California Short Duration Municipal Income Fund


Updated December 13, 2019


Seeks maximum total return, consistent with preservation of capital and prudent investment management

Primary Portfolio

Short to intermediate maturity municipal securities (exempt from federal and California income tax)


Fund Overview

Tax advantages with lower volatility for California Investors

The fund aims to provide California investors with attractive tax-exempt income and relatively low volatility by investing primarily in a diverse portfolio of short-term, high-quality California municipal bonds, with capital appreciation as a secondary goal.

Why Invest In This Fund

Potential for attractive tax-efficient income

The fund pursues tax-efficient income for investors in higher tax brackets, generating interest that is typically exempt from federal and California state income taxes. It focuses on short-duration bonds with less sensitivity to interest rate changes, which can help manage volatility. Average duration is normally under three years.

Targeting opportunities in a transformed municipal market

PIMCO is uniquely qualified to respond to recent changes in the municipal bond market, with an extensive network of credit research capabilities to address concerns about creditworthiness, which is critical to municipal bond investing. Additionally, PIMCO has the market presence to provide access to the new issue and secondary markets.

Active management

PIMCO has been managing municipal bonds since 1997. Today we are among the largest investors in the market, with an expert municipal bond team constantly analyzing macro-economic, technical, and fundamental trends within the marketplace.

Our Expertise

PIMCO California Short Duration Municipal Income Fund is managed by Julie Callahan, a senior vice president focusing on high quality short and intermediate term municipal portfolios, and David Hammer, an executive vice president with experience across the investment grade and high yield municipal universe. They are supported by PIMCO’s dedicated municipal bond portfolio team, robust credit resources and significant market presence.


Bloomberg Barclays California 1 Year Municipal Bond Index


Bloomberg Barclays California 1 Year Municipal Bond Index is an unmanaged index comprised of California Municipal Bond issues having a maturity of at least one year and less than two years. It is not possible to invest directly in an unmanaged index.


Monthly with Daily Accrual







Julie P. Callahan

Portfolio Manager, Municipal Bonds

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