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AllianzGI Convertible & Income funds announce plans to sell shares
By Toni Weeks
San Luis Obispo, Calif., July 18 - The AllianzGI Convertible & Income Fund and the AllianzGI Convertible & Income Fund II, formerly the AGIC Convertible & Income Fund and AGIC Convertible & Income Fund II, respectively, have each entered into a sales agreement with JonesTrading Institutional Services LLC to sell common shares, according to separate 497 filings with the Securities and Exchange Commission.
The funds seek to provide total return through a combination of capital appreciation and high current income by investing in a diversified portfolio of convertible securities and non-convertible income-producing securities. Investments are made primarily in high-yield securities.
Doug Forsyth and Justin Kass are the portfolio managers for both funds.
The AllianzGI Convertible & Income Fund plans to sell up to 10.7 million shares from time to time, subject to an aggregate cap of $135 million. The last reported sale price for the common shares (NYSE: NCV) on July 17 was $9.32.
The AllianzGI Convertible & Income Fund II is offering to sell up to 9.6 million shares, subject to a cap of $100 million. The last reported sale price for the common shares (NYSE: NCZ) on July 17 was $8.56.
Including management fees of 1.05%, total annual expenses are expected to be 1.3% for the AllianzGI Convertible & Income Fund. Those percentages are 1.05% and 1.32%, respectively, for the AGIC Convertible & Income Fund II. Shares of either fund will incur a sales load of 1.5%.
New York-based Allianz Global Investors Fund Management LLC, an indirect subsidiary of Allianz SE, is the investment manager to the funds.
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