AllianzGI Convertible & Income 2024 Target Term Fund Reports Results for the Fiscal Quarter & Nine Months Ended November 30, ...
January 29 2021 - 4:05PM
Business Wire
AllianzGI Convertible & Income 2024 Target Term Fund (the
"Fund") (NYSE: CBH), a diversified 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 and nine months ended November 30, 2020.
At November
30,
2020
2019
Net Assets
$186,807,810
$181,166,380
Common Shares Outstanding
18,258,516
18,257,012
Net Asset Value ("NAV")
$10.23
$9.92
Market Price
$9.88
$9.80
Discount to NAV
(3.42)%
(1.21)%
Undistributed Ordinary Income Income Per Common Share
(a)
$0.3840
$0.2391
Quarter
ended November 30,
2020
2019
Net Investment Income (b)
$2,024,586
$2,092,359
Per Share (b)
$0.11
$0.11
Net Realized and Change in Unrealized Gain (b)
$10,262,199
$3,559,887
Per Share (b)
$0.56
$0.19
Nine Months
ended November 30,
2020
2019
Net Investment Income (b)
$5,922,564
$6,251,956
Per Share (b)
$0.32
$0.34
Net Realized and Change in Unrealized Gain (b)
$8,523,148
$5,153,671
Per Share (b)
$0.48
$0.28
(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 quarter and nine months ended
November 30, 2020 includes market premium amortization on corporate
bonds of $243,635 ($0.01 per common share) and $753,633 ($0.04 per
common share), respectively. Net Investment Income for the fiscal
quarter and nine months ended November 30, 2019 includes market
premium amortization on corporate bonds of $221,563 ($0.01 per
common share) and $623,962 ($0.03 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210129005545/en/
For Information on Allianz Closed-End Funds: Financial
Advisors: (800) 926-4456 Shareholders: (800) 254-5197 Media
Relations: (212) 739-3172
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