ThZeal - The Zeal

486BPOS

As filed with the Securities and Exchange Commission on April 28, 2025

1933 Act File No. 333-262811

1940 Act File No. 811-23781

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM

N-2

(Check appropriate box or boxes)

REGISTRATION STATEMENT

☒

UNDER

THE SECURITIES ACT OF 1933

Pre-Effective Amendment No.

☐

Post-Effective Amendment No. 3

☒

and

REGISTRATION STATEMENT

☒

UNDER

THE INVESTMENT COMPANY ACT OF 1940

Amendment No. 5

☒

PIMCO California Flexible Municipal Income Fund

(Exact Name of Registrant as Specified in Charter)

1633 Broadway

New York, New York 10019

(Address of Principal Executive Offices)

(Number, Street, City, State, Zip Code)

(844) 312-2113

(Registrant’s Telephone Number, including Area Code)

Ryan G. Leshaw

c/o Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, California 92660

(Name and Address (Number, Street, City, State, Zip Code) of Agent for Service)

Copies of Communications to:

David C. Sullivan, Esq.

Adam M. Schlichtmann, Esq.

Ropes & Gray LLP

Prudential Tower, 800 Boylston Street

Boston, Massachusetts 02199

Douglas P. Dick, Esq.

Adam T. Teufel, Esq.

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Approximate Date of Proposed Public Offering:

As soon as practicable after the effective date of this Registration Statement.

☐	Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans.
☒	Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 (“Securities Act”), other than securities offered in connection with a dividend reinvestment plan.
☐	Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto.
☐	Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act.
☐	Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act.

It is proposed that this filing will become effective (check appropriate box):
☐	when declared effective pursuant to Section 8(c), or as follows:
☐	immediately upon filing pursuant to paragraph (b) of Rule 486.	☒	on April 30, 2025 pursuant to paragraph (b) of Rule 486.
☐	60 days after filing pursuant to paragraph (a) of Rule 486.	☐	on (date) pursuant to paragraph (a) of Rule 486.

If appropriate, check the following box:
☐	This post-effective amendment designates a new effective date for a previously filed post-effective amendment.
☐	This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: ______.
☐	This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: ______.
☐	This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: ______.

Check each box that appropriately characterizes the Registrant:
☒	Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 (“Investment Company Act”)).
☐	Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act).
☒	Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act).
☐	A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form).
☐	Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).
☐	Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 (“Exchange Act”).
☐	If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act.
☐	New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing).

EXPLANATORY NOTE

This Post-Effective Amendment No. 3 (the “Amendment”) to the Registration Statement on Form N-2 of PIMCO

California Flexible Municipal Income Fund (the “Registrant”) is being filed pursuant to Rule 486(b) under the

Securities Act of 1933, as amended, to provide updated financial information and make certain other changes to the

Registrant’s Prospectus and Statement of Additional Information.

This Amendment is organized as follows: (a) Prospectus; (b) Statement of Additional Information; and (c) Part C

information relating to the Registrant.

PIMCO California Flexible Municipal Income

Fund

Prospectus

April 30, 2025

PIMCO California Flexible Municipal Income Fund

	Common Shares
	Institutional Class	Class A-1	Class A-2	Class A-3	Class A-4
PIMCO California Flexible Municipal Income Fund	CAFLX	CAFMX	CAFNX	CAFOX	CAFPX

Neither the U.S. Securities and Exchange Commission nor the U.S. Commodity

Futures Trading Commission has approved or disapproved of these securities or

determined that this prospectus is truthful or complete. Any representation to

the contrary is a criminal offense.

The Fund.

PIMCO California Flexible Municipal Income Fund (the “Fund”) is a non-diversified,

closed-end management investment company that continuously offers its shares of beneficial

interest, par value of $0.00001 per share (the “Common Shares”), and is operated as an

“interval fund.” The Fund currently has five separate classes of Common Shares: Institutional

Class, Class A-1, Class A-2, Class A-3 and Class A-4.

Investment Objectives.

The Fund seeks to provide high current income exempt from federal

and California income tax. Capital appreciation is a secondary objective.

Investment Strategy.

The Fund attempts to achieve these objectives by investing, under

normal circumstances, at least 80% of its net assets (plus any borrowings for investment

purposes) in a portfolio of municipal bonds and other municipal securities (including

investments in loans, pools of loans, mortgages, pools of mortgages, and other debt

instruments), the interest from which, in the opinion of bond counsel for the issuer at the time

of issuance (or on the basis of other authority believed by Pacific Investment Management

Company LLC (“PIMCO” or the “Investment Manager”) to be reliable), is exempt from federal

income tax and California income tax (i.e., excluded from gross income for income tax

purposes but not necessarily exempt from the alternative minimum tax or from the income

taxes of any other state or of a local government) (the “80% policy”). To a lesser extent, the

Fund also expects to invest in a full range of preferred securities with an emphasis on

preferred securities that, at the time of issuance, are eligible to pay dividends that qualify for

certain favorable federal income tax treatment.

Portfolio Contents.

California municipal bonds generally are issued by or on behalf of the

State of California and its political subdivisions, financing authorities and their agencies. By

concentrating its investments in California municipal securities, the Fund will be subject to

California State-Specific Risk, among other risks. Both within and outside the 80% policy, the

Fund may invest in debt securities of an issuer located outside of California. The Fund's 80%

policy is a fundamental policy, which may not be changed without the approval of the holders

of a majority of the Fund's outstanding Common Shares and Preferred Shares (as defined

below) voting together as a single class, and of the holders of a majority of the outstanding Preferred Shares voting as a separate class.

The Fund may invest without limit in municipal bonds and other securities that are rated below investment grade (or unrated but determined by

PIMCO to be of comparable quality). Bonds of below investment grade quality are regarded as having predominantly speculative characteristics

with respect to capacity to pay interest and repay principal and are commonly referred to as “junk bonds.” The Fund may also invest without limit

in investment grade securities.

Included within the general category of municipal bonds in which the Fund may invest are loans (including participations and assignments) and

participations in lease obligations.

The Fund may invest in and/or originate loans, including, without limitation, to, on behalf of, authorized by, sponsored by, and/or in connection

with a project for which authority and responsibility lies with one or more U.S. states or territories, cities in a U.S. state or territory, or political

subdivisions, agencies, authorities or instrumentalities of such states, territories or cities, which may be in the form of whole loans, assignments,

participations, secured and unsecured notes, senior and second lien loans, mezzanine loans, bridge loans or similar investments, including to

borrowers that are unrated or have credit ratings that are determined by one or more nationally recognized statistical rating organizations

(“NRSROs”) and/or PIMCO to be below investment grade.

In addition to the other types of securities and assets described in this section, the Fund may invest the balance of its assets (i.e., not towards its

80% policy noted above) in securities and assets that produce taxable income. Such assets are normally expected to include, but are not limited

to, preferred securities, with an emphasis on preferred securities that, at the time of issuance, are eligible to pay dividends that qualify for certain

favorable federal income tax treatment, such as dividends that are treated as qualified dividend income and eligible for the dividends received

deduction (in each instance, provided certain requirements and holding periods are satisfied).

It is possible that the Fund could own no preferred securities at any given time, including, for example, if municipal securities are expected to

produce a higher yield than preferred securities on an after-tax basis.

Subject to the Fund's investment policies described above, the Fund may invest in other securities, including commercial paper, securities eligible

for resale under Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”), other privately placed securities and other debt

securities subject to federal and/or California income tax, including privately negotiated debt obligations with respect to which the principal and/or

interest is determined by reference to the performance of a benchmark asset, market or interest rate (an “embedded index”), such as specific

securities, an index of securities or specified interest rates, or the differential performance of two assets or markets, such as indexes reflecting

bonds. The rate of interest on an income-producing security may be fixed, floating or variable. The Fund may also engage in credit spread trades.

A credit spread trade is an investment position relating to a difference in the prices or interest rates of two bonds or other securities, in which the

value of the investment position is determined by changes in the difference between the prices or interest rates, as the case may be, of the

respective securities. The Fund may purchase and sell securities on a when-issued, delayed delivery or forward commitment basis and may

engage in short sales. The Fund may invest in trust certificates issued in tender option bond programs. In these programs, a trust typically issues

two classes of certificates and uses the proceeds to purchase municipal securities having relatively long maturities and bearing interest at a fixed

interest rate substantially higher than prevailing short-term tax-exempt rates. The Fund may also invest up to 5% of its total assets in securities of

other investment companies (including those advised by PIMCO), including closed-end funds, exchange-traded funds and other open-end funds,

that invest primarily in municipal bonds and other municipal securities of the types in which the Fund may invest directly.

The Fund may, but is not required to, invest in derivative instruments, such as options, futures or forward contracts or swap agreements. For

purposes of the Fund's 80% policy, the Fund currently values its derivative instruments based on their market value. The Fund may, without

limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or

by using other investment techniques (such as buybacks or dollar rolls). The Fund may use derivative instruments for other purposes, including

to seek to increase liquidity, provide efficient portfolio management, broaden investment opportunities (including taking short or negative

positions), implement a tax or cash management strategy, gain exposure to a particular security or segment of the market, modify the effective

duration of the Fund's portfolio investments and/or enhance total return.

To the extent consistent with the applicable liquidity requirements for interval funds under Rule 23c-3 of the Investment Company Act of 1940, as

amended, the Fund may invest without limit in illiquid investments.

Interval Fund/Repurchase Offers.

The Fund is an “interval fund,” a type of fund that, in order to provide liquidity to shareholders, has adopted a

fundamental investment policy to make quarterly offers to repurchase between 5% and 25% of its outstanding Common Shares at net asset

value. Subject to applicable law and approval of the Fund's Board of Trustees, for each quarterly repurchase offer, the Fund currently expects to

offer to repurchase 10% of the Fund's outstanding Common Shares at net asset value.

Leverage.

The Fund currently utilizes leverage through its outstanding Remarketable Variable Rate MuniFund Term Preferred Shares (“RVMTP

Shares” and, together with any other preferred shares the Fund may have outstanding, “Preferred Shares”). The Fund may also choose to add

leverage through the use of tender option bonds, the issuance of additional Preferred Shares or the use of reverse repurchase agreements,

selling credit default swaps, dollar rolls/buybacks and borrowings, such as through bank loans or commercial paper and/or other credit facilities.

The Fund may issue additional Preferred Shares without the approval of holders of Common Shares (“Common Shareholders”). If the Fund

issues additional Preferred Shares in the future, all costs and expenses relating to the issuance and ongoing maintenance of the Preferred

Shares will be borne by the Common Shareholders, and these costs and expenses may be significant. Leveraging transactions pursued by the

Fund may increase its duration and sensitivity to interest rate movements. The Fund may also enter into transactions other than those noted

above that may give rise to a form of leverage including, among others, futures and forward contracts (including foreign currency exchange

contracts), total return swaps and other derivative transactions, loans of portfolio securities, short sales and when-issued, delayed delivery and

forward commitment transactions. The Fund may utilize certain kinds of leverage, including, without limitation, tender option bonds,

opportunistically and may choose to increase or decrease, or eliminate entirely, its use of leverage over time and from time to time based on

PIMCO's assessment of the yield curve environment, interest rate trends, market conditions and other factors. The Fund may also determine to

increase its leverage through the issuance of additional Preferred Shares, or decrease the leverage it currently maintains through its outstanding

Preferred Shares through Preferred Share redemptions or tender offers and may or may not determine to replace such leverage through other

sources. By using leverage, the Fund seeks to obtain a higher return for Common Shareholders than if the Fund did not use leverage. Leveraging

is a speculative technique and there are special risks and costs involved. There can be no assurance that a leveraging strategy will be used or

that it will be successful during any period in which it is employed.

Investment Manager.

The Fund’s investment manager is Pacific Investment Management Company LLC. As of December 31, 2024, PIMCO

had approximately $1.95 trillion in assets under management.

■

The Fund’s Common Shares are not listed for trading on any national securities exchange. The Fund’s Common Shares

have no trading market and no market is expected to develop.

■

An investment in the Fund is not suitable for investors who need certainty about their ability to access all of the money

they invest in the short term.

■

Even though the Fund will make quarterly repurchase offers for its outstanding Common Shares, currently expected to

be for 10% per quarter, investors should consider Common Shares of the Fund to be an illiquid investment.

■

There is no guarantee that you will be able to sell your Common Shares at any given time or in the quantity that you

desire.

■

There is no assurance that the Fund will be able to make any distributions to Common Shareholders and, if it makes

distributions, that they will not decline or that any distributions will be at any particular level or correspond to any

particular “yield.”

Institutional Class, Class A-1, Class A-2, Class A-3 and Class A-4 Common Shares are offered in this prospectus. Each share class represents

an investment in the same portfolio of investments, but each class has its own expense structure and arrangements for shareholder services or

distribution, which allows you to choose the class that best fits your situation and eligibility requirements. Class A-1, Class A-2, Class A-3 and

Class A-4 Common Shares are primarily offered and sold to retail investors by certain broker-dealers that are members of the Financial Industry

Regulatory Authority and that have agreements with PIMCO Investments LLC, the Fund's principal underwriter and distributor, to sell Class A-1,

Class A-2, Class A-3 and/or Class A-4 Common Shares, but may be made available through other financial firms, including banks and trust

companies and to specified benefit plans and other retirement accounts. Only certain investors are eligible to purchase Institutional

Class Common Shares. See “Plan of Distribution – Share Classes.”

Institutional Class

The minimum initial investment for Institutional Class Common Shares is $1 million per account, except that the minimum investment may be

higher or lower for certain financial firms that submit orders on behalf of their customers, the Trustees and certain employees and their extended

family members of PIMCO and its affiliates. There is no minimum subsequent investment amount. See “Plan of Distribution – Share Classes.”

Class A-1, Class A-2, Class A-3 and Class A-4

The minimum initial investment for Class A-1, Class A-2, Class A-3 and Class A-4 Common Shares is $2,500 per account, except that the

minimum investment may be higher or lower for certain financial firms that submit orders on behalf of their customers, the Trustees and certain

employees and their extended family members of PIMCO and its affiliates. The minimum subsequent investment amount for Class A-1,

Class A-2, Class A-3 and Class A-4 Common Shares is $50. See “Plan of Distribution – Purchasing Shares.”

Investors should carefully consider the Fund’s risks and investment objectives, as an investment in the Fund may not be appropriate

for all investors and is not designed to be a complete investment program.

Before buying any of the Fund’s Common Shares, you should read the discussion of the principal risks of investing in the Fund in

“Principal Risks of the Fund” beginning on page

of this prospectus. No assurance can be given that the Fund’s investment

objectives will be achieved, and you could lose all of your investment in the Fund.

The Fund’s Common Shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured

depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other

government agency.

The Fund's Common Shares are sold at a public offering price equal to their net asset value per share, plus a sales charge, where applicable.

See “Plan of Distribution-Purchasing Shares.”

iii

Please read this prospectus carefully before deciding whether to invest and retain it for future reference. It sets forth concisely the information

about the Fund that a prospective investor ought to know before investing in the Fund. The Fund has filed with the Securities and Exchange

Commission (“SEC”) a Statement of Additional Information dated April 30, 2025, as supplemented from time to time, containing additional

information about the Fund (the “Statement of Additional Information”). The Statement of Additional Information is incorporated by reference into

this prospectus, which means it is part of this prospectus for legal purposes. The Fund also produces both annual and semi-annual reports that

will contain important information about the Fund. Copies of the Statement of Additional Information and the Fund’s annual and semi-annual

reports, when available, may be obtained upon request, without charge, by calling 844.312.2113 or by writing to the Fund at Regulatory

Document Request, 650 Newport Center Drive, Newport Beach, California 92660. You may also call this toll-free telephone number to request

other information about the Fund or to make shareholder inquiries. The Statement of Additional Information and the most recent annual and

semi-annual reports are available free of charge on the Fund’s website at www.pimco.com. Information on, or accessible through, the Fund’s

website is not a part of, and is not incorporated into, this prospectus. You may also access reports and other information about the Fund on the

EDGAR Database on the SEC’s Internet site at www.sec.gov. You may get copies of this information, with payment of a duplication fee, by

electronic request at the following e-mail address: publicinfo@sec.gov.

The Fund has not authorized anyone to provide you with information other than that contained or incorporated by reference in this prospectus.

The Fund does not take any responsibility for, and does not provide any assurances as to the reliability of, any other information that others may

give you. The Fund is not making an offer of these securities in any jurisdiction where the offer is not permitted. You should not assume that the

information contained in this prospectus is accurate as of any date other than the date on the front of this prospectus. The Fund’s business,

financial condition, results of operations and prospects may have changed since that date.

Table of Contents

	Page
Prospectus Summary	1
Summary of Fund Expenses	27
Financial Highlights	29
The Fund	32
Use of Proceeds	32
The Fund’s Investment Objectives and Strategies	32
Use of Leverage	46
Principal Risks of the Fund	48
How the Fund Manages Risk	68
Management of the Fund	69
Plan of Distribution	72
Information Regarding State Escheatment Laws	82
Periodic Repurchase Offers	83
How Fund Shares are Priced	85
Distributions	87
Dividend Reinvestment Plan	88
Description of Capital Structure and Shares	88
Anti-Takeover and Other Provisions in the Declaration of Trust and Bylaws	93
Tax Matters	94
Shareholder Servicing Agent, Custodian and Transfer Agent	96
Independent Registered Public Accounting Firm	96
Legal Matters	97
Appendix A - Description of Securities Ratings	A - 1

PIMCO California Flexible Municipal

Income Fund

Prospectus Summary

This is only a summary. This summary may not contain all of the

information that you should consider before investing in PIMCO

California Flexible Municipal Income Fund’s (the “Fund”) shares of

beneficial interest, par value of $0.00001 per share (the “Common

Shares”). You should review the more detailed information contained in

this prospectus and in the Statement of Additional Information. In

particular, you should carefully read the risks of investing in the Fund’s

Common Shares, as discussed under “Principal Risks of the Fund.”

The Fund

The Fund is a non-diversified, closed-end management investment

company that continuously offers its Common Shares. The Fund

commenced operations on June 27, 2022. The Fund is operated as an

“interval fund” (as defined below). The Fund currently has five separate

classes of Common Shares: Institutional Class, Class A-1, Class A-2,

Class A-3 and Class A-4. An investment in the Fund may not be

appropriate for all investors.

Continuous Offering

The Fund continuously offers its Common Shares through PIMCO

Investments LLC (the “Distributor”), as principal underwriter, on a best

efforts basis. Except as set forth below, Common Shares are sold at their

offering price, which is net asset value (“NAV”) per share. While neither

the Fund nor the Distributor impose an initial sales charge on

Institutional Class, Class A-1 or Class A-3 Common Shares, if you buy

Institutional Class, Class A-1 or Class A-3 Common Shares through

certain financial firms, they may directly charge you transaction or other

fees in such amount as they may determine. Please consult your

financial firm for additional information.

Unless you are eligible for a waiver, Class A-2 and Class A-4 Common

Shares are sold at a public offering price equal to their net asset value

plus an initial sales charge. The initial sales charge varies depending

upon the size of your purchase. The minimum initial investment for

Institutional Class Common Shares is $1 million per account. The

minimum initial investment for Class A-1, Class A-2, Class A-3 and

Class A-4 Common Shares is $2,500 per account. These investment

minimums may be higher or lower for certain financial firms that submit

orders on behalf of their customers, the Trustees and certain employees

and their extended family members of Pacific Investment Management

Company LLC (“PIMCO” or the “Investment Manager”) and its

affiliates. The minimum subsequent investment amount for Class A-1,

Class A-2, Class A-3 and Class A-4 Common Shares is $50. Proceeds

from the offering will be held by the Fund’s custodian.

For additional information regarding each share class please see “Plan

of Distribution – Share Classes” in this prospectus. The Fund and the

Distributor each reserves the right, in its sole discretion, to reject any

purchase order, in whole or in part. Shareholders will not have the right

to redeem their Common Shares. However, as described below, in order

to provide some liquidity to shareholders, the Fund will conduct periodic

repurchase offers for a portion of its outstanding Common Shares.

