AGIC funds sell shares, invest in convertibles, high-yield securities

By Toni Weeks

San Diego, Dec. 5 - AGIC Convertible & Income Fund and AGIC Convertible & Income Fund II announced their plans to sell common shares via agent JonesTrading Institutional Services LLC, according to form 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 AGIC Convertible & Income Fund is offering to sell up to 10.7 million shares, subject to a cap of $135.5 million. The last reported sale price for the common shares (NYSE: NCV) on Nov. 19 was $8.78 apiece.

The AGIC 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: NCZV) on Nov. 19 was $8.17 apiece.

Including management fees of 1.1%, total annual expenses are expected to be 1.43% for the AGIC Convertible & Income Fund. Those percentages are 1.11% and 1.47%, respectively, for the AGIC Convertible & Income Fund II. The sales load was not reported in the filing for either fund.

New York-based Allianz Global Investors Fund Management LLC, an indirect subsidiary of Allianz SE, serves as the investment manager of the funds.

AGIC, the funds' subadviser, is a San Diego-based investment adviser.

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