National Municipal Intermediate Value Fund


Updated December 01, 2021


The Fund seeks to provide current income exempt from regular federal income tax while seeking to preserve capital and liquidity.

Primary Portfolio

Intermediate-term, high-grade municipal securities (maintaining an investment-grade rating from at least one of the three major credit ratings agencies or Gurtin Municipal Bond Management's credit research team) that are exempt from federal and state income tax



Prior to 07/01/2019 the fund's benchmark was ICE BofAML 1-15 Year U.S. Municipal Blend Index.

Fund Overview

Higher potential tax-free income for investors

The Fund seeks to provide current income exempt from regular federal income tax while seeking to preserve capital and liquidity.

Why Invest In This Fund

Aims to maximize risk-adjusted income with minimal duration extension

With maturities extending out to 15 years, the Fund seeks to achieve a higher level of income by taking advantage of structural pricing inefficiencies – often in mispriced callable bonds – with minimal duration extension or increased volatility compared to a traditional intermediate-term index (e.g. the Bloomberg Barclays Municipal Bond 1-10 Year Blend (1-12) Index).

Seeks to uncover value while maintaining high credit quality

The Fund leverages independent credit research to capture value and potentially generate higher income by identifying high quality credits that the market may misunderstand and misprice. The actively managed Fund invests in high-quality municipal bonds (i.e. maintaining an investment-grade rating from at least one of the three major credit ratings agencies or as rated internally by the sub-adviser, Gurtin Municipal Bond Management).

Minimizing exposure to excess fund flows for approved investors

Available to investors only through a select group of approved advisors, the Fund seeks to avoid the potential negative effects of excess mutual fund flows on fund investors. Through an approval process that involves advisor education, the Fund is structured to support coinvestment with like-minded buy-and-hold investors who understand the Fund’s disciplined management approach.

Our Expertise

The Fund is jointly managed by Jim Grandinetti, Bill Gurtin, Michael Johnson, and Myles Grenier of Gurtin Municipal Bond Management (“Gurtin”), a PIMCO company. Mr. Grandinetti, head of portfolio management, is responsible for fund management and oversight. Mr. Gurtin, Founder, oversees fund strategy and defines structure parameters. Mr. Johnson, chief risk officer, defines the strategic forward vision of the Research and Portfolio Management departments. Mr. Grenier, CFA, conducts trades and analyses. Gurtin serves as a sub-adviser to the Funds.


Bloomberg Municipal Bond 1-10 Year Blend (1-12) Index


Bloomberg Municipal Bond 1-10 Year Blend (1-12) Index is the 1-10 Year Blend (1-12) component of the Bloomberg Municipal Bond Index, which consists of a broad selection of investment-grade general obligation bonds and revenue bonds of maturities ranging from one year to 30 years. It is an unmanaged index representative of the tax-exempt bond market. The index is made up of all investment grade municipal bonds issued after 12/31/90 having a remaining maturity of at least one year. It is not possible to invest directly in an unmanaged index.


Monthly with Daily Accrual






Jim Grandinetti

Portfolio Manager, PIMCO Municipals

View Profile for Jim Grandinetti

Myles Grenier

Portfolio Manager, PIMCO Municipals

View Profile for Myles Grenier

Yields & Distributions

Historical Prices & Distributions

Distribution Yield (At Nav) 1 as of 10/31/2021 1.19%
1 - Day Distribution Yield as of 12/01/2021 -
30-Day SEC Yield2
Subsidized as of 10/31/2021 0.36%
Unsubsidized2 as of 10/31/2021 0.25%
Latest Dividend Distribution ($ Share)3 as of 11/30/2021 $0.011187710
Dividend Distribution (YTD) 4 as of 11/30/2021 $0.132620190


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.
2The Subsidized yield includes contractual expense reimbursements and it would be lower without those reimbursements. The Unsubsidized 30 Day SEC yield excludes contractual expense reimbursements.
3Data does not include special cash dividends.
4Data 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

Effective as of 07/30/2021
Gross Expense Ratio 0.51%
Net Expense Ratio 0.40%
The Net Expense Ratio reflects a contractual fee waiver and/or expense reduction, which is in place through 07/31/2022 and renews automatically for a full year unless terminated by PIMCO in accordance with the terms of the agreement. See the Fund's prospectus for more information.

