NPORT-EX 2 camunicipalincomefundiii.htm PIMCO CALIFORNIA MUNICIPAL INCOME FUND III camunicipalincomefundiii

Schedule of Investments PIMCO California Municipal Income Fund III

March 31, 2022

(Unaudited)

 

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

 

 

PRINCIPAL
AMOUNT
(000s)

 

MARKET
VALUE
(000s)

INVESTMENTS IN SECURITIES 185.3% ¤

 

 

 

 

MUNICIPAL BONDS & NOTES 183.6%

 

 

 

 

ARIZONA 0.4%

 

 

 

 

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

$

730

$

827

CALIFORNIA 160.6%

 

 

 

 

Bay Area Toll Authority, California Revenue Bonds, Series 2013
5.250% due 04/01/2048

 

8,000

 

8,290

California Community Housing Agency Revenue Bonds, Series 2019
5.000% due 04/01/2049

 

3,700

 

3,578

California County Tobacco Securitization Agency Revenue Bonds, Series 2002

 

 

 

 

5.875% due 06/01/2035

 

6,165

 

6,253

6.000% due 06/01/2042

 

7,000

 

7,100

California County Tobacco Securitization Agency Revenue Bonds, Series 2007
0.000% due 06/01/2057 (a)

 

4,000

 

545

California County Tobacco Securitization Agency Revenue Bonds, Series 2020
0.000% due 06/01/2055 (a)

 

4,000

 

730

California Educational Facilities Authority Revenue Bonds, Series 2017
5.000% due 04/01/2047

 

700

 

767

California Educational Facilities Authority Revenue Bonds, Series 2018
5.000% due 10/01/2043

 

1,000

 

1,140

California Enterprise Development Authority Revenue Bonds, Series 2020
5.000% due 08/01/2050

 

600

 

663

California Health Facilities Financing Authority Revenue Bonds, (CM Insured), Series 2020
4.000% due 11/01/2040

 

1,020

 

1,108

California Health Facilities Financing Authority Revenue Bonds, Series 2012
5.000% due 08/15/2051

 

5,205

 

5,279

California Health Facilities Financing Authority Revenue Bonds, Series 2015
5.000% due 08/15/2054

 

3,000

 

3,243

California Health Facilities Financing Authority Revenue Bonds, Series 2016

 

 

 

 

4.000% due 08/15/2039 (c)

 

6,500

 

6,896

4.000% due 10/01/2047

 

750

 

795

5.000% due 11/15/2046 (c)

 

5,000

 

5,581

5.000% due 08/15/2055

 

5,000

 

5,518

California Health Facilities Financing Authority Revenue Bonds, Series 2020

 

 

 

 

4.000% due 04/01/2049

 

2,750

 

2,800

4.000% due 06/01/2050

 

3,250

 

3,401

California Health Facilities Financing Authority Revenue Bonds, Series 2021
4.000% due 08/15/2048 (c)

 

2,000

 

2,128

California Infrastructure & Economic Development Bank Revenue Bonds, Series 2013
5.000% due 02/01/2039

 

10,000

 

10,292

California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020

 

 

 

 

0.000% due 01/01/2060 (a)

 

5,000

 

476

4.000% due 11/01/2045

 

850

 

883

4.000% due 07/01/2050

 

300

 

319

California Municipal Finance Authority Revenue Bonds, Series 2018

 

 

 

 

5.000% due 06/01/2043

 

1,165

 

1,325

5.000% due 06/01/2048

 

1,100

 

1,248

California Municipal Finance Authority Revenue Bonds, Series 2021

 

 

 

 

4.000% due 11/01/2036

 

655

 

625

4.000% due 02/01/2051

 

1,500

 

1,551

California Public Finance Authority Revenue Bonds, Series 2017
4.000% due 08/01/2047 (c)

 

4,200

 

4,474

California Public Finance Authority Revenue Bonds, Series 2019
6.250% due 07/01/2054

 

1,250

 

1,387

California School Finance Authority Revenue Bonds, Series 2017
5.000% due 07/01/2047

 

1,115

 

1,208

California State General Obligation Bonds, Series 2003
0.380% due 05/01/2033

 

250

 

250

California State General Obligation Bonds, Series 2013
5.000% due 11/01/2043

 

5,000

 

5,241

California State General Obligation Bonds, Series 2017
4.000% due 11/01/2047

 

1,500

 

1,588

California State General Obligation Bonds, Series 2018
5.000% due 10/01/2047

 

2,000

 

2,192

California State General Obligation Bonds, Series 2019
4.000% due 10/01/2039

 

1,500

 

1,615

California State General Obligation Bonds, Series 2020
4.000% due 03/01/2050

 

1,750

 

1,869

California State Public Works Board Revenue Bonds, Series 2013
5.000% due 03/01/2038

 

2,500

 

2,568

 

 

 

Schedule of Investments PIMCO California Municipal Income Fund III (Cont.)

