N-Q 1 dnq.htm PIMCO FUNDS FORM N-Q PIMCO Funds Form N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number: 811-05028

 

PIMCO Funds

(Exact name of registrant as specified in charter)

 

840 Newport Center Drive, Newport Beach, CA 92660

(Address of principal executive offices)

 

John P. Hardaway

Treasurer and Principal Financial Officer

PIMCO Funds

840 Newport Center Drive

Newport Beach, CA 92660

(Name and address of agent for service)

 

Copies to:

 

Brendan C. Fox

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

 

Registrant’s telephone number, including area code: 1-800-927-4648

 

Date of fiscal year end: March 31

 

Date of reporting period: December 31, 2010

 

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

 

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.


EXPLANATORY NOTE

 

The Registrant is filing this Quarterly Schedule of Portfolio Holdings on Form N-Q in two (2) separate submissions due to file size limitations on EDGAR submissions. This submission provides the information required by Item 1 for a limited number of the Registrant’s series. The companion submission to this Quarterly Schedule of Portfolio Holdings on Form N-Q will follow immediately and will provide the information required by Item 1 for the Registrant’s other series. Apart from Item 1, the companion submission will be identical in all material respects to this initial filing.


Item1. Schedule of Investments

 

Table of Contents

    

PIMCO All Asset All Authority Fund

 

PIMCO Mortgage-Backed Securities Fund

PIMCO All Asset Fund

 

PIMCO Municipal Bond Fund

PIMCO California Intermediate Municipal Bond Fund

 

PIMCO MuniGO Fund

PIMCO California Short Duration Municipal Income Fund

 

PIMCO New York Municipal Bond Fund

PIMCO CommoditiesPLUS Short Strategy Fund

 

PIMCO Real IncomeTM 2019 Fund

PIMCO CommoditiesPLUSTM Strategy Fund

 

PIMCO Real IncomeTM 2029 Fund

PIMCO CommodityRealReturn Strategy Fund®

 

PIMCO Real Return Asset Fund

PIMCO Convertible Fund

 

PIMCO Real Return Fund

PIMCO Developing Local Markets Fund

 

PIMCO RealEstateRealReturn Strategy Fund

PIMCO Diversified Income Fund

 

PIMCO RealRetirement® 2010 Fund

PIMCO EM Fundamental IndexPLUSTM TR Strategy Fund

 

PIMCO RealRetirement® 2020 Fund

PIMCO Emerging Local Bond Fund

 

PIMCO RealRetirement® 2030 Fund

PIMCO Emerging Markets and Infrastructure Bond Fund

 

PIMCO RealRetirement® 2040 Fund

PIMCO Emerging Markets Bond Fund

 

PIMCO RealRetirement® 2050 Fund

PIMCO Extended Duration Fund

 

PIMCO Short Duration Municipal Income Fund

PIMCO Floating Income Fund

 

PIMCO Short-Term Fund

PIMCO Foreign Bond Fund (Unhedged)

 

PIMCO Small Cap StocksPLUS® TR Fund

PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)

 

PIMCO StocksPLUS® Fund

PIMCO Fundamental Advantage Total Return Strategy Fund

 

PIMCO StocksPLUS® Long Duration Fund

PIMCO Fundamental IndexPLUSTM Fund

 

PIMCO StocksPLUS® Total Return Fund

PIMCO Fundamental IndexPLUSTM TR Fund

 

PIMCO StocksPLUS® TR Short Strategy Fund

PIMCO Global Advantage Strategy Bond Fund

 

PIMCO Tax Managed Real Return Fund

PIMCO Global Bond Fund (Unhedged)

 

PIMCO Total Return Fund

PIMCO Global Bond Fund (U.S. Dollar-Hedged)

 

PIMCO Total Return Fund II

PIMCO Global Multi-Asset Fund

 

PIMCO Total Return Fund III

PIMCO GNMA Fund

 

PIMCO Unconstrained Bond Fund

PIMCO Government Money Market Fund

 

PIMCO Unconstrained Tax Managed Bond Fund

PIMCO High Yield Fund

 

PIMCO Asset-Backed Securities Portfolio

PIMCO High Yield Municipal Bond Fund

 

PIMCO Developing Local Markets Portfolio

PIMCO High Yield Spectrum Fund

 

PIMCO Emerging Markets Portfolio

PIMCO Income Fund

 

PIMCO FX Strategies Portfolio

PIMCO International StocksPLUS® TR Strategy Fund (Unhedged)

 

PIMCO High Yield Portfolio

PIMCO International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)

 

PIMCO International Portfolio

PIMCO Investment Grade Corporate Bond Fund

 

PIMCO Investment Grade Corporate Portfolio

PIMCO Long Duration Total Return Fund

 

PIMCO Long Duration Corporate Bond Portfolio

PIMCO Long-Term Credit Fund

 

PIMCO Mortgage Portfolio

PIMCO Long-Term U.S. Government Fund

 

PIMCO Municipal Sector Portfolio

PIMCO Low Duration Fund

 

PIMCO Real Return Portfolio

PIMCO Low Duration Fund II

 

PIMCO Short-Term Floating NAV Portfolio

PIMCO Low Duration Fund III

 

PIMCO Short-Term Floating NAV Portfolio II

PIMCO Moderate Duration Fund

 

PIMCO Short-Term Portfolio

PIMCO Money Market Fund

 

PIMCO U.S. Government Sector Portfolio

 


Schedule of Investments  

PIMCO All Asset All Authority Fund

December 31, 2010 (Unaudited)

 

     SHARES      MARKET
VALUE
(000s)
 

MUTUAL FUNDS (a)(b) 119.6%

     

PIMCO CommoditiesPLUSTM Strategy Fund

     28,006,384       $ 359,602   

PIMCO CommodityRealReturn Strategy Fund®

     54,158,576         503,133   

PIMCO Convertible Fund

     26,131,363         361,919   

PIMCO Developing Local Markets Fund

     43,083,192         456,682   

PIMCO Diversified Income Fund

     15,417,555         176,377   

PIMCO EM Fundamental IndexPLUSTM TR Strategy Fund

     22,664,788         245,686   

PIMCO Emerging Local Bond Fund

     21,879,468         233,016   

PIMCO Emerging Markets Bond Fund

     4,476,403         49,688   

PIMCO EqS Pathfinder FundTM

     3,396,495         34,508   

PIMCO Floating Income Fund

     46,813,150         425,063   

PIMCO Foreign Bond Fund (Unhedged)

     8,991,965         94,865   

PIMCO Fundamental Advantage Total Return Strategy Fund

     299,400,456         1,311,374   

PIMCO Fundamental IndexPLUSTM Fund

     174,550         1,187   

PIMCO Fundamental IndexPLUSTM TR Fund

     2,972,907         16,708   

PIMCO Global Advantage Strategy Bond Fund

     12,309,598         137,006   

PIMCO High Yield Fund

     55,978,003         520,595   

PIMCO Income Fund

     56,944,271         628,665   

PIMCO International StocksPLUS® TR Strategy Fund (U.S. Dollar-Hedged)

     1,156,371         8,476   

PIMCO International StocksPLUS® TR Strategy Fund (Unhedged)

     4,393,099         28,072   

PIMCO Investment Grade Corporate Bond Fund

     32,949,891         345,315   

PIMCO Long Duration Total Return Fund

     4,869,257         52,831   

PIMCO Long-Term Credit Fund

     16,952,571         194,616   

PIMCO Long-Term U.S. Government Fund

     585,784         6,174   

PIMCO Low Duration Fund

     13,543,382         140,716   

PIMCO Real Return Asset Fund

     68,652,950         767,540   

PIMCO Real Return Fund

     12,341,550         140,200   

PIMCO RealEstateRealReturn Strategy Fund

     57,456,918         253,960   

PIMCO Short-Term Fund

     2,548,092         25,124   

PIMCO Small Cap StocksPLUS® TR Fund

     10,897,179         81,075   

PIMCO StocksPLUS® Fund

     166,173         1,396   

PIMCO StocksPLUS® Total Return Fund

     315,603         2,437   

PIMCO StocksPLUS® TR Short Strategy Fund

       365,989,970         1,599,376   

PIMCO Total Return Fund

     83,679,216         907,920   

PIMCO Unconstrained Bond Fund

     88,739,600         985,010   
           
Total Mutual Funds
(Cost $11,205,190)
        11,096,312   
           
    

 

 

PRINCIPAL

AMOUNT

(000s)

  

  

  

  

SHORT-TERM INSTRUMENTS 0.1%

     

REPURCHASE AGREEMENTS 0.0%

     

State Street Bank and Trust Co.

     

0.010% due 01/03/2011

   $ 1,005         1,005   
           

(Dated 12/31/2010. Collateralized by U.S. Treasury Notes 2.125% due 05/31/2015 valued at $1,027. Repurchase proceeds are $1,005.)

     
     SHARES         

PIMCO SHORT-TERM FLOATING NAV PORTFOLIO (a) 0.1%

     
     1,000,320         10,019   
           

Total Short-Term Instruments

(Cost $11,024)

        11,024   
           

Total Investments 119.7%

(Cost $11,216,214)

      $   11,107,336   

Other Assets and Liabilities (Net) (19.7%)

        (1,827,947 ) 
           

Net Assets 100.0%

      $ 9,279,389   
           

 

See Accompanying Notes


Notes to Schedule of Investments (amounts in thousands *):

 

* A zero balance may reflect actual amounts rounding to less than one thousand.

 

(a) Affiliated to the Fund.

 

(b) Institutional Class Shares of each Fund.

 

(c)

Fair Value Measurements (1)

 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2010 in valuing the Fund’s assets and liabilities (2):

 

Category and Subcategory (3)    Level 1  (4)      Level 2  (5)      Level 3  (6)     

Fair Value

at 12/31/2010

 

Investments, at value

           

Mutual Funds

   $   11,096,312       $ 0       $ 0       $   11,096,312   

Short-Term Instruments

           

Repurchase Agreements

     0         1,005         0         1,005   

PIMCO Short-Term Floating NAV Portfolio

     10,019         0         0         10,019   
     $ 11,106,331       $   1,005       $   0       $ 11,107,336   

 

(1) See note 5 in the Supplementary Notes to Schedule of Investments for additional information.
(2) There were no significant transfers into and out of level 1, 2, and 3 during the period ended December 31, 2010.
(3) Refer to the Schedule of Investments for additional information.
(4) Quoted prices in active markets for identical investments.
(5) Significant other observable inputs.
(6) Significant unobservable inputs.


