NPORT-EX 2 municipalincomefundii.htm PIMCO MUNICIPAL INCOME FUND II municipalincomefundii

Schedule of Investments PIMCO Municipal Income Fund II

March 31, 2023

(Unaudited)

 

(AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)

 

 

PRINCIPAL
AMOUNT
(000s)

 

MARKET
VALUE
(000s)

INVESTMENTS IN SECURITIES 172.6% ¤

 

 

 

 

MUNICIPAL BONDS & NOTES 172.1%

 

 

 

 

ALABAMA 6.6%

 

 

 

 

Jefferson County, Alabama Sewer Revenue Bonds, Series 2013

 

 

 

 

0.000% due 10/01/2050 (d)

$

14,750

$

15,197

6.500% due 10/01/2053

 

18,000

 

19,121

Tuscaloosa County, Alabama Industrial Development Authority Revenue Bonds, Series 2019

 

 

 

 

4.500% due 05/01/2032

 

2,564

 

2,247

5.250% due 05/01/2044

 

3,300

 

2,712

 

 

 

 

39,277

ALASKA 0.4%

 

 

 

 

Municipality of Anchorage, Alaska Solid Waste Services Revenue Bonds, Series 2022
5.250% due 11/01/2062

 

2,450

 

2,629

ARIZONA 8.5%

 

 

 

 

Arizona Industrial Development Authority Revenue Bonds, Series 2019

 

 

 

 

4.500% due 01/01/2033

 

740

 

456

4.750% due 01/01/2038

 

950

 

521

5.125% due 01/01/2054

 

1,500

 

780

5.500% due 01/01/2054

 

1,500

 

777

Arizona Industrial Development Authority Revenue Bonds, Series 2020
7.750% due 07/01/2050 ^(b)

 

2,500

 

1,625

Industrial Development Authority of the County, Arizona of Pima Revenue Bonds, Series 2020
5.000% due 07/01/2055

 

2,400

 

2,095

Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2019
4.000% due 01/01/2044

 

7,700

 

7,567

Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2019

 

 

 

 

4.000% due 07/01/2049

 

5,210

 

5,078

5.000% due 07/01/2049

 

3,000

 

3,169

Salt Verde Financial Corp., Arizona Revenue Bonds, Series 2007

 

 

 

 

5.000% due 12/01/2032

 

4,930

 

5,260

5.000% due 12/01/2037

 

22,400

 

23,391

 

 

 

 

50,719

ARKANSAS 0.6%

 

 

 

 

Arkansas Development Finance Authority Revenue Bonds, Series 2019
4.500% due 09/01/2049

 

3,450

 

3,101

Arkansas Development Finance Authority Revenue Bonds, Series 2022
5.450% due 09/01/2052

 

350

 

350

 

 

 

 

3,451

CALIFORNIA 8.3%

 

 

 

 

Bay Area Toll Authority, California Revenue Bonds, Series 2014
5.000% due 10/01/2054

 

2,000

 

2,073

California Health Facilities Financing Authority Revenue Bonds, Series 2016
5.000% due 11/15/2046 (e)

 

12,500

 

13,220

California Health Facilities Financing Authority Revenue Bonds, Series 2020
4.000% due 04/01/2049

 

4,000

 

3,760

California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020
3.650% due 01/01/2050

 

7,600

 

7,602

California State General Obligation Bonds, Series 2019
5.000% due 04/01/2045

 

4,000

 

4,370

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021
0.000% due 06/01/2066 (c)

 

7,500

 

762

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022
5.000% due 06/01/2051

 

2,000

 

2,094

Los Angeles County, California Public Works Financing Authority Revenue Bonds, Series 2021
4.000% due 12/01/2046

 

3,435

 

3,410

Los Angeles Department of Airports, California Revenue Bonds, Series 2020
4.000% due 05/15/2048

 

4,500

 

4,524

M-S-R Energy Authority, California Revenue Bonds, Series 2009
6.500% due 11/01/2039

 

1,750

 

2,082

Morongo Band of Mission Indians, California Revenue Bonds, Series 2018
5.000% due 10/01/2042

 

1,250

 

1,246

San Francisco, California City & County Public Utilities Commission Wastewater Revenue Bonds, Series 2021
4.000% due 10/01/2048

 

1,570

 

1,573

 

 

 

Schedule of Investments PIMCO Municipal Income Fund II (Cont.)

March 31, 2023

(Unaudited)

 

West Valley-Mission Community College District, California General Obligation Bonds, Series 2022
4.000% due 08/01/2047

 

3,000

 

3,031

 

 

 

 

49,747

COLORADO 4.7%

 

 

 

 

Colorado Health Facilities Authority Revenue Bonds, Series 2018
4.000% due 11/15/2048

 

2,555

 

2,406

Colorado Health Facilities Authority Revenue Bonds, Series 2019

 

 

 

 

4.000% due 01/01/2040

 

5,300

 

5,329

4.000% due 08/01/2049

 

4,000

 

3,574

Colorado International Center Metropolitan District No 7 General Obligation Bonds, Series 2021
0.000% due 12/01/2051 (d)

 

1,615

 

872

Colorado State Building Excellent School Certificates of Participation Bonds, Series 2018
4.000% due 03/15/2043

 

3,250

 

3,263

Denver, Colorado Airport System City & County Revenue Notes, Series 2022
5.000% due 11/15/2029

 

2,000

 

2,226

Denver, Colorado City & County Revenue Bonds, Series 2021
4.000% due 08/01/2042

 

1,750

 

1,768

Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022
5.875% due 12/01/2052

 

2,500

 

2,449

Harvest Crossing Metropolitan District No 4, Colorado General Obligation Bonds, Series 2022
7.250% due 12/01/2052

 

3,500

 

