PIMCO Municipal Income Fund II NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number:

811-21076

PIMCO Municipal Income Fund II

(Exact name of registrant as specified in charter)

1633 Broadway, New York, NY 10019

(Address of principal executive offices)

Bijal Y. Parikh

Treasurer (Principal Financial & Accounting Officer)

650 Newport Center Drive

Newport Beach, CA 92660

(Name and address of agent for service)

Copies to:

David C. Sullivan

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

Registrant’s telephone number, including area code: (844) 337-4626

Date of fiscal year end: December 31

Date of reporting period: June 30, 2023

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

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

Item 1.

Reports to Shareholders.

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1).

PIMCO CLOSED-END FUNDS

Semiannual Report

June 30, 2023

PIMCO Municipal Income Fund | PMF | NYSE

PIMCO Municipal Income Fund II | PML | NYSE

PIMCO Municipal Income Fund III | PMX | NYSE

PIMCO California Municipal Income Fund | PCQ | NYSE

PIMCO California Municipal Income Fund II | PCK | NYSE

PIMCO California Municipal Income Fund III | PZC | NYSE

PIMCO New York Municipal Income Fund | PNF | NYSE

PIMCO New York Municipal Income Fund II | PNI | NYSE

PIMCO New York Municipal Income Fund III | PYN | NYSE

Table of Contents



			Page


Market Insights				2

Important Information About the Funds				3

Index Descriptions				16

Financial Highlights				18

Statements of Assets and Liabilities				24

Statements of Operations				26

Statements of Changes in Net Assets				28

Statements of Cash Flows				31

Notes to Financial Statements				71

Glossary				93

Distribution Information				94

Changes to Board of Trustees / Changes to Portfolio Managers				96

Approval of Investment Management Agreements				97

Investment Strategy Updates				103


Fund	Fund Summary		Schedule of Investments


PIMCO Municipal Income Fund		7		32

PIMCO Municipal Income Fund II		8		38

PIMCO Municipal Income Fund III		9		44

PIMCO California Municipal Income Fund		10		50

PIMCO California Municipal Income Fund II		11		54

PIMCO California Municipal Income Fund III		12		58

PIMCO New York Municipal Income Fund		13		62

PIMCO New York Municipal Income Fund II		14		65

PIMCO New York Municipal Income Fund III		15		68


Market Insights

Dear Shareholder,

This semiannual report covers the six-month reporting period ended June 30, 2023 (the “reporting period”). On the subsequent pages, you will find details regarding investment results and a discussion of certain factors that affected performance during the reporting period.

Amid elevated inflation in many countries during the reporting period, the global economy faced challenges from higher interest rates, tighter credit conditions stemming from the turmoil in the banking sector (especially in the United States (“U.S.”)), and geopolitical concerns. While the U.S. economy showed signs of resilience, some European economies experienced slower growth over the reporting period.

Continued central bank efforts to combat inflation

While inflation remained elevated over the reporting period, many central banks raised interest rates to rein in rising prices. The U.S. Federal Reserve (the “Fed”) raised the federal funds rate at 10 consecutive meetings, beginning in March 2022 through May 2023. In June 2023, the Fed then paused from raising rates in order to “assess additional information and its implications for monetary policy.” Meanwhile, the Bank of England and European Central Bank raised interest rates for the 13th and eighth consecutive time, respectively, as of June 2023. In contrast, the Bank of Japan maintained its accommodative monetary policy stance.

Mixed financial market returns

The yield on the benchmark 10-year U.S. Treasury declined over the reporting period, while 10-year bond yields in most other developed market countries increased. The overall global credit bond market delivered positive total returns. Higher-rated global bonds underperformed lower-rated bonds. Global equities rallied, while commodity prices were volatile and produced mixed returns. The U.S. dollar weakened against the euro and the British pound, but appreciated against the Japanese yen.

Amid evolving conditions, we will continue to work diligently to navigate global markets and manage the assets that you have entrusted with us. We encourage you to speak with your financial advisor about your goals, and visit global.pimco.com for our latest insights.

Sincerely,





Deborah A. DeCotis		Eric D. Johnson
Chair of the Board of Trustees		President



Total Returns of Certain Asset Classes for the Period Ended June 30, 2023

Asset Class (as measured by, currency)		Six-Month

U.S. large cap equities (S&P 500 Index, USD)		16.89%

Global equities (MSCI World Index, USD)		15.09%

European equities (MSCI Europe Index, EUR)		11.12%

Emerging market equities (MSCI Emerging Markets Index, EUR)		4.89%

Japanese equities (Nikkei 225 Index, JPY)		28.65%

Emerging market local bonds (JPMorgan Government Bond Index-Emerging Markets Global Diversified Index, USD Unhedged)		7.79%

Emerging market external debt (JPMorgan Emerging Markets Bond Index (EMBI) Global, USD Hedged)		3.81%

Below investment grade bonds (ICE BofAML Developed Markets High Yield Constrained Index, USD Hedged)		5.45%

Global investment grade credit bonds (Bloomberg Global Aggregate Credit Index, USD Hedged)		3.00%

Fixed-rate, local currency government debt of investment grade countries (Bloomberg Global Treasury Index, USD Hedged)		3.13%

Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income distributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.

Statements concerning financial market trends are based on current market conditions, which will fluctuate. There is no guarantee that these investment strategies will work under all market conditions or are appropriate for all investors and each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market. Outlook and strategies are subject to change without notice.


2		PIMCO CLOSED-END FUNDS


Important Information About the Funds

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities and other instruments held by a Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions), etc. In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. A Fund may lose money as a result of movement in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, continue to increase. In efforts to combat inflation, the U.S. Federal Reserve raised interest rates multiple times in 2022 and 2023. Thus, the Funds currently face a heightened level of risk associated with rising interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for low yielding investments. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to “make markets.”

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security’s price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. In addition, in the current low interest rate environment, the market price of the Funds’ common shares may be particularly sensitive to changes in interest rates or the perception that there will be a change in interest rates. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets or negatively impact a Fund’s performance or cause a Fund to incur losses.

Investing in the municipal bond market involves the risks of investing in debt securities generally and certain other risks. The amount of public information available about the municipal bonds in which a Fund may invest is generally less than that for corporate equities or bonds, and the investment performance of a Fund’s investment in municipal bonds may therefore be more dependent on the analytical abilities of Pacific Investment Management Company LLC (“PIMCO”) than its investments in taxable bonds. The secondary market for municipal bonds also tends to be less well-developed or liquid than many other securities markets, which may adversely affect a Fund’s ability to sell its bonds at attractive prices.

The ability of municipal issuers to make timely payments of interest and principal may be diminished during general economic downturns, by litigation, legislation or political events, or by the bankruptcy of the

issuer. Issuers of municipal securities also might seek protection under the bankruptcy laws. In the event of bankruptcy of such an issuer, a Fund could experience delays in collecting principal and interest and the Fund may not, in all circumstances, be able to collect all principal and interest to which it is entitled.

A Fund that has substantial exposures to California municipal bonds may be affected significantly by economic, regulatory or political developments affecting the ability of California issuers to pay interest or repay principal. Certain issuers of California municipal bonds have experienced serious financial difficulties in the past and reoccurrence of these difficulties may impair the ability of certain California issuers to pay principal or interest on their obligations. Provisions of the California Constitution and State statutes that limit the taxing and spending authority of California governmental entities may impair the ability of California issuers to pay principal and/or interest on their obligations. While California’s economy is broad, it does have major concentrations in advanced technology, aerospace and defense-related manufacturing, trade, entertainment, real estate and financial services, and may be sensitive to economic problems affecting those industries. Future California political and economic developments, constitutional amendments, legislative measures, executive orders, administrative regulations, litigation and voter initiatives could have an adverse effect on the debt obligations of California issuers.

Classifications of the Funds’ portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments and other sections of this report may differ from the classification used for the Funds’ compliance calculations, including those used in the Funds’ prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. Each Fund is separately monitored for compliance with respect to prospectus and regulatory requirements.

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.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that have provided material aid to Russia’s aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures have had and may continue to have an adverse effect on the Russian, Belarusian and other securities and economies, which may, in turn, negatively impact a Fund. The extent, duration and impact of Russia’s military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European, and global economies and the

SEMIANNUAL REPORT

JUNE 30, 2023


Important Information About the Funds		(Cont.)

markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, a Fund may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause a Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that a Fund may no longer seek to hold. PIMCO will continue to actively manage these positions in the best interests of a Fund and its shareholders.

The Funds may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate (“LIBOR”). LIBOR was traditionally an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. In March 2021, the United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced plans to ultimately phase out the use of LIBOR. Although the transition process away from LIBOR for many instruments has been completed, some LIBOR use is continuing and there are potential effects related to the transition away from LIBOR or continued use of LIBOR on a Fund, or on certain instruments in which a Fund invests, which can be difficult to ascertain, and may vary depending on factors that include, but are not limited to: (i) existing fallback or termination provisions in individual contracts and (ii) whether, how, and when industry participants adopt new reference rates for affected instruments. The transition of investments from LIBOR to a replacement rate as a result of amendment, application of existing fallbacks, statutory requirements or otherwise may also result in a reduction in the value of certain instruments held by a Fund or a reduction in the effectiveness of related Fund transactions such as hedges. In addition, an instrument’s transition to a replacement rate could result in variations in the reported yields of a Fund that holds such instrument. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to a Fund.

A Fund that has substantial exposures to New York municipal bonds may be affected significantly by economic, regulatory or political developments affecting the ability of New York issuers to pay interest or repay principal. While New York’s economy is broad, it does have concentrations in the financial services industry, and may be sensitive to economic problems affecting that industry. Certain issuers of New York municipal bonds have experienced serious financial difficulties in the past and reoccurrence of these difficulties may impair the ability of certain New York issuers to pay principal or interest on their obligations. The financial health of New York City affects that of the State, and when New York City experiences financial difficulty, it may have an adverse effect on New York municipal bonds held by a Fund. The growth rate of New York has at times been somewhat slower than the nation overall. The economic and financial condition of New York also may be affected by various financial, social, economic and political factors.

The common shares of the Funds trade on the New York Stock Exchange. As with any stock, the price of a Fund’s common shares will

fluctuate with market conditions and other factors. If you sell your common shares of a Fund, the price received may be more or less than your original investment.

Shares of closed-end investment management companies, such as the Funds, frequently trade at a discount from their net asset value (“NAV”) and may trade at a price that is less than the initial offering price and/or the NAV of such shares. Further, if a Fund’s shares trade at a price that is more than the initial offering price and/or the NAV of such shares, including at a substantial premium and/or for an extended period of time, there is no assurance that any such premium will be sustained for any period of time and will not decrease, or that the shares will not trade at a discount to NAV thereafter.

U.S. and global markets recently have experienced increased volatility, including as a result of the recent failures of certain U.S. and non-U.S. banks, which could be harmful to the Funds and issuers in which they invest. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Funds invest remain solvent, continued volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Conditions in the banking sector are evolving, and the scope of any potential impacts to the Funds and issuers, both from market conditions and also potential legislative or regulatory responses, are uncertain. Such conditions and responses, as well as a changing interest rate environment, can 30 contribute to decreased market liquidity and erode the value of certain holdings, including those of U.S. and non-U.S. banks. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

On each Fund Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. Total return is calculated by determining the percentage change in NAV or market price (as applicable) in the specified period. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total return for a period of more than one year represents the average annual total return. Performance at market price will differ from results at NAV. Although


4		PIMCO CLOSED-END FUNDS

market price returns tend to reflect investment results over time, during shorter periods returns at market price can also be influenced by factors such as changing views about a Fund, market conditions, supply and demand for the Fund’s shares, or changes in the Fund’s dividends. Performance shown is net of fees and expenses. Historical NAV performance for a Fund may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

The dividend rate that a Fund pays on its common shares may vary as portfolio and market conditions change, and will depend on a number of factors, including without limit the amount of a Fund’s undistributed net investment income and net short- and long-term capital gains, as well as the costs of any leverage obtained by a Fund. As portfolio and market conditions change, the rate of distributions on the common shares and a Fund’s dividend policy could change. There can be no assurance that a change in market conditions or other factors will not result in a change in a Fund’s distribution rate or that the rate will be sustainable in the future.

The following table discloses the inception date and diversification status of each Fund:



Fund Name	Inception Date		Diversification Status
PIMCO Municipal Income Fund		06/29/01	Diversified
PIMCO Municipal Income Fund II		06/28/02	Diversified
PIMCO Municipal Income Fund III		10/31/02	Diversified
PIMCO California Municipal Income Fund		06/29/01	Diversified
PIMCO California Municipal Income Fund II		06/28/02	Diversified
PIMCO California Municipal Income Fund III		10/31/02	Diversified
PIMCO New York Municipal Income Fund		06/29/01	Non-diversified
PIMCO New York Municipal Income Fund II		06/28/02	Diversified
PIMCO New York Municipal Income Fund III		10/31/02	Non-diversified

An investment in a Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in a Fund.

The Trustees are responsible generally for overseeing the management of the Funds. The Trustees authorize the Funds to enter into service agreements with PIMCO and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund’s prospectus or Statement of Additional Information

(“SAI”), any press release or shareholder report, any contracts filed as exhibits to a Fund’s registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of a Fund creates a contract between or among any shareholders of a Fund, on the one hand, and

the Fund, a service provider to the Fund, and/or the Trustees or officers of the Fund, on the other hand. The Trustees (or the Funds and their officers, service providers or other delegates acting under authority of the Trustees) may amend its most recent prospectus or use a new prospectus or SAI with respect to a Fund, adopt and disclose new or amended policies and other changes in press releases and shareholder reports and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement was specifically disclosed in a Fund’s prospectus, SAI or shareholder report and is otherwise still in effect.

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule

206(4)-6

under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Funds as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30th, are available without charge, upon request, by calling the Funds at (844) 33-PIMCO, on the Funds’ website at www.pimco.com, and on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Form N-PORT reports are available to the public on the SEC’s website at www.sec.gov and on PIMCO’s website at www.pimco.com, and upon request by calling PIMCO at (844) 33-PIMCO.

SEC rules allow shareholder reports to be delivered to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all reports in paper free of charge by contacting their financial intermediary or, if invested directly with a Fund, investors can inform the Fund by calling (844) 33-PIMCO. Any election to receive reports in paper will apply to all funds held with the fund complex if invested directly with a Fund or to all funds held in the investor’s account if invested through a financial intermediary, such as a broker-dealer or bank.

In April 2020, the SEC adopted amended rules modifying the registration, communications, and offering processes for registered closed-end funds and interval funds. Among other things, the amendments: (1) permit qualifying closed-end funds to use a short-form registration statement to offer securities in eligible transactions and certain funds to qualify as Well Known Seasoned Issuers; (2) permit

SEMIANNUAL REPORT

JUNE 30, 2023


Important Information About the Funds		(Cont.)

interval funds to pay registration fees based on net issuance of shares in a manner similar to mutual funds; (3) require closed-end funds and interval funds to include additional disclosures in their annual reports; and (4) require certain information to be filed in interactive data format. The new rules had phased compliance, with the latest requirement taking effect as of February 1, 2023.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws prior guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Funds to use derivatives and reverse repurchase agreements and similar financing transactions as part of their investment strategies and may increase the cost of the Funds’ investments and cost of doing business, which could adversely affect investors. The compliance date for the new rule and related reporting requirements was August 19, 2022.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines “readily available market quotations” for purposes of the definition of “value” under the Investment Company Act of 1940 (the “Act”), and the SEC noted that this definition will apply in all contexts under the Act.

In May 2022, the SEC proposed amendments to a current rule governing fund naming conventions. In general, the current rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an expansion of the types of fund names that would require the fund to adopt an 80% investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a fund may deviate from its 80% investment policy and address the use and valuation of derivatives instruments for purposes of the rule. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.

In May 2022, the SEC proposed a framework that would require certain registered funds (such as the Funds) to disclose their environmental, social, and governance (“ESG”) investing practices. Among other things, the proposed requirements would mandate that funds meeting three pre-defined classifications (i.e., integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the fund. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund (“ETF”) shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments are effective as of January 24, 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading.

In November 2022, the SEC adopted amendments to Form N-PX under the Act to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds’ Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for “Say on Pay” votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N-PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.

In May 2023, the SEC adopted final amendments that will require increased disclosure regarding repurchases by issuers of their equity securities registered under Section 12 of the Securities Exchange Act of 1934, as amended. The final amendments apply to business development companies and listed closed-end funds, but they do not apply to open-end funds or unlisted closed-end funds. Business development companies and listed closed-end funds will be required to

provide greater quantitative and qualitative details related to share repurchases in their periodic reports, including: (i) daily quantitative share repurchase data presented in a table attached as an exhibit to the issuer’s periodic reports; (ii) checkbox disclosure regarding whether its directors and officers purchased or sold shares that are the subject of the issuer’s repurchase plan or program within four business days before or after the issuer’s announcement of such repurchase plan or program or the announcement of an increase of an existing share repurchase plan or program; and (iii) narrative descriptions regarding the issuer’s repurchase programs and practices. Listed closed-end funds are required to comply with the new requirements beginning with the Form N-CSR that covers the first six-month period that begins on or after January 1, 2024.


6		PIMCO CLOSED-END FUNDS

PIMCO Municipal Income Fund


		Symbol on NYSE - PMF

Cumulative Returns Through June 30, 2023

$10,000 invested at the end of the month when the Fund commenced operations.

Allocation Breakdown

as of June 30, 2023

†


Municipal Bonds & Notes

Health, Hospital & Nursing Home Revenue			18.0%

Sales Tax Revenue			6.9%

Ad Valorem Property Tax			6.8%

Miscellaneous Revenue			6.0%

Highway Revenue Tolls			5.4%

Tobacco Settlement Funded			5.2%

Natural Gas Revenue			5.2%

Industrial Revenue			5.1%

Electric Power & Light Revenue			5.0%

Local or Guaranteed Housing			3.9%

Sewer Revenue			3.6%

Appropriations			3.6%

Port, Airport & Marina Revenue			3.2%

Water Revenue			2.8%

Lease (Appropriation)			2.3%

College & University Revenue			2.1%

Fuel Sales Tax Revenue			1.8%

Nuclear Revenue			1.6%

Transit Revenue			1.3%

Income Tax Revenue			1.3%

Economic Development Revenue			1.3%

Miscellaneous Taxes			1.2%

Other			5.8%

Short-Term Instruments			0.2%

Other			0.4%

†

% of Investments, at value.

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

Fund Information

(as of June 30, 2023)

(1)


Market Price			$10.28

NAV			$9.74

Premium/(Discount) to NAV			5.54%

Market Price Distribution Rate (2)			4.90%

NAV Distribution Rate (2)			5.17%

Total Effective Leverage (3)			44.00%



Average Annual Total Return (1) for the period ended June 30, 2023

		6 Month*		1 Year		5 Year		10 Year		Since launch of Secondary Index 12/09/2022*		Commencement of Operations (06/29/01)
	Market Price		1.13%		(5.47)%		0.42%		3.89%		(0.40)%		4.90%
	NAV		5.07%		0.24%		0.38%		4.07%		1.75%		5.32%
	Bloomberg Long Municipal Bond Index		4.96%		3.84%		1.59%		3.32%		3.55%		4.42%	¨
	ICE Long Duration National Municipal Securities Index**		4.92%		—		—		—		2.12%		—

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

It is not possible to invest directly in an unmanaged index.

Average Annual Return since 06/30/2002.

* Cumulative return.

** Secondary Index refers to ICE Long Duration National Municipal Securities Index. The launch date of the ICE Long Duration National Municipal Securities Index is December 9, 2022. Total return is presented for the less than one-year period since launch and is not annualized.

(1)

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Total return is not annualized for a “since launch” date of less than one year. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Total return, market price, NAV, market price distribution rate, and NAV distribution rate will fluctuate with changes in market conditions. Performance current to the most recent

month-end

is available at www.pimco.com or via (844)

33-PIMCO.

Performance is calculated assuming all dividends and distributions are reinvested at prices obtained under the Fund’s dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares.

Performance of an index is shown in light of a requirement by the Securities and Exchange Commission that the performance of an appropriate broad-based securities market index be disclosed. However, the Fund is not managed to an index nor should the index be viewed as a “benchmark” for the Fund’s performance. The indexes are not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance. Please see Additional Information Regarding the Funds for a description of the Fund’s principal investment strategies.

(2)

Distribution rates are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV or Market Price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (“ROC”) of your investment in the Fund. Because the distribution rate may include a ROC, it should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if applicable. Final determination of a distribution’s tax character will be provided to shareholders when such information is available.

(3)

Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively “Total Effective Leverage”). The Fund may engage in other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage).

Investment Objective and Strategy Overview

PIMCO Municipal Income Fund’s investment objective is to seek to provide current income exempt from federal income tax.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

Exposure to the healthcare sector contributed to performance, as the sector posted positive returns.

Exposure to the special tax sector contributed to performance, as the sector posted positive returns.

Exposure to the industrial revenue sector contributed to performance, as the sector posted positive returns.

There were no material detractors for this Fund.

SEMIANNUAL REPORT

JUNE 30, 2023

PIMCO Municipal Income Fund II


		Symbol on NYSE - PML

Cumulative Returns Through June 30, 2023

$10,000 invested at the end of the month when the Fund commenced operations.

Allocation Breakdown

as of June 30, 2023

†


Municipal Bonds & Notes

Health, Hospital & Nursing Home Revenue			16.7%

Highway Revenue Tolls			9.7%

Sales Tax Revenue			6.0%

Industrial Revenue			5.2%

Ad Valorem Property Tax			5.2%

Natural Gas Revenue			5.2%

Tobacco Settlement Funded			5.1%

Sewer Revenue			4.3%

Port, Airport & Marina Revenue			3.9%

Miscellaneous Revenue			3.8%

Appropriations			3.7%

Water Revenue			3.6%

Local or Guaranteed Housing			3.5%

Electric Power & Light Revenue			3.4%

Lease (Appropriation)			2.9%

College & University Revenue			2.7%

Economic Development Revenue			1.7%

Fuel Sales Tax Revenue			1.4%

Income Tax Revenue			1.4%

Miscellaneous Taxes			1.3%

Lottery Revenue			1.2%

Nuclear Revenue			1.1%

Lease (Non-Terminable)			1.0%

Government Fund/Grant Revenue			1.0%

Other			4.6%

Non-Agency Mortgage-Backed Securities			0.3%

Short-Term Instruments			0.1%

†

% of Investments, at value.

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

Fund Information

(as of June 30, 2023)

(1)


Market Price			$9.04

NAV			$8.96

Premium/(Discount) to NAV			0.89%

Market Price Distribution Rate (2)			5.24%

NAV Distribution Rate (2)			5.29%

Total Effective Leverage (3)			42.51%



Average Annual Total Return (1) for the period ended June 30, 2023

		6 Month*		1 Year		5 Year		10 Year		Since launch of Secondary Index 12/09/2022*		Commencement of Operations (06/28/02)
	Market Price		2.67%		(10.26)%		(1.67)%		3.56%		(2.09)%		4.14%
	NAV		4.99%		0.43%		0.64%		4.08%		1.63%		4.47%
	Bloomberg Long Municipal Bond Index		4.96%		3.84%		1.59%		3.32%		3.55%		4.42%	¨
	ICE Long Duration National Municipal Securities Index**		4.92%		—		—		—		2.12%		—

It is not possible to invest directly in an unmanaged index.

Average Annual Return since 06/30/2002.

* Cumulative return.

(1)

month-end

is available at www.pimco.com or via (844)

33-PIMCO.

(2)

(3)

Investment Objective and Strategy Overview

PIMCO Municipal Income Fund II’s investment objective is to seek to provide current income exempt from federal income tax.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

Exposure to the industrial revenue sector contributed to performance, as the sector posted positive returns.

Exposure to the special tax sector contributed to performance, as the sector posted positive returns.

Exposure to the transportation sector contributed to performance, as the sector posted positive returns.

There were no material detractors for this Fund.


8		PIMCO CLOSED-END FUNDS

PIMCO Municipal Income Fund III


		Symbol on NYSE - PMX

Cumulative Returns Through June 30, 2023

$10,000 invested at the end of the month when the Fund commenced operations.

Allocation Breakdown

as of June 30, 2023

†


Municipal Bonds & Notes

Health, Hospital & Nursing Home Revenue			16.0%

Sales Tax Revenue			6.5%

Local or Guaranteed Housing			6.0%

Ad Valorem Property Tax			5.3%

Electric Power & Light Revenue			5.3%

Highway Revenue Tolls			5.3%

Natural Gas Revenue			5.2%

Water Revenue			5.0%

Industrial Revenue			4.7%

Port, Airport & Marina Revenue			4.5%

Sewer Revenue			4.4%

Appropriations			4.2%

Tobacco Settlement Funded			4.1%

Miscellaneous Revenue			3.1%

College & University Revenue			2.8%

Fuel Sales Tax Revenue			2.3%

Lease (Appropriation)			2.0%

Economic Development Revenue			1.7%

Nuclear Revenue			1.4%

General Fund			1.2%

Income Tax Revenue			1.1%

Miscellaneous Taxes			1.1%

Other			6.3%

Short-Term Instruments			0.2%

Other			0.3%

†

% of Investments, at value.

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

Fund Information

(as of June 30, 2023)

(1)


Market Price			$8.05

NAV			$8.24

Premium/(Discount) to NAV			(2.31)%

Market Price Distribution Rate (2)			4.92%

NAV Distribution Rate (2)			4.81%

Total Effective Leverage (3)			43.31%



Average Annual Total Return (1) for the period ended June 30, 2023

		6 Month*		1 Year		5 Year		10 Year		Since launch of Secondary Index 12/09/2022*		Commencement of Operations (10/31/02)
	Market Price		(5.31)%		(7.56)%		(1.69)%		3.07%		(9.46)%		3.69%
	NAV		5.21%		0.25%		0.26%		4.39%		1.79%		4.24%
	Bloomberg Long Municipal Bond Index		4.96%		3.84%		1.59%		3.32%		3.55%		4.30%
	ICE Long Duration National Municipal Securities Index**		4.92%		—		—		—		2.12%		—

It is not possible to invest directly in an unmanaged index.

* Cumulative return.

(1)

month-end

is available at www.pimco.com or via (844)

33-PIMCO.

(2)

(3)

Investment Objective and Strategy Overview

PIMCO Municipal Income Fund III’s investment objective is to seek to provide current income exempt from federal income tax.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

Exposure to the special tax sector contributed to performance, as the sector posted positive returns.

Exposure to the industrial revenue sector contributed to performance, as the sector posted positive returns.

Exposure to the transportation sector contributed to performance, as the sector posted positive returns.

There were no material detractors for this Fund.

SEMIANNUAL REPORT

JUNE 30, 2023

PIMCO California Municipal Income Fund


		Symbol on NYSE - PCQ

Cumulative Returns Through June 30, 2023

$10,000 invested at the end of the month when the Fund commenced operations.

Allocation Breakdown

as of June 30, 2023

†


Municipal Bonds & Notes

Ad Valorem Property Tax			25.7%

Health, Hospital & Nursing Home Revenue			13.1%

Local or Guaranteed Housing			6.7%

College & University Revenue			5.9%

Sales Tax Revenue			5.5%

Port, Airport & Marina Revenue			5.4%

Lease (Abatement)			5.1%

General Fund			4.9%

Natural Gas Revenue			4.6%

Tobacco Settlement Funded			4.4%

Electric Power & Light Revenue			3.3%

Sewer Revenue			2.5%

Water Revenue			2.4%

Highway Revenue Tolls			2.2%

Lease (Non-Terminable)			2.0%

Special Assessment			1.3%

Industrial Revenue			1.2%

Special Tax			1.1%

Other			2.3%

Short-Term Instruments			0.4%

†

% of Investments, at value.

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

Fund Information

(as of June 30, 2023)

(1)


Market Price			$9.80

NAV			$10.44

Premium/(Discount) to NAV			(6.13)%

Market Price Distribution Rate (2)			4.41%

NAV Distribution Rate (2)			4.14%

Total Effective Leverage (3)			44.17%



Average Annual Total Return (1) for the period ended June 30, 2023

		6 Month*		1 Year		5 Year		10 Year		Since launch of Secondary Index 01/25/2023*		Commencement of Operations (06/29/01)
	Market Price		(33.57)%		(33.14)%		(5.79)%		1.99%		(11.94)%		4.33%
	NAV		3.35%		1.59%		0.69%		3.98%		(2.39)%		5.30%
	Bloomberg CA Muni 22+ Year Index		4.38%		4.71%		1.66%		3.66%		0.14%		4.72%	¨
	ICE California Long Duration Municipal Securities Index**		—		—		—		—		(2.95)%		—

It is not possible to invest directly in an unmanaged index.

Average Annual Return since 06/30/2001.

* Cumulative return.

** Secondary Index refers to ICE California Long Duration Municipal Securities Index. The launch date of the ICE California Long Duration Municipal Securities Index is January 25, 2023. Total return is presented for the less than one-year period since launch and is not annualized.

(1)

month-end

is available at www.pimco.com or via (844)

33-PIMCO.

(2)

(3)

Investment Objective and Strategy Overview

PIMCO California Municipal Income Fund’s investment objective is to seek to provide current income exempt from federal and California income tax.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

Exposure to the general obligation segment contributed to performance, as the segment posted positive returns.

Exposure to the special tax sector contributed to performance, as the sector posted positive returns.

Exposure to the healthcare sector contributed to performance, as the sector posted positive returns.

There were no material detractors for this Fund.


10		PIMCO CLOSED-END FUNDS

PIMCO California Municipal Income Fund II


		Symbol on NYSE - PCK

Cumulative Returns Through June 30, 2023

$10,000 invested at the end of the month when the Fund commenced operations.

Allocation Breakdown

as of June 30, 2023

†


Municipal Bonds & Notes

Ad Valorem Property Tax			25.0%

Health, Hospital & Nursing Home Revenue			10.8%

Local or Guaranteed Housing			7.2%

General Fund			6.4%

Natural Gas Revenue			5.8%

Port, Airport & Marina Revenue			5.7%

Tobacco Settlement Funded			5.4%

Sewer Revenue			5.2%

Sales Tax Revenue			4.4%

College & University Revenue			3.8%

Highway Revenue Tolls			3.5%

Lease (Abatement)			3.4%

Electric Power & Light Revenue			2.7%

Water Revenue			2.2%

Lease (Non-Terminable)			2.1%

Special Assessment			1.2%

Special Tax			1.2%

Industrial Revenue			1.2%

Other			2.6%

Short-Term Instruments			0.2%

†

% of Investments, at value.

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

Fund Information

(as of June 30, 2023)

(1)


Market Price			$5.95

NAV			$6.62

Premium/(Discount) to NAV			(10.12)%

Market Price Distribution Rate (2)			4.34%

NAV Distribution Rate (2)			3.90%

Total Effective Leverage (3)			43.91%



Average Annual Total Return (1) for the period ended June 30, 2023

		6 Month*		1 Year		5 Year		10 Year		Since launch of Secondary Index 01/25/2023*		Commencement of Operations (06/28/02)
	Market Price		(10.53)%		(8.83)%		(1.64)%		0.78%		(6.54)%		2.22%
	NAV		3.34%		1.39%		0.19%		4.14%		(2.79)%		3.35%
	Bloomberg CA Muni 22+ Year Index		4.38%		4.71%		1.66%		3.66%		0.14%		4.57%	¨
	ICE California Long Duration Municipal Securities Index**		—		—		—		—		(2.95)%		—

It is not possible to invest directly in an unmanaged index.

Average Annual Return since 06/30/2002.

* Cumulative return.

(1)

month-end

is available at www.pimco.com or via (844)

33-PIMCO.

(2)

(3)

Investment Objective and Strategy Overview

PIMCO California Municipal Income Fund II’s investment objective is to seek to provide current income exempt from federal and California income tax.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

Exposure to the general obligation segment contributed to performance, as the segment posted positive returns.

Exposure to the special tax sector contributed to performance, as the sector posted positive returns.

Exposure to the transportation sector contributed to performance, as the sector posted positive returns.

There are no material detractors for this Fund.

SEMIANNUAL REPORT

JUNE 30, 2023

PIMCO California Municipal Income Fund III


		Symbol on NYSE - PZC

Cumulative Returns Through June 30, 2023

$10,000 invested at the end of the month when the Fund commenced operations.

Allocation Breakdown

as of June 30, 2023

†


Municipal Bonds & Notes

Ad Valorem Property Tax			23.9%

Health, Hospital & Nursing Home Revenue			14.0%

Local or Guaranteed Housing			7.2%

Tobacco Settlement Funded			6.7%

Port, Airport & Marina Revenue			5.8%

College & University Revenue			5.0%

Sales Tax Revenue			4.7%

Electric Power & Light Revenue			4.5%

General Fund			3.9%

Lease (Abatement)			3.1%

Natural Gas Revenue			2.8%

Water Revenue			2.6%

Special Tax			2.4%

Sewer Revenue			2.2%

Highway Revenue Tolls			1.4%

Lease (Non-Terminable)			1.4%

Special Assessment			1.3%

Industrial Revenue			1.1%

Other			2.9%

Short-Term Instruments			3.1%

†

% of Investments, at value.

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

Fund Information

(as of June 30, 2023)

(1)


Market Price			$7.70

NAV			$7.75

Premium/(Discount) to NAV			(0.65)%

Market Price Distribution Rate (2)			4.60%

NAV Distribution Rate (2)			4.57%

Total Effective Leverage (3)			43.59%



Average Annual Total Return (1) for the period ended June 30, 2023

		6 Month*		1 Year		5 Year		10 Year		Since launch of Secondary Index 01/25/2023*		Commencement of Operations (10/31/02)
	Market Price		(5.66)%		(1.84)%		(1.08)%		3.02%		(2.99)%		3.15%
	NAV		2.94%		1.36%		0.62%		4.06%		(2.38)%		3.57%
	Bloomberg CA Muni 22+ Year Index		4.38%		4.71%		1.66%		3.66%		0.14%		4.50%
	ICE California Long Duration Municipal Securities Index**		—		—		—		—		(2.95)%		—

It is not possible to invest directly in an unmanaged index.

* Cumulative return.

(1)

month-end

is available at www.pimco.com or via (844)

33-PIMCO.

(2)

(3)

Investment Objective and Strategy Overview

PIMCO California Municipal Income Fund III’s investment objective is to seek to provide current income exempt from federal and California income tax.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

Exposure to the general obligation segment contributed to performance, as the segment posted positive returns.

Exposure to the special tax sector contributed to performance, as the sector posted positive returns.

Exposure to the healthcare sector contributed to performance, as the sector posted positive returns.

There were no material detractors for this Fund.


12		PIMCO CLOSED-END FUNDS

PIMCO New York Municipal Income Fund


		Symbol on NYSE - PNF

Cumulative Returns Through June 30, 2023

$10,000 invested at the end of the month when the Fund commenced operations.

Allocation Breakdown

as of June 30, 2023

†


Municipal Bonds & Notes

Income Tax Revenue			14.6%

Health, Hospital & Nursing Home Revenue			10.9%

College & University Revenue			9.0%

Ad Valorem Property Tax			8.7%

Tobacco Settlement Funded			8.5%

Sales Tax Revenue			7.4%

Port, Airport & Marina Revenue			6.7%

Water Revenue			5.7%

Local or Guaranteed Housing			5.7%

Highway Revenue Tolls			5.1%

Industrial Revenue			4.5%

Transit Revenue			3.2%

Electric Power & Light Revenue			2.4%

Miscellaneous Revenue			1.7%

Lease (Appropriation)			1.7%

Other			3.8%

Short-Term Instruments			0.4%

†

% of Investments, at value.

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

Fund Information

(as of June 30, 2023)

(1)


Market Price			$8.58

NAV			$8.93

Premium/(Discount) to NAV			(3.92)%

Market Price Distribution Rate (2)			4.69%

NAV Distribution Rate (2)			4.50%

Total Effective Leverage (3)			37.49%



Average Annual Total Return (1) for the period ended June 30, 2023

		6 Month*		1 Year		5 Year		10 Year		Since launch of Secondary Index 01/25/2023*		Commencement of Operations (06/29/01)
	Market Price		(2.79)%		(1.39)%		(2.46)%		3.07%		(11.03)%		3.36%
	NAV		4.96%		0.32%		(0.43)%		3.54%		(1.21)%		3.80%
	Bloomberg NY Muni 22+ Year Index		6.29%		4.74%		1.46%		3.26%		0.83%		4.44%	¨
	ICE New York Long Duration Municipal Securities Index**		—		—		—		—		(1.28)%		—

It is not possible to invest directly in an unmanaged index.

Average Annual Return since 06/30/2001.

* Cumulative return.

** Secondary Index refers to ICE New York Long Duration Municipal Securities Index. The launch date of the ICE New York Long Duration Municipal Securities Index is January 25, 2023. Total return is presented for the less than one-year period since launch and is not annualized.

(1)

month-end

is available at www.pimco.com or via (844)

33-PIMCO.

(2)

(3)

Investment Objective and Strategy Overview

PIMCO New York Municipal Income Fund’s investment objective is to seek to provide current income exempt from federal, New York State and New York City income tax.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

Exposure to the special tax sector contributed to performance, as the sector posted positive returns.

Exposure to the transportation sector contributed to performance, as the sector posted positive returns.

Exposure to the industrial revenue sector contributed to performance, as the sector posted positive returns.

There were no material detractors for this Fund.

SEMIANNUAL REPORT

JUNE 30, 2023

PIMCO New York Municipal Income Fund II


		Symbol on NYSE - PNI

Cumulative Returns Through June 30, 2023

$10,000 invested at the end of the month when the Fund commenced operations.

Allocation Breakdown

as of June 30, 2023

†


Municipal Bonds & Notes

College & University Revenue			11.7%

Tobacco Settlement Funded			11.5%

Health, Hospital & Nursing Home Revenue			11.0%

Income Tax Revenue			8.8%

Water Revenue			6.5%

Port, Airport & Marina Revenue			6.5%

Highway Revenue Tolls			5.8%

Ad Valorem Property Tax			5.8%

Sales Tax Revenue			5.8%

Local or Guaranteed Housing			4.2%

Industrial Revenue			4.2%

Electric Power & Light Revenue			4.1%

Miscellaneous Revenue			3.8%

Lease (Appropriation)			3.7%

Transit Revenue			1.9%

Miscellaneous Taxes			1.6%

Other			2.9%

Short-Term Instruments			0.2%

†

% of Investments, at value.

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

Fund Information

(as of June 30, 2023)

(1)


Market Price			$7.59

NAV			$8.59

Premium/(Discount) to NAV			(11.64)%

Market Price Distribution Rate (2)			4.66%

NAV Distribution Rate (2)			4.12%

Total Effective Leverage (3)			43.09%



Average Annual Total Return (1) for the period ended June 30, 2023

		6 Month*		1 Year		5 Year		10 Year		Since launch of Secondary Index 01/25/2023*		Commencement of Operations (06/28/02)
	Market Price		(2.35)%		(8.55)%		(1.91)%		1.48%		(5.99)%		2.96%
	NAV		5.76%		1.31%		0.05%		3.89%		(1.15)%		3.89%
	Bloomberg NY Muni 22+ Year Index		6.29%		4.74%		1.46%		3.26%		0.83%		4.34%	¨
	ICE New York Long Duration Municipal Securities Index**		—		—		—		—		(1.28)%		—

It is not possible to invest directly in an unmanaged index.

Average Annual Return since 06/30/2002.

* Cumulative return.

(1)

month-end

is available at www.pimco.com or via (844)

33-PIMCO.

(2)

(3)

Investment Objective and Strategy Overview

PIMCO New York Municipal Income Fund II’s investment objective is to seek to provide current income exempt from federal, New York State and New York City income tax.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

Exposure to the special tax sector contributed to performance, as the sector posted positive returns.

Exposure to the transportation sector contributed to performance, as the sector posted positive returns.

Exposure to the industrial revenue sector contributed to performance, as the sector posted positive returns.

There were no material detractors for this Fund.


14		PIMCO CLOSED-END FUNDS

PIMCO New York Municipal Income Fund III


		Symbol on NYSE - PYN

Cumulative Returns Through June 30, 2023

$10,000 invested at the end of the month when the Fund commenced operations.

Allocation Breakdown

as of June 30, 2023

†


Municipal Bonds & Notes

Income Tax Revenue			11.7%

Tobacco Settlement Funded			10.5%

College & University Revenue			10.2%

Health, Hospital & Nursing Home Revenue			9.7%

Ad Valorem Property Tax			7.9%

Industrial Revenue			7.2%

Port, Airport & Marina Revenue			7.0%

Sales Tax Revenue			6.0%

Local or Guaranteed Housing			4.5%

Highway Revenue Tolls			4.3%

Miscellaneous Revenue			4.3%

Electric Power & Light Revenue			3.5%

Water Revenue			3.4%

Transit Revenue			2.9%

Fuel Sales Tax Revenue			1.2%

Other			2.7%

Short-Term Instruments			3.0%

†

% of Investments, at value.

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

Fund Information

(as of June 30, 2023)

(1)


Market Price			$6.29

NAV			$6.84

Premium/(Discount) to NAV			(8.04)%

Market Price Distribution Rate (2)			4.73%

NAV Distribution Rate (2)			4.35%

Total Effective Leverage (3)			42.84%



Average Annual Total Return (1) for the period ended June 30, 2023

		6 Month*		1 Year		5 Year		10 Year		Since launch of Secondary Index 01/25/2023*		Commencement of Operations (10/31/02)
	Market Price		(5.75)%		(15.41)%		(2.47)%		1.50%		(7.17)%		1.82%
	NAV		4.95%		0.54%		(0.38)%		3.31%		(1.21)%		2.51%
	Bloomberg NY Muni 22+ Year Index		6.29%		4.74%		1.46%		3.26%		0.83%		4.21%
	ICE New York Long Duration Municipal Securities Index**		—		—		—		—		(1.28)%		—

It is not possible to invest directly in an unmanaged index.

* Cumulative return.

(1)

month-end

is available at www.pimco.com or via (844)

33-PIMCO.

(2)

(3)

Investment Objective and Strategy Overview

PIMCO New York Municipal Income Fund III’s investment objective is to seek to provide current income exempt from federal, New York State and New York City income tax.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

Exposure to the special tax sector contributed to performance, as the sector posted positive returns.

Exposure to the industrial revenue sector contributed to performance, as the sector posted positive returns.

Exposure to the transportation sector contributed to performance, as the sector posted positive returns.

There were no material detractors for this Fund.

SEMIANNUAL REPORT

JUNE 30, 2023


Index Descriptions


Index		Index Description

Bloomberg Long Municipal Bond Index		Bloomberg Long Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. It is not possible to invest directly in an unmanaged index.

Bloomberg CA Muni 22+ Year Index		The Bloomberg CA Muni 22+ Year Index is the long maturity California component of the Bloomberg Municipal Bond Index, which consists of a broad selection of investment grade general obligation and revenue bonds. It is an unmanaged index representative of the tax-exempt bond market. It is not possible to invest directly in an unmanaged index.

Bloomberg NY Muni 22+ Year Index		The Bloomberg NY Muni 22+ Year Index is the long maturity New York component of the Bloomberg Municipal Bond Index, which consists of a broad selection of investment grade general obligation and revenue bonds. It is an unmanaged index representative of the tax-exempt bond market. It is not possible to invest directly in an unmanaged index.

ICE Long Duration National Municipal Securities Index		ICE Long Duration National Municipal Securities Index tracks the performance of long duration rated and unrated US dollar denominated tax-exempt debt publicly issued by US states and territories, and their political subdivisions, in the US domestic market.

ICE California Long Duration Municipal Securities Index		ICE California Long Duration Municipal Securities Index is a subset of the ICE Long Duration National Municipal Securities Index including only securities issued within the State of California. The ICE Long Duration National Municipal Securities Index tracks the performance of long duration rated and unrated US dollar denominated tax-exempt debt publicly issued by US states and territories, and their political subdivisions, in the US domestic market.

ICE New York Long Duration Municipal Securities Index		ICE New York Long Duration Municipal Securities Index is a subset of the ICE Long Duration National Municipal Securities Index including only securities issued within the State of New York. The ICE Long Duration National Municipal Securities Index tracks the performance of long duration rated and unrated US dollar denominated tax-exempt debt publicly issued by US states and territories, and their political subdivisions, in the US domestic market.


16		PIMCO CLOSED-END FUNDS

(THIS PAGE INTENTIONALLY LEFT BLANK)

SEMIANNUAL REPORT

JUNE 30, 2023


Financial Highlights


			Investment Operations					Less Distributions to Preferred Shareholders (c)								Less Distributions to Common Shareholders (d)

Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year or Period (a)		Net Investment Income (Loss) (b)		Net Realized/ Unrealized Gain (Loss)			From Net Investment Income			From Net Realized Capital Gains		Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations			From Net Investment Income			From Net Realized Capital Gains			Tax Basis Return of Capital			Total			Increase Resulting from Tender of ARPS (c)		Increase Resulting from Common Share Offering		Offering Cost Charged to Paid in Capital

PIMCO Municipal Income Fund

01/01/2023 - 06/30/2023+	$	9.51	$	0.31	$	0.35		$	(0.18	)	$	0.00	$	0.48		$	(0.25	)	$	0.00		$	0.00		$	(0.25	)	$	0.00	$	N/A	$	N/A

12/31/2022		13.33		0.68		(3.71	)		(0.14	)		0.00		(3.17	)		(0.65	)		0.00			0.00			(0.65	)		0.00		N/A		N/A

12/31/2021		13.22		0.71		0.06			(0.01	)		0.00		0.76			(0.65	)		0.00			0.00			(0.65	)		0.00		N/A		N/A

12/31/2020		13.35		0.74		(0.07	)		(0.07	)		0.00		0.60			(0.65	)		(0.08	)		0.00			(0.73	)		0.00		N/A		N/A

12/31/2019		12.36		0.81		1.07			(0.16	)		0.00		1.72			(0.72	)		(0.01	)		0.00			(0.73	)		0.00		N/A		N/A

12/31/2018		12.87		0.89		(0.65	)		(0.16	)		0.00		0.08			(0.72	)		0.00			0.00			(0.72	)		0.13		N/A		N/A

PIMCO Municipal Income Fund II

01/01/2023 - 06/30/2023+	$	8.76	$	0.27	$	0.30		$	(0.13	)	$	0.00	$	0.44		$	(0.24	)	$	0.00		$	0.00		$	(0.24	)	$	0.00	$	0.00	$	0.00

12/31/2022		12.37		0.60		(3.43	)		(0.10	)		0.00		(2.93	)		(0.60	)		0.00			(0.11	)		(0.71	)		0.00		0.03		0.00

12/31/2021		12.42		0.66		0.00			0.00			0.00		0.66			(0.71	)		0.00			0.00			(0.71	)		0.00		N/A		N/A

12/31/2020		12.50		0.69		(0.01	)		(0.05	)		0.00		0.63			(0.71	)		0.00			0.00			(0.71	)		0.00		N/A		N/A

12/31/2019		11.62		0.77		1.01			(0.12	)		0.00		1.66			(0.78	)		0.00			0.00			(0.78	)		0.00		N/A		N/A

12/31/2018		12.13		0.81		(0.57	)		(0.13	)		0.00		0.11			(0.78	)		0.00			0.00			(0.78	)		0.16		N/A		N/A

PIMCO Municipal Income Fund III

01/01/2023 - 06/30/2023+	$	8.02	$	0.25	$	0.30		$	(0.13	)	$	0.00	$	0.42		$	(0.20	)	$	0.00		$	0.00		$	(0.20	)	$	0.00	$	N/A	$	N/A

12/31/2022		11.41		0.57		(3.31	)		(0.10	)		0.00		(2.84	)		(0.55	)		0.00			0.00			(0.55	)		0.00		N/A		N/A

12/31/2021		11.36		0.59		0.01			0.00			0.00		0.60			(0.55	)		0.00			0.00			(0.55	)		0.00		N/A		N/A

12/31/2020		11.34		0.62		0.01			(0.05	)		0.00		0.58			(0.55	)		(0.01	)		0.00			(0.56	)		0.00		N/A		N/A

12/31/2019		10.49		0.72		0.87			(0.12	)		0.00		1.47			(0.62	)		0.00			0.00			(0.62	)		0.00		N/A		N/A

12/31/2018		11.06		0.76		(0.57	)		(0.13	)		0.00		0.06			(0.67	)		(0.11	)		0.00			(0.78	)		0.15		N/A		N/A

PIMCO California Municipal Income Fund

01/01/2023 - 06/30/2023 +	$	10.31	$	0.28	$	0.25		$	(0.18	)	$	0.00	$	0.35		$	(0.22	)	$	0.00		$	0.00		$	(0.22	)	$	0.00	$	N/A	$	N/A

12/31/2022		14.08		0.65		(3.48	)		(0.14	)		0.00		(2.97	)		(0.59	)		(0.02	)		(0.19	)		(0.80	)		0.00		N/A		N/A

12/31/2021		14.28		0.71		(0.12	)		(0.01	)		0.00		0.58			(0.78	)		0.00			0.00			(0.78	)		0.00		N/A		N/A

12/31/2020		14.20		0.74		0.20			(0.07	)		0.00		0.87			(0.78	)		(0.01	)		0.00			(0.79	)		0.00		N/A		N/A

12/31/2019		13.32		0.80		1.16			(0.16	)		0.00		1.80			(0.92	)		0.00			0.00			(0.92	)		0.00		N/A		N/A

12/31/2018		14.20		0.92		(0.94	)		(0.17	)		0.00		(0.19	)		(0.92	)		0.00			0.00			(0.92	)		0.23		N/A		N/A

PIMCO California Municipal Income Fund II

01/01/2023 - 06/30/2023+	$	6.53	$	0.17	$	0.16		$	(0.11	)	$	0.00	$	0.22		$	(0.13	)	$	0.00		$	0.00		$	(0.13	)	$	0.00	$	N/A	$	N/A

12/31/2022		9.11		0.39		(2.50	)		(0.09	)		0.00		(2.20	)		(0.36	)		0.00			(0.02	)		(0.38	)		0.00		N/A		N/A

12/31/2021		9.13		0.40		(0.04	)		0.00			0.00		0.36			(0.38	)		0.00			0.00			(0.38	)		0.00		N/A		N/A

12/31/2020		8.98		0.41		0.17			(0.04	)		0.00		0.54			(0.38	)		(0.01	)		0.00			(0.39	)		0.00		N/A		N/A

12/31/2019		8.29		0.50		0.87			(0.10	)		0.00		1.27			(0.42	)		(0.16	)		0.00			(0.58	)		0.00		N/A		N/A

12/31/2018		8.69		0.54		(0.57	)		(0.11	)		0.00		(0.14	)		(0.42	)		0.00			0.00			(0.42	)		0.16		N/A		N/A

PIMCO California Municipal Income Fund III

01/01/2023 - 06/30/2023+	$	7.70	$	0.20	$	0.15		$	(0.12	)	$	0.00	$	0.23		$	(0.18	)	$	0.00		$	0.00		$	(0.18	)	$	0.00	$	N/A	$	N/A

12/31/2022		10.20		0.48		(2.43	)		(0.09	)		0.00		(2.04	)		(0.46	)		0.00			0.00			(0.46	)		0.00		N/A		N/A

12/31/2021		10.29		0.52		(0.15	)		0.00			0.00		0.37			(0.46	)		0.00			0.00			(0.46	)		0.00		N/A		N/A

12/31/2020		10.20		0.52		0.09			(0.05	)		0.00		0.56			(0.46	)		(0.01	)		0.00			(0.47	)		0.00		N/A		N/A

12/31/2019		9.46		0.56		0.80			(0.11	)		0.00		1.25			(0.51	)		0.00			0.00			(0.51	)		0.00		N/A		N/A

12/31/2018		9.98		0.64		(0.68	)		(0.12	)		0.00		(0.16	)		(0.54	)		0.00			0.00			(0.54	)		0.18		N/A		N/A

PIMCO New York Municipal Income Fund

01/01/2023 - 06/30/2023+	$	8.70	$	0.23	$	0.35		$	(0.15	)	$	0.00	$	0.43		$	(0.20	)	$	0.00		$	0.00		$	(0.20	)	$	0.00	$	N/A	$	N/A

12/31/2022		12.13		0.48		(3.30	)		(0.11	)		0.00		(2.93	)		(0.40	)		0.00			(0.10	)		(0.50	)		0.00		N/A		N/A

12/31/2021		12.01		0.54		0.09			(0.01	)		0.00		0.62			(0.50	)		0.00			0.00			(0.50	)		0.00		N/A		N/A

12/31/2020		12.15		0.60		(0.17	)		(0.06	)		0.00		0.37			(0.50	)		(0.01	)		0.00			(0.51	)		0.00		N/A		N/A

12/31/2019		11.29		0.68		0.96			(0.13	)		0.00		1.51			(0.65	)		0.00			0.00			(0.65	)		0.00		N/A		N/A

12/31/2018		12.06		0.70		(0.77	)		(0.13	)		0.00		(0.20	)		(0.68	)		0.00			0.00			(0.68	)		0.11		N/A		N/A


18		PIMCO CLOSED-END FUNDS			See Accompanying Notes


Common Share							Ratios/Supplemental Data
									Ratios to Average Net Assets Applicable to Common Shareholders
Net Asset Value End of Year or Period (a)		Market Price End of Year or Period		Total Investment Return (e)			Net Assets Applicable to Common Shareholders End of Year or Period (000s)		Expenses (f)(g)			Expenses Excluding Waivers (f)(g)			Expenses Excluding Interest Expense (f)			Expenses Excluding Interest Expense and Waivers (f)			Net Investment Income (Loss) (f)			Portfolio Turnover Rate



$	9.74	$	10.28		1.13	%	$	255,299		1.82	%*		1.82	%*		1.29	%*		1.29	%*		6.47	%*		8	%*

	9.51		10.43		(27.24	)		248,707		1.67			1.67			1.26			1.26			6.38			36

	13.33		15.22		15.11			347,062		1.36			1.36			1.19			1.19			5.33			18

	13.22		13.85		(2.99	)		343,020		1.59			1.59			1.23			1.23			5.71			21

	13.35		15.10		26.76			345,113		1.92		��	1.92			1.18			1.18			6.20			16

	12.36		12.55		2.22			318,313		1.77			1.77			1.23			1.23			7.16			24



$	8.96	$	9.04		2.67	%	$	594,586		2.12	%*		2.12	%*		1.19	%*		1.19	%*		5.98	%*		7	%

	8.76		9.04		(33.71	)		578,039		1.77			1.77			1.14			1.14			6.08			33

	12.37		14.61		7.47			783,316		1.30			1.30			1.08			1.08			5.32			13

	12.42		14.30		(4.81	)		782,327		1.59			1.59			1.11			1.11			5.70			20

	12.50		15.87		25.88			782,682		2.06			2.06			1.06			1.06			6.25			12

	11.62		13.31		7.57			723,713		1.93			1.93			1.13			1.13			6.94			23



$	8.24	$	8.05		(5.31	)%	$	275,304		2.08	%*		2.08	%*		1.28	%*		1.28	%*		6.06	%*		8	%

	8.02		8.71		(27.40	)		267,714		1.76			1.76			1.22			1.22			6.32			32

	11.41		12.75		12.32			379,521		1.37			1.37			1.15			1.15			5.18			9

	11.36		11.89		(0.54	)		376,741		1.64			1.64			1.18			1.18			5.57			25

	11.34		12.58		19.03			374,805		2.04			2.04			1.14			1.14			6.48			14

	10.49		11.14		3.39			345,557		1.89			1.89			1.19			1.19			7.11			25



$	10.44	$	9.80		(33.57	)%	$	198,040		2.01	%*		2.01	%*		1.29	%*		1.29	%*		5.37	%*		10	%

	10.31		15.07		(14.34	)		195,462		1.78			1.78			1.26			1.26			5.73			28

	14.08		18.58		7.99			266,321		1.44			1.44			1.20			1.20			5.05			11

	14.28		17.98		(4.94	)		269,561		1.67			1.67			1.22			1.22			5.28			15

	14.20		19.86		29.47			267,390		2.09			2.09			1.18			1.18			5.75			16

	13.32		16.15		(0.66	)		250,306		2.10			2.10			1.23			1.23			6.80			29



$	6.62	$	5.95		(10.53	)%	$	213,525		2.04	%*		2.04	%*		1.33	%*		1.33	%*		5.19	%*		8	%

	6.53		6.79		(23.32	)		210,581		1.77			1.77			1.29			1.29			5.49			27

	9.11		9.35		7.99			293,165		1.41			1.41			1.21			1.21			4.44			11

	9.13		9.03		(5.58	)		293,591		1.62			1.62			1.23			1.23			4.68			19

	8.98		10.00		36.01			288,138		1.99			1.99			1.18			1.18			5.61			16

	8.29		7.83		(19.01	)		265,245		1.88			1.88			1.29			1.29			6.51			37



$	7.75	$	7.70		(5.66	)%	$	174,131		2.14	%*		2.14	%*		1.31	%*		1.31	%*		5.23	%*		12	%

	7.70		8.35		(20.55	)		172,972		1.80			1.80			1.27			1.27			5.71			28

	10.20		11.10		13.11			228,733		1.45			1.45			1.21			1.21			5.06			13

	10.29		10.25		(5.89	)		230,271		1.68			1.68			1.23			1.23			5.13			13

	10.20		11.41		25.66			227,745		2.12			2.12			1.20			1.20			5.59			16

	9.46		9.53		(3.49	)		210,974		2.13			2.13			1.25			1.25			6.70			21



$	8.93	$	8.58		(2.79	)%	$	70,282		1.47	%*		1.47	%*		1.36	%*		1.36	%*		5.15	%*		9	%

	8.70		9.03		(22.47	)		68,397		1.49			1.49			1.24			1.24			4.90			45

	12.13		12.29		9.70			95,190		1.25			1.25			1.20			1.20			4.44			23

	12.01		11.68		(11.51	)		94,059		1.52			1.52			1.23			1.23			5.13			26

	12.15		13.80		24.04			95,010		1.97			1.97			1.19			1.19			5.74			25

	11.29		11.70		(2.90	)		87,913		1.81			1.81			1.27			1.27			6.11			22

SEMIANNUAL REPORT

JUNE 30, 2023


Financial Highlights		(Cont.)


