The fund targets maximum total return by investing in units of other mutual funds managed by PIMCO Canada, focusing on those that invest in fixed income securities. The funds strategy will focus on short-term strategies to help reduce volatility. It will diversify across sectors, geographies, maturities and credit quality. The portfolio can allocate at least 30% in government securities, a maximum of 25% in high yield securities, and a maximum of 25% in non-Canadian dollar-denominated securities. The portfolio allocates and rebalances in components based on PIMCOs assessment of the fixed income markets and may opt to invest in fixed income securities directly. PCON may have a high portfolio turnover rate and in turn high trading costs, which can result in receiving a taxable capital gain.