865,078; collateralized by U.S. Treasury Notes, 1.75%, due 5/31/22, valued at $1,905,068 including accrued interest |
| |||||||||||
(cost—$1,865,000) | $ | 1,865 | $ | 1,865,000 | ||||||||
|
| |||||||||||
Total Investments (cost—$19,356,539)—99.5% |
| 19,882,582 | ||||||||||
|
| |||||||||||
Other assets less liabilities (d)—0.5% |
| 103,406 | ||||||||||
|
| |||||||||||
Net Assets—100.0% |
| $19,985,988 | ||||||||||
|
|
Notes to Schedule of Investments:
(a) Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $3,133,944, representing 15.7% of net assets.
(b) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $3,801,283, representing 19.0% of net assets.
(c) In default.
(d) Includes net unrealized appreciation (depreciation) of other financial instruments as follows:
Forward foreign currency contracts outstanding at March 31, 2019: | ||||||||||||||||||
Description | Counterparty | U.S.$ Value on Origination Date | U.S.$ Value March 31, 2019 | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||
Purchased: |
| |||||||||||||||||
1,520,000 Brazilian Real settling 4/24/19 | JPMorgan Chase | $ | 390,758 | $ | 387,659 | $ | — | $ | (3,099 | ) | ||||||||
2,108,000 Brazilian Real settling 4/24/19 | State Street Bank and Trust Co. | 564,979 | 537,622 | — | (27,357 | ) | ||||||||||||
5,677,528,000 Indonesian Rupiah settling 4/24/19 | JPMorgan Chase | 401,664 | 397,591 | — | (4,073 | ) | ||||||||||||
2,705,700,000 Indonesian Rupiah settling 4/24/19 | State Street Bank and Trust Co. | 189,011 | 189,477 | 466 | — | |||||||||||||
610,000 Peruvian Sol settling 4/24/19 | State Street Bank and Trust Co. | 182,116 | 183,625 | 1,509 | — | |||||||||||||
680,000 Polish Zloty settling 4/24/19 | JPMorgan Chase | 181,558 | 177,234 | — | (4,324 | ) | ||||||||||||
Sold: |
| |||||||||||||||||
686,000 Brazilian Real settling 4/24/19 | JPMorgan Chase | 181,290 | 174,957 | 6,333 | — | |||||||||||||
1,531,000 Brazilian Real settling 4/24/19 | JPMorgan Chase | 389,805 | 390,464 | — | (659 | ) | ||||||||||||
1,405,000 Brazilian Real settling 4/24/19 | State Street Bank and Trust Co. | 369,883 | 358,330 | 11,553 | — | |||||||||||||
317,263 Euro settling 6/12/19 | JPMorgan Chase | 360,911 | 358,021 | 2,890 | — | |||||||||||||
2,709,541,000 Indonesian Rupiah settling 4/24/19 | State Street Bank and Trust Co. | 190,036 | 189,746 | 290 | — | |||||||||||||
1,378,000 Peruvian Sol settling 4/24/19 | State Street Bank and Trust Co. | 412,575 | 414,813 | — | (2,238 | ) | ||||||||||||
693,000 Polish Zloty settling 4/24/19 | State Street Bank and Trust Co. | 184,394 | 180,622 | 3,772 | — | |||||||||||||
62,000 Russian Ruble settling 4/24/19 | JPMorgan Chase | 920 | 941 | — | (21 | ) | ||||||||||||
2,220,000 Turkish Lira settling 4/24/19 | JPMorgan Chase | 398,850 | 386,901 | 11,949 | — | |||||||||||||
|
|
|
| |||||||||||||||
$ | 38,762 | $ | (41,771 | ) | ||||||||||||||
|
|
|
|
Glossary:
€—Euro
PEN—Peruvian Nuevo Sol
The industry classification of portfolio holdings and other assets less liabilities shown as a percentage of net assets were as follows:
Sovereign Debt Obligations | 79.5% | |||
Oil, Gas & Consumable Fuels | 4.8% | |||
Mining | 2.5% | |||
Electric Utilities | 2.4% | |||
Chemicals | 1.0% | |||
Repurchase Agreements | 9.3% | |||
Other assets less liabilities | 0.5% | |||
|
| |||
100.0% | ||||
|
|
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 145 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
AllianzGI Emerging MarketsSmall-Cap Fund
Shares | Value | |||||||
Common Stock—90.5% |
| |||||||
Brazil—6.0% |
| |||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 19,600 | $210,249 | ||||||
IRB Brasil Resseguros S.A. | 11,000 | 256,363 | ||||||
Porto Seguro S.A. | 8,000 | 109,988 | ||||||
|
| |||||||
576,600 | ||||||||
|
| |||||||
China—8.5% |
| |||||||
Anton Oilfield Services Group (e) | 416,000 | 65,250 | ||||||
China Lilang Ltd. | 27,000 | 30,503 | ||||||
China Power International Development Ltd. | 277,000 | 70,954 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class H | 50,000 | 220,820 | ||||||
Hisense Home Appliances Group Co., Ltd., Class H | 75,000 | 105,594 | ||||||
Jiangsu Expressway Co., Ltd., Class H | 60,000 | 84,899 | ||||||
Lee & Man Paper Manufacturing Ltd. | 80,000 | 68,262 | ||||||
Powerlong Real Estate Holdings Ltd. | 53,000 | 27,818 | ||||||
Tianjin Zhongxin Pharmaceutical Group Corp., Ltd. | 15,000 | 13,749 | ||||||
West China Cement Ltd. | 496,000 | 65,860 | ||||||
Yuexiu Property Co., Ltd. | 284,000 | 68,466 | ||||||
|
| |||||||
822,175 | ||||||||
|
| |||||||
Czech Republic—0.5% |
| |||||||
Philip Morris CR AS | 76 | 52,183 | ||||||
|
| |||||||
Greece—1.3% |
| |||||||
Hellenic Petroleum S.A. | 2,420 | 23,245 | ||||||
Motor Oil Hellas Corinth Refineries S.A. | 3,366 | 78,159 | ||||||
OPAP S.A. | 2,419 | 25,002 | ||||||
|
| |||||||
126,406 | ||||||||
|
| |||||||
Hong Kong—2.7% |
| |||||||
K Wah International Holdings Ltd. | 130,197 | 80,368 | ||||||
Luk Fook Holdings International Ltd. | 20,000 | 67,395 | ||||||
Towngas China Co., Ltd. (e) | 150,495 | 118,339 | ||||||
|
| |||||||
266,102 | ||||||||
|
| |||||||
India—13.5% |
| |||||||
Bajaj Holdings & Investment Ltd. | 732 | 35,951 | ||||||
Bata India Ltd. | 16,957 | 343,215 | ||||||
Glenmark Pharmaceuticals Ltd. | 20,125 | 187,435 | ||||||
Jubilant Foodworks Ltd. | 2,516 | 52,580 | ||||||
Mphasis Ltd. | 18,927 | 273,390 | ||||||
NIIT Technologies Ltd. | 6,522 | 124,748 | ||||||
Phillips Carbon Black Ltd. | 27,157 | 69,100 | ||||||
REC Ltd. | 29,582 | 65,048 | ||||||
WNS Holdings Ltd. ADR (e) | 3,000 | 159,810 | ||||||
|
| |||||||
1,311,277 | ||||||||
|
| |||||||
Indonesia—3.4% |
| |||||||
Bukit Asam Tbk PT | 862,600 | 254,836 | ||||||
Indo Tambangraya Megah Tbk PT | 44,100 | 74,245 | ||||||
|
| |||||||
329,081 | ||||||||
|
| |||||||
Korea (Republic of)—16.3% |
| |||||||
Cheil Worldwide, Inc. | 5,151 | 109,852 | ||||||
Daelim Industrial Co., Ltd. | 1,560 | 132,500 |
Shares | Value | |||||||
Dong-A ST Co., Ltd. | 207 | $ | 17,597 | |||||
Fila Korea Ltd. | 4,166 | 286,540 | ||||||
Hyosung Corp. | 2,560 | 170,614 | ||||||
Jeju Air Co., Ltd. | 864 | 30,165 | ||||||
Korea Gas Corp. (e) | 1,930 | 76,786 | ||||||
LF Corp. | 4,078 | 89,930 | ||||||
Macquarie Korea Infrastructure Fund | 12,006 | 112,646 | ||||||
Partron Co., Ltd. | 23,274 | 272,988 | ||||||
Shinsegae International, Inc. | 576 | 152,284 | ||||||
SK Networks Co., Ltd. | 17,108 | 91,332 | ||||||
Unid Co., Ltd. | 895 | 39,043 | ||||||
|
| |||||||
1,582,277 | ||||||||
|
| |||||||
Malaysia—0.5% |
| |||||||
Pentamaster Corp. Bhd. (e) | 53,700 | 46,337 | ||||||
|
| |||||||
Mexico—1.7% |
| |||||||
Fibra Uno Administracion S.A. De C.V. REIT | 89,400 | 123,206 | ||||||
Qualitas Controladora S.A.B. de C.V. | 18,700 | 45,993 | ||||||
|
| |||||||
169,199 | ||||||||
|
| |||||||
Poland—1.0% |
| |||||||
Dino Polska S.A. (a)(e) | 1,664 | 52,386 | ||||||
Energa S.A. (e) | 18,485 | 41,559 | ||||||
|
| |||||||
93,945 | ||||||||
|
| |||||||
Russian Federation—1.4% |
| |||||||
Magnitogorsk Iron & Steel Works PJSC GDR | 10,453 | 93,659 | ||||||
PIK Group PJSC (c)(d)(e) | 7,016 | 37,805 | ||||||
|
| |||||||
�� | 131,464 | |||||||
|
| |||||||
South Africa—4.7% |
| |||||||
AECI Ltd. | 2,853 | 18,935 | ||||||
Gold Fields Ltd. ADR | 34,900 | 130,177 | ||||||
Impala Platinum Holdings Ltd. (e) | 37,960 | 161,102 | ||||||
Telkom S.A. SOC Ltd. | 29,100 | 147,791 | ||||||
|
| |||||||
458,005 | ||||||||
|
| |||||||
Taiwan—20.7% |
| |||||||
Aten International Co., Ltd. | 19,000 | 58,814 | ||||||
BenQ Materials Corp. | 121,000 | 115,103 | ||||||
Bioteque Corp. | 36,000 | 140,380 | ||||||
Cheng Loong Corp. | 35,000 | 23,330 | ||||||
Chipbond Technology Corp. | 84,000 | 194,346 | ||||||
Coretronic Corp. | 15,000 | 23,655 | ||||||
Darfon Electronics Corp. | 22,000 | 36,548 | ||||||
Elan Microelectronics Corp. | 23,100 | 66,535 | ||||||
Eva Airways Corp. | 114,800 | 56,290 | ||||||
Farglory Land Development Co., Ltd. | 18,000 | 21,922 | ||||||
Formosa Advanced Technologies Co., Ltd. | 18,000 | 20,703 | ||||||
Grand Pacific Petrochemical | 65,000 | 50,679 | ||||||
Greatek Electronics, Inc. | 13,000 | 17,946 | ||||||
Huaku Development Co., Ltd. | 11,000 | 26,440 | ||||||
ITE Technology, Inc. | 39,000 | 44,426 | ||||||
Lite-On Technology Corp. | 109,000 | 158,876 | ||||||
Novatek Microelectronics Corp. | 30,000 | 193,160 | ||||||
Radiant Opto-Electronics Corp. | 60,000 | 192,339 | ||||||
Shinkong Synthetic Fibers Corp. | 70,000 | 31,735 | ||||||
Syncmold Enterprise Corp. | 42,250 | 114,274 | ||||||
Taiwan Surface Mounting Technology Corp. | 53,000 | 86,208 | ||||||
Tripod Technology Corp. | 61,000 | 197,213 | ||||||
Zhen Ding Technology Holding Ltd. | 42,000 | 130,653 | ||||||
|
| |||||||
2,001,575 | ||||||||
|
|
Shares | Value | |||||||
Thailand—4.8% |
| |||||||
Home Product Center PCL (c)(d) | 160,700 | $ | 77,560 | |||||
KGI Securities Thailand PCL (c)(d) | 264,200 | 40,502 | ||||||
Quality Houses PCL (c)(d) | 1,262,800 | 117,953 | ||||||
Ratchaburi Electricity Generating Holding PCL (c)(d) | 54,500 | 100,496 | ||||||
Thanachart Capital PCL (c)(d) | 73,700 | 126,626 | ||||||
|
| |||||||
463,137 | ||||||||
|
| |||||||
Turkey—3.5% |
| |||||||
Anadolu Cam Sanayii AS | 51,792 | 27,956 | ||||||
Soda Sanayii AS | 137,241 | 184,613 | ||||||
Trakya Cam Sanayii AS | 212,193 | 126,727 | ||||||
|
| |||||||
339,296 | ||||||||
|
| |||||||
Total Common Stock (cost—$7,465,856) |
| 8,769,059 | ||||||
|
| |||||||
Preferred Stock—8.9% |
| |||||||
Brazil—5.9% |
| |||||||
Azul S.A. (e) | 9,400 | 91,879 | ||||||
Banco do Estado do Rio Grande do Sul S.A., Class B | 5,400 | 33,362 | ||||||
Cia de Transmissao de Energia Eletrica Paulista | 9,500 | 187,168 | ||||||
Cia Ferro Ligas da Bahia—FERBASA | 12,200 | 67,647 | ||||||
Cia Paranaense de Energia | 20,700 | 192,443 | ||||||
|
| |||||||
572,499 | ||||||||
|
| |||||||
Russian Federation—3.0% |
| |||||||
Surgutneftegas PJSC (c)(d) | 473,556 | 293,605 | ||||||
|
| |||||||
Total Preferred Stock (cost—$752,702) |
| 866,104 | ||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—1.2% |
| |||||||
State Street Bank and Trust Co., dated 3/29/19, 0.50%, due 4/1/19, proceeds $114,005; collateralized by U.S. Treasury Notes, 1.75%, due 6/30/22, valued at $118,871 including accrued interest |
| |||||||
(cost—$114,000) | $114 | 114,000 | ||||||
|
| |||||||
Total Investments (cost—$8,332,558) (b)—100.6% |
| 9,749,163 | ||||||
|
| |||||||
Liabilities in excess of other assets—(0.6)% |
| (54,779 | ) | |||||
|
| |||||||
Net Assets—100.0% |
| $9,694,384 | ||||||
|
|
146 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Notes to Schedule of Investments:
(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Security with a value of $52,386, representing 0.5% of net assets.
(b) Securities with an aggregate value of $6,656,185, representing 68.7% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(c) Fair-Valued—Securities with an aggregate value of $794,547, representing 8.2% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(d) Level 3 security. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(e)Non-income producing.
Glossary:
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
REIT—Real Estate Investment Trust
The industry classification of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets were as follows:
Semiconductors & Semiconductor Equipment | 8.4% | |||
Textiles, Apparel & Luxury Goods | 7.7% | |||
Electronic Equipment, Instruments & Components | 7.6% | |||
Oil, Gas & Consumable Fuels | 7.5% | |||
Chemicals | 5.8% | |||
Pharmaceuticals | 4.5% | |||
IT Services | 4.5% | |||
Electric Utilities | 4.3% | |||
Insurance | 4.3% | |||
Metals & Mining | 4.0% | |||
Specialty Retail | 3.1% | |||
Technology Hardware, Storage & Peripherals | 2.6% | |||
Real Estate Management & Development | 2.3% | |||
Water Utilities | 2.2% | |||
Gas Utilities | 2.0% | |||
Airlines | 1.8% | |||
Independent Power Producers & Energy Traders | 1.8% | |||
Machinery | 1.7% | |||
Banks | 1.7% | |||
Capital Markets | 1.6% | |||
Diversified Telecommunication Services | 1.5% | |||
Household Durables | 1.5% | |||
Healthcare Equipment & Supplies | 1.5% | |||
Construction & Engineering | 1.4% | |||
Building Products | 1.3% | |||
Software | 1.3% | |||
Equity Real Estate Investment Trusts (REITs) | 1.3% | |||
Home Builders | 1.2% | |||
Media | 1.1% | |||
Diversified Financial Services | 1.0% | |||
Trading Companies & Distributors | 0.9% | |||
Transportation Infrastructure | 0.9% | |||
Hotels, Restaurants & Leisure | 0.8% | |||
Paper & Forest Products | 0.7% | |||
Iron/Steel | 0.7% | |||
Construction Materials | 0.7% | |||
Energy Equipment & Services | 0.7% | |||
Food & Staples Retailing | 0.5% | |||
Tobacco | 0.5% | |||
Containers & Packaging | 0.5% | |||
Repurchase Agreements | 1.2% | |||
Liabilities in excess of other assets | (0.6)% | |||
|
| |||
100.0% | ||||
|
|
AllianzGI Floating Rate Note Fund
Principal Amount (000s) | Value | |||||||||||
Corporate Bonds & Notes—78.2% |
| |||||||||||
Aerospace & Defense—1.3% |
| |||||||||||
United Technologies Corp., 3 mo. LIBOR + 0.650% (d), |
| |||||||||||
3.333%, 8/16/21 | $ | 200 | $200,031 | |||||||||
|
| |||||||||||
Banks—38.6% |
| |||||||||||
ABN AMRO Bank NV, 3 mo. EURIBOR + 0.400% (d), |
| |||||||||||
0.091%, 12/3/21 | € | 200 | 225,548 | |||||||||
AIB Group PLC, |
| |||||||||||
1.50%, 3/29/23 | 100 | 113,148 | ||||||||||
ASB Bank Ltd., 3 mo. LIBOR + 0.970% (a)(b)(d), |
| |||||||||||
3.563%, 6/14/23 | $ | 200 | 201,107 | |||||||||
Banco Santander S.A, 3 mo. EURIBOR + 1.000% (d), |
| |||||||||||
0.691%, 1/5/23 | € | 200 | 224,512 | |||||||||
Bank of America Corp. (d), 3 mo. LIBOR + 0.960%, |
| |||||||||||
3.732%, 7/23/24 | $ | 40 | 40,051 | |||||||||
3 mo. LIBOR + 1.000%, 3.779%, 4/24/23 | 200 | 202,107 | ||||||||||
Bank of New York Mellon Corp., 3 mo. LIBOR + 1.050% (d), |
| |||||||||||
3.801%, 10/30/23 | 200 | 202,726 | ||||||||||
Bank of Nova Scotia, 3 mo. GBP LIBOR + 2.300% (d), |
| |||||||||||
1.148%, 1/10/23 | £ | 250 | 323,583 | |||||||||
Banque Federative du Credit Mutuel S.A., 3 mo. LIBOR + 0.960% (d), |
| |||||||||||
3.721%, 7/20/23 | $ | 200 | 200,744 | |||||||||
BPCE S.A., 3 mo. LIBOR + 1.240% (d), |
| |||||||||||
3.837%, 9/12/23 | 250 | 249,831 | ||||||||||
CIT Group, Inc., |
| |||||||||||
5.00%, 8/1/23 | 50 | 52,562 | ||||||||||
Citigroup, Inc., 3 mo. LIBOR + 1.430% (d), |
| |||||||||||
4.056%, 9/1/23 | 250 | 254,595 | ||||||||||
Cooperatieve Rabobank UA, 3 mo. LIBOR + 0.860% (a)(b)(d), |
| |||||||||||
3.47%, 9/26/23 | 250 | 249,453 | ||||||||||
HSBC Holdings PLC, 3 mo. EURIBOR + 0.500% (d), |
| |||||||||||
0.191%, 10/5/23 | € | 200 | 222,499 | |||||||||
JPMorgan Chase & Co. (d), |
| |||||||||||
3 mo. LIBOR + 0.890%, 3.662%, 7/23/24 | $ | 40 | 39,955 | |||||||||
3 mo. LIBOR + 1.230%, 4.009%, 10/24/23 | 200 | 203,133 | ||||||||||
KBC Group NV, 3 mo. EURIBOR + 0.550% (d), |
| |||||||||||
0.24%, 11/24/22 | € | 200 | 223,898 | |||||||||
Mizuho Financial Group, Inc., 3 mo. EURIBOR + 0.500% (d), |
| |||||||||||
0.192%, 4/10/23 | 200 | 223,691 | ||||||||||
Morgan Stanley, 3 mo. LIBOR + 1.400% (d), |
| |||||||||||
4.179%, 10/24/23 | $ | 200 | 203,142 | |||||||||
NIBC Bank NV, 3 mo. EURIBOR + 0.500% (d), |
| |||||||||||
0.193%, 7/30/20 | € | 100 | 112,271 | |||||||||
Nordea Bank Abp, 3 mo. LIBOR + 0.940% (a)(b)(d), |
| |||||||||||
3.569%, 8/30/23 | $ | 200 | 197,377 | |||||||||
PNC Bank N.A., 3 mo. LIBOR + 0.500% (d), |
| |||||||||||
3.265%, 7/27/22 | 250 | 249,077 | ||||||||||
Regions Bank, 3 mo. LIBOR + 0.500% (d), |
| |||||||||||
3.188%, 8/13/21 | 250 | 248,715 | ||||||||||
Royal Bank of Scotland Group PLC, 3 mo. LIBOR + 1.470% (d), |
| |||||||||||
4.154%, 5/15/23 | 200 | 199,231 | ||||||||||
Sumitomo Mitsui Financial Group, Inc., 3 mo. LIBOR + 0.800% (d), |
| |||||||||||
3.579%, 10/16/23 | 200 | 200,460 | ||||||||||
SunTrust Bank, 3 mo. LIBOR + 0.590% (d), |
| |||||||||||
3.328%, 8/2/22 | 200 | 199,599 | ||||||||||
Toronto-Dominion Bank, 3 mo. LIBOR + 0.640% (d), |
| |||||||||||
3.401%, 7/19/23 | 200 | 200,341 | ||||||||||
U.S. Bancorp, 3 mo. LIBOR + 0.640% (d), |
| |||||||||||
3.419%, 1/24/22 | 225 | 226,025 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 147 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Principal Amount (000s) | Value | |||||||||||
Wells Fargo & Co. (d), |
| |||||||||||
3 mo. LIBOR + 1.110%, 3.889%, 1/24/23 | $ | 40 | $ | 40,449 | ||||||||
3 mo. LIBOR + 1.230%, 3.974%, 10/31/23 | 200 | 204,019 | ||||||||||
|
| |||||||||||
5,733,849 | ||||||||||||
|
| |||||||||||
Beverages—0.7% | ||||||||||||
Constellation Brands, Inc., 3 mo. LIBOR + 0.700% (d), |
| |||||||||||
3.384%, 11/15/21 | 100 | 100,169 | ||||||||||
|
| |||||||||||
Chemicals—1.3% | ||||||||||||
DowDuPont, Inc., 3 mo. LIBOR + 1.110% (d), |
| |||||||||||
3.794%, 11/15/23 | 200 | 200,413 | ||||||||||
|
| |||||||||||
Computers—0.3% |
| |||||||||||
Seagate HDD Cayman, |
| |||||||||||
4.875%, 3/1/24 | 50 | 49,761 | ||||||||||
|
| |||||||||||
Consumer Products—0.3% |
| |||||||||||
First Quality Finance Co., Inc. (a)(b), |
| |||||||||||
4.625%, 5/15/21 | 50 | 50,125 | ||||||||||
|
| |||||||||||
Containers & Packaging—1.5% |
| |||||||||||
Ball Corp., |
| |||||||||||
4.00%, 11/15/23 | 50 | 50,500 | ||||||||||
Crown European Holdings S.A, |
| |||||||||||
4.00%, 7/15/22 | € | 100 | 122,459 | |||||||||
Reynolds Group Issuer, Inc., 3 mo. LIBOR + 3.500% (a)(b)(d), |
| |||||||||||
6.287%, 7/15/21 | $ | 50 | 50,312 | |||||||||
|
| |||||||||||
223,271 | ||||||||||||
|
| |||||||||||
Diversified Financial Services—2.7% |
| |||||||||||
American Express Co., 3 mo. LIBOR + 0.750% (d), |
| |||||||||||
3.488%, 8/3/23 | 200 | 201,236 | ||||||||||
ICBCIL Finance Co., Ltd., 3 mo. LIBOR + 0.950% (d), |
| |||||||||||
3.634%, 5/15/21 | 200 | 199,176 | ||||||||||
|
| |||||||||||
400,412 | ||||||||||||
|
| |||||||||||
Electric Utilities—2.8% | ||||||||||||
NextEra Energy Capital Holdings, Inc., 3 mo. LIBOR + 0.550% (d), |
| |||||||||||
3.179%, 8/28/21 | 95 | 95,015 | ||||||||||
Perusahaan Listrik Negara PT, |
| |||||||||||
5.50%, 11/22/21 | 200 | 210,456 | ||||||||||
Sempra Energy, 3 mo. LIBOR + 0.450% (d), |
| |||||||||||
3.061%, 3/15/21 | 110 | 108,987 | ||||||||||
|
| |||||||||||
414,458 | ||||||||||||
|
| |||||||||||
Equity Real Estate Investment Trusts (REITs)—1.0% |
| |||||||||||
Digital Stout Holding LLC, |
| |||||||||||
4.75%, 10/13/23 | £ | 100 | 143,659 | |||||||||
|
| |||||||||||
Food & Beverage—0.5% |
| |||||||||||
Tesco PLC, |
| |||||||||||
6.125%, 2/24/22 | 50 | 72,390 | ||||||||||
|
| |||||||||||
Healthcare-Products—2.2% |
| |||||||||||
Becton Dickinson and Co., 3 mo. LIBOR + 1.030% (d), |
| |||||||||||
3.638%, 6/6/22 | $ | 100 | 100,293 | |||||||||
DH Europe Finance S.A., 3 mo. EURIBOR + 0.300% (d), |
| |||||||||||
1.00%, 6/30/22 | € | 200 | 222,667 | |||||||||
|
| |||||||||||
322,960 | ||||||||||||
|
| |||||||||||
Healthcare-Services—1.1% |
| |||||||||||
Centene Corp., |
| |||||||||||
4.75%, 5/15/22 | $ | 50 | 51,000 | |||||||||
HCA, Inc., |
| |||||||||||
7.50%, 2/15/22 | 50 | 55,265 | ||||||||||
Universal Health Services, Inc. (a)(b), |
| |||||||||||
4.75%, 8/1/22 | 50 | 50,662 | ||||||||||
|
| |||||||||||
156,927 | ||||||||||||
|
|
Principal Amount (000s) | Value | |||||||||||
Household Products—1.3% |
| |||||||||||
Reckitt Benckiser Treasury Services PLC, 3 mo. LIBOR + 0.560% (d), |
| |||||||||||
3.162%, 6/24/22 | $ | 200 | $ | 198,034 | ||||||||
|
| |||||||||||
Insurance—2.0% |
| |||||||||||
Allstate Corp., 3 mo. LIBOR + 0.630% (d), |
| |||||||||||
3.231%, 3/29/23 | 200 | 199,133 | ||||||||||
New York Life Global Funding, 3 mo. LIBOR + 0.520% (a)(b)(d), |
| |||||||||||
3.121%, 6/10/22 | 100 | 100,479 | ||||||||||
|
| |||||||||||
299,612 | ||||||||||||
|
| |||||||||||
Lodging—0.4% |
| |||||||||||
MGM Resorts International, |
| |||||||||||
6.625%, 12/15/21 | 50 | 53,563 | ||||||||||
|
| |||||||||||
Machinery-Construction & Mining—1.3% |
| |||||||||||
Caterpillar Financial Services Corp., 3 mo. LIBOR + 0.280% (d), |
| |||||||||||
2.887%, 9/7/21 | 200 | 199,835 | ||||||||||
|
| |||||||||||
Machinery-Diversified—1.7% |
| |||||||||||
John Deere Capital Corp. (d), |
| |||||||||||
3 mo. LIBOR + 0.480%, 3.075%, 9/8/22 | 50 | 49,989 | ||||||||||
3 mo. LIBOR + 0.550%, 3.157%, 6/7/23 | 200 | 199,892 | ||||||||||
|
| |||||||||||
249,881 | ||||||||||||
|
| |||||||||||
Media—2.3% |
| |||||||||||
Charter Communications Operating LLC, 3 mo. LIBOR + 1.650% (d), |
| |||||||||||
4.386%, 2/1/24 | 100 | 100,247 | ||||||||||
Comcast Corp. (d), |
| |||||||||||
3 mo. LIBOR + 0.440%, 3.032%, 10/1/21 | 200 | 200,680 | ||||||||||
3 mo. LIBOR + 0.630%, 3.417%, 4/15/24 | 40 | 39,958 | ||||||||||
|
| |||||||||||
340,885 | ||||||||||||
|
| |||||||||||
Miscellaneous Manufacturing—1.7% |
| |||||||||||
Siemens Financieringsmaatschappij NV, 3 mo. LIBOR + 0.610% (a)(b)(d), |
| |||||||||||
3.225%, 3/16/22 | 250 | 251,553 | ||||||||||
|
| |||||||||||
Oil, Gas & Consumable Fuels—4.1% |
| |||||||||||
ConocoPhillips Co., 3 mo. LIBOR + 0.900% (d), |
| |||||||||||
3.584%, 5/15/22 | 220 | 222,495 | ||||||||||
Lukoil International Finance BV, |
| |||||||||||
6.125%, 11/9/20 | 200 | 207,872 | ||||||||||
Petrobras Global Finance BV, |
| |||||||||||
5.875%, 3/7/22 | € | 100 | 126,526 | |||||||||
Sunoco L.P., |
| |||||||||||
4.875%, 1/15/23 | $ | 50 | 50,920 | |||||||||
|
| |||||||||||
607,813 | ||||||||||||
|
| |||||||||||
Pharmaceuticals—2.1% |
| |||||||||||
Cigna Corp., 3 mo. LIBOR + 0.890% (a)(b)(d), |
| |||||||||||
3.677%, 7/15/23 | 100 | 99,487 | ||||||||||
CVS Health Corp., 3 mo. LIBOR + 0.720% (d), |
| |||||||||||
3.321%, 3/9/21 | 170 | 170,411 | ||||||||||
Teva Pharmaceutical Finance Netherlands III BV, |
| |||||||||||
2.20%, 7/21/21 | 50 | 47,696 | ||||||||||
|
| |||||||||||
317,594 | ||||||||||||
|
| |||||||||||
Pipelines—1.0% |
| |||||||||||
Kinder Morgan, Inc., 3 mo. LIBOR + 1.280% (d), |
| |||||||||||
4.067%, 1/15/23 | 100 | 100,350 | ||||||||||
NGPL PipeCo LLC (a)(b), |
| |||||||||||
4.375%, 8/15/22 | 50 | 50,983 | ||||||||||
|
| |||||||||||
151,333 | ||||||||||||
|
| |||||||||||
Real Estate—0.8% |
| |||||||||||
Vonovia Finance BV, 3 mo. EURIBOR + 0.450% (d), |
| |||||||||||
0.141%, 12/22/22 | € | 100 | 111,581 | |||||||||
|
|
Principal Amount (000s) | Value | |||||||||||
Retail—2.0% |
| |||||||||||
Home Depot, Inc., 3 mo. LIBOR + 0.310% (d), |
| |||||||||||
2.936%, 3/1/22 | $ | 200 | $ | 200,097 | ||||||||
McDonald’s Corp., 3 mo. LIBOR + 0.430% (d), |
| |||||||||||
3.195%, 10/28/21 | 100 | 100,081 | ||||||||||
|
| |||||||||||
300,178 | ||||||||||||
|
| |||||||||||
Software—0.3% |
| |||||||||||
IQVIA, Inc. (a)(b), |
| |||||||||||
4.875%, 5/15/23 | 50 | 51,130 | ||||||||||
|
| |||||||||||
Telecommunications—2.9% |
| |||||||||||
AT&T, Inc., 3 mo. EURIBOR + 0.850% (d), |
| |||||||||||
0.541%, 9/5/23 | € | 100 | 112,069 | |||||||||
Deutsche Telekom International Finance BV, 3 mo. EURIBOR + 0.350% (d), |
| |||||||||||
0.04%, 12/1/22 | 100 | 112,137 | ||||||||||
Verizon Communications, Inc., 3 mo. LIBOR + 1.000% (d), |
| |||||||||||
3.615%, 3/16/22 | $ | 200 | 203,144 | |||||||||
|
| |||||||||||
427,350 | ||||||||||||
|
| |||||||||||
Total Corporate Bonds & Notes |
| 11,628,767 | ||||||||||
|
| |||||||||||
Mortgage-Backed Securities—8.4% |
| |||||||||||
280 Park Avenue Mortgage Trust, 1 mo. LIBOR + 0.880%, Series 2017-280P, Class A (b)(d), |
| |||||||||||
3.364%, 9/15/34 | 200 | 200,162 | ||||||||||
BX Commercial Mortgage Trust, 1 mo. LIBOR + 0.671%, Series 2018-BIOA, Class A (a)(b)(d), | ||||||||||||
3.155%, 3/15/37 | 150 | 148,931 | ||||||||||
BX Commercial Mortgage Trust2018-IND (a)(b)(d) |
| |||||||||||
, 1 mo. LIBOR + 0.750%, 3.234%, 11/15/35,Series 2018-IND, Class A | 164 | 163,323 | ||||||||||
1 mo. LIBOR + 0.671%, 3.384%, 11/15/35,Series 2018-IND, Class B | 82 | 81,687 | ||||||||||
CGDBB Commercial Mortgage Trust, 1 mo. LIBOR + 0.790%, Series 2017-BIOC, Class A (b)(d), | ||||||||||||
3.274%, 7/15/32 | 100 | 100,079 | ||||||||||
COMM Mortgage Trust, 1 mo. LIBOR + 0.850%,Series 2014-TWC, Class A (a)(b)(d), |
| |||||||||||
3.349%, 2/13/32 | 100 | 100,074 | ||||||||||
DBCG Mortgage Trust, 1 mo. LIBOR + 0.700%,Series 2017-BBG, Class A (a)(b)(d), |
| |||||||||||
3.184%, 6/15/34 | 200 | 199,394 | ||||||||||
Dutch Property Finance BV, 3 mo. EURIBOR + 0.680%, Series2017-1, Class A (d), |
| |||||||||||
0.374%, 1/28/48 | € | 152 | 170,491 | |||||||||
Motel 6 Trust, 1 mo. LIBOR + 0.920%,Series 2017-MTL6, Class A (b)(d), | ||||||||||||
3.404%, 8/15/34 | $ | 90 | 89,938 | |||||||||
|
| |||||||||||
Total Mortgage-Backed Securities |
| 1,254,079 | ||||||||||
|
| |||||||||||
Sovereign Debt Obligations—3.7% |
| |||||||||||
Colombia—1.3% |
| |||||||||||
Colombia Government International Bond, |
| |||||||||||
2.625%, 3/15/23 | 200 | 196,421 | ||||||||||
|
| |||||||||||
Dominican Republic—0.7% |
| |||||||||||
Dominican Republic International Bond, |
| |||||||||||
6.60%, 1/28/24 | 100 | 108,313 | ||||||||||
|
|
148 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Principal Amount (000s) | Value | |||||||||||
Saudi Arabia—1.7% |
| |||||||||||
Saudi Government International Bond, |
| |||||||||||
2.875%, 3/4/23 | $ | 250 | $ | 248,020 | ||||||||
|
| |||||||||||
Total Sovereign Debt Obligations (cost—$545,297) |
| 552,754 | ||||||||||
|
| |||||||||||
Asset-Backed Securities(b)—3.7% |
| |||||||||||
DB Master Finance LLC (a), |
| |||||||||||
3.787%, 5/20/49,Series 2019-1A Class A2I (c) |
| 50 | 50,116 | |||||||||
3.98%, 2/20/45,Series 2015-1A Class A2II | 96 | 96,108 | ||||||||||
Domino’s Pizza Master Issuer LLC, 3 mo. LIBOR + 1.250%, Series2017-1A Class A2I (a)(d), |
| |||||||||||
4.021%, 7/25/47 | 99 | 98,508 | ||||||||||
Taco Bell Funding LLC, Series2018-1A Class A2I (a), |
| |||||||||||
4.318%, 11/25/48 | 100 | 102,758 | ||||||||||
Vantage Data Centers Issuer LLC, Series2018-1A, Class A2, |
| |||||||||||
4.072%, 2/16/43 | 198 | 201,007 | ||||||||||
|
| |||||||||||
Total Asset-Backed Securities |
| 548,497 | ||||||||||
|
| |||||||||||
U.S. Government Agency Securities(d)—1.3% |
| |||||||||||
Fannie Mae, MBS, | ||||||||||||
1 mo. USD-LIBOR-BBA + 4.400%, |
| 70 | 78,417 |
Principal Amount (000s) | Value | |||||||||||
1 mo. USD-LIBOR-BBA + 5.250%, 7.736%, 10/25/23,Series 2013-C01, Class M2 | $ | 96 | $ | 108,790 | ||||||||
|
| |||||||||||
Total U.S. Government Agency Securities (cost—$187,535) |
| 187,207 | ||||||||||
|
| |||||||||||
Short-Term Investments—3.9% |
| |||||||||||
U.S. Treasury Obligation(e)—3.0% |
| |||||||||||
U.S. Treasury Bill, | 450 | $443,438 | ||||||||||
|
| |||||||||||
Repurchase Agreements—0.9% |
| |||||||||||
State Street Bank and Trust Co., dated 3/29/19, 0.50%, due 4/1/19, proceeds $135,006; collateralized by U.S. Treasury Notes, 1.875%, due 7/31/22, valued at $138,993 including accrued interest |
| |||||||||||
(cost—$135,000) | 135 | 135,000 | ||||||||||
|
| |||||||||||
Total Short-Term Investments (cost—$577,853) |
| 578,438 | ||||||||||
|
| |||||||||||
Total Investments (cost—$14,756,612)—99.2% |
| 14,749,742 | ||||||||||
|
| |||||||||||
Other assets less liabilities (f)—0.8% | 113,412 | |||||||||||
|
| |||||||||||
Net Assets—100.0% | $14,863,154 | |||||||||||
|
|
Notes to Schedule of Investments:
(a) Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $2,393,567, representing 16.1% of net assets.
(b) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $2,984,753, representing 20.1% of net assets.
(c) When-issued or delayed-delivery. To be settled/delivered after March 31, 2019.
(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, 2019.
(e) Rates reflect the effective yields at purchase date.
(f) Includes net unrealized appreciation (depreciation) of other financial instruments as follows:
Futures contracts outstanding at March 31, 2019: | ||||||||||||||||||||||
Type | Contracts | Expiration Date | Notional Amount (000s) | Market Value (000s) | Unrealized Depreciation | |||||||||||||||||
Short position contracts: |
| |||||||||||||||||||||
Euro-Schatz | (6 | ) | 6/6/19 | EUR | (600 | ) | $ | (754 | ) | $ | (1,144 | ) | ||||||||||
5-Year U.S. Treasury Note | (10 | ) | 6/28/19 | $ | (1,000 | ) | (1,158 | ) | (11,094 | ) | ||||||||||||
|
| |||||||||||||||||||||
$ | (12,238 | ) | ||||||||||||||||||||
|
|
Forward foreign currency contracts outstanding at March 31, 2019: | ||||||||||||||||
Description | Counterparty | U.S.$ Value on Origination Date | U.S.$ Value March 31, 2019 | Unrealized Appreciation | ||||||||||||
Sold: | ||||||||||||||||
417,561 British Pound settling 6/12/19 | Citibank N.A. | $ | 554,568 | $ | 545,770 | $ | 8,798 | |||||||||
2,196,033 Euro settling 6/12/19 | Citibank N.A. | 2,503,916 | 2,478,152 | 25,764 | ||||||||||||
|
| |||||||||||||||
$ | 34,562 | |||||||||||||||
|
|
(g) At March 31, 2019, the Fund pledged $9,178 in cash as collateral for futures contracts.
Glossary:
BBA—British Bankers’ Association
EUR/€—Euro
EURIBOR—Euro Inter-Bank Offered Rate
GBP/£—British Pound
LIBOR—London Inter-Bank Offered Rate
MBS—Mortgage-Backed Securities
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 149 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
AllianzGI Global Dynamic Allocation Fund
Shares | Value | |||||||
Common Stock—58.3% |
| |||||||
Australia—0.3% | ||||||||
BlueScope Steel Ltd. | 11,262 | $111,781 | ||||||
Breville Group Ltd. | 1,323 | 15,310 | ||||||
Brickworks Ltd. | 2,992 | 36,854 | ||||||
Cochlear Ltd. | 435 | 53,636 | ||||||
Coles Group Ltd. (j) | 3,306 | 27,817 | ||||||
Elders Ltd. | 7,988 | 34,484 | ||||||
Regis Resources Ltd. | 12,395 | 46,641 | ||||||
Rio Tinto Ltd. | 2,313 | 161,081 | ||||||
St. Barbara Ltd. | 13,172 | 31,519 | ||||||
Stockland REIT | 800 | 2,188 | ||||||
Vicinity Centres REIT | 1,738 | 3,209 | ||||||
Wesfarmers Ltd. | 2,595 | 63,902 | ||||||
|
| |||||||
588,422 | ||||||||
|
| |||||||
Austria—0.3% |
| |||||||
Austria Technologie & Systemtechnik AG | 1,363 | 23,440 | ||||||
Erste Group Bank AG | 7,041 | 258,782 | ||||||
EVN AG | 4,031 | 58,693 | ||||||
Flughafen Wien AG | 322 | 13,942 | ||||||
OMV AG | 2,555 | 138,740 | ||||||
POLYTEC Holding AG | 2,054 | 19,516 | ||||||
Raiffeisen Bank International AG | 2,232 | 50,136 | ||||||
S IMMO AG | 2,128 | 43,532 | ||||||
Telekom Austria AG | 3,344 | 24,325 | ||||||
|
| |||||||
631,106 | ||||||||
|
| |||||||
Belgium—0.0% |
| |||||||
Elia System Operator S.A. | 629 | 44,106 | ||||||
Recticel S.A. | 3,249 | 24,391 | ||||||
|
| |||||||
68,497 | ||||||||
|
| |||||||
Bermuda—0.0% |
| |||||||
Bank of NT Butterfield & Son Ltd. | 1,338 | 48,007 | ||||||
|
| |||||||
Brazil—0.4% |
| |||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 6,700 | 71,871 | ||||||
LOG Commercial Properties e Participacoes S.A. (j) | 1,125 | 4,879 | ||||||
MRV Engenharia e Participacoes S.A. | 15,600 | 55,741 | ||||||
Petroleo Brasileiro S.A. | 13,500 | 107,404 | ||||||
Qualicorp Consultoria e Corretora de Seguros S.A. | 10,500 | 42,050 | ||||||
Smiles Fidelidade S.A. | 1,200 | 14,619 | ||||||
Suzano Papel e Celulose S.A. | 18,452 | 219,378 | ||||||
Vale S.A. | 20,745 | 269,846 | ||||||
|
| |||||||
785,788 | ||||||||
|
| |||||||
Canada—2.1% |
| |||||||
Aecon Group, Inc. | 489 | 6,382 | ||||||
AGF Management Ltd., Class B | 7,791 | 31,541 | ||||||
Agnico Eagle Mines Ltd. | 1,905 | 82,823 | ||||||
Artis Real Estate Investment Trust REIT | 523 | 4,348 | ||||||
Baytex Energy Corp. (j) | 1,346 | 2,286 | ||||||
BCE, Inc. | 2,089 | 92,761 | ||||||
Bonavista Energy Corp. | 3,032 | 2,518 | ||||||
BRP, Inc. | 2,849 | 79,052 | ||||||
Canadian Apartment Properties REIT | 2,410 | 92,642 | ||||||
Canadian Imperial Bank of Commerce | 3,261 | 257,688 | ||||||
Canadian Tire Corp., Ltd., Class A | 1,023 | 110,227 |
Shares | Value | |||||||
Canfor Pulp Products, Inc. | 534 | $ | 5,950 | |||||
Cascades, Inc. | 2,172 | 13,555 | ||||||
Chorus Aviation, Inc. | 4,609 | 24,763 | ||||||
Cogeco Communications, Inc. | 2,543 | 162,397 | ||||||
Colliers International Group, Inc. | 986 | 65,866 | ||||||
Constellation Software, Inc. | 54 | 45,763 | ||||||
Corus Entertainment, Inc., Class B | 13,997 | 62,006 | ||||||
Crescent Point Energy Corp. | 346 | 1,121 | ||||||
Dollarama, Inc. | 1,607 | 42,870 | ||||||
Dream Global Real Estate Investment Trust REIT | 10,243 | 108,612 | ||||||
Dream Industrial Real Estate Investment Trust REIT | 5,600 | 49,993 | ||||||
ECN Capital Corp. | 1,240 | 4,018 | ||||||
Exchange Income Corp. | 3,541 | 87,680 | ||||||
Fairfax Financial Holdings Ltd. | 272 | 125,991 | ||||||
Genworth MI Canada, Inc. | 2,539 | 76,929 | ||||||
George Weston Ltd. | 2,080 | 149,562 | ||||||
Husky Energy, Inc. | 5,892 | 58,420 | ||||||
IA Financial Corp., Inc. | 2,401 | 88,541 | ||||||
Intact Financial Corp. | 360 | 30,463 | ||||||
Killam Apartment Real Estate Investment Trust REIT | 7,135 | 103,580 | ||||||
Laurentian Bank of Canada | 3,533 | 107,205 | ||||||
Loblaw Cos., Ltd. | 1,721 | 84,894 | ||||||
Magna International, Inc. | 1,835 | 89,350 | ||||||
Manulife Financial Corp. | 9,807 | 165,853 | ||||||
Martinrea International, Inc. | 7,956 | 72,038 | ||||||
Methanex Corp. | 1,380 | 78,379 | ||||||
National Bank of Canada | 2,856 | 128,892 | ||||||
Northview Apartment Real Estate Investment Trust REIT | 3,393 | 73,682 | ||||||
NorthWest Healthcare Properties Real Estate Investment Trust REIT | 9,038 | 78,859 | ||||||
Power Corp. of Canada | 6,096 | 142,142 | ||||||
Restaurant Brands International, Inc. | 2,702 | 175,927 | ||||||
Royal Bank of Canada | 3,133 | 236,367 | ||||||
Saputo, Inc. | 1,167 | 39,778 | ||||||
Teck Resources Ltd. Class B | 4,348 | 100,603 | ||||||
TMX Group Ltd. | 3,233 | 208,227 | ||||||
Toronto-Dominion Bank | 4,368 | 237,039 | ||||||
TransCanada Corp. | 3,803 | 170,806 | ||||||
Transcontinental, Inc., Class A, Class A | 9,307 | 116,516 | ||||||
Valener, Inc. | 739 | 14,461 | ||||||
West Fraser Timber Co., Ltd. | 1,158 | 56,325 | ||||||
|
| |||||||
4,447,691 | ||||||||
|
| |||||||
China—2.8% |
| |||||||
AAC Technologies Holdings, Inc. | 3,400 | 20,167 | ||||||
Agile Group Holdings Ltd. | 35,091 | 56,958 | ||||||
Agricultural Bank of China Ltd., Class H | 203,000 | 93,840 | ||||||
Alibaba Group Holding Ltd. ADR (j) | 2,790 | 509,035 | ||||||
Anhui Conch Cement Co., Ltd., Class H | 15,500 | 94,843 | ||||||
Baidu, Inc. ADR (j) | 932 | 153,640 | ||||||
Bank of China Ltd., Class H | 546,000 | 248,141 | ||||||
Bank of Communications Co., Ltd., Class H | 117,039 | 96,019 | ||||||
Beijing Enterprises Holdings Ltd. | 23,500 | 133,443 |
Shares | Value | |||||||
BOC Aviation Ltd. (b) | 30,300 | $ | 247,313 | |||||
BYD Electronic International Co., Ltd. | 41,818 | 54,079 | ||||||
China CITIC Bank Corp., Ltd., Class H | 218,000 | 139,011 | ||||||
China Communications Services Corp., Ltd., Class H | 52,000 | 46,463 | ||||||
China Construction Bank Corp., Class H | 485,064 | 416,364 | ||||||
China Dongxiang Group Co., Ltd. | 43,117 | �� | 6,268 | |||||
China Everbright Greentech Ltd. (b) | 35,000 | 27,825 | ||||||
China Evergrande Group | 12,483 | 41,575 | ||||||
China Huarong Asset Management Co., Ltd., Class H (b) | 190,000 | 40,483 | ||||||
China Lumena New Materials Corp. (e)(f)(j) | 1,772 | 34 | ||||||
China Mobile Ltd. | 27,500 | 280,619 | ||||||
China Petroleum & Chemical Corp., Class H | 223,800 | 177,622 | ||||||
China Southern Airlines Co., Ltd., Class H | 57,154 | 51,141 | ||||||
China Yuchai International Ltd. | 3,015 | 47,788 | ||||||
China Zhongwang Holdings Ltd. | 114,800 | 62,638 | ||||||
Chongqing Rural Commercial Bank Co., Ltd., Class H | 6,488 | 3,755 | ||||||
CITIC Ltd. | 64,000 | 95,675 | ||||||
Country Garden Holdings Co., Ltd. | 45,000 | 70,458 | ||||||
Country Garden Services Holdings Co., Ltd. (j) | 5,172 | 9,657 | ||||||
CSPC Pharmaceutical Group Ltd. | 32,000 | 59,620 | ||||||
EVA Precision Industrial Holdings Ltd. | 20,236 | 2,269 | ||||||
Fosun International Ltd. | 30,000 | 50,971 | ||||||
Guangzhou Automobile Group Co., Ltd., Class H | 88,809 | 105,107 | ||||||
Guangzhou R&F Properties Co., Ltd., Class H | 2,881 | 6,249 | ||||||
Hopewell Highway Infrastructure Ltd. | 21,000 | 11,319 | ||||||
Hua Hong Semiconductor Ltd. (b) | 51,000 | 119,898 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 406,000 | 298,160 | ||||||
Jiangsu Expressway Co., Ltd., Class H | 5,189 | 7,342 | ||||||
Jiayuan International Group Ltd. | 20,000 | 10,580 | ||||||
Ju Teng International Holdings Ltd. | 4,744 | 1,348 | ||||||
Kingboard Holdings Ltd. | 14,000 | 49,726 | ||||||
Lee & Man Paper Manufacturing Ltd. | 48,517 | 41,398 | ||||||
Longfor Group Holdings Ltd. | 14,845 | 52,360 | ||||||
Nexteer Automotive Group Ltd. | 39,000 | 48,289 | ||||||
Orient Securities Co., Ltd., Class H (b) | 21,600 | 17,349 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 14,000 | 157,615 |
150 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Shares | Value | |||||||
Postal Savings Bank of China Co., Ltd., Class H (b) | 71,000 | $ | 40,653 | |||||
Shanghai Industrial Holdings Ltd. | 43,000 | 101,343 | ||||||
Shenzhen Expressway Co., Ltd., Class H | 64,274 | 75,392 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 185,000 | 44,845 | ||||||
Sinopec Shanghai Petrochemical Co., Ltd., Class H | 91,380 | 43,569 | ||||||
Sinopharm Group Co., Ltd., Class H | 15,921 | 66,381 | ||||||
Sinotrans Ltd., Class H | 45,000 | 19,352 | ||||||
Sinotruk Hong Kong Ltd. | 33,500 | 71,499 | ||||||
Tencent Holdings Ltd. | 21,281 | 978,666 | ||||||
Tianneng Power International Ltd. | 78,342 | 70,571 | ||||||
Tong Ren Tang Technologies Co., Ltd., Class H | 2,726 | 3,664 | ||||||
Want Want China Holdings Ltd. | 97,000 | 80,692 | ||||||
XTEP International Holdings Ltd. | 7,651 | 5,473 | ||||||
Yuzhou Properties Co., Ltd. | 133,088 | 80,510 | ||||||
YY, Inc. ADR (j) | 657 | 55,195 | ||||||
|
| |||||||
6,002,259 | ||||||||
|
| |||||||
Colombia—0.1% |
| |||||||
Bancolombia S.A. | 12,731 | 158,138 | ||||||
Corp. Financiera Colombiana S.A. (j) | 346 | 2,876 | ||||||
|
| |||||||
161,014 | ||||||||
|
| |||||||
Czech Republic—0.1% |
| |||||||
CEZ AS | 1,419 | 33,346 | ||||||
O2 Czech Republic AS | 1,665 | 18,053 | ||||||
Philip Morris CR AS | 93 | 63,855 | ||||||
|
| |||||||
115,254 | ||||||||
|
| |||||||
Denmark—0.1% |
| |||||||
Demant A/S (j) | 2,119 | 62,715 | ||||||
Solar A/S, Class B | 111 | 4,737 | ||||||
Spar Nord Bank A/S | 377 | 3,305 | ||||||
Topdanmark A/S | 944 | 47,163 | ||||||
|
| |||||||
117,920 | ||||||||
|
| |||||||
Finland—0.2% |
| |||||||
Cramo Oyj | 1,938 | 38,109 | ||||||
Elisa Oyj | 1,437 | 64,833 | ||||||
Finnair Oyj | 2,810 | 25,310 | ||||||
Metsa Board Oyj | 429 | 2,634 | ||||||
Neste Oyj | 1,092 | 116,408 | ||||||
Oriola Oyj, Class B | 700 | 1,841 | ||||||
Stora Enso Oyj, Class R | 8,051 | 98,570 | ||||||
UPM-Kymmene Oyj | 5,669 | 165,574 | ||||||
|
| |||||||
513,279 | ||||||||
|
| |||||||
France—2.4% |
| |||||||
AirFrance-KLM (j) | 6,444 | 72,474 | ||||||
AKWEL | 1,628 | 26,334 | ||||||
APERAM S.A. | 51 | 1,455 | ||||||
ArcelorMittal | 6,246 | 126,758 | ||||||
Atos SE | 1,785 | 172,321 | ||||||
AXA S.A. | 14,844 | 373,340 | ||||||
Beneteau S.A. | 1,793 | 21,027 | ||||||
BioMerieux | 661 | 54,671 | ||||||
Boiron S.A. | 31 | 1,823 | ||||||
Capgemini SE | 1,008 | 122,313 | ||||||
Cegereal S.A. REIT | 793 | 36,471 | ||||||
Cie Generale des Etablissements Michelin SCA | 2,044 | 241,486 | ||||||
CNP Assurances | 6,732 | 148,225 |
Shares | Value | |||||||
Coface S.A. | 3,416 | $ | 30,204 | |||||
Derichebourg S.A. | 4,537 | 18,452 | ||||||
Eiffage S.A. | 2,917 | 280,405 | ||||||
Engie S.A. | 17,107 | 255,114 | ||||||
Faurecia S.A. | 1,794 | 75,519 | ||||||
Interparfums S.A. | 999 | 54,312 | ||||||
Kering S.A. | 375 | 215,101 | ||||||
Klepierre S.A. REIT | 3,928 | 137,437 | ||||||
L’Oreal S.A. | 1,022 | 275,216 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 912 | 335,920 | ||||||
Metropole Television S.A. | 5,408 | 99,767 | ||||||
Nexity S.A. | 322 | 15,717 | ||||||
Orange S.A. | 17,649 | 287,732 | ||||||
Orpea | 359 | 43,106 | ||||||
Peugeot S.A. | 7,196 | 175,594 | ||||||
Renault S.A. | 1,527 | 100,962 | ||||||
Rubis SCA | 80 | 4,367 | ||||||
Sanofi | 3,635 | 321,422 | ||||||
SCOR SE | 1,468 | 62,525 | ||||||
SEB S.A. | 19 | 3,199 | ||||||
STMicroelectronics NV | 4,337 | 64,328 | ||||||
Total S.A. | 7,680 | 427,386 | ||||||
Vinci S.A. | 4,011 | 390,278 | ||||||
|
| |||||||
5,072,761 | ||||||||
|
| |||||||
Germany—0.7% |
| |||||||
Bayer AG | 1,347 | 86,736 | ||||||
Bayerische Motoren Werke AG | 1,321 | 102,000 | ||||||
Covestro AG (b) | 2,079 | 114,701 | ||||||
Deutsche Lufthansa AG | 7,221 | 158,725 | ||||||
Deutsche Telekom AG | 13,865 | 230,342 | ||||||
Fresenius SE & Co. KGaA | 568 | 31,747 | ||||||
Hella GmbH & Co. KGaA | 605 | 26,648 | ||||||
MTU Aero Engines AG | 480 | 108,797 | ||||||
Rheinmetall AG | 518 | 54,076 | ||||||
Rhoen Klinikum AG | 147 | 4,235 | ||||||
Sixt SE | 37 | 3,870 | ||||||
Stroeer SE & Co. KGaA | 580 | 33,992 | ||||||
TAG Immobilien AG | 2,482 | 61,300 | ||||||
Talanx AG (j) | 4,345 | 167,693 | ||||||
Vonovia SE | 4,316 | 223,981 | ||||||
WCM Beteiligungs & Grundbesitz AG (j) | 1,866 | 9,775 | ||||||
Wuestenrot & Wuerttembergische AG | 1,560 | 29,959 | ||||||
|
| |||||||
1,448,577 | ||||||||
|
| |||||||
Greece—0.0% |
| |||||||
FF Group (e)(f)(j) | 4,956 | — | ||||||
Hellenic Petroleum S.A. | 4,186 | 40,208 | ||||||
Mytilineos Holdings S.A. | 3,431 | 34,700 | ||||||
|
| |||||||
74,908 | ||||||||
|
| |||||||
Hong Kong—0.6% |
| |||||||
AIA Group Ltd. | 19,200 | 191,996 | ||||||
Cathay Pacific Airways Ltd. | 1,543 | 2,701 | ||||||
CK Hutchison Holdings Ltd. | 1,297 | 13,638 | ||||||
CLP Holdings Ltd. | 22,781 | 264,227 | ||||||
Dah Sing Banking Group Ltd. | 1,623 | 3,051 | ||||||
Fairwood Holdings Ltd. | 3,500 | 12,332 | ||||||
Global Brands Group Holding Ltd. (j) | 614,000 | 8,374 | ||||||
Hang Seng Bank Ltd. | 1,300 | 32,101 | ||||||
IT Ltd. | 114,000 | 52,797 | ||||||
Johnson Electric Holdings Ltd. | 34,000 | 78,839 | ||||||
Kerry Properties Ltd. | 17,243 | 77,090 | ||||||
Link REIT | 14,992 | 175,521 | ||||||
Minth Group Ltd. | 13,315 | 41,984 | ||||||
Regal Hotels International Holdings Ltd. | 38,000 | 23,860 | ||||||
Swire Pacific Ltd., Class A | 4,656 | 59,974 |
Shares | Value | |||||||
VSTECS Holdings Ltd. | 46,000 | $ | 26,803 | |||||
WH Group Ltd. (b) | 101,500 | 108,567 | ||||||
Wharf Real Estate Investment Co., Ltd. | 9,000 | 67,074 | ||||||
Xinyi Glass Holdings Ltd. | 44,292 | 50,861 | ||||||
Yue Yuen Industrial Holdings Ltd. | 698 | 2,403 | ||||||
|
| |||||||
1,294,193 | ||||||||
|
| |||||||
Hungary—0.2% |
| |||||||
Magyar Telekom Telecommunications PLC | 87,892 | 141,947 | ||||||
MOL Hungarian Oil & Gas PLC | 5,194 | 59,563 | ||||||
OTP Bank Nyrt | 4,055 | 178,768 | ||||||
Richter Gedeon Nyrt | 2,101 | 39,693 | ||||||
|
| |||||||
419,971 | ||||||||
|
| |||||||
India—0.0% |
| |||||||
Genpact Ltd. | 1,385 | 48,724 | ||||||
|
| |||||||
Indonesia—0.2% |
| |||||||
Bank Negara Indonesia Persero Tbk PT | 257,655 | 170,528 | ||||||
Bank Tabungan Negara Persero Tbk PT | 343,400 | 59,042 | ||||||
Indo Tambangraya Megah Tbk PT | 33,400 | 56,231 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 419,700 | 116,009 | ||||||
Unilever Indonesia Tbk PT | 23,400 | 80,977 | ||||||
|
| |||||||
482,787 | ||||||||
|
| |||||||
Ireland—0.1% |
| |||||||
Accenture PLC, Class A | 654 | 115,117 | ||||||
Horizon Pharma PLC (j) | 462 | 12,211 | ||||||
Irish Residential Properties REIT PLC | 5,191 | 9,259 | ||||||
Origin Enterprises PLC | 2,219 | 13,092 | ||||||
|
| |||||||
149,679 | ||||||||
|
| |||||||
Israel—0.3% |
| |||||||
B Communications Ltd. (j) | 1,705 | 3,582 | ||||||
Bank Hapoalim BM | 12,042 | 80,027 | ||||||
Bank LeumiLe-Israel BM | 24,134 | 158,115 | ||||||
Equital Ltd. (j) | 1,610 | 46,054 | ||||||
First International Bank of Israel Ltd. | 3,430 | 80,983 | ||||||
Harel Insurance Investments & Financial Services Ltd. | 5,173 | 34,160 | ||||||
Hilan Ltd. | 2,961 | 80,575 | ||||||
Ituran Location and Control Ltd. | 2,028 | 69,256 | ||||||
Mizrahi Tefahot Bank Ltd. | 2,617 | 53,937 | ||||||
Shufersal Ltd. | 3,759 | 24,306 | ||||||
Teva Pharmaceutical Industries Ltd. ADR (j) | 6,279 | 98,455 | ||||||
|
| |||||||
729,450 | ||||||||
|
| |||||||
Italy—0.7% |
| |||||||
Amplifon SpA | 4,460 | 87,038 | ||||||
ASTM SpA | 1,590 | 43,301 | ||||||
Cementir Holding SpA | 4,685 | 33,080 | ||||||
Enel SpA | 66,773 | 427,868 | ||||||
Eni SpA | 9,146 | 161,596 | ||||||
Fila SpA | 543 | 7,772 | ||||||
Intesa Sanpaolo SpA | 66,054 | 161,206 | ||||||
Iren SpA | 18,717 | 47,783 | ||||||
La Doria SpA | 2,524 | 22,792 | ||||||
Maire Tecnimont SpA | 7,699 | 29,367 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 7,246 | 75,446 | ||||||
Prima Industrie SpA | 831 | 18,463 | ||||||
Snam SpA | 14,553 | 74,863 | ||||||
Telecom Italia SpA (j) | 269,183 | 167,659 | ||||||
Unipol Gruppo SpA | 15,252 | 76,082 | ||||||
|
| |||||||
1,434,316 | ||||||||
|
|
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 151 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Shares | Value | |||||||
Japan—4.4% |
| |||||||
ADEKA Corp. | 26 | $ | 382 | |||||
AGC, Inc. | 2,200 | 77,276 | ||||||
Aida Engineering Ltd. | 142 | 1,027 | ||||||
ANA Holdings, Inc. | 2,945 | 108,045 | ||||||
Aoyama Trading Co., Ltd. | 111 | 2,525 | ||||||
Asahi Group Holdings Ltd. | 1,900 | 84,813 | ||||||
Astellas Pharma, Inc. | 9,392 | 141,122 | ||||||
Bandai Namco Holdings, Inc. | 1,600 | 75,121 | ||||||
BML, Inc. | 518 | 15,046 | ||||||
Brother Industries Ltd. | 5,500 | 102,149 | ||||||
Canon, Inc. | 11,610 | 337,097 | ||||||
Chubu Electric Power Co., Inc. | 11,500 | 179,781 | ||||||
Concordia Financial Group Ltd. | 16,000 | 61,862 | ||||||
Daiichi Sankyo Co., Ltd. | 2,647 | 122,232 | ||||||
Daito Pharmaceutical Co., Ltd. | 152 | 3,797 | ||||||
DCM Holdings Co., Ltd. | 4,225 | 39,407 | ||||||
Doutor Nichires Holdings Co., Ltd. | 1,851 | 35,190 | ||||||
DTS Corp. | 399 | 14,775 | ||||||
DyDo Group Holdings, Inc. | 326 | 14,712 | ||||||
EDION Corp. | 2,473 | 21,599 | ||||||
Eizo Corp. | 1,500 | 59,764 | ||||||
EPS Holdings, Inc. | 700 | 11,706 | ||||||
Exedy Corp. | 2,074 | 45,055 | ||||||
FANUC Corp. | 800 | 136,811 | ||||||
Fuji Oil Holdings, Inc. | 1,616 | 55,401 | ||||||
Fuji Soft, Inc. | 272 | 10,788 | ||||||
FUJIFILM Holdings Corp. | 2,521 | 114,827 | ||||||
Fukuoka Financial Group, Inc. | 2,800 | 62,176 | ||||||
Fukuyama Transporting Co., Ltd. | 345 | 13,304 | ||||||
Furukawa Electric Co., Ltd. | 1,200 | 30,370 | ||||||
Gecoss Corp. | 5,200 | 48,697 | ||||||
Geo Holdings Corp. | 536 | 7,453 | ||||||
Hankyu Hanshin Holdings, Inc. | 1,470 | 55,180 | ||||||
Hitachi Ltd. | 6,400 | 207,940 | ||||||
Hogy Medical Co., Ltd. | 278 | 9,815 | ||||||
Honda Motor Co., Ltd. | 11,400 | 309,633 | ||||||
Honeys Holdings Co., Ltd. | 39 | 389 | ||||||
ITOCHU Corp. | 12,377 | 224,318 | ||||||
Japan Airlines Co., Ltd. | 2,920 | 102,899 | ||||||
JFE Holdings, Inc. | 4,000 | 68,083 | ||||||
JXTG Holdings, Inc. | 20,500 | 93,581 | ||||||
Kagome Co., Ltd. | 1,800 | 50,671 | ||||||
Kajima Corp. | 4,800 | 71,005 | ||||||
Kamei Corp. | 3,000 | 32,005 | ||||||
Kansai Electric Power Co., Inc. | 7,700 | 113,553 | ||||||
Keyence Corp. | 300 | 187,558 | ||||||
Komatsu Ltd. | 5,000 | 116,618 | ||||||
Konica Minolta, Inc. | 9,100 | 89,727 | ||||||
Kyokuto Kaihatsu Kogyo Co., Ltd. | 2,700 | 36,187 | ||||||
Kyowa Exeo Corp. | 1,900 | 52,562 | ||||||
Kyudenko Corp. | 1,300 | 40,846 | ||||||
LaSalle Logiport REIT | 35 | 34,605 | ||||||
Marubeni Corp. | 24,000 | 166,402 | ||||||
Mazda Motor Corp. | 14,800 | 165,936 | ||||||
Mitsubishi Chemical Holdings Corp. | 11,506 | 81,262 | ||||||
Mitsubishi Corp. | 11,200 | 311,822 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 271 | 3,882 | ||||||
Mitsubishi Tanabe Pharma Corp. | 5,186 | 69,463 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 43,885 | 217,046 | ||||||
Mitsuboshi Belting Ltd. | 71 | 1,265 | ||||||
Mitsui & Co., Ltd. | 20,800 | 323,657 | ||||||
Mitsui Sugar Co., Ltd. | 3,500 | 86,255 | ||||||
NEC Networks & System Integration Corp. | 765 | 18,509 |
Shares | Value | |||||||
NET One Systems Co., Ltd. | 2,300 | $ | 58,163 | |||||
Nichias Corp. | 1,198 | 23,790 | ||||||
Nidec Corp. | 1,100 | 140,068 | ||||||
Nihon Unisys Ltd. | 2,421 | 64,275 | ||||||
Nintendo Co., Ltd. | 400 | 114,676 | ||||||
Nippon Road Co., Ltd. | 800 | 47,091 | ||||||
Nippon Telegraph & Telephone Corp. | 8,908 | 379,758 | ||||||
Nissan Motor Co., Ltd. | 30,059 | 246,849 | ||||||
Nisshin Oillio Group Ltd. | 692 | 20,475 | ||||||
NS United Kaiun Kaisha Ltd. | 1,900 | 40,768 | ||||||
NTT Data Corp. | 6,515 | 72,028 | ||||||
NTT DOCOMO, Inc. | 9,843 | 218,157 | ||||||
Obayashi Corp. | 4,027 | 40,587 | ||||||
Pacific Industrial Co., Ltd. | 224 | 3,159 | ||||||
Prima Meat Packers Ltd. | 2,892 | 53,740 | ||||||
Raito Kogyo Co., Ltd. | 1,663 | 22,468 | ||||||
Recruit Holdings Co., Ltd. | 3,400 | 97,479 | ||||||
Rohm Co., Ltd. | 1,600 | 100,248 | ||||||
Rohto Pharmaceutical Co., Ltd. | 1,500 | 38,657 | ||||||
S Foods, Inc. | 772 | 28,323 | ||||||
Sanyo Special Steel Co., Ltd. | 182 | 3,738 | ||||||
Sawai Pharmaceutical Co., Ltd. | 925 | 53,651 | ||||||
Sekisui House Ltd. | 3,300 | 54,686 | ||||||
Senko Group Holdings Co., Ltd. | 1,796 | 14,935 | ||||||
Shibaura Electronics Co., Ltd. | 200 | 6,836 | ||||||
SoftBank Group Corp. | 4,500 | 438,645 | ||||||
Sojitz Corp. | 17,884 | 63,191 | ||||||
Sony Corp. | 5,900 | 249,105 | ||||||
Stella Chemifa Corp. | 1,511 | 41,626 | ||||||
Sumitomo Dainippon Pharma Co., Ltd. | 3,568 | 88,554 | ||||||
Takasago Thermal Engineering Co., Ltd. | 397 | 6,405 | ||||||
Takeda Pharmaceutical Co., Ltd. | 3,043 | 124,618 | ||||||
Teijin Ltd. | 4,000 | 66,144 | ||||||
Toho Co., Ltd. | 1,600 | 64,363 | ||||||
Tokyo Electron Ltd. | 400 | 58,023 | ||||||
Toray Industries, Inc. | 4,826 | 30,797 | ||||||
Toshiba Plant Systems & Services Corp. | 2,000 | 35,520 | ||||||
Towa Pharmaceutical Co., Ltd. | 414 | 10,918 | ||||||
Toyota Motor Corp. | 8,951 | 527,310 | ||||||
Tv Tokyo Holdings Corp. | 266 | 5,600 | ||||||
Unipres Corp. | 317 | 4,965 | ||||||
Wacoal Holdings Corp. | 298 | 7,419 | ||||||
West Japan Railway Co. | 1,101 | 82,956 | ||||||
Yakult Honsha Co., Ltd. | 1,000 | 70,114 | ||||||
Yamaha Motor Co., Ltd. | 2,900 | 57,044 | ||||||
Yomiuri Land Co., Ltd. | 900 | 35,166 | ||||||
Yorozu Corp. | 259 | 3,391 | ||||||
Yoshinoya Holdings Co., Ltd. | 1,475 | 23,828 | ||||||
Yurtec Corp. | 132 | 968 | ||||||
|
| |||||||
9,418,259 | ||||||||
|
| |||||||
Korea (Republic of)—1.3% |
| |||||||
CJ Hello Co., Ltd. | 889 | 7,258 | ||||||
Daekyo Co., Ltd. | 777 | 4,240 | ||||||
DGB Financial Group, Inc. | 12,331 | 88,827 | ||||||
Easy Bio, Inc. | 559 | 3,395 | ||||||
GS Holdings Corp. | 1,215 | 56,592 | ||||||
Hana Financial Group, Inc. | 2,429 | 77,990 | ||||||
Hansol Paper Co., Ltd. | 477 | 6,207 | ||||||
Hanwha Chemical Corp. | 4,949 | 91,418 | ||||||
HDC Holdings Co., Ltd. | 757 | 12,672 | ||||||
HDC Hyundai DevelopmentCo-Engineering & Construction (j) | 1,058 | 47,318 | ||||||
Hyundai Department Store Co., Ltd. | 793 | 70,683 |
Shares | Value | |||||||
Hyundai Engineering Plastics Co., Ltd. | 864 | $ | 3,293 | |||||
Hyundai Steel Co. | 1,889 | 74,903 | ||||||
Industrial Bank of Korea | 5,202 | 64,410 | ||||||
KB Financial Group, Inc. | 2,880 | 106,566 | ||||||
KC Co., Ltd. | 70 | 970 | ||||||
KC Tech Co., Ltd. | 103 | 1,520 | ||||||
KT Corp. | 221 | 5,333 | ||||||
KT&G Corp. | 670 | 61,095 | ||||||
Kukdo Chemical Co., Ltd. | 130 | 5,505 | ||||||
LG Corp. | 831 | 56,766 | ||||||
LG Electronics, Inc. | 1,946 | 129,034 | ||||||
LG Uplus Corp. | 5,641 | 76,825 | ||||||
Lotte Chemical Corp. | 167 | 42,845 | ||||||
LS Corp. | 973 | 44,922 | ||||||
Macquarie Korea Infrastructure Fund | 4,385 | 41,142 | ||||||
OCI Co., Ltd. | 553 | 45,388 | ||||||
POSCO | 1,132 | 252,775 | ||||||
Samjin Pharmaceutical Co., Ltd. | 320 | 10,778 | ||||||
Samsung Electronics Co., Ltd. | 2,637 | 104,011 | ||||||
Samsung Electronics Co., Ltd. GDR | 569 | 558,189 | ||||||
Shinhan Financial Group Co., Ltd. | 4,196 | 155,807 | ||||||
SK Innovation Co., Ltd. | 855 | 135,256 | ||||||
SK Telecom Co., Ltd. | 604 | 133,767 | ||||||
Ubiquoss Holdings, Inc. (j) | 442 | 6,298 | ||||||
Ubiquoss, Inc. | 140 | 4,091 | ||||||
Woori Financial Group, Inc. | 7,482 | 90,633 | ||||||
|
| |||||||
2,678,722 | ||||||||
|
| |||||||
Malaysia—0.3% |
| |||||||
AirAsia Group Bhd. | 65,300 | 42,624 | ||||||
Ann Joo Resources Bhd. | 32,300 | 12,444 | ||||||
CIMB Group Holdings Bhd. | 95,200 | 120,301 | ||||||
Genting Bhd. | 36,500 | 59,443 | ||||||
Genting Malaysia Bhd. | 64,400 | 50,586 | ||||||
Hong Leong Financial Group Bhd. | 14,500 | 68,157 | ||||||
KNM Group Bhd. (j) | 31,700 | 895 | ||||||
Malayan Banking Bhd. | 32,400 | 73,623 | ||||||
Maxis Bhd. | 3,200 | 4,207 | ||||||
MISC Bhd. | 17,300 | 28,397 | ||||||
Public Bank Bhd. | 8,100 | 45,987 | ||||||
Supermax Corp. Bhd. | 40,200 | 14,521 | ||||||
Tenaga Nasional Bhd. | 20,800 | 64,622 | ||||||
VS Industry Bhd. | 70,375 | 18,482 | ||||||
|
| |||||||
604,289 | ||||||||
|
| |||||||
Mexico—0.2% |
| |||||||
Alfa S.A.B de C.V., Class A (j) | 62,800 | 66,585 | ||||||
Banco del Bajio S.A. (b) | 12,600 | 25,024 | ||||||
El Puerto de Liverpool S.A.B de C.V. | 9,800 | 61,859 | ||||||
Grupo Aeroportuario del Pacifico S.A.B de C.V. ADR | 47 | 4,182 | ||||||
Grupo Financiero Banorte S.A.B de C.V., Class O | 13,900 | 75,514 | ||||||
Grupo Lala S.A.B de C.V. | 4,496 | 5,830 | ||||||
Industrias Bachoco S.A.B de C.V. ADR | 1,280 | 59,008 | ||||||
Macquarie Mexico Real Estate Management S.A. de C.V. | 62,700 | 68,449 | ||||||
Wal-Mart de Mexico S.A.B de C.V. | 51,200 | 136,875 | ||||||
|
| |||||||
503,326 | ||||||||
|
| |||||||
Morocco—0.0% |
| |||||||
Douja Promotion Groupe Addoha S.A. | 3,431 | 4,123 | ||||||
|
|
152 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Shares | Value | |||||||
Netherlands—0.8% |
| |||||||
Aegon NV | 14,747 | $ | 70,837 | |||||
AerCap Holdings NV (j) | 2,098 | 97,641 | ||||||
AMG Advanced Metallurgical Group NV | 879 | 27,406 | ||||||
ASML Holding NV | 1,326 | 249,221 | ||||||
ASR Nederland NV | 5,292 | 220,498 | ||||||
BE Semiconductor Industries NV | 1,542 | 41,167 | ||||||
Coca-Cola European Partners PLC | 3,298 | 170,638 | ||||||
ING Groep NV | 19,773 | 239,595 | ||||||
Koninklijke Ahold Delhaize NV | 14,337 | 381,705 | ||||||
Koninklijke DSM NV | 578 | 63,051 | ||||||
Koninklijke Volkerwessels NV | 2,060 | 42,473 | ||||||
NN Group NV | 1,623 | 67,527 | ||||||
Signify NV (b) | 1,865 | 49,896 | ||||||
Vastned Retail NV REIT | 232 | 8,991 | ||||||
|
| |||||||
1,730,646 | ||||||||
|
| |||||||
New Zealand—0.2% |
| |||||||
Air New Zealand Ltd. | 80,996 | 139,935 | ||||||
Arvida Group Ltd. | 9,216 | 8,164 | ||||||
Auckland International Airport Ltd. | 9,910 | 54,977 | ||||||
FonterraCo-operative Group Ltd. UNIT | 2,607 | 7,548 | ||||||
Kiwi Property Group Ltd. REIT | 1,590 | 1,609 | ||||||
Metlifecare Ltd. | 25,550 | 86,871 | ||||||
Oceania Healthcare Ltd. | 38,432 | 26,449 | ||||||
Summerset Group Holdings Ltd. | 16,553 | 74,418 | ||||||
Tourism Holdings Ltd. | 3,164 | 10,218 | ||||||
|
| |||||||
410,189 | ||||||||
|
| |||||||
Norway—0.4% |
| |||||||
Austevoll Seafood ASA | 5,188 | 61,432 | ||||||
Avance Gas Holding Ltd. (b)(j) | 97 | 194 | ||||||
B2Holding ASA | 15,516 | 21,774 | ||||||
Evry AS (b) | 10,544 | 38,907 | ||||||
Frontline Ltd. (j) | 6,296 | 40,248 | ||||||
Leroy Seafood Group ASA | 6,270 | 45,552 | ||||||
Mowi ASA | 705 | 15,750 | ||||||
Norsk Hydro ASA | 26,959 | 109,637 | ||||||
Norwegian Finans Holding ASA (j) | 6,317 | 49,112 | ||||||
Orkla ASA | 4,764 | 36,586 | ||||||
Salmar ASA | 2,412 | 115,854 | ||||||
Sparebank 1 Nord Norge | 7,721 | 57,055 | ||||||
SpareBank 1 SMN | 7,418 | 75,183 | ||||||
Telenor ASA | 8,132 | 162,835 | ||||||
|
| |||||||
830,119 | ||||||||
|
| |||||||
Peru—0.0% |
| |||||||
Ferreycorp SAA | 34,967 | 26,033 | ||||||
Volcan Cia Minera SAA, Class B | 76,624 | 14,320 | ||||||
|
| |||||||
40,353 | ||||||||
|
| |||||||
Philippines—0.2% |
| |||||||
Bloomberry Resorts Corp. | 101,900 | 23,291 | ||||||
Cebu Air, Inc. | 28,120 | 44,451 | ||||||
DMCI Holdings, Inc. | 437,900 | 100,073 | ||||||
Filinvest Land, Inc. | 828,000 | 23,968 | ||||||
Globe Telecom, Inc. | 2,315 | 85,440 | ||||||
San Miguel Corp. | 10,250 | 33,988 | ||||||
Vista Land & Lifescapes, Inc. | 443,200 | 61,023 | ||||||
|
| |||||||
372,234 | ||||||||
|
|
Shares | Value | |||||||
Poland—0.0% |
| |||||||
Asseco Poland S.A. | 501 | $ | 6,777 | |||||
Ciech S.A. | 570 | 7,961 | ||||||
Polski Koncern Naftowy Orlen S.A. | 2,503 | 63,712 | ||||||
|
| |||||||
78,450 | ||||||||
|
| |||||||
Russian Federation—0.0% |
| |||||||
Magnitogorsk Iron & Steel Works PJSC GDR | 7,225 | 64,736 | ||||||
PhosAgro PJSC GDR | 1,266 | 15,863 | ||||||
Surgutneftegas PJSC ADR | 669 | 2,482 | ||||||
|
| |||||||
83,081 | ||||||||
|
| |||||||
Singapore—0.4% |
| |||||||
Accordia Golf Trust UNIT | 12,500 | 5,494 | ||||||
Asian Pay Television Trust UNIT | 118,900 | 11,054 | ||||||
Bumitama Agri Ltd. | 107,400 | 52,757 | ||||||
Fortune Real Estate Investment Trust REIT | 11,000 | 14,492 | ||||||
Frasers Logistics & Industrial Trust REIT | 55,700 | 47,707 | ||||||
Genting Singapore Ltd. | 86,500 | 66,538 | ||||||
Keppel DC REIT | 13,600 | 15,067 | ||||||
Mapletree Industrial Trust REIT | 9,000 | 13,956 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 24,900 | 203,572 | ||||||
QAF Ltd. | 50,100 | 31,089 | ||||||
SATS Ltd. | 11,100 | 41,946 | ||||||
Sheng Siong Group Ltd. | 23,700 | 18,205 | ||||||
Singapore Airlines Ltd. | 14,200 | 101,397 | ||||||
Sino Grandness Food Industry Group Ltd. (j) | 25,900 | 1,147 | ||||||
United Overseas Bank Ltd. | 6,800 | 126,870 | ||||||
Venture Corp., Ltd. | 3,500 | 46,502 | ||||||
|
| |||||||
797,793 | ||||||||
|
| |||||||
South Africa—0.2% |
| |||||||
Harmony Gold Mining Co., Ltd. (j) | 5,863 | 11,063 | ||||||
MultiChoice Group Ltd. (j) | 1,465 | 12,255 | ||||||
Naspers Ltd., Class N | 1,465 | 341,406 | ||||||
|
| |||||||
364,724 | ||||||||
|
| |||||||
Spain—0.6% |
| |||||||
ACS Actividades de Construccion y Servicios S.A. | 3,141 | 138,084 | ||||||
Amadeus IT Group S.A. | 3,321 | 266,174 | ||||||
Banco Santander S.A. | 54,122 | 251,317 | ||||||
CaixaBank S.A. | 28,033 | 87,664 | ||||||
Ebro Foods S.A. | 2,198 | 46,989 | ||||||
Ercros S.A. | 9,151 | 32,148 | ||||||
Inmobiliaria Colonial Socimi S.A. REIT | 410 | 4,218 | ||||||
International Consolidated Airlines Group S.A. | 16,982 | 112,998 | ||||||
Lar Espana Real Estate Socimi S.A. REIT | 137 | 1,144 | ||||||
Repsol S.A. | 12,276 | 210,021 | ||||||
Telefonica S.A. | 19,791 | 165,787 | ||||||
|
| |||||||
1,316,544 | ||||||||
|
| |||||||
Sweden—0.5% |
| |||||||
Ahlsell AB (e)(f) | 8,242 | 48,801 | ||||||
BillerudKorsnas AB | 199 | 2,643 | ||||||
Bravida Holding AB (b) | 9,507 | 83,865 | ||||||
Dios Fastigheter AB | 9,921 | 81,497 | ||||||
Hemfosa Fastigheter AB | 5,370 | 47,160 | ||||||
Klovern AB, Class B | 45,445 | 62,345 | ||||||
Nyfosa AB (j) | 5,370 | 32,172 | ||||||
Pandox AB | 2,211 | 39,631 | ||||||
Peab AB | 211 | 1,826 |
Shares | Value | |||||||
Sandvik AB | 10,617 | $ | 172,676 | |||||
Scandic Hotels Group AB (b) | 5,709 | 50,984 | ||||||
Svenska Cellulosa AB SCA, Class B | 4,928 | 42,789 | ||||||
Swedbank AB, Class A (j) | 9,375 | 132,496 | ||||||
Volvo AB, Class B | 18,295 | 283,868 | ||||||
|
| |||||||
1,082,753 | ||||||||
|
| |||||||
Switzerland—1.0% |
| |||||||
Allreal Holding AG (j) | 229 | 38,984 | ||||||
Baloise Holding AG | 377 | 62,309 | ||||||
Banque Cantonale Vaudoise | 41 | 32,872 | ||||||
Barry Callebaut AG | 29 | 52,418 | ||||||
BKW AG | 145 | 9,892 | ||||||
Bobst Group S.A. | 1,000 | 60,507 | ||||||
Cembra Money Bank AG | 50 | 4,732 | ||||||
Intershop Holding AG | 17 | 8,676 | ||||||
Landis+Gyr Group AG (j) | 860 | 54,465 | ||||||
Nestle S.A. | 4,786 | 456,347 | ||||||
Novartis AG | 8,366 | 804,135 | ||||||
Partners Group Holding AG | 128 | 93,115 | ||||||
Schweiter Technologies AG | 8 | 7,721 | ||||||
Siegfried Holding AG (j) | 47 | 16,881 | ||||||
Straumann Holding AG | 141 | 115,267 | ||||||
Swiss Life Holding AG (j) | 734 | 323,401 | ||||||
Swiss Re AG | 882 | 86,211 | ||||||
|
| |||||||
2,227,933 | ||||||||
|
| |||||||
Taiwan—1.0% |
| |||||||
Accton Technology Corp. | 15,000 | 60,799 | ||||||
Arcadyan Technology Corp. | 4,000 | 12,134 | ||||||
Asia Vital Components Co., Ltd. | 12,000 | 13,346 | ||||||
AU Optronics Corp. | 143,000 | 52,713 | ||||||
Chailease Holding Co., Ltd. | 11,220 | 45,976 | ||||||
Chin-Poon Industrial Co., Ltd. | 7,000 | 8,663 | ||||||
China Airlines Ltd. | 56,000 | 17,932 | ||||||
China Metal Products | 8,000 | 9,717 | ||||||
China Motor Corp. | 10,000 | 9,254 | ||||||
Chunghwa Telecom Co., Ltd. | 52,000 | 184,910 | ||||||
E Ink Holdings, Inc. | 56,000 | 62,758 | ||||||
Elite Material Co., Ltd. | 11,000 | 38,125 | ||||||
Farglory Land Development Co., Ltd. | 18,000 | 21,922 | ||||||
First Financial Holding Co., Ltd. | 159,161 | 109,006 | ||||||
Formosa Petrochemical Corp. | 33,000 | 123,883 | ||||||
Formosa Plastics Corp. | 9,000 | 32,035 | ||||||
General Interface Solution Holding Ltd. | 11,000 | 41,263 | ||||||
Getac Technology Corp. | 18,000 | 30,082 | ||||||
Grand Pacific Petrochemical | 84,000 | 65,493 | ||||||
Hon Hai Precision Industry Co., Ltd. | 93,400 | 223,218 | ||||||
Huaku Development Co., Ltd. | 16,000 | 38,458 | ||||||
King Yuan Electronics Co., Ltd. | 28,000 | 23,911 | ||||||
King’s Town Bank Co., Ltd. | 40,000 | 41,579 | ||||||
Long Chen Paper Co., Ltd. | 43,000 | 23,825 | ||||||
Nanya Technology Corp. | 13,000 | 25,999 | ||||||
Pou Chen Corp. | 99,000 | 120,770 | ||||||
Powertech Technology, Inc. | 34,000 | 80,510 | ||||||
Qisda Corp. | 63,000 | 40,447 | ||||||
Sercomm Corp. | 11,000 | 24,148 | ||||||
Sinbon Electronics Co., Ltd. | 13,000 | 43,726 | ||||||
Sitronix Technology Corp. | 3,000 | 13,815 | ||||||
Syncmold Enterprise Corp. | 10,500 | 28,400 | ||||||
Taiwan Business Bank | 217,744 | 84,865 | ||||||
Taiwan Cooperative Financial Holding Co., Ltd. | 64,890 | 41,088 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 153 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Shares | Value | |||||||
Taiwan Hon Chuan Enterprise Co., Ltd. | 5,000 | $ | 7,978 | |||||
TXC Corp. | 15,000 | 15,707 | ||||||
United Integrated Services Co., Ltd. | 16,000 | 56,435 | ||||||
United Renewable Energy Co., Ltd. (j) | 8,340 | 2,715 | ||||||
Wistron Corp. | 38,086 | 29,368 | ||||||
Wistron NeWeb Corp. | 5,250 | 13,817 | ||||||
WT Microelectronics Co., Ltd. | 6,707 | 8,855 | ||||||
Yageo Corp. | 2,511 | 26,458 | ||||||
Yuanta Financial Holding Co., Ltd. | 317,000 | 180,818 | ||||||
|
| |||||||
2,136,921 | ||||||||
|
| |||||||
Thailand—0.6% |
| |||||||
Bangchak Corp. PCL (e)(f) | 56,500 | 57,396 | ||||||
Bangkok Bank PCL | 9,000 | 61,329 | ||||||
Banpu PCL (e)(f) | 161,400 | 82,524 | ||||||
Electricity Generating PCL (e)(f) | 23,000 | 211,809 | ||||||
Intouch Holdings PCL (e)(f) | 25,300 | 45,913 | ||||||
Kiatnakin Bank PCL (e)(f) | 94,800 | 207,814 | ||||||
PTT Global Chemical PCL (e)(f) | 47,100 | 100,037 | ||||||
PTT PCL (e)(f) | 128,800 | 194,825 | ||||||
Siam Cement PCL (e)(f) | 12,300 | 187,004 | ||||||
Sri Trang Agro-Industry PCL (e)(f) | 8,200 | 3,313 | ||||||
Thai Oil PCL (e)(f) | 3,600 | 7,886 | ||||||
Thanachart Capital PCL (e)(f) | 43,800 | 75,254 | ||||||
Tisco Financial Group PCL (e)(f) | 44,000 | 122,536 | ||||||
|
| |||||||
1,357,640 | ||||||||
|
| |||||||
Turkey—0.2% |
| |||||||
Akbank T.A.S. (j) | 56,083 | 63,858 | ||||||
Dogus Otomotiv Servis ve Ticaret AS | 909 | 731 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT | 83,530 | 22,977 | ||||||
Eregli Demir ve Celik Fabrikalari T.A.S | 25,934 | 42,539 | ||||||
Soda Sanayii AS | 106,116 | 142,744 | ||||||
TAV Havalimanlari Holding AS | 10,694 | 44,867 | ||||||
Tekfen Holding AS | 16,616 | 67,438 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 15,853 | 48,805 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 58 | 1,301 | ||||||
Turkiye Halk Bankasi AS | 32,412 | 37,255 | ||||||
Turkiye Vakiflar Bankasi Tao | 39,830 | 32,548 | ||||||
Yatas Yatak ve Yorgan Sanayi ve Ticaret AS (j) | 10,405 | 9,629 | ||||||
|
| |||||||
514,692 | ||||||||
|
| |||||||
United Kingdom—2.6% |
| |||||||
3i Group PLC | 8,560 | 109,768 | ||||||
Anglo American PLC | 12,270 | 328,178 | ||||||
Aviva PLC | 28,816 | 154,956 | ||||||
Bellway PLC | 2,026 | 80,376 | ||||||
Berkeley Group Holdings PLC | 1,337 | 64,276 | ||||||
Biffa PLC (b) | 16,942 | 48,987 | ||||||
BP PLC | 81,153 | 589,290 | ||||||
British American Tobacco PLC ADR | 4,557 | 190,118 | ||||||
BT Group PLC | 46,773 | 135,890 | ||||||
Burford Capital Ltd. | 2,224 | 48,864 | ||||||
Carnival PLC | 3,000 | 148,283 | ||||||
Central Asia Metals PLC | 8,818 | 27,219 | ||||||
Compass Group PLC | 6,089 | 143,264 |
Shares | Value | |||||||
Costain Group PLC | 6,064 | $ | 26,458 | |||||
CYBG PLC | 1,098 | 2,839 | ||||||
easyJet PLC | 3,319 | 48,353 | ||||||
Equiniti Group PLC (b) | 9,227 | 24,997 | ||||||
Ferrexpo PLC | 9,554 | 30,837 | ||||||
Firstgroup PLC (j) | 69,732 | 82,603 | ||||||
Gamma Communications PLC | 2,555 | 32,545 | ||||||
HSBC Holdings PLC | 35,404 | 287,688 | ||||||
J Sainsbury PLC | 28,329 | 86,932 | ||||||
Johnson Service Group PLC | 5,867 | 10,622 | ||||||
JPJ Group PLC (j) | 7,484 | 68,233 | ||||||
Keller Group PLC | 10,963 | 88,104 | ||||||
Legal & General Group PLC | 52,714 | 189,171 | ||||||
Lloyds Banking Group PLC | 334,787 | 271,237 | ||||||
Micro Focus International PLC | 162 | 4,212 | ||||||
Morgan Sindall Group PLC | 3,892 | 63,567 | ||||||
National Express Group PLC | 29,915 | 158,189 | ||||||
Nomad Foods Ltd. (j) | 2,497 | 51,064 | ||||||
Plus500 Ltd. | 2,720 | 26,641 | ||||||
Primary Health Properties PLC REIT | 4,727 | 7,993 | ||||||
Reach PLC | 3,803 | 3,076 | ||||||
Renewables Infrastructure Group Ltd. | 27,255 | 41,840 | ||||||
Rio Tinto PLC | 6,110 | 355,132 | ||||||
Robert Walters PLC | 2,852 | 22,362 | ||||||
Royal Dutch Shell PLC, Class A | 5,466 | 171,490 | ||||||
Royal Dutch Shell PLC, Class A | 16,913 | 531,506 | ||||||
Royal Dutch Shell PLC, Class B | 14,974 | 473,262 | ||||||
Safestore Holdings PLC REIT | 5,621 | 43,670 | ||||||
Schroders PLC | 1,204 | 33,637 | ||||||
SIG PLC | 20,896 | 38,676 | ||||||
Softcat PLC | 4,246 | 45,966 | ||||||
Stock Spirits Group PLC | 11,397 | 34,141 | ||||||
Taylor Wimpey PLC | 38,774 | 88,684 | ||||||
TUI AG | 7,356 | 70,554 | ||||||
Venator Materials PLC (j) | 2,225 | 12,504 | ||||||
Watkin Jones PLC | 15,706 | 45,004 | ||||||
|
| |||||||
5,643,258 | ||||||||
|
| |||||||
United States—31.8% |
| |||||||
3M Co. | 451 | 93,709 | ||||||
Aaron’s, Inc. | 1,421 | 74,745 | ||||||
Abbott Laboratories | 6,245 | 499,225 | ||||||
AbbVie, Inc. | 5,137 | 413,991 | ||||||
ACCO Brands Corp. | 5,102 | 43,673 | ||||||
Activision Blizzard, Inc. | 2,912 | 132,583 | ||||||
Adobe, Inc. (j) | 1,180 | 314,458 | ||||||
Advanced Energy Industries, Inc. (j) | 1,225 | 60,858 | ||||||
AES Corp. | 9,001 | 162,738 | ||||||
Aflac, Inc. | 7,275 | 363,750 | ||||||
AG Mortgage Investment Trust, Inc. REIT | 6,861 | 115,539 | ||||||
Agilent Technologies, Inc. | 3,775 | 303,434 | ||||||
AGNC Investment Corp. REIT | 9,732 | 175,176 | ||||||
Air Lease Corp. | 2,180 | 74,883 | ||||||
Alaska Air Group, Inc. | 1,211 | 67,961 | ||||||
Align Technology, Inc. (j) | 1,140 | 324,136 | ||||||
Allstate Corp. | 2,246 | 211,528 | ||||||
Ally Financial, Inc. | 3,701 | 101,740 | ||||||
Alphabet, Inc., Class A (j) | 493 | 580,207 | ||||||
Alphabet, Inc., Class C (j) | 496 | 581,962 | ||||||
Altria Group, Inc. | 6,092 | 349,864 | ||||||
Amazon.com, Inc. (j) | 878 | 1,563,498 | ||||||
Amdocs Ltd. | 1,479 | 80,029 | ||||||
Ameren Corp. | 1,152 | 84,730 | ||||||
American Electric Power Co., Inc. | 943 | 78,976 |
Shares | Value | |||||||
American Equity Investment Life Holding Co. | 2,733 | $ | 73,846 | |||||
American Express Co. | 4,322 | 472,395 | ||||||
American Financial Group, Inc. | 388 | 37,329 | ||||||
Ameriprise Financial, Inc. | 986 | 126,307 | ||||||
AmerisourceBergen Corp. | 2,098 | 166,833 | ||||||
Amgen, Inc. | 1,869 | 355,073 | ||||||
Annaly Capital Management, Inc. REIT | 32,627 | 325,944 | ||||||
Antero Resources Corp. (j) | 4,279 | 37,784 | ||||||
Anthem, Inc. | 2,274 | 652,593 | ||||||
Anworth Mortgage Asset Corp. REIT | 7,680 | 31,027 | ||||||
Apollo Commercial Real Estate Finance, Inc. REIT | 1,868 | 33,998 | ||||||
Apollo Investment Corp. | 302 | 4,572 | ||||||
Apple, Inc. | 10,389 | 1,973,391 | ||||||
Applied Materials, Inc. | 4,290 | 170,141 | ||||||
Archer-Daniels-Midland Co. | 7,409 | 319,550 | ||||||
Ares Commercial Real Estate Corp. REIT | 1,466 | 22,269 | ||||||
ARMOUR Residential REIT, Inc. | 1,081 | 21,112 | ||||||
Arrow Electronics, Inc. (j) | 1,049 | 80,836 | ||||||
ASGN, Inc. (j) | 64 | 4,063 | ||||||
AT&T, Inc. | 37,860 | 1,187,290 | ||||||
Athene Holding Ltd., Class A (j) | 4,084 | 166,627 | ||||||
Atmos Energy Corp. | 494 | 50,847 | ||||||
Automatic Data Processing, Inc. | 2,728 | 435,771 | ||||||
AutoZone, Inc. (j) | 141 | 144,401 | ||||||
AvalonBay Communities, Inc. REIT | 295 | 59,215 | ||||||
Avery Dennison Corp. | 380 | 42,940 | ||||||
Avnet, Inc. | 3,623 | 157,129 | ||||||
Bank of America Corp. | 26,148 | 721,423 | ||||||
Bank of New York Mellon Corp. | 3,768 | 190,020 | ||||||
Baxter International, Inc. | 3,399 | 276,373 | ||||||
Becton Dickinson and Co. | 983 | 245,485 | ||||||
Bemis Co., Inc. | 10 | 555 | ||||||
Berkshire Hathaway, Inc., Class B (j) | 1,334 | 267,987 | ||||||
Berry Global Group, Inc. (j) | 1,229 | 66,206 | ||||||
Best Buy Co., Inc. | 2,270 | 161,306 | ||||||
BGC Partners, Inc., Class A | 7,546 | 40,069 | ||||||
Bio-Techne Corp. | 691 | 137,198 | ||||||
Biogen, Inc. (j) | 418 | 98,807 | ||||||
Blackstone Mortgage Trust, Inc., Class A REIT | 1,021 | 35,286 | ||||||
Blucora, Inc. (j) | 4,313 | 143,968 | ||||||
Boeing Co. | 2,276 | 868,112 | ||||||
BorgWarner, Inc. | 1,997 | 76,705 | ||||||
Boston Scientific Corp. (j) | 9,115 | 349,834 | ||||||
Bristol-Myers Squibb Co. | 1,803 | 86,021 | ||||||
Brixmor Property Group, Inc. REIT | 256 | 4,703 | ||||||
Broadcom, Inc. | 1,010 | 303,717 | ||||||
Broadridge Financial Solutions, Inc. | 943 | 97,780 | ||||||
Bunge Ltd. | 3,995 | 212,015 | ||||||
Burlington Stores, Inc. (j) | 149 | 23,345 | ||||||
Cambrex Corp. (j) | 115 | 4,468 | ||||||
Camping World Holdings, Inc., Class A | 1,996 | 27,764 | ||||||
Capitol Federal Financial, Inc. | 2,232 | 29,797 | ||||||
Capstead Mortgage Corp. REIT | 2,436 | 20,925 | ||||||
Caterpillar, Inc. | 1,653 | 223,965 | ||||||
Celanese Corp. | 810 | 79,874 | ||||||
Centene Corp. (j) | 3,194 | 169,601 | ||||||
Central Garden & Pet Co., Class A (j) | 2,214 | 51,475 |
154 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Shares | Value | |||||||
Charles River Laboratories International, Inc. (j) | 728 | $ | 105,742 | |||||
Chatham Lodging Trust REIT | 3,180 | 61,183 | ||||||
Chevron Corp. | 4,453 | 548,521 | ||||||
Children’s Place, Inc. | 894 | 86,968 | ||||||
Chimera Investment Corp. REIT | 4,849 | 90,870 | ||||||
Chubb Ltd. | 314 | 43,985 | ||||||
Cigna Corp. | 1,163 | 187,034 | ||||||
Cisco Systems, Inc. | 23,212 | 1,253,216 | ||||||
Citigroup, Inc. | 6,307 | 392,422 | ||||||
Citizens Financial Group, Inc. | 3,823 | 124,247 | ||||||
Clorox Co. | 587 | 94,190 | ||||||
CME Group, Inc. | 479 | 78,834 | ||||||
CMS Energy Corp. | 1,062 | 58,983 | ||||||
CNA Financial Corp. | 777 | 33,683 | ||||||
Coca-Cola Co. | 4,998 | 234,206 | ||||||
Cognizant Technology Solutions Corp., Class A | 4,107 | 297,552 | ||||||
Cohu, Inc. | 1,208 | 17,818 | ||||||
Colgate-Palmolive Co. | 578 | 39,616 | ||||||
Comcast Corp., Class A | 14,908 | 596,022 | ||||||
Conagra Brands, Inc. | 1,739 | 48,240 | ||||||
ConocoPhillips | 3,050 | 203,557 | ||||||
CONSOL Energy, Inc. (j) | 1,354 | 46,334 | ||||||
Consolidated Edison, Inc. | 2,423 | 205,495 | ||||||
Constellation Brands, Inc., Class A | 1,730 | 303,321 | ||||||
Cooper Cos., Inc. | 639 | 189,253 | ||||||
Cooper-Standard Holdings, Inc. (j) | 545 | 25,593 | ||||||
Copa Holdings S.A., Class A | 310 | 24,989 | ||||||
Costco Wholesale Corp. | 2,582 | 625,205 | ||||||
Crawford & Co., Class A | 6,758 | 62,444 | ||||||
Crown Castle International Corp. REIT | 872 | 111,616 | ||||||
CSX Corp. | 4,320 | 323,222 | ||||||
Cushman & Wakefield PLC (j) | 2,741 | 48,790 | ||||||
CVS Health Corp. | 9,516 | 513,198 | ||||||
Danaher Corp. | 2,121 | 280,014 | ||||||
Darden Restaurants, Inc. | 1,248 | 151,595 | ||||||
Deciphera Pharmaceuticals, Inc. (j) | 808 | 18,754 | ||||||
Deere & Co. | 1,382 | 220,899 | ||||||
Dell Technologies, Inc. Class C (j) | 990 | 58,103 | ||||||
Delta Air Lines, Inc. | 1,842 | 95,139 | ||||||
Dime Community Bancshares, Inc. | 279 | 5,226 | ||||||
Dollar Tree, Inc. (j) | 559 | 58,717 | ||||||
Dominion Energy, Inc. | 60 | 4,600 | ||||||
Donegal Group, Inc., Class A | 1,812 | 24,371 | ||||||
DowDuPont, Inc. | 3,650 | 194,581 | ||||||
DR Horton, Inc. | 2,356 | 97,491 | ||||||
DTE Energy Co. | 482 | 60,125 | ||||||
Duke Energy Corp. | 2,453 | 220,770 | ||||||
DXC Technology Co. | 888 | 57,107 | ||||||
Dynex Capital, Inc. REIT | 17,742 | 108,049 | ||||||
E*TRADE Financial Corp. | 1,541 | 71,549 | ||||||
Eastman Chemical Co. | 2,230 | 169,212 | ||||||
Edison International | 2,581 | 159,816 | ||||||
Elanco Animal Health, Inc. (j) | 4,196 | 134,566 | ||||||
Eli Lilly & Co. | 370 | 48,011 | ||||||
Ennis, Inc. | 938 | 19,473 | ||||||
Ensco PLC, Class A | 782 | 3,073 | ||||||
Entergy Corp. | 2,690 | 257,245 | ||||||
Enviva Partners L.P. | 505 | 16,286 | ||||||
Equinix, Inc. REIT | 7 | 3,172 | ||||||
Equity LifeStyle Properties, Inc. REIT | 513 | 58,636 | ||||||
Essent Group Ltd. (j) | 2,386 | 103,672 | ||||||
Essex Property Trust, Inc. REIT | 268 | 77,516 | ||||||
Estee Lauder Cos., Inc., Class A | 1,164 | 192,700 |
Shares | Value | |||||||
Everest Re Group Ltd. | 374 | $ | 80,769 | |||||
Evergy, Inc. | 893 | 51,839 | ||||||
Exelon Corp. | 5,488 | 275,113 | ||||||
Exxon Mobil Corp. | 8,401 | 678,801 | ||||||
Facebook, Inc., Class A (j) | 5,507 | 917,962 | ||||||
Federal Agricultural Mortgage Corp., Class C | 128 | 9,271 | ||||||
FedEx Corp. | 1,340 | 243,089 | ||||||
Fidelity National Information Services, Inc. | 1,301 | 147,143 | ||||||
First American Financial Corp. | 1,114 | 57,371 | ||||||
First NBC Bank Holding Co. (j) | 1,041 | 18 | ||||||
FLIR Systems, Inc. | 3,072 | 146,166 | ||||||
FTI Consulting, Inc. (j) | 534 | 41,022 | ||||||
Gaming and Leisure Properties, Inc. REIT | 1,181 | 45,551 | ||||||
Gap, Inc. | 2,802 | 73,356 | ||||||
Garmin Ltd. | 2,346 | 202,577 | ||||||
General Mills, Inc. | 1,199 | 62,048 | ||||||
General Motors Co. | 9,754 | 361,873 | ||||||
German American Bancorp, Inc. | 67 | 1,970 | ||||||
Gilead Sciences, Inc. | 625 | 40,631 | ||||||
Global Brass & Copper Holdings, Inc. | 1,340 | 46,150 | ||||||
Granite Point Mortgage Trust, Inc. REIT | 160 | 2,971 | ||||||
Hamilton Beach Brands Holding Co., Class A | 2,937 | 63,028 | ||||||
Hartford Financial Services Group, Inc. | 931 | 46,289 | ||||||
Hawkins, Inc. | 820 | 30,201 | ||||||
HCA Healthcare, Inc. | 1,544 | 201,307 | ||||||
Healthcare Services Group, Inc. | 615 | 20,289 | ||||||
Hershey Co. | 376 | 43,176 | ||||||
Hewlett Packard Enterprise Co. | 10,717 | 165,363 | ||||||
Hill-Rom Holdings, Inc. | 825 | 87,334 | ||||||
HollyFrontier Corp. | 2,843 | 140,075 | ||||||
Home Depot, Inc. | 2,707 | 519,446 | ||||||
Hooker Furniture Corp. | 1,061 | 30,589 | ||||||
HP, Inc. | 14,399 | 279,773 | ||||||
Humana, Inc. | 1,056 | 280,896 | ||||||
Huntington Ingalls Industries, Inc. | 585 | 121,212 | ||||||
Illumina, Inc. (j) | 630 | 195,735 | ||||||
Ingredion, Inc. | 2,028 | 192,031 | ||||||
Insight Enterprises, Inc. (j) | 12 | 661 | ||||||
Intel Corp. | 16,801 | 902,214 | ||||||
Intuit, Inc. | 891 | 232,916 | ||||||
Intuitive Surgical, Inc. (j) | 1,239 | 706,949 | ||||||
Invesco Ltd. | 257 | 4,963 | ||||||
Invesco Mortgage Capital, Inc. REIT | 6,262 | 98,940 | ||||||
IQVIA Holdings, Inc. (j) | 1,111 | 159,817 | ||||||
Jacobs Engineering Group, Inc. | 1,127 | 84,739 | ||||||
Janus Henderson Group PLC | 2,964 | 74,041 | ||||||
Jefferies Financial Group, Inc. | 3,905 | 73,375 | ||||||
John B Sanfilippo & Son, Inc. | 57 | 4,097 | ||||||
Johnson & Johnson | 10,755 | 1,503,441 | ||||||
Jones Lang LaSalle, Inc. | 314 | 48,413 | ||||||
JPMorgan Chase & Co. | 8,823 | 893,152 | ||||||
Kansas City Southern | 1,153 | 133,725 | ||||||
Kellogg Co. | 315 | 18,075 | ||||||
Kimberly-Clark Corp. | 724 | 89,704 | ||||||
Kohl’s Corp. | 1,185 | 81,492 | ||||||
Korn Ferry International | 801 | 35,869 | ||||||
Laboratory Corp. of America Holdings (j) | 2,036 | 311,467 | ||||||
Lam Research Corp. | 1,659 | 296,978 | ||||||
Lear Corp. | 727 | 98,661 |
Shares | Value | |||||||
Legg Mason, Inc. | 2,584 | $ | 70,724 | |||||
Leidos Holdings, Inc. | 1,817 | 116,452 | ||||||
LHC Group, Inc. (j) | 1,527 | 169,283 | ||||||
Lincoln National Corp. | 2,047 | 120,159 | ||||||
Lockheed Martin Corp. | 216 | 64,835 | ||||||
Loews Corp. | 4,367 | 209,310 | ||||||
Lululemon Athletica, Inc. (j) | 1,404 | 230,073 | ||||||
Macy’s, Inc. | 3,876 | 93,140 | ||||||
Magellan Health, Inc. (j) | 870 | 57,350 | ||||||
Manhattan Associates, Inc. (j) | 85 | 4,684 | ||||||
ManpowerGroup, Inc. | 958 | 79,217 | ||||||
Marathon Petroleum Corp. | 4,572 | 273,634 | ||||||
Marsh & McLennan Cos., Inc. | 482 | 45,260 | ||||||
Marvell Technology Group Ltd. | 180 | 3,580 | ||||||
Masimo Corp. (j) | 867 | 119,889 | ||||||
Mastercard, Inc., Class A | 2,755 | 648,665 | ||||||
MasterCraft Boat Holdings, Inc. (j) | 2,622 | 59,179 | ||||||
Maxim Integrated Products, Inc. | 1,447 | 76,937 | ||||||
McDonald’s Corp. | 3,808 | 723,139 | ||||||
McKesson Corp. | 1,722 | 201,577 | ||||||
MDC Holdings, Inc. | 2,565 | 74,539 | ||||||
MedEquities Realty Trust, Inc. REIT | 2,170 | 24,152 | ||||||
Mercer International, Inc. | 4,271 | 57,701 | ||||||
Merck & Co., Inc. | 7,989 | 664,445 | ||||||
Merit Medical Systems, Inc. (j) | 1,530 | 94,600 | ||||||
Mettler-Toledo International, Inc. (j) | 390 | 281,970 | ||||||
MFA Financial, Inc. REIT | 5,882 | 42,762 | ||||||
Micron Technology, Inc. (j) | 4,476 | 184,993 | ||||||
Microsoft Corp. | 19,782 | 2,333,089 | ||||||
Mid-America Apartment Communities, Inc. REIT | 371 | 40,561 | ||||||
MKS Instruments, Inc. | 679 | 63,181 | ||||||
Mohawk Industries, Inc. (j) | 327 | 41,251 | ||||||
Molson Coors Brewing Co., Class B | 1,697 | 101,226 | ||||||
Mondelez International, Inc., Class A | 2,900 | 144,768 | ||||||
Morgan Stanley | 4,451 | 187,832 | ||||||
Morningstar, Inc. | 74 | 9,323 | ||||||
Motorola Solutions, Inc. | 346 | 48,585 | ||||||
NetApp, Inc. | 3,227 | 223,760 | ||||||
Netflix, Inc. (j) | 1,182 | 421,454 | ||||||
New Residential Investment Corp. REIT | 2,868 | 48,498 | ||||||
Newmark Group, Inc., Class A | 3,500 | 29,190 | ||||||
NextEra Energy, Inc. | 1,036 | 200,280 | ||||||
Norfolk Southern Corp. | 1,172 | 219,035 | ||||||
Northfield Bancorp, Inc. | 664 | 9,230 | ||||||
Northrop Grumman Corp. | 1,097 | 295,751 | ||||||
NVIDIA Corp. | 1,546 | 277,600 | ||||||
NVR, Inc. (j) | 12 | 33,204 | ||||||
Ollie’s Bargain Outlet Holdings, Inc. (j) | 612 | 52,222 | ||||||
ON Semiconductor Corp. (j) | 4,404 | 90,590 | ||||||
Oracle Corp. | 12,205 | 655,531 | ||||||
Orchid Island Capital, Inc. REIT | 4,056 | 26,688 | ||||||
Oritani Financial Corp. | 1,427 | 23,731 | ||||||
Orthofix Medical, Inc. (j) | 956 | 53,928 | ||||||
Oshkosh Corp. | 509 | 38,241 | ||||||
Owens Corning | 1,694 | 79,821 | ||||||
PACCAR, Inc. | 2,354 | 160,402 | ||||||
Park Hotels & Resorts, Inc. REIT | 1,392 | 43,263 | ||||||
Paychex, Inc. | 803 | 64,401 | ||||||
PBF Energy, Inc., Class A | 1,227 | 38,209 | ||||||
PepsiCo, Inc. | 4,897 | 600,127 | ||||||
PerkinElmer, Inc. | 539 | 51,938 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 155 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Shares | Value | |||||||
Perspecta, Inc. | 850 | $ | 17,187 | |||||
PetMed Express, Inc. | 813 | 18,520 | ||||||
Pfizer, Inc. | 16,529 | 701,987 | ||||||
Phibro Animal Health Corp., Class A | 1,042 | 34,386 | ||||||
Phillips 66 | 1,469 | 139,805 | ||||||
Pinnacle West Capital Corp. | 482 | 46,070 | ||||||
Planet Fitness, Inc., Class A (j) | 659 | 45,286 | ||||||
PNC Financial Services Group, Inc. | 1,699 | 208,399 | ||||||
PPL Corp. | 1,983 | 62,940 | ||||||
Principal Financial Group, Inc. | 2,058 | 103,291 | ||||||
Procter & Gamble Co. | 9,066 | 943,317 | ||||||
Progressive Corp. | 4,266 | 307,536 | ||||||
Prudential Financial, Inc. | 1,805 | 165,843 | ||||||
PVH Corp. | 887 | 108,170 | ||||||
QCR Holdings, Inc. | 406 | 13,772 | ||||||
Quest Diagnostics, Inc. | 1,650 | 148,368 | ||||||
Ralph Lauren Corp. | 426 | 55,244 | ||||||
Raymond James Financial, Inc. | 1,341 | 107,830 | ||||||
Ready Capital Corp. REIT | 2,721 | 39,917 | ||||||
Regeneron Pharmaceuticals, Inc. (j) | 448 | 183,958 | ||||||
Regions Financial Corp. | 14,517 | 205,416 | ||||||
Reinsurance Group of America, Inc. | 747 | 106,059 | ||||||
Reliance Steel & Aluminum Co. | 554 | 50,004 | ||||||
Republic Services, Inc. | 2,641 | 212,284 | ||||||
Ross Stores, Inc. | 2,342 | 218,040 | ||||||
Royal Caribbean Cruises Ltd. | 1,223 | 140,180 | ||||||
Rudolph Technologies, Inc. (j) | 2,029 | 46,261 | ||||||
S&P Global, Inc. | 332 | 69,903 | ||||||
Sabre Corp. | 4,761 | 101,838 | ||||||
Salesforce.com, Inc. (j) | 2,343 | 371,061 | ||||||
Santander Consumer USA Holdings, Inc. | 369 | 7,797 | ||||||
Schweitzer-Mauduit International, Inc. | 1,649 | 63,849 | ||||||
Seaboard Corp. | 15 | 64,270 | ||||||
SMART Global Holdings, Inc. (j) | 1,023 | 19,642 | ||||||
Southern Co. | 2,427 | 125,427 | ||||||
SP Plus Corp. (j) | 812 | 27,705 | ||||||
Speedway Motorsports, Inc. | 3,832 | 55,449 | ||||||
Stanley Black & Decker, Inc. | 1,197 | 162,995 | ||||||
State Street Corp. | 1,763 | 116,023 | ||||||
Stoneridge, Inc. (j) | 2,765 | 79,798 | ||||||
Stryker Corp. | 1,635 | 322,945 | ||||||
SunTrust Banks, Inc. | 1,148 | 68,019 | ||||||
Superior Industries International, Inc. | 3,587 | 17,074 | ||||||
Sykes Enterprises, Inc. (j) | 1,758 | 49,716 | ||||||
SYNNEX Corp. | 333 | 31,765 | ||||||
Sysco Corp. | 3,153 | 210,494 | ||||||
T-Mobile U.S., Inc. (j) | 1,026 | 70,897 | ||||||
Target Corp. | 7,239 | 581,002 | ||||||
Teleflex, Inc. | 605 | 182,807 | ||||||
Tenneco, Inc. Class A | 1,049 | 23,246 | ||||||
Teradyne, Inc. | 827 | 32,948 | ||||||
Thermo Fisher Scientific, Inc. | 1,905 | 521,437 | ||||||
Thor Industries, Inc. | 991 | 61,809 | ||||||
TJX Cos., Inc. | 7,512 | 399,714 | ||||||
Toll Brothers, Inc. | 2,023 | 73,233 | ||||||
Total System Services, Inc. | 1,496 | 142,135 | ||||||
Tower International, Inc. | 2,305 | 48,474 | ||||||
Tractor Supply Co. | 1,334 | 130,412 | ||||||
TransUnion | 1,002 | 66,974 | ||||||
Travelers Cos., Inc. | 842 | 115,489 | ||||||
Trinseo S.A. | 1,428 | 64,688 | ||||||
Triton International Ltd. | 1,282 | 39,870 |
Shares | Value | |||||||
Two Harbors Investment Corp. REIT | 3,707 | $ | 50,156 | |||||
Tyson Foods, Inc., Class A | 3,625 | 251,684 | ||||||
Union Pacific Corp. | 2,808 | 469,498 | ||||||
United Rentals, Inc. (j) | 1,587 | 181,315 | ||||||
UnitedHealth Group, Inc. | 4,254 | 1,051,844 | ||||||
Univar, Inc. (j) | 3,304 | 73,217 | ||||||
Unum Group | 5,817 | 196,789 | ||||||
Vail Resorts, Inc. | 167 | 36,289 | ||||||
Valero Energy Corp. | 2,947 | 249,994 | ||||||
Verizon Communications, Inc. | 13,502 | 798,373 | ||||||
Versum Materials, Inc. | 1,038 | 52,222 | ||||||
Visa, Inc., Class A | 4,852 | 757,834 | ||||||
Vishay Intertechnology, Inc. | 3,818 | 70,518 | ||||||
Walgreens Boots Alliance, Inc. | 3,468 | 219,420 | ||||||
Walmart, Inc. | 4,205 | 410,114 | ||||||
Walt Disney Co. | 465 | 51,629 | ||||||
Waste Management, Inc. | 4,895 | 508,639 | ||||||
Waterstone Financial, Inc. | 720 | 11,851 | ||||||
WEC Energy Group, Inc. | 2,415 | 190,978 | ||||||
Weight Watchers International, Inc. (j) | 995 | 20,049 | ||||||
Weis Markets, Inc. | 969 | 39,545 | ||||||
WellCare Health Plans, Inc. (j) | 270 | 72,832 | ||||||
Wells Fargo & Co. | 3,409 | 164,723 | ||||||
Werner Enterprises, Inc. | 1,726 | 58,943 | ||||||
Western Asset Mortgage Capital Corp. REIT | 4,189 | 42,853 | ||||||
Western Digital Corp. | 1,276 | 61,325 | ||||||
Windstream Holdings, Inc. (j) | 294 | 88 | ||||||
Wynn Resorts Ltd. | 579 | 69,086 | ||||||
Xcel Energy, Inc. | 3,423 | 192,407 | ||||||
Xenia Hotels & Resorts, Inc. REIT | 2,025 | 44,368 | ||||||
Xerox Corp. | 2,807 | 89,768 | ||||||
Xylem, Inc. | 642 | 50,744 | ||||||
Zebra Technologies Corp., Class A (j) | 196 | 41,068 | ||||||
Zoetis, Inc. | 2,000 | 201,340 | ||||||
|
| |||||||
68,056,038 | ||||||||
|
| |||||||
Total Common Stock (cost—$112,624,458) |
| 124,886,690 | ||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Corporate Bonds & Notes—16.7% |
| |||||||
Australia—0.1% |
| |||||||
Westpac Banking Corp., |
| |||||||
2.80%, 1/11/22 | $100 | 100,091 | ||||||
3.40%, 1/25/28 | 150 | 151,755 | ||||||
|
| |||||||
251,846 | ||||||||
|
| |||||||
Canada—1.7% |
| |||||||
Bank of Montreal, |
| |||||||
1.90%, 8/27/21 | 400 | 393,140 | ||||||
2.10%, 6/15/20 | 350 | 348,099 | ||||||
Bank of Nova Scotia, |
| |||||||
1.85%, 4/14/20 | 1,000 | 993,185 | ||||||
1.875%, 4/26/21 | 98 | 96,577 | ||||||
2.15%, 7/14/20 | 350 | 348,237 | ||||||
Nutrien Ltd., |
| |||||||
4.00%, 12/15/26 | 100 | 101,280 | ||||||
Royal Bank of Canada, |
| |||||||
1.875%, 2/5/20 | 39 | 38,755 | ||||||
2.125%, 3/2/20 | 300 | 298,624 |
Principal Amount (000s) | Value | |||||||
2.30%, 3/22/21 | $ | 300 | $ | 298,324 | ||||
3.35%, 10/22/21 (a)(b) | 200 | 203,794 | ||||||
Toronto-Dominion Bank, |
| |||||||
1.80%, 7/13/21 | 400 | 392,544 | ||||||
2.25%, 3/15/21 (a)(b) | 200 | 198,557 | ||||||
|
| |||||||
3,711,116 | ||||||||
|
| |||||||
China—0.3% |
| |||||||
CNOOC Nexen Finance 2014 ULC, |
| |||||||
4.25%, 4/30/24 | 300 | 313,860 | ||||||
State Grid Overseas Investment 2016 Ltd. (a)(b), |
| |||||||
3.75%, 5/2/23 | 200 | 205,387 | ||||||
|
| |||||||
519,247 | ||||||||
|
| |||||||
France—0.3% |
| |||||||
Dexia Credit Local S.A. (a)(b), |
| |||||||
3.25%, 9/26/23 | 250 | 257,090 | ||||||
Orange S.A., |
| |||||||
1.625%, 11/3/19 | 350 | 348,323 | ||||||
Total Capital International S.A., |
| |||||||
3.455%, 2/19/29 | 100 | 102,444 | ||||||
|
| |||||||
707,857 | ||||||||
|
| |||||||
Germany—1.1% |
| |||||||
Bayer U.S. Finance II LLC (a)(b), |
| |||||||
3.50%, 6/25/21 | 350 | 352,970 | ||||||
BMW U.S. Capital LLC (a)(b), |
| |||||||
3.45%, 4/12/23 | 150 | 153,004 | ||||||
Deutsche Bank AG, |
| |||||||
2.85%, 5/10/19 | 350 | 349,948 | ||||||
Deutsche Telekom International Finance BV (a)(b), |
| |||||||
4.75%, 6/21/38 | 150 | 154,162 | ||||||
KFW, |
| |||||||
1.50%, 4/20/20 | 550 | 544,682 | ||||||
2.75%, 7/15/20 | 300 | 301,243 | ||||||
Landwirtschaftliche Rentenbank, |
| |||||||
2.50%, 11/15/27, Ser. 37 | 200 | 199,556 | ||||||
3.125%, 11/14/23 | 300 | 309,878 | ||||||
|
| |||||||
2,365,443 | ||||||||
|
| |||||||
Kazakhstan—0.1% |
| |||||||
KazMunayGas National Co. JSC (a)(b), |
| |||||||
4.75%, 4/24/25 | 200 | 207,038 | ||||||
|
| |||||||
Korea (Republic of)—0.2% |
| |||||||
Kia Motors Corp. (a)(b), |
| |||||||
3.50%, 10/25/27 | 350 | 336,876 | ||||||
|
| |||||||
Netherlands—0.4% |
| |||||||
BNG Bank NV (a)(b), |
| |||||||
3.125%, 11/8/21 | 200 | 203,727 | ||||||
ING Groep NV, |
| |||||||
4.10%, 10/2/23 | 200 | 205,822 | ||||||
Shell International Finance BV, |
| |||||||
2.125%, 5/11/20 | 350 | 348,128 | ||||||
3.75%, 9/12/46 | 100 | 100,728 | ||||||
|
| |||||||
858,405 | ||||||||
|
| |||||||
Norway—0.1% |
| |||||||
Equinor ASA, |
| |||||||
2.65%, 1/15/24 | 200 | 199,508 | ||||||
|
| |||||||
Switzerland—0.2% |
| |||||||
Novartis Capital Corp., |
| |||||||
1.80%, 2/14/20 | 300 | 298,002 | ||||||
Tyco Electronics Group S.A., |
| |||||||
3.45%, 8/1/24 | 200 | 202,679 | ||||||
|
| |||||||
500,681 | ||||||||
|
| |||||||
United Kingdom—0.9% |
| |||||||
Barclays PLC, |
| |||||||
2.75%, 11/8/19 | 350 | 349,413 | ||||||
4.375%, 1/12/26 | 200 | 201,725 | ||||||
4.95%, 1/10/47 | 200 | 201,244 |
156 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Principal Amount (000s) | Value | |||||||
BP Capital Markets PLC, |
| |||||||
2.315%, 2/13/20 | $ | 300 | $ | 298,750 | ||||
Diageo Capital PLC, |
| |||||||
3.00%, 5/18/20 | 200 | 200,727 | ||||||
Lloyds Banking Group PLC, |
| |||||||
4.05%, 8/16/23 | 200 | 204,183 | ||||||
Unilever Capital Corp., |
| |||||||
1.80%, 5/5/20 | 350 | 347,128 | ||||||
|
| |||||||
1,803,170 | ||||||||
|
| |||||||
United States—11.3% |
| |||||||
3M Co., |
| |||||||
3.25%, 2/14/24 | 100 | 103,022 | ||||||
Abbott Laboratories, |
| |||||||
4.90%, 11/30/46 | 200 | 231,931 | ||||||
Allstate Corp., |
| |||||||
3.28%, 12/15/26 | 400 | 404,713 | ||||||
American Honda Finance Corp., |
| |||||||
2.00%, 2/14/20 | 300 | 298,461 | ||||||
2.60%, 11/16/22 | 100 | 99,823 | ||||||
Apple, Inc., |
| |||||||
1.90%, 2/7/20 | 350 | 349,029 | ||||||
3.85%, 8/4/46 | 200 | 203,137 | ||||||
Bank of America Corp., |
| |||||||
4.00%, 4/1/24 | 200 | 208,495 | ||||||
5.625%, 7/1/20 | 300 | 310,854 | ||||||
Bank of New York Mellon Corp., |
| |||||||
2.60%, 2/7/22 | 300 | 300,075 | ||||||
Cargill, Inc. (a)(b), |
| |||||||
3.05%, 4/19/21 | 200 | 201,189 | ||||||
3.25%, 3/1/23 | 50 | 50,876 | ||||||
Caterpillar Financial Services Corp., |
| |||||||
2.10%, 1/10/20 | 350 | 349,369 | ||||||
3.15%, 9/7/21 | 100 | 101,190 | ||||||
3.45%, 5/15/23 | 150 | 154,397 | ||||||
CBS Corp., |
| |||||||
3.70%, 6/1/28 | 250 | 244,279 | ||||||
Citigroup, Inc., |
| |||||||
2.45%, 1/10/20 | 500 | 499,212 | ||||||
8.125%, 7/15/39 | 250 | 376,421 | ||||||
CNH Industrial Capital LLC, |
| |||||||
4.875%, 4/1/21 | 350 | 360,010 | ||||||
Colgate-Palmolive Co., |
| |||||||
3.70%, 8/1/47 | 100 | 103,031 | ||||||
Comcast Corp., |
| |||||||
2.75%, 3/1/23 | 200 | 199,741 | ||||||
Commonwealth Edison Co., |
| |||||||
2.55%, 6/15/26 | 200 | 193,273 | ||||||
Consolidated Edison Co. of New York, Inc., |
| |||||||
4.50%, 5/15/58 | 50 | 52,225 | ||||||
CRH America Finance, Inc. (a)(b), |
| |||||||
3.95%, 4/4/28 | 200 | 197,030 | ||||||
CSX Corp., |
| |||||||
2.60%, 11/1/26 | 50 | 47,537 | ||||||
CVS Health Corp., |
| |||||||
4.10%, 3/25/25 | 100 | 102,683 | ||||||
Discovery Communications LLC, |
| |||||||
3.80%, 3/13/24 | 200 | 203,595 | ||||||
Dow Chemical Co., |
| |||||||
7.375%, 11/1/29 | 400 | 507,325 | ||||||
Duke Energy Carolinas LLC, |
| |||||||
2.50%, 3/15/23 | 100 | 99,504 | ||||||
Ecolab, Inc., |
| |||||||
2.375%, 8/10/22 | 100 | 98,786 | ||||||
Energy Transfer Partners L.P., Ser. 30Y, |
| |||||||
6.00%, 6/15/48 | 50 | 54,220 | ||||||
FedEx Corp., |
| |||||||
4.10%, 4/15/43 | 300 | 273,958 | ||||||
Fifth Third Bancorp, |
| |||||||
2.60%, 6/15/22 | 350 | 348,188 | ||||||
Florida Power & Light Co., |
| |||||||
3.70%, 12/1/47 | 100 | 100,383 |
Principal Amount (000s) | Value | |||||||
Ford Motor Co., |
| |||||||
5.291%, 12/8/46 | $ | 150 | $ | 126,158 | ||||
Ford Motor Credit Co. LLC, |
| |||||||
2.681%, 1/9/20 | 350 | 348,527 | ||||||
General Dynamics Corp., |
| |||||||
3.375%, 5/15/23 | 100 | 102,864 | ||||||
General Electric Co., |
| |||||||
5.50%, 1/8/20 | 300 | 305,848 | ||||||
General Mills, Inc., |
| |||||||
2.60%, 10/12/22 | 100 | 98,933 | ||||||
General Motors Co., |
| |||||||
5.15%, 4/1/38 | 150 | 137,897 | ||||||
General Motors Financial Co., Inc., |
| |||||||
2.65%, 4/13/20 | 350 | 348,338 | ||||||
4.35%, 4/9/25 | 100 | 99,945 | ||||||
Goldman Sachs Group, Inc., |
| |||||||
2.55%, 10/23/19 | 400 | 399,609 | ||||||
6.00%, 6/15/20, Ser. D | 300 | 311,327 | ||||||
Harley-Davidson Financial Services, Inc., Ser. SR (a)(b), |
| |||||||
3.55%, 5/21/21 | 150 | 150,255 | ||||||
Home Depot, Inc., |
| |||||||
2.00%, 4/1/21 | 200 | 198,037 | ||||||
International Business Machines Corp., |
| |||||||
1.90%, 1/27/20 | 350 | 347,896 | ||||||
International Paper Co., |
| |||||||
4.35%, 8/15/48 | 100 | 93,732 | ||||||
John Deere Capital Corp., |
| |||||||
1.95%, 6/22/20 | 250 | 247,956 | ||||||
3.05%, 1/6/28 | 150 | 149,685 | ||||||
Johnson & Johnson, |
| |||||||
1.95%, 11/10/20 | 100 | 99,279 | ||||||
JPMorgan Chase & Co., |
| |||||||
3.625%, 5/13/24 | 400 | 411,373 | ||||||
4.40%, 7/22/20 | 300 | 307,285 | ||||||
Kellogg Co., |
| |||||||
3.25%, 5/14/21 | 150 | 151,320 | ||||||
3.40%, 11/15/27 | 50 | 48,193 | ||||||
Keurig Dr. Pepper, Inc., |
| |||||||
4.42%, 12/15/46 | 250 | 229,073 | ||||||
Kraft Heinz Foods Co., |
| |||||||
4.00%, 6/15/23 | 100 | 103,014 | ||||||
5.375%, 2/10/20 | 350 | 357,412 | ||||||
Kroger Co., |
| |||||||
4.65%, 1/15/48 | 150 | 140,537 | ||||||
Merck & Co., Inc., |
| |||||||
1.85%, 2/10/20 | 350 | 348,403 | ||||||
3.40%, 3/7/29 | 50 | 51,353 | ||||||
MetLife, Inc., |
| |||||||
5.70%, 6/15/35 | 100 | 120,287 | ||||||
Morgan Stanley, |
| |||||||
2.50%, 4/21/21 | 400 | 397,910 | ||||||
2.80%, 6/16/20 | 350 | 350,477 | ||||||
3.625%, 1/20/27 | 200 | 200,724 | ||||||
4.375%, 1/22/47 | 50 | 51,701 | ||||||
5.50%, 7/24/20 | 4,200 | 4,344,320 | ||||||
Nestle Holdings, Inc. (a)(b), |
| |||||||
3.50%, 9/24/25 | 150 | 155,781 | ||||||
Northrop Grumman Corp., |
| |||||||
2.08%, 10/15/20 | 350 | 346,890 | ||||||
Nucor Corp., |
| |||||||
4.40%, 5/1/48 | 50 | 51,509 | ||||||
Oracle Corp., |
| |||||||
2.625%, 2/15/23 | 350 | 349,630 | ||||||
3.85%, 7/15/36 | 200 | 202,603 | ||||||
PACCAR Financial Corp., |
| |||||||
2.30%, 8/10/22 | 50 | 49,407 | ||||||
Pfizer, Inc., |
| |||||||
3.60%, 9/15/28 | 100 | 104,281 | ||||||
4.00%, 3/15/49 | 100 | 103,557 | ||||||
4.125%, 12/15/46 | 100 | 105,897 | ||||||
Philip Morris International, Inc., |
| |||||||
2.00%, 2/21/20 | 300 | 298,092 | ||||||
2.375%, 8/17/22 | 100 | 98,871 |
Principal Amount (000s) | Value | |||||||
Phillips 66, |
| |||||||
4.875%, 11/15/44 | $ | 150 | $ | 165,079 | ||||
PPL Electric Utilities Corp., |
| |||||||
4.15%, 6/15/48 | 50 | 52,740 | ||||||
Procter & Gamble Co., |
| |||||||
1.90%, 10/23/20 | 100 | 99,389 | ||||||
Prudential Financial, Inc., |
| |||||||
4.35%, 2/25/50 | 50 | 51,909 | ||||||
State Street Corp., |
| |||||||
2.55%, 8/18/20 | 350 | 349,534 | ||||||
Thermo Fisher Scientific, Inc., |
| |||||||
4.10%, 8/15/47 | 100 | 99,554 | ||||||
Toyota Motor Credit Corp., |
| |||||||
1.90%, 4/8/21 | 200 | 197,701 | ||||||
1.95%, 4/17/20 | 350 | 347,803 | ||||||
TWDC Enterprises 18 Corp., |
| |||||||
2.30%, 2/12/21 | 250 | 248,913 | ||||||
3.15%, 9/17/25 | 100 | 102,137 | ||||||
United Parcel Service, Inc., |
| |||||||
2.05%, 4/1/21 | 350 | 347,773 | ||||||
United Technologies Corp., |
| |||||||
1.90%, 5/4/20 | 350 | 347,415 | ||||||
3.35%, 8/16/21 | 100 | 101,443 | ||||||
Verizon Communications, Inc., |
| |||||||
4.125%, 8/15/46 | 200 | 194,364 | ||||||
Walmart, Inc., |
| |||||||
3.125%, 6/23/21 | 350 | 355,228 | ||||||
Wells Fargo Bank N.A., |
| |||||||
2.15%, 12/6/19 | 500 | 498,257 | ||||||
3.625%, 10/22/21 | 250 | 254,892 | ||||||
|
| |||||||
24,288,279 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes (cost—$35,834,171) |
| 35,749,466 | ||||||
|
| |||||||
Shares | ||||||||
Exchange-Traded Funds—7.3% |
| |||||||
iShares JP Morgan EM Local Currency Bond | 47,000 | 2,060,480 | ||||||
iShares JPMorgan USD Emerging Markets Bond | 58,000 | 6,383,480 | ||||||
iShares Morningstar Small-Cap Growth | 25,500 | 5,086,332 | ||||||
VanEck Vectors J.P. Morgan EM Local Currency Bond | 61,000 | 2,034,960 | ||||||
|
| |||||||
Total Exchange-Traded Funds (cost—$15,493,009) |
| 15,565,252 | ||||||
|
| |||||||
Principal Amount (000s) | ||||||||
U.S. Government Agency Securities—7.2% |
| |||||||
Fannie Mae, |
| |||||||
2.50%, 4/15/34 MBS, TBA, 15 Year (c) | $580 | 576,651 | ||||||
3.00%, 4/15/34 MBS, TBA, 15 Year (c) | 430 | 433,954 | ||||||
3.00%, 4/10/49 MBS, TBA, 30 Year (c) | 1,200 | 1,195,125 | ||||||
3.50%, 4/10/49 MBS, TBA, 30 Year (c) | 1,860 | 1,885,938 | ||||||
4.00%, 4/10/49 MBS, TBA, 30 Year (c) | 1,660 | 1,707,725 | ||||||
4.50%, 4/10/49 MBS, TBA, 30 Year (c) | 650 | 677,355 | ||||||
5.00%, 4/10/49 MBS, TBA, 30 Year (c) | 160 | 169,197 | ||||||
6.625%, 11/15/30 | 100 | 136,931 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 157 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Principal Amount (000s) | Value | |||||||
Freddie Mac, |
| |||||||
2.50%, 4/15/34 MBS, TBA, 15 Year (c) | $ | 440 | $ | 437,766 | ||||
3.00%, 4/15/34 MBS, TBA, 15 Year (c) | 220 | 222,155 | ||||||
3.00%, 4/10/49 MBS, TBA, 30 Year (c) | 820 | 816,785 | ||||||
3.50%, 4/10/49 MBS, TBA, 30 Year (c) | 1,350 | 1,369,617 | ||||||
4.00%, 4/10/49 MBS, TBA, 30 Year (c) | 1,050 | 1,081,069 | ||||||
4.50%, 4/10/49 MBS, TBA, 30 Year (c) | 290 | 302,710 | ||||||
6.25%, 7/15/32 | 100 | 138,306 | ||||||
Ginnie Mae, MBS, TBA, 30 Year (c), |
| |||||||
3.00%, 4/17/49 | 1,400 | 1,406,836 | ||||||
3.50%, 4/17/49 | 2,020 | 2,064,661 | ||||||
4.00%, 4/17/49 | 690 | 712,721 | ||||||
|
| |||||||
Total U.S. Government Agency Securities (cost—$15,123,037) |
| 15,335,502 | ||||||
|
| |||||||
U.S. Treasury Obligations—6.0% |
| |||||||
U.S. Treasury Bonds, |
| |||||||
2.25%, 8/15/46 | 430 | 384,514 | ||||||
2.75%, 11/15/47 | 310 | 306,440 | ||||||
3.125%, 2/15/43 | 1,256 | 1,333,715 | ||||||
4.375%, 5/15/41 | 991 | 1,266,467 | ||||||
4.50%, 2/15/36 | 510 | 647,023 | ||||||
5.25%, 2/15/29 | 260 | 324,594 | ||||||
6.00%, 2/15/26 | 400 | 493,094 | ||||||
6.875%, 8/15/25 | 1,325 | 1,681,715 | ||||||
U.S. Treasury Notes, |
| |||||||
1.125%, 9/30/21 | 500 | 486,797 | ||||||
1.375%, 9/30/23 | 2,400 | 2,312,063 | ||||||
1.50%, 8/15/26 | 250 | 235,957 | ||||||
2.125%, 9/30/24 | 800 | 794,312 | ||||||
2.25%, 11/15/27 | 750 | 742,851 | ||||||
2.50%, 1/15/22 | 500 | 503,555 | ||||||
2.75%, 8/15/21 | 870 | 879,991 | ||||||
2.75%, 4/30/23 | 100 | 102,023 | ||||||
2.875%, 5/15/28 | 400 | 415,937 | ||||||
|
| |||||||
Total U.S. Treasury Obligations (cost—$12,700,054) |
| 12,911,048 | ||||||
|
| |||||||
Sovereign Debt Obligations—4.1% |
| |||||||
Argentina—0.2% |
| |||||||
Argentine Republic Government International Bond, |
| |||||||
4.625%, 1/11/23 | 150 | 123,532 | ||||||
6.25%, 4/22/19 | 300 | 300,332 | ||||||
|
| |||||||
423,864 | ||||||||
|
| |||||||
Canada—0.3% |
| |||||||
Export Development Canada, |
| |||||||
2.50%, 1/24/23 | 200 | 201,294 | ||||||
Province of Alberta Canada, |
| |||||||
3.30%, 3/15/28 | 150 | 155,933 | ||||||
Province of Quebec Canada, |
| |||||||
2.875%, 10/16/24 | 200 | 203,353 | ||||||
|
| |||||||
560,580 | ||||||||
|
| |||||||
Croatia—0.2% |
| |||||||
Croatia Government International Bond, |
| |||||||
6.75%, 11/5/19 | 300 | 306,552 | ||||||
|
| |||||||
Finland—0.2% | ||||||||
Nordic Investment Bank, |
| |||||||
1.25%, 8/2/21 | 500 | 487,836 | ||||||
|
|
Principal Amount (000s) | Value | |||||||
Germany—0.2% | ||||||||
FMS Wertmanagement AoeR, |
| |||||||
1.75%, 1/24/20 | $ | 500 | $ | 497,328 | ||||
|
| |||||||
Japan—0.2% | ||||||||
Japan Bank for International Cooperation, |
| |||||||
1.50%, 7/21/21 | 300 | 293,075 | ||||||
2.125%, 7/21/20 | 200 | 199,113 | ||||||
|
| |||||||
492,188 | ||||||||
|
| |||||||
Korea (Republic of)—0.5% |
| |||||||
Export-Import Bank of Korea, |
| |||||||
1.75%, 5/26/19 | 500 | 499,397 | ||||||
2.50%, 11/1/20 | 200 | 199,469 | ||||||
3.625%, 11/27/23 | 200 | 206,134 | ||||||
Korea Development Bank, |
| |||||||
3.00%, 1/13/26 | 100 | 99,114 | ||||||
|
| |||||||
1,004,114 | ||||||||
|
| |||||||
Latvia—0.2% | ||||||||
Latvia Government International Bond, |
| |||||||
2.75%, 1/12/20 | 500 | 500,023 | ||||||
|
| |||||||
Mexico—0.1% |
| |||||||
Mexico Government International Bond, |
| |||||||
4.60%, 2/10/48 | 200 | 192,982 | ||||||
|
| |||||||
Norway—0.1% | ||||||||
Kommunalbanken AS (a)(b), |
| |||||||
3.125%, 10/18/21 | 240 | 244,504 | ||||||
|
| |||||||
Panama—0.1% | ||||||||
Panama Government International Bond, |
| |||||||
7.125%, 1/29/26 | 150 | 183,453 | ||||||
|
| |||||||
Poland—0.2% | ||||||||
Poland Government International Bond, |
| |||||||
6.375%, 7/15/19 | 500 | 505,761 | ||||||
|
| |||||||
Sri Lanka—0.1% | ||||||||
Sri Lanka Government International Bond (a)(b), |
| |||||||
5.75%, 4/18/23 | 200 | 197,578 | ||||||
|
| |||||||
Supranational—0.5% | ||||||||
Asian Development Bank, |
| |||||||
3.125%, 9/26/28 | 150 | 157,566 | ||||||
Corp. Andina de Fomento, |
| |||||||
2.20%, 7/18/20 | 350 | 347,074 | ||||||
Council of Europe Development Bank, |
| |||||||
1.625%, 3/16/21 | 500 | 492,828 | ||||||
European Investment Bank, |
| |||||||
4.875%, 2/15/36 | 100 | 126,645 | ||||||
|
| |||||||
1,124,113 | ||||||||
|
| |||||||
Sweden—0.6% | ||||||||
Kommuninvest I Sverige AB (a)(b), |
| |||||||
2.75%, 10/22/20 | 350 | 351,597 | ||||||
Svensk Exportkredit AB, |
| |||||||
1.75%, 5/18/20 | 350 | 347,406 | ||||||
2.875%, 5/22/21 | 350 | 353,217 | ||||||
3.125%, 11/8/21 | 200 | 203,723 | ||||||
|
| |||||||
1,255,943 | ||||||||
|
| |||||||
United States—0.4% |
| |||||||
Inter-American Development Bank, |
| |||||||
3.125%, 9/18/28 | 150 | 157,632 | ||||||
3.20%, 8/7/42 | 180 | 185,366 | ||||||
International Finance Corp., | ||||||||
1.75%, 9/16/19 | 500 | 498,319 | ||||||
|
| |||||||
841,317 | ||||||||
|
| |||||||
Uruguay—0.0% | ||||||||
Uruguay Government International Bond, |
| |||||||
4.975%, 4/20/55 | 50 | 52,500 | ||||||
|
| |||||||
Total Sovereign Debt Obligations (cost—$8,905,413) |
| 8,870,636 | ||||||
|
|
Shares | Value | |||||||
Mutual Fund—1.6% | ||||||||
AllianzGI International Growth (g)(h) (cost—$3,619,006) | 195,551 | $ | 3,453,439 | |||||
|
| |||||||
Preferred Stock—0.3% | ||||||||
Brazil—0.1% | ||||||||
Cia Paranaense de Energia | 4,300 | 39,976 | ||||||
Petroleo Brasileiro S.A. | 14,800 | 106,067 | ||||||
Telefonica Brasil S.A. | 4,200 | 50,953 | ||||||
|
| |||||||
196,996 | ||||||||
|
| |||||||
Colombia—0.0% | ||||||||
Avianca Holdings S.A. | 35,036 | 18,408 | ||||||
Banco Davivienda S.A. | 6,393 | 74,999 | ||||||
Grupo Aval Acciones y Valores S.A. | 9,215 | 3,570 | ||||||
|
| |||||||
96,977 | ||||||||
|
| |||||||
Korea (Republic of)—0.2% |
| |||||||
Samsung Electronics Co., Ltd. | 13,200 | 422,666 | ||||||
|
| |||||||
Total Preferred Stock (cost—$617,236) |
| 716,639 | ||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Short-Term Investments—3.1% |
| |||||||
Repurchase Agreements—2.2% |
| |||||||
State Street Bank and Trust Co., dated 3/29/19, 0.50%, due 4/1/19, proceeds $4,761,198; collateralized by U.S. Treasury Notes, 1.75%, due 6/30/22, valued at $4,858,839 including accrued interest | ||||||||
(cost—$4,761,000) | $4,761 | 4,761,000 | ||||||
|
| |||||||
U.S. Treasury Obligation(i)— 0.9% |
| |||||||
U.S. Treasury Bill, | 1,900 | 1,861,421 | ||||||
|
| |||||||
Total Short-Term Investments (cost—$6,621,491) |
| 6,622,421 | ||||||
|
| |||||||
Total Investments (cost—$211,537,875) (d)—104.6% |
| 224,111,093 | ||||||
|
| |||||||
Liabilities in excess of other assets (k)—(4.6)% |
| (9,757,150 | ) | |||||
|
| |||||||
Net Assets—100.0% |
| $214,353,943 | ||||||
|
|
158 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Notes to Schedule of Investments:
(a) Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $3,821,415, representing 1.8% of net assets.
(b) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $4,929,507, representing 2.3% of net assets.
(c) When-issued or delayed-delivery. To be settled/delivered after March 31, 2019.
(d) Securities with an aggregate value of $45,614,003, representing 21.3% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(e) Fair-Valued—Securities with an aggregate value of $1,345,146, representing 0.6% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(f) Level 3 security. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(g) Affiliated fund.
(h) Institutional Class share.
(i) Rates reflect the effective yields at purchase date.
(j) Non-income producing.
(k) Includes net unrealized appreciation (depreciation) of other financial instruments as follows:
Futures contracts outstanding at March 31, 2019: | ||||||||||||||||||||||
Type | Contracts | Expiration Date | Notional Amount (000s) | Market Value (000s) | Unrealized Appreciation (Depreciation) | |||||||||||||||||
Long position contracts: | ||||||||||||||||||||||
E-mini Russell 2000 Index | 90 | 6/21/19 | $ | 5 | $ | 6,947 | $ | 48,713 | ||||||||||||||
SPI 200 Index | 20 | 6/20/19 | AUD | 1 | 2,191 | (3,959 | ) | |||||||||||||||
U.S. Ultra Treasury Bond | 72 | 6/19/19 | $ | 7,200 | 12,096 | 493,299 | ||||||||||||||||
XAK Technology | 145 | 6/21/19 | 15 | 10,807 | 68,874 | |||||||||||||||||
|
| |||||||||||||||||||||
$ | 606,927 | |||||||||||||||||||||
|
| |||||||||||||||||||||
Short position contracts: | ||||||||||||||||||||||
2-Year U.S. Treasury Note | (36 | ) | 6/28/19 | $ | (7,200 | ) | $ | (7,671 | ) | $ | (26,498 | ) | ||||||||||
10-Year U.S. Treasury Note | (235 | ) | 6/19/19 | (23,500 | ) | (29,192 | ) | (12,146 | ) | |||||||||||||
E-mini S&P 500 Index | (34 | ) | 6/21/19 | (2 | ) | (4,824 | ) | (82,952 | ) | |||||||||||||
Mini MSCI Emerging Markets Index | (40 | ) | 6/21/19 | (2 | ) | (2,115 | ) | 10,894 | ||||||||||||||
MSCI EAFE Index | (50 | ) | 6/21/19 | (3 | ) | (4,666 | ) | (13,683 | ) | |||||||||||||
U.S. Dollar Index | (141 | ) | 6/17/19 | (141 | ) | (13,655 | ) | (13,877 | ) | |||||||||||||
XAU Utilities | (175 | ) | 6/21/19 | (18 | ) | (10,271 | ) | 123,356 | ||||||||||||||
|
| |||||||||||||||||||||
$ | (14,906 | ) | ||||||||||||||||||||
|
| |||||||||||||||||||||
$ | 592,021 | |||||||||||||||||||||
|
|
(l) At March 31, 2019, the Fund pledged $3,982,715 in cash as collateral for futures contracts. The Fund also held U.S. Treasury Obligations valued $215,719 as collateral for TBA securities. Securities held as collateral will not be pledged and are not reflected in the Schedule of Investments.
