AllianzGI Diversified Income & Convertible Fund AllianzGI Equity & Convertible Income Fund

Revisions to the Funds’ Non-Fundamental Investment Policies Regarding Writing Call Options

The Boards of Trustees of AllianzGI Diversified Income & Convertible Fund (NYSE:ACV) and AllianzGI Equity & Convertible Income Fund (NYSE:NIE) (each a “Fund” and collectively, the “Funds”) announced that, effective September 21, 2015, each Fund has modified its non-fundamental policy to normally write call options “with respect to approximately 70% of the value” of each position in the equity portion of the respective Fund’s portfolio, and adopted a revised non-fundamental policy to normally write call options “with respect to up to approximately 70% of the value” of each equity position in the equity portion of the respective Fund’s portfolio.

The Funds are closed-end management investment companies. The Funds’ investment objective is to provide total return through a combination of capital appreciation and current income. There can be no assurance that the Funds will achieve their stated objectives.

Allianz Global Investors Fund Management LLC (“AGIFM”), 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. Allianz Global Investors U.S. LLC, an AGIFM affiliate, serves as the Funds’ sub-adviser.

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 are available at us.allianzgi.com/closedendfunds or by calling the Funds’ shareholder servicing agent at [phone].

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 dividends 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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For Information on Allianz Closed-End Funds:Financial Advisors: 800-926-4456Shareholders: 800-254-5197Media Relations: 212-739-3501