Periodic Repurchase Offers

The Fund is an “interval fund,” a type of fund that, in order to provide

liquidity to shareholders, has adopted a fundamental investment policy

to make quarterly offers to repurchase between 5% and 25% of its

outstanding Common Shares at NAV. Subject to applicable law and

approval of the Fund’s Board of Trustees (the “Board” or “Board of

Trustees”), for each quarterly repurchase offer, the Fund currently

expects to offer to repurchase 10% of the Fund’s outstanding Common

Shares at NAV. Written notification of each quarterly repurchase offer

(the “Repurchase Offer Notice”) will be sent to shareholders at least

21 calendar days before the repurchase request deadline (i.e., the date

by which shareholders can tender their Common Shares in response to a

repurchase offer) (the “Repurchase Request Deadline”). Subject to

Board approval, Repurchase Request Deadlines are expected to occur

each February, May, August and November, and Repurchase Offer

Notices are expected to be sent to shareholders each January, April, July

and October preceding each such Repurchase Request Deadline. The

Fund’s Common Shares are not listed on any securities exchange, and

the Fund does not anticipate that a secondary market will develop for its

Common Shares. Accordingly, you may not be able to sell Common

Shares when and/or in the amount that you desire. Investors should

consider Common Shares of the Fund to be an illiquid investment. Thus,

the Common Shares are appropriate only as a long-term investment. In

addition, the Fund’s repurchase offers may subject the Fund and

shareholders to special risks. See “Principal Risks of the Fund —

Repurchase Offers Risk.”

Investment Objectives and Strategies

Investment Objectives

The Fund seeks to provide high current income exempt from federal and

California income tax. Capital appreciation is a secondary objective. The

Fund attempts to achieve these objectives by investing, under normal

circumstances, at least 80% of its net assets (plus any borrowings for

investment purposes) in a portfolio of municipal bonds and other

municipal securities, the interest from which, in the opinion of bond

counsel for the issuer at the time of issuance (or on the basis of other

authority believed by PIMCO to be reliable), is exempt from federal

income tax and California income tax (i.e., excluded from gross income

for income tax purposes but not necessarily exempt from the alternative

minimum tax or from the income taxes of any other state or of a local

government), as described under “Portfolio Contents” below. In

pursuing its investment objectives, the Fund may invest without limit in

investment grade securities and may invest without limit in below

investment grade securities.

Portfolio Management Strategies

Flexible allocation strategy.

The Fund seeks to achieve its

investment objectives by utilizing a flexible, multi-sector tax-efficient

approach to investing, under normal circumstances, primarily in

municipal bonds and other municipal securities that carry interest

payments that are exempt from federal and California income tax. The

PIMCO California Flexible Municipal Income Fund |

Prospectus

principal issuers of these securities are state and local governments and

their agencies located in any of the fifty states, as well as in Puerto Rico

and other U.S. territories and possessions. To a lesser extent, the Fund

also expects to invest in a full range of preferred securities with an

emphasis on preferred securities that, at the time of issuance, are

eligible to pay dividends that qualify for certain favorable federal income

tax treatment. With PIMCO's macroeconomic analysis as the basis for

top-down investment decisions, the Fund seeks to offer investors an

actively-managed municipal bond portfolio that aims to capitalize on

what PIMCO believes are attractive opportunities in California and, to a

lesser extent, other states, and across sectors within the California and

U.S. municipal markets.

Investment selection strategies.

In selecting securities for the

Fund, PIMCO develops an outlook for interest rates and the economy,

analyzes credit and call risks, and uses other security selection

techniques. The proportion of the Fund's assets committed to

investment in securities with particular characteristics (such as quality,

sector, interest rate or maturity) varies based on PIMCO's outlook for the

U.S. economy.

PIMCO attempts to preserve and enhance the value of the Fund's

holdings relative to the municipal bond market, generally, using

proprietary analytical models that test and evaluate the sensitivity of

those holdings to changes in interest rates and yield relationships. There

is no guarantee that PIMCO's investment selection techniques will

produce the desired results. In selecting investments for the Fund,

PIMCO may use proprietary quantitative models that are developed and

maintained by PIMCO, and which are subject to change over time

without notice in PIMCO's discretion.

Credit quality.

The Fund may invest without limit in municipal bonds

and other securities of any credit quality, including without limitation, in

securities that are, at the time of purchase, rated below “investment

grade” by at least one of Moody's Ratings (“Moody's”), S&P Global

Ratings (“S&P”) or Fitch Ratings, Inc. (“Fitch”), or unrated but

determined by PIMCO to be of comparable quality. “Investment grade”

means a rating, in the case of Moody's, of Baa3 or higher, or in the case

of S&P and Fitch, of BBB- or higher. Bonds of below investment grade

quality are regarded as having predominantly speculative characteristics

with respect to capacity to pay interest and repay principal and are

commonly referred to as “junk bonds.” Bonds in the lowest investment

grade category may also be considered to possess some speculative

characteristics by certain rating agencies. The Fund may also invest

without limit in investment grade securities. The Fund generally expects

to invest at least 60% of its total assets in above investment grade

securities and not more than 40% of its total assets in below

investment grade securities, but may determine to allocate more heavily

or exclusively to either category at any time and from time to time based

on PIMCO's economic outlook, market conditions, and other factors.

Independent credit analysis.

PIMCO relies primarily on its own

analysis of the credit quality and risks associated with individual

municipal bonds and other municipal securities considered for the Fund,

rather than relying exclusively on rating agencies or third-party research.

The Fund's portfolio managers utilize this information in an attempt to

manage credit risk and to identify investments that are undervalued or

that offer attractive yields relative to PIMCO's assessment of their credit

characteristics. This aspect of PIMCO's capabilities will be particularly

important to the extent that the Fund invests in high yield municipal

bonds or other securities.

Duration management.

The Fund does not target a specific duration

or maturity for the municipal bonds and other securities in which it

invests, and the Fund's average portfolio duration, as calculated by

PIMCO may vary significantly depending on market conditions and other

factors. There is no limit on the maturity or duration of any individual

security in which the Fund may invest. Duration is a measure used to

determine the sensitivity of a security's price to changes in interest

rates. The longer a security's duration, the more sensitive it will be to

changes in interest rates. The portfolio managers focus on municipal

bonds with the potential to offer attractive current income, typically

looking for bonds that can provide consistently attractive current yields

or that are trading at competitive market prices. Capital appreciation, if

any, generally arises from decreases in interest rates or improving credit

fundamentals for a particular state, municipality or issuer.

Portfolio Contents

The Fund will invest, under normal circumstances, at least 80% of its

net assets (plus any borrowings for investment purposes) in a portfolio

of municipal bonds and other municipal securities (including

investments in loans, pools of loans, mortgages, pools of mortgages,

and other debt instruments), the interest from which, in the opinion of

bond counsel for the issuer at the time of issuance (or on the basis of

other authority believed by PIMCO to be reliable), is exempt from

federal income tax and California income tax (i.e., excluded from gross

income for income tax purposes but not necessarily exempt from the

alternative minimum tax or from the income taxes of any other state or

of a local government) (the “80% policy”). California municipal bonds

generally are issued by or on behalf of the State of California and its

political subdivisions, financing authorities and their agencies. By

concentrating its investments in California municipal securities, the Fund

will be subject to California State-Specific Risk, among other risks. Both

within and outside the 80% policy, the Fund may invest in debt

securities of an issuer located outside of California. The Fund's 80%

policy is a fundamental policy, which may not be changed without the

approval of the holders of a majority of the Fund's outstanding

Common Shares and Preferred Shares (as defined below) voting

together as a single class, and of the holders of a majority of the

outstanding Preferred Shares voting as a separate class.

The Fund may invest without limit in municipal bonds and other

securities that are rated below investment grade (or unrated but

determined by PIMCO to be of comparable quality). Bonds of below

investment grade quality are regarded as having predominantly

speculative characteristics with respect to capacity to pay interest and

repay principal and are commonly referred to as “junk bonds.” The Fund

may also invest without limit in investment grade securities.

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Prospectus

PIMCO California Flexible Municipal Income Fund

Included within the general category of municipal bonds in which the

Fund may invest are loans (including participations and assignments of

loans and loans originated by the Fund) and participations in lease

obligations. A lease obligation is an obligation in the form of a lease or

installment purchase that is issued by a state or local government to

acquire equipment and facilities. Income from such obligations generally

is exempt from state and local tax in the state of issuance. Lease

obligations may be secured or unsecured. Lease obligations do not

constitute general obligations of the municipality for which the

municipality's taxing power is pledged.

The Fund may invest in and/or originate loans, including, without

limitation, to, on behalf of, authorized by, sponsored by, and/or in

connection with a project for which authority and responsibility lies with

one or more U.S. states or territories, cities in a U.S. state or territory, or

political subdivisions, agencies, authorities or instrumentalities of such

states, territories or cities, which may be in the form of whole loans,

assignments, participations, secured and unsecured notes, senior and

second lien loans, mezzanine loans, bridge loans or similar investments,

including to borrowers that are unrated or have credit ratings that are

determined by one or more NRSROs and/or PIMCO to be below

investment grade. This may include loans to public or private firms or

individuals, such as in connection with housing development projects.

The loans the Fund invests in or originates may vary in maturity and/or

duration. The Fund is not limited in the amount, size or type of loans it

may invest in and/or originate, including with respect to a single

borrower or with respect to borrowers that are determined to be below

investment grade, other than pursuant to any applicable law. The Fund's

investment in or origination of loans may also be limited by the

requirements the Fund intends to observe under Subchapter M of the

Internal Revenue Code of 1986, as amended (the “Code”), in order to

qualify as a regulated investment company (a “RIC”). The loans

acquired by the Fund may be of the type that count towards the

Fund's 80% policy or they may be loans that produce income that is

subject to regular federal income tax or California income tax.

In addition to the other types of securities and assets described in this

section, the Fund may invest the balance of its assets (i.e., not towards

its 80% policy noted above) in securities and assets that produce

taxable income. Such assets are normally expected to include, but are

not limited to, preferred securities, with an emphasis on preferred

securities that, at the time of issuance, are eligible to pay dividends that

qualify for certain favorable federal income tax treatment, such as

dividends that are treated as qualified dividend income and eligible for

the dividends received deduction (in each instance, provided certain

requirements and holding periods are satisfied). The Fund may also

invest non-80% policy assets in other municipal bonds (like those of

other jurisdictions, such as New York and Puerto Rico). See “Tax

Matters.” It is possible that the Fund could own no preferred securities

at any given time, including, for example, if municipal securities are

expected to produce a higher yield than preferred securities on an

after-tax basis.

Subject to the Fund's investment policies described above, the Fund may

invest in other securities, including commercial paper, securities eligible

for resale under Rule 144A of the Securities Act of 1933, as amended

(the “Securities Act”), and other privately placed securities, and other

debt securities subject to federal and/or California income tax, including

privately negotiated debt obligations with respect to which the principal

and/or interest is determined by reference to the performance of a

benchmark asset, market or interest rate (an “embedded index”), such

as specific securities, an index of securities or specified interest rates, or

the differential performance of two assets or markets, such as indexes

reflecting bonds. The rate of interest on an income-producing security

may be fixed, floating or variable. The Fund may also engage in credit

spread trades. A credit spread trade is an investment position relating to

a difference in the prices or interest rates of two bonds or other

securities, in which the value of the investment position is determined

by changes in the difference between the prices or interest rates, as the

case may be, of the respective securities. The Fund may purchase and

sell securities on a when-issued, delayed delivery or forward

commitment basis and may engage in short sales. The Fund may use

derivative instruments for other purposes, including to seek to increase

liquidity, provide efficient portfolio management, broaden investment

opportunities (including taking short or negative positions), implement

a tax or cash management strategy, gain exposure to a particular

security or segment of the market, modify the effective duration of the

Fund's portfolio investments and/or enhance total return. The Fund may

invest in trust certificates issued in tender option bond programs. In

these programs, a trust typically issues two classes of certificates and

uses the proceeds to purchase municipal securities having relatively

long maturities and bearing interest at a fixed interest rate substantially

higher than prevailing short-term tax-exempt rates. The Fund may also

invest up to 5% of its total assets in securities of other investment

companies (including those advised by PIMCO), including closed-end

funds, exchange-traded funds and other open-end funds, that invest

primarily in municipal bonds and other municipal securities of the types

in which the Fund may invest directly.

The Fund may, but is not required to, invest in derivative instruments,

such as options, futures or forward contracts or swap agreements. For

purposes of the Fund's 80% policy, the Fund currently values its

derivative instruments based on their market value. The Fund may,

without limitation, seek to obtain market exposure to the securities in

which it primarily invests by entering into a series of purchase and sale

contracts or by using other investment techniques (such as buybacks or

dollar rolls).

The Fund has received exemptive relief from the Securities and

Exchange Commission (the “SEC”) that, to the extent the Fund relies on

such relief, permits it to (among other things) co-invest with certain

other persons, including certain affiliates of the Investment Manager

and certain public or private funds managed by PIMCO and its affiliates,

subject to certain terms and conditions. The exemptive relief from the

SEC with respect to co investments imposes extensive conditions on any

co-investments made in reliance on such relief.

3 Prospectus

| PIMCO California Flexible Municipal Income Fund

Prospectus

To the extent consistent with the applicable liquidity requirements for

interval funds under Rule 23c-3 under the Investment Company Act of

1940, as amended (the “Act”), the Fund may invest without limit in

illiquid investments.

Use of Leverage

The Fund currently utilizes leverage through its outstanding

Remarketable Variable Rate MuniFund Term Preferred Shares (“RVMTP

Shares” and, together with any other preferred shares the Fund may

have outstanding, “Preferred Shares”). The Fund may also choose to

add leverage through the use of tender option bonds, the issuance of

additional Preferred Shares or the use of reverse repurchase

agreements, selling credit default swaps, dollar rolls/buybacks or

borrowings, such as through bank loans or commercial paper and/or

other credit facilities. The Fund may also enter into transactions other

than those noted above that may give rise to a form of leverage

including, among others, futures and forward contracts (including

foreign currency exchange contracts), total return swaps and other

derivative transactions, loans of portfolio securities, short sales and

when-issued, delayed delivery and forward commitment transactions.

The Fund may utilize certain kinds of leverage, including, without

limitation, tender option bonds, opportunistically and may choose to

increase or decrease, or eliminate entirely, its use of leverage over time

and from time to time based on PIMCO's assessment of the yield curve

environment, interest rate trends, market conditions and other factors.

The Fund may also determine to increase its leverage through the

issuance of additional Preferred Shares, or decrease the leverage it

currently maintains through its outstanding Preferred Shares through

Preferred Share redemptions or tender offers and may or may not

determine to replace such leverage. The Fund may issue additional

Preferred Shares without the approval of holders of Common Shares

(“Common Shareholders”). If the Fund issues additional Preferred

Shares in the future, all costs and expenses relating to the issuance and

ongoing maintenance of the Preferred Shares will be borne by the

Common Shareholders, and these costs and expenses may be

significant. Leveraging transactions pursued by the Fund may increase

its duration and sensitivity to interest rate movements. The Fund’s net

assets attributable to its Preferred Shares and the net proceeds the Fund

obtains from the issuance of additional Preferred Shares or the use of

tender option bonds or other forms of leverage will be invested in

accordance with the Fund’s investment objectives and policies as

described in this prospectus. So long as the rate of return, net of

applicable Fund expenses, on the debt obligations and other

investments purchased by the Fund exceeds the dividend rates payable

on the Preferred Shares together with the costs to the Fund of other

leverage it utilizes, the investment of the Fund’s assets attributable to

leverage will generate more income than will be needed to pay the costs

of the leverage. If so, and all other things being equal, the excess may be

used to pay higher dividends to Common Shareholders than if the Fund

were not so leveraged. There can be no assurance these circumstances

will occur.

The Fund is subject to the requirement under the Act that an investment

company satisfy an asset coverage requirement of 300% of its

indebtedness measured at the time the investment company incurs the

indebtedness. This means that at any given time the value of the Fund's

total indebtedness may not exceed one-third the value of its total assets

(including assets attributable to such leverage). The interests of persons

with whom the Fund enters into leverage arrangements will not

necessarily be aligned with the interests of the Fund's shareholders and

such persons will have claims on the Fund's assets that are senior to

those of the Fund's shareholders.

Under the Act, the Fund is not permitted to issue Preferred Shares

unless, immediately after such issuance, the value of the Fund's total net

assets (as defined below) is at least 200% of the liquidation value of

any outstanding Preferred Shares and the newly issued Preferred Shares

plus the aggregate amount of any senior securities of the Fund

representing indebtedness (i.e., such liquidation value plus the

aggregate amount of senior securities representing indebtedness may

not exceed 50% of the Fund's total net assets). In addition, the Fund is

not permitted to declare any cash dividend or other distribution on its

Common Shares unless, at the time of such declaration, the value of the

Fund's total net assets satisfies the above-referenced 200% coverage

requirement.

The Fund may enter into derivatives or other transactions that may

provide leverage (other than through the issuance of Preferred Shares or

bank borrowing). Rule 18f-4 under the Act (the “Derivatives Rule”)

regulates a registered investment company's use of derivatives and

certain other transactions that create future payment and/or delivery

obligations by the Fund. The Derivatives Rule prescribes specific

value-at-risk (“VaR”) leverage limits that apply to the Fund (although

the Fund in the future could qualify as a limited derivatives user (as

defined in the Derivatives Rule) and would therefore not be subject to

all of the requirements of the Derivatives Rule). VaR is an estimate of

potential losses on an instrument or portfolio over a specified time

horizon and at a given confidence level. The Fund may apply a relative

VaR test or an absolute VaR test (if the Fund's derivatives risk manager

determines that a designated reference portfolio would not provide an

appropriate reference portfolio for purposes of the relative VaR test). The

limit under the relative VaR test when a fund has outstanding preferred

shares is 250% (or 200% when no preferred shares are outstanding) of

the VaR of a designated reference portfolio, which, very generally, may

be a designated unleveraged index or the Fund's securities portfolio

excluding derivatives. If applicable, the limit under the absolute VaR test

when the Fund has outstanding preferred shares is 25% (or 20% when

no preferred shares are outstanding) of the value of a fund's net assets.

The Derivatives Rule also generally requires the Fund to appoint a

derivatives risk manager, maintain a derivatives risk management

program (“DRMP”) designed to identify, assess, and reasonably

manage the risks associated with transactions covered by the rule, and

abide by certain board and other reporting obligations and

recordkeeping requirements. With respect to reverse repurchase

agreements or other similar financing transactions in particular, the

Derivatives Rule permits a fund to enter into such transactions if the

fund either (i) complies with the asset coverage requirements of

April 30, 2025 |

Prospectus

PIMCO California Flexible Municipal Income Fund

Section 18 of the Act, and combines the aggregate amount of

indebtedness associated with all reverse repurchase agreements and

similar financing with the aggregate amount of any other senior

securities representing indebtedness when calculating the relevant asset

coverage ratio, or (ii) treats all reverse repurchase agreements and

similar financing transactions as derivatives transactions for all purposes

under the Derivatives Rule. The Fund has adopted procedures for

investing in derivatives and other transactions in compliance with the

Derivatives Rule. Compliance with the Derivatives Rule could adversely

affect the value or performance of the Fund. Limits or restrictions

applicable to the counterparties or issuers, as applicable, with which the

Fund may engage in derivative transactions could also limit or prevent

the Fund from using certain instruments.

The Fund’s ability to utilize leverage is also limited by asset coverage

requirements and other guidelines imposed by the terms of the

Preferred Shares and are imposed by rating agencies that provide

ratings for the Preferred Shares which are more restrictive than the

limitations imposed by the Act noted above. Please see “Description of

Capital Structure and Shares - Preferred Shares.”

Leveraging is a speculative technique and there are special risks and

costs involved. The Fund cannot assure you that its use of Preferred

Shares and any other forms of leverage (such as tender option bonds)

will be successful or result in a higher yield on your Common Shares.

When leverage is used, the net asset value of the Common Shares and

the yield to Common Shareholders will be more volatile. In addition,

dividends paid on Preferred Shares (including the Preferred Shareholder

Gross-Up (as described below)) and interest and other expenses borne

by the Fund with respect to its use of tender option bonds or other

forms of leverage are borne by the Common Shareholders (and not by

the holders of Preferred Shares (“Preferred Shareholders”)) and result in

a reduction of the net asset value of the Common Shares. In addition,

because the fees received by the Investment Manager are based on the

total managed assets of the Fund, which includes total assets of the

Fund (including assets attributable to any reverse repurchase

agreements, dollar rolls/buybacks, tender option bonds, borrowings and

Preferred Shares that may be outstanding, if any), the Investment

Manager has a financial incentive for the Fund to use certain forms of

leverage (e.g., Preferred Shares and tender option bonds), which may

create a conflict of interest between the Investment Manager, on the

one hand, and the Common Shareholders, on the other hand.

The Fund also may borrow money in order to repurchase its shares or as

a temporary measure for extraordinary or emergency purposes,

including for the payment of dividends or the settlement of securities

transactions which otherwise might require untimely dispositions of

portfolio securities held by the Fund. Please see “Use of Leverage,”

“Principal Risks of the Fund – Leverage Risk” for additional information

regarding leverage and related risks.