Glossary:
ADR—American Depositary Receipt
AUD—Australian Dollar
EAFE—Europe, Australasia and Far East
GDR—Global Depositary Receipt
MBS—Mortgage-Backed Securities
MSCI—Morgan Stanley Capital International
REIT—Real Estate Investment Trust
TBA—To Be Announced
UNIT—More than one class of securities traded together
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 159 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
The industry classification of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets were as follows:
Banks | 13.0% | |||
Exchange-Traded Funds | 7.3% | |||
U.S. Government Agency Securities | 7.2% | |||
U.S. Treasury Obligations | 6.9% | |||
Sovereign Debt Obligations | 4.1% | |||
Oil, Gas & Consumable Fuels | 4.1% | |||
Pharmaceuticals | 3.3% | |||
Insurance | 2.9% | |||
Technology Hardware, Storage & Peripherals | 2.4% | |||
Healthcare Providers & Services | 2.2% | |||
Software | 2.1% | |||
IT Services | 2.1% | |||
Diversified Telecommunication Services | 2.0% | |||
Healthcare Equipment & Supplies | 1.9% | |||
Electric Utilities | 1.7% | |||
Mutual Funds | 1.6% | |||
Semiconductors & Semiconductor Equipment | 1.6% | |||
Interactive Media & Services | 1.5% | |||
Food Products | 1.4% | |||
Auto Manufacturers | 1.3% | |||
Food & Staples Retailing | 1.2% | |||
Metals & Mining | 1.2% | |||
Media | 1.1% | |||
Aerospace & Defense | 1.1% | |||
Chemicals | 1.1% | |||
Automobiles | 1.1% | |||
Hotels, Restaurants & Leisure | 1.0% | |||
Internet & Direct Marketing Retail | 1.0% | |||
Trading Companies & Distributors | 0.9% | |||
Specialty Retail | 0.9% | |||
Capital Markets | 0.9% | |||
Machinery | 0.9% | |||
Life Sciences Tools & Services | 0.8% | |||
Equity Real Estate Investment Trusts (REITs) | 0.8% | |||
Electronic Equipment, Instruments & Components | 0.8% | |||
Construction & Engineering | 0.8% | |||
Road & Rail | 0.8% | |||
Communications Equipment | 0.7% | |||
Real Estate Management & Development | 0.7% | |||
Beverages | 0.7% | |||
Food & Beverage | 0.7% | |||
Household Durables | 0.6% | |||
Airlines | 0.6% | |||
Household Products | 0.6% | |||
Mortgage Real Estate Investment Trusts (REITs) | 0.6% | |||
Wireless Telecommunication Services | 0.6% | |||
Auto Components | 0.6% | |||
Multi-Line Retail | 0.5% | |||
Commercial Services & Supplies | 0.5% | |||
Biotechnology | 0.5% | |||
Textiles, Apparel & Luxury Goods | 0.5% | |||
Multi-Utilities | 0.4% | |||
Paper & Forest Products | 0.4% | |||
Industrial Conglomerates | 0.4% | |||
Tobacco | 0.4% | |||
Machinery-Diversified | 0.4% | |||
Entertainment | 0.3% | |||
Telecommunications | 0.3% | |||
Transportation | 0.3% |
Diversified Financial Services | 0.3% | |||
Consumer Finance | 0.3% | |||
Machinery-Construction & Mining | 0.3% | |||
Retail | 0.3% | |||
Agriculture | 0.3% | |||
Consumer Products | 0.3% | |||
Personal Products | 0.2% | |||
Independent Power Producers & Energy Traders | 0.2% | |||
Miscellaneous Manufacturing | 0.2% | |||
Construction Materials | 0.2% | |||
Professional Services | 0.2% | |||
Electrical Equipment | 0.2% | |||
Healthcare-Products | 0.2% | |||
Transportation Infrastructure | 0.1% | |||
Thrifts & Mortgage Finance | 0.1% | |||
Air Freight & Logistics | 0.1% | |||
Leisure Equipment & Products | 0.1% | |||
Computers | 0.1% | |||
Electronics | 0.1% | |||
Building Materials | 0.1% | |||
Building Products | 0.1% | |||
Containers & Packaging | 0.1% | |||
Commercial Services | 0.0% | |||
Water Utilities | 0.0% | |||
Marine | 0.0% | |||
Pipelines | 0.0% | |||
Iron/Steel | 0.0% | |||
Diversified Consumer Services | 0.0% | |||
Advertising | 0.0% | |||
Energy Equipment & Services | 0.0% | |||
Distributors | 0.0% | |||
Repurchase Agreements | 2.2% | |||
Liabilities in excess of other assets | (4.6)% | |||
|
| |||
100.0% | ||||
|
|
AllianzGI Global High Yield Fund
Principal Amount (000s) | Value | |||||||||||
Corporate Bonds & Notes—93.1% |
| |||||||||||
Australia—0.6% |
| |||||||||||
Nufarm Australia Ltd. (a)(b), |
| |||||||||||
5.75%, 4/30/26 | $ | 150 | $139,500 | |||||||||
|
| |||||||||||
Brazil—2.5% |
| |||||||||||
Banco do Brasil S.A., 10 Year CMT + |
| |||||||||||
6.25%, 4/15/24 | 200 | 180,600 | ||||||||||
Petrobras Global Finance BV, | ||||||||||||
4.75%, 1/14/25 | € | 100 | 123,757 | |||||||||
5.299%, 1/27/25 | $ | 100 | 101,701 | |||||||||
5.999%, 1/27/28 | 175 | 177,538 | ||||||||||
|
| |||||||||||
583,596 | ||||||||||||
|
| |||||||||||
Canada—4.4% |
| |||||||||||
Cott Holdings, Inc. (a)(b), |
| |||||||||||
5.50%, 4/1/25 | 250 | 253,125 | ||||||||||
Kronos Acquisition Holdings, Inc. (a)(b), |
| |||||||||||
9.00%, 8/15/23 | 50 | 43,125 | ||||||||||
Northwest Acquisitions ULC (a)(b), |
| |||||||||||
7.125%, 11/1/22 | 100 | 88,250 | ||||||||||
Precision Drilling Corp., |
| |||||||||||
7.75%, 12/15/23 | 50 | 51,625 | ||||||||||
Ritchie Bros Auctioneers, Inc. (a)(b), |
| |||||||||||
5.375%, 1/15/25 | 150 | 153,562 | ||||||||||
Rockpoint Gas Storage Canada Ltd. (a)(b), |
| |||||||||||
7.00%, 3/31/23 | 200 | 199,250 | ||||||||||
Superior Plus L.P. (a)(b), |
| |||||||||||
7.00%, 7/15/26 | 150 | 153,188 | ||||||||||
Teck Resources Ltd. (a)(b), |
| |||||||||||
8.50%, 6/1/24 | 80 | 85,781 | ||||||||||
|
| |||||||||||
1,027,906 | ||||||||||||
|
| |||||||||||
Chile—1.0% |
| |||||||||||
VTR Finance BV, |
| |||||||||||
6.875%, 1/15/24 | 224 | 230,440 | ||||||||||
|
| |||||||||||
China—2.2% |
| |||||||||||
Country Garden Holdings Co., Ltd., |
| |||||||||||
8.00%, 1/27/24 | 200 | 212,540 | ||||||||||
Garrett LX I Sarl, |
| |||||||||||
5.125%, 10/15/26 | € | 100 | 106,413 | |||||||||
Yuzhou Properties Co., Ltd., |
| |||||||||||
6.00%, 10/25/23 | $ | 200 | 191,192 | |||||||||
|
| |||||||||||
510,145 | ||||||||||||
|
| |||||||||||
Colombia—0.9% |
| |||||||||||
Millicom International Cellular S.A. (a)(b), |
| |||||||||||
6.25%, 3/25/29 | 200 | 203,962 | ||||||||||
|
| |||||||||||
France—2.7% |
| |||||||||||
Altice France S.A., |
| |||||||||||
5.625%, 5/15/24 | € | 100 | 115,837 | |||||||||
7.375%, 5/1/26 (a)(b) | $ | 200 | 196,500 | |||||||||
BNP Paribas S.A., USD 5 Year Swap Rate + 6.314% (a)(b)(c)(e), |
| |||||||||||
7.625%, 3/30/21 | 200 | 210,750 | ||||||||||
Paprec Holding S.A. (a)(b), |
| |||||||||||
4.00%, 3/31/25 | € | 100 | 95,395 | |||||||||
|
| |||||||||||
618,482 | ||||||||||||
|
| |||||||||||
Germany—1.5% |
| |||||||||||
DEMIRE Deutsche Mittelstand Real Estate AG, |
| |||||||||||
2.875%, 7/15/22 | 200 | 227,014 | ||||||||||
Techem Verwaltungsgesellschaft 674 mbH (a)(b), |
| |||||||||||
6.00%, 7/30/26 | 100 | 116,448 | ||||||||||
|
| |||||||||||
343,462 | ||||||||||||
|
| |||||||||||
Indonesia—0.8% |
| |||||||||||
Listrindo Capital BV, |
| |||||||||||
4.95%, 9/14/26 | $ | 200 | 194,500 | |||||||||
|
|
160 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Principal Amount (000s) | Value | |||||||||||
Ireland—0.6% |
| |||||||||||
Virgin Media Receivables Financing Notes II DAC, |
| |||||||||||
5.75%, 4/15/23 | £ | 100 | $ | 132,930 | ||||||||
|
| |||||||||||
Israel—1.1% |
| |||||||||||
Teva Pharmaceutical Finance Netherlands II BV, |
| |||||||||||
3.25%, 4/15/22 | € | 100 | 114,996 | |||||||||
Teva Pharmaceutical Finance Netherlands III BV, |
| |||||||||||
2.80%, 7/21/23 | $ | 150 | 133,972 | |||||||||
|
| |||||||||||
248,968 | ||||||||||||
|
| |||||||||||
Italy—2.7% |
| |||||||||||
Assicurazioni Generali SpA, (converts to FRN on 6/8/28) (e), |
| |||||||||||
5.00%, 6/8/48 | € | 100 | 118,156 | |||||||||
Fiat Chrysler Automobiles NV, |
| |||||||||||
5.25%, 4/15/23 | $ | 200 | 206,750 | |||||||||
Intesa Sanpaolo SpA, |
| |||||||||||
6.625%, 9/13/23 | € | 150 | 200,150 | |||||||||
Wind Tre SpA, 3 mo. EURIBOR + 2.75% (e), |
| |||||||||||
2.75%, 1/20/24 | 100 | 106,567 | ||||||||||
|
| |||||||||||
631,623 | ||||||||||||
|
| |||||||||||
Japan—0.5% |
| |||||||||||
SoftBank Group Corp., |
| |||||||||||
4.00%, 4/20/23 | 100 | 120,877 | ||||||||||
|
| |||||||||||
Luxembourg—1.4% |
| |||||||||||
Altice Luxembourg S.A., |
| |||||||||||
6.25%, 2/15/25 | 100 | 103,725 | ||||||||||
Arena Luxembourg Finance Sarl, |
| |||||||||||
2.875%, 11/1/24 | 200 | 230,522 | ||||||||||
|
| |||||||||||
334,247 | ||||||||||||
|
| |||||||||||
Netherlands—5.2% |
| |||||||||||
Atradius Finance BV, (converts to FRN on 9/23/24) (e), |
| |||||||||||
5.25%, 9/23/44 | 100 | 120,945 | ||||||||||
de Volksbank NV, (converts to FRN on 11/5/20) (e), |
| |||||||||||
3.75%, 11/5/25 | 100 | 117,224 | ||||||||||
Eagle Intermediate Global Holding BV, |
| |||||||||||
5.375%, 5/1/23 | 100 | 111,345 | ||||||||||
Intertrust Group BV (a)(b), |
| |||||||||||
3.375%, 11/15/25 | 150 | 172,592 | ||||||||||
InterXion Holding NV (a)(b), |
| |||||||||||
4.75%, 6/15/25 | 200 | 238,666 | ||||||||||
IPD 3 BV (a)(b), | ||||||||||||
4.50%, 7/15/22 | 100 | 115,723 | ||||||||||
Selecta Group BV, 3 mo. EURIBOR + 5.375% (e), |
| |||||||||||
5.375%, 2/1/24 | 100 | 112,077 | ||||||||||
Starfruit Finco BV, | ||||||||||||
6.50%, 10/1/26 | 100 | 112,783 | ||||||||||
Sunshine Mid BV (a)(b), |
| |||||||||||
6.50%, 5/15/26 | 100 | 114,344 | ||||||||||
|
| |||||||||||
1,215,699 | ||||||||||||
|
| |||||||||||
Norway—0.7% |
| |||||||||||
Aker BP ASA (a)(b), |
| |||||||||||
5.875%, 3/31/25 | $ | 150 | 157,687 | |||||||||
|
| |||||||||||
Portugal—1.1% |
| |||||||||||
Caixa Geral de Depositos S.A., (converts to FRN on 13/30/22) (c)(e), |
| |||||||||||
10.75%, 12/31/99 | € | 200 | 258,532 | |||||||||
|
| |||||||||||
Singapore—0.9% |
| |||||||||||
Avation Capital S.A. (a)(b), |
| |||||||||||
6.50%, 5/15/21 | $ | 200 | 200,750 | |||||||||
|
| |||||||||||
Spain—1.6% |
| |||||||||||
Codere Finance 2 Luxembourg S.A., |
| |||||||||||
6.75%, 11/1/21 | € | 100 | 110,247 | |||||||||
Distributidora International Alimentacion S.A., |
| |||||||||||
0.875%, 4/6/23 | 100 | 82,168 |
Principal Amount (000s) | Value | |||||||||||
Grifols S.A. (a)(b), |
| |||||||||||
3.20%, 5/1/25 | € | 150 | $ | 171,585 | ||||||||
|
| |||||||||||
364,000 | ||||||||||||
|
| |||||||||||
Turkey—0.5% |
| |||||||||||
Yasar Holding AS, | ||||||||||||
8.875%, 5/6/20 | $ | 200 | 125,320 | |||||||||
|
| |||||||||||
United Arab Emirates—0.4% |
| |||||||||||
Shelf Drilling Holdings |
| |||||||||||
8.25%, 2/15/25 | 100 | 95,250 | ||||||||||
|
| |||||||||||
United Kingdom—3.7% |
| |||||||||||
Aston Martin Capital Holdings Ltd., |
| |||||||||||
5.75%, 4/15/22 | £ | 100 | 129,399 | |||||||||
CPUK Finance Ltd. (a)(b), |
| |||||||||||
4.875%, 8/28/25 | 100 | 126,764 | ||||||||||
Iceland Bondco PLC, | ||||||||||||
4.625%, 3/15/25 | 100 | 113,856 | ||||||||||
Miller Homes Group Holdings PLC, |
| |||||||||||
5.50%, 10/15/24 | 100 | 129,419 | ||||||||||
Phoenix Group Holdings PLC, |
| |||||||||||
4.125%, 7/20/22 | 100 | 133,692 | ||||||||||
Pinewood Finance Co., Ltd., |
| |||||||||||
3.75%, 12/1/23 | 100 | 131,579 | ||||||||||
TVL Finance PLC, | ||||||||||||
8.50%, 5/15/23 | 80 | 109,666 | ||||||||||
|
| |||||||||||
874,375 | ||||||||||||
|
| |||||||||||
United States—56.1% |
| |||||||||||
AES Corp., | ||||||||||||
6.00%, 5/15/26 | $ | 200 | 212,996 | |||||||||
Albertsons Cos. LLC (a)(b), |
| |||||||||||
7.50%, 3/15/26 | 50 | 51,688 | ||||||||||
Alcoa Nederland Holding BV (a)(b), |
| |||||||||||
7.00%, 9/30/26 | 200 | 216,624 | ||||||||||
AmeriGas Partners L.P., | ||||||||||||
5.875%, 8/20/26 | 50 | 50,125 | ||||||||||
Antero Midstream Partners L.P. (a)(b), |
| |||||||||||
5.75%, 3/1/27 | 100 | 101,750 | ||||||||||
Ball Corp., | ||||||||||||
4.875%, 3/15/26 | 200 | 207,250 | ||||||||||
Belden, Inc., | ||||||||||||
3.375%, 7/15/27 | € | 150 | 169,936 | |||||||||
BWX Technologies, Inc. (a)(b), |
| |||||||||||
5.375%, 7/15/26 | $ | 100 | 102,000 | |||||||||
California Resources Corp. (a)(b), |
| |||||||||||
8.00%, 12/15/22 | 100 | 78,780 | ||||||||||
Catalent Pharma Solutions, Inc., |
| |||||||||||
4.75%, 12/15/24 | € | 170 | 199,453 | |||||||||
CCO Holdings LLC (a)(b), | ||||||||||||
5.375%, 5/1/25 | $ | 100 | 103,500 | |||||||||
5.75%, 2/15/26 | 100 | 105,000 | ||||||||||
Centene Corp., | ||||||||||||
6.125%, 2/15/24 | 200 | 209,810 | ||||||||||
CenturyLink, Inc., | ||||||||||||
6.45%, 6/15/21, Ser. S | 50 | 52,188 | ||||||||||
7.50%, 4/1/24, Ser. Y | 200 | 212,000 | ||||||||||
Cheniere Corpus Christi Holdings LLC, |
| |||||||||||
5.875%, 3/31/25 | 200 | 218,000 | ||||||||||
CNX Midstream Partners L.P. (a)(b), |
| |||||||||||
6.50%, 3/15/26 | 100 | 97,250 | ||||||||||
Commercial Metals Co., | ||||||||||||
4.875%, 5/15/23 | 100 | 100,750 | ||||||||||
5.375%, 7/15/27 | 100 | 96,500 | ||||||||||
Covanta Holding Corp., | ||||||||||||
5.875%, 7/1/25 | 150 | 153,187 | ||||||||||
Crown European Holdings S.A., |
| |||||||||||
3.375%, 5/15/25 | € | 200 | 240,452 | |||||||||
CSC Holdings LLC (a)(b), | ||||||||||||
7.50%, 4/1/28 | $ | 200 | 215,310 | |||||||||
CyrusOne L.P., | ||||||||||||
5.00%, 3/15/24 | 150 | 154,203 | ||||||||||
5.375%, 3/15/27 | 100 | 103,720 |
Principal Amount (000s) | Value | |||||||||||
DCP Midstream Operating L.P. (a)(b), |
| |||||||||||
6.75%, 9/15/37 | $ | 50 | $ | 51,750 | ||||||||
DISH DBS Corp., | ||||||||||||
7.75%, 7/1/26 | 100 | 87,250 | ||||||||||
Dole Food Co., Inc. (a)(b), |
| |||||||||||
7.25%, 6/15/25 | 100 | 89,000 | ||||||||||
Edison International, | ||||||||||||
4.125%, 3/15/28 | 150 | 141,707 | ||||||||||
Eldorado Resorts, Inc., |
| |||||||||||
6.00%, 4/1/25 | 250 | 254,375 | ||||||||||
Encompass Health Corp., |
| |||||||||||
5.125%, 3/15/23 | 150 | 152,665 | ||||||||||
Energizer Holdings, Inc. (a)(b), |
| |||||||||||
6.375%, 7/15/26 | 150 | 154,125 | ||||||||||
EnLink Midstream Partners L.P., |
| |||||||||||
4.85%, 7/15/26 | 200 | 199,250 | ||||||||||
Exela Intermediate LLC (a)(b), |
| |||||||||||
10.00%, 7/15/23 | 150 | 153,300 | ||||||||||
First Quality Finance Co., Inc. (a)(b), |
| |||||||||||
4.625%, 5/15/21 | 200 | 200,500 | ||||||||||
5.00%, 7/1/25 | 50 | 48,752 | ||||||||||
Five Point Operating Co. L.P. (a)(b), |
| |||||||||||
7.875%, 11/15/25 | 125 | 120,000 | ||||||||||
Freeport-McMoRan, Inc., |
| |||||||||||
3.875%, 3/15/23 | 150 | 148,217 | ||||||||||
Fresh Market, Inc. (a)(b), |
| |||||||||||
9.75%, 5/1/23 | 75 | 56,625 | ||||||||||
Genesis Energy L.P., |
| |||||||||||
6.25%, 5/15/26 | 50 | 47,500 | ||||||||||
6.50%, 10/1/25 | 150 | 146,625 | ||||||||||
Gray Escrow, Inc. (a)(b), |
| |||||||||||
7.00%, 5/15/27 | 100 | 106,500 | ||||||||||
Hanesbrands Finance Luxembourg SCA, |
| |||||||||||
3.50%, 6/15/24 | € | 100 | 119,917 | |||||||||
Hanesbrands, Inc. (a)(b), |
| |||||||||||
4.625%, 5/15/24 | $ | 150 | 151,155 | |||||||||
HCA, Inc., |
| |||||||||||
5.625%, 9/1/28 | 250 | 265,000 | ||||||||||
Holly Energy Partners L.P. (a)(b), |
| |||||||||||
6.00%, 8/1/24 | 150 | 155,550 | ||||||||||
IQVIA, Inc., |
| |||||||||||
2.875%, 9/15/25 | € | 100 | 113,680 | |||||||||
3.25%, 3/15/25 | 100 | 114,888 | ||||||||||
Iron Mountain, Inc. (a)(b), |
| |||||||||||
4.875%, 9/15/27 | $ | 250 | 241,250 | |||||||||
Itron, Inc. (a)(b), |
| |||||||||||
5.00%, 1/15/26 | 250 | 246,562 | ||||||||||
Jagged Peak Energy LLC, |
| |||||||||||
5.875%, 5/1/26 | 100 | 99,655 | ||||||||||
Kennedy-Wilson, Inc., |
| |||||||||||
5.875%, 4/1/24 | 50 | 49,938 | ||||||||||
Kraton Polymers LLC (b), |
| |||||||||||
5.25%, 5/15/26 | € | 100 | 114,210 | |||||||||
Lennar Corp., |
| |||||||||||
4.75%, 5/30/25 | $ | 100 | 102,625 | |||||||||
Levi Strauss & Co., |
| |||||||||||
3.375%, 3/15/27 | € | 200 | 236,943 | |||||||||
Matthews International Corp. (a)(b), |
| |||||||||||
5.25%, 12/1/25 | $ | 225 | 216,562 | |||||||||
MDC Partners, Inc. (a)(b), |
| |||||||||||
6.50%, 5/1/24 | 125 | 104,063 | ||||||||||
Meritage Homes Corp., |
| |||||||||||
7.00%, 4/1/22 | 100 | 107,375 | ||||||||||
MGM Resorts International, |
| |||||||||||
5.75%, 6/15/25 | 200 | 208,250 | ||||||||||
Moss Creek Resources Holdings, Inc. (a)(b), |
| |||||||||||
7.50%, 1/15/26 | 125 | 115,938 | ||||||||||
MSCI, Inc. (a)(b), |
| |||||||||||
5.375%, 5/15/27 | 100 | 106,000 | ||||||||||
Netflix, Inc., |
| |||||||||||
5.875%, 2/15/25 | 150 | 162,472 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 161 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Principal Amount (000s) | Value | |||||||||||
NGPL PipeCo LLC (a)(b), |
| |||||||||||
7.768%, 12/15/37 | $ | 150 | $ | 181,516 | ||||||||
Panther BF Aggregator 2 L.P. (a)(b), |
| |||||||||||
8.50%, 5/15/27 | 100 | 100,500 | ||||||||||
Parsley Energy LLC (a)(b), |
| |||||||||||
5.625%, 10/15/27 | 50 | 50,125 | ||||||||||
Party City Holdings, Inc. (a)(b), |
| |||||||||||
6.625%, 8/1/26 | 100 | 99,750 | ||||||||||
Pilgrim’s Pride Corp. (a)(b), |
| |||||||||||
5.75%, 3/15/25 | 180 | 182,700 | ||||||||||
Pyxus International, Inc., |
| |||||||||||
9.875%, 7/15/21 | 120 | 106,200 | ||||||||||
QEP Resources, Inc., |
| |||||||||||
5.625%, 3/1/26 | 50 | 45,500 | ||||||||||
Reynolds Group Issuer, Inc. (a)(b), |
| |||||||||||
7.00%, 7/15/24 | 100 | 103,200 | ||||||||||
Scientific Games International, Inc., |
| |||||||||||
5.50%, 2/15/26 | € | 100 | 105,423 | |||||||||
Seagate HDD Cayman, |
| |||||||||||
4.75%, 1/1/25 | $ | 200 | 195,426 | |||||||||
4.875%, 3/1/24 | 150 | 149,284 | ||||||||||
Service Corp. International, |
| |||||||||||
4.625%, 12/15/27 | 100 | 99,750 | ||||||||||
SESI LLC, |
| |||||||||||
7.75%, 9/15/24 | 100 | 83,250 | ||||||||||
Silgan Holdings, Inc., |
| |||||||||||
3.25%, 3/15/25 | € | 100 | 116,157 | |||||||||
Springleaf Finance Corp., |
| |||||||||||
6.875%, 3/15/25 | $ | 200 | 207,000 | |||||||||
Sprint Capital Corp., |
| |||||||||||
8.75%, 3/15/32 | 100 | 105,760 | ||||||||||
Sprint Communications, Inc., |
| |||||||||||
6.00%, 11/15/22 | 50 | 50,515 | ||||||||||
Sprint Corp., |
| |||||||||||
7.875%, 9/15/23 | 100 | 105,250 | ||||||||||
Star Merger Sub, Inc. (a)(b), |
| |||||||||||
10.25%, 2/15/27 | 85 | 87,550 | ||||||||||
Stevens Holding Co., Inc. (a)(b), |
| |||||||||||
6.125%, 10/1/26 | 150 | 155,250 | ||||||||||
Sunoco L.P., |
| |||||||||||
5.875%, 3/15/28 | 250 | 248,750 | ||||||||||
Tenet Healthcare Corp., |
| |||||||||||
4.625%, 7/15/24 | 150 | 150,937 | ||||||||||
Tenet Healthcare Corp. (a)(b), |
| |||||||||||
6.25%, 2/1/27 | 50 | 51,938 | ||||||||||
Tennant Co., |
| |||||||||||
5.625%, 5/1/25 | 100 | 101,250 | ||||||||||
TerraForm Power Operating LLC (a)(b)(d), |
| |||||||||||
6.625%, 6/15/25 | 150 | 157,687 | ||||||||||
Transocean, Inc., |
| |||||||||||
6.80%, 3/15/38 | 50 | 39,500 | ||||||||||
Vantiv LLC (a)(b), |
| |||||||||||
3.875%, 11/15/25 | £ | 100 | 135,849 | |||||||||
4.375%, 11/15/25 | $ | 200 | 206,626 | |||||||||
Verscend Escrow Corp. (a)(b), |
| |||||||||||
9.75%, 8/15/26 | 75 | 75,094 | ||||||||||
Viking Cruises Ltd. (a)(b), |
| |||||||||||
5.875%, 9/15/27 | 150 | 146,250 | ||||||||||
Vistra Operations Co. LLC (a)(b), |
| |||||||||||
5.50%, 9/1/26 | 200 | 208,500 | ||||||||||
Voya Financial, Inc., (converts to FRN on 1/23/28) (e), |
| |||||||||||
4.70%, 1/23/48 | 80 | 69,058 | ||||||||||
Warrior Met Coal, Inc. (a)(b), |
| |||||||||||
8.00%, 11/1/24 | 69 | 72,105 | ||||||||||
Waste Pro USA, Inc. (a)(b), |
| |||||||||||
5.50%, 2/15/26 | 100 | 96,750 | ||||||||||
WellCare Health Plans, Inc. (a)(b), |
| |||||||||||
5.375%, 8/15/26 | 200 | 209,750 | ||||||||||
William Carter Co. (a)(b), |
| |||||||||||
5.625%, 3/15/27 | 10 | 10,375 |
Principal Amount (000s) | Value | |||||||||||
WPX Energy, Inc., |
| |||||||||||
5.75%, 6/1/26 | $ | 50 | $ | 50,938 | ||||||||
Wynn Las Vegas LLC (a)(b), |
| |||||||||||
5.25%, 5/15/27 | 80 | 75,800 | ||||||||||
|
| |||||||||||
13,079,909 | ||||||||||||
|
| |||||||||||
Total Corporate Bonds & Notes (cost—$21,622,286) |
| 21,692,160 | ||||||||||
|
| |||||||||||
Sovereign Debt Obligations—0.4% |
| |||||||||||
Argentina—0.4% |
| |||||||||||
Argentine Republic Government International Bond, 4.625%, 1/11/23 |
| |||||||||||
(cost—$85,605) | 100 | 82,354 | ||||||||||
|
| |||||||||||
Short-Term Investments—5.3% |
| |||||||||||
Repurchase Agreements—4.9% |
| |||||||||||
State Street Bank and Trust Co., dated 3/29/19, 0.50%, due 4/1/19, proceeds $1,152,048; collateralized by U.S. Treasury Notes, 1.75%, due 6/30/22, valued at $1,178,801 including accrued interest |
| |||||||||||
(cost—$1,152,000) |
| 1,152 | 1,152,000 | |||||||||
|
| |||||||||||
U.S. Treasury Obligation (f)—0.4% |
| |||||||||||
U.S. Treasury Bill, 2.63%, 11/7/19 | 100 | 98,542 | ||||||||||
|
| |||||||||||
Total Short-Term Investments (cost—$1,250,531) |
| 1,250,542 | ||||||||||
|
| |||||||||||
Total Investments (cost—$22,958,422)—98.8% |
| 23,025,056 | ||||||||||
|
| |||||||||||
Other assets less liabilities (g)—1.2% | 283,117 | |||||||||||
|
| |||||||||||
Net Assets—100.0% | $23,308,173 | |||||||||||
|
|
Notes to Schedule of Investments:
(a) Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $9,309,646, representing 39.9% of net assets.
(b) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $9,423,856, representing 40.4% of net assets.
(c) Perpetual maturity. The date shown, if any, is the next call date.
(d) Step Bond—Coupon is a fixed rate for an initial period then resets at a specific date and rate.
(e) 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, 2019.
(f) Rates reflect the effective yields at purchase date.
162 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
(g) Includes net unrealized appreciation (depreciation) of other financial instruments as follows:
Futures contracts outstanding at March 31, 2019: | ||||||||||||||||||||||
Type | Contracts | Expiration Date | Notional Amount (000s) | Market Value (000s) | Unrealized Depreciation | |||||||||||||||||
Short position contracts: |
| |||||||||||||||||||||
5-Year Treasury Note | (6 | ) | 6/28/19 | $ | (600 | ) | $ | (695 | ) | $ | (6,609 | ) | ||||||||||
|
|
Forward foreign currency contracts outstanding at March 31, 2019: | ||||||||||||||||
Description | Counterparty | U.S.$ Value on Origination Date | U.S.$ Value March 31, 2019 | Unrealized Appreciation | ||||||||||||
Sold: | ||||||||||||||||
863,173 British Pound settling 6/12/19 | JPMorgan Chase | $ | 1,135,442 | $ | 1,128,203 | $ | 7,239 | |||||||||
411,243 Euro settling 6/12/19 | Goldman Sachs | 467,835 | 464,075 | 3,760 | ||||||||||||
4,172,415 Euro settling 6/12/19 | JPMorgan Chase | 4,746,435 | 4,708,436 | 37,999 | ||||||||||||
|
| |||||||||||||||
$ | 48,998 | |||||||||||||||
|
|
(h) At March 31, 2019, the Fund pledged $4,140 in cash as collateral for futures contracts.
Glossary:
£—British Pound
CMT—Constant Maturity Treasury
EURIBOR—Euro Inter-Bank Offered Rate
€—Euro
FRN—Floating Rate Note
MSCI—Morgan Stanley Capital International
The industry classification of portfolio holdings and other assets less liabilities shown as a percentage of net assets were as follows:
Oil, Gas & Consumable Fuels | 7.6% | |||
Telecommunications | 5.4% | |||
Commercial Services | 5.4% | |||
Pipelines | 5.1% | |||
Media | 4.7% | |||
Food & Beverage | 4.6% | |||
Real Estate | 4.5% | |||
Banks | 4.1% | |||
Electric Utilities | 3.3% | |||
Diversified Financial Services | 3.2% | |||
Entertainment | 3.1% | |||
Healthcare-Services | 2.9% | |||
Containers & Packaging | 2.9% | |||
Pharmaceuticals | 2.7% | |||
Software | 2.5% | |||
Mining | 2.3% | |||
Apparel & Textiles | 2.2% | |||
Computers | 2.1% | |||
Insurance | 1.9% | |||
Lodging | 1.7% | |||
Machinery-Diversified | 1.6% | |||
Chemicals | 1.6% | |||
Healthcare Providers & Services | 1.5% | |||
Environmental Services | 1.5% | |||
Home Builders | 1.5% | |||
Auto Manufacturers | 1.4% | |||
Electrical Equipment | 1.4% | |||
Equity Real Estate Investment Trusts (REITs) | 1.1% | |||
Retail | 1.1% | |||
Consumer Products | 1.1% | |||
Electronics | 1.1% | |||
Auto Components | 0.9% | |||
Iron/Steel | 0.8% | |||
Internet | 0.7% | |||
Energy-Alternate Sources | 0.7% | |||
Leisure | 0.6% | |||
Textiles | 0.5% | |||
Tobacco | 0.5% | |||
Advertising | 0.4% | |||
Machinery-Construction & Mining | 0.4% | |||
U.S. Treasury Obligations | 0.4% |
Sovereign Debt Obligations | 0.4% | |||
Coal | 0.3% | |||
Household Products/Wares | 0.2% | |||
Repurchase Agreements | 4.9% | |||
Other assets less liabilities | 1.2% | |||
|
| |||
100.0% | ||||
|
|
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 163 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
AllianzGI Global Sustainability Fund
Shares | Value | |||||||
Common Stock—97.0% |
| |||||||
Australia—1.3% | ||||||||
CSL Ltd. | 2,752 | $381,846 | ||||||
|
| |||||||
Canada—1.2% |
| |||||||
Gibson Energy, Inc. | 20,527 | 352,831 | ||||||
|
| |||||||
Denmark—1.5% |
| |||||||
Novo Nordisk A/S, Class B | 8,544 | 446,555 | ||||||
|
| |||||||
France—2.4% |
| |||||||
Bureau Veritas S.A. | 15,109 | 354,469 | ||||||
Credit Agricole S.A. | 29,664 | 358,161 | ||||||
|
| |||||||
712,630 | ||||||||
|
| |||||||
Germany—6.8% |
| |||||||
Adidas AG | 2,558 | 622,160 | ||||||
Covestro AG (a) | 3,844 | 212,079 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 2,665 | 631,590 | ||||||
SAP SE | 5,231 | 604,727 | ||||||
|
| |||||||
2,070,556 | ||||||||
|
| |||||||
Hong Kong—1.2% |
| |||||||
AIA Group Ltd. | 37,800 | 377,991 | ||||||
|
| |||||||
Japan—4.7% |
| |||||||
Daikin Industries Ltd. | 5,800 | 681,759 | ||||||
Keyence Corp. | 1,200 | 750,234 | ||||||
|
| |||||||
1,431,993 | ||||||||
|
| |||||||
Korea (Republic of)—1.5% |
| |||||||
Samsung Electronics Co., Ltd. GDR | 454 | 446,271 | ||||||
|
| |||||||
Spain—4.0% |
| |||||||
Amadeus IT Group S.A. | 10,225 | 819,522 | ||||||
Industria de Diseno Textil S.A. | 12,927 | 380,073 | ||||||
|
| |||||||
1,199,595 | ||||||||
|
| |||||||
Sweden—3.3% |
| |||||||
Assa Abloy AB, Class B | 23,167 | 499,998 | ||||||
Atlas Copco AB, | 18,969 | 510,285 | ||||||
|
| |||||||
1,010,283 | ||||||||
|
| |||||||
Switzerland—3.8% |
| |||||||
Roche Holding AG | 2,528 | 696,603 | ||||||
UBS Group AG (c) | 37,176 | 451,076 | ||||||
|
| |||||||
1,147,679 | ||||||||
|
| |||||||
United Kingdom—11.9% |
| |||||||
AstraZeneca PLC | 7,320 | 584,293 | ||||||
Prudential PLC | 33,879 | 679,120 | ||||||
Reckitt Benckiser Group PLC | 7,725 | 642,894 | ||||||
Royal Dutch Shell PLC, Class B | 24,880 | 786,347 | ||||||
Unilever PLC | 11,088 | 638,254 | ||||||
Vodafone Group PLC | 143,197 | 260,941 | ||||||
|
| |||||||
3,591,849 | ||||||||
|
| |||||||
United States—53.4% |
| |||||||
AbbVie, Inc. | 5,345 | 430,754 | ||||||
Accenture PLC, Class A | 3,796 | 668,172 | ||||||
Adobe, Inc. (c) | 2,871 | 765,093 | ||||||
Agilent Technologies, Inc. | 11,048 | 888,038 | ||||||
Alphabet, Inc., | 552 | 649,643 | ||||||
American Express Co. | 6,940 | 758,542 | ||||||
Apple, Inc. | 4,154 | 789,052 | ||||||
Bright Horizons Family Solutions, Inc. (c) | 3,567 | 453,401 | ||||||
Citigroup, Inc. | 7,173 | 446,304 |
Shares | Value | |||||||
Colgate-Palmolive Co. | 6,234 | $ | 427,278 | |||||
Eaton Corp. PLC | 5,307 | 427,532 | ||||||
Ecolab, Inc. | 3,511 | 619,832 | ||||||
EOG Resources, Inc. | 5,471 | 520,730 | ||||||
Estee Lauder Cos., Inc., Class A | 2,975 | 492,511 | ||||||
International Flavors & Fragrances, Inc. | 5,073 | 653,352 | ||||||
Intuit, Inc. | 3,540 | 925,391 | ||||||
Johnson & Johnson | 4,193 | 586,139 | ||||||
Microsoft Corp. | 9,852 | 1,161,945 | ||||||
Mondelez International, Inc., Class A | 9,531 | 475,788 | ||||||
S&P Global, Inc. | 3,948 | 831,251 | ||||||
Starbucks Corp. | 10,317 | 766,966 | ||||||
UnitedHealth Group, Inc. | 2,975 | 735,599 | ||||||
Visa, Inc., Class A | 7,540 | 1,177,673 | ||||||
Xylem, Inc. | 6,605 | 522,059 | ||||||
|
| |||||||
16,173,045 | ||||||||
|
| |||||||
Total Common Stock (cost—$25,268,478) |
| 29,343,124 | ||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—3.0% |
| |||||||
State Street Bank and Trust Co., dated 3/29/19, 0.50%, due 4/1/19, proceeds $921,038; collateralized by U.S. Treasury Notes, 1.75%, due 5/31/22, valued at $942,612 including accrued interest |
| |||||||
(cost—$921,000) | $921 | 921,000 | ||||||
|
| |||||||
Total Investments (cost—$26,189,478) (b)—100.0% |
| 30,264,124 | ||||||
|
| |||||||
Liabilities in excess of other assets—(0.0)% | (9,295 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $30,254,829 | |||||||
|
|
Notes to Schedule of Investments:
(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Security with a value of $212,079, representing 0.7% of net assets.
(b) Securities with an aggregate value of $12,817,248, representing 42.4% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(c)Non-income producing.
Glossary:
GDR—Global Depositary Receipt
The industry classification of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets were as follows:
Software | 11.4% | |||
IT Services | 8.8% | |||
Pharmaceuticals | 7.6% | |||
Insurance | 5.6% | |||
Oil, Gas & Consumable Fuels | 5.5% | |||
Chemicals | 4.9% | |||
Capital Markets | 4.2% | |||
Technology Hardware, Storage & Peripherals | 4.1% | |||
Building Products | 3.9% | |||
Personal Products | 3.7% | |||
Household Products | 3.5% | |||
Machinery | 3.4% | |||
Life Sciences Tools & Services | 2.9% | |||
Biotechnology | 2.7% | |||
Banks | 2.7% | |||
Hotels, Restaurants & Leisure | 2.5% | |||
Consumer Finance | 2.5% | |||
Electronic Equipment, Instruments & Components | 2.5% | |||
Healthcare Providers & Services | 2.4% | |||
Interactive Media & Services | 2.2% | |||
Textiles, Apparel & Luxury Goods | 2.1% | |||
Food Products | 1.6% | |||
Diversified Consumer Services | 1.5% | |||
Electrical Equipment | 1.4% | |||
Specialty Retail | 1.3% | |||
Professional Services | 1.2% | |||
Wireless Telecommunication Services | 0.9% | |||
Repurchase Agreements | 3.0% | |||
Liabilities in excess of other assets | (0.0)% | |||
|
| |||
100.0% | ||||
|
|
164 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
AllianzGI Global Water Fund
Shares | Value | |||||||
Common Stock—99.1% |
| |||||||
Austria—3.3% | ||||||||
ANDRITZ AG (b) | 434,624 | $18,640,848 | ||||||
|
| |||||||
Canada—1.0% | ||||||||
Stantec, Inc. | 247,041 | 5,837,958 | ||||||
|
| |||||||
China—4.7% | ||||||||
Beijing Enterprises Water Group Ltd. (b) | 13,000,000 | 8,042,025 | ||||||
China Everbright International Ltd. | 10,725,000 | 10,924,147 | ||||||
China Water Affairs Group Ltd. | 7,514,000 | 7,856,353 | ||||||
|
| |||||||
26,822,525 | ||||||||
|
| |||||||
Finland—1.8% |
| |||||||
Uponor Oyj | 395,555 | 4,528,362 | ||||||
Wartsila Oyj Abp | 336,610 | 5,443,893 | ||||||
|
| |||||||
9,972,255 | ||||||||
|
| |||||||
France—6.4% |
| |||||||
Suez | 304,039 | 4,027,869 | ||||||
Veolia Environnement S.A. | 1,453,190 | 32,513,493 | ||||||
|
| |||||||
36,541,362 | ||||||||
|
| |||||||
Japan—0.9% |
| |||||||
Kubota Corp. | 371,500 | 5,399,849 | ||||||
|
| |||||||
Sweden—4.4% | ||||||||
Alfa Laval AB | 1,101,830 | 25,321,149 | ||||||
|
| |||||||
Switzerland—3.7% | ||||||||
Belimo Holding AG | 643 | 3,213,742 | ||||||
Geberit AG | 44,093 | 18,033,602 | ||||||
|
| |||||||
21,247,344 | ||||||||
|
| |||||||
United Kingdom—13.9% |
| |||||||
Halma PLC | 1,433,183 | 31,246,163 | ||||||
Pennon Group PLC | 2,288,817 | 22,175,739 | ||||||
Severn Trent PLC | 538,582 | 13,870,604 | ||||||
United Utilities Group PLC | 1,146,605 | 12,177,705 | ||||||
|
| |||||||
79,470,211 | ||||||||
|
| |||||||
United States—59.0% |
| |||||||
American Water Works Co., Inc. | 593,089 | 61,835,459 | ||||||
AO Smith Corp. | 123,181 | 6,568,011 | ||||||
Aqua America, Inc. | 718,607 | 26,186,039 | ||||||
Badger Meter, Inc. | 79,767 | 4,438,236 | ||||||
California Water Service Group | 222,235 | 12,062,916 | ||||||
Danaher Corp. | 362,111 | 47,805,894 | ||||||
IDEX Corp. | 246,590 | 37,417,567 | ||||||
Itron, Inc. (b) | 187,100 | 8,728,215 | ||||||
Masco Corp. | 155,377 | 6,107,870 | ||||||
Mueller Water Products, Inc., Class A | 1,145,186 | 11,497,667 | ||||||
PerkinElmer, Inc. | 157,116 | 15,139,698 | ||||||
Rexnord Corp. (b) | 304,304 | 7,650,202 | ||||||
Tetra Tech, Inc. | 339,425 | 20,226,336 | ||||||
Waste Management, Inc. | 147,682 | 15,345,637 | ||||||
Watts Water Technologies, Inc., Class A | 86,431 | 6,985,353 | ||||||
Xylem, Inc. | 620,051 | 49,008,831 | ||||||
|
| |||||||
337,003,931 | ||||||||
|
| |||||||
Total Common Stock (cost—$465,135,864) |
| 566,257,432 | ||||||
|
|
Principal Amount (000s) | Value | |||||||
Repurchase Agreements—0.9% |
| |||||||
State Street Bank and Trust Co., dated 3/29/19, 0.50%, due 4/1/19, proceeds $5,033,210; collateralized by U.S. Treasury Notes, 1.75%, due 6/30/22, valued at $5,136,204 including accrued interest |
| |||||||
(cost—$5,033,000) | $5,033 | $ | 5,033,000 | |||||
|
| |||||||
Total Investments (cost—$470,168,864) (a)—100.0% |
| 571,290,432 | ||||||
|
| |||||||
Liabilities in excess of other assets—(0.0)% | (93,554 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $571,196,878 | |||||||
|
|
Notes to Schedule of Investments:
(a) Securities with an aggregate value of $219,387,674, representing 38.4% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(b) Non-income producing.
The industry classification of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets were as follows:
Machinery | 29.3% | |||
Water Utilities | 28.7% | |||
Healthcare Equipment & Supplies | 8.4% | |||
Commercial Services & Supplies | 8.1% | |||
Electronic Equipment, Instruments & Components | 7.8% | |||
Building Products | 6.7% | |||
Multi-Utilities | 6.4% | |||
Life Sciences Tools & Services | 2.7% | |||
Professional Services | 1.0% | |||
Repurchase Agreements | 0.9% | |||
Liabilities in excess of other assets | (0.0)% | |||
|
| |||
100.0% | ||||
|
|
AllianzGI Green Bond Fund
Principal Amount (000s) | Value | |||||||||||
Corporate Bonds & Notes—73.2% |
| |||||||||||
Australia—1.3% |
| |||||||||||
Westpac Banking Corp., |
| |||||||||||
3.10%, 6/3/21 | AUD | 100 | $72,516 | |||||||||
|
| |||||||||||
Austria—2.0% |
| |||||||||||
Raiffeisen Bank International AG, |
| |||||||||||
0.25%, 7/5/21 | € | 100 | 112,083 | |||||||||
|
| |||||||||||
Brazil—1.9% |
| |||||||||||
Fibria Overseas Finance Ltd., |
| |||||||||||
5.50%, 1/17/27 | $ | 100 | 104,972 | |||||||||
|
| |||||||||||
Canada—1.8% |
| |||||||||||
Toronto-Dominion Bank, |
| |||||||||||
1.85%, 9/11/20 | 100 | 98,965 | ||||||||||
|
| |||||||||||
Denmark—2.0% |
| |||||||||||
Orsted A/S, 5mo. EURIBOR + 1.899% (c), |
| |||||||||||
2.25%, 11/24/17 | € | 100 | 111,688 | |||||||||
|
| |||||||||||
Finland—2.0% |
| |||||||||||
OP Corporate Bank plc, |
| |||||||||||
0.375%, 2/26/24 | 100 | 112,800 | ||||||||||
|
| |||||||||||
France—8.0% |
| |||||||||||
BNP Paribas S.A., |
| |||||||||||
1.125%, 8/28/24 | 100 | 113,851 | ||||||||||
Electricite de France S.A., |
| |||||||||||
3.625%, 10/13/25 | $ | 100 | 101,949 | |||||||||
Engie S.A., |
| |||||||||||
1.50%, 3/27/28 | € | 100 | 120,549 | |||||||||
ICADE, |
| |||||||||||
1.50%, 9/13/27 | 100 | 112,628 | ||||||||||
|
| |||||||||||
448,977 | ||||||||||||
|
| |||||||||||
Germany—3.0% |
| |||||||||||
Kreditanstalt fuer Wiederaufbau, |
| |||||||||||
2.00%, 9/29/22 | $ | 100 | 98,988 | |||||||||
2.40%, 7/2/20 | AUD | 100 | 71,635 | |||||||||
|
| |||||||||||
170,623 | ||||||||||||
|
| |||||||||||
Italy—1.9% |
| |||||||||||
Iren SpA, |
| |||||||||||
1.50%, 10/24/27 | € | 100 | 107,949 | |||||||||
|
| |||||||||||
Korea (Republic of)—3.6% |
| |||||||||||
Korea Midland Power Co., Ltd., |
| |||||||||||
3.375%, 1/22/22 | $ | 200 | 202,655 | |||||||||
|
| |||||||||||
Lithuania—2.0% |
| |||||||||||
Lietuvos Energija UAB, |
| |||||||||||
2.00%, 7/14/27 | € | 100 | 115,372 | |||||||||
|
| |||||||||||
Netherlands—16.6% |
| |||||||||||
EDP Finance BV, |
| |||||||||||
1.875%, 10/13/25 | 100 | 118,004 | ||||||||||
Enel Finance International NV, |
| |||||||||||
1.50%, 7/21/25 | 100 | 116,581 | ||||||||||
Iberdrola International BV (b)(c), |
| |||||||||||
5mo. EURIBOR + 1.592%, |
| |||||||||||
1.875%, 12/31/99 | 100 | 110,782 | ||||||||||
3.25%, 12/31/99 | 100 | 117,370 | ||||||||||
ING Groep NV, | ||||||||||||
2.50%, 11/15/30 | 100 | 121,901 | ||||||||||
LeasePlan Corp. NV, | ||||||||||||
1.375%, 3/7/24 | 100 | 113,465 | ||||||||||
TenneT Holding BV, |
| |||||||||||
1.875%, 6/13/36 | 100 | 120,470 | ||||||||||
5mo. EURIBOR + 2.533%, |
| |||||||||||
2.995%, 12/31/99 (b)(c) |
| 100 | 115,235 | |||||||||
|
| |||||||||||
933,808 | ||||||||||||
|
| |||||||||||
Portugal—2.1% |
| |||||||||||
EDP—Energias de Portugal S.A. (c), |
| |||||||||||
4.496%, 4/30/79 | 100 | 117,434 | ||||||||||
|
|
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 165 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Principal Amount (000s) | Value | |||||||||||
United Kingdom—4.6% |
| |||||||||||
Anglian Water Services Financing PLC, |
| |||||||||||
1.625%, 8/10/25 | £ | 100 | $ | 128,343 | ||||||||
Bazalgette Finance PLC, |
| |||||||||||
2.375%, 11/29/27 | 100 | 132,488 | ||||||||||
|
| |||||||||||
260,831 | ||||||||||||
|
| |||||||||||
United States—20.4% |
| |||||||||||
Apple, Inc., |
| |||||||||||
2.85%, 2/23/23 | $ | 100 | 101,095 | |||||||||
3.00%, 6/20/27 | 100 | 99,800 | ||||||||||
Bank of America Corp., |
| |||||||||||
2.151%, 11/9/20 | 100 | 98,997 | ||||||||||
3mo. LIBOR + 0.630%, 3.499%, 5/17/22 (converts to FRN on 5/17/21) (c) |
| 100 | 101,253 | |||||||||
Citigroup, Inc., |
| |||||||||||
0.50%, 1/29/22 | € | 100 | 113,434 | |||||||||
Digital Euro Finco LLC, |
| |||||||||||
2.50%, 1/16/26 | 100 | 117,495 | ||||||||||
DTE Electric Co., |
| |||||||||||
3.95%, 3/1/49 | $ | 200 | 206,598 | |||||||||
Duke Energy Carolinas LLC, |
| |||||||||||
3.95%, 11/15/28 | 100 | 106,654 | ||||||||||
Interstate Power & Light Co., |
| |||||||||||
4.10%, 9/26/28 | 100 | 104,804 | ||||||||||
Verizon Communications, Inc., |
| |||||||||||
3.875%, 2/8/29 | 100 | 102,698 | ||||||||||
|
| |||||||||||
1,152,828 | ||||||||||||
|
| |||||||||||
Total Corporate Bonds & Notes (cost—$4,013,391) |
| 4,123,501 | ||||||||||
|
| |||||||||||
Sovereign Debt Obligations—26.3% |
| |||||||||||
Australia—4.0% |
| |||||||||||
New South Wales Treasury Corp., |
| |||||||||||
3.00%, 11/15/28 | AUD | 150 | 113,878 | |||||||||
Queensland Treasury Corp. (a), |
| |||||||||||
3.00%, 3/22/24 | 150 | 112,532 | ||||||||||
|
| |||||||||||
226,410 | ||||||||||||
|
|
Principal Amount (000s) | Value | |||||||||||
Belgium—2.1% |
| |||||||||||
Kingdom of Belgium Government Bond, |
| |||||||||||
1.25%, 4/22/33 | € | 100 | $ | 119,838 | ||||||||
|
| |||||||||||
Canada—2.0% |
| |||||||||||
Province of Quebec Canada, |
| |||||||||||
2.60%, 7/6/25 | CAD | 150 | 115,471 | |||||||||
|
| |||||||||||
France—2.3% |
| |||||||||||
French Republic Government Bond OAT (a), |
| |||||||||||
1.75%, 6/25/39 | € | 100 | 127,817 | |||||||||
|
| |||||||||||
Indonesia—3.6% |
| |||||||||||
Perusahaan Penerbit SBSN Indonesia III, |
| |||||||||||
3.90%, 8/20/24 | $ | 200 | 202,889 | |||||||||
|
| |||||||||||
Ireland—2.1% |
| |||||||||||
Ireland Government Bond, |
| |||||||||||
1.35%, 3/18/31 | € | 100 | 119,653 | |||||||||
|
| |||||||||||
Supranational—10.2% |
| |||||||||||
African Development Bank, |
| |||||||||||
2.75%, 11/18/20 (c) | $ | 200 | 200,042 | |||||||||
3.00%, 12/6/21 | 100 | 101,789 | ||||||||||
Asian Development Bank, |
| |||||||||||
2.375%, 8/10/27 | 100 | 99,076 | ||||||||||
European Investment Bank, |
| |||||||||||
2.70%, 1/12/23 | AUD | 100 | 73,223 | |||||||||
International Finance Corp., |
| |||||||||||
2.125%, 4/7/26 | $ | 100 | 98,190 | |||||||||
|
| |||||||||||
572,320 | ||||||||||||
|
| |||||||||||
Total Sovereign Debt Obligations (cost—$1,440,099) |
| 1,484,398 | ||||||||||
|
| |||||||||||
Total Investments (cost—$5,453,490)—99.5% |
| 5,607,899 | ||||||||||
|
| |||||||||||
Other assets less liabilities (d)—0.5% |
| 29,221 | ||||||||||
|
| |||||||||||
Net Assets—100.0% |
| $5,637,120 | ||||||||||
|
|
Notes to Schedule of Investments:
(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $240,349, representing 4.3% of net assets.
(b) Perpetual maturity. The date shown, if any, is the next call date.
(c) Variable or Floating Rate Security—Securities with an interest rate that changes periodically. The interest rate disclosed reflects the rate in effect on March 31, 2019.
(d) Includes net unrealized appreciation (depreciation) of other financial instruments as follows:
Forward foreign currency contracts outstanding at March 31, 2019: | ||||||||||||||||||
Description | Counterparty | U.S.$ Value on Origination Date | U.S.$ Value March 31, 2019 | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||
Purchased: |
| |||||||||||||||||
630,000 Australian Dollar settling 4/29/19 | Bank of America N.A. | $ | 446,623 | $ | 447,570 | $ | 947 | $ | — | |||||||||
2,275,651 Euro settling 6/28/19 | State Street Bank and Trust Co. | 2,580,000 | 2,571,516 | — | (8,484 | ) | ||||||||||||
Sold: |
| |||||||||||||||||
630,000 Australian Dollar settling 4/29/19 | Bank of America N.A. | 446,803 | 447,570 | — | (767 | ) | ||||||||||||
630,000 Australian Dollar settling 6/28/19 | Bank of America N.A. | 447,103 | 448,050 | — | (947 | ) | ||||||||||||
201,000 British Pound settling 6/28/19 | State Street Bank and Trust Co. | 266,933 | 262,927 | 4,006 | — | |||||||||||||
156,000 Canadian Dollar settling 6/28/19 | State Street Bank and Trust Co. | 116,549 | 116,989 | — | (440 | ) | ||||||||||||
1,840,000 Euro settling 6/28/19 | Bank of America N.A. | 2,086,780 | 2,079,224 | 7,556 | — | |||||||||||||
|
| |||||||||||||||||
$ | 12,509 | $ | (10,638 | ) | ||||||||||||||
|
|
166 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
(e) At March 31, 2019, the Fund pledged $15 in cash as collateral for futures contracts. There were no open futures contracts at March 31, 2019, however the Fund had cash as collateral for any transactions in the future.
Glossary:
AUD—Australian Dollar
£—British Pound
CAD—Canadian Dollar
EURIBOR—Euro Inter-Bank Offered Rate
€—Euro
FRN—Floating Rate Note
LIBOR—London Inter-Bank Offered Rate
The industry classification of portfolio holdings and other assets less liabilities shown as a percentage of net assets were as follows:
Electric Utilities | 35.4% | |||
Sovereign Debt Obligations | 26.3% | |||
Banks | 19.8% | |||
Water Utilities | 4.6% | |||
Equity Real Estate Investment Trusts (REITs) | 4.1% | |||
Computers | 3.6% | |||
Diversified Financial Services | 2.0% | |||
Paper & Forest Products | 1.9% | |||
Telecommunications | 1.8% | |||
Other assets less liabilities | 0.5% | |||
|
| |||
100.0% | ||||
|
|
AllianzGI High Yield Bond Fund
Principal Amount (000s) | Value | |||||||
Corporate Bonds & Notes—93.1% |
| |||||||
Aerospace & Defense—2.3% |
| |||||||
Kratos Defense & Security Solutions, |
| |||||||
6.50%, 11/30/25 | $1,070 | $1,130,188 | ||||||
TransDigm, Inc., 6.50%, 5/15/25 | 1,270 | 1,293,939 | ||||||
Triumph Group, Inc., 7.75%, 8/15/25 | 810 | 775,575 | ||||||
|
| |||||||
3,199,702 | ||||||||
|
| |||||||
Auto Components—1.9% |
| |||||||
American Axle & Manufacturing, Inc., |
| |||||||
6.625%, 10/15/22 | 660 | 677,325 | ||||||
Goodyear Tire & Rubber Co., |
| |||||||
5.00%, 5/31/26 | 1,010 | 966,822 | ||||||
Panther BF Aggregator 2 L.P. (a)(b), |
| |||||||
8.50%, 5/15/27 | 930 | 934,650 | ||||||
|
| |||||||
2,578,797 | ||||||||
|
| |||||||
Auto Manufacturers—1.5% |
| |||||||
Navistar International Corp. (a)(b), |
| |||||||
6.625%, 11/1/25 | 1,000 | 1,021,250 | ||||||
Tesla, Inc. (a)(b), 5.30%, 8/15/25 | 1,155 | 1,004,850 | ||||||
|
| |||||||
2,026,100 | ||||||||
|
| |||||||
Banks—1.4% |
| |||||||
CIT Group, Inc., 6.125%, 3/9/28 | 820 | 914,300 | ||||||
Royal Bank of Scotland Group PLC, |
| |||||||
5.125%, 5/28/24 | 1,000 | 1,026,854 | ||||||
|
| |||||||
1,941,154 | ||||||||
|
| |||||||
Building Materials—0.1% |
| |||||||
Builders FirstSource, Inc. (a)(b), |
| |||||||
5.625%, 9/1/24 | 175 | 173,031 | ||||||
|
| |||||||
Chemicals—1.9% |
| |||||||
Chemours Co., 7.00%, 5/15/25 | 430 | 453,650 | ||||||
Kraton Polymers LLC (a)(b), |
| |||||||
7.00%, 4/15/25 | 695 | 705,425 | ||||||
PQ Corp. (a)(b), 5.75%, 12/15/25 | 845 | 827,044 | ||||||
Trinseo Materials Operating SCA (a)(b), |
| |||||||
5.375%, 9/1/25 | 700 | 665,875 | ||||||
|
| |||||||
2,651,994 | ||||||||
|
| |||||||
Commercial Services—3.8% |
| |||||||
Ashtead Capital, Inc. (a)(b), |
| |||||||
5.25%, 8/1/26 | 185 | 189,394 | ||||||
Cenveo Corp., (a)(b)(c)(d)(e)(g), |
| |||||||
6.00%, 5/15/24 (cost—$2,832,863; purchased3/22/12-3/11/16) | 2,299 | 126,445 | ||||||
Gartner, Inc. (a)(b), 5.125%, 4/1/25 | 820 | 830,824 | ||||||
Hertz Corp. (a)(b), 7.625%, 6/1/22 | 965 | 990,090 | ||||||
Laureate Education, Inc. (a)(b), |
| |||||||
8.25%, 5/1/25 | 815 | 888,350 | ||||||
RR Donnelley & Sons Co., |
| |||||||
7.00%, 2/15/22 | 693 | 708,592 | ||||||
United Rentals North America, Inc., |
| |||||||
4.625%, 10/15/25 | 630 | 623,700 | ||||||
5.50%, 7/15/25 | 900 | 922,500 | ||||||
|
| |||||||
5,279,895 | ||||||||
|
| |||||||
Computers—1.3% |
| |||||||
Dell International |
| |||||||
7.125%, 6/15/24 | 930 | 986,176 |
Principal Amount (000s) | Value | |||||||
Harland Clarke Holdings Corp. (a)(b), |
| |||||||
9.25%, 3/1/21 | $ | 875 | $ | 876,094 | ||||
|
| |||||||
1,862,270 | ||||||||
|
| |||||||
Distribution/Wholesale—1.2% |
| |||||||
H&E Equipment Services, Inc., |
| |||||||
5.625%, 9/1/25 | 1,130 | 1,131,412 | ||||||
KAR Auction Services, Inc. (a)(b), |
| |||||||
5.125%, 6/1/25 | 510 | 506,813 | ||||||
|
| |||||||
1,638,225 | ||||||||
|
| |||||||
Diversified Financial Services—6.8% |
| |||||||
Ally Financial, Inc., 5.75%, 11/20/25 | 420 | 448,921 | ||||||
CCF Holdings LLC, PIK 10.75% (a)(b)(d)(e), |
| |||||||
10.75%, 12/15/23 | 2,790 | 1,359,920 | ||||||
Community Choice Financial Issuer |
| |||||||
9.00%, 6/15/23 (cost—$2,000,000; purchased 9/6/18) | 2,000 | 2,002,500 | ||||||
Lions Gate Capital Holdings LLC (a)(b), |
| |||||||
6.375%, 2/1/24 | 970 | 1,018,500 | ||||||
Navient Corp., 6.625%, 7/26/21 | 650 | 680,875 | ||||||
7.25%, 9/25/23 | 855 | 906,300 | ||||||
Springleaf Finance Corp., |
| |||||||
5.625%, 3/15/23 | 145 | 147,356 | ||||||
6.125%, 3/15/24 | 915 | 937,857 | ||||||
8.25%, 10/1/23 | 1,170 | 1,295,775 | ||||||
Travelport Corporate Finance PLC (a)(b), |
| |||||||
6.00%, 3/15/26 | 525 | 568,313 | ||||||
|
| |||||||
9,366,317 | ||||||||
|
| |||||||
Electric Utilities—0.7% |
| |||||||
NRG Energy, Inc., 5.75%, 1/15/28 | 880 | 936,100 | ||||||
|
| |||||||
Electrical Equipment—0.7% |
| |||||||
Energizer Holdings, Inc. (a)(b), |
| |||||||
7.75%, 1/15/27 | 920 | 983,250 | ||||||
|
| |||||||
Engineering & Construction—1.3% |
| |||||||
AECOM, 5.875%, 10/15/24 | 750 | 793,125 | ||||||
Tutor Perini Corp. (a)(b), |
| |||||||
6.875%, 5/1/25 | 1,070 | 1,068,802 | ||||||
|
| |||||||
1,861,927 | ||||||||
|
| |||||||
Entertainment—4.7% |
| |||||||
AMC Entertainment Holdings, Inc., |
| |||||||
6.125%, 5/15/27 | 995 | 904,206 | ||||||
Cedar Fair L.P., 5.375%, 6/1/24 | 640 | 656,762 | ||||||
Eldorado Resorts, Inc., 6.00%, 9/15/26 | 995 | 1,014,900 | ||||||
International Game Technology PLC (a)(b), |
| |||||||
6.25%, 1/15/27 | 535 | 549,378 | ||||||
6.50%, 2/15/25 | 415 | 433,675 | ||||||
Live Nation Entertainment, Inc. (a)(b), |
| |||||||
5.625%, 3/15/26 | 1,065 | 1,102,275 | ||||||
Scientific Games International, Inc. (a)(b), |
| |||||||
5.00%, 10/15/25 | 940 | 923,550 | ||||||
Stars Group Holdings BV (a)(b), |
| |||||||
7.00%, 7/15/26 | 900 | 940,500 | ||||||
|
| |||||||
6,525,246 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs)—1.3% |
| |||||||
CyrusOne L.P., 5.00%, 3/15/24 | 475 | 488,310 | ||||||
5.375%, 3/15/27 | 480 | 497,856 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 167 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Principal Amount (000s) | Value | |||||||
Equinix, Inc., 5.375%, 5/15/27 | $ | 765 | $ | 803,250 | ||||
|
| |||||||
1,789,416 | ||||||||
|
| |||||||
Food & Beverage—1.7% |
| |||||||
Albertsons Cos. LLC, 6.625%, 6/15/24 | 440 | 446,600 | ||||||
7.50%, 3/15/26 (a)(b) | 535 | 553,056 | ||||||
Post Holdings, Inc. (a)(b), |
| |||||||
5.75%, 3/1/27 | 1,325 | 1,336,594 | ||||||
|
| |||||||
2,336,250 | ||||||||
|
| |||||||
Food Service—0.5% |
| |||||||
Aramark Services, Inc. (a)(b), |
| |||||||
5.00%, 2/1/28 | 750 | 748,785 | ||||||
|
| |||||||
Hand/Machine Tools—0.7% |
| |||||||
Colfax Corp. (a)(b), 6.00%, 2/15/24 | 205 | 214,225 | ||||||
6.375%, 2/15/26 | 680 | 724,622 | ||||||
|
| |||||||
938,847 | ||||||||
|
| |||||||
Healthcare Providers & Services—0.6% |
| |||||||
WellCare Health Plans, Inc. (a)(b), |
| |||||||
5.375%, 8/15/26 | 855 | 896,681 | ||||||
|
| |||||||
Healthcare-Products—2.0% |
| |||||||
Hill-Rom Holdings, Inc. (a)(b), |
| |||||||
5.00%, 2/15/25 | 985 | 1,004,404 | ||||||
Mallinckrodt International Finance S.A. (a)(b), |
| |||||||
5.75%, 8/1/22 | 955 | 902,475 | ||||||
Teleflex, Inc., 5.25%, 6/15/24 | 835 | 858,489 | ||||||
|
| |||||||
2,765,368 | ||||||||
|
| |||||||
Healthcare-Services—5.5% |
| |||||||
Centene Corp. (a)(b), 5.375%, 6/1/26 | 600 | 627,000 | ||||||
Charles River Laboratories International, |
| |||||||
5.50%, 4/1/26 | 980 | 1,019,200 | ||||||
DaVita, Inc., 5.125%, 7/15/24 | 985 | 975,150 | ||||||
Encompass Health Corp., |
| |||||||
5.75%, 11/1/24 | 900 | 914,625 | ||||||
HCA, Inc., 5.375%, 9/1/26 | 545 | 574,975 | ||||||
5.625%, 9/1/28 | 740 | 784,400 | ||||||
7.50%, 2/15/22 | 900 | 994,770 | ||||||
Tenet Healthcare Corp., 6.25%, 2/1/27 (a)(b) | 345 | 358,369 | ||||||
8.125%, 4/1/22 | 1,335 | 1,441,266 | ||||||
|
| |||||||
7,689,755 | ||||||||
|
| |||||||
Home Builders—0.5% |
| |||||||
Lennar Corp., 5.875%, 11/15/24 | 590 | 632,037 | ||||||
|
| |||||||
Insurance—0.6% |
| |||||||
CNO Financial Group, Inc., |
| |||||||
5.25%, 5/30/25 | 835 | 866,834 | ||||||
|
| |||||||
Internet—2.8% |
| |||||||
Match Group, Inc. (a)(b), |
| |||||||
5.00%, 12/15/27 | 820 | 830,250 | ||||||
Netflix, Inc., 5.875%, 2/15/25 | 800 | 866,520 | ||||||
Symantec Corp. (a)(b), 5.00%, 4/15/25 | 1,000 | 1,002,767 | ||||||
Zayo Group LLC (a)(b), 5.75%, 1/15/27 | 1,130 | 1,130,339 | ||||||
|
| |||||||
3,829,876 | ||||||||
|
| |||||||
Iron/Steel—0.7% |
| |||||||
United States Steel Corp., |
| |||||||
6.875%, 8/15/25 | 975 | 957,937 | ||||||
|
|
Principal Amount (000s) | Value | |||||||
Lodging—2.6% |
| |||||||
Hilton Domestic Operating Co., Inc. (a)(b), |
| |||||||
5.125%, 5/1/26 | $ | 660 | $ | 671,550 | ||||
Hilton Worldwide Finance LLC, |
| |||||||
4.625%, 4/1/25 | 195 | 197,437 | ||||||
MGM Resorts International, |
| |||||||
5.50%, 4/15/27 | 600 | 610,500 | ||||||
Wyndham Hotels & Resorts, Inc. (a)(b), |
| |||||||
5.375%, 4/15/26 | 940 | 958,800 | ||||||
Wynn Las Vegas LLC (a)(b), |
| |||||||
5.50%, 3/1/25 | 1,110 | 1,098,900 | ||||||
|
| |||||||
3,537,187 | ||||||||
|
| |||||||
Machinery-Construction & Mining—0.8% |
| |||||||
Terex Corp. (a)(b), 5.625%, 2/1/25 | 1,045 | 1,041,081 | ||||||
|
| |||||||
Machinery-Diversified—0.3% |
| |||||||
Mueller Water Products, Inc. (a)(b), |
| |||||||
5.50%, 6/15/26 | 405 | 412,088 | ||||||
|
| |||||||
Media—7.0% |
| |||||||
CCO Holdings LLC, 5.125%, 5/1/27 (a)(b) | 310 | 312,713 | ||||||
5.75%, 1/15/24 | 1,245 | 1,280,794 | ||||||
Clear Channel Worldwide Holdings, Inc. (a)(b), |
| |||||||
9.25%, 2/15/24 | 990 | 1,051,875 | ||||||
CSC Holdings LLC (a)(b), 7.75%, 7/15/25 | 730 | 784,750 | ||||||
10.875%, 10/15/25 | 745 | 861,965 | ||||||
DISH DBS Corp., 5.875%, 7/15/22 | 440 | 427,482 | ||||||
6.75%, 6/1/21 | 140 | 144,690 | ||||||
Gray Television, Inc. (a)(b), |
| |||||||
5.875%, 7/15/26 | 1,030 | 1,050,806 | ||||||
LiveStyle, Inc., (a)(b)(c)(d)(e)(g)(i), |
| |||||||
9.625%, 2/1/19 (cost—$2,761,000; purchased1/31/14-2/3/14) | 2,761 | 3 | ||||||
Meredith Corp., 6.875%, 2/1/26 | 890 | 941,175 | ||||||
Nexstar Broadcasting, Inc., 5.625%, 8/1/24 (a)(b) | 1,065 | 1,083,637 | ||||||
5.875%, 11/15/22 | 360 | 370,350 | ||||||
Sirius XM Radio, Inc. (a)(b), |
| |||||||
5.00%, 8/1/27 | 1,320 | 1,325,742 | ||||||
|
| |||||||
9,635,982 | ||||||||
|
| |||||||
Metal Fabricate/Hardware—0.9% |
| |||||||
Park-Ohio Industries, Inc., |
| |||||||
6.625%, 4/15/27 | 1,250 | 1,250,000 | ||||||
|
| |||||||
Mining—2.7% |
| |||||||
Alcoa Nederland Holding BV (a)(b), |
| |||||||
6.125%, 5/15/28 | 495 | 511,088 | ||||||
6.75%, 9/30/24 | 625 | 664,062 | ||||||
Constellium NV (a)(b), 6.625%, 3/1/25 | 920 | 940,700 | ||||||
Freeport-McMoRan, Inc., 3.55%, 3/1/22 | 900 | 892,125 | ||||||
Joseph T. Ryerson & Son, Inc. (a)(b), |
| |||||||
11.00%, 5/15/22 | 740 | 782,550 | ||||||
|
| |||||||
3,790,525 | ||||||||
|
| |||||||
Miscellaneous Manufacturing—0.4% |
| |||||||
Koppers, Inc. (a)(b), 6.00%, 2/15/25 | 605 | 594,413 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels—8.9% |
| |||||||
AmeriGas Partners L.P., 5.875%, 8/20/26 | 825 | 827,063 | ||||||
Callon Petroleum Co., 6.125%, 10/1/24 | 1,000 | 1,010,000 |
Principal Amount (000s) | Value | |||||||
Calumet Specialty Products Partners L.P., |
| |||||||
6.50%, 4/15/21 | $ | 690 | $ | 677,925 | ||||
Carrizo Oil & Gas, Inc., 6.25%, 4/15/23 | 1,000 | 987,520 | ||||||
Chesapeake Energy Corp., 8.00%, 1/15/25 | 690 | 707,250 | ||||||
CVR Refining LLC, 6.50%, 11/1/22 | 910 | 923,650 | ||||||
Ensco PLC, 7.75%, 2/1/26 | 1,030 | 874,213 | ||||||
Noble Holding International Ltd., |
| |||||||
7.75%, 1/15/24 | 95 | 86,008 | ||||||
Oasis Petroleum, Inc., 6.875%, 3/15/22 | 1,000 | 1,012,500 | ||||||
Range Resources Corp., 4.875%, 5/15/25 | 1,145 | 1,067,712 | ||||||
SM Energy Co., 6.625%, 1/15/27 | 1,015 | 969,325 | ||||||
Sunoco L.P., 5.50%, 2/15/26 | 540 | 535,950 | ||||||
5.875%, 3/15/28 | 395 | 393,025 | ||||||
Transocean, Inc. (a)(b), |
| |||||||
7.50%, 1/15/26 | 1,330 | 1,320,025 | ||||||
USA Compression Partners L.P. (a)(b), |
| |||||||
6.875%, 9/1/27 | 925 | 944,656 | ||||||
|
| |||||||
12,336,822 | ||||||||
|
| |||||||
Paper & Forest Products—1.0% |
| |||||||
Mercer International, Inc., |
| |||||||
5.50%, 1/15/26 | 900 | 886,500 | ||||||
7.375%, 1/15/25 (a)(b) | 450 | 473,625 | ||||||
|
| |||||||
1,360,125 | ||||||||
|
| |||||||
Pharmaceuticals—3.1% |
| |||||||
Bausch Health Americas, Inc. (a)(b), |
| |||||||
8.50%, 1/31/27 | 645 | 685,313 | ||||||
Bausch Health Cos., Inc. (a)(b), |
| |||||||
6.125%, 4/15/25 | 1,025 | 1,017,312 | ||||||
7.00%, 3/15/24 | 625 | 662,813 | ||||||
Endo Finance LLC (a)(b), |
| |||||||
5.375%, 1/15/23 | 1,140 | 940,500 | ||||||
Horizon Pharma USA, Inc., |
| |||||||
6.625%, 5/1/23 | 1,005 | 1,038,075 | ||||||
|
| |||||||
4,344,013 | ||||||||
|
| |||||||
Pipelines—2.2% |
| |||||||
Cheniere Energy Partners L.P. (a)(b), |
| |||||||
5.625%, 10/1/26 | 890 | 914,475 | ||||||
Crestwood Midstream Partners L.P., |
| |||||||
5.75%, 4/1/25 | 910 | 937,300 | ||||||
Targa Resources Partners L.P. (a)(b), |
| |||||||
6.50%, 7/15/27 | 585 | 632,531 | ||||||
6.875%, 1/15/29 | 510 | 556,538 | ||||||
|
| |||||||
3,040,844 | ||||||||
|
| |||||||
Real Estate—1.4% |
| |||||||
Iron Mountain, Inc. (a)(b), |
| |||||||
4.875%, 9/15/27 | 1,080 | 1,042,200 | ||||||
Kennedy-Wilson, Inc., 5.875%, 4/1/24 | 960 | 958,800 | ||||||
|
| |||||||
2,001,000 | ||||||||
|
| |||||||
Retail—2.8% |
| |||||||
1011778 BC ULC (a)(b), |
| |||||||
5.00%, 10/15/25 | 1,315 | 1,302,244 | ||||||
Conn’s, Inc., 7.25%, 7/15/22 | 1,095 | 1,078,575 | ||||||
Men’s Wearhouse, Inc., |
| |||||||
7.00%, 7/1/22 | 421 | 416,790 | ||||||
Party City Holdings, Inc. (a)(b), |
| |||||||
6.625%, 8/1/26 | 1,050 | 1,047,375 | ||||||
|
| |||||||
3,844,984 | ||||||||
|
|
168 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Principal Amount (000s) | Value | |||||||
Semiconductors—0.9% |
| |||||||
Advanced Micro Devices, Inc., |
| |||||||
7.50%, 8/15/22 | $ | 298 | $ | 333,388 | ||||
Amkor Technology, Inc. (a)(b), |
| |||||||
6.625%, 9/15/27 | 935 | 950,778 | ||||||
|
| |||||||
1,284,166 | ||||||||
|
| |||||||
Software—2.8% |
| |||||||
Camelot Finance S.A. (a)(b), |
| |||||||
7.875%, 10/15/24 | 895 | 948,700 | ||||||
First Data Corp. (a)(b), |
| |||||||
5.75%, 1/15/24 | 160 | 165,120 | ||||||
j2 Cloud Services LLC (a)(b), |
| |||||||
6.00%, 7/15/25 | 975 | 1,016,438 | ||||||
MSCI, Inc. (a)(b), |
| |||||||
5.375%, 5/15/27 | 385 | 408,100 | ||||||
Rackspace Hosting, Inc. (a)(b), |
| |||||||
8.625%, 11/15/24 | 430 | 389,150 | ||||||
SS&C Technologies, Inc. (a)(b), |
| |||||||
5.50%, 9/30/27 | 925 | 935,984 | ||||||
|
| |||||||
3,863,492 | ||||||||
|
| |||||||
Telecommunications—8.4% |
| |||||||
CenturyLink, Inc., Ser. Y, |
| |||||||
7.50%, 4/1/24 | 1,310 | 1,388,600 | ||||||
Cincinnati Bell, Inc. (a)(b), |
| |||||||
7.00%, 7/15/24 | 1,180 | 1,092,184 | ||||||
CommScope Technologies LLC (a)(b), |
| |||||||
6.00%, 6/15/25 | 705 | 688,045 | ||||||
Consolidated Communications, Inc., |
| |||||||
6.50%, 10/1/22 | 1,175 | 1,071,087 | ||||||
Frontier Communications Corp., |
| |||||||
10.50%, 9/15/22 | 580 | 445,150 | ||||||
GTT Communications, Inc. (a)(b), |
| |||||||
7.875%, 12/31/24 | 750 | 660,000 | ||||||
Hughes Satellite Systems Corp., |
| |||||||
6.625%, 8/1/26 | 965 | 948,112 | ||||||
Intelsat Jackson Holdings S.A., |
| |||||||
5.50%, 8/1/23 | 1,050 | 937,125 | ||||||
Level 3 Financing, Inc., |
| |||||||
5.375%, 5/1/25 | 825 | 837,210 | ||||||
Sprint Communications, Inc., |
| |||||||
11.50%, 11/15/21 | 1,545 | 1,796,062 | ||||||
Sprint Corp., 7.625%, 3/1/26 | 765 | 778,388 | ||||||
T-Mobile USA, Inc., 4.50%, 2/1/26 | 315 | 316,009 | ||||||
6.50%, 1/15/26 | 615 | 658,050 | ||||||
|
| |||||||
11,616,022 | ||||||||
|
| |||||||
Transportation—0.4% |
| |||||||
XPO Logistics, Inc. (a)(b), |
| |||||||
6.125%, 9/1/23 | 380 | 383,800 | ||||||
6.50%, 6/15/22 | 159 | 163,094 | ||||||
|
| |||||||
546,894 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes (cost—$133,939,196) |
| 128,975,432 | ||||||
|
| |||||||
Shares | ||||||||
Preferred Stock(a)(d)(e)(i)—4.4% |
| |||||||
Media—4.4% |
| |||||||
LiveStyle, Inc., Ser. A | 2,672 | 363,526 | ||||||
LiveStyle, Inc., Ser. B (h) | 57,581 | 5,758,100 | ||||||
|
| |||||||
Total Preferred Stock (cost—$5,907,093) |
| 6,121,626 | ||||||
|
| |||||||
Shares | Value | |||||||
Common Stock(d)(e)(h)—0.1% |
| |||||||
Advertising—0.1% |
| |||||||
Affinion Group Holdings, Inc. Class A |
| |||||||
(cost—$769,740; purchased 11/4/15) (g) | 43,401 | $ | 74,216 | |||||
|
| |||||||
Aerospace & Defense—0.0% |
| |||||||
Erickson, Inc. (a) | 2,675 | 70,192 | ||||||
|
| |||||||
Banks—0.0% |
| |||||||
CCF Holdings LLC Class A |
| |||||||
(cost—$0; purchased 12/18/18) (g) | 8,562 | 1 | ||||||
CCF Holdings LLC Class B |
| |||||||
(cost—$0; purchased 12/12/18) (f)(g) | 7,143 | — | * | |||||
|
| |||||||
1 | ||||||||
|
| |||||||
Media—0.0% |
| |||||||
LiveStyle, Inc. (a)(i) | 67,983 | 7 | ||||||
|
| |||||||
Total Common Stock (cost—$2,260,808) |
| 144,416 | ||||||
|
| |||||||
Units | ||||||||
Warrants—0.0% |
| |||||||
Media—0.0% |
| |||||||
LiveStyle, Inc., expires 11/30/21, Ser. C, (a)(d)(e)(h)(i) (cost—$0) | 14,500 | 1 | ||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—2.1% |
| |||||||
State Street Bank and Trust Co., dated 3/29/19, 0.50%, due 4/1/19, proceeds $2,903,121; collateralized by U.S. Treasury Notes, 1.75%, due 6/30/22, valued at $2,961,861 including accrued interest |
| |||||||
(cost—$2,903,000) | $2,903 | 2,903,000 | ||||||
|
| |||||||
Total Investments (cost—$145,010,097)—99.7% |
| 138,144,475 | ||||||
|
| |||||||
Other assets less liabilities—0.3% | 476,474 | |||||||
|
| |||||||
Net Assets—100.0% |
| $138,620,949 | ||||||
|
|
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. Securities with an aggregate value of $73,835,478 representing 53.3% of net assets.
(b) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $67,643,650, representing 48.8% of net assets.
(c) In default.
(d) Fair-Valued—Securities with an aggregate value of $7,752,411, representing 5.6% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(e) Level 3 security. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(f) Affiliated security (See Note 7).
(g) Restricted. The aggregate cost of such securities is $8,363,603. The aggregate value is $2,203,165, representing 1.6% 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 4.4% of net assets.
Glossary:
MSCI—Morgan Stanley Capital International
PIK—Payment-in-Kind
REIT—Real Estate Investment Trust
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 169 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
AllianzGI International Growth Fund
Shares | Value | |||||||
Common Stock—99.3% |
| |||||||
Australia—0.9% | ||||||||
CSL Ltd. | 1,846 | $256,137 | ||||||
|
| |||||||
Brazil—4.7% | ||||||||
Lojas Renner S.A. | 14,051 | 157,185 | ||||||
Odontoprev S.A. | 39,353 | 164,835 | ||||||
Raia Drogasil S.A. | 15,581 | 259,859 | ||||||
StoneCo Ltd., Class A (c) | 13,425 | 551,902 | ||||||
WEG S.A. | 30,970 | 142,378 | ||||||
|
| |||||||
1,276,159 | ||||||||
|
| |||||||
Canada—10.7% | ||||||||
Alimentation Couche-Tard, Inc., Class B | 12,878 | 758,601 | ||||||
Canadian National Railway Co. | 3,763 | 336,863 | ||||||
Constellation Software, Inc. | 725 | 614,407 | ||||||
Restaurant Brands International, Inc. | 10,962 | 713,164 | ||||||
Shopify, Inc., Class A (c) | 2,396 | 495,061 | ||||||
|
| |||||||
2,918,096 | ||||||||
|
| |||||||
China—14.5% | ||||||||
Alibaba Group Holding Ltd. ADR (c) | 7,644 | 1,394,648 | ||||||
Baidu, Inc. ADR (c) | 2,882 | 475,098 | ||||||
TAL Education Group ADR (c) | 5,854 | 211,212 | ||||||
Tencent Holdings Ltd. | 29,593 | 1,360,917 | ||||||
Weibo Corp. ADR (c) | 8,367 | 518,670 | ||||||
|
| |||||||
3,960,545 | ||||||||
|
| |||||||
Denmark—9.4% | ||||||||
Ambu A/S, Class B, Class B | 37,699 | 1,000,221 | ||||||
Coloplast A/S, Class B | 3,012 | 330,629 | ||||||
DSV A/S | 7,468 | 617,994 | ||||||
Novo Nordisk A/S, Class B | 11,580 | 605,233 | ||||||
|
| |||||||
2,554,077 | ||||||||
|
| |||||||
Germany—11.1% | ||||||||
Bechtle AG | 3,700 | 343,283 | ||||||
Fresenius SE & Co. KGaA | 6,455 | 360,782 | ||||||
Infineon Technologies AG | 38,613 | 766,561 | ||||||
SAP SE | 7,476 | 864,260 | ||||||
Wirecard AG | 3,692 | 463,799 | ||||||
Zalando SE (a)(c) | 5,451 | 212,485 | ||||||
|
| |||||||
3,011,170 | ||||||||
|
| |||||||
Hong Kong—4.2% | ||||||||
AIA Group Ltd. | 113,292 | 1,132,894 | ||||||
|
| |||||||
India—3.8% | ||||||||
HDFC Bank Ltd. | 13,804 | 462,600 | ||||||
HDFC Bank Ltd. ADR | 4,941 | 572,711 | ||||||
|
| |||||||
1,035,311 | ||||||||
|
| |||||||
Indonesia—1.7% | ||||||||
Ace Hardware Indonesia Tbk PT | 1,935,273 | 242,052 | ||||||
Bank Central Asia Tbk PT | 120,199 | 234,554 | ||||||
|
| |||||||
476,606 | ||||||||
|
| |||||||
Ireland—2.9% | ||||||||
Kingspan Group PLC | 8,698 | 403,038 | ||||||
Ryanair Holdings PLC ADR (c) | 5,209 | 390,363 | ||||||
|
| |||||||
793,401 | ||||||||
|
| |||||||
Israel—3.0% | ||||||||
Wix.com Ltd. (c) | 6,657 | 804,365 | ||||||
|
| |||||||
Japan—4.3% | ||||||||
Hoshizaki Corp. | 3,630 | 225,338 |
Shares | Value | |||||||
Keyence Corp. | 1,037 | $ | 648,327 | |||||
MonotaRO Co., Ltd. | 13,585 | 303,689 | ||||||
|
| |||||||
1,177,354 | ||||||||
|
| |||||||
Korea (Republic of)—1.3% |
| |||||||
LG Household & Health Care Ltd. | 276 | 344,901 | ||||||
|
| |||||||
Netherlands—3.1% | ||||||||
ASML Holding NV | 4,437 | 833,933 | ||||||
|
| |||||||
New Zealand—1.4% | ||||||||
Mainfreight Ltd. | 15,961 | 389,896 | ||||||
|
| |||||||
Philippines—0.7% | ||||||||
Jollibee Foods Corp. | 31,364 | 189,343 | ||||||
|
| |||||||
South Africa—2.4% | ||||||||
PSG Group Ltd. | 35,427 | 642,337 | ||||||
|
| |||||||
Spain—0.7% | ||||||||
Amadeus IT Group S.A. | 2,287 | 183,300 | ||||||
|
| |||||||
Sweden—7.1% | ||||||||
AddTech AB, Class B | 18,396 | 382,290 | ||||||
Assa Abloy AB, Class B | 10,247 | 221,154 | ||||||
Atlas Copco AB, Class A (c) | 13,868 | 373,063 | ||||||
Hexagon AB, Class B | 6,649 | 347,494 | ||||||
Hexpol AB | 43,545 | 367,328 | ||||||
Trelleborg AB, Class B | 16,132 | 250,085 | ||||||
|
| |||||||
1,941,414 | ||||||||
|
| |||||||
Switzerland—4.2% | ||||||||
Partners Group Holding AG | 563 | 409,561 | ||||||
Sika AG | 2,261 | 316,206 | ||||||
Temenos AG (c) | 1,478 | 218,057 | ||||||
VAT Group AG (a)(c) | 2,006 | 211,132 | ||||||
|
| |||||||
1,154,956 | ||||||||
|
| |||||||
United Kingdom—7.2% | ||||||||
ASOS PLC (c) | 8,684 | 362,636 | ||||||
British American Tobacco PLC | 8,180 | 341,252 | ||||||
DCC PLC | 6,611 | 572,007 | ||||||
Reckitt Benckiser Group PLC | 4,151 | 345,457 | ||||||
Unilever PLC | 6,103 | 351,304 | ||||||
1,972,656 | ||||||||
|
| |||||||
Total Common Stock (cost—$23,171,152) | 27,048,851 | |||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—0.8% |
| |||||||
State Street Bank and Trust Co., dated 3/29/19, 0.50%, due 4/1/19, proceeds $212,009; collateralized by U.S. Treasury Notes, 1.875%, due 7/31/22, valued at $218,417 including accrued interest |
| |||||||
(cost—$212,000) | $212 | 212,000 | ||||||
|
| |||||||
Total Investments (cost—$23,383,152) (b)—100.1% |
| 27,260,851 | ||||||
|
| |||||||
Liabilities in excess of other assets—(0.1)% | (16,608 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $27,244,243 | |||||||
|
|
Notes to Schedule of Investments:
(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $423,616, representing 1.6% of net assets.
(b) Securities with an aggregate value of $18,085,701, representing 66.4% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(c)Non-income producing.
Glossary:
ADR—American Depositary Receipt
The industry classification of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets were as follows:
IT Services | 10.4% | |||
Interactive Media & Services | 8.6% | |||
Internet & Direct Marketing Retail | 7.2% | |||
Software | 6.2% | |||
Semiconductors & Semiconductor Equipment | 5.9% | |||
Healthcare Equipment & Supplies | 4.9% | |||
Banks | 4.7% | |||
Machinery | 4.4% | |||
Insurance | 4.2% | |||
Food & Staples Retailing | 3.7% | |||
Electronic Equipment, Instruments & Components | 3.7% | |||
Road & Rail | 3.5% | |||
Hotels, Restaurants & Leisure | 3.3% | |||
Personal Products | 2.6% | |||
Trading Companies & Distributors | 2.5% | |||
Chemicals | 2.5% | |||
Diversified Financial Services | 2.4% | |||
Building Products | 2.3% | |||
Pharmaceuticals | 2.2% | |||
Industrial Conglomerates | 2.1% | |||
Healthcare Providers & Services | 1.9% | |||
Capital Markets | 1.5% | |||
Airlines | 1.4% | |||
Air Freight & Logistics | 1.4% | |||
Household Products | 1.3% | |||
Tobacco | 1.3% | |||
Biotechnology | 0.9% | |||
Specialty Retail | 0.9% | |||
Diversified Consumer Services | 0.8% | |||
Multi-Line Retail | 0.6% | |||
Repurchase Agreements | 0.8% | |||
Liabilities in excess of other assets | (0.1)% | |||
|
| |||
100.0% | ||||
|
|
170 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
AllianzGI International Small-Cap Fund
Shares | Value | |||||||
Common Stock—95.5% |
| |||||||
Australia—3.9% | ||||||||
ALS Ltd. | 90,354 | $488,272 | ||||||
Bapcor Ltd. | 108,200 | 424,973 | ||||||
Beach Energy Ltd. | 125,525 | 183,171 | ||||||
Boral Ltd. | 113,558 | 370,643 | ||||||
Challenger Ltd. | 76,358 | 450,032 | ||||||
Downer EDI Ltd. | 131,609 | 719,506 | ||||||
GUD Holdings Ltd. | 62,502 | 530,018 | ||||||
NEXTDC Ltd. (e) | 101,511 | 455,903 | ||||||
Santos Ltd. | 82,162 | 397,809 | ||||||
WorleyParsons Ltd. | 27,500 | 276,008 | ||||||
|
| |||||||
4,296,335 | ||||||||
|
| |||||||
Austria—5.3% | ||||||||
ANDRITZ AG (e) | 30,140 | 1,292,692 | ||||||
Schoeller-Bleckmann Oilfield Equipment AG | 15,340 | 1,274,032 | ||||||
UNIQA Insurance Group AG | 171,869 | 1,712,012 | ||||||
Wienerberger AG | 71,180 | 1,511,850 | ||||||
|
| |||||||
5,790,586 | ||||||||
|
| |||||||
China—0.8% | ||||||||
China Everbright Greentech Ltd. (a) | 699,235 | 555,885 | ||||||
Zhejiang Dingli Machinery Co., Ltd., Class A | 22,524 | 277,478 | ||||||
|
| |||||||
833,363 | ||||||||
|
| |||||||
Denmark—5.7% | ||||||||
Ambu A/S, Class B, Class B | 55,865 | 1,482,197 | ||||||
FLSmidth & Co. A/S | 28,955 | 1,252,081 | ||||||
ISS A/S | 48,110 | 1,465,272 | ||||||
SimCorp A/S (e) | 20,603 | 1,990,571 | ||||||
|
| |||||||
6,190,121 | ||||||||
|
| |||||||
Finland—0.7% | ||||||||
Huhtamaki Oyj | 21,214 | 790,496 | ||||||
|
| |||||||
France—6.2% | ||||||||
Ingenico Group S.A. | 22,452 | 1,603,786 | ||||||
Korian S.A. | 44,232 | 1,791,181 | ||||||
Nexity S.A. | 33,632 | 1,641,558 | ||||||
Sartorius Stedim Biotech | 13,661 | 1,730,976 | ||||||
|
| |||||||
6,767,501 | ||||||||
|
| |||||||
Germany—8.9% | ||||||||
Aareal Bank AG | 46,488 | 1,435,602 | ||||||
Alstria OfficeREIT-AG | 110,920 | 1,805,354 | ||||||
Bechtle AG | 18,506 | 1,716,970 | ||||||
CANCOM SE | 38,184 | 1,721,570 | ||||||
Hella GmbH & Co. KGaA | 32,418 | 1,427,879 | ||||||
TLG Immobilien AG | 53,478 | 1,610,104 | ||||||
|
| |||||||
9,717,479 | ||||||||
|
| |||||||
Hong Kong—1.3% | ||||||||
Johnson Electric Holdings Ltd. | 78,000 | 180,865 | ||||||
Techtronic Industries Co., Ltd. | 110,500 | 744,178 | ||||||
VTech Holdings Ltd. | 51,800 | 530,490 | ||||||
|
| |||||||
1,455,533 | ||||||||
|
| |||||||
Indonesia—1.0% | ||||||||
Bank Tabungan Negara Persero Tbk PT | 2,116,000 | 363,810 | ||||||
Jasa Marga Persero Tbk PT | 1,716,300 | 721,277 | ||||||
|
| |||||||
1,085,087 | ||||||||
|
| |||||||
Italy—2.9% | ||||||||
Buzzi Unicem SpA | 77,274 | 1,583,177 | ||||||
De’ Longhi SpA | 57,499 | 1,553,724 | ||||||
|
| |||||||
3,136,901 | ||||||||
|
|
Shares | Value | |||||||
Japan—30.1% | ||||||||
Anritsu Corp. | 31,400 | $ | 584,073 | |||||
Azbil Corp. | 50,500 | 1,183,900 | ||||||
COMSYS Holdings Corp. | 91,800 | 2,507,661 | ||||||
Hitachi Transport System Ltd. | 89,800 | 2,668,307 | ||||||
Ichigo, Inc. | 217,900 | 747,407 | ||||||
Itochu Techno-Solutions Corp. | 102,000 | 2,386,437 | ||||||
KH Neochem Co., Ltd. | 23,700 | 573,609 | ||||||
Kobe Bussan Co., Ltd. | 36,200 | 1,375,175 | ||||||
Lion Corp. | 87,100 | 1,835,560 | ||||||
Maruwa Co., Ltd. | 24,600 | 1,165,605 | ||||||
Mitsubishi UFJ Lease & Finance Co., Ltd. | 433,300 | 2,211,874 | ||||||
Nichirei Corp. | 17,500 | 432,235 | ||||||
Nippon Shinyaku Co., Ltd. | 29,700 | 2,168,529 | ||||||
Nishio Rent All Co., Ltd. | 30,900 | 891,920 | ||||||
Oji Holdings Corp. | 152,200 | 947,117 | ||||||
Okamura Corp. | 125,700 | 1,320,021 | ||||||
Penta-Ocean Construction Co., Ltd. | 183,000 | 849,860 | ||||||
Rengo Co., Ltd. | 283,600 | 2,664,037 | ||||||
Sanyo Special Steel Co., Ltd. | 35,000 | 718,843 | ||||||
Seven Bank Ltd. | 440,900 | 1,303,391 | ||||||
Ship Healthcare Holdings, Inc. | 20,900 | 859,709 | ||||||
Sojitz Corp. | 310,600 | 1,097,461 | ||||||
Taiyo Yuden Co., Ltd. | 21,600 | 427,472 | ||||||
Tokyu Fudosan Holdings Corp. | 209,300 | 1,254,246 | ||||||
Ube Industries Ltd. | 35,600 | 734,039 | ||||||
|
| |||||||
32,908,488 | ||||||||
|
| |||||||
Korea (Republic of)—0.5% |
| |||||||
DB Insurance Co., Ltd. | 9,340 | 565,288 | ||||||
|
| |||||||
Netherlands—3.0% | ||||||||
ASM International NV | 29,134 | 1,583,154 | ||||||
ASR Nederland NV | 40,228 | 1,676,153 | ||||||
|
| |||||||
3,259,307 | ||||||||
|
| |||||||
Norway—3.1% | ||||||||
Elkem ASA (a)(e) | 488,814 | 1,734,719 | ||||||
Storebrand ASA | 205,652 | 1,602,134 | ||||||
|
| |||||||
3,336,853 | ||||||||
|
| |||||||
Singapore—0.7% | ||||||||
Frasers Centrepoint Trust | 230,200 | 404,262 | ||||||
Venture Corp., Ltd. | 27,900 | 370,686 | ||||||
|
| |||||||
774,948 | ||||||||
|
| |||||||
Sweden—1.6% | ||||||||
AAK AB | 117,246 | 1,750,294 | ||||||
|
| |||||||
Switzerland—5.8% | ||||||||
Galenica AG (a) | 35,335 | 1,750,686 | ||||||
Georg Fischer AG | 1,348 | 1,228,985 | ||||||
Interroll Holding AG | 918 | 1,862,649 | ||||||
OC Oerlikon Corp. AG (e) | 116,163 | 1,487,851 | ||||||
|
| |||||||
6,330,171 | ||||||||
|
| |||||||
Taiwan—0.8% | ||||||||
Ennoconn Corp. | 41,063 | 355,772 | ||||||
Merry Electronics Co., Ltd. | 86,000 | 473,316 | ||||||
|
| |||||||
829,088 | ||||||||
|
| |||||||
Thailand—0.4% | ||||||||
Amata Corp. PCL (c)(d) | 605,000 | 403,129 | ||||||
|
| |||||||
United Kingdom—12.8% |
| |||||||
ASOS PLC (e) | 26,512 | 1,107,118 | ||||||
Auto Trader Group | 276,177 | 1,878,387 | ||||||
Genus PLC | 54,175 | 1,566,145 |
Shares | Value | |||||||
HomeServe PLC | 146,640 | $ | 1,958,962 | |||||
Intermediate Capital Group PLC | 117,615 | 1,633,695 | ||||||
Moneysupermarket.com Group PLC | 365,555 | 1,772,297 | ||||||
Rotork PLC | 410,562 | 1,513,877 | ||||||
Spectris PLC | 30,280 | 990,884 | ||||||
Tullow Oil PLC (e) | 516,075 | 1,617,043 | ||||||
|
| |||||||
14,038,408 | ||||||||
|
| |||||||
Total Common Stock (cost—$91,683,571) | 104,259,376 | |||||||
|
| |||||||
Preferred Stock—1.3% | ||||||||
Germany—1.3% | ||||||||
Jungheinrich AG | 45,119 | 1,468,768 | ||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—2.0% |
| |||||||
State Street Bank and Trust Co., dated 3/29/19, 0.50%, due 4/1/19, proceeds $2,201,092; collateralized by U.S. Treasury Notes, 1.75%, due 6/30/22, valued at $2,248,637 including accrued interest |
| |||||||
(cost—$2,201,000) | $2,201 | 2,201,000 | ||||||
|
| |||||||
Total Investments (cost—$95,281,721) (b)—98.8% |
| 107,929,144 | ||||||
|
| |||||||
Other assets less liabilities—1.2% | 1,282,814 | |||||||
|
| |||||||
Net Assets—100.0% | $109,211,958 | |||||||
|
|
Notes to Schedule of Investments:
(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $5,919,677, representing 5.4% of net assets.
(b) Securities with an aggregate value of $99,564,581, representing 91.2% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(c) Fair-Valued—Security with a value of $403,129, representing 0.4% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(d) Level 3 security. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(e)Non-income producing.
Glossary:
REIT—Real Estate Investment Trust
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 171 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
The industry classification of portfolio holdings and other assets less liabilities shown as a percentage of net assets were as follows:
Machinery | 8.4% | |||
Electronic Equipment, Instruments & Components | 6.2% | |||
IT Services | 5.8% | |||
Real Estate Management & Development | 5.2% | |||
Insurance | 5.1% | |||
Commercial Services & Supplies | 5.0% | |||
Construction & Engineering | 4.2% | |||
Pharmaceuticals | 3.6% | |||
Construction Materials | 3.2% | |||
Containers & Packaging | 3.2% | |||
Chemicals | 2.8% | |||
Internet & Direct Marketing Retail | 2.6% | |||
Road & Rail | 2.4% | |||
Diversified Financial Services | 2.4% | |||
Healthcare Providers & Services | 2.4% | |||
Household Durables | 2.1% | |||
Equity Real Estate Investment Trusts (REITs) | 2.0% | |||
Oil, Gas & Consumable Fuels | 2.0% | |||
Food Products | 2.0% | |||
Software | 1.8% | |||
Trading Companies & Distributors | 1.8% | |||
Auto Components | 1.8% | |||
Interactive Media & Services | 1.7% | |||
Household Products | 1.7% | |||
Life Sciences Tools & Services | 1.6% | |||
Banks | 1.5% | |||
Capital Markets | 1.5% | |||
Semiconductors & Semiconductor Equipment | 1.4% | |||
Biotechnology | 1.4% | |||
Energy Equipment & Services | 1.4% | |||
Healthcare Equipment & Supplies | 1.4% | |||
Thrifts & Mortgage Finance | 1.3% | |||
Food & Staples Retailing | 1.3% | |||
Paper & Forest Products | 0.9% | |||
Transportation Infrastructure | 0.7% | |||
Metals & Mining | 0.7% | |||
Independent Power Producers & Energy Traders | 0.5% | |||
Communications Equipment | 0.5% | |||
Professional Services | 0.4% | |||
Distributors | 0.4% | |||
Technology Hardware, Storage & Peripherals | 0.3% | |||
Electrical Equipment | 0.2% | |||
Repurchase Agreements | 2.0% | |||
Other assets less liabilities | 1.2% | |||
|
| |||
100.0% | ||||
|
|
AllianzGI Micro Cap Fund
Shares | Value | |||||||
Common Stock—99.9% |
| |||||||
Air Freight & Logistics—0.7% |
| |||||||
Echo Global Logistics, Inc. (a) | 5,791 | $143,501 | ||||||
|
| |||||||
Banks—5.3% |
| |||||||
Carolina Financial Corp. | 4,503 | 155,759 | ||||||
Equity Bancshares, Inc., Class A (a) | 4,946 | 142,445 | ||||||
First Foundation, Inc. | 11,198 | 151,957 | ||||||
Franklin Financial Network, Inc. | 4,108 | 119,173 | ||||||
Preferred Bank | 3,063 | 137,743 | ||||||
Triumph Bancorp, Inc. (a) | 4,586 | 134,782 | ||||||
Veritex Holdings, Inc. | 6,832 | 165,471 | ||||||
|
| |||||||
1,007,330 | ||||||||
|
| |||||||
Beverages—2.3% |
| |||||||
MGP Ingredients, Inc. | 3,432 | 264,779 | ||||||
Primo Water Corp. (a) | 11,596 | 179,274 | ||||||
|
| |||||||
444,053 | ||||||||
|
| |||||||
Biotechnology—17.5% |
| |||||||
Albireo Pharma, Inc. (a) | 1,745 | 56,206 | ||||||
Arrowhead Pharmaceuticals, Inc. (a) | 8,174 | 149,993 | ||||||
Assembly Biosciences, Inc. (a) | 2,227 | 43,850 | ||||||
Audentes Therapeutics, Inc. (a) | 2,999 | 117,021 | ||||||
BioCryst Pharmaceuticals, Inc. (a) | 12,718 | 103,525 | ||||||
Biohaven Pharmaceutical Holding Co., Ltd. (a) | 2,776 | 142,881 | ||||||
BioSpecifics Technologies Corp. (a) | 2,407 | 150,028 | ||||||
Cara Therapeutics, Inc. (a) | 4,870 | 95,549 | ||||||
Corbus Pharmaceuticals Holdings, Inc. (a) | 6,511 | 45,251 | ||||||
CytomX Therapeutics, Inc. (a) | 5,008 | 53,836 | ||||||
Dicerna Pharmaceuticals, Inc. (a) | 5,858 | 85,820 | ||||||
Fate Therapeutics, Inc. (a) | 6,685 | 117,456 | ||||||
Flexion Therapeutics, Inc. (a) | 5,777 | 72,097 | ||||||
GlycoMimetics, Inc. (a) | 5,439 | 67,770 | ||||||
Intellia Therapeutics, Inc. (a) | 5,580 | 95,306 | ||||||
Invitae Corp. (a) | 10,307 | 241,390 | ||||||
Iovance Biotherapeutics, Inc. (a) | 8,560 | 81,406 | ||||||
Kindred Biosciences, Inc. (a) | 12,066 | 110,645 | ||||||
Kura Oncology, Inc. (a) | 4,327 | 71,785 | ||||||
MacroGenics, Inc. (a) | 5,197 | 93,442 | ||||||
Natera, Inc. (a) | 9,799 | 202,055 | ||||||
Progenics Pharmaceuticals, Inc. (a) | 11,520 | 53,453 | ||||||
Rigel Pharmaceuticals, Inc. (a) | 22,762 | 58,498 | ||||||
Sangamo Therapeutics, Inc. (a) | 7,567 | 72,189 | ||||||
T2 Biosystems, Inc. (a) | 22,846 | 60,085 | ||||||
uniQure NV (a) | 2,076 | 123,833 | ||||||
Vanda Pharmaceuticals, Inc. (a) | 6,785 | 124,844 | ||||||
Veracyte, Inc. (a) | 13,956 | 349,179 | ||||||
Vericel Corp. (a) | 7,819 | 136,911 | ||||||
Viking Therapeutics, Inc. (a) | 8,462 | 84,112 | ||||||
Voyager Therapeutics, Inc. (a) | 3,882 | 74,302 | ||||||
|
| |||||||
3,334,718 | ||||||||
|
| |||||||
Building Products—0.6% |
| |||||||
PGT Innovations, Inc. (a) | 8,634 | 119,581 | ||||||
|
| |||||||
Chemicals—0.8% |
| |||||||
American Vanguard Corp. | 8,642 | 148,815 | ||||||
|
|
Shares | Value | |||||||
Construction & Engineering—2.3% |
| |||||||
NV5 Global, Inc. (a) | 4,508 | $ | 267,595 | |||||
Sterling Construction Co., Inc. (a) | 14,003 | 175,317 | ||||||
|
| |||||||
442,912 | ||||||||
|
| |||||||
Construction Materials—0.7% |
| |||||||
U.S. Concrete, Inc. (a) | 3,425 | 141,863 | ||||||
|
| |||||||
Diversified Consumer Services—1.1% |
| |||||||
Carriage Services, Inc. | 6,692 | 128,821 | ||||||
HyreCar, Inc. (a) | 15,621 | 78,574 | ||||||
|
| |||||||
207,395 | ||||||||
|
| |||||||
Diversified Telecommunication Services—0.7% |
| |||||||
Pareteum Corp. (a) | 30,310 | 137,911 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components—1.8% |
| |||||||
Mesa Laboratories, Inc. | 945 | 217,822 | ||||||
Napco Security Technologies, Inc. (a) | 6,017 | 124,793 | ||||||
|
| |||||||
342,615 | ||||||||
|
| |||||||
Energy Equipment & Services—1.6% |
| |||||||
DMC Global, Inc. | 3,409 | 169,223 | ||||||
Newpark Resources, Inc. (a) | 15,907 | 145,708 | ||||||
|
| |||||||
314,931 | ||||||||
|
| |||||||
Entertainment—1.2% |
| |||||||
Rosetta Stone, Inc. (a) | 10,081 | 220,270 | ||||||
|
| |||||||
Food Products—0.9% |
| |||||||
John B Sanfilippo & Son, Inc. | 2,427 | 174,428 | ||||||
|
| |||||||
Healthcare Equipment & Supplies—12.4% |
| |||||||
Antares Pharma, Inc. (a) | 39,440 | 119,503 | ||||||
Apyx Medical Corp. (a) | 7,440 | 46,946 | ||||||
Axogen, Inc. (a) | 7,958 | 167,596 | ||||||
BioLife Solutions, Inc. (a) | 9,425 | 168,613 | ||||||
Cerus Corp. (a) | 26,759 | 166,709 | ||||||
CryoLife, Inc. (a) | 8,431 | 245,932 | ||||||
CryoPort, Inc. (a) | 19,113 | 246,940 | ||||||
CytoSorbents Corp. (a) | 15,349 | 116,192 | ||||||
OrthoPediatrics Corp. (a) | 6,154 | 272,191 | ||||||
Senseonics Holdings, Inc. (a) | 47,000 | 115,150 | ||||||
Sientra, Inc. (a) | 8,728 | 74,886 | ||||||
Surmodics, Inc. (a) | 4,354 | 189,312 | ||||||
Tactile Systems Technology, Inc. (a) | 5,308 | 279,838 | ||||||
ViewRay, Inc. (a) | 20,327 | 150,217 | ||||||
|
| |||||||
2,360,025 | ||||||||
|
| |||||||
Healthcare Providers & Services—4.5% |
| |||||||
Addus HomeCare Corp. (a) | 3,146 | 200,054 | ||||||
BioTelemetry, Inc. (a) | 4,797 | 300,388 | ||||||
R1 RCM, Inc. (a) | 20,038 | 193,768 | ||||||
RadNet, Inc. (a) | 12,869 | 159,447 | ||||||
|
| |||||||
853,657 | ||||||||
|
| |||||||
Healthcare Technology—3.1% |
| |||||||
Tabula Rasa HealthCare, Inc. (a) | 5,363 | 302,580 | ||||||
Vocera Communications, Inc. (a) | 8,839 | 279,578 | ||||||
|
| |||||||
582,158 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure—1.7% |
| |||||||
Carrols Restaurant Group, Inc. (a) | 15,916 | 158,683 | ||||||
Century Casinos, Inc. (a) | 17,536 | 158,876 | ||||||
|
| |||||||
317,559 | ||||||||
|
|
172 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Shares | Value | |||||||
Household Durables—0.9% |
| |||||||
LGI Homes, Inc. (a) | 2,878 | $ | 173,371 | |||||
|
| |||||||
Interactive Media & Services—1.5% |
| |||||||
Meet Group, Inc. (a) | 26,361 | 132,596 | ||||||
QuinStreet, Inc. (a) | 11,123 | 148,937 | ||||||
|
| |||||||
281,533 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail—0.6% |
| |||||||
Gaia, Inc., Class A (a) | 12,191 | 111,548 | ||||||
|
| |||||||
IT Services—2.5% |
| |||||||
Brightcove, Inc. (a) | 16,708 | 140,514 | ||||||
Carbonite, Inc. (a) | 7,249 | 179,848 | ||||||
Hackett Group, Inc. | 10,056 | 158,885 | ||||||
|
| |||||||
479,247 | ||||||||
|
| |||||||
Leisure Equipment & Products—0.9% |
| |||||||
MasterCraft Boat Holdings, Inc. (a) | 7,629 | 172,187 | ||||||
|
| |||||||
Life Sciences Tools & Services—5.6% |
| |||||||
Codexis, Inc. (a) | 7,903 | 162,249 | ||||||
Fluidigm Corp. (a) | 19,215 | 255,367 | ||||||
NeoGenomics, Inc. (a) | 23,563 | 482,099 | ||||||
Quanterix Corp. (a) | 6,346 | 163,917 | ||||||
|
| |||||||
1,063,632 | ||||||||
|
| |||||||
Machinery—2.9% |
| |||||||
Columbus McKinnon Corp. | 2,643 | 90,787 | ||||||
Kadant, Inc. | 2,552 | 224,474 | ||||||
Kornit Digital Ltd. (a) | 9,838 | 234,144 | ||||||
|
| |||||||
549,405 | ||||||||
|
| |||||||
Media—0.7% |
| |||||||
Cardlytics, Inc. (a) | 7,828 | 129,475 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels—2.1% |
| |||||||
Abraxas Petroleum Corp. (a) | 64,375 | 80,469 | ||||||
Evolution Petroleum Corp. | 19,198 | 129,586 | ||||||
Lonestar Resources U.S., Inc., Class A (a) | 18,431 | 73,908 | ||||||
Penn Virginia Corp. (a) | 2,808 | 123,833 | ||||||
|
| |||||||
407,796 | ||||||||
|
| |||||||
Pharmaceuticals—4.2% |
| |||||||
Amphastar Pharmaceuticals, Inc. (a) | 7,484 | 152,898 | ||||||
ANI Pharmaceuticals, Inc. (a) | 2,879 | 203,085 | ||||||
Cymabay Therapeutics, Inc. (a) | 7,671 | 101,871 | ||||||
Intersect ENT, Inc. (a) | 6,021 | 193,575 | ||||||
Omeros Corp. (a) | 4,551 | 79,051 | ||||||
WaVe Life Sciences Ltd. (a) | 1,918 | 74,514 | ||||||
|
| |||||||
804,994 | ||||||||
|
| |||||||
Professional Services—2.1% |
| |||||||
CRA International, Inc. | 3,726 | 188,312 | ||||||
Kforce, Inc. | 6,236 | 219,008 | ||||||
|
| |||||||
407,320 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment—3.0% |
| |||||||
Axcelis Technologies, Inc. (a) | 6,318 | 127,118 | ||||||
AXT, Inc. (a) | 22,298 | 99,226 | ||||||
FormFactor, Inc. (a) | 12,292 | 197,778 | ||||||
Ichor Holdings Ltd. (a) | 6,694 | 151,151 | ||||||
|
| |||||||
575,273 | ||||||||
|
| |||||||
Software—10.2% |
| |||||||
Amber Road, Inc. (a) | 16,124 | 139,795 | ||||||
Everbridge, Inc. (a) | 5,985 | 448,935 | ||||||
Instructure, Inc. (a) | 5,428 | 255,767 |
Shares | Value | |||||||
LivePerson, Inc. (a) | 12,609 | $ | 365,913 | |||||
Model N, Inc. (a) | 11,724 | 205,639 | ||||||
PROS Holdings, Inc. (a) | 5,219 | 220,451 | ||||||
Upland Software, Inc. (a) | 7,147 | 302,747 | ||||||
|
| |||||||
1,939,247 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance—1.9% |
| |||||||
First Defiance Financial Corp. | 6,755 | 194,139 | ||||||
Meridian Bancorp, Inc. | 10,838 | 170,048 | ||||||
|
| |||||||
364,187 | ||||||||
|
| |||||||
Wireless Telecommunication Services—1.6% |
| |||||||
Boingo Wireless, Inc. (a) | 13,162 | 306,411 | ||||||
|
| |||||||
Total Common Stock (cost—$14,885,305) |
| 19,059,348 | ||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—0.6% |
| |||||||
State Street Bank and Trust Co., dated 3/29/19, 0.50%, due 4/1/19, proceeds $107,004; collateralized by U.S. Treasury Notes, 1.75%, due 6/30/22, valued at $113,918 including accrued interest |
| |||||||
(cost—$107,000) | $107 | 107,000 | ||||||
|
| |||||||
Total Investments (cost—$14,992,305)—100.5% |
| 19,166,348 | ||||||
|
| |||||||
Liabilities in excess of other assets—(0.5)% |
| (99,323 | ) | |||||
|
| |||||||
Net Assets—100.0% | $19,067,025 | |||||||
|
|
Notes to Schedule of Investments:
(a)Non-income producing.
AllianzGI NFJ Emerging Markets Value Fund
Shares | Value | |||||||
Common Stock—92.7% |
| |||||||
Brazil—3.1% | ||||||||
Banco Santander Brasil S.A. UNIT | 74,900 | $841,139 | ||||||
Cia de Locacao das Americas | 94,000 | 936,075 | ||||||
Energisa S.A. UNIT | 85,200 | 882,388 | ||||||
IRB Brasil Resseguros S.A. | 45,000 | 1,048,757 | ||||||
|
| |||||||
3,708,359 | ||||||||
|
| |||||||
Chile—0.7% |
| |||||||
Banco Santander Chile | 11,075,990 | 833,175 | ||||||
|
| |||||||
China—23.7% |
| |||||||
Agricultural Bank of China Ltd., Class H | 1,905,000 | 880,613 | ||||||
Anhui Conch Cement Co., Ltd., Class H | 204,000 | 1,248,257 | ||||||
ANTA Sports Products Ltd. | 229,000 | 1,561,091 | ||||||
Bank of China Ltd., Class H | 2,213,000 | 1,005,742 | ||||||
China Construction Bank Corp., Class H | 1,001,000 | 859,227 | ||||||
China Merchants Bank Co., Ltd., Class H | 258,600 | 1,259,830 | ||||||
China Mobile Ltd. ADR | 14,741 | 751,644 | ||||||
China Petroleum & Chemical Corp., Class A | 923,900 | 787,201 | ||||||
China Railway Signal & Communication Corp., Ltd., Class H (a) | 957,000 | 757,979 | ||||||
China Water Affairs Group Ltd. | 740,000 | 773,716 | ||||||
CNOOC Ltd. | 561,000 | 1,044,963 | ||||||
Country Garden Holdings Co., Ltd. | 732,000 | 1,146,115 | ||||||
CRRC Corp Ltd., Class H | 775,000 | 731,068 | ||||||
ENN Energy Holdings Ltd. | 79,900 | 773,341 | ||||||
Guangdong Provincial Expressway Development Co., Ltd., Class B | 1,054,787 | 975,907 | ||||||
Hubei Jumpcan Pharmaceutical Co., Ltd., Class A | 162,312 | 832,131 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 1,182,000 | 868,042 | ||||||
Jiangsu Expressway Co., Ltd., Class H | 532,000 | 752,772 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A | 52,306 | 1,014,646 | ||||||
Kweichow Moutai Co., Ltd., Class A | 7,800 | 989,281 | ||||||
Longfor Group Holdings Ltd. | 339,500 | 1,197,459 | ||||||
Luxshare Precision Industry Co., Ltd., Class A | 176,600 | 648,506 | ||||||
Midea Group Co., Ltd., Class A | 131,000 | 949,557 | ||||||
Ping An Insurance Group Co of China Ltd., Class A | 75,000 | 859,227 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 141,000 | 1,587,408 | ||||||
Shenzhou International Group Holdings Ltd. | 48,700 | 654,295 | ||||||
Tencent Holdings Ltd. | 27,700 | 1,273,862 | ||||||
Tencent Holdings Ltd. ADR | 29,100 | 1,338,018 | ||||||
Wuliangye Yibin Co., Ltd., Class A | 72,000 | 1,016,462 | ||||||
|
| |||||||
28,538,360 | ||||||||
|
|
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 173 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Shares | Value | |||||||
France—1.7% |
| |||||||
Kering S.A. ADR | 17,100 | $ | 981,113 | |||||
LVMH Moet Hennessy Louis Vuitton SE | 2,768 | 1,019,547 | ||||||
|
| |||||||
2,000,660 | ||||||||
|
| |||||||
Greece—0.6% |
| |||||||
Motor Oil Hellas Corinth Refineries S.A. | 31,987 | 742,746 | ||||||
|
| |||||||
Hong Kong—5.1% |
| |||||||
AIA Group Ltd. | 153,800 | 1,537,965 | ||||||
BOC Hong Kong Holdings Ltd. | 187,000 | 776,036 | ||||||
HKBN Ltd. | 508,000 | 809,531 | ||||||
Sands China Ltd. | 184,400 | 928,075 | ||||||
Techtronic Industries Co., Ltd. | 189,000 | 1,272,848 | ||||||
Xinyi Glass Holdings Ltd. | 644,000 | 739,506 | ||||||
|
| |||||||
6,063,961 | ||||||||
|
| |||||||
Hungary—1.5% |
| |||||||
MOL Hungarian Oil & Gas PLC | 75,939 | 870,837 | ||||||
OTP Bank Nyrt | 21,690 | 956,222 | ||||||
|
| |||||||
1,827,059 | ||||||||
|
| |||||||
India—10.1% |
| |||||||
Cyient Ltd. | 84,633 | 794,924 | ||||||
GAIL India Ltd. | 172,310 | 871,155 | ||||||
HCL Technologies Ltd. | 53,897 | 846,434 | ||||||
HDFC Bank Ltd. | 27,124 | 908,980 | ||||||
Hexaware Technologies Ltd. | 164,042 | 818,111 | ||||||
Infosys Ltd. | 136,581 | 1,462,433 | ||||||
Larsen & Toubro Infotech Ltd. (a) | 34,673 | 853,606 | ||||||
Larsen & Toubro Ltd. | 41,781 | 833,713 | ||||||
Mphasis Ltd. | 44,006 | 635,642 | ||||||
NIIT Technologies Ltd. | 47,584 | 910,150 | ||||||
Reliance Industries Ltd. | 76,219 | 1,499,792 | ||||||
Sonata Software Ltd. | 189,895 | 930,849 | ||||||
Tech Mahindra Ltd. | 74,680 | 837,721 | ||||||
|
| |||||||
12,203,510 | ||||||||
|
| |||||||
Indonesia—2.7% |
| |||||||
Astra International Tbk PT | 1,593,000 | 817,969 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 2,127,300 | 617,683 | ||||||
Bank Tabungan Negara Persero Tbk PT | 3,643,500 | 626,437 | ||||||
Gudang Garam Tbk PT | 206,500 | 1,208,153 | ||||||
|
| |||||||
3,270,242 | ||||||||
|
| |||||||
Korea (Republic of)—6.7% |
| |||||||
Dentium Co., Ltd. | 12,251 | 661,031 | ||||||
Hana Financial Group, Inc. | 25,412 | 815,927 | ||||||
Hyundai Marine & Fire Insurance Co., Ltd. | 22,490 | 751,508 | ||||||
Industrial Bank of Korea | 61,450 | 760,862 | ||||||
Macquarie Korea Infrastructure Fund | 100,398 | 941,978 | ||||||
Samsung Electronics Co., Ltd. | 37,789 | 1,490,509 | ||||||
Samsung SDI Co., Ltd. | 4,096 | 776,222 | ||||||
SK Holdings Co., Ltd. | 3,070 | 732,712 | ||||||
SK Hynix, Inc. | 17,563 | 1,151,541 | ||||||
|
| |||||||
8,082,290 | ||||||||
|
| |||||||
Malaysia—1.1% |
| |||||||
Bermaz Auto Bhd. | 1,098,400 | 608,055 | ||||||
Serba Dinamik Holdings Bhd. | 816,900 | 755,686 | ||||||
|
| |||||||
1,363,741 | ||||||||
|
| |||||||
Mexico—4.8% |
| |||||||
Banco del Bajio S.A. (a) | 396,700 | 787,871 | ||||||
Bolsa Mexicana de Valores S.A.B de C.V. | 391,100 | 812,011 |
Shares | Value | |||||||
Grupo Aeroportuario del Centro Norte S.A.B de C.V. | 162,700 | $ | 917,261 | |||||
Grupo Financiero Banorte S.A.B de C.V., Class O | 163,035 | 885,720 | ||||||
Mexichem S.A.B de C.V. | 284,900 | 681,050 | ||||||
Prologis Property Mexico S.A. de C.V. REIT | 490,646 | 947,913 | ||||||
Wal-Mart de Mexico S.A.B de C.V. | 297,400 | 795,048 | ||||||
|
| |||||||
5,826,874 | ||||||||
|
| |||||||
Norway—0.6% |
| |||||||
Bakkafrost P/F | 15,492 | 766,849 | ||||||
|
| |||||||
Peru—0.8% |
| |||||||
Southern Copper Corp. | 25,297 | 1,003,785 | ||||||
|
| |||||||
Russian Federation—4.7% |
| |||||||
Gazprom Neft PJSC ADR | 32,985 | 815,719 | ||||||
Lukoil PJSC (c)(d) | 14,961 | 1,343,049 | ||||||
NovaTek OAO GDR | 4,596 | 787,754 | ||||||
Sberbank of Russia PJSC ADR | 82,045 | 1,081,353 | ||||||
Tatneft PJSC (c)(d) | 77,830 | 895,045 | ||||||
TCS Group Holding PLC GDR | 43,044 | 763,601 | ||||||
|
| |||||||
5,686,521 | ||||||||
|
| |||||||
Singapore—4.0% |
| |||||||
China Sunsine Chemical Holdings Ltd. | 770,900 | 645,222 | ||||||
DBS Group Holdings Ltd. | 70,900 | 1,323,481 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 126,500 | 1,034,210 | ||||||
Singapore Technologies Engineering Ltd. | 289,400 | 800,304 | ||||||
United Overseas Bank Ltd. | 57,300 | 1,069,069 | ||||||
|
| |||||||
4,872,286 | ||||||||
|
| |||||||
South Africa—5.6% |
| |||||||
Astral Foods Ltd. | 52,582 | 611,068 | ||||||
FirstRand Ltd. | 168,301 | 736,937 | ||||||
JSE Ltd. | 77,068 | 705,744 | ||||||
Mondi Ltd. | 35,115 | 778,959 | ||||||
Naspers Ltd., Class N | 5,461 | 1,272,640 | ||||||
Naspers Ltd., Class N ADR | 24,100 | 1,118,963 | ||||||
Old Mutual Ltd. | 510,854 | 775,166 | ||||||
Santam Ltd. | 34,238 | 714,765 | ||||||
|
| |||||||
6,714,242 | ||||||||
|
| |||||||
Taiwan—8.5% |
| |||||||
Chipbond Technology Corp. | 388,000 | 897,695 | ||||||
Getac Technology Corp. | 532,000 | 889,078 | ||||||
Merry Electronics Co., Ltd. | 155,000 | 853,070 | ||||||
Novatek Microelectronics Corp. | 165,000 | 1,062,381 | ||||||
Taiwan High Speed Rail Corp. | 752,000 | 879,341 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 200,178 | 1,603,237 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 30,869 | 1,264,394 | ||||||
Taiwan Union Technology Corp. | 262,000 | 945,144 | ||||||
Tripod Technology Corp. | 267,000 | 863,213 | ||||||
Wiwynn Corp. | 71,133 | 916,685 | ||||||
|
| |||||||
10,174,238 | ||||||||
|
| |||||||
Thailand—1.4% |
| |||||||
PTT PCL NVDR | 490,600 | 742,110 | ||||||
Tisco Financial Group PCL NVDR | 332,600 | 926,260 | ||||||
|
| |||||||
1,668,370 | ||||||||
|
| |||||||
United Arab Emirates—0.8% |
| |||||||
Dubai Islamic Bank PJSC | 704,396 | 940,667 | ||||||
|
| |||||||
United Kingdom—0.7% |
| |||||||
Evraz PLC | 113,310 | 916,739 | ||||||
|
|
Shares | Value | |||||||
United States—3.8% |
| |||||||
Broadcom, Inc. | 4,100 | $ | 1,232,911 | |||||
Caterpillar, Inc. | 5,900 | 799,391 | ||||||
Citigroup, Inc. | 12,300 | 765,306 | ||||||
Constellation Brands, Inc., Class A | 4,700 | 824,051 | ||||||
Intel Corp. | 16,900 | 907,530 | ||||||
|
| |||||||
4,529,189 | ||||||||
|
| |||||||
Total Common Stock (cost-$105,543,523) |
| 111,733,863 | ||||||
|
| |||||||
Preferred Stock—4.6% |
| |||||||
Brazil—2.6% | ||||||||
Banco do Estado do Rio Grande do Sul S.A., Class B | 160,000 | 988,520 | ||||||
Itausa - Investimentos Itau S.A. | 330,120 | 1,010,085 | ||||||
Petroleo Brasileiro S.A. | 149,000 | 1,067,833 | ||||||
|
| |||||||
3,066,438 | ||||||||
|
| |||||||
Korea (Republic of)—2.0% |
| |||||||
LG Household & Health Care Ltd. | 1,351 | 995,253 | ||||||
Samsung Electronics Co., Ltd. | 45,158 | 1,445,967 | ||||||
|
| |||||||
2,441,220 | ||||||||
|
| |||||||
Total Preferred Stock (cost—$4,673,425) |
| 5,507,658 | ||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—1.7% |
| |||||||
State Street Bank and Trust Co., dated 3/29/19, 0.50%, due 4/1/19, proceeds $2,043,085; collateralized by U.S. Treasury Notes, 1.75%, due 6/30/22, valued at $2,085,190 including accrued interest |
| |||||||
(cost—$2,043,000) | $2,043 | 2,043,000 | ||||||
|
| |||||||
Total Investments (cost—$112,259,948) (b)—99.0% |
| 119,284,521 | ||||||
|
| |||||||
Other assets less liabilities—1.0% | 1,154,346 | |||||||
|
| |||||||
Net Assets—100.0% | $120,438,867 | |||||||
|
|
Notes to Schedule of Investments:
(a) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $2,399,456, representing 2.0% of net assets.
(b) Securities with an aggregate value of $82,808,692, representing 68.8% of net assets, were valued utilizing modeling tools provided by a third-party vendor. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(c) Fair-Valued—Securities with an aggregate value of $2,238,094, representing 1.9% of net assets. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
(d) Level 3 security. See Note 1(a) and Note 1(b) in the Notes to Financial Statements.
174 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Glossary:
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
NVDR—Non-Voting Depository Receipt
REIT—Real Estate Investment Trust
UNIT—More than one class of securities traded together
The industry classification of portfolio holdings and other assets less liabilities shown as a percentage of net assets were as follows:
Banks | 19.6% | |||
Oil, Gas & Consumable Fuels | 8.8% | |||
Semiconductors & Semiconductor Equipment | 6.7% | |||
Insurance | 6.0% | |||
IT Services | 5.3% | |||
Technology Hardware, Storage & Peripherals | 3.9% | |||
Textiles, Apparel & Luxury Goods | 3.5% | |||
Electronic Equipment, Instruments & Components | 3.5% | |||
Beverages | 3.2% | |||
Transportation Infrastructure | 2.9% | |||
Interactive Media & Services | 2.2% | |||
Capital Markets | 2.0% | |||
Media | 2.0% | |||
Real Estate Management & Development | 2.0% | |||
Household Durables | 1.8% | |||
Metals & Mining | 1.6% |
Software | 1.4% | |||
Gas Utilities | 1.4% | |||
Machinery | 1.3% | |||
Food Products | 1.1% | |||
Chemicals | 1.1% | |||
Construction Materials | 1.0% | |||
Tobacco | 1.0% | |||
Personal Products | 0.8% | |||
Equity Real Estate Investment Trusts (REITs) | 0.8% | |||
Road & Rail | 0.8% | |||
Hotels, Restaurants & Leisure | 0.8% | |||
Electric Utilities | 0.7% | |||
Construction & Engineering | 0.7% | |||
Pharmaceuticals | 0.7% | |||
Automobiles | 0.7% | |||
Diversified Telecommunication Services | 0.7% | |||
Aerospace & Defense | 0.7% | |||
Food & Staples Retailing | 0.7% | |||
Paper & Forest Products | 0.7% | |||
Water Utilities | 0.6% | |||
Energy Equipment & Services | 0.6% | |||
Wireless Telecommunication Services | 0.6% | |||
Auto Components | 0.6% | |||
Diversified Financial Services | 0.6% | |||
Industrial Conglomerates | 0.6% | |||
Healthcare Equipment & Supplies | 0.6% | |||
Electrical Equipment | 0.5% | |||
Specialty Retail | 0.5% | |||
Repurchase Agreements | 1.7% | |||
Other assets less liabilities | 1.0% | |||
|
| |||
100.0% | ||||
|
|
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 175 |
Table of Contents
Consolidated Schedule of Investments
March 31, 2019 (Unaudited)
AllianzGI PerformanceFee Managed Futures Strategy Fund
Principal Amount (000s) | Value | |||||||
U.S. Treasury obligations—85.6% |
| |||||||
U.S. Treasury Notes, | ||||||||
0.875%, 7/31/19 | $4,000 | $3,979,375 | ||||||
1.00%, 6/30/19 | 4,000 | 3,985,625 | ||||||
1.00%, 8/31/19 | 4,000 | 3,976,562 | ||||||
1.00%, 9/30/19 | 4,100 | 4,070,851 | ||||||
1.25%, 4/30/19 | 2,760 | 2,757,197 | ||||||
1.25%, 5/31/19 | 4,000 | 3,992,188 | ||||||
1.25%, 10/31/19 | 4,200 | 4,171,453 | ||||||
|
| |||||||
Total U.S. Treasury Obligations (cost—$26,915,407) | 26,933,251 | |||||||
|
|
Principal Amount (000s) | Value | |||||||
Repurchase Agreements—1.6% |
| |||||||
State Street Bank and Trust Co., dated 3/29/19, 0.50%, due 4/1/19, proceeds $500,021; collateralized by U.S. Treasury Notes, 1.875%, due 7/31/22, valued at $511,295 including accrued interest |
| |||||||
(cost—$500,000) | $ | 500 | $ | 500,000 | ||||
|
| |||||||
Total Investments (cost—$27,415,407)—87.2% |
| 27,433,251 | ||||||
|
| |||||||
Other assets less liabilities (a)—12.8% |
| 4,020,386 | ||||||
|
| |||||||
Net Assets—100.0% |
| $31,453,637 | ||||||
|
|
Notes to Consolidated Schedule of Investments:
(a) Includes net unrealized appreciation (depreciation) of other financial instruments as follows:
Futures contracts outstanding at March 31, 2019: | ||||||||||||||||||||||
Type | Contracts | Expiration Date | Notional Amount (000s) | Market Value (000s) | Unrealized Appreciation (Depreciation) | |||||||||||||||||
Long position contracts: | ||||||||||||||||||||||
10-Year Japanese Government | 5 | 6/13/19 | JPY | 500,000 | $ | 6,915 | $ | 24,521 | ||||||||||||||
10-Year U.S. Treasury Note | 114 | 6/19/19 | $ | 11,400 | 14,161 | 181,746 | ||||||||||||||||
Aluminum† | 48 | 4/17/19 | 1 | 2,280 | 54,566 | |||||||||||||||||
Aluminum† | 25 | 5/15/19 | 1 | 1,188 | 3,443 | |||||||||||||||||
Aluminum† | 4 | 6/19/19 | —(c | ) | 191 | (3,990 | ) | |||||||||||||||
Australia Government10-Year Bond | 66 | 6/17/19 | AUD | 6,600 | 6,493 | 133,118 | ||||||||||||||||
BIST 30 Index | 22 | 4/30/19 | TRY | 2 | 48 | (5,102 | ) | |||||||||||||||
Bovespa Index | 10 | 4/17/19 | BRL | —(c | ) | 244 | (2,726 | ) | ||||||||||||||
British Pound | 3 | 6/17/19 | $ | 188 | 245 | (3,883 | ) | |||||||||||||||
Canada Government10-Year Bond | 61 | 6/19/19 | CAD | 6,100 | 6,347 | 114,857 | ||||||||||||||||
Cattle Feeder† | 6 | 9/26/19 | $ | 300 | 473 | (2,623 | ) | |||||||||||||||
Copper† | 3 | 9/26/19 | 75 | 221 | (1,483 | ) | ||||||||||||||||
E-mini S&P 500 Index | 14 | 6/21/19 | 1 | 1,986 | 41,486 | |||||||||||||||||
Euro-BTP10-Year Bond | 12 | 6/6/19 | EUR | 1,200 | 1,743 | 28,388 | ||||||||||||||||
Euro-Bund10-Year Bond | 14 | 6/6/19 | 1,400 | 2,612 | 51,494 | |||||||||||||||||
Euro-OAT | 16 | 6/6/19 | 1,600 | 2,920 | 75,216 | |||||||||||||||||
FTSE 100 Index | 6 | 6/21/19 | GBP | —(c | ) | 564 | 10,247 | |||||||||||||||
FTSE China A50 Index | 18 | 4/29/19 | $ | —(c | ) | 236 | 5,772 | |||||||||||||||
FTSE/JSE Top 40 Index | 4 | 6/20/19 | ZAR | —(c | ) | 141 | (35 | ) | ||||||||||||||
FTSE/MIB Index | 2 | 6/21/19 | EUR | —(c | ) | 233 | 3,206 | |||||||||||||||
Gold 100 Oz.† | 3 | 10/29/19 | $ | —(c | ) | 393 | (8,018 | ) | ||||||||||||||
IBEX 35 Index | 3 | 4/18/19 | EUR | —(c | ) | 309 | 1,828 | |||||||||||||||
Lean Hogs† | 5 | 7/15/19 | $ | 200 | 184 | (13,972 | ) | |||||||||||||||
Live Cattle† | 37 | 10/31/19 | 1,480 | 1,729 | 16,896 | |||||||||||||||||
Mini DAX European Index | 1 | 6/21/19 | EUR | —(c | ) | 65 | (542 | ) | ||||||||||||||
MSCI Taiwan Index | 6 | 4/29/19 | $ | 1 | 234 | (151 | ) | |||||||||||||||
Natural Gas† | 14 | 6/26/19 | 140 | 388 | (13,887 | ) | ||||||||||||||||
Nickel† | 25 | 4/17/19 | —(c | ) | 1,938 | 152,111 | ||||||||||||||||
Nickel† | 5 | 5/15/19 | —(c | ) | 389 | (3,961 | ) | |||||||||||||||
Nickel† | 2 | 6/19/19 | —(c | ) | 156 | 237 | ||||||||||||||||
S&P/TSX 60 Index | 6 | 6/20/19 | CAD | 1 | 859 | (204 | ) | |||||||||||||||
SPI 200 Index | 5 | 6/20/19 | AUD | —(c | ) | 548 | 395 | |||||||||||||||
TOPIX Index | 3 | 6/13/19 | JPY | 30 | 431 | 439 | ||||||||||||||||
United Kingdom Government10-Year Gilt | 23 | 6/26/19 | GBP | 2,300 | 3,875 | 53,988 | ||||||||||||||||
|
| |||||||||||||||||||||
$ | 893,377 | |||||||||||||||||||||
|
|
176 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Consolidated Schedule of Investments
March 31, 2019 (Unaudited)
Futures contracts outstanding at March 31, 2019: | ||||||||||||||||||||||
Type | Contracts | Expiration Date | Notional Amount (000s) | Market Value (000s) | Unrealized Appreciation (Depreciation) | |||||||||||||||||
Short position contracts: | ||||||||||||||||||||||
Aluminum† | (48 | ) | 4/17/19 | $ | (1 | ) | $ | (2,280 | ) | $ | (63,420 | ) | ||||||||||
Aluminum† | (25 | ) | 5/15/19 | (1 | ) | (1,188 | ) | (29,906 | ) | |||||||||||||
Aluminum† | (20 | ) | 6/19/19 | (1 | ) | (956 | ) | (9,915 | ) | |||||||||||||
Arabica Coffee† | (29 | ) | 12/18/19 | (1,088 | ) | (1,126 | ) | 63,935 | ||||||||||||||
Australian Dollar | (15 | ) | 6/17/19 | (1,500 | ) | (1,066 | ) | (5,640 | ) | |||||||||||||
Brent Crude† | (1 | ) | 6/28/19 | (1 | ) | (67 | ) | (883 | ) | |||||||||||||
Canadian Dollar | (18 | ) | 6/18/19 | (1,800 | ) | (1,351 | ) | (108 | ) | |||||||||||||
CBOE Volatility Index | (18 | ) | 5/22/19 | (18 | ) | (294 | ) | 11,470 | ||||||||||||||
Cocoa† | (25 | ) | 12/13/19 | (—)(c | ) | (570 | ) | (9,299 | ) | |||||||||||||
Corn† | (50 | ) | 9/13/19 | (250 | ) | (937 | ) | 26,799 | ||||||||||||||
Cotton† | (21 | ) | 12/6/19 | (1,050 | ) | (792 | ) | (23,273 | ) | |||||||||||||
Euro Currency | (16 | ) | 6/17/19 | (2,000 | ) | (2,258 | ) | 23,132 | ||||||||||||||
Low Sulphur Casoil† | (1 | ) | 6/12/19 | (—)(c | ) | (61 | ) | (1,003 | ) | |||||||||||||
Japanese Yen | (39 | ) | 6/17/19 | (49 | ) | (4,426 | ) | (28,660 | ) | |||||||||||||
KC HRW Wheat† | (39 | ) | 9/13/19 | (195 | ) | (875 | ) | 63,857 | ||||||||||||||
New Zealand Dollar | (9 | ) | 6/17/19 | (900 | ) | (614 | ) | 1,541 | ||||||||||||||
Nickel† | (25 | ) | 4/17/19 | (—)(c | ) | (1,938 | ) | (255,649 | ) | |||||||||||||
Nickel† | (5 | ) | 5/15/19 | (—)(c | ) | (389 | ) | (10,663 | ) | |||||||||||||
Nickel† | (1 | ) | 6/19/19 | (—)(c | ) | (78 | ) | 2,120 | ||||||||||||||
Platinum† | (1 | ) | 10/29/19 | (—)(c | ) | (43 | ) | 232 | ||||||||||||||
Silver† | (4 | ) | 9/26/19 | (20 | ) | (306 | ) | 6,265 | ||||||||||||||
Soybean† | (17 | ) | 8/14/19 | (85 | ) | (768 | ) | 10,786 | ||||||||||||||
Sugar No. 11† | (5 | ) | 2/28/20 | (560 | ) | (77 | ) | (243 | ) | |||||||||||||
WTI Crude Oil† | (1 | ) | 6/20/19 | (1) | (60 | ) | (753 | ) | ||||||||||||||
|
| |||||||||||||||||||||
$ | (229,278 | ) | ||||||||||||||||||||
|
| |||||||||||||||||||||
$ | 664,099 | |||||||||||||||||||||
|
|
† All or a portion of this security is owned by AllianzGI PerformanceFee Managed Futures Strategy Offshore Fund Ltd., which is a wholly-owned subsidiary of the Fund.
Credit default swap agreements outstanding at March 31, 2019: | ||||||||||||||||||||||||||||||||
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.30 Index | $ | 4,700 | 1.81 | % | 12/20/23 | 1.00 | % | Quarterly | $ | (159,791 | ) | $ | (164,246 | ) | $ | 4,455 | ||||||||||||||||
CDX.EM.31 Index | 350 | 1.79 | % | 6/20/24 | 1.00 | % | Quarterly | (12,758 | ) | (11,620 | ) | (1,138 | ) | |||||||||||||||||||
CDX.NA.HY.31 Index | 3,283 | 3.36 | % | 12/20/23 | 5.00 | % | Quarterly | 225,281 | 203,084 | 22,197 | ||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
$ | 52,732 | $ | 27,218 | $ | 25,514 | |||||||||||||||||||||||||||
|
|
(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, 2019 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.
(b) At March 31, 2019, the Fund pledged $2,907,099 in cash as collateral for futures contracts and $991,852 in cash as collateral for swap contracts.
(c) Notional amount rounds to less than 500.
Glossary:
BIST—Borsa Istanbul
CBOE—Chicago Board Options Exchange
CDX—Credit Derivatives Index
FTSE—Financial Times Stock Exchange
ICE—Intercontinental Exchange
JSE—Johannesburg Stock Exchange Limited
MSCI—Morgan Stanley Capital International
OAT—Obligations Assimilables du Trésor
TOPIX—Tokyo Stock Price Index
WTI—West Texas Intermediate
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 177 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
AllianzGI PerformanceFee Structured US Equity Fund
Shares | Value | |||||||
Exchange-Traded Funds—100.0% |
| |||||||
iShares Core S&P 500 (a) (cost—$79,488,599) | 285,621 | $81,276,312 | ||||||
|
| |||||||
Total Options Purchased —0.5% (cost—$509,497) (b)(c)(d) |
| 382,697 | ||||||
|
| |||||||
Total Investments, before options written (cost—$79,998,096)—100.5% |
| 81,659,009 | ||||||
|
| |||||||
Total Options Written—(0.6)% (premiums received—$1,005,827) (b)(c)(d) |
| (472,761 | ) | |||||
|
| |||||||
Total Investments, net of options written (cost—$78,992,269)—99.9% |
| 81,186,248 | ||||||
|
| |||||||
Other assets less other liabilities—0.1% |
| 65,222 | ||||||
|
| |||||||
Net Assets—100.0% |
| $81,251,470 | ||||||
|
|
Notes to Schedule of Investments:
(a) All or partial amount segregated for the benefit of the counterparty as collateral for options written.
(b)Non-income producing.
(c) Exchange traded-Chicago Board Options Exchange.
