NEW YORK, April 24, 2008 (PRIME NEWSWIRE) -- Allianz Global Investors Fund Management LLC ("AGIFM"), announced that the majority of shareholders of PCM Fund Inc. (the "Fund") (NYSE:PCM) approved to change the Fund's investment manager from Pacific Investment Management Company LLC ("PIMCO") to AGIFM, effective today. PIMCO will continue to be the Fund's portfolio manager and sub-adviser pursuant to a portfolio management agreement between PIMCO and AGIFM. PCM shareholders also elected the following new directors to the board, each of whom currently serves as a director/trustee of AGIFM's other sponsored closed-end funds:
Hans W. Kertess, Chairman of the Board of Directors Paul Belica Robert E. Connor John J. Dalessandro II John C. Maney William B. Ogden, IV R. Peter Sullivan III
These changes will not impact the Fund's investment objective, and the total management fees and administrative fees paid by the Fund will be lower. At March 31, 2008, AGIFM was the investment manager to 23 closed-end funds with approximately $16.7 billion of assets under management.
In connection with the change in Investment Manager, the Board of Directors of PCM have approved a change in the Fund's dividend paying schedule to be consistent with many of AGIFM's other monthly paying closed-end funds. Therefore, starting in May 2008, PCM's monthly dividend will be declared on the first business day of each month and be paid on the first business day of the following month. This change will not impact the previously declared dividend payable on May 8, 2008, to shareholders of record at the close of the business on April 30, 2008.
PCM Fund, Inc., (formerly known as PIMCO Commercial Mortgage Securities Trust, Inc.), is a closed-end management investment company whose primary investment objective is to achieve high current income by investing in a portfolio comprised primarily of commercial mortgage-backed securities. These securities are fixed income instruments representing an interest in mortgage loans on commercial real estate properties such as office buildings, shopping malls, hotels, apartment buildings, nursing homes, and industrial properties. Capital gains from the disposition of investments is a secondary objective of the Fund. At March 31, 2008, the Fund's net assets were $111.5 million.
AGIFM is an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P. and is a member of Munich-based Allianz Group (NYSE:AZ). PIMCO is an affiliate of AGIFM.
The Fund's daily New York Stock Exchange closing price, net asset value per share as well as other information is available at http://www.allianzinvestors.com/closedendfunds, or by calling the Fund's shareholder servicing agent at (1-800-331-1710).
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 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.