The SEC today announced a settlement with PA Fund Management, PEA Capital and PA Distributors, the investment adviser, subadviser and distributor of the PIMCO Funds Multi-Manager Series, respectively, for failing to disclose directed brokerage arrangements in which it paid for shelf space with selected brokerage firms. The three firms, all subsidiaries of Allianz, agreed to pay more than a combined $11.6 million, including $5 million in penalties. The SEC found that the funds' distributor entered into shelf space arrangements with more than 50 brokerage firms from 2000 to 2003 but failed to disclose the arrangements to the mutual funds' board of trustees and shareholders. The SEC settlement coincides with a separate $9 million settlement reached with the office of California Attorney General Bill Lockyer today. That settlement consists of $5 million in penalties and $4 million in reimbursement costs. The agreement reached today is not connected to the $50 million settlement earlier reached by the three Allianz's subsidiaries over market-timing charges brought by the SEC.