Fund Evaluator:

PIMCO Short Duration Muni Income A Overview

PIMCO Short Duration Muni Income A (PSDAX) is an actively managed Municipal Bond Muni National Short fund. PIMCO launched the fund in 2002.

The investment seeks high current income exempt from federal income tax, consistent with preservation of capital. The fund normally invests at least 80% of its assets in debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax ("Municipal Bonds"). It may invest more than 25% of its total assets in bonds of issuers in California and New York. The fund may invest in derivative instruments, such as options, futures contracts or swap agreements, or in mortgage- or asset-backed securities.

About PIMCO Short Duration Muni Income A (PSDAX)

There are 2 members of the management team with an average tenure of 7.12 years: David Hammer (2015), Kyle Christine (2023). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Municipal 1 Yr 1-2 TR USD index with a weighting of 100%. PIMCO Short Duration Muni Income A has 232 securities in its portfolio. The top 10 holdings constitute 22.5% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

PIMCO Short Duration Muni Income A is part of the Fixed Income global asset class and is within the Municipal Bond fund group. PIMCO Short Duration Muni Income A has 0.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 88.6% (87.8% domestic bond, 0.8% foreign bond and 0.0% convertible bond). PIMCO Short Duration Muni Income A has 11.4% of the portfolio in cash.

Assets Under Management

The fund has $143 million in total assets, which is below the $633 million average for the Muni National Short category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

PSDAX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The PIMCO Short Duration Muni Income A expense ratio is above average compared to funds in the Muni National Short category. PIMCO Short Duration Muni Income A has an expense ratio of 0.73%, which is 27% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. PIMCO Short Duration Muni Income A has a portfolio turnover rate of 45%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 51% for the Muni National Short category.

Recently, in the month of July 2026, PIMCO Short Duration Muni Income A returned -0.4%, which earned it a grade of B, as the Muni National Short category had an average return of -0.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

PIMCO Short Duration Muni Income A has a trailing yield of 2.89%, which is above the 2.78% category average. The fund normally distributes its income monthly and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

PIMCO Short Duration Muni Income A Grades

Year to date, the fund has returned 0.8%, 0.0 percentage points worse than the category, which translates into a grade of C. The fund has returned 2.7% over the past year (grade of C), 3.3% over the past three years (grade of C) and 1.6% per year over the past five years (grade of C) and 1.6% per year over the past 10 years (grade of C).

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