Investment Manager

PIMCO serves as the Investment Manager for the Fund. Subject to the

supervision of the Board, PIMCO is responsible for managing the

investment activities of the Fund and the Fund's business affairs and

other administrative matters. David Hammer, Amit Arora and Kyle

Christine are jointly and primarily responsible for the day-to-day

management of the Fund.

PIMCO is located at 650 Newport Center Drive, Newport Beach, CA

92660. Organized in 1971, PIMCO provides investment management

and advisory services to private accounts of institutional and individual

clients and to RICs. PIMCO is a majority-owned indirect subsidiary of

Allianz SE, a publicly traded European insurance and financial services

company. As of December 31, 2024, PIMCO had approximately $1.95

trillion in assets under management.

Distributions

The Fund intends to distribute substantially all of its net investment

income to shareholders in the form of dividends. The Fund intends to

declare income dividends daily and distribute them monthly to

shareholders of record. Distributions can only be made from net

investment income after paying any accrued dividends to holders of the

Preferred Shares. At least annually, the Fund also intends to distribute to

you your pro rata share of any available net capital gain and taxable

ordinary income, if any. Net short-term capital gains may be paid more

frequently. The dividends that the Fund pays will depend on a number of

factors, including dividends payable on any Preferred Shares issued by

the Fund, including the Preferred Shareholder Gross-Up (as defined and

described below) (and expenses associated with other forms of

leverage).

Although it does not currently intend to do so, the Board may change

the Fund’s dividend policy and the amount or timing of Fund

distributions, based on a number of factors. Unless shareholders specify

otherwise, dividends will be reinvested in Common Shares of the Fund

in accordance with the Fund’s dividend reinvestment plan (the “Plan”).

The Fund may pay distributions from sources that may not be available

in the future and that are unrelated to the Fund’s performance, such as

from offering proceeds and/or borrowings. See “Distributions” and

“Dividend Reinvestment Plan.”

The Preferred Shares pay dividend distributions at a stated rate, which

rate is based generally on the assumption that such dividend

distributions will consist entirely of dividends that pass through the

character of exempt interest earned by the Fund and are therefore not

taxable to shareholders for regular federal and California income tax

purposes (“exempt-interest dividends”). Internal Revenue Service

(“IRS”) rules nonetheless require a RIC having two or more classes of

stock for U.S. federal income tax purposes to characterize amounts

distributed as dividends to each class for the taxable year in accordance

with their pro rata share of income or gains of any type. Therefore, the

Fund might be required to characterize a portion of dividends paid to

Preferred Shareholders as ordinary income or capital gain dividends. The

terms of such Preferred Shares provide further that, in the event less

than the entire amount of any particular dividend distribution paid

pursuant to the stated rate were to consist of “exempt-interest

dividends” (i.e., if a portion of any particular dividend were to derive

from ordinary income or capital gain, including short-term capital gain

taxable as ordinary income when distributed), the amount of such

5 Prospectus

| PIMCO California Flexible Municipal Income Fund

Prospectus

dividend would increase by an amount (the “Preferred Shareholder

Gross-Up”) such that the after-tax amount of such dividend, as

increased by the Preferred Shareholder Gross-Up, would equal the total

amount the holder of such Preferred Shares would have received if the

dividend at the stated rate had consisted entirely of “exempt-interest

dividends.” Any Preferred Shareholder Gross-Up would reduce the

amount that would otherwise be distributable to Common

Shareholders.

The Fund might not distribute all or a portion of any net capital gain for

a taxable year. If the Fund does not distribute all of its net capital gain

for a taxable year, it will pay federal income tax on the retained gain.

Each Common Shareholder of record as of the end of the Fund's taxable

year will include in income for federal income tax purposes, as

long-term capital gain, his or her share of the retained gain, will be

deemed to have paid his or her proportionate share of the tax paid by

the Fund on such retained gain, and will be entitled to an income tax

credit or refund for that share of the tax. The Fund will treat the retained

capital gain amount as a substitute for equivalent cash distributions. The

Fund will send shareholders detailed tax information with respect to the

Fund's distributions annually. See “Tax Matters.”

Distributor, Custodian and Transfer Agent

PIMCO Investments LLC, an affiliate of PIMCO, serves as the Fund’s

principal underwriter and distributor. State Street Bank and Trust

Company serves as the primary custodian of the Fund’s assets and also

provides certain fund accounting, sub-administrative and compliance

services to the Fund on behalf of the Investment Manager. UMB Bank,

n.a. serves as a custodian of the Fund for the purpose of processing

investor subscriptions and repurchases. SS&C Global Investor and

Distribution Solutions, Inc. serves as the Fund’s transfer agent and

dividend disbursement agent. The Bank of New York Mellon serves as

transfer agent, registrar, redemption and paying agent and calculation

agent with respect to the RVMTP Shares.

Unlisted Closed-End Fund Structure; Limited

Liquidity

The Fund's Common Shares are not listed for trading on any securities

exchange. There is currently no secondary market for its Common Shares

and the Fund does not expect any secondary market to develop for its

Common Shares. Shareholders of the Fund are not able to have their

Common Shares redeemed or otherwise sell their Common Shares on a

daily basis because the Fund is an unlisted closed-end fund. In order to

provide liquidity to shareholders, the Fund is structured as an “interval

fund” and conducts quarterly repurchase offers for a portion of its

outstanding Common Shares, as described herein. Investors should

consider Common Shares of the Fund to be an illiquid investment. An

investment in the Fund is suitable only for long-term investors who can

bear the risks associated with the limited liquidity of the Common

Shares. Investors should consider their investment goals, time horizons

and risk tolerance before investing in the Fund.

Investor Suitability

An investment in the Fund involves a considerable amount of risk. It is

possible that you will lose money. An investment in the Fund is suitable

only for investors who can bear the risks associated with the limited

liquidity of the Common Shares and should be viewed as a long-term

investment. Before making your investment decision, you should (i)

consider the suitability of this investment with respect to your

investment objectives and personal financial situation and (ii) consider

factors such as your personal net worth, income, age, risk tolerance and

liquidity needs. An investment in the Fund should not be viewed as a

complete investment program.

Principal Risks of the Fund

Limited Prior History

The Fund is a non-diversified, closed-end management investment

company with a limited history of operations and is designed for

long-term investors and not as a trading vehicle.

New/Small Fund Risk

A new or smaller fund’s performance may not represent how the Fund is

expected to or may perform in the long term if and when it becomes

larger and has fully implemented its investment strategies. Investment

positions may have a disproportionate impact (negative or positive) on

performance in a new and smaller fund, such as the Fund. New and

smaller funds may also require a period of time before they are invested

in securities that meet their investment objectives and policies and

achieve a representative portfolio composition. Fund performance may

be lower or higher during this “ramp-up” period, and may also be more

volatile, than would be the case after the fund is fully invested. Similarly,

a new or smaller fund’s investment strategy may require a longer period

of time to show returns that are representative of the strategy. New

funds have limited performance histories for investors to evaluate and

new and smaller funds may not attract sufficient assets to achieve

investment and trading efficiencies. If a new or smaller fund were to fail

to successfully implement its investment strategies or achieve its

investment objectives, performance may be negatively impacted, and

any resulting liquidation could create negative transaction costs for the

fund and tax consequences for investors.

AMT Bonds Risk

Investments by the Fund in “AMT Bonds,” which are municipal

securities that pay interest that is taxable under the federal alternative

minimum tax applicable to noncorporate taxpayers, may expose the

Fund to certain risks in addition to those typically associated with

municipal bonds. Interest or principal on AMT Bonds paid out of current

or anticipated revenues from a specific project or specific asset may be

adversely impacted by declines in revenue from the project or asset.

Declines in general business activity could also affect the economic

viability of facilities that are the sole source of revenue to support AMT

Bonds. In this regard, AMT Bonds may entail greater risks than general

obligation municipal bonds. For shareholders subject to the federal

April 30, 2025 |

Prospectus

PIMCO California Flexible Municipal Income Fund

alternative minimum tax, a portion of the Fund’s distributions may not

be exempt from gross federal income, which may give rise to alternative

minimum tax liability.

Interest Rate Risk

Interest rate risk is the risk that fixed income securities and other

instruments in the Fund’s portfolio will fluctuate in value because of a

change in interest rates. For example, as nominal interest rates rise, the

value of certain securities held by the Fund is likely to decrease. Interest

rate changes can be sudden and unpredictable, and the Fund may be

adversely affected as a result of movements in interest rates. The Fund

may not be able to hedge against changes in interest rates or may

choose not to do so for cost or other reasons. In addition, any hedges

may not work as intended.

Fixed income securities with longer durations tend to be more sensitive

to changes in interest rates, usually making them more volatile than

securities with shorter durations. The values of equity and other

non-fixed income securities may also decline due to fluctuations in

interest rates. Inflation-indexed bonds, including Treasury

Inflation-Protected Securities (“TIPS”), decline in value when real

interest rates rise. In certain interest rate environments, such as when

real interest rates are rising faster than nominal interest rates,

inflation-indexed bonds may experience greater losses than other fixed

income securities with similar durations.

Dividend-paying equity securities, particularly those whose market price

is closely related to their yield, may be more sensitive to changes in

interest rates. During periods of rising interest rates, the values of such

securities may decline and may result in losses to the Fund.

Variable and floating rate securities generally are less sensitive to

interest rate changes but may decline in value if their interest rates do

not rise as much, or as quickly, as interest rates in general. Conversely,

floating rate securities will not generally increase in value if interest

rates decline. Inverse floating rate securities may decrease in value if

interest rates increase. Inverse floating rate securities may also exhibit

greater price volatility than a fixed rate obligation with similar credit

quality. When a Fund holds variable or floating rate securities, a

decrease (or, in the case of inverse floating rate securities, an increase)

in market interest rates will adversely affect the income received from

such securities and the NAV of the Fund’s shares.

A wide variety of factors can cause interest rates or yields of

U.S. Treasury securities (or yields of other types of bonds) to rise,

including but not limited to central bank monetary policies, changing

inflation or real growth rates, general economic conditions, increasing

bond issuances or reduced market demand for low yielding investments.

Risks associated with changes in interest rates may be heightened

under certain market conditions, such as during times when the Federal

Reserve raises interest rates or when such rates remain elevated

following a period of historically low levels. Additionally, the U.S. and

other governments have increased, and are likely to continue increasing,

their debt issuances, which may also heighten these risks. There is the

risk that the income generated by investments may not keep pace with

inflation. Actions by governments and central banking authorities can

result in increases or decreases in interest rates. Periods of higher

inflation could cause such authorities to raise interest rates, which may

adversely affect a Fund and its investments. In addition, changes in

monetary policy may exacerbate the risks associated with changing

interest rates. Further, in market environments where interest rates are

rising, issuers may be less willing or able to make principal and interest

payments on fixed-income investments when due.

During periods of very low or negative interest rates, the Fund may be

unable to maintain positive returns. Very low or negative interest rates

may magnify interest rate risk. Changing interest rates, including rates

that fall below zero, may have unpredictable effects on markets, may

result in heightened market volatility and may detract from Fund

performance to the extent the Fund is exposed to such interest rates.

Measures such as average duration may not accurately reflect the true

interest rate sensitivity of the Fund. This is especially the case if the Fund

consists of securities with widely varying durations. Therefore, if the

Fund has an average duration that suggests a certain level of interest

rate risk, the Fund may in fact be subject to greater interest rate risk

than the average would suggest. This risk is greater to the extent the

Fund uses leverage or derivatives in connection with the management

of the Fund.

Convexity is an additional measure used to understand a security’s or

Fund’s interest rate sensitivity. Convexity measures the rate of change of

duration in response to changes in interest rates. With respect to a

security’s price, a larger convexity (positive or negative) may imply more

dramatic price changes in response to changing interest rates. Convexity

may be positive or negative. Negative convexity implies that interest

rate increases result in increased duration, and vice versa, meaning

increased sensitivity in prices in response to changes in interest rates.

Thus, securities with negative convexity, which may include bonds with

traditional call features and certain mortgage-backed securities, may

experience greater losses in periods of rising interest rates. Accordingly,

if the Fund holds such securities, the Fund may be subject to a greater

risk of losses in periods of rising interest rates.

Municipal Bond Risk

Investing in the municipal bond market involves the risks of investing in

debt securities generally and certain other risks. The amount of public

information available about the municipal bonds in which the Fund may

invest is generally less than that for corporate equities or bonds, and the

investment performance of the Fund’s investment in municipal bonds

may therefore be more dependent on the analytical abilities of PIMCO

than its investments in taxable bonds. The secondary market for

municipal bonds, particularly below investment grade bonds in which

the Fund may invest, also tends to be less well developed or liquid than

many other securities markets, which may adversely affect the Fund’s

ability to sell municipal bonds at attractive prices or value municipal

bonds.

The ability of municipal issuers to make timely payments of interest and

principal may be diminished during general economic downturns, by

litigation, legislation or political events, or by the bankruptcy of the

issuer. Laws, referenda, ordinances or regulations enacted in the future

7 Prospectus

| PIMCO California Flexible Municipal Income Fund

Prospectus

by Congress or state legislatures or the applicable governmental entity

could extend the time for payment of principal and/or interest, or

impose other constraints on enforcement of such obligations, or on the

ability of municipal issuers to levy taxes. Issuers of municipal securities

also might seek protection under the bankruptcy laws. In the event of

bankruptcy of such an issuer, the Fund could experience delays in

collecting principal and interest and the Fund may not, in all

circumstances, be able to collect all principal and interest to which it is

entitled. To enforce its rights in the event of a default in the payment of

interest or repayment of principal, or both, the Fund may take

possession of and manage the assets securing the issuer's obligations

on such securities, which may increase the Fund's operating expenses.

Adverse economic, business, legal or political developments might affect

all or a substantial portion of the Fund's municipal bonds in the same

manner. The Fund will be particularly subject to these risks to the extent

that it focuses its investments in municipal bonds in a particular state or

geographic region. Municipal securities may also have exposure to

potential risks resulting from climate change, including extreme

weather, flooding and fires. Climate risks, if materialized, can adversely

impact a municipal issuer’s financial plans in current or future years or

may impair a funding source municipal issuer’s revenue bonds. As a

result, the impact of climate risks could adversely impact the value of

the Fund’s municipal securities investments.

The Fund may invest in trust certificates issued in tender option bond

programs. In these programs, a trust typically issues two classes of

certificates and uses the proceeds to purchase municipal securities

having relatively long maturities and bearing interest at a fixed interest

rate substantially higher than prevailing short-term tax-exempt rates.

There is a risk that the Fund will not be considered the owner of a

tender option bond for federal income tax purposes, and thus will not

be entitled to treat such interest as exempt from federal income tax.

Certain tender option bonds may be less liquid or may become less

liquid as a result of, among other things, a credit rating downgrade, a

payment default or a disqualification from tax-exempt status. The Fund’s

investment in the securities issued by a tender option bond trust may

involve greater risk and volatility than an investment in a fixed rate

bond, and the value of such securities may decrease significantly when

market interest rates increase. Tender option bond trusts could be

terminated due to market, credit or other events beyond the Fund’s

control, which could require the Fund to dispose of portfolio investments

at inopportune times and prices. The Fund may use a tender option

bond program as a way of achieving leverage in its portfolio, in which

case the Fund will be subject to leverage risk. The use of tender option

bonds will impact the Fund's duration and cause the Fund to be subject

to increased duration and interest rate risk.

The Fund may invest in revenue bonds, which are typically issued to

fund a wide variety of capital projects including electric, gas, water and

sewer systems; highways, bridges and tunnels; port and airport facilities;

colleges and universities; and hospitals. Because the principal security

for a revenue bond is generally the net revenues derived from a

particular facility or group of facilities or, in some cases, from the

proceeds of a special excise or other specific revenue source or annual

revenues, there is no guarantee that the particular project will generate

enough revenue to pay its obligations, in which case the Fund’s

performance may be adversely affected.

The Fund may invest in pre-refunded Municipal Bonds. Pre-refunded

Municipal Bonds are tax-exempt bonds that have been refunded to a

call date prior to the final maturity of principal, or, in the case of

pre-refunded Municipal Bonds commonly referred to as

“escrowed-to-maturity bonds,” to the final maturity of principal, and

remain outstanding in the municipal market. The payment of principal

and interest of the pre-refunded Municipal Bonds held by the Fund is

funded from securities in a designated escrow account that holds

U.S. Treasury securities or other obligations of the U.S. Government

(including its agencies and instrumentalities (“Agency Securities”)). As

the payment of principal and interest is generated from securities held

in an escrow account established by the municipality and an

independent escrow agent, the pledge of the municipality has been

fulfilled and the original pledge of revenue by the municipality is no

longer in place. Pre-refunded and/or escrowed to maturity Municipal

Bonds may bear an investment grade rating (for example, if re-rated by

a rating service or, if not re-rated, determined by PIMCO to be of

comparable quality) because they are backed by U.S. Treasury securities,

Agency Securities or other investment grade securities. For the

avoidance of any doubt, PIMCO’s determination of an issue’s credit

rating will generally be used for compliance with the Fund’s investment

parameters when an issue either loses its rating or is not re-rated upon

pre-refunding. The escrow account securities pledged to pay the

principal and interest of the pre-refunded municipal bond do not

guarantee the price movement of the bond before maturity. Issuers of

municipal bonds refund in advance of maturity the outstanding higher

cost debt and issue new, lower cost debt, placing the proceeds of the

lower cost issuance into an escrow account to pre-refund the older,

higher cost debt. Investment in pre-refunded municipal bonds held by

the Fund may subject the Fund to interest rate risk and market risk. In

addition, while a secondary market exists for pre-refunded municipal

bonds, if the Fund sells pre-refunded municipal bonds prior to maturity,

the price received may be more or less than the original cost, depending

on market conditions at the time of sale.

The Fund may invest in participations in lease obligations or installment

purchase contract obligations of municipal authorities or entities.

Although a municipal lease obligation does not constitute a general

obligation of the municipality for which the municipality's taxing power

is pledged, a municipal lease obligation is ordinarily backed by the

municipality's covenant to budget for, appropriate and make the

payments due under the municipal lease obligation. However, certain

municipal lease obligations contain “non-appropriation” clauses, which

provide that the municipality has no obligation to make lease or

installment purchase payments in future years unless money is

appropriated for such purpose on a yearly basis. In the case of a

“non-appropriation” lease, the Fund's ability to recover under the lease

in the event of non-appropriation or default will be limited solely to the

repossession of the leased property, without recourse to the general

credit of the lessee, and the disposition or re-leasing of the property

might prove difficult.

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PIMCO California Flexible Municipal Income Fund

Municipal securities are also subject to interest rate, credit, and liquidity

risk.

Interest Rate Risk

. The value of municipal securities, similar to

other fixed income securities, will likely drop as interest rates rise in

the general market. Conversely, when rates decline, bond prices

generally rise.

Credit Risk.

The risk that a borrower may be unable to make

interest or principal payments when they are due. Funds that invest in

municipal securities rely on the ability of the issuer to service its debt.

This subjects the Fund to credit risk in that the municipal issuer may

be fiscally unstable or exposed to large liabilities that could impair its

ability to honor its financial obligations. Municipal issuers with

significant debt service requirements, in the near-to mid-term;

unrated issuers and those with less capital and liquidity to absorb

additional expenses may be most at risk. To the extent the Fund

invests in lower quality or high yield municipal securities, it may be

more sensitive to the adverse credit events in the municipal market.

The treatment of municipalities in bankruptcy is more uncertain, and

potentially more adverse to debt holders, than for corporate issues.

Liquidity Risk

. The risk that investors may have difficulty finding a

buyer when they seek to sell, and therefore, may be forced to sell at a

discount to the market value. Liquidity may sometimes be impaired in

the municipal market and because the Fund primarily invests in

municipal securities, it may find it difficult to purchase or sell such

securities at opportune times. The municipal securities market can be

susceptible to increases in volatility and decreases in liquidity.

Liquidity can decline unpredictably in response to a variety of factors,

including overall economic conditions or credit tightening. Increases

in volatility and decreases in liquidity also may be caused by a rise in

interest rates (or the expectation of a rise in interest rates). Liquidity

can be impaired due to interest rate concerns, credit events, or

general supply and demand imbalances. Depending on the particular

issuer and current economic conditions, municipal securities could be

deemed more volatile investments.

