NEW YORK, April 6, 2009 (GLOBE NEWSWIRE) -- Allianz Global Investors Fund Management LLC ("AGIFM"), investment manager to PCM Fund, Inc. (NYSE:PCM) (the "Fund") announced today that, effective immediately, the Fund's non-fundamental investment policy regarding its minimum investment in commercial mortgage-backed securities ("CMBS") has been revised such that the Fund's policy is now to normally invest at least 50% of its total assets in CMBS (rather than a minimum of 65% as under the prior policy). The Board of Trustees approved the change based on a recommendation from AGIFM and the Funds' sub-adviser, Pacific Investment Management Company LLC ("PIMCO"), that this change is in the best interests of the Fund and the Fund's shareholders.
In light of the ongoing adverse market conditions, the reduction in the Fund's minimum investment in CMBS allows the Fund additional flexibility to invest a greater portion of its portfolio in other asset classes, including high-quality securities such as agency-guaranteed mortgage-backed securities and potentially investment-grade corporate debt securities.
The Fund's primary investment objective is to seek high current income. Capital gains from the disposition of investments is a secondary objective of the Fund. There can be no assurance that the Fund will achieve its stated objectives.
Allianz Global Investors Fund Management LLC, an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P., serves as the Fund's investment manager and is a member of Munich-based Allianz Group (NYSE:AZ). Pacific Investment Management Company LLC, an Allianz Global Investors Fund Management affiliate, serves as the Fund's sub-adviser.
The Fund's daily New York Stock Exchange closing prices and net asset values per share are available by calling the Fund's 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 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 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 Fund's ability to pay dividends to common shareholders is subject to the restrictions in its registration statement and other governing documents as well as the Investment Company Act of 1940.