AllianzGI Convertible & Income Fund Reports Results for the Fiscal Quarter and Six Months Ended August 31, 2016
October 28 2016 - 4:00PM
Business Wire
AllianzGI Convertible & Income Fund (the "Fund") (NYSE:NCV),
a diversified closed-end management investment company which seeks
to provide total return through a combination of capital
appreciation and high current income, today announced its results
for the fiscal quarter and six months ended August 31, 2016.
At August
31,
2016
2015
Net Assets (a) $944,240,772 $997,103,465 Common Shares Outstanding
88,089,521 87,956,663 Net Asset Value ("NAV") $6.67 $7.28 Market
Price $6.65 $7.22 Discount to NAV (0.30 )% (0.82 )% Undistributed
Net Investment Income Per Common Share (b) $0.0533 $0.0202
Quarter ended August
31,
2016
2015
Net Investment Income (c) $15,639,976 $18,965,599 Per Common Share
(c) $0.17 $0.21 Net Realized and Change in Unrealized Gain (Loss)
(c) $37,578,521 $(83,335,472 ) Per Common Share (c) $0.44 $(0.94 )
Six Months ended
August 31,
2016
2015
Net Investment Income (c) $31,897,354 $37,268,750 Per Common Share
(c) $0.36 $0.42 Net Realized and Change in Unrealized Gain (Loss)
(c) $105,726,471 $(91,617,886 ) Per Common Share (c) $1.21 $(1.04 )
(a) Net assets are inclusive of Preferred Shares of
$357 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 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 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 six months ended August 31, 2016
includes market premium amortization on corporate bonds of $642,758
(less than $0.01 per common share) and $1,267,005 ($0.01 per common
share), respectively. Net Investment Income for the fiscal quarter
and six months ended August 31, 2015 includes market premium
amortization on corporate bonds of $945,631 ($0.01 per common
share) and $1,973,291 ($0.02 per common share), respectively. 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/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 that the Fund will meet its stated objective.
The Fund's ability to pay dividends to common shareholders is
subject to the restrictions in its registration statement, By-laws
and other governing documents as well as the Investment Company Act
of 1940. In making any investment decision, individuals should
utilize other information sources and the advice of their own
professional adviser.
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version on businesswire.com: http://www.businesswire.com/news/home/20161028005576/en/
For Information on Allianz Closed-End Funds:Financial Advisors:
(800) 926-4456Shareholders: (800) 254-5197Media Relations: (212)
739-3505
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