<SEC-DOCUMENT>0001193125-14-279932.txt : 20141105
<SEC-HEADER>0001193125-14-279932.hdr.sgml : 20141105
<ACCEPTANCE-DATETIME>20140725105904
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-14-279932
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20140725

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALLIANZ FUNDS
		CENTRAL INDEX KEY:			0000867297
		IRS NUMBER:				330457728
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-739-3000

	MAIL ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIMCO FUNDS MULTI MANAGER SERIES
		DATE OF NAME CHANGE:	19970626

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIMCO FUNDS EQUITY ADVISORS SERIES
		DATE OF NAME CHANGE:	19960227

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIMCO ADVISORS INSTITUTIONAL FUNDS
		DATE OF NAME CHANGE:	19941017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PCM FUND, INC.
		CENTRAL INDEX KEY:			0000908187
		IRS NUMBER:				521834031
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212 -739-4000

	MAIL ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIMCO COMMERCIAL MORTGAGE SECURITIES TRUST INC
		DATE OF NAME CHANGE:	19930624

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AllianzGI Managed Accounts Trust
		CENTRAL INDEX KEY:			0001098605
		IRS NUMBER:				066484967
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-739-4000

	MAIL ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AllianzGI Managed Accounts Trust
		DATE OF NAME CHANGE:	20130125

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALLIANZ GLOBAL INVESTORS MANAGED ACCOUNTS TRUST
		DATE OF NAME CHANGE:	20090626

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALLIANZ GLOBAL INVESTORS
		DATE OF NAME CHANGE:	20090626

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AllianzGI Convertible & Income Fund
		CENTRAL INDEX KEY:			0001214935
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0228

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		C/O ALLIANZ GLOBAL INVESTORS FUND MGMT
		STREET 2:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-739-3000

	MAIL ADDRESS:	
		STREET 1:		C/O ALLIANZ GLOBAL INVESTORS FUND MGMT
		STREET 2:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AGIC Convertible & Income Fund
		DATE OF NAME CHANGE:	20100825

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NICHOLAS APPLEGATE CONVERTIBLE & INCOME FUND
		DATE OF NAME CHANGE:	20030121

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NICHOLAS APPLEGATE CONVERTIBLE INCOME FUND
		DATE OF NAME CHANGE:	20030121

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AllianzGI NFJ DIVIDEND, INTEREST & PREMIUM STRATEGY FUND
		CENTRAL INDEX KEY:			0001260563
		STANDARD INDUSTRIAL CLASSIFICATION:	LOAN BROKERS [6163]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-739-3000

	MAIL ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NFJ DIVIDEND, INTEREST & PREMIUM STRATEGY FUND
		DATE OF NAME CHANGE:	20050124

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NFJ DIVIDEND, INTEREST & PREMIUM EQUITY INCOME FUND
		DATE OF NAME CHANGE:	20050119

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PAFM/NFJ DIVIDEND & EQUITY INCOME FUND
		DATE OF NAME CHANGE:	20041220

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AllianzGI Equity & Convertible Income Fund
		CENTRAL INDEX KEY:			0001383441
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		C/O ALLIANZ GLOBAL INVESTORS FUND MGMT
		STREET 2:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-739-3000

	MAIL ADDRESS:	
		STREET 1:		C/O ALLIANZ GLOBAL INVESTORS FUND MGMT
		STREET 2:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AGIC Equity & Convertible Income Fund
		DATE OF NAME CHANGE:	20100825

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Nicholas-Applegate Equity & Convertible Income Fund
		DATE OF NAME CHANGE:	20070118

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Nicholas-Applegate Equity & Income Capture Fund
		DATE OF NAME CHANGE:	20061213

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO Dynamic Credit Income Fund
		CENTRAL INDEX KEY:			0001558629
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-739-4000

	MAIL ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AllianzGI Convertible & Income Fund II
		CENTRAL INDEX KEY:			0001227857
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0228

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		C/O ALLIANZ GLOBAL INVESTORS FUND MGMT
		STREET 2:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212 739 3000

	MAIL ADDRESS:	
		STREET 1:		C/O ALLIANZ GLOBAL INVESTORS FUND MGMT
		STREET 2:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AGIC Convertible & Income Fund II
		DATE OF NAME CHANGE:	20100825