In addition to general municipal market risks, different municipal sectors

may face different risks. For instance, general obligation bonds are

secured by the full faith, credit, and taxing power of the municipality

issuing the obligation. As such, timely payment depends on the

municipality's ability to raise tax revenue and maintain a fiscally sound

budget. The timely payments may also be influenced by any unfunded

pension liabilities or other post-employee benefit plan liabilities.

Revenue bonds are secured by special tax revenues or other revenue

sources. If the specified revenues do not materialize, then the bonds

may not be repaid.

Private activity bonds are yet another type of municipal security.

Municipalities use private activity bonds to finance the development of

industrial facilities for use by private enterprise. Principal and interest

payments are to be made by the private enterprise benefiting from the

development, which means that the holder of the bond is exposed to

the risk that the private issuer may default on the bond.

Moral obligation bonds are usually issued by special purpose public

entities. If the public entity defaults, repayment becomes a “moral

obligation” instead of a legal one. The lack of a legally enforceable right

to payment in the event of default poses a special risk for a holder of

the bond because it has little or no ability to seek recourse in the event

of default.

In addition, a significant restructuring of federal income tax rates or

even serious discussion on the topic in Congress could cause municipal

bond prices to fall. The demand for municipal securities is strongly

influenced by the value of tax-exempt income to investors relative to

taxable income. Lower income tax rates potentially reduce the

advantage of owning municipal securities.

Similarly, changes to state or federal regulation tied to a specific sector,

such as the hospital sector, could have an impact on the revenue stream

for a given subset of the market.

Municipal notes are similar to general municipal debt obligations, but

they generally possess shorter terms. Municipal notes can be used to

provide interim financing and may not be repaid if anticipated revenues

are not realized.

Puerto Rico-Specific Risk

The Fund invests in Municipal Bonds issued by Puerto Rico or its

instrumentalities and may be affected by certain developments, such as

political, economic, environmental, social, regulatory or debt

restructuring developments that impact the ability or obligation of

Puerto Rico municipal issuers to pay interest or repay principal. Certain

issuers of Puerto Rico Municipal Bonds have experienced significant

financial difficulties and the continuation or reoccurrence of these

difficulties may impair their ability to pay principal or interest on their

obligations. Provisions of the Puerto Rico Constitution and

Commonwealth laws, including a federally appointed oversight board to

oversee the Commonwealth’s financial operations, which limit the

taxing and spending authority of Puerto Rico governmental entities may

impair the ability of Puerto Rico issuers to pay principal and/or interest

on their obligations. Puerto Rico’s economy has sizable concentrations

in certain industries, such as the manufacturing and service industries,

and may be sensitive to economic problems affecting those industries.

Future Puerto Rico-related developments, such as political and

economic developments, constitutional amendments, legislative

measures, executive orders, administrative regulations, litigation, debt

restructuring, tax base erosion and voter initiatives as well as

environmental events, natural disasters, pandemics, epidemics or social

unrest could have an adverse effect on the debt obligations of Puerto

Rico issuers.

Municipal Project-Specific Risk

The Fund may be more sensitive to adverse economic, business or

political developments if it invests a substantial portion of its assets in

the bonds of specific projects (such as those relating to education,

health care, housing, transportation and utilities), industrial

development bonds, or in general obligation bonds, particularly if there

is a large concentration from issuers in a single state. The value of

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| PIMCO California Flexible Municipal Income Fund

Prospectus

municipal securities can be affected by the political, economic, legal, and

legislative landscape of the particular issuer’s locality, municipal sector

events or actual or perceived changes in economic, social, or public

health conditions. In addition, a significant restructuring of federal

income tax rates or even serious discussion on the topic in Congress

could cause municipal bond prices to fall. The demand for municipal

securities is strongly influenced by the value of tax-exempt income to

investors. Lower income tax rates could reduce the advantage of owning

municipal securities. Similarly, changes to state or federal regulation tied

to a specific sector, such as the hospital sector, could have an impact on

the revenue stream for a given subset of the market.

Municipal Project Housing-Related Risk

The Fund may invest in the bonds of projects focused on low-income,

affordable or other housing developments and businesses located in

low-income areas or invest in or originate loans that finance or are

generally related to such projects. There are significant risks associated

with the Fund’s investment in the bonds of these types of projects and

loans related to such projects. There may be federal, state and local

governmental regulatory restrictions on the operation, rental and

transfer of these projects, such as the requirement that the owners of

these affordable housing developments rent or sell certain residential

units to persons or families of low or moderate income and that the

amount of rent that may be charged for these units may be less than

market rates. These restrictions may adversely affect economic

performance relative to properties that are not subject to these

restrictions. There are also no assurances that a project owner will be

able to achieve and maintain sufficient rental income in order to pay all

operating expenses and maintenance and repair costs of such a project

and the debt service on the related bonds or loan on a timely basis. In

the event that a project owner is unable to pay all such costs, expenses

and debt service, a default on the related bonds or loan is likely to occur.

Moreover, as a result of economic, market and other factors, the risks of

the Fund’s investment in such municipal project housing-related

securities may be heightened due to the possibility of reduced tax or

other revenue available to issuers of municipal project housing-related

securities causing an increase of budgetary and financial pressure on

either the municipality or other issuers of municipal securities.

Loans and Other Indebtedness; Loan Acquisitions,

Participations and Assignments Risk

Loan interests may take the form of (i) direct interests acquired during a

primary distribution or other purchase of a loan, (ii) loans originated by

the Fund or (iii) assignments of, novations of or participations in all or a

portion of a loan acquired in secondary markets. In addition to credit

risk and interest rate risk, the Fund’s exposure to loan interests may be

subject to additional risks. For example, purchasers of loans and other

forms of direct indebtedness depend primarily upon the

creditworthiness of the borrower for payment of principal and interest.

Loans are subject to the risk that scheduled interest or principal

payments will not be made in a timely manner or at all, either of which

may adversely affect the value of the loan. If the Fund does not receive

scheduled interest or principal payments on such indebtedness, the

Fund’s share price and yield could be adversely affected. Loans that are

fully secured may offer the Fund more protection than an unsecured

loan in the event of non-payment of scheduled interest or principal if

the Fund is able to access and monetize the collateral. However, the

collateral underlying a loan, if any, may be unavailable or insufficient to

satisfy a borrower’s obligation. If the Fund becomes owner, whole or in

part, of any collateral after a loan is foreclosed, the Fund may incur costs

associated with owning and/or monetizing its ownership of the

collateral.

During periods of deteriorating economic conditions, such as recessions

or periods of rising unemployment, or changing interest rates (notably

increases), delinquencies and losses generally increase, sometimes

dramatically, with respect to obligations under such loans. An economic

downturn or individual corporate developments could adversely affect

the market for these instruments and reduce a Fund’s ability to sell

these instruments at an advantageous time or price. An economic

downturn could also lead to a higher non-payment rate and, a loan may

lose significant market value before a default occurs.

Investments in loans through a purchase of a loan, loan origination or a

direct assignment of a financial institution’s interests with respect to a

loan may involve additional risks to a Fund. For example, if a loan is

foreclosed, the Fund could become owner, in whole or in part, of any

collateral, which could include, among other assets, real estate or other

real or personal property, and would bear the costs and liabilities

associated with owning and holding or disposing of the collateral.

Moreover, the purchaser of an assignment typically succeeds to all the

rights and obligations under the loan agreement with the same rights

and obligations as the assigning lender. Assignments may, however, be

arranged through private negotiations between potential assignees and

potential assignors, and the rights and obligations acquired by the

purchaser of an assignment may differ from, and be more limited than,

those held by the assigning lender. The Fund may also invest in loans

that are not secured by collateral which typically present greater risks

than collateralized loans.

In connection with purchasing loan participations, the Fund generally

will have no right to enforce compliance by the borrower with the terms

of the loan agreement relating to the loan, nor any rights of set-off

against the borrower, and the Fund may not directly benefit from any

collateral supporting the loan in which it has purchased the loan

participation. As a result, the Fund will be subject to the credit risk of

both the borrower and the lender that is selling the participation. In the

event of the insolvency of the lender selling a participation, the Fund

may be treated as a general creditor of the lender and may not benefit

from any set-off between the lender and the borrower. Certain loan

participations may be structured in a manner designed to prevent

purchasers of participations from being subject to the credit risk of the

lender, but even under such a structure, in the event of the lender’s

insolvency, the lender’s servicing of the participation may be delayed

and the assignability of the participation impaired.

The Fund may have difficulty disposing of loans and loan participations.

Because there may not be a liquid market for many such investments,

the Fund anticipates that such investments could be sold only to a

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PIMCO California Flexible Municipal Income Fund

limited number of institutional investors. The lack of a liquid secondary

market may have an adverse impact on the value of such investments

and the Fund’s ability to dispose of particular loans and loan

participations when that would be desirable, including in response to a

specific economic event such as a deterioration in the creditworthiness

of the borrower. The lack of a liquid secondary market for loans and loan

participations also may make it more difficult for the Fund to assign a

value to these securities for purposes of valuing the Fund’s portfolio.

Investments in loans may include participations in bridge loans, which

are loans taken out by borrowers for a short period (typically less than

one year) pending arrangement of more permanent financing through,

for example, the issuance of bonds, frequently high yield bonds issued

for the purpose of acquisitions.

Investments in loans may include acquisitions of, or participation in,

delayed draw and delayed funding loans and revolving credit facilities.

These commitments may have the effect of requiring the Fund to

increase its investment in a borrower at a time when it might not

otherwise decide to do so (including at a time when the company’s

financial condition makes it unlikely that such amounts will be repaid).

Delayed draw and delayed funding loans and revolving credit facilities

may be subject to restrictions on transfer, and only limited opportunities

may exist to resell such instruments. As a result, the Fund may be unable

to sell such investments at an opportune time or may have to resell

them at less than fair market value. Further, the Fund may need to hold

liquid assets in order to provide funding for these types of

commitments, meaning the Fund may not be able to invest in other

attractive investments, or the Fund may need to liquidate existing assets

in order to provide such funding.

The Fund may invest in loans used to finance the cost of construction,

acquisition, development, and/or rehabilitation of a property including,

but not limited to, development of single-family for-sale homes,

multi-family rentals and/or commercial facilities. Such construction

lending may expose the Fund to increased risk of non-payment and loss

because the loan is not backed by a finished project. Such risk may

depend on the nature of the construction and the relevant counterparty

or counterparties, which may include, but not be limited to,

homebuilders, private developers and/or entities with limited capital.

Repayment of these types of loans may depend on the borrower’s ability

to secure permanent “take-out” financing, which requires the successful

completion of the project, or operation of the property with an income

stream sufficient to meet operating and loan expenses. In addition,

these types of loans are subject to the risk of errors in estimations of the

property’s value at completion of construction and the estimated cost of

construction, as well as the risk that the projects may not be completed

and have limited liquidity.

To the extent the Fund invests in loans, or originates loans, the Fund

may be subject to greater levels of credit risk, call risk, settlement risk,

risk of subordination to other creditors, insufficient or lack of protection

under federal securities laws and liquidity risk. These instruments are

considered predominantly speculative with respect to an issuer’s

continuing ability to make principal and interest payments and may be

more volatile than other types of securities. The Fund may also be

subject to greater levels of liquidity risk than funds that do not invest in

loans. In addition, the loans in which the Fund invests may not be listed

on any exchange and a secondary market for such loans may be

comparatively illiquid relative to markets for other more liquid fixed

income securities. Consequently, transactions in loans may involve

greater costs than transactions in more actively traded securities. In

connection with certain loan transactions, transaction costs that are

borne by the Fund may include the expenses of third parties that are

retained to assist with reviewing and conducting diligence, negotiating,

structuring and servicing a loan transaction, and/or providing other

services in connection therewith. Furthermore, the Fund may incur such

costs in connection with loan transactions that are pursued by the Fund

but not ultimately consummated (so-called “broken deal costs”).

Restrictions on transfers in loan agreements, a lack of publicly available

information, irregular trading activity and wide bid/ask spreads, among

other factors, may, in certain circumstances, make loans more difficult to

sell at an advantageous time or price than other types of securities or

instruments. These factors may result in the Fund being unable to realize

full value for the loans and/or may result in the Fund not receiving the

proceeds from a sale of a loan for an extended period after such sale,

each of which could result in losses to the Fund. Some loans may have

extended trade settlement periods, including settlement periods of

greater than seven days, which may result in cash not being

immediately available to the Fund. If an issuer of a loan prepays or

redeems the loan prior to maturity, the Fund may have to reinvest the

proceeds in other loans or similar instruments that may pay lower

interest rates. Because of the risks involved in investing in loans, an

investment in the Fund should be considered speculative.

The Fund’s investments in subordinated and unsecured loans generally

are subject to similar risks as those associated with investments in

secured loans. Subordinated or unsecured loans are lower in priority of

payment to secured loans and are subject to the additional risk that the

cash flow of the borrower and property securing the loan or debt, if any,

may be insufficient to meet scheduled payments after giving effect to

the senior secured obligations of the borrower. This risk is generally

higher for subordinated unsecured loans or debt, which are not backed

by a security interest in any specific collateral. Subordinated and

unsecured loans generally have greater price volatility than secured

loans and may be less liquid. There is also a possibility that originators

will not be able to sell participations in subordinated or unsecured

loans, which would create greater credit risk exposure for the holders of

such loans. Subordinate and unsecured loans share the same risks as

other below investment grade securities.

There may be less readily available information about most loans and

the underlying borrowers than is the case for many other types of

securities. Loans may be issued by borrowers that are not subject to SEC

reporting requirements and therefore may not be required to file reports

with the SEC or may file reports that are not required to comply with

SEC form requirements. In addition, such borrowers may be subject to a

less stringent liability disclosure regime than companies subject to SEC

reporting requirements. Loans may not be considered “securities,” and

purchasers, such as the Fund, therefore may not be entitled to rely on

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| PIMCO California Flexible Municipal Income Fund

Prospectus

the anti-fraud protections of the federal securities laws. Because there is

limited public information available regarding loan investments, the

Fund is particularly dependent on the analytical abilities of the Fund’s

portfolio managers.

Economic exposure to loan interests through the use of derivative

transactions may involve greater risks than if the Fund had invested in

the loan interest directly during a primary distribution, through direct

originations or through assignments of, novations of or participations in

a loan acquired in secondary markets since, in addition to the risks

described above, certain derivative transactions may be subject to

leverage risk and greater illiquidity risk, counterparty risk, valuation risk

and other risks.

Loan Origination Risk

The Fund may invest in and/or originate loans, including, without

limitation, to, on behalf of, authorized by, sponsored by, and/or in

connection with a project for which authority and responsibility lies with

one or more U.S. states or territories, cities in a U.S. state or territory, or

political subdivisions, agencies, authorities or instrumentalities of such

states, territories or cities, which may be in the form of, and without

limitation as to a loan’s level of seniority within a capital structure,

whole loans, assignments, participations, secured and unsecured notes,

senior and second lien loans, mezzanine loans, bridge loans or similar

investments, including to borrowers that are unrated or have credit

ratings that are determined by one or more NRSROs and/or PIMCO to

be below investment grade. This may include loans to public or private

firms or individuals, such as in connection with housing development

projects. The loans the Fund invests in or originates may vary in maturity

and/or duration. The Fund is not limited in the amount, size or type of

loans it may invest in and/or originate, including with respect to a single

borrower or with respect to borrowers that are determined to be below

investment grade, other than pursuant to any applicable law. The Fund’s

investment in or origination of loans may also be limited by the

requirements the Fund intends to observe under Subchapter M of the

Code in order to qualify as a RIC. The loans acquired by the Fund may be

of the type that count towards the Fund’s 80% policy or they may be

loans that produce income that is subject to regular federal income tax.

The Fund may subsequently offer such investments for sale to third

parties; provided, that there is no assurance that the Fund will complete

the sale of such an investment. If the Fund is unable to sell, assign or

successfully close transactions for the loans that it originates, the Fund

will be forced to hold its interest in such loans for an indeterminate

period of time. This could result in the Fund’s investments having high

exposure to certain borrowers. The Fund will be responsible for the

expenses associated with originating a loan (whether or not

consummated). This may include significant legal and due diligence

expenses, which will be indirectly borne by the Fund and Common

Shareholders.

Bridge loans are generally made with the expectation that the borrower

will be able to obtain permanent financing in the near future. Any delay

in obtaining permanent financing subjects the bridge loan investor to

increased risk. A borrower’s use of bridge loans also involves the risk

that the borrower may be unable to locate permanent financing to

replace the bridge loan, which may impair the borrower’s perceived

creditworthiness.

Loan origination and servicing companies are routinely involved in legal

proceedings concerning matters that arise in the ordinary course of their

business. In addition, a number of participants in the loan origination

and servicing industry (including control persons of industry

participants) have been the subject of regulatory actions by state

regulators, including state attorneys general, and by the federal

government. Governmental investigations, examinations or regulatory

actions, or private lawsuits, including purported class action lawsuits,

may adversely affect such companies’ financial results. To the extent the

Fund engages in origination and/or servicing directly, or has a financial

interest in, or is otherwise affiliated with, an origination or servicing

company, the Fund will be subject to enhanced risks of litigation,

regulatory actions and other proceedings. As a result, the Fund may be

required to pay legal fees, settlement costs, damages, penalties or other

charges, any or all of which could materially adversely affect the Fund

and its holdings.

California State-Specific Risk

The Fund invests in municipal bonds issued by or on behalf of the State

of California and its political subdivisions, financing authorities and their

agencies, and therefore may be affected significantly by economic,

regulatory, social, environmental or public health developments

affecting the ability of California tax-exempt issuers to pay interest or

repay principal. Certain issuers of California municipal bonds have

experienced serious financial difficulties in the past and reoccurrence of

these difficulties may impair the ability of certain California issuers to

pay principal or interest on their obligations, particularly given large

budget deficits that have been identified and may continue. Provisions

of the California Constitution and State statutes that limit the taxing

and spending authority of California governmental entities may impair

the ability of California issuers to pay principal and/or interest on their

obligations. While California’s economy is broad, it does have major

concentrations in advanced technology, aerospace and defense-related

manufacturing, trade, entertainment, real estate and financial services,

and may be sensitive to economic problems affecting those industries,

and its government revenues tend to rely heavily on certain earners

(revenues therefore are likely to be more volatile and to be adversely

affected if the number of such earners (or their recognized income

within a particular period of time) decreases). Future California political

and economic developments, constitutional amendments, legislative

measures, executive orders, administrative regulations, litigation and

voter initiatives as well as environmental events or natural disasters,

including but not limited to an earthquake or a wildfire, pandemics,

epidemics or social unrest could create a major dislocation of the

California economy and significantly affect the ability of state and local

governments to raise money to pay principal and interest on their

municipal securities and have an adverse effect on the debt obligations

of California issuers.

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Prospectus

PIMCO California Flexible Municipal Income Fund

New York State-Specific Risk

The Fund may invest in municipal bonds issued by or on behalf of the

State of New York and its political subdivisions, financing authorities

and their agencies, and therefore may be affected significantly by

political, economic or regulatory developments affecting the ability of

New York tax-exempt issuers to pay interest or repay principal. Certain

issuers of New York municipal bonds have experienced serious financial

difficulties in the past and reoccurrence of these difficulties may impair

the ability of certain New York issuers to pay principal or interest on

their obligations, particularly given large budget deficits that have been

identified and may continue. Provisions of the New York Constitution

and State statutes which limit the taxing and spending authority of

New York governmental entities may impair the ability of New York

issuers to pay principal and/or interest on their obligations. While

New York’s economy is broad, it does have major concentrations in

certain industries, such as financial services, and may be sensitive to

economic problems affecting those industries, and its government

revenues tend to rely heavily on certain earners (revenues therefore are

likely to be more volatile and to be adversely affected if the number of

such earners (or their recognized income within a particular period of

time) decreases). Future New York political and economic developments,

constitutional amendments, legislative measures, executive orders,

administrative regulations, litigation and voter initiatives as well as

environmental events, natural disasters, pandemics, epidemics or social

unrest could have an adverse effect on the debt obligations of New York

issuers to pay principal or interest on their obligations. The financial

health of New York City affects that of the State, and when New York

City experiences financial difficulty it may have an adverse effect on

New York municipal bonds held by the Fund. The growth rate of

New York has at times been somewhat slower than the nation overall.

The economic and financial condition of New York also may be affected

by various financial, social, economic, environmental, political and

geopolitical factors.

