Allianz Global Investors Fund Management LLC, a leading investment management company, has launched a closed-ended fixed income mutual fund called Virtus Convertible & Income Fund II. Co-managed by Allianz Global Investors U.S. LLC, the fund invests in the fixed income markets of the United States with a primary focus on convertible securities and non-convertible high-yield bonds rated below investment grade. With a weighted average maturity ranging from five to ten years, the fund employs a bottom-up stock picking approach to create its portfolio, using fundamental analysis and conducting in-house research using proprietary models. Formerly known as AGIC Convertible & Income Fund II, the Virtus Convertible & Income Fund II was formed on July 31, 2003 and is domiciled in the United States.