NCV, NCZ, CBH and ACV Declare Monthly Distributions

The Boards of Trustees of AllianzGI Convertible & Income Fund (NYSE:
NCV), AllianzGI Convertible & Income Fund II (NYSE: NCZ), AllianzGI
Convertible & Income 2024 Target Term Fund (NYSE: CBH), and AllianzGI
Diversified Income & Convertible Fund (NYSE: ACV) (collectively, the
“Funds”) announced today that they have declared the following
distributions on the Funds’ common shares:

Convertible & Income Fund

Convertible & Income Fund II

Convertible & Income 2024 Target Term Fund

Diversified Income & Convertible Fund

The distributions will be payable on September 4, 2018 to shareholders
of record on August 13, 2018 with an ex-dividend date of August 10, 2018.

The actual composition and character of the distributions stated above
and future distributions of each Fund may be materially different from
the composition or character of such distributions that existed at the
time of this press release and may be comprised of net investment
income, capital gains and/or return of capital. Such factors include the
varied nature of each Funds’ investments and the performance of those
investments, and that the ultimate characterization of each Funds’
distribution cannot finally be determined until the end of each Funds’
fiscal year, resulting in the possibility of a return of capital if any
Fund makes total distributions in an amount that exceeds its net
investment income and net realized capital gains during its fiscal year.
Additional information as applicable regarding the composition of the
distributions will be made available at
after the payable date. As a result of the foregoing and other factors,
no assurance can be given as to the actual composition or character of
each Funds’ distribution at the time of this press release and neither
the Funds, Allianz Global Investors U.S. LLC (“AllianzGI U.S.”), nor any
of its trustees, members, officers or employees assumes responsibility
for such statements.

This notice should not be used to prepare tax returns. In January 2019,
Form 1099-DIV (or substitute Form 1099-DIV) will be sent to shareholders
and will state the aggregate amount and tax characteristics of
distributions for the 2018 calendar year.

AllianzGI U.S., an indirect, wholly-owned subsidiary of Allianz Asset
Management of America L.P., serves as the Funds’ investment manager and
is a member of Munich-based Allianz Group.

The Funds’ daily New York Stock Exchange closing market prices, net
asset values per share, as well as other information, including updated
portfolio statistics and performance is available at
or by calling the Funds’ shareholder servicing agent at (800) 254-5197.

Statements made in this release that look forward in time involve risks
and uncertainties and are forward looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Such risks and
uncertainties include, without limitation, the adverse effect from a
decline in the securities markets or a decline in the Funds’
performance, a general downturn in the economy, competition from other
companies, changes in government policy or regulation, inability to
attract or retain key employees, inability to implement its operating
strategy and/or acquisition strategy, and unforeseen costs and other
effects related to legal proceedings or investigations of governmental
and self-regulatory organizations. The Funds’ ability to pay
distributions to common shareholders is subject to the restrictions in
their registration statements, by-laws and other governing documents, as
well as the Investment Company Act of 1940.

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