NEW YORK, March 24, 2008 (PRIME NEWSWIRE) -- Allianz Global Investors U.S. Retail LLC (the "Company") announced today that a letter to clients invested in shares of certain leveraged taxable and municipal closed-end funds (the "Funds") managed by its subsidiary, Allianz Global Investors Fund Management LLC, has been posted to www.allianzinvestors.com.
The letter provides an update on efforts to explore some potential solutions to address the unprecedented lack of liquidity of the Funds' Auction-Rate Preferred Shares due to recent failed auctions.
In addition, the Company announced today that an updated list of Frequently Asked Questions has also been posted to www.allianzinvestors.com.
Allianz Global Investors Fund Management LLC, an indirect, wholly-owned subsidiary of Allianz Global Investors U.S. Retail LLC, serves as the Funds' investment manager and is a member of Munich-based Allianz Group (NYSE:AZ). The Funds' daily New York Stock Exchange closing prices, weekly net asset values per share, as well as other information, including updated portfolio statistics and performance is available at http://www.allianzinvestors.com or by calling the Funds' shareholder servicing agent at (800) 331-1710.
Statements made in this release that look forward in time involve risks and uncertainties and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual future outcomes may differ from the results anticipated in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from forward-looking statements or historical occurrences: (1) the ability of closed-end funds managed by Allianz Global Investors Fund Management LLC ("Allianz Closed-End Funds") that have issued ARPS to develop and finalize fund-by-fund specific proposals to restructure the leverage of such funds; (2) the ability of such Allianz Closed-End Funds to negotiate and obtain from third parties the necessary debt facilities and other commitments and agreements necessary for the Allianz Closed-End Funds to refinance all or a portion of their leverage at an appropriate cost and on terms and conditions acceptable to the funds and in a timely manner; (3) the ability of such Allianz Closed-End Funds to negotiate and obtain from broker-dealers or other financial institutions the demand features necessary to make the ARPS eligible for purchase by money market funds on terms acceptable to the Allianz Closed-End Funds and in a timely manner; (4) the acceptance by the market, and demand for, ARPS with a demand feature in amounts sufficient for the Allianz Closed-End Funds to attract sufficient investors for the ARPS to avoid future failed auctions; (5) the need to obtain any necessary regulatory approvals to make the ARPS eligible for purchase by money market funds or for the implementation of such Allianz Closed-End Funds' plan to restructure their leverage; and (6) the ability of such Allianz Closed-End Funds to structure and create other forms of leverage for their portfolios.