AGIC Convertible & Income Fund announces plans to sell shares

By Toni Weeks

San Diego, Sept. 25 - The AGIC Convertible & Income Fund registered shares in an N-2 filing with the Securities and Exchange Commission.

The diversified, closed-end management investment company seeks to provide total return through a combination of capital appreciation and high current income and, under normal circumstances, invests at least 80% of its total assets in a portfolio of convertible securities and non-convertible income-producing securities, with at least 50% of the total assets invested in convertibles.

The non-convertible securities include, among others, corporate bonds, debentures, notes, other types of corporate debt instruments of U.S. and foreign corporate issuers, preferred stocks, bank loans, real estate investment trusts, payment-in-kind securities, credit-linked trust certificates, zero-coupon bonds, certificates of deposit and U.S. government securities.

The weighted average maturity of the portfolio ranges from five to 10 years.

Shares will be offered from time to time and in one or more offerings, with the terms, including the sales load and annual expenses, set at the time of offering. A token $1 million of the shares were registered.

New York-based Allianz Global Investors Fund Management LLC is the investment manager.

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