PIMCO California Municipal Income Fund II
PCK
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- PIMCO California Municipal Income Fund II (NYSE: PCK) is a closed-end fixed income mutual fund that seeks to provide current income exempt from regular federal and California state income taxes through investments primarily in a diversified portfolio of California municipal bonds and notes; other state and local municipal bonds and notes; and municipal fixed-income securities across various sectors including transportation, water and sewer, education, power, hospital, and housing. The fund may also employ leverage through the issuance of preferred shares and invests in derivative instruments such as futures, options, and swap agreements to enhance total returns and manage duration risk. Managed by Allianz Global Investors Fund Management LLC and co-managed by Pacific Investment Management Company LLC (PIMCO), it targets tax-exempt income for California residents and operates within the municipal bond segment of the U.S. fixed income markets. Launched in 2002, the fund is headquartered in Newport Beach, California, with operations focused on U.S. municipal securities markets and primarily serving retail and institutional investors seeking tax-advantaged income. Its portfolio emphasizes investment-grade and high-yield California municipal obligations, with flexibility to allocate up to 30% in non-California municipals or other securities when opportunities arise. In a major strategic reorganization completed on August 1, 2025, PIMCO California Municipal Income Fund II merged with and into PIMCO California Municipal Income Fund (NYSE: PCQ), alongside the simultaneous merger of PIMCO California Municipal Income Fund III (NYSE: PZC) into PCQ, consolidating assets and liabilities to streamline operations and enhance scale for shareholders. This transaction, initially announced on April 4, 2025, resulted in the delisting of PCK shares and the pro rata distribution of its weight to remaining index constituents. No other significant acquisitions, partnerships, funding rounds, or product launches have been reported for the fund in the past two years prior to the merger.