(d) Exchange traded option contracts outstanding at March 31, 2019:
Options purchased contracts outstanding at March 31, 2019: | ||||||||||||||||||||||||||||
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Market Value | Cost | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Call options: |
| |||||||||||||||||||||||||||
E-mini S&P 500 Index | 278.50 USD | 4/1/19 | 9 | $ | 900 | $ | 4,355 | $ | 3,534 | $ | 821 | |||||||||||||||||
E-mini S&P 500 Index | 277.00 USD | 4/3/19 | 9 | 900 | 6,048 | 3,822 | 2,226 | |||||||||||||||||||||
E-mini S&P 500 Index | 279.00 USD | 4/3/19 | 9 | 900 | 4,383 | 3,671 | 712 | |||||||||||||||||||||
E-mini S&P 500 Index | 275.00 USD | 4/5/19 | 10 | 1,000 | 8,775 | 4,328 | 4,447 | |||||||||||||||||||||
E-mini S&P 500 Index | 278.00 USD | 4/8/19 | 9 | 900 | 5,407 | 3,390 | 2,017 | |||||||||||||||||||||
E-mini S&P 500 Index | 281.00 USD | 4/8/19 | 1 | 100 | 366 | 430 | (64 | ) | ||||||||||||||||||||
E-mini S&P 500 Index | 279.00 USD | 4/10/19 | 10 | 1,000 | 5,505 | 3,889 | 1,616 | |||||||||||||||||||||
E-mini S&P 500 Index | 280.00 USD | 4/10/19 | 1 | 100 | 471 | 410 | 61 | |||||||||||||||||||||
E-mini S&P 500 Index | 281.00 USD | 4/10/19 | 8 | 800 | 3,156 | 2,908 | 248 | |||||||||||||||||||||
E-mini S&P 500 Index | 280.00 USD | 4/12/19 | 1 | 100 | 501 | 426 | 75 | |||||||||||||||||||||
E-mini S&P 500 Index | 281.00 USD | 4/12/19 | 7 | 700 | 2,982 | 2,524 | 458 | |||||||||||||||||||||
E-mini S&P 500 Index | 280.00 USD | 4/15/19 | 2 | 200 | 1,032 | 796 | 236 | |||||||||||||||||||||
E-mini S&P 500 Index | 282.00 USD | 4/15/19 | 1 | 100 | 376 | 422 | (46 | ) | ||||||||||||||||||||
E-mini S&P 500 Index | 279.00 USD | 4/17/19 | 2 | 200 | 1,221 | 833 | 388 | |||||||||||||||||||||
E-mini S&P 500 Index | 280.00 USD | 4/17/19 | 1 | 100 | 535 | 470 | 65 | |||||||||||||||||||||
E-mini S&P 500 Index | 283.00 USD | 4/17/19 | 24 | 2,400 | 8,100 | 8,739 | (639 | ) | ||||||||||||||||||||
E-mini S&P 500 Index | 281.00 USD | 4/18/19 | 10 | 1,000 | 4,850 | 4,502 | 348 | |||||||||||||||||||||
E-mini S&P 500 Index | 284.00 USD | 4/18/19 | 10 | 1,000 | 2,895 | 2,842 | 53 | |||||||||||||||||||||
E-mini S&P 500 Index | 286.00 USD | 4/18/19 | 9 | 900 | 1,683 | 3,348 | (1,665 | ) | ||||||||||||||||||||
E-mini S&P 500 Index | 325.00 USD | 4/18/19 | 204 | 20,400 | 102 | 457 | (355 | ) | ||||||||||||||||||||
E-mini S&P 500 Index | 278.00 USD | 4/22/19 | 2 | 200 | 1,470 | 785 | 685 | |||||||||||||||||||||
E-mini S&P 500 Index | 279.00 USD | 4/22/19 | 10 | 1,000 | 6,586 | 5,056 | 1,530 | |||||||||||||||||||||
E-mini S&P 500 Index | 280.00 USD | 4/22/19 | 2 | 200 | 1,169 | 893 | 276 | |||||||||||||||||||||
E-mini S&P 500 Index | 279.00 USD | 4/24/19 | 2 | 200 | 1,344 | 921 | 423 | |||||||||||||||||||||
E-mini S&P 500 Index | 281.00 USD | 4/24/19 | 20 | 2,000 | 10,480 | 8,853 | 1,627 | |||||||||||||||||||||
E-mini S&P 500 Index | 282.00 USD | 4/24/19 | 2 | 200 | 909 | 863 | 46 | |||||||||||||||||||||
E-mini S&P 500 Index | 275.00 USD | 4/26/19 | 2 | 200 | 2,045 | 927 | 1,118 | |||||||||||||||||||||
E-mini S&P 500 Index | 282.00 USD | 4/26/19 | 11 | 1,100 | 5,307 | 4,465 | 842 | |||||||||||||||||||||
E-mini S&P 500 Index | 283.00 USD | 4/26/19 | 9 | 900 | 3,757 | 3,558 | 199 | |||||||||||||||||||||
E-mini S&P 500 Index | 288.00 USD | 4/26/19 | 11 | 1,100 | 1,776 | 2,894 | (1,118 | ) | ||||||||||||||||||||
E-mini S&P 500 Index | 317.50 USD | 4/26/19 | 70 | 7,000 | 70 | 227 | (157 | ) | ||||||||||||||||||||
E-mini S&P 500 Index | 278.00 USD | 4/29/19 | 2 | 200 | 1,586 | 911 | 675 | |||||||||||||||||||||
E-mini S&P 500 Index | 281.00 USD | 4/29/19 | 1 | 100 | 576 | 463 | 113 | |||||||||||||||||||||
E-mini S&P 500 Index | 283.00 USD | 4/29/19 | 2 | 200 | 891 | 899 | (8 | ) |
178 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Options purchased contracts outstanding at March 31, 2019 (continued): | ||||||||||||||||||||||||||||
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Market Value | Cost | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Call options (continued): |
| |||||||||||||||||||||||||||
E-mini S&P 500 Index | 280.00 USD | 5/1/19 | 1 | $ | 100 | $ | 662 | $ | 572 | $ | 90 | |||||||||||||||||
E-mini S&P 500 Index | 282.00 USD | 5/1/19 | 2 | 200 | 1,051 | 962 | 89 | |||||||||||||||||||||
E-mini S&P 500 Index | 283.00 USD | 5/1/19 | 2 | 200 | 925 | 884 | 41 | |||||||||||||||||||||
E-mini S&P 500 Index | 280.00 USD | 5/3/19 | 1 | 100 | 682 | 534 | 148 | |||||||||||||||||||||
E-mini S&P 500 Index | 283.00 USD | 5/3/19 | 5 | 500 | 2,397 | 2,342 | 55 | |||||||||||||||||||||
E-mini S&P 500 Index | 279.00 USD | 5/6/19 | 1 | 100 | 769 | 506 | 263 | |||||||||||||||||||||
E-mini S&P 500 Index | 280.00 USD | 5/6/19 | 3 | 300 | 2,091 | 1,622 | 469 | |||||||||||||||||||||
E-mini S&P 500 Index | 283.00 USD | 5/6/19 | 2 | 200 | 997 | 931 | 66 | |||||||||||||||||||||
E-mini S&P 500 Index | 275.00 USD | 5/8/19 | 1 | 100 | 1,087 | 535 | 552 | |||||||||||||||||||||
E-mini S&P 500 Index | 281.00 USD | 5/8/19 | 3 | 300 | 1,922 | 1,579 | 343 | |||||||||||||||||||||
E-mini S&P 500 Index | 283.00 USD | 5/8/19 | 2 | 200 | 1,023 | 963 | 60 | |||||||||||||||||||||
E-mini S&P 500 Index | 278.00 USD | 5/10/19 | 1 | 100 | 868 | 561 | 307 | |||||||||||||||||||||
E-mini S&P 500 Index | 283.00 USD | 5/10/19 | 6 | 600 | 3,120 | 2,874 | 246 | |||||||||||||||||||||
E-mini S&P 500 Index | 289.00 USD | 5/10/19 | 11 | 1,100 | 2,299 | 1,096 | 1,203 | |||||||||||||||||||||
E-mini S&P 500 Index | 280.00 USD | 5/13/19 | 3 | 300 | 2,225 | 1,739 | 486 | |||||||||||||||||||||
E-mini S&P 500 Index | 282.00 USD | 5/13/19 | 1 | 100 | 607 | 512 | 95 | |||||||||||||||||||||
E-mini S&P 500 Index | 291.00 USD | 5/13/19 | 11 | 1,100 | 1,890 | 1,327 | 563 | |||||||||||||||||||||
E-mini S&P 500 Index | 281.00 USD | 5/15/19 | 3 | 300 | 2,056 | 1,712 | 344 | |||||||||||||||||||||
E-mini S&P 500 Index | 283.00 USD | 5/15/19 | 1 | 100 | 556 | 525 | 31 | |||||||||||||||||||||
E-mini S&P 500 Index | 292.00 USD | 5/15/19 | 11 | 1,100 | 1,674 | 1,393 | 281 | |||||||||||||||||||||
E-mini S&P 500 Index | 283.00 USD | 5/17/19 | 4 | 400 | 2,238 | 2,014 | 224 | |||||||||||||||||||||
E-mini S&P 500 Index | 291.00 USD | 5/17/19 | 12 | 1,200 | 2,052 | 2,059 | (7 | ) | ||||||||||||||||||||
E-mini S&P 500 Index | 330.00 USD | 5/17/19 | 260 | 26,000 | 260 | 842 | (582 | ) | ||||||||||||||||||||
E-mini S&P 500 Index | 283.00 USD | 5/20/19 | 1 | 100 | 588 | 537 | 51 | |||||||||||||||||||||
E-mini S&P 500 Index | 291.00 USD | 5/20/19 | 12 | 1,200 | 2,454 | 2,119 | 335 | |||||||||||||||||||||
E-mini S&P 500 Index | 283.00 USD | 5/22/19 | 2 | 200 | 1,199 | 1,105 | 94 | |||||||||||||||||||||
E-mini S&P 500 Index | 294.00 USD | 5/22/19 | 12 | 1,200 | 1,567 | 1,639 | (72 | ) | ||||||||||||||||||||
E-mini S&P 500 Index | 280.00 USD | 5/24/19 | 2 | 200 | 1,619 | 1,327 | 292 | |||||||||||||||||||||
E-mini S&P 500 Index | 291.00 USD | 5/24/19 | 11 | 1,100 | 2,271 | 1,865 | 406 | |||||||||||||||||||||
E-mini S&P 500 Index | 281.00 USD | 5/28/19 | 2 | 200 | 1,528 | 1,303 | 225 | |||||||||||||||||||||
E-mini S&P 500 Index | 292.00 USD | 5/28/19 | 11 | 1,100 | 2,288 | 1,811 | 477 | |||||||||||||||||||||
E-mini S&P 500 Index | 283.00 USD | 5/29/19 | 2 | 200 | 469 | 1,167 | (698 | ) | ||||||||||||||||||||
E-mini S&P 500 Index | 291.00 USD | 5/29/19 | 11 | 1,100 | 482 | 2,217 | (1,735 | ) | ||||||||||||||||||||
E-mini S&P 500 Index | 291.00 USD | 6/10/19 | 11 | 1,100 | 3,280 | 1,657 | 1,623 | |||||||||||||||||||||
E-mini S&P 500 Index | 293.00 USD | 6/12/19 | 11 | 1,100 | 2,566 | 2,327 | 239 | |||||||||||||||||||||
E-mini S&P 500 Index | 294.00 USD | 6/14/19 | 11 | 1,100 | 2,312 | 2,107 | 205 | |||||||||||||||||||||
E-mini S&P 500 Index | 294.00 USD | 6/17/19 | 12 | 1,200 | 2,650 | 2,359 | 291 | |||||||||||||||||||||
E-mini S&P 500 Index | 294.00 USD | 6/19/19 | 12 | 1,200 | 2,729 | 2,515 | 214 | |||||||||||||||||||||
E-mini S&P 500 Index | 297.00 USD | 6/21/19 | 12 | 1,200 | 1,722 | 1,927 | (205 | ) | ||||||||||||||||||||
E-mini S&P 500 Index | 293.00 USD | 6/24/19 | 11 | 1,100 | 3,107 | 2,383 | 724 | |||||||||||||||||||||
E-mini S&P 500 Index | 294.00 USD | 6/26/19 | 11 | 1,100 | 2,830 | 2,327 | 503 | |||||||||||||||||||||
E-mini S&P 500 Index | 294.00 USD | 6/28/19 | 11 | 1,100 | 2,783 | 2,438 | 345 | |||||||||||||||||||||
Nasdaq 100 Stock Index | 8,500.00 USD | 4/18/19 | 4 | 400 | 90 | 185 | (95 | ) | ||||||||||||||||||||
Nasdaq 100 Stock Index | 8,900.00 USD | 5/3/19 | 2 | 200 | 100 | 82 | 18 | |||||||||||||||||||||
Nasdaq 100 Stock Index | 8,900.00 USD | 5/17/19 | 1 | 100 | 55 | 26 | 29 | |||||||||||||||||||||
Nasdaq 100 Stock Index | 9,000.00 USD | 5/17/19 | 6 | 600 | 165 | 247 | (82 | ) | ||||||||||||||||||||
Nasdaq 100 Stock Index | 9,500.00 USD | 6/21/19 | 1 | 100 | 60 | 36 | 24 | |||||||||||||||||||||
Russell 2000 Index | 1,570.00 USD | 4/18/19 | 1 | 100 | 995 | 1,418 | (423 | ) | ||||||||||||||||||||
Russell 2000 Index | 1,850.00 USD | 4/18/19 | 3 | 300 | 15 | 34 | (19 | ) | ||||||||||||||||||||
Russell 2000 Index | 1,870.00 USD | 4/18/19 | 2 | 200 | 10 | 42 | (32 | ) | ||||||||||||||||||||
Russell 2000 Index | 1,850.00 USD | 4/30/19 | 3 | 300 | 15 | 49 | (34 | ) | ||||||||||||||||||||
S&P 500 Index | 2,870.00 USD | 4/12/19 | 1 | 100 | 920 | 1,347 | (427 | ) | ||||||||||||||||||||
S&P 500 Index | 3,150.00 USD | 4/12/19 | 7 | 700 | 88 | 79 | 9 | |||||||||||||||||||||
S&P 500 Index | 3,200.00 USD | 4/12/19 | 2 | 200 | 20 | 42 | (22 | ) | ||||||||||||||||||||
S&P 500 Index | 2,880.00 USD | 4/17/19 | 1 | 100 | 1,072 | 1,403 | (331 | ) | ||||||||||||||||||||
S&P 500 Index | 3,200.00 USD | 4/17/19 | 2 | 200 | 20 | 22 | (2 | ) | ||||||||||||||||||||
S&P 500 Index | 2,750.00 USD | 4/18/19 | 1 | 100 | 9,465 | 2,652 | 6,813 | |||||||||||||||||||||
S&P 500 Index | 2,845.00 USD | 4/18/19 | 2 | 200 | 4,930 | 4,385 | 545 | |||||||||||||||||||||
S&P 500 Index | 2,915.00 USD | 4/18/19 | 3 | 300 | 870 | 2,375 | (1,505 | ) |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 179 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Options purchased contracts outstanding at March 31, 2019 (continued): | ||||||||||||||||||||||||||||
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Market Value | Cost | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Call options (continued): |
| |||||||||||||||||||||||||||
S&P 500 Index | 3,300.00 USD | 4/18/19 | 2 | $ | 200 | $ | 20 | $ | 12 | $ | 8 | |||||||||||||||||
S&P 500 Index | 3,400.00 USD | 4/18/19 | 6 | 600 | 60 | 87 | (27 | ) | ||||||||||||||||||||
S&P 500 Index | 292.00 USD | 4/26/19 | 3 | 300 | 161 | 281 | (120 | ) | ||||||||||||||||||||
S&P 500 Index | 2,780.00 USD | 4/30/19 | 1 | 100 | 7,855 | 2,472 | 5,383 | |||||||||||||||||||||
S&P 500 Index | 2,885.00 USD | 4/30/19 | 2 | 200 | 3,170 | 3,005 | 165 | |||||||||||||||||||||
S&P 500 Index | 3,250.00 USD | 4/30/19 | 11 | 1,100 | 110 | 124 | (14 | ) | ||||||||||||||||||||
S&P 500 Index | 3,400.00 USD | 4/30/19 | 2 | 200 | 20 | 42 | (22 | ) | ||||||||||||||||||||
S&P 500 Index | 291.00 USD | 5/1/19 | 4 | 400 | 451 | 487 | (36 | ) | ||||||||||||||||||||
S&P 500 Index | 290.00 USD | 5/3/19 | 11 | 1,100 | 1,535 | 1,140 | 395 | |||||||||||||||||||||
S&P 500 Index | 289.00 USD | 5/6/19 | 11 | 1,100 | 2,225 | 1,063 | 1,162 | |||||||||||||||||||||
S&P 500 Index | 284.00 USD | 5/8/19 | 11 | 1,100 | 4,980 | 1,624 | 3,356 | |||||||||||||||||||||
S&P 500 Index | 2,910.00 USD | 5/15/19 | 1 | 100 | 1,744 | 1,603 | 141 | |||||||||||||||||||||
S&P 500 Index | 2,900.00 USD | 5/17/19 | 1 | 100 | 1,965 | 1,817 | 148 | |||||||||||||||||||||
S&P 500 Index | 3,500.00 USD | 5/17/19 | 2 | 200 | 20 | 32 | (12 | ) | ||||||||||||||||||||
S&P 500 Index | 294.00 USD | 5/28/19 | 3 | 300 | 456 | 500 | (44 | ) | ||||||||||||||||||||
S&P 500 Index | �� | 293.00 USD | 5/29/19 | 3 | 300 | 546 | 415 | 131 | ||||||||||||||||||||
S&P 500 Index | 293.00 USD | 5/31/19 | 4 | 400 | 670 | 446 | 224 | |||||||||||||||||||||
S&P 500 Index | 3,400.00 USD | 5/31/19 | 3 | 300 | 30 | 124 | (94 | ) | ||||||||||||||||||||
S&P 500 Index | 293.00 USD | 6/3/19 | 11 | 1,100 | 2,210 | 1,414 | 796 | |||||||||||||||||||||
S&P 500 Index | 292.00 USD | 6/5/19 | 11 | 1,100 | 2,652 | 1,260 | 1,392 | |||||||||||||||||||||
S&P 500 Index | 287.00 USD | 6/7/19 | 11 | 1,100 | 5,117 | 1,888 | 3,229 | |||||||||||||||||||||
|
| |||||||||||||||||||||||||||
Total call options | $ | 227,491 | $ | 180,930 | $ | 46,561 | ||||||||||||||||||||||
|
| |||||||||||||||||||||||||||
Put options: |
| |||||||||||||||||||||||||||
E-mini S&P 500 Index | 278.50 USD | 4/1/19 | 9 | $ | 900 | $ | 128 | $ | 3,120 | $ | (2,992 | ) | ||||||||||||||||
E-mini S&P 500 Index | 277.00 USD | 4/3/19 | 9 | 900 | 104 | 3,291 | (3,187 | ) | ||||||||||||||||||||
E-mini S&P 500 Index | 279.00 USD | 4/3/19 | 9 | 900 | 243 | 2,984 | (2,741 | ) | ||||||||||||||||||||
E-mini S&P 500 Index | 285.00 USD | 4/5/19 | 5 | 500 | 1,217 | 1,212 | 5 | |||||||||||||||||||||
E-mini S&P 500 Index | 278.00 USD | 4/8/19 | 9 | 900 | 685 | 2,984 | (2,299 | ) | ||||||||||||||||||||
E-mini S&P 500 Index | 279.00 USD | 4/10/19 | 10 | 1,000 | 935 | 3,256 | (2,321 | ) | ||||||||||||||||||||
E-mini S&P 500 Index | 281.00 USD | 4/10/19 | 8 | 800 | 1,104 | 2,589 | (1,485 | ) | ||||||||||||||||||||
E-mini S&P 500 Index | 281.00 USD | 4/12/19 | 17 | 1,700 | 2,788 | 5,688 | (2,900 | ) | ||||||||||||||||||||
E-mini S&P 500 Index | 285.00 USD | 4/12/19 | 4 | 400 | 1,268 | 1,203 | 65 | |||||||||||||||||||||
E-mini S&P 500 Index | 283.00 USD | 4/17/19 | 24 | 2,400 | 6,360 | 8,894 | (2,534 | ) | ||||||||||||||||||||
E-mini S&P 500 Index | 281.00 USD | 4/18/19 | 10 | 1,000 | 2,120 | 4,456 | (2,336 | ) | ||||||||||||||||||||
E-mini S&P 500 Index | 286.00 USD | 4/18/19 | 9 | 900 | 3,712 | 3,290 | 422 | |||||||||||||||||||||
E-mini S&P 500 Index | 279.00 USD | 4/22/19 | 10 | 1,000 | 2,114 | 4,336 | (2,222 | ) | ||||||||||||||||||||
E-mini S&P 500 Index | 281.00 USD | 4/24/19 | 20 | 2,000 | 4,940 | 7,835 | (2,895 | ) | ||||||||||||||||||||
E-mini S&P 500 Index | 282.00 USD | 4/26/19 | 10 | 1,000 | 2,990 | 4,116 | (1,126 | ) | ||||||||||||||||||||
E-mini S&P 500 Index | 283.00 USD | 4/26/19 | 9 | 900 | 3,001 | 3,114 | (113 | ) | ||||||||||||||||||||
S&P 500 Index | 2,625.00 USD | 4/5/19 | 1 | 100 | 18 | 3,352 | (3,334 | ) | ||||||||||||||||||||
S&P 500 Index | 2,625.00 USD | 5/10/19 | 1 | 100 | 835 | 3,803 | (2,968 | ) | ||||||||||||||||||||
S&P 500 Index | 2,500.00 USD | 5/17/19 | 2 | 200 | 870 | 4,461 | (3,591 | ) | ||||||||||||||||||||
S&P 500 Index | 2,500.00 USD | 5/31/19 | 1 | 100 | 715 | 3,413 | (2,698 | ) | ||||||||||||||||||||
S&P 500 Index | 1,700.00 USD | 4/1/19 | 58 | 5,800 | 580 | 1,086 | (506 | ) | ||||||||||||||||||||
S&P 500 Index | 1,700.00 USD | 4/3/19 | 42 | 4,200 | 420 | 697 | (277 | ) | ||||||||||||||||||||
S&P 500 Index | 1,550.00 USD | 4/5/19 | 27 | 2,700 | 270 | 367 | (97 | ) | ||||||||||||||||||||
S&P 500 Index | 1,600.00 USD | 4/5/19 | 168 | 16,800 | 1,680 | 2,548 | (868 | ) | ||||||||||||||||||||
S&P 500 Index | 1,650.00 USD | 4/5/19 | 35 | 3,500 | 350 | 581 | (231 | ) | ||||||||||||||||||||
S&P 500 Index | 1,700.00 USD | 4/5/19 | 15 | 1,500 | 150 | 249 | (99 | ) | ||||||||||||||||||||
S&P 500 Index | 2,400.00 USD | 4/5/19 | 2 | 200 | 25 | 1,647 | (1,622 | ) | ||||||||||||||||||||
S&P 500 Index | 1,500.00 USD | 4/12/19 | 29 | 2,900 | 363 | 481 | (118 | ) | ||||||||||||||||||||
S&P 500 Index | 1,600.00 USD | 4/12/19 | 30 | 3,000 | 375 | 468 | (93 | ) | ||||||||||||||||||||
S&P 500 Index | 1,650.00 USD | 4/12/19 | 54 | 5,400 | 675 | 842 | (167 | ) | ||||||||||||||||||||
S&P 500 Index | 1,800.00 USD | 4/12/19 | 12 | 1,200 | 150 | 135 | 15 | |||||||||||||||||||||
S&P 500 Index | 2,400.00 USD | 4/12/19 | 2 | 200 | 40 | 1,985 | (1,945 | ) | ||||||||||||||||||||
S&P 500 Index | 2,625.00 USD | 4/12/19 | 1 | 100 | 100 | 3,753 | (3,653 | ) | ||||||||||||||||||||
S&P 500 Index | 1,700.00 USD | 4/17/19 | 12 | 1,200 | 150 | 139 | 11 | |||||||||||||||||||||
S&P 500 Index | 1,600.00 USD | 4/18/19 | 30 | 3,000 | 300 | 468 | (168 | ) |
180 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Options purchased contracts outstanding at March 31, 2019 (continued): | ||||||||||||||||||||||||||||
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Market Value | Cost | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Put options (continued): |
| |||||||||||||||||||||||||||
S&P 500 Index | 1,700.00 USD | 4/18/19 | 22 | $ | 2,200 | $ | 275 | $ | 365 | $ | (90 | ) | ||||||||||||||||
S&P 500 Index | 1,750.00 USD | 4/18/19 | 29 | 2,900 | 363 | 423 | (60 | ) | ||||||||||||||||||||
S&P 500 Index | 1,775.00 USD | 4/18/19 | 31 | 3,100 | 388 | 360 | 28 | |||||||||||||||||||||
S&P 500 Index | 1,800.00 USD | 4/18/19 | 104 | 10,400 | 1,300 | 1,173 | 127 | |||||||||||||||||||||
S&P 500 Index | 2,175.00 USD | 4/18/19 | 2 | 200 | 35 | 2,176 | (2,141 | ) | ||||||||||||||||||||
S&P 500 Index | 2,310.00 USD | 4/18/19 | 1 | 100 | 28 | 503 | (475 | ) | ||||||||||||||||||||
S&P 500 Index | 2,500.00 USD | 4/18/19 | 2 | 200 | 155 | 2,685 | (2,530 | ) | ||||||||||||||||||||
S&P 500 Index | 2,510.00 USD | 4/18/19 | 4 | 400 | 320 | 586 | (266 | ) | ||||||||||||||||||||
S&P 500 Index | 2,625.00 USD | 4/18/19 | 1 | 100 | 213 | 2,803 | (2,590 | ) | ||||||||||||||||||||
S&P 500 Index | 2,710.00 USD | 4/18/19 | 2 | 200 | 1,110 | 1,383 | (273 | ) | ||||||||||||||||||||
S&P 500 Index | 1,700.00 USD | 4/22/19 | 79 | 7,900 | 987 | 973 | 14 | |||||||||||||||||||||
S&P 500 Index | 1,700.00 USD | 4/24/19 | 48 | 4,800 | 720 | 556 | 164 | |||||||||||||||||||||
S&P 500 Index | 1,600.00 USD | 4/26/19 | 69 | 6,900 | 862 | 897 | (35 | ) | ||||||||||||||||||||
S&P 500 Index | 1,650.00 USD | 4/26/19 | 92 | 9,200 | 1,380 | 1,066 | 314 | |||||||||||||||||||||
S&P 500 Index | 1,700.00 USD | 4/26/19 | 2 | 200 | 30 | 23 | 7 | |||||||||||||||||||||
S&P 500 Index | 2,310.00 USD | 4/26/19 | 1 | 100 | 53 | 553 | (500 | ) | ||||||||||||||||||||
S&P 500 Index | 1,600.00 USD | 4/30/19 | 93 | 9,300 | 1,162 | 1,050 | 112 | |||||||||||||||||||||
S&P 500 Index | 2,175.00 USD | 4/30/19 | 2 | 200 | 75 | 2,580 | (2,505 | ) | ||||||||||||||||||||
S&P 500 Index | 2,350.00 USD | 4/30/19 | 2 | 200 | 155 | 5,597 | (5,442 | ) | ||||||||||||||||||||
S&P 500 Index | 2,500.00 USD | 4/30/19 | 2 | 200 | 365 | 3,341 | (2,976 | ) | ||||||||||||||||||||
S&P 500 Index | 2,550.00 USD | 4/30/19 | 1 | 100 | 260 | 6,599 | (6,339 | ) | ||||||||||||||||||||
S&P 500 Index | 2,625.00 USD | 4/30/19 | 1 | 100 | 485 | 3,281 | (2,796 | ) | ||||||||||||||||||||
S&P 500 Index | 2,310.00 USD | 5/3/19 | 1 | 100 | 83 | 653 | (570 | ) | ||||||||||||||||||||
S&P 500 Index | 2,500.00 USD | 5/3/19 | 2 | 200 | 470 | 3,805 | (3,335 | ) | ||||||||||||||||||||
S&P 500 Index | 2,625.00 USD | 5/3/19 | 1 | 100 | 615 | 3,503 | (2,888 | ) | ||||||||||||||||||||
S&P 500 Index | 281.00 USD | 5/8/19 | 11 | 1,100 | 4,220 | 3,680 | 540 | |||||||||||||||||||||
S&P 500 Index | 2,305.00 USD | 5/10/19 | 1 | 100 | 74 | 803 | (729 | ) | ||||||||||||||||||||
S&P 500 Index | 2,500.00 USD | 5/10/19 | 2 | 200 | 632 | 4,206 | (3,574 | ) | ||||||||||||||||||||
S&P 500 Index | 2,305.00 USD | 5/17/19 | 1 | 100 | 160 | 900 | (740 | ) | ||||||||||||||||||||
S&P 500 Index | 2,350.00 USD | 5/17/19 | 2 | 200 | 390 | 6,274 | (5,884 | ) | ||||||||||||||||||||
S&P 500 Index | 2,550.00 USD | 5/17/19 | 1 | 100 | 615 | 7,054 | (6,439 | ) | ||||||||||||||||||||
S&P 500 Index | 2,625.00 USD | 5/17/19 | 1 | 100 | 1,040 | 4,080 | (3,040 | ) | ||||||||||||||||||||
S&P 500 Index | 2,760.00 USD | 5/17/19 | 1 | 100 | 2,855 | 2,553 | 302 | |||||||||||||||||||||
S&P 500 Index | 2,350.00 USD | 5/24/19 | 2 | 200 | 530 | 1,761 | (1,231 | ) | ||||||||||||||||||||
S&P 500 Index | 2,550.00 USD | 5/24/19 | 1 | 100 | 810 | 2,278 | (1,468 | ) | ||||||||||||||||||||
S&P 500 Index | 2,560.00 USD | 5/24/19 | 2 | 200 | 1,730 | 1,735 | (5 | ) | ||||||||||||||||||||
S&P 500 Index | 2,675.00 USD | 5/24/19 | 1 | 100 | 1,840 | 4,201 | (2,361 | ) | ||||||||||||||||||||
S&P 500 Index | 2,760.00 USD | 5/24/19 | 1 | 100 | 3,290 | 2,920 | 370 | |||||||||||||||||||||
S&P 500 Index | 2,300.00 USD | 5/31/19 | 2 | 200 | 510 | 2,845 | (2,335 | ) | ||||||||||||||||||||
S&P 500 Index | 2,625.00 USD | 5/31/19 | 1 | 100 | 1,525 | 5,962 | (4,437 | ) | ||||||||||||||||||||
S&P 500 Index | 2,400.00 USD | 6/4/19 | 2 | 200 | 897 | 2,203 | (1,306 | ) | ||||||||||||||||||||
S&P 500 Index | 2,600.00 USD | 6/4/19 | 1 | 100 | 1,498 | 2,852 | (1,354 | ) | ||||||||||||||||||||
S&P 500 Index | 2,725.00 USD | 6/4/19 | 1 | 100 | 3,063 | 5,002 | (1,939 | ) | ||||||||||||||||||||
S&P 500 Index | 2,400.00 USD | 6/7/19 | 2 | 200 | 1,002 | 2,405 | (1,403 | ) | ||||||||||||||||||||
S&P 500 Index | 2,600.00 USD | 6/7/19 | 1 | 100 | 1,601 | 2,952 | (1,351 | ) | ||||||||||||||||||||
S&P 500 Index | 2,725.00 USD | 6/7/19 | 1 | 100 | 3,212 | 5,203 | (1,991 | ) | ||||||||||||||||||||
S&P 500 Index | 2,400.00 USD | 6/11/19 | 2 | 200 | 1,142 | 2,605 | (1,463 | ) | ||||||||||||||||||||
S&P 500 Index | 2,600.00 USD | 6/11/19 | 1 | 100 | 1,729 | 3,053 | (1,324 | ) | ||||||||||||||||||||
S&P 500 Index | 2,725.00 USD | 6/11/19 | 1 | 100 | 3,386 | 5,402 | (2,016 | ) | ||||||||||||||||||||
S&P 500 Index | 2,400.00 USD | 6/14/19 | 2 | 200 | 1,259 | 2,805 | (1,546 | ) | ||||||||||||||||||||
S&P 500 Index | 2,600.00 USD | 6/14/19 | 1 | 100 | 1,838 | 3,203 | (1,365 | ) | ||||||||||||||||||||
S&P 500 Index | 2,725.00 USD | 6/14/19 | 1 | 100 | 3,539 | 5,602 | (2,063 | ) | ||||||||||||||||||||
S&P 500 Index | 2,420.00 USD | 6/17/19 | 2 | 200 | 1,544 | 3,665 | (2,121 | ) | ||||||||||||||||||||
S&P 500 Index | 2,600.00 USD | 6/17/19 | 1 | 100 | 1,939 | 3,822 | (1,883 | ) | ||||||||||||||||||||
S&P 500 Index | 2,725.00 USD | 6/17/19 | 1 | 100 | 3,677 | 6,583 | (2,906 | ) | ||||||||||||||||||||
S&P 500 Index | 2,420.00 USD | 6/19/19 | 2 | 200 | 1,626 | 3,807 | (2,181 | ) | ||||||||||||||||||||
S&P 500 Index | 2,600.00 USD | 6/19/19 | 1 | 100 | 2,003 | 3,903 | (1,900 | ) | ||||||||||||||||||||
S&P 500 Index | 2,725.00 USD | 6/19/19 | 1 | 100 | 3,760 | 6,683 | (2,923 | ) | ||||||||||||||||||||
S&P 500 Index | 2,300.00 USD | 6/21/19 | 2 | 200 | 910 | 3,625 | (2,715 | ) |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 181 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Options purchased contracts outstanding at March 31, 2019 (continued): | ||||||||||||||||||||||||||||
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Market Value | Cost | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Put options (continued): |
| |||||||||||||||||||||||||||
S&P 500 Index | 2,450.00 USD | 6/21/19 | 2 | $ | 200 | $ | 1,850 | $ | 2,495 | $ | (645 | ) | ||||||||||||||||
S&P 500 Index | 2,500.00 USD | 6/21/19 | 1 | 100 | 1,195 | 4,063 | (2,868 | ) | ||||||||||||||||||||
S&P 500 Index | 2,625.00 USD | 6/21/19 | 1 | 100 | 2,295 | 6,773 | (4,478 | ) | ||||||||||||||||||||
S&P 500 Index | 2,650.00 USD | 6/21/19 | 1 | 100 | 2,615 | 3,229 | (614 | ) | ||||||||||||||||||||
S&P 500 Index | 2,775.00 USD | 6/21/19 | 1 | 100 | 5,060 | 6,034 | (974 | ) | ||||||||||||||||||||
S&P 500 Index | 2,450.00 USD | 6/24/19 | 2 | 200 | 2,139 | 2,605 | (466 | ) | ||||||||||||||||||||
S&P 500 Index | 2,650.00 USD | 6/24/19 | 1 | 100 | 2,749 | 3,353 | (604 | ) | ||||||||||||||||||||
S&P 500 Index | 2,775.00 USD | 6/24/19 | 1 | 100 | 5,129 | 6,152 | (1,023 | ) | ||||||||||||||||||||
S&P 500 Index | 2,450.00 USD | 6/26/19 | 2 | 200 | 2,229 | 2,707 | (478 | ) | ||||||||||||||||||||
S&P 500 Index | 2,650.00 USD | 6/26/19 | 1 | 100 | 2,822 | 3,422 | (600 | ) | ||||||||||||||||||||
S&P 500 Index | 2,775.00 USD | 6/26/19 | 1 | 100 | 5,218 | 6,252 | (1,034 | ) | ||||||||||||||||||||
S&P 500 Index | 2,420.00 USD | 6/28/19 | 2 | 200 | 1,890 | 4,021 | (2,131 | ) | ||||||||||||||||||||
S&P 500 Index | 2,600.00 USD | 6/28/19 | 1 | 100 | 2,275 | 4,136 | (1,861 | ) | ||||||||||||||||||||
S&P 500 Index | 2,725.00 USD | 6/28/19 | 1 | 100 | 4,230 | 6,921 | (2,691 | ) | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||
Total put options |
| $ | 155,206 | $ | 328,567 | $ | (173,361 | ) | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||
Total options purchased contracts |
| $ | 382,697 | $ | 509,497 | $ | (126,800 | ) | ||||||||||||||||||||
|
|
Options written contracts outstanding at March 31, 2019: | ||||||||||||||||||||||||||||
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Market Value | Premiums Received | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Call options: |
| |||||||||||||||||||||||||||
CBOE SPX Volatility Index | 20.00 USD | 4/3/19 | (47 | ) | $ | (4,700 | ) | $ | (211 | ) | $ | (2,181 | ) | $ | 1,970 | |||||||||||||
CBOE SPX Volatility Index | 21.00 USD | 4/3/19 | (23 | ) | (2,300 | ) | (230 | ) | (929 | ) | 699 | |||||||||||||||||
CBOE SPX Volatility Index | 20.00 USD | 4/17/19 | (63 | ) | (6,300 | ) | (2,520 | ) | (3,658 | ) | 1,138 | |||||||||||||||||
CBOE SPX Volatility Index | 21.00 USD | 4/17/19 | (108 | ) | (10,800 | ) | (3,510 | ) | (5,860 | ) | 2,350 | |||||||||||||||||
CBOE SPX Volatility Index | 22.00 USD | 4/17/19 | (76 | ) | (7,600 | ) | (2,090 | ) | (4,383 | ) | 2,293 | |||||||||||||||||
CBOE SPX Volatility Index | 23.00 USD | 4/17/19 | (117 | ) | (11,700 | ) | (2,925 | ) | (5,805 | ) | 2,880 | |||||||||||||||||
CBOE SPX Volatility Index | 24.00 USD | 4/17/19 | (163 | ) | (16,300 | ) | (3,668 | ) | (8,950 | ) | 5,282 | |||||||||||||||||
CBOE SPX Volatility Index | 25.00 USD | 4/17/19 | (241 | ) | (24,100 | ) | (4,218 | ) | (14,728 | ) | 10,510 | |||||||||||||||||
CBOE SPX Volatility Index | 26.00 USD | 4/17/19 | (274 | ) | (27,400 | ) | (4,795 | ) | (16,734 | ) | 11,939 | |||||||||||||||||
CBOE SPX Volatility Index | 35.00 USD | 4/17/19 | (329 | ) | (32,900 | ) | (2,468 | ) | (23,734 | ) | 21,266 | |||||||||||||||||
CBOE SPX Volatility Index | 37.50 USD | 4/17/19 | (95 | ) | (9,500 | ) | (713 | ) | (7,453 | ) | 6,740 | |||||||||||||||||
CBOE SPX Volatility Index | 20.00 USD | 4/24/19 | (65 | ) | (6,500 | ) | (4,875 | ) | (3,611 | ) | (1,264 | ) | ||||||||||||||||
CBOE SPX Volatility Index | 21.00 USD | 4/24/19 | (116 | ) | (11,600 | ) | (6,090 | ) | (5,552 | ) | (538 | ) | ||||||||||||||||
CBOE SPX Volatility Index | 23.00 USD | 4/24/19 | (24 | ) | (2,400 | ) | (960 | ) | (1,258 | ) | 298 | |||||||||||||||||
CBOE SPX Volatility Index | 24.00 USD | 4/24/19 | (24 | ) | (2,400 | ) | (840 | ) | (1,354 | ) | 514 | |||||||||||||||||
CBOE SPX Volatility Index | 25.00 USD | 4/24/19 | (24 | ) | (2,400 | ) | (780 | ) | (1,186 | ) | 406 | |||||||||||||||||
CBOE SPX Volatility Index | 21.00 USD | 5/1/19 | (16 | ) | (1,600 | ) | (1,048 | ) | (714 | ) | (334 | ) | ||||||||||||||||
CBOE SPX Volatility Index | 22.00 USD | 5/1/19 | (16 | ) | (1,600 | ) | (840 | ) | (887 | ) | 47 | |||||||||||||||||
CBOE SPX Volatility Index | 22.00 USD | 5/22/19 | (17 | ) | (1,700 | ) | (1,275 | ) | (1,384 | ) | 109 | |||||||||||||||||
CBOE SPX Volatility Index | 24.00 USD | 5/22/19 | (64 | ) | (6,400 | ) | (3,840 | ) | (3,504 | ) | (336 | ) | ||||||||||||||||
CBOE SPX Volatility Index | 25.00 USD | 5/22/19 | (328 | ) | (32,800 | ) | (17,220 | ) | (17,225 | ) | 5 | |||||||||||||||||
CBOE SPX Volatility Index | 26.00 USD | 5/22/19 | (147 | ) | (14,700 | ) | (6,983 | ) | (8,564 | ) | 1,581 | |||||||||||||||||
CBOE SPX Volatility Index | 27.00 USD | 5/22/19 | (142 | ) | (14,200 | ) | (6,035 | ) | (7,797 | ) | 1,762 | |||||||||||||||||
CBOE SPX Volatility Index | 28.00 USD | 5/22/19 | (24 | ) | (2,400 | ) | (960 | ) | (1,426 | ) | 466 | |||||||||||||||||
CBOE SPX Volatility Index | 30.00 USD | 5/22/19 | (71 | ) | (7,100 | ) | (2,308 | ) | (3,533 | ) | 1,225 | |||||||||||||||||
CBOE SPX Volatility Index | 26.00 USD | 6/19/19 | (16 | ) | (1,600 | ) | (1,000 | ) | (983 | ) | (17 | ) | ||||||||||||||||
CBOE SPX Volatility Index | 27.00 USD | 6/19/19 | (16 | ) | (1,600 | ) | (920 | ) | (1,015 | ) | 95 | |||||||||||||||||
E-mini S&P 500 Index | 279.00 USD | 4/1/19 | (29 | ) | (2,900 | ) | (12,701 | ) | (7,436 | ) | (5,265 | ) | ||||||||||||||||
E-mini S&P 500 Index | 281.00 USD | 4/3/19 | (58 | ) | (5,800 | ) | (18,386 | ) | (13,103 | ) | (5,283 | ) | ||||||||||||||||
E-mini S&P 500 Index | 282.00 USD | 4/5/19 | (20 | ) | (2,000 | ) | (5,580 | ) | (3,788 | ) | (1,792 | ) | ||||||||||||||||
E-mini S&P 500 Index | 283.00 USD | 4/5/19 | (21 | ) | (2,100 | ) | (4,463 | ) | (3,894 | ) | (569 | ) | ||||||||||||||||
E-mini S&P 500 Index | 293.00 USD | 4/8/19 | (7 | ) | (700 | ) | (19 | ) | (338 | ) | 319 | |||||||||||||||||
E-mini S&P 500 Index | 293.00 USD | 4/10/19 | (7 | ) | (700 | ) | (24 | ) | (163 | ) | 139 | |||||||||||||||||
E-mini S&P 500 Index | 292.00 USD | 4/12/19 | (7 | ) | (700 | ) | (87 | ) | (212 | ) | 125 | |||||||||||||||||
E-mini S&P 500 Index | 291.00 USD | 4/15/19 | (13 | ) | (1,300 | ) | (383 | ) | (395 | ) | 12 |
182 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Options written contracts outstanding at March 31, 2019 (continued): | ||||||||||||||||||||||||||||
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Market Value | Premiums Received | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Call options (continued): |
| |||||||||||||||||||||||||||
E-mini S&P 500 Index | 293.00 USD | 4/15/19 | (7 | ) | $ | (700 | ) | $ | (99 | ) | $ | (199 | ) | $ | 100 | |||||||||||||
E-mini S&P 500 Index | 290.00 USD | 4/17/19 | (2 | ) | (200 | ) | (101 | ) | (67 | ) | (34 | ) | ||||||||||||||||
E-mini S&P 500 Index | 293.00 USD | 4/17/19 | (7 | ) | (700 | ) | (108 | ) | (247 | ) | 139 | |||||||||||||||||
E-mini S&P 500 Index | 296.00 USD | 4/17/19 | (22 | ) | (2,200 | ) | (99 | ) | (405 | ) | 306 | |||||||||||||||||
E-mini S&P 500 Index | 292.00 USD | 4/18/19 | (30 | ) | (3,000 | ) | (825 | ) | (1,242 | ) | 417 | |||||||||||||||||
E-mini S&P 500 Index | 290.00 USD | 4/22/19 | (13 | ) | (1,300 | ) | (1,085 | ) | (304 | ) | (781 | ) | ||||||||||||||||
E-mini S&P 500 Index | 293.00 USD | 4/22/19 | (13 | ) | (1,300 | ) | (467 | ) | (343 | ) | (124 | ) | ||||||||||||||||
E-mini S&P 500 Index | 291.00 USD | 4/24/19 | (13 | ) | (1,300 | ) | (754 | ) | (512 | ) | (242 | ) | ||||||||||||||||
E-mini S&P 500 Index | 293.00 USD | 4/24/19 | (13 | ) | (1,300 | ) | (384 | ) | (474 | ) | 90 | |||||||||||||||||
E-mini S&P 500 Index | 287.00 USD | 4/26/19 | (13 | ) | (1,300 | ) | (2,633 | ) | (591 | ) | (2,042 | ) | ||||||||||||||||
E-mini S&P 500 Index | 294.00 USD | 4/26/19 | (13 | ) | (1,300 | ) | (364 | ) | (538 | ) | 174 | |||||||||||||||||
E-mini S&P 500 Index | 295.00 USD | 4/26/19 | (29 | ) | (2,900 | ) | (580 | ) | (1,549 | ) | 969 | |||||||||||||||||
E-mini S&P 500 Index | 291.00 USD | 4/29/19 | (10 | ) | (1,000 | ) | (1,017 | ) | (345 | ) | (672 | ) | ||||||||||||||||
E-mini S&P 500 Index | 294.00 USD | 4/29/19 | (20 | ) | (2,000 | ) | (1,011 | ) | (875 | ) | (136 | ) | ||||||||||||||||
E-mini S&P 500 Index | 294.00 USD | 5/1/19 | (20 | ) | (2,000 | ) | (1,154 | ) | (795 | ) | (359 | ) | ||||||||||||||||
E-mini S&P 500 Index | 295.00 USD | 5/1/19 | (13 | ) | (1,300 | ) | (595 | ) | (474 | ) | (121 | ) | ||||||||||||||||
E-mini S&P 500 Index | 293.00 USD | 5/3/19 | (7 | ) | (700 | ) | (455 | ) | (353 | ) | (102 | ) | ||||||||||||||||
E-mini S&P 500 Index | 295.00 USD | 5/3/19 | (13 | ) | (1,300 | ) | (481 | ) | (590 | ) | 109 | |||||||||||||||||
E-mini S&P 500 Index | 296.00 USD | 5/3/19 | (20 | ) | (2,000 | ) | (550 | ) | (948 | ) | 398 | |||||||||||||||||
E-mini S&P 500 Index | 293.00 USD | 5/6/19 | (7 | ) | (700 | ) | (646 | ) | (248 | ) | (398 | ) | ||||||||||||||||
E-mini S&P 500 Index | 295.00 USD | 5/6/19 | (20 | ) | (2,000 | ) | (1,214 | ) | (768 | ) | (446 | ) | ||||||||||||||||
E-mini S&P 500 Index | 296.00 USD | 5/6/19 | (13 | ) | (1,300 | ) | (633 | ) | (486 | ) | (147 | ) | ||||||||||||||||
E-mini S&P 500 Index | 288.00 USD | 5/8/19 | (7 | ) | (700 | ) | (1,771 | ) | (444 | ) | (1,327 | ) | ||||||||||||||||
E-mini S&P 500 Index | 294.00 USD | 5/8/19 | (20 | ) | (2,000 | ) | (1,636 | ) | (1,028 | ) | (608 | ) | ||||||||||||||||
E-mini S&P 500 Index | 296.00 USD | 5/8/19 | (13 | ) | (1,300 | ) | (698 | ) | (538 | ) | (160 | ) | ||||||||||||||||
E-mini S&P 500 Index | 292.00 USD | 5/10/19 | (7 | ) | (700 | ) | (784 | ) | (346 | ) | (438 | ) | ||||||||||||||||
E-mini S&P 500 Index | 295.00 USD | 5/10/19 | (20 | ) | (2,000 | ) | (1,060 | ) | (768 | ) | (292 | ) | ||||||||||||||||
E-mini S&P 500 Index | 297.00 USD | 5/10/19 | (53 | ) | (5,300 | ) | (1,670 | ) | (1,411 | ) | (259 | ) | ||||||||||||||||
E-mini S&P 500 Index | 296.00 USD | 5/13/19 | (27 | ) | (2,700 | ) | (1,806 | ) | (1,044 | ) | (762 | ) | ||||||||||||||||
E-mini S&P 500 Index | 301.00 USD | 5/13/19 | (33 | ) | (3,300 | ) | (782 | ) | (277 | ) | (505 | ) | ||||||||||||||||
E-mini S&P 500 Index | 295.00 USD | 5/15/19 | (20 | ) | (2,000 | ) | (1,757 | ) | (848 | ) | (909 | ) | ||||||||||||||||
E-mini S&P 500 Index | 297.00 USD | 5/15/19 | (7 | ) | (700 | ) | (414 | ) | (360 | ) | (54 | ) | ||||||||||||||||
E-mini S&P 500 Index | 301.00 USD | 5/15/19 | (33 | ) | (3,300 | ) | (864 | ) | (608 | ) | (256 | ) | ||||||||||||||||
E-mini S&P 500 Index | 296.00 USD | 5/17/19 | (20 | ) | (2,000 | ) | (1,160 | ) | (868 | ) | (292 | ) | ||||||||||||||||
E-mini S&P 500 Index | 297.00 USD | 5/17/19 | (7 | ) | (700 | ) | (322 | ) | (388 | ) | 66 | |||||||||||||||||
E-mini S&P 500 Index | 300.00 USD | 5/17/19 | (36 | ) | (3,600 | ) | (828 | ) | (1,167 | ) | 339 | |||||||||||||||||
E-mini S&P 500 Index | 297.00 USD | 5/20/19 | (7 | ) | (700 | ) | (499 | ) | (381 | ) | (118 | ) | ||||||||||||||||
E-mini S&P 500 Index | 300.00 USD | 5/20/19 | (36 | ) | (3,600 | ) | (1,436 | ) | (879 | ) | (557 | ) | ||||||||||||||||
E-mini S&P 500 Index | 299.00 USD | 5/22/19 | (13 | ) | (1,300 | ) | (678 | ) | (629 | ) | (49 | ) | ||||||||||||||||
E-mini S&P 500 Index | 302.00 USD | 5/22/19 | (36 | ) | (3,600 | ) | (1,069 | ) | (807 | ) | (262 | ) | ||||||||||||||||
E-mini S&P 500 Index | 297.00 USD | 5/24/19 | (13 | ) | (1,300 | ) | (826 | ) | (669 | ) | (157 | ) | ||||||||||||||||
E-mini S&P 500 Index | 300.00 USD | 5/24/19 | (33 | ) | (3,300 | ) | (1,106 | ) | (905 | ) | (201 | ) | ||||||||||||||||
E-mini S&P 500 Index | 297.00 USD | 5/28/19 | (13 | ) | (1,300 | ) | (1,188 | ) | (759 | ) | (429 | ) | ||||||||||||||||
E-mini S&P 500 Index | 300.00 USD | 5/28/19 | (33 | ) | (3,300 | ) | (1,766 | ) | (938 | ) | (828 | ) | ||||||||||||||||
E-mini S&P 500 Index | 298.00 USD | 5/29/19 | (13 | ) | (1,300 | ) | (103 | ) | (629 | ) | 526 | |||||||||||||||||
E-mini S&P 500 Index | 300.00 USD | 5/29/19 | (33 | ) | (3,300 | ) | (178 | ) | (971 | ) | 793 | |||||||||||||||||
E-mini S&P 500 Index | 300.00 USD | 6/10/19 | (33 | ) | (3,300 | ) | (2,556 | ) | (937 | ) | (1,619 | ) | ||||||||||||||||
E-mini S&P 500 Index | 302.00 USD | 6/12/19 | (33 | ) | (3,300 | ) | (1,953 | ) | (1,993 | ) | 40 | |||||||||||||||||
E-mini S&P 500 Index | 303.00 USD | 6/14/19 | (33 | ) | (3,300 | ) | (1,784 | ) | (1,499 | ) | (285 | ) | ||||||||||||||||
E-mini S&P 500 Index | 302.00 USD | 6/17/19 | (36 | ) | (3,600 | ) | (2,428 | ) | (1,923 | ) | (505 | ) | ||||||||||||||||
E-mini S&P 500 Index | 302.00 USD | 6/19/19 | (36 | ) | (3,600 | ) | (2,542 | ) | (2,103 | ) | (439 | ) | ||||||||||||||||
E-mini S&P 500 Index | 305.00 USD | 6/21/19 | (36 | ) | (3,600 | ) | (1,494 | ) | (1,743 | ) | 249 | |||||||||||||||||
E-mini S&P 500 Index | 302.00 USD | 6/24/19 | (33 | ) | (3,300 | ) | (2,677 | ) | (1,598 | ) | (1,079 | ) | ||||||||||||||||
E-mini S&P 500 Index | 303.00 USD | 6/26/19 | (33 | ) | (3,300 | ) | (2,466 | ) | (1,746 | ) | (720 | ) | ||||||||||||||||
E-mini S&P 500 Index | 303.00 USD | 6/28/19 | (33 | ) | (3,300 | ) | (2,162 | ) | (1,796 | ) | (366 | ) | ||||||||||||||||
iPATH S&P 500 VIX Short-Term | 34.50 USD | 4/1/19 | (32 | ) | (3,200 | ) | (27 | ) | (781 | ) | 754 | |||||||||||||||||
iPATH S&P 500 VIX Short-Term | 42.00 USD | 4/1/19 | (23 | ) | (2,300 | ) | — | (814 | ) | 814 | ||||||||||||||||||
iPATH S&P 500 VIX Short-Term | 34.00 USD | 4/2/19 | (32 | ) | (3,200 | ) | (100 | ) | (557 | ) | 457 | |||||||||||||||||
iPATH S&P 500 VIX Short-Term | 34.00 USD | 4/3/19 | (24 | ) | (2,400 | ) | (132 | ) | (466 | ) | 334 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 183 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Options written contracts outstanding at March 31, 2019 (continued): | ||||||||||||||||||||||||||||
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Market Value | Premiums Received | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Call options (continued): |
| |||||||||||||||||||||||||||
iPATH S&P 500 VIX Short-Term | 40.00 USD | 4/3/19 | (23 | ) | $ | (2,300 | ) | $ | (1 | ) | $ | (1,205 | ) | $ | 1,204 | |||||||||||||
iPATH S&P 500 VIX Short-Term | 37.00 USD | 4/5/19 | (24 | ) | (2,400 | ) | (60 | ) | (730 | ) | 670 | |||||||||||||||||
iPATH S&P 500 VIX Short-Term | 40.00 USD | 4/8/19 | (24 | ) | (2,400 | ) | (36 | ) | (634 | ) | 598 | |||||||||||||||||
iPATH S&P 500 VIX Short-Term | 38.00 USD | 4/10/19 | (24 | ) | (2,400 | ) | (143 | ) | (393 | ) | 250 | |||||||||||||||||
iPATH S&P 500 VIX Short-Term | 40.00 USD | 4/10/19 | (24 | ) | (2,400 | ) | (68 | ) | (1,234 | ) | 1,166 | |||||||||||||||||
iPATH S&P 500 VIX Short-Term | 42.00 USD | 4/11/19 | (24 | ) | (2,400 | ) | (42 | ) | (1,521 | ) | 1,479 | |||||||||||||||||
iPATH S&P 500 VIX Short-Term | 37.00 USD | 4/12/19 | (24 | ) | (2,400 | ) | (300 | ) | (754 | ) | 454 | |||||||||||||||||
iPATH S&P 500 VIX Short-Term | 40.00 USD | 4/15/19 | (30 | ) | (3,000 | ) | (219 | ) | (1,423 | ) | 1,204 | |||||||||||||||||
iPATH S&P 500 VIX Short-Term | 43.00 USD | 4/18/19 | (52 | ) | (5,200 | ) | (390 | ) | (2,050 | ) | 1,660 | |||||||||||||||||
iPATH S&P 500 VIX Short-Term | 37.50 USD | 4/24/19 | (31 | ) | (3,100 | ) | (878 | ) | (1,532 | ) | 654 | |||||||||||||||||
iPATH S&P 500 VIX Short-Term | 37.50 USD | 4/25/19 | (30 | ) | (3,000 | ) | (897 | ) | (1,572 | ) | 675 | |||||||||||||||||
iPATH S&P 500 VIX Short-Term | 36.50 USD | 4/26/19 | (31 | ) | (3,100 | ) | (1,163 | ) | (1,532 | ) | 369 | |||||||||||||||||
iPATH S&P 500 VIX Short-Term | 39.00 USD | 4/29/19 | (15 | ) | (1,500 | ) | (424 | ) | (457 | ) | 33 | |||||||||||||||||
iPATH S&P 500 VIX Short-Term | 37.50 USD | 5/1/19 | (36 | ) | (3,600 | ) | (1,495 | ) | (1,491 | ) | (4 | ) | ||||||||||||||||
iPATH S&P 500 VIX Short-Term | 39.00 USD | 5/17/19 | (48 | ) | (4,800 | ) | (2,760 | ) | (2,660 | ) | (100 | ) | ||||||||||||||||
iPATH S&P 500 VIX Short-Term | 41.00 USD | 5/17/19 | (48 | ) | (4,800 | ) | (2,160 | ) | (2,852 | ) | 692 | |||||||||||||||||
iPATH S&P 500 VIX Short-Term | 43.00 USD | 5/17/19 | (48 | ) | (4,800 | ) | (1,680 | ) | (3,116 | ) | 1,436 | |||||||||||||||||
iPATH S&P 500 VIX Short-Term | 47.00 USD | 5/20/19 | (24 | ) | (2,400 | ) | (572 | ) | (1,449 | ) | 877 | |||||||||||||||||
iPATH S&P 500 VIX Short-Term | 44.00 USD | 5/22/19 | (24 | ) | (2,400 | ) | (885 | ) | (1,330 | ) | 445 | |||||||||||||||||
Nasdaq 100 Stock Index | 7,825.00 USD | 5/3/19 | (2 | ) | (200 | ) | (1,650 | ) | (1,335 | ) | (315 | ) | ||||||||||||||||
Nasdaq 100 Stock Index | 7,900.00 USD | 5/17/19 | (4 | ) | (400 | ) | (3,860 | ) | (9,755 | ) | 5,895 | |||||||||||||||||
Nasdaq 100 Stock Index | 7,925.00 USD | 5/17/19 | (3 | ) | (300 | ) | (2,385 | ) | (7,732 | ) | 5,347 | |||||||||||||||||
Nasdaq 100 Stock Index | 8,050.00 USD | 6/21/19 | (1 | ) | (100 | ) | (1,720 | ) | (1,526 | ) | (194 | ) | ||||||||||||||||
Russell 2000 Index | 1,630.00 USD | 4/18/19 | (3 | ) | (300 | ) | (202 | ) | (1,250 | ) | 1,048 | |||||||||||||||||
Russell 2000 Index | 1,670.00 USD | 4/18/19 | (3 | ) | (300 | ) | (67 | ) | (1,608 | ) | 1,541 | |||||||||||||||||
Russell 2000 Index | 1,680.00 USD | 4/30/19 | (3 | ) | (300 | ) | (112 | ) | (1,717 | ) | 1,605 | |||||||||||||||||
S&P 500 Index | 2,925.00 USD | 4/12/19 | (7 | ) | (700 | ) | (648 | ) | (2,782 | ) | 2,134 | |||||||||||||||||
S&P 500 Index | 2,950.00 USD | 4/12/19 | (3 | ) | (300 | ) | (90 | ) | (952 | ) | 862 | |||||||||||||||||
S&P 500 Index | 2,965.00 USD | 4/17/19 | (3 | ) | (300 | ) | (255 | ) | (892 | ) | 637 | |||||||||||||||||
S&P 500 Index | 2,830.00 USD | 4/18/19 | (3 | ) | (300 | ) | (9,975 | ) | (2,711 | ) | (7,264 | ) | ||||||||||||||||
S&P 500 Index | 2,935.00 USD | 4/18/19 | (4 | ) | (400 | ) | (540 | ) | (1,582 | ) | 1,042 | |||||||||||||||||
S&P 500 Index | 2,940.00 USD | 4/18/19 | (4 | ) | (400 | ) | (440 | ) | (1,286 | ) | 846 | |||||||||||||||||
S&P 500 Index | 2,965.00 USD | 4/18/19 | (3 | ) | (300 | ) | (127 | ) | (532 | ) | 405 | |||||||||||||||||
S&P 500 Index | 301.00 USD | 4/26/19 | (9 | ) | (900 | ) | (22 | ) | (102 | ) | 80 | |||||||||||||||||
S&P 500 Index | 299.00 USD | 4/29/19 | (9 | ) | (900 | ) | (133 | ) | (129 | ) | (4 | ) | ||||||||||||||||
S&P 500 Index | 2,860.00 USD | 4/30/19 | (3 | ) | (300 | ) | (7,965 | ) | (2,608 | ) | (5,357 | ) | ||||||||||||||||
S&P 500 Index | 2,920.00 USD | 4/30/19 | (3 | ) | (300 | ) | (1,875 | ) | (2,422 | ) | 547 | |||||||||||||||||
S&P 500 Index | 2,940.00 USD | 4/30/19 | (3 | ) | (300 | ) | (1,020 | ) | (1,732 | ) | 712 | |||||||||||||||||
S&P 500 Index | 2,950.00 USD | 4/30/19 | (3 | ) | (300 | ) | (743 | ) | (1,433 | ) | 690 | |||||||||||||||||
S&P 500 Index | 2,970.00 USD | 4/30/19 | (4 | ) | (400 | ) | (530 | ) | (1,158 | ) | 628 | |||||||||||||||||
S&P 500 Index | 300.00 USD | 5/1/19 | (12 | ) | (1,200 | ) | (165 | ) | (221 | ) | 56 | |||||||||||||||||
S&P 500 Index | 299.00 USD | 5/3/19 | (33 | ) | (3,300 | ) | (679 | ) | (410 | ) | (269 | ) | ||||||||||||||||
S&P 500 Index | 298.00 USD | 5/6/19 | (33 | ) | (3,300 | ) | (1,030 | ) | (409 | ) | (621 | ) | ||||||||||||||||
S&P 500 Index | 292.00 USD | 5/8/19 | (11 | ) | (1,100 | ) | (1,341 | ) | (225 | ) | (1,116 | ) | ||||||||||||||||
S&P 500 Index | 3,000.00 USD | 5/15/19 | (3 | ) | (300 | ) | (978 | ) | (1,243 | ) | 265 | |||||||||||||||||
S&P 500 Index | 2,990.00 USD | 5/17/19 | (3 | ) | (300 | ) | (825 | ) | (1,552 | ) | 727 | |||||||||||||||||
S&P 500 Index | 303.00 USD | 5/28/19 | (9 | ) | (900 | ) | (286 | ) | (310 | ) | 24 | |||||||||||||||||
S&P 500 Index | 301.00 USD | 5/29/19 | (9 | ) | (900 | ) | (418 | ) | (328 | ) | (90 | ) | ||||||||||||||||
S&P 500 Index | 302.00 USD | 5/31/19 | (12 | ) | (1,200 | ) | (360 | ) | (473 | ) | 113 | |||||||||||||||||
S&P 500 Index | 2,975.00 USD | 5/31/19 | (3 | ) | (300 | ) | (2,085 | ) | (2,398 | ) | 313 | |||||||||||||||||
S&P 500 Index | 301.00 USD | 6/3/19 | (33 | ) | (3,300 | ) | (1,792 | ) | (937 | ) | (855 | ) | ||||||||||||||||
S&P 500 Index | 300.00 USD | 6/5/19 | (33 | ) | (3,300 | ) | (2,245 | ) | (871 | ) | (1,374 | ) | ||||||||||||||||
S&P 500 Index | 295.00 USD | 6/7/19 | (33 | ) | (3,300 | ) | (5,325 | ) | (1,400 | ) | (3,925 | ) | ||||||||||||||||
|
| |||||||||||||||||||||||||||
Total call options |
| $ | (251,003 | ) | $ | (315,664 | ) | $ | 64,661 | |||||||||||||||||||
|
| |||||||||||||||||||||||||||
Put options: |
| |||||||||||||||||||||||||||
E-mini S&P 500 Index | 279.00 USD | 4/1/19 | (29 | ) | $ | (2,900 | ) | $ | (533 | ) | $ | (5,986 | ) | $ | 5,453 | |||||||||||||
E-mini S&P 500 Index | 281.00 USD | 4/3/19 | (58 | ) | (5,800 | ) | (3,277 | ) | (11,015 | ) | 7,738 | |||||||||||||||||
E-mini S&P 500 Index | 276.00 USD | 4/5/19 | (5 | ) | (500 | ) | (107 | ) | (286 | ) | 179 |
184 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Options written contracts outstanding at March 31, 2019 (continued): | ||||||||||||||||||||||||||||
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Market Value | Premiums Received | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Put options (continued): |
| |||||||||||||||||||||||||||
E-mini S&P 500 Index | 282.00 USD | 4/5/19 | (12 | ) | $ | (1,200 | ) | $ | (1,404 | ) | $ | (2,693 | ) | $ | 1,289 | |||||||||||||
E-mini S&P 500 Index | 283.00 USD | 4/5/19 | (29 | ) | (2,900 | ) | (4,365 | ) | (4,663 | ) | 298 | |||||||||||||||||
E-mini S&P 500 Index | 276.00 USD | 4/12/19 | (4 | ) | (400 | ) | (284 | ) | (378 | ) | 94 | |||||||||||||||||
E-mini S&P 500 Index | 260.00 USD | 4/18/19 | (25 | ) | (2,500 | ) | (387 | ) | (1,060 | ) | 673 | |||||||||||||||||
S&P 500 Index | 2,525.00 USD | 4/5/19 | (3 | ) | (300 | ) | (45 | ) | (1,927 | ) | 1,882 | |||||||||||||||||
S&P 500 Index | 2,495.00 USD | 4/12/19 | (4 | ) | (400 | ) | (140 | ) | (2,050 | ) | 1,910 | |||||||||||||||||
S&P 500 Index | 2,510.00 USD | 4/12/19 | (4 | ) | (400 | ) | (160 | ) | (1,550 | ) | 1,390 | |||||||||||||||||
S&P 500 Index | 2,515.00 USD | 4/12/19 | (4 | ) | (400 | ) | (160 | ) | (2,230 | ) | 2,070 | |||||||||||||||||
S&P 500 Index | 2,520.00 USD | 4/12/19 | (7 | ) | (700 | ) | (280 | ) | (5,102 | ) | 4,822 | |||||||||||||||||
S&P 500 Index | 2,525.00 USD | 4/12/19 | (6 | ) | (600 | ) | (255 | ) | (8,249 | ) | 7,994 | |||||||||||||||||
S&P 500 Index | 2,530.00 USD | 4/12/19 | (4 | ) | (400 | ) | (180 | ) | (2,510 | ) | 2,330 | |||||||||||||||||
S&P 500 Index | 2,540.00 USD | 4/12/19 | (3 | ) | (300 | ) | (135 | ) | (2,182 | ) | 2,047 | |||||||||||||||||
S&P 500 Index | 2,550.00 USD | 4/12/19 | (4 | ) | (400 | ) | (200 | ) | (1,490 | ) | 1,290 | |||||||||||||||||
S&P 500 Index | 2,560.00 USD | 4/12/19 | (3 | ) | (300 | ) | (165 | ) | (2,017 | ) | 1,852 | |||||||||||||||||
S&P 500 Index | 2,575.00 USD | 4/12/19 | (4 | ) | (400 | ) | (240 | ) | (1,534 | ) | 1,294 | |||||||||||||||||
S&P 500 Index | 2,300.00 USD | 4/18/19 | (3 | ) | (300 | ) | (82 | ) | (1,462 | ) | 1,380 | |||||||||||||||||
S&P 500 Index | 2,350.00 USD | 4/18/19 | (1 | ) | (100 | ) | (32 | ) | (432 | ) | 400 | |||||||||||||||||
S&P 500 Index | 2,410.00 USD | 4/18/19 | (6 | ) | (600 | ) | (284 | ) | (3,426 | ) | 3,142 | |||||||||||||||||
S&P 500 Index | 2,420.00 USD | 4/18/19 | (3 | ) | (300 | ) | (142 | ) | (1,345 | ) | 1,203 | |||||||||||||||||
S&P 500 Index | 2,440.00 USD | 4/18/19 | (4 | ) | (400 | ) | (210 | ) | (2,434 | ) | 2,224 | |||||||||||||||||
S&P 500 Index | 2,450.00 USD | 4/18/19 | (9 | ) | (900 | ) | (518 | ) | (14,698 | ) | 14,180 | |||||||||||||||||
S&P 500 Index | 2,455.00 USD | 4/18/19 | (4 | ) | (400 | ) | (230 | ) | (2,870 | ) | 2,640 | |||||||||||||||||
S&P 500 Index | 2,485.00 USD | 4/18/19 | (3 | ) | (300 | ) | (210 | ) | (1,864 | ) | 1,654 | |||||||||||||||||
S&P 500 Index | 2,490.00 USD | 4/18/19 | (4 | ) | (400 | ) | (290 | ) | (2,370 | ) | 2,080 | |||||||||||||||||
S&P 500 Index | 2,495.00 USD | 4/18/19 | (3 | ) | (300 | ) | (217 | ) | (1,612 | ) | 1,395 | |||||||||||||||||
S&P 500 Index | 2,505.00 USD | 4/18/19 | (4 | ) | (400 | ) | (310 | ) | (1,910 | ) | 1,600 | |||||||||||||||||
S&P 500 Index | 2,515.00 USD | 4/18/19 | (8 | ) | (800 | ) | (660 | ) | (6,075 | ) | 5,415 | |||||||||||||||||
S&P 500 Index | 2,525.00 USD | 4/18/19 | (7 | ) | (700 | ) | (627 | ) | (7,424 | ) | 6,797 | |||||||||||||||||
S&P 500 Index | 2,545.00 USD | 4/18/19 | (8 | ) | (800 | ) | (800 | ) | (3,279 | ) | 2,479 | |||||||||||||||||
S&P 500 Index | 2,550.00 USD | 4/18/19 | (5 | ) | (500 | ) | (512 | ) | (3,801 | ) | 3,289 | |||||||||||||||||
S&P 500 Index | 2,570.00 USD | 4/18/19 | (12 | ) | (1,200 | ) | (1,440 | ) | (4,647 | ) | 3,207 | |||||||||||||||||
S&P 500 Index | 2,585.00 USD | 4/18/19 | (3 | ) | (300 | ) | (412 | ) | (1,642 | ) | 1,230 | |||||||||||||||||
S&P 500 Index | 2,610.00 USD | 4/18/19 | (6 | ) | (600 | ) | (1,020 | ) | (1,673 | ) | 653 | |||||||||||||||||
S&P 500 Index | 2,635.00 USD | 4/18/19 | (5 | ) | (500 | ) | (1,088 | ) | (2,037 | ) | 949 | |||||||||||||||||
S&P 500 Index | 2,645.00 USD | 4/18/19 | (5 | ) | (500 | ) | (1,225 | ) | (2,212 | ) | 987 | |||||||||||||||||
S&P 500 Index | 2,650.00 USD | 4/18/19 | (7 | ) | (700 | ) | (1,820 | ) | (3,012 | ) | 1,192 | |||||||||||||||||
S&P 500 Index | 2,410.00 USD | 4/26/19 | (1 | ) | (100 | ) | (85 | ) | (987 | ) | 902 | |||||||||||||||||
S&P 500 Index | 2,500.00 USD | 4/26/19 | (2 | ) | (200 | ) | (295 | ) | (1,253 | ) | 958 | |||||||||||||||||
S&P 500 Index | 2,525.00 USD | 4/26/19 | (3 | ) | (300 | ) | (525 | ) | (5,542 | ) | 5,017 | |||||||||||||||||
S&P 500 Index | 2,540.00 USD | 4/26/19 | (11 | ) | (1,100 | ) | (2,145 | ) | (6,065 | ) | 3,920 | |||||||||||||||||
S&P 500 Index | 2,565.00 USD | 4/26/19 | (12 | ) | (1,200 | ) | (2,820 | ) | (6,283 | ) | 3,463 | |||||||||||||||||
S&P 500 Index | 2,580.00 USD | 4/26/19 | (3 | ) | (300 | ) | (803 | ) | (2,258 | ) | 1,455 | |||||||||||||||||
S&P 500 Index | 2,585.00 USD | 4/26/19 | (4 | ) | (400 | ) | (1,110 | ) | (1,922 | ) | 812 | |||||||||||||||||
S&P 500 Index | 2,625.00 USD | 4/26/19 | (7 | ) | (700 | ) | (2,800 | ) | (3,716 | ) | 916 | |||||||||||||||||
S&P 500 Index | 2,630.00 USD | 4/26/19 | (5 | ) | (500 | ) | (2,075 | ) | (2,637 | ) | 562 | |||||||||||||||||
S&P 500 Index | 2,635.00 USD | 4/26/19 | (5 | ) | (500 | ) | (2,200 | ) | (2,937 | ) | 737 | |||||||||||||||||
S&P 500 Index | 2,100.00 USD | 4/30/19 | (2 | ) | (200 | ) | (65 | ) | (8,658 | ) | 8,593 | |||||||||||||||||
S&P 500 Index | 2,275.00 USD | 4/30/19 | (6 | ) | (600 | ) | (345 | ) | (3,116 | ) | 2,771 | |||||||||||||||||
S&P 500 Index | 2,300.00 USD | 4/30/19 | (8 | ) | (800 | ) | (500 | ) | (10,163 | ) | 9,663 | |||||||||||||||||
S&P 500 Index | 2,310.00 USD | 4/30/19 | (5 | ) | (500 | ) | (325 | ) | (2,540 | ) | 2,215 | |||||||||||||||||
S&P 500 Index | 2,360.00 USD | 4/30/19 | (9 | ) | (900 | ) | (743 | ) | (6,262 | ) | 5,519 | |||||||||||||||||
S&P 500 Index | 2,370.00 USD | 4/30/19 | (6 | ) | (600 | ) | (510 | ) | (3,200 | ) | 2,690 | |||||||||||||||||
S&P 500 Index | 2,390.00 USD | 4/30/19 | (3 | ) | (300 | ) | (285 | ) | (2,035 | ) | 1,750 | |||||||||||||||||
S&P 500 Index | 2,425.00 USD | 4/30/19 | (3 | ) | (300 | ) | (345 | ) | (1,882 | ) | 1,537 | |||||||||||||||||
S&P 500 Index | 2,430.00 USD | 4/30/19 | (9 | ) | (900 | ) | (1,058 | ) | (5,842 | ) | 4,784 | |||||||||||||||||
S&P 500 Index | 2,435.00 USD | 4/30/19 | (3 | ) | (300 | ) | (367 | ) | (1,642 | ) | 1,275 | |||||||||||||||||
S&P 500 Index | 2,440.00 USD | 4/30/19 | (3 | ) | (300 | ) | (375 | ) | (2,321 | ) | 1,946 | |||||||||||||||||
S&P 500 Index | 2,450.00 USD | 4/30/19 | (9 | ) | (900 | ) | (1,193 | ) | (16,762 | ) | 15,569 | |||||||||||||||||
S&P 500 Index | 2,525.00 USD | 4/30/19 | (3 | ) | (300 | ) | (653 | ) | (5,609 | ) | 4,956 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 185 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Options written contracts outstanding at March 31, 2019 (continued): | ||||||||||||||||||||||||||||
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Market Value | Premiums Received | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Put options (continued): |
| |||||||||||||||||||||||||||
S&P 500 Index | 2,570.00 USD | 4/30/19 | (4 | ) | $ | (400 | ) | $ | (1,230 | ) | $ | (1,950 | ) | $ | 720 | |||||||||||||
S&P 500 Index | 2,585.00 USD | 4/30/19 | (4 | ) | (400 | ) | (1,400 | ) | (2,002 | ) | 602 | |||||||||||||||||
S&P 500 Index | 2,590.00 USD | 4/30/19 | (4 | ) | (400 | ) | (1,380 | ) | (1,482 | ) | 102 | |||||||||||||||||
S&P 500 Index | 2,615.00 USD | 4/30/19 | (3 | ) | (300 | ) | (1,335 | ) | (1,582 | ) | 247 | |||||||||||||||||
S&P 500 Index | 2,350.00 USD | 5/3/19 | (3 | ) | (300 | ) | (292 | ) | (1,792 | ) | 1,500 | |||||||||||||||||
S&P 500 Index | 2,375.00 USD | 5/3/19 | (3 | ) | (300 | ) | (337 | ) | (2,092 | ) | 1,755 | |||||||||||||||||
S&P 500 Index | 2,410.00 USD | 5/3/19 | (4 | ) | (400 | ) | (550 | ) | (2,955 | ) | 2,405 | |||||||||||||||||
S&P 500 Index | 2,430.00 USD | 5/3/19 | (6 | ) | (600 | ) | (915 | ) | (3,944 | ) | 3,029 | |||||||||||||||||
S&P 500 Index | 2,450.00 USD | 5/3/19 | (3 | ) | (300 | ) | (518 | ) | (1,793 | ) | 1,275 | |||||||||||||||||
S&P 500 Index | 2,480.00 USD | 5/3/19 | (3 | ) | (300 | ) | (615 | ) | (1,628 | ) | 1,013 | |||||||||||||||||
S&P 500 Index | 2,495.00 USD | 5/3/19 | (3 | ) | (300 | ) | (683 | ) | (1,574 | ) | 891 | |||||||||||||||||
S&P 500 Index | 2,525.00 USD | 5/3/19 | (3 | ) | (300 | ) | (840 | ) | (6,292 | ) | 5,452 | |||||||||||||||||
S&P 500 Index | 2,530.00 USD | 5/3/19 | (4 | ) | (400 | ) | (1,160 | ) | (2,346 | ) | 1,186 | |||||||||||||||||
S&P 500 Index | 2,535.00 USD | 5/3/19 | (3 | ) | (300 | ) | (900 | ) | (2,311 | ) | 1,411 | |||||||||||||||||
S&P 500 Index | 2,560.00 USD | 5/3/19 | (8 | ) | (800 | ) | (2,880 | ) | (4,833 | ) | 1,953 | |||||||||||||||||
S&P 500 Index | 2,565.00 USD | 5/3/19 | (4 | ) | (400 | ) | (1,520 | ) | (2,350 | ) | 830 | |||||||||||||||||
S&P 500 Index | 2,575.00 USD | 5/3/19 | (3 | ) | (300 | ) | (1,230 | ) | (2,812 | ) | 1,582 | |||||||||||||||||
S&P 500 Index | 2,580.00 USD | 5/3/19 | (8 | ) | (800 | ) | (3,400 | ) | (4,999 | ) | 1,599 | |||||||||||||||||
S&P 500 Index | 2,585.00 USD | 5/3/19 | (4 | ) | (400 | ) | (1,680 | ) | (1,798 | ) | 118 | |||||||||||||||||
S&P 500 Index | 2,615.00 USD | 5/3/19 | (5 | ) | (500 | ) | (2,825 | ) | (3,387 | ) | 562 | |||||||||||||||||
S&P 500 Index | 2,620.00 USD | 5/3/19 | (10 | ) | (1,000 | ) | (5,850 | ) | (6,954 | ) | 1,104 | |||||||||||||||||
S&P 500 Index | 272.00 USD | 5/8/19 | (22 | ) | (2,200 | ) | (3,978 | ) | (3,441 | ) | (537 | ) | ||||||||||||||||
S&P 500 Index | 2,405.00 USD | 5/10/19 | (1 | ) | (100 | ) | (136 | ) | (1,247 | ) | 1,111 | |||||||||||||||||
S&P 500 Index | 2,430.00 USD | 5/10/19 | (3 | ) | (300 | ) | (660 | ) | (2,005 | ) | 1,345 | |||||||||||||||||
S&P 500 Index | 2,450.00 USD | 5/10/19 | (3 | ) | (300 | ) | (735 | ) | (1,723 | ) | 988 | |||||||||||||||||
S&P 500 Index | 2,480.00 USD | 5/10/19 | (6 | ) | (600 | ) | (1,785 | ) | (3,503 | ) | 1,718 | |||||||||||||||||
S&P 500 Index | 2,510.00 USD | 5/10/19 | (3 | ) | (300 | ) | (1,080 | ) | (1,731 | ) | 651 | |||||||||||||||||
S&P 500 Index | 2,525.00 USD | 5/10/19 | (3 | ) | (300 | ) | (1,200 | ) | (6,892 | ) | 5,692 | |||||||||||||||||
S&P 500 Index | 2,530.00 USD | 5/10/19 | (3 | ) | (300 | ) | (1,230 | ) | (2,872 | ) | 1,642 | |||||||||||||||||
S&P 500 Index | 2,560.00 USD | 5/10/19 | (4 | ) | (400 | ) | (2,040 | ) | (3,082 | ) | 1,042 | |||||||||||||||||
S&P 500 Index | 2,575.00 USD | 5/10/19 | (8 | ) | (800 | ) | (4,600 | ) | (6,439 | ) | 1,839 | |||||||||||||||||
S&P 500 Index | 2,580.00 USD | 5/10/19 | (4 | ) | (400 | ) | (2,260 | ) | (2,398 | ) | 138 | |||||||||||||||||
S&P 500 Index | 2,180.00 USD | 5/17/19 | (2 | ) | (200 | ) | (205 | ) | (1,415 | ) | 1,210 | |||||||||||||||||
S&P 500 Index | 2,250.00 USD | 5/17/19 | (5 | ) | (500 | ) | (638 | ) | (3,893 | ) | 3,255 | |||||||||||||||||
S&P 500 Index | 2,280.00 USD | 5/17/19 | (6 | ) | (600 | ) | (870 | ) | (3,510 | ) | 2,640 | |||||||||||||||||
S&P 500 Index | 2,290.00 USD | 5/17/19 | (3 | ) | (300 | ) | (457 | ) | (1,582 | ) | 1,125 | |||||||||||||||||
S&P 500 Index | 2,300.00 USD | 5/17/19 | (3 | ) | (300 | ) | (465 | ) | (3,031 | ) | 2,566 | |||||||||||||||||
S&P 500 Index | 2,405.00 USD | 5/17/19 | (1 | ) | (100 | ) | (255 | ) | (1,380 | ) | 1,125 | |||||||||||||||||
S&P 500 Index | 2,450.00 USD | 5/17/19 | (3 | ) | (300 | ) | (975 | ) | (14,123 | ) | 13,148 | |||||||||||||||||
S&P 500 Index | 2,455.00 USD | 5/17/19 | (3 | ) | (300 | ) | (1,005 | ) | (1,810 | ) | 805 | |||||||||||||||||
S&P 500 Index | 2,485.00 USD | 5/17/19 | (3 | ) | (300 | ) | (1,200 | ) | (1,840 | ) | 640 | |||||||||||||||||
S&P 500 Index | 2,490.00 USD | 5/17/19 | (3 | ) | (300 | ) | (1,230 | ) | (1,899 | ) | 669 | |||||||||||||||||
S&P 500 Index | 2,525.00 USD | 5/17/19 | (3 | ) | (300 | ) | (1,545 | ) | (7,384 | ) | 5,839 | |||||||||||||||||
S&P 500 Index | 2,560.00 USD | 5/17/19 | (1 | ) | (100 | ) | (655 | ) | (659 | ) | 4 | |||||||||||||||||
S&P 500 Index | 2,660.00 USD | 5/17/19 | (3 | ) | (300 | ) | (4,020 | ) | (3,845 | ) | (175 | ) | ||||||||||||||||
S&P 500 Index | 2,450.00 USD | 5/24/19 | (1 | ) | (100 | ) | (445 | ) | (1,442 | ) | 997 | |||||||||||||||||
S&P 500 Index | 2,575.00 USD | 5/24/19 | (3 | ) | (300 | ) | (2,865 | ) | (7,489 | ) | 4,624 | |||||||||||||||||
S&P 500 Index | 2,660.00 USD | 5/24/19 | (3 | ) | (300 | ) | (4,995 | ) | (4,638 | ) | (357 | ) | ||||||||||||||||
S&P 500 Index | 2,000.00 USD | 5/31/19 | (11 | ) | (1,100 | ) | (963 | ) | (36,162 | ) | 35,199 | |||||||||||||||||
S&P 500 Index | 2,050.00 USD | 5/31/19 | (7 | ) | (700 | ) | (700 | ) | (30,880 | ) | 30,180 | |||||||||||||||||
S&P 500 Index | 2,140.00 USD | 5/31/19 | (2 | ) | (200 | ) | (270 | ) | (1,475 | ) | 1,205 | |||||||||||||||||
S&P 500 Index | 2,200.00 USD | 5/31/19 | (2 | ) | (200 | ) | (335 | ) | (1,781 | ) | 1,446 | |||||||||||||||||
S&P 500 Index | 2,220.00 USD | 5/31/19 | (3 | ) | (300 | ) | (548 | ) | (2,333 | ) | 1,785 | |||||||||||||||||
S&P 500 Index | 2,250.00 USD | 5/31/19 | (3 | ) | (300 | ) | (623 | ) | (2,975 | ) | 2,352 | |||||||||||||||||
S&P 500 Index | 2,400.00 USD | 5/31/19 | (1 | ) | (100 | ) | (410 | ) | (2,167 | ) | 1,757 | |||||||||||||||||
S&P 500 Index | 2,425.00 USD | 5/31/19 | (3 | ) | (300 | ) | (1,410 | ) | (1,966 | ) | 556 | |||||||||||||||||
S&P 500 Index | 2,525.00 USD | 5/31/19 | (3 | ) | (300 | ) | (2,475 | ) | (11,332 | ) | 8,857 | |||||||||||||||||
S&P 500 Index | 2,500.00 USD | 6/4/19 | (1 | ) | (100 | ) | (850 | ) | (1,776 | ) | 926 | |||||||||||||||||
S&P 500 Index | 2,625.00 USD | 6/4/19 | (3 | ) | (300 | ) | (5,165 | ) | (9,292 | ) | 4,127 |
186 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Options written contracts outstanding at March 31, 2019 (continued): | ||||||||||||||||||||||||||||
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Market Value | Premiums Received | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Put options (continued): |
| |||||||||||||||||||||||||||
S&P 500 Index | 2,500.00 USD | 6/7/19 | (1 | ) | $ | (100 | ) | $ | (925 | ) | $ | (1,847 | ) | $ | 922 | |||||||||||||
S&P 500 Index | 2,625.00 USD | 6/7/19 | (3 | ) | (300 | ) | (5,500 | ) | (9,892 | ) | 4,392 | |||||||||||||||||
S&P 500 Index | 2,500.00 USD | 6/11/19 | (1 | ) | (100 | ) | (1,022 | ) | (1,948 | ) | 926 | |||||||||||||||||
S&P 500 Index | 2,625.00 USD | 6/11/19 | (3 | ) | (300 | ) | (5,911 | ) | (10,192 | ) | 4,281 | |||||||||||||||||
S&P 500 Index | 2,500.00 USD | 6/14/19 | (1 | ) | (100 | ) | (1,103 | ) | (2,047 | ) | 944 | |||||||||||||||||
S&P 500 Index | 2,625.00 USD | 6/14/19 | (3 | ) | (300 | ) | (6,262 | ) | (10,492 | ) | 4,230 | |||||||||||||||||
S&P 500 Index | 2,500.00 USD | 6/17/19 | (1 | ) | (100 | ) | (1,182 | ) | (2,418 | ) | 1,236 | |||||||||||||||||
S&P 500 Index | 2,625.00 USD | 6/17/19 | (3 | ) | (300 | ) | (6,588 | ) | (12,712 | ) | 6,124 | |||||||||||||||||
S&P 500 Index | 2,500.00 USD | 6/19/19 | (1 | ) | (100 | ) | (1,232 | ) | (2,498 | ) | 1,266 | |||||||||||||||||
S&P 500 Index | 2,625.00 USD | 6/19/19 | (3 | ) | (300 | ) | (6,791 | ) | (12,925 | ) | 6,134 | |||||||||||||||||
S&P 500 Index | 2,400.00 USD | 6/21/19 | (1 | ) | (100 | ) | (725 | ) | (2,687 | ) | 1,962 | |||||||||||||||||
S&P 500 Index | 2,525.00 USD | 6/21/19 | (3 | ) | (300 | ) | (4,080 | ) | (13,462 | ) | 9,382 | |||||||||||||||||
S&P 500 Index | 2,550.00 USD | 6/21/19 | (1 | ) | (100 | ) | (1,550 | ) | (1,976 | ) | 426 | |||||||||||||||||
S&P 500 Index | 2,675.00 USD | 6/21/19 | (3 | ) | (300 | ) | (8,955 | ) | (10,936 | ) | 1,981 | |||||||||||||||||
S&P 500 Index | 2,550.00 USD | 6/24/19 | (1 | ) | (100 | ) | (1,716 | ) | (2,097 | ) | 381 | |||||||||||||||||
S&P 500 Index | 2,675.00 USD | 6/24/19 | (3 | ) | (300 | ) | (9,314 | ) | (11,092 | ) | 1,778 | |||||||||||||||||
S&P 500 Index | 2,550.00 USD | 6/26/19 | (1 | ) | (100 | ) | (1,774 | ) | (2,148 | ) | 374 | |||||||||||||||||
S&P 500 Index | 2,675.00 USD | 6/26/19 | (3 | ) | (300 | ) | (9,547 | ) | (11,392 | ) | 1,845 | |||||||||||||||||
S&P 500 Index | 2,500.00 USD | 6/28/19 | (1 | ) | (100 | ) | (1,390 | ) | (2,753 | ) | 1,363 | |||||||||||||||||
S&P 500 Index | 2,625.00 USD | 6/28/19 | (3 | ) | (300 | ) | (7,725 | ) | (13,723 | ) | 5,998 | |||||||||||||||||
S&P 500 Index | 1,850.00 USD | 9/20/19 | (4 | ) | (400 | ) | (1,290 | ) | (14,686 | ) | 13,396 | |||||||||||||||||
S&P 500 Index | 1,900.00 USD | 9/20/19 | (11 | ) | (1,100 | ) | (4,290 | ) | (47,173 | ) | 42,883 | |||||||||||||||||
|
| |||||||||||||||||||||||||||
Total put options |
| $ | (221,758 | ) | $ | (690,163 | ) | $ | 468,405 | |||||||||||||||||||
|
| |||||||||||||||||||||||||||
Total options written contracts |
| $ | (472,761 | ) | $ | (1,005,827 | ) | $ | 533,066 | |||||||||||||||||||
|
|
(e) At March 31, 2019, the Fund pledged $231,690 in cash as collateral for options written.
Glossary:
CBOE—Chicago Board Options Exchange
VIX—Volatility Index
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 187 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
AllianzGI PerformanceFee Structured US Fixed Income Fund
Shares | Value | |||||||
Exchange-Traded Funds—100.2% |
| |||||||
iShares Core U.S. Aggregate Bond (a) | 251,956 | $27,480,841 | ||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—0.5% |
| |||||||
State Street Bank and Trust Co., dated 3/29/19, 0.50%, due 4/1/19, proceeds $149,006; collateralized by U.S. Treasury Notes, 1.875%, due 7/31/22, valued at $153,885 including accrued interest |
| |||||||
(cost—$149,000) | $149 | 149,000 | ||||||
|
| |||||||
Total Options Purchased —0.0% (cost—$31,982) (b)(c)(d) |
| 8,010 | ||||||
|
|
Value | ||||||
Total Investments, before options written(cost—$27,659,615)—100.7% | $ | 27,637,851 | ||||
|
| |||||
Total Options Written—(0.1)% (premiums received—$120,011) (b)(c)(d) | (41,125 | ) | ||||
|
| |||||
Total Investments, net of options written(cost—$27,539,604)—100.6% | 27,596,726 | |||||
|
| |||||
Other liabilities in excess of other assets—(0.6)% | (154,252 | ) | ||||
|
| |||||
Net Assets—100.0% | $27,442,474 | |||||
|
|
Notes to Schedule of Investments:
(a) All or partial amount segregated for the benefit of the counterparty as collateral for options written.
(b)Non-income producing.
(c) Exchange traded-Chicago Board Options Exchange.
(d) Exchange traded option contracts outstanding at March 31, 2019:
Options purchased contracts outstanding at March 31, 2019: | ||||||||||||||||||||||||||||
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Market Value | Cost | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Call options: |
| |||||||||||||||||||||||||||
S&P 500 Index | 291.00 USD | 4/29/19 | 1 | $ | 100 | $ | 102 | $ | 92 | $ | 10 | |||||||||||||||||
S&P 500 Index | 292.00 USD | 4/26/19 | 1 | 100 | 54 | 94 | (40 | ) | ||||||||||||||||||||
S&P 500 Index | 291.00 USD | 5/1/19 | 1 | 100 | 113 | 122 | (9 | ) | ||||||||||||||||||||
S&P 500 Index | 290.00 USD | 5/3/19 | 2 | 200 | 279 | 207 | 72 | |||||||||||||||||||||
S&P 500 Index | 289.00 USD | 5/6/19 | 2 | 200 | 405 | 194 | 211 | |||||||||||||||||||||
S&P 500 Index | 284.00 USD | 5/8/19 | 2 | 200 | 905 | 295 | 610 | |||||||||||||||||||||
S&P 500 Index | 294.00 USD | 5/28/19 | 1 | 100 | 152 | 167 | (15 | ) | ||||||||||||||||||||
S&P 500 Index | 293.00 USD | 5/29/19 | 1 | 100 | 182 | 138 | 44 | |||||||||||||||||||||
S&P 500 Index | 293.00 USD | 5/31/19 | 1 | 100 | 167 | 111 | 56 | |||||||||||||||||||||
S&P 500 Index | 293.00 USD | 6/3/19 | 2 | 200 | 402 | 257 | 145 | |||||||||||||||||||||
S&P 500 Index | 292.00 USD | 6/5/19 | 2 | 200 | 482 | 229 | 253 | |||||||||||||||||||||
S&P 500 Index | 287.00 USD | 6/7/19 | 2 | 200 | 930 | 343 | 587 | |||||||||||||||||||||
|
| |||||||||||||||||||||||||||
Total call options |
| $ | 4,173 | $ | 2,249 | $ | 1,924 | |||||||||||||||||||||
|
| |||||||||||||||||||||||||||
Put options: |
| |||||||||||||||||||||||||||
S&P 500 Index | 1,700.00 USD | 4/1/19 | 9 | $ | 900 | $ | 90 | $ | 169 | $ | (79 | ) | ||||||||||||||||
S&P 500 Index | 1,700.00 USD | 4/3/19 | 6 | 600 | 60 | 100 | (40 | ) | ||||||||||||||||||||
S&P 500 Index | 1,550.00 USD | 4/5/19 | 5 | 500 | 50 | 68 | (18 | ) | ||||||||||||||||||||
S&P 500 Index | 1,600.00 USD | 4/5/19 | 28 | 2,800 | 280 | 427 | (147 | ) | ||||||||||||||||||||
S&P 500 Index | 1,650.00 USD | 4/5/19 | 6 | 600 | 60 | 100 | (40 | ) | ||||||||||||||||||||
S&P 500 Index | 1,700.00 USD | 4/5/19 | 2 | 200 | 20 | 33 | (13 | ) | ||||||||||||||||||||
S&P 500 Index | 1,500.00 USD | 4/12/19 | 5 | 500 | 62 | 82 | (20 | ) | ||||||||||||||||||||
S&P 500 Index | 1,700.00 USD | 4/12/19 | 4 | 400 | 50 | 65 | (15 | ) | ||||||||||||||||||||
S&P 500 Index | 1,725.00 USD | 4/12/19 | 7 | 700 | 87 | 113 | (26 | ) | ||||||||||||||||||||
S&P 500 Index | 1,775.00 USD | 4/12/19 | 7 | 700 | 87 | 148 | (61 | ) | ||||||||||||||||||||
S&P 500 Index | 1,850.00 USD | 4/15/19 | 1 | 100 | 10 | 16 | (6 | ) | ||||||||||||||||||||
S&P 500 Index | 2,350.00 USD | 4/18/19 | 2 | 200 | 65 | 2,503 | (2,438 | ) | ||||||||||||||||||||
S&P 500 Index | 2,410.00 USD | 4/18/19 | 1 | 100 | 48 | 3,210 | (3,162 | ) | ||||||||||||||||||||
S&P 500 Index | 1,700.00 USD | 4/18/19 | 30 | 3,000 | 375 | 337 | 38 | |||||||||||||||||||||
S&P 500 Index | 1,800.00 USD | 4/18/19 | 8 | 800 | 100 | 130 | (30 | ) | ||||||||||||||||||||
S&P 500 Index | 1,850.00 USD | 4/18/19 | 8 | 800 | 80 | 125 | (45 | ) | ||||||||||||||||||||
S&P 500 Index | 1,900.00 USD | 4/18/19 | 3 | 300 | 38 | 49 | (11 | ) | ||||||||||||||||||||
S&P 500 Index | 2,175.00 USD | 4/18/19 | 2 | 200 | 35 | 2,176 | (2,141 | ) | ||||||||||||||||||||
S&P 500 Index | 1,700.00 USD | 4/22/19 | 30 | 3,000 | 375 | 337 | 38 | |||||||||||||||||||||
S&P 500 Index | 1,800.00 USD | 4/22/19 | 1 | 100 | 13 | 17 | (4 | ) | ||||||||||||||||||||
S&P 500 Index | 1,700.00 USD | 4/26/19 | 18 | 1,800 | 270 | 217 | 53 | |||||||||||||||||||||
S&P 500 Index | 1,750.00 USD | 4/26/19 | 1 | 100 | 10 | 16 | (6 | ) |
188 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Options purchased contracts outstanding at March 31, 2019 (continued): | ||||||||||||||||||||||||||||
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Market Value | Cost | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Put options (continued): |
| |||||||||||||||||||||||||||
S&P 500 Index | 1,800.00 USD | 4/26/19 | 14 | 1,400 | 210 | 232 | (22 | ) | ||||||||||||||||||||
S&P 500 Index | 2,175.00 USD | 4/30/19 | 2 | 200 | 75 | 2,580 | (2,505 | ) | ||||||||||||||||||||
S&P 500 Index | 2,350.00 USD | 4/30/19 | 2 | 200 | 155 | 5,597 | (5,442 | ) | ||||||||||||||||||||
S&P 500 Index | 2,410.00 USD | 4/30/19 | 1 | 100 | 105 | 3,618 | (3,513 | ) | ||||||||||||||||||||
S&P 500 Index | 2,550.00 USD | 4/30/19 | 1 | 100 | 260 | 6,599 | (6,339 | ) | ||||||||||||||||||||
S&P 500 Index | 281.00 USD | 5/8/19 | 2 | 200 | 767 | 669 | 98 | |||||||||||||||||||||
|
| |||||||||||||||||||||||||||
Total put options |
| $ | 3,837 | $ | 29,733 | $ | (25,896 | ) | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||
Total options purchased contracts |
| $ | 8,010 | $ | 31,982 | $ | (23,972 | ) | ||||||||||||||||||||
|
|
Options written contracts outstanding at March 31, 2019: | ||||||||||||||||||||||||||||
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Market Value | Premiums Received | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Call options: |
| |||||||||||||||||||||||||||
CBOE SPX Volatility Index | 20.00 USD | 4/3/19 | (8 | ) | $ | (800 | ) | $ | (36 | ) | $ | (371 | ) | $ | 335 | |||||||||||||
CBOE SPX Volatility Index | 21.00 USD | 4/3/19 | (4 | ) | (400 | ) | (40 | ) | (162 | ) | 122 | |||||||||||||||||
CBOE SPX Volatility Index | 20.00 USD | 4/10/19 | (98 | ) | (9,800 | ) | (1,666 | ) | (4,009 | ) | 2,343 | |||||||||||||||||
CBOE SPX Volatility Index | 21.00 USD | 4/17/19 | (58 | ) | (5,800 | ) | (1,885 | ) | (2,662 | ) | 777 | |||||||||||||||||
CBOE SPX Volatility Index | 22.00 USD | 4/17/19 | (13 | ) | (1,300 | ) | (358 | ) | (752 | ) | 394 | |||||||||||||||||
CBOE SPX Volatility Index | 23.00 USD | 4/17/19 | (60 | ) | (6,000 | ) | (1,500 | ) | (2,905 | ) | 1,405 | |||||||||||||||||
CBOE SPX Volatility Index | 24.00 USD | 4/17/19 | (28 | ) | (2,800 | ) | (630 | ) | (1,538 | ) | 908 | |||||||||||||||||
CBOE SPX Volatility Index | 25.00 USD | 4/17/19 | (40 | ) | (4,000 | ) | (700 | ) | (2,371 | ) | 1,671 | |||||||||||||||||
CBOE SPX Volatility Index | 26.00 USD | 4/17/19 | (46 | ) | (4,600 | ) | (805 | ) | (2,767 | ) | 1,962 | |||||||||||||||||
CBOE SPX Volatility Index | 35.00 USD | 4/17/19 | (32 | ) | (3,200 | ) | (240 | ) | (2,189 | ) | 1,949 | |||||||||||||||||
CBOE SPX Volatility Index | 37.50 USD | 4/17/19 | (15 | ) | (1,500 | ) | (113 | ) | (1,177 | ) | 1,064 | |||||||||||||||||
CBOE SPX Volatility Index | 21.00 USD | 4/24/19 | (44 | ) | (4,400 | ) | (2,310 | ) | (1,822 | ) | (488 | ) | ||||||||||||||||
CBOE SPX Volatility Index | 23.00 USD | 4/24/19 | (44 | ) | (4,400 | ) | (1,760 | ) | (2,306 | ) | 546 | |||||||||||||||||
CBOE SPX Volatility Index | 25.00 USD | 5/22/19 | (8 | ) | (800 | ) | (420 | ) | (483 | ) | 63 | |||||||||||||||||
CBOE SPX Volatility Index | 26.00 USD | 5/22/19 | (17 | ) | (1,700 | ) | (808 | ) | (1,013 | ) | 205 | |||||||||||||||||
CBOE SPX Volatility Index | 27.00 USD | 5/22/19 | (20 | ) | (2,000 | ) | (850 | ) | (1,108 | ) | 258 | |||||||||||||||||
CBOE SPX Volatility Index | 30.00 USD | 5/22/19 | (12 | ) | (1,200 | ) | (390 | ) | (597 | ) | 207 | |||||||||||||||||
iPATH S&P 500 VIX Short-Term | 42.00 USD | 4/1/19 | (4 | ) | (400 | ) | — | (142 | ) | 142 | ||||||||||||||||||
iPATH S&P 500 VIX Short-Term | 40.00 USD | 4/3/19 | (4 | ) | (400 | ) | — | (209 | ) | 209 | ||||||||||||||||||
iPATH S&P 500 VIX Short-Term | 40.00 USD | 4/10/19 | (4 | ) | (400 | ) | (11 | ) | (205 | ) | 194 | |||||||||||||||||
iPATH S&P 500 VIX Short-Term | 42.00 USD | 4/11/19 | (4 | ) | (400 | ) | (7 | ) | (254 | ) | 247 | |||||||||||||||||
iPATH S&P 500 VIX Short-Term | 40.00 USD | 4/15/19 | (5 | ) | (500 | ) | (36 | ) | (237 | ) | 201 | |||||||||||||||||
iPATH S&P 500 VIX Short-Term | 43.00 USD | 4/18/19 | (9 | ) | (900 | ) | (68 | ) | (355 | ) | 287 | |||||||||||||||||
Russell 2000 Index | 1,670.00 USD | 4/18/19 | (1 | ) | (100 | ) | (23 | ) | (537 | ) | 514 | |||||||||||||||||
Russell 2000 Index | 1,680.00 USD | 4/30/19 | (1 | ) | (100 | ) | (38 | ) | (573 | ) | 535 | |||||||||||||||||
S&P 500 Index | 301.00 USD | 4/26/19 | (3 | ) | (300 | ) | (7 | ) | (34 | ) | 27 | |||||||||||||||||
S&P 500 Index | 299.00 USD | 4/29/19 | (3 | ) | (300 | ) | (44 | ) | (43 | ) | (1 | ) | ||||||||||||||||
S&P 500 Index | 2,920.00 USD | 4/30/19 | (2 | ) | (200 | ) | (1,250 | ) | (1,615 | ) | 365 | |||||||||||||||||
S&P 500 Index | 300.00 USD | 5/1/19 | (3 | ) | (300 | ) | (41 | ) | (55 | ) | 14 | |||||||||||||||||
S&P 500 Index | 299.00 USD | 5/3/19 | (6 | ) | (600 | ) | (123 | ) | (74 | ) | (49 | ) | ||||||||||||||||
S&P 500 Index | 298.00 USD | 5/6/19 | (6 | ) | (600 | ) | (187 | ) | (74 | ) | (113 | ) | ||||||||||||||||
S&P 500 Index | 292.00 USD | 5/8/19 | (2 | ) | (200 | ) | (244 | ) | (41 | ) | (203 | ) | ||||||||||||||||
S&P 500 Index | 303.00 USD | 5/28/19 | (3 | ) | (300 | ) | (95 | ) | (103 | ) | 8 | |||||||||||||||||
S&P 500 Index | 301.00 USD | 5/29/19 | (3 | ) | (300 | ) | (139 | ) | (109 | ) | (30 | ) | ||||||||||||||||
S&P 500 Index | 302.00 USD | 5/31/19 | (3 | ) | (300 | ) | (90 | ) | (118 | ) | 28 | |||||||||||||||||
S&P 500 Index | 301.00 USD | 6/3/19 | (6 | ) | (600 | ) | (326 | ) | (171 | ) | (155 | ) | ||||||||||||||||
S&P 500 Index | 300.00 USD | 6/5/19 | (6 | ) | (600 | ) | (408 | ) | (158 | ) | (250 | ) | ||||||||||||||||
S&P 500 Index | 295.00 USD | 6/7/19 | (6 | ) | (600 | ) | (968 | ) | (254 | ) | (714 | ) | ||||||||||||||||
|
| |||||||||||||||||||||||||||
Total call options |
| $ | (18,616 | ) | $ | (33,593 | ) | $ | 14,977 | |||||||||||||||||||
|
|
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 189 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Options written contracts outstanding at March 31, 2019 (continued): | ||||||||||||||||||||||||||||
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Market Value | Premiums Received | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Put options: |
| |||||||||||||||||||||||||||
S&P 500 Index | 2,495.00 USD | 4/12/19 | (1 | ) | $ | (100 | ) | $ | (35 | ) | $ | (512 | ) | $ | 477 | |||||||||||||
S&P 500 Index | 2,510.00 USD | 4/12/19 | (1 | ) | (100 | ) | (40 | ) | (387 | ) | 347 | |||||||||||||||||
S&P 500 Index | 2,515.00 USD | 4/12/19 | (1 | ) | (100 | ) | (40 | ) | (557 | ) | 517 | |||||||||||||||||
S&P 500 Index | 2,520.00 USD | 4/12/19 | (2 | ) | (200 | ) | (80 | ) | (1,440 | ) | 1,360 | |||||||||||||||||
S&P 500 Index | 2,525.00 USD | 4/12/19 | (1 | ) | (100 | ) | (42 | ) | (742 | ) | 700 | |||||||||||||||||
S&P 500 Index | 2,530.00 USD | 4/12/19 | (1 | ) | (100 | ) | (45 | ) | (628 | ) | 583 | |||||||||||||||||
S&P 500 Index | 2,540.00 USD | 4/12/19 | (1 | ) | (100 | ) | (45 | ) | (728 | ) | 683 | |||||||||||||||||
S&P 500 Index | 2,560.00 USD | 4/12/19 | (1 | ) | (100 | ) | (55 | ) | (673 | ) | 618 | |||||||||||||||||
S&P 500 Index | 2,300.00 USD | 4/18/19 | (3 | ) | (300 | ) | (82 | ) | (4,558 | ) | 4,476 | |||||||||||||||||
S&P 500 Index | 2,440.00 USD | 4/18/19 | (1 | ) | (100 | ) | (52 | ) | (608 | ) | 556 | |||||||||||||||||
S&P 500 Index | 2,450.00 USD | 4/18/19 | (4 | ) | (400 | ) | (230 | ) | (12,025 | ) | 11,795 | |||||||||||||||||
S&P 500 Index | 2,455.00 USD | 4/18/19 | (1 | ) | (100 | ) | (57 | ) | (717 | ) | 660 | |||||||||||||||||
S&P 500 Index | 2,490.00 USD | 4/18/19 | (1 | ) | (100 | ) | (72 | ) | (592 | ) | 520 | |||||||||||||||||
S&P 500 Index | 2,495.00 USD | 4/18/19 | (1 | ) | (100 | ) | (72 | ) | (537 | ) | 465 | |||||||||||||||||
S&P 500 Index | 2,505.00 USD | 4/18/19 | (1 | ) | (100 | ) | (77 | ) | (477 | ) | 400 | |||||||||||||||||
S&P 500 Index | 2,515.00 USD | 4/18/19 | (2 | ) | (200 | ) | (165 | ) | (1,519 | ) | 1,354 | |||||||||||||||||
S&P 500 Index | 2,525.00 USD | 4/18/19 | (1 | ) | (100 | ) | (87 | ) | (717 | ) | 630 | |||||||||||||||||
S&P 500 Index | 2,500.00 USD | 4/26/19 | (1 | ) | (100 | ) | (148 | ) | (627 | ) | 479 | |||||||||||||||||
S&P 500 Index | 2,625.00 USD | 4/26/19 | (1 | ) | (100 | ) | (400 | ) | (495 | ) | 95 | |||||||||||||||||
S&P 500 Index | 2,275.00 USD | 4/30/19 | (1 | ) | (100 | ) | (57 | ) | (519 | ) | 462 | |||||||||||||||||
S&P 500 Index | 2,300.00 USD | 4/30/19 | (3 | ) | (300 | ) | (188 | ) | (6,714 | ) | 6,526 | |||||||||||||||||
S&P 500 Index | 2,370.00 USD | 4/30/19 | (1 | ) | (100 | ) | (85 | ) | (579 | ) | 494 | |||||||||||||||||
S&P 500 Index | 2,430.00 USD | 4/30/19 | (1 | ) | (100 | ) | (118 | ) | (696 | ) | 578 | |||||||||||||||||
S&P 500 Index | 2,435.00 USD | 4/30/19 | (1 | ) | (100 | ) | (123 | ) | (548 | ) | 425 | |||||||||||||||||
S&P 500 Index | 2,450.00 USD | 4/30/19 | (3 | ) | (300 | ) | (398 | ) | (12,880 | ) | 12,482 | |||||||||||||||||
S&P 500 Index | 2,615.00 USD | 4/30/19 | (1 | ) | (100 | ) | (445 | ) | (527 | ) | 82 | |||||||||||||||||
S&P 500 Index | 2,350.00 USD | 5/3/19 | (1 | ) | (100 | ) | (98 | ) | (598 | ) | 500 | |||||||||||||||||
S&P 500 Index | 272.00 USD | 5/8/19 | (4 | ) | (400 | ) | (723 | ) | (625 | ) | (98 | ) | ||||||||||||||||
S&P 500 Index | 2,180.00 USD | 5/17/19 | (1 | ) | (100 | ) | (103 | ) | (708 | ) | 605 | |||||||||||||||||
S&P 500 Index | 2,050.00 USD | 5/31/19 | (1 | ) | (100 | ) | (100 | ) | (4,412 | ) | 4,312 | |||||||||||||||||
S&P 500 Index | 2,140.00 USD | 5/31/19 | (1 | ) | (100 | ) | (135 | ) | (738 | ) | 603 | |||||||||||||||||
S&P 500 Index | 244.00 USD | 6/21/19 | (8 | ) | (800 | ) | (696 | ) | (1,230 | ) | 534 | |||||||||||||||||
S&P 500 Index | 245.00 USD | 6/21/19 | (8 | ) | (800 | ) | (728 | ) | (1,310 | ) | 582 | |||||||||||||||||
S&P 500 Index | 247.00 USD | 6/21/19 | (8 | ) | (800 | ) | (808 | ) | (1,075 | ) | 267 | |||||||||||||||||
S&P 500 Index | 250.00 USD | 6/21/19 | (8 | ) | (800 | ) | (944 | ) | (1,059 | ) | 115 | |||||||||||||||||
S&P 500 Index | 251.00 USD | 6/21/19 | (8 | ) | (800 | ) | (992 | ) | (1,083 | ) | 91 | |||||||||||||||||
S&P 500 Index | 252.00 USD | 6/21/19 | (8 | ) | (800 | ) | (1,044 | ) | (1,123 | ) | 79 | |||||||||||||||||
S&P 500 Index | 245.00 USD | 6/28/19 | (8 | ) | (800 | ) | (844 | ) | (1,198 | ) | 354 | |||||||||||||||||
S&P 500 Index | 250.00 USD | 6/28/19 | (8 | ) | (800 | ) | (1,076 | ) | (1,110 | ) | 34 | |||||||||||||||||
S&P 500 Index | 235.00 USD | 9/20/19 | (10 | ) | (1,000 | ) | (2,010 | ) | (2,204 | ) | 194 | |||||||||||||||||
S&P 500 Index | 239.00 USD | 9/20/19 | (9 | ) | (900 | ) | (2,084 | ) | (1,933 | ) | (151 | ) | ||||||||||||||||
S&P 500 Index | 1,900.00 USD | 9/20/19 | (2 | ) | (200 | ) | (780 | ) | (8,577 | ) | 7,797 | |||||||||||||||||
S&P 500 Index | 233.00 USD | 9/30/19 | (10 | ) | (1,000 | ) | (2,020 | ) | (2,258 | ) | 238 | |||||||||||||||||
S&P 500 Index | 225.00 USD | 12/20/19 | (5 | ) | (500 | ) | (1,280 | ) | (1,357 | ) | 77 | |||||||||||||||||
S&P 500 Index | 230.00 USD | 12/20/19 | (5 | ) | (500 | ) | (1,483 | ) | (1,374 | ) | (109 | ) | ||||||||||||||||
S&P 500 Index | 225.00 USD | 12/31/19 | (5 | ) | (500 | ) | (1,323 | ) | (1,444 | ) | 121 | |||||||||||||||||
|
| |||||||||||||||||||||||||||
Total put options |
| $ | (22,509 | ) | $ | (86,418 | ) | $ | 63,909 | |||||||||||||||||||
|
| |||||||||||||||||||||||||||
Total options written contracts |
| $ | (41,125 | ) | $ | (120,011 | ) | $ | 78,886 | |||||||||||||||||||
|
|
(e) At March 31, 2019, the Fund pledged $80,330 in cash as collateral for options written.
Glossary:
CBOE—Chicago Board Options Exchange
VIX—Volatility Index
190 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
AllianzGI Preferred Securities and Income Fund
Principal Amount (000s) | Value | |||||||
Corporate Bonds & Notes—82.3% |
| |||||||
Banks—47.1% |
| |||||||
Bank of America Corp., 3 mo. LIBOR + 3.898%, Ser. AA (c)(d), |
| |||||||
6.10%, 3/17/25 | $365 | $386,727 | ||||||
Bank of New York Mellon Corp., Ser. E, (converts to FRN on 6/20/20) (c)(d), |
| |||||||
4.95%, 6/20/20 | 485 | 490,258 | ||||||
Barclays PLC, (converts to FRN on 6/15/24) (c)(d), |
| |||||||
8.00%, 6/15/24 | 585 | 599,727 | ||||||
Citigroup, Inc., Ser. P, (converts to FRN on 5/15/25) (c)(d), |
| |||||||
5.95%, 5/15/25 | 620 | 632,986 | ||||||
Citizens Financial Group, Inc., Ser. B, (converts to FRN on 7/6/23) (c)(d), |
| |||||||
6.00%, 7/6/23 | 380 | 378,014 | ||||||
Fifth Third Bancorp, (converts to FRN on 6/30/23) (c)(d), |
| |||||||
5.10%, 6/30/23 | 220 | 210,975 | ||||||
First Maryland Capital II, 3 mo. LIBOR + 0.850% (d), |
| |||||||
3.586%, 2/1/27 | 698 | 647,395 | ||||||
Huntington Bancshares, Inc., Ser. E, (converts to FRN on 4/15/23) (c)(d), |
| |||||||
5.70%, 4/15/23 | 355 | 346,333 | ||||||
JPMorgan Chase & Co., 3 mo. LIBOR + 0.950% (d), |
| |||||||
3.688%, 1/15/87 | 680 | 578,850 | ||||||
KeyCorp, Ser. D, (converts to FRN on 9/15/26) (c)(d), |
| |||||||
5.00%, 9/15/26 | 685 | 670,639 | ||||||
Lloyds Banking Group PLC, (converts to FRN on 9/27/25) (c)(d), |
| |||||||
7.50%, 9/27/25 | 200 | 203,129 | ||||||
NTC Capital II, 3 mo. LIBOR + 0.590%, Ser. B (d), |
| |||||||
3.377%, 4/15/27 | 380 | 352,450 | ||||||
SunTrust Capital I, 3 mo. LIBOR + 0.670%, Ser. A (d), |
| |||||||
3.35%, 5/15/27 | 330 | 308,550 | ||||||
U.S. Bancorp, Ser. J, (converts to FRN on 4/15/27) (c)(d), |
| |||||||
5.30%, 4/15/27 | 640 | 652,140 | ||||||
Wells Fargo & Co., Ser. S, (converts to FRN on 6/15/24) (c)(d), |
| |||||||
5.90%, 6/15/24 | 450 | 463,500 | ||||||
|
| |||||||
6,921,673 | ||||||||
|
| |||||||
Diversified Financial Services—5.5% |
| |||||||
American Express Co., Ser. C, (converts to FRN on 3/15/20) (c)(d), |
| |||||||
4.90%, 3/15/20 | 260 | 258,863 | ||||||
Capital One Financial Corp., Ser. E, (converts to FRN on 6/1/20) (c)(d), |
| |||||||
5.55%, 6/1/20 | 220 | 223,345 | ||||||
Discover Financial Services, Ser. C, (converts to FRN on 10/30/27) (c)(d), |
| |||||||
5.50%, 10/30/27 | 340 | 323,501 | ||||||
|
| |||||||
805,709 | ||||||||
|
| |||||||
Electric Utilities—4.9% |
| |||||||
Emera, Inc., Ser.16-A, (converts to FRN on 6/15/26) (d), |
| |||||||
6.75%, 6/15/76 | 290 | 310,300 | ||||||
NextEra Energy Capital Holdings, Inc., (converts to FRN on 12/1/27) (d), |
| |||||||
4.80%, 12/1/77 | 460 | 412,131 | ||||||
|
| |||||||
722,431 | ||||||||
|
| |||||||
Insurance—8.3% |
| |||||||
Lincoln National Corp., 3 mo. LIBOR + 2.358% (d), |
| |||||||
5.04%, 5/17/66 | 275 | 238,047 | ||||||
MetLife, Inc. (a)(b), |
| |||||||
9.25%, 4/8/38 | 195 | 262,763 |
Principal | Value | |||||||
Progressive Corp., Ser. B, (converts to FRN on 3/15/23) (c)(d), |
| |||||||
5.375%, 3/15/23 | $225 | $223,875 | ||||||
Prudential Financial, Inc., (converts to FRN on 9/15/28) (d), |
| |||||||
5.70%, 9/15/48 | 265 | 264,857 | ||||||
Voya Financial, Inc., (converts to FRN on 1/23/28) (d), |
| |||||||
4.70%, 1/23/48 | 260 | 224,439 | ||||||
|
| |||||||
1,213,981 | ||||||||
|
| |||||||
Media—1.7% |
| |||||||
NBCUniversal Enterprise, Inc. (a)(b)(c), |
| |||||||
5.25%, 3/19/21 | 240 | 244,800 | ||||||
|
| |||||||
Mining—3.1% |
| |||||||
BHP Billiton Finance USA Ltd., (converts to FRN on 10/20/25) (a)(b)(d), |
| |||||||
6.75%, 10/19/75 | 415 | 459,469 | ||||||
|
| |||||||
Miscellaneous Manufacturing—5.4% |
| |||||||
General Electric Co., Ser. D, (converts to FRN on 1/21/21) (c)(d), |
| |||||||
5.00%, 1/21/21 | 855 | 798,891 | ||||||
|
| |||||||
Pipelines—5.4% |
| |||||||
Plains All American Pipeline L.P., Ser. B, (converts to FRN on 11/15/22) (c)(d), |
| |||||||
6.125%, 11/15/22 | 625 | 586,860 | ||||||
Transcanada Trust, Ser.16-A, (converts to FRN on 8/15/26) (d), |
| |||||||
5.875%, 8/15/76 | 210 | 213,150 | ||||||
|
| |||||||
800,010 | ||||||||
|
| |||||||
Transportation—0.9% |
| |||||||
BNSF Funding Trust I, (converts to FRN on 1/15/26) (d), |
| |||||||
6.613%, 12/15/55 | 125 | 135,625 | ||||||
|
| |||||||
Total Corporate Bonds & Notes (cost—$12,014,904) |
| 12,102,589 | ||||||
|
| |||||||
Shares | ||||||||
Preferred Stock—9.5% |
| |||||||
Banks—3.8% |
| |||||||
Bank of America Corp., Ser. HH | 7,084 | 183,617 | ||||||
Citizens Financial Group, Inc., Ser. D (c)(d) | 7,095 | 186,244 | ||||||
Wells Fargo & Co., Ser. Q (c)(d) | 7,028 | 183,079 | ||||||
|
| |||||||
552,940 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs)—2.1% |
| |||||||
Public Storage, Ser. W | 12,746 | 312,914 | ||||||
|
| |||||||
Insurance—3.6% |
| |||||||
Allstate Corp. (d) | 5,530 | 141,126 | ||||||
Arch Capital Group Ltd., Ser. F | 15,938 | 386,337 | ||||||
|
| |||||||
527,463 | ||||||||
|
| |||||||
Total Preferred Stock (cost—$1,318,512) |
| 1,393,317 | ||||||
|
|
Shares | Value | |||||||
Convertible Preferred Stock (c)(d)—6.4% |
| |||||||
Banks—6.4% |
| |||||||
Regions Financial Corp., Ser. B, (converts to FRN on 9/15/24), |
| |||||||
6.375%, 9/15/24 | 9,767 | $ | 261,365 | |||||
State Street Corp., Ser. G, (converts to FRN on 3/15/26), |
| |||||||
5.35%, 3/15/26 | 10,215 | 260,278 | ||||||
Synovus Financial Corp., Ser. D, (converts to FRN on 6/21/23), |
| |||||||
6.30%, 6/21/23 | 16,419 | 425,581 | ||||||
|
| |||||||
Total Convertible Preferred Stock (cost—$940,274) |
| 947,224 | ||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—0.8% |
| |||||||
State Street Bank and Trust Co., dated 3/29/19, 0.50%, due 4/1/19, proceeds $125,005; collateralized by U.S. Treasury Notes, 1.875%, due 7/31/22, valued at $129,065 including accrued interest |
| |||||||
(cost—$125,000) | $125 | 125,000 | ||||||
|
| |||||||
Total Investments (cost—$14,398,690)—99.0% |
| 14,568,130 | ||||||
|
| |||||||
Other assets less liabilities (e)—1.0% | 143,766 | |||||||
|
| |||||||
Net Assets—100.0% |
| $14,711,896 | ||||||
|
|
Notes to Schedule of Investments:
(a) Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $967,032, representing 6.6% of net assets.
(b) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $967,032, representing 6.6% 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, 2019.
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 191 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
(e) Includes net unrealized appreciation (depreciation) of other financial instruments as follows:
Credit default swaps agreements outstanding at March 31, 2019: | ||||||||||||||||||||||||||||||||
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 Received | Unrealized Depreciation | ||||||||||||||||||||||||
Goldman Sachs (ICE): | ||||||||||||||||||||||||||||||||
CDX.NA.HY.32 Index | $ | 440 | 3.50 | % | 6/20/24 | (5.00 | )% | Quarterly | $ | (29,856 | ) | $ | (29,227 | ) | $ | (629 | ) |
(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, 2019 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, 2019, the Fund pledged $19,681 in cash as collateral for swap contracts.
Glossary:
CDX—Credit Derivatives Index
FRN—Floating Rate Note
ICE—Intercontinental Exchange
LIBOR—London Inter-Bank Offered Rate
192 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
AllianzGI Short Duration High Income Fund
Principal Amount (000s) | Value | |||||||
Corporate Bonds & Notes—79.3% |
| |||||||
Advertising—1.5% |
| |||||||
Lamar Media Corp., |
| |||||||
5.00%, 5/1/23 | $14,803 | $15,080,556 | ||||||
Outfront Media Capital LLC, |
| |||||||
5.25%, 2/15/22 | 2,500 | 2,534,375 | ||||||
|
| |||||||
17,614,931 | ||||||||
|
| |||||||
Auto Components—0.4% |
| |||||||
Goodyear Tire & Rubber Co., |
| |||||||
5.125%, 11/15/23 | 5,100 | 5,112,750 | ||||||
|
| |||||||
Auto Manufacturers—0.6% |
| |||||||
Ford Motor Credit Co. LLC, |
| |||||||
2.681%, 1/9/20 | 3,000 | 2,987,370 | ||||||
General Motors Financial Co., Inc., 3 mo.USD-LIBOR+ 0.930% (d), |
| |||||||
3.727%, 4/13/20 | 4,000 | 4,006,736 | ||||||
|
| |||||||
6,994,106 | ||||||||
|
| |||||||
Banks—0.9% |
| |||||||
CIT Group, Inc., |
| |||||||
5.00%, 8/15/22 | 10,722 | 11,191,088 | ||||||
|
| |||||||
Biotechnology—0.5% |
| |||||||
Amgen, Inc., |
| |||||||
4.10%, 6/15/21 | 6,260 | 6,436,723 | ||||||
|
| |||||||
Coal—0.7% |
| |||||||
Cloud Peak Energy Resources LLC, |
| |||||||
12.00%, 11/1/21 | 40,020 | 8,404,200 | ||||||
|
| |||||||
Commercial Services—3.3% |
| |||||||
APX Group, Inc., |
| |||||||
7.875%, 12/1/22 | 9,795 | 9,867,483 | ||||||
Herc Rentals, Inc. (a)(c), |
| |||||||
7.50%, 6/1/22 | 9,050 | 9,457,250 | ||||||
7.75%, 6/1/24 | 18,279 | 19,444,286 | ||||||
|
| |||||||
38,769,019 | ||||||||
|
| |||||||
Computers—0.9% |
| |||||||
NCR Corp., |
| |||||||
5.875%, 12/15/21 | 3,461 | 3,532,124 | ||||||
6.375%, 12/15/23 | 7,150 | 7,369,362 | ||||||
|
| |||||||
10,901,486 | ||||||||
|
| |||||||
Consumer Finance—2.1% |
| |||||||
Prime Security Services Borrower LLC (a)(c), |
| |||||||
9.25%, 5/15/23 | 24,185 | 25,454,712 | ||||||
|
| |||||||
Containers & Packaging—3.5% |
| |||||||
Berry Global, Inc., |
| |||||||
6.00%, 10/15/22 | 14,510 | 14,981,575 | ||||||
Reynolds Group Issuer, Inc., |
| |||||||
5.75%, 10/15/20 | 11,775 | 11,804,095 | ||||||
3 mo. LIBOR + 3.500%, 6.287%, 7/15/21 (a)(c)(d) | 8,000 | 8,050,000 | ||||||
6.875%, 2/15/21 | 6,324 | 6,355,928 | ||||||
|
| |||||||
41,191,598 | ||||||||
|
| |||||||
Diversified Financial Services—2.9% |
| |||||||
Aircastle Ltd., |
| |||||||
6.25%, 12/1/19 | 4,125 | 4,217,412 | ||||||
Ally Financial, Inc., |
| |||||||
8.00%, 3/15/20 | 13,000 | 13,617,500 | ||||||
Fly Leasing Ltd., |
| |||||||
6.375%, 10/15/21 | 10,125 | 10,276,875 | ||||||
International Lease Finance Corp., |
| |||||||
6.25%, 5/15/19 | 6,295 | 6,316,844 | ||||||
|
| |||||||
34,428,631 | ||||||||
|
|
Principal | Value | |||||||
Electric Utilities—2.4% |
| |||||||
AES Corp., 4.00%, 3/15/21 | $ | 2,000 | $ | 2,031,820 | ||||
4.875%, 5/15/23 | 5,000 | 5,081,250 | ||||||
Calpine Corp. (a)(c), |
| |||||||
6.00%, 1/15/22 | 21,133 | 21,449,995 | ||||||
|
| |||||||
28,563,065 | ||||||||
|
| |||||||
Entertainment—1.2% |
| |||||||
International Game Technology PLC (a)(c), |
| |||||||
6.25%, 2/15/22 | 13,850 | 14,455,938 | ||||||
|
| |||||||
Environmental Services—0.8% |
| |||||||
Clean Harbors, Inc., |
| |||||||
5.125%, 6/1/21 | 9,949 | 9,986,309 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs)—3.1% |
| |||||||
Equinix, Inc., |
| |||||||
5.375%, 4/1/23 | 33,784 | 34,501,910 | ||||||
Starwood Property Trust, Inc., |
| |||||||
3.625%, 2/1/21 | 2,000 | 1,997,500 | ||||||
|
| |||||||
36,499,410 | ||||||||
|
| |||||||
Food & Beverage—0.2% |
| |||||||
Anheuser-Busch InBev Worldwide, Inc., 3 mo. LIBOR + 0.740% (d), |
| |||||||
3.537%, 1/12/24 | 2,000 | 1,992,939 | ||||||
|
| |||||||
Food Service—0.3% |
| |||||||
Aramark Services, Inc., |
| |||||||
5.125%, 1/15/24 | 3,000 | 3,093,750 | ||||||
|
| |||||||
Hand/Machine Tools—0.7% |
| |||||||
Colfax Corp. (a)(c), |
| |||||||
6.00%, 2/15/24 | 8,000 | 8,360,000 | ||||||
|
| |||||||
Healthcare-Products—0.7% |
| |||||||
Fresenius U.S. Finance II, Inc. (a)(c), |
| |||||||
4.25%, 2/1/21 | 7,795 | 7,879,844 | ||||||
|
| |||||||
Healthcare-Services—4.2% |
| |||||||
DaVita, Inc., |
| |||||||
5.75%, 8/15/22 | 39,336 | 40,171,890 | ||||||
HCA, Inc., |
| |||||||
6.50%, 2/15/20 | 10,000 | 10,288,850 | ||||||
|
| |||||||
50,460,740 | ||||||||
|
| |||||||
Holding Companies-Diversified—1.2% |
| |||||||
Nielsen Co. Luxembourg Sarl (a)(c), |
| |||||||
5.50%, 10/1/21 | 13,848 | 13,917,240 | ||||||
|
| |||||||
Home Builders—5.8% |
| |||||||
Brookfield Residential Properties, Inc. (a)(c), |
| |||||||
6.50%, 12/15/20 | 12,088 | 12,103,110 | ||||||
CalAtlantic Group, Inc., |
| |||||||
6.625%, 5/1/20 | 3,000 | 3,090,000 | ||||||
Lennar Corp., |
| |||||||
4.75%, 4/1/21 | 5,483 | 5,599,514 | ||||||
MDC Holdings, Inc., |
| |||||||
5.625%, 2/1/20 | 1,500 | 1,531,875 | ||||||
PulteGroup, Inc., |
| |||||||
4.25%, 3/1/21 | 12,356 | 12,541,340 | ||||||
Taylor Morrison Communities, Inc. (a)(c), |
| |||||||
5.25%, 4/15/21 | 17,806 | 17,855,857 | ||||||
TRI Pointe Group, Inc., |
| |||||||
4.375%, 6/15/19 | 3,000 | 3,011,250 | ||||||
4.875%, 7/1/21 | 13,599 | 13,649,996 | ||||||
|
| |||||||
69,382,942 | ||||||||
|
| |||||||
Industrial Conglomerates—1.4% |
| |||||||
General Electric Co., |
| |||||||
4.625%, 1/7/21 | 4,343 | 4,462,109 | ||||||
4.65%, 10/17/21 | 12,000 | 12,432,947 | ||||||
|
| |||||||
16,895,056 | ||||||||
|
|
Principal | Value | |||||||
Lodging—1.1% |
| |||||||
Choice Hotels International, Inc., |
| |||||||
5.70%, 8/28/20 | $ | 10,135 | $ | 10,507,107 | ||||
MGM Resorts International, |
| |||||||
6.625%, 12/15/21 | 2,500 | 2,678,125 | ||||||
|
| |||||||
13,185,232 | ||||||||
|
| |||||||
Machinery-Diversified—1.7% |
| |||||||
CNH Industrial Capital LLC, |
| |||||||
4.375%, 4/5/22 | 2,675 | 2,751,839 | ||||||
John Deere Capital Corp., | ||||||||
2.15%, 9/8/22 | 3,950 | 3,886,864 | ||||||
3 mo. LIBOR + 0.240%, 2.837%, 3/12/21 (d) | 2,000 | 1,998,145 | ||||||
2.875%, 3/12/21 | 6,000 | 6,031,740 | ||||||
3 mo. LIBOR + 0.480%, 3.075%, 9/8/22 (d) | 5,000 | 4,998,946 | ||||||
|
| |||||||
19,667,534 | ||||||||
|
| |||||||
Media—7.7% |
| |||||||
AMC Networks, Inc., |
| |||||||
4.75%, 12/15/22 | 1,899 | 1,917,990 | ||||||
CCO Holdings LLC, |
| |||||||
5.25%, 9/30/22 | 20,215 | 20,631,934 | ||||||
Clear Channel Worldwide Holdings, Inc. (a)(c), |
| |||||||
9.25%, 2/15/24 | 6,750 | 7,171,875 | ||||||
DISH DBS Corp., |
| |||||||
5.125%, 5/1/20 | 12,250 | 12,357,188 | ||||||
DISH DBS Corp., |
| |||||||
7.875%, 9/1/19 | 8,773 | 8,904,595 | ||||||
Nexstar Broadcasting, Inc., |
| |||||||
5.875%, 11/15/22 | 2,850 | 2,931,938 | ||||||
Quebecor Media, Inc., |
| |||||||
5.75%, 1/15/23 | 1,038 | 1,087,305 | ||||||
Sinclair Television Group, Inc., |
| |||||||
5.375%, 4/1/21 | 14,945 | 14,982,362 | ||||||
6.125%, 10/1/22 | 1,000 | 1,020,000 | ||||||
Univision Communications, Inc. (a)(c), |
| |||||||
5.125%, 5/15/23 | 10,700 | 10,218,500 | ||||||
6.75%, 9/15/22 | 10,434 | 10,642,680 | ||||||
|
| |||||||
91,866,367 | ||||||||
|
| |||||||
Miscellaneous Manufacturing—1.3% |
| |||||||
LSB Industries, Inc. (a)(c), |
| |||||||
9.625%, 5/1/23 | 15,100 | 15,707,020 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels—2.2% |
| |||||||
Kinder Morgan Energy Partners L.P., |
| |||||||
6.50%, 4/1/20 | 2,825 | 2,923,707 | ||||||
Laredo Petroleum, Inc., |
| |||||||
5.625%, 1/15/22 | 6,912 | 6,350,400 | ||||||
Murphy Oil USA, Inc., |
| |||||||
6.00%, 8/15/23 | 2,000 | 2,057,500 | ||||||
Sunoco L.P., Ser. WI, |
| |||||||
4.875%, 1/15/23 | 4,750 | 4,837,400 | ||||||
Tallgrass Energy Partners L.P. (a)(c), |
| |||||||
4.75%, 10/1/23 | 10,000 | 10,096,900 | ||||||
|
| |||||||
26,265,907 | ||||||||
|
| |||||||
Pharmaceuticals—1.5% |
| |||||||
Bausch Health Cos., Inc. (a)(c), |
| |||||||
7.00%, 3/15/24 | 16,823 | 17,840,791 | ||||||
|
| |||||||
Pipelines—1.5% |
| |||||||
Andeavor Logistics L.P., |
| |||||||
6.25%, 10/15/22 | 745 | 768,281 | ||||||
Kinder Morgan, Inc. (a)(c), |
| |||||||
5.00%, 2/15/21 | 5,000 | 5,174,931 | ||||||
Targa Resources Partners L.P., |
| |||||||
5.25%, 5/1/23 | 11,625 | 11,862,615 | ||||||
|
| |||||||
17,805,827 | ||||||||
|
|
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 193 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Principal | Value | |||||||
Real Estate—6.2% |
| |||||||
Iron Mountain, Inc., | ||||||||
6.00%, 8/15/23 | $ | 7,588 | $ | 7,815,640 | ||||
Newmark Group, Inc., | ||||||||
6.125%, 11/15/23 | 10,000 | 10,320,457 | ||||||
Realogy Group LLC (a)(c), |
| |||||||
4.875%, 6/1/23 | 3,500 | 3,272,500 | ||||||
5.25%, 12/1/21 | 33,635 | 33,929,306 | ||||||
SBA Communications Corp., |
| |||||||
4.875%, 7/15/22 | 18,167 | 18,462,214 | ||||||
|
| |||||||
73,800,117 | ||||||||
|
| |||||||
Retail—8.8% |
| |||||||
1011778 BC ULC (a)(c), |
| |||||||
4.625%, 1/15/22 | 7,000 | 7,050,470 | ||||||
Dollar Tree, Inc., |
| |||||||
3.70%, 5/15/23 | 5,000 | 5,078,180 | ||||||
GameStop Corp. (a)(c), |
| |||||||
6.75%, 3/15/21 | 9,075 | 9,165,750 | ||||||
Group 1 Automotive, Inc. (a)(c), |
| |||||||
5.25%, 12/15/23 | 4,250 | 4,292,500 | ||||||
Group 1 Automotive, Inc., |
| |||||||
5.00%, 6/1/22 | 3,140 | 3,159,625 | ||||||
KGA Escrow LLC (a)(c), |
| |||||||
7.50%, 8/15/23 | 7,000 | 7,131,250 | ||||||
Michaels Stores, Inc. (a)(c), |
| |||||||
5.875%, 12/15/20 | 11,580 | 11,608,950 | ||||||
Party City Holdings, Inc. (a)(c), |
| |||||||
6.125%, 8/15/23 | 33,089 | 33,585,335 | ||||||
Penske Automotive Group, Inc., |
| |||||||
5.75%, 10/1/22 | 23,540 | 24,040,225 | ||||||
|
| |||||||
105,112,285 | ||||||||
|
| |||||||
Telecommunications—5.5% |
| |||||||
Hughes Satellite Systems Corp., |
| |||||||
7.625%, 6/15/21 | 15,830 | 17,056,983 | ||||||
Sprint Communications, Inc. (a)(c), |
| |||||||
7.00%, 3/1/20 | 5,750 | 5,915,313 | ||||||
T-Mobile USA, Inc., |
| |||||||
6.00%, 3/1/23 | 3,000 | 3,090,000 | ||||||
6.50%, 1/15/24 | 38,047 | 39,568,880 | ||||||
|
| |||||||
65,631,176 | ||||||||
|
| |||||||
Transportation—2.5% |
| |||||||
Park Aerospace Holdings Ltd. (a)(c), |
| |||||||
5.25%, 8/15/22 | 6,000 | 6,164,400 | ||||||
Penske Truck Leasing Co. L.P. (a)(c), |
| |||||||
2.70%, 3/14/23 | 9,075 | 8,874,011 | ||||||
XPO Logistics, Inc. (a)(c), |
| |||||||
6.75%, 8/15/24 | 14,900 | 15,235,250 | ||||||
|
| |||||||
30,273,661 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes (cost—$973,327,917) |
| 945,142,394 | ||||||
|
| |||||||
Senior Loans(a)(b)—9.2% |
| |||||||
Commercial Services & Supplies—6.0% |
| |||||||
APX Group, Inc., 3 mo. LIBOR + 4.999%, 2018 Term Loan B, |
| |||||||
7.501%, 4/1/24 | 31,825 | 31,129,024 | ||||||
Asurion LLC, | ||||||||
5.499%, 8/4/22, 2017 Term Loan B4 | 14,074 | 14,026,207 | ||||||
8.999%, 8/4/25, 2017 2nd Lien Term Loan | 26,000 | 26,419,770 | ||||||
|
| |||||||
71,575,001 | ||||||||
|
|
Principal | Value | |||||||
Specialty Retail—3.2% |
| |||||||
PetSmart, Inc., 1 mo. LIBOR + 3.000%, Term Loan B2, |
| |||||||
5.49%, 3/11/22 | $ | 42,640 | $ | 38,354,979 | ||||
|
| |||||||
Total Senior Loans (cost—$113,260,537) |
| 109,929,980 | ||||||
|
| |||||||
Repurchase Agreements—12.3% |
| |||||||
State Street Bank and Trust Co., dated 3/29/19, 0.50%, due 4/1/19, proceeds $146,022,084; collateralized by U.S. Treasury Notes, 1.75%, due 5/31/22, valued at $148,937,633 including accrued interest |
| |||||||
(cost—$146,016,000) | 146,016 | 146,016,000 | ||||||
|
| |||||||
Total Investments (cost—$1,232,604,454)—100.8% |
| 1,201,088,374 | ||||||
|
| |||||||
Liabilities in excess of other assets—(0.8)% | (9,643,915 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $1,191,444,459 | |||||||
|
|
Notes to Schedule of Investments:
(a) Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $450,989,967, representing 37.9% of net assets.
(b) These securities generally pay interest at rates which are periodicallypre-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, 2019.
(c) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $381,505,964, representing 32.0% of net assets.
(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, 2019.
Glossary:
LIBOR—London Inter-Bank Offered Rate
AllianzGI Short Term Bond Fund
Principal | Value | |||||||
Corporate Bonds & Notes—79.6% |
| |||||||
Aerospace & Defense—1.4% |
| |||||||
Raytheon Co., |
| |||||||
3.125%, 10/15/20 | $100 | $101,072 | ||||||
|
| |||||||
Banks—13.6% |
| |||||||
Bank of America Corp., |
| |||||||
5.70%, 1/24/22 | 100 | 107,750 | ||||||
Barclays Bank PLC, 3 mo. USD-LIBOR + 0.460% (c), |
| |||||||
3.259%, 1/11/21 | 100 | 99,445 | ||||||
Citigroup, Inc., |
| |||||||
4.50%, 1/14/22 | 100 | 104,353 | ||||||
Goldman Sachs Group, Inc., |
| |||||||
5.25%, 7/27/21 | 200 | 210,276 | ||||||
JPMorgan Chase & Co., |
| |||||||
4.40%, 7/22/20 | 100 | 102,428 | ||||||
Morgan Stanley, |
| |||||||
5.50%, 7/28/21 | 200 | 211,648 | ||||||
5.625%, 9/23/19 | 75 | 75,988 | ||||||
PNC Financial Services Group, Inc., |
| |||||||
3.50%, 1/23/24 | 100 | 102,659 | ||||||
|
| |||||||
1,014,547 | ||||||||
|
| |||||||
Beverages—2.1% |
| |||||||
Keurig Dr Pepper, Inc. (a)(b), |
| |||||||
4.057%, 5/25/23 | 150 | 154,515 | ||||||
|
| |||||||
Biotechnology—1.4% |
| |||||||
Amgen, Inc., |
| |||||||
4.10%, 6/15/21 | 100 | 102,823 | ||||||
|
| |||||||
Commercial Services—1.4% |
| |||||||
Herc Rentals, Inc. (a)(b), |
| |||||||
7.50%, 6/1/22 | 100 | 104,500 | ||||||
|
| |||||||
Computers—2.1% |
| |||||||
NCR Corp., |
| |||||||
5.875%, 12/15/21 | 50 | 51,027 | ||||||
6.375%, 12/15/23 | 100 | 103,068 | ||||||
|
| |||||||
154,095 | ||||||||
|
| |||||||
Consumer Discretionary—1.3% |
| |||||||
APX Group, Inc., |
| |||||||
7.875%, 12/1/22 | 100 | 100,740 | ||||||
|
| |||||||
Consumer Finance—2.6% |
| |||||||
Prime Security Services Borrower LLC (a)(b), |
| |||||||
9.25%, 5/15/23 | 188 | 197,870 | ||||||
|
| |||||||
Containers & Packaging—1.3% |
| |||||||
Reynolds Group Issuer, Inc., 3 mo.USD- LIBOR + 3.500% (a)(b)(c), |
| |||||||
6.287%, 7/15/21 | 100 | 100,625 | ||||||
|
| |||||||
Diversified Financial Services—5.8% |
| |||||||
AerCap Ireland Capital DAC, |
| |||||||
4.50%, 5/15/21 | 245 | 250,518 | ||||||
American Express Co., |
| |||||||
3.70%, 11/5/21 | 100 | 102,245 | ||||||
Park Aerospace Holdings Ltd. (a)(b), |
| |||||||
5.25%, 8/15/22 | 75 | 77,055 | ||||||
|
| |||||||
429,818 | ||||||||
|
| |||||||
Environmental Services—1.4% |
| |||||||
Waste Management, Inc., |
| |||||||
4.75%, 6/30/20 | 100 | 102,612 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs)—2.7% |
| |||||||
American Tower Corp., | ||||||||
3.375%, 5/15/24 | 100 | 100,632 |
194 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Principal | Value | |||||||
ERP Operating L.P., |
| |||||||
4.625%, 12/15/21 | $ | 100 | $ | 104,665 | ||||
|
| |||||||
205,297 | ||||||||
|
| |||||||
Food & Beverage—1.4% |
| |||||||
Anheuser-Busch InBev Finance, Inc., |
| |||||||
3.30%, 2/1/23 | 100 | 101,539 | ||||||
|
| |||||||
Hand/Machine Tools—1.4% |
| |||||||
Colfax Corp. (a)(b), |
| |||||||
6.00%, 2/15/24 | 100 | 104,500 | ||||||
|
| |||||||
Healthcare-Products—4.8% |
| |||||||
Fresenius U.S. Finance II, Inc. (a)(b), |
| |||||||
4.50%, 1/15/23 | 150 | 153,096 | ||||||
Medtronic, Inc., |
| |||||||
3.15%, 3/15/22 | 200 | 203,346 | ||||||
|
| |||||||
356,442 | ||||||||
|
| |||||||
Healthcare-Services—4.1% |
| |||||||
CVS Health Corp., |
| |||||||
3.125%, 3/9/20 | 100 | 100,308 | ||||||
DaVita, Inc., |
| |||||||
5.75%, 8/15/22 | 100 | 102,125 | ||||||
HCA, Inc., |
| |||||||
6.50%, 2/15/20 | 100 | 102,888 | ||||||
|
| |||||||
305,321 | ||||||||
|
| |||||||
Industrial Conglomerates—2.3% |
| |||||||
General Electric Co., |
| |||||||
4.625%, 1/7/21 | 68 | 69,865 | ||||||
4.65%, 10/17/21 | 100 | 103,608 | ||||||
|
| |||||||
173,473 | ||||||||
|
| |||||||
Insurance—1.4% |
| |||||||
MetLife, Inc., |
| |||||||
4.75%, 2/8/21 | 100 | 103,665 | ||||||
|
| |||||||
Lodging—1.3% |
| |||||||
Marriott International, Inc., |
| |||||||
3.60%, 4/15/24 | 100 | 100,881 | ||||||
|
| |||||||
Machinery-Construction & Mining—1.3% |
| |||||||
Caterpillar Financial Services Corp., 3 mo. USD-LIBOR + 0.350 (c), |
| |||||||
2.957%, 12/7/20 | 100 | 100,189 | ||||||
|
| |||||||
Machinery-Diversified—1.4% |
| |||||||
John Deere Capital Corp., |
| |||||||
3.125%, 9/10/21 | 100 | 101,244 | ||||||
|
| |||||||
Media—3.1% |
| |||||||
Cox Communications, Inc. (a)(b), |
| |||||||
3.25%, 12/15/22 | 100 | 100,765 | ||||||
DISH DBS Corp., |
| |||||||
7.875%, 9/1/19 | 100 | 101,500 | ||||||
Sinclair Television Group, Inc., |
| |||||||
6.125%, 10/1/22 | 25 | 25,500 | ||||||
|
| |||||||
227,765 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels—5.5% |
| |||||||
Kinder Morgan Energy Partners L.P., |
| |||||||
6.50%, 4/1/20 | 100 | 103,494 | ||||||
Occidental Petroleum Corp., |
| |||||||
4.10%, 2/1/21 | 100 | 102,350 | ||||||
Sabine Pass Liquefaction LLC, |
| |||||||
5.625%, 2/1/21 | 100 | 103,963 | ||||||
Tallgrass Energy Partners L.P. (a)(b), |
| |||||||
4.75%, 10/1/23 | 100 | 100,969 | ||||||
|
| |||||||
410,776 | ||||||||
|
| |||||||
Pharmaceuticals—2.8% |
| |||||||
Bausch Health Cos., Inc. (a)(b), |
| |||||||
7.00%, 3/15/24 | 100 | 106,050 |
Principal | Value | |||||||
Pfizer, Inc., | ||||||||
3.00%, 9/15/21 | $ | 100 | $ | 101,186 | ||||
|
| |||||||
207,236 | ||||||||
|
| |||||||
Real Estate—2.8% |
| |||||||
Equinix, Inc., | ||||||||
5.375%, 1/1/22 | 100 | 102,820 | ||||||
Newmark Group, Inc., | ||||||||
6.125%, 11/15/23 | 100 | 103,205 | ||||||
|
| |||||||
206,025 | ||||||||
|
| |||||||
Retail—2.0% |
| |||||||
Dollar Tree, Inc., | ||||||||
3.70%, 5/15/23 | 50 | 50,782 | ||||||
GameStop Corp. (a)(b), | ||||||||
6.75%, 3/15/21 | 100 | 101,000 | ||||||
|
| |||||||
151,782 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals—1.3% |
| |||||||
Apple, Inc., 3 mo.USD-LIBOR + 0.500% (c), |
| |||||||
3.197%, 2/9/22 | 100 | 100,854 | ||||||
|
| |||||||
Telecommunications—2.9% |
| |||||||
Hughes Satellite Systems Corp., |
| |||||||
6.50%, 6/15/19 | 50 | 50,376 | ||||||
Sprint Spectrum Co. LLC (a)(b), |
| |||||||
3.36%, 3/20/23 | 63 | 62,523 | ||||||
T-Mobile USA, Inc., | ||||||||
6.00%, 3/1/23 | 100 | 103,000 | ||||||
|
| |||||||
215,899 | ||||||||
|
| |||||||
Transportation—2.7% |
| |||||||
Penske Truck Leasing Co. L.P. (a)(b), |
| |||||||
2.70%, 3/14/23 | 100 | 97,785 | ||||||
XPO Logistics, Inc. (a)(b), |
| |||||||
6.75%, 8/15/24 | 100 | 102,250 | ||||||
|
| |||||||
200,035 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes (cost—$5,859,076) |
| 5,936,140 | ||||||
|
| |||||||
U.S. Treasury Obligations—10.8% |
| |||||||
U.S. Treasury Notes, | ||||||||
2.00%, 1/31/20 | 50 | 49,848 | ||||||
2.50%, 5/31/20 | 100 | 100,148 | ||||||
2.50%, 6/30/20 | 100 | 100,148 | ||||||
2.625%, 7/31/20 | 100 | 100,336 | ||||||
3.125%, 5/15/21 | 100 | 101,742 | ||||||
3.375%, 11/15/19 | 150 | 150,844 | ||||||
3.625%, 2/15/20 | 200 | 202,047 | ||||||
|
| |||||||
Total U.S. Treasury Obligations (cost—$802,645) |
| 805,113 | ||||||
|
| |||||||
U.S. Government Agency Securities—5.4% |
| |||||||
Federal Home Loan Banks, | ||||||||
2.875%, 9/11/20 | 100 | 100,653 | ||||||
3.00%, 9/10/21 | 100 | 101,592 | ||||||
3.125%, 9/9/22 | 100 | 102,661 | ||||||
Freddie Mac, | ||||||||
2.50%, 4/23/20 | 100 | 100,050 | ||||||
|
| |||||||
Total U.S. Government Agency Securities (cost—$401,614) |
| 404,956 | ||||||
|
|
Principal | Value | |||||||
Repurchase Agreements—4.1% |
| |||||||
State Street Bank and Trust Co., dated 3/29/19, 0.50%, due 4/1/19, proceeds $306,013; collateralized by U.S. Treasury Notes, 1.75%, due 5/31/22, valued at $312,550 including accrued interest |
| |||||||
(cost—$306,000) | $ | 306 | $ | 306,000 | ||||
|
| |||||||
Total Investments (cost—$7,369,335)—99.9% |
| 7,452,209 | ||||||
|
| |||||||
Other assets less liabilities—0.1% | 6,561 | |||||||
|
| |||||||
Net Assets—100.0% | $7,458,770 | |||||||
|
|
Notes to Schedule of Investments:
(a) Private Placement—Restricted as to resale and may not have a readily available market. Securities with an aggregate value of $1,563,503, representing 21.0% of net assets.
(b) 144A—Exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional buyers. Securities with an aggregate value of $1,563,503, representing 21.0% of net assets.
(c) 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, 2019.
Glossary:
LIBOR—London Inter-Bank Offered Rate
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 195 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
AllianzGI Structured Return Fund
Shares | Value | |||||||
Exchange-Traded Funds—90.9% |
| |||||||
iShares Core S&P 500 (a) |
| |||||||
(cost—$591,883,126) | 2,169,000 | $617,210,640 | ||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—21.0% |
| |||||||
State Street Bank and Trust Co., dated 3/29/19, 0.50%, due 4/1/19, proceeds $142,608,942; collateralized by U.S. Treasury Notes, 1.875%, due 4/30/22, valued at $145,458,870 including accrued interest |
| |||||||
(cost—$142,603,000) | $142,603 | 142,603,000 | ||||||
|
| |||||||
Total Options Purchased—0.3% (cost—$3,418,103) (b)(c)(d) |
| 1,710,175 | ||||||
|
|
Value | ||||||||
Total Investments, before options written (cost—$737,904,229)—112.2% |
| $ | 761,523,815 | |||||
|
| |||||||
Total Options Written—(11.4)% (premiums received—$68,953,838) (b)(c)(d) |
| (77,615,897 | ) | |||||
|
| |||||||
Total Investments, net of options written (cost—$668,950,391)—100.8% |
| 683,907,918 | ||||||
|
| |||||||
Other liabilities in excess of other assets—(0.8)% | (5,169,160 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $678,738,758 | |||||||
|
|
Notes to Schedule of Investments:
(a) All or partial amount segregated for the benefit of the counterparty as collateral for options written.
(b)Non-income producing.
(c) Exchange traded-Chicago Board Options Exchange.