Insurance Risk

The Fund may purchase municipal securities that are secured by

insurance, bank credit agreements or escrow accounts. The credit quality

of the companies that provide such credit enhancements will affect the

value of those securities. If the insurer of a municipal security suffers a

downgrade in its credit rating or the market discounts the value of the

insurance provided by the insurer, the rating of the underlying municipal

security will be more relevant and the value of the municipal security

would more closely, if not entirely, reflect such rating. In such a case, the

value of insurance associated with a municipal security would decline

and may not add any value. The insurance feature of a municipal

security does not guarantee the full payment of principal and interest

through the life of an insured obligation, the market value of the insured

obligation or the net asset value of the common shares represented by

such insured obligation.

Inflation/Deflation Risk

Inflation risk is the risk that the value of assets or income from the

Fund’s investments will be worth less in the future as inflation decreases

the value of payments at future dates. As inflation increases, the real

value of the Fund’s portfolio could decline. Inflation rates may change

frequently and significantly as a result of various factors, including

unexpected shifts in the domestic or global economy or changes in fiscal

or monetary policies. Deflation risk is the risk that prices throughout the

economy decline over time. Deflation may have an adverse effect on the

creditworthiness of issuers and may make issuer default more likely,

which may result in a decline in the value of the Fund’s portfolio and

Common Shares.

Call Risk

Call risk refers to the possibility that an issuer may exercise its right to

redeem a fixed income security earlier than expected (a call). Issuers

may call outstanding securities prior to their maturity for a number of

reasons (

e.g.

, declining interest rates, changes in credit spreads and

improvements in the issuer’s credit quality). If an issuer calls a security in

which the Fund has invested, the Fund may not recoup the full amount

of its initial investment or may not realize the full anticipated earnings

from the investment and may be forced to reinvest in lower-yielding

securities, securities with greater credit risks or securities with other, less

favorable features.

Credit Risk

The Fund could experience losses if the issuer or guarantor of a fixed

income security (including a security purchased with securities lending

collateral), the counterparty to a derivatives contract, or the issuer or

guarantor of collateral, repurchase agreement or a loan of portfolio

securities is unable or unwilling, or is perceived (whether by market

participants, rating agencies, pricing services or otherwise) as unable or

unwilling, to make timely principal and/or interest payments or to

otherwise honor its financial obligations. The risk that such issuer,

guarantor or counterparty is less willing or able to do so is heightened

in market environments where interest rates are changing, notably

when rates are rising. Debt instruments backed by an issuer's taxing

authority may be subject to legal limits on the issuer's power to increase

taxes or otherwise to raise revenue or may be dependent on legislative

appropriation or government aid. Certain debt instruments are backed

only by revenues derived from a particular project or source, rather than

by an issuer's taxing authority, and thus may have a greater risk of

default. The downgrade of the credit rating of a security or of the issuer

of a security held by the Fund may decrease its value. Measures such as

average credit quality may not accurately reflect the true credit risk of

the Fund. This is especially the case if the Fund consists of securities

with widely varying credit ratings. Securities are subject to varying

degrees of credit risk, which are often reflected in credit ratings. This risk

is greater to the extent the Fund uses leverage or derivatives in

connection with the management of the Fund. Municipal bonds are

subject to the risk that litigation, legislation or other political events,

local business or economic conditions, or the bankruptcy of the issuer

could have a significant effect on an issuer’s ability to make payments of

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principal and/or interest. Rising or high interest rates may deteriorate

the credit quality of an issuer or counterparty, particularly if an issuer or

counterparty faces challenges rolling or refinancing its obligations. The

Fund’s investments may be adversely affected if any of the issuers it is

invested in are subject to an actual or perceived (whether by market

participants, rating agencies, pricing services or otherwise) deterioration

to their credit quality.

Credit risk includes credit spread risk, which is the risk that credit

spreads (i.e., the difference in yield between securities that is due to

differences in their actual or perceived credit quality) may increase when

the market believes that investments generally have a greater risk of

default. Increasing credit spreads may reduce the market values of the

Fund's investments. Credit spreads often increase more for lower rated

and unrated securities than for investment grade securities. In addition,

when credit spreads increase, reductions in market value will generally

be greater for longer-maturity securities. Further, credit spread duration

(a measure of credit spread risk) can vary significantly from interest rate

duration (e.g., for floating rate debt securities, credit spread duration

typically will be higher than interest rate duration). The Fund may add

credit spread duration to its portfolio, for example through the use of

derivatives (e.g., credit default swaps), even while it has lower interest

rate duration. The credit spread duration of the Fund’s portfolio may

vary, in some cases significantly, from its interest rate duration. All

descriptions of duration in this prospectus refer to interest rate duration

unless otherwise noted.

Issuer Risk

The value of a security may decline for a number of reasons that directly

relate to the issuer, such as management performance, major litigation,

investigations or other controversies, changes in the issuer’s financial

condition or credit rating, changes in government regulations affecting

the issuer or its competitive environment and strategic initiatives such

as mergers, acquisitions or dispositions and the market response to any

such initiatives, financial leverage, reputation or reduced demand for the

issuer’s goods or services, as well as the historical and prospective

earnings of the issuer and the value of its assets. A change in the

financial condition of a single issuer may affect one or more other

issuers or securities markets as a whole. These risks can apply to the

Common Shares issued by the Fund and to the issuers of securities and

other instruments in which the Fund invests.

Liquidity Risk

To the extent consistent with the applicable liquidity requirements for

interval funds under Rule 23c-3 of the Act, the Fund may invest without

limit in illiquid investments. Liquidity risk exists when particular

investments are difficult to purchase or sell. Illiquid investments are

investments that the Fund reasonably expects cannot be sold or

disposed of in current market conditions in seven calendar days or less

without the sale or disposition significantly changing the market value

of the investment. Illiquid investments may become harder to value,

especially in changing markets. The Fund’s investments in illiquid

investments may reduce the returns of the Fund because it may be

unable to sell the illiquid investments at an advantageous time or price

or possibly require the Fund to dispose of other investments at

unfavorable times or prices in order to satisfy its obligations, which

could prevent the Fund from taking advantage of other investment

opportunities. Illiquidity can be caused by, among other things, a drop in

overall market trading volume, an inability to find a willing buyer, or

legal restrictions on the securities’ resale. Additionally, the market for

certain investments may become illiquid under adverse market or

economic conditions independent of any specific adverse changes in the

conditions of a particular issuer, such as during political events

(including periods of rapid interest rate changes). There can be no

assurance that an investment that is deemed to be liquid when

purchased will continue to be liquid while it is held by a fund and/or

when a fund wishes to dispose of it. Bond markets have consistently

grown over the past three decades while the capacity for traditional

dealer counterparties to engage in fixed income trading has not kept

pace and in some cases has decreased. As a result, dealer inventories of

corporate bonds, which provide a core indication of the ability of

financial intermediaries to “make markets,” are at or near historic lows

in relation to market size. Because market makers seek to provide

stability to a market through their intermediary services, the significant

reduction in dealer inventories could potentially lead to decreased

liquidity and increased volatility in the fixed income markets. Such issues

may be exacerbated during periods of economic uncertainty. In such

cases, the Fund, due to regulatory limitations on investments in illiquid

investments and the difficulty in purchasing and selling such securities

or instruments, may be unable to achieve its desired level of exposure to

a certain sector. To the extent that the Fund's principal investment

strategies involve securities of companies with smaller market

capitalizations, foreign (non-U.S.) securities, Rule 144A securities,

illiquid sectors of fixed income securities, derivatives or securities with

substantial market and/or credit risk, the Fund will tend to have the

greatest exposure to liquidity risk.

Further, fixed income securities with longer durations until maturity face

heightened levels of liquidity risk as compared to fixed income securities

with shorter durations until maturity. The risks associated with illiquid

instruments may be particularly acute in situations in which the Fund’s

operations require cash (such as in connection with repurchase offers)

and could result in the Fund borrowing to meet its short-term needs or

incurring losses on the sale of illiquid instruments. See “Principal Risks

of the Fund —Repurchase Offers Risk.” It may also be the case that

other market participants may be attempting to liquidate fixed income

holdings at the same time as the Fund, causing increased supply in the

market and contributing to liquidity risk and downward pricing pressure.

See “Principal Risks of the Fund—Valuation Risk.”

Liquidity risk also refers to the risk that the Fund may be required to

hold additional cash or sell other investments in order to obtain cash to

close out derivatives or meet the liquidity demands that derivatives can

create to make payments of margin, collateral, or settlement payments

to counterparties. The Fund may have to sell a security at a

disadvantageous time or price to meet such obligations.

The actions of governments and regulators may have the effect of

reducing market liquidity, market resiliency and money supply.

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Prospectus

PIMCO California Flexible Municipal Income Fund

Repurchase Offers Risk

As described under “Periodic Repurchase Offers” above, the Fund is an

“interval fund” and, in order to provide liquidity to shareholders, the

Fund, subject to applicable law, conducts quarterly repurchase offers of

the Fund’s outstanding Common Shares at NAV, subject to approval of

the Board. In each quarter, such repurchase offers will be for at least 5%

and not more than 25% of its outstanding Common Shares at NAV,

pursuant to Rule 23c-3 under the Act.

The Fund currently expects to conduct quarterly repurchase offers for

10% of its outstanding Common Shares under ordinary circumstances.

The Fund believes that these repurchase offers are generally beneficial

to the Fund’s shareholders, and repurchases generally will be funded

from available cash or sales of portfolio securities. However, repurchase

offers and the need to fund repurchase obligations may affect the ability

of the Fund to be fully invested or force the Fund to maintain a higher

percentage of its assets in liquid investments, which may harm the

Fund’s investment performance. Moreover, diminution in the size of the

Fund through repurchases may result in untimely sales of portfolio

securities (with associated imputed transaction costs, which may be

significant), and may limit the ability of the Fund to participate in new

investment opportunities or to achieve its investment objectives. The

Fund may accumulate cash by holding back (i.e., not reinvesting)

payments received in connection with the Fund’s investments. The Fund

believes that payments received in connection with the Fund’s

investments will generate sufficient cash to meet the maximum

potential amount of the Fund’s repurchase obligations. If at any time

cash and other liquid assets held by the Fund are not sufficient to meet

the Fund’s repurchase obligations, the Fund intends, if necessary, to sell

investments. To the extent the Fund employs investment leverage,

repurchases of Common Shares would compound the adverse effects of

leverage in a declining market. In addition, if the Fund borrows to

finance repurchases, interest on that borrowing will negatively affect

Common Shareholders who do not tender their Common Shares by

increasing the Fund’s expenses and reducing any net investment

income. If a repurchase offer is oversubscribed, the Fund may, but is not

required to, determine to increase the amount repurchased by up to 2%

of the Fund’s outstanding shares as of the date of the Repurchase

Request Deadline. In the event that the Fund determines not to

repurchase more than the repurchase offer amount, or if shareholders

tender more than the repurchase offer amount plus 2% of the Fund’s

outstanding shares as of the date of the Repurchase Request Deadline,

the Fund will repurchase the Common Shares tendered on a pro rata

basis, and shareholders will have to wait until the next repurchase offer

to make another repurchase request. As a result, shareholders may be

unable to liquidate all or a given percentage of their investment in the

Fund during a particular repurchase offer. Notwithstanding the

foregoing, the Fund may accept all Common Shares tendered for

repurchase by shareholders who own less than one hundred Common

Shares and who tender all of their Common Shares, before prorating

Common Shares tendered by other shareholders; provided that, if a

shareholder holds shares through a financial intermediary, such

intermediary may not be willing or able to arrange for this treatment on

such shareholder's behalf. Some shareholders, in anticipation of

proration, may tender more Common Shares than they wish to have

repurchased in a particular quarter, thereby increasing the likelihood

that proration will occur. A shareholder may be subject to market and

other risks, and the NAV of Common Shares tendered in a repurchase

offer may decline between the Repurchase Request Deadline and the

date on which the NAV for tendered Common Shares is determined. In

addition, the repurchase of Common Shares by the Fund may be a

taxable event to shareholders.

High Yield Securities Risk

To the extent that the Fund invests in high yield securities and unrated

securities of similar credit quality (commonly known as “high yield

securities” or “junk bonds”), the Fund may be subject to greater levels

of credit risk, call risk and liquidity risk than funds that do not invest in

such securities, which could have a negative effect on the NAV of the

Fund’s Common Shares or Common Share dividends. These securities

are considered predominantly speculative by rating agencies with

respect to an issuer’s continuing ability to make principal and interest

payments, and their value may be more volatile than other types of

securities. An economic downturn or individual issuer developments

could adversely affect the market for these securities and reduce the

Fund’s ability to sell these securities at an advantageous time or price.

An economic downturn could also lead to a higher non-payment rate

and, a high yield security may lose significant market value before a

default occurs. The Fund may purchase distressed securities that are in

default or the issuers of which are in bankruptcy, which involve

heightened risks.

High yield securities structured as zero-coupon bonds or pay-in-kind

securities tend to be especially volatile as they are particularly sensitive

to downward pricing pressures from rising interest rates or widening

spreads and may require the Fund to make taxable distributions of

imputed income without receiving the actual cash currency. Issuers of

high yield securities may have the right to “call” or redeem the issue

prior to maturity, which may result in the Fund having to reinvest the

proceeds in other high yield securities or similar instruments that may

pay lower interest rates. The Fund may also be subject to greater levels

of liquidity risk than funds that do not invest in high yield securities.

Consequently, transactions in high yield securities may involve greater

costs than transactions in more actively traded securities. A lack of

publicly-available information, irregular trading activity and wide

bid/ask spreads among other factors, may, in certain circumstances,

make high yield debt more difficult to sell at an advantageous time or

price than other types of securities or instruments. These factors may

result in the Fund being unable to realize full value for these securities

and/or may result in the Fund not receiving the proceeds from a sale of

a high yield security for an extended period after such sale, each of

which could result in losses to the Fund. Because of the risks involved in

investing in high yield securities, an investment in the Fund should be

considered speculative.

In general, lower rated debt securities carry a greater degree of risk that

the issuer will lose its ability to make interest and principal payments,

which could have a negative effect on a Fund. Securities of below

investment grade quality are regarded as having predominantly

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Prospectus

speculative characteristics with respect to capacity to pay interest and

repay principal and are commonly referred to as “high yield” securities

or “junk bonds.” High yield securities involve a greater risk of default,

and their prices are generally more volatile and sensitive to actual or

perceived negative developments. Debt securities in the lowest

investment grade category also may be considered to possess some

speculative characteristics by certain rating agencies. A Fund may

purchase stressed or distressed securities that are in default or the

issuers of which are in bankruptcy, which involve heightened risks. An

economic downturn could severely affect the ability of issuers

(particularly those that are highly leveraged) to service or repay their

debt obligations. Lower-rated securities are generally less liquid than

higher-rated securities, which may have an adverse effect on a Fund’s

ability to dispose of them. For example, during periods of deteriorating

economic conditions, such as recessions or periods of rising

unemployment, or changing interest rates (notably increases), high yield

securities are particularly susceptible to credit and default risk as

delinquencies and losses could increase, and such increases could be

sudden and significant. An economic downturn or individual issuer

developments could adversely affect the market for these investments

and reduce a Fund’s ability to sell these investments at an

advantageous time or price. These types of developments could cause

high yield securities to lose significant market value, including before a

default occurs only at prices lower than if such securities were widely

traded.

To the extent the Fund focuses on below investment grade debt

obligations, PIMCO’s capabilities in analyzing credit quality and

associated risks will be particularly important, and there can be no

assurance that PIMCO will be successful in this regard. Due to the risks

involved in investing in high yield securities, an investment in the Fund

should be considered speculative. See “The Fund’s Investment

Objectives and Strategies—Portfolio Contents—High Yield Securities”

for additional information.

The Fund’s credit quality policies apply only at the time a security is

purchased, and the Fund is not required to dispose of a security in the

event that a rating agency or PIMCO downgrades its assessment of the

credit characteristics of a particular issue. In determining whether to

retain or sell such a security, PIMCO may consider factors including, but

not limited to, PIMCO's assessment of the credit quality of the issuer of

such security, the price at which such security could be sold and the

rating, if any, assigned to such security by other rating agencies. Analysis

of creditworthiness may be more complex for issuers of high yield

securities than for issuers of higher quality debt securities.

Market Risk

The market price of securities owned by the Fund may go up or down,

sometimes rapidly or unpredictably. Securities may decline in value due

to factors affecting securities markets generally or particular industries

or companies represented in the securities markets. The value of a

security may decline due to general market conditions that are not

specifically related to a particular company, such as real or perceived

adverse economic conditions, changes in the general outlook for

corporate earnings, changes in inflation, interest or currency rates,

financial system instability, adverse changes to credit markets or

adverse investor sentiment generally. The value of a security may also

decline due to factors that affect a particular industry or industries, such

as labor shortages or increased production costs and competitive

conditions within an industry. During a general downturn in the

securities markets, multiple asset classes may decline in value

simultaneously even if the performance of those asset classes is not

otherwise historically correlated. Investments may also be negatively

impacted by market disruptions and by attempts by other market

participants to manipulate the prices of particular investments. Equity

securities generally have greater price volatility than fixed income

securities. Credit ratings downgrades may also negatively affect

securities held by the Fund. Even when markets perform well, there is no

assurance that the investments held by the Fund will increase in value

along with the broader market.

In addition, market risk includes the risk that geopolitical and other

events will disrupt the economy on a national or global level. For

instance, actual or threatened war or military conflict, terrorism, social

unrest, recessions, supply chain disruptions, market manipulation,

government defaults, government shutdowns, political changes,

diplomatic developments or the imposition of sanctions and other

similar measures, including the imposition of tariffs, or other

U.S. economic policies and any related public health emergencies (such

as the spread of infectious diseases, pandemics and epidemics) and

natural/environmental disasters can all negatively impact the securities

markets, which could cause the Fund to lose value. These events could

reduce consumer demand or economic output, result in market closures,

changes in interest rates, inflation/deflation, travel restrictions or

quarantines, and significantly adversely impact the economy.

As computing technology and data analytics advance, there has been a

trend towards machine driven and artificially intelligent trading systems,

particularly with respect to increasing levels of autonomy in trading

decision capabilities. Regulators of financial markets have become

increasingly focused on the potential impact of artificial intelligence on

investment activities and may issue regulations that affect the use of

artificial technology in trading activities. Any such regulations may not

have the effect on financial markets that regulators intend. Moreover,

advancements in artificial intelligence and other technologies may result

in the introduction of errors, defects or security vulnerabilities, which can

go undetected. The potential speed of such trading and other

technologies may exacerbate the impact of any such incidents,

particularly where such incidents are exploited by other artificially

intelligent systems designed to impair or prevent the intervention of a

human control.

The current contentious domestic political environment, as well as

political and diplomatic events within the United States and abroad, or

the U.S. government’s inability at times to agree on a long-term budget

and deficit reduction plan, has in the past resulted, and may in the

future result, in a government shutdown or otherwise adversely affect

the U.S. regulatory landscape, the general market environment and/or

investor sentiment, which could have an adverse impact on the Fund’s

investments and operations. Additional and/or prolonged U.S. federal

April 30, 2025 |

Prospectus

PIMCO California Flexible Municipal Income Fund

government shutdowns may affect investor and consumer confidence

and may adversely impact financial markets and the broader economy,

perhaps suddenly and to a significant degree. Governmental and

quasi-governmental authorities and regulators throughout the world

have previously responded to serious economic disruptions with a

variety of significant fiscal and monetary policy changes, including but

not limited to, direct capital infusions into companies, new monetary

programs and dramatically lower interest rates. An unexpected or

sudden reversal of these policies, or the ineffectiveness of these policies,

could increase volatility in securities markets, which could adversely

affect the Fund’s investments. Any market disruptions could also prevent

the Fund from executing advantageous investment decisions in a timely

manner. To the extent that a Fund has focused its investments on a

region enduring geopolitical market disruption will face higher risks of

loss, although the increasing interconnectivity between global

economies and financial markets can lead to events or conditions in one

country, region or financial market adversely impacting a different

country, region or financial market. Thus, investors should closely

monitor current market conditions to determine whether the Fund

meets their individual financial needs and tolerance for risk.

During inflationary price movements, fixed income securities markets

may experience heightened levels of interest rate, volatility and liquidity

risk. Interest rate increases in the future could cause the value of a fund

that invests in fixed income securities to decrease. Interest rate increases

and other market events have the potential to adversely impact real

estate values and real estate-related asset prices, which could, by

extension, adversely impact the value of other investments, such as

loans, securitized debt and other fixed income securities. Such an impact

could materialize in one real estate sector and not another, or in a

different manner in different real estate sectors. Examples of the current

risks faced by real estate-related assets include: tenant vacancy rates,

tenant turnover and tenant concentration have increased; owners of

real estate have faced headwinds, delinquencies and difficulties in

collecting rents and other payments (which increases the risk of owners

being unable to pay or otherwise defaulting on their own borrowings

and obligations); property values have declined; inflation, upkeep costs

and other expenses have increased; rents have declined for many

properties; and ownership of certain types of properties has become

more concentrated.

