NEW YORK, Dec. 10, 2008 (GLOBE NEWSWIRE) -- PIMCO Municipal Income Fund (NYSE:PMF), PIMCO Municipal Income Fund II (NYSE:PML), PIMCO Municipal Income Fund III (NYSE:PMX), PIMCO California Municipal Income Fund (NYSE:PCQ), PIMCO California Municipal Income Fund II (NYSE:PCK), PIMCO California Municipal Income Fund III (NYSE:PZC), PIMCO New York Municipal Income Fund (NYSE:PNF), PIMCO New York Municipal Income Fund II (NYSE:PNI), PIMCO New York Municipal Income Fund III (NYSE:PYN), and PIMCO Municipal Advantage Fund Inc. (NYSE:MAF) (each a "Fund" and collectively, the "Funds") announced today that John Cummings will assume primary responsibility for the day-to-day portfolio management of each of the Funds, effective December 11, 2008.
Mr. Cummings is an Executive Vice President at Pacific Investment Management Company LLC ("PIMCO"). He joined PIMCO in 2002, and previously was at Goldman Sachs as an institutional trader, responsible for a number of municipal sectors including industrials, airlines, utilities, healthcare and high-yield. Mr. Cummings has over 20 years of investment experience and earned an MBA and undergraduate degree from Rutgers University.
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). PIMCO, an Allianz Global Investors Fund Management affiliate, serves as the Funds' sub-adviser.
The Funds' daily New York Stock Exchange closing prices and net asset values per share are available by calling the Funds' shareholder servicing agent at (800) 331-1710. This information, as well as updated portfolio statistics and performance, is available at http://www.allianzinvestors.com.
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 further declines in the securities markets and 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 their operating strategy and/or acquisition strategy, and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations. The Funds' ability to maintain leverage and to pay dividends to common shareholders is subject to the restrictions in their registration statements, By-laws and other governing documents as well as the Investment Company Act of 1940.