California Municipal Bond Fund

PCTIX

Updated August 19, 2019

Objective

Seeks high current income exempt from federal and California income tax

Primary Portfolio

Investment grade municipal securities, with average portfolio duration normally varying within (negative) 2 years to positive 4 years of the portfolio duration of the securities comprising the Bloomberg Barclays California Municipal Bond Index

Overview

Fund Overview

Tax advantages for California investors

Investing primarily in high-quality California municipal bonds, the fund aims to deliver attractive tax-free income at the federal and California state level, 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. The fund’s average portfolio duration normally varies within -2 to +4 years of the portfolio duration of the securities comprising the Bloomberg Barclays California Municipal Bond Index.

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

The fund is managed by David Hammer, an executive vice president and head of municipal bond portfolio management at PIMCO. He is supported by PIMCO’s dedicated municipal bond portfolio team, robust credit resources and significant market presence.

PRIMARY BENCHMARK

Bloomberg Barclays California Municipal Bond Index

PRIMARY BENCHMARK DESCRIPTION

The Bloomberg Barclays California Municipal Bond Index is the California component of the Bloomberg Barclays Municipal Bond Index, which consists of a broad selection of investment-grade general obligation and revenue bonds of maturities ranging from one year to 30 years. It is an unmanaged index representative of the tax-exempt bond market. The index is made up of all investment-grade municipal bonds issued after 12/31/90 having a remaining maturity of at least one year. It is not possible to invest directly in an unmanaged index.

DIVIDEND FREQUENCY

Monthly with Daily Accrual

SHARE CLASS INCEPTION

05/31/2012

CUSIP

72201U802

RELATED

Managers

David Hammer

Head of Municipal Bond Portfolio Management

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Yields & Distributions