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AllianzGI Convertible & Income 2024 Target Term Fund Reports Results for the Quarter Ended May 31, 2018

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AllianzGI Convertible & Income 2024 Target Term Fund (the "Fund") (NYSE: CBH), a diversified closed-end management investment company which seeks
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 of
beneficial interest before deducting offering cost of $0.02 per share)
to holders of common shares on or about September 1, 2024, today
announced its results for the quarter ended May 31, 2018.

     

At May 31, 2018

Net Assets $180,262,865
Common Shares Outstanding 18,257,012
Net Asset Value ("NAV") $9.87
Market Price $9.29
Discount to NAV (5.88)%
Undistributed Net Investment
Income Per Common Share (a) $0.1353
 

Quarter ended May 31, 2018

Net Investment Income (b) $2,786,164
Per Share (b) $0.15
Net Realized and Unrealized Gain (b) $1,235,897
Per Share (b) $0.07
 

(a)

  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 net
investment 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 net investment income balance will
be sufficient to cover any shortfall in earnings to meet the current
dividend rate. The undistributed net investment income balance is
exclusive of market premium amortization on corporate bonds in
accordance with federal income tax treatment. The undistributed net
investment income balance includes realized gain (loss) on the sale
of contingent debt and Section 305 adjustments for accrual of deemed
dividends from investments in convertible debt in accordance with
federal income tax treatment.
 

(b)

Net Investment Income for the quarter ended May 31, 2018 includes
market premium amortization on corporate bonds of $218,441 ($0.01
per common share). For tax purposes, the Fund has elected not to
amortize market premium on corporate bonds.
 

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, are available at us.allianzgi.com/en-us/products-solutions/closed-end-funds
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 that the Fund will meet its stated objectives. In
making any investment decision, individuals should utilize other
information sources and the advice of their own professional adviser.

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