AGIC Convertible & Income Fund II Reports Results for the Fiscal Quarter Ended May 31, 2011
July 22 2011 - 4:00PM
Business Wire
AGIC Convertible & Income Fund II (the "Fund") (NYSE:NCZ), a
diversified closed-end management investment company which seeks to
provide total return through a combination of capital appreciation
and high current income, today announced its results for the fiscal
quarter ended May 31, 2011.
At May
31,
2011
2010
Net Assets (a) $816,412,579 $751,110,034 Common Shares Outstanding
62,016,949 60,950,686 Net Asset Value ("NAV") $8.75 $7.83 Market
Price $10.11 $8.54 Premium to NAV 15.54 % 9.07 % Undistributed Net
Investment Income Per Common Share (b) $0.0265 $0.0640
Quarter ended May
31,
2011
2010
Net Investment Income (c) $15,917,641 $16,657,095 Per Common Share
(c) $0.26 $0.28 Net Realized and Change in Unrealized Loss (c)
$(8,968,055 ) $(12,956,872 ) Per Common Share (c) $(0.14 ) $(0.21 )
(a) Net assets are inclusive of Preferred Shares of $274
million. (b) Since the Fund's net earning rates fluctuate
from month to month, there will be periods when the Fund may
over-earn or under-earn its monthly dividend rate. This fluctuation
will have the effect of adding to or subtracting from the Fund's
undistributed net investment income balance. Fund management
analyzes the current and projected net earning rates prior to
recommending dividend amounts to the Fund's Board of Trustees for
declaration. There can be no assurance that the monthly dividend
rate will remain at its current level or that the undistributed net
investment income balance will be sufficient to cover any shortfall
in earnings to meet the current dividend rate. The undistributed
net investment income balance is exclusive of market premium
amortization on corporate bonds in accordance with federal income
tax treatment. (c) Net Investment Income for the fiscal
quarters ended May 31, 2011and May 31, 2010 includes market premium
amortization on corporate bonds of $254,750 (less than $0.01 per
common share) and $284,597 (less than $0.01 per common share),
respectively. For tax purposes, the Fund has elected not to
amortize market premium on corporate bonds.
Allianz Global Investors Fund Management LLC ("AGIFM"), an
indirect, wholly-owned subsidiary of Allianz Global Investors of
America L.P., serves as the Fund's investment manager and is a
member of Munich-based Allianz Group. Allianz Global Investors
Capital LLC, an AGIFM affiliate, serves as the Fund's
sub-adviser.
The Fund's daily New York Stock Exchange closing price, net
asset value per share, as well as other information, is available
at http://www.allianzinvestors.com/closedendfunds or by calling the
Fund's shareholder servicing agent at (800) 254-5197.
The financial information contained herein is solely based upon
the data available at the time of publication of this press
release, and there is no assurance that any future results will be
the same or similar to the results reported herein. Information
that was obtained from third party sources we believe to be
reliable is not guaranteed as to its accuracy or completeness. This
press release contains no recommendations to buy or sell any
specific securities and should not be considered investment advice
of any kind. Past performance is no guarantee of future results and
the investment returns generated by the Fund will fluctuate. There
can be no assurance that the Fund will meet its stated objective.
The Fund's ability to pay dividends to common shareholders is
subject to the restrictions in its registration statement, By-laws
and other governing documents as well as the Investment Company Act
of 1940. In making any investment decision, individuals should
utilize other information sources and the advice of their own
professional adviser.
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