Virtus Artificial Intelligence & Technology Opportunities Fund - Regulatory Filings 2021

N-CSRS 1 d147992dncsrs.htm VIRTUS ALLIANZGI ARTIFICIAL INTELLIGENCE & TECHNOLOGY OPPORTUNITIES FUND Virtus AllianzGI Artificial Intelligence & Technology Opportunities Fund

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-23446

Virtus AllianzGI Artificial Intelligence &

Technology Opportunities Fund

(Exact name of registrant as specified in charter)

101 Munson Street

Greenfield, MA 01301

(Address of principal executive offices) (Zip code)

Angela Borreggine

Vice President, Chief Legal Officer, Counsel and Secretary for Registrant

1540 Broadway

New York, NY 10036

(Name and address of agent for service)

Registrants telephone number, including area code: 1-800-254-5197

Date of fiscal year end: February 28

Date of reporting period: August 31, 2021

ITEM 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

(b) Not applicable.

SEMIANNUAL REPORT

August 31, 2021

| Virtus
AllianzGI Artificial Intelligence & Technology Opportunities Fund |
| --- |
| Virtus
AllianzGI Convertible & Income 2024 Target Term Fund |
| Virtus
AllianzGI Convertible & Income Fund |
| Virtus
AllianzGI Convertible & Income Fund II |

As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports like this one will no longer be sent by mail, unless specifically requested from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect at any time to receive not only shareholder reports but also certain other communications from the Fund electronically, or you may elect to receive paper copies of all future shareholder reports free of charge to you. If you own your shares directly with the Fund, you may make such elections by calling the Fund at 1-800-254-5197 or, with respect to requesting electronic delivery, by visiting www.virtus.com. If you own your shares through a financial intermediary, please contact your financial intermediary to make your request and to determine whether your election will apply to all funds in which you own shares through that intermediary.

Not FDIC Insured • No Bank Guarantee • May Lose Value

Table of Contents

| Message to
Shareholders | 1 |
| --- | --- |
| Manager’s Discussion of Fund Performance: | |
| Virtus AllianzGI Artificial Intelligence & Technology Opportunities Fund (“AllianzGI Artificial Intelligence & Technology Opportunities Fund”) (“AIO”) | 2 |
| Virtus AllianzGI Convertible & Income 2024 Target Term Fund (“AllianzGI Convertible & Income 2024 Target Term Fund”)
(“CBH”) | 5 |
| Virtus AllianzGI Convertible & Income Fund (“AllianzGI Convertible & Income Fund”)
(“NCV”) | 8 |
| Virtus AllianzGI Convertible & Income Fund II (“AllianzGI Convertible & Income Fund II”)
(“NCZ”) | 11 |
| Portfolio Holdings Summary
Weightings | 14 |
| Key Investment
Terms | 16 |
| Schedules of Investments: | |
| AllianzGI Artificial Intelligence & Technology Opportunities
Fund | 19 |
| AllianzGI Convertible & Income 2024 Target Term
Fund | 25 |
| AllianzGI Convertible & Income
Fund | 36 |
| AllianzGI Convertible & Income Fund
II | 50 |
| Statements of Assets and
Liabilities | 64 |
| Statements of
Operations | 68 |
| Statements of Changes in Net
Assets | 70 |
| Statement of Cash
Flows | 74 |
| Financial
Highlights | 75 |
| Notes to Financial
Statements | 82 |
| Results of Shareholder
Meeting | 104 |

Table of Contents

MESSAGE TO SHAREHOLDERS

To Virtus Closed-End Fund Shareholders:

| ● |
| --- |
| Continued
strong monetary and fiscal support led global markets generally higher during the period, despite inflation fears and the resurgence of COVID-19, specifically the Delta variant. Many indices posted positive returns for the six months. U.S.
large-capitalization stocks led the way, returning 19.52%, as measured by the S&P 500 ® Index, versus a more modest gain of 3.81% for small-cap
stocks, as measured by the Russell 2000 ® Index. Within international equities, developed markets, as measured by the MSCI EAFE ® Index (net), returned 10.31%, while emerging markets posted a slight loss of 0.98%, as measured by the MSCI Emerging Markets Index (net). |
| In fixed
income markets, the yield on the 10-year Treasury was 1.30% on August 31, 2021, down from 1.44% on February 28, 2021. The broader U.S. fixed income market, as represented by the Bloomberg U.S. Aggregate Bond Index, returned 1.49%. Non-investment
grade bonds were up 3.82% for the period, as measured by the Bloomberg U.S. Corporate High Yield Bond Index. (Please note that effective August 24, the names of the indices were changed from the Bloomberg Barclays U.S. Aggregate Bond Index and
Bloomberg Barclays U.S. Corporate High Yield Bond Index, respectively.) |

If you have any questions about your Fund or require assistance, please visit the closed-end fund section of Virtus.com, or call our customer service team at 866-270-7788.

We appreciate your business and remain committed to your long-term financial success.

Sincerely,

George R. Aylward President and Chief Executive Officer, Virtus Closed-End Funds

October 2021

Refer to the Manager’s Discussion section for your Fund’s performance. Performance data quoted represents past results. Past performance is no guarantee of future results, and current performance may be higher or lower than the performance shown above.

Table of Contents

AllianzGI Artificial Intelligence & Technology Opportunities Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

August 31, 2021

About the Fund:

AllianzGI Artificial Intelligence & Technology Opportunities Fund’s (NYSE: AIO) (the “Fund”) investment objective is to provide total return through a combination of current income, current gains and long-term capital appreciation. There is no guarantee that the Fund will achieve its investment objective.

The use of leverage currently enables the Fund to borrow at short-term rates and invest at higher yields on its investments. As of August 31, 2021, the Fund’s leverage consisted of $30.0 million of borrowings made pursuant to margin financing and/or securities lending, which represented approximately 3% of the Fund’s total assets.

Manager Comments – Allianz Global Investors U.S. LLC (AllianzGI)

AllianzGI manages the Fund, leveraging the knowledge and skills of an experienced investment team that has a long track record in closed-end fund management. The team takes a dynamic approach to allocating the Fund’s assets. They invest for the long term, employing innovative investment expertise and global resources. The following commentary is provided by the portfolio team at AllianzGI and covers the Fund’s performance for the six months ended August 31, 2021.

How did the markets perform during the Fund’s semiannual period ended August 31, 2021?

Global equities delivered strong gains over the semiannual period ended August 31, 2021, as the rollout of COVID-19 vaccines boosted the outlook for a global economic recovery from the pandemic. U.S. President Joe Biden’s plans for massive fiscal stimulus further bolstered sentiment, although concerns grew about rising inflationary pressures.

All sectors in the MSCI AC World Index (net) posted positive returns, with health care and information technology outperforming, and consumer discretionary and energy lagging. In the spring, investors rotated out of highly favored growth stocks into those with value characteristics, but growth subsequently rallied over the summer to finish ahead of value. Later in the period, positive corporate earnings data outweighed uncertainty over when central banks would start to taper their extraordinary support measures. Financial markets also overcame concerns regarding the spread of the highly contagious Delta variant of COVID-19, ongoing supply chain disruptions, rising geopolitical tensions, and worries over a slowdown in China’s economy.

Against this backdrop, convertible securities were positively impacted by underlying equity strength. Improving fundamentals, declining default rates, and a rising upgrade-to-downgrade ratio were notable developments within the high yield bond market.

What factors affected the Fund’s performance during its fiscal semiannual period?

For the six months ended August 31, 2021, the Fund’s net asset value (NAV) returned 5.52%, and its market price returned 4.85%. For the same period, the Fund’s benchmark, the MSCI AC World Index (net) returned 13.80%.

For information regarding the indexes and certain key investment terms, see Key Investment Terms starting on page 16.

Table of Contents

AllianzGI Artificial Intelligence & Technology Opportunities Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited) (Continued)

August 31, 2021

In the equity portfolio, relative underperformance during the reporting period was driven by stock selection and industry positioning. Stock selection in the life sciences tools & services and road & rail industries contributed positively to relative performance. Conversely, stock selection in the information technology services and semiconductors & semiconductor equipment industries detracted from relative performance. From an industry allocation perspective, an overweight allocation to the life sciences tools & services industry contributed positively to relative performance, while an overweight allocation to the entertainment industry detracted from performance.

Within convertible securities, technology, health care, and telecommunications were the top-contributing sectors. Conversely, consumer discretionary, media, and industrials exposures detracted from performance.

Within the high yield allocation, the greatest contributors to performance were technology, media content, and healthcare. Support services was the only industry that negatively affected performance.

The preceding information is the opinion of portfolio management only through the end of the period of the report as stated on the cover. Any such opinions are subject to change at any time based upon market conditions and should not be relied upon as investment advice.

The Fund’s portfolio holdings are subject to change and may not be representative of the portfolio managers’ current or future investment decisions. The mention of individual securities held by the Fund is for informational purposes only and should not be construed as a recommendation to purchase or sell any securities. Investors seeking financial advice regarding the appropriateness of investing in any securities or investment strategies discussed should consult their financial professional.

Risk Considerations

Convertible Securities: A convertible security may be called for redemption at a time and price unfavorable to the portfolio.

Equity Securities: The market price of equity securities may be adversely affected by financial market, industry, or issuer-specific events. Focus on a particular style or on small or medium-sized companies may enhance that risk.

Credit & Interest: Debt instruments are subject to various risks, including credit and interest rate risk. The issuer of a debt security may fail to make interest and/or principal payments. Values of debt instruments may rise or fall in response to changes in interest rates, and this risk may be enhanced with longer-term maturities.

Sector Focused Investing: Events negatively affecting a particular market sector in which the portfolio focuses its investments may cause the value of the portfolio to decrease.

Leverage: When a portfolio is leveraged, the value of its securities may be more volatile and all other risks may be compounded.

For information regarding the indexes and certain key investment terms, see Key Investment Terms starting on page 16.

Table of Contents

AllianzGI Artificial Intelligence & Technology Opportunities Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited) (Continued)

August 31, 2021

Limited Term: The Fund will terminate on or around October 29, 2031 absent Trustee and shareholder approval to amend the limited term provision of the Fund’s Amended and Restated Agreement and Declaration of Trust. As the assets of the Fund will be liquidated in connection with its termination, the Fund may be required to sell portfolio securities when it otherwise would not, including at times when market conditions are not favorable, which may cause the Fund to lose money.

Market Volatility: Local, regional, or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the portfolio and its investments, including hampering the ability of the portfolio manager(s) to invest the portfolio’s assets as intended.

Closed-End Funds: Closed-end funds may trade at a discount or premium from their net asset values, which may affect whether an investor will realize gains or losses. They may also employ leverage, which may increase volatility.

For information regarding the indexes and certain key investment terms, see Key Investment Terms starting on page 16.

Table of Contents

AllianzGI Convertible & Income 2024 Target Term Fund MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

August 31, 2021

About the Fund:

AllianzGI Convertible & Income 2024 Target Term Fund’s (NYSE: CBH) (the “Fund”) investment objectives are to provide a high level of income and to return at least $9.835 per common share (the original net asset value per common share before deducting offering costs of $0.02 per share) to holders of common shares on or about September 1, 2024. There is no guarantee that the Fund will achieve its investment objective.

The use of leverage currently enables the Fund to borrow at short-term rates and invest at higher yields on its investments. As of August 31, 2021, the Fund’s leverage consisted of $69.7 million of borrowings made pursuant to margin financing and/or securities lending, which represented approximately 26% of the Fund’s total assets.

Manager Comments – Allianz Global Investors U.S. LLC (AllianzGI)

AllianzGI manages the Fund, leveraging the knowledge and skills of an experienced investment team that has a long track record in closed-end fund management. The team takes a dynamic approach to allocating Fund assets across convertible securities, equities, and income-producing securities. They invest for the long term, employing innovative investment expertise and global resources. The following commentary is provided by the portfolio teams at AllianzGI and covers the Fund’s portfolio for the six months ended August 31, 2021.

How did the markets perform during the Fund’s semiannual period ended August 31, 2021?

The three asset classes – U.S. convertible securities, high yield bonds and leveraged loans – utilized in the Fund advanced during the semiannual period ended August 31, 2021. The ICE BofA US Convertibles Index and ICE BofA US High Yield Index returned 1.9% and 3.9%, respectively. The Credit Suisse Leveraged Loan Index gained 2.0%. By way of comparison, the 10-year U.S. Treasury was higher by 2.4% and the S&P 500 ® Index advanced 19.5%.

Stocks hit new record highs over the period, with the S&P 500 ® Index recording its seventh straight monthly gain through August. Convertible securities were positively impacted by underlying equity strength. Improving fundamentals, declining default rates, and a rising upgrade-to-downgrade ratio were notable developments within the high yield credit markets.

Strong corporate profits, upwardly revised earnings expectations, accommodative commentary by the U.S. Federal Reserve (the Fed), constructive economic data, and the potential for new U.S. fiscal stimulus offset investor concerns around the spread of the Delta variant of COVID-19 and the outlook for Fed tapering and inflation.

First- and second-quarter financial results for U.S. companies exceeded estimates due to stronger-than-expected earnings and revenues. Concurrently, forward earnings expectations rose over the period.

The Fed kept interest rates and asset purchases unchanged. In his speech at the Jackson Hole Economic Symposium in late August, Fed Chair Jerome Powell said that tapering could start this year, but indicated that tapering is not a precursor to the normalization of policy rates.

The U.S. economy continued to recover, with declines reported in unemployment and jobless claims. Surveys of manufacturing activity remained healthy, while non-manufacturing activity picked up in July. In contrast, consumer sentiment fell and inflation measures increased.

For information regarding the indexes and certain key investment terms, see Key Investment Terms starting on page 16.

Table of Contents

AllianzGI Convertible & Income 2024 Target Term Fund MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited) (Continued)

August 31, 2021

The Senate passed the $1 trillion infrastructure bill, and the House of Representatives passed the $3.5 trillion budget resolution and advanced the infrastructure bill.

What factors affected the Fund’s performance during its fiscal semiannual period?

For the six months ended August 31, 2021, the Fund’s net asset value (NAV) returned 0.83%, and its market price returned 5.64%. For the same period, the Fund’s composite benchmark, which consists of 40% ICE BofA US Convertibles Index (representing convertible securities), 45% ICE BofA High Yield BB-B Constrained Index (representing high yield bonds), and 15% Credit Suisse Leveraged Loan Index (representing leveraged loans) returned 2.70%. The underlying indexes returned 1.86% for convertibles, 3.61% for high yield and 1.99% for leveraged loans.

The Fund benefited from its exposure to U.S. credit. In addition to providing a positive total return gross of fees and expenses, the Fund delivered a high level of income during the six months ended August 31, 2021.

Media, technology, and energy were the top-contributing sectors among convertible security positions. Conversely, health care, consumer discretionary, and industrials exposures detracted from performance.

For high yield holdings, the greatest contributors to performance were financial services, energy, and cable & satellite TV. There were no industries that negatively affected performance.

Within leveraged loans, contributions from retail, technology, and support services were the most impactful. In contrast, energy was the only industry that hindered performance.

Risk Considerations

Convertible Securities: A convertible security may be called for redemption at a time and price unfavorable to the portfolio.

High Yield Fixed Income Securities: There is a greater risk of issuer default, less liquidity, and increased price volatility related to high yield securities than investment grade securities.

For information regarding the indexes and certain key investment terms, see Key Investment Terms starting on page 16.

Table of Contents

AllianzGI Convertible & Income 2024 Target Term Fund MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited) (Continued)

August 31, 2021

Bank Loans: Loans may be unsecured or not fully collateralized, may be subject to restrictions on resale and/or trade infrequently on the secondary market. Loans are subject to credit and call risk, may be difficult to value, and have longer settlement times than other investments, which can make loans relatively illiquid at times.

Leverage: When a portfolio is leveraged, the value of its securities may be more volatile and all other risks may be compounded.

Limited Term: The Fund will terminate on or around September 1, 2024 absent Trustee and shareholder approval to amend the limited term provision of the Fund’s Amended and Restated Agreement and Declaration of Trust. As the assets of the Fund will be liquidated in connection with its termination, the Fund may be required to sell portfolio securities when it otherwise would not, including at times when market conditions are not favorable, which may cause the Fund to lose money.

For information regarding the indexes and certain key investment terms, see Key Investment Terms starting on page 16.

Table of Contents

AllianzGI Convertible & Income Fund MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

August 31, 2021

About the Fund:

AllianzGI Convertible & Income Fund’s (NYSE: NCV) (the “Fund”) investment objective is to provide total return through a combination of capital appreciation and high current income. There is no guarantee that the Fund will achieve its investment objective.

The use of leverage currently enables the Fund to have a blended capital structure combining long-term fixed rates and short-term variable rates which enable the Fund to seek to enhance the yields on its investments. As of August 31, 2021, the Fund’s leverage consisted of $352.1 million of borrowings made pursuant to a margin financing and/or securities lending and longer-term preferred shares which represented approximately 37% of the Fund’s total assets.

Manager Comments – Allianz Global Investors U.S. LLC (AllianzGI)

AllianzGI manages the Fund, leveraging the knowledge and skills of an experienced investment team that has a long track record in closed-end fund management. The team takes a dynamic approach to allocating Fund assets across convertible securities, equities, and income-producing securities. They invest for the long term, employing innovative investment expertise and global resources. The following commentary is provided by the portfolio teams at AllianzGI and covers the Fund’s portfolio for the six months ended August 31, 2021.

How did the markets perform during the Fund’s semiannual period ended August 31, 2021?

The two asset classes utilized in the Fund – U.S. convertible securities and high yield bonds – advanced during the semiannual period ended August 31, 2021. The ICE BofA US Convertibles Index and ICE BofA US High Yield Index returned 1.9% and 3.9%, respectively. By way of comparison, the 10-year U.S. Treasury was higher by 2.4% and the S&P 500 ® Index advanced 19.5%.

For information regarding the indexes and certain key investment terms, see Key Investment Terms starting on page 16.

Table of Contents

AllianzGI Convertible & Income Fund MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited) (Continued)

August 31, 2021

The Senate passed the $1 trillion infrastructure bill, and the House of Representatives passed the $3.5 trillion budget resolution and advanced the infrastructure bill.

What factors affected the Fund’s performance during its fiscal semiannual period?

For the six months ended August 31, 2021, the Fund’s net asset value (NAV) returned 3.03%, and its market price returned 13.34%. For the same period, the Fund’s composite benchmark, which consists of 50% ICE BofA US Convertibles Index (representing convertible securities) and 50% ICE BofA US High Yield Index (representing high yield bonds) returned 2.90%.

The Fund benefited from its exposure to U.S. convertible securities and high yield bonds. In addition to providing a positive total return gross of fees and expenses, the Fund delivered a high level of income during the six months ended August 31, 2021.

Within convertible security positions, health care, financials, and utilities were the top-contributing sectors. Conversely, technology, media, and transportation exposures detracted from performance.

Within the high yield allocation, the greatest contributors to performance were energy, financial services, and automotive. There were no industries that negatively affected performance.

Risk Considerations

Convertible Securities: A convertible security may be called for redemption at a time and price unfavorable to the portfolio.

Leverage: When a portfolio is leveraged, the value of its securities may be more volatile and all other risks may be compounded.

High Yield Fixed Income Securities: There is a greater risk of issuer default, less liquidity, and increased price volatility related to high yield securities than investment grade securities.

Preferred Stocks: Preferred stocks may decline in price, fail to pay dividends, or be illiquid.

For information regarding the indexes and certain key investment terms, see Key Investment Terms starting on page 16.

Table of Contents

AllianzGI Convertible & Income Fund MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited) (Continued)

August 31, 2021

For information regarding the indexes and certain key investment terms, see Key Investment Terms starting on page 16.

Table of Contents

AllianzGI Convertible & Income Fund II MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited)

August 31, 2021

About the Fund:

AllianzGI Convertible & Income Fund II’s (NYSE: NCZ) (the “Fund”) investment objective is to provide total return through a combination of capital appreciation and high current income. There is no guarantee that the Fund will achieve its investment objective.

The Fund employs leverage which enables the Fund to seek to enhance the yields on its investments. As of August 31, 2021, the Fund’s leverage consisted of $271.5 million of borrowings through preferred shares, which represented approximately 38% of the Fund’s total assets.

Manager Comments – Allianz Global Investors U.S. LLC (AllianzGI)

AllianzGI manages the Fund, leveraging the knowledge and skills of an experienced investment team that has a long track record in closed-end fund management. The team takes a dynamic approach to allocating Fund assets across convertible securities, equities, and income-producing securities. They invest for the long term, employing innovative investment expertise and global resources. The following commentary is provided by the portfolio teams at AllianzGI and covers the Fund’s portfolio for the six months ended August 31, 2021.

How did the markets perform during the Fund’s semiannual period ended August 31, 2021?

For information regarding the indexes and certain key investment terms, see Key Investment Terms starting on page 16.

Table of Contents

AllianzGI Convertible & Income Fund II MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited) (Continued)

August 31, 2021

The Senate passed the $1 trillion infrastructure bill, and the House of Representatives passed the $3.5 trillion budget resolution and advanced the infrastructure bill.

What factors affected the Fund’s performance during its fiscal semiannual period?

For the fiscal six months ended August 31, 2021, the Fund’s net asset value (NAV) returned 2.83%, and its market price returned 12.05%. For the same period, the Fund’s composite benchmark, which consists of 50% ICE BofA US Convertibles Index (representing convertible securities) and 50% ICE BofA US High Yield Index (representing high yield bonds) returned 2.90%.

Within the high yield allocation, the greatest contributors to performance were financial services, energy, and automotive. There were no industries that negatively affected performance.

Risk Considerations

Convertible Securities: A convertible security may be called for redemption at a time and price unfavorable to the portfolio.

Leverage: When a portfolio is leveraged, the value of its securities may be more volatile and all other risks may be compounded.

High Yield Fixed Income Securities: There is a greater risk of issuer default, less liquidity, and increased price volatility related to high yield securities than investment grade securities.

Preferred Stocks: Preferred stocks may decline in price, fail to pay dividends, or be illiquid.

For information regarding the indexes and certain key investment terms, see Key Investment Terms starting on page 16.

Table of Contents

AllianzGI Convertible & Income Fund II MANAGER’S DISCUSSION OF FUND PERFORMANCE (Unaudited) (Continued)

August 31, 2021

Market Volatility : Local, regional, or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the portfolio and its investments, including hampering the ability of the portfolio manager(s) to invest the portfolio’s assets as intended.

For information regarding the indexes and certain key investment terms, see Key Investment Terms starting on page 16.

Table of Contents

PORTFOLIO HOLDINGS SUMMARY WEIGHTINGS (Unaudited)

August 31, 2021

For each Fund, the following tables present asset allocations within certain industries as a percentage of total investments as of August 31, 2021.

AllianzGI Artificial Intelligence & Technology Opportunities Fund

| Common
Stocks | |
| --- | --- |
| Semiconductors
& Semiconductor Equipment | 9% |
| Software | 6 |
| Banks | 4 |
| All
other Common Stocks | 31 |
| Convertible
Bonds and Notes | 38 |
| Software | 10 |
| Internet | 7 |
| Semiconductors | 3 |
| All
other Convertible Bonds and Notes | 18 |
| Convertible
Preferred Stocks | 4 |
| Short-Term
Investment | 4 |
| Corporate
Bonds and Notes | 3 |
| Securities
Lending Collateral | 1 |
| Total | 100% |

AllianzGI Convertible & Income 2024 Target Term Fund

| Convertible
Bonds and Notes | |
| --- | --- |
| Software | 12% |
| Biotechnology | 7 |
| Equity
Real Estate Investment Trusts (REITs) | 4 |
| All
other Convertible Bonds and Notes | 18 |
| Corporate
Bonds and Notes | 32 |
| Telecommunications | 4 |
| Media | 4 |
| Oil,
Gas & Consumable Fuels | 3 |
| All
other Corporate Bonds and Notes | 21 |
| Leveraged
Loans | 21 |
| Short-Term
Investment | 5 |
| Securities
Lending Collateral | 1 |
| Total | 100% |

Table of Contents

PORTFOLIO HOLDINGS SUMMARY WEIGHTINGS (Unaudited) (Continued)

August 31, 2021

AllianzGI Convertible & Income Fund

| Convertible
Bonds and Notes | |
| --- | --- |
| Internet | 12% |
| Software | 7 |
| Commercial
Services | 3 |
| All
other Convertible Bonds and Notes | 26 |
| Corporate
Bonds and Notes | 29 |
| Oil,
Gas & Consumable Fuels | 3 |
| Media | 3 |
| Telecommunications | 2 |
| All
other Corporate Bonds and Notes | 21 |
| Convertible
Preferred Stocks | 17 |
| Short-Term
Investment | 3 |
| Preferred
Stocks | 1 |
| Securities
Lending Collateral | 1 |
| Common
Stocks | 1 |
| Total | 100% |

AllianzGI Convertible & Income Fund II

| Convertible
Bonds and Notes | |
| --- | --- |
| Internet | 12% |
| Software | 7 |
| Commercial
Services | 3 |
| All
other Convertible Bonds and Notes | 26 |
| Corporate
Bonds and Notes | 29 |
| Oil,
Gas & Consumable Fuels | 3 |
| Media | 3 |
| Telecommunications | 2 |
| All
other Corporate Bonds and Notes | 21 |
| Convertible
Preferred Stocks | 17 |
| Short-Term
Investment | 3 |
| Preferred
Stocks | 1 |
| Common
Stocks | 1 |
| Leveraged
Loans | 1 |
| Total | 100% |

Table of Contents

KEY INVESTMENT TERMS (Unaudited)

August 31, 2021

American Depositary Receipt (“ADR”)

Represents shares of foreign companies traded in U.S. dollars on U.S. exchanges that are held by a U.S. bank or a trust. Foreign companies use ADRs in order to make it easier for Americans to buy their shares.

Bloomberg U.S. Aggregate Bond Index

The Bloomberg U.S. Aggregate Bond Index measures the U.S. investment-grade fixed-rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

Bloomberg U.S. Corporate High Yield Bond Index

The Bloomberg U.S. Corporate High Yield Bond Index measures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

Credit Suisse Leveraged Loan Index

The Credit Suisse Leveraged Loan Index is a market-weighted index that tracks the investable universe of the U.S. dollar denominated leveraged loans. The index is calculated on a total-return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

Exchange-Traded Funds (“ETFs”)

An open-end fund that is traded on a stock exchange. Most ETFs have a portfolio of stocks or bonds that track a specific market index.

Federal Reserve (the “Fed”)

The Central Bank of the United States, responsible for controlling the money supply, interest rates and credit with the goal of keeping the U.S. economy and currency stable. Governed by a seven-member board, the system includes 12 regional Federal Reserve Banks, 25 branches and all national and state banks that are part of the system.

ICE BofA US Convertibles Index

The ICE BofA US 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. Its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

ICE BofA U.S. High Yield BB-B Constrained Index

ICE BofA U.S. High Yield BB-B Constrained Index is a modified market capitalization weighted index of U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody’s, S&P and Fitch).

ICE BofA US High Yield Index

The ICE BofA U.S. High Yield Index is market capitalization weighted and is designed to measure the performance of U.S. dollar denominated below investment grade (commonly referred to as “junk”) corporate debt publicly issued in the U.S. domestic market. Its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

Table of Contents

KEY INVESTMENT TERMS (Unaudited) (Continued) August 31, 2021

Leveraged Loan

Leveraged loans (also known as bank, senior or floating-rate loans) consists of below investment-grade credit quality loans that are arranged by banks and other financial institutions to help companies finance acquisitions, recapitalizations, or other highly leveraged transactions. Such loans may be especially vulnerable to adverse changes in economic or market conditions, although they are senior in the capital structure which typically provides investors/lenders a degree of potential credit risk protection.

London Interbank Offered Rate (“LIBOR”)

A benchmark rate that some of the world’s leading banks charge each other for short-term loans and that serves as the first step to calculating interest rates on various loans throughout the world.

MSCI All Country World Index (net)

The MSCI All Country World Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

MSCI EAFE ® Index (net)

The MSCI EAFE ® (Europe, Australasia, Far East) Index (net) is a free float-adjusted market capitalization-weighted index that measures developed foreign market equity performance, excluding the U.S. and Canada. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

MSCI Emerging Markets Index (net)

The MSCI Emerging Markets Index (net) is a free float-adjusted market capitalization-weighted index designed to measure equity market performance in the global emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

Payment In Kind (“PIK”)

A bond which pays interest in the form of additional bonds, or preferred stock which pays dividends in the form of additional preferred stock.

Real Estate Investment Trust (“REIT”)

A publicly traded company that owns, develops and operates income-producing real estate such as apartments, office buildings, hotels, shopping centers and other commercial properties.

