Pacific Investment Management Company LLC (“PIMCO”), a leading global
investment management firm, will replace Allianz Global Investors Fund
Management LLC (“AGIFM”) as the investment manager to 20 closed-end
funds for which PIMCO currently serves as sub-adviser.
The transition is expected to become effective at the close of business
on September 5, 2014.
The 20 funds (each a “Fund” and together the “Funds”) are as follows:
-
PIMCO Corporate & Income Opportunity Fund (NYSE:PTY)
-
PIMCO Corporate & Income Strategy Fund (NYSE:PCN)
-
PIMCO Dynamic Credit Income Fund (NYSE:PCI)
-
PIMCO Dynamic Income Fund (NYSE:PDI)
-
PIMCO Global StocksPLUS® & Income Fund (NYSE:PGP)
-
PIMCO High Income Fund (NYSE:PHK)
-
PIMCO Income Opportunity Fund (NYSE:PKO)
-
PIMCO Income Strategy Fund (NYSE:PFL)
-
PIMCO Income Strategy Fund II (NYSE:PFN)
-
PIMCO Strategic Income Fund, Inc. (formerly, PIMCO Strategic Global
Government Fund, Inc.) (NYSE:RCS)
-
PCM Fund, Inc. (NYSE:PCM)
-
PIMCO California Municipal Income Fund (NYSE:PCQ)
-
PIMCO California Municipal Income Fund II (NYSE:PCK)
-
PIMCO California Municipal Income Fund III (NYSE:PZC)
-
PIMCO Municipal Income Fund (NYSE:PMF)
-
PIMCO Municipal Income Fund II (NYSE:PML)
-
PIMCO Municipal Income Fund III (NYSE:PMX)
-
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)
Shareholders of each Fund have approved a new Investment Management
Agreement with PIMCO (the “Agreement”). Under the Agreement, PIMCO will
continue to provide the day-to-day portfolio management services it has
provided to each Fund as its sub-adviser and will also assume
responsibility for the supervisory and administrative services currently
provided by AGIFM to each Fund as its investment manager. The Funds’
existing portfolio managers are remaining the same, and PIMCO personnel
will replace AGIFM personnel as Fund officers and in other roles to
provide and oversee the administrative, accounting/financial reporting,
compliance, legal, marketing, transfer agency, shareholder servicing and
other services required for the daily operations of the Funds.
Each Fund’s daily New York Stock Exchange closing market price, net
asset value per share, as well as other information, including updated
portfolio statistics and performance, are available at us.allianzgi.com/closedendfunds
or by calling the Funds’ shareholder servicing agent at (800) 254-5197.
Following the transition to PIMCO as the Funds’ investment manager, such
information will be available at www.pimco.com/closedendfunds
or by calling the Funds’ shareholder servicing agent at 844-33PIMCO
(844-337-4626).
PIMCO is a leading global investment management firm with offices in 12
countries throughout North America, Europe and Asia. Founded in 1971,
PIMCO offers a wide range of innovative solutions to help millions of
investors worldwide meet their investment needs. PIMCO’s goal is to
provide attractive returns while maintaining a strong culture of risk
management and long-term discipline.
PIMCO and AGIFM are majority-owned and wholly-owned subsidiaries,
respectively, of Allianz Asset Management of America L.P., a member of
Munich-based Allianz Group., a leading global diversified financial
services provider.
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 a 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.
Copyright Business Wire 2014