Fund Description: PIMCO California Municipal Income Fund II is an exchange-traded closed-end fund or a closed-end ETF which is officially described in its prospectus as a non-diversified, closed-end management investment company. INVESTMENT OBJECTIVE: The Fund's investment objective is to provide current income exempt from federal and California income tax. In pursuing this objective, the portfolio manager also seeks to preserve and enhance the value of the Fund's holdings relative to the municipal bond market. FUND STRATEGY: Under normal market conditions, the Fund will invest substantially all (at least 90%) of its total assets in municipal bonds which pay interest that, in the opinion of bond counsel to the issuer (or on the basis of other authority believed by the Fund's portfolio manager to be reliable), is exempt from federal and California income taxes. FUND MANAGEMENT: Allianz Global Investors Fund Management LLC, an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P., serves as the Funds' investment manager and is a member of Munich-based Allianz Group (NYSE:AZ). Pacific Investment Management Company LLC (PIMCO), an Allianz Global Investors Fund Management affiliate, serves as the Funds' sub-adviser.