Russell 2000 ® Index

The Russell 2000 ® Index is a market capitalization-weighted index of the 2,000 smallest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

Table of Contents

KEY INVESTMENT TERMS (Unaudited) (Continued) August 31, 2021

S&P 500 ® Index

The S&P 500 ® Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

Table of Contents

AllianzGI Artificial Intelligence & Technology Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited)

August 31, 2021

($ reported in thousands)

| | Par
Value | Value |
| --- | --- | --- |
| Corporate
Bonds and Notes—2.9% | | |
| Computers—0.3% | | |
| Dell
International LLC 144A 7.125%, 6/15/24 (1) | $ 3,000 | $ 3,064 |
| Internet—1.0% | | |
| Go
Daddy Operating Co., LLC 144A 5.250%, 12/1/27 (1)(2) | 3,000 | 3,163 |
| Match
Group Holdings II LLC 144A 5.000%, 12/15/27 (1) | 3,000 | 3,155 |
| Netflix,
Inc. 144A 5.375%, 11/15/29 (1)(2) | 3,000 | 3,689 |
| | | 10,007 |
| Pharmaceuticals—0.4% | | |
| Horizon
Therapeutics USA, Inc. 144A 5.500%, 8/1/27 (1) | 4,000 | 4,240 |
| Software—0.4% | | |
| Clarivate
Science Holdings Corp. 144A 4.875%, 7/1/29 (1) | 4,000 | 4,126 |
| Telecommunications—0.8% | | |
| CommScope,
Inc. 144A 8.250%, 3/1/27 (1)(2) | 4,000 | 4,217 |
| LogMeIn,
Inc. 144A 5.500%, 9/1/27 (1) | 4,000 | 4,150 |
| | | 8,367 |
| Total
Corporate Bonds and Notes (Identified Cost $29,783) | | 29,804 |

	Shares
Convertible
Preferred Stocks—4.5%
Communications
Equipment—1.1%
T-Mobile
US 2020 Cash Mandatory Exchangeable Trust 144A, 5.250% (1)	9,330	11,111

	Shares	Value
Healthcare
Equipment & Supplies—1.3%
Danaher
Corp. Series A, 4.750%	6,200	$ 13,460
Life
Sciences Tools & Services—0.8%
Avantor,
Inc. Series A, 6.250% (2)	67,500	8,193
Semiconductors
& Semiconductor Equipment—1.3%
Broadcom,
Inc. Series A, 8.000%	8,965	14,149
Total
Convertible Preferred Stocks (Identified Cost $32,574)		46,913
Common
Stocks—51.6%
Air
Freight & Logistics—2.0%
FedEx
Corp.	9,145	2,430
GXO
Logistics, Inc. (3)	87,975	7,195
United
Parcel Service, Inc. Class B	28,210	5,519
XPO
Logistics, Inc. (3)	60,400	5,249
		20,393
Auto
Components—1.0%
Aptiv
plc (3)	68,175	10,376
Banks—3.7%
Citigroup,
Inc.	116,560	8,382
First
Republic Bank	55,935	11,128
JPMorgan
Chase & Co.	69,285	11,082
SVB
Financial Group (3)	13,850	7,749
		38,341
Capital
Markets—2.1%
Charles
Schwab Corp. (The)	83,065	6,051

See Notes to Financial Statements

Table of Contents

AllianzGI Artificial Intelligence & Technology Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

	Shares	Value
Capital
Markets—continued
Morgan
Stanley	151,625	$ 15,834
		21,885
Communications
Equipment—1.0%
Motorola
Solutions, Inc.	42,870	10,470
Electrical
Equipment—0.6%
Rockwell
Automation, Inc. (2)	18,085	5,886
Electronic
Equipment, Instruments & Components—1.8%
Flex
Ltd. (3)	656,100	12,190
Keysight
Technologies, Inc. (2)(3)	36,445	6,538
		18,728
Energy
Equipment & Services—0.7%
Schlumberger
N.V.	267,385	7,497
Entertainment—1.7%
Roku,
Inc. Class A (3)	30,480	10,740
Walt
Disney Co. (The) (2)(3)	34,090	6,181
		16,921
Equity
Real Estate Investment—0.5%
Equinix,
Inc.	6,270	5,288
Healthcare
Equipment & Supplies—1.2%
Hologic,
Inc. (3)	62,865	4,976
Intuitive
Surgical, Inc. (3)	6,665	7,022
		11,998
Healthcare
Providers & Services—3.3%
Anthem,
Inc.	30,730	11,528
Laboratory
Corp. of America Holdings (3)	16,030	4,863
UnitedHealth
Group, Inc.	42,465	17,677
		34,068
Hotels,
Restaurants & Leisure—2.6%
Caesars
Entertainment, Inc. (3)	59,960	6,094

	Shares	Value
Hotels,
Restaurants & Leisure—continued
Hilton
Worldwide Holdings, Inc. (2)(3)	84,400	$ 10,538
Starbucks
Corp.	83,670	9,830
		26,462
Industrial
Conglomerates—0.6%
Honeywell
International, Inc.	26,480	6,141
Insurance—0.3%
Progressive
Corp. (The)	27,250	2,625
Interactive
Media & Services—2.5%
Alphabet,
Inc. Class A (3)	5,080	14,701
Facebook,
Inc. Class A (3)	25,300	9,598
ZoomInfo
Technologies, Inc. Class A (2)(3)	20,762	1,354
		25,653
Internet
& Direct Marketing Retail—1.0%
Amazon.com,
Inc. (3)	3,045	10,569
IT
Services—2.9%
Mastercard,
Inc. Class A	36,810	12,745
Twilio,
Inc. Class A (3)	11,485	4,099
Visa,
Inc. Class A (2)	56,215	12,879
		29,723
Life
Sciences Tools & Services—3.4%
Charles
River Laboratories International, Inc. (3)	16,180	7,181
ICON
plc ADR (3)	17,300	4,425
IQVIA
Holdings, Inc. (3)	59,200	15,376
Thermo
Fisher Scientific, Inc.	15,295	8,488
		35,470
Machinery—1.9%
Deere
& Co.	52,220	19,741
Metals
& Mining—0.8%
Freeport-McMoRan,
Inc. (2)	220,765	8,034

See Notes to Financial Statements

Table of Contents

AllianzGI Artificial Intelligence & Technology Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

	Shares	Value
Semiconductors
& Semiconductor Equipment—9.2%
Analog
Devices, Inc.	50,775	$ 8,274
Applied
Materials, Inc.	78,365	10,589
Lam
Research Corp.	16,630	10,058
Marvell
Technology, Inc.	260,035	15,912
Micron
Technology, Inc. (3)	18,510	1,364
NXP
Semiconductors N.V.	89,260	19,202
Qorvo,
Inc. (3)	26,665	5,014
Semtech
Corp. (3)	94,090	6,579
Skyworks
Solutions, Inc.	50,520	9,268
Synaptics,
Inc. (3)	34,930	6,629
Teradyne,
Inc. (2)	17,915	2,176
		95,065
Software—6.8%
Cadence
Design Systems, Inc. (3)	45,490	7,437
Crowdstrike
Holdings, Inc. Class A (2)(3)	37,365	10,500
Intuit,
Inc.	17,525	9,921
Microsoft
Corp.	72,305	21,827
Oracle
Corp.	60,770	5,416
salesforce.com,
Inc. (3)	31,875	8,455
ServiceNow,
Inc. (3)	6,665	4,290
Workday,
Inc. Class A (3)	9,115	2,490
		70,336
Total
Common Stocks (Identified Cost $390,804)		531,670

| | Par
Value | |
| --- | --- | --- |
| Convertible
Bonds and Notes—40.0% | | |
| Airlines—0.5% | | |
| Southwest
Airlines Co. 1.250%, 5/1/25 | $ 4,000 | 5,830 |
| Auto
Manufacturers—1.4% | | |
| Ford
Motor Co. 144A 0.000%, 3/15/26 (1)(2) | 9,500 | 9,857 |
| NIO,
Inc. 144A 0.000%, 2/1/26 (1) | 6,000 | 5,136 |
| | | 14,993 |

| | Par
Value | Value |
| --- | --- | --- |
| Biotechnology—1.8% | | |
| Guardant
Health, Inc. 144A 0.000%, 11/15/27 (1) | $ 7,000 | $ 8,152 |
| Illumina,
Inc. 0.000%, 8/15/23 (2) | 2,715 | 3,304 |
| NeoGenomics,
Inc. 0.250%, 1/15/28 | 7,000 | 6,990 |
| | | 18,446 |
| Commercial
Services—3.6% | | |
| Chegg,
Inc. 0.000%, 9/1/26 | 6,500 | 6,939 |
| Repay
Holdings Corp. 144A 0.000%, 2/1/26 (1) | 6,000 | 5,783 |
| Shift4
Payments, Inc. | | |
| 144A
0.000%, 12/15/25 (1) | 4,250 | 5,419 |
| 144A
0.500%, 8/1/27 (1) | 3,270 | 3,331 |
| Square,
Inc. 144A 0.250%, 11/1/27 (1)(2) | 12,500 | 15,441 |
| | | 36,913 |
| Computers—2.9% | | |
| Lumentum
Holdings, Inc. 0.500%, 12/15/26 | 9,000 | 10,047 |
| Pure
Storage, Inc. 0.125%, 4/15/23 (2) | 8,500 | 9,907 |
| Zscaler,
Inc. 0.125%, 7/1/25 | 5,000 | 9,602 |
| | | 29,556 |
| Diversified
Financial Services—0.5% | | |
| Upstart
Holdings, Inc. 144A 0.250%, 8/15/26 (1) | 4,440 | 5,001 |
| Electronics—0.6% | | |
| II-VI,
Inc. 0.250%, 9/1/22 | 4,500 | 6,268 |
| Energy-Alternate
Sources—0.7% | | |
| Enphase
Energy, Inc. | | |
| 144A
0.000%, 3/1/26 (1) | 3,500 | 3,400 |

See Notes to Financial Statements

Table of Contents

AllianzGI Artificial Intelligence & Technology Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

| | Par
Value | Value |
| --- | --- | --- |
| Energy-Alternate Sources—continued | | |
| 144A
0.000%, 3/1/28 (1) | $ 4,500 | $ 4,378 |
| | | 7,778 |
| Entertainment—0.5% | | |
| DraftKings,
Inc. 144A 0.000%, 3/15/28 (1) | 5,145 | 4,929 |
| Healthcare-Products—1.7% | | |
| Insulet
Corp. 0.375%, 9/1/26 | 5,850 | 8,421 |
| Natera,
Inc. 2.250%, 5/1/27 | 1,150 | 3,611 |
| Novocure
Ltd. 144A 0.000%, 11/1/25 (1) | 5,000 | 5,543 |
| | | 17,575 |
| Healthcare-Services—1.2% | | |
| Oak
Street Health, Inc. 144A 0.000%, 3/15/26 (1) | 7,000 | 6,462 |
| Teladoc
Health, Inc. 1.250%, 6/1/27 (2) | 5,420 | 5,740 |
| | | 12,202 |
| Internet—7.3% | | |
| Etsy,
Inc. 144A 0.125%, 9/1/27 (1) | 6,310 | 8,353 |
| Match
Group Financeco 3, Inc. 144A 2.000%, 1/15/30 (1) | 4,220 | 7,543 |
| Okta,
Inc. 0.375%, 6/15/26 | 9,250 | 12,087 |
| Palo
Alto Networks, Inc. 0.750%, 7/1/23 | 5,600 | 9,783 |
| Shopify,
Inc. 0.125%, 11/1/25 | 6,000 | 7,925 |
| Snap,
Inc. 144A 0.000%, 5/1/27 (1)(2) | 12,425 | 14,509 |
| Uber
Technologies, Inc. 144A 0.000%, 12/15/25 (1)(2) | 5,290 | 4,934 |

| | Par
Value | Value |
| --- | --- | --- |
| Internet—continued | | |
| Wayfair,
Inc. 0.625%, 10/1/25 | $ 3,935 | $ 4,041 |
| Zendesk,
Inc. 0.625%, 6/15/25 | 5,000 | 6,591 |
| | | 75,766 |
| Leisure
Time—1.1% | | |
| Royal
Caribbean Cruises Ltd. 144A 2.875%, 11/15/23 (1) | 9,000 | 11,210 |
| Media—0.5% | | |
| Liberty
Media Corp-Liberty Formula One 1.000%, 1/30/23 | 3,500 | 4,898 |
| Pharmaceuticals—1.1% | | |
| Dexcom,
Inc. 0.250%, 11/15/25 | 9,740 | 11,201 |
| Real
Estate—0.5% | | |
| Redfin
Corp. 144A 0.000%, 10/15/25 (1) | 5,000 | 4,918 |
| Semiconductors—3.6% | | |
| MACOM
Technology Solutions Holdings, Inc. 144A 0.250%, 3/15/26 (1) | 9,385 | 9,540 |
| Microchip
Technology, Inc. 0.125%, 11/15/24 (2) | 10,457 | 11,921 |
| ON
Semiconductor Corp. 144A 0.000%, 5/1/27 (1)(2) | 14,000 | 15,991 |
| | | 37,452 |
| Software—9.9% | | |
| Akamai
Technologies, Inc. 0.125%, 5/1/25 | 3,580 | 4,591 |
| Avalara,
Inc. 144A 0.250%, 8/1/26 (1) | 3,485 | 3,644 |
| Bentley
Systems, Inc. 144A 0.125%, 1/15/26 (1) | 7,500 | 8,944 |

See Notes to Financial Statements

Table of Contents

AllianzGI Artificial Intelligence & Technology Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

| | Par
Value | Value |
| --- | --- | --- |
| Software—continued | | |
| Bill.com
Holdings, Inc. 144A 0.000%, 12/1/25 (1) | $ 5,750 | $ 10,428 |
| Cloudflare,
Inc. 144A 0.000%, 8/15/26 (1) | 5,000 | 4,952 |
| Coupa
Software, Inc. 0.375%, 6/15/26 | 5,300 | 5,969 |
| Datadog,
Inc. 0.125%, 6/15/25 | 5,000 | 8,083 |
| DocuSign,
Inc. 144A 0.000%, 1/15/24 (1)(2) | 8,800 | 9,531 |
| Five9,
Inc. 0.500%, 6/1/25 | 4,335 | 5,890 |
| HubSpot,
Inc. 0.375%, 6/1/25 | 2,525 | 6,234 |
| LivePerson,
Inc. 144A 0.000%, 12/15/26 (1) | 6,500 | 7,020 |
| MongoDB,
Inc. 0.250%, 1/15/26 | 3,750 | 7,320 |
| RingCentral,
Inc. 0.000%, 3/1/25 | 6,295 | 6,594 |
| Splunk,
Inc. 1.125%, 6/15/27 | 5,500 | 5,483 |
| Zynga,
Inc. 144A 0.000%, 12/15/26 (1) | 7,500 | 7,494 |
| | | 102,177 |
| Telecommunications—0.6% | | |
| Nice
Ltd. 144A 0.000%, 9/15/25 (1)(2) | 5,000 | 5,854 |
| Total
Convertible Bonds and Notes (Identified Cost $364,807) | | 412,967 |

	Value
Total
Long-Term Investments—99.0% (Identified Cost $817,968)	$ 1,021,354

	Shares
Short-Term
Investment—4.2%
Money
Market Mutual Fund—4.2%
Dreyfus
Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%) (4)	42,874,753	42,875
Total
Short-Term Investment (Identified Cost $42,875)		42,875
Securities
Lending Collateral—1.2%
Dreyfus
Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%) (4)(5)	12,019,166	12,019
Total
Securities Lending Collateral (Identified Cost $12,019)		12,019
TOTAL
INVESTMENTS—104.4% (Identified Cost $872,862)		$1,076,248
Other
assets and liabilities, net—(4.4)%		(44,980)
NET
ASSETS—100.0%		$1,031,268

See Notes to Financial Statements

Table of Contents

AllianzGI Artificial Intelligence & Technology Opportunities Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

Abbreviations:
ADR	American
Depositary Receipt
LLC	Limited
Liability Company

(5) Represents security purchased with cash collateral received for securities on loan.

| Country
Weightings † | |
| --- | --- |
| United
States | 92% |
| Netherlands | 2 |
| Jersey | 1 |
| Singapore | 1 |
| Liberia | 1 |
| Canada | 1 |
| Curaçao | 1 |
| Other | 1 |
| Total | 100% |
| † % of total investments as of August 31, 2021. | |

The following table summarizes the market value of the Fund’s investments as of August 31, 2021, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

| | Total Value at August 31, 2021 | Level
1 Quoted Prices | Level
2 Significant Observable Inputs |
| --- | --- | --- | --- |
| Assets: | | | |
| Debt
Securities: | | | |
| Corporate
Bonds and Notes | $ 29,804 | $ — | $ 29,804 |
| Convertible
Bonds and Notes | 412,967 | — | 412,967 |
| Equity
Securities: | | | |
| Common
Stocks | 531,670 | 531,670 | — |
| Convertible
Preferred Stocks | 46,913 | 35,802 | 11,111 |
| Securities
Lending Collateral | 12,019 | 12,019 | — |
| Money
Market Mutual Fund | 42,875 | 42,875 | — |
| Total
Investments | $1,076,248 | $622,366 | $453,882 |

There were no securities valued using significant unobservable inputs (Level 3) at August 31, 2021.

There were no transfers into or out of Level 3 related to securities held at August 31, 2021.

For information regarding the abbreviations, see the Key Investment Terms starting on page 4 .

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income 2024 Target Term Fund

SCHEDULE OF INVESTMENTS (Unaudited)

August 31, 2021

($ reported in thousands)

| | Par
Value | Value |
| --- | --- | --- |
| Corporate
Bonds and Notes—44.4% | | |
| Aerospace
& Defense—1.2% | | |
| Triumph
Group, Inc. | | |
| 144A
8.875%, 6/1/24 (1)(2) | $ 1,796 | $ 1,978 |
| 144A
6.250%, 9/15/24 (1)(2) | 350 | 354 |
| | | 2,332 |
| Airlines—1.6% | | |
| Delta
Air Lines, Inc. 2.900%, 10/28/24 (2)(3) | 3,000 | 3,057 |
| Auto
Manufacturers—2.0% | | |
| Ford
Motor Co. 8.500%, 4/21/23 (2) | 3,500 | 3,870 |
| Building
Materials—1.9% | | |
| Koppers,
Inc. 144A 6.000%, 2/15/25 (1)(2)(3) | 3,500 | 3,587 |
| Commercial
Services—3.0% | | |
| ADT
Security Corp. (The) 4.125%, 6/15/23 (2)(3) | 3,000 | 3,154 |
| RR
Donnelley & Sons Co. 7.000%, 2/15/22 (2) | 2,500 | 2,537 |
| | | 5,691 |
| Computers—0.8% | | |
| Dell
International LLC 144A 7.125%, 6/15/24 (1)(2) | 1,500 | 1,532 |
| Diversified
Financial Services—3.5% | | |
| Navient
Corp. 7.250%, 9/25/23 (2) | 3,000 | 3,296 |
| OneMain
Finance Corp. 8.250%, 10/1/23 (2) | 3,000 | 3,371 |
| | | 6,667 |
| Entertainment—2.8% | | |
| Cedar
Fair LP 5.375%, 6/1/24 (2)(3) | 3,000 | 3,022 |
| Netflix,
Inc. 5.875%, 2/15/25 | 2,000 | 2,295 |
| | | 5,317 |

| | Par
Value | Value |
| --- | --- | --- |
| Equity
Real Estate Investment Trusts (REITs)—1.2% | | |
| Service
Properties Trust 4.350%, 10/1/24 (2) | $ 2,170 | $ 2,200 |
| Food
& Beverage—1.6% | | |
| Albertsons
Cos., Inc. 144A 3.500%, 2/15/23 (1)(2) | 3,000 | 3,087 |
| Healthcare-Services—3.3% | | |
| HCA,
Inc. 5.375%, 2/1/25 (2) | 3,000 | 3,379 |
| Tenet
Healthcare Corp. 4.625%, 7/15/24 (2)(3) | 3,000 | 3,041 |
| | | 6,420 |
| Leisure
Time—3.5% | | |
| Carnival
Corp. 144A 11.500%, 4/1/23 (1)(2) | 3,000 | 3,369 |
| Royal
Caribbean Cruises Ltd. 144A 10.875%, 6/1/23 (1)(2)(3) | 3,000 | 3,376 |
| | | 6,745 |
| Lodging—1.9% | | |
| Wynn
Las Vegas LLC 144A 5.500%, 3/1/25 (1)(2)(3) | 3,500 | 3,710 |
| Media—5.1% | | |
| CCO
Holdings LLC 144A 4.000%, 3/1/23 (1)(2) | 3,000 | 3,018 |
| CSC
Holdings LLC 5.250%, 6/1/24 (2)(3) | 3,000 | 3,236 |
| DISH
DBS Corp. 5.875%, 11/15/24 (2)(3) | 3,285 | 3,532 |
| | | 9,786 |
| Oil,
Gas & Consumable Fuels—3.9% | | |
| Antero
Resources Corp. 5.000%, 3/1/25 (2)(3) | 3,000 | 3,060 |
| Occidental
Petroleum Corp. 6.950%, 7/1/24 (2) | 4,000 | 4,506 |
| | | 7,566 |

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income 2024 Target Term Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

| | Par
Value | Value |
| --- | --- | --- |
| Telecommunications—5.7% | | |
| Cincinnati
Bell, Inc. 144A 7.000%, 7/15/24 (1)(3) | $ 4,000 | $ 4,075 |
| Lumen
Technologies, Inc. 7.500%, 4/1/24 (2)(3) | 3,000 | 3,337 |
| Sprint
Corp. 7.125%, 6/15/24 (2) | 3,000 | 3,450 |
| | | 10,862 |
| Transportation—1.4% | | |
| XPO
Logistics, Inc. 144A 6.125%, 9/1/23 (1) | 2,750 | 2,750 |
| Total
Corporate Bonds and Notes (Identified Cost $84,737) | | 85,179 |
| Leveraged
Loans—29.4% | | |
| Advertising—0.5% | | |
| Advantage
Sales & Marketing, Inc. First lien (3 month LIBOR + 5.250%) 6.000%, 10/28/27 (4) | 995 | 1,000 |
| Aerospace
& Defense—0.8% | | |
| TransDigm,
Inc. Tranche F (1 month LIBOR + 2.250%) 2.335%, 12/9/25 (4) | 1,459 | 1,435 |
| Airlines—0.3% | | |
| Delta
Air Lines, Inc. (3 month LIBOR + 3.750%) 4.750%, 10/20/27 (4) | 500 | 530 |
| Auto
Components—1.0% | | |
| Adient
US LLC Tranche B-1 (1 month LIBOR + 3.500%) 3.585%, 4/10/28 (4) | 1,000 | 997 |
| Tenneco,
Inc. Tranche B (1 month LIBOR + 3.000%) 3.085%, 10/1/25 (4) | 995 | 984 |
| | | 1,981 |
| Chemicals—0.5% | | |
| PQ
Corp. (3 month LIBOR + 2.750%) 0.000%, 6/9/28 (4)(5) | 1,000 | 998 |

| | Par
Value | Value |
| --- | --- | --- |
| Commercial
Services—1.7% | | |
| Allied
Universal Holdco LLC (3 month LIBOR + 3.75%) 4.250%, 5/12/28 (4) | $ 1,000 | $ 999 |
| Hertz
Corp. (The) | | |
| Tranche
B (1 month LIBOR + 3.500%) 4.000%, 6/30/28 (4) | 421 | 419 |
| Tranche
C (1 month LIBOR + 3.500%) 4.000%, 6/30/28 (4) | 79 | 79 |
| Travelport
Finance (Luxembourg) S.a.r.l. First Lien (3 month LIBOR + 5.000%) 5.147%, 5/29/26 (4) | 983 | 818 |
| WEX,
Inc. Tranche B (1 month LIBOR + 2.250%) 2.335%, 3/31/28 (4) | 997 | 988 |
| | | 3,303 |
| Computers—1.6% | | |
| Dell
International LLC Tranche B-2 (1 month LIBOR + 1.750%) 2.000%, 9/19/25 (4) | 660 | 660 |
| KBR,
Inc. Tranche B (1 month LIBOR + 2.750%) 2.835%, 2/5/27 (4) | 1,014 | 1,008 |
| NCR
Corp. (3 month LIBOR + 2.500%) 2.630%, 8/28/26 (4) | 1,470 | 1,450 |
| | | 3,118 |
| Diversified
Financial Services—0.4% | | |
| Blucora,
Inc. (3 month LIBOR + 4.000%) 5.000%, 5/22/24 (4) | 742 | 743 |
| Entertainment—3.4% | | |
| AMC
Entertainment Holdings, Inc. Tranche B-1 (1 month LIBOR + 3.000%) 3.089%, 4/22/26 (4) | 978 | 870 |

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income 2024 Target Term Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

| | Par
Value | Value |
| --- | --- | --- |
| Entertainment—continued | | |
| Lions
Gate Capital Holdings LLC Tranche B (1 month LIBOR + 2.250%) 2.335%, 3/24/25 (4) | $ 1,224 | $ 1,209 |
| Music
Technology Holdings LLC PIK 8.000%, 12/16/22 (6)(7)(8)(9)(10) | 339 | 339 |
| Penn
National Gaming, Inc . First Lien (3 month LIBOR + 2.250%) 0.000%, 10/15/25 (4)(5) | 1,500 | 1,494 |
| Scientific
Games International, Inc. Tranche B-5 (1 month LIBOR + 2.750%) 2.835%, 8/14/24 (4) | 965 | 956 |
| Stars
Group Holdings BV (3 month LIBOR + 2.250%) 0.000%, 7/21/26 (4)(5) | 1,630 | 1,621 |
| | | 6,489 |
| Food
& Beverage—0.4% | | |
| US
Foods, Inc. (1 month LIBOR + 1.750%) 1.835%, 6/27/23 (4) | 845 | 835 |
| Healthcare-Products—0.8% | | |
| Ortho-Clinical
Diagnostics, Inc. (1 month LIBOR + 3.000%) 3.091%, 6/30/25 (4) | 1,556 | 1,554 |
| Healthcare-Services—0.1% | | |
| Aveanna
Healthcare LLC | | |
| 0.000%,
6/30/28 (4)(5) | 50 | 50 |
| 2021,
First Lien (3 month LIBOR + 3.750%) 0.000%, 7/17/28 (4)(5) | 219 | 218 |
| | | 268 |
| Internet—1.1% | | |
| Go
Daddy Operating Co. LLC Tranche B-2 (1 month LIBOR + 1.750%) 1.835%, 2/15/24 (4) | 1,213 | 1,202 |

| | Par
Value | Value |
| --- | --- | --- |
| Internet—continued | | |
| Match
Group, Inc. Tranche B-1 (3 month LIBOR + 1.750%) 1.874%, 2/13/27 (4) | $ 1,000 | $ 990 |
| | | 2,192 |
| Leisure
Time—0.5% | | |
| Callaway
Golf Co. (1 month LIBOR + 4.500%) 4.589%, 1/2/26 (4) | 917 | 920 |
| Lodging—1.9% | | |
| Caesars
Resort Collection LLC Tranche B (1 month LIBOR + 2.750%) 2.835%, 12/23/24 (4) | 1,462 | 1,449 |
| Hilton
Grand Vacations Borrower LLC (1 month LIBOR + 3.000%) 3.500%, 8/2/28 (4) | 1,250 | 1,247 |
| Playa
Resorts Holding B.V. (1 month LIBOR + 2.750%) 3.750%, 4/29/24 (4) | 936 | 899 |
| | | 3,595 |
| Machinery-Diversified—0.8% | | |
| Gardner
Denver, Inc. Tranche B-1 (1 month LIBOR + 1.750%) 1.835%, 3/1/27 (4) | 1,606 | 1,576 |
| Media—5.9% | | |
| Charter
Communications Operating LLC Tranche B2 (3 month LIBOR + 1.750%) 0.000%, 2/1/27 (4)(5) | 1,000 | 989 |
| CSC
Holdings LLC 2018 (1 month LIBOR + 2.250%) 2.345%, 1/15/26 (4) | 1,231 | 1,211 |
| DIRECTV
Financing LLC (1 month LIBOR + 5.000%) 5.750%, 8/2/27 (4) | 1,000 | 999 |

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income 2024 Target Term Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

| | Par
Value | Value |
| --- | --- | --- |
| Media—continued | | |
| Gray
Television, Inc. Tranche B-2 (1 month LIBOR + 2.250%) 2.346%, 2/7/24 (4) | $ 1,432 | $ 1,427 |
| Meredith
Corp. Tranche B-2 (1 month LIBOR + 2.500%) 2.585%, 1/31/25 (4) | 1,247 | 1,239 |
| Nexstar
Broadcasting, Inc. Tranche B-4 (1 month LIBOR + 2.500%) 2.596%, 9/18/26 (4) | 1,312 | 1,305 |
| Sinclair
Television Group, Inc. Tranche B-3 (1 month LIBOR + 3.000%) 3.090%, 4/1/28 (4) | 1,249 | 1,237 |
| Virgin
Media Bristol LLC Tranche N (1 month LIBOR + 2.500%) 2.596%, 1/31/28 (4) | 1,500 | 1,483 |
| WideOpenWest
Finance LLC Tranche B (1 month LIBOR + 3.250%) 4.250%, 8/18/23 (4) | 1,461 | 1,458 |
| | | 11,348 |
| Metal
Fabricate/Hardware—0.3% | | |
| Advanced
Drainage Systems, Inc. (1 month LIBOR + 2.250%) 2.375%, 7/31/26 (4) | 625 | 625 |
| Oil,
Gas & Consumable Fuels—0.0% | | |
| Lealand
Finance Co. B.V. (1 month LIBOR + 4.000%) 4.085%, 6/30/25 (4) | 167 | 73 |
| Pharmaceuticals—1.4% | | |
| Bausch
Health Cos., Inc. (1 month LIBOR + 3.000%) 3.085%, 6/2/25 (4) | 729 | 726 |

| | Par
Value | Value |
| --- | --- | --- |
| Pharmaceuticals—continued | | |
| HLF
Financing S.a.r.l. LLC Tranche B (1 month LIBOR + 2.50%) 2.585%, 8/18/25 (4) | $ 893 | $ 885 |
| Horizon
Therapeutics USA, Inc Tranche B-2 (1 month LIBOR + 2.000%) 2.500%, 3/15/28 (4) | 997 | 993 |
| | | 2,604 |
| Retail—1.6% | | |
| Burlington
Coat Factory Warehouse Corp. Tranche B-6 (1 month LIBOR + 2.000%) 2.090%, 6/26/28 (4) | 861 | 854 |
| CWGS
Group LLC Tranche B (1 month LIBOR + 2.50%) 3.250%, 6/23/28 (4) | 995 | 985 |
| Petco
Health and Wellness Co., Inc. First Lien (3 month LIBOR + 3.250%) 4.000%, 3/3/28 (4) | 1,177 | 1,174 |
| | | 3,013 |
| Semiconductors—0.3% | | |
| Cohu,
Inc. (6 month LIBOR + 3.000%) 3.172%, 10/1/25 (4) | 502 | 497 |
| Software—2.3% | | |
| Boxer
Parent Co., Inc. 2021 (1 month LIBOR + 3.750%) 3.835%, 10/2/25 (4) | 880 | 874 |
| Camelot
US Acquisition I Co. (1 month LIBOR + 3.000%) 3.085%, 10/30/26 (4) | 1,203 | 1,197 |

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income 2024 Target Term Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

| | Par
Value | Value |
| --- | --- | --- |
| Software—continued | | |
| Rackspace
Technology Global, Inc. Tranche B (3 month LIBOR + 2.750%) 3.500%, 2/15/28 (4) | $ 896 | $ 886 |
| Upland
Software, Inc. (1 month LIBOR + 3.75%) 3.835%, 8/6/26 (4) | 1,474 | 1,468 |
| | | 4,425 |
| Telecommunications—1.8% | | |
| CenturyLink,
Inc. Tranche B (1 month LIBOR + 2.250%) 2.335%, 3/15/27 (4) | 985 | 972 |
| Ciena
Corp. 2020 (3 month LIBOR + 1.750%) 0.000%, 9/26/25 (4)(5) | 998 | 997 |
| CommScope,
Inc. (1 month LIBOR + 3.250%) 3.335%, 4/6/26 (4) | 1,477 | 1,459 |
| | | 3,428 |
| Total
Leveraged Loans (Identified Cost $56,969) | | 56,550 |

