Schedule of Investments PIMCO Municipal Income Fund

September 30, 2023

(Unaudited)

 

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

 

 

PRINCIPAL
AMOUNT
(000s)

 

MARKET
VALUE
(000s)

INVESTMENTS IN SECURITIES 186.4% ¤

 

 

 

 

MUNICIPAL BONDS & NOTES 183.3%

 

 

 

 

ALABAMA 6.1%

 

 

 

 

Jefferson County, Alabama Sewer Revenue Bonds, Series 2013

 

 

 

 

0.000% due 10/01/2050 (d)

$

10,000

$

10,516

6.500% due 10/01/2053

 

750

 

788

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

 

 

 

 

4.500% due 05/01/2032

 

1,166

 

1,066

5.250% due 05/01/2044

 

1,575

 

1,372

 

 

 

 

13,742

ALASKA 0.5%

 

 

 

 

Alaska Industrial Development & Export Authority Revenue Bonds, Series 2007
6.000% due 12/01/2036 ^(b)

 

900

 

2

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

 

1,080

 

1,081

 

 

 

 

1,083

ARIZONA 5.4%

 

 

 

 

Arizona Industrial Development Authority Revenue Bonds, Series 2019

 

 

 

 

4.500% due 01/01/2049

 

900

 

488

5.000% due 01/01/2043

 

550

 

279

5.500% due 01/01/2054

 

1,500

 

726

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

 

1,100

 

66

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

 

1,100

 

897

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

 

3,500

 

3,089

Maricopa County, Arizona School District No 83-Cartwright Elementary Revenue Bonds, Series 2020
4.000% due 10/01/2044

 

3,600

 

2,885

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

 

 

 

 

4.000% due 07/01/2049

 

2,295

 

2,026

5.000% due 07/01/2049

 

1,700

 

1,711

 

 

 

 

12,167

ARKANSAS 1.3%

 

 

 

 

Arkansas Development Finance Authority Revenue Bonds, (AMBAC Insured), Series 2006
0.000% due 07/01/2036 (c)

 

5,500

 

3,011

CALIFORNIA 4.4%

 

 

 

 

California County Tobacco Securitization Agency Revenue Bonds, Series 2002
6.000% due 06/01/2035

 

835

 

835

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

 

2,150

 

2,137

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

 

2,500

 

217

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

 

1,000

 

1,016

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

 

1,405

 

1,460

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

 

1,385

 

1,269

M-S-R Energy Authority, California Revenue Bonds, Series 2009
6.125% due 11/01/2029

 

1,770

 

1,846

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

 

500

 

486

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

 

675

 

625

 

 

 

 

9,891

COLORADO 7.8%

 

 

 

 

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

 

10,000

 

8,598

Colorado Health Facilities Authority Revenue Bonds, Series 2019

 

 

 

 

4.000% due 01/01/2040

 

2,200

 

2,011

4.000% due 08/01/2049

 

2,000

 

1,613

 

 

 

Schedule of Investments PIMCO Municipal Income Fund (Cont.)

September 30, 2023

(Unaudited)

 

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

 

715

 

372

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

 

1,015

 

916

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

 

1,000

 

1,044

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

 

1,000

 

920

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

 

1,250

 

1,146

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

 

500

 

566

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

 

500

 

404

 

 

 

 

17,590

CONNECTICUT 0.9%

 

 

 

 

Connecticut Special Tax Revenue State Special Tax Bonds, Series 2020
5.000% due 05/01/2035

 

2,000

 

2,138

DELAWARE 2.2%

 

 

 

 

Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022

 

 

 

 

3.461% due 07/01/2037

 

4,940

 

4,148

7.120% due 07/01/2037

 

870

 

794

 

 

 

 

4,942

DISTRICT OF COLUMBIA 1.2%

 

 

 

 

District of Columbia Revenue Bonds, Series 2022
5.500% due 02/29/2036

 

1,625

 

1,750

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

 

1,250

 

1,050

 

 

 

 

2,800

FLORIDA 7.2%

 

 

 

 

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

 

740

 

693

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

 

1,950

 

1,700

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

 

1,650

 

1,348

Miami-Dade County, Florida Transit System Revenue Bonds, Series 2018

 

 

 

 

4.000% due 07/01/2044

 

1,000

 

896

4.000% due 07/01/2046

 

1,000

 

883

Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2019
4.000% due 10/01/2049

 

2,500

 

