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
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:
Advisors: (800) 628-1237
Shareholders: (800) 285-4086
Relations: (212) 739-3501
Source: PIMCO Corporate Funds