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AllianzGI Diversified Income & Convertible Fund Reports Results for the Fiscal Quarter and Nine Months Ended October 31, 2016

AllianzGI Diversified Income & Convertible Fund (the "Fund") (NYSE: ACV), a diversified closed-end management investment company which provides total return through a combination of current income and capital appreciation, while seeking to provide downside protection against capital loss, today announced its results for the fiscal quarter and nine months ended October 31, 2016.

At October 31, 2016

Net Assets (a) $210,784,984
Common Shares Outstanding 10,274,970
Net Asset Value ("NAV") $20.51
Market Price $17.81
Discount to NAV (13.16 )%
Undistributed Ordinary
Income Per Common Share (b) $0.0619

Quarter ended October 31, 2016

Net Investment Income (c) $1,027,146
Per Share (c)(d) $0.10
Net Realized and Change in Unrealized Loss (c) $(3,095,352 )
Per Share (c) $(0.31 )

Nine months ended October 31, 2016

Net Investment Income (c) $2,961,294
Per Share (c)(d) $0.29
Net Realized and Change in Unrealized Gain (c) $28,236,857
Per Share (c) $2.73
(a) Net assets are inclusive of Mandatory Redeemable Preferred Shares of $30 million.
(b) Since the Fund's net earning rates fluctuate from month to month, there will be periods when the Fund may over-earn or under-earn its monthly dividend rate. This fluctuation will have the effect of adding to or subtracting from the Fund's undistributed ordinary income balance. Fund management analyzes the current and projected net earning rates prior to recommending dividend amounts to the Fund's Board of Trustees for declaration. There can be no assurance that the monthly dividend rate will remain at its current level or that the undistributed ordinary income balance, if any, will be sufficient to cover any shortfall in earnings to meet the current dividend rate. The undistributed ordinary income balance is exclusive of market premium amortization on corporate bonds in accordance with federal income tax treatment. The undistributed ordinary income balance includes realized gain (loss) on the sale of contingent debt and Section 305 sales adjustments for accrual of deemed dividends from investments in convertible debt, in accordance with federal income tax treatment.
(c) Net Investment Income for the fiscal quarter and nine months ended October 31, 2016 includes market premium amortization on corporate bonds of $157,825 ($0.02 per common share) and $489,309 ($0.05 per common share), respectively. For tax purposes, the Fund has elected not to amortize market premium on corporate bonds.
(d) Calculated on average common shares outstanding.

Allianz Global Investors U.S. LLC, an indirect, wholly-owned subsidiary of Allianz Asset Management of America L.P., serves as the Fund's investment manager and is a member of Munich-based Allianz Group.

The Fund's daily New York Stock Exchange closing market price, NAV, as well as other information, is available at us.allianzgi.com/closedendfunds or by calling the Fund's shareholder servicing agent at (800) 254-5197.

The financial information contained herein is solely based upon the data available at the time of publication of this press release, and there is no assurance that any future results will be the same or similar to the results reported herein. Information that was obtained from third party sources we believe to be reliable is not guaranteed as to its accuracy or completeness. This press release contains no recommendations to buy or sell any specific securities and should not be considered investment advice of any kind. Past performance is no guarantee of future results and the investment returns generated by the Fund will fluctuate. There can be no assurance the Fund will meet its stated objective. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.

Contacts:

For Information on Allianz Closed-End Funds:
Financial Advisors: 800-926-4456
Shareholders: 800-254-5197
Media Relations: 212-739-3505

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