NEW YORK, April 2, 2008 (PRIME NEWSWIRE) -- Allianz Global Investors Fund Management LLC ("AGIFM") has announced the postponement of a conference call concerning the auction-rate preferred shares ("ARPS") issued by certain of its closed-end funds, originally planned for April 3, 2008. A new time for the conference call will be scheduled and announced publicly as soon as AGIFM is able to share with the public further information regarding potential solutions to the ARPS liquidity concerns. AGIFM remains committed to finding one or more solutions to restore liquidity for its closed-end fund ARPS shareholders, consistent with its duty to act in the best interests of all of the funds' shareholders.
The following closed-end funds (the "Funds") have issued ARPS:
PIMCO Municipal Income Fund (NYSE:PMF) PIMCO New York Municipal Income Fund (NYSE:PNF) PIMCO California Municipal Income Fund (NYSE:PCQ) PIMCO Municipal Income Fund II (NYSE:PML) PIMCO New York Municipal Income Fund II (NYSE:PNI) PIMCO California Municipal Income Fund II (NYSE:PCK) PIMCO Municipal Income Fund III (NYSE:PMX) PIMCO New York Municipal Income Fund III (NYSE:PYN) PIMCO California Municipal Income Fund III (NYSE:PZC) PIMCO Municipal Advantage Fund Inc. (NYSE:MAF) PIMCO Corporate Income Fund (NYSE:PCN) PIMCO Corporate Opportunity Fund (NYSE:PTY) PIMCO High Income Fund (NYSE:PHK) PIMCO Floating Rate Income Fund (NYSE:PFL) PIMCO Floating Rate Strategy Fund (NYSE:PFN) Nicholas-Applegate Convertible & Income Fund (NYSE:NCV) Nicholas-Applegate Convertible & Income Fund II (NYSE:NCZ)
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.
FORWARD-LOOKING STATEMENTS
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. Actual future outcomes may differ from the results anticipated in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from forward-looking statements or historical occurrences: (1) the ability of Allianz Closed-End Funds that have issued ARPS to develop and finalize fund-by-fund specific proposals to restructure the leverage of such funds; (2) the ability of such Allianz Closed-End Funds to negotiate and obtain from third parties the necessary debt facilities and other commitments and agreements necessary for the Allianz Closed-End Funds to refinance all or a portion of their leverage at an appropriate cost and on terms and conditions acceptable to the funds and in a timely manner; (3) the ability of such Allianz Closed-End Funds to negotiate and obtain from broker-dealers or other financial institutions the demand features necessary to make the ARPS eligible for purchase by money market funds on terms acceptable to the Allianz Closed-End Funds and in a timely manner; (4) the acceptance by the market, and demand for, ARPS with a demand feature in amounts sufficient for the Allianz Closed-End Funds to attract sufficient investors for the ARPS to avoid future failed auctions; (5) the need to obtain any necessary regulatory approvals to make the ARPS eligible for purchase by money market funds or for the implementation of such Allianz Closed-End Funds' plan to restructure their leverage; and (6) the ability of such Allianz Closed-End Funds to structure and create other forms of leverage for their portfolios.