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Allianz Global Investors Fund Management LLC Announces Changes to Investment Policies and Guidelines of: PCM Fund, Inc., PIMCO High Income Fund, PIMCO Global StocksPLUS® & Income Fund and PIMCO Income Opportunity Fund

NEW YORK, December 15, 2009 (BUSINESS WIRE) – Allianz Global Investors Fund Management LLC (“AGIFM”), investment manager to PCM Fund, Inc.(NYSE:PCM), PIMCO High Income Fund (NYSE:PHK), PIMCO Global StocksPLUS® & Income Fund (NYSE:PGP), and PIMCO Income Opportunity Fund (NYSE:PKO) (each a “Fund” and collectively, the “Funds”) announced, effective today, changes to the Funds’ investment policies regarding the extent to which they may invest in securities that are, at the time of purchase, rated below investment grade (below Baa by Moody's Investors Service, Inc. ("Moody's"), below BBB by either Standard & Poor's ("S&P") or Fitch, Inc. ("Fitch Ratings"), or unrated but judged by the Funds’ sub-adviser, Pacific Investment Management Company LLC (“PIMCO”), to be of comparable quality).

Specifically, the policy of PHK, which may invest without limit in below investment grade securities, has been revised such that the Fund may not invest more than 20% of its total assets in securities that are, at the time of purchase, rated CCC/Caa or below by each agency rating the security, or unrated but judged by PIMCO to be of comparable quality. PHK previously observed a limit of 10% of its total assets in CCC/Caa or lower securities.

The policies of PCM, PKO and PGP limiting their investments in below investment grade securities have been rescinded such that each Fund may now invest without limit in securities that are, at the time of purchase, rated below investment grade or unrated but judged by PIMCO to be of comparable quality, and may invest without limit in securities of any rating. Previously, PCM could invest up to 35% of its total assets in below investment grade securities and could not invest in securities below B-; PKO could invest without limit in below investment grade securities and up to 15% of its total assets in securities below B; and PGP could invest up to 30% of its total assets in below investment grade securities and could not invest in securities below B-.

In addition, the duration guideline previously observed by PGP has been revised as follows:

The debt securities in PGP’s Debt Portfolio ordinarily will have a low- to intermediate- average portfolio duration, ranging from one year to a duration that is two years above the duration of the Barclays Capital U.S. Aggregate Index, although it may be longer or shorter at any time or from time to time based on PIMCO’s forecast for interest rates and other factors.

A recent duration (as of November 16, 2009) of the Barclays Capital U.S. Aggregate Index was 4.29 years.

Under its prior guideline, the debt securities in PGP’s Debt Portfolio ordinarily had a low average portfolio duration (one to three years).

The Board of Trustees formally approved these policy changes based on the recommendation from AGIFM and PIMCO that these revised policies and expanded guidelines will afford the Funds’ greater investment flexibility in seeking to achieve their investment objectives.

As general matter, the potential opportunities provided by lower quality securities in the high yield spectrum carry with them additional risks. Below investment grade securities are regarded as having predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and to repay principal when due, and are commonly referred to as “high yield” securities or “junk bonds.” They may involve a greater risk of default and their prices are generally more volatile and sensitive to actual or perceived negative developments, such as a decline in the issuer’s revenues or a general economic downturn, than are the prices of higher grade securities. Lower-rated securities are generally less liquid than higher-rated securities, which may have an adverse effect on a Fund’s ability to dispose of a particular security. These risks are generally greater for lower quality securities in the high yield spectrum. This liquidity risk may be heightened for CCC/Caa and below rated securities due to the relatively smaller universe of eligible investors in these securities in comparison to investment grade issues.

Also, generally, the longer the average duration of a debt portfolio, the more sensitive the portfolio will be to interest rate risk - i.e., the prices of debt obligations typically fall when market interest rates rise.

PCM’s primary investment objective is to seek high current income and capital appreciation is a secondary objective. PHK's primary investment objective is to seek high current income. Capital appreciation is a secondary objective. PGP’s investment objective is to seek total return comprised of current income, current gains and long-term capital appreciation. PKO’s investment objective is to seek current income as a primary objective along with capital appreciation. There can be no assurance that 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. Pacific Investment Management Company LLC, an Allianz Global Investors Fund Management affiliate, serves as the Funds' sub-adviser.

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.