(d) Exchange traded option contracts outstanding at March 31, 2019:
Options purchased contracts outstanding at March 31, 2019: | ||||||||||||||||||||||||||||
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Market Value | Cost | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Call options: |
| |||||||||||||||||||||||||||
S&P 500 Index | 2,975.00 USD | 5/31/19 | 40 | $ | 4,000 | $ | 27,800 | $ | 24,770 | $ | 3,030 | |||||||||||||||||
S&P 500 Index | 2,850.00 USD | 4/3/19 | 20 | 2,000 | 12,600 | 3,435 | 9,165 | |||||||||||||||||||||
S&P 500 Index | 2,875.00 USD | 4/5/19 | 40 | 4,000 | 11,100 | 16,529 | (5,429 | ) | ||||||||||||||||||||
S&P 500 Index | 2,975.00 USD | 4/5/19 | 40 | 4,000 | 400 | 3,049 | (2,649 | ) | ||||||||||||||||||||
S&P 500 Index | 3,200.00 USD | 4/5/19 | 241 | 24,100 | 2,410 | 3,079 | (669 | ) | ||||||||||||||||||||
S&P 500 Index | 2,950.00 USD | 4/10/19 | 50 | 5,000 | 875 | 6,062 | (5,187 | ) | ||||||||||||||||||||
S&P 500 Index | 2,875.00 USD | 4/12/19 | 40 | 4,000 | 30,800 | 21,889 | 8,911 | |||||||||||||||||||||
S&P 500 Index | 2,975.00 USD | 4/12/19 | 40 | 4,000 | 700 | 4,169 | (3,469 | ) | ||||||||||||||||||||
S&P 500 Index | 3,200.00 USD | 4/12/19 | 240 | 24,000 | 2,400 | 4,622 | (2,222 | ) | ||||||||||||||||||||
S&P 500 Index | 2,925.00 USD | 4/15/19 | 20 | 2,000 | 2,450 | 8,025 | (5,575 | ) | ||||||||||||||||||||
S&P 500 Index | 2,930.00 USD | 4/17/19 | 20 | 2,000 | 3,000 | 8,625 | (5,625 | ) | ||||||||||||||||||||
S&P 500 Index | 2,800.00 USD | 4/18/19 | 40 | 4,000 | 215,800 | 100,129 | 115,671 | |||||||||||||||||||||
S&P 500 Index | 2,915.00 USD | 4/18/19 | 80 | 8,000 | 23,200 | 13,699 | 9,501 | |||||||||||||||||||||
S&P 500 Index | 3,300.00 USD | 4/18/19 | 150 | 15,000 | 1,500 | 5,136 | (3,636 | ) | ||||||||||||||||||||
S&P 500 Index | 3,300.00 USD | 4/18/19 | 90 | 9,000 | 900 | 1,551 | (651 | ) | ||||||||||||||||||||
S&P 500 Index | 2,920.00 USD | 4/22/19 | 20 | 2,000 | 6,200 | 7,425 | (1,225 | ) | ||||||||||||||||||||
S&P 500 Index | 2,925.00 USD | 4/24/19 | 25 | 2,500 | 8,375 | 8,281 | 94 | |||||||||||||||||||||
S&P 500 Index | 2,875.00 USD | 4/26/19 | 20 | 2,000 | 35,100 | 34,905 | 195 | |||||||||||||||||||||
S&P 500 Index | 2,900.00 USD | 4/26/19 | 20 | 2,000 | 18,600 | 22,365 | (3,765 | ) | ||||||||||||||||||||
S&P 500 Index | 2,975.00 USD | 4/26/19 | 80 | 8,000 | 6,800 | 14,499 | (7,699 | ) | ||||||||||||||||||||
S&P 500 Index | 2,925.00 USD | 4/30/19 | 40 | 4,000 | 21,800 | 34,449 | (12,649 | ) | ||||||||||||||||||||
S&P 500 Index | 3,000.00 USD | 4/30/19 | 80 | 8,000 | 4,200 | 9,699 | (5,499 | ) | ||||||||||||||||||||
S&P 500 Index | 2,925.00 USD | 5/3/19 | 40 | 4,000 | 28,800 | 24,730 | 4,070 | |||||||||||||||||||||
S&P 500 Index | 3,025.00 USD | 5/3/19 | 40 | 4,000 | 1,700 | 4,690 | (2,990 | ) | ||||||||||||||||||||
S&P 500 Index | 3,050.00 USD | 5/3/19 | 40 | 4,000 | 1,000 | 3,650 | (2,650 | ) | ||||||||||||||||||||
S&P 500 Index | 3,300.00 USD | 5/3/19 | 235 | 23,500 | 2,350 | 3,816 | (1,466 | ) | ||||||||||||||||||||
S&P 500 Index | 2,825.00 USD | 5/10/19 | 40 | 4,000 | 216,600 | 80,850 | 135,750 | |||||||||||||||||||||
S&P 500 Index | 2,915.00 USD | 5/10/19 | 80 | 8,000 | 97,200 | 140,899 | (43,699 | ) | ||||||||||||||||||||
S&P 500 Index | 2,900.00 USD | 5/17/19 | 40 | 4,000 | 78,600 | 83,649 | (5,049 | ) | ||||||||||||||||||||
S&P 500 Index | 3,300.00 USD | 5/17/19 | 268 | 26,800 | 2,680 | 5,867 | (3,187 | ) | ||||||||||||||||||||
S&P 500 Index | 2,925.00 USD | 5/24/19 | 40 | 4,000 | 62,000 | 55,790 | 6,210 | |||||||||||||||||||||
S&P 500 Index | 3,300.00 USD | 5/24/19 | 225 | 22,500 | 2,812 | 2,528 | 284 | |||||||||||||||||||||
S&P 500 Index | 3,050.00 USD | 5/31/19 | 80 | 8,000 | 14,200 | 12,499 | 1,701 | |||||||||||||||||||||
S&P 500 Index | 3,400.00 USD | 5/31/19 | 235 | 23,500 | 2,350 | 1,466 | 884 | |||||||||||||||||||||
|
| |||||||||||||||||||||||||||
Total call options |
| $ | 947,302 | $ | 776,826 | $ | 170,476 | |||||||||||||||||||||
|
| |||||||||||||||||||||||||||
Put options: |
| |||||||||||||||||||||||||||
S&P 500 Index | 2,300.00 USD | 4/18/19 | 60 | $ | 6,000 | $ | 1,650 | $ | 65,714 | $ | (64,064 | ) | ||||||||||||||||
S&P 500 Index | 2,450.00 USD | 4/18/19 | 40 | 4,000 | 2,300 | 93,129 | (90,829 | ) |
196 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Options purchased contracts outstanding at March 31, 2019 (continued): | ||||||||||||||||||||||||||||
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Market Value | Cost | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Put options (continued): |
| |||||||||||||||||||||||||||
S&P 500 Index | 2,635.00 USD | 4/18/19 | 15 | $ | 1,500 | $ | 3,262 | $ | 13,443 | $ | (10,181 | ) | ||||||||||||||||
S&P 500 Index | 2,650.00 USD | 4/18/19 | 17 | 1,700 | 4,420 | 7,416 | (2,996 | ) | ||||||||||||||||||||
S&P 500 Index | 2,630.00 USD | 4/26/19 | 16 | 1,600 | 6,640 | 9,908 | (3,268 | ) | ||||||||||||||||||||
S&P 500 Index | 2,400.00 USD | 5/31/19 | 36 | 3,600 | 14,760 | 22,545 | (7,785 | ) | ||||||||||||||||||||
S&P 500 Index | 2,425.00 USD | 4/1/19 | 30 | 3,000 | 300 | 5,827 | (5,527 | ) | ||||||||||||||||||||
S&P 500 Index | 2,600.00 USD | 4/1/19 | 16 | 1,600 | 160 | 10,148 | (9,988 | ) | ||||||||||||||||||||
S&P 500 Index | 2,620.00 USD | 4/1/19 | 17 | 1,700 | 213 | 7,536 | (7,323 | ) | ||||||||||||||||||||
S&P 500 Index | 2,625.00 USD | 4/1/19 | 20 | 2,000 | 250 | 15,405 | (15,155 | ) | ||||||||||||||||||||
S&P 500 Index | 2,635.00 USD | 4/1/19 | 26 | 2,600 | 325 | 21,326 | (21,001 | ) | ||||||||||||||||||||
S&P 500 Index | 2,645.00 USD | 4/1/19 | 22 | 2,200 | 275 | 12,677 | (12,402 | ) | ||||||||||||||||||||
S&P 500 Index | 2,675.00 USD | 4/1/19 | 46 | 4,600 | 575 | 6,003 | (5,428 | ) | ||||||||||||||||||||
S&P 500 Index | 2,700.00 USD | 4/1/19 | 18 | 1,800 | 225 | 4,504 | (4,279 | ) | ||||||||||||||||||||
S&P 500 Index | 2,715.00 USD | 4/1/19 | 25 | 2,500 | 313 | 8,281 | (7,968 | ) | ||||||||||||||||||||
S&P 500 Index | 2,720.00 USD | 4/1/19 | 50 | 5,000 | 625 | 20,540 | (19,915 | ) | ||||||||||||||||||||
S&P 500 Index | 2,750.00 USD | 4/1/19 | 17 | 1,700 | 255 | 9,796 | (9,541 | ) | ||||||||||||||||||||
S&P 500 Index | 2,470.00 USD | 4/3/19 | 30 | 3,000 | 375 | 12,947 | (12,572 | ) | ||||||||||||||||||||
S&P 500 Index | 2,580.00 USD | 4/3/19 | 16 | 1,600 | 200 | 11,060 | (10,860 | ) | ||||||||||||||||||||
S&P 500 Index | 2,610.00 USD | 4/3/19 | 16 | 1,600 | 240 | 10,660 | (10,420 | ) | ||||||||||||||||||||
S&P 500 Index | 2,620.00 USD | 4/3/19 | 26 | 2,600 | 390 | 24,926 | (24,536 | ) | ||||||||||||||||||||
S&P 500 Index | 2,630.00 USD | 4/3/19 | 17 | 1,700 | 255 | 7,620 | (7,365 | ) | ||||||||||||||||||||
S&P 500 Index | 2,640.00 USD | 4/3/19 | 26 | 2,600 | 390 | 22,470 | (22,080 | ) | ||||||||||||||||||||
S&P 500 Index | 2,650.00 USD | 4/3/19 | 20 | 2,000 | 300 | 38,535 | (38,235 | ) | ||||||||||||||||||||
S&P 500 Index | 2,655.00 USD | 4/3/19 | 39 | 3,900 | 585 | 20,043 | (19,458 | ) | ||||||||||||||||||||
S&P 500 Index | 2,680.00 USD | 4/3/19 | 22 | 2,200 | 330 | 12,171 | (11,841 | ) | ||||||||||||||||||||
S&P 500 Index | 2,685.00 USD | 4/3/19 | 93 | 9,300 | 1,628 | 16,361 | (14,733 | ) | ||||||||||||||||||||
S&P 500 Index | 2,690.00 USD | 4/3/19 | 70 | 7,000 | 1,225 | 7,997 | (6,772 | ) | ||||||||||||||||||||
S&P 500 Index | 2,695.00 USD | 4/3/19 | 14 | 1,400 | 245 | 4,805 | (4,560 | ) | ||||||||||||||||||||
S&P 500 Index | 2,710.00 USD | 4/3/19 | 11 | 1,100 | 248 | 4,139 | (3,891 | ) | ||||||||||||||||||||
S&P 500 Index | 2,730.00 USD | 4/3/19 | 100 | 10,000 | 3,250 | 34,824 | (31,574 | ) | ||||||||||||||||||||
S&P 500 Index | 1,700.00 USD | 4/5/19 | 1,128 | 112,800 | 11,280 | 21,193 | (9,913 | ) | ||||||||||||||||||||
S&P 500 Index | 1,800.00 USD | 4/5/19 | 750 | 75,000 | 7,500 | 19,942 | (12,442 | ) | ||||||||||||||||||||
S&P 500 Index | 2,100.00 USD | 4/5/19 | 500 | 50,000 | 5,000 | 10,619 | (5,619 | ) | ||||||||||||||||||||
S&P 500 Index | 2,425.00 USD | 4/5/19 | 30 | 3,000 | 375 | 39,557 | (39,182 | ) | ||||||||||||||||||||
S&P 500 Index | 2,540.00 USD | 4/5/19 | 3 | 300 | 45 | 2,419 | (2,374 | ) | ||||||||||||||||||||
S&P 500 Index | 2,570.00 USD | 4/5/19 | 15 | 1,500 | 225 | 14,539 | (14,314 | ) | ||||||||||||||||||||
S&P 500 Index | 2,575.00 USD | 4/5/19 | 35 | 3,500 | 525 | 78,563 | (78,038 | ) | ||||||||||||||||||||
S&P 500 Index | 2,640.00 USD | 4/5/19 | 25 | 2,500 | 438 | 11,156 | (10,718 | ) | ||||||||||||||||||||
S&P 500 Index | 2,650.00 USD | 4/5/19 | 17 | 1,700 | 340 | 6,855 | (6,515 | ) | ||||||||||||||||||||
S&P 500 Index | 2,665.00 USD | 4/5/19 | 25 | 2,500 | 563 | 14,781 | (14,218 | ) | ||||||||||||||||||||
S&P 500 Index | 2,675.00 USD | 4/5/19 | 17 | 1,700 | 468 | 6,703 | (6,235 | ) | ||||||||||||||||||||
S&P 500 Index | 2,680.00 USD | 4/5/19 | 22 | 2,200 | 605 | 12,127 | (11,522 | ) | ||||||||||||||||||||
S&P 500 Index | 2,695.00 USD | 4/5/19 | 67 | 6,700 | 2,512 | 9,817 | (7,305 | ) | ||||||||||||||||||||
S&P 500 Index | 2,710.00 USD | 4/5/19 | 40 | 4,000 | 2,300 | 12,249 | (9,949 | ) | ||||||||||||||||||||
S&P 500 Index | 2,715.00 USD | 4/5/19 | 17 | 1,700 | 1,063 | 18,297 | (17,234 | ) | ||||||||||||||||||||
S&P 500 Index | 2,720.00 USD | 4/5/19 | 45 | 4,500 | 3,262 | 3,835 | (573 | ) | ||||||||||||||||||||
S&P 500 Index | 2,730.00 USD | 4/5/19 | 8 | 800 | 780 | 3,210 | (2,430 | ) | ||||||||||||||||||||
S&P 500 Index | 2,735.00 USD | 4/5/19 | 28 | 2,800 | 3,220 | 10,442 | (7,222 | ) | ||||||||||||||||||||
S&P 500 Index | 2,755.00 USD | 4/5/19 | 50 | 5,000 | 9,125 | 11,312 | (2,187 | ) | ||||||||||||||||||||
S&P 500 Index | 2,425.00 USD | 4/8/19 | 30 | 3,000 | 450 | 11,857 | (11,407 | ) | ||||||||||||||||||||
S&P 500 Index | 2,605.00 USD | 4/8/19 | 16 | 1,600 | 400 | 9,380 | (8,980 | ) | ||||||||||||||||||||
S&P 500 Index | 2,625.00 USD | 4/8/19 | 20 | 2,000 | 600 | 35,065 | (34,465 | ) | ||||||||||||||||||||
S&P 500 Index | 2,635.00 USD | 4/8/19 | 26 | 2,600 | 780 | 20,234 | (19,454 | ) | ||||||||||||||||||||
S&P 500 Index | 2,645.00 USD | 4/8/19 | 25 | 2,500 | 875 | 9,156 | (8,281 | ) | ||||||||||||||||||||
S&P 500 Index | 2,665.00 USD | 4/8/19 | 25 | 2,500 | 1,063 | 12,031 | (10,968 | ) | ||||||||||||||||||||
S&P 500 Index | 2,680.00 USD | 4/8/19 | 17 | 1,700 | 978 | 6,856 | (5,878 | ) | ||||||||||||||||||||
S&P 500 Index | 2,710.00 USD | 4/8/19 | 17 | 1,700 | 1,785 | 15,916 | (14,131 | ) | ||||||||||||||||||||
S&P 500 Index | 2,300.00 USD | 4/10/19 | 300 | 30,000 | 3,000 | 4,872 | (1,872 | ) | ||||||||||||||||||||
S&P 500 Index | 2,525.00 USD | 4/10/19 | 45 | 4,500 | 1,238 | 10,691 | (9,453 | ) | ||||||||||||||||||||
S&P 500 Index | 2,615.00 USD | 4/10/19 | 16 | 1,600 | 840 | 9,348 | (8,508 | ) |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 197 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Options purchased contracts outstanding at March 31, 2019 (continued): | ||||||||||||||||||||||||||||
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Market Value | Cost | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Put options (continued): |
| |||||||||||||||||||||||||||
S&P 500 Index | 2,635.00 USD | 4/10/19 | 16 | $ | 1,600 | $ | 1,040 | $ | 8,612 | $ | (7,572 | ) | ||||||||||||||||
S&P 500 Index | 2,645.00 USD | 4/10/19 | 26 | 2,600 | 1,885 | 20,104 | (18,219 | ) | ||||||||||||||||||||
S&P 500 Index | 2,660.00 USD | 4/10/19 | 80 | 8,000 | 7,200 | 24,419 | (17,219 | ) | ||||||||||||||||||||
S&P 500 Index | 2,665.00 USD | 4/10/19 | 26 | 2,600 | 2,470 | 18,232 | (15,762 | ) | ||||||||||||||||||||
S&P 500 Index | 2,670.00 USD | 4/10/19 | 18 | 1,800 | 1,845 | 7,919 | (6,074 | ) | ||||||||||||||||||||
S&P 500 Index | 2,675.00 USD | 4/10/19 | 30 | 3,000 | 3,300 | 21,127 | (17,827 | ) | ||||||||||||||||||||
S&P 500 Index | 2,680.00 USD | 4/10/19 | 25 | 2,500 | 3,000 | 10,906 | (7,906 | ) | ||||||||||||||||||||
S&P 500 Index | 2,685.00 USD | 4/10/19 | 25 | 2,500 | 3,250 | 10,031 | (6,781 | ) | ||||||||||||||||||||
S&P 500 Index | 2,690.00 USD | 4/10/19 | 6 | 600 | 855 | 3,247 | (2,392 | ) | ||||||||||||||||||||
S&P 500 Index | 2,695.00 USD | 4/10/19 | 22 | 2,200 | 3,410 | 13,821 | (10,411 | ) | ||||||||||||||||||||
S&P 500 Index | 2,720.00 USD | 4/10/19 | 8 | 800 | 2,000 | 5,754 | (3,754 | ) | ||||||||||||||||||||
S&P 500 Index | 1,725.00 USD | 4/12/19 | 530 | 53,000 | 6,625 | 8,606 | (1,981 | ) | ||||||||||||||||||||
S&P 500 Index | 1,775.00 USD | 4/12/19 | 530 | 53,000 | 6,625 | 11,256 | (4,631 | ) | ||||||||||||||||||||
S&P 500 Index | 2,000.00 USD | 4/12/19 | 500 | 50,000 | 6,250 | 13,119 | (6,869 | ) | ||||||||||||||||||||
S&P 500 Index | 2,360.00 USD | 4/12/19 | 45 | 4,500 | 900 | 49,076 | (48,176 | ) | ||||||||||||||||||||
S&P 500 Index | 2,475.00 USD | 4/12/19 | 30 | 3,000 | 900 | 60,487 | (59,587 | ) | ||||||||||||||||||||
S&P 500 Index | 2,620.00 USD | 4/12/19 | 17 | 1,700 | 1,615 | 10,816 | (9,201 | ) | ||||||||||||||||||||
S&P 500 Index | 2,640.00 USD | 4/12/19 | 16 | 1,600 | 1,880 | 8,820 | (6,940 | ) | ||||||||||||||||||||
S&P 500 Index | 2,650.00 USD | 4/12/19 | 11 | 1,100 | 1,458 | 9,144 | (7,686 | ) | ||||||||||||||||||||
S&P 500 Index | 2,655.00 USD | 4/12/19 | 16 | 1,600 | 2,280 | 8,148 | (5,868 | ) | ||||||||||||||||||||
S&P 500 Index | 2,665.00 USD | 4/12/19 | 66 | 6,600 | 10,725 | 30,874 | (20,149 | ) | ||||||||||||||||||||
S&P 500 Index | 2,685.00 USD | 4/12/19 | 51 | 5,100 | 11,092 | 28,111 | (17,019 | ) | ||||||||||||||||||||
S&P 500 Index | 2,695.00 USD | 4/12/19 | 41 | 4,100 | 10,455 | 11,353 | (898 | ) | ||||||||||||||||||||
S&P 500 Index | 2,710.00 USD | 4/12/19 | 9 | 900 | 2,902 | 3,072 | (170 | ) | ||||||||||||||||||||
S&P 500 Index | 2,715.00 USD | 4/12/19 | 22 | 2,200 | 7,700 | 12,347 | (4,647 | ) | ||||||||||||||||||||
S&P 500 Index | 2,725.00 USD | 4/12/19 | 17 | 1,700 | 6,970 | 12,635 | (5,665 | ) | ||||||||||||||||||||
S&P 500 Index | 2,745.00 USD | 4/12/19 | 17 | 1,700 | 9,435 | 10,221 | (786 | ) | ||||||||||||||||||||
S&P 500 Index | 2,525.00 USD | 4/15/19 | 36 | 3,600 | 2,070 | 5,553 | (3,483 | ) | ||||||||||||||||||||
S&P 500 Index | 2,620.00 USD | 4/15/19 | 17 | 1,700 | 2,040 | 9,711 | (7,671 | ) | ||||||||||||||||||||
S&P 500 Index | 2,645.00 USD | 4/15/19 | 11 | 1,100 | 1,760 | 8,044 | (6,284 | ) | ||||||||||||||||||||
S&P 500 Index | 2,665.00 USD | 4/15/19 | 16 | 1,600 | 3,280 | 8,532 | (5,252 | ) | ||||||||||||||||||||
S&P 500 Index | 2,675.00 USD | 4/15/19 | 7 | 700 | 1,645 | 3,474 | (1,829 | ) | ||||||||||||||||||||
S&P 500 Index | 2,690.00 USD | 4/15/19 | 26 | 2,600 | 7,735 | 17,582 | (9,847 | ) | ||||||||||||||||||||
S&P 500 Index | 2,500.00 USD | 4/17/19 | 36 | 3,600 | 2,430 | 5,589 | (3,159 | ) | ||||||||||||||||||||
S&P 500 Index | 2,635.00 USD | 4/17/19 | 17 | 1,700 | 3,357 | 8,265 | (4,908 | ) | ||||||||||||||||||||
S&P 500 Index | 2,640.00 USD | 4/17/19 | 17 | 1,700 | 3,612 | 7,755 | (4,143 | ) | ||||||||||||||||||||
S&P 500 Index | 2,650.00 USD | 4/17/19 | 24 | 2,400 | 5,700 | 11,190 | (5,490 | ) | ||||||||||||||||||||
S&P 500 Index | 2,655.00 USD | 4/17/19 | 32 | 3,200 | 8,080 | 18,328 | (10,248 | ) | ||||||||||||||||||||
S&P 500 Index | 2,660.00 USD | 4/17/19 | 22 | 2,200 | 5,940 | 14,283 | (8,343 | ) | ||||||||||||||||||||
S&P 500 Index | 2,665.00 USD | 4/17/19 | 22 | 2,200 | 6,325 | 13,183 | (6,858 | ) | ||||||||||||||||||||
S&P 500 Index | 2,680.00 USD | 4/17/19 | 26 | 2,600 | 9,100 | 18,752 | (9,652 | ) | ||||||||||||||||||||
S&P 500 Index | 2,685.00 USD | 4/17/19 | 26 | 2,600 | 9,750 | 19,714 | (9,964 | ) | ||||||||||||||||||||
S&P 500 Index | 1,700.00 USD | 4/18/19 | 74 | 7,400 | 925 | 1,202 | (277 | ) | ||||||||||||||||||||
S&P 500 Index | 1,800.00 USD | 4/18/19 | 525 | 52,500 | 6,562 | 8,525 | (1,963 | ) | ||||||||||||||||||||
S&P 500 Index | 1,850.00 USD | 4/18/19 | 550 | 55,000 | 5,500 | 8,574 | (3,074 | ) | ||||||||||||||||||||
S&P 500 Index | 1,900.00 USD | 4/18/19 | 750 | 75,000 | 9,375 | 15,929 | (6,554 | ) | ||||||||||||||||||||
S&P 500 Index | 2,605.00 USD | 4/18/19 | 8 | 800 | 1,320 | 5,514 | (4,194 | ) | ||||||||||||||||||||
S&P 500 Index | 2,675.00 USD | 4/18/19 | 39 | 3,900 | 13,650 | 18,928 | (5,278 | ) | ||||||||||||||||||||
S&P 500 Index | 2,680.00 USD | 4/18/19 | 16 | 1,600 | 6,000 | 8,420 | (2,420 | ) | ||||||||||||||||||||
S&P 500 Index | 2,700.00 USD | 4/18/19 | 22 | 2,200 | 10,120 | 10,873 | (753 | ) | ||||||||||||||||||||
S&P 500 Index | 2,710.00 USD | 4/18/19 | 26 | 2,600 | 14,430 | 18,310 | (3,880 | ) | ||||||||||||||||||||
S&P 500 Index | 1,700.00 USD | 4/22/19 | 54 | 5,400 | 675 | 657 | 18 | |||||||||||||||||||||
S&P 500 Index | 2,475.00 USD | 4/22/19 | 36 | 3,600 | 2,790 | 8,325 | (5,535 | ) | ||||||||||||||||||||
S&P 500 Index | 2,600.00 USD | 4/22/19 | 8 | 800 | 1,560 | 5,346 | (3,786 | ) | ||||||||||||||||||||
S&P 500 Index | 2,625.00 USD | 4/22/19 | 24 | 2,400 | 5,940 | 20,190 | (14,250 | ) | ||||||||||||||||||||
S&P 500 Index | 2,635.00 USD | 4/22/19 | 15 | 1,500 | 4,125 | 13,864 | (9,739 | ) | ||||||||||||||||||||
S&P 500 Index | 2,510.00 USD | 4/24/19 | 36 | 3,600 | 4,500 | 8,865 | (4,365 | ) | ||||||||||||||||||||
S&P 500 Index | 2,620.00 USD | 4/24/19 | 16 | 1,600 | 4,880 | 9,748 | (4,868 | ) | ||||||||||||||||||||
S&P 500 Index | 2,625.00 USD | 4/24/19 | 16 | 1,600 | 5,080 | 9,300 | (4,220 | ) |
198 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Options purchased contracts outstanding at March 31, 2019 (continued): | ||||||||||||||||||||||||||||
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Market Value | Cost | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Put options (continued): |
| |||||||||||||||||||||||||||
S&P 500 Index | 2,650.00 USD | 4/24/19 | 50 | $ | 5,000 | $ | 20,500 | $ | 41,498 | $ | (20,998 | ) | ||||||||||||||||
S&P 500 Index | 2,655.00 USD | 4/24/19 | 26 | 2,600 | 11,310 | 20,804 | (9,494 | ) | ||||||||||||||||||||
S&P 500 Index | 1,700.00 USD | 4/26/19 | 235 | 23,500 | 3,525 | 9,905 | (6,380 | ) | ||||||||||||||||||||
S&P 500 Index | 1,800.00 USD | 4/26/19 | 1,750 | 175,000 | 26,250 | 28,785 | (2,535 | ) | ||||||||||||||||||||
S&P 500 Index | 2,450.00 USD | 4/26/19 | 36 | 3,600 | 3,870 | 23,985 | (20,115 | ) | ||||||||||||||||||||
S&P 500 Index | 2,600.00 USD | 4/26/19 | 24 | 2,400 | 7,680 | 37,710 | (30,030 | ) | ||||||||||||||||||||
S&P 500 Index | 2,655.00 USD | 4/26/19 | 16 | 1,600 | 8,240 | 8,692 | (452 | ) | ||||||||||||||||||||
S&P 500 Index | 2,660.00 USD | 4/26/19 | 26 | 2,600 | 14,690 | 21,352 | (6,662 | ) | ||||||||||||||||||||
S&P 500 Index | 2,680.00 USD | 4/26/19 | 26 | 2,600 | 17,290 | 17,972 | (682 | ) | ||||||||||||||||||||
S&P 500 Index | 2,515.00 USD | 4/30/19 | 60 | 6,000 | 12,150 | 70,559 | (58,409 | ) | ||||||||||||||||||||
S&P 500 Index | 2,650.00 USD | 4/30/19 | 40 | 4,000 | 24,600 | 102,024 | (77,424 | ) | ||||||||||||||||||||
S&P 500 Index | 1,700.00 USD | 5/3/19 | 235 | 23,500 | 4,112 | 12,040 | (7,928 | ) | ||||||||||||||||||||
S&P 500 Index | 2,425.00 USD | 5/3/19 | 36 | 3,600 | 5,310 | 23,613 | (18,303 | ) | ||||||||||||||||||||
S&P 500 Index | 2,625.00 USD | 5/3/19 | 24 | 2,400 | 14,760 | 45,246 | (30,486 | ) | ||||||||||||||||||||
S&P 500 Index | 1,700.00 USD | 5/10/19 | 400 | 40,000 | 9,000 | 22,915 | (13,915 | ) | ||||||||||||||||||||
S&P 500 Index | 2,350.00 USD | 5/10/19 | 36 | 3,600 | 5,220 | 28,605 | (23,385 | ) | ||||||||||||||||||||
S&P 500 Index | 2,550.00 USD | 5/10/19 | 24 | 2,400 | 11,400 | 54,270 | (42,870 | ) | ||||||||||||||||||||
S&P 500 Index | 1,700.00 USD | 5/17/19 | 225 | 22,500 | 7,312 | 10,403 | (3,091 | ) | ||||||||||||||||||||
S&P 500 Index | 2,400.00 USD | 5/17/19 | 36 | 3,600 | 9,000 | 30,285 | (21,285 | ) | ||||||||||||||||||||
S&P 500 Index | 2,600.00 USD | 5/17/19 | 24 | 2,400 | 20,760 | 51,630 | (30,870 | ) | ||||||||||||||||||||
S&P 500 Index | 1,700.00 USD | 5/24/19 | 225 | 22,500 | 7,875 | 16,029 | (8,154 | ) | ||||||||||||||||||||
S&P 500 Index | 2,550.00 USD | 5/24/19 | 36 | 3,600 | 29,160 | 43,605 | (14,445 | ) | ||||||||||||||||||||
S&P 500 Index | 2,700.00 USD | 5/24/19 | 24 | 2,400 | 52,440 | 73,518 | (21,078 | ) | ||||||||||||||||||||
S&P 500 Index | 1,700.00 USD | 5/31/19 | 235 | 23,500 | 8,812 | 10,866 | (2,054 | ) | ||||||||||||||||||||
S&P 500 Index | 2,600.00 USD | 5/31/19 | 24 | 2,400 | 31,440 | 44,406 | (12,966 | ) | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||
Total put options |
| $ | 762,873 | $ | 2,641,277 | $ | (1,878,404 | ) | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||
Total options purchased contracts |
| $ | 1,710,175 | $ | 3,418,103 | $ | (1,707,928 | ) | ||||||||||||||||||||
|
|
Options written contracts outstanding at March 31, 2019: | ||||||||||||||||||||||||||||
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Market Value | Premiums Received | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Call options: |
| |||||||||||||||||||||||||||
CBOE SPX Volatility Index | 20.00 USD | 4/3/19 | (3,217 | ) | $ | (321,700 | ) | $ | (14,476 | ) | $ | (139,759 | ) | $ | 125,283 | |||||||||||||
CBOE SPX Volatility Index | 24.00 USD | 4/3/19 | (3,217 | ) | (321,700 | ) | (8,042 | ) | (146,193 | ) | 138,151 | |||||||||||||||||
CBOE SPX Volatility Index | 20.00 USD | 4/10/19 | (7,254 | ) | (725,400 | ) | (123,318 | ) | (297,023 | ) | 173,705 | |||||||||||||||||
CBOE SPX Volatility Index | 21.00 USD | 4/17/19 | (3,785 | ) | (378,500 | ) | (123,013 | ) | (164,446 | ) | 41,433 | |||||||||||||||||
CBOE SPX Volatility Index | 23.00 USD | 4/17/19 | (3,010 | ) | (301,000 | ) | (75,250 | ) | (145,813 | ) | 70,563 | |||||||||||||||||
CBOE SPX Volatility Index | 21.00 USD | 4/24/19 | (3,339 | ) | (333,900 | ) | (175,298 | ) | (138,385 | ) | (36,913 | ) | ||||||||||||||||
CBOE SPX Volatility Index | 23.00 USD | 4/24/19 | (3,339 | ) | (333,900 | ) | (133,560 | ) | (175,113 | ) | 41,553 | |||||||||||||||||
S&P 500 Index | 2,415.00 USD | 4/5/19 | (135 | ) | (13,500 | ) | (5,657,175 | ) | (4,067,113 | ) | (1,590,062 | ) | ||||||||||||||||
S&P 500 Index | 2,425.00 USD | 4/5/19 | (90 | ) | (9,000 | ) | (3,681,450 | ) | (2,627,889 | ) | (1,053,561 | ) | ||||||||||||||||
S&P 500 Index | 2,540.00 USD | 4/5/19 | (16 | ) | (1,600 | ) | (470,640 | ) | (393,900 | ) | (76,740 | ) | ||||||||||||||||
S&P 500 Index | 2,925.00 USD | 4/5/19 | (80 | ) | (8,000 | ) | (1,400 | ) | (12,781 | ) | 11,381 | |||||||||||||||||
S&P 500 Index | 2,410.00 USD | 4/12/19 | (140 | ) | (14,000 | ) | (5,935,300 | ) | (4,303,857 | ) | (1,631,443 | ) | ||||||||||||||||
S&P 500 Index | 2,520.00 USD | 4/12/19 | (100 | ) | (10,000 | ) | (3,142,500 | ) | (2,663,876 | ) | (478,624 | ) | ||||||||||||||||
S&P 500 Index | 2,925.00 USD | 4/12/19 | (80 | ) | (8,000 | ) | (7,400 | ) | (17,661 | ) | 10,261 | |||||||||||||||||
S&P 500 Index | 2,250.00 USD | 4/18/19 | (36 | ) | (3,600 | ) | (2,104,740 | ) | (1,443,196 | ) | (661,544 | ) | ||||||||||||||||
S&P 500 Index | 2,320.00 USD | 4/18/19 | (90 | ) | (9,000 | ) | (4,633,650 | ) | (3,528,127 | ) | (1,105,523 | ) | ||||||||||||||||
S&P 500 Index | 2,500.00 USD | 4/18/19 | (114 | ) | (11,400 | ) | (3,825,270 | ) | (3,260,259 | ) | (565,011 | ) | ||||||||||||||||
S&P 500 Index | 2,875.00 USD | 4/18/19 | (120 | ) | (12,000 | ) | (138,600 | ) | (105,332 | ) | (33,268 | ) | ||||||||||||||||
S&P 500 Index | 2,530.00 USD | 4/26/19 | (235 | ) | (23,500 | ) | (7,229,775 | ) | (6,438,763 | ) | (791,012 | ) | ||||||||||||||||
S&P 500 Index | 2,950.00 USD | 4/26/19 | (120 | ) | (12,000 | ) | (23,100 | ) | (49,471 | ) | 26,371 | |||||||||||||||||
S&P 500 Index | 2,980.00 USD | 4/30/19 | (120 | ) | (12,000 | ) | (11,700 | ) | (38,252 | ) | 26,552 | |||||||||||||||||
S&P 500 Index | 2,550.00 USD | 5/3/19 | (235 | ) | (23,500 | ) | (6,809,125 | ) | (6,297,709 | ) | (511,416 | ) | ||||||||||||||||
S&P 500 Index | 3,000.00 USD | 5/3/19 | (120 | ) | (12,000 | ) | (10,500 | ) | (18,571 | ) | 8,071 | |||||||||||||||||
S&P 500 Index | 2,450.00 USD | 5/10/19 | (240 | ) | (24,000 | ) | (9,301,200 | ) | (7,369,563 | ) | (1,931,637 | ) |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 199 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Options written contracts outstanding at March 31, 2019 (continued): | ||||||||||||||||||||||||||||
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Market Value | Premiums Received | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Call options (continued): |
| |||||||||||||||||||||||||||
S&P 500 Index | 2,880.00 USD | 5/10/19 | (120 | ) | $ | (12,000 | ) | $ | (294,000 | ) | $ | (83,851 | ) | $ | (210,149 | ) | ||||||||||||
S&P 500 Index | 2,970.00 USD | 5/10/19 | (80 | ) | (8,000 | ) | (25,000 | ) | (44,701 | ) | 19,701 | |||||||||||||||||
S&P 500 Index | 2,330.00 USD | 5/17/19 | (43 | ) | (4,300 | ) | (2,174,295 | ) | (1,676,302 | ) | (497,993 | ) | ||||||||||||||||
S&P 500 Index | 2,580.00 USD | 5/17/19 | (225 | ) | (22,500 | ) | (5,905,125 | ) | (5,725,071 | ) | (180,054 | ) | ||||||||||||||||
S&P 500 Index | 2,965.00 USD | 5/17/19 | (120 | ) | (12,000 | ) | (58,200 | ) | (84,251 | ) | 26,051 | |||||||||||||||||
S&P 500 Index | 2,520.00 USD | 5/24/19 | (235 | ) | (23,500 | ) | (7,565,825 | ) | (6,985,659 | ) | (580,166 | ) | ||||||||||||||||
S&P 500 Index | 2,975.00 USD | 5/24/19 | (120 | ) | (12,000 | ) | (67,200 | ) | (59,091 | ) | (8,109 | ) | ||||||||||||||||
S&P 500 Index | 2,570.00 USD | 5/31/19 | (235 | ) | (23,500 | ) | (6,541,225 | ) | (6,497,459 | ) | (43,766 | ) | ||||||||||||||||
S&P 500 Index | 3,025.00 USD | 5/31/19 | (120 | ) | (12,000 | ) | (32,100 | ) | (28,171 | ) | (3,929 | ) | ||||||||||||||||
|
| |||||||||||||||||||||||||||
Total call options |
| $ | (76,299,452 | ) | $ | (65,027,608 | ) | $ | (11,271,844 | ) | ||||||||||||||||||
|
| |||||||||||||||||||||||||||
Put options: | ||||||||||||||||||||||||||||
S&P 500 Index | 2,525.00 USD | 4/1/19 | (50 | ) | $ | (5,000 | ) | $ | (500 | ) | $ | (18,358 | ) | $ | 17,858 | |||||||||||||
S&P 500 Index | 2,655.00 USD | 4/1/19 | (16 | ) | (1,600 | ) | (200 | ) | (15,468 | ) | 15,268 | |||||||||||||||||
S&P 500 Index | 2,690.00 USD | 4/1/19 | (26 | ) | (2,600 | ) | (325 | ) | (33,612 | ) | 33,287 | |||||||||||||||||
S&P 500 Index | 2,730.00 USD | 4/1/19 | (63 | ) | (6,300 | ) | (945 | ) | (28,895 | ) | 27,950 | |||||||||||||||||
S&P 500 Index | 2,755.00 USD | 4/1/19 | (40 | ) | (4,000 | ) | (600 | ) | (23,110 | ) | 22,510 | |||||||||||||||||
S&P 500 Index | 2,770.00 USD | 4/1/19 | (25 | ) | (2,500 | ) | (437 | ) | (19,843 | ) | 19,406 | |||||||||||||||||
S&P 500 Index | 2,775.00 USD | 4/1/19 | (50 | ) | (5,000 | ) | (1,125 | ) | (69,856 | ) | 68,731 | |||||||||||||||||
S&P 500 Index | 2,805.00 USD | 4/1/19 | (17 | ) | (1,700 | ) | (2,380 | ) | (25,054 | ) | 22,674 | |||||||||||||||||
S&P 500 Index | 2,560.00 USD | 4/3/19 | (50 | ) | (5,000 | ) | (625 | ) | (43,818 | ) | 43,193 | |||||||||||||||||
S&P 500 Index | 2,635.00 USD | 4/3/19 | (16 | ) | (1,600 | ) | (240 | ) | (16,860 | ) | 16,620 | |||||||||||||||||
S&P 500 Index | 2,665.00 USD | 4/3/19 | (16 | ) | (1,600 | ) | (240 | ) | (16,220 | ) | 15,980 | |||||||||||||||||
S&P 500 Index | 2,675.00 USD | 4/3/19 | (26 | ) | (2,600 | ) | (390 | ) | (39,032 | ) | 38,642 | |||||||||||||||||
S&P 500 Index | 2,735.00 USD | 4/3/19 | (22 | ) | (2,200 | ) | (825 | ) | (22,457 | ) | 21,632 | |||||||||||||||||
S&P 500 Index | 2,740.00 USD | 4/3/19 | (110 | ) | (11,000 | ) | (4,950 | ) | (57,014 | ) | 52,064 | |||||||||||||||||
S&P 500 Index | 2,745.00 USD | 4/3/19 | (36 | ) | (3,600 | ) | (1,890 | ) | (15,903 | ) | 14,013 | |||||||||||||||||
S&P 500 Index | 2,750.00 USD | 4/3/19 | (40 | ) | (4,000 | ) | (2,600 | ) | (30,030 | ) | 27,430 | |||||||||||||||||
S&P 500 Index | 2,765.00 USD | 4/3/19 | (50 | ) | (5,000 | ) | (5,500 | ) | (47,313 | ) | 41,813 | |||||||||||||||||
S&P 500 Index | 2,785.00 USD | 4/3/19 | (100 | ) | (10,000 | ) | (24,000 | ) | (122,826 | ) | 98,826 | |||||||||||||||||
S&P 500 Index | 2,800.00 USD | 4/3/19 | (34 | ) | (3,400 | ) | (14,450 | ) | (56,024 | ) | 41,574 | |||||||||||||||||
S&P 500 Index | 2,505.00 USD | 4/5/19 | (50 | ) | (5,000 | ) | (625 | ) | (103,598 | ) | 102,973 | |||||||||||||||||
S&P 500 Index | 2,530.00 USD | 4/5/19 | (22 | ) | (2,200 | ) | (330 | ) | (15,153 | ) | 14,823 | |||||||||||||||||
S&P 500 Index | 2,535.00 USD | 4/5/19 | (14 | ) | (1,400 | ) | (210 | ) | (11,043 | ) | 10,833 | |||||||||||||||||
S&P 500 Index | 2,550.00 USD | 4/5/19 | (5 | ) | (500 | ) | (75 | ) | (4,444 | ) | 4,369 | |||||||||||||||||
S&P 500 Index | 2,585.00 USD | 4/5/19 | (8 | ) | (800 | ) | (120 | ) | (8,790 | ) | 8,670 | |||||||||||||||||
S&P 500 Index | 2,590.00 USD | 4/5/19 | (8 | ) | (800 | ) | (120 | ) | (9,390 | ) | 9,270 | |||||||||||||||||
S&P 500 Index | 2,620.00 USD | 4/5/19 | (15 | ) | (1,500 | ) | (262 | ) | (21,776 | ) | 21,514 | |||||||||||||||||
S&P 500 Index | 2,625.00 USD | 4/5/19 | (15 | ) | (1,500 | ) | (262 | ) | (23,186 | ) | 22,924 | |||||||||||||||||
S&P 500 Index | 2,705.00 USD | 4/5/19 | (17 | ) | (1,700 | ) | (807 | ) | (12,252 | ) | 11,445 | |||||||||||||||||
S&P 500 Index | 2,750.00 USD | 4/5/19 | (92 | ) | (9,200 | ) | (16,560 | ) | (57,296 | ) | 40,736 | |||||||||||||||||
S&P 500 Index | 2,765.00 USD | 4/5/19 | (40 | ) | (4,000 | ) | (11,100 | ) | (25,550 | ) | 14,450 | |||||||||||||||||
S&P 500 Index | 2,775.00 USD | 4/5/19 | (70 | ) | (7,000 | ) | (24,150 | ) | (28,543 | ) | 4,393 | |||||||||||||||||
S&P 500 Index | 2,785.00 USD | 4/5/19 | (25 | ) | (2,500 | ) | (12,250 | ) | (21,844 | ) | 9,594 | |||||||||||||||||
S&P 500 Index | 2,790.00 USD | 4/5/19 | (50 | ) | (5,000 | ) | (28,000 | ) | (63,023 | ) | 35,023 | |||||||||||||||||
S&P 500 Index | 2,810.00 USD | 4/5/19 | (50 | ) | (5,000 | ) | (45,250 | ) | (51,938 | ) | 6,688 | |||||||||||||||||
S&P 500 Index | 2,825.00 USD | 4/5/19 | (17 | ) | (1,700 | ) | (23,970 | ) | (26,431 | ) | 2,461 | |||||||||||||||||
S&P 500 Index | 2,525.00 USD | 4/8/19 | (50 | ) | (5,000 | ) | (875 | ) | (39,298 | ) | 38,423 | |||||||||||||||||
S&P 500 Index | 2,660.00 USD | 4/8/19 | (16 | ) | (1,600 | ) | (680 | ) | (15,260 | ) | 14,580 | |||||||||||||||||
S&P 500 Index | 2,690.00 USD | 4/8/19 | (26 | ) | (2,600 | ) | (1,755 | ) | (33,690 | ) | 31,935 | |||||||||||||||||
S&P 500 Index | 2,700.00 USD | 4/8/19 | (3 | ) | (300 | ) | (247 | ) | (2,351 | ) | 2,104 | |||||||||||||||||
S&P 500 Index | 2,720.00 USD | 4/8/19 | (25 | ) | (2,500 | ) | (3,250 | ) | (25,969 | ) | 22,719 | |||||||||||||||||
S&P 500 Index | 2,735.00 USD | 4/8/19 | (17 | ) | (1,700 | ) | (3,188 | ) | (12,933 | ) | 9,745 | |||||||||||||||||
S&P 500 Index | 2,755.00 USD | 4/8/19 | (22 | ) | (2,200 | ) | (6,710 | ) | (21,621 | ) | 14,911 | |||||||||||||||||
S&P 500 Index | 2,765.00 USD | 4/8/19 | (17 | ) | (1,700 | ) | (6,630 | ) | (34,319 | ) | 27,689 | |||||||||||||||||
S&P 500 Index | 2,600.00 USD | 4/10/19 | (75 | ) | (7,500 | ) | (3,563 | ) | (28,557 | ) | 24,994 | |||||||||||||||||
S&P 500 Index | 2,700.00 USD | 4/10/19 | (26 | ) | (2,600 | ) | (4,420 | ) | (33,820 | ) | 29,400 | |||||||||||||||||
S&P 500 Index | 2,715.00 USD | 4/10/19 | (80 | ) | (8,000 | ) | (18,000 | ) | (55,621 | ) | 37,621 | |||||||||||||||||
S&P 500 Index | 2,725.00 USD | 4/10/19 | (34 | ) | (3,400 | ) | (9,265 | ) | (28,422 | ) | 19,157 |
200 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Options written contracts outstanding at March 31, 2019 (continued): | ||||||||||||||||||||||||||||
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Market Value | Premiums Received | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Put options (continued): | ||||||||||||||||||||||||||||
S&P 500 Index | 2,735.00 USD | 4/10/19 | (25 | ) | $ | (2,500 | ) | $ | (8,375 | ) | $ | (24,594 | ) | $ | 16,219 | |||||||||||||
S&P 500 Index | 2,740.00 USD | 4/10/19 | (25 | ) | (2,500 | ) | (9,125 | ) | (24,344 | ) | 15,219 | |||||||||||||||||
S&P 500 Index | 2,745.00 USD | 4/10/19 | (22 | ) | (2,200 | ) | (8,910 | ) | (22,853 | ) | 13,943 | |||||||||||||||||
S&P 500 Index | 2,750.00 USD | 4/10/19 | (22 | ) | (2,200 | ) | (9,900 | ) | (26,307 | ) | 16,407 | |||||||||||||||||
S&P 500 Index | 2,775.00 USD | 4/10/19 | (34 | ) | (3,400 | ) | (24,820 | ) | (58,999 | ) | 34,179 | |||||||||||||||||
S&P 500 Index | 2,420.00 USD | 4/12/19 | (75 | ) | (7,500 | ) | (1,688 | ) | (111,853 | ) | 110,165 | |||||||||||||||||
S&P 500 Index | 2,675.00 USD | 4/12/19 | (17 | ) | (1,700 | ) | (3,188 | ) | (18,084 | ) | 14,896 | |||||||||||||||||
S&P 500 Index | 2,705.00 USD | 4/12/19 | (11 | ) | (1,100 | ) | (3,328 | ) | (15,717 | ) | 12,389 | |||||||||||||||||
S&P 500 Index | 2,720.00 USD | 4/12/19 | (66 | ) | (6,600 | ) | (25,080 | ) | (59,310 | ) | 34,230 | |||||||||||||||||
S&P 500 Index | 2,740.00 USD | 4/12/19 | (51 | ) | (5,100 | ) | (27,030 | ) | (54,625 | ) | 27,595 | |||||||||||||||||
S&P 500 Index | 2,750.00 USD | 4/12/19 | (57 | ) | (5,700 | ) | (35,910 | ) | (40,245 | ) | 4,335 | |||||||||||||||||
S&P 500 Index | 2,765.00 USD | 4/12/19 | (25 | ) | (2,500 | ) | (19,375 | ) | (20,967 | ) | 1,592 | |||||||||||||||||
S&P 500 Index | 2,770.00 USD | 4/12/19 | (22 | ) | (2,200 | ) | (19,360 | ) | (23,073 | ) | 3,713 | |||||||||||||||||
S&P 500 Index | 2,780.00 USD | 4/12/19 | (17 | ) | (1,700 | ) | (17,680 | ) | (28,743 | ) | 11,063 | |||||||||||||||||
S&P 500 Index | 2,800.00 USD | 4/12/19 | (17 | ) | (1,700 | ) | (23,630 | ) | (25,564 | ) | 1,934 | |||||||||||||||||
S&P 500 Index | 2,600.00 USD | 4/15/19 | (60 | ) | (6,000 | ) | (6,000 | ) | (15,154 | ) | 9,154 | |||||||||||||||||
S&P 500 Index | 2,700.00 USD | 4/15/19 | (11 | ) | (1,100 | ) | (3,740 | ) | (14,506 | ) | 10,766 | |||||||||||||||||
S&P 500 Index | 2,720.00 USD | 4/15/19 | (16 | ) | (1,600 | ) | (7,360 | ) | (14,572 | ) | 7,212 | |||||||||||||||||
S&P 500 Index | 2,745.00 USD | 4/15/19 | (26 | ) | (2,600 | ) | (17,680 | ) | (31,168 | ) | 13,488 | |||||||||||||||||
S&P 500 Index | 2,575.00 USD | 4/17/19 | (60 | ) | (6,000 | ) | (6,750 | ) | (14,710 | ) | 7,960 | |||||||||||||||||
S&P 500 Index | 2,690.00 USD | 4/17/19 | (17 | ) | (1,700 | ) | (6,715 | ) | (15,364 | ) | 8,649 | |||||||||||||||||
S&P 500 Index | 2,695.00 USD | 4/17/19 | (17 | ) | (1,700 | ) | (7,225 | ) | (14,854 | ) | 7,629 | |||||||||||||||||
S&P 500 Index | 2,710.00 USD | 4/17/19 | (32 | ) | (3,200 | ) | (16,640 | ) | (30,968 | ) | 14,328 | |||||||||||||||||
S&P 500 Index | 2,715.00 USD | 4/17/19 | (22 | ) | (2,200 | ) | (12,210 | ) | (26,659 | ) | 14,449 | |||||||||||||||||
S&P 500 Index | 2,720.00 USD | 4/17/19 | (22 | ) | (2,200 | ) | (13,090 | ) | (25,779 | ) | 12,689 | |||||||||||||||||
S&P 500 Index | 2,735.00 USD | 4/17/19 | (26 | ) | (2,600 | ) | (19,240 | ) | (32,728 | ) | 13,488 | |||||||||||||||||
S&P 500 Index | 2,740.00 USD | 4/17/19 | (26 | ) | (2,600 | ) | (20,540 | ) | (34,470 | ) | 13,930 | |||||||||||||||||
S&P 500 Index | 2,240.00 USD | 4/18/19 | (50 | ) | (5,000 | ) | (1,125 | ) | (79,438 | ) | 78,313 | |||||||||||||||||
S&P 500 Index | 2,375.00 USD | 4/18/19 | (100 | ) | (10,000 | ) | (3,750 | ) | (158,796 | ) | 155,046 | |||||||||||||||||
S&P 500 Index | 2,610.00 USD | 4/18/19 | (22 | ) | (2,200 | ) | (3,740 | ) | (17,353 | ) | 13,613 | |||||||||||||||||
S&P 500 Index | 2,615.00 USD | 4/18/19 | (5 | ) | (500 | ) | (900 | ) | (3,994 | ) | 3,094 | |||||||||||||||||
S&P 500 Index | 2,660.00 USD | 4/18/19 | (8 | ) | (800 | ) | (2,320 | ) | (8,854 | ) | 6,534 | |||||||||||||||||
S&P 500 Index | 2,690.00 USD | 4/18/19 | (15 | ) | (1,500 | ) | (6,375 | ) | (21,956 | ) | 15,581 | |||||||||||||||||
S&P 500 Index | 2,705.00 USD | 4/18/19 | (17 | ) | (1,700 | ) | (8,755 | ) | (14,259 | ) | 5,504 | |||||||||||||||||
S&P 500 Index | 2,730.00 USD | 4/18/19 | (39 | ) | (3,900 | ) | (28,080 | ) | (37,637 | ) | 9,557 | |||||||||||||||||
S&P 500 Index | 2,735.00 USD | 4/18/19 | (16 | ) | (1,600 | ) | (12,320 | ) | (14,380 | ) | 2,060 | |||||||||||||||||
S&P 500 Index | 2,755.00 USD | 4/18/19 | (22 | ) | (2,200 | ) | (21,230 | ) | (22,589 | ) | 1,359 | |||||||||||||||||
S&P 500 Index | 2,765.00 USD | 4/18/19 | (26 | ) | (2,600 | ) | (30,290 | ) | (32,156 | ) | 1,866 | |||||||||||||||||
S&P 500 Index | 2,550.00 USD | 4/22/19 | (60 | ) | (6,000 | ) | (7,650 | ) | (24,526 | ) | 16,876 | |||||||||||||||||
S&P 500 Index | 2,610.00 USD | 4/22/19 | (5 | ) | (500 | ) | (1,062 | ) | (3,493 | ) | 2,431 | |||||||||||||||||
S&P 500 Index | 2,620.00 USD | 4/22/19 | (22 | ) | (2,200 | ) | (5,225 | ) | (17,023 | ) | 11,798 | |||||||||||||||||
S&P 500 Index | 2,655.00 USD | 4/22/19 | (8 | ) | (800 | ) | (2,760 | ) | (8,846 | ) | 6,086 | |||||||||||||||||
S&P 500 Index | 2,690.00 USD | 4/22/19 | (15 | ) | (1,500 | ) | (7,875 | ) | (23,201 | ) | 15,326 | |||||||||||||||||
S&P 500 Index | 2,580.00 USD | 4/24/19 | (60 | ) | (6,000 | ) | (12,600 | ) | (26,926 | ) | 14,326 | |||||||||||||||||
S&P 500 Index | 2,675.00 USD | 4/24/19 | (16 | ) | (1,600 | ) | (8,640 | ) | (16,668 | ) | 8,028 | |||||||||||||||||
S&P 500 Index | 2,680.00 USD | 4/24/19 | (16 | ) | (1,600 | ) | (9,120 | ) | (16,300 | ) | 7,180 | |||||||||||||||||
S&P 500 Index | 2,705.00 USD | 4/24/19 | (26 | ) | (2,600 | ) | (19,630 | ) | (36,628 | ) | 16,998 | |||||||||||||||||
S&P 500 Index | 2,710.00 USD | 4/24/19 | (26 | ) | (2,600 | ) | (20,800 | ) | (36,985 | ) | 16,185 | |||||||||||||||||
S&P 500 Index | 2,525.00 USD | 4/26/19 | (60 | ) | (6,000 | ) | (10,500 | ) | (60,166 | ) | 49,666 | |||||||||||||||||
S&P 500 Index | 2,685.00 USD | 4/26/19 | (16 | ) | (1,600 | ) | (11,600 | ) | (16,748 | ) | 5,148 | |||||||||||||||||
S&P 500 Index | 2,710.00 USD | 4/26/19 | (16 | ) | (1,600 | ) | (14,480 | ) | (15,212 | ) | 732 | |||||||||||||||||
S&P 500 Index | 2,715.00 USD | 4/26/19 | (26 | ) | (2,600 | ) | (25,740 | ) | (36,888 | ) | 11,148 | |||||||||||||||||
S&P 500 Index | 2,735.00 USD | 4/26/19 | (26 | ) | (2,600 | ) | (30,680 | ) | (32,078 | ) | 1,398 | |||||||||||||||||
S&P 500 Index | 2,585.00 USD | 4/30/19 | (100 | ) | (10,000 | ) | (35,000 | ) | (173,636 | ) | 138,636 | |||||||||||||||||
S&P 500 Index | 2,525.00 USD | 5/3/19 | (60 | ) | (6,000 | ) | (16,800 | ) | (64,630 | ) | 47,830 | |||||||||||||||||
S&P 500 Index | 2,450.00 USD | 5/10/19 | (60 | ) | (6,000 | ) | (14,700 | ) | (78,526 | ) | 63,826 | |||||||||||||||||
S&P 500 Index | 2,625.00 USD | 5/10/19 | (80 | ) | (8,000 | ) | (66,800 | ) | (77,501 | ) | 10,701 | |||||||||||||||||
S&P 500 Index | 2,500.00 USD | 5/17/19 | (60 | ) | (6,000 | ) | (26,100 | ) | (78,326 | ) | 52,226 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 201 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Options written contracts outstanding at March 31, 2019 (continued): | ||||||||||||||||||||||||||||
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Market Value | Premiums Received | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Put options (continued): | ||||||||||||||||||||||||||||
S&P 500 Index | 2,625.00 USD | 5/24/19 | (60 | ) | $ | (6,000 | ) | $ | (78,900 | ) | $ | (115,526 | ) | $ | 36,626 | |||||||||||||
S&P 500 Index | 2,500.00 USD | 5/31/19 | (60 | ) | (6,000 | ) | (42,900 | ) | (62,926 | ) | 20,026 | |||||||||||||||||
S&P 500 Index | 2,150.00 USD | 6/28/19 | (25 | ) | (2,500 | ) | (7,188 | ) | (59,720 | ) | 52,532 | |||||||||||||||||
S&P 500 Index | 2,075.00 USD | 1/17/20 | (5 | ) | (500 | ) | (8,575 | ) | (20,644 | ) | 12,069 | |||||||||||||||||
S&P 500 Index | 2,150.00 USD | 1/17/20 | (10 | ) | (1,000 | ) | (21,500 | ) | (31,387 | ) | 9,887 | |||||||||||||||||
S&P 500 Index | 2,175.00 USD | 3/20/20 | (10 | ) | (1,000 | ) | (31,250 | ) | (36,287 | ) | 5,037 | |||||||||||||||||
|
| |||||||||||||||||||||||||||
Total put options |
| $ | (1,316,445 | ) | �� | $ | (3,926,230 | ) | $ | 2,609,785 | ||||||||||||||||||
|
| |||||||||||||||||||||||||||
Total options written contracts |
| $ | (77,615,897 | ) | $ | (68,953,838 | ) | $ | (8,662,059 | ) | ||||||||||||||||||
|
|
(e) At March 31, 2019, the Fund pledged $3,153,717 in cash as collateral for options written.
Glossary:
CBOE—Chicago Board Options Exchange
202 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
AllianzGI U.S. Equity Hedged Fund
Shares | Value | |||||||
Exchange-Traded Funds—99.4% |
| |||||||
SPDR S&P 500 (a) |
| |||||||
(cost—$1,742,106) | 7,580 | $2,141,199 | ||||||
|
| |||||||
Total Options Purchased—0.8% (cost—$55,334) (b)(c)(d) |
| 17,065 | ||||||
|
| |||||||
Total Investments, before options written (cost—$1,797,440)—100.2% |
| 2,158,264 | ||||||
|
| |||||||
Total Options Written—(0.2)% (premiums received—$3,455) (b)(c)(d) |
| (5,420 | ) | |||||
|
|
Value | ||||||
Total Investments, net of options written (cost—$1,793,985)—100.0% | $ | 2,152,844 | ||||
|
| |||||
Other assets less other liabilities—0.0% | 379 | |||||
|
| |||||
Net Assets—100.0% | $2,153,223 | |||||
|
|
Notes to Schedule of Investments:
(a) All or partial amount segregated for the benefit of the counterparty as collateral for options written.
(b)Non-income producing.
(c) Exchange traded-Chicago Board Options Exchange.
(d) Exchange traded option contracts outstanding at March 31, 2019:
Options purchased contracts outstanding at March 31, 2019: | ||||||||||||||||||||||||||||
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Market Value | Cost | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Call options: |
| |||||||||||||||||||||||||||
S&P 500 Index | 3,125.00 USD | 5/3/19 | 4 | $ | 400 | $ | 50 | $ | 25 | $ | 25 | |||||||||||||||||
Put options: |
| |||||||||||||||||||||||||||
S&P 500 Index | 2,375.00 USD | 4/18/19 | 1 | $ | 100 | $ | 16 | $ | 7,883 | $ | (7,867 | ) | ||||||||||||||||
S&P 500 Index | 2,375.00 USD | 5/17/19 | 1 | 100 | 172 | 6,467 | (6,295 | ) | ||||||||||||||||||||
S&P 500 Index | 2,425.00 USD | 6/21/19 | 1 | 100 | 820 | 6,693 | (5,873 | ) | ||||||||||||||||||||
S&P 500 Index | 2,450.00 USD | 6/21/19 | 1 | 100 | 925 | 6,731 | (5,806 | ) | ||||||||||||||||||||
S&P 500 Index | 2,450.00 USD | 7/19/19 | 1 | 100 | 1,595 | 6,832 | (5,237 | ) | ||||||||||||||||||||
S&P 500 Index | 2,500.00 USD | 8/16/19 | 1 | 100 | 2,682 | 7,283 | (4,601 | ) | ||||||||||||||||||||
S&P 500 Index | 2,575.00 USD | 9/20/19 | 1 | 100 | 4,420 | 6,821 | (2,401 | ) | ||||||||||||||||||||
S&P 500 Index | 2,450.00 USD | 3/20/20 | 1 | 100 | 6,385 | 6,599 | (214 | ) | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||
Total put options |
| $ | 17,015 | $ | 55,309 | $ | (38,294 | ) | ||||||||||||||||||||
|
| |||||||||||||||||||||||||||
Total options purchased contracts |
| $ | 17,065 | $ | 55,334 | $ | (38,269 | ) | ||||||||||||||||||||
|
|
Options written contracts outstanding at March 31, 2019: | ||||||||||||||||||||||||||||
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Market Value | Premiums Received | Unrealized (Depreciation) | |||||||||||||||||||||
Call options: |
| |||||||||||||||||||||||||||
S&P 500 Index | 2,900.00 USD | 5/3/19 | (4 | ) | $ | (400 | ) | $ | (5,420 | ) | $ | (3,455 | ) | $ | (1,965 | ) |
(e) At March 31, 2019, the Fund pledged $3,832 in cash as collateral for options written.
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 203 |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
AllianzGI Ultra Micro Cap Fund
Shares | Value | |||||||
Common Stock—99.6% |
| |||||||
Aerospace & Defense—1.4% |
| |||||||
Ducommun, Inc. (a) | 7,633 | $332,188 | ||||||
|
| |||||||
Banks—6.6% |
| |||||||
Atlantic Capital Bancshares, Inc. (a) | 14,468 | 257,965 | ||||||
Franklin Financial Network, Inc. | 5,638 | 163,558 | ||||||
Heritage Commerce Corp. | 18,768 | 227,093 | ||||||
People’s Utah Bancorp | 7,425 | 195,797 | ||||||
Preferred Bank | 6,632 | 298,241 | ||||||
Triumph Bancorp, Inc. (a) | 6,915 | 203,232 | ||||||
Veritex Holdings, Inc. | 8,903 | 215,631 | ||||||
|
| |||||||
1,561,517 | ||||||||
|
| |||||||
Beverages—1.0% |
| |||||||
Primo Water Corp. (a) | 15,563 | 240,604 | ||||||
|
| |||||||
Biotechnology—15.1% |
| |||||||
Albireo Pharma, Inc. (a) | 2,163 | 69,670 | ||||||
Arrowhead Pharmaceuticals, Inc. (a) | 9,541 | 175,077 | ||||||
Assembly Biosciences, Inc. (a) | 3,020 | 59,464 | ||||||
Audentes Therapeutics, Inc. (a) | 3,513 | 137,077 | ||||||
BioCryst Pharmaceuticals, Inc. (a) | 15,754 | 128,237 | ||||||
Biohaven Pharmaceutical Holding Co., Ltd. (a) | 3,576 | 184,057 | ||||||
BioSpecifics Technologies Corp. (a) | 3,500 | 218,155 | ||||||
Cara Therapeutics, Inc. (a) | 5,938 | 116,503 | ||||||
Corbus Pharmaceuticals Holdings, Inc. (a) | 10,185 | 70,786 | ||||||
CytomX Therapeutics, Inc. (a) | 6,652 | 71,509 | ||||||
Flexion Therapeutics, Inc. (a) | 6,766 | 84,440 | ||||||
GlycoMimetics, Inc. (a) | 7,048 | 87,818 | ||||||
Intellia Therapeutics, Inc. (a) | 6,739 | 115,102 | ||||||
Iovance Biotherapeutics, Inc. (a) | 11,082 | 105,390 | ||||||
Kindred Biosciences, Inc. (a) | 16,469 | 151,021 | ||||||
Kura Oncology, Inc. (a) | 5,801 | 96,238 | ||||||
MacroGenics, Inc. (a) | 6,542 | 117,625 | ||||||
Minerva Neurosciences, Inc. (a) | 6,714 | 52,772 | ||||||
Progenics Pharmaceuticals, Inc. (a) | 15,860 | 73,590 | ||||||
Rigel Pharmaceuticals, Inc. (a) | 30,365 | 78,038 | ||||||
Sangamo Therapeutics, Inc. (a) | 9,544 | 91,050 | ||||||
Stemline Therapeutics, Inc. (a) | 5,075 | 65,214 | ||||||
T2 Biosystems, Inc. (a) | 32,317 | 84,994 | ||||||
uniQure NV (a) | 2,584 | 154,136 | ||||||
Vanda Pharmaceuticals, Inc. (a) | 8,429 | 155,094 | ||||||
Veracyte, Inc. (a) | 18,184 | 454,964 | ||||||
Vericel Corp. (a) | 9,740 | 170,547 | ||||||
Viking Therapeutics, Inc. (a) | 11,204 | 111,368 | ||||||
Voyager Therapeutics, Inc. (a) | 4,733 | 90,590 | ||||||
|
| |||||||
3,570,526 | ||||||||
|
| |||||||
Chemicals—0.9% |
| |||||||
American Vanguard Corp. | 12,652 | 217,868 | ||||||
|
| |||||||
Construction & Engineering—2.7% |
| |||||||
NV5 Global, Inc. (a) | 6,754 | 400,918 | ||||||
Sterling Construction Co., Inc. (a) | 18,066 | 226,186 | ||||||
|
| |||||||
627,104 | ||||||||
|
| |||||||
Construction Materials—0.8% |
| |||||||
U.S. Concrete, Inc. (a) | 4,528 | 187,550 | ||||||
|
|
Shares | Value | |||||||
Diversified Consumer Services—1.1% |
| |||||||
Carriage Services, Inc. | 8,645 | $ | 166,416 | |||||
HyreCar, Inc. (a) | 18,636 | 93,739 | ||||||
|
| |||||||
260,155 | ||||||||
|
| |||||||
Diversified Telecommunication Services—0.8% |
| |||||||
Pareteum Corp. (a) | 38,995 | 177,427 | ||||||
|
| |||||||
Electrical Equipment—0.7% |
| |||||||
Allied Motion Technologies, Inc. | 4,420 | 151,960 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components—2.1% |
| |||||||
Mesa Laboratories, Inc. | 1,261 | 290,661 | ||||||
Napco Security Technologies, Inc. (a) | 9,745 | 202,111 | ||||||
|
| |||||||
492,772 | ||||||||
|
| |||||||
Energy Equipment & Services—2.4% |
| |||||||
DMC Global, Inc. | 11,559 | 573,789 | ||||||
|
| |||||||
Entertainment—1.3% |
| |||||||
Rosetta Stone, Inc. (a) | 13,868 | 303,016 | ||||||
|
| |||||||
Food Products—1.0% |
| |||||||
John B Sanfilippo & Son, Inc. | 3,353 | 240,980 | ||||||
|
| |||||||
Healthcare Equipment & Supplies—11.7% |
| |||||||
Antares Pharma, Inc. (a) | 52,549 | 159,224 | ||||||
Apyx Medical Corp. (a) | 9,194 | 58,014 | ||||||
AxoGen, Inc. (a) | 10,507 | 221,277 | ||||||
BioLife Solutions, Inc. (a) | 11,629 | 208,043 | ||||||
CryoLife, Inc. (a) | 10,079 | 294,004 | ||||||
CryoPort, Inc. (a) | 24,037 | 310,558 | ||||||
CytoSorbents Corp. (a) | 23,499 | 177,887 | ||||||
OrthoPediatrics Corp. (a) | 8,494 | 375,690 | ||||||
Senseonics Holdings, Inc. (a) | 63,564 | 155,732 | ||||||
Sientra, Inc. (a) | 17,372 | 149,052 | ||||||
Surmodics, Inc. (a) | 7,308 | 317,752 | ||||||
Tactile Systems Technology, Inc. (a) | 6,586 | 347,214 | ||||||
|
| |||||||
2,774,447 | ||||||||
|
| |||||||
Healthcare Providers & Services—4.7% |
| |||||||
Addus HomeCare Corp. (a) | 3,784 | 240,625 | ||||||
BioTelemetry, Inc. (a) | 5,028 | 314,853 | ||||||
Catasys, Inc. (a) | 12,956 | 158,452 | ||||||
Joint Corp. (a) | 11,239 | 177,014 | ||||||
RadNet, Inc. (a) | 17,623 | 218,349 | ||||||
|
| |||||||
1,109,293 | ||||||||
|
| |||||||
Healthcare Technology—3.7% |
| |||||||
OptimizeRx Corp. (a) | 9,954 | 126,615 | ||||||
Tabula Rasa HealthCare, Inc. (a) | 7,045 | 397,479 | ||||||
Vocera Communications, Inc. (a) | 11,365 | 359,475 | ||||||
|
| |||||||
883,569 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure—2.7% |
| |||||||
Carrols Restaurant Group, Inc. (a) | 22,651 | 225,830 | ||||||
Century Casinos, Inc. (a) | 25,515 | 231,166 | ||||||
Red Lion Hotels Corp. (a) | 22,786 | 184,111 | ||||||
|
| |||||||
641,107 | ||||||||
|
| |||||||
Household Durables—0.9% |
| |||||||
LGI Homes, Inc. (a) | 3,660 | 220,478 | ||||||
|
| |||||||
Interactive Media & Services—1.5% |
| |||||||
Meet Group, Inc. (a) | 33,064 | 166,312 | ||||||
QuinStreet, Inc. (a) | 14,732 | 197,261 | ||||||
|
| |||||||
363,573 | ||||||||
|
|
Shares | Value | |||||||
Internet & Direct Marketing Retail—1.2% |
| |||||||
Gaia, Inc., Class A (a) | 16,345 | $ | 149,557 | |||||
RumbleON, Inc., Class B (a) | 27,106 | 133,903 | ||||||
|
| |||||||
283,460 | ||||||||
|
| |||||||
IT Services—3.1% |
| |||||||
Brightcove, Inc. (a) | 21,768 | 183,069 | ||||||
Carbonite, Inc. (a) | 9,183 | 227,830 | ||||||
Hackett Group, Inc. | 19,695 | 311,181 | ||||||
|
| |||||||
722,080 | ||||||||
|
| |||||||
Leisure Equipment & Products—0.9% |
| |||||||
MasterCraft Boat Holdings, Inc. (a) | 9,605 | 216,785 | ||||||
|
| |||||||
Life Sciences Tools & Services—6.7% |
| |||||||
Champions Oncology, Inc. (a) | 17,063 | 167,047 | ||||||
Codexis, Inc. (a) | 9,293 | 190,785 | ||||||
Fluidigm Corp. (a) | 23,665 | 314,508 | ||||||
NeoGenomics, Inc. (a) | 28,856 | 590,394 | ||||||
Quanterix Corp. (a) | 12,358 | 319,207 | ||||||
|
| |||||||
1,581,941 | ||||||||
|
| |||||||
Machinery—1.6% |
| |||||||
LiqTech International, Inc. (a) | 89,549 | 192,530 | ||||||
Manitex International, Inc. (a) | 23,110 | 176,792 | ||||||
|
| |||||||
369,322 | ||||||||
|
| |||||||
Media—0.7% |
| |||||||
Cardlytics, Inc. (a) | 9,756 | 161,364 | ||||||
|
| |||||||
Metals & Mining—0.6% |
| |||||||
Universal Stainless & Alloy Products, Inc. (a) | 8,911 | 147,655 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels—2.4% |
| |||||||
Evolution Petroleum Corp. | 24,110 | 162,743 | ||||||
Lonestar Resources U.S., Inc., Class A (a) | 33,210 | 133,172 | ||||||
Penn Virginia Corp. (a) | 3,699 | 163,126 | ||||||
Ring Energy, Inc. (a) | 19,727 | 115,797 | ||||||
|
| |||||||
574,838 | ||||||||
|
| |||||||
Pharmaceuticals—3.1% |
| |||||||
ANI Pharmaceuticals, Inc. (a) | 4,077 | 287,592 | ||||||
Cymabay Therapeutics, Inc. (a) | 9,487 | 125,987 | ||||||
Intersect ENT, Inc. (a) | 7,034 | 226,143 | ||||||
WaVe Life Sciences Ltd. (a) | 2,532 | 98,368 | ||||||
|
| |||||||
738,090 | ||||||||
|
| |||||||
Professional Services—1.1% |
| |||||||
CRA International, Inc. | 5,104 | 257,956 | ||||||
|
| |||||||
Road & Rail—0.7% |
| |||||||
USA Truck, Inc. (a) | 11,266 | 162,681 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment—3.1% |
| |||||||
Adesto Technologies Corp. (a) | 29,248 | 176,950 | ||||||
AXT, Inc. (a) | 30,675 | 136,504 | ||||||
FormFactor, Inc. (a) | 15,088 | 242,766 | ||||||
Ichor Holdings Ltd. (a) | 8,183 | 184,772 | ||||||
|
| |||||||
740,992 | ||||||||
|
| |||||||
Software—8.3% |
| |||||||
Agilysys, Inc. (a) | 6,048 | 128,036 | ||||||
Amber Road, Inc. (a) | 26,933 | 233,509 | ||||||
eGain Corp. (a) | 26,543 | 277,374 | ||||||
Model N, Inc. (a) | 15,221 | 266,976 | ||||||
QAD, Inc., Class A | 5,981 | 257,602 | ||||||
ShotSpotter, Inc. (a) | 5,311 | 205,005 | ||||||
Upland Software, Inc. (a) | 9,438 | 399,794 | ||||||
Zix Corp. (a) | 28,855 | 198,522 | ||||||
|
| |||||||
1,966,818 | ||||||||
|
|
204 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Schedule of Investments
March 31, 2019 (Unaudited)
Shares | Value | |||||||
Water Utilities—1.2% |
| |||||||
AquaVenture Holdings Ltd. (a) | 15,184 | $ | 293,810 | |||||
|
| |||||||
Wireless Telecommunication Services—1.8% |
| |||||||
Boingo Wireless, Inc. (a) | 17,842 | 415,362 | ||||||
|
| |||||||
Total Common Stock (cost—$18,501,358) |
| 23,563,077 | ||||||
|
| |||||||
Principal Amount (000s) | ||||||||
Repurchase Agreements—1.0% |
| |||||||
State Street Bank and Trust Co., dated 3/29/19, 0.50%, due 4/1/19, proceeds $226,009; collateralized by U.S. Treasury Notes, 1.75%, due 6/30/22, valued at $232,788 including accrued interest |
| |||||||
(cost—$226,000) | $226 | 226,000 | ||||||
|
| |||||||
Total Investments (cost—$18,727,358)—100.6% |
| 23,789,077 | ||||||
|
| |||||||
Liabilities in excess of other assets—(0.6)% | (132,911 | ) | ||||||
|
| |||||||
Net Assets—100.0% | $23,656,166 | |||||||
|
|
Notes to Schedule of Investments:
(a)Non-income producing.
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 205 |
Table of Contents
Statements of Assets and Liabilities
March 31, 2019 (Unaudited)
AllianzGI Retirement 2020 | AllianzGI Retirement 2025 | AllianzGI Retirement 2030 | AllianzGI Retirement 2035 | AllianzGI Retirement 2040 | ||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Investments, at value | $ | 2,532,405 | $ | 1,542,456 | $ | 358,438 | $ | 497,330 | $ | 249,489 | ||||||||||||||
Investments in Affiliates, at value | 29,841,764 | 44,759,084 | 56,086,722 | 42,853,664 | 45,046,624 | |||||||||||||||||||
Repurchase agreements, at value | 841,000 | 1,060,000 | 1,047,000 | 1,080,000 | 1,071,000 | |||||||||||||||||||
Cash | 211 | 155 | 267 | 61 | 943 | |||||||||||||||||||
Foreign currency, at value | — | — | — | — | — | |||||||||||||||||||
Deposits with brokers for derivatives collateral | 326,610 | 619,499 | 845,282 | 726,933 | 859,239 | |||||||||||||||||||
Receivable for Fund shares sold | 12,284 | 26,223 | 13,573 | 36,108 | 13,140 | |||||||||||||||||||
Investments in Affiliated Funds — Trustees Deferred Compensation Plan (see Note 5) | 7,804 | 9,391 | 10,506 | 8,366 | 7,583 | |||||||||||||||||||
Dividends and interest receivable (net of foreign withholding taxes) | 35 | 44 | 44 | 45 | 45 | |||||||||||||||||||
Receivable for variation margin on futures contracts | — | 9,498 | 770 | — | — | |||||||||||||||||||
Dividends receivable from Affiliates | — | — | — | — | — | |||||||||||||||||||
Tax reclaims receivable | — | — | — | — | — | |||||||||||||||||||
Receivable from Investment Manager | — | — | 391 | — | — | |||||||||||||||||||
Prepaid expenses and other assets | 57 | 57 | 57 | 57 | 57 | |||||||||||||||||||
Total Assets | 33,562,170 | 48,026,407 | 58,363,050 | 45,202,564 | 47,248,120 | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Payable for Fund shares redeemed | 1,127,252 | 532,779 | 37,706 | 67,923 | 60,322 | |||||||||||||||||||
Trustees Deferred Compensation Plan payable (see Note 5) | 7,804 | 9,391 | 10,506 | 8,366 | 7,583 | |||||||||||||||||||
Payable for variation margin on futures contracts | 3,254 | — | — | 5,415 | 12,931 | |||||||||||||||||||
Servicing fees payable | 943 | 1,353 | 1,648 | 1,337 | 844 | |||||||||||||||||||
Administration fees payable | 884 | 87 | — | 2,369 | 3,761 | |||||||||||||||||||
Distribution fees payable | 437 | 295 | 802 | 344 | 383 | |||||||||||||||||||
Payable for investments in Affiliates purchased | — | — | — | — | — | |||||||||||||||||||
Investment management fees payable | — | — | — | — | — | |||||||||||||||||||
Accrued expenses and other liabilities | — | — | — | — | — | |||||||||||||||||||
Total Liabilities | 1,140,574 | 543,905 | 50,662 | 85,754 | 85,824 | |||||||||||||||||||
Net Assets | $ | 32,421,596 | $ | 47,482,502 | $ | 58,312,388 | $ | 45,116,810 | $ | 47,162,296 | ||||||||||||||
Net Assets Consist of: | ||||||||||||||||||||||||
Paid-in-capital | $ | 31,264,198 | $ | 45,424,650 | $ | 55,178,483 | $ | 42,792,296 | $ | 44,685,839 | ||||||||||||||
Total distributable earnings (loss) | 1,157,398 | 2,057,852 | 3,133,905 | 2,324,514 | 2,476,457 | |||||||||||||||||||
Net Assets | $ | 32,421,596 | $ | 47,482,502 | $ | 58,312,388 | $ | 45,116,810 | $ | 47,162,296 | ||||||||||||||
Cost of Investments | $ | 2,464,342 | $ | 1,524,211 | $ | 356,900 | $ | 497,333 | $ | 249,489 | ||||||||||||||
Cost of Investments in Affiliates | $ | 29,337,058 | $ | 43,896,985 | $ | 55,080,517 | $ | 42,896,104 | $ | 45,829,990 | ||||||||||||||
Cost of Repurchase Agreements | $ | 841,000 | $ | 1,060,000 | $ | 1,047,000 | $ | 1,080,000 | $ | 1,071,000 | ||||||||||||||
Cost of Foreign Currency | $ | — | $ | — | $ | — | $ | — | $ | — |
206 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI Retirement 2045 | AllianzGI Retirement 2050 | AllianzGI Retirement 2055 | AllianzGI Multi Asset Income | AllianzGI Global Allocation | AllianzGI Best Styles Global Equity | AllianzGI Best Styles International Equity | ||||||||||||||||||||||||
$ | — | $ | — | $ | — | $ | 10,105,177 | $ | 19,003,500 | $ | 480,874,211 | $ | 23,778,099 | |||||||||||||||||
30,472,137 | 31,677,596 | 16,206,876 | 21,497,318 | 294,140,557 | — | — | ||||||||||||||||||||||||
603,000 | 755,000 | 494,000 | 305,000 | 4,975,000 | 2,387,000 | 186,000 | ||||||||||||||||||||||||
801 | 45 | 456 | 4,039 | 24 | 279 | 297 | ||||||||||||||||||||||||
— | — | — | — | — | 538,233 | 46,422 | ||||||||||||||||||||||||
672,107 | 706,683 | 409,839 | 948,111 | 3,317,710 | — | — | ||||||||||||||||||||||||
14,176 | 37,727 | 18,831 | 7,142 | 110,535 | 75,998 | 335 | ||||||||||||||||||||||||
| 4,730 | 4,564 | 2,102 | 4,543 | 56,771 | 86,867 | 5,632 | |||||||||||||||||||||||
| 25 | 31 | 21 | 59,838 | 207 | 1,203,151 | 136,722 | |||||||||||||||||||||||
— | — | — | 72,235 | 44,170 | — | — | ||||||||||||||||||||||||
— | — | — | 24,301 | — | — | — | ||||||||||||||||||||||||
— | — | — | — | — | 186,644 | 59,231 | ||||||||||||||||||||||||
— | — | — | — | — | — | 3,575 | ||||||||||||||||||||||||
57 | 57 | 57 | 57 | 65,351 | 47,100 | 47,866 | ||||||||||||||||||||||||
31,767,033 | 33,181,703 | 17,132,182 | 33,027,761 | 321,713,825 | 485,399,483 | 24,264,179 | ||||||||||||||||||||||||
119,071 | 478,001 | 55,342 | 46,629 | 210,380 | 1,223,179 | 15,551 | ||||||||||||||||||||||||
| 4,730 | 4,564 | 2,102 | 4,543 | 56,771 | 86,867 | 5,632 | |||||||||||||||||||||||
9,875 | 11,117 | 5,466 | — | — | — | — | ||||||||||||||||||||||||
454 | 655 | 353 | 2,879 | 12,551 | 231 | 98 | ||||||||||||||||||||||||
2,959 | 3,026 | 1,630 | 3,968 | — | — | — | ||||||||||||||||||||||||
248 | 754 | 312 | 1,233 | 5,482 | 11 | 28 | ||||||||||||||||||||||||
— | — | — | 24,301 | — | — | — | ||||||||||||||||||||||||
491 | 727 | 392 | — | 45,345 | 138,204 | — | ||||||||||||||||||||||||
— | — | — | — | 154,988 | 560,629 | 160,536 | ||||||||||||||||||||||||
137,828 | 498,844 | 65,597 | 83,553 | 485,517 | 2,009,121 | 181,845 | ||||||||||||||||||||||||
$ | 31,629,205 | $ | 32,682,859 | $ | 17,066,585 | $ | 32,944,208 | $ | 321,228,308 | $ | 483,390,362 | $ | 24,082,334 | |||||||||||||||||
$ | 30,157,810 | $ | 31,532,972 | $ | 16,778,318 | $ | 34,767,924 | $ | 305,355,161 | $ | 455,949,440 | $ | 24,651,799 | |||||||||||||||||
1,471,395 | 1,149,887 | 288,267 | (1,823,716 | ) | 15,873,147 | 27,440,922 | (569,465 | ) | ||||||||||||||||||||||
$ | 31,629,205 | $ | 32,682,859 | $ | 17,066,585 | $ | 32,944,208 | $ | 321,228,308 | $ | 483,390,362 | $ | 24,082,334 | |||||||||||||||||
$ | — | $ | — | $ | — | $ | 9,766,616 | $ | 18,956,107 | $ | 452,630,966 | $ | 23,688,508 | |||||||||||||||||
$ | 31,311,321 | $ | 33,054,229 | $ | 17,076,361 | $ | 21,396,045 | $ | 292,693,292 | $ | — | $ | — | |||||||||||||||||
$ | 603,000 | $ | 755,000 | $ | 494,000 | $ | 305,000 | $ | 4,975,000 | $ | 2,387,000 | $ | 186,000 | |||||||||||||||||
$ | — | $ | — | $ | — | $ | — | $ | — | $ | 538,116 | $ | 46,813 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 207 |
Table of Contents
Statements of Assets and Liabilities (cont’d)
March 31, 2019 (Unaudited)
AllianzGI Retirement 2020 | AllianzGI Retirement 2025 | AllianzGI Retirement 2030 | AllianzGI Retirement 2035 | AllianzGI Retirement 2040 | ||||||||||||||||||||
Net Assets: | ||||||||||||||||||||||||
Class A | $ | 4,158,402 | $ | 6,198,150 | $ | 6,984,804 | $ | 6,002,933 | $ | 3,761,138 | ||||||||||||||
Class C | 204,123 | — | 603,551 | — | 61,788 | |||||||||||||||||||
Class R | 3,057 | 237,433 | 271,090 | 281,045 | 204,383 | |||||||||||||||||||
Class P | 12,162,296 | 22,282,149 | 26,897,727 | 20,463,092 | 17,564,804 | |||||||||||||||||||
Institutional Class | — | — | — | — | — | |||||||||||||||||||
Class R6 | 15,870,564 | 18,629,184 | 23,403,012 | 18,214,745 | 25,522,567 | |||||||||||||||||||
Administrative Class | 23,154 | 135,586 | 152,204 | 154,995 | 47,616 | |||||||||||||||||||
Shares Issued and Outstanding: | ||||||||||||||||||||||||
Class A | 219,528 | 366,082 | 343,786 | 342,479 | 183,055 | |||||||||||||||||||
Class C | 10,749 | — | 29,972 | — | 3,003 | |||||||||||||||||||
Class R | 165 | 14,113 | 13,321 | 16,105 | 10,020 | |||||||||||||||||||
Class P | 638,747 | 1,318,816 | 1,310,831 | 1,163,828 | 852,873 | |||||||||||||||||||
Institutional Class | — | — | — | — | — | |||||||||||||||||||
Class R6 | 832,098 | 1,099,883 | 1,135,844 | 1,034,547 | 1,236,798 | |||||||||||||||||||
Administrative Class | 1,218 | 7,981 | 7,398 | 8,779 | 2,325 | |||||||||||||||||||
Net Asset Value and Redemption Price Per Share:* | ||||||||||||||||||||||||
Class A | $ | 18.94 | $ | 16.93 | $ | 20.32 | $ | 17.53 | $ | 20.55 | ||||||||||||||
Class C | 18.99 | — | 20.14 | — | 20.58 | |||||||||||||||||||
Class R | 18.51 | 16.82 | 20.35 | 17.45 | 20.40 | |||||||||||||||||||
Class P | 19.04 | 16.90 | 20.52 | 17.58 | 20.59 | |||||||||||||||||||
Institutional Class | — | — | — | — | — | |||||||||||||||||||
Class R6 | 19.07 | 16.94 | 20.60 | 17.61 | 20.64 | |||||||||||||||||||
Administrative Class | 19.00 | 16.99 | 20.57 | 17.65 | 20.48 |
* | Net asset value and redemption price per share may not recalculate exactly due to rounding. |
208 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI Retirement 2045 | AllianzGI Retirement 2050 | AllianzGI Retirement 2055 | AllianzGI Multi Asset Income | AllianzGI Global Allocation | AllianzGI Best Styles Global Equity | AllianzGI Best Styles International Equity | ||||||||||||||||||||||||
$ | 1,989,669 | $ | 2,787,163 | $ | 1,578,564 | $ | 12,196,247 | $ | 51,452,286 | $ | 1,071,807 | $ | 429,860 | |||||||||||||||||
— | 188,429 | — | 1,529,288 | 7,879,669 | 16,610 | 43,595 | ||||||||||||||||||||||||
165,275 | 147,141 | 65,646 | 95,620 | 19,867 | — | — | ||||||||||||||||||||||||
13,818,398 | 11,117,515 | 6,513,225 | 8,674,370 | 6,302,183 | 730,433 | 102,776 | ||||||||||||||||||||||||
— | — | — | 68,554 | 5,860,300 | 468,356 | 341,000 | ||||||||||||||||||||||||
15,327,049 | 17,871,686 | 8,732,294 | 10,369,953 | 249,691,960 | 481,103,156 | 23,165,103 | ||||||||||||||||||||||||
328,814 | 570,925 | 176,856 | 10,176 | 22,043 | — | — | ||||||||||||||||||||||||
110,324 | 139,413 | 90,610 | 709,932 | 4,817,058 | 75,815 | 31,804 | ||||||||||||||||||||||||
— | 9,599 | — | 88,997 | 717,110 | 1,175 | 3,238 | ||||||||||||||||||||||||
9,276 | 7,365 | 3,780 | 5,315 | 1,880 | — | — | ||||||||||||||||||||||||
768,484 | 552,211 | 371,422 | 499,283 | 596,012 | 51,629 | 7,604 | ||||||||||||||||||||||||
— | — | — | 4,056 | 550,502 | 33,597 | 25,194 | ||||||||||||||||||||||||
850,013 | 884,180 | 495,803 | 612,988 | 23,960,495 | 34,216,956 | 1,705,013 | ||||||||||||||||||||||||
18,393 | 28,503 | 10,144 | 580 | 2,005 | — | — | ||||||||||||||||||||||||
$ | 18.03 | $ | 19.99 | $ | 17.42 | $ | 17.18 | $ | 10.68 | $ | 14.14 | $ | 13.52 | |||||||||||||||||
— | 19.63 | — | 17.18 | 10.99 | 14.13 | 13.46 | ||||||||||||||||||||||||
17.82 | 19.98 | 17.37 | 17.99 | 10.57 | — | — | ||||||||||||||||||||||||
17.98 | 20.13 | 17.54 | 17.37 | 10.57 | 14.15 | 13.52 | ||||||||||||||||||||||||
— | — | — | 16.90 | 10.65 | 13.94 | 13.53 | ||||||||||||||||||||||||
18.03 | 20.21 | 17.61 | 16.92 | 10.42 | 14.06 | 13.59 | ||||||||||||||||||||||||
17.88 | 20.03 | 17.43 | 17.54 | 10.99 | — | — |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 209 |
Table of Contents
Statements of Assets and Liabilities (cont’d)
March 31, 2019 (Unaudited)
AllianzGI Best Styles U.S. Equity | AllianzGI Convertible | AllianzGI Core Bond | AllianzGI Core Plus Bond | AllianzGI Emerging Markets Consumer | ||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Investments, at value | $ | 94,253,996 | $ | 503,835,708 | $ | 31,599,124 | $ | 42,030,276 | $ | 39,757,254 | ||||||||||||||
Investments in Affiliates, at value | — | — | — | — | — | |||||||||||||||||||
Repurchase agreements, at value | 307,000 | 28,688,000 | — | 622,000 | 426,000 | |||||||||||||||||||
Cash | 2,585 | 931 | — | 474,864 | 752 | |||||||||||||||||||
Foreign currency, at value | 1,309 | — | — | — | 59,488 | |||||||||||||||||||
Unrealized appreciation of forward foreign currency contracts | — | — | — | — | — | |||||||||||||||||||
Dividends and interest receivable (net of foreign withholding taxes) | 120,697 | 1,340,425 | 160,736 | 230,156 | 128,580 | |||||||||||||||||||
Receivable for investments sold | — | 2,429,061 | 3,431,391 | 9,822,769 | 320,775 | |||||||||||||||||||
Swap premiums paid | — | — | 4,147 | — | — | |||||||||||||||||||
Deposits with brokers for derivatives collateral | 191,670 | — | 240,172 | 479,221 | — | |||||||||||||||||||
Receivable for Fund shares sold | 36,066 | 625,363 | — | — | — | |||||||||||||||||||
Receivable from Investment Manager | — | — | 9,672 | 11,970 | — | |||||||||||||||||||
Deferred offering costs | — | — | 19,920 | 19,921 | — | |||||||||||||||||||
Tax reclaims receivable | — | — | — | — | 4,763 | |||||||||||||||||||
Investments in Affiliated Funds — Trustees Deferred Compensation Plan (see Note 5) | 16,753 | 142,535 | 712 | 1,002 | 6,458 | |||||||||||||||||||
Receivable for variation margin on centrally cleared swaps | — | — | 4,535 | 788 | — | |||||||||||||||||||
Receivable for principal paydowns | — | — | — | — | — | |||||||||||||||||||
Receivable for variation margin on futures contracts | 1,680 | — | 9,567 | — | — | |||||||||||||||||||
Prepaid expenses and other assets | 48,727 | 76,551 | 11,987 | 12,103 | 22,502 | |||||||||||||||||||
Total Assets | 94,980,483 | 537,138,574 | 35,491,963 | 53,705,070 | 40,726,572 | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Payable for investments purchased | — | 7,578,786 | 2,637,545 | 10,860,207 | — | |||||||||||||||||||
Payable for Fund shares redeemed | 5,946 | 101,162 | — | — | — | |||||||||||||||||||
Payable for TBA investments purchased | — | — | — | — | — | |||||||||||||||||||
Payable to custodian for cash overdraft | — | — | 761,724 | — | — | |||||||||||||||||||
Payable for terminated swaps | — | — | — | 1,440 | — | |||||||||||||||||||
Payable for variation margin on futures contracts | — | — | — | 14,594 | — | |||||||||||||||||||
Investment management fees payable | 12,512 | 255,174 | — | — | 23,346 | |||||||||||||||||||
Distribution fees payable | — | 33,615 | — | — | — | |||||||||||||||||||
Servicing fees payable | 177 | 22,900 | — | — | 14 | |||||||||||||||||||
Swap premiums received | — | — | — | 181,434 | — | |||||||||||||||||||
Unrealized depreciation of forward foreign currency contracts | — | — | — | — | — | |||||||||||||||||||
Due to Investment Manager | — | — | 19,920 | 19,921 | — | |||||||||||||||||||
Trustees Deferred Compensation Plan payable (see Note 5) | 16,753 | 142,535 | 712 | 1,002 | 6,458 | |||||||||||||||||||
Accrued expenses and other liabilities | 123,984 | 411,757 | 79,351 | 78,073 | 150,163 | |||||||||||||||||||
Total Liabilities | 159,372 | 8,545,929 | 3,499,252 | 11,156,671 | 179,981 | |||||||||||||||||||
Net Assets | $ | 94,821,111 | $ | 528,592,645 | $ | 31,992,711 | $ | 42,548,399 | $ | 40,546,591 |
210 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI Emerging Markets Debt | AllianzGI Emerging Markets Small-Cap | AllianzGI Floating Rate Note | AllianzGI Global Dynamic Allocation | AllianzGI Global High Yield | AllianzGI Global Sustainability | AllianzGI Global Water | ||||||||||||||||||||||||
$ | 18,017,582 | $ | 9,635,163 | $ | 14,614,742 | $ | 215,896,654 | $ | 21,873,056 | $ | 29,343,124 | $ | 566,257,432 | |||||||||||||||||
— | — | — | 3,453,439 | — | — | — | ||||||||||||||||||||||||
1,865,000 | 114,000 | 135,000 | 4,761,000 | 1,152,000 | 921,000 | 5,033,000 | ||||||||||||||||||||||||
— | 310 | — | 779 | 150,684 | 892 | 303 | ||||||||||||||||||||||||
4,005 | 11,356 | 152,476 | 594,213 | 11,445 | 4 | 6 | ||||||||||||||||||||||||
| 38,762 | — | 34,562 | — | 48,998 | — | — | |||||||||||||||||||||||
| 198,609 | 43,083 | 64,567 | 894,424 | 341,306 | 36,282 | 1,015,195 | |||||||||||||||||||||||
386,713 | — | — | — | 297,422 | — | 2,563,172 | ||||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||||
— | — | 9,178 | 3,982,715 | 4,140 | — | — | ||||||||||||||||||||||||
— | — | — | — | — | 3,607 | 271,510 | ||||||||||||||||||||||||
1,869 | 6,151 | 8,995 | — | — | — | — | ||||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||||
— | — | — | 51,287 | 3,774 | 29,839 | 854,268 | ||||||||||||||||||||||||
| 4,873 | 1,574 | 861 | 31,605 | 2,368 | 3,766 | 87,872 | |||||||||||||||||||||||
| — | — | — | — | — | — | — | |||||||||||||||||||||||
— | — | 4,669 | — | — | — | — | ||||||||||||||||||||||||
| — | — | 2,165 | 65,667 | 1,359 | — | — | |||||||||||||||||||||||
31,188 | 21,338 | 20,626 | 77,862 | 27,737 | 31,502 | 52,089 | ||||||||||||||||||||||||
20,548,601 | 9,832,975 | 15,047,841 | 229,809,645 | 23,914,289 | 30,370,016 | 576,134,847 | ||||||||||||||||||||||||
— | — | 50,000 | — | 462,398 | — | 3,054,451 | ||||||||||||||||||||||||
— | — | — | — | — | — | 494,129 | ||||||||||||||||||||||||
— | — | — | 14,856,179 | — | — | — | ||||||||||||||||||||||||
382,744 | — | 3,382 | — | — | — | — | ||||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||||
— | — | — | 74,469 | 4,675 | 115 | 356,440 | ||||||||||||||||||||||||
8 | — | — | 912 | — | — | 45,484 | ||||||||||||||||||||||||
29 | 23 | — | 571 | — | 117 | 48,877 | ||||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||||
| 41,771 | — | — | — | — | — | — | |||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||||
| 4,873 | 1,574 | 861 | 31,605 | 2,368 | 3,766 | 87,872 | |||||||||||||||||||||||
133,188 | 136,994 | 130,444 | 491,966 | 136,675 | 111,189 | 850,716 | ||||||||||||||||||||||||
562,613 | 138,591 | 184,687 | 15,455,702 | 606,116 | 115,187 | 4,937,969 | ||||||||||||||||||||||||
$ | 19,985,988 | $ | 9,694,384 | $ | 14,863,154 | $ | 214,353,943 | $ | 23,308,173 | $ | 30,254,829 | $ | 571,196,878 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 211 |
Table of Contents
Statements of Assets and Liabilities (cont’d)
March 31, 2019 (Unaudited)
AllianzGI Best Styles U.S. Equity | AllianzGI Convertible | AllianzGI Core Bond | AllianzGI Core Plus Bond | AllianzGI Emerging Markets Consumer | ||||||||||||||||||||
Net Assets Consist of: | ||||||||||||||||||||||||
Paid-in-capital | $ | 82,448,010 | $ | 469,600,727 | $ | 31,152,594 | $ | 41,475,064 | $ | 38,605,661 | ||||||||||||||
Total distributable earnings (loss) | 12,373,101 | 58,991,918 | 840,117 | 1,073,335 | 1,940,930 | |||||||||||||||||||
Net Assets | $ | 94,821,111 | $ | 528,592,645 | $ | 31,992,711 | $ | 42,548,399 | $ | 40,546,591 | ||||||||||||||
Cost of Investments | $ | 82,150,281 | $ | 452,101,308 | $ | 31,154,711 | $ | 41,418,585 | $ | 33,978,112 | ||||||||||||||
Cost of Investments in Affiliates | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Cost of Repurchase Agreements | $ | 307,000 | $ | 28,688,000 | $ | — | $ | 622,000 | $ | 426,000 | ||||||||||||||
Cost of Foreign Currency | $ | 1,302 | $ | — | $ | — | $ | — | $ | 59,442 | ||||||||||||||
Net Assets: | ||||||||||||||||||||||||
Class A | $ | 805,797 | $ | 56,600,168 | $ | — | $ | — | $ | 63,314 | ||||||||||||||
Class C | 67,755 | 51,434,130 | — | — | — | |||||||||||||||||||
Class R | — | 106,964 | — | — | — | |||||||||||||||||||
Class P | 289,071 | 107,771,720 | 10,513 | 10,493 | — | |||||||||||||||||||
Institutional Class | 57,846 | 312,167,927 | 42,152 | 10,498 | 40,483,277 | |||||||||||||||||||
Class R6 | 93,600,642 | — | 31,940,046 | 42,527,408 | — | |||||||||||||||||||
Administrative Class | — | 511,736 | — | — | — | |||||||||||||||||||
Shares Issued and Outstanding: | ||||||||||||||||||||||||
Class A | 51,852 | 2,025,431 | — | — | 4,589 | |||||||||||||||||||
Class C | 4,497 | 1,818,040 | — | — | — | |||||||||||||||||||
Class R | — | 3,681 | — | — | — | |||||||||||||||||||
Class P | 18,769 | 3,964,636 | 682 | 682 | — | |||||||||||||||||||
Institutional Class | 3,745 | 11,361,408 | 2,736 | 682 | 2,938,868 | |||||||||||||||||||
Class R6 | 6,018,231 | — | 2,073,725 | 2,764,006 | — | |||||||||||||||||||
Administrative Class | — | 18,507 | — | — | — | |||||||||||||||||||
Net Asset Value and Redemption Price Per Share:* | ||||||||||||||||||||||||
Class A | $ | 15.54 | $ | 27.94 | $ | — | $ | — | $ | 13.80 | ||||||||||||||
Class C | 15.07 | 28.29 | — | — | — | |||||||||||||||||||
Class R | — | 29.06 | — | — | — | |||||||||||||||||||
Class P | 15.40 | 27.18 | 15.41 | 15.39 | — | |||||||||||||||||||
Institutional Class | 15.45 | 27.48 | 15.40 | 15.39 | 13.78 | |||||||||||||||||||
Class R6 | 15.55 | — | 15.40 | 15.39 | — | |||||||||||||||||||
Administrative Class | — | 27.65 | — | — | — |
* | Net asset value and redemption price per share may not recalculate exactly due to rounding. |
212 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI Emerging Markets Debt | AllianzGI Emerging Markets Small-Cap | AllianzGI Floating Rate Note | AllianzGI Global Dynamic Allocation | AllianzGI Global High Yield | AllianzGI Global Sustainability | AllianzGI Global Water | ||||||||||||||||||||||||
$ | 21,567,751 | $ | 8,848,412 | $ | 15,132,510 | $ | 204,279,679 | $ | 23,820,714 | $ | 25,272,263 | $ | 471,614,100 | |||||||||||||||||
(1,581,763 | ) | 845,972 | (269,356 | ) | 10,074,264 | (512,541 | ) | 4,982,566 | 99,582,778 | |||||||||||||||||||||
$ | 19,985,988 | $ | 9,694,384 | $ | 14,863,154 | $ | 214,353,943 | $ | 23,308,173 | $ | 30,254,829 | $ | 571,196,878 | |||||||||||||||||
$ | 17,491,539 | $ | 8,218,558 | $ | 14,621,612 | $ | 203,157,869 | $ | 21,806,422 | $ | 25,268,478 | $ | 465,135,864 | |||||||||||||||||
$ | — | $ | — | $ | — | $ | 3,619,006 | $ | — | $ | — | $ | — | |||||||||||||||||
$ | 1,865,000 | $ | 114,000 | $ | 135,000 | $ | 4,761,000 | $ | 1,152,000 | $ | 921,000 | $ | 5,033,000 | |||||||||||||||||
$ | 3,999 | $ | 11,347 | $ | 153,002 | $ | 595,739 | $ | 11,580 | $ | 4 | $ | 6 | |||||||||||||||||
$ | 123,216 | $ | 108,099 | $ | — | $ | 1,909,835 | $ | — | $ | 562,048 | $ | 158,609,716 | |||||||||||||||||
13,233 | — | — | 681,341 | — | — | 71,076,538 | ||||||||||||||||||||||||
— | — | — | 112,680 | — | — | — | ||||||||||||||||||||||||
11,457 | — | 10,226 | 11,266,709 | 10,710 | 16,861,947 | 205,531,267 | ||||||||||||||||||||||||
19,838,082 | 9,586,285 | 14,852,928 | 10,460,924 | 23,297,463 | 12,830,834 | 135,979,357 | ||||||||||||||||||||||||
— | — | — | 189,899,909 | — | — | — | ||||||||||||||||||||||||
— | — | — | 22,545 | — | — | — | ||||||||||||||||||||||||
8,929 | 6,636 | — | 101,692 | — | 32,373 | 10,562,035 | ||||||||||||||||||||||||
953 | — | — | 36,850 | — | — | 4,955,973 | ||||||||||||||||||||||||
— | — | — | 6,023 | — | — | — | ||||||||||||||||||||||||
846 | — | 693 | 604,252 | 730 | 965,422 | 13,689,059 | ||||||||||||||||||||||||
1,459,587 | 600,013 | 1,008,202 | 549,392 | 1,589,691 | 720,632 | 9,223,225 | ||||||||||||||||||||||||
— | — | — | 10,138,491 | — | �� | — | ||||||||||||||||||||||||
— | — | — | 1,204 | — | — | — | ||||||||||||||||||||||||
$ | 13.80 | $ | 16.29 | $ | — | $ | 18.78 | $ | — | $ | 17.36 | $ | 15.02 | |||||||||||||||||
13.89 | — | — | 18.49 | — | — | 14.34 | ||||||||||||||||||||||||
— | — | — | 18.71 | — | — | — | ||||||||||||||||||||||||
13.55 | — | 14.75 | 18.65 | 14.67 | 17.47 | 15.01 | ||||||||||||||||||||||||
13.59 | 15.98 | 14.73 | 19.04 | 14.66 | 17.80 | 14.74 | ||||||||||||||||||||||||
— | — | — | 18.73 | — | — | — | ||||||||||||||||||||||||
— | — | — | 18.73 | — | — | — |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 213 |
Table of Contents
Statements of Assets and Liabilities† (cont’d)
March 31, 2019 (Unaudited)
AllianzGI Green Bond | AllianzGI High Yield Bond | AllianzGI International Growth | AllianzGI International Small-Cap | AllianzGI Micro Cap | ||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Investments, at value | $ | 5,607,899 | $ | 135,241,475 | $ | 27,048,851 | $ | 105,728,144 | $ | 19,059,348 | ||||||||||||||
Repurchase agreements, at value | — | 2,903,000 | 212,000 | 2,201,000 | 107,000 | |||||||||||||||||||
Cash | — | 129 | 2,265 | 686 | 387 | |||||||||||||||||||
Foreign currency, at value | 33,196 | — | 98 | 738,424 | — | |||||||||||||||||||
Unrealized appreciation of forward foreign currency contracts | 12,509 | — | — | — | — | |||||||||||||||||||
Dividends and interest receivable (net of foreign withholding taxes) | 38,617 | 2,128,274 | 42,416 | 399,262 | 1,415 | |||||||||||||||||||
Receivable for investments sold | — | 2,513,992 | — | 471,671 | 8,537 | |||||||||||||||||||
Swap premiums paid | — | — | — | — | — | |||||||||||||||||||
Deposits with brokers for derivatives collateral | 15 | — | — | — | — | |||||||||||||||||||
Receivable for Fund shares sold | 20,000 | 42,097 | — | 35,933 | — | |||||||||||||||||||
Receivable from Investment Manager | 7,130 | — | — | — | — | |||||||||||||||||||
Deferred offering costs | 54,441 | — | — | — | — | |||||||||||||||||||
Tax reclaims receivable | 211 | — | 23,667 | 226,447 | — | |||||||||||||||||||
Investments in Affiliated Funds — Trustees Deferred Compensation Plan (see Note 5) | 40 | 40,243 | 2,629 | 23,257 | 5,017 | |||||||||||||||||||
Receivable for variation margin on centrally cleared swaps | — | — | — | — | — | |||||||||||||||||||
Prepaid expenses and other assets | 4,428 | 69,680 | 24,932 | 68,366 | 33,911 | |||||||||||||||||||
Total Assets | 5,778,486 | 142,938,890 | 27,356,858 | 109,893,190 | 19,215,615 | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Payable for investments purchased | — | 3,517,253 | 14,146 | 181,477 | 731 | |||||||||||||||||||
Payable for Fund shares redeemed | — | 460,811 | — | 67,623 | 17,650 | |||||||||||||||||||
Payable to custodian for cash overdraft | 45,418 | — | — | — | — | |||||||||||||||||||
Payable to custodian for foreign currency overdraft, at value | — | — | — | — | — | |||||||||||||||||||
Payable for variation margin on centrally cleared swaps | — | — | — | — | — | |||||||||||||||||||
Payable for variation margin on futures contracts | — | — | — | — | — | |||||||||||||||||||
Options written, at value | — | — | — | — | — | |||||||||||||||||||
Investment management fees payable | — | 56,545 | 4,212 | 28,672 | 4,970 | |||||||||||||||||||
Distribution fees payable | — | 3,828 | — | 1,022 | — | |||||||||||||||||||
Servicing fees payable | 17 | 8,051 | 158 | 1,731 | 382 | |||||||||||||||||||
Swap premiums received | — | — | — | — | — | |||||||||||||||||||
Unrealized depreciation of forward foreign currency contracts | 10,638 | — | — | — | — | |||||||||||||||||||
Due to Investment Manager | 54,441 | — | — | — | — | |||||||||||||||||||
Trustees Deferred Compensation Plan payable (see Note 5) | 40 | 40,243 | 2,629 | 23,257 | 5,017 | |||||||||||||||||||
Accrued expenses and other liabilities | 30,812 | 231,210 | 91,470 | 377,450 | 119,840 | |||||||||||||||||||
Total Liabilities | 141,366 | 4,317,941 | 112,615 | 681,232 | 148,590 | |||||||||||||||||||
Net Assets | $ | 5,637,120 | $ | 138,620,949 | $ | 27,244,243 | $ | 109,211,958 | $ | 19,067,025 |
214 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI NFJ Emerging Markets Value | AllianzGI PerformanceFee Managed Futures Strategy† | AllianzGI PerformanceFee Structured US Equity | AllianzGI PerformanceFee Structured US Fixed Income | AllianzGI Preferred Securities and Income | AllianzGI Short Duration High Income | AllianzGI Short Term Bond | ||||||||||||||||||||||||
$ | 117,241,521 | $ | 26,933,251 | $ | 81,659,009 | $ | 27,488,851 | $ | 14,443,130 | $ | 1,055,072,374 | $ | 7,146,209 | |||||||||||||||||
2,043,000 | 500,000 | — | 149,000 | 125,000 | 146,016,000 | 306,000 | ||||||||||||||||||||||||
742 | 88,766 | — | 351 | 894 | 134,087 | 371 | ||||||||||||||||||||||||
1,471,675 | — | — | — | — | — | — | ||||||||||||||||||||||||
| — | — | — | — | — | — | — | |||||||||||||||||||||||
| 339,941 | 93,256 | — | 6 | 166,448 | 17,776,470 | 72,161 | |||||||||||||||||||||||
198,922 | — | 688,650 | 2,932 | 440,611 | — | 102,250 | ||||||||||||||||||||||||
— | 27,218 | — | — | — | — | — | ||||||||||||||||||||||||
— | 3,898,951 | 231,690 | 80,330 | 19,681 | — | — | ||||||||||||||||||||||||
60,468 | 3,950 | — | — | — | 3,531,809 | — | ||||||||||||||||||||||||
— | 20,313 | — | 6,768 | 2,982 | — | — | ||||||||||||||||||||||||
— | — | — | — | 19,920 | — | 53,507 | ||||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||||
| 13,684 | 13,061 | 1,911 | 3,328 | 281 | 183,043 | 94 | |||||||||||||||||||||||
| — | 24,341 | — | — | — | — | — | |||||||||||||||||||||||
49,079 | 27,863 | 31,382 | 28,143 | 11,945 | 78,360 | 10,336 | ||||||||||||||||||||||||
121,419,032 | 31,630,970 | 82,612,642 | 27,759,709 | 15,230,892 | 1,222,792,143 | 7,690,928 | ||||||||||||||||||||||||
279,956 | — | 24,052 | 98,468 | 410,773 | 28,780,482 | 100,000 | ||||||||||||||||||||||||
145,683 | — | 273 | — | — | 1,182,892 | — | ||||||||||||||||||||||||
— | — | 657,537 | — | — | — | — | ||||||||||||||||||||||||
| — | 200 | — | — | — | — | — | |||||||||||||||||||||||
| — | — | — | — | 629 | — | — | |||||||||||||||||||||||
— | 32,491 | — | — | — | — | — | ||||||||||||||||||||||||
— | — | 472,761 | 41,125 | — | — | — | ||||||||||||||||||||||||
31,359 | — | 16,003 | — | — | 444,111 | 2,382 | ||||||||||||||||||||||||
732 | — | — | — | — | 26,599 | — | ||||||||||||||||||||||||
4,020 | — | — | — | — | 59,166 | 143 | ||||||||||||||||||||||||
— | — | — | — | 29,227 | — | — | ||||||||||||||||||||||||
| — | — | — | — | — | — | — | |||||||||||||||||||||||
— | — | — | — | 19,920 | — | 53,507 | ||||||||||||||||||||||||
| 13,684 | 13,061 | 1,911 | 3,328 | 281 | 183,043 | 94 | |||||||||||||||||||||||
504,731 | 131,581 | 188,635 | 174,314 | 58,166 | 671,391 | 76,032 | ||||||||||||||||||||||||
980,165 | 177,333 | 1,361,172 | 317,235 | 518,996 | 31,347,684 | 232,158 | ||||||||||||||||||||||||
$ | 120,438,867 | $ | 31,453,637 | $ | 81,251,470 | $ | 27,442,474 | $ | 14,711,896 | $ | 1,191,444,459 | $ | 7,458,770 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 215 |
Table of Contents
Statements of Assets and Liabilities† (cont’d)
March 31, 2019 (Unaudited)
AllianzGI Green Bond | AllianzGI High Yield Bond | AllianzGI International Growth | AllianzGI International Small-Cap | AllianzGI Micro Cap | ||||||||||||||||||||
Net Assets Consist of: | ||||||||||||||||||||||||
Paid-in-capital | $ | 5,409,495 | $ | 177,846,548 | $ | 23,702,950 | $ | 103,484,247 | $ | 15,768,342 | ||||||||||||||
Total distributable earnings (loss) | 227,625 | (39,225,599 | ) | 3,541,293 | 5,727,711 | 3,298,683 | ||||||||||||||||||
Net Assets | $ | 5,637,120 | $ | 138,620,949 | $ | 27,244,243 | $ | 109,211,958 | $ | 19,067,025 | ||||||||||||||
Cost of Investments | $ | 5,453,490 | $ | 142,107,097 | $ | 23,171,152 | $ | 93,080,721 | $ | 14,885,305 | ||||||||||||||
Cost of Repurchase Agreements | $ | — | $ | 2,903,000 | $ | 212,000 | $ | 2,201,000 | $ | 107,000 | ||||||||||||||
Cost of Foreign Currency | $ | 33,226 | $ | — | $ | 98 | $ | 738,607 | $ | — | ||||||||||||||
Cost of Foreign Currency Overdraft due to Custodian | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Premiums Received for Options Written | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Net Assets: | ||||||||||||||||||||||||
Class A | $ | 80,802 | $ | 31,123,892 | $ | 729,201 | $ | 5,782,769 | $ | 1,735,018 | ||||||||||||||
Class C | — | 5,981,856 | — | 1,236,555 | — | |||||||||||||||||||
Class R | — | 827,943 | — | 1,057,383 | — | |||||||||||||||||||
Class P | 160,756 | 14,225,184 | — | 25,306,205 | 885,952 | |||||||||||||||||||
Institutional Class | 5,395,562 | 86,440,377 | 26,515,042 | 46,788,743 | 16,446,055 | |||||||||||||||||||
Class R6 | — | — | — | 29,040,303 | — | |||||||||||||||||||
Administrative Class | — | 21,697 | — | — | — | |||||||||||||||||||
Shares Issued and Outstanding: | ||||||||||||||||||||||||
Class A | 5,159 | 3,544,373 | 42,340 | 182,814 | 161,732 | |||||||||||||||||||
Class C | — | 682,477 | — | 40,759 | — | |||||||||||||||||||
Class R | — | 98,613 | — | 35,533 | — | |||||||||||||||||||
Class P | 10,266 | 1,690,284 | — | 806,665 | 81,782 | |||||||||||||||||||
Institutional Class | 344,371 | 10,238,300 | 1,501,089 | 1,433,530 | 1,507,562 | |||||||||||||||||||
Class R6 | — | — | — | 894,858 | — | |||||||||||||||||||
Administrative Class | — | 2,588 | — | — | — | |||||||||||||||||||
Net Asset Value and Redemption Price Per Share:* | ||||||||||||||||||||||||
Class A | $ | 15.66 | $ | 8.78 | $ | 17.22 | $ | 31.63 | $ | 10.73 | ||||||||||||||
Class C | — | 8.76 | — | 30.34 | — | |||||||||||||||||||
Class R | — | 8.40 | — | 29.76 | — | |||||||||||||||||||
Class P | 15.66 | 8.42 | — | 31.37 | 10.83 | |||||||||||||||||||
Institutional Class | 15.67 | 8.44 | 17.66 | 32.64 | 10.91 | |||||||||||||||||||
Class R6 | — | — | — | 32.45 | — | |||||||||||||||||||
Administrative Class | — | 8.38 | — | — | — |
† | Consolidated Statement of Assets and Liabilities for the AllianzGI PerformanceFee Managed Futures Strategy Fund. These financial statements are consolidated to include the accounts of AllianzGI PerformanceFee Managed Futures Strategy Offshore Fund Ltd., a wholly-owned subsidiary of the AllianzGI PerformanceFee Managed Futures Strategy Fund. See Note 14. |
* | Net asset value and redemption price per share may not recalculate exactly due to rounding. |
216 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI NFJ Emerging Markets Value | AllianzGI PerformanceFee Managed Futures Strategy† | AllianzGI PerformanceFee Structured US Equity | AllianzGI PerformanceFee Structured US Fixed Income | AllianzGI Preferred Securities and Income | AllianzGI Short Duration High Income | AllianzGI Short Term Bond | ||||||||||||||||||||||||
$ | 135,987,219 | $ | 32,112,652 | $ | 83,215,636 | $ | 27,233,724 | $ | 14,630,193 | $ | 1,296,094,838 | $ | 7,392,056 | |||||||||||||||||
(15,548,352 | ) | (659,015 | ) | (1,964,166 | ) | 208,750 | 81,703 | (104,650,379 | ) | 66,714 | ||||||||||||||||||||
$ | 120,438,867 | $ | 31,453,637 | $ | 81,251,470 | $ | 27,442,474 | $ | 14,711,896 | $ | 1,191,444,459 | $ | 7,458,770 | |||||||||||||||||
$ | 110,216,948 | $ | 26,915,407 | $ | 79,998,096 | $ | 27,510,615 | $ | 14,273,690 | $ | 1,086,588,454 | $ | 7,063,335 | |||||||||||||||||
$ | 2,043,000 | $ | 500,000 | $ | — | $ | 149,000 | $ | 125,000 | $ | 146,016,000 | $ | 306,000 | |||||||||||||||||
$ | 1,468,440 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
$ | — | $ | 200 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
$ | — | $ | — | $ | 1,005,827 | $ | 120,011 | $ | — | $ | — | $ | — | |||||||||||||||||
$ | 17,261,114 | $ | — | $ | — | $ | — | $ | — | $ | 155,242,905 | $ | 655,856 | |||||||||||||||||
1,168,251 | — | — | — | — | 124,552,449 | — | ||||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||||
2,256,038 | 9,483 | 1,018,123 | 10,392 | 10,407 | 508,751,634 | 10,303 | ||||||||||||||||||||||||
99,753,464 | 504,795 | 39,733,135 | 273,722 | 1,608,356 | 369,352,204 | 6,792,611 | ||||||||||||||||||||||||
— | 30,939,359 | 40,500,212 | 27,158,360 | 13,093,133 | 33,545,267 | — | ||||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||||
1,061,023 | — | — | — | — | 10,696,802 | 43,372 | ||||||||||||||||||||||||
71,830 | — | — | — | — | 8,588,424 | — | ||||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||||
138,777 | 1,009 | 102,319 | 1,033 | 693 | 35,305,035 | 681 | ||||||||||||||||||||||||
6,156,696 | 53,766 | 3,991,420 | 27,167 | 107,156 | 25,613,440 | 448,844 | ||||||||||||||||||||||||
— | 3,292,009 | 4,047,179 | 2,698,710 | 872,421 | 2,327,021 | — | ||||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||||
$ | 16.27 | $ | — | $ | — | $ | — | $ | — | $ | 14.51 | $ | 15.12 | |||||||||||||||||
16.26 | — | — | — | — | 14.50 | — | ||||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||||
16.26 | 9.40 | 9.95 | 10.06 | 15.01 | 14.41 | 15.13 | ||||||||||||||||||||||||
16.20 | 9.39 | 9.95 | 10.08 | 15.01 | 14.42 | 15.13 | ||||||||||||||||||||||||
— | 9.40 | 10.01 | 10.06 | 15.01 | 14.42 | — | ||||||||||||||||||||||||
— | — | — | — | — | — | — |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 217 |
Table of Contents
Statements of Assets and Liabilities (cont’d)
March 31, 2019 (Unaudited)
AllianzGI Structured Return | AllianzGI U.S. Equity Hedged | AllianzGI Ultra Micro Cap | ||||||||||
Assets: | ||||||||||||
Investments, at value | $ | 618,920,815 | $ | 2,158,264 | $ | 23,563,077 | ||||||
Repurchase agreements, at value | 142,603,000 | — | 226,000 | |||||||||
Cash | 746 | — | 41 | |||||||||
Dividends and interest receivable (net of foreign withholding taxes) | 5,942 | 9,495 | 626 | |||||||||
Receivable for investments sold | 7,019,886 | 13,944 | — | |||||||||
Deposits with brokers for derivatives collateral | 3,153,717 | 3,832 | — | |||||||||
Receivable for Fund shares sold | 1,114,747 | 4,419 | 7,563 | |||||||||
Receivable from Investment Manager | — | 14,927 | — | |||||||||
Investments in Affiliated Funds — Trustees Deferred Compensation Plan (see Note 5) | 71,071 | 714 | 6,675 | |||||||||
Prepaid expenses and other assets | 61,103 | 34,895 | 33,244 | |||||||||
Total Assets | 772,951,027 | 2,240,490 | 23,837,226 | |||||||||
Liabilities: | ||||||||||||
Payable for investments purchased | 14,997,607 | — | — | |||||||||
Payable for Fund shares redeemed | 619,673 | — | 10,113 | |||||||||
Payable to custodian for cash overdraft | — | 12,865 | — | |||||||||
Options written, at value | 77,615,897 | 5,420 | — | |||||||||
Investment management fees payable | 333,157 | — | 15,891 | |||||||||
Distribution fees payable | 9,362 | 116 | — | |||||||||
Servicing fees payable | 13,013 | 150 | 1,316 | |||||||||
Trustees Deferred Compensation Plan payable (see Note 5) | 71,071 | 714 | 6,675 | |||||||||
Accrued expenses and other liabilities | 552,489 | 68,002 | 147,065 | |||||||||
Total Liabilities | 94,212,269 | 87,267 | 181,060 | |||||||||
Net Assets | $ | 678,738,758 | $ | 2,153,223 | $ | 23,656,166 | ||||||
Net Assets Consist of: | ||||||||||||
Paid-in-capital | $ | 678,318,263 | $ | 2,483,094 | $ | 19,190,015 | ||||||
Total distributable earnings (loss) | 420,495 | (329,871 | ) | 4,466,151 | ||||||||
Net Assets | $ | 678,738,758 | $ | 2,153,223 | $ | 23,656,166 | ||||||
Cost of Investments | $ | 595,301,229 | $ | 1,797,440 | $ | 18,501,358 | ||||||
Cost of Repurchase Agreements | $ | 142,603,000 | $ | — | $ | 226,000 | ||||||
Premiums Received for Options Written | $ | 68,953,838 | $ | 3,455 | $ | — |
218 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI Structured Return | AllianzGI U.S. Equity Hedged | AllianzGI Ultra Micro Cap | ||||||||||
Net Assets: | ||||||||||||
Class A | $ | 45,870,657 | $ | 526,155 | $ | 6,000,798 | ||||||
Class C | 14,630,406 | 180,540 | — | |||||||||
Class P | 153,092,703 | 66,867 | 3,990,182 | |||||||||
Institutional Class | 414,503,553 | 1,379,661 | 13,665,186 | |||||||||
Class R6 | 50,641,439 | — | — | |||||||||
Shares Issued and Outstanding: | ||||||||||||
Class A | 2,903,490 | 30,863 | 495,622 | |||||||||
Class C | 964,394 | 11,053 | — | |||||||||
Class P | 9,719,741 | 4,018 | 318,832 | |||||||||
Institutional Class | 26,119,145 | 79,545 | 1,087,872 | |||||||||
Class R6 | 3,204,462 | — | — | |||||||||
Net Asset Value and Redemption Price Per Share:* | ||||||||||||
Class A | $ | 15.80 | $ | 17.05 | $ | 12.11 | ||||||
Class C | 15.17 | 16.33 | — | |||||||||
Class P | 15.75 | 16.64 | 12.52 | |||||||||
Institutional Class | 15.87 | 17.34 | 12.56 | |||||||||
Class R6 | 15.80 | — | — |
* | Net asset value and redemption price per share may not recalculate exactly due to rounding. |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 219 |
Table of Contents
Six Months ended March 31, 2019 (Unaudited)
AllianzGI Retirement 2020 | AllianzGI Retirement 2025 | AllianzGI Retirement 2030 | AllianzGI Retirement 2035 | AllianzGI Retirement 2040 | ||||||||||||||||||||
Investment Income: | ||||||||||||||||||||||||
Dividends from investments in Affiliates | $ | 586,160 | $ | 903,093 | $ | 1,170,358 | $ | 930,484 | $ | 1,013,239 | ||||||||||||||
Dividends, net of foreign withholding taxes* | 38,511 | 12,972 | 3,048 | 720 | — | |||||||||||||||||||
Interest | 6,763 | 12,270 | 11,768 | 10,465 | 11,214 | |||||||||||||||||||
Contribution from Investment Manager (see Note 6) | 1,040 | 5,189 | 7,372 | — | — | |||||||||||||||||||
Miscellaneous | 1 | 1 | 1 | 1 | 1 | |||||||||||||||||||
Total Investment Income | 632,475 | 933,525 | 1,192,547 | 941,670 | 1,024,454 | |||||||||||||||||||
Expenses: | ||||||||||||||||||||||||
Investment management | 8,258 | 11,921 | 14,274 | 10,573 | 10,985 | |||||||||||||||||||
Administration | 19,855 | 30,528 | 36,710 | 28,261 | 24,325 | |||||||||||||||||||
Distribution — Class C | 763 | — | 2,311 | — | 225 | |||||||||||||||||||
Distribution — Class R | 69 | 284 | 342 | 584 | 262 | |||||||||||||||||||
Servicing — Class A | 5,102 | 7,433 | 8,324 | 7,364 | 4,454 | |||||||||||||||||||
Servicing — Class C | 254 | — | 770 | — | 75 | |||||||||||||||||||
Servicing — Class R | 69 | 284 | 342 | 584 | 262 | |||||||||||||||||||
Administrative servicing — Class P | — | — | — | — | — | |||||||||||||||||||
Distribution and/or servicing — Administrative Class | 549 | 228 | 545 | 404 | 539 | |||||||||||||||||||
Sub-transfer agent — Class A | — | — | — | — | — | |||||||||||||||||||
Sub-transfer agent — Class C | — | — | — | — | — | |||||||||||||||||||
Sub-transfer agent — Class R | — | — | — | — | — | |||||||||||||||||||
Sub-transfer agent — Institutional Class | — | — | — | — | — | |||||||||||||||||||
Line of credit commitment | 441 | 633 | 757 | 556 | 575 | |||||||||||||||||||
Legal | 22 | 32 | 38 | 28 | 29 | |||||||||||||||||||
Trustees | — | — | — | — | — | |||||||||||||||||||
Custodian and accounting agent | — | — | — | — | — | |||||||||||||||||||
Shareholder communications | — | — | — | — | — | |||||||||||||||||||
Transfer agent | — | — | — | — | — | |||||||||||||||||||
Insurance | — | — | — | — | — | |||||||||||||||||||
Audit and tax services | — | — | — | — | — | |||||||||||||||||||
Registration | — | — | — | — | — | |||||||||||||||||||
Recoupment | — | — | — | — | — | |||||||||||||||||||
Miscellaneous | 178 | 255 | 304 | 223 | 236 | |||||||||||||||||||
Total Expenses | 35,560 | 51,598 | 64,717 | 48,577 | 41,967 | |||||||||||||||||||
Less: Fee Waiver/Reimbursement from Investment Manager | (19,910 | ) | (34,467 | ) | (43,039 | ) | (22,784 | ) | (11,439 | ) | ||||||||||||||
Net Expenses | 15,650 | 17,131 | 21,678 | 25,793 | 30,528 | |||||||||||||||||||
Net Investment Income | 616,825 | 916,394 | 1,170,869 | 915,877 | 993,926 |
220 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI Retirement 2045 | AllianzGI Retirement 2050 | AllianzGI Retirement 2055 | AllianzGI Multi Asset Income | AllianzGI Global Allocation | AllianzGI Best Styles Global Equity | AllianzGI Best Styles International Equity | ||||||||||||||||||||||||
$ | 692,573 | $ | 746,804 | $ | 370,339 | $ | 593,004 | $ | 6,099,819 | $ | — | $ | — | |||||||||||||||||
— | — | — | 506,263 | 199,520 | 5,531,168 | 296,547 | ||||||||||||||||||||||||
6,923 | 6,660 | 3,952 | 12,333 | 41,326 | 12,008 | 263 | ||||||||||||||||||||||||
— | — | — | 2,066 | — | — | — | ||||||||||||||||||||||||
1 | — | — | 1 | 5 | 10 | — | ||||||||||||||||||||||||
699,497 | 753,464 | 374,291 | 1,113,667 | 6,340,670 | 5,543,186 | 296,810 | ||||||||||||||||||||||||
7,338 | 7,725 | 3,918 | 8,446 | 1,072,879 | 706,004 | 34,925 | ||||||||||||||||||||||||
16,844 | 16,980 | 9,069 | 27,818 | — | — | — | ||||||||||||||||||||||||
— | 671 | — | 5,317 | 33,593 | 77 | 239 | ||||||||||||||||||||||||
187 | 160 | 111 | 120 | 35 | — | — | ||||||||||||||||||||||||
2,511 | 3,264 | 1,971 | 12,954 | 63,176 | 1,308 | 530 | ||||||||||||||||||||||||
— | 224 | — | 1,772 | 11,198 | 26 | 80 | ||||||||||||||||||||||||
187 | 160 | 111 | 120 | 35 | — | — | ||||||||||||||||||||||||
— | — | — | — | 1,503 | 720 | 53 | ||||||||||||||||||||||||
689 | 983 | 428 | 552 | 26 | — | — | ||||||||||||||||||||||||
— | — | — | — | 11,599 | 487 | 235 | ||||||||||||||||||||||||
— | — | — | — | 7,189 | 7 | 17 | ||||||||||||||||||||||||
— | — | — | — | 5 | — | — | ||||||||||||||||||||||||
— | — | — | — | 1,669 | 795 | — | ||||||||||||||||||||||||
382 | 402 | 200 | 449 | 4,023 | 6,224 | 305 | ||||||||||||||||||||||||
19 | 20 | 10 | 23 | 13,896 | 25,296 | 5,111 | ||||||||||||||||||||||||
— | — | — | — | 19,695 | 31,597 | 1,504 | ||||||||||||||||||||||||
— | — | — | — | 27,242 | 166,024 | 60,080 | ||||||||||||||||||||||||
— | — | — | — | 18,142 | 18,993 | 5,621 | ||||||||||||||||||||||||
— | — | — | — | 30,641 | 11,734 | 2,752 | ||||||||||||||||||||||||
— | — | — | — | 7,417 | 11,121 | 2,920 | ||||||||||||||||||||||||
— | — | — | — | 21,531 | 26,222 | 18,566 | ||||||||||||||||||||||||
— | — | — | — | 48,542 | 34,509 | 33,623 | ||||||||||||||||||||||||
— | — | — | — | 412 | — | — | ||||||||||||||||||||||||
155 | 165 | 79 | 184 | 6,129 | 9,730 | 2,966 | ||||||||||||||||||||||||
28,312 | 30,754 | 15,897 | 57,755 | 1,400,577 | 1,050,874 | 169,527 | ||||||||||||||||||||||||
(3,027 | ) | (1,982 | ) | (437 | ) | (26,483 | ) | (822,770 | ) | (99,200 | ) | (115,933 | ) | |||||||||||||||||
25,285 | 28,772 | 15,460 | 31,272 | 577,807 | 951,674 | 53,594 | ||||||||||||||||||||||||
674,212 | 724,692 | 358,831 | 1,082,395 | 5,762,863 | 4,591,512 | 243,216 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 221 |
Table of Contents
Statements of Operations (cont’d)
Six Months ended March 31, 2019 (Unaudited)
AllianzGI Retirement 2020 | AllianzGI Retirement 2025 | AllianzGI Retirement 2030 | AllianzGI Retirement 2035 | AllianzGI Retirement 2040 | ||||||||||||||||||||
Realized and Change in Unrealized Gain (Loss): | ||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||
Investments | $ | (25,831 | ) | $ | (4,845 | ) | $ | (8,199 | ) | $ | (368 | ) | $ | — | ||||||||||
Investments in Affiliates | (16,276 | ) | 52,468 | (252,847 | ) | (126,171 | ) | (4,399 | ) | |||||||||||||||
Futures contracts | 56,512 | (96,884 | ) | (213,725 | ) | (221,833 | ) | (307,003 | ) | |||||||||||||||
Forward foreign currency contracts | — | — | — | — | — | |||||||||||||||||||
Foreign currency transactions | (455 | ) | (1,609 | ) | (3,848 | ) | (4,017 | ) | (6,322 | ) | ||||||||||||||
Net capital gain distributions received from underlying Affiliated funds | 827,660 | 1,486,727 | 2,815,067 | 3,006,167 | 3,889,402 | |||||||||||||||||||
Payments from Affiliates (See Note 7) | — | — | — | — | — | |||||||||||||||||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||||||||||||||
Investments | 81,485 | 23,238 | 5,612 | (3 | ) | — | ||||||||||||||||||
Investments in Affiliates | (1,709,752 | ) | (3,219,763 | ) | (5,109,789 | ) | (4,962,089 | ) | (6,308,005 | ) | ||||||||||||||
Futures contracts | 39,747 | 39,308 | 69,370 | 78,681 | 99,194 | |||||||||||||||||||
Foreign currency transactions | (15 | ) | (1,434 | ) | 1,861 | 3,201 | 4,609 | |||||||||||||||||
Net realized and change in unrealized loss | (746,925 | ) | (1,722,794 | ) | (2,696,498 | ) | (2,226,432 | ) | (2,632,524 | ) | ||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Investment Operations | $ | (130,100 | ) | $ | (806,400 | ) | $ | (1,525,629 | ) | $ | (1,310,555 | ) | $ | (1,638,598 | ) | |||||||||
*Foreign withholding taxes | $ | — | $ | — | $ | — | $ | — | $ | — |
222 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI Retirement 2045 | AllianzGI Retirement 2050 | AllianzGI Retirement 2055 | AllianzGI Multi Asset Income | AllianzGI Global Allocation | AllianzGI Best Styles Global Equity | AllianzGI Best Styles International Equity | ||||||||||||||||||||||||
$ | (21 | ) | $ | (37 | ) | $ | (10 | ) | $ | (205,147 | ) | $ | (480,419 | ) | $ | (876,799 | ) | $ | (518,311 | ) | ||||||||||
(72,576 | ) | (73,978 | ) | (28,250 | ) | (596,989 | ) | (787,573 | ) | — | — | |||||||||||||||||||
(207,343 | ) | (233,247 | ) | (102,803 | ) | (242,278 | ) | (1,614,233 | ) | 33,880 | — | |||||||||||||||||||
— | — | — | — | — | — | 1,326 | ||||||||||||||||||||||||
(1,792 | ) | (1,403 | ) | (1,140 | ) | (5,628 | ) | (1,132 | ) | (52,135 | ) | (3,560 | ) | |||||||||||||||||
| 2,845,792 | 3,161,081 | 1,567,333 | 124,643 | 17,278,464 | — | — | |||||||||||||||||||||||
— | — | — | — | 36,174 | — | — | ||||||||||||||||||||||||
— | — | — | 93,434 | 729,391 | (27,146,927 | ) | (1,234,956 | ) | ||||||||||||||||||||||
(4,439,632 | ) | (4,944,527 | ) | (2,397,516 | ) | 159,128 | (24,059,213 | ) | — | — | ||||||||||||||||||||
71,583 | 78,868 | 42,059 | 198,527 | 732,081 | 14,105 | — | ||||||||||||||||||||||||
1,052 | 442 | 90 | 3,441 | (375 | ) | (14,851 | ) | (1,607 | ) | |||||||||||||||||||||
(1,802,937 | ) | (2,012,801 | ) | (920,237 | ) | (470,869 | ) | (8,166,835 | ) | (28,042,727 | ) | (1,757,108 | ) | |||||||||||||||||
$ | (1,128,725 | ) | $ | (1,288,109 | ) | $ | (561,406 | ) | $ | 611,526 | $ | (2,403,972 | ) | $ | (23,451,215 | ) | $ | (1,513,892 | ) | |||||||||||
$ | — | $ | — | $ | — | $ | 19 | $ | — | $ | 270,166 | $ | 28,821 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 223 |
Table of Contents
Statements of Operations (cont’d)
Six Months ended March 31, 2019 (Unaudited)
AllianzGI Best Styles U.S. Equity | AllianzGI Convertible | AllianzGI Core Bond | AllianzGI Core Plus Bond | AllianzGI Emerging Markets Consumer | ||||||||||||||||||||
Investment Income: | ||||||||||||||||||||||||
Interest, net of foreign withholding taxes* | $ | 5,690 | $ | 3,436,501 | $ | 496,380 | $ | 689,140 | $ | 1,610 | ||||||||||||||
Dividends from investments in Affiliates | — | — | — | — | — | |||||||||||||||||||
Dividends, net of foreign withholding taxes* | 1,092,210 | 1,937,752 | — | — | 293,021 | |||||||||||||||||||
Miscellaneous | 2 | 9 | 1 | 1 | — | |||||||||||||||||||
Total Investment Income | 1,097,902 | 5,374,262 | 496,381 | 689,141 | 294,631 | |||||||||||||||||||
Expenses: | ||||||||||||||||||||||||
Investment management | 137,136 | 1,468,670 | 37,336 | 61,385 | 175,650 | |||||||||||||||||||
Distribution — Class C | 210 | 186,955 | — | — | — | |||||||||||||||||||
Distribution — Class R | — | 121 | — | — | — | |||||||||||||||||||
Servicing — Class A | 674 | 70,484 | — | — | 82 | |||||||||||||||||||
Servicing — Class C | 70 | 62,318 | — | — | — | |||||||||||||||||||
Servicing — Class R | — | 121 | — | — | — | |||||||||||||||||||
Administrative servicing — Class P | 494 | 29,093 | — | — | — | |||||||||||||||||||
Distribution and/or servicing — Administrative Class | — | 966 | — | — | — | |||||||||||||||||||
Sub-transfer agent — Class A | 38 | 22,914 | — | — | 56 | |||||||||||||||||||
Sub-transfer agent — Class C | 10 | 14,418 | — | — | — | |||||||||||||||||||
Sub-transfer agent — Class R | — | — | — | — | — | |||||||||||||||||||
Sub-transfer agent — Institutional Class | 19 | 55,178 | 179 | — | 4,865 | |||||||||||||||||||
Sub-transfer agent — Administrative Class | — | 81 | — | — | — | |||||||||||||||||||
Legal | 6,298 | 24,969 | 8,973 | 6,794 | 6,597 | |||||||||||||||||||
Trustees | 6,296 | 30,476 | 1,516 | 2,217 | 2,558 | |||||||||||||||||||
Audit and tax services | 20,655 | 37,431 | 26,268 | 25,969 | 21,529 | |||||||||||||||||||
Registration | 33,677 | 44,221 | 6,409 | 6,396 | 16,675 | |||||||||||||||||||
Custodian and accounting agent | 47,230 | 51,120 | 36,186 | 45,051 | 61,601 | |||||||||||||||||||
Shareholder communications | 7,748 | 39,816 | 8,155 | 7,454 | 7,188 | |||||||||||||||||||
Transfer agent | 3,512 | 15,427 | 1,793 | 756 | 1,678 | |||||||||||||||||||
Offering | — | — | 60,423 | 60,422 | — | |||||||||||||||||||
Excise tax | — | — | — | — | — | |||||||||||||||||||
Insurance | 4,445 | 9,581 | 2,901 | 3,132 | 3,330 | |||||||||||||||||||
Line of credit commitment | 1,208 | 6,876 | 392 | 541 | 526 | |||||||||||||||||||
Miscellaneous | 3,534 | 15,229 | 2,980 | 1,867 | 2,794 | |||||||||||||||||||
Total Expenses | 273,254 | 2,186,465 | 193,511 | 221,984 | 305,129 | |||||||||||||||||||
Less: Fee Waiver/Reimbursement from Investment Manager | (87,927 | ) | — | (163,231 | ) | (170,078 | ) | (70,168 | ) | |||||||||||||||
Net Expenses | 185,327 | 2,186,465 | 30,280 | 51,906 | 234,961 | |||||||||||||||||||
Net Investment Income | 912,575 | 3,187,797 | 466,101 | 637,235 | 59,670 |
224 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI Emerging Markets Debt | AllianzGI Emerging Markets Small-Cap | AllianzGI Floating Rate Note | AllianzGI Global Dynamic Allocation | AllianzGI Global High Yield | AllianzGI Global Sustainability | AllianzGI Global Water | ||||||||||||||||||||||||
$ | 489,747 | $ | 186 | $ | 199,460 | $ | 792,445 | $ | 586,494 | $ | 1,884 | $ | 14,635 | |||||||||||||||||
— | — | — | 10,244 | — | — | — | ||||||||||||||||||||||||
— | 89,233 | — | 2,077,097 | — | 275,180 | 3,975,713 | ||||||||||||||||||||||||
240 | 20 | — | 4 | — | 1 | 3,011 | ||||||||||||||||||||||||
489,987 | 89,439 | 199,460 | 2,879,790 | 586,494 | 277,065 | 3,993,359 | ||||||||||||||||||||||||
55,469 | 55,892 | 27,707 | 732,684 | 67,098 | 117,110 | 2,706,645 | ||||||||||||||||||||||||
53 | — | — | 2,645 | — | — | 266,776 | ||||||||||||||||||||||||
— | — | — | 142 | — | — | — | ||||||||||||||||||||||||
150 | 144 | — | 2,637 | — | 701 | 193,841 | ||||||||||||||||||||||||
17 | — | — | 882 | — | — | 88,926 | ||||||||||||||||||||||||
— | — | — | 142 | — | — | — | ||||||||||||||||||||||||
— | — | — | 6,149 | — | 146 | 97,767 | ||||||||||||||||||||||||
— | — | — | 27 | — | — | — | ||||||||||||||||||||||||
37 | 58 | — | 736 | — | 171 | 68,021 | ||||||||||||||||||||||||
6 | — | — | 528 | — | — | 37,274 | ||||||||||||||||||||||||
— | — | — | 127 | — | — | — | ||||||||||||||||||||||||
743 | 1,010 | 40 | 3,911 | 18 | 4,050 | 55,484 | ||||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||||
6,834 | 7,984 | 4,182 | 13,853 | 4,088 | 7,725 | 17,395 | ||||||||||||||||||||||||
965 | 612 | 890 | 15,173 | 1,182 | 1,613 | 37,192 | ||||||||||||||||||||||||
26,316 | 29,576 | 25,964 | 20,612 | 25,968 | 18,385 | 26,279 | ||||||||||||||||||||||||
28,943 | 15,847 | 14,244 | 46,514 | 15,967 | 22,707 | 37,155 | ||||||||||||||||||||||||
40,216 | 53,067 | 35,856 | 173,054 | 34,509 | 52,297 | 153,203 | ||||||||||||||||||||||||
7,365 | 6,513 | 20,322 | 14,037 | 6,482 | 5,212 | 62,602 | ||||||||||||||||||||||||
1,475 | 1,208 | 485 | 8,249 | 1,138 | 1,897 | 31,125 | ||||||||||||||||||||||||
— | — | 23,057 | — | — | — | — | ||||||||||||||||||||||||
— | — | 78 | — | — | — | — | ||||||||||||||||||||||||
2,822 | 2,618 | 2,656 | 6,608 | 2,812 | 2,932 | 11,583 | ||||||||||||||||||||||||
238 | 122 | 202 | 2,781 | 295 | 377 | 7,666 | ||||||||||||||||||||||||
4,524 | 1,954 | 2,863 | 6,108 | 3,151 | 2,797 | 7,534 | ||||||||||||||||||||||||
176,173 | 176,605 | 158,546 | 1,057,599 | 162,708 | 238,120 | 3,906,468 | ||||||||||||||||||||||||
(101,751 | ) | (106,416 | ) | (121,309 | ) | (309,129 | ) | (83,227 | ) | (107,767 | ) | (621,030 | ) | |||||||||||||||||
74,422 | 70,189 | 37,237 | 748,470 | 79,481 | 130,353 | 3,285,438 | ||||||||||||||||||||||||
415,565 | 19,250 | 162,223 | 2,131,320 | 507,013 | 146,712 | 707,921 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 225 |
Table of Contents
Statements of Operations (cont’d)
Six Months ended March 31, 2019 (Unaudited)
AllianzGI Best Styles U.S. Equity | AllianzGI Convertible | AllianzGI Core Bond | AllianzGI Core Plus Bond | AllianzGI Emerging Markets Consumer | ||||||||||||||||||||
Realized and Change in Unrealized Gain (Loss): | ||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||
Investments | $ | 332,926 | $ | 8,446,036 | $ | 299,550 | $ | 295,719 | $ | (2,868,449 | ) | |||||||||||||
Investments in Affiliates | — | — | — | — | — | |||||||||||||||||||
Futures contracts | (111,139 | ) | — | 20,552 | 45,130 | — | ||||||||||||||||||
Swaps | — | — | 65,539 | 67,775 | — | |||||||||||||||||||
Forward foreign currency contracts | — | — | — | — | — | |||||||||||||||||||
Foreign currency transactions | (189 | ) | — | — | — | (40,834 | ) | |||||||||||||||||
Net capital gain distributions received from underlying Affiliated funds | — | — | — | — | — | |||||||||||||||||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||||||||||||||
Investments | (4,650,076 | ) | (13,065,219 | ) | 572,369 | 749,620 | 2,657,535 | |||||||||||||||||
Investments in Affiliates | — | — | — | — | — | |||||||||||||||||||
Futures contracts | 1,801 | — | 92,551 | 156,521 | — | |||||||||||||||||||
Swaps | — | — | 2,930 | (12,572 | ) | — | ||||||||||||||||||
Forward foreign currency contracts | — | — | — | — | — | |||||||||||||||||||
Foreign currency transactions | (22 | ) | — | — | — | (2,202 | ) | |||||||||||||||||
Net realized and change in unrealized gain (loss) | (4,426,699 | ) | (4,619,183 | ) | 1,053,491 | 1,302,193 | (253,950 | ) | ||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Investment Operations | $ | (3,514,124 | ) | $ | (1,431,386 | ) | $ | 1,519,592 | $ | 1,939,428 | $ | (194,280 | ) | |||||||||||
* Foreign withholding taxes | $ | 5,791 | $ | — | $ | — | $ | — | $ | 41,858 |
226 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI Emerging Markets Debt | AllianzGI Emerging Markets Small-Cap | AllianzGI Floating Rate Note | AllianzGI Global Dynamic Allocation | AllianzGI Global High Yield | AllianzGI Global Sustainability | AllianzGI Global Water | ||||||||||||||||||||||||
$ | (131,482 | ) | $ | (76,546 | ) | $ | (292,844 | ) | $ | (74,485 | ) | $ | (458,442 | ) | $ | 839,449 | $ | 5,002,217 | ||||||||||||
— | — | — | (92,104 | ) | — | — | — | |||||||||||||||||||||||
(23,544 | ) | — | 3,756 | (4,567,019 | ) | 34,093 | — | — | ||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||||
12,037 | — | 132,862 | — | 229,683 | — | (21,222 | ) | |||||||||||||||||||||||
(7,628 | ) | (4,519 | ) | (20,190 | ) | (26,677 | ) | (21,857 | ) | (26,148 | ) | (181,175 | ) | |||||||||||||||||
| — | — | — | 75,177 | — | — | — | |||||||||||||||||||||||
688,088 | 329,445 | 159,284 | (3,788,441 | ) | 324,438 | (2,204,201 | ) | (11,806,748 | ) | |||||||||||||||||||||
— | — | — | (95,907 | ) | — | — | — | |||||||||||||||||||||||
— | — | (11,644 | ) | 1,005,347 | (6,223 | ) | — | — | ||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||||
(3,009 | ) | — | 25,102 | — | 36,668 | — | — | |||||||||||||||||||||||
8,833 | 92 | 3,434 | 5,941 | 4,099 | (706 | ) | 22,061 | |||||||||||||||||||||||
543,295 | 248,472 | (240 | ) | (7,558,168 | ) | 142,459 | (1,391,606 | ) | (6,984,867 | ) | ||||||||||||||||||||
$ | 958,860 | $ | 267,722 | $ | 161,983 | $ | (5,426,848 | ) | $ | 649,472 | $ | (1,244,894 | ) | $ | (6,276,946 | ) | ||||||||||||||
$ | — | $ | 12,398 | $ | — | $ | 90,441 | $ | — | $ | 8,987 | $ | 160,960 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 227 |
Table of Contents
Statements of Operations† (cont’d)
Six Months ended March 31, 2019 (Unaudited)
AllianzGI Green Bond (1) | AllianzGI High Yield Bond | AllianzGI International Growth | AllianzGI International Small-Cap | AllianzGI Micro Cap | ||||||||||||||||||||
Investment Income: | ||||||||||||||||||||||||
Interest | $ | 45,641 | $ | 4,834,480 | $ | 457 | $ | 5,514 | $ | 831 | ||||||||||||||
Dividends, net of foreign withholding taxes* | — | — | 115,309 | 694,324 | 23,634 | |||||||||||||||||||
Contribution from Investment Manager (see Note 6) | — | — | — | — | — | |||||||||||||||||||
Miscellaneous | — | 42 | — | 2 | — | |||||||||||||||||||
Total Investment Income | 45,641 | 4,834,522 | 115,766 | 699,840 | 24,465 | |||||||||||||||||||
Expenses: | ||||||||||||||||||||||||
Investment management | 7,461 | 377,309 | 89,829 | 568,704 | 110,773 | |||||||||||||||||||
Performance fee adjustment | — | — | — | — | — | |||||||||||||||||||
Distribution — Class C | — | 24,367 | — | 5,684 | — | |||||||||||||||||||
Distribution — Class R | — | 1,085 | — | 1,242 | — | |||||||||||||||||||
Servicing — Class A | 46 | 39,980 | 1,019 | 7,949 | 2,362 | |||||||||||||||||||
Servicing — Class C | — | 8,122 | — | 1,895 | — | |||||||||||||||||||
Servicing — Class R | — | 1,085 | — | 1,242 | — | |||||||||||||||||||
Administrative servicing — Class P | — | 6,114 | — | 21,000 | 563 | |||||||||||||||||||
Distribution and/or servicing — Administrative Class | — | 26 | — | — | — | |||||||||||||||||||
Sub-transfer agent — Class A | — | 23,440 | 71 | 3,766 | 1,002 | �� | ||||||||||||||||||
Sub-transfer agent — Class C | — | 2,282 | — | 989 | — | |||||||||||||||||||
Sub-transfer agent — Class R | — | 969 | — | 426 | — | |||||||||||||||||||
Sub-transfer agent — Institutional Class | — | 48,318 | 412 | 25,609 | 10,907 | |||||||||||||||||||
Legal | 5,918 | 14,078 | 8,143 | 10,231 | 4,483 | |||||||||||||||||||
Trustees | 247 | 9,943 | 1,398 | 8,680 | 1,417 | |||||||||||||||||||
Audit and tax services | 20,247 | 28,158 | 20,766 | 21,126 | 19,013 | |||||||||||||||||||
Registration | 1,511 | 42,266 | 16,557 | 43,998 | 22,304 | |||||||||||||||||||
Custodian and accounting agent | 18,475 | 33,244 | 39,487 | 163,259 | 43,651 | |||||||||||||||||||
Interest expense | — | — | — | — | — | |||||||||||||||||||
Shareholder communications | 8,053 | 18,270 | 5,350 | 13,452 | 6,135 | |||||||||||||||||||
Transfer agent | 1,207 | 11,496 | 1,586 | 8,925 | 2,369 | |||||||||||||||||||
Organizational | 64,609 | — | — | — | — | |||||||||||||||||||
Offering | 30,842 | — | — | — | — | |||||||||||||||||||
Excise tax | 379 | — | — | — | — | |||||||||||||||||||
Insurance | — | 5,470 | 2,794 | 5,472 | 2,938 | |||||||||||||||||||
Line of credit commitment | 32 | 2,193 | 336 | 1,512 | 284 | |||||||||||||||||||
Miscellaneous | 733 | 7,347 | 3,594 | 4,775 | 2,504 | |||||||||||||||||||
Total Expenses | 159,760 | 705,562 | 191,342 | 919,936 | 230,705 | |||||||||||||||||||
Less: Fee Waiver/Reimbursement from Investment Manager | (149,907 | ) | — | (87,299 | ) | (305,607 | ) | (88,298 | ) | |||||||||||||||
Net Expenses | 9,853 | 705,562 | 104,043 | 614,329 | 142,407 | |||||||||||||||||||
Net Investment Income (Loss) | 35,788 | 4,128,960 | 11,723 | 85,511 | (117,942 | ) |
228 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI NFJ Emerging Markets Value | AllianzGI PerformanceFee Managed Futures Strategy† | AllianzGI PerformanceFee Structured US Equity | AllianzGI PerformanceFee Structured US Fixed Income | AllianzGI Preferred Securities and Income | AllianzGI Short Duration High Income | AllianzGI Short Term Bond | ||||||||||||||||||||||||
$ | 4,118 | $ | 329,855 | $ | 827 | $ | 160 | $ | 268,973 | $ | 24,391,039 | $ | 109,890 | |||||||||||||||||
1,222,392 | — | 823,146 | 357,343 | 64,189 | — | — | ||||||||||||||||||||||||
— | — | 182,528 | 42,642 | — | — | — | ||||||||||||||||||||||||
2 | — | 2,537 | 462 | — | 21,362 | — | ||||||||||||||||||||||||
1,226,512 | 329,855 | 1,009,038 | 400,607 | 333,162 | 24,412,401 | 109,890 | ||||||||||||||||||||||||
503,451 | 104,328 | 230,214 | 37,838 | 28,743 | 2,658,939 | 9,132 | ||||||||||||||||||||||||
— | (37,864 | ) | (14,411 | ) | 9,516 | — | — | — | ||||||||||||||||||||||
3,958 | — | — | — | — | 158,795 | — | ||||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||||
23,631 | — | — | — | — | 192,887 | 537 | ||||||||||||||||||||||||
1,319 | — | — | — | — | 158,795 | — | ||||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||||
4,953 | — | — | — | — | 84,487 | 1 | ||||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||||
21,351 | — | — | — | — | 52,972 | 57 | ||||||||||||||||||||||||
385 | — | — | — | — | 26,458 | — | ||||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||||
29,243 | 102 | 4,612 | — | 62 | 86,095 | 53 | ||||||||||||||||||||||||
6,381 | 4,918 | 6,336 | 6,232 | 3,989 | 33,377 | 5,033 | ||||||||||||||||||||||||
7,690 | 8,812 | 2,670 | 1,519 | 682 | 70,534 | 310 | ||||||||||||||||||||||||
36,749 | 31,903 | 26,918 | 29,477 | 25,966 | 19,572 | 24,210 | ||||||||||||||||||||||||
42,627 | 18,711 | 21,129 | 18,870 | 6,517 | 49,964 | 4,773 | ||||||||||||||||||||||||
203,198 | 26,099 | 67,388 | 53,845 | 30,181 | 108,774 | 30,867 | ||||||||||||||||||||||||
8,732 | — | — | — | — | — | — | ||||||||||||||||||||||||
17,669 | 9,742 | 11,613 | 12,146 | 4,745 | 69,858 | 4,768 | ||||||||||||||||||||||||
6,100 | 1,465 | 1,969 | 1,511 | 989 | 53,641 | 1,219 | ||||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||||
— | 22,839 | 22,051 | 22,051 | 60,423 | — | 67,160 | ||||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||||
4,929 | 2,705 | 2,928 | 2,890 | 2,608 | 18,559 | — | ||||||||||||||||||||||||
1,571 | 389 | 994 | 331 | 158 | 14,998 | 77 | ||||||||||||||||||||||||
3,475 | 11,289 | 8,719 | 10,242 | 1,900 | 18,451 | 1,382 | ||||||||||||||||||||||||
927,412 | 205,438 | 393,130 | 206,468 | 166,963 | 3,877,156 | 149,579 | ||||||||||||||||||||||||
| (359,962 | ) | (192,349 | ) | (302,082 | ) | (172,534 | ) | (134,484 | ) | — | (137,088 | ) | |||||||||||||||||
567,450 | 13,089 | 91,048 | 33,934 | 32,479 | 3,877,156 | 12,491 | ||||||||||||||||||||||||
659,062 | 316,766 | 917,990 | 366,673 | 300,683 | 20,535,245 | 97,399 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 229 |
Table of Contents
Statements of Operations† (cont’d)
Six Months ended March 31, 2019 (Unaudited)
AllianzGI Green Bond (1) | AllianzGI High Yield Bond | AllianzGI International Growth | AllianzGI International Small-Cap | AllianzGI Micro Cap | ||||||||||||||||||||
Realized and Change in Unrealized Gain (Loss): | ||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||
Investments | 13,023 | (3,349,978 | ) | (303,299 | ) | (4,537,281 | ) | (295,320 | ) | |||||||||||||||
Futures contracts | (2,656 | ) | — | — | — | — | ||||||||||||||||||
Options written | — | — | — | — | — | |||||||||||||||||||
Swaps | — | — | — | — | — | |||||||||||||||||||
Forward foreign currency contracts | 79,245 | — | 821 | (138 | ) | — | ||||||||||||||||||
Foreign currency transactions | (23,103 | ) | — | (6,497 | ) | (82,002 | ) | — | ||||||||||||||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||||||||||||||
Investments | 154,409 | (39,592 | ) | 14,798 | (15,577,923 | ) | (3,790,784 | ) | ||||||||||||||||
Futures contracts | — | — | — | — | — | |||||||||||||||||||
Options written | — | — | — | — | — | |||||||||||||||||||
Swaps | — | — | — | — | — | |||||||||||||||||||
Forward foreign currency contracts | 1,871 | — | — | — | — | |||||||||||||||||||
Foreign currency transactions | (252 | ) | — | (88 | ) | (7,311 | ) | — | ||||||||||||||||
Net realized and change in unrealized gain (loss) | 222,537 | (3,389,570 | ) | (294,265 | ) | (20,204,655 | ) | (4,086,104 | ) | |||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Investment Operations | $ | 258,325 | $ | 739,390 | $ | (282,542 | ) | $ | (20,119,144 | ) | $ | (4,204,046 | ) | |||||||||||
*Foreign withholding taxes | $ | — | $ | — | $ | 14,374 | $ | 68,049 | $ | — |
† | Consolidated Statement of Operations for the AllianzGI PerformanceFee Managed Futures Strategy Fund. These financial statements are consolidated to include the accounts of AllianzGI PerformanceFee Managed Futures Strategy Offshore Fund Ltd., a wholly-owned subsidiary of the AllianzGI PerformanceFee Managed Futures Strategy Fund. See Note 14. |
(1) | Commencement of operations was November 19, 2018. Information represents the period from November 19, 2018 through March 31, 2019. |
230 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI NFJ Emerging Markets Value | AllianzGI PerformanceFee Managed Futures Strategy† | AllianzGI PerformanceFee Structured US Equity | AllianzGI PerformanceFee Structured US Fixed Income | AllianzGI Preferred Securities and Income | AllianzGI Short Duration High Income | AllianzGI Short Term Bond | ||||||||||||||||||||||||
(13,529,290 | ) | (13,426 | ) | 1,029,117 | 65,281 | (87,740 | ) | 310,877 | 4,482 | |||||||||||||||||||||
— | (589,850 | ) | — | — | — | — | — | |||||||||||||||||||||||
— | — | (1,794,479 | ) | (130,020 | ) | — | — | — | ||||||||||||||||||||||
— | (11,759 | ) | — | — | 261 | — | — | |||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||||
(96,079 | ) | 3,870 | — | — | — | — | — | |||||||||||||||||||||||
11,887,308 | 30,775 | (2,293,403 | ) | 875,704 | 172,572 | (23,018,338 | ) | 88,527 | ||||||||||||||||||||||
— | 506,395 | — | — | — | — | — | ||||||||||||||||||||||||
— | — | 179,471 | 23,144 | — | — | — | ||||||||||||||||||||||||
— | (3,218 | ) | — | — | (629 | ) | — | — | ||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||||
6,969 | (2,100 | ) | — | — | — | — | — | |||||||||||||||||||||||
(1,731,092 | ) | (79,313 | ) | (2,879,294 | ) | 834,109 | 84,464 | (22,707,461 | ) | 93,009 | ||||||||||||||||||||
$ | (1,072,030 | ) | $ | 237,453 | $ | (1,961,304 | ) | $ | 1,200,782 | $ | 385,147 | $ | (2,172,216 | ) | $ | 190,408 | ||||||||||||||
$ | 134,324 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 231 |
Table of Contents
Statements of Operations (cont’d)
Six Months ended March 31, 2019 (Unaudited)
AllianzGI Structured Return | AllianzGI U.S. Equity Hedged | AllianzGI Ultra Micro Cap | ||||||||||
Investment Income: | ||||||||||||
Interest | $ | 317,525 | $ | — | $ | 1,125 | ||||||
Dividends | 6,541,501 | 21,215 | 27,985 | |||||||||
Miscellaneous | 43,318 | 127 | 1 | |||||||||
Total Investment Income | 6,902,344 | 21,342 | 29,111 | |||||||||
Expenses: | ||||||||||||
Investment management | 1,954,847 | 8,017 | 143,449 | |||||||||
Distribution — Class C | 58,837 | 721 | — | |||||||||
Servicing — Class A | 109,435 | 673 | 8,330 | |||||||||
Servicing — Class C | 19,612 | 241 | — | |||||||||
Administrative servicing — Class P | 26,608 | 9 | 1,854 | |||||||||
Sub-transfer agent — Class A | 42,476 | 189 | 3,247 | |||||||||
Sub-transfer agent — Class C | 4,728 | 93 | — | |||||||||
Sub-transfer agent — Institutional Class | 81,013 | 850 | 8,136 | |||||||||
Legal | 24,642 | 4,969 | 8,231 | |||||||||
Trustees | 35,013 | 181 | 1,781 | |||||||||
Audit and tax services | 18,433 | 15,469 | 17,657 | |||||||||
Registration | 47,379 | 28,264 | 22,336 | |||||||||
Custodian and accounting agent | 90,192 | 34,256 | 40,194 | |||||||||
Shareholder communications | 44,343 | 4,637 | 7,213 | |||||||||
Transfer agent | 29,793 | 1,687 | 3,313 | |||||||||
Recoupment | 24,163 | — | — | |||||||||
Insurance | 11,210 | 2,443 | 3,049 | |||||||||
Line of credit commitment | 8,698 | 31 | 351 | |||||||||
Miscellaneous | 7,561 | 2,685 | 2,448 | |||||||||
Total Expenses | 2,638,983 | 105,415 | 271,589 | |||||||||
Less: Fee Waiver/Reimbursement from Investment Manager | (107,486 | ) | (92,241 | ) | (59,056 | ) | ||||||
Net Expenses | 2,531,497 | 13,174 | 212,533 | |||||||||
Net Investment Income (Loss) | 4,370,847 | 8,168 | (183,422 | ) | ||||||||
Realized and Change in Unrealized Gain (Loss): | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | (44,686,862 | ) | 165,285 | 414,411 | ||||||||
Options written | 30,337,553 | 2,037 | — | |||||||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||
Investments | 20,334,998 | (291,820 | ) | (6,171,780 | ) | |||||||
Options written | (9,859,244 | ) | (4,742 | ) | — | |||||||
Net realized and change in unrealized loss | (3,873,555 | ) | (129,240 | ) | (5,757,369 | ) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Investment Operations | $ | 497,292 | $ | (121,072 | ) | $ | (5,940,791 | ) |
232 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
(THIS PAGE INTENTIONALLY LEFT BLANK)
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 233 |
Table of Contents
Statements of Changes in Net Assets
AllianzGI Retirement 2020 | AllianzGI Retirement 2025 | |||||||||||||||||||
Six Months ended March 31, 2019 (Unaudited) | Year ended September 30, 2018 | Six Months ended March 31, 2019 (Unaudited) | Year ended September 30, 2018 | |||||||||||||||||
Increase (Decrease) in Net Assets from: | ||||||||||||||||||||
Investment Operations: | ||||||||||||||||||||
Net investment income | $ | 616,825 | $ | 941,171 | $ | 916,394 | $ | 1,150,989 | ||||||||||||
Net realized gain | 841,610 | 2,253,372 | 1,435,857 | 3,346,207 | ||||||||||||||||
Net change in unrealized appreciation/depreciation | (1,588,535 | ) | (1,883,806 | ) | (3,158,651 | ) | (1,706,377 | ) | ||||||||||||
Net increase (decrease) in net assets resulting from investment operations | (130,100 | ) | 1,310,737 | (806,400 | ) | 2,790,819 | ||||||||||||||
Distributions to Shareholders: | ||||||||||||||||||||
Total distributions paid: | ||||||||||||||||||||
Class A | (252,877 | ) | (429,547 | ) | (398,059 | ) | (358,300 | ) | ||||||||||||
Class C | (9,968 | ) | (9,782 | ) | — | — | ||||||||||||||
Class R | (5,237 | ) | (2,388 | ) | (14,713 | ) | (8,559 | ) | ||||||||||||
Class P | (817,411 | ) | (689,954 | ) | (1,540,333 | ) | (1,746,256 | ) | ||||||||||||
Class R6 | (1,122,479 | ) | (642,466 | ) | (1,426,045 | ) | (988,834 | ) | ||||||||||||
Administrative Class | (31,996 | ) | (21,720 | ) | (12,898 | ) | (12,408 | ) | ||||||||||||