Exchanges and securities markets may close early, close late or issue

trading halts on specific securities or generally, which may result in,

among other things, the Fund being unable to buy or sell certain

securities or financial instruments at an advantageous time or accurately

price its portfolio investments.

Municipal Bond Market Risk.

The amount of public

information available about the municipal bonds in the Fund’s

portfolio is generally less than that for corporate equities or bonds,

and the investment performance of the Fund may therefore be

more dependent on the analytical abilities of PIMCO than would

be a stock fund or taxable bond fund. The secondary market for

municipal bonds, particularly below investment grade bonds in

which the Fund may invest, also tends to be less well-developed

and less liquid than many other securities markets, which may

adversely affect the Fund’s ability to sell municipal bonds at

attractive prices or value municipal bonds.

Management Risk

The Fund is subject to management risk because it is an actively

managed investment portfolio. PIMCO will apply investment techniques

and risk analysis in making investment decisions for the Fund. There can

be no guarantee that these decisions will produce the desired results or

that the due diligence conducted by PIMCO and individual portfolio

managers will expose all material risks associated with an investment.

Additionally, PIMCO and individual portfolio managers may not be able

to identify suitable investment opportunities and may face competition

from other investment managers when identifying and consummating

certain investments, or may determine that certain factors are more

significant than others. Certain securities or other instruments in which

the Fund seeks to invest may not be available in the quantities desired,

including in circumstances where other funds for which PIMCO acts as

investment adviser, including funds with names, investment objectives

and policies, and/or portfolio management teams, similar to the Fund,

are seeking to invest in the same or similar securities or instruments. In

addition, regulatory restrictions, actual or potential conflicts of interest

or other considerations may cause PIMCO to restrict or prohibit

participation in certain investments. In such circumstances, PIMCO or

the individual portfolio managers may determine to purchase other

securities or instruments as substitutes. Such substitute securities or

instruments may not perform as intended, which could result in losses

to the Fund. To the extent the Fund employs strategies targeting

perceived pricing inefficiencies, arbitrage strategies or similar strategies,

it is subject to the risk that the pricing or valuation of the securities and

instruments involved in such strategies may change unexpectedly, which

may result in reduced returns or losses to the Fund. The Fund is also

subject to the risk that deficiencies in the internal systems or controls of

PIMCO or another service provider will cause losses for the Fund or

hinder Fund operations. For example, trading delays or errors (both

human and systemic) could prevent the Fund from purchasing a security

expected to appreciate in value. Please refer to “Portfolio Managers -

Conflicts of Interest” in the SAI for further information. Additionally,

actual or potential conflicts of interest, legislative, regulatory, or tax

restrictions, policies or developments may affect the investment

techniques available to PIMCO and each individual portfolio manager in

connection with managing the Fund, may cause PIMCO to restrict or

prohibit participation in certain investments and may also adversely

affect the ability of the Fund to achieve its investment objectives. There

also can be no assurance that all of the personnel of PIMCO will

continue to be associated with PIMCO for any length of time. The loss of

the services of one or more key employees of PIMCO could have an

adverse impact on the Fund’s ability to realize its investment objectives.

In addition, the Fund may rely on various third-party sources to calculate

its NAV. As a result, the Fund is subject to certain operational risks

associated with reliance on service providers and service providers’ data

sources. In particular, errors or systems failures and other technological

issues may adversely impact the Fund’s calculations of its NAV, and such

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NAV calculation issues may result in inaccurately calculated NAVs,

delays in NAV calculation and/or the inability to calculate NAVs over

extended periods. The Fund may be unable to recover any losses

associated with such failures.

Reinvestment Risk

Income from the Fund’s portfolio will decline if and when the Fund

invests the proceeds from matured, traded or called debt obligations at

market interest rates that are below the portfolio’s current earnings

rate. For instance, during periods of declining interest rates, an issuer of

debt obligations may exercise an option to redeem securities prior to

maturity, forcing the Fund to invest in lower-yielding securities. The Fund

also may choose to sell higher yielding portfolio securities and to

purchase lower yielding securities to achieve greater portfolio

diversification, because the portfolio managers believe the current

holdings are overvalued or for other investment-related reasons. A

decline in income received by the Fund from its investments is likely to

have a negative effect on dividend levels and the market price, NAV

and/or overall return of the Common Shares.

Leverage Risk

The Fund’s use of leverage (as described under “Use of Leverage” in the

body of this prospectus) creates the opportunity for increased Common

Share net income, but also creates special risks for Common

Shareholders (including an increased risk of loss). To the extent used,

there is no assurance that the Fund’s leveraging strategies will be

successful. Leverage is a speculative technique that may expose the

Fund to greater risk and increased costs. The Fund’s assets attributable

to any outstanding Preferred Shares or the net proceeds that the Fund

obtains from its use of tender option bonds, derivatives or other forms

of leverage, if any, will be invested in accordance with the Fund’s

investment objectives and policies as described in this prospectus.

Dividends payable with respect to any Preferred Shares outstanding and

interest expense payable by the Fund with respect to any tender option

bonds, derivatives and other forms of leverage will generally be based

on shorter-term interest rates that would be periodically reset. So long

as the Fund's portfolio investments provide a higher rate of return (net

of applicable Fund expenses) than the dividend rate on any Preferred

Shares outstanding, including the Preferred Shareholder Gross-Up, and

the interest expenses and other costs to the Fund of such other

leverage, the investment of the proceeds thereof will generate more

income than will be needed to pay the costs of the leverage. If so, and

all other things being equal, the excess may be used to pay higher

dividends to Common Shareholders than if the Fund were not so

leveraged. If, however, shorter-term interest rates rise relative to the rate

of return on the Fund’s portfolio, the interest and other costs to the

Fund of leverage (including interest expenses on tender option bonds

and the dividend rate on any outstanding Preferred Shares, including

the Preferred Shareholder Gross-Up) could exceed the rate of return on

the debt obligations and other investments held by the Fund, thereby

reducing return to Common Shareholders. When the Fund reduces or

discontinues its use of leverage (“deleveraging”), it may be required to

sell portfolio securities at inopportune times to repay leverage

obligations, which could result in realized losses and a decrease in the

Fund's net asset value. Deleveraging involves complex operational

processes, including the coordination of asset sales, repayment of debt,

and potential restructuring of the Fund's capital and may involve

significant costs, including transaction costs associated with the sale of

portfolio securities, prepayment penalties on borrowed funds, and, if

applicable, fees related to the redemption of preferred shares.

Leveraging transactions pursued by the Fund may increase its duration

and sensitivity to interest rate movements. The Fund may continue to

use leverage even if available financing rates are higher than

anticipated returns, including, for example, in cases where deleveraging,

including any expenses related thereto, might be viewed as detrimental

to the Fund’s portfolio. In addition, fees and expenses of any form of

leverage used by the Fund will be borne entirely by the Common

Shareholders (and not by Preferred Shareholders, if any) and will reduce

the investment return of the Common Shares. Therefore, there can be no

assurance that the Fund’s use of leverage will result in a higher yield on

the Common Shares, and it may result in losses. In addition, any

Preferred Shares issued by the Fund are expected to pay cumulative

dividends, which may tend to increase leverage risk.

Leverage creates several major types of risks for Common Shareholders,

including:

■

the likelihood of greater volatility of NAV of Common Shares, and

of the investment return to Common Shareholders, than a

comparable portfolio without leverage;

■

the possibility either that Common Share dividends will fall if the

interest and other costs of leverage rise, or that dividends paid on

Common Shares will fluctuate because such costs vary over time;

and

■

the effects of leverage in a declining market or a rising interest

rate environment, as leverage is likely to cause a greater decline in

the NAV of the Common Shares than if the Fund were not

leveraged.

In addition, the counterparties to the Fund’s leveraging transactions and

any Preferred Shareholders of the Fund will have priority of payment

over the Fund’s Common Shareholders.

Reverse repurchase agreements involve the risks that the interest

income earned on the investment of the proceeds will be less than the

interest expense and Fund expenses associated with the repurchase

agreement, that the market value of the securities sold by the Fund may

decline below the price at which the Fund is obligated to repurchase

such securities and that the securities may not be returned to the Fund.

There is no assurance that reverse repurchase agreements can be

successfully employed. Dollar roll/buy back transactions involve the risk

that the market value of the securities the Fund is required to purchase

may decline below the agreed upon purchase price of those securities.

Successful use of dollar rolls/buy backs may depend upon the

Investment Manager’s ability to correctly predict interest rates and

prepayments. There is no assurance that dollar rolls/buy backs can be

successfully employed. In connection with reverse repurchase

agreements and dollar rolls/buy backs, the Fund will also be subject to

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PIMCO California Flexible Municipal Income Fund

counterparty risk with respect to the purchaser of the securities. If the

broker/dealer to whom the Fund sells securities becomes insolvent, the

Fund’s right to purchase or repurchase securities may be restricted.

The Fund may engage in total return swaps, reverse repurchases, loans

of portfolio securities, short sales and when-issued, delayed delivery and

forward commitment transactions, credit default swaps, basis swaps

and other swap agreements, purchases or sales of futures and forward

contracts (including foreign currency exchange contracts), call and put

options or other derivatives. The Fund’s use of such transactions gives

rise to associated leverage risks described above, and may adversely

affect the Fund’s income, distributions and total returns to Common

Shareholders. To the extent that any offsetting positions do not behave

in relation to one another as expected, the Fund may perform as if it is

leveraged through use of these derivative strategies.

Any total return swaps, reverse repurchases, loans of portfolio securities,

short sales and when-issued, delayed delivery and forward commitment

transactions, credit default swaps, basis swaps and other swap

agreements, purchases or sales of futures and forward contracts

(including foreign currency exchange contracts), call and put options or

other derivatives by the Fund or counterparties to the Fund’s other

leveraging transactions, if any, would have seniority over the Fund’s

Common Shares.

In addition to tender option bonds and any future issuance of Preferred

Shares, the Fund may engage in other transactions that may give rise to

a form of leverage including, among others loans of portfolio securities,

short sales and when-issued, delayed delivery and forward commitment

transactions, credit default swaps, reverse repurchases, or other

derivatives. The Fund’s use of such transactions gives rise to associated

leverage risks described above, and may adversely affect the Fund’s

income, distributions and total returns to Common Shareholders. The

Fund may offset derivatives positions against one another or against

other assets to manage effective market exposure resulting from

derivatives in its portfolio. To the extent that any offsetting positions do

not behave in relation to one another as expected, the Fund may

perform as if it is leveraged through use of these derivative strategies.

See “Use of Leverage.”

The Fund is required to satisfy certain regulatory and rating agency asset

coverage requirements in connection with its use of Preferred Shares.

Accordingly, any decline in the net asset value of the Fund’s investments

could result in the risk that the Fund will fail to meet its asset coverage

requirements for any such Preferred Shares or the risk of the Preferred

Shares being downgraded by a rating agency. The Fund’s current

investment income might not be sufficient to meet the dividend

requirements on preferred shares outstanding. In order to address these

types of events, the Fund might need to liquidate investments in order

to fund a redemption of some or all of Preferred Shares. Liquidations at

inopportune times or at times of adverse economic conditions may

result in a loss to the Fund. At other times, these liquidations may result

in gain at the Fund level and thus in additional taxable distributions to

Common Shareholders. See “Tax Matters” for more information. Any

Preferred Shares, total return swaps, reverse repurchases, tender option

bonds, loans of portfolio securities, short sales and when-issued,

delayed delivery and forward commitment transactions, credit default

swaps, reverse repurchases or other derivatives by the Fund or

counterparties to the Fund’s other leveraging transactions, if any, would

have, seniority over the Fund’s Common Shares.

When the Fund issues Preferred Shares, the Fund pays (and the

Common Shareholders bear) all costs and expenses relating to the

issuance and ongoing maintenance of Preferred Shares. In addition,

holders of any Preferred Shares issued by the Fund would have

complete priority over Common Shareholders in the distribution of the

Fund’s assets. Furthermore, Preferred Shareholders, voting separately as

a single class, have the right to elect two members of the Board at all

times and to elect a majority of the trustees in the event two full years’

dividends on the Preferred Shares are unpaid, and also have separate

class voting rights on certain matters. Accordingly, Preferred

Shareholders may have interests that differ from those of Common

Shareholders, and may at times have disproportionate influence over

the Fund’s affairs.

Because the fees received by the Investment Manager may increase

depending on the types of leverage utilized by the Fund, the Investment

Manager has a financial incentive for the Fund to use certain forms of

leverage, which may create a conflict of interest between the Investment

Manager, on the one hand, and the Common Shareholders, on the other

hand.

Derivatives Risk

The Fund may, but is not required to, utilize a variety of derivative

instruments (both long and short positions) for investment or risk

management purposes.

Derivatives or other similar instruments (referred to collectively as

“derivatives”) are financial contracts whose value depends on, or is

derived from, the value of an underlying asset, reference rate or index.

For example, the Fund may use derivative instruments for purposes of

increasing liquidity, providing efficient portfolio management,

broadening investment opportunities (including taking short or negative

positions), implementing a tax or cash management strategy, gaining

exposure to a particular security or segment of the market, modifying

the effective duration of the Fund’s portfolio investments and/or

enhancing total return.

Investments in derivatives may take the form of buying and/or writing

(selling) derivatives, and/or the Fund may otherwise become an obligor

under a derivatives transaction. These transactions may produce

short-term capital gains in the form of premiums or other returns for the

Fund (which may support, constitute and/or increase the distributions

paid by, or the yield of, the Fund) but create the risk of losses that can

significantly exceed such current income or other returns. For example,

the premium received for writing a call option may be dwarfed by the

losses the Fund may incur if the call option is exercised, and derivative

transactions where the Fund is an obligor can produce an up-front

benefit, but the potential for leveraged losses. The distributions, or

distribution rates, paid by the Fund should not be viewed as the total

returns or overall performance of the Fund. These strategies may also

produce adverse tax consequences (for example, the Fund’s income and

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gain-generating strategies may generate current income and gains

taxable as ordinary income) and limit the Fund’s opportunity to profit or

otherwise benefit from certain gains. The Fund may enter into opposing

derivative transactions, or otherwise take opposing positions. Such

transactions can generate distributable gains (which, as noted

elsewhere, may be taxed as ordinary income) and create the risk of

losses and NAV declines.

The use of derivatives involves risks different from, and possibly greater

than, the risks associated with investing directly in securities and other

traditional investments. Derivatives may increase market exposure and

are subject to a number of risks including leverage risk, liquidity risk

(which may be heightened for highly-customized derivatives), interest

rate risk, market risk, counterparty (including credit) risk, operational

risk (such as documentation issues, settlement issues and systems

failures), legal risk (such as insufficient documentation, insufficient

capacity or authority of a counterparty, and issues with the legality or

enforceability of a contract), management risk, risks arising from

changes in applicable regulatory requirements, risks arising from margin

requirements and risks arising from mispricing or valuation complexity

(including the risk of improper valuation), governmental risk, as well as

the risks associated with the underlying asset, reference rate or index, or

risks associated with sanctions. They also involve the risk that changes

in the value of a derivative instrument may not correlate perfectly with

the underlying asset, rate or index. By investing in a derivative

instrument, the Fund could lose more than the initial amount invested,

and derivatives may increase the volatility of the Fund, especially in

unusual or extreme market conditions. Certain derivatives have the

potential for unlimited loss, regardless of the size of the initial

investment. The Fund may utilize asset segregation and posting of

collateral for risk management or other purposes. The Fund may be

required to hold additional cash or sell other investments in order to

obtain cash to close out a position and changes in the value of a

derivative may also create margin delivery or settlement payment

obligations for the Fund. Also, suitable derivative transactions may not

be available in all circumstances and there can be no assurance that the

Fund will engage in these transactions to reduce exposure to other risks

when that would be beneficial or that, if used, such strategies will be

successful. The Fund’s use of derivatives may increase or accelerate the

amount of taxes payable by Common Shareholders.

Non-centrally-cleared Over-the-counter (“OTC”) derivatives are also

subject to the risk that a counterparty to the transaction will not fulfill

its contractual obligations to the other party, as many of the protections

afforded to centrally cleared derivative transactions might not be

available for non-centrally-cleared OTC derivatives. The primary credit

risk on derivatives that are exchange-traded or traded through a central

clearing counterparty resides with the Fund’s clearing broker, or the

clearinghouse itself.

Participation in the markets for derivative instruments involves

investment risks and transaction costs to which the Fund may not be

subject absent the use of these strategies. The skills needed to

successfully execute derivative strategies may be different from those

needed for other types of transactions. If the Fund incorrectly forecasts

the value and/or creditworthiness of securities, currencies, interest rates,

counterparties or other economic factors involved in a derivative

transaction, the Fund might have been in a better position if the Fund

had not entered into such derivative transaction. In evaluating the risks

and contractual obligations associated with particular derivative

instruments, it is important to consider that certain derivative

transactions may be modified or terminated only by mutual consent of

the Fund and its counterparty.

It may not be possible for the Fund to modify, terminate, or offset the

Fund’s obligations or the Fund’s exposure to the risks associated with a

derivative transaction prior to its scheduled termination or maturity

date, which may create a possibility of increased volatility and/or

decreased liquidity to the Fund.

Because the markets for certain derivative instruments (including

markets located in foreign countries) are relatively new and still

developing, appropriate derivative transactions may not be available in

all circumstances for risk management or other purposes. Upon the

expiration of a particular contract, the Fund may wish to retain the

Fund’s position in the derivative instrument by entering into a similar

contract but may be unable to do so if the counterparty to the original

contract is unwilling to enter into the new contract and no other

appropriate counterparty can be found. When such markets are

unavailable, the Fund will be subject to increased liquidity and

investment risk.

The Fund may enter into opposite sides of interest rate swap and other

derivatives for the principal purpose of generating distributable gains on

the one side (characterized as ordinary income for tax purposes) that

are not part of the Fund’s duration or yield curve management

strategies (“paired swap transactions”), and with a substantial

possibility that the Fund will experience a corresponding capital loss

and decline in NAV with respect to the opposite side transaction (to the

extent it does not have corresponding offsetting capital gains).

Consequently, Common Shareholders may receive distributions and owe

tax on amounts that are effectively a taxable return of the shareholder’s

investment in the Fund, at a time when their investment in the Fund has

declined in value, which tax may be at ordinary income rates. The tax

treatment of certain derivatives in which the Fund invests may be

unclear and thus subject to recharacterization. Any recharacterization of

payments made or received by the Fund pursuant to derivatives

potentially could affect the amount, timing or character of Fund

distributions. In addition, the tax treatment of such investment

strategies may be changed by regulation or otherwise.

Although hedging can reduce or eliminate losses, it can also reduce or

eliminate gains. Hedges are sometimes subject to imperfect matching

between the derivative and the underlying instrument, and there can be

no assurance that the Fund’s hedging transactions will be effective.

Derivatives used for hedging or risk management may not operate as

intended or may expose the Fund to additional risks. In addition,

derivatives used for hedging may partially protect the Fund from the

risks they were intended to hedge yet not fully mitigate the impact of

such risks. The regulation of the derivatives markets has increased over

time, and additional future regulation of the derivatives markets may

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PIMCO California Flexible Municipal Income Fund

make derivatives more costly, may limit the availability or reduce the

liquidity of derivatives, or may otherwise adversely affect the value or

performance of derivatives. Any such adverse future developments could

impair the effectiveness or raise the costs of the Fund’s derivative

transactions, impede the employment of the Fund’s derivatives

strategies, or adversely affect the Fund’s performance and cause the

Fund to lose value.

Credit Default Swaps Risk

Credit default swap agreements may involve greater risks than if the

Fund had invested in the reference obligation directly since, in addition

to general market risks, credit default swaps are subject to leverage risk,

illiquidity risk, counterparty risk and credit risk. A buyer generally also

will lose its investment and recover nothing should no credit event occur

and the swap is held to its termination date. If a credit event were to

occur, the value of any deliverable obligation received by the seller (if

any), coupled with the upfront or periodic payments previously received,

may be less than the full notional value it pays to the buyer, resulting in

a loss of value to the seller. When the Fund acts as a seller of a credit

default swap, it is exposed to many of the same risks of leverage

described herein. As the seller, the Fund would receive a stream of

payments over the term of the swap agreement provided that no event

of default has occurred with respect to the referenced debt obligation

upon which the swap is based. The Fund would effectively add leverage

to its portfolio because, if a default occurs, the stream of payments may

stop and, in addition to its total net assets, the Fund would be subject to

investment exposure on the notional amount of the swap.

