GCMFX PIMCO Ca Muni Oppc Val Instl Forecast, Technical & Fundamental Analysis

The investment seeks to provide current income exempt from regular federal income tax and California state personal income taxes while seeking to preserve capital and liquidity. The fund invests under normal circumstances at least 80% of its assets in debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax and California income tax ("California Municipal Bonds"). California Municipal Bonds generally are issued by or on behalf of the State of California and its political subdivisions, financing authorities and their agencies. The fund is non-diversified.