Contact: Christoph Hofmann

(800) 285-4086

Click here for an audio replay of this conference call.

Allianz Global Investors Auction-Rate Preferred Update Call Announced for March 11, 2008; Max Reset Rates Now Posted to Website Daily

NEW YORK, March 10, 2008 (PRIME NEWSWIRE) -- Allianz Global Investors Fund Management LLC ("Allianz Global Investors" or the "Company") announced today that a conference call has been scheduled for Tuesday, March 11, 2008 at 4:15 pm EST to discuss Closed-end fund Auction-Rate Preferred Shares ("ARPS").

ARPS have experienced an unprecedented lack of liquidity over the last few weeks. Allianz Global Investors will continue to work diligently with the underwriters of the ARPS on finding ways to restore liquidity to this market. Even though the Company cannot offer a timeline for these liquidity problems to be resolved, Allianz Global Investors would like to use this conference call to discuss the current status of the ARPS market with financial advisors and their clients.

The dial-in number for the call is (866) 687-4024, and the pass code is 38596779. The call will be available for replay for 4 weeks. The replay number is (800) 642-1687 and the replay pass code is 38596779.

The Company also announced today that updated information on ARPS, including daily updates on the maximum reset rates of ARPS in case of failed auctions, have been posted to www.allianzinvestors.com.

Allianz Global Investors Fund Management LLC, 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 (NYSE:AZ). The Funds' daily New York Stock Exchange closing prices, weekly net asset values per share, as well as other information, including updated portfolio statistics and performance is available at http://www.allianzinvestors.com or by calling the Funds' shareholder servicing agent at (800) 331-1710.

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.