GVRAX — AllianzGI Retirement 2035 Fund

GVRAX Fund Overview

GVRAX — AllianzGI Retirement 2035 Fund is a US mutual fund managed by Virtus Strategy Trust, categorised as Target Date / Glide Path Allocation. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Virtus Strategy Trust
• Category: Target Date / Glide Path Allocation
• Assets under management: $21.58M
• 1-year return: 5.1%
• Ticker: GVRAX
• SEC CIK: 0001423227
• SEC series ID: S000035102
• Share class ID: C000107997

GVRAX Investment Objective and Strategy

AllianzGI Retirement 2035 Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Virtus Strategy Trust.

Investment objective

The Fund seeks capital growth and preservation consistent with its asset allocation as 2035 approaches, and thereafter current income

Principal investment strategy

The Fund pursues its objective primarily by gaining diversified exposure to core global equity asset classes, including emerging markets equities (the Equity Component), and core U.S. fixed income asset classes (the Fixed Income Component). The Fund may also gain up to 20% exposure to opportunistic asset classes that the portfolio managers believe offer diversification benefits and exhibit risk and return profiles that are different from core Equity and Fixed Income Components (the Opportunistic Component). The Manager allocates the Funds investments among asset classes in response to changing market, economic, and political factors and events that the Manager believes may affect the value of the Funds investments. In making investment decisions for the Fund, the Manager seeks to identify trends and turning points in the global markets.

The Fund invests directly and indirectly in globally diverse equity securities, including emerging market equities, and in global fixed income securities, including high yield debt (commonly known as junk bonds), convertible bonds and emerging market debt. To gain exposure to the various asset classes, the Manager incorporates actively managed strategies and/or passive instruments by investing in certain affiliated mutual funds managed by the Manager and/or its affiliates (the Affiliated Underlying Funds), unaffiliated funds and other pooled vehicles (collectively, with the Affiliated Underlying Funds, Underlying Funds), exchange-traded funds (ETFs) and exchange-traded notes (ETNs), and derivative instruments that give synthetic exposure substantially similar to that of a security, basket of securities or other assets that would otherwise be included in such asset classes.

The Fund expects under normal circumstances: (i) that a significant portion of its Equity Component investments will consist of shares of AllianzGI Best Styles Global Equity Fund and AllianzGI Best Styles U.S. Equity Fund , each an Affiliated Underlying Fund offered through this Prospectus; (ii) that a significant portion of its Fixed Income Component Investments will consist of shares of AllianzGI Advanced Core Bond Portfolio , an Affiliated Underlying Fund that is a series of AllianzGI Institutional Multi-Series Trust that is not publicly offered, but rather offered through a separate Private Placement Memorandum; and, lastly, (iii) that a significant portion of its Equity Component, Fixed Income Component and Opportunistic Component investments will consist of shares of AllianzGI Global Dynamic Allocation Fund , an Affiliated Underlying Fund offered through this Prospectus.

Short descriptions of these Affiliated Underlying Funds are set forth below: AllianzGI Best Styles Global Equity Fund (Best Styles Global Fund) Investment Objective: Seeks long-term capital appreciation Fund Focus: Global Equity Securities Approximate Primary Capitalization Range: All capitalizations The Best Styles Global Fund seeks to achieve its investment objective by creating a diversified portfolio of global equities. The Best Styles Global Fund will normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in equity securities and equity-related instruments. The Best Styles Global Fund normally invests at least 40% of its assets in non-U.S. securities, including emerging market securities. AllianzGI Best Styles U.S. Equity Fund (Best Styles U.S. Fund) Investment Objective: Seeks long-term capital appreciation Fund Focus: U.S.

equity securities Approximate Primary Capitalization Range: All capitalizations The Best Styles U.S. Fund seeks to achieve its investment objective by creating a diversified portfolio of U.S. equity securities. The Best Styles U.S. Fund will normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in equity securities and equity-related instruments, and the Fund will normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in securities of U.S. companies. AllianzGI Advanced Core Bond Portfolio (Advanced Core Bond Fund) Investment Objective: Seeks long-term risk adjusted total net return Portfolio Focus: Investment Grade Fixed Income Securities Credit Quality: Not more than 20% of assets below investment grade The Advanced Core Bond Fund seeks to achieve its investment objective by investing in a broad range of fixed income securities and other instruments that the portfolio managers believe will optimize the risk-return profile of the Advanced Core Bond Fund.

