PIMCO New York Municipal Bond Fund INSTL (PNYIX)

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
SymbolPNYIX
CUSIP Number 693389710
Total Fund Assets (in millions) $139.9
Share Class Inception Date 08/31/1999
Dividend Frequency Accrues Daily; Distributes Monthly
Maximum Sales Charge -
Net Operating Expenses 0.445 %

Daily Price

NAV Day Return
$11.36 $0.01 0.12%
YTD Return
0.96%
As of 04/24/15

Historical Prices

04/21/15

$11.38

04/22/15

$11.35

04/23/15

$11.35

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.
A new Class A breakpoint schedule took effect on 10/1/13, please see the prospectus for details.
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. Average duration ranges from seven to 12 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 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. Mr. Deane was Morningstar’s Fixed Income Manager of the Year in 1996 and a finalist in 2007 and 1995.

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 43 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 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 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; 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.

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.


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