<DOCUMENT>
<TYPE>EX-99.77D POLICIES
<SEQUENCE>2
<FILENAME>PCMInvstChange.txt
<DESCRIPTION>PCM INVESTMENT POLICY CHANGE
<TEXT>
Change in Investment Policy:

PCM has adopted the following investment policy:

PCM may invest up to 20% of its total assets in common stocks and other equity
securities from time to time, including those it has received through the
conversion of a convertible security held by the Fund or in connection with the
restructuring of a debt security. The following risks are associated with the
policy described above: The market price of common stocks and other equity
securities may go up or down, sometimes rapidly or unpredictably. Equity
securities may decline in value due to factors affecting equity securities
markets generally, particular industries represented in those markets, or the
issuer itself. The values of equity securities may decline due to general market
conditions that are not specifically related to a particular company, such as
real or perceived adverse economic conditions, changes in the general outlook
for corporate earnings, changes in interest or currency rates or adverse
investor sentiment generally. They may also decline due to factors which affect
a particular industry or industries, such as labor shortages or increased
production costs and competitive conditions within an industry. Equity
securities generally have greater price volatility than bonds and other debt
securities.
</TEXT>
</DOCUMENT>