The Advanced Core Bond Fund will normally invest at least 80% of its net assets (plus borrowings made for investment purposes) in bonds and other fixed income securities, including derivative instruments that provide synthetic exposure to fixed income securities. AllianzGI Global Dynamic Allocation Fund (Global Dynamic Fund) Investment Objective: Long-term capital appreciation The Global Dynamic Fund seeks to achieve its investment objective through active allocation among global equity, fixed income and a range of other opportunistic asset classes, together with actively managed strategies within those asset classes. The Fund invests directly and indirectly in globally diverse equity securities, including emerging market equities, and in U.S. dollar-denominated fixed income securities. The Funds baseline long-term allocation consists of 60% to global equity exposure and 40% to fixed income exposure as well as an Opportunistic Component of up to 20% of its net assets.

Glide path The Fund has established strategic Equity Component and strategic Fixed Income Component allocations, which change over time in relation to the Funds target retirement date and according to a pre-determined glide path as shown in the following table. The target date refers to the approximate year an investor in the Fund would plan to retire (i.e., the Funds target date). The glide path represents the shifting of strategic Equity Component allocations over time and shows how the Funds asset mix becomes more conservative as the target date approaches and passes. This reflects individuals expected need for reduced market risks as retirement approaches and for lower portfolio volatility after retiring. AllianzGI U.S. has determined the glide path based on quantitative and qualitative insights around investor return goals and risk tolerance, investment horizon, capital market assumptions, and behavioral finance aspects.

At its target date, each Funds strategic Equity Component is anticipated to be approximately 40% of its assets. Before the target date, each Funds strategic Equity Component is anticipated to be higher depending on how many years the target date is from the current year. For example, if the target date is 10 years in the future, the table below shows the strategic Equity Component to be 65% and the strategic Fixed Income Component to be 35%. After the Fund reaches its target date, its Equity Component will continue to fall by approximately two percentage points each subsequent year, until such time as the Fund is merged into the AllianzGI Multi Asset Income Fund or the Equity Component reaches 30%. Years to Target Date Strategic Equity Component (%) Typical Equity Component (Min/Max %) Strategic Fixed Income Exposure (%) Typical Fixed Income Component (Min/ Max %) Typical Opportunistic Component (Min/Max %)* -5** 30 10-40 70 60-90 0-20 0 40 10-55 60 45-90 0-20 +5 53 15-70 47 30-85 0-20 +10 65 30-85 35 15-70 0-20 +15 75 50-90 25 10-50 0-20 +20 85 70-95 15 5-30 0-20 +25 90 80-99 10 1-20 0-20 +30 93 85-99 7 1-15 0-20 +35 93 85-99 7 1-15 0-20 +40 93 85-99 7 1-15 0-20 * Note Components will always total 100%, including the Opportunistic Component.

We note however, that as a result of its derivative positions, the Fund may have gross investment exposures in excess of 100% of its net assets. ** After reaching the target date, the Funds strategic asset allocation will gradually become more conservative and resemble that of the AllianzGI Multi Asset Income Fund, into which the Fund is expected to merge within eight years provided that the Funds Board of Trustees determines the transaction is in the best interest of shareholders. The table above demonstrates the allocation between the Funds Equity Component and Fixed Income Component, which together will always comprise a minimum of 80% of the Funds portfolio. In addition, the exposure ranges in the table above indicate the extent to which the Funds Equity Component and Fixed Income Component would typically vary from the applicable strategic exposures at a given point in time on the glide path.