			Investment Operations					Less Distributions to Preferred Shareholders (c)								Less Distributions to Common Shareholders (d)

Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year or Period (a)		Net Investment Income (Loss) (b)		Net Realized/ Unrealized Gain (Loss)			From Net Investment Income			From Net Realized Capital Gains		Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations			From Net Investment Income			From Net Realized Capital Gains		Tax Basis Return of Capital			Total			Increase Resulting from Tender of ARPS (c)		Increase Resulting from Common Share Offering		Offering Cost Charged to Paid in Capital

PIMCO New York Municipal Income Fund II

01/01/2023 - 06/30/2023+	$	8.29	$	0.23	$	0.39		$	(0.14	)	$	0.00	$	0.48		$	(0.18	)	$	0.00	$	0.00		$	(0.18	)	$	0.00	$	N/A	$	N/A

12/31/2022		11.66		0.47		(3.25	)		(0.11	)		0.00		(2.89	)		(0.48	)		0.00		0.00			(0.48	)		0.00		N/A		N/A

12/31/2021		11.50		0.48		0.17			(0.01	)		0.00		0.64			(0.48	)		0.00		0.00			(0.48	)		0.00		N/A		N/A

12/31/2020		11.59		0.56		(0.12	)		(0.05	)		0.00		0.39			(0.48	)		0.00		0.00			(0.48	)		0.00		N/A		N/A

12/31/2019		10.67		0.63		0.93			(0.13	)		0.00		1.43			(0.51	)		0.00		0.00			(0.51	)		0.00		N/A		N/A

12/31/2018		11.17		0.71		(0.73	)		(0.15	)		0.00		(0.17	)		(0.57	)		0.00		(0.04	)		(0.61	)		0.28		N/A		N/A

PIMCO New York Municipal Income Fund III

01/01/2023 - 06/30/2023+	$	6.66	$	0.20	$	0.27		$	(0.14	)	$	0.00	$	0.33		$	(0.15	)	$	0.00	$	0.00		$	(0.15	)	$	0.00	$	N/A	$	N/A

12/31/2022		9.20		0.42		(2.42	)		(0.11	)		0.00		(2.11	)		(0.33	)		0.00		(0.10	)		(0.43	)		0.00		N/A		N/A

12/31/2021		9.15		0.44		0.05			(0.01	)		0.00		0.48			(0.43	)		0.00		0.00			(0.43	)		0.00		N/A		N/A

12/31/2020		9.29		0.48		(0.14	)		(0.05	)		0.00		0.29			(0.42	)		0.00		(0.01	)		(0.43	)		0.00		N/A		N/A

12/31/2019		8.66		0.55		0.66			(0.13	)		0.00		1.08			(0.41	)		0.00		(0.04	)		(0.45	)		0.00		N/A		N/A

12/31/2018		9.27		0.57		(0.61	)		(0.13	)		0.00		(0.17	)		(0.49	)		0.00		(0.02	)		(0.51	)		0.07		N/A		N/A


20		PIMCO CLOSED-END FUNDS			See Accompanying Notes


Common Share							Ratios/Supplemental Data
									Ratios to Average Net Assets Applicable to Common Shareholders
Net Asset Value End of Year or Period (a)		Market Price End of Year or Period		Total Investment Return (e)			Net Assets Applicable to Common Shareholders End of Year or Period (000s)		Expenses (f)(g)			Expenses Excluding Waivers (f)(g)			Expenses Excluding Interest Expense (f)			Expenses Excluding Interest Expense and Waivers (f)			Net Investment Income (Loss) (f)			Portfolio Turnover Rate



$	8.59	$	7.59		(2.35	)%	$	96,272		2.04	%*		2.04	%*		1.40	%*		1.40	%*		5.41	%*		10	%

	8.29		7.95		(26.06	)		92,937		1.93			1.93			1.38			1.38			5.10			42

	11.66		11.35		8.87			130,581		1.57			1.57			1.31			1.31			4.18			14

	11.50		10.87		(5.82	)		128,709		1.84			1.84			1.35			1.35			4.97			22

	11.59		12.07		20.57			129,596		2.16			2.16			1.27			1.27			5.62			17

	10.67		10.47		(7.67	)		119,014		2.15			2.15			1.40			1.40			6.64			24



$	6.84	$	6.29		(5.75	)%	$	39,295		1.62	%*		1.62	%*		1.62	%*		1.62	%*		5.96	%*		14	%

	6.66		6.83		(22.40	)		38,240		1.69			1.69			1.55			1.55			5.64			38

	9.20		9.31		8.99			52,786		1.62			1.62			1.49			1.49			4.78			16

	9.15		8.93		(2.75	)		52,414		1.80			1.80			1.49			1.49			5.32			27

	9.29		9.63		16.76			53,135		2.19			2.19			1.47			1.47			6.06			14

	8.66		8.65		(7.67	)		49,484		2.18			2.18			1.54			1.54			6.45			24

SEMIANNUAL REPORT

JUNE 30, 2023


Financial Highlights		(Cont.)

Ratios/Supplemental Data


	ARPS								RVMTP (5)
Selected Per Share Data for the Year Ended^:	Total Amount Outstanding		Asset Coverage per Preferred Share (1)		Involuntary Liquidating Preference per Preferred Share (2)		Average Market Value per ARPS (3)		Total Amount Outstanding		Asset Coverage per Preferred Share (1)		Involuntary Liquidating Preference per Preferred Share (2)		Average Market Value per RVMTP (4)

PIMCO Municipal Income Fund
1/1/2023 - 6/30/2023+	$	166,700,000	$	59,490	$	25,000		N/A	$	18,200,000	$	237,960	$	100,000		N/A
12/31/2022		166,700,000		58,598		25,000		N/A		18,200,000		234,390		100,000		N/A
12/31/2021		166,700,000		70,665		25,000		N/A		23,300,000		282,660		100,000		N/A
12/31/2020		166,700,000		70,133		25,000		N/A		23,300,000		280,530		100,000		N/A
12/31/2019		166,700,000		70,395		25,000		N/A		23,300,000		281,580		100,000		N/A
12/31/2018		166,700,000		66,868		25,000		N/A		23,300,000		267,440		100,000		N/A

PIMCO Municipal Income Fund II
1/1/2023 - 6/30/2023+	$	298,275,000	$	65,475	$	25,000		N/A	$	68,700,000	$	261,900	$	100,000		N/A
12/31/2022		298,275,000		64,345		25,000		N/A		68,700,000		257,380		100,000		N/A
12/31/2021		298,275,000		78,363		25,000		N/A		68,700,000		313,450		100,000		N/A
12/31/2020		298,275,000		78,293		25,000		N/A		68,700,000		313,170		100,000		N/A
12/31/2019		298,275,000		78,308		25,000		N/A		68,700,000		313,230		100,000		N/A
12/31/2018		298,275,000		74,285		25,000		N/A		68,700,000		297,110		100,000		N/A

PIMCO Municipal Income Fund III
1/1/2023 - 6/30/2023+	$	154,700,000	$	61,388	$	25,000		N/A	$	34,300,000	$	245,550	$	100,000		N/A
12/31/2022		154,700,000		60,383		25,000		N/A		34,300,000		241,530		100,000		N/A
12/31/2021		154,700,000		75,200		25,000		N/A		34,300,000		300,800		100,000		N/A
12/31/2020		154,700,000		74,833		25,000		N/A		34,300,000		299,330		100,000		N/A
12/31/2019		154,700,000		74,565		25,000		N/A		34,300,000		298,260		100,000		N/A
12/31/2018		154,700,000		70,693		25,000		N/A		34,300,000		282,740		100,000		N/A

PIMCO California Municipal Income Fund
1/1/2023 - 6/30/2023+	$	120,625,000	$	59,108	$	25,000		N/A	$	24,400,000	$	236,430	$	100,000		N/A
12/31/2022		120,625,000		58,655		25,000		N/A		24,400,000		234,620		100,000		N/A
12/31/2021		120,625,000		69,408		25,000		N/A		29,300,000		277,630		100,000		N/A
12/31/2020		120,625,000		69,948		25,000		N/A		29,300,000		279,790		100,000		N/A
12/31/2019		120,625,000		69,580		25,000		N/A		29,300,000		278,320		100,000		N/A
12/31/2018		120,625,000		66,725		25,000		N/A		29,300,000		266,870		100,000		N/A

PIMCO California Municipal Income Fund II
1/1/2023 - 6/30/2023+	$	128,675,000	$	59,153	$	25,000		N/A	$	27,500,000	$	236,610	$	100,000		N/A
12/31/2022		128,675,000		58,680		25,000		N/A		27,500,000		234,720		100,000		N/A
12/31/2021		128,675,000		69,970		25,000		N/A		34,300,000		279,880		100,000		N/A
12/31/2020		128,675,000		70,035		25,000		N/A		34,300,000		280,140		100,000		N/A
12/31/2019		128,675,000		69,188		25,000		N/A		34,300,000		276,750		100,000		N/A
12/31/2018		128,675,000		65,675		25,000		N/A		34,300,000		262,670		100,000		N/A

PIMCO California Municipal Income Fund III
1/1/2023 - 6/30/2023+	$	97,875,000	$	59,810	$	25,000		N/A	$	27,100,000	$	239,240	$	100,000		N/A
12/31/2022		97,875,000		59,578		25,000		N/A		27,100,000		238,310		100,000		N/A
12/31/2021		97,875,000		70,755		25,000		N/A		27,100,000		283,020		100,000		N/A
12/31/2020		97,875,000		71,063		25,000		N/A		27,100,000		284,250		100,000		N/A
12/31/2019		97,875,000		70,545		25,000		N/A		27,100,000		282,180		100,000		N/A
12/31/2018		97,875,000		67,188		25,000		N/A		27,100,000		268,720		100,000		N/A

PIMCO New York Municipal Income Fund
1/1/2023 - 6/30/2023+	$	41,025,000	$	67,790	$	25,000		N/A		N/A		N/A	$	100,000		N/A
12/31/2022		41,025,000		66,640		25,000		N/A		N/A		N/A		100,000		N/A
12/31/2021		41,025,000		83,005		25,000		N/A		N/A		N/A		100,000		N/A
12/31/2020		41,025,000		82,318		25,000		N/A		N/A		N/A		100,000		N/A
12/31/2019		41,025,000		82,875		25,000		N/A		N/A		N/A		100,000		N/A
12/31/2018		41,025,000		78,545		25,000		N/A		N/A		N/A		100,000		N/A


22		PIMCO CLOSED-END FUNDS			See Accompanying Notes


	ARPS								RVMTP (5)
Selected Per Share Data for the Year Ended^:	Total Amount Outstanding		Asset Coverage per Preferred Share (1)		Involuntary Liquidating Preference per Preferred Share (2)		Average Market Value per ARPS (3)		Total Amount Outstanding		Asset Coverage per Preferred Share (1)		Involuntary Liquidating Preference per Preferred Share (2)		Average Market Value per RVMTP (4)

PIMCO New York Municipal Income Fund II
1/1/2023 - 6/30/2023+	$	58,000,000	$	57,988	$	25,000		N/A	$	14,900,000	$	231,950	$	100,000		N/A
12/31/2022		58,000,000		56,845		25,000		N/A		14,900,000		227,380		100,000		N/A
12/31/2021		58,000,000		66,323		25,000		N/A		21,000,000		265,290		100,000		N/A
12/31/2020		58,000,000		65,730		25,000		N/A		21,000,000		262,920		100,000		N/A
12/31/2019		58,000,000		66,003		25,000		N/A		21,000,000		264,010		100,000		N/A
12/31/2018		58,000,000		62,655		25,000		N/A		21,000,000		250,600		100,000		N/A

PIMCO New York Municipal Income Fund III
1/1/2023 - 6/30/2023+	$	29,450,000	$	58,320	$	25,000		N/A		N/A		N/A	$	100,000		N/A
12/31/2022		29,450,000		57,425		25,000		N/A		N/A		N/A		100,000		N/A
12/31/2021		29,450,000		69,808		25,000		N/A		N/A		N/A		100,000		N/A
12/31/2020		29,450,000		69,493		25,000		N/A		N/A		N/A		100,000		N/A
12/31/2019		29,450,000		70,100		25,000		N/A		N/A		N/A		100,000		N/A
12/31/2018		29,450,000		66,985		25,000		N/A		N/A		N/A		100,000		N/A

^	A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.

Unaudited

*	Annualized, except for organizational expense, if any.

(a)	Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

(b)	Per share amounts based on average number of common shares outstanding during the year or period.

(c)

The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions — Common Shares, in the Notes to Financial Statements for more information.

(d)	Auction Rate Preferred Shareholders (“ARPS”). See Note 13, Preferred Shares, in the Notes to Financial Statements for more information.

(e)

Total investment return is calculated assuming a purchase of a common share at the market price on the first day and a sale of a common share at the market price on the last day of each year or period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Funds’ dividend reinvestment plan. Total investment return does not reflect brokerage commissions in connection with the purchase or sale of Fund shares.

(f)	Calculated on the basis of income and expenses applicable to both common and preferred shares relative to the average net assets of common shareholders. The expense ratio and net investment income do not reflect the effects of dividend payments to preferred shareholders.

(g)

Ratio includes interest expense which primarily relates to participation in borrowing and financing transactions, interest paid to RVMTP shareholders and the amortization of debt issuance costs of RVMTP Shares. See Note 5, Borrowings and Other Financing Transactions and Note 13, Preferred Shares in the Notes to Financial Statements for more information.

“Asset Coverage per Preferred Share” means the ratio that the value of the total assets of the Fund, less all liabilities and indebtedness not represented by ARPS or RVMTP, bears to the aggregate of the involuntary liquidation preference of ARPS or RVMTP, expressed as a dollar amount per ARPS or RVMTP.

2	“Involuntary Liquidating Preference” means the amount to which a holder of ARPS or RVMTP would be entitled upon the involuntary liquidation of the Fund in preference to the Common Shareholders, expressed as a dollar amount per Preferred Share.

The ARPS have no readily ascertainable market value. Auctions for the ARPS have failed since February 2008, there is currently no active trading market for the ARPS and the Fund is not able to reliably estimate what their value would be in a third-party market sale. The liquidation value of the ARPS represents its liquidation preference, which approximates fair value of the shares less any accumulated unpaid dividends. See Note 13, Preferred Shares, in the Notes to Financial Statements for more information.

The RVMTP have no readily ascertainable market value. The liquidation value of the RVMTP represents its liquidation preference, which approximates fair value of the shares less any unamortized debt issuance costs. See Note 13, Preferred Shares, in the Notes to Financial Statements for more information.

5	Prior to July 14, 2021, RVMTP Shares were Variable Rate MuniFund Term Preferred Shares. See Note 13, Preferred Shares.

SEMIANNUAL REPORT

JUNE 30, 2023


Statements of Assets and Liabilities


(Amounts in thousands † , except per share amounts)	PIMCO Municipal Income Fund			PIMCO Municipal Income Fund II			PIMCO Municipal Income Fund III			PIMCO California Municipal Income Fund

Assets:

Investments, at value
Investments in securities*	$	452,201		$	1,025,850		$	481,394		$	351,261
Cash		0			0			1			0
Interest and/or dividends receivable		5,110			11,754			5,674			4,384
Other assets		107			204			110			151
Total Assets		457,418			1,037,808			487,179			355,796

Liabilities:

Borrowings & Other Financing Transactions
Payable for tender option bond floating rate certificates	$	15,691		$	72,688		$	21,321		$	11,704
Remarketable Variable Rate MuniFund Term Preferred Shares, at liquidation value **		18,179			68,661			34,274			24,376
Distributions payable to common shareholders		1,100			2,620			1,103			683
Distributions payable to auction rate preferred shareholders		150			269			138			123
Accrued management fees		271			576			286			212
Other liabilities		28			133			53			33
Total Liabilities		35,419			144,947			57,175			37,131

Auction Rate Preferred Shares^		166,700			298,275			154,700			120,625

Net Assets Applicable to Common Shareholders	$	255,299		$	594,586		$	275,304		$	198,040

Net Assets Applicable to Common Shareholders Consist of:

Par value ^^	$	0		$	1		$	0		$	0
Paid in capital in excess of par		289,593			681,924			315,581			223,344
Distributable earnings (accumulated loss)		(34,294	)		(87,339	)		(40,277	)		(25,304	)

Net Assets Applicable to Common Shareholders	$	255,299		$	594,586		$	275,304		$	198,040

Net Asset Value Per Common Share (a)	$	9.74		$	8.96		$	8.24		$	10.44

Common Shares Outstanding		26,202			66,332			33,428			18,978

Auction Rate Preferred Shares Issued and Outstanding		7			12			6			5

Cost of investments in securities	$	459,954		$	1,040,663		$	491,310		$	356,573

* Includes repurchase agreements of:	$	873		$	1,153		$	1,088		$	1,343

** Includes unamortized debt issuance cost of	$	21		$	39		$	26		$	24

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

^	($0.00001 par value and $25,000 liquidation preference per share)

^^	($0.00001 per share)

(a)	Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.


24		PIMCO CLOSED-END FUNDS			See Accompanying Notes


				June 30, 2023		(Unaudited)


PIMCO California Municipal Income Fund II			PIMCO California Municipal Income Fund III			PIMCO New York Municipal Income Fund			PIMCO New York Municipal Income Fund II			PIMCO New York Municipal Income Fund III




$	377,353		$	306,144		$	111,617		$	167,829		$	68,186
	1			0			0			0			0
	4,291			3,431			1,170			1,810			768
	75			68			28			36			18
	381,720			309,643			112,815			169,675			68,972




$	10,976		$	9,589		$	1,131		$	0		$	0
	27,474			27,077			0			14,879			0
	694			663			263			331			143
	116			71			38			56			32
	228			187			75			109			52
	32			50			1			28			0
	39,520			37,637			1,508			15,403			227

	128,675			97,875			41,025			58,000			29,450

$	213,525		$	174,131		$	70,282		$	96,272		$	39,295



$	0		$	0		$	0		$	0		$	0
	234,038			195,379			82,545			112,309			45,465
	(20,513	)		(21,248	)		(12,263	)		(16,037	)		(6,170	)

$	213,525		$	174,131		$	70,282		$	96,272		$	39,295

$	6.62		$	7.75		$	8.93		$	8.59		$	6.84

	32,253			22,475			7,868			11,209			5,747

	5			4			2			2			1

$	377,838		$	311,762		$	114,083		$	170,541		$	68,903

$	685		$	9,520		$	420		$	372		$	2,020

$	26		$	23		$	0		$	21		$	0

SEMIANNUAL REPORT

JUNE 30, 2023


Statements of Operations


Six Months Ended June 30, 2023 (Unaudited)
(Amounts in thousands † )	PIMCO Municipal Income Fund			PIMCO Municipal Income Fund II			PIMCO Municipal Income Fund III			PIMCO California Municipal Income Fund

Investment Income:

Interest	$	10,534		$	23,898		$	11,142		$	7,289
Total Income		10,534			23,898			11,142			7,289

Expenses:

Management fees		1,542			3,270			1,626			1,204
Trustee fees and related expenses		26			57			26			20
Interest expense		668			2,754			1,094			707
Auction agent fees and commissions		76			166			102			53
Total Expenses		2,312			6,247			2,848			1,984

Net Investment Income (Loss)		8,222			17,651			8,294			5,305

Net Realized Gain (Loss):

Investments in securities		(1,983	)		(3,985	)		(2,357	)		(701	)

Net Realized Gain (Loss)		(1,983	)		(3,985	)		(2,357	)		(701	)

Net Change in Unrealized Appreciation (Depreciation):

Investments in securities		11,070			23,811			12,239			5,317

Net Change in Unrealized Appreciation (Depreciation)		11,070			23,811			12,239			5,317

Net Increase (Decrease) in Net Assets Resulting from Operations	$	17,309		$	37,477		$	18,176		$	9,921

Distributions on Auction Rate Preferred Shares from Net Investment Income and/or Net Realized Capital Gains	$	(4,662	)	$	(8,340	)	$	(4,325	)	$	(3,370	)

Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations	$	12,647		$	29,137		$	13,851		$	6,551

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


26		PIMCO CLOSED-END FUNDS			See Accompanying Notes



PIMCO California Municipal Income Fund II			PIMCO California Municipal Income Fund III			PIMCO New York Municipal Income Fund			PIMCO New York Municipal Income Fund II			PIMCO New York Municipal Income Fund III



$	7,713		$	6,420		$	2,308		$	3,550		$	1,478
	7,713			6,420			2,308			3,550			1,478



	1,298			1,065			425			616			293
	21			17			34			10			4
	755			723			38			307			0
	100			60			15			42			19
	2,174			1,865			512			975			316

	5,539			4,555			1,796			2,575			1,162



	(555	)		(223	)		(822	)		(354	)		(326	)

	(555	)		(223	)		(822	)		(354	)		(326	)



	5,667			3,432			3,573			4,716			1,892

	5,667			3,432			3,573			4,716			1,892

$	10,651		$	7,764		$	4,547		$	6,937		$	2,728

$	(3,598	)	$	(2,740	)	$	(1,147	)	$	(1,618	)	$	(825	)

$	7,053		$	5,024		$	3,400		$	5,319		$	1,903

SEMIANNUAL REPORT

JUNE 30, 2023


Statements of Changes in Net Assets


	PIMCO Municipal Income Fund						PIMCO Municipal Income Fund II

(Amounts in thousands † )	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022

Increase (Decrease) in Net Assets from:

Operations:

Net investment income (loss)	$	8,222		$	17,777		$	17,651		$	38,433
Net realized gain (loss)		(1,983	)		(18,654	)		(3,985	)		(49,732	)
Net change in unrealized appreciation (depreciation)		11,070			(78,341	)		23,811			(168,223	)

Net Increase (Decrease) in Net Assets Resulting from Operations		17,309			(79,218	)		37,477			(179,522	)

Distributions on auction rate preferred shares from net investment income and/or realized capital gains		(4,662	)		(3,548	)		(8,340	)		(6,348	)

Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations		12,647			(82,766	)		29,137			(185,870	)

Distributions to Common Shareholders:
From net investment income and/or net realized capital gains		(6,597	)		(16,905	)		(15,694	)		(38,324	)
Tax basis return of capital		0			0			0			(6,891	)

Total Distributions to Common Shareholders (a)		(6,597	)		(16,905	)		(15,694	)		(45,215	)

Common Share Transactions*:

Net proceeds from at-the-market offering		0			0			1,377			20,978

Issued as reinvestment of distributions		542			1,316			1,727			4,830

Total increase (decrease) in net assets applicable to common shareholders		6,592			(98,355	)		16,547			(205,277	)

Net Assets Applicable to Common Shareholders:

Beginning of period		248,707			347,062			578,039			783,316
End of period	$	255,299		$	248,707		$	594,586		$	578,039

* Common Share Transactions:

Shares sold		0			0			149			2,216

Shares issued as reinvestment of distributions		54			120			193			456

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

(a)


28		PIMCO CLOSED-END FUNDS			See Accompanying Notes


PIMCO Municipal Income Fund III						PIMCO California Municipal Income Fund						PIMCO California Municipal Income Fund II						PIMCO California Municipal Income Fund III

Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022





$	8,294		$	19,124		$	5,305		$	12,325		$	5,539		$	12,690		$	4,555		$	10,740
	(2,357	)		(22,757	)		(701	)		(17,271	)		(555	)		(15,771	)		(223	)		(13,379	)
	12,239			(87,689	)		5,317			(48,923	)		5,667			(64,772	)		3,432			(41,145	)

	18,176			(91,322	)		9,921			(53,869	)		10,651			(67,853	)		7,764			(43,784	)

	(4,325	)		(3,291	)		(3,370	)		(2,654	)		(3,598	)		(2,738	)		(2,740	)		(2,094	)

	13,851			(94,613	)		6,551			(56,523	)		7,053			(70,591	)		5,024			(45,878	)


	(6,617	)		(18,392	)		(4,099	)		(11,443	)		(4,161	)		(11,735	)		(3,977	)		(10,233	)
	0			0			0			(3,671	)		0			(634	)		0			0

	(6,617	)		(18,392	)		(4,099	)		(15,114	)		(4,161	)		(12,369	)		(3,977	)		(10,233	)



	0			0			0			0			0			0			0			0

	356			1,198			126			778			52			376			112			350

	7,590			(111,807	)		2,578			(70,859	)		2,944			(82,584	)		1,159			(55,761	)



	267,714			379,521			195,462			266,321			210,581			293,165			172,972			228,733
$	275,304		$	267,714		$	198,040		$	195,462		$	213,525		$	210,581		$	174,131		$	172,972



	0			0			0			0			0			0			0			0

	42			130			11			52			7			55			14			42

SEMIANNUAL REPORT

JUNE 30, 2023


Statements of Changes in Net Assets		(Cont.)


	PIMCO New York Municipal Income Fund						PIMCO New York Municipal Income Fund II						PIMCO New York Municipal Income Fund III

(Amounts in thousands † )	Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (Unaudited)			Year Ended December 31, 2022

Increase (Decrease) in Net Assets from:

Operations:

Net investment income (loss)	$	1,796		$	3,747		$	2,575		$	5,292		$	1,162		$	2,420
Net realized gain (loss)		(822	)		(6,413	)		(354	)		(7,103	)		(326	)		(4,298	)
Net change in unrealized appreciation (depreciation)		3,573			(19,399	)		4,716			(29,274	)		1,892			(9,675	)

Net Increase (Decrease) in Net Assets Resulting from Operations		4,547			(22,065	)		6,937			(31,085	)		2,728			(11,553	)

Distributions on auction rate preferred shares from net investment income and/or realized capital gains		(1,147	)		(879	)		(1,618	)		(1,226	)		(825	)		(628	)

Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations		3,400			(22,944	)		5,319			(32,311	)		1,903			(12,181	)

Distributions to Common Shareholders:

From net investment income and/or net realized capital gains		(1,581	)		(3,155	)		(1,984	)		(5,385	)		(855	)		(1,858	)

Tax basis return of capital		0			(804	)		0			0			0			(587	)

Total Distributions to Common Shareholders (a)		(1,581	)		(3,959	)		(1,984	)		(5,385	)		(855	)		(2,445	)

Common Share Transactions*:

Net proceeds from at-the-market offering		0			0			0			0			0			0

Issued as reinvestment of distributions		66			110			0			52			7			80

Total increase (decrease) in net assets applicable to common shareholders		1,885			(26,793	)		3,335			(37,644	)		1,055			(14,546	)

Net Assets Applicable to Common Shareholders:

Beginning of period		68,397			95,190			92,937			130,581			38,240			52,786
End of period	$	70,282		$	68,397		$	96,272		$	92,937		$	39,295		$	38,240

* Common Share Transactions:

Shares sold		0			0			0			0			0			0

Shares issued as reinvestment of distributions		7			11			0			6			1			10

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

(a)


30		PIMCO CLOSED-END FUNDS			See Accompanying Notes


Statements of Cash Flows


Six Months Ended June 30, 2023 (Unaudited)
(Amounts in thousands † )	PIMCO Municipal Income Fund II			PIMCO Municipal Income Fund III			PIMCO California Municipal Income Fund			PIMCO California Municipal Income Fund II			PIMCO California Municipal Income Fund III

Cash Flows Provided by (Used for) Operating Activities:

Net increase (decrease) in net assets resulting from operations	$	37,477		$	18,176		$	9,921		$	10,651		$	7,764

Adjustments to Reconcile Net Increase (Decrease) in Net Assets from Operations to Net Cash Provided by (Used for) Operating Activities:

Purchases of long-term securities		(80,746	)		(41,032	)		(33,958	)		(30,347	)		(36,575	)
Proceeds from sales of long-term securities		92,055			46,785			34,312			32,353			46,488
(Purchases) Proceeds from sales of short-term portfolio investments, net		204			1,321			2,091			638			(7,954	)
(Increase) decrease in interest and/or dividends receivable		(129	)		(63	)		87			72			302
(Increase) decrease in other assets		(119	)		(58	)		(43	)		(47	)		(38	)
Increase (decrease) in payable for investments purchased		(1,032	)		(2,063	)		0			0			0
Increase (decrease) in accrued management fees		(18	)		(9	)		(8	)		(8	)		(8	)
Increase (decrease) in other liabilities		22			(5	)		(16	)		(15	)		(1	)
Net Realized (Gain) Loss
Investments in securities		3,985			2,357			701			555			223
Net Change in Unrealized (Appreciation) Depreciation
Investments in securities		(23,811	)		(12,239	)		(5,317	)		(5,667	)		(3,432	)
Net amortization (accretion) on investments		(1,348	)		(696	)		132			(165	)		10
Amortization of debt issuance cost		18			12			(5	)		(3	)		11

Net Cash Provided by (Used for) Operating Activities		26,558			12,486			7,897			8,017			6,790

Cash Flows Received from (Used for) Financing Activities:

Net proceeds from at-the-market offering		1,377			0			0			0			0
Cash distributions paid to common shareholders*		(15,241	)		(6,694	)		(4,523	)		(4,447	)		(4,055	)
Cash distributions paid to auction rate preferred shareholders		(8,357	)		(4,334	)		(3,408	)		(3,606	)		(2,750	)
Proceeds from tender option bond transactions		1,500			500			0			0			0
Payments on tender option bond transactions		(5,839	)		(1,959	)		18			21			15
Proceeds on Remarketable Variable Rate MuniFund Term Preferred Shares Net		1			1			16			15			0

Net Cash Received from (Used for) Financing Activities		(26,559	)		(12,486	)		(7,897	)		(8,017	)		(6,790	)

Net Increase (Decrease) in Cash and Foreign Currency		(1	)		0			0			0			0

Cash and Foreign Currency:

Beginning of period		1			1			0			1			0
End of period	$	0		$	1		$	0		$	1		$	0

* Reinvestment of distributions to common shareholders	$	1,727		$	356		$	126		$	52		$	112

Supplemental Disclosure of Cash Flow Information:

Interest expense paid during the period	$	2,575		$	1,040		$	693		$	736		$	697

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

A Statement of Cash Flows is presented when a Fund has a significant amount of borrowing during the period, based on the average total borrowing outstanding in relation to total assets or when substantially all of a Fund’s investments are not classified as Level 1 or 2 in the fair value hierarchy.

SEMIANNUAL REPORT

JUNE 30, 2023


Schedule of Investments		PIMCO Municipal Income Fund

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 177.1%

MUNICIPAL BONDS & NOTES 176.0%

ALABAMA 5.4%

Jefferson County, Alabama Sewer Revenue Bonds, Series 2013
6.500% due 10/01/2053	$		750	$		791
7.900% due 10/01/2050 (d)			10,000			10,407

Tuscaloosa County, Alabama Industrial Development Authority Revenue Bonds, Series 2019
4.500% due 05/01/2032			1,166			1,090
5.250% due 05/01/2044			1,575			1,425

						13,713


ALASKA 0.4%

Alaska Industrial Development & Export Authority Revenue Bonds, Series 2007
6.000% due 12/01/2036 ^(a)			900			2

Municipality of Anchorage, Alaska Solid Waste Services Revenue Bonds, Series 2022
5.250% due 11/01/2062			1,080			1,151

						1,153


ARIZONA 4.1%

Arizona Industrial Development Authority Revenue Bonds, Series 2019
4.500% due 01/01/2049			900			500
5.000% due 01/01/2043			550			288
5.500% due 01/01/2054			1,500			747

Arizona Industrial Development Authority Revenue Bonds, Series 2020
7.750% due 07/01/2050 ^(a)			1,100			605

Industrial Development Authority of the County, Arizona of Pima Revenue Bonds, Series 2020
5.000% due 07/01/2055			1,100			953

Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2019
4.000% due 01/01/2044			3,500	3,406

Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2019
4.000% due 07/01/2049			2,295	2,210
5.000% due 07/01/2049			1,700	1,797

						10,506


ARKANSAS 1.3%

Arkansas Development Finance Authority Revenue Bonds, (AMBAC Insured), Series 2006
0.000% due 07/01/2036 (c)			5,500	3,224


CALIFORNIA 6.6%

Bay Area Toll Authority, California Revenue Bonds, Series 2014
5.000% due 10/01/2054			3,000	3,073

California County Tobacco Securitization Agency Revenue Bonds, Series 2002
6.000% due 06/01/2035			835	836

California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020
3.650% due 01/01/2050			2,500	2,490

California State General Obligation Bonds, Series 2019
5.000% due 04/01/2045			1,000	1,084

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021
0.000% due 06/01/2066 (c)			2,500	273

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022
5.000% due 06/01/2051			1,000	1,042

Long Beach Bond Finance Authority, California Revenue Bonds, Series 2007
5.500% due 11/15/2030			1,405	1,536


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Los Angeles County, California Public Works Financing Authority Revenue Bonds, Series 2021
4.000% due 12/01/2046	$		1,385	$		1,381

Los Angeles Department of Airports, California Revenue Bonds, Series 2020
4.000% due 05/15/2048			2,000	1,985

M-S-R Energy Authority, California Revenue Bonds, Series 2009
6.125% due 11/01/2029			1,770	1,900

Morongo Band of Mission Indians, California Revenue Bonds, Series 2018
5.000% due 10/01/2042			500	493

San Francisco, California City & County Public Utilities Commission Wastewater Revenue Bonds, Series 2021
4.000% due 10/01/2048			675			669

						16,762


COLORADO 7.6%

Colorado Health Facilities Authority Revenue Bonds, Series 2018
4.000% due 11/15/2048			10,000			9,573

Colorado Health Facilities Authority Revenue Bonds, Series 2019
4.000% due 01/01/2040			2,200			2,182
4.000% due 08/01/2049			2,000			1,831

Colorado International Center Metropolitan District No 7 General Obligation Bonds, Series 2021
5.250% due 12/01/2051 (d)			715			396

Colorado State Building Excellent School Certificates of Participation Bonds, Series 2018
4.000% due 03/15/2043			1,015			1,014

Denver, Colorado Airport System City & County Revenue Notes, Series 2022
5.000% due 11/15/2029			1,000			1,089

Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022
5.875% due 12/01/2052			1,000			985

Harvest Crossing Metropolitan District No 4, Colorado General Obligation Bonds, Series 2022
7.250% due 12/01/2052			1,250			1,216

Public Authority for Colorado Energy Revenue Bonds, Series 2008
6.500% due 11/15/2038			500			604

Senac South Metropolitan District No 1, Colorado General Obligation Bonds, Series 2021
5.250% due 12/01/2051			500			432

						19,322


CONNECTICUT 0.9%

Connecticut Special Tax Revenue State Special Tax Bonds, Series 2020
5.000% due 05/01/2035			2,000			2,248


DELAWARE 2.1%

Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022
0.000% due 07/01/2037			4,940			4,492
7.120% due 07/01/2037			870			847

						5,339


DISTRICT OF COLUMBIA 1.2%

District of Columbia Revenue Bonds, Series 2022
5.500% due 02/29/2036			1,625			1,776

Metropolitan Washington Airports Authority Dulles Toll Road, District of Columbia Revenue Bonds, Series 2019
4.000% due 10/01/2049			1,250			1,168

						2,944


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
FLORIDA 7.0%

Avenir Community Development District, Florida Special Assessment Bonds, Series 2023
5.625% due 05/01/2054	$		740	$		731

Central Florida Expressway Authority Revenue Bonds, Series 2017
4.000% due 07/01/2041			1,950			1,910

Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2020
4.000% due 08/01/2050			1,650			1,492

Miami-Dade County, Florida Transit System Revenue Bonds, Series 2018
4.000% due 07/01/2044			1,000			995
4.000% due 07/01/2046			1,000			986

Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2019
4.000% due 10/01/2049			2,500			2,408

Miami-Dade Seaport Department, Florida Revenue Bonds, Series 2023
5.000% due 10/01/2047			1,600			1,665

Orange County Health Facilities Authority, Florida Revenue Bond,Series 2023
5.000% due 10/01/2053			910			955

Pasco County, Florida Water & Sewer Revenue Bonds, Series 2014
4.000% due 10/01/2044			1,000			983

Pompano Beach, Florida Revenue Bonds, Series 2020
4.000% due 09/01/2050			1,500			1,125

Putnam County Development Authority, Florida Revenue Bonds, Series 2018
5.000% due 03/15/2042			1,000			1,041

St Johns County, Florida Industrial Development Authority Revenue Bonds, Series 2020
4.000% due 08/01/2055			1,400			1,145

Tampa, Florida Revenue Bonds, Series 2016
4.000% due 11/15/2046			2,500			2,380

						17,816


GEORGIA 5.7%

Atlanta Development Authority, Georgia Revenue Bonds, Series 2017
6.750% due 01/01/2035 ^(a)			1,600			720

Burke County, Georgia Development Authority Revenue Bonds, Series 2017
4.125% due 11/01/2045			2,000			1,806

Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2019
5.000% due 05/15/2043			2,000			2,005

Municipal Electric Authority of Georgia Revenue Bonds, Series 2015
5.000% due 07/01/2060			9,000			8,962

Municipal Electric Authority of Georgia Revenue Bonds, Series 2022
5.000% due 07/01/2052			1,000			1,026

						14,519


HAWAII 0.6%

City & County Honolulu, Hawaii Wastewater System Revenue Bonds, Series 2018
4.000% due 07/01/2042			1,485			1,489


ILLINOIS 14.4%

Chicago Board of Education, Illinois General Obligation Bonds, Series 2018
5.000% due 12/01/2046			3,000	2,951

Chicago O’Hare International Airport, Illinois Revenue Bonds, Series 2018
5.000% due 01/01/2048			3,000	3,145

Chicago O’Hare International Airport, Illinois Revenue Bonds, Series 2022
5.000% due 01/01/2055			2,330	2,405


32		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						June 30, 2023		(Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Chicago, Illinois General Obligation Bonds, Series 2003
5.500% due 01/01/2034	$		1,750	$		1,783

Chicago, Illinois General Obligation Bonds, Series 2007
5.500% due 01/01/2042			2,400	2,435

Chicago, Illinois Revenue Bonds, Series 2002
5.000% due 01/01/2028			2,000	2,051

Illinois Finance Authority Revenue Bonds, Series 2017
5.000% due 02/15/2037 ^(a)			945			378

Illinois Finance Authority Revenue Bonds, Series 2019
5.000% due 11/01/2035			1,000			928

Illinois State General Obligation Bonds, Series 2018
4.625% due 05/01/2037			2,000			2,047

Illinois State General Obligation Notes, Series 2017
5.000% due 11/01/2027			9,500			10,135

Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (AGM Insured), Series 2010
0.000% due 06/15/2045 (c)			6,500			2,304

Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (AGM/CR Insured), Series 2017
0.000% due 12/15/2056 (c)			2,445			475

Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (AGM/CR/NPFGC Insured), Series 2002
0.000% due 12/15/2040 (c)			2,000			913

Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2012
0.000% due 12/15/2051 (c)			2,500			608

Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2022
0.000% due 06/15/2036 (c)			1,000			569

Regional Transportation Authority, Illinois Revenue Bonds, Series 2018
5.000% due 06/01/2038 (e)			3,500			3,732

						36,859


INDIANA 2.1%

Indiana Finance Authority Midwestern Disaster Relief Revenue Bonds, Series 2012
4.250% due 11/01/2030			1,250			1,246

Indiana Finance Authority Revenue Bonds, Series 2019
7.000% due 03/01/2039			1,210			922

Indiana Finance Authority Revenue Bonds, Series 2022
4.500% due 12/15/2046			2,280			2,275

Indiana Health & Educational Facilities Financing Authority Revenue Bonds, Series 2006
4.000% due 11/15/2046			1,000			952

						5,395


IOWA 2.1%

Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022
5.000% due 12/01/2050			2,530			2,570

Iowa Finance Authority Revenue Bonds, Series 2014
5.400% due 11/15/2046 ^			2,062			2,111

Iowa Finance Authority Revenue Bonds, Series 2022
8.000% due 01/01/2042			800			743

						5,424


KANSAS 1.2%

Lenexa, Kansas Tax Allocation Bonds, Series 2007
6.000% due 04/01/2027 ^(a)			695			132

University of Kansas Hospital Authority Revenue Bonds, Series 2015
4.000% due 09/01/2040 (e)			3,085			2,974

						3,106


LOUISIANA 5.8%

East Baton Rouge Sewerage Commission, Louisiana Revenue Bonds, Series 2019
4.000% due 02/01/2045			3,000			2,960


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Louisiana Gasoline & Fuels Tax State Revenue Bonds, Series 2017
4.000% due 05/01/2045	$		4,000	$		3,983

Louisiana Public Facilities Authority Revenue Bonds, Series 2017
5.000% due 05/15/2042			3,750			3,825

Louisiana Public Facilities Authority Revenue Bonds, Series 2020
4.000% due 04/01/2050			750			732

Louisiana Public Facilities Authority Revenue Bonds, Series 2023
5.000% due 10/15/2052			1,780			1,906

Parish of St James, Louisiana Revenue Bonds, Series 2010
6.350% due 07/01/2040			1,250	1,353

						14,759


MAINE 0.7%

Maine Health & Higher Educational Facilities Authority Revenue Bonds, Series 2020
4.000% due 07/01/2045			2,000	1,898


MARYLAND 0.2%

Maryland Economic Development Corp. Revenue Bonds, Series 2020
4.000% due 07/01/2040			500	480


MASSACHUSETTS 3.6%

Commonwealth of Massachusetts General Obligation Bonds, Series 2018
4.000% due 05/01/2040			1,000			1,005

Commonwealth of Massachusetts General Obligation Bonds, Series 2019
5.000% due 05/01/2045			3,000			3,208

Massachusetts Development Finance Agency Revenue Bonds, Series 2016
5.000% due 01/01/2047			1,000			1,003

Massachusetts Development Finance Agency Revenue Bonds, Series 2023
5.250% due 07/01/2052			1,250			1,312

Massachusetts School Building Authority Revenue Bonds, Series 2012
5.250% due 02/15/2048 (e)			2,500			2,659

						9,187


MICHIGAN 4.7%

Detroit City School District, Michigan General Obligation Bonds, (AGM/Q-SBLF Insured), Series 2001
6.000% due 05/01/2029			1,280			1,425

Michigan Finance Authority Hospital Revenue Refunding Bonds, Series 2022
4.000% due 04/15/2042			1,000			961

Michigan Finance Authority Revenue Bonds, Series 2017
5.000% due 12/01/2031 (e)			1,200			1,281

Michigan Finance Authority Revenue Bonds, Series 2019
4.000% due 02/15/2047			3,500			3,303
4.000% due 12/01/2048			2,000			1,897

Michigan Finance Authority Revenue Bonds, Series 2021
5.000% due 12/01/2046 (e)			2,328			2,387

Michigan Finance Authority Revenue Notes, Series 2021
5.000% due 06/01/2027 (e)			72			78

Michigan Tobacco Settlement Finance Authority Revenue Bonds, Series 2008
0.000% due 06/01/2058 (c)			15,000			598

						11,930


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
MINNESOTA 0.8%

Duluth Economic Development Authority Health Care Facilities, Minnesota Revenue Bonds, Series 2022
5.250% due 06/15/2047	$		500	$		511

Rochester, Minnesota Revenue Bonds, Series 2018
4.000% due 11/15/2048			1,500			1,463

						1,974


MISSOURI 1.8%

Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2018
4.000% due 11/15/2048			3,000			2,823

Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2019
4.000% due 02/15/2039			600			591

Missouri Development Finance Board Revenue Bonds, Series 2022
5.250% due 05/01/2055			1,000			1,077

						4,491


NEVADA 2.0%

Clark County, Nevada General Obligation Bonds, Series 2018
4.000% due 07/01/2044 (e)			4,200			4,143

Reno, Nevada Revenue Bonds, Series 2018
0.000% due 07/01/2058 (c)			10,500			1,061

						5,204


NEW HAMPSHIRE 1.0%

New Hampshire Business Finance Authority Revenue Bonds, Series 2023
4.837% due 07/20/2036			2,722			2,681


NEW JERSEY 10.1%

Cherry Hill Township School District, New Jersey General Obligation Bonds, Series 2022
4.000% due 08/01/2040			2,600			2,641

Federal Home Loan Mortgage Corp. Enhanced Receipt, New Jersey Revenue Bonds, Series 2019
3.870% due 11/15/2035 (f)			2,983			2,720

New Jersey Economic Development Authority Revenue Bonds, Series 2016
5.000% due 06/15/2041			2,500			2,680

New Jersey Economic Development Authority Special Assessment Bonds, Series 2002
5.750% due 04/01/2031			2,050			2,053

