NEW YORK, Nov. 26, 2008 (GLOBE NEWSWIRE) -- Allianz Global Investors Fund Management LLC ("AGIFM"), announced that, on November 12, 2008, shareholders of the Nicholas-Applegate International & Premium Strategy Fund (the "Fund" or "NAI") (NYSE:NAI) approved the 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"), and the termination of Oppenheimer Capital LLC's role as sub-adviser, both of which took effect on the close of business Tuesday November 25, 2008. As mentioned in the September 26, 2008 press release, management fees paid by the Fund will not be impacted, although the sub-advisory fee payable by AGIFM to NACM shall increase by the amount of the current sub-advisory fee payable by AGIFM to Oppenheimer Capital LLC.
In connection with this change, NACM will be responsible for the option writing for the Fund and will implement a different option strategy than utilized by Oppenheimer Capital LLC. The new option strategy will focus primarily on writing call options on individual securities held in the Fund's international equity portfolio, rather than focusing on equity index options.
Mr. Steven Tael and Mr. Kunal Ghosh will continue to be responsible for day-to-day portfolio management of the international equity portion of the portfolio. In addition, similar to its option writing responsibilities for the Nicholas-Applegate Global Equity & Convertible Income Fund (NGZ), the NACM income and growth portfolio management team shall now be responsible for NAI's option writing strategy, with Mr. Michael Yee having day-to-day responsibilities. The Fund's investment objective seeks total return comprised of current income, current gains and long-term capital appreciation. There can be no assurance the Fund will achieve its objective. Allianz Global Investors Fund Management LLC, an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P., serves as the Funds' investment manager and is a member of Munich-based Allianz Group (NYSE:AZ). Nicholas-Applegate Capital Management LLC, an Allianz Global Investors Fund Management affiliate, serves as the Funds' sub-adviser.
The Funds' daily New York Stock Exchange closing prices, 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. Such risks and uncertainties include, without limitation, the adverse effect from further declines in the securities markets and in the Funds' performance, a general downturn in the economy, inability to obtain leverage to replace ARPS that have been redeemed, competition from other companies, changes in government policy or regulation, inability to attract or retain key employees, inability to implement its operating strategy and/or acquisition strategy, and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations. The Funds' ability to pay dividends to common shareholders is subject to the restrictions in their registration statements, by-laws and other governing documents.