NEW YORK, June 10, 2008 (PRIME NEWSWIRE) -- Allianz Global Investors Fund Management LLC ("AGIFM"), announced that the majority of shareholders of PIMCO Strategic Global Government Fund, Inc. (the "Fund") (NYSE:RCS) approved to change the Fund's investment manager from Pacific Investment Management Company LLC ("PIMCO") to AGIFM effective today. PIMCO will continue to be the Fund's portfolio manager and sub-adviser pursuant to a portfolio management agreement between PIMCO and AGIFM. RCS shareholders also elected the following new directors to the board, each of whom currently serves as a director/trustee of AGIFM's other sponsored closed-end funds:
Hans W. Kertess, Chairman of the Board of Directors Paul Belica Robert E. Connor John J. Dalessandro II John C. Maney William B. Ogden, IV R. Peter Sullivan III
These changes will not impact the Fund's investment objective, and the total management fees and administrative fees paid by the Fund will be lower. At May 30, 2008, AGIFM was the investment manager to 24 closed-end funds with approximately $17.5 billion of assets under management.
In connection with the change in Investment Manager, the Board of Directors of RCS has approved a change in the Fund's dividend paying schedule to be consistent with many of AGIFM's other monthly paying closed-end funds. Therefore, starting in July 2008, the Fund's monthly dividend will be declared on the first business day of each month and be paid on the first business day of the following month. This change will not impact the Fund's next regularly scheduled dividend which is to be declared on June 13, 2008, payable on July 10, 2008, to shareholders of record at the close of the business on June 30, 2008.
The Fund is a closed-end management investment company whose primary investment objective is to generate a level of income that is higher than that generated by high quality, intermediate term U.S. debt securities. As a secondary objective, RCS seeks to maintain volatility in the net asset value of the shares of the Fund comparable to that of high quality, intermediate term U.S. debt securities. In addition, the Fund seeks capital appreciation to the extent consistent with its other investment objectives.
The Fund attempts to achieve its investment objectives by investing primarily in a portfolio of investment grade fixed-income securities of the United States and other countries. The Fund invests, under normal circumstances, at least 80% of its net assets plus borrowings for investment purposes in government securities. Additionally, the Fund invests, under normal circumstances, at least 80% of its net assets plus amounts borrowed for investment purposes in the securities of issuers located in not less than three different countries, including the United States. The Fund may invest up to 20% of its total assets in non-investment grade securities regardless of the issuer. Additionally, the Fund may invest up to 20% of total assets in securities of emerging market issuers. At April 30, 2008, the Fund's net assets were $361.9 million.
AGIFM is an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P. and is a member of Munich-based Allianz Group (NYSE:AZ). PIMCO is an affiliate of AGIFM.
The Fund's daily New York Stock Exchange closing price, net asset value per share as well as other information is available at http://www.allianzinvestors.com/closedendfunds, or by calling the Fund's shareholder servicing agent at (1-800-331-1710).
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 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.