NEWPORT BEACH, Calif., July 10, 2002 (PRIMEZONE) -- PIMCO Strategic Global Government Fund, Inc. (NYSE:RCS) (the "Fund") today announced that effective July 31, 2002, the Fund, in compliance with New Rule 35d-1 under the Investment Company Act of 1940, as amended, has adopted a non-fundamental policy to invest, under normal circumstances, at least 80% of its net assets and amounts borrowed for investment purposes in government securities. For this purpose, "government securities" include bonds issued or guaranteed by the U.S. or foreign governments (including states, provinces, cantons and municipalities), by their agencies, authorities or instrumentalities, or by supranational entities, and synthetic instruments with economic characteristics similar to such securities. The Fund has also adopted a policy to provide shareholders at least 60 days' prior notice of any change in this investment policy of the Fund. Prior to the change, the Fund was subject to a similar requirement with regard to 65% of its total assets. PIMCO does not believe that the new policy will result in any changes in the Fund's investment portfolio, as it currently complies with the higher content standard.
The Fund is a closed-end, intermediate-term bond fund that invests principally in investment-grade government securities of the United States and other countries. The primary investment objective of the Fund is to generate over time a level of income higher than that generated by high-quality, intermediate-term U.S. debt securities. Pacific Investment Management Company LLC ("PIMCO"), an investment adviser with more than $253.7 billion of assets under management as of March 31, 2002, is responsible for managing the Fund's investment portfolio.