2,172

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

 

1,600

 

1,550

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

 

910

 

901

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

 

1,000

 

886

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

 

1,500

 

1,057

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

 

1,000

 

1,006

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

 

1,400

 

1,028

Tampa, Florida Revenue Bonds, Series 2016
4.000% due 11/15/2046

 

2,500

 

2,159

 

 

 

 

16,279

GEORGIA 6.1%

 

 

 

 

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

 

1,600

 

720

Burke County, Georgia Development Authority Revenue Bonds, Series 2017
4.125% due 11/01/2045

 

2,000

 

1,616

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

 

2,000

 

1,927

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

 

9,000

 

8,488

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

 

1,000

 

977

 

 

 

 

13,728

HAWAII 0.6%

 

 

 

 

City & County Honolulu, Hawaii Wastewater System Revenue Bonds, Series 2018
4.000% due 07/01/2042

 

1,485

 

1,359

Schedule of Investments PIMCO Municipal Income Fund (Cont.)

September 30, 2023

(Unaudited)

 

ILLINOIS 12.4%

 

 

 

 

Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2018
5.000% due 01/01/2048

 

3,000

 

3,002

Chicago, Illinois General Obligation Bonds, Series 2003
5.500% due 01/01/2034

 

1,750

 

1,764

Chicago, Illinois General Obligation Bonds, Series 2007
5.500% due 01/01/2042

 

2,400

 

2,385

Chicago, Illinois Revenue Bonds, Series 2002
5.000% due 01/01/2028

 

2,000

 

2,023

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

 

945

 

255

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

 

1,000

 

893

Illinois State General Obligation Bonds, Series 2018
4.625% due 05/01/2037

 

2,000

 

1,950

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

 

9,500

 

9,830

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

 

2,445

 

416

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

 

2,000

 

844

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

 

2,500

 

510

Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2022
0.000% due 06/15/2036 (c)

 

1,000

 

536

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

 

3,500

 

3,593

 

 

 

 

28,001

INDIANA 2.5%

 

 

 

 

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

 

1,250

 

1,218

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

 

1,710

 

1,246

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

 

2,280

 

2,277

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

 

1,000

 

849

 

 

 

 

5,590

IOWA 2.3%

 

 

 

 

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

 

2,530

 

2,421

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

 

2,062

 

2,086

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

 

800

 

715

 

 

 

 

5,222

KANSAS 1.3%

 

 

 

 

Lenexa, Kansas Tax Allocation Bonds, Series 2007
6.000% due 04/01/2027 ^(b)

 

677

 

101

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

 

3,085

 

2,829

 

 

 

 

2,930

LOUISIANA 6.0%

 

 

 

 

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

 

3,000

 

2,654

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

 

4,000

 

3,499

Louisiana Public Facilities Authority Revenue Bonds, Series 2017
5.000% due 05/15/2042

 

3,750

 

3,684

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

 

750

 

642

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

 

1,780

 

1,787

Parish of St James, Louisiana Revenue Bonds, Series 2010
6.350% due 07/01/2040

 

1,250

 

1,331

 

 

 

 

13,597

MAINE 0.8%

 

 

 

 

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

 

2,000

 

1,723

MARYLAND 0.2%

 

 

 

 

Maryland Economic Development Corp. Revenue Bonds, Series 2020
4.000% due 07/01/2040

 

500

 

445

Schedule of Investments PIMCO Municipal Income Fund (Cont.)

September 30, 2023

(Unaudited)

 

MASSACHUSETTS 2.5%

 

 

 

 

Commonwealth of Massachusetts General Obligation Bonds, Series 2018
4.000% due 05/01/2040

 

1,000

 

938

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

 

1,000

 

942

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

 

1,250

 

1,222

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

 

2,500

 

2,569

 

 

 

 

5,671

MICHIGAN 5.3%

 

 

 

 

Detroit City School District, Michigan General Obligation Bonds, (AGM/Q-SBLF Insured), Series 2001
6.000% due 05/01/2029

 

1,280

 

1,380

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

 

1,000

 

896

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

 

1,200

 

1,240

Michigan Finance Authority Revenue Bonds, Series 2019

 

 

 

 

4.000% due 02/15/2047

 

3,500

 

2,975

4.000% due 12/01/2048

 

2,000

 

1,711

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

 

2,328

 

2,308

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

 

72

 

75

Michigan State Housing Development Authority Revenue Bonds, Series 2015
4.350% due 10/01/2045