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NICHOLAS APPLEGATE CONVERTIBLE & INCOME FUND II
		DATE OF NAME CHANGE:	20030605

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PAFM NICHOLAS APPLEGATE NFJ CONVERTIBLE & INCOME FUND
		DATE OF NAME CHANGE:	20030417
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>Allianz Response Letter</TITLE>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">ROPES &amp; GRAY LLP</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">PRUDENTIAL TOWER</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">800 BOYLSTON STREET</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">BOSTON, MA 02199-3600</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">WWW.ROPESGRAY.COM</P></TD>
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<TD VALIGN="middle" COLSPAN="3"><FONT STYLE="font-size:10pt">July&nbsp;25, 2014</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Robert S. Shapiro</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">(202) 508-4687</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">Robert.S.Shapiro@ropesgray.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA EDGAR </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, NE </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20549 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn:&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Kenneth Ellington </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allianz Funds (File Nos. <FONT STYLE="white-space:nowrap">033-36528</FONT> and <FONT
STYLE="white-space:nowrap">811-06161);</FONT> AllianzGI Managed Accounts Trust (File <FONT STYLE="white-space:nowrap">Nos.&nbsp;333-92415</FONT> and <FONT STYLE="white-space:nowrap">811-09721);</FONT> AllianzGI Convertible&nbsp;&amp; Income Fund
(File <FONT STYLE="white-space:nowrap">Nos.&nbsp;333-184077</FONT> and <FONT STYLE="white-space:nowrap">811-21284);</FONT> AllianzGI Convertible&nbsp;&amp; Income Fund&nbsp;II (File <FONT STYLE="white-space:nowrap">Nos.&nbsp;333-184231</FONT> and <FONT
STYLE="white-space:nowrap">811-21338);</FONT> AllianzGI Equity&nbsp;&amp; Convertible Income Fund (File <FONT STYLE="white-space:nowrap">Nos.&nbsp;333-191818</FONT> and <FONT STYLE="white-space:nowrap">811-21989);</FONT> AllianzGI NFJ Dividend
Interest&nbsp;&amp; Premium Strategy Fund (File Nos. <FONT STYLE="white-space:nowrap">333-108137</FONT> and <FONT STYLE="white-space:nowrap">811-21417);</FONT> PCM Fund, Inc. (File <FONT STYLE="white-space:nowrap">Nos.&nbsp;333-183684</FONT> and <FONT
STYLE="white-space:nowrap">811-07816);</FONT> and PIMCO Dynamic Credit Income Fund (File Nos. <FONT STYLE="white-space:nowrap">333-184290</FONT> and <FONT STYLE="white-space:nowrap">811-22758)</FONT> (the &#147;Registrants&#148;) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Ellington: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On June&nbsp;27, 2014, you provided
oral comments on behalf of the staff (the &#147;Staff&#148;) of the Securities and Exchange Commission (the &#147;SEC&#148;) based upon Form N-CSR filings containing the Registrants&#146; annual reports (each, an &#147;Annual Report,&#148; and
collectively, the &#147;Annual Reports&#148;) for the periods ended as of the dates indicated parenthetically below: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top">Allianz Funds (period ended June&nbsp;30, 2013); </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">AllianzGI Managed Accounts Trust (period ended October&nbsp;31, 2013); </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">AllianzGI Convertible&nbsp;&amp; Income Fund (period ended February&nbsp;28, 2014); </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">AllianzGI Convertible&nbsp;&amp; Income Fund II (period ended February&nbsp;28, 2014); </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">AllianzGI Equity&nbsp;&amp; Convertible Income Fund (period ended January&nbsp;31, 2014); </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">AllianzGI NFJ Dividend Interest&nbsp;&amp; Premium Strategy Fund (period ended January&nbsp;31, 2014); </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top">PCM Fund, Inc. (period ended December&nbsp;31, 2013); and </TD></TR></TABLE>

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<TD VALIGN="bottom" ALIGN="center">- 2 -</TD>
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<TD VALIGN="bottom" ALIGN="right">July 25, 2014</TD></TR></TABLE>

