NEW YORK, Oct. 30, 2008 (GLOBE NEWSWIRE) -- Nicholas-Applegate International & Premium Strategy Fund (the "Fund") (NYSE:NAI), a closed-end management investment company which seeks total return comprised of current income, current gains and long-term capital appreciation, today announced its results for the fiscal quarter and six months ended August 31, 2008.
At August 31,
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2008 2007
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Net Assets $189,394,784 $279,687,750
Shares Outstanding 9,775,784 9,775,784
Net Asset Value ("NAV") $ 19.37 $ 28.61
Market Price $ 17.27 $ 26.94
Discount to NAV (10.84)% (5.84)%
Quarter ended August 31,
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2008 2007
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Net Investment Income $ 437,837 $ 657,788
Per Share $ 0.05 $ 0.07
Net Realized and Change in
Unrealized Loss $(26,221,931) $ (6,072,261)
Per Share $ (2.69) $ (0.62)
Six months ended August 31,
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2008 2007
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Net Investment Income $ 3,092,974 $ 4,367,450
Per Share $ 0.32 $ 0.45
Net Realized and Change in
Unrealized Gain (Loss) $(15,816,316) $ 6,986,583
Per Share $ (1.62) $ 0.72
Allianz Global Investors Fund Management LLC, 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 (NYSE:AZ). Nicholas-Applegate Capital Management LLC and Oppenheimer Capital LLC (the "Sub-Advisers") manage the Fund's international equity portfolio and index option strategy, respectively.
At a meeting held September 15, 2008, the Board of Trustees of the Fund approved a change of the Fund's sub-adviser responsible for the Fund's option strategy from Oppenheimer Capital LLC, to Nicholas Applegate Capital Management LLC ("NACM"). NACM will take over option writing responsibilities for the Fund, and Oppenheimer Capital LLC's role as sub-adviser shall terminate, pending shareholder approval of the proposal. It is anticipated that the Fund will seek shareholder approval at a special meeting of shareholders to be held on or about November 12, 2008.
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) 331-1710.
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 what is 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 investment objective. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.