AllianzGI Convertible & Income 2024 Target Term Fund Reports Results for the Fiscal Quarter Ended May 31, 2020
July 30 2020 - 4:05PM
Business Wire
AllianzGI Convertible & Income 2024 Target Term Fund (the
"Fund") (NYSE: CBH), a diversified limited term 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 fiscal quarter ended May 31, 2020.
At May 31,
2020
2019
Net Assets
$
163,751,586
$
175,605,924
Common Shares Outstanding
18,257,012
18,257,012
Net Asset Value ("NAV")
$
8.97
$
9.62
Market Price
$
8.72
$
8.99
Discount to NAV
(2.79
)%
(6.55
)%
Undistributed Ordinary Income Income Per Common Share (a)
$
0.3538
$
0.2651
Quarter ended May 31,
2020
2019
Net Investment Income (b)
$
1,870,464
$
2,116,239
Per Share (b)
$
0.10
$
0.12
Net Realized and Change in Unrealized Loss (b)
$
(15,506,767
)
$
(1,310,003
)
Per Share (b)
$
(0.84
)
$
(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 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 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 adjustments
for accrual of deemed dividends from investments in convertible
debt in accordance with federal income tax treatment.
(b)
Net Investment Income for the fiscal
quarters ended May 31, 2020 and May 31, 2019 includes market
premium amortization on corporate bonds of $273,190 ($0.02 per
common share) and $202,639 ($0.01 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 PFP Holdings, Inc., 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 objectives.
In making any investment decision, individuals should utilize other
information sources and the advice of their own professional
adviser.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200730005553/en/
Financial Advisors: (800) 926-4456 Shareholders: (800) 254-5197
Media Relations: (212) 739-3172
Virtus Convertible and I... (NYSE:CBH)
Historical Stock Chart
From Apr 2024 to May 2024
Virtus Convertible and I... (NYSE:CBH)
Historical Stock Chart
From May 2023 to May 2024