Schedule of Investments  

PIMCO All Asset Fund

December 31, 2010 (Unaudited)

 

     SHARES     

MARKET

VALUE

(000s)

 

MUTUAL FUNDS (a)(b) 100.3%

     

PIMCO CommoditiesPLUSTM Strategy Fund

     45,569,330       $ 585,110   

PIMCO CommodityRealReturn Strategy Fund®

     87,516,686         813,030   

PIMCO Convertible Fund

     51,373,113         711,518   

PIMCO Developing Local Markets Fund

     53,680,501         569,013   

PIMCO Diversified Income Fund

     60,075,372         687,262   

PIMCO EM Fundamental IndexPLUSTM TR Strategy Fund

     103,834,579         1,125,567   

PIMCO Emerging Local Bond Fund

     27,560,053         293,515   

PIMCO Emerging Markets Bond Fund

     9,755,428         108,285   

PIMCO EqS Pathfinder FundTM

     21,049,605         213,864   

PIMCO Floating Income Fund

     129,435,630         1,175,275   

PIMCO Foreign Bond Fund (Unhedged)

     14,360,623         151,505   

PIMCO Fundamental Advantage Total Return Strategy Fund

       688,524,813         3,015,739   

PIMCO Fundamental IndexPLUSTM Fund

     2,634,429         17,914   

PIMCO Fundamental IndexPLUSTM TR Fund

     15,325,600         86,130   

PIMCO Global Advantage Strategy Bond Fund

     43,948,714         489,149   

PIMCO High Yield Fund

     79,838,674         742,500   

PIMCO High Yield Spectrum Fund

     14,965,036         154,290   

PIMCO Income Fund

     155,175,288         1,713,135   

PIMCO International StocksPLUS® TR Strategy Fund (U.S.Dollar-Hedged)

     7,345,896         53,845   

PIMCO International StocksPLUS® TR Strategy Fund (Unhedged)

     7,954,812         50,831   

PIMCO Investment Grade Corporate Bond Fund

     96,931,246         1,015,839   

PIMCO Long Duration Total Return Fund

     467,526         5,073   

PIMCO Long-Term Credit Fund

     70,015,650         803,780   

PIMCO Long-Term U.S. Government Fund

     1,236,081         13,028   

PIMCO Low Duration Fund

     12,446,280         129,317   

PIMCO Real Return Asset Fund

     141,105,038         1,577,554   

PIMCO Real Return Fund

     27,848,141         316,355   

PIMCO RealEstateRealReturn Strategy Fund

     66,349,227         293,264   

PIMCO Short-Term Fund

     1,452,359         14,320   

PIMCO Small Cap StocksPLUS® TR Fund

     1,661,591         12,362   

PIMCO StocksPLUS® Fund

     1,560,346         13,107   

PIMCO StocksPLUS® Total Return Fund

     7,760,416         59,910   

PIMCO Total Return Fund

     3,067,337         33,281   

PIMCO Unconstrained Bond Fund

     190,600,516         2,115,666   
           

Total Mutual Funds

(Cost $18,439,888)

  

  

     19,160,333   
           
     PRINCIPAL
AMOUNT
(000s)
        

SHORT-TERM INSTRUMENTS 0.2%

     

REPURCHASE AGREEMENTS 0.0%

     

State Street Bank and Trust Co.

     

0.010% due 01/03/2011

   $ 1,072         1,072   
           

(Dated 12/31/2010. Collateralized by U.S. Treasury Notes 2.125% due 05/31/2015 valued at $1,098. Repurchase proceeds are $1,072.)

     
     SHARES         

PIMCO SHORT-TERM FLOATING NAV PORTFOLIO (a) 0.2%

     
     3,823,381         38,295   
           

Total Short-Term Instruments

(Cost $39,367)

        39,367   
           

Total Investments 100.5%

(Cost $18,479,255)

      $ 19,199,700   
Other Assets and Liabilities (Net) (0.5%)         (101,855
           
Net Assets 100.0%       $   19,097,845   
           

 

See Accompanying Notes


Notes to Schedule of Investments (amounts in thousands *):

 

* A zero balance may reflect actual amounts rounding to less than one thousand.

 

(a) Affiliated to the Fund.

 

(b) Institutional Class Shares of each Fund.

 

(c)

Fair Value Measurements (1)

 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2010 in valuing the Fund’s assets and liabilities (2):

 

Category and Subcategory (3)    Level 1  (4)      Level 2  (5)      Level 3  (6)     

Fair Value

at 12/31/2010

 

Investments, at value

           

Mutual Funds

   $   19,160,333       $ 0       $ 0       $ 19,160,333   

Short-Term Instruments

           

Repurchase Agreements

     0           1,072         0         1,072   

PIMCO Short-Term Floating NAV Portfolio

     38,295         0         0         38,295   
     $ 19,198,628       $ 1,072       $   0       $   19,199,700   

 

(1) See note 5 in the Supplementary Notes to Schedule of Investments for additional information.
(2) There were no significant transfers into and out of level 1, 2, and 3 during the period ended December 31, 2010.
(3) Refer to the Schedule of Investments for additional information.
(4) Quoted prices in active markets for identical investments.
(5) Significant other observable inputs.
(6) Significant unobservable inputs.


Schedule of Investments

PIMCO California Intermediate Municipal Bond Fund

December 31, 2010 (Unaudited)

 

     PRINCIPAL
AMOUNT
(000s)
     MARKET
VALUE
(000s)
 

CORPORATE BONDS & NOTES 0.9%

     

BANKING & FINANCE 0.9%

     

American International Group, Inc.

     

8.175% due 05/15/2068

   $ 700       $ 751   

8.250% due 08/15/2018

     100         115   
           

Total Corporate Bonds & Notes

(Cost $769)

        866   
           

MUNICIPAL BONDS & NOTES 94.8%

     

CALIFORNIA 90.5%

     

Alameda, California Business Park Assessment Revenue Bonds, Series 1998

     

5.500% due 09/02/2012

     605         612   

Alum Rock, California Union Elementary School District General Obligation Bonds, (AGC Insured), Series 2008

     

5.000% due 08/01/2019

     265         291   

Baldwin Park, California Unified School District Revenue Notes, Series 2009

     

0.000% due 08/01/2014

     500         453   

Bonita, California Unified School District General Obligation Notes, Series 2009

     

4.000% due 08/01/2017

     125         133   

Brea, California Public Financing Authority Revenue Notes, Series 2010

     

4.000% due 07/01/2016

     65         71   

Burlingame, California Financing Authority Revenue Notes, Series 2010

     

5.000% due 07/01/2018

     250         278   

Cajon Valley, California Union Elementary School District General Obligation Bonds, Series 2008

     

5.000% due 08/01/2019

       1,320           1,446   

California State Association of Bay Area Governments Finance Authority for Non-Profit Corp. Revenue Bonds, (CM Insured), Series 2001

     

5.250% due 04/01/2026

     1,000         963   

California State Association of Bay Area Governments Finance Authority for Non-Profit Corp. Revenue Bonds, (CM Insured), Series 2003

     

5.200% due 11/15/2022

     3,000         3,007   

California State Bay Area Toll Authority Revenue Bonds, Series 2009

     

5.000% due 04/01/2020

     500         547   

California State Coast Community College District General Obligation Bonds, (AGM Insured), Series 2006

     

5.000% due 08/01/2022

     25         26   

California State Department of Water Resources Revenue Bonds, Series 2009

     

5.000% due 12/01/2025

     20         21   

California State Department of Water Resources Revenue Notes, Series 2010

     

5.000% due 05/01/2020

     1,000         1,109   

California State Educational Facilities Authority Revenue Bonds, (NPFGC Insured), Series 2001

     

0.000% due 10/01/2014

     500         448   

California State Educational Facilities Authority Revenue Notes, Series 2005

     

5.000% due 10/01/2012

     540         573   

5.000% due 10/01/2013

     570         615   

California State Educational Facilities Authority Revenue Notes, Series 2006

     

5.000% due 11/01/2014

     750         830   

California State General Obligation Bonds, Series 2009

     

5.000% due 07/01/2020

     1,000         1,068   

California State General Obligation Notes, Series 2009

     

5.000% due 07/01/2019

     80         88   

California State General Obligation Notes, Series 2010

     

5.000% due 11/01/2019

     500         531   

California State Health Facilities Financing Authority Revenue Bonds, Series 2008

     

5.500% due 08/15/2018

     500         554   

California State Health Facilities Financing Authority Revenue Notes, Series 2008

     

6.000% due 10/01/2018

     250         292   

California State Housing Finance Agency Revenue Bonds, (AMBAC/FHA Insured), Series 1996

     

5.950% due 02/01/2011

     35         35   

California State Housing Finance Agency Revenue Notes, (FGIC Insured), Series 2006

     

4.500% due 08/01/2012

     1,400         1,427   

California State Infrastructure & Economic Development Bank Revenue Notes, Series 2010

     

4.500% due 12/01/2016

     150         168   

California State Mountain House Public Financing Authority Revenue Notes, Series 2007

     

5.000% due 12/01/2015

     640         657   

California State M-S-R Public Power Agency Revenue Bonds, (AGM Insured), Series 2008

     

5.000% due 07/01/2019

     1,000         1,102   

California State M-S-R Public Power Agency Revenue Notes, (AGM Insured), Series 2008

     

5.000% due 07/01/2018

     2,000         2,235   

California State Municipal Finance Authority Revenue Notes, Series 2007

     

5.000% due 04/01/2016

     435         476   

California State Palomar Pomerado Health Certificates of Participation Bonds, Series 2010

     

5.250% due 11/01/2021

     1,000         955   

California State Pasadena Area Community College District General Obligation Notes, Series 2009

     

5.000% due 08/01/2017

     250         282   

California State Public Works Board Revenue Bonds, (NPFGC Insured), Series 2005

     

5.250% due 11/01/2019

     1,000         1,093   

California State Public Works Board Revenue Bonds, Series 2005

     

5.000% due 04/01/2017

     1,000         1,093   

California State Public Works Board Revenue Notes, (NPFGC/FGIC Insured), Series 2006

     

5.000% due 10/01/2016

     2,500         2,714   

California State San Joaquin Delta Community College District General Obligation Notes, (AMBAC Insured), Series 2006

     

0.000% due 08/01/2014

     2,000         1,830   

California State San Ramon Valley Unified School District General Obligation Bonds, (NPFGC/FGIC Insured), Series 1998

     

0.000% due 07/01/2018

     2,000         1,461   

California State Southwestern Community College District General Obligation Bonds, (NPFGC/FGIC Insured), Series 2005

     

5.250% due 08/01/2016

     400         450   

California State Tobacco Securitization Agency Revenue Bonds, Series 2002

     

6.125% due 06/01/2043

     1,000         752   

California State Tobacco Securitization Agency Revenue Bonds, Series 2006

     

5.450% due 06/01/2028

     2,150         1,761   

California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2001

     

5.000% due 10/01/2018

     1,500         1,501   

California Statewide Communities Development Authority Revenue Bonds, (SGI Insured), Series 2006

     

4.100% due 04/01/2028

     1,000         1,053   

California Statewide Communities Development Authority Revenue Bonds, Series 2005

     

5.000% due 03/01/2018

     125         130   

California Statewide Communities Development Authority Revenue Bonds, Series 2010

     

5.000% due 11/01/2020

     555         564   

California Statewide Communities Development Authority Revenue Notes, Series 2004

     

5.500% due 05/15/2012

     500         517   

California Statewide Communities Development Authority Revenue Notes, Series 2005

     

5.000% due 07/01/2013

     850         901   

Campbell, California Redevelopment Agency Tax Allocation Notes, Series 2002

     

4.700% due 10/01/2011

     505         509   

Capistrano, California Unified School District Special Tax Bonds, Series 2003

     

