SOURCE: PIMCO

June 14, 2007 15:52 ET

/ CORRECTION - PIMCO

NEWPORT BEACH, CA--(Marketwire - June 14, 2007) - In the news release, "PIMCO PCM Fund, Inc.," issued earlier today by PIMCO (NYSE: PCM), we are advised by the company that the revised headline is "PCM Fund, Inc." Throughout the release, all instances of "PIMCO PCM Fund, Inc." have been changed to "PCM Fund, Inc." Additionally, the end of the first paragraph should read "payable on July 12, 2007 with an ex-dividend date of June 27, 2007 to shareholders of record at the close of business on June 29, 2007" rather than "payable on June 12, 2007 with an ex-dividend date of June 27, 2007 to shareholders of record at the close of business on June 29, 2007" as originally issued. Complete corrected text follows.

PCM Fund, Inc.

NEWPORT BEACH, CA -- June 14, 2007 -- PCM Fund, Inc. (NYSE: PCM), a closed-end investment company investing primarily in commercial mortgage-backed securities, today declared a monthly dividend of 7.0 cents per share of ordinary income payable on July 12, 2007 with an ex-dividend date of June 27, 2007 to shareholders of record at the close of business on June 29, 2007.

The dividend will be paid in cash. Shareholders who participate in the Fund's Dividend Reinvestment Plan will have their distributions reinvested in an equivalent amount of shares of the Fund. Shareholders whose dividend distributions are subject to withholding of U.S. taxes by the Fund will receive cash or shares, as the case may be, net of the amounts withheld.

Investment Performance, Price and Dividend Information

The Fund's valuation and investment performance information are as follows:

Performance for the periods ended 05/31/07

                                    3      6      1      3      5      10
                                   Mos    Mos    Year  Years  Years  Years
                                                        (1)    (1)    (1)

PCM Based on Net Asset Value (%)   -0.43   1.20   9.07   7.48   7.49   7.95

PCM Based on NYSE Share Price (%) -15.98 -14.26  -7.47   5.32   4.05   8.14

Lehman Brothers Aggregate Index
 (%)                               -0.22   0.69   6.66   4.28   4.72   6.17

(1) Annualized
The Fund's total return investment performance is net of all fees and expenses and assumes the reinvestment of dividends.

Past performance is no guarantee of future results. Investment return, dividend rate and share price will fluctuate so that shares, when sold, may be worth more or less than their original cost.

                        Price Information

Pricing Date           NYSE Share Price                 Net Asset Value
------------           ----------------                 ---------------
05/31/2007                 $11.79                            $11.57
04/30/2007                 $12.01                            $11.72
12/31/2006                 $14.40                            $11.85




Date                               Premium/(Discount) to Net Asset Value
----                               -------------------------------------
05/31/2007                                        1.90%
04/30/2007                                        2.47%
12/31/2006                                       21.52%


                         Yield Information
                         -----------------

Annualized dividend yield at 05/31/07 based on NYSE share price:   7.12%

Annualized dividend yield at 05/31/07 based on Net Asset Value:    7.26%
Portfolio Statistics

The Fund's investment portfolio had the following characteristics as of May 31, 2007:

Net Assets:                        $131.5 million

Average Duration:                  5.5 years

Average Maturity:                  7.2 years

Quality Ratings:                   -2% AAA, -1% AA, 20% A, 48% BAA,
(Based on Gross Assets)            14% BA, 16% B, 5% less than B

Average Quality:                   BAA-

Sector Weightings:% Leverage       4.5% Multi-Family (apartment buildings),
                                   1.4% Healthcare (hospitals and nursing
                                   care facilities), 5.8% Hospitality
                                   (hotels and motels), 62.7% Multi-Class
                                   (a mix of all commercial property types,
                                   including office buildings and
                                   industrial properties), 14.0% Real
                                   Estate ABS, 0.0% Commercial Paper,
                                   6.4% Corporate, 5.2% Other

% Leverage (As of 05/31/07):       32.5% (The Fund's use of leverage is
                                   subject to change at any time)

For further information, please contact Mick Willemsen, PCM Fund, Inc., at (949) 720-4734.

Past performance is no guarantee of future results. Investment return, dividend rate and share price will fluctuate so that shares, when sold, may be worth more or less than their original cost.

Contact Information