3,387

Public Authority for Colorado Energy Revenue Bonds, Series 2008
6.500% due 11/15/2038

 

1,430

 

1,713

Senac South Metropolitan District No 1, Colorado General Obligation Bonds, Series 2021
5.250% due 12/01/2051

 

1,000

 

859

Third Creek Metropolitan District No 1, Colorado General Obligation Bonds, Series 2022
4.750% due 12/01/2051

 

775

 

595

 

 

 

 

28,441

CONNECTICUT 1.3%

 

 

 

 

Connecticut Special Tax Revenue State Special Tax Bonds, Series 2020
4.000% due 05/01/2036

 

3,500

 

3,648

Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2020
4.000% due 07/01/2045

 

4,450

 

4,249

 

 

 

 

7,897

DELAWARE 1.0%

 

 

 

 

Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022

 

 

 

 

3.461% due 07/01/2037

 

5,360

 

4,979

7.120% due 07/01/2037

 

945

 

937

 

 

 

 

5,916

DISTRICT OF COLUMBIA 0.9%

 

 

 

 

District of Columbia Revenue Bonds, Series 2022
5.500% due 02/28/2037

 

1,850

 

1,970

Metropolitan Washington Airports Authority Dulles Toll Road, District of Columbia Revenue Bonds, Series 2019
4.000% due 10/01/2049

 

3,500

 

3,236

 

 

 

 

5,206

FLORIDA 7.3%

 

 

 

 

Avenir Community Development District, Florida Special Assessment Bonds, Series 2023
5.625% due 05/01/2054

 

1,715

 

1,656

Central Florida Expressway Authority Revenue Bonds, Series 2017
4.000% due 07/01/2041

 

4,290

 

4,212

Central Florida Expressway Authority Revenue Bonds, Series 2018
5.000% due 07/01/2043

 

2,865

 

3,046

Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2020
4.000% due 08/01/2050

 

3,700

 

3,396

Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2019

 

 

 

 

4.000% due 10/01/2048

 

5,000

 

4,875

4.000% due 10/01/2049

 

5,000

 

4,843

Miami-Dade Seaport Department, Florida Revenue Bonds, Series 2023
5.000% due 10/01/2047

 

3,800

 

3,988

Orange County Health Facilities Authority, Florida Revenue Bond,Series 2023
5.000% due 10/01/2053

 

2,110

 

2,243

Palm Beach County, Florida Health Facilities Authority Revenue Bonds, Series 2022
5.000% due 11/01/2052

 

2,850

 

2,820

Pasco County, Florida Water & Sewer Revenue Bonds, Series 2014
4.000% due 10/01/2044

 

2,500

 

2,491

Pompano Beach, Florida Revenue Bonds, Series 2020
4.000% due 09/01/2050

 

3,500

 

2,598

Putnam County Development Authority, Florida Revenue Bonds, Series 2018
5.000% due 03/15/2042

 

1,590

 

1,666

South Miami Health Facilities Authority, Florida Revenue Bonds, Series 2017
5.000% due 08/15/2042 (e)

 

3,000

 

3,083

St Johns County, Florida Industrial Development Authority Revenue Bonds, Series 2020
4.000% due 08/01/2055

 

1,600

 

1,257

Tampa, Florida Revenue Bonds, Series 2020

 

 

 

 

0.000% due 09/01/2049 (c)

 

2,600

 

691

Schedule of Investments PIMCO Municipal Income Fund II (Cont.)

March 31, 2023

(Unaudited)

 

0.000% due 09/01/2053 (c)

 

2,600

 

555

 

 

 

 

43,420

GEORGIA 6.2%

 

 

 

 

Atlanta Development Authority, Georgia Revenue Bonds, Series 2015
5.000% due 07/01/2044

 

3,895

 

3,970

Atlanta Development Authority, Georgia Revenue Bonds, Series 2017
6.750% due 01/01/2035 ^(b)

 

3,750

 

1,687

Fayette County, Georgia Hospital Authority Revenue Bonds, Series 2016
5.000% due 07/01/2046 (e)

 

7,000

 

7,161

Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2019
5.000% due 05/15/2043

 

3,500

 

3,520

Municipal Electric Authority of Georgia Revenue Bonds, Series 2015
5.000% due 07/01/2060

 

19,680

 

19,731

Municipal Electric Authority of Georgia Revenue Bonds, Series 2022
5.000% due 07/01/2052

 

1,000

 

1,037

 

 

 

 

37,106

ILLINOIS 15.2%

 

 

 

 

Chicago Board of Education, Illinois General Obligation Bonds, Series 2018
5.000% due 12/01/2046

 

8,000

 

7,923

Chicago O'Hare International Airport, Illinois Revenue Bonds, (AGM Insured), Series 2020

 

 

 

 

4.000% due 01/01/2039

 

5,000

 

5,081

4.000% due 01/01/2040

 

1,765

 

1,780

Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2018
4.000% due 01/01/2044

 

4,500

 

4,466

Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022
5.000% due 01/01/2055

 

4,840

 

5,001

Chicago Park District, Illinois General Obligation Bonds, Series 2020
4.000% due 01/01/2036

 

1,300

 

1,311

Chicago, Illinois General Obligation Bonds, Series 2007
5.500% due 01/01/2035

 

4,000

 

4,093

Chicago, Illinois Revenue Bonds, Series 2002
5.000% due 01/01/2029

 

2,000

 

2,084

Illinois Finance Authority Revenue Bonds, Series 2017
5.000% due 02/15/2037 ^(b)

 

2,155

 

970

Illinois Finance Authority Revenue Bonds, Series 2019
5.000% due 11/01/2035

 

2,000

 

1,832

Illinois State General Obligation Bonds, Series 2017
5.000% due 11/01/2029

 

1,000

 