5.250% due 09/01/2016

     700         712   

5.375% due 09/01/2017

     800         812   

Castaic Lake, California Water Agency Certificates of Participation Notes, Series 2010

     

5.000% due 08/01/2019

     30         33   

Contra Costa, California Water District Revenue Notes, Series 2010

     

4.000% due 10/01/2015

     250         274   

Desert Sands, California Unified School District General Obligation Notes, (AMBAC Insured), Series 2006

     

0.000% due 06/01/2014

     3,000         2,760   

Diablo, California Water District Certificates of Participation Notes, Series 2010

     

4.000% due 01/01/2016

     125         135   

El Monte, California Union High School District General Obligation Notes, (NPFGC/FGIC Insured), Series 2006

     

0.000% due 06/01/2013

     1,195         1,134   

Encinitas, California Public Financing Authority General Obligation Notes, Series 2010

     

5.000% due 04/01/2015

     140         155   

5.000% due 04/01/2016

     150         167   

Encinitas, California Union School District General Obligation Bonds, (NPFGC Insured), Series 1996

     

0.000% due 08/01/2018

     1,500         1,076   

Fresno, California Revenue Bonds, (AGC Insured), Series 2008

     

5.000% due 09/01/2019

     700         775   

Fresno, California Revenue Notes, Series 2010

     

4.000% due 06/01/2016

     40         42   

Hawthorne, California School District General Obligation Notes, (AGC Insured), Series 2009

     

0.000% due 08/01/2014

     125         113   

0.000% due 08/01/2015

     140         120   

Inland Empire, California Tobacco Securitization Authority Revenue Bonds, Series 2007

     

4.625% due 06/01/2021

     860         670   

Lafayette, California Elementary School District General Obligation Notes, Series 2010

     

5.000% due 08/01/2016

     155         179   


               

Laguna Beach, California Unified School District General Obligation Notes, Series 2010

     

4.000% due 08/01/2015

     125         138   

4.000% due 08/01/2016

     100         110   

Long Beach, California Bond Finance Authority Revenue Bonds, Series 2007

     

5.250% due 11/15/2018

     1,000         1,041   

5.250% due 11/15/2019

     500         513   

Long Beach, California Revenue Notes, Series 2010

     

3.000% due 05/01/2017

     500         514   

5.000% due 05/15/2016

     925         1,047   

Long Beach, California Special Tax Bonds, Series 2008

     

5.375% due 10/01/2022

     250         244   

Long Beach, California Unified School District General Obligation Notes, Series 2009

     

5.000% due 08/01/2017

     200         227   

Los Angeles County, California Metropolitan Transportation Authority Revenue Notes, Series 2010

     

4.000% due 07/01/2015

     200         214   

5.000% due 06/01/2018

     1,415         1,590   

Los Angeles County, California Schools Regionalized Business Services Corp. Certificates of Participation Notes, (AGM Insured), Series 2010

     

5.000% due 06/01/2018

     640         712   

Los Angeles, California Department of Airports Revenue Notes, (NPFGC Insured), Series 2006

     

5.000% due 05/15/2016

     1,000         1,087   

Los Angeles, California Department of Airports Revenue Notes, Series 2010

     

5.000% due 05/15/2019

     650         715   

Los Angeles, California Department of Water & Power Revenue Bonds, (NPFGC Insured), Series 2003

     

5.000% due 07/01/2016

     1,000         1,078   

Los Angeles, California Municipal Improvement Corp. Revenue Bonds, Series 2008

     

5.000% due 09/01/2019

     250         265   

Los Gatos, California Unified School District General Obligation Notes, Series 2010

     

4.000% due 08/01/2016

     25         28   

Mesa, California Consolidated Water District Certificates of Participation Notes, Series 2009

     

4.000% due 03/15/2014

     250         266   

Modesto, California Irrigation District Certificates of Participation Notes, (AMBAC Insured), Series 2006

     

5.000% due 10/01/2015

     1,545         1,721   

Monte Vista, California Water District Certificates of Participation Notes, Series 2010

     

3.000% due 10/01/2016

     30         31   

Morgan Hill, California Unified School District General Obligation Notes, (AMBAC Insured), Series 2006

     

0.000% due 08/01/2016

     500         414   

Mount San Antonio, California Community College District General Obligation Bonds, (NPFGC Insured), Series 2005

     

0.000% due 08/01/2016

     1,000         826   

Mount San Antonio, California Community College District General Obligation Notes, Series 2010

     

0.000% due 05/01/2015

     1,000         875   

Newport Beach, California Special Assessment Notes, Series 2010

     

3.000% due 09/02/2016

     165         163   

Oakland, California Port Authority Revenue Bonds, (NPFGC/FGIC Insured), Series 2000

     

5.750% due 11/01/2012

     495         497   

Palm Springs, California Revenue Notes, Series 2008

     

5.300% due 07/01/2013

     165         168   

Redondo Beach, California Unified School District General Obligation Notes, Series 2010

     

4.000% due 08/01/2020

     70         72   

Riverbank, California Redevelopment Agency Tax Allocation Notes, Series 2007

     

4.100% due 08/01/2013

     255         255   

Sacramento County, California Sanitation District Revenue Bonds, (NPFGC/FGIC Insured), Series 2006

     

5.000% due 12/01/2017

     1,000         1,104   

Sacramento County, California Sanitation Districts Financing Authority Revenue Notes, Series 2010

     

3.000% due 12/01/2012

     25         26   

4.000% due 08/01/2016

     230         249   

Sacramento, California Municipal Utility District Revenue Bonds, Series 1983

     

9.000% due 04/01/2013

     380         418   

San Diego County, California Certificates of Participation Notes, Series 2006

     

5.000% due 09/01/2013

     1,340         1,404   

San Diego County, California Regional Airport Authority Revenue Notes, Series 2010

     

5.000% due 07/01/2017

     815         896   

San Diego, California Public Facilities Financing Authority Revenue Notes, Series 2009

     

5.000% due 05/15/2017

     500         562   

San Diego, California Redevelopment Agency Tax Allocation Bonds, (SGI Insured), Series 2004

     

5.250% due 09/01/2016

     1,000         1,054   

San Fernando, California Redevelopment Agency Tax Allocation Bonds, Series 2006

     

4.500% due 09/15/2017

     1,425         1,410   

San Francisco, California City & County Airports Commission Revenue Bonds, (NPFGC/FGIC Insured), Series 2006

     

5.250% due 05/01/2019

     2,960         3,264   

San Francisco, California City & County Airports Commission Revenue Bonds, Series 2010

     

5.000% due 05/01/2023

     25         26   

San Francisco, California City & County Public Utilities Commission Revenue Bonds, Series 2010

     

5.000% due 11/01/2020

     20         22   

San Francisco, California City & County Public Utilities Commission Revenue Notes, Series 2009

     

4.000% due 11/01/2018

     1,000         1,050   

San Jose, California Redevelopment Agency Tax Allocation Bonds, (NPFGC Insured), Series 2005

     

5.000% due 08/01/2017

     1,000         1,048   

San Jose, California Redevelopment Agency Tax Allocation Bonds, Series 2008

     

6.500% due 08/01/2019

     1,000         1,118   

San Luis Obispo County, California Financing Authority Revenue Bonds, (NPFGC Insured), Series 2007

     

5.000% due 09/01/2018

     750         802   

San Mateo, California Union High School District General Obligation Bonds, (NPFGC/FGIC Insured), Series 2002

     

0.000% due 09/01/2020

     2,300         1,459   

Santa Clara County, California Financing Authority Revenue Notes, Series 2008

     

5.000% due 11/15/2016

     185         211   

Santa Cruz County, California Redevelopment Agency Tax Allocation Bonds, Series 2009

     

7.000% due 09/01/2036

     1,000         1,084   

Sonoma County, California Junior College District General Obligation Bonds, (NPFGC Insured), Series 2007

     

5.000% due 08/01/2018

     1,250         1,373   

Torrance, California Revenue Notes, Series 2010

     

3.000% due 09/01/2016

     200         200   

University of California Regents Medical Center Revenue Bonds, (NPFGC Insured), Series 2007

     

0.801% due 05/15/2030

     1,500         979   

University of California Regents Medical Center Revenue Notes, Series 2008

     

5.000% due 05/15/2017

     2,000         2,235   

University of California Revenue Bonds, (AGM Insured), Series 2005

     

5.000% due 05/15/2016

     1,740         1,893   

University of California Revenue Bonds, Series 2008

     

5.000% due 05/15/2018

     350         389   

University of California Revenue Notes, Series 2009

     

5.000% due 05/15/2016

     85         96   

Victor Valley, California Union High School District General Obligation Notes, (AGC Insured), Series 2009

     

0.000% due 08/01/2013

     400         379   

West Contra Costa, California Unified School District General Obligation Notes, (AGC Insured), Series 2009

     

5.000% due 08/01/2017

     1,000         1,093   
           
        87,434   
           

NEW JERSEY 0.2%

     

New Jersey State Economic Development Authority Revenue Bonds, Series 1998

     

6.500% due 04/01/2018

     220         227   
           

PUERTO RICO 3.0%

     

Commonwealth of Puerto Rico General Obligation Bonds, (AGC Insured), Series 2006

     

3.256% due 07/01/2020

     1,000         891   

Commonwealth of Puerto Rico General Obligation Bonds, (FGIC Insured), Series 2006

     

3.136% due 07/01/2021

     250         199   

Puerto Rico Government Development Bank Revenue Notes, Series 2006

     

5.000% due 12/01/2014

     1,250         1,330   

Puerto Rico Highway & Transportation Authority Revenue Bonds, Series 2007

     

5.500% due 07/01/2021

     500         516   
           
        2,936   
           

TEXAS 0.1%

     

Houston, Texas Airport Systems Revenue Bonds, Series 1997

     

6.125% due 07/15/2017

     100         97   
           

VIRGIN ISLANDS 1.0%

     

Virgin Islands Public Finance Authority Revenue Bonds, Series 2003

     

6.125% due 07/01/2022

     1,000         980   
           

Total Municipal Bonds & Notes

(Cost $90,868)

        91,674   
           


     SHARES         

CONVERTIBLE PREFERRED SECURITIES 0.0%

     

BANKING & FINANCE 0.0%

     

American International Group, Inc.

     

8.500% due 08/01/2011

     5,200         46   
           

Total Convertible Preferred Securities

(Cost $390)

        46   
           
    

PRINCIPAL
AMOUNT
(000s)

        

SHORT-TERM INSTRUMENTS 0.9%

     

REPURCHASE AGREEMENTS 0.9%

     

State Street Bank and Trust Co.

     

0.010% due 01/03/2011

   $ 833         833   
           

(Dated 12/31/2010. Collateralized by U.S. Treasury Notes 2.125% due 05/31/2015 valued at $854. Repurchase proceeds are $833.)

     

Total Short-Term Instruments

(Cost $833)

        833   
           

Total Investments 96.6%

(Cost $92,860)

      $ 93,419   
Other Assets and Liabilities (Net) 3.4%         3,312   
           
Net Assets 100.0%       $   96,731   
           

 

See Accompanying Notes


Notes to Schedule of Investments (amounts in thousands *):

 

* A zero balance may reflect actual amounts rounding to less than one thousand.