March 31, 2022

(Unaudited)

 

California State University Revenue Bonds, Series 2015
5.000% due 11/01/2047

 

6,750

 

7,375

California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2018
4.000% due 07/01/2047

 

250

 

264

California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2021
4.000% due 11/01/2051

 

750

 

799

California Statewide Communities Development Authority Revenue Bonds, Series 2012
5.000% due 04/01/2042

 

11,220

 

11,220

California Statewide Communities Development Authority Revenue Bonds, Series 2014
5.500% due 12/01/2054

 

3,600

 

3,864

California Statewide Communities Development Authority Revenue Bonds, Series 2016

 

 

 

 

4.000% due 08/15/2051

 

200

 

210

5.000% due 06/01/2046

 

1,000

 

1,043

5.000% due 12/01/2046

 

3,100

 

3,385

California Statewide Communities Development Authority Revenue Bonds, Series 2018

 

 

 

 

4.000% due 03/01/2042

 

2,500

 

2,658

4.000% due 07/01/2048

 

850

 

897

4.000% due 12/01/2057

 

2,000

 

2,040

Chaffey Joint Union High School District, California General Obligation Bonds, Series 2017
4.000% due 08/01/2047 (c)

 

4,500

 

4,724

CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021

 

 

 

 

4.000% due 08/01/2056

 

500

 

449

4.000% due 10/01/2056

 

750

 

691

CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022
0.000% due 09/01/2062 (b)

 

1,800

 

1,088

Eastern Municipal Water District, California Revenue Bonds, Series 2018
0.350% due 07/01/2046

 

2,000

 

2,000

Folsom Cordova Unified School District School Facilities Improvement District No. 5, California General Obligation Bonds, Series 2018
4.000% due 10/01/2043 (c)

 

2,900

 

3,101

Foothill-Eastern Transportation Corridor Agency, California Revenue Bonds, Series 2014
3.950% due 01/15/2053

 

720

 

733

Fremont Community Facilities District No. 1, California Special Tax Bonds, Series 2015
5.000% due 09/01/2045

 

1,400

 

1,480

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2018

 

 

 

 

5.000% due 06/01/2030

 

1,500

 

1,739

5.000% due 06/01/2047

 

2,115

 

2,128

5.250% due 06/01/2047

 

8,885

 

8,946

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

 

46,690

 

5,699

Hartnell Community College District, California General Obligation Bonds, Series 2017
4.000% due 08/01/2042

 

1,150

 

1,238

Hastings Campus Housing Finance Authority, California Revenue Bonds, Series 2020
5.000% due 07/01/2061

 

2,000

 

2,149

Hayward Unified School District, California General Obligation Bonds, Series 2015
5.000% due 08/01/2038

 

5,000

 

5,348

Imperial Irrigation District Electric System, California Revenue Bonds, Series 2016
5.000% due 11/01/2041 (c)

 

4,000

 

4,446

Long Beach Bond Finance Authority, California Revenue Bonds, Series 2007
5.500% due 11/15/2030

 

360

 

428

Long Beach Community College District, California General Obligation Bonds, Series 2019
4.000% due 08/01/2045

 

450

 

479

Long Beach Unified School District, California General Obligation Bonds, Series 2009
5.750% due 08/01/2033

 

305

 

306

Long Beach, California Airport System Revenue Bonds, Series 2010
5.000% due 06/01/2040

 

2,120

 

2,127

Los Angeles Community College District, California General Obligation Bonds, Series 2017
4.000% due 08/01/2041 (c)

 

2,900

 

3,093

Los Angeles County, California Facilities, Inc., Revenue Bonds, Series 2018
4.000% due 12/01/2048

 

2,000

 

2,128

Los Angeles County, California Metropolitan Transportation Authority Revenue Bonds, Series 2019
5.000% due 07/01/2044