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<TD ALIGN="left" VALIGN="top">PIMCO Dynamic Credit Income Fund (period ended December&nbsp;31, 2013). </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please note that while the Staff also
provided comments on the Annual Report of AllianzGI Global Equity&nbsp;&amp; Convertible Income Fund (period ended August&nbsp;31, 2013), that Fund has since merged with AllianzGI Equity&nbsp;&amp; Convertible Income Fund, and its registration as an
investment company was terminated effective June&nbsp;25, 2014. The Annual Report of AllianzGI Money Market Fund, a series of Allianz Funds (period ended December&nbsp;31, 2013), was also included in the Staff&#146;s review, but that Fund has since
liquidated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Your comments reflected that the Staff had also reviewed the prospectuses, summary prospectuses and marketing materials of some of the
Registrants for comparison purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You requested that responses to the comments be provided via EDGAR correspondence. Accordingly, responses to the
Staff&#146;s comments in relation to the Annual Reports are set forth below. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Allianz Funds and AllianzGI Managed Accounts Trust (each, a
&#147;Trust&#148; for purposes of this response, and each series of each Trust thereof, a &#147;Fund&#148;) </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"><U>Comment</U>: The Staff notes that, as of June&nbsp;30, 2013, the assets of AllianzGI Focused Growth Fund<SUP STYLE="font-size:85%; vertical-align:top">1</SUP> were invested approximately 30.9% in the Information
Technology Sector and the assets of AllianzGI NFJ International Value Fund were invested approximately 25.5% in the Financial Services Sector, as disclosed in the Schedule of Portfolio Holdings section of each Fund&#146;s Annual Report. In addition,
the Staff notes that, as of October&nbsp;31, 2013, the assets of Fixed Income SHares: Series C were invested approximately 29.6% in the Financial Services Sector, as disclosed in the Schedule of Portfolio Holdings section of that Fund&#146;s Annual
Report. Please provide an explanation for why AllianzGI Focused Growth Fund has not provided specific Information Technology Sector disclosure in the &#147;Principal Investments and Strategies&#148; or &#147;Principal Risks&#148; sections of its
prospectus. Additionally, please provide an explanation for why AllianzGI NFJ International Value Fund and Fixed Income SHares: Series C have not provided specific Financial Services Sector disclosure in the &#147;Principal Investments and
Strategies&#148; or &#147;Principal Risks&#148; sections of their prospectuses. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Each applicable Trust
respectfully submits that the current prospectus disclosure for each applicable Fund is appropriate and consistent with Form N-1A. With respect to AllianzGI Focused Growth Fund, the portfolio management team does not consider investments in the
Information Technology Sector to be a part of the Fund&#146;s principal investment strategy. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE="font-family:Times New Roman; font-size:10pt">Please note that while the Staff&#146;s comments also applied in relation to the Annual Report of AllianzGI Large-Cap Growth Fund, a series of Allianz
Funds, AllianzGI Large-Cap Growth Fund has since merged with AllianzGI Focused Growth Fund, which is also a series of Allianz Funds. Accordingly, Comment 1 and the response thereto do not refer to AllianzGI Large-Cap Growth Fund as a separate Fund.
</P></TD></TR></TABLE>

