Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)
18 January 2013 - 4:45AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number
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811-21724
|
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AGIC International & Premium Strategy Fund
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(Exact name of registrant as specified in charter)
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1633 Broadway, New York, New York 10019
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(Address of principal executive offices) (Zip code)
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Lawrence G. Altadonna 1633 Broadway, New York, New York 10019
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(Name and address of agent for service)
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Registrants telephone number, including area code:
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212-739-3371
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Date of fiscal year end:
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February 28, 2013
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|
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Date of reporting period:
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November 30, 2012
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|
|
|
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Item 1: Schedule of Investments
AGIC International & Premium Strategy Fund Schedule of Investments
November 30, 2012 (unaudited)
Shares
|
|
|
|
Value*
|
|
COMMON STOCK - 97.9%
|
|
|
|
Australia - 5.9%
|
|
|
|
55,687
|
|
BHP Billiton Ltd.
|
|
$2,005,417
|
|
43,204
|
|
CSL Ltd.
|
|
2,330,271
|
|
189,217
|
|
Downer EDI Ltd. (b)
|
|
698,122
|
|
18,601
|
|
Newcrest Mining Ltd.
|
|
497,149
|
|
9,801
|
|
Rio Tinto Ltd.
|
|
601,814
|
|
|
|
|
|
6,132,773
|
|
Belgium - 0.9%
|
|
|
|
27,391
|
|
Euronav NV (b)
|
|
154,249
|
|
25,259
|
|
Tessenderlo Chemie NV
|
|
764,065
|
|
|
|
|
|
918,314
|
|
China - 0.2%
|
|
|
|
465,000
|
|
Real Nutriceutical Group Ltd.
|
|
163,743
|
|
|
|
|
|
Denmark - 0.6%
|
|
|
|
9,950
|
|
FLSmidth & Co. A/S
|
|
569,743
|
|
4,800
|
|
Vestas Wind Systems A/S (b)
|
|
23,036
|
|
|
|
|
|
592,779
|
|
Finland - 1.1%
|
|
|
|
178,126
|
|
Nokia Oyj
|
|
585,260
|
|
13,200
|
|
Nokian Renkaat Oyj
|
|
551,844
|
|
|
|
|
|
1,137,104
|
|
France - 5.8%
|
|
|
|
19,616
|
|
Alstom S.A.
|
|
714,835
|
|
27,495
|
|
BNP Paribas S.A.
|
|
1,538,649
|
|
9,219
|
|
Electricite de France S.A.
|
|
169,198
|
|
118,394
|
|
France Telecom S.A.
|
|
1,259,335
|
|
14,943
|
|
Peugeot S.A. (b)
|
|
91,817
|
|
36,497
|
|
Total S.A.
|
|
1,829,069
|
|
22,107
|
|
Vivendi S.A.
|
|
475,573
|
|
|
|
|
|
6,078,476
|
|
Germany - 6.3%
|
|
|
|
11,500
|
|
Aixtron SE N.A.
|
|
144,951
|
|
17,065
|
|
Bayer AG
|
|
1,544,430
|
|
21,187
|
|
Daimler AG
|
|
1,047,883
|
|
15,459
|
|
Deutsche Boerse AG
|
|
870,354
|
|
38,991
|
|
E.ON AG
|
|
703,125
|
|
34,176
|
|
K&S AG
|
|
1,545,312
|
|
16,213
|
|
RWE AG
|
|
676,304
|
|
|
|
|
|
6,532,359
|
|
Greece - 0.0%
|
|
|
|
29,019
|
|
National Bank of Greece S.A. (b)
|
|
49,733
|
|
|
|
|
|
Hong Kong - 3.3%
|
|
|
|
425,000
|
|
Cathay Pacific Airways Ltd.
|
|
746,782
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|
180,000
|
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Hang Lung Group Ltd.
|
|
993,743
|
|
159,500
|
|
Kerry Properties Ltd.
|
|
809,541
|
|
586,000
|
|
New World Development Co., Ltd.
|
|
922,059
|
|
|
|
|
|
3,472,125
|
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Ireland - 0.0%
|
|
|
|
48,618
|
|
Permanent TSB Group Holdings PLC (b)
|
|
1,265
|
|
|
|
|
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Italy - 2.5%
|
|
|
|
271,908
|
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Enel SpA
|
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1,031,269
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66,956
|
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ENI SpA
|
|
1,587,817
|
|
|
|
|
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2,619,086
|
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Japan - 17.0%
|
|
|
|
10,500
|
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Astellas Pharma, Inc.