Total distributions to shareholders | (2,239,968 | ) | (1,795,857 | ) | (3,392,048 | ) | (3,114,357 | ) | ||||||||||||
Fund Share Transactions: | ||||||||||||||||||||
Net proceeds from the sale of shares | 5,391,102 | 9,131,431 | 5,324,195 | 10,745,742 | ||||||||||||||||
Issued in reinvestment of distributions | 2,225,738 | 1,786,940 | 3,318,998 | 3,071,244 | ||||||||||||||||
Cost of shares redeemed | (7,585,087 | ) | (28,559,874 | ) | (7,821,647 | ) | (28,406,764 | ) | ||||||||||||
Net increase (decrease) from Fund share transactions | 31,753 | (17,641,503 | ) | 821,546 | (14,589,778 | ) | ||||||||||||||
Total increase (decrease) in net assets | (2,338,315 | ) | (18,126,623 | ) | (3,376,902 | ) | (14,913,316 | ) | ||||||||||||
Net Assets: | ||||||||||||||||||||
Beginning of period | 34,759,911 | 52,886,534 | 50,859,404 | 65,772,720 | ||||||||||||||||
End of period | $ | 32,421,596 | $ | 34,759,911 | $ | 47,482,502 | $ | 50,859,404 |
— | May reflect actual amounts rounding to less than $1. |
234 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI Retirement 2030 | AllianzGI Retirement 2035 | AllianzGI Retirement 2040 | ||||||||||||||||||||||||
Six Months ended March 31, 2019 (Unaudited) | Year ended September 30, 2018 | Six Months ended March 31, 2019 (Unaudited) | Year ended September 30, 2018 | Six Months ended March 31, 2019 (Unaudited) | Year ended September 30, 2018 | |||||||||||||||||||||
$ | 1,170,869 | $ | 1,342,226 | $ | 915,877 | $ | 1,250,569 | $ | 993,926 | $ | 1,287,828 | |||||||||||||||
2,336,448 | 4,450,392 | 2,653,778 | 4,670,702 | 3,571,678 | 4,273,855 | |||||||||||||||||||||
(5,032,946 | ) | (1,893,986 | ) | (4,880,210 | ) | (2,473,396 | ) | (6,204,202 | ) | (1,947,768 | ) | |||||||||||||||
(1,525,629 | ) | 3,898,632 | (1,310,555 | ) | 3,447,875 | (1,638,598 | ) | 3,613,915 | ||||||||||||||||||
(459,970 | ) | (514,953 | ) | (559,351 | ) | (523,493 | ) | (286,794 | ) | (381,670 | ) | |||||||||||||||
(37,010 | ) | (36,934 | ) | — | — | (3,800 | ) | (7,750 | ) | |||||||||||||||||
(17,850 | ) | (23,933 | ) | (53,770 | ) | (38,039 | ) | (16,100 | ) | (21,149 | ) | |||||||||||||||
(1,813,034 | ) | (2,107,251 | ) | (1,872,017 | ) | (2,042,424 | ) | (1,432,745 | ) | (1,569,715 | ) | |||||||||||||||
(1,689,460 | ) | (1,385,473 | ) | (1,619,599 | ) | (1,012,145 | ) | (1,976,521 | ) | (1,509,472 | ) | |||||||||||||||
(32,781 | ) | (25,075 | ) | (33,357 | ) | (14,933 | ) | (40,518 | ) | (26,411 | ) | |||||||||||||||
(4,050,105 | ) | (4,093,619 | ) | (4,138,094 | ) | (3,631,034 | ) | (3,756,478 | ) | (3,516,167 | ) | |||||||||||||||
6,732,040 | 13,443,110 | 5,784,717 | 10,773,275 | 6,422,813 | 9,872,127 | |||||||||||||||||||||
4,007,396 | 4,047,095 | 4,063,470 | 3,582,038 | 3,645,076 | 3,407,291 | |||||||||||||||||||||
(7,193,786 | ) | (30,355,752 | ) | (3,736,680 | ) | (28,207,220 | ) | (4,369,814 | ) | (21,759,724 | ) | |||||||||||||||
3,545,650 | (12,865,547 | ) | 6,111,507 | (13,851,907 | ) | 5,698,075 | (8,480,306 | ) | ||||||||||||||||||
(2,030,084 | ) | (13,060,534 | ) | 662,858 | (14,035,066 | ) | 302,999 | (8,382,558 | ) | |||||||||||||||||
60,342,472 | 73,403,006 | 44,453,952 | 58,489,018 | 46,859,297 | 55,241,855 | |||||||||||||||||||||
$ | 58,312,388 | $ | 60,342,472 | $ | 45,116,810 | $ | 44,453,952 | $ | 47,162,296 | $ | 46,859,297 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 235 |
Table of Contents
Statements of Changes in Net Assets (cont’d)
AllianzGI Retirement 2045 | AllianzGI Retirement 2050 | |||||||||||||||||||
Six Months ended March 31, 2019 (Unaudited) | Year ended September 30, 2018 | Six Months ended March 31, 2019 (Unaudited) | Year ended September 30, 2018 | |||||||||||||||||
Increase (Decrease) in Net Assets from: | ||||||||||||||||||||
Investment Operations: | ||||||||||||||||||||
Net investment income | $ | 674,212 | $ | 832,270 | $ | 724,692 | $ | 828,484 | ||||||||||||
Net realized gain (loss) | 2,564,060 | 2,726,805 | 2,852,416 | 2,578,445 | ||||||||||||||||
Net change in unrealized appreciation/depreciation | (4,366,997 | ) | (1,212,118 | ) | (4,865,217 | ) | (1,055,777 | ) | ||||||||||||
Net increase (decrease) in net assets resulting from investment operations | (1,128,725 | ) | 2,346,957 | (1,288,109 | ) | 2,351,152 | ||||||||||||||
Distributions to Shareholders: | ||||||||||||||||||||
Total distributions paid: | ||||||||||||||||||||
Class A | (159,914 | ) | (287,821 | ) | (200,608 | ) | (204,743 | ) | ||||||||||||
Class C | — | — | (13,008 | ) | (10,589 | ) | ||||||||||||||
Class R | (11,916 | ) | (12,335 | ) | (9,569 | ) | (5,428 | ) | ||||||||||||
Class P | (1,099,610 | ) | (1,018,130 | ) | (831,742 | ) | (836,401 | ) | ||||||||||||
Institutional Class | — | — | — | — | ||||||||||||||||
Class R6 | (1,145,865 | ) | (860,846 | ) | (1,328,104 | ) | (1,140,455 | ) | ||||||||||||
Administrative Class | (47,868 | ) | (34,918 | ) | (64,296 | ) | (54,641 | ) | ||||||||||||
Return of capital distributions: | ||||||||||||||||||||
Class A | — | — | — | — | ||||||||||||||||
Class C | — | — | — | — | ||||||||||||||||
Class R | — | — | — | — | ||||||||||||||||
Class P | — | — | — | — | ||||||||||||||||
Institutional Class | — | — | — | — | ||||||||||||||||
Class R6 | — | — | — | — | ||||||||||||||||
Administrative Class | — | — | — | — | ||||||||||||||||
Total distributions to shareholders | (2,465,173 | ) | (2,214,050 | ) | (2,447,327 | ) | (2,252,257 | ) | ||||||||||||
Fund Share Transactions: | ||||||||||||||||||||
Net proceeds from the sale of shares | 5,127,928 | 7,768,793 | 4,620,507 | 8,636,205 | ||||||||||||||||
Issued in reinvestment of distributions | 2,442,952 | 2,198,799 | 2,438,284 | 2,245,722 | ||||||||||||||||
Cost of shares redeemed | (3,448,198 | ) | (12,717,410 | ) | (3,623,121 | ) | (10,614,909 | ) | ||||||||||||
Net increase (decrease) from Fund share transactions | 4,122,682 | (2,749,818 | ) | 3,435,670 | 267,018 | |||||||||||||||
Total increase (decrease) in net assets | 528,784 | (2,616,911 | ) | (299,766 | ) | 365,913 | ||||||||||||||
Net Assets: | ||||||||||||||||||||
Beginning of period | 31,100,421 | 33,717,332 | 32,982,625 | 32,616,712 | ||||||||||||||||
End of period | $ | 31,629,205 | $ | 31,100,421 | $ | 32,682,859 | $ | 32,982,625 |
— | May reflect actual amounts rounding to less than $1. |
236 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI Retirement 2055 | AllianzGI Multi Asset Income | AllianzGI Global Allocation | ||||||||||||||||||||||||
Six Months ended March 31, 2019 (Unaudited) | Year ended September 30, 2018 | Six Months ended March 31, 2019 (Unaudited) | Year ended September 30, 2018 | Six Months ended March 31, 2019 (Unaudited) | Year ended September 30, 2018 | |||||||||||||||||||||
$ | 358,831 | $ | 397,092 | $ | 1,082,395 | $ | 2,032,089 | $ | 5,762,863 | $ | 8,351,388 | |||||||||||||||
1,435,130 | 1,126,851 | (925,399 | ) | (872,455 | ) | 14,431,281 | 21,137,479 | |||||||||||||||||||
(2,355,367 | ) | (398,458 | ) | 454,530 | (1,136,050 | ) | (22,598,116 | ) | (19,504,894 | ) | ||||||||||||||||
(561,406 | ) | 1,125,485 | 611,526 | 23,584 | (2,403,972 | ) | 9,983,973 | |||||||||||||||||||
(113,406 | ) | (132,588 | ) | (302,476 | ) | (623,574 | ) | (3,101,473 | ) | (4,481,189 | ) | |||||||||||||||
— | — | (34,914 | ) | (181,761 | ) | (368,960 | ) | (2,929,681 | ) | |||||||||||||||||
(6,898 | ) | (5,540 | ) | (2,504 | ) | (6,759 | ) | (1,920 | ) | (2,606 | ) | |||||||||||||||
(431,803 | ) | (419,135 | ) | (256,104 | ) | (863,845 | ) | (265,289 | ) | (367,341 | ) | |||||||||||||||
— | — | (2,068 | ) | (982 | ) | (391,988 | ) | (599,936 | ) | |||||||||||||||||
(592,430 | ) | (461,056 | ) | (392,755 | ) | (1,255,713 | ) | (15,373,164 | ) | (27,424,554 | ) | |||||||||||||||
(27,083 | ) | (22,436 | ) | (12,248 | ) | (71,389 | ) | (1,236 | ) | (2,546 | ) | |||||||||||||||
— | — | — | (60,720 | ) | — | — | ||||||||||||||||||||
— | — | — | (13,460 | ) | — | — | ||||||||||||||||||||
— | — | — | (621 | ) | — | — | ||||||||||||||||||||
— | — | — | (69,104 | ) | — | — | ||||||||||||||||||||
— | — | — | (365 | ) | — | — | ||||||||||||||||||||
— | — | — | (113,254 | ) | — | — | ||||||||||||||||||||
— | — | — | (3,579 | ) | — | — | ||||||||||||||||||||
(1,171,620 | ) | (1,040,755 | ) | (1,003,069 | ) | (3,265,126 | ) | (19,504,030 | ) | (35,807,853 | ) | |||||||||||||||
3,444,657 | 8,313,026 | 6,288,524 | 8,910,514 | 47,869,440 | 150,749,387 | |||||||||||||||||||||
1,163,653 | 1,036,298 | 991,248 | 3,223,840 | 18,849,251 | 34,449,467 | |||||||||||||||||||||
(1,900,764 | ) | (8,049,315 | ) | (10,073,211 | ) | (22,976,927 | ) | (54,090,439 | ) | (185,446,179 | ) | |||||||||||||||
2,707,546 | 1,300,009 | (2,793,439 | ) | (10,842,573 | ) | 12,628,252 | (247,325 | ) | ||||||||||||||||||
974,520 | 1,384,739 | (3,184,982 | ) | (14,084,115 | ) | (9,279,750 | ) | (26,071,205 | ) | |||||||||||||||||
16,092,065 | 14,707,326 | 36,129,190 | 50,213,305 | 330,508,058 | 356,579,263 | |||||||||||||||||||||
$ | 17,066,585 | $ | 16,092,065 | $ | 32,944,208 | $ | 36,129,190 | $ | 321,228,308 | $ | 330,508,058 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 237 |
Table of Contents
Statements of Changes in Net Assets (cont’d)
AllianzGI Best Styles Global Equity | AllianzGI Best Styles International Equity | |||||||||||||||||||
Six Months ended | Year ended September 30, 2018 | Six Months ended March 31, 2019 (Unaudited) | Year ended September 30, 2018 | |||||||||||||||||
Increase (Decrease) in Net Assets from: | ||||||||||||||||||||
Investment Operations: | ||||||||||||||||||||
Net investment income | $ | 4,591,512 | $ | 12,229,122 | $ | 243,216 | $ | 744,978 | ||||||||||||
Net realized gain (loss) | (895,054 | ) | 56,366,844 | (520,545 | ) | 1,653,760 | ||||||||||||||
Net change in unrealized appreciation/depreciation | (27,147,673 | ) | (35,809,672 | ) | (1,236,563 | ) | (2,359,877 | ) | ||||||||||||
Net increase (decrease) in net assets resulting from investment operations | (23,451,215 | ) | 32,786,294 | (1,513,892 | ) | 38,861 | ||||||||||||||
Distributions to Shareholders: | ||||||||||||||||||||
Total distributions paid: | ||||||||||||||||||||
Class A | (133,530 | ) | (193,982 | ) | (14,933 | ) | (19,333 | ) | ||||||||||||
Class C | (1,808 | ) | (7,589 | ) | (2,193 | ) | (4,603 | ) | ||||||||||||
Class R | — | — | — | — | ||||||||||||||||
Class P | (162,066 | ) | (392,718 | ) | (4,235 | ) | (5,511 | ) | ||||||||||||
Institutional Class | (276,295 | ) | (324,963 | ) | (13,825 | ) | (4,124 | ) | ||||||||||||
Class R6 | (66,179,468 | ) | (79,375,510 | ) | (913,758 | ) | (1,061,586 | ) | ||||||||||||
Administrative Class | — | — | — | — | ||||||||||||||||
Total distributions to shareholders | (66,753,167 | ) | (80,294,762 | ) | (948,944 | ) | (1,095,157 | ) | ||||||||||||
Fund Share Transactions: | ||||||||||||||||||||
Net proceeds from the sale of shares | 27,509,874 | 115,983,303 | 2,679,958 | 5,268,419 | ||||||||||||||||
Issued in reinvestment of distributions | 66,731,633 | 80,186,951 | 948,944 | 1,094,713 | ||||||||||||||||
Cost of shares redeemed | (45,455,541 | ) | (225,064,420 | ) | (2,883,954 | ) | (6,010,737 | ) | ||||||||||||
Net increase (decrease) from Fund share transactions | 48,785,966 | (28,894,166 | ) | 744,948 | 352,395 | |||||||||||||||
Total increase (decrease) in net assets | (41,418,416 | ) | (76,402,634 | ) | (1,717,888 | ) | (703,901 | ) | ||||||||||||
Net Assets: | ||||||||||||||||||||
Beginning of period | 524,808,778 | 601,211,412 | 25,800,222 | 26,504,123 | ||||||||||||||||
End of period | $ | 483,390,362 | $ | 524,808,778 | $ | 24,082,334 | $ | 25,800,222 |
— | May reflect actual amounts rounding to less than $1. |
* | Commencement of operations. |
238 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI Best Styles U.S. Equity | AllianzGI Convertible | AllianzGI Core Bond | ||||||||||||||||||||||||
Six Months ended March 31, 2019 (Unaudited) | Year ended September 30, 2018 | Six Months ended March 31, 2019 (Unaudited) | Year ended September 30, 2018 | Six Months ended March 31, 2019 (Unaudited)) | Period from May 30, 2018* through September 30, 2018 | |||||||||||||||||||||
$ | 912,575 | $ | 1,928,976 | $ | 3,187,797 | $ | 5,614,358 | $ | 466,102 | $ | 267,766 | |||||||||||||||
221,598 | 16,133,925 | 8,446,036 | 78,472,127 | 385,640 | (81,379 | ) | ||||||||||||||||||||
(4,648,297 | ) | 909,417 | (13,065,219 | ) | (5,947,265 | ) | 667,850 | (140,432 | ) | |||||||||||||||||
(3,514,124 | ) | 18,972,318 | (1,431,386 | ) | 78,139,220 | 1,519,592 | 45,955 | |||||||||||||||||||
(82,774 | ) | (5,368 | ) | (8,091,599 | ) | (12,669,872 | ) | — | — | |||||||||||||||||
(11,259 | ) | (1,972 | ) | (6,514,377 | ) | (8,237,231 | ) | — | — | |||||||||||||||||
— | — | (12,921 | ) | (14,057 | ) | — | — | |||||||||||||||||||
(109,529 | ) | (31,132 | ) | (14,245,518 | ) | (15,729,339 | ) | (162 | ) | (72 | ) | |||||||||||||||
(25,032 | ) | (7,666 | ) | (45,807,009 | ) | (53,119,452 | ) | (243 | ) | (73 | ) | |||||||||||||||
(18,027,043 | ) | (7,399,903 | ) | — | — | (508,066 | ) | (216,814 | ) | |||||||||||||||||
— | — | (114,785 | ) | (174,529 | ) | — | — | |||||||||||||||||||
(18,255,637 | ) | (7,446,041 | ) | (74,786,209 | ) | (89,944,480 | ) | (508,471 | ) | (216,959 | ) | |||||||||||||||
9,676,169 | 16,134,342 | 98,496,603 | 120,497,407 | 1,206,254 | 6,016,814 | |||||||||||||||||||||
18,255,434 | 7,445,631 | 71,680,171 | 84,489,820 | 508,471 | 216,959 | |||||||||||||||||||||
(11,287,444 | ) | (48,896,375 | ) | (116,593,873 | ) | (171,923,264 | ) | (109,622 | ) | (1,686,282 | ) | |||||||||||||||
16,644,159 | (25,316,402 | ) | 53,582,901 | 33,063,963 | 1,605,103 | 4,547,491 | ||||||||||||||||||||
(5,125,602 | ) | (13,790,125 | ) | (22,634,694 | ) | 21,258,703 | 2,616,224 | 4,376,487 | ||||||||||||||||||
99,946,713 | 113,736,838 | 551,227,339 | 529,968,636 | 29,376,487 | 25,000,000 | |||||||||||||||||||||
$ | 94,821,111 | $ | 99,946,713 | $ | 528,592,645 | $ | 551,227,339 | $ | 31,992,711 | $ | 29,376,487 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 239 |
Table of Contents
Statements of Changes in Net Assets (cont’d)
AllianzGI Core Plus Bond | AllianzGI Emerging Markets Consumer | |||||||||||||||||||
Six Months ended March 31, 2019 (Unaudited) | Period from May 30, 2018* through September 30, 2018 | Six Months ended March 31, 2019 (Unaudited) | Year ended September 30, 2018 | |||||||||||||||||
Increase (Decrease) in Net Assets from: | ||||||||||||||||||||
Investment Operations: | ||||||||||||||||||||
Net investment income | $ | 637,235 | $ | 392,473 | $ | 59,670 | $ | 653,403 | ||||||||||||
Net realized gain (loss) | 408,624 | (126,254 | ) | (2,909,283 | ) | 474,368 | ||||||||||||||
Net change in unrealized appreciation/depreciation | 893,569 | (170,913 | ) | 2,655,333 | (4,978,507 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from investment operations | 1,939,428 | 95,306 | (194,280 | ) | (3,850,736 | ) | ||||||||||||||
Distributions to Shareholders: | ||||||||||||||||||||
Total distributions paid: | ||||||||||||||||||||
Class A | — | — | (207 | ) | (8,911 | ) | ||||||||||||||
Class C | — | — | — | — | ||||||||||||||||
Class P | (153 | ) | (72 | ) | — | — | ||||||||||||||
Institutional Class | (158 | ) | (74 | ) | (608,757 | ) | (2,198,701 | ) | ||||||||||||
Class R6 | (660,344 | ) | (300,598 | ) | — | — | ||||||||||||||
Total distributions to shareholders | (660,655 | ) | (300,744 | ) | (608,964 | ) | (2,207,612 | ) | ||||||||||||
Fund Share Transactions: | ||||||||||||||||||||
Net proceeds from the sale of shares | 646,336 | — | 10,548,825 | 16,718,030 | ||||||||||||||||
Issued in reinvestment of distributions | 660,655 | 300,744 | 442,815 | 1,373,525 | ||||||||||||||||
Cost of shares redeemed | (132,671 | ) | — | (13,043,758 | ) | (12,272,896 | ) | |||||||||||||
Net increase (decrease) from Fund share transactions | 1,174,320 | 300,744 | (2,052,118 | ) | 5,818,659 | |||||||||||||||
Total increase (decrease) in net assets | 2,453,093 | 95,306 | (2,855,362 | ) | (239,689 | ) | ||||||||||||||
Net Assets: | ||||||||||||||||||||
Beginning of period | 40,095,306 | 40,000,000 | 43,401,953 | 43,641,642 | ||||||||||||||||
End of period | $ | 42,548,399 | $ | 40,095,306 | $ | 40,546,591 | $ | 43,401,953 |
— | May reflect actual amounts rounding to less than $1. |
* | Commencement of operations. |
240 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI Emerging Markets Debt | AllianzGI Emerging Markets Small-Cap | AllianzGI Floating Rate Note | ||||||||||||||||||||||||
Six Months ended March 31, 2019 (Unaudited) | Year ended September 30, 2018 | Six Months ended March 31, 2019 (Unaudited) | Year ended September 30, 2018 | Six Months ended March 31, 2019 (Unaudited) | Period from September 30, 2018 | |||||||||||||||||||||
$ | 415,565 | $ | 1,500,090 | $ | 19,250 | $ | 161,077 | $ | 162,223 | $ | 180,468 | |||||||||||||||
(150,617 | ) | (1,749,974 | ) | (81,065 | ) | 207,498 | (176,416 | ) | 147,549 | |||||||||||||||||
693,912 | (904,802 | ) | 329,537 | (542,769 | ) | 176,176 | (161,257 | ) | ||||||||||||||||||
958,860 | (1,154,686 | ) | 267,722 | (174,194 | ) | 161,983 | 166,760 | |||||||||||||||||||
(1,935 | ) | (7,074 | ) | (5,633 | ) | (15,332 | ) | — | — | |||||||||||||||||
(187 | ) | (3,645 | ) | — | — | — | — | |||||||||||||||||||
(296 | ) | (651 | ) | — | — | (240 | ) | (152 | ) | |||||||||||||||||
(448,111 | ) | (1,642,180 | ) | (528,395 | ) | (758,248 | ) | (391,902 | ) | (205,805 | ) | |||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||
(450,529 | ) | (1,653,550 | ) | (534,028 | ) | (773,580 | ) | (392,142 | ) | (205,957 | ) | |||||||||||||||
1,150,903 | 3,072,025 | 237,680 | 1,293,864 | 822,811 | 5,669,291 | |||||||||||||||||||||
450,304 | 1,652,823 | 534,028 | 773,580 | 392,142 | 205,957 | |||||||||||||||||||||
(636,105 | ) | (19,981,883 | ) | (976,034 | ) | (2,409,769 | ) | (1,368,813 | ) | (598,878 | ) | |||||||||||||||
965,102 | (15,257,035 | ) | (204,326 | ) | (342,325 | ) | (153,860 | ) | 5,276,370 | |||||||||||||||||
1,473,433 | (18,065,271 | ) | (470,632 | ) | (1,290,099 | ) | (384,019 | ) | 5,237,173 | |||||||||||||||||
18,512,555 | 36,577,826 | 10,165,016 | 11,455,115 | 15,247,173 | 10,010,000 | |||||||||||||||||||||
$ | 19,985,988 | $ | 18,512,555 | $ | 9,694,384 | $ | 10,165,016 | $ | 14,863,154 | $ | 15,247,173 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 241 |
Table of Contents
Statements of Changes in Net Assets (cont’d)
AllianzGI Global Dynamic Allocation | AllianzGI Global High Yield | |||||||||||||||||||
Six Months ended | Year ended September 30, 2018 | Six Months ended March 31, 2019 (Unaudited) | Year ended September 30, 2018 | |||||||||||||||||
Increase (Decrease) in Net Assets from: | ||||||||||||||||||||
Investment Operations: | ||||||||||||||||||||
Net investment income | $ | 2,131,320 | $ | 4,569,718 | $ | 507,013 | $ | 996,750 | ||||||||||||
Net realized gain (loss) | (4,685,108 | ) | 6,860,198 | (216,523 | ) | 9,692 | ||||||||||||||
Net change in unrealized appreciation/depreciation | (2,873,060 | ) | (3,204,820 | ) | 358,982 | (710,514 | ) | |||||||||||||
Net increase (decrease) in net assets resulting from investment operations | (5,426,848 | ) | 8,225,096 | 649,472 | 295,928 | |||||||||||||||
Distributions to Shareholders: | ||||||||||||||||||||
Total distributions paid: | ||||||||||||||||||||
Class A | (93,517 | ) | (109,050 | ) | — | — | ||||||||||||||
Class C | (17,749 | ) | (66,066 | ) | — | — | ||||||||||||||
Class R | (3,803 | ) | (6,210 | ) | — | — | ||||||||||||||
Class P | (573,450 | ) | (642,005 | ) | (391 | ) | (482 | ) | ||||||||||||
Institutional Class | (356,643 | ) | (1,632,951 | ) | (879,623 | ) | (1,055,110 | ) | ||||||||||||
Class R6 | (8,485,926 | ) | (12,155,278 | ) | — | — | ||||||||||||||
Administrative Class | (975 | ) | (1,099 | ) | — | — | ||||||||||||||
Total distributions to shareholders | (9,532,063 | ) | (14,612,659 | ) | (880,014 | ) | (1,055,592 | ) | ||||||||||||
Fund Share Transactions: | ||||||||||||||||||||
Net proceeds from the sale of shares | 12,835,618 | 27,831,298 | 500,331 | 703,903 | ||||||||||||||||
Issued in reinvestment of distributions | 9,531,384 | 14,610,041 | 880,014 | 1,055,592 | ||||||||||||||||
Cost of shares redeemed | (15,483,497 | ) | (93,627,613 | ) | (20,271 | ) | (456,580 | ) | ||||||||||||
Net increase (decrease) from Fund share transactions | 6,883,505 | (51,186,274 | ) | 1,360,074 | 1,302,915 | |||||||||||||||
Total increase (decrease) in net assets | (8,075,406 | ) | (57,573,837 | ) | 1,129,532 | 543,251 | ||||||||||||||
Net Assets: | ||||||||||||||||||||
Beginning of period | 222,429,349 | 280,003,186 | 22,178,641 | 21,635,390 | ||||||||||||||||
End of period | $ | 214,353,943 | $ | 222,429,349 | $ | 23,308,173 | $ | 22,178,641 |
— | May reflect actual amounts rounding to less than $1. |
* | Commencement of operations. |
242 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI Global Sustainability | AllianzGI Global Water | AllianzGI Green Bond | ||||||||||||||||||||
Six Months ended March 31, 2019 (Unaudited) | Year ended September 30, 2018 | Six Months ended March 31, 2019 (Unaudited) | Year ended September 30, 2018 | Period from through March 31, 2019 | ||||||||||||||||||
$ | 146,712 | $ | 347,928 | $ | 707,921 | $ | 6,003,706 | $ | 35,788 | |||||||||||||
813,301 | 1,371,578 | 4,799,820 | 10,534,709 | 66,509 | ||||||||||||||||||
(2,204,907 | ) | 1,985,887 | (11,784,687 | ) | 3,117,286 | 156,028 | ||||||||||||||||
(1,244,894 | ) | 3,705,393 | (6,276,946 | ) | 19,655,701 | 258,325 | ||||||||||||||||
(44,719 | ) | (15,922 | ) | (5,249,498 | ) | (5,079,956 | ) | (409 | ) | |||||||||||||
— | — | (1,910,914 | ) | (2,305,188 | ) | — | ||||||||||||||||
— | — | — | — | — | ||||||||||||||||||
(876,192 | ) | (2,224 | ) | (7,916,134 | ) | (7,193,391 | ) | (152 | ) | |||||||||||||
(822,141 | ) | (928,569 | ) | (4,962,595 | ) | (5,067,578 | ) | (30,139 | ) | |||||||||||||
— | — | — | — | — | ||||||||||||||||||
— | — | — | — | — | ||||||||||||||||||
(1,743,052 | ) | (946,715 | ) | (20,039,141 | ) | (19,646,113 | ) | (30,700 | ) | |||||||||||||
7,952,622 | 13,840,851 | 55,018,279 | 179,152,410 | 379,588 | ||||||||||||||||||
1,743,051 | 946,715 | 15,949,272 | 15,686,646 | 30,700 | ||||||||||||||||||
(16,666,223 | ) | (4,414,256 | ) | (136,644,949 | ) | (164,700,507 | ) | (793 | ) | |||||||||||||
(6,970,550 | ) | 10,373,310 | (65,677,398 | ) | 30,138,549 | 409,495 | ||||||||||||||||
(9,958,496 | ) | 13,131,988 | (91,993,485 | ) | 30,148,137 | 637,120 | ||||||||||||||||
40,213,325 | 27,081,337 | 663,190,363 | 633,042,226 | 5,000,000 | ||||||||||||||||||
$ | 30,254,829 | $ | 40,213,325 | $ | 571,196,878 | $ | 663,190,363 | $ | 5,637,120 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 243 |
Table of Contents
Statements of Changes in Net Assets (cont’d)
AllianzGI High Yield Bond | AllianzGI International Growth | |||||||||||||||||||
Six Months ended March 31, 2019 (Unaudited) | Year ended September 30, 2018 | Six Months ended March 31, 2019 (Unaudited) | Year ended September 30, 2018 | |||||||||||||||||
Increase (Decrease) in Net Assets from: | ||||||||||||||||||||
Investment Operations: | ||||||||||||||||||||
Net investment income (loss) | $ | 4,128,960 | $ | 11,253,465 | $ | 11,723 | $ | 74,437 | ||||||||||||
Net realized gain (loss) | (3,349,978 | ) | 3,058,117 | (308,975 | ) | 608,356 | ||||||||||||||
Net change in unrealized appreciation/depreciation | (39,592 | ) | (12,901,757 | ) | 14,710 | 55,677 | ||||||||||||||
Net increase (decrease) in net assets resulting from investment operations | 739,390 | 1,409,825 | (282,542 | ) | 738,470 | |||||||||||||||
Distributions to Shareholders: | ||||||||||||||||||||
Total distributions paid: | ||||||||||||||||||||
Class A | (811,850 | ) | (2,017,864 | ) | (17,226 | ) | (24,200 | ) | ||||||||||||
Class C | (140,055 | ) | (440,655 | ) | — | — | ||||||||||||||
Class R | (22,835 | ) | (42,717 | ) | — | — | ||||||||||||||
Class P | (439,269 | ) | (1,334,908 | ) | — | — | ||||||||||||||
Institutional Class | (2,867,952 | ) | (7,899,434 | ) | (660,259 | ) | (2,304,442 | ) | ||||||||||||
Class R6 | — | — | — | — | ||||||||||||||||
Administrative Class | (405 | ) | (34,527 | ) | — | — | ||||||||||||||
Total distributions to shareholders | (4,282,366 | ) | (11,770,105 | ) | (677,485 | ) | (2,328,642 | ) | ||||||||||||
Fund Share Transactions: | ||||||||||||||||||||
Net proceeds from the sale of shares | 19,810,171 | 49,525,342 | 863,022 | 10,731,231 | ||||||||||||||||
Issued in reinvestment of distributions | 4,092,893 | 10,926,652 | 677,455 | 2,328,642 | ||||||||||||||||
Cost of shares redeemed | (64,561,991 | ) | (131,007,714 | ) | (1,946,244 | ) | (1,514,104 | ) | ||||||||||||
Net increase (decrease) from Fund share transactions | (40,658,927 | ) | (70,555,720 | ) | (405,767 | ) | 11,545,769 | |||||||||||||
Total increase (decrease) in net assets | (44,201,903 | ) | (80,916,000 | ) | (1,365,794 | ) | 9,955,597 | |||||||||||||
Net Assets: | ||||||||||||||||||||
Beginning of period | 182,822,852 | 263,738,852 | 28,610,037 | 18,654,440 | ||||||||||||||||
End of period | $ | 138,620,949 | $ | 182,822,852 | $ | 27,244,243 | $ | 28,610,037 |
— | May reflect actual amounts rounding to less than $1. |
244 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI International Small-Cap | AllianzGI Micro Cap | AllianzGI NFJ Emerging Markets Value | ||||||||||||||||||||||||
Six Months ended March 31, 2019 (Unaudited) | Year ended September 30, 2018 | Six Months ended March 31, 2019 (Unaudited) | Year ended September 30, 2018 | Six Months ended March 31, 2019 (Unaudited) | Year ended September 30, 2018 | |||||||||||||||||||||
$ | 85,511 | $ | 1,222,785 | $ | (117,942 | ) | $ | (377,633 | ) | $ | 659,062 | $ | 2,965,028 | |||||||||||||
(4,619,421 | ) | 14,505,251 | (295,320 | ) | 4,944,670 | (13,625,369 | ) | (8,514,775 | ) | |||||||||||||||||
(15,585,234 | ) | (5,755,753 | ) | (3,790,784 | ) | (1,574,344 | ) | 11,894,277 | (9,334,145 | ) | ||||||||||||||||
(20,119,144 | ) | 9,972,283 | (4,204,046 | ) | 2,992,693 | (1,072,030 | ) | (14,883,892 | ) | |||||||||||||||||
(825,408 | ) | (145,664 | ) | (411,225 | ) | (154,402 | ) | (35,860 | ) | (522,767 | ) | |||||||||||||||
(220,456 | ) | (56,178 | ) | — | — | (1,916 | ) | (13,580 | ) | |||||||||||||||||
(167,366 | ) | (7,918 | ) | — | — | — | — | |||||||||||||||||||
(4,463,787 | ) | (1,624,283 | ) | (271,612 | ) | (79,191 | ) | (6,013 | ) | (301,427 | ) | |||||||||||||||
(6,651,508 | ) | (1,826,435 | ) | (3,889,196 | ) | (1,524,827 | ) | (1,192,724 | ) | (2,287,173 | ) | |||||||||||||||
(4,068,417 | ) | (957,134 | ) | — | — | — | — | |||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||
(16,396,942 | ) | (4,617,612 | ) | (4,572,033 | ) | (1,758,420 | ) | (1,236,513 | ) | (3,124,947 | ) | |||||||||||||||
18,993,368 | 92,571,678 | 1,662,819 | 5,896,483 | 29,307,240 | 211,942,922 | |||||||||||||||||||||
15,849,165 | 4,554,911 | 4,557,294 | 1,752,466 | 1,236,197 | 3,119,842 | |||||||||||||||||||||
(33,826,460 | ) | (108,498,248 | ) | (7,087,917 | ) | (12,755,413 | ) | (46,055,379 | ) | (124,690,909 | ) | |||||||||||||||
1,016,073 | (11,371,659 | ) | (867,804 | ) | (5,106,464 | ) | (15,511,942 | ) | 90,371,855 | |||||||||||||||||
(35,500,013 | ) | (6,016,988 | ) | (9,643,883 | ) | (3,872,191 | ) | (17,820,485 | ) | 72,363,016 | ||||||||||||||||
144,711,971 | 150,728,959 | 28,710,908 | 32,583,099 | 138,259,352 | 65,896,336 | |||||||||||||||||||||
$ | 109,211,958 | $ | 144,711,971 | $ | 19,067,025 | $ | 28,710,908 | $ | 120,438,867 | $ | 138,259,352 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 245 |
Table of Contents
Statements of Changes in Net Assets† (cont’d)
AllianzGI PerformanceFee Managed Futures Strategy† | AllianzGI PerformanceFee Structured US Equity | |||||||||||||||||||
Six Months ended March 31, 2019 (Unaudited) | Period from through September 30, 2018 | Six Months ended March 31, 2019 (Unaudited) | Period from through September 30, 2018 | |||||||||||||||||
Increase (Decrease) in Net Assets from: | ||||||||||||||||||||
Investment Operations: | ||||||||||||||||||||
Net investment income | $ | 316,766 | $ | 206,988 | $ | 917,990 | $ | 532,910 | ||||||||||||
Net realized gain (loss) | (611,165 | ) | (966,316 | ) | (765,362 | ) | 761,590 | |||||||||||||
Net change in unrealized appreciation/depreciation | 531,852 | 172,818 | (2,113,932 | ) | 4,307,911 | |||||||||||||||
Net increase (decrease) in net assets resulting from investment operations | 237,453 | (586,510 | ) | (1,961,304 | ) | 5,602,411 | ||||||||||||||
Distributions to Shareholders: | ||||||||||||||||||||
Total distributions paid: | ||||||||||||||||||||
Class A | — | — | — | — | ||||||||||||||||
Class C | — | — | — | — | ||||||||||||||||
Class P | (81 | ) | — | (5,757 | ) | — | ||||||||||||||
Institutional Class | (4,473 | ) | — | (2,775,164 | ) | — | ||||||||||||||
Class R6 | (305,782 | ) | — | (2,828,771 | ) | — | ||||||||||||||
Total distributions to shareholders | (310,336 | ) | — | (5,609,692 | ) | — | ||||||||||||||
Fund Share Transactions: | ||||||||||||||||||||
Net proceeds from the sale of shares | 16,787,218 | 16,781,222 | 4,555,925 | 53,233,218 | ||||||||||||||||
Issued in reinvestment of distributions | 310,336 | — | 5,609,692 | — | ||||||||||||||||
Cost of shares redeemed | (1,350,075 | ) | (465,671 | ) | (4,418,359 | ) | (760,421 | ) | ||||||||||||
Net increase (decrease) from Fund share transactions | 15,747,479 | 16,315,551 | 5,747,258 | 52,472,797 | ||||||||||||||||
Total increase (decrease) in net assets | 15,674,596 | 15,729,041 | (1,823,738 | ) | 58,075,208 | |||||||||||||||
Net Assets: | ||||||||||||||||||||
Beginning of period | 15,779,041 | 50,000 | 83,075,208 | 25,000,000 | ||||||||||||||||
End of period | $ | 31,453,637 | $ | 15,779,041 | $ | 81,251,470 | $ | 83,075,208 |
— | May reflect actual amounts rounding to less than $1. |
† | Consolidated Statement of Changes in Net Assets for the AllianzGI PerformanceFee Managed Futures Strategy Fund. These financial statements are consolidated to include the accounts of AllianzGI PerformanceFee Managed Futures Strategy Offshore Fund Ltd., a wholly-owned subsidiary of the AllianzGI PerformanceFee Managed Futures Strategy Fund. See Note 14. |
* | Commencement of operations. |
246 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI PerformanceFee Structured US Fixed Income | AllianzGI Preferred Securities and Income | AllianzGI Short Duration High Income | ||||||||||||||||||||||||
Six Months ended March 31, 2019 (Unaudited) | Period from through September 30, 2018 | Six Months ended March 31, 2019 (Unaudited) | Period from through September 30, 2018 | Six Months ended March 31, 2019 (Unaudited) | Year ended September 30, 2018 | |||||||||||||||||||||
$ | 366,673 | $ | 393,827 | $ | 300,683 | $ | 167,356 | $ | 20,535,245 | $ | 51,670,213 | |||||||||||||||
(64,739 | ) | 255,042 | (87,479 | ) | 12,962 | 310,877 | 178,296 | |||||||||||||||||||
898,848 | (841,727 | ) | 171,943 | (3,132 | ) | (23,018,338 | ) | (13,765,267 | ) | |||||||||||||||||
1,200,782 | (192,858 | ) | 385,147 | 177,186 | (2,172,216 | ) | 38,083,242 | |||||||||||||||||||
— | — | — | — | (4,085,430 | ) | (8,845,482 | ) | |||||||||||||||||||
— | — | — | — | (3,032,776 | ) | (6,148,766 | ) | |||||||||||||||||||
(317 | ) | — | (259 | ) | (134 | ) | (12,718,215 | ) | (20,419,332 | ) | ||||||||||||||||
(671 | ) | — | (39,878 | ) | (5,686 | ) | (11,549,987 | ) | (21,850,773 | ) | ||||||||||||||||
(798,429 | ) | — | (297,664 | ) | (137,009 | ) | (1,620,000 | ) | (2,650,472 | ) | ||||||||||||||||
(799,417 | ) | — | (337,801 | ) | (142,829 | ) | (33,006,408 | ) | (59,914,825 | ) | ||||||||||||||||
1,316,020 | 357,976 | 2,764,489 | 1,537,850 | 439,538,057 | 522,786,809 | |||||||||||||||||||||
799,417 | — | 337,801 | 142,829 | 28,632,611 | 51,809,934 | |||||||||||||||||||||
(52,721 | ) | (186,725 | ) | (152,776 | ) | — | (380,661,829 | ) | (1,090,598,869 | ) | ||||||||||||||||
2,062,716 | 171,251 | 2,949,514 | 1,680,679 | 87,508,839 | (516,002,126 | ) | ||||||||||||||||||||
2,464,081 | (21,607 | ) | 2,996,860 | 1,715,036 | 52,330,215 | (537,833,709 | ) | |||||||||||||||||||
24,978,393 | 25,000,000 | 11,715,036 | 10,000,000 | 1,139,114,244 | 1,676,947,953 | |||||||||||||||||||||
$ | 27,442,474 | $ | 24,978,393 | $ | 14,711,896 | $ | 11,715,036 | $ | 1,191,444,459 | $ | 1,139,114,244 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 247 |
Table of Contents
Statements of Changes in Net Assets (cont’d)
AllianzGI Short Term Bond | AllianzGI Structured Return | |||||||||||||||||||
Six Months ended March 31, 2019 (Unaudited) | Period from through September 30, 2018 | Six Months ended March 31, 2019 (Unaudited) | Year ended September 30, 2018 | |||||||||||||||||
Increase (Decrease) in Net Assets from: | ||||||||||||||||||||
Investment Operations: | ||||||||||||||||||||
Net investment income (loss) | $ | 97,399 | $ | 14,085 | $ | 4,370,847 | $ | 5,166,648 | ||||||||||||
Net realized gain (loss) | 4,482 | 21 | (14,349,309 | ) | 14,927,128 | |||||||||||||||
Net change in unrealized appreciation/depreciation | 88,527 | (5,653 | ) | 10,475,754 | 1,069,691 | |||||||||||||||
Net increase (decrease) in net assets resulting from investment operations | 190,408 | 8,453 | 497,292 | 21,163,467 | ||||||||||||||||
Distributions to Shareholders: | ||||||||||||||||||||
Total distributions paid: | ||||||||||||||||||||
Class A | (9,305 | ) | — | (2,148,071 | ) | (5,460,806 | ) | |||||||||||||
Class C | — | — | (365,836 | ) | (575,064 | ) | ||||||||||||||
Class P | (212 | ) | — | (3,115,188 | ) | (6,165,655 | ) | |||||||||||||
Institutional Class | (122,633 | ) | — | (10,621,296 | ) | (9,651,460 | ) | |||||||||||||
Class R6 | — | — | (1,407,534 | ) | (1,367,964 | ) | ||||||||||||||
Total distributions to shareholders | (132,150 | ) | — | (17,657,925 | ) | (23,220,949 | ) | |||||||||||||
Fund Share Transactions: | ||||||||||||||||||||
Net proceeds from the sale of shares | 2,722,947 | 176,000 | 216,269,917 | 362,870,652 | ||||||||||||||||
Issued in reinvestment of distributions | 132,150 | — | 17,258,570 | 23,050,743 | ||||||||||||||||
Cost of shares redeemed | (639,038 | ) | — | (211,713,428 | ) | (237,900,848 | ) | |||||||||||||
Net increase (decrease) from Fund share transactions | 2,216,059 | 176,000 | 21,815,059 | 148,020,547 | ||||||||||||||||
Total increase (decrease) in net assets | 2,274,317 | 184,453 | 4,654,426 | 145,963,065 | ||||||||||||||||
Net Assets: | ||||||||||||||||||||
Beginning of period | 5,184,453 | 5,000,000 | 674,084,332 | 528,121,267 | ||||||||||||||||
End of period | $ | 7,458,770 | $ | 5,184,453 | $ | 678,738,758 | $ | 674,084,332 |
— | May reflect actual amounts rounding to less than $1. |
* | Commencement of operations. |
248 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
AllianzGI U.S. Equity Hedged | AllianzGI Ultra Micro Cap | |||||||||||||||||
Six Months ended March 31, 2019 (Unaudited) | Year ended September 30, 2018 |
Six Months ended | Year ended September 30, 2018 | |||||||||||||||
$ | 8,168 | $ | 17,574 | $ | (183,422 | ) | $ | (564,585 | ) | |||||||||
167,322 | (57,843 | ) | 414,411 | 7,166,035 | ||||||||||||||
(296,562 | ) | 256,083 | (6,171,780 | ) | (2,102,750 | ) | ||||||||||||
(121,072 | ) | 215,814 | (5,940,791 | ) | 4,498,700 | |||||||||||||
(35,189 | ) | (8,868 | ) | (1,694,585 | ) | (2,712,561 | ) | |||||||||||
(11,667 | ) | (3,555 | ) | — | — | |||||||||||||
(4,848 | ) | (409 | ) | (1,123,484 | ) | (922,434 | ) | |||||||||||
(89,856 | ) | (19,371 | ) | (3,566,635 | ) | (4,891,933 | ) | |||||||||||
— | — | — | — | |||||||||||||||
(141,560 | ) | (32,203 | ) | (6,384,704 | ) | (8,526,928 | ) | |||||||||||
162,963 | 973,926 | 1,917,342 | 7,815,425 | |||||||||||||||
141,560 | 32,203 | 6,379,652 | 8,438,235 | |||||||||||||||
(816,816 | ) | (845,660 | ) | (6,117,393 | ) | (16,440,023 | ) | |||||||||||
(512,293 | ) | 160,469 | 2,179,601 | (186,363 | ) | |||||||||||||
(774,925 | ) | 344,080 | (10,145,894 | ) | (4,214,591 | ) | ||||||||||||
2,928,148 | 2,584,068 | 33,802,060 | 38,016,651 | |||||||||||||||
$ | 2,153,223 | $ | 2,928,148 | $ | 23,656,166 | $ | 33,802,060 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 249 |
Table of Contents
For a Share Outstanding for the Period ended:^
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 | |||||||||||||||||||||||
AllianzGI Retirement 2020: | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
3/31/2019† | $ | 20.30 | $ | 0.32 | $ | (0.47 | ) | $ | (0.15 | ) | $ | (0.47 | ) | $ | (0.74 | ) | ||||||||||||
9/30/2018 | 20.42 | 0.38 | 0.15 | 0.53 | (0.65 | ) | — | |||||||||||||||||||||
9/30/2017 | 19.20 | 0.20 | 1.48 | 1.68 | (0.46 | ) | — | |||||||||||||||||||||
9/30/2016 | 18.09 | 0.46 | 1.23 | 1.69 | (0.58 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 19.72 | 0.46 | (1.45 | ) | (0.99 | ) | (0.56 | ) | (0.08 | ) | ||||||||||||||||||
11/30/2014 | 19.32 | 0.41 | 0.37 | 0.78 | (0.38 | ) | — | |||||||||||||||||||||
11/30/2013 | 19.15 | 0.49 | 0.21 | 0.70 | (0.48 | ) | (0.05 | ) | ||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
3/31/2019† | $ | 20.16 | $ | 0.25 | $ | (0.46 | ) | $ | (0.21 | ) | $ | (0.22 | ) | $ | (0.74 | ) | ||||||||||||
9/30/2018 | 20.27 | 0.16 | 0.21 | 0.37 | (0.48 | ) | — | |||||||||||||||||||||
9/30/2017 | 19.10 | 0.05 | 1.50 | 1.55 | (0.38 | ) | — | |||||||||||||||||||||
9/30/2016 | 18.02 | 0.31 | 1.22 | 1.53 | (0.45 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 19.60 | 0.36 | (1.47 | ) | (1.11 | ) | (0.39 | ) | (0.08 | ) | ||||||||||||||||||
11/30/2014 | 19.16 | 0.27 | 0.35 | 0.62 | (0.18 | ) | — | |||||||||||||||||||||
11/30/2013 | 18.78 | 0.31 | 0.26 | 0.57 | (0.14 | ) | (0.05 | ) | ||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||
3/31/2019† | $ | 19.97 | $ | 0.42 | $ | (0.67 | ) | $ | (0.25 | ) | $ | (0.47 | ) | $ | (0.74 | ) | ||||||||||||
9/30/2018 | 20.09 | 0.26 | 0.19 | 0.45 | (0.57 | ) | — | |||||||||||||||||||||
9/30/2017 | 19.21 | 0.32 | 0.94 | 1.26 | (0.38 | ) | — | |||||||||||||||||||||
9/30/2016 | 18.10 | 0.40 | 1.22 | 1.62 | (0.51 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 19.70 | 0.39 | (1.43 | ) | (1.04 | ) | (0.48 | ) | (0.08 | ) | ||||||||||||||||||
11/30/2014 | 19.27 | 0.35 | 0.36 | 0.71 | (0.28 | ) | — | |||||||||||||||||||||
11/30/2013 | 19.14 | 0.43 | 0.21 | 0.64 | (0.46 | ) | (0.05 | ) | ||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
3/31/2019† | $ | 20.51 | $ | 0.36 | $ | (0.50 | ) | $ | (0.14 | ) | $ | (0.59 | ) | $ | (0.74 | ) | ||||||||||||
9/30/2018 | 20.62 | 0.39 | 0.20 | 0.59 | (0.70 | ) | — | |||||||||||||||||||||
9/30/2017 | 19.41 | 0.28 | 1.48 | 1.76 | (0.55 | ) | — | |||||||||||||||||||||
9/30/2016 | 18.34 | 0.52 | 1.24 | 1.76 | (0.69 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 19.98 | 0.46 | (1.42 | ) | (0.96 | ) | (0.60 | ) | (0.08 | ) | ||||||||||||||||||
11/30/2014 | 19.53 | 0.47 | 0.38 | 0.85 | (0.40 | ) | — | |||||||||||||||||||||
11/30/2013 | 19.30 | 0.47 | 0.30 | 0.77 | (0.49 | ) | (0.05 | ) | ||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
3/31/2019† | $ | 20.55 | $ | 0.36 | $ | (0.49 | ) | $ | (0.13 | ) | $ | (0.61 | ) | $ | (0.74 | ) | ||||||||||||
9/30/2018 | 20.66 | 0.41 | 0.20 | 0.61 | (0.72 | ) | — | |||||||||||||||||||||
9/30/2017 | 19.43 | 0.26 | 1.53 | 1.79 | (0.56 | ) | — | |||||||||||||||||||||
9/30/2016 | 18.37 | 0.54 | 1.23 | 1.77 | (0.71 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 20.01 | 0.51 | (1.45 | ) | (0.94 | ) | (0.62 | ) | (0.08 | ) | ||||||||||||||||||
11/30/2014 | 19.57 | 0.51 | 0.35 | 0.86 | (0.42 | ) | — | |||||||||||||||||||||
11/30/2013 | 19.32 | 0.58 | 0.21 | 0.79 | (0.49 | ) | (0.05 | ) | ||||||||||||||||||||
Administrative Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 20.44 | $ | 0.36 | $ | (0.53 | ) | $ | (0.17 | ) | $ | (0.53 | ) | $ | (0.74 | ) | ||||||||||||
9/30/2018 | 20.56 | 0.33 | 0.21 | 0.54 | (0.66 | ) | — | |||||||||||||||||||||
9/30/2017 | 19.28 | 0.24 | 1.47 | 1.71 | (0.43 | ) | — | |||||||||||||||||||||
9/30/2016 | 18.22 | 0.51 | 1.18 | 1.69 | (0.63 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 19.84 | 0.87 | (1.86 | ) | (0.99 | ) | (0.55 | ) | (0.08 | ) | ||||||||||||||||||
11/30/2014 | 19.42 | 0.43 | 0.36 | 0.79 | (0.37 | ) | — | |||||||||||||||||||||
11/30/2013 | 19.25 | 0.24 | 0.47 | 0.71 | (0.49 | ) | (0.05 | ) |
^ | A — may reflect actual amounts rounding to less than $0.01 or 0.01%. |
† | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
(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. |
250 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Total Dividends and Distributions | Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Expenses to Assets with Fee Waiver/ | Ratio of Expenses to Assets without Fee Waiver/ | Ratio of Net Investment Income to Average Net Assets (c) | Portfolio Turnover Rate | |||||||||||||||||||||||||||
$ | (1.21 | ) | $ | 18.94 | (0.34 | )% | $ | 4,159 | 0.39 | %(d) | 0.60 | %(d) | 3.38 | %(d) | 19 | % | ||||||||||||||||||
(0.65 | ) | 20.30 | 2.56 | 4,002 | 0.36 | 0.60 | 1.84 | 24 | ||||||||||||||||||||||||||
(0.46 | ) | 20.42 | 9.02 | 13,645 | 0.36 | 0.60 | 1.04 | 143 | ||||||||||||||||||||||||||
(0.58 | ) | 19.20 | 9.57 | 12,715 | 0.48 | 0.60 | 2.51 | 106 | ||||||||||||||||||||||||||
(0.64 | ) | 18.09 | (5.13 | ) | 30,401 | 0.47 | (d)(e) | 0.62 | (d)(e) | 2.93 | (d)(e) | 144 | ||||||||||||||||||||||
(0.38 | ) | 19.72 | 4.11 | 34,624 | 0.42 | 0.60 | 2.08 | 89 | ||||||||||||||||||||||||||
(0.53 | ) | 19.32 | 3.75 | 9,102 | 0.40 | 0.60 | 2.60 | 86 | ||||||||||||||||||||||||||
$ | (0.96 | ) | $ | 18.99 | (0.72 | )% | $ | 204 | 1.14 | %(d) | 1.35 | %(d) | 2.63 | %(d) | 19 | % | ||||||||||||||||||
(0.48 | ) | 20.16 | 1.79 | 423 | 1.11 | 1.35 | 0.79 | 24 | ||||||||||||||||||||||||||
(0.38 | ) | 20.27 | 8.31 | 454 | 1.11 | 1.35 | 0.28 | 143 | ||||||||||||||||||||||||||
(0.45 | ) | 19.10 | 8.68 | 408 | 1.23 | 1.35 | 1.71 | 106 | ||||||||||||||||||||||||||
(0.47 | ) | 18.02 | (5.72 | ) | 327 | 1.22 | (d)(e) | 1.37 | (d)(e) | 2.28 | (d)(e) | 144 | ||||||||||||||||||||||
(0.18 | ) | 19.60 | 3.29 | 468 | 1.17 | 1.35 | 1.39 | 89 | ||||||||||||||||||||||||||
(0.19 | ) | 19.16 | 3.02 | 438 | 1.15 | 1.35 | 1.64 | 86 | ||||||||||||||||||||||||||
$ | (1.21 | ) | $ | 18.51 | (0.85 | )% | $ | 3 | 0.74 | %(d) | 0.85 | %(d) | 4.50 | %(d) | 19 | % | ||||||||||||||||||
(0.57 | ) | 19.97 | 2.21 | 86 | 0.71 | 0.85 | 1.29 | 24 | ||||||||||||||||||||||||||
(0.38 | ) | 20.09 | 6.70 | 43 | 0.71 | 0.86 | 1.71 | 143 | ||||||||||||||||||||||||||
(0.51 | ) | 19.21 | 9.12 | 649 | 0.83 | 0.85 | 2.18 | 106 | ||||||||||||||||||||||||||
(0.56 | ) | 18.10 | (5.39 | ) | 1,043 | 0.82 | (d)(e) | 0.87 | (d)(e) | 2.49 | (d)(e) | 144 | ||||||||||||||||||||||
(0.28 | ) | 19.70 | 3.72 | 1,008 | 0.77 | 0.85 | 1.81 | 89 | ||||||||||||||||||||||||||
(0.51 | ) | 19.27 | 3.40 | 1,022 | 0.75 | 0.85 | 2.26 | 86 | ||||||||||||||||||||||||||
$ | (1.33 | ) | $ | 19.04 | (0.21 | )% | $ | 12,162 | 0.09 | %(d) | 0.20 | %(d) | 3.76 | %(d) | 19 | % | ||||||||||||||||||
(0.70 | ) | 20.51 | 2.87 | 12,932 | 0.06 | 0.20 | 1.92 | 24 | ||||||||||||||||||||||||||
(0.55 | ) | 20.62 | 9.37 | 20,137 | 0.06 | 0.20 | 1.42 | 143 | ||||||||||||||||||||||||||
(0.69 | ) | 19.41 | 9.88 | 25,879 | 0.18 | 0.20 | 2.82 | 106 | ||||||||||||||||||||||||||
(0.68 | ) | 18.34 | (4.89 | ) | 21,193 | 0.17 | (d)(e) | 0.22 | (d)(e) | 2.91 | (d)(e) | 144 | ||||||||||||||||||||||
(0.40 | ) | 19.98 | 4.43 | 12,665 | 0.12 | 0.20 | 2.38 | 89 | ||||||||||||||||||||||||||
(0.54 | ) | 19.53 | 4.06 | 7,643 | 0.10 | 0.20 | 2.44 | 86 | ||||||||||||||||||||||||||
$ | (1.35 | ) | $ | 19.07 | (0.16 | )% | $ | 15,871 | — | %(d)(f) | 0.11 | %(d) | 3.82 | %(d) | 19 | % | ||||||||||||||||||
(0.72 | ) | 20.55 | 2.95 | 16,796 | — | (f) | 0.10 | 2.00 | 24 | |||||||||||||||||||||||||
(0.56 | ) | 20.66 | 9.54 | 17,943 | — | (f) | 0.10 | 1.31 | 143 | |||||||||||||||||||||||||
(0.71 | ) | 19.43 | 9.94 | 13,274 | 0.08 | 0.10 | 2.93 | 106 | ||||||||||||||||||||||||||
(0.70 | ) | 18.37 | (4.82 | ) | 11,847 | 0.07 | (d)(e) | 0.12 | (d)(e) | 3.22 | (d)(e) | 144 | ||||||||||||||||||||||
(0.42 | ) | 20.01 | 4.48 | 5,574 | 0.02 | 0.10 | 2.59 | 89 | ||||||||||||||||||||||||||
(0.54 | ) | 19.57 | 4.19 | 7,457 | — | 0.12 | 3.00 | 86 | ||||||||||||||||||||||||||
$ | (1.27 | ) | $ | 19.00 | (0.38 | )% | $ | 23 | 0.34 | %(d) | 0.45 | %(d) | 3.70 | %(d) | 19 | % | ||||||||||||||||||
(0.66 | ) | 20.44 | 2.61 | 521 | 0.31 | 0.45 | 1.61 | 24 | ||||||||||||||||||||||||||
(0.43 | ) | 20.56 | 9.10 | 665 | 0.31 | 0.45 | 1.22 | 143 | ||||||||||||||||||||||||||
(0.63 | ) | 19.28 | 9.55 | 377 | 0.43 | 0.45 | 2.76 | 106 | ||||||||||||||||||||||||||
(0.63 | ) | 18.22 | (5.09 | ) | 1,747 | 0.41 | (d)(e) | 0.46 | (d)(e) | 5.41 | (d)(e) | 144 | ||||||||||||||||||||||
(0.37 | ) | 19.84 | 4.15 | 7,974 | 0.37 | 0.45 | 2.19 | 89 | ||||||||||||||||||||||||||
(0.54 | ) | 19.42 | 3.79 | 7,210 | 0.35 | 0.45 | 1.27 | 86 |
(c) | Does not include expenses of the investment companies in which the Fund invests. |
(d) | Annualized, unless otherwise noted. |
(e) | Certain expenses incurred by the Fund were not annualized. |
(f) | See Note 6 in the Notes to Financial Statements. |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | | 251 | |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:^
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 | |||||||||||||||||||||||
AllianzGI Retirement 2025: | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
3/31/2019† | $ | 18.50 | $ | 0.30 | $ | (0.69 | ) | $ | (0.39 | ) | $ | (0.41 | ) | $ | (0.77 | ) | ||||||||||||
9/30/2018 | 18.54 | 0.27 | 0.52 | 0.79 | (0.61 | ) | (0.22 | ) | ||||||||||||||||||||
9/30/2017 | 16.95 | 0.10 | 1.81 | 1.91 | (0.31 | ) | (0.01 | ) | ||||||||||||||||||||
9/30/2016 | 15.89 | 0.40 | 1.16 | 1.56 | (0.50 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 17.30 | 0.41 | (1.31 | ) | (0.90 | ) | (0.50 | ) | (0.01 | ) | ||||||||||||||||||
11/30/2014 | 16.92 | 0.37 | 0.33 | 0.70 | (0.32 | ) | — | |||||||||||||||||||||
11/30/2013 | 16.63 | 0.41 | 0.32 | 0.73 | (0.40 | ) | (0.04 | ) | ||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||
3/31/2019† | $ | 18.36 | $ | 0.27 | $ | (0.68 | ) | $ | (0.41 | ) | $ | (0.36 | ) | $ | (0.77 | ) | ||||||||||||
9/30/2018 | 18.35 | 0.18 | 0.54 | 0.72 | (0.49 | ) | (0.22 | ) | ||||||||||||||||||||
9/30/2017 | 16.89 | 0.14 | 1.69 | 1.83 | (0.36 | ) | (0.01 | ) | ||||||||||||||||||||
9/30/2016 | 15.83 | 0.34 | 1.16 | 1.50 | (0.44 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 17.21 | 0.34 | (1.29 | ) | (0.95 | ) | (0.42 | ) | (0.01 | ) | ||||||||||||||||||
11/30/2014 | 16.84 | 0.32 | 0.32 | 0.64 | (0.27 | ) | — | |||||||||||||||||||||
11/30/2013 | 16.57 | 0.48 | 0.19 | 0.67 | (0.36 | ) | (0.04 | ) | ||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
3/31/2019† | $ | 18.51 | $ | 0.32 | $ | (0.68 | ) | $ | (0.36 | ) | $ | (0.48 | ) | $ | (0.77 | ) | ||||||||||||
9/30/2018 | 18.54 | 0.34 | 0.52 | 0.86 | (0.67 | ) | (0.22 | ) | ||||||||||||||||||||
9/30/2017 | 17.05 | 0.16 | 1.80 | 1.96 | (0.46 | ) | (0.01 | ) | ||||||||||||||||||||
9/30/2016 | 16.01 | 0.44 | 1.19 | 1.63 | (0.59 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 17.43 | 0.38 | (1.24 | ) | (0.86 | ) | (0.55 | ) | (0.01 | ) | ||||||||||||||||||
11/30/2014 | 17.02 | 0.40 | 0.35 | 0.75 | (0.34 | ) | — | |||||||||||||||||||||
11/30/2013 | 16.67 | 0.48 | 0.31 | 0.79 | (0.40 | ) | (0.04 | ) | ||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
3/31/2019† | $ | 18.55 | $ | 0.34 | $ | (0.70 | ) | $ | (0.36 | ) | $ | (0.48 | ) | $ | (0.77 | ) | ||||||||||||
9/30/2018 | 18.57 | 0.35 | 0.52 | 0.87 | (0.67 | ) | (0.22 | ) | ||||||||||||||||||||
9/30/2017 | 17.07 | 0.15 | 1.83 | 1.98 | (0.47 | ) | (0.01 | ) | ||||||||||||||||||||
9/30/2016 | 16.03 | 0.45 | 1.19 | 1.64 | (0.60 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 17.45 | 0.45 | (1.30 | ) | (0.85 | ) | (0.56 | ) | (0.01 | ) | ||||||||||||||||||
11/30/2014 | 17.04 | 0.44 | 0.33 | 0.77 | (0.36 | ) | — | |||||||||||||||||||||
11/30/2013 | 16.68 | 0.50 | 0.30 | 0.80 | (0.40 | ) | (0.04 | ) | ||||||||||||||||||||
Administrative Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 18.57 | $ | 0.31 | $ | (0.69 | ) | $ | (0.38 | ) | $ | (0.43 | ) | $ | (0.77 | ) | ||||||||||||
9/30/2018 | 18.55 | 0.28 | 0.52 | 0.80 | (0.56 | ) | (0.22 | ) | ||||||||||||||||||||
9/30/2017 | 17.00 | 0.11 | 1.81 | 1.92 | (0.36 | ) | (0.01 | ) | ||||||||||||||||||||
9/30/2016 | 15.96 | 0.41 | 1.17 | 1.58 | (0.54 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 17.37 | 1.16 | (2.06 | ) | (0.90 | ) | (0.50 | ) | (0.01 | ) | ||||||||||||||||||
11/30/2014 | 16.98 | 0.38 | 0.33 | 0.71 | (0.32 | ) | — | |||||||||||||||||||||
11/30/2013 | 16.62 | 0.20 | 0.55 | 0.75 | (0.35 | ) | (0.04 | ) |
^ | A — may reflect actual amounts rounding to less than $0.01 or 0.01%. |
† | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
(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) | Certain expenses incurred by the Fund were not annualized. |
(f) | See Note 6 in the Notes to Financial Statements. |
252 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Total Dividends and Distributions | Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Expenses to Assets with Fee Waiver/ | Ratio of Expenses to Assets without Fee Waiver/ | Ratio of Net Investment Income to Average Net Assets (c) | Portfolio Turnover Rate | |||||||||||||||||||||||||||
$ | (1.18 | ) | $ | 16.93 | (1.60 | )% | $ | 6,198 | 0.35 | %(d) | 0.60 | %(d) | 3.51 | %(d) | 14 | % | ||||||||||||||||||
(0.83 | ) | 18.50 | 4.30 | 6,444 | 0.32 | 0.60 | 1.48 | 19 | ||||||||||||||||||||||||||
(0.32 | ) | 18.54 | 11.55 | 7,843 | 0.32 | 0.60 | 0.56 | 129 | ||||||||||||||||||||||||||
(0.50 | ) | 16.95 | 10.02 | 6,663 | 0.48 | 0.60 | 2.48 | 115 | ||||||||||||||||||||||||||
(0.51 | ) | 15.89 | (5.28 | ) | 26,916 | 0.45 | (d)(e) | 0.62 | (d)(e) | 2.98 | (d)(e) | 147 | ||||||||||||||||||||||
(0.32 | ) | 17.30 | 4.22 | 31,358 | 0.41 | 0.60 | 2.16 | 93 | ||||||||||||||||||||||||||
(0.44 | ) | 16.92 | 4.54 | 13,058 | 0.40 | 0.60 | 2.48 | 76 | ||||||||||||||||||||||||||
$ | (1.13 | ) | $ | 16.82 | (1.77 | )% | $ | 238 | 0.70 | %(d) | 0.85 | %(d) | 3.17 | %(d) | 14 | % | ||||||||||||||||||
(0.71 | ) | 18.36 | 3.94 | 237 | 0.67 | 0.85 | 1.01 | 19 | ||||||||||||||||||||||||||
(0.37 | ) | 18.35 | 11.11 | 219 | 0.67 | 0.86 | 0.79 | 129 | ||||||||||||||||||||||||||
(0.44 | ) | 16.89 | 9.67 | 835 | 0.83 | 0.85 | 2.08 | 115 | ||||||||||||||||||||||||||
(0.43 | ) | 15.83 | (5.59 | ) | 1,066 | 0.80 | (d)(e) | 0.87 | (d)(e) | 2.43 | (d)(e) | 147 | ||||||||||||||||||||||
(0.27 | ) | 17.21 | 3.83 | 1,004 | 0.76 | 0.85 | 1.89 | 93 | ||||||||||||||||||||||||||
(0.40 | ) | 16.84 | 4.16 | 753 | 0.75 | 0.85 | 2.88 | 76 | ||||||||||||||||||||||||||
$ | (1.25 | ) | $ | 16.90 | (1.43 | )% | $ | 22,282 | 0.05 | %(d) | 0.20 | %(d) | 3.83 | %(d) | 14 | % | ||||||||||||||||||
(0.89 | ) | 18.51 | 4.65 | 22,387 | 0.02 | 0.20 | 1.85 | 19 | ||||||||||||||||||||||||||
(0.47 | ) | 18.54 | 11.85 | 36,000 | 0.02 | 0.20 | 0.92 | 129 | ||||||||||||||||||||||||||
(0.59 | ) | 17.05 | 10.43 | 34,729 | 0.18 | 0.20 | 2.70 | 115 | ||||||||||||||||||||||||||
(0.56 | ) | 16.01 | (5.04 | ) | 29,233 | 0.15 | (d)(e) | 0.22 | (d)(e) | 2.71 | (d)(e) | 147 | ||||||||||||||||||||||
(0.34 | ) | 17.43 | 4.49 | 13,866 | 0.11 | 0.20 | 2.32 | 93 | ||||||||||||||||||||||||||
(0.44 | ) | 17.02 | 4.84 | 4,336 | 0.10 | 0.20 | 2.88 | 76 | ||||||||||||||||||||||||||
$ | (1.25 | ) | $ | 16.94 | (1.39 | )% | $ | 18,629 | — | %(d)(f) | 0.11 | %(d) | 3.97 | %(d) | 14 | % | ||||||||||||||||||
(0.89 | ) | 18.55 | 4.73 | 21,599 | — | (f) | 0.10 | 1.89 | 19 | |||||||||||||||||||||||||
(0.48 | ) | 18.57 | 11.97 | 20,971 | — | (f) | 0.10 | 0.87 | 129 | |||||||||||||||||||||||||
(0.60 | ) | 17.07 | 10.55 | 12,439 | 0.08 | 0.10 | 2.78 | 115 | ||||||||||||||||||||||||||
(0.57 | ) | 16.03 | (4.97 | ) | 10,047 | 0.05 | (d)(e) | 0.12 | (d)(e) | 3.25 | (d)(e) | 147 | ||||||||||||||||||||||
(0.36 | ) | 17.45 | 4.60 | 6,745 | 0.01 | 0.10 | 2.54 | 93 | ||||||||||||||||||||||||||
(0.44 | ) | 17.04 | 4.93 | 5,058 | — | 0.12 | 3.02 | 76 | ||||||||||||||||||||||||||
$ | (1.20 | ) | $ | 16.99 | (1.56 | )% | $ | 136 | 0.30 | %(d) | 0.45 | %(d) | 3.67 | %(d) | 14 | % | ||||||||||||||||||
(0.78 | ) | 18.57 | 4.34 | 192 | 0.27 | 0.45 | 1.48 | 19 | ||||||||||||||||||||||||||
(0.37 | ) | 18.55 | 11.57 | 740 | 0.27 | 0.45 | 0.61 | 129 | ||||||||||||||||||||||||||
(0.54 | ) | 17.00 | 10.12 | 585 | 0.43 | 0.45 | 2.56 | 115 | ||||||||||||||||||||||||||
(0.51 | ) | 15.96 | (5.26 | ) | 1,165 | 0.39 | (d)(e) | 0.46 | (d)(e) | 8.16 | (d)(e) | 147 | ||||||||||||||||||||||
(0.32 | ) | 17.37 | 4.26 | 12,135 | 0.36 | 0.45 | 2.23 | 93 | ||||||||||||||||||||||||||
(0.39 | ) | 16.98 | 4.60 | 10,606 | 0.35 | 0.45 | 1.23 | 76 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 253 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:^
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 | |||||||||||||||||||||||
AllianzGI Retirement 2030: | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
3/31/2019† | $ | 22.47 | $ | 0.39 | $ | (1.10 | ) | $ | (0.71 | ) | $ | (0.47 | ) | $ | (0.97 | ) | ||||||||||||
9/30/2018 | 22.48 | 0.35 | 0.85 | 1.20 | (0.89 | ) | (0.32 | ) | ||||||||||||||||||||
9/30/2017 | 20.14 | 0.07 | 2.70 | 2.77 | (0.35 | ) | (0.08 | ) | ||||||||||||||||||||
9/30/2016 | 18.84 | 0.44 | 1.39 | 1.83 | (0.53 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 21.05 | 0.50 | (1.75 | ) | (1.25 | ) | (0.69 | ) | (0.27 | ) | ||||||||||||||||||
11/30/2014 | 20.66 | 0.48 | 0.38 | 0.86 | (0.47 | ) | — | |||||||||||||||||||||
11/30/2013 | 19.80 | 0.52 | 0.92 | 1.44 | (0.54 | ) | (0.04 | ) | ||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
3/31/2019† | $ | 22.15 | $ | 0.31 | $ | (1.08 | ) | $ | (0.77 | ) | $ | (0.27 | ) | $ | (0.97 | ) | ||||||||||||
9/30/2018 | 22.17 | 0.15 | 0.87 | 1.02 | (0.72 | ) | (0.32 | ) | ||||||||||||||||||||
9/30/2017 | 19.96 | (0.09 | ) | 2.66 | 2.57 | (0.28 | ) | (0.08 | ) | |||||||||||||||||||
9/30/2016 | 18.70 | 0.27 | 1.41 | 1.68 | (0.42 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 20.83 | 0.36 | (1.72 | ) | (1.36 | ) | (0.50 | ) | (0.27 | ) | ||||||||||||||||||
11/30/2014 | 20.42 | 0.33 | 0.36 | 0.69 | (0.28 | ) | — | |||||||||||||||||||||
11/30/2013 | 19.53 | 0.35 | 0.93 | 1.28 | (0.35 | ) | (0.04 | ) | ||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||
3/31/2019† | $ | 22.41 | $ | 0.36 | $ | (1.09 | ) | $ | (0.73 | ) | $ | (0.36 | ) | $ | (0.97 | ) | ||||||||||||
9/30/2018 | 22.35 | 0.30 | 0.81 | 1.11 | (0.73 | ) | (0.32 | ) | ||||||||||||||||||||
9/30/2017 | 20.11 | 0.15 | 2.54 | 2.69 | (0.37 | ) | (0.08 | ) | ||||||||||||||||||||
9/30/2016 | 18.89 | 0.36 | 1.40 | 1.76 | (0.54 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 21.07 | 0.42 | (1.72 | ) | (1.30 | ) | (0.61 | ) | (0.27 | ) | ||||||||||||||||||
11/30/2014 | 20.65 | 0.41 | 0.37 | 0.78 | (0.36 | ) | — | |||||||||||||||||||||
11/30/2013 | 19.85 | 0.46 | 0.91 | 1.37 | (0.53 | ) | (0.04 | ) | ||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
3/31/2019† | $ | 22.73 | $ | 0.42 | $ | (1.11 | ) | $ | (0.69 | ) | $ | (0.55 | ) | $ | (0.97 | ) | ||||||||||||
9/30/2018 | 22.72 | 0.43 | 0.85 | 1.28 | (0.95 | ) | (0.32 | ) | ||||||||||||||||||||
9/30/2017 | 20.43 | 0.15 | 2.71 | 2.86 | (0.49 | ) | (0.08 | ) | ||||||||||||||||||||
9/30/2016 | 19.14 | 0.48 | 1.44 | 1.92 | (0.63 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 21.37 | 0.47 | (1.69 | ) | (1.22 | ) | (0.74 | ) | (0.27 | ) | ||||||||||||||||||
11/30/2014 | 20.93 | 0.51 | 0.43 | 0.94 | (0.50 | ) | — | |||||||||||||||||||||
11/30/2013 | 20.02 | 0.51 | 1.00 | 1.51 | (0.56 | ) | (0.04 | ) | ||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
3/31/2019† | $ | 22.81 | $ | 0.44 | $ | (1.13 | ) | $ | (0.69 | ) | $ | (0.55 | ) | $ | (0.97 | ) | ||||||||||||
9/30/2018 | 22.78 | 0.44 | 0.87 | 1.31 | (0.96 | ) | (0.32 | ) | ||||||||||||||||||||
9/30/2017 | 20.48 | 0.15 | 2.73 | 2.88 | (0.50 | ) | (0.08 | ) | ||||||||||||||||||||
9/30/2016 | 19.19 | 0.50 | 1.44 | 1.94 | (0.65 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 21.42 | 0.54 | (1.74 | ) | (1.20 | ) | (0.76 | ) | (0.27 | ) | ||||||||||||||||||
11/30/2014 | 20.98 | 0.59 | 0.36 | 0.95 | (0.51 | ) | — | |||||||||||||||||||||
11/30/2013 | 20.04 | 0.62 | 0.92 | 1.54 | (0.56 | ) | (0.04 | ) | ||||||||||||||||||||
Administrative Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 22.76 | $ | 0.44 | $ | (1.16 | ) | $ | (0.72 | ) | $ | (0.50 | ) | $ | (0.97 | ) | ||||||||||||
9/30/2018 | 22.66 | 0.33 | 0.90 | 1.23 | (0.81 | ) | (0.32 | ) | ||||||||||||||||||||
9/30/2017 | 20.34 | 0.09 | 2.72 | 2.81 | (0.41 | ) | (0.08 | ) | ||||||||||||||||||||
9/30/2016 | 19.06 | 0.45 | 1.41 | 1.86 | (0.58 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 21.28 | 1.21 | (2.47 | ) | (1.26 | ) | (0.69 | ) | (0.27 | ) | ||||||||||||||||||
11/30/2014 | 20.87 | 0.50 | 0.38 | 0.88 | (0.47 | ) | — | |||||||||||||||||||||
11/30/2013 | 19.96 | 0.26 | 1.21 | 1.47 | (0.52 | ) | (0.04 | ) |
^ | A — may reflect actual amounts rounding to less than $0.01 or 0.01%. |
† | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
(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. |
254 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Total Dividends and Distributions | Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Expenses to Assets with Fee Waiver/ | Ratio of Expenses to Assets without Fee Waiver/ | Ratio of Net Investment Income (Loss) to Average Net Assets (c) | Portfolio Turnover Rate | |||||||||||||||||||||||||||
$ | (1.44 | ) | $ | 20.32 | (2.59 | )% | $ | 6,985 | 0.34 | %(d) | 0.60 | %(d) | 3.85 | %(d) | 7 | % | ||||||||||||||||||
(1.21 | ) | 22.47 | 5.40 | 6,521 | 0.32 | 0.60 | 1.58 | 16 | ||||||||||||||||||||||||||
(0.43 | ) | 22.48 | 14.04 | 9,633 | 0.33 | 0.60 | 0.32 | 125 | ||||||||||||||||||||||||||
(0.53 | ) | 20.14 | 9.91 | 7,473 | 0.47 | 0.60 | 2.26 | 105 | ||||||||||||||||||||||||||
(0.96 | ) | 18.84 | (6.16 | ) | 22,695 | 0.42 | (d)(e) | 0.62 | (d)(e) | 3.01 | (d)(e) | 147 | ||||||||||||||||||||||
(0.47 | ) | 21.05 | 4.26 | 25,487 | 0.39 | 0.60 | 2.28 | 93 | ||||||||||||||||||||||||||
(0.58 | ) | 20.66 | 7.48 | 10,080 | 0.35 | 0.60 | 2.58 | 79 | ||||||||||||||||||||||||||
$ | (1.24 | ) | $ | 20.14 | (2.97 | )% | $ | 603 | 1.09 | %(d) | 1.35 | %(d) | 3.06 | %(d) | 7 | % | ||||||||||||||||||
(1.04 | ) | 22.15 | 4.64 | 865 | 1.07 | 1.35 | 0.69 | 16 | ||||||||||||||||||||||||||
(0.36 | ) | 22.17 | 13.11 | 790 | 1.08 | 1.35 | (0.42 | ) | 125 | |||||||||||||||||||||||||
(0.42 | ) | 19.96 | 9.11 | 696 | 1.22 | 1.35 | 1.44 | 105 | ||||||||||||||||||||||||||
(0.77 | ) | 18.70 | (6.72 | ) | 608 | 1.17 | (d)(e) | 1.37 | (d)(e) | 2.19 | (d)(e) | 147 | ||||||||||||||||||||||
(0.28 | ) | 20.83 | 3.43 | 680 | 1.14 | 1.35 | 1.59 | 93 | ||||||||||||||||||||||||||
(0.39 | ) | 20.42 | 6.63 | 736 | 1.10 | 1.35 | 1.77 | 79 | ||||||||||||||||||||||||||
$ | (1.33 | ) | $ | 20.35 | (2.75 | )% | $ | 271 | 0.69 | %(d) | 0.85 | %(d) | 3.56 | %(d) | 7 | % | ||||||||||||||||||
(1.05 | ) | 22.41 | 5.03 | 295 | 0.67 | 0.85 | 1.36 | 16 | ||||||||||||||||||||||||||
(0.45 | ) | 22.35 | 13.64 | 500 | 0.68 | 0.86 | 0.73 | 125 | ||||||||||||||||||||||||||
(0.54 | ) | 20.11 | 9.48 | 2,295 | 0.82 | 0.85 | 1.87 | 105 | ||||||||||||||||||||||||||
(0.88 | ) | 18.89 | (6.38 | ) | 1,445 | 0.77 | (d)(e) | 0.87 | (d)(e) | 2.49 | (d)(e) | 147 | ||||||||||||||||||||||
(0.36 | ) | 21.07 | 3.85 | 1,420 | 0.74 | 0.85 | 1.94 | 93 | ||||||||||||||||||||||||||
(0.57 | ) | 20.65 | 7.09 | 1,199 | 0.70 | 0.85 | 2.28 | 79 | ||||||||||||||||||||||||||
$ | (1.52 | ) | $ | 20.52 | (2.43 | )% | $ | 26,898 | 0.04 | %(d) | 0.20 | %(d) | 4.08 | %(d) | 7 | % | ||||||||||||||||||
(1.27 | ) | 22.73 | 5.72 | 27,035 | 0.02 | 0.20 | 1.88 | 16 | ||||||||||||||||||||||||||
(0.57 | ) | 22.72 | 14.34 | 36,184 | 0.03 | 0.20 | 0.70 | 125 | ||||||||||||||||||||||||||
(0.63 | ) | 20.43 | 10.25 | 33,628 | 0.17 | 0.20 | 2.49 | 105 | ||||||||||||||||||||||||||
(1.01 | ) | 19.14 | (5.91 | ) | 28,597 | 0.12 | (d)(e) | 0.22 | (d)(e) | 2.80 | (d)(e) | 147 | ||||||||||||||||||||||
(0.50 | ) | 21.37 | 4.58 | 17,741 | 0.09 | 0.20 | 2.42 | 93 | ||||||||||||||||||||||||||
(0.60 | ) | 20.93 | 7.77 | 7,748 | 0.05 | 0.20 | 2.54 | 79 | ||||||||||||||||||||||||||
$ | (1.52 | ) | $ | 20.60 | (2.41 | )% | $ | 23,403 | — | %(d)(f) | 0.10 | %(d) | 4.23 | %(d) | 7 | % | ||||||||||||||||||
(1.28 | ) | 22.81 | 5.83 | 25,140 | — | (f) | 0.10 | 1.92 | 16 | |||||||||||||||||||||||||
(0.58 | ) | 22.78 | 14.44 | 24,904 | — | (f) | 0.10 | 0.69 | 125 | |||||||||||||||||||||||||
(0.65 | ) | 20.48 | 10.34 | 16,758 | 0.07 | 0.10 | 2.54 | 105 | ||||||||||||||||||||||||||
(1.03 | ) | 19.19 | (5.81 | ) | 12,883 | 0.02 | (d)(e) | 0.12 | (d)(e) | 3.19 | (d)(e) | 147 | ||||||||||||||||||||||
(0.51 | ) | 21.42 | 4.63 | 8,752 | — | (f) | 0.10 | 2.79 | 93 | |||||||||||||||||||||||||
(0.60 | ) | 20.98 | 7.87 | 10,854 | — | (f) | 0.12 | 3.05 | 79 | |||||||||||||||||||||||||
$ | (1.47 | ) | $ | 20.57 | (2.59 | )% | $ | 152 | 0.29 | %(d) | 0.45 | %(d) | 4.20 | %(d) | 7 | % | ||||||||||||||||||
(1.13 | ) | 22.76 | 5.48 | 486 | 0.27 | 0.45 | 1.44 | 16 | ||||||||||||||||||||||||||
(0.49 | ) | 22.66 | 14.09 | 1,392 | 0.28 | 0.45 | 0.44 | 125 | ||||||||||||||||||||||||||
(0.58 | ) | 20.34 | 9.96 | 1,250 | 0.42 | 0.45 | 2.33 | 105 | ||||||||||||||||||||||||||
(0.96 | ) | 19.06 | (6.11 | ) | 1,817 | 0.36 | (d)(e) | 0.46 | (d)(e) | 7.07 | (d)(e) | 147 | ||||||||||||||||||||||
(0.47 | ) | 21.28 | 4.29 | 9,586 | 0.34 | 0.45 | 2.37 | 93 | ||||||||||||||||||||||||||
(0.56 | ) | 20.87 | 7.55 | 8,939 | 0.30 | 0.45 | 1.29 | 79 |
(c) | Does not include expenses of the investment companies in which the Fund invests. |
(d) | Annualized, unless otherwise noted. |
(e) | Certain expenses incurred by the Fund were not annualized. |
(f) | See Note 6 in the Notes to Financial Statements. |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 255 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:^
Net Asset Value, Beginning of Period | Net Investment Income (a) | Net Realized | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Capital Gains | |||||||||||||||||||||||
AllianzGI Retirement 2035: | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
3/31/2019† | $ | 20.10 | $ | 0.36 | $ | (1.16 | ) | $ | (0.80 | ) | $ | (0.48 | ) | $ | (1.29 | ) | ||||||||||||
9/30/2018 | 20.05 | 0.36 | 0.88 | 1.24 | (0.94 | ) | (0.25 | ) | ||||||||||||||||||||
9/30/2017 | 17.69 | 0.12 | 2.67 | 2.79 | (0.34 | ) | (0.09 | ) | ||||||||||||||||||||
9/30/2016 | 16.52 | 0.28 | 1.32 | 1.60 | (0.43 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 18.49 | 0.43 | (1.58 | ) | (1.15 | ) | (0.61 | ) | (0.21 | ) | ||||||||||||||||||
11/30/2014 | 18.09 | 0.41 | 0.39 | 0.80 | (0.40 | ) | — | |||||||||||||||||||||
11/30/2013 | 16.94 | 0.43 | 1.20 | 1.63 | (0.42 | ) | (0.06 | ) | ||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||
3/31/2019† | $ | 19.99 | $ | 0.43 | $ | (1.26 | ) | $ | (0.83 | ) | $ | (0.42 | ) | $ | (1.29 | ) | ||||||||||||
9/30/2018 | 19.92 | 0.28 | 0.88 | 1.16 | (0.84 | ) | (0.25 | ) | ||||||||||||||||||||
9/30/2017 | 17.62 | 0.17 | 2.55 | 2.72 | (0.33 | ) | (0.09 | ) | ||||||||||||||||||||
9/30/2016 | 16.48 | 0.22 | 1.31 | 1.53 | (0.39 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 18.43 | 0.30 | (1.50 | ) | (1.20 | ) | (0.54 | ) | (0.21 | ) | ||||||||||||||||||
11/30/2014 | 18.00 | 0.35 | 0.38 | 0.73 | (0.30 | ) | — | |||||||||||||||||||||
11/30/2013 | 16.89 | 0.41 | 1.15 | 1.56 | (0.39 | ) | (0.06 | ) | ||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
3/31/2019† | $ | 20.22 | $ | 0.38 | $ | (1.17 | ) | $ | (0.79 | ) | $ | (0.56 | ) | $ | (1.29 | ) | ||||||||||||
9/30/2018 | 20.16 | 0.45 | 0.86 | 1.31 | (1.00 | ) | (0.25 | ) | ||||||||||||||||||||
9/30/2017 | 17.82 | 0.17 | 2.70 | 2.87 | (0.44 | ) | (0.09 | ) | ||||||||||||||||||||
9/30/2016 | 16.67 | 0.33 | 1.33 | 1.66 | (0.51 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 18.65 | 0.38 | (1.50 | ) | (1.12 | ) | (0.65 | ) | (0.21 | ) | ||||||||||||||||||
11/30/2014 | 18.20 | 0.43 | 0.43 | 0.86 | (0.41 | ) | — | |||||||||||||||||||||
11/30/2013 | 16.99 | 0.49 | 1.20 | 1.69 | (0.42 | ) | (0.06 | ) | ||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
3/31/2019† | $ | 20.26 | $ | 0.39 | $ | (1.17 | ) | $ | (0.78 | ) | $ | (0.58 | ) | $ | (1.29 | ) | ||||||||||||
9/30/2018 | 20.20 | 0.44 | 0.89 | 1.33 | (1.02 | ) | (0.25 | ) | ||||||||||||||||||||
9/30/2017 | 17.86 | 0.16 | 2.73 | 2.89 | (0.46 | ) | (0.09 | ) | ||||||||||||||||||||
9/30/2016 | 16.70 | 0.33 | 1.35 | 1.68 | (0.52 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 18.68 | 0.48 | (1.58 | ) | (1.10 | ) | (0.67 | ) | (0.21 | ) | ||||||||||||||||||
11/30/2014 | 18.23 | 0.49 | 0.38 | 0.87 | (0.42 | ) | — | |||||||||||||||||||||
11/30/2013 | 17.00 | 0.54 | 1.17 | 1.71 | (0.42 | ) | (0.06 | ) | ||||||||||||||||||||
Administrative Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 20.27 | $ | 0.40 | $ | (1.21 | ) | $ | (0.81 | ) | $ | (0.52 | ) | $ | (1.29 | ) | ||||||||||||
9/30/2018 | 20.11 | 0.26 | 0.98 | 1.24 | (0.83 | ) | (0.25 | ) | ||||||||||||||||||||
9/30/2017 | 17.77 | 0.11 | 2.70 | 2.81 | (0.38 | ) | (0.09 | ) | ||||||||||||||||||||
9/30/2016 | 16.60 | 0.29 | 1.33 | 1.62 | (0.45 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 18.58 | 1.63 | (2.79 | ) | (1.16 | ) | (0.61 | ) | (0.21 | ) | ||||||||||||||||||
11/30/2014 | 18.15 | 0.43 | 0.39 | 0.82 | (0.39 | ) | — | |||||||||||||||||||||
11/30/2013 | 16.94 | 0.22 | 1.43 | 1.65 | (0.38 | ) | (0.06 | ) |
^ | A — may reflect actual amounts rounding to less than $0.01 or 0.01%. |
† | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
(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. |
256 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
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 | |||||||||||||||||||||||||||
$ | (1.77 | ) | $ | 17.53 | (3.10 | )% | $ | 6,003 | 0.41 | %(d) | 0.60 | %(d) | 4.05 | %(d) | 6 | % | ||||||||||||||||||
(1.19 | ) | 20.10 | 6.27 | 6,258 | 0.39 | 0.60 | 1.81 | 19 | ||||||||||||||||||||||||||
(0.43 | ) | 20.05 | 16.14 | 8,683 | 0.40 | 0.60 | 0.66 | 122 | ||||||||||||||||||||||||||
(0.43 | ) | 17.69 | 9.83 | 9,173 | 0.50 | 0.60 | 1.66 | 97 | ||||||||||||||||||||||||||
(0.82 | ) | 16.52 | (6.46 | ) | 19,205 | 0.41 | (d)(e) | 0.61 | (d)(e) | 2.93 | (d)(e) | 138 | ||||||||||||||||||||||
(0.40 | ) | 18.49 | 4.49 | 20,351 | 0.39 | 0.60 | 2.27 | 90 | ||||||||||||||||||||||||||
(0.48 | ) | 18.09 | 9.83 | 6,939 | 0.35 | 0.60 | 2.48 | 67 | ||||||||||||||||||||||||||
$ | (1.71 | ) | $ | 17.45 | (3.30 | )% | $ | 281 | 0.76 | %(d) | 0.85 | %(d) | 4.77 | %(d) | 6 | % | ||||||||||||||||||
(1.09 | ) | 19.99 | 5.92 | 614 | 0.74 | 0.85 | 1.44 | 19 | ||||||||||||||||||||||||||
(0.42 | ) | 19.92 | 15.74 | 672 | 0.75 | 0.86 | 0.92 | 122 | ||||||||||||||||||||||||||
(0.39 | ) | 17.62 | 9.45 | 1,575 | 0.85 | 0.85 | 1.30 | 97 | ||||||||||||||||||||||||||
(0.75 | ) | 16.48 | (6.76 | ) | 1,600 | 0.76 | (d)(e) | 0.87 | (d)(e) | 2.07 | (d)(e) | 138 | ||||||||||||||||||||||
(0.30 | ) | 18.43 | 4.14 | 1,089 | 0.74 | 0.85 | 1.93 | 90 | ||||||||||||||||||||||||||
(0.45 | ) | 18.00 | 9.46 | 961 | 0.70 | 0.85 | 2.38 | 67 | ||||||||||||||||||||||||||
$ | (1.85 | ) | $ | 17.58 | (3.00 | )% | $ | 20,463 | 0.11 | %(d) | 0.20 | %(d) | 4.32 | %(d) | 6 | % | ||||||||||||||||||
(1.25 | ) | 20.22 | 6.59 | 20,108 | 0.09 | 0.20 | 2.24 | 19 | ||||||||||||||||||||||||||
(0.53 | ) | 20.16 | 16.52 | 32,371 | 0.10 | 0.20 | 0.93 | 122 | ||||||||||||||||||||||||||
(0.51 | ) | 17.82 | 10.13 | 29,994 | 0.20 | 0.20 | 1.96 | 97 | ||||||||||||||||||||||||||
(0.86 | ) | 16.67 | (6.23 | ) | 26,729 | 0.11 | (d)(e) | 0.21 | (d)(e) | 2.58 | (d)(e) | 138 | ||||||||||||||||||||||
(0.41 | ) | 18.65 | 4.84 | 14,105 | 0.09 | 0.20 | 2.32 | 90 | ||||||||||||||||||||||||||
(0.48 | ) | 18.20 | 10.19 | 5,333 | 0.05 | 0.20 | 2.83 | 67 | ||||||||||||||||||||||||||
$ | (1.87 | ) | $ | 17.61 | (2.91 | )% | $ | 18,215 | 0.01 | %(d)(f) | 0.10 | %(d) | 4.43 | %(d) | 6 | % | ||||||||||||||||||
(1.27 | ) | 20.26 | 6.68 | 17,113 | — | (f) | 0.10 | 2.21 | 19 | |||||||||||||||||||||||||
(0.55 | ) | 20.20 | 16.61 | 15,879 | — | (f) | 0.10 | 0.86 | 122 | |||||||||||||||||||||||||
(0.52 | ) | 17.86 | 10.29 | 9,265 | 0.10 | 0.10 | 1.94 | 97 | ||||||||||||||||||||||||||
(0.88 | ) | 16.70 | (6.15 | ) | 6,172 | — | (d)(e) | 0.12 | (d)(e) | 3.22 | (d)(e) | 138 | ||||||||||||||||||||||
(0.42 | ) | 18.68 | 4.89 | 6,587 | — | (f) | 0.10 | 2.66 | 90 | |||||||||||||||||||||||||
(0.48 | ) | 18.23 | 10.24 | 5,850 | — | (f) | 0.12 | 3.10 | 67 | |||||||||||||||||||||||||
$ | (1.81 | ) | $ | 17.65 | (3.11 | )% | $ | 155 | 0.36 | %(d) | 0.45 | %(d) | 4.42 | %(d) | 6 | % | ||||||||||||||||||
(1.08 | ) | 20.27 | 6.28 | 361 | 0.34 | 0.45 | 1.31 | 19 | ||||||||||||||||||||||||||
(0.47 | ) | 20.11 | 16.22 | 884 | 0.35 | 0.45 | 0.57 | 122 | ||||||||||||||||||||||||||
(0.45 | ) | 17.77 | 9.93 | 639 | 0.45 | 0.45 | 1.74 | 97 | ||||||||||||||||||||||||||
(0.82 | ) | 16.60 | (6.50 | ) | 719 | 0.35 | (d)(e) | 0.46 | (d)(e) | 10.75 | (d)(e) | 138 | ||||||||||||||||||||||
(0.39 | ) | 18.58 | 4.60 | 11,550 | 0.34 | 0.45 | 2.33 | 90 | ||||||||||||||||||||||||||
(0.44 | ) | 18.15 | 9.95 | 10,427 | 0.30 | 0.45 | 1.29 | 67 |
(c) | Does not include expenses of the investment companies in which the Fund invests. |
(d) | Annualized, unless otherwise noted. |
(e) | Certain expenses incurred by the Fund were not annualized. |
(f) | See Note 6 in the Notes to Financial Statements. |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 257 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:^
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 | |||||||||||||||||||||||
AllianzGI Retirement 2040: | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
3/31/2019† | $ | 23.35 | $ | 0.43 | $ | (1.48 | ) | $ | (1.05 | ) | $ | (0.55 | ) | $ | (1.20 | ) | ||||||||||||
9/30/2018 | 23.24 | 0.49 | 1.06 | 1.55 | (1.23 | ) | (0.21 | ) | ||||||||||||||||||||
9/30/2017 | 20.51 | 0.12 | 3.35 | 3.47 | (0.37 | ) | (0.37 | ) | ||||||||||||||||||||
9/30/2016 | 19.04 | 0.27 | 1.61 | 1.88 | (0.38 | ) | (0.03 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 21.91 | 0.49 | (1.94 | ) | (1.45 | ) | (0.83 | ) | (0.59 | ) | ||||||||||||||||||
11/30/2014 | 21.45 | 0.48 | 0.50 | 0.98 | (0.51 | ) | (0.01 | ) | ||||||||||||||||||||
11/30/2013 | 19.71 | 0.49 | 1.82 | 2.31 | (0.53 | ) | (0.04 | ) | ||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
3/31/2019† | $ | 23.06 | $ | 0.34 | $ | (1.42 | ) | $ | (1.08 | ) | $ | (0.20 | ) | $ | (1.20 | ) | ||||||||||||
9/30/2018 | 22.97 | 0.33 | 1.03 | 1.36 | (1.06 | ) | (0.21 | ) | ||||||||||||||||||||
9/30/2017 | 20.36 | 0.01 | 3.26 | 3.27 | (0.29 | ) | (0.37 | ) | ||||||||||||||||||||
9/30/2016 | 18.94 | 0.19 | 1.54 | 1.73 | (0.28 | ) | (0.03 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 21.68 | 0.38 | (1.94 | ) | (1.56 | ) | (0.59 | ) | (0.59 | ) | ||||||||||||||||||
11/30/2014 | 21.21 | 0.33 | 0.48 | 0.81 | (0.33 | ) | (0.01 | ) | ||||||||||||||||||||
11/30/2013 | 19.53 | 0.34 | 1.80 | 2.14 | (0.42 | ) | (0.04 | ) | ||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||
3/31/2019† | $ | 23.14 | $ | 0.39 | $ | (1.47 | ) | $ | (1.08 | ) | $ | (0.46 | ) | $ | (1.20 | ) | ||||||||||||
9/30/2018 | 22.94 | 0.50 | 0.95 | 1.45 | (1.04 | ) | (0.21 | ) | ||||||||||||||||||||
9/30/2017 | 20.37 | 0.33 | 3.01 | 3.34 | (0.40 | ) | (0.37 | ) | ||||||||||||||||||||
9/30/2016 | 18.97 | 0.18 | 1.63 | 1.81 | (0.38 | ) | (0.03 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 21.80 | 0.42 | (1.91 | ) | (1.49 | ) | (0.75 | ) | (0.59 | ) | ||||||||||||||||||
11/30/2014 | 21.31 | 0.41 | 0.49 | 0.90 | (0.40 | ) | (0.01 | ) | ||||||||||||||||||||
11/30/2013 | 19.63 | 0.44 | 1.80 | 2.24 | (0.52 | ) | (0.04 | ) | ||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
3/31/2019† | $ | 23.49 | $ | 0.47 | $ | (1.52 | ) | $ | (1.05 | ) | $ | (0.65 | ) | $ | (1.20 | ) | ||||||||||||
9/30/2018 | 23.36 | 0.58 | 1.05 | 1.63 | (1.29 | ) | (0.21 | ) | ||||||||||||||||||||
9/30/2017 | 20.70 | 0.23 | 3.32 | 3.55 | (0.52 | ) | (0.37 | ) | ||||||||||||||||||||
9/30/2016 | 19.26 | 0.32 | 1.65 | 1.97 | (0.50 | ) | (0.03 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 22.15 | 0.46 | (1.87 | ) | (1.41 | ) | (0.89 | ) | (0.59 | ) | ||||||||||||||||||
11/30/2014 | 21.63 | 0.50 | 0.56 | 1.06 | (0.53 | ) | (0.01 | ) | ||||||||||||||||||||
11/30/2013 | 19.82 | 0.49 | 1.90 | 2.39 | (0.54 | ) | (0.04 | ) | ||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
3/31/2019† | $ | 23.55 | $ | 0.47 | $ | (1.50 | ) | $ | (1.03 | ) | $ | (0.68 | ) | $ | (1.20 | ) | ||||||||||||
9/30/2018 | 23.42 | 0.55 | 1.10 | 1.65 | (1.31 | ) | (0.21 | ) | ||||||||||||||||||||
9/30/2017 | 20.75 | 0.21 | 3.37 | 3.58 | (0.54 | ) | (0.37 | ) | ||||||||||||||||||||
9/30/2016 | 19.30 | 0.33 | 1.66 | 1.99 | (0.51 | ) | (0.03 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 22.19 | 0.53 | (1.92 | ) | (1.39 | ) | (0.91 | ) | (0.59 | ) | ||||||||||||||||||
11/30/2014 | 21.66 | 0.61 | 0.47 | 1.08 | (0.54 | ) | (0.01 | ) | ||||||||||||||||||||
11/30/2013 | 19.83 | 0.60 | 1.81 | �� | 2.41 | (0.54 | ) | (0.04 | ) | |||||||||||||||||||
Administrative Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 23.35 | $ | 0.50 | $ | (1.57 | ) | $ | (1.07 | ) | $ | (0.60 | ) | $ | (1.20 | ) | ||||||||||||
9/30/2018 | 23.24 | 0.42 | 1.14 | 1.56 | (1.24 | ) | (0.21 | ) | ||||||||||||||||||||
9/30/2017 | 20.57 | 0.16 | 3.32 | 3.48 | (0.44 | ) | (0.37 | ) | ||||||||||||||||||||
9/30/2016 | 19.14 | 0.31 | 1.60 | 1.91 | (0.45 | ) | (0.03 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 22.02 | 1.71 | (3.16 | ) | (1.45 | ) | (0.84 | ) | (0.59 | ) | ||||||||||||||||||
11/30/2014 | 21.53 | 0.50 | 0.49 | 0.99 | (0.49 | ) | (0.01 | ) | ||||||||||||||||||||
11/30/2013 | 19.75 | 0.26 | 2.07 | 2.33 | (0.51 | ) | (0.04 | ) |
^ | A — may reflect actual amounts rounding to less than $0.01 or 0.01%. |
† | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
(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. |
258 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
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 | |||||||||||||||||||||||||||
$ | (1.75 | ) | $ | 20.55 | (3.68 | )% | $ | 3,761 | 0.46 | %(d) | 0.60 | %(d) | 4.17 | %(d) | 5 | % | ||||||||||||||||||
(1.44 | ) | 23.35 | 6.78 | 3,797 | 0.44 | 0.60 | 2.10 | 18 | ||||||||||||||||||||||||||
(0.74 | ) | 23.24 | 17.46 | 6,480 | 0.46 | 0.60 | 0.57 | 103 | ||||||||||||||||||||||||||
(0.41 | ) | 20.51 | 9.99 | 4,106 | 0.51 | 0.60 | 1.36 | 101 | ||||||||||||||||||||||||||
(1.42 | ) | 19.04 | (6.99 | ) | 13,551 | 0.37 | (d)(e) | 0.60 | (d)(e) | 2.87 | (d)(e) | 143 | ||||||||||||||||||||||
(0.52 | ) | 21.91 | 4.65 | 16,631 | 0.38 | 0.60 | 2.22 | 84 | ||||||||||||||||||||||||||
(0.57 | ) | 21.45 | 12.11 | 5,513 | 0.35 | 0.60 | 2.40 | 61 | ||||||||||||||||||||||||||
$ | (1.40 | ) | $ | 20.58 | (4.04 | )% | $ | 62 | 1.21 | %(d) | 1.35 | %(d) | 3.29 | %(d) | 5 | % | ||||||||||||||||||
(1.27 | ) | 23.06 | 6.00 | 110 | 1.19 | 1.35 | 1.42 | 18 | ||||||||||||||||||||||||||
(0.66 | ) | 22.97 | 16.53 | 139 | 1.21 | 1.36 | 0.03 | 103 | ||||||||||||||||||||||||||
(0.31 | ) | 20.36 | 9.20 | 126 | 1.26 | 1.35 | 0.99 | 101 | ||||||||||||||||||||||||||
(1.18 | ) | 18.94 | (7.54 | ) | 202 | 1.12 | (d)(e) | 1.35 | (d)(e) | 2.22 | (d)(e) | 143 | ||||||||||||||||||||||
(0.34 | ) | 21.68 | 3.90 | 269 | 1.13 | 1.35 | 1.51 | 84 | ||||||||||||||||||||||||||
(0.46 | ) | 21.21 | 11.20 | 317 | 1.10 | 1.35 | 1.66 | 61 | ||||||||||||||||||||||||||
$ | (1.66 | ) | $ | 20.40 | (3.86 | )% | $ | 204 | 0.81 | %(d) | 0.85 | %(d) | 3.78 | %(d) | 5 | % | ||||||||||||||||||
(1.25 | ) | 23.14 | 6.42 | 237 | 0.79 | 0.85 | 2.16 | 18 | ||||||||||||||||||||||||||
(0.77 | ) | 22.94 | 16.98 | 416 | 0.81 | 0.86 | 1.55 | 103 | ||||||||||||||||||||||||||
(0.41 | ) | 20.37 | 9.64 | 1,648 | 0.86 | 0.86 | 0.94 | 101 | ||||||||||||||||||||||||||
(1.34 | ) | 18.97 | (7.22 | ) | 1,272 | 0.72 | (d)(e) | 0.85 | (d)(e) | 2.48 | (d)(e) | 143 | ||||||||||||||||||||||
(0.41 | ) | 21.80 | 4.31 | 1,343 | 0.73 | 0.85 | 1.88 | 84 | ||||||||||||||||||||||||||
(0.56 | ) | 21.31 | 11.70 | 1,167 | 0.70 | 0.85 | 2.15 | 61 | ||||||||||||||||||||||||||
$ | (1.85 | ) | $ | 20.59 | (3.59 | )% | $ | 17,565 | 0.16 | %(d) | 0.20 | %(d) | 4.52 | %(d) | 5 | % | ||||||||||||||||||
(1.50 | ) | 23.49 | 7.11 | 17,742 | 0.14 | 0.20 | 2.47 | 18 | ||||||||||||||||||||||||||
(0.89 | ) | 23.36 | 17.83 | 24,077 | 0.16 | 0.21 | 1.06 | 103 | ||||||||||||||||||||||||||
(0.53 | ) | 20.70 | 10.36 | 20,628 | 0.21 | 0.21 | 1.61 | 101 | ||||||||||||||||||||||||||
(1.48 | ) | 19.26 | (6.76 | ) | 16,997 | 0.07 | (d)(e) | 0.20 | (d)(e) | 2.67 | (d)(e) | 143 | ||||||||||||||||||||||
(0.54 | ) | 22.15 | 4.99 | 11,734 | 0.08 | 0.20 | 2.27 | 84 | ||||||||||||||||||||||||||
(0.58 | ) | 21.63 | 12.42 | 4,704 | 0.05 | 0.20 | 2.37 | 61 | ||||||||||||||||||||||||||
$ | (1.88 | ) | $ | 20.64 | (3.49 | )% | $ | 25,522 | 0.06 | %(d) | 0.10 | %(d) | 4.58 | %(d) | 5 | % | ||||||||||||||||||
(1.52 | ) | 23.55 | 7.20 | 24,458 | 0.04 | 0.10 | 2.37 | 18 | ||||||||||||||||||||||||||
(0.91 | ) | 23.42 | 17.95 | 23,705 | 0.06 | 0.10 | 0.98 | 103 | ||||||||||||||||||||||||||
(0.54 | ) | 20.75 | 10.47 | 15,812 | 0.11 | 0.11 | 1.65 | 101 | ||||||||||||||||||||||||||
(1.50 | ) | 19.30 | (6.67 | ) | 12,053 | — | (d)(e)(f) | 0.10 | (d)(e) | 3.09 | (d)(e) | 143 | ||||||||||||||||||||||
(0.55 | ) | 22.19 | 5.09 | 8,071 | — | (f) | 0.10 | 2.78 | 84 | |||||||||||||||||||||||||
(0.58 | ) | 21.66 | 12.51 | 9,939 | — | (f) | 0.12 | 2.93 | 61 | |||||||||||||||||||||||||
$ | (1.80 | ) | $ | 20.48 | (3.71 | )% | $ | 48 | 0.41 | %(d) | 0.45 | %(d) | 4.81 | %(d) | 5 | % | ||||||||||||||||||
(1.45 | ) | 23.35 | 6.82 | 515 | 0.39 | 0.45 | 1.84 | 18 | ||||||||||||||||||||||||||
(0.81 | ) | 23.24 | 17.52 | 425 | 0.41 | 0.45 | 0.73 | 103 | ||||||||||||||||||||||||||
(0.48 | ) | 20.57 | 10.09 | 374 | 0.46 | 0.46 | 1.58 | 101 | ||||||||||||||||||||||||||
(1.43 | ) | 19.14 | (7.00 | ) | 488 | 0.32 | (d)(e) | 0.45 | (d)(e) | 9.63 | (d)(e) | 143 | ||||||||||||||||||||||
(0.50 | ) | 22.02 | 4.72 | 5,278 | 0.33 | 0.45 | 2.31 | 84 | ||||||||||||||||||||||||||
(0.55 | ) | 21.53 | 12.13 | 5,054 | 0.30 | 0.45 | 1.27 | 61 |
(c) | Does not include expenses of the investment companies in which the Fund invests. |
(d) | Annualized, unless otherwise noted. |
(e) | Certain expenses incurred by the Fund were not annualized. |
(f) | See Note 6 in the Notes to Financial Statements. |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 259 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:^
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 | |||||||||||||||||||||||
AllianzGI Retirement 2045: | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
3/31/2019† | $ | 20.48 | $ | 0.40 | $ | (1.38 | ) | $ | (0.98 | ) | $ | (0.46 | ) | $ | (1.01 | ) | ||||||||||||
9/30/2018 | 20.36 | 0.44 | 0.95 | 1.39 | (1.12 | ) | (0.15 | ) | ||||||||||||||||||||
9/30/2017 | 18.07 | 0.13 | 3.04 | 3.17 | (0.34 | ) | (0.54 | ) | ||||||||||||||||||||
9/30/2016 | 16.71 | 0.20 | 1.54 | 1.74 | (0.34 | ) | (0.04 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 19.09 | 0.41 | (1.75 | ) | (1.34 | ) | (0.70 | ) | (0.34 | ) | ||||||||||||||||||
11/30/2014 | 18.67 | 0.41 | 0.49 | 0.90 | (0.45 | ) | (0.03 | ) | ||||||||||||||||||||
11/30/2013 | 17.02 | 0.41 | 1.79 | 2.20 | (0.46 | ) | (0.09 | ) | ||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||
3/31/2019† | $ | 20.28 | $ | 0.36 | $ | (1.37 | ) | $ | (1.01 | ) | $ | (0.44 | ) | $ | (1.01 | ) | ||||||||||||
9/30/2018 | 20.14 | 0.40 | 0.91 | 1.31 | (1.02 | ) | (0.15 | ) | ||||||||||||||||||||
9/30/2017 | 17.97 | 0.30 | 2.78 | 3.08 | (0.37 | ) | (0.54 | ) | ||||||||||||||||||||
9/30/2016 | 16.65 | 0.13 | 1.55 | 1.68 | (0.32 | ) | (0.04 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 19.01 | 0.36 | (1.74 | ) | (1.38 | ) | (0.64 | ) | (0.34 | ) | ||||||||||||||||||
11/30/2014 | 18.57 | 0.34 | 0.49 | 0.83 | (0.36 | ) | (0.03 | ) | ||||||||||||||||||||
11/30/2013 | 16.96 | 0.38 | 1.75 | 2.13 | (0.43 | ) | (0.09 | ) | ||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
3/31/2019† | $ | 20.55 | $ | 0.41 | $ | (1.38 | ) | $ | (0.97 | ) | $ | (0.59 | ) | $ | (1.01 | ) | ||||||||||||
9/30/2018 | 20.42 | 0.51 | 0.95 | 1.46 | (1.18 | ) | (0.15 | ) | ||||||||||||||||||||
9/30/2017 | 18.19 | 0.21 | 3.03 | 3.24 | (0.47 | ) | (0.54 | ) | ||||||||||||||||||||
9/30/2016 | 16.84 | 0.26 | 1.56 | 1.82 | (0.43 | ) | (0.04 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 19.24 | 0.43 | (1.74 | ) | (1.31 | ) | (0.75 | ) | (0.34 | ) | ||||||||||||||||||
11/30/2014 | 18.77 | 0.40 | 0.57 | 0.97 | (0.47 | ) | (0.03 | ) | ||||||||||||||||||||
11/30/2013 | 17.06 | 0.47 | 1.79 | 2.26 | (0.46 | ) | (0.09 | ) | ||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
3/31/2019† | $ | 20.62 | $ | 0.42 | $ | (1.39 | ) | $ | (0.97 | ) | $ | (0.61 | ) | $ | (1.01 | ) | ||||||||||||
9/30/2018 | 20.48 | 0.50 | 0.99 | 1.49 | (1.20 | ) | (0.15 | ) | ||||||||||||||||||||
9/30/2017 | 18.25 | 0.19 | 3.07 | 3.26 | (0.49 | ) | (0.54 | ) | ||||||||||||||||||||
9/30/2016 | 16.89 | 0.22 | 1.62 | 1.84 | (0.44 | ) | (0.04 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 19.28 | 0.65 | (1.94 | ) | (1.29 | ) | (0.76 | ) | (0.34 | ) | ||||||||||||||||||
11/30/2014 | 18.80 | 0.49 | 0.49 | 0.98 | (0.47 | ) | (0.03 | ) | ||||||||||||||||||||
11/30/2013 | 17.07 | 0.52 | 1.76 | 2.28 | (0.46 | ) | (0.09 | ) | ||||||||||||||||||||
Administrative Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 20.41 | $ | 0.41 | $ | (1.39 | ) | $ | (0.98 | ) | $ | (0.54 | ) | $ | (1.01 | ) | ||||||||||||
9/30/2018 | 20.28 | 0.42 | 0.98 | 1.40 | (1.12 | ) | (0.15 | ) | ||||||||||||||||||||
9/30/2017 | 18.10 | 0.16 | 3.01 | 3.17 | (0.45 | ) | (0.54 | ) | ||||||||||||||||||||
9/30/2016 | 16.76 | 0.22 | 1.55 | 1.77 | (0.39 | ) | (0.04 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 19.15 | 1.22 | (2.56 | ) | (1.34 | ) | (0.71 | ) | (0.34 | ) | ||||||||||||||||||
11/30/2014 | 18.71 | 0.42 | 0.49 | 0.91 | (0.44 | ) | (0.03 | ) | ||||||||||||||||||||
11/30/2013 | 17.01 | 0.22 | 1.99 | 2.21 | (0.42 | ) | (0.09 | ) |
^ | A — may reflect actual amounts rounding to less than $0.01 or 0.01%. |
† | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
(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. |
260 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
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 | |||||||||||||||||||||||||||
$ | (1.47 | ) | $ | 18.03 | (3.98 | )% | $ | 1,990 | 0.49 | %(d) | 0.60 | %(d) | 4.39 | %(d) | 4 | % | ||||||||||||||||||
(1.27 | ) | 20.48 | 6.96 | 2,387 | 0.47 | 0.60 | 2.16 | 22 | ||||||||||||||||||||||||||
(0.88 | ) | 20.36 | 18.35 | 4,630 | 0.49 | 0.60 | 0.70 | 97 | ||||||||||||||||||||||||||
(0.38 | ) | 18.07 | 10.55 | 3,753 | 0.51 | 0.60 | 1.17 | 103 | ||||||||||||||||||||||||||
(1.04 | ) | 16.71 | (7.35 | ) | 10,022 | 0.37 | (d)(e) | 0.61 | (d)(e) | 2.74 | (d)(e) | 149 | ||||||||||||||||||||||
(0.48 | ) | 19.09 | 4.89 | 10,080 | 0.37 | 0.60 | 2.17 | 69 | ||||||||||||||||||||||||||
(0.55 | ) | 18.67 | 13.33 | 4,313 | 0.33 | 0.60 | 2.31 | 51 | ||||||||||||||||||||||||||
$ | (1.45 | ) | $ | 17.82 | (4.15 | )% | $ | 165 | 0.84 | %(d) | 0.85 | %(d) | 4.05 | %(d) | 4 | % | ||||||||||||||||||
(1.17 | ) | 20.28 | 6.61 | 151 | 0.82 | 0.85 | 1.98 | 22 | ||||||||||||||||||||||||||
(0.91 | ) | 20.14 | 17.94 | 193 | 0.84 | 0.86 | 1.64 | 97 | ||||||||||||||||||||||||||
(0.36 | ) | 17.97 | 10.20 | 625 | 0.86 | 0.86 | 0.78 | 103 | ||||||||||||||||||||||||||
(0.98 | ) | 16.65 | (7.59 | ) | 464 | 0.72 | (d)(e) | 0.86 | (d)(e) | 2.38 | (d)(e) | 149 | ||||||||||||||||||||||
(0.39 | ) | 19.01 | 4.52 | 449 | 0.72 | 0.85 | 1.82 | 69 | ||||||||||||||||||||||||||
(0.52 | ) | 18.57 | 12.94 | 356 | 0.68 | 0.85 | 2.17 | 51 | ||||||||||||||||||||||||||
$ | (1.60 | ) | $ | 17.98 | (3.83 | )% | $ | 13,818 | 0.19 | %(d) | 0.20 | %(d) | 4.56 | %(d) | 4 | % | ||||||||||||||||||
(1.33 | ) | 20.55 | 7.29 | 13,742 | 0.17 | 0.20 | 2.49 | 22 | ||||||||||||||||||||||||||
(1.01 | ) | 20.42 | 18.74 | 15,458 | 0.19 | 0.21 | 1.10 | 97 | ||||||||||||||||||||||||||
(0.47 | ) | 18.19 | 10.95 | 12,764 | 0.21 | 0.21 | 1.49 | 103 | ||||||||||||||||||||||||||
(1.09 | ) | 16.84 | (7.15 | ) | 10,650 | 0.07 | (d)(e) | 0.21 | (d)(e) | 2.88 | (d)(e) | 149 | ||||||||||||||||||||||
(0.50 | ) | 19.24 | 5.26 | 8,793 | 0.07 | 0.20 | 2.10 | 69 | ||||||||||||||||||||||||||
(0.55 | ) | 18.77 | 13.68 | 2,286 | 0.03 | 0.20 | 2.63 | 51 | ||||||||||||||||||||||||||
$ | (1.62 | ) | $ | 18.03 | (3.79 | )% | $ | 15,327 | 0.09 | %(d) | 0.10 | %(d) | 4.66 | %(d) | 4 | % | ||||||||||||||||||
(1.35 | ) | 20.62 | 7.42 | 14,205 | 0.07 | 0.10 | 2.44 | 22 | ||||||||||||||||||||||||||
(1.03 | ) | 20.48 | 18.82 | 12,770 | 0.09 | 0.10 | 1.01 | 97 | ||||||||||||||||||||||||||
(0.48 | ) | 18.25 | 11.06 | 7,919 | 0.11 | 0.11 | 1.25 | 103 | ||||||||||||||||||||||||||
(1.10 | ) | 16.89 | (7.02 | ) | 3,563 | — | (d)(e)(f) | 0.10 | (d)(e) | 4.23 | (d)(e) | 149 | ||||||||||||||||||||||
(0.50 | ) | 19.28 | 5.33 | 5,477 | — | (f) | 0.10 | 2.55 | 69 | |||||||||||||||||||||||||
(0.55 | ) | 18.80 | 13.80 | 4,587 | — | (f) | 0.12 | 2.91 | 51 | |||||||||||||||||||||||||
$ | (1.55 | ) | $ | 17.88 | (3.90 | )% | $ | 329 | 0.44 | %(d) | 0.45 | %(d) | 4.58 | %(d) | 4 | % | ||||||||||||||||||
(1.27 | ) | 20.41 | 7.02 | 615 | 0.42 | 0.45 | 2.05 | 22 | ||||||||||||||||||||||||||
(0.99 | ) | 20.28 | 18.40 | 666 | 0.44 | 0.45 | 0.85 | 97 | ||||||||||||||||||||||||||
(0.43 | ) | 18.10 | 10.67 | 359 | 0.46 | 0.46 | 1.27 | 103 | ||||||||||||||||||||||||||
(1.05 | ) | 16.76 | (7.37 | ) | 346 | 0.32 | (d)(e) | 0.46 | (d)(e) | 7.95 | (d)(e) | 149 | ||||||||||||||||||||||
(0.47 | ) | 19.15 | 4.95 | 1,763 | 0.32 | 0.45 | 2.24 | 69 | ||||||||||||||||||||||||||
(0.51 | ) | 18.71 | 13.40 | 1,542 | 0.28 | 0.45 | 1.23 | 51 |
(c) | Does not include expenses of the investment companies in which the Fund invests. |
(d) | Annualized, unless otherwise noted. |
(e) | Certain expenses incurred by the Fund were not annualized. |
(f) | See Note 6 in the Notes to Financial Statements. |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 261 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:^
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 | |||||||||||||||||||||||
AllianzGI Retirement 2050: | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
3/31/2019† | $ | 22.75 | $ | 0.45 | $ | (1.59 | ) | $ | (1.14 | ) | $ | (0.60 | ) | $ | (1.02 | ) | ||||||||||||
9/30/2018 | 22.66 | 0.45 | 1.12 | 1.57 | (1.28 | ) | (0.20 | ) | ||||||||||||||||||||
9/30/2017 | 20.10 | 0.09 | 3.46 | 3.55 | (0.44 | ) | (0.55 | ) | ||||||||||||||||||||
9/30/2016 | 18.72 | 0.20 | 1.78 | 1.98 | (0.23 | ) | (0.37 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 21.87 | 0.44 | (2.04 | ) | (1.60 | ) | (0.87 | ) | (0.68 | ) | ||||||||||||||||||
11/30/2014 | 21.55 | 0.44 | 0.58 | 1.02 | (0.57 | ) | (0.13 | ) | ||||||||||||||||||||
11/30/2013 | 19.48 | 0.42 | 2.32 | 2.74 | (0.60 | ) | (0.07 | ) | ||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
3/31/2019† | $ | 22.30 | $ | 0.36 | $ | (1.54 | ) | $ | (1.18 | ) | $ | (0.47 | ) | $ | (1.02 | ) | ||||||||||||
9/30/2018 | 22.25 | 0.30 | 1.08 | 1.38 | (1.13 | ) | (0.20 | ) | ||||||||||||||||||||
9/30/2017 | 19.80 | 0.01 | 3.33 | 3.34 | (0.34 | ) | (0.55 | ) | ||||||||||||||||||||
9/30/2016 | 18.52 | 0.11 | 1.71 | 1.82 | (0.17 | ) | (0.37 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 21.62 | 0.31 | (2.03 | ) | (1.72 | ) | (0.70 | ) | (0.68 | ) | ||||||||||||||||||
11/30/2014 | 21.34 | 0.30 | 0.55 | 0.85 | (0.44 | ) | (0.13 | ) | ||||||||||||||||||||
11/30/2013 | 19.25 | 0.30 | 2.27 | 2.57 | (0.41 | ) | (0.07 | ) | ||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||
3/31/2019† | $ | 22.72 | $ | 0.40 | $ | (1.57 | ) | $ | (1.17 | ) | $ | (0.55 | ) | $ | (1.02 | ) | ||||||||||||
9/30/2018 | 22.46 | 0.31 | 1.17 | 1.48 | (1.02 | ) | (0.20 | ) | ||||||||||||||||||||
9/30/2017 | 19.99 | 0.44 | 3.00 | 3.44 | (0.42 | ) | (0.55 | ) | ||||||||||||||||||||
9/30/2016 | 18.68 | 0.15 | 1.76 | 1.91 | (0.23 | ) | (0.37 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 21.80 | 0.37 | (2.03 | ) | (1.66 | ) | (0.78 | ) | (0.68 | ) | ||||||||||||||||||
11/30/2014 | 21.46 | 0.39 | 0.53 | 0.92 | (0.45 | ) | (0.13 | ) | ||||||||||||||||||||
11/30/2013 | 19.47 | 0.37 | 2.29 | 2.66 | (0.60 | ) | (0.07 | ) | ||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
3/31/2019† | $ | 22.96 | $ | 0.47 | $ | (1.60 | ) | $ | (1.13 | ) | $ | (0.68 | ) | $ | (1.02 | ) | ||||||||||||
9/30/2018 | 22.86 | 0.57 | 1.09 | 1.66 | (1.36 | ) | (0.20 | ) | ||||||||||||||||||||
9/30/2017 | 20.31 | 0.25 | 3.39 | 3.64 | (0.54 | ) | (0.55 | ) | ||||||||||||||||||||
9/30/2016 | 18.97 | 0.27 | 1.80 | 2.07 | (0.36 | ) | (0.37 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 22.14 | 0.47 | (2.04 | ) | (1.57 | ) | (0.92 | ) | (0.68 | ) | ||||||||||||||||||
11/30/2014 | 21.77 | 0.45 | 0.64 | 1.09 | (0.59 | ) | (0.13 | ) | ||||||||||||||||||||
11/30/2013 | 19.64 | 0.48 | 2.35 | 2.83 | (0.63 | ) | (0.07 | ) | ||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
3/31/2019† | $ | 23.06 | $ | 0.48 | $ | (1.60 | ) | $ | (1.12 | ) | $ | (0.71 | ) | $ | (1.02 | ) | ||||||||||||
9/30/2018 | 22.96 | 0.57 | 1.11 | 1.68 | (1.38 | ) | (0.20 | ) | ||||||||||||||||||||
9/30/2017 | 20.39 | 0.23 | 3.45 | 3.68 | (0.56 | ) | (0.55 | ) | ||||||||||||||||||||
9/30/2016 | 19.03 | 0.30 | 1.79 | 2.09 | (0.36 | ) | (0.37 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 22.20 | 0.57 | (2.13 | ) | (1.56 | ) | (0.93 | ) | (0.68 | ) | ||||||||||||||||||
11/30/2014 | 21.80 | 0.57 | 0.55 | 1.12 | (0.59 | ) | (0.13 | ) | ||||||||||||||||||||
11/30/2013 | 19.66 | 0.55 | 2.29 | 2.84 | (0.63 | ) | (0.07 | ) | ||||||||||||||||||||
Administrative Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 22.82 | $ | 0.47 | $ | (1.61 | ) | $ | (1.14 | ) | $ | (0.63 | ) | $ | (1.02 | ) | ||||||||||||
9/30/2018 | 22.74 | 0.49 | 1.09 | 1.58 | (1.30 | ) | (0.20 | ) | ||||||||||||||||||||
9/30/2017 | 20.20 | 0.18 | 3.40 | 3.58 | (0.49 | ) | (0.55 | ) | ||||||||||||||||||||
9/30/2016 | 18.87 | 0.24 | 1.77 | 2.01 | (0.31 | ) | (0.37 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 22.03 | 0.80 | (2.42 | ) | (1.62 | ) | (0.86 | ) | (0.68 | ) | ||||||||||||||||||
11/30/2014 | 21.69 | 0.49 | 0.54 | 1.03 | (0.56 | ) | (0.13 | ) | ||||||||||||||||||||
11/30/2013 | 19.58 | 0.22 | 2.55 | 2.77 | (0.59 | ) | (0.07 | ) |
^ | A — may reflect actual amounts rounding to less than $0.01 or 0.01%. |
† | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
(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. |
262 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
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 | |||||||||||||||||||||||||||
$ | (1.62 | ) | $ | 19.99 | (4.15 | )% | $ | 2,787 | 0.50 | %(d) | 0.60 | %(d) | 4.55 | %(d) | 1 | % | ||||||||||||||||||
(1.48 | ) | 22.75 | 7.07 | 2,717 | 0.49 | 0.60 | 1.98 | 21 | ||||||||||||||||||||||||||
(0.99 | ) | 22.66 | 18.45 | 3,713 | 0.50 | 0.60 | 0.41 | 94 | ||||||||||||||||||||||||||
(0.60 | ) | 20.10 | 10.74 | 1,633 | 0.50 | 0.60 | 1.03 | 89 | ||||||||||||||||||||||||||
(1.55 | ) | 18.72 | (7.79 | ) | 4,863 | 0.34 | (d)(e) | 0.61 | (d)(e) | 2.62 | (d)(e) | 147 | ||||||||||||||||||||||
(0.70 | ) | 21.87 | 4.85 | 4,772 | 0.35 | 0.60 | 2.02 | 78 | ||||||||||||||||||||||||||
(0.67 | ) | 21.55 | 14.50 | 1,014 | 0.30 | 0.60 | 2.08 | 54 | ||||||||||||||||||||||||||
$ | (1.49 | ) | $ | 19.63 | (4.52 | )% | $ | 188 | 1.25 | %(d) | 1.35 | %(d) | 3.70 | %(d) | 1 | % | ||||||||||||||||||
(1.33 | ) | 22.30 | 6.29 | 199 | 1.24 | 1.35 | 1.36 | 21 | ||||||||||||||||||||||||||
(0.89 | ) | 22.25 | 17.58 | 175 | 1.25 | 1.35 | 0.04 | 94 | ||||||||||||||||||||||||||
(0.54 | ) | 19.80 | 9.96 | 145 | 1.25 | 1.35 | 0.56 | 89 | ||||||||||||||||||||||||||
(1.38 | ) | 18.52 | (8.40 | ) | 148 | 1.09 | (d)(e) | 1.36 | (d)(e) | 1.83 | (d)(e) | 147 | ||||||||||||||||||||||
(0.57 | ) | 21.62 | 4.08 | 138 | 1.10 | 1.35 | 1.38 | 78 | ||||||||||||||||||||||||||
(0.48 | ) | 21.34 | 13.64 | 119 | 1.05 | 1.35 | 1.48 | 54 | ||||||||||||||||||||||||||
$ | (1.57 | ) | $ | 19.98 | (4.32 | )% | $ | 147 | 0.85 | %(d) | 0.85 | %(d) | 4.05 | %(d) | 1 | % | ||||||||||||||||||
(1.22 | ) | 22.72 | 6.70 | 128 | 0.84 | 0.85 | 1.40 | 21 | ||||||||||||||||||||||||||
(0.97 | ) | 22.46 | 17.99 | 95 | 0.85 | 0.85 | 2.13 | 94 | ||||||||||||||||||||||||||
(0.60 | ) | 19.99 | 10.41 | 740 | 0.85 | 0.85 | 0.80 | 89 | ||||||||||||||||||||||||||
(1.46 | ) | 18.68 | (8.07 | ) | 608 | 0.69 | (d)(e) | 0.86 | (d)(e) | 2.20 | (d)(e) | 147 | ||||||||||||||||||||||
(0.58 | ) | 21.80 | 4.41 | 584 | 0.70 | 0.85 | 1.79 | 78 | ||||||||||||||||||||||||||
(0.67 | ) | 21.46 | 14.11 | 497 | 0.65 | 0.85 | 1.85 | 54 | ||||||||||||||||||||||||||
$ | (1.70 | ) | $ | 20.13 | (4.03 | )% | $ | 11,118 | 0.20 | %(d) | 0.20 | %(d) | 4.67 | %(d) | 1 | % | ||||||||||||||||||
(1.56 | ) | 22.96 | 7.40 | 11,185 | 0.19 | 0.20 | 2.51 | 21 | ||||||||||||||||||||||||||
(1.09 | ) | 22.86 | 18.81 | 11,758 | 0.20 | 0.20 | 1.18 | 94 | ||||||||||||||||||||||||||
(0.73 | ) | 20.31 | 11.12 | 10,021 | 0.20 | 0.20 | 1.42 | 89 | ||||||||||||||||||||||||||
(1.60 | ) | 18.97 | (7.55 | ) | 7,750 | 0.04 | (d)(e) | 0.21 | (d)(e) | 2.74 | (d)(e) | 147 | ||||||||||||||||||||||
(0.72 | ) | 22.14 | 5.13 | 5,234 | 0.05 | 0.20 | 2.06 | 78 | ||||||||||||||||||||||||||
(0.70 | ) | 21.77 | 14.90 | 1,397 | — | 0.20 | 2.34 | 54 | ||||||||||||||||||||||||||
$ | (1.73 | ) | $ | 20.21 | (3.98 | )% | $ | 17,872 | 0.10 | %(d) | 0.10 | %(d) | 4.74 | %(d) | 1 | % | ||||||||||||||||||
(1.58 | ) | 23.06 | 7.47 | 17,875 | 0.09 | 0.10 | 2.49 | 21 | ||||||||||||||||||||||||||
(1.11 | ) | 22.96 | 18.96 | 16,063 | 0.10 | 0.10 | 1.07 | 94 | ||||||||||||||||||||||||||
(0.73 | ) | 20.39 | 11.23 | 10,525 | 0.10 | 0.10 | 1.54 | 89 | ||||||||||||||||||||||||||
(1.61 | ) | 19.03 | (7.49 | ) | 8,110 | — | (d)(e)(f) | 0.10 | (d)(e) | 3.31 | (d)(e) | 147 | ||||||||||||||||||||||
(0.72 | ) | 22.20 | 5.27 | 9,227 | — | (f) | 0.10 | 2.58 | 78 | |||||||||||||||||||||||||
(0.70 | ) | 21.80 | 14.94 | 8,935 | — | (f) | 0.12 | 2.68 | 54 | |||||||||||||||||||||||||
$ | (1.65 | ) | $ | 20.03 | (4.14 | )% | $ | 571 | 0.45 | %(d) | 0.45 | %(d) | 4.69 | %(d) | 1 | % | ||||||||||||||||||
(1.50 | ) | 22.82 | 7.11 | 879 | 0.44 | 0.45 | 2.16 | 21 | ||||||||||||||||||||||||||
(1.04 | ) | 22.74 | 18.54 | 813 | 0.45 | 0.45 | 0.86 | 94 | ||||||||||||||||||||||||||
(0.68 | ) | 20.20 | 10.87 | 646 | 0.45 | 0.45 | 1.23 | 89 | ||||||||||||||||||||||||||
(1.54 | ) | 18.87 | (7.80 | ) | 605 | 0.29 | (d)(e) | 0.46 | (d)(e) | 4.66 | (d)(e) | 147 | ||||||||||||||||||||||
(0.69 | ) | 22.03 | 4.87 | 1,245 | 0.30 | 0.45 | 2.25 | 78 | ||||||||||||||||||||||||||
(0.66 | ) | 21.69 | 14.66 | 1,194 | 0.25 | 0.45 | 1.07 | 54 |
(c) | Does not include expenses of the investment companies in which the Fund invests. |
(d) | Annualized, unless otherwise noted. |
(e) | Certain expenses incurred by the Fund were not annualized. |
(f) | See Note 6 in the Notes to Financial Statements. |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 263 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:^
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 | |||||||||||||||||||||||
AllianzGI Retirement 2055: | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
3/31/2019† | $ | 19.68 | $ | 0.38 | $ | (1.35 | ) | $ | (0.97 | ) | $ | (0.49 | ) | $ | (0.80 | ) | ||||||||||||
9/30/2018 | 19.52 | 0.39 | 0.99 | 1.38 | (1.11 | ) | (0.11 | ) | ||||||||||||||||||||
9/30/2017 | 17.17 | 0.09 | 2.95 | 3.04 | (0.33 | ) | (0.36 | ) | ||||||||||||||||||||
9/30/2016 | 16.02 | 0.17 | 1.49 | 1.66 | (0.28 | ) | (0.23 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 18.70 | 0.33 | (1.69 | ) | (1.36 | ) | (0.76 | ) | (0.56 | ) | ||||||||||||||||||
11/30/2014 | 18.51 | 0.39 | 0.50 | 0.89 | (0.49 | ) | (0.21 | ) | ||||||||||||||||||||
11/30/2013 | 17.02 | 0.26 | 2.11 | 2.37 | (0.59 | ) | (0.29 | ) | ||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||
3/31/2019† | $ | 19.60 | $ | 0.40 | $ | (1.39 | ) | $ | (0.99 | ) | $ | (0.44 | ) | $ | (0.80 | ) | ||||||||||||
9/30/2018 | 19.37 | 0.31 | 1.00 | 1.31 | (0.97 | ) | (0.11 | ) | ||||||||||||||||||||
9/30/2017 | 17.07 | 0.29 | 2.67 | 2.96 | (0.30 | ) | (0.36 | ) | ||||||||||||||||||||
9/30/2016 | 15.97 | 0.10 | 1.48 | 1.58 | (0.25 | ) | (0.23 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 18.63 | 0.26 | (1.66 | ) | (1.40 | ) | (0.70 | ) | (0.56 | ) | ||||||||||||||||||
11/30/2014 | 18.42 | 0.30 | 0.53 | 0.83 | (0.41 | ) | (0.21 | ) | ||||||||||||||||||||
11/30/2013 | 16.97 | 0.30 | 2.00 | 2.30 | (0.56 | ) | (0.29 | ) | ||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
3/31/2019† | $ | 19.87 | $ | 0.40 | $ | (1.36 | ) | $ | (0.96 | ) | $ | (0.57 | ) | $ | (0.80 | ) | ||||||||||||
9/30/2018 | 19.68 | 0.48 | 0.98 | 1.46 | (1.16 | ) | (0.11 | ) | ||||||||||||||||||||
9/30/2017 | 17.32 | 0.17 | 2.94 | 3.11 | (0.39 | ) | (0.36 | ) | ||||||||||||||||||||
9/30/2016 | 16.17 | 0.20 | 1.52 | 1.72 | (0.34 | ) | (0.23 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 18.85 | 0.35 | (1.68 | ) | (1.33 | ) | (0.79 | ) | (0.56 | ) | ||||||||||||||||||
11/30/2014 | 18.61 | 0.38 | 0.57 | 0.95 | (0.50 | ) | (0.21 | ) | ||||||||||||||||||||
11/30/2013 | 17.08 | 0.34 | 2.09 | 2.43 | (0.61 | ) | (0.29 | ) | ||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
3/31/2019† | $ | 19.96 | $ | 0.41 | $ | (1.36 | ) | $ | (0.95 | ) | $ | (0.60 | ) | $ | (0.80 | ) | ||||||||||||
9/30/2018 | 19.77 | 0.46 | 1.01 | 1.47 | (1.17 | ) | (0.11 | ) | ||||||||||||||||||||
9/30/2017 | 17.38 | 0.17 | 2.98 | 3.15 | (0.40 | ) | (0.36 | ) | ||||||||||||||||||||
9/30/2016 | 16.22 | 0.26 | 1.48 | 1.74 | (0.35 | ) | (0.23 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 18.90 | 0.46 | (1.78 | ) | (1.32 | ) | (0.80 | ) | (0.56 | ) | ||||||||||||||||||
11/30/2014 | 18.64 | 0.47 | 0.50 | 0.97 | (0.50 | ) | (0.21 | ) | ||||||||||||||||||||
11/30/2013 | 17.09 | 0.49 | 1.96 | 2.45 | (0.61 | ) | (0.29 | ) | ||||||||||||||||||||
Administrative Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 19.74 | $ | 0.42 | $ | (1.39 | ) | $ | (0.97 | ) | $ | (0.54 | ) | $ | (0.80 | ) | ||||||||||||
9/30/2018 | 19.56 | 0.47 | 0.92 | 1.39 | (1.10 | ) | (0.11 | ) | ||||||||||||||||||||
9/30/2017 | 17.21 | 0.14 | 2.92 | 3.06 | (0.35 | ) | (0.36 | ) | ||||||||||||||||||||
9/30/2016 | 16.08 | 0.18 | 1.49 | 1.67 | (0.31 | ) | (0.23 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 18.76 | 0.62 | (1.98 | ) | (1.36 | ) | (0.76 | ) | (0.56 | ) | ||||||||||||||||||
11/30/2014 | 18.55 | 0.38 | 0.52 | 0.90 | (0.48 | ) | (0.21 | ) | ||||||||||||||||||||
11/30/2013 | 17.03 | 0.22 | 2.16 | 2.38 | (0.57 | ) | (0.29 | ) |
^ | A — may reflect actual amounts rounding to less than $0.01 or 0.01%. |
† | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
(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. |
264 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Total Dividends and Distributions | Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Expenses to | Ratio of Expenses to | Ratio of Net Investment Income to Average Net Assets (c) | Portfolio Turnover Rate | |||||||||||||||||||||||||||
$ | (1.29 | ) | $ | 17.42 | (4.14 | )% | $ | 1,579 | 0.51 | %(d) | 0.60 | %(d) | 4.33 | %(d) | 1 | % | ||||||||||||||||||
(1.22 | ) | 19.68 | 7.19 | 1,697 | 0.49 | 0.60 | 2.01 | 31 | ||||||||||||||||||||||||||
(0.69 | ) | 19.52 | 18.34 | 2,063 | 0.50 | 0.60 | 0.48 | 76 | ||||||||||||||||||||||||||
(0.51 | ) | 17.17 | 10.52 | 1,036 | 0.51 | 0.60 | 1.02 | 92 | ||||||||||||||||||||||||||
(1.32 | ) | 16.02 | (7.75 | ) | 1,399 | 0.34 | (d)(e) | 0.60 | (d)(e) | 2.26 | (d)(e) | 153 | ||||||||||||||||||||||
(0.70 | ) | 18.70 | 4.96 | 1,089 | 0.35 | 0.60 | 2.11 | 74 | ||||||||||||||||||||||||||
(0.88 | ) | 18.51 | 14.59 | 135 | 0.30 | 0.60 | 1.52 | 41 | ||||||||||||||||||||||||||
$ | (1.24 | ) | $ | 17.37 | (4.29 | )% | $ | 66 | 0.86 | %(d) | 0.85 | %(d) | 4.58 | %(d) | 1 | % | ||||||||||||||||||
(1.08 | ) | 19.60 | 6.86 | 112 | 0.84 | 0.85 | 1.58 | 31 | ||||||||||||||||||||||||||
(0.66 | ) | 19.37 | 17.93 | 91 | 0.85 | 0.85 | 1.64 | 76 | ||||||||||||||||||||||||||
(0.48 | ) | 17.07 | 10.06 | 350 | 0.86 | 0.86 | 0.64 | 92 | ||||||||||||||||||||||||||
(1.26 | ) | 15.97 | (7.98 | ) | 217 | 0.69 | (d)(e) | 0.85 | (d)(e) | 1.78 | (d)(e) | 153 | ||||||||||||||||||||||
(0.62 | ) | 18.63 | 4.61 | 144 | 0.70 | 0.85 | 1.61 | 74 | ||||||||||||||||||||||||||
(0.85 | ) | 18.42 | 14.22 | 72 | 0.65 | 0.85 | 1.75 | 41 | ||||||||||||||||||||||||||
$ | (1.37 | ) | $ | 17.54 | (3.99 | )% | $ | 6,513 | 0.21 | %(d) | 0.20 | %(d) | 4.53 | %(d) | 1 | % | ||||||||||||||||||
(1.27 | ) | 19.87 | 7.57 | 5,865 | 0.19 | 0.20 | 2.45 | 31 | ||||||||||||||||||||||||||
(0.75 | ) | 19.68 | 18.69 | 5,934 | 0.20 | 0.20 | 0.95 | 76 | ||||||||||||||||||||||||||
(0.57 | ) | 17.32 | 10.84 | 3,457 | 0.21 | 0.21 | 1.21 | 92 | ||||||||||||||||||||||||||
(1.35 | ) | 16.17 | (7.51 | ) | 1,762 | 0.04 | (d)(e) | 0.20 | (d)(e) | 2.42 | (d)(e) | 153 | ||||||||||||||||||||||
(0.71 | ) | 18.85 | 5.27 | 1,362 | 0.05 | 0.20 | 2.04 | 74 | ||||||||||||||||||||||||||
(0.90 | ) | 18.61 | 14.88 | 240 | — | 0.20 | 1.96 | 41 | ||||||||||||||||||||||||||
$ | (1.40 | ) | $ | 17.61 | (3.96 | )% | $ | 8,732 | 0.11 | %(d) | 0.10 | %(d) | 4.66 | %(d) | 1 | % | ||||||||||||||||||
(1.28 | ) | 19.96 | 7.62 | 8,055 | 0.09 | 0.10 | 2.35 | 31 | ||||||||||||||||||||||||||
(0.76 | ) | 19.77 | 18.87 | 6,215 | 0.10 | 0.10 | 0.92 | 76 | ||||||||||||||||||||||||||
(0.58 | ) | 17.38 | 10.91 | 2,982 | 0.11 | 0.11 | 1.60 | 92 | ||||||||||||||||||||||||||
(1.36 | ) | 16.22 | (7.45 | ) | 2,591 | — | (d)(e)(f) | 0.10 | (d)(e) | 3.09 | (d)(e) | 153 | ||||||||||||||||||||||
(0.71 | ) | 18.90 | 5.37 | 4,934 | — | (f) | 0.10 | 2.52 | 74 | |||||||||||||||||||||||||
(0.90 | ) | 18.64 | 15.06 | 4,388 | — | (f) | 0.12 | 2.77 | 41 | |||||||||||||||||||||||||
$ | (1.34 | ) | $ | 17.43 | (4.14 | )% | $ | 177 | 0.46 | %(d) | 0.45 | %(d) | 4.73 | %(d) | 1 | % | ||||||||||||||||||
(1.21 | ) | 19.74 | 7.25 | 363 | 0.44 | 0.45 | 2.39 | 31 | ||||||||||||||||||||||||||
(0.71 | ) | 19.56 | 18.44 | 404 | 0.45 | 0.45 | 0.78 | 76 | ||||||||||||||||||||||||||
(0.54 | ) | 17.21 | 10.54 | 298 | 0.46 | 0.46 | 1.10 | 92 | ||||||||||||||||||||||||||
(1.32 | ) | 16.08 | (7.75 | ) | 216 | 0.29 | (d)(e) | 0.45 | (d)(e) | 4.23 | (d)(e) | 153 | ||||||||||||||||||||||
(0.69 | ) | 18.76 | 5.00 | 357 | 0.30 | 0.45 | 2.06 | 74 | ||||||||||||||||||||||||||
(0.86 | ) | 18.55 | 14.67 | 221 | 0.25 | 0.45 | 1.22 | 41 |
(c) | Does not include expenses of the investment companies in which the Fund invests. |
(d) | Annualized, unless otherwise noted. |
(e) | Certain expenses incurred by the Fund were not annualized. |
(f) | See Note 6 in the Notes to Financial Statements. |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 265 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:^
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 | |||||||||||||||||||||||
AllianzGI Multi Asset Income: | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
3/31/2019† | $ | 17.35 | $ | 0.54 | $ | (0.22 | ) | $ | 0.32 | $ | (0.49 | ) | $ | — | ||||||||||||||
9/30/2018 | 18.53 | 0.73 | (0.71 | ) | 0.02 | (0.85 | ) | (0.23 | ) | |||||||||||||||||||
9/30/2017 | 18.31 | 0.94 | 0.22 | 1.16 | (0.85 | ) | (0.09 | ) | ||||||||||||||||||||
9/30/2016 | 17.34 | 0.75 | 1.09 | 1.84 | (0.80 | ) | (0.07 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 19.35 | 0.48 | (1.32 | ) | (0.84 | ) | (0.67 | ) | (0.50 | ) | ||||||||||||||||||
11/30/2014 | 18.96 | 0.42 | 0.31 | 0.73 | (0.34 | ) | — | |||||||||||||||||||||
11/30/2013 | 19.20 | 0.50 | 0.03 | 0.53 | (0.66 | ) | (0.08 | ) | ||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
3/31/2019† | $ | 17.36 | $ | 0.45 | $ | (0.21 | ) | $ | 0.24 | $ | (0.42 | ) | $ | — | ||||||||||||||
9/30/2018 | 18.53 | 0.62 | (0.72 | ) | (0.10 | ) | (0.74 | ) | (0.23 | ) | ||||||||||||||||||
9/30/2017 | 18.21 | 0.80 | 0.22 | 1.02 | (0.61 | ) | (0.09 | ) | ||||||||||||||||||||
9/30/2016 | 17.16 | 0.66 | 1.04 | 1.70 | (0.58 | ) | (0.07 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 19.14 | 0.38 | (1.33 | ) | (0.95 | ) | (0.53 | ) | (0.50 | ) | ||||||||||||||||||
11/30/2014 | 18.76 | 0.27 | 0.31 | 0.58 | (0.20 | ) | — | |||||||||||||||||||||
11/30/2013 | 18.99 | 0.37 | 0.01 | 0.38 | (0.50 | ) | (0.08 | ) | ||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||
3/31/2019† | $ | 18.14 | $ | 0.52 | $ | (0.22 | ) | $ | 0.30 | $ | (0.45 | ) | $ | — | ||||||||||||||
9/30/2018 | 19.31 | 0.71 | (0.74 | ) | (0.03 | ) | (0.80 | ) | (0.23 | ) | ||||||||||||||||||
9/30/2017 | 18.97 | 0.84 | 0.30 | 1.14 | (0.71 | ) | (0.09 | ) | ||||||||||||||||||||
9/30/2016 | 17.92 | 0.73 | 1.11 | 1.84 | (0.72 | ) | (0.07 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 19.95 | 0.44 | (1.36 | ) | (0.92 | ) | (0.61 | ) | (0.50 | ) | ||||||||||||||||||
11/30/2014 | 19.53 | 0.36 | 0.33 | 0.69 | (0.27 | ) | — | |||||||||||||||||||||
11/30/2013 | 19.74 | 0.46 | 0.01 | 0.47 | (0.57 | ) | (0.08 | ) | ||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
3/31/2019† | $ | 17.54 | $ | 0.55 | $ | (0.21 | ) | $ | 0.34 | $ | (0.51 | ) | $ | — | ||||||||||||||
9/30/2018 | 18.71 | 0.82 | (0.73 | ) | 0.09 | (0.90 | ) | (0.23 | ) | |||||||||||||||||||
9/30/2017 | 18.51 | 0.99 | 0.23 | 1.22 | (0.93 | ) | (0.09 | ) | ||||||||||||||||||||
9/30/2016 | 17.58 | 0.83 | 1.09 | 1.92 | (0.92 | ) | (0.07 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 19.61 | 0.51 | (1.31 | ) | (0.80 | ) | (0.73 | ) | (0.50 | ) | ||||||||||||||||||
11/30/2014 | 19.20 | 0.47 | 0.34 | 0.81 | (0.40 | ) | — | |||||||||||||||||||||
11/30/2013 | 19.44 | 0.46 | 0.13 | 0.59 | (0.72 | ) | (0.08 | ) | ||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 17.08 | $ | 0.42 | $ | (0.09 | ) | $ | 0.33 | $ | (0.51 | ) | $ | — | ||||||||||||||
2/1/2018* - 9/30/2018 | 17.87 | 0.42 | (0.64 | ) | (0.22 | ) | (0.44 | ) | — | |||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
3/31/2019† | $ | 17.09 | $ | 0.53 | $ | (0.18 | ) | $ | 0.35 | $ | (0.52 | ) | $ | — | ||||||||||||||
9/30/2018 | 18.26 | 0.81 | (0.71 | ) | 0.10 | (0.91 | ) | (0.23 | ) | |||||||||||||||||||
9/30/2017 | 18.08 | 1.00 | 0.21 | 1.21 | (0.94 | ) | (0.09 | ) | ||||||||||||||||||||
9/30/2016 | 17.21 | 0.82 | 1.07 | 1.89 | (0.95 | ) | (0.07 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 19.23 | 0.56 | (1.33 | ) | (0.77 | ) | (0.75 | ) | (0.50 | ) | ||||||||||||||||||
11/30/2014 | 18.83 | 0.49 | 0.33 | 0.82 | (0.42 | ) | — | |||||||||||||||||||||
11/30/2013 | 19.08 | 0.56 | 0.03 | 0.59 | (0.73 | ) | (0.08 | ) | ||||||||||||||||||||
Administrative Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 17.66 | $ | 0.47 | $ | (0.15 | ) | $ | 0.32 | $ | (0.44 | ) | $ | — | ||||||||||||||
9/30/2018 | 18.82 | 0.80 | (0.75 | ) | 0.05 | (0.86 | ) | (0.23 | ) | |||||||||||||||||||
9/30/2017 | 18.61 | 1.00 | 0.19 | 1.19 | (0.89 | ) | (0.09 | ) | ||||||||||||||||||||
9/30/2016 | 17.60 | 0.75 | 0.94 | 1.69 | (0.61 | ) | (0.07 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 19.56 | 1.70 | (2.55 | ) | (0.85 | ) | (0.61 | ) | (0.50 | ) | ||||||||||||||||||
11/30/2014 | 19.15 | 0.43 | 0.33 | 0.76 | (0.35 | ) | — | |||||||||||||||||||||
11/30/2013 | 19.41 | 0.22 | 0.32 | 0.54 | (0.69 | ) | (0.08 | ) |
^ | A — may reflect actual amounts rounding to less than $0.01 or 0.01%. |
† | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
* | 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. |
266 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Distributions from Return of Capital | Total Dividends and Distributions | Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Expenses to Assets with Fee Waiver/ | Ratio of Expenses to Assets without | Ratio of Net Investment Income to Average Net Assets (c) | Portfolio Turnover Rate | ||||||||||||||||||||||||||||||
$ | — | $ | (0.49 | ) | $ | 17.18 | 1.94 | % | $ | 12,196 | 0.37 | %(d) | 0.60 | %(d) | 6.45 | %(d) | 152 | % | ||||||||||||||||||||
(0.12 | ) | (1.20 | ) | 17.35 | 0.12 | 8,826 | 0.36 | 0.61 | 4.12 | 172 | ||||||||||||||||||||||||||||
— | (0.94 | ) | 18.53 | 6.55 | 10,145 | 0.35 | 0.61 | 5.12 | 151 | |||||||||||||||||||||||||||||
— | (0.87 | ) | 18.31 | 10.97 | 10,140 | 0.40 | 0.60 | 4.25 | 116 | |||||||||||||||||||||||||||||
— | (1.17 | ) | 17.34 | (4.53 | ) | 6,006 | 0.44 | (d)(e) | 0.62 | (d)(e) | 3.15 | (d)(e) | 179 | |||||||||||||||||||||||||
— | (0.34 | ) | 19.35 | 3.88 | 6,324 | 0.40 | 0.60 | 2.18 | 101 | |||||||||||||||||||||||||||||
(0.03 | ) | (0.77 | ) | 18.96 | 2.78 | 4,326 | 0.39 | 0.60 | 2.64 | 81 | ||||||||||||||||||||||||||||
$ | — | $ | (0.42 | ) | $ | 17.18 | 1.48 | % | $ | 1,529 | 1.12 | %(d) | 1.35 | %(d) | 5.41 | %(d) | 152 | % | ||||||||||||||||||||
(0.10 | ) | (1.07 | ) | 17.36 | (0.58 | ) | 2,210 | 1.11 | 1.36 | 3.51 | 172 | |||||||||||||||||||||||||||
— | (0.70 | ) | 18.53 | 5.78 | 3,435 | 1.10 | 1.36 | 4.37 | 151 | |||||||||||||||||||||||||||||
— | (0.65 | ) | 18.21 | 10.16 | 3,361 | 1.15 | 1.35 | 3.75 | 116 | |||||||||||||||||||||||||||||
— | (1.03 | ) | 17.16 | (5.16 | ) | 2,988 | 1.19 | (d)(e) | 1.37 | (d)(e) | 2.49 | (d)(e) | 179 | |||||||||||||||||||||||||
— | (0.20 | ) | 19.14 | 3.12 | 3,984 | 1.15 | 1.35 | 1.42 | 101 | |||||||||||||||||||||||||||||
(0.03 | ) | (0.61 | ) | 18.76 | 2.03 | 4,359 | 1.14 | 1.35 | 1.99 | 81 | ||||||||||||||||||||||||||||
$ | — | $ | (0.45 | ) | $ | 17.99 | 1.78 | % | $ | 96 | 0.72 | %(d) | 0.85 | %(d) | 5.94 | %(d) | 152 | % | ||||||||||||||||||||
(0.11 | ) | (1.14 | ) | 18.14 | (0.20 | ) | 100 | 0.71 | 0.86 | 3.82 | 172 | |||||||||||||||||||||||||||
— | (0.80 | ) | 19.31 | 6.17 | 128 | 0.70 | 0.86 | 4.38 | 151 | |||||||||||||||||||||||||||||
— | (0.79 | ) | 18.97 | 10.59 | 519 | 0.75 | 0.85 | 4.00 | 116 | |||||||||||||||||||||||||||||
— | (1.11 | ) | 17.92 | (4.83 | ) | 238 | 0.79 | (d)(e) | 0.87 | (d)(e) | 2.78 | (d)(e) | 179 | |||||||||||||||||||||||||
— | (0.27 | ) | 19.95 | 3.55 | 215 | 0.75 | 0.85 | 1.80 | 101 | |||||||||||||||||||||||||||||
(0.03 | ) | (0.68 | ) | 19.53 | 2.46 | 152 | 0.74 | 0.85 | 2.36 | 81 | ||||||||||||||||||||||||||||
$ | — | $ | (0.51 | ) | $ | 17.37 | 2.06 | % | $ | 8,674 | 0.07 | %(d) | 0.20 | %(d) | 6.52 | %(d) | 152 | % | ||||||||||||||||||||
(0.13 | ) | (1.26 | ) | 17.54 | 0.46 | 9,526 | 0.06 | 0.21 | 4.56 | 172 | ||||||||||||||||||||||||||||
— | (1.02 | ) | 18.71 | 6.86 | 14,507 | 0.05 | 0.21 | 5.37 | 151 | |||||||||||||||||||||||||||||
— | (0.99 | ) | 18.51 | 11.32 | 17,120 | 0.10 | 0.20 | 4.63 | 116 | |||||||||||||||||||||||||||||
— | (1.23 | ) | 17.58 | (4.31 | ) | 5,450 | 0.14 | (d)(e) | 0.22 | (d)(e) | 3.31 | (d)(e) | 179 | |||||||||||||||||||||||||
— | (0.40 | ) | 19.61 | 4.23 | 6,349 | 0.11 | 0.21 | 2.39 | 101 | |||||||||||||||||||||||||||||
(0.03 | ) | (0.83 | ) | 19.20 | 3.12 | 4,427 | 0.09 | (f) | 0.20 | 2.42 | 81 | |||||||||||||||||||||||||||
$ | — | $ | (0.51 | ) | $ | 16.90 | 2.09 | % | $ | 69 | 0.02 | %(d) | 0.15 | %(d) | 7.35 | %(d) | 152 | % | ||||||||||||||||||||
(0.13 | ) | (0.57 | ) | 17.08 | (1.16 | ) | 49 | 0.01 | (d) | 0.15 | (d) | 3.72 | (d) | 172 | ||||||||||||||||||||||||
$ | — | $ | (0.52 | ) | $ | 16.92 | 2.15 | % | $ | 10,370 | — | %(d)(f) | 0.11 | %(d) | 6.44 | %(d) | 152 | % | ||||||||||||||||||||
(0.13 | ) | (1.27 | ) | 17.09 | 0.56 | 14,894 | — | (f) | 0.11 | 4.60 | 172 | |||||||||||||||||||||||||||
— | (1.03 | ) | 18.26 | 6.99 | 20,448 | — | (f) | 0.11 | 5.54 | 151 | ||||||||||||||||||||||||||||
— | (1.02 | ) | 18.08 | 11.40 | 19,128 | — | 0.10 | 4.70 | 116 | |||||||||||||||||||||||||||||
— | (1.25 | ) | 17.21 | (4.23 | ) | 8,058 | 0.04 | (d)(e) | 0.12 | (d)(e) | 3.69 | (d)(e) | 179 | |||||||||||||||||||||||||
— | (0.42 | ) | 19.23 | 4.36 | 9,496 | — | (f) | 0.10 | 2.56 | 101 | ||||||||||||||||||||||||||||
(0.03 | ) | (0.84 | ) | 18.83 | 3.23 | 9,487 | — | (f) | 0.12 | 2.96 | 81 | |||||||||||||||||||||||||||
$ | — | $ | (0.44 | ) | $ | 17.54 | 1.94 | % | $ | 10 | 0.30 | %(d) | 0.45 | %(d) | 5.52 | %(d) | 152 | % | ||||||||||||||||||||
(0.12 | ) | (1.21 | ) | 17.66 | 0.25 | 524 | 0.31 | 0.46 | 4.36 | 172 | ||||||||||||||||||||||||||||
— | (0.98 | ) | 18.82 | 6.62 | 1,550 | 0.30 | 0.46 | 5.38 | 151 | |||||||||||||||||||||||||||||
— | (0.68 | ) | 18.61 | 9.87 | 822 | 0.35 | 0.45 | 4.13 | 116 | |||||||||||||||||||||||||||||
— | (1.11 | ) | 17.60 | (4.53 | ) | 24 | 0.37 | (d)(e) | 0.45 | (d)(e) | 10.47 | (d)(e) | 179 | |||||||||||||||||||||||||
— | (0.35 | ) | 19.56 | 3.97 | 2,001 | 0.35 | 0.45 | 2.20 | 101 | |||||||||||||||||||||||||||||
(0.03 | ) | (0.80 | ) | 19.15 | 2.92 | 2,461 | 0.34 | 0.45 | 1.16 | 81 |
(c) | Does not include expenses of the investment companies in which the Fund invests. |
(d) | Annualized, unless otherwise noted. |
(e) | Certain expenses incurred by the Fund were not annualized. |
(f) | See Note 6 in the Notes to Financial Statements. |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 267 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:^
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 | |||||||||||||||||||||||
AllianzGI Global Allocation: | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
3/31/2019† | $ | 11.47 | $ | 0.19 | $ | (0.32 | ) | $ | (0.13 | ) | $ | (0.22 | ) | $ | (0.44 | ) | ||||||||||||
9/30/2018 | 12.34 | 0.26 | 0.07 | 0.33 | (0.55 | ) | (0.65 | ) | ||||||||||||||||||||
9/30/2017 | 11.23 | 0.20 | 1.11 | 1.31 | (0.20 | ) | — | |||||||||||||||||||||
9/30/2016 | 10.98 | 0.07 | 0.63 | 0.70 | (0.05 | ) | (0.40 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 12.18 | 0.25 | (0.89 | ) | (0.64 | ) | (0.42 | ) | (0.14 | ) | ||||||||||||||||||
11/30/2014 | 11.90 | 0.30 | 0.25 | 0.55 | (0.27 | ) | — | |||||||||||||||||||||
11/30/2013 | 11.07 | 0.31 | 0.95 | 1.26 | (0.43 | ) | — | |||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
3/31/2019† | $ | 11.67 | $ | 0.13 | $ | (0.30 | ) | $ | (0.17 | ) | $ | (0.07 | ) | $ | (0.44 | ) | ||||||||||||
9/30/2018 | 12.47 | 0.19 | 0.06 | 0.25 | (0.40 | ) | (0.65 | ) | ||||||||||||||||||||
9/30/2017 | 11.32 | 0.13 | 1.12 | 1.25 | (0.10 | ) | — | |||||||||||||||||||||
9/30/2016 | 11.13 | (0.01 | ) | 0.63 | 0.62 | (0.03 | ) | (0.40 | ) | |||||||||||||||||||
12/1/2014 - 9/30/2015# | 12.33 | 0.18 | (0.91 | ) | (0.73 | ) | (0.33 | ) | (0.14 | ) | ||||||||||||||||||
11/30/2014 | 12.04 | 0.22 | 0.24 | 0.46 | (0.17 | ) | — | |||||||||||||||||||||
11/30/2013 | 11.19 | 0.23 | 0.96 | 1.19 | (0.34 | ) | — | |||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||
3/31/2019† | $ | 11.34 | $ | 0.21 | $ | (0.35 | ) | $ | (0.14 | ) | $ | (0.19 | ) | $ | (0.44 | ) | ||||||||||||
9/30/2018 | 12.22 | 0.21 | 0.10 | 0.31 | (0.54 | ) | (0.65 | ) | ||||||||||||||||||||
9/30/2017 | 11.15 | 0.18 | 1.11 | 1.29 | (0.22 | ) | — | |||||||||||||||||||||
9/30/2016 | 10.93 | 0.05 | 0.62 | 0.67 | (0.05 | ) | (0.40 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 12.13 | 0.22 | (0.88 | ) | (0.66 | ) | (0.40 | ) | (0.14 | ) | ||||||||||||||||||
11/30/2014 | 11.84 | 0.28 | 0.26 | 0.54 | (0.25 | ) | — | |||||||||||||||||||||
11/30/2013 | 11.02 | 0.28 | 0.95 | 1.23 | (0.41 | ) | — | |||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
3/31/2019† | $ | 11.38 | $ | 0.16 | $ | (0.28 | ) | $ | (0.12 | ) | $ | (0.25 | ) | $ | (0.44 | ) | ||||||||||||
9/30/2018 | 12.28 | 0.27 | 0.09 | 0.36 | (0.61 | ) | (0.65 | ) | ||||||||||||||||||||
9/30/2017 | 11.24 | 0.24 | 1.11 | 1.35 | (0.31 | ) | — | |||||||||||||||||||||
9/30/2016 | 10.98 | 0.12 | 0.61 | 0.73 | (0.07 | ) | (0.40 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 12.19 | 0.25 | (0.87 | ) | (0.62 | ) | (0.45 | ) | (0.14 | ) | ||||||||||||||||||
11/30/2014 | 11.90 | 0.32 | 0.26 | 0.58 | (0.29 | ) | — | |||||||||||||||||||||
11/30/2013 | 11.07 | 0.32 | 0.96 | 1.28 | (0.45 | ) | — | |||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 11.45 | $ | 0.20 | $ | (0.32 | ) | $ | (0.12 | ) | $ | (0.24 | ) | $ | (0.44 | ) | ||||||||||||
9/30/2018 | 12.15 | 0.28 | 0.08 | 0.36 | (0.41 | ) | (0.65 | ) | ||||||||||||||||||||
9/30/2017 | 11.11 | 0.26 | 1.05 | 1.31 | (0.27 | ) | — | |||||||||||||||||||||
9/30/2016 | 10.86 | 0.10 | 0.61 | 0.71 | (0.06 | ) | (0.40 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 12.07 | 0.25 | (0.87 | ) | (0.62 | ) | (0.45 | ) | (0.14 | ) | ||||||||||||||||||
11/30/2014 | 11.78 | 0.32 | 0.27 | 0.59 | (0.30 | ) | — | |||||||||||||||||||||
11/30/2013 | 10.97 | 0.32 | 0.95 | 1.27 | (0.46 | ) | — | |||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
3/31/2019† | $ | 11.23 | $ | 0.20 | $ | (0.32 | ) | $ | (0.12 | ) | $ | (0.25 | ) | $ | (0.44 | ) | ||||||||||||
9/30/2018 | 12.13 | 0.29 | 0.07 | 0.36 | (0.61 | ) | (0.65 | ) | ||||||||||||||||||||
9/30/2017 | 11.10 | 0.23 | 1.11 | 1.34 | (0.31 | ) | — | |||||||||||||||||||||
9/30/2016 | 10.85 | 0.05 | 0.67 | 0.72 | (0.07 | ) | (0.40 | ) | ||||||||||||||||||||
9/8/2015* - 9/30/2015# | 11.01 | 0.01 | (0.13 | ) | (0.12 | ) | (0.04 | ) | — | |||||||||||||||||||
Administrative Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 11.77 | $ | 0.20 | $ | (0.33 | ) | $ | (0.13 | ) | $ | (0.21 | ) | $ | (0.44 | ) | ||||||||||||
9/30/2018 | 12.64 | 0.28 | 0.07 | 0.35 | (0.57 | ) | (0.65 | ) | ||||||||||||||||||||
9/30/2017 | 11.52 | 0.22 | 1.15 | 1.37 | (0.25 | ) | — | |||||||||||||||||||||
9/30/2016 | 11.25 | 0.08 | 0.64 | 0.72 | (0.05 | ) | (0.40 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 12.47 | 0.23 | (0.89 | ) | (0.66 | ) | (0.42 | ) | (0.14 | ) | ||||||||||||||||||
11/30/2014 | 12.17 | 0.30 | 0.27 | 0.57 | (0.27 | ) | — | |||||||||||||||||||||
11/30/2013 | 11.30 | 0.43 | 0.85 | 1.28 | (0.41 | ) | — |
^ | A — may reflect actual amounts rounding to less than $0.01 or 0.01%. |
† | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
* | 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. |
268 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Total Dividends and Distributions | Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Assets with Fee Waiver/ | Ratio of Expenses to Assets without Fee Waiver/ | Ratio of Net Investment Income (Loss) to Average Net Assets (c) | Portfolio Turnover Rate | |||||||||||||||||||||||||||
$ | (0.66 | ) | $ | 10.68 | (d) | (0.70 | )%(d) | $ | 51,452 | 0.59 | %(e) | 1.13 | %(e) | 3.56 | %(e) | 11 | % | |||||||||||||||||
(1.20 | ) | 11.47 | 2.62 | 40,974 | 0.59 | 1.12 | 2.24 | 17 | ||||||||||||||||||||||||||
(0.20 | ) | 12.34 | 11.88 | 47,170 | 0.60 | 1.12 | 1.73 | 15 | ||||||||||||||||||||||||||
(0.45 | ) | 11.23 | 6.55 | 84,852 | 0.60 | 1.13 | 0.68 | 57 | ||||||||||||||||||||||||||
(0.56 | ) | 10.98 | (5.45 | ) | 88,132 | 0.55 | (e)(f) | 1.30 | (e)(f) | 2.52 | (e)(f) | 113 | ||||||||||||||||||||||
(0.27 | ) | 12.18 | 4.62 | 65,499 | 0.40 | 1.34 | 2.48 | 48 | ||||||||||||||||||||||||||
(0.43 | ) | 11.90 | 11.79 | 69,565 | 0.41 | 1.36 | 2.68 | 45 | ||||||||||||||||||||||||||
$ | (0.51 | ) | $ | 10.99 | (d) | (1.13 | )%(d) | $ | 7,880 | 1.37 | %(e) | 1.98 | %(e) | 2.33 | %(e) | 11 | % | |||||||||||||||||
(1.05 | ) | 11.67 | 1.90 | 26,220 | 1.33 | 1.86 | 1.56 | 17 | ||||||||||||||||||||||||||
(0.10 | ) | 12.47 | 11.09 | 34,670 | 1.35 | 1.87 | 1.12 | 15 | ||||||||||||||||||||||||||
(0.43 | ) | 11.32 | 5.72 | 46,387 | 1.38 | 1.90 | (0.06 | ) | 57 | |||||||||||||||||||||||||
(0.47 | ) | 11.13 | (6.07 | ) | 51,322 | 1.29 | (e)(f) | 2.04 | (e)(f) | 1.78 | (e)(f) | 113 | ||||||||||||||||||||||
(0.17 | ) | 12.33 | 3.88 | 62,275 | 1.13 | 2.08 | 1.78 | 48 | ||||||||||||||||||||||||||
(0.34 | ) | 12.04 | 10.81 | 68,756 | 1.14 | 2.10 | 1.98 | 45 | ||||||||||||||||||||||||||
$ | (0.63 | ) | $ | 10.57 | (d) | (0.80 | )%(d) | $ | 20 | 0.80 | %(e) | 1.36 | %(e) | 4.09 | %(e) | 11 | % | |||||||||||||||||
(1.19 | ) | 11.34 | 2.43 | 35 | 0.80 | 1.32 | 1.85 | 17 | ||||||||||||||||||||||||||
(0.22 | ) | 12.22 | 11.78 | 24 | 0.78 | 1.31 | 1.55 | 15 | ||||||||||||||||||||||||||
(0.45 | ) | 11.15 | 6.25 | 17 | 0.81 | 1.33 | 0.45 | 57 | ||||||||||||||||||||||||||
(0.54 | ) | 10.93 | (5.61 | ) | 16 | 0.72 | (e)(f) | 1.50 | (e)(f) | 2.23 | (e)(f) | 113 | ||||||||||||||||||||||
(0.25 | ) | 12.13 | 4.57 | 17 | 0.56 | 1.53 | 2.32 | 48 | ||||||||||||||||||||||||||
(0.41 | ) | 11.84 | 11.44 | 17 | 0.59 | 1.54 | 2.42 | 45 | ||||||||||||||||||||||||||
$ | (0.69 | ) | $ | 10.57 | (d) | (0.64 | )%(d) | $ | 6,302 | 0.36 | %(e) | 0.89 | %(e) | 3.02 | %(e) | 11 | % | |||||||||||||||||
(1.26 | ) | 11.38 | 2.92 | 4,292 | 0.35 | 0.88 | 2.30 | 17 | ||||||||||||||||||||||||||
(0.31 | ) | 12.28 | 12.31 | 3,563 | 0.32 | 0.85 | 2.05 | 15 | ||||||||||||||||||||||||||
(0.47 | ) | 11.24 | 6.78 | 1,901 | 0.30 | 0.83 | 1.10 | 57 | ||||||||||||||||||||||||||
(0.59 | ) | 10.98 | (5.30 | ) | 2,069 | 0.33 | (e)(f) | 1.06 | (e)(f) | 2.52 | (e)(f) | 113 | ||||||||||||||||||||||
(0.29 | ) | 12.19 | 4.96 | 2,139 | 0.16 | 1.12 | 2.68 | 48 | ||||||||||||||||||||||||||
(0.45 | ) | 11.90 | 11.92 | 1,960 | 0.19 | 1.13 | 2.81 | 45 | ||||||||||||||||||||||||||
$ | (0.68 | ) | $ | 10.65 | (d) | (0.56 | )%(d) | $ | 5,860 | 0.36 | %(e) | 0.90 | %(e) | 3.85 | %(e) | 11 | % | |||||||||||||||||
(1.06 | ) | 11.45 | 2.92 | 6,652 | 0.33 | 0.86 | 2.43 | 17 | ||||||||||||||||||||||||||
(0.27 | ) | 12.15 | 12.08 | 6,871 | 0.40 | 0.95 | 2.35 | 15 | ||||||||||||||||||||||||||
(0.46 | ) | 11.11 | 6.72 | 68,709 | 0.40 | 0.92 | 0.89 | 57 | ||||||||||||||||||||||||||
(0.59 | ) | 10.86 | (5.34 | ) | 74,024 | 0.32 | (e)(f) | 1.07 | (e)(f) | 2.58 | (e)(f) | 113 | ||||||||||||||||||||||
(0.30 | ) | 12.07 | 5.01 | 74,957 | 0.16 | 1.11 | 2.69 | 48 | ||||||||||||||||||||||||||
(0.46 | ) | 11.78 | 11.90 | 68,675 | 0.16 | 1.11 | 2.81 | 45 | ||||||||||||||||||||||||||
$ | (0.69 | ) | $ | 10.42 | (d) | (0.59 | )%(d) | $ | 249,692 | 0.29 | %(e) | 0.83 | %(e) | 3.87 | %(e) | 11 | % | |||||||||||||||||
(1.26 | ) | 11.23 | 2.95 | 252,313 | 0.28 | 0.81 | 2.48 | 17 | ||||||||||||||||||||||||||
(0.31 | ) | 12.13 | 12.40 | 264,255 | 0.28 | 0.80 | 1.99 | 15 | ||||||||||||||||||||||||||
(0.47 | ) | 11.10 | 6.81 | 291,767 | 0.30 | 0.83 | 0.48 | 57 | ||||||||||||||||||||||||||
(0.04 | ) | 10.85 | (1.14 | ) | 91,912 | 0.30 | (e)(f) | 1.31 | (e)(f) | 2.07 | (e)(f) | 113 | ||||||||||||||||||||||
$ | (0.65 | ) | $ | 10.99 | (d) | (0.69 | )%(d) | $ | 22 | 0.55 | %(e) | 1.08 | %(e) | 3.61 | %(e) | 11 | % | |||||||||||||||||
(1.22 | ) | 11.77 | 2.68 | 22 | 0.53 | 1.06 | 2.28 | 17 | ||||||||||||||||||||||||||
(0.25 | ) | 12.64 | 12.07 | 26 | 0.53 | 1.06 | 1.86 | 15 | ||||||||||||||||||||||||||
(0.45 | ) | 11.52 | 6.58 | 32 | 0.56 | 1.08 | 0.67 | 57 | ||||||||||||||||||||||||||
(0.56 | ) | 11.25 | (5.50 | ) | 27 | 0.57 | (e)(f) | 1.23 | (e)(f) | 2.35 | (e)(f) | 113 | ||||||||||||||||||||||
(0.27 | ) | 12.47 | 4.68 | 33 | 0.41 | 1.27 | 2.45 | 48 | ||||||||||||||||||||||||||
(0.41 | ) | 12.17 | 11.59 | 24 | 0.41 | 1.48 | 3.73 | 45 |
(c) | Does not include expenses of the investment companies in which the Fund invests. |
(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) | Annualized, unless otherwise noted. |
(f) | Certain expenses incurred by the Fund were not annualized. |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 269 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:^
Net Asset Value, Beginning of Period | Net Investment Income (a) | Net Realized and Change in | Total from Investment Operations | Dividends from Net Investment Income |
Distributions from Net Realized Capital Gains | |||||||||||||||||||||||
AllianzGI Best Styles Global Equity: | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
3/31/2019† | $ | 17.30 | $ | 0.12 | $ | (1.15 | ) | $ | (1.03 | ) | $ | (0.38 | ) | $ | (1.75 | ) | ||||||||||||
9/30/2018 | 18.83 | 0.30 | 0.68 | 0.98 | (0.62 | ) | (1.89 | ) | ||||||||||||||||||||
9/30/2017 | 15.62 | 0.19 | 3.12 | 3.31 | — | (0.10 | ) | |||||||||||||||||||||
9/30/2016 | 14.60 | 0.28 | 0.89 | 1.17 | (0.15 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 16.57 | 0.52 | (1.65 | ) | (1.13 | ) | (0.43 | ) | (0.41 | ) | ||||||||||||||||||
9/2/2014* - 11/30/2014 | 16.51 | 0.05 | 0.01 | 0.06 | — | — | ||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
3/31/2019† | $ | 16.90 | $ | 0.06 | $ | (1.08 | ) | $ | (1.02 | ) | $ | — | $ | (1.75 | ) | |||||||||||||
9/30/2018 | 18.51 | 0.16 | 0.68 | 0.84 | (0.56 | ) | (1.89 | ) | ||||||||||||||||||||
9/30/2017 | 15.61 | 0.27 | 2.91 | 3.18 | (0.18 | ) | (0.10 | ) | ||||||||||||||||||||
4/26/2016* - 9/30/2016 | 15.29 | 0.11 | 0.21 | 0.32 | — | — | ||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
3/31/2019† | $ | 17.31 | $ | 0.13 | $ | (1.14 | ) | $ | (1.01 | ) | $ | (0.40 | ) | $ | (1.75 | ) | ||||||||||||
9/30/2018 | 18.82 | 0.32 | 0.69 | 1.01 | (0.63 | ) | (1.89 | ) | ||||||||||||||||||||
9/30/2017 | 15.79 | 0.36 | 3.01 | 3.37 | (0.24 | ) | (0.10 | ) | ||||||||||||||||||||
