AllianzGI Convertible & Income Fund Reports Earnings Results for the Third Quarter and Nine Months Ended November 30, 2016
January 30, 2017 at 04:00 pm EST
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AllianzGI Convertible & Income Fund reported earnings results for the third quarter and nine months ended November 30, 2016. For the quarter, the company reported net investment income of $15,878,133 or $0.18 per common share compared to $18,292,539 or $0.21 per common share a year ago. Net realized and change in unrealized loss was $4,597,046 or $0.05 per common share compared to $60,680,623 or $0.69 per common share a year ago. Net Investment Income for the quarter ended November 30, 2016, includes market premium amortization on corporate bonds of $755,492 or $0.01 per common share and $2,022,497 or $0.02 per common share, respectively. Net investment income for the fiscal quarter ended November 30, 2015 includes market premium amortization on corporate bonds of $818,181 or $0.01 per common share and $2,791,472 or $0.03 per common share, respectively.
For the nine months, the company reported net investment income of $47,775,487 or $0.54 per common share compared to $55,561,289 or $0.63 per common share a year ago. Net realized and change in unrealized gain was $101,129,425 or $1.06 per common share compared to loss of $152,298,509 or $1.73 per common share a year ago. Net investment income for the nine months ended November 30, 2016 includes market premium amortization on corporate bonds of $755,492 or $0.01 per common share and $2,022,497 or $0.02 per common share, respectively. Net investment income for nine months ended November 30, 2015 includes market premium amortization on corporate bonds of $818,181 or $0.01 per common share and $2,791,472 or $0.03 per common share, respectively.
Virtus Convertible & Income Fund (the Fund) is a diversified, closed-end management investment company. The Fund's investment objective is to provide total return through a combination of capital appreciation and high current income. Under normal circumstances, the Fund invest approximately 80% of its total assets in a diversified portfolio of convertible securities and non-convertible income-producing securities. The Fund seeks to invest at least 50% of the portfolio in convertible securities, but determines the allocation based on changes in equity prices, changes in interest rates, and other economic and market factors. The Fund invests in various sectors, including airlines, auto manufacturers, banks, computers, biotechnology, diversified financial services, commercial services, healthcare products and media, among others. The Fund's investment advisor is Virtus Investment Advisers, Inc., and its investment subadvisor is Voya Investment Management Co. LLC.
VIRTUS CONVERTIBLE & INCOME FUND 
