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		PIMCO FUNDS PROFILE	All data as of 10.31.09, unless otherwise indicated.
		PIMCO California Intermediate Municipal Bond Fund A (PCMBX)

About this Fund

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Fund Overview

Highlights

Invests primarily in intermediate-term bonds, which historically have provided greater return potential than more stable short-term bonds and are less volatile than higher yielding long-term bonds.
Focuses on high quality municipal debt; Fund is limited to no more than 10% in high yield securities.
Seeks high current income exempt from federal and California income tax.

Investment Process

The top-down investment process begins with PIMCO’s annual secular forum at which the firm develops a 3- to 5-year outlook for the global economy and interest rates. This helps set the basic portfolio parameters, including duration, yield-curve positioning, sector weightings and credit quality. Our municipal bond team seeks to add value in a number of ways. They believe that investments should be made from the point of view of maximizing after-tax total return as opposed to simply reaching for maximum yield. So the portfolio is scrutinized using a process that models the potential changes in yield and price as the underlying variables of the marketplace change. Yield-to-worst measures are carefully examined, as are the impact of a shifting municipal yield curve and the influence of yield volatility and credit shifts on the portfolio. The manager may at times use futures to replicate bond positions.** This strategy can offer the opportunity to outperform physical bond securities due to the relative pricing of the futures contracts and PIMCO’s active management of the collateral backing the futures.

** Futures may also be used to manage the Fund portfolio's overall duration and sector exposure.

At A Glance


Symbol Lookup
	Symbol	CUSIP
A Shares	PCMBX	693389785

Objective
Seeks high current income exempt from federal and California income tax; capital appreciation is a secondary objective

Primary Portfolio
Investment grade municipal bonds (3-7 yr. avg. duration)

Total Fund Assets (in millions)
$98.9

Inception Date
Aug 31, 1999

Dividend Frequency
Monthly

Maximum Sales Charge
3.00%

Net Expense Ratio
0.780%

Gross Expense Ratio
-

> Share Class Pricing

Manager
John Cummings

John Cummings, an Executive Vice President and portfolio manager within PIMCO's municipal bond team, joined PIMCO in 2002. He began his investment career in 1983 and holds an MBA in finance from Rutgers University.

Management Firm
Pacific Investment Management Company LLC (PIMCO)

Newport Beach, California

Led by Founder and Co-Chief Investment Officer Bill Gross, PIMCO is widely recognized as one of the premier bond managers in the world. PIMCO applies this expertise to a range of core and specialized investment portfolios.

> Management Commentary


		Investors should consider the investment objectives, risks, charges and expenses of this Fund carefully before investing. This and other information is contained in the Fund´s prospectus and summary prospectus, if available, which may be obtained by contacting your financial advisor, or by calling 888-877-4626. Click here for the Fund´s prospectus or summary prospectus. Please read them carefully before you invest or send money.



		Past performance is no guarantee of future results. This commentary is not an offer or solicitation for the purchase or sale of any financial instrument. It is presented only to provide information on investment strategies and opportunities. The material contains the current opinions of the author, which are subject to change without notice. Statements concerning financial market trends are based on current market conditions, which will fluctuate. References to specific securities and issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. The credit quality of the investment in the portfolio does not apply to the stability or safety of the fund. Duration is a measure of the fund’s price sensitivity expressed in years. In an environment where interest rates may trend upward, rising rates will negatively impact most bond funds, and fixed income securities held by a fund are likely to decrease in value. Bond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. The Fund may invest at least 80% of its assets in debt securities exempt from federal income tax and at least 65% of its assets in bond issuers of California exempt from regular federal and California income tax. The Fund may invest 10% of its assets in high yield securities, and may at times invest in mortgage related securities. This Fund may use derivative instruments for hedging purposes or as part of its investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so. Portfolios investing in derivatives could lose more than the principal amount invested in those instruments. High-yield bonds typically have a lower credit rating than other bonds. Lower rated bonds generally involve a greater risk to principal than higher rated bonds. Shareholders of a municipal bond fund will, at times, incur a tax liability, as income from these funds may be subject to state and local taxes and, where applicable, the alternative minimum tax. A fund concentrating in a single state is subject to greater risk of adverse economic conditions and regulatory changes than a fund with broader geographical diversification. This Fund is non-diversified, which means that it may concentrate its assets in a smaller number of issuers than a diversified fund. PIMCO Funds and Allianz Funds are distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105-4800, www.allianzinvestors.com , 1-888-877-4626. Investment Products: NOT FDIC INSURED \| MAY LOSE VALUE \| NOT BANK GUARANTEED Click here to view the Fund's current sector weightings. All holdings are subject to change. Click here to view the Fund's current standardized performance.


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