	Shares
Common
Stocks—0.6%
Banks—0.6%
CCF
Holdings LLC (7)(8)(11)	1,369,231	931
CCF
Holdings LLC Class M (7)(8)(11)	293,320	200
		1,131
Construction
& Engineering—0.0%
McDermott
International Ltd. (11)	71,796	32
Total
Common Stocks (Identified Cost $3,273)		1,163

	Shares	Value
Warrant—0.1%
Banks—0.1%
CCF
Holdings LLC (8)(11)	485,227	$ 214
Total
Warrant (Identified Cost $—)		214

| | Par
Value | |
| --- | --- | --- |
| Convertible
Bonds and Notes—56.5% | | |
| Auto
Manufacturers—4.6% | | |
| NIO,
Inc. | | |
| 144A
0.000%, 2/1/26 (1) | $ 4,000 | 3,424 |
| 144A
0.500%, 2/1/27 (1) | 6,500 | 5,395 |
| | | 8,819 |
| Biotechnology—9.4% | | |
| Insmed,
Inc. 1.750%, 1/15/25 (2)(3) | 5,500 | 5,679 |
| Ionis
Pharmaceuticals, Inc. 0.125%, 12/15/24 (2) | 8,000 | 7,429 |
| Ligand
Pharmaceuticals, Inc. 0.750%, 5/15/23 (2) | 5,000 | 4,950 |
| | | 18,058 |
| Computers—1.3% | | |
| CyberArk
Software Ltd. 0.000%, 11/15/24 (2) | 2,000 | 2,468 |
| Entertainment—1.8% | | |
| Live
Nation Entertainment, Inc. 2.000%, 2/15/25 (2)(3) | 3,000 | 3,377 |
| Equity
Real Estate Investment Trusts (REITs)—6.1% | | |
| Blackstone
Mortgage Trust, Inc. 4.375%, 5/5/22 (2) | 2,000 | 2,035 |
| Redwood
Trust, Inc. 5.625%, 7/15/24 | 5,000 | 5,150 |

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income 2024 Target Term Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

| | Par
Value | Value |
| --- | --- | --- |
| Equity
Real Estate Investment Trusts (REITs)—continued | | |
| Two
Harbors Investment Corp. 6.250%, 1/15/22 | $ 4,495 | $ 4,515 |
| | | 11,700 |
| Healthcare-Products—2.1% | | |
| NuVasive,
Inc. 1.000%, 6/1/23 | 4,000 | 4,104 |
| Internet—4.1% | | |
| 21Vianet
Group, Inc. 144A 0.000%, 2/1/26 (1) | 7,000 | 5,897 |
| Pinduoduo,
Inc. 0.000%, 12/1/25 | 2,000 | 1,914 |
| | | 7,811 |
| Media—5.2% | | |
| DISH
Network Corp. 2.375%, 3/15/24 (2) | 7,500 | 7,275 |
| Liberty
Broadband Corp. 144A 2.750%, 9/30/50 (1)(2) | 2,500 | 2,773 |
| | | 10,048 |
| Oil,
Gas & Consumable Fuels—2.5% | | |
| Helix
Energy Solutions Group, Inc. 4.250%, 5/1/22 | 3,500 | 3,415 |
| Oil
States International, Inc. 1.500%, 2/15/23 | 1,500 | 1,388 |
| | | 4,803 |
| Pharmaceuticals—3.4% | | |
| Flexion
Therapeutics, Inc. 3.375%, 5/1/24 | 3,000 | 2,599 |
| Jazz
Investments I Ltd. 1.500%, 8/15/24 (2)(3) | 3,855 | 3,891 |
| | | 6,490 |
| Software—16.0% | | |
| Alteryx,
Inc. 0.500%, 8/1/24 (2) | 7,000 | 6,558 |

| | Par
Value | Value |
| --- | --- | --- |
| Software—continued | | |
| Benefitfocus,
Inc. 1.250%, 12/15/23 (3) | $ 3,000 | $ 2,829 |
| DocuSign,
Inc. 144A 0.000%, 1/15/24 (1)(2)(3) | 4,000 | 4,332 |
| i3
Verticals LLC 1.000%, 2/15/25 | 5,000 | 4,913 |
| New
Relic, Inc. 0.500%, 5/1/23 (2) | 4,000 | 4,108 |
| Nutanix,
Inc. 0.000%, 1/15/23 (2) | 2,835 | 2,986 |
| PROS
Holdings, Inc. 1.000%, 5/15/24 | 4,000 | 3,981 |
| RingCentral,
Inc. 0.000%, 3/1/25 (2) | 1,055 | 1,105 |
| | | 30,812 |
| Total
Convertible Bonds and Notes (Identified Cost $106,842) | | 108,490 |
| Total
Long-Term Investments—131.0% (Identified Cost $251,821) | | 251,596 |

	Shares
Short-Term
Investment—7.3%
Money
Market Mutual Fund—7.3%
Dreyfus
Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%) (12)	14,031,556	14,031
Total
Short-Term Investment (Identified Cost $14,031)		14,031

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income 2024 Target Term Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

	Shares	Value
Securities
Lending Collateral—0.8%
Dreyfus
Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%) (12)(13)	1,441,244	$ 1,441
Total
Securities Lending Collateral (Identified Cost $1,441)		1,441
TOTAL
INVESTMENTS—139.1% (Identified Cost $267,293)		$267,068
Other
assets and liabilities, net—(39.1)%		(75,038)
NET
ASSETS—100.0%		$192,030

Abbreviations:
LIBOR	London
Interbank Offered Rate
LLC	Limited
Liability Company
LP	Limited
Partnership
PIK	Payment-in-Kind
Security
REIT	Real
Estate Investment Trust

| (4) | Variable
rate security. Rate disclosed is as of August 31, 2021. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined
by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their
descriptions. |
| --- | --- |
| (5) | This loan
will settle after August 31, 2021, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected. |
| (6) | 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. and its subsidiary Music Technology Holdings LLC represents 0.18% of net
assets. |
| (7) | Affiliated
company. See Note 3G in Notes to Financial Statements. |
| (8) | The
value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
| (9) | Security
is fixed rate. |
| (10) | 100% of
the income received was in cash. |
| (11) | Non-income
producing. |
| (12) | Shares
of this fund are publicly offered, and its prospectus and annual report are publicly available. |

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income 2024 Target Term Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

(13) Represents security purchased with cash collateral received for securities on loan.

| Country
Weightings † | |
| --- | --- |
| United
States | 87% |
| Cayman
Islands | 6 |
| Bermuda | 2 |
| Luxembourg | 1 |
| Liberia | 1 |
| Panama | 1 |
| Netherlands | 1 |
| Other | 1 |
| Total | 100% |
| † % of total investments as of August 31, 2021. | |

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income 2024 Target Term Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

| | Total Value at August 31, 2021 | Level
1 Quoted Prices | Level
2 Significant Observable Inputs | Level
3 Significant Unobservable Inputs |
| --- | --- | --- | --- | --- |
| Assets: | | | | |
| Debt
Securities: | | | | |
| Corporate
Bonds and Notes | $ 85,179 | $ — | $ 85,179 | $ — |
| Leveraged
Loans | 56,550 | — | 56,211 | 339 |
| Convertible
Bonds and Notes | 108,490 | — | 108,490 | — |
| Equity
Securities: | | | | |
| Common
Stocks | 1,163 | 32 | — | 1,131 |
| Warrant | 214 | — | — | 214 |
| Securities
Lending Collateral | 1,441 | 1,441 | — | — |
| Money
Market Mutual Fund | 14,031 | 14,031 | — | — |
| Total
Investments | $267,068 | $15,504 | $249,880 | $1,684 |

There were no transfers into or out of Level 3 related to securities held at August 31, 2021.

Some of the Fund’s investments that were categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income 2024 Target Term Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

The following is a reconciliation of assets of the Fund for Level 3 investments for which significant unobservable inputs were used to determine fair value.

	Total	Corporate Bonds And Notes	Leveraged Loans	Common Stocks	Warrants
Investments
in Securities
Balance
as of February 28, 2021:	$ 2,880	$ 2,554	$ 326	$ — {a}	$ —
Accrued
discount/(premium)	3	3	—	—	—
Realized
gain (loss)	—	—	—	—	—
Change
in unrealized appreciation (depreciation) (b)	705	1,974	—	(1,483)	214
Purchases	2,627	—	13	2,614 (c)	—
Sales (d)	(4,531)	(4,531) (c)	—	—	—
Balance
as of August 31, 2021	$ 1,684	$ —	$ 339	$ 1,131	$ 214

(a) Amount is less than $500.

(b) The change in unrealized appreciation (depreciation) on investments still held at August 31, 2021, was $1,270.

(d) Includes paydowns on securities.

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income 2024 Target Term Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at August 31, 2021:

| Investments
in Securities – Assets | Ending Balance at August 31, 2021 | Valuation
Technique Used | Unobservable Inputs | Input Values |
| --- | --- | --- | --- | --- |
| Common
Stocks: | | | | |
| CCF
Holdings LLC | $931 | Market
and Company Comparables | EV
Multiples | 1.07x
(0.33x - 1.85x) 0.53x (0.21x - 0.82x) |
| | | | Illiquidity
Discount | 20% |
| CCF
Holdings LLC Class M | $200 | Market
and Company Comparables | EV
Multiples | 1.07x
(0.33x - 1.85x) 0.53x (0.20x - 0.76x) |
| | | | Illiquidity
Discount | 20% |
| Warrant: | | | | |
| CCF
Holdings LLC | $214 | Market
and Company Comparables | EV
Multiples | 1.07x
(0.33x - 1.85x) 0.53x (0.20x - 0.76x) |
| | | | Illiquidity
Discount | 20% |

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income Fund

SCHEDULE OF INVESTMENTS (Unaudited)

August 31, 2021

($ reported in thousands)

| | Par
Value | Value |
| --- | --- | --- |
| Corporate
Bonds and Notes—46.8% | | |
| Advertising—0.4% | | |
| Clear
Channel Outdoor Holdings, Inc. | | |
| 144A
7.750%, 4/15/28 (1)(2) | $ 760 | $ 792 |
| 144A
7.500%, 6/1/29 (1) | 1,445 | 1,496 |
| | | 2,288 |
| Aerospace
& Defense—0.9% | | |
| TransDigm,
Inc. | | |
| 6.375%,
6/15/26 (2) | 1,400 | 1,454 |
| 5.500%,
11/15/27 | 2,240 | 2,291 |
| Triumph
Group, Inc. | | |
| 144A
8.875%, 6/1/24 (1) | 701 | 772 |
| 144A
6.250%, 9/15/24 (1) | 825 | 834 |
| | | 5,351 |
| Airlines—1.4% | | |
| American
Airlines, Inc. | | |
| 144A
11.750%, 7/15/25 (1) | 1,955 | 2,427 |
| 144A
5.750%, 4/20/29 (1) | 1,515 | 1,636 |
| Delta
Air Lines, Inc. 7.375%, 1/15/26 (2) | 3,595 | 4,232 |
| | | 8,295 |
| Auto
Components—2.1% | | |
| American
Axle & Manufacturing, Inc. 6.500%, 4/1/27 (2) | 2,760 | 2,898 |
| Clarios
Global LP 144A 8.500%, 5/15/27 (1)(2) | 3,010 | 3,213 |
| Goodyear
Tire & Rubber Co. (The) | | |
| 5.250%,
4/30/31 (2) | 1,465 | 1,566 |
| 144A
5.250%, 7/15/31 (1)(2) | 1,495 | 1,599 |
| Tenneco,
Inc. | | |
| 5.000%,
7/15/26 (2) | 1,080 | 1,079 |
| 144A
7.875%, 1/15/29 (1) | 1,715 | 1,930 |
| | | 12,285 |
| Auto
Manufacturers—1.4% | | |
| Ford
Motor Co. | | |
| 9.000%,
4/22/25 | 2,545 | 3,109 |
| 9.625%,
4/22/30 | 2,205 | 3,142 |

| | Par
Value | Value |
| --- | --- | --- |
| Auto
Manufacturers—continued | | |
| Ford
Motor Credit Co. LLC | | |
| 5.125%,
6/16/25 | $ 735 | $ 807 |
| 4.000%,
11/13/30 | 745 | 786 |
| | | 7,844 |
| Building
Materials—0.6% | | |
| Griffon
Corp. 5.750%, 3/1/28 | 1,165 | 1,236 |
| Koppers,
Inc. 144A 6.000%, 2/15/25 (1) | 2,095 | 2,148 |
| | | 3,384 |
| Chemicals—0.5% | | |
| Tronox,
Inc. 144A 4.625%, 3/15/29 (1) | 1,485 | 1,506 |
| WR
Grace Holdings LLC 144A 5.625%, 8/15/29 (1) | 1,415 | 1,473 |
| | | 2,979 |
| Commercial
Services—1.9% | | |
| ADT
Security Corp. (The) 144A 4.125%, 8/1/29 (1) | 1,475 | 1,473 |
| Avis
Budget Car Rental LLC 144A 5.375%, 3/1/29 (1)(2) | 2,060 | 2,163 |
| Deluxe
Corp. 144A 8.000%, 6/1/29 (1) | 1,430 | 1,531 |
| Herc
Holdings, Inc. 144A 5.500%, 7/15/27 (1) | 1,425 | 1,502 |
| NESCO
Holdings II, Inc. 144A 5.500%, 4/15/29 (1) | 1,405 | 1,457 |
| United
Rentals North America, Inc. 5.250%, 1/15/30 | 2,395 | 2,626 |
| | | 10,752 |
| Computers—0.8% | | |
| Booz
Allen Hamilton, Inc. 144A 4.000%, 7/1/29 (1) | 1,495 | 1,549 |
| Dell
International LLC 144A 7.125%, 6/15/24 (1) | 1,405 | 1,435 |

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

| | Par
Value | Value |
| --- | --- | --- |
| Computers—continued | | |
| NCR
Corp. 144A 5.125%, 4/15/29 (1) | $ 1,415 | $ 1,467 |
| | | 4,451 |
| Containers
& Packaging—0.8% | | |
| Berry
Global, Inc. 144A 5.625%, 7/15/27 (1)(2) | 1,330 | 1,400 |
| Owens-Brockway
Glass Container, Inc. 144A 6.625%, 5/13/27 (1)(2) | 3,020 | 3,257 |
| | | 4,657 |
| Cosmetics
& Personal Care—0.3% | | |
| Edgewell
Personal Care Co. 144A 5.500%, 6/1/28 (1)(2) | 1,430 | 1,514 |
| Diversified
Financial Services—1.7% | | |
| Nationstar
Mortgage Holdings, Inc. 144A 5.500%, 8/15/28 (1) | 1,400 | 1,454 |
| Navient
Corp. | | |
| 6.750%,
6/15/26 (2) | 1,965 | 2,218 |
| 5.000%,
3/15/27 | 1,585 | 1,664 |
| 4.875%,
3/15/28 | 280 | 285 |
| OneMain
Finance Corp. | | |
| 8.250%,
10/1/23 | 1,565 | 1,759 |
| 6.625%,
1/15/28 | 1,810 | 2,089 |
| 5.375%,
11/15/29 (2) | 90 | 99 |
| | | 9,568 |
| Electronic
Equipment, Instruments & Components—0.3% | | |
| WESCO
Distribution, Inc. 144A 7.250%, 6/15/28 (1) | 1,810 | 2,013 |
| Entertainment—2.5% | | |
| AMC
Entertainment Holdings, Inc. 6.125%, 5/15/27 | 4,990 | 3,268 |

| | Par
Value | Value |
| --- | --- | --- |
| Entertainment—continued | | |
| Caesars
Entertainment, Inc. | | |
| 144A
6.250%, 7/1/25 (1) | $ 2,065 | $ 2,183 |
| 144A
8.125%, 7/1/27 (1)(2) | 1,325 | 1,465 |
| International
Game Technology plc 144A 6.250%, 1/15/27 (1)(2) | 2,890 | 3,295 |
| Lions
Gate Capital Holdings LLC 144A 5.500%, 4/15/29 (1)(2) | 2,010 | 2,052 |
| Scientific
Games International, Inc. 144A 8.250%, 3/15/26 (1)(2) | 2,080 | 2,212 |
| | | 14,475 |
| Environmental
Services—0.4% | | |
| GFL
Environmental, Inc. 144A 4.750%, 6/15/29 (1)(2) | 2,170 | 2,230 |
| Equity
Real Estate Investment Trusts (REITs)—0.5% | | |
| Park
Intermediate Holdings LLC 144A 4.875%, 5/15/29 (1) | 1,450 | 1,494 |
| Service
Properties Trust | | |
| 4.350%,
10/1/24 | 595 | 603 |
| 4.500%,
3/15/25 | 880 | 884 |
| | | 2,981 |
| Food
& Beverage—1.9% | | |
| Kraft
Heinz Foods Co. 6.500%, 2/9/40 | 2,255 | 3,268 |
| Performance
Food Group, Inc. | | |
| 144A
5.500%, 10/15/27 (1)(2) | 2,750 | 2,863 |
| 144A
4.250%, 8/1/29 (1) | 1,495 | 1,500 |
| Triton
Water Holdings, Inc. 144A 6.250%, 4/1/29 (1) | 1,490 | 1,475 |

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

| | Par
Value | Value |
| --- | --- | --- |
| Food
& Beverage—continued | | |
| US
Foods, Inc. 144A 4.750%, 2/15/29 (1)(2) | $ 1,990 | $ 2,037 |
| | | 11,143 |
| Healthcare-Services—0.9% | | |
| ModivCare
Escrow Issuer, Inc. 144A 5.000%, 10/1/29 (1) | 865 | 888 |
| Select
Medical Corp. 144A 6.250%, 8/15/26 (1) | 1,380 | 1,459 |
| Tenet
Healthcare Corp. 144A 6.125%, 10/1/28 (1) | 2,760 | 2,914 |
| | | 5,261 |
| Home
Builders—0.2% | | |
| Picasso
Finance Sub, Inc. 144A 6.125%, 6/15/25 (1) | 1,199 | 1,268 |
| Internet—0.7% | | |
| Netflix,
Inc. 144A 5.375%, 11/15/29 (1) | 1,730 | 2,128 |
| Uber
Technologies, Inc. | | |
| 144A
8.000%, 11/1/26 (1) | 1,125 | 1,198 |
| 144A
7.500%, 9/15/27 (1) | 925 | 1,008 |
| | | 4,334 |
| Investment
Companies—0.4% | | |
| Compass
Group Diversified Holdings LLC 144A 5.250%, 4/15/29 (1) | 2,140 | 2,240 |
| Iron
& Steel—0.8% | | |
| Cleveland-Cliffs,
Inc. 5.875%, 6/1/27 (2) | 2,195 | 2,294 |
| United
States Steel Corp. 6.875%, 3/1/29 (2) | 2,010 | 2,196 |
| | | 4,490 |
| Leisure
Time—1.3% | | |
| Carnival
Corp. | | |
| 144A
10.500%, 2/1/26 (1) | 1,290 | 1,488 |
| 144A
5.750%, 3/1/27 (1) | 760 | 777 |
| NCL
Corp., Ltd. 144A 5.875%, 3/15/26 (1)(2) | 3,010 | 3,018 |

| | Par
Value | Value |
| --- | --- | --- |
| Leisure
Time—continued | | |
| Royal
Caribbean Cruises Ltd. | | |
| 144A
11.500%, 6/1/25 (1) | $ 866 | $ 997 |
| 144A
5.500%, 4/1/28 (1)(2) | 1,520 | 1,531 |
| | | 7,811 |
| Lodging—0.9% | | |
| Boyd
Gaming Corp. 144A 8.625%, 6/1/25 (1) | 1,360 | 1,476 |
| Hilton
Domestic Operating Co., Inc. 144A 4.000%, 5/1/31 (1)(2) | 1,085 | 1,119 |
| MGM
Resorts International 4.750%, 10/15/28 | 1,480 | 1,554 |
| Wynn
Las Vegas LLC 144A 5.500%, 3/1/25 (1)(2) | 955 | 1,012 |
| | | 5,161 |
| Machinery-Construction
& Mining—0.4% | | |
| Terex
Corp. 144A 5.000%, 5/15/29 (1) | 2,215 | 2,328 |
| Media—4.0% | | |
| CCO
Holdings LLC 4.500%, 5/1/32 | 2,610 | 2,727 |
| CSC
Holdings LLC | | |
| 144A
7.500%, 4/1/28 (1) | 2,230 | 2,442 |
| 144A
5.750%, 1/15/30 (1)(2) | 685 | 724 |
| 144A
5.000%, 11/15/31 (1) | 750 | 746 |
| DIRECTV
Holdings LLC 144A 5.875%, 8/15/27 (1) | 2,160 | 2,257 |
| DISH
DBS Corp. 7.375%, 7/1/28 (2) | 3,025 | 3,255 |
| Gray
Television, Inc. 144A 4.750%, 10/15/30 (1) | 2,280 | 2,254 |
| Meredith
Corp. 6.875%, 2/1/26 | 1,717 | 1,779 |
| Nexstar
Media, Inc. 144A 5.625%, 7/15/27 (1) | 2,120 | 2,251 |
| Sirius
XM Radio, Inc. 144A 4.000%, 7/15/28 (1) | 2,240 | 2,287 |
| Virgin
Media Finance plc 144A 5.000%, 7/15/30 (1)(2) | 960 | 994 |

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

| | Par
Value | Value |
| --- | --- | --- |
| Media—continued | | |
| Virgin
Media Secured Finance plc 144A 5.500%, 5/15/29 (1) | $ 1,115 | $ 1,195 |
| | | 22,911 |
| Metal
Fabricate/Hardware—0.7% | | |
| Park-Ohio
Industries, Inc. 6.625%, 4/15/27 (2) | 3,830 | 3,799 |
| Mining—0.9% | | |
| Freeport-McMoRan,
Inc. 5.250%, 9/1/29 | 2,265 | 2,506 |
| Hudbay
Minerals, Inc. 144A 4.500%, 4/1/26 (1)(2) | 1,495 | 1,503 |
| Joseph
T Ryerson & Son, Inc. 144A 8.500%, 8/1/28 (1) | 904 | 1,008 |
| | | 5,017 |
| Oil,
Gas & Consumable Fuels—5.0% | | |
| Antero
Resources Corp. | | |
| 144A
7.625%, 2/1/29 (1)(2) | 1,455 | 1,601 |
| 144A
5.375%, 3/1/30 (1)(2) | 750 | 763 |
| Callon
Petroleum Co. 144A 8.000%, 8/1/28 (1)(2) | 1,485 | 1,429 |
| CITGO
Petroleum Corp. 144A 6.375%, 6/15/26 (1) | 680 | 690 |
| CNX
Resources Corp. 144A 7.250%, 3/14/27 (1) | 2,430 | 2,576 |
| Comstock
Resources, Inc. 144A 6.750%, 3/1/29 (1) | 1,480 | 1,553 |
| Continental
Resources, Inc. | | |
| 4.375%,
1/15/28 (2) | 905 | 1,016 |
| 144A
5.750%, 1/15/31 (1)(2) | 865 | 1,054 |
| EQT
Corp. 7.500%, 2/1/30 | 1,275 | 1,657 |
| Hess
Midstream Operations LP 144A 4.250%, 2/15/30 (1) | 745 | 754 |
| Occidental
Petroleum Corp. | | |
| 5.550%,
3/15/26 | 2,510 | 2,799 |

| | Par
Value | Value |
| --- | --- | --- |
| Oil,
Gas & Consumable Fuels—continued | | |
| 6.625%,
9/1/30 (2) | $ 2,510 | $ 3,131 |
| PBF
Holding Co. LLC 6.000%, 2/15/28 | 2,495 | 1,634 |
| PDC
Energy, Inc. 5.750%, 5/15/26 | 2,150 | 2,232 |
| SM
Energy Co. 6.500%, 7/15/28 (2) | 1,535 | 1,543 |
| Southwestern
Energy Co. 5.375%, 3/15/30 | 1,405 | 1,462 |
| Transocean,
Inc. 144A 8.000%, 2/1/27 (1) | 570 | 419 |
| USA
Compression Partners LP 6.875%, 9/1/27 (2) | 2,285 | 2,393 |
| | | 28,706 |
| Paper
& Forest Products—0.3% | | |
| Mercer
International, Inc. 144A 5.125%, 2/1/29 (1) | 1,470 | 1,481 |
| Pharmaceuticals—2.0% | | |
| AdaptHealth
LLC 144A 4.625%, 8/1/29 (1)(2) | 1,490 | 1,494 |
| Bausch
Health Americas, Inc. 144A 8.500%, 1/31/27 (1) | 2,585 | 2,780 |
| Bausch
Health Cos., Inc. 144A 7.250%, 5/30/29 (1) | 1,940 | 1,998 |
| Horizon
Therapeutics USA, Inc. 144A 5.500%, 8/1/27 (1) | 2,235 | 2,369 |
| Jazz
Securities DAC 144A 4.375%, 1/15/29 (1) | 1,480 | 1,534 |
| Organon
& Co. 144A 5.125%, 4/30/31 (1) | 1,455 | 1,526 |
| | | 11,701 |
| Pipelines—2.2% | | |
| Antero
Midstream Partners LP 144A 5.375%, 6/15/29 (1) | 1,405 | 1,438 |

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

| | Par
Value | Value |
| --- | --- | --- |
| Pipelines—continued | | |
| Crestwood
Midstream Partners LP 144A 6.000%, 2/1/29 (1) | $ 1,400 | $ 1,428 |
| DCP
Midstream Operating LP 5.125%, 5/15/29 | 1,665 | 1,848 |
| EQM
Midstream Partners LP 144A 6.500%, 7/1/27 (1) | 1,415 | 1,578 |
| NGL
Energy Operating LLC 144A 7.500%, 2/1/26 (1) | 1,425 | 1,446 |
| NuStar
Logistics LP 6.375%, 10/1/30 (2) | 1,445 | 1,598 |
| Targa
Resources Partners LP | | |
| 6.500%,
7/15/27 | 980 | 1,061 |
| 6.875%,
1/15/29 (2) | 2,300 | 2,586 |
| | | 12,983 |
| Real
Estate—0.4% | | |
| Kennedy-Wilson,
Inc. 5.000%, 3/1/31 | 1,990 | 2,070 |
| Retail—0.9% | | |
| Bath
& Body Works, Inc. 144A 6.625%, 10/1/30 (1) | 1,945 | 2,242 |
| Carvana
Co. 144A 4.875%, 9/1/29 (1) | 1,460 | 1,445 |
| New
Red Finance, Inc. 144A 4.000%, 10/15/30 (1) | 1,475 | 1,467 |
| | | 5,154 |
| Semiconductors—0.7% | | |
| Amkor
Technology, Inc. 144A 6.625%, 9/15/27 (1) | 3,750 | 4,039 |
| Software—1.5% | | |
| Clarivate
Science Holdings Corp. 144A 4.875%, 7/1/29 (1)(2) | 2,195 | 2,264 |
| Rackspace
Technology Global, Inc. 144A 5.375%, 12/1/28 (1)(2) | 4,265 | 4,221 |

| | Par
Value | Value |
| --- | --- | --- |
| Software—continued | | |
| SS&C
Technologies, Inc. 144A 5.500%, 9/30/27 (1)(2) | $ 2,310 | $ 2,446 |
| | | 8,931 |
| Telecommunications—3.8% | | |
| Avaya,
Inc. 144A 6.125%, 9/15/28 (1) | 2,040 | 2,152 |
| Cincinnati
Bell, Inc. 144A 7.000%, 7/15/24 (1) | 1,585 | 1,615 |
| CommScope
Technologies LLC 144A 5.000%, 3/15/27 (1)(2) | 1,435 | 1,413 |
| Frontier
Communications Holdings LLC 144A 5.000%, 5/1/28 (1)(2) | 1,065 | 1,113 |
| Hughes
Satellite Systems Corp. 6.625%, 8/1/26 (2) | 1,460 | 1,659 |
| LogMeIn,
Inc. 144A 5.500%, 9/1/27 (1) | 1,590 | 1,650 |
| Lumen
Technologies, Inc. | | |
| 144A
4.500%, 1/15/29 (1) | 1,480 | 1,447 |
| 144A
5.375%, 6/15/29 (1)(2) | 1,485 | 1,525 |
| Plantronics,
Inc. 144A 4.750%, 3/1/29 (1)(2) | 1,560 | 1,493 |
| Sprint
Communications, Inc. 11.500%, 11/15/21 (2) | 3,370 | 3,439 |
| Sprint
Corp. 7.625%, 3/1/26 | 2,415 | 2,977 |
| T-Mobile
USA, Inc. 3.500%, 4/15/31 | 1,465 | 1,560 |
| | | 22,043 |
| Transportation—0.4% | | |
| Fortress
Transportation & Infrastructure Investors LLC | | |
| 144A
9.750%, 8/1/27 (1) | 1,500 | 1,693 |
| 144A
5.500%, 5/1/28 (1)(2) | 750 | 762 |
| | | 2,455 |
| Total
Corporate Bonds and Notes (Identified Cost $260,790) | | 270,393 |

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

| | Par
Value | Value |
| --- | --- | --- |
| Leveraged
Loans—0.8% | | |
| Entertainment—0.3% | | |
| Music
Technology Holdings LLC PIK 8.000%, 12/16/22 (3)(4)(5)(6)(7) | $ 1,848 | $ 1,848 |
| Healthcare-Services—0.3% | | |
| Aveanna
Healthcare LLC | | |
| 0.000%,
6/30/28 (8)(9) | 260 | 259 |
| 2021,
First Lien (3 month LIBOR + 3.750%) 0.000%, 7/17/28 (8)(9) | 1,120 | 1,118 |
| | | 1,377 |
| Retail—0.2% | | |
| Petco
Health and Wellness Co., Inc. First Lien (3 month LIBOR + 3.250%) 4.000%, 3/3/28 (9) | 1,177 | 1,174 |
| Total
Leveraged Loans (Identified Cost $4,399) | | 4,399 |

	Shares
Convertible
Preferred Stocks—28.3%
Auto
Components—1.7%
Aptiv
plc Series A, 5.500%	56,155	9,659
Banks—7.4%
Bank
of America Corp. Series L, 7.250%	12,080	17,734
Wells
Fargo & Co. Series L, 7.500%	16,980	25,316
		43,050
Chemicals—0.6%
International
Flavors & Fragrances, Inc., 6.000%	66,540	3,363

