PIMCO California Municipal Income Fund II is a fixed income mutual fund managed by Allianz Global Investors Fund Management LLC, co-managed by Pacific Investment Management Company LLC, investing in the fixed-income markets of the United States. Its focus is on investment in municipal fixed-income securities across diversified sectors, such as the California municipal bonds and notes, other variable rate notes, and corporate notes. The fund, formed in 2002, comprises a portfolio of investments that include call and put options written, California variable rate demand note, and U.S. treasury bills.