PIMCO Launches Convertible Bond Mutual Fund; Sandra Durn To Manage Fund For Retail And Institutional Investors

Newport Beach, California, UNITED STATES

NEWPORT BEACH, Calif., July 14, 1999 (PRIMEZONE) -- PIMCO Funds Distributors LLC, a unit of PIMCO Advisors Holdings L.P, (NYSE: PA), today announced the introduction of the PIMCO Convertible Bond Fund, a new fixed-income mutual fund that seeks to take advantage of the favorable return/risk characteristics of investing in bonds that can be converted into common stock.

The Convertible Bond Fund is managed by Sandra Durn, PIMCO vice president and former lead portfolio manager of convertible securities products at Nicholas-Applegate Capital Management, and a former economics instructor at San Diego State University.

"Convertible bonds are a natural complement to PIMCO's fixed-income expertise," said Ms. Durn. "Over time, convertibles offer a risk profile that is similar to the corporate bond market but with a return that is similar to investing in the equity market."

The Convertible Bond Fund is offered in retail, administrative and institutional class shares. It is distributed by PIMCO Funds' distribution network.

"The introduction of the Convertible Bond Fund further broadens PIMCO Funds' investment options," said Steve Treadway, PIMCO Funds Chairman. "Convertible bond management is a natural leverage off our highly skilled investment team."

PIMCO Funds manages a family of 50 stock and bond mutual funds available to both retail and institutional investors. PIMCO Advisors is one of the largest investment management companies in the United States with more than $248 billion of assets under management. Its investment advisor subsidiaries, led by Pacific Investment Management and Oppenheimer Capital, are widely recognized for consistently posting attractive performance and high quality service to more than 1,600 institutional clients worldwide, including 40 of the nation's largest 100 corporations.

Past performance is no guarantee of future results. Call or write for a current PIMCO Funds prospectus containing more complete information, including management fees and expenses. Please read it carefully before you invest or send money. PIMCO Funds Distributors LLC, 2187 Atlantic Street, Stamford, CT 06902, (800) 927-4648.