	Shares	Value
Commercial
Services & Supplies—0.8%
GFL
Environmental, Inc., 6.000%	54,980	$ 4,444
Communications
Equipment—1.1%
T-Mobile
US 2020 Cash Mandatory Exchangeable Trust 144A, 5.250% (1)	5,345	6,365
Diversified
Financial Services—0.7%
Chewy,
Inc.2020 Mandatory Exchangeable Trust 144A, 6.500% (1)	2,105	4,114
Electric
Utilities—4.4%
AES
Corp. (The), 6.875% (2)	74,515	7,398
NextEra
Energy, Inc., 5.279%	78,590	4,188
NextEra
Energy, Inc., 6.219%	254,310	13,700
		25,286
Healthcare
Equipment & Supplies—4.8%
Boston
Scientific Corp. Series A, 5.500%	71,510	8,592
Danaher
Corp. Series A, 4.750%	8,695	18,877
		27,469
Life
Sciences Tools & Services—1.8%
Avantor,
Inc. Series A, 6.250% (2)	84,600	10,269
Media—0.6%
ViacomCBS,
Inc. Series A, 5.750% (2)	47,965	3,233
Pharmaceuticals—0.4%
Elanco
Animal Health, Inc., 5.000% (2)	50,815	2,635

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

	Shares	Value
Professional
Services—0.5%
Clarivate
plc Series A, 5.250%	33,115	$ 3,165
Semiconductors
& Semiconductor Equipment—3.5%
Broadcom,
Inc. Series A, 8.000%	12,835	20,257
Total
Convertible Preferred Stocks (Identified Cost $113,611)		163,309
Preferred
Stocks—1.4%
Entertainment—1.4%
LiveStyle,
Inc. Series A (3)(4)(5)(10)(11)	3,554	571
LiveStyle,
Inc. Series B (3)(4)(5)(10)(11)	76,572	7,657
LiveStyle,
Inc. Series B (3)(5)(10)	6,750	—
		8,228
Total
Preferred Stocks (Identified Cost $14,597)		8,228
Common
Stocks—1.1%
Banks—1.0%
CCF
Holdings LLC (4)(5)(10)	7,808,320	5,310
CCF
Holdings LLC Class M (4)(5)(10)	879,959	598
		5,908
Consumer
Finance—0.1%
Erickson,
Inc. (5)(10)	8,295	233
Entertainment—0.0%
LiveStyle,
Inc. (3)(4)(5)(10)(11)	90,407	— (12)
Professional
Services—0.0%
Clarivate
plc (10)	1,531	39
Total
Common Stocks (Identified Cost $30,208)		6,180

	Shares	Value
Warrants—0.1%
Banks—0.1%
CCF
Holdings LLC (5)(10)	1,455,681	$ 640
Entertainment—0.0%
LiveStyle,
Inc. Series C (3)(5)(10)	19,500	— (12)
Media—0.0%
Affinion
Group Holdings (5)(10)(11)	15,602	—
Total
Warrants (Identified Cost $3,080)		640

| | Par
Value | |
| --- | --- | --- |
| Convertible
Bonds and Notes—77.5% | | |
| Airlines—2.0% | | |
| JetBlue
Airways Corp. 144A 0.500%, 4/1/26 (1)(2) | $ 5,440 | 5,348 |
| Southwest
Airlines Co. 1.250%, 5/1/25 | 4,140 | 6,034 |
| | | 11,382 |
| Auto
Manufacturers—3.6% | | |
| Ford
Motor Co. 144A 0.000%, 3/15/26 (1)(2) | 6,870 | 7,128 |
| NIO,
Inc. | | |
| 144A
0.000%, 2/1/26 (1) | 2,010 | 1,720 |
| 144A
0.500%, 2/1/27 (1) | 3,355 | 2,785 |
| Tesla,
Inc. 2.000%, 5/15/24 (2) | 765 | 9,056 |
| | | 20,689 |
| Banks—2.3% | | |
| BofA
Finance LLC 0.125%, 9/1/22 | 5,970 | 7,895 |
| JPMorgan
Chase Bank NA 144A 0.125%, 1/1/23 (1)(2) | 5,220 | 5,370 |
| | | 13,265 |

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

| | Par
Value | Value |
| --- | --- | --- |
| Biotechnology—1.8% | | |
| Bridgebio
Pharma, Inc. 144A 2.250%, 2/1/29 (1) | $ 3,125 | $ 2,767 |
| Exact
Sciences Corp. 0.375%, 3/1/28 | 5,125 | 5,791 |
| Halozyme
Therapeutics, Inc. 144A 0.250%, 3/1/27 (1) | 2,435 | 2,216 |
| | | 10,774 |
| Building
Materials—1.7% | | |
| Patrick
Industries, Inc. 1.000%, 2/1/23 | 8,820 | 9,838 |
| Commercial
Services—4.3% | | |
| Alarm.com
Holdings, Inc. 144A 0.000%, 1/15/26 (1) | 3,150 | 2,893 |
| Chegg,
Inc. 0.000%, 9/1/26 | 4,915 | 5,247 |
| Shift4
Payments, Inc. | | |
| 144A
0.000%, 12/15/25 (1) | 2,235 | 2,849 |
| 144A
0.500%, 8/1/27 (1) | 3,495 | 3,561 |
| Square,
Inc. 144A 0.000%, 5/1/26 (1)(2) | 8,545 | 10,233 |
| | | 24,783 |
| Computers—2.0% | | |
| Lumentum
Holdings, Inc. 0.500%, 12/15/26 | 2,175 | 2,428 |
| Vocera
Communications, Inc. 144A 0.500%, 9/15/26 (1) | 3,415 | 3,534 |
| Zscaler,
Inc. 0.125%, 7/1/25 | 2,930 | 5,627 |
| | | 11,589 |
| Diversified
Financial Services—1.4% | | |
| Coinbase
Global, Inc. 144A 0.500%, 6/1/26 (1) | 4,870 | 5,145 |
| LendingTree,
Inc. 0.500%, 7/15/25 | 3,290 | 2,890 |
| | | 8,035 |

| | Par
Value | Value |
| --- | --- | --- |
| Electronics—1.3% | | |
| II-VI,
Inc. 0.250%, 9/1/22 | $ 3,630 | $ 5,057 |
| Itron,
Inc. 144A 0.000%, 3/15/26 (1) | 2,400 | 2,290 |
| | | 7,347 |
| Energy-Alternate
Sources—1.9% | | |
| Enphase
Energy, Inc. | | |
| 144A
0.000%, 3/1/26 (1) | 2,665 | 2,589 |
| 144A
0.000%, 3/1/28 (1) | 3,785 | 3,682 |
| Sunrun,
Inc. 144A 0.000%, 2/1/26 (1) | 5,830 | 4,979 |
| | | 11,250 |
| Entertainment—2.2% | | |
| DraftKings,
Inc. 144A 0.000%, 3/15/28 (1) | 5,875 | 5,628 |
| Vail
Resorts, Inc. 144A 0.000%, 1/1/26 (1)(2) | 6,875 | 7,003 |
| | | 12,631 |
| Equity
Real Estate Investment Trusts (REITs)—1.4% | | |
| Pebblebrook
Hotel Trust 1.750%, 12/15/26 | 3,620 | 4,001 |
| Two
Harbors Investment Corp. 6.250%, 1/15/22 | 3,975 | 3,993 |
| | | 7,994 |
| Healthcare-Products—1.5% | | |
| Insulet
Corp. 0.375%, 9/1/26 | 3,970 | 5,715 |
| Natera,
Inc. 2.250%, 5/1/27 | 1,055 | 3,312 |
| | | 9,027 |
| Healthcare-Services—1.8% | | |
| Oak
Street Health, Inc. 144A 0.000%, 3/15/26 (1) | 4,955 | 4,574 |

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

| | Par
Value | Value |
| --- | --- | --- |
| Healthcare-Services—continued | | |
| Teladoc
Health, Inc. 1.250%, 6/1/27 (2) | $ 5,415 | $ 5,735 |
| | | 10,309 |
| Internet—18.9% | | |
| 21Vianet
Group, Inc. 144A 0.000%, 2/1/26 (1) | 3,075 | 2,591 |
| Airbnb,
Inc. 144A 0.000%, 3/15/26 (1) | 8,685 | 8,347 |
| Booking
Holdings, Inc. 0.750%, 5/1/25 (2) | 3,120 | 4,539 |
| Etsy,
Inc. | | |
| 144A
0.125%, 9/1/27 (1) | 2,595 | 3,435 |
| 144A
0.250%, 6/15/28 (1) | 2,355 | 2,687 |
| Expedia
Group, Inc. 144A 0.000%, 2/15/26 (1)(2) | 5,005 | 5,229 |
| FireEye,
Inc. 0.875%, 6/1/24 | 1,225 | 1,307 |
| fuboTV,
Inc. 144A 3.250%, 2/15/26 (1) | 7,405 | 7,116 |
| Magnite,
Inc. 144A 0.250%, 3/15/26 (1) | 4,905 | 4,163 |
| Match
Group Financeco 2, Inc. 144A 0.875%, 6/15/26 (1) | 4,175 | 6,980 |
| Match
Group Financeco 3, Inc. 144A 2.000%, 1/15/30 (1) | 280 | 500 |
| Okta,
Inc. 0.375%, 6/15/26 | 3,300 | 4,312 |
| Palo
Alto Networks, Inc. | | |
| 0.750%,
7/1/23 | 575 | 1,005 |
| 0.375%,
6/1/25 | 4,450 | 7,139 |
| Pinduoduo,
Inc. 0.000%, 12/1/25 | 3,115 | 2,980 |
| RealReal,
Inc. (The) 144A 1.000%, 3/1/28 (1) | 6,395 | 5,161 |
| Snap,
Inc. 144A 0.000%, 5/1/27 (1) | 8,750 | 10,218 |
| Spotify
USA, Inc. 144A 0.000%, 3/15/26 (1) | 4,645 | 4,195 |
| Twitter,
Inc. 144A 0.000%, 3/15/26 (1) | 7,985 | 7,546 |
| Uber
Technologies, Inc. 144A 0.000%, 12/15/25 (1)(2) | 6,395 | 5,965 |

| | Par
Value | Value |
| --- | --- | --- |
| Internet—continued | | |
| Wayfair,
Inc. 0.625%, 10/1/25 | $ 5,045 | $ 5,180 |
| Zendesk,
Inc. 0.625%, 6/15/25 | 3,995 | 5,266 |
| Zillow
Group, Inc. 2.750%, 5/15/25 | 1,885 | 3,096 |
| | | 108,957 |
| Leisure
Time—2.1% | | |
| NCL
Corp. Ltd. | | |
| 6.000%,
5/15/24 | 920 | 1,908 |
| 5.375%,
8/1/25 | 1,710 | 2,812 |
| Royal
Caribbean Cruises Ltd. | | |
| 4.250%,
6/15/23 | 1,710 | 2,302 |
| 144A
2.875%, 11/15/23 (1) | 4,080 | 5,082 |
| | | 12,104 |
| Machinery-Diversified—1.2% | | |
| Chart
Industries, Inc. 144A 1.000%, 11/15/24 (1) | 1,700 | 5,444 |
| Middleby
Corp. (The) 144A 1.000%, 9/1/25 (1) | 1,205 | 1,818 |
| | | 7,262 |
| Media—2.3% | | |
| DISH
Network Corp. | | |
| 3.375%,
8/15/26 | 3,510 | 3,661 |
| 144A
0.000%, 12/15/25 (1) | 3,890 | 4,648 |
| Liberty
Media Corp. 1.375%, 10/15/23 | 3,765 | 5,244 |
| | | 13,553 |
| Oil,
Gas & Consumable Fuels—2.5% | | |
| EQT
Corp. 1.750%, 5/1/26 | 4,560 | 6,693 |
| Pioneer
Natural Resources Co. 0.250%, 5/15/25 (2) | 5,080 | 7,578 |
| | | 14,271 |
| Pharmaceuticals—1.6% | | |
| Dexcom,
Inc. 0.250%, 11/15/25 | 3,830 | 4,405 |

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

| | Par
Value | Value |
| --- | --- | --- |
| Pharmaceuticals—continued | | |
| Jazz
Investments I Ltd. 2.000%, 6/15/26 | $ 4,060 | $ 4,664 |
| | | 9,069 |
| Pipelines—3.6% | | |
| Cheniere
Energy, Inc. 4.250%, 3/15/45 | 24,750 | 20,693 |
| Retail—1.8% | | |
| Burlington
Stores, Inc. 2.250%, 4/15/25 | 3,820 | 5,741 |
| Dick’s
Sporting Goods, Inc. 3.250%, 4/15/25 | 1,110 | 4,548 |
| | | 10,289 |
| Semiconductors—1.5% | | |
| Cree,
Inc. 1.750%, 5/1/26 | 755 | 1,448 |
| MACOM
Technology Solutions Holdings, Inc. 144A 0.250%, 3/15/26 (1) | 1,395 | 1,418 |
| ON
Semiconductor Corp. 144A 0.000%, 5/1/27 (1)(2) | 3,020 | 3,450 |
| Teradyne,
Inc. 1.250%, 12/15/23 | 575 | 2,188 |
| | | 8,504 |
| Software—11.5% | | |
| Akamai
Technologies, Inc. 0.125%, 5/1/25 | 2,850 | 3,655 |
| Avalara,
Inc. 144A 0.250%, 8/1/26 (1) | 2,920 | 3,054 |
| Bentley
Systems, Inc. | | |
| 144A
0.125%, 1/15/26 (1) | 3,870 | 4,615 |
| 144A
0.375%, 7/1/27 (1) | 1,060 | 1,095 |
| Bill.com
Holdings, Inc. 144A 0.000%, 12/1/25 (1) | 3,865 | 7,009 |

| | Par
Value | Value |
| --- | --- | --- |
| Software—continued | | |
| Cloudflare,
Inc. 144A 0.000%, 8/15/26 (1) | $ 6,445 | $ 6,383 |
| Coupa
Software, Inc. 0.375%, 6/15/26 | 3,410 | 3,841 |
| Datadog,
Inc. 0.125%, 6/15/25 | 2,680 | 4,333 |
| DocuSign,
Inc. 144A 0.000%, 1/15/24 (1)(2) | 3,910 | 4,235 |
| Fastly,
Inc. 144A 0.000%, 3/15/26 (1) | 3,710 | 3,144 |
| Five9,
Inc. 0.500%, 6/1/25 | 1,180 | 1,603 |
| i3
Verticals LLC 1.000%, 2/15/25 | 2,435 | 2,393 |
| MicroStrategy,
Inc. 144A 0.000%, 2/15/27 (1) | 3,665 | 2,905 |
| RingCentral,
Inc. 0.000%, 3/1/25 (2) | 4,345 | 4,551 |
| Splunk,
Inc. 1.125%, 6/15/27 | 6,015 | 5,996 |
| Workday,
Inc. 0.250%, 10/1/22 | 3,275 | 6,124 |
| Zynga,
Inc. 144A 0.000%, 12/15/26 (1) | 1,585 | 1,584 |
| | | 66,520 |
| Telecommunications—1.3% | | |
| Infinera
Corp. 2.125%, 9/1/24 | 1,575 | 1,756 |
| Nice
Ltd. 144A 0.000%, 9/15/25 (1) | 1,710 | 2,002 |
| Viavi
Solutions, Inc. 1.000%, 3/1/24 | 2,850 | 3,776 |
| | | 7,534 |
| Total
Convertible Bonds and Notes (Identified Cost $402,059) | | 447,669 |

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

	Value
Total
Long-Term Investments—156.0% (Identified Cost $828,744)	$ 900,818

	Shares
Short-Term
Investment—5.0%
Money
Market Mutual Fund—5.0%
Dreyfus
Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%) (13)	28,715,859	28,716
Total
Short-Term Investment (Identified Cost $28,716)		28,716
Securities
Lending Collateral—1.4%
Dreyfus
Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%) (13)(14)	7,971,891	7,972
Total
Securities Lending Collateral (Identified Cost $7,972)		7,972
TOTAL
INVESTMENTS—162.4% (Identified Cost $865,432)		$ 937,506
Other
assets and liabilities, net—(6.4)%		(36,968)
Preferred
Shares—(56.0)%		(323,275)
NET
ASSETS—100.0%		$ 577,263

Abbreviations:
LIBOR	London
Interbank Offered Rate
LLC	Limited
Liability Company
LP	Limited
Partnership
NA	National
Association
PIK	Payment-in-Kind
Security
REIT	Real
Estate Investment Trust

| Footnote
Legend: | |
| --- | --- |
| (1) | Security
exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2021, these securities amounted to a value of
$401,047 or 69.5% of net assets. |
| (2) | All
or a portion of security is on loan pursuant to the Liquidity Facility. |
| (3) | 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. and its subsidiary Music Technology Holdings LLC represents 1.08% of net
assets. |
| (4) | Affiliated
company. See Note 3G in Notes to Financial Statements. |
| (5) | The
value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
| (6) | Security
is fixed rate. |
| (7) | 100%
of the income received was in cash. |

For information regarding the abbreviations, see the Key Investment Terms starting on page 4 .

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

| (8) | This
loan will settle after August 31, 2021, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected. |
| --- | --- |
| (9) | Variable
rate security. Rate disclosed is as of August 31, 2021. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined
by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their
descriptions. |
| (10) | Non-income
producing. |
| (11) | Security
is restricted from resale. |

| (12) | Amount
is less than $500. |
| --- | --- |
| (13) | Shares
of this fund are publicly offered, and its prospectus and annual report are publicly available. |
| (14) | Represents
security purchased with cash collateral received for securities on loan. |

| Country
Weightings † | |
| --- | --- |
| United
States | 93% |
| Jersey | 2 |
| Bermuda | 1 |
| Canada | 1 |
| Cayman
Islands | 1 |
| Liberia | 1 |
| United
Kingdom | 1 |
| Total | 100% |
| † % of total investments as of August 31, 2021. | |

| | Total Value at August 31, 2021 | Level
1 Quoted Prices | Level
2 Significant Observable Inputs | Level
3 Significant Unobservable Inputs |
| --- | --- | --- | --- | --- |
| Assets: | | | | |
| Debt
Securities: | | | | |
| Corporate
Bonds and Notes | $270,393 | $ — | $270,393 | $ — |
| Leveraged
Loans | 4,399 | — | 2,551 | 1,848 |
| Convertible
Bonds and Notes | 447,669 | — | 447,669 | — |
| Equity
Securities: | | | | |
| Convertible
Preferred Stocks | 163,309 | 152,830 | 10,479 | — |
| Common
Stocks | 6,180 | 39 | — | 6,141 |
| Preferred
Stocks | 8,228 | — | — | 8,228 (1) |
| Warrants | 640 | — | — | 640 (1) |
| Securities
Lending Collateral | 7,972 | 7,972 | — | — |
| Money
Market Mutual Fund | 28,716 | 28,716 | — | — |
| Total
Investments | $937,506 | $189,557 | $731,092 | $16,857 |

(1) Includes internally fair valued securities currently priced at zero ($0).

There were no transfers into or out of Level 3 related to securities held at August 31, 2021.

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

The following is a reconciliation of assets of the Fund for Level 3 investments for which significant unobservable inputs were used to determine fair value.

	Total	Corporate Bonds And Notes	Leveraged Loans	Common Stocks	Warrants	Preferred Stocks
Investments
in Securities
Balance
as of February 28, 2021:	$ 21,123	$ 10,793	$ 1,776	$ 213	$ 147	$ 8,194
Accrued
discount/(premium)	11	11	—	—	—	—
Realized
gain (loss)	(4,881)	(4,881)	—	— (a)	—	—
Change
in unrealized appreciation (depreciation) (b)	5,818	22,429	—	(17,138)	493	34
Purchases	23,138	—	72	23,066 (c)	—	—
Sales (d)	(28,352)	(28,352) (c)	—	—	—	—
Balance
as of August 31, 2021	$ 16,857	$ —	$ 1,848	$ 6,141	$ 640 (e)	$ 8,228 (e)

(a) Amount is less than $500.

(b) The change in unrealized appreciation (depreciation) on investments still held at August 31, 2021, was $(16,611).

(d) Includes paydowns on securities.

(e) Includes internally fair valued security currently priced at zero ($0).

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income Fund

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at August 31, 2021:

| Investments
in Securities – Assets | Ending Balance at August 31, 2021 | Valuation
Technique Used | Unobservable Inputs | Input Values |
| --- | --- | --- | --- | --- |
| Preferred
Stocks: | | | | |
| LiveStyle,
Inc. Series A | $ 571 | Market
and Company Comparables | EV
Multiples | 4.12x
(0.41x - 16.67x) |
| | | | Illiquidity
Discount | (25%
- 30%) |
| LiveStyle,
Inc. Series B | $7,657 | Market
and Company Comparables | EV
Multiples | 4.12x
(0.41x - 16.67x) |
| | | | Illiquidity
Discount | (25%
- 30%) |
| Common
Stocks: | | | | |
| CCF
Holdings LLC | $5,310 | Market
and Company Comparables | EV
Multiples | 1.07x
(0.33x - 1.85x) 0.53x (0.20x - 0.76x) |
| | | | Illiquidity
Discount | 20% |
| CCF
Holdings LLC Class M | $ 598 | Market
and Company Comparables | EV
Multiples | 1.07x
(0.33x - 1.85x) 0.53x (0.20x - 0.76x) |
| | | | Illiquidity
Discount | 20% |
| Erickson,
Inc. | $ 233 | Market
and Company Comparables | EV
Multiples | 1.32x
(0.74x - 2.32x) 11.73x (8.16x - 47.06x) 1.01x (0.59x - 1.39x) |
| | | | M&A
Transaction Multiples | 0.96x
(0.41x - 1.96x) |
| | | | Illiquidity
Discount | 20% |
| LiveStyle,
Inc. | $ — (1) | Market
and Company Comparables | EV
Multiples | 4.12x
(0.41x - 16.67x) |
| | | | Illiquidity
Discount | 20% |
| Warrants: | | | | |
| CCF
Holdings LLC | $ 640 | Market
and Company Comparables | EV
Multiples | 1.07x
(0.33x - 1.85x) 0.53x (0.20x - 0.76x) |
| | | | Illiquidity
Discount | 20% |
| | | Black-Scholes
Model | Volatility | 54% |
| LiveStyle,
Inc. Series C | $ — (1) | Market
and Company Comparables | EV
Multiples | 4.12x
(0.41x - 16.67x) |
| | | | Illiquidity
Discount | (25%
- 30%) |

(1) Amount is less than $500.

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income Fund II

SCHEDULE OF INVESTMENTS (Unaudited)

August 31, 2021

($ reported in thousands)

| | Par
Value | Value |
| --- | --- | --- |
| Corporate
Bonds and Notes—47.8% | | |
| Advertising—0.4% | | |
| Clear
Channel Outdoor Holdings, Inc. | | |
| 144A
7.750%, 4/15/28 (1) | $ 585 | $ 610 |
| 144A
7.500%, 6/1/29 (1) | 1,125 | 1,164 |
| | | 1,774 |
| Aerospace
& Defense—0.9% | | |
| TransDigm,
Inc. | | |
| 6.375%,
6/15/26 | 1,085 | 1,127 |
| 5.500%,
11/15/27 | 1,735 | 1,775 |
| Triumph
Group, Inc. | | |
| 144A
8.875%, 6/1/24 (1) | 537 | 591 |
| 144A
6.250%, 9/15/24 (1) | 640 | 647 |
| | | 4,140 |
| Airlines—1.5% | | |
| American
Airlines, Inc. | | |
| 144A
11.750%, 7/15/25 (1) | 1,475 | 1,831 |
| 144A
5.750%, 4/20/29 (1) | 1,170 | 1,264 |
| Delta
Air Lines, Inc. 7.375%, 1/15/26 | 2,805 | 3,302 |
| | | 6,397 |
| Auto
Components—2.2% | | |
| American
Axle & Manufacturing, Inc. 6.500%, 4/1/27 | 2,120 | 2,226 |
| Clarios
Global LP 144A 8.500%, 5/15/27 (1) | 2,325 | 2,482 |
| Goodyear
Tire & Rubber Co. (The) | | |
| 5.250%,
4/30/31 | 1,135 | 1,213 |
| 144A
5.250%, 7/15/31 (1) | 1,160 | 1,241 |
| Tenneco,
Inc. | | |
| 5.000%,
7/15/26 | 835 | 834 |
| 144A
7.875%, 1/15/29 (1) | 1,325 | 1,491 |
| | | 9,487 |
| Auto
Manufacturers—1.4% | | |
| Ford
Motor Co. | | |
| 9.000%,
4/22/25 | 1,970 | 2,407 |
| 9.625%,
4/22/30 | 1,705 | 2,430 |

| | Par
Value | Value |
| --- | --- | --- |
| Auto
Manufacturers—continued | | |
| Ford
Motor Credit Co. LLC | | |
| 5.125%,
6/16/25 | $ 570 | $ 625 |
| 4.000%,
11/13/30 | 575 | 607 |
| | | 6,069 |
| Building
Materials—0.6% | | |
| Griffon
Corp. 5.750%, 3/1/28 | 895 | 950 |
| Koppers,
Inc. 144A 6.000%, 2/15/25 (1) | 1,650 | 1,691 |
| | | 2,641 |
| Chemicals—0.5% | | |
| Tronox,
Inc. 144A 4.625%, 3/15/29 (1) | 1,150 | 1,166 |
| WR
Grace Holdings LLC 144A 5.625%, 8/15/29 (1) | 1,095 | 1,140 |
| | | 2,306 |
| Commercial
Services—1.9% | | |
| ADT
Security Corp. (The) 144A 4.125%, 8/1/29 (1) | 1,140 | 1,138 |
| Avis
Budget Car Rental LLC 144A 5.375%, 3/1/29 (1) | 1,595 | 1,675 |
| Deluxe
Corp. 144A 8.000%, 6/1/29 (1) | 1,105 | 1,183 |
| Herc
Holdings, Inc. 144A 5.500%, 7/15/27 (1) | 1,100 | 1,160 |
| NESCO
Holdings II, Inc. 144A 5.500%, 4/15/29 (1) | 1,090 | 1,131 |
| United
Rentals North America, Inc. 5.250%, 1/15/30 | 1,830 | 2,006 |
| | | 8,293 |
| Computers—0.8% | | |
| Booz
Allen Hamilton, Inc. 144A 4.000%, 7/1/29 (1) | 1,155 | 1,197 |

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income Fund II

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

| | Par
Value | Value |
| --- | --- | --- |
| Computers—continued | | |
| Dell
International LLC 144A 7.125%, 6/15/24 (1) | $ 1,090 | $ 1,113 |
| NCR
Corp. 144A 5.125%, 4/15/29 (1) | 1,095 | 1,135 |
| | | 3,445 |
| Containers
& Packaging—0.8% | | |
| Berry
Global, Inc. 144A 5.625%, 7/15/27 (1) | 1,030 | 1,084 |
| Owens-Brockway
Glass Container, Inc. 144A 6.625%, 5/13/27 (1) | 2,315 | 2,497 |
| | | 3,581 |
| Cosmetics
& Personal Care—0.3% | | |
| Edgewell
Personal Care Co. 144A 5.500%, 6/1/28 (1) | 1,105 | 1,170 |
| Diversified
Financial Services—1.7% | | |
| Nationstar
Mortgage Holdings, Inc. 144A 5.500%, 8/15/28 (1) | 1,080 | 1,122 |
| Navient
Corp. | | |
| 6.750%,
6/15/26 | 1,510 | 1,704 |
| 5.000%,
3/15/27 | 1,230 | 1,292 |
| 4.875%,
3/15/28 | 215 | 219 |
| OneMain
Finance Corp. | | |
| 8.250%,
10/1/23 | 1,215 | 1,365 |
| 6.625%,
1/15/28 | 1,305 | 1,506 |
| 5.375%,
11/15/29 | 70 | 77 |
| | | 7,285 |
| Electronic
Equipment, Instruments & Components—0.3% | | |
| WESCO
Distribution, Inc. 144A 7.250%, 6/15/28 (1) | 1,380 | 1,535 |
| Entertainment—2.6% | | |
| AMC
Entertainment Holdings, Inc. 6.125%, 5/15/27 | 3,810 | 2,496 |
| Caesars
Entertainment, Inc. | | |
| 144A
6.250%, 7/1/25 (1) | 1,600 | 1,691 |

| | Par
Value | Value |
| --- | --- | --- |
| Entertainment—continued | | |
| 144A
8.125%, 7/1/27 (1) | $ 1,025 | $ 1,133 |
| International
Game Technology plc 144A 6.250%, 1/15/27 (1) | 2,260 | 2,576 |
| Lions
Gate Capital Holdings LLC 144A 5.500%, 4/15/29 (1) | 1,555 | 1,588 |
| Scientific
Games International, Inc. 144A 8.250%, 3/15/26 (1) | 1,610 | 1,712 |
| | | 11,196 |
| Environmental
Services—0.4% | | |
| GFL
Environmental, Inc. 144A 4.750%, 6/15/29 (1) | 1,680 | 1,726 |
| Equity
Real Estate Investment Trusts (REITs)—0.5% | | |
| Park
Intermediate Holdings LLC 144A 4.875%, 5/15/29 (1) | 1,125 | 1,159 |
| Service
Properties Trust | | |
| 4.350%,
10/1/24 | 465 | 471 |
| 4.500%,
3/15/25 | 680 | 684 |
| | | 2,314 |
| Food
& Beverage—2.0% | | |
| Kraft
Heinz Foods Co. 6.500%, 2/9/40 | 1,745 | 2,528 |
| Performance
Food Group, Inc. | | |
| 144A
5.500%, 10/15/27 (1) | 2,135 | 2,223 |
| 144A
4.250%, 8/1/29 (1) | 1,155 | 1,159 |
| Triton
Water Holdings, Inc. 144A 6.250%, 4/1/29 (1) | 1,155 | 1,143 |
| US
Foods, Inc. 144A 4.750%, 2/15/29 (1) | 1,540 | 1,577 |
| | | 8,630 |