 

2,200

 

2,507

Los Angeles County, California Sanitation Districts Financing Authority Revenue Bonds, Series 2016
4.000% due 10/01/2042

 

1,185

 

1,254

Los Angeles Department of Water & Power System, California Revenue Bonds, Series 2012

 

 

 

 

5.000% due 07/01/2037

 

2,000

 

2,015

5.000% due 07/01/2043

 

2,115

 

2,130

Los Angeles Department of Water & Power System, California Revenue Bonds, Series 2014
5.000% due 07/01/2043

 

1,000

 

1,051

Los Angeles Department of Water & Power System, California Revenue Bonds, Series 2019
5.000% due 07/01/2049

 

1,500

 

1,724

M-S-R Energy Authority, California Revenue Bonds, Series 2009

 

 

 

 

6.500% due 11/01/2039

 

9,825

 

13,333

7.000% due 11/01/2034

 

2,285

 

3,050

Manteca Financing Authority, California Revenue Bonds, Series 2009
5.750% due 12/01/2036

 

1,000

 

1,007

Monterey Peninsula Unified School District, California General Obligation Bonds, Series 2019
4.000% due 08/01/2040

 

2,545

 

2,729

Mount San Antonio Community College District, California General Obligation Bonds, Series 2019
5.000% due 08/01/2044

 

1,450

 

1,697

Mount San Jacinto Community College District, California General Obligation Bonds, Series 2018
4.000% due 08/01/2043

 

7,300

 

7,794

Newport Mesa Unified School District, California General Obligation Bonds, (NPFGC Insured), Series 2007
0.000% due 08/01/2031 (a)

 

1,485

 

1,146

Northern California Energy Authority Revenue Bonds, Series 2018
4.000% due 07/01/2049

 

2,000

 

2,056

Schedule of Investments PIMCO California Municipal Income Fund III (Cont.)

March 31, 2022

(Unaudited)

 

Oakland Redevelopment Agency Successor Agency, California Tax Allocation Bonds, (AGM Insured), Series 2015
5.000% due 09/01/2036

 

800

 

873

Orange County, California Local Transportation Authority Revenue Bonds, Series 2019
5.000% due 02/15/2041

 

1,000

 

1,169

Pacifica School District, California General Obligation Bonds, Series 2018
4.000% due 08/01/2048

 

1,250

 

1,317

Palomar Community College District, California General Obligation Bonds, Series 2017
4.000% due 08/01/2046 (c)

 

3,000

 

3,186

Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2013
5.000% due 05/15/2043

 

5,000

 

5,170

River Islands Public Financing Authority, California Special Tax Bonds, Series 2015
5.500% due 09/01/2045

 

3,000

 

3,086

Riverside, California Sewer Revenue Bonds, Series 2018
4.000% due 08/01/2038

 

2,000

 

2,143

Riverside, California Water Revenue Bonds, Series 2019
5.000% due 10/01/2048

 

1,500

 

1,744

Sacramento Area Flood Control Agency, California Special Assessment Bonds, Series 2016

 

 

 

 

5.000% due 10/01/2041 (c)

 

2,200

 

2,435

5.000% due 10/01/2047 (c)

 

1,500

 

1,650

Sacramento Municipal Utility District, California Revenue Bonds, Series 2013
5.000% due 08/15/2037

 

3,000

 

3,117

San Diego County, California Regional Airport Authority Revenue Bonds, Series 2013
5.000% due 07/01/2043

 

1,325

 

1,380

San Francisco Bay Area Rapid Transit District, California General Obligation Bonds, Series 2017
4.000% due 08/01/2042 (c)

 

4,500

 

4,867

San Francisco Bay Area Rapid Transit District, California General Obligation Bonds, Series 2019
4.000% due 08/01/2044

 

2,160

 

2,338

San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2017
5.000% due 05/01/2047

 

2,125

 

2,331

San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2018
5.000% due 05/01/2048

 

2,000

 

2,227

San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2019
5.000% due 05/01/2050

 

2,500

 

2,796

San Francisco City & County Airport Comm-San Francisco International Airport, California Revenue Bonds, Series 2022
4.000% due 05/01/2052 (c)

 

2,000

 

2,085

San Francisco, California City & County Redevelopment Agency Special Tax Bonds, Series 2013
5.000% due 08/01/2028

 

1,505

 