 

(a)

Fair Value Measurements (1)

 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2010 in valuing the Fund’s assets and liabilities (2):

 

Category and Subcategory (3)    Level 1  (4)      Level 2 (5)      Level 3  (6)      Fair Value
at 12/31/2010
 

Investments, at value

           

Corporate Bonds & Notes

           

Banking & Finance

   $ 0       $ 866       $ 0       $ 866   

Municipal Bonds & Notes

           

California

     0           87,434         0         87,434   

New Jersey

     0         227         0         227   

Puerto Rico

     0         2,936         0         2,936   

Texas

     0         97         0         97   

Virgin Islands

     0         980         0         980   

Convertible Preferred Securities

           

Banking & Finance

     46         0         0         46   

Short-Term Instruments

           

Repurchase Agreements

     0         833         0         833   
   
   $   46       $ 93,373       $   0       $   93,419   
   

 

(1) See note 5 in the Supplementary Notes to Schedule of Investments for additional information.
(2) There were no significant transfers into and out of level 1, 2, and 3 during the period ended December 31, 2010.
(3) Refer to the Schedule of Investments for additional information.
(4) Quoted prices in active markets for identical investments.
(5) Significant other observable inputs.
(6) Significant unobservable inputs.


Schedule of Investments

PIMCO California Short Duration Municipal Income Fund

December 31, 2010 (Unaudited)

 

     PRINCIPAL
AMOUNT
(000s)
     MARKET
VALUE
(000s)
 

CORPORATE BONDS & NOTES 0.1%

     

BANKING & FINANCE 0.1%

     

American International Group, Inc.

     

5.600% due 10/18/2016

   $ 100       $ 103   

8.175% due 05/15/2068

     100         107   

General Electric Capital Corp.

     

0.458% due 07/27/2012

     150         150   
           

Total Corporate Bonds & Notes

(Cost $305)

        360   
           

MUNICIPAL BONDS & NOTES 97.8%

     

CALIFORNIA 96.0%

     

Alameda County, California Certificates of Participation Bonds, (AMBAC Insured), Series 2007

     

5.000% due 12/01/2017

     495         540   

Alta Loma, California School District General Obligation Bonds, (NPFGC/FGIC Insured), Series 1999

     

0.000% due 08/01/2012

     400         390   

Anaheim, California Public Financing Authority Revenue Notes, Series 2008

     

4.000% due 08/01/2012

     350         365   

Atascadero, California Public Financing Authority Revenue Notes, Series 2010

     

3.000% due 10/01/2014

     110         114   

Berkeley, California General Obligation Notes, Series 2010

     

4.000% due 09/01/2012

     10         11   

Beverly Hills, California Public Financing Authority Revenue Notes, Series 2010

     

4.000% due 06/01/2013

     800         852   

Brea, California Public Financing Authority Revenue Notes, Series 2010

     

2.000% due 07/01/2011

     865         870   

3.000% due 07/01/2012

     415         426   

3.000% due 07/01/2013

     250         258   

Brentwood, California Union School District General Obligation Bonds, (NPFGC/FGIC Insured), Series 2007

     

5.250% due 08/01/2017

     110         121   

Brentwood, California Union School District General Obligation Notes, (NPFGC/FGIC Insured), Series 2007

     

5.250% due 08/01/2016

     135         149   

Burlingame, California Financing Authority Revenue Notes, (SGI Insured ), Series 2004

     

3.875% due 12/01/2012

     15         16   

Burlingame, California Financing Authority Revenue Notes, Series 2010

     

5.000% due 07/01/2016

     35         39   

Calaveras, California Unified School District General Obligation Notes, (AGC Insured), Series 2009

     

3.000% due 08/01/2012

     560         577   

3.000% due 08/01/2013

     460         477   

Calaveras, California Unified School District General Obligation Notes, Series 2009

     

3.000% due 08/01/2011

     300         304   

California State Association of Bay Area Governments Finance Authority for Non-Profit Corp. Revenue Notes, (CM Insured), Series 2002

     

4.500% due 04/01/2011

     500         503   

California State Association of Bay Area Governments Finance Authority for Non-Profit Corp. Revenue Notes, (CM Insured), Series 2010

     

3.000% due 09/01/2012

     775         779   

4.000% due 09/01/2015

     750         761   

California State Bay Area Governments Association Revenue Notes, (SGI Insured), Series 2006

     

5.000% due 08/01/2013

     295         296   

California State Bay Area Toll Authority Revenue Notes, Series 2006

     

5.000% due 04/01/2015

     100         112   

California State Calleguas-Las Virgenes Public Financing Authority Revenue Notes, Series 2009

     

4.000% due 11/01/2013

     400         428   

California State Cardiff School District General Obligation Notes, Series 2010

     

3.000% due 08/01/2013

     500         523   

California State Central Contra Costa Sanitation District Certificates of Participation Notes, Series 2009

     

4.000% due 09/01/2011

       1,000           1,022   

California State Cerritos Community College District General Obligation Notes, Series 2009

     

4.000% due 08/01/2011

     400         408   

California State Department of Water Resources Revenue Bonds, (AMBAC Insured), Series 2002

     

5.500% due 05/01/2014

     315         338   

California State Department of Water Resources Revenue Bonds, Series 2002

     

6.000% due 05/01/2014

     3,050         3,295   

California State Department of Water Resources Revenue Notes, (NPFGC/IBC Insured), Series 2002

     

5.500% due 05/01/2012

     700         743   

California State Department of Water Resources Revenue Notes, Series 2002

     

5.500% due 05/01/2011

     185         188   

California State Department of Water Resources Revenue Notes, Series 2008

     

4.000% due 12/01/2012

     855         907   

California State Department of Water Resources Revenue Notes, Series 2010

     

2.000% due 05/01/2012

     1,150         1,167   

5.000% due 05/01/2013

     305         331   

5.000% due 05/01/2014

     3,075         3,402   

5.000% due 05/01/2020

     3,000         3,327   

California State East Side Union High School District General Obligation Bonds, (NPFGC Insured), Series 2003

     

4.900% due 02/01/2015

     150         161   

California State East Side Union High School District General Obligation Notes, (AGC Insured), Series 2008

     

5.000% due 08/01/2016

     575         647   

California State East Side Union High School District General Obligation Notes, (SGI Insured), Series 2005

     

4.000% due 08/01/2012

     200         208   

California State Educational Facilities Authority Revenue Bonds, Series 2008

     

0.350% due 10/01/2026

     260         260   

California State Educational Facilities Authority Revenue Notes, Series 2005

     

5.000% due 10/01/2014

     500         545   

California State Educational Facilities Authority Revenue Notes, Series 2006

     

5.000% due 11/01/2011

     625         646   

5.000% due 11/01/2013

     525         575   

California State Educational Facilities Authority Revenue Notes, Series 2009

     

4.000% due 11/01/2013

     50         53   

5.000% due 04/01/2013

     175         187   

California State Educational Facilities Authority Revenue Notes, Series 2010

     

1.140% due 10/01/2015

     3,790         3,804   

2.000% due 02/01/2013

     165         168   

3.000% due 10/01/2012

     1,315         1,353   

4.000% due 02/01/2014

     250         268   

California State Enterprise Development Authority Revenue Notes, Series 2010

     

4.000% due 09/01/2013

     200         213   

4.000% due 09/01/2014

     220         234   

California State General Obligation Bonds, Series 1991

     

6.600% due 02/01/2011

     1,455         1,461   

California State General Obligation Bonds, Series 2004

     

0.350% due 05/01/2034

     1,000         1,000   

5.000% due 07/01/2016

     2,000         2,034   

California State General Obligation Bonds, Series 2008

     

5.000% due 07/01/2023

     175         176   

California State General Obligation Notes, Series 2004

     

5.250% due 07/01/2012

     1,175         1,249   

California State General Obligation Notes, Series 2008

     

5.000% due 01/01/2011

     1,500         1,500   

5.000% due 04/01/2015

     450         491   

California State General Obligation Notes, Series 2010

     

4.000% due 11/01/2013

     500         527   

California State Health Facilities Financing Authority Revenue Bonds, Series 2001

     

0.300% due 10/01/2023

     4,100         4,100   

California State Health Facilities Financing Authority Revenue Bonds, Series 2004

     

4.950% due 07/01/2026

     645         689   

California State Health Facilities Financing Authority Revenue Bonds, Series 2008

     

0.300% due 10/01/2031

     1,090         1,090   

5.500% due 08/15/2018

     250         277   

California State Health Facilities Financing Authority Revenue Bonds, Series 2009

     

0.270% due 09/01/2038

     100         100   

0.300% due 07/01/2033

     1,700         1,700   

5.000% due 07/01/2037

     1,250         1,312   

California State Health Facilities Financing Authority Revenue Notes, (NPFGC Insured), Series 2003

     

5.000% due 11/01/2011

     150         154   

California State Health Facilities Financing Authority Revenue Notes, Series 2008

     

5.000% due 08/15/2014

     1,000         1,095   

California State Health Facilities Financing Authority Revenue Notes, Series 2009

     

5.000% due 03/01/2011

     1,000         1,006   

5.000% due 08/15/2011

     1,000         1,022   

5.000% due 03/01/2014

     250         269   

5.000% due 08/15/2014

     350         382   

California State Health Facilities Financing Authority Revenue Notes, Series 2010

     

3.000% due 11/15/2013

     750         780   

4.000% due 11/15/2011

     1,000         1,028   

5.000% due 11/15/2012

     1,000         1,072   

California State Housing Finance Agency Revenue Notes, Series 2010

     

2.375% due 08/01/2014

     3,170         3,125   


               

California State Infrastructure & Economic Development Bank Revenue Bonds, Series 2008

     

0.260% due 09/01/2038

     4,825         4,825   

0.340% due 12/01/2031

     970         970   

California State Infrastructure & Economic Development Bank Revenue Bonds, Series 2009

     

0.290% due 11/01/2026

     2,500         2,500   

California State Infrastructure & Economic Development Bank Revenue Bonds, Series 2010

     

0.370% due 09/01/2031

     1,300         1,300   

2.250% due 11/01/2026

     3,000         3,015   

California State Infrastructure & Economic Development Bank Revenue Notes, (AMBAC Insured), Series 2004

     

5.250% due 10/01/2013

     1,250         1,368   

California State Infrastructure & Economic Development Bank Revenue Notes, Series 2008

     

3.000% due 10/01/2011

     400         406   

5.000% due 02/01/2014

     750         813   

California State Infrastructure & Economic Development Bank Revenue Notes, Series 2010

     

3.000% due 12/01/2012

     600         625   

3.000% due 05/15/2013

     415         431   

California State Los Rios Community College District General Obligation Notes, Series 2010

     

4.000% due 08/01/2014

     100         108   

4.000% due 08/01/2015

     200         219   

California State M-S-R Public Power Agency Revenue Bonds, (NPFGC Insured), Series 1997

     

4.100% due 07/01/2016

     20         21   

California State M-S-R Public Power Agency Revenue Notes, (AGM Insured), Series 2008

     

5.000% due 07/01/2018

     250         279   

California State M-S-R Public Power Agency Revenue Notes, (NPFGC Insured), Series 2007

     