|
|
531,550
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|
88,500
|
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Daiei, Inc. (b)
|
|
173,150
|
|
19,700
|
|
Daiichi Sankyo Co., Ltd.
|
|
304,590
|
|
29,500
|
|
Daikin Industries Ltd.
|
|
930,119
|
|
AGIC International & Premium Strategy Fund Schedule of Investments
November 30, 2012 (unaudited) (continued)
Shares
|
|
|
|
Value*
|
|
Japan (continued)
|
|
|
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8,600
|
|
East Japan Railway Co.
|
|
$565,342
|
|
138,000
|
|
Hino Motors Ltd.
|
|
1,191,529
|
|
3,200
|
|
Japan Tobacco, Inc.
|
|
95,951
|
|
133,000
|
|
Kawasaki Kisen Kaisha Ltd. (b)
|
|
176,444
|
|
11,900
|
|
KDDI Corp.
|
|
883,014
|
|
64,000
|
|
Kinden Corp.
|
|
384,909
|
|
34,000
|
|
Kirin Holdings Co., Ltd.
|
|
417,999
|
|
147,000
|
|
Mitsui OSK Lines Ltd.
|
|
370,836
|
|
27,300
|
|
Mitsumi Electric Co., Ltd. (b)
|
|
139,204
|
|
22,000
|
|
Nikon Corp.
|
|
613,002
|
|
1,300
|
|
Nintendo Co., Ltd.
|
|
156,226
|
|
48,700
|
|
Nippon Telegraph & Telephone Corp.
|
|
2,190,751
|
|
450,000
|
|
Nippon Yusen KK
|
|
960,131
|
|
282
|
|
NTT DoCoMo, Inc.
|
|
408,823
|
|
81,900
|
|
Resona Holdings, Inc.
|
|
343,792
|
|
36,200
|
|
Sankyo Co., Ltd.
|
|
1,485,216
|
|
36,500
|
|
Shima Seiki Manufacturing Ltd.
|
|
566,042
|
|
545,900
|
|
Sojitz Corp.
|
|
690,391
|
|
87,500
|
|
Sumitomo Corp.
|
|
1,089,950
|
|
16,700
|
|
Sumitomo Mitsui Financial Group, Inc.
|
|
540,586
|
|
29,200
|
|
Tokai Rika Co., Ltd.
|
|
378,227
|
|
48,300
|
|
Toyota Motor Corp.
|
|
2,079,658
|
|
|
|
|
|
17,667,432
|
|
Norway - 5.8%
|
|
|
|
232,600
|
|
DNB ASA
|
|
2,892,098
|
|
63,200
|
|
Yara International ASA
|
|
3,168,919
|
|
|
|
|
|
6,061,017
|
|
Singapore - 0.8%
|
|
|
|
99,000
|
|
Singapore Airlines Ltd.
|
|
867,992
|
|
|
|
|
|
Spain - 6.2%
|
|
|
|
5,517
|
|
ACS Actividades de Construccion y Servicios S.A.
|
|
118,120
|
|
260,361
|
|
Banco Santander S.A.
|
|
2,005,701
|
|
162,409
|
|
Iberdrola S.A.
|
|
807,001
|
|
226,669
|
|
Mapfre S.A.
|
|
638,374
|
|
216,087
|
|
Telefonica S.A.
|
|
2,838,603
|
|
|
|
|
|
6,407,799
|
|
Sweden - 1.4%
|
|
|
|
95,400
|
|
Nordea Bank AB
|
|
874,669
|
|
20,850
|
|
Oriflame Cosmetics S.A., SDR
|
|
586,467
|
|
|
|
|
|
1,461,136
|
|
Switzerland - 10.5%
|
|
|
|
101,818
|
|
ABB Ltd. (b)
|
|
1,985,331
|
|
6,148
|
|
Nestle S.A.