 

920

 

823

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

 

15,000

 

548

 

 

 

 

11,956

MINNESOTA 0.8%

 

 

 

 

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

 

500

 

465

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

 

1,500

 

1,302

 

 

 

 

1,767

MISSOURI 2.3%

 

 

 

 

Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2018
4.000% due 11/15/2048

 

3,000

 

2,522

Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2019
4.000% due 02/15/2039

 

600

 

529

Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2023
5.500% due 12/01/2048 (a)

 

1,150

 

1,211

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

 

1,000

 

1,015

 

 

 

 

5,277

NEVADA 2.9%

 

 

 

 

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

 

4,200

 

3,769

Las Vegas Convention & Visitors Authority, Nevada Revenue Bonds, Series 2023
5.000% due 07/01/2049

 

1,700

 

1,724

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

 

10,500

 

1,041

 

 

 

 

6,534

NEW HAMPSHIRE 1.1%

 

 

 

 

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

 

2,714

 

2,541

NEW JERSEY 11.1%

 

 

 

 

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

 

2,600

 

2,432

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

 

2,983

 

2,547

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

 

2,500

 

2,608

New Jersey Economic Development Authority Special Assessment Bonds, Series 2002
5.750% due 04/01/2031

 

2,050

 

1,995

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

 

2,000

 

2,000

New Jersey State General Obligation Notes, Series 2020
4.000% due 06/01/2030

 

1,400

 

1,427

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

 

1,500

 

908

Schedule of Investments PIMCO Municipal Income Fund (Cont.)

September 30, 2023

(Unaudited)

 

New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2019

 

 

 

 

5.000% due 06/15/2044

 

2,000

 

2,012

5.250% due 06/15/2043

 

1,000

 

1,019

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

 

1,500

 

1,520

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

 

250

 

244

Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018

 

 

 

 

5.000% due 06/01/2031

 

1,000

 

1,034

5.000% due 06/01/2046

 

5,595

 

5,207

 

 

 

 

24,953

NEW YORK 23.4%

 

 

 

 

Build NYC Resource Corp., New York Revenue Bonds, Series 2023

 

 

 

 

5.250% due 07/01/2057

 

1,000

 

951

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

 

4,000

 

3,478

Metropolitan Transportation Authority, New York Revenue Bonds, Series 2020
5.250% due 11/15/2055

 

2,000

 

2,014

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

 

1,780

 

1,567

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

 

2,867

 

687

New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2019
4.000% due 05/01/2041

 

1,110

 

1,022

New York City, New York General Obligation Bonds, Series 2018

 

 

 

 

5.000% due 12/01/2037

 

750

 

772

5.000% due 04/01/2045

 

2,300

 

2,339

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

 

4,000

 

4,100

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

 

2,000

 

2,140

New York Liberty Development Corp. Revenue Bonds, Series 2005
5.250% due 10/01/2035

 

10,000

 

10,883

New York Liberty Development Corp. Revenue Bonds, Series 2007
5.500% due 10/01/2037

 

3,000

 

3,248

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

 

1,000

 

927

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

 

1,625

 

1,096

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

 

1,250

 

1,069

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

 

1,500

 

1,334

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

 

1,250

 

1,163

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

 

1,500

 

1,206

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

 

460

 

392

New York State Thruway Authority Revenue Bonds, Series 2019
4.000% due 01/01/2050

 

575

 

488

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

 

2,000

 

1,755

New York State Thruway Authority Revenue Bonds, Series 2021
4.000% due 03/15/2040

 

1,500

 

1,394

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

 

2,750

 

2,430

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

 

1,500

 

1,249

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

 

2,750

 

2,374

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

 

2,635

 

2,676

 

 

 

 

52,754

NORTH DAKOTA 0.2%

 

 

 

 

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

 

850

 

425

OHIO 5.0%

 

 

 

 

American Municipal Power, Inc., Ohio Revenue Bonds, Series 2017
4.000% due 02/15/2042

 

1,000

 

869

Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020
0.000% due 06/01/2057 (c)

 

36,500

 

3,567

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

 

2,250

 

1,888

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

 

2,000

 

1,945

Ohio Air Quality Development Authority Revenue Bonds, Series 2019
5.000% due 07/01/2049

 

1,250

 

1,054

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

 

850

 

783

Schedule of Investments PIMCO Municipal Income Fund (Cont.)

