NEW YORK, Nov. 22, 2006 (PRIMEZONE) -- The Board of Trustees of NFJ Dividend, Interest & Premium Strategy Fund (NYSE:NFJ) (the "Fund") today announced a change to the portfolio management team of the Fund's equity component, effective immediately. Cliff Hoover, co-portfolio manager of the Fund's equity component, has decided to leave NFJ Investment Group L.P. ("NFJ"), one of the three sub-advisers of the Fund. Management of the Fund's other two components will not be affected by this change.
The Fund's three components are managed by three different sub-advisers. The equity component of the Fund will continue to be managed on a day-to-day basis by the NFJ team led by Ben Fischer, a founding partner and Managing Director of NFJ. Mr. Fischer, CFA, has 40 years of experience in portfolio management, investment analysis and research. The NFJ equity team also includes Jeffrey Partenheimer, Managing Director of NFJ. Mr. Partenheimer, CFA and CPA, has over 20 years of experience in financial analysis, portfolio management and large corporate finance. Mr. Fischer and Mr. Partenheimer have been involved in managing the equity component of the Fund since its inception.
The convertible component of the Fund will continue to be managed by a team led by Douglas Forsyth from Nicholas-Applegate Capital Management LLC. Mr. Forsyth, CFA, is a Senior Portfolio Manager and a member of Nicholas-Applegate's Executive Committee.
Greg Tournant, Managing Director and Portfolio Manager for Oppenheimer Capital LLC, will continue to lead the team that manages the index option strategy for the Fund. Mr. Tournant was previously a portfolio manager at PEA Capital and has over ten years of investment experience.
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 (manager of the Fund's equity component), Nicholas-Applegate Capital Management LLC (manager of the Fund's convertible component) and Oppenheimer Capital LLC (manager of the Fund's index option strategy), each an Allianz Global Investors 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, the latest available net asset value per share as well as other information is available by calling the Fund's 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 Fund's 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.