1,083

Illinois State General Obligation Bonds, Series 2018

 

 

 

 

4.625% due 05/01/2037

 

2,175

 

2,241

5.000% due 05/01/2041

 

1,500

 

1,570

Illinois State General Obligation Notes, Series 2017

 

 

 

 

5.000% due 11/01/2025

 

12,590

 

13,219

5.000% due 11/01/2027

 

6,140

 

6,668

Illinois State Toll Highway Authority Revenue Bonds, Series 2016
5.000% due 01/01/2041 (e)

 

12,500

 

12,979

Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (AGM Insured), Series 2010
0.000% due 06/15/2045 (c)

 

10,000

 

3,529

Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (AGM/CR Insured), Series 2017
0.000% due 12/15/2056 (c)

 

5,540

 

1,069

Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (AGM/CR/NPFGC Insured), Series 2002
0.000% due 12/15/2040 (c)

 

6,000

 

2,731

Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2012
0.000% due 12/15/2051 (c)

 

5,000

 

1,098

Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2022

 

 

 

 

0.000% due 12/15/2036 (c)

 

1,750

 

935

0.000% due 06/15/2037 (c)

 

1,000

 

516

Regional Transportation Authority, Illinois Revenue Bonds, Series 2018
5.000% due 06/01/2038 (e)

 

8,000

 

8,681

 

 

 

 

90,860

INDIANA 1.8%

 

 

 

 

Indiana Finance Authority Midwestern Disaster Relief Revenue Bonds, Series 2012
4.250% due 11/01/2030

 

3,000

 

3,031

Indiana Finance Authority Revenue Bonds, Series 2019
7.000% due 03/01/2039

 

2,420

 

1,827

Indiana Finance Authority Revenue Bonds, Series 2022
4.500% due 12/15/2046

 

5,170

 

5,171

Indiana Health & Educational Facilities Financing Authority Revenue Bonds, Series 2006
4.000% due 11/15/2046

 

1,000

 

947

 

 

 

 

10,976

IOWA 1.3%

 

 

 

 

Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022
5.000% due 12/01/2050

 

5,715

 

5,572

Iowa Finance Authority Revenue Bonds, Series 2014
5.400% due 11/15/2046 ^

 

694

 

720

Schedule of Investments PIMCO Municipal Income Fund II (Cont.)

March 31, 2023

(Unaudited)

 

Iowa Finance Authority Revenue Bonds, Series 2022
8.000% due 01/01/2042

 

1,900

 

1,778

 

 

 

 

8,070

KANSAS 0.9%

 

 

 

 

University of Kansas Hospital Authority Revenue Bonds, Series 2015
4.000% due 09/01/2040 (e)

 

5,500

 

5,468

 

 

 

 

5,468

LOUISIANA 4.7%

 

 

 

 

East Baton Rouge Sewerage Commission, Louisiana Revenue Bonds, Series 2019
4.000% due 02/01/2045

 

7,000

 

6,900

Louisiana Gasoline & Fuels Tax State Revenue Bonds, Series 2017
4.000% due 05/01/2045

 

7,000

 

6,939

Louisiana Public Facilities Authority Revenue Bonds, Series 2017
5.000% due 05/15/2046

 

5,000

 

5,087

Louisiana Public Facilities Authority Revenue Bonds, Series 2020
4.000% due 04/01/2050

 

1,500

 

1,491

Louisiana Public Facilities Authority Revenue Bonds, Series 2023
5.000% due 10/15/2052

 

4,125

 

4,436

Parish of St James, Louisiana Revenue Bonds, Series 2010
6.350% due 10/01/2040

 

2,800

 

3,020

 

 

 

 

27,873

MAINE 0.8%

 

 

 

 

Maine Health & Higher Educational Facilities Authority Revenue Bonds, Series 2013
5.000% due 07/01/2043

 

2,715

 

2,730

Maine Health & Higher Educational Facilities Authority Revenue Bonds, Series 2020
4.000% due 07/01/2050

 

2,000

 

1,880

 

 

 

 

4,610

MARYLAND 1.1%

 

 

 

 

Maryland Economic Development Corp. Revenue Bonds, Series 2020
4.250% due 07/01/2050

 

1,400

 

1,222

Maryland Stadium Authority Revenue Bonds, Series 2016
5.000% due 05/01/2041

 

5,000

 

5,400

 

 

 

 

6,622

MASSACHUSETTS 2.3%

 

 

 

 

Massachusetts Development Finance Agency Revenue Bonds, Series 2010
7.625% due 10/15/2037 ^(b)

 

482

 

72

Massachusetts Development Finance Agency Revenue Bonds, Series 2016
5.000% due 01/01/2047

 

2,500

 

2,516

Massachusetts Development Finance Agency Revenue Bonds, Series 2023
5.250% due 07/01/2052

 

3,250

 

3,408

Massachusetts School Building Authority Revenue Bonds, Series 2012
5.250% due 02/15/2048 (e)

 

7,500

 

8,057

 

 

 

 

14,053

MICHIGAN 2.6%

 

 

 

 

Michigan Finance Authority Hospital Revenue Refunding Bonds, Series 2022
4.000% due 04/15/2042

 

2,000

 

1,961

Michigan Finance Authority Revenue Bonds, Series 2017
5.000% due 12/01/2031 (e)

 

2,600

 

2,820

Michigan Finance Authority Revenue Bonds, Series 2019
4.000% due 12/01/2048

 

4,000

 

3,807

Michigan Finance Authority Revenue Bonds, Series 2020

 

 

 

 

4.800% due 09/01/2040

 

185

 

155

5.000% due 09/01/2050

 

300

 

241

Michigan Finance Authority Revenue Bonds, Series 2021
5.000% due 12/01/2046 (e)

 

4,947

 

5,091

Michigan Finance Authority Revenue Notes, Series 2020
4.300% due 09/01/2030

 

100

 

90

Michigan Finance Authority Revenue Notes, Series 2021
5.000% due 06/01/2027 (e)

 

153

 

169

Michigan Tobacco Settlement Finance Authority Revenue Bonds, Series 2008
0.000% due 06/01/2058 (c)

 

25,000

 

1,020

 

 

 

 

15,354

MINNESOTA 0.9%

 

 

 

 

Duluth Economic Development Authority Health Care Facilities, Minnesota Revenue Bonds, Series 2022
5.250% due 06/15/2047

 

2,000

 

2,061

Schedule of Investments PIMCO Municipal Income Fund II (Cont.)

