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, executive vice president and head of municipal bond portfolio management at PIMCO, and Rachel Betton, senior vice president. They are 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

04/30/2008

CUSIP

72201M727

Managers

David Hammer

Head of Municipal Bond Portfolio Management

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Rachel Betton

Portfolio Manager, Municipal Bonds

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Yields & Distributions

Historical Prices & Distributions

Distribution Yield (At Nav) ¹ as of 01/31/2021	2.31%
1 - Day Distribution Yield as of 03/01/2021	-
30-Day SEC Yield as of 01/31/2021	1.51%
NAV Distribution Rate as of 02/26/2021	2.43%
Latest Distribution ($ Share)² as of 02/26/2021	$0.019499940
Distribution (YTD) ³ as of 02/26/2021	$0.036847270
Latest Dividend Distribution ($ Share)² as of 02/26/2021	$0.019499940
Dividend Distribution (YTD) ³ as of 02/26/2021	$0.036847270

Yields & Distributions Footnotes & Disclosures

disclosures

¹The distribution yield for monthly paying Funds is calculated by annualizing actual dividends distributed for the monthly period ended on the date shown and dividing by the net asset value on the last business day for the same period. The distribution yield for quarterly paying Funds is calculated by taking the average of the prior four quarterly distribution yields. The quarterly distribution yields are calculated by annualizing actual dividends distributed for the quarterly period ended on the most recent quarterly distribution date and dividing by the net asset value for the same date. The distribution yield for annual paying Funds is calculated by taking the annual distribution divided by the Fund’s net asset value on ex-date. The yield is annualized if the Fund incepted less than a year ago. The yield does not include long- or short-term capital gains distributions.

²Data does not include special cash dividends.

³Data is based on distributions since the most recent calendar year end and does not include special cash dividends.

The 30 day SEC Yield is computed under an SEC standardized formula based on net income earned over the past 30 days.

Fees & Expenses

Management Fee	-
Total Expense Ratio (excluding interest expense)	0.65%
Total Expense Ratio (including interest expense)	0.73%

Unified Fee	-

Management Fee (%)	0.73%
Management Expense Ratio (%)	-

Total Annual Management Costs	-

Effective as of 07/31/2020
Gross Expense Ratio	0.73%

Adjusted Expense Ratio	0.65%

The Adjusted Expense Ratio excludes certain investment expenses, such as interest expense from borrowings and repurchase agreements and dividend expense from investments on short sales, incurred directly by the Fund or indirectly through the Fund’s investments in underlying PIMCO Funds (if applicable), none of which are paid to PIMCO.

Management Fee (on Net Assets)	0.73%

Prices & Performance

Daily Statistics

All data as of 03/01/2021

NAV	$9.62	One Day Return	0.01%
Daily Change	$0.00	Daily YTD Return	0.08%	Daily Since Inception Return	4.49%

Click here to view Historical Prices

Average Annual Returns
Cumulative Returns

All data as of

Daily
Month End
Quarter End

All data as of

Daily
Month End
Quarter End

Click here to view the Price and Performance for all Mutual Funds

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit www.pimco.com or call (888) 87-PIMCO.

Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index.

There is no assurance that any fund, including any fund that has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) a fund’s total return in excess of that of the fund’s benchmark between reporting periods or 2) a fund’s total return in excess of the fund’s historical returns between reporting periods. Unusual performance is defined as a significant change in a fund’s performance as compared to one or more previous reporting periods.

Calendar Year Returns %

All data as of

Growth of $10,000 (hypothetical)

Morningstar and Lipper

Morningstar Ratings
Lipper Rankings

Prices & Performance Footnotes & Disclosures

disclosures

Performance figures presented reflect the total return performance after fees, unless otherwise noted, and reflect changes in share price and reinvestment of dividend and capital gain distributions on the payable date. All periods longer than one year are annualized. Periods less than on year are cumulative.

Investments made by a Fund and the results achieved by a Fund are not expected to be the same as those made by any other PIMCO-advised Fund, including those with a similar name, investment objective or policies. A new or smaller Fund’s performance may not represent how the Fund is expected to or may perform in the long-term. New Funds have limited operating histories for investors to evaluate and new and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies. A Fund may be forced to sell a comparatively large portion of its portfolio to meet significant shareholder redemptions for cash, or hold a comparatively large portion of its portfolio in cash due to significant share purchases for cash, in each case when the Fund otherwise would not seek to do so, which may adversely affect performance.

Daily YTD return is from the most recent calendar year end.

Prior to 09/01/15, the fund’s primary benchmark was 60% Barclays High Yield Municipal Bond Index/40% Barclays Municipal Bond Index.

Growth of $10,000 is calculated at NAV and assumes that all dividend and capital gain distributions were reinvested. It does not take into account sales charges or the effect of taxes. Results are not indicative of future performance.