New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series 2013
5.500% due 07/01/2043			2,000			2,001

New Jersey Transportation Trust Fund Authority Revenue Bonds, (AGM Insured), Series 2006
0.000% due 12/15/2034 (c)			1,500			971

New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2019
5.000% due 06/15/2044			2,000			2,087
5.250% due 06/15/2043			1,000			1,053

New Jersey Turnpike Authority Revenue Bonds, Series 2017
5.000% due 01/01/2037			1,000			1,071

New Jersey Turnpike Authority Revenue Bonds, Series 2019
5.000% due 01/01/2048			1,500			1,589

South Jersey Port Corp., New Jersey Revenue Bonds, Series 2017
5.000% due 01/01/2049			250			254

Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018
5.000% due 06/01/2031			1,000			1,074
5.000% due 06/01/2046			5,595			5,619

						25,813

See Accompanying Notes

SEMIANNUAL REPORT

JUNE 30, 2023


Schedule of Investments		PIMCO Municipal Income Fund		(Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NEW YORK 22.5%

Build NYC Resource Corp., New York Revenue Bonds, Series 2023
5.250% due 07/01/2052	$		1,000	$		1,023

Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2019
4.000% due 11/15/2049			4,000			3,904

Metropolitan Transportation Authority, New York Revenue Bonds, Series 2020
5.250% due 11/15/2055			2,000			2,100

Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2020
4.000% due 07/01/2050			1,780			1,735

Nassau County, New York Industrial Development Agency Revenue Bonds, Series 2021
5.000% due 01/01/2058			2,867			1,290

New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2020
4.000% due 05/01/2045			1,000			988

New York City, New York General Obligation Bonds, Series 2018
5.000% due 12/01/2037			750			811
5.000% due 04/01/2045			2,300			2,430

New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022
5.000% due 06/15/2047			4,000			4,407

New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022
5.500% due 11/01/2045			2,000			2,293

New York Liberty Development Corp. Revenue Bonds, Series 2005
5.250% due 10/01/2035			10,000			11,428

New York Liberty Development Corp. Revenue Bonds, Series 2007
5.500% due 10/01/2037			3,000			3,442

New York Liberty Development Corp. Revenue Bonds, Series 2014
5.000% due 11/15/2044			1,000	987

New York Liberty Development Corp. Revenue Bonds, Series 2021
2.875% due 11/15/2046			1,625	1,211

New York Power Authority Revenue Bonds, Series 2020
4.000% due 11/15/2060			1,250	1,198

New York State Dormitory Authority Revenue Bonds, Series 2017
4.000% due 02/15/2047			1,500	1,468

New York State Dormitory Authority Revenue Bonds, Series 2020
4.000% due 02/15/2040			1,250	1,251

New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020
4.200% due 11/01/2054 (f)			1,500	1,364

New York State Thruway Authority Revenue Bonds, (AGM Insured), Series 2019
4.000% due 01/01/2053			460	447

New York State Thruway Authority Revenue Bonds, Series 2019
4.000% due 01/01/2050			575	553

New York State Thruway Authority Revenue Bonds, Series 2021
4.000% due 03/15/2047			2,000	1,954

New York State Thruway Authority Revenue Bonds, Series 2021
4.000% due 03/15/2043			1,500	1,484

New York State Urban Development Corp. Revenue Bonds, Series 2021
4.000% due 03/15/2047			2,750	2,711

Suffolk Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2021
4.000% due 06/01/2050			1,500	1,341

Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022
4.000% due 05/15/2057			2,750	2,665


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2021
5.000% due 05/15/2051	$		2,635	$		2,838

						57,323


NORTH DAKOTA 0.2%

Grand Forks County, North Dakota Revenue Bonds, Series 2021
7.000% due 12/15/2043 ^(a)			850	425


OHIO 4.6%

American Municipal Power, Inc., Ohio Revenue Bonds, Series 2017
4.000% due 02/15/2042			1,000	975

Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020
0.000% due 06/01/2057 (c)			36,500			4,530

Montgomery County, Ohio Dayton Children’s Hospital Revenue Bonds, Series 2021
4.000% due 08/01/2046			2,250			2,139

Ohio Air Quality Development Authority Dayton Power And Light Company Project Revenue Bonds , Series 2015
4.250% due 11/01/2040			2,000			1,994

Ohio Air Quality Development Authority Revenue Notes, Series 2019
3.250% due 09/01/2029			850			794

Southern Ohio Port Authority Revenue Notes, Series 2020
6.500% due 12/01/2030			1,000			855

Worthington City School District, Ohio General Obligation, Series 2023
5.500% due 12/01/2054			455			516

						11,803


OKLAHOMA 0.2%

Oklahoma Development Finance Authority Revenue Bonds, Series 2021
8.000% due 12/01/2041			750			594


OREGON 2.1%

Columbia County, Oregon School District No 502 General Obligation Bonds, Series 2020
5.000% due 06/15/2045			2,000			2,166

Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020
4.000% due 08/15/2050			1,500			1,389

Multnomah County School District 40, Oregon General Obligations, Series 2023
0.000% due 06/15/2051 (c)			1,590			383

Salem Hospital Facility Authority, Oregon Revenue Bonds, Series 2022
4.000% due 05/15/2047			875			651

Washington & Multnomah Counties School District No 48J Beaverton, Oregon General Obligation Bonds, Series 2022
0.000% due 06/15/2048 (c)			2,310			692

						5,281


PENNSYLVANIA 6.8%

Pennsylvania Economic Development Financing Authority Revenue Bonds, (AGM Insured), Series 2022
5.750% due 12/31/2062			3,000			3,328

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2021
9.000% due 04/01/2051			1,500			1,677

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022
4.000% due 02/15/2041			1,750			1,704


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2019
5.000% due 08/15/2049	$		1,100	$		1,133

Pennsylvania Turnpike Commission Revenue Bonds, Series 2018
5.000% due 12/01/2043			4,250			4,493

Pennsylvania Turnpike Commission Revenue Bonds, Series 2021
5.000% due 12/01/2046			1,250			1,333
5.000% due 12/01/2051			1,750			1,848

Philadelphia Authority for Industrial Development, Pennsylvania Revenue Bonds, Series 2017
5.500% due 12/01/2058			1,000			908

Philadelphia, Pennsylvania Airport Revenue Bonds, (AGM Insured), Series 2021
4.000% due 07/01/2041			1,000			959

						17,383


PUERTO RICO 7.9%

Children’s Trust Fund, Puerto Rico Revenue Bonds, Series 2008
0.000% due 05/15/2057 (c)			28,000			1,891

Commonwealth of Puerto Rico Bonds, Series 2022
0.000% due 11/01/2043			3,908			1,973
0.000% due 11/01/2051			2,815			1,251

Commonwealth of Puerto Rico General Obligation Bonds, Series 2021
0.000% due 07/01/2033 (c)			1,750			1,072
4.000% due 07/01/2041			1,700			1,482

Puerto Rico Highway & Transportation Authority Revenue Bonds, Series 2022
5.000% due 07/01/2053 (d)			2,215			1,357
5.000% due 07/01/2062			122			119

Puerto Rico Highway & Transportation Authority Revenue Notes, Series 2022
0.000% due 07/01/2032 (c)			79			50

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018
0.000% due 07/01/2046 (c)			9,650			2,723
0.000% due 07/01/2051 (c)			10,000			2,114

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019
4.784% due 07/01/2058			6,485			6,162

						20,194


RHODE ISLAND 1.2%

Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015
5.000% due 06/01/2040			1,205			1,213
5.000% due 06/01/2050			2,000	1,979

						3,192


SOUTH CAROLINA 2.4%

South Carolina Public Service Authority Revenue Obligations Revenue Bonds, Series 2013
5.125% due 12/01/2043			5,000	5,008
5.500% due 12/01/2053			1,100	1,103

						6,111


TENNESSEE 4.4%

Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2020
4.000% due 11/01/2055			1,000	724

Shelby County, Tennessee Health Educational & Housing Facilities Board Revenue Bonds, Series 2019
5.750% due 10/01/2059			700	520

Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2006
5.000% due 02/01/2027			5,000	5,041
5.250% due 09/01/2024			5,000	5,064

						11,349


34		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						June 30, 2023		(Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
TEXAS 14.8%

Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021
7.500% due 12/01/2045	$		590	$		387
12.000% due 12/01/2045			1,000	861

Austin, Texas Airport System Revenue Bonds, Series 2022
5.000% due 11/15/2042			1,075	1,139

Austin, Texas Electric Utility Revenue Bonds, Series 2019
5.000% due 11/15/2044			1,500	1,605

Board of Regents of the University of Texas System Revenue Bonds, Series 2022
4.000% due 08/15/2052			2,500	2,422

Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2022
12.000% due 06/01/2043			2,000	2,003

Central Texas Turnpike System Revenue Bonds, Series 2015
0.000% due 08/15/2036 (c)			1,250	681
0.000% due 08/15/2037 (c)			3,500	1,804

Clifton Higher Education Finance Corp., Texas Revenue Bonds, Series 2018
6.125% due 08/15/2048			1,000	1,007

Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2022
5.000% due 11/01/2038			1,750	1,947

Lamar Cosolidated Independent School District, Texas General Obligation Bonds, Series 2023
4.000% due 02/15/2048			2,500	2,444

New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2021
5.500% due 01/01/2057			825	593

North Texas Tollway Authority Revenue Bonds, Series 2017
4.000% due 01/01/2043			1,500	1,464
5.000% due 01/01/2048			1,250	1,285

Rockwall Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022
5.000% due 02/15/2052			4,000	4,305

San Jacinto College District, Texas General Obligation Bonds, Series 2019
5.000% due 02/15/2044			1,000	1,069

Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2017
6.750% due 11/15/2047			500	510

Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022
5.000% due 11/15/2051			1,380	1,454

Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006
5.250% due 12/15/2023			3,500	3,518

Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2008
6.250% due 12/15/2026			3,580	3,731

Texas Water Development Board Revenue Bonds, Series 2022
5.000% due 10/15/2057			2,380	2,586


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

West Harris County, Texas Regional Water Authority Revenue Bonds, (BAM Insured), Series 2021
4.000% due 12/15/2060	$		1,160	$		1,093

						37,908


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			2,420	2,394


UTAH 2.8%

County of Salt Lake, Utah Revenue Bonds, (AMBAC Insured), Series 2001
5.125% due 02/15/2033			7,000	7,175


VIRGINIA 3.8%

Virginia Commonwealth Transportation Board Revenue Bonds, Series 2018
4.000% due 05/15/2041 (e)			3,850	3,861

Virginia Small Business Financing Authority Revenue Bonds, Series 2019
0.000% due 07/01/2061 (c)			23,000			1,122
5.000% due 07/01/2034			1,500			1,411

Virginia Small Business Financing Authority Revenue Bonds, Series 2020
4.000% due 12/01/2049			3,400			3,221

						9,615


WASHINGTON 0.7%

Washington State Convention Center Public Facilities District Revenue Bonds, Series 2018
4.000% due 07/01/2058			2,155			1,832


WEST VIRGINIA 1.4%

Monongalia County, West Virginia Commission Special District Revenue Bonds, Series 2017
5.500% due 06/01/2037			1,000	1,022

West Virginia Economic Development Authority Revenue Bonds, Series 2017
4.000% due 06/15/2040			2,500	2,503

						3,525


WISCONSIN 5.9%

Public Finance Authority, Wisconsin Revenue Bonds, Series 2017
7.000% due 01/01/2050			2,500	2,723

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	431


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Public Finance Authority, Wisconsin Revenue Bonds, Series 2021
4.000% due 03/31/2056	$		1,100	$		879
4.000% due 07/01/2056			500			387
4.500% due 06/01/2056			820			609

Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020
0.000% due 12/15/2045 (c)			7,000			2,418

Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016
4.000% due 11/15/2046			695	710

Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018
5.000% due 04/01/2044			3,000	3,141

Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2022
4.000% due 12/01/2051			1,920			1,801

						14,944

Total Municipal Bonds & Notes (Cost $457,034)						449,284


NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7%

Freddie Mac
4.140% due 01/25/2040			1,999			1,859

Total Non-Agency Mortgage-Backed Securities (Cost $1,874)						1,859


		SHARES
COMMON STOCKS 0.1%
ENERGY 0.1%

Talen Energy Corp. (b)			3,681			185

Total Common Stocks (Cost $173)						185


SHORT-TERM INSTRUMENTS 0.3%

REPURCHASE AGREEMENTS (g) 0.3%
						873

Total Short-Term Instruments (Cost $873)						873



Total Investments in Securities (Cost $459,954)						452,201


Total Investments 177.1% (Cost $459,954)				$		452,201

Auction Rate Preferred Shares (65.3)%						(166,700	)

Remarketable Variable Rate MuniFund Term Preferred Shares, at liquidation value (7.1)%						(18,179	)

Other Assets and Liabilities, net (4.7)%						(12,023	)

Net Assets Applicable to Common Shareholders 100.0%				$		255,299

NOTES TO SCHEDULE OF INVESTMENTS:

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

^	Security is in default.

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

(b)	Security did not produce income within the last twelve months.

(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. See Note 5, Tender Option Bond Transactions, in the Notes to Financial Statements for more information.

See Accompanying Notes

SEMIANNUAL REPORT

JUNE 30, 2023


Schedule of Investments		PIMCO Municipal Income Fund		(Cont.)

(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		$ 3,400	$	2,720		1.07	%
New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020	4.200		11/01/2054		11/18/2021		1,683		1,364		0.53

							$ 5,083	$	4,084		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		2.400	%		06/30/2023		07/03/2023	$	873	U.S. Treasury Notes 4.625% due 06/30/2025	$	(891	)	$	873	$	873

Total Repurchase Agreements											$	(891	)	$	873	$	873

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:


Counterparty	Repurchase Agreement Proceeds to be Received (1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure (2)
Global/Master Repurchase Agreement
FICC	$	873	$	0	$	0	$	873	$	(891	)	$	(18	)

Total Borrowings and Other Financing Transactions	$	873	$	0	$	0

(1)	Includes accrued interest.

(2)

Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 7, Master Netting Arrangements, in the Notes to Financial Statements for more information.

FAIR VALUE MEASUREMENTS

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


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Investments in Securities, at Value
Municipal Bonds & Notes
Alabama	$	0	$	13,713	$	0	$	13,713
Alaska		0		1,153		0		1,153
Arizona		0		10,506		0		10,506
Arkansas		0		3,224		0		3,224
California		0		16,762		0		16,762
Colorado		0		19,322		0		19,322
Connecticut		0		2,248		0		2,248
Delaware		0		5,339		0		5,339
District of Columbia		0		2,944		0		2,944
Florida		0		17,816		0		17,816
Georgia		0		14,519		0		14,519
Hawaii		0		1,489		0		1,489
Illinois		0		36,859		0		36,859
Indiana		0		5,395		0		5,395
Iowa		0		5,424		0		5,424
Kansas		0		3,106		0		3,106
Louisiana		0		14,759		0		14,759
Maine		0		1,898		0		1,898


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Maryland	$	0	$	480	$	0	$	480
Massachusetts		0		9,187		0		9,187
Michigan		0		11,930		0		11,930
Minnesota		0		1,974		0		1,974
Missouri		0		4,491		0		4,491
Nevada		0		5,204		0		5,204
New Hampshire		0		2,681		0		2,681
New Jersey		0		25,813		0		25,813
New York		0		57,323		0		57,323
North Dakota		0		425		0		425
Ohio		0		11,803		0		11,803
Oklahoma		0		594		0		594
Oregon	��	0		5,281		0		5,281
Pennsylvania		0		17,383		0		17,383
Puerto Rico		0		20,194		0		20,194
Rhode Island		0		3,192		0		3,192
South Carolina		0		6,111		0		6,111
Tennessee		0		11,349		0		11,349
Texas		0		37,908		0		37,908
U.S. Virgin Islands		0		2,394		0		2,394


36		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						June 30, 2023		(Unaudited)


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Utah	$	0	$	7,175	$	0	$	7,175
Virginia		0		9,615		0		9,615
Washington		0		1,832		0		1,832
West Virginia		0		3,525		0		3,525
Wisconsin		0		14,944		0		14,944
Non-Agency Mortgage-Backed Securities		0		1,859		0		1,859


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Common Stocks
Energy	$	185	$	0	$	0	$	185
Short-Term Instruments
Repurchase Agreements		0		873		0		873


Total Investments	$	185	$	452,016	$	0	$	452,201

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

See Accompanying Notes

SEMIANNUAL REPORT

JUNE 30, 2023


Schedule of Investments		PIMCO Municipal Income Fund II

(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 171.8%

ALABAMA 6.6%

Jefferson County, Alabama Sewer Revenue Bonds, Series 2013
6.500% due 10/01/2053	$		18,000	$		18,977
7.900% due 10/01/2050 (d)			14,750			15,351

Tuscaloosa County, Alabama Industrial Development Authority Revenue Bonds, Series 2019
4.500% due 05/01/2032			2,331			2,181
5.250% due 05/01/2044			3,300			2,986

						39,495


ALASKA 0.4%

Municipality of Anchorage, Alaska Solid Waste Services Revenue Bonds, Series 2022
5.250% due 11/01/2062			2,450			2,610


ARIZONA 8.5%

Arizona Industrial Development Authority Revenue Bonds, Series 2019
4.500% due 01/01/2033			740			447
4.750% due 01/01/2038			950			506
5.125% due 01/01/2054			1,500			762
5.500% due 01/01/2054			1,500			748

Arizona Industrial Development Authority Revenue Bonds, Series 2020
7.750% due 07/01/2050 ^(a)			2,500			1,375

Industrial Development Authority of the County, Arizona of Pima Revenue Bonds, Series 2020
5.000% due 07/01/2055			2,400			2,080

Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2019
4.000% due 01/01/2044			7,700			7,493

Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2019
4.000% due 07/01/2049			5,210			5,017
5.000% due 07/01/2049			3,000			3,170

Salt Verde Financial Corp., Arizona Revenue Bonds, Series 2007
5.000% due 12/01/2032			4,930			5,235
5.000% due 12/01/2037			22,400			23,445

						50,278


ARKANSAS 0.6%

Arkansas Development Finance Authority Revenue Bonds, Series 2019
4.500% due 09/01/2049			3,450			3,129

Arkansas Development Finance Authority Revenue Bonds, Series 2022
5.450% due 09/01/2052			350			351

						3,480


CALIFORNIA 8.3%

Bay Area Toll Authority, California Revenue Bonds, Series 2014
5.000% due 10/01/2054			2,000			2,049

California Health Facilities Financing Authority Revenue Bonds, Series 2016
5.000% due 11/15/2046 (e)			12,500			13,093

California Health Facilities Financing Authority Revenue Bonds, Series 2020
4.000% due 04/01/2049			4,000			3,704

California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020
3.650% due 01/01/2050			7,600			7,568

California State General Obligation Bonds, Series 2019
5.000% due 04/01/2045			4,000			4,335


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021
0.000% due 06/01/2066 (c)	$		7,500	$		818

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022
5.000% due 06/01/2051			2,000			2,085

Los Angeles County, California Public Works Financing Authority Revenue Bonds, Series 2021
4.000% due 12/01/2046			3,435			3,425

Los Angeles Department of Airports, California Revenue Bonds, Series 2020
4.000% due 05/15/2048			4,500			4,467

M-S-R Energy Authority, California Revenue Bonds, Series 2009
6.500% due 11/01/2039			1,750			2,105

Morongo Band of Mission Indians, California Revenue Bonds, Series 2018
5.000% due 10/01/2042			1,250			1,232

San Francisco, California City & County Public Utilities Commission Wastewater Revenue Bonds, Series 2021
4.000% due 10/01/2048			1,570			1,557

West Valley-Mission Community College District, California General Obligation Bonds, Series 2022
4.000% due 08/01/2047			3,000			2,993

						49,431


COLORADO 4.8%

Colorado Health Facilities Authority Revenue Bonds, Series 2018
4.000% due 11/15/2048			2,555			2,446

Colorado Health Facilities Authority Revenue Bonds, Series 2019
4.000% due 01/01/2040			5,300			5,257
4.000% due 08/01/2049			4,000			3,662

Colorado International Center Metropolitan District No 7 General Obligation Bonds, Series 2021
5.250% due 12/01/2051 (d)			1,615			894

Colorado State Building Excellent School Certificates of Participation Bonds, Series 2018
4.000% due 03/15/2043			3,250			3,247

Denver, Colorado Airport System City & County Revenue Notes, Series 2022
5.000% due 11/15/2029			2,000			2,177

Denver, Colorado City & County Revenue Bonds, Series 2021
4.000% due 08/01/2042			1,750			1,758

Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022
5.875% due 12/01/2052			2,500			2,463

Harvest Crossing Metropolitan District No 4, Colorado General Obligation Bonds, Series 2022
7.250% due 12/01/2052			3,500			3,404

Public Authority for Colorado Energy Revenue Bonds, Series 2008
6.500% due 11/15/2038			1,430			1,728

Senac South Metropolitan District No 1, Colorado General Obligation Bonds, Series 2021
5.250% due 12/01/2051			1,000			864

Third Creek Metropolitan District No 1, Colorado General Obligation Bonds, Series 2022
4.750% due 12/01/2051			775			599

						28,499


CONNECTICUT 1.3%

Connecticut Special Tax Revenue State Special Tax Bonds, Series 2020
4.000% due 05/01/2036			3,500			3,638

Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2020
4.000% due 07/01/2045			4,450			4,127

						7,765


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
DELAWARE 1.0%

Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022
0.000% due 07/01/2037	$		5,360	$		4,874
7.120% due 07/01/2037			945			920

						5,794


DISTRICT OF COLUMBIA 0.9%

District of Columbia Revenue Bonds, Series 2022
5.500% due 02/28/2037			1,850			1,986

Metropolitan Washington Airports Authority Dulles Toll Road, District of Columbia Revenue Bonds, Series 2019
4.000% due 10/01/2049			3,500			3,269

						5,255


FLORIDA 6.8%

Avenir Community Development District, Florida Special Assessment Bonds, Series 2023
5.625% due 05/01/2054			1,715			1,694

Central Florida Expressway Authority Revenue Bonds, Series 2017
4.000% due 07/01/2041			4,290			4,201

Central Florida Expressway Authority Revenue Bonds, Series 2018
5.000% due 07/01/2043			2,865			3,029

Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2020
4.000% due 08/01/2050			3,700			3,346

Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2019
4.000% due 10/01/2048			5,000			4,880
4.000% due 10/01/2049			5,000			4,816

Miami-Dade Seaport Department, Florida Revenue Bonds, Series 2023
5.000% due 10/01/2047			3,800			3,956

Orange County Health Facilities Authority, Florida Revenue Bond, Series 2023
5.000% due 10/01/2053			2,110			2,215

Palm Beach County, Florida Health Facilities Authority Revenue Bonds, Series 2022
5.000% due 11/01/2052			2,850			2,821

Pasco County, Florida Water & Sewer Revenue Bonds, Series 2014
4.000% due 10/01/2044			2,500			2,459

Pompano Beach, Florida Revenue Bonds, Series 2020
4.000% due 09/01/2050			3,500			2,624

Putnam County Development Authority, Florida Revenue Bonds, Series 2018
5.000% due 03/15/2042			1,590			1,655

St Johns County, Florida Industrial Development Authority Revenue Bonds, Series 2020
4.000% due 08/01/2055			1,600			1,308

Tampa, Florida Revenue Bonds, Series 2020
0.000% due 09/01/2049 (c)			2,600			704
0.000% due 09/01/2053 (c)			2,600			556

						40,264


GEORGIA 6.2%

Atlanta Development Authority, Georgia Revenue Bonds, Series 2015
5.000% due 07/01/2044			3,895			3,950

Atlanta Development Authority, Georgia Revenue Bonds, Series 2017
6.750% due 01/01/2035 ^(a)			3,750			1,687

Fayette County, Georgia Hospital Authority Revenue Bonds, Series 2016
5.000% due 07/01/2046 (e)			7,000			7,113

Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2019
5.000% due 05/15/2043			3,500			3,509


38		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						June 30, 2023		(Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Municipal Electric Authority of Georgia Revenue Bonds, Series 2015
5.000% due 07/01/2060	$		19,680	$		19,624

Municipal Electric Authority of Georgia Revenue Bonds, Series 2022
5.000% due 07/01/2052			1,000			1,026

						36,909


ILLINOIS 15.0%

Chicago Board of Education, Illinois General Obligation Bonds, Series 2018
5.000% due 12/01/2046			7,000			6,886

Chicago O’Hare International Airport, Illinois Revenue Bonds, (AGM Insured), Series 2020
4.000% due 01/01/2039			5,000			4,991
4.000% due 01/01/2040			1,765			1,759

Chicago O’Hare International Airport, Illinois Revenue Bonds, Series 2018
4.000% due 01/01/2044			4,500			4,379

Chicago O’Hare International Airport, Illinois Revenue Bonds, Series 2022
5.000% due 01/01/2055			4,840			4,995

Chicago Park District, Illinois General Obligation Bonds, Series 2020
4.000% due 01/01/2036			1,300			1,293

Chicago, Illinois General Obligation Bonds, Series 2007
5.500% due 01/01/2035			4,000			4,074

Chicago, Illinois Revenue Bonds, Series 2002
5.000% due 01/01/2029			2,000			2,051

Illinois Finance Authority Revenue Bonds, Series 2017
5.000% due 02/15/2037 ^(a)			2,155			862

Illinois Finance Authority Revenue Bonds, Series 2019
5.000% due 11/01/2035			2,000			1,855

Illinois State General Obligation Bonds, Series 2017
5.000% due 11/01/2029			1,000			1,067

Illinois State General Obligation Bonds, Series 2018
4.625% due 05/01/2037			2,175			2,226
5.000% due 05/01/2041			1,500			1,548

Illinois State General Obligation Notes, Series 2017
5.000% due 11/01/2025			12,590			13,001
5.000% due 11/01/2027			6,140			6,550

Illinois State Toll Highway Authority Revenue Bonds, Series 2016
5.000% due 01/01/2041 (e)			12,500			12,936

Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (AGM Insured), Series 2010
0.000% due 06/15/2045 (c)			10,000			3,545

Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (AGM/CR Insured), Series 2017
0.000% due 12/15/2056 (c)			5,540			1,076

Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (AGM/CR/NPFGC Insured), Series 2002
0.000% due 12/15/2040 (c)			6,000			2,739

Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2012
0.000% due 12/15/2051 (c)			5,000			1,217

Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2022
0.000% due 12/15/2036 (c)			1,750			967
0.000% due 06/15/2037 (c)			1,000			536

Regional Transportation Authority, Illinois Revenue Bonds, Series 2018
5.000% due 06/01/2038 (e)			8,000			8,530

						89,083


INDIANA 1.8%

Indiana Finance Authority Midwestern Disaster Relief Revenue Bonds, Series 2012
4.250% due 11/01/2030			3,000			2,990

Indiana Finance Authority Revenue Bonds, Series 2019
7.000% due 03/01/2039			2,420			1,843


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Indiana Finance Authority Revenue Bonds, Series 2022
4.500% due 12/15/2046	$		5,170	$		5,160

Indiana Health & Educational Facilities Financing Authority Revenue Bonds, Series 2006
4.000% due 11/15/2046			1,000			952

						10,945


IOWA 1.4%

Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022
5.000% due 12/01/2050			5,715			5,805

Iowa Finance Authority Revenue Bonds, Series 2014
5.400% due 11/15/2046 ^			694			710

Iowa Finance Authority Revenue Bonds, Series 2022
8.000% due 01/01/2042			1,900			1,766

						8,281


KANSAS 0.9%

University of Kansas Hospital Authority Revenue Bonds, Series 2015
4.000% due 09/01/2040 (e)			5,500			5,303

						5,303


LOUISIANA 4.7%

East Baton Rouge Sewerage Commission, Louisiana Revenue Bonds, Series 2019
4.000% due 02/01/2045			7,000			6,906

Louisiana Gasoline & Fuels Tax State Revenue Bonds, Series 2017
4.000% due 05/01/2045			7,000			6,970

Louisiana Public Facilities Authority Revenue Bonds, Series 2017
5.000% due 05/15/2046			5,000			5,082

Louisiana Public Facilities Authority Revenue Bonds, Series 2020
4.000% due 04/01/2050			1,500			1,465

Louisiana Public Facilities Authority Revenue Bonds, Series 2023
5.000% due 10/15/2052			4,125			4,417

Parish of St James, Louisiana Revenue Bonds, Series 2010
6.350% due 10/01/2040			2,800			3,030

						27,870


MAINE 0.3%

Maine Health & Higher Educational Facilities Authority Revenue Bonds, Series 2020
4.000% due 07/01/2050			2,000			1,876


MARYLAND 1.1%

Maryland Economic Development Corp. Revenue Bonds, Series 2020
4.250% due 07/01/2050			1,400			1,306

Maryland Stadium Authority Revenue Bonds, Series 2016
5.000% due 05/01/2041			5,000			5,286

						6,592


MASSACHUSETTS 2.3%

Massachusetts Development Finance Agency Revenue Bonds, Series 2010
7.625% due 10/15/2037 ^(a)			444			5

Massachusetts Development Finance Agency Revenue Bonds, Series 2016
5.000% due 01/01/2047			2,500			2,508

Massachusetts Development Finance Agency Revenue Bonds, Series 2023
5.250% due 07/01/2052			3,250			3,411


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Massachusetts School Building Authority Revenue Bonds, Series 2012
5.250% due 02/15/2048 (e)	$		7,500	$		7,976

						13,900


MICHIGAN 2.6%

Michigan Finance Authority Hospital Revenue Refunding Bonds, Series 2022
4.000% due 04/15/2042			2,000			1,921

Michigan Finance Authority Revenue Bonds, Series 2017
5.000% due 12/01/2031 (e)			2,600			2,777

Michigan Finance Authority Revenue Bonds, Series 2019
4.000% due 12/01/2048			4,000			3,794

Michigan Finance Authority Revenue Bonds, Series 2020
4.800% due 09/01/2040			185			154
5.000% due 09/01/2050			300			240

Michigan Finance Authority Revenue Bonds, Series 2021
5.000% due 12/01/2046 (e)			4,947			5,072

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			165

Michigan Tobacco Settlement Finance Authority Revenue Bonds, Series 2008
0.000% due 06/01/2058 (c)			25,000			996

						15,209


MINNESOTA 0.9%

Duluth Economic Development Authority Health Care Facilities, Minnesota Revenue Bonds, Series 2022
5.250% due 06/15/2047			2,000			2,044

Rochester, Minnesota Revenue Bonds, Series 2018
4.000% due 11/15/2048			3,500			3,414

						5,458


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			10,001

Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2019
4.000% due 02/15/2037			510			512
5.000% due 02/15/2036			425			454

Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2021
4.000% due 07/01/2046			1,000			958

Missouri Development Finance Board Revenue Bonds, Series 2022
5.250% due 05/01/2055			2,000			2,153

						14,078


NEVADA 2.0%

Clark County, Nevada General Obligation Bonds, Series 2018
4.000% due 07/01/2044 (e)			9,500			9,371

Reno, Nevada Revenue Bonds, Series 2018
0.000% due 07/01/2058 (c)			24,000			2,426

						11,797

See Accompanying Notes

SEMIANNUAL REPORT

JUNE 30, 2023


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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NEW HAMPSHIRE 0.9%

New Hampshire Business Finance Authority Revenue Bonds, Series 2023
4.837% due 07/20/2036	$		5,534	$		5,450


NEW JERSEY 9.0%

Cherry Hill Township School District, New Jersey General Obligation Bonds, Series 2022
4.000% due 08/01/2040			6,400			6,501

Federal Home Loan Mortgage Corp. Enhanced Receipt, New Jersey Revenue Bonds, Series 2019
3.870% due 11/15/2035 (f)			6,749			6,154

New Jersey Economic Development Authority Revenue Bonds, Series 2016
5.000% due 06/15/2041			5,000			5,359

New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series 2013
5.500% due 07/01/2043			4,000			4,003

New Jersey Transportation Trust Fund Authority Revenue Bonds, (AGM Insured), Series 2006
0.000% due 12/15/2034 (c)			2,500			1,617

New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2018
5.000% due 12/15/2036			1,500			1,590

New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2019
5.000% due 06/15/2044			3,500			3,653
5.250% due 06/15/2043			4,000			4,212

New Jersey Turnpike Authority Revenue Bonds, Series 2017
5.000% due 01/01/2037			6,000			6,425

New Jersey Turnpike Authority Revenue Bonds, Series 2019
5.000% due 01/01/2048			1,500			1,589

South Jersey Port Corp., New Jersey Revenue Bonds, Series 2017
5.000% due 01/01/2049			1,010			1,024

Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018
5.000% due 06/01/2046			11,465			11,514

						53,641


NEW YORK 17.7%

Build NYC Resource Corp., New York Revenue Bonds, Series 2023
5.250% due 07/01/2052			1,000			1,023

Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2019
4.000% due 11/15/2049			7,000			6,832

Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2020
4.000% due 07/01/2050			4,130			4,025

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			1,976

New York City Water & Sewer System, New York Revenue Bonds, Series 2020
4.000% due 06/15/2050			3,000			2,954

New York City, New York General Obligation Bonds, Series 2018
5.000% due 12/01/2037			2,250			2,433

New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022
5.000% due 06/15/2047			6,000			6,610

New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022
5.500% due 11/01/2045			5,000			5,733


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

New York Liberty Development Corp. Revenue Bonds, Series 2005
5.250% due 10/01/2035 (e)	$		11,505	$		13,148

New York Liberty Development Corp. Revenue Bonds, Series 2014
5.000% due 11/15/2044			9,250			9,130

New York Liberty Development Corp. Revenue Bonds, Series 2021
2.875% due 11/15/2046			3,775			2,814

New York Power Authority Revenue Bonds, Series 2020
4.000% due 11/15/2060			3,500			3,356

New York State Dormitory Authority Revenue Bonds, Series 2017
4.000% due 02/15/2047			4,000			3,914

New York State Dormitory Authority Revenue Bonds, Series 2020
4.000% due 02/15/2040			2,500			2,502

New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020
4.200% due 11/01/2054 (f)			3,500			3,182

New York State Thruway Authority Revenue Bonds, (AGM Insured), Series 2019
4.000% due 01/01/2053			1,040			1,011

New York State Thruway Authority Revenue Bonds, Series 2019
4.000% due 01/01/2041			3,150			3,107
4.000% due 01/01/2050			1,305			1,256

New York State Thruway Authority Revenue Bonds, Series 2021
4.000% due 03/15/2047			5,375			5,251

New York State Urban Development Corp. Revenue Bonds, Series 2021
4.000% due 03/15/2047			6,250			6,161

Port Authority of New York & New Jersey Revenue Bonds, Series 2017
5.250% due 10/15/2057			3,300			3,451

Suffolk Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2021
4.000% due 06/01/2050			2,920			2,610

Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022
4.000% due 05/15/2057			6,000			5,816

Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2021
5.000% due 05/15/2051			6,125			6,598

						105,231


NORTH CAROLINA 0.5%

North Carolina Turnpike Authority Revenue Bonds, Series 2018
4.000% due 01/01/2039			3,000			3,021


NORTH DAKOTA 0.2%

Grand Forks County, North Dakota Revenue Bonds, Series 2021
7.000% due 12/15/2043 ^(a)			1,950			975


OHIO 6.7%

Akron Bath Copley Joint Township Hospital District, Ohio Revenue Bonds, Series 2020
4.000% due 11/15/2038			1,500			1,357

Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020
0.000% due 06/01/2057 (c)			79,500			9,866
5.000% due 06/01/2055			2,470			2,317

Geisinger Authority, Ohio Revenue Bonds, Series 2017
4.000% due 02/15/2047			11,000			10,229

Montgomery County, Ohio Dayton Children’s Hospital Revenue Bonds, Series 2021
4.000% due 08/01/2046			5,500			5,230


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Ohio Air Quality Development Authority Dayton Power And Light Company Project Revenue Bonds , Series 2015
4.250% due 11/01/2040	$		3,000	$		2,991

Ohio Air Quality Development Authority Revenue Notes, Series 2019
3.250% due 09/01/2029			1,700			1,588

Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2020
5.000% due 12/01/2050			2,500			2,689

Southern Ohio Port Authority Revenue Notes, Series 2020
6.500% due 12/01/2030			2,600			2,224

Worthington City School District, Ohio General Obligation, Series 2023
5.500% due 12/01/2054			1,060			1,202

						39,693


OKLAHOMA 1.1%

Oklahoma Development Finance Authority Revenue Bonds, Series 2018
5.500% due 08/15/2052			2,000			1,909

Oklahoma Development Finance Authority Revenue Bonds, Series 2021
8.000% due 12/01/2041			1,750			1,386

Oklahoma Water Resources Board Revenue Bonds, Series 2020
4.000% due 10/01/2049			3,250			3,154

						6,449


OREGON 0.9%

Columbia County, Oregon School District No 502 General Obligation Bonds, Series 2020
5.000% due 06/15/2045			2,000			2,167

Multnomah County School District 40, Oregon General Obligations, Series 2023
0.000% due 06/15/2051 (c)			3,700			891

Salem Hospital Facility Authority, Oregon Revenue Bonds, Series 2022
4.000% due 05/15/2057			1,000			697

Washington & Multnomah Counties School District No 48J Beaverton, Oregon General Obligation Bonds, Series 2022
0.000% due 06/15/2048 (c)			5,195			1,557

						5,312


PENNSYLVANIA 7.3%

Bucks County, Pennsylvania Water and Sewer Authority Revenue Bonds, (AGM Insured), Series 2022
4.250% due 12/01/2047			1,800			1,814

Monroeville Finance Authority, Pennsylvania Revenue Bonds, Series 2022
4.000% due 02/15/2042			4,060			3,937

Montgomery County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2023
4.450% due 10/01/2034			3,000			3,059

Pennsylvania Economic Development Financing Authority Revenue Bonds, (AGM Insured), Series 2022
5.750% due 12/31/2062			7,000			7,766

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2021
9.000% due 04/01/2051			3,400			3,801

Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2018
4.000% due 02/15/2043			4,800			4,672

Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2019
5.000% due 08/15/2049			2,500			2,576

Pennsylvania Turnpike Commission Revenue Bonds, Series 2013
5.000% due 12/01/2043			7,595			7,645


40		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						June 30, 2023		(Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Pennsylvania Turnpike Commission Revenue Bonds, Series 2021
5.000% due 12/01/2046	$		1,000	$		1,066
5.000% due 12/01/2051			6,000			6,336

Philadelphia Authority for Industrial Development, Pennsylvania Revenue Bonds, Series 2017
5.500% due 12/01/2058			1,000			908

						43,580


PUERTO RICO 7.7%

Children’s Trust Fund, Puerto Rico Revenue Bonds, Series 2008
0.000% due 05/15/2057 (c)			63,000			4,255

Commonwealth of Puerto Rico Bonds, Series 2022
0.000% due 11/01/2043			8,744			4,416
0.000% due 11/01/2051			8,119			3,725

Commonwealth of Puerto Rico General Obligation Bonds, Series 2021
0.000% due 07/01/2033 (c)			3,750			2,298
4.000% due 07/01/2041			3,500			3,050

Puerto Rico Highway & Transportation Authority Revenue Bonds, Series 2022
5.000% due 07/01/2053 (d)			4,131			2,530
5.000% due 07/01/2062			559			545

Puerto Rico Highway & Transportation Authority Revenue Notes, Series 2022
0.000% due 07/01/2032 (c)			363			232

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018
0.000% due 07/01/2051 (c)			52,000			10,993

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019
4.784% due 07/01/2058			14,205			13,498

						45,542


RHODE ISLAND 3.1%

Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015
5.000% due 06/01/2050			18,450			18,255


SOUTH CAROLINA 1.7%

South Carolina Public Service Authority Revenue Obligations Revenue Bonds, Series 2013
5.500% due 12/01/2053			10,000			10,028


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			1,447

Metropolitan Nashville Airport Authority, Tennessee Revenue Bonds, Series 2019
4.000% due 07/01/2049			2,000			1,914

Shelby County, Tennessee Health Educational & Housing Facilities Board Revenue Bonds, Series 2019
5.750% due 10/01/2059			1,550			1,152

Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2006
5.000% due 02/01/2027			6,000			6,049

						10,562


TEXAS 19.7%

Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021
7.500% due 12/01/2045			1,345			882
12.000% due 12/01/2045			2,250			1,938

Austin, Texas Airport System Revenue Bonds, Series 2022
5.000% due 11/15/2042			2,425			2,568


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Board of Regents of the University of Texas System Revenue Bonds, Series 2022
4.000% due 08/15/2052	$		6,500	$		6,297

Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2022
12.000% due 06/01/2043			4,000			4,006

Calhoun County, Texas Navigation Industrial Development Authority Revenue Notes, Series 2021
3.625% due 07/01/2026			2,600			2,381

Central Texas Turnpike System Revenue Bonds, Series 2015
0.000% due 08/15/2036 (c)			2,500			1,363
0.000% due 08/15/2037 (c)			8,000			4,123

Clifton Higher Education Finance Corp., Texas Revenue Bonds, Series 2018
6.125% due 08/15/2048			1,750			1,763

Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2022
5.000% due 11/01/2038			3,500			3,895

Grand Parkway Transportation Corp., Texas Revenue Bonds, Series 2013
5.000% due 04/01/2053			21,000			21,088

Grand Parkway Transportation Corp., Texas Revenue Bonds, Series 2018
5.000% due 10/01/2048 (e)			7,500			7,868

Lamar Cosolidated Independent School District, Texas General Obligation Bonds, Series 2023
4.000% due 02/15/2048			5,000			4,889

Lower Colorado River Authority, Texas Revenue Bonds, Series 2019
4.000% due 05/15/2049			2,500			2,308

New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2016
5.000% due 07/01/2046 ^			1,030			706

New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2021
5.500% due 01/01/2057			4,300			3,091

North Texas Tollway Authority Revenue Bonds, Series 2017
4.000% due 01/01/2043			3,590			3,504
5.000% due 01/01/2048			3,500			3,599

North Texas Tollway Authority Revenue Bonds, Series 2018
5.000% due 01/01/2048			1,000			1,034

Rockwall Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022
5.000% due 02/15/2052			6,000			6,457

San Antonio Public Facilities Corp., Texas Revenue Bonds, Series 2012
4.000% due 09/15/2042			10,000			9,613

San Jacinto College District, Texas General Obligation Bonds, Series 2019
5.000% due 02/15/2044			1,010			1,079

Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2017
6.750% due 11/15/2047			1,000			1,020

Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022
5.000% due 11/15/2051			3,140			3,307

Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2008
6.250% due 12/15/2026			10,680			11,131

Texas Water Development Board Revenue Bonds, Series 2022
5.000% due 10/15/2057			5,395			5,862

West Harris County, Texas Regional Water Authority Revenue Bonds, (BAM Insured), Series 2021
4.000% due 12/15/2060			1,250			1,178

						116,950


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			5,401


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
UTAH 0.2%

Military Installation Development Authority, Utah Revenue Bonds, Series 2021
4.000% due 06/01/2052	$		2,000	$		1,498


VIRGINIA 3.4%

Virginia Commonwealth Transportation Board Revenue Bonds, Series 2018
4.000% due 05/15/2041 (e)			8,200			8,223

Virginia Small Business Financing Authority Revenue Bonds, Series 2019
0.000% due 07/01/2061 (c)			51,000			2,489
5.000% due 07/01/2034			2,500			2,351

Virginia Small Business Financing Authority Revenue Bonds, Series 2020
4.000% due 12/01/2049			7,800			7,389

						20,452


WASHINGTON 0.7%

Snohomish County, Washington Housing Authority Revenue Bonds, Series 2019
4.000% due 04/01/2044			2,000			1,842

Washington State Convention Center Public Facilities District Revenue Bonds, Series 2018
4.000% due 07/01/2058			2,960			2,516

						4,358


WEST VIRGINIA 1.5%

Monongalia County, West Virginia Commission Special District Revenue Bonds, Series 2017
5.500% due 06/01/2037			2,000			2,043

West Virginia Economic Development Authority Revenue Bonds, Series 2017
4.000% due 06/15/2040			7,110			7,119

						9,162


WISCONSIN 6.0%

Public Finance Authority, Wisconsin Revenue Bonds, Series 2017
6.750% due 08/01/2031			500			350
7.000% due 01/01/2050			4,500			4,901

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			863

Public Finance Authority, Wisconsin Revenue Bonds, Series 2021
4.000% due 09/30/2051			1,700			1,393
4.000% due 03/31/2056			900			719
4.000% due 07/01/2056			1,100			852
4.500% due 06/01/2056			2,900			2,154

Public Finance Authority, Wisconsin Revenue Bonds, Series 2022
5.000% due 10/01/2052			7,500			7,817

Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020
0.000% due 12/15/2045 (c)			3,855			1,332
0.000% due 12/15/2055 (c)			20,420			4,259

Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016
4.000% due 11/15/2046			4,345			4,442

Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2022
4.000% due 12/01/2051			4,470			4,192

						35,734

Total Municipal Bonds & Notes (Cost $1,036,322)						1,021,506

See Accompanying Notes

SEMIANNUAL REPORT

JUNE 30, 2023


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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NON-AGENCY MORTGAGE-BACKED SECURITIES 0.5%

Freddie Mac
4.140% due 01/25/2040	$		2,998	$		2,789

Total Non-Agency Mortgage-Backed Securities (Cost $2,812)						2,789


		SHARES
COMMON STOCKS 0.1%

ENERGY 0.1%

Talen Energy Corp. (b)			8,003			402

Total Common Stocks (Cost $376)						402


		MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 0.2%

REPURCHASE AGREEMENTS (g) 0.2%
	$		1,153

Total Short-Term Instruments (Cost $1,153)			1,153



Total Investments in Securities (Cost $1,040,663)			1,025,850


Total Investments 172.6% (Cost $1,040,663)	$		1,025,850

Auction Rate Preferred Shares (50.2)%			(298,275	)

Remarketable Variable Rate MuniFund Term Preferred Shares, at liquidation value (11.6)%			(68,661	)

Other Assets and Liabilities, net (10.8)%			(64,328	)

Net Assets Applicable to Common Shareholders 100.0%	$		594,586

NOTES TO SCHEDULE OF INVESTMENTS:

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

^	Security is in default.

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

(b)	Security did not produce income within the last twelve months.

(c)	Zero coupon security.

(d)	Security becomes interest bearing at a future date.

(e)

(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	$	7,692	$	6,154		1.04%
New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020	4.200		11/01/2054		11/18/2021		3,928		3,182		0.54

						$	11,620	$	9,336		1.57%

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		2.400	%		06/30/2023		07/03/2023	$	1,153	U.S. Treasury Bonds 4.625% due 06/30/2025	$	(1,176	)	$	1,153	$	1,153

Total Repurchase Agreements											$	(1,176	)	$	1,153	$	1,153


42		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						June 30, 2023		(Unaudited)

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:


Counterparty	Repurchase Agreement Proceeds to be Received (1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure (2)
Global/Master Repurchase Agreement
FICC	$	1,153	$	0	$	0	$	1,153	$	(1,176	)	$	(23	)

Total Borrowings and Other Financing Transactions	$	1,153	$	0	$	0

(1)	Includes accrued interest.

