NFJ, NAI, NIE and NGZ Declare Quarterly Distributions

The Board of Trustees of NFJ Dividend, Interest, & Premium Strategy Fund (NYSE:NFJ), Nicholas-Applegate International & Premium Strategy Fund (NYSE:NAI), Nicholas-Applegate Equity & Convertible Fund (NYSE: NIE) and Nicholas-Applegate Global Equity & Convertible Income Fund (NYSE: NGZ) (collectively, the “Funds”) announced today they have declared the following quarterly distributions.

    
      
        
        
        
           
        
        
          Distribution
        
      
      
        
          Fund
        
        
           
        
        
          per Share
        
      
      
        
          NFJ Dividend, Interest, & Premium Strategy Fund (NFJ)
        
        
        
        
          $0.15
        
      
      
        
          Nicholas-Applegate International & Premium Strategy Fund (NAI)
        
        
        
        
          $0.46
        
      
      
        
          Nicholas-Applegate Equity & Convertible Fund (NIE)
        
        
        
        
          $0.28
        
      
      
        
          Nicholas-Applegate Global Equity & Convertible Income Fund (NGZ)
        
        
           
        
        
          $0.30
        
      
    
    

The dividends will be payable on June 29, 2010 to shareholders of record on June 21, 2010, with an ex-dividend date of June 17, 2010.

The estimated sources of the Funds’ current distributions are as follows:

 

Net Investment

        
        
        
        
          Short-Term
        
        
        
        
          Long-Term
        
        
        
        
          Return of
        
        
        
        
          Total
        
      
      
        
        
        
        
        
          Income
        
        
        
        
          Capital Gains
        
        
        
        
          Capital Gains
        
        
        
        
          Capital
        
        
        
        
          Per
        
      
      
        
          Fund
        
        
           
        
        
          Per Share
        
        
           
        
        
          Per Share
        
        
           
        
        
          Per Share
        
        
           
        
        
          Per Share
        
        
           
        
        
          Share
        
      
      
        
          NFJ Dividend, Interest, & Premium Strategy Fund (NFJ)
        
        
        
        
          $0.15
        
        
        
        
          -
        
        
        
        
          -
        
        
        
        
          -
        
        
        
        
          $0.15
        
      
      
        
          Nicholas-Applegate International & Premium Strategy Fund (NAI)
        
        
        
        
          -
        
        
        
        
          -
        
        
        
        
          -
        
        
        
        
          $0.46
        
        
        
        
          $0.46
        
      
      
        
          Nicholas-Applegate Equity & Convertible Fund (NIE)
        
        
        
        
          -
        
        
        
        
          $0.28
        
        
        
        
          -
        
        
        
        
          -
        
        
        
        
          $0.28
        
      
      
        
          Nicholas-Applegate Global Equity & Convertible Income Fund (NGZ)
        
        
           
        
        
          -
        
        
           
        
        
          -
        
        
           
        
        
          -
        
        
           
        
        
          $0.30
        
        
           
        
        
          $0.30
        
      
    
    

The actual composition and character of the distributions described above and future distributions of the Funds may be materially different from the composition or character of such distributions that existed at the time of this press release. Such factors include the varied nature of each Fund’s investments and the performance of those investments, and that the ultimate characterization of each Fund’s distributions cannot finally be determined until the end of each Fund’s fiscal year, resulting in the possibility of a return of capital if any Fund makes total distributions in an amount that exceeds its net investment income and net realized capital gains during its fiscal year. As a result of the foregoing and other factors, no assurance can be given as to the actual composition or character of each Fund’s distributions at the time of this press release and neither the Funds, Allianz Global Investors Fund Management LLC (“AGIFM”), NFJ Investment Group LLC, Nicholas-Applegate Capital Management LLC, Oppenheimer Capital LLC nor any of their trustees, members, officers or employees assumes responsibility for such statements.

This notice should not be used to prepare tax returns. In January 2011, Form 1099 DIV (or substitute Form 1099DIV) will be sent to shareholders that will state the aggregate amount and tax characterizations of distributions for the 2010 calendar year.

It is anticipated that the Funds’ next quarterly dividend will be declared on or about September 10, 2010 and be payable on or about September 29, 2010.

AGIFM, 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. NFJ Investment Group L.P. (manager of NFJ’s equity component), Nicholas-Applegate Capital Management LLC (manager of NFJ’s convertible component as well as NAI, NIE and NGZ) and Oppenheimer Capital LLC (manager of NFJ’s index option strategy), each an AGIFM affiliate, serve as the Funds’ sub-advisers. Allianz is a leading global financial services company.

The Funds’ daily New York Stock Exchange closing prices and net asset values per share as well as other information, including portfolio statistics and performance is available at www.allianzinvestors.com/closedendfunds or by calling the Fund’s shareholder servicing agent at 800-254-5197.

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. There can be no assurance that the Funds will meet its stated objective.