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PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

1 Day Return
$-0.10  |   -0.19%

As of 12/8/2017

Market Price
1 Day Return
$-0.14  |   -0.26%

As of 12/8/2017

Fund Description

The Intermediate Municipal Bond Active Exchange-Traded Fund is an actively managed exchange-traded fund (ETF). Designed to be appropriate for investors seeking tax-exempt income, the fund consists of a diversified portfolio of primarily intermediate duration, high credit quality bonds, which carry interest income that is exempt from federal tax and in some cases state tax. With this fund, investors will see the names of the bonds owned daily. In the municipal bond market, issuer-specific credit analysis is critical. Unlike index funds that typically rely solely on a rating agency for credit analysis, PIMCO applies extensive research on each municipal bond we own in the fund. We believe it is imperative to analyze each issuer, both at purchase and on an ongoing basis, to avoid what we feel are municipalities of deteriorating credit quality in our efforts to protect investors’ capital. Active management not only enables the fund to invest in only the issuers and securities we endorse, but also allows us to change the portfolio structure should credit conditions change. In addition, active management allows for management of capital gains and losses, working to minimize the tax effect of gains, while harvesting losses when available.

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Portfolio Management

Julie P. Callahan

Julie P. Callahan
Ms. Callahan is a senior vice president and municipal bond portfolio manager in the New York office. Prior to joining PIMCO in 2011, she was a portfolio manager for municipal separately managed accounts at Western Asset (WAMCO). She previously managed the firm's municipal money market funds. Before that, Ms. Callahan was director and portfolio manager for municipal money market funds with Citigroup Asset Management. She has 22 years of investment experience and holds a bachelor's degree from Fairfield University.

David Hammer

David Hammer
Mr. Hammer is an executive vice president in the New York office and head of municipal bond portfolio management. He rejoined PIMCO in 2015 from Morgan Stanley, where he was managing director and head of municipal trading, risk management and research. Previously at PIMCO, he was a senior vice president and municipal bond portfolio manager, and prior to joining PIMCO in 2012, he was an executive director and head of the high yield and distressed municipal bond trading group at Morgan Stanley. He has 13 years of investment experience and holds an undergraduate degree from Syracuse University.

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Fund Information

As of 12/8/2017

Ticker MUNI
CUSIP 72201R866
Inception Date 11/30/2009
Shares Outstanding 5,010,000
Total Net Assets $269,077,702.47
Daily Trading Volume
(in shares)
Premium/Discount Average
(since inception)
Premium/Discount as
of market close
Closing Price 53.59

As of 12/8/2017

Yield Information

Estimated Yield to Maturity 2.49%
SEC 30-Day Yield 1.73%

As of 12/8/2017

Distribution Yield 2.44%

As of 11/30/2017

Portfolio Information

Number of Holdings 163
Effective Maturity 5.34 Years
Effective Duration 4.90 Years

As of 12/8/2017

Tracking Error 0.53%

Since Inception as of 11/30/2017

Full Performance & Risk

Index Information

Bloomberg Barclays 1-15 Year Municipal Bond Index
Index Description

Bloomberg Barclays 1-15 Year Municipal Bond Index consists of a broad selection of investment grade general obligation and revenue bonds of maturitiesranging from one year to 17 years. It is an unmanaged index representative of the tax exempt bond market. It is not possible toinvest directly in an unmanaged index.
Index Ticker LM17TR
Inception Date 7/1/1993
Rebalancing Frequency Monthly
Annualized Volatility 3.55%

As of 11/30/2017