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<TD VALIGN="bottom" ALIGN="center">- 3 -</TD>
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Similarly, with respect to each of AllianzGI NFJ International Value Fund and Fixed Income SHares: Series C, neither Fund&#146;s portfolio management team considers investments in the Financial
Services Sector to be a part of the Fund&#146;s principal investment strategy. Rather, such investments are a byproduct of each Fund&#146;s broader investment strategy and the mix of each Fund&#146;s sector investments could change over time.
Accordingly, no reference to any particular industry or sector is included in the descriptions of how the Funds attempt to achieve their respective investment objectives. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Although investment in the Information Technology Sector is not a principal investment strategy of AllianzGI Focused Growth Fund, the Fund
discloses in the &#147;Principal Investments and Strategies of Each Fund &#150; Principal Investments and Strategies&#148; section of its prospectus that &#147;the Fund may also invest a significant percentage of its assets in a small number of
business sectors or industries.&#148; In addition, both AllianzGI Focused Growth Fund and AllianzGI NFJ International Value Fund disclose among their principal risks a Focused Investment Risk, which the prospectuses describe as follows:
&#147;[f]ocusing on a limited number of issuers, sectors, industries or geographic regions increases risk and volatility.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">With
respect to Fixed Income SHares: Series C, investments in the Financial Services Sector are not part of the Fund&#146;s principal investment strategy. Nevertheless, the Fund discloses among its principal risks an Issuer Non-Diversification Risk,
which the prospectus describes as follows: &#147;by focusing investments in a small number of issuers, industries, foreign currencies or regions, the Portfolio may be more impacted by risks associated with a single issuer or a single economic,
political or regulatory occurrence than a more diversified portfolio might be.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">The applicable Trusts note that each applicable Fund
observes a fundamental policy with respect to industry concentration pursuant to Section&nbsp;8(b)(1) of the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;), as set forth below: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">AllianzGI Focused Growth Fund may not &#147;concentrate more than 25% of the value of its total assets in any one industry.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">AllianzGI NFJ International Value Fund may not &#147;invest in a security if, as a result of such investment, more than 25% of its total
assets (taken at market value at the time of such investment) would be invested in the securities of issuers in any particular industry, except that this restriction does not apply to securities issued or guaranteed by the U.S. Government or its
agencies or instrumentalities (or repurchase agreements with respect thereto).&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Fixed Income SHares: Series C may not &#147;invest
in a security if, as a result of such investment, more than 25% of its total assets (taken at market value at the time of such investment) would be invested in the securities of issuers in any particular
</P>

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<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center">- 4 -</TD>
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industry, except that this restriction does not apply to securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities (or repurchase agreements with respect
thereto).&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Each applicable Trust further notes that each applicable Fund was in compliance with its industry concentration policy as
of the date of its Annual Report, as reflected in the Schedule of Portfolio Holdings in such Fund&#146;s Annual Report, and has remained in compliance with such policy through the date of this letter. In this regard, we note that references to the
&#147;Information Technology Sector&#148; or the &#147;Financial Services Sector&#148; in the Schedules of Portfolio Holdings are not intended to and do not indicate investments in any particular &#147;industry&#148; for purposes of a Fund&#146;s
fundamental investment policy regarding industry concentration. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Thus, in sum, the Trusts believe that each Fund&#146;s principal
investment strategies and risks are appropriately described under the sections of their respective prospectuses addressing principal investment strategies and principal risks. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>AllianzGI Managed Accounts Trust (the &#147;Trust&#148; for purposes of this response) </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"><U>Comment</U>: Please include a statement that additional information about the Trustees is included in the Statement of Additional Information (&#147;SAI&#148;) pursuant to Item&nbsp;27(b)(6) of Form N-1A.
</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman"><U>Response:</U> Pursuant to Item&nbsp;27(b)(6) of Form N-1A, the Trust will revise the disclosure under the heading
&#147;Board of Trustees&#148; in future shareholder reports filed on Form N-CSR by adding the following footnote: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The Portfolios&#146;
Statement of Additional Information contains additional information about the Trustees. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>AllianzGI Convertible&nbsp;&amp; Income Fund, AllianzGI
Convertible&nbsp;&amp; Income Fund II, AllianzGI Equity&nbsp;&amp; Convertible Income Fund, AllianzGI NFJ Dividend Interest&nbsp;&amp; Premium Strategy Fund, PCM Fund, Inc. and PIMCO Dynamic Credit Income Fund (each, a &#147;Fund&#148; for purposes
of this response) </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"><U>Comment</U>: Please include a statement that additional information about the Trustees/Directors of each Fund is included in such Fund&#146;s SAI pursuant to Instruction 4(f) to Item&nbsp;24 of Form N-2.
</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman"><U>Response:</U> The Funds respectfully decline to make the requested change. As closed-end investment companies, the Funds
are exempted, pursuant to Rule 8b-16 under the 1940 Act, from the requirement of making annual updates to their registration statements, including their SAIs. Accordingly, the Funds do not routinely file updated SAIs, and the SAIs that are on file
for the Funds may contain stale or outdated information, including with respect to the </P>