|
|
402,434
|
|
12,695
|
|
Roche Holding AG
|
|
2,500,853
|
|
1,640
|
|
Swatch Group AG
|
|
792,812
|
|
3,892
|
|
Syngenta AG
|
|
1,558,191
|
|
14,565
|
|
Zurich Insurance Group AG (b)
|
|
3,720,571
|
|
|
|
|
|
10,960,192
|
|
United Kingdom - 29.6%
|
|
|
|
32,097
|
|
Anglo American PLC
|
|
891,432
|
|
56,269
|
|
BAE Systems PLC
|
|
295,282
|
|
98,123
|
|
Barclays PLC
|
|
389,188
|
|
67,080
|
|
BHP Billiton PLC
|
|
2,112,709
|
|
302,677
|
|
BP PLC
|
|
2,101,272
|
|
36,306
|
|
British American Tobacco PLC
|
|
1,907,188
|
|
17,062
|
|
Cookson Group PLC
|
|
167,685
|
|
12,796
|
|
GlaxoSmithKline PLC
|
|
274,041
|
|
53,500
|
|
ICAP PLC
|
|
250,090
|
|
26,250
|
|
Imperial Tobacco Group PLC
|
|
1,050,473
|
|
665,456
|
|
Old Mutual PLC
|
|
1,828,406
|
|
22,080
|
|
Rio Tinto PLC
|
|
1,096,417
|
|
13,344
|
|
Royal Bank of Scotland Group PLC (b)
|
|
63,228
|
|
76,148
|
|
Royal Dutch Shell PLC, Class A
|
|
2,549,546
|
|
64,079
|
|
Royal Dutch Shell PLC, Class B
|
|
2,211,945
|
|
265,208
|
|
Stagecoach Group PLC
|
|
1,244,067
|
|
88,325
|
|
Standard Chartered PLC
|
|
2,060,185
|
|
227,246
|
|
Standard Life PLC
|
|
1,165,883
|
|
81,997
|
|
Unilever PLC
|
|
3,146,242
|
|
1,536,950
|
|
Vodafone Group PLC
|
|
3,964,769
|
|
AGIC International & Premium Strategy Fund Schedule of Investments
November 30, 2012 (unaudited) (continued)
Shares
|
|
|
|
Value*
|
|
United Kingdom (continued)
|
|
|
|
462,495
|
|
WM Morrison Supermarkets PLC
|
|
$1,992,734
|
|
|
|
|
|
30,762,782
|
|
Total Common Stock (cost-$191,808,471)
|
|
101,886,107
|
|
|
|
|
|
PREFERRED STOCK - 0.7%
|
|
|
|
Germany - 0.7%
|
|
|
|
23,486
|
|
ProSiebenSat.1 Media AG (cost-$782,459)
|
|
687,928
|
|
|
|
|
|
|
|
Principal
Amount
(000s)
|
|
|
|
|
|
Repurchase Agreements - 1.1%
|
|
|
|
$1,158
|
|
State Street Bank & Trust Co.,
dated 11/30/12, 0.01%, due 12/3/12, proceeds $1,158,001; collateralized by Fannie Mae, 2.75%, due 4/16/19, valued at $1,181,325 including accrued interest (cost-$1,158,000)
|
|
1,158,000
|
|
|
|
|
|
Total Investments
(cost-$193,748,930) (a)(c)-99.7%
|
|
103,732,035
|
|
Other assets less liabilities-0.3%
|
|
338,803
|
|
Net Assets-100.0%
|
|
$104,070,838
|
|
The industry classification of portfolio holdings and other assets less liabilities shown as a percentage of net assets as of November 30, 2012 were as follows:
Commercial Banks
|
|
10.3
|
%
|
Oil, Gas & Consumable Fuels
|
|
10.0
|
%
|
Insurance
|
|
7.1
|
%
|
Metals & Mining
|
|
6.9
|
%
|
Chemicals
|
|
6.8
|
%
|
Diversified Telecommunication Services
|
|
6.5
|
%
|
Wireless Telecommunication Services
|
|
5.1
|
%
|
Pharmaceuticals
|
|
5.0
|
%
|
Food Products
|
|
3.4
|
%
|
Automobiles
|
|
3.1
|
%
|
Tobacco
|
|
2.9
|
%
|
Real Estate Management & Development
|
|
2.6
|
%
|
Electrical Equipment
|
|
2.6
|
%
|
Biotechnology
|
|
2.2
|
%
|
Leisure Equipment & Products
|
|
2.0
|
%
|
Electric Utilities
|
|
1.9
|
%
|
Food & Staples Retailing
|
|
1.9
|
%
|
Road & Rail
|
|
1.7
|
%
|
Trading Companies & Distributors
|
|
1.7
|
%
|
Machinery
|
|
1.7
|
%
|
Airlines
|
|
1.6
|
%
|
Marine
|
|
1.5
|
%
|
Multi-Utilities
|
|
1.3
|
%
|
Construction & Engineering
|
|
1.0
|
%
|
Building Products
|
|
0.9
|
%
|
Auto Components
|
|
0.9
|
%
|
Diversified Financial Services
|
|
0.8
|
%
|
Textiles, Apparel & Luxury Goods
|
|
0.8
|
%
|
Personal Products
|
|
0.7
|
%
|
Commercial Services & Supplies
|
|
0.7
|
%
|
Media
|
|
0.7
|
%
|
Communications Equipment
|
|
0.6
|
%
|
Beverages
|
|
0.4
|
%
|
Aerospace & Defense
|
|
0.3
|
%
|
Capital Markets
|
|
0.2
|
%
|
Multiline Retail
|
|
0.2
|
%
|
Industrial Conglomerates
|
|
0.2
|
%
|
Software
|
|
0.2
|
%
|
Semiconductors & Semiconductor Equipment
|
|
0.1
|
%
|
Electronic Equipment, Instruments & Components
|
|
0.1
|
%
|
Repurchase Agreements
|
|
1.1
|
%
|
Other assets less liabilities
|
|
0.3
|
%
|
|
|
100.0
|
%
|
Notes to Schedule of Investments:
*
Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, on the basis of quotes obtained from a quotation reporting system, established market makers, or independent pricing services. The Funds investments are valued daily using prices supplied by an independent pricing service or dealer quotations, or by using the last sale price on the exchange that is the primary market for such securities, or the mean between the last quoted bid and ask price. Independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics.
The Board of Trustees (the Board) has adopted procedures for valuing portfolio securities and other financial derivative instruments in circumstances where market quotes are not readily available, and has delegated the responsibility for applying the valuation methods to Allianz Global Investors Fund Management LLC (the Investment Manager) and Allianz Global Investors Capital LLC (the Sub-Adviser), an affiliate of the Investment Manager. The Funds Valuation Committee was established by the Board to oversee the implementation of the Funds valuation methods and to make fair value determinations on behalf of the Board, as instructed. The Sub-Adviser monitors the continued appropriateness of methods applied and determines if adjustments should be made in light of market changes, events affecting the issuer, or other factors. If the Sub-Adviser determines that a valuation method may no longer be appropriate, another valuation method may be selected, or the Valuation Committee will be convened to consider the matter and take any appropriate action in accordance with procedures set forth by the Board. The Board shall review the appropriateness of the valuation methods and these methods may be amended or supplemented from time to time by the Valuation Committee.
Short-term securities maturing in 60 days or less are valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.
Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the net asset value (NAV) of the Funds shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the New York Stock Exchange (NYSE) is closed.
The prices used by the Fund to value securities may differ from the value that would be realized if the securities were sold, and these differences could be material. The Funds NAV is normally determined as of the close of regular trading (normally, 4:00 p.m. Eastern time) on the NYSE on each day the NYSE is open for business.
The prices of certain portfolio securities and other financial instruments may be determined at a time prior to the close of regular trading on the NYSE. When fair-valuing the securities, the Fund may, among other things, consider to significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the time the Funds NAV is calculated. With respect to certain foreign securities, the Fund may fair-value securities using modeling tools provided by third-party vendors. The Fund has retained a statistical research service to assist in the determining the fair value of foreign securities. This service utilizes statistics and programs based on historical performance of markets and other economic data to assist in making fair value estimates. Fair value estimates used by the Fund for foreign securities may differ from the value realized from the sale of those securities and the difference could be material. Fair value pricing may require subjective determinations about the value of a security or other assets, and fair values used to determine the Funds NAV may differ from quoted or published prices, or from prices that are used by others, for the same investments. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities or other assets held by the Fund.
(a)
Securities with an aggregate value of $102,395,485, representing 98.4% of net assets, were valued utilizing modeling tools provided by a third-party vendor.
(b)
Non-income producing.
(c)
At November 30, 2012, the aggregate cost basis of portfolio securities for federal income tax purposes was $193,896,673. Gross unrealized appreciation was $1,491,458; gross unrealized depreciation was $91,656,096; and net unrealized depreciation was $90,164,638. The difference between book and tax cost basis was attributable to wash sale loss deferrals.
