PCM Dividend Announcement, Monthly Performance, and Statistics

NEWPORT BEACH, CA, Jan 15 (MARKET WIRE) --
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 February 14, 2008 with an ex-dividend
date of January 29, 2008 to shareholders of record at the close of business
onJanuary 31, 2008.

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 12/31/07

3 6 1 3 5 10
Mos Mos Year Years(1) Years(1) Years(1)
PCM Based on Net
Asset Value (%) 0.56 2.26 2.83 5.56 6.55 7.43

PCM Based on NYSE
Share Price (%) -5.69 -2.98 -23.17 -0.48 1.25 6.09

Lehman Brothers
Aggregate Index (%) 3.00 5.93 6.97 4.56 4.42 5.97

(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
------------ ---------------- ---------------
12/31/2007 $10.25 $11.28
11/30/2007 $ 9.95 $11.07
12/31/2006 $14.40 $11.85

Date Premium/(Discount) to Net Asset Value
---------- -------------------------------------
12/31/2007 -9.13%
11/30/2007 -10.12%
12/31/2006 21.52%

Yield Information
-----------------
Annualized dividend yield at 12/31/07 based on NYSE share price: 8.20%
Annualized dividend yield at 12/31/07 based on Net Asset Value: 7.45%

Portfolio Statistics

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

Net Assets: $128.1 million

Average Duration: 5.3 years

Average Maturity: 10.3 years

Quality Ratings: * -4% AAA, 10% AA, 22% A, 43% BAA, 12% BA, 12% B,
5% less than B

Average Quality: * BAA-

Sector Weightings: % 3.6% Multi-Family (apartment buildings), 0.3%
Healthcare (hospitals and nursing care facilities),
5.5% Hospitality (hotels and motels), 59.9%
Multi-Class (a mix of all commercial property types,
including office buildings and industrial
properties), 18.4% Real Estate ABS, 0.0% Commercial
Paper, 7.1% Corporate, 5.2% Other

Leverage 0.0% (The Fund's use of leverage is subject to
change at any time)

* The Fund reports Quality Breakdown based upon the value of total
securities held, plus the unrealized gain or loss on swaps held. The
unrealized gain or loss on swaps reflects the contribution of swaps to the
default risk profile of the Fund. Average Quality will be based upon the
value of total securities held, plus swaps and futures contracts at notional
value, plus the unrealized gain or loss on swaps and futures contracts held. The
notional value of swaps and futures contracts has been added to more fully
reflect the impact of these instruments on the potential volatility of the
Fund.

For further information, please contact Mick Willemsen, PIMCO 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.

PIMCO:
Mick Willemsen
(949) 720-4734
www.pcmfund.com

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