PIMCO High Yield Municipal Bond Fund
PIMCO FUNDS · 5 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
PIMCO High Yield Municipal Bond Fund is a U.S. bond index fund that tracks the Bloomberg High Yield Municipal Bond Index.
- Asset class
- Bonds
- Region
- United States
- Management
- Index (passive)
- Fund type
- Open-end fund
- Credit quality
- Mixed credit
- Rate sensitivity
- Intermediate duration
- Features
- Fund of funds
Fund profile
As filed in the prospectus · 2026 Q1
The Fund seeks high current income exempt from federal income tax. Total return is a secondary objective.
The fund invests at least 80% of its assets in municipal bonds whose interest is exempt from federal income tax, with a meaningful allocation to high-yield and below-investment-grade issues; the portfolio manager selects bonds offering attractive current yields or competitive market prices, with the goal of generating both income and capital appreciation from interest-rate declines or credit improvement. The fund may concentrate more than 25% of assets in California and New York bonds, and may invest up to 30% in private activity bonds that are subject to the alternative minimum tax. Because the fund intentionally holds high-yield municipal bonds rated below investment grade, credit deterioration in those issuers poses a material risk to principal.
| Share class | Gross | Net |
|---|---|---|
| PYMAX | 0.85% | 0.85% |
| PHMIX | 0.55% | 0.55% |
| PYMCX | 1.60% | 1.60% |
| PYMPX | 0.65% | 0.65% |
| PYMNX | 0.75% | 0.70% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 21.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 85.66% |
| Loans | 8.55% |
| Securitized | 4.25% |
| Cash & short-term | 3.86% |
Latest quarter
What changed since the fund's previous filing
Largest new: SIERRA AZUL, BONNIE BRAE, Texas Municipal Gas Acquisition & Supply Corp V, Black Belt Energy Gas District, FIAC, Skyfall Infrastructure Financing District, Pennsylvania Economic Development Financing Authority, TWG VICTORY HILLS
Largest exited: DENTON ESSENTIAL INVESTMENTS PFC, WYANDOTTE COUNTY-KANSAS CITY UNIFIED GOVERNMENT SALES TAX REVENUE, SOUTH DAKOTA HOUSING DEVELOPMENT AUTHORITY, OKLAHOMA HOUSING FINANCE AGENCY, UTAH HSG CORP SINGLE FAMILY MTG REV, ATLANTA URBAN RESIDENTIAL FINANCE AUTHORITY, CALIFORNIA MUNICIPAL FINANCE AUTHORITY, CHICAGO BOARD OF EDUCATION
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +5.53% | +14.53% | +5.87% | 4.59% | -5.85% | |
| +5.86% | +15.57% | +7.48% | 4.59% | -5.78% | |
| +4.75% | +11.99% | +1.99% | 4.59% | -6.03% | |
| +5.75% | +15.22% | +6.94% | 4.59% | -5.80% | |
| +5.69% | +15.04% | — | 4.59% | -5.82% |
These classes hold the same portfolio, so the 3.58pp spread over 3 years is the cost difference between them — roughly 1.19pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 74.4% |
| Floating rate | 17.1% |
| Zero-coupon or unclassified | 8.5% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 2.5% |
| 1-3y | 2.3% |
| 3-5y | 1.8% |
| 5-10y | 6.7% |
| 10y+ | 86.6% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 55% |
| Interest rates | 45% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +3.89 yr |
| High yield | +3.84 yr |
Share of duration at each point, shortest first. This filer signs its rate and credit disclosures differently; the direction shown follows its interest-rate filing, and a negative reading is the least-supported figure here.
| 3 mo | 0.04 yr | 1% |
| 1 yr | 0.27 yr | 4% |
| 5 yr | 1.20 yr | 19% |
| 10 yr | 2.93 yr | 46% |
| 30 yr | 1.86 yr | 30% |
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.34 yr | 4% |
| 5 yr | 1.46 yr | 19% |
| 10 yr | 3.74 yr | 48% |
| 30 yr | 2.16 yr | 28% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.04 | +0.01 | +0.02 | $3.3k | $10.4k |
| 1 yr | +0.27 | +0.14 | +0.21 | $86.2k | $131.6k |
| 5 yr | +1.20 | +0.85 | +0.61 | $541.0k | $389.6k |
| 10 yr | +2.93 | +2.09 | +1.65 | $1.33m | $1.05m |
| 30 yr | +1.86 | +0.81 | +1.35 | $515.5k | $859.3k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | PIMCO PRV SHORT TERM FLT III | 3.56% | $226.42M | — |
| — | VALENCIA GARDEN4.02% · due 2041-11-01 | 2.61% | $166.22M | — |
| — | Buckeye Tobacco Settlement Financing Authority5.00% · due 2055-06-01 | 1.72% | $109.16M | — |
| — | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue0.00% · due 2051-07-01 | 1.09% | $69.13M | — |
| — | BONNIE BRAE7.10% · due 2059-06-02 | 0.88% | $56.02M | — |
| — | Commonwealth of Puerto Rico0.00% · due 2051-11-01 | 0.85% | $53.93M | — |
| — | Texas Municipal Gas Acquisition & Supply Corp V5.00% · due 2036-04-01 | 0.84% | $53.57M | — |
| — | Black Belt Energy Gas District5.00% · due 2034-01-01 | 0.82% | $51.95M | — |
| — | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue0.00% · due 2046-07-01 | 0.78% | $49.42M | — |
| — | FIAC7.00% · due 2049-07-01 | 0.76% | $48.38M | — |
Top 10 positions are 13.89% of net assets, top 25 22.52%, across 437 issuers.
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