High Yield Municipal Bond Fund

PYMAX

Updated October 11, 2019

Objective

Seeks high current income exempt from federal income tax; total return is a secondary objective

Primary Portfolio

High yield municipal securities, with average portfolio duration normally varying within (negative) 2 years to positive 4 years of the portfolio duration of the securities comprising the Bloomberg Barclays High Yield Municipal Bond Index

Overview

Fund Overview

 

Tax-advantaged income opportunities

This fund seeks high levels of income exempt from federal, and in some cases, state taxes. It may be especially attractive to investors in high tax brackets. Capital appreciation is a secondary goal.

Why Invest In This Fund

Potential for attractive tax-efficient income

The fund invests in high-yield bonds issued by municipalities across the country, primarily bonds in the top tier of the below-investment-grade spectrum. It seeks to minimize exposure to the alternative minimum tax (AMT). The fund’s average portfolio duration normally varies within -2 to +4 years of the portfolio duration of the securities comprising the Bloomberg Barclays High Yield Municipal Bond Index.

Targeting opportunities in a transformed municipal market

PIMCO is uniquely qualified to respond to recent changes in the municipal bond market, with an extensive network of credit research capabilities to address concerns about creditworthiness, which is critical to municipal bond investing. Additionally, PIMCO has the market presence to provide access to the new issue and secondary markets.

Active management

PIMCO has been managing municipal bonds since 1997. Today we are among the largest investors in the market, with an expert municipal bond team constantly analyzing macro-economic, technical, and fundamental trends within the marketplace.

Our Expertise

The fund is managed by David Hammer, an executive vice president and head of municipal bond portfolio management at PIMCO. He is supported by PIMCO’s dedicated municipal bond portfolio team, robust credit resources and significant market presence.

PRIMARY BENCHMARK

Bloomberg Barclays High Yield Municipal Bond Index

PRIMARY BENCHMARK DESCRIPTION

The Bloomberg Barclays High Yield Municipal Bond Index measures the non-investment grade and non-rated U.S. tax-exempt bond market. It is an unmanaged index made up of dollar-denominated, fixed-rate municipal securities that are rated Ba1/BB+/BB+ or below or non-rated and that meet specified maturity, liquidity, and quality requirements. It is not possible to invest directly in an unmanaged index.

DIVIDEND FREQUENCY

Monthly with Daily Accrual

SHARE CLASS INCEPTION

07/31/2006

CUSIP

72201F730

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