PIMCO High Yield Municipal Bond Fund
U.S. bond index fund · tracks Bloomberg High Yield Municipal Bond Index
As of its 2026 Q2 report, PIMCO High Yield Municipal Bond Fund held 983 positions with $6.36B in net assets. Its ten largest holdings made up 13.9% of the fund. The PYMAX share class costs 0.85% a year. Over the 12 months to May 2026, PYMAX returned 6.9%, with dividends reinvested. In 2026 Q2 it added 73 new positions and exited 59.
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.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
PIMCO PRV SHORT TERM FLT III | 3.56% | $226.42M | — |
California Municipal Finance Authority 0.00% · due 2045-01-01 | 2.61% | $166.22M | — |
Buckeye Tobacco Settlement Financing Authority 5.00% · due 2055-06-01 | 1.72% | $109.16M | — |
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue 0.00% · due 2051-07-01 | 1.09% | $69.13M | — |
Denton Essential Investments PFC 7.10% · due 2059-06-01 | 0.88% | $56.02M | — |
Commonwealth of Puerto Rico 0.00% · due 2051-11-01 | 0.85% | $53.93M | — |
Texas Municipal Gas Acquisition & Supply Corp V 5.00% · due 2036-04-01 | 0.84% | $53.57M | — |
Black Belt Energy Gas District 5.00% · due 2034-01-01 | 0.82% | $51.95M | — |
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue 0.00% · due 2046-07-01 | 0.78% | $49.42M | — |
McKinney Public Development Corp. 7.00% · due 2049-07-01 | 0.76% | $48.38M | — |
The 200 largest of 983 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 85.66% |
| Loans | 8.55% |
| Securitized | 4.25% |
| Cash & short-term | 3.86% |
How it has done
PYMAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 4.45%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 5 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.85% | +6.94% | +15.90% | +5.56% | -5.85% | |
| 0.55% | +7.26% | +16.94% | +7.16% | -5.78% | |
| 1.60% | +6.15% | +13.33% | +1.69% | -6.03% | |
| 0.65% | +7.16% | +16.60% | +6.63% | -5.80% | |
| 0.70% | +7.09% | +16.41% | — | -5.82% |
These classes hold the same portfolio, so the 3.61pp spread over 3 years is the cost difference between them — roughly 1.20pp a year — not a difference in what they own.
Fees & fund details
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
- Expense ratio, by class
- 0.55% – 1.60%· PYMAX 0.85%
- Portfolio turnover
- 21.00% a year · as of 2026 Q1
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
73 new· the largest 8
59 exited· the largest 8
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.
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