PIMCO Municipal Bond Instl PFMIX

The fund normally 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"). It may invest up to 20% of its net assets in U.S. government securities and/or money market instruments. The fund may invest without limitation in "private activity" bonds whose interest is a tax-preference item for purposes of the federal AMT.