PIMCO Municipal Bond Fund
PIMCO FUNDS · 5 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
PIMCO Municipal Bond Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- 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, consistent with preservation of capital. Capital appreciation is a secondary objective.
The fund invests at least 80% of assets in municipal bonds whose interest is exempt from federal income tax, with up to 20% in U.S. government securities or money market instruments, selecting bonds offering attractive current yields or trading at competitive prices. The portfolio manager targets investment-grade securities but may hold up to 20% in high-yield bonds. The fund may concentrate more than 25% of assets in California or New York issuers, creating state-specific risk for those concentrated positions.
| Share class | Gross | Net |
|---|---|---|
| PFMIX | 0.44% | 0.44% |
| PMLAX | 0.75% | 0.75% |
| PMLCX | 1.25% | 1.25% |
| PMUPX | 0.54% | 0.54% |
| PMUNX | 0.64% | 0.59% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 25.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 95.57% |
| Securitized | 3.51% |
| Loans | 0.62% |
| Cash & short-term | 0.17% |
Latest quarter
What changed since the fund's previous filing
Largest new: Texas Municipal Gas Acquisition & Supply Corp V, Black Belt Energy Gas District, State of Washington, Commonwealth of Massachusetts, BONNIE BRAE, Pennsylvania Economic Development Financing Authority, FIAC, County of Miami-Dade FL Aviation Revenue
Largest exited: DENTON ESSENTIAL INVESTMENTS PFC, NEW YORK TRANSPORTATION DEVELOPMENT CORPORATION, CALIFORNIA HOUSING FINANCE AGENCY, DISTRICT OF COLUMBIA, ILLINOIS FINANCE AUTHORITY, PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY ×2, ARKANSAS DEVELOPMENT FINANCE AUTHORITY
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 |
|---|---|---|---|---|---|
| +6.26% | +14.27% | +7.02% | 4.18% | -4.95% | |
| +5.93% | +13.21% | +5.37% | 4.18% | -5.03% | |
| +5.40% | +11.53% | +2.78% | 4.18% | -5.15% | |
| +6.15% | +13.93% | +6.49% | 4.18% | -4.98% | |
| +6.09% | +13.75% | — | 4.18% | -4.99% |
These classes hold the same portfolio, so the 2.74pp spread over 3 years is the cost difference between them — roughly 0.91pp 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 | 77.7% |
| Floating rate | 20.5% |
| Zero-coupon or unclassified | 1.7% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.2% |
| 1-3y | 2.9% |
| 3-5y | 5.6% |
| 5-10y | 8.8% |
| 10y+ | 82.5% |
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 | 53% |
| Interest rates | 47% |
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 | +6.02 yr |
| High yield | +0.82 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 | 0.31 yr | 5% |
| 5 yr | 1.44 yr | 24% |
| 10 yr | 3.18 yr | 52% |
| 30 yr | 1.13 yr | 19% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.29 yr | 4% |
| 5 yr | 1.55 yr | 23% |
| 10 yr | 3.69 yr | 54% |
| 30 yr | 1.29 yr | 19% |
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 | +0.00 | $5.7k | $1.3k |
| 1 yr | +0.31 | +0.24 | +0.05 | $122.8k | $24.0k |
| 5 yr | +1.44 | +1.43 | +0.13 | $729.7k | $64.5k |
| 10 yr | +3.18 | +3.33 | +0.36 | $1.70m | $185.2k |
| 30 yr | +1.13 | +1.01 | +0.28 | $514.1k | $142.3k |
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 |
|---|---|---|---|---|
| — | United States Treasury3.38% · due 2028-02-29 | 2.36% | $120.39M | — |
| — | United States Treasury3.50% · due 2031-02-28 | 1.84% | $93.77M | — |
| — | United States Treasury4.63% · due 2031-04-30 | 1.24% | $63.32M | — |
| — | United States Treasury4.25% · due 2031-02-28 | 0.92% | $46.78M | — |
| — | Texas Municipal Gas Acquisition & Supply Corp V5.00% · due 2036-04-01 | 0.84% | $42.88M | — |
| — | Black Belt Energy Gas District5.00% · due 2034-01-01 | 0.82% | $41.91M | — |
| — | Arkansas Development Finance Authority4.00% floating · due 2046-09-01 | 0.82% | $41.66M | — |
| — | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue0.00% · due 2046-07-01 | 0.73% | $37.30M | — |
| — | Buckeye Tobacco Settlement Financing Authority5.00% · due 2055-06-01 | 0.71% | $36.24M | — |
| — | State of Washington5.00% · due 2049-08-01 | 0.69% | $35.27M | — |
Top 10 positions are 10.96% of net assets, top 25 19.24%, across 358 issuers.
See more of this fund's book
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