PIMCO Junk Bond Fund Manager to Retire

Sept. 25, 2002 -- Pacific Investment Management Co. said Benjamin Trosky, who has managed the PIMCO Funds:High Yield Fund/A (PHDAX) since its inception in December 1992, will retire by the end of the year.

Raymond Kennedy, the co-manager of the $3.8-billion fund, will continue as its sole manager, the fund company said.

Trosky is retiring to spend more time with his family, said Andrew Myers, a PIMCO vice president for marketing. Trosky could not be reached for comment.

The fund's investment style will not differ under Kennedy, Myers said. "It should be a transparent change," he said.

The fund returned 1.8% on average for the five years ended in August, while its peer low-quality bond funds lost 1%.

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