(2)

FAIR VALUE MEASUREMENTS

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


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Investments in Securities, at Value
Municipal Bonds & Notes
Alabama	$	0	$	39,495	$	0	$	39,495
Alaska		0		2,610		0		2,610
Arizona		0		50,278		0		50,278
Arkansas		0		3,480		0		3,480
California		0		49,431		0		49,431
Colorado		0		28,499		0		28,499
Connecticut		0		7,765		0		7,765
Delaware		0		5,794		0		5,794
District of Columbia		0		5,255		0		5,255
Florida		0		40,264		0		40,264
Georgia		0		36,909		0		36,909
Illinois		0		89,083		0		89,083
Indiana		0		10,945		0		10,945
Iowa		0		8,281		0		8,281
Kansas		0		5,303		0		5,303
Louisiana		0		27,870		0		27,870
Maine		0		1,876		0		1,876
Maryland		0		6,592		0		6,592
Massachusetts		0		13,900		0		13,900
Michigan		0		15,209		0		15,209
Minnesota		0		5,458		0		5,458
Mississippi		0		40		0		40
Missouri		0		14,078		0		14,078
Nevada		0		11,797		0		11,797
New Hampshire		0		5,450		0		5,450
New Jersey		0		53,641		0		53,641


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
New York	$	0	$	105,231	$	0	$	105,231
North Carolina		0		3,021		0		3,021
North Dakota		0		975		0		975
Ohio		0		39,693		0		39,693
Oklahoma		0		6,449		0		6,449
Oregon		0		5,312		0		5,312
Pennsylvania		0		43,580		0		43,580
Puerto Rico		0		45,542		0		45,542
Rhode Island		0		18,255		0		18,255
South Carolina		0		10,028		0		10,028
Tennessee		0		10,562		0		10,562
Texas		0		116,950		0		116,950
U.S. Virgin Islands		0		5,401		0		5,401
Utah		0		1,498		0		1,498
Virginia		0		20,452		0		20,452
Washington		0		4,358		0		4,358
West Virginia		0		9,162		0		9,162
Wisconsin		0		35,734		0		35,734
Non-Agency Mortgage-Backed Securities		0		2,789		0		2,789
Common Stocks
Energy		402		0		0		402
Short-Term Instruments
Repurchase Agreements		0		1,153		0		1,153


Total Investments	$	402	$	1,025,448	$	0	$	1,025,850

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

See Accompanying Notes

SEMIANNUAL REPORT

JUNE 30, 2023


Schedule of Investments		PIMCO Municipal Income Fund III

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 174.9%

MUNICIPAL BONDS & NOTES 174.1%

ALABAMA 7.2%

Jefferson County, Alabama Sewer Revenue Bonds, Series 2013
6.500% due 10/01/2053	$		7,500	$		7,907
7.900% due 10/01/2050 (d)			9,000			9,367

Tuscaloosa County, Alabama Industrial Development Authority Revenue Bonds, Series 2019
4.500% due 05/01/2032			1,010			945
5.250% due 05/01/2044			1,625			1,470

						19,689


ALASKA 0.5%

Municipality of Anchorage, Alaska Solid Waste Services Revenue Bonds, Series 2022
5.250% due 11/01/2062			1,165			1,241


ARIZONA 8.4%

Arizona Industrial Development Authority Revenue Bonds, Series 2019
4.500% due 01/01/2031			675			440
4.500% due 01/01/2032			710			445
4.500% due 01/01/2049			750			416

Arizona Industrial Development Authority Revenue Bonds, Series 2020
7.750% due 07/01/2050 ^(a)			1,200			660

Industrial Development Authority of the County, Arizona of Pima Revenue Bonds, Series 2020
5.000% due 07/01/2055			1,200			1,040

Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2019
4.000% due 01/01/2044			3,800			3,698

Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2019
4.000% due 07/01/2049			2,495			2,403
5.000% due 07/01/2049			1,770			1,870

Salt Verde Financial Corp., Arizona Revenue Bonds, Series 2007
5.000% due 12/01/2037			11,600			12,141

						23,113


CALIFORNIA 8.1%

California Health Facilities Financing Authority Revenue Bonds, Series 2013
5.000% due 08/15/2052			2,015			2,019

California Health Facilities Financing Authority Revenue Bonds, Series 2020
4.000% due 04/01/2049			2,000			1,852

California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020
3.650% due 01/01/2050			3,500			3,485

California State General Obligation Bonds, Series 2019
5.000% due 04/01/2045			2,000			2,167

Folsom Cordova Unified School District, California General Obligation Bonds, (AGM Insured), Series 2019
4.000% due 10/01/2044			1,810			1,811

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021
0.000% due 06/01/2066 (c)			2,500			273

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022
5.000% due 06/01/2051			1,050			1,095

Los Angeles County, California Public Works Financing Authority Revenue Bonds, Series 2021
4.000% due 12/01/2046			1,490			1,486

Los Angeles Department of Airports, California Revenue Bonds, Series 2020
4.000% due 05/15/2048			2,000			1,985


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

M-S-R Energy Authority, California Revenue Bonds, Series 2009
6.500% due 11/01/2039	$		2,000	$		2,405

Morongo Band of Mission Indians, California Revenue Bonds, Series 2018
5.000% due 10/01/2042			750			739

Northern California Energy Authority Revenue Bonds, Series 2018
4.000% due 07/01/2049			2,250			2,253

San Francisco, California City & County Public Utilities Commission Wastewater Revenue Bonds, Series 2021
4.000% due 10/01/2048			730			724

						22,294


COLORADO 4.3%

Colorado Health Facilities Authority Revenue Bonds, Series 2019
4.000% due 01/01/2040			2,500			2,480
4.000% due 08/01/2049			2,000			1,831

Colorado International Center Metropolitan District No 7 General Obligation Bonds, Series 2021
5.250% due 12/01/2051 (d)			1,615			894

Colorado State Building Excellent School Certificates of Participation Bonds, Series 2018
4.000% due 03/15/2043			1,250			1,249

Denver, Colorado City & County Revenue Bonds, Series 2021
4.000% due 08/01/2043			1,500			1,504

Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022
5.875% due 12/01/2052			1,250			1,231

Harvest Crossing Metropolitan District No 4, Colorado General Obligation Bonds, Series 2022
7.250% due 12/01/2052			1,250			1,215

Public Authority for Colorado Energy Revenue Bonds, Series 2008
6.500% due 11/15/2038			500			604

Senac South Metropolitan District No 1, Colorado General Obligation Bonds, Series 2021
5.250% due 12/01/2051			550			475

Third Creek Metropolitan District No 1, Colorado General Obligation Bonds, Series 2022
4.750% due 12/01/2051			500			387

						11,870


CONNECTICUT 1.9%

Connecticut Special Tax Revenue State Special Tax Bonds, Series 2020
5.000% due 05/01/2040			2,000			2,185

Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2020
4.000% due 07/01/2045			3,300			3,060

						5,245


DELAWARE 4.4%

Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022
0.000% due 07/01/2037			11,120			10,113
7.120% due 07/01/2037			1,965			1,913

						12,026


DISTRICT OF COLUMBIA 1.8%

District of Columbia General Obligation Bonds, Series 2019
5.000% due 10/15/2044			650			699

District of Columbia Revenue Bonds, Series 2022
5.500% due 08/31/2036			1,800			1,961

District of Columbia Water & Sewer Authority Revenue Bonds, Series 2019
5.000% due 10/01/2044			500			538


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Metropolitan Washington Airports Authority Dulles Toll Road, District of Columbia Revenue Bonds, Series 2019
4.000% due 10/01/2049	$		1,750	$		1,635

						4,833


FLORIDA 11.9%

Avenir Community Development District, Florida Special Assessment Bonds, Series 2023
5.625% due 05/01/2054			795			785

Central Florida Expressway Authority Revenue Bonds, Series 2017
4.000% due 07/01/2041			1,940			1,900

Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2010
0.000% due 10/01/2039 (f)			5,000			5,005

Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2020
4.000% due 08/01/2050			1,800			1,627

Miami-Dade County, Florida Educational Facilities Authority Revenue Bonds, Series 2018
4.000% due 04/01/2053			4,000			3,680

Miami-Dade County, Florida Transit System Revenue Bonds, Series 2018
4.000% due 07/01/2044			1,000			996

Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2019
4.000% due 10/01/2049			2,500			2,408

Miami-Dade Seaport Department, Florida Revenue Bonds, Series 2023
5.000% due 10/01/2047			1,850			1,926

North Miami Beach, Florida Water Revenue Bonds, Series 2020
5.000% due 08/01/2044			3,000			3,253

Orange County Health Facilities Authority, Florida Revenue Bond, Series 2023
5.000% due 10/01/2053			980			1,028

Pasco County, Florida Water & Sewer Revenue Bonds, Series 2014
4.000% due 10/01/2044			1,500			1,475

Pompano Beach, Florida Revenue Bonds, Series 2020
4.000% due 09/01/2050			1,750			1,312

Putnam County Development Authority, Florida Revenue Bonds, Series 2018
5.000% due 03/15/2042			1,000			1,041

South Miami Health Facilities Authority, Florida Revenue Bonds, Series 2017
4.000% due 08/15/2047			3,750			3,468

St Johns County, Florida Industrial Development Authority Revenue Bonds, Series 2020
4.000% due 08/01/2055			3,500			2,862

						32,766


GEORGIA 5.7%

Atlanta Development Authority, Georgia Revenue Bonds, Series 2017
6.750% due 01/01/2035 ^(a)			1,750			787

Fayette County, Georgia Hospital Authority Revenue Bonds, Series 2016
5.000% due 07/01/2046 (e)			3,000			3,048

Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2019
5.000% due 05/15/2043			2,000			2,005

Municipal Electric Authority of Georgia Revenue Bonds, Series 2015
5.000% due 07/01/2060			10,000			9,960

						15,800


ILLINOIS 15.0%

Chicago Board of Education, Illinois General Obligation Bonds, Series 2018
5.000% due 12/01/2046			4,000			3,935


44		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						June 30, 2023		(Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Chicago O’Hare International Airport, Illinois Revenue Bonds, Series 2018
5.000% due 01/01/2048	$		2,800	$		2,936
5.000% due 01/01/2053			1,000			1,043

Chicago O’Hare International Airport, Illinois Revenue Bonds, Series 2022
5.000% due 01/01/2055			2,330			2,405

Chicago Park District, Illinois General Obligation Bonds, Series 2020
4.000% due 01/01/2038			1,435			1,400

Chicago, Illinois General Obligation Bonds, Series 2007
5.500% due 01/01/2035			400			407
5.500% due 01/01/2042			1,000			1,014

Chicago, Illinois General Obligation Bonds, Series 2017
6.000% due 01/01/2038			3,000			3,194

Chicago, Illinois Revenue Bonds, Series 2002
5.000% due 01/01/2027			1,750			1,795

Illinois Finance Authority Revenue Bonds, Series 2017
5.000% due 02/15/2037 ^(a)			1,030			412

Illinois Finance Authority Revenue Bonds, Series 2019
5.000% due 11/01/2035			1,010			937

Illinois State General Obligation Bonds, Series 2018
4.625% due 05/01/2037			2,000			2,046
5.000% due 05/01/2041			1,500			1,548

Illinois State General Obligation Notes, Series 2017
5.000% due 11/01/2025			1,150			1,188
5.000% due 11/01/2027			7,000			7,468

Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (AGM Insured), Series 2010
0.000% due 06/15/2045 (c)			6,500			2,304

Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (AGM/CR Insured), Series 2017
0.000% due 12/15/2056 (c)			2,685			522

Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (AGM/CR/NPFGC Insured), Series 2002
0.000% due 12/15/2040 (c)			2,000			913

Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2012
0.000% due 12/15/2051 (c)			2,500			608

Regional Transportation Authority, Illinois Revenue Bonds, Series 2018
5.000% due 06/01/2038 (e)			3,900			4,158

Sales Tax Securitization Corp., Illinois Revenue Notes, Series 2020
5.000% due 01/01/2029			1,000			1,091

						41,324


INDIANA 2.6%

Indiana Finance Authority Midwestern Disaster Relief Revenue Bonds, Series 2012
4.250% due 11/01/2030			1,400			1,395

Indiana Finance Authority Revenue Bonds, Series 2019
7.000% due 03/01/2039			1,210			922

Indiana Finance Authority Revenue Bonds, Series 2022
4.500% due 12/15/2046			2,460			2,455

Indiana Health & Educational Facilities Financing Authority Revenue Bonds, Series 2006
4.000% due 11/15/2046			2,500			2,380

						7,152


IOWA 1.4%

Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022
5.000% due 12/01/2050			2,755			2,798

Iowa Finance Authority Revenue Bonds, Series 2014
5.400% due 11/15/2046 ^			364			373

Iowa Finance Authority Revenue Bonds, Series 2022
8.000% due 01/01/2042			875			813

						3,984


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
KANSAS 0.7%

University of Kansas Hospital Authority Revenue Bonds, Series 2015
4.000% due 09/01/2040 (e)	$		2,000	$		1,928

						1,928


LOUISIANA 5.6%

East Baton Rouge Sewerage Commission, Louisiana Revenue Bonds, Series 2019
4.000% due 02/01/2045			3,100			3,059

Louisiana Gasoline & Fuels Tax State Revenue Bonds, Series 2017
4.000% due 05/01/2045			4,000			3,983

Louisiana Public Facilities Authority Revenue Bonds, Series 2017
5.000% due 05/15/2042			4,000			4,080

Louisiana Public Facilities Authority Revenue Bonds, Series 2020
4.000% due 04/01/2050			750			732

Louisiana Public Facilities Authority Revenue Bonds, Series 2023
5.000% due 10/15/2052			1,915			2,050

Parish of St James, Louisiana Revenue Bonds, Series 2010
6.350% due 07/01/2040			1,350			1,461

						15,365


MAINE 0.5%

Maine Health & Higher Educational Facilities Authority Revenue Bonds, Series 2013
5.000% due 07/01/2043			1,500			1,500


MARYLAND 0.2%

Maryland Economic Development Corp. Revenue Bonds, Series 2020
4.000% due 07/01/2040			500			480


MASSACHUSETTS 3.8%

Commonwealth of Massachusetts General Obligation Bonds, Series 2018
4.000% due 05/01/2040			1,000			1,005

Commonwealth of Massachusetts General Obligation Bonds, Series 2019
5.000% due 05/01/2046			3,000			3,203

Massachusetts Development Finance Agency Revenue Bonds, Series 2010
7.625% due 10/15/2037 ^(a)			228			2

Massachusetts Development Finance Agency Revenue Bonds, Series 2016
5.000% due 01/01/2047			1,000			1,003

Massachusetts Development Finance Agency Revenue Bonds, Series 2023
5.250% due 07/01/2052			1,500			1,574

Massachusetts Housing Finance Agency Revenue Bonds, Series 2003
5.125% due 06/01/2043			525			525

Massachusetts School Building Authority Revenue Bonds, Series 2012
5.250% due 02/15/2048 (e)			3,000			3,191

						10,503


MICHIGAN 5.0%

Gerald R Ford International Airport Authority, Michigan Revenue Bonds, Series 2021
5.000% due 01/01/2051			2,500			2,627

Michigan Finance Authority Revenue Bonds, Series 2017
5.000% due 12/01/2031 (e)			1,200			1,282

Michigan Finance Authority Revenue Bonds, Series 2019
4.000% due 02/15/2050			2,000			1,862


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Michigan Finance Authority Revenue Bonds, Series 2021
5.000% due 12/01/2046 (e)	$		2,425	$		2,486

Michigan Finance Authority Revenue Notes, Series 2021
5.000% due 06/01/2027 (e)			75			81

Michigan Tobacco Settlement Finance Authority Revenue Bonds, Series 2008
0.000% due 06/01/2058 (c)			12,500			498

Michigan Trunk Line State Revenue Bonds, Series 2021
4.000% due 11/15/2044			5,000			4,945

						13,781


MINNESOTA 0.6%

Rochester, Minnesota Revenue Bonds, Series 2018
4.000% due 11/15/2048			1,750			1,707


MISSOURI 0.6%

Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2019
5.000% due 02/15/2035			500			537

Jennings, Missouri Revenue Bonds, Series 2006
5.000% due 11/01/2023			115			57

Missouri Development Finance Board Revenue Bonds, Series 2022
5.250% due 05/01/2055			1,000			1,077

						1,671


NEVADA 2.0%

Clark County, Nevada General Obligation Bonds, Series 2018
4.000% due 07/01/2044 (e)			4,545			4,483

Reno, Nevada Revenue Bonds, Series 2018
0.000% due 07/01/2058 (c)			11,000			1,112

						5,595


NEW HAMPSHIRE 1.0%

New Hampshire Business Finance Authority Revenue Bonds, Series 2023
4.837% due 07/20/2036			2,712			2,671


NEW JERSEY 10.7%

Cherry Hill Township School District, New Jersey General Obligation Bonds, Series 2022
4.000% due 08/01/2040			3,000			3,048

Federal Home Loan Mortgage Corp. Enhanced Receipt, New Jersey Revenue Bonds, Series 2019
3.870% due 11/15/2035 (g)			3,256			2,969

New Jersey Economic Development Authority Revenue Bonds, Series 2016
5.000% due 06/15/2041			5,000			5,359

New Jersey Economic Development Authority Special Assessment Bonds, Series 2002
6.500% due 04/01/2028			3,763			3,754

New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series 2013
5.500% due 07/01/2043			2,000			2,001

New Jersey Transportation Trust Fund Authority Revenue Bonds, (AGM Insured), Series 2006
0.000% due 12/15/2034 (c)			3,200			2,070

New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2021
4.000% due 06/15/2036			1,500			1,520

South Jersey Port Corp., New Jersey Revenue Bonds, Series 2017
5.000% due 01/01/2049			900			913

Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018
5.000% due 06/01/2031			1,200			1,289
5.000% due 06/01/2046			6,525			6,553

						29,476

See Accompanying Notes

SEMIANNUAL REPORT

JUNE 30, 2023


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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NEW YORK 14.9%

Build NYC Resource Corp., New York Revenue Bonds, Series 2023
5.250% due 07/01/2052	$		2,000	$		2,047

Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2019
4.000% due 11/15/2049			2,120			2,069

Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2020
4.000% due 07/01/2050			1,915			1,866

Nassau County, New York Industrial Development Agency Revenue Bonds, Series 2021
5.000% due 01/01/2058			785			353

New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2019
4.000% due 05/01/2041			1,110			1,107

New York City Water & Sewer System, New York Revenue Bonds, Series 2020
4.000% due 06/15/2050			2,500			2,462

New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022
5.500% due 11/01/2045			2,250			2,580

New York Liberty Development Corp. Revenue Bonds, Series 2007
5.500% due 10/01/2037			1,700			1,950

New York Liberty Development Corp. Revenue Bonds, Series 2014
5.000% due 11/15/2044			1,000			987

New York Liberty Development Corp. Revenue Bonds, Series 2021
2.875% due 11/15/2046			1,760			1,312

New York Power Authority Revenue Bonds, Series 2020
4.000% due 11/15/2060			1,750			1,678

New York State Dormitory Authority Northwell Health Obligated Group Revenue Bonds, Series 2022
5.000% due 05/01/2052			2,000			2,102

New York State Dormitory Authority Revenue Bonds, Series 2017
4.000% due 02/15/2047			500			489

New York State Dormitory Authority Revenue Bonds, Series 2020
4.000% due 02/15/2040			1,250			1,251

New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020
4.200% due 11/01/2054 (g)			1,500			1,364

New York State Thruway Authority Revenue Bonds, (AGM Insured), Series 2019
4.000% due 01/01/2053			500			486

New York State Thruway Authority Revenue Bonds, Series 2019
4.000% due 01/01/2041			5,500			5,426
4.000% due 01/01/2050			620			597

New York State Thruway Authority Revenue Bonds, Series 2021
4.000% due 03/15/2047			2,000			1,954

New York State Urban Development Corp. Revenue Bonds, Series 2021
4.000% due 03/15/2047			3,250			3,204

Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022
4.000% due 05/15/2057			2,750			2,665

Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2021
5.000% due 05/15/2051			2,835			3,054

						41,003


NORTH CAROLINA 0.9%

University of North Carolina Hospitals at Chapel Hill Revenue Bonds, Series 2016
4.000% due 02/01/2046			2,500			2,435


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NORTH DAKOTA 0.2%

Grand Forks County, North Dakota Revenue Bonds, Series 2021
7.000% due 12/15/2043 ^(a)	$		940	$		470


OHIO 6.9%

American Municipal Power, Inc., Ohio Revenue Bonds, Series 2017
4.000% due 02/15/2042			1,000			975

Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020
0.000% due 06/01/2057 (c)			39,500			4,902

Geisinger Authority, Ohio Revenue Bonds, Series 2017
4.000% due 02/15/2047			5,310			4,938

Montgomery County, Ohio Dayton Children’s Hospital Revenue Bonds, Series 2021
4.000% due 08/01/2046			2,250			2,139

Ohio Air Quality Development Authority Dayton Power And Light Company Project Revenue Bonds , Series 2015
4.250% due 11/01/2040			2,000			1,994

Ohio Air Quality Development Authority Revenue Notes, Series 2019
3.250% due 09/01/2029			900			841

Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2020
5.000% due 12/01/2050			1,250			1,345

Southern Ohio Port Authority Revenue Notes, Series 2020
6.500% due 12/01/2030			1,400			1,197

Worthington City School District, Ohio General Obligation, Series 2023
5.500% due 12/01/2054			485			550

						18,881


OKLAHOMA 1.4%

Oklahoma Development Finance Authority Revenue Bonds, Series 2018
5.500% due 08/15/2052			1,600			1,527

Oklahoma Development Finance Authority Revenue Bonds, Series 2021
8.000% due 12/01/2041			1,000			792

Oklahoma Water Resources Board Revenue Bonds, Series 2020
4.000% due 10/01/2049			1,500			1,456

						3,775


OREGON 0.4%

Multnomah County School District 40, Oregon General Obligations, Series 2023
0.000% due 06/15/2051 (c)			1,710			411

Washington & Multnomah Counties School District No 48J Beaverton, Oregon General Obligation Bonds, Series 2022
0.000% due 06/15/2048 (c)			2,495			748

						1,159


PENNSYLVANIA 5.9%

Pennsylvania Economic Development Financing Authority Revenue Bonds, (AGM Insured), Series 2022
5.750% due 12/31/2062			3,000			3,328

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2021
9.000% due 04/01/2051			1,650			1,845

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022
4.000% due 02/15/2041			1,825			1,777

Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2019
5.000% due 08/15/2049			1,350			1,391


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Pennsylvania Turnpike Commission Revenue Bonds, Series 2013
5.000% due 12/01/2043	$		3,800	$		3,825

Philadelphia Authority for Industrial Development, Pennsylvania Revenue Bonds, Series 2017
5.500% due 12/01/2058			1,000			908

Philadelphia, Pennsylvania Water & Wastewater Revenue Bonds, Series 2019
5.000% due 11/01/2054			3,100			3,238

						16,312


PUERTO RICO 7.6%

Children’s Trust Fund, Puerto Rico Revenue Bonds, Series 2008
0.000% due 05/15/2057 (c)			31,000			2,092

Commonwealth of Puerto Rico Bonds, Series 2022
0.000% due 11/01/2043			4,156			2,099
0.000% due 11/01/2051			4,255			1,968

Commonwealth of Puerto Rico General Obligation Bonds, Series 2021
0.000% due 07/01/2033 (c)			1,750			1,072
4.000% due 07/01/2041			1,700			1,482

Puerto Rico Highway & Transportation Authority Revenue Bonds, Series 2022
5.000% due 07/01/2053 (d)			2,523			1,545
5.000% due 07/01/2062			322			314

Puerto Rico Highway & Transportation Authority Revenue Notes, Series 2022
0.000% due 07/01/2032 (c)			209			133

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018
0.000% due 07/01/2046 (c)			9,650			2,723
0.000% due 07/01/2051 (c)			10,500			2,220

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019
4.784% due 07/01/2058			5,460			5,188

						20,836


RHODE ISLAND 1.1%

Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015
5.000% due 06/01/2050			3,000			2,968


SOUTH CAROLINA 2.5%

South Carolina Public Service Authority Revenue Obligations Revenue Bonds, Series 2013
5.125% due 12/01/2043			5,000			5,008
5.500% due 12/01/2053			1,750			1,755

						6,763


TENNESSEE 0.8%

Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2020
4.000% due 11/01/2055			1,000			724

Metropolitan Nashville Airport Authority, Tennessee Revenue Bonds, Series 2019
4.000% due 07/01/2049			1,000			957

Shelby County, Tennessee Health Educational & Housing Facilities Board Revenue Bonds, Series 2019
5.750% due 10/01/2059			750			557

						2,238


TEXAS 15.3%

Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021
7.500% due 12/01/2045			650			426
12.000% due 12/01/2045			1,100			947

Austin, Texas Electric Utility Revenue Bonds, Series 2019
5.000% due 11/15/2044			1,585			1,696


46		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						June 30, 2023		(Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Bexar County Texas Hospital District, General Obligation Bonds, Series 2018
4.000% due 02/15/2043	$		2,500	$		2,427

Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2022
12.000% due 06/01/2043			2,000			2,003

Calhoun County, Texas Navigation Industrial Development Authority Revenue Notes, Series 2021
3.625% due 07/01/2026			1,250			1,145

Central Texas Turnpike System Revenue Bonds, Series 2015
0.000% due 08/15/2036 (c)			1,250			681
0.000% due 08/15/2037 (c)			4,000			2,061

Clifton Higher Education Finance Corp., Texas Revenue Bonds, Series 2018
6.125% due 08/15/2048			1,000			1,008

Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2022
5.000% due 11/01/2038			1,750			1,947

Grand Parkway Transportation Corp., Texas Revenue Bonds, Series 2018
5.000% due 10/01/2048 (e)			4,000			4,196

Houston, Texas Combined Utility System Revenue Bonds, Series 2019
4.000% due 11/15/2044			1,500			1,498

Lamar Cosolidated Independent School District, Texas General Obligation Bonds, Series 2023
4.000% due 02/15/2048			2,500			2,444

New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2021
5.500% due 01/01/2057			2,400			1,725

North Texas Tollway Authority Revenue Bonds, Series 2017
4.000% due 01/01/2043			1,500			1,464
5.000% due 01/01/2048			1,250			1,286

Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2017
6.750% due 11/15/2047			500			510

Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022
5.000% due 11/15/2051			1,480			1,559

Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006
5.250% due 12/15/2026			150			155

Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2008
6.250% due 12/15/2026			5,295			5,518

Texas Water Development Board Revenue Bonds, Series 2022
5.000% due 10/15/2057			2,560			2,782

University of North Texas System Revenue Bonds, Series 2018
4.000% due 04/15/2050			2,200			2,139


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

West Harris County, Texas Regional Water Authority Revenue Bonds, (BAM Insured), Series 2021
4.000% due 12/15/2060	$		2,700	$		2,544

						42,161


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			2,635			2,607


VIRGINIA 3.7%

Virginia Commonwealth Transportation Board Revenue Bonds, Series 2018
4.000% due 05/15/2041 (e)			4,000			4,011

Virginia Small Business Financing Authority Revenue Bonds, Series 2019
0.000% due 07/01/2061 (c)			25,000			1,220
5.000% due 07/01/2034			1,500			1,411

Virginia Small Business Financing Authority Revenue Bonds, Series 2020
4.000% due 12/01/2049			3,800			3,600

						10,242


WASHINGTON 2.4%

Seattle, Washington Municipal Light & Power Revenue Bonds, Series 2018
4.000% due 01/01/2046			4,000			3,948

Snohomish County, Washington Housing Authority Revenue Bonds, Series 2019
4.000% due 04/01/2044			1,000			921

Washington State Convention Center Public Facilities District Revenue Bonds, Series 2018
4.000% due 07/01/2058			1,345			1,143

Washington State Housing Finance Commission Revenue Bonds, Series 2018
5.000% due 07/01/2038			825			671

						6,683


WEST VIRGINIA 0.4%

Monongalia County, West Virginia Commission Special District Revenue Bonds, Series 2017
5.500% due 06/01/2037			1,000			1,022


WISCONSIN 4.9%

Public Finance Authority, Wisconsin Revenue Bonds, Series 2017
7.000% due 01/01/2050			2,500			2,723

Public Finance Authority, Wisconsin Revenue Bonds, Series 2018
6.375% due 01/01/2048			2,500			1,538

Public Finance Authority, Wisconsin Revenue Bonds, Series 2020
0.000% due 01/01/2060 (c)			7,500			432


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Public Finance Authority, Wisconsin Revenue Bonds, Series 2021
4.000% due 09/30/2051	$		1,260	$		1,032
4.000% due 07/01/2056			650			503
4.500% due 06/01/2056			885			657

Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020
0.000% due 12/15/2045 (c)			6,500			2,246

Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016
4.000% due 11/15/2046			415			424

Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018
5.000% due 04/01/2044			2,000			2,094

Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2022
4.000% due 12/01/2051			2,070			1,941

						13,590

Total Municipal Bonds & Notes (Cost $489,082)						479,159


NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3%

Freddie Mac
4.140% due 01/25/2040			999			930

Total Non-Agency Mortgage-Backed Securities (Cost $937)						930


		SHARES
COMMON STOCKS 0.1%

ENERGY 0.1%

Talen Energy Corp. (b)			4,321			217

Total Common Stocks (Cost $203)						217


SHORT-TERM INSTRUMENTS 0.4%

REPURCHASE AGREEMENTS (h) 0.4%

						1,088

Total Short-Term Instruments (Cost $1,088)						1,088



Total Investments in Securities (Cost $491,310)						481,394



Total Investments 174.9% (Cost $491,310)				$		481,394

Auction Rate Preferred Shares (56.2)%						(154,700	)

Remarketable Variable Rate MuniFund Term Preferred Shares, at liquidation value (12.4)%						(34,274	)

Other Assets and Liabilities, net (6.3)%						(17,116	)

Net Assets Applicable to Common Shareholders 100.0%				$		275,304

NOTES TO SCHEDULE OF INVESTMENTS:

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

^	Security is in default.

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

(b)	Security did not produce income within the last twelve months.

(c)	Zero coupon security.

(d)	Security becomes interest bearing at a future date.

(e)

(f)

Represents an investment in a tender option bond residual interest certificate purchased in a secondary market transaction. The interest rate shown bears an inverse relationship to the interest rate on a tender option bond floating rate certificate. The interest rate disclosed reflects the rate in effect on June 30, 2023.

See Accompanying Notes

SEMIANNUAL REPORT

JUNE 30, 2023


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

(g) 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	$	3,711	$	2,969		1.08	%
New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020		4.200			11/01/2054		11/18/2021		1,683		1,364		0.49

								$	5,394	$	4,333		1.57	%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(h) 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		2.400	%		06/30/2023		07/03/2023	$	1,088	U.S. Treasury Notes 4.625% due 06/30/2025	$	(1,110	)	$	1,088	$	1,088

Total Repurchase Agreements											$	(1,110	)	$	1,088	$	1,088

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:


Counterparty	Repurchase Agreement Proceeds to be Received (1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure (2)
Global/Master Repurchase Agreement
FICC	$	1,088	$	0	$	0	$	1,088	$	(1,110	)	$	(22	)

Total Borrowings and Other Financing Transactions	$	1,088	$	0	$	0

(1)	Includes accrued interest.

(2)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June

30, 2023 in valuing the Fund’s assets and liabilities


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Investments in Securities, at Value
Municipal Bonds & Notes
Alabama	$	0	$	19,689	$	0	$	19,689
Alaska		0		1,241		0		1,241
Arizona		0		23,113		0		23,113
California		0		22,294		0		22,294
Colorado		0		11,870		0		11,870
Connecticut		0		5,245		0		5,245
Delaware		0		12,026		0		12,026
District of Columbia		0		4,833		0		4,833
Florida		0		32,766		0		32,766
Georgia		0		15,800		0		15,800
Illinois		0		41,324		0		41,324
Indiana		0		7,152		0		7,152
Iowa		0		3,984		0		3,984
Kansas		0		1,928		0		1,928
Louisiana		0		15,365		0		15,365
Maine		0		1,500		0		1,500
Maryland		0		480		0		480
Massachusetts		0		10,503		0		10,503


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Michigan	$	0	$	13,781	$	0	$	13,781
Minnesota		0		1,707		0		1,707
Missouri		0		1,671		0		1,671
Nevada		0		5,595		0		5,595
New Hampshire		0		2,671		0		2,671
New Jersey		0		29,476		0		29,476
New York		0		41,003		0		41,003
North Carolina		0		2,435		0		2,435
North Dakota		0		470		0		470
Ohio		0		18,881		0		18,881
Oklahoma		0		3,775		0		3,775
Oregon		0		1,159		0		1,159
Pennsylvania		0		16,312		0		16,312
Puerto Rico		0		20,836		0		20,836
Rhode Island		0		2,968		0		2,968
South Carolina		0		6,763		0		6,763
Tennessee		0		2,238		0		2,238
Texas		0		42,161		0		42,161
U.S. Virgin Islands		0		2,607		0		2,607
Virginia		0		10,242		0		10,242


48		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						June 30, 2023		(Unaudited)


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Washington	$	0	$	6,683	$	0	$	6,683
West Virginia		0		1,022		0		1,022
Wisconsin		0		13,590		0		13,590
Non-Agency Mortgage-Backed Securities		0		930		0		930
Common Stocks
Energy		217		0		0		217


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Short-Term Instruments
Repurchase Agreements	$	0	$	1,088	$	0	$	1,088


Total Investments	$	217	$	481,177	$	0	$	481,394

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

See Accompanying Notes

SEMIANNUAL REPORT

JUNE 30, 2023


Schedule of Investments		PIMCO California Municipal Income Fund

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 177.4%

MUNICIPAL BONDS & NOTES 176.7%

ARIZONA 0.2%

Arizona Industrial Development Authority Revenue Bonds, Series 2020
7.750% due 07/01/2050 ^(a)	$		850	$		467


CALIFORNIA 157.2%

Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022
5.375% due 10/01/2049 (c)			2,890			1,463

Alhambra Unified School District, California General Obligation Bonds, Series 2022
5.250% due 08/01/2047			870			982

Antelope Valley Community College District, California General Obligation Bonds, Series 2022
0.000% due 08/01/2047 (b)			680			200

Bay Area Toll Authority, California Revenue Bonds, Series 2007
2.800% due 04/01/2047			680			680

Bay Area Toll Authority, California Revenue Bonds, Series 2017
4.125% due 04/01/2054			1,700			1,698
5.000% due 04/01/2056			1,750			1,902

California Community Housing Agency Revenue Bonds, Series 2019
5.000% due 04/01/2049			3,925			3,257
5.000% due 08/01/2049			1,000			947

California Community Housing Agency Revenue Bonds, Series 2021
4.000% due 02/01/2056			1,000			759

California Community Housing Agency Revenue Bonds, Series 2022
4.500% due 08/01/2052			1,000			835

California County Tobacco Securitization Agency Revenue Bonds, Series 2002
6.000% due 06/01/2035			1,660			1,661

California County Tobacco Securitization Agency Revenue Bonds, Series 2007
0.000% due 06/01/2057 (b)			7,000			1,024

California County Tobacco Securitization Agency Revenue Bonds, Series 2020
0.000% due 06/01/2055 (b)			4,700			799

California Educational Facilities Authority Revenue Bonds, Series 2017
5.000% due 04/01/2047			800			823

California Educational Facilities Authority Revenue Bonds, Series 2018
4.000% due 10/01/2039			1,250			1,252
5.000% due 10/01/2048			1,000			1,037

California Enterprise Development Authority Revenue Bonds, Series 2020
5.000% due 08/01/2050			700			709

California Health Facilities Financing Authority Revenue Bonds, (CM Insured), Series 2020
4.000% due 11/01/2040			1,195			1,207

California Health Facilities Financing Authority Revenue Bonds, Series 2013
5.000% due 08/15/2052			1,675			1,678

California Health Facilities Financing Authority Revenue Bonds, Series 2015
5.000% due 08/15/2054			1,300			1,327

California Health Facilities Financing Authority Revenue Bonds, Series 2016
5.000% due 11/15/2046 (d)			5,000			5,237
5.000% due 08/15/2055			6,000			6,123

California Health Facilities Financing Authority Revenue Bonds, Series 2017
4.000% due 11/01/2038			1,400			1,411

California Health Facilities Financing Authority Revenue Bonds, Series 2020
4.000% due 04/01/2049			3,500			3,241
4.000% due 06/01/2050			4,000			3,753


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

California Health Facilities Financing Authority Revenue Bonds, Series 2021
4.000% due 08/15/2048	$		2,500	$		2,458

California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020
0.000% due 01/01/2060 (b)			5,250			322
3.650% due 01/01/2050			2,500			2,490
4.000% due 11/01/2055			915			793

California Municipal Finance Authority Certificates of Participation Bonds, (AGM Insured), Series 2022
5.250% due 11/01/2052			1,700			1,817

California Municipal Finance Authority Revenue Bonds, (BAM Insured), Series 2021
4.000% due 05/15/2046			700			654

California Municipal Finance Authority Revenue Bonds, Series 2018
5.000% due 05/15/2043			500			512
5.000% due 06/01/2043			1,370			1,457
5.000% due 06/01/2048			1,370			1,447

California Municipal Finance Authority Revenue Bonds, Series 2021
4.000% due 09/01/2050 (e)			1,200			930

California Public Finance Authority Revenue Bonds, Series 2019
6.250% due 07/01/2054			1,350			1,430

California School Finance Authority Revenue Bonds, Series 2019
5.000% due 07/01/2054			1,000			1,009

California State General Obligation Bonds, (AGM Insured), Series 2007
5.250% due 08/01/2032			3,500			4,192

California State General Obligation Bonds, Series 2013
5.000% due 11/01/2043			7,000			7,031

California State General Obligation Bonds, Series 2017
4.000% due 11/01/2047			2,750			2,752

California State General Obligation Bonds, Series 2018
5.000% due 10/01/2047			1,275			1,329

California State General Obligation Bonds, Series 2021
5.000% due 09/01/2041			1,500			1,686

California State General Obligation Bonds, Series 2022
4.000% due 04/01/2049			2,250			2,264

California State General Obligation Notes, Series 2021
5.000% due 10/01/2029			2,700			3,073

California State University Revenue Bonds, Series 2015
5.000% due 11/01/2047			8,000			8,277

California Statewide Communities Development Authority Revenue Bonds, (AGM Insured), Series 2022
5.375% due 08/15/2057			1,000			1,071

California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2018
4.000% due 07/01/2040			1,000			1,008
4.000% due 07/01/2043			350			351
4.000% due 07/01/2047			1,750			1,738

California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2021
4.000% due 11/01/2051			800			788

California Statewide Communities Development Authority Revenue Bonds, Series 2016
4.000% due 08/15/2051			225			211
5.000% due 12/01/2046			5,700			5,532

California Statewide Communities Development Authority Revenue Bonds, Series 2018
4.000% due 07/01/2048			1,000			959
4.000% due 12/01/2057			2,000			1,839
5.000% due 03/01/2048			1,700			1,725
5.500% due 12/01/2058			1,775			1,764

California Statewide Financing Authority Revenue Bonds, Series 2002
6.000% due 05/01/2037			2,400			2,438

Calistoga Joint Unified School District, California General Obligation Bonds, Series 2023
5.000% due 08/01/2052			1,445			1,607


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Chino Valley Unified School District, California General Obligation Bonds, Series 2022
0.000% due 08/01/2036 (b)	$		1,395	$		837
0.000% due 08/01/2042 (b)			1,500			657

CMFA Special Finance Agency VII, California Revenue Bonds, Series 2021
3.000% due 08/01/2056			2,500			1,659
4.000% due 08/01/2047			600			505

CMFA Special Finance Agency, California Revenue Bonds, Series 2021
4.000% due 08/01/2045			750			614

Corona Norco Unified School District, General Obligation Bonds, Series 2018
4.000% due 08/01/2047			1,650			1,653

CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021
3.000% due 02/01/2057			500			331
3.100% due 07/01/2045			1,000			757
3.400% due 10/01/2046			450			349
4.000% due 08/01/2056			250			192
4.000% due 10/01/2056			600			442

CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022
4.750% due 09/01/2062 (c)			2,000			1,004

Department of Veterans Affairs Veteran’s Farm & Home Purchase Program, California Revenue Bonds, Series 2022
4.950% due 12/01/2046			340			356

El Monte School District, California General Obligation Bonds, (BAM Insured), Series 2023
5.000% due 08/01/2052			1,600			1,745

El Monte, California Certificates of Participation Bonds, (AMBAC Insured), Series 2001
5.250% due 01/01/2034			8,780			8,976

Folsom Cordova Unified School District, California General Obligation Bonds, (AGM Insured), Series 2019
4.000% due 10/01/2044			1,315			1,315

Foothill-Eastern Transportation Corridor Agency, California Revenue Bonds, Series 2014
3.950% due 01/15/2053			860			804

Fresno Unified School District, California General Obligation Bonds, Series 2016
4.000% due 08/01/2046			2,410			2,404

Glendale Community College District, California General Obligation Bonds, Series 2020
4.000% due 08/01/2050			1,500			1,483

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2018
5.000% due 06/01/2030			2,000			2,231

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021
0.000% due 06/01/2066 (b)			20,500			2,237

Hacienda La Puente Unified School District, California General Obligation Bonds, Series 2017
4.000% due 08/01/2047			2,000			1,986

Hartnell Community College District, California General Obligation Bonds, Series 2017
4.000% due 08/01/2042			3,400			3,413

Hastings Campus Housing Finance Authority, California Revenue Bonds, Series 2020
5.000% due 07/01/2061			2,000			1,626

Hayward Unified School District, California General Obligation Bonds, Series 2015
5.000% due 08/01/2038			6,000			6,126

Imperial Irrigation District Electric System, California Revenue Bonds, Series 2016
5.000% due 11/01/2041 (d)			6,000			6,288

Long Beach Bond Finance Authority, California Revenue Bonds, Series 2007
5.500% due 11/15/2027			1,000			1,057
5.500% due 11/15/2030			415			454

Long Beach Bond Finance Authority, California Revenue Bonds, Series 2023
4.000% due 08/01/2053			2,000			1,958


50		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						June 30, 2023		(Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Long Beach Community College District, California General Obligation Bonds, Series 2019
4.000% due 08/01/2045	$		500	$		500

Los Angeles County, California Metropolitan Transportation Authority Revenue Bonds, Series 2019
5.000% due 07/01/2044			2,500			2,686

Los Angeles County, California Metropolitan Transportation Authority Sales Tax Revenue Bonds, Series 2021
4.000% due 06/01/2037			1,750			1,839

Los Angeles County, California Sanitation Districts Financing Authority Revenue Bonds, Series 2016
4.000% due 10/01/2042			1,500			1,484

Los Angeles Department of Airports, California Revenue Bonds, Series 2020
4.000% due 05/15/2050			2,185			2,100

Los Angeles Department of Airports, California Revenue Bonds, Series 2021
5.000% due 05/15/2048			2,500			2,745

Los Angeles Department of Water & Power System, California Revenue Bonds, Series 2019
5.000% due 07/01/2049			1,000			1,073

Los Angeles Department of Water & Power Water System, California Revenue Bonds, Series 2022
5.000% due 07/01/2052			1,335			1,471

Los Angeles Department of Water & Power, California Revenue Bonds, Series 2014
5.000% due 07/01/2043			2,000			2,011

Los Angeles Department of Water & Power, California Revenue Bonds, Series 2021
5.000% due 07/01/2041			1,500			1,661

Los Angeles Unified School District, California General Obligation Bonds, Series 2022
5.250% due 07/01/2047			2,500			2,826

M-S-R Energy Authority, California Revenue Bonds, Series 2009
6.500% due 11/01/2039			10,345			12,442

Manteca Unified School District, California General Obligation Bonds, Series 2020
4.000% due 08/01/2045			880			880

Metropolitan Water District of Southern California Revenue Bonds, Series 2020
5.000% due 10/01/2049			2,000			2,169

Monterey Peninsula Unified School District, California General Obligation Bonds, Series 2019
4.000% due 08/01/2040			3,000			3,022

Mount San Antonio Community College District, California General Obligation Bonds, Series 2019
5.000% due 08/01/2044			1,700			1,835

Mount San Jacinto Community College District, California General Obligation Bonds, Series 2018
4.000% due 08/01/2043			2,650			2,650

Municipal Improvement Corp. of Los Angeles, California Revenue Bonds, Series 2021
5.000% due 11/01/2038			2,000			2,251

New Haven Unified School District, California General Obligation Bonds, (AGC Insured), Series 2008
0.000% due 08/01/2030 (b)			1,875			1,469

Newport Mesa Unified School District, California General Obligation Bonds, (NPFGC Insured), Series 2007
0.000% due 08/01/2031 (b)			1,750			1,360

Northern California Energy Authority Revenue Bonds, Series 2018
4.000% due 07/01/2049			2,300			2,303

Oceanside Unified School District, California General Obligation Bonds, Series 2022
4.000% due 08/01/2041			1,020			1,031

Ontario International Airport Authority, California Revenue Bonds, (AGM Insured), Series 2021
4.000% due 05/15/2051			500			487

Orange County, California Community Facilities District Special Tax Bonds, Series 2022
5.000% due 08/15/2052			1,275			1,290


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Orange County, California Local Transportation Authority Revenue Bonds, Series 2019
5.000% due 02/15/2041	$		1,000	$		1,086

Pacifica School District, California General Obligation Bonds, Series 2018
4.000% due 08/01/2048			1,750			1,727

Richmond, California Wastewater Revenue Bonds, Series 2019
4.000% due 08/01/2049			1,350			1,337

Rio Hondo Community College District, California General Obligation Bonds, Series 2022
0.000% due 08/01/2045 (b)			1,650			572

River Islands Public Financing Authority, California Special Tax, (AGM Insured), Series 2022
4.250% due 09/01/2047			1,000			1,015

Riverside County, California Transportation Commission Revenue Bonds, Series 2021
4.000% due 06/01/2038			1,125			1,120

Riverside, California Sewer Revenue Bonds, Series 2018
4.000% due 08/01/2038			4,250			4,286

Riverside, California Water Revenue Bonds, Series 2019
5.000% due 10/01/2048			3,250			3,490

Sacramento Area Flood Control Agency, California Special Assessment Bonds, Series 2016
5.000% due 10/01/2041 (d)			2,800			2,936
5.000% due 10/01/2047 (d)			1,700			1,771

Sacramento County, California Sanitation Districts Financing Authority Revenue Bonds, Series 2020
5.000% due 12/01/2050			1,000			1,089

Sacramento County, California Special Tax Bonds, Series 2022
5.000% due 09/01/2047			450			442

Sacramento Municipal Utility District, California Revenue Bonds, Series 2013
5.000% due 08/15/2048			500			560

Sacramento Transportation Authority Sales Tax, California Revenue Bonds, Series 2009
2.600% due 10/01/2038			1,900			1,900

Sacramento, California Special Tax Bonds, Series 2021
4.000% due 09/01/2050			1,500			1,290

San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021
4.000% due 07/01/2051			750			717
5.000% due 07/01/2051			2,215			2,304

San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2020
4.000% due 08/01/2045			1,750			1,750

San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2022
5.000% due 05/15/2047			1,000			1,107

San Diego Unified School District, California General Obligation Bonds, Series 2020
4.000% due 07/01/2050			1,000			984

San Francisco Bay Area Rapid Transit District, California General Obligation Bonds, Series 2019
4.000% due 08/01/2044			2,560			2,560

San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2017
5.000% due 05/01/2047			2,625			2,733

San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2019
5.000% due 05/01/2039			2,000			2,176
5.000% due 05/01/2049			2,000			2,117
5.000% due 05/01/2050			1,900			2,004

San Francisco, California City & County Certificates of Participation Bonds, Series 2015
4.000% due 09/01/2033			2,000			2,003

San Francisco, California City & County General Obligation Bonds, Series 2022
5.000% due 06/15/2042			2,750			3,022

San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2020
5.000% due 11/01/2050			1,100			1,198


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

San Jose Evergreen Community College District, California General Obligation Bonds, Series 2014
4.125% due 09/01/2043	$		1,000	$		1,013

San Jose Financing Authority, California Revenue Bonds, Series 2022
5.000% due 11/01/2052			1,700			1,888

San Jose Unified School District, California General Obligation Bonds, Series 2019
4.000% due 08/01/2042			1,000			1,005

San Mateo County, California Community College District General Obligation Bonds, (NPFGC Insured), Series 2006
0.000% due 09/01/2034 (b)			3,000			2,063

San Mateo County, California Community College District General Obligation Bonds, Series 2018
5.000% due 09/01/2045			4,000			4,327

San Mateo Foster City Public Financing Authority, California Revenue Bonds, Series 2019
4.000% due 08/01/2044			1,540			1,544

San Mateo Joint Powers Financing Authority, California Revenue Bonds, Series 2018
4.000% due 07/15/2052			1,650			1,618

Santa Clarita Community College District, California General Obligation Bonds, Series 2016
4.000% due 08/01/2046			2,000			1,995

Santa Monica, California Community College District General Obligation Bonds, Series 2022
4.000% due 08/01/2045			1,190			1,185

Silicon Valley Tobacco Securitization Authority, California Revenue Bonds, Series 2007
0.000% due 06/01/2036 (b)			1,000			488

Southwestern Community College District, California General Obligation Bonds, Series 2021
4.000% due 08/01/2046			4,300			4,307

State Center Community College District, California General Obligation Bonds, Series 2022
5.000% due 08/01/2047			1,690			1,870

Sweetwater Union High School District, California General Obligation Bonds, Series 2022
5.000% due 08/01/2052			2,025			2,191

Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021
0.000% due 06/01/2060 (b)			15,900			2,479

Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2006
0.000% due 06/01/2046 (b)			4,000			696

University of California Revenue Bonds, Series 2017
5.000% due 05/15/2047			5,000			5,288

University of California Revenue Bonds, Series 2019
5.000% due 05/15/2049			2,500			2,687

Upland, California Certificates of Participation Bonds, Series 2017
4.000% due 01/01/2042			3,250			2,932

Washington Township Health Care District, California General Obligation Bonds, Series 2015
4.000% due 08/01/2045			2,500			2,390

West Valley-Mission Community College District, California General Obligation Bonds, Series 2022
4.000% due 08/01/2047			2,000			1,996

						311,261


DELAWARE 1.4%

Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022
0.000% due 10/01/2038			2,730			2,351
7.120% due 10/01/2038			480			462

						2,813


ILLINOIS 4.1%

Chicago, Illinois General Obligation Bonds, Series 2007
5.500% due 01/01/2042			2,000			2,029

Chicago, Illinois General Obligation Bonds, Series 2017
6.000% due 01/01/2038			1,500			1,597

See Accompanying Notes

SEMIANNUAL REPORT

JUNE 30, 2023


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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Illinois State General Obligation Bonds, Series 2012
5.000% due 08/01/2023	$		1,500	$		1,501

Illinois State General Obligation Bonds, Series 2020
4.125% due 10/01/2036			2,000			2,013

Illinois State General Obligation Notes, Series 2017
5.000% due 11/01/2027			1,000			1,067

						8,207


INDIANA 0.9%

Indiana Finance Authority Revenue Bonds, Series 2022
4.500% due 12/15/2046			1,790			1,787


NEW HAMPSHIRE 1.0%

New Hampshire Business Finance Authority Revenue Bonds, Series 2023
4.817% due 12/20/2036			1,993			1,958


NORTH DAKOTA 0.2%

Grand Forks County, North Dakota Revenue Bonds, Series 2021
7.000% due 12/15/2043 ^(a)			650			325


PENNSYLVANIA 0.7%

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2021
9.000% due 04/01/2051			1,170			1,308


PUERTO RICO 8.9%

Children’s Trust Fund, Puerto Rico Revenue Bonds, Series 2008
0.000% due 05/15/2057 (b)			20,400			1,383


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Commonwealth of Puerto Rico Bonds, Series 2022
0.000% due 11/01/2043	$		2,975	$		1,502
0.000% due 11/01/2051			2,683			1,259

Commonwealth of Puerto Rico General Obligation Bonds, Series 2021
0.000% due 07/01/2033 (b)			1,250			766
4.000% due 07/01/2041			1,200			1,046

Puerto Rico Highway & Transportation Authority Revenue Bonds, Series 2022
5.000% due 07/01/2053 (c)			2,106			1,290
5.000% due 07/01/2062			235			229

Puerto Rico Highway & Transportation Authority Revenue Notes, Series 2022
0.000% due 07/01/2032 (b)			153			97

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018
0.000% due 07/01/2051 (b)			25,500			5,391

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019
4.784% due 07/01/2058			4,951			4,705

						17,668


TEXAS 0.5%

Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021
7.500% due 12/01/2045			460			302
12.000% due 12/01/2045			800			689

						991


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			1,860			1,840


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
VIRGINIA 0.7%

Virginia Small Business Financing Authority Revenue Bonds, Series 2019
0.000% due 07/01/2061 (b)	$		17,000	$		829
5.500% due 07/01/2044			500			464

						1,293

Total Municipal Bonds & Notes (Cost $355,230)						349,918


SHORT-TERM INSTRUMENTS 0.7%

REPURCHASE AGREEMENTS (f) 0.7%
						1,343

Total Short-Term Instruments (Cost $1,343)						1,343



Total Investments in Securities (Cost $356,573)						351,261


Total Investments 177.4% (Cost $356,573)				$		351,261

Auction Rate Preferred Shares (60.9)%						(120,625	)

Remarketable Variable Rate MuniFund Term Preferred Shares, at liquidation value (12.3)%						(24,376	)

Other Assets and Liabilities, net (4.2)%						(8,220	)

Net Assets Applicable to Common Shareholders 100.0%				$		198,040

NOTES TO SCHEDULE OF INVESTMENTS:

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

^	Security is in default.

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

(b)	Zero coupon security.

(c)	Security becomes interest bearing at a future date.

(d)

(e) RESTRICTED SECURITIES:

Issuer Description

Coupon

Maturity
Date

Acquisition
Date

Cost

Market
Value

Market Value

as Percentage

of Net Assets

Applicable to

Common

Shareholders

California Municipal Finance Authority Revenue Bonds, Series 2021

4.000%

09/01/2050

08/03/2022

1,087

930

0.47%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(f) 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		2.400	%		06/30/2023		07/03/2023	$	1,343	U.S. Treasury Notes 4.625% due 06/30/2025	$	(1,370	)	$	1,343	$	1,343

Total Repurchase Agreements											$	(1,370	)	$	1,343	$	1,343


52		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						June 30, 2023		(Unaudited)

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:


Counterparty	Repurchase Agreement Proceeds to be Received (1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure (2)
Global/Master Repurchase Agreement
FICC	$	1,343	$	0	$	0	$	1,343	$	(1,370	)	$	(27	)

Total Borrowings and Other Financing Transactions	$	1,343	$	0	$	0

(1)	Includes accrued interest.

