AllianzGI Diversified Income & Convertible Fund Reports Results for the Fiscal Quarter and Nine Months Ended October 31, 2016
December 30 2016 - 04:00PM
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 nine months ended
October 31, 2016.
At October 31,
2016
Net Assets (a) $210,784,984 Common Shares Outstanding 10,274,970
Net Asset Value ("NAV") $20.51 Market Price $17.81 Discount to NAV
(13.16 )% Undistributed Ordinary Income Per Common Share (b)
$0.0619
Quarter ended
October 31, 2016
Net Investment Income (c) $1,027,146 Per Share (c)(d) $0.10 Net
Realized and Change in Unrealized Loss (c) $(3,095,352 ) Per Share
(c) $(0.31 )
Nine months ended
October 31, 2016
Net Investment Income (c) $2,961,294 Per Share (c)(d) $0.29 Net
Realized and Change in Unrealized Gain (c) $28,236,857 Per Share
(c) $2.73 (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 nine months ended
October 31, 2016 includes market premium amortization on corporate
bonds of $157,825 ($0.02 per common share) and $489,309 ($0.05 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/20161230005221/en/
For Information on Allianz Closed-End Funds:Financial
Advisors: 800-926-4456Shareholders: 800-254-5197Media Relations:
212-739-3505
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