1,517

San Joaquin County Transportation Authority, California Revenue Bonds, Series 2017

 

 

 

 

4.000% due 03/01/2041 (c)

 

1,800

 

1,905

5.000% due 03/01/2041 (c)

 

2,700

 

3,042

San Jose Evergreen Community College District, California General Obligation Bonds, Series 2014
4.125% due 09/01/2043

 

1,250

 

1,316

San Jose Unified School District, California General Obligation Bonds, Series 2019
4.000% due 08/01/2042

 

1,000

 

1,079

San Jose, California Hotel Tax Revenue Bonds, Series 2011
6.500% due 05/01/2036

 

1,500

 

1,505

San Marcos Redevelopment Agency Successor Agency, California Tax Allocation Bonds, Series 2015
5.000% due 10/01/2034

 

885

 

968

San Mateo County, California Community College District General Obligation Bonds, (NPFGC Insured), Series 2006
0.000% due 09/01/2034 (a)

 

2,530

 

1,767

San Mateo County, California Community College District General Obligation Bonds, Series 2018
5.000% due 09/01/2045

 

2,000

 

2,339

San Mateo Foster City Public Financing Authority, California Revenue Bonds, Series 2019
4.000% due 08/01/2044

 

1,290

 

1,388

Santa Ana Unified School District, California General Obligation Bonds, Series 2019
4.000% due 08/01/2048

 

1,250

 

1,326

Santa Clara County, California General Obligation Bonds, Series 2013
4.000% due 08/01/2041 (c)

 

3,000

 

3,018

Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021
0.000% due 06/01/2060 (a)

 

19,000

 

3,228

University of California Revenue Bonds, Series 2016
4.000% due 05/15/2046 (c)

 

6,760

 

7,124

University of California Revenue Bonds, Series 2017
5.000% due 05/15/2042

 

2,500

 

2,817

University of California Revenue Bonds, Series 2018
4.000% due 05/15/2043

 

1,050

 

1,119

University of California Revenue Bonds, Series 2019
5.000% due 05/15/2049

 

1,500

 

1,717

Upland, California Certificates of Participation Bonds, Series 2017
4.000% due 01/01/2042

 

2,250

 

2,361

Val Verde Unified School District, California General Obligation Bonds, (AGM Insured), Series 2021
4.000% due 08/01/2046

 

775

 

830

Washington Township Health Care District, California General Obligation Bonds, Series 2013
5.000% due 08/01/2043

 

2,500

 

2,652

 

 

 

 

323,626

ILLINOIS 6.5%

 

 

 

 

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

 

3,000

 

3,214

Chicago, Illinois General Obligation Bonds, Series 2015

 

 

 

 

5.250% due 01/01/2028

 

2,700

 

2,880

5.500% due 01/01/2033

 

2,500

 

2,680

Illinois State General Obligation Bonds, Series 2012
5.000% due 08/01/2023

 

1,400

 

1,452

Schedule of Investments PIMCO California Municipal Income Fund III (Cont.)

March 31, 2022

(Unaudited)

 

Illinois State General Obligation Bonds, Series 2017
5.000% due 12/01/2038

 

1,700

 

1,831

Illinois State General Obligation Notes, Series 2017
5.000% due 11/01/2027

 

1,000

 

1,102

 

 

 

 

13,159

LOUISIANA 0.1%

 

 

 

 

Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017
2.375% due 06/01/2037

 

230

 

224

MICHIGAN 0.6%

 

 

 

 

Michigan Finance Authority Revenue Bonds, Series 2020
0.000% due 06/01/2065 (a)

 

9,020

 

1,091

NEW JERSEY 0.8%

 

 

 

 

New Jersey State General Obligation Bonds, Series 2020
4.000% due 06/01/2032

 

1,500

 

1,643

NEW YORK 3.4%

 

 

 

 

Metropolitan Transportation Authority, New York Revenue Bonds, Series 2014
5.000% due 11/15/2039

 

1,050

 

1,105

Southwestern Community College District, California Revenue Bonds, Series 2021
4.000% due 08/01/2046 (c)

 

5,300

 

5,665

 

 

 

 

6,770

NORTH DAKOTA 0.2%

 

 

 

 

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

 

570

 

358

OHIO 1.1%

 

 

 

 

Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020
5.000% due 06/01/2055

 

2,190

 

2,281

PENNSYLVANIA 0.6%

 

 

 

 

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

 

