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PIMCO Corporate Income Fund and PIMCO Corporate Opportunity Fund Announce Changes to Fund Names and Investment Policies

2011-09-21 16:22 ET - News Release

Company Website: http://www.allianzinvestors.com
NEW YORK -- (Business Wire)

PIMCO Corporate Income Fund (NYSE:PCN) and PIMCO Corporate Opportunity Fund (NYSE:PTY) (each a “Fund” and, collectively, the “Funds”) have announced that PCN will change its name to PIMCO Corporate & Income Strategy Fund and PTY will change its name to PIMCO Corporate & Income Opportunity Fund. The New York Stock Exchange ticker symbols for the Funds' common shares (PCN and PTY) will remain the same.

In connection with the name changes, each Fund will also rescind its current non-fundamental investment policy, under normal market conditions, to invest at least 80% of its total assets in a diversified1 portfolio of U.S. dollar-denominated corporate debt obligations of varying maturities and other corporate income-producing securities. Each Fund will replace this policy with a new non-fundamental policy, under normal market conditions, to invest at least 80% of its total assets in a combination of corporate debt obligations of varying maturities, other corporate income-producing securities, and income-producing securities of non-corporate issuers, such as U.S. Government securities, municipal securities and mortgage-backed and other asset-backed securities issued on a public or private basis. In addition, each Fund will observe an investment guideline of normally investing at least 25% of its total assets in corporate debt obligations and other corporate income-producing securities. Each Fund remains subject to its current investment limit to invest up to 25% of its total assets (measured at the time of investment) in non-U.S. dollar denominated securities.

These changes will take effect on or about December 1, 2011, following 60 days’ notice to Fund shareholders.

The Board of Trustees of PCN and PTY approved the name and investment policy changes based on recommendations from Allianz Global Investors Fund Management LLC (“AGIFM”), the Funds’ investment manager, and Pacific Investment Management Company LLC ("PIMCO"), the Funds' sub-adviser, that the changes will be in the best interests of each Fund and its shareholders by providing the Fund with additional flexibility to pursue potentially advantageous areas of the global credit markets, including “non-corporate” and non-U.S. dollar-denominated debt and other income-producing securities.

The investment objective of PCN is to seek high current income with secondary objectives of capital preservation and appreciation. The investment objective of PTY is to seek maximum total return through a combination of current income and capital appreciation. There can be no assurance that the Funds will meet their objectives.

AGIFM is an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P. and a member of Munich-based Allianz Group. PIMCO is an affiliate of AGIFM.

The Funds' New York Stock Exchange closing prices, 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) 254-5197.

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. Each 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.

1 In the case of PCN only.


For Information on PIMCO Closed-End Funds:
Financial Advisors: (800) 628-1237
Shareholders: (800) 285-4086
Media Relations: (212) 739-3501

Source: PIMCO Corporate Funds

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