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income Fund II

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

| | Par
Value | Value |
| --- | --- | --- |
| Healthcare-Services—0.9% | | |
| ModivCare
Escrow Issuer, Inc. 144A 5.000%, 10/1/29 (1) | $ 670 | $ 688 |
| Select
Medical Corp. 144A 6.250%, 8/15/26 (1) | 1,070 | 1,131 |
| Tenet
Healthcare Corp. 144A 6.125%, 10/1/28 (1) | 2,140 | 2,259 |
| | | 4,078 |
| Home
Builders—0.2% | | |
| Picasso
Finance Sub, Inc. 144A 6.125%, 6/15/25 (1) | 928 | 981 |
| Internet—0.8% | | |
| Netflix,
Inc. 144A 5.375%, 11/15/29 (1) | 1,335 | 1,642 |
| Uber
Technologies, Inc. | | |
| 144A
8.000%, 11/1/26 (1) | 865 | 921 |
| 144A
7.500%, 9/15/27 (1) | 715 | 779 |
| | | 3,342 |
| Investment
Companies—0.4% | | |
| Compass
Group Diversified Holdings LLC 144A 5.250%, 4/15/29 (1) | 1,655 | 1,733 |
| Iron
& Steel—0.8% | | |
| Cleveland-Cliffs,
Inc. 5.875%, 6/1/27 | 1,695 | 1,771 |
| United
States Steel Corp. 6.875%, 3/1/29 | 1,555 | 1,699 |
| | | 3,470 |
| Leisure
Time—1.4% | | |
| Carnival
Corp. | | |
| 144A
10.500%, 2/1/26 (1) | 1,000 | 1,154 |
| 144A
5.750%, 3/1/27 (1) | 585 | 598 |
| NCL
Corp., Ltd. 144A 5.875%, 3/15/26 (1) | 2,330 | 2,336 |
| Royal
Caribbean Cruises Ltd. | | |
| 144A
11.500%, 6/1/25 (1) | 671 | 772 |

| | Par
Value | Value |
| --- | --- | --- |
| Leisure
Time—continued | | |
| 144A
5.500%, 4/1/28 (1) | $ 1,175 | $ 1,184 |
| | | 6,044 |
| Lodging—0.9% | | |
| Boyd
Gaming Corp. 144A 8.625%, 6/1/25 (1) | 1,050 | 1,139 |
| Hilton
Domestic Operating Co., Inc. 144A 4.000%, 5/1/31 (1) | 840 | 866 |
| MGM
Resorts International 4.750%, 10/15/28 | 1,145 | 1,202 |
| Wynn
Las Vegas LLC 144A 5.500%, 3/1/25 (1) | 740 | 785 |
| | | 3,992 |
| Machinery-Construction
& Mining—0.4% | | |
| Terex
Corp. 144A 5.000%, 5/15/29 (1) | 1,715 | 1,803 |
| Media—4.0% | | |
| CCO
Holdings LLC 4.500%, 5/1/32 | 1,985 | 2,074 |
| CSC
Holdings LLC | | |
| 144A
7.500%, 4/1/28 (1) | 1,705 | 1,867 |
| 144A
5.750%, 1/15/30 (1) | 530 | 560 |
| 144A
5.000%, 11/15/31 (1) | 580 | 577 |
| DIRECTV
Holdings LLC 144A 5.875%, 8/15/27 (1) | 1,670 | 1,745 |
| DISH
DBS Corp. 7.375%, 7/1/28 | 2,320 | 2,497 |
| Gray
Television, Inc. 144A 4.750%, 10/15/30 (1) | 1,770 | 1,749 |
| Meredith
Corp. 6.875%, 2/1/26 | 1,085 | 1,124 |
| Nexstar
Media, Inc. 144A 5.625%, 7/15/27 (1) | 1,640 | 1,741 |
| Sirius
XM Radio, Inc. 144A 4.000%, 7/15/28 (1) | 1,735 | 1,772 |
| Virgin
Media Finance plc 144A 5.000%, 7/15/30 (1) | 760 | 787 |

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income Fund II

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

| | Par
Value | Value |
| --- | --- | --- |
| Media—continued | | |
| Virgin
Media Secured Finance plc 144A 5.500%, 5/15/29 (1) | $ 865 | $ 927 |
| | | 17,420 |
| Metal
Fabricate/Hardware—0.7% | | |
| Park-Ohio
Industries, Inc. 6.625%, 4/15/27 | 2,920 | 2,896 |
| Mining—0.9% | | |
| Freeport-McMoRan,
Inc. 5.250%, 9/1/29 | 1,750 | 1,936 |
| Hudbay
Minerals, Inc. 144A 4.500%, 4/1/26 (1) | 1,155 | 1,161 |
| Joseph
T Ryerson & Son, Inc. 144A 8.500%, 8/1/28 (1) | 702 | 783 |
| | | 3,880 |
| Oil,
Gas & Consumable Fuels—5.1% | | |
| Antero
Resources Corp. | | |
| 144A
7.625%, 2/1/29 (1) | 1,130 | 1,243 |
| 144A
5.375%, 3/1/30 (1) | 580 | 590 |
| Callon
Petroleum Co. 144A 8.000%, 8/1/28 (1) | 1,150 | 1,107 |
| CITGO
Petroleum Corp. 144A 6.375%, 6/15/26 (1) | 530 | 538 |
| CNX
Resources Corp. 144A 7.250%, 3/14/27 (1) | 1,885 | 1,998 |
| Comstock
Resources, Inc. 144A 6.750%, 3/1/29 (1) | 1,145 | 1,202 |
| Continental
Resources, Inc. | | |
| 4.375%,
1/15/28 | 705 | 791 |
| 144A
5.750%, 1/15/31 (1) | 670 | 817 |
| EQT
Corp. 7.500%, 2/1/30 | 980 | 1,273 |
| Hess
Midstream Operations LP 144A 4.250%, 2/15/30 (1) | 575 | 582 |
| Occidental
Petroleum Corp. | | |
| 5.550%,
3/15/26 | 1,940 | 2,163 |
| 6.625%,
9/1/30 | 1,930 | 2,408 |

| | Par
Value | Value |
| --- | --- | --- |
| Oil,
Gas & Consumable Fuels—continued | | |
| PBF
Holding Co. LLC 6.000%, 2/15/28 | $ 1,935 | $ 1,267 |
| PDC
Energy, Inc. 5.750%, 5/15/26 | 1,675 | 1,739 |
| SM
Energy Co. 6.500%, 7/15/28 | 1,185 | 1,191 |
| Southwestern
Energy Co. 5.375%, 3/15/30 | 1,085 | 1,129 |
| Transocean,
Inc. 144A 8.000%, 2/1/27 (1) | 440 | 323 |
| USA
Compression Partners LP 6.875%, 9/1/27 | 1,750 | 1,833 |
| | | 22,194 |
| Paper
& Forest Products—0.2% | | |
| Mercer
International, Inc. 144A 5.125%, 2/1/29 (1) | 1,135 | 1,144 |
| Pharmaceuticals—2.1% | | |
| AdaptHealth
LLC 144A 4.625%, 8/1/29 (1) | 1,155 | 1,158 |
| Bausch
Health Americas, Inc. 144A 8.500%, 1/31/27 (1) | 2,000 | 2,151 |
| Bausch
Health Cos., Inc. 144A 7.250%, 5/30/29 (1) | 1,490 | 1,535 |
| Horizon
Therapeutics USA, Inc. 144A 5.500%, 8/1/27 (1) | 1,710 | 1,813 |
| Jazz
Securities DAC 144A 4.375%, 1/15/29 (1) | 1,150 | 1,192 |
| Organon
& Co. 144A 5.125%, 4/30/31 (1) | 1,130 | 1,185 |
| | | 9,034 |
| Pipelines—2.3% | | |
| Antero
Midstream Partners LP 144A 5.375%, 6/15/29 (1) | 1,090 | 1,116 |

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income Fund II

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

| | Par
Value | Value |
| --- | --- | --- |
| Pipelines—continued | | |
| Crestwood
Midstream Partners LP 144A 6.000%, 2/1/29 (1) | $ 1,085 | $ 1,107 |
| DCP
Midstream Operating LP 5.125%, 5/15/29 | 1,280 | 1,421 |
| EQM
Midstream Partners LP 144A 6.500%, 7/1/27 (1) | 1,100 | 1,227 |
| NGL
Energy Operating LLC 144A 7.500%, 2/1/26 (1) | 1,080 | 1,096 |
| NuStar
Logistics LP 6.375%, 10/1/30 | 1,120 | 1,238 |
| Targa
Resources Partners LP | | |
| 6.500%,
7/15/27 | 750 | 812 |
| 6.875%,
1/15/29 | 1,750 | 1,967 |
| | | 9,984 |
| Real
Estate—0.4% | | |
| Kennedy-Wilson,
Inc. 5.000%, 3/1/31 | 1,545 | 1,607 |
| Retail—0.9% | | |
| Bath
& Body Works, Inc. 144A 6.625%, 10/1/30 (1) | 1,505 | 1,734 |
| Carvana
Co. 144A 4.875%, 9/1/29 (1) | 1,130 | 1,119 |
| New
Red Finance, Inc. 144A 4.000%, 10/15/30 (1) | 1,140 | 1,134 |
| | | 3,987 |
| Semiconductors—0.7% | | |
| Amkor
Technology, Inc. 144A 6.625%, 9/15/27 (1) | 2,925 | 3,150 |
| Software—1.6% | | |
| Clarivate
Science Holdings Corp. 144A 4.875%, 7/1/29 (1) | 1,700 | 1,754 |

| | Par
Value | Value |
| --- | --- | --- |
| Software—continued | | |
| Rackspace
Technology Global, Inc. 144A 5.375%, 12/1/28 (1) | $ 3,300 | $ 3,266 |
| SS&C
Technologies, Inc. 144A 5.500%, 9/30/27 (1) | 1,770 | 1,874 |
| | | 6,894 |
| Telecommunications—3.9% | | |
| Avaya,
Inc. 144A 6.125%, 9/15/28 (1) | 1,580 | 1,667 |
| Cincinnati
Bell, Inc. 144A 7.000%, 7/15/24 (1) | 1,220 | 1,243 |
| CommScope
Technologies LLC 144A 5.000%, 3/15/27 (1) | 1,110 | 1,093 |
| Frontier
Communications Holdings LLC 144A 5.000%, 5/1/28 (1) | 830 | 867 |
| Hughes
Satellite Systems Corp. 6.625%, 8/1/26 | 1,130 | 1,284 |
| LogMeIn,
Inc. 144A 5.500%, 9/1/27 (1) | 1,230 | 1,276 |
| Lumen
Technologies, Inc. | | |
| 144A
4.500%, 1/15/29 (1) | 1,145 | 1,119 |
| 144A
5.375%, 6/15/29 (1) | 1,150 | 1,181 |
| Plantronics,
Inc. 144A 4.750%, 3/1/29 (1) | 1,205 | 1,154 |
| Sprint
Communications, Inc. 11.500%, 11/15/21 | 2,580 | 2,633 |
| Sprint
Corp. 7.625%, 3/1/26 | 1,900 | 2,343 |
| T-Mobile
USA, Inc. 3.500%, 4/15/31 | 1,135 | 1,208 |
| | | 17,068 |
| Transportation—0.4% | | |
| Fortress
Transportation & Infrastructure Investors LLC | | |
| 144A
9.750%, 8/1/27 (1) | 1,160 | 1,309 |

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income Fund II

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

| | Par
Value | Value |
| --- | --- | --- |
| Transportation—continued | | |
| 144A
5.500%, 5/1/28 (1) | $ 580 | $ 589 |
| | | 1,898 |
| Total
Corporate Bonds and Notes (Identified Cost $201,148) | | 208,588 |
| Leveraged
Loans—0.8% | | |
| Entertainment—0.3% | | |
| Music
Technology Holdings LLC PIK 8.000%, 12/16/22 (2)(3)(4)(5)(6) | 1,420 | 1,420 |
| Healthcare-Services—0.3% | | |
| Aveanna
Healthcare LLC | | |
| 0.000%,
6/30/28 (7)(8) | 201 | 201 |
| 2021,
First Lien (3 month LIBOR + 3.750%) 0.000%, 7/17/28 (7)(8) | 870 | 868 |
| | | 1,069 |
| Retail—0.2% | | |
| Petco
Health and Wellness Co., Inc. First Lien (3 month LIBOR + 3.250%) 4.000%, 3/3/28 (8) | 913 | 910 |
| Total
Leveraged Loans (Identified Cost $3,399) | | 3,399 |

	Shares
Convertible
Preferred Stocks—28.3%
Auto
Components—1.7%
Aptiv
plc Series A, 5.500%	42,465	7,304
Banks—7.5%
Bank
of America Corp. Series L, 7.250%	9,140	13,418
Wells
Fargo & Co. Series L, 7.500%	12,835	19,137
		32,555

	Shares	Value
Chemicals—0.6%
International
Flavors & Fragrances, Inc., 6.000%	50,255	$ 2,540
Commercial
Services & Supplies—0.8%
GFL
Environmental, Inc., 6.000%	41,510	3,355
Communications
Equipment—1.1%
T-Mobile
US 2020 Cash Mandatory Exchangeable Trust 144A, 5.250% (1)	4,040	4,811
Diversified
Financial Services—0.7%
Chewy,
Inc.2020 Mandatory Exchangeable Trust 144A, 6.500% (1)	1,590	3,107
Electric
Utilities—4.4%
AES
Corp. (The), 6.875%	56,285	5,589
NextEra
Energy, Inc., 5.279%	59,355	3,163
NextEra
Energy, Inc., 6.219%	192,150	10,351
		19,103
Healthcare
Equipment & Supplies—4.8%
Boston
Scientific Corp. Series A, 5.500%	54,045	6,494
Danaher
Corp. Series A, 4.750%	6,575	14,274
		20,768
Life
Sciences Tools & Services—1.8%
Avantor,
Inc. Series A, 6.250%	63,980	7,766
Media—0.5%
ViacomCBS,
Inc. Series A, 5.750%	36,210	2,441
Pharmaceuticals—0.4%
Elanco
Animal Health, Inc., 5.000%	38,425	1,993

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income Fund II

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

	Shares	Value
Professional
Services—0.5%
Clarivate
plc Series A, 5.250%	25,005	$ 2,390
Semiconductors
& Semiconductor Equipment—3.5%
Broadcom,
Inc. Series A, 8.000%	9,690	15,293
Total
Convertible Preferred Stocks (Identified Cost $85,000)		123,426
Preferred
Stocks—1.9%
Entertainment—1.9%
LiveStyle,
Inc. Series A (2)(3)(4)(9)(10)	3,554	571
LiveStyle,
Inc. Series B (2)(3)(4)(9)(10)	76,572	7,657
LiveStyle,
Inc. Series B (2)(4)(9)	5,000	—
		8,228
Total
Preferred Stocks (Identified Cost $12,855)		8,228
Common
Stocks—1.2%
Banks—1.1%
CCF
Holdings LLC (3)(4)(9)	6,367,079	4,330
CCF
Holdings LLC Class M (3)(4)(9)	879,959	598
		4,928
Consumer
Finance—0.1%
Erickson,
Inc. (4)(9)	6,354	179
Entertainment—0.0%
LiveStyle,
Inc. (2)(3)(4)(9)(10)	90,407	— (11)
Professional
Services—0.0%
Clarivate
plc (9)	1,156	29
Total
Common Stocks (Identified Cost $22,695)		5,136

	Shares	Value
Warrants—0.1%
Banks—0.1%
CCF
Holdings LLC (4)(9)	1,455,681	$ 640
Entertainment—0.0%
LiveStyle,
Inc. Series C (2)(4)(9)	19,500	— (11)
Media—0.0%
Affinion
Group Holdings (4)(9)(10)	12,009	—
Total
Warrants (Identified Cost $2,371)		640

| | Par
Value | |
| --- | --- | --- |
| Convertible
Bonds and Notes—77.5% | | |
| Airlines—2.0% | | |
| JetBlue
Airways Corp. 144A 0.500%, 4/1/26 (1) | $ 4,105 | 4,035 |
| Southwest
Airlines Co. 1.250%, 5/1/25 | 3,130 | 4,562 |
| | | 8,597 |
| Auto
Manufacturers—3.6% | | |
| Ford
Motor Co. 144A 0.000%, 3/15/26 (1) | 5,185 | 5,380 |
| NIO,
Inc. | | |
| 144A
0.000%, 2/1/26 (1) | 1,515 | 1,297 |
| 144A
0.500%, 2/1/27 (1) | 2,535 | 2,104 |
| Tesla,
Inc. 2.000%, 5/15/24 | 580 | 6,865 |
| | | 15,646 |
| Banks—2.3% | | |
| BofA
Finance LLC 0.125%, 9/1/22 | 4,515 | 5,971 |
| JPMorgan
Chase Bank NA 144A 0.125%, 1/1/23 (1) | 3,945 | 4,058 |
| | | 10,029 |

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income Fund II

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

| | Par
Value | Value |
| --- | --- | --- |
| Biotechnology—1.9% | | |
| Bridgebio
Pharma, Inc. 144A 2.250%, 2/1/29 (1) | $ 2,350 | $ 2,081 |
| Exact
Sciences Corp. 0.375%, 3/1/28 | 3,875 | 4,378 |
| Halozyme
Therapeutics, Inc. 144A 0.250%, 3/1/27 (1) | 1,835 | 1,670 |
| | | 8,129 |
| Building
Materials—1.7% | | |
| Patrick
Industries, Inc. 1.000%, 2/1/23 | 6,680 | 7,451 |
| Commercial
Services—4.3% | | |
| Alarm.com
Holdings, Inc. 144A 0.000%, 1/15/26 (1) | 2,380 | 2,186 |
| Chegg,
Inc. 0.000%, 9/1/26 | 3,715 | 3,966 |
| Shift4
Payments, Inc. | | |
| 144A
0.000%, 12/15/25 (1) | 1,690 | 2,155 |
| 144A
0.500%, 8/1/27 (1) | 2,635 | 2,684 |
| Square,
Inc. 144A 0.000%, 5/1/26 (1) | 6,460 | 7,736 |
| | | 18,727 |
| Computers—2.0% | | |
| Lumentum
Holdings, Inc. 0.500%, 12/15/26 | 1,645 | 1,836 |
| Vocera
Communications, Inc. 144A 0.500%, 9/15/26 (1) | 2,585 | 2,676 |
| Zscaler,
Inc. 0.125%, 7/1/25 | 2,215 | 4,254 |
| | | 8,766 |
| Diversified
Financial Services—1.4% | | |
| Coinbase
Global, Inc. 144A 0.500%, 6/1/26 (1) | 3,675 | 3,883 |
| LendingTree,
Inc. 0.500%, 7/15/25 | 2,480 | 2,178 |
| | | 6,061 |

| | Par
Value | Value |
| --- | --- | --- |
| Electronics—1.3% | | |
| II-VI,
Inc. 0.250%, 9/1/22 | $ 2,725 | $ 3,796 |
| Itron,
Inc. 144A 0.000%, 3/15/26 (1) | 1,800 | 1,718 |
| | | 5,514 |
| Energy-Alternate
Sources—1.9% | | |
| Enphase
Energy, Inc. | | |
| 144A
0.000%, 3/1/26 (1) | 2,010 | 1,953 |
| 144A
0.000%, 3/1/28 (1) | 2,860 | 2,782 |
| Sunrun,
Inc. 144A 0.000%, 2/1/26 (1) | 4,370 | 3,732 |
| | | 8,467 |
| Entertainment—2.2% | | |
| DraftKings,
Inc. 144A 0.000%, 3/15/28 (1) | 4,435 | 4,248 |
| Vail
Resorts, Inc. 144A 0.000%, 1/1/26 (1) | 5,185 | 5,282 |
| | | 9,530 |
| Equity
Real Estate Investment Trusts (REITs)—1.4% | | |
| Pebblebrook
Hotel Trust 1.750%, 12/15/26 | 2,730 | 3,018 |
| Two
Harbors Investment Corp. 6.250%, 1/15/22 | 3,025 | 3,038 |
| | | 6,056 |
| Healthcare-Products—1.6% | | |
| Insulet
Corp. 0.375%, 9/1/26 | 3,005 | 4,326 |
| Natera,
Inc. 2.250%, 5/1/27 | 795 | 2,496 |
| | | 6,822 |
| Healthcare-Services—1.8% | | |
| Oak
Street Health, Inc. 144A 0.000%, 3/15/26 (1) | 3,740 | 3,453 |

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income Fund II

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

| | Par
Value | Value |
| --- | --- | --- |
| Healthcare-Services—continued | | |
| Teladoc
Health, Inc. 1.250%, 6/1/27 | $ 4,095 | $ 4,336 |
| | | 7,789 |
| Internet—18.8% | | |
| 21Vianet
Group, Inc. 144A 0.000%, 2/1/26 (1) | 2,320 | 1,955 |
| Airbnb,
Inc. 144A 0.000%, 3/15/26 (1) | 6,555 | 6,300 |
| Booking
Holdings, Inc. 0.750%, 5/1/25 | 2,360 | 3,433 |
| Etsy,
Inc. | | |
| 144A
0.125%, 9/1/27 (1) | 1,960 | 2,595 |
| 144A
0.250%, 6/15/28 (1) | 1,785 | 2,036 |
| Expedia
Group, Inc. 144A 0.000%, 2/15/26 (1) | 3,780 | 3,950 |
| FireEye,
Inc. 0.875%, 6/1/24 | 925 | 987 |
| fuboTV,
Inc. 144A 3.250%, 2/15/26 (1) | 5,595 | 5,377 |
| Magnite,
Inc. 144A 0.250%, 3/15/26 (1) | 3,700 | 3,140 |
| Match
Group Financeco 2, Inc. 144A 0.875%, 6/15/26 (1) | 3,150 | 5,266 |
| Match
Group Financeco 3, Inc. 144A 2.000%, 1/15/30 (1) | 210 | 375 |
| Okta,
Inc. 0.375%, 6/15/26 | 2,490 | 3,254 |
| Palo
Alto Networks, Inc. | | |
| 0.750%,
7/1/23 | 425 | 743 |
| 0.375%,
6/1/25 | 3,350 | 5,374 |
| Pinduoduo,
Inc. 0.000%, 12/1/25 | 2,350 | 2,248 |
| RealReal,
Inc. (The) 144A 1.000%, 3/1/28 (1) | 4,825 | 3,894 |
| Snap,
Inc. 144A 0.000%, 5/1/27 (1) | 6,605 | 7,713 |
| Spotify
USA, Inc. 144A 0.000%, 3/15/26 (1) | 3,505 | 3,166 |
| Twitter,
Inc. 144A 0.000%, 3/15/26 (1) | 6,025 | 5,694 |
| Uber
Technologies, Inc. 144A 0.000%, 12/15/25 (1) | 4,825 | 4,500 |

| | Par
Value | Value |
| --- | --- | --- |
| Internet—continued | | |
| Wayfair,
Inc. 0.625%, 10/1/25 | $ 3,805 | $ 3,907 |
| Zendesk,
Inc. 0.625%, 6/15/25 | 3,015 | 3,974 |
| Zillow
Group, Inc. 2.750%, 5/15/25 | 1,420 | 2,332 |
| | | 82,213 |
| Leisure
Time—2.1% | | |
| NCL
Corp. Ltd. | | |
| 6.000%,
5/15/24 | 695 | 1,441 |
| 5.375%,
8/1/25 | 1,290 | 2,121 |
| Royal
Caribbean Cruises Ltd. | | |
| 4.250%,
6/15/23 | 1,290 | 1,737 |
| 144A
2.875%, 11/15/23 (1) | 3,070 | 3,824 |
| | | 9,123 |
| Machinery-Diversified—1.2% | | |
| Chart
Industries, Inc. 144A 1.000%, 11/15/24 (1) | 1,285 | 4,115 |
| Middleby
Corp. (The) 144A 1.000%, 9/1/25 (1) | 910 | 1,373 |
| | | 5,488 |
| Media—2.3% | | |
| DISH
Network Corp. | | |
| 3.375%,
8/15/26 | 2,650 | 2,764 |
| 144A
0.000%, 12/15/25 (1) | 2,935 | 3,507 |
| Liberty
Media Corp. 1.375%, 10/15/23 | 2,840 | 3,955 |
| | | 10,226 |
| Oil,
Gas & Consumable Fuels—2.5% | | |
| EQT
Corp. 1.750%, 5/1/26 | 3,440 | 5,049 |
| Pioneer
Natural Resources Co. 0.250%, 5/15/25 | 3,835 | 5,721 |
| | | 10,770 |
| Pharmaceuticals—1.6% | | |
| Dexcom,
Inc. 0.250%, 11/15/25 | 2,890 | 3,324 |

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income Fund II

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

| | Par
Value | Value |
| --- | --- | --- |
| Pharmaceuticals—continued | | |
| Jazz
Investments I Ltd. 2.000%, 6/15/26 | $ 3,065 | $ 3,521 |
| | | 6,845 |
| Pipelines—3.6% | | |
| Cheniere
Energy, Inc. 4.250%, 3/15/45 | 18,700 | 15,635 |
| Retail—1.8% | | |
| Burlington
Stores, Inc. 2.250%, 4/15/25 | 2,880 | 4,329 |
| Dick’s
Sporting Goods, Inc. 3.250%, 4/15/25 | 840 | 3,441 |
| | | 7,770 |
| Semiconductors—1.4% | | |
| Cree,
Inc. 1.750%, 5/1/26 | 565 | 1,083 |
| MACOM
Technology Solutions Holdings, Inc. 144A 0.250%, 3/15/26 (1) | 1,050 | 1,067 |
| ON
Semiconductor Corp. 144A 0.000%, 5/1/27 (1) | 2,280 | 2,604 |
| Teradyne,
Inc. 1.250%, 12/15/23 | 425 | 1,618 |
| | | 6,372 |
| Software—11.5% | | |
| Akamai
Technologies, Inc. 0.125%, 5/1/25 | 2,150 | 2,757 |
| Avalara,
Inc. 144A 0.250%, 8/1/26 (1) | 2,205 | 2,306 |
| Bentley
Systems, Inc. | | |
| 144A
0.125%, 1/15/26 (1) | 2,925 | 3,488 |
| 144A
0.375%, 7/1/27 (1) | 800 | 826 |
| Bill.com
Holdings, Inc. 144A 0.000%, 12/1/25 (1) | 2,920 | 5,296 |

| | Par
Value | Value |
| --- | --- | --- |
| Software—continued | | |
| Cloudflare,
Inc. 144A 0.000%, 8/15/26 (1) | $ 4,860 | $ 4,813 |
| Coupa
Software, Inc. 0.375%, 6/15/26 | 2,580 | 2,906 |
| Datadog,
Inc. 0.125%, 6/15/25 | 2,035 | 3,290 |
| DocuSign,
Inc. 144A 0.000%, 1/15/24 (1) | 2,955 | 3,201 |
| Fastly,
Inc. 144A 0.000%, 3/15/26 (1) | 2,805 | 2,377 |
| Five9,
Inc. 0.500%, 6/1/25 | 890 | 1,209 |
| i3
Verticals LLC 1.000%, 2/15/25 | 1,840 | 1,808 |
| MicroStrategy,
Inc. 144A 0.000%, 2/15/27 (1) | 2,770 | 2,196 |
| RingCentral,
Inc. 0.000%, 3/1/25 | 3,280 | 3,436 |
| Splunk,
Inc. 1.125%, 6/15/27 | 4,550 | 4,536 |
| Workday,
Inc. 0.250%, 10/1/22 | 2,470 | 4,619 |
| Zynga,
Inc. 144A 0.000%, 12/15/26 (1) | 1,200 | 1,199 |
| | | 50,263 |
| Telecommunications—1.3% | | |
| Infinera
Corp. 2.125%, 9/1/24 | 1,195 | 1,332 |
| Nice
Ltd. 144A 0.000%, 9/15/25 (1) | 1,290 | 1,510 |
| Viavi
Solutions, Inc. 1.000%, 3/1/24 | 2,150 | 2,849 |
| | | 5,691 |
| Total
Convertible Bonds and Notes (Identified Cost $303,500) | | 337,980 |

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income Fund II

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

	Value
Total
Long-Term Investments—157.6% (Identified Cost $630,968)	$ 687,397

	Shares
Short-Term
Investment—4.7%
Money
Market Mutual Fund—4.7%
Dreyfus
Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%) (12)	20,587,971	20,588
Total
Short-Term Investment (Identified Cost $20,588)		20,588
TOTAL
INVESTMENTS—162.3% (Identified Cost $651,556)		$ 707,985
Other
assets and liabilities, net—(0.1)%		(268)
Preferred
Shares—(62.2)%		(271,525)
NET
ASSETS—100.0%		$ 436,192

Abbreviations:
LIBOR	London
Interbank Offered Rate
LLC	Limited
Liability Company
LP	Limited
Partnership
NA	National
Association
PIK	Payment-in-Kind
Security
REIT	Real
Estate Investment Trust

| (3) | Affiliated
company. See Note 3G in Notes to Financial Statements. |
| --- | --- |
| (4) | The
value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
| (5) | Security
is fixed rate. |
| (6) | 100% of
the income received was in cash. |
| (7) | This loan
will settle after August 31, 2021, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected. |
| (8) | Variable
rate security. Rate disclosed is as of August 31, 2021. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined
by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their
descriptions. |
| (9) | Non-income
producing. |
| (10) | Security
is restricted from resale. |
| (11) | Amount
is less than $500. |
| (12) | Shares
of this fund are publicly offered, and its prospectus and annual report are publicly available. |

For information regarding the abbreviations, see the Key Investment Terms starting on page 4 .

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income Fund II

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

| | Total Value at August 31, 2021 | Level
1 Quoted Prices | Level
2 Significant Observable Inputs | Level
3 Significant Unobservable Inputs |
| --- | --- | --- | --- | --- |
| Assets: | | | | |
| Debt
Securities: | | | | |
| Corporate
Bonds and Notes | $208,588 | $ — | $208,588 | $ — |
| Leveraged
Loans | 3,399 | — | 1,979 | 1,420 |
| Convertible
Bonds and Notes | 337,980 | — | 337,980 | — |
| Equity
Securities: | | | | |
| Convertible
Preferred Stocks | 123,426 | 115,508 | 7,918 | — |
| Common
Stocks | 5,136 | 29 | — | 5,107 |
| Preferred
Stocks | 8,228 | — | — | 8,228 (1) |
| Warrants | 640 | — | — | 640 (1) |
| Money
Market Mutual Fund | 20,588 | 20,588 | — | — |
| Total
Investments | $707,985 | $136,125 | $556,465 | $15,395 |

(1) Includes internally fair valued securities currently priced at zero ($0).

There were no transfers into or out of Level 3 related to securities held at August 31, 2021.

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income Fund II

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

The following is a reconciliation of assets of the Fund for Level 3 investments for which significant unobservable inputs were used to determine fair value.

	Total	Corporate Bonds And Notes	Leveraged Loans	Common Stocks	Preferred Stocks	Warrants
Investments
in Securities
Balance
as of February 28, 2021:	$ 19,409	$ 9,574	$ 1,365	$ 163	$ 8,194	$ 113
Accrued
discount/(premium)	8	8	—	—	—	—
Realized
gain (loss)	(3,751)	(3,751)	—	— (a)	—	—
Change
in unrealized appreciation (depreciation) (b)	5,141	16,833	—	(12,253)	34	527
Purchases	17,252	—	55	17,197 (c)	—	—
Sales (d)	(22,664)	(22,664) (c)	—	—	—	—
Balance
as of August 31, 2021	$ 15,395	$ —	$ 1,420	$ 5,107	$ 8,228 (e)	$ 640 (e)

(a) Amount is less than $500.

