AllianzGI Convertible & Income Fund Announces Earnings Results for the Fiscal Quarter and Nine Months Ended November 30, 2013
January 29, 2014 at 04:00 pm EST
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AllianzGI Convertible & Income Fund announced earnings results for the fiscal third quarter and nine months ended November 30, 2013. For the quarter, the company reported net investment income of $23,269,700 or $0.28 per common share against net investment income of $20,339,746 or $0.26 per common share for the comparable period last year. Net realized and change in unrealized gain was $27,765,000 or $0.34 per share against net realized and change in unrealized gain of $5,873,983 or $0.09 per share of prior year period.
For the nine months, the company reported net investment income of $62,787,592 or $0.78 per common share against net investment income of $60,286,386 or $0.79 per common share for the comparable period last year. Net realized and change in unrealized gain was $45,366,983 or $0.57 per share against net realized and change in unrealized loss of $21,418,936 or $0.27 per share of prior year period. 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. Net Investment Income for the fiscal quarter and nine months ended November 30, 2012 includes market premium amortization on corporate bonds of $386,501 (less than $0.01 per common share) and $988,293 ($0.01 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.