PIMCO FUNDS: PACIFIC INVESTMENT MANAGEMENT SERIES
PIMCO COMMERCIAL MORTGAGE SECURITIES TRUST, INC.
PIMCO VARIABLE INSURANCE TRUST
BOARD MEETING 7'73
FEBRUARY 22,200O
a. Changes to Investment Guideline and Fund Transitions (PIMS
and PVIT)
Please refer to the enclosed memorandum from PIMCO discussing
investment
guideline changes and fund transitions. Management recommends
the
approval of the investment guideline changes and fund
transitions.
RESOLVED, that the maximum permissible investment in foreign
denominated securities for the Real Return Bond Fund of the
PIMCO Funds:
Pacific Investment Management Series be reduced from 3 5%of
the Fund's
assets to a maximum of 20%of the Fund's assets; and
FURTHER RESOLVED, that the maximum permissible investment in
foreign denominated securities for the Real Return Bond
Portfolio (Private
Account Portfolio Series)of the PIMCO Funds: Pacific
Investment
Management Series be reduced from 35%of the Portfolio's assets
to a
maximum of 20%of the Portfolio's assets; and
._FURTHER
RESOLVED, that the maximum permissible investment in
foreign denominated securities for the Real Return Bond
Portfolio of the
PIMCO Variable Insurance Trust be reduced from 35%of the
Portfolio's
assets to a maximum of 20%of the Portfolio's assets; and
L
FURTHER RESOLVED, that the High Yield Fund of the PIMCO Fund:
Pacific Investment Management Series be permitted to invest up
to 15%of its
assets in euro denominated securities subject to a requirement
that at least
75%of the euro currency exposure will be hedged back to U. S.
dollars; and
FURTHER, RESOLVED, that the High Yield Portfolio (Private
Account
Portfolio Series)of the PIMCO Fund: Pacific Investment
Management Series
be permitted to invest up to 15%of its assets in euro
denominated securities
subject to a requirement that at least 75%of the euro currency
exposure will
be hedged back to U. S. dollars; and
FURTHER RESOLVED, that the High Yield Portfolio of
the PIMCO
Variable Insurance Trust be permitted to invest up
to 15%of its assets in euro
denominated securities subject to a requirement
that at least 75%of the euro
currency exposure will be hedged back to U. S.
dollars; and
FURTHER RESOLVED, that the name of the Convertible
Bond Fund of
the PIMCO Funds: Pacific Investment Management
Series name be changed
to PIMCO Convertible Fund; and that this Fund be
permitted to invest up to
40%of its assets in securities rated below
investment grade subject to a
minimum quality of Caa and a maximum of 10%of
assets in securities rated
below B; and
FURTHER RESOLVED, that the Emerging Markets Bond
Fund II of the
PIMCO Funds: Pacific Investment Management Series
be permitted to invest
up to 25%of its assets in securities rated B by
Moodys Investors Services or,
Standard &Poor's Ratings Service or, if unrated,
determined by PIMCO to
be of comparable quality; and
FURTHER RESOLVED, that the Emerging Markets
Portfolio (Private
Account Portfolio Series)of the PIMCO Funds:
Pacific Investment
Management Series be permitted to invest up to
25%of its assets in securities
rated B by Moodys Investors Services or Standard
&Poor's Ratings Service
or, if unrated, determined by PIMCO to be of
comparable quality.
