Fund Description

The fund was incepted in August 1999 and is managed by Pacific Investment Management Company LLC. The fund seeks high current income exempt from federal and New York income tax. Capital appreciation is a secondary objective. The fund invests under normal circumstances at least 80% of its assets in debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from regular federal income tax and New York income tax ('New York Municipal Bonds'). The fund may invest up to 20% of its net assets in other types of fixed income instruments. The fund invests primarily in investment grade debt securities, but may invest up to 10% of its total assets in high yield securities ('junk bonds') rated B or higher by Moody's or S&P, or, if unrated, determined by PIMCO to be of comparable quality. The fund declares its dividends daily and pays them monthly. Capital gains, if any, are distributed at least annually.