5.000% due 07/01/2011

     510         518   

California State Municipal Finance Authority Certificates of Participation Notes, Series 2009

     

3.000% due 02/01/2011

     500         500   

California State Municipal Finance Authority Revenue Notes, Series 2010

     

3.000% due 07/01/2013

     350         350   

California State Northern Power Agency Revenue Notes, Series 2008

     

5.000% due 07/01/2012

     1,500         1,584   

California State Northern Power Agency Revenue Notes, Series 2009

     

5.000% due 07/01/2014

     420         463   

California State Northern Power Agency Revenue Notes, Series 2010

     

3.000% due 06/01/2013

     2,850         2,940   

California State Ohlone Community College District General Obligation Notes, Series 2010

     

4.000% due 08/01/2015

     150         165   

4.000% due 08/01/2016

     200         219   

4.000% due 08/01/2020

     60         62   

California State OMWD Financing Authority Revenue Notes, Series 2009

     

3.000% due 06/01/2012

     160         165   

California State Padre Dam Municipal Water District Certificates of Participation Notes, Series 2009

     

3.000% due 10/01/2011

     200         203   

California State Pollution Control Financing Authority Revenue Bonds, Series 1996

     

0.260% due 11/01/2026

     3,100         3,100   

California State Pollution Control Financing Authority Revenue Bonds, Series 2009

     

2.600% due 12/01/2046

     2,500         2,472   

California State Public Works Board Revenue Bonds, (AMBAC Insured), Series 2005

     

5.000% due 01/01/2019

     150         152   

California State Public Works Board Revenue Bonds, (NPFGC Insured), Series 2005

     

5.250% due 11/01/2019

     270         295   

California State Public Works Board Revenue Bonds, (NPFGC/FGIC Insured), Series 2006

     

5.250% due 10/01/2017

     380         410   

California State Public Works Board Revenue Notes, Series 2003

     

5.500% due 06/01/2013

     750         803   

California State Public Works Board Revenue Notes, Series 2010

     

4.000% due 03/01/2013

     2,680         2,836   

4.000% due 03/01/2014

     3,630         3,789   

California State Rim World Unified School District General Obligation Notes, (AGM Insured), Series 2009

     

3.000% due 08/01/2012

     275         283   

California State South Placer Wastewater Authority Revenue Bonds, Series 2008

     

0.320% due 11/01/2027

     2,000         2,000   

California State University Revenue Bonds, (AMBAC Insured), Series 2005

     

5.000% due 11/01/2015

     80         90   

California State University Revenue Notes, (AGM Insured), Series 2004

     

3.500% due 11/01/2012

     2,565         2,682   

California State University Revenue Notes, (AMBAC Insured), Series 2005

     

5.000% due 11/01/2011

     1,400         1,449   

California Statewide Communities Development Authority Revenue Bonds, (AGM Insured), Series 2007

     

5.250% due 07/01/2018

     250         278   

California Statewide Communities Development Authority Revenue Bonds, (SGI Insured), Series 2006

     

4.100% due 04/01/2028

     3,000         3,160   

California Statewide Communities Development Authority Revenue Bonds, Series 2001

     

3.900% due 08/01/2031

     1,050         1,099   

California Statewide Communities Development Authority Revenue Bonds, Series 2002

     

3.850% due 11/01/2029

     255         265   

California Statewide Communities Development Authority Revenue Bonds, Series 2004

     

3.450% due 04/01/2035

     1,000         1,007   

California Statewide Communities Development Authority Revenue Bonds, Series 2008

     

0.290% due 08/15/2027

     3,200         3,200   

0.290% due 12/01/2037

     2,000         2,000   

California Statewide Communities Development Authority Revenue Notes, (AGM Insured), Series 2004

     

5.000% due 08/15/2012

     425         450   

California Statewide Communities Development Authority Revenue Notes, (AGM Insured), Series 2007

     

5.000% due 07/01/2014

     750         820   

California Statewide Communities Development Authority Revenue Notes, (FHA Insured), Series 2009

     

5.500% due 08/01/2012

     1,215         1,288   

5.500% due 08/01/2014

       2,610         2,891   

California Statewide Communities Development Authority Revenue Notes, (NPFGC Insured), Series 2005

     

5.000% due 05/01/2015

     150         160   

California Statewide Communities Development Authority Revenue Notes, (Radian Insured), Series 2005

     

5.000% due 04/01/2011

     100         100   

California Statewide Communities Development Authority Revenue Notes, Series 2004

     

5.500% due 05/15/2012

     750         775   

California Statewide Communities Development Authority Revenue Notes, Series 2005

     

5.000% due 07/01/2011

     325         331   

5.000% due 07/01/2012

     640         667   

California Statewide Communities Development Authority Revenue Notes, Series 2006

     

4.500% due 11/15/2012

     370         371   

California Statewide Communities Development Authority Revenue Notes, Series 2009

     

4.000% due 06/15/2013

     700         726   

5.000% due 04/01/2013

     4,510           4,810   

5.000% due 06/15/2013

     2,745         2,910   

California Statewide Communities Development Authority Revenue Notes, Series 2010

     

3.000% due 11/01/2012

     250         255   

California Statewide Financing Authority Revenue Notes, Series 2002

     

4.600% due 05/01/2012

     1,030         1,055   

Campbell, California Union High School District General Obligation Notes, Series 2010

     

3.000% due 08/01/2012

     225         232   

Capistrano, California Unified School District Community Facilities District No. 87-1 Special Tax Notes, (AMBAC Insured), Series 2006

     

5.000% due 09/01/2014

     1,100         1,180   

Carlsbad, California Unified School District Certificates of Participation Notes, Series 2009

     

2.000% due 10/01/2011

     425         428   

Castaic Lake, California Water Agency Certificates of Participation Notes, Series 2010

     

4.000% due 08/01/2012

     610         640   

4.000% due 08/01/2015

     130         141   

Central Valley, California Financing Authority Revenue Notes, Series 2009

     

3.000% due 07/01/2011

     750         757   

4.000% due 07/01/2012

     750         779   

Chino Hills, California Special Tax Notes, (AGM Insured), Series 2010

     

2.000% due 09/01/2011

     90         91   

3.000% due 09/01/2012

     125         128   

3.000% due 09/01/2013

     200         206   

Citrus Heights, California Water District Certificates of Participation Notes, Series 2010

     

2.000% due 10/01/2011

     90         91   

2.000% due 10/01/2012

     220         223   

4.000% due 10/01/2017

     250         256   

4.000% due 10/01/2019

     100         99   

Contra Costa, California Water District Revenue Notes, Series 2010

     

4.000% due 10/01/2013

     2,910         3,141   

Cucamonga County, California Water District Certificates of Participation Notes, (AGM Insured), Series 2009

     

2.500% due 09/01/2011

     450         455   


               

Cucamonga County, California Water District Certificates of Participation Notes, (NPFGC Insured), Series 2006

     

4.000% due 09/01/2014

     250         268   

Desert Sands, California Unified School District Certificates of Participation Notes, Series 2008

     

4.000% due 03/01/2012

     1,000         1,030   

Desert Sands, California Unified School District General Obligation Notes, (AMBAC Insured), Series 2006

     

0.000% due 06/01/2014

     1,000         920   

El Dorado, California Union High School District Certificates of Participation Notes, Series 2009

     

0.000% due 12/01/2013

     460         420   

El Monte, California School District General Obligation Notes, (NPFGC/FGIC Insured), Series 2005

     

0.000% due 05/01/2012

     1,555         1,521   

Encinitas, California Public Financing Authority General Obligation Notes, Series 2010

     

3.000% due 04/01/2012

     250         256   

3.000% due 04/01/2013

     535         553   

Folsom, California Redevelopment Agency Tax Allocation Notes, Series 2009

     

3.000% due 08/01/2011

     360         361   

Fontana, California Unified School District General Obligation Notes, (AGC Insured), Series 2009

     

4.000% due 05/01/2011

     350         354   

Fremont, California Unified School District General Obligation Notes, Series 2009

     

4.000% due 08/01/2012

     610         639   

4.000% due 08/01/2013

     700         746   

Fresno, California Unified School District General Obligation Notes, (NPFGC Insured), Series 2005

     

5.000% due 08/01/2014

     300         337   

Fullerton, California Joint Union High School District General Obligation Notes, Series 2010

     

2.000% due 08/01/2011

     150         151   

4.000% due 08/01/2012

     45         47   

4.000% due 08/01/2014

     425         459   

4.000% due 08/01/2015

     150         164   

Golden Empire, California Schools Financing Authority Revenue Notes, Series 2010

     

4.000% due 05/01/2012

     2,000         2,072   

Golden State, California Tobacco Securitization Corp. Revenue Bonds, (AMBAC Insured), Series 2003

     

5.000% due 06/01/2038

     1,175         1,279   

5.000% due 06/01/2043

     100         109   

Golden State, California Tobacco Securitization Corp. Revenue Bonds, (FGIC Insured), Series 2003

     

5.625% due 06/01/2038

     100         110   

Golden State, California Tobacco Securitization Corp. Revenue Bonds, (SGI/ICR Insured), Series 2003

     

5.500% due 06/01/2043

     1,735         1,909   

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2003

     

5.500% due 06/01/2033

     2,500         2,751   

5.500% due 06/01/2043

     2,655         2,922   

5.625% due 06/01/2038

     3,665         4,044   

6.250% due 06/01/2033

     6,650         7,251   

6.625% due 06/01/2040

     2,020         2,277   

6.750% due 06/01/2039

     4,870         5,503   

7.875% due 06/01/2042

     105         121   

Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2007

     

4.200% due 06/01/2012

     600         612   

5.000% due 06/01/2011

     500         505   

Hawthorne, California School District General Obligation Notes, (AGC Insured), Series 2009

     

0.000% due 08/01/2011

     185         184   

0.000% due 08/01/2012

     100         97   

0.000% due 08/01/2013

     115         109   

Huntington Beach, California Public Financing Authority Revenue Notes, Series 2010

     

3.000% due 09/01/2012

     250         258   

4.000% due 09/01/2013

     225         239   

Imperial, California Irrigation District Revenue Notes, Series 2010

     

4.000% due 07/01/2014

     750         808   

4.000% due 07/01/2015

     400         434   

Indio, California Water Authority Revenue Notes, (AMBAC Insured), Series 2006

     

4.000% due 04/01/2011

     300         302   

Industry, California General Obligation Notes, Series 2009

     

4.000% due 07/01/2011

     275         280   

4.000% due 07/01/2012

     1,000         1,046   

5.000% due 07/01/2013

     750         817   

Irvine, California Special Assessment Bonds, Series 1994

     

0.280% due 09/02/2020

     438         438   

Irvine, California Special Assessment Bonds, Series 2000

     

0.270% due 09/02/2025

     1,300         1,300   

Jefferson Union, California High School District General Obligation Notes, (AGM Insured), Series 2010

     

3.000% due 08/01/2012

     200         206   

La Habra, California Utility Authority Revenue Notes, Series 2010

     

2.000% due 11/01/2011

     145         146   

3.000% due 11/01/2012

     175         181   

Lafayette, California Elementary School District General Obligation Notes, Series 2010

     

