International Business Machines Corp., Armonk, N.Y., removed the PIMCO Commodities Plus Trust as an investment option in its 401(k) plan in 2020.
A comparison of the company’s 11-K filing June 25 with the SEC and last year’s filing shows the removal of the commingled fund from the plan’s lineup.
As of Dec. 31, 2019, the active commodities fund managed by Pacific Investment Management Co. had $266 million in assets in the plan, according to IBM’s prior 11-K filing.
The new 11-K filing did not provide a reason for the change.
The plan continues to have exposure to a PIMCO Commodity Real Return Strategy mutual fund within the plan’s Expanded Choice Mutual Funds lineup administered by record keeper Fidelity Investments.
PIMCO also continues to manage a high-yield and emerging markets bond separate account for the plan. That separate account had $337 million in assets in the plan as of Dec. 31, according to the new 11-K filing.
As of Dec. 31, the IBM 401(k) Plus Plan had $56 billion in assets, according to the new 11-K filing.
IBM officials could not be immediately reached for further information.