AllianzGI Diversified Income & Convertible Fund Reports Results for the Fiscal Quarter Ended April 30, 2016
June 29 2016 - 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 ended April 30, 2016.
At April 30,
2016 Net Assets (a) $206,890,564 Common Shares Outstanding
10,275,119 Net Asset Value ("NAV") $20.14 Market Price $17.81
Discount to NAV (11.57)% Overdistributed Ordinary Income Per Common
Share (b) $(0.1901)
Quarter ended April 30,
2016 Net Investment Income (c) $1,036,900 Per Share (c)(d)
$0.10 Net Realized and Unrealized Gain (c) $15,971,286 Per Share
(c) $1.55
(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 overdistributed 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
overdistributed ordinary income balance is exclusive of market
premium amortization on corporate bonds in accordance with federal
income tax treatment. The overdistributed 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 ended April 30, 2016 includes market premium amortization
on corporate bonds of $166,853 ($0.02 per common share). 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 Fund Management LLC ("AGIFM"), 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. Allianz Global Investors U.S.
LLC, an affiliate of AGIFM, serves as the Fund's sub-adviser.
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/20160629005899/en/
For Information on Allianz Closed-End Funds:Financial
Advisors: 800-926-4456Shareholders: 800-254-5197Media Relations:
212-739-3501
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