Fund Description

The fund was incepted in August 1999 and is managed by PIMCO Advisors. The objective of this fund is to seek high current income exempt from federal income tax, consistent with preservation of capital. 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 federal income tax ('Municipal Bonds'). Municipal Bonds generally are issued by or on behalf of states and local governments and their agencies, authorities and other instrumentalities. The fund offers dividends monthly. Capital gains are distributed annually.