Although the Fund may seek to realize gains by selling credit default

swaps that increase in value, to realize gains on selling credit default

swaps, an active secondary market for such instruments must exist or

the Fund must otherwise be able to close out these transactions at

advantageous times. In addition to the risk of losses described above, if

no such secondary market exists or the Fund is otherwise unable to

close out these transactions at advantageous times, selling credit

default swaps may not be profitable for the Fund.

The market for credit default swaps has become more volatile as the

creditworthiness of certain counterparties has been questioned and/or

downgraded. The Fund will be subject to credit risk with respect to the

counterparties to the credit default swap contract (whether a clearing

corporation or another third party). If a counterparty’s credit becomes

significantly impaired, multiple requests for collateral posting in a short

period of time could increase the risk that the Fund may not receive

adequate collateral. The Fund may exit its obligations under a credit

default swap only by terminating the contract and paying applicable

breakage fees, or by entering into an offsetting credit default swap

position, which may cause the Fund to incur more losses.

Valuation Risk

Certain securities in which the Fund invests may be less liquid and more

difficult to value than other types of securities. Investments for which

market quotations are not readily available are valued at fair value as

determined in good faith pursuant to Rule 2a-5 under the Act. See

“How Fund Shares are Priced.” Fair value pricing may require subjective

determinations about the value of a security or other asset. As a result,

there can be no assurance that fair value pricing will result in

adjustments to the prices of securities or other assets, or that fair value

pricing will reflect actual market value, and it is possible that the fair

value determined for a security or other asset will be materially different

from quoted or published prices, from the prices used by others for the

same security or other asset and/or from the value that actually could be

or is realized upon the sale of that security or other asset.

Counterparty Risk

The Fund will be subject to credit risk with respect to the counterparties

to the derivative contracts and other instruments entered into by the

Fund or held by special purpose or structured vehicles in which the Fund

invests. For example, if a bank at which the Fund or issuer has an

account fails, any cash or other assets in bank or custody accounts,

which may be substantial in size, could be temporarily inaccessible or

permanently lost by the Fund or issuer. In the event that the Fund enters

into a derivative transaction with a counterparty that subsequently

becomes insolvent or becomes the subject of a bankruptcy case, the

derivative transaction may be terminated in accordance with its terms

and the Fund’s ability to realize its rights under the derivative

instrument and its ability to distribute the proceeds could be adversely

affected. If a counterparty becomes bankrupt or otherwise fails to

perform its obligations under a derivative contract due to financial

difficulties, the Fund may experience significant delays in obtaining any

recovery (including recovery of any collateral it has provided to the

counterparty) in a dissolution, assignment for the benefit of creditors,

liquidation, winding-up, bankruptcy, or other analogous proceeding. In

addition, in the event of the insolvency of a counterparty to a derivative

transaction, the derivative transaction would typically be terminated at

its fair market value. If the Fund is owed this fair market value in the

termination of the derivative transaction and its claim is unsecured, the

Fund will be treated as a general creditor of such counterparty, and will

not have any claim with respect to any underlying security or asset. The

Fund may obtain only a limited recovery or may obtain no recovery in

such circumstances. Counterparty credit risk also includes the related

risk of having concentrated exposure to a single counterparty, which

may increase potential losses if the counterparty were to become

insolvent. While the Fund may seek to manage its counterparty risk by

transacting with a number of counterparties, concerns about the

solvency of, or a default by, one large market participant could lead to

significant impairment of liquidity and other adverse consequences for

other counterparties.

Confidential Information Access Risk

In managing the Fund (and other PIMCO clients), PIMCO may from time

to time have the opportunity to receive material, non-public information

(“Confidential Information”) about the issuers of certain investments,

including, without limitation, senior floating rate loans, other loans and

related investments being considered for acquisition by the Fund or held

in the Fund’s portfolio. For example, an issuer of privately placed loans

considered by the Fund may offer to provide PIMCO with financial

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information and related documentation regarding the issuer that is not

publicly available. Pursuant to applicable policies and procedures,

PIMCO may (but is not required to) seek to avoid receipt of Confidential

Information about such issuers so as to avoid possible restrictions on its

ability to purchase and sell investments on behalf of the Fund and other

clients to which such Confidential Information relates. In such

circumstances, the Fund (and other PIMCO clients) may be

disadvantaged in comparison to other investors, including with respect

to the price the Fund pays or receives when it buys or sells an

investment. Further, PIMCO’s and the Fund’s abilities to assess the

desirability of proposed consents, waivers or amendments with respect

to certain investments may be compromised if they are not privy to

available Confidential Information. PIMCO may also determine to

receive such Confidential Information in certain circumstances under its

applicable policies and procedures. If PIMCO intentionally or

unintentionally comes into possession of Confidential Information, it

may be unable, potentially for a substantial period of time, to purchase

or sell investments to which such Confidential Information relates.

Private Placements Risk

A private placement involves the sale of securities that have not been

registered under the Securities Act, or relevant provisions of applicable

non-U.S. law, to certain institutional and qualified individual purchasers,

such as the Fund. In addition to the general risks to which all securities

are subject, securities received in a private placement generally are

subject to strict restrictions on resale, and there may be no liquid

secondary market or ready purchaser for such securities. See “Principal

Risks of the Fund - Liquidity Risk.” Therefore, the Fund may be unable to

dispose of such securities when it desires to do so, or at the most

favorable time or price. Private placements may also raise valuation

risks. See “Principal Risks of the Fund - Valuation Risk.” The Fund may

also have to bear the expense of registering the securities for resale and

the risk of substantial delays in effecting the registration. Additionally,

the purchase price and subsequent valuation of private placements

typically reflect a discount, which may be significant, from the market

price of comparable securities for which a more liquid market exists.

Privacy and Data Security Risk

The Gramm-Leach Bliley Act (“GLBA”) and other laws limit the

disclosure of certain non-public personal information about a consumer

to non-affiliated third parties and require financial institutions to

disclose certain privacy policies and practices with respect to

information sharing with both affiliates and non- affiliated third parties.

Many states and a number of non-U.S. jurisdictions have enacted

privacy and data security laws requiring safeguards on the privacy and

security of consumers’ personally identifiable information. Other laws

deal with obligations to safeguard and dispose of private information in

a manner designed to avoid its dissemination. Privacy rules adopted by

the U.S. Federal Trade Commission and SEC implement the GLBA and

other requirements and govern the disclosure of consumer financial

information by certain financial institutions, ranging from banks to

private investment funds. U.S. platforms following certain models

generally are required to have privacy policies that conform to these

GLBA and other requirements. In addition, such platforms typically have

policies and procedures intended to maintain platform participants’

personal information securely and dispose of it properly. The Fund

generally does not intend to obtain or hold borrowers’ non-public

personal information, and the Fund has implemented procedures

reasonably designed to prevent the disclosure of borrowers’ non-public

personal information to the Fund. However, service providers to the

Fund or its direct or indirect fully-owned subsidiaries, including their

custodians and the platforms acting as loan servicers for the Fund or its

direct or indirect fully-owned subsidiaries, may obtain, hold or process

such information. The Fund cannot guarantee the security of non-public

personal information in the possession of such a service provider and

cannot guarantee that service providers have been and will continue to

comply with the GLBA, other data security and privacy laws and any

other related regulatory requirements. Violations of the GLBA and other

laws could subject the Fund to litigation and/or fines, penalties or other

regulatory action, which, individually or in the aggregate, could have an

adverse effect on the Fund. The Fund may also face regulations related

to privacy and data security in the other jurisdictions in which the Fund

invests.

Regulatory Changes Risk

Financial entities, such as investment companies and investment

advisers, are generally subject to extensive government regulation and

intervention. Government regulation and/or intervention may change

the way the Fund is regulated, affect the expenses incurred directly by

the Fund and the value of its investments, and limit and/or preclude the

Fund’s ability to achieve its investment objectives. Government

regulation may change frequently and may have significant adverse

consequences. The Fund and the Investment Manager have historically

been eligible for exemptions from certain regulations. However, there is

no assurance that the Fund and the Investment Manager will continue

to be eligible for such exemptions.

Moreover, government regulation may have unpredictable and

unintended effects. Legislative or regulatory actions to address

perceived liquidity or other issues in fixed income markets generally, or

in particular markets such as the municipal securities market, may alter

or impair the Fund’s ability to pursue its investment objectives or utilize

certain investment strategies and techniques.

While there continues to be uncertainty about the full impact of these

and other regulatory changes, it is the case that the Fund will be subject

to a more complex regulatory framework, and may incur additional

costs to comply with new requirements as well as to monitor for

compliance in the future. Actions by governmental entities may also

impact certain instruments in which the Fund invests and reduce market

liquidity and resiliency.

Other Investment Companies Risk

The Fund may invest up to 5% of its total assets in securities of other

investment companies (including those advised by PIMCO), including

closed-end funds, exchange-traded funds and other open-end funds,

that invest primarily in municipal bonds and other municipal securities

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PIMCO California Flexible Municipal Income Fund

of the types in which the Fund may invest directly. When investing in an

investment company, the Fund will generally bear its ratable share of

that investment company’s expenses, and would remain subject to

payment of the Fund’s management fees and other expenses with

respect to assets so invested. Common Shareholders would therefore be

subject to duplicative expenses to the extent the Fund invests in other

investment companies. In addition, these other investment companies

may utilize leverage, in which case an investment would subject the

Fund to additional risks associated with leverage. Due to its own

financial interest or other business considerations, the Investment

Manager may choose to invest a portion of the Fund’s assets in

investment companies sponsored or managed by the Investment

Manager or its related parties in lieu of investments by the Fund directly

in portfolio securities, or may choose to invest in such investment

companies over investment companies sponsored or managed by

others. Participation in a cash sweep program where the Fund's

uninvested cash balance is used to purchase shares of affiliated or

unaffiliated money market funds or cash management pooled

investment vehicles at the end of each day subjects the Fund to the risks

associated with the underlying money market funds or cash

management pooled investment vehicles, including liquidity risk.

Applicable law may limit the Fund’s ability to invest in other investment

companies. See “Principal Risks of the Fund – Leverage Risk.”

Tax Risk

The Fund has elected to be treated as a RIC under Subchapter M of the

Code and intends each year to qualify and be eligible to be treated as

such, so that it generally will not be subject to U.S. federal income tax

on its net investment income or net short-term or long-term capital

gains that are timely distributed (or deemed distributed, as described

below) to shareholders. In order to qualify and be eligible for such

treatment, the Fund must meet certain asset diversification tests, derive

at least 90% of the sum of its gross income for such year from certain

types of qualifying income, and distribute to its shareholders at least

90% of its “investment company taxable income” as that term is

defined in the Code (which includes, among other things, dividends,

taxable interest and the excess of any net short-term capital gains over

net long-term capital losses, as reduced by certain deductible expenses)

and net tax-exempt income, for such year.

The Fund’s investment strategy will potentially be limited by its intention

to continue qualifying for treatment as a RIC, and can limit the Fund’s

ability to continue qualifying as such. The tax treatment of certain of the

Fund’s investments under one or more of the qualification or

distribution tests applicable to RICs is uncertain. An adverse

determination or future guidance by the IRS or a change in law might

affect the Fund’s ability to qualify or be eligible for treatment as a RIC.

Income and gains from certain of the Fund's activities may not

constitute qualifying income to a RIC for purposes of the 90% gross

income test. If the Fund were to treat income or gain from a particular

investment or activity as qualifying income and the income or gain were

later determined not to constitute qualifying income and, together with

any other nonqualifying income, caused the Fund's nonqualifying

income to exceed 10% of its gross income in any taxable year, the Fund

would fail to qualify as a RIC unless it is eligible to and does pay a tax at

the Fund level.

If, in any year, the Fund were to fail to qualify for treatment as a RIC

under the Code and were ineligible to or did not otherwise cure such

failure, the Fund would be subject to tax on its taxable income at

corporate rates and, when such income is distributed, shareholders

would be subject to further tax on such distributions to the extent of the

Fund’s current or accumulated earnings and profits.

To qualify to pay exempt-interest dividends, at least 50% of the value of

the total assets of the Fund must consist of obligations exempt from

federal income tax as of the close of each quarter of the Fund’s taxable

year. Fund distributions reported as exempt-interest dividends are not

generally taxable to Fund shareholders for regular U.S. federal income

tax purposes, but they may be subject to state and local taxes and/or

federal alternative minimum tax. If the proportion of taxable

investments held by the Fund exceeds 50% of the Fund’s total assets as

of the close of any quarter of the Fund’s taxable year, the Fund will not

for that taxable year satisfy the general eligibility test that otherwise

permits it to pay exempt-interest dividends.

The value of the Fund’s investments and its net asset value may be

adversely affected by changes in tax rates and policies. Because interest

income from municipal securities is normally not subject to regular

federal income taxation, the attractiveness of municipal securities in

relation to other investment alternatives is affected by changes in

federal income tax rates or changes in the tax-exempt status of interest

income from municipal securities. Any proposed or actual changes in

such rates or exempt status, therefore, can significantly affect the

demand for and supply, liquidity and marketability of municipal

securities. This could in turn affect the Fund’s net asset value and ability

to acquire and dispose of municipal securities at desirable yield and

price levels. Additionally, the Fund is not a suitable investment for

individual retirement accounts, for other tax-exempt or tax-deferred

accounts or for investors who are not sensitive to the federal income tax

consequences of their investments.

Potential Conflicts of Interest Risk-Allocation of Investment

Opportunities

The Investment Manager and its affiliates are involved worldwide with a

broad spectrum of financial services and asset management activities

and may engage in the ordinary course of business in activities in which

its interests or the interests of its clients may conflict with those of the

Fund. The Investment Manager may provide investment management

services to other funds and discretionary managed accounts that follow

an investment program similar to that of the Fund. Subject to the

requirements of the Act, the Investment Manager intends to engage in

such activities and may receive compensation from third parties for its

services. The results of the Fund’s investment activities may differ from

those of the Fund’s affiliates, or another account managed by the

Investment Manager or its affiliates, and it is possible that the Fund

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| PIMCO California Flexible Municipal Income Fund

Prospectus

could sustain losses during periods in which one or more of the Fund’s

affiliates and/or other accounts managed by the Investment Manager or

its affiliates, including proprietary accounts, achieve profits on their

trading.

Distribution Rate Risk

The Fund's distribution rates may be affected by numerous factors,

including but not limited to changes in realized and projected market

returns, fluctuations in market interest rates, Fund performance and

other factors. There can be no assurance that a change in market

conditions or other factors will not result in a change in the Fund’s

distribution rate will be sustainable in the future. For instance, during

periods of low or declining interest rates, the Fund’s distributable

income and dividend levels may decline for many reasons. For example,

the Fund may have to deploy uninvested assets (whether from sales of

Fund shares, proceeds from matured, traded or called debt obligations

or other sources) in new, lower yielding instruments. Additionally,

payments from certain instruments that may be held by the Fund (such

as variable and floating rate securities) may be negatively impacted by

declining interest rates, which may also lead to a decline in the Fund’s

distributable income and dividend levels.

Securities Lending Risk

For the purpose of achieving income, the Fund may lend its portfolio

securities to brokers, dealers, and other financial institutions provided a

number of conditions are satisfied, including that the loan is fully

collateralized. Please see “Investment Objectives and Policies—Loans of

Portfolio Securities” in the Statement of Additional Information for more

details. When the Fund lends portfolio securities, its investment

performance will continue to reflect changes in the value of the

securities loaned, and the Fund will also receive a fee or interest on the

collateral. Securities lending involves the risk of loss of rights in the

collateral or delay in recovery of the collateral if the borrower fails to

return the security loaned or becomes insolvent. The Fund may pay

lending fees to a party arranging the loan. Cash collateral received by

the Fund in securities lending transactions may be invested in

short-term liquid fixed income instruments or in money market or

short-term mutual funds, or similar investment vehicles, including

affiliated money market or short-term mutual funds. The Fund bears the

risk of such investments.

Portfolio Turnover Risk

The Investment Manager manages the Fund without regard generally to

restrictions on portfolio turnover. The use of futures contracts and other

derivative instruments with relatively short maturities may tend to

exaggerate the portfolio turnover rate for the Fund. Trading in fixed

income securities does not generally involve the payment of brokerage

commissions, but does involve indirect transaction costs. The use of

futures contracts and other derivative instruments may involve the

payment of commissions to futures commission merchants or other

intermediaries. Higher portfolio turnover involves correspondingly

greater expenses to the Fund, including brokerage commissions or

dealer mark-ups and other transaction costs on the sale of securities

and reinvestments in other securities. The higher the rate of portfolio

turnover of the Fund, the higher these transaction costs borne by the

Fund generally will be. Such sales may result in realization of taxable

capital gains (including short-term capital gains, which are generally

taxed to shareholders at ordinary income tax rates when distributed net

of short-term capital losses and net long-term capital losses), and may

adversely impact the Fund’s after-tax returns. See “Tax Matters.”

Operational Risk

An investment in the Fund, like any fund, can involve operational risks

arising from factors such as processing errors, human errors, inadequate

or failed internal or external processes, failures in systems and

technology, changes in personnel and errors caused by third-party

service providers. The occurrence of any of these failures, errors or

breaches could result in a loss of information, regulatory scrutiny,

reputational damage or other events, any of which could have a

material adverse effect on the Fund. While the Fund seeks to minimize

such events through controls and oversight, there may still be failures

that could cause losses to the Fund.

Market Disruptions Risk

The Fund is subject to investment and operational risks associated with

financial, economic and other global market developments and

disruptions, including those arising from war, military conflicts, terrorism,

social unrest, recessions, supply chain disruptions, market manipulation,

government interventions, defaults and shutdowns, political changes or

diplomatic developments, public health emergencies (such as the spread

of infectious diseases, pandemics and epidemics), bank failures,

natural/environmental disasters, climate change and climate related

events, which can all negatively impact the securities markets, interest

rates, auctions, secondary trading, ratings, credit risk, inflation, deflation

and other factors relating to the Fund’s investments or the Investment

Manager’s operations and the value of an investment in the Fund, its

distributions and its returns. These events can also impair the

technology and other operational systems upon which the Fund’s

service providers, including PIMCO as the Fund’s investment adviser,

rely, and could otherwise disrupt the Fund’s service providers’ ability to

fulfill their obligations to the Fund. Furthermore, events involving limited

liquidity, defaults, non-performance or other adverse developments that

affect financial institutions or the financial services industry generally, or

concerns or rumors about any events of these kinds or other similar

risks, have in the past and may in the future lead to market-wide

liquidity problems.

Geopolitical Conflicts Risk

The occurrence of geopolitical conflicts, war or terrorist activities could

have adverse impacts on markets in various and unpredictable ways. For

example, following Russia’s large-scale invasion of Ukraine in February

2022, Russia, and other countries, persons and entities that were

viewed as having provided material aid to Russia’s aggression against

Ukraine, became the subject of economic sanctions and import and

export controls imposed by countries throughout the world, including

the United States. Such measures have had and may continue to have

April 30, 2025 |

Prospectus

PIMCO California Flexible Municipal Income Fund

an adverse effect on the Russian, Belarusian and other securities and

economies. Additional examples include, but are not limited to,

heightened concerns of trade disputes, which could result in increased

tariffs, trade restrictions or other retaliatory countermeasures. The

extent, duration and impact of geopolitical conflicts and related market

impacts are difficult to ascertain, but could be significant and could

have significant adverse effects on regional and global economies and

the markets for certain securities and commodities, such as oil, natural

gas, steel and aluminum, as well as other sectors, and on the Fund’s

investments.

