NEW YORK, Oct. 31, 2006 (PRIMEZONE) -- Allianz Global Investors Fund Management LLC announced today that, effective November 1, 2006, PEA Capital LLC will be replaced by Oppenheimer Capital LLC as the sub-adviser implementing the Index Option Strategy of NFJ Dividend, Interest & Premium Strategy Fund (NYSE:NFJ) and Nicholas-Applegate International & Premium Strategy Fund (NYSE:NAI) (the "Funds"). The change results from a consolidation of PEA Capital's business under Oppenheimer Capital and was approved by the Boards of Trustees of the Funds.
Importantly, the change does not affect the other sub-advisers to the Funds, namely NFJ Investment Group L.P and Nicholas-Applegate Capital Management LLC and there will be no changes to the portfolio management team implementing the Index Option Strategy. That same management team will continue to implement the Index Option Strategy of the Funds, but as employees of Oppenheimer Capital instead of PEA Capital. Both Oppenheimer Capital and PEA Capital are indirect, wholly owned subsidiaries of Allianz Global Investors of America L.P and share senior management and other key personnel, as well as common trading and operational systems.
NFJ is a closed-end management investment company which seeks current income and gains, with a secondary objective of long-term capital appreciation. NFJ Investment Group and Nicholas-Applegate Capital Management will continue to manage NFJ's Equity Component and Convertible Component, respectively. Beginning November 1, 2006, Oppenheimer Capital will implement NFJ's Index Option Strategy.
NAI is a diversified, closed-end management investment company which seeks total return comprised of current income, current gains and long-term capital appreciation. Nicholas-Applegate Capital Management will continue to manage NAI's International Equity Component. Beginning November 1, 2006, Oppenheimer Capital will implement NAI's Index Option Strategy.
There can be no assurance that the Funds will meet their investment objectives.
Allianz Global Investors Fund Management, an indirect, wholly-owned subsidiary of Allianz Global Investors of America, serves as the Funds' investment manager and is a member of Munich-based Allianz Group (NYSE:AZ). NFJ Investment Group, Nicholas-Applegate Capital Management, Oppenheimer Capital and PEA Capital are all affiliates of Allianz Global Investors Fund Management.
The Funds' daily New York Stock Exchange closing prices, the latest available net asset values per share as well as other information is available by calling the Funds' shareholder servicing agent at 1-800-331-1710. In addition, this information plus updated portfolio statistics and performance is available at http://www.allianzinvestors.com/closedendfunds.
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 investment 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.