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composition of their Boards of Trustees/Directors. Accordingly, the Funds believe that it is appropriate to omit the referenced disclosure. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Allianz Funds (the &#147;Trust&#148; for purposes of this response, and each series of the Trust, a &#147;Fund&#148;) </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Summary Prospectuses </I></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"><U>Comment</U>: Pursuant to Rule 498(b)(1)(v)(A) under the Securities Act of 1933, as amended, please revise the website address provided in the introductory paragraph of the summary prospectus for each Fund so that the
address provided is specific enough to lead investors directly to the Fund&#146;s statutory prospectus and other materials that are required to be accessible pursuant Rule 498(e)(1), rather than to the AllianzGI home page. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman"><U>Response:</U> The Funds will revise the introductory paragraph of their summary prospectuses so that a specific URL directing investors to
a central document library with links to the relevant Fund&#146;s statutory prospectus, SAI and shareholder reports is provided. This change will be made in connection with the next annual update to the Funds&#146; registration statement, which is
expected to be filed on Form N-1A in late August, 2014. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>AllianzGI NFJ Dividend Interest&nbsp;&amp; Premium Strategy Fund (the &#147;Fund&#148; for
purposes of this response) </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Marketing Materials </I></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"><U>Comment</U>: The Staff notes that the Fund&#146;s Annual Report indicates that, for the period ended January&nbsp;31, 2014, the Fund paid a significant portion of its distributions in returns of capital. To the
extent that the Fund&#146;s website, the Fund&#146;s Fund Card, or the Fund&#146;s distribution-related press releases include information about the Fund&#146;s distributions, please indicate whether such distributions include a return of capital,
an estimate of the amount of such return of capital, and, where a distribution rate is provided, please indicate the portion of the distribution rate represented by returns of capital. Please also refrain from using the term &#147;dividend&#148;
when referring to a distribution a portion of which is comprised of a return of capital. The Staff recognizes that final determinations of the amount of a distribution that is comprised of a return of capital cannot be made precisely prior to the
Fund&#146;s fiscal year end. However, to the extent possible, please provide good faith estimates of return of capital. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman"><U>Response:</U> The Fund respectfully submits that, because final amounts of return of capital paid by the Fund over the course of a fiscal
year will not be known until the end of that fiscal year, disclosing specific estimated amounts of returns of capital in the Fund&#146;s marketing materials may confuse or mislead the Fund&#146;s shareholders. However, in response to the
Staff&#146;s comment, the Fund will revise the footnote to the &#147;Distribution Rates&#148; section </P>

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of its Fund Card as follows (the language with a strikethrough indicates a deletion, while the underlined language represents an addition): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">&#147;Distribution rates are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV
or Market Price as of quarter end. Distributions may include ordinary income, net capital gains, and<STRIKE>/or</STRIKE> return of capital (<U>ROC</U>; your investment in the fund). Because the distribution rate may include a <STRIKE>return of
capital</STRIKE><U> ROC</U>, it should not be confused with yield or income. <U>Final determination of a distribution&#146;s tax character will be made on Form 1099 DIV sent each January.</U> The Section&nbsp;19 Notice, if applicable, contains
<U>estimated </U>distribution composition information <U>and is available on the Fund&#146;s website at us.allianzgi.com</U>.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">The
Fund anticipates that it will make this change beginning with the Fund Card to be published for the period ending September&nbsp;30, 2014. In addition, the Fund will revise its website so that the &#147;Distribution Rates&#148; section of the
&#147;Performance and Distributions&#148; tab contains the language quoted above, other than the reference to the Fund&#146;s website. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">In
addition, please note that copies of the Fund&#146;s most recent Section&nbsp;19 Notice, dated June 16, 2014, (which provides an estimate of the return of capital at the time of distribution) and the annual tax reporting information and Form 8937
(each of which provides the actual amounts of return of capital over the year), are also currently posted on the Fund&#146;s website and are available to shareholders and prospective investors. Pursuant to Section&nbsp;19(a) of the 1940 Act and Rule
19a-1 thereunder, distributions to shareholders that are wholly or partly from a source other than net income for the current or preceding fiscal year or accumulated undistributed net income are also accompanied by a Section&nbsp;19 Notice, which
informs shareholders of the Fund of the estimated composition of their distributions, and so shareholders are provided with contemporaneous notice if distributions they receive are estimated to include a return of capital. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">With respect to the Fund&#146;s distribution-related press releases, the Fund respectfully submits that such press releases adequately
disclose that distributions may include returns of capital. For instance, the June&nbsp;6, 2014 press release relating to a distribution by the Fund (as well as by AllianzGI Equity&nbsp;&amp; Convertible Income Fund) states: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The actual composition and character of the distributions stated above and future distributions of the Funds may be materially different from
the composition or character of such distributions that existed at the time of this press release and may be comprised of net investment income, capital gains and/or return of capital. Such factors include the varied nature of each Fund&#146;s
investments and the performance of those investments, and that the ultimate characterization of each Fund&#146;s distributions cannot finally be determined until the end of each Fund&#146;s fiscal year, resulting in the possibility of a return of
capital if any Fund makes total distributions in an amount </P>

