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PCM Fund cuts exposure to commercial mortgage-backed securities

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Allianz Global Investors Fund Management has announced that the non-fundamental investment policy of its PCM Fund regarding minimum investment in commercial mortgage-backed securities h

Allianz Global Investors Fund Management has announced that the non-fundamental investment policy of its PCM Fund regarding minimum investment in commercial mortgage-backed securities has been revised from a minimum of 65 per cent of assets to 50 per cent.

The board of trustees approved the change based on a recommendation from Allianz Global Investors and the fund’s sub-adviser, Pacific Investment Management, that this change is in the best interests of the fund and the fund’s shareholders.

In light of the ongoing adverse market conditions, the reduction in the fund’s minimum investment in CMBS allows the fund additional flexibility to invest a greater portion of its portfolio in other asset classes, including high-quality securities such as agency-guaranteed mortgage-backed securities and potentially investment-grade corporate debt securities.

The fund’s primary investment objective is to seek high current income. Capital gains from the disposition of investments is a secondary objective of the fund. There can be no assurance that the fund will achieve its stated objectives.

Allianz Global Investors Fund Management, an indirect, wholly-owned subsidiary of Allianz Global Investors of America, serves as the fund’s investment manager and is a member of Munich-based Allianz Group.

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