The fund is closed to new investments as of August 13, 2018.
The fund seeks to maximize total rate of return and minimize investment risk through flexible active management using a credit-based, relative value investment strategy. The fund employs an absolute return-oriented and tax-efficient strategy that seeks to identify attractive long and short investment opportunities in the municipal and other credit markets.
Objective: The fund seeks to maximize total return (capital appreciation and income).
|Jul'181||Q22||YTD2||1 YR2||3 YR2||5 YR2||10 YR2||
|Class A NAV*||0.51||1.17||0.50||3.95||4.66||2.12||5.41||2.20|
|Class A MOP**||-5.32||-4.61||-5.27||-2.01||2.61||0.92||4.79||1.68|
|Class C NAV†||0.26||1.17||0.27||3.59||4.19||1.64||—||4.51|
|Class C MOP‡||-0.74||0.17||-0.72||2.59||4.19||1.64||—||4.51|
|Bloomberg Barclays U.S. Municipal Bond Index||0.24||0.87||-0.25||1.56||2.85||3.53||4.43||—|
|Bloomberg Barclays U.S. Corporate High-Yield Bond Index||1.09||1.03||0.16||2.62||5.53||5.51||8.19||—|
1. As of 07/31/2018
2. As of 06/30/2018
The performance quoted represents past performance, does not guarantee future results and current performance may be lower or higher than the data quoted. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance data current to the most recent month end may be obtained on this website. Investment performance reflects fee waivers in effect. In the absence of fee waivers, total return would be lower. Total return is based on NAV, assuming reinvestment of all distributions. Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
|Bloomberg Barclays U.S. Municipal Bond Index||5.45||0.25||3.30||9.05||-2.55||6.78||10.70||2.38||12.91||-2.47|
|Bloomberg Barclays U.S. Corporate High-Yield Bond Index||7.50||17.13||-4.47||2.45||7.44||15.81||4.98||15.12||58.21||-26.16|
*** This chart illustrates the performance of a hypothetical $10,000 investment made in the fund on the commencement of its operations and assumes no additional deposits or withdrawals were made to the fund and assumes reinvestment of dividends and capital gains. This chart is not intended to imply any future performance of the fund. The chart does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
|Investor||30-DAY SEC YIELD (%)||2.28|
|Investor||30-DAY SEC YIELD (UNSUBSIDIZED) (%)||1.91|
|Class A||DIVIDEND YIELD||2.97|
|Class A||30-DAY SEC YIELD (%)||2.01|
|Class A||30-DAY SEC YIELD (UNSUBSIDIZED) (%)||1.66|
|Institutional||30-DAY SEC YIELD (%)||2.63|
|Institutional||30-DAY SEC YIELD (UNSUBSIDIZED) (%)||2.26|
|Class C||DIVIDEND YIELD||2.50|
|Class C||30-DAY SEC YIELD (%)||1.69|
|Class C||30-DAY SEC YIELD (UNSUBSIDIZED) (%)||1.32|
Past performance does not guarantee future results.
Expenses stated as of the fund’s most recent prospectus. Investment dividend expense, interest expense, acquired fund fees and expenses and certain other fund expenses are included in the Net, Including Investment-Related Expenses and excluded from the Net, Excluding Investment-Related Expenses.
Under an expense limitation agreement, the investment advisor has contractually agreed to waive its management fee and/or reimburse or pay operating expenses of the fund to the extent necessary to maintain the fund’s total operating expenses at 1.55% for Investor Class, 1.20% for Institutional Class, 1.70% for Class A and 2.15% for Class C shares, excluding certain expenses, such as taxes, brokerage commissions, interest, short dividend expense, any acquired fund fees and expenses, litigation and extraordinary expenses. This expense limitation agreement expires on April 30, 2019, and may only be modified or terminated by a majority vote of the independent trustees. The advisor is permitted to recover waived expenses for a period of up to three years.
|A||Iowa Tobacco Settlement Authority||6.66|
|B||Buckeye, Ohio Tobacco Settlement Financing Authority (6/1/2047)||5.31|
|C||Stockton Public Financing Authority Revenue Bonds||4.39|
|D||Buckeye, Ohio Tobacco Settlement Financing Authority (6/1/2024)||3.54|
|E||State of Illinois Finance Authority Revenue Bonds||3.24|
|F||New York Liberty Development Corp., Refunding Revenue Bonds||2.96|
|G||Florida Development Finance Corp. Surface Transportation Facility Revenue Bonds||2.87|
|H||M-S-R Energy Authority Revenue Bonds||2.65|
|I||FHLB, Discount Notes||2.60|
|J||County of Jefferson, Alabama Sewer Convertible Revenue Warrants||2.39|
These holdings may not reflect the current or future positions in the portfolio.
|Sector||% Long||% Short||Total Exposure||Net Exposure|
These allocations may not reflect the current or future positions in the portfolio. Percentages may not add to 100% due to rounding.