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<TD VALIGN="bottom" ALIGN="center">- 7 -</TD>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">
that exceeds its net investment income and net realized capital gains during its fiscal year. Additional information as applicable regarding the composition of the distributions will be made
available at us.allianzgi.com/closedendfunds after the payable date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">The press release also notifies investors that a distribution&#146;s
tax character will be made available on Form 1099 DIV and sent to shareholders in January. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s request that
the Fund refrain from using the term &#147;dividend&#148; when referring to a distribution a portion of which is comprised of a return of capital, the Fund notes that the term dividend is only currently used on the Fund&#146;s website and in the
distribution-related press releases in the context of providing an &#147;ex-dividend&#148; date with respect to the Fund&#146;s most recent distribution. The Fund respectfully submits that the use of &#147;ex-dividend date&#148; is appropriate in
this context, because ex-dividend date is a term of art that is well understood by investors. With respect to the Fund Card, the Fund will replace the word &#147;dividend&#148; with the word &#147;distribution&#148; when referring to any
distribution that included a return of capital. The Fund anticipates that it will make this change beginning with the Fund Card to be published for the period ending September&nbsp;30, 2014. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">The Fund believes that the disclosures in its marketing materials, either currently or as revised as indicated above, adequately notify
investors to the fact that distributions may include returns of capital. The Fund&#146;s disclosure currently does or, as revised, will notify investors that the Fund&#146;s Form 1099 DIV supplies the tax characterization of the Fund&#146;s
distributions and that the Fund&#146;s Section&nbsp;19 Notices, which are mailed to shareholders and are freely available on the Fund&#146;s website, contain additional information on the composition of the Fund&#146;s distributions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>* * * </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As requested, on
behalf of the Registrants, we acknowledge that: (i)&nbsp;the SEC is not foreclosed from taking any action with respect to these filings; (ii)&nbsp;the Staff&#146;s review of these filings, under delegated authority, does not relieve the Registrants
from their full responsibility for the adequacy and accuracy of the disclosure in these filings; and (iii)&nbsp;the Registrants will not assert the Staff&#146;s review as a defense in any proceeding initiated by the SEC or any person under the
federal securities laws of the United States. As indicated in the SEC&#146;s June&nbsp;24, 2004 release regarding the public release of comment letters and responses, you are requesting such acknowledgements from all companies whose filings are
being reviewed, and this request and these acknowledgements should not be construed as suggesting that there is an inquiry or investigation or other matter involving the Registrants. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please do not hesitate to call me (at 202-508-4687) or George B. Raine (at 617-951-7556) if you have any questions or require additional information. </P>

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<IMG SRC="g763432g80y11.jpg" ALT="LOGO">
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<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center">- 8 -</TD>
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<TD VALIGN="bottom" ALIGN="right">July 25, 2014</TD></TR></TABLE>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Kind regards, </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/&nbsp;&nbsp;Robert S. Shapiro </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Robert S. Shapiro, Esq. </P>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">Thomas J. Fuccillo, Esq. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Wayne Miao, Esq. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Debra Rubano, Esq. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">David C. Sullivan, Esq. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">George B. Raine, Esq. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Maureen A. Meredith, Esq. </TD></TR></TABLE>
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