A rating is not a recommendation to buy, sell or hold a fund. © 2021 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Past performance is no guarantee of future results.

The Lipper Average and Rankings are calculated by Lipper, Inc, based on the total return performance of funds included by Lipper in that category. Rankings begin with the inception of the actual share class. Lipper does not take into account sales charges.

Portfolio Composition

All data as of unless otherwise stated

Maturity %

Name		Measure	Duration Percentage
0-1 yrs	836750994.87	26.34	1.40	0.08	-	-	-	-	-	-	-	-
1-3 yrs	147457130.60	4.64	1.57	0.09	-	-	-	-	-	-	-	-
3-5 yrs	252014963.66	7.93	5.22	0.31	-	-	-	-	-	-	-	-
5-10 yrs	1193820760.23	37.58	47.66	2.85	-	-	-	-	-	-	-	-
10-20 yrs	428641584.83	13.49	21.32	1.27	-	-	-	-	-	-	-	-
20+ yrs	318000642.39	10.01	22.84	1.36	-	-	-	-	-	-	-	-
Effective Maturity (yrs)	-	8.19	-	-	-	-	-	-	-	-	-	-

Duration in Years


Effective Duration (yrs)	-	5.97	-	-	-	-	-	-	-	-	-	-

Top States Market Value %


Other⁴	724424242.49	22.80	10.34	0.62	-	-	-	-	-	-	-	-
Illinois	367090867.10	11.56	12.91	0.77	-	-	-	-	-	-	-	-
New York	279918439.60	8.81	10.31	0.62	-	-	-	-	-	-	-	-
California	275430073.45	8.67	8.50	0.51	-	-	-	-	-	-	-	-
Ohio	189501630.00	5.97	6.90	0.41	-	-	-	-	-	-	-	-

Risk Characteristics
(Trailing 3 Years)

Name		Measure	Duration
Standard Deviation	-	6.51	-	-	-	-	-	-	-	-	-	-
Sharpe Ratio⁵	-	0.82	-	-	-	-	-	-	-	-	-	-
Information Ratio⁶	-	-0.45	-	-	-	-	-	-	-	-	-	-
Tracking Error⁷	-	2.31	-	-	-	-	-	-	-	-	-	-

Sector Allocation
Market Value %


State/Local GO	304465905.20	9.58	9.13	0.55	-	-	-	-	-	-	-	-
Pre-Refunded	7378310.65	0.23	0.04	0.00	-	-	-	-	-	-	-	-
Education Rev.	142386119.35	4.48	5.63	0.34	-	-	-	-	-	-	-	-
Hospital Rev.	436023453.04	13.73	17.29	1.03	-	-	-	-	-	-	-	-
Housing Rev.	50175607.65	1.58	1.95	0.12	-	-	-	-	-	-	-	-
Ind Dev/Pollution Ctrl	478363198.25	15.06	17.92	1.07	-	-	-	-	-	-	-	-
Lease Rev.	67076687.80	2.11	1.93	0.12	-	-	-	-	-	-	-	-
Power Rev.	160324814.72	5.05	5.14	0.31	-	-	-	-	-	-	-	-
Resource Recovery	12731150.00	0.40	0.34	0.02	-	-	-	-	-	-	-	-
Special Tax	378821814.49	11.93	17.43	1.04	-	-	-	-	-	-	-	-
Transportation	218284416.80	6.87	7.71	0.46	-	-	-	-	-	-	-	-
Water & Sewer	100004906.50	3.15	2.62	0.16	-	-	-	-	-	-	-	-
Tobacco	74998039.45	2.36	4.25	0.25	-	-	-	-	-	-	-	-
Net Other Short Duration Instruments Muni	40520000.00	1.28	0.12	0.01	-	-	-	-	-	-	-	-
Other Muni	208956641.55	6.58	5.80	0.35	-	-	-	-	-	-	-	-
US Government Related⁸	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	-	-	-
Mortgage	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	-	-	-
Invest. Grade Credit	2112689.68	0.07	0.09	0.01	-	-	-	-	-	-	-	-
High Yield Credit	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	-	-	-
Non-USD Developed	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	-	-	-
Emerging Markets⁹	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	-	-	-
Other⁴	52713176.03	1.66	2.18	0.13	-	-	-	-	-	-	-	-
Net Other Short Duration Instruments ex-Muni	441349145.42	13.89	0.43	0.03	-	-	-	-	-	-	-	-

Portfolio Composition Footnotes & Disclosures

disclosures

⁴May include municipals, convertibles, preferreds, and yankee bonds.

⁵The Sharpe Ratio measures the risk-adjusted performance. The risk-free rate is subtracted from the rate of return for a portfolio and the result is divided by the standard deviation of the risk-free rate subtracted from the portfolio returns.

