PIMCO High Yield Municipal Bond Fund INSTL (PHMIX)

All data as of 05/31/13, unless otherwise indicated.
PIMCO
Objective
Seeks high current income exempt from federal income tax. Total return is a secondary objective
Primary Portfolio
Intermediate to long-term maturity high yield municipal securities (exempt from federal income tax)
At a Glance
SymbolPHMIX
CUSIP Number 72201F672
Total Fund Assets (in millions) $419.6
Share Class Inception Date 07/31/2006
Dividend Frequency Accrues Daily; Distributes Monthly
Maximum Sales Charge -
Net Operating Expenses 0.55 %
Total Annual Operating Expenses 0.55 %

Daily Price
NAV Day Return
$8.64 -$0.02 -0.22%
YTD Return
-0.85%
As of 06/18/13

Historical Prices

06/13/13

$8.62

06/14/13

$8.66

06/17/13

$8.66
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. Click Performance tab for performance current to the most recent month-end.
Fund Overview
The potential for high after-tax income

A tax-sensitive approach to investing can provide tangible advantages to investors seeking current income, especially those in higher tax brackets. Focusing on a national universe of high yield municipal bonds, this fund aims to deliver high levels of federal, and in some cases, state tax-exempt income for investors, with capital appreciation as a secondary goal.


Why Invest In This Fund
A higher-quality approach to high income investing

This fund invests primarily in high yield municipals, focusing on issues in the top tier of the below-investment-grade spectrum and minimizing those subject to the alternative minimum tax (AMT) at time of purchase. This portfolio generates interest that is exempt from federal tax and, in some cases, state tax.


Targeting opportunities in a transformed municipal market

The fund targets relative value opportunities and capital preservation through extensive credit research, which has become critical to municipal bond investing. Additionally, lower new issue supply has made high quality, well-priced bonds more difficult to source for individual investors. PIMCO’s substantial market presence can provide investors with better market access.


Benefits of PIMCO’s active bond management

PIMCO has been managing municipal assets since 1997 and we are among the largest investors in the space today. Headed by Joe Deane, a municipal bond expert with more than four decades of experience, the fund takes advantage of PIMCO’s rigorous investment process and vast resources.

View All Fund Literature

Managers

Joseph Deane

Mr. Deane is an executive vice president in the New York office and head of municipal bond portfolio management. Prior to joining PIMCO in 2011, he was co-head of the tax-exempt department at Western Asset (WAMCO). Mr. Deane was previously a managing director and head of tax-exempt investments from 1993-2005 at Smith Barney/Citigroup Asset Management. Earlier in his career, he held senior portfolio management positions with Shearson and E.F. Hutton. Morningstar named him Fixed Income Manager of the Year in 1996 and a finalist in 1995 and 2007. He has 42 years of investment experience and holds a bachelor's degree from Iona College.

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 financial advisor 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 certain risks including market, interest-rate, issuer, credit, and inflation risk; 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. The Fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund.

Annual Report of Proxy Voting Records, Form N-PX »
Quarterly Schedule of Portfolio Holdings, Form N-Q »

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.® 2011. 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.


CLICK TO VIEW OUR BUSINESS CONTINUITY PLAN, PROXY VOTING POLICIES AND PROCEDURES, OR OUR PRIVACY POLICY.

PIMCO