Fund Evaluator:
PIMCO California Municipal Bond A (PCTTX)
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Best Performing in Muni California Long Over the Last Year
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| 7.3% | American Century CA High Yield Muni Inv (BCHYX) |
| 6.9% | Columbia Strat CA Muncpl Inc Inst (CCAZX) |
| 6.8% | Vanguard CA Long-Term Tax-Exempt Adm (VCLAX) |
Fund Details
PIMCO California Municipal Bond A Overview
PIMCO California Municipal Bond A (PCTTX) is an actively managed Municipal Bond Muni California Long fund. PIMCO launched the fund in 2012.
The investment seeks high current income exempt from federal and California income tax. The fund normally invests 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 regular federal income tax and California income tax. It may invest in Fixed Income Instruments which include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The fund may invest in derivative instruments, such as options, futures contracts or swap agreements, or in mortgage- or asset-backed securities.
About PIMCO California Municipal Bond A (PCTTX)
There are 2 members of the management team with an average tenure of 7.12 years: David Hammer (2015), Kyle Christine (2023). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Municipal California Exempt TR index with a weighting of 100%. PIMCO California Municipal Bond A has 316 securities in its portfolio. The top 10 holdings constitute 19.6% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
PIMCO California Municipal Bond A is part of the Fixed Income global asset class and is within the Municipal Bond fund group. PIMCO California Municipal Bond A has 2.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 92.8% (90.3% domestic bond, 2.5% foreign bond and 0.0% convertible bond). PIMCO California Municipal Bond A has 7.2% of the portfolio in cash.
Assets Under Management
The fund has $163 million in total assets, which is below the $455 million average for the Muni California Long category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PCTTX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The PIMCO California Municipal Bond A expense ratio is above average compared to funds in the Muni California Long category. PIMCO California Municipal Bond A has an expense ratio of 0.79%, which is 4% lower than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. PIMCO California Municipal Bond A has a portfolio turnover rate of 24%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 35% for the Muni California Long category.
Recently, in the month of July 2026, PIMCO California Municipal Bond A returned -1.8%, which earned it a grade of B, as the Muni California Long category had an average return of -2.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
PIMCO California Municipal Bond A has a trailing yield of 3.36%, which is below the 3.52% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
PIMCO California Municipal Bond A Grades
Year to date, the fund has returned 0.5%, 0.2 percentage points worse than the category, which translates into a grade of D. The fund has returned 5.9% over the past year (grade of D), 3.6% over the past three years (grade of A) and 0.4% per year over the past five years (grade of B) and 2.1% per year over the past 10 years (grade of A).
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PCTTX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PCTTX Return (NAV) | -1.8% | -0.5% | 5.9% | 3.6% | 0.4% | 2.1% |
| PCTTX Grade | B | D | D | A | B | A |
| +/- Category | 0.2% | -0.1% | -0.5% | 0.5% | 0.5% | 0.4% |
| Muni California Long Avg | -2.0% | -0.3% | 6.3% | 3.2% | -0.0% | 1.7% |
| PCTTX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
PCTTX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PCTTX Return (NAV) | 0.5% | 3.5% | 2.7% | 7.6% | -10.6% | 1.6% | 6.5% | 8.7% | 0.7% | 6.9% | 0.4% |
| PCTTX Grade | D | A | B | A | C | F | A | B | B | A | B |
| +/- Category | -0.2% | 0.7% | 0.2% | 1.2% | 0.6% | -0.9% | 2.1% | 0.6% | -0.0% | 0.7% | 0.2% |
| Muni California Long Avg | 0.7% | 2.8% | 2.5% | 6.4% | -11.2% | 2.5% | 4.4% | 8.1% | 0.8% | 6.2% | 0.2% |
| Risk Measures | |
| Standard Deviation: | 6.0% |
| Total Risk Index: | 0.49 - Below Average |
| Category Risk Index: | 0.93 - Average |
| Category Risk Grade: | C (43% Rank) |
| Beta: | 1.03 |
| R-Squared: | 96% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 3.4% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $602 Mil |
| Fund Total Assets: | $ 164 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 24% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 11.0 years | |||
| Average Tenure: 7.1 years | |||
| Managers (Year): Hammer David (2015), Christine Kyle (2023) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 316 |
| % in Top 10 Holdings: | 19.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 2.5% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 90.3% |
| Foreign Bond: | 2.5% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 7.2% |
Purchase Information
| Fund Family: | PIMCO |
| Phone Number: | 888-877-4626 |
| Website: | www.pimco.com |
| Status: | Open |
| Inception Date: | May 31, 2012 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 2.25% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.79% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.82% |
| Share Class: | PIMCO California Municipal Bond Instl |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