⁶The information ratio is defined as the portfolio's excess return per unit of risk, or tracking error. For example, an information ratio of 1 means that a portfolio manager generates 100 basis points, or one percent of excess return for every 100 basis points of risk taken.

⁷Tracking error, a measure of risk, is defined as the standard deviation of the portfolio's excess return vs. the benchmark expressed in percent.

⁸May include nominal and inflation-protected Treasuries, Treasury futures and options, agencies, FDIC-guaranteed and government-guaranteed corporate securities, and interest rate swaps.

⁹Short duration emerging markets instruments includes an emerging market security or other instrument economically tied to an emerging market country by country of risk with an effective duration less than one year and rated investment grade or higher or if unrated, determined to be similar quality by PIMCO. Emerging Markets includes the value of short duration emerging markets instruments previously reported in another category.

Portfolio information in the charts is based on the fund's net assets. These percentages may differ from those used for the fund's compliance calculations, including the fund's prospectus, regulatory, and other investment limitations and policies, which may be based on total assets of the fund or other measurements, may include or exclude various categories of investments from those covered in the portfolio allocation categories shown in this report, and may be based on different classifications and measurements of the fund’s investments and other criteria.

References to specific sectors, securities or issuers are for illustrative purposes only. All holdings are subject to change daily. All share classes have the same portfolio but different expenses.

Duration is a measure of a portfolio’s price sensitivity expressed in years. Effective duration is the duration for a bond with an embedded option when the value is calculated to include the expected change in cash flow caused by the option as interest rates change.

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Disclosures

Investors should consider the investment objectives, risks, charges and expenses of the funds carefully before investing. This and other information are contained in the fund’s prospectus and summary prospectus, if available, which may be obtained by contacting your investment professional or PIMCO representative. Please read them carefully before you invest or send money.

A word about risk:

Investing in the bond market is subject to risks, including market, interest rate, issuer, credit, inflation risk, and liquidity risk. The value of most bonds and bond strategies are impacted by changes in interest rates. Bonds and bond strategies with longer durations tend to be more sensitive and volatile than those with shorter durations; bond prices generally fall as interest rates rise, and the current low interest rate environment increases this risk. Current reductions in bond counterparty capacity may contribute to decreased market liquidity and increased price volatility. Bond investments may be worth more or less than the original cost when redeemed. Mortgage and asset-backed securities may be sensitive to changes in interest rates, subject to early repayment risk, and their value may fluctuate in response to the market’s perception of issuer creditworthiness; while generally supported by some form of government or private guarantee there is no assurance that private guarantors will meet their obligations. High-yield, lower-rated, securities involve greater risk than higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. Investors will, at times, incur a tax liability. Income from municipal bonds may be subject to state and local taxes and at times the alternative minimum tax. Equities may decline in value due to both real and perceived general market, economic, and industry conditions. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. Diversification does not ensure against loss.

Investments made by a Fund and the results achieved by a Fund are not expected to be the same as those made by any other PIMCO-advised Fund, including those with a similar name, investment objective or policies. A new or smaller Fund’s performance may not represent how the Fund is expected to or may perform in the long-term. New Funds have limited operating histories for investors to evaluate and new and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies. A Fund may be forced to sell a comparatively large portion of its portfolio to meet significant shareholder redemptions for cash, or hold a comparatively large portion of its portfolio in cash due to significant share purchases for cash, in each case when the Fund otherwise would not seek to do so, which may adversely affect performance.

PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. Individual investors should contact their own financial professional to determine the most appropriate investment options for their financial situation. This material contains the current opinions of the manager and such opinions are subject to change without notice. This material has been distributed for informational purposes only. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America L.P. in the United States and throughout the world. ©2021, PIMCO

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TOTAL NET ASSETS

(as of 02/28/2021)

TICKER

CLASS

MORNINGSTAR RATING

Fund Overview

Tax-advantaged income opportunities

Why Invest In This Fund

Potential for attractive tax-efficient income

Targeting opportunities in a transformed municipal market

Active management

Our Expertise

PRIMARY BENCHMARK

PRIMARY BENCHMARK DESCRIPTION

DIVIDEND FREQUENCY

SHARE CLASS INCEPTION

CUSIP

RELATED

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Municipal Market Outlook

Visit pimco.com/munis

David Hammer

Rachel Betton

disclosures

Daily Statistics

All data as of 03/01/2021

All data as of

All data as of

Market NAV

Calendar Year Returns %

All data as of

Growth of $10,000 (hypothetical)

Morningstar and Lipper

disclosures

Maturity %

Duration in Years

Top States Market Value %

Risk Characteristics (Trailing 3 Years)

Sector Allocation Market Value %

disclosures

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