(b) The change in unrealized appreciation (depreciation) on investments still held at August 31, 2021, was $(11,692).

(d) Includes paydowns on securities.

(e) Includes internally fair valued security currently priced at zero ($0).

See Notes to Financial Statements

Table of Contents

AllianzGI Convertible & Income Fund II

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

August 31, 2021

($ reported in thousands)

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at August 31, 2021:

| Investments
in Securities – Assets | Ending Balance at August 31, 2021 | Valuation Technique Used | Unobservable Inputs | Input Values |
| --- | --- | --- | --- | --- |
| Preferred
Stocks: | | | | |
| LiveStyle,
Inc. Series A | $ 571 | Market
and Company Comparables | EV
Multiples | 4.12x
(0.41x - 16.67x) |
| | | | Illiquidity
Discount | (25%
- 30%) |
| LiveStyle,
Inc. Series B | $7,657 | Market
and Company Comparables | EV
Multiples | 4.12x
(0.41x - 16.67x) |
| | | | Illiquidity
Discount | (25%
- 30%) |
| Common
Stocks: | | | | |
| CCF
Holdings | $4,330 | Market
and Company Comparables | EV
Multiples | 1.07x
(0.33x - 1.85x) 0.53x (0.20x - 0.76x) |
| | | | Illiquidity
Discount | 20% |
| CCF
Holdings Series M | $ 598 | Market
and Company Comparables | EV
Multiples | 1.07x
(0.33x - 1.85x) 0.53x (0.20x - 0.76x) |
| | | | Illiquidity
Discount | 20% |
| Erickson | $ 179 | Market
and Company Comparables | EV
Multiples | 1.32x
(0.74x - 2.32x) 11.73x (8.16x - 47.06x) 1.01x (0.59x - 1.39x) |
| | | | M&A
Transaction Multiples | 0.96x
(0.41x - 1.96x) |
| | | | Illiquidity
Discount | 20% |
| LiveStyle,
Inc. | $—(1) | Market
and Company Comparables | EV
Multiples | 4.12x
(0.41x - 16.67x) |
| | | | Illiquidity
Discount | (25%
- 30%) |
| Warrants: | | | | |
| CCF
Holdings LLC | $ 640 | Market
and Company Comparables | EV
Multiples | 1.07x
(0.33x - 1.85x) 0.53x (0.20x - 0.76x) |
| | | | Illiquidity
Discount | 20% |
| | | Black-Scholes
Model | Volatility | 54% |
| LiveStyle,
Inc. Series C | $—(1) | Market
and Company Comparables | EV
Multiples | 4.12x
(0.41x - 16.67x) |
| | | | Illiquidity
Discount | (25%
- 30%) |

(1) Amount is less than $500.

See Notes to Financial Statements

Table of Contents

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)

August 31, 2021

(Reported in thousands except shares and per share amounts)

| | AllianzGI
Artificial Intelligence & Technology Opportunities Fund | AllianzGI
Convertible & Income 2024 Target Term Fund |
| --- | --- | --- |
| Assets | | |
| Investment in securities at
value (1) (2) | $ 1,076,248 | $ 265,598 |
| Investment in affiliates at
value (3) | — | 1,470 |
| Cash | 100 | 107 |
| Receivables | | |
| Investment securities sold | 1,425 | 4 |
| Dividends and
interest | 1,141 | 1,940 |
| Securities lending
income | 6 | 1 |
| Prepaid Trustees’
retainer | 39 | 8 |
| Prepaid expenses and other assets (Note
3) | 11 | 28 |
| Total
assets | 1,078,970 | 269,156 |
| Liabilities | | |
| Loan Payable (Note
8) | 30,000 | 69,700 |
| Payables | | |
| Collateral on securities
loaned | 12,019 | 1,441 |
| Dividend distributions | 4,292 | 840 |
| Investment advisory fees (Note
3) | 1,065 | 164 |
| Administration, accounting and custody
fees | 152 | 72 |
| Professional fees | 127 | 64 |
| Loan interest payable (Note
8) | 27 | 41 |
| Trustee deferred compensation plan (Note
3) | 11 | 28 |
| Investment securities purchased | — | 4,750 |
| Other accrued
expenses | 9 | 26 |
| Total
liabilities | 47,702 | 77,126 |
| Net Assets Applicable to Common
Shareholders | $1,031,268 | $192,030 |

See Notes to Financial Statements

Table of Contents

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

August 31, 2021

(Reported in thousands except shares and per share amounts)

| | AllianzGI
Artificial Intelligence & Technology Opportunities Fund | AllianzGI
Convertible & Income 2024 Target Term Fund |
| --- | --- | --- |
| Net
Assets Applicable to Common Shareholders Consist of: | | |
| Common shares par value ($0.00001 per
share) | $ — (a) | $ — (a) |
| Capital paid in on shares of beneficial
interest | 686,912 | 178,895 |
| Total distributable earnings (accumulated
losses) | 344,356 | 13,135 |
| Net Assets Applicable to Common
Shareholders | $ 1,031,268 | $ 192,030 |
| Common Shares Issued and
Outstanding | 34,338,682 | 18,258,516 |
| Net Asset Value Per Common
Share (b) | $ 30.03 | $ 10.52 |
| (1) Investment in securities at
cost | $ 872,862 | $ 264,340 |
| (2) Market value of securities on
loan | $ 40,835 | $ 19,409 |
| (3) Investment in affiliates at
cost | $ — | $ 2,953 |

| (a) | Amount
is less than $500. |
| --- | --- |
| (b) | Net
Asset Value Per Common Share is calculated using unrounded net assets. |

See Notes to Financial Statements

Table of Contents

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

August 31, 2021

(Reported in thousands except shares and per share amounts)

| | AllianzGI
Convertible & Income Fund | AllianzGI
Convertible & Income Fund II |
| --- | --- | --- |
| Assets | | |
| Investment in securities at
value (1) (2) | $ 921,522 | $ 693,409 |
| Investment in affiliates at
value (3) | 15,984 | 14,576 |
| Cash | 100 | 503 |
| Receivables | | |
| Investment securities sold | 968 | 745 |
| Dividends and
interest | 6,399 | 4,901 |
| Securities lending
income | 19 | — |
| Deferred offering costs (Note
9) | 214 | 202 |
| Prepaid Trustees’
retainer | 22 | 17 |
| Prepaid expenses and other assets (Note
3) | 213 | 163 |
| Total
assets | 945,441 | 714,516 |
| Liabilities | | |
| Loan Payable (Note
8) | 28,852 | — |
| Payables | | |
| Collateral on securities
loaned | 7,972 | — |
| Dividend distributions | 4,800 | 3,876 |
| Investment securities purchased | 2,236 | 2,126 |
| Investment advisory fees (Note
3) | 537 | 404 |
| Trustee deferred compensation plan (Note
3) | 213 | 162 |
| Administration, accounting and custody
fees | 134 | 109 |
| Professional fees | 83 | 70 |
| Loan interest payable (Note
8) | 18 | — |
| Other accrued
expenses | 58 | 52 |
| Total
liabilities | 44,903 | 6,799 |
| Auction-Rate Preferred Shares ($25,000 liquidation preference per share applicable to an aggregate of 8,931 and 6,501 shares issued and outstanding,
respectively) | 223,275 | 162,525 |
| Cumulative Preferred Shares ($25.00 liquidation preference per share applicable to an aggregate of 4,000,000 and 4,360,000 shares issued and outstanding,
respectively) | 100,000 | 109,000 |
| Net Assets Applicable to Common
Shareholders | $577,263 | $436,192 |

See Notes to Financial Statements

Table of Contents

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

August 31, 2021

(Reported in thousands except shares and per share amounts)

| | AllianzGI
Convertible & Income Fund | AllianzGI
Convertible & Income Fund II |
| --- | --- | --- |
| Net
Assets Applicable to Common Shareholders Consist of: | | |
| Common shares par value ($0.00001 per
share) | $ 1 | $ 1 |
| Capital paid in on shares of beneficial
interest | 759,682 | 582,307 |
| Total distributable earnings (accumulated
losses) | (182,420) | (146,116) |
| Net Assets Applicable to Common
Shareholders | $ 577,263 | $ 436,192 |
| Common Shares Issued and
Outstanding | 90,373,569 | 76,115,749 |
| Net Asset Value Per Common
Share (a) | $ 6.39 | $ 5.73 |
| (1) Investment in securities at
cost | $ 832,671 | $ 625,084 |
| (2) Market value of securities on
loan | $ 35,567 | $ — |
| (3) Investment in affiliates at
cost | $ 32,761 | $ 26,472 |

(a) Net Asset Value Per Common Share is calculated using unrounded net assets.

See Notes to Financial Statements

Table of Contents

STATEMENTS OF OPERATIONS (Unaudited)

SIX MONTHS ENDED August 31, 2021

($ reported in thousands)

| | AllianzGI
Artificial Intelligence & Technology Opportunities Fund | AllianzGI
Convertible & Income 2024 Target Term Fund |
| --- | --- | --- |
| Investment
Income | | |
| Dividends (net of foreign withholding taxes of $16 and $0,
respectively) | $ 2,773 | $ 1 |
| Interest | 1,285 | 4,111 |
| Security lending, net of
fees | 14 | 2 |
| Total investment
income | 4,072 | 4,114 |
| Expenses | | |
| Investment advisory
fees | 6,448 | 991 |
| Administration, accounting and custody
fees | 609 | 194 |
| Professional fees | 110 | 46 |
| Trustees’ fees and
expenses | 93 | 18 |
| Printing fees and expenses | 34 | 16 |
| Transfer agent fees and
expenses | 13 | 13 |
| Miscellaneous
expenses | 22 | 9 |
| Total expenses before interest
expense | 7,329 | 1,287 |
| Loan interest (Note
8) | 171 | 243 |
| Total expenses after interest
expense | 7,500 | 1,530 |
| Less expenses reimbursed and/or waived by investment
adviser | (430) | (112) |
| Net
expenses | 7,070 | 1,418 |
| Net investment income
(loss) | (2,998) | 2,696 |
| Net
Realized and Unrealized Gain (Loss) on Investments | | |
| Net
realized gain (loss) from: | | |
| Investments | 66,299 | 3,181 |
| Investment in
affiliates | — | — (1) |
| Net
change in unrealized appreciation (depreciation) on: | | |
| Investments | (9,117) | (2,931) |
| Investment in
affiliates | — | (1,483) |
| Net realized and unrealized gain (loss) on
investments | 57,182 | (1,233) |
| Net increase (decrease) in net assets applicable to common shareholders resulting from
operations | $54,184 | $ 1,463 |

(1) Amount is less than $500.

See Notes to Financial Statements

Table of Contents

STATEMENTS OF OPERATIONS (Unaudited) (Continued)

SIX MONTHS ENDED August 31, 2021

($ reported in thousands)

| | AllianzGI
Convertible & Income Fund | AllianzGI
Convertible & Income Fund II |
| --- | --- | --- |
| Investment
Income | | |
| Interest | $ 11,305 | $ 8,670 |
| Dividends (net of foreign withholding taxes of $5 and $4,
respectively) | 3,896 | 2,945 |
| Security lending, net of
fees | 42 | — |
| Total investment
income | 15,243 | 11,615 |
| Expenses | | |
| Investment advisory
fees | 3,243 | 2,469 |
| Administration, accounting and custody
fees | 548 | 425 |
| Auction agent and
commissions | 104 | 86 |
| Professional fees | 93 | 84 |
| Trustees’ fees and
expenses | 54 | 41 |
| Printing fees and expenses | 46 | 40 |
| Transfer agent fees and
expenses | 15 | 15 |
| Miscellaneous
expenses | 52 | 43 |
| Total expenses before interest
expense | 4,155 | 3,203 |
| Loan interest (Note
8) | 103 | — |
| Total expenses after interest
expense | 4,258 | 3,203 |
| Less expenses reimbursed and/or waived by investment
adviser | (397) | (294) |
| Net
expenses | 3,861 | 2,909 |
| Net investment income
(loss) | 11,382 | 8,706 |
| Net
Realized and Unrealized Gain (Loss) on Investments | | |
| Net
realized gain (loss) from: | | |
| Investments | 19,143 | 14,301 |
| Investment in
affiliates | — (1) | — (1) |
| Net
change in unrealized appreciation (depreciation) on: | | |
| Investments | 5,932 | 4,670 |
| Investment in
affiliates | (17,124) | (12,235) |
| Net realized and unrealized gain (loss) on
investments | 7,951 | 6,736 |
| Dividends on preferred shares from net investment
income | (2,830) | (3,017) |
| Net increase (decrease) in net assets applicable to common shareholders resulting from
operations | $ 16,503 | $ 12,425 |

(1) Amount is less than $500.

See Notes to Financial Statements

Table of Contents

ALLIANZGI ARTIFICIAL INTELLIGENCE & TECHNOLOGY OPPORTUNITIES FUND

STATEMENTS OF CHANGES IN NET ASSETS

($ reported in thousands)

| | Six
Months Ended August 31, 2021 (Unaudited) | Year
Ended February 28, 2021 |
| --- | --- | --- |
| INCREASE
(DECREASE) IN NET ASSETS From Operations | | |
| Net investment income
(loss) | $ (2,998) | $ (2,703) |
| Net realized gain
(loss) | 66,299 | 171,687 |
| Net change in unrealized appreciation
(depreciation) | (9,117) | 236,027 |
| Increase (decrease) in net assets resulting from
operations | 54,184 | 405,011 |
| From
Dividends and Distributions to Shareholders | | |
| Net investment income and net realized
gains | (25,754) (1) | (85,439) |
| Dividends and Distributions to
Shareholders | (25,754) | (85,439) |
| From
Capital Share Transactions | | |
| Reinvestment of distributions resulting in the issuance of common stock (0 and 16 shares,
respectively) | — | 450 |
| Increase (decrease) in net assets from capital
transactions | — | 450 |
| Net increase (decrease) in net
assets | 28,430 | 320,022 |
| Net
Assets | | |
| Beginning of
period | 1,002,838 | 682,816 |
| End of
period | $1,031,268 | $1,002,838 |

(1) Please note that the tax status of the Fund’s distributions is determined at the end of the taxable year.

See Notes to Financial Statements

Table of Contents

ALLIANZGI CONVERTIBLE & INCOME 2024 TARGET TERM FUND

STATEMENTS OF CHANGES IN NET ASSETS

($ reported in thousands)

| | Six
Months Ended August 31, 2021 (Unaudited) | Year
Ended February 28, 2021 |
| --- | --- | --- |
| INCREASE
(DECREASE) IN NET ASSETS From Operations | | |
| Net investment income
(loss) | $ 2,696 | $ 7,409 |
| Net realized gain
(loss) | 3,181 | 11,108 |
| Net change in unrealized appreciation
(depreciation) | (4,414) | 7,246 |
| Increase (decrease) in net assets resulting from
operations | 1,463 | 25,763 |
| From
Dividends and Distributions to Shareholders | | |
| Net investment income and net realized
gains | (5,039) (1) | (10,078) |
| Dividends and Distributions to
Shareholders | (5,039) | (10,078) |
| From
Capital Share Transactions | | |
| Reinvestment of distributions resulting in the issuance of common stock (0 and 2 shares,
respectively) | — | 14 |
| Increase (decrease) in net assets from capital
transactions | — | 14 |
| Net increase (decrease) in net
assets | (3,576) | 15,699 |
| Net
Assets | | |
| Beginning of
period | 195,606 | 179,907 |
| End of
period | $192,030 | $195,606 |

(1) Please note that the tax status of the Fund’s distributions is determined at the end of the taxable year.

See Notes to Financial Statements

Table of Contents

ALLIANZGI CONVERTIBLE & INCOME FUND

STATEMENTS OF CHANGES IN NET ASSETS

($ reported in thousands)

| | Six
Months Ended August 31, 2021 (Unaudited) | Year
Ended February 28, 2021 |
| --- | --- | --- |
| INCREASE
(DECREASE) IN NET ASSETS From Operations | | |
| Net investment income
(loss) | $ 11,382 | $ 33,510 |
| Net realized gain
(loss) | 19,143 | 3,663 |
| Net change in unrealized appreciation
(depreciation) | (11,192) | 118,355 |
| Increase (decrease) in net assets resulting from
operations | 19,333 | 155,528 |
| Dividends on Preferred Shares from Net Investment
Income | (2,830) | (6,245) |
| From
Dividends and Distributions to Common Shareholders | | |
| Net investment income and net realized
gains | (23,184) (1) | (28,244) |
| Return of
capital | — | (18,750) |
| Dividends and Distributions to Common
Shareholders | (23,184) | (46,994) |
| From
Capital Share Transactions | | |
| Reinvestment of distributions resulting in the issuance of common stock (0 and 4 shares,
respectively) | — | 22 |
| Increase (decrease) in net assets from capital
transactions | — | 22 |
| Net increase (decrease) in net
assets | (6,681) | 102,311 |
| Net
Assets | | |
| Beginning of
period | 583,944 | 481,633 |
| End of
period | $577,263 | $583,944 |

(1) Please note that the tax status of the Fund’s distributions is determined at the end of the taxable year.

See Notes to Financial Statements

Table of Contents

ALLIANZGI CONVERTIBLE & INCOME FUND II

STATEMENTS OF CHANGES IN NET ASSETS

($ reported in thousands)

| | Six
Months Ended August 31, 2021 (Unaudited) | Year
Ended February 28, 2021 |
| --- | --- | --- |
| INCREASE
(DECREASE) IN NET ASSETS From Operations | | |
| Net investment income
(loss) | $ 8,706 | $ 25,827 |
| Net realized gain
(loss) | 14,301 | 2,875 |
| Net change in unrealized appreciation
(depreciation) | (7,565) | 89,181 |
| Increase (decrease) in net assets resulting from
operations | 15,442 | 117,883 |
| Dividends on Preferred Shares from Net Investment
Income | (3,017) | (6,448) |
| From
Dividends and Distributions to Common Shareholders | | |
| Net investment income and net realized
gains | (17,227) (1) | (20,132) |
| Return of
capital | — | (14,691) |
| Dividends and Distributions to Common
Shareholders | (17,227) | (34,823) |
| Net increase (decrease) in net
assets | (4,802) | 76,612 |
| Net
Assets | | |
| Beginning of
period | 440,994 | 364,382 |
| End of
period | $436,192 | $440,994 |

(1) Please note that the tax status of the Fund’s distributions is determined at the end of the taxable year.

See Notes to Financial Statements

Table of Contents

ALLIANZGI CONVERTIBLE & INCOME 2024 TARGET TERM FUND

STATEMENT OF CASH FLOWS (Unaudited)

FOR THE SIX MONTHS ENDED August 31, 2021

($ reported in thousands)

| Increase
(Decrease) in cash | |
| --- | --- |
| Cash
flows provided by (used for) operating activities: | |
| Net increase (decrease) in net assets resulting from operations | $ 1,463 |
| Adjustments
to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities: | |
| Proceeds from sales of long-term investments | 69,307 |
| (Increase) Decrease in investment securities sold receivable | (4) |
| Purchases of long-term investments | (84,814) |
| Increase (Decrease) in investment securities purchased payable | 1,737 |
| Net (purchases) or sales of short-term
investments | 16,015 |
| Net change in unrealized (appreciation)/depreciation on investments | 4,414 |
| Net realized (gain)/loss on investments | (3,181) |
| Amortization of premium and accretion of discounts on investments | 179 |
| (Increase) Decrease in dividends and interest receivable | (3) |
| (Increase) Decrease in security lending receivable | (1) |
| (Increase) Decrease in prepaid expenses and other
assets | 4 |
| (Increase) Decrease in prepaid Trustees’ retainer | (8) |
| Increase (Decrease) in loan interest
payable | (6) |
| Increase (Decrease) in affiliated expenses
payable | 37 |
| Increase (Decrease) in non-affiliated expenses
payable | (146) |
| Cash provided by (used for) operating
activities | 4,993 |
| Cash
provided by (used for) financing activities: | |
| Cash distributions paid to shareholders | (5,039) |
| Cash provided by (used for) financing
activities | (5,039) |
| Net
increase (decrease) in cash | (46) |
| Cash at beginning of
period | 153 |
| Cash at end of
period | $ 107 |
| Supplemental
cash flow information: | |
| Cash paid during the period for interest expense on loan
payable | $ 249 |

See Notes to Financial Statements

Table of Contents

ALLIANZGI ARTIFICIAL INTELLIGENCE & TECHNOLOGY OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

| | Six
Months Ended August 31, 2021 (Unaudited) | Year
Ended February 28, 2021 | From
Inception October 31, 2019 (1) to February 29 2020 |
| --- | --- | --- | --- |
| PER
SHARE DATA: | | | |
| Net asset value, beginning of
period | $ 29.20 | $ 19.89 | $ 20.00 |
| Income
(loss) from investment operations: | | | |
| Net investment income
(loss) (2) | (0.09) | (0.08) | (0.01) |
| Net realized and unrealized gain
(loss) | 1.67 | 11.88 | 0.23 |
| Total from investment
operations | 1.58 | 11.80 | 0.22 |
| Dividends
and Distributions to Shareholders: | | | |
| Net investment
income | (0.75) | — | — |
| Net realized
gains | — | (2.49) | (0.33) |
| Total dividends and distributions to
shareholders | (0.75) | (2.49) | (0.33) |
| Net asset value, end of
period | $ 30.03 | $ 29.20 | $ 19.89 |
| Market value, end of
period | $ 27.97 | $ 27.41 | $ 17.72 |
| Total return, net asset value (3),
(4) | 5.52% | 61.85% | 0.99% |
| Total return, market value (3),
(4) | 4.85% | 71.09% | (9.92)% |
| RATIOS/SUPPLEMENTAL
DATA: | | | |
| Ratio of net expenses to average net assets (5), (6),
(7) | 1.41% | 1.42% (8) | 1.34% (9) |
| Ratio of total expenses after interest expense to average net assets (5),
(7) | 1.50% | 1.43% (8) | 1.34% (9) |
| Ratio of net investment income (loss) to average net
assets (5) | (0.60)% | (0.33)% (8) | (0.15)% (9) |
| Portfolio turnover
rate (3) | 31% | 103% | 56% |
| Net assets, end of period
(000’s) | $1,031,268 | $1,002,838 | $682,816 |
| Loan payable, end of period
(000’s) | $ 30,000 | $ 30,000 | $ 30,000 |
| Asset coverage, per $1,000 principal amount of loan
payable | $ 35,376 | $ 34,428 | $ 23,761 |

| (1) | Commencement
of operations. |
| --- | --- |
| (2) | Calculated
using average shares outstanding. |
| (3) | Not
annualized for periods less than one year. |
| (4) | Total return
on market value is calculated assuming a purchase of common shares on the opening of the first day and sale on the closing of the last day of each period reported. Dividends and distributions are assumed, for purposes of this calculation, to be
reinvested at prices obtained under the Fund’s Automatic Reinvestment and Cash Purchase Plan. Total return on market value is not annualized for periods of less than one year. Brokerage commissions that a shareholder may pay are not reflected.
Total return on market value does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the sale of fund shares. Total return on net asset value uses the same methodology, but with use of net asset value for the
beginning and ending values. |
| (5) | Annualized
for periods less than one year. |
| (6) | Ratio of
net expenses, before interest expense, was 1.38%, 1.40% and 1.34% for the period ended August 31, 2021, year ended February 28, 2021 and period ended February 29, 2020 respectively. |
| (7) | Interest
expense relates to participation in the debt financing (See Note 8). |
| (8) | Inclusive
of excise tax expense of 0.05% for the year ended February 28, 2021. |
| (9) | Certain
expenses incurred by the Fund were not annualized. |

See Notes to Financial Statements

Table of Contents

ALLIANZGI CONVERTIBLE & INCOME 2024 TARGET TERM FUND

FINANCIAL HIGHLIGHTS

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

| | Six
Months Ended August 31, 2021 (Unaudited) | Year
Ended February 28/29 — 2021 | 2020 | 2019 | From
Inception June 30, 2017 (1) to February 28, 2018 |
| --- | --- | --- | --- | --- | --- |
| PER
SHARE DATA: | | | | | |
| Net asset value, beginning of
period | $ 10.71 | $ 9.85 | $ 9.71 | $ 9.79 | $ 9.84 (2) |
| Income
(loss) from investment operations: | | | | | |
| Net investment income
(loss) (3) | 0.15 | 0.41 | 0.43 | 0.48 | 0.35 |
| Net realized and unrealized gain
(loss) | (0.06) | 1.00 | 0.26 | (0.01) | (0.06) |
| Total from investment
operations | 0.09 | 1.41 | 0.69 | 0.47 | 0.29 |
| Dividends
and Distributions to Shareholders: | | | | | |
| Net investment
income | (0.28) | (0.39) | (0.44) | (0.50) | (0.32) |
| Net realized
gains | — | (0.16) | (0.11) | (0.05) | — |
| Total dividends and distributions to
shareholders | (0.28) | (0.55) | (0.55) | (0.55) | (0.32) |
| Net asset value, end of
period | $ 10.52 | $ 10.71 | $ 9.85 | $ 9.71 | $ 9.79 |
| Market value, end of
period | $ 10.33 | $ 10.04 | $ 9.14 | $ 9.00 | $ 9.22 |
| Total return, net asset value (4),
(5) | 0.83% | 15.18% | 7.30% | 4.97% | 2.87% |
| Total return, market value (4),
(5) | 5.64% | 16.68% | 7.63% | 3.72% | (4.59)% |
| RATIOS/SUPPLEMENTAL
DATA: | | | | | |
| Ratio of net expenses to average net assets (6), (7), (8), (9) | 1.46% | 1.72% | 2.38% | 2.60% | 2.14% (10) |
| Ratio of total expenses after interest expense to average net assets (6), (7), (9) | 1.58% | 1.73% | 2.38% | 2.60% | 2.14% (10) |
| Ratio of net investment income (loss) to average net assets (6),
(7) | 2.78% | 4.24% | 4.34% | 4.94% | 5.47% (10) |
| Portfolio turnover
rate (4) | 28% | 101% | 86% | 116% | 66% |
| Net assets, end of period
(000’s) | $192,030 | $195,606 | $179,907 | $177,319 | $178,760 |
| Loan payable, end of period
(000’s) | $ 69,700 | $ 69,700 | $ 69,700 | $ 69,700 | $ 69,700 |
| Asset coverage, per $1,000 principal amount of loan payable | $ 3,755 | $ 3,806 | $ 3,581 | $ 3,544 | $ 3,565 |

| (1) | Commencement
of operations. |
| --- | --- |
| (2) | Initial
public offering price of $10.00 per share less sales load of $1.65% of the offering price. |
| (3) | Calculated
using average shares outstanding. |
| (4) | Not
annualized for periods less than one year. |

See Notes to Financial Statements

Table of Contents

ALLIANZGI CONVERTIBLE & INCOME 2024 TARGET TERM FUND

FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

THROUGHOUT EACH PERIOD

| (5) | Total return
on market value is calculated assuming a purchase of common shares on the opening of the first day and sale on the closing of the last day of each period reported. Dividends and distributions are assumed, for purposes of this calculation, to be
reinvested at prices obtained under the Fund’s Automatic Reinvestment and Cash Purchase Plan. Total return on market value is not annualized for periods of less than one year. Brokerage commissions that a shareholder may pay are not reflected.
Total return on market value does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the sale of fund shares. Total return on net asset value uses the same methodology, but with use of net asset value for the
beginning and ending values. |
| --- | --- |
| (6) | Annualized
for periods less than one year. |
| (7) | Inclusive
of excise tax expense of 0.08%, 0.07%, 0.08% and 0.02% (not annualized) for the years ended February 28, 2021, February 29, 2020, February 28, 2019 and the period ended February 28, 2018, respectively. |
| (8) | Ratio of
net expenses, before interest expense, was 1.21%, 1.33%, 1.31%, 1.36% and 1.23% for the period ended August 31, 2021, years ended 2021, 2020 and 2019 and period ended 2018 respectively. |
| (9) | Interest
expense relates to participation in the debt financing (See Note 8). |
| (10) | Certain
expenses incurred by the Fund were not annualized. |

See Notes to Financial Statements

Table of Contents

ALLIANZGI CONVERTIBLE & INCOME FUND

FINANCIAL HIGHLIGHTS

SELECTED PER SHARE DATA AND RATIOS FOR A COMMON SHARE

OUTSTANDING THROUGHOUT EACH PERIOD

| | Six
Months Ended August 31, 2021 (Unaudited) | Year
Ended February 28/29 — 2021 | 2020 | 2019 | 2018 | 2017 |
| --- | --- | --- | --- | --- | --- | --- |
| PER
SHARE DATA: | | | | | | |
| Net asset value, beginning of
period | $ 6.46 | $ 5.33 | $ 5.61 | $ 6.54 | $ 6.86 | $ 5.50 |
| Income
(loss) from investment operations: | | | | | | |
| Net investment income
(loss) (1) | 0.13 | 0.37 | 0.52 | 0.56 | 0.69 | 0.73 |
| Net realized and unrealized gain
(loss) | 0.09 | 1.35 | (0.02) | (0.64) | (0.16) | 1.44 |
| Total from investment
operations | 0.22 | 1.72 | 0.50 | (0.08) | 0.53 | 2.17 |
| Dividends on Preferred Shares from Net Investment Income: | (0.03) | (0.07) | (0.14) | (0.12) | (0.07) | (0.03) |
| Net increase (decrease) in net assets applicable to common shareholders resulting from investment operations | 0.19 | 1.65 | 0.36 | (0.20) | 0.46 | 2.14 |
| Dividends
and Distributions to Shareholders: | | | | | | |
| Net investment
income | (0.26) | (0.31) | (0.42) | (0.50) | (0.77) | (0.78) |
| Return of
capital | — | (0.21) | (0.22) | (0.28) | (0.01) | — |
| Total dividends and distributions to
shareholders | (0.26) | (0.52) | (0.64) | (0.78) | (0.78) | (0.78) |
| Preferred
Shares Transactions: | | | | | | |
| Accretion to net asset value, resulting from tender offer of Auction-Rate Preferred
shares | — | — | — | 0.09 | — | — |
| Capital change resulting from issuance of Cumulative Preferred Shares and related offering
costs | — | — | — | (0.04) | — | — |
| Net asset value, end of
period | $ 6.39 | $ 6.46 | $ 5.33 | $ 5.61 | $ 6.54 | $ 6.86 |
| Market value, end of
period | $ 6.17 | $ 5.68 | $ 5.10 | $ 6.24 | $ 6.93 | $ 6.93 |
| Total return, net asset value (2),
(3) | 3.03% | 33.90% | 6.52% | (2.42)% | 7.04% | 41.09% |
| Total return, market value (2),
(3) | 13.34% | 24.29% | (8.51)% | 2.00% | 12.22% | 59.15% |
| RATIOS/SUPPLEMENTAL
DATA: | | | | | | |
| Ratio of net expenses to average net assets (4), (5), (6),
(7) | 1.35% | 1.45% | 1.53% | 1.56% (8) | 1.28% | 1.36% (9) |
| Ratio of total expenses after interest expense to average net assets (4), (5),
(7) | 1.49% | 1.48% | 1.53% | 1.56% (8) | 1.28% | 1.36% (9) |
| Ratio of net investment income (loss) to average net assets (4),
(5) | 3.98% | 7.04% | 9.30% | 9.22% | 10.32% | 11.33% |
| Portfolio turnover
rate (2) | 30% | 73% | 35% | 41% | 34% | 28% |
| Net assets, end of period
(000’s) | $577,263 | $583,944 | $481,633 | $502,648 | $580,867 | $456,985 |
| Loan payable, end of period
(000’s) | $ 28,852 | $ 28,852 | $ 28,852 | $ 28,852 | $ — | $ — |