Source: Morningstar. Data since inception (05/01/08 through 6/30/18).
Municipal Bonds- Barclays U.S. Municipal Bond Index; High-Yield Corporate Bonds- Barclays U.S. Corporate High-Yield Bond Index; Large Cap Stocks- S&P 500 Index; U.S. Bonds- Barclays U.S. Aggregate Bond Index
|Annual Portfolio turnover||217%|
|# of holdings||51|
|Share Class||Type||Record Date||Distribution
Per Share ($)
You should consider a fund’s investment objectives, risks, charges and expenses carefully before investing. A prospectus with this and other information may be obtained by calling (800) 999-6809 or by downloading one from this website. It should be read carefully before investing.
There are risks involved with investing, including loss of principal. Past performance does not guarantee future results, share prices will fluctuate and you may have a gain or loss when you redeem shares.
Borrowing for investment purposes creates leverage, which can increase the risk and volatility of a fund.
Debt securities are subject to interest rate risk. If interest rates increase, the value of debt securities generally declines. Debt securities with longer durations tend to be more sensitive to changes in interest rates and more volatile than securities with shorter durations.
Derivative instruments involve risks different from those associated with investing directly in securities and may cause, among other things, increased volatility and transaction costs or a fund to lose more than the amount invested.
Foreign securities, especially emerging or frontier markets, will involve additional risks including exchange rate fluctuations, social and political instability, less liquidity, greater volatility and less regulation.
Investing in lower-rated (“high yield”) debt securities involves special risks in addition to those associated with investments in higher-rated debt securities, including a high degree of credit risk.
Investing in a non-diversified fund involves the risk of greater price fluctuation than a more diversified portfolio.
Short selling involves additional investment risks and transaction costs, and creates leverage, which can increase the risk and volatility of a fund.
Alternative strategies typically are subject to increased risk and loss of principal. Consequently, investments such as mutual funds which focus on alternative strategies are not suitable for all investors.
30-Day SEC Yield is based on a 30-day period and is computed by dividing the net investment income per share earned during the period by the maximum offering price per share on the last day of the period.
30-Day Unsubsidized SEC Yield is computed by dividing the net investment income per share earned during the period, excluding expense waivers or reimbursements, by the maximum offering price per share on the last day of the period.
Barclays U.S. Aggregate Bond Index represents securities that are U.S. domestic, taxable and dollar denominated. The index covers the U.S. investment grade fixed-rate bond market, with index components for government and corporate securities, mortgage pass-through securities and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis.
Barclays U.S. Corporate High-Yield Bond Index covers the USD-denominated, non-investment grade, fixed-rate, taxable corporate bond market. Securities are classified as high-yield if the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below.
Barclays U.S. Municipal Bond Index covers the USD-denominated, long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds.
Beta is a measure of risk which shows a fund’s volatility relative to its benchmark index.
Correlation is a statistical measure of the interdependence of two random variables that range in value from -1 to +1, indicating perfect negative correlation at -1, absence of correlation at zero and perfect positive correlation at +1.
A credit rating is an assessment of the credit worthiness of individuals and corporations. It is based upon the history of borrowing and repayment as well as the availability of assets and extent of liabilities.
Duration is a measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. Duration is expressed as a number of years.
Gross and net exposure measures how much a fund is exposed to market risk.
S&P 500 Index is an unmanaged index of 500 common stocks chosen to reflect the industries in the U.S. economy.
Standard deviation measures the degree to which a fund’s return varies from its previous returns or from the average of all similar funds.
One cannot invest directly in an index.
Effective November 13, 2013, PIMCO assumed direct management responsibility of the fund.
Advisor Class shares are available only to fee-based advisory platforms and retirement plans via omnibus accounts.