9/30/2016 | 14.68 | 0.32 | 0.89 | 1.21 | (0.10 | ) | — | |||||||||||||||||||||
12/22/2014* - 9/30/2015# | 15.68 | 0.27 | (1.27 | ) | (1.00 | ) | — | — | ||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 17.15 | $ | 0.13 | $ | (1.13 | ) | $ | (1.00 | ) | $ | (0.46 | ) | $ | (1.75 | ) | ||||||||||||
9/30/2018 | 18.68 | 0.35 | 0.67 | 1.02 | (0.66 | ) | (1.89 | ) | ||||||||||||||||||||
9/30/2017 | 15.68 | 0.36 | 3.01 | 3.37 | (0.27 | ) | (0.10 | ) | ||||||||||||||||||||
9/30/2016 | 14.63 | 0.37 | 0.84 | 1.21 | (0.16 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 16.58 | 0.28 | (1.38 | ) | (1.10 | ) | (0.44 | ) | (0.41 | ) | ||||||||||||||||||
9/2/2014* - 11/30/2014 | 16.51 | 0.06 | 0.01 | 0.07 | — | — | ||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
3/31/2019† | $ | 17.28 | $ | 0.14 | $ | (1.15 | ) | $ | (1.01 | ) | $ | (0.46 | ) | $ | (1.75 | ) | ||||||||||||
9/30/2018 | 18.79 | 0.35 | 0.67 | 1.02 | (0.64 | ) | (1.89 | ) | ||||||||||||||||||||
9/30/2017 | 15.78 | 0.37 | 3.02 | 3.39 | (0.28 | ) | (0.10 | ) | ||||||||||||||||||||
9/30/2016 | 14.70 | 0.37 | 0.86 | 1.23 | (0.15 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 16.58 | 0.31 | (1.40 | ) | (1.09 | ) | (0.38 | ) | (0.41 | ) | ||||||||||||||||||
12/2/2013* - 11/30/2014 | 15.00 | 0.38 | 1.20 | 1.58 | — | — |
^ | A — may reflect actual amounts rounding to less than $0.01 or 0.01%. |
† | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
* | 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) | Does not include expenses of the investment companies in which the Fund invests. |
(e) | Portfolio turnover rate excludes securities received or delivered fromin-kind fund share transactions. |
(f) | Certain expenses incurred by the Fund were not annualized. |
270 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Total Dividends and Distributions | Net Asset of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Average Net Assets with Fee Waiver/ | Ratio of Expenses to Average Net Assets without Fee Waiver/ | Ratio of Net Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||
$ | (2.13 | ) | $ | 14.14 | (4.26 | )% | $ | 1,072 | 0.70 | %(c)(d) | 0.79 | %(c)(d) | 1.65 | %(c)(d) | 31 | % | ||||||||||||||||||
(2.51 | ) | 17.30 | 5.33 | 1,255 | 0.70 | (d) | 0.75 | (d) | 1.71 | (d) | 87 | |||||||||||||||||||||||
(0.10 | ) | 18.83 | 21.29 | 1,317 | 0.74 | (d) | 1.07 | (d) | 1.15 | (d) | 81 | (e) | ||||||||||||||||||||||
(0.15 | ) | 15.62 | 8.09 | 36,257 | 0.75 | 0.79 | 1.88 | 70 | ||||||||||||||||||||||||||
(0.84 | ) | 14.60 | (7.13 | ) | 32,383 | 0.75 | (c)(f) | 1.22 | (c)(f) | 4.64 | (c)(f) | 35 | ||||||||||||||||||||||
— | 16.57 | 0.36 | 10 | 0.75 | (c) | 2.53 | (c) | 1.31 | (c) | 76 | ||||||||||||||||||||||||
$ | (1.75 | ) | $ | 14.13 | (4.63 | )% | $ | 17 | 1.40 | %(c)(d) | 1.52 | %(c)(d) | 0.87 | %(c)(d) | 31 | % | ||||||||||||||||||
(2.45 | ) | 16.90 | 4.57 | 41 | 1.40 | (d) | 1.49 | (d) | 0.89 | (d) | 87 | |||||||||||||||||||||||
(0.28 | ) | 18.51 | 20.68 | 102 | 1.40 | (d) | 1.44 | (d) | 1.62 | (d) | 81 | (e) | ||||||||||||||||||||||
— | 15.61 | 2.09 | 10 | 1.49 | (c) | 1.49 | (c) | 1.68 | (c) | 70 | ||||||||||||||||||||||||
$ | (2.15 | ) | $ | 14.15 | (4.17 | )% | $ | 730 | 0.50 | %(c)(d) | 0.59 | %(c)(d) | 1.74 | %(c)(d) | 31 | % | ||||||||||||||||||
(2.52 | ) | 17.31 | 5.52 | 1,868 | 0.50 | (d) | 0.52 | (d) | 1.83 | (d) | 87 | |||||||||||||||||||||||
(0.34 | ) | 18.82 | 21.72 | 2,835 | 0.53 | (d) | 0.56 | (d) | 2.09 | (d) | 81 | (e) | ||||||||||||||||||||||
(0.10 | ) | 15.79 | 8.28 | 2,851 | 0.60 | 0.62 | 2.13 | 70 | ||||||||||||||||||||||||||
— | 14.68 | (6.35 | ) | 4,069 | 0.61 | (c)(f) | 0.69 | (c)(f) | 2.20 | (c)(f) | 35 | |||||||||||||||||||||||
$ | (2.21 | ) | $ | 13.94 | (4.08 | )% | $ | 468 | 0.40 | %(c)(d) | 0.59 | %(c)(d) | 1.77 | %(c)(d) | 31 | % | ||||||||||||||||||
(2.55 | ) | 17.15 | 5.63 | 2,386 | 0.40 | (d) | 0.49 | (d) | 2.01 | (d) | 87 | |||||||||||||||||||||||
(0.37 | ) | 18.68 | 21.88 | 2,323 | 0.42 | (d) | 0.54 | (d) | 2.15 | (d) | 81 | (e) | ||||||||||||||||||||||
(0.16 | ) | 15.68 | 8.31 | 2,390 | 0.50 | 0.51 | 2.44 | 70 | ||||||||||||||||||||||||||
(0.85 | ) | 14.63 | (6.92 | ) | 366 | 0.51 | (c)(f) | 0.68 | (c)(f) | 2.17 | (c)(f) | 35 | ||||||||||||||||||||||
— | 16.58 | 0.42 | 10 | 0.50 | (c) | 2.27 | (c) | 1.56 | (c) | 76 | ||||||||||||||||||||||||
$ | (2.21 | ) | $ | 14.06 | (4.13 | )% | $ | 481,103 | 0.40 | %(c)(d) | 0.45 | %(c)(d) | 1.95 | %(c)(d) | 31 | % | ||||||||||||||||||
(2.53 | ) | 17.28 | 5.61 | 519,259 | 0.40 | (d) | 0.42 | (d) | 2.02 | (d) | 87 | |||||||||||||||||||||||
(0.38 | ) | 18.79 | 21.92 | 594,634 | 0.40 | (d) | 0.43 | (d) | 2.20 | (d) | 81 | (e) | ||||||||||||||||||||||
(0.15 | ) | 15.78 | 8.41 | 560,066 | 0.40 | 0.49 | 2.42 | 70 | ||||||||||||||||||||||||||
(0.79 | ) | 14.70 | (6.83 | ) | 250,203 | 0.40 | (c)(f) | 0.70 | (c)(f) | 2.39 | (c)(f) | 35 | ||||||||||||||||||||||
— | 16.58 | 10.53 | 33,422 | 0.40 | (c) | 1.80 | (c) | 2.40 | (c) | 76 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 271 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:^
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 | |||||||||||||||||||||||
AllianzGI Best Styles International Equity: | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
3/31/2019† | $ | 14.97 | $ | 0.12 | $ | (1.05 | ) | $ | (0.93 | ) | $ | (0.48 | ) | $ | (0.04 | ) | ||||||||||||
9/30/2018 | 15.71 | 0.41 | (0.43 | ) | (0.02 | ) | (0.72 | ) | — | |||||||||||||||||||
9/30/2017 | 14.21 | 0.38 | 2.44 | 2.82 | (1.32 | ) | — | |||||||||||||||||||||
4/26/2016* - 9/30/2016 | 14.20 | 0.23 | (0.22 | ) | 0.01 | — | — | |||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
3/31/2019† | $ | 14.80 | $ | 0.05 | $ | (1.02 | ) | $ | (0.97 | ) | $ | (0.33 | ) | $ | (0.04 | ) | ||||||||||||
9/30/2018 | 15.58 | 0.26 | (0.39 | ) | (0.13 | ) | (0.65 | ) | — | |||||||||||||||||||
9/30/2017 | 14.16 | 0.27 | 2.44 | 2.71 | (1.29 | ) | — | |||||||||||||||||||||
4/26/2016* - 9/30/2016 | 14.20 | 0.17 | (0.21 | ) | (0.04 | ) | — | — | ||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
3/31/2019† | $ | 15.01 | $ | 0.13 | $ | (1.06 | ) | $ | (0.93 | ) | $ | (0.52 | ) | $ | (0.04 | ) | ||||||||||||
9/30/2018 | 15.74 | 0.42 | (0.42 | ) | — | (0.73 | ) | — | ||||||||||||||||||||
9/30/2017 | 14.21 | 0.35 | 2.50 | 2.85 | (1.32 | ) | — | |||||||||||||||||||||
9/30/2016 | 13.83 | 0.40 | 0.23 | 0.63 | (0.12 | ) | (0.13 | ) | ||||||||||||||||||||
12/9/2014* - 9/30/2015# | 15.00 | 0.37 | (1.53 | ) | (1.16 | ) | (0.01 | ) | — | |||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 15.06 | $ | 0.12 | $ | (1.06 | ) | $ | (0.94 | ) | $ | (0.55 | ) | $ | (0.04 | ) | ||||||||||||
9/30/2018 | 15.76 | 0.47 | (0.45 | ) | 0.02 | (0.72 | ) | — | ||||||||||||||||||||
9/30/2017 | 14.22 | 0.38 | 2.49 | 2.87 | (1.33 | ) | — | |||||||||||||||||||||
9/30/2016 | 13.84 | 0.48 | 0.16 | 0.64 | (0.13 | ) | (0.13 | ) | ||||||||||||||||||||
12/9/2014* - 9/30/2015# | 15.00 | 0.38 | (1.53 | ) | (1.15 | ) | (0.01 | ) | — | |||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
3/31/2019† | $ | 15.09 | $ | 0.14 | $ | (1.07 | ) | $ | (0.93 | ) | $ | (0.53 | ) | $ | (0.04 | ) | ||||||||||||
9/30/2018 | 15.74 | 0.44 | (0.42 | ) | 0.02 | (0.67 | ) | — | ||||||||||||||||||||
9/30/2017 | 14.20 | 0.36 | 2.51 | 2.87 | (1.33 | ) | — | |||||||||||||||||||||
9/30/2016 | 13.85 | 0.45 | 0.21 | 0.66 | (0.18 | ) | (0.13 | ) | ||||||||||||||||||||
12/9/2014* - 9/30/2015# | 15.00 | 0.40 | (1.54 | ) | (1.14 | ) | (0.01 | ) | — |
^ | A — may reflect actual amounts rounding to less than $0.01 or 0.01%. |
† | Unaudited |
* | Commencement of operations. |
# | Fiscal year end changed from November 30th to September 30th. |
(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) | Does not include expenses of the investment companies in which the Fund invests. |
(e) | Certain expenses incurred by the Fund were not annualized. |
272 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
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 | |||||||||||||||||||||||||||
$ | (0.52 | ) | $ | 13.52 | (5.88 | )% | $ | 430 | 0.70 | %(c)(d) | 1.82 | %(c)(d) | 1.83 | %(c)(d) | 24 | % | ||||||||||||||||||
(0.72 | ) | 14.97 | (0.28 | ) | 504 | 0.70 | (d) | 1.71 | (d) | 2.67 | (d) | 55 | ||||||||||||||||||||||
(1.32 | ) | 15.71 | 21.83 | 506 | 0.70 | (d) | 1.99 | (d) | 2.54 | (d) | 70 | |||||||||||||||||||||||
— | 14.21 | 0.07 | 12 | 0.80 | (c) | 1.24 | (c) | 3.88 | (c) | 103 | ||||||||||||||||||||||||
$ | (0.37 | ) | $ | 13.46 | (6.33 | )% | $ | 44 | 1.45 | %(c)(d) | 2.58 | %(c)(d) | 0.73 | %(c)(d) | 24 | % | ||||||||||||||||||
(0.65 | ) | 14.80 | (0.97 | ) | 103 | 1.45 | (d) | 2.55 | (d) | 1.70 | (d) | 55 | ||||||||||||||||||||||
(1.29 | ) | 15.58 | 21.06 | 146 | 1.46 | (d) | 2.69 | (d) | 1.84 | (d) | 70 | |||||||||||||||||||||||
— | 14.16 | (0.28 | ) | 15 | 1.55 | (c) | 2.02 | (c) | 2.79 | (c) | 103 | |||||||||||||||||||||||
$ | (0.56 | ) | $ | 13.52 | (5.83 | )% | $ | 102 | 0.55 | %(c)(d) | 1.55 | %(c)(d) | 1.97 | %(c)(d) | 24 | % | ||||||||||||||||||
(0.73 | ) | 15.01 | (0.14 | ) | 113 | 0.55 | (d) | 1.56 | (d) | 2.68 | (d) | 55 | ||||||||||||||||||||||
(1.32 | ) | 15.74 | 22.11 | 119 | 0.56 | (d) | 1.73 | (d) | 2.32 | (d) | 70 | |||||||||||||||||||||||
(0.25 | ) | 14.21 | 4.57 | 10 | 0.65 | 0.97 | 2.87 | 103 | ||||||||||||||||||||||||||
(0.01 | ) | 13.83 | (7.74 | ) | 9 | 0.65 | (c)(e) | 2.06 | (c)(e) | 2.99 | (c)(e) | 29 | ||||||||||||||||||||||
$ | (0.59 | ) | $ | 13.53 | (5.86 | )% | $ | 341 | 0.45 | %(c)(d) | 1.53 | %(c)(d) | 1.68 | %(c)(d) | 24 | % | ||||||||||||||||||
(0.72 | ) | 15.06 | (0.01 | ) | 866 | 0.45 | (d) | 1.34 | (d) | 3.11 | (d) | 55 | ||||||||||||||||||||||
(1.33 | ) | 15.76 | 22.20 | 90 | 0.48 | (d) | 1.66 | (d) | 2.62 | (d) | 70 | |||||||||||||||||||||||
(0.26 | ) | 14.22 | 4.66 | 36 | 0.55 | 1.01 | 3.49 | 103 | ||||||||||||||||||||||||||
(0.01 | ) | 13.84 | (7.66 | ) | 9 | 0.55 | (c)(e) | 2.06 | (c)(e) | 3.09 | (c)(e) | 29 | ||||||||||||||||||||||
$ | (0.57 | ) | $ | 13.59 | (5.76 | )% | $ | 23,165 | 0.45 | %(c)(d) | 1.44 | %(c)(d) | 2.11 | %(c)(d) | 24 | % | ||||||||||||||||||
(0.67 | ) | 15.09 | (0.03 | ) | 24,214 | 0.45 | (d) | 1.46 | (d) | 2.80 | (d) | 55 | ||||||||||||||||||||||
(1.33 | ) | 15.74 | 22.25 | 25,643 | 0.45 | (d) | 1.50 | (d) | 2.50 | (d) | 70 | |||||||||||||||||||||||
(0.31 | ) | 14.20 | 4.74 | 71,088 | 0.45 | 0.99 | 3.25 | 103 | ||||||||||||||||||||||||||
(0.01 | ) | 13.85 | (7.59 | ) | 56,210 | 0.45 | (c)(e) | 1.62 | (c)(e) | 3.31 | (c)(e) | 29 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 273 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:^
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 | |||||||||||||||||||||||
AllianzGI Best Styles U.S. Equity: | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
3/31/2019† | $ | 20.49 | $ | 0.14 | $ | (1.37 | ) | $ | (1.23 | ) | $ | (0.39 | ) | $ | (3.33 | ) | ||||||||||||
9/30/2018 | 18.42 | 0.23 | 2.81 | 3.04 | (0.13 | ) | (0.84 | ) | ||||||||||||||||||||
9/30/2017 | 15.47 | 0.25 | 2.93 | 3.18 | (0.23 | ) | — | |||||||||||||||||||||
4/26/2016* - 9/30/2016 | 14.91 | 0.11 | 0.45 | 0.56 | — | — | ||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
3/31/2019† | $ | 19.98 | $ | 0.08 | $ | (1.34 | ) | $ | (1.26 | ) | $ | (0.32 | ) | $ | (3.33 | ) | ||||||||||||
9/30/2018 | 18.24 | 0.11 | 2.74 | 2.85 | (0.27 | ) | (0.84 | ) | ||||||||||||||||||||
9/30/2017 | 15.42 | 0.12 | 2.92 | 3.04 | (0.22 | ) | — | |||||||||||||||||||||
4/26/2016* - 9/30/2016 | 14.91 | 0.06 | 0.45 | 0.51 | — | — | ||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
3/31/2019† | $ | 20.29 | $ | 0.16 | $ | (1.36 | ) | $ | (1.20 | ) | $ | (0.36 | ) | $ | (3.33 | ) | ||||||||||||
9/30/2018 | 18.45 | 0.28 | 2.77 | 3.05 | (0.37 | ) | (0.84 | ) | ||||||||||||||||||||
9/30/2017 | 15.46 | 0.28 | 2.94 | 3.22 | (0.23 | ) | — | |||||||||||||||||||||
9/30/2016 | 14.19 | 0.24 | 1.30 | 1.54 | (0.22 | ) | (0.05 | ) | ||||||||||||||||||||
12/1/2014* - 9/30/2015# | 15.00 | 0.18 | (0.97 | ) | (0.79 | ) | (0.02 | ) | — | |||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 20.36 | $ | 0.16 | $ | (1.37 | ) | $ | (1.21 | ) | $ | (0.37 | ) | $ | (3.33 | ) | ||||||||||||
9/30/2018 | 18.48 | 0.28 | 2.78 | 3.06 | (0.34 | ) | (0.84 | ) | ||||||||||||||||||||
9/30/2017 | 15.49 | 0.28 | 2.94 | 3.22 | (0.23 | ) | — | |||||||||||||||||||||
9/30/2016 | 14.20 | 0.25 | 1.32 | 1.57 | (0.23 | ) | (0.05 | ) | ||||||||||||||||||||
12/1/2014* - 9/30/2015# | 15.00 | 0.18 | (0.96 | ) | (0.78 | ) | (0.02 | ) | — | |||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
3/31/2019† | $ | 20.46 | $ | 0.16 | $ | (1.37 | ) | $ | (1.21 | ) | $ | (0.37 | ) | $ | (3.33 | ) | ||||||||||||
9/30/2018 | 18.56 | 0.31 | 2.78 | 3.09 | (0.35 | ) | (0.84 | ) | ||||||||||||||||||||
9/30/2017 | 15.53 | 0.30 | 2.97 | 3.27 | (0.24 | ) | — | |||||||||||||||||||||
9/30/2016 | 14.21 | 0.27 | 1.31 | 1.58 | (0.21 | ) | (0.05 | ) | ||||||||||||||||||||
12/1/2014* - 9/30/2015# | 15.00 | 0.20 | (0.97 | ) | (0.77 | ) | (0.02 | ) | — |
^ | A — may reflect actual amounts rounding to less than $0.01 or 0.01%. |
† | Unaudited |
* | Commencement of operations. |
# | Fiscal year end changed from November 30th to September 30th. |
(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 fromin-kind fund share transactions. |
(e) | Certain expenses incurred by the Fund were not annualized. |
274 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
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 | |||||||||||||||||||||||||||
$ | (3.72 | ) | $ | 15.54 | (3.47 | )% | $ | 806 | 0.65 | %(c) | 0.86 | %(c) | 1.82 | %(c) | 3 | % | ||||||||||||||||||
(0.97 | ) | 20.49 | 16.96 | 353 | 0.65 | 0.76 | 1.17 | 80 | ||||||||||||||||||||||||||
(0.23 | ) | 18.42 | 20.80 | 46 | 0.68 | 1.02 | 1.49 | 55 | (d) | |||||||||||||||||||||||||
— | 15.47 | 3.76 | 47 | 0.75 | (c) | 0.93 | (c) | 1.75 | (c) | 64 | ||||||||||||||||||||||||
$ | (3.65 | ) | $ | 15.07 | (3.78 | )% | $ | 67 | 1.40 | %(c) | 1.63 | %(c) | 1.09 | %(c) | 3 | % | ||||||||||||||||||
(1.11 | ) | 19.98 | 16.14 | 26 | 1.40 | 1.53 | 0.58 | 80 | ||||||||||||||||||||||||||
(0.22 | ) | 18.24 | 19.92 | 20 | 1.42 | 1.56 | 0.74 | 55 | (d) | |||||||||||||||||||||||||
— | 15.42 | 3.42 | 10 | 1.50 | (c) | 1.61 | (c) | 0.88 | (c) | 64 | ||||||||||||||||||||||||
$ | (3.69 | ) | $ | 15.40 | (3.36 | )% | $ | 289 | 0.50 | %(c) | 0.77 | %(c) | 1.84 | %(c) | 3 | % | ||||||||||||||||||
(1.21 | ) | 20.29 | 17.12 | 672 | 0.50 | 0.56 | 1.43 | 80 | ||||||||||||||||||||||||||
(0.23 | ) | 18.45 | 21.07 | 476 | 0.51 | 0.57 | 1.62 | 55 | (d) | |||||||||||||||||||||||||
(0.27 | ) | 15.46 | 10.95 | 54 | 0.60 | 0.71 | 1.63 | 64 | ||||||||||||||||||||||||||
(0.02 | ) | 14.19 | (5.27 | ) | 25 | 0.60 | (c)(e) | 1.32 | (c)(e) | 1.40 | (c)(e) | 51 | ||||||||||||||||||||||
$ | (3.70 | ) | $ | 15.45 | (3.36 | )% | $ | 58 | 0.48 | %(c) | 0.64 | %(c) | 1.90 | %(c) | 3 | % | ||||||||||||||||||
(1.18 | ) | 20.36 | 17.17 | 138 | 0.50 | 0.51 | 1.45 | 80 | ||||||||||||||||||||||||||
(0.23 | ) | 18.48 | 21.04 | 121 | 0.50 | 0.66 | 1.64 | 55 | (d) | |||||||||||||||||||||||||
(0.28 | ) | 15.49 | 11.20 | 86 | 0.50 | 0.75 | 1.72 | 64 | ||||||||||||||||||||||||||
(0.02 | ) | 14.20 | (5.20 | ) | 1,771 | 0.50 | (c)(e) | 1.45 | (c)(e) | 1.51 | (c)(e) | 51 | ||||||||||||||||||||||
$ | (3.70 | ) | $ | 15.55 | (3.36 | )% | $ | 93,601 | 0.40 | %(c) | 0.59 | %(c) | 2.00 | %(c) | 3 | % | ||||||||||||||||||
(1.19 | ) | 20.46 | 17.25 | 98,758 | 0.40 | 0.50 | 1.59 | 80 | ||||||||||||||||||||||||||
(0.24 | ) | 18.56 | 21.26 | 113,074 | 0.40 | 0.56 | 1.78 | 55 | (d) | |||||||||||||||||||||||||
(0.26 | ) | 15.53 | 11.23 | 100,878 | 0.40 | 0.62 | 1.80 | 64 | ||||||||||||||||||||||||||
(0.02 | ) | 14.21 | (5.12 | ) | 86,456 | 0.40 | (c)(e) | 0.74 | (c)(e) | 1.63 | (c)(e) | 51 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 275 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:^
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 | |||||||||||||||||||||||
AllianzGI Convertible: | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
3/31/2019† | $ | 32.78 | $ | 0.15 | $ | (0.66 | ) | $ | (0.51 | ) | $ | (0.78 | ) | $ | (3.55 | ) | ||||||||||||
9/30/2018 | 34.27 | 0.32 | 4.58 | 4.90 | (1.30 | ) | (5.09 | ) | ||||||||||||||||||||
9/30/2017 | 31.02 | 0.38 | 3.64 | 4.02 | (0.77 | ) | — | |||||||||||||||||||||
9/30/2016 | 32.13 | 0.64 | 1.29 | 1.93 | (0.53 | ) | (2.51 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 36.54 | 0.31 | (1.88 | ) | (1.57 | ) | (0.55 | ) | (2.29 | ) | ||||||||||||||||||
11/30/2014 | 34.91 | 0.39 | 2.81 | 3.20 | (0.73 | ) | (0.84 | ) | ||||||||||||||||||||
11/30/2013 | 28.27 | 0.54 | 6.59 | 7.13 | (0.49 | ) | — | |||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
3/31/2019† | $ | 32.95 | $ | 0.05 | $ | (0.63 | ) | $ | (0.58 | ) | $ | (0.53 | ) | $ | (3.55 | ) | ||||||||||||
9/30/2018 | 34.36 | 0.08 | 4.59 | 4.67 | (0.99 | ) | (5.09 | ) | ||||||||||||||||||||
9/30/2017 | 31.19 | 0.17 | 3.65 | 3.82 | (0.65 | ) | — | |||||||||||||||||||||
9/30/2016 | 32.20 | 0.42 | 1.30 | 1.72 | (0.22 | ) | (2.51 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 36.55 | 0.10 | (1.88 | ) | (1.78 | ) | (0.28 | ) | (2.29 | ) | ||||||||||||||||||
11/30/2014 | 34.93 | 0.13 | 2.80 | 2.93 | (0.47 | ) | (0.84 | ) | ||||||||||||||||||||
11/30/2013 | 28.30 | 0.30 | 6.60 | 6.90 | (0.27 | ) | — | |||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||
3/31/2019† | $ | 33.92 | $ | 0.13 | $ | (0.66 | ) | $ | (0.53 | ) | $ | (0.78 | ) | $ | (3.55 | ) | ||||||||||||
9/30/2018 | 34.19 | 0.27 | 4.70 | 4.97 | (0.15 | ) | (5.09 | ) | ||||||||||||||||||||
9/30/2017 | 30.97 | 0.26 | 3.64 | 3.90 | (0.68 | ) | — | |||||||||||||||||||||
9/30/2016 | 32.08 | 0.52 | 1.27 | 1.79 | (0.39 | ) | (2.51 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 36.45 | 0.20 | (1.87 | ) | (1.67 | ) | (0.41 | ) | (2.29 | ) | ||||||||||||||||||
11/30/2014 | 34.87 | 0.26 | 2.81 | 3.07 | (0.65 | ) | (0.84 | ) | ||||||||||||||||||||
11/30/2013 | 28.20 | 0.34 | 6.61 | 6.95 | (0.28 | ) | — | |||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
3/31/2019† | $ | 32.12 | $ | 0.19 | $ | (0.67 | ) | $ | (0.48 | ) | $ | (0.91 | ) | $ | (3.55 | ) | ||||||||||||
9/30/2018 | 33.95 | 0.38 | 4.50 | 4.88 | (1.62 | ) | (5.09 | ) | ||||||||||||||||||||
9/30/2017 | 30.84 | 0.48 | 3.61 | 4.09 | (0.98 | ) | — | |||||||||||||||||||||
9/30/2016 | 32.07 | 0.72 | 1.27 | 1.99 | (0.71 | ) | (2.51 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 36.47 | 0.39 | (1.87 | ) | (1.48 | ) | (0.63 | ) | (2.29 | ) | ||||||||||||||||||
11/30/2014 | 34.84 | 0.47 | 2.80 | 3.27 | (0.80 | ) | (0.84 | ) | ||||||||||||||||||||
11/30/2013 | 28.20 | 0.63 | 6.55 | 7.18 | (0.54 | ) | — | |||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 32.41 | $ | 0.19 | $ | (0.66 | ) | $ | (0.47 | ) | $ | (0.91 | ) | $ | (3.55 | ) | ||||||||||||
9/30/2018 | 33.89 | 0.40 | 4.52 | 4.92 | (1.31 | ) | (5.09 | ) | ||||||||||||||||||||
9/30/2017 | 30.76 | 0.49 | 3.61 | 4.10 | (0.97 | ) | — | |||||||||||||||||||||
9/30/2016 | 32.02 | 0.74 | 1.26 | 2.00 | (0.75 | ) | (2.51 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 36.42 | 0.40 | (1.86 | ) | (1.46 | ) | (0.65 | ) | (2.29 | ) | ||||||||||||||||||
11/30/2014 | 34.80 | 0.50 | 2.79 | 3.29 | (0.83 | ) | (0.84 | ) | ||||||||||||||||||||
11/30/2013 | 28.16 | 0.61 | 6.59 | 7.20 | (0.56 | ) | — | |||||||||||||||||||||
Administrative Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 32.46 | $ | 0.16 | $ | (0.66 | ) | $ | (0.50 | ) | $ | (0.76 | ) | $ | (3.55 | ) | ||||||||||||
9/30/2018 | 34.08 | 0.33 | 4.54 | 4.87 | (1.40 | ) | (5.09 | ) | ||||||||||||||||||||
9/30/2017 | 30.96 | 0.42 | 3.62 | 4.04 | (0.92 | ) | — | |||||||||||||||||||||
9/30/2016 | 32.14 | 0.66 | 1.29 | 1.95 | (0.62 | ) | (2.51 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 36.54 | 0.33 | (1.88 | ) | (1.55 | ) | (0.56 | ) | (2.29 | ) | ||||||||||||||||||
11/30/2014 | 34.84 | 0.43 | 2.79 | 3.22 | (0.68 | ) | (0.84 | ) | ||||||||||||||||||||
11/30/2013 | 28.20 | 0.53 | 6.59 | 7.12 | (0.48 | ) | — |
^ | A — may reflect actual amounts rounding to less than $0.01 or 0.01%. |
† | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
(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. |
276 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
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 | Ratio of Net Investment Income to Average Net Assets | Portfolio Turnover Rate | ||||||||||||||||||||||||
$ | (4.33 | ) | $ | 27.94 | 0.16 | % | $ | 56,600 | 1.01 | %(c) | 1.07 | %(c) | 68 | % | ||||||||||||||||
(6.39 | ) | 32.78 | 16.83 | 61,385 | 0.96 | 1.02 | 133 | |||||||||||||||||||||||
(0.77 | ) | 34.27 | 13.14 | 76,586 | 1.02 | 1.19 | 124 | (d) | ||||||||||||||||||||||
(3.04 | ) | 31.02 | 6.42 | 259,711 | 0.99 | 2.12 | 101 | |||||||||||||||||||||||
(2.84 | ) | 32.13 | (4.56 | ) | 465,080 | 0.98 | (c)(e) | 1.08 | (c)(e) | 73 | ||||||||||||||||||||
(1.57 | ) | 36.54 | (f) | 9.47 | (f) | 483,863 | 0.97 | 1.09 | 94 | |||||||||||||||||||||
(0.49 | ) | 34.91 | 25.49 | 319,778 | 0.96 | 1.67 | 81 | |||||||||||||||||||||||
$ | (4.08 | ) | $ | 28.29 | (0.16 | )% | $ | 51,434 | 1.73 | %(c) | 0.35 | %(c) | 68 | % | ||||||||||||||||
(6.08 | ) | 32.95 | 15.90 | 53,461 | 1.73 | 0.24 | 133 | |||||||||||||||||||||||
(0.65 | ) | 34.36 | 12.41 | 48,905 | 1.69 | 0.51 | 124 | (d) | ||||||||||||||||||||||
(2.73 | ) | 31.19 | 5.65 | 67,423 | 1.71 | 1.40 | 101 | |||||||||||||||||||||||
(2.57 | ) | 32.20 | (5.11 | ) | 101,326 | 1.71 | (c)(e) | 0.34 | (c)(e) | 73 | ||||||||||||||||||||
(1.31 | ) | 36.55 | (f) | 8.66 | (f) | 127,201 | 1.70 | 0.36 | 94 | |||||||||||||||||||||
(0.27 | ) | 34.93 | 24.55 | 113,799 | 1.70 | 0.94 | 81 | |||||||||||||||||||||||
$ | (4.33 | ) | $ | 29.06 | 0.12 | % | $ | 107 | 1.18 | %(c) | 0.91 | %(c) | 68 | % | ||||||||||||||||
(5.24 | ) | 33.92 | 16.59 | 98 | 1.17 | 0.81 | 133 | |||||||||||||||||||||||
(0.68 | ) | 34.19 | 12.79 | 114 | 1.42 | 0.82 | 124 | (d) | ||||||||||||||||||||||
(2.90 | ) | 30.97 | 5.95 | 1,145 | 1.43 | 1.73 | 101 | |||||||||||||||||||||||
(2.70 | ) | 32.08 | (4.82 | ) | 1,592 | 1.36 | (c)(e) | 0.70 | (c)(e) | 73 | ||||||||||||||||||||
(1.49 | ) | 36.45 | (f) | 9.10 | (f) | 1,440 | 1.30 | 0.74 | 94 | |||||||||||||||||||||
(0.28 | ) | 34.87 | 24.86 | 394 | 1.51 | 1.06 | 81 | |||||||||||||||||||||||
$ | (4.46 | ) | $ | 27.18 | 0.31 | % | $ | 107,772 | 0.74 | %(c) | 1.36 | %(c) | 68 | % | ||||||||||||||||
(6.71 | ) | 32.12 | 17.08 | 102,412 | 0.74 | 1.24 | 133 | |||||||||||||||||||||||
(0.98 | ) | 33.95 | 13.52 | 80,392 | 0.72 | 1.49 | 124 | (d) | ||||||||||||||||||||||
(3.22 | ) | 30.84 | 6.67 | 88,900 | 0.73 | 2.38 | 101 | |||||||||||||||||||||||
(2.92 | ) | 32.07 | (4.32 | ) | 160,998 | 0.69 | (c)(e) | 1.36 | (c)(e) | 73 | ||||||||||||||||||||
(1.64 | ) | 36.47 | (f) | 9.71 | (f) | 224,860 | 0.74 | 1.32 | 94 | |||||||||||||||||||||
(0.54 | ) | 34.84 | 25.76 | 251,377 | 0.75 | 1.96 | 81 | |||||||||||||||||||||||
$ | (4.46 | ) | $ | 27.48 | 0.37 | % | $ | 312,168 | 0.71 | %(c) | 1.37 | %(c) | 68 | % | ||||||||||||||||
(6.40 | ) | 32.41 | 17.10 | 332,874 | 0.71 | 1.27 | 133 | |||||||||||||||||||||||
(0.97 | ) | 33.89 | 13.58 | 322,732 | 0.68 | 1.54 | 124 | (d) | ||||||||||||||||||||||
(3.26 | ) | 30.76 | 6.73 | 1,089,974 | 0.67 | 2.47 | 101 | |||||||||||||||||||||||
(2.94 | ) | 32.02 | (4.27 | ) | 1,428,098 | 0.66 | (c)(e) | 1.40 | (c)(e) | 73 | ||||||||||||||||||||
(1.67 | ) | 36.42 | (f) | 9.79 | (f) | 1,781,193 | 0.65 | 1.41 | 94 | |||||||||||||||||||||
(0.56 | ) | 34.80 | 25.88 | 1,583,824 | 0.65 | 1.93 | 81 | |||||||||||||||||||||||
$ | (4.31 | ) | $ | 27.65 | 0.19 | % | $ | 512 | 0.94 | %(c) | 1.09 | %(c) | 68 | % | ||||||||||||||||
(6.49 | ) | 32.46 | 16.88 | 997 | 0.93 | 1.05 | 133 | |||||||||||||||||||||||
(0.92 | ) | 34.08 | 13.30 | 1,240 | 0.89 | 1.32 | 124 | (d) | ||||||||||||||||||||||
(3.13 | ) | 30.96 | 6.52 | 1,428 | 0.90 | 2.20 | 101 | |||||||||||||||||||||||
(2.85 | ) | 32.14 | (4.49 | ) | 1,998 | 0.89 | (c)(e) | 1.15 | (c)(e) | 73 | ||||||||||||||||||||
(1.52 | ) | 36.54 | (f) | 9.57 | (f) | 3,783 | 0.89 | 1.22 | 94 | |||||||||||||||||||||
(0.48 | ) | 34.84 | 25.55 | 12,951 | 0.90 | 1.65 | 81 |
(c) | Annualized, unless otherwise noted. |
(d) | Portfolio turnover rate excludes securities received or delivered fromin-kind fund share transactions. |
(e) | Certain expenses incurred by the Fund were not annualized. |
(f) | Payments from Affiliates increased the end of period net asset value and total return by less than $0.01 and 0.01%, respectively. |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 277 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:^
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 | |||||||||||||||||||||||
AllianzGI Core Bond: | ||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
3/31/2019† | $ | 14.91 | $ | 0.23 | $ | 0.51 | $ | 0.74 | $ | (0.24 | ) | $ | 15.41 | |||||||||||||||
5/30/2018* - 9/30/2018 | 15.00 | 0.14 | (0.12 | ) | 0.02 | (0.11 | ) | 14.91 | ||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 14.91 | $ | 0.23 | $ | 0.51 | $ | 0.74 | $ | (0.25 | ) | $ | 15.40 | |||||||||||||||
5/30/2018* - 9/30/2018 | 15.00 | 0.14 | (0.12 | ) | 0.02 | (0.11 | ) | 14.91 | ||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
3/31/2019† | $ | 14.91 | $ | 0.23 | $ | 0.51 | $ | 0.74 | $ | (0.25 | ) | $ | 15.40 | |||||||||||||||
5/30/2018* - 9/30/2018 | 15.00 | 0.14 | (0.12 | ) | 0.02 | (0.11 | ) | 14.91 | ||||||||||||||||||||
AllianzGI Core Plus Bond: | ||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
3/31/2019† | $ | 14.92 | $ | 0.22 | $ | 0.48 | $ | 0.70 | $ | (0.23 | ) | $ | 15.39 | |||||||||||||||
5/30/2018* - 9/30/2018 | 15.00 | 0.14 | (0.11 | ) | 0.03 | (0.11 | ) | 14.92 | ||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 14.92 | $ | 0.23 | $ | 0.47 | $ | 0.70 | $ | (0.23 | ) | $ | 15.39 | |||||||||||||||
5/30/2018* - 9/30/2018 | 15.00 | 0.14 | (0.11 | ) | 0.03 | (0.11 | ) | 14.92 | ||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
3/31/2019† | $ | 14.92 | $ | 0.23 | $ | 0.48 | $ | 0.71 | $ | (0.24 | ) | $ | 15.39 | |||||||||||||||
5/30/2018* - 9/30/2018 | 15.00 | 0.15 | (0.12 | ) | 0.03 | (0.11 | ) | 14.92 |
^ | 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. |
278 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Total Return (b) | Net Assets, End of Period (000s) | Ratio of Reimbursement (c)(d) | Ratio of Reimbursement (c)(d) | Ratio of Net Net Assets (c)(d) | Portfolio Turnover Rate | |||||||||||||||||||||
5.01 | % | $ | 11 | 0.30 | % | 1.05 | % | 3.02 | % | 464 | % | |||||||||||||||
0.11 | 10 | 0.30 | 1.45 | 2.71 | 305 | |||||||||||||||||||||
5.00 | % | $ | 42 | 0.25 | % | 3.48 | % | 3.14 | % | 464 | % | |||||||||||||||
0.13 | 10 | 0.25 | 1.45 | 2.76 | 305 | |||||||||||||||||||||
5.05 | % | $ | 31,940 | 0.20 | % | 1.09 | % | 3.12 | % | 464 | % | |||||||||||||||
0.15 | 29,356 | 0.20 | 1.47 | 2.83 | 305 | |||||||||||||||||||||
4.72 | % | $ | 11 | 0.35 | % | 0.94 | % | 3.01 | % | 463 | % | |||||||||||||||
0.18 | 10 | 0.35 | 1.19 | 2.81 | 302 | |||||||||||||||||||||
4.77 | % | $ | 10 | 0.30 | % | 0.94 | % | 3.06 | % | 463 | % | |||||||||||||||
0.20 | 10 | 0.30 | 1.19 | 2.86 | 302 | |||||||||||||||||||||
4.83 | % | $ | 42,527 | 0.25 | % | 0.94 | % | 3.11 | % | 463 | % | |||||||||||||||
0.22 | 40,075 | 0.25 | 1.19 | 2.91 | 302 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 279 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:^
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 | |||||||||||||||||||||||
AllianzGI Emerging Markets Consumer: | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
3/31/2019† | $ | 13.88 | $ | — | $ | (0.04 | ) | $ | (0.04 | ) | $ | (0.04 | ) | $ | — | |||||||||||||
9/30/2018 | 15.76 | 0.11 | (1.11 | ) | (1.00 | ) | (0.26 | ) | (0.62 | ) | ||||||||||||||||||
9/30/2017 | 13.60 | 0.21 | 2.07 | 2.28 | (0.12 | ) | — | |||||||||||||||||||||
9/30/2016 | 12.24 | 0.11 | 1.31 | 1.42 | (0.06 | ) | — | |||||||||||||||||||||
12/1/2014* - 9/30/2015# | 15.00 | 0.13 | (2.89 | ) | (2.76 | ) | — | — | ||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 14.05 | $ | 0.02 | $ | (0.06 | ) | $ | (0.04 | ) | $ | (0.23 | ) | $ | — | |||||||||||||
9/30/2018 | 15.86 | 0.21 | (1.17 | ) | (0.96 | ) | (0.23 | ) | (0.62 | ) | ||||||||||||||||||
9/30/2017 | 13.68 | 0.22 | 2.11 | 2.33 | (0.15 | ) | — | |||||||||||||||||||||
9/30/2016 | 12.28 | 0.19 | 1.28 | 1.47 | (0.07 | ) | — | |||||||||||||||||||||
12/1/2014* - 9/30/2015# | 15.00 | 0.13 | (2.85 | ) | (2.72 | ) | — | — | ||||||||||||||||||||
AllianzGI Emerging Markets Debt: | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
3/31/2019† | $ | 13.35 | $ | 0.28 | $ | 0.39 | $ | 0.67 | $ | (0.22 | ) | $ | — | |||||||||||||||
9/30/2018 | 14.87 | 0.71 | (1.52 | ) | (0.81 | ) | (0.60 | ) | (0.11 | ) | ||||||||||||||||||
9/30/2017 | 14.89 | 0.75 | 0.16 | 0.91 | (0.91 | ) | (0.02 | ) | ||||||||||||||||||||
9/30/2016 | 13.51 | 0.71 | 1.32 | 2.03 | (0.65 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 14.92 | 0.47 | (1.35 | ) | (0.88 | ) | (0.53 | ) | — | |||||||||||||||||||
9/15/2014* - 11/30/2014 | 15.00 | 0.11 | (0.19 | ) | (0.08 | ) | — | — | ||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
3/31/2019† | $ | 13.48 | $ | 0.23 | $ | 0.38 | $ | 0.61 | $ | (0.20 | ) | $ | — | |||||||||||||||
9/30/2018 | 14.95 | 0.64 | (1.56 | ) | (0.92 | ) | (0.44 | ) | (0.11 | ) | ||||||||||||||||||
9/30/2017 | 14.96 | 0.64 | 0.17 | 0.81 | (0.80 | ) | (0.02 | ) | ||||||||||||||||||||
9/30/2016 | 13.51 | 0.61 | 1.32 | 1.93 | (0.48 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 14.90 | 0.39 | (1.36 | ) | (0.97 | ) | (0.42 | ) | — | |||||||||||||||||||
9/15/2014* - 11/30/2014 | 15.00 | 0.09 | (0.19 | ) | (0.10 | ) | — | — | ||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
3/31/2019† | $ | 13.24 | $ | 0.29 | $ | 0.38 | $ | 0.67 | $ | (0.36 | ) | $ | — | |||||||||||||||
9/30/2018 | 14.84 | 0.75 | (1.53 | ) | (0.78 | ) | (0.71 | ) | (0.11 | ) | ||||||||||||||||||
9/30/2017 | 14.90 | 0.77 | 0.16 | 0.93 | (0.97 | ) | (0.02 | ) | ||||||||||||||||||||
9/30/2016 | 13.51 | 0.70 | 1.35 | 2.05 | (0.66 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 14.92 | 0.49 | (1.34 | ) | (0.85 | ) | (0.56 | ) | — | |||||||||||||||||||
9/15/2014* - 11/30/2014 | 15.00 | 0.12 | (0.20 | ) | (0.08 | ) | — | — | ||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 13.23 | $ | 0.30 | $ | 0.37 | $ | 0.67 | $ | (0.31 | ) | $ | — | |||||||||||||||
9/30/2018 | 14.83 | 0.77 | (1.55 | ) | (0.78 | ) | (0.71 | ) | (0.11 | ) | ||||||||||||||||||
9/30/2017 | 14.88 | 0.79 | 0.16 | 0.95 | (0.98 | ) | (0.02 | ) | ||||||||||||||||||||
9/30/2016 | 13.51 | 0.72 | 1.34 | 2.06 | (0.69 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 14.93 | 0.50 | (1.35 | ) | (0.85 | ) | (0.57 | ) | — | |||||||||||||||||||
9/15/2014* - 11/30/2014 | 15.00 | 0.12 | (0.19 | ) | (0.07 | ) | — | — |
^ | A — may reflect actual amounts rounding to less than $0.01 or 0.01%. |
† | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
* | Commencement of operations. |
(a) | Calculated on average shares outstanding during the period. |
280 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
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 | |||||||||||||||||||||||||||
$ | (0.04 | ) | $ | 13.80 | (0.25 | )% | $ | 64 | 1.55 | %(c) | 1.97 | %(c) | (0.05 | )%(c) | 59 | % | ||||||||||||||||||
(0.88 | ) | 13.88 | (7.04 | ) | 69 | 1.55 | 1.78 | 0.68 | 115 | |||||||||||||||||||||||||
(0.12 | ) | 15.76 | 16.97 | 155 | 1.55 | 16.84 | 1.47 | 122 | ||||||||||||||||||||||||||
(0.06 | ) | 13.60 | 11.67 | 48 | 1.58 | 38.88 | 0.90 | 91 | ||||||||||||||||||||||||||
— | 12.24 | (18.40 | ) | 37 | 1.65 | (c)(d) | 9.30 | (c)(d) | 1.15 | (c)(d) | 77 | |||||||||||||||||||||||
$ | (0.23 | ) | $ | 13.78 | (0.09 | )% | $ | 40,483 | 1.20 | %(c) | 1.56 | %(c) | 0.31 | %(c) | 59 | % | ||||||||||||||||||
(0.85 | ) | 14.05 | (6.69 | ) | 43,333 | 1.20 | 1.37 | 1.36 | 115 | |||||||||||||||||||||||||
(0.15 | ) | 15.86 | 17.37 | 43,487 | 1.20 | 1.64 | 1.55 | 122 | ||||||||||||||||||||||||||
(0.07 | ) | 13.68 | 12.06 | 44,630 | 1.22 | 2.04 | 1.49 | 91 | ||||||||||||||||||||||||||
— | 12.28 | (18.13 | ) | 15,591 | 1.30 | (c)(d) | 3.55 | (c)(d) | 1.14 | (c)(d) | 77 | |||||||||||||||||||||||
$ | (0.22 | ) | $ | 13.80 | 5.02 | % | $ | 124 | 1.05 | %(c) | 2.21 | %(c) | 4.23 | %(c) | 66 | % | ||||||||||||||||||
(0.71 | ) | 13.35 | (5.62 | ) | 135 | 1.20 | 1.89 | 4.89 | 127 | |||||||||||||||||||||||||
(0.93 | ) | 14.87 | 6.41 | 140 | 1.20 | 1.66 | 5.05 | 118 | ||||||||||||||||||||||||||
(0.65 | ) | 14.89 | 15.39 | 175 | 1.20 | 1.68 | 5.01 | 123 | ||||||||||||||||||||||||||
(0.53 | ) | 13.51 | (6.00 | ) | 9 | 1.23 | (c)(d) | 2.32 | (c)(d) | 3.97 | (c)(d) | 125 | ||||||||||||||||||||||
— | 14.92 | (0.53 | ) | 10 | 1.20 | (c) | 2.51 | (c) | 3.65 | (c) | 27 | |||||||||||||||||||||||
$ | (0.20 | ) | $ | 13.89 | 4.53 | % | $ | 13 | 1.80 | %(c) | 2.96 | %(c) | 3.43 | %(c) | 66 | % | ||||||||||||||||||
(0.55 | ) | 13.48 | (6.30 | ) | 46 | 1.95 | 2.68 | 4.41 | 127 | |||||||||||||||||||||||||
(0.82 | ) | 14.95 | 5.64 | 113 | 1.95 | 2.41 | 4.33 | 118 | ||||||||||||||||||||||||||
(0.48 | ) | 14.96 | 14.56 | 109 | 1.95 | 2.34 | 4.28 | 123 | ||||||||||||||||||||||||||
(0.42 | ) | 13.51 | (6.61 | ) | 9 | 1.98 | (c)(d) | 3.06 | (c)(d) | 3.23 | (c)(d) | 125 | ||||||||||||||||||||||
— | 14.90 | (0.67 | ) | 10 | 1.95 | (c) | 3.25 | (c) | 2.90 | (c) | 27 | |||||||||||||||||||||||
$ | (0.36 | ) | $ | 13.55 | 5.12 | % | $ | 11 | 0.90 | %(c) | 1.91 | %(c) | 4.40 | %(c) | 66 | % | ||||||||||||||||||
(0.82 | ) | 13.24 | (5.44 | ) | 11 | 1.04 | 1.68 | 5.27 | 127 | |||||||||||||||||||||||||
(0.99 | ) | 14.84 | 6.55 | 12 | 1.05 | 1.34 | 5.26 | 118 | ||||||||||||||||||||||||||
(0.66 | ) | 14.90 | 15.57 | 11 | 1.05 | 1.40 | 5.02 | 123 | ||||||||||||||||||||||||||
(0.56 | ) | 13.51 | (5.86 | ) | 10 | 1.08 | (c)(d) | 2.06 | (c)(d) | 4.12 | (c)(d) | 125 | ||||||||||||||||||||||
— | 14.92 | (0.53 | ) | 10 | 1.05 | (c) | 2.25 | (c) | 3.80 | (c) | 27 | |||||||||||||||||||||||
$ | (0.31 | ) | $ | 13.59 | 5.15 | % | $ | 19,838 | 0.80 | %(c) | 1.90 | %(c) | 4.50 | %(c) | 66 | % | ||||||||||||||||||
(0.82 | ) | 13.23 | (5.40 | ) | 18,321 | 0.95 | 1.61 | 5.34 | 127 | |||||||||||||||||||||||||
(1.00 | ) | 14.83 | 6.73 | 36,313 | 0.95 | 1.35 | 5.35 | 118 | ||||||||||||||||||||||||||
(0.69 | ) | 14.88 | 15.67 | 43,318 | 0.95 | 1.40 | 5.15 | 123 | ||||||||||||||||||||||||||
(0.57 | ) | 13.51 | (5.82 | ) | 28,557 | 0.97 | (c)(d) | 2.07 | (c)(d) | 4.22 | (c)(d) | 125 | ||||||||||||||||||||||
— | 14.93 | (0.47 | ) | 29,856 | 0.95 | (c) | 2.28 | (c) | 3.91 | (c) | 27 |
(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. |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 281 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:^
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 | |||||||||||||||||||||||
AllianzGI Emerging MarketsSmall-Cap: | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
3/31/2019† | $ | 16.61 | $ | — | $ | 0.41 | $ | 0.41 | $ | (0.10 | ) | $ | (0.63 | ) | ||||||||||||||
9/30/2018 | 18.36 | 0.16 | (0.59 | ) | (0.43 | ) | (0.85 | ) | (0.47 | ) | ||||||||||||||||||
9/30/2017 | 15.15 | 0.23 | 2.98 | 3.21 | — | — | ||||||||||||||||||||||
9/30/2016 | 14.04 | 0.16 | 1.16 | 1.32 | (0.21 | ) | — | |||||||||||||||||||||
12/1/2014* - 9/30/2015# | 15.00 | 0.26 | (1.22 | ) | (0.96 | ) | — | — | ||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 16.45 | $ | 0.03 | $ | 0.39 | $ | 0.42 | $ | (0.26 | ) | $ | (0.63 | ) | ||||||||||||||
9/30/2018 | 18.04 | 0.26 | (0.62 | ) | (0.36 | ) | (0.76 | ) | (0.47 | ) | ||||||||||||||||||
9/30/2017 | 15.30 | 0.24 | 2.95 | 3.19 | (0.45 | ) | — | |||||||||||||||||||||
9/30/2016 | 14.08 | 0.30 | 1.06 | 1.36 | (0.14 | ) | — | |||||||||||||||||||||
12/1/2014* - 9/30/2015# | 15.00 | 0.22 | (1.14 | ) | (0.92 | ) | — | — | ||||||||||||||||||||
AllianzGI Floating Rate Note: | ||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
3/31/2019† | $ | 14.95 | $ | 0.15 | $ | — | $ | 0.15 | $ | (0.19 | ) | $ | (0.16 | ) | ||||||||||||||
12/27/2017* - 9/30/2018 | 15.00 | 0.20 | (0.02 | ) | 0.18 | (0.23 | ) | — | ||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 14.95 | $ | 0.16 | $ | — | $ | 0.16 | $ | (0.22 | ) | $ | (0.16 | ) | ||||||||||||||
12/27/2017* - 9/30/2018 | 15.00 | 0.21 | (0.02 | ) | 0.19 | (0.24 | ) | — |
^ | A — may reflect actual amounts rounding to less than $0.01 or 0.01%. |
† | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
* | 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 (“NAV”) and total return by $0.01 and 0.06%, respectively, for Class A and $0.01 and 0.05%, respectively, for Institutional Class. If the Affiliates had not made these payments, the end of year NAV and total return would have been $16.60 and (2.78)%, respectively, for Class A and $16.44 and (2.43)%, respectively, for Institutional Class. |
(e) | Certain expenses incurred by the Fund were not annualized. |
282 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
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 | |||||||||||||||||||||||||||
$ | (0.73 | ) | $ | 16.29 | 3.02 | % | $ | 108 | 1.85 | %(c) | 4.12 | %(c) | 0.05 | %(c) | 37 | % | ||||||||||||||||||
(1.32 | ) | 16.61 | (d) | (2.72 | )(d) | 135 | 1.85 | 3.71 | 0.90 | 119 | ||||||||||||||||||||||||
— | 18.36 | 21.19 | 204 | 1.85 | 15.72 | 1.39 | 121 | |||||||||||||||||||||||||||
(0.21 | ) | 15.15 | 9.54 | 67 | 1.85 | 6.84 | 1.14 | 147 | ||||||||||||||||||||||||||
— | 14.04 | (6.39 | ) | 621 | 1.85 | (c)(e) | 9.40 | (c)(e) | 2.12 | (c)(e) | 103 | |||||||||||||||||||||||
$ | (0.89 | ) | $ | 15.98 | 3.23 | % | $ | 9,586 | 1.50 | %(c) | 3.79 | %(c) | 0.42 | %(c) | 37 | % | ||||||||||||||||||
(1.23 | ) | 16.45 | (d) | (2.38 | )(d) | 10,030 | 1.50 | 3.05 | 1.46 | 119 | ||||||||||||||||||||||||
(0.45 | ) | 18.04 | 21.69 | 11,251 | 1.50 | 3.38 | 1.47 | 121 | ||||||||||||||||||||||||||
(0.14 | ) | 15.30 | 9.80 | 13,367 | 1.50 | 4.72 | 2.08 | 147 | ||||||||||||||||||||||||||
— | 14.08 | (6.11 | ) | 7,921 | 1.50 | (c)(e) | 7.77 | (c)(e) | 1.78 | (c)(e) | 103 | |||||||||||||||||||||||
$ | (0.35 | ) | $ | 14.75 | 1.04 | % | $ | 10 | 0.60 | %(c)(e) | 1.94 | %(c)(e) | 2.06 | %(c)(e) | 118 | % | ||||||||||||||||||
(0.23 | ) | 14.95 | 1.18 | 10 | 0.68 | (c)(e) | 3.39 | (c)(e) | 1.75 | (c)(e) | 39 | |||||||||||||||||||||||
$ | (0.38 | ) | $ | 14.73 | 1.11 | % | $ | 14,853 | 0.50 | %(c)(e) | 1.96 | %(c)(e) | 2.16 | %(c)(e) | 118 | % | ||||||||||||||||||
(0.24 | ) | 14.95 | 1.25 | 15,237 | 0.58 | (c)(e) | 3.26 | (c)(e) | 1.88 | (c)(e) | 39 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 283 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:^
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 | |||||||||||||||||||||||
AllianzGI Global Dynamic Allocation: | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
3/31/2019† | $ | 20.19 | $ | 0.16 | $ | (0.73 | ) | $ | (0.57 | ) | $ | (0.36 | ) | $ | (0.48 | ) | ||||||||||||
9/30/2018 | 20.52 | 0.28 | 0.32 | 0.60 | (0.21 | ) | (0.72 | ) | ||||||||||||||||||||
9/30/2017 | 18.32 | 0.20 | 2.00 | 2.20 | — | — | ||||||||||||||||||||||
9/30/2016 | 17.99 | 0.17 | 0.66 | 0.83 | (0.22 | ) | (0.28 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 21.93 | 0.39 | (1.43 | ) | (1.04 | ) | (0.81 | ) | (2.09 | ) | ||||||||||||||||||
11/30/2014 | 24.70 | 0.44 | 0.31 | 0.75 | (0.66 | ) | (2.86 | ) | ||||||||||||||||||||
11/30/2013 | 22.04 | 0.42 | 3.07 | 3.49 | (0.61 | ) | (0.22 | ) | ||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
3/31/2019† | $ | 19.56 | $ | 0.09 | $ | (0.68 | ) | $ | (0.59 | ) | $ | — | $ | (0.48 | ) | |||||||||||||
9/30/2018 | 20.05 | 0.12 | 0.31 | 0.43 | (0.20 | ) | (0.72 | ) | ||||||||||||||||||||
9/30/2017 | 18.05 | 0.08 | 1.92 | 2.00 | — | — | ||||||||||||||||||||||
9/30/2016 | 17.63 | 0.08 | 0.62 | 0.70 | — | (0.28 | ) | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 21.52 | 0.30 | (1.45 | ) | (1.15 | ) | (0.65 | ) | (2.09 | ) | ||||||||||||||||||
11/30/2014 | 24.28 | 0.25 | 0.32 | 0.57 | (0.47 | ) | (2.86 | ) | ||||||||||||||||||||
11/30/2013 | 21.71 | 0.30 | 2.97 | 3.27 | (0.48 | ) | (0.22 | ) | ||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||
3/31/2019† | $ | 19.97 | $ | 0.12 | $ | (0.70 | ) | $ | (0.58 | ) | $ | (0.20 | ) | $ | (0.48 | ) | ||||||||||||
9/30/2018 | 20.35 | 0.21 | 0.30 | 0.51 | (0.17 | ) | (0.72 | ) | ||||||||||||||||||||
9/30/2017 | 18.23 | 0.16 | 1.96 | 2.12 | — | — | ||||||||||||||||||||||
9/30/2016 | 17.84 | 0.16 | 0.63 | 0.79 | (0.12 | ) | (0.28 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 21.79 | 0.36 | (1.45 | ) | (1.09 | ) | (0.77 | ) | (2.09 | ) | ||||||||||||||||||
11/30/2014 | 24.62 | 0.40 | 0.30 | 0.70 | (0.67 | ) | (2.86 | ) | ||||||||||||||||||||
11/30/2013 | 21.90 | 0.23 | 3.20 | 3.43 | (0.49 | ) | (0.22 | ) | ||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
3/31/2019† | $ | 20.07 | $ | 0.18 | $ | (0.72 | ) | $ | (0.54 | ) | $ | (0.40 | ) | $ | (0.48 | ) | ||||||||||||
9/30/2018 | 20.48 | 0.32 | 0.31 | 0.63 | (0.32 | ) | (0.72 | ) | ||||||||||||||||||||
9/30/2017 | 18.36 | 0.28 | 1.94 | 2.22 | (0.10 | ) | — | |||||||||||||||||||||
9/30/2016 | 17.97 | 0.16 | 0.71 | 0.87 | (0.20 | ) | (0.28 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 21.94 | 0.40 | (1.42 | ) | (1.02 | ) | (0.86 | ) | (2.09 | ) | ||||||||||||||||||
11/30/2014 | 24.71 | 0.46 | 0.33 | 0.79 | (0.70 | ) | (2.86 | ) | ||||||||||||||||||||
11/30/2013 | 22.08 | 0.38 | 3.14 | 3.52 | (0.67 | ) | (0.22 | ) | ||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 20.22 | $ | 0.19 | $ | (0.71 | ) | $ | (0.52 | ) | $ | (0.18 | ) | $ | (0.48 | ) | ||||||||||||
9/30/2018 | 20.61 | 0.34 | 0.32 | 0.66 | (0.33 | ) | (0.72 | ) | ||||||||||||||||||||
9/30/2017 | 18.37 | 0.27 | 1.98 | 2.25 | (0.01 | ) | — | |||||||||||||||||||||
9/30/2016 | 18.02 | 0.23 | 0.65 | 0.88 | (0.25 | ) | (0.28 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 22.00 | 0.36 | (1.37 | ) | (1.01 | ) | (0.88 | ) | (2.09 | ) | ||||||||||||||||||
11/30/2014 | 24.74 | 0.48 | 0.34 | 0.82 | (0.70 | ) | (2.86 | ) | ||||||||||||||||||||
11/30/2013 | 22.10 | 0.56 | 2.99 | 3.55 | (0.69 | ) | (0.22 | ) | ||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
3/31/2019† | $ | 20.15 | $ | 0.19 | $ | (0.73 | ) | $ | (0.54 | ) | $ | (0.40 | ) | $ | (0.48 | ) | ||||||||||||
9/30/2018 | 20.56 | 0.34 | 0.32 | 0.66 | (0.35 | ) | (0.72 | ) | ||||||||||||||||||||
9/30/2017 | 18.38 | 0.28 | 1.99 | 2.27 | (0.09 | ) | — | |||||||||||||||||||||
2/1/2016* - 9/30/2016 | 17.30 | 0.09 | 0.99 | 1.08 | — | — | ||||||||||||||||||||||
Administrative Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 20.15 | $ | 0.17 | $ | (0.74 | ) | $ | (0.57 | ) | $ | (0.37 | ) | $ | (0.48 | ) | ||||||||||||
9/30/2018 | 20.55 | 0.29 | 0.32 | 0.61 | (0.29 | ) | (0.72 | ) | ||||||||||||||||||||
9/30/2017 | 18.35 | 0.23 | 1.97 | 2.20 | — | — | ||||||||||||||||||||||
9/30/2016 | 17.93 | 0.21 | 0.63 | 0.84 | (0.14 | ) | (0.28 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 21.90 | 0.42 | (1.46 | ) | (1.04 | ) | (0.84 | ) | (2.09 | ) | ||||||||||||||||||
11/30/2014 | 24.67 | 0.42 | 0.33 | 0.75 | (0.66 | ) | (2.86 | ) | ||||||||||||||||||||
11/30/2013 | 22.04 | 0.48 | 3.01 | 3.49 | (0.64 | ) | (0.22 | ) |
^ | A — may reflect actual amounts rounding to less than $0.01 or 0.01%. |
† | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
* | Commencement of operations. |
(a) | Calculated on average shares outstanding during the period. |
284 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
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 | ||||||||||||||||||||||||||
$ | (0.84 | ) | $ | 18.78 | (2.49 | )% | $ | 1,910 | 0.97 | %(d) | 1.31 | %(d) | 1.77 | %(d) | 81 | % | ||||||||||||||||||
(0.93 | ) | 20.19 | 2.93 | 2,015 | 0.97 | 1.25 | 1.37 | 152 | ||||||||||||||||||||||||||
— | 20.52 | 12.01 | 2,421 | 1.02 | 1.35 | 1.05 | 192 | |||||||||||||||||||||||||||
(0.50 | ) | 18.32 | 4.69 | 5,198 | 0.76 | 1.73 | 0.96 | 79 | ||||||||||||||||||||||||||
(2.90 | ) | 17.99 | (5.30 | ) | 1,324 | 0.63 | (d)(e) | 4.38 | (d)(e) | 2.46 | (d)(e) | 121 | ||||||||||||||||||||||
(3.52 | ) | 21.93 | 3.40 | 1,042 | 0.40 | 4.53 | 2.00 | 62 | ||||||||||||||||||||||||||
(0.83 | ) | 24.70 | 16.42 | 1,344 | 0.40 | 3.84 | 1.82 | 101 | ||||||||||||||||||||||||||
$ | (0.48 | ) | $ | 18.49 | (2.84 | )% | $ | 681 | 1.74 | %(d) | 2.14 | %(d) | 0.97 | %(d) | 81 | % | ||||||||||||||||||
(0.92 | ) | 19.56 | 2.09 | 1,195 | 1.74 | 2.01 | 0.61 | 152 | ||||||||||||||||||||||||||
— | 20.05 | 11.08 | 1,325 | 1.77 | 2.08 | 0.42 | 192 | |||||||||||||||||||||||||||
(0.28 | ) | 18.05 | 4.02 | 1,029 | 1.49 | 2.69 | 0.45 | 79 | ||||||||||||||||||||||||||
(2.74 | ) | 17.63 | (5.95 | ) | 1,194 | 1.37 | (d)(e) | 5.05 | (d)(e) | 1.90 | (d)(e) | 121 | ||||||||||||||||||||||
(3.33 | ) | 21.52 | 2.57 | 1,346 | 1.18 | 5.31 | 1.16 | 62 | ||||||||||||||||||||||||||
(0.70 | ) | 24.28 | 15.52 | 1,455 | 1.18 | 4.53 | 1.33 | 101 | ||||||||||||||||||||||||||
$ | (0.68 | ) | $ | 18.71 | (2.63 | )% | $ | 113 | 1.34 | %(d) | 1.72 | %(d) | 1.34 | %(d) | 81 | % | ||||||||||||||||||
(0.89 | ) | 19.97 | 2.49 | 160 | 1.34 | 1.58 | 1.05 | 152 | ||||||||||||||||||||||||||
— | 20.35 | 11.63 | 137 | 1.35 | 1.70 | 0.84 | 192 | |||||||||||||||||||||||||||
(0.40 | ) | 18.23 | 4.50 | 159 | 1.01 | 2.25 | 0.90 | 79 | ||||||||||||||||||||||||||
(2.86 | ) | 17.84 | (5.55 | ) | 152 | 0.87 | (d)(e) | 4.80 | (d)(e) | 2.27 | (d)(e) | 121 | ||||||||||||||||||||||
(3.53 | ) | 21.79 | 3.17 | 145 | 0.63 | 4.99 | 1.79 | 62 | ||||||||||||||||||||||||||
(0.71 | ) | 24.62 | 16.13 | 111 | 0.63 | 4.28 | 1.00 | 101 | ||||||||||||||||||||||||||
$ | (0.88 | ) | $ | 18.65 | (2.35 | )% | $ | 11,267 | 0.80 | %(d) | 1.09 | %(d) | 1.94 | %(d) | 81 | % | ||||||||||||||||||
(1.04 | ) | 20.07 | 3.08 | 13,436 | 0.80 | 1.03 | 1.58 | 152 | ||||||||||||||||||||||||||
(0.10 | ) | 20.48 | 12.18 | 12,730 | 0.82 | 1.11 | 1.44 | 192 | ||||||||||||||||||||||||||
(0.48 | ) | 18.36 | 4.89 | 186 | 0.61 | 1.47 | 0.90 | 79 | ||||||||||||||||||||||||||
(2.95 | ) | 17.97 | (5.19 | ) | 53 | 0.47 | (d)(e) | 4.07 | (d)(e) | 2.53 | (d)(e) | 121 | ||||||||||||||||||||||
(3.56 | ) | 21.94 | 3.57 | 43 | 0.23 | 4.40 | 2.06 | 62 | ||||||||||||||||||||||||||
(0.89 | ) | 24.71 | 16.62 | 41 | 0.23 | 3.76 | 1.65 | 101 | ||||||||||||||||||||||||||
$ | (0.66 | ) | $ | 19.04 | (2.33 | )% | $ | 10,460 | 0.70 | %(d) | 1.06 | %(d) | 2.02 | %(d) | 81 | % | ||||||||||||||||||
(1.05 | ) | 20.22 | 3.18 | 13,225 | 0.70 | 0.94 | 1.65 | 152 | ||||||||||||||||||||||||||
(0.01 | ) | 20.61 | 12.27 | 31,783 | 0.75 | 1.03 | 1.42 | 192 | ||||||||||||||||||||||||||
(0.53 | ) | 18.37 | 4.98 | 37,722 | 0.51 | 1.45 | 1.27 | 79 | ||||||||||||||||||||||||||
(2.97 | ) | 18.02 | (5.12 | ) | 4,714 | 0.39 | (d)(e) | 4.10 | (d)(e) | 2.27 | (d)(e) | 121 | ||||||||||||||||||||||
(3.56 | ) | 22.00 | 3.69 | 3,401 | 0.13 | 4.30 | 2.16 | 62 | ||||||||||||||||||||||||||
(0.91 | ) | 24.74 | 16.71 | 3,296 | 0.13 | 3.48 | 2.43 | 101 | ||||||||||||||||||||||||||
$ | (0.88 | ) | $ | 18.73 | (2.35 | )% | $ | 189,900 | 0.70 | %(d) | 0.99 | %(d) | 2.05 | %(d) | 81 | % | ||||||||||||||||||
(1.07 | ) | 20.15 | 3.19 | 192,375 | 0.70 | 0.91 | 1.67 | 152 | ||||||||||||||||||||||||||
(0.09 | ) | 20.56 | 12.39 | 231,584 | 0.70 | 0.99 | 1.49 | 192 | ||||||||||||||||||||||||||
— | 18.38 | 6.24 | 9,029 | 0.36 | (d) | 1.36 | (d) | 0.77 | (d) | 79 | ||||||||||||||||||||||||
$ | (0.85 | ) | $ | 18.73 | (2.50 | )% | $ | 23 | 0.95 | %(d) | 1.24 | %(d) | 1.80 | %(d) | 81 | % | ||||||||||||||||||
(1.01 | ) | 20.15 | 2.93 | 23 | 0.96 | 1.17 | 1.42 | 152 | ||||||||||||||||||||||||||
— | 20.55 | 11.99 | 23 | 1.00 | 1.25 | 1.18 | 192 | |||||||||||||||||||||||||||
(0.42 | ) | 18.35 | 4.73 | 20 | 0.76 | 1.89 | 1.15 | 79 | ||||||||||||||||||||||||||
(2.93 | ) | 17.93 | (5.29 | ) | 19 | 0.61 | (d)(e) | 4.29 | (d)(e) | 2.64 | (d)(e) | 121 | ||||||||||||||||||||||
(3.52 | ) | 21.90 | 3.38 | 26 | 0.38 | 4.55 | 1.90 | 62 | ||||||||||||||||||||||||||
(0.86 | ) | 24.67 | 16.48 | 20 | 0.38 | 3.79 | 2.09 | 101 |
(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) | Certain expenses incurred by the Fund were not annualized. |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 285 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:^
Net Asset | 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 | |||||||||||||||||||||||
AllianzGI Global High Yield: | ||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
3/31/2019† | $ | 14.84 | $ | 0.32 | $ | 0.06 | $ | 0.38 | $ | (0.55 | ) | $ | — | |||||||||||||||
9/30/2018 | 15.36 | 0.67 | (0.48 | ) | 0.19 | (0.71 | ) | — | ||||||||||||||||||||
5/3/2017* - 9/30/2017 | 15.00 | 0.26 | 0.18 | 0.44 | (0.08 | ) | — | |||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 14.83 | $ | 0.33 | $ | 0.07 | $ | 0.40 | $ | (0.57 | ) | $ | — | |||||||||||||||
9/30/2018 | 15.36 | 0.68 | (0.48 | ) | 0.20 | (0.73 | ) | — | ||||||||||||||||||||
5/3/2017* - 9/30/2017 | 15.00 | 0.27 | 0.17 | 0.44 | (0.08 | ) | — | |||||||||||||||||||||
AllianzGI Global Sustainability: | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
3/31/2019† | $ | 19.46 | $ | 0.06 | $ | (0.79 | ) | $ | (0.73 | ) | $ | (0.30 | ) | $ | (1.07 | ) | ||||||||||||
9/30/2018 | 17.96 | 0.17 | 1.98 | 2.15 | (0.21 | ) | (0.44 | ) | ||||||||||||||||||||
9/30/2017 | 15.80 | 0.13 | 2.20 | 2.33 | (0.14 | ) | (0.03 | ) | ||||||||||||||||||||
9/30/2016 | 14.10 | 0.14 | 1.76 | 1.90 | (0.20 | ) | — | |||||||||||||||||||||
12/9/2014* - 9/30/2015# | 15.00 | 0.11 | (1.01 | ) | (0.90 | ) | — | — | ||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
3/31/2019† | $ | 19.68 | $ | 0.08 | $ | (0.81 | ) | $ | (0.73 | ) | $ | (0.41 | ) | $ | (1.07 | ) | ||||||||||||
9/30/2018 | 18.13 | 0.16 | 2.05 | 2.21 | (0.22 | ) | (0.44 | ) | ||||||||||||||||||||
9/30/2017 | 15.91 | 0.15 | 2.23 | 2.38 | (0.13 | ) | (0.03 | ) | ||||||||||||||||||||
9/30/2016 | 14.12 | 0.17 | 1.75 | 1.92 | (0.13 | ) | — | |||||||||||||||||||||
12/9/2014* - 9/30/2015# | 15.00 | 0.15 | (1.03 | ) | (0.88 | ) | — | — | ||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 19.72 | $ | 0.09 | $ | (0.79 | ) | $ | (0.70 | ) | $ | (0.15 | ) | $ | (1.07 | ) | ||||||||||||
9/30/2018 | 18.13 | 0.22 | 2.00 | 2.22 | (0.19 | ) | (0.44 | ) | ||||||||||||||||||||
9/30/2017 | 15.92 | 0.19 | 2.20 | 2.39 | (0.15 | ) | (0.03 | ) | ||||||||||||||||||||
9/30/2016 | 14.13 | 0.22 | 1.71 | 1.93 | (0.14 | ) | — | |||||||||||||||||||||
12/9/2014* - 9/30/2015# | 15.00 | 0.16 | (1.03 | ) | (0.87 | ) | — | — |
^ | 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. |
286 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
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 | |||||||||||||||||||||||||||
$ | (0.55 | ) | $ | 14.67 | 2.74 | % | $ | 11 | 0.81 | %(c) | 1.47 | %(c) | 4.43 | %(c) | 52 | % | ||||||||||||||||||
(0.71 | ) | 14.84 | 1.26 | 11 | 0.81 | 1.79 | 4.41 | 101 | ||||||||||||||||||||||||||
(0.08 | ) | 15.36 | 2.91 | 10 | 0.80 | (c)(d) | 2.76 | (c)(d) | 4.22 | (c)(d) | 107 | |||||||||||||||||||||||
$ | (0.57 | ) | $ | 14.66 | 2.88 | % | $ | 23,297 | 0.71 | %(c) | 1.45 | %(c) | 4.53 | %(c) | 52 | % | ||||||||||||||||||
(0.73 | ) | 14.83 | 1.32 | 22,168 | 0.71 | 1.78 | 4.52 | 101 | ||||||||||||||||||||||||||
(0.08 | ) | 15.36 | 2.96 | 21,625 | 0.70 | (c)(d) | 2.79 | (c)(d) | 4.32 | (c)(d) | 107 | |||||||||||||||||||||||
$ | (1.37 | ) | $ | 17.36 | (2.67 | )% | $ | 562 | 1.09 | %(c) | 1.93 | %(c) | 0.72 | %(c) | 25 | % | ||||||||||||||||||
(0.65 | ) | 19.46 | 12.23 | 614 | 1.09 | 1.70 | 0.92 | 20 | ||||||||||||||||||||||||||
(0.17 | ) | 17.96 | 14.94 | 402 | 1.12 | 7.55 | 0.79 | 27 | ||||||||||||||||||||||||||
(0.20 | ) | 15.80 | 13.54 | 125 | 1.20 | 21.93 | 0.94 | 20 | ||||||||||||||||||||||||||
— | 14.10 | (6.00 | ) | 62 | 1.20 | (c)(d) | 15.36 | (c)(d) | 0.89 | (c)(d) | 25 | |||||||||||||||||||||||
$ | (1.48 | ) | $ | 17.47 | (2.57 | )% | $ | 16,862 | 0.94 | %(c) | 1.64 | %(c) | 0.99 | %(c) | 25 | % | ||||||||||||||||||
(0.66 | ) | 19.68 | 12.44 | 11,362 | 0.94 | 1.25 | 0.84 | 20 | ||||||||||||||||||||||||||
(0.16 | ) | 18.13 | 15.13 | 64 | 0.96 | 1.62 | 0.88 | 27 | ||||||||||||||||||||||||||
(0.13 | ) | 15.91 | 13.67 | 11 | 1.05 | 3.44 | 1.15 | 20 | ||||||||||||||||||||||||||
— | 14.12 | (5.87 | ) | 9 | 1.05 | (c)(d) | 8.70 | (c)(d) | 1.22 | (c)(d) | 25 | |||||||||||||||||||||||
$ | (1.22 | ) | $ | 17.80 | (2.57 | )% | $ | 12,831 | 0.84 | %(c) | 1.60 | %(c) | 1.02 | %(c) | 25 | % | ||||||||||||||||||
(0.63 | ) | 19.72 | 12.52 | 28,237 | 0.84 | 1.43 | 1.18 | 20 | ||||||||||||||||||||||||||
(0.18 | ) | 18.13 | 15.25 | 26,615 | 0.89 | 1.63 | 1.16 | 27 | ||||||||||||||||||||||||||
(0.14 | ) | 15.92 | 13.77 | 20,610 | 0.95 | 2.04 | 1.47 | 20 | ||||||||||||||||||||||||||
— | 14.13 | (5.80 | ) | 2,826 | 0.95 | (c)(d) | 8.70 | (c)(d) | 1.32 | (c)(d) | 25 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 287 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:^
Net Asset Value, Beginning of Period | Net Investment Income (Loss) (a) | Net Realized and Change in Unrealized | Total from Investment | Dividends from Net Income | Distributions from Net Realized Capital Gains | |||||||||||||||||||||||
AllianzGI Global Water: | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
3/31/2019† | $ | 15.54 | $ | 0.01 | $ | (0.04 | ) | $ | (0.03 | ) | $ | (0.13 | ) | $ | (0.36 | ) | ||||||||||||
9/30/2018 | 15.49 | 0.13 | 0.34 | 0.47 | (0.04 | ) | (0.38 | ) | ||||||||||||||||||||
9/30/2017 | 14.46 | 0.08 | 1.08 | 1.16 | (0.05 | ) | (0.08 | ) | ||||||||||||||||||||
9/30/2016 | 11.99 | 0.08 | 2.44 | 2.52 | (0.03 | ) | (0.02 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 12.70 | 0.06 | (0.74 | ) | (0.68 | ) | (0.03 | ) | — | |||||||||||||||||||
11/30/2014 | 12.41 | 0.07 | 0.25 | 0.32 | (0.03 | ) | — | |||||||||||||||||||||
11/30/2013 | 10.26 | 0.07 | 2.20 | 2.27 | (0.12 | ) | — | |||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
3/31/2019† | $ | 14.79 | $ | (0.04 | ) | $ | (0.04 | ) | $ | (0.08 | ) | $ | (0.01 | ) | $ | (0.36 | ) | |||||||||||
9/30/2018 | 14.82 | 0.01 | 0.34 | 0.35 | — | (0.38 | ) | |||||||||||||||||||||
9/30/2017 | 13.90 | (0.01 | ) | 1.01 | 1.00 | — | (0.08 | ) | ||||||||||||||||||||
9/30/2016 | 11.59 | (0.02 | ) | 2.35 | 2.33 | — | (0.02 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 12.33 | (0.02 | ) | (0.72 | ) | (0.74 | ) | — | — | |||||||||||||||||||
11/30/2014 | 12.11 | (0.03 | ) | 0.25 | 0.22 | — | — | |||||||||||||||||||||
11/30/2013 | 10.02 | (0.02 | ) | 2.16 | 2.14 | (0.05 | ) | — | ||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
3/31/2019† | $ | 15.59 | $ | 0.03 | $ | (0.06 | ) | $ | (0.03 | ) | $ | (0.19 | ) | $ | (0.36 | ) | ||||||||||||
9/30/2018 | 15.57 | 0.17 | 0.36 | 0.53 | (0.13 | ) | (0.38 | ) | ||||||||||||||||||||
9/30/2017 | 14.54 | 0.15 | 1.04 | 1.19 | (0.08 | ) | (0.08 | ) | ||||||||||||||||||||
9/30/2016 | 12.05 | 0.11 | 2.45 | 2.56 | (0.05 | ) | (0.02 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 12.80 | 0.09 | (0.75 | ) | (0.66 | ) | (0.09 | ) | — | |||||||||||||||||||
11/30/2014 | 12.49 | 0.09 | 0.27 | 0.36 | (0.05 | ) | — | |||||||||||||||||||||
11/30/2013 | 10.30 | 0.09 | 2.21 | 2.30 | (0.11 | ) | — | |||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 15.31 | $ | 0.03 | $ | (0.06 | ) | $ | (0.03 | ) | $ | (0.18 | ) | $ | (0.36 | ) | ||||||||||||
9/30/2018 | 15.32 | 0.17 | 0.34 | 0.51 | (0.14 | ) | (0.38 | ) | ||||||||||||||||||||
9/30/2017 | 14.33 | 0.16 | 1.02 | 1.18 | (0.11 | ) | (0.08 | ) | ||||||||||||||||||||
9/30/2016 | 11.90 | 0.11 | 2.41 | 2.52 | (0.07 | ) | (0.02 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 12.61 | 0.09 | (0.73 | ) | (0.64 | ) | (0.07 | ) | — | |||||||||||||||||||
11/30/2014 | 12.37 | 0.11 | 0.24 | 0.35 | (0.11 | ) | — | |||||||||||||||||||||
11/30/2013 | 10.25 | 0.09 | 2.21 | 2.30 | (0.18 | ) | — | |||||||||||||||||||||
AllianzGI Green Bond: | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
11/19/2018* - 3/31/2019† | $ | 15.00 | $ | 0.10 | $ | 0.65 | $ | 0.75 | $ | (0.09 | ) | $ | — | |||||||||||||||
Class P | ||||||||||||||||||||||||||||
11/19/2018* - 3/31/2019† | $ | 15.00 | $ | 0.10 | $ | 0.65 | $ | 0.75 | $ | (0.09 | ) | $ | — | |||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
11/19/2018* - 3/31/2019† | $ | 15.00 | $ | 0.11 | $ | 0.65 | $ | 0.76 | $ | (0.09 | ) | $ | — |
^ | A — may reflect actual amounts rounding to less than $0.01 or 0.01%. |
† | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
* | Commencement of operations. |
(a) | Calculated on average shares outstanding during the period. |
288 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Total Dividends and Distributions | Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period (000s) | Ratio of Fee Waiver/ | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement | Ratio of Net Investment Income (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||
$ | (0.49 | ) | $ | 15.02 | 0.27 | % | $ | 158,610 | 1.23 | %(c) | 1.43 | %(c) | 0.18 | %(c) | 14 | % | ||||||||||||||||||
(0.42 | ) | 15.54 | 3.05 | 172,374 | 1.19 | 1.41 | 0.84 | 34 | ||||||||||||||||||||||||||
(0.13 | ) | 15.49 | 8.18 | 190,693 | 1.33 | 1.44 | 0.59 | 29 | ||||||||||||||||||||||||||
(0.05 | ) | 14.46 | 21.06 | 237,785 | 1.49 | 1.49 | 0.62 | 55 | ||||||||||||||||||||||||||
(0.03 | ) | 11.99 | (5.37 | ) | 128,465 | 1.44 | (c)(d) | 1.44 | (c)(d) | 0.58 | (c)(d) | 66 | ||||||||||||||||||||||
(0.03 | ) | 12.70 | 2.57 | 138,219 | 1.46 | 1.46 | 0.55 | 28 | ||||||||||||||||||||||||||
(0.12 | ) | 12.41 | 22.31 | 118,252 | 1.54 | 1.54 | 0.63 | 28 | ||||||||||||||||||||||||||
$ | (0.37 | ) | $ | 14.34 | (0.19 | )% | $ | 71,077 | 1.98 | %(c) | 2.19 | %(c) | (0.58 | )%(c) | 14 | % | ||||||||||||||||||
(0.38 | ) | 14.79 | 2.35 | 83,156 | 1.94 | 2.16 | 0.07 | 34 | ||||||||||||||||||||||||||
(0.08 | ) | 14.82 | 7.32 | 89,250 | 2.07 | 2.19 | (0.07 | ) | 29 | |||||||||||||||||||||||||
(0.02 | ) | 13.90 | 20.13 | 92,028 | 2.25 | 2.25 | (0.18 | ) | 55 | |||||||||||||||||||||||||
— | 11.59 | (6.00 | ) | 69,700 | 2.23 | (c)(d) | 2.23 | (c)(d) | (0.21 | )(c)(d) | 66 | |||||||||||||||||||||||
— | 12.33 | 1.82 | 77,082 | 2.23 | 2.23 | (0.26 | ) | 28 | ||||||||||||||||||||||||||
(0.05 | ) | 12.11 | 21.41 | 51,767 | 2.33 | 2.33 | (0.18 | ) | 28 | |||||||||||||||||||||||||
$ | (0.55 | ) | $ | 15.01 | 0.32 | % | $ | 205,531 | 0.95 | %(c) | 1.18 | %(c) | 0.45 | %(c) | 14 | % | ||||||||||||||||||
(0.51 | ) | 15.59 | 3.40 | 243,338 | 0.93 | 1.15 | 1.12 | 34 | ||||||||||||||||||||||||||
(0.16 | ) | 15.57 | 8.40 | 210,746 | 1.04 | 1.16 | 1.02 | 29 | ||||||||||||||||||||||||||
(0.07 | ) | 14.54 | 21.37 | 125,532 | 1.24 | 1.24 | 0.82 | 55 | ||||||||||||||||||||||||||
(0.09 | ) | 12.05 | (5.17 | ) | 82,847 | 1.16 | (c)(d) | 1.16 | (c)(d) | 0.84 | (c)(d) | 66 | ||||||||||||||||||||||
(0.05 | ) | 12.80 | 2.87 | 84,835 | 1.21 | 1.21 | 0.67 | 28 | ||||||||||||||||||||||||||
(0.11 | ) | 12.49 | 22.58 | 42,448 | 1.34 | 1.34 | 0.81 | 28 | ||||||||||||||||||||||||||
$ | (0.54 | ) | $ | 14.74 | 0.34 | % | $ | 135,979 | 0.95 | %(c) | 1.17 | %(c) | 0.45 | %(c) | 14 | % | ||||||||||||||||||
(0.52 | ) | 15.31 | 3.36 | 164,322 | 0.92 | 1.14 | 1.13 | 34 | ||||||||||||||||||||||||||
(0.19 | ) | 15.32 | 8.49 | 142,353 | 1.01 | 1.15 | 1.13 | 29 | ||||||||||||||||||||||||||
(0.09 | ) | 14.33 | 21.32 | 68,550 | 1.21 | 1.21 | 0.86 | 55 | ||||||||||||||||||||||||||
(0.07 | ) | 11.90 | (5.08 | ) | 30,004 | 1.17 | (c)(d) | 1.17 | (c)(d) | 0.87 | (c)(d) | 66 | ||||||||||||||||||||||
(0.11 | ) | 12.61 | 2.82 | 23,685 | 1.15 | 1.15 | 0.84 | 28 | ||||||||||||||||||||||||||
(0.18 | ) | 12.37 | 22.77 | 14,429 | 1.19 | 1.19 | 0.77 | 28 | ||||||||||||||||||||||||||
$ | (0.09 | ) | $ | 15.66 | 4.98 | % | $ | 81 | 0.77 | %(c)(d) | 5.78 | %(c)(d) | 1.87 | %(c)(d) | 27 | % | ||||||||||||||||||
$ | (0.09 | ) | $ | 15.66 | 5.04 | % | $ | 161 | 0.60 | %(c)(d) | 6.17 | %(c)(d) | 1.97 | %(c)(d) | 27 | % | ||||||||||||||||||
$ | (0.09 | ) | $ | 15.67 | 5.08 | % | $ | 5,395 | 0.51 | %(c)(d) | 6.20 | %(c)(d) | 1.92 | %(c)(d) | 27 | % |
(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. |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 289 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:^
Net Asset Value, Beginning of Period | Net Investment Income (a) | Net Realized and Change in Unrealized | Total from Investment Operations | Dividends from Net Investment Income |
Distributions from Net Realized Capital | |||||||||||||||||||||||
AllianzGI High Yield Bond: | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
3/31/2019† | $ | 8.91 | $ | 0.22 | $ | (0.13 | ) | $ | 0.09 | $ | (0.22 | ) | $ | — | ||||||||||||||
9/30/2018 | 9.31 | 0.45 | (0.39 | ) | 0.06 | (0.46 | ) | — | ||||||||||||||||||||
9/30/2017 | 9.14 | 0.48 | 0.18 | 0.66 | (0.49 | ) | — | |||||||||||||||||||||
9/30/2016 | 8.92 | 0.53 | 0.24 | 0.77 | (0.55 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 9.85 | 0.47 | (0.91 | ) | (0.44 | ) | (0.49 | ) | — | |||||||||||||||||||
11/30/2014 | 10.36 | 0.61 | (0.36 | ) | 0.25 | (0.67 | ) | (0.09 | ) | |||||||||||||||||||
11/30/2013 | 10.16 | 0.67 | 0.22 | 0.89 | (0.68 | ) | (0.01 | ) | ||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
3/31/2019† | $ | 8.90 | $ | 0.19 | $ | (0.14 | ) | $ | 0.05 | $ | (0.19 | ) | $ | — | ||||||||||||||
9/30/2018 | 9.30 | 0.39 | (0.39 | ) | — | (0.40 | ) | — | ||||||||||||||||||||
9/30/2017 | 9.12 | 0.42 | 0.20 | 0.62 | (0.44 | ) | — | |||||||||||||||||||||
9/30/2016 | 8.90 | 0.46 | 0.24 | 0.70 | (0.48 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 9.83 | 0.42 | (0.91 | ) | (0.49 | ) | (0.44 | ) | — | |||||||||||||||||||
11/30/2014 | 10.35 | 0.54 | (0.37 | ) | 0.17 | (0.60 | ) | (0.09 | ) | |||||||||||||||||||
11/30/2013 | 10.15 | 0.59 | 0.22 | 0.81 | (0.60 | ) | (0.01 | ) | ||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||
3/31/2019† | $ | 8.54 | $ | 0.20 | $ | (0.13 | ) | $ | 0.07 | $ | (0.21 | ) | $ | — | ||||||||||||||
9/30/2018 | 8.94 | 0.39 | (0.37 | ) | 0.02 | (0.42 | ) | — | ||||||||||||||||||||
9/30/2017 | 8.79 | 0.43 | 0.18 | 0.61 | (0.46 | ) | — | |||||||||||||||||||||
9/30/2016 | 8.61 | 0.48 | 0.22 | 0.70 | (0.52 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 9.53 | 0.43 | (0.90 | ) | (0.47 | ) | (0.45 | ) | — | |||||||||||||||||||
11/30/2014 | 10.05 | 0.54 | (0.34 | ) | 0.20 | (0.63 | ) | (0.09 | ) | |||||||||||||||||||
11/30/2013 | 9.88 | 0.63 | 0.21 | 0.84 | (0.66 | ) | (0.01 | ) | ||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
3/31/2019† | $ | 8.55 | $ | 0.22 | $ | (0.12 | ) | $ | 0.10 | $ | (0.23 | ) | $ | — | ||||||||||||||
9/30/2018 | 8.96 | 0.46 | (0.38 | ) | 0.08 | (0.49 | ) | — | ||||||||||||||||||||
9/30/2017 | 8.80 | 0.50 | 0.19 | 0.69 | (0.53 | ) | — | |||||||||||||||||||||
9/30/2016 | 8.62 | 0.53 | 0.23 | 0.76 | (0.58 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 9.53 | 0.49 | (0.88 | ) | (0.39 | ) | (0.52 | ) | — | |||||||||||||||||||
11/30/2014 | 10.05 | 0.62 | (0.35 | ) | 0.27 | (0.70 | ) | (0.09 | ) | |||||||||||||||||||
11/30/2013 | 9.87 | 0.66 | 0.23 | 0.89 | (0.70 | ) | (0.01 | ) | ||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 8.58 | $ | 0.22 | $ | (0.13 | ) | $ | 0.09 | $ | (0.23 | ) | $ | — | ||||||||||||||
9/30/2018 | 8.98 | 0.46 | (0.37 | ) | 0.09 | (0.49 | ) | — | ||||||||||||||||||||
9/30/2017 | 8.83 | 0.50 | 0.18 | 0.68 | (0.53 | ) | — | |||||||||||||||||||||
9/30/2016 | 8.64 | 0.53 | 0.24 | 0.77 | (0.58 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 9.55 | 0.49 | (0.88 | ) | (0.39 | ) | (0.52 | ) | — | |||||||||||||||||||
11/30/2014 | 10.08 | 0.62 | (0.35 | ) | 0.27 | (0.71 | ) | (0.09 | ) | |||||||||||||||||||
11/30/2013 | 9.90 | 0.68 | 0.22 | 0.90 | (0.71 | ) | (0.01 | ) | ||||||||||||||||||||
Administrative Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 8.44 | $ | 0.23 | $ | (0.13 | ) | $ | 0.10 | $ | (0.16 | ) | $ | — | ||||||||||||||
9/30/2018 | 8.84 | 0.44 | (0.37 | ) | 0.07 | (0.47 | ) | — | ||||||||||||||||||||
9/30/2017 | 8.70 | 0.48 | 0.17 | 0.65 | (0.51 | ) | — | |||||||||||||||||||||
9/30/2016 | 8.52 | 0.50 | 0.22 | 0.72 | (0.54 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 9.51 | 0.46 | (0.94 | ) | (0.48 | ) | (0.51 | ) | — | |||||||||||||||||||
11/30/2014 | 10.04 | 0.59 | (0.36 | ) | 0.23 | (0.67 | ) | (0.09 | ) | |||||||||||||||||||
11/30/2013 | 9.87 | 0.65 | 0.22 | 0.87 | (0.69 | ) | (0.01 | ) |
^ | A — may reflect actual amounts rounding to less than $0.01 or 0.01%. |
† | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
(a) | Calculated on average shares outstanding during the period. |
290 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Total 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 | |||||||||||||||||||||||||||
$ | (0.22 | ) | $ | 8.78 | 1.08 | % | $ | 31,124 | 1.10 | %(c) | 1.10 | %(c) | 5.07 | %(c) | 27 | % | ||||||||||||||||||
(0.46 | ) | 8.91 | 0.67 | 33,768 | 1.05 | 1.05 | 4.93 | 40 | ||||||||||||||||||||||||||
(0.49 | ) | 9.31 | 7.42 | 58,525 | 1.09 | 1.09 | 5.19 | 37 | ||||||||||||||||||||||||||
(0.55 | ) | 9.14 | 9.08 | 58,004 | 0.98 | 0.98 | 6.02 | 59 | ||||||||||||||||||||||||||
(0.49 | ) | 8.92 | (4.72 | ) | 34,151 | 1.03 | (c)(d) | 1.03 | (c)(d) | 5.88 | (c)(d) | 47 | ||||||||||||||||||||||
(0.76 | ) | 9.85 | (e) | 2.39 | (e) | 76,274 | 0.94 | 0.94 | 5.93 | 66 | ||||||||||||||||||||||||
(0.69 | ) | 10.36 | 8.98 | 73,920 | 0.91 | 0.91 | 6.49 | 67 | ||||||||||||||||||||||||||
$ | (0.19 | ) | $ | 8.76 | 0.61 | % | $ | 5,982 | 1.77 | %(c) | 1.77 | %(c) | 4.38 | %(c) | 27 | % | ||||||||||||||||||
(0.40 | ) | 8.90 | 0.02 | 8,544 | 1.71 | 1.71 | 4.27 | 40 | ||||||||||||||||||||||||||
(0.44 | ) | 9.30 | 6.90 | 11,723 | 1.70 | 1.70 | 4.59 | 37 | ||||||||||||||||||||||||||
(0.48 | ) | 9.12 | 8.32 | 14,815 | 1.71 | 1.71 | 5.28 | 59 | ||||||||||||||||||||||||||
(0.44 | ) | 8.90 | (5.24 | ) | 17,866 | 1.68 | (c)(d) | 1.68 | (c)(d) | 5.24 | (c)(d) | 47 | ||||||||||||||||||||||
(0.69 | ) | 9.83 | (e) | 1.57 | (e) | 23,249 | 1.68 | 1.68 | 5.23 | 66 | ||||||||||||||||||||||||
(0.61 | ) | 10.35 | 8.14 | 27,525 | 1.70 | 1.70 | 5.68 | 67 | ||||||||||||||||||||||||||
$ | (0.21 | ) | $ | 8.40 | 0.90 | % | $ | 828 | 1.42 | %(c) | 1.42 | %(c) | 4.73 | %(c) | 27 | % | ||||||||||||||||||
(0.42 | ) | 8.54 | 0.33 | 878 | 1.44 | 1.44 | 4.55 | 40 | ||||||||||||||||||||||||||
(0.46 | ) | 8.94 | 7.12 | 1,048 | 1.44 | 1.44 | 4.84 | 37 | ||||||||||||||||||||||||||
(0.52 | ) | 8.79 | 8.62 | 1,310 | 1.34 | 1.34 | 5.65 | 59 | ||||||||||||||||||||||||||
(0.45 | ) | 8.61 | (5.20 | ) | 1,126 | 1.46 | (c)(d) | 1.46 | (c)(d) | 5.47 | (c)(d) | 47 | ||||||||||||||||||||||
(0.72 | ) | 9.53 | (e) | 1.91 | (e) | 2,823 | 1.43 | 1.45 | 5.48 | 66 | ||||||||||||||||||||||||
(0.67 | ) | 10.05 | 8.72 | 2,851 | 1.15 | 1.32 | 6.24 | 67 | ||||||||||||||||||||||||||
$ | (0.23 | ) | $ | 8.42 | 1.30 | % | $ | 14,225 | 0.78 | %(c) | 0.78 | %(c) | 5.37 | %(c) | 27 | % | ||||||||||||||||||
(0.49 | ) | 8.55 | 0.94 | 17,535 | 0.70 | 0.70 | 5.26 | 40 | ||||||||||||||||||||||||||
(0.53 | ) | 8.96 | 8.07 | 35,931 | 0.67 | 0.67 | 5.62 | 37 | ||||||||||||||||||||||||||
(0.58 | ) | 8.80 | 9.31 | 57,378 | 0.69 | 0.69 | 6.30 | 59 | ||||||||||||||||||||||||||
(0.52 | ) | 8.62 | (4.36 | ) | 63,324 | 0.64 | (c)(d) | 0.64 | (c)(d) | 6.29 | (c)(d) | 47 | ||||||||||||||||||||||
(0.79 | ) | 9.53 | (e) | 2.63 | (e) | 47,385 | 0.71 | 0.71 | 6.21 | 66 | ||||||||||||||||||||||||
(0.71 | ) | 10.05 | 9.27 | 77,649 | 0.74 | 0.74 | 6.64 | 67 | ||||||||||||||||||||||||||
$ | (0.23 | ) | $ | 8.44 | 1.18 | % | $ | 86,440 | 0.79 | %(c) | 0.79 | %(c) | 5.35 | %(c) | 27 | % | ||||||||||||||||||
(0.49 | ) | 8.58 | 1.03 | 122,078 | 0.73 | 0.73 | 5.26 | 40 | ||||||||||||||||||||||||||
(0.53 | ) | 8.98 | 7.91 | 155,022 | 0.69 | 0.69 | 5.61 | 37 | ||||||||||||||||||||||||||
(0.58 | ) | 8.83 | 9.41 | 227,149 | 0.66 | 0.66 | 6.31 | 59 | ||||||||||||||||||||||||||
(0.52 | ) | 8.64 | (4.32 | ) | 173,030 | 0.63 | (c)(d) | 0.63 | (c)(d) | 6.29 | (c)(d) | 47 | ||||||||||||||||||||||
(0.80 | ) | 9.55 | (e) | 2.59 | (e) | 163,567 | 0.64 | 0.64 | 6.27 | 66 | ||||||||||||||||||||||||
(0.72 | ) | 10.08 | 9.35 | 139,306 | 0.62 | 0.62 | 6.76 | 67 | ||||||||||||||||||||||||||
$ | (0.16 | ) | $ | 8.38 | 1.26 | % | $ | 22 | 0.94 | %(c) | 0.94 | %(c) | 5.61 | %(c) | 27 | % | ||||||||||||||||||
(0.47 | ) | 8.44 | 0.83 | 20 | 0.88 | 0.88 | 4.93 | 40 | ||||||||||||||||||||||||||
(0.51 | ) | 8.84 | 7.75 | 1,490 | 0.86 | 0.86 | 5.45 | 37 | ||||||||||||||||||||||||||
(0.54 | ) | 8.70 | 8.97 | 2,086 | 1.07 | 1.07 | 5.94 | 59 | ||||||||||||||||||||||||||
(0.51 | ) | 8.52 | (5.30 | ) | 2,073 | 0.98 | (c)(d) | 0.98 | (c)(d) | 5.90 | (c)(d) | 47 | ||||||||||||||||||||||
(0.76 | ) | 9.51 | (e) | 2.27 | (e) | 34,714 | 0.97 | 0.97 | 5.93 | 66 | ||||||||||||||||||||||||
(0.70 | ) | 10.04 | 9.02 | 32,789 | 0.90 | 0.91 | 6.49 | 67 |
(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. |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 291 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:^
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 | |||||||||||||||||||||||
AllianzGI International Growth: | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
3/31/2019† | $ | 17.91 | $ | (0.02 | ) | $ | (0.22 | ) | $ | (0.24 | ) | $ | (0.05 | ) | $ | (0.40 | ) | |||||||||||
9/30/2018 | 19.73 | 0.02 | 0.82 | 0.84 | (0.31 | ) | (2.35 | ) | ||||||||||||||||||||
9/30/2017 | 16.37 | 0.04 | 3.32 | 3.36 | — | — | ||||||||||||||||||||||
9/30/2016 | 14.13 | 0.09 | 2.29 | 2.38 | (0.14 | ) | — | |||||||||||||||||||||
2/2/2015* - 9/30/2015# | 15.00 | 0.11 | (0.98 | ) | (0.87 | ) | — | — | ||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 18.32 | $ | 0.01 | $ | (0.22 | ) | $ | (0.21 | ) | $ | (0.05 | ) | $ | (0.40 | ) | ||||||||||||
9/30/2018 | 19.90 | 0.07 | 0.82 | 0.89 | (0.12 | ) | (2.35 | ) | ||||||||||||||||||||
9/30/2017 | 16.49 | 0.08 | 3.35 | 3.43 | (0.02 | ) | — | |||||||||||||||||||||
9/30/2016 | 14.15 | 0.11 | 2.33 | 2.44 | (0.10 | ) | — | |||||||||||||||||||||
2/2/2015* - 9/30/2015# | 15.00 | 0.14 | (0.99 | ) | (0.85 | ) | — | — |
^ | A — may reflect actual amounts rounding to less than $0.01 or 0.01%. |
† | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
* | 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. |
292 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
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 | |||||||||||||||||||||||||||
$ | (0.45 | ) | $ | 17.22 | (0.88 | )% | $ | 729 | 1.05 | %(c) | 1.75 | %(c) | (0.21 | )%(c) | 16 | % | ||||||||||||||||||
(2.66 | ) | 17.91 | 4.32 | 1,183 | 1.05 | 1.89 | 0.10 | 17 | ||||||||||||||||||||||||||
— | 19.73 | 20.53 | 72 | 1.12 | 1.82 | 0.23 | 18 | |||||||||||||||||||||||||||
(0.14 | ) | 16.37 | 16.97 | 51 | 1.20 | 6.68 | 0.60 | 20 | ||||||||||||||||||||||||||
— | 14.13 | (5.80 | ) | 10 | 1.20 | (c)(d) | 8.22 | (c)(d) | 1.12 | (c)(d) | 3 | |||||||||||||||||||||||
$ | (0.45 | ) | $ | 17.66 | (0.72 | )% | $ | 26,515 | 0.80 | %(c) | 1.48 | %(c) | 0.10 | %(c) | 16 | % | ||||||||||||||||||
(2.47 | ) | 18.32 | 4.54 | 27,427 | 0.80 | 1.61 | 0.37 | 17 | ||||||||||||||||||||||||||
(0.02 | ) | 19.90 | 20.82 | 18,582 | 0.87 | 1.49 | 0.49 | 18 | ||||||||||||||||||||||||||
(0.10 | ) | 16.49 | 17.34 | 28,386 | 0.95 | 5.77 | 0.75 | 20 | ||||||||||||||||||||||||||
— | 14.15 | (5.67 | ) | 2,874 | 0.95 | (c)(d) | 7.99 | (c)(d) | 1.38 | (c)(d) | 3 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 293 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:^
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 | |||||||||||||||||||||||
AllianzGI InternationalSmall-Cap: | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
3/31/2019† | $ | 43.09 | $ | (0.01 | ) | $ | (6.45 | ) | $ | (6.46 | ) | $ | (0.10 | ) | $ | (4.90 | ) | |||||||||||
9/30/2018 | 41.19 | 0.42 | 2.41 | 2.83 | (0.25 | ) | (0.68 | ) | ||||||||||||||||||||
9/30/2017 | 34.57 | — | 6.93 | 6.93 | (0.31 | ) | — | |||||||||||||||||||||
9/30/2016 | 34.53 | 0.10 | 1.67 | 1.77 | (0.28 | ) | (1.45 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 35.77 | 0.26 | 2.24 | 2.50 | (0.14 | ) | (3.60 | ) | ||||||||||||||||||||
11/30/2014 | 42.30 | 0.09 | (2.41 | ) | (2.32 | ) | (0.64 | ) | (3.57 | ) | ||||||||||||||||||
11/30/2013 | 31.89 | 0.09 | 10.32 | 10.41 | — | — | ||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
3/31/2019† | $ | 41.63 | $ | (0.15 | ) | $ | (6.24 | ) | $ | (6.39 | ) | $ | — | $ | (4.90 | ) | ||||||||||||
9/30/2018 | 40.01 | (0.15 | ) | 2.55 | 2.40 | (0.10 | ) | (0.68 | ) | |||||||||||||||||||
9/30/2017 | 33.78 | (0.19 | ) | 6.67 | 6.48 | (0.25 | ) | — | ||||||||||||||||||||
9/30/2016 | 33.94 | (0.12 | ) | 1.61 | 1.49 | (0.20 | ) | (1.45 | ) | |||||||||||||||||||
12/1/2014 - 9/30/2015# | 35.33 | 0.06 | 2.18 | 2.24 | (0.03 | ) | (3.60 | ) | ||||||||||||||||||||
11/30/2014 | 41.78 | (0.18 | ) | (2.39 | ) | (2.57 | ) | (0.31 | ) | (3.57 | ) | |||||||||||||||||
11/30/2013 | 31.75 | (0.17 | ) | 10.22 | 10.05 | (0.02 | ) | — | ||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||
3/31/2019† | $ | 41.90 | $ | (0.05 | ) | $ | (6.39 | ) | $ | (6.44 | ) | $ | (0.80 | ) | $ | (4.90 | ) | |||||||||||
9/30/2018 | 40.46 | 0.13 | 2.50 | 2.63 | (0.51 | ) | (0.68 | ) | ||||||||||||||||||||
9/30/2017 | 34.07 | 0.01 | 6.70 | 6.71 | (0.32 | ) | — | |||||||||||||||||||||
9/30/2016 | 34.03 | 0.03 | 1.63 | 1.66 | (0.17 | ) | (1.45 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 35.30 | 0.16 | 2.23 | 2.39 | (0.06 | ) | (3.60 | ) | ||||||||||||||||||||
11/30/2014 | 42.23 | 0.07 | (2.47 | ) | (2.40 | ) | (0.96 | ) | (3.57 | ) | ||||||||||||||||||
11/30/2013 | 32.25 | 0.02 | 10.32 | 10.34 | (0.36 | ) | — | |||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
3/31/2019† | $ | 43.06 | $ | — | $ | (6.46 | ) | $ | (6.46 | ) | $ | (0.33 | ) | $ | (4.90 | ) | ||||||||||||
9/30/2018 | 41.33 | 0.22 | 2.68 | 2.90 | (0.49 | ) | (0.68 | ) | ||||||||||||||||||||
9/30/2017 | 34.66 | 0.19 | 6.82 | 7.01 | (0.34 | ) | — | |||||||||||||||||||||
9/30/2016 | 34.49 | 0.18 | 1.64 | 1.82 | (0.20 | ) | (1.45 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 35.65 | 0.28 | 2.25 | 2.53 | (0.09 | ) | (3.60 | ) | ||||||||||||||||||||
11/30/2014 | 41.97 | 0.16 | (2.41 | ) | (2.25 | ) | (0.50 | ) | (3.57 | ) | ||||||||||||||||||
11/30/2013 | 31.92 | 0.16 | 10.24 | 10.40 | (0.35 | ) | — | |||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 44.65 | $ | 0.04 | $ | (6.72 | ) | $ | (6.68 | ) | $ | (0.43 | ) | $ | (4.90 | ) | ||||||||||||
9/30/2018 | 42.85 | 0.32 | 2.71 | 3.03 | (0.55 | ) | (0.68 | ) | ||||||||||||||||||||
9/30/2017 | 35.91 | 0.36 | 6.92 | 7.28 | (0.34 | ) | — | |||||||||||||||||||||
9/30/2016 | 35.65 | 0.10 | 1.81 | 1.91 | (0.20 | ) | (1.45 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 36.68 | 0.29 | 2.34 | 2.63 | (0.06 | ) | (3.60 | ) | ||||||||||||||||||||
11/30/2014 | 42.94 | 0.21 | (2.49 | ) | (2.28 | ) | (0.41 | ) | (3.57 | ) | ||||||||||||||||||
11/30/2013 | 32.60 | 0.17 | 10.48 | 10.65 | (0.31 | ) | — | |||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
3/31/2019† | $ | 44.64 | $ | 0.05 | $ | (6.74 | ) | $ | (6.69 | ) | $ | (0.60 | ) | $ | (4.90 | ) | ||||||||||||
9/30/2018 | 42.90 | 0.40 | 2.66 | 3.06 | (0.64 | ) | (0.68 | ) | ||||||||||||||||||||
9/30/2017 | 35.94 | 0.22 | 7.09 | 7.31 | (0.35 | ) | — | |||||||||||||||||||||
2/1/2016* - 9/30/2016 | 33.52 | 0.34 | 2.08 | 2.42 | — | — |
^ | A — may reflect actual amounts rounding to less than $0.01 or 0.01%. |
† | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
* | 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. |
294 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
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 | |||||||||||||||||||||||||||
$ | (5.00 | ) | $ | 31.63 | (13.48 | )% | $ | 5,783 | 1.25 | %(c) | 1.86 | %(c) | (0.06 | )%(c) | 31 | % | ||||||||||||||||||
(0.93 | ) | 43.09 | 6.88 | 9,108 | 1.25 | 1.50 | 0.95 | 62 | ||||||||||||||||||||||||||
(0.31 | ) | 41.19 | (d) | 20.34 | (d) | 6,068 | 1.36 | 1.93 | 0.01 | 67 | ||||||||||||||||||||||||
(1.73 | ) | 34.57 | 5.07 | 13,524 | 1.45 | 1.68 | 0.30 | 76 | ||||||||||||||||||||||||||
(3.74 | ) | 34.53 | 7.83 | 11,816 | 1.45 | (c)(e) | 1.63 | (c)(e) | 0.88 | (c)(e) | 39 | |||||||||||||||||||||||
(4.21 | ) | 35.77 | (5.84 | ) | 5,290 | 1.45 | 1.76 | 0.23 | 77 | |||||||||||||||||||||||||
— | 42.30 | 32.64 | 4,569 | 1.45 | 1.83 | 0.23 | 92 | |||||||||||||||||||||||||||
$ | (4.90 | ) | $ | 30.34 | (13.83 | )% | $ | 1,237 | 2.06 | %(c) | 2.61 | %(c) | (0.92 | )%(c) | 31 | % | ||||||||||||||||||
(0.78 | ) | 41.63 | 5.99 | 2,610 | 2.08 | 2.27 | (0.35 | ) | 62 | |||||||||||||||||||||||||
(0.25 | ) | 40.01 | (d) | 19.39 | (d) | 2,829 | 2.14 | 2.50 | (0.56 | ) | 67 | |||||||||||||||||||||||
(1.65 | ) | 33.78 | 4.30 | 3,232 | 2.19 | 2.54 | (0.35 | ) | 76 | |||||||||||||||||||||||||
(3.63 | ) | 33.94 | 7.14 | 2,837 | 2.19 | (c)(e) | 2.42 | (c)(e) | 0.20 | (c)(e) | 39 | |||||||||||||||||||||||
(3.88 | ) | 35.33 | (6.52 | ) | 1,135 | 2.19 | 2.45 | (0.47 | ) | 77 | ||||||||||||||||||||||||
(0.02 | ) | 41.78 | 31.67 | 702 | 2.20 | 2.43 | (0.46 | ) | 92 | |||||||||||||||||||||||||
$ | (5.70 | ) | $ | 29.76 | (13.60 | )% | $ | 1,057 | 1.59 | %(c) | 2.10 | %(c) | (0.30 | )%(c) | 31 | % | ||||||||||||||||||
(1.19 | ) | 41.90 | 6.51 | 845 | 1.59 | 1.86 | 0.30 | 62 | ||||||||||||||||||||||||||
(0.32 | ) | 40.46 | (d) | 19.98 | (d) | 264 | 1.64 | 2.11 | 0.02 | 67 | ||||||||||||||||||||||||
(1.62 | ) | 34.07 | 4.81 | 130 | 1.70 | 2.17 | 0.09 | 76 | ||||||||||||||||||||||||||
(3.66 | ) | 34.03 | 7.60 | 100 | 1.70 | (c)(e) | 2.09 | (c)(e) | 0.57 | (c)(e) | 39 | |||||||||||||||||||||||
(4.53 | ) | 35.30 | (6.06 | ) | 73 | 1.70 | 2.10 | 0.19 | 77 | |||||||||||||||||||||||||
(0.36 | ) | 42.23 | 32.29 | 27 | 1.70 | 1.96 | 0.05 | 92 | ||||||||||||||||||||||||||
$ | (5.23 | ) | $ | 31.37 | (13.41 | )% | $ | 25,306 | 1.10 | %(c) | 1.62 | %(c) | 0.02 | %(c) | 31 | % | ||||||||||||||||||
(1.17 | ) | 43.06 | 7.02 | 48,830 | 1.10 | 1.29 | 0.51 | 62 | ||||||||||||||||||||||||||
(0.34 | ) | 41.33 | (d) | 20.55 | (d) | 55,843 | 1.17 | 1.42 | 0.55 | 67 | ||||||||||||||||||||||||
(1.65 | ) | 34.66 | 5.25 | 40,183 | 1.28 | 1.44 | 0.54 | 76 | ||||||||||||||||||||||||||
(3.69 | ) | 34.49 | 7.96 | 36,377 | 1.28 | (c)(e) | 1.37 | (c)(e) | 0.97 | (c)(e) | 39 | |||||||||||||||||||||||
(4.07 | ) | 35.65 | (5.68 | ) | 27,882 | 1.29 | 1.54 | 0.41 | 77 | |||||||||||||||||||||||||
(0.35 | ) | 41.97 | 32.86 | 33,574 | 1.30 | 1.52 | 0.45 | 92 | ||||||||||||||||||||||||||
$ | (5.33 | ) | $ | 32.64 | (13.39 | )% | $ | 46,789 | 1.04 | %(c) | 1.61 | %(c) | 0.24 | %(c) | 31 | % | ||||||||||||||||||
(1.23 | ) | 44.65 | 7.09 | 49,443 | 1.05 | 1.28 | 0.70 | 62 | ||||||||||||||||||||||||||
(0.34 | ) | 42.85 | (d) | 20.58 | (d) | 67,921 | 1.11 | 1.43 | 0.94 | 67 | ||||||||||||||||||||||||
(1.65 | ) | 35.91 | 5.31 | 29,031 | 1.21 | 1.48 | 0.28 | 76 | ||||||||||||||||||||||||||
(3.66 | ) | 35.65 | 8.04 | 59,061 | 1.21 | (c)(e) | 1.39 | (c)(e) | 0.97 | (c)(e) | 39 | |||||||||||||||||||||||
(3.98 | ) | 36.68 | (5.61 | ) | 55,743 | 1.21 | 1.46 | 0.53 | 77 | |||||||||||||||||||||||||
(0.31 | ) | 42.94 | 32.96 | 71,875 | 1.21 | 1.44 | 0.46 | 92 | ||||||||||||||||||||||||||
$ | (5.50 | ) | $ | 32.45 | (13.37 | )% | $ | 29,040 | 1.00 | %(c) | 1.50 | %(c) | 0.27 | %(c) | 31 | % | ||||||||||||||||||
(1.32 | ) | 44.64 | 7.14 | 33,876 | 1.00 | 1.22 | 0.87 | 62 | ||||||||||||||||||||||||||
(0.35 | ) | 42.90 | (d) | 20.66 | (d) | 17,804 | 1.05 | 1.42 | 0.60 | 67 | ||||||||||||||||||||||||
— | 35.94 | 7.22 | 15,534 | 1.11 | (c) | 1.56 | (c) | 1.48 | (c) | 76 |
(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) | Certain expenses incurred by the Fund were not annualized. |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 295 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:^
Net Asset Value, Beginning of Period | Net Investment Loss (a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Distributions | Net Asset Value, End of Period | |||||||||||||||||||||||
AllianzGI Micro Cap: | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
3/31/2019† | $ | 16.62 | $ | (0.07 | ) | $ | (2.80 | ) | $ | (2.87 | ) | $ | (3.02 | ) | $ | 10.73 | ||||||||||||
9/30/2018 | 15.85 | (0.21 | ) | 1.87 | 1.66 | (0.89 | ) | 16.62 | ||||||||||||||||||||
9/30/2017 | 14.73 | (0.18 | ) | 2.72 | 2.54 | (1.42 | ) | 15.85 | ||||||||||||||||||||
9/30/2016 | 13.99 | (0.18 | ) | 1.75 | 1.57 | (0.83 | ) | 14.73 | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 14.88 | (0.17 | ) | 0.54 | 0.37 | (1.26 | ) | 13.99 | ||||||||||||||||||||
11/30/2014 | 16.06 | (0.21 | ) | — | (0.21 | ) | (0.97 | ) | 14.88 | |||||||||||||||||||
11/30/2013 | 11.62 | (0.20 | ) | 5.57 | 5.37 | (0.93 | ) | 16.06 | ||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
3/31/2019† | $ | 16.73 | $ | (0.07 | ) | $ | (2.81 | ) | $ | (2.88 | ) | $ | (3.02 | ) | $ | 10.83 | ||||||||||||
9/30/2018 | 15.94 | (0.20 | ) | 1.88 | 1.68 | (0.89 | ) | 16.73 | ||||||||||||||||||||
9/30/2017 | 14.80 | (0.17 | ) | 2.73 | 2.56 | (1.42 | ) | 15.94 | ||||||||||||||||||||
9/30/2016 | 14.05 | (0.16 | ) | 1.74 | 1.58 | (0.83 | ) | 14.80 | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 14.92 | (0.16 | ) | 0.55 | 0.39 | (1.26 | ) | 14.05 | ||||||||||||||||||||
11/30/2014 | 16.08 | (0.19 | ) | — | (0.19 | ) | (0.97 | ) | 14.92 | |||||||||||||||||||
11/30/2013 | 11.61 | (0.17 | ) | 5.57 | 5.40 | (0.93 | ) | 16.08 | ||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 16.82 | $ | (0.07 | ) | $ | (2.82 | ) | $ | (2.89 | ) | $ | (3.02 | ) | $ | 10.91 | ||||||||||||
9/30/2018 | 16.03 | (0.20 | ) | 1.88 | 1.68 | (0.89 | ) | 16.82 | ||||||||||||||||||||
9/30/2017 | 14.87 | (0.17 | ) | 2.75 | 2.58 | (1.42 | ) | 16.03 | ||||||||||||||||||||
9/30/2016 | 14.11 | (0.16 | ) | 1.75 | 1.59 | (0.83 | ) | 14.87 | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 14.99 | (0.16 | ) | 0.54 | 0.38 | (1.26 | ) | 14.11 | ||||||||||||||||||||
11/30/2014 | 16.15 | (0.19 | ) | — | (0.19 | ) | (0.97 | ) | 14.99 | |||||||||||||||||||
11/30/2013 | 11.65 | (0.15 | ) | 5.58 | 5.43 | (0.93 | ) | 16.15 |
^ | A — may reflect actual amounts rounding to less than $0.01 or 0.01%. |
† | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
(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. |
296 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Total Return (b) | Net Assets, End of Period (000s) | Ratio of Fee Waiver/ | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement | Ratio of Net Investment Loss to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||
(13.85 | )% | $ | 1,735 | 1.42 | %(c) | 2.40 | %(c) | (1.19 | )%(c) | 12 | % | |||||||||||||||
11.03 | 2,570 | 1.57 | 2.13 | (1.34 | ) | 47 | ||||||||||||||||||||
18.74 | 3,031 | 1.62 | 2.18 | (1.27 | ) | 32 | ||||||||||||||||||||
11.47 | 3,388 | 1.62 | 2.16 | (1.26 | ) | 39 | ||||||||||||||||||||
2.77 | 15,305 | 1.62 | (c)(d) | 2.07 | (c)(d) | (1.35 | )(c)(d) | 55 | ||||||||||||||||||
(1.11 | ) | 4,684 | 1.66 | 2.10 | (1.40 | ) | 48 | |||||||||||||||||||
50.11 | 1,065 | 1.80 | 2.07 | (1.45 | ) | 63 | ||||||||||||||||||||
(13.83 | )% | $ | 886 | 1.34 | %(c) | 2.13 | %(c) | (1.11 | )%(c) | 12 | % | |||||||||||||||
11.10 | 1,722 | 1.49 | 1.91 | (1.26 | ) | 47 | ||||||||||||||||||||
18.79 | 1,568 | 1.54 | 1.89 | (1.19 | ) | 32 | ||||||||||||||||||||
11.50 | 1,289 | 1.54 | 1.85 | (1.17 | ) | 39 | ||||||||||||||||||||
2.91 | 2,264 | 1.51 | (c)(d) | 1.80 | (c)(d) | (1.24 | )(c)(d) | 55 | ||||||||||||||||||
(0.98 | ) | 1,550 | 1.52 | 1.81 | (1.21 | ) | 48 | |||||||||||||||||||
50.42 | 2,192 | 1.63 | 1.90 | (1.25 | ) | 63 | ||||||||||||||||||||
(13.80 | )% | $ | 16,446 | 1.34 | %(c) | 2.17 | %(c) | (1.11 | )%(c) | 12 | % | |||||||||||||||
11.04 | 24,419 | 1.49 | 1.93 | (1.26 | ) | 47 | ||||||||||||||||||||
18.84 | 27,984 | 1.54 | 1.93 | (1.20 | ) | 32 | ||||||||||||||||||||
11.53 | 30,768 | 1.54 | 1.91 | (1.17 | ) | 39 | ||||||||||||||||||||
2.83 | 34,575 | 1.54 | (c)(d) | 1.80 | (c)(d) | (1.26 | )(c)(d) | 55 | ||||||||||||||||||
(0.97 | ) | 33,513 | 1.54 | 1.80 | (1.25 | ) | 48 | |||||||||||||||||||
50.51 | 41,713 | 1.54 | 2.01 | (1.10 | ) | 63 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 297 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:^
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 | |||||||||||||||||||||||
AllianzGI NFJ Emerging Markets Value: | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
3/31/2019† | $ | 16.18 | $ | 0.07 | $ | 0.05 | $ | 0.12 | $ | (0.03 | ) | $ | — | |||||||||||||||
9/30/2018 | 17.24 | 0.41 | (1.14 | ) | (0.73 | ) | (0.26 | ) | (0.07 | ) | ||||||||||||||||||
9/30/2017 | 14.31 | 0.40 | 2.85 | 3.25 | (0.32 | ) | — | |||||||||||||||||||||
9/30/2016 | 12.34 | 0.47 | 1.90 | 2.37 | (0.40 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 15.45 | 0.49 | (2.74 | ) | (2.25 | ) | (0.62 | ) | (0.24 | ) | ||||||||||||||||||
11/30/2014 | 15.42 | 0.37 | 0.08 | 0.45 | (0.42 | ) | — | |||||||||||||||||||||
12/18/2012* - 11/30/2013 | 15.00 | 0.35 | 0.27 | 0.62 | (0.20 | ) | — | |||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
3/31/2019† | $ | 16.23 | $ | 0.02 | $ | 0.04 | $ | 0.06 | $ | (0.03 | ) | $ | — | |||||||||||||||
9/30/2018 | 17.33 | 0.24 | (1.11 | ) | (0.87 | ) | (0.16 | ) | (0.07 | ) | ||||||||||||||||||
9/30/2017 | 14.29 | 0.34 | 2.81 | 3.15 | (0.11 | ) | — | |||||||||||||||||||||
9/30/2016 | 12.31 | 0.32 | 1.96 | 2.28 | (0.30 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 15.40 | 0.36 | (2.68 | ) | (2.32 | ) | (0.53 | ) | (0.24 | ) | ||||||||||||||||||
11/30/2014 | 15.35 | 0.28 | 0.05 | 0.33 | (0.28 | ) | — | |||||||||||||||||||||
12/18/2012* - 11/30/2013 | 15.00 | 0.14 | 0.36 | 0.50 | (0.15 | ) | — | |||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
3/31/2019† | $ | 16.16 | $ | 0.08 | $ | 0.06 | $ | 0.14 | $ | (0.04 | ) | $ | — | |||||||||||||||
9/30/2018 | 17.13 | 0.36 | (1.08 | ) | (0.72 | ) | (0.18 | ) | (0.07 | ) | ||||||||||||||||||
9/30/2017 | 14.31 | 0.46 | 2.78 | 3.24 | (0.42 | ) | — | |||||||||||||||||||||
9/30/2016 | 12.46 | 0.62 | 1.80 | 2.42 | (0.57 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 15.56 | 0.49 | (2.74 | ) | (2.25 | ) | (0.61 | ) | (0.24 | ) | ||||||||||||||||||
11/30/2014 | 15.45 | 0.43 | 0.05 | 0.48 | (0.37 | ) | — | |||||||||||||||||||||
12/18/2012* - 11/30/2013 | 15.00 | 0.36 | 0.27 | 0.63 | (0.18 | ) | — | |||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 16.29 | $ | 0.09 | $ | 0.03 | $ | 0.12 | $ | (0.21 | ) | $ | — | |||||||||||||||
9/30/2018 | 17.49 | 0.42 | (1.11 | ) | (0.69 | ) | (0.44 | ) | (0.07 | ) | ||||||||||||||||||
9/30/2017 | 14.46 | 0.44 | 2.91 | 3.35 | (0.32 | ) | — | |||||||||||||||||||||
9/30/2016 | 12.47 | 0.43 | 2.01 | 2.44 | (0.45 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 15.57 | 0.51 | (2.74 | ) | (2.23 | ) | (0.63 | ) | (0.24 | ) | ||||||||||||||||||
11/30/2014 | 15.46 | 0.46 | 0.03 | 0.49 | (0.38 | ) | — | |||||||||||||||||||||
12/18/2012* - 11/30/2013 | 15.00 | 0.39 | 0.26 | 0.65 | (0.19 | ) | — |
^ | A — may reflect actual amounts rounding to less than $0.01 or 0.01%. |
† | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
* | 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. |
298 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
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 | |||||||||||||||||||||||||||
$ | (0.03 | ) | $ | 16.27 | 0.76 | % | $ | 17,261 | 1.16 | %(c) | 1.88 | %(c) | 0.91 | %(c) | 47 | % | ||||||||||||||||||
(0.33 | ) | 16.18 | (4.36 | ) | 22,590 | 1.14 | 1.65 | 2.31 | 116 | |||||||||||||||||||||||||
(0.32 | ) | 17.24 | (d) | 23.07 | (d) | 11,026 | 1.22 | (e) | 3.32 | (e) | 2.58 | (e) | 120 | |||||||||||||||||||||
(0.40 | ) | 14.31 | (f) | 19.57 | (f) | 2,141 | 1.39 | 7.84 | 3.62 | 104 | ||||||||||||||||||||||||
(0.86 | ) | 12.34 | (15.12 | ) | 207 | 1.55 | (c)(g) | 6.55 | (c)(g) | 4.13 | (c)(g) | 93 | ||||||||||||||||||||||
(0.42 | ) | 15.45 | 2.94 | 110 | 1.55 | 4.86 | 2.33 | 85 | ||||||||||||||||||||||||||
(0.20 | ) | 15.42 | 4.14 | 19 | 1.55 | (c) | 17.07 | (c) | 2.41 | (c) | 67 | |||||||||||||||||||||||
$ | (0.03 | ) | $ | 16.26 | 0.37 | % | $ | 1,168 | 1.91 | %(c) | 2.48 | %(c) | 0.20 | %(c) | 47 | % | ||||||||||||||||||
(0.23 | ) | 16.23 | (5.08 | ) | 1,196 | 1.90 | 2.38 | 1.35 | 116 | |||||||||||||||||||||||||
(0.11 | ) | 17.33 | (d) | 22.06 | (d) | 527 | 1.95 | (e) | 4.00 | (e) | 2.16 | (e) | 120 | |||||||||||||||||||||
(0.30 | ) | 14.29 | (f) | 18.80 | (f) | 113 | 2.16 | 8.01 | 2.49 | 104 | ||||||||||||||||||||||||
(0.77 | ) | 12.31 | (15.62 | ) | 104 | 2.30 | (c)(g) | 7.39 | (c)(g) | 3.12 | (c)(g) | 93 | ||||||||||||||||||||||
(0.28 | ) | 15.40 | 2.19 | 73 | 2.30 | 5.60 | 1.82 | 85 | ||||||||||||||||||||||||||
(0.15 | ) | 15.35 | 3.40 | 25 | 2.30 | (c) | 19.41 | (c) | 1.00 | (c) | 67 | |||||||||||||||||||||||
$ | (0.04 | ) | $ | 16.26 | 0.88 | % | $ | 2,256 | 1.00 | %(c) | 1.81 | %(c) | 1.06 | %(c) | 47 | % | ||||||||||||||||||
(0.25 | ) | 16.16 | (4.30 | ) | 3,312 | 0.98 | 1.48 | 2.03 | 116 | |||||||||||||||||||||||||
(0.42 | ) | 17.13 | (d) | 23.22 | (d) | 19,899 | 1.05 | (e) | 3.00 | (e) | 2.99 | (e) | 120 | |||||||||||||||||||||
(0.57 | ) | 14.31 | (f) | 19.95 | (f) | 139 | 1.20 | 7.47 | 4.67 | 104 | ||||||||||||||||||||||||
(0.85 | ) | 12.46 | (15.03 | ) | 9 | 1.39 | (c)(g) | 5.87 | (c)(g) | 4.12 | (c)(g) | 93 | ||||||||||||||||||||||
(0.37 | ) | 15.56 | 3.13 | 11 | 1.39 | 4.64 | 2.77 | 85 | ||||||||||||||||||||||||||
(0.18 | ) | 15.45 | 4.25 | 11 | 1.41 | (c) | 7.72 | (c) | 2.49 | (c) | 67 | |||||||||||||||||||||||
$ | (0.21 | ) | $ | 16.20 | 0.86 | % | $ | 99,754 | 0.91 | %(c) | 1.47 | %(c) | 1.16 | %(c) | 47 | % | ||||||||||||||||||
(0.51 | ) | 16.29 | (4.12 | ) | 111,161 | 0.90 | 1.39 | 2.41 | 116 | |||||||||||||||||||||||||
(0.32 | ) | 17.49 | (d) | 23.33 | (d) | 34,444 | 0.95 | (e) | 2.87 | (e) | 2.71 | (e) | 120 | |||||||||||||||||||||
(0.45 | ) | 14.46 | (f) | 19.95 | (f) | 6,370 | 1.17 | 6.98 | 3.35 | 104 | ||||||||||||||||||||||||
(0.87 | ) | 12.47 | (14.91 | ) | 6,688 | 1.30 | (c)(g) | 5.93 | (c)(g) | 4.25 | (c)(g) | 93 | ||||||||||||||||||||||
(0.38 | ) | 15.57 | 3.18 | 7,889 | 1.30 | 4.63 | 2.96 | 85 | ||||||||||||||||||||||||||
(0.19 | ) | 15.46 | 4.38 | 6,470 | 1.30 | (c) | 7.78 | (c) | 2.70 | (c) | 67 |
(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) | Certain expenses incurred by the Fund were not annualized. |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 299 |
Table of Contents
Financial Highlights# (cont’d)
For a Share Outstanding for the Period ended:^
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 | |||||||||||||||||||||||
AllianzGI PerformanceFee Managed Futures Strategy:# | ||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
3/31/2019† | $ | 9.61 | $ | 0.10 | $ | (0.23 | ) | $ | (0.13 | ) | $ | (0.08 | ) | $ | — | |||||||||||||
12/18/2017* - 9/30/2018 | 10.00 | 0.12 | (0.51 | ) | (0.39 | ) | — | — | ||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 9.60 | $ | 0.10 | $ | (0.22 | ) | $ | (0.12 | ) | $ | (0.09 | ) | $ | — | |||||||||||||
12/18/2017* - 9/30/2018 | 10.00 | 0.13 | (0.53 | ) | (0.40 | ) | — | — | ||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
3/31/2019† | $ | 9.61 | $ | 0.11 | $ | (0.23 | ) | $ | (0.12 | ) | $ | (0.09 | ) | $ | — | |||||||||||||
12/18/2017* - 9/30/2018 | 10.00 | 0.13 | (0.52 | ) | (0.39 | ) | — | — | ||||||||||||||||||||
AllianzGI PerformanceFee Structured US Equity: | ||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
3/31/2019† | $ | 11.12 | $ | 0.30 | $ | (0.71 | ) | $ | (0.41 | ) | $ | (0.09 | ) | $ | (0.67 | ) | ||||||||||||
12/18/2017* - 9/30/2018 | 10.00 | 0.14 | 0.98 | 1.12 | — | — | ||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 11.13 | $ | 0.10 | $ | (0.52 | ) | $ | (0.42 | ) | $ | (0.09 | ) | $ | (0.67 | ) | ||||||||||||
12/18/2017* - 9/30/2018 | 10.00 | 0.18 | 0.95 | 1.13 | — | — | ||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
3/31/2019† | $ | 11.13 | $ | 0.13 | $ | (0.52 | ) | $ | (0.39 | ) | $ | (0.06 | ) | $ | (0.67 | ) | ||||||||||||
12/18/2017* - 9/30/2018 | 10.00 | 0.13 | 1.00 | 1.13 | — | — | ||||||||||||||||||||||
AllianzGI PerformanceFee Structured US Fixed Income: | ||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
3/31/2019† | $ | 9.92 | $ | 0.14 | $ | 0.32 | $ | 0.46 | $ | (0.21 | ) | $ | (0.11 | ) | ||||||||||||||
12/18/2017* - 9/30/2018 | 10.00 | 0.16 | (0.24 | ) | (0.08 | ) | — | — | ||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 9.92 | $ | 0.09 | $ | 0.37 | $ | 0.46 | $ | (0.19 | ) | $ | (0.11 | ) | ||||||||||||||
12/18/2017* - 9/30/2018 | 10.00 | 0.09 | (0.17 | ) | (0.08 | ) | — | — | ||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
3/31/2019† | $ | 9.92 | $ | 0.14 | $ | 0.32 | $ | 0.46 | $ | (0.21 | ) | $ | (0.11 | ) | ||||||||||||||
12/18/2017* - 9/30/2018 | 10.00 | 0.16 | (0.24 | ) | (0.08 | ) | — | — | ||||||||||||||||||||
AllianzGI Preferred Securities and Income: | ||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
3/31/2019† | $ | 15.06 | $ | 0.33 | $ | — | $ | 0.33 | $ | (0.36 | ) | $ | (0.02 | ) | ||||||||||||||
5/30/2018* - 9/30/2018 | 15.00 | 0.23 | 0.03 | 0.26 | (0.20 | ) | — | |||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 15.06 | $ | 0.34 | $ | (0.01 | ) | $ | 0.33 | $ | (0.36 | ) | $ | (0.02 | ) | |||||||||||||
5/30/2018* - 9/30/2018 | 15.00 | 0.26 | — | 0.26 | (0.20 | ) | — | |||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
3/31/2019† | $ | 15.06 | $ | 0.34 | $ | — | $ | 0.34 | $ | (0.37 | ) | $ | (0.02 | ) | ||||||||||||||
5/30/2018* - 9/30/2018 | 15.00 | 0.24 | 0.03 | 0.27 | (0.21 | ) | — |
^ | A — may reflect actual amounts rounding to less than $0.01 or 0.01%. |
# | Consolidated Financial Highlights for the AllianzGI PerformanceFee Managed Futures Strategy Fund. These financial statements are consolidated to include the accounts of AllianzGI PerformanceFee Managed Futures Strategy Offshore Fund Ltd., a wholly-owned subsidiary of the AllianzGI PerformanceFee Managed Futures Strategy Fund. See Note 14. |
† | Unaudited |
* | Commencement of operations. |
(a) | Calculated on average shares outstanding during the period. |
300 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Total Dividends and Distributions | Net Asset Value, End of Period | Total Return (b) | Net Assets, End of Period | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement (c)(d) | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c)(d) | Ratio of Net Investment Income to Average Net Assets (c)(d) | Portfolio Turnover Rate | |||||||||||||||||||||||||||
$ | (0.08 | ) | $ | 9.40 | (1.35 | )% | $ | 9 | 0.19 | % | 1.47 | % | 2.15 | % | — | % | ||||||||||||||||||
— | 9.61 | (3.90 | ) | 10 | 0.20 | 4.01 | 1.59 | 121 | ||||||||||||||||||||||||||
$ | (0.09 | ) | $ | 9.39 | (1.28 | )% | $ | 506 | 0.14 | % | 1.38 | % | 2.21 | % | — | % | ||||||||||||||||||
— | 9.60 | (4.00 | ) | 515 | 0.15 | 5.42 | 1.74 | 121 | ||||||||||||||||||||||||||
$ | (0.09 | ) | $ | 9.40 | (1.21 | )% | $ | 30,939 | 0.09 | % | 1.39 | % | 2.28 | % | — | % | ||||||||||||||||||
— | 9.61 | (3.90 | ) | 15,254 | 0.10 | 4.00 | 1.70 | 121 | ||||||||||||||||||||||||||
$ | (0.76 | ) | $ | 9.95 | (2.51 | )% | $ | 1,018 | 0.24 | % | 1.04 | % | 6.48 | % | 7 | % | ||||||||||||||||||
— | 11.12 | 11.20 | 11 | 0.61 | 1.75 | 1.71 | 2 | |||||||||||||||||||||||||||
$ | (0.76 | ) | $ | 9.95 | (2.65 | )% | $ | 39,733 | 0.24 | % | 1.01 | % | 2.12 | % | 7 | % | ||||||||||||||||||
— | 11.13 | 11.30 | 40,290 | 0.62 | 1.58 | 2.12 | 2 | |||||||||||||||||||||||||||
$ | (0.73 | ) | $ | 10.01 | (2.36 | )% | $ | 40,500 | 0.24 | % | 0.98 | % | 2.63 | % | 7 | % | ||||||||||||||||||
— | 11.13 | 11.30 | 42,774 | 0.61 | 1.72 | 1.64 | 2 | |||||||||||||||||||||||||||
$ | (0.32 | ) | $ | 10.06 | 4.72 | % | $ | 10 | 0.27 | % | 1.53 | % | 2.92 | % | 1 | % | ||||||||||||||||||
— | 9.92 | (0.80 | ) | 10 | 0.30 | 1.97 | 2.04 | 1 | ||||||||||||||||||||||||||
$ | (0.30 | ) | $ | 10.08 | 4.77 | % | $ | 274 | 0.27 | % | 1.38 | % | 1.99 | % | 1 | % | ||||||||||||||||||
— | 9.92 | (0.80 | ) | 10 | 0.30 | 34.22 | 1.17 | 1 | ||||||||||||||||||||||||||
$ | (0.32 | ) | $ | 10.06 | 4.72 | % | $ | 27,158 | 0.27 | % | 1.55 | % | 2.90 | % | 1 | % | ||||||||||||||||||
— | 9.92 | (0.80 | ) | 24,958 | 0.30 | 2.00 | 2.03 | 1 | ||||||||||||||||||||||||||
$ | (0.38 | ) | $ | 15.01 | 2.30 | % | $ | 10 | 0.60 | % | 2.12 | % | 4.59 | % | 32 | % | ||||||||||||||||||
(0.20 | ) | 15.06 | 1.74 | 10 | 0.60 | 3.21 | 4.62 | 39 | ||||||||||||||||||||||||||
$ | (0.38 | ) | $ | 15.01 | 2.33 | % | $ | 1,609 | 0.55 | % | 2.15 | % | 4.64 | % | 32 | % | ||||||||||||||||||
(0.20 | ) | 15.06 | 1.76 | 1,548 | 0.56 | 4.22 | 5.28 | 39 | ||||||||||||||||||||||||||
$ | (0.39 | ) | $ | 15.01 | 2.36 | % | $ | 13,093 | 0.50 | % | 2.14 | % | 4.72 | % | 32 | % | ||||||||||||||||||
(0.21 | ) | 15.06 | 1.78 | 10,157 | 0.50 | 3.22 | 4.71 | 39 |
(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. |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 301 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:^
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 | |||||||||||||||||||||||
AllianzGI Short Duration High Income: | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
3/31/2019† | $ | 14.93 | $ | 0.26 | $ | (0.30 | ) | $ | (0.04 | ) | $ | (0.38 | ) | $ | — | |||||||||||||
9/30/2018 | 15.18 | 0.59 | (0.16 | ) | 0.43 | (0.68 | ) | — | ||||||||||||||||||||
9/30/2017 | 15.29 | 0.60 | 0.04 | 0.64 | (0.75 | ) | — | |||||||||||||||||||||
9/30/2016 | 15.04 | 0.72 | 0.38 | 1.10 | (0.85 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 15.59 | 0.57 | (0.46 | ) | 0.11 | (0.66 | ) | — | ||||||||||||||||||||
11/30/2014 | 15.92 | 0.64 | (0.23 | ) | 0.41 | (0.74 | ) | — | ||||||||||||||||||||
11/30/2013 | 15.97 | 0.63 | 0.09 | 0.72 | (0.76 | ) | (0.01 | ) | ||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
3/31/2019† | $ | 14.90 | $ | 0.24 | $ | (0.29 | ) | $ | (0.05 | ) | $ | (0.35 | ) | $ | — | |||||||||||||
9/30/2018 | 15.15 | 0.55 | (0.15 | ) | 0.40 | (0.65 | ) | — | ||||||||||||||||||||
9/30/2017 | 15.27 | 0.56 | 0.03 | 0.59 | (0.71 | ) | — | |||||||||||||||||||||
9/30/2016 | 15.00 | 0.68 | 0.38 | 1.06 | (0.79 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 15.56 | 0.53 | (0.46 | ) | 0.07 | (0.63 | ) | — | ||||||||||||||||||||
11/30/2014 | 15.89 | 0.60 | (0.23 | ) | 0.37 | (0.70 | ) | — | ||||||||||||||||||||
11/30/2013 | 15.94 | 0.59 | 0.09 | 0.68 | (0.72 | ) | (0.01 | ) | ||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
3/31/2019† | $ | 14.88 | $ | 0.27 | $ | (0.29 | ) | $ | (0.02 | ) | $ | (0.45 | ) | $ | — | |||||||||||||
9/30/2018 | 15.13 | 0.62 | (0.15 | ) | 0.47 | (0.72 | ) | — | ||||||||||||||||||||
9/30/2017 | 15.24 | 0.63 | 0.05 | 0.68 | (0.79 | ) | — | |||||||||||||||||||||
9/30/2016 | 15.03 | 0.74 | 0.38 | 1.12 | (0.91 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 15.58 | 0.60 | (0.47 | ) | 0.13 | (0.68 | ) | — | ||||||||||||||||||||
11/30/2014 | 15.92 | 0.66 | (0.23 | ) | 0.43 | (0.77 | ) | — | ||||||||||||||||||||
11/30/2013 | 15.96 | 0.66 | 0.10 | 0.76 | (0.79 | ) | (0.01 | ) | ||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 14.89 | $ | 0.27 | $ | (0.29 | ) | $ | (0.02 | ) | $ | (0.45 | ) | $ | — | |||||||||||||
9/30/2018 | 15.14 | 0.63 | (0.15 | ) | 0.48 | (0.73 | ) | — | ||||||||||||||||||||
9/30/2017 | 15.25 | 0.64 | 0.04 | 0.68 | (0.79 | ) | — | |||||||||||||||||||||
9/30/2016 | 15.05 | 0.76 | 0.37 | 1.13 | (0.93 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 15.60 | 0.60 | (0.45 | ) | 0.15 | (0.70 | ) | — | ||||||||||||||||||||
11/30/2014 | 15.94 | 0.68 | (0.24 | ) | 0.44 | (0.78 | ) | — | ||||||||||||||||||||
11/30/2013 | 15.99 | 0.67 | 0.09 | 0.76 | (0.80 | ) | (0.01 | ) | ||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
3/31/2019† | $ | 14.89 | $ | 0.28 | $ | (0.28 | ) | $ | — | $ | (0.47 | ) | $ | — | ||||||||||||||
9/30/2018 | 15.14 | 0.64 | (0.16 | ) | 0.48 | (0.73 | ) | — | ||||||||||||||||||||
2/1/2017* - 9/30/2017 | 15.18 | 0.42 | 0.03 | 0.45 | (0.49 | ) | — |
^ | A — may reflect actual amounts rounding to less than $0.01 or 0.01%. |
† | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
* | Commencement of operations. |
(a) | Calculated on average shares outstanding during the period. |
302 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
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 | |||||||||||||||||||||||||||
$ | (0.38 | ) | $ | 14.51 | (0.21 | )% | $ | 155,243 | 0.88 | %(c) | 0.88 | %(c) | 3.52 | %(c) | 18 | % | ||||||||||||||||||
(0.68 | ) | 14.93 | 2.95 | 150,899 | 0.89 | 0.89 | 3.92 | 60 | ||||||||||||||||||||||||||
(0.75 | ) | 15.18 | 4.27 | 218,312 | 0.89 | 0.89 | 3.94 | 88 | ||||||||||||||||||||||||||
(0.85 | ) | 15.29 | 7.65 | 226,149 | 0.85 | 0.85 | 4.85 | 63 | ||||||||||||||||||||||||||
(0.66 | ) | 15.04 | 0.67 | 164,978 | 0.86 | (c)(d) | 0.86 | (c)(d) | 4.44 | (c)(d) | 65 | |||||||||||||||||||||||
(0.74 | ) | 15.59 | 2.60 | 163,070 | 0.85 | 0.88 | 4.01 | 94 | ||||||||||||||||||||||||||
(0.77 | ) | 15.92 | 4.60 | 168,536 | 0.85 | 0.90 | 3.98 | 63 | ||||||||||||||||||||||||||
$ | (0.35 | ) | $ | 14.50 | (0.33 | )% | $ | 124,552 | 1.10 | %(c) | 1.10 | %(c) | 3.30 | %(c) | 18 | % | ||||||||||||||||||
(0.65 | ) | 14.90 | 2.74 | 135,483 | 1.11 | 1.11 | 3.70 | 60 | ||||||||||||||||||||||||||
(0.71 | ) | 15.15 | 4.00 | 148,587 | 1.12 | 1.12 | 3.70 | 88 | ||||||||||||||||||||||||||
(0.79 | ) | 15.27 | 7.42 | 132,649 | 1.13 | 1.13 | 4.58 | 63 | ||||||||||||||||||||||||||
(0.63 | ) | 15.00 | 0.38 | 100,557 | 1.15 | (c)(d) | 1.15 | (c)(d) | 4.15 | (c)(d) | 65 | |||||||||||||||||||||||
(0.70 | ) | 15.56 | 2.38 | 89,801 | 1.10 | 1.13 | 3.78 | 94 | ||||||||||||||||||||||||||
(0.73 | ) | 15.89 | 4.36 | 63,680 | 1.10 | 1.16 | 3.74 | 63 | ||||||||||||||||||||||||||
$ | (0.45 | ) | $ | 14.41 | (0.06 | )% | $ | 508,752 | 0.61 | %(c) | 0.61 | %(c) | 3.81 | %(c) | 18 | % | ||||||||||||||||||
(0.72 | ) | 14.88 | 3.21 | 411,367 | 0.65 | 0.65 | 4.14 | 60 | ||||||||||||||||||||||||||
(0.79 | ) | 15.13 | 4.56 | 700,376 | 0.63 | 0.63 | 4.19 | 88 | ||||||||||||||||||||||||||
(0.91 | ) | 15.24 | 7.84 | 554,281 | 0.66 | 0.66 | 4.97 | 63 | ||||||||||||||||||||||||||
(0.68 | ) | 15.03 | 0.83 | 330,431 | 0.64 | (c)(d) | 0.64 | (c)(d) | 4.65 | (c)(d) | 65 | |||||||||||||||||||||||
(0.77 | ) | 15.58 | 2.74 | 248,345 | 0.70 | 0.70 | 4.20 | 94 | ||||||||||||||||||||||||||
(0.80 | ) | 15.92 | 4.83 | 121,747 | 0.70 | 0.71 | 4.14 | 63 | ||||||||||||||||||||||||||
$ | (0.45 | ) | $ | 14.42 | (0.09 | )% | $ | 369,352 | 0.61 | %(c) | 0.61 | %(c) | 3.79 | %(c) | 18 | % | ||||||||||||||||||
(0.73 | ) | 14.89 | 3.26 | 388,443 | 0.60 | 0.60 | 4.20 | 60 | ||||||||||||||||||||||||||
(0.79 | ) | 15.14 | 4.61 | 539,078 | 0.59 | 0.59 | 4.22 | 88 | ||||||||||||||||||||||||||
(0.93 | ) | 15.25 | 7.90 | 420,440 | 0.58 | 0.58 | 5.10 | 63 | ||||||||||||||||||||||||||
(0.70 | ) | 15.05 | 0.91 | 445,473 | 0.60 | (c)(d) | 0.60 | (c)(d) | 4.70 | (c)(d) | 65 | |||||||||||||||||||||||
(0.78 | ) | 15.60 | 2.81 | 225,643 | 0.60 | 0.60 | 4.28 | 94 | ||||||||||||||||||||||||||
(0.81 | ) | 15.94 | 4.87 | 179,676 | 0.61 | 0.61 | 4.23 | 63 | ||||||||||||||||||||||||||
$ | (0.47 | ) | $ | 14.42 | 0.02 | % | $ | 33,545 | 0.56 | %(c) | 0.56 | %(c) | 3.84 | %(c) | 18 | % | ||||||||||||||||||
(0.73 | ) | 14.89 | 3.29 | 52,922 | 0.55 | 0.55 | 4.27 | 60 | ||||||||||||||||||||||||||
(0.49 | ) | 15.14 | 3.04 | 70,595 | 0.56 | (c) | 0.56 | (c) | 4.25 | (c) | 88 |
(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. |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 303 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:^
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 | |||||||||||||||||||||||
AllianzGI Short Term Bond: | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
3/31/2019† | $ | 15.02 | $ | 0.29 | $ | 0.12 | $ | 0.41 | $ | (0.31 | ) | $ | 15.12 | |||||||||||||||
8/23/2018* - 9/30/2018 | 15.00 | 0.04 | (0.02 | ) | 0.02 | — | 15.02 | |||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
3/31/2019† | $ | 15.02 | $ | 0.29 | $ | 0.14 | $ | 0.43 | $ | (0.32 | ) | $ | 15.13 | |||||||||||||||
8/23/2018* - 9/30/2018 | 15.00 | 0.04 | (0.02 | ) | 0.02 | — | 15.02 | |||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 15.02 | $ | 0.30 | $ | 0.13 | $ | 0.43 | $ | (0.32 | ) | $ | 15.13 | |||||||||||||||
8/23/2018* - 9/30/2018 | 15.00 | 0.04 | (0.02 | ) | 0.02 | — | 15.02 |
^ | 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. |
304 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
Total Return (b) | Net Assets, End of Period (000s) | Ratio of Expenses to Average Net Assets with Fee Waiver/ Reimbursement (c)(d) | Ratio of Expenses to Average Net Assets without Fee Waiver/ Reimbursement (c)(d) | Ratio of Net Investment Income to Average Net Assets (c)(d) | Portfolio Turnover Rate | |||||||||||||||||||||
2.75 | % | $ | 656 | 0.64 | % | 4.92 | % | 3.87 | % | 15 | % | |||||||||||||||
0.13 | 10 | 0.64 | 10.85 | 2.41 | — | |||||||||||||||||||||
2.88 | % | $ | 10 | 0.49 | % | 2.71 | % | 3.92 | % | 15 | % | |||||||||||||||
0.13 | 10 | 0.49 | 10.60 | 2.56 | — | |||||||||||||||||||||
2.93 | % | $ | 6,793 | 0.39 | % | 2.70 | % | 4.03 | % | 15 | % | |||||||||||||||
0.13 | 5,164 | 0.39 | 10.62 | 2.68 | — |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 305 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:^
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 | |||||||||||||||||||||||
AllianzGI Structured Return: | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
3/31/2019† | $ | 16.16 | $ | 0.07 | $ | (0.08 | ) | $ | (0.01 | ) | $ | — | $ | (0.35 | ) | |||||||||||||
9/30/2018 | 16.26 | 0.10 | 0.41 | 0.51 | (0.10 | ) | (0.51 | ) | ||||||||||||||||||||
9/30/2017 | 15.85 | 0.09 | 0.74 | 0.83 | (0.06 | ) | (0.36 | ) | ||||||||||||||||||||
9/30/2016 | 15.47 | 0.15 | 0.51 | 0.66 | (0.10 | ) | (0.18 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 15.64 | 0.16 | 0.28 | 0.44 | — | (0.61 | ) | |||||||||||||||||||||
11/30/2014 | 15.87 | (0.12 | ) | 0.65 | 0.53 | — | (0.76 | ) | ||||||||||||||||||||
12/3/2012* - 11/30/2013 | 15.00 | (0.28 | ) | 1.15 | 0.87 | — | — | |||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
3/31/2019† | $ | 15.58 | $ | 0.02 | $ | (0.08 | ) | $ | (0.06 | ) | $ | — | $ | (0.35 | ) | |||||||||||||
9/30/2018 | 15.73 | (0.03 | ) | 0.39 | 0.36 | — | (0.51 | ) | ||||||||||||||||||||
9/30/2017 | 15.39 | (0.04 | ) | 0.74 | 0.70 | — | (0.36 | ) | ||||||||||||||||||||
9/30/2016 | 15.12 | 0.02 | 0.51 | 0.53 | (0.08 | ) | (0.18 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 15.39 | 0.09 | 0.25 | 0.34 | — | (0.61 | ) | |||||||||||||||||||||
11/30/2014 | 15.73 | (0.25 | ) | 0.67 | 0.42 | — | (0.76 | ) | ||||||||||||||||||||
12/3/2012* - 11/30/2013 | 15.00 | (0.39 | ) | 1.12 | 0.73 | — | — | |||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
3/31/2019† | $ | 16.14 | $ | 0.11 | $ | (0.10 | ) | $ | 0.01 | $ | (0.05 | ) | $ | (0.35 | ) | |||||||||||||
9/30/2018 | 16.26 | 0.13 | 0.41 | 0.54 | (0.15 | ) | (0.51 | ) | ||||||||||||||||||||
9/30/2017 | 15.87 | 0.18 | 0.69 | 0.87 | (0.12 | ) | (0.36 | ) | ||||||||||||||||||||
9/30/2016 | 15.53 | 0.17 | 0.53 | 0.70 | (0.18 | ) | (0.18 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 15.69 | 0.21 | 0.24 | 0.45 | — | (0.61 | ) | |||||||||||||||||||||
11/30/2014 | 15.89 | (0.15 | ) | 0.71 | 0.56 | — | (0.76 | ) | ||||||||||||||||||||
12/3/2012* - 11/30/2013 | 15.00 | (0.26 | ) | 1.15 | 0.89 | — | — | |||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 16.32 | $ | 0.11 | $ | (0.10 | ) | $ | 0.01 | $ | (0.11 | ) | $ | (0.35 | ) | |||||||||||||
9/30/2018 | 16.42 | 0.16 | 0.40 | 0.56 | (0.15 | ) | (0.51 | ) | ||||||||||||||||||||
9/30/2017 | 15.96 | 0.14 | 0.74 | 0.88 | (0.06 | ) | (0.36 | ) | ||||||||||||||||||||
9/30/2016 | 15.54 | 0.19 | 0.52 | 0.71 | (0.11 | ) | (0.18 | ) | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 15.72 | 0.22 | 0.24 | 0.46 | (0.03 | ) | (0.61 | ) | ||||||||||||||||||||
11/30/2014 | 15.90 | (0.08 | ) | 0.66 | 0.58 | — | (0.76 | ) | ||||||||||||||||||||
12/3/2012* - 11/30/2013 | 15.00 | (0.24 | ) | 1.14 | 0.90 | — | — | |||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
3/31/2019† | $ | 16.24 | $ | 0.11 | $ | (0.09 | ) | $ | 0.02 | $ | (0.11 | ) | $ | (0.35 | ) | |||||||||||||
9/30/2018 | 16.32 | 0.15 | 0.40 | 0.55 | (0.12 | ) | (0.51 | ) | ||||||||||||||||||||
12/5/2016* - 9/30/2017 | 16.13 | 0.15 | 0.58 | 0.73 | (0.18 | ) | (0.36 | ) |
^ | A — may reflect actual amounts rounding to less than $0.01 or 0.01%. |
† | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
* | 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. |
306 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
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 | |||||||||||||||||||||||||||
$ | (0.35 | ) | $ | 15.80 | 0.02 | % | $ | 45,871 | 0.99 | %(c)(d) | 1.04 | %(c)(d) | 0.91 | %(c)(d) | 91 | % | ||||||||||||||||||
(0.61 | ) | 16.16 | 3.23 | 110,429 | 0.98 | (d) | 1.04 | (d) | 0.61 | (d) | 586 | |||||||||||||||||||||||
(0.42 | ) | 16.26 | (e) | 5.35 | (e) | 136,344 | 1.02 | (d) | 1.15 | (d) | 0.57 | (d) | 680 | |||||||||||||||||||||
(0.28 | ) | 15.85 | 4.32 | 96,870 | 1.15 | (d) | 1.17 | (d) | 0.95 | (d) | 500 | |||||||||||||||||||||||
(0.61 | ) | 15.47 | 2.93 | 8,014 | 1.15 | (c)(d)(f) | 1.58 | (c)(d)(f) | 1.28 | (c)(d)(f) | 34 | |||||||||||||||||||||||
(0.76 | ) | 15.64 | 3.52 | 2,551 | 1.52 | 4.22 | (0.75 | ) | 229 | |||||||||||||||||||||||||
— | 15.87 | 5.80 | 517 | 1.90 | (c) | 7.34 | (c) | (1.86 | )(c) | — | ||||||||||||||||||||||||
$ | (0.35 | ) | $ | 15.17 | (0.33 | )% | $ | 14,630 | 1.77 | %(c)(d) | 1.77 | %(c)(d) | 0.31 | %(c)(d) | 91 | % | ||||||||||||||||||
(0.51 | ) | 15.58 | 2.34 | 16,862 | 1.78 | (d) | 1.78 | (d) | (0.18 | )(d) | 586 | |||||||||||||||||||||||
(0.36 | ) | 15.73 | (e) | 4.61 | (e) | 16,535 | 1.80 | (d) | 1.87 | (d) | (0.24 | )(d) | 680 | |||||||||||||||||||||
(0.26 | ) | 15.39 | 3.52 | 12,605 | 1.90 | (d) | 1.97 | (d) | 0.10 | (d) | 500 | |||||||||||||||||||||||
(0.61 | ) | 15.12 | 2.31 | 3,803 | 1.90 | (c)(d)(f) | 2.09 | (c)(d)(f) | 0.70 | (c)(d)(f) | 34 | |||||||||||||||||||||||
(0.76 | ) | 15.39 | 2.82 | 138 | 2.31 | 4.74 | (1.64 | ) | 229 | |||||||||||||||||||||||||
— | 15.73 | 4.87 | 74 | 2.65 | (c) | 6.91 | (c) | (2.60 | )(c) | — | ||||||||||||||||||||||||
$ | (0.40 | ) | $ | 15.75 | 0.16 | % | $ | 153,093 | 0.77 | %(c)(d) | 0.77 | %(c)(d) | 1.39 | %(c)(d) | 91 | % | ||||||||||||||||||
(0.66 | ) | 16.14 | 3.40 | 150,441 | 0.77 | (d) | 0.77 | (d) | 0.85 | (d) | 586 | |||||||||||||||||||||||
(0.48 | ) | 16.26 | (e) | 5.59 | (e) | 136,127 | 0.79 | (d) | 0.83 | (d) | 1.12 | (d) | 680 | |||||||||||||||||||||
(0.36 | ) | 15.87 | 4.55 | 20,664 | 0.96 | (d) | 0.96 | (d) | 1.11 | (d) | 500 | |||||||||||||||||||||||
(0.61 | ) | 15.53 | 2.99 | 503 | 1.00 | (c)(d)(f) | 1.16 | (c)(d)(f) | 1.67 | (c)(d)(f) | 34 | |||||||||||||||||||||||
(0.76 | ) | 15.69 | 3.72 | 37 | 1.50 | 3.73 | (1.00 | ) | 229 | |||||||||||||||||||||||||
— | 15.89 | 5.93 | 61 | 1.75 | (c) | 5.97 | (c) | (1.69 | )(c) | — | ||||||||||||||||||||||||
$ | (0.46 | ) | $ | 15.87 | 0.19 | % | $ | 414,504 | 0.70 | %(c)(d) | 0.74 | %(c)(d) | 1.46 | %(c)(d) | 91 | % | ||||||||||||||||||
(0.66 | ) | 16.32 | 3.52 | 345,453 | 0.69 | (d) | 0.77 | (d) | 1.01 | (d) | 586 | |||||||||||||||||||||||
(0.42 | ) | 16.42 | (e) | 5.62 | (e) | 205,068 | 0.74 | (d) | 0.87 | (d) | 0.86 | (d) | 680 | |||||||||||||||||||||
(0.29 | ) | 15.96 | 4.60 | 146,194 | 0.90 | (d) | 0.90 | (d) | 1.21 | (d) | 500 | |||||||||||||||||||||||
(0.64 | ) | 15.54 | 3.08 | 55,028 | 0.90 | (c)(d)(f) | 1.22 | (c)(d)(f) | 1.71 | (c)(d)(f) | 34 | |||||||||||||||||||||||
(0.76 | ) | 15.72 | 3.84 | 15,142 | 1.28 | 3.65 | (0.54 | ) | 229 | |||||||||||||||||||||||||
— | 15.90 | 6.00 | 7,978 | 1.65 | (c) | 5.64 | (c) | (1.60 | )(c) | — | ||||||||||||||||||||||||
$ | (0.46 | ) | $ | 15.80 | 0.20 | % | $ | 50,641 | 0.68 | %(c)(d) | 0.70 | %(c)(d) | 1.41 | %(c)(d) | 91 | % | ||||||||||||||||||
(0.63 | ) | 16.24 | 3.47 | 50,899 | 0.67 | (d) | 0.71 | (d) | 0.97 | (d) | 586 | |||||||||||||||||||||||
(0.54 | ) | 16.32 | (e) | 4.64 | (e) | 34,047 | 0.68 | (c)(d) | 0.76 | (c)(d) | 1.17 | (c)(d) | 680 |
(c) | Annualized, unless otherwise noted. |
(d) | Does not include expenses of the investment companies in which the Fund invests. |
(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) | Certain expenses incurred by the Fund were not annualized. |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 307 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:^
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 | |||||||||||||||||||||||
AllianzGI U.S. Equity Hedged: | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
3/31/2019† | $ | 18.94 | $ | 0.06 | $ | (0.81 | ) | $ | (0.75 | ) | $ | (0.15 | ) | $ | (0.99 | ) | ||||||||||||
9/30/2018 | 17.80 | 0.09 | 1.35 | 1.44 | (0.30 | ) | — | |||||||||||||||||||||
9/30/2017 | 16.20 | 0.13 | 1.71 | 1.84 | (0.24 | ) | — | |||||||||||||||||||||
9/30/2016 | 15.79 | 0.11 | 0.53 | 0.64 | (0.23 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 17.74 | 0.14 | (1.09 | ) | (0.95 | ) | (0.02 | ) | (0.98 | ) | ||||||||||||||||||
11/30/2014 | 17.26 | 0.12 | 1.45 | 1.57 | (0.15 | ) | (0.94 | ) | ||||||||||||||||||||
12/3/2012* - 11/30/2013 | 15.00 | 0.12 | 2.14 | 2.26 | — | — | ||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
3/31/2019† | $ | 18.09 | $ | (0.01 | ) | $ | (0.76 | ) | $ | (0.77 | ) | $ | — | $ | (0.99 | ) | ||||||||||||
9/30/2018 | 17.06 | (0.05 | ) | 1.30 | 1.25 | (0.22 | ) | — | ||||||||||||||||||||
9/30/2017 | 15.59 | — | 1.63 | 1.63 | (0.16 | ) | — | |||||||||||||||||||||
9/30/2016 | 15.43 | 0.01 | 0.51 | 0.52 | (0.36 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 17.45 | 0.05 | (1.09 | ) | (1.04 | ) | — | (0.98 | ) | |||||||||||||||||||
11/30/2014 | 17.14 | (0.01 | ) | 1.44 | 1.43 | (0.18 | ) | (0.94 | ) | |||||||||||||||||||
12/3/2012* - 11/30/2013 | 15.00 | — | 2.14 | 2.14 | — | — | ||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
3/31/2019† | $ | 18.68 | $ | 0.07 | $ | (0.80 | ) | $ | (0.73 | ) | $ | (0.32 | ) | $ | (0.99 | ) | ||||||||||||
9/30/2018 | 17.61 | 0.12 | 1.33 | 1.45 | (0.38 | ) | — | |||||||||||||||||||||
9/30/2017 | 16.18 | 0.18 | 1.65 | 1.83 | (0.40 | ) | — | |||||||||||||||||||||
9/30/2016 | 15.92 | 0.14 | 0.54 | 0.68 | (0.42 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 17.90 | 0.15 | (1.10 | ) | (0.95 | ) | (0.05 | ) | (0.98 | ) | ||||||||||||||||||
11/30/2014 | 17.29 | 0.15 | 1.47 | 1.62 | (0.07 | ) | (0.94 | ) | ||||||||||||||||||||
12/3/2012* - 11/30/2013 | 15.00 | 0.15 | 2.14 | 2.29 | — | — | ||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 19.21 | $ | 0.07 | $ | (0.80 | ) | $ | (0.73 | ) | $ | (0.15 | ) | $ | (0.99 | ) | ||||||||||||
9/30/2018 | 17.92 | 0.16 | 1.33 | 1.49 | (0.20 | ) | — | |||||||||||||||||||||
9/30/2017 | 16.24 | 0.14 | 1.74 | 1.88 | (0.20 | ) | — | |||||||||||||||||||||
9/30/2016 | 15.86 | 0.11 | 0.59 | 0.70 | (0.32 | ) | — | |||||||||||||||||||||
12/1/2014 - 9/30/2015# | 17.89 | 0.18 | (1.11 | ) | (0.93 | ) | (0.12 | ) | (0.98 | ) | ||||||||||||||||||
11/30/2014 | 17.31 | 0.17 | 1.46 | 1.63 | (0.11 | ) | (0.94 | ) | ||||||||||||||||||||
12/3/2012* - 11/30/2013 | 15.00 | 0.17 | 2.14 | 2.31 | — | — |
^ | A — may reflect actual amounts rounding to less than $0.01 or 0.01%. |
† | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
* | 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) | Does not include expenses of the investment companies in which the Fund invests. |
(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) | Certain expenses incurred by the Fund were not annualized. |
308 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
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) | Portfolio Turnover Rate | |||||||||||||||||||||||||||
$ | (1.14 | ) | $ | 17.05 | (3.51 | )% | $ | 526 | 1.26 | %(c)(d) | 9.38 | %(c)(d) | 0.67 | %(c)(d) | 7 | % | ||||||||||||||||||
(0.30 | ) | 18.94 | 8.13 | 544 | 1.25 | (d) | 7.40 | (d) | 0.50 | (d) | 21 | |||||||||||||||||||||||
(0.24 | ) | 17.80 | 11.44 | 582 | 1.25 | (d) | 8.26 | (d) | 0.75 | (d) | — | |||||||||||||||||||||||
(0.23 | ) | 16.20 | (e) | 4.11 | (e) | 624 | 1.25 | (d) | 3.63 | (d) | 0.70 | (d) | 6 | |||||||||||||||||||||
(1.00 | ) | 15.79 | (5.68 | ) | 1,067 | 1.26 | (c)(d)(f) | 2.31 | (c)(d)(f) | 0.98 | (c)(d)(f) | 98 | ||||||||||||||||||||||
(1.09 | ) | 17.74 | (e) | 9.57 | (e) | 1,491 | 1.25 | 3.70 | 0.70 | 5 | ||||||||||||||||||||||||
— | 17.26 | 15.07 | 1,416 | 1.25 | (c) | 9.81 | (c) | 0.74 | (c) | 6 | ||||||||||||||||||||||||
$ | (0.99 | ) | $ | 16.33 | (3.87 | )% | $ | 180 | 2.01 | %(c)(d) | 10.15 | %(c)(d) | (0.09 | )%(c)(d) | 7 | % | ||||||||||||||||||
(0.22 | ) | 18.09 | 7.35 | 230 | 2.00 | (d) | 8.20 | (d) | (0.26 | )(d) | 21 | |||||||||||||||||||||||
(0.16 | ) | 17.06 | 10.51 | 278 | 2.00 | (d) | 6.58 | (d) | (0.01 | )(d) | — | |||||||||||||||||||||||
(0.36 | ) | 15.59 | (e) | 3.42 | (e) | 271 | 2.00 | (d) | 4.37 | (d) | 0.06 | (d) | 6 | |||||||||||||||||||||
(0.98 | ) | 15.43 | (6.31 | ) | 280 | 2.01 | (c)(d)(f) | 2.93 | (c)(d)(f) | 0.36 | (c)(d)(f) | 98 | ||||||||||||||||||||||
(1.12 | ) | 17.45 | (e) | 8.78 | (e) | 180 | 2.00 | 4.48 | (0.05 | ) | 5 | |||||||||||||||||||||||
— | 17.14 | 14.27 | 122 | 2.00 | (c) | 11.10 | (c) | (0.01 | )(c) | 6 | ||||||||||||||||||||||||
$ | (1.31 | ) | $ | 16.64 | (3.40 | )% | $ | 67 | 1.10 | %(c)(d) | 9.15 | %(c)(d) | 0.86 | %(c)(d) | 7 | % | ||||||||||||||||||
(0.38 | ) | 18.68 | 8.28 | 69 | 1.10 | (d) | 7.20 | (d) | 0.65 | (d) | 21 | |||||||||||||||||||||||
(0.40 | ) | 17.61 | 11.51 | 19 | 1.10 | (d) | 5.59 | (d) | 1.05 | (d) | — | |||||||||||||||||||||||
(0.42 | ) | 16.18 | (e) | 4.31 | (e) | 12 | 1.10 | (d) | 3.29 | (d) | 0.91 | (d) | 6 | |||||||||||||||||||||
(1.03 | ) | 15.92 | (5.62 | ) | 12 | 1.11 | (c)(d)(f) | 1.91 | (c)(d)(f) | 1.06 | (c)(d)(f) | 98 | ||||||||||||||||||||||
(1.01 | ) | 17.90 | (e) | 9.77 | (e) | 13 | 1.10 | 3.38 | 0.85 | 5 | ||||||||||||||||||||||||
— | 17.29 | 15.27 | 12 | 1.11 | (c) | 8.71 | (c) | 0.96 | (c) | 6 | ||||||||||||||||||||||||
$ | (1.14 | ) | $ | 17.34 | (3.37 | )% | $ | 1,380 | 1.01 | %(c)(d) | 9.02 | %(c)(d) | 0.83 | %(c)(d) | 7 | % | ||||||||||||||||||
(0.20 | ) | 19.21 | 8.36 | 2,085 | 1.00 | (d) | 7.10 | (d) | 0.86 | (d) | 21 | |||||||||||||||||||||||
(0.20 | ) | 17.92 | 11.66 | 1,705 | 1.00 | (d) | 5.12 | (d) | 0.81 | (d) | — | |||||||||||||||||||||||
(0.32 | ) | 16.24 | (e) | 4.45 | (e) | 4,745 | 1.00 | (d) | 3.09 | (d) | 0.68 | (d) | 6 | |||||||||||||||||||||
(1.10 | ) | 15.86 | (5.55 | ) | 12,973 | 1.01 | (c)(d)(f) | 1.98 | (c)(d)(f) | 1.27 | (c)(d)(f) | 98 | ||||||||||||||||||||||
(1.05 | ) | 17.89 | (e) | 9.87 | (e) | 12,678 | 1.00 | 3.04 | 1.00 | 5 | ||||||||||||||||||||||||
— | 17.31 | 15.40 | 5,395 | 1.00 | (c) | 8.82 | (c) | 1.05 | (c) | 6 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 309 |
Table of Contents
Financial Highlights (cont’d)
For a Share Outstanding for the Period ended:^
Net Asset Value, Beginning of Period | Net Investment Income (Loss) (a) | Net Realized and Change in Unrealized Gain (Loss) | Total from Investment Operations | Distributions from Net Realized | Net Asset Value, End of Period | |||||||||||||||||||||||
AllianzGI Ultra Micro Cap: | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
3/31/2019† | $ | 20.52 | $ | (0.12 | ) | $ | (4.13 | ) | $ | (4.25 | ) | $ | (4.16 | ) | $ | 12.11 | ||||||||||||
9/30/2018 | 23.68 | (0.37 | ) | 2.79 | 2.42 | (5.58 | ) | 20.52 | ||||||||||||||||||||
9/30/2017 | 21.85 | (0.42 | ) | 4.04 | 3.62 | (1.79 | ) | 23.68 | (d) | |||||||||||||||||||
9/30/2016 | 22.58 | (0.38 | ) | 1.64 | 1.26 | (1.99 | ) | 21.85 | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 23.75 | (0.35 | ) | (0.61 | ) | (0.96 | ) | (0.21 | ) | 22.58 | ||||||||||||||||||
11/30/2014 | 24.34 | (0.44 | ) | (0.04 | ) | (0.48 | ) | (0.11 | ) | 23.75 | ||||||||||||||||||
11/30/2013 | 15.53 | (0.29 | ) | 9.11 | 8.82 | (0.01 | ) | 24.34 | ||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||
3/31/2019† | $ | 20.99 | $ | (0.10 | ) | $ | (4.21 | ) | $ | (4.31 | ) | $ | (4.16 | ) | $ | 12.52 | ||||||||||||
9/30/2018 | 24.03 | (0.31 | ) | 2.85 | 2.54 | (5.58 | ) | 20.99 | ||||||||||||||||||||
9/30/2017 | 22.08 | (0.35 | ) | 4.09 | 3.74 | (1.79 | ) | 24.03 | (d) | |||||||||||||||||||
9/30/2016 | 22.74 | (0.32 | ) | 1.65 | 1.33 | (1.99 | ) | 22.08 | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 23.86 | (0.30 | ) | (0.61 | ) | (0.91 | ) | (0.21 | ) | 22.74 | ||||||||||||||||||
11/30/2014 | 24.40 | (0.39 | ) | (0.04 | ) | (0.43 | ) | (0.11 | ) | 23.86 | ||||||||||||||||||
11/30/2013 | 15.54 | (0.24 | ) | 9.11 | 8.87 | (0.01 | ) | 24.40 | ||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
3/31/2019† | $ | 21.04 | $ | (0.10 | ) | $ | (4.22 | ) | $ | (4.32 | ) | $ | (4.16 | ) | $ | 12.56 | ||||||||||||
9/30/2018 | 24.08 | (0.31 | ) | 2.85 | 2.54 | (5.58 | ) | 21.04 | ||||||||||||||||||||
9/30/2017 | 22.13 | (0.36 | ) | 4.10 | 3.74 | (1.79 | ) | 24.08 | (d) | |||||||||||||||||||
9/30/2016 | 22.77 | (0.32 | ) | 1.67 | 1.35 | (1.99 | ) | 22.13 | ||||||||||||||||||||
12/1/2014 - 9/30/2015# | 23.93 | (0.34 | ) | (0.61 | ) | (0.95 | ) | (0.21 | ) | 22.77 | ||||||||||||||||||
11/30/2014 | 24.49 | (0.40 | ) | (0.05 | ) | (0.45 | ) | (0.11 | ) | 23.93 | ||||||||||||||||||
11/30/2013 | 15.59 | (0.26 | ) | 9.17 | 8.91 | (0.01 | ) | 24.49 |
^ | A — may reflect actual amounts rounding to less than $0.01 or 0.01%. |
† | Unaudited |
# | Fiscal year end changed from November 30th to September 30th. |
(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) | Certain expenses incurred by the Fund were not annualized. |
310 | Semiannual Report | | March 31, 2019 | | See accompanying Notes to Financial Statements |
Table of Contents
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) | Portfolio Turnover Rate | |||||||||||||||||||||
(17.47 | )% | $ | 6,001 | 1.86 | %(c) | 2.26 | %(c) | (1.64 | )%(c) | 18 | % | |||||||||||||||
13.62 | 8,898 | 2.09 | 2.37 | (1.86 | ) | 41 | ||||||||||||||||||||
17.69 | (d) | 12,331 | 2.35 | 2.40 | (1.93 | ) | 33 | |||||||||||||||||||
5.73 | 19,312 | 2.26 | 2.26 | (1.83 | ) | 32 | ||||||||||||||||||||
(4.08 | ) | 41,119 | 2.08 | (c)(e) | 2.08 | (c)(e) | (1.70 | )(c)(e) | 43 | |||||||||||||||||
(1.98 | ) | 53,192 | 2.16 | 2.16 | (1.81 | ) | 66 | |||||||||||||||||||
56.82 | 61,525 | 2.20 | 2.30 | (1.41 | ) | 59 | ||||||||||||||||||||
(17.34 | )% | $ | 3,990 | 1.57 | %(c) | 2.00 | %(c) | (1.35 | )%(c) | 18 | % | |||||||||||||||
13.98 | 5,925 | 1.75 | 2.09 | (1.50 | ) | 41 | ||||||||||||||||||||
18.07 | (d) | 4,478 | 2.02 | 2.07 | (1.62 | ) | 33 | |||||||||||||||||||
6.02 | 5,343 | 1.97 | 1.97 | (1.54 | ) | 32 | ||||||||||||||||||||
(3.84 | ) | 7,710 | 1.81 | (c)(e) | 1.81 | (c)(e) | (1.42 | )(c)(e) | 43 | |||||||||||||||||
(1.77 | ) | 10,561 | 1.94 | 1.94 | (1.67 | ) | 66 | |||||||||||||||||||
57.10 | 858 | 2.01 | 2.07 | (1.19 | ) | 59 | ||||||||||||||||||||
(17.36 | )% | $ | 13,665 | 1.54 | %(c) | 2.03 | %(c) | (1.32 | )%(c) | 18 | % | |||||||||||||||
13.95 | 18,979 | 1.75 | 2.12 | (1.51 | ) | 41 | ||||||||||||||||||||
18.04 | (d) | 21,208 | 2.06 | 2.12 | (1.65 | ) | 33 | |||||||||||||||||||
6.10 | 23,504 | 1.94 | 1.94 | (1.52 | ) | 32 | ||||||||||||||||||||
(4.00 | ) | 43,621 | 1.97 | (c)(e) | 1.97 | (c)(e) | (1.60 | )(c)(e) | 43 | |||||||||||||||||
(1.84 | ) | 49,525 | 2.00 | 2.00 | (1.65 | ) | 66 | |||||||||||||||||||
57.18 | 62,641 | 2.00 | 2.00 | (1.24 | ) | 59 |
See accompanying Notes to Financial Statements | | March 31, 2019 | | Semiannual Report | 311 |
Table of Contents
March 31, 2019 (Unaudited)
1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
Allianz Funds Multi-Strategy Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”), as anopen-end registered investment management company organized as a Massachusetts business trust and accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services-Investment Companies. As of March 31, 2019, the Trust consisted of thirty-nine separate investment series (each a “Fund” and together the “Funds”). Allianz Global Investors U.S. LLC (“AllianzGI U.S.” or the “Investment Manager”) serves as the Funds’ investment manager. The Investment Manager is an indirect wholly-owned subsidiary of Allianz Asset Management of America L.P. (“AAM”). AAM is an indirect, wholly-owned subsidiary of Allianz SE, a publicly traded European insurance and financial services company. Currently, the Trust offers up to seven classes of shares to new and existing investors: A, C, R, P, Institutional, R6 and Administrative. Class C shares of a Fund will automatically convert to Class A shares of the same Fund following theten-year anniversary of purchase. Such conversions are subject to certain limitations. Shares of AllianzGI Convertible are currently not available for purchase by any new investor, and shareholders of other series of the Trust or series of Allianz Funds are no longer permitted to exchange any of their shares for shares of AllianzGI Convertible, with certain exceptions.
