Past performance is no guarantee of future results. An investment in the Fund involves risk, including loss of principal. Investment return and the value of shares will fluctuate.

This information is unaudited and is intended for informational purposes only.

Shareholders of a municipal bond fund will, at times, incur a tax liability, as income from these funds may be subject to state and local taxes and, where applicable, the alternative minimum tax. Taxable equivalent rate is the yield on a taxable investment that results in an after-tax yield equal to that of the Fund. It highlights the value of investing in tax-exempt funds. The rate shown is based on a combined federal, state (NY) and local (NYC) tax rate of 42.90%. Please read the prospectus to learn more about the effect of taxes. A fund concentrating in a single state is subject to greater risk of adverse economic conditions and regulatory changes than a fund with broader geographical diversification. The use of leverage may cause a fund to liquidate portfolio positions at a disadvantageous time to satisfy its obligations or to meet segregation requirements. Leverage, including borrowing, may cause a fund to be more volatile than if the fund had not been leveraged, which may increase the risk of investment loss. This Fund may use derivative instruments for hedging purposes or as part of its investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so. Portfolios investing in derivatives could lose more than the principal amount invested in those instruments.

Returns are calculated by subtracting the value of a share at the beginning of the period from the value at the end and dividing the difference by the initial value, expressing the result as a percent change. The calculation assumes that all distributions during the period have been reinvested on the payable dates, at NAV or at market price according to how the returns are labeled. The returns do not reflect broker sales charges or commissions. Net asset value (NAV) is total assets less total liabilities divided by the number of shares outstanding.

The Funds are closed-end exchange traded investment companies. The material on this website is presented only to provide information and is not intended for trading purposes. Closed-end funds, unlike open-end funds, are not continuously offered. After the initial public offering, shares are sold on the open market through a stock exchange. Investment policies, management fees and other matters of interest to prospective investors may be found in each closed-end fund prospectus. For additional information, please contact your financial advisor. This update is distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105-4800.

Allianz Global Investors Fund Management LLC, is an indirect, majority-owned subsidiary of Allianz Global Investors of America L.P. and is a member of Munich-based Allianz Group (NYSE - AZ). Allianz is a leading global financial services company. Funds are managed by Allianz Global Investors Fund Management LLC, and the sub-adviser is Pacific Investment Management Company LLC (PIMCO).

The performance number from the year of the Fund's inception is the cumulative return over a partial year.