See Notes to Financial Statements

Table of Contents

ALLIANZGI CONVERTIBLE & INCOME FUND

FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A COMMON SHARE

OUTSTANDING THROUGHOUT EACH PERIOD

| | Six
Months Ended August 31, 2021 (Unaudited) | Year
Ended February 28/29 — 2021 | 2020 | 2019 | 2018 | 2017 |
| --- | --- | --- | --- | --- | --- | --- |
| Asset coverage, per $1,000 principal amount of loan
payable | $ 32,212 | $ 32,444 | $ 28,898 | $ 29,627 | $ — | $ — |
| Asset coverage, per $25 liquidation preference per share of cumulative preferred
shares | $ 70 | $ 70 | $ 62 | $ 64 | $ — | $ — |
| Asset coverage per $25,000 liquidation preference per share of auction-rate preferred
shares | 65,984 | 70,027 | 62,132 | 63,572 | 65,668 | 67,376 |
| Cumulative Preferred shares average market
value (10) | $ 26.40 | $ 25.91 | $ 25.81 | $ 24.46 | $ — | $ — |

| (1) | Calculated
using average common shares outstanding. |
| --- | --- |
| (2) | Not
annualized for periods less than one year. |
| (3) | Total return
on market value is calculated assuming a purchase of common shares on the opening of the first day and sale on the closing of the last day of each period reported. Dividends and distributions are assumed, for purposes of this calculation, to be
reinvested at prices obtained under the Fund’s Automatic Reinvestment and Cash Purchase Plan. Total return on market value is not annualized for periods of less than one year. Brokerage commissions that a shareholder may pay are not reflected.
Total return on market value does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the sale of fund shares. Total return on net asset value uses the same methodology, but with use of net asset value for the
beginning and ending values. |
| (4) | Calculated
on the basis of income and expenses applicable to both common and preferred shares relative to average net assets of common shareholders. |
| (5) | Annualized
for periods less than one year. |
| (6) | Ratio of
net expenses, before interest expense and auction agent fees and commissions, was 1.26%, 1.35%, 1.33%, 1.34%, 1.21% and 1.28% for the period ended August 31, 2021, years ended 2021, 2020, 2019, 2018 and 2017, respectively. |
| (7) | Interest
expense relates to participation in the debt financing (See Note 8). |
| (8) | Inclusive
of tender offer expenses of 0.03%. |
| (9) | Inclusive
of excise tax expense of 0.03% for the year ended February 28, 2017. |
| (10) | Based
on daily closing market prices. |

See Notes to Financial Statements

Table of Contents

ALLIANZGI CONVERTIBLE & INCOME FUND II

FINANCIAL HIGHLIGHTS

SELECTED PER SHARE DATA AND RATIOS FOR A COMMON SHARE

OUTSTANDING THROUGHOUT EACH PERIOD

| | Six
Months Ended August 31, 2021 (Unaudited) | Year
Ended February 28/29 — 2021 | 2020 | 2019 | 2018 | 2017 |
| --- | --- | --- | --- | --- | --- | --- |
| PER
SHARE DATA: | | | | | | |
| Net asset value, beginning of
period | $ 5.79 | $ 4.79 | $ 5.03 | $ 5.87 | $ 6.14 | $ 4.89 |
| Income
(loss) from investment operations: | | | | | | |
| Net investment income
(loss) (1) | 0.11 | 0.34 | 0.48 | 0.50 | 0.62 | 0.66 |
| Net realized and unrealized gain
(loss) | 0.10 | 1.20 | (0.03) | (0.57) | (0.14) | 1.30 |
| Total from investment
operations | 0.21 | 1.54 | 0.45 | (0.07) | 0.48 | 1.96 |
| Dividends on Preferred Shares from Net Investment Income: | (0.04) | (0.08) | (0.14) | (0.12) | (0.06) | (0.02) |
| Net increase (decrease) in net assets applicable to common shareholders resulting from investment
operations | 0.17 | 1.46 | 0.31 | (0.19) | 0.42 | 1.94 |
| Dividends
and Distributions to Shareholders: | | | | | | |
| Net investment
income | (0.23) | (0.27) | (0.36) | (0.45) | (0.61) | (0.69) |
| Return of
capital | — | (0.19) | (0.19) | (0.24) | (0.08) | — |
| Total dividends and distributions to
shareholders | (0.23) | (0.46) | (0.55) | (0.69) | (0.69) | (0.69) |
| Preferred
Shares Transactions: | | | | | | |
| Accretion to net asset value, resulting from tender offer of Auction-Rate Preferred
shares | — | — | — | 0.09 | — | — |
| Capital change resulting from issuance of Cumulative Preferred Shares and related offering
costs | — | — | — | (0.05) | — | — |
| Anti-dilutive impact of tender
offers | — | — | — | 0.09 | — | — |
| Accretion to net asset value from share
repurchases | — | — | — | (0.05) | — | — |
| Net asset value, end of
period | $ 5.73 | $ 5.79 | $ 4.79 | $ 5.03 | $ 5.87 | $ 6.14 |
| Market value, end of
period | $ 5.38 | $ 5.01 | $ 4.54 | $ 5.44 | $ 6.10 | $ 6.17 |
| Total return, net asset value (2),
(3) | 2.83% | 33.51% | 6.26% | (2.69)% | 7.33% | 41.68% |
| Total return, market value (2),
(3) | 12.05% | 22.81% | (6.98)% | 1.14% | 10.84% | 56.31% |
| RATIOS/SUPPLEMENTAL
DATA: | | | | | | |
| Ratio of net expenses to average net assets (4), (5), (6),
(7) | 1.35% | 1.44% | 1.41% | 1.53% (8) | 1.32% | 1.37% (9) |
| Ratio of total expenses after interest expense to average net assets (4), (5),
(7) | 1.48% | 1.47% | 1.41% | 1.53% (8) | 1.32% | 1.37% (9) |
| Ratio of net investment income (loss) to average net assets (4),
(5) | 4.03% | 7.18% | 9.48% | 9.28% | 10.31% | 11.46% |
| Portfolio turnover
rate (2) | 31% | 73% | 35% | 41% | 33% | 28% |

See Notes to Financial Statements

Table of Contents

ALLIANZGI CONVERTIBLE & INCOME FUND II

FINANCIAL HIGHLIGHTS (Continued)

SELECTED PER SHARE DATA AND RATIOS FOR A COMMON SHARE

OUTSTANDING THROUGHOUT EACH PERIOD

| | Six
Months Ended August 31, 2021 (Unaudited) | Year
Ended February 28/29 — 2021 | 2020 | 2019 | 2018 | 2017 |
| --- | --- | --- | --- | --- | --- | --- |
| Net assets, end of period
(000’s) | $436,192 | $440,994 | $364,382 | $379,901 | $440,106 | $456,985 |
| Asset coverage, per $25 liquidation preference per share of cumulative preferred
shares | $ 65 | $ 65 | $ 58 | $ 60 | $ — | $ — |
| Asset coverage per $25,000 liquidation preference per share of auction-rate preferred
shares | 65,161 | 65,454 | 58,421 | 59,845 | 65,147 | 66,691 |
| Cumulative Preferred shares average market
value (10) | $ 26.13 | $ 25.64 | $ 25.39 | $ 24.04 | $ — | $ — |

| (1) | Calculated
using average common shares outstanding. |
| --- | --- |
| (2) | Not
annualized for periods less than one year. |
| (3) | Total return
on market value is calculated assuming a purchase of common shares on the opening of the first day and sale on the closing of the last day of each period reported. Dividends and distributions are assumed, for purposes of this calculation, to be
reinvested at prices obtained under the Fund’s Automatic Reinvestment and Cash Purchase Plan. Total return on market value is not annualized for periods of less than one year. Brokerage commissions that a shareholder may pay are not reflected.
Total return on market value does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the sale of fund shares. Total return on net asset value uses the same methodology, but with use of net asset value for the
beginning and ending values. |
| (4) | Calculated
on the basis of income and expenses applicable to both common and preferred shares relative to average net assets of common shareholders. |
| (5) | Annualized
for periods less than one year. |
| (6) | Ratio of
net expenses, before interest expense and auction agent fees and commissions, was 1.31%, 1.39%, 1.36%, 1.39%, 1.24% and 1.30% for the period ended August 31, 2021, years ended 2021, 2020, 2019, 2018 and 2017 respectively. |
| (7) | Interest
expense relates to participation in the debt financing (See Note 8). |
| (8) | Inclusive
of tender offer expenses of 0.03%. |
| (9) | Inclusive
of excise tax expense of 0.03% for the year ended February 28, 2017. |
| (10) | Based
on daily closing market prices. |

See Notes to Financial Statements

Table of Contents

NOTES TO FINANCIAL STATEMENTS (Unaudited)

August 31, 2021

Note 1. Organization

AllianzGI Artificial Intelligence & Technology Opportunities Fund, AllianzGI Convertible & Income 2024 Target Term Fund, AllianzGI Convertible & Income Fund and AllianzGI Convertible & Income Fund II (each, a “Fund” and, collectively, the “Funds”), were organized as Massachusetts business trusts on May 24, 2019, March 21, 2017, January 17, 2003 and April 22, 2003, respectively. The Funds are each organized and registered as diversified, closed-end management investment companies under the Investment Company Act of 1940, as amended (the “1940 Act”), and the rules and regulations thereunder.

Note 2. Significant Accounting Policies

($ reported in thousands)

The Funds are investment companies that follow the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and those differences could be significant.

A.
Each Fund
utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Funds’ policy is to recognize transfers into or out of Level 3 at the end of the reporting period.

• Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities).

• Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

• Level 3 – prices determined using significant unobservable inputs (including the Valuation Committee’s own assumptions in determining the fair value of investments).

A description of the valuation techniques applied to a Fund’s major categories of assets and liabilities measured at fair value on a recurring basis is as follows:

Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded or, if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Restricted equity securities and private placements that are illiquid, or are internally fair valued by the Valuation Committee, are generally categorized as Level 3 in the hierarchy.

Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For

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August 31, 2021

example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that a Fund calculates its net asset value (“NAV”) at the close of regular trading on the New York Stock Exchange (“NYSE”) (generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases, the Funds fair value non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as ADRs, financial futures, ETFs, and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.

Debt securities, including convertible bonds, and restricted securities, are valued based on evaluated quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing that considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, activity of the underlying equities, and current day trade information, as well as dealer supplied prices. These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments, such as mortgage-backed and asset-backed securities may also incorporate collateral analysis and utilize cash flow models for valuation and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt securities that are internally fair valued by the Valuation Committee are generally categorized as Level 3 in the hierarchy.

Listed derivatives, such as options, that are actively traded are valued based on quoted prices from the exchange and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.

Investments in open-end mutual funds are valued at NAV. Investments in closed-end funds and ETFs are valued as of the close of regular trading on the NYSE each business day. Each is categorized as Level 1 in the hierarchy.

A summary of the inputs used to value a Fund’s net assets by each major security type is disclosed at the end of the Schedule of Investments for each Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

| B. |
| --- |
| Security
transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income is recognized on the ex-dividend date or, in the case of certain foreign securities, as
soon as a Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. Premiums on callable debt securities are amortized to interest income to the
earliest call date using the effective interest method. Conversion premium is not amortized. |

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August 31, 2021

| | Any distributions from
underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. |
| --- | --- |
| | Dividend income from Real
Estate Investment Trusts (“REITs”) and Master Limited Partnerships (“MLPs”) investments is recorded using management’s estimate of the percentage of income included in distributions received from such investments based
on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in
unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each
REIT after its fiscal year-end, and may differ from the estimated amounts. |
| C. | Income Taxes |
| | Each Fund is treated as a
separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) and to distribute substantially all of its taxable income to its
shareholders. Therefore, no provision for federal income taxes or excise taxes has been made. The Funds may be subject to excise tax based on distributions to shareholders. |
| | Certain Funds may be subject
to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that
exist in the markets in which it invests. |
| | Management of the Funds has
concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Each Fund’s U.S. federal income tax return is generally subject to examination by the Internal Revenue Service for a
period of three years after it is filed. State, local and/or non-U.S. tax returns and/or other filings may be subject to examination for different periods, depending upon the tax rules of each applicable jurisdiction. |
| D. | Distributions to
Common Shareholders |
| | The Funds declare
distributions to common shareholders monthly. Distributions are recorded by the Funds on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations that may differ from U.S. GAAP. |
| E. | Expenses |
| | Expenses incurred together by
a Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses to each Fund or an alternative allocation method can be more appropriately used. |
| | In addition to the net annual
operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests. |
| F. | 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, |

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August 31, 2021

| | 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. |
| --- | --- |
| G. | Payment In-Kind Securities |
| | The Funds may invest in
payment in-kind securities, which are debt or preferred stock securities that require or permit payment of interest in the form of additional securities. Payment in-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. |
| H. | When-issued Purchases and
Forward Commitments (Delayed Delivery) |
| | Certain Funds may engage in
when-issued or forward commitment transactions. Securities purchased on a when-issued or forward commitment basis are also known as delayed delivery transactions. Delayed delivery transactions involve a commitment by a Fund to purchase or sell a
security at a future date (ordinarily up to 90 days later). When-issued or forward commitments enable the Funds to lock in what is believed to be an attractive price or yield on a particular security for a period of time, regardless of future
changes in interest rates. Each Fund records when-issued and forward commitment securities on the trade date. Each Fund maintains collateral for the securities purchased. Securities purchased on a when-issued or forward commitment basis begin
earning interest on the settlement date. |
| I. | Leveraged Loans |
| | Certain Funds may invest in
direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. Leveraged loans are generally non-investment grade and often involve borrowers that are highly leveraged.
The Funds may invest in obligations of borrowers who are in bankruptcy proceedings. Leveraged loans are typically senior in the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the
“lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the leveraged loan. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a
portion of loans from third parties. When investing in loan participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon
receipt by the lender of payments from the borrower. A Fund generally has no right to enforce compliance with the terms of the leveraged loan with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the
lender that is selling the leveraged loan. When a Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan. |
| | A Fund may
invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. Leveraged loans may involve foreign borrowers and investments may be denominated in foreign currencies. Direct |

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August 31, 2021

| | indebtedness of emerging
countries involves a risk that the government entities responsible for the repayment of the debt may be unable, or unwilling, to pay the principal and interest when due. |
| --- | --- |
| | The leveraged loans have
floating rate loan interests which generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally LIBOR, the prime rate offered by one or more U.S. banks or
the certificate of deposit rate. When a leveraged loan is purchased a Fund may pay an assignment fee. On an ongoing basis, a Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a leveraged loan.
Prepayment penalty fees are received upon the prepayment of a leveraged loan by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid. |
| J. | Repurchase Agreements |
| | Certain Funds are parties to
Master Repurchase Agreements (“Master Repo Agreements”) with select counterparties. The Master Repo Agreements include provisions for initiation of repurchase transactions, income payments, events of default, and maintenance of
collateral. |
| | The Funds enter into
transactions, under the Master Repo Agreements, with their custodian bank or securities brokerage firms whereby they purchase securities under agreements (i.e., repurchase agreements) to resell such securities at an agreed upon price and date. The
Funds, through their custodian, take possession of securities collateralizing the repurchase agreement. Such agreements are carried at the contract amount in the financial statements, which is considered to represent fair value. The collateral that
is pledged (i.e., the securities received by the Funds), which consists primarily of U.S. government obligations and asset-backed securities, is held by the custodian bank for the benefit of the Funds until the maturity of the repurchase agreement.
Provisions of the repurchase agreements and the procedures adopted by the Funds require that the market value of the collateral, including accrued interest thereon, be sufficient in the event of default by the counterparty. If the counterparty
defaults under the Master Repo Agreements and the value of the collateral declines or if the counterparty enters an insolvency proceeding, realization of the collateral by the Funds may be delayed or limited. The gross values are included in each
Funds’ Schedule of Investments. As of August 31, 2021, the Funds did not hold any repurchase agreements. |
| K. | Warrants |
| | The Funds
may receive warrants. Warrants are securities that are usually issued together with a debt security or preferred stock and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants may be freely
transferable and are often traded on major exchanges. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is
issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any
rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or |

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August 31, 2021

before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline in interest rates would permit a Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

Note 3. Investment Advisory Fees and Related Party Transaction

($ reported in thousands)

| A. |
| --- |
| Virtus Investment Advisers,
Inc. (“VIA” or the “Adviser”), an indirect, wholly-owned subsidiary of Virtus Investment Partners (“Virtus”), became the Funds’ investment adviser effective February 1, 2021 (except for AllianzGI Artificial
Intelligence & Technology Opportunities Fund which was effective February 26, 2021). The Adviser manages the Funds’ investment programs and general operations of the Funds, including oversight of the Funds’ subadviser. |
| As
compensation for its services to the Funds, the Adviser is entitled to a fee, which is calculated daily and paid monthly based upon the following annual rates as a percentage of the average daily total managed assets of each Fund: |

| Fund | Advisory
Fee |
| --- | --- |
| AllianzGI Artificial Intelligence & Technology Opportunities
Fund | 1.25% |
| AllianzGI Convertible & Income 2024 Target Term
Fund | 0.75% |
| AllianzGI Convertible & Income
Fund | 0.70% |
| AllianzGI Convertible & Income Fund
II | 0.70% |

AllianzGI Artificial Intelligence & Technology Opportunities Fund and AllianzGI Convertible & Income 2024 Target Term Fund define total managed assets as the total assets of each Fund (including assets attributable to any borrowings, issued debt securities or preferred shares that may be outstanding, reverse repurchase agreements and dollar rolls) minus accrued liabilities (other than liabilities representing borrowings, issued debt securities, reverse repurchase agreements and dollar rolls). AllianzGI Convertible & Income Fund and AllianzGI Convertible & Income Fund II define total managed assets as the total assets of each Fund (including any assets attributable to any Preferred Shares or other forms of leverage of the Fund that may be outstanding) minus accrued liabilities (other than liabilities representing leverage).

B.
Allianz
Global Investors U.S. LLC (the “Subadviser”) is the subadviser to the Funds effective February 1, 2021 (except for AllianzGI Artificial Intelligence & Technology

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August 31, 2021

| | Opportunities Fund which was
effective February 26, 2021). The Subadviser manages the investments of each Fund, for which it is paid a fee by the Adviser. |
| --- | --- |
| C. | Expense Limitations |
| | The
Adviser has contractually agreed to limit each Fund’s annual total operating expenses, subject to the exclusions listed below, so that such expenses do not exceed, on an annualized basis, the following respective percentages of average daily
net assets through February 1, 2023. Following the contractual period, the Adviser may discontinue these expense reimbursement arrangements at any time. The reimbursements are accrued daily and received monthly. |

| Fund | Expense
Limitation |
| --- | --- |
| AllianzGI Artificial Intelligence & Technology Opportunities
Fund | 0.09
% |
| AllianzGI Convertible & Income 2024 Target Term
Fund | 0.19 |
| AllianzGI Convertible & Income
Fund | 0.13 |
| AllianzGI Convertible & Income Fund
II | 0.15 |

The exclusions include investment advisory fees paid to VIA, interest, any other fees or expenses relating to financial leverage, preferred shares (such as dividends on preferred shares, auction agent fees and commissions and rating agency fees) or borrowing (such as interest, commitment, amendment and renewal expenses on credit or redemption facilities), taxes, extraordinary, unusual or infrequently occurring expenses (such as litigation), costs related to share offerings, brokerage commissions, expenses incurred in connection with any merger or reorganization, underlying fund expenses and dividend expenses, if any (each expressed as a percentage of average daily net assets attributable to common shares).

| D. |
| --- |
| Under
certain conditions, the Adviser may recapture operating expenses reimbursed under these arrangements within three years after the date on which such amounts were incurred. A Fund must pay its ordinary expenses before the Adviser is entitled to any
reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by
the fiscal year ending February 28/29: |

Fund	Expiration — 2024	2025	Total
AllianzGI Artificial Intelligence & Technology Opportunities
Fund	$ 22	$
430	$
452
AllianzGI Convertible & Income 2024 Target Term
Fund	25	112	137
AllianzGI Convertible & Income
Fund	107	397	504
AllianzGI Convertible & Income Fund
II	97	294	391

| E. |
| --- |
| Virtus
Fund Services, LLC (“VFS”), an indirect, wholly-owned subsidiary of Virtus, serves as administrator to the Funds effective February 1, 2021 (except for AllianzGI Artificial Intelligence & Technology Opportunities Fund which was
effective February 26, 2021). |

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August 31, 2021

| | For the services provided by
the administrator under the Administration Agreement, the Funds pay the administrator an asset-based fee calculated on each Fund’s average daily Managed Assets. This fee is calculated daily and paid monthly. |
| --- | --- |
| | For the six months
(“period”) ended August 31, 2021, the Funds incurred administration fees totaling $1,464 which are included in the Statements of Operations within the line item “Administration, accounting and custody fees.” |
| F. | Trustees’ Fees |
| | For the period ended August
31, 2021, the Funds incurred Trustees’ fees totaling $206 which are included in the Statements of Operations within the line item “Trustees’ fees and expenses” |
| G. | Investments in Affiliates |
| | The Funds are permitted to
purchase assets from or sell assets to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the Funds from or to
another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 under the 1940 Act. Further,
as defined under the procedures, each transaction is effected at the current market price. During the period ended August 31, 2021, the Funds did not engage in any transactions pursuant to Rule 17a-7 under the 1940 Act. |
| | Outside of
Rule 17a-7 transactions, other investments with affiliated issuers are separately reported in this footnote. An affiliated issuer includes any company in which the Fund held 5% or more of a company’s outstanding voting shares at any point
during the period, as well as other circumstances where an investment adviser or subadviser to the Fund is deemed to exercise, directly or indirectly, a certain level of control over the company. A summary of the Fund’s total long-term and
short-term purchases and sales of the securities of affiliated issuers during the period ended August 31, 2021, is as follows: |

	Value, beginning of period	Purchases	Sales proceeds	Net realized gain (loss) on affiliated securities	Net change in unrealized appreciation (depreciation) on affiliated securities	Value, end of period	Shares
AllianzGI
Convertible & Income 2024 Target Term Fund
Common
Stocks—0.6%
CCF Holdings
LLC (1),(2)	$ —	$2,614	$(—) (3)	$— (3)	$(1,683)	$ 931	1,369,231
CCF Holdings
LLC (1),(2)	7	—	—	—	200	200	293,320
	$ 7 (3)	$2,614	$(—) (3)	$— (3)	$(1,483)	$1,131

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August 31, 2021

	Value, beginning of period	Purchases	Sales proceeds	Net realized gain (loss) on affiliated securities	Net change in unrealized appreciation (depreciation) on affiliated securities	Value, end of period	Shares
AllianzGI
Convertible & Income 2024 Target Term Fund
Leveraged
Loans—0.2%
Music Technology Holdings LLC
PIK (1),(4),(5),(6)	$326	$ 13	$ —	$—	$ —	$ 339	339,331
Total	$333	$2,627	$(—)	$—	$(1,483)	$1,470

| (1) | The
value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
| --- | --- |
| (2) | Non-income
producing. |
| (3) | Amount
is less than $500. |
| (4) | 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. and its subsidiary Music Technology Holdings LLC represents 0.18% of net
assets. |
| (5) | Security
is fixed rate. |
| (6) | 100%
of the income received was in cash. |

	Value, beginning of period	Purchases	Sales proceeds	Net realized gain (loss) on affiliated securities	Net change in unrealized appreciation (depreciation) on affiliated securities	Value, end of period	Shares
AllianzGI
Convertible & Income Fund
Common
Stocks—1.0%
CCF Holdings
LLC (1),(2)	$ — (3)	$23,066	$(—) (3)	$(—) (3)	$(17,756)	$ 5,310	7,808,320
CCF Holdings
LLC (1),(2)	—	—	—	—	598	598	879,959
CCF Holdings LLC, Class
B	— (3)	—	—	—	(—) (3)	—	—
LiveStyle,
Inc. (1),(2),(4),(5)	— (3)	—	—	—	—	— (3)	90,407
	$ — (3)	$23,066	$(—) (3)	$(—) (3)	$(17,158)	$ 5,908
Preferred
Stocks—1.5%
LiveStyle, Inc. Series
A (1),(2),(4),(5)	537	—	—	—	34	571	3,554

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August 31, 2021

	Value, beginning of period	Purchases	Sales proceeds	Net realized gain (loss) on affiliated securities	Net change in unrealized appreciation (depreciation) on affiliated securities	Value, end of period	Shares
AllianzGI
Convertible & Income Fund
LiveStyle, Inc. Series
B (1),(2),(4),(5)	$7,657	$ —	$ —	$ —	$ —	$ 7,657	76,572
	$8,194	$ —	$ —	$ —	$ 34	$ 8,228
Leveraged
Loans—0.3%
Music Technology Holdings LLC
PIK (1),(4),(6),(7)	$1,776	$ 72	$ —	$ —	$ —	$ 1,848	1,848,049
Total	$9,970	$23,138	$(—)	$(—)	$(17,124)	$15,984

| (1) | The
value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
| --- | --- |
| (2) | Non-income
producing. |
| (3) | Amount
is less than $500. |
| (4) | 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. and its subsidiary Music Technology Holdings LLC represents 1.08% of net
assets. |
| (5) | Security
is restricted from resale. |
| (6) | Security
is fixed rate. |
| (7) | 100%
of the income received was in cash. |

	Value, beginning of period	Purchases	Sales proceeds	Net realized gain (loss) on affiliated securities	Net change in unrealized appreciation (depreciation) on affiliated securities	Value, end of period	Shares
AllianzGI
Convertible & Income Fund II
Common
Stocks—1.1%
CCF Holdings
LLC (1),(2)	$ — (3)	$17,197	$(—) (3)	$(—) (3)	$(12,867)	$ 4,330	6,367,079
CCF Holdings
LLC (1),(2)	—	—	—	—	598	598	879,959
CCF Holdings LLC, Class
B	— (3)	—	—	—	(—) (3)	—	—
LiveStyle,
Inc. (1),(2),(4),(5)	— (3)	—	—	—	—	— (3)	90,407
	$ — (3)	$17,197	$(—) (3)	$(—) (3)	$(12,269)	$ 4,928

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

August 31, 2021

	Value, beginning of period	Purchases	Sales proceeds	Net realized gain (loss) on affiliated securities	Net change in unrealized appreciation (depreciation) on affiliated securities	Value, end of period	Shares
AllianzGI
Convertible & Income Fund II
Preferred
Stocks—1.9%
LiveStyle, Inc. Series
A (1),(2),(4),(5)	$ 537	$ —	$ —	$ —	$ 34	$ 571	3,554
LiveStyle, Inc. Series
B (1),(2),(4),(5)	7,657	—	—	—	—	7,657	76,572
	$8,194	$ —	$ —	$ —	$ 34	$ 8,228
Leveraged
Loans—0.3%
Music Technology Holdings LLC
PIK (1),(4),(6),(7)	$1,365	$ 55	$ —	$ —	$ —	$ 1,420	1,419,970
Total	$9,559	$17,252	$(—)	$(—)	$(12,235)	$14,576

| (1) | The
value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
| --- | --- |
| (2) | Non-income
producing. |
| (3) | Amount
is less than $500. |
| (4) | 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. and its subsidiary Music Technology Holdings LLC represents 2.21% of net
assets. |
| (5) | Security
is restricted from resale. |
| (6) | Security
is fixed rate. |
| (7) | 100%
of the income received was in cash. |

| H. |
| --- |
| The
Trustees do not currently receive any pension or retirement benefits from the Funds. In calendar year 2018 and certain prior periods, the Funds 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 respective Fund on a current basis, but instead to receive in a subsequent period chosen by the Independent Trustee an amount equal to the value of such compensation if such
compensation had been invested in one or more series of Virtus Investment Trust (formerly known as Allianz Funds) and Virtus Strategy Trust (formerly known as Allianz Funds Multi-Strategy Trust) selected by the Independent 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 years 2019 and 2020 were paid in cash, on a
current basis. The Funds still have obligations with respect to Independent 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. |

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

August 31, 2021

Effective March 2021, each Fund provides a new deferred compensation plan (“New Plan”) for its Trustees who receive compensation from the Funds. Under the New Plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Funds, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Prepaid expenses and other assets” in the Statements of Assets and Liabilities at August 31, 2021.

Note 4. Purchases and Sales of Securities

($ reported in thousands)

Purchases and sales of securities (excluding short-term securities) during the period ended August 31, 2021, were as follows:

	Purchases	Sales
AllianzGI Artificial Intelligence & Technology Opportunities
Fund	$312,710	$364,189
AllianzGI Convertible & Income 2024 Target Term
Fund	84,814	69,307
AllianzGI Convertible & Income
Fund	296,816	269,055
AllianzGI Convertible & Income Fund
II	227,550	206,876

There were no purchases or sales of long-term U.S. Government and agency securities during the period ended August 31, 2021.