Glossary:
SDR - Swedish Depository Receipt
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (
i.e.
the exit price) in an orderly transaction between market participants. The three levels of the fair value hierarchy are described below:
·
Level 1 quoted prices in active markets for identical investments that the Fund has the ability to access
·
Level 2 valuations based on other significant observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates or other market corroborated inputs
·
Level 3 valuations based on significant unobservable inputs (including the Sub-Advisers or Valuation Committees own assumptions and single broker quotes in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following are certain inputs and techniques that the Fund generally use to evaluate how to classify each major category of assets and liabilities for Level 2 and Level 3, in accordance with Generally Accepted Accounting Principles.
Equity Securities (Common and Preferred Stock)
Equity securities traded in inactive markets and certain foreign equity securities are valued using inputs which include broker-dealer quotes, recently executed transactions adjusted for changes in the benchmark index, or evaluated price quotes received from independent pricing services that take into account the integrity of the market sector and issuer, the individual characteristics of the security, and information received from broker-dealers and other market sources pertaining to the issuer or security. To the extent that these inputs are observable, the values of equity securities are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.
Option Contracts
Option contracts traded over-the-counter (OTC) are valued by independent pricing services based on pricing models that incorporate various inputs such as interest rates, credit spreads, currency exchange rates and volatility measurements for in-the-money, at-the-money, and out-of-the-money contracts based on a given strike price. To the extent that these inputs are observable, the values of OTC option contracts are categorized as Level 2. To the extent that these inputs are unobservable, the values are categorized as Level 3.
The valuation techniques used by the Fund to measure fair value during the nine months ended November 30, 2012 are intended to maximize the use of observable inputs and to minimize the use of unobservable inputs.
The Funds policy is to recognize transfers between levels at the end of the reporting period. An investment assets or liabilitys level within the fair value hierarchy is based on the lowest level input, individually or in aggregate, that is significant to the fair value measurement. The objective of fair value measurement remains the same even when there is a significant decrease in the volume and level of activity for an asset or liability and regardless of the valuation techniques used. Investments categorized as Level 1 or 2 as of period end may have been transferred between Levels 1 and 2 since the prior period due to changes in the valuation method utilized in valuing the investments.
A summary of the inputs used at November 30, 2012 in valuing the Funds assets and liabilities is listed below (refer to the Schedule of Investments for more detailed information on Investments in Securities):
|
|
Level 1 -
Quoted Prices
|
|
Level 2 -
Other Significant
Observable
Inputs
|
|
Level 3 -
Significant
Unobservable
Inputs
|
|
Value at
11/30/12
|
|
Investments in Securities - Assets
|
|
|
|
|
|
|
|
|
|
Common Stock:
|
|
|
|
|
|
|
|
|
|
Belgium
|
|
$154,249
|
|
$764,065
|
|
$
|
|
$918,314
|
|
Denmark
|
|
23,036
|
|
569,743
|
|
|
|
592,779
|
|
Ireland
|
|
1,265
|
|
|
|
|
|
1,265
|
|
All Other
|
|
|
|
100,373,749
|
|
|
|
100,373,749
|
|
Preferred Stock
|
|
|
|
687,928
|
|
|
|
687,928
|
|
Repurchase Agreements
|
|
|
|
1,158,000
|
|
|
|
1,158,000
|
|
Total Investments
|
|
$178,550
|
|
$103,553,485
|
|
$
|
|
$103,732,035
|
|
At November 30, 2012, a security valued at $2,005,417 was transferred from Level 1 to Level 2 due to the application of the modeling tool provided by a third party vendor.
Item 2. Controls and Procedures
(a) The registrants President and Chief Executive Officer and Treasurer, Principal Financial & Accounting Officer have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))), are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document
.
(b) There were no significant changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the registrants last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting.
Item 3. Exhibits
(a) Exhibit 99.302 Cert. Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: AGIC International & Premium Strategy Fund
By:
|
/s/ Brian S. Shlissel
|
|
|
President & Chief Executive Officer
|
|
Date: January 17, 2013
By:
|
/s/ Lawrence G. Altadonna
|
|
|
Treasurer, Principal Financial & Accounting Officer
|
|
Date: January 17, 2013
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By:
|
/s/ Brian S. Shlissel
|
|
|
President & Chief Executive Officer
|
|
Date: January 17, 2013
By:
|
/s/ Lawrence G. Altadonna
|
|
|
Treasurer, Principal Financial & Accounting Officer
|
|
Date: January 17, 2013
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