(2)

FAIR VALUE MEASUREMENTS

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


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Investments in Securities, at Value
Municipal Bonds & Notes
Arizona	$	0	$	467	$	0	$	467
California		0		311,261		0		311,261
Delaware		0		2,813		0		2,813
Illinois		0		8,207		0		8,207
Indiana		0		1,787		0		1,787
New Hampshire		0		1,958		0		1,958
North Dakota		0		325		0		325


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Pennsylvania	$	0	$	1,308	$	0	$	1,308
Puerto Rico		0		17,668		0		17,668
Texas		0		991		0		991
U.S. Virgin Islands		0		1,840		0		1,840
Virginia		0		1,293		0		1,293
Short-Term Instruments
Repurchase Agreements		0		1,343		0		1,343


Total Investments	$	0	$	351,261	$	0	$	351,261

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

See Accompanying Notes

SEMIANNUAL REPORT

JUNE 30, 2023


Schedule of Investments		PIMCO California Municipal Income Fund II

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 176.7%

MUNICIPAL BONDS & NOTES 176.4%

ARIZONA 0.2%

Arizona Industrial Development Authority Revenue Bonds, Series 2020
7.750% due 07/01/2050 ^(a)	$		940	$		517


CALIFORNIA 158.0%

Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022
5.375% due 10/01/2049 (c)			3,085			1,562

Antelope Valley Community College District, California General Obligation Bonds, Series 2022
0.000% due 08/01/2047 (b)			720			212

Bay Area Toll Authority, California Revenue Bonds, Series 2007
2.800% due 04/01/2047			730			730

Bay Area Toll Authority, California Revenue Bonds, Series 2014
5.000% due 10/01/2054			3,000			3,073

Bay Area Toll Authority, California Revenue Bonds, Series 2017
4.000% due 04/01/2047			3,000			2,956
4.125% due 04/01/2054			1,800			1,798
5.000% due 04/01/2056			2,000			2,173

California Community Housing Agency Revenue Bonds, Series 2019
5.000% due 04/01/2049			4,400			3,651
5.000% due 08/01/2049			1,000			947

California Community Housing Agency Revenue Bonds, Series 2021
4.000% due 02/01/2056			1,000			759

California Community Housing Agency Revenue Bonds, Series 2022
4.500% due 08/01/2052			1,000			835

California County Tobacco Securitization Agency Revenue Bonds, Series 2002
5.875% due 06/01/2043			885			885
6.125% due 06/01/2038			1,000			1,001

California County Tobacco Securitization Agency Revenue Bonds, Series 2007
0.000% due 06/01/2057 (b)			9,000			1,317

California County Tobacco Securitization Agency Revenue Bonds, Series 2020
0.000% due 06/01/2055 (b)			5,100			867

California Educational Facilities Authority Revenue Bonds, Series 2017
5.000% due 04/01/2047			835			859

California Educational Facilities Authority Revenue Bonds, Series 2018
5.000% due 10/01/2043			1,300			1,357
5.000% due 10/01/2048			1,320			1,369

California Enterprise Development Authority Revenue Bonds, Series 2020
5.000% due 08/01/2050			750			760

California Health Facilities Financing Authority Revenue Bonds, (CM Insured), Series 2020
4.000% due 11/01/2040			1,285			1,297

California Health Facilities Financing Authority Revenue Bonds, Series 2015
5.000% due 08/15/2054			5,000			5,103

California Health Facilities Financing Authority Revenue Bonds, Series 2016
5.000% due 11/15/2046			1,000			1,047
5.000% due 08/15/2055			6,275			6,403

California Health Facilities Financing Authority Revenue Bonds, Series 2017
4.000% due 11/01/2038			1,500			1,512

California Health Facilities Financing Authority Revenue Bonds, Series 2020
4.000% due 06/01/2050			4,250			3,987

California Health Facilities Financing Authority Revenue Bonds, Series 2021
4.000% due 08/15/2048			1,200			1,180


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020
0.000% due 01/01/2060 (b)	$		6,250	$		384
3.650% due 01/01/2050			2,800			2,788
4.000% due 11/01/2045			850			779

California Municipal Finance Authority Certificates of Participation Bonds, (AGM Insured), Series 2022
5.250% due 11/01/2052			1,800			1,923

California Municipal Finance Authority Revenue Bonds, (BAM Insured), Series 2021
4.000% due 05/15/2041			500			482

California Municipal Finance Authority Revenue Bonds, Series 2017
5.000% due 01/01/2042			1,750			1,768

California Municipal Finance Authority Revenue Bonds, Series 2018
5.000% due 05/15/2043			1,000			1,023
5.000% due 06/01/2043			1,465			1,558

California Municipal Finance Authority Revenue Bonds, Series 2021
4.000% due 11/01/2036			840			774
4.000% due 09/01/2050 (e)			1,500			1,163

California Public Finance Authority Revenue Bonds, Series 2019
6.250% due 07/01/2054			1,650			1,748

California State General Obligation Bonds, Series 2013
5.000% due 11/01/2043			7,000			7,031

California State General Obligation Bonds, Series 2017
4.000% due 11/01/2047			3,250			3,252

California State General Obligation Bonds, Series 2018
4.000% due 10/01/2039			4,500			4,532
5.000% due 10/01/2047			2,000			2,085

California State General Obligation Bonds, Series 2020
4.000% due 03/01/2040			3,350			3,417
4.000% due 11/01/2040			1,500			1,533
4.000% due 03/01/2046			1,000			1,007

California State General Obligation Notes, Series 2020
5.000% due 11/01/2028			2,105			2,357

California State General Obligation Notes, Series 2021
5.000% due 10/01/2029			3,000			3,414

California State University Revenue Bonds, Series 2015
5.000% due 11/01/2047			5,000			5,173

California Statewide Communities Development Authority Revenue Bonds, (AGM Insured), Series 2022
5.375% due 08/15/2057			1,100			1,178

California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2018
4.000% due 07/01/2043			1,350			1,354

California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2021
4.000% due 11/01/2051			900			886

California Statewide Communities Development Authority Revenue Bonds, Series 2016
4.000% due 08/15/2051			225			210
5.000% due 06/01/2046			2,000			1,885
5.000% due 12/01/2046			2,000			1,941
5.250% due 12/01/2056			3,550			3,436

California Statewide Communities Development Authority Revenue Bonds, Series 2018
4.000% due 07/01/2048			1,000			959
4.000% due 12/01/2053			230			214
4.000% due 12/01/2057			2,000			1,839
5.000% due 03/01/2048			2,800			2,841
5.500% due 12/01/2058			2,200			2,186

California Statewide Financing Authority Revenue Bonds, Series 2002
6.000% due 05/01/2037			1,600			1,625

Calistoga Joint Unified School District, California General Obligation Bonds, Series 2023
5.000% due 08/01/2052			1,565			1,741

Chino Valley Unified School District, California General Obligation Bonds, Series 2022
0.000% due 08/01/2037 (b)			1,000			567
0.000% due 08/01/2040 (b)			1,400			676
0.000% due 08/01/2043 (b)			1,750			730
0.000% due 08/01/2044 (b)			1,405			558


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

City of California, Eureka City Schools, General Obligation Bonds, (BAM Insured), Series 2020
4.000% due 08/01/2049	$		3,000	$		2,971

City of Fremont CA Community Facilities District No 1
5.000% due 09/01/2045			1,400			1,412

CMFA Special Finance Agency VII, California Revenue Bonds, Series 2021
3.000% due 08/01/2056			1,000			664
4.000% due 08/01/2047			600			505

CMFA Special Finance Agency, California Revenue Bonds, Series 2021
4.000% due 08/01/2045			750			614

Corona Norco Unified School District, General Obligation Bonds, Series 2018
4.000% due 08/01/2047			1,790			1,794

CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021
3.000% due 02/01/2057			500			331
3.100% due 07/01/2045			1,000			757
3.400% due 10/01/2046			445			345
4.000% due 08/01/2056			250			192
4.000% due 10/01/2056			550			405

CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022
4.750% due 09/01/2062 (c)			2,200			1,105

Department of Veterans Affairs Veteran’s Farm & Home Purchase Program, California Revenue Bonds, Series 2022
4.950% due 12/01/2046			360			377

El Monte School District, California General Obligation Bonds, (BAM Insured), Series 2023
5.000% due 08/01/2052			1,635			1,783

Folsom Cordova Unified School District, California General Obligation Bonds, (AGM Insured), Series 2019
4.000% due 10/01/2044			1,415			1,415

Foothill-Eastern Transportation Corridor Agency, California Revenue Bonds, Series 2014
3.950% due 01/15/2053			920			861

Fresno Unified School District, California General Obligation Bonds, Series 2016
4.000% due 08/01/2046			2,605			2,599

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2018
5.000% due 06/01/2030			1,500			1,673
5.000% due 06/01/2034			4,500			5,019

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021
0.000% due 06/01/2066 (b)			20,000			2,183

Hacienda La Puente Unified School District, California General Obligation Bonds, Series 2017
4.000% due 08/01/2047			3,000			2,979

Hartnell Community College District, California General Obligation Bonds, Series 2017
4.000% due 08/01/2042			3,500			3,514

Hastings Campus Housing Finance Authority, California Revenue Bonds, Series 2020
5.000% due 07/01/2061			2,650			2,155

Hayward Unified School District, California General Obligation Bonds, Series 2015
5.000% due 08/01/2038			3,000			3,063

Long Beach Bond Finance Authority, California Revenue Bonds, Series 2007
5.500% due 11/15/2030			460			503
5.500% due 11/15/2037			7,500			8,252

Long Beach Bond Finance Authority, California Revenue Bonds, Series 2023
4.000% due 08/01/2053			2,000			1,958

Long Beach Community College District, California General Obligation Bonds, Series 2019
4.000% due 08/01/2045			550			550

Los Angeles County, California Facilities, Inc., Revenue Bonds, Series 2018
4.000% due 12/01/2048			2,500			2,473


54		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						June 30, 2023		(Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Los Angeles County, California Metropolitan Transportation Authority Sales Tax Revenue Bonds, Series 2021
4.000% due 06/01/2037	$		2,000	$		2,102

Los Angeles County, California Sanitation Districts Financing Authority Revenue Bonds, Series 2016
4.000% due 10/01/2042			2,000			1,978

Los Angeles Department of Airports, California Revenue Bonds, Series 2020
4.000% due 05/15/2048			2,575			2,556

Los Angeles Department of Airports, California Revenue Bonds, Series 2021
5.000% due 05/15/2048			2,500			2,745

Los Angeles Department of Water & Power Water System, California Revenue Bonds, Series 2022
5.000% due 07/01/2052			1,475			1,626

Los Angeles Department of Water & Power, California Revenue Bonds, Series 2014
5.000% due 07/01/2043			3,000			3,017

Los Angeles Department of Water & Power, California Revenue Bonds, Series 2018
5.000% due 07/01/2043			2,000			2,142

Los Angeles Department of Water & Power, California Revenue Bonds, Series 2021
5.000% due 07/01/2041			3,900			4,319

Los Angeles, California Wastewater System Revenue Bonds, Series 2017
5.000% due 06/01/2039			1,000			1,064

M-S-R Energy Authority, California Revenue Bonds, Series 2009
6.500% due 11/01/2039			7,810			9,393
7.000% due 11/01/2034			1,000			1,224

Mount San Antonio Community College District, California General Obligation Bonds, Series 2019
5.000% due 08/01/2044			1,850			1,997

Mount San Jacinto Community College District, California General Obligation Bonds, Series 2018
4.000% due 08/01/2043			2,200			2,200

Municipal Improvement Corp. of Los Angeles, California Revenue Bonds, Series 2021
5.000% due 11/01/2038			2,200			2,476

Newport Mesa Unified School District, California General Obligation Bonds, (NPFGC Insured), Series 2007
0.000% due 08/01/2031 (b)			1,900			1,477

Northern California Energy Authority Revenue Bonds, Series 2018
4.000% due 07/01/2049			2,500			2,503

Ontario International Airport Authority, California Revenue Bonds, (AGM Insured), Series 2021
4.000% due 05/15/2051			500			487

Orange County, California Community Facilities District Special Tax Bonds, Series 2022
5.000% due 08/15/2052			1,360			1,376

Orange County, California Local Transportation Authority Revenue Bonds, Series 2019
5.000% due 02/15/2041			3,000			3,259

Orange County, California Water District Certificates of Participation Bonds, Series 2003
2.850% due 08/01/2042			1,460			1,460

Pacifica School District, California General Obligation Bonds, Series 2018
4.000% due 08/01/2048			2,000			1,974

Poway Unified School District, California General Obligation Bonds, Series 2011
0.000% due 08/01/2040 (b)			11,000			5,377
0.000% due 08/01/2046 (b)			16,000			5,433

Richmond, California Wastewater Revenue Bonds, Series 2019
4.000% due 08/01/2049			1,460			1,446

Rio Hondo Community College District, California General Obligation Bonds, Series 2022
0.000% due 08/01/2045 (b)			1,850			641

River Islands Public Financing Authority, California Special Tax, (AGM Insured),Series 2022
4.250% due 09/01/2047			1,100			1,117


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Riverside, California Sewer Revenue Bonds, Series 2018
4.000% due 08/01/2038	$		3,500	$		3,530

Riverside, California Water Revenue Bonds, Series 2019
5.000% due 10/01/2048			3,540			3,801

Sacramento Area Flood Control Agency, California Special Assessment Bonds, Series 2016
5.000% due 10/01/2041 (d)			2,800			2,936
5.000% due 10/01/2047 (d)			1,700			1,771

Sacramento County, California Sanitation Districts Financing Authority Revenue Bonds, Series 2020
5.000% due 12/01/2050			1,200			1,306

Sacramento County, California Special Tax Bonds, Series 2022
5.000% due 09/01/2047			500			491

Sacramento Municipal Utility District, California Revenue Bonds, Series 2013
5.000% due 08/15/2048			500			560

San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021
4.000% due 07/01/2051			1,000			956
5.000% due 07/01/2051			2,360			2,454

San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2020
4.000% due 08/01/2038			1,610			1,655
4.000% due 08/01/2045			1,250			1,250

San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2022
5.000% due 05/15/2047			1,000			1,107

San Diego Unified School District, California General Obligation Bonds, Series 2020
4.000% due 07/01/2050			900			886

San Francisco Bay Area Rapid Transit District, California General Obligation Bonds, Series 2017
5.000% due 08/01/2047			1,000			1,060

San Francisco Bay Area Rapid Transit District, California General Obligation Bonds, Series 2019
4.000% due 08/01/2044			2,780			2,780

San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2017
5.000% due 05/01/2047			2,750			2,863

San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2019
5.000% due 05/01/2049			4,000			4,127
5.000% due 05/01/2050			3,500			3,692

San Francisco, California City & County Certificates of Participation Bonds, Series 2015
4.000% due 09/01/2033			1,530			1,532

San Francisco, California City & County Certificates of Participation Bonds, Series 2019
4.000% due 04/01/2038			3,000			3,026

San Francisco, California City & County Public Utilities Commission Wastewater Revenue Bonds, Series 2018
4.000% due 10/01/2043 (d)			10,000			10,032

San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2020
5.000% due 11/01/2050			1,200			1,307

San Jose Evergreen Community College District, California General Obligation Bonds, Series 2014
4.125% due 09/01/2043			1,750			1,773

San Jose Financing Authority, California Revenue Bonds, Series 2022
5.000% due 11/01/2052			1,800			1,999

San Jose Unified School District, California General Obligation Bonds, Series 2019
4.000% due 08/01/2042			1,000			1,005

San Marcos Redevelopment Agency Successor Agency, California Tax Allocation Bonds, Series 2015
5.000% due 10/01/2032			850			884
5.000% due 10/01/2033			1,125			1,170

San Mateo County, California Community College District General Obligation Bonds, (NPFGC Insured), Series 2006
0.000% due 09/01/2034 (b)			12,000			8,250


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

San Mateo Foster City Public Financing Authority, California Revenue Bonds, Series 2019
4.000% due 08/01/2044	$		1,655	$		1,659

San Mateo Joint Powers Financing Authority, California Revenue Bonds, Series 2018
4.000% due 07/15/2052			1,800			1,765

Santa Ana Unified School District, California General Obligation Bonds, Series 2019
4.000% due 08/01/2048			1,750			1,736

Santa Clarita Community College District, California General Obligation Bonds, Series 2016
4.000% due 08/01/2046			2,200			2,195

Santa Monica, California Community College District General Obligation Bonds, Series 2022
4.000% due 08/01/2045			1,270			1,264

Silicon Valley Tobacco Securitization Authority, California Revenue Bonds, Series 2007
0.000% due 06/01/2036 (b)			1,000			488

Southwestern Community College District, California General Obligation Bonds, Series 2021
4.000% due 08/01/2046			4,850			4,858

State Center Community College District, California General Obligation Bonds, Series 2022
5.000% due 08/01/2047			1,815			2,008

Sweetwater Union High School District, California General Obligation Bonds, Series 2022
5.000% due 08/01/2052			2,190			2,370

Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021
0.000% due 06/01/2060 (b)			19,480			3,037

Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2006
0.000% due 06/01/2046 (b)			5,000			862

University of California Revenue Bonds, Series 2019
5.000% due 05/15/2049			2,000			2,149

Upland, California Certificates of Participation Bonds, Series 2017
4.000% due 01/01/2042			3,000			2,707

Val Verde Unified School District, California General Obligation Bonds, (AGM Insured), Series 2021
4.000% due 08/01/2046			800			802

Washington Township Health Care District, California General Obligation Bonds, Series 2015
4.000% due 08/01/2045			3,000			2,868

						337,469


DELAWARE 1.4%

Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022
0.000% due 10/01/2038			2,935			2,527
7.120% due 10/01/2038			525			506

						3,033


ILLINOIS 3.0%

Chicago, Illinois General Obligation Bonds, Series 2007
5.500% due 01/01/2042			2,350			2,384

Illinois State General Obligation Bonds, Series 2012
5.000% due 08/01/2023			1,500			1,501

Illinois State General Obligation Bonds, Series 2018
5.000% due 05/01/2035			1,000			1,055

Illinois State General Obligation Bonds, Series 2020
4.125% due 10/01/2036			1,500			1,510

						6,450


INDIANA 0.9%

Indiana Finance Authority Revenue Bonds, Series 2022
4.500% due 12/15/2046			1,880			1,876


NEW HAMPSHIRE 1.0%

New Hampshire Business Finance Authority Revenue Bonds, Series 2023
4.817% due 12/20/2036			2,124			2,087

See Accompanying Notes

SEMIANNUAL REPORT

JUNE 30, 2023


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


		PRINCIPAL AMOUNT (000s)			MARKET VALUE (000s)
NEW YORK 0.7%

New York Liberty Development Corp. Revenue Bonds, Series 2005
5.250% due 10/01/2035	$		1,250	$		1,429


NORTH DAKOTA 0.2%

Grand Forks County, North Dakota Revenue Bonds, Series 2021
7.000% due 12/15/2043 ^(a)			720			360


PENNSYLVANIA 0.7%

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2021
9.000% due 04/01/2051			1,275			1,425


PUERTO RICO 8.2%

Children’s Trust Fund, Puerto Rico Revenue Bonds, Series 2008
0.000% due 05/15/2057 (b)			24,300			1,625

Commonwealth of Puerto Rico Bonds, Series 2022
0.000% due 11/01/2043			3,269			1,651
0.000% due 11/01/2051			2,855			1,340

Commonwealth of Puerto Rico General Obligation Bonds, Series 2021
0.000% due 07/01/2033 (b)			1,250			766
4.000% due 07/01/2041			1,300			1,133


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

Puerto Rico Highway & Transportation Authority Revenue Bonds, Series 2022
5.000% due 07/01/2053 (c)	$		2,189	$		1,341
5.000% due 07/01/2062			251			244

Puerto Rico Highway & Transportation Authority Revenue Notes, Series 2022
0.000% due 07/01/2032 (b)			163			104

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018
0.000% due 07/01/2051 (b)			20,000			4,228

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019
4.784% due 07/01/2058			5,425			5,155

						17,587


TEXAS 0.5%

Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021
7.500% due 12/01/2045			500			328
12.000% due 12/01/2045			850			732

						1,060


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			2,005			1,984


		PRINCIPAL AMOUNT (000s)			MARKET VALUE (000s)
VIRGINIA 0.7%

Virginia Small Business Financing Authority Revenue Bonds, Series 2019
0.000% due 07/01/2061 (b)	$		19,000	$		927
5.500% due 07/01/2044			500			464


						1,391

Total Municipal Bonds & Notes (Cost $377,153)						376,668


SHORT-TERM INSTRUMENTS 0.3%

REPURCHASE AGREEMENTS (f) 0.3%
						685

Total Short-Term Instruments (Cost $685)						685



Total Investments in Securities (Cost $377,838)						377,353


Total Investments 176.7% (Cost $377,838)				$		377,353

Auction Rate Preferred Shares (60.3)%						(128,675	)

Remarketable Variable Rate MuniFund Term Preferred Shares, at liquidation value (12.8)%						(27,474	)

Other Assets and Liabilities, net (3.6)%						(7,679	)

Net Assets Applicable to Common Shareholders 100.0%				$		213,525

NOTES TO SCHEDULE OF INVESTMENTS:

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

^	Security is in default.

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

(b)	Zero coupon security.

(c)	Security becomes interest bearing at a future date.

(d)

(e) RESTRICTED SECURITIES:

Issuer Description

Coupon

Maturity
Date

Acquisition
Date

Cost

Market
Value

Market Value

as Percentage

of Net Assets

Applicable to

Common

Shareholders

California Municipal Finance Authority Revenue Bonds, Series 2021

4.000%

09/01/2050

08/03/2022

1,359

1,163

0.54%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(f) 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		2.400	%		06/30/2023		07/03/2023	$	685	U.S. Treasury Notes 4.625% due 06/30/2025	$	(699	)	$	685	$	685

Total Repurchase Agreements											$	(699	)	$	685	$	685


56		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						June 30, 2023		(Unaudited)

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:


Counterparty	Repurchase Agreement Proceeds to be Received (1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure (2)
Global/Master Repurchase Agreement
FICC	$	685	$	0	$	0	$	685	$	(699	)	$	(14	)

Total Borrowings and Other Financing Transactions	$	685	$	0	$	0

(1)	Includes accrued interest.

(2)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June

30, 2023 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Investments in Securities, at Value
Municipal Bonds & Notes
Arizona	$	0	$	517	$	0	$	517
California		0		337,469		0		337,469
Delaware		0		3,033		0		3,033
Illinois		0		6,450		0		6,450
Indiana		0		1,876		0		1,876
New Hampshire		0		2,087		0		2,087
New York		0		1,429		0		1,429
North Dakota		0		360		0		360
Pennsylvania		0		1,425		0		1,425


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Puerto Rico	$	0	$	17,587	$	0	$	17,587
Texas		0		1,060		0		1,060
U.S. Virgin Islands		0		1,984		0		1,984
Virginia		0		1,391		0		1,391
Short-Term Instruments
Repurchase Agreements		0		685		0		685


Total Investments	$	0	$	377,353	$	0	$	377,353

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

See Accompanying Notes

SEMIANNUAL REPORT

JUNE 30, 2023


Schedule of Investments		PIMCO California Municipal Income Fund III

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 175.8%

MUNICIPAL BONDS & NOTES 170.3%

ARIZONA 0.2%

Arizona Industrial Development Authority Revenue Bonds, Series 2020
7.750% due 07/01/2050 ^(a)	$		730	$		401


CALIFORNIA 154.0%

Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022
5.375% due 10/01/2049 (c)			2,525			1,278

Antelope Valley Community College District, California General Obligation Bonds, Series 2022
0.000% due 08/01/2047 (b)			600			177

Bay Area Toll Authority, California Revenue Bonds, Series 2007
2.800% due 04/01/2047			590			590

Bay Area Toll Authority, California Revenue Bonds, Series 2017
4.125% due 04/01/2054			1,500			1,498

California Community Housing Agency Revenue Bonds, Series 2019
5.000% due 04/01/2049			3,700			3,070
5.000% due 08/01/2049			1,000			947

California Community Housing Agency Revenue Bonds, Series 2021
4.000% due 02/01/2056			1,000			759

California Community Housing Agency Revenue Bonds, Series 2022
4.500% due 08/01/2052			1,000			835

California County Tobacco Securitization Agency Revenue Bonds, Series 2002
5.875% due 06/01/2035			1,820			1,847
6.000% due 06/01/2042			7,000			7,104
6.125% due 06/01/2038			1,000			1,001

California County Tobacco Securitization Agency Revenue Bonds, Series 2007
0.000% due 06/01/2057 (b)			4,000			585

California County Tobacco Securitization Agency Revenue Bonds, Series 2020
0.000% due 06/01/2055 (b)			4,000			680

California Educational Facilities Authority Revenue Bonds, Series 2017
5.000% due 04/01/2047			700			720

California Educational Facilities Authority Revenue Bonds, Series 2018
5.000% due 10/01/2043			1,000			1,044

California Enterprise Development Authority Revenue Bonds, Series 2020
5.000% due 08/01/2050			600			608

California Health Facilities Financing Authority Revenue Bonds, (CM Insured), Series 2020
4.000% due 11/01/2040			1,020			1,030

California Health Facilities Financing Authority Revenue Bonds, Series 2015
5.000% due 08/15/2054			3,000			3,062

California Health Facilities Financing Authority Revenue Bonds, Series 2016
5.000% due 11/15/2046 (d)			5,000			5,237
5.000% due 08/15/2055			5,000			5,102

California Health Facilities Financing Authority Revenue Bonds, Series 2017
4.000% due 11/01/2038			1,220			1,230

California Health Facilities Financing Authority Revenue Bonds, Series 2020
4.000% due 04/01/2049			2,750			2,547
4.000% due 06/01/2050			3,750			3,518

California Health Facilities Financing Authority Revenue Bonds, Series 2021
4.000% due 08/15/2048			2,300			2,262

California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020
0.000% due 01/01/2060 (b)			5,000			307


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
3.650% due 01/01/2050	$		2,250	$		2,241
4.000% due 11/01/2050			860			765

California Municipal Finance Authority Certificates of Participation Bonds, (AGM Insured), Series 2022
5.250% due 11/01/2052			1,500			1,603

California Municipal Finance Authority Revenue Bonds, Series 2018
5.000% due 06/01/2043			1,165			1,239
5.000% due 06/01/2048			1,100			1,162

California Municipal Finance Authority Revenue Bonds, Series 2021
4.000% due 11/01/2036			655			603
4.000% due 09/01/2050 (e)			1,200			930

California Public Finance Authority Revenue Bonds, Series 2019
6.250% due 07/01/2054			1,250			1,324

California School Finance Authority Revenue Bonds, Series 2017
5.000% due 07/01/2047			1,115			1,126

California State General Obligation Bonds, Series 2013
5.000% due 11/01/2043			5,000			5,022

California State General Obligation Bonds, Series 2017
4.000% due 11/01/2047			1,500			1,501

California State General Obligation Bonds, Series 2018
5.000% due 10/01/2047			2,000			2,085

California State General Obligation Bonds, Series 2020
4.000% due 11/01/2040			850			869

California State General Obligation Bonds, Series 2021
5.000% due 09/01/2041			1,500			1,686

California State General Obligation Bonds, Series 2022
4.000% due 04/01/2049			1,750			1,761

California State General Obligation Notes, Series 2019
5.000% due 04/01/2027			1,615			1,745

California State General Obligation Notes, Series 2021
5.000% due 10/01/2029			2,000			2,276

California State University Revenue Bonds, Series 2015
5.000% due 11/01/2047			6,750			6,984

California Statewide Communities Development Authority Revenue Bonds, (AGM Insured), Series 2022
5.375% due 08/15/2057			950			1,017

California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2018
4.000% due 07/01/2047			250			248

California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2021
4.000% due 11/01/2051			750			738

California Statewide Communities Development Authority Revenue Bonds, Series 2016
4.000% due 08/15/2051			200			187
5.000% due 06/01/2046			1,000			943
5.000% due 12/01/2046			3,100			3,009
5.250% due 12/01/2056			3,750			3,629

California Statewide Communities Development Authority Revenue Bonds, Series 2018
4.000% due 03/01/2042			2,500			2,299
4.000% due 07/01/2048			850			815
4.000% due 12/01/2057			2,000			1,839
5.000% due 03/01/2048			1,505			1,527

Calistoga Joint Unified School District, California General Obligation Bonds, Series 2023
5.000% due 08/01/2052			1,275			1,418

Chino Valley Unified School District, California General Obligation Bonds, Series 2022
0.000% due 08/01/2038 (b)			1,300			698
0.000% due 08/01/2039 (b)			1,600			816
0.000% due 08/01/2041 (b)			1,935			890
0.000% due 08/01/2046 (b)			1,500			540

Chino Valley Unified School District, California General Obligation Notes, Series 2022
0.000% due 08/01/2030 (b)			1,135			893

City of California, Eureka City Schools, General Obligation Bonds, (BAM Insured), Series 2020
4.000% due 08/01/2049			2,000			1,981


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

City of Fremont CA Community Facilities District No 1
5.000% due 09/01/2045	$		1,400	$		1,412

CMFA Special Finance Agency VII, California Revenue Bonds, Series 2021
3.000% due 08/01/2056			1,500			996
4.000% due 08/01/2047			600			505

CMFA Special Finance Agency, California Revenue Bonds, Series 2021
4.000% due 08/01/2045			750			614

Corona Norco Unified School District, General Obligation Bonds, Series 2018
4.000% due 08/01/2047			1,460			1,463

CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021
3.000% due 02/01/2057			500			331
3.100% due 07/01/2045			1,000			757
3.400% due 10/01/2046			350			271
4.000% due 08/01/2056			500			384
4.000% due 10/01/2056			750			552

CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022
4.750% due 09/01/2062 (c)			1,800			904

Department of Veterans Affairs Veteran’s Farm & Home Purchase Program, California Revenue Bonds, Series 2022
4.950% due 12/01/2046			300			314

El Monte School District, California General Obligation Bonds, (BAM Insured), Series 2023
5.000% due 08/01/2052			1,400			1,527

Folsom Cordova Unified School District, California General Obligation Bonds, (AGM Insured), Series 2019
4.000% due 10/01/2044			1,160			1,160

Foothill-Eastern Transportation Corridor Agency, California Revenue Bonds, Series 2014
3.950% due 01/15/2053			720			674

Fresno Unified School District, California General Obligation Bonds, Series 2016
4.000% due 08/01/2046			2,125			2,120

Glendale Community College District, California General Obligation Bonds, Series 2020
4.000% due 08/01/2050			1,000			989

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2018
5.000% due 06/01/2030			1,500			1,673

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021
0.000% due 06/01/2066 (b)			20,500			2,237

Hartnell Community College District, California General Obligation Bonds, Series 2017
4.000% due 08/01/2042			1,150			1,154

Hastings Campus Housing Finance Authority, California Revenue Bonds, Series 2020
5.000% due 07/01/2061			2,000			1,626

Hayward Unified School District, California General Obligation Bonds, Series 2015
5.000% due 08/01/2038			5,000			5,105

Imperial Irrigation District Electric System, California Revenue Bonds, Series 2016
5.000% due 11/01/2041 (d)			4,000			4,192

Irvine Facilities Financing Authority, California Special Tax Bonds, Series 2023
4.000% due 09/01/2058			2,000			1,947

Irvine Ranch Water District, California Special Assessment Bonds, Series 2009
2.450% due 10/01/2041			1,350			1,350

Long Beach Bond Finance Authority, California Revenue Bonds, Series 2007
5.500% due 11/15/2030			360			394

Long Beach Bond Finance Authority, California Revenue Bonds, Series 2023
4.000% due 08/01/2053			2,500			2,452

Long Beach Community College District, California General Obligation Bonds, Series 2019
4.000% due 08/01/2045			450			450


58		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						June 30, 2023		(Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Long Beach Unified School District, California General Obligation Bonds, Series 2009
5.750% due 08/01/2033	$		305	$		306

Los Angeles County, California Facilities, Inc., Revenue Bonds, Series 2018
4.000% due 12/01/2048			2,000			1,979

Los Angeles County, California Metropolitan Transportation Authority Revenue Bonds, Series 2019
5.000% due 07/01/2044			2,200			2,364

Los Angeles County, California Metropolitan Transportation Authority Sales Tax Revenue Bonds, Series 2021
4.000% due 06/01/2037			1,500			1,576

Los Angeles County, California Sanitation Districts Financing Authority Revenue Bonds, Series 2016
4.000% due 10/01/2042			1,185			1,172

Los Angeles Department of Airports, California Revenue Bonds, Series 2018
5.000% due 05/15/2048			1,800			1,865

Los Angeles Department of Water & Power System, California Revenue Bonds, Series 2019
5.000% due 07/01/2049			1,500			1,610

Los Angeles Department of Water & Power Water System, California Revenue Bonds, Series 2001
3.000% due 07/01/2035			1,000			1,000

Los Angeles Department of Water & Power Water System, California Revenue Bonds, Series 2022
5.000% due 07/01/2052			1,190			1,312

Los Angeles Department of Water & Power, California Revenue Bonds, Series 2014
5.000% due 07/01/2043			1,000			1,006

Los Angeles Department of Water & Power, California Revenue Bonds, Series 2021
5.000% due 07/01/2041			3,175			3,516

M-S-R Energy Authority, California Revenue Bonds, Series 2009
6.500% due 11/01/2039			2,700			3,248
7.000% due 11/01/2034			2,285			2,797

Manteca Financing Authority, California Revenue Bonds, Series 2009
5.750% due 12/01/2036			1,000			1,012

Manteca Unified School District, California General Obligation Bonds, Series 2020
4.000% due 08/01/2045			1,800			1,800

Monterey Peninsula Unified School District, California General Obligation Bonds, Series 2019
4.000% due 08/01/2040			2,545			2,564

Mount San Antonio Community College District, California General Obligation Bonds, Series 2019
5.000% due 08/01/2044			1,450			1,565

Mount San Jacinto Community College District, California General Obligation Bonds, Series 2018
4.000% due 08/01/2043			3,650			3,650

Municipal Improvement Corp. of Los Angeles, California Revenue Bonds, Series 2021
5.000% due 11/01/2038			1,790			2,014

Newport Mesa Unified School District, California General Obligation Bonds, (NPFGC Insured), Series 2007
0.000% due 08/01/2031 (b)			1,485			1,154

Northern California Energy Authority Revenue Bonds, Series 2018
4.000% due 07/01/2049			2,000			2,002

Oakland Redevelopment Agency Successor Agency, California Tax Allocation Bonds, (AGM Insured), Series 2015
5.000% due 09/01/2036			800			832

Ontario International Airport Authority, California Revenue Bonds, (AGM Insured), Series 2021
4.000% due 05/15/2051			400			389

Orange County, California Community Facilities District Special Tax Bonds, Series 2022
5.000% due 08/15/2052			1,115			1,128


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Orange County, California Local Transportation Authority Revenue Bonds, Series 2019
5.000% due 02/15/2041	$		1,000	$		1,086

Orange County, California Water District Certificates of Participation Bonds, Series 2003
2.850% due 08/01/2042			1,190			1,190

Pacifica School District, California General Obligation Bonds, Series 2018
4.000% due 08/01/2048			1,250			1,234

Richmond, California Wastewater Revenue Bonds, Series 2019
4.000% due 08/01/2049			1,190			1,178

Rio Hondo Community College District, California General Obligation Bonds, Series 2022
0.000% due 08/01/2045 (b)			1,500			520

River Islands Public Financing Authority, California Special Tax, (AGM Insured), Series 2022
4.250% due 09/01/2047			900			914

Riverside, California Sewer Revenue Bonds, Series 2018
4.000% due 08/01/2038			2,000			2,017

Riverside, California Water Revenue Bonds, Series 2019
5.000% due 10/01/2048			1,500			1,611

Sacramento Area Flood Control Agency, California Special Assessment Bonds, Series 2016
5.000% due 10/01/2041 (d)			2,200			2,307
5.000% due 10/01/2047 (d)			1,500			1,563

Sacramento County, California Sanitation Districts Financing Authority Revenue Bonds, Series 2020
5.000% due 12/01/2050			1,000			1,089

Sacramento County, California Special Tax Bonds, Series 2022
5.000% due 09/01/2047			400			393

Sacramento Municipal Utility District, California Revenue Bonds, Series 2013
5.000% due 08/15/2037			3,000			3,006
5.000% due 08/15/2048			500			560

San Diego County, California Regional Airport Authority Revenue Bonds, Series 2013
5.000% due 07/01/2043			1,325			1,325

San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021
4.000% due 07/01/2051			550			526
5.000% due 07/01/2051			1,925			2,002

San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2022
5.000% due 05/15/2047			1,000			1,107

San Francisco Bay Area Rapid Transit District, California General Obligation Bonds, Series 2019
4.000% due 08/01/2044			2,160			2,160

San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2017
5.000% due 05/01/2047			2,125			2,212

San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2019
5.000% due 05/01/2049			3,750			3,869
5.000% due 05/01/2050			4,100			4,325

San Francisco, California City & County Certificates of Participation Bonds, Series 2015
4.000% due 09/01/2033			1,500			1,502

San Francisco, California City & County General Obligation Bonds, Series 2022
5.000% due 06/15/2042			2,265			2,489

San Francisco, California City & County Redevelopment Agency Special Tax Bonds, Series 2013
5.000% due 08/01/2028			1,505			1,518

San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2020
5.000% due 11/01/2050			1,500			1,634

San Jose Evergreen Community College District, California General Obligation Bonds, Series 2014
4.125% due 09/01/2043			1,250			1,267


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

San Jose Financing Authority, California Revenue Bonds, Series 2022
5.000% due 11/01/2052	$		1,500	$		1,665

San Jose Unified School District, California General Obligation Bonds, Series 2019
4.000% due 08/01/2042			1,000			1,005

San Marcos Redevelopment Agency Successor Agency, California Tax Allocation Bonds, Series 2015
5.000% due 10/01/2034			885			922

San Mateo County, California Community College District General Obligation Bonds, (NPFGC Insured), Series 2006
0.000% due 09/01/2034 (b)			2,530			1,739

San Mateo County, California Community College District General Obligation Bonds, Series 2018
5.000% due 09/01/2045			2,000			2,164

San Mateo Foster City Public Financing Authority, California Revenue Bonds, Series 2019
4.000% due 08/01/2044			1,290			1,293

San Mateo Joint Powers Financing Authority, California Revenue Bonds, Series 2018
4.000% due 07/15/2052			1,550			1,520

Santa Ana Unified School District, California General Obligation Bonds, Series 2019
4.000% due 08/01/2048			1,250			1,240

Santa Clarita Community College District, California General Obligation Bonds, Series 2016
4.000% due 08/01/2046			1,800			1,796

Santa Monica, California Community College District General Obligation Bonds, Series 2022
4.000% due 08/01/2045			1,040			1,035

Silicon Valley Tobacco Securitization Authority, California Revenue Bonds, Series 2007
0.000% due 06/01/2036 (b)			1,000			488

South San Francisco Unified School, California General Obligation Bonds, Series 2023
4.000% due 09/01/2048			2,000			1,979

Southwestern Community College District, California General Obligation Bonds, Series 2021
4.000% due 08/01/2046			3,850			3,856

State Center Community College District, California General Obligation Bonds, Series 2022
5.000% due 08/01/2047			1,495			1,654

Sweetwater Union High School District, California General Obligation Bonds, Series 2022
5.000% due 08/01/2052			1,785			1,931

Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021
0.000% due 06/01/2060 (b)			20,000			3,118

Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2006
0.000% due 06/01/2046 (b)			3,995			695

University of California Revenue Bonds, Series 2017
5.000% due 05/15/2042			2,500			2,661

University of California Revenue Bonds, Series 2018
4.000% due 05/15/2043			1,050			1,054

University of California Revenue Bonds, Series 2019
5.000% due 05/15/2049			1,500			1,612

Upland, California Certificates of Participation Bonds, Series 2017
4.000% due 01/01/2042			2,250			2,030

Val Verde Unified School District, California General Obligation Bonds, (AGM Insured), Series 2021
4.000% due 08/01/2046			775			777

Washington Township Health Care District, California General Obligation Bonds, Series 2015
4.000% due 08/01/2045			2,500			2,390

						268,089


DELAWARE 1.4%

Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022
0.000% due 10/01/2038			2,380			2,049

See Accompanying Notes

��

SEMIANNUAL REPORT

JUNE 30, 2023


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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
7.120% due 10/01/2038	$		420	$		405

						2,454


ILLINOIS 1.2%

Illinois Finance Authority Revenue Bonds, Series 2020
3.570% due 08/15/2049			1,000			1,000

Illinois State General Obligation Notes, Series 2017
5.000% due 11/01/2027			1,000			1,067

						2,067


INDIANA 0.9%

Indiana Finance Authority Revenue Bonds, Series 2022
4.500% due 12/15/2046			1,580			1,577


NEW HAMPSHIRE 0.9%

New Hampshire Business Finance Authority Revenue Bonds, Series 2023
4.817% due 12/20/2036			1,695			1,666


NORTH DAKOTA 0.2%

Grand Forks County, North Dakota Revenue Bonds, Series 2021
7.000% due 12/15/2043 ^(a)			570			285


PENNSYLVANIA 0.6%

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2021
9.000% due 04/01/2051			1,005			1,123


PUERTO RICO 8.3%

Children’s Trust Fund, Puerto Rico Revenue Bonds, Series 2008
0.000% due 05/15/2057 (b)			18,000			1,218


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Commonwealth of Puerto Rico Bonds, Series 2022
0.000% due 11/01/2043	$		2,587	$		1,307
0.000% due 11/01/2051			2,688			1,268

Commonwealth of Puerto Rico General Obligation Bonds, Series 2021
0.000% due 07/01/2033 (b)			1,000			613
4.000% due 07/01/2041			1,000			871

Puerto Rico Highway & Transportation Authority Revenue Bonds, Series 2022
5.000% due 07/01/2053 (c)			2,019			1,237
5.000% due 07/01/2062			247			240

Puerto Rico Highway & Transportation Authority Revenue Notes, Series 2022
0.000% due 07/01/2032 (b)			160			102

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018
0.000% due 07/01/2046 (b)			7,700			2,173
0.000% due 07/01/2051 (b)			6,630			1,401

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019
4.784% due 07/01/2058			4,280			4,067

						14,497


TEXAS 0.5%

Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021
7.500% due 12/01/2045			390			256
12.000% due 12/01/2045			650			560

						816


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			1,615			1,598


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
VIRGINIA 0.7%

Virginia Small Business Financing Authority Revenue Bonds, Series 2019
0.000% due 07/01/2061 (b)	$		15,000	$		732
5.500% due 07/01/2044			500			464

						1,196


WISCONSIN 0.5%

Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020
0.000% due 12/15/2055 (b)			4,100			855

Total Municipal Bonds & Notes (Cost $302,242)						296,624


SHORT-TERM INSTRUMENTS 5.5%

REPURCHASE AGREEMENTS (f) 5.5%
						9,520

Total Short-Term Instruments (Cost $9,520)						9,520



Total Investments in Securities (Cost $311,762)						306,144


Total Investments 175.8% (Cost $311,762)				$		306,144

Auction Rate Preferred Shares (56.2)%						(97,875	)

Remarketable Variable Rate MuniFund Term Preferred Shares, at liquidation value (15.6)%						(27,077	)

Other Assets and Liabilities, net (4.0)%						(7,061	)

Net Assets Applicable to Common Shareholders 100.0%				$		174,131

NOTES TO SCHEDULE OF INVESTMENTS:

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

^	Security is in default.

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

(b)	Zero coupon security.

(c)	Security becomes interest bearing at a future date.

(d)

(e) RESTRICTED SECURITIES:

Issuer Description

Coupon

Maturity
Date

Acquisition
Date

Cost

Market
Value

Market Value

as Percentage

of Net Assets

Applicable to

Common

Shareholders

California Municipal Finance Authority Revenue Bonds, Series 2021

4.000%

09/01/2050

08/03/2022

$ 1,087

930

0.53%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(f) 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		2.400	%		06/30/2023		07/03/2023	$	9,520	U.S. Treasury Bonds 4.625% due 06/30/2025	$	(9,710	)	$	9,520	$	9,521

Total Repurchase Agreements											$	(9,710	)	$	9,520	$	9,521


60		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						June 30, 2023		(Unaudited)

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:


Counterparty	Repurchase Agreement Proceeds to be Received (1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure (2)
Global/Master Repurchase Agreement
FICC	$	9,521	$	0	$	0	$	9,521	$	(9,710	)	$	(189	)

Total Borrowings and Other Financing Transactions	$	9,521	$	0	$	0

(1)	Includes accrued interest.

(2)

FAIR VALUE MEASUREMENTS

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


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Investments in Securities, at Value
Municipal Bonds & Notes
Arizona	$	0	$	401	$	0	$	401
California		0		268,089		0		268,089
Delaware		0		2,454		0		2,454
Illinois		0		2,067		0		2,067
Indiana		0		1,577		0		1,577
New Hampshire		0		1,666		0		1,666
North Dakota		0		285		0		285
Pennsylvania		0		1,123		0		1,123


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Puerto Rico	$	0	$	14,497	$	0	$	14,497
Texas		0		816		0		816
U.S. Virgin Islands		0		1,598		0		1,598
Virginia		0		1,196		0		1,196
Wisconsin		0		855		0		855
Short-Term Instruments
Repurchase Agreements		0		9,520		0		9,520


Total Investments	$	0	$	306,144	$	0	$	306,144

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

See Accompanying Notes

SEMIANNUAL REPORT

JUNE 30, 2023


Schedule of Investments		PIMCO New York Municipal Income Fund

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 158.8%

MUNICIPAL BONDS & NOTES 158.2%

ARIZONA 0.2%

Arizona Industrial Development Authority Revenue Bonds, Series 2020
7.750% due 07/01/2050 ^(a)	$		300	$		165


CALIFORNIA 2.8%

California Health Facilities Financing Authority Revenue Bonds, Series 2016
5.000% due 11/15/2046 (d)			1,500			1,571

Los Angeles County, California Public Works Financing Authority Revenue Bonds, Series 2021
4.000% due 12/01/2046			380			379

						1,950


DELAWARE 1.4%

Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022
0.000% due 10/01/2038			980			844
7.120% due 10/01/2038			175			168

						1,012


INDIANA 0.9%

Indiana Finance Authority Revenue Bonds, Series 2022
4.500% due 12/15/2046			650			649


NEW HAMPSHIRE 1.0%

New Hampshire Business Finance Authority Revenue Notes, Series 2023
5.087% due 07/20/2027			669			681


NEW YORK 137.9%

Brookhaven Local Development Corp., New York Revenue Bonds, Series 2020
4.000% due 11/01/2055			600			471

Broome County, New York Local Development Corp. Revenue Bonds, (AGM Insured), Series 2020
4.000% due 04/01/2050			750			704

Build NYC Resource Corp., New York Revenue Bonds, Series 2018
5.625% due 12/01/2050			1,205			1,187

Build NYC Resource Corp., New York Revenue Bonds, Series 2023
5.250% due 07/01/2062			750			761

Dutchess County, New York Local Development Corp. Revenue Bonds, Series 2017
4.000% due 07/01/2046			435			426

Dutchess County, New York Local Development Corp. Revenue Bonds, Series 2020
5.000% due 07/01/2045			410			440

Dutchess County, New York Local Development Corp. Revenue Bonds, Series 2022
4.000% due 07/01/2049			765			720

Housing Development Corp., New York Revenue Bonds, Series 2017
3.700% due 11/01/2047			1,000			859

Hudson Yards Infrastructure Corp., New York Revenue Bonds, Series 2021
4.000% due 02/15/2039			1,000			1,008

Huntington Local Development Corp., New York Revenue Bonds, Series 2021
5.250% due 07/01/2056			500			394

Long Island Power Authority, New York Revenue Bonds, Series 2020
4.000% due 09/01/2039			500			505

Metropolitan Transportation Authority, New York Revenue Bonds, Series 2014
5.000% due 11/15/2039			1,000			1,005


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Metropolitan Transportation Authority, New York Revenue Bonds, Series 2016
5.000% due 11/15/2031	$		2,500	$		2,592
5.000% due 11/15/2051			1,000			1,036

Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2020
4.000% due 12/01/2046			825			719
4.000% due 07/01/2050			750			731

Nassau County, New York General Obligation Bonds, (AGM Insured), Series 2018
5.000% due 04/01/2036			2,000			2,175

Nassau County, New York Industrial Development Agency Revenue Bonds, Series 2021
5.000% due 01/01/2058			1,092			491

Nassau County, New York Tobacco Settlement Corp. Revenue Bonds, Series 2006
5.125% due 06/01/2046			1,230			1,139

New York City Transitional Finance Authority Building Aid, New York Revenue Bonds, Series 2018
5.250% due 07/15/2036			1,000			1,099

New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2019
4.000% due 05/01/2044			2,500			2,473
5.000% due 11/01/2043			1,030			1,101

New York City Water & Sewer System, New York Revenue Bonds, Series 2016
4.000% due 06/15/2046			830			823

New York City Water & Sewer System, New York Revenue Bonds, Series 2019
5.000% due 06/15/2049			2,000			2,136

New York City, New York General Obligation Bonds, Series 2013
5.000% due 08/01/2031			2,000			2,005

New York City, New York General Obligation Bonds, Series 2018
5.000% due 04/01/2043			1,500			1,589
5.000% due 04/01/2045			1,300			1,373

New York City, New York General Obligation Bonds, Series 2019
5.000% due 08/01/2039			1,000			1,085

New York City, New York Health and Hospitals Corp. Revenue Bonds, Series 2021
4.000% due 02/15/2048			880			844

New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022
5.250% due 11/01/2048			3,500			3,916
5.500% due 11/01/2045			500			573

New York City, New York Water & Sewer System Revenue Bonds, Series 2007
3.950% due 06/15/2036			1,000			1,000

New York Convention Center Development Corp. Revenue Bonds, Series 2016
5.000% due 11/15/2046			750			770

New York County, New York Tobacco Trust Revenue Bonds, Series 2005
0.000% due 06/01/2050 (b)			20,000			4,211
0.000% due 06/01/2055 (b)			7,000			539

New York Liberty Development Corp. Revenue Bonds, Series 2005
5.250% due 10/01/2035			770			880

New York Liberty Development Corp. Revenue Bonds, Series 2007
5.500% due 10/01/2037			750			860

New York Liberty Development Corp. Revenue Bonds, Series 2014
5.000% due 11/15/2044			1,900			1,875

New York Liberty Development Corp. Revenue Bonds, Series 2021
2.875% due 11/15/2046			440			328

New York Power Authority Revenue Bonds, (AGM Insured), Series 2022
4.000% due 11/15/2047			750			745

New York Power Authority Revenue Bonds, Series 2020
4.000% due 11/15/2055			1,500			1,455


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

New York State Dormitory Authority Memorial Sloan-Kettering Cancer Revenue Bonds, Series 2022
4.000% due 07/01/2051	$		1,200	$		1,129

New York State Dormitory Authority Revenue Bonds, (AGM/CR Insured), Series 2022
4.250% due 05/01/2052			850			839

New York State Dormitory Authority Revenue Bonds, Series 2015
5.000% due 07/01/2040			650			660

New York State Dormitory Authority Revenue Bonds, Series 2017
4.000% due 02/15/2047			500			489
5.000% due 12/01/2031			500			504

New York State Dormitory Authority Revenue Bonds, Series 2018
4.000% due 07/01/2041			750			741
4.000% due 03/15/2043			1,000			992
5.000% due 03/15/2037			3,000			3,231

New York State Dormitory Authority Revenue Bonds, Series 2019
5.000% due 03/15/2041			2,000			2,152

New York State Dormitory Authority Revenue Bonds, Series 2020
4.000% due 07/01/2050			3,855			3,672

New York State Dormitory Authority Revenue Bonds, Series 2021
4.000% due 03/15/2042			1,000			994

New York State Dormitory Authority Revenue Bonds, Series 2022
4.000% due 07/01/2049			345			315
5.000% due 07/15/2050			345			345

New York State Environmental Facilities Corp. Revenue Bonds, Series 2022
4.000% due 06/15/2047			1,750			1,749

New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020
4.200% due 11/01/2054 (e)			2,000			1,819

New York State Housing Finance Agency Revenue Bonds, Series 2010
3.900% due 05/01/2044			1,000			1,000

New York State Thruway Authority Revenue Bonds, Series 2019
4.000% due 01/01/2041			1,450			1,431

New York State Thruway Authority Revenue Bonds, Series 2021
4.000% due 01/01/2040			750			751

New York State Urban Development Corp. Revenue Bonds, Series 2004
3.900% due 03/15/2033			2,500			2,500

New York State Urban Development Corp. Revenue Bonds, Series 2019
5.000% due 03/15/2041			500			540

New York State Urban Development Corp. Revenue Bonds, Series 2021
4.000% due 03/15/2047			1,000			986

New York Transportation Development Corp. Revenue Bonds, Series 2016
5.250% due 01/01/2050			855			856

New York Transportation Development Corp. Revenue Bonds, Series 2020
5.000% due 10/01/2040			800			819

New York Transportation Development Corp. Revenue Bonds, Series 2022
4.000% due 12/01/2042			1,670			1,561

Onondaga County, New York Trust for Cultural Resources Revenue Bonds, Series 2019
4.000% due 12/01/2049			1,300			1,261
5.000% due 12/01/2040			350			383

Port Authority of New York & New Jersey Revenue Bonds, Series 2017
5.250% due 10/15/2057			4,500			4,706

Port Authority of New York & New Jersey Revenue Bonds, Series 2020
4.000% due 07/15/2060			350			323


62		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						June 30, 2023		(Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Schenectady County Capital Resource Corp. Union College Project, New York Revenue Notes, Series 2022
5.000% due 07/01/2032	$		340	$		397

Suffolk County, New York Economic Development Corp. Revenue Bonds, Series 2021
5.125% due 11/01/2041			350			282

Suffolk Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2021
0.000% due 06/01/2066 (b)			5,000			560
4.000% due 06/01/2050			500			447

The Genesee County Funding Corporation Tax-Exempt, New York Revenue Bonds, Series 2022
5.250% due 12/01/2052			1,000			1,020

Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022
4.000% due 05/15/2057			1,250			1,212

Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2018
4.000% due 11/15/2048			1,000			972

Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2019
5.000% due 11/15/2041			840			901
5.000% due 11/15/2043			500			533

Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2021
5.000% due 05/15/2051			1,000			1,081

Troy Capital Resource Corp., New York Revenue Bonds, Series 2020
5.000% due 09/01/2034			1,200			1,316

TSASC, Inc., New York Revenue Bonds, Series 2017
5.000% due 06/01/2041			2,000			2,037

Ulster County, New York Capital Resource Corp. Revenue Bonds, Series 2017
5.250% due 09/15/2047			500			373

						96,922


NORTH DAKOTA 0.2%

Grand Forks County, North Dakota Revenue Bonds, Series 2021
7.000% due 12/15/2043 ^(a)			230			115


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
PENNSYLVANIA 0.7%

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2021
9.000% due 04/01/2051	$		425	$		475


PUERTO RICO 8.9%

Children’s Trust Fund, Puerto Rico Revenue Bonds, Series 2008
0.000% due 05/15/2057 (b)			7,700			515

Commonwealth of Puerto Rico Bonds, Series 2022
0.000% due 11/01/2043			1,063			537
0.000% due 11/01/2051			1,283			609

Commonwealth of Puerto Rico General Obligation Bonds, Series 2021
4.000% due 07/01/2041			450			392

Puerto Rico Highway & Transportation Authority Revenue Bonds, Series 2022
5.000% due 07/01/2053 (c)			1,434			878
5.000% due 07/01/2062			125			122

Puerto Rico Highway & Transportation Authority Revenue Notes, Series 2022
0.000% due 07/01/2032 (b)			81			52

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018
0.000% due 07/01/2051 (b)			2,580			545

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019
4.784% due 07/01/2058			2,760			2,623

						6,273


TEXAS 1.5%

Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021
7.500% due 12/01/2045			160			105
12.000% due 12/01/2045			275			237

Texas Water Development Board Revenue Bonds, Series 2022
5.000% due 10/15/2057			650			706

						1,048


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
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	$		665	$		658


VIRGINIA 1.1%

Virginia Small Business Financing Authority Revenue Bonds, Series 2019
0.000% due 07/01/2061 (b)			6,000			293
5.500% due 07/01/2044			500			464

						757


WISCONSIN 0.7%

Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2022
4.000% due 12/01/2051			525			492

Total Municipal Bonds & Notes (Cost $113,663)						111,197


SHORT-TERM INSTRUMENTS 0.6%

REPURCHASE AGREEMENTS (f) 0.6%
						420

Total Short-Term Instruments (Cost $420)						420



Total Investments in Securities (Cost $114,083)						111,617


Total Investments 158.8% (Cost $114,083)				$		111,617

Auction Rate Preferred Shares (58.4)%						(41,025	)

Other Assets and Liabilities, net (0.4)%						(310	)

Net Assets Applicable to Common Shareholders 100.0%				$		70,282

NOTES TO SCHEDULE OF INVESTMENTS:

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

^	Security is in default.