March 31, 2023

(Unaudited)

 

Rochester, Minnesota Revenue Bonds, Series 2018
4.000% due 11/15/2048

 

3,500

 

3,471

 

 

 

 

5,532

MISSISSIPPI 0.0%

 

 

 

 

Mississippi Development Bank Revenue Bonds, (AMBAC Insured), Series 1999
5.000% due 07/01/2024

 

40

 

40

MISSOURI 2.4%

 

 

 

 

Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2013
5.000% due 11/15/2044

 

10,000

 

10,004

Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2019

 

 

 

 

4.000% due 02/15/2037

 

510

 

517

5.000% due 02/15/2036

 

425

 

460

Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2021
4.000% due 07/01/2046

 

1,000

 

946

Missouri Development Finance Board Revenue Bonds, Series 2022
5.250% due 05/01/2055

 

2,000

 

2,177

 

 

 

 

14,104

NEVADA 2.0%

 

 

 

 

Clark County, Nevada General Obligation Bonds, Series 2018
4.000% due 07/01/2044 (e)

 

9,500

 

9,513

Reno, Nevada Revenue Bonds, Series 2018
0.000% due 07/01/2058 (c)

 

24,000

 

2,388

 

 

 

 

11,901

NEW HAMPSHIRE 0.9%

 

 

 

 

New Hampshire Business Finance Authority Revenue Bonds, Series 2023
4.837% due 07/20/2036

 

5,550

 

5,502

NEW JERSEY 9.2%

 

 

 

 

Cherry Hill Township School District, New Jersey General Obligation Bonds, Series 2022
4.000% due 08/01/2040

 

6,400

 

6,535

Federal Home Loan Mortgage Corp. Enhanced Receipt, New Jersey Revenue Bonds, Series 2019
3.870% due 11/15/2035 (f)

 

6,749

 

6,316

New Jersey Economic Development Authority Revenue Bonds, Series 2016
5.000% due 06/15/2041

 

5,000

 

5,454

New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series 2013
5.500% due 07/01/2043

 

4,000

 

4,017

New Jersey Transportation Trust Fund Authority Revenue Bonds, (AGM Insured), Series 2006
0.000% due 12/15/2034 (c)

 

2,500

 

1,653

New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2018
5.000% due 12/15/2036

 

1,500

 

1,605

New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2019

 

 

 

 

5.000% due 06/15/2044

 

3,500

 

3,650

5.250% due 06/15/2043

 

4,000

 

4,237

New Jersey Turnpike Authority Revenue Bonds, Series 2017
5.000% due 01/01/2037

 

6,000

 

6,502

New Jersey Turnpike Authority Revenue Bonds, Series 2019
5.000% due 01/01/2048

 

1,500

 

1,597

South Jersey Port Corp., New Jersey Revenue Bonds, Series 2017
5.000% due 01/01/2049

 

1,010

 

1,033

Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018
5.000% due 06/01/2046

 

12,300

 

12,352

 

 

 

 

54,951

NEW YORK 17.5%

 

 

 

 

Build NYC Resource Corp., New York Revenue Bonds, Series 2023
5.250% due 07/01/2052

 

1,000

 

1,033

Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2019
4.000% due 11/15/2049

 

7,000

 

6,637

Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2020
4.000% due 07/01/2050

 

4,130

 

3,990

Nassau County, New York Industrial Development Agency Revenue Bonds, Series 2021
5.000% due 01/01/2058

 

751

 

338

New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2020
4.000% due 05/01/2045

 

2,000

 

1,972

New York City Water & Sewer System, New York Revenue Bonds, Series 2020
4.000% due 06/15/2050

 

3,000

 

2,928

New York City, New York General Obligation Bonds, Series 2018
5.000% due 12/01/2037

 

2,250

 

2,469

New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022
5.000% due 06/15/2047

 

6,000

 

6,648

New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022
5.500% due 11/01/2045

 

5,000

 

5,782

New York Liberty Development Corp. Revenue Bonds, Series 2005

 

 

 

 

5.250% due 10/01/2035 (e)

 

11,505

 

13,245

New York Liberty Development Corp. Revenue Bonds, Series 2014
5.000% due 11/15/2044

 

9,250

 

8,918

Schedule of Investments PIMCO Municipal Income Fund II (Cont.)

