AllianzGI Convertible & Income Fund (the "Fund") (NYSE:NCV), a
diversified closed-end management investment company which seeks to
provide total return through a combination of capital appreciation and
high current income, today announced its results for the fiscal quarter
and six months ended August 31, 2014.
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At August 31,
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2014
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2013
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Net Assets (a)
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$1,168,883,137
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$1,085,370,171
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Common Shares Outstanding
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87,427,482
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81,148,311
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Net Asset Value ("NAV")
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$9.29
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$8.98
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Market Price
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$10.06
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$9.22
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Premium to NAV
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8.29%
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2.67%
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Undistributed (Overdistributed) Net Investment Income
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Per Common Share (b)
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$0.1915
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$(0.0223)
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Quarter ended August 31,
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2014
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2013
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Net Investment Income (c)
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$20,745,541
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$21,302,488
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Per Common Share (c)
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$0.24
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$0.27
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Net Realized and Change in Unrealized Loss (c)
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$(8,318,834)
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$(17,498,293)
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Per Common Share (c)
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$(0.09)
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$(0.23)
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Six Months ended August 31,
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2014
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2013
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Net Investment Income (c)
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$42,118,334
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$39,517,892
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Per Common Share (c)
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$0.48
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$0.50
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Net Realized and Change in Unrealized Gain (Loss) (c)
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$(13,509,436)
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$17,601,983
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Per Common Share (c)
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$(0.15)
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$0.23
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(a)
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Net assets are inclusive of Preferred Shares of $357 million.
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(b)
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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.
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This fluctuation will have the effect of adding to or subtracting
from the Fund's undistributed (overdistributed) net investment
income balance. Fund management
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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
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assurance that the monthly dividend rate will remain at its current
level or that the undistributed net investment income balance, if
any, will be sufficient
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to cover any shortfall in earnings to meet the current dividend
rate. The undistributed (overdistributed) net investment income
balance is exclusive of market premium
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amortization on corporate bonds in accordance with federal income
tax treatment. The undistributed net investment income balance at
August 31, 2014 includes
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realized gain (loss) on the sale of contingent debt in accordance
with federal income tax treatment.
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(c)
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Net Investment Income for the fiscal quarter and six months ended
August 31, 2014 includes market premium amortization on corporate
bonds of $1,199,008
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($0.01 per common share) and $2,523,551 ($0.03 per common share),
respectively. Net Investment Income for the fiscal quarter and six
months ended
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August 31, 2013 includes market premium amortization on corporate
bonds of $1,108,999 ($0.01 per common share) and $1,860,755 ($0.02
per common share),
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respectively. For tax purposes, the Fund has elected not to amortize
market premium on corporate bonds.
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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 AGIFM affiliate,
serves as the Fund's sub-adviser.
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 objective. The
Fund's ability to pay dividends to common shareholders is subject to the
restrictions in its registration statement, By-laws and other governing
documents as well as the Investment Company Act of 1940. In making any
investment decision, individuals should utilize other information
sources and the advice of their own professional adviser.
Copyright Business Wire 2014