AllianzGI Diversified Income & Convertible Fund Reports Results for the Fiscal Quarter and Six Months Ended July 31, 2017
September 29 2017 - 4:00PM
Business Wire
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 six months ended July 31, 2017.
At July
31,
2017
2016
Net Assets (a) $230,148,932 $218,000,951 Common Shares Outstanding
10,274,970 10,274,970 Net Asset Value ("NAV") $22.40 $21.22 Market
Price $21.62 $18.98 Discount to NAV (3.48)% (10.56)% Undistributed
Ordinary Income Per Common Share (b) $0.6569 $0.1023
Quarter ended July
31,
2017
2016
Net Investment Income (c) $651,533 $897,248 Per Share (c)(d) $0.06
$0.09 Net Realized and Change in Unrealized Gain (c) $7,880,191
$15,360,923 Per Share (c) $0.77 $1.49
Six Months ended
July 31,
2017
2016
Net Investment Income (c) $1,742,661 $1,934,148 Per Share (c)(d)
$0.17 $0.19 Net Realized and Change in Unrealized Gain (c)
$16,852,743 $31,332,209 Per Share (c) $1.64 $3.04 (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 six months
ended July 31, 2017 includes market premium amortization on
corporate bonds of $114,885 ($0.01 per common share) and $229,679
($0.02 per common share), respectively. Net Investment Income for
the fiscal quarter and six months ended July 31, 2016 includes
market premium amortization on corporate bonds of $164,631 ($0.01
per common share) and $331,484 ($0.03 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170929005458/en/
Allianz Closed-End Funds:Financial Advisors:
800-926-4456Shareholders: 800-254-5197Media Relations:
212-739-3505
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