AllianzGI Convertible & Income Fund II is a closed-end exchange traded investment company. The objective of the fund is to seek total return through a combination of capital appreciation and high current income. It invests in a diversified portfolio of domestic convertible securities and non-convertible bonds rated below investment grade. The fund seeks to invest at least 50% of its portfolio in convertibles, but determines its allocation based on changes in equity prices, changes in interest rates and other economic and market factors. It seeks to capture approximately 70%-80% of any increase in the market price of the underlying equities (upside potential) and 50% or less of any decrease in the market price of the underlying equities (downside exposure).