Fund Description

The fund was incepted in May 2000 and is managed by PIMCO Advisors Fund Management LLC. The fund seeks high current income from federal and California income tax. Capital appreciation is a secondary objective. The fund invests 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 California income tax ('California Municipal Bonds'). The fund invests primarily in investment grade debt securities, in derivative instruments, such as options, futures contracts or swap agreements, or in mortgage or asset-backed securities and in securities issued by entities whose underlying assets are municipal bonds, including, without limitation, residual interest bonds. The fund may invest up to 20% of its net assets in other types of fixed income instruments and up to 10% in high yield securities rated B or higher by Moody's or S&P, or, if unrated, determined by PIMCO to be of comparable quality. The fund declares dividends daily and pays them monthly. The fund makes capital gains distributions annually.