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

(b)	Zero coupon security.

(c)	Security becomes interest bearing at a future date.

(d)

(e) RESTRICTED SECURITIES:

Issuer Description

Coupon

Maturity
Date

Acquisition
Date

Cost

Market
Value

Market Value
as Percentage
of Net Assets
Applicable to
Common
Shareholders

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

4.200%

11/01/2054

11/18/2021

$ 2,245

1,819

2.59%

See Accompanying Notes

SEMIANNUAL REPORT

JUNE 30, 2023


Schedule of Investments		PIMCO New York Municipal Income Fund		(Cont.)		June 30, 2023		(Unaudited)

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(f) 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		2.400	%		06/30/2023		07/03/2023	$	420	U.S. Treasury Notes 4.625% due 06/30/2025	$	(428	)	$	420	$	420

Total Repurchase Agreements											$	(428	)	$	420	$	420

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:


Counterparty	Repurchase Agreement Proceeds to be Received (1)		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure (2)
Global/Master Repurchase Agreement
FICC	$	420	$	0		$	0	$	420	$	(428	)	$	(8	)

Total Borrowings and Other Financing Transactions	$	420	$	0	��	$	0

(1)	Includes accrued interest.

(2)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June

30, 2023 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Investments in Securities, at Value
Municipal Bonds & Notes
Arizona	$	0	$	165	$	0	$	165
California		0		1,950		0		1,950
Delaware		0		1,012		0		1,012
Indiana		0		649		0		649
New Hampshire		0		681		0		681
New York		0		96,922		0		96,922
North Dakota		0		115		0		115
Pennsylvania		0		475		0		475


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Puerto Rico	$	0	$	6,273	$	0	$	6,273
Texas		0		1,048		0		1,048
U.S. Virgin Islands		0		658		0		658
Virginia		0		757		0		757
Wisconsin		0		492		0		492
Short-Term Instruments
Repurchase Agreements		0		420		0		420


Total Investments	$	0	$	111,617	$	0	$	111,617

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.


64		PIMCO CLOSED-END FUNDS			See Accompanying Notes


Schedule of Investments		PIMCO New York Municipal Income Fund II				June 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 174.3%

MUNICIPAL BONDS & NOTES 173.9%

ARIZONA 0.2%

Arizona Industrial Development Authority Revenue Bonds, Series 2020
7.750% due 07/01/2050 ^(a)	$		400	$		220


CALIFORNIA 0.5%

Los Angeles County, California Public Works Financing Authority Revenue Bonds, Series 2021
4.000% due 12/01/2046			515			514


DELAWARE 1.4%

Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022
0.000% due 10/01/2038			1,330			1,145
7.120% due 10/01/2038			235			227

						1,372


ILLINOIS 2.2%

Chicago, Illinois General Obligation Bonds, Series 2017
6.000% due 01/01/2038			1,000			1,064

Illinois State General Obligation Notes, Series 2017
5.000% due 11/01/2025			1,000			1,033

						2,097


INDIANA 0.9%

Indiana Finance Authority Revenue Bonds, Series 2022
4.500% due 12/15/2046			850			848


NEW HAMPSHIRE 1.1%

New Hampshire Business Finance Authority Revenue Notes, Series 2023
5.087% due 07/20/2027			995			1,013


NEW YORK 154.6%

Battery Park City Authority, New York Revenue Bonds, Series 2019
3.900% due 11/01/2038			995			995

Brookhaven Local Development Corp., New York Revenue Bonds, Series 2020
4.000% due 11/01/2055			800			628

Build NYC Resource Corp., New York Revenue Bonds, Series 2018
5.625% due 12/01/2050			1,770			1,743

Build NYC Resource Corp., New York Revenue Bonds, Series 2023
5.250% due 07/01/2062			1,250			1,268

Dutchess County, New York Local Development Corp. Revenue Bonds, Series 2015
5.000% due 07/01/2045			3,000			3,056

Dutchess County, New York Local Development Corp. Revenue Bonds, Series 2016
4.000% due 07/01/2041			3,200			2,899
5.000% due 07/01/2046			1,000			1,005

Dutchess County, New York Local Development Corp. Revenue Bonds, Series 2017
4.000% due 07/01/2046			590			577

Housing Development Corp., New York Revenue Bonds, Series 2017
3.700% due 11/01/2047			1,000			859

Huntington Local Development Corp., New York Revenue Bonds, Series 2021
5.250% due 07/01/2056			700			552

Long Island Power Authority, New York Revenue Bonds, Series 2014
5.000% due 09/01/2044			3,500			3,550


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Metropolitan Transportation Authority, New York Revenue Bonds, Series 2005
4.000% due 11/01/2035	$		1,700	$		1,700

Metropolitan Transportation Authority, New York Revenue Bonds, Series 2014
5.000% due 11/15/2039			1,500			1,508

Metropolitan Transportation Authority, New York Revenue Bonds, Series 2016
5.000% due 11/15/2051			1,370			1,419

Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2013
5.000% due 07/01/2043			1,750			1,750

Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2017
4.000% due 12/01/2041			1,400			1,265

Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2020
4.000% due 12/01/2046			1,140			994
4.000% due 07/01/2050			1,000			975

Nassau County, New York General Obligation Bonds, Series 2022
4.250% due 04/01/2052			2,245			2,266

Nassau County, New York Industrial Development Agency Revenue Bonds, Series 1999
3.400% due 01/01/2034			1,775			1,775

Nassau County, New York Industrial Development Agency Revenue Bonds, Series 2021
5.000% due 01/01/2058			1,638			737

Nassau County, New York Tobacco Settlement Corp. Revenue Bonds, Series 2006
5.125% due 06/01/2046			4,000			3,703

New York City Municipal Water Finance Authority, New York Revenue Bonds, (BABs), Series 2009
3.550% due 06/15/2041			1,300			1,300

New York City Transitional Finance Authority Building Aid, New York Revenue Bonds, Series 2016
4.000% due 07/15/2040			1,000			1,001

New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2017
4.000% due 02/01/2044			2,000			1,979

New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2018
4.000% due 08/01/2041			685			683

New York City Water & Sewer System, New York Revenue Bonds, Series 2016
4.000% due 06/15/2046			1,130			1,120

New York City Water & Sewer System, New York Revenue Bonds, Series 2018
5.000% due 06/15/2040			2,300			2,451

New York City Water & Sewer System, New York Revenue Bonds, Series 2019
5.000% due 06/15/2049			2,645			2,825

New York City, New York General Obligation Bonds, Series 2010
4.000% due 03/01/2039			4,800			4,800

New York City, New York Health and Hospitals Corp. Revenue Bonds, Series 2008
4.000% due 02/15/2031			250			250

New York City, New York Housing Development Corp. Revenue Bonds, Series 2006
3.900% due 03/15/2036			300			300

New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022
5.500% due 11/01/2045			750			860

New York Convention Center Development Corp. Revenue Bonds, Series 2015
4.000% due 11/15/2045			230			221
5.000% due 11/15/2045			1,000			1,018

New York County, New York Tobacco Trust Revenue Bonds, Series 2005
0.000% due 06/01/2050 (b)			30,000			6,317
0.000% due 06/01/2055 (b)			9,000			693


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

New York County, New York Tobacco Trust Revenue Bonds, Series 2016
5.000% due 06/01/2036	$		1,000	$		1,025
5.000% due 06/01/2041			1,000			1,012

New York Liberty Development Corp. Revenue Bonds, Series 2005
5.250% due 10/01/2035			3,130			3,577

New York Liberty Development Corp. Revenue Bonds, Series 2014
5.000% due 11/15/2044			4,000			3,948

New York Liberty Development Corp. Revenue Bonds, Series 2021
2.875% due 11/15/2046			605			451

New York Power Authority Revenue Bonds, (AGM Insured), Series 2022
4.000% due 11/15/2047			1,250			1,242

New York Power Authority Revenue Bonds, Series 2020
4.000% due 11/15/2055			2,135			2,071

New York State Dormitory Authority Memorial Sloan-Kettering Cancer Revenue Bonds, Series 2022
4.000% due 07/01/2051			1,500			1,411

New York State Dormitory Authority Revenue Bonds, (AMBAC Insured), Series 2005
5.500% due 05/15/2031			1,490			1,758

New York State Dormitory Authority Revenue Bonds, Series 2017
4.000% due 02/15/2047			750			734
5.000% due 12/01/2030			1,000			1,008
5.000% due 12/01/2033			800			805

New York State Dormitory Authority Revenue Bonds, Series 2018
4.000% due 08/01/2037			2,750			2,519
4.000% due 03/15/2043			2,000			1,984
5.000% due 03/15/2044			2,625			2,786

New York State Dormitory Authority Revenue Bonds, Series 2019
5.000% due 03/15/2041			1,000			1,076
5.000% due 07/01/2042			1,000			1,081
5.000% due 03/15/2047			2,000			2,133

New York State Dormitory Authority Revenue Bonds, Series 2020
4.000% due 02/15/2040			1,500			1,501
4.000% due 07/01/2050			4,665			4,458

New York State Dormitory Authority Revenue Bonds, Series 2022
4.000% due 07/01/2049			465			424
5.000% due 07/15/2050			465			465

New York State Environmental Facilities Corp. Revenue Bonds, Series 2022
4.000% due 06/15/2047			2,250			2,249

New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020
4.200% due 11/01/2054 (d)			2,600			2,364

New York State Thruway Authority Revenue Bonds, Series 2016
5.250% due 01/01/2056			1,480			1,528

New York State Thruway Authority Revenue Bonds, Series 2018
4.000% due 01/01/2036			1,000			1,022

New York State Thruway Authority Revenue Bonds, Series 2019
4.000% due 01/01/2050			1,775			1,708

New York State Urban Development Corp. Revenue Bonds, Series 2004
3.900% due 03/15/2033			900			900

New York State Urban Development Corp. Revenue Bonds, Series 2019
5.000% due 03/15/2041			2,500			2,698

New York State Urban Development Corp. Revenue Bonds, Series 2020
4.000% due 03/15/2049			2,000			1,954

New York State Urban Development Corp. Revenue Bonds, Series 2021
4.000% due 03/15/2047			1,250			1,232

See Accompanying Notes

SEMIANNUAL REPORT

JUNE 30, 2023


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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

New York Transportation Development Corp. Revenue Bonds, Series 2016
5.250% due 01/01/2050	$		1,165	$		1,166

New York Transportation Development Corp. Revenue Bonds, Series 2020
5.000% due 10/01/2040			1,200			1,228

New York Transportation Development Corp. Revenue Bonds, Series 2022
4.000% due 12/01/2042			2,290			2,141

Niagara Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2014
5.250% due 05/15/2034			500			503
5.250% due 05/15/2040			500			502

Onondaga County, New York Trust for Cultural Resources Revenue Bonds, Series 2019
5.000% due 12/01/2040			1,450			1,588
5.000% due 12/01/2043			1,000			1,088

Port Authority of New York & New Jersey Revenue Bonds, Series 2017
5.250% due 10/15/2057			6,865			7,180

Port Authority of New York & New Jersey Revenue Bonds, Series 2020
4.000% due 07/15/2060			400			369

Schenectady County Capital Resource Corp. Union College Project, New York Revenue Notes, Series 2022
5.000% due 07/01/2032			470			548

Suffolk County, New York Economic Development Corp. Revenue Bonds, Series 2021
5.125% due 11/01/2041			475			382

Suffolk Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2021
0.000% due 06/01/2066 (b)			5,000			559
4.000% due 06/01/2050			750			670

Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022
4.000% due 05/15/2057			1,500			1,454

Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2018
4.000% due 11/15/2048			2,800			2,723

Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2019
5.000% due 11/15/2041			1,000			1,073
5.000% due 11/15/2043			750			800

Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2022
5.000% due 05/15/2057			2,510			2,697

Troy Capital Resource Corp., New York Revenue Bonds, Series 2020
5.000% due 09/01/2034			1,800			1,974

Trust for Cultural Resources of The City of New York Revenue Bonds, Series 2008
3.900% due 04/01/2029			710			710


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

TSASC, Inc., New York Revenue Bonds, Series 2017
5.000% due 06/01/2035	$		3,000	$		3,100
5.000% due 06/01/2041			500			509

Ulster County, New York Capital Resource Corp. Revenue Bonds, Series 2017
5.250% due 09/15/2047			1,000			746

Westchester County, New York Local Development Corp. Revenue Bonds, Series 2014
5.500% due 05/01/2042			1,000			1,002

						148,878


NORTH DAKOTA 0.2%

Grand Forks County, North Dakota Revenue Bonds, Series 2021
7.000% due 12/15/2043 ^(a)			320			160


PENNSYLVANIA 0.6%

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2021
9.000% due 04/01/2051			560			626


PUERTO RICO 8.2%

Children’s Trust Fund, Puerto Rico Revenue Bonds, Series 2008
0.000% due 05/15/2057 (b)			10,200			687

Commonwealth of Puerto Rico Bonds, Series 2022
0.000% due 11/01/2043			1,438			726
0.000% due 11/01/2051			944			423

Commonwealth of Puerto Rico General Obligation Bonds, Series 2021
4.000% due 07/01/2041			550			479

Puerto Rico Highway & Transportation Authority Revenue Bonds, Series 2022
5.000% due 07/01/2053 (c)			1,456			892
5.000% due 07/01/2062			46			45

Puerto Rico Highway & Transportation Authority Revenue Notes, Series 2022
0.000% due 07/01/2032 (b)			30			19

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018
0.000% due 07/01/2051 (b)			3,900			825

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019
4.784% due 07/01/2058			3,950			3,753

						7,849


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
TEXAS 1.5%

Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021
7.500% due 12/01/2045	$		220	$		144
12.000% due 12/01/2045			400			345

Texas Water Development Board Revenue Bonds, Series 2022
5.000% due 10/15/2057			890			967

						1,456


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			905			895


VIRGINIA 0.9%

Virginia Small Business Financing Authority Revenue Bonds, Series 2019
0.000% due 07/01/2061 (b)			8,000			390
5.500% due 07/01/2044			500			464

						854


WISCONSIN 0.7%

Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2022
4.000% due 12/01/2051			720			675

Total Municipal Bonds & Notes (Cost $170,169)						167,457


SHORT-TERM INSTRUMENTS 0.4%

REPURCHASE AGREEMENTS (e) 0.4%
						372

Total Short-Term Instruments (Cost $372)						372



Total Investments in Securities (Cost $170,541)						167,829



Total Investments 174.3% (Cost $170,541)				$		167,829

Auction Rate Preferred Shares (60.2)%						(58,000	)

Remarketable Variable Rate MuniFund Term Preferred Shares, at liquidation value (15.5)%						(14,879	)

Other Assets and Liabilities, net 1.4%						1,322

Net Assets Applicable to Common Shareholders 100.0%				$		96,272

NOTES TO SCHEDULE OF INVESTMENTS:

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

^	Security is in default.

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

(b)	Zero coupon security.

(c)	Security becomes interest bearing at a future date.

(d) RESTRICTED SECURITIES:


Issuer Description	Coupon			Maturity Date		Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets Applicable to Common Shareholders
New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020		4.200	%		11/01/2054		11/18/2021	$	2,918	$	2,364		2.46%


66		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						June 30, 2023		(Unaudited)

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		2.400	%		06/30/2023		07/03/2023	$	372	U.S. Treasury Notes 4.625% due 06/30/2025	$	(379	)	$	372	$	372

Total Repurchase Agreements											$	(379	)	$	372	$	372

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:


Counterparty	Repurchase Agreement Proceeds to be Received (1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure (2)
Global/Master Repurchase Agreement
FICC	$	372	$	0	$	0	$	372	$	(379	)	$	(7	)

Total Borrowings and Other Financing Transactions	$	372	$	0	$	0

(1)	Includes accrued interest.

(2)

FAIR VALUE MEASUREMENTS

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


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Investments in Securities, at Value
Municipal Bonds & Notes
Arizona	$	0	$	220	$	0	$	220
California		0		514		0		514
Delaware		0		1,372		0		1,372
Illinois		0		2,097		0		2,097
Indiana		0		848		0		848
New Hampshire		0		1,013		0		1,013
New York		0		148,878		0		148,878
North Dakota		0		160		0		160
Pennsylvania		0		626		0		626


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Puerto Rico	$	0	$	7,849	$	0	$	7,849
Texas		0		1,456		0		1,456
U.S. Virgin Islands		0		895		0		895
Virginia		0		854		0		854
Wisconsin		0		675		0		675
Short-Term Instruments
Repurchase Agreements		0		372		0		372


Total Investments	$	0	$	167,829	$	0	$	167,829

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

See Accompanying Notes

SEMIANNUAL REPORT

JUNE 30, 2023


Schedule of Investments		PIMCO New York Municipal Income Fund III

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 173.5%

MUNICIPAL BONDS & NOTES 168.4%

ARIZONA 0.2%

Arizona Industrial Development Authority Revenue Bonds, Series 2020
7.750% due 07/01/2050 ^(a)	$		150	$		83


DELAWARE 1.4%

Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022
0.000% due 10/01/2038			550			474
7.120% due 10/01/2038			95			91

						565


ILLINOIS 1.0%

Illinois State General Obligation Bonds, Series 2012
5.000% due 08/01/2023			400			400


INDIANA 0.9%

Indiana Finance Authority Revenue Bonds, Series 2022
4.500% due 12/15/2046			350			349


NEW HAMPSHIRE 1.3%

New Hampshire Business Finance Authority Revenue Notes, Series 2023
5.087% due 07/20/2027			497			506


NEW YORK 149.8%

Brookhaven Local Development Corp., New York Revenue Bonds, Series 2020
4.000% due 11/01/2055			400			314

Broome County, New York Local Development Corp. Revenue Bonds, (AGM Insured), Series 2020
4.000% due 04/01/2050			250			235

Build NYC Resource Corp., New York Revenue Bonds, Series 2018
5.625% due 12/01/2050			740			729

Build NYC Resource Corp., New York Revenue Bonds, Series 2023
5.250% due 07/01/2062			500			507

Dutchess County, New York Local Development Corp. Revenue Bonds, Series 2016
5.000% due 07/01/2046			750			753

Dutchess County, New York Local Development Corp. Revenue Bonds, Series 2017
4.000% due 07/01/2046			245			240

Dutchess County, New York Local Development Corp. Revenue Bonds, Series 2022
4.000% due 07/01/2049			435			410

Housing Development Corp., New York Revenue Bonds, Series 2017
3.700% due 11/01/2047			500			430

Huntington Local Development Corp., New York Revenue Bonds, Series 2021
5.250% due 07/01/2056			300			236

Long Island Power Authority, New York Revenue Bonds, Series 2020
4.000% due 09/01/2039			500			505

Metropolitan Transportation Authority, New York Revenue Bonds, Series 2014
5.000% due 11/15/2039			2,000			2,011

Metropolitan Transportation Authority, New York Revenue Bonds, Series 2016
5.000% due 11/15/2051			500			518

Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2013
5.000% due 07/01/2043			1,750			1,750

Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2020
4.000% due 12/01/2046			465			405


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
4.000% due 07/01/2050	$		425	$		414

Nassau County, New York General Obligation Bonds, Series 2022
4.250% due 04/01/2052			950			959

Nassau County, New York Industrial Development Agency Revenue Bonds, Series 2021
5.000% due 01/01/2058			341			154

New York City Transitional Finance Authority Building Aid, New York Revenue Bonds, Series 2018
5.250% due 07/15/2036			1,000			1,099

New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2013
5.000% due 11/01/2042			2,000			2,004

New York City Trust for Cultural Resources, New York Revenue Bonds, Series 2014
5.000% due 08/01/2043			2,000			2,003

New York City Water & Sewer System, New York Revenue Bonds, Series 2016
4.000% due 06/15/2046			465			461

New York City, New York General Obligation Bonds, Series 2013
5.000% due 08/01/2031			2,590			2,597

New York City, New York General Obligation Bonds, Series 2018
5.000% due 04/01/2045			900			951

New York City, New York Health and Hospitals Corp. Revenue Bonds, Series 2021
4.000% due 02/15/2045			265			259

New York City, New York Housing Development Corp. Revenue Bonds, Series 2005
3.700% due 04/15/2035			100			100

New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022
5.000% due 06/15/2047			750			826

New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022
5.250% due 11/01/2048			1,500			1,678
5.500% due 11/01/2045			250			287

New York Convention Center Development Corp. Revenue Bonds, Series 2015
5.000% due 11/15/2045			500			509

New York County, New York Tobacco Trust Revenue Bonds, Series 2001
5.750% due 06/01/2043			320			326

New York County, New York Tobacco Trust Revenue Bonds, Series 2005
0.000% due 06/01/2050 (b)			10,000			2,106
0.000% due 06/01/2055 (b)			7,500			577

New York Liberty Development Corp. Revenue Bonds, Series 2005
5.250% due 10/01/2035			450			514

New York Liberty Development Corp. Revenue Bonds, Series 2007
5.500% due 10/01/2037			1,650			1,893

New York Liberty Development Corp. Revenue Bonds, Series 2014
5.000% due 11/15/2044			1,750			1,727

New York Liberty Development Corp. Revenue Bonds, Series 2021
2.875% due 11/15/2046			250			186

New York Power Authority Revenue Bonds, (AGM Insured), Series 2022
4.000% due 11/15/2047			900			894

New York Power Authority Revenue Bonds, Series 2020
4.000% due 11/15/2055			1,000			970

New York State Dormitory Authority Memorial Sloan-Kettering Cancer Revenue Bonds, Series 2022
4.000% due 07/01/2051			750			705

New York State Dormitory Authority Revenue Bonds, Series 2015
5.000% due 07/01/2040			350			355


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

New York State Dormitory Authority Revenue Bonds, Series 2017
4.000% due 02/15/2047	$		250	$		245
5.000% due 12/01/2036			1,000			1,001

New York State Dormitory Authority Revenue Bonds, Series 2018
4.000% due 07/01/2041			405			400
5.000% due 03/15/2037			1,000			1,077

New York State Dormitory Authority Revenue Bonds, Series 2019
5.000% due 03/15/2047			2,500			2,666

New York State Dormitory Authority Revenue Bonds, Series 2020
4.000% due 07/01/2050			1,980			1,888

New York State Dormitory Authority Revenue Bonds, Series 2022
4.000% due 07/01/2049			190			173
5.000% due 07/15/2050			190			190

New York State Environmental Facilities Corp. Revenue Bonds, Series 2022
4.000% due 06/15/2047			1,000			999

New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020
4.200% due 11/01/2054 (d)			1,000			909

New York State Thruway Authority Revenue Bonds, Series 2019
4.000% due 01/01/2041			850			838

New York State Thruway Authority Revenue Bonds, Series 2021
4.000% due 01/01/2040			500			501

New York State Urban Development Corp. Revenue Bonds, Series 2021
4.000% due 03/15/2047			500			493

New York Transportation Development Corp. Revenue Bonds, Series 2016
5.250% due 01/01/2050			480			481

New York Transportation Development Corp. Revenue Bonds, Series 2020
5.000% due 10/01/2040			500			512

New York Transportation Development Corp. Revenue Bonds, Series 2022
4.000% due 12/01/2042			940			879

Niagara Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2014
5.250% due 05/15/2034			500			503
5.250% due 05/15/2040			500			502

Onondaga County, New York Trust for Cultural Resources Revenue Bonds, Series 2019
5.000% due 12/01/2040			350			383
5.000% due 12/01/2043			500			544

Port Authority of New York & New Jersey Revenue Bonds, Series 2017
5.250% due 10/15/2057			2,500			2,615

Port Authority of New York & New Jersey Revenue Bonds, Series 2018
5.000% due 07/15/2036			500			546

Port Authority of New York & New Jersey Revenue Bonds, Series 2020
4.000% due 07/15/2060			250			230

Schenectady County Capital Resource Corp. Union College Project, New York Revenue Notes, Series 2022
5.000% due 07/01/2032			190			221

Suffolk County, New York Economic Development Corp. Revenue Bonds, Series 2021
5.125% due 11/01/2041			200			161

Suffolk Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2021
0.000% due 06/01/2066 (b)			5,000			560
4.000% due 06/01/2050			250			223

The Genesee County Funding Corporation Tax-Exempt, New York Revenue Bonds, Series 2022
5.250% due 12/01/2052			500			510

Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022
4.000% due 05/15/2057			750			727


68		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						June 30, 2023		(Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2005
4.000% due 11/01/2041	$		120	$		120

Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2019
5.000% due 11/15/2043			750			800

Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2022
4.500% due 05/15/2047			300			308

Troy Capital Resource Corp., New York Revenue Bonds, Series 2020
5.000% due 09/01/2034			585			641

TSASC, Inc., New York Revenue Bonds, Series 2017
5.000% due 06/01/2041			2,000			2,037

Ulster County, New York Capital Resource Corp. Revenue Bonds, Series 2017
5.250% due 09/15/2047			500			373

						58,853


NORTH DAKOTA 0.2%

Grand Forks County, North Dakota Revenue Bonds, Series 2021
7.000% due 12/15/2043 ^(a)			130			65


PENNSYLVANIA 0.6%

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2021
9.000% due 04/01/2051			225			252


PUERTO RICO 9.8%

Children’s Trust Fund, Puerto Rico Revenue Bonds, Series 2008
0.000% due 05/15/2057 (b)			4,400			293


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Commonwealth of Puerto Rico Bonds, Series 2022
0.000% due 11/01/2043	$		576	$		291
0.000% due 11/01/2051			829			394

Commonwealth of Puerto Rico General Obligation Bonds, Series 2021
4.000% due 07/01/2041			250			218

Puerto Rico Highway & Transportation Authority Revenue Bonds, Series 2022
5.000% due 07/01/2053 (c)			955			585
5.000% due 07/01/2062			81			79

Puerto Rico Highway & Transportation Authority Revenue Notes, Series 2022
0.000% due 07/01/2032 (b)			53			34

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018
0.000% due 07/01/2046 (b)			3,850			1,086

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019
4.784% due 07/01/2058			900			855

						3,835


TEXAS 0.5%

Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021
7.500% due 12/01/2045			90			59
12.000% due 12/01/2045			150			129

						188


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			370			366


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
VIRGINIA 1.1%

Virginia Small Business Financing Authority Revenue Bonds, Series 2019
0.000% due 07/01/2061 (b)	$		4,000	$		195
5.500% due 07/01/2044			250			232

						427


WISCONSIN 0.7%

Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2022
4.000% due 12/01/2051			295			277

Total Municipal Bonds & Notes (Cost $66,883)						66,166


SHORT-TERM INSTRUMENTS 5.1%

REPURCHASE AGREEMENTS (e) 5.1%
						2,020

Total Short-Term Instruments (Cost $2,020)						2,020



Total Investments in Securities (Cost $68,903)						68,186


Total Investments 173.5% (Cost $68,903)				$		68,186

Auction Rate Preferred Shares (74.9)%						(29,450	)

Other Assets and Liabilities, net 1.4%						559

Net Assets Applicable to Common Shareholders 100.0%				$		39,295

NOTES TO SCHEDULE OF INVESTMENTS:

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

^	Security is in default.

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

(b)	Zero coupon security.

(c)	Security becomes interest bearing at a future date.

(d) RESTRICTED SECURITIES:

Issuer Description

Coupon

Maturity
Date

Acquisition
Date

Cost

Market
Value

Market Value

as Percentage

of Net Assets

Applicable to

Common

Shareholders

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

4.200%

11/01/2054

11/18/2021

$ 1,122

909

2.31%

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		2.400	%		06/30/2023		07/03/2023	$	2,020	U.S. Treasury Notes 4.625% due 06/30/2025	$	(2,060	)	$	2,020	$	2,020

Total Repurchase Agreements											$	(2,060	)	$	2,020	$	2,020

See Accompanying Notes

SEMIANNUAL REPORT

JUNE 30, 2023


Schedule of Investments		PIMCO New York Municipal Income Fund III		(Cont.)		June 30, 2023		(Unaudited)

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2023:


Counterparty	Repurchase Agreement Proceeds to be Received (1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure (2)
Global/Master Repurchase Agreement
FICC	$	2,020	$	0	$	0	$	2,020	$	(2,060	)	$	(40	)

Total Borrowings and Other Financing Transactions	$	2,020	$	0	$	0

(1)	Includes accrued interest.

(2)

FAIR VALUE MEASUREMENTS

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


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Investments in Securities, at Value
Municipal Bonds & Notes
Arizona	$	0	$	83	$	0	$	83
Delaware		0		565		0		565
Illinois		0		400		0		400
Indiana		0		349		0		349
New Hampshire		0		506		0		506
New York		0		58,853		0		58,853
North Dakota		0		65		0		65
Pennsylvania		0		252		0		252


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Puerto Rico	$	0	$	3,835	$	0	$	3,835
Texas		0		188		0		188
U.S. Virgin Islands		0		366		0		366
Virginia		0		427		0		427
Wisconsin		0		277		0		277
Short-Term Instruments
Repurchase Agreements		0		2,020		0		2,020


Total Investments	$	0	$	68,186	$	0	$	68,186

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.


70		PIMCO CLOSED-END FUNDS			See Accompanying Notes


Notes to Financial Statements				June 30, 2023		(Unaudited)

1. ORGANIZATION

PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II and PIMCO New York Municipal Income Fund III (each a “Fund” and collectively, the “Funds”) are organized as

closed-end

management investment companies registered under the Investment Company Act of 1940, as amended, and the rules and regulations thereunder (the “Act”). Each Fund was organized as a Massachusetts business trust on the dates shown in the table below. Pacific Investment Management Company LLC (“PIMCO” or the “Manager”) serves as the Funds’ investment manager.


Fund Name	Formation Date

PIMCO Municipal Income Fund		May 9, 2001

PIMCO Municipal Income Fund II		March 29, 2002

PIMCO Municipal Income Fund III		August 20, 2002

PIMCO California Municipal Income Fund		May 10, 2001

PIMCO California Municipal Income Fund II		March 29, 2002

PIMCO California Municipal Income Fund III		August 20, 2002

PIMCO New York Municipal Income Fund		May 10, 2001

PIMCO New York Municipal Income Fund II		March 29, 2002

PIMCO New York Municipal Income Fund III		August 20, 2002

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the “Board.”

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Each Fund is treated as an investment company under the reporting requirements of U.S. GAAP. The functional and reporting currency for the Funds is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income

Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is

recorded on the

ex-dividend

date, except certain dividends from foreign securities where the

ex-dividend

date may have passed, which are recorded as soon as a Fund is informed of the

ex-dividend

date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on

non-accrual

status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from

non-accrual

status when the issuer resumes interest payments or when collectability of interest is probable.

(b) Distributions — Common Shares

The following table shows the anticipated frequency of distributions from net investment income to common shareholders.

Distribution Frequency

Fund Name

Declared

Distributed

PIMCO Municipal Income Fund

Monthly

PIMCO Municipal Income Fund II

Monthly

PIMCO Municipal Income Fund III

Monthly

PIMCO California Municipal Income Fund

Monthly

PIMCO California Municipal Income Fund II

Monthly

PIMCO California Municipal Income Fund III

Monthly

PIMCO New York Municipal Income Fund

Monthly

PIMCO New York Municipal Income Fund II

Monthly

PIMCO New York Municipal Income Fund III

Monthly

Each Fund intends to distribute at least annually to its shareholders all or substantially all of its net

tax-exempt

interest and any investment company taxable income, and may distribute its net capital gain. A Fund may revise its distribution policy or postpone the payment of distributions at any time.

SEMIANNUAL REPORT

JUNE 30, 2023


Notes to Financial Statements		(Cont.)

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund’s annual financial statements presented under U.S. GAAP.

Separately, if a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable), and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or

paid-in

surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund’s daily internal accounting records and practices, a Fund’s financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund’s internal accounting records and practices may take into account, among other factors,

tax-related

characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain Funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where a Fund’s financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution’s tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at a Fund’s fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of

Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

In March 2020, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”), ASU

2020-04,

which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. ASU

2020-04

is effective for certain reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, FASB issued ASU

2022-06,

which includes amendments to extend the duration of the LIBOR transition relief to December 31, 2024, after which entities will no longer be permitted to apply the reference rate reform relief. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments and has determined that it is unlikely the ASU’s adoption will have a material impact on the Funds’ financial statements.

In June 2022, the FASB issued ASU

2022-03,

Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU

2022-03

clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU

2022-03

is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. At this time, management is evaluating the implications of these changes on the financial statements.

The U.S. Securities and Exchange Commission (“SEC”) made a final ruling on February 15, 2023 to adopt proposed amendments to the Settlement Cycle Rule (Rule

15c6-1)

and other related rules under the Securities Exchange Act of 1934, as amended, to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (T+2) to one business days after the trade date (T+1). The effective date was May 5, 2023, and the compliance date for the amendments is May 28, 2024. At this time, management is evaluating the implications of these changes on the financial statements.


72		PIMCO CLOSED-END FUNDS


				June 30, 2023		(Unaudited)

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies

The NAV of a Fund’s shares, or each of their respective share classes as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Funds 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 Funds’ 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 Funds or their 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, each 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. Each 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, each Fund may calculate its NAV as of the normally scheduled NYSE Close for such day or such other time that each 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 Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. 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 PIMCO to be the primary exchange. If market value pricing is used, 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.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule

2a-5

under the Act. 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 has designated PIMCO as the valuation designee (“Valuation Designee”) for each 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”).

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 Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources 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. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Fund’s assets that are invested in one or more

open-end

management investment companies (other than ETFs), the Fund’s NAV will be calculated based on the NAVs of such investments.

If a foreign

(non-U.S.)

equity security’s value has materially changed after the close of the security’s primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign

(non-U.S.)

equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign

(non-U.S.)

equity securities, a Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign

(non-U.S.)

securities. For these purposes, unless otherwise determined by the Valuation Designee, any

SEMIANNUAL REPORT

JUNE 30, 2023


Notes to Financial Statements		(Cont.)

movement in the applicable reference index or instrument (“zero trigger”) between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign

(non-U.S.)

equity securities on days when a Fund is not open for business, which may result in a Fund’s portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of a Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that a Fund is not open for business. As a result, to the extent that a Fund holds foreign

(non-U.S.)

investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Fund’s next calculated NAV.

Fair valuation may require subjective determinations about the value of a security. While the Funds’ and Valuation Designee’s policies and procedures are intended to result in a calculation of a Fund’s NAV that fairly reflects security values as of the time of pricing, a Fund cannot ensure that fair values accurately reflect the price that a 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 a 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 a 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 each respective 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 a 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 each respective Fund.

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:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered

open-end

investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered

open-end

investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.


74		PIMCO CLOSED-END FUNDS


				June 30, 2023		(Unaudited)

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.

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 believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

Investments in Securities

The Funds may utilize the investments and strategies described below to the extent permitted by each Fund’s respective investment policies.

Restricted Investments

are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Funds as of June 30, 2023, as applicable, are disclosed in the Notes to Schedules of Investments.

Mortgage-Related and Other Asset-Backed Securities

directly or indirectly represent a participation in, or are secured by and payable

from, loans on real property. Mortgage-related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by

non-governmental

issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments, and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable, such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases and syndicated bank loans.

Collateralized Mortgage Obligations

(“CMOs”) are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as “tranches”, with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and that exhibit greater price volatility than other types of mortgage or asset-backed securities.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund’s respective investment policies.

The following disclosures contain information on a Fund’s ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Fund. The location of these instruments in each Fund’s financial statements is described below.

SEMIANNUAL REPORT

JUNE 30, 2023


Notes to Financial Statements		(Cont.)

(a) Repurchase Agreements

Under the terms of a typical repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no

pre-determined

repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund’s custodian or designated subcustodians (in the case of

tri-party

repurchase agreements) and in certain instances will remain in custody with the counterparty. Traditionally, a Fund has used bilateral repurchase agreements wherein the underlying securities will be held by a Fund’s custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, the Fund may pay a fee for the receipt of collateral, which may result in interest expense to a Fund.

(b) Tender Option Bond Transactions

In a tender option bond transaction (“TOB”), a tender option bond trust (“TOB Trust”) issues floating rate certificates (“TOB Floater”) and residual interest certificates (“TOB Residual”) and utilizes the proceeds of such issuances to purchase a fixed rate municipal bond (“Fixed Rate Bond”) that is either owned or identified by the Fund. The TOB Floater is generally issued to third party investors (typically a money market fund) and the TOB Residual is generally issued to the Fund that sold or identified the Fixed Rate Bond. The TOB Trust divides the income stream provided by the Fixed Rate Bond to create two securities, the TOB Floater, which is a short-term security, and the TOB Residual, which is a longer-term security. The interest rates payable on the TOB Residual issued to the Fund bear an inverse relationship to the interest rate on the TOB Floater. The interest rate on the TOB Floater is reset by a remarketing process typically every 7 to 35 days. After income is paid on the TOB Floater at current rates, the residual income from the Fixed Rate Bond goes to the TOB Residual. Therefore, rising short-term rates result in lower income for the TOB Residual, and vice versa. In the case of a TOB Trust that utilizes the cash received (less transaction expenses) from the issuance of the TOB Floater and TOB Residual to purchase the Fixed Rate Bond from the Fund, the Fund may then invest the cash received in additional securities, generating leverage for the Fund. Other PIMCO-managed accounts may also contribute municipal bonds to a TOB Trust into which the Fund has contributed Fixed Rate Bonds. If multiple PIMCO-managed accounts participate in the same TOB Trust, the economic rights and obligations under the TOB Residual will be shared among the funds ratably in proportion to their participation in the TOB Trust.

The TOB Residual may be more volatile and less liquid than other municipal bonds of comparable maturity. In most circumstances the TOB Residual holder bears substantially all of the underlying Fixed Rate Bond’s downside investment risk and also benefits from any appreciation in the value of the underlying Fixed Rate Bond. Investments in a TOB Residual typically will involve greater risk than investments in Fixed Rate Bonds.

A TOB Residual held by a Fund provides the Fund with the right to: (i) cause the holders of the TOB Floater to tender their notes at par, and (ii) cause the sale of the Fixed Rate Bond held by the TOB Trust, thereby collapsing the TOB Trust. TOB Trusts are generally supported by a liquidity facility provided by a third party bank or other financial institution (the “Liquidity Provider”) that provides for the purchase of TOB Floaters that cannot be remarketed. The holders of the TOB Floaters have the right to tender their certificates in exchange for payment of par plus accrued interest on a periodic basis (typically weekly) or on the occurrence of certain mandatory tender events. The tendered TOB Floaters are remarketed by a remarketing agent, which is typically an affiliated entity of the Liquidity Provider. If the TOB Floaters cannot be remarketed, the TOB Floaters are purchased by the TOB Trust either from the proceeds of a loan from the Liquidity Provider or from a liquidation of the Fixed Rate Bond.

The TOB Trust may also be collapsed without the consent of a Fund, as the TOB Residual holder, upon the occurrence of certain “tender option termination events” (or “TOTEs”) as defined in the TOB Trust agreements. Such termination events typically include the bankruptcy or default of the Fixed Rate Bond, a substantial downgrade in credit quality of the Fixed Rate Bond, or a judgment or ruling that interest on the Fixed Rate Bond is subject to Federal income taxation. Upon the occurrence of a termination event, the TOB Trust would generally be liquidated in full with the proceeds typically applied first to any accrued fees owed to the trustee, remarketing agent and liquidity provider, and then to the holders of the TOB Floater up to par plus accrued interest owed on the TOB Floater and a portion of gain share, if any, with the balance paid out to the TOB Residual holder. In the case of a mandatory termination event, after the payment of fees, the TOB Floater holders would be paid before the TOB Residual holders (i.e., the Funds). In contrast, in the case of a TOTE, after payment of fees, the TOB Floater holders and the TOB Residual holders would be paid pro rata in proportion to the respective face values of their certificates.

If there are insufficient proceeds from the liquidation of the TOB Trust, the party that would bear the losses would depend upon whether a Fund holds a non-recourse TOBs Residual or a recourse TOBs Residual. If a Fund holds a non-recourse TOBs Residual, the Liquidity Provider or holders of the TOBs Floaters would bear the losses on those securities and there would be no recourse to the Fund’s assets. If a Fund holds a recourse TOBs Residual, the


76		PIMCO CLOSED-END FUNDS


				June 30, 2023		(Unaudited)

Fund (and, indirectly, holders of the Fund’s Common Shares) would typically bear the losses. In particular, if a Fund holds a recourse TOBs Residual, it will typically have entered into an agreement pursuant to which the Fund would be required to pay to the Liquidity Provider the difference between the purchase price of any TOBs Floaters put to the Liquidity Provider by holders of the TOBs Floaters and the proceeds realized from the remarketing of those TOBs Floaters or the sale of the assets in the TOBs Issuer. Each Fund may invest in both non-recourse and recourse TOBs Residuals to leverage its portfolio.

Each Fund’s transfer of Fixed Rate Bonds to a TOB Trust is considered a secured borrowing for financial reporting purposes. The cash received by the TOB Trust from the sale of the TOB Floaters, less certain transaction expenses, is paid to a Fund. A Fund typically invests the cash received in additional municipal bonds. The Funds account for the transactions described above as secured borrowings by including the Fixed Rate Bonds in their Schedules of Investments, and account for the TOB Floater as a liability under the caption “Payable for tender option bond floating rate certificates” in the Funds’ Statements of Assets and Liabilities. Interest income, including amortization and accretion of premiums and discounts, from the underlying municipal bonds is recorded by each Fund on an accrual basis and is shown as interest on the Statements of Operations. Interest expense incurred on the secured borrowing is shown as interest expense on the Statements of Operations.

The Funds may also purchase TOB Residuals in a secondary market transaction without transferring a fixed rate municipal bond into a TOB Trust. Such transactions are not accounted for as secured borrowings but rather as a security purchase with the TOB Residual being included in the Schedule of Investments.

In December 2013, regulators finalized rules implementing Section 619 (the “Volcker Rule”) and Section 941 (the “Risk Retention Rules”) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Both the Volcker Rule and the Risk Retention Rules apply to tender option bond programs. The Volcker Rule precludes banking entities from (i) sponsoring or acquiring interests in the trusts used to hold a municipal bond in the creation of TOB Trusts; and (ii) continuing to service or maintain relationships with existing programs involving TOB Trusts to the same extent and in the same capacity as existing

programs. The Risk Retention Rules require the sponsor to a TOB Trust (e.g., a Fund) to retain at least five percent of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Risk Retention Rules may adversely affect a Fund’s ability to engage in tender option bond trust transactions or increase the costs of such transactions in certain circumstances.

In response to these rules, industry participants explored various structuring alternatives for TOB Trusts established after December 31, 2013 and TOB Trusts established prior to December 31, 2013 (“Legacy TOB Trusts”) and agreed on a new tender option bond structure in which the Funds hire service providers to assist with establishing, structuring and sponsoring a TOB Trust. Service providers to a TOB Trust, such as administrators, liquidity providers, trustees and remarketing agents act at the direction of, and as agent of, the Funds as the TOB residual holders.

The Funds have restructured their Legacy TOB Trusts in conformity with regulatory guidelines. Under the new TOB Trust structure, the Liquidity Provider or remarketing agent will no longer purchase the tendered TOB Floaters, even in the event of failed remarketing. This may increase the likelihood that a TOB Trust will need to be collapsed and liquidated in order to purchase the tendered TOB Floaters. The TOB Trust may draw upon a loan from the Liquidity Provider to purchase the tendered TOB Floaters. Any loans made by the Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust and will be subject to an interest rate agreed upon with the liquidity provider.

For the period ended June 30, 2023, the Funds’ average leverage outstanding from the use of TOB transactions and the daily weighted average interest rate, including fees, were as follows:


Fund Name	Average Leverage Outstanding (000s)		Weighted Average Interest Rate*

PIMCO Municipal Income Fund	$	16,571		3.54%

PIMCO Municipal Income Fund II		71,166		3.82%

PIMCO Municipal Income Fund III		22,128		3.58%

PIMCO California Municipal Income Fund		11,625		3,.60%

PIMCO California Municipal Income Fund II		10,875		3.57%

PIMCO California Municipal Income Fund III		9,525		3,.60%

PIMCO New York Municipal Income Fund		2,059		3.51%

*	Annualized

SEMIANNUAL REPORT

JUNE 30, 2023


Notes to Financial Statements		(Cont.)

6. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to such things as changes in the market (market risk) or failure or inability of the other party to a transaction to perform (credit and counterparty risk). See below for a detailed description of select principal risks. For a complete list of the principal risks the Funds may be subject to, please see the Principal Risks of the Funds section of this report.

PIMCO
Municipal
Income
Fund
(PMF)

PIMCO
Municipal
Income
Fund II
(PML)

PIMCO
Municipal
Income
Fund III
(PMX)

PIMCO
California
Municipal
Income
Fund
(PCQ)

PIMCO
California
Municipal
Income
Fund II
(PCK)

PIMCO
California
Municipal
Income
Fund III
(PZC)

PIMCO
New York
Municipal
Income
Fund
(PNF)

PIMCO
New York
Municipal
Income
Fund II
(PNI)

PIMCO
New York
Municipal
Income
Fund III
(PYN)

AMT Bonds

Asset Allocation

California State Specific

—

Call

Counterparty

Credit

Cyber Security

Derivatives

Distribution Rate

High Yield Securities

Illinois State Specific

—

Inflation/Deflation

Insurance

Interest Rate

Issuer

Leverage

Liquidity

Loan Origination

Loans and Other Indebtedness; Loan Participations and Assignments

Management

Market Disruptions

Market Discount

Market

Mortgage-Related and Other Asset-Backed Instruments

Municipal Bond Market

Municipal Bond

Municipal Project-Specific

New York State-Specific

—

Non-Diversification

—

Operational

Other Investment Companies

Portfolio Turnover

Potential Conflicts of Interest — Allocation of Investment Opportunities

Privacy and Data Security

Private Placement and Restricted Securities

Puerto Rico Specific

Regulatory Changes

Regulatory — LIBOR

Reinvestment

Repurchase Agreements

Securities Lending

Short Exposure

Structured Investments

Tax

U.S. Government Securities

Valuation


78		PIMCO CLOSED-END FUNDS


				June 30, 2023		(Unaudited)

AMT Bonds Risk

is the risk that investments by the Fund in AMT Bonds may expose the Fund to certain risks in addition to those typically associated with municipal bonds. Interest or principal on AMT Bonds paid out of current or anticipated revenues from a specific project or specific asset may be adversely impacted by declines in revenue from the project or asset. Declines in general business activity could also affect the economic viability of facilities that are the sole source of revenue to support AMT Bonds. In this regard, AMT Bonds may entail greater risks than general obligation municipal bonds. For shareholders subject to the federal alternative minimum tax, a portion of the Fund’s distributions may not be exempt from gross federal income, which may give rise to alternative minimum tax liability.

