National Intermediate Municipal Bond Fund

PMNIX

Updated Jul 27, 2015

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  • DAILY NAV
    $10.33
  • DAILY YTD RETURN
    0.25%
  • CLASS
    Fixed Income
  • FUND INCEPTION DATE
    05/31/2012
  • TOTAL NET ASSETS
    $45 MM
    (as of 06/30/2015)
  • TOTAL NET ASSETS
    $45 MM
    (as of 06/30/2015)
  • TICKER
    PMNIX
  • CLASS
    Fixed Income

Objective

The Fund seeks maximum tax exempt income

Primary Portfolio

Investment grade municipal bonds (3-9 yr. avg. duration)

Overview

Fund Overview

Tax-efficient income potential

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 pursues attractive tax-efficient income by investing primarily in investment-grade muni bonds. It seeks to minimize exposure to the alternative minimum tax (AMT) and has an average duration of three to nine years.

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

PIMCO National Intermediate Municipal Bond Fund is managed by Joe Deane, PIMCO’s head of municipal bond portfolio management and a 40+ year veteran of the municipal bond market. Mr. Deane was Morningstar’s Fixed Income Manager of the Year in 1996 and a finalist in 2007 and 1995.

PRIMARY BENCHMARK

Barclays Municipal Bond 1-20 Year Blend (1-22) Index

PRIMARY BENCHMARK DESCRIPTION

Barclays Municipal Bond 1-20 Year Blend (1-22) Index is the 1-20 Year Blend (1-22) component of the Barclays Municipal Bond Index, which consists of a broad selection of investment-grade general obligation and revenue bonds of maturities ranging from one year to 22 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.

DIVIDEND FREQUENCY

Monthly with Daily Accrual

SHARE CLASS INCEPTION

05/31/2012

CUSIP

72201U109

RELATED

Managers

Joseph Deane

Head of Municipal Bond Portfolio Management

View Profile

Yields & Distributions

Historical Prices & Distributions

Distribution Yield (At NAV)1 as of 6/30/2015 2.06%
30 - Day SEC Yield2 as of 6/30/2015 1.82%
30 - Day SEC Yield2 as of 7/27/2015 1.95%
Latest Dividend Distribution ($ Share)3 as of 6/30/2015 $0.017455830
Dividend Distribution (YTD)4 as of 6/30/2015 $0.108832209
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.
2The 30-Day SEC yield is an annualized yield based on the most recent 30 day period.
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.

Fees & Expenses

Total Annual Operating Expenses 0.45%

Prices & Performance

Daily Statistics

All data as of 7/27/2015

NAV $10.33 One Day Return 0.01%
Daily Change $0.00 Daily YTD Return 0.25%
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
Performance quoted represents past performance and 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 average annual returns shown. Performance quoted does not reflect any sales charges, if applicable, and performance would be lower if it did.

Calendar Year Returns %

All data as of

Growth of $10,000 (hypothetical)

Since inception 5/31/2012 to 6/30/2015 = $10,881

Morningstar and Lipper

  • Morningstar Ratings
  • Lipper Rankings
Prices & Performance Footnotes & Disclosures

disclosures

Performance figures presented reflect the total return performance after fees 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.
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.
Past performance is not a guarantee or a reliable indicator of future results. For funds with at least a 3-yr history, Morningstar calculates a Morningstar Rating based on a risk-adjusted return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and redemption fees) with an emphasis on downward variations and consistent performance. The top 10% of funds in each 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 is a weighted average of the performance figures for its 3-, 5- and 10-yr (if applicable) Morningstar Rating metrics. Morningstar, Inc.® 2015. All rights reserved. The information contained herein; (1) is proprietary to Morningstar and/or its affiliates; (2) may not be copied or distributed; (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. Past performance is no guarantee of future results. Hollow stars represent a class of shares with inception dates that is different than the inception date of the fund. For the period prior to the inception date of these shares, performance information is based on the performance of the fund’s Institutional Class shares, adjusted to reflect the actual distribution and/or service (12b-1) fees and other expenses paid by the newer share class.
The Lipper Category returns and rankings are calculated by Lipper Inc., a Reuters Company, which is a nationally recognized organization that compares the performance of mutual funds with similar investment objectives. The Category returns represent the average performance of included funds, while rankings compare an individual fund's returns to those of the other funds in its category. Both are based on total return performance, with capital gains and dividends reinvested, with annual operating expenses deducted, but without including front- or back-end sales charges. Rankings begin with the actual share class inception. Rankings are relative to a peer group and do not necessarily mean that the fund had high total returns.

Portfolio Composition

All data as of unless otherwise stated

Maturity %

0-1 yrs 17.63
1-3 yrs 4.31
3-5 yrs 7.11
5-10 yrs 67.82
10-20 yrs 7.73
20+ yrs -4.60
Effective Maturity (yrs) 5.18

Duration in Years

Effective Duration (yrs) 5.05

Sector Allocation
Market Value %

State/Local GO 3.67
Pre-Refunded 0.39
Education Rev. 14.25
Hospital Rev. 3.51
Housing Rev. 0.00
Ind Dev/Pollution Ctrl 8.35
Lease Rev. 6.49
Power Rev. 8.38
Resource Recovery 0.00
Special Tax 15.59
Transportation 10.34
Water & Sewer 9.94
Tobacco 0.00
Net Other Short Duration Instruments Muni 0.00
Other Muni 6.08
US Government Related5 -4.60
Mortgage 0.00
Invest. Grade Credit 0.00
High Yield Credit 0.00
Non-USD Developed 0.00
Emerging Markets6 0.00
Other7 0.00
Net Other Short Duration Instruments ex-Muni 17.63
Portfolio Composition Footnotes & Disclosures

disclosures

5May include nominal and inflation-protected Treasuries, Treasury futures and options, agencies, FDIC-guaranteed and government-guaranteed corporate securities, and interest rate swaps.
6Short 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.
7May 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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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.  Click here for a complete list of the PIMCO Funds prospectuses and summary prospectuses. 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. Income from municipal bonds may be subject to state and local taxes and at times the alternative minimum tax. 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. 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. 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. The Funds are non-diversified, which means that they may invest assets in a smaller number of issuers than a diversified fund.
This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission.
PIMCO Investments LLC, distributor, 1633 Broadway, New York, NY 10019, is a company of PIMCO.