4.000% due 08/01/2015

     925         1,014   

Laguna Beach, California General Obligation Bonds, Series 2001

     

5.000% due 08/15/2011

     125         128   

Lake Arrowhead, California Community Services District Certificates of Participation Notes, Series 2009

     

2.500% due 10/01/2011

     645         653   

3.000% due 10/01/2012

     300         309   

Lancaster, California Redevelopment Agency Revenue Notes, Series 2010

     

3.000% due 12/01/2011

     120         121   

Lincoln, California Unified School District Special Tax Notes, (AMBAC Insured), Series 2006

     

5.000% due 09/01/2015

     185         194   

Long Beach, California Revenue Notes, Series 2009

     

4.000% due 06/01/2012

     90         93   

4.000% due 06/01/2013

     110         115   

Long Beach, California Revenue Notes, Series 2010

     

4.000% due 05/15/2013

     2,000         2,125   

Long Beach, California Unified School District General Obligation Notes, Series 2009

     

5.000% due 08/01/2011

     1,000         1,025   

Los Angeles County, California Metropolitan Transportation Authority Revenue Bonds, Series 2008

     

0.360% due 07/01/2031

     1,185         1,185   

Los Angeles County, California Metropolitan Transportation Authority Revenue Notes, (NPFGC Insured), Series 2003

     

5.250% due 07/01/2012

     155         165   

Los Angeles County, California Metropolitan Transportation Authority Revenue Notes, Series 2009

     

5.000% due 07/01/2018

     250         282   

Los Angeles, California Community College District General Obligation Notes, Series 2008

     

3.000% due 08/01/2011

     250         253   

3.000% due 08/01/2012

     500         516   

Los Angeles, California Department of Airports Revenue Notes, (NPFGC Insured), Series 2003

     

5.000% due 05/15/2012

     230         242   

Los Angeles, California Department of Airports Revenue Notes, Series 2009

     

3.000% due 05/15/2011

     500         504   

5.000% due 05/15/2013

     250         271   

Los Angeles, California Department of Airports Revenue Notes, Series 2010

     

3.000% due 05/15/2013

     690         716   

Los Angeles, California Department of Water & Power Revenue Bonds, Series 2001

     

0.270% due 07/01/2034

     400         400   

Los Angeles, California Department of Water & Power Revenue Notes, (AMBAC Insured), Series 2006

     

5.000% due 07/01/2013

     500         546   

Los Angeles, California General Obligation Notes, (NPFGC Insured), Series 2002

     

5.250% due 09/01/2011

     730         752   

Los Angeles, California Harbor Department Revenue Notes, Series 2009

     

5.000% due 08/01/2012

     1,000         1,066   

Los Angeles, California Municipal Improvement Corp. Revenue Notes, Series 2010

     

3.000% due 11/01/2012

     545         562   

Los Angeles, California Revenue Notes, (FHLMC Insured), Series 2010

     

1.125% due 08/01/2013

     750         747   

Los Angeles, California Unified School District Certificates of Participation Notes, Series 2010

     

3.000% due 12/01/2011

     750         760   

3.000% due 12/01/2012

       2,205           2,251   

Los Angeles, California Unified School District General Obligation Notes, (AMBAC Insured), Series 2006

     

5.000% due 07/01/2016

     200         225   

Los Angeles, California Unified School District General Obligation Notes, Series 2009

     

5.000% due 07/01/2014

     2,000         2,209   

Los Angeles, California Unified School District General Obligation Notes, Series 2010

     

4.000% due 07/01/2012

     300         314   

Los Angeles, California Wastewater System Revenue Notes, (AMBAC Insured), Series 2006

     

4.500% due 02/01/2013

     250         266   

Los Angeles, California Wastewater System Revenue Notes, (NPFGC Insured), Series 2003

     

5.000% due 06/01/2011

     100         102   

Los Angeles, California Wastewater System Revenue Notes, Series 2009

     

4.000% due 02/01/2013

     1,985         2,098   

Menlo Park, California City School District General Obligation Notes, Series 2010

     

0.000% due 07/01/2013

     150         146   

Mesa, California Consolidated Water District Certificates of Participation Notes, Series 2009

     

2.500% due 03/15/2011

     275         276   

3.000% due 03/15/2012

     400         410   


               

Mission Viejo, California Community Development Financing Authority Revenue Notes, Series 2009

     

5.000% due 05/01/2013

     530         573   

Modesto, California Certificates of Participation Bonds, (AGC Insured), Series 2008

     

0.390% due 10/01/2036

     2,940         2,940   

Monrovia, California Unified School District General Obligation Notes, Series 2010

     

3.000% due 08/01/2012

     250         257   

Montebello, California Unified School District General Obligation Notes, (AGM Insured), Series 2008

     

3.000% due 08/01/2011

     145         147   

Monterey County, California Certificates of Participation Notes, (AGM Insured), Series 2009

     

4.000% due 08/01/2013

     1,455         1,541   

Monterey Peninsula, California Water Management District Certificate of Participation Bonds, Series 1992

     

0.360% due 07/01/2022

     2,315         2,315   

Mount Diablo, California Unified School District General Obligation Notes, (NPFGC Insured), Series 2006

     

5.000% due 06/01/2012

     85         89   

Mount San Antonio, California Community College District General Obligation Notes, Series 2010

     

0.000% due 05/01/2015

     1,935         1,693   

Newport Beach, California Revenue Bonds, Series 2008

     

0.300% due 12/01/2040

     6,000         6,000   

Newport Beach, California Revenue Bonds, Series 2009

     

4.000% due 12/01/2038

     4,000         4,012   

5.000% due 12/01/2038

     1,500         1,598   

Newport Beach, California Special Assessment Notes, Series 2010

     

3.000% due 09/02/2012

     145         148   

3.000% due 09/02/2014

     155         158   

Norco, California Redevelopment Agency Tax Allocation Notes, Series 2010

     

3.000% due 03/01/2013

     125         126   

Norwalk, California Redevelopment Agency Tax Allocation Notes, (NPFGC Insured), Series 2005

     

5.000% due 10/01/2012

     150         155   

Norwalk-La Mirada, California Unified School District General Obligation Notes, (AGM Insured), Series 2009

     

4.000% due 08/01/2013

     880         942   

Oak Grove, California School District General Obligation Notes, (NPFGC Insured), Series 2005

     

5.250% due 08/01/2013

     50         55   

Orange County, California Local Transportation Authority Revenue Notes, Series 2010

     

3.000% due 02/15/2013

     500         522   

Orange County, California Ocean View School District Revenue Notes, (AGM Insured), Series 2010

     

3.000% due 03/01/2012

     430         440   

3.500% due 03/01/2013

     300         311   

Orange County, California Public Financing Authority Revenue Notes, (NPFGC insured), Series 2005

     

5.000% due 07/01/2011

     100         102   

5.000% due 07/01/2014

     250         276   

Orange County, California Revenue Notes, (NPFGC Insured), Series 2005

     

5.000% due 06/01/2013

     720         782   

Orange County, California Sanitation District Certificate of Participation Notes, (AGM Insured), Series 2007

     

4.000% due 02/01/2013

     90         95   

Orange County, California Transportation Authority Revenue Notes, (AMBAC Insured), Series 2003

     

5.000% due 08/15/2013

     100         108   

Orchard, California School District General Obligation Notes, (AGC Insured), Series 2009

     

4.000% due 08/01/2012

     125         131   

Pasadena, California Certificates of Participation Bonds, Series 2008

     

0.350% due 02/01/2035

     4,100         4,100   

Pasadena, California Certificates of Participation Notes, Series 2008

     

4.000% due 02/01/2012

     570         588   

Pittsburg, California Redevelopment Agency Tax Allocation Bonds, (NPFGC Insured), Series 2002

     

5.250% due 08/01/2013

     100         105   

Placentia, California Public Financing Authority Special Tax Notes, Series 2009

     

2.625% due 09/01/2011

     675         678   

Placer County, California Unified School District Certificates of Participation Notes, (AGM Insured), Series 2009

     

3.000% due 08/01/2011

     200         202   

3.000% due 08/01/2012

     245         251   

3.000% due 08/01/2013

     350         360   

Pleasanton, California Unified School District General Obligation Bonds, (NPFGC Insured), Series 2004

     

5.000% due 08/01/2015

     150         165   

Pleasanton, California Unified School District General Obligation Notes, (NPFGC Insured), Series 2004

     

5.375% due 08/01/2013

     125         135   

Redondo Beach, California Unified School District General Obligation Notes, Series 2010

     

3.000% due 08/01/2015

     130         136   

3.000% due 08/01/2016

     595         619   

4.000% due 08/01/2017

     25         27   

Riverbank, California Redevelopment Agency Tax Allocation Notes, Series 2007

     

4.000% due 08/01/2012

     145         145   

Riverside County, California Transportation Commission Revenue Bonds, Series 2009

     

0.360% due 06/01/2029

     1,795         1,795   

Riverside, California Revenue Bonds, (NPFGC Insured), Series 2004

     

5.000% due 10/01/2014

     500         552   

Riverside, California Revenue Notes, Series 2009

     

4.000% due 08/01/2012

     500         521   

5.000% due 10/01/2013

       2,000           2,179   

Roseville, California Certificates of Participation Notes, Series 2009

     

3.000% due 02/01/2013

     1,065         1,096   

Roseville, California Finance Authority Revenue Notes, Series 2010

     

2.000% due 02/01/2012

     205         207   

2.000% due 02/01/2013

     330         334   

Roseville, California Natural Gas Finance Authority Revenue Notes, Series 2007

     

5.000% due 02/15/2012

     100         103   

Sacramento County, California Certificates of Participation Notes, Series 2010

     

3.000% due 02/01/2011

     2,000         2,002   

Sacramento County, California Revenue Notes, Series 2009

     

3.000% due 07/01/2012

     550         564   

5.000% due 07/01/2013

     500         541   

Sacramento County, California Revenue Notes, Series 2010

     

2.000% due 07/01/2013

     300         303   

3.000% due 07/01/2016

     995         1,007   

Sacramento County, California Sanitation Districts Financing Authority Revenue Notes, Series 2010

     

2.500% due 08/01/2012

     190         195   

3.000% due 08/01/2013

     300         313   

Sacramento County, California Water Financing Authority Revenue Notes, (NPFGC/FGIC Insured), Series 2007

     

5.000% due 06/01/2014

     1,000         1,107   

Sacramento, California Financing Authority Revenue Bonds, (AGM Insured), Series 2002

     

5.375% due 12/01/2021

     150         163   

Sacramento, California Municipal Utility District Revenue Bonds, (NPFGC Insured), Series 2003

     

5.000% due 11/15/2013

     1,375         1,515   

Sacramento, California Municipal Utility District Revenue Notes, Series 2009

     

4.000% due 07/01/2011

     650         659   

5.000% due 07/01/2012

     500         528   

San Bernardino County, California Certificates of Participation Notes, Series 2009

     

5.000% due 08/01/2013

     1,000         1,063   

San Diego County, California Certificates of Participation Notes, Series 2006

     

5.000% due 09/01/2011

     200         204   

San Diego County, California Certificates of Participation Notes, Series 2009

     

