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It's time to let you in on a dirty little secret: You may not own the stock you own. That's right, if you invest with a brokerage firm, the shares you bought are almost certainly not held in your name. Technically, they're held in the name of the Wall Street firm you do business with, hence the term "street name."
No, you haven't been robbed. Ultimately, the decision to hold shares on the books under a different name doesn't affect the economic ramifications for you. You¿re listed as the "beneficial owner," even though the firm is the official owner of the shares. But, you are giving up some rights, and investors concerned about good corporate governance might want to get that stock back in their own names.
Here's the problem: If your stock is technically owned by, say, Merrill Lynch, then Merrill Lynch gets to do things with it that might work against your wishes. Take short selling. Investors who want to sell shares short need to first borrow those shares. The lenders are often the big Wall Street firms that are handing out Street-name shares. So, if you feel that a company you own is a victim of aggressive short selling, chances are your own shares are being used to fuel the shorting.
Also, your brokerage firm can cast ballots on some corporate matters affecting a company without getting your input. Technically, this can only happen in votes considered ¿routine¿ by securities regulators. But, there's a big catch: some big events, like board elections, are considered "routine" under law.
The good news is that you can easily fix the Street name problem: Just request that your brokerage firm makes you the listed owner of the shares. If they refuse, find a new firm.
Home / Markets / Industries / Finance
Tuesday, July 01, 2008
Nicholas-Applegate Convertible & Income Fund and Nicholas-Applegate Convertible & Income Fund II Declare Monthly Common Share Income Dividends
Comtex
NEW YORK, Jul 1, 2008 (PrimeNewswire via COMTEX) ----The Boards of Trustees of Nicholas-Applegate Convertible & Income Fund (NYSE:NCV) and Nicholas-Applegate Convertible & Income Fund II (NYSE:NCZ) (collectively, the "Funds") announced today that they have declared the following dividends on the Funds' common shares:
Nicholas-Applegate Convertible & Income Fund $0.125 per common share Nicholas-Applegate Convertible & Income Fund II $0.11875 per common share
The dividends will be payable on August 1, 2008 to shareholders of record on July 11, 2008, with an ex-dividend date of July 9, 2008.
At June 30, 2008, the Funds' net assets(a) were approximately:
(in millions) Nicholas-Applegate Convertible & Income Fund $1,371.6 Nicholas-Applegate Convertible & Income Fund II $1,197.7 (a) Net assets are inclusive of market value of Preferred Shares of $525 million and $505 million for NCV & NCZ, respectively.
The Funds' investment objective is to provide total return through a combination of capital appreciation and high current income. There can be no assurance that the Funds will achieve their stated objectives.
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 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 a decline in the securities markets or a decline in the Funds' performance, a general downturn in the economy, 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.
This news release was distributed by PrimeNewswire, www.primenewswire.com
SOURCE: Nicholas-Applegate Convertible Income Fund; Nicholas-Applegate Convertible & Income Fund II
Christoph Hofmann (800) 285-4086
(C) Copyright 2008 PrimeNewswire, Inc. All rights reserved. ********************************************************************** As of Friday, 06-27-2008 23:59, the latest Comtex SmarTrend� Alert, an automated pattern recognition system, indicated a DOWNTREND on 06-04-2008 for AZ @ $18.19. As of Friday, 06-27-2008 23:59, the latest Comtex SmarTrend Alert, an automated pattern recognition system, indicated a DOWNTREND on 06-27-2008 for NCV @ $11.85. As of Friday, 06-27-2008 23:59, the latest Comtex SmarTrend Alert, an automated pattern recognition system, indicated an UPTREND on 05-01-2008 for NCZ @ $12.54. For more information on SmarTrend, contact your market data provider or go to www.mysmartrend.com SmarTrend is a registered trademark of Comtex News Network, Inc. Copyright � 2004-2008 Comtex News Network, Inc. All rights reserved.
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