Fund Description

The fund was incepted in August 1999 and is managed by PIMCO Advisors. The main objective of the fund is to provide a high current income exempt from federal and California income taxes and the secondary objective is capital appreciation. The fund invests primarily in intermediate term bonds, which provide greater return potential than more stable short-term bonds with less volatility than higher yielding long-term bonds. The fund focuses on high quality municipal debt. The fund's average credit quality is currently AA. Dividends are declared daily and paid monthly.