AllianzGI Announces Shareholders of 5 Closed-End Funds Approve New Investment Advisory and Subadvisory Agreements at Special Meeting and the Adjournment of Meeting for Remaining Funds

Allianz Global Investors U.S. LLC (“AllianzGI U.S.”), investment manager to each of the Funds listed above, announced today that (i) the shareholders of 5 of its Closed-End Funds (each, an “Approving Fund”) voted to approve a new investment advisory agreement with Virtus Investment Partners, Inc. (“Virtus”) at its Special Meeting of Shareholders (the “Meeting”) as well as the relevant subadvisory agreements, and (ii) the Meeting has been adjourned with respect to the remaining funds (each, an “Adjourning Fund”) to a later date and time as described in this press release in order to permit the solicitation of additional shareholder votes.

The Approving Funds are AllianzGI Convertible & Income 2024 Target Term Fund, AllianzGI Convertible & Income Fund II, AllianzGI Diversified Income & Convertible Fund, AllianzGI Dividend, Interest & Premium Strategy Fund, and AllianzGI Equity & Convertible Income Fund and shareholders of each Approving Fund approved a new investment advisory agreement with Virtus. For each Approving Fund, shareholders also approved a new subadvisory agreement by and among such Fund, Virtus and AllianzGI U.S. For AllianzGI Dividend, Interest & Premium Strategy Fund, shareholders also approved a new subadvisory agreement by and among the Fund, Virtus and NFJ Investment Group, LLC.

Each new investment advisory agreement and subadvisory agreement will become effective upon the transition of operational control of the Funds as part of the strategic partnership with Virtus. The transition to Virtus is not expected to directly result in any change to the personnel responsible for managing the Approving Funds’ assets or the composition of the Approving Funds’ portfolios, or in any increase in the fees or expenses borne by the Fund Shareholders.

The Adjourning Funds are AllianzGI Convertible & Income Fund and AllianzGI Artificial Intelligence & Technology Opportunities Fund. The meeting with respect to the Adjourning Funds has been adjourned and will now take place on December 23, 2020 at 12:00 p.m. Eastern Time. Additionally, in light of public health concerns regarding the COVID-19 pandemic, the rescheduled Meeting will be held in a virtual meeting format only.

As noted in the proxy materials previously distributed for the Meeting, the Board of Trustees of each Fund fixed the close of business on September 10, 2020 as the record date for the determination of shareholders of the Fund entitled to notice of, and to vote at, the Meeting or any postponement or adjournment thereof. To attend the rescheduled Meeting virtually, shareholders must email the Funds’ Transfer Agent, AST Financial, at [e-mail] and provide their full name, address and control number located on the proxy card previously received. AST Financial will then email the shareholder meeting credentials information and instructions for voting during the Meeting.