AllianzGI Diversified Income & Convertible Fund Reports Results for the Fiscal Quarter and Six Months Ended July 31, 2016
September 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 and six months ended July 31, 2016.
At July 31,
2016 Net Assets (a) $218,000,951 Common Shares Outstanding
10,274,970 Net Asset Value ("NAV") $21.22 Market Price $18.98
Discount to NAV (10.56)% Undistributed Ordinary Income Per Common
Share (b) $0.1023
Quarter ended July 31,
2016 Net Investment Income (c) $897,248 Per Share (c)(d)
$0.09 Net Realized and Unrealized Gain (c) $15,360,923 Per Share
(c) $1.49
Six months ended July 31, 2016
Net Investment Income (c) $1,934,148 Per Share (c)(d) $0.19 Net
Realized and Unrealized Gain (c) $31,332,209 Per Share (c) $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, 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 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/20160929005878/en/
For Information on Allianz Closed-End Funds:Financial
Advisors: 800-926-4456Shareholders: 800-254-5197Media Relations:
212-739-3505
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