1,005

 

1,196

PUERTO RICO 7.2%

 

 

 

 

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

 

18,000

 

1,063

Commonwealth of Puerto Rico Bonds, Series 2022

 

 

 

 

0.000% due 11/01/2043

 

1,116

 

601

1.000% due 11/01/2051

 

1,169

 

565

Commonwealth of Puerto Rico General Obligation Bonds, Series 2021

 

 

 

 

0.000% due 07/01/2033 (a)

 

252

 

146

4.000% due 07/01/2033

 

196

 

192

4.000% due 07/01/2035

 

176

 

171

4.000% due 07/01/2037

 

151

 

146

4.000% due 07/01/2041

 

206

 

196

4.000% due 07/01/2046

 

214

 

202

5.750% due 07/01/2031

 

207

 

236

Commonwealth of Puerto Rico General Obligation Notes, Series 2021

 

 

 

 

0.000% due 07/01/2024 (a)

 

101

 

92

5.250% due 07/01/2023

 

219

 

225

5.375% due 07/01/2025

 

219

 

231

5.625% due 07/01/2027

 

217

 

237

5.625% due 07/01/2029

 

213

 

238

Puerto Rico Highway & Transportation Authority Revenue Bonds, Series 2003
5.000% due 07/01/2035 ^

 

1,790

 

1,079

Puerto Rico Highway & Transportation Authority Revenue Bonds, Series 2005
5.000% due 07/01/2030 ^

 

860

 

518

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018

 

 

 

 

0.000% due 07/01/2046 (a)

 

12,795

 

3,926

4.750% due 07/01/2053

 

4,280

 

4,501

 

 

 

 

14,565

TEXAS 0.5%

 

 

 

 

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

 

 

 

 

7.500% due 12/01/2045

 

390

 

331

12.000% due 12/01/2045

 

650

 

612

 

 

 

 

943

VIRGINIA 0.7%

 

 

 

 

Virginia Small Business Financing Authority Revenue Bonds, Series 2019

 

 

 

 

0.000% due 07/01/2061 (a)

 

15,000

 

890

Schedule of Investments PIMCO California Municipal Income Fund III (Cont.)

March 31, 2022

(Unaudited)

 

5.500% due 07/01/2044

 

500

 

509

 

 

 

 

1,399

WISCONSIN 0.9%

 

 

 

 

Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020
0.000% due 12/15/2060 (a)

 

8,625

 

1,809

Total Municipal Bonds & Notes (Cost $365,431)

 

 

 

369,891

SHORT-TERM INSTRUMENTS 1.7%

 

 

 

 

REPURCHASE AGREEMENTS (e) 0.7%

 

 

 

1,472

MUNICIPAL BONDS & NOTES 1.0%

 

 

 

 

Commonwealth of Puerto Rico General Obligation Notes, Series 2021
5.000% due 06/01/2022 ^(d)

 

1,900

 

1,916

Total Short-Term Instruments (Cost $3,380)

 

 

 

3,388

Total Investments in Securities (Cost $368,811)

 

 

 

373,279

Total Investments 185.3% (Cost $368,811)

 

 

$

373,279

Auction Rate Preferred Shares (48.6)%

 

 

 

(97,875)

Remarketable Variable Rate MuniFund Term Preferred Shares, at liquidation value (13.4)%

 

 

 

(27,049)

Other Assets and Liabilities, net (23.3)%

 

 

 

(46,858)

Net Assets Applicable to Common Shareholders 100.0%

 

 

$

201,497

Schedule of Investments PIMCO California Municipal Income Fund III (Cont.)

March 31, 2022

(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)

Zero coupon security.

(b)

Security becomes interest bearing at a future date.

(c)

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.

(d)

RESTRICTED SECURITIES:

Issuer Description

Coupon

Maturity
Date

Acquisition
Date

 

Cost

 

Market
Value

Market Value
as Percentage
of Net Assets
Applicable to Common Shareholders

Commonwealth of Puerto Rico General Obligation Notes, Series 2021

5.000

%

06/01/2022

01/19/2022

$

1,908

$

1,916

0.95

%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(e)

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

0.010%

03/31/2022

04/01/2022

$

1,472

U.S. Treasury Bills 0.000% due 08/04/2022

$

(1,501)

$

1,472

$

1,472

Total Repurchase Agreements

 

$

(1,501)

