AllianzGI Diversified Income & Convertible Fund Reports Results for the Fiscal Quarter and Year Ended January 31, 2017
March 31 2017 - 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 year ended January 31, 2017.
At January
31,
2017
2016
Net Assets (a)
$221,849,048
$201,644,092 Common Shares Outstanding 10,274,970 10,661,039 Net
Asset Value ("NAV") $21.59 $18.91 Market Price $19.49 $16.40
Discount to NAV (9.73)% (13.27)% Undistributed (Overdistributed)
Ordinary Income Per Common Share (b) $0.0776 $(0.0158)
Quarter ended January 31, 2017 Net Investment
Income (c) $1,041,742 Per Share (c)(d) $0.10 Net Realized and
Change in Unrealized Gain (c) $15,170,082 Per Share (c) $1.48
For the Period May 27, 2015 (e)
Year ended
January 31, 2017 through January 31, 2016 Net
Investment Income (c) $4,003,036 $2,045,765 Per Share (c)(d) $0.39
$0.18 Net Realized and Change in Unrealized Gain (Loss) (c)
$43,406,939 $(45,171,088) Per Share (c) $4.21 $(4.09)
(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 (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 (overdistributed) ordinary income balance, if any,
will be sufficient to cover any shortfall in earnings to meet the
current dividend rate. The undistributed (overdistributed) ordinary
income balance is exclusive of market premium amortization on
corporate bonds in accordance with federal income tax treatment.
The undistributed (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 and year ended
January 31, 2017 includes market premium amortization on corporate
bonds of $156,718 ($0.01 per common share) and $646,027 ($0.06 per
common share), respectively. Net Investment Income for the period
ended January 31, 2016 includes market premium amortization on
corporate bonds of $507,978 ($0.05 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.
(e) Commencement of operations.
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/20170331005778/en/
Allianz Closed-End Funds:Financial Advisors: (800)
926-4456Shareholders: (800) 254-5197Media Relations: (212)
739-3505
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