September 30, 2023

(Unaudited)

 

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

 

1,000

 

695

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

 

455

 

482

 

 

 

 

11,283

OKLAHOMA 0.3%

 

 

 

 

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

 

750

 

572

OREGON 2.6%

 

 

 

 

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

 

2,000

 

2,061

Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020
4.000% due 08/15/2050

 

1,500

 

1,268

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

 

1,590

 

345

Salem Hospital Facility Authority, Oregon Revenue Bonds, Series 2022
4.000% due 05/15/2047

 

875

 

639

Washington & Multnomah Counties School District No 48J Beaverton, Oregon General Obligation Bonds, Series 2022

 

 

 

 

0.000% due 06/15/2048 (c)

 

2,310

 

608

5.000% due 06/15/2052

 

1,000

 

1,022

 

 

 

 

5,943

PENNSYLVANIA 6.6%

 

 

 

 

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

 

3,000

 

3,153

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

 

1,500

 

1,640

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022
4.000% due 02/15/2041

 

1,750

 

1,559

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

 

1,100

 

1,108

Pennsylvania Turnpike Commission Revenue Bonds, Series 2018
5.000% due 12/01/2043

 

4,250

 

4,349

Pennsylvania Turnpike Commission Revenue Bonds, Series 2021
5.000% due 12/01/2046

 

2,250

 

2,310

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

 

1,000

 

841

 

 

 

 

14,960

PUERTO RICO 7.7%

 

 

 

 

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

 

28,000

 

1,662

Commonwealth of Puerto Rico Bonds, Series 2022

 

 

 

 

0.000% due 11/01/2043

 

3,908

 

2,032

0.000% due 11/01/2051

 

2,815

 

1,240

Commonwealth of Puerto Rico General Obligation Bonds, Series 2021

 

 

 

 

0.000% due 07/01/2033 (c)

 

1,750

 

1,034

4.000% due 07/01/2041

 

1,700

 

1,372

Puerto Rico Highway & Transportation Authority Revenue Bonds, Series 2022

 

 

 

 

0.000% due 07/01/2053 (d)

 

2,715

 

1,687

5.000% due 07/01/2062

 

122

 

116

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

 

79

 

51

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

 

 

 

 

0.000% due 07/01/2046 (c)

 

9,650

 

2,500

0.000% due 07/01/2051 (c)

 

10,000

 

1,865

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

 

4,495

 

3,935

 

 

 

 

17,494

RHODE ISLAND 1.4%

 

 

 

 

Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015

 

 

 

 

5.000% due 06/01/2040

 

1,205

 

1,196

5.000% due 06/01/2050

 

2,000

 

1,873

 

 

 

 

3,069

SOUTH CAROLINA 2.7%

 

 

 

 

South Carolina Public Service Authority Revenue Obligations Revenue Bonds, Series 2013

 

 

 

 

5.125% due 12/01/2043

 

5,000

 

4,898

5.500% due 12/01/2053

 

1,100

 

1,097

 

 

 

 

5,995

TENNESSEE 4.9%

 

 

 

 

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

 

1,000

 

678

Schedule of Investments PIMCO Municipal Income Fund (Cont.)

September 30, 2023

(Unaudited)

 

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

 

700

 

488

Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2006

 

 

 

 

5.000% due 02/01/2027

 

5,000

 

4,931

5.250% due 09/01/2024

 

5,000

 

5,015

 

 

 

 

11,112

TEXAS 18.1%

 

 

 

 

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

 

 

 

 

7.500% due 12/01/2045

 

590

 

373

12.000% due 12/01/2045

 

1,000

 

835

Austin, Texas Electric Utility Revenue Bonds, Series 2019
5.000% due 11/15/2044

 

500

 

511

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

 

2,500

 

2,164

Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2023
12.000% due 06/01/2043

 

2,000

 

1,946

Central Texas Turnpike System Revenue Bonds, Series 2015

 

 

 

 

0.000% due 08/15/2036 (c)

 

1,250

 

627

0.000% due 08/15/2037 (c)

 

3,500

 

1,645

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

 

1,000

 

972

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

 

1,000

 

1,044

Hays Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023
5.000% due 02/15/2048

 

1,250

 

1,283

Lamar Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023
4.000% due 02/15/2048

 

1,250

 

1,089

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

 

2,500

 

2,155

Medina Valley Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023
4.500% due 02/15/2047

 

1,000

 