In addition to the allocations above, the Fund has the ability to invest up to 20% in its Opportunistic Component. The overall allocation to Equity in Global Dynamic Allocation is variable with a strategic long term allocation of 60%. The strategic Equity and Fixed Income Component allocation ranges set forth in the table above are shown as of a specific target date and will transition over time. For example, the actual Equity and Fixed Income Component allocation ranges for the Fund with 7 years to its target date would fall between the ranges shown above for +5 Years to Target Date and +10 Years to Target Date. The graph below illustrates how the strategic Equity Component allocation ranges in the table above move along the glide path over time. In addition to the changes in strategic allocation as its target date approaches, the Funds actual exposure may vary substantially over time, depending on such factors as market circumstances and AllianzGI U.S.s active approach to asset allocation.

AllianzGI U.S. applies an active approach to asset allocation to seek to enhance returns over a full market cycle and to mitigate risk, including in times of severe extended market downturns. The Fund may also gain up to 20% exposure to the Opportunistic Component. Opportunistic Component asset classes include, but are not limited to, those related to emerging market debt, intermediate and long-term high yield debt (commonly referred to as junk bonds), commodities and non-U.S. bonds. Securities, instruments, actively or passively managed strategies whose primary purpose is to gain exposure to one or more of the opportunistic asset classes count toward the Opportunistic Components 20% limit. Thus, exposure to opportunistic asset classes resulting from investments in diversified underlying strategies is not included in the calculation of the Opportunistic Component of the Funds portfolio.

As reflected in the equity allocation graph above, the portfolio managers adjust the Funds exposure to equities, fixed income, and other asset classes in an effort to mitigate downside risk, including in times of severe market stress, and to increase the return potential in favorable markets. Although the strategic allocation to the Equity Component at the target date is 40%, the actual allocation can be as low as 10% depending on market conditions. While the portfolio managers attempt to mitigate the downside risk to stabilize performance, there can be no assurance that the Fund will be successful in doing so. When deciding how to allocate across equity, fixed income and other asset classes, the portfolio managers analyze momentum and momentum reversion as part of the investment process for the Fund.

Momentum is the tendency of investments to exhibit persistence in their performance. Momentum reversion is the tendency that a performance trend will ultimately change and move in an opposite direction. In addition to momentum and momentum reversion signals, the portfolio managers also apply fundamental analysis to locate opportunities to seek to improve the Funds return. In implementing these investment strategies, the Fund will make substantial use of futures and forward contracts, both long and short, for bonds, equities, REITs and currencies.

GVRAX Performance

Total returns for GVRAX (as of 2026-10-01), from SEC filings.

GVRAX Risk Information

Risk metrics for GVRAX, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 17.0%

GVRAX Costs and Fees

GVRAX costs about $95 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.95%
• Gross expense ratio: 1.14%
• Portfolio turnover: 36%
• Brokerage commissions: 0.71 bps of average net assets (SEC N-CEN)

GVRAX Cashflows

Over the 12 months to 2020-06, AllianzGI Retirement 2035 Fund had net outflows of $15.53M, from monthly SEC N-PORT filings.

GVRAX Debt Constituents

No individual debt constituents are reported in AllianzGI Retirement 2035 Fund's latest SEC N-PORT filing.

GVRAX Prospectus and SEC Filings

Official AllianzGI Retirement 2035 Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2020-02-19
• Prospectus (485BPOS) — filed 2019-02-22
• Prospectus (485BPOS) — filed 2018-02-16
• Portfolio holdings (N-PORT) — filed 2020-08-24
• Portfolio holdings (N-PORT) — filed 2020-05-12
• Portfolio holdings (N-PORT) — filed 2020-02-25
• Annual census (N-CEN) — filed 2019-12-09
• Annual census (N-CEN) — filed 2018-12-14

Related Funds

Other Target Date / Glide Path Allocation funds tracked on ABC INVEST:

• Vanguard Target Retirement 2035 Fund (VTTHX)
• Vanguard Target Retirement 2045 Fund (VTIVX)
• Vanguard Target Retirement 2040 Fund (VFORX)
• Vanguard Target Retirement 2030 Fund (VTHRX)
• Vanguard Target Retirement 2050 Fund (VFIFX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.