$

1,472

$

1,472

(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, 2022 in valuing the Fund's assets and liabilities:

 

Category and Subcategory

Level 1

Level 2

Level 3

Fair Value
at 03/31/2022

Investments in Securities, at Value

Municipal Bonds & Notes

 

Arizona

$

0

$

827

$

0

$

827

 

 

California

 

0

 

323,626

 

0

 

323,626

 

 

Illinois

 

0

 

13,159

 

0

 

13,159

 

 

Louisiana

 

0

 

224

 

0

 

224

 

 

Michigan

 

0

 

1,091

 

0

 

1,091

 

 

New Jersey

 

0

 

1,643

 

0

 

1,643

 

 

New York

 

0

 

6,770

 

0

 

6,770

 

 

North Dakota

 

0

 

358

 

0

 

358

 

 

Ohio

 

0

 

2,281

 

0

 

2,281

 

 

Pennsylvania

 

0

 

1,196

 

0

 

1,196

 

 

Puerto Rico

 

0

 

14,565

 

0

 

14,565

 

 

Texas

 

0

 

943

 

0

 

943

 

 

Virginia

 

0

 

1,399

 

0

 

1,399

 

 

Wisconsin

 

0

 

1,809

 

0

 

1,809

 

Short-Term Instruments

 

Repurchase Agreements

 

0

 

1,472

 

0

 

1,472

 

 

Municipal Bonds & Notes

 

0

 

1,916

 

0

 

1,916

 

Total Investments

$

0

$

373,279

$

0

$

373,279

 

 

There were no significant transfers into or out of Level 3 during the period ended March 31, 2022.

​

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, is determined by dividing the total value of portfolio investments and other assets, less any liabilities, attributable to the Fund by the total number of shares outstanding of the Fund.

 

On each day that the New York Stock Exchange (“NYSE”) is open, Fund 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 reserves the right to either (i) calculate its NAV as of the earlier closing time or (ii) 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 reserves the right to calculate its NAV as of the normally scheduled close of regular trading on the NYSE 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 quotes are readily available are valued at market value. Market value is generally determined on the basis of official closing prices or the last reported sales prices, or if no sales are reported, based on quotes obtained from established market makers or prices (including evaluated prices) supplied by the Fund's approved pricing services, quotation reporting systems and other third-party sources (together, “Pricing Services”). 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. If market value pricing is used, a foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by the Pacific Investment Management Company LLC (“PIMCO” or the “Manager”) to be the primary exchange. A foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange. Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services using such data reflecting the principal markets for those securities. Prices obtained from Pricing Services may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange, quotes obtained from a quotation reporting system, established market makers or pricing services. Swap agreements are valued on the basis of market-based prices supplied by Pricing Services or quotes obtained from brokers and dealers. The Fund’s investments in open-end management investment companies, other than exchange-traded funds, are valued at the NAVs of such investments.

 

Investments for which market quotes or market based valuations are not readily available are valued at fair value as determined in good faith by the Fund’s Board of Trustees (the “Board”) or persons acting at their direction. The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to PIMCO the responsibility for applying the fair valuation methods. In the event that market quotes or market based valuations are not readily available, and the security or asset cannot be valued pursuant to a Board approved valuation method, the value of the security or asset will be determined in good faith by the Board. Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/ask information, indicative market quotations (“Broker Quotes”), Pricing Services’ prices), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of the Fund's securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated, to the Manager, the responsibility for monitoring significant events that may materially affect the values of the Fund's securities or assets and for determining whether the value of the applicable securities or assets should be reevaluated in light of such significant events.

 

When the Fund uses fair valuation to determine the value of a portfolio security or other asset for purposes of calculating its NAV, such investments will not be priced on the basis of quotes from the primary market in which they are traded, but rather may be priced by another method that the Board or persons acting at their direction believe reflects fair value. Fair valuation may require subjective determinations about the value of a security. While the Fund’s policy is 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 determined by the Board or persons acting at their direction would 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.

 

(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 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 Board or persons acting at their direction 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

 

 

Notes to Financial Statements (Cont.)

 

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 Services that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Services' 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.

 

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.

 

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Board or persons acting at their direction believe reflects fair value and are categorized as Level 3 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.

 

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, 2022, 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 CM California Mortgage Insurance NPFGC National Public Finance Guarantee Corp.
 
Other Abbreviations:
TBA To-Be-Announced