March 31, 2023

(Unaudited)

 

New York Liberty Development Corp. Revenue Bonds, Series 2021
2.875% due 11/15/2046

 

3,775

 

2,770

New York Power Authority Revenue Bonds, Series 2020
4.000% due 11/15/2060

 

3,500

 

3,323

New York State Dormitory Authority Revenue Bonds, Series 2017
4.000% due 02/15/2047

 

4,000

 

3,900

New York State Dormitory Authority Revenue Bonds, Series 2020
4.000% due 02/15/2040

 

2,500

 

2,505

New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020
4.200% due 11/01/2054 (f)

 

3,500

 

3,250

New York State Thruway Authority Revenue Bonds, (AGM Insured), Series 2019
4.000% due 01/01/2053

 

1,040

 

1,001

New York State Thruway Authority Revenue Bonds, Series 2019

 

 

 

 

4.000% due 01/01/2041

 

3,150

 

3,142

4.000% due 01/01/2050

 

1,305

 

1,243

New York State Thruway Authority Revenue Bonds, Series 2021
4.000% due 03/15/2047

 

5,375

 

5,240

New York State Urban Development Corp. Revenue Bonds, Series 2021
4.000% due 03/15/2047

 

6,250

 

6,149

Port Authority of New York & New Jersey Revenue Bonds, Series 2017
5.250% due 10/15/2057

 

3,300

 

3,435

Suffolk Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2021
4.000% due 06/01/2050

 

2,920

 

2,572

Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022
4.000% due 05/15/2057

 

6,000

 

5,636

Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2021
5.000% due 05/15/2051

 

6,125

 

6,592

 

 

 

 

104,718

NORTH CAROLINA 0.5%

 

 

 

 

North Carolina Turnpike Authority Revenue Bonds, Series 2018
4.000% due 01/01/2039

 

3,000

 

3,037

NORTH DAKOTA 0.2%

 

 

 

 

Grand Forks County, North Dakota Revenue Bonds, Series 2021
7.000% due 12/15/2043 ^(b)

 

1,950

 

1,072

OHIO 6.6%

 

 

 

 

Akron Bath Copley Joint Township Hospital District, Ohio Revenue Bonds, Series 2020
4.000% due 11/15/2038

 

1,500

 

1,394

Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020

 

 

 

 

0.000% due 06/01/2057 (c)

 

79,500

 

9,522

5.000% due 06/01/2055

 

2,495

 

2,262

Geisinger Authority, Ohio Revenue Bonds, Series 2017
4.000% due 02/15/2047

 

11,000

 

10,234

Montgomery County, Ohio Dayton Children's Hospital Revenue Bonds, Series 2021
4.000% due 08/01/2046

 

5,500

 

5,330

Ohio Air Quality Development Authority Dayton Power And Light Company Project Revenue Bonds , Series 2015
4.250% due 11/01/2040

 

3,000

 

3,027

Ohio Air Quality Development Authority Revenue Notes, Series 2019
3.250% due 09/01/2029

 

1,700

 

1,611

Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2020
5.000% due 12/01/2050

 

2,500

 

2,733

Southern Ohio Port Authority Revenue Notes, Series 2020
6.500% due 12/01/2030

 

2,600

 

2,290

Worthington City School District, Ohio General Obligation, Series 2023
5.500% due 12/01/2054

 

1,060

 

1,218

 

 

 

 

39,621

OKLAHOMA 1.1%

 

 

 

 

Oklahoma Development Finance Authority Revenue Bonds, Series 2018
5.500% due 08/15/2052

 

2,000

 

1,933

Oklahoma Development Finance Authority Revenue Bonds, Series 2021
8.000% due 12/01/2041

 

1,750

 

1,374

Oklahoma Water Resources Board Revenue Bonds, Series 2020
4.000% due 10/01/2049

 

3,250

 

3,254

 

 

 

 

6,561

OREGON 0.9%

 

 

 

 

Columbia County, Oregon School District No 502 General Obligation Bonds, Series 2020
5.000% due 06/15/2045

 

2,000

 

2,174

Multnomah County School District 40, Oregon General Obligations, Series 2023
0.000% due 06/15/2051 (c)

 

3,700

 

887

Salem Hospital Facility Authority, Oregon Revenue Bonds, Series 2022
4.000% due 05/15/2057

 

1,000

 

699

Schedule of Investments PIMCO Municipal Income Fund II (Cont.)

March 31, 2023

(Unaudited)

 

Washington & Multnomah Counties School District No 48J Beaverton, Oregon General Obligation Bonds, Series 2022
0.000% due 06/15/2048 (c)

 

5,195

 

1,545

 

 

 

 

5,305

PENNSYLVANIA 7.5%

 

 

 

 

Bucks County, Pennsylvania Water and Sewer Authority Revenue Bonds, (AGM Insured), Series 2022
4.250% due 12/01/2047

 

1,800

 

1,809

Monroeville Finance Authority, Pennsylvania Revenue Bonds, Series 2022
4.000% due 02/15/2042

 

4,060

 

3,971

Montgomery County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2023
4.450% due 10/01/2034 (a)

 

3,000

 

3,047

Pennsylvania Economic Development Financing Authority Revenue Bonds, (AGM Insured), Series 2022
5.750% due 12/31/2062

 

7,000

 

7,666

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2009
6.400% due 12/01/2038 ^(b)

 

2,500

 

1,100

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2021
9.000% due 04/01/2051

 

3,400

 

3,834

Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2018
4.000% due 02/15/2043

 

4,800

 

4,804

Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2019
5.000% due 08/15/2049

 

2,500

 

2,602

Pennsylvania Turnpike Commission Revenue Bonds, Series 2013
5.000% due 12/01/2043

 

7,595

 

7,706

Pennsylvania Turnpike Commission Revenue Bonds, Series 2021

 

 

 

 

5.000% due 12/01/2046

 

1,000

 

1,076

5.000% due 12/01/2051

 

6,000

 

6,412

Philadelphia Authority for Industrial Development, Pennsylvania Revenue Bonds, Series 2017
5.500% due 12/01/2058

 

1,000

 

902

 

 

 

 

44,929

PUERTO RICO 7.0%

 

 

 

 

Children's Trust Fund, Puerto Rico Revenue Bonds, Series 2008
0.000% due 05/15/2057 (c)

 

63,000

 

4,060

Commonwealth of Puerto Rico Bonds, Series 2022

 

 

 

 

0.000% due 11/01/2043

 

8,744

 

3,815

0.000% due 11/01/2051

 