4.000% due 10/01/2012

       2,800         2,931   

San Diego County, California Regional Airport Authority Revenue Notes, Series 2010

     

2.000% due 07/01/2011

     275         277   

2.000% due 07/01/2012

     200         203   

3.000% due 07/01/2013

     150         154   

3.000% due 07/01/2014

     400         411   

3.000% due 07/01/2015

     600         612   

4.000% due 07/01/2014

     700         743   

San Diego County, California Water Authority Certificates of Participation Notes, (AGM Insured), Series 2008

     

5.000% due 05/01/2014

     50         55   

San Diego County, California Water Authority Certificates of Participation Notes, (NPFGC/FGIC Insured), Series 2005

     

5.250% due 05/01/2013

     675         737   

San Diego, California Unified School District General Obligation Notes, Series 2009

     

0.000% due 07/01/2012

     325         318   

San Francisco, California City & County Airports Commission Revenue Notes, (AGM Insured), Series 2009

     

3.000% due 05/01/2011

     1,000         1,007   

3.500% due 05/01/2012

     1,000         1,031   

San Francisco, California City & County Airports Commission Revenue Notes, (NPFGC/FGIC Insured), Series 2003

     

4.000% due 05/01/2011

     1,000         1,009   

San Francisco, California City & County Airports Commission Revenue Notes, Series 2010

     

3.000% due 05/01/2016

     300         305   


               

San Francisco, California City & County Certificates of Participation Notes, Series 2009

     

1.950% due 04/01/2011

     1,600         1,605   

San Francisco, California City & County Finance Corp. Revenue Bonds, Series 2008

     

0.350% due 04/01/2030

     790         790   

San Francisco, California City & County General Obligation Notes, Series 2008

     

2.850% due 06/15/2012

     1,000         1,032   

San Francisco, California City & County Public Utilities Commission Revenue Notes, Series 2009

     

5.000% due 11/01/2012

     2,250         2,420   

San Francisco, California City & County Redevelopment Agency Tax Allocation Notes, (NPFGC Insured), Series 2007

     

5.000% due 08/01/2013

     475         498   

San Francisco, California City & County Redevelopment Agency Tax Allocation Notes, (NPFGC/FGIC Insured), Series 2004

     

5.000% due 08/01/2012

     740         766   

San Francisco, California State Building Authority Revenue Notes, Series 2005

     

5.000% due 12/01/2012

     500         531   

San Francisco, California Unified School District General Obligation Notes, Series 2010

     

4.000% due 06/15/2013

     1,300         1,384   

San Jose, California Redevelopment Agency Tax Allocation Notes, (AMBAC Insured), Series 2005

     

5.000% due 08/01/2014

     1,225         1,301   

San Jose, California Redevelopment Agency Tax Allocation Notes, (NPFGC Insured), Series 2002

     

4.000% due 08/01/2011

     300         303   

San Jose, California Unified School District General Obligation Notes, (NPFGC/FGIC Insured), Series 2006

     

5.000% due 08/01/2014

     375         418   

San Luis Obispo County, California Financing Authority Revenue Bonds, (NPFGC Insured), Series 2007

     

5.000% due 09/01/2018

     250         267   

San Mateo County, California Joint Powers Financing Authority Revenue Notes, Series 2008

     

4.000% due 07/15/2011

     350         356   

5.000% due 07/15/2014

     150         163   

San Rafael, California Redevelopment Agency Tax Allocation Notes, (AGC Insured), Series 2009

     

5.000% due 12/01/2013

     965         1,059   

5.000% due 12/01/2014

     1,020         1,131   

Santa Ana, California Certificates of Participation Bonds, (AMBAC Insured), Series 2003

     

5.000% due 06/01/2015

     195         199   

Santa Ana, California Unified School District General Obligation Notes, Series 2008

     

3.500% due 08/01/2011

     900         915   

Santa Barbara, California Financing Authority Revenue Notes, Series 2009

     

4.000% due 07/01/2012

     400         418   

Santa Clara County, California Financing Authority Revenue Notes, Series 2008

     

5.000% due 11/15/2014

     2,500         2,797   

Santa Clara, California Valley Transportation Authority Revenue Bonds, Series 2008

     

0.300% due 04/01/2036

     705         705   

Santa Clara, California Valley Water District Certificates of Participation Notes, Series 2007

     

5.000% due 02/01/2016

     150         168   

Santa Margarita-Dana, California Point Authority Revenue Bonds, (AMBAC Insured), Series 2004

     

5.000% due 08/01/2015

     225         248   

Santa Margarita-Dana, California Point Authority Special Assessment Notes, Series 2009

     

5.000% due 08/01/2012

     1,075         1,144   

Santa Monica, California Community College District General Obligation Notes, (NPFGC/FGIC Insured), Series 2007

     

0.000% due 08/01/2013

     225         218   

Solano County, California Certificates of Participation Notes, Series 2009

     

5.000% due 11/15/2012

     1,930         2,041   

South Coast, California Local Education Agencies Revenue Notes, Series 2010

     

2.000% due 08/09/2011

     2,500         2,521   

South Coast, California Water District Financing Authority Revenue Notes, Series 2010

     

3.000% due 02/01/2012

     230         236   

3.000% due 02/01/2013

     100         104   

South Orange County, California Public Financing Authority Special Tax Bonds, (NPFGC Insured), Series 2003

     

5.000% due 09/01/2013

     125         133   

South Orange County, California Public Financing Authority Special Tax Notes, (NPFGC/FGIC Insured), Series 2004

     

5.000% due 08/15/2011

     205         210   

South San Francisco, California School District Revenue Notes, (NPFGC Insured), Series 2006

     

5.000% due 09/15/2014

     250         275   

Southern California State Metropolitan Water District General Obligation Bonds, Series 2001

     

5.250% due 03/01/2014

     1,405         1,430   

Southern California State Metropolitan Water District Revenue Bonds, Series 2008

     

0.350% due 07/01/2037

     3,990         3,990   

Southern California State Metropolitan Water District Revenue Notes, Series 2009

     

5.000% due 07/01/2012

     1,000         1,063   

Southern California State Public Power Authority Revenue Bonds, Series 1989

     

6.750% due 07/01/2011

     1,750         1,801   

6.750% due 07/01/2013

     2,700         3,049   

Southern California State Public Power Authority Revenue Bonds, Series 2008

     

0.270% due 07/01/2020

     2,000         2,000   

Southern California State Public Power Authority Revenue Notes, Series 2010

     

2.000% due 07/01/2012

     500         509   

4.000% due 07/01/2014

     750         805   

4.000% due 07/01/2015

     4,165         4,460   

St. Helena, California Unified School District General Obligation Notes, (NPFGC Insured), Series 2005

     

5.000% due 08/01/2014

     490         543   

Stockton, California Public Financing Authority Revenue Notes, Series 2009

     

4.000% due 10/01/2012

     1,925         2,006   

Torrance, California Certificates of Participation Notes, Series 2009

     

3.000% due 09/01/2011

     175         177   

3.000% due 09/01/2012

     175         179   

Torrance, California Unified School District General Obligation Notes, Series 2009

     

1.800% due 08/01/2011

     30         30   

4.000% due 08/01/2011

     500         510   

Trinity County, California Public Utilities District Revenue Notes, (AGM Insured), Series 2010

     

2.000% due 04/01/2011

     25         25   

3.000% due 04/01/2012

     45         46   

3.000% due 04/01/2013

     40         41   

Tustin, California Community Redevelopment Agency Tax Allocation Notes, Series 2010

     

2.000% due 09/01/2011

     200         200   

Tustin, California Special Assessment Bonds, Series 1996

     

0.280% due 09/02/2013

     853         853   

University of California Regents Medical Center Revenue Bonds, (NPFGC Insured), Series 2007

     

0.801% due 05/15/2030

     1,000         652   

University of California Regents Medical Center Revenue Notes, Series 2009

     

4.000% due 05/15/2012

     900         937   

5.000% due 05/15/2013

     265         288   

University of California Regents Medical Center Revenue Notes, Series 2010

     

5.000% due 05/15/2016

       1,000           1,130   

University of California Revenue Notes, (AGM Insured), Series 2007

     

5.000% due 05/15/2015

     45         51   

University of California Revenue Notes, (AMBAC Insured), Series 2003

     

5.000% due 05/15/2011

     350         356   

5.000% due 05/15/2012

     350         370   

University of California Revenue Notes, (NPFGC Insured), Series 2007

     

5.000% due 05/15/2014

     270         299   

University of California Revenue Notes, Series 2008

     

4.000% due 05/15/2013

     100         106   

University of California Revenue Notes, Series 2010

     

2.000% due 05/15/2013

     500         509   

3.000% due 05/15/2014

     500         520   

Upland, California Public Financing Authority Revenue Bonds, (AMBAC Insured), Series 2002

     

4.600% due 10/01/2016

     100         104   

Val Verde, California Unified School District General Obligation Notes, (AGM Insured), Series 2010

     

4.000% due 08/01/2012

     990         1,036   

Victor Valley, California Union High School District General Obligation Notes, (AGC Insured), Series 2009

     

0.000% due 08/01/2011

     50         50   

Visalia, California Unified School District General Obligation Notes, Series 2010

     

4.000% due 08/01/2012

     215         224   

Washington, California Health Care District General Obligation Notes, Series 2009

     

6.000% due 08/01/2011

     1,000         1,030   

Washington, California Health Care District Revenue Notes, Series 2009

     

4.500% due 07/01/2011

     125         127   

West Hollywood, California Public Financing Authority Revenue Notes, Series 2009

     

3.000% due 02/01/2011

     535         536   

3.000% due 02/01/2012

     695         708   

5.000% due 02/01/2013

     1,145         1,229   

Western Riverside County, California Regional Wastewater Authority Revenue Notes, (AGC Insured), Series 2009

     

3.000% due 09/01/2012

     435         448   


               

Westlake Village, California Certificates of Participation Notes, Series 2009

     

2.000% due 06/01/2011

     310         311   

Westminster, California School District General Obligation Notes, Series 2009

     

2.000% due 08/01/2011

     555         558   

Whittier, California Revenue Notes, Series 2009

     

3.000% due 06/01/2011

     1,600         1,608   
           
        335,483   
           

GUAM 0.0%

     

Guam Economic Development & Commerce Authority Revenue Bonds, Series 2001

     

5.400% due 05/15/2031

     25         26   
           

PENNSYLVANIA 0.3%

     

Montgomery County, Pennsylvania Industrial Development Authority Revenue Notes, (FHA Insured), Series 2010

     

5.000% due 08/01/2013

     885         958   
           

PUERTO RICO 1.4%

     

Commonwealth of Puerto Rico General Obligation Notes, Series 2008

     

5.000% due 07/01/2011

     1,500         1,529   

Puerto Rico Electric Power Authority Revenue Notes, Series 2008

     

5.000% due 07/01/2012

     500         526   

Puerto Rico Electric Power Authority Revenue Notes, Series 2010

     

5.000% due 07/01/2012

     2,000         2,105   

5.000% due 07/01/2013

     550         589   
           
        4,749   
           

TEXAS 0.0%

     

Pflugerville, Texas Independent School District General Obligation Notes, (PSF/GTD Insured), Series 2010

     

5.000% due 08/15/2013

     130         143   

VIRGIN ISLANDS 0.1%

     

Virgin Islands Public Finance Authority Revenue Notes, Series 2010

     

4.000% due 10/01/2013

     400         416   
           

Total Municipal Bonds & Notes

(Cost $340,251)

        341,775   
           
     SHARES         

CONVERTIBLE PREFERRED SECURITIES 0.0%

     

BANKING & FINANCE 0.0%

     

American International Group, Inc.