The following Funds sold and issued shares of beneficial interest to Allianz Funds Investments, Inc. (“AFI”) during the period ended March 31, 2019 and year ended September 30, 2018. AFI is an indirect, wholly-owned subsidiary of Allianz SE.
AllianzGI Multi Asset Income | ||||||||||||
Class | Date | Shares | Amount | |||||||||
Institutional | 2/1/18 | 560 | $ | 10,000 | ||||||||
AllianzGI Core Bond | ||||||||||||
Class | Date | Shares | Amount | |||||||||
P | 5/30/18 | 667 | $ | 10,000 | ||||||||
Institutional | 5/30/18 | 667 | 10,000 | |||||||||
R6 | 5/30/18 | 1,665,333 | 24,980,000 | |||||||||
Totals | 1,666,667 | $ | 25,000,000 | |||||||||
AllianzGI Core Plus Bond | ||||||||||||
Class | Date | Shares | Amount | |||||||||
P | 5/30/18 | 667 | $ | 10,000 | ||||||||
Institutional | 5/30/18 | 667 | 10,000 | |||||||||
R6 | 5/30/18 | 2,665,333 | 39,980,000 | |||||||||
Totals | 2,666,667 | $ | 40,000,000 | |||||||||
AllianzGI Floating Rate Note | ||||||||||||
Class | Date | Shares | Amount | |||||||||
P | 12/27/17 | 667 | $ | 10,000 | ||||||||
Institutional | 12/27/17 | 666,666 | 10,000,000 | |||||||||
Totals | 667,333 | $ | 10,010,000 |
AllianzGI Green Bond | ||||||||||||
Class | Date | Shares | Amount | |||||||||
A | 11/19/18 | 667 | $ | 10,000 | ||||||||
P | 11/19/18 | 667 | 10,000 | |||||||||
Institutional | 11/19/18 | 332,000 | 4,980,000 | |||||||||
Totals | 333,334 | $ | 5,000,000 | |||||||||
AllianzGI PerformanceFee Managed Futures Strategy | ||||||||||||
Class | Date | Shares | Amount | |||||||||
P | 12/18/17 | 1,000 | $ | 10,000 | ||||||||
Institutional | 12/18/17 | 1,000 | 10,000 | |||||||||
R6 | 12/18/17 | 3,000 | 30,000 | |||||||||
Totals | 5,000 | $ | 50,000 | |||||||||
AllianzGI Preferred Securities and Income | ||||||||||||
Class | Date | Shares | Amount | |||||||||
P | 5/30/18 | 667 | $ | 10,000 | ||||||||
Institutional | 5/30/18 | 667 | 10,000 | |||||||||
R6 | 5/30/18 | 665,333 | 9,980,000 | |||||||||
Totals | 666,667 | $ | 10,000,000 | |||||||||
AllianzGI Short Term Bond | ||||||||||||
Class | Date | Shares | Amount | |||||||||
A | 8/23/18 | 667 | $ | 10,000 | ||||||||
P | 8/23/18 | 667 | 10,000 | |||||||||
Institutional | 8/23/18 | 332,000 | 4,980,000 | |||||||||
Totals | 333,334 | $ | 5,000,000 |
The following Funds sold and issued shares of beneficial interest to Allianz of America, Inc. (“Allianz of America”) during the period ended September 30, 2018. Allianz of America is an indirect, wholly-owned subsidiary of Allianz SE.
AllianzGI PerformanceFee Structured US Equity | ||||||||||||
Class | Date | Shares | Amount | |||||||||
P | 12/18/17 | 1,000 | $ | 10,000 | ||||||||
Institutional | 12/18/17 | 1,000 | 10,000 | |||||||||
R6 | 12/18/17 | 2,498,000 | 24,980,000 | |||||||||
Totals | 2,500,000 | $ | 25,000,000 | |||||||||
AllianzGI PerformanceFee Structured US Fixed Income | ||||||||||||
Class | Date | Shares | Amount | |||||||||
P | 12/18/17 | 1,000 | $ | 10,000 | ||||||||
Institutional | 12/18/17 | 1,000 | 10,000 | |||||||||
R6 | 12/18/17 | 2,498,000 | 24,980,000 | |||||||||
Totals | 2,500,000 | $ | 25,000,000 |
312 | March 31, 2019 | | Semiannual Report |
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The investment objective of each Fund is disclosed below. There can be no assurance that the Funds will meet their stated objectives.
Investment Objective | ||
AllianzGI Retirement 2020 | The Funds seek capital growth and preservation consistent with its asset allocation as the target date in the Fund name approaches, and thereafter current income and, secondarily, capital appreciation. | |
AllianzGI Retirement 2025 | ||
AllianzGI Retirement 2030 | ||
AllianzGI Retirement 2035 | ||
AllianzGI Retirement 2040 | ||
AllianzGI Retirement 2045 | ||
AllianzGI Retirement 2050 | ||
AllianzGI Retirement 2055 | ||
AllianzGI Multi Asset Income | The Fund seeks current income, and secondarily, capital appreciation. The Fund is intended for investors who have already retired or begun withdrawing portions of their investments, or are seeking a conservative allocation fund. | |
AllianzGI Global Allocation | The Fund seeks after-inflation capital appreciation and current income. | |
AllianzGI Best Styles Global Equity | The Funds seek long-term capital appreciation. | |
AllianzGI Best Styles International Equity | ||
AllianzGI Best Styles U.S. Equity | ||
AllianzGI Emerging Markets Consumer | ||
AllianzGI Emerging MarketsSmall-Cap | ||
AllianzGI Global Dynamic Allocation | ||
AllianzGI Global Sustainability | ||
AllianzGI Global Water | ||
AllianzGI International Growth | ||
AllianzGI NFJ Emerging Markets Value | ||
AllianzGI PerformanceFee Managed Futures Strategy | ||
AllianzGI Structured Return | ||
AllianzGI Convertible | The Fund seeks maximum total return, consisting of capital appreciation and current income. | |
AllianzGI Core Bond | The Fund seeks current income, consistent with minimal fluctuations of principal. | |
AllianzGI Core Plus Bond | The Fund seeks total return, consisting of current income and capital appreciation. | |
AllianzGI Green Bond | The Fund seeks to provide total return, through a combination of capital appreciation and current income by investing in Green Bonds. | |
AllianzGI Emerging Markets Debt | The Fund seeks long-term capital appreciation and current income. | |
AllianzGI Floating Rate Note | The Fund seeks to maximize current income. | |
AllianzGI Global High Yield | The Fund seeks total return with a controlled level of portfolio risk. | |
AllianzGI High Yield Bond | The Fund seeks a high level of current income and capital growth. | |
AllianzGI InternationalSmall-Cap | The Funds seek maximum long-term capital appreciation. | |
AllianzGI Micro Cap | ||
AllianzGI Ultra Micro Cap | ||
AllianzGI PerformanceFee Structured US Equity | The Fund seeks to earn total return that exceeds the return of the S&P 500 Index. | |
AllianzGI PerformanceFee Structured US Fixed Income | The Fund seeks to earn total return that exceeds the return of the Bloomberg Barclays U.S. Aggregate Bond Index. | |
AllianzGI Preferred Securities and Income | The Fund seeks total return consisting of high current income and capital appreciation. | |
AllianzGI Short Duration High Income | The Fund seeks a high level of current income with lower volatility than the broader high yield market. | |
AllianzGI Short Term Bond | The Fund seeks capital preservation, followed by liquidity and positive total return. | |
AllianzGI U.S. Equity Hedged | The Fund seeks capital appreciation, with added emphasis on the protection of capital during unfavorable market conditions. |
Semiannual Report | | March 31, 2019 | 313 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2019 (Unaudited)
The preparation of the Funds’ financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires the Funds’ management to make estimates and assumptions that affect the reported amounts and disclosures in each Fund’s financial statements. Actual results could differ from those estimates.
In the normal course of business, the Funds enter into contracts that contain a variety of representations that provide general indemnifications. The Funds’ maximum exposures under these arrangements are unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the risk of loss is expected to be remote.
Like many other companies, the Funds’ organizational documents provide that its officers (“Officers”) and the Board of Trustees (the “Board”) are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, both in some of its principal service contracts and in the normal course of its business, the Funds enter into contracts that provide indemnification to other parties for certain types of losses or liabilities. The Fund’s maximum exposure under these arrangements is unknown as this could involve future claims against the Funds.
The following is a summary of significant accounting policies consistently followed by the Funds:
(a) Valuation of Investments. Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Market values for various types of securities and other instruments are determined on the basis of closing prices or last sales prices on an exchange or other market, or based on quotes or other market information obtained from quotation reporting systems, established market makers or pricing services. Investments in mutual funds are valued at the net asset value per share (“NAV”) as reported on each business day. Investments in mutual funds are valued at the net asset value (“NAV”) as reported on each business day. The Funds’ investments are valued daily using prices supplied by an independent pricing service or broker/dealer quotations, or by using the last sale or settlement price on the exchange that is the primary market for such securities, or the mean between the last bid and ask quotations. The market value for NASDAQ Global Market and NASDAQ Capital Market securities may also be calculated using the NASDAQ Official Closing Price instead of the last reported sales price. Independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Exchange traded futures are valued at the price determined by the relevant exchange. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily until settlement at the forward settlement date.
The Board has adopted procedures for valuing portfolio securities and other financial derivative instruments in circumstances where market quotes are not readily available (including in cases where available market quotes are deemed to be unreliable), and has delegated the
responsibility for applying the valuation methods to the Investment Manager. The Trust’s Valuation Committee was established by the Board to oversee the implementation of the Funds’ valuation methods and to make fair value determinations on behalf of the Board, as instructed. The Investment Manager monitors the continued appropriateness of methods applied and identifies circumstances and events that may require fair valuation. The Investment Manager determines if adjustments should be made in light of market changes, events affecting the issuer or other factors. If the Investment Manager determines that a valuation method may no longer be appropriate, another valuation method previously approved by the Valuation Committee may be selected or the Trust’s Valuation Committee will be convened to consider the matter and take any appropriate action in accordance with procedures set forth by the Board. The Board shall review the appropriateness of the valuation methods and these methods may be amended or supplemented from time to time by the Valuation Committee.
Short-term debt investments having a remaining maturity of 60 days or less will be valued at amortized cost unless the Board of Trustees or its Valuation Committee determines that particular circumstances dictate otherwise.
Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of each share class of a Fund may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the New York Stock Exchange (“NYSE”) is closed.
The prices used by the Funds to value investments may differ from the value that would be realized if the investments were sold, and these differences could be material to the Funds’ financial statements. The NAV of each share class of a Fund is normally determined as of the close of regular trading (normally, 4:00 p.m., Eastern Time) on the NYSE on each day the NYSE is open for business. In unusual circumstances, the Board or the Valuation Committee may in good faith determine the NAV as of 4:00 p.m., Eastern Time, notwithstanding an earlier, unscheduled close or halt of trading on the NYSE.
The prices of certain portfolio securities or financial instruments may be determined at a time prior to the close of regular trading on the NYSE. In considering whether fair value pricing is required and in determining fair values, the Funds may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the time the NAV of each share class of a Fund is calculated. With respect to certain foreign securities, the Funds may fair-value securities using modeling tools provided by third-party vendors, where appropriate. The Funds have retained a statistical research service to assist in determining the fair value of foreign securities. This service utilizes statistics and programs based on historical performance of markets and other economic data to assist in making fair value estimates. Fair value estimates used by
314 | March 31, 2019 | | Semiannual Report |
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the Funds for foreign securities may differ from the value realized from the sale of those securities and the difference could be material to the financial statements. Fair value pricing may require subjective determinations about the value of a security or other assets, and fair values used to determine the NAV of each share class of a Fund may differ from quoted or published prices, or from prices that are used by others, for the same investments. Also, the use of fair value pricing may not always result in adjustments to the prices of securities or other assets held by a Fund.
(b) Fair Value Measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants. The three levels of the fair value hierarchy are described below:
∎ | Level 1—quoted prices in active markets for identical investments that the Funds have the ability to access |
∎ | Level 2—valuations based on other significant observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates or other market corroborated inputs |
∎ | Level 3—valuations based on significant unobservable inputs (including the Investment Manager’s or Trust’s Valuation Committee’s own assumptions and securities whose price was determined by using a single broker’s quote) |
The valuation techniques used by the Funds to measure fair value during the six months ended March 31, 2019 were intended to maximize the use of observable inputs and to minimize the use of unobservable inputs.
An investment asset’s or liability’s level within the fair value hierarchy is based on the lowest level input, individually or in aggregate, that is significant to the fair value measurement. The objective of fair value measurement remains the same even when there is a significant decrease in the volume and level of activity for an asset or liability and regardless of the valuation techniques used.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following are certain inputs and techniques that the Funds generally use to evaluate how to classify each major category of assets and liabilities within Level 2 and Level 3, in accordance with U.S. GAAP.
An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed reasonable in good faith by the Valuation Committee, following the procedures established by the Board, to represent fair value. Under these procedures, the Funds generally use a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in
accordance with the Funds’ valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Funds’ valuation procedures are designed to value a security at the price the Funds may reasonably expect to receive upon the security’s sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Funds would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available.
Equity Securities (Common and Preferred Stock and Warrants)—Equity securities traded in inactive markets and certain foreign equity securities are valued using inputs which include broker-dealer quotes, recently executed transactions adjusted for changes in the benchmark index, or evaluated price quotes received from independent pricing services that take into account the integrity of the market sector and issuer, the individual characteristics of the security, and information received from broker-dealers and other market sources pertaining to the issuer or security. To the extent that these inputs are observable, the values of equity securities are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.
U.S. Treasury Obligations—U.S. Treasury obligations are valued by independent pricing services based on pricing models that evaluate the mean between the most recently quoted bid and ask price. The models also take into consideration data received from active market makers and broker-dealers, yield curves, and the spread over comparable U.S. Treasury issues. The spreads change daily in response to market conditions and are generally obtained from the new issue market and broker-dealer sources. To the extent that these inputs are observable, the values of U.S. Treasury obligations are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.
Government Sponsored Enterprise and Mortgage-Backed Securities—Government sponsored enterprise and mortgage-backed securities are valued by independent pricing services using pricing models based on inputs that include issuer type, coupon, cash flows, mortgage prepayment projection tables and Adjustable Rate Mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. To the extent that these inputs are observable, the values of government sponsored enterprise and mortgage-backed securities are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.
Sovereign Debt Obligations—Sovereign debt obligations are valued by independent pricing services based on discounted cash flow models that incorporate option adjusted spreads along with benchmark curves and credit spreads. In addition, international bond
markets are monitored regularly for information pertaining to the issuer and/or the specific issue. To the extent that these inputs are observable, the values of sovereign debt obligations are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.
Semiannual Report | | March 31, 2019 | 315 |
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Notes to Financial Statements (cont’d)
March 31, 2019 (Unaudited)
Corporate Bonds & Notes—Corporate bonds & notes are generally comprised of two main categories: investment grade bonds and high yield bonds. Investment grade bonds are valued by independent pricing services using various inputs and techniques, which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer or comparable issuers, and option adjusted spread models that include base curve and spread curve inputs. Adjustments to individual bonds can be applied to recognize trading differences compared to other bonds issued by the same issuer. High yield bonds are valued by independent pricing services based primarily on broker-dealer quotations from relevant market makers and recently executed transactions in securities of the issuer or comparable issuers. The broker-dealer quotations received are supported by credit analysis of the issuer that takes into consideration credit quality assessments, daily trading activity, and the activity of the underlying equities, listed bonds and sector-specific trends. To the extent that these inputs are observable, the values of corporate bonds & notes are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.
Convertible Bonds & Notes—Convertible bonds & notes are valued by independent pricing services based on various inputs and techniques, which include broker-dealer quotations from relevant market makers and recently executed transactions in securities of the issuer or comparable issuers. The broker-dealer quotations received are supported by credit analysis of the issuer that takes into consideration credit quality assessments, daily trading activity, and the activity of the underlying equities, listed bonds and sector-specific trends. To the extent that these inputs are observable, the values of convertible bonds & notes are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.
Option Contracts—Option contracts tradedover-the-counter (“OTC”) and FLexible EXchange (“FLEX”) options are valued by independent
pricing services based on pricing models that incorporate various inputs such as interest rates, credit spreads, currency exchange rates and volatility measurements forin-the-money,at-the-money, andout-of-the-money contracts based on a given strike price. To the extent that these inputs are observable, the values of OTC and FLEX option contracts are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.
Forward Foreign Currency Contracts—Forward foreign currency contracts are valued by independent pricing services using various inputs and techniques, which include broker-dealer quotations, actual trading information and foreign currency exchange rates gathered from leading market makers and foreign currency exchange trading centers throughout the world. To the extent that these inputs are observable, the values of forward foreign currency contracts are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.
Credit Default Swaps—OTC credit default swaps are valued by independent pricing services using pricing models that take into account, among other factors, information received from market makers and broker/dealers, default probabilities from index specific credit spread curves, recovery rates, and cash flows. To the extent that these inputs are observable, the values of credit default swaps are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.
Senior Loans—Senior Loans generally are valued by independent pricing services based on the average of quoted prices received from multiple dealers or valued relative to other benchmark securities when broker-dealer quotes are unavailable. These quoted prices are based on interest rates, yield curves, option adjusted spreads, credit spreads and/or other criteria. To the extent that these inputs are observable, the values of Senior Loans are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.
A summary of the inputs used at March 31, 2019 in valuing each Fund’s assets and liabilities is listed below (refer to the Schedules of Investments and Notes to the Schedules of Investments for more detailed information on Investments in Securities and Other Financial Instruments):
AllianzGI Retirement 2020: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
Mutual Funds | $ | 29,841,764 | — | — | $ | 29,841,764 | ||||||||||
Exchange-Traded Funds | 2,035,075 | — | — | 2,035,075 | ||||||||||||
Repurchase Agreements | — | $ | 841,000 | — | 841,000 | |||||||||||
U.S. Treasury Obligations | — | 497,330 | — | 497,330 | ||||||||||||
31,876,839 | 1,338,330 | — | 33,215,169 | |||||||||||||
Other Financial Instruments* – Assets |
| |||||||||||||||
Interest Rate Contracts | 11,243 | — | — | 11,243 | ||||||||||||
Market Price | 17,747 | — | — | 17,747 | ||||||||||||
28,990 | — | — | 28,990 | |||||||||||||
Other Financial Instruments* – Liabilities |
| |||||||||||||||
Foreign Exchange Contracts | (96 | ) | — | — | (96 | ) | ||||||||||
Market Price | (12,197 | ) | — | — | (12,197 | ) | ||||||||||
(12,293 | ) | — | — | (12,293 | ) | |||||||||||
Totals | $ | 31,893,536 | $ | 1,338,330 | — | $ | 33,231,866 |
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AllianzGI Retirement 2025: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
Mutual Funds | $ | 44,759,084 | — | — | $ | 44,759,084 | ||||||||||
Exchange-Traded Funds | 547,796 | — | — | 547,796 | ||||||||||||
Repurchase Agreements | — | $ | 1,060,000 | — | 1,060,000 | |||||||||||
U.S. Treasury Obligations | — | 994,660 | — | 994,660 | ||||||||||||
45,306,880 | 2,054,660 | — | 47,361,540 | |||||||||||||
Other Financial Instruments* – Assets | ||||||||||||||||
Interest Rate Contracts | 1,354 | — | — | 1,354 | ||||||||||||
Market Price | 57,397 | — | — | 57,397 | ||||||||||||
58,751 | — | — | 58,751 | |||||||||||||
Other Financial Instruments* – Liabilities | ||||||||||||||||
Foreign Exchange Contracts | (197 | ) | — | — | (197 | ) | ||||||||||
Market Price | (10,678 | ) | — | — | (10,678 | ) | ||||||||||
(10,875 | ) | — | — | (10,875 | ) | |||||||||||
Totals | $ | 45,354,756 | $ | 2,054,660 | — | $ | 47,409,416 | |||||||||
AllianzGI Retirement 2030: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
Mutual Funds | $ | 56,086,722 | — | — | $ | 56,086,722 | ||||||||||
Exchange-Traded Funds | 60,040 | — | — | 60,040 | ||||||||||||
Repurchase Agreements | — | $ | 1,047,000 | — | 1,047,000 | |||||||||||
U.S. Treasury Obligations | — | 298,398 | — | 298,398 | ||||||||||||
56,146,762 | 1,345,398 | — | 57,492,160 | |||||||||||||
Other Financial Instruments* – Assets | ||||||||||||||||
Market Price | 64,209 | — | — | 64,209 | ||||||||||||
Other Financial Instruments* – Liabilities | ||||||||||||||||
Foreign Exchange Contracts | (492 | ) | — | — | (492 | ) | ||||||||||
Market Price | (11,450 | ) | — | — | (11,450 | ) | ||||||||||
(11,942 | ) | — | — | (11,942 | ) | |||||||||||
Totals | $ | 56,199,029 | $ | 1,345,398 | — | $ | 57,544,427 | |||||||||
AllianzGI Retirement 2035: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
Mutual Funds | $ | 42,853,664 | — | — | $ | 42,853,664 | ||||||||||
Repurchase Agreements | — | $ | 1,080,000 | — | 1,080,000 | |||||||||||
U.S. Treasury Obligations | — | 497,330 | — | 497,330 | ||||||||||||
42,853,664 | 1,577,330 | — | 44,430,994 | |||||||||||||
Other Financial Instruments* – Assets | ||||||||||||||||
Market Price | 63,000 | — | — | 63,000 | ||||||||||||
Other Financial Instruments* – Liabilities | ||||||||||||||||
Foreign Exchange Contracts | (689 | ) | — | — | (689 | ) | ||||||||||
Market Price | (13,883 | ) | — | — | (13,883 | ) | ||||||||||
(14,572 | ) | — | — | (14,572 | ) | |||||||||||
Totals | $ | 42,902,092 | $ | 1,577,330 | — | $ | 44,479,422 |
Semiannual Report | | March 31, 2019 | 317 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2019 (Unaudited)
AllianzGI Retirement 2040: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
Mutual Funds | $ | 45,046,624 | — | — | $ | 45,046,624 | ||||||||||
Repurchase Agreements | — | $ | 1,071,000 | — | 1,071,000 | |||||||||||
U.S. Treasury Obligations | — | 249,489 | — | 249,489 | ||||||||||||
45,046,624 | 1,320,489 | — | 46,367,113 | |||||||||||||
Other Financial Instruments* – Assets | ||||||||||||||||
Market Price | 78,844 | — | — | 78,844 | ||||||||||||
Other Financial Instruments* – Liabilities | ||||||||||||||||
Foreign Exchange Contracts | (1,083 | ) | — | — | (1,083 | ) | ||||||||||
Market Price | (20,253 | ) | — | — | (20,253 | ) | ||||||||||
(21,336 | ) | — | — | (21,336 | ) | |||||||||||
Totals | $ | 45,104,132 | $ | 1,320,489 | — | $ | 46,424,621 | |||||||||
AllianzGI Retirement 2045: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
Mutual Funds | $ | 30,472,137 | — | — | $ | 30,472,137 | ||||||||||
Repurchase Agreements | — | $ | 603,000 | — | 603,000 | |||||||||||
30,472,137 | 603,000 | — | 31,075,137 | |||||||||||||
Other Financial Instruments* – Assets | ||||||||||||||||
Market Price | 58,627 | — | — | 58,627 | ||||||||||||
Other Financial Instruments* – Liabilities | ||||||||||||||||
Foreign Exchange Contracts | (787 | ) | — | — | (787 | ) | ||||||||||
Market Price | (17,609 | ) | — | — | (17,609 | ) | ||||||||||
(18,396 | ) | — | — | (18,396 | ) | |||||||||||
Totals | $ | 30,512,368 | $ | 603,000 | — | $ | 31,115,368 | |||||||||
AllianzGI Retirement 2050: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
Mutual Funds | $ | 31,677,596 | — | — | $ | 31,677,596 | ||||||||||
Repurchase Agreements | — | $ | 755,000 | — | 755,000 | |||||||||||
31,677,596 | 755,000 | — | 32,432,596 | |||||||||||||
Other Financial Instruments* – Assets | ||||||||||||||||
Market Price | 65,984 | — | — | 65,984 | ||||||||||||
Other Financial Instruments* – Liabilities | ||||||||||||||||
Foreign Exchange Contracts | (886 | ) | — | — | (886 | ) | ||||||||||
Market Price | (18,985 | ) | — | — | (18,985 | ) | ||||||||||
(19,871 | ) | — | — | (19,871 | ) | |||||||||||
Totals | $ | 31,723,709 | $ | 755,000 | — | $ | 32,478,709 |
318 | March 31, 2019 | | Semiannual Report |
Table of Contents
AllianzGI Retirement 2055: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
Mutual Funds | $ | 16,206,876 | — | — | $ | 16,206,876 | ||||||||||
Repurchase Agreements | — | $ | 494,000 | — | 494,000 | |||||||||||
16,206,876 | 494,000 | — | 16,700,876 | |||||||||||||
Other Financial Instruments* – Assets | ||||||||||||||||
Market Price | 35,390 | — | — | 35,390 | ||||||||||||
Other Financial Instruments* – Liabilities | ||||||||||||||||
Foreign Exchange Contracts | (492 | ) | — | — | (492 | ) | ||||||||||
Market Price | (8,310 | ) | — | — | (8,310 | ) | ||||||||||
(8,802 | ) | — | — | (8,802 | ) | |||||||||||
Totals | $ | 16,233,464 | $ | 494,000 | — | $ | 16,727,464 | |||||||||
AllianzGI Multi Asset Income: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
Mutual Funds | $ | 22,284,661 | — | — | $ | 22,284,661 | ||||||||||
Common Stock | 5,918,074 | — | — | 5,918,074 | ||||||||||||
Exchange-Traded Funds | 2,902,652 | — | — | 2,902,652 | ||||||||||||
U.S. Treasury Obligations | — | $ | 497,108 | — | 497,108 | |||||||||||
Repurchase Agreements | — | 305,000 | — | 305,000 | ||||||||||||
31,105,387 | 802,108 | — | 31,907,495 | |||||||||||||
Other Financial Instruments* – Assets | ||||||||||||||||
Interest Rate Contracts | 121,715 | — | — | 121,715 | ||||||||||||
Market Price | 93,993 | — | — | 93,993 | ||||||||||||
215,708 | — | — | 215,708 | |||||||||||||
Other Financial Instruments* – Liabilities | ||||||||||||||||
Interest Rate Contracts | (2,543 | ) | — | — | (2,543 | ) | ||||||||||
Market Price | (93,209 | ) | — | — | (93,209 | ) | ||||||||||
(95,752 | ) | — | — | (95,752 | ) | |||||||||||
Totals | $ | 31,225,343 | $ | 802,108 | — | $ | 32,027,451 | |||||||||
AllianzGI Global Allocation: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
Mutual Funds | $ | 294,140,557 | — | — | $ | 294,140,557 | ||||||||||
Exchange-Traded Funds | 16,016,703 | — | — | 16,016,703 | ||||||||||||
Repurchase Agreements | — | $ | 4,975,000 | — | 4,975,000 | |||||||||||
U.S. Treasury Obligations | — | 2,986,797 | — | 2,986,797 | ||||||||||||
310,157,260 | 7,961,797 | — | 318,119,057 | |||||||||||||
Other Financial Instruments* – Assets | ||||||||||||||||
Interest Rate Contracts | 412,047 | — | — | 412,047 | ||||||||||||
Market Price | 250,826 | — | — | 250,826 | ||||||||||||
662,873 | — | — | 662,873 | |||||||||||||
Other Financial Instruments* – Liabilities | ||||||||||||||||
Market Price | (18,515 | ) | — | — | (18,515 | ) | ||||||||||
Totals | $ | 310,801,618 | $ | 7,961,797 | — | $ | 318,763,415 |
Semiannual Report | | March 31, 2019 | 319 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2019 (Unaudited)
AllianzGI Best Styles Global Equity: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
Common Stock: | ||||||||||||||||
Australia | — | $ | 11,311,293 | — | $ | 11,311,293 | ||||||||||
Austria | $ | 227,141 | 1,923,690 | — | 2,150,831 | |||||||||||
Chile | 569,861 | 236,747 | — | 806,608 | ||||||||||||
China | 5,368,456 | 14,607,003 | $ | 1,151 | 19,976,610 | |||||||||||
Czech Republic | — | 499,584 | — | 499,584 | ||||||||||||
Denmark | 269,759 | 915,824 | — | 1,185,583 | ||||||||||||
Finland | — | 1,262,717 | — | 1,262,717 | ||||||||||||
France | 659,993 | 20,115,541 | — | 20,775,534 | ||||||||||||
Germany | 459,229 | 8,007,346 | — | 8,466,575 | ||||||||||||
Hong Kong | — | 3,472,988 | — | 3,472,988 | ||||||||||||
Hungary | — | 463,114 | — | 463,114 | ||||||||||||
Indonesia | 275,394 | 2,074,772 | — | 2,350,166 | ||||||||||||
Ireland | — | 655,132 | — | 655,132 | ||||||||||||
Israel | 527,193 | 1,080,404 | — | 1,607,597 | ||||||||||||
Italy | — | 6,035,912 | — | 6,035,912 | ||||||||||||
Japan | — | 34,057,325 | — | 34,057,325 | ||||||||||||
Korea (Republic of) | 1,643,175 | 4,556,260 | — | 6,199,435 | ||||||||||||
Malaysia | — | 2,065,364 | — | 2,065,364 | ||||||||||||
Netherlands | 649,995 | 4,213,048 | — | 4,863,043 | ||||||||||||
New Zealand | — | 1,551,471 | — | 1,551,471 | ||||||||||||
Norway | — | 3,088,111 | — | 3,088,111 | ||||||||||||
Philippines | 520,184 | 699,658 | — | 1,219,842 | ||||||||||||
Poland | — | 244,578 | — | 244,578 | ||||||||||||
Qatar | — | 437,309 | — | 437,309 | ||||||||||||
Romania | — | 311,236 | — | 311,236 | ||||||||||||
Singapore | — | 498,153 | — | 498,153 | ||||||||||||
Spain | — | 4,467,124 | — | 4,467,124 | ||||||||||||
Sweden | 106,142 | 2,633,889 | — | 2,740,031 | ||||||||||||
Switzerland | — | 8,601,254 | — | 8,601,254 | ||||||||||||
Taiwan | 1,871,639 | 6,059,009 | — | 7,930,648 | ||||||||||||
Thailand | — | — | 1,873,510 | 1,873,510 | ||||||||||||
Turkey | 244,922 | 1,244,533 | — | 1,489,455 | ||||||||||||
United Arab Emirates | 278,736 | 456,097 | — | 734,833 | ||||||||||||
United Kingdom | 1,222,171 | 18,472,587 | — | 19,694,758 | ||||||||||||
All Other | 291,917,793 | — | — | 291,917,793 | ||||||||||||
Exchange-Traded Funds | 3,270,376 | — | — | 3,270,376 | ||||||||||||
Preferred Stock: | ||||||||||||||||
Brazil | 738,166 | — | — | 738,166 | ||||||||||||
Colombia | 268,681 | — | — | 268,681 | ||||||||||||
All Other | — | 1,591,471 | — | 1,591,471 | ||||||||||||
Repurchase Agreements | — | 2,387,000 | — | 2,387,000 | ||||||||||||
Totals | $ | 311,089,006 | $ | 170,297,544 | $ | 1,874,661 | $ | 483,261,211 |
320 | March 31, 2019 | | Semiannual Report |
Table of Contents
AllianzGI Best Styles International Equity: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
Common Stock: |
| |||||||||||||||
Australia | $ | 39,698 | $ | 794,222 | — | $ | 833,920 | |||||||||
Austria | 38,502 | 125,793 | — | 164,295 | ||||||||||||
Belgium | 13,547 | 192,526 | — | 206,073 | ||||||||||||
Brazil | 92,993 | — | — | 92,993 | ||||||||||||
Canada | 242,239 | — | — | 242,239 | ||||||||||||
China | 28,859 | 127,673 | — | 156,532 | ||||||||||||
Finland | 10,422 | 185,752 | — | 196,174 | ||||||||||||
France | 71,396 | 2,235,009 | — | 2,306,405 | ||||||||||||
Germany | 93,102 | 974,926 | — | 1,068,028 | ||||||||||||
Italy | 43,822 | 1,148,195 | — | 1,192,017 | ||||||||||||
Japan | 30,607 | 5,693,806 | — | 5,724,413 | ||||||||||||
Mexico | 54,536 | — | — | 54,536 | ||||||||||||
New Zealand | 7,587 | 174,654 | — | 182,241 | ||||||||||||
Russian Federation | 25,394 | 50,522 | — | 75,916 | ||||||||||||
Sweden | 27,446 | 479,250 | — | 506,696 | ||||||||||||
Thailand | — | — | $ | 29,950 | 29,950 | |||||||||||
Turkey | 14,930 | 6,987 | — | 21,917 | ||||||||||||
United Kingdom | 110,966 | 3,984,473 | — | 4,095,439 | ||||||||||||
All Other | — | 6,249,093 | — | 6,249,093 | ||||||||||||
Exchange-Traded Funds | 241,682 | — | — | 241,682 | ||||||||||||
Preferred Stock: | ||||||||||||||||
Brazil | 47,834 | — | — | 47,834 | ||||||||||||
Germany | — | 89,706 | — | 89,706 | ||||||||||||
Repurchase Agreements | — | 186,000 | — | 186,000 | ||||||||||||
Totals | $ | 1,235,562 | $ | 22,698,587 | $ | 29,950 | $ | 23,964,099 | ||||||||
AllianzGI Best Styles U.S. Equity: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
Common Stock | $ | 94,253,996 | — | — | $ | 94,253,996 | ||||||||||
Repurchase Agreements | — | $ | 307,000 | — | 307,000 | |||||||||||
94,253,996 | 307,000 | — | 94,560,996 | |||||||||||||
Other Financial Instruments* – Assets | ||||||||||||||||
Market Price | 1,801 | — | — | 1,801 | ||||||||||||
Totals | $ | 94,255,797 | $ | 307,000 | — | $ | 94,562,797 | |||||||||
AllianzGI Convertible: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
Convertible Bonds & Notes: | ||||||||||||||||
Diversified Financial Services | — | $ | 3,780,592 | $ | 4,185,490 | $ | 7,966,082 | |||||||||
All Other | — | 408,615,418 | — | 408,615,418 |
Semiannual Report | | March 31, 2019 | 321 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2019 (Unaudited)
AllianzGI Convertible (cont’d) | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
Convertible Preferred Stock: | ||||||||||||||||
Electronics | — | $ | 5,374,580 | — | $ | 5,374,580 | ||||||||||
Equity Real Estate Investment Trusts (REITs) | — | 6,992,996 | — | 6,992,996 | ||||||||||||
Hand/Machine Tools | $ | 2,675,247 | 2,031,629 | — | 4,706,876 | |||||||||||
Healthcare-Products | 5,554,522 | 7,974,893 | — | 13,529,415 | ||||||||||||
Investment Companies | — | 2,686,662 | — | 2,686,662 | ||||||||||||
All Other | 53,963,679 | — | — | 53,963,679 | ||||||||||||
Repurchase Agreements | — | 28,688,000 | — | 28,688,000 | ||||||||||||
Totals | $ | 62,193,448 | $ | 466,144,770 | $ | 4,185,490 | $ | 532,523,708 | ||||||||
AllianzGI Core Bond: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
U.S. Government Agency Securities | — | $ | 11,839,353 | — | $ | 11,839,353 | ||||||||||
U.S. Treasury Obligations | — | 7,504,318 | — | 7,504,318 | ||||||||||||
Corporate Bonds & Notes | — | 7,083,554 | — | 7,083,554 | ||||||||||||
Asset-Backed Securities | — | 5,171,899 | — | 5,171,899 | ||||||||||||
— | 31,599,124 | — | 31,599,124 | |||||||||||||
Other Financial Instruments* – Assets | ||||||||||||||||
Credit Contracts | — | 13,066 | — | 13,066 | ||||||||||||
Interest Rate Contracts | $ | 90,154 | — | — | 90,154 | |||||||||||
90,154 | 13,066 | — | 103,220 | |||||||||||||
Other Financial Instruments* – Liabilities | ||||||||||||||||
Credit Contracts | — | (12,803 | ) | — | (12,803 | ) | ||||||||||
Interest Rate Contracts | (7,412 | ) | — | — | (7,412 | ) | ||||||||||
(7,412 | ) | (12,803 | ) | — | (20,215 | ) | ||||||||||
Totals | $ | 82,742 | $ | 31,599,387 | — | $ | 31,682,129 | |||||||||
AllianzGI Core Plus Bond: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
U.S. Government Agency Securities | — | $ | 16,066,999 | — | $ | 16,066,999 | ||||||||||
Corporate Bonds & Notes | — | 11,890,234 | — | 11,890,234 | ||||||||||||
U.S. Treasury Obligations | — | 7,142,344 | — | 7,142,344 | ||||||||||||
Asset-Backed Securities | — | 6,930,699 | — | 6,930,699 | ||||||||||||
Repurchase Agreements | — | 622,000 | — | 622,000 | ||||||||||||
— | 42,652,276 | — | 42,652,276 | |||||||||||||
Other Financial Instruments* – Assets | ||||||||||||||||
Credit Contracts | — | 27,322 | — | 27,322 | ||||||||||||
Interest Rate Contracts | $ | 153,376 | — | — | 153,376 | |||||||||||
153,376 | 27,322 | — | 180,698 | |||||||||||||
Other Financial Instruments* – Liabilities | ||||||||||||||||
Credit Contracts | — | (44,636 | ) | — | (44,636 | ) | ||||||||||
Interest Rate Contracts | (25,097 | ) | — | — | (25,097 | ) | ||||||||||
(25,097 | ) | (44,636 | ) | — | (69,733 | ) | ||||||||||
Totals | $ | 128,279 | $ | 42,634,962 | — | $ | 42,763,241 | |||||||||
322 | March 31, 2019 | | Semiannual Report |
Table of Contents
AllianzGI Emerging Markets Consumer: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
Common Stock: | ||||||||||||||||
Brazil | $ | 1,768,839 | — | — | $ | 1,768,839 | ||||||||||
Canada | 455,704 | — | — | 455,704 | ||||||||||||
China | 3,047,954 | $ | 11,949,830 | — | 14,997,784 | |||||||||||
India | 1,664,467 | 1,450,047 | — | 3,114,514 | ||||||||||||
Korea (Republic of) | 166,255 | 2,599,263 | — | 2,765,518 | ||||||||||||
Mexico | 997,698 | — | — | 997,698 | ||||||||||||
Philippines | 337,487 | 74,102 | — | 411,589 | ||||||||||||
Russian Federation | 524,585 | — | — | 524,585 | ||||||||||||
Thailand | — | — | $ | 1,853,207 | 1,853,207 | |||||||||||
Turkey | 49,734 | — | — | 49,734 | ||||||||||||
United States | 3,838,320 | — | — | 3,838,320 | ||||||||||||
All Other | — | 8,325,188 | — | 8,325,188 | ||||||||||||
Preferred Stock | 654,574 | — | — | 654,574 | ||||||||||||
Repurchase Agreements | — | 426,000 | — | 426,000 | ||||||||||||
Totals | $ | 13,505,617 | $ | 24,824,430 | $ | 1,853,207 | $ | 40,183,254 | ||||||||
AllianzGI Emerging Markets Debt: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
Sovereign Debt Obligations | — | $ | 15,890,384 | — | $ | 15,890,384 | ||||||||||
Corporate Bonds & Notes | — | 2,127,198 | — | 2,127,198 | ||||||||||||
Repurchase Agreements | — | 1,865,000 | — | 1,865,000 | ||||||||||||
— | 19,882,582 | — | 19,882,582 | |||||||||||||
Other Financial Instruments* – Assets | ||||||||||||||||
Foreign Exchange Contracts | — | 38,762 | — | 38,762 | ||||||||||||
Other Financial Instruments* – Liabilities | ||||||||||||||||
Foreign Exchange Contracts | — | (41,771 | ) | — | (41,771 | ) | ||||||||||
Totals | — | $ | 19,879,573 | — | $ | 19,879,573 | ||||||||||
AllianzGI Emerging MarketsSmall-Cap: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
Common Stock: | ||||||||||||||||
Brazil | $ | 576,600 | — | — | $ | 576,600 | ||||||||||
Czech Republic | 52,183 | — | — | 52,183 | ||||||||||||
Greece | 78,159 | $ | 48,247 | — | 126,406 | |||||||||||
India | 195,761 | 1,115,516 | — | 1,311,277 | ||||||||||||
Korea (Republic of) | 112,646 | 1,469,631 | — | 1,582,277 | ||||||||||||
Mexico | 169,199 | — | — | 169,199 | ||||||||||||
Russian Federation | 93,659 | — | $ | 37,805 | 131,464 | |||||||||||
South Africa | 149,112 | 308,893 | — | 458,005 | ||||||||||||
Thailand | — | — | 463,137 | 463,137 | ||||||||||||
Turkey | 184,613 | 154,683 | — | 339,296 | ||||||||||||
All Other | — | 3,559,215 | — | 3,559,215 | ||||||||||||
Preferred Stock: | ||||||||||||||||
Brazil | 572,499 | — | — | 572,499 | ||||||||||||
Russian Federation | — | — | 293,605 | 293,605 | ||||||||||||
Repurchase Agreements | — | 114,000 | — | 114,000 | ||||||||||||
Totals | $ | 2,184,431 | $ | 6,770,185 | $ | 794,547 | $ | 9,749,163 |
Semiannual Report | | March 31, 2019 | 323 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2019 (Unaudited)
AllianzGI Floating Rate Note: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
Corporate Bonds & Notes | — | $ | 11,628,767 | — | $ | 11,628,767 | ||||||||||
Mortgage-Backed Securities | — | 1,254,079 | — | 1,254,079 | ||||||||||||
Sovereign Debt Obligations | — | 552,754 | — | 552,754 | ||||||||||||
Asset-Backed Securities | — | 548,497 | — | 548,497 | ||||||||||||
U.S. Government Agency Securities | — | 187,207 | — | 187,207 | ||||||||||||
U.S. Treasury Obligations | — | 443,438 | — | 443,438 | ||||||||||||
Repurchase Agreements | — | 135,000 | — | 135,000 | ||||||||||||
— | 14,749,742 | — | 14,749,742 | |||||||||||||
Other Financial Instruments* – Assets | ||||||||||||||||
Foreign Exchange Contracts | — | 34,562 | — | 34,562 | ||||||||||||
Other Financial Instruments* – Liabilities | ||||||||||||||||
Interest Rate Contracts | $ | (12,238 | ) | — | — | (12,238 | ) | |||||||||
Totals | $ | (12,238 | ) | $ | 14,784,304 | — | $ | 14,772,066 | ||||||||
AllianzGI Global Dynamic Allocation: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
Common Stock: | ||||||||||||||||
Australia | $ | 27,817 | $ | 560,605 | — | $ | 588,422 | |||||||||
Austria | 92,151 | 538,955 | — | 631,106 | ||||||||||||
Belgium | — | 68,497 | — | 68,497 | ||||||||||||
China | 769,275 | 5,232,950 | $ | 34 | 6,002,259 | |||||||||||
Czech Republic | 81,908 | 33,346 | — | 115,254 | ||||||||||||
Denmark | 4,737 | 113,183 | — | 117,920 | ||||||||||||
Finland | 104,783 | 408,496 | — | 513,279 | ||||||||||||
France | 62,805 | 5,009,956 | — | 5,072,761 | ||||||||||||
Germany | 43,969 | 1,404,608 | — | 1,448,577 | ||||||||||||
Greece | — | 74,908 | — | 74,908 | ||||||||||||
Hong Kong | — | 1,294,193 | — | 1,294,193 | ||||||||||||
Hungary | — | 419,971 | — | 419,971 | ||||||||||||
Indonesia | — | 482,787 | — | 482,787 | ||||||||||||
Ireland | 136,587 | 13,092 | — | 149,679 | ||||||||||||
Israel | 213,765 | 515,685 | — | 729,450 | ||||||||||||
Italy | 30,564 | 1,403,752 | — | 1,434,316 | ||||||||||||
Japan | — | 9,418,259 | — | 9,418,259 | ||||||||||||
Korea (Republic of) | 689,964 | 1,988,758 | — | 2,678,722 | ||||||||||||
Malaysia | — | 604,289 | — | 604,289 | ||||||||||||
Netherlands | 369,639 | 1,361,007 | — | 1,730,646 | ||||||||||||
New Zealand | — | 410,189 | — | 410,189 | ||||||||||||
Norway | — | 830,119 | — | 830,119 | ||||||||||||
Philippines | 270,504 | 101,730 | — | 372,234 | ||||||||||||
Poland | — | 78,450 | — | 78,450 | ||||||||||||
Russian Federation | 80,599 | 2,482 | — | 83,081 | ||||||||||||
Singapore | 12,201 | 785,592 | — | 797,793 | ||||||||||||
South Africa | 12,255 | 352,469 | — | 364,724 | ||||||||||||
Spain | — | 1,316,544 | — | 1,316,544 | ||||||||||||
Sweden | 32,172 | 1,001,780 | 48,801 | 1,082,753 | ||||||||||||
Switzerland | 68,228 | 2,159,705 | — | 2,227,933 |
324 | March 31, 2019 | | Semiannual Report |
Table of Contents
AllianzGI Global Dynamic Allocation (cont’d) | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
Taiwan | — | $ | 2,136,921 | — | $ | 2,136,921 | ||||||||||
Thailand | — | 61,329 | $ | 1,296,311 | 1,357,640 | |||||||||||
Turkey | $ | 142,744 | 371,948 | — | 514,692 | |||||||||||
United Kingdom | 1,008,476 | 4,634,782 | — | 5,643,258 | ||||||||||||
All Other | 74,095,064 | — | — | 74,095,064 | ||||||||||||
Corporate Bonds & Notes | — | 35,749,466 | — | 35,749,466 | ||||||||||||
Exchange-Traded Funds | 15,565,252 | — | — | 15,565,252 | ||||||||||||
U.S. Government Agency Securities | — | 15,335,502 | — | 15,335,502 | ||||||||||||
U.S. Treasury Obligations | — | 14,772,469 | — | 14,772,469 | ||||||||||||
Sovereign Debt Obligations | — | 8,870,636 | — | 8,870,636 | ||||||||||||
Mutual Fund | 3,453,439 | — | — | 3,453,439 | ||||||||||||
Preferred Stock: | ||||||||||||||||
Brazil | 196,996 | — | — | 196,996 | ||||||||||||
Colombia | 96,977 | — | — | 96,977 | ||||||||||||
All Other | — | 422,666 | — | 422,666 | ||||||||||||
Repurchase Agreements | — | 4,761,000 | — | 4,761,000 | ||||||||||||
97,662,871 | 125,103,076 | 1,345,146 | 224,111,093 | |||||||||||||
Other Financial Instruments* – Assets | ||||||||||||||||
Interest Rate Contracts | 493,299 | — | — | 493,299 | ||||||||||||
Market Price | 251,837 | — | — | 251,837 | ||||||||||||
745,136 | — | — | 745,136 | |||||||||||||
Other Financial Instruments* – Liabilities | ||||||||||||||||
Foreign Exchange Contracts | (13,877 | ) | — | — | (13,877 | ) | ||||||||||
Interest Rate Contracts | (38,644 | ) | — | — | (38,644 | ) | ||||||||||
Market Price | (100,594 | ) | — | — | (100,594 | ) | ||||||||||
(153,115 | ) | — | — | (153,115 | ) | |||||||||||
Totals | $ | 98,254,892 | $ | 125,103,076 | $ | 1,345,146 | $ | 224,703,114 | ||||||||
AllianzGI Global High Yield: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
Corporate Bonds & Notes | — | $ | 21,692,160 | — | $ | 21,692,160 | ||||||||||
Sovereign Debt Obligations | — | 82,354 | — | 82,354 | ||||||||||||
Repurchase Agreements | — | 1,152,000 | — | 1,152,000 | ||||||||||||
U.S. Treasury Obligations | — | 98,542 | — | 98,542 | ||||||||||||
— | 23,025,056 | — | 23,025,056 | |||||||||||||
Other Financial Instruments* – Assets | ||||||||||||||||
Foreign Exchange Contracts | — | 48,998 | — | 48,998 | ||||||||||||
Other Financial Instruments* – Liabilities | ||||||||||||||||
Interest Rate Contracts | $ | (6,609 | ) | — | — | (6,609 | ) | |||||||||
Totals | $ | (6,609 | ) | $ | 23,074,054 | — | $ | 23,067,445 |
Semiannual Report | | March 31, 2019 | 325 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2019 (Unaudited)
AllianzGI Global Sustainability: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
Common Stock: | ||||||||||||||||
Australia | — | $ | 381,846 | — | $ | 381,846 | ||||||||||
Denmark | — | 446,555 | — | 446,555 | ||||||||||||
France | — | 712,630 | — | 712,630 | ||||||||||||
Germany | — | 2,070,556 | — | 2,070,556 | ||||||||||||
Hong Kong | — | 377,991 | — | 377,991 | ||||||||||||
Japan | — | 1,431,993 | — | 1,431,993 | ||||||||||||
Korea (Republic of) | — | 446,271 | — | 446,271 | ||||||||||||
Spain | — | 1,199,595 | — | 1,199,595 | ||||||||||||
Sweden | — | 1,010,283 | — | 1,010,283 | ||||||||||||
Switzerland | — | 1,147,679 | — | 1,147,679 | ||||||||||||
United Kingdom | — | 3,591,849 | — | 3,591,849 | ||||||||||||
All Other | $ | 16,525,876 | — | — | 16,525,876 | |||||||||||
Repurchase Agreements | — | 921,000 | — | 921,000 | ||||||||||||
Totals | $ | 16,525,876 | $ | 13,738,248 | — | $ | 30,264,124 | |||||||||
AllianzGI Global Water: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
Common Stock: | ||||||||||||||||
Austria | — | $ | 18,640,848 | — | $ | 18,640,848 | ||||||||||
China | — | 26,822,525 | — | 26,822,525 | ||||||||||||
Finland | — | 9,972,255 | — | 9,972,255 | ||||||||||||
France | $ | 4,027,869 | 32,513,493 | — | 36,541,362 | |||||||||||
Japan | — | 5,399,849 | — | 5,399,849 | ||||||||||||
Sweden | — | 25,321,149 | — | 25,321,149 | ||||||||||||
Switzerland | — | 21,247,344 | — | 21,247,344 | ||||||||||||
United Kingdom | — | 79,470,211 | — | 79,470,211 | ||||||||||||
All Other | 342,841,889 | — | — | 342,841,889 | ||||||||||||
Repurchase Agreements | — | 5,033,000 | — | 5,033,000 | ||||||||||||
Totals | $ | 346,869,758 | $ | 224,420,674 | — | $ | 571,290,432 | |||||||||
AllianzGI Green Bond: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
Corporate Bonds & Notes | — | $ | 4,123,501 | — | $ | 4,123,501 | ||||||||||
Sovereign Debt Obligations | — | 1,484,398 | — | 1,484,398 | ||||||||||||
— | 5,607,899 | — | 5,607,899 | |||||||||||||
Other Financial Instruments* – Assets | ||||||||||||||||
Foreign Exchange Contracts | — | 12,509 | — | 12,509 | ||||||||||||
Other Financial Instruments* – Liabilities | ||||||||||||||||
Foreign Exchange Contracts | — | (10,638 | ) | — | (10,638 | ) | ||||||||||
Totals | — | $ | 5,609,770 | — | $ | 5,609,770 |
326 | March 31, 2019 | | Semiannual Report |
Table of Contents
AllianzGI High Yield Bond: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
Corporate Bonds & Notes: | ||||||||||||||||
Commercial Services | — | $ | 5,153,450 | $ | 126,445 | $ | 5,279,895 | |||||||||
Diversified Financial Services | — | 8,006,397 | 1,359,920 | 9,366,317 | ||||||||||||
Media | — | 9,635,979 | 3 | 9,635,982 | ||||||||||||
All Other | — | 104,693,238 | — | 104,693,238 | ||||||||||||
Preferred Stock | — | — | 6,121,626 | 6,121,626 | ||||||||||||
Common Stock | — | — | 144,416 | 144,416 | ||||||||||||
Warrants | — | — | 1 | 1 | ||||||||||||
Repurchase Agreements | — | 2,903,000 | — | 2,903,000 | ||||||||||||
Totals | — | $ | 130,392,064 | $ | 7,752,411 | $ | 138,144,475 | |||||||||
AllianzGI International Growth: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
Common Stock: | ||||||||||||||||
Brazil | $ | 1,276,159 | — | — | $ | 1,276,159 | ||||||||||
Canada | 2,918,096 | — | — | 2,918,096 | ||||||||||||
China | 2,599,628 | $ | 1,360,917 | — | 3,960,545 | |||||||||||
Germany | 212,485 | 2,798,685 | — | 3,011,170 | ||||||||||||
India | 572,711 | 462,600 | — | 1,035,311 | ||||||||||||
Ireland | 390,363 | 403,038 | — | 793,401 | ||||||||||||
Israel | 804,365 | — | — | 804,365 | ||||||||||||
Philippines | 189,343 | — | — | 189,343 | ||||||||||||
All Other | — | 13,060,461 | — | 13,060,461 | ||||||||||||
Repurchase Agreements | — | 212,000 | — | 212,000 | ||||||||||||
Totals | $ | 8,963,150 | $ | 18,297,701 | — | $ | 27,260,851 | |||||||||
AllianzGI InternationalSmall-Cap: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
Common Stock: | ||||||||||||||||
Austria | $ | 1,712,012 | $ | 4,078,574 | — | $ | 5,790,586 | |||||||||
Germany | 1,610,104 | 8,107,375 | — | 9,717,479 | ||||||||||||
Korea (Republic of) | 565,288 | — | — | 565,288 | ||||||||||||
Singapore | 404,262 | 370,686 | — | 774,948 | ||||||||||||
Thailand | — | — | $ | 403,129 | 403,129 | |||||||||||
All Other | — | 87,007,946 | — | 87,007,946 | ||||||||||||
Preferred Stock | 1,468,768 | — | — | 1,468,768 | ||||||||||||
Repurchase Agreements | — | 2,201,000 | — | 2,201,000 | ||||||||||||
Totals | $ | 5,760,434 | $ | 101,765,581 | $ | 403,129 | $ | 107,929,144 | ||||||||
AllianzGI Micro Cap: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
Common Stock | $ | 19,059,348 | — | — | $ | 19,059,348 | ||||||||||
Repurchase Agreements | — | $ | 107,000 | — | 107,000 | |||||||||||
Totals | $ | 19,059,348 | $ | 107,000 | — | $ | 19,166,348 |
Semiannual Report | | March 31, 2019 | 327 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2019 (Unaudited)
AllianzGI NFJ Emerging Markets Value: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
Common Stock: | ||||||||||||||||
Brazil | $ | 3,708,359 | — | — | $ | 3,708,359 | ||||||||||
Chile | 833,175 | — | — | 833,175 | ||||||||||||
China | 2,089,662 | $ | 26,448,698 | — | 28,538,360 | |||||||||||
France | 981,113 | 1,019,547 | — | 2,000,660 | ||||||||||||
Greece | 742,746 | — | — | 742,746 | ||||||||||||
Korea (Republic of) | 941,978 | 7,140,312 | — | 8,082,290 | ||||||||||||
Malaysia | 608,055 | 755,686 | — | 1,363,741 | ||||||||||||
Mexico | 5,826,874 | — | — | 5,826,874 | ||||||||||||
Peru | 1,003,785 | — | — | 1,003,785 | ||||||||||||
Russian Federation | 3,448,427 | — | $ | 2,238,094 | 5,686,521 | |||||||||||
South Africa | 3,150,540 | 3,563,702 | — | 6,714,242 | ||||||||||||
Taiwan | 1,264,394 | 8,909,844 | | — | | 10,174,238 | ||||||||||
United States | 4,529,189 | — | — | 4,529,189 | ||||||||||||
All Other | — | 32,529,683 | — | 32,529,683 | ||||||||||||
Preferred Stock: | ||||||||||||||||
Brazil | 3,066,438 | — | — | 3,066,438 | ||||||||||||
Korea (Republic of) | — | 2,441,220 | — | 2,441,220 | ||||||||||||
Repurchase Agreements | — | 2,043,000 | — | 2,043,000 | ||||||||||||
Totals | $ | 32,194,735 | $ | 84,851,692 | $ | 2,238,094 | $ | 119,284,521 | ||||||||
AllianzGI PerformanceFee Managed Futures Strategy: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
U.S. Treasury Obligations | — | $ | 26,933,251 | — | $ | 26,933,251 | ||||||||||
Repurchase Agreements | — | 500,000 | — | 500,000 | ||||||||||||
— | 27,433,251 | — | 27,433,251 | |||||||||||||
Other Financial Instruments* – Assets | ||||||||||||||||
Commodity Contracts | $ | 401,247 | — | — | 401,247 | |||||||||||
Credit Contracts | — | 26,652 | — | 26,652 | ||||||||||||
Foreign Exchange Contracts | 24,673 | — | — | 24,673 | ||||||||||||
Interest Rate Contracts | 663,328 | — | — | 663,328 | ||||||||||||
Market Price | 74,843 | — | — | 74,843 | ||||||||||||
1,164,091 | 26,652 | — | 1,190,743 | |||||||||||||
Other Financial Instruments* – Liabilities | ||||||||||||||||
Commodity Contracts | (452,941 | ) | — | — | (452,941 | ) | ||||||||||
Credit Contracts | — | (1,138 | ) | — | (1,138 | ) | ||||||||||
Foreign Exchange Contracts | (38,291 | ) | — | — | (38,291 | ) | ||||||||||
Market Price | (8,760 | ) | — | — | (8,760 | ) | ||||||||||
(499,992 | ) | (1,138 | ) | — | (501,130 | ) | ||||||||||
Totals | $ | 664,099 | $ | 27,458,765 | — | $ | 28,122,864 |
328 | March 31, 2019 | | Semiannual Report |
Table of Contents
AllianzGI PerformanceFee Structured US Equity: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
Exchange-Traded Funds | $ | 81,276,312 | — | — | $ | 81,276,312 | ||||||||||
Options Purchased: | ||||||||||||||||
Market Price | 220,187 | $ | 162,510 | — | 382,697 | |||||||||||
81,496,499 | 162,510 | — | 81,659,009 | |||||||||||||
Investments in Securities – Liabilities | ||||||||||||||||
Options Written: | ||||||||||||||||
Market Price | (328,872 | ) | (143,889 | ) | — | (472,761 | ) | |||||||||
Totals | $ | 81,167,627 | $ | 18,621 | — | $ | 81,186,248 | |||||||||
AllianzGI PerformanceFee Structured US Fixed Income: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
Exchange-Traded Funds | $ | 27,480,841 | — | — | $ | 27,480,841 | ||||||||||
Repurchase Agreements | — | $ | 149,000 | — | 149,000 | |||||||||||
Options Purchased: | ||||||||||||||||
Market Price | 3,570 | 4,440 | — | 8,010 | ||||||||||||
27,484,411 | 153,440 | — | 27,637,851 | |||||||||||||
Investments in Securities – Liabilities | ||||||||||||||||
Options Written: | ||||||||||||||||
Market Price | (37,773 | ) | (3,352 | ) | — | (41,125 | ) | |||||||||
Totals | $ | 27,446,638 | $ | 150,088 | — | $ | 27,596,726 | |||||||||
AllianzGI Preferred Securities and Income: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
Corporate Bonds & Notes | — | $ | 12,102,589 | — | $ | 12,102,589 | ||||||||||
Preferred Stock | $ | 1,393,317 | — | — | 1,393,317 | |||||||||||
Convertible Preferred Stock | 947,224 | — | — | 947,224 | ||||||||||||
Repurchase Agreements | — | 125,000 | — | 125,000 | ||||||||||||
2,340,541 | 12,227,589 | — | 14,568,130 | |||||||||||||
Other Financial Instruments* – Liabilities | ||||||||||||||||
Credit Contracts | — | (629 | ) | — | (629 | ) | ||||||||||
Totals | $ | 2,340,541 | $ | 12,226,960 | — | $ | 14,567,501 | |||||||||
AllianzGI Short Duration High Income: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
Corporate Bonds & Notes | — | $ | 945,142,394 | — | $ | 945,142,394 | ||||||||||
Senior Loans | — | 109,929,980 | — | 109,929,980 | ||||||||||||
Repurchase Agreements | — | 146,016,000 | — | 146,016,000 | ||||||||||||
Totals | — | $ | 1,201,088,374 | — | $ | 1,201,088,374 | ||||||||||
AllianzGI Short Term Bond: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
Corporate Bonds & Notes | — | $ | 5,936,140 | — | $ | 5,936,140 | ||||||||||
U.S. Treasury Obligations | — | 805,113 | — | 805,113 | ||||||||||||
U.S. Government Agency Securities | — | 404,956 | — | 404,956 | ||||||||||||
Repurchase Agreements | — | 306,000 | — | 306,000 | ||||||||||||
Totals | — | $ | 7,452,209 | — | $ | 7,452,209 |
Semiannual Report | | March 31, 2019 | 329 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2019 (Unaudited)
AllianzGI Structured Return: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
Exchange-Traded Funds | $ | 617,210,640 | — | — | $ | 617,210,640 | ||||||||||
Repurchase Agreements | — | $ | 142,603,000 | — | 142,603,000 | |||||||||||
Options Purchased: | ||||||||||||||||
Market Price | 1,710,175 | — | — | 1,710,175 | ||||||||||||
618,920,815 | 142,603,000 | — | 761,523,815 | |||||||||||||
Investments in Securities – Liabilities | ||||||||||||||||
Options Written: | ||||||||||||||||
Market Price | (77,615,897 | ) | — | — | (77,615,897 | ) | ||||||||||
Totals | $ | 541,304,918 | $ | 142,603,000 | — | $ | 683,907,918 | |||||||||
AllianzGI U.S. Equity Hedged: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
Exchange-Traded Funds | $ | 2,141,199 | — | — | $ | 2,141,199 | ||||||||||
Options Purchased: | ||||||||||||||||
Market Price | 12,600 | $ | 4,465 | — | 17,065 | |||||||||||
2,153,799 | 4,465 | — | 2,158,264 | |||||||||||||
Investments in Securities – Liabilities | ||||||||||||||||
Options Written: | ||||||||||||||||
Market Price | (5,420 | ) | — | — | (5,420 | ) | ||||||||||
Totals | $ | 2,148,379 | $ | 4,465 | — | $ | 2,152,844 | |||||||||
AllianzGI Ultra Micro Cap: | ||||||||||||||||
Investments in Securities – Assets | Level 1– Quoted Prices | Level 2– Other Significant Observable Inputs | Level 3– Significant Unobservable Inputs | Value at 3/31/19 | ||||||||||||
Common Stock | $ | 23,563,077 | — | — | $ | 23,563,077 | ||||||||||
Repurchase Agreements | — | $ | 226,000 | — | 226,000 | |||||||||||
Totals | $ | 23,563,077 | $ | 226,000 | — | $ | 23,789,077 |
A roll forward of fair value measurements using significant unobservable inputs (Level 3) for the six months ended March 31, 2019, was as follows:
AllianzGI Best Styles Global Equity: | ||||||||||||||||||||||||||||||||||||
Investments in Securities – Assets | Beginning Balance 9/30/18 | 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 3/31/19 | |||||||||||||||||||||||||||
Common Stock: |
| |||||||||||||||||||||||||||||||||||
China | $ | 1,154 | $ | — | $ | — | $ | — | $ | — | $ | (3 | ) | $ | — | $ | — | $ | 1,151 | |||||||||||||||||
Greece | 42,719 | — | — | — | — | (42,719 | ) | — | — | — | ||||||||||||||||||||||||||
Thailand | 3,535,634 | 1,049,171 | (2,480,501 | ) | — | (77,461 | ) | (153,333 | ) | — | — | 1,873,510 | ||||||||||||||||||||||||
Totals | $ | 3,579,507 | $ | 1,049,171 | $ | (2,480,501 | ) | — | $ | (77,461 | ) | $ | (196,055 | ) | — | — | $ | 1,874,661 | ||||||||||||||||||
AllianzGI Best Styles International Equity: | ||||||||||||||||||||||||||||||||||||
Investments in Securities – Assets | Beginning Balance 9/30/18 | 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 3/31/19 | |||||||||||||||||||||||||||
Common Stock: |
| |||||||||||||||||||||||||||||||||||
Thailand | $ | 58,610 | $ | — | $ | (24,031 | ) | $ | — | $ | (1,508 | ) | $ | (3,121 | ) | $ | — | $ | — | $ | 29,950 |
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AllianzGI Convertible: | ||||||||||||||||||||||||||||||||||||
Investments in Securities – Assets | Beginning Balance 9/30/18 | 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 3/31/19 | |||||||||||||||||||||||||||
Convertible Bonds & Notes: |
| |||||||||||||||||||||||||||||||||||
IT Services | $ | 1,866,247 | $ | 2,710,346 | $ | (646,138 | ) | $ | 349 | $ | 8,862 | $ | 245,824 | $ | — | $ | — | $ | 4,185,490 | |||||||||||||||||
AllianzGI Emerging Markets Consumer: | ||||||||||||||||||||||||||||||||||||
Investments in Securities – Assets | Beginning Balance 9/30/18 | 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 3/31/19 | |||||||||||||||||||||||||||
Common Stock: |
| |||||||||||||||||||||||||||||||||||
Thailand | $ | 2,756,833 | $ | 489,834 | $ | (1,263,961 | ) | $ | — | $ | (59,637 | ) | $ | (69,862 | ) | $ | — | $ | — | $ | 1,853,207 | |||||||||||||||
AllianzGI Emerging MarketsSmall-Cap: | ||||||||||||||||||||||||||||||||||||
Investments in Securities – Assets | Beginning Balance 9/30/18 | 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 3/31/19 | |||||||||||||||||||||||||||
Common Stock: |
| |||||||||||||||||||||||||||||||||||
Czech Republic | $ | 22,945 | $ | — | $ | (22,837 | ) | $ | — | $ | 9,400 | $ | (9,508 | ) | $ | — | $ | — | $ | — | ||||||||||||||||
Russian Federation | 39,676 | — | (2,512 | ) | — | (90 | ) | 731 | — | — | 37,805 | |||||||||||||||||||||||||
Thailand | 760,251 | 97,595 | (348,442 | ) | — | (21,134 | ) | (25,133 | ) | — | — | 463,137 | ||||||||||||||||||||||||
Preferred Stock: |
| |||||||||||||||||||||||||||||||||||
Russian Federation | 292,702 | — | (18,879 | ) | — | 2,337 | 17,445 | — | — | 293,605 | ||||||||||||||||||||||||||
Totals | $ | 1,115,574 | $ | 97,595 | $ | (392,670 | ) | $ | — | $ | (9,487 | ) | $ | (16,465 | ) | $ | — | $ | — | $ | 794,547 | |||||||||||||||
AllianzGI Global Dynamic Allocation: | ||||||||||||||||||||||||||||||||||||
Investments in Securities – Assets | Beginning Balance 9/30/18 | 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 3/31/19 | |||||||||||||||||||||||||||
Common Stock: |
| |||||||||||||||||||||||||||||||||||
China | $ | 34 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 34 | ||||||||||||||||||
Greece | 10,933 | — | — | — | — | (10,933 | ) | — | — | — | ||||||||||||||||||||||||||
Sweden | — | — | — | — | — | — | 48,801 | ** | — | 48,801 | ||||||||||||||||||||||||||
Taiwan | 2,868 | — | (4,503 | )† | — | — | 1,635 | — | — | — | ||||||||||||||||||||||||||
Thailand | 1,304,292 | — | (50,462 | ) | — | 594 | (4,026 | ) | 45,913 | *** | — | 1,296,311 | ||||||||||||||||||||||||
Totals | $ | 1,318,127 | $ | — | $ | (54,965 | ) | $ | — | $ | 594 | $ | (13,324 | ) | $ | 94,714 | $ | — | $ | 1,345,146 | ||||||||||||||||
AllianzGI High Yield Bond: | ||||||||||||||||||||||||||||||||||||
Investments in Securities – Assets | Beginning Balance 9/30/18 | 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 3/31/19 | |||||||||||||||||||||||||||
Corporate Bonds & Notes: |
| |||||||||||||||||||||||||||||||||||
Commercial Services | $ | 126,445 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 126,445 | ||||||||||||||||||
Diversified Financial Services | — | 2,631,576 | † | — | 6,818 | — | (1,278,474 | ) | — | — | 1,359,920 | |||||||||||||||||||||||||
Media | 55 | — | — | — | — | (52 | ) | — | — | 3 | ||||||||||||||||||||||||||
Preferred Stock | 6,121,626 | — | — | — | — | — | — | — | 6,121,626 |
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Notes to Financial Statements (cont’d)
March 31, 2019 (Unaudited)
AllianzGI High Yield Bond (cont’d) | ||||||||||||||||||||||||||||||||||||
Investments in Securities – Assets | Beginning Balance 9/30/18 | 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 3/31/19 | |||||||||||||||||||||||||||
Common Stock: |
| |||||||||||||||||||||||||||||||||||
Advertising | $ | 489,129 | $ | — | $ | — | $ | — | $ | — | $ | (414,913 | ) | $ | — | $ | — | $ | 74,216 | |||||||||||||||||
Aerospace & Defense | 88,382 | — | — | — | — | (18,190 | ) | — | — | 70,192 | ||||||||||||||||||||||||||
Banks | — | — | † | — | — | — | 1 | — | — | 1 | ||||||||||||||||||||||||||
Media | 7 | — | — | — | — | — | — | — | 7 | |||||||||||||||||||||||||||
Warrants: |
| |||||||||||||||||||||||||||||||||||
Commercial Services | 3 | — | — | †† | — | (67,409 | ) | 67,406 | — | — | — | |||||||||||||||||||||||||
Media | 1 | — | — | — | — | — | — | — | 1 | |||||||||||||||||||||||||||
Totals | $ | 6,825,648 | $ | 2,631,576 | — | $ | 6,818 | $ | (67,409 | ) | $ | (1,644,222 | ) | — | — | $ | 7,752,411 | |||||||||||||||||||
AllianzGI InternationalSmall-Cap: | ||||||||||||||||||||||||||||||||||||
Investments in Securities – Assets | Beginning Balance 9/30/18 | 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 3/31/19 | |||||||||||||||||||||||||||
Common Stock: |
| |||||||||||||||||||||||||||||||||||
Thailand | $ | — | $ | 438,230 | $ | — | $ | — | $ | — | $ | (35,101 | ) | $ | — | $ | — | $ | 403,129 | |||||||||||||||||
AllianzGI NFJ Emerging Markets Value: | ||||||||||||||||||||||||||||||||||||
Investments in Securities – Assets | Beginning Balance 9/30/18 | 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 3/31/19 | |||||||||||||||||||||||||||
Common Stock: |
| |||||||||||||||||||||||||||||||||||
China | $ | 921,981 | $ | 816,315 | $ | (769,490 | ) | $ | — | $ | (495,222 | ) | $ | 475,973 | $ | — | $ | (949,557 | ) | $ | — | |||||||||||||||
Russian Federation | 3,731,478 | 530,868 | (1,945,728 | ) | — | (292,423 | ) | 213,899 | — | — | 2,238,094 | |||||||||||||||||||||||||
Totals | $ | 4,653,459 | $ | 1,347,183 | $ | (2,715,218 | ) | $ | — | $ | (787,645 | ) | $ | 689,872 | $ | — | $ | (949,557 | ) | $ | 2,238,094 |
The tables above may include Level 3 investments that are valued by brokers or independent pricing services. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 1(b).
The following table present additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at March 31, 2019:
AllianzGI High Yield Bond: | ||||||||||||
Investments in Securities – Assets | Ending Balance at 3/31/19 | Valuation Technique Used | Unobservable Inputs | Input Values (Ranges) | ||||||||
Corporate Bonds & Notes: | ||||||||||||
Diversified Financial Services | $ | 1,359,920 | Market and Company Comparables | Implied Price | $ | 48.74 | ||||||
Preferred Stock | $ | 6,121,626 | Market and Company Comparables | EV Multiples | 0.73x (0.29x-1.33x | ) | ||||||
Illiquidity Discount | 25 | % | ||||||||||
Common Stock | $ | 70,192 | Market and Company Comparables | EV Multiples | 0.61x (0.42x-0.83x | ) | ||||||
M&A Transaction Multiples | 0.87x (0.32x-2.12x | ) | ||||||||||
Illiquidity Discount | 40 | % |
The table above does not include Level 3 investments that are valued by brokers or independent pricing services.
* | Other financial instruments are derivatives, such as swap agreements, futures contracts, and forward foreign currency contracts which are valued at the unrealized appreciation (depreciation) of the instrument. |
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** | Transferred out of Level 2 and into Level 3 because trading on the security was halted. |
*** | Transferred out of Level 2 and into Level 3 due to an exchange traded closing price being unavailable or unreliable at March 31, 2019. |
# | Transferred out of Level 3 and into Level 2 as a result of securities trading outside the U.S. whose values were adjusted by the application of a modeling tool at March 31, 2019. |
† | Issued or removed via corporate action. |
†† | Removed from accounting records as worthless. |
The net change in unrealized appreciation/depreciation of Level 3 investments which the following Funds held at March 31, 2019 was:
AllianzGI Best Styles Global Equity | $ | (137,427 | ) | |
AllianzGI Best Styles International Equity | (3,290 | ) | ||
AllianzGI Convertible | 190,649 | |||
AllianzGI Emerging Markets Consumer | (43,892 | ) | ||
AllianzGI Emerging MarketsSmall-Cap | 12,037 | |||
AllianzGI Global Dynamic Allocation | (7,251 | ) | ||
AllianzGI High Yield Bond | (1,711,628 | ) | ||
AllianzGI InternationalSmall-Cap | (35,101 | ) | ||
AllianzGI NFJ Emerging Markets Value | 99,001 |
Net realized gain (loss) and net change in unrealized appreciation/depreciation are reflected on the Statements of Operations.
(c) Investment Transactions and Investment Income. Investment transactions are accounted for on the trade date. Securities purchased and sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains and losses on investments are determined on an identified cost basis. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as a component of net change in unrealized appreciation (depreciation) of investments on the Statements of Operations. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Interest income adjusted for the accretion of discounts and amortization of premiums is recorded on an accrual basis. Discounts or premiums on debt securities purchased are accreted or amortized, respectively, to interest income. Conversion premium is not amortized. Dividend income is recorded on theex-dividend date, except for certain dividends from foreign securities where theex-dividend date may have passed, and then are recorded as soon after theex-dividend date as the Funds, using reasonable diligence, become aware of such dividends. Payments received on synthetic convertible securities are generally included in dividends. Dividend and interest income on the Statements of Operations are shown net of any foreign taxes withheld on income from foreign securities. Payments received from real estate investment trust securities may be comprised of dividends, realized gains and return of capital. The payment may initially be recorded as dividend income and may subsequently be reclassified as realized gains and/or return of capital upon receipt of information from the issuer. Payments considered return of capital reduce the cost basis of the respective security. Distributions, if any, in excess of the cost basis of a security are recognized as capital gains. Dividends from underlying funds are recorded as dividend income, while capital gain distributions are recorded as net capital gain distributions received from underlying funds on the Statements of Operations. Facility fees and other fees (such as origination fees) received on settlement date are amortized as income over the expected term of the senior loan.
Facility fees and other fees received after settlement date relating to senior loans, commitment fees received relating to unfunded purchase or lending commitments and consent fees relating to corporate actions are recorded as miscellaneous income upon receipt. Paydown gains and losses are netted and recorded as interest income on the Statements of Operations. Expenses are recorded on an accrual basis and such expenses exclude those of the underlying funds. Expenses of the underlying funds are reflected in the net asset values of those funds.
(d) Federal Income Taxes. The Funds intend to distribute all of their taxable income and to comply with the other requirements of Subchapter M of the U.S. Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Accordingly, no provision for U.S. federal income taxes is required. The Funds may be subject to excise tax based on distributions to shareholders.
Accounting for uncertainty in income taxes establishes for all entities, including pass-through entities such as the Funds, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures. In accordance with provisions set forth under U.S. GAAP, the Investment Manager has reviewed the Funds’ tax positions for all open tax years. As of March 31, 2019, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken. The Funds’ federal income tax returns for the prior three years, as applicable, remain subject to examination by the Internal Revenue Service.
(e) Dividends and Distributions to Shareholders. The Funds (except AllianzGI Multi Asset Income, AllianzGI Global Allocation, AllianzGI Convertible, AllianzGI Core Bond, AllianzGI Core Plus Bond, AllianzGI Emerging Markets Debt, AllianzGI Floating Rate Note, AllianzGI Global High Yield, AllianzGI Green Bond, AllianzGI High Yield Bond, AllianzGI NFJ Emerging Markets Value, AllianzGI PerformanceFee Structured US Fixed Income, AllianzGI Preferred Securities and Income, AllianzGI Short Duration High Income and AllianzGI Short Term Bond) declare dividends and distributions from net investment income and net realized capital gains, if any, annually. AllianzGI Global Allocation, AllianzGI Convertible, AllianzGI Emerging Markets Debt, AllianzGI Global High Yield and AllianzGI NFJ Emerging Markets Value declare dividends from net investment income quarterly and distributions from net realized capital gains, if any, annually. AllianzGI Core Bond, AllianzGI Core Plus Bond, AllianzGI Floating Rate Note, AllianzGI Green Bond, AllianzGI High Yield Bond, AllianzGI PerformanceFee Structured US Fixed Income, AllianzGI Preferred Securities and Income, AllianzGI Short Duration High Income and AllianzGI Short Term Bond declare dividends from net investment income monthly and distributions from net realized capital gains, if any, annually. AllianzGI Multi Asset Income declares dividends from net investment income and/or distributions
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Notes to Financial Statements (cont’d)
March 31, 2019 (Unaudited)
from short-term capital gains monthly. Net realized capital gains, if any, will continue to be distributed annually by the Fund. The Funds record dividends and distributions to their respective shareholders on theex-dividend date. The amount of dividends from net investment income and distributions from net realized capital gains is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These“book-tax” differences are considered either temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their U.S. federal income tax treatment. Temporary differences do not require reclassification. To the extent dividends and/or distributions exceed current and accumulated earnings and profits for U.S. federal income tax purposes, they are reported as dividends and/or distributions to shareholders from return of capital.
(f) Multi-Class Operations. Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income,non-class specific expenses, and realized and unrealized capital gains and losses of each Fund are allocated daily to each class of shares based on the relative net assets of each class. Class specific expenses, where applicable, include administration, administrative servicing, distribution, recoupment, servicing andsub-transfer agent fees.
(g) Foreign Currency Translation. The Funds’ accounting records are maintained in U.S. dollars as follows: (1) the foreign currency market values of investments and other assets and liabilities denominated in foreign currencies are translated at the prevailing exchange rate at the end of the period; and (2) purchases and sales, income and expenses are translated at the prevailing exchange rate on the respective dates of such transactions. The resulting net foreign currency gain (loss) is included in the Funds’ Statements of Operations.
The Funds do not generally isolate that portion of the results of operations arising as a result of changes in foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities. Accordingly, such foreign currency gain (loss) is included in net realized and unrealized gain (loss) on investments. However, the Funds do isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations pursuant to U.S. federal income tax regulations; such amount is categorized as foreign currency gain (loss) for both financial reporting and income tax reporting purposes.
(h) Repurchase Agreements. The 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 maturity of the repurchase agreement. Provisions of the repurchase agreements and the procedures adopted by the Funds require 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 initiates 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, 2019, the value of the related collateral exceeded the value of the repurchase agreements for each Fund.
(i) 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.
(j) Rights. The Funds may receive rights. A right is a privilege granted to existing shareholders of a corporation to subscribe for shares of a new issue of common stock before it is issued. Rights normally have a short life, usually two to four weeks, are freely transferable and entitle
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the holder to buy the new common stock at a lower price than the public offering price. Rights may entail greater risks than certain other types of investments. Generally, rights 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 right, the right will expire worthless. Rights may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities.
(k) Senior Loans. The Funds may purchase assignments of, and participations in, Senior Loans originated, negotiated and structured by a U.S. or foreign commercial bank, insurance company, finance company or other financial institution for a lending syndicate of financial institutions (the “Lender”). When purchasing an assignment, the Funds succeed to all the rights and obligations under the loan agreement with the same rights and obligations as the assigning Lender. Assignments may, however, be arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than, those held by the assigning Lender. The Funds may also enter into lending arrangements involving unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Funds to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the principal amounts may never be utilized by the borrower.
Certain Funds may purchase the securities of distressed companies (including assignments or direct investments), including companies engaged in restructurings or bankruptcy proceedings. Investments in distressed companies may include senior obligations of an issuer issued in connection with a restructuring under Chapter 11 of the U.S. Bankruptcy Code (commonly known as“debtor-in-possession” or “DIP” financings).Debtor-in-possession financings generally allow the issuer to continue its operations while reorganizing. Such financings constitute senior liens on unencumbered collateral (i.e., collateral not subject to other creditors’ claims). There is risk that the issuer under adebtor-in-possession financing will not emerge from Chapter 11 and be forced to liquidate its assets under Chapter 7 of the U.S. Bankruptcy Code. In the event of liquidation, the Funds’ only recourse would be against the collateral securing thedebtor-in-possession financing.
(l) PaymentIn-Kind Securities. The Funds may invest in paymentin-kind securities, which are debt or preferred stock securities that require or permit payment of interest in the form of additional securities. Paymentin-kind securities allow the issuer to avoid or delay the need to generate cash to meet current interest payments and, as a result, may involve greater risk than securities that pay interest currently or in cash.
(m) U.S. Government Agencies or Government-Sponsored Enterprises. Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association (“GNMA” or “Ginnie Mae”), a wholly-owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Government-related guarantors not backed by the full faith and credit of the U.S. Government include the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.
(n) Exchange-Traded Funds. Certain Funds may invest in exchange-traded funds (“ETFs”), which typically are index-based investment companies that hold substantially all of their assets in securities representing their specific index, but may also be actively-managed investment companies. Shares of ETFs trade throughout the day on an exchange and represent an investment in a portfolio of securities and other assets. As a shareholder of another investment company, the Funds would bear their pro rata portion of the other investment company’s expenses, including advisory fees, in addition to the expenses the Funds bear directly in connection with their own operations.
(o) Inflation-Indexed Bonds. Certain Funds may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation.
(p) 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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Notes to Financial Statements (cont’d)
March 31, 2019 (Unaudited)
(q) When-Issued/Delayed-Delivery Transactions. When-issued or delayed-delivery transactions involve a commitment to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Funds will set aside and maintain until the settlement date in a designated account, liquid assets in an amount sufficient to meet the purchase price. Upon entering into these when-issued or delayed-delivery transactions, the Funds and the counterparties are required to pledge to the other party an amount of cash or securities collateral when either party has a net exposure that exceeds the minimum transfer amount of the other party. When purchasing a security on a delayed-delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations; consequently, such fluctuations are taken into account when determining the NAV. The Funds may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a realized gain or loss. When a security is sold on a delayed-delivery basis, the Funds do not participate in future gains and losses with respect to the security.
(r) Securities Traded onTo-Be-Announced Basis. The Funds may from time to time purchase securities on ato-be-announced (“TBA”) basis. In a TBA transaction, the Fund commits to purchasing or selling securities for which all specific information is not yet known at the time of the trade, particularly the face amount and maturity date of the underlying security transactions. Securities purchased on a TBA basis are not settled until they are delivered to the Fund, normally 15 to 45 days later. Beginning on the date the Fund enters into a TBA transaction, cash, U.S. government securities or other liquid securities are segregated in an amount equal in value to the purchase price of the TBA security. These transactions are subject to market fluctuations, and their current value is determined in the same manner as for other securities.
(s) Contingent Value Rights. A Fund may invest in contingent value rights (“CVRs”). A CVR gives the holder the right to receive an amount (which may be a fixed amount or determined by a formula) in the event that a specified corporate action, business milestone, or other trigger occurs (or does not occur) which is often subject to an expiration date. CVRs often are awarded to shareholders in the context of a corporate acquisition or major restructuring. For example, shareholders of an acquired company may receive a CVR that enables them to receive additional shares of the acquiring company in the event that the acquiring company’s share price falls below a certain level by a specified date. Risks associated with the use of CVRs are generally similar to risks associated with the use of options, such as the risk that the required trigger does not (or does) occur prior to a CVR’s expiration, causing the CVR to expire with no value. CVRs also present illiquidity risk, as they may not be registered securities or may otherwise benon-transferable or difficult to transfer, as well as counterparty risk and credit risk. Further, because CVRs are valued based on the likelihood of the occurrence of a trigger, valuation often requires modeling and judgment, which increases the risk of mispricing or improper valuation.
(t) Restricted Securities. The Funds are permitted to invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult.
(u) Organizational and Offering Costs. Organizational costs are expensed at the inception of the Fund. Offering costs are amortized over a twelve-month period from the inception of the Fund.
(v) Loan Interest Expense. Loan interest expense relates to the amounts borrowed under the credit facility (See Note 12). Loan interest expense is recorded as it is incurred.
(w) New Accounting Pronouncements. In March 2017, the FASB issued Accounting Standards Update No. (“ASU”)2017-08, “Receivables—Nonrefundable Fees and Other Costs (Subtopic310-20): Premium Amortization on Purchased Callable Debt Securities.” ASU2017-08 shortens the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date rather than the contractual maturity date. The Funds have adopted and applied ASU2017-08 on a modified retrospective basis through a cumulative-effect adjustment as of October 1, 2018. The adoption of ASU2017-08 had no impact on beginning net assets, the current period results from operations, or any prior period information presented in the financial statements.
In August 2018, the FASB issued ASU2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the disclosure requirements for fair value measurement”. ASU2018-13 removes the disclosure requirements for the amounts of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of transfers between levels and the valuation processes for Level 3 fair value measurements. The ASU is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. Management has reviewed ASU2018-13 and resolved to adopt immediately certain aspects of the ASU related to the removal of certain fair measurement disclosures.
On October 17, 2018, the Securities and Exchange Commission (“SEC”) adopted changes to RegulationS-X to simplify the reporting of information by registered investment companies in financial statements. The amendments require presentation of the total, rather than the components, of distributable earnings on the Statement of Assets and Liabilities and also require presentation of the total, rather than the components, of distributions to shareholders, except for tax return of capital distributions, if any, on the Statements of Changes in Net Assets. The amendments also removed the requirement for parenthetical disclosure of undistributed net investment income on the Statements of Changes in Net Assets. These RegulationS-X amendments are reflected in the Funds’ financial statements for the period ended March 31, 2019.
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2. | PRINCIPAL RISKS |
In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to, among other things, changes in the market (market risk) or failure of the other party to a transaction to perform (counterparty risk).
The Funds are also exposed to other risks such as, but not limited to, interest rate, foreign currency, credit and leverage risks.
Interest rate risk is the risk that fixed income securities’ valuations will change because of changes in interest rates. During periods of rising nominal interest rates, the values of fixed income instruments are generally expected to decline. Conversely, during periods of declining nominal interest rates, the values of fixed income instruments are generally expected to rise. To the extent that a Fund effectively has short positions with respect to fixed income instruments, the values of such short positions would generally be expected to rise when nominal interest rates rise and to decline when nominal interest rates decline. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is used primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. Interest rate changes can be sudden and unpredictable, and a Fund may lose money as a result of movements in interest rates. High-yield or junk bonds are subject to greater levels of credit and liquidity risk, may be speculative and may decline in value due to increase in interest rates or an issuer’s deterioration or default. The Funds may not be able to hedge against changes in interest rates or may choose not to do so for cost or other reasons. In addition, any hedges may not work as intended. The values of equity and othernon-fixed income securities may also decline due to fluctuations in interest rates.
Variable and floating rate securities generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. Inverse floating rate securities may decrease in value if interest rates increase. Inverse floating rate securities may also exhibit greater price volatility than a fixed rate obligation with similar credit quality. When the Funds hold variable or floating rate securities, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the NAV of the Funds’ shares.
The Funds are exposed to credit risk, which is the risk of losing money if the issuer or guarantor of a fixed income security is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or to otherwise honor its obligations. Securities are subject to varying degrees of credit risk, which are often reflected in credit ratings.
To the extent the Funds directly invest in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, they will be subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including economic growth, inflation, changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or the imposition of currency controls or other political developments in the United States or abroad. As a result, the Funds’ investments in foreign currency-denominated securities may reduce the returns of the Funds. The local emerging market currencies in which the Funds may be invested may experience substantially greater volatility against the U.S. dollar than the major convertible currencies in developed countries.
The Funds are subject to elements of risk not typically associated with investments in the U.S., due to concentrated investments in foreign issuers located in a specific country or region. Such concentrations will subject the Funds to additional risks resulting from future political or economic conditions in such country or region and the possible imposition of adverse governmental laws or currency exchange restrictions affecting such country or region, which could cause the securities and their markets to be less liquid and prices more volatile than those of comparable U.S. companies.
The market values of securities may decline due to general market conditions (market risk) which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, adverse changes to credit markets or adverse investor sentiment. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity-related investments generally have greater market price volatility than fixed income securities, although under certain market conditions fixed income securities may have comparable or greater price volatility. Credit ratings downgrades may also negatively affect securities held by the Funds. Even when markets perform well, there is no assurance that the investments held by the Funds will increase in value along with the broader market. In addition, market risk includes the risk that geopolitical events will disrupt the economy on a national or global level.
The Funds are exposed to counterparty risk, or the risk that an institution or other entity with which the Funds have unsettled or open transactions will default. The potential loss to the Funds could exceed the value of the financial assets recorded in the Funds’ financial statements. Financial assets, which potentially expose the Funds to counterparty risk, consist principally of cash due from counterparties and investments. The Investment Manager seeks to minimize the Funds’ counterparty risk by performing reviews of each counterparty and by minimizing concentration of counterparty risk by undertaking
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March 31, 2019 (Unaudited)
transactions with multiple customers and counterparties on recognized and reputable exchanges. Delivery of securities sold is only made once the Funds have received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligation.
The Funds are exposed to risks associated with leverage. Leverage may cause the value of the Funds’ shares to be more volatile than if the Funds did not use leverage. This is because leverage tends to exaggerate the effect of any increase or decrease in the value of the Funds’ portfolio securities. The Funds may engage in transactions or purchase instruments that give rise to forms of leverage. In addition, to the extent the Funds employ leverage, dividend and interest costs on such leverage may not be recovered by any appreciation of the securities purchased with the leverage proceeds and could exceed the Funds’ investment returns, resulting in greater losses.
The Funds may hold defaulted securities that may involve special considerations including bankruptcy proceedings, other regulatory and legal restrictions affecting the Funds’ ability to trade, and the availability of prices from independent pricing services or dealer quotations. Defaulted securities are often illiquid and may not be actively traded. Sale of securities in bankrupt companies at an acceptable price may be difficult and differences compared to the value of the securities used by the Funds could be material. A Fund may incur additional expenses to the extent it is required to seek recovery upon a portfolio security’s default in the payment of principal or interest. In any bankruptcy proceeding relating to a defaulted investment, a Fund may lose its entire investment or may be required to accept cash or securities with a value substantially less than its original investment.
Investments in senior loans and repurchase agreements also involve special risks. Although typically secured, senior loans may not be backed by sufficient collateral to satisfy their issuers’ obligations in the event of bankruptcy or similar scenarios. Senior loans may also be illiquid. Similarly, repurchase agreements may result in losses if the collateral associated with such positions is insufficient in the event of a counterparty default or similar scenario. Repurchase agreement positions may also be illiquid.
AllianzGI PerformanceFee Managed Futures Strategy may gain exposure to commodity markets by investing in a subsidiary of the Trust, the AllianzGI PerformanceFee Managed Futures Strategy Offshore Fund Ltd. (the “Cayman Subsidiary”). By investing in the Cayman Subsidiary, the Fund is indirectly exposed to the risks associated with the Cayman Subsidiary’s investments. AllianzGI PerformanceFee Managed Futures Strategy may invest no more than 25% of its assets in the Cayman Subsidiary.
The Funds are party to International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreements”) with select counterparties that govern transactions,over-the-counter derivatives and foreign exchange contracts entered into by the Funds and those counterparties. The ISDA Master Agreements contain provisions for general obligations, representations, agreements,
collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements of the Funds.
The considerations and factors surrounding the settlement of certain purchases and sales made on a delayed-delivery basis are governed by Master Securities Forward Transaction Agreements (“Master Forward Agreements”) between the Funds and select counterparties. The Master Forward Agreements maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.
The counterparty risk associated with certain contracts may be reduced by master netting arrangements to the extent that if an event of default occurs, all amounts with the counterparty are terminated and settled on a net basis. The Funds’ overall exposure to counterparty risk with respect to transactions subject to master netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.
3. | UNDERLYING FUNDS |
AllianzGI Retirement 2020, AllianzGI Retirement 2025, AllianzGI Retirement 2030, AllianzGI Retirement 2035, AllianzGI Retirement 2040, AllianzGI Retirement 2045, AllianzGI Retirement 2050, AllianzGI Retirement 2055, AllianzGI Multi Asset Income (collectively the “Target Funds”) and Global Allocation, intend to invest their assets significantly or primarily in series of the Trust, Allianz Funds, AllianzGI Institutional Multi-Series Trust, PIMCO Funds and PIMCO ETF Trust (together, “Affiliated Underlying Funds”). The Target Funds and Global Allocation may also invest a portion of their assets in ETFs and mutual funds and pooled vehicles other than Affiliated Underlying Funds (collectively, with the Affiliated Underlying Funds, the “Underlying Funds”). PerformanceFee Structured US Equity, PerformanceFee Structured US Fixed Income, Structured Return and U.S. Equity Hedged may have substantial exposure to Underlying Funds. Accordingly, the investment performance of the Funds depends upon a favorable allocation among the Underlying Funds as well as the ability of the Underlying Funds to achieve their objectives. There can be no assurance that the investment objective of any Underlying Fund will be achieved. The risks associated with investing in each Fund are closely related to the risks associated with the securities and other investments held by the Underlying Funds.
Investing in the Underlying Funds involves certain additional expenses and tax results that would not be present in a direct investment in the securities and other investments held by the Underlying Funds. Each Fund’s NAV will fluctuate in response to changes in the NAVs of the Underlying Funds in which it invests. The extent to which the investment performance and risks associated with each Fund correlate to those of a particular Underlying Fund will depend upon the extent to which each Fund’s assets are allocated from time to time for investments in the Underlying Fund, which will vary. To the extent
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that a Fund invests a significant portion of its assets in an Underlying Fund it will be particularly sensitive to the risks associated with that Underlying Fund.
4. | FINANCIAL DERIVATIVE INSTRUMENTS |
Disclosure about derivatives and hedging activities requires qualitative disclosure regarding objectives and strategies for using derivatives, quantitative disclosure about fair value amounts of gains and losses on derivatives, and disclosure about credit-risk-related contingent features in derivative agreements. The disclosure requirements distinguish between derivatives which are accounted for as “hedges”, and those that do not qualify for such accounting. Although the Funds at times use derivatives for hedging purposes, the Funds reflect derivatives at fair value and recognize changes in fair value through the Fund’s Statements of Operations, and such derivatives do not qualify for hedge accounting treatment.
The U.S. Commodity Futures Trading Commission (the “CFTC”) has adopted regulations that subject registered investment companies and their investment advisers to regulation by the CFTC if the registered investment company invests more than a prescribed level of its liquidation value in commodity futures, options on commodities or commodity futures, swaps, or other financial instruments regulated under the Commodity Exchange Act, or if the fund markets itself as providing investment exposure to such instruments. The Investment Manager is registered as a commodity pool operator with respect to AllianzGI PerformanceFee Managed Futures Strategy and the Cayman Subsidiary.
Option Transactions. The Funds purchase put and call options on securities and indices for hedging purposes, risk management purposes or otherwise as part of their investment strategies. The risks associated with purchasing an option include the risk that the Funds pay a premium whether or not the option is exercised. Additionally, the Funds bear the risk of loss of premiums and changes in market value should the counterparty not perform under the contract. Put and call options purchased are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by the premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.
The Funds may write (sell) put and call options on securities and indices to earn premiums, for hedging purposes, risk management purposes or otherwise as part of their investment strategies. When an option is written, the premium received is recorded as an asset with an equal liability that is subsequently marked to market to reflect the market value of the option written. These liabilities, if any, are reflected as options written in the Funds’ Statements of Assets and Liabilities. Premiums received from writing options which expire unexercised are recorded on the expiration date as a realized gain. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call
option written is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether there has been a realized gain or loss. If a put option written is exercised, the premium reduces the cost basis of the security. In writing an option, the Funds bear the market risk of an unfavorable change in the price of the security underlying the written option. Exercise of a written option could result in the Funds purchasing a security at a price different from its current market value.
There are several risks associated with option transactions on securities. For example, there are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objective. The Funds’ ability to use options successfully will depend on the Investment Manager’s ability to predict pertinent market movements, which cannot be assured. As the writer of a covered call option, a Fund foregoes, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call, but has retained the risk of loss should the price of the underlying security decline.
Futures Contracts. The Funds use futures contracts to manage their exposure to the securities markets or the movements in interest rates and currency values. A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into such a contract, the Funds are required to pledge to the broker an amount of cash or securities equal to the minimum “initial margin” requirements of the exchange. Pursuant to the contracts, the Funds agree to receive from or pay to the broker an amount of cash or securities equal to the daily fluctuation in the value of the contracts. Such receipts or payments are known as “variation margin” and are recorded by the Funds as unrealized appreciation or depreciation. When the contracts are closed, the Funds record a realized gain or loss equal to the difference between the value of the contracts at the time they were opened and the value at the time they were closed. Any unrealized appreciation or depreciation recorded is simultaneously reversed. The use of futures transactions involves various risks, including the risk of an imperfect correlation in the movements in the price of futures contracts, interest rates and underlying hedging assets, and possible inability or unwillingness of counterparties to meet the terms of their contracts.
Swap Agreements. Swap agreements are bilaterally negotiated agreements between the Funds and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market or event-linked returns at specified, future intervals. Swap agreements may be privately negotiated in theover-the-counter market (“OTC swaps”) or may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”). The Funds may enter into credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements in order, among other things, manage their exposure to credit, currency and interest rate risk. In connection with these agreements, securities or cash may be identified as collateral or
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Notes to Financial Statements (cont’d)
March 31, 2019 (Unaudited)
margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.
OTC swap payments received or made at the beginning of the measurement period, if any, are reflected as such on the Funds’ Statements of Assets and Liabilities and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Funds’ Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Funds’ Statements of Operations. Net periodic payments received or paid by the Funds are included as part of realized gains or losses on the Funds’ Statements of Operations. Changes in market value, if any, are reflected as a component of net changes in unrealized appreciation/depreciation on the Funds’ Statements of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as receivable or payable, as applicable, for variation margin on centrally cleared swaps on the Funds’ Statements of Assets and Liabilities.
Entering into these agreements involves, to varying degrees, elements of credit, legal, market and documentation risk in excess of the amounts recognized on the Funds’ Statements of Assets and Liabilities. Such risks include the possibility that there will be no liquid market for these agreements, that the counterparties to the agreements may default on their obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.
Credit Default Swap Agreements. Credit default swap agreements involve one party (referred to as the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the referenced entity, obligation or index. As the sellers of protection on credit default swap agreements, the Funds will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the sellers, the Funds would effectively add leverage to their investment portfolios because, in addition to their total net assets, the Funds would be subject to investment exposure on the notional amount of the swap.
If the Funds are sellers of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Funds
are buyers of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.
Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index, or in the case of a tranched index credit default swap, the credit event is settled based on the name’s weight in the index that falls within the tranche for which the Funds bear exposure. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. The Funds use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.
Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues serve as an indicator of the current status of the payment/performance risk, and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the
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payment/performance risk. Wider credit spreads and 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.
The maximum potential amount of future payments (undiscounted) that the Funds as sellers of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Funds for the same referenced entity or entities.
Forward Foreign Currency Contracts. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. The Funds enter into forward foreign currency contracts for the purpose of hedging against
foreign currency risk arising from the investment or anticipated investment in securities denominated in foreign currencies. The Funds also enter into these contracts for purposes of increasing exposure to a foreign currency or shifting exposure to foreign currency fluctuations from one country to another. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. All commitments are marked to market daily at the applicable exchange rates and any resulting unrealized appreciation or depreciation is recorded. Realized gains or losses are recorded at the time the forward contract matures or by delivery of the currency. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. In addition, these contracts may involve market risk in excess of the unrealized appreciation (depreciation) reflected in the Funds’ Statements of Assets and Liabilities.
The following is a summary of the Funds’ derivatives categorized by risk exposure.
The effect of derivatives on the Statements of Assets and Liabilities at March 31, 2019:
AllianzGI Retirement 2020: | ||||||||||||||||
Location | Market Price | Interest Rate Contracts | Foreign Exchange Contracts | Total | ||||||||||||
Asset derivatives: | ||||||||||||||||
Unrealized appreciation on futures contracts* | $ | 17,747 | $ | 11,243 | $ | — | $ | 28,990 | ||||||||
Liability derivatives: | ||||||||||||||||
Unrealized depreciation on futures contracts* | $ | (12,197 | ) | $ | — | $ | (96 | ) | $ | (12,293 | ) |
* | Included in net unrealized appreciation of $16,697 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. |
AllianzGI Retirement 2025: | ||||||||||||||||
Location | Market Price | Interest Rate Contracts | Foreign Exchange Contracts | Total | ||||||||||||
Asset derivatives: | ||||||||||||||||
Unrealized appreciation on futures contracts* | $ | 57,397 | $ | 1,354 | $ | — | $ | 58,751 | ||||||||
Liability derivatives: | ||||||||||||||||
Unrealized depreciation on futures contracts* | $ | (10,678 | ) | $ | — | $ | (197 | ) | $ | (10,875 | ) |
* | Included in net unrealized appreciation of $47,876 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. |
AllianzGI Retirement 2030: | ||||||||||||
Location | Market Price | Foreign Exchange Contracts | Total | |||||||||
Asset derivatives: | ||||||||||||
Unrealized appreciation on futures contracts* | $ | 64,209 | $ | — | $ | 64,209 | ||||||
Liability derivatives: | ||||||||||||
Unrealized depreciation on futures contracts* | $ | (11,450 | ) | $ | (492 | ) | $ | (11,942 | ) |
* | Included in net unrealized appreciation of $52,267 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. |
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AllianzGI Retirement 2035: | ||||||||||||
Location | Market Price | Foreign Exchange Contracts | Total | |||||||||
Asset derivatives: | ||||||||||||
Unrealized appreciation on futures contracts* | $ | 63,000 | $ | — | $ | 63,000 | ||||||
Liability derivatives: | ||||||||||||
Unrealized depreciation on futures contracts* | $ | (13,883 | ) | $ | (689 | ) | $ | (14,572 | ) |
* | Included in net unrealized appreciation of $48,428 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. |
AllianzGI Retirement 2040: | ||||||||||||
Location | Market Price | Foreign Exchange Contracts | Total | |||||||||
Asset derivatives: | ||||||||||||
Unrealized appreciation on futures contracts* | $ | 78,844 | $ | — | $ | 78,844 | ||||||
Liability derivatives: | ||||||||||||
Unrealized depreciation on futures contracts* | $ | (20,253 | ) | $ | (1,083 | ) | $ | (21,336 | ) |
* | Included in net unrealized appreciation of $57,508 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. |
AllianzGI Retirement 2045: | ||||||||||||
Location | Market Price | Foreign Exchange Contracts | Total | |||||||||
Asset derivatives: | ||||||||||||
Unrealized appreciation on futures contracts* | $ | 58,627 | $ | — | $ | 58,627 | ||||||
Liability derivatives: | ||||||||||||
Unrealized depreciation on futures contracts* | $ | (17,609 | ) | $ | (787 | ) | $ | (18,396 | ) |
* | Included in net unrealized appreciation of $40,231 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. |
AllianzGI Retirement 2050: | ||||||||||||
Location | Market Price | Foreign Exchange Contracts | Total | |||||||||
Asset derivatives: | ||||||||||||
Unrealized appreciation on futures contracts* | $ | 65,984 | $ | — | $ | 65,984 | ||||||
Liability derivatives: | ||||||||||||
Unrealized depreciation on futures contracts* | $ | (18,985 | ) | $ | (886 | ) | $ | (19,871 | ) |
* | Included in net unrealized appreciation of $46,113 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. |
AllianzGI Retirement 2055: | ||||||||||||
Location | Market Price | Foreign Exchange Contracts | Total | |||||||||
Asset derivatives: | ||||||||||||
Unrealized appreciation on futures contracts* | $ | 35,390 | $ | — | $ | 35,390 | ||||||
Liability derivatives: | ||||||||||||
Unrealized depreciation on futures contracts* | $ | (8,310 | ) | $ | (492 | ) | $ | (8,802 | ) |
* | Included in net unrealized appreciation of $26,588 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. |
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AllianzGI Multi Asset Income: | ||||||||||||
Location | Market Price | Interest Rate Contracts | Total | |||||||||
Asset derivatives: | ||||||||||||
Unrealized appreciation on futures contracts* | $ | 93,993 | $ | 121,715 | $ | 215,708 | ||||||
Liability derivatives: | ||||||||||||
Unrealized depreciation on futures contracts* | $ | (93,209 | ) | $ | (2,543 | ) | $ | (95,752 | ) |
* | Included in net unrealized appreciation of $119,956 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. |
AllianzGI Global Allocation: | ||||||||||||
Location | Market Price | Interest Rate Contracts | Total | |||||||||
Asset derivatives: | ||||||||||||
Unrealized appreciation on futures contracts* | $ | 250,826 | $ | 412,047 | $ | 662,873 | ||||||
Liability derivatives: | ||||||||||||
Unrealized depreciation on futures contracts* | $ | (18,515 | ) | $ | — | $ | (18,515 | ) |
* | Included in net unrealized appreciation of $644,358 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. |
AllianzGI Best Styles U.S. Equity: | ||||
Location | Market Price | |||
Asset derivatives: | ||||
Unrealized appreciation on futures contracts* | $ | 1,801 |
* | Included in net unrealized appreciation of $1,801 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. |
AllianzGI Core Bond: | ||||||||||||
Location | Interest Rate Contracts | Credit Contracts | Total | |||||||||
Asset derivatives: | ||||||||||||
Unrealized appreciation of swaps** | — | $ | 13,066 | $ | 13,066 | |||||||
Unrealized appreciation on futures contracts* | $ | 90,154 | — | 90,154 | ||||||||
Total asset derivatives | $ | 90,154 | $ | 13,066 | $ | 103,220 | ||||||
Liability derivatives: | ||||||||||||
Unrealized depreciation of swaps** | — | $ | (12,803 | ) | $ | (12,803 | ) | |||||
Unrealized depreciation on futures contracts* | $ | (7,412 | ) | — | (7,412 | ) | ||||||
Total liability derivatives | $ | (7,412 | ) | $ | (12,803 | ) | $ | (20,215 | ) |
* | Included in net unrealized appreciation of $82,742 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 $263 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. |
Semiannual Report | | March 31, 2019 | 343 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2019 (Unaudited)
AllianzGI Core Plus Bond: | ||||||||||||
Location | Interest Rate Contracts | Credit Contracts | Total | |||||||||
Asset derivatives: | ||||||||||||
Unrealized appreciation of swaps** | — | $ | 27,322 | $ | 27,322 | |||||||
Unrealized appreciation on futures contracts* | $ | 153,376 | — | 153,376 | ||||||||
Total asset derivatives | $ | 153,376 | $ | 27,322 | $ | 180,698 | ||||||
Liability derivatives: | ||||||||||||
Unrealized depreciation of swaps** | — | $ | (44,636 | ) | $ | (44,636 | ) | |||||
Unrealized depreciation on futures contracts* | $ | (25,097 | ) | — | (25,097 | ) | ||||||
Total liability derivatives | $ | (25,097 | ) | $ | (44,636 | ) | $ | (69,733 | ) |
* | Included in net unrealized appreciation of $128,279 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 $17,314 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 Emerging Markets Debt: | ||||
Location | Foreign Exchange Contracts | |||
Asset derivatives: | ||||
Unrealized appreciation of forward foreign currency contracts | $ | 38,762 | ||
Liability derivatives: | ||||
Unrealized depreciation of forward foreign currency contracts | $ | (41,771 | ) |
AllianzGI Floating Rate Note: | ||||||||||||
Location | Interest Rate Contracts | Foreign Exchange Contracts | Total | |||||||||
Asset derivatives: | ||||||||||||
Unrealized appreciation of forward foreign currency contracts | — | $ | 34,562 | $ | 34,562 | |||||||
Liability derivatives: | ||||||||||||
Unrealized depreciation on futures contracts* | $ | (12,238 | ) | — | $ | (12,238 | ) |
* | Included in net unrealized depreciation of $12,238 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. |
AllianzGI Global Dynamic Allocation: | ||||||||||||||||
Location | Market Price | Interest Rate Contracts | Foreign Exchange Contracts | Total | ||||||||||||
Asset derivatives: | ||||||||||||||||
Unrealized appreciation on futures contracts* | $ | 251,837 | $ | 493,299 | — | $ | 745,136 | |||||||||
Liability derivatives: | ||||||||||||||||
Unrealized depreciation on futures contracts* | $ | (100,594 | ) | $ | (38,644 | ) | $ | (13,877 | ) | $ | (153,115 | ) |
* | Included in net unrealized appreciation of $592,021 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. |
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AllianzGI Global High Yield: | ||||||||||||
Location | Interest Rate Contracts | Foreign Exchange Contracts | Total | |||||||||
Asset derivatives: | ||||||||||||
Unrealized appreciation of forward foreign currency contracts | — | $ | 48,998 | $ | 48,998 | |||||||
Liability derivatives: | ||||||||||||
Unrealized depreciation on futures contracts* | $ | (6,609 | ) | — | $ | (6,609 | ) |
* | Included in net unrealized depreciation of $6,609 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. |
AllianzGI Green Bond: | ||||
Location | Foreign Exchange Contracts | |||
Asset derivatives: | ||||
Unrealized appreciation of forward foreign currency contracts | $ | 12,509 | ||
Liability derivatives: | ||||
Unrealized depreciation of forward foreign currency contracts | $ | (10,638 | ) |
AllianzGI PerformanceFee Managed Futures Strategy: | ||||||||||||||||||||||||
Location | Market Price | Interest Rate Contracts | Credit Contracts | Commodity Contracts | Foreign Exchange Contracts | Total | ||||||||||||||||||
Asset derivatives: | ||||||||||||||||||||||||
Unrealized appreciation of swaps** | — | — | $ | 26,652 | — | — | $ | 26,652 | ||||||||||||||||
Unrealized appreciation on futures contracts* | $ | 74,843 | $ | 663,328 | — | $ | 401,247 | $ | 24,673 | $ | 1,164,091 | |||||||||||||
Total asset derivatives | $ | 74,843 | $ | 663,328 | $ | 26,652 | $ | 401,247 | $ | 24,673 | $ | 1,190,743 | ||||||||||||
Liability derivatives: | ||||||||||||||||||||||||
Unrealized depreciation of swaps** | — | $ | (1,138 | ) | — | — | $ | (1,138 | ) | |||||||||||||||
Unrealized depreciation on futures contracts* | $ | (8,760 | ) | — | — | $ | (452,941 | ) | $ | (38,291 | ) | $ | (499,992 | ) | ||||||||||
Total liability derivatives | $ | (8,760 | ) | — | $ | (1,138 | ) | $ | (452,941 | ) | $ | (38,291 | ) | $ | (501,130 | ) |
* | Included in net unrealized appreciation of $664,099 on futures contracts as reported in the Fund’s Notes to Consolidated Schedule of Investments. Only variation margin is reported within the Statements of Assets and Liabilities. |
** | Included in net unrealized appreciation of $25,514 on swaps as reported in the Fund’s Notes to Consolidated Schedule of Investments. Only variation margin is reported within the Statements of Assets and Liabilities. |
AllianzGI PerformanceFee Structured US Equity: | ||||
Location | Market Price | |||
Asset derivatives: | ||||
Investments, at value (options purchased) | $ | 382,697 | ||
Liability derivatives: | ||||
Options written, at value | $ | (472,761 | ) | |
AllianzGI PerformanceFee Structured US Fixed Income: | ||||
Location | Market Price | |||
Asset derivatives: | ||||
Investments, at value (options purchased) | $ | 8,010 | ||
Liability derivatives: | ||||
Options written, at value | $ | (41,125 | ) |
AllianzGI Preferred Securities and Income: | ||||
Location | Credit Contracts | |||
Liability derivatives: | ||||
Unrealized depreciation of swaps* | $ | (629 | ) |
* | Included in net unrealized depreciation of $629 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 Structured Return: | ||||
Location | Market Price | |||
Asset derivatives: | ||||
Investments, at value (options purchased) | $ | 1,710,175 | ||
Liability derivatives: | ||||
Options written, at value | $ | (77,615,897 | ) |
Semiannual Report | | March 31, 2019 | 345 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2019 (Unaudited)
AllianzGI U.S. Equity Hedged: | ||||
Location | Market Price | |||
Asset derivatives: | ||||
Investments, at value (options purchased) | $ | 17,065 | ||
Liability derivatives: | ||||
Options written, at value | $ | (5,420 | ) |
The effect of derivatives on the Statements of Operations for the period or six months ended March 31, 2019:
AllianzGI Retirement 2020: | ||||||||||||||||
Location | Market Price | Interest Rate Contracts | Foreign Exchange Contracts | Total | ||||||||||||
Net realized gain(loss) on: | ||||||||||||||||
Futures contracts | $ | (29,897 | ) | $ | 84,935 | $ | 1,474 | $ | 56,512 | |||||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||||||
Futures contracts | $ | 13,103 | $ | 27,721 | $ | (1,077 | ) | $ | 39,747 | |||||||
AllianzGI Retirement 2025: | ||||||||||||||||
Location | Market Price | Interest Rate Contracts | Foreign Exchange Contracts | Total | ||||||||||||
Net realized gain(loss) on: | ||||||||||||||||
Futures contracts | $ | (143,106 | ) | $ | 45,888 | $ | 334 | $ | (96,884 | ) | ||||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||||||
Futures contracts | $ | 44,869 | $ | (5,505 | ) | $ | (56 | ) | $ | 39,308 | ||||||
AllianzGI Retirement 2030: | ||||||||||||||||
Location | Market Price | Interest Rate Contracts | Foreign Exchange Contracts | Total | ||||||||||||
Net realized gain(loss) on: | ||||||||||||||||
Futures contracts | $ | (213,589 | ) | $ | 1,417 | $ | (1,553 | ) | $ | (213,725 | ) | |||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||||||
Futures contracts | $ | 71,398 | $ | (1,678 | ) | $ | (350 | ) | $ | 69,370 | ||||||
AllianzGI Retirement 2035: | ||||||||||||||||
Location | Market Price | Interest Rate Contracts | Foreign Exchange Contracts | Total | ||||||||||||
Net realized gain(loss) on: | ||||||||||||||||
Futures contracts | $ | (221,368 | ) | $ | 1,745 | $ | (2,210 | ) | $ | (221,833 | ) | |||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||||||
Futures contracts | $ | 79,228 | — | $ | (547 | ) | $ | 78,681 |
AllianzGI Retirement 2040: | ||||||||||||
Location | Market Price | Foreign Exchange Contracts | Total | |||||||||
Net realized loss on: | ||||||||||||
Futures contracts | $ | (301,607 | ) | $ | (5,396 | ) | $ | (307,003 | ) | |||
Net change in unrealized appreciation/depreciation of: | ||||||||||||
Futures contracts | $ | 101,258 | $ | (2,064 | ) | $ | 99,194 |
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AllianzGI Retirement 2045: | ||||||||||||
Location | Market Price | Foreign Exchange Contracts | Total | |||||||||
Net realized loss on: | ||||||||||||
Futures contracts | $ | (204,419 | ) | $ | (2,924 | ) | $ | (207,343 | ) | |||
Net change in unrealized appreciation/depreciation of: | ||||||||||||
Futures contracts | $ | 73,351 | $ | (1,768 | ) | $ | 71,583 | |||||
AllianzGI Retirement 2050: | ||||||||||||
Location | Market Price | Foreign Exchange Contracts | Total | |||||||||
Net realized loss on: | ||||||||||||
Futures contracts | $ | (229,694 | ) | $ | (3,553 | ) | $ | (233,247 | ) | |||
Net change in unrealized appreciation/depreciation of: | ||||||||||||
Futures contracts | $ | 80,735 | $ | (1,867 | ) | $ | 78,868 | |||||
AllianzGI Retirement 2055: | ||||||||||||
Location | Market Price | Foreign Exchange Contracts | Total | |||||||||
Net realized loss on: | ||||||||||||
Futures contracts | $ | (101,766 | ) | $ | (1,037 | ) | $ | (102,803 | ) | |||
Net change in unrealized appreciation/depreciation of: | ||||||||||||
Futures contracts | $ | 43,532 | $ | (1,473 | ) | $ | 42,059 |
AllianzGI Multi Asset Income: | ||||||||||||||||
Location | Market Price | Interest Rate Contracts | Foreign Exchange Contracts | Total | ||||||||||||
Net realized gain(loss) on: | ||||||||||||||||
Futures contracts | $ | (290,467 | ) | $ | 46,170 | $ | 2,019 | $ | (242,278 | ) | ||||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||||||
Futures contracts | $ | (58,438 | ) | $ | 256,421 | $ | 544 | $ | 198,527 | |||||||
AllianzGI Global Allocation: | ||||||||||||||||
Location | Market Price | Interest Rate Contracts | Foreign Exchange Contracts | Total | ||||||||||||
Net realized gain(loss) on: | ||||||||||||||||
Futures contracts | $ | (2,412,464 | ) | $ | 512,873 | $ | 285,358 | $ | (1,614,233 | ) | ||||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||||||
Futures contracts | $ | 175,713 | $ | 591,339 | $ | (34,971 | ) | $ | 732,081 |
AllianzGI Best Styles Global Equity: | ||||
Location | Market Price | |||
Net realized gain on: | ||||
Futures contracts | $ | 33,880 | ||
Net change in unrealized appreciation/depreciation of: | ||||
Futures contracts | $ | 14,105 |
AllianzGI Best Styles International Equity: | ||||
Location | Foreign Exchange Contracts | |||
Net realized gain on: | ||||
Forward foreign currency contracts | $ | 1,326 |
Semiannual Report | | March 31, 2019 | 347 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2019 (Unaudited)
AllianzGI Best Styles U.S. Equity: | ||||
Location | Market Price | |||
Net realized loss on: | ||||
Futures contracts | $ | (111,139 | ) | |
Net change in unrealized appreciation/depreciation of: | ||||
Futures contracts | $ | 1,801 |
AllianzGI Core Bond: | ||||||||||||
Location | Interest Rate Contracts | Credit Contracts | Total | |||||||||
Net realized gain on: | ||||||||||||
Futures contracts | $ | 20,552 | — | $ | 20,552 | |||||||
Swaps | — | $ | 65,539 | 65,539 | ||||||||
Total net realized gain | $ | 20,552 | $ | 65,539 | $ | 86,091 | ||||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||
Futures contracts | $ | 92,551 | — | $ | 92,551 | |||||||
Swaps | — | $ | 2,930 | 2,930 | ||||||||
Total net change in unrealized appreciation/depreciation | $ | 92,551 | $ | 2,930 | $ | 95,481 | ||||||
AllianzGI Core Plus Bond: | ||||||||||||
Location | Interest Rate Contracts | Credit Contracts | Total | |||||||||
Net realized gain on: | ||||||||||||
Futures contracts | $ | 45,130 | — | $ | 45,130 | |||||||
Swaps | — | $ | 67,775 | 67,775 | ||||||||
Total net realized gain | $ | 45,130 | $ | 67,775 | $ | 112,905 | ||||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||
Futures contracts | $ | 156,521 | — | $ | 156,521 | |||||||
Swaps | — | $ | (12,572 | ) | (12,572 | ) | ||||||
Total net change in unrealized appreciation/depreciation | $ | 156,521 | $ | (12,572 | ) | $ | 143,949 | |||||
AllianzGI Emerging Markets Debt: | ||||||||||||
Location | Interest Rate Contracts | Foreign Exchange Contracts | Total | |||||||||
Net realized gain(loss) on: | ||||||||||||
Futures contracts | $ | (23,544 | ) | — | $ | (23,544 | ) | |||||
Forward foreign currency contracts | — | $ | 12,037 | 12,037 | ||||||||
Total net realized gain(loss) | $ | (23,544 | ) | $ | 12,037 | $ | (11,507 | ) | ||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||
Forward foreign currency contracts | — | $ | (3,009 | ) | $ | (3,009 | ) |
348 | March 31, 2019 | | Semiannual Report |
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AllianzGI Floating Rate Note: | ||||||||||||
Location | Interest Rate Contracts | Foreign Exchange Contracts | Total | |||||||||
Net realized gain on: | ||||||||||||
Futures contracts | $ | 3,756 | — | $ | 3,756 | |||||||
Forward foreign currency contracts | — | $ | 132,862 | 132,862 | ||||||||
Total net realized gain | $ | 3,756 | $ | 132,862 | $ | 136,618 | ||||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||
Futures contracts | $ | (11,644 | ) | — | $ | (11,644 | ) | |||||
Forward foreign currency contracts | — | $ | 25,102 | 25,102 | ||||||||
Total net change in unrealized appreciation/depreciation | $ | (11,644 | ) | $ | 25,102 | $ | 13,458 |
AllianzGI Global Dynamic Allocation: | ||||||||||||||||
Location | Market Price | Interest Rate Contracts | Foreign Exchange Contracts | Total | ||||||||||||
Net realized gain(loss) on: | ||||||||||||||||
Futures contracts | $ | (5,208,077 | ) | $ | 707,018 | $ | (65,960 | ) | $ | (4,567,019 | ) | |||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||||||
Futures contracts | $ | 264,988 | $ | 750,860 | $ | (10,501 | ) | $ | 1,005,347 | |||||||
AllianzGI Global High Yield: | ||||||||||||||||
Location | Market Price | Interest Rate Contracts | Foreign Exchange Contracts | Total | ||||||||||||
Net realized gain(loss) on: | ||||||||||||||||
Futures contracts | $ | 47,214 | $ | (13,121 | ) | — | $ | 34,093 | ||||||||
Forward foreign currency contracts | — | — | $ | 229,683 | 229,683 | |||||||||||
Total net realized gain(loss) | $ | 47,214 | $ | (13,121 | ) | $ | 229,683 | $ | 263,776 | |||||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||||||
Futures contracts | $ | (3,081 | ) | $ | (3,142 | ) | — | $ | (6,223 | ) | ||||||
Forward foreign currency contracts | — | — | $ | 36,668 | $ | 36,668 | ||||||||||
Total net change in unrealized appreciation/depreciation | $ | (3,081 | ) | $ | (3,142 | ) | $ | 36,668 | $ | 30,445 |
AllianzGI Global Water: | ||||
Location | Foreign Exchange Contracts | |||
Net realized loss on: | ||||
Forward foreign currency contracts | $ | (21,222 | ) |
AllianzGI Green Bond: | ||||||||||||
Location | Interest Rate Contracts | Foreign Exchange Contracts | Total | |||||||||
Net realized gain(loss) on: | ||||||||||||
Futures contracts | $ | (2,656 | ) | — | $ | (2,656 | ) | |||||
Forward foreign currency contracts | — | $ | 79,245 | 79,245 | ||||||||
Total net realized gain(loss) | $ | (2,656 | ) | $ | 79,245 | $ | 76,589 | |||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||
Forward foreign currency contracts | — | $ | 1,871 | 1,871 | ||||||||
Total net change in unrealized appreciation/depreciation | $ | — | $ | 1,871 | $ | 1,871 |
Semiannual Report | | March 31, 2019 | 349 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2019 (Unaudited)
AllianzGI International Growth: | ||||
Location | Foreign Exchange Contracts | |||
Net realized gain on: | ||||
Forward foreign currency contracts | $ | 821 |
AllianzGI InternationalSmall-Cap: | ||||
Location | Foreign Exchange Contracts | |||
Net realized loss on: | ||||
Forward foreign currency contracts | $ | (138 | ) |
AllianzGI PerformanceFee Managed Futures Strategy: | ||||||||||||||||||||||||
Location | Market Price | Interest Rate Contracts | Credit Contracts | Commodity Contracts | Foreign Exchange Contracts | Total | ||||||||||||||||||
Net realized gain(loss) on: | ||||||||||||||||||||||||
Futures contracts | $ | (576,499 | ) | $ | 525,236 | — | $ | (424,325 | ) | $ | (114,262 | ) | $ | (589,850 | ) | |||||||||
Swaps | — | — | $ | (11,759 | ) | — | — | (11,759 | ) | |||||||||||||||
Total net realized gain(loss) | $ | (576,499 | ) | $ | 525,236 | $ | (11,759 | ) | $ | (424,325 | ) | $ | (114,262 | ) | $ | (601,609 | ) | |||||||
Net change in unrealized appreciation/depreciation of: | ||||||||||||||||||||||||
Futures contracts | $ | (31,136 | ) | $ | 708,186 | — | $ | (94,190 | ) | $ | (76,465 | ) | $ | 506,395 | ||||||||||
Swaps | — | — | $ | (3,218 | ) | — | — | (3,218 | ) | |||||||||||||||
Total net change in unrealized appreciation/depreciation | $ | (31,136 | ) | $ | 708,186 | $ | (3,218 | ) | $ | (94,190 | ) | $ | (76,465 | ) | $ | 503,177 |
AllianzGI PerformanceFee Structured US Equity: | ||||
Location | Market Price | |||
Net realized loss on: | ||||
Investments (options purchased) | $ | 1,033,888 | ||
Options written | (1,794,479 | ) | ||
Total net realized loss | $ | (760,591 | ) | |
Net change in unrealized appreciation/depreciation of: | ||||
Investments (options purchased) | $ | 11,967 | ||
Options written | 179,471 | |||
Total net change in unrealized appreciation/depreciation | $ | 191,438 | ||
AllianzGI PerformanceFee Structured US Fixed Income: | ||||
Location | Market Price | |||
Net realized loss on: | ||||
Investments (options purchased) | $ | 74,313 | ||
Options written | (130,020 | ) | ||
Total net realized loss | $ | (55,707 | ) | |
Net change in unrealized appreciation/depreciation of: | ||||
Investments (options purchased) | $ | 2,997 | ||
Options written | 23,144 | |||
Total net change in unrealized appreciation/depreciation | $ | 26,141 | ||
AllianzGI Preferred Securities and Income: | ||||
Location | Credit Contracts | |||
Net realized gain on: | ||||
Swaps | $ | 261 | ||
Net change in unrealized appreciation/depreciation of: | ||||
Swaps | $ | (629 | ) |
AllianzGI Structured Return: | ||||
Location | Market Price | |||
Net realized gain/loss on: | ||||
Investments (options purchased) | $ | (3,088,210 | ) | |
Options written | $ | 30,337,553 | ||
Total net realized gain | $ | 27,249,343 | ||
Net change in unrealized appreciation/depreciation of: | ||||
Investments (options purchased) | $ | 27,076 | ||
Options written | $ | (9,859,244 | ) | |
Total net change in unrealized appreciation/depreciation | $ | (9,832,168 | ) | |
AllianzGI U.S. Equity Hedged: | ||||
Location | Market Price | |||
Net realized gain/loss on: | ||||
Investments (options purchased) | $ | (12,015 | ) | |
Options written | $ | 2,037 | ||
Total net realized loss | $ | (9,978 | ) | |
Net change in unrealized appreciation/depreciation of: | ||||
Investments (options purchased) | $ | 1,594 | ||
Options written | $ | (4,742 | ) | |
Total net change in unrealized appreciation/depreciation | $ | (3,148 | ) |
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The average volume (based on the open positions at eachmonth-end) of derivative activity for the period or six months ended March 31, 2019:
Options Purchased Contracts(1) | Options Written Contracts(1) | Forward Foreign Currency Contracts(2) | Futures Contracts(1) | Credit Default Swap Agreements(3) | ||||||||||||||||||||||||||||
Purchased | Sold | Long | Short | Buy | Sell | |||||||||||||||||||||||||||
AllianzGI Retirement 2020 | — | — | — | — | 20 | 21 | — | — | ||||||||||||||||||||||||
AllianzGI Retirement 2025 | — | — | — | — | 29 | 24 | — | — | ||||||||||||||||||||||||
AllianzGI Retirement 2030 | — | — | — | — | 37 | 40 | — | — | ||||||||||||||||||||||||
AllianzGI Retirement 2035 | — | — | — | — | 39 | 46 | — | — | ||||||||||||||||||||||||
AllianzGI Retirement 2040 | — | — | — | — | 51 | 60 | — | — | ||||||||||||||||||||||||
AllianzGI Retirement 2045 | — | — | — | — | 37 | 44 | — | — | ||||||||||||||||||||||||
AllianzGI Retirement 2050 | — | — | — | — | 41 | 48 | — | — | ||||||||||||||||||||||||
AllianzGI Retirement 2055 | — | — | — | — | 21 | 25 | — | — | ||||||||||||||||||||||||
AllianzGI Multi Asset Income | — | — | — | — | 117 | 109 | — | — | ||||||||||||||||||||||||
AllianzGI Global Allocation | — | — | — | — | 396 | 203 | — | — | ||||||||||||||||||||||||
AllianzGI Best Styles Global Equity | — | — | — | — | 31 | — | — | — | ||||||||||||||||||||||||
AllianzGI Best Styles International Equity | — | — | — | † | — | — | — | — | — | |||||||||||||||||||||||
AllianzGI Best Styles U.S. Equity | — | — | — | — | 10 | — | — | — | ||||||||||||||||||||||||
AllianzGI Core Bond | — | — | — | — | 32 | 13 | 4,607 | 4,643 | ||||||||||||||||||||||||
AllianzGI Core Plus Bond | — | — | — | — | 44 | 16 | 11,171 | 11,317 | ||||||||||||||||||||||||
AllianzGI Emerging Markets Debt | — | — | 794,401 | 597,819 | 1 | 3 | — | — | ||||||||||||||||||||||||
AllianzGI Floating Rate Note | — | — | 372,031 | 4,103,181 | 4 | 5 | — | — | ||||||||||||||||||||||||
AllianzGI Global Dynamic Allocation | — | — | — | — | 493 | 623 | — | — | ||||||||||||||||||||||||
AllianzGI Global High Yield | — | — | 1,223,927 | 7,417,178 | 1 | 5 | — | — | ||||||||||||||||||||||||
AllianzGI Global Water | — | — | 791,872 | 1,607,050 | — | — | — | — | ||||||||||||||||||||||||
AllianzGI Green Bond | — | — | 695,911 | 3,240,960 | — | — | — | — | ||||||||||||||||||||||||
AllianzGI International Growth | — | — | 46,407 | 67,158 | — | — | — | — | ||||||||||||||||||||||||
AllianzGI InternationalSmall-Cap | — | — | 995,900 | 1,035,906 | — | — | — | — | ||||||||||||||||||||||||
AllianzGI NFJ Emerging Markets Value | — | — | 518,153 | 518,784 | — | — | — | — | ||||||||||||||||||||||||
AllianzGI PerformanceFee Managed Futures Strategy | — | — | — | — | 324 | 498 | 5,697 | 5,656 | ||||||||||||||||||||||||
AllianzGI PerformanceFee Structured US Equity | 1,809 | (4,199 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
AllianzGI PerformanceFee Structured US Fixed Income | 252 | (617 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
AllianzGI Preferred Securities and Income | — | — | — | — | — | — | 215 | 224 | ||||||||||||||||||||||||
AllianzGI Structured Return | 17,331 | (17,687 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
AllianzGI U.S. Equity Hedged | 17 | (7 | ) | — | — | — | — | — | — |
† | Fund had derivative activity during the period but it did not have open positions at anymonth-end in the period. |
(1) | Number of contracts |
(2) | U.S. $ value on origination date |
(3) | Notional amount (in thousands) |
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Notes to Financial Statements (cont’d)
March 31, 2019 (Unaudited)
The following tables present by counterparty, the Funds’ derivative assets and liabilities net of related collateral held by the Funds at March 31, 2019 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.