8,119

 

3,086

Commonwealth of Puerto Rico General Obligation Bonds, Series 2021

 

 

 

 

0.000% due 07/01/2033 (c)

 

3,750

 

2,130

4.000% due 07/01/2041

 

3,500

 

2,848

Puerto Rico Highway & Transportation Authority Revenue Bonds, Series 2022

 

 

 

 

0.000% due 07/01/2053 (d)

 

4,131

 

2,417

5.000% due 07/01/2062

 

559

 

531

Puerto Rico Highway & Transportation Authority Revenue Notes, Series 2022
0.000% due 07/01/2032 (c)

 

363

 

227

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018
0.000% due 07/01/2051 (c)

 

52,000

 

10,121

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019
4.784% due 07/01/2058

 

14,205

 

12,929

 

 

 

 

42,164

RHODE ISLAND 3.0%

 

 

 

 

Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015
5.000% due 06/01/2050

 

18,450

 

18,129

SOUTH CAROLINA 1.7%

 

 

 

 

South Carolina Public Service Authority Revenue Obligations Revenue Bonds, Series 2013
5.500% due 12/01/2053

 

10,000

 

10,050

TENNESSEE 1.8%

 

 

 

 

Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2020
4.000% due 11/01/2055

 

2,000

 

1,480

Metropolitan Nashville Airport Authority, Tennessee Revenue Bonds, Series 2019
4.000% due 07/01/2049

 

2,000

 

1,921

Shelby County, Tennessee Health Educational & Housing Facilities Board Revenue Bonds, Series 2019
5.750% due 10/01/2059

 

1,550

 

1,169

Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2006
5.000% due 02/01/2027

 

6,000

 

6,107

 

 

 

 

10,677

TEXAS 19.1%

 

 

 

 

Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021

 

 

 

 

7.500% due 12/01/2045

 

1,345

 

892

12.000% due 12/01/2045

 

2,250

 

1,957

Austin, Texas Airport System Revenue Bonds, Series 2022
5.000% due 11/15/2042

 

2,425

 

2,591

Board of Regents of the University of Texas System Revenue Bonds, Series 2022
4.000% due 08/15/2052

 

6,500

 

6,414

Calhoun County, Texas Navigation Industrial Development Authority Revenue Notes, Series 2021
3.625% due 07/01/2026

 

2,600

 

2,360

Schedule of Investments PIMCO Municipal Income Fund II (Cont.)

March 31, 2023

(Unaudited)

 

Central Texas Turnpike System Revenue Bonds, Series 2015

 

 

 

 

0.000% due 08/15/2036 (c)

 

2,500

 

1,399

0.000% due 08/15/2037 (c)

 

8,000

 

4,240

Clifton Higher Education Finance Corp., Texas Revenue Bonds, Series 2018
6.125% due 08/15/2048

 

1,750

 

1,761

Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2022
5.000% due 11/01/2038

 

3,500

 

3,971

Grand Parkway Transportation Corp., Texas Revenue Bonds, Series 2013
5.000% due 04/01/2053

 

21,000

 

21,247

Grand Parkway Transportation Corp., Texas Revenue Bonds, Series 2018
5.000% due 10/01/2048 (e)

 

7,500

 

7,874

Lamar Cosolidated Independent School District, Texas General Obligation Bonds, Series 2023
4.000% due 02/15/2048

 

5,000

 

4,922

Lower Colorado River Authority, Texas Revenue Bonds, Series 2019
4.000% due 05/15/2049

 

2,500

 

2,273

New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2016
5.000% due 07/01/2046 ^

 

1,030

 

687

New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2021
5.500% due 01/01/2057

 

4,300

 

3,120

North Texas Tollway Authority Revenue Bonds, Series 2017

 

 

 

 

4.000% due 01/01/2043

 

3,590

 

3,538

5.000% due 01/01/2048

 

3,500

 

3,620

North Texas Tollway Authority Revenue Bonds, Series 2018
5.000% due 01/01/2048

 

1,000

 

1,043

Rockwall Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022
5.000% due 02/15/2052

 

6,000

 

6,567

San Antonio Public Facilities Corp., Texas Revenue Bonds, Series 2012
4.000% due 09/15/2042

 

10,000

 

9,815

San Jacinto College District, Texas General Obligation Bonds, Series 2019
5.000% due 02/15/2044

 

1,010

 

1,090

Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2017
6.750% due 11/15/2047

 

1,000

 

1,005

Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022
5.000% due 11/15/2051

 

3,140

 

3,354

Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2008
6.250% due 12/15/2026

 

10,680

 

11,240

Texas Water Development Board Revenue Bonds, Series 2022
5.000% due 10/15/2057

 

5,395

 

5,957

West Harris County, Texas Regional Water Authority Revenue Bonds, (BAM Insured), Series 2021
4.000% due 12/15/2060

 

1,250

 

1,179

 

 

 

 

114,116

U.S. VIRGIN ISLANDS 0.9%

 

 

 

 

Matching Fund Special Purpose Securitization Corp., U.S. Virgin Islands Revenue Bonds, Series 2022
5.000% due 10/01/2039

 

5,460

 

5,360

UTAH 0.2%

 

 

 

 

Military Installation Development Authority, Utah Revenue Bonds, Series 2021
4.000% due 06/01/2052

 

2,000

 

1,424

VIRGINIA 3.6%

 

 

 

 

James City County, Virginia Economic Development Authority Revenue Bonds, Series 2013
6.000% due 06/01/2043

 

1,182

 

1,188

Virginia Commonwealth Transportation Board Revenue Bonds, Series 2018
4.000% due 05/15/2041 (e)

 

8,200

 

8,274

Virginia Small Business Financing Authority Revenue Bonds, Series 2019

 

 

 

 