Asset Allocation Risk

is the risk that a Fund could lose money as a result of less than optimal or poor asset allocation decisions. A Fund could miss attractive investment opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines.

California State-Specific Risk

is the risk that a Fund, by investing in municipal bonds issued by or on behalf of the State of California and its political subdivisions, financing authorities and their agencies, may be affected significantly by political, economic, regulatory, social, environmental, or public health developments affecting the ability of California

tax-exempt

issuers to pay interest or repay principal.

Call Risk

is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer’s credit quality). If an issuer calls a security in which the Fund has invested, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Counterparty Risk

is the risk that the Fund will be subject to credit risk with respect to the counterparties to the derivative contracts and other instruments entered into by the Fund or held by special purpose or structured vehicles in which the Fund invests. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery (including recovery of any collateral it has provided to the counterparty) in a dissolution, assignment for the benefit of creditors, liquidation,

winding-up,

bankruptcy, or other analogous proceeding.

Credit Risk

is the risk that a Fund could lose money if the issuer or guarantor of a fixed income security (including a security purchased with securities lending collateral), the counterparty to a derivative

contract, or the issuer or guarantor of collateral, repurchase agreement or a loan of portfolio securities, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations. The risk that such issuer, guarantor or counterparty is less willing or able to do so is heightened in market environments where interest rates are rising. Securities are subject to varying degrees of credit risk, which are often reflected in credit ratings.

Cyber Security Risk

is the risk that, as the use of technology has become more prevalent in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events from outside threat actors or internal resources that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/ or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund’s ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Fund and its shareholders may suffer losses as a result of a cyber security breach related to the Fund, its service providers, trading counterparties or the issuers in which the Fund invests.

Derivatives Risk

is the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for a Fund. A Fund’s use of derivatives may result in losses to a Fund, a reduction in a Fund’s returns and/or increased volatility. Over-the-counter (“OTC”) derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill

SEMIANNUAL REPORT

JUNE 30, 2023


Notes to Financial Statements		(Cont.)

its contractual obligations to the other party, as many of the protections afforded to centrally- cleared derivative transactions might not be available for OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange- traded or traded through a central clearing counterparty resides with a Fund’s clearing broker, or the clearinghouse. Changes in regulation relating to a registered fund’s use of derivatives and related instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit a Fund’s ability to employ certain strategies that use derivatives or other similar investments and/ or adversely affect the value of derivatives or other similar investments and a Fund’s performance.

Distribution Rate Risk

is the risk that, to the extent a Fund seeks to maintain a level distribution rate, the Fund’s distribution rate may be affected by numerous factors, including but not limited to changes in realized and projected market returns, fluctuations in market interest rates, Fund performance and other factors. There can be no assurance that a change in market conditions or other factors will not result in a change in a Fund’s distribution rate or that the rate will be sustainable in the future.

High Yield Securities Risk

is the risk that high yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer’s continuing ability to make principal and interest payments, and may be more volatile than higher-rated securities of similar maturity.

Illinois State-Specific Risk

is the risk that by concentrating its investments in Illinois municipal bonds, the Fund may be affected significantly by economic, regulatory or political developments affecting the ability of Illinois issuers to pay interest or repay principal.

Inflation/Deflation Risk

is the risk that the value of assets or income from the Fund’s investments will be worth less in the future as inflation decreases the value of payments at future dates. As inflation increases, the real value of the Fund’s portfolio could decline. Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund’s portfolio and common shares.

Insurance Risk

is the risk that the Fund may purchase municipal securities that are secured by insurance, bank credit agreements or escrow accounts and the credit quality of the companies that provide such credit enhancements will affect the value of those securities. The insurance feature of a municipal security does not guarantee the full payment of principal and interest through the life of an insured obligation, the market value of the insured obligation or the net asset value of the common shares represented by such insured obligation.

Interest Rate Risk

is the risk that fixed income securities and other instruments in the Fund’s portfolio will fluctuate in value because of a change in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. Further, in market environments where interest rates are rising, issuers may be less willing or able to make principal and interest payments on fixed income investments when due.

Issuer Risk

is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, major litigation, investigations or other controversies, changes in financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives, financial leverage, reputation or reduced demand for the issuer’s goods or services.

Leverage Risk

is the risk that certain transactions of a Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing a Fund to be more volatile than if it had not been leveraged. Leveraging transactions pursued by a Fund may increase its duration and sensitivity to interest rate movements. This means that leverage entails a heightened risk of loss.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell illiquid investments at an advantageous time or price or possibly require a Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations, which could prevent the Fund from taking advantage of other investment opportunities. Additionally, the market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer.

Loan Origination Risk is the risk associated with the fact that a Fund may also seek to originate loans, including, without limitation, residential and/or commercial real estate or mortgage-related loans, consumer loans or other types of loans, which may be in the form of whole loans, secured and unsecured notes, senior and second lien loans, mezzanine loans, bridge loans or similar investments. A Fund may originate loans to corporations and/or other legal entities and individuals, including foreign

(non-U.S.)

entities and individuals. Such borrowers may have credit ratings that are determined by one or more NRSROs or PIMCO to be below investment grade. This may include loans to public or private firms or individuals, such as in connection with housing development projects. The loans the Fund invests in or originates may vary in maturity and/or duration. The Fund is not limited


80		PIMCO CLOSED-END FUNDS


				June 30, 2023		(Unaudited)

in the amount, size or type of loans it may invest in and/or originate, including with respect to a single borrower or with respect to borrowers that are determined to be below investment grade, other than pursuant to any applicable law. The Fund’s investment in or origination of loans may also be limited by the requirements the Fund intends to observe under Subchapter M of the Code in order to qualify as a RIC. A Fund may subsequently offer such investments for sale to third parties, provided that there is no assurance that a Fund will complete the sale of such an investment. If a Fund is unable to sell, assign or successfully close transactions for the loans that it originates, a Fund will be forced to hold its interest in such loans for an indeterminate period of time. This could result in a Fund’s investments having high exposure to certain borrowers. A Fund will be responsible for the expenses associated with originating a loan (whether or not consummated). This may include significant legal and due diligence expenses, which will be indirectly borne by a Fund and Common Shareholders.

Loans and Other Indebtedness; Loan Participations and Assignments Risk

is the risk that scheduled interest or principal payments will not be made in a timely manner or at all, either of which may adversely affect the values of a loan. Additionally, there is a risk that the collateral underlying a loan may be unavailable or insufficient to satisfy a borrower’s obligation, and the Fund could become part owner of any collateral if a loan is foreclosed, subjecting a Fund to costs associated with owning and disposing of the collateral. In the event of the insolvency of the lender selling a participation, there is a risk that a Fund may be treated as a general creditor of the lender and may not benefit from any

set-off

between the lender and the borrower. If a loan is foreclosed, the Fund may become owner of the loan’s collateral. The Fund may bear the costs and liabilities associated with owning and holding or disposing of the collateral. There is the risk that a Fund may have difficulty disposing of loans and loan participations due to the lack of a liquid secondary market for loans and loan participations. To the extent a Fund acquires loans, including bank loans, a Fund may be subject to greater levels of credit risk, call risk, settlement risk and liquidity risk than funds that do not acquire such instruments.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing the Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Fund will be achieved.

Market Discount Risk is the risk that the price of the Fund’s common shares of beneficial interest will fluctuate with market conditions and

other factors. Shares of

closed-end

management investment companies frequently trade at a discount from their net asset value.

Market Disruptions Risk is the risk of investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets, interest rates, auctions, secondary trading, ratings, credit risk, inflation, deflation or other factors relating to the Fund’s investments or PIMCO’s operations and cause a Fund to lose value. Furthermore, events involving limited liquidity, defaults,

non-performance

or other adverse developments that affect financial institutions or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, have in the past and may in the future lead to market-wide liquidity problems. These events can also impair the technology and other operational systems upon which a Fund’s service providers, including PIMCO as a Fund’s investment adviser, rely, and could otherwise disrupt a Fund’s service providers’ ability to fulfill their obligations to a Fund.

Market Risk is the risk that the value of securities owned by a Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries or companies.

Municipal Bond Market Risk is the risk that the Fund may be adversely affected due to factors such as limited amount of public information available regarding the municipal bonds held in the Fund as compared to that for corporate equities or bonds, legislative changes and local and business developments, general conditions of the municipal bond market, the size of the particular offering, the rating of the issue and the maturity of the obligation. The investment performance of a Fund may therefore be more dependent on the analytical abilities of PIMCO than would be a stock fund or taxable bond funds.

Municipal Bond Risk is the risk that the Fund may be affected significantly by the economic, regulatory or political developments affecting the ability of issuers of debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax to pay interest or repay principal.

Municipal Project-Specific Risk is the risk that the Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of specific projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in bonds from issuers in a single state.

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Notes to Financial Statements		(Cont.)

New York State-Specific Risk is the risk that a Fund, by investing in municipal bonds issued by or on behalf of the State of New York and its political subdivisions, financing authorities and their agencies, may be affected significantly by political, economic, regulatory, social, environmental, or public health developments affecting the ability of New York

tax-exempt

issuers to pay interest or repay principal.

Non-Diversification

Risk is the risk of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are

“non-diversified”

may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than funds that

are “diversified.”

Operational Risk is the risk arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Other Investment Companies Risk is the risk that Common Shareholders may be subject to duplicative expenses to the extent the Fund invests in other investment companies. In addition, these other investment companies may utilize leverage, in which case an investment would subject the Fund to additional risks associated

with leverage.

Portfolio Turnover Risk is the risk that a high portfolio turnover will result in greater expenses to the Fund, including brokerage commissions or dealer

mark-ups

and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may result in realization of taxable capital gains (including short-term capital gains, which are generally taxed to shareholders at ordinary income tax rates when distributed net of short-term capital losses and net long- term capital losses) and may adversely affect the Fund’s

after-tax

returns.

Potential Conflicts of Interest Risk — Allocation of Investment Opportunities

is the risk that PIMCO’s or any of its affiliate’s interests or the interests of its clients may conflict with those of the Funds and the results of the Fund’s investment activities may differ from those of the Fund’s affiliates, or another account managed by PIMCO or its affiliates, and it is possible that the Fund could sustain losses during periods in which one or more of the Fund’s affiliates and/or other accounts managed by PIMCO or its affiliates, including proprietary accounts, achieve profits on their trading.

Privacy and Data Security Risk

is the risk resulting from the fact that the Gramm-Leach-Bliley Act (“GLBA”) and other laws limit the disclosure of certain

non-public

personal information about a consumer to

non-affiliated

third parties and require financial institutions to disclose certain privacy policies and practices with respect to information sharing with both affiliates and

non-affiliated

third parties. Many states and a number of

non-U.S.

jurisdictions have enacted privacy and data security laws requiring safeguards on the privacy and security of consumers’ personally identifiable information. Other laws deal with obligations to safeguard and dispose of private information in a manner designed to avoid its dissemination. Privacy rules adopted by the U.S. Federal Trade Commission and the SEC implement GLBA and other requirements and govern the disclosure of consumer financial information by certain financial institutions, ranging from banks to private investment funds. U.S. platforms following certain models generally are required to have privacy policies that conform to these GLBA and other requirements. In addition, such platforms typically have policies and procedures intended to maintain platform participants’ personal information securely and dispose of it properly.

Private Placement and Restricted Securities Risk

is the risk that securities received in a private placement may be subject to strict restrictions on resale, and there may be no liquid secondary market or ready purchaser for such securities and the risk that the Fund’s investment in securities that have not been registered for public sale, but that are eligible for purchase and sale pursuant to Rule 144A under the Securities Act, may be relatively less liquid than registered securities traded on established securities markets. The Fund may be unable to dispose of such securities when it desires to do so, or at the most favorable time or price. Private placements may also raise valuation risks.

Puerto Rico-Specific Risk

is the risk that is associated with the fact that by investing in Municipal Bonds issued by Puerto Rico or its instrumentalities, the Fund may be affected by certain developments, such as political, economic, environmental, social, regulatory or debt restructuring developments, that impact the ability or obligation of Puerto Rico municipal issuers to pay interest or repay principal.

Regulatory Changes Risk

is the risk that financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Fund is regulated, affect the expenses incurred directly by the Fund and the value of its investments, and limit and /or preclude the Fund’s ability to achieve its investment objective(s). Government regulation may change frequently and may have significant adverse consequences. The current direction of governments and regulators may have the effect of reducing market liquidity, market resiliency and money supply, whether through higher rates, tighter financial regulations or rule proposals that may prevent funds from participating in certain markets. The Fund and


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the Investment Manager have historically been eligible for exemptions from certain regulations. However, there is no assurance that the Fund and the Investment Manager will continue to be eligible for such exemptions.

Regulatory Risk — LIBOR

is the risk related to the anticipated discontinuation of the London Interbank Offered Rate (“LIBOR”). Certain instruments held by the Fund rely in some fashion upon LIBOR. Although the transition process away from LIBOR for many instruments has been completed, some LIBOR use is continuing and there are potential effects related to the transition away from LIBOR or continued use of LIBOR on a Fund, or on certain instruments in which a Fund invests can be difficult to ascertain. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to a Fund.

Reinvestment Risk

is the risk that income from the Fund’s portfolio will decline if and when the Fund invests the proceeds from matured, traded or called debt obligations at market interest rates that are below the portfolio’s current earnings rate. The Fund also may choose to sell higher yielding portfolio securities and to purchase lower yielding securities to achieve greater portfolio diversification, because the portfolio managers believe the current holdings are overvalued or for other investment-related reasons.

Repurchase Agreements Risk

is the risk that, if the party agreeing to repurchase a security should default, the Fund will seek to sell the securities which it holds, which could involve procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.

Securities Lending Risk

is the risk that, when a Fund lends portfolio securities, its investment performance will continue to reflect changes in the value of the securities loaned and lose rights in the collateral or delay in recovery of the collateral if the borrower fails to return the security loaned or becomes insolvent. The Fund may pay lending fees to a party, which may be an affiliate of the Fund, arranging the loan.

Short Exposure Risk

is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to a Fund.

Structured Investments Risk

is the risk that the Fund’s investment in structured products, including, structured notes, credit-linked notes and other types of structured products bear the risks of the underlying investments, index or reference obligation and are subject to counterparty risk. The Fund may have the right to receive payments only from the structured product, and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. Structured products generally entail risks associated with derivative instruments.

Tax Risk

is the risk that if, in any year, the Fund were to fail to qualify for treatment as a regulated investment company under the Tax Code, and were ineligible to or did not otherwise cure such failure, the Fund would be subject to tax on its taxable income at corporate rates and, when such income is distributed, shareholders would be subject to a further tax to the extent of the Fund’s current or accumulated earnings and profits.

U.S. Government Securities Risk

is the risk that the obligations supported by (i) the full faith and credit of the United States, (ii) the right of the issuer to borrow from the U.S. Treasury, (iii) the discretionary authority of the U.S. Government to purchase the agency’s obligations (iv) or only by the credit of the agency, instrumentality or corporation will not be satisfied in full, or that such obligations will decrease in value or default. U.S. government securities are subject to market risk, interest rate risk and credit risk.

Valuation Risk

is the risk that fair value pricing used when market quotations are not readily available may not result in adjustments to the prices of securities or other assets, or that fair value pricing may not reflect actual market value. It is possible that the fair value determined in good faith for a security or other asset will be materially different from quoted or published prices, from the prices used by others for the same security or other asset and/or from the value that actually could be or is realized upon the sale of that security or other asset.

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see a Fund’s prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Fund’s performance.

7. MASTER NETTING ARRANGEMENTS

A Fund may be subject to various netting arrangements (“Master Agreements”) with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a

SEMIANNUAL REPORT

JUNE 30, 2023


Notes to Financial Statements		(Cont.)

counterparty. For financial reporting purposes the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at

pre-arranged

exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively “Master Repo Agreements”) govern repurchase, reverse repurchase, and certain sale-buyback transactions between a Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level

or as required by regulation. Similarly, if required by regulation, a Fund may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent a Fund is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

8. FEES AND EXPENSES

(a) Management Fee

PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC (“Allianz Asset Management”) and serves as the Manager to the Funds, pursuant to an investment management agreement. Pursuant to the Investment Management Agreement with PIMCO (the “Agreement”), and subject to the supervision of the Board, PIMCO is responsible for providing to each Fund investment guidance and policy direction in connection with the management of the Fund, including oral and written research, analysis, advice, and statistical and economic data and information. In addition, pursuant to the Agreement and subject to the general supervision of the Board, PIMCO, at its expense, provides or causes to be furnished most other supervisory and administrative services the Funds require, including but not limited to, expenses of most third-party service providers (e.g., audit, custodial, legal, transfer agency, printing) and other expenses, such as those associated with insurance, proxy solicitations and mailings for shareholder meetings, NYSE listing and related fees, tax services, valuation services and other services the Funds require for their daily operations.

Pursuant to the Agreement, PIMCO receives an annual fee, payable monthly, at the annual rates shown in the table below:


Fund Name	Annual Rate (1)

PIMCO Municipal Income Fund		0.705%

PIMCO Municipal Income Fund II		0.685%

PIMCO Municipal Income Fund III		0.705%

PIMCO California Municipal Income Fund		0.705%

PIMCO California Municipal Income Fund II		0.705%

PIMCO California Municipal Income Fund III		0.715%

PIMCO New York Municipal Income Fund		0.770%

PIMCO New York Municipal Income Fund II		0.735%

PIMCO New York Municipal Income Fund III		0.860%

(1)	Management fees calculated based on the Fund’s average daily NAV (including daily net assets attributable to any preferred shares of the Fund that may be outstanding).

In rendering investment advisory services to each Fund, PIMCO may use the resources of one or more foreign (non-U.S.) affiliates that are not registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”) (the “PIMCO Overseas Affiliates”), to provide portfolio


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management, research and trading services to the Fund under the Memorandums of Understanding (“MOUs”). Each of the PIMCO Overseas Affiliates are Participating Affiliates of PIMCO as that term is used in relief granted by the staff of the SEC allowing U.S. registered advisers to use investment advisory and trading resources of unregistered advisory affiliates subject to the regulatory supervision of the registered adviser. Each PIMCO Overseas Affiliate and any of their respective employees who provide services to the Funds are considered under the MOUs to be “associated persons” of PIMCO as that term is defined in the Advisers Act for purposes of PIMCO’s required supervision.

(b) Fund Expenses

Each Fund bears other expenses, which may vary and affect the total level of expenses paid by shareholders, such as (i) salaries and other compensation or expenses, including travel expenses of any of the Fund’s executive officers and employees, if any, who are not officers, directors, shareholders, members, partners or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees, if any, levied against the Fund; (iii) brokerage fees and commissions and other portfolio transaction expenses incurred by or for the Fund (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by the Fund, subject to specific or general authorization by the Board (for example,

so-called

“broken-deal costs” (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments))); (iv) expenses of the Fund’s securities lending (if any), including any securities lending agent fees, as governed by a separate securities lending agreement; (v) costs, including interest expenses, of borrowing money or engaging in other types of leverage financing, including, without limitation, through the use by the Fund of reverse repurchase agreements, tender option bonds, bank borrowings and credit facilities; (vi) costs, including dividend and/or interest expenses and other costs (including, without limitation, offering and related legal costs, fees to brokers, fees to auction agents, fees to transfer agents, fees to ratings agencies and fees to auditors associated with satisfying ratings agency requirements for preferred shares or other securities issued by the Fund and other related requirements in the Fund’s organizational documents) associated with the Fund’s issuance, offering, redemption and maintenance of preferred shares, commercial paper or other senior securities for the purpose of incurring leverage; (vii) fees and expenses of any underlying funds or other pooled vehicles in which the Fund invests; (viii) dividend and interest expenses on short positions taken by the Fund; (ix) fees and expenses, including travel expenses, and fees and expenses of legal counsel retained for their benefit, of Trustees who are not officers, employees, partners, shareholders or members of PIMCO or its

subsidiaries or affiliates; (x) extraordinary expenses, including extraordinary legal expenses, that may arise, including expenses incurred in connection with litigation, proceedings, other claims, and the legal obligations of the Fund to indemnify its Trustees, officers, employees, shareholders, distributors, and agents with respect thereto; (xi) organizational and offering expenses of the Funds, including with respect to share offerings, such as rights offerings and shelf offerings, following the Fund’s initial offering, and expenses associated with tender offers and other share repurchases and redemptions; and (xii) expenses of the Fund which are capitalized in accordance with U.S. GAAP. Without limiting the generality or scope of the foregoing, it is understood that the Funds may bear such expenses either directly or indirectly through contracts or arrangements with PIMCO or an affiliated or unaffiliated third party.

Each of the Trustees of the Funds who is not an “interested person” under Section 2(a)(19) of the Act, (the “Independent Trustees”) also serves as a trustee of a number of other

closed-end

funds for which PIMCO serves as investment manager (together with the Funds, the “PIMCO

Closed-End

Funds”), as well as PIMCO California Flexible Municipal Income Fund, PIMCO Flexible Emerging Markets Income Fund, PIMCO Flexible Credit Income Fund and PIMCO Flexible Municipal Income Fund, each a closed end management investment company managed by PIMCO that is operated as an “interval fund” and PIMCO Managed Accounts Trust, an

open-end

management investment company with multiple series for which PIMCO serves as investment adviser and administrator.

The Funds pay no compensation directly to any Trustee or any other officer who is affiliated with the Manager, all of whom receive remuneration for their services to the Funds from the Manager or its affiliates.

9. RELATED PARTY TRANSACTIONS

The Manager is a related party. Fees payable to this party are disclosed in Note 8, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

Certain Funds are permitted to purchase or sell securities from or to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate, or an affiliate of an affiliate, by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with applicable SEC rules and interpretations under the Act. Further, as defined under the procedures, each transaction is effected at the current market price. Purchases and sales of securities pursuant to

SEMIANNUAL REPORT

JUNE 30, 2023


Notes to Financial Statements		(Cont.)

applicable SEC rules and interpretations under the Act for the period ended June 30, 2023, were as follows (amounts in thousands

†


Fund Name	Purchases		Sales		Realized Gain/Loss

PIMCO Municipal Income Fund	$	3,994	$	2,725	$	(893	)

PIMCO Municipal Income Fund II		6,892		5,741		(1,875	)

PIMCO Municipal Income Fund III		5,565		2,580		(840	)

PIMCO California Municipal Income Fund		0		99		(2	)

PIMCO California Municipal Income Fund II		487		111		(2	)

PIMCO California Municipal Income Fund III		822		934		(373	)

PIMCO New York Municipal Income Fund		866		35		(1	)

PIMCO New York Municipal Income Fund II		0		48		(1	)

PIMCO New York Municipal Income Fund III		506		1,194		(62	)

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

10. GUARANTEES AND INDEMNIFICATIONS

Under each Fund’s organizational documents, each Trustee and officer is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The

Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

11. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as “portfolio turnover.” Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer

mark-ups

and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Fund. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates when distributed to shareholders). The transaction costs associated with portfolio turnover may adversely affect a Fund’s performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2023, were as follows (amounts in thousands

†


	U.S. Government/Agency				All Other

Fund Name	Purchases		Sales		Purchases		Sales

PIMCO Municipal Income Fund	$	1,875	$	0	$	32,327	$	37,796

PIMCO Municipal Income Fund II		2,813		0		71,922		85,773

PIMCO Municipal Income Fund III		938		0		38,144		44,508

PIMCO California Municipal Income Fund		0		0		33,958		34,304

PIMCO California Municipal Income Fund II		0		0		30,347		32,347

PIMCO California Municipal Income Fund III		0		0		36,575		46,482

PIMCO New York Municipal Income Fund		0		0		10,532		16,826

PIMCO New York Municipal Income Fund II		0		0		15,913		16,761

PIMCO New York Municipal Income Fund III		0		0		9,569		10,060

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

12. COMMON SHARES OFFERING

In August 2022, PIMCO Municipal Income Fund II (“PML”) filed an automatically effective shelf registration statement (the “2022 Registration Statement”) and a prospectus supplement, pursuant to the 2022 Registration Statement (the “2022 Prospectus Supplement”), relating to the offer and sale of the Fund’s common shares having an

aggregate offering price of up to $225,000,000 under the Fund’s then current “at the market” program (the “ATM Shares”). As of March 2023, the offering of unsold ATM Shares pursuant to the 2022 Registration Statement has been terminated.

The aggregate dollar amounts of Common Shares registered under the 2022 Registration Statement as of the end of the period and prior fiscal period were as follows:


	Period Ended 06/30/2023		Year Ended 12/31/2022
Common Shares registered (aggregate $)	$	225,000,000	$	225,000,000

Common Shares sold		148,545		2,215,907

Offering proceeds (net of offering costs)	$	1,376,498	$	20,977,865


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13. PREFERRED SHARES

(a) Auction-Rate Preferred Shares Each series of Auction-Rate Preferred Shares (“ARPS”) outstanding of each Fund has a liquidation preference of $25,000 per share plus any accumulated, unpaid dividends. Dividends are accumulated daily at an annual rate that is typically reset every seven days through auction procedures (or through default procedures in the event of failed auctions). Distributions of net realized capital gains, if any, are paid at least annually.

For the period ended June 30, 2023, the annualized dividend rates on the ARPS ranged from:


Fund Name	Shares Issued and Outstanding		High		Low		As of June 30, 2023
PIMCO Municipal Income Fund
Series A		1,310		7.118%		4.936%		6.725%
Series B		1,367		7.118%		4.936%		6.725%
Series C		1,294		7.118%		4.936%		6.725%
Series D		1,388		7.118%		4.936%		6.725%
Series E		1,309		6.773%		4.936%		6.537%

PIMCO Municipal Income Fund II
Series A		2,279		7.118%		4.936%		6.725%
Series B		2,577		7.118%		4.936%		6.725%
Series C		2,422		7.118%		4.936%		6.725%
Series D		2,300		7.118%		4.936%		6.725%
Series E		2,353		6.773%		4.936%		6.537%

PIMCO Municipal Income Fund III
Series A		1,018		7.118%		4.936%		6.725%
Series B		1,190		7.118%		4.936%		6.725%
Series C		1,350		7.118%		4.936%		6.725%
Series D		1,334		7.118%		4.936%		6.725%
Series E		1,296		6.773%		4.936%		6.537%

PIMCO California Municipal Income Fund
Series A		1,575		7.118%		4.936%		6.725%
Series B		1,547		7.118%		4.936%		6.725%
Series C		1,703		6.773%		4.936%		6.537%

PIMCO California Municipal Income Fund II
Series A		1,154		7.118%		4.936%		6.725%
Series B		879		7.118%		4.936%		6.725%
Series C		1,235		7.118%		4.936%		6.725%
Series D		926		7.118%		4.936%		6.725%
Series E		953		6.773%		4.936%		6.537%

PIMCO California Municipal Income Fund III
Series A		1,920		7.118%		4.936%		6.725%
Series B		1,995		7.118%		4.936%		6.725%

PIMCO New York Municipal Income Fund
Series A		1,641		7.118%		4.936%		6.725%

PIMCO New York Municipal Income Fund II
Series A		1,178		7.118%		4.936%		6.725%
Series B		1,142		6.773%		4.936%		6.537%

PIMCO New York Municipal Income Fund III
Series A		1,178		7.118%		4.936%		6.725%

Each Fund is subject to certain limitations and restrictions while ARPS are outstanding. Failure to comply with these limitations and restrictions could preclude a Fund from declaring or paying any dividends or distributions to common shareholders or repurchasing common shares and/or could trigger the mandatory redemption of ARPS at their liquidation preference plus any accumulated, unpaid dividends.

Ratings agencies may change their methodologies for evaluating and providing ratings for shares of

closed-end

funds at any time and in their sole discretion, which may affect the rating (if any) of Fund’s shares. In addition, ratings downgrades may result in an increase to the Fund’s Maximum Rate, as defined below.

SEMIANNUAL REPORT

JUNE 30, 2023


Notes to Financial Statements		(Cont.)

Auction Rate Preferred shareholders of each Fund, who are entitled to one vote per share, generally vote together with the common shareholders of the Fund but vote separately as a class to elect two Trustees of the Fund and on certain matters adversely affecting the rights of the ARPS.

Since

mid-February

2008, holders of ARPS issued by the Funds have been directly impacted by a lack of liquidity, which has similarly affected ARPS holders in many of the nation’s

closed-end

funds. Since then, regularly scheduled auctions for ARPS issued by the Funds have consistently “failed” because of insufficient demand (bids to buy shares) to meet the supply (shares offered for sale) at each auction. In a failed auction, ARPS holders cannot sell all, and may not be able to sell any, of their shares tendered for sale. While repeated auction failures have affected the liquidity for ARPS, they do not constitute a default or automatically alter the credit quality of the ARPS, and ARPS holders have continued to receive dividends at the defined “maximum rate,” as defined for the Funds in the table below.

Applicable %

Reference Rate

Maximum Rate

The higher of 30-day “AA”

Financial Composite Commercial
Paper Rates

110%

Maximum Rate for the Funds

The Taxable Equivalent of the
Short-Term Municipal
Obligation Rate

1	150% if all or part of the dividend consists of taxable income or capital gain.

2	“Taxable Equivalent of the Short-Term Municipal Obligation Rate” means 90% of the quotient of (A) the per annum rate expressed on an interest equivalent basis equal to the S&P 7 Day Index divided by (B) 1.00 minus the Marginal Tax Rate (expressed as a decimal).

The maximum rate is a function of short-term interest rates and is typically, but not necessarily, higher than the rate that would have otherwise been set through a successful auction. If the Funds’ ARPS auctions continue to fail and the “maximum rate” payable on the ARPS rises as a result of changes in short-term interest rates, returns for each Fund’s common shareholders could be adversely affected.

There were no tender offers for the period ended June 30, 2023, and as such, the ARPS outstanding for each Fund as of June 30, 2023 remains consistent with those amounts presented in the Funds’ Annual Report to Shareholders dated December 31, 2022.

(b) Remarketable Variable Rate MuniFund Term Preferred Shares On September 18, 2018, each of PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III and PIMCO New York Municipal Income Fund II (each, a “RVMTP Fund” and collectively, the “RVMTP Funds”) issued a single series of Variable Rate MuniFund Term Preferred Shares, Series 2022 (the “VMTP Shares”).

On June 30, 2021, pursuant to the authority expressly vested in the Boards of Trustees of the RVMTP Funds, the Boards of Trustees of the RVMTP Funds authorized the redesignation (the “Redesignation”) of each Fund’s VMTP Shares as Remarketable Variable Rate MuniFund Term Preferred Shares, Series 2051 (the “RVMTP Shares”, and together with the ARPS, the “Preferred Shares”). Pursuant to such authority, the Redesignation occurred on July 14, 2021 (the “Redesignation Date”). As redesignated, the RVMTP Shares have a term of 30 years, subject to remarketing every three years and in certain other instances.

In the RVMTP Funds’ Statements of Assets and Liabilities, the RVMTP Shares’ aggregate liquidation preference is shown as a liability since they are considered debt of the issuer. Any costs directly related to the September 18, 2018 issuance of the VMTP Shares were considered debt issuance costs and have been amortized into interest expense as of the Redesignation Date. Any costs directly related to the Redesignation are considered debt issuance costs and are being amortized into interest expense on a straight-line basis through the Early Term Redemption Date (defined below). The liquidation value of the RVMTP Shares in each RVMTP Fund’s Statements of Assets and Liabilities is shown as a liability and represents its liquidation preference, which approximates fair value of the shares and is considered level 2 under the fair value hierarchy, less any unamortized debt issuance costs. The RVMTP Shares can be redeemed in whole or in part, at their liquidation preference of $100,000 per share plus any accumulated, unpaid dividends. No Preferred Shares were redeemed during the period ended June 30, 2023.


88		PIMCO CLOSED-END FUNDS


				June 30, 2023		(Unaudited)

Dividends paid with respect to the RVMTP Shares, which are payable monthly, are treated as interest expense, are accrued daily and are reflected, with respect to the RVMTP Shares, as a component of interest expense in the Statements of Operations. For the period ended June 30, 2023, the amount of the RVMTP Shares outstanding, interest expense related to the dividends paid to RVMTP Shares and the daily weighted average interest rate, including issuance costs, can be found in the table below.


Fund Name	RVMTP Shares Outstanding		Interest Expense †		Weighted Average Interest Rate* 1

PIMCO Municipal Income Fund		182	$	372		4.13	%

PIMCO Municipal Income Fund II		687		1,386		4.07

PIMCO Municipal Income Fund III		343		695		4.09

PIMCO California Municipal Income Fund		244		497		4.11

PIMCO California Municipal Income Fund II		275		560		4.10

PIMCO California Municipal Income Fund III		271		550		4.09

PIMCO New York Municipal Income Fund II		149		306		4.15

†	Amounts in thousands.

1	Annualized

*	The rate presented is inclusive of the amortized debt issuance cost. As a result, the rate shown may not fall into the range presented in the table below.

For the period ended June 30, 2023, the dividend rate on the RVMTP Shares ranged from:


Fund Name	Shares Issued and Outstanding		High		Low		As of June 30, 2023

PIMCO Municipal Income Fund

Series 2051		182		5.270%		2.580%		4.930%

PIMCO Municipal Income Fund II

Series 2051		687		5.270%		2.580%		4.930%

PIMCO Municipal Income Fund III

Series 2051		343		5.270%		2.580%		4.930%

PIMCO California Municipal Income Fund

Series 2051		244		5.270%		2.580%		4.930%

PIMCO California Municipal Income Fund II

Series 2051		275		5.270%		2.580%		4.930%

PIMCO California Municipal Income Fund III

Series 2051		271		5.270%		2.580%		4.930%

PIMCO New York Municipal Income Fund II

Series 2051		149		5.270%		2.580%		4.930%

Each RVMTP Fund, at its option, may designate special terms applicable to all of the outstanding RVMTP Shares for a certain period (a “Special Terms Period”) pursuant to a notice of special terms. Such special terms may differ from those provided in the current governing documents of the RVMTP Shares and may include, without limitation, changes to the dividend rate, dividend payment dates and redemption provisions; provided that such special terms do not affect the parity ranking of the RVMTP Shares to any other class or series of Preferred Shares then outstanding with respect to dividends or distribution of assets upon dissolution, liquidation, or winding up of the affairs of the RVMTP Fund. No Special Terms Period with respect to a series of RVMTP Shares will become effective unless certain conditions are satisfied, including that all of the RVMTP Shares in such series are remarketed (except with respect to any RVMTP Shares whose holders have elected to retain their RVMTP Shares for the Special Terms Period).

In addition, a “Mandatory Tender Event” will occur on each date that is (i) 20 business days before each three-year anniversary since the

Redesignation Date (each an “Early Term Redemption”, and the date on which such occurs, an “Early Term Redemption Date”), (ii) the date an RVMTP Fund delivers a notice designating a Special Terms Period, and (iii) 20 business days before the end of a Special Terms Period (provided that no subsequent Special Terms Period is designated). Upon the occurrence of a Mandatory Tender Event, all RVMTP Shares will be subject to mandatory tender (subject to the holders’ election to retain their RVMTP Shares) and the RVMTP Fund will issue or cause to be issued a notice of mandatory tender to the holders of the RVMTP Shares for remarketing on the corresponding Mandatory Tender Date. If any RVMTP Shares subject to a Mandatory Tender Event upon an Early Term Redemption Date of the RVMTP Shares or upon the end of a Special Terms Period (each, an “RVMTP Share Early Term Redemption Date”) have not been either retained by the holders or remarketed by the Mandatory Tender Date, the RVMTP Fund will redeem such RVMTP Shares on the RVMTP Share Early Term Redemption Date.

SEMIANNUAL REPORT

JUNE 30, 2023


Notes to Financial Statements		(Cont.)

With respect to the Mandatory Tender Events described in clauses (i), (ii) and (iii) above, the corresponding “Mandatory Tender Date” means, respectively: (i) the date that is 180 calendar days following the Early Term Redemption Date, (ii) the date on which the related Special Terms Period becomes effective, and (iii) the last day of the related Special Terms Period (subject, in each case, to the holders’ election to retain their RVMTP Shares). No Mandatory Tender Event occurred during the period ended June 30, 2023.

Each RVMTP Fund is subject to certain limitations and restrictions while the RVMTP Shares are outstanding. Failure to comply with these limitations and restrictions could preclude an RVMTP Fund from declaring or paying any dividends or distributions to common shareholders or repurchasing common shares and/or could trigger the mandatory redemption of the RVMTP Shares at their liquidation preference plus any accumulated, unpaid dividends and other distributions. Any resulting suspension of payment of common share dividends may result in a tax penalty for the applicable RVMTP Fund and, in certain circumstances, the loss of treatment as a regulated investment company. Any such mandatory redemption will be conducted on a pro rata basis among each series of the RVMTP Shares and the ARPS based upon the proportion that the aggregate liquidation preference of any series bears to the aggregate liquidation preference of all outstanding series of such RVMTP Fund’s preferred shares. Under the terms of a purchase agreement between each RVMTP Fund and the investor in the RVMTP Shares, each RVMTP Fund is subject to various investment requirements. These requirements may be more restrictive than those to which the RVMTP Fund is otherwise subject in accordance with its investment objective(s) and policies. In

addition, each RVMTP Fund is subject to certain restrictions on its investments imposed by guidelines of the rating agencies that rate the RVMTP Shares, which guidelines may be changed by the applicable

rating agency, in its sole discretion, from time to time. These guidelines may impose asset coverage or portfolio composition requirements that are more stringent than those imposed on the RVMTP Fund by the Act.

Each RVMTP Fund is required to maintain certain asset coverage with respect to all outstanding senior securities of the RVMTP Fund which are stocks for purposes of the Act, including the RVMTP Shares and ARPS, as set forth in such RVMTP Fund’s governing documents and the Act. One such requirement under the Act is that a RVMTP Fund is not permitted to declare or pay common share dividends unless immediately thereafter the RVMTP Fund has a minimum asset coverage ratio of 200% with respect to all outstanding senior securities of the Fund which are stocks for purposes of the Act after deducting the amount of such common share dividends. The asset coverage per share for each RVMTP Fund is reported in the Financial Highlights and is disclosed as the product of the asset coverage ratio as of period end and the current liquidation preference.

With respect to the payment of dividends and as to the distribution of assets of each RVMTP Fund, ARPS and RVMTP Shares rank on parity with each other, and are both senior in priority to the RVMTP Funds’ outstanding common shares. Holders of preferred shares of each RVMTP Fund, who are entitled to one vote per share, including holders of RVMTP Shares and ARPS, generally vote together as one class with the common shareholders of each RVMTP Fund, but preferred shareholders (RVMTP Shares and ARPS together) vote separately as a class to elect two Trustees of each Fund, as required by the Act, and on certain matters adversely affecting the rights of preferred shareholders. Under the Act, preferred shareholders, including holders of the RVMTP Shares and ARPS, are also entitled to elect a majority of the trustees at any time when dividends on the preferred shares are unpaid for two full years.

The RVMTP Shares’ Dividend Rate (as defined below) is determined over the course of a

seven-day

period, which generally commences each Thursday and ends the following Wednesday (the “Rate Period”). The dividends per share for RVMTP Shares for a given Rate Period are dependent on the RVMTP Share dividend rate for that Rate Period (the “RVMTP Share Dividend Rate”). The RVMTP Share Dividend Rate is equal to the greater of (i) the sum of the Index Rate

plus the Applicable Spread

for the Rate Period plus the “Failed Remarketing Spread”

, if any, and (ii) the sum of (a) the product of the Index Rate multiplied by the Applicable Multiplier

for such Rate Period plus (b) 0.92% plus (c) the Failed Remarketing Spread, if any.

Dividend Rate

Rate Period Fraction

Liquidation Preference

Dividend

Number of days in the Rate Period (or a part thereof)

Dividend Rate

Divided by

100,000

Dividends per RVMTP Share

Total number of days in the year

1	The Index Rate is determined by reference to a weekly, high-grade index comprised of seven-day, tax-exempt variable rate demand notes, generally the Securities Industry and Financial Markets Association Municipal Swap Index.

2	The Applicable Spread for a Rate Period is a percentage per year that is based on the long-term rating most recently assigned by the applicable ratings agency to the RVMTP Shares.

In connection with a failed remarketing related to an Early Term Redemption, the Failed Remarketing Spread is (i) 0.75% for the first 59 days following the applicable Early Term Redemption Date, (ii) 1.00% for the 60th to the 89th day following such Early Term Redemption Date, (iii) 1.25% for the 90th to the 119th day following such Early Term Redemption Date, (iv) 1.50% for the 120th to the 149th day following such Early Term Redemption Date, and (v) 1.75% for the 150th day following such Early Term Redemption Date to the date of the associated mandatory redemption of the RVMTP Shares. In connection with a failed remarketing related to a Special Terms Period (each a “Failed Special Terms Period Remarketing”), the Failed Remarketing Spread means (i) for so long as two or more Failed Special Terms Period Remarketings have not occurred, 0.05%, and (ii) following the second occurrence of a Failed Special Terms Period Remarketing, 0.10% multiplied by the number of Failed Special Terms Period Remarketings that have occurred after the first Failed Special Terms Period Remarketing.

4	The Applicable Multiplier for a Rate Period is a percentage that is based on the long-term rating most recently assigned by the applicable ratings agency to the RVMTP Shares.

5	The Dividend Rate will in no event exceed 15% per year.


90		PIMCO CLOSED-END FUNDS


				June 30, 2023		(Unaudited)

14. REGULATORY AND LITIGATION MATTERS

The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

The foregoing speaks only as of the date of this report.

15. FEDERAL INCOME TAX MATTERS

Each 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. Due to the timing of when distributions are made by a Fund, the Fund may be subject to an excise tax of 4% of the amount by which 98% of the Fund’s annual taxable income and 98.2% of net realized gains exceed the distributions from such taxable income and realized gains for the calendar year.

A 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 Funds’ tax positions for all open tax years. As of June 30, 2023, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Funds file U.S. federal, state, and local tax returns as required. The Funds’ 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.

Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of their last fiscal year ended December 31, 2022, the Funds had the following post-effective capital losses with no expiration (amounts in thousands

†


	Short-Term		Long-Term

PIMCO Municipal Income Fund	$	12,729	$	8,797

PIMCO Municipal Income Fund II		30,726		28,469

PIMCO Municipal Income Fund III		12,481		12,352

PIMCO California Municipal Income Fund		9,107		7,444

PIMCO California Municipal Income Fund II		10,049		6,365

PIMCO California Municipal Income Fund III		7,962		6,500

PIMCO New York Municipal Income Fund		2,275		5,410

PIMCO New York Municipal Income Fund II		5,611		6,075

PIMCO New York Municipal Income Fund III		934		3,214

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

As of June 30, 2023, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands

†


	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation) (1)

PIMCO Municipal Income Fund	$	459,954	$	13,640	$	(21,393	)	$	(7,753	)

PIMCO Municipal Income Fund II		1,041,492		28,870		(44,512	)		(15,642	)

PIMCO Municipal Income Fund III		491,501		12,663		(22,770	)		(10,107	)

PIMCO California Municipal Income Fund		356,573		5,405		(10,717	)		(5,312	)

PIMCO California Municipal Income Fund II		377,838		11,086		(11,571	)		(485	)

PIMCO California Municipal Income Fund III		311,762		4,153		(9,771	)		(5,618	)

PIMCO New York Municipal Income Fund		114,305		2,317		(5,005	)		(2,688	)

PIMCO New York Municipal Income Fund II		170,541		4,014		(6,726	)		(2,712	)

PIMCO New York Municipal Income Fund III		69,108		1,593		(2,515	)		(922	)

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

(1)	Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to wash sale loss deferrals for federal income tax purposes.

SEMIANNUAL REPORT

JUNE 30, 2023


Notes to Financial Statements		(Cont.)		June 30, 2023		(Unaudited)

16. SUBSEQUENT EVENTS

In preparing these financial statements, the Funds’ management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

On August 14, 2023, the Funds commenced a voluntary tender offer for up to 100% of each fund’s outstanding auction rate preferred shares (“ARPS”) at a price equal to 94.5% of the ARPS’ per share liquidation preference of $25,000 per share (or $23,625 per share) and any unpaid but accrued dividends (each, a “Tender Offer”).

Each Fund’s Tender Offer will expire at 5:00 p.m., New York City time, on September 18, 2023, unless extended.

Each Fund may determine to replace all or a portion of the leverage currently obtained through tendered ARPS with other forms of leverage, such as reverse repurchase agreements, tender option bond transactions and/or new preferred shares. There is no guarantee that a Fund will be able to replace all or a portion of the leverage currently obtained through tendered ARPS with leverage at comparable costs and other terms, or will elect to do so, and any replacement leverage may be at a higher interest rate and/or may result in higher costs to the Fund’s common shareholders. See “Leverage Risk” in Note 6 for a description of risks associated with the use of leverage. Additional information is available in the Tender Offer documents for each Fund, which can be obtained on the Securities and Exchange Commission’s website at www.sec.gov.

On July 03, 2023, the following distributions were declared to common shareholders payable August 01, 2023 to shareholders of record on July 13, 2023:



PIMCO Municipal Income Fund	$	0.042000 per common share

PIMCO Municipal Income Fund II	$	0.039500 per common share

PIMCO Municipal Income Fund III	$	0.033000 per common share

PIMCO California Municipal Income Fund	$	0.036000 per common share

PIMCO California Municipal Income Fund II	$	0.021500 per common share

PIMCO California Municipal Income Fund III	$	0.029500 per common share

PIMCO New York Municipal Income Fund	$	0.033500 per common share

PIMCO New York Municipal Income Fund II	$	0.029500 per common share

PIMCO New York Municipal Income Fund III	$	0.024800 per common share

On August 01, 2023, the following distributions were declared to common shareholders payable September 01, 2023 to shareholders of record on August 11, 2023:



PIMCO Municipal Income Fund	$	0.042000 per common share

PIMCO Municipal Income Fund II	$	0.039500 per common share

PIMCO Municipal Income Fund III	$	0.033000 per common share

PIMCO California Municipal Income Fund	$	0.036000 per common share

PIMCO California Municipal Income Fund II	$	0.021500 per common share

PIMCO California Municipal Income Fund III	$	0.029500 per common share

PIMCO New York Municipal Income Fund	$	0.033500 per common share

PIMCO New York Municipal Income Fund II	$	0.029500 per common share

PIMCO New York Municipal Income Fund III	$	0.024800 per common share

There were no other subsequent events identified that require recognition or disclosure.


92		PIMCO CLOSED-END FUNDS


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

Exchange Abbreviations:

OTC	Over the Counter

Municipal Bond or Agency Abbreviations:

AGC	Assured Guaranty Corp.	BAM	Build America Mutual Assurance	NPFGC	National Public Finance Guarantee Corp.

AGM	Assured Guaranty Municipal	CM	California Mortgage Insurance	PSF	Public School Fund

AMBAC	American Municipal Bond Assurance Corp.	FHA	Federal Housing Administration	ST	State

SEMIANNUAL REPORT

JUNE 30, 2023


Distribution Information

For purposes of Section 19 of the Investment Company Act of 1940 (the “Act”), the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule

19a-1(e)

under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended June 30, 2023 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form

1099-DIV

(for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.


Municipal Income Fund	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)

January 2023	$	0.0420	$	0.0000	$	0.0000	$	0.0420

February 2023	$	0.0277	$	0.0000	$	0.0143	$	0.0420

March 2023	$	0.0234	$	0.0000	$	0.0186	$	0.0420

April 2023	$	0.0205	$	0.0000	$	0.0215	$	0.0420

May 2023	$	0.0203	$	0.0000	$	0.0217	$	0.0420

June 2023	$	0.0231	$	0.0000	$	0.0189	$	0.0420

Municipal Income Fund II	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)

January 2023	$	0.0215	$	0.0000	$	0.0180	$	0.0395

February 2023	$	0.0251	$	0.0000	$	0.0144	$	0.0395

March 2023	$	0.0231	$	0.0000	$	0.0164	$	0.0395

April 2023	$	0.0208	$	0.0000	$	0.0187	$	0.0395

May 2023	$	0.0203	$	0.0000	$	0.0192	$	0.0395

June 2023	$	0.0235	$	0.0000	$	0.0160	$	0.0395

Municipal Income Fund III	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)

January 2023	$	0.0184	$	0.0000	$	0.0146	$	0.0330

February 2023	$	0.0220	$	0.0000	$	0.0110	$	0.0330

March 2023	$	0.0206	$	0.0000	$	0.0124	$	0.0330

April 2023	$	0.0179	$	0.0000	$	0.0151	$	0.0330

May 2023	$	0.0170	$	0.0000	$	0.0160	$	0.0330

June 2023	$	0.0203	$	0.0000	$	0.0127	$	0.0330

California Municipal Income Fund	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)

January 2023	$	0.0160	$	0.0000	$	0.0200	$	0.0360

February 2023	$	0.0206	$	0.0000	$	0.0154	$	0.0360

March 2023	$	0.0170	$	0.0000	$	0.0190	$	0.0360

April 2023	$	0.0151	$	0.0000	$	0.0209	$	0.0360

May 2023	$	0.0139	$	0.0000	$	0.0221	$	0.0360

June 2023	$	0.0158	$	0.0000	$	0.0202	$	0.0360

California Municipal Income Fund II	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)

January 2023	$	0.0098	$	0.0000	$	0.0117	$	0.0215

February 2023	$	0.0123	$	0.0000	$	0.0092	$	0.0215

March 2023	$	0.0094	$	0.0000	$	0.0121	$	0.0215

April 2023	$	0.0092	$	0.0000	$	0.0123	$	0.0215

May 2023	$	0.0087	$	0.0000	$	0.0128	$	0.0215

June 2023	$	0.0097	$	0.0000	$	0.0118	$	0.0215


94		PIMCO CLOSED-END FUNDS


				(Unaudited)


California Municipal Income Fund III	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)

January 2023	$	0.0295	$	0.0000	$	0.0000	$	0.0295

February 2023	$	0.0295	$	0.0000	$	0.0000	$	0.0295

March 2023	$	0.0219	$	0.0000	$	0.0076	$	0.0295

April 2023	$	0.0117	$	0.0000	$	0.0178	$	0.0295

May 2023	$	0.0106	$	0.0000	$	0.0189	$	0.0295

June 2023	$	0.0120	$	0.0000	$	0.0175	$	0.0295

New York Municipal Income Fund	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)

January 2023	$	0.0116	$	0.0000	$	0.0219	$	0.0335

February 2023	$	0.0126	$	0.0000	$	0.0209	$	0.0335

March 2023	$	0.0134	$	0.0000	$	0.0201	$	0.0335

April 2023	$	0.0132	$	0.0000	$	0.0203	$	0.0335

May 2023	$	0.0110	$	0.0000	$	0.0225	$	0.0335

June 2023	$	0.0151	$	0.0000	$	0.0184	$	0.0335

New York Municipal Income Fund II	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)

January 2023	$	0.0130	$	0.0000	$	0.0165	$	0.0295

February 2023	$	0.0183	$	0.0000	$	0.0112	$	0.0295

March 2023	$	0.0134	$	0.0000	$	0.0161	$	0.0295

April 2023	$	0.0129	$	0.0000	$	0.0166	$	0.0295

May 2023	$	0.0128	$	0.0000	$	0.0167	$	0.0295

June 2023	$	0.0149	$	0.0000	$	0.0146	$	0.0295

New York Municipal Income Fund III	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)

January 2023	$	0.0091	$	0.0000	$	0.0157	$	0.0248

February 2023	$	0.0126	$	0.0000	$	0.0122	$	0.0248

March 2023	$	0.0103	$	0.0000	$	0.0145	$	0.0248

April 2023	$	0.0093	$	0.0000	$	0.0155	$	0.0248

May 2023	$	0.0071	$	0.0000	$	0.0177	$	0.0248

June 2023	$	0.0101	$	0.0000	$	0.0147	$	0.0248

The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits.

