Pacific Management Investment Company, of Newport Beach, California, plans to launch a new mutual fund in July, according to a preliminary prospectus filed Monday with the SEC. The new fund, the PIMCO High Yield Municipal Bond Fund, will invest at least 80 percent of its assets in municipal bonds.

PIMCO Senior Vice President John Cummings will serve as the new fund’s individual portfolio manager. Prior to joining PIMCO in 2002, Cummings served as Vice President of Municipal Trading at Goldman, Sachs & Co.

According to the filing, the new fund will have two share classes, institutional and administrative, with net operating expenses of 0.55 percent and 0.80 percent, respectively.  

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