Financial Assets and Derivative Assets, and Collateral Received at March 31, 2019:
AllianzGI Emerging Markets Debt: | ||||||||||||||||
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 | ||||||||||||
Foreign Currency Exchange Contracts |
| |||||||||||||||
JPMorgan Chase | $ | 21,172 | $ | (12,176 | ) | $ | — | $ | 8,996 | |||||||
State Street Bank and Trust Co. | 17,590 | (17,590 | ) | — | — | |||||||||||
Totals | $ | 38,762 | $ | (29,766 | ) | $ | — | $ | 8,996 |
AllianzGI Floating Rate Note: | ||||||||||||||||
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 | ||||||||||||
Foreign Currency Exchange Contracts |
| |||||||||||||||
Citibank N.A. | $ | 34,562 | $ | — | $ | — | $ | 34,562 |
AllianzGI Global High Yield: | ||||||||||||||||
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 | ||||||||||||
Foreign Currency Exchange Contracts |
| |||||||||||||||
Goldman Sachs | $ | 3,760 | — | — | $ | 3,760 | ||||||||||
JPMorgan Chase | 45,238 | — | — | 45,238 | ||||||||||||
Totals | $ | 48,998 | — | — | $ | 48,998 |
AllianzGI Green Bond: | ||||||||||||||||
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 | ||||||||||||
Foreign Currency Exchange Contracts |
| |||||||||||||||
Bank of America N.A. | $ | 8,503 | $ | (1,714 | ) | — | $ | 6,789 | ||||||||
State Street Bank and Trust Co. | 4,006 | (4,006 | ) | — | — | |||||||||||
Totals | $ | 12,509 | $ | (5,720 | ) | — | $ | 6,789 |
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Financial Liabilities and Derivative Liabilities, and Collateral Received (Pledged) at March 31, 2019:
AllianzGI Emerging Markets Debt: | ||||||||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Gross Liability Derivatives Presented in Statement of Assets and Liabilities | Financial Instrument/ Derivative Offset | Cash Collateral Received (Pledged) | Net Amount | ||||||||||||
Foreign Currency Exchange Contracts |
| |||||||||||||||
JPMorgan Chase | $ | 12,176 | $ | (12,176 | ) | $ | — | $ | — | |||||||
State Street Bank and Trust Co. | 29,595 | (17,590 | ) | — | 12,005 | |||||||||||
Totals | $ | 41,771 | $ | (29,766 | ) | $ | — | $ | 12,005 |
��
AllianzGI Green Bond: | ||||||||||||||||
Gross Amounts Not Offset in the Statement of Assets and Liabilities | ||||||||||||||||
Counterparty | Gross Liability Derivatives Presented in Statement of Assets and Liabilities | Financial Instrument/ Derivative Offset | Cash Collateral Received (Pledged) | Net Amount | ||||||||||||
Foreign Currency Exchange Contracts |
| |||||||||||||||
Bank of America N.A. | $ | 1,714 | $ | (1,714 | ) | $ | — | $ | — | |||||||
State Street Bank and Trust Co. | 8,924 | (4,006 | ) | — | 4,918 | |||||||||||
Totals | $ | 10,638 | $ | (5,720 | ) | $ | — | $ | 4,918 |
5. | INVESTMENT MANAGER/ADMINISTRATOR/DISTRIBUTOR FEES/DEFERRED COMPENSATION |
Investment Management Fee. Each Fund has an Investment Management Agreement (for the purpose of this section, the “Agreement”) with the Investment Manager. Subject to the supervision of the Trust’s Board, the Investment Manager is responsible for managing, either directly or through others selected by it, each Fund’s investment activities, business affairs and administrative matters. Pursuant to the Agreement, the Investment Manager receives an annual fee, payable monthly (net of any fee waivers, reimbursements and recoupment), at an annual rate of each Fund’s average daily net assets (the “Investment Management Fee”). With respect to AllianzGI PerformanceFee Managed Futures Strategy, the Investment Manager also serves as investment manager to the Cayman Subsidiary pursuant to an investment management agreement. The Investment Manager does not receive a fee for its services to the Cayman Subsidiary.
Each of AllianzGI PerformanceFee Structured US Equity Fund, AllianzGI PerformanceFee Structured US Fixed Income Fund and AllianzGI PerformanceFee Managed Futures Strategy Fund, (together the “AllianzGI PerformanceFee Funds”) pays a monthly management fee (a “Management Fee”) to the Investment Manager in return for managing the investment activities of the Fund and the Fund’s business affairs and other administrative matters. For each AllianzGI PerformanceFee Fund, the Management Fee consists of two components: (i) a base fee (the “Base Fee”) calculated by applying a fixed advisory fee rate to the Fund’s average daily net assets during the previous month, and (ii) a positive or negative performance adjustment (the “Performance Adjustment”) calculated by applying a variable rate to the Fund’s average daily net assets during the applicable performance measurement period (the “Performance Period”). The Performance Period generally consists of the
trailing twelve months, although no Performance Adjustment was made during the period from the start of each Fund’s operations until December 31, 2018 (the “Initial Performance Period”). Only the Fund’s Base Fee applies during the Initial Performance Period, subject to applicable waiver and expense limitations. The Performance Adjustment, once effective, is calculated monthly in arrears and is added to or subtracted from the Base Fee to determine the Management Fee. Because the Base Fee and Performance Adjustment are calculated with respect to the Fund’s average daily net assets over two different time periods (the previous month for the Base Fee and the Performance Period for the Performance Adjustment), the effective Management Fee may be less than 0.0% or greater than the Base Fee plus the Maximum Performance Adjustment described below for certain periods (subject to any fee limitations and waivers described below). The Management Fee is accrued daily. The Investment Manager has agreed to waive the Management Fee with respect to the Initial Performance Period in an amount, if any, equal to any negative Performance Adjustment that would have applied had the AllianzGI PerformanceFee Funds’ performance-based fee structure been in place for the period. As a result of this arrangement, each Fund’s effective fee with respect to the Initial Performance Period may be no higher than the Base Fee, but is subject to downward adjustment in the event the Fund underperforms the applicable benchmark for the Initial Performance Period. Other waivers and limitations may also apply.
With respect to AllianzGI PerformanceFee Managed Futures Strategy Fund, the Investment Manager’s Base Fee is calculated at an annualized rate of 0.75% of the Fund’s average daily net assets. The Management Fee is determined as the Base Fee plus or minus a Performance Adjustment that is based on whether, and to what extent, the investment performance of the Fund exceeds, or is
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Notes to Financial Statements (cont’d)
March 31, 2019 (Unaudited)
exceeded by, the performance of the ICE BofAML3-Month UST-Bill Index (the “Index ”) plus 5.00% (the “Index Hurdle”) over the Performance Period. The Performance Adjustment is calculated using the performance of the Class P share class of the Fund (the “Measurement Class”). The Performance Adjustment is calculated according to a schedule that adds or subtracts 0.0015% of the Fund’s average daily net assets for each 0.01% by which the performance of the Measurement Class exceeds or lags the performance of the Index Hurdle for the Performance Period. The maximum Performance Adjustment (positive or negative) will not exceed an annualized rate of +/- 0.75% (the “Maximum Performance Adjustment”) of the Fund’s average daily net assets over the full Performance Period, which would occur when the performance of the Measurement Class exceeds, or is exceeded by, the Index Hurdle by 5.00% for the Performance Period.
With respect to AllianzGI PerformanceFee Structured US Equity Fund, the Investment Manager’s Base Fee is calculated at an annualized rate of 0.60% of the Fund’s average daily net assets. The Management Fee is determined as the Base Fee plus or minus a Performance Adjustment that is based on whether, and to what extent, the investment performance of the Fund exceeds, or is exceeded by, the performance of the S&P 500 Index (the “Index”) plus 1.25% (the “Index Hurdle”) over the Performance Period. The Performance Adjustment is calculated using the performance of the Class P share class of the Fund (the “Measurement Class”). The Performance Adjustment is calculated according to a schedule that adds or subtracts 0.0048% of the Fund’s average daily net assets for each 0.01% by which the performance of the Measurement Class exceeds or lags the performance of the Index Hurdle during the Performance Period. The maximum Performance Adjustment (positive or negative) will not exceed an annualized rate of +/- 0.60% (the “Maximum Performance Adjustment”) of the Fund’s average daily net assets over the full Performance Period, which would occur when the performance of the Measurement Class exceeds, or is exceeded by, the Index Hurdle by 1.25% for the Performance Period.
With respect to AllianzGI PerformanceFee Structured US Fixed Income Fund, the Investment Manager’s Base Fee is calculated at an annualized rate of 0.30% of the Fund’s average daily net assets. The Management Fee is determined as the Base Fee plus or minus a Performance Adjustment that is based on whether, and to what extent, the investment performance of the Fund exceeds, or is exceeded by, the performance of the Bloomberg Barclays U.S. Aggregate Bond Index (the “Index”) plus 0.625% (the “Index Hurdle”) over the Performance Period. The Performance Adjustment is calculated using the performance of the Class P share class of the Fund (the “Measurement Class”). The Performance Adjustment is calculated according to a schedule that adds or subtracts 0.0048% of the Fund’s average daily net assets for each 0.01% by which the performance of the Measurement Class exceeds or lags the performance of the Index Hurdle during the Performance Period. The maximum Performance Adjustment (positive or negative) will not exceed an annualized rate of +/- 0.30% (the “Maximum Performance Adjustment”) of the Fund’s average daily net assets over the full Performance Period, which would occur when the performance of the Measurement Class exceeds, or is exceeded by, the Index Hurdle by 0.625% for the Performance Period.
“Due to Investment Manager” on the Statements of Assets and Liabilities represents the remaining amounts payable related to offering costs for AllianzGI Core Bond, AllianzGI Core Plus Bond, AllianzGI Green Bond, AllianzGI Preferred Securities and Income and AllianzGI Short Term Bond that were paid by the Investment Manager.
Administration Fee. The Investment Manager provides administrative services to the Target Funds and also bears the cost of most third-party administrative services required by the Target Funds, and in return it receives from each share class of each Target Fund a monthly administration fee based on each share class’ average daily net assets (the “Administration Fee”).
The Investment Management Fee and Administration Fee for all outstanding share classes are charged at an annual rate as indicated in the following table:
All Classes | Class A,C and R | Class P and Administrative | Class R6 | |||||||||||||||||
Management Fee | Effective Management Fee | Administration Fee | ||||||||||||||||||
AllianzGI Retirement 2020 | 0.05 | % | 0.05 | % | 0.30 | % | 0.15 | % | 0.05 | % | ||||||||||
AllianzGI Retirement 2025 | 0.05 | 0.05 | 0.30 | 0.15 | 0.05 | |||||||||||||||
AllianzGI Retirement 2030 | 0.05 | 0.05 | 0.30 | 0.15 | 0.05 | |||||||||||||||
AllianzGI Retirement 2035 | 0.05 | 0.05 | 0.30 | 0.15 | 0.05 | |||||||||||||||
AllianzGI Retirement 2040 | 0.05 | 0.05 | 0.30 | 0.15 | 0.05 | |||||||||||||||
AllianzGI Retirement 2045 | 0.05 | 0.05 | 0.30 | 0.15 | 0.05 | |||||||||||||||
AllianzGI Retirement 2050 | 0.05 | 0.05 | 0.30 | 0.15 | 0.05 | |||||||||||||||
AllianzGI Retirement 2055 | 0.05 | 0.05 | 0.30 | 0.15 | 0.05 | |||||||||||||||
AllianzGI Multi Asset Income | 0.05 | 0.05 | 0.30 | 0.15 | 0.05 | |||||||||||||||
AllianzGI Global Allocation | 0.70 | * | 0.17 | N/A | N/A | N/A | ||||||||||||||
AllianzGI Best Styles Global Equity | 0.30 | 0.30 | N/A | N/A | N/A |
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All Classes | Class A,C and R | Class P and Administrative | Class R6 | |||||||||||||||||
Management Fee | Effective Management Fee | Administration Fee | ||||||||||||||||||
AllianzGI Best Styles International Equity | 0.30 | % | 0.30 | % | N/A | N/A | N/A | |||||||||||||
AllianzGI Best Styles U.S. Equity | 0.30 | 0.30 | N/A | N/A | N/A | |||||||||||||||
AllianzGI Convertible | 0.57 | 0.57 | N/A | N/A | N/A | |||||||||||||||
AllianzGI Core Bond | 0.25 | 0.25 | N/A | N/A | N/A | |||||||||||||||
AllianzGI Core Plus Bond | 0.30 | 0.30 | N/A | N/A | N/A | |||||||||||||||
AllianzGI Emerging Markets Consumer | 0.90 | 0.90 | N/A | N/A | N/A | |||||||||||||||
AllianzGI Emerging Markets Debt | 0.60 | 0.60 | N/A | N/A | N/A | |||||||||||||||
AllianzGI Emerging MarketsSmall-Cap | 1.20 | 1.20 | N/A | N/A | N/A | |||||||||||||||
AllianzGI Floating Rate Note | 0.20 | † | 0.37 | N/A | N/A | N/A | ||||||||||||||
AllianzGI Global Dynamic Allocation | 0.70 | * | 0.67 | N/A | N/A | N/A | ||||||||||||||
AllianzGI Global High Yield | 0.60 | 0.60 | N/A | N/A | N/A | |||||||||||||||
AllianzGI Global Sustainability | 0.80 | * | 0.73 | N/A | N/A | N/A | ||||||||||||||
AllianzGI Global Water | 0.95 | * | 0.80 | N/A | N/A | N/A | ||||||||||||||
AllianzGI Green Bond | 0.40 | 0.40 | N/A | N/A | N/A | |||||||||||||||
AllianzGI High Yield Bond | 0.48 | 0.48 | N/A | N/A | N/A | |||||||||||||||
AllianzGI International Growth | 0.70 | 0.70 | N/A | N/A | N/A | |||||||||||||||
AllianzGI InternationalSmall-Cap | 1.00 | * | 0.92 | N/A | N/A | N/A | ||||||||||||||
AllianzGI Micro Cap | 1.05 | 1.05 | N/A | N/A | N/A | |||||||||||||||
AllianzGI NFJ Emerging Markets Value | 0.85 | * | 0.72 | N/A | N/A | N/A | ||||||||||||||
AllianzGI PerformanceFee Managed Futures Strategy | 0.75 | *# | 0.00 | N/A | N/A | N/A | ||||||||||||||
AllianzGI PerformanceFee Structured US Equity | 0.60 | *@ | 0.24 | N/A | N/A | N/A | ||||||||||||||
AllianzGI PerformanceFee Structured US Fixed Income | 0.30 | *^ | 0.27 | N/A | N/A | N/A | ||||||||||||||
AllianzGI Preferred Securities and Income | 0.45 | 0.45 | N/A | N/A | N/A | |||||||||||||||
AllianzGI Short Duration High Income | 0.48 | 0.48 | N/A | N/A | N/A | |||||||||||||||
AllianzGI Short Term Bond | 0.30 | 0.30 | N/A | N/A | N/A | |||||||||||||||
AllianzGI Structured Return | 0.60 | 0.60 | N/A | N/A | N/A | |||||||||||||||
AllianzGI U.S. Equity Hedged | 0.70 | 0.70 | N/A | N/A | N/A | |||||||||||||||
AllianzGI Ultra Micro Cap | 1.10 | 1.10 | N/A | N/A | N/A |
* | See Note 6 for management fee waivers. |
# | The management fee consists of a base fee at an annualized rate of 0.75% of the Fund’s average daily net assets, subject to a positive or negative performance adjustment of up to 0.75% based on the Fund’s performance relative to the ICE BofAML3-Month UST-Bill Index plus 5.00% (annualized). The management fee did not become subject to the performance-based adjustment until after December 31, 2018. |
@ | The management fee consists of a base fee at an annualized rate of 0.60% of the Fund’s average daily net assets, subject to a positive or negative performance adjustment of up to 0.60% based on the Fund’s performance relative to the S&P 500 Index plus 1.25% (annualized). The management fee did not become subject to the performance-based adjustment until after December 31, 2018. |
^ | The management fee consists of a base fee at an annualized rate of 0.30% of the Fund’s average daily net assets, subject to a positive or negative performance adjustment of up to 0.30% based on the Fund’s performance relative to the Bloomberg Barclays U.S. Aggregate Bond Index plus 0.625% (annualized). The management fee did not become subject to the performance-based adjustment until after December 31, 2018. |
† | Effective February 1, 2019, the management fee rate changed from 0.45% to 0.20%. |
Distribution and Servicing Fees. Allianz Global Investors Distributors LLC (the “Distributor”), an indirect, wholly-owned subsidiary of AAM and the Investment Manager serves as the distributor of the Funds’ shares pursuant to separate Distribution Servicing Plans for Class A, C and R. The Distributor, for each of the Funds, receives (i) servicing fees of 0.25% of the average daily net assets of each of Class A, C and R in connection with services rendered to shareholders of each class and the maintenance of shareholder accounts, and (ii) distribution fees of 0.75% of the average daily net
assets of Class C (with the exception for AllianzGI Short Duration High Income which is 0.25%) and 0.25% of average daily net assets of Class R in connection with the distribution of Class C and R shares.
Pursuant to the Distribution and Servicing Plans adopted by the A, C and R classes, the Funds compensate the Distributor for services provided and expenses incurred in connection with assistance rendered in the sale of shares and services rendered to shareholders and for maintenance of shareholder accounts.
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Notes to Financial Statements (cont’d)
March 31, 2019 (Unaudited)
Pursuant to the Distribution Plan for the Administrative Class shares, the Funds are permitted to reimburse the Distributor out of the Administrative Class’ assets of each Fund offering Administrative Class shares, in an amount up to 0.25% on an annual basis of the average net assets of the Administrative Class, for payments made to financial intermediaries that provide services in connection with the distribution of shares or administration plans or programs that use fund shares as their funding medium. Unreimbursed costs may be carried forward for reimbursement for up to twelve months beyond the date in which they are incurred, subject always to the limit that no more than 0.25% of the average daily net assets attributable to the Administrative Class may be expensed.
The Distributor also receives the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares and contingent deferred sales charges (“CDSC”) paid by the shareholders upon certain redemptions of Class A and C shares. For the six months ended March 31, 2019, the Distributor received $80,004, representing commissions (sales charges) and CDSC from the Funds.
Deferred Compensation. The Trustees do not currently receive any pension or retirement benefits from the Trust. In calendar year 2018 and certain prior periods, the Trust maintained a deferred compensation plan pursuant to which each Independent Trustee had the opportunity to elect not to receive all or a portion of his or her fees from the Trust 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 Allianz Funds or the Trust selected by the Trustees 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 beyond have been or will be paid in cash, on a current basis, unless the Board of Trustees of the Allianz-Sponsored Funds reopens the program to new deferrals. Allianz Funds and the Trust 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 deferred compensation plan.
6. | EXPENSE LIMITATION/MANAGEMENT FEE WAIVER AND RECOUPMENT |
The Trust and the Investment Manager have entered into Expense Limitation and Management Fee Waiver Agreements as indicated below:
Expense Limitation | ||||||||||||||||||||||||||||||||
Management Fee Waiver | Class A | Class C | Class R | Class P | Institutional Class | Class R6 | Administrative Class | |||||||||||||||||||||||||
AllianzGI Retirement 2020(3) | N/A | 0.95 | % | 1.70 | % | 1.30 | % | 0.65 | % | N/A | 0.55 | %* | 0.90 | % | ||||||||||||||||||
AllianzGI Retirement 2025(3) | N/A | 0.95 | N/A | 1.30 | 0.65 | N/A | 0.55 | * | 0.90 | |||||||||||||||||||||||
AllianzGI Retirement 2030(3) | N/A | 0.95 | 1.70 | 1.30 | 0.65 | N/A | 0.55 | * | 0.90 | |||||||||||||||||||||||
AllianzGI Retirement 2035(3) | N/A | 0.95 | N/A | 1.30 | 0.65 | N/A | 0.55 | 0.90 | ||||||||||||||||||||||||
AllianzGI Retirement 2040(3) | N/A | 0.95 | 1.70 | 1.30 | 0.65 | N/A | 0.55 | 0.90 | ||||||||||||||||||||||||
AllianzGI Retirement 2045(3) | N/A | 0.95 | N/A | 1.30 | 0.65 | N/A | 0.55 | 0.90 | ||||||||||||||||||||||||
AllianzGI Retirement 2050(3) | N/A | 0.95 | 1.70 | 1.30 | 0.65 | N/A | 0.55 | 0.90 | ||||||||||||||||||||||||
AllianzGI Retirement 2055(3) | N/A | 0.95 | N/A | 1.30 | 0.65 | N/A | 0.55 | 0.90 | ||||||||||||||||||||||||
AllianzGI Multi Asset Income(3) | N/A | 0.95 | 1.70 | 1.30 | 0.65 | 0.60 | % | 0.55 | * | 0.90 | ||||||||||||||||||||||
AllianzGI Global Allocation(11) | 0.55 | (1) | 1.01 | 1.76 | 1.21 | 0.81 | 0.76 | 0.71 | 0.96 | |||||||||||||||||||||||
AllianzGI Best Styles Global Equity(5) | N/A | 0.70 | 1.40 | N/A | 0.50 | 0.40 | 0.40 | N/A | ||||||||||||||||||||||||
AllianzGI Best Styles International Equity(5) | N/A | 0.70 | 1.45 | N/A | 0.55 | 0.45 | 0.45 | N/A | ||||||||||||||||||||||||
AllianzGI Best Styles U.S. Equity(5) | N/A | 0.65 | 1.40 | N/A | 0.50 | 0.40 | 0.40 | N/A | ||||||||||||||||||||||||
AllianzGI Convertible | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||
AllianzGI Core Bond(9) | N/A | N/A | N/A | N/A | 0.30 | 0.25 | 0.20 | N/A | ||||||||||||||||||||||||
AllianzGI Core Plus Bond(9) | N/A | N/A | N/A | N/A | 0.35 | 0.30 | 0.25 | N/A | ||||||||||||||||||||||||
AllianzGI Emerging Markets Consumer(5) | N/A | 1.55 | N/A | N/A | N/A | 1.20 | N/A | N/A | ||||||||||||||||||||||||
AllianzGI Emerging Markets Debt(10) | N/A | 1.05 | 1.80 | N/A | 0.90 | 0.80 | N/A | N/A | ||||||||||||||||||||||||
AllianzGI Emerging MarketsSmall-Cap(5) | N/A | 1.85 | N/A | N/A | N/A | 1.50 | N/A | N/A | ||||||||||||||||||||||||
AllianzGI Floating Rate Note(5) | N/A | N/A | N/A | N/A | 0.40 | 0.30 | N/A | N/A | ||||||||||||||||||||||||
AllianzGI Global Dynamic Allocation(4) | 0.55 | (1) | 0.97 | 1.74 | 1.34 | 0.80 | 0.70 | 0.70 | 0.95 | |||||||||||||||||||||||
AllianzGI Global High Yield(5) | N/A | N/A | N/A | N/A | 0.80 | 0.70 | N/A | N/A | ||||||||||||||||||||||||
AllianzGI Global Sustainability(5) | N/A | (2) | 1.09 | N/A | N/A | 0.94 | 0.84 | N/A | N/A | |||||||||||||||||||||||
AllianzGI Global Water(5) | N/A | (2) | 1.22 | 1.97 | N/A | 0.94 | 0.93 | N/A | N/A | |||||||||||||||||||||||
AllianzGI Green Bond(9) | N/A | 0.75 | N/A | N/A | 0.55 | 0.50 | N/A | N/A | ||||||||||||||||||||||||
AllianzGI High Yield Bond | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||
AllianzGI International Growth(5) | N/A | 1.05 | % | N/A | N/A | N/A | 0.80 | % | N/A | N/A | ||||||||||||||||||||||
AllianzGI InternationalSmall-Cap(5) | N/A | (2) | 1.25 | 2.00 | % | 1.59 | % | 1.10 | % | 1.04 | 1.00 | % | N/A |
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Expense Limitation | ||||||||||||||||||||||||||||||||
Management Fee Waiver | Class A | Class C | Class R | Class P | Institutional Class | Class R6 | Administrative Class | |||||||||||||||||||||||||
AllianzGI Micro Cap(10) | N/A | 1.42 | N/A | N/A | 1.34 | 1.34 | N/A | N/A | ||||||||||||||||||||||||
AllianzGI NFJ Emerging Markets Value(5) | N/A | (2) | 1.14 | 1.89 | N/A | 0.98 | 0.89 | N/A | N/A | |||||||||||||||||||||||
AllianzGI PerformanceFee Managed Futures Strategy(8) | 0.75 | (7) | N/A | N/A | N/A | 0.19 | 0.14 | 0.09 | N/A | |||||||||||||||||||||||
AllianzGI PerformanceFee Structured US Equity(8) | 0.60 | (7) | N/A | N/A | N/A | 0.00 | 0.00 | 0.00 | N/A | |||||||||||||||||||||||
AllianzGI PerformanceFee Structured US Fixed Income(8) | 0.30 | (7) | N/A | N/A | N/A | 0.00 | 0.00 | 0.00 | N/A | |||||||||||||||||||||||
AllianzGI Preferred Securities and Income(9) | N/A | N/A | N/A | N/A | 0.60 | 0.55 | 0.50 | N/A | ||||||||||||||||||||||||
AllianzGI Short Duration High Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||
AllianzGI Short Term Bond(9) | N/A | 0.64 | N/A | N/A | 0.49 | 0.39 | N/A | N/A | ||||||||||||||||||||||||
AllianzGI Structured Return(6) | N/A | 1.00 | 1.75 | N/A | 0.79 | 0.71 | 0.69 | N/A | ||||||||||||||||||||||||
AllianzGI U.S. Equity Hedged(6) | N/A | 1.25 | 2.00 | N/A | 1.10 | 1.00 | N/A | N/A | ||||||||||||||||||||||||
AllianzGI Ultra Micro Cap(10) | N/A | 1.86 | N/A | N/A | 1.57 | 1.54 | N/A | N/A |
(1) | The Investment Manager has contractually agreed to irrevocably waive a portion of its management fee equal to 0.55% of the average daily net assets of each applicable Fund that are attributable to investments in Underlying Funds. This waiver with respect to investments in Underlying Funds for which the Investment Manager or an affiliated person thereof serves as investment adviser, is terminable only by the Board of Trustees of the Trust, and the waiver with respect to investments in unaffiliated Underlying Funds will continue through at least January 31, 2020. |
(2) | The Investment Manager had agreed to waive a portion of the investment management fee, which reduced the annual percentage rate by the rate disclosed in the table above through January 31, 2019. AllianzGI Global Sustainability, AllianzGI Global Water, AllianzGI InternationalSmall-Cap and AllianzGI NFJ Emerging Markets Value had waivers of 0.11%, 0.22%, 0.11% and 0.20%, respectively. Amounts waived pursuant to each of the investment management fee waivers are separate from and would not be included with the amounts subject to potential recoupment under the Expense Limitation Agreement. |
(3) | The Investment Manager has contractually agreed, until January 31, 2020, to irrevocably waive its management and administrative fees and reimburse any additional Other Expenses or Acquired Fund Fees and Expenses, to the extent that Total Annual Fund Operating Expenses after Expense Reductions, excluding, interest, taxes, and extraordinary expenses, exceed the rates noted in the table above based on the Fund’s average net assets attributable to each share class. Under the Expense Limitation Agreement, the Investment Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit in effect at the time of such waiver or reimbursement. The Expense Limitation Agreement is terminable by the Trust upon 90 days’ prior written notice to the Investment Manager or at any time by mutual agreement of the parties. |
(4) | Effective February 1, 2019, the Investment Manager has contractually agreed, until January 31, 2020, to irrevocably waive its management fee, or reimburse the Fund, to the extent that, after the application of the fee waiver described in footnote (1) above, Total Annual Fund Operating Expenses, excluding interest, tax, and extraordinary expenses, Acquired Fund Fees and Expenses and certain credits and other expenses, exceed the rates noted in the table above based on the Fund’s average net assets attributable to each share class. Under the Expense Limitation Agreement, the Investment Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit in effect at the time of such waiver/reimbursement or recoupment. The Expense Limitation Agreement is terminable by the Trust upon 90 days’ prior written notice to the Investment Manager or at any time by mutual agreement of the parties. |
(5) | Effective February 1, 2019, the Investment Manager has contractually agreed to irrevocably waive its management fee and/or reimburse the Fund through January 31, 2020, to the extent that Total Annual Fund Operating Expenses, excluding interest, tax, and extraordinary expenses (after giving effect to the management fee waiver, if any, referred to in footnote (2) above), and certain credits and other expenses, exceed the rates noted in the table above based upon the Fund’s average net assets attributable to each share class. Under the Expense Limitation Agreement, the Investment Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit in effect at the time of such waiver/reimbursement or recoupment. The Expense Limitation Agreement is terminable by the Trust upon 90 days’ prior written notice to the Investment Manager or at any time by mutual agreement of the parties. |
(6) | Effective February 1, 2019, the Investment Manager has contractually agreed to irrevocably waive its management fee and/or reimburse the Fund through January 31, 2020 to the extent that Total Annual Fund Operating Expenses excluding interest, tax, and extraordinary expenses, Acquired Fund Fees and Expenses, and certain credits and other expenses (after giving effect to the management fee waiver, if any, referred to in footnote (2) above), exceed the rates noted in the table above based upon the Fund’s average net assets attributable to each share class. Under the Expense Limitation Agreement, the Investment Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit in effect at the time of such waiver/reimbursement or recoupment. The Expense Limitation Agreement is terminable by the Trust upon 90 days’ prior written notice to the Investment Manager or at any time by mutual agreement of the parties. |
(7) | The Investment Manager had agreed to waive its investment management fee for AllianzGI PerformanceFee Managed Futures up to 0.75% for any negative performance relative to the ICE BofAML3-Month UST-Bill Index plus 5.00% (annualized). The Investment Manager had agreed to waive its investment management fee for AllianzGI PerformanceFee Structured US Equity up to 0.60% for any negative performance relative to the S&P 500 Index plus 1.25% (annualized). The Investment Manager had agreed to waive its investment management fee for AllianzGI PerformanceFee Structured US Fixed Income up to 0.30% for any negative performance relative to the Bloomberg Barclays U.S. Aggregate Bond Index plus 0.625% (annualized). The waivers were in effect during the Funds’ Initial Performance Period. As of December 31, 2018, each of AllianzGI PerformanceFee Managed Futures Strategy, AllianzGI PerformanceFee Structured US Equity and AllianzGI PerformanceFee Structured US Fixed Income had negative performance relative to its index plus index hurdle for the Initial Performance Period which resulted in a management fee waiver of $137,536, $297,240 and $56,394, respectively. For the Initial Performance Period, AllianzGI PerformanceFee Managed Futures Strategy, AllianzGI PerformanceFee Structured US Equity and AllianzGI PerformanceFee US Fixed Income paid management fees at an effective annual rate of 0.00%, 0.00% and 0.08%, of average daily net assets, respectively. Waivers related to management fees accrued in fiscal year ended September 30, 2018 for AllianzGI PerformanceFee Structured US Equity and AllianzGI PerformanceFee Structured US Fixed Income were accounted for as “Contribution from Investment Manager” on the Statements of Operations. In addition, the Investment Manager has agreed to waivers with respect to each AllianzGI PerformanceFee Fund such that (i) its monthly Management Fee (including Base Fee plus Performance Adjustment) will not exceed the product of the maximum percentage fee rate (equal to the Base Fee plus the maximum upward Performance Adjustment) and the Fund’s average daily net assets over the preceding month, and (ii) the Investment Manager will not collect a Management Fee with respect to any month in which the Measurement Class has failed to outperform the Index. |
(8) | Effective February 1, 2019, the Investment Manager has contractually agreed to irrevocably waive its management fee and/or reimburse the Fund through January 31, 2020 to the extent that Other Expenses, excluding interest, tax, and extraordinary expenses, Acquired Fund Fees and Expenses, and certain credits and other expenses, exceed the rates noted in the table above based on the Fund’s average net assets attributable to each share class. The Expense Limitation Agreement is terminable by the Trust upon 90 days’ prior written notice to the Investment Manager or at any time by mutual agreement of the parties. |
(9) | The Investment Manager has contractually agreed to irrevocably waive its management fee and/or reimburse the Fund through January 31, 2022 to the extent that Total Annual Fund Operating Expenses excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed the rates noted in the table above based upon the Fund’s average net assets attributable to each share class. Under the Expense Limitation Agreement, the Investment Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit in effect at the time of such waiver/reimbursement or recoupment. The Expense Limitation Agreement is terminable by the Trust upon 90 days’ prior written notice to the Investment Manager or at any time by mutual agreement of the parties. |
(10) | Effective July 1, 2018, the Investment Manager has contractually agreed to irrevocably waive its management fee and/or reimburse the Fund through January 31, 2020, to the extent that Total Annual Fund Operating Expenses, excluding interest, tax, and extraordinary expenses (after giving effect to the management fee waiver, if any, referred to in |
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Notes to Financial Statements (cont’d)
March 31, 2019 (Unaudited)
footnote (2) above), and certain credits and other expenses, exceed the rates noted in the table above based upon the Fund’s average net assets attributable to each share class. Under the Expense Limitation Agreement, the Investment Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit in effect at the time of such waiver/reimbursement or recoupment. The Expense Limitation Agreement is terminable by the Trust upon 90 days’ prior written notice to the Investment Manager or at any time by mutual agreement of the parties. |
(11) | Effective February 1, 2019, the Investment Manager has contractually agreed, until January 31, 2020, to irrevocably waive its management fee, or reimburse the Fund, to the extent that, after the application of the fee waiver described in footnote (1) above, Total Annual Fund Operating Expenses, including Acquired Fund Fees and Expenses, but excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed the rates noted in the table above based on the Fund’s average net assets attributable to each share class. Under the Expense Limitation Agreement, the Investment Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit in effect at the time of such waiver/reimbursement or recoupment. The Expense Limitation Agreement is terminable by the Trust upon 90 days’ prior written notice to the Investment Manager or at any time by mutual agreement of the parties. |
* | As a result of reimbursing expenses inclusive of acquired fund fees and expenses, the Investment Manager reimbursed amounts in excess of the respective share class’ operating expenses. The aggregate excess reimbursement of each share class is accounted for as “Contribution from Investment Manager” on the Statements of Operations. |
The following Funds revised their expense limitation rates during the six months ended March 31, 2019. The expense limitation rates in effect during the period (except as noted in the tables below) and at March 31, 2019 for all the Funds are disclosed in the table above. In January, the Board approved (i) revised expense limitation arrangements for AllianzGI Global Allocation, (ii) expiration of management fee waivers for AllianzGI International Small-Cap Fund, AllianzGI Global Water Fund, AllianzGI NFJ Emerging Markets Value Fund and AllianzGI Global Sustainability Fund (please see table in Note 5 above), and (iii) revised expense limits for AllianzGI International Small-Cap Fund, AllianzGI Global Water Fund, AllianzGI Structured Return Fund and AllianzGI Best Styles U.S. Equity Fund.
Expense Limitation (10/1/18 - 1/31/19) | ||||||||||||||||||||||||||||
Class A | Class C | Class R | Class P | Institutional Class | Class R6 | Administrative Class | ||||||||||||||||||||||
AllianzGI Best Styles U.S. Equity | 0.65 | % | 1.40 | % | N/A | 0.50 | % | 0.50 | % | 0.40 | % | N/A | ||||||||||||||||
AllianzGI Floating Rate Note | N/A | N/A | N/A | 0.68 | 0.58 | N/A | N/A | |||||||||||||||||||||
AllianzGI Global Allocation | 0.60 | 1.37 | 0.80 | % | 0.40 | 0.40 | 0.30 | 0.55 | % | |||||||||||||||||||
AllianzGI Global Water | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||
AllianzGI InternationalSmall-Cap | 1.25 | 2.08 | 1.59 | 1.10 | 1.04 | 1.00 | N/A | |||||||||||||||||||||
AllianzGI Structured Return | 0.98 | 1.77 | N/A | 0.77 | 0.69 | 0.67 | N/A |
The Investment Manager, per the expense limitation agreements, may recoup waived/reimbursed amounts for a period of up to three years, provided total expenses, including such recoupment, do not exceed the annual expense limit in effect at the time of such waiver/reimbursement. During the period or six months ended March 31, 2019, the Investment Manager recouped a total of $24,575 from the Funds as disclosed on the Statements of Operations. The following represents the amounts that still can be recouped by the Investment Manager as of March 31, 2019.
Unrecouped Expenses Waived/Reimbursed through Fiscal Period or Year ended | ||||||||||||||||
9/30/2016 | 9/30/2017 | 9/30/2018 | Totals | |||||||||||||
AllianzGI Retirement 2020 | $ | 32,277 | $ | 88,906 | $ | 80,682 | $ | 201,865 | ||||||||
AllianzGI Retirement 2025 | 30,952 | 116,776 | 122,969 | 270,697 | ||||||||||||
AllianzGI Retirement 2030 | 36,276 | 123,768 | 142,601 | 302,645 | ||||||||||||
AllianzGI Retirement 2035 | 14,422 | 63,406 | 73,903 | 151,731 | ||||||||||||
AllianzGI Retirement 2040 | 8,160 | 25,645 | 39,583 | 73,388 | ||||||||||||
AllianzGI Retirement 2045 | 6,546 | 7,838 | 15,532 | 29,916 | ||||||||||||
AllianzGI Retirement 2050 | 3,046 | 3,702 | 7,609 | 14,357 | ||||||||||||
AllianzGI Retirement 2055 | 1,064 | 1,712 | 4,108 | 6,884 | ||||||||||||
AllianzGI Multi Asset Income | 35,990 | 92,776 | 79,589 | 208,355 | ||||||||||||
AllianzGI Global Allocation | — | 13,844 | — | 13,844 | ||||||||||||
AllianzGI Best Styles Global Equity | 416,897 | 222,208 | 129,151 | 768,256 | ||||||||||||
AllianzGI Best Styles International Equity | 394,405 | 348,158 | 267,293 | 1,009,856 | ||||||||||||
AllianzGI Best Styles U.S. Equity | 195,811 | 174,158 | 119,713 | 489,682 | ||||||||||||
AllianzGI Core Bond | — | — | 175,017 | 175,017 | ||||||||||||
AllianzGI Core Plus Bond | — | — | 180,862 | 180,862 | ||||||||||||
AllianzGI Emerging Markets Consumer | 257,727 | 185,526 | 82,270 | 525,523 | ||||||||||||
AllianzGI Emerging Markets Debt | 162,697 | 162,523 | 187,669 | 512,889 | ||||||||||||
AllianzGI Emerging MarketsSmall-Cap | 305,798 | 251,209 | 172,437 | 729,444 | ||||||||||||
AllianzGI Floating Rate Note | — | — | 278,716 | 278,716 | ||||||||||||
AllianzGI Global Dynamic Allocation | 199,996 | 650,337 | 457,777 | 1,308,110 | ||||||||||||
AllianzGI Global High Yield | — | 236,455 | 236,908 | 473,363 | ||||||||||||
AllianzGI Global Sustainability | 190,206 | 175,647 | 139,780 | 505,633 |
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Unrecouped Expenses Waived/Reimbursed through Fiscal Period or Year ended | ||||||||||||||||
9/30/2016 | 9/30/2017 | 9/30/2018 | Totals | |||||||||||||
AllianzGI International Growth | $ | 187,039 | $ | 172,093 | $ | 164,199 | $ | 523,331 | ||||||||
AllianzGI InternationalSmall-Cap | 258,005 | 279,258 | 190,541 | 727,804 | ||||||||||||
AllianzGI Micro Cap | 153,921 | 137,352 | 133,846 | 425,119 | ||||||||||||
AllianzGI NFJ Emerging Markets Value | 465,793 | 548,032 | 377,554 | 1,391,379 | ||||||||||||
AllianzGI Preferred Securities and Income | — | — | 151,931 | 151,931 | ||||||||||||
AllianzGI Short Term Bond | — | — | 128,601 | 128,601 | ||||||||||||
AllianzGI Structured Return | 15,218 | 387,109 | 296,727 | 699,054 | ||||||||||||
AllianzGI U.S. Equity Hedged | 188,026 | 193,599 | 160,089 | 541,714 | ||||||||||||
AllianzGI Ultra Micro Cap | — | — | 89,364 | 89,364 |
7. | RELATED PARTY TRANSACTIONS |
The Investment Manager and the Distributor are related parties. Fees payable to these parties are disclosed in Note 5 and Note 6 and the accrued related party fee and receivable amounts are disclosed on the Statements of Assets and Liabilities.
(a) Payments from Affiliates
During the six months ended March 31, 2019, AllianzGI U.S. reimbursed AllianzGI Global Allocation Fund $36,174 for realized losses resulting from trading errors.
During the year ended September 30, 2018, AllianzGI U.S. reimbursed AllianzGI Emerging MarketsSmall-Cap Fund $6,843 for realized losses resulting from trading errors.
(b) Affiliated Transactions
The following tables show the transactions in and earnings from affiliates for the six months ended March 31, 2019:
AllianzGI Retirement 2020: | ||||||||||||||||||||||||||||||||||||
Market Value 9/30/2018 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Market Value 3/31/2019 | Dividend Income | Shares as of 3/31/2019 | Net Realized Gain (Loss) | Net Capital Gain Distributions Received | ||||||||||||||||||||||||||||
AllianzGI Advanced Core Bond | $ | 6,086,401 | $ | 909,336 | $ | 1,070,437 | $ | 234,604 | $ | 6,100,265 | $ | 93,149 | 414,984 | $ | (59,639 | ) | $ | — | ||||||||||||||||||
AllianzGI Best Styles U.S. Equity | 2,122,354 | 373,461 | 498,398 | (440,411 | ) | 1,616,231 | 30,793 | 103,938 | 59,225 | 277,414 | ||||||||||||||||||||||||||
AllianzGI Emerging Markets Debt | — | 101,970 | — | (71 | ) | 101,899 | 1,674 | 7,498 | — | — | ||||||||||||||||||||||||||
AllianzGI Emerging MarketsSmall-Cap | 312,868 | 16,919 | — | (6,805 | ) | 322,982 | 4,923 | 20,212 | — | 11,996 | ||||||||||||||||||||||||||
AllianzGI Global Dynamic Allocation | 22,138,654 | 2,561,699 | 1,734,532 | (1,483,236 | ) | 21,461,601 | 447,306 | 1,145,841 | (20,984 | ) | 538,250 | |||||||||||||||||||||||||
AllianzGI Short Duration High Income | 423,579 | 40,337 | 216,419 | (13,833 | ) | 238,786 | 8,315 | 16,559 | 5,122 | — | ||||||||||||||||||||||||||
Totals | $ | 31,083,856 | $ | 4,003,722 | $ | 3,519,786 | $ | (1,709,752 | ) | $ | 29,841,764 | $ | 586,160 | 1,709,032 | $ | (16,276 | ) | $ | 827,660 | |||||||||||||||||
AllianzGI Retirement 2025: | ||||||||||||||||||||||||||||||||||||
Market Value 9/30/2018 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Market Value 3/31/2019 | Dividend Income | Shares as of 3/31/2019 | Net Realized Gain (Loss) | Net Capital Gain Distributions Received | ||||||||||||||||||||||||||||
AllianzGI Advanced Core Bond | $ | 6,809,345 | $ | 229,888 | $ | 1,436,859 | $ | 239,343 | $ | 5,762,564 | $ | 87,804 | 392,011 | $ | (79,153 | ) | $ | — | ||||||||||||||||||
AllianzGI Best Styles U.S. Equity | 4,842,433 | 745,981 | 1,478,535 | (1,004,032 | ) | 3,285,490 | 64,816 | 211,286 | 179,643 | 583,930 | ||||||||||||||||||||||||||
AllianzGI Emerging Markets Debt | — | 100,033 | — | (70 | ) | 99,963 | 1,642 | 7,356 | — | — | ||||||||||||||||||||||||||
AllianzGI Emerging MarketsSmall-Cap | 335,926 | 18,166 | — | (7,306 | ) | 346,786 | 5,285 | 21,701 | — | 12,880 | ||||||||||||||||||||||||||
AllianzGI Global Dynamic Allocation | 36,606,454 | 3,735,017 | 2,584,787 | (2,448,765 | ) | 35,264,281 | 739,556 | 1,882,770 | (43,638 | ) | 889,917 | |||||||||||||||||||||||||
AllianzGI Short Duration High Income | 133,580 | 148,201 | 278,464 | 1,067 | — | 3,990 | — | (4,384 | ) | — | ||||||||||||||||||||||||||
Totals | $ | 48,727,738 | $ | 4,977,286 | $ | 5,778,645 | $ | (3,219,763 | ) | $ | 44,759,084 | $ | 903,093 | 2,515,124 | $ | 52,468 | $ | 1,486,727 |
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AllianzGI Retirement 2030: | ||||||||||||||||||||||||||||||||||||
Market Value 9/30/2018 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Market Value 3/31/2019 | Dividend Income | Shares as of 3/31/2019 | Net Loss | Net Capital Gain Distributions Received | ||||||||||||||||||||||||||||
AllianzGI Advanced Core Bond | $ | 1,774,485 | $ | 643,145 | $ | 183,474 | $ | 77,812 | $ | 2,304,591 | $ | 34,980 | 156,775 | $ | (7,377 | ) | $ | — | ||||||||||||||||||
AllianzGI Best Styles Global Equity | 5,534,847 | 696,962 | 1,090,560 | (701,379 | ) | 4,296,550 | 123,950 | 305,587 | (143,320 | ) | 481,416 | |||||||||||||||||||||||||
AllianzGI Best Styles U.S. Equity | 7,819,716 | 1,607,299 | 559,524 | (1,650,227 | ) | 7,202,418 | 141,153 | 463,178 | (14,846 | ) | 1,271,651 | |||||||||||||||||||||||||
AllianzGI Emerging MarketsSmall-Cap | 761,941 | 41,203 | — | (16,572 | ) | 786,572 | 11,989 | 49,222 | — | 29,215 | ||||||||||||||||||||||||||
AllianzGI Global Dynamic Allocation | 42,224,079 | 3,913,169 | 1,733,930 | (2,819,423 | ) | 41,496,591 | 858,286 | 2,215,515 | (87,304 | ) | 1,032,785 | |||||||||||||||||||||||||
Totals | $ | 58,115,068 | $ | 6,901,778 | $ | 3,567,488 | $ | (5,109,789 | ) | $ | 56,086,722 | $ | 1,170,358 | 3,190,277 | $ | (252,847 | ) | $ | 2,815,067 |
AllianzGI Retirement 2035: | ||||||||||||||||||||||||||||||||||||
Market Value 9/30/2018 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Market Value 3/31/2019 | Dividend Income | Shares as of 3/31/2019 | Net Loss | Net Capital Gain Distributions Received | ||||||||||||||||||||||||||||
AllianzGI Advanced Core Bond | $ | 1,075,689 | $ | 253,346 | $ | 114,320 | $ | 42,130 | $ | 1,251,784 | $ | 19,523 | 85,155 | $ | (5,061 | ) | $ | — | ||||||||||||||||||
AllianzGI Best Styles Global Equity | 13,581,150 | 2,366,354 | 1,093,729 | (2,188,431 | ) | 12,622,188 | 345,829 | 897,737 | (43,156 | ) | 1,343,176 | |||||||||||||||||||||||||
AllianzGI Best Styles U.S. Equity | 6,871,953 | 1,466,974 | 367,137 | (1,437,435 | ) | 6,510,126 | 124,370 | 418,658 | (24,229 | ) | 1,120,463 | |||||||||||||||||||||||||
AllianzGI Emerging MarketsSmall-Cap | 626,182 | 33,861 | — | (13,619 | ) | 646,424 | 9,853 | 40,452 | — | 24,009 | ||||||||||||||||||||||||||
AllianzGI Global Dynamic Allocation | 20,617,594 | 3,421,527 | 797,520 | (1,364,734 | ) | 21,823,142 | 430,909 | 1,165,144 | (53,725 | ) | 518,519 | |||||||||||||||||||||||||
Totals | $ | 42,772,568 | $ | 7,542,062 | $ | 2,372,706 | $ | (4,962,089 | ) | $ | 42,853,664 | $ | 930,484 | 2,607,146 | $ | (126,171 | ) | $ | 3,006,167 |
AllianzGI Retirement 2040: | ||||||||||||||||||||||||||||||||||||
Market Value 9/30/2018 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Market Value 3/31/2019 | Dividend Income | Shares as of 3/31/2019 | Net Realized Gain (Loss) | Net Capital Gain Distributions Received | ||||||||||||||||||||||||||||
AllianzGI Advanced Core Bond | $ | — | $ | 691,119 | $ | 58,403 | $ | 23,588 | $ | 656,959 | $ | 10,226 | 44,691 | $ | 655 | $ | — | |||||||||||||||||||
AllianzGI Best Styles Global Equity | 20,950,442 | 4,354,719 | 526,947 | (3,515,721 | ) | 21,215,752 | 561,873 | 1,508,944 | (46,741 | ) | 2,182,281 | |||||||||||||||||||||||||
AllianzGI Best Styles U.S. Equity | 8,448,286 | 1,890,507 | 546,244 | (1,801,715 | ) | 8,036,478 | 149,374 | 516,815 | 45,644 | 1,345,712 | ||||||||||||||||||||||||||
AllianzGI Emerging MarketsSmall-Cap | 531,896 | 28,764 | — | (11,569 | ) | 549,091 | 8,369 | 34,361 | — | 20,394 | ||||||||||||||||||||||||||
AllianzGI Global Dynamic Allocation | 15,255,190 | 1,271,918 | 932,219 | (1,002,588 | ) | 14,588,344 | 283,397 | 778,876 | (3,957 | ) | 341,015 | |||||||||||||||||||||||||
Totals | $ | 45,185,814 | $ | 8,237,027 | $ | 2,063,813 | $ | (6,308,005 | ) | $ | 45,046,624 | $ | 1,013,239 | 2,883,687 | $ | (4,399 | ) | $ | 3,889,402 |
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AllianzGI Retirement 2045: | ||||||||||||||||||||||||||||||||||||
Market Value 9/30/2018 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Market Value 3/31/2019 | Dividend Income | Shares as of 3/31/2019 | Net Realized Gain (Loss) | Net Capital Gain Distributions Received | ||||||||||||||||||||||||||||
AllianzGI Best Styles Global Equity | $ | 16,700,795 | $ | 3,524,053 | $ | 427,926 | $ | (2,758,242 | ) | $ | 16,980,201 | $ | 443,305 | 1,207,696 | $ | (58,479 | ) | $ | 1,721,767 | |||||||||||||||||
AllianzGI Best Styles U.S. Equity | 5,863,076 | 1,603,343 | 362,524 | (1,229,972 | ) | 5,881,514 | 104,793 | 378,232 | 7,591 | 944,083 | ||||||||||||||||||||||||||
AllianzGI Emerging MarketsSmall-Cap | 313,909 | 16,975 | — | (6,827 | ) | 324,057 | 4,939 | 20,279 | — | 12,036 | ||||||||||||||||||||||||||
AllianzGI Global Dynamic Allocation | 6,789,450 | 1,230,035 | 266,841 | (444,591 | ) | 7,286,365 | 139,536 | 389,021 | (21,688 | ) | 167,906 | |||||||||||||||||||||||||
Totals | $ | 29,667,230 | $ | 6,374,406 | $ | 1,057,291 | $ | (4,439,632 | ) | $ | 30,472,137 | $ | 692,573 | 1,995,228 | $ | (72,576 | ) | $ | 2,845,792 |
AllianzGI Retirement 2050: | ||||||||||||||||||||||||||||||||||||
Market Value 9/30/2018 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Market Value 3/31/2019 | Dividend Income | Shares as of 3/31/2019 | Net Loss | Net Capital Gain Distributions Received | ||||||||||||||||||||||||||||
AllianzGI Best Styles Global Equity | $ | 19,454,855 | $ | 3,611,330 | $ | 249,809 | $ | (3,255,496 | ) | $ | 19,504,582 | $ | 518,392 | 1,387,239 | $ | (56,298 | ) | $ | 2,013,399 | |||||||||||||||||
AllianzGI Best Styles U.S. Equity | 6,073,759 | 1,321,131 | — | (1,310,017 | ) | 6,084,873 | 111,069 | 391,310 | — | 1,000,627 | ||||||||||||||||||||||||||
AllianzGI Emerging MarketsSmall-Cap | 301,714 | 16,316 | — | (6,562 | ) | 311,468 | 4,748 | 19,491 | — | 11,568 | ||||||||||||||||||||||||||
AllianzGI Global Dynamic Allocation | 5,745,930 | 593,393 | 172,518 | (372,452 | ) | 5,776,673 | 112,595 | 308,418 | (17,680 | ) | 135,487 | |||||||||||||||||||||||||
Totals | $ | 31,576,258 | $ | 5,542,170 | $ | 422,327 | $ | (4,944,527 | ) | $ | 31,677,596 | $ | 746,804 | 2,106,458 | $ | (73,978 | ) | $ | 3,161,081 |
AllianzGI Retirement 2055: | ||||||||||||||||||||||||||||||||||||
Market Value 9/30/2018 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Market Value 3/31/2019 | Dividend Income | Shares as of 3/31/2019 | Net Loss | Net Capital Gain Distributions Received | ||||||||||||||||||||||||||||
AllianzGI Best Styles Global Equity | $ | 9,433,238 | $ | 2,213,502 | $ | 100,190 | $ | (1,579,579 | ) | $ | 9,944,497 | $ | 256,975 | 707,290 | $ | (22,474 | ) | $ | 998,074 | |||||||||||||||||
AllianzGI Best Styles U.S. Equity | 2,996,373 | 797,757 | — | (635,629 | ) | 3,158,501 | 55,059 | 203,119 | — | 496,028 | ||||||||||||||||||||||||||
AllianzGI Emerging MarketsSmall-Cap | 158,231 | 8,556 | — | (3,441 | ) | 163,346 | 2,490 | 10,222 | — | 6,067 | ||||||||||||||||||||||||||
AllianzGI Global Dynamic Allocation | 2,789,818 | 392,048 | 56,691 | (178,867 | ) | 2,940,532 | 55,815 | 156,996 | (5,776 | ) | 67,164 | |||||||||||||||||||||||||
Totals | $ | 15,377,660 | $ | 3,411,863 | $ | 156,881 | $ | (2,397,516 | ) | $ | 16,206,876 | $ | 370,339 | 1,077,627 | $ | (28,250 | ) | $ | 1,567,333 |
Semiannual Report | | March 31, 2019 | 361 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2019 (Unaudited)
AllianzGI Multi Asset Income: | ||||||||||||||||||||||||||||||||||||
Market Value 9/30/2018 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Market Value 3/31/2019 | Dividend Income | Shares as of 3/31/2019 | Net Realized Gain (Loss) | Net Capital Gain Distributions Received | ||||||||||||||||||||||||||||
AllianzGI Emerging Markets Debt | $ | 2,265,579 | $ | 780,726 | $ | 181,734 | $ | 101,928 | $ | 2,940,637 | $ | 64,068 | 216,382 | $ | (25,862 | ) | $ | — | ||||||||||||||||||
AllianzGI Europe Equity Dividend | 2,458,202 | 124,581 | 2,254,929 | 108,762 | — | 38,987 | — | (436,616 | ) | 85,594 | ||||||||||||||||||||||||||
AllianzGI Floating Rate Note | 3,921,656 | 158,596 | 537,035 | (47,573 | ) | 3,492,880 | 52,139 | 237,127 | (2,764 | ) | 37,530 | |||||||||||||||||||||||||
AllianzGI Global High Yield | 1,271,475 | 509,567 | — | (15,734 | ) | 1,765,308 | 66,757 | 120,499 | — | — | ||||||||||||||||||||||||||
AllianzGI High Yield Bond | 782,746 | — | 779,097 | (50,472 | ) | — | — | — | 46,823 | — | ||||||||||||||||||||||||||
AllianzGI Preferred Securities & Income | — | 1,717,729 | — | 80,119 | 1,797,848 | 19,241 | 119,777 | — | — | |||||||||||||||||||||||||||
AllianzGI Short Duration High Income | 4,387,608 | 8,057,848 | 9,055,156 | (3,726 | ) | 3,280,394 | 148,438 | 227,489 | (106,180 | ) | — | |||||||||||||||||||||||||
PIMCO Income | 5,495,035 | 5,138,786 | 4,081,776 | 31,943 | 6,587,459 | 127,042 | 548,955 | 3,471 | — | |||||||||||||||||||||||||||
PIMCO Preferred and Capital Security | 2,163,806 | 335,992 | 2,479,545 | (23,456 | ) | — | 53,926 | — | 3,203 | 1,519 | ||||||||||||||||||||||||||
PIMCO Senior Floating Rate | 1,988,416 | 3,499,670 | 3,753,567 | (22,663 | ) | 1,632,792 | 22,406 | 167,810 | (79,064 | ) | — | |||||||||||||||||||||||||
Totals | $ | 24,734,523 | $ | 20,323,495 | $ | 23,122,839 | $ | 159,128 | $ | 21,497,318 | $ | 593,004 | 1,638,039 | $ | (596,989 | ) | $ | 124,643 |
AllianzGI Global Allocation: | ||||||||||||||||||||||||||||||||||||
Market Value 9/30/2018 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Market Value 3/31/2019 | Dividend Income | Shares as of 3/31/2019 | Net Realized Gain (Loss) | Net Capital Gain Distributions Received | ||||||||||||||||||||||||||||
AllianzGI Advanced Core Bond | $ | 81,539,738 | $ | 1,036,845 | $ | 16,645,713 | $ | 2,760,769 | $ | 67,855,603 | $ | 1,036,845 | 4,616,027 | $ | (836,036 | ) | $ | — | ||||||||||||||||||
AllianzGI Best Styles Global Equity | 132,579,267 | 16,077,033 | 6,171,357 | (21,761,852 | ) | 120,771,554 | 3,291,821 | 8,589,726 | 48,463 | 12,785,212 | ||||||||||||||||||||||||||
AllianzGI Best Styles Global Managed Volatility | 36,521,892 | 4,913,273 | — | (4,772,987 | ) | 36,662,178 | 997,082 | 2,369,889 | — | 3,916,191 | ||||||||||||||||||||||||||
AllianzGI Emerging Markets Debt | 14,590,689 | 348,825 | — | 402,572 | 15,342,086 | 348,824 | 1,128,925 | — | — | |||||||||||||||||||||||||||
AllianzGI Emerging MarketsSmall-Cap | 4,499,894 | 243,342 | — | (97,872 | ) | 4,645,364 | 70,806 | 290,699 | — | 172,536 | ||||||||||||||||||||||||||
AllianzGI International Growth | 18,717,685 | 459,645 | — | (594,614 | ) | 18,582,716 | 55,121 | 1,052,249 | — | 404,525 | ||||||||||||||||||||||||||
AllianzGI PerformanceFee Managed Futures Strategy | 14,415,000 | 15,861,285 | — | 4,771 | 30,281,056 | 299,320 | 3,221,389 | — | — | |||||||||||||||||||||||||||
Totals | $ | 302,864,165 | $ | 38,940,248 | $ | 22,817,070 | $ | (24,059,213 | ) | $ | 294,140,557 | $ | 6,099,819 | 21,268,904 | $ | (787,573 | ) | $ | 17,278,464 |
AllianzGI Global Dynamic Allocation: | ||||||||||||||||||||||||||||||||||||
Market Value 9/30/2018 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Market Value 3/31/2019 | Dividend Income | Shares as of 3/31/2019 | Net Loss | Net Capital Gain Distributions Received | ||||||||||||||||||||||||||||
AllianzGI International Growth | $ | 4,400,566 | $ | 85,420 | $ | 844,536 | $ | (95,907 | ) | $ | 3,453,439 | $ | 10,244 | 195,551 | $ | (92,104 | ) | $ | 75,177 |
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AllianzGI High Yield Bond: | ||||||||||||||||||||||||||||||||||||
Market Value 9/30/2018 | Purchases at Cost† | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Market Value 3/31/2019 | Dividend Income | Shares as of 3/31/2019 | Net Realized Gain (Loss) | Net Capital Gain Distributions Received | ||||||||||||||||||||||||||||
CCF Holdings LLC Class B | $ | — | $ | — | $ | — | $ | — | * | $ | — | * | $ | — | 8,562 | $ | — | $ | — |
* | Actual amounts rounds to less than $1. |
† | Issued via corporate action |
8. | SIGNIFICANT ACCOUNT HOLDERS |
From time to time, a Fund may have a concentration of shareholders, which may include the Investment Manager or affiliates of the
Investment Manager, holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact to a Fund.
At March 31, 2019, the significant account-holders, owners of 5% or greater of each respective Fund’s outstanding shares were as follows:
Unaffiliated | Affiliated | |||||||||||||||||||
Number of Account Holders | Approximate Ownership | Number of Account Holders | Approximate Ownership* | AFI/Allianz of America | ||||||||||||||||
AllianzGI Retirement 2020 | 3 | 69 | % | — | — | — | ||||||||||||||
AllianzGI Retirement 2025 | 3 | 75 | % | — | — | — | ||||||||||||||
AllianzGI Retirement 2030 | 2 | 72 | % | — | — | — | ||||||||||||||
AllianzGI Retirement 2035 | 3 | 81 | % | — | — | — | ||||||||||||||
AllianzGI Retirement 2040 | 2 | 77 | % | — | — | — | ||||||||||||||
AllianzGI Retirement 2045 | 2 | 81 | % | — | — | — | ||||||||||||||
AllianzGI Retirement 2050 | 2 | 75 | % | — | — | — | ||||||||||||||
AllianzGI Retirement 2055 | 2 | 78 | % | — | — | — | ||||||||||||||
AllianzGI Multi Asset Income | 4 | 61 | % | — | — | — | ||||||||||||||
AllianzGI Global Allocation | 1 | 23 | % | 3 | 53 | % | — | |||||||||||||
AllianzGI Best Styles Global Equity | — | — | 4 | 76 | % | — | ||||||||||||||
AllianzGI Best Styles International Equity | 1 | 43 | % | 2 | 50 | % | — | |||||||||||||
AllianzGI Best Styles U.S. Equity | 1 | 11 | % | 7 | 79 | % | — | |||||||||||||
AllianzGI Convertible | 5 | 42 | % | — | — | — | ||||||||||||||
AllianzGI Core Bond | — | — | 1 | 14 | % | 82 | % | |||||||||||||
AllianzGI Core Plus Bond | — | — | — | — | 99 | % | ||||||||||||||
AllianzGI Emerging Markets Consumer | 6 | 96 | % | — | — | — | ||||||||||||||
AllianzGI Emerging Markets Debt | 1 | 6 | % | 2 | 91 | % | — | |||||||||||||
AllianzGI Emerging MarketsSmall-Cap | 1 | 13 | % | 4 | 68 | % | — | |||||||||||||
AllianzGI Floating Rate Note | — | — | 2 | 29 | % | 69 | % | |||||||||||||
AllianzGI Global Dynamic Allocation | 2 | 25 | % | 5 | 63 | % | — | |||||||||||||
AllianzGI Global High Yield | — | — | 1 | 8 | % | 92 | % | |||||||||||||
AllianzGI Global Sustainability | 2 | 91 | % | — | — | — | ||||||||||||||
AllianzGI Global Water | 6 | 45 | % | — | — | — | ||||||||||||||
AllianzGI Green Bond | — | — | — | — | 93 | % | ||||||||||||||
AllianzGI High Yield Bond | 5 | 77 | % | — | — | — | ||||||||||||||
AllianzGI International Growth | — | — | 3 | 94 | % | — | ||||||||||||||
AllianzGI InternationalSmall-Cap | 2 | 67 | % | — | — | — | ||||||||||||||
AllianzGI Micro Cap | 1 | 76 | % | — | — | — | ||||||||||||||
AllianzGI NFJ Emerging Markets Value | 3 | 86 | % | — | — | — | ||||||||||||||
AllianzGI PerformanceFee Managed Futures Strategy | — | — | 1 | 96 | % | — | ||||||||||||||
AllianzGI PerformanceFee Structured US Equity | 3 | 62 | % | — | — | 33 | % | |||||||||||||
AllianzGI PerformanceFee Structured US Fixed Income | — | — | — | — | 95 | % | ||||||||||||||
AllianzGI Preferred Securities and Income | 2 | 17 | % | 1 | 12 | % | 71 | % | ||||||||||||
AllianzGI Short Duration High Income | 6 | 54 | % | — | — | — |
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Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2019 (Unaudited)
Unaffiliated | Affiliated | |||||||||||||||||||
Number of Account Holders | Approximate Ownership | Number of Account Holders | Approximate Ownership* | AFI/Allianz of America | ||||||||||||||||
AllianzGI Short Term Bond | 1 | 21 | % | — | — | 69 | % | |||||||||||||
AllianzGI Structured Return | 6 | 65 | % | — | — | — | ||||||||||||||
AllianzGI U.S. Equity Hedged | 4 | 79 | % | — | — | — | ||||||||||||||
AllianzGI Ultra Micro Cap | 3 | 58 | % | — | — | — |
* | 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, CollegeAccess 529 Plan, OklahomaDream 529 Plan and Allianz Multi-Series Collective Investment Trust. |
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Notes to Financial Statements (cont’d)
March 31, 2019 (Unaudited)
9. | SHARES OF BENEFICIAL INTEREST |
The Trust may issue an unlimited number of shares of beneficial interest with $0.0001 par value. Changes in shares of beneficial interest were as follows:
AllianzGI Retirement 2020 | AllianzGI Retirement 2025 | |||||||||||||||||||||||||||||||||||
Six Months ended March 31, 2019 (unaudited) | Year ended September 30, 2018 | Six Months ended March 31, 2019 (unaudited) | Year ended September 30, 2018 | |||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||||||||||||||
Class A | 35,009 | $ | 666,167 | 30,378 | $ | 616,318 | 33,847 | $ | 559,127 | 72,929 | $ | 1,336,155 | ||||||||||||||||||||||||
Class C | 1,758 | 34,250 | 2,648 | 52,962 | — | — | — | — | ||||||||||||||||||||||||||||
Class R | 362 | 6,346 | 2,276 | 45,999 | 1,139 | 18,103 | 3,383 | 61,727 | ||||||||||||||||||||||||||||
Class P | 39,373 | 750,507 | 185,370 | 3,793,616 | 102,952 | 1,755,188 | 203,211 | 3,738,212 | ||||||||||||||||||||||||||||
Class R6 | 205,956 | 3,908,839 | 221,480 | 4,544,238 | 173,977 | 2,974,544 | 303,923 | 5,570,574 | ||||||||||||||||||||||||||||
Administrative Class | 1,304 | 24,993 | 3,817 | 78,298 | 1,012 | 17,233 | 2,112 | 39,074 | ||||||||||||||||||||||||||||
Issued in reinvestment of dividends and distributions: | ||||||||||||||||||||||||||||||||||||
Class A | 13,754 | 243,713 | 20,754 | 422,972 | 21,567 | 338,607 | 17,564 | 323,180 | ||||||||||||||||||||||||||||
Class C | 560 | 9,968 | 481 | 9,782 | — | — | — | — | ||||||||||||||||||||||||||||
Class R | 10 | 171 | 2 | 46 | 71 | 1,116 | 31 | 566 | ||||||||||||||||||||||||||||
Class P | 45,922 | 817,411 | 33,591 | 689,954 | 98,361 | 1,540,332 | 95,060 | 1,746,256 | ||||||||||||||||||||||||||||
Class R6 | 62,990 | 1,122,479 | 31,248 | 642,466 | 90,889 | 1,426,045 | 53,770 | 988,834 | ||||||||||||||||||||||||||||
Administrative Class | 1,799 | 31,996 | 1,059 | 21,720 | 819 | 12,898 | 672 | 12,408 | ||||||||||||||||||||||||||||
Cost of shares redeemed: | ||||||||||||||||||||||||||||||||||||
Class A | (26,362 | ) | (494,451 | ) | (522,132 | ) | (10,496,950 | ) | (37,674 | ) | (651,942 | ) | (165,081 | ) | (3,026,895 | ) | ||||||||||||||||||||
Class C | (12,553 | ) | (248,815 | ) | (4,544 | ) | (92,179 | ) | — | — | — | — | ||||||||||||||||||||||||
Class R | (4,514 | ) | (80,793 | ) | (92 | ) | (1,821 | ) | (10 | ) | (157 | ) | (2,437 | ) | (44,799 | ) | ||||||||||||||||||||
Class P | (77,082 | ) | (1,454,597 | ) | (565,028 | ) | (11,507,964 | ) | (91,941 | ) | (1,540,521 | ) | (1,030,087 | ) | (18,804,115 | ) | ||||||||||||||||||||
Class R6 | (254,185 | ) | (4,796,111 | ) | (304,062 | ) | (6,221,856 | ) | (329,384 | ) | (5,559,601 | ) | (322,507 | ) | (5,924,381 | ) | ||||||||||||||||||||
Administrative Class | (27,347 | ) | (510,320 | ) | (11,758 | ) | (239,104 | ) | (4,177 | ) | (69,426 | ) | (32,368 | ) | (606,574 | ) | ||||||||||||||||||||
Net increase (decrease) resulting from Fund share transactions | 6,754 | $ | 31,753 | (874,512 | ) | $ | (17,641,503 | ) | 61,448 | $ | 821,546 | (799,825 | ) | $ | (14,589,778 | ) |
— | May reflect actual amounts rounding to less than $1 or less than 1 share. |
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AllianzGI Retirement 2030 | AllianzGI Retirement 2035 | AllianzGI Retirement 2040 | ||||||||||||||||||||||||||||||||||||||||||||||||
Six Months ended March 31, 2019 (unaudited) | Year ended September 30, 2018 | Six Months ended March 31, 2019 (unaudited) | Year ended September 30, 2018 | Six Months ended March 31, 2019 (unaudited) | Year ended September 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||
74,099 | $ | 1,543,163 | 128,816 | $ | 2,880,864 | 25,263 | $ | 456,614 | 91,149 | $ | 1,820,020 | 18,003 | $ | 365,130 | 49,839 | $ | 1,151,137 | |||||||||||||||||||||||||||||||||
6,649 | 133,406 | 8,078 | 176,407 | — | — | — | — | 164 | 3,383 | 256 | 5,915 | |||||||||||||||||||||||||||||||||||||||
1,005 | 20,012 | 4,538 | 101,176 | 5,202 | 85,945 | 5,722 | 113,399 | 2,655 | 52,592 | 2,721 | 62,393 | |||||||||||||||||||||||||||||||||||||||
68,638 | 1,411,122 | 241,695 | 5,459,380 | 63,393 | 1,125,021 | 188,459 | 3,776,002 | 67,694 | 1,392,089 | 182,080 | 4,229,666 | |||||||||||||||||||||||||||||||||||||||
173,409 | 3,585,063 | 208,063 | 4,693,327 | 229,335 | 4,091,009 | 248,616 | 4,961,281 | 221,668 | 4,589,765 | 186,223 | 4,340,560 | |||||||||||||||||||||||||||||||||||||||
1,902 | 39,274 | 5,790 | 131,956 | 1,467 | 26,128 | 5,066 | 102,573 | 958 | 19,854 | 3,510 | 82,456 | |||||||||||||||||||||||||||||||||||||||
| |
| ||||||||||||||||||||||||||||||||||||||||||||||||
22,579 | 421,094 | 21,750 | 483,287 | 33,525 | 534,052 | 25,634 | 506,780 | 10,158 | 187,924 | 12,616 | 289,017 | |||||||||||||||||||||||||||||||||||||||
1,998 | 37,010 | 1,677 | 36,934 | — | — | — | — | 205 | 3,800 | 341 | 7,750 | |||||||||||||||||||||||||||||||||||||||
750 | 14,017 | 408 | 9,075 | 280 | 4,445 | 292 | 5,756 | 194 | 3,568 | 216 | 4,926 | |||||||||||||||||||||||||||||||||||||||
96,335 | 1,813,034 | 93,948 | 2,107,251 | 117,294 | 1,872,017 | 102,945 | 2,042,424 | 77,320 | 1,432,745 | 68,278 | 1,569,715 | |||||||||||||||||||||||||||||||||||||||
89,389 | 1,689,460 | 61,604 | 1,385,473 | 101,352 | 1,619,599 | 50,938 | 1,012,145 | 106,494 | 1,976,521 | 65,515 | 1,509,472 | |||||||||||||||||||||||||||||||||||||||
1,735 | 32,781 | 1,114 | 25,075 | 2,080 | 33,357 | 749 | 14,933 | 2,197 | 40,518 | 1,154 | 26,411 | |||||||||||||||||||||||||||||||||||||||
(43,085 | ) | (864,613 | ) | (288,920 | ) | (6,455,145 | ) | (27,561 | ) | (488,576 | ) | (238,656 | ) | (4,729,935 | ) | (7,740 | ) | (164,579 | ) | (178,675 | ) | (4,133,703 | ) | |||||||||||||||||||||||||||
(17,744 | ) | (372,997 | ) | (6,334 | ) | (139,687 | ) | — | — | — | — | (2,140 | ) | (48,558 | ) | (1,858 | ) | (42,453 | ) | |||||||||||||||||||||||||||||||
(1,614 | ) | (31,619 | ) | (14,147 | ) | (318,017 | ) | (20,115 | ) | (334,120 | ) | (9,000 | ) | (177,281 | ) | (3,085 | ) | (63,281 | ) | (10,795 | ) | (249,540 | ) | |||||||||||||||||||||||||||
(43,313 | ) | (894,053 | ) | (739,266 | ) | (16,501,776 | ) | (11,348 | ) | (197,632 | ) | (902,876 | ) | (17,852,182 | ) | (47,583 | ) | (953,835 | ) | (525,765 | ) | (12,090,480 | ) | |||||||||||||||||||||||||||
(228,889 | ) | (4,676,337 | ) | (260,940 | ) | (5,859,379 | ) | (140,768 | ) | (2,499,467 | ) | (241,188 | ) | (4,795,297 | ) | (129,903 | ) | (2,682,496 | ) | (225,496 | ) | (5,222,617 | ) | |||||||||||||||||||||||||||
(17,601 | ) | (354,167 | ) | (46,986 | ) | (1,081,748 | ) | (12,596 | ) | (216,885 | ) | (31,938 | ) | (652,525 | ) | (22,869 | ) | (457,065 | ) | (899 | ) | (20,931 | ) | |||||||||||||||||||||||||||
186,242 | $ | 3,545,650 | (579,112 | ) | $ | (12,865,547 | ) | 366,803 | $ | 6,111,507 | (704,088 | ) | $ | (13,851,907 | ) | 294,390 | $ | 5,698,075 | (370,739 | ) | $ | (8,480,306 | ) |
Semiannual Report | | March 31, 2019 | 367 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2019 (Unaudited)
AllianzGI Retirement 2045 | AllianzGI Retirement 2050 | |||||||||||||||||||||||||||||||||||
Six Months ended March 31, 2019 (unaudited) | Year ended September 30, 2018 | Six Months ended March 31, 2019 (unaudited) | Year ended September 30, 2018 | |||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||||||||||||||
Class A | 19,814 | $ | 361,182 | 56,069 | $ | 1,129,599 | 16,879 | $ | 343,188 | 48,528 | $ | 1,088,804 | ||||||||||||||||||||||||
Class C | — | — | — | — | 452 | 8,929 | 1,180 | 26,124 | ||||||||||||||||||||||||||||
Class R | 2,332 | 40,725 | 4,109 | 82,431 | 1,677 | 32,546 | 2,705 | 60,262 | ||||||||||||||||||||||||||||
Class P | 68,934 | 1,248,880 | 122,579 | 2,493,760 | 53,774 | 1,079,007 | 122,468 | 2,781,748 | ||||||||||||||||||||||||||||
Institutional Class | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Class R6 | 190,060 | 3,428,136 | 193,863 | 3,946,331 | 155,972 | 3,121,916 | 200,778 | 4,587,934 | ||||||||||||||||||||||||||||
Administrative Class | 2,707 | 49,005 | 5,743 | 116,672 | 1,724 | 34,921 | 4,039 | 91,333 | ||||||||||||||||||||||||||||
Issued in reinvestment of dividends and distributions: | ||||||||||||||||||||||||||||||||||||
Class A | 9,009 | 145,674 | 13,781 | 276,721 | 11,121 | 198,732 | 9,057 | 201,877 | ||||||||||||||||||||||||||||
Class C | — | — | — | — | 741 | 13,008 | 482 | 10,589 | ||||||||||||||||||||||||||||
Class R | 246 | 3,935 | 411 | 8,184 | 134 | 2,402 | 79 | 1,759 | ||||||||||||||||||||||||||||
Class P | 68,256 | 1,099,610 | 50,653 | 1,018,130 | 46,234 | 831,742 | 37,273 | 836,401 | ||||||||||||||||||||||||||||
Institutional Class | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Class R6 | 70,951 | 1,145,865 | 42,722 | 860,846 | 73,579 | 1,328,104 | 50,642 | 1,140,455 | ||||||||||||||||||||||||||||
Administrative Class | 2,988 | 47,868 | 1,746 | 34,918 | 3,590 | 64,296 | 2,445 | 54,641 | ||||||||||||||||||||||||||||
Cost of shares redeemed: | ||||||||||||||||||||||||||||||||||||
Class A | (35,057 | ) | (650,679 | ) | (180,667 | ) | (3,655,251 | ) | (7,977 | ) | (156,334 | ) | (101,981 | ) | (2,312,616 | ) | ||||||||||||||||||||
Class C | — | — | — | — | (510 | ) | (10,354 | ) | (588 | ) | (12,858 | ) | ||||||||||||||||||||||||
Class R | (767 | ) | (13,013 | ) | (6,639 | ) | (132,098 | ) | (53 | ) | (1,002 | ) | (1,410 | ) | (31,747 | ) | ||||||||||||||||||||
Class P | (37,418 | ) | (676,331 | ) | (261,605 | ) | (5,285,576 | ) | (34,960 | ) | (714,196 | ) | (186,882 | ) | (4,209,375 | ) | ||||||||||||||||||||
Institutional Class | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Class R6 | (99,928 | ) | (1,804,271 | ) | (171,133 | ) | (3,434,564 | ) | (120,484 | ) | (2,441,043 | ) | (176,037 | ) | (3,964,780 | ) | ||||||||||||||||||||
Administrative Class | (17,409 | ) | (303,904 | ) | (10,242 | ) | (209,921 | ) | (15,343 | ) | (300,192 | ) | (3,728 | ) | (83,533 | ) | ||||||||||||||||||||
Net increase (decrease) resulting from Fund share transactions | 244,718 | $ | 4,122,682 | (138,610 | ) | $ | (2,749,818 | ) | 186,550 | $ | 3,435,670 | 9,050 | $ | 267,018 |
— | May reflect actual amounts rounding to less than $1 or less than 1 share. |
# | For the period February 1, 2018 (commencement of share class) through September 30, 2018. “Shares sold” includes shares sold to AFI. |
368 | March 31, 2019 | | Semiannual Report |
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AllianzGI Retirement 2055 | AllianzGI Multi Asset Income | AllianzGI Global Allocation | ||||||||||||||||||||||||||||||||||||||||||||||||
Six Months ended March 31, 2019 (unaudited) | Year ended September 30, 2018 | Six Months ended March 31, 2019 (unaudited) | Year ended September 30, 2018 | Six Months ended March 31, 2019 (unaudited) | Year ended September 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||
14,995 | $ | 262,807 | 43,766 | $ | 852,643 | 272,539 | $ | 4,577,859 | 127,195 | $ | 2,263,468 | 1,642,394 | $ | 18,332,117 | 369,365 | $ | 4,313,644 | |||||||||||||||||||||||||||||||||
— | — | — | — | 18,381 | 300,946 | 50,760 | 906,687 | 106,912 | 1,107,816 | 289,992 | 3,557,800 | |||||||||||||||||||||||||||||||||||||||
614 | 10,351 | 1,801 | 35,093 | 253 | 4,426 | 919 | 17,167 | 159 | 1,730 | 1,246 | 14,717 | |||||||||||||||||||||||||||||||||||||||
67,300 | 1,181,644 | 160,198 | 3,144,890 | 44,604 | 755,572 | 91,953 | 1,649,124 | 303,756 | 3,005,475 | 165,981 | 1,937,964 | |||||||||||||||||||||||||||||||||||||||
— | — | — | — | 3,094 | 50,141 | 2,790 | # | 48,205 | # | 41,115 | 446,509 | 73,427 | 852,991 | |||||||||||||||||||||||||||||||||||||
110,437 | 1,928,164 | 208,405 | 4,114,096 | 34,888 | 578,456 | 225,653 | 3,993,052 | 2,422,958 | 24,975,793 | 11,653,880 | 140,071,822 | |||||||||||||||||||||||||||||||||||||||
3,499 | 61,691 | 8,555 | 166,304 | 1,228 | 21,124 | 1,824 | 32,811 | — | — | 36 | 449 | |||||||||||||||||||||||||||||||||||||||
6,940 | 108,201 | 6,743 | 129,807 | 17,486 | 292,338 | 36,286 | 648,381 | 266,701 | 2,670,566 | 313,963 | 3,642,134 | |||||||||||||||||||||||||||||||||||||||
— | — | — | — | 2,089 | 34,914 | 10,887 | 195,173 | 28,247 | 290,694 | 223,202 | 2,640,348 | |||||||||||||||||||||||||||||||||||||||
266 | 4,136 | 201 | 3,864 | 47 | 821 | 110 | 2,058 | 195 | 1,920 | 227 | 2,606 | |||||||||||||||||||||||||||||||||||||||
27,538 | 431,803 | 21,627 | 419,135 | 15,162 | 256,104 | 51,634 | 932,949 | 12,153 | 120,344 | 12,039 | 138,366 | |||||||||||||||||||||||||||||||||||||||
— | — | — | — | 126 | 2,068 | 79 | # | 1,347 | # | 39,209 | 391,327 | 51,790 | 598,913 | |||||||||||||||||||||||||||||||||||||
37,615 | 592,430 | 23,693 | 461,056 | 23,893 | 392,755 | 77,749 | 1,368,964 | 1,572,135 | 15,373,164 | 2,417,281 | 27,424,554 | |||||||||||||||||||||||||||||||||||||||
1,736 | 27,083 | 1,162 | 22,436 | 724 | 12,248 | 4,082 | 74,968 | 120 | 1,236 | 214 | 2,546 | |||||||||||||||||||||||||||||||||||||||
(17,545 | ) | (307,115 | ) | (69,984 | ) | (1,354,727 | ) | (88,761 | ) | (1,484,322 | ) | (202,417 | ) | (3,551,087 | ) | (663,219 | ) | (7,058,588 | ) | (934,682 | ) | (10,892,920 | ) | |||||||||||||||||||||||||||
— | — | — | — | (58,820 | ) | (1,004,064 | ) | (119,715 | ) | (2,094,141 | ) | (1,664,693 | ) | (18,951,956 | ) | (1,046,240 | ) | (12,371,273 | ) | |||||||||||||||||||||||||||||||
(2,835 | ) | (47,399 | ) | (977 | ) | (18,773 | ) | (506 | ) | (8,874 | ) | (2,140 | ) | (39,151 | ) | (1,533 | ) | (15,474 | ) | (349 | ) | (4,283 | ) | |||||||||||||||||||||||||||
(18,632 | ) | (334,606 | ) | (188,085 | ) | (3,661,247 | ) | (103,565 | ) | (1,754,294 | ) | (375,738 | ) | (6,664,172 | ) | (97,045 | ) | (1,007,475 | ) | (90,994 | ) | (1,081,462 | ) | |||||||||||||||||||||||||||
— | — | — | — | (2,018 | ) | (32,803 | ) | (15 | )# | (263 | )# | (110,860 | ) | (1,163,072 | ) | (109,728 | ) | (1,269,146 | ) | |||||||||||||||||||||||||||||||
(55,740 | ) | (982,894 | ) | (142,991 | ) | (2,779,986 | ) | (317,267 | ) | (5,254,658 | ) | (551,697 | ) | (9,584,831 | ) | (2,506,675 | ) | (25,893,874 | ) | (13,391,527 | ) | (159,822,093 | ) | |||||||||||||||||||||||||||
(13,465 | ) | (228,750 | ) | (11,981 | ) | (234,582 | ) | (31,039 | ) | (534,196 | ) | (58,582 | ) | (1,043,282 | ) | — | — | (426 | ) | (5,002 | ) | |||||||||||||||||||||||||||||
| 162,723 | $ | 2,707,546 | 62,133 | $ | 1,300,009 | (167,462 | ) | $ | (2,793,439 | ) | (628,383 | ) | $ | (10,842,573 | ) | 1,392,029 | $ | 12,628,252 | (1,303 | ) | $ | (247,325 | ) |
Semiannual Report | | March 31, 2019 | 369 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2019 (Unaudited)
AllianzGI Best Styles Global Equity | AllianzGI Best Styles International Equity | |||||||||||||||||||||||||||||||||||
Six Months ended March 31, 2019 (unaudited) | Year ended September 30, 2018 | Six Months ended March 31, 2019 (unaudited) | Year ended September 30, 2018 | |||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||||||||||||||
Class A | 15,403 | $ | 212,146 | 20,397 | $ | 366,653 | 6,201 | $ | 85,385 | 26,557 | $ | 411,757 | ||||||||||||||||||||||||
Class C | — | — | 1,781 | 32,689 | — | — | 3,531 | 52,918 | ||||||||||||||||||||||||||||
Class R | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Class P | 21,801 | 300,192 | 39,918 | 717,027 | — | — | — | — | ||||||||||||||||||||||||||||
Institutional Class | 8,027 | 112,915 | 23,426 | 413,192 | 15,904 | 223,637 | 52,319 | 797,120 | ||||||||||||||||||||||||||||
Class R6 | 1,836,632 | 26,884,621 | 6,392,913 | 114,453,742 | 178,594 | 2,370,936 | 253,973 | 4,006,624 | ||||||||||||||||||||||||||||
Administrative Class | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Issued in reinvestment of dividends and distributions: | ||||||||||||||||||||||||||||||||||||
Class A | 8,996 | 111,996 | 9,117 | 156,176 | 1,215 | 14,933 | 1,219 | 18,889 | ||||||||||||||||||||||||||||
Class C | 145 | 1,808 | 451 | 7,589 | 178 | 2,193 | 300 | 4,603 | ||||||||||||||||||||||||||||
Class R | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Class P | 13,017 | 162,066 | 18,861 | 322,713 | 345 | 4,235 | 355 | 5,511 | ||||||||||||||||||||||||||||
Institutional Class | 22,536 | 276,295 | 19,183 | 324,963 | 1,123 | 13,825 | 265 | 4,124 | ||||||||||||||||||||||||||||
Class R6 | 5,349,997 | 66,179,468 | 4,650,001 | 79,375,510 | 73,989 | 913,758 | 68,138 | 1,061,586 | ||||||||||||||||||||||||||||
Administrative Class | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Cost of shares redeemed: | ||||||||||||||||||||||||||||||||||||
Class A | (21,154 | ) | (313,597 | ) | (26,890 | ) | (465,724 | ) | (9,290 | ) | (123,978 | ) | (26,324 | ) | (409,241 | ) | ||||||||||||||||||||
Class C | (1,386 | ) | (22,107 | ) | (5,312 | ) | (96,392 | ) | (3,890 | ) | (50,890 | ) | (6,263 | ) | (96,644 | ) | ||||||||||||||||||||
Class R | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Class P | (91,123 | ) | (1,270,560 | ) | (101,506 | ) | (1,758,564 | ) | (309 | ) | (3,796 | ) | (320 | ) | (4,963 | ) | ||||||||||||||||||||
Institutional Class | (136,081 | ) | (1,737,237 | ) | (27,847 | ) | (485,711 | ) | (49,336 | ) | (665,645 | ) | (800 | ) | (12,814 | ) | ||||||||||||||||||||
Class R6 | (3,020,618 | ) | (42,112,040 | ) | (12,640,288 | ) | (222,258,029 | ) | (151,856 | ) | (2,039,645 | ) | (347,045 | ) | (5,487,075 | ) | ||||||||||||||||||||
Administrative Class | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Net increase (decrease) resulting from Fund share transactions | 4,006,192 | $ | 48,785,966 | (1,625,795 | ) | $ | (28,894,166 | ) | 62,868 | $ | 744,948 | 25,905 | $ | 352,395 |
— | May reflect actual amounts rounding to less than $1 or less than 1 share. |
† | Commencement of operations. |
370 | March 31, 2019 | | Semiannual Report |
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AllianzGI Best Styles U.S. Equity | AllianzGI Convertible | AllianzGI Core Bond | ||||||||||||||||||||||||||||||||||||||||||||||||
Six Months ended March 31, 2019 (unaudited) | Year ended September 30, 2018 | Six Months ended March 31, 2019 (unaudited) | Year ended September 30, 2018 | Six Months ended March 31, 2019 (unaudited) | Period from through | |||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||
31,115 | $ | 480,099 | 15,181 | $ | 296,027 | 297,625 | $ | 8,513,557 | 207,449 | $ | 6,503,197 | — | $ | — | — | $ | — | |||||||||||||||||||||||||||||||||
5,670 | 86,068 | 943 | 18,015 | 332,978 | 9,281,781 | 353,677 | 11,048,314 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
— | — | — | — | 350 | 10,185 | 775 | 25,467 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
30,370 | 558,366 | 7,044 | 139,403 | 1,324,613 | 36,355,196 | 1,412,411 | 43,072,476 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
2,471 | 38,000 | 3,537 | 68,251 | 1,572,542 | 44,327,139 | 1,934,862 | 59,803,946 | 2,048 | 30,913 | — | — | |||||||||||||||||||||||||||||||||||||||
513,474 | 8,513,636 | 815,815 | 15,612,646 | — | — | — | — | 77,678 | 1,175,341 | 402,385 | 6,016,814 | |||||||||||||||||||||||||||||||||||||||
— | — | — | — | 314 | 8,745 | 1,379 | 44,007 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
6,062 | 82,571 | 264 | 4,958 | 315,153 | 7,807,789 | 415,204 | 12,056,650 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
851 | 11,259 | 107 | 1,972 | 226,676 | 5,677,074 | 228,935 | 6,674,305 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
— | — | — | — | 483 | 12,428 | 385 | 11,580 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
8,119 | 109,529 | 1,675 | 31,132 | 514,062 | 12,403,869 | 439,297 | 12,532,377 | 11 | 162 | 4 | 72 | |||||||||||||||||||||||||||||||||||||||
1,850 | 25,032 | 411 | 7,666 | 1,873,849 | 45,664,226 | 1,844,088 | 53,040,379 | 16 | 243 | 5 | 73 | |||||||||||||||||||||||||||||||||||||||
1,323,571 | 18,027,043 | 395,294 | 7,399,903 | — | — | — | — | 33,961 | 508,066 | 14,480 | 216,814 | |||||||||||||||||||||||||||||||||||||||
— | — | — | — | 4,691 | 114,785 | 6,065 | 174,529 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
(2,496 | ) | (46,840 | ) | (748 | ) | (15,112 | ) | (459,995 | ) | (12,788,069 | ) | (984,752 | ) | (31,388,653 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
(3,338 | ) | (48,705 | ) | (828 | ) | (15,605 | ) | (364,017 | ) | (10,374,073 | ) | (383,725 | ) | (12,080,360 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
— | — | — | — | (47 | ) | (1,445 | ) | (1,606 | ) | (52,517 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||||
(52,834 | ) | (891,215 | ) | (1,380 | ) | (27,125 | ) | (1,062,500 | ) | (28,804,260 | ) | (1,031,353 | ) | (31,440,570 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
(7,371 | ) | (104,431 | ) | (3,726 | ) | (70,801 | ) | (2,354,439 | ) | (64,148,434 | ) | (3,032,900 | ) | (96,524,746 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
(646,792 | ) | (10,196,253 | ) | (2,476,896 | ) | (48,767,732 | ) | — | — | — | — | (7,242 | ) | (109,622 | ) | (112,870 | ) | (1,686,282 | ) | |||||||||||||||||||||||||||||||
— | — | — | — | (17,224 | ) | (477,592 | ) | (13,095 | ) | (436,418 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||||
| 1,210,722 | $ | 16,644,159 | (1,243,307 | ) | $ | (25,316,402 | ) | 2,205,114 | $ | 53,582,901 | 1,397,096 | $ | 33,063,963 | 106,472 | $ | 1,605,103 | 304,004 | $ | 4,547,491 |
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Notes to Financial Statements (cont’d)
March 31, 2019 (Unaudited)
AllianzGI Core Plus Bond | AllianzGI Emerging Markets Consumer | |||||||||||||||||||||||||||||||||||
Six Months ended March 31, 2019 (unaudited) | Period from through | Six Months ended March 31, 2019 (unaudited) | Year ended September 30, 2018 | |||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||||||||||||||
Class A | — | $ | — | — | $ | — | 79 | $ | 1,000 | 433 | $ | 7,099 | ||||||||||||||||||||||||
Class C | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Class P | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Institutional Class | — | — | — | — | 818,809 | 10,547,825 | 1,045,849 | 16,710,931 | ||||||||||||||||||||||||||||
Class R6 | 43,264 | 646,336 | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Issued in reinvestment of dividends and distributions: | ||||||||||||||||||||||||||||||||||||
Class A | — | — | — | — | 17 | 207 | 562 | 8,911 | ||||||||||||||||||||||||||||
Class C | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Class P | 11 | 153 | 4 | 72 | — | — | — | — | ||||||||||||||||||||||||||||
Institutional Class | 10 | 158 | 5 | 74 | 35,465 | 442,608 | 85,235 | 1,364,614 | ||||||||||||||||||||||||||||
Class R6 | 44,185 | 660,344 | 20,063 | 300,598 | — | — | — | — | ||||||||||||||||||||||||||||
Cost of shares redeemed: | ||||||||||||||||||||||||||||||||||||
Class A | — | — | — | — | (506 | ) | (7,011 | ) | (5,782 | ) | (88,339 | ) | ||||||||||||||||||||||||
Class C | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Institutional Class | — | — | — | — | (1,000,111 | ) | (13,036,747 | ) | (788,915 | ) | (12,184,557 | ) | ||||||||||||||||||||||||
Class R6 | (8,839 | ) | (132,671 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net increase (decrease) resulting from Fund share transactions | 78,631 | $ | 1,174,320 | 20,072 | $ | 300,744 | (146,247 | ) | $ | (2,052,118 | ) | 337,382 | $ | 5,818,659 |
— | May reflect actual amounts rounding to less than $1 or less than 1 share. |
† | Commencement of operations. |
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AllianzGI Emerging Markets Debt | AllianzGI Emerging Markets Small-Cap | AllianzGI Floating Rate Note | ||||||||||||||||||||||||||||||||||||||||||||||||
Six Months ended March 31, 2019 (unaudited) | Year ended September 30, 2018 | Six Months ended March 31, 2019 (unaudited) | Year ended September 30, 2018 | Six Months ended March 31, 2019 (unaudited) | Period from December 27, 2017† through September 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||
3,135 | $ | 41,646 | 37,243 | $ | 533,756 | 795 | $ | 12,404 | 4,234 | $ | 75,615 | — | $ | — | — | $ | — | |||||||||||||||||||||||||||||||||
— | — | 207 | 3,001 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
83,252 | 1,109,257 | 171,295 | 2,535,268 | 14,469 | 225,276 | 67,521 | 1,218,249 | 55,359 | 822,811 | 378,510 | 5,669,291 | |||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | �� | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
124 | 1,710 | 449 | 6,347 | 389 | 5,633 | 873 | 15,332 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
13 | 187 | 255 | 3,645 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
22 | 296 | 47 | 651 | — | — | — | — | 16 | 240 | 10 | 152 | |||||||||||||||||||||||||||||||||||||||
33,491 | 448,111 | 116,064 | 1,642,180 | 37,237 | 528,395 | 43,678 | 758,248 | 26,656 | 391,902 | 13,750 | 205,805 | |||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
(4,428 | ) | (57,845 | ) | (37,068 | ) | (518,006 | ) | (2,684 | ) | (42,300 | ) | (8,079 | ) | (142,593 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
(2,437 | ) | (32,418 | ) | (4,613 | ) | (62,842 | ) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
(41,666 | ) | (545,842 | ) | (1,352,252 | ) | (19,401,035 | ) | (61,354 | ) | (933,734 | ) | (125,120 | ) | (2,267,176 | ) | (92,752 | ) | (1,368,813 | ) | (39,987 | ) | (598,878 | ) | |||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| 71,506 | $ | 965,102 | (1,068,373 | ) | $ | (15,257,035 | ) | (11,148 | ) | $ | (204,326 | ) | (16,893 | ) | $ | (342,325 | ) | (10,721 | ) | $ | (153,860 | ) | 352,283 | $ | 5,276,370 |
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Notes to Financial Statements (cont’d)
March 31, 2019 (Unaudited)
AllianzGI Global Dynamic Allocation | AllianzGI Global High Yield | |||||||||||||||||||||||||||||||||||
Six Months ended March 31, 2019 (unaudited) | Year ended September 30, 2018 | Six Months ended March 31, 2019 (unaudited) | Year ended September 30, 2018 | |||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||||||||||||||
Class A | 40,575 | $ | 778,195 | 24,968 | $ | 511,412 | — | $ | — | — | $ | — | ||||||||||||||||||||||||
Class C | 984 | 17,685 | 13,758 | 276,697 | — | — | — | — | ||||||||||||||||||||||||||||
Class R | 449 | 8,284 | 987 | 19,792 | — | — | — | — | ||||||||||||||||||||||||||||
Class P | 14,883 | 272,834 | 93,460 | 1,911,803 | — | — | — | — | ||||||||||||||||||||||||||||
Institutional Class | 13,738 | 252,092 | 234,450 | 4,759,989 | 33,961 | 500,331 | 46,776 | 703,903 | ||||||||||||||||||||||||||||
Class R6 | 610,746 | 11,506,528 | 1,008,881 | 20,351,605 | — | — | — | — | ||||||||||||||||||||||||||||
Issued in reinvestment of dividends and distributions: | ||||||||||||||||||||||||||||||||||||
Class A | 5,336 | 92,840 | 5,385 | 109,050 | — | — | — | — | ||||||||||||||||||||||||||||
Class C | 1,034 | 17,748 | 3,347 | 66,066 | — | — | — | — | ||||||||||||||||||||||||||||
Class R | 219 | 3,802 | 309 | 6,210 | — | — | — | — | ||||||||||||||||||||||||||||
Class P | 33,205 | 573,450 | 31,925 | 642,005 | 28 | 391 | 32 | 482 | ||||||||||||||||||||||||||||
Institutional Class | 20,229 | 356,643 | 80,510 | 1,630,333 | 62,202 | 879,623 | 70,591 | 1,055,110 | ||||||||||||||||||||||||||||
Class R6 | 489,384 | 8,485,926 | 602,641 | 12,155,278 | — | — | — | — | ||||||||||||||||||||||||||||
Administrative Class | 57 | 975 | 54 | 1,099 | — | — | — | — | ||||||||||||||||||||||||||||
Cost of shares redeemed: | ||||||||||||||||||||||||||||||||||||
Class A | (44,087 | ) | (810,133 | ) | (48,439 | ) | (975,886 | ) | — | — | — | — | ||||||||||||||||||||||||
Class C | (26,267 | ) | (498,206 | ) | (22,094 | ) | (430,779 | ) | — | — | — | — | ||||||||||||||||||||||||
Class R | (2,656 | ) | (50,218 | ) | (25 | ) | (493 | ) | — | — | — | — | ||||||||||||||||||||||||
Class P | (113,134 | ) | (2,066,215 | ) | (77,585 | ) | (1,561,740 | ) | — | — | — | — | ||||||||||||||||||||||||
Institutional Class | (138,482 | ) | (2,632,208 | ) | (1,202,910 | ) | (24,148,028 | ) | (1,416 | ) | (20,271 | ) | (30,638 | ) | (456,580 | ) | ||||||||||||||||||||
Class R6 | (509,093 | ) | (9,426,517 | ) | (3,328,287 | ) | (66,510,687 | ) | — | — | — | — | ||||||||||||||||||||||||
Net increase (decrease) resulting from Fund share transactions | 397,120 | $ | 6,883,505 | (2,578,665 | ) | $ | (51,186,274 | ) | 94,775 | $ | 1,360,074 | 86,761 | $ | 1,302,915 |
— | May reflect actual amounts rounding to less than $1 or less than 1 share. |
† | Commencement of operations. |
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AllianzGI Global Sustainability | AllianzGI Global Water | AllianzGI Green Bond | ||||||||||||||||||||||||||||||||||||||||
Six Months ended March 31, 2019 (unaudited) | Year ended September 30, 2018 | Six Months ended March 31, 2019 (unaudited) | Year ended September 30, 2018 | Period from November 19, 2018† through March 31, 2019 (unaudited) | ||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||
2,987 | $ | 49,458 | 10,545 | $ | 196,770 | 777,826 | $ | 11,244,868 | 2,670,501 | $ | 41,351,594 | 4,465 | $ | 67,479 | ||||||||||||||||||||||||||||
— | — | — | — | 174,332 | 2,349,662 | 813,178 | 12,057,027 | — | — | |||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
456,467 | 7,438,634 | 580,070 | 11,049,588 | 1,528,341 | 21,562,120 | 4,655,923 | 72,110,173 | 9,595 | 150,000 | |||||||||||||||||||||||||||||||||
26,068 | 464,530 | 138,230 | 2,594,493 | 1,410,351 | 19,861,629 | 3,524,902 | 53,633,616 | 10,456 | 162,109 | |||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
2,973 | 44,718 | 877 | 15,922 | 327,536 | 4,297,269 | 273,441 | 4,252,010 | 27 | 409 | |||||||||||||||||||||||||||||||||
— | — | — | — | 123,952 | 1,556,835 | 117,917 | 1,754,605 | — | — | |||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
57,911 | 876,192 | 121 | 2,224 | 392,540 | 5,146,199 | 297,452 | 4,628,355 | 10 | 152 | |||||||||||||||||||||||||||||||||
53,317 | 822,141 | 50,576 | 928,569 | 384,535 | 4,948,969 | 330,391 | 5,051,676 | 1,961 | 30,139 | |||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
(5,153 | ) | (82,343 | ) | (2,241 | ) | (41,302 | ) | (1,632,899 | ) | (23,193,639 | ) | (4,165,975 | ) | (64,185,516 | ) | — | — | |||||||||||||||||||||||||
— | — | — | — | (966,487 | ) | (13,301,290 | ) | (1,328,543 | ) | (19,492,116 | ) | — | — | |||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
(126,156 | ) | (2,134,338 | ) | (6,547 | ) | (127,128 | ) | (3,843,083 | ) | (53,964,556 | ) | (2,873,341 | ) | (44,427,404 | ) | (6 | ) | (90 | ) | |||||||||||||||||||||||
(790,492 | ) | (14,449,542 | ) | (225,433 | ) | (4,245,826 | ) | (3,305,312 | ) | (46,185,464 | ) | (2,414,086 | ) | (36,595,471 | ) | (46 | ) | (703 | ) | |||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
| (322,078 | ) | $ | (6,970,550 | ) | 546,198 | $ | 10,373,310 | (4,628,368 | ) | $ | (65,677,398 | ) | 1,901,760 | $ | 30,138,549 | 26,462 | $ | 409,495 |
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Notes to Financial Statements (cont’d)
March 31, 2019 (Unaudited)
AllianzGI High Yield Bond | AllianzGI International Growth | |||||||||||||||||||||||||||||||||||
Six Months ended March 31, 2019 (unaudited) | Year ended September 30, 2018 | Six Months ended March 31, 2019 (unaudited) | Year ended September 30, 2018 | |||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||||||||||||||
Class A | 475,312 | $ | 4,106,323 | 796,523 | $ | 7,237,524 | 12,047 | $ | 192,324 | 70,377 | $ | 1,293,246 | ||||||||||||||||||||||||
Class C | 78,195 | 661,732 | 74,754 | 684,819 | — | — | — | — | ||||||||||||||||||||||||||||
Class R | 78,301 | 647,971 | 51,238 | 450,609 | — | — | — | — | ||||||||||||||||||||||||||||
Class P | 611,828 | 5,025,325 | 471,053 | 4,141,566 | — | — | — | — | ||||||||||||||||||||||||||||
Institutional Class | 1,128,610 | 9,366,935 | 4,191,771 | 36,921,650 | 40,990 | 670,698 | 502,575 | 9,437,985 | ||||||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Administrative Class | 231 | 1,885 | 10,209 | 89,174 | — | — | — | — | ||||||||||||||||||||||||||||
Issued in reinvestment of dividends and distributions: | ||||||||||||||||||||||||||||||||||||
Class A | 88,409 | 761,829 | 210,692 | 1,903,097 | 1,171 | 17,196 | 1,355 | 24,200 | ||||||||||||||||||||||||||||
Class C | 14,934 | 128,393 | 45,134 | 406,485 | — | — | — | — | ||||||||||||||||||||||||||||
Class R | 1,600 | 13,195 | 2,981 | 25,763 | — | — | — | — | ||||||||||||||||||||||||||||
Class P | 52,590 | 434,271 | 149,349 | 1,297,642 | — | — | — | — | ||||||||||||||||||||||||||||
Institutional Class | 332,499 | 2,754,800 | 836,180 | 7,265,664 | 43,871 | 660,259 | 126,340 | 2,304,442 | ||||||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Administrative Class | 50 | 405 | 3,204 | 28,001 | — | — | — | — | ||||||||||||||||||||||||||||
Cost of shares redeemed: | ||||||||||||||||||||||||||||||||||||
Class A | (807,590 | ) | (6,988,677 | ) | (3,503,149 | ) | (32,035,899 | ) | (36,935 | ) | (596,583 | ) | (9,345 | ) | (170,014 | ) | ||||||||||||||||||||
Class C | (371,030 | ) | (3,230,940 | ) | (420,334 | ) | (3,804,191 | ) | — | — | — | — | ||||||||||||||||||||||||
Class R | (84,136 | ) | (698,598 | ) | (68,530 | ) | (605,660 | ) | — | — | — | — | ||||||||||||||||||||||||
Class P | (1,024,193 | ) | (8,437,474 | ) | (2,582,395 | ) | (22,768,371 | ) | — | — | — | — | ||||||||||||||||||||||||
Institutional Class | (5,450,033 | ) | (45,205,439 | ) | (8,055,626 | ) | (70,259,175 | ) | (80,602 | ) | (1,349,661 | ) | (66,082 | ) | (1,344,090 | ) | ||||||||||||||||||||
Class R6 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Administrative Class | (105 | ) | (863 | ) | (179,529 | ) | (1,534,418 | ) | — | — | — | — | ||||||||||||||||||||||||
Net increase (decrease) resulting from Fund share transactions | (4,874,528 | ) | $ | (40,658,927 | ) | (7,966,475 | ) | $ | (70,555,720 | ) | (19,458 | ) | $ | (405,767 | ) | 625,220 | $ | 11,545,769 |
— | May reflect actual amounts rounding to less than $1 or less than 1 share |
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AllianzGI International Small-Cap | AllianzGI Micro Cap | AllianzGI NFJ Emerging Markets Value | ||||||||||||||||||||||||||||||||||||||||||||||||
Six Months ended March 31, 2019 (unaudited) | Year ended September 30, 2018 | Six Months ended March 31, 2019 (unaudited) | Year ended September 30, 2018 | Six Months ended March 31, 2019 (unaudited) | Year ended September 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||
39,570 | $ | 1,339,319 | 539,679 | $ | 24,176,578 | 3,513 | $ | 43,166 | 14,367 | $ | 229,885 | 159,151 | $ | 2,398,207 | 4,873,330 | $ | 88,876,479 | |||||||||||||||||||||||||||||||||
1,731 | 53,520 | 20,361 | 884,323 | — | — | — | — | 18,597 | 285,217 | 50,026 | 918,495 | |||||||||||||||||||||||||||||||||||||||
11,848 | 424,966 | 15,817 | 672,491 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
82,692 | 2,838,210 | 294,664 | 12,847,308 | 32,189 | 335,654 | 85,615 | 1,352,886 | 20,806 | 316,566 | 686,711 | 12,473,879 | |||||||||||||||||||||||||||||||||||||||
309,381 | 10,778,083 | 587,195 | 27,381,698 | 115,037 | 1,283,999 | 267,091 | 4,313,712 | 1,727,035 | 26,307,250 | 6,133,330 | 109,674,069 | |||||||||||||||||||||||||||||||||||||||
115,413 | 3,559,270 | 590,821 | 26,609,280 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
28,989 | 810,249 | 2,914 | 125,294 | 44,402 | 400,953 | 9,998 | 150,676 | 2,162 | 35,544 | 29,652 | 517,662 | |||||||||||||||||||||||||||||||||||||||
8,012 | 215,286 | 1,313 | 54,903 | — | — | — | — | 124 | 1,916 | 810 | 13,580 | |||||||||||||||||||||||||||||||||||||||
6,359 | 167,366 | 189 | 7,918 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
159,754 | 4,426,791 | 36,896 | 1,583,227 | 29,782 | 271,612 | 5,224 | 79,191 | 366 | 6,013 | 17,366 | 301,427 | |||||||||||||||||||||||||||||||||||||||
213,703 | 6,161,056 | 41,071 | 1,826,435 | 423,173 | 3,884,729 | 99,908 | 1,522,599 | 80,986 | 1,192,724 | 134,628 | 2,287,173 | |||||||||||||||||||||||||||||||||||||||
141,955 | 4,068,417 | 21,533 | 957,134 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
(97,127 | ) | (3,397,067 | ) | (478,533 | ) | (20,860,283 | ) | (40,829 | ) | (486,350 | ) | (60,904 | ) | (964,599 | ) | (496,711 | ) | (7,527,328 | ) | (4,146,038 | ) | (72,566,773 | ) | |||||||||||||||||||||||||||
(31,698 | ) | (1,094,561 | ) | (29,667 | ) | (1,237,253 | ) | — | — | — | — | (20,617 | ) | (306,919 | ) | (7,511 | ) | (131,017 | ) | |||||||||||||||||||||||||||||||
(2,846 | ) | (89,717 | ) | (2,355 | ) | (102,377 | ) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
(569,753 | ) | (19,018,680 | ) | (548,847 | ) | (24,412,812 | ) | (83,086 | ) | (903,243 | ) | (86,274 | ) | (1,355,798 | ) | (87,333 | ) | (1,324,035 | ) | (1,660,903 | ) | (27,625,591 | ) | |||||||||||||||||||||||||||
(197,024 | ) | (6,180,949 | ) | (1,105,969 | ) | (49,769,907 | ) | (482,292 | ) | (5,698,324 | ) | (661,408 | ) | (10,435,016 | ) | (2,476,282 | ) | (36,897,097 | ) | (1,412,420 | ) | (24,367,528 | ) | |||||||||||||||||||||||||||
(121,376 | ) | (4,045,486 | ) | (268,488 | ) | (12,115,616 | ) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| 99,583 | $ | 1,016,073 | (281,406 | ) | $ | (11,371,659 | ) | 41,889 | $ | (867,804 | ) | (326,383 | ) | $ | (5,106,464 | ) | (1,071,716 | ) | $ | (15,511,942 | ) | 4,698,981 | $ | 90,371,855 |
Semiannual Report | | March 31, 2019 | 377 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2019 (Unaudited)
AllianzGI PerformanceFee Managed Futures Strategy | AllianzGI PerformanceFee Structured US Equity | |||||||||||||||||||||||||||||||||||
Six Months ended March 31, 2019 (unaudited) | Period from December 18, 2017† through September 30, 2018 | Six Months ended March 31, 2019 (unaudited) | Period from December 18, 2017† through September 30, 2018 | |||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||||||||||||||
Class A | — | $ | — | — | $ | — | — | $ | — | — | $ | — | ||||||||||||||||||||||||
Class C | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Class P | — | — | — | — | 101,159 | 998,294 | — | — | ||||||||||||||||||||||||||||
Institutional Class | 103,781 | 985,830 | 57,095 | 550,654 | 147,879 | 1,410,223 | 3,656,574 | 39,018,487 | ||||||||||||||||||||||||||||
Class R6 | 1,715,828 | 15,801,388 | 1,627,386 | 16,230,568 | 234,937 | 2,147,408 | 1,378,034 | 14,214,731 | ||||||||||||||||||||||||||||
Issued in reinvestment of dividends and distributions: | ||||||||||||||||||||||||||||||||||||
Class A | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Class C | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Class P | 9 | 81 | — | — | 675 | 5,757 | — | — | ||||||||||||||||||||||||||||
Institutional Class | 474 | 4,473 | — | — | 324,961 | 2,775,164 | — | — | ||||||||||||||||||||||||||||
Class R6 | 32,392 | 305,782 | — | — | 330,464 | 2,828,771 | — | — | ||||||||||||||||||||||||||||
Cost of shares redeemed: | ||||||||||||||||||||||||||||||||||||
Class A | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Class C | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Class P | — | — | — | — | (515 | ) | (4,469 | ) | — | — | ||||||||||||||||||||||||||
Institutional Class | (104,189 | ) | (955,161 | ) | (4,395 | ) | (42,153 | ) | (101,241 | ) | (972,460 | ) | (37,753 | ) | (412,508 | ) | ||||||||||||||||||||
Class R6 | (42,875 | ) | (394,914 | ) | (43,722 | ) | (423,518 | ) | (362,436 | ) | (3,441,430 | ) | (31,820 | ) | (347,913 | ) | ||||||||||||||||||||
Net increase (decrease) resulting from Fund share transactions | 1,705,420 | $ | 15,747,479 | 1,636,364 | $ | 16,315,551 | 675,883 | $ | 5,747,258 | 4,965,035 | $ | 52,472,797 |
— | May reflect actual amounts rounding to less than $1 or less than 1 share |
† | Commencement of operations. |
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AllianzGI PerformanceFee Structured US Fixed Income | AllianzGI Preferred Securities and Income | AllianzGI Short Duration High Income | ||||||||||||||||||||||||||||||||||||||||||||||||
Six Months ended March 31, 2019 (unaudited) | Period from December 18, 2017† through September 30, 2018 | Six Months ended March 31, 2019 (unaudited) | Period from May 30, 2018† through September 30, 2018 | Six Months ended March 31, 2019 (unaudited) | Year ended September 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||
— | $ | — | — | $ | — | — | $ | — | — | $ | — | 3,462,395 | $ | 50,494,309 | 3,859,273 | $ | 57,794,244 | |||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | 1,831,024 | 26,570,589 | 2,143,605 | 32,050,213 | |||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | 16,243,011 | 234,907,307 | 13,000,981 | 194,110,884 | |||||||||||||||||||||||||||||||||||||||
26,089 | 260,000 | 18,871 | 186,825 | 1,655 | 24,500 | 101,706 | 1,537,850 | 7,687,123 | 111,615,761 | 13,218,128 | 197,275,694 | |||||||||||||||||||||||||||||||||||||||
106,493 | 1,056,020 | 17,332 | 171,151 | 188,030 | 2,739,989 | — | — | 1,101,801 | 15,950,091 | 2,773,793 | 41,555,774 | |||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | 253,207 | 3,670,578 | 539,451 | 8,065,229 | |||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | 182,436 | 2,643,281 | 354,329 | 5,286,210 | |||||||||||||||||||||||||||||||||||||||
33 | 317 | — | — | 17 | 259 | 9 | 134 | 683,911 | 9,839,113 | 1,048,148 | 15,625,723 | |||||||||||||||||||||||||||||||||||||||
68 | 671 | — | — | 2,750 | 39,878 | 378 | 5,686 | 754,098 | 10,860,168 | 1,353,472 | 20,185,213 | |||||||||||||||||||||||||||||||||||||||
82,274 | 798,429 | — | — | 20,511 | 297,664 | 9,113 | 137,009 | 112,552 | 1,619,471 | 177,574 | 2,647,559 | |||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | (3,125,859 | ) | (45,406,591 | ) | (8,675,606 | ) | (129,519,226 | ) | |||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | (2,518,481 | ) | (36,734,991 | ) | (3,212,318 | ) | (48,022,048 | ) | |||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | (9,268,430 | ) | (134,202,114 | ) | (32,694,772 | ) | (492,027,915 | ) | |||||||||||||||||||||||||||||||||||
— | — | (18,861 | ) | (186,725 | ) | — | — | — | — | (8,923,218 | ) | (128,971,646 | ) | (24,090,831 | ) | (360,032,751 | ) | |||||||||||||||||||||||||||||||||
(5,389 | ) | (52,721 | ) | — | — | (10,566 | ) | (152,776 | ) | — | — | (2,440,521 | ) | (35,346,487 | ) | (4,061,454 | ) | (60,996,929 | ) | |||||||||||||||||||||||||||||||
209,568 | $ | 2,062,716 | 17,342 | $ | 171,251 | | 202,397 | $ | 2,949,514 | 111,206 | $ | 1,680,679 | 6,035,049 | $ | 87,508,839 | (34,266,227 | ) | $ | (516,002,126 | ) |
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Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2019 (Unaudited)
AllianzGI Short Term Bond | AllianzGI Structured Return | |||||||||||||||||||||||||||||||||||
Six Months ended March 31, 2019 (unaudited) | Period from August 23, 2018† through September 30, 2018 | Six Months ended March 31, 2019 (unaudited) | Year ended September 30, 2018 | |||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
Shares sold: | ||||||||||||||||||||||||||||||||||||
Class A | 48,164 | $ | 718,598 | — | $ | — | 1,160,546 | $ | 18,156,750 | 3,578,492 | $ | 56,841,189 | ||||||||||||||||||||||||
Class C | — | — | — | — | 89,983 | 1,353,901 | 321,649 | 4,970,252 | ||||||||||||||||||||||||||||
Class P | — | — | — | — | 4,532,216 | 70,777,823 | 5,325,709 | 84,630,179 | ||||||||||||||||||||||||||||
Institutional Class | 133,375 | 2,004,349 | 11,731 | 176,000 | 7,788,085 | 123,193,565 | 12,430,901 | 198,879,500 | ||||||||||||||||||||||||||||
Class R6 | — | — | — | — | 177,166 | 2,787,878 | 1,112,999 | 17,549,532 | ||||||||||||||||||||||||||||
Issued in reinvestment of dividends and distributions: | ||||||||||||||||||||||||||||||||||||
Class A | 623 | 9,305 | — | — | 140,751 | 2,142,234 | 344,893 | 5,452,751 | ||||||||||||||||||||||||||||
Class C | — | — | — | — | 24,914 | 364,737 | 37,382 | 573,444 | ||||||||||||||||||||||||||||
Class P | 14 | 212 | — | — | 205,401 | 3,113,889 | 390,379 | 6,156,276 | ||||||||||||||||||||||||||||
Institutional Class | 8,209 | 122,633 | — | — | 669,953 | 10,230,176 | 596,378 | 9,500,308 | ||||||||||||||||||||||||||||
Class R6 | — | — | — | — | 92,540 | 1,407,534 | 86,252 | 1,367,964 | ||||||||||||||||||||||||||||
Cost of shares redeemed: | ||||||||||||||||||||||||||||||||||||
Class A | (6,082 | ) | (91,297 | ) | — | — | (5,233,083 | ) | (81,676,983 | ) | (5,471,305 | ) | (86,098,131 | ) | ||||||||||||||||||||||
Class C | — | — | — | — | (232,809 | ) | (3,505,566 | ) | (328,090 | ) | (5,034,992 | ) | ||||||||||||||||||||||||
Class P | — | — | — | — | (4,338,548 | ) | (68,410,909 | ) | (4,765,862 | ) | (75,222,509 | ) | ||||||||||||||||||||||||
Institutional Class | (36,471 | ) | (547,741 | ) | — | — | (3,509,473 | ) | (54,986,464 | ) | (4,342,363 | ) | (69,149,955 | ) | ||||||||||||||||||||||
Class R6 | — | — | — | — | (199,137 | ) | (3,133,506 | ) | (151,513 | ) | (2,395,261 | ) | ||||||||||||||||||||||||
Net increase (decrease) resulting from Fund share transactions | 147,832 | $ | 2,216,059 | 11,731 | $ | 176,000 | 1,368,505 | $ | 21,815,059 | 9,165,901 | $ | 148,020,547 |
— | May reflect actual amounts rounding to less than $1 or less than 1 share |
† | Commencement of operations. |
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AllianzGI U.S. Equity Hedged | AllianzGI Ultra Micro Cap | |||||||||||||||||||||||||||||||||
Six Months ended March 31, 2019 (unaudited) | Year ended September 30, 2018 | Six Months ended March 31, 2019 (unaudited) | Year ended September 30, 2018 | |||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||
5,566 | $ | 100,567 | 4,954 | $ | 89,481 | 17,940 | $ | 289,161 | 46,639 | $ | 922,104 | |||||||||||||||||||||||
1,384 | 23,290 | — | — | — | — | — | — | |||||||||||||||||||||||||||
— | — | 2,900 | 54,178 | 9,578 | 129,170 | 109,692 | 2,081,245 | |||||||||||||||||||||||||||
2,269 | 39,106 | 44,908 | 830,267 | 111,888 | 1,499,011 | 224,370 | 4,812,076 | |||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
2,216 | 35,189 | 484 | 8,868 | 161,678 | 1,689,533 | 146,421 | 2,623,868 | |||||||||||||||||||||||||||
766 | 11,667 | 202 | 3,555 | — | — | — | — | |||||||||||||||||||||||||||
312 | 4,848 | 23 | 409 | 104,123 | 1,123,484 | 50,434 | 922,434 | |||||||||||||||||||||||||||
5,567 | 89,856 | 1,044 | 19,371 | 329,329 | 3,566,635 | 266,881 | 4,891,933 | |||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
(5,657 | ) | (96,853 | ) | (9,392 | ) | (171,559 | ) | (117,647 | ) | (1,577,213 | ) | (280,049 | ) | (5,430,004 | ) | |||||||||||||||||||
(3,801 | ) | (65,072 | ) | (3,767 | ) | (65,379 | ) | — | — | — | — | |||||||||||||||||||||||
— | — | (306 | ) | (5,607 | ) | (77,169 | ) | (1,044,800 | ) | (64,153 | ) | (1,318,678 | ) | |||||||||||||||||||||
(36,798 | ) | (654,891 | ) | (32,633 | ) | (603,115 | ) | (255,353 | ) | (3,495,380 | ) | (470,044 | ) | (9,691,341 | ) | |||||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
(28,176 | ) | $ | (512,293 | ) | | 8,417 | $ | 160,469 | 284,367 | $ | 2,179,601 | 30,191 | $ | (186,363 | ) |
Semiannual Report | | March 31, 2019 | 381 |
Table of Contents
Notes to Financial Statements (cont’d)
March 31, 2019 (Unaudited)
10. | INVESTMENTS IN SECURITIES |
For the period or six months ended March 31, 2019, purchases and sales of investments, other than short-term securities and U.S. government obligations were:
Purchases | Sales | |||||||
AllianzGI Retirement 2020 | $ | 6,219,970 | $ | 6,070,204 | ||||
AllianzGI Retirement 2025 | 6,605,370 | 7,178,588 | ||||||
AllianzGI Retirement 2030 | 7,071,591 | 3,909,994 | ||||||
AllianzGI Retirement 2035 | 7,584,808 | 2,415,093 | ||||||
AllianzGI Retirement 2040 | 8,237,026 | 2,063,813 | ||||||
AllianzGI Retirement 2045 | 6,374,406 | 1,057,291 | ||||||
AllianzGI Retirement 2050 | 5,542,171 | 422,327 | ||||||
AllianzGI Retirement 2055 | 3,411,863 | 156,881 | ||||||
AllianzGI Multi Asset Income | 49,328,106 | 52,506,146 | ||||||
AllianzGI Global Allocation | 45,015,218 | 33,346,278 | ||||||
AllianzGI Best Styles Global Equity | 150,147,010 | 164,303,067 | ||||||
AllianzGI Best Styles International Equity | 5,670,473 | 5,757,570 | ||||||
AllianzGI Best Styles U.S. Equity | 2,825,142 | 2,651,089 | ||||||
AllianzGI Convertible | 340,573,451 | 365,619,593 | ||||||
AllianzGI Core Bond | 43,379,897 | 47,269,145 | ||||||
AllianzGI Core Plus Bond | 62,099,829 | 67,737,282 | ||||||
AllianzGI Emerging Markets Consumer | 23,280,771 | 26,411,553 | ||||||
AllianzGI Emerging Markets Debt | 11,593,459 | 11,566,464 | ||||||
AllianzGI Emerging MarketsSmall-Cap | 3,512,323 | 4,185,619 | ||||||
AllianzGI Floating Rate Note | 14,637,152 | 13,770,290 | ||||||
AllianzGI Global Dynamic Allocation | 74,179,858 | 73,085,656 | ||||||
AllianzGI Global High Yield | 11,954,112 | 11,036,767 | ||||||
AllianzGI Global Sustainability | 7,430,013 | 16,400,551 | ||||||
AllianzGI Global Water | 82,461,730 | 151,857,517 | ||||||
AllianzGI Green Bond | 6,840,378 | 1,403,882 | ||||||
AllianzGI High Yield Bond | 41,410,313 | 78,294,228 | ||||||
AllianzGI International Growth | 4,267,259 | 5,108,047 | ||||||
AllianzGI InternationalSmall-Cap | 35,974,218 | 77,094,385 | ||||||
AllianzGI Micro Cap | 2,694,933 | 7,773,299 | ||||||
AllianzGI NFJ Emerging Markets Value | 54,796,759 | 71,441,965 | ||||||
AllianzGI PerformanceFee Managed Futures Strategy | — | 1,588,063 | ||||||
AllianzGI PerformanceFee Structured US Equity | 6,848,100 | 5,305,376 | ||||||
AllianzGI PerformanceFee Structured US Fixed Income | 1,967,748 | 223,861 | ||||||
AllianzGI Preferred Securities and Income | 7,145,793 | 3,998,756 | ||||||
AllianzGI Short Duration High Income | 191,588,898 | 201,612,744 | ||||||
AllianzGI Short Term Bond | 2,500,403 | 511,150 | ||||||
AllianzGI Structured Return | 598,637,293 | 514,324,564 | ||||||
AllianzGI U.S. Equity Hedged | 170,962 | 770,643 | ||||||
AllianzGI Ultra Micro Cap | 4,639,817 | 8,166,774 |
Purchases and sales in U.S. government obligations were:
Purchases | Sales | |||||||
AllianzGI Core Bond | $ | 105,642,836 | $ | 105,687,117 | ||||
AllianzGI Core Plus Bond | 137,480,830 | 137,058,067 | ||||||
AllianzGI Floating Rate Note | — | 577,704 | ||||||
AllianzGI Global Dynamic Allocation | 100,007,173 | 102,223,125 | ||||||
AllianzGI Short Term Bond | — | 348,688 |
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11. | INCOME TAX INFORMATION |
At March 31, 2019, the aggregate cost basis and the net unrealized appreciation (depreciation) of investments in securities and other financial instruments for federal income tax purposes were:
Federal Tax Cost Basis(1) | Unrealized Appreciation | Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||
AllianzGI Retirement 2020 | $ | 32,804,628 | $ | 476,890 | $ | 49,652 | $ | 427,238 | ||||||||
AllianzGI Retirement 2025 | 46,617,506 | 814,501 | 22,591 | 791,910 | ||||||||||||
AllianzGI Retirement 2030 | 56,577,056 | 1,381,796 | 414,425 | 967,371 | ||||||||||||
AllianzGI Retirement 2035 | 44,594,025 | 1,030,071 | 1,144,674 | (114,603 | ) | |||||||||||
AllianzGI Retirement 2040 | 47,237,617 | 911,430 | 1,724,426 | (812,996 | ) | |||||||||||
AllianzGI Retirement 2045 | 32,058,174 | 456,116 | 1,398,922 | (942,806 | ) | |||||||||||
AllianzGI Retirement 2050 | 33,986,666 | 336,529 | 1,844,486 | (1,507,957 | ) | |||||||||||
AllianzGI Retirement 2055 | 17,765,912 | 151,302 | 1,189,750 | (1,038,448 | ) | |||||||||||
AllianzGI Multi Asset Income | 31,890,681 | 613,071 | 476,301 | 136,770 | ||||||||||||
AllianzGI Global Allocation | 316,879,737 | 3,649,321 | 1,765,643 | 1,883,678 | ||||||||||||
AllianzGI Best Styles Global Equity | 455,497,908 | 52,327,217 | 24,563,914 | 27,763,303 | ||||||||||||
AllianzGI Best Styles International Equity | 23,906,456 | 1,859,088 | 1,801,445 | 57,643 | ||||||||||||
AllianzGI Best Styles U.S. Equity | 82,623,116 | 15,737,997 | 3,798,316 | 11,939,681 | ||||||||||||
AllianzGI Convertible | 481,748,021 | 57,374,721 | 6,599,034 | 50,775,687 | ||||||||||||
AllianzGI Core Bond | 31,175,107 | 557,535 | 50,513 | 507,022 | ||||||||||||
AllianzGI Core Plus Bond | 42,063,801 | 799,366 | 99,926 | 699,440 | ||||||||||||
AllianzGI Emerging Markets Consumer | 35,202,075 | 5,719,705 | 738,526 | 4,981,179 | ||||||||||||
AllianzGI Emerging Markets Debt | 19,363,092 | 633,395 | 116,916 | 516,479 | ||||||||||||
AllianzGI Emerging MarketsSmall-Cap | 8,443,743 | 1,483,501 | 178,081 | 1,305,420 | ||||||||||||
AllianzGI Floating Rate Note | 14,769,550 | 73,466 | 70,950 | 2,516 | ||||||||||||
AllianzGI Global Dynamic Allocation | 212,028,629 | 21,392,522 | 8,718,037 | 12,674,485 | ||||||||||||
AllianzGI Global High Yield | 23,046,123 | 389,038 | 367,716 | 21,322 | ||||||||||||
AllianzGI Global Sustainability | 26,216,873 | 4,649,685 | 602,434 | 4,047,251 | ||||||||||||
AllianzGI Global Water | 472,578,699 | 125,900,935 | 27,189,202 | 98,711,733 | ||||||||||||
AllianzGI Green Bond | 5,454,087 | 170,207 | 14,524 | 155,683 | ||||||||||||
AllianzGI High Yield Bond | 145,680,563 | 3,228,758 | 10,764,846 | (7,536,088 | ) | |||||||||||
AllianzGI International Growth | 23,439,746 | 5,242,788 | 1,421,683 | 3,821,105 | ||||||||||||
AllianzGI InternationalSmall-Cap | 95,674,917 | 17,222,750 | 4,968,523 | 12,254,227 | ||||||||||||
AllianzGI Micro Cap | 15,182,501 | 5,575,406 | 1,591,559 | 3,983,847 | ||||||||||||
AllianzGI NFJ Emerging Markets Value | 113,371,318 | 10,276,581 | 4,363,378 | 5,913,203 | ||||||||||||
AllianzGI PerformanceFee Managed Futures Strategy | 27,417,546 | 1,206,627 | 501,309 | 705,318 | ||||||||||||
AllianzGI PerformanceFee Structured US Equity | 79,068,489 | 2,361,345 | 243,586 | 2,117,759 | ||||||||||||
AllianzGI PerformanceFee Structured US Fixed Income | 27,554,032 | 71,240 | 28,546 | 42,694 | ||||||||||||
AllianzGI Preferred Securities and Income | 14,417,082 | 267,496 | 117,077 | 150,419 | ||||||||||||
AllianzGI Short Duration High Income | 1,248,123,341 | 4,905,927 | 51,940,894 | (47,034,967 | ) | |||||||||||
AllianzGI Short Term Bond | 7,394,574 | 72,342 | 14,707 | 57,635 | ||||||||||||
AllianzGI Structured Return | 711,151,584 | — | 27,243,666 | (27,243,666 | ) | |||||||||||
AllianzGI U.S. Equity Hedged | 1,793,986 | 399,117 | 40,259 | 358,858 | ||||||||||||
AllianzGI Ultra Micro Cap | 19,018,687 | 6,779,540 | 2,009,150 | 4,770,390 |
(1) | Differences, if any, between book and tax cost basis are primarily attributable to wash sale loss deferrals and differing treatment of bond premium amortization. |
12. | BORROWINGS |
The Trust entered into a credit agreement (the “State Street Agreement”), among the Trust, AllianzGI Institutional Multi-Series Trust, Allianz Funds and Premier Multi-Series VIT, as borrowers
(collectively, the “AllianzGI Borrowers” and each series thereof, an “AllianzGI Borrower Fund”), and State Street Bank and Trust Company, as agent and lender, for a committed line of credit. The State Street
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March 31, 2019 (Unaudited)
Agreement permits the AllianzGI Borrowers to borrow up to $200 million in aggregate, subject to (i) a requirement that each AllianzGI Borrower Fund’s asset coverage with respect to senior securities representing indebtedness be 300% or higher, and (ii) certain other limitations and conditions. Each AllianzGI Borrower Fund must pay 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 theone-month LIBOR rate, subject to upward adjustment when any past due payments are outstanding.
The State Street Agreement was extended by an additional364-day period by an amendment effective October 25, 2018 with an expiration date of October 24, 2019 (the “Amendment”). The Amendment changed a 0.25% usage fee on undrawn amounts, which had previously applied, to an annualized rate of 0.20%, to be allocated pro rata among the AllianzGI Borrower Funds on the basis of net assets. Amounts borrowed may be repaid and reborrowed on a revolving basis during the term of the facility.
The following Funds utilized the line of credit during the period ended March 31, 2019. The average balance outstanding is for the number of days that the Funds had an outstanding balance.
Average Amount Borrowed | Average Interest Rate | Number of Days During the Period | Outstanding Borrowings at | |||||||||||||
AllianzGI NFJ Emerging Markets Value | $ | 4,440,789 | 3.73 | % | 19 | — |
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 Investment Manager (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 or six months ended March 31, 2019, the Funds did not participate as a borrower or lender in the Interfund Program.
13. | FUND EVENTS |
(a) Fund Launch
On November 18, 2018, AllianzGI Green Bond Fund commenced operations as a series of the Trust, offering Class A, Class P, and Institutional Class shares.
(b) Fund Liquidations
On January 22, 2019, the AllianzGI Europe Equity Dividend Fund and AllianzGI NFJ InternationalSmall-Cap Value Fund liquidated as series of the Trust.
(c) Name and Investment Strategy Changes
The Board approved changes to the AllianzGI Real Estate Debt Fund’s name, investment objective and principal investments and strategies to transition the Fund from its strategy of investing in short duration real estate-related debt instruments to a new strategy of investing in global
floating rate notes. Shareholders subsequently approved a new concentration policy to reflect the Fund’s changing investment strategy. Effective February 1, 2019, AllianzGI Real Estate Debt Fund changed its name to AllianzGI Floating Rate Note Fund. The Fund will no longer concentrate more than 25% in the real estate-related sector; shareholders approved a policy to have the Fund concentrate more than 25% of assets in the financial services industry.
14. | BASIS FOR CONSOLIDATION |
The Cayman Subsidiary is a wholly-owned and controlled subsidiary of AllianzGI PerformanceFee Managed Futures Strategy (the “Consolidated Fund”). The Consolidated Fund is the sole shareholder of the Cayman Subsidiary and will continue to control the Cayman Subsidiary. The Consolidated Fund’s investment portfolio has been consolidated and includes the portfolio holdings of the Consolidated Fund and the Cayman Subsidiary. The consolidated financial statements include the accounts of the Consolidated Fund and the Cayman Subsidiary. All inter-company transactions and balances have been eliminated. As of March 31, 2019 consolidated net assets of the Consolidated Fund were $31,453,637, of which $982,296, or 3.1%, represented the Consolidated Fund’s ownership of all issued shares and voting rights of the Cayman Subsidiary.
15. | SUBSEQUENT EVENTS |
In preparing these financial statements, the Funds’ management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.
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On April 18, 2019, the following Funds declaredper-share net investment income dividends to shareholders, payable April 18, 2019 to shareholders of record on April 17, 2019.
Net Investment Income | ||||||||||||||||||||||||||||
Class A | Class C | Class R | Class P | Institutional Class | Class R6 | Administrative Class | ||||||||||||||||||||||
AllianzGI Multi Asset Income | $ | 0.07421 | $ | 0.06016 | $ | 0.06687 | $ | 0.07882 | $ | 0.08006 | $ | 0.08300 | $ | 0.00255 | ||||||||||||||
AllianzGI Core Bond | N/A | N/A | N/A | 0.03599 | 0.03674 | 0.03750 | N/A | |||||||||||||||||||||
AllianzGI Core Plus Bond | N/A | N/A | N/A | 0.03595 | 0.03671 | 0.03750 | N/A | |||||||||||||||||||||
AllianzGI Floating Rate Note | N/A | N/A | N/A | 0.03321 | 0.03469 | N/A | N/A | |||||||||||||||||||||
AllianzGI Green Bond | 0.02609 | N/A | N/A | 0.03362 | 0.03000 | N/A | N/A | |||||||||||||||||||||
AllianzGI High Yield Bond | 0.03719 | 0.03063 | 0.03195 | 0.03969 | 0.03900 | N/A | 0.03576 | |||||||||||||||||||||
AllianzGI PerformanceFee Structured US Fixed Income | N/A | N/A | N/A | 0.02129 | 0.01626 | 0.02129 | N/A | |||||||||||||||||||||
AllianzGI Preferred Securities and Income | N/A | N/A | N/A | 0.05849 | 0.06078 | 0.06000 | N/A | |||||||||||||||||||||
AllianzGI Short Duration High Income | 0.05500 | 0.05091 | N/A | 0.05759 | 0.05859 | 0.05791 | N/A | |||||||||||||||||||||
AllianzGI Short Term Bond | 0.04234 | N/A | N/A | 0.04345 | 0.04500 | N/A | N/A |
On May 16, 2019, the following Funds declaredper-share net investment income dividends to shareholders, payable May 16, 2019, to shareholders of record on May 15, 2019.
Net Investment Income | ||||||||||||||||||||||||||||
Class A | Class C | Class R | Class P | Institutional Class | Class R6 | Administrative Class | ||||||||||||||||||||||
AllianzGI Multi Asset Income | $ | 0.07704 | $ | 0.06597 | $ | 0.07138 | $ | 0.08142 | $ | 0.08218 | $ | 0.08300 | $ | 0.07811 | ||||||||||||||
AllianzGI Core Bond | N/A | N/A | N/A | 0.03617 | 0.03684 | 0.03750 | N/A | |||||||||||||||||||||
AllianzGI Core Plus Bond | N/A | N/A | N/A | 0.03619 | 0.03682 | 0.03750 | N/A | |||||||||||||||||||||
AllianzGI Floating Rate Note | N/A | N/A | N/A | 0.03712 | 0.03832 | N/A | N/A | |||||||||||||||||||||
AllianzGI Green Bond | 0.02674 | N/A | N/A | 0.03065 | 0.03000 | N/A | N/A | |||||||||||||||||||||
AllianzGI High Yield Bond | 0.03765 | 0.03040 | 0.03377 | 0.03993 | 0.03900 | N/A | 0.03902 | |||||||||||||||||||||
AllianzGI PerformanceFee Structured US Fixed Income | N/A | N/A | N/A | 0.02133 | 0.02128 | 0.02129 | N/A | |||||||||||||||||||||
AllianzGI Preferred Securities and Income | N/A | N/A | N/A | 0.05811 | 0.06011 | 0.06000 | N/A | |||||||||||||||||||||
AllianzGI Short Duration High Income | 0.05500 | 0.05165 | N/A | 0.05694 | 0.05811 | 0.05847 | N/A | |||||||||||||||||||||
AllianzGI Short Term Bond | 0.04334 | N/A | N/A | 0.04366 | 0.04500 | N/A | N/A |
On January 7, 2019, the Board approved an Agreement and Plan of Reorganization pursuant to which the AllianzGI International Growth Fund would be reorganized on atax-free basis with and into the Nationwide International Growth Fund, a corresponding, newly-created series of Nationwide Mutual Funds. The reorganization was subject to shareholder approval, which was granted at a special meeting held on May 1, 2019. May 31, 2019 will be the last NAV pricing date, with there-organization closing on June 3, 2019.
There were no other subsequent events identified that require recognition or disclosure.
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Changes to the Board of Trustees/Shareholder Meeting Results
Changes to the Board of Trustees:
Effective January 1, 2019, Alan Rappaport was appointed Chairman of the Board of Trustees of the Funds.
Effective January 1, 2019, Sarah E. Cogan became a Trustee of the Funds.
Effective March 21, 2019, A. Douglas Eu resigned as a Trustee of the Funds and Thomas J. Fuccillo became a Trustee of the Funds. Mr. Fuccillo is an “interested person” of the Trust, as defined in Section 2(a)(19) of the 1940 Act, due to his position with the Investment Manager and its affiliates.
Shareholder Meeting Results:
The AllianzGI Floating Rate Note Fund (formerly known as the AllianzGI Real Estate Debt Fund) (the “Floating Rate Note Fund”) held a special meeting of shareholders on January 4, 2019. Shareholders voted on an amendment to the Floating Rate Note Fund’s fundamental investment restriction with respect to industry concentration, as indicated below:
Affirmative | Against | Withheld | ||||||
887,221 | 0 | 97,491 |
The AllianzGI International Growth Fund held a special meeting of shareholders on May 1, 2019. Shareholders voted on an Agreement and Plan of Reorganization providing for the acquisition by Nationwide Mutual Funds, as indicated below:
Affirmative | Against | Withheld | ||||||
1,268,583 | 0 | 216,986 |
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Matters Relating to the Trustees’ Consideration of the Investment Management Agreements
The Investment Company Act of 1940, as amended, requires that both the full Board of Trustees (the “Board” or the “Trustees”) and a majority of the Trustees who are not interested persons of the Trust (the “Independent Trustees”), voting separately, initially approve the investment management agreement for a new fund.
New agreements approved for the Fund covered by this report relate to the organization of AllianzGI Green Bond Fund (the “New Fund”), a new series of the Trust.
At anin-person meeting held on October 3, 2018, the Board and the Independent Trustees unanimously approved, for an initial2-year term, the Trust’s Amended and Restated Investment Management Agreement (the “Investment Management Agreement”) with Allianz Global Investors U.S. LLC (“AllianzGI U.S.”) on behalf of the New Fund.
The material factors and conclusions that formed the basis of the approval for the New Fund are discussed below.
The Independent Trustees met in executive session with Ms. Cogan to consider whether the proposed advisory, distribution and other arrangements with respect to the proposed New Fund should be approved.
In connection with their deliberations regarding the proposed approval of the Investment Management Agreement, the Independent Trustees considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. As described below, the Independent Trustees considered the nature, quality and extent of the various investment management, administrative and other services to be performed by AllianzGI U.S., the New Fund’s investment manager (the “Investment Manager”), under the Investment Management Agreement.
In connection with their contract review meeting, the Independent Trustees received and relied upon materials provided by the Investment Manager including, among other items: (i) information compiled from Morningstar Direct (“Morningstar”), an independent third party, on the investment performance, including annualized return performance information for certain time periods, of funds with investment classifications and/or objectives comparable to those proposed for the New Fund, (ii) information on the New Fund’s management fees and other anticipated expenses and information compiled from Morningstar on the management fees and other expenses of comparable funds, (iii) information regarding the fees and expenses of other funds and/or accounts managed by the Investment Manager or an affiliate with similar investment objective(s) and policies to those of the New Fund, (iv) an estimate of the profitability to the Investment Manager from its relationship with the New Fund during its first year, (v) descriptions of various functions to be performed by the Investment Manager for the New Fund, such as portfolio management, compliance monitoring and portfolio trading practices, and (vi) information regarding the overall organization and business functions of the Investment Manager, including, without limitation, information regarding senior
management, portfolio managers and other personnel proposed to provide investment management, administrative and other services to the New Fund.
The Independent Trustees’ conclusions as to the approval of the Investment Management Agreement were based on a comprehensive consideration of all information provided to the Trustees and were not the result of any single factor. Some of the factors that figured particularly in the Independent Trustees’ deliberations are described below, although individual Independent Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. The Independent Trustees also took into account that AllianzGI U.S. had proposed to observe an expense limitation for the New Fund. The Independent Trustees also considered the risk profile of the New Fund.
As part of their review, the Independent Trustees examined the ability of the Investment Manager to provide high-quality investment management and other services to the New Fund. Among other information, the Independent Trustees considered information and a presentation from members of the AllianzGI Corporate Credit Team based in Paris who would manage the New Fund’s portfolio, noting that they will do so pursuant to “associated person” arrangements with AllianzGI U.S. The Independent Trustees considered the investment philosophy and research and decision making processes of the Corporate Credit Team to be applied for the New Fund and the experience of key advisory personnel and associated persons of the Investment Manager who would be responsible for portfolio management of the New Fund; the ability of the Investment Manager to attract and retain capable personnel; and the capability of the senior management and staff of the Investment Manager. In addition, the Independent Trustees reviewed the quality of the Investment Manager’s expected services with respect to regulatory compliance and ability to comply with the investment and compliance policies and procedures of the New Fund; the nature, extent and quality of certain administrative services the Investment Manager would be responsible for providing to the New Fund; and conditions that might affect the Investment Manager’s ability to provide high quality services to the New Fund in the future under the Investment Management Agreement, including the Investment Manager’s financial condition and operational stability. Based on the foregoing, the Independent Trustees concluded that the Investment Manager’s investment process, research capabilities and philosophy were well-suited to the New Fund, given the New Fund’s investment objectives and policies, and that the Investment Manager would be able to meet any reasonably foreseeable obligations under the Investment Management Agreement.
In assessing the reasonableness of the New Fund’s proposed fees and expenses under the Investment Management Agreement, the Independent Trustees considered, among other information, the New Fund’s proposed management fee and its expected net expense ratio as a percentage of anticipated average daily net assets, taking into account the expense limitation arrangement that the Investment
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Manager would observe, and the advisory fees and net expense ratios of peer groups of funds based on information provided by Morningstar.
The Independent Trustees considered how the expected net expense ratio of the New Fund was expected to compare to its Morningstar peers, and considered comparisons of the New Fund’s proposed management fee with the advisory fees of the peer funds compiled from Morningstar. The Independent Trustees noted that the proposed management fees and estimated net expense ratio for Institutional Class shares of the New Fund were lower than both the average and median for Institutional Class shares of funds in the Morningstar peer group, but took into account that the peer group is relatively small, consisting of only two otheropen-end funds.
The Independent Trustees also considered the management fees charged by the Investment Manager and/or its affiliates to other funds and accounts with similar investment strategies to those of the New Fund.
The Independent Trustees also considered various risks AllianzGI U.S will bear as sponsoring adviser to the New Fund, which exceed or are in addition to those associated with the management of institutional accounts, including entrepreneurial, reputational, legal and regulatory risks.
The Independent Trustees also considered the estimated profitability to the Investment Manager from its relationship with the New Fund and noted that such profitability was expected to be negative for the New Fund’s first year of operations based on average net asset assumptions.
The Independent Trustees considered the extent to which the Investment Manager may realize economies of scale or other efficiencies in managing and supporting the New Fund. The Independent Trustees took into account that, as an open-end investment company, the New Fund intends to raise additional assets, so as the assets of the New Fund increase over time, certain economies of scale and other efficiencies may be realized through spreading certain fixed costs over a larger asset base or across a variety of products and services. In this regard, they also took into account the expense limitation arrangement proposed to be observed by the Investment Manager for the New Fund.
Additionally, the Independent Trustees consideredso-called“fall-out benefits” to the Investment Manager and its affiliates, such as reputational value derived from serving as investment manager to the New Fund.
After reviewing these and other factors described herein, the Independent Trustees concluded, within the context of their overall conclusions regarding the Investment Management Agreement, that the proposed fees payable under the Investment Management Agreement represent reasonable compensation in light of the nature, extent and quality of the services to be provided by the Investment
Manager and should be approved for an initialtwo-year period. After further discussion, and based on their evaluation of factors they deemed to be material, including those factors described above, the Independent Trustees concluded that the initial approval of the Investment Management Agreement was in the interests of the New Fund and its shareholders and determined to recommend that the Investment Management Agreement be approved by the full Board.
The Independent Trustees then discussed the proposed Distribution Contract, plans and other proposed distribution arrangements, as applicable, for Institutional Class, Class A and Class P shares of the New Fund. After discussion, based on the information provided by management and their evaluation of factors they deemed to be material, the Independent Trustees determined that there is a reasonable likelihood that the arrangements will benefit the New Fund and its shareholders, and to recommend the same for approval by the full Board.
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Please read this Policy carefully. It gives you important information about how Allianz Global Investors U.S. and its U.S. affiliates (“AllianzGI US,” “we” or “us”) handlenon-public personal information (“Personal Information”) that we may receive about you. It applies to all of the past, present and future clients and shareholders of AllianzGI US and the funds and accounts it manages, advises, administers or distributes, and will continue to apply when you are no longer a client or shareholder. As used throughout this Policy, “AllianzGI US” means Allianz Global Investors U.S. LLC, Allianz Global Investors Distributors LLC, and the family of registered and unregistered funds managed by one or more of these firms. AllianzGI US is part of a global investment management group, and the privacy policies of other Allianz Global Investors entities outside of the United States may have provisions in their policies that differ from this Privacy Policy. Please refer to the website of the specificnon-US Allianz Global Investors entity for its policy on privacy.
We Care about Your Privacy
We consider your privacy to be a fundamental aspect of our relationship with you, and we strive to maintain the confidentiality, integrity and security of your Personal Information. To ensure your privacy, we have developed policies that are designed to protect your Personal Information while allowing your needs to be served.
Information We May Collect
In the course of providing you with products and services, we may obtain Personal Information about you, which may come from sources such as account application and other forms, from other written, electronic, or verbal communications, from account transactions, from a brokerage or financial advisory firm, financial advisor or consultant, and/or from information you provide on our website.
You are not required to supply any of the Personal Information that we may request. However, failure to do so may result in us being unable to open and maintain your account, or to provide services to you.
How Your Information Is Shared
We do not disclose your Personal Information to anyone for marketing purposes. We disclose your Personal Information only to those service providers, affiliated andnon-affiliated, who need the information for everyday business purposes, such as to respond to your inquiries, to perform services, and/or to service and maintain your account. This applies to all of the categories of Personal Information we collect about you. The affiliated andnon-affiliated service providers who receive your Personal Information also may use it to process your transactions, provide you with materials (including preparing and mailing prospectuses and shareholder reports and gathering shareholder proxies), and provide you with account statements and other materials relating to your account. These service providers provide services at our direction, and under their agreements with us, are required to keep your Personal Information confidential and to use it only for providing the contractually required services. Our service providers may not use your Personal Information to market products and services to you except in conformance with applicable laws and regulations. We also may provide your Personal Information to your respective brokerage or financial advisory firm, custodian, and/or to your financial advisor or consultant.
In addition, we reserve the right to disclose or report Personal Information tonon-affiliated third parties, in limited circumstances, where we believe in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities or pursuant to other legal process, or to protect our rights or property, including to enforce our Privacy Policy or other agreements with you. Personal Information collected by us may also be transferred as part of a corporate sale, restructuring, bankruptcy, or other transfer of assets.
Security of Your Information
We maintain your Personal Information for as long as necessary for legitimate business purposes or otherwise as required by law. In maintaining this information, we have implemented appropriate procedures that are designed to restrict access to your Personal Information only to those who need to know that information in order to provide products and/or services to you. In addition, we have implemented physical, electronic and procedural safeguards to help protect your Personal Information.
Privacy and the Internet
The Personal Information that you provide through our website, as applicable, is handled in the same way as the Personal Information that you provide by any other means, as described above. This section of the Policy gives you additional information about the way in which Personal Information that is obtained online is handled.
∎ | Online Enrollment, Account Access and Transactions: When you visit our website, you can visit pages that are open to the general public, or, where available, log into protected pages to enroll online, access information about your account, or conduct certain transactions. Access to these secure pages is permitted only after you have created a User ID and Password. The User ID and Password must be supplied each time you want to |
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Privacy Policy (cont’d)
access your account information online. This information serves to verify your identity. When you enter Personal Information into our website to enroll or access your account online, you will log into secure pages. By using our website, you consent to this Privacy Policy and to the use of your Personal Information in accordance with the practices described in this Policy. If you provide Personal Information to effect transactions, a record of the transactions you have performed while on the site is retained by us. For additional terms and conditions governing your use of our website, please refer to the Investor Mutual Fund Access – Disclaimer which is incorporated herein by reference and is available on our website. |
∎ | Cookies and Similar Technologies:Cookies are small text files stored in your computer’s hard drive when you visit certain web pages. Clear GIFs (also known as Web Beacons) are typically transparent very small graphic images (usually 1 pixel x 1 pixel) that are placed on a website that may be included on our services provided via our website and typically work in conjunction with cookies to identify our users and user behavior. We may use cookies and automatically collected information to: (i) personalize our website and the services provided via our website, such as remembering your information so that you will not have tore-enter it during your use of, or the next time you use, our website and the services provided via our website; (ii) provide customized advertisements, content, and information; (iii) monitor and analyze the effectiveness of our website and the services provided via our website and third-party marketing activities; (iv) monitor aggregate site usage metrics such as total number of visitors and pages viewed; and (v) track your entries, submissions, and status in any promotions or other activities offered through our website and the services provided via our website. Tracking technology also helps us manage and improve the usability of our website, (i) detecting whether there has been any contact between your computer and us in the past and (ii) to identify the most popular sections of our website. Because an industry-standardDo-Not-Track protocol is not yet established, our website will continue to operate as described in this Privacy Policy and will not be affected by anyDo-Not-Track signals from any browser. |
∎ | Use of Social Media Plugins: Our website uses the following Social Media Plugins (“Plugins”): |
∎ | Facebook Share Button operated by Facebook Inc., 1601 S. California Ave, Palo Alto, CA 94304, USA |
∎ | Tweet Button operated by Twitter Inc., 795 Folsom St., Suite 600, San Francisco, CA 94107, USA |
∎ | LinkedIn Share Button operated by LinkedIn Corporation, 2029 Stierlin Court, Mountain View, CA 94043, USA |
All Plugins are marked with the brand of the respective operators Facebook, Twitter and LinkedIn (“Operators”). When you visit our website that contains a social plugin, your browser establishes a direct connection to the servers of the Operator. The Operator directly transfers the plugin content to your browser which embeds the latter into our website, enabling the Operator to receive information about you having accessed the respective page of our website. Thus, AllianzGI US has no influence on the data gathered by the plugin and we inform you according to our state of knowledge: The embedded plugins provide the Operator with the information that you have accessed the corresponding page of our website. If you do not wish to have such data transferred to the Operators, you need to log out of your respective account before visiting our website. Please see the Operators’ data privacy statements in order to get further information about purpose and scope of the data collection and the processing and use:
∎ | Facebook:https://de-de.facebook.com/about/privacy |
∎ | Twitter: https://twitter.com/privacy |
∎ | Linked In: https://www.linkedin.com/legal/privacy-policy |
Changes to Our Privacy Policy
We may modify this Privacy Policy fromtime-to-time to reflect changes in related practices and procedures, or applicable laws and regulations. If we make changes, we will notify you on our website and the revised Policy will become effective immediately upon posting to our website. We also will provide account owners with a copy of our Privacy Policy, annually if required. We encourage you to visit our website periodically to remain up to date on our Privacy Policy. You acknowledge that by using our website after we have posted changes to this Privacy Policy, you are agreeing to the terms of the Privacy Policy as modified.
Obtaining Additional Information
If you have any questions about this Privacy Policy or our privacy related practices in the United States, you may contact us via our dedicated email at PrivacyUS@allianzgi.com.
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Allianz Funds Multi-Strategy Trust
Trustees
Alan Rappaport
Chairman of the Board of Trustees
Sarah E. Cogan
Deborah A. DeCotis
F. Ford Drummond
Thomas J. Fuccillo
Bradford K. Gallagher
Erick R. Holt
James A. Jacobson
Hans W. Kertess
James S. MacLeod
William B. Ogden, IV
Davey S. Scoon
Officers
Thomas J. Fuccillo
President and Chief Executive Officer
Scott Whisten
Treasurer, Principal Financial and Accounting Officer
Angela Borreggine
Chief Legal Officer and Secretary
Thomas L. Harter
Chief Compliance Officer
Richard J. Cochran
Assistant Treasurer
Orhan Dzemaili
Assistant Treasurer
Debra Rubano
Assistant Secretary
Craig Ruckman
Assistant Secretary
Investment Manager
Allianz Global Investors U.S. LLC
1633 Broadway
New York, NY 10019
Distributor
Allianz Global Investors Distributors LLC
1633 Broadway
New York, NY 10019
Custodian & Accounting Agent
State Street Bank and Trust Co.
801 Pennsylvania Avenue
Kansas City, MO 64105
Shareholder Servicing and Transfer Agents
State Street Bank and Trust Company, which has delegated its obligations
as transfer agent to:
DST Asset Management Solutions, Inc.
(Class A, Class C and Class R shares)
P.O. Box 219723
Kansas City, MO 64121-9723
(Class P, Institutional Class, Class R6 and Administrative Class shares)
P.O. Box 219968,
Kansas City, MO 64121-9968
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
300 Madison Avenue
New York, NY 10017
Legal Counsel
Ropes & Gray LLP
Prudential Tower
800 Boylston Street
Boston, MA 02199
This report, including the financial information herein, is transmitted to the shareholders of the Funds for their information. It is not a prospectus, circular or representation intended for use in the purchase of shares of each Fund or any securities mentioned in this report.
The financial information included herein is taken from the records of the Funds without examination by an independent registered public accounting firm, who did not express an opinion herein.
For Account Information
Contact your financial adviser, or if you receive account statements directly from Allianz Global Investors, you can also call (800)988-8380 for Class A, C and R shares or(800) 498-5413 for Class P, Institutional, R6 and Administrative shares. Telephone representatives are available Monday-Friday 8:30 am to 6:00 pm Eastern Time. Or visit our website, us.allianzgi.com.
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About Allianz Global Investors
Allianz Global Investors is a leading active asset manager with over 730 investment professionals in 24 offices worldwide and managing $601 billion in assets for individuals, families and institutions.*
Active is the most important word in our vocabulary. Active is how we create and share value with clients. We believe in solving, not selling, and in adding value beyond pure economic gain. We invest for the long term, employing our innovative investment expertise and global resources. Our goal is to ensure a superior experience for our clients, wherever they are based and whatever their investment needs.
Active is: Allianz Global Investors
* Data as of March 31, 2019.
For more information about any of our investment solutions or client services, call your financial advisor or visit us.allianzgi.com.
Investors should consider the investment objectives, risks, charges and expenses of the above mentioned Funds carefully before investing. This and other information is contained in each Fund’s prospectus, which may be obtained by contacting your financial advisor, by visiting us.allianzgi.com or by calling 1-800-988-8380 (retail classes: A, C & R) or 1-800-498-5413 (Class P, Class R6, Institutional & Administrative classes). Please read the prospectus carefully before you invest or send money.
Allianz Global Investors U.S. LLC serves as the investment manager for the Allianz Funds and the Allianz Funds Multi-Strategy Trust. Allianz Funds and the Allianz FundsMulti-Strategy Trust are distributed by Allianz Global Investors Distributors LLC.© 2019. For information about any product, contact your financial advisor.
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AZ750SA_033119 |
793951
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ITEM 2. | CODE OF ETHICS |
(a) Not required in this filing.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
Not required in this filing.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
Not required in this filing.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANT |
Disclosure not required foropen-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 FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Disclosure not required foropen-end management investment companies.
ITEM 8. | PORTFOLIO MANAGERS OFCLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Disclosure not required foropen-end management investment companies.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BYCLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Disclosure not required foropen-end management investment companies.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS |
There were no material changes to the procedures by which shareholders may recommend nominees to the Funds’ Board of Trustees since the Funds’ last provided disclosure in response to this item.
ITEM 11. | CONTROLS AND PROCEDURES |
(a) | The registrant’s President & Chief Executive Officer and Treasurer, Principal Financial & Accounting Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”) (17 CFR270.30a-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 significant changes in the registrant’s internal control over financial reporting (as defined in Rule30a-3(d) under the 1940 Act (17 CFR270.30a-3(d))) that occurred during the most recent semi-annual period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
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ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Disclosure not required foropen-end management investment companies
ITEM 13. | EXHIBITS |
(a) (1) Not required in this filing.
(a) (2) Exhibit 99_ Cert. — Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
(a) (3) Not applicable.
(a) (4) Not applicable.
(b) Exhibit 99.906 Cert. — Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Allianz Funds Multi-Strategy Trust | ||
By: | /s/ Thomas J. Fuccillo | |
Thomas J. Fuccillo | ||
President & Chief Executive Officer | ||
Date: | June 5, 2019 |
By: | /s/ Scott Whisten | |
Scott Whisten | ||
Treasurer, Principal Financial & Accounting Officer | ||
Date: | June 5, 2019 |
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/ Thomas J. Fuccillo | |
Thomas J. Fuccillo | ||
President & Chief Executive Officer | ||
Date: | June 5, 2019 |
By: | /s/ Scott Whisten | |
Scott Whisten | ||
Treasurer, Principal Financial & Accounting Officer | ||
Date: | June 5, 2019 |