Sold PIMCO Foreign Bond Fund

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I sold my entire position in PIMCO Foreign Bond Fund (Unhedged) Institutional (PFUIX). According to its prospectus, this fund invests in

"… Fixed Income Instruments that are economically tied to foreign (non-U.S.) countries, … which may be represented by forwards or derivatives such as options, future contracts or swap agreements."

I bought this fund in late 2004. At the time, there were a lot of talks about the "twin deficits" of United States (budget deficit and trade deficit) and how they would weaken the U.S. dollar. A foreign bond fund protects against a weakening dollar.

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