0.000% due 07/01/2061 (c)

 

51,000

 

2,512

5.000% due 07/01/2034

 

2,500

 

2,364

Virginia Small Business Financing Authority Revenue Bonds, Series 2020
4.000% due 12/01/2049

 

7,800

 

7,232

 

 

 

 

21,570

WASHINGTON 0.7%

 

 

 

 

Snohomish County, Washington Housing Authority Revenue Bonds, Series 2019
4.000% due 04/01/2044

 

2,000

 

1,903

Washington State Convention Center Public Facilities District Revenue Bonds, Series 2018
4.000% due 07/01/2058

 

2,960

 

2,429

 

 

 

 

4,332

WEST VIRGINIA 1.5%

 

 

 

 

Monongalia County, West Virginia Commission Special District Revenue Bonds, Series 2017
5.500% due 06/01/2037

 

2,000

 

2,029

West Virginia Economic Development Authority Revenue Bonds, Series 2017
4.000% due 06/15/2040

 

7,110

 

7,171

 

 

 

 

9,200

WISCONSIN 6.4%

 

 

 

 

Public Finance Authority, Wisconsin Revenue Bonds, Series 2017
7.000% due 01/01/2050

 

4,500

 

4,951

Schedule of Investments PIMCO Municipal Income Fund II (Cont.)

March 31, 2023

(Unaudited)

 

Public Finance Authority, Wisconsin Revenue Bonds, Series 2018
6.375% due 01/01/2048

 

4,000

 

2,460

Public Finance Authority, Wisconsin Revenue Bonds, Series 2020
0.000% due 01/01/2060 (c)

 

15,000

 

758

Public Finance Authority, Wisconsin Revenue Bonds, Series 2021

 

 

 

 

4.000% due 09/30/2051

 

1,700

 

1,406

4.000% due 03/31/2056

 

900

 

727

4.000% due 07/01/2056

 

1,100

 

848

4.500% due 06/01/2056

 

2,900

 

2,186

Public Finance Authority, Wisconsin Revenue Bonds, Series 2022
5.000% due 10/01/2052

 

7,500

 

7,883

Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020

 

 

 

 

0.000% due 12/15/2045 (c)

 

3,855

 

1,314

0.000% due 12/15/2055 (c)

 

20,420

 

4,112

Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016
4.000% due 11/15/2046

 

4,345

 

4,514

Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2017
4.000% due 08/15/2042 (e)

 

3,000

 

2,960

Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2022
4.000% due 12/01/2051

 

4,470

 

4,204

 

 

 

 

38,323

Total Municipal Bonds & Notes (Cost $1,048,589)

 

 

 

1,030,313

SHORT-TERM INSTRUMENTS 0.5%

 

 

 

 

REPURCHASE AGREEMENTS (g) 0.5%

 

 

 

2,864

Total Short-Term Instruments (Cost $2,864)

 

 

 

2,864

Total Investments in Securities (Cost $1,051,453)

 

 

 

1,033,177

Total Investments 172.6% (Cost $1,051,453)

 

 

$

1,033,177

Auction Rate Preferred Shares (49.8)%

 

 

 

(298,275)

Remarketable Variable Rate MuniFund Term Preferred Shares, at liquidation value (11.5)%

 

 

 

(68,652)

Other Assets and Liabilities, net (11.3)%

 

 

 

(67,746)

Net Assets Applicable to Common Shareholders 100.0%

 

 

$

598,504

Schedule of Investments PIMCO Municipal Income Fund II (Cont.)

March 31, 2023

(Unaudited)

 

 

NOTES TO SCHEDULE OF INVESTMENTS:

 

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

 

¤

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

^

Security is in default.

(a)

When-issued security.

(b)

Security is not accruing income as of the date of this report.

(c)

Zero coupon security.

(d)

Security becomes interest bearing at a future date.

(e)

Represents an underlying municipal bond transferred to a tender option bond trust established in a tender option bond transaction in which the Fund sold, or caused the sale of, the underlying municipal bond and purchased the residual interest certificate. The security serves as collateral in a financing transaction.

(f)

RESTRICTED SECURITIES:

Issuer Description

Coupon

Maturity
Date

Acquisition
Date

 

Cost

 

Market
Value

Market Value
as Percentage
of Net Assets
Applicable to Common Shareholders

Federal Home Loan Mortgage Corp. Enhanced Receipt, New Jersey Revenue Bonds, Series 2019

3.870

%

11/15/2035

10/26/2020

$

7,708

$

6,316

1.06

%

New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020

4.200

 

11/01/2054

11/18/2021

 

3,939

 

3,250

0.54

 

 

 

 

 

$

11,647

$

9,566

1.60%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(g)

REPURCHASE AGREEMENTS:

Counterparty

Lending
Rate

Settlement
Date

Maturity
Date

 

Principal
Amount

Collateralized By

 

Collateral
(Received)

 

Repurchase
Agreements,
at Value

 

Repurchase
Agreement
Proceeds
to be
Received(1)

FICC

2.200%

03/31/2023

04/03/2023

$

2,864

U.S. Treasury Inflation Protected Securities 0.125% due 07/15/2024

$

(2,921)

$

2,864

$

2,864

Total Repurchase Agreements

 

$

(2,921)

$

2,864

$

2,864

(1)

Includes accrued interest.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of March 31, 2023 in valuing the Fund's assets and liabilities:

 

Category and Subcategory

Level 1

Level 2

Level 3

Fair Value
at 03/31/2023

Investments in Securities, at Value

Municipal Bonds & Notes

 

Alabama

$

0

$

39,277

$

0

$

39,277

 

 

Alaska

 

0

 

2,629

 

0

 

2,629

 

 

Arizona

 

0

 

50,719

 

0

 

50,719

 