980

New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2021
5.250% due 01/01/2042

 

1,300

 

948

North Texas Tollway Authority Revenue Bonds, Series 2017

 

 

 

 

4.000% due 01/01/2043

 

1,500

 

1,344

5.000% due 01/01/2048

 

1,250

 

1,231

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

 

4,000

 

4,079

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

 

1,000

 

1,008

Southwest Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023
5.000% due 02/01/2046

 

900

 

930

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

 

500

 

499

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

 

1,380

 

1,362

Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006
5.250% due 12/15/2023

 

3,500

 

3,503

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

 

3,580

 

3,655

Texas Water Development Board Revenue Bonds, Series 2022

 

 

 

 

4.800% due 10/15/2052

 

800

 

801

5.000% due 10/15/2057

 

2,380

 

2,445

Texas Water Development Board Revenue Bonds, Series 2023

 

 

 

 

4.875% due 10/15/2048 (a)

 

1,500

 

1,522

5.000% due 10/15/2058 (a)

 

1,000

 

1,029

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

 

1,160

 

959

 

 

 

 

40,939

UTAH 3.1%

 

 

 

 

County of Salt Lake, Utah Revenue Bonds, (AMBAC Insured), Series 2001
5.125% due 02/15/2033

 

7,000

 

7,085

VIRGINIA 3.6%

 

 

 

 

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

 

3,850

 

3,559

Virginia Small Business Financing Authority Revenue Bonds, Series 2019

 

 

 

 

0.000% due 07/01/2061 (c)

 

23,000

 

460

5.000% due 07/01/2034

 

1,470

 

1,331

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

 

3,400

 

2,849

 

 

 

 

8,199

WASHINGTON 0.8%

 

 

 

 

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

 

2,155

 

1,705

Schedule of Investments PIMCO Municipal Income Fund (Cont.)

September 30, 2023

(Unaudited)

 

WEST VIRGINIA 1.5%

 

 

 

 

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

 

1,000

 

1,010

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

 

2,500

 

2,288

 

 

 

 

3,298

WISCONSIN 6.2%

 

 

 

 

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

 

2,500

 

2,586

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

 

3,000

 

1,845

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

 

7,500

 

362

Public Finance Authority, Wisconsin Revenue Bonds, Series 2021

 

 

 

 

4.000% due 03/31/2056

 

1,100

 

796

4.000% due 07/01/2056

 

500

 

344

4.500% due 06/01/2056

 

820

 

553

Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020
0.000% due 12/15/2045 (c)

 

7,000

 

2,246

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

 

695

 

695

Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018
5.000% due 04/01/2044

 

3,000

 

2,965

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

 

1,920

 

1,616

 

 

 

 

14,008

Total Municipal Bonds & Notes (Cost $449,200)

 

 

 

413,778

NON-AGENCY MORTGAGE-BACKED SECURITIES 0.8%

 

 

 

 

Freddie Mac
4.140% due 01/25/2040

 

1,995

 

1,751

Total Non-Agency Mortgage-Backed Securities (Cost $1,872)

 

 

 

1,751

SHORT-TERM INSTRUMENTS 2.3%

 

 

 

 

REPURCHASE AGREEMENTS (g) 2.3%

 

 

 

5,147

Total Short-Term Instruments (Cost $5,147)

 

 

 

5,147

Total Investments in Securities (Cost $456,219)

 

 

 

420,676

Total Investments 186.4% (Cost $456,219)

 

 

$

420,676

Auction Rate Preferred Shares (64.3)%

 

 

 

(145,125)

Remarketable Variable Rate MuniFund Term Preferred Shares, at liquidation value (17.0)%

 

 

 

(38,441)

Other Assets and Liabilities, net (5.1)%

 

 

 

(11,421)

Net Assets Applicable to Common Shareholders 100.0%

 

 

$

225,689

        

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of Investments PIMCO Municipal Income Fund (Cont.)

