NEW YORK, May 16, 2005 (PRIMEZONE) -- The Board of Trustees of NFJ Dividend, Interest & Premium Strategy Fund (the "Fund") (NYSE:NFJ) announced today that it has declared the Fund's initial quarterly dividend of $0.525 per share. At the Fund's initial offering price of $25.00 per share, this quarterly dividend rate represents an annualized distribution yield of 8.40%.
Based on projections for the Fund's current fiscal year, it is expected that this distribution will be comprised of net investment income, as well as net gains from index option premiums and the sale of portfolio securities. The Fund will provide a notice accompanying each quarterly distribution with respect to the estimated source (as between net income and gains) of the distribution made and will indicate the proportion of its capital gain distributions that constitute short-term and long-term gains annually.
The dividend will be payable on June 30, 2005 to shareholders of record on June 17, 2005 with an ex-dividend date of June 15, 2005.
The Fund is a newly organized, diversified, closed-end management investment company. The Fund's primary investment objective is to seek current income and gains, with a secondary objective of long-term capital appreciation.
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). NFJ Investment Group L.P. (manager of the Fund's equity component), Nicholas-Applegate Capital Management LLC (manager of the Fund's convertible component) and PEA Capital LLC (manager of the Fund's index option strategy), each an Allianz Global Fund Management affiliate, serve as the Fund's sub-advisers. Allianz is a leading global financial services company.
The Fund's daily New York Stock Exchange closing price and net asset value per share as well as other information is available at www.allianzinvestors.com or by calling the Fund's transfer agent at-800-331-1710.
Certain statements in this release constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual composition and character of the distribution described above and future distributions of the Fund to be materially different from the composition or character of such distributions expressed or implied by such forward-looking statements. Such factors include the varied nature of the Fund's investments and the performance of those investments, and that the ultimate characterization of the Fund's distributions made in a calendar or fiscal year cannot finally be determined until after the end of the fiscal year, resulting in the possibility that the Fund may make total distributions during a calendar or fiscal year in an amount that exceeds the Fund's net investment income and net realized capital gains for the fiscal year, resulting in a return of capital. As a result of the foregoing and other factors, no assurance can be given as to the composition or character of Fund distributions, and neither the Fund, Allianz Global Investors Fund Management LLC, NFJ Investment Group L.P., Nicholas-Applegate Capital Management LLC, PEA Capital LLC, nor any other person assumes responsibility for the accuracy and completeness of such statements.