 

Arkansas

 

0

 

3,451

 

0

 

3,451

 

 

California

 

0

 

49,747

 

0

 

49,747

 

 

Colorado

 

0

 

28,441

 

0

 

28,441

 

 

Connecticut

 

0

 

7,897

 

0

 

7,897

 

 

Delaware

 

0

 

5,916

 

0

 

5,916

 

 

District of Columbia

 

0

 

5,206

 

0

 

5,206

 

 

Florida

 

0

 

43,420

 

0

 

43,420

 

 

Georgia

 

0

 

37,106

 

0

 

37,106

 

 

Illinois

 

0

 

90,860

 

0

 

90,860

 

 

Indiana

 

0

 

10,976

 

0

 

10,976

 

 

Iowa

 

0

 

8,070

 

0

 

8,070

 

 

Kansas

 

0

 

5,468

 

0

 

5,468

 

 

Louisiana

 

0

 

27,873

 

0

 

27,873

 

 

Maine

 

0

 

4,610

 

0

 

4,610

 

 

Maryland

 

0

 

6,622

 

0

 

6,622

 

 

Massachusetts

 

0

 

14,053

 

0

 

14,053

 

 

Michigan

 

0

 

15,354

 

0

 

15,354

 

 

Minnesota

 

0

 

5,532

 

0

 

5,532

 

 

Mississippi

 

0

 

40

 

0

 

40

 

 

Missouri

 

0

 

14,104

 

0

 

14,104

 

 

Nevada

 

0

 

11,901

 

0

 

11,901

 

 

New Hampshire

 

0

 

5,502

 

0

 

5,502

 

 

New Jersey

 

0

 

54,951

 

0

 

54,951

 

Schedule of Investments PIMCO Municipal Income Fund II (Cont.)

March 31, 2023

(Unaudited)

 

 

New York

 

0

 

104,718

 

0

 

104,718

 

 

North Carolina

 

0

 

3,037

 

0

 

3,037

 

 

North Dakota

 

0

 

1,072

 

0

 

1,072

 

 

Ohio

 

0

 

39,621

 

0

 

39,621

 

 

Oklahoma

 

0

 

6,561

 

0

 

6,561

 

 

Oregon

 

0

 

5,305

 

0

 

5,305

 

 

Pennsylvania

 

0

 

44,929

 

0

 

44,929

 

 

Puerto Rico

 

0

 

42,164

 

0

 

42,164

 

 

Rhode Island

 

0

 

18,129

 

0

 

18,129

 

 

South Carolina

 

0

 

10,050

 

0

 

10,050

 

 

Tennessee

 

0

 

10,677

 

0

 

10,677

 

 

Texas

 

0

 

114,116

 

0

 

114,116

 

 

U.S. Virgin Islands

 

0

 

5,360

 

0

 

5,360

 

 

Utah

 

0

 

1,424

 

0

 

1,424

 

 

Virginia

 

0

 

21,570

 

0

 

21,570

 

 

Washington

 

0

 

4,332

 

0

 

4,332

 

 

West Virginia

 

0

 

9,200

 

0

 

9,200

 

 

Wisconsin

 

0

 

38,323

 

0

 

38,323

 

Short-Term Instruments

 

Repurchase Agreements

 

0

 

2,864

 

0

 

2,864

 

Total Investments

$

0

$

1,033,177

$

0

$

1,033,177

 

 

There were no significant transfers into or out of Level 3 during the period ended March 31, 2023.

 

Notes to Financial Statements

 

1. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The net asset value (“NAV”) of the Fund's shares, or each of its share classes as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

 

On each day that the New York Stock Exchange (“NYSE”) is open, the Fund’s shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) (“NYSE Close”). Information that becomes known to the Fund or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the normally scheduled close of regular trading on the NYSE for that day. The Fund generally does not calculate its NAV on days during which the NYSE is closed. However, if the NYSE is closed on a day it would normally be open for business, the Fund may calculate its NAV as of the normally scheduled NYSE Close for that day or such other time that the Fund may determine.

 

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close.

 

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the “Act”). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees has designated PIMCO as the valuation designee (“Valuation Designee”) for the Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee’s policies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, “Pricing Sources”).

 

Fair valuation may require subjective determinations about the value of a security. While the Fund’s and Valuation Designee's policies and procedures are intended to result in a calculation of the Fund's NAV that fairly reflects security values as of the time of pricing, the Fund cannot ensure that fair values accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold. The Fund's use of fair valuation may also help to deter “stale price arbitrage” as discussed under the "Abusive Trading Practices" section in the Fund's prospectus.

 

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:

 

• Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

 

• Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

 

• Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

 

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Fund.

 

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of the Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for the Fund.

 

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or “techniques”) and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

 

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

 

 

 

Notes to Financial Statements (Cont.)

 

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

 

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

 

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believe reflects fair value and are categorized as Level 3 of the fair value hierarchy.

 

2. FEDERAL INCOME TAX MATTERS

The Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the “Code”) and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

 

The Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

 

In accordance with U.S. GAAP, the Manager has reviewed the Fund's tax positions for all open tax years. As of March 31, 2023, the Fund has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

 

The Fund files U.S. federal, state, and local tax returns as required. The Fund's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

 

 

 

 

Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)
 
Counterparty Abbreviations:
FICC Fixed Income Clearing Corporation
 
Currency Abbreviations:
USD (or $) United States Dollar
 
Municipal Bond or Agency Abbreviations:
AGM Assured Guaranty Municipal CR Custodial Receipts NPFGC National Public Finance Guarantee Corp.
AMBAC American Municipal Bond Assurance Corp. FHA Federal Housing Administration PSF Public School Fund
BAM Build America Mutual Assurance
 
Other Abbreviations:
TBA To-Be-Announced