     

8.500% due 08/01/2011

       1,000         9   
           

Total Convertible Preferred Securities

(Cost $75)

        9   
           
     PRINCIPAL
AMOUNT
(000s)
        

SHORT-TERM INSTRUMENTS 1.2%

     

REPURCHASE AGREEMENTS 1.2%

     

State Street Bank and Trust Co.

     

0.010% due 01/03/2011

   $ 4,053         4,053   
           

(Dated 12/31/2010. Collateralized by U.S. Treasury Notes 2.125% due 05/31/2015 valued at $4,134. Repurchase proceeds are $4,053.)

     

Total Short-Term Instruments

(Cost $4,053)

        4,053   
           

Total Investments 99.1%

(Cost $344,684)

      $ 346,197   
Other Assets and Liabilities (Net) 0.9%         3,060   
           
Net Assets 100.0%       $   349,257   
           

 

See Accompanying Notes


Notes to Schedule of Investments (amounts in thousands *):

 

* A zero balance may reflect actual amounts rounding to less than one thousand.

 

(a)

Fair Value Measurements (1)

 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2010 in valuing the Fund’s assets and liabilities (2):

 

Category and Subcategory (3)    Level 1 (4)      Level 2 (5)      Level 3 (6)      Fair Value
at 12/31/2010
 

Investments, at value

           

Corporate Bonds & Notes

           

Banking & Finance

   $ 0       $ 360       $ 0       $ 360   

Municipal Bonds & Notes

           

California

     0           335,483           0           335,483   

Guam

       0         26         0         26   

Pennsylvania

     0         958         0         958   

Puerto Rico

     0         4,749         0         4,749   

Texas

     0         143         0         143   

Virgin Islands

     0         416         0         416   

Convertible Preferred Securities

           

Banking & Finance

     9         0         0         9   

Short-Term Instruments

           

Repurchase Agreements

     0         4,053         0         4,053   
     $ 9       $ 346,188       $ 0       $ 346,197   

 

(1) See note 5 in the Supplementary Notes to Schedule of Investments for additional information.
(2) There were no significant transfers into and out of level 1, 2, and 3 during the period ended December 31, 2010.
(3) Refer to the Schedule of Investments for additional information.
(4) Quoted prices in active markets for identical investments.
(5) Significant other observable inputs.
(6) Significant unobservable inputs.


Consolidated Schedule of Investments

PIMCO CommoditiesPLUS Short Strategy Fund

December 31, 2010 (Unaudited)

 

     PRINCIPAL
AMOUNT
(000s)
     MARKET
VALUE
(000s)
 

CORPORATE BONDS & NOTES 29.5%

     

BANKING & FINANCE 29.5%

     

Citigroup, Inc.

     

5.500% due 04/11/2013

   $ 100       $ 106   

Dexia Credit Local S.A.

     

0.703% due 03/05/2013

     150         149   

FIH Erhvervsbank A/S

     

0.534% due 08/17/2012

     150         151   

Metropolitan Life Global Funding I

     

1.427% due 09/17/2012

     100         102   

Morgan Stanley

     

2.786% due 05/14/2013

     100         104   

NIBC Bank NV

     

0.680% due 12/02/2014

     150         150   

Stadshypotek AB

     

0.853% due 09/30/2013

     100         100   

Stone Street Trust

     

5.902% due 12/15/2015

     100         104   

Wachovia Bank N.A.

     

0.666% due 11/03/2014

     100         96   
           

Total Corporate Bonds & Notes

(Cost $1,050)

          1,062   
           

CONVERTIBLE BONDS & NOTES 1.4%

     

INDUSTRIALS 1.4%

     

Amgen, Inc.

     

0.125% due 02/01/2011

     50         50   
           

Total Convertible Bonds & Notes

(Cost $50)

        50   
           

U.S. GOVERNMENT AGENCIES 2.8%

     

NCUA Guaranteed Notes

     

0.821% due 12/08/2020

     100         100   
           

Total U.S. Government Agencies

(Cost $100)

        100   
           

U.S. TREASURY OBLIGATIONS 16.7%

     

U.S. Treasury Notes

     

0.500% due 11/30/2012

       600         599   
           

Total U.S. Treasury Obligations

(Cost $600)

        599   
           

SHORT-TERM INSTRUMENTS 32.9%

     

REPURCHASE AGREEMENTS 21.8%

     

Banc of America Securities LLC

     

0.260% due 01/03/2011

     100         100   

(Dated 12/31/2010. Collateralized by U.S. Treasury Notes 3.625% due 08/15/2019 valued at $104. Repurchase proceeds are $100.)

     

Barclays Capital, Inc.

     

0.250% due 01/03/2011

     100         100   

(Dated 12/31/2010. Collateralized by U.S. Treasury Bonds 4.625% due 02/15/2040 valued at $105. Repurchase proceeds are $100.)

     

0.280% due 01/03/2011

     100         100   

(Dated 12/31/2010. Collateralized by Freddie Mac 4.500% due 01/01/2041 valued at $103. Repurchase proceeds are $100.)

     

Credit Suisse Securities (USA) LLC

     

0.230% due 01/03/2011

     100         100   

(Dated 12/31/2010. Collateralized by U.S. Treasury Notes 1.000% due 12/31/2011 valued at $103. Repurchase proceeds are $100.)

     

Deutsche Bank Securities, Inc.

     

0.200% due 01/03/2011

     100         100   

(Dated 12/31/2010. Collateralized by U.S. Treasury Bonds 4.375% due 05/15/2040 valued at $103. Repurchase proceeds are $100.)

     

J.P. Morgan Securities, Inc.

     

0.200% due 01/03/2011

     100         100   

(Dated 12/31/2010. Collateralized by U.S. Treasury Notes 2.375% due 07/31/2017 valued at $107. Repurchase proceeds are $100.)

     

State Street Bank and Trust Co.

     

0.010% due 01/03/2011

     182         182   

(Dated 12/31/2010. Collateralized by U.S. Treasury Notes 2.125% due 05/31/2015 valued at $188. Repurchase proceeds are $182.)

     
           
        782   
           

U.S. TREASURY BILLS 8.3%

     

0.101% due 01/06/2011

     300         300   
           
     SHARES         

PIMCO SHORT-TERM FLOATING NAV PORTFOLIO (a) 2.8%

     
     10,188         102   
           

Total Short-Term Instruments

(Cost $1,184)

          1,184   
           

PURCHASED OPTIONS (d) 0.1%

     

(Cost $5)

        2   

Total Investments 83.4%

(Cost $2,989)

      $ 2,997   

Written Options (e) (0.2%)

(Premiums $10)

        (8

Other Assets and Liabilities (Net) 16.8%

        606   
           

Net Assets 100.0%

      $   3,595   
           

 

See Accompanying Notes


Notes to Schedule of Investments (amounts in thousands *, except number of contracts):

 

* A zero balance may reflect actual amounts rounding to less than one thousand.

 

(a) Affiliated to the Fund.

 

(b) Cash of $7 have been pledged as collateral for the following open futures contracts on December 31, 2010:

 

Description    Type   

Expiration

Month

    

# of

Contracts

   

Unrealized

Appreciation

 

90-Day Eurodollar June Futures

  

Long

     06/2011         1      $   0   

90-Day Eurodollar March Futures

  

Long

     03/2011         2        0   
                
           $ 0   
                

 

(c) Swap agreements outstanding on December 31, 2010:

 

Credit Default Swaps on Sovereign Issues - Sell Protection (1)

 

Reference Entity   Counterparty  

Fixed Deal

Receive Rate

   

Maturity

Date

    

Implied Credit

Spread at

December 31, 2010 (2)

   

Notional

Amount (3)

   

Market

Value

   

Upfront

Premiums

Paid/

(Received)

   

Unrealized

(Depreciation)

 

France Government Bond

  BCLY     0.250%        12/20/2015         1.062%      $   100      $ (4   $   (2   $   (2

France Government Bond

  BOA     0.250%        12/20/2015         1.062%        100        (3     (2     (1
                                  
             $   (7   $ (4   $ (3
                                  

 

Credit Default Swaps on Credit Indices - Sell Protection (1)

 

Index/Tranches   Counterparty  

Fixed Deal

Receive Rate

   

Maturity

Date

    

Notional

Amount (3)

   

Market

Value (4)

   

Upfront

Premiums

Paid/
(Received)

   

Unrealized

Appreciation

 

CDX.IG-15 5-Year Index

  BNP     1.000%        12/20/2015       $   200      $   1      $   1      $   0   
                                

 

(1) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(2) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
(3) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(4) The quoted market prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

 

Total Return Swaps on Indices

 

Pay/

Receive

Total

Return on

Reference

Index

  Reference Index   # of Shares
or Units
     Financing Rate (5)   

Notional

Amount

  

Maturity

Date

    

Counterparty

    

Unrealized

Appreciation/

(Depreciation)

 
Pay  

DJUBSTR Index

      10,316       3-Month USD-LIBOR plus a specified spread    $  3,330      01/27/2011        GSC       $   (36
Pay  

DJUBSTR Index

    10,843       3-Month USD-LIBOR plus a specified spread    3,500      01/27/2011        JPM         21   
Pay  

DJUBSTR Index

    5,731       3-Month USD-LIBOR plus a specified spread    1,850      01/27/2011        MSC         (20
Receive  

DJUBSTR Index

    4,337       3-Month USD-LIBOR plus a specified spread    1,400      01/27/2011         MSC         16   
                        
                   $ (19
                        

 

(5) Financing rate is based upon predetermined notional amounts, which may be a multiple of the number of shares or units disclosed.

 

Variance Swaps

 

Pay/

Receive

Variance (6)

  Reference Entity  

Strike

Price

   

Maturity

Date

    Counterparty    

Notional

Amount

   

Market

Value

   

Upfront

Premiums

Paid/
(Received)

   

Unrealized

Appreciation

 
Pay  

London Gold Market Fixing Ltd. PM

  $   0.050        02/11/2011        DUB      $   100      $ 2      $   0      $ 2   
Pay  

London Gold Market Fixing Ltd. PM

    0.063        03/14/2011        DUB        100        2        0        2   
                                 
            $   4      $ 0      $   4   
                                 

 

(6) At the maturity date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realized price variance of the reference entity and the strike price multiplied by the notional amount. As a receiver of the realized price variance, the Fund would receive the payoff amount when the realized price variance of the reference entity is greater than the strike price and would owe the payoff amount when the variance is less than the strike price. As a payer of the realized price variance, the Fund would owe the payoff amount when the realized price variance of the reference entity is greater than the strike price and would receive the payoff amount when the variance is less than the strike price.

 

(d) Purchased options outstanding on December 31, 2010:

 

Options on Commodity Futures Contracts

 

Description    Exercise
Price