PIMCO New York Municipal Bond Fund A (PNYAX)

All data as of 04/30/13, unless otherwise indicated.
PIMCO
Objective
Seeks high current income exempt from federal and New York income tax; capital appreciation is a secondary objective
Primary Portfolio
Investment grade municipal bonds (3-12 yr. avg. duration)
At a Glance
SymbolPNYAX
CUSIP Number 693389736
Total Fund Assets (in millions) $174.0
Share Class Inception Date 10/19/1999
Dividend Frequency Accrues Daily; Distributes Monthly
Maximum Sales Charge 3.75%
Net Operating Expenses 0.775 %
Total Annual Operating Expenses 0.775 %

Daily Price
NAV Day Return
$11.32 -$0.02 -0.17%
YTD Return
0.32%
As of 05/23/13

Historical Prices

05/20/13

$11.35

05/21/13

$11.34

05/22/13

$11.34
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.
Breakpoints
Sales Range (USD)Fee %
Under $100,000 3.75%
$100,000 but under $250,000 3.25%
$250,000 but under $500,000 2.25%
$500,000 but under $1 million 1.75%
$1 million but under $2,000,001 0.00%*
$2,000,001+ 0.00%*
Fund Overview
Tax-advantaged income potential for New York investors

A tax-sensitive approach to investing can provide tangible advantages to investors seeking current income, especially those in higher tax brackets. Investing primarily in high quality New York municipal bonds, this fund aims to deliver high levels of tax-free income at both the federal and New York state levels, with capital appreciation as a secondary goal.


Why Invest In This Fund
Potential for attractive tax-efficient income

For investors in higher tax brackets, municipals can offer greater after-tax yields than taxable securities of similar maturities and credit quality. The fund pursues attractive tax-efficient income by investing in high quality municipals and generates interest that is typically exempt from both federal and New York state income taxes.


Targeting opportunities in a transformed municipal market

The fund targets relative value opportunities and protection of principal 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.

*A CDSC may apply for shares redeemed within 18 months of purchase.
 
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: 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. Income from municipal bonds may be subject to state and local taxes and at times the alternative minimum tax; a strategy concentrating in a single or limited number of states is subject to greater risk of adverse economic conditions and regulatory changes. 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 concentrate its assets in a smaller number of issuers than a diversified fund. The value of most bond funds and fixed income securities are impacted by changes in interest rates. Bonds and bond funds with longer durations tend to be more sensitive and more volatile than securities with shorter durations; bond prices generally fall as interest rates rise.

The credit quality of the investment in the portfolio does not apply to the stability or safety of the fund. Duration is a measure of the fund's price sensitivity expressed in years. In an environment where interest rates may trend upward, rising rates will negatively impact most bond funds, and fixed income securities held by a fund are likely to decrease in value. Bond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations.

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.


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