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 nine months ended November 30, 2014.
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At November 30,
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2014
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2013
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Net Assets (a)
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$1,120,112,563
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$1,122,675,666
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Common Shares Outstanding
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87,563,478
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82,046,215
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Net Asset Value ("NAV")
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$8.71
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$9.33
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Market Price
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$9.44
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$9.69
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Premium to NAV
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8.38%
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3.86%
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Undistributed Net Investment Income
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Per Common Share (b)
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$0.1579
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$0.1954
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Quarter ended November 30,
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2014
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2013
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Net Investment Income (c)
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$19,013,096
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$23,269,700
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Per Common Share (c)
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$0.22
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$0.28
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Net Realized and Change in Unrealized Gain (Loss) (c)
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$(45,326,706)
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$27,765,000
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Per Common Share (c)
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$(0.53)
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$0.34
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Nine Months ended November 30,
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2014
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2013
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Net Investment Income (c)
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$61,131,430
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$62,787,592
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Per Common Share (c)
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$0.70
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$0.78
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(d)
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Net Realized and Change in Unrealized Gain (Loss) (c)
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$(58,836,142)
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$45,366,983
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Per Common Share (c)
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$(0.68)
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$0.57
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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. This fluctuation will have the effect
of adding to or subtracting from the Fund's undistributed net
investment 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 net investment income
balance, will be sufficient to cover any shortfall in earnings to
meet the current dividend rate. The undistributed net investment
income balance is exclusive of market premium amortization on
corporate bonds in accordance with federal income tax treatment.
The undistributed net investment income balance includes 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 nine months ended
November 30, 2014 includes market premium amortization on
corporate bonds of $1,166,276 ($0.01 per common share) and
$3,689,827 ($0.04 per common share), respectively. Net Investment
Income for the fiscal quarter and nine months ended November 30,
2013 includes market premium amortization on corporate bonds of
$1,181,781 ($0.02 per common share) and $3,042,536 ($0.04 per
common share), respectively. For tax purposes, the Fund has
elected not to amortize market premium on corporate bonds.
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(d)
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Calculated on average shares outstanding.
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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 2015