Note 5. Federal Income Tax Information

($ reported in thousands)

At August 31, 2021, the approximate aggregate cost basis and the unrealized appreciation (depreciation) of investments and other financial instruments held by the Funds for federal income tax purposes were as follows:

| Fund | Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net
Unrealized Appreciation (Depreciation) |
| --- | --- | --- | --- | --- |
| Virtus AllianzGI Artificial Intelligence & Technology Opportunities
Fund | $
873,529 | $
210,817 | $ (8,098) | $
202,719 |
| AllianzGI Convertible & Income 2024 Target Term
Fund | 267,385 | 6,817 | (7,134) | (317) |
| AllianzGI Convertible & Income
Fund | 864,413 | 123,927 | (50,834) | 73,093 |
| AllianzGI Convertible & Income Fund
II | 650,789 | 95,128 | (37,932) | 57,196 |

The following Fund has capital loss carryforwards available to offset future realized capital gains, if any, to the extent permitted by the Code. Net capital losses are carried forward without expiration and generally retain their short-term and/or long-term tax

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character, as applicable. The Funds’ capital loss carryovers as of February 28, 2021 were as follows:

Fund	Short-Term	Long-Term
AllianzGI Convertible & Income
Fund	$47,379	$186,285
AllianzGI Convertible & Income Fund
II	36,331	149,200

Capital losses realized after October 31 and certain late year ordinary losses may be deferred and treated as occurring on the first day of the following fiscal year. For the fiscal year ended February 28, 2021, the following Funds deferred qualified late year losses as follows:

| | Late
Year Ordinary Losses Deferred | Capital Loss Deferred |
| --- | --- | --- |
| AllianzGI Artificial Intelligence & Technology Opportunities
Fund | $
258 | $ — |
| AllianzGI Convertible & Income
Fund | — | 200 |

Note 6. Credit and Market Risk and Asset Concentration

Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on a Fund and its investments, including hampering the ability of the Fund’s portfolio manager(s) to invest the Fund’s assets as intended.

In July 2017, the head of the United Kingdom Financial Conduct Authority announced the intention to phase out the use of LIBOR by the end of 2021. However, subsequent announcements by the FCA, the LIBOR administrator and other regulators indicate that it is possible that certain LIBORs may continue beyond 2021 and certain of the most widely used LIBORs may continue until mid-2023. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The expected discontinuation of LIBOR could have a significant impact on the financial markets and may present a material risk for certain market participants, including the Funds. Abandonment of or modifications to LIBOR could lead to significant short- and long-term uncertainty and market instability. The risks associated with this discontinuation and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. It remains uncertain how such changes would be implemented and the effects such changes would have on the Funds, issuers of instruments in which the Funds invest, and the financial markets generally.

Certain Funds may invest a high percentage of their assets in specific sectors of the market in the pursuit of their investment objectives. Fluctuations in these sectors of concentration may have a greater impact on a Fund, positive or negative, than if the Fund did not concentrate its investments in such sectors.

Each of the Funds leverages its portfolio through preferred shares, securities lending and/or margin loan financing. While leverage presents opportunities for increasing the

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August 31, 2021

each Fund’s total return, it also has the effect of potentially increasing losses. Accordingly, any event which adversely affects the value of an investment held by the each Fund would be magnified to the extent the each Fund is leveraged.

High-yield/high-risk securities typically entail greater price volatility and/or principal and interest rate risk. There is a greater chance that an issuer will not be able to make principal and interest payments on time. Analysis of the creditworthiness of issuers of high-yield/high-risk securities may be complex, and as a result, it may be more difficult for the Adviser and/or subadviser to accurately predict risk.

Note 7. Auction-Rate Preferred Shares

AllianzGI Convertible & Income Fund has 1,894 shares of Auction-Rate Preferred Shares Series A, 1,779 shares of Auction-Rate Preferred Shares Series B, 1,909 shares of Auction-Rate Preferred Shares Series C, 1,842 shares of Auction-Rate Preferred Shares Series D and 1,507 shares of Auction-Rate Preferred Shares Series E outstanding, each with a liquidation preference of $25,000 per share plus any accumulated, unpaid dividends.

AllianzGI Convertible & Income Fund II has 1,296 shares of Auction-Rate Preferred Shares Series A, 1,512 shares of Auction-Rate Preferred Shares Series B, 1,239 shares of Auction-Rate Preferred Shares Series C, 1,156 shares of Auction-Rate Preferred Shares Series D and 1,298 shares of Auction-Rate Preferred Shares Series E outstanding, each with a liquidation preference of $25,000 per share plus any accumulated, unpaid dividends.

Dividends on the Auction-Rate Preferred Shares are accumulated daily at an annual rate that is typically re-set every seven days. Distributions of net realized capital gains, if any, are paid annually.

For the period ended August 31, 2021, the annualized dividend rates paid with respect to the Auction-Rate Preferred shares of AllianzGI Convertible & Income Fund and AllianzGI Convertible & Income Fund II ranged from:

| | High | Low | At
August 31, 2021 |
| --- | --- | --- | --- |
| Series
A | 0.16% | 0.06% | 0.12% |
| Series
B | 0.16 | 0.08 | 0.12 |
| Series
C | 0.16 | 0.08 | 0.14 |
| Series
D | 0.16 | 0.08 | 0.10 |
| Series
E | 0.16 | 0.08 | 0.12 |

AllianzGI Convertible & Income Fund and AllianzGI Convertible & Income Fund II are subject to certain limitations and restrictions while Auction-Rate Preferred Shares are outstanding. Failure to comply with these limitations and restrictions could preclude the Funds from declaring or paying any dividends or distributions to common shareholders or repurchasing common shares and/or could trigger the mandatory redemption of Auction-Rate Preferred Shares at their liquidation preference plus any accumulated, unpaid dividends.

Auction-Rate Preferred shareholders, who are entitled to one vote per share, generally vote together with the common shareholders but vote separately as a class to elect two

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Trustees and on certain matters affecting the rights of the Auction-Rate Preferred Shares. On matters where preferred shareholders vote separately from common shareholders, including the election of the preferred shares trustees, preferred shareholders are entitled to one vote per $25.00 in liquidation preference per share.

Since mid-February 2008, holders of auction-rate preferred shares (“ARPS”) issued by the Funds have been directly impacted by a lack of liquidity, which has similarly affected ARPS holders in many of the nation’s closed-end funds. Since then, regularly scheduled auctions for the ARPS issued by the Funds have consistently “failed” because of insufficient demand (bids to buy shares) to meet the supply (shares offered for sale) at each auction.

In a failed auction, ARPS holders cannot sell all, and may not be able to sell any, of their shares tendered for sale. While repeated auction failures have affected the liquidity for ARPS, they do not constitute a default or automatically alter the credit quality of the ARPS, and ARPS holders have continued to receive dividends at the defined “maximum rate”, which for the Funds is equal to the 7-day “AA” Composite Commercial Paper Rate multiplied by a minimum of 150%, from March 1, 2020 to July 19, 2020 and by a minimum of 200% from July 20, 2020 to February 28, 2021 depending on the credit rating of the ARPS. The maximum rate is a function of short-term interest rates and typically higher than the rate that would have otherwise been set through a successful auction.

On July 20, 2020, Moody’s Investors Service downgraded each Fund’s ARPS ratings to A1 from Aa3. As a result, the applicable multiplier for calculating the maximum rate increased from 150% to 200% beginning on that date. If the Funds’ ARPS continue to fail and the “maximum rate” payable on the ARPS rises as result of changes in short-term interest rates, returns for the Funds’ common shareholders could be adversely affected.

Note 8. Liquidity Facility and Securities Lending

($ reported in thousands)

Prior to June 14, 2021, each of the Funds had entered into a liquidity facility (each a “SSB Facility” and together the “SSB Facilities”) with State Street Bank & Trust Company (“State Street”). The Funds pledged their assets as collateral to secure obligations under the SSB Facilities. The Funds retained the risks and rewards of the ownership of assets pledged to secure obligations under the SSB Facilities. As part of the SSB Facilities, the Funds made assets available for securities lending transactions with State Street acting as the Funds’ authorized agent for these transactions. All transactions initiated through State Street were required to be secured with cash collateral received from the securities borrower (the “Borrower”). Securities lending transactions were secured with cash collateral in amounts no less than 100% of the market value of the securities loaned in these transactions. Cash received by State Street from securities lending was credited against borrowings under the SSB Facilities. Upon return of securities by the Borrower, State Street would return the cash collateral to the Borrower, as applicable, which eliminated the credit against the borrowings and caused the drawdowns under the SSB Facilities to increase by the amounts returned. Borrowing fees on the loaned securities were retained by State Street.

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State Street would have indemnified the Funds for certain losses that would have arisen if the Borrower failed to return securities when due. With respect to securities lending transactions, upon a default of the securities borrower, State Street would have used the collateral received from the Borrower to purchase replacement securities of the same issue, type, class and series. If such collateral was insufficient, the purchase of replacement securities would have been made at State Street’s sole cost and expense. Although the risk of the loss of the securities was mitigated by receiving collateral from the Borrower and through State Street indemnification, the Funds could have experienced a delay in recovering securities or could have experienced a lower than expected return if the Borrower failed to return the securities on a timely basis.

State Street would fund drawdowns under a SSB Facility through reverse repurchase agreements in a manner and on terms that were substantially similar to the securities loans described above. None of the Funds’ borrowings during the reporting period were funded though reverse repurchase agreements. Prior to June 14, 2021, the maximum capital commitment amounts under the respective SSB Facilities were $125,000, $71,000, $34,000 and $0, respectively, for AllianzGI Artificial Intelligence & Technology Opportunities Fund, AllianzGI Convertible & Income 2024 Target Term Fund, AllianzGI Convertible & Income Fund and AllianzGI Convertible & Income Fund II. Interest on amounts drawn under each SSB Facility was charged at a daily rate equal to the U.S. 3-month LIBOR rate plus 0.55%, with a commitment fee of 0.15% payable on the maximum capital commitment amount less the amount drawn in any month when the amount drawn was less than 85% of the commitment amount on any day. Loan interest expense and committment fees are included in the Funds’ Statements of Operations.

For the period March 1, 2021 through June 13, 2021, the average borrowings, average interest rate, and interest expense under the SSB Facilities were as follows:

| Fund | Average Borrowings | Weighted Average Interest Rate | Loan
Interest Expense | Commitment Fees |
| --- | --- | --- | --- | --- |
| AIO | $30,000 | 0.83
% | $ 72 | $42 |
| CBH | 69,700 | 0.83 | 168 | — |
| NCV | 28,852 | 0.83 | 70 | — |

Effective June 14, 2021, each of the Funds entered into a Master Margin Loan Agreement (“MMLA”) and a Securities Lending Authorization Agreement (“SLAA”), (together the “BNYM Facilities”) with The Bank of New York Mellon (“BNYMellon”). Under the MMLA the Funds pledge their assets as collateral to secure obligations but retain the risks and rewards of the ownership of assets pledged to secure such obligations.

Under the SLAA, the Funds may loan securities to qualified brokers through a securities lending agency agreement with BNYMellon. Under the securities lending policy, when lending securities a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan. Collateral consists of cash which is invested in a short-term money market fund and/or released to each Fund to be used for liquidity purposes in conjunction with the MMLA. Cash received from securities lending is first credited against borrowings under the MMLA. Upon return of

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August 31, 2021

securities by the Borrower, BNYMellon returns the cash collateral to the Borrower, as applicable, which eliminates the credit against the borrowings and causes the drawdowns under the MMLA to increase by the amounts returned. The securities lending program is subject to the same limits and interest rate structure as the MMLA. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNYMellon for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral.

Securities lending transactions are entered into by each Fund under the SLAA which permit the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund.

At August 31, 2021, the securities loaned were subject to a SLAA on a net payment basis as follows:

| Fund | Value
of Securities on Loan | Cash Collateral Received (1) | Net Amount (2) |
| --- | --- | --- | --- |
| AIO | $
40,835 | $
40,835 | $
— |
| CBH | 19,409 | 19,409 | — |
| NCV | 35,567 | 35,567 | — |

| (1) | Collateral
received in excess of the market value of securities on loan is not presented in this table. The cash collateral received in connection with securities lending transactions has been used for the purchase of securities as disclosed in the
Fund’s Schedule of Investments. |
| --- | --- |
| (2) | Net
amount represents the net amount receivable due from the counterparty in the event of default. |

At August 31, 2021, the maximum capital commitment amounts under the MMLA were $75,000, $71,000, $34,000 and $0, respectively, for AllianzGI Artificial Intelligence & Technology Opportunities Fund, AllianzGI Convertible & Income 2024 Target Term Fund, AllianzGI Convertible & Income Fund and AllianzGI Convertible & Income Fund II. Interest on amounts drawn under each MMLA is charged at a daily rate and a commitment fee is paid on the undrawn amounts as agreed to in the MMLA. As of August 31, 2021, AllianzGI Artificial Intelligence & Technology Opportunities Fund, AllianzGI Convertible & Income 2024 Target Term Fund and AllianzGI Convertible & Income Fund used cash collateral received from the SLAA to purchase long term investments and/or invest the amount in a short-term money market fund. These investments are included in the line item “Investments, at value” on the Statements of Assets and Liabilities. The securities on loan under the SLAA and securities pledged as collateral under the MMLA are reflected on the Schedule of Investments. Any amounts payable under the MMLA/SLAA are reflected in the Statements of Assets and Liabilities as ’Loan Payable’ and/or ’Collateral on securities loaned.’ The interest rate charged at August 31, 2021, was 0.42%. The expense is included in the Funds’ Statements of Operations under “Loan interest”.

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August 31, 2021

For the period June 14, 2021 through August 31, 2021, the outstanding borrowings, average borrowings, average interest rate and interest expense under the BNYM Facilities were as follows:

| Fund | Outstanding Borrowings | Average Borrowings | Weighted Average Interest Rate | Loan
Interest Expense |
| --- | --- | --- | --- | --- |
| AIO | $
30,000 | $30,000 | 0.86% | $57 |
| CBH | 69,700 | 69,700 | 0.49 | 75 |
| NCV | 28,852 | 28,852 | 0.53 | 33 |

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of August 31, 2021, for the Funds:

| Fund | Securities
Lending Transactions | Overnight and Continuous |
| --- | --- | --- |
| AIO | Money
Market Mutual Fund | $12,019 |
| CBH | Money
Market Mutual Fund | 18,750 |
| NCV | Money
Market Mutual Fund | 7,972 |

Note 9. Common Shares Issued

Each of AllianzGI Convertible & Income Fund and AllianzGI Convertible & Income Fund II has a currently effective “shelf” registration statement pursuant to which it may offer, from time to time in one or more offerings, up to $120 million (in the case of AllianzGI Convertible & Income Fund) and $90 million (in the case of AllianzGI Convertible & Income Fund II) in common shares on terms to be determined at the time of the offering. The Board has also approved underwriting arrangements for such potential offerings. However, as of the date of this report, neither Fund had initiated such an offering and it is uncertain whether or when either Fund will proceed with such an offering. AllianzGI Convertible & Income Fund and AllianzGI Convertible & Income Fund II both incurred deferred offering costs related to the offering, which, if any, will be charged to capital upon the completion of the offering or charged to expense if the offering is not completed.

Note 10. Cumulative Preferred Shares

On September 11, 2018, AllianzGI Convertible & Income Fund II issued 4,360,000 shares of 5.50% Series A Cumulative Preferred Shares with an aggregate liquidation value of $109,000,000 (“NCZ Series A Preferred Shares”). The shares are perpetual, non-callable for a period of five years and have a liquidation preference of $25.00 per share. Commencing September 11, 2023, and thereafter, to the extent permitted by the 1940 Act, and Massachusetts law, AllianzGI Convertible & Income Fund II may at any time, upon notice of redemption, redeem the NCZ Series A Preferred Shares in whole or in part at the liquidation preference per share plus accumulated unpaid dividends through the date of redemption. Dividends are paid at an annual rate of 5.50% on a quarterly basis, and commenced on October 1, 2018, with the first such payment pro-rated from the date of issuance.

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On September 20, 2018, AllianzGI Convertible & Income Fund issued 4,000,000 shares of 5.625% Series A Cumulative Preferred Shares with an aggregate liquidation value of $100,000,000 (“NCV Series A Preferred Shares”). The shares are perpetual, non-callable for a period of five years and have a liquidation preference of $25.00 per share. Commencing September 20, 2023, and thereafter, to the extent permitted by the 1940 Act, and Massachusetts law, AllianzGI Convertible & Income Fund may at any time, upon notice of redemption, redeem the NCV Series A Preferred Shares in whole or in part at the liquidation preference per share plus accumulated unpaid dividends through the date of redemption. Dividends are paid at an annual rate of 5.625% on a quarterly basis, and commenced on October 1, 2018, with the first such payment pro-rated from the date of issuance. In conjunction with Fitch Ratings publishing revised ratings criteria, which included new, lower ratings caps for closed-end funds, the Series A Cumulative Preferred Shares of AllianzGI Convertible & Income Fund II and AllianzGI Convertible & Income Fund were downgraded from a long-term rating of “AA” to “A” on May 21, 2021.

On December 16, 2020, the Board of Trustees of the AllianzGI Convertible & Income Fund and AllianzGI Convertible & Income Fund II approved a Repurchase Plan (“Repurchase Plan”) with respect to the outstanding series A cumulative preferred shares (“CPS”) issued by the Funds. Each Fund has access to a short-term revolving credit facility (as outlined in Note 8). Pursuant to the Repurchase Plan, the Funds would repurchase its CPS in the open market on any trading day when (i) a Fund’s CPS are trading at a market price at or below their liquidation preference ($25.00 per share), provided the current rate of interest on its Liquidity Facility is less than or equal to 5.00% or (ii) a Fund’s CPS are trading at a market price which represents a premium of up to 1.00% above their liquidation preference (up to $25.25) provided the current rate of interest on its Liquidity Facility is less than or equal to 3.00% for AllianzGI Convertible & Income Fund or less than or equal to 2.75% for AllianzGI Convertible & Income Fund II, subject, in each case, to the terms and conditions of the Repurchase Plan and input from the portfolio management team as to market conditions and other factors. Any repurchases will be made consistently with the requirements of Rule 10b-18 under the Securities Exchange Act of 1934, as amended. On each day that shares are repurchased under the Repurchase Plan, a Fund may repurchase its shares in an amount up to 25% of the average daily trading volume of the CPS over the trailing four week period. It is currently expected that each Fund would borrow under its respective Liquidity Facility to replace any leverage reduced through the Repurchase Plan.

Note 11. Indemnifications

Under the Funds’ organizational documents, the Funds, Trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide a variety of indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds and that have not occurred. However, the Funds have not had prior claims or losses pursuant to these arrangements and expect the risk of loss to be remote.

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August 31, 2021

Note 12. Capital Transactions

At August 31, 2021, each Fund has one class of common stock with $0.00001 par value of which unlimited shares are authorized.

Note 13. Restricted Securities

Restricted securities are not registered under the Securities Act of 1933, as amended (the “1933 Act”). Generally, 144A securities are excluded from this category. Each Fund will bear any costs, including those involved in registration under the 1933 Act, in connection with the disposition of such securities. The following Funds held securities that were considered to be restricted at August 31, 2021:

| Investment | Date
of Acquisition | Cost | Value | Percentage
of Net Assets |
| --- | --- | --- | --- | --- |
| AllianzGI
Convertible & Income Fund | | | | |
| LiveStyle,
Inc. | 2/2/16—11/30/16 | $ — | $ — | 0.0% |
| LiveStyle,
Inc. Series A | 2/3/16—10/31/16 | 340 | 571 | 0.1 |
| LiveStyle,
Inc. Series B | 2/3/16—11/30/16 | 7,507 | 7,657 | 1.3 |
| Affinion
Group Holdings | 11/9/15—11/12/15 | 3,080 | — | 0.0 |

| Investment | Date
of Acquisition | Cost | Value | Percentage
of Net Assets |
| --- | --- | --- | --- | --- |
| AllianzGI
Convertible & Income Fund II | | | | |
| LiveStyle,
Inc. | 2/3/16—11/30/16 | $ — | $ — | 0.0% |
| LiveStyle,
Inc. Series A | 2/3/16—11/1/16 | 348 | 571 | 0.1 |
| LiveStyle,
Inc. Series B | 2/3/16—11/30/16 | 7,507 | 7,657 | 1.8 |
| Affinion
Group Holdings | 11/9/15—11/12/15 | 2,371 | — | 0.0 |

Note 14. Regulatory Matters and Litigation

From time to time, the Funds, the Adviser, the subadvisers, and/or their respective affiliates may be involved in litigation and arbitration as well as examinations and investigations by various regulatory bodies, including the SEC, involving compliance with, among other things, securities laws, client investment guidelines, and laws and regulations affecting their activities. At this time, the Funds and the Adviser believe that the outcomes of such matters are not likely, either individually, or in the aggregate, to be material to these financial statements.

Note 15. Recent Accounting Pronouncement

In March 2020, the FASB issued Accounting Standards Update, No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

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Note 16. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available for issuance, and has determined that the following are the only subsequent events requiring recognition or disclosure in these financial statements.

On September 1, 2021, the following monthly distributions were declared to common shareholders, payable October 1, 2021 to shareholders of record on September 13, 2021, with an ex-date of September 10, 2021:

AllianzGI Artificial Intelligence & Technology Opportunities Fund $0.1250 per share AllianzGI Convertible & Income 2024 Target Term Fund $0.0460 per share AllianzGI Convertible & Income Fund $0.04250 per share AllianzGI Convertible & Income Fund II $0.03750 per share

On September 1, 2021, the following monthly distributions were declared to cumulative preferred shareholders, payable September 30, 2021 to shareholders of record on September 13, 2021:

AllianzGI Convertible & Income Fund $0.3515625 per share AllianzGI Convertible & Income Fund II $0.34375 per share

On October 1, 2021, the following monthly distributions were declared to shareholders, payable November 1, 2021 to shareholders of record on October 12, 2021, with an ex-date of October 8, 2021:

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CERTIFICATION

The Funds file the required annual Chief Executive Officer (“CEO”) certification regarding compliance with the NYSE’s listing standards no more than 30 days after each annual shareholder meeting for the Funds. The Funds have included the certifications of the Funds’ CEO and Principal Financial Officer required by Section 302 of the Sarbanes-Oxley Act in the Fund’s Form N-CSR filed with the SEC for the period of this report.

KEY INFORMATION

Shareholder Relations: 1-866-270-7788

For general information and literature, as well as updates on net asset value, share price, major industry groups and other key information.

REINVESTMENT PLAN

The Automatic Reinvestment and Cash Purchase Plan (the “Plan”) offers shareholders a convenient way to acquire additional shares of the Funds. Registered holders will be automatically placed in the Plan and may opt out by calling Shareholder Relations at the number listed above. If shares are held at a brokerage firm, contact your broker about participation in the Plan.

REPURCHASE OF SECURITIES

Notice is hereby given in accordance with Section 23(c) of the 1940 Act that the Funds may from time to time purchase its shares of common stock in the open market when shares are trading at a discount from their net asset value.

PROXY VOTING INFORMATION (FORM N-PX)

The subadviser votes proxies relating to portfolio securities in accordance with procedures that have been approved by each Fund’s Board. You may obtain a description of these procedures, along with information regarding how the Funds voted proxies during the most recent 12-month period ended June 30, free of charge, by calling toll-free 1-866-270-7788. This information is also available through the SEC’s website at https://www.sec.gov.

PORTFOLIO HOLDINGS INFORMATION

Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form NPORT-P. Form NPORT-P is available on the SEC’s website at https://www.sec.gov.

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Results of Annual Meeting of Shareholders (Unaudited)

Virtus AllianzGI Artificial Intelligence & Technology Opportunities Fund Virtus AllianzGI Convertible & Income 2024 Target Term Fund Virtus AllianzGI Convertible & Income Fund Virtus AllianzGI Convertible & Income Fund II

The Funds held their Annual Meeting of Shareholders on July 8, 2021. Shareholders voted as indicated below:

Virtus AllianzGI Artificial Intelligence & Technology Opportunities Fund

| Election
of Trustees | Votes
For | Votes
Withheld |
| --- | --- | --- |
| F.
Ford Drummond | 27,446,376 | 2,699,742 |
| James
S. MacLeod | 28,050,812 | 2,095,306 |
| Philip
R. McLoughlin | 27,465,169 | 2,680,949 |
| George
R. Aylward* | 28,093,521 | 2,052,597 |

Based on the foregoing, Messrs. Drummond and MacLeod were re-elected and Messrs. Aylward and McLoughlin were elected to the Board of Trustees. The Fund’s other Trustees who continue in office are Sarah E. Cogan, Deborah A DeCotis, Hans W. Kertess, William B. Ogden, IV, Alan Rappaport, and Davey S. Scoon.

*Interested Trustee

Virtus AllianzGI Convertible & Income 2024 Target Term Fund

| Election
of Trustees | Votes
For | Votes
Withheld |
| --- | --- | --- |
| Hans
W. Kertess | 15,840,083 | 131,351 |
| William
B. Ogden, IV | 15,836,130 | 135,304 |
| Alan
Rappaport | 15,859,150 | 112,284 |
| Davey
S. Scoon | 15,846,616 | 124,818 |
| George
R. Aylward* | 15,841,607 | 129,827 |

Based on the foregoing, Messrs. Kertess, Ogden, Rappaport and Scoon were re-elected and Mr. Aylward was elected to the Board of Trustees. The Fund’s other Trustees who continue in office are Sarah E. Cogan, Deborah A DeCotis, F. Ford Drummond, and James S. MacLeod.

*Interested Trustee

104

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Virtus AllianzGI Convertible & Income Fund

| Election
of Trustees | Votes
For | Votes
Withheld |
| --- | --- | --- |
| Deborah
A. DeCotis | 67,357,305 | 2,309,445 |
| James
S. MacLeod | 67,691,801 | 1,974,949 |
| George
R. Aylward* | 67,834,256 | 1,832,494 |
| F.
Ford Drummond | 3,351,462 | 67,483 |

Based on the foregoing, Ms. DeCotis and Messrs. Drummond and MacLeod were re-elected and Mr. Aylward was elected to the Board of Trustees. The Fund’s other Trustees who continue in office are Sarah E. Cogan, Hans W. Kertess, William B. Ogden, IV, Alan Rappaport, and Davey S. Scoon.

*Interested Trustee

Virtus AllianzGI Convertible & Income Fund II

| Election
of Trustees | Votes
For | Votes
Withheld |
| --- | --- | --- |
| Hans
W. Kertess | 53,199,995 | 5,983,185 |
| James
S. MacLeod | 53,308,828 | 5,874,352 |
| George
R. Aylward* | 55,509,280 | 3,673,900 |
| Philip
R. McLoughlin | 55,457,229 | 3,725,951 |
| F.
Ford Drummond | 2,564,931 | 320,274 |

Based on the foregoing, Messrs. Drummond, Kertess and MacLeod were re-elected and Messrs. Aylward and McLoughlin were elected to the Board of Trustees. The Fund’s other Trustees who continue in office are Sarah E. Cogan, Deborah A DeCotis, William B. Ogden, IV, Alan Rappaport, and Davey S. Scoon.

*Interested Trustee

105

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Trustees

Alan Rappaport, Chairman of the Board of Trustees

George R. Aylward

Sarah E. Cogan

Deborah A. DeCotis

F. Ford Drummond

Hans W. Kertess

James S. MacLeod

Philip R. McLoughlin, Trustee, AIO and NCZ; Advisory Member, CBH and NCV

William B. Ogden, IV

Davey S. Scoon

Brian T. Zino, Advisory Member

Officers

George R. Aylward, President and Chief Executive Officer

Peter J. Batchelar, Senior Vice President

Angela Borreggine, Vice President, Chief Legal Officer, Counsel and Secretary

W. Patrick Bradley, Executive Vice President, Chief Financial Officer and Treasurer

Nancy J. Engberg, Senior Vice President and Chief Compliance Officer

Julia R. Short, Senior Vice President

Richard W. Smirl, Executive Vice President

Investment Adviser

Virtus Investment Advisers, Inc.

One Financial Plaza

Hartford, CT 06103-2608

Administrator

Virtus Fund Services, LLC

One Financial Plaza

Hartford, CT 06103

Transfer Agent, Dividend Paying Agent and Registrar

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Custodian

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286-1048

Legal Counsel

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

How to Contact Us

Shareholder Services 1-800-254-5197 or [email protected]

Website Virtus.com

Important Notice to Shareholders The Securities and Exchange Commission has modified mailing regulations for semiannual and annual shareholder fund reports to allow mutual fund companies to send a single copy of these reports to shareholders who share the same mailing address. If you would like additional copies, please call Mutual Fund Services at 1-800-243-1574.

Table of Contents

P.O. Box 9874

Providence, RI 02940-8074

For more information about Virtus Closed-End Funds, please contact us at 1-800-254-5197 or [email protected] , or visit Virtus.com .

8065 2Q-21

ITEM 2. Code of Ethics.

Response not required for semiannual report.

ITEM 3. Audit Committee Financial Expert.

Response not required for semiannual report.

ITEM 4. Principal Accountant Fees and Services.

Response not required for semiannual report.

ITEM 5. Audit Committee of Listed Registrants.

Response not required for semiannual report.

ITEM 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form.

(b) Not applicable.

ITEM 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Response not required for semiannual report.

ITEM 8. Portfolio Managers of Closed-End Management Investment Companies.

(a) Response not required for semiannual report.

(b) There has been no change, as of the date of this filing, in any of the portfolio managers identified in response to paragraph (a)(1) of this Item in the registrants most recently filed annual report on Form N-CSR.

ITEM 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

ITEM 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrants Board of Trustees that were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

ITEM 11. Controls and Procedures.

(a) The registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))), as amended are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended. There were no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting.

(b) There were no significant changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3 (d))) that occurred during the most recent six months of the period covered by this report that materially affected, or is reasonably likely to affect, the registrants internal control over financial reporting.

ITEM 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Response not required for semiannual report.

ITEM 13. Exhibits.

(a)(1)	Not applicable.
(a)(2)	Exhibit 99.302 Cert. - Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
(a)(3)	Not applicable.
(a)(4)	Not applicable.
(b)	Exhibit 99.906 Cert. - Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Virtus AllianzGI Artificial Intelligence & Technology Opportunities Fund

By:	/s/ George R. Aylward
	George R. Aylward, President and Chief
Executive Officer
	(principal executive officer)
Date: 11/5/21
By:	/s/ W. Patrick Bradley
	W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer
	(principal financial officer)
Date: 11/5/21

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ George R. Aylward
	George R. Aylward, President and Chief
Executive Officer
	(principal executive officer)
Date: 11/5/21
By:	/s/ W. Patrick Bradley
	W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer
	(principal financial officer)
Date: 11/5/21

Print the name and title of each signing officer under his or her signature.

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