September 30, 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

$

3,393

$

2,547

1.13

%

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

4.200

 

11/01/2054

11/18/2021

 

1,679

 

1,206

0.53

 

 

 

 

 

$

5,072

$

3,753

1.66% 

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

2.600%

09/29/2023

10/02/2023

$

5,147

U.S. Treasury Notes 0.250% due 09/30/2025

$

(5,250)

$

5,147

$

5,147

Total Repurchase Agreements

 

$

(5,250)

$

5,147

$

5,147

(1)

Includes accrued interest.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of September 30, 2023 in valuing the Fund's assets and liabilities:

 

Category and Subcategory

Level 1

Level 2

Level 3

Fair Value
at 09/30/2023

Investments in Securities, at Value

Municipal Bonds & Notes

 

Alabama

$

0

$

13,742

$

0

$

13,742

 

 

Alaska

 

0

 

1,083

 

0

 

1,083

 

 

Arizona

 

0

 

12,167

 

0

 

12,167

 

 

Arkansas

 

0

 

3,011

 

0

 

3,011

 

 

California

 

0

 

9,891

 

0

 

9,891

 

 

Colorado

 

0

 

17,590

 

0

 

17,590

 

 

Connecticut

 

0

 

2,138

 

0

 

2,138

 

 

Delaware

 

0

 

4,942

 

0

 

4,942

 

 

District of Columbia

 

0

 

2,800

 

0

 

2,800

 

 

Florida

 

0

 

16,279

 

0

 

16,279

 

 

Georgia

 

0

 

13,728

 

0

 

13,728

 

 

Hawaii

 

0

 

1,359

 

0

 

1,359

 

 

Illinois

 

0

 

28,001

 

0

 

28,001

 

 

Indiana

 

0

 

5,590

 

0

 

5,590

 

 

Iowa

 

0

 

5,222

 

0

 

5,222

 

 

Kansas

 

0

 

2,930

 

0

 

2,930

 

 

Louisiana

 

0

 

13,597

 

0

 

13,597

 

 

Maine

 

0

 

1,723

 

0

 

1,723

 

 

Maryland

 

0

 

445

 

0

 

445

 

 

Massachusetts

 

0

 

5,671

 

0

 

5,671

 

 

Michigan

 

0

 

11,956

 

0

 

11,956

 

 

Minnesota

 

0

 

1,767

 

0

 

1,767

 

 

Missouri

 

0

 

5,277

 

0

 

5,277

 

 

Nevada

 

0

 

6,534

 

0

 

6,534

 

 

New Hampshire

 

0

 

2,541

 

0

 

2,541

 

 

New Jersey

 

0

 

24,953

 

0

 

24,953

 

 

New York

 

0

 

52,754

 

0

 

52,754

 

Schedule of Investments PIMCO Municipal Income Fund (Cont.)

September 30, 2023

(Unaudited)

 

 

North Dakota

 

0

 

425

 

0

 

425

 

 

Ohio

 

0

 

11,283

 

0

 

11,283

 

 

Oklahoma

 

0

 

572

 

0

 

572

 

 

Oregon

 

0

 

5,943

 

0

 

5,943

 

 

Pennsylvania

 

0

 

14,960

 

0

 

14,960

 

 

Puerto Rico

 

0

 

17,494

 

0

 

17,494

 

 

Rhode Island

 

0

 

3,069

 

0

 

3,069

 

 

South Carolina

 

0

 

5,995

 

0

 

5,995

 

 

Tennessee

 

0

 

11,112

 

0

 

11,112

 

 

Texas

 

0

 

40,939

 

0

 

40,939

 

 

Utah

 

0

 

7,085

 

0

 

7,085

 

 

Virginia

 

0

 

8,199

 

0

 

8,199

 

 

Washington

 

0

 

1,705

 

0

 

1,705

 

 

West Virginia

 

0

 

3,298

 

0

 

3,298

 

 

Wisconsin

 

0

 

14,008

 

0

 

14,008

 

Non-Agency Mortgage-Backed Securities

 

0

 

1,751

 

0

 

1,751

 

Short-Term Instruments

 

Repurchase Agreements

 

0

 

5,147

 

0

 

5,147

 

Total Investments

$

0

$

420,676

$

0

$

420,676

 

 

There were no significant transfers into or out of Level 3 during the period ended September 30, 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 Pacific Investment Management Company LLC (“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.

 

(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, non-U.S. bonds, and short-term debt instruments (such as commercial paper, time deposits, and certificates of deposit) 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, time deposits, and certificates of deposit) 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 September 30, 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   PSF   Public School Fund
AMBAC   American Municipal Bond Assurance Corp.   FHA   Federal Housing Administration   Q-SBLF   Qualified School Bond Loan Fund
BAM   Build America Mutual Assurance   NPFGC   National Public Finance Guarantee Corp.        
                     
Other  Abbreviations:    
TBA   To-Be-Announced                


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