Cyber Security Risk

As the use of technology, including cloud-based technology, has

become more prevalent in the course of business, the Fund is potentially

more susceptible to operational and information security risks resulting

from breaches in cyber security. A breach in cyber security refers to both

intentional and unintentional cyber events from outside threat actors or

internal resources that may, among other things, cause the Fund to lose

proprietary information, suffer data corruption and/or destruction, lose

operational capacity, result in the unauthorized release or other misuse

of confidential information, or otherwise disrupt normal business

operations. Geopolitical tensions can increase the scale and

sophistication of deliberate cybersecurity attacks, particularly those from

nation-states or from entities with nation-state backing, who may desire

to use cybersecurity attacks to cause damage or create leverage against

geopolitical rivals. Cyber security breaches may involve unauthorized

access to the Fund’s digital information systems (e.g., through

“hacking” or malicious software coding), and may come from multiple

sources, including outside attacks such as denial-of-service attacks (i.e.,

efforts to make network services unavailable to intended users) or cyber

extortion, including exfiltration of data held for ransom and/or

“ransomware” attacks that renders systems inoperable until ransom is

paid, or insider actions (e.g., intentionally or unintentionally harmful

acts of PIMCO personnel). In addition, cyber security breaches involving

the Fund’s third party service providers (including but not limited to

advisers, sub-advisers, administrators, transfer agents, custodians,

vendors, suppliers, distributors and other third parties), trading

counterparties or issuers in which the Fund invests can also subject the

Fund to many of the same risks associated with direct cyber security

breaches or extortion of company data. PIMCO’s use of cloud-based

service providers could heighten or change these risks. In addition,

work-from-home arrangements by the Fund, the Investment Manager or

their service providers could increase all of the above risks, create

additional data and information accessibility concerns, and make the

Fund, the Investment Manager or their service providers susceptible to

operational disruptions, any of which could adversely impact their

operations.

Cyber security failures or breaches may result in financial losses to the

Fund and its shareholders. For example, cyber security failures or

breaches involving trading counterparties or issuers in which the Fund

invests could adversely impact such counterparties or issuers and cause

the Fund’s investment to lose value. These failures or breaches may also

result in disruptions to business operations, potentially resulting in

financial losses; interference with the Fund’s ability to calculate its NAV,

process shareholder transactions or otherwise transact business with

shareholders; impediments to trading; violations of applicable privacy

and other laws; regulatory fines; penalties; third-party claims in

litigation; reputational damage; reimbursement or other compensation

costs; additional compliance and cyber security risk management costs

and other adverse consequences. In addition, substantial costs may be

incurred in order to prevent any cyber incidents in the future.

Like with operational risk in general, the Fund has established business

continuity plans and risk management systems designed to reduce the

risks associated with cyber security. However, there are inherent

limitations in these plans and systems, including that certain risks may

not have been identified, in large part because different or unknown

threats may emerge in the future. As such, there is no guarantee that

such efforts will succeed, especially because the Fund does not directly

control the cyber security systems of issuers in which the Fund may

invest, trading counterparties or third-party service providers to the

Fund. Such entities have experienced cyber attacks and other attempts

to gain unauthorized access to systems from time to time, and there is

no guarantee that efforts to prevent or mitigate the effects of such

attacks or other attempts to gain unauthorized access will be successful.

There is also a risk that cyber security breaches may not be detected. The

Fund and its shareholders may suffer losses as a result of a cyber

security breach related to the Fund, its service providers, trading

counterparties or the issuers in which the Fund invests.

Non-Diversification Risk

The Fund is “non-diversified,” which means that the Fund may invest a

significant portion of its assets in the securities of a smaller number of

issuers than a diversified fund. Focusing investments on a small number

of issuers increases risk. A fund that invests in a relatively smaller

number of issuers is more susceptible to risks associated with a single

economic, political or regulatory occurrence than a diversified fund

might be. Some of those issuers also may present substantial credit or

other risks. Similarly, a non-diversified may be subject to increased

economic, business or political risk to the extent that it invests a

substantial portion of its assets in a particular currency, in a group of

related industries, in a particular issuer, in the bonds of similar projects

or in a narrowly defined geographic area outside the

U.S. Notwithstanding the Fund’s status as a “non-diversified”

investment company under the Act, a non-diversified Fund intends to

qualify as a RIC accorded special tax treatment under the Code, which

imposes its own diversification requirements.

Certain Affiliations

Certain broker-dealers may be considered to be affiliated persons of the

Fund and/or the Investment Manager due to their possible affiliations

with Allianz SE, the ultimate parent of the Investment Manager, or

another Allianz entity. Allianz Asset Management of America LP merged

with Allianz Asset Management of America LLC (“Allianz Asset

Management”), with the latter being the surviving entity, effective

January 1, 2023. Following the merger, Allianz Asset Management is

PIMCO’s managing member and direct parent entity. Absent an

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| PIMCO California Flexible Municipal Income Fund

Prospectus

exemption from the SEC or other regulatory relief, the Fund is generally

precluded from effecting certain principal transactions with affiliated

brokers, and its ability to purchase securities being underwritten by an

affiliated broker or a syndicate including an affiliated broker, or to utilize

affiliated brokers for agency transactions, is subject to restrictions. This

could limit the Fund’s ability to engage in securities transactions and

take advantage of market opportunities.

The 1940 Act imposes significant limits on co-investment with affiliates

of the Fund. The Fund has received exemptive relief from the SEC that,

to the extent a fund relies on such relief, permits it to (among other

things) co-invest alongside certain other persons in privately negotiated

investments, including certain affiliates of the Investment Manager and

certain public or private funds managed by the Investment Manager and

its affiliates, subject to certain terms and conditions. The exemptive relief

from the SEC with respect to co-investments imposes a number of

conditions on any co-investments made in reliance on such relief that

may limit or restrict a fund’s ability to participate in an investment or

require it to participate in an investment to a lesser extent, which could

negatively impact a fund’s ability to execute its desired investment

strategy and its returns. Subject to applicable law, the Fund may also

invest alongside other PIMCO managed funds and accounts, including

private funds and affiliates of the Investment Manager, without relying

on the exemptive relief. Pursuant to co-investment exemptive relief, to

the extent a fund relies on such relief, the fund will be able to invest in

opportunities in which PIMCO and/or its affiliates has an investment,

and PIMCO and/or its affiliates will be able to invest in opportunities in

which a fund has made an investment.

Anti-Takeover Provisions

The Fund’s Amended and Restated Agreement and Declaration of Trust,

includes provisions that could limit the ability of other entities or

persons to acquire control of the Fund or to convert the Fund to

open-end status. See “Anti-Takeover and Other Provisions in the

Declaration of Trust and Bylaws.”

April 30, 2025 |

Prospectus

PIMCO California Flexible Municipal

Income Fund

Summary of Fund Expenses

This table is intended to assist investors in understanding the various

costs and expenses directly or indirectly associated with investing in the

Fund. You may qualify for sales charge discounts on Class A-2 and/or

Class A-4 Common Shares of the Fund if you and your family invest, or

agree to invest in the future, in a certain amount of Class A-1, Class A-2,

Class A-3 and/or Class A

-4 common

shares of the Fund (to the extent

available) or other eligible closed-end interval funds that are sponsored

by PIMCO. More information about these and other discounts is

available in the “Plan of Distribution—Share Classes” section on page

of this prospectus or from your financial advisor.

Shareholder Transa

ction

Expenses (

fees paid directly from

your investment

	Institutional Class	Class A-1	Class A-2	Class A-3	Class A-4
Maximum Initial Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	None (1)	None (1)	3.00%	None (1)	3.00%
Maximum Early Withdrawal Charge (Load) (as a percentage of the lower of the original purchase price or repurchase price)	None	None	1.00%	None	1.00%
Dividend Reinvestment Fees	None	None	None	None	None

While neither the Fund nor the Distributor impose an initial sales charge, if you buy

Institutional Class, Class A-1 or Class A-3 Common Shares through certain financial

firms, they may directly charge you transaction or other fees in such amount as they

may determine. Please consult your financial firm for additional information.

Annual Fund Operating Expenses (

as a percentage of Net

Assets Attributable to Common Shares

(reflecting leverage

attributable to Preferred Shares representing approximately

20.57% of the Fund’s total managed assets)):

	Institutional Class	Class A-1	Class A-2	Class A-3	Class A-4
Management Fees (1)	0.94%	0.94%	0.94%	0.94%	0.94%
Distribution and/or Service (12b-1) Fees	N/A	0.50%	0.50%	0.75%	0.75%
Dividend and Other Costs on Preferred Shares (2) (3)	1.31%	1.31%	1.31%	1.31%	1.31%
Other Expenses (4)	0.13%	0.13%	0.13%	0.13%	0.13%
Acquired Fund Fees and Expenses (Underlying Fund Expenses) (5)	0.11%	0.11%	0.11%	0.11%	0.11%
Total Annual Fund Operating Expenses	2.49%	2.99%	2.99%	3.24%	3.24%
Fee Waiver and/or Expense Reimbursement (6)	(0.03%)	(0.03%)	(0.03%)	(0.03%)	(0.03%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (2)	2.46%	2.96%	2.96%	3.21%	3.21%

Management fees include fees payable to the Investment Manager for advisory

services and for supervisory, administrative and other services. The Fund pays for the

advisory, supervisory and administrative services it requires under what is essentially

an all-in fee structure (the “unified managemen

t f

ee”). Pursuant to an investment

management agreement, PIMCO is paid a Management Fee of 0.75% of the Fund’s

total managed assets. The Fund (and not PIMCO) is responsible for certain fees and

expenses, which are reflected in the table above, that are not covered by the unified

management fee under the investment management agreement. Please see

“Management of the Fund - Investment Management Agreement” for an

explanation

of the unified management fee and definition of “total managed assets.”

“Dividend and Other Costs on Preferred Shares” will be borne by the Fund separately

from the management fees paid to PIMCO. Excluding such expenses, estimated Total

Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement are

1.15%, 1.65%, 1.65%, 1.90% and 1.90% for Institutional Class, Class A-1, Class A-2,

A-3 and Class A-4 shares, respectively.

“Dividend and Other Costs on Preferred Shares” reflect the Fund’s Preferred Shares in

an amount representing approximately 20.57% of the Fund's total managed assets, at

an estimated annual dividend cost to the Fund of 4.87% (based on estimated

Preferred Share dividend rates as of December 31, 2024), and including the

amortization of Preferred Share offering costs of $359,500 over the three-year term of

the Preferred Shares. The actual dividend rate paid on any Preferred Shares issued by

the Fund will vary over time in accordance with variations in market interest rates. See

“Use of Leverage” and “Description of Capital Structure.” Dividend and Other Costs

on Preferred Shares are borne directly by the Fund and will be reflected in the Fund's

financial statements.

“Other Expenses” are based on estimated amounts for the current fiscal year.

Acquired Fund Fees and Expenses are based on the expense ratios of the other

investment companies in which the Fund invests, which may change substantially over

time and, therefore, significantly affect the Acquired Fund Fees and Expenses. Acquired

Fund Fees and Expenses are borne indirectly by the Fund, but they will not be reflected

in the Fund’s financial statements; and the information presented in the table will

differ from that presented in the Fund’s financial highlights.

PIMCO has contractually agreed, through May 2, 2026, to waive its management fee,

or reimburse the Fund, to the extent that organizational expenses and pro rata

Trustees’ fees exceed 0.10% of the Fund’s average daily net assets (the “Expense

Limitation Agreement”). Under the Expense Limitation Agreement, in any month in

which the investment management agreement is in effect, PIMCO is entitled to

reimbursement by the Fund of any portion of the management fee reduced as set forth

above (the “Reimbursement Amount”) during the previous thirty-six months, provided

that such amount paid to PIMCO will not (1) together with any recoupment of

organizational expenses, pro rata share of expenses related to obtaining or

maintaining a Legal Entity Identifier and pro rata trustee fees or management fees

exceed 0.10% of average daily net assets; (2) exceed the total Reimbursement

Amount; or (3) include any amounts previously reimb

rsed to PIMCO. For the

avoidance of doubt, any reimbursement of PIMCO’s management fee pursuant to the

Expense Limitation Agreement plus any recoupment of organizational expenses, pro

rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and

pro rata Trustees’ fees will not exceed the lesser of (i) the expense limit in effect at the

time of waiver or reimbursement and (ii) the expense limit in effect at the time of

recoupment. This Expense Limitation Agreement will automatically renew for one-year

terms unless PIMCO provides written notice to the Fund at least 30 days prior to the

end of the then current term.

Example

As required by relevant SEC regulations, the following example

illustrates the expenses (including any applicable sales charge) that you

would pay on a $1,000 investment in the Common Shares, assuming a

5% annual return

(1)

you

redeem your shares at the end of each period:

	1 Year	3 Years	5 Years	10 Years
Institutional Class	$25	$77	$132	$282
Class A-1	$30	$92	$157	$331
Class A-2	$69	$119	$182	$351
Class A-3	$32	$100	$169	$354
Class A-4	$71	$127	$194	$373

PIMCO California Flexible Municipal Income Fund |

Prospectus

If you do not redeem your shares:

	1 Year	3 Years	5 Years	10 Years
Class A-2	$59	$119	$182	$351
Class A-4	$61	$127	$194	$373

(1)

The example above should not be considered a representation of future expenses.

Actual expenses may be higher or lower than those shown. The example assumes that

the estimated Interest Payments on Borrowed Funds, Dividend and Other Costs on

Preferred Shares and Other Expenses set forth in the Annual Expenses table are

accurate, that the Total Annual Fund Operating Expenses (as described above) remain

the same for all periods shown, and that all dividends and distributions are reinvested

at NAV. Actual expenses may be greater or less than those assumed. Moreover, the

Fund’s actual rate of return may be greater or less than the hypothetical 5% annual

return shown in the example. In addition to the fees and expenses described above,

you may also be required to pay transaction or other fees on purchases of Institutional

Class, Class A-1, Class A-2, Class A-3 or Class A-4 Common Shares of the Fund, which

are not reflected in the example.

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Prospectus

PIMCO California Flexible Municipal Income Fund

Financial Highlights

The financial highlights table set forth below is intended to help you understand the Fund's recent financial performance. Information shown reflects

performance of the Fund's Institutional Class and Class A-1. Because Class A-2, Class A-3 and Class A-4 Common Shares of the Fund had not

commenced operations as of December 31, 2024, no performance data for such share classes is provided. The information in the table below is for

the fiscal period ended December 31, 2024, and the fiscal years and/or periods, as applicable, ended December 31, 2023 and 2022, audited by

PricewaterhouseCoopers LLP (“PwC”), whose report on such financial statements is contained in the Fund's December 31, 2024 annual report and is

incorporated by reference into the Statement of Additional Information.

		Investment Operations			Less Distributions (c)

Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year or Period (a)	Net Investment Income (Loss) (b)	Net Realized/ Unrealized Gain (Loss)	Total	From Net Investment Income	From Net Realized Capital Gain	Total	Net Asset Value End of Year or Period (a)
PIMCO California Flexible Municipal Income Fund
Institutional Class
12/31/2024	$ 10.26	$ 0.35	$ (0.03)	$ 0.32	$ (0.34)	$ (0.06)	$ (0.40)	$ 10.18
12/31/2023	9.83	0.37	0.42	0.79	(0.36)	0.00	(0.36)	10.26
06/27/2022 - 12/31/2022	10.00	0.17	(0.18)	(0.01)	(0.16)	0.00	(0.16)	9.83
Class A-1
12/31/2024	$ 10.26	$ 0.29	$ (0.03)	$ 0.26	$ (0.28)	$ (0.06)	$ (0.34)	$ 10.18
01/31/2023 - 12/31/2023	10.15	0.30	0.10	0.40	(0.29)	$ 0.00	(0.29)	10.26

A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.

Annualized, except for organizational expense, if any.

(a)

Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund.

(b)

Per share amounts based on average number of common shares outstanding during the year or period.

(c)

The tax characterization of distributions is determined in accordance with federal income tax regulations. See Note 2, Distributions—Common Shares, in the Notes to Financial

Statements for more information.

(d)

Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund. Additionally, excludes initial sales charges and

contingent deferred sales charges.

(e)

Ratio includes interest expense which primarily relates to participation in borrowing and financing transactions, dividends paid to RVMTP shareholders and the amortization of debt

issuance costs of these Preferred Shares. See Note 13, Preferred Shares, in the Notes to Financial Statements for more information.

(f)

Expense ratio as presented is calculated based on average net assets for the period presented. Due to significant fluctuations in total net assets during the period, the expense ratio to

average net assets differs from the total operating expense ratio in effect for each class. See Note 9, Fees and Expenses, in the Notes to Financial Statements for additional information

on how the Fund's expenses are calculated.

(g)

Certain organizational costs were incurred prior to the commencement of operations and reflected in the financial statements accompanying the initial registration statement. If the

Fund had incurred all organization and trustee related expenses in the current period, the ratio of expenses to average net assets excluding waivers and ratio of expenses to average

net assets excluding interest expense and waivers would have been 1.98% and 1.93% respectively.

29 Prospectus

| PIMCO California Flexible Municipal Income Fund

Prospectus

	Ratios/Supplemental Data
		Ratios to Average Net Assets
Total Return (d)	Net Assets Applicable to Common Shareholders End of Year or Period (000s)	Expenses (e)	Expenses Excluding Waivers (e)	Expenses Excluding Interest Expense	Expenses Excluding Interest Expense and Waivers	Net Investment Income (Loss)	Portfolio Turnover Rate


3.19 %	$ 93,970	2.35 %	2.38 %	1.04 %	1.07 %	3.37 %	52 %
8.21	82,578	0.78	0.92	0.75	0.89	3.72	52
(0.08 )	46,863	0.65 *	1.18 * (g)	0.60 *	1.13 * (g)	3.38 *	53

2.59 %	$ 10,162	2.85 %	2.88 %	1.54 %	1.57 %	2.78 %	52 %
4.04	4,634	1.36 * (f)	1.42 * (f)	1.33 * (f)	1.39 * (f)	3.27 *	52

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Prospectus

PIMCO California Flexible Municipal Income Fund

	RVMTP

Selected Per Share Data for the Year or Period Ended^:	Total Amount Outstanding	Asset Coverage per Preferred Share (1)	Involuntary Liquidating Preference per Preferred Share (2)	Average Market Value per Preferred Share (3)
12/31/2024	$ 25,000,000	$ 516,380	$ 100,000	N/A
12/31/2023	N/A	N/A	N/A	N/A
06/27/2022 – 12/31/2022	N/A	N/A	N/A	N/A

(1)

“Asset Coverage per Preferred Share” means the ratio that the value of the total assets of the Fund, less all liabilities and indebtedness not represented by RVMTP Shares, bears to the

aggregate of the involuntary liquidation preference of the RVMTP Shares, expressed as a dollar amount per RVMTP Share.

(2)

“Involuntary Liquidating Preference” means the amount to which a holder of the RVMTP Share would be entitled upon the involuntary liquidation of the Fund in preference to the

Common Shareholders, expressed as a dollar amount per Preferred Share.

(3)

The RVMTP Shares have no readily ascertainable market value. The liquidation value of the RVMTP Shares represents its liquidation preference, which approximates fair value of the

shares less any unamortized debt issuance costs. See Note 13, Preferred Shares, in the Notes to Financial Statements for more information.

31 Prospectus

| PIMCO California Flexible Municipal Income Fund

Prospectus

The Fund

The Fund is a non-diversified, closed-end management investment

company registered under the Act. The Fund continuously offers its

Common Shares and is operated as an “interval fund.” The Fund

currently has five separate classes of Common Shares: Institutional

Class, Class A-1, Class A-2, Class A-3 and Class A-4. The Fund was

organized as a Massachusetts business trust on February 8, 2022,

pursuant to a Declaration of Trust (the “Declaration”), which is

governed by the laws of The Commonwealth of Massachusetts. The

Fund commenced operations on June 27, 2022. The Fund has limited

operating history as of the date of this prospectus. The Fund’s principal

office is located at 1633 Broadway, New York, New York 10019.

Use of Proceeds

The Fund will invest the proceeds of the continuous offering of Common

Shares on an ongoing basis in accordance with its investment objectives

and policies as stated below. It is currently anticipated that the Fund will

be able to invest all or substantially all of the net proceeds according to

its investment objectives and policies within approximately three

months after receipt of the proceeds, depending on the amount and

timing of proceeds available to the Fund as well as the availability of

investments consistent with the Fund’s investment objectives and

policies, and except to the extent proceeds are held in cash to pay

dividends or expenses, satisfy repurchase offers or for temporary

defensive purposes. Pending such investment, it is anticipated that the

proceeds of an offering will be invested in high quality, short-term,

municipal or other tax-exempt securities, although the Fund may, if

necessary, also invest in other high-quality, short-term securities.

The Fund’s Investment Objectives and Strategies

Investment Objectives

The Fund seeks to provide high current income exempt from federal and

California income tax. Capital appreciation is a secondary objective. The

types of securities and instruments in which the Fund may invest are

summarized under “The Fund's Investment Objectives and

Policies-Portfolio Management Strategies – Portfolio Contents and

Other Information.”

Portfolio Management Strategies

PIMCO serves as the Investment Manager of the Fund and manages the

Fund’s portfolio. See “Management of the Fund.” The portfolio

management strategies and techniques to be utilized by PIMCO are

described below.

Flexible Allocation Strategy.