AllianzGI Diversified Income & Convertible Fund Reports Results for the Fiscal Quarter and Year Ended January 31, 2019
March 29 2019 - 4:05PM
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 year ended January 31, 2019.
At January 31,
2019
2018 Net Assets (a) $227,320,060
$245,382,023 Common Shares Outstanding 10,311,385 10,274,970 Net
Asset Value ("NAV") $22.05 $23.88 Market Price $21.29 $22.40
Discount to NAV (3.45)% (6.20)% Undistributed Ordinary Income Per
Common Share (b) $0.4238 $1.0554
Quarter ended
January 31, 2019 2018 Net
Investment Income (c) $212,271 $503,137 Per Share (c)(d) $0.02
$0.05 Net Realized and Change in Unrealized Gain (c) $4,718,343
$17,009,905 Per Share (c) $0.46 $1.65
Year
ended January 31, 2019 2018 Net
Investment Income (c) $1,686,486 $2,983,622 Per Share (c)(d) $0.16
$0.29 Net Realized and Change in Unrealized Gain (c) $18,335
$41,140,393 Per Share (c) $0.01 $4.00 (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 year
ended January 31, 2019 includes market premium amortization on
corporate bonds of $92,863 ($0.01 per common share) and $389,947
($0.04 per common share), respectively. Net Investment Income for
the fiscal quarter and year ended January 31, 2018 includes market
premium amortization on corporate bonds of $105,741 ($0.01 per
common share) and $443,727 ($0.04 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: https://www.businesswire.com/news/home/20190329005507/en/
For Information on Allianz Closed-End Funds:Financial Advisors:
(800) 926-4456Shareholders: (800) 254-5197Media Relations: (212)
739-3172
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