PIMCO California Municipal Income Fund II (the Fund) is a non-diversified, closed-end management investment company. The Fund invests at least 80% of its net assets in investment-grade municipal bonds that pay interest that is exempt from federal and California income tax. The Fund is permitted to invest in securities that are subject to legal or contractual restrictions on resale. The Fund may also invest in Inverse Floaters without transferring a fixed rate municipal bond into a special purpose trust, which is not accounted for as secured borrowings. The Fund's investment manager is Allianz Global Investors Fund Management LLC, which is an indirect, wholly owned subsidiary of Allianz Global Investors of America L.P. (Allianz Global). Its sub-adviser is Pacific Investment Management Company LLC.