Prices & Performance

Daily Statistics

All data as of 12/01/2021

NAV $10.67 One Day Return 0.00%
Daily Change $0.00 Daily YTD Return 0.68%

All data as of

All data as of

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 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.

Certain Funds may offer a share class with an inception date which is different than the inception date of the Fund. For the periods prior to the inception date of a share class, performance information is based on the performance of the Fund’s oldest class shares, adjusted to reflect the fees and expenses paid by that class of shares.

Calendar Year Returns %

All data as of

Growth of $10,000 (hypothetical)

Morningstar and Lipper


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.
PIMCO Gurtin National Municipal Intermediate Value Fund was a fund registered under the Investment Company Act of 1940 and managed by Gurtin (the “Predecessor Fund”) that was reorganized into the Fund effective March 15, 2019. The Predecessor Fund had an investment objective and strategies that were, in all materials respects, the same as those of the Fund. The Fund's performance for periods prior to the commencement of operations on March 18, 2019 is that of the Predecessor Fund. The performance of the Predecessor Fund has not been restated to reflect the fees, estimated expenses and fee waivers and/or expense limitations applicable to the Fund. If restated, the performance may have been higher or lower than the performance shown. The performance of each class of shares of the Fund will differ as a result of the different levels of fees and expenses applicable to each class of shares.
Daily YTD return is from the most recent calendar year end.
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 monthly 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 monthly 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 %

0-1 yrs 14.89
1-3 yrs 18.79
3-5 yrs 30.16
5-10 yrs 36.16
10-20 yrs 0.00
20+ yrs 0.00
Effective Maturity (yrs) 3.95

Duration in Years

Effective Duration (yrs) 3.73

Sector Allocation
Market Value %

State/Local GO 38.74
Pre-Refunded 0.24
Education Rev. 15.37
Hospital Rev. 2.61
Housing Rev. 0.67
Ind Dev/Pollution Ctrl 0.67
Lease Rev. 13.51
Power Rev. 1.62
Resource Recovery 0.00
Special Tax 1.79
Transportation 9.65
Water & Sewer 3.66
Tobacco 0.00
Net Other Short Duration Instruments Muni5 0.00
Other Muni 0.00
US Government Related6 0.00
Mortgage 0.00
Invest. Grade Credit 0.00
High Yield Credit 0.00
Non-USD Developed 0.00
Emerging Markets7 0.00
Other8 0.00
Net Other Short Duration Instruments ex-Muni5 11.48

Top States Market Value %

Illinois 11.97
Other8 11.48
Texas 10.13
Pennsylvania 9.46
Louisiana 7.60


5Net Other Short Duration Instruments includes securities and other instruments (except those instruments tied to emerging markets by country of risk) with an effective duration less than one year and rated investment grade or higher or, if unrated, determined by PIMCO to be of comparable quality, commingled liquidity funds, uninvested cash, interest receivables, net unsettled trades, broker money, short duration derivatives and derivatives offsets. With respect to certain categories of short duration securities, the Adviser reserves the discretion to require a minimum credit rating higher than investment grade or take into account other pertinent factors for inclusion in this category. Derivatives Offsets includes offsets associated with investments in futures, swaps and other derivatives. Such offsets may be taken at the notional value of the derivative position.
6May include nominal and inflation-protected Treasuries, Treasury futures and options, agencies, FDIC-guaranteed and government-guaranteed corporate securities, and interest rate swaps.
7Emerging 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.
8May include municipals, convertibles, preferreds, and yankee bonds.
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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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. 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. Income from municipal bonds may be subject to state and local taxes and at times the alternative minimum tax. 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.

PIMCO does not provide legal or tax advice. Please consult your tax and/or legal counsel for specific tax or legal questions and concerns.
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
As of January 2, 2019, Gurtin Municipal Bond Management became a PIMCO company.
PIMCO Investments LLC, distributor, 1633 Broadway, New York, NY 10019, is a company of PIMCO.
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