NEW YORK, April 17, 2007 (PRIME NEWSWIRE) -- The Boards of Trustees of PIMCO High Income Fund (NYSE:PHK), PIMCO Floating Rate Income Fund (NYSE:PFL) and PIMCO Floating Rate Strategy Fund (NYSE:PFN) (collectively, the "Funds") announced today that the Funds' lead portfolio manager, Ray Kennedy, has decided to retire from Pacific Investment Management Company LLC ("PIMCO") and the asset management business on August 31, 2007.
Effective May 1, 2007, Mark Hudoff, who has been part of the portfolio management team for PHK, will assume Mr. Kennedy's role as PHK's lead portfolio manager. Mr. Hudoff, an Executive Vice President at PIMCO, has over 17 years of investment experience and joined PIMCO in 1996. He was previously associated with BCA where he worked as a fixed income strategist.
Also effective May 1, 2007, Cyrille Conseil, who has been part of the portfolio management team for PFL and PFN, will succeed Mr. Kennedy as lead portfolio manager for those Funds. Mr. Conseil, an Executive Vice President at PIMCO, has over 15 years of investment experience and joined PIMCO in 1998 as a senior member of PIMCO's Credit Research Team. He was previously associated with the High Yield Group at Moody's Investors Service.
The Funds are closed-end management investment companies. The investment objective of PFN and PFL is to seek high current income, consistent with the preservation of capital. The investment objective of PHK is to seek high current income with capital appreciation as a secondary objective. There can be no assurance the Funds will meet their objectives.
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). Pacific Investment Management Company LLC, an Allianz Global Investors Fund Management affiliate, serves as the Funds' sub-adviser.
The Funds' daily New York Stock Exchange closing prices, net asset values per share, as well as other information, including updated portfolio statistics and performance are available at http://www.allianzinvestors.com or by calling the Funds' shareholder servicing agent at (800) 331-1710.
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 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 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.