New York Municipal Bond Fund


Updated Oct 5, 2015


    Fixed Income
    $137 MM
    (as of 09/30/2015)
    $137 MM
    (as of 09/30/2015)
    Fixed Income


Seeks high current income exempt from federal and New York income tax; capital appreciation is a secondary objective

Primary Portfolio

Investment grade 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 Barclays New York Municipal Bond Index


Fund Overview

Tax advantages for New Yorkers

Investing primarily in high-quality New York municipal bonds, the fund aims to deliver attractive tax-free income at the federal and New York state level, with capital appreciation as a secondary goal.

Why Invest In This Fund

Potential for attractive tax-efficient income

The fund pursues interest that is exempt from federal and NY state income taxes, which may be especially beneficial for NY residents in higher tax brackets. The fund’s average portfolio duration normally varies within -2 to +4 years of the portfolio duration of the securities comprising the Barclays New York 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

PIMCO New York 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, and David Hammer, a municipal bond expert with 12 years of investment experience. They are supported by PIMCO’s dedicated municipal bond portfolio team, robust credit resources and significant market presence.


Barclays New York Municipal Bond Index


The Barclays New York Municipal Bond Index is the New York 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 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







David Hammer began managing the fund on 20 August 2015.

Joseph Deane

Head of Municipal Bond Portfolio Management

View Profile

David Hammer

Portfolio Manager, Municipal Bonds

View Profile

Yields & Distributions

Historical Prices & Distributions

Distribution Yield (At NAV)1 as of 8/31/2015 3.61%
30 - Day SEC Yield2 as of 8/31/2015 1.97%
30 - Day SEC Yield2 as of 10/5/2015 1.98%
Latest Dividend Distribution ($ Share)3 as of 9/30/2015 $0.034376376
Dividend Distribution (YTD)4 as of 9/30/2015 $0.304290524
Yields & Distributions Footnotes & 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.
Unless stated, the Fund does not have an unsubsidized yield.

Fees & Expenses

Total Annual Operating Expenses 0.445%

Prices & Performance

Daily Statistics

All data as of 10/5/2015

NAV $11.26 One Day Return 0.01%
Daily Change $0.00 Daily YTD Return 1.69%
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 8/31/1999 to 8/31/2015 = $22,130

Morningstar and Lipper

  • Morningstar Ratings
  • Lipper Rankings
Prices & Performance Footnotes & 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.
Total return performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The minimum initial investment for Institutional class shares is $1 million; however, it may be modified for certain financial intermediaries who submit trades on behalf of eligible investors.
Daily YTD return is from the most recent calendar year end.
Prior to 09/01/15, the fund’s secondary benchmark was PIMCO Global Advantage Bond Index (“GLADI”) (NY Close).
Prior to 09/01/15, the fund’s primary benchmark was Barclays 20 Year (17-22 Year) New York 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.
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 15.29
1-3 yrs 9.71
3-5 yrs 12.76
5-10 yrs 52.65
10-20 yrs 15.65
20+ yrs -6.07
Effective Maturity (yrs) 4.72

Duration in Years

Effective Duration (yrs) 5.49

Risk Characteristics
(Trailing 3 Years)

Standard Deviation 3.60
Sharpe Ratio5 0.91

Sector Allocation
Market Value %

State/Local GO 5.36
Pre-Refunded 4.69
Education Rev. 18.36
Hospital Rev. 4.94
Housing Rev. 1.10
Ind Dev/Pollution Ctrl 13.59
Lease Rev. 4.54
Power Rev. 3.64
Resource Recovery 0.00
Special Tax 14.47
Transportation 11.03
Water & Sewer 6.54
Tobacco 0.00
Net Other Short Duration Instruments Muni 0.00
Other Muni 4.68
US Government Related6 -7.50
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-Muni 14.56
Portfolio Composition Footnotes & Disclosures


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 portfolio returns.
6May include nominal and inflation-protected Treasuries, Treasury futures and options, agencies, FDIC-guaranteed and government-guaranteed corporate securities, and interest rate swaps.
7Short 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.
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.  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. 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; a fund concentrating in a single state is subject to greater risk of adverse economic conditions and regulatory changes. 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 Fund is non-diversified, which means that it may invest its 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.