**	Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund’s net income, yield, earnings or investment performance.

SEMIANNUAL REPORT

JUNE 30, 2023


Changes to Board of Trustees / Changes to Portfolio Managers				(Unaudited)

Changes to Board of Trustees

Effective April 30, 2023, Mr. John C. Maney retired from his position as Trustee of the Funds.

Effective April 30, 2023, the Board of Trustees appointed Ms. Libby D. Cantrill as a Class I Trustee of PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO New York Municipal Income Fund and PIMCO New York Municipal Income Fund II and a Class III Trustee of PIMCO New York Municipal Income Fund III.

Changes to Portfolio Managers

Effective June 16, 2023, each Fund’s portfolio is jointly and primarily managed by David Hammer and Kyle Christine.


96		PIMCO CLOSED-END FUNDS


Approval of Investment Management Agreements				(Unaudited)

PMF, PML, PMX, PNF, PNI, PCQ, PCK, PYN, PZC

The Investment Company Act of 1940, as amended (the “

1940 Act

”), requires that the Board of Trustees (the “

Board

” or the “

Trustees

”), including a majority of the Trustees who are not “interested persons,” as that term is defined in the 1940 Act (the “

Independent Trustees

”), of each of PIMCO Municipal Income Fund (“

PMF

”), PIMCO Municipal Income Fund II (“

PML

”), PIMCO Municipal Income Fund III (“

PMX

”), PIMCO New York Municipal Income Fund (“

PNF

”), PIMCO New York Municipal Income Fund II (“

PNI

”), PIMCO New York Municipal Income Fund III (“

PYN

”), PIMCO California Municipal Income Fund (“

PCQ

”), PIMCO California Municipal Income Fund II (“

PCK

”) and PIMCO California Municipal Income Fund III (“

PZC

”) (each, a “

Fund

” and, collectively, the “

Funds

”), voting separately, annually approve the continuation of the Investment Management Agreement between each Fund and Pacific Investment Management Company LLC (“

PIMCO

”) (each, an “

Agreement

” and, collectively, the “

Agreements

”). At an

in-person

meeting held on June 14, 2023 (the “

Approval Meeting

”), the Board, including the Independent Trustees, considered and unanimously approved the continuation of each Agreement for an additional

one-year

period commencing on August 1, 2023.

In addition to the Approval Meeting, the Contracts Committee (the “

Committee

”) and the Performance Committee of the Board held a joint meeting on May 19, 2023 to discuss materials provided by PIMCO in connection with the Trustees’ review of the Agreements. The annual contract review process also involved multiple discussions and meetings with members of the Committee and the full Committee (the Approval Meeting, together with such discussions and meetings, the “

Contract Renewal Meetings

”). Throughout the process, the Independent Trustees received legal advice from independent legal counsel that is experienced in 1940 Act matters and independent of PIMCO (“

Independent Counsel

”), and with whom they met separately from PIMCO during the Contract Renewal Meetings. Representatives from PIMCO attended portions of the Contract Renewal Meetings and responded to questions from the Independent Trustees. The Committee also received and reviewed a memorandum from Independent Counsel regarding the Trustees’ responsibilities in considering each Agreement and the fees paid thereunder.

In connection with their deliberations regarding the proposed continuation of the Agreements, the Board, including the Independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to reasonably be necessary to evaluate the terms of the Agreements. The Trustees also considered the nature, quality and extent of the various investment management, administrative and other services performed by PIMCO under the Agreements.

In evaluating each Agreement, the Board, including the Independent Trustees, reviewed extensive materials provided by PIMCO in response

to questions, inclusive of

follow-up

inquiries, submitted by the Independent Trustees and Independent Counsel. The Board also met with senior representatives of PIMCO regarding its personnel, operations, and estimated profitability as they relate to the Funds. The Trustees also considered the broad range of information relevant to the annual contract review that is provided to the Board (including its various standing committees) at meetings throughout the year, including reports on investment performance based on net asset value (“

NAV

”), market value (both absolute and compared against its Broadridge Performance Universe (as defined below)) and distribution yield, use of leverage (if applicable), information regarding share price premiums and/or discounts, risks, and other portfolio information, including any use of derivatives, as well as periodic reports on, among other matters, pricing and valuation, quality and cost of portfolio trade execution, compliance, and shareholder and other services provided by PIMCO and its affiliates. To assist with their review, the Trustees reviewed summaries prepared by PIMCO that analyzed each Fund based on a number of factors, including fees/expenses, performance, distribution yield, and risk-based factors, as of December 31, 2022. They also considered, among other information, performance based on NAV and market value, investment objective and strategy, portfolio managers, assets under management, outstanding leverage, share price premium and/or discount information, annual fund operating expenses, total expense ratio and management fee comparisons between each Fund and its Broadridge Expense Group (as defined below), and estimated profitability to PIMCO from its relationship with each Fund. In considering the Broadridge Performance Universe and Broadridge Expense Group (both as defined below), the Trustees requested that PIMCO comment on whether the peer funds selected for each Fund by Broadridge Financial Solutions, Inc. (“

Broadridge

”) provided an appropriate comparison, and if not, whether PIMCO believes another peer group would provide a more appropriate comparison.

The Trustees’ conclusions as to the continuation of each Agreement were based on a comprehensive consideration of all information provided to the Trustees during the Contract Renewal Meetings and throughout the year and were not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, attributing different weights to various factors. The Trustees evaluated information available to them on a

Fund-by-Fund

basis, and their determinations were made separately in respect of each Fund.

Nature, Extent and Quality of Services

As part of their review, the Trustees received and considered descriptions of various functions performed by PIMCO for the Funds, such as portfolio management, compliance monitoring, portfolio trading practices, and oversight of third-party service providers. They

SEMIANNUAL REPORT

JUNE 30, 2023


Approval of Investment Management Agreements		(Cont.)

also considered information regarding the overall organization and business functions of PIMCO, including, without limitation, information regarding senior management, portfolio managers and other personnel providing investment management, administrative, and/or other services, and general corporate ownership and business operations unrelated to the Funds. The Trustees examined PIMCO’s abilities to provide high-quality investment management and other services to the Funds, noting PIMCO’s long history and experience in managing

closed-end

funds, such as the Funds, including experience monitoring discounts and premiums and complying with New York Stock Exchange (NYSE) requirements. Among other information, the Trustees considered the investment philosophy and research and decision-making processes of PIMCO; the experience of key advisory personnel of PIMCO responsible for portfolio management of the Funds; recent changes to the named portfolio managers of the Funds; information regarding the Funds’ use of leverage; the ability of PIMCO to attract and retain capable personnel; the background and capabilities of the senior management and staff of PIMCO; the general process or philosophy for determining employee compensation; and the operational infrastructure, including technology and systems and cybersecurity measures, of PIMCO.

In addition, the Trustees noted the extensive range of services that PIMCO provides to the Funds beyond investment management services. In this regard, the Trustees reviewed the extent and quality of PIMCO’s services with respect to regulatory compliance and its ability to comply with the investment policies of the Funds; the compliance programs and risk controls of PIMCO (including the implementation of new policies and programs); the specific contractual obligations of PIMCO pursuant to the Agreements; the nature, extent, and quality of the supervisory and administrative services PIMCO is responsible for providing to the Funds; PIMCO’s risk management function; the time and resources PIMCO expends monitoring the leverage employed by the Funds, including the covenants and restrictions imposed by certain forms of leverage such as the Funds’ preferred shares; and conditions that might affect PIMCO’s ability to provide high-quality services to the Funds in the future under the Agreements, including, but not limited to, PIMCO’s financial condition and operational stability. The Trustees also took into account the entrepreneurial, business and other risks that PIMCO has undertaken as investment manager and sponsor of the Funds. Specifically, the Trustees considered that PIMCO’s responsibilities include continual management of investment, operational, enterprise, legal, regulatory, and compliance risks as they relate to the Funds. The Trustees also noted PIMCO’s activities under its contractual obligation to coordinate, oversee and supervise the Funds’ various outside service providers, including its negotiation of certain service providers’ fees and its due diligence and evaluation of service providers’ infrastructure, cybersecurity programs, compliance

programs, and business continuity programs, among other matters. The Trustees also considered PIMCO’s ongoing development of its own infrastructure and information technology, including its proprietary software and applications, to support the Funds through, among other things, cybersecurity, business continuity planning, and risk management.

After their review and deliberations, the Trustees concluded that the nature, extent and quality of the overall services provided by PIMCO under each Agreement were appropriate.

Fee and Expense Information

In assessing the reasonableness of each Fund’s fees and expenses under its Agreement, the Trustees requested and considered, among other information, the Fund’s management fee and its total expenses as a percentage of average net assets attributable to common shares and as a percentage of average total managed assets (including assets attributable both to common shares and specified leverage outstanding), in comparison to the management fees and other expenses of a group of industry peer funds identified by Broadridge as pursuing investment strategies with classifications/objectives similar to the Fund (for each Fund, its “

Broadridge Expense Group

”) as well as of a broader universe of peer funds identified by Broadridge (for each Fund, its “

Broadridge Expense Universe

”). In each case, the total expense ratio information was provided both inclusive and exclusive of interest and borrowing expenses. The Fund-specific fee and expense results discussed below were prepared and provided by Broadridge and were not independently verified by the Trustees. The Trustees noted that only leveraged

closed-end

funds were considered for inclusion in the Broadridge Expense Groups and Broadridge Expense Universes.

The Trustees considered information regarding the investment performance and fees for other funds and accounts managed by PIMCO, if any, including funds and accounts with comparable investment programs and/or principal investment strategies to those of the Funds, as well as certain other funds requested by the Trustees with broadly similar strategies and/or investment types. The Trustees considered information provided by PIMCO indicating that, in comparison to certain other products managed by PIMCO, including any

open-end

funds and exchange-traded funds with broadly similar strategies and/or investment types, there are additional portfolio management challenges in managing

closed-end

funds such as the Funds. For example, the challenges associated with managing

closed-end

funds may include investing in

non-traditional

and less liquid holdings, a greater use of leverage, issues relating to trading on a national securities exchange and managing a fund’s dividend practices. In addition, the Independent Trustees considered information provided by PIMCO as to the generally broader and more extensive services provided to the Funds in comparison to those provided to private funds or institutional or separate accounts; the higher demands


98		PIMCO CLOSED-END FUNDS


				(Unaudited)

placed on PIMCO to provide considerable shareholder services due to the volume of investors; the greater entrepreneurial, enterprise, and reputational risk in managing registered

closed-end

funds; and the expenses, and impact on PIMCO, associated with the more extensive regulatory and compliance requirements to which the Funds are subject in comparison to private funds or institutional or separate accounts. The Trustees were advised by PIMCO that, in light of these additional challenges and additional services, different pricing structures between

closed-end

funds and other products managed by PIMCO are to be expected, and that comparisons of pricing structures across these products may not always be apt comparisons, even where other products have comparable investment objectives and strategies to those of the Funds.

The Trustees also took into account that the Funds have preferred shares outstanding, which increases the amount of management fees payable by each Fund under its Agreement (because each Fund’s fees are calculated based on net assets, including assets attributable to preferred shares outstanding). In this regard, the Trustees took into account that PIMCO has a financial incentive for the Funds to use or continue to use leverage in the form of preferred shares, which may create a conflict of interest between PIMCO, on one hand, and the Funds’ common shareholders, on the other. Therefore, the Trustees noted that the total fees paid by each Fund to PIMCO under the Fund’s unified fee arrangement would therefore vary more with increases and decreases in leverage attributable to preferred shares than under a

non-unified

fee arrangement, all other things being equal. The Trustees considered information provided by PIMCO and related presentations as to why each Fund’s use of leverage continues to be appropriate and in the best interests of the respective Fund under current market conditions. The Trustees noted that each quarter they receive information from PIMCO comparing the recent, historical and projected costs of each Fund’s existing leverage arrangements against other available financing options, as well as information relating to PIMCO’s views regarding economic or other risks of maintaining those leverage arrangements and/or replacing them with alternate forms of financing. The Trustees also considered PIMCO’s representation that it will use leverage for the Funds solely as it determines to be in the best interests of the Funds from an investment perspective and without regard to the level of compensation PIMCO receives.

The Trustees noted that, for each Fund, the contractual and actual management fee rates for the Fund under its unified fee arrangement were above the median contractual and actual management fees of the other funds in its Broadridge Expense Group, calculated both on average net assets and on average total managed assets. However, in this regard, the Trustees took into account that each Fund’s unified fee arrangement covers substantially all of the Fund’s operating fees and expenses (“

Operating Expenses

”), and therefore, all other things being

equal, would tend to be higher than the contractual management fee rates of other funds in the Broadridge Expense Group, which generally do not have a unified fee structure and instead incur Operating Expenses directly and in addition to the management fee. The Trustees determined that a comparison of each Fund’s total expense ratio with the total expense ratios of its Broadridge Expense Group would generally provide more meaningful comparisons than comparing contractual and actual management fee rates in isolation.

In this regard, the Trustees noted PIMCO’s view that the unified fee arrangements have benefited and will continue to benefit common shareholders because they provide an expense structure (including Operating Expenses) that is essentially fixed for the duration of the contractual period as a percentage of NAV (including assets attributable to preferred shares), making it more predictable under ordinary circumstances in comparison to other fee and expense structures, under which the Funds’ Operating Expenses (including certain third-party fees and expenses) could vary significantly over time. The Trustees also considered that the unified fee arrangements generally insulate the Funds and common shareholders from increases in applicable third-party and certain other expenses because PIMCO, rather than the Funds, would bear the risk of such increases (though the Trustees also noted that PIMCO would benefit from any reductions in such expenses).

Performance Information

Fund-specific comparative performance results for the Funds reviewed by the Trustees are discussed below. With respect to investment performance, the Trustees considered information regarding each Fund’s performance based on NAV and market value, as applicable, net of the Fund’s fees and expenses, both on an absolute basis and relative to the performance of its Broadridge Performance Universe (as defined below). The Trustees requested information provided by Broadridge regarding the investment performance of a broad universe of funds within the same investment classification/category that Broadridge determined are comparable to those of each Fund (for each Fund, its “

Broadridge Performance Universe

”). The comparative performance information was prepared and provided by Broadridge and was not independently verified by the Trustees. The Trustees also considered information regarding the Funds’ comparative yields and risk-adjusted returns. The Trustees recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. They further acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance. The Trustees considered information from PIMCO regarding the risks undertaken by each Fund, including the use of leverage, and PIMCO’s management and oversight of the Fund’s risk

SEMIANNUAL REPORT

JUNE 30, 2023


Approval of Investment Management Agreements		(Cont.)

profile, including in instances where the Fund outperformed its Broadridge Performance Universe. For those Funds that the Board identified as having underperformed their Performance Universe to an extent, or over a period of time, that the Board felt warranted additional inquiry, the Board discussed with PIMCO each such Fund’s performance, potential reasons for the relative performance, and, if necessary, steps that PIMCO had taken, or intended to take, to improve performance.

In addition, the Trustees considered matters bearing on the Funds and their advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting (by both the Board and its Performance Committee).

Profitability, Economies of Scale, and

Fall-out

Benefits

The Trustees considered estimated profitability analyses provided by PIMCO, which included, among other information, (i) PIMCO’s estimated

pre-

and post-distribution operating margin for each Fund, as well as PIMCO’s aggregate estimated

pre-

and post-distribution operating margin for all of the

closed-end

funds advised by PIMCO, including the Funds (collectively, the “

Estimated Margins

”), in each case for the

one-year

period ended December 31, 2022; and (ii) a year-over-year comparison of PIMCO’s Estimated Margins for the

one-year

periods ended December 31, 2022, and December 31, 2021. The Trustees also took into account explanations from PIMCO regarding how certain of PIMCO’s corporate and shared expenses were allocated among the Funds and other funds and accounts managed by PIMCO for purposes of developing profitability estimates. Based on the profitability analyses provided by PIMCO, the Trustees determined, taking into account the various assumptions made, that such profitability did not appear to be excessive.

The Trustees also considered information regarding possible economies of scale in the operation of the Funds. The Trustees noted that the Funds do not currently have any breakpoints in their management fees. The Trustees considered that, as

closed-end

investment companies, the Funds do not continually offer new shares to raise additional assets (as does a typical

open-end

investment company), but may raise additional assets through

follow-on

offerings and dividend reinvestments and may also experience asset growth through investment performance and/or the increased use of leverage. The Trustees noted PIMCO’s assertion that it may share the benefits of potential economies of scale, if any, with the Funds and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology and cybersecurity measures, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision and governance of those services; and the enhancement of services provided to the Funds in return for fees paid. The Trustees also considered that the unified fee arrangements provide inherent economies of scale because a Fund maintains competitive fixed unified fees even if the particular Fund’s assets decline and/or

operating costs increase. The Trustees further considered that, in contrast, breakpoints may be used as a proxy for charging higher fees on lower asset levels and that when a fund’s assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Funds’ unified fee arrangements, funds with “pass through” administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also considered that the unified fee arrangements protect shareholders, during the contractual period, from a rise in operating costs that may result from, among other things, PIMCO’s investments in various business enhancements and infrastructure. The Trustees noted that PIMCO has made extensive investments in these areas.

Additionally, the Trustees considered

so-called

“fall-out

benefits” to PIMCO, such as reputational value derived from serving as investment manager to the Funds and research, statistical and quotation services that PIMCO may receive from broker-dealers executing the Funds’ portfolio transactions on an agency basis.

Fund-by-Fund

Analysis

With regard to the investment performance of each Fund and the fees charged to each Fund, the Board considered the following information. With respect to performance quintile rankings for a Fund compared to its Broadridge Performance Universe, the first quintile represents the highest (best) performance and the fifth quintile represents the lowest performance. The Board considered each Fund’s performance and fees in light of the limitations inherent in the methodology for determining such comparative groups.

PMF

With respect to the Fund’s common share total return performance (based on NAV) relative to its respective Broadridge Performance Universe, the Trustees noted that the Fund had fifth quintile performance for the

one-,

three- and five-year periods and second quintile performance for the

ten-year

period ended December 31, 2022.

The Trustees noted that the Fund’s total expense ratio (including interest and borrowing expenses) calculated on average total managed assets was below the median total expense ratio (including interest and borrowing expenses) of the funds in its Broadridge Expense Group and Broadridge Expense Universe. The Trustees noted that the Fund’s total expense ratio (including interest and borrowing expenses) calculated on average net assets was below the median total expense ratio (including interest and borrowing expenses) of the funds in its Broadridge Expense Group but above the median total expense ratio (including interest and borrowing expenses) of the funds in its Broadridge Expense Universe. The Trustees noted that the Fund’s total expense ratio (excluding interest and borrowing expenses) calculated on both average total managed assets and average net assets was above the


100		PIMCO CLOSED-END FUNDS


				(Unaudited)

median total expense ratio (excluding interest and borrowing expenses) of the funds in its Broadridge Expense Group and Broadridge Expense Universe.

PML

one-

and three-year periods, fourth quintile performance for the five-year period and second quintile performance for the

ten-year

period ended December 31, 2022.

The Trustees noted that the Fund’s total expense ratio (including interest and borrowing expenses) calculated on average total managed assets was below the median total expense ratio (including interest and borrowing expenses) of the funds in its Broadridge Expense Group but above the median total expense ratio (including interest and borrowing expenses) of the funds in its Broadridge Expense Universe. The Trustees noted that the Fund’s total expense ratio (including interest and borrowing expenses) calculated on average net assets was below the median total expense ratio (including interest and borrowing expenses) of the funds in its Broadridge Expense Group but above the median total expense ratio (including interest and borrowing expenses) of the funds in its Broadridge Expense Universe. The Trustees noted that the Fund’s total expense ratio (excluding interest and borrowing expenses) calculated on both average total managed assets and average net assets was above the median total expense ratio (excluding interest and borrowing expenses) of the funds in its Broadridge Expense Group and Broadridge Expense Universe.

PMX

one-,

three- and five-year periods and first quintile performance for the

ten-year

period ended December 31, 2022.

The Trustees noted that the Fund’s total expense ratio (including interest and borrowing expenses) calculated on average total managed assets was below the median total expense ratio (including interest and borrowing expenses) of the funds in its Broadridge Expense Group but above the median total expense ratio (including interest and borrowing expenses) of the funds in its Broadridge Expense Universe. The Trustees noted that the Fund’s total expense ratio (including interest and borrowing expenses) calculated on average net assets was below the median total expense ratio (including interest and borrowing expenses) of the funds in its Broadridge Expense Group but above the median total expense ratio (including interest and borrowing expenses) of the funds in its Broadridge Expense Group. The Trustees noted that the

Fund’s total expense ratio (excluding interest and borrowing expenses) calculated on both average total managed assets and average net assets was above the median total expense ratio (excluding interest and borrowing expenses) of the funds in its Broadridge Expense Group and Broadridge Expense Universe.

PCQ

one-

and three-year periods, third quintile performance for the five-year period and second quintile performance for the

ten-year

period ended December 31, 2022.

The Trustees noted that the Fund’s total expense ratio (including interest and borrowing expenses) calculated on both average total managed assets and average net assets was above the median total expense ratio (including interest and borrowing expenses) of the funds in its Broadridge Expense Group and Broadridge Expense Universe. The Trustees noted that the Fund’s total expense ratio (excluding interest and borrowing expenses) calculated on both average total managed assets and average net assets was above the median total expense ratio (excluding interest and borrowing expenses) of the funds in its Broadridge Expense Group and Broadridge Expense Universe.

PCK

one-,

three- and five-year periods and second quintile performance for the

ten-year

period ended December 31, 2022.

The Trustees noted that the Fund’s total expense ratio (including interest and borrowing expenses) calculated on average total managed assets was above the median total expense ratio (including interest and borrowing expenses) of the funds in its Broadridge Expense Group but at the median total expense ratio (including interest and borrowing expenses) of the funds in its Broadridge Expense Universe. The Trustees noted that the Fund’s total expense ratio (including interest and borrowing expenses) calculated on average net assets was above the median total expense ratio (including interest and borrowing expenses) of the funds in its Broadridge Expense Group but at the median total expense ratio (including interest and borrowing expenses) of the funds in its Broadridge Expense Universe. The Trustees noted that the Fund’s total expense ratio (excluding interest and borrowing expenses) calculated on both average total managed assets and average net assets was above the median total expense ratio (excluding interest and borrowing expenses) of the funds in its Broadridge Expense Group and Broadridge Expense Universe.

SEMIANNUAL REPORT

JUNE 30, 2023

101


Approval of Investment Management Agreements		(Cont.)		(Unaudited)

PZC

one-

and three-year periods, fourth quintile performance for the five-year period and first quintile performance for the

ten-year

period ended December 31, 2022.

PNF

one-,

three- and five-year periods and first quintile performance for the

ten-year

period ended December 31, 2022.

The Trustees noted that the Fund’s total expense ratio (including interest and borrowing expenses) calculated on both average total managed assets and average net assets was below the median total expense ratio (including interest and borrowing expenses) of the funds in its Broadridge Expense Group and Broadridge Expense Universe. The Trustees noted that the Fund’s total expense ratio (excluding interest and borrowing expenses) calculated on both average total managed assets and average net assets was above the median total expense ratio (excluding interest and borrowing expenses) of the funds in its Broadridge Expense Group and Broadridge Expense Universe.

PNI

one-

and three-year periods, fourth quintile performance for the five-year period and first quintile performance for the

ten-year

period ended December 31, 2022.

Trustees noted that the Fund’s total expense ratio (excluding interest and borrowing expenses) calculated on both average total managed assets and average net assets was above the median total expense ratio (excluding interest and borrowing expenses) of the funds in its Broadridge Expense Group and Broadridge Expense Universe.

PYN

one-,

three- and five-year periods and first quintile performance for the

ten-year

period ended December 31, 2022.

The Trustees noted that the Fund’s total expense ratio (including interest and borrowing expenses) calculated on average total managed assets was below the median total expense ratio (including interest and borrowing expenses) of the funds in its Broadridge Expense Group but above the median total expense ratio (including interest and borrowing expenses) of the funds in its Broadridge Expense Universe. The Trustees noted that the Fund’s total expense ratio (including interest and borrowing expenses) calculated on average net assets was below the median total expense ratio (including interest and borrowing expenses) of the funds in its Broadridge Expense Group but above the median total expense ratio (including interest and borrowing expenses) of the funds in its Broadridge Expense Universe. The Trustees noted that the Fund’s total expense ratio (excluding interest and borrowing expenses) calculated on both average total managed assets and average net assets was above the median total expense ratio (excluding interest and borrowing expenses) of the funds in its Broadridge Expense Group and Broadridge Expense Universe.

Conclusion

After reviewing these and other factors described herein, the Trustees concluded, with respect to each Fund, within the context of their overall conclusions regarding the Agreements, and based on the information provided and related representations made by management, and in their business judgment, that they were satisfied with PIMCO’s responses and efforts relating to the investment performance of the Funds. The Trustees also concluded that the fees payable under the Agreements represent reasonable compensation in light of the nature, extent, and quality of the services provided by PIMCO. Based on their evaluation of factors that they deemed to be material, including, but not limited to, those factors described above, the Board, including the Independent Trustees, unanimously concluded that the continuation of the Agreements was in the interests of each Fund and its shareholders, and should be approved.


102		PIMCO CLOSED-END FUNDS


Investment Strategy Updates				(Unaudited)

Effective April 12, 2023, each Fund is permitted to, as a principal investment strategy, invest in and/or originate loans, including, without limitation, to, on behalf of, authorized by, sponsored by, and/or in connection with a project for which authority and responsibility lies with one or more U.S. states or territories, cities in a U.S. state or territory, or political subdivisions, agencies, authorities or instrumentalities of such states, territories or cities, which may be in the form of whole loans, assignments, participations, secured and unsecured notes, senior and second lien loans, mezzanine loans, bridge loans or similar investments. This may include loans to public or private firms or individuals, such as in connection with housing development projects. When investing in or originating loans, the Fund is not restricted by any particular credit risk criteria and/or qualifications. The Fund also is not limited in the amount, size or type of loans it may invest in and/or originate, including with respect to a single borrower, other than pursuant to any applicable law. The loans the Fund invests in or originates may vary in maturity and/or duration. The Fund’s investment in or origination of loans may also be limited by the requirements the Fund intends to observe under Subchapter M of the Internal Revenue Code of 1986, as amended, in order to qualify as a regulated investment company. The loans acquired by the Fund may be “municipal bonds” (including of a particular state) for purposes of the Fund’s investment policies or may be loans that produce income that is subject to applicable regular income tax, subject to the Fund’s investment limits.

SEMIANNUAL REPORT

JUNE 30, 2023

103

General Information

Investment Manager

Pacific Investment Management Company LLC

650 Newport Center Drive,

Newport Beach, CA, 92660

Custodian

State Street Bank and Trust Company

1100 Main Street, Suite 400

Kansas City, MO 64105

Transfer Agent, Dividend Paying Agent and Registrar for Common Shares

Equiniti Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Auction Agent, Transfer Agent, Dividend Paying Agent and Registrar for Auction Rate Preferred Shares

Deutsche Bank Trust Company Americas

60 Wall Street, 16th Floor

New York, NY 10005.

Transfer Agent, Dividend Paying Agent and Registrar for Variable Rate MuniFund Term Preferred Shares

The Bank of New York Mellon

240 Greenwich Street, 7E

New York, New York 10286

Legal Counsel

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Funds listed on the Report cover.

CEF4012SAR_063023

Item 2.

Code of Ethics.

The information required by this Item 2 is only required in an annual report on this Form N-CSR.

Item 3.

Audit Committee Financial Expert.

The information required by this Item 3 is only required in an annual report on this Form N-CSR.

Item 4.

Principal Accountant Fees and Services.

The information required by this Item 4 is only required in an annual report on this Form N-CSR.

Item 5.

Audit Committee of Listed Registrants.

The information required by this Item 5 is only required in an annual report on this Form N-CSR.

Item 6.

Schedule of Investments.

The information required by this Item 6 is included as part of the semiannual report to shareholders filed under Item 1 of this Form N-CSR.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

The information required by this Item 7 is only required in an annual report on this Form N-CSR.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

(a)(1)

As of August 31, 2023, the following individual has primary responsibility for the day-to-day management of the Municipal Income Fund II (the “Fund”):

David Hammer

Mr. Hammer has been the portfolio manager of the Fund since August 2015. Mr. Hammer is an executive vice president and municipal bond portfolio manager in the New York office. He rejoined PIMCO in 2015 from Morgan Stanley, where he was managing director and head of municipal trading, risk management and research. Previously at PIMCO, he was a senior vice president and municipal bond portfolio manager, and prior to joining PIMCO in 2012, he was an executive director and head of the high yield and distressed municipal bond trading group at Morgan Stanley.

Kyle Christine

On June 16, 2023, Mr. Kyle Christine became a portfolio manager of the Fund. Mr. Christine is a Senior Vice President and municipal bond portfolio manager in the Newport Beach office. Mr. Christine has previously served as a rotating member of PIMCO’s Americas portfolio committee. Prior to joining PIMCO in 2017, he was an institutional high yield and taxable municipal bond trader at Morgan Stanley. He has 10 years of investment and financial services experience and holds an undergraduate degree from Union College (NY).

(a)(2)

The following summarizes information regarding each of the accounts, excluding the Fund, managed by the Portfolio Manager as of June 30, 2023, including accounts managed by a team, committee, or other group that includes the Portfolio Manager. Unless mentioned otherwise, the advisory fee charged for managing each of the accounts listed below is not based on performance.


	Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
Portfolio Manager	#	AUM($million)	#	AUM($million)	#	AUM($million)
David Hammer¹	28	$12,825.78	8	$30,803.76	173	$14,110.68
Kyle Christine	22	$11,263.93	0	$0.00	4	$57,471.30

¹ Of these Other Accounts, 1 account totaling $192.48 million in assets pay(s) an advisory fee that is based in part on the performance of the accounts.

From time to time, potential and actual conflicts of interest may arise between a portfolio manager’s management of the investments of the Fund, on the one hand, and the management of other accounts, on the other. Potential and actual conflicts of interest may also arise as a result of PIMCO’s other business activities and PIMCO’s possession of material non-public information about an issuer. Other accounts managed by a portfolio manager might have similar investment objectives or strategies as the Fund, track the same index as the Fund or otherwise hold, purchase, or sell securities that are eligible to be held, purchased or sold by the Fund. The other accounts might also have different investment objectives or strategies than the Fund. Potential and actual conflicts of interest may also arise as a result of PIMCO serving as investment adviser to accounts that invest in the Fund. In this case, such conflicts of interest could in theory give rise to incentives for PIMCO to, among other things, vote proxies of the Fund in a manner beneficial to the investing account but detrimental to the Fund. Conversely, PIMCO’s duties to the Fund, as well as regulatory or other limitations applicable to the Fund, may affect the courses of action available to PIMCO-advised accounts (including certain funds) that invest in the Fund in a manner that is detrimental to such investing accounts. In addition, regulatory restrictions, actual or potential conflicts of interest or other considerations may cause PIMCO to restrict or prohibit participation in certain investments.

Because PIMCO is affiliated with AllianzSE, a large multi-national financial institution, conflicts similar to those described below may occur between the Fund and other accounts managed by PIMCO and PIMCO’s affiliates or accounts managed by those affiliates. Those affiliates (or their clients), which generally operate autonomously from PIMCO, may take actions that are adverse to the Fund or other accounts managed by PIMCO. In many cases, PIMCO will not be in a position to mitigate those actions or address those conflicts, which could adversely affect the performance of the Fund or other accounts managed by PIMCO. In addition, because certain Clients (as defined below) are affiliates of PIMCO or have investors who are affiliates or employees of PIMCO, PIMCO may have incentives to resolve conflicts of interest in favor of these Clients over other Clients.

Knowledge and Timing of Fund Trades. A potential conflict of interest may arise as a result of the portfolio manager’s day-to-day management of the Fund. Because of their positions with the Fund, the portfolio managers know the size, timing and possible market impact of the Fund’s trades. It is theoretically possible that the portfolio managers could use this information to the advantage of other accounts they manage and to the possible detriment of the Fund.

Investment Opportunities. A potential conflict of interest may arise as a result of the portfolio manager’s management of a number of accounts with varying investment guidelines. Often, an investment opportunity may be suitable for both the Fund and other accounts managed by PIMCO (each, a “Client,” and collectively, the “Clients”), but may not be available in sufficient quantities for both the Fund and other Clients to participate fully. In addition, regulatory issues applicable to PIMCO or the Fund or other accounts may result in the Fund not receiving securities that may otherwise be appropriate for it. In addition, regulatory issues applicable to PIMCO or the Fund or other accounts may result in the Fund not receiving securities that may otherwise be appropriate for it. Similarly, there may be limited opportunity to sell an investment held by the Fund and another account. PIMCO has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time.

Under PIMCO’s allocation procedures, investment opportunities are allocated among various investment strategies based on individual account investment guidelines and PIMCO’s investment outlook. PIMCO has also adopted additional procedures to complement the general trade allocation policy that are designed to address potential conflicts of interest due to the side-by-side management of the Fund and certain pooled investment vehicles, including investment opportunity allocation issues.

From time to time, PIMCO may take an investment position or action for a Client that may be different from, or inconsistent with, an action or position taken for one or more other Clients having similar or differing investment objectives. These positions and actions may adversely impact, or in some instances may benefit, one or more affected Clients, including Clients that are PIMCO affiliates, in which PIMCO has an interest, or which pays PIMCO higher fees or a performance fee. For example, a Client may buy a security and another Client may establish a short position in that same security. The subsequent short sale may result in a decrease in the price of the security that the other Client holds. Similarly, transactions or investments by one or more Clients may have the effect of diluting or otherwise disadvantaging the values, prices or investment strategies of another Client.

When PIMCO implements for one Client a portfolio decision or strategy ahead of, or contemporaneously with, similar portfolio decisions or strategies of another Client, market impact, liquidity constraints or other factors could result in one or more Clients receiving less favorable trading results, the costs of implementing such portfolio decisions or strategies could be increased or such Clients could otherwise be disadvantaged. On the other hand, potential conflicts may also arise because portfolio decisions regarding a Client may benefit other Clients. For example, the sale of a long position or establishment of a short position for a Client may decrease the price of the same security sold short by (and therefore benefit) other Clients, and the purchase of a security or covering of a short position in a security for a Client may increase the price of the same security held by (and therefore benefit) other Clients.

Under certain circumstances, a Client may invest in a transaction in which one or more other Clients are expected to participate, or already have made or will seek to make, an investment. In addition, to the extent permitted by applicable law, a Client may also engage in investment transactions that may result in other Clients being relieved of obligations, or that may cause other Clients to divest certain investments (e.g., a Client may make a loan to, or directly or indirectly acquire securities or indebtedness of, a company that uses the proceeds to refinance or reorganize its capital structure, which could result in repayment of debt held by another Client). Such Clients (or groups of Clients) may have conflicting interests and objectives in connection with such investments, including with respect to views on the operations or activities of the issuer involved, the targeted returns from the investment and the timeframe for, and method of, exiting the investment. When making such investments, PIMCO may do so in a way that favors one Client over another Client, even if both Clients are investing in the same security at the same time. Certain Clients may invest on a “parallel” basis (i.e., proportionately in all transactions at substantially the same time and on substantially the same terms and conditions). In addition, other accounts may expect to invest in many of the same types of investments as another account. However, there may be investments in which one or more of such accounts does not invest (or invests on different terms or on a non-pro rata basis) due to factors such as legal, tax, regulatory, business, contractual or other similar considerations or due to the provisions of a Client’s governing documents. Decisions as to the allocation of investment opportunities among such Clients present numerous conflicts of interest, which may not be resolved in a manner that is favorable to a Client’s interests. To the extent an investment is not allocated pro rata among such entities, a Client could incur a disproportionate amount of income or loss related to such investment relative to such other Client.

In addition, Clients may invest alongside one another in the same underlying investments or otherwise pursuant to a substantially similar investment strategy as one or more other Clients. In such cases, certain Clients may have preferential liquidity and information rights relative to other Clients holding the same investments, with the result that such Clients will be able to withdraw/redeem their interests in underlying investments in priority to Clients who may have more limited access to information or more restrictive withdrawal/redemption rights. Clients with more limited information rights or more restrictive liquidity may therefore be adversely affected in the event of a downturn in the markets.

Further, potential conflicts may be inherent in PIMCO’s use of multiple strategies. For example, conflicts will arise in cases where different Clients invest in different parts of an issuer’s capital structure, including circumstances in which one or more Clients may own private securities or obligations of an issuer and other Clients may own or seek to acquire private securities of the same issuer. For example, a Client may acquire a loan, loan participation or a loan assignment of a particular borrower in which one or more other Clients have an equity investment, or may invest in senior debt obligations of an issuer for one Client and junior debt obligations or equity of the same issuer for another Client.

Conflicts potentially limiting the Fund’s investment opportunities may also arise when the Fund and other Clients invest in different parts of an issuer’s capital structure, such as when the Fund owns senior debt obligations of an issuer and other Clients own junior tranches of the same issuer. In such circumstances, decisions over whether to trigger an event of default, over the terms of any workout, or how to exit an investment may result in conflicts of interest. In order to minimize such conflicts, a portfolio manager may avoid certain investment opportunities that would potentially give rise to conflicts with other Clients or PIMCO may enact internal procedures designed to minimize such conflicts, which could have the effect of limiting the Fund’s investment opportunities. Additionally, if PIMCO acquires material non-public confidential

information in connection with its business activities for other Clients, a portfolio manager may be restricted from purchasing securities or selling securities for the Fund. Moreover, the Fund or other accounts managed by PIMCO may invest in a transaction in which one or more other funds or accounts managed by PIMCO are expected to participate, or already have made or will seek to make, an investment. Such funds or accounts may have conflicting interests and objectives in connection with such investments, including, for example and without limitation, with respect to views on the operations or activities of the issuer involved, the targeted returns from the investment, and the timeframe for, and method of, exiting the investment. Additionally, a fund or other account managed by PIMCO may take an investment position or action that may be different from, or inconsistent with, an investment position or action taken by another fund or other account managed by PIMCO having similar or differing investment objectives. These positions and actions may adversely impact the Fund. For example, the Fund may buy a security and another fund or other account managed by PIMCO may establish a short position in that same security or in another security issued by the same issuer. The subsequent short sale may result in a decrease in the price of the security that the first fund holds. When making investment decisions where a conflict of interest may arise, PIMCO will endeavor to act in a fair and equitable manner as between the Fund and other Clients; however, in certain instances the resolution of the conflict may result in PIMCO acting on behalf of another Client in a manner that may not be in the best interest, or may be opposed to the best interest, of the Fund.

In each of the situations described above, PIMCO may take actions with respect to the assets held by one Client that are adverse to the other Clients, for example, by foreclosing on loans, by putting an issuer into default, or by exercising rights to purchase or sell to an issuer, causing an issuer to take actions adverse to certain classes of securities, or otherwise. In negotiating the terms and conditions of any such investments, or any subsequent amendments or waivers or taking any other actions, PIMCO may find that the interests of a Client and the interests of one or more other Clients could conflict. In these situations, decisions over items such as whether to make the investment or take an action, proxy voting, corporate reorganization, how to exit an investment, or bankruptcy or similar matters (including, for example, whether to trigger an event of default or the terms of any workout) may result in conflicts of interest. Similarly, if an issuer in which a Client and one or more other Clients directly or indirectly hold different classes of securities (or other assets, instruments or obligations issued by such issuer or underlying investments of such issuer) encounters financial problems, decisions over the terms of any workout will raise conflicts of interests (including, for example, conflicts over proposed waivers and amendments to debt covenants). For example, a debt holder may be better served by a liquidation of the issuer in which it may be paid in full, whereas an equity or junior bond holder might prefer a reorganization that holds the potential to create value for the equity holders. In some cases PIMCO may refrain from taking certain actions or making certain investments on behalf of Clients in order to avoid or mitigate certain conflicts of interest or to prevent adverse regulatory or other effects on PIMCO, or may sell investments for certain Clients (in each case potentially disadvantaging the Clients on whose behalf the actions are not taken, investments not made, or investments sold). In other cases, PIMCO may not refrain from taking actions or making investments on behalf of certain Clients that have the potential to disadvantage other Clients. In addition, PIMCO may take actions or refrain from taking actions in order to mitigate legal risks to PIMCO or its affiliates or its Clients even if disadvantageous to a Client’s account. Moreover, a Client may invest in a transaction in which one or more other Clients are expected to participate, or already have made or will seek to make, an investment.

Additionally, certain conflicts may exist with respect to portfolio managers who make investment decisions on behalf of several different types of Clients. Such portfolio managers may have an incentive to allocate trades, time or resources to certain Clients, including those Clients who pay higher investment management fees or that pay incentive fees or allocations, over other Clients. These conflicts may be heightened with respect to portfolio managers who are eligible to receive a performance allocation under certain circumstances as part of their compensation.

From time to time, PIMCO personnel may come into possession of material non-public information (“MNPI”) which, if disclosed, might affect an investor’s decision to buy, sell or hold a security. Should a PIMCO employee come into possession of MNPI with respect to an issuer, he or she generally will be prohibited from communicating such information to, or using such information for the benefit of, Clients, which could limit the ability of Clients to buy, sell or hold certain investments, thereby limiting the investment opportunities or exit strategies available to Clients. In addition, holdings in the securities or other instruments of an issuer by PIMCO or its affiliates may affect the ability of a Client to make certain acquisitions of or enter into certain transactions with such issuer. PIMCO has no obligation or responsibility to disclose such information to, or use such information for the benefit of, any person (including Clients).

PIMCO maintains one or more restricted lists of companies whose securities are subject to certain trading prohibitions due to PIMCO’s business activities. PIMCO may restrict trading in an issuer’s securities if the issuer is on a restricted list or if PIMCO has MNPI about that issuer. In some situations, PIMCO may restrict Clients from trading in a particular issuer’s securities in order to allow PIMCO to receive MNPI on behalf of other Clients. A Client may be unable to buy or sell certain securities until the restriction is lifted, which could disadvantage the Client. PIMCO may also be restricted

from making (or divesting of) investments in respect of some Clients but not others. In some cases PIMCO may not initiate or recommend certain types of transactions, or may otherwise restrict or limit its advice relating to certain securities if a security is restricted due to MNPI or if PIMCO is seeking to limit receipt of MNPI.

PIMCO may conduct litigation or engage in other legal actions on behalf of one or more Clients. In such cases, Clients may be required to bear certain fees, costs, expenses and liabilities associated with the litigation. Other Clients that are or were investors in, or otherwise involved with, the subject investments may or may not (depending on the circumstances) be parties to such litigation actions, with the result that certain Clients may participate in litigation actions in which not all Clients with similar investments may participate, and such nonparticipating Clients may benefit from the results of such litigation actions without bearing or otherwise being subject to the associated fees, costs, expenses and liabilities. PIMCO, for example, typically does not pursue legal claims on behalf of its separate accounts. Furthermore, in certain situations, litigation or other legal actions pursued by PIMCO on behalf of a Client may be brought against or be otherwise adverse to a portfolio company or other investment held by a Client.

The foregoing is not a complete list of conflicts to which PIMCO or Clients may be subject. PIMCO seeks to review conflicts on a case-by-case basis as they arise. Any review will take into consideration the interests of the relevant Clients, the circumstances giving rise to the conflict, applicable PIMCO policies and procedures, and applicable laws. Clients (and investors in Funds) should be aware that conflicts will not necessarily be resolved in favor of their interests and may in fact be resolved in a manner adverse to their interests. PIMCO will attempt to resolve such matters fairly, but even so, matters may be resolved in favor of other Clients which pay PIMCO higher fees or performance fees or in which PIMCO or its affiliates have a significant proprietary interest. There can be no assurance that any actual or potential conflicts of interest will not result in a particular Client or group of Clients receiving less favorable investment terms in or returns from certain investments than if such conflicts of interest did not exist.

Certain service providers to the Funds are expected to be owned by or otherwise related to or affiliated with a Client, and in certain cases, such service providers are expected to be, or are owned by, employed by, or otherwise related to, PIMCO, Allianz SE, their affiliates and/or their respective employees, consultants and other personnel. PIMCO may, in its sole discretion, determine to provide, or engage or recommend an affiliate of PIMCO to provide, certain services to the Funds, instead of engaging or recommending one or more third parties to provide such services. Subject to the governance requirements of a particular fund and applicable law, PIMCO or its affiliates, as applicable, will receive compensation in connection with the provision of such services. As a result, PIMCO faces a conflict of interest when selecting or recommending service providers for the Funds. Fees paid to an affiliated service provider will be determined in PIMCO’s commercially reasonable discretion, taking into account the relevant facts and circumstances, and consistent with PIMCO’s responsibilities. Although PIMCO has adopted various policies and procedures intended to mitigate or otherwise manage conflicts of interest with respect to affiliated service providers, there can be no guarantee that such policies and procedures (which may be modified or terminated at any time in PIMCO’s sole discretion) will be successful.

Performance Fees. A portfolio manager may advise certain accounts with respect to which the management fee is based entirely or partially on performance. Performance fee arrangements may create a conflict of interest for the portfolio manager in that the portfolio manager may have an incentive to allocate the investment opportunities that he or she believes might be the most profitable to such other accounts instead of allocating them to the Fund. PIMCO has adopted policies and procedures reasonably designed to allocate investment opportunities between the Fund and such other accounts on a fair and equitable basis over time.

(a)(3)

As of June 30, 2023, the following explains the compensation structure of the individuals who have primary responsibility for day-to-day portfolio management of the Fund:

Portfolio Manager Compensation

PIMCO’s approach to compensation seeks to provide professionals with a Total Compensation Plan and process that is driven by PIMCO’s mission and CORE values of collaboration, openness, responsibility and excellence. Key Principles on Compensation Philosophy include:

☐

PIMCO’s pay practices are designed to attract and retain high performers;

☐

PIMCO’s pay philosophy embraces a corporate culture of rewarding strong performance, a strong work ethic, and meritocracy;

☐

PIMCO’s goal is to ensure key professionals are aligned to PIMCO’s long-term success through equity participation; and

☐

PIMCO’s “Discern and Differentiate” discipline guides total compensation levels.

The Total Compensation Plan consists of three components. The compensation program for portfolio managers is designed to align with clients’ interests, emphasizing each portfolio manager’s ability to generate long-term investment success for PIMCO’s clients. A portfolio manager’s compensation is not based solely on the performance of any Fund or any other account managed by that portfolio manager:

Base Salary – Base salary is determined based on core job responsibilities, positions/levels and market factors. Base salary levels are reviewed annually, when there is a significant change in job responsibilities or position, or a significant change in market levels.

Performance Bonus – Performance bonuses are designed to reward risk-adjusted performance and contributions to PIMCO’s broader investment process. The compensation process is not formulaic and the following non-exhaustive list of qualitative and quantitative criteria are considered when determining the total compensation for portfolio managers:

☐

Performance measured over a variety of longer- and shorter-term periods, including 5-year, 4-year, 3-year, 2-year and 1-year dollar-weighted and account-weighted, pre-tax total and risk-adjusted investment performance as judged against the applicable benchmarks (which may include internal investment performance-related benchmarks) for each account managed by a portfolio manager (including the Fund) and relative to applicable industry peer groups; greatest emphasis is placed on 5-year and 3-year performance, followed by 1-year performance;

☐

Consistency of investment performance across portfolios of similar mandate and guidelines, rewarding low dispersion and consistency of outperformance;

☐

Appropriate risk positioning and risk management mindset which includes consistency with PIMCO’s investment philosophy, the Investment Committee’s positioning guidance, absence of defaults, and appropriate alignment with client objectives;

☐

Contributions to mentoring, coaching and/or supervising members of team;

☐

Collaboration, idea generation, and contribution of investment ideas in the context of PIMCO’s investment process, Investment Committee meetings, and day-to-day management of portfolios;

☐

With much lesser importance than the aforementioned factors: amount and nature of assets managed by the portfolio manager, contributions to asset retention, and client satisfaction.

PIMCO’s partnership culture further rewards strong long term risk adjusted returns with promotion decisions almost entirely tied to long term contributions to the investment process. 10-year performance can also be considered, though not explicitly as part of the compensation process.

Deferred Compensation – Deferred compensation is awarded to key professionals under the Long Term Incentive Plan (“LTIP”). Employees who reach a total compensation threshold are delivered their annual compensation in a mix of cash and/or deferred compensation. PIMCO incorporates a progressive allocation of deferred compensation as a percentage of total compensation, which is in line with market practices.

☐

The LTIP provides participants with deferred cash awards that appreciate or depreciate based on PIMCO’s operating earnings over a rolling three-year period. The plan provides a link between longer term company performance and participant pay, further motivating participants to make a long-term commitment to PIMCO’s success.

☐

Prior to March 2020, M Options were awarded to key professionals. The M Unit program provided mid-to-senior level employees with the potential to acquire an equity stake in PIMCO over their careers to better align employee incentives with the Firm’s long-term results. Options awarded under the program vest over a number of years and may be converted into non-voting PIMCO equity which shares in the profit distributions of the Firm.

Eligibility to participate in the LTIP is contingent upon continued employment at PIMCO and all other applicable eligibility requirements.

in that the portfolio manager may have an incentive to allocate the investment opportunities that he or she believes might be the most profitable to such other accounts instead of allocating them to a Fund. PIMCO has adopted policies and procedures reasonably designed to allocate investment opportunities between the Funds and such other accounts on a fair and equitable basis over time.

PIMCO has implemented policies and procedures relating to, among other things, portfolio management and trading practices, personal investment transactions, insider trading, gifts and entertainment, and political contributions that seek to identify, manage and/or mitigate actual or potential conflicts of interest and resolve such conflicts appropriately if they occur. PIMCO seeks to resolve any actual or potential conflicts in each client’s best interest.

(a)(3)

As of June 30, 2023, the following explains the compensation structure of the individuals who have primary responsibility for day-to-day portfolio management of the Fund:

Portfolio Manager Compensation

PIMCO and its affiliates approach to compensation seeks to provide professionals with a compensation process that is driven by values of collaboration, openness, responsibility and excellence.

Generally, compensation packages consist of three components. The compensation program for portfolio managers is designed to align with clients’ interests, emphasizing each portfolio manager’s ability to generate long-term investment success for clients, among other factors. A portfolio manager’s compensation is not based solely on the performance of the Fund or any other account managed by that portfolio manager:

Variable Compensation – In addition to a base salary, portfolio managers have a variable component of their compensation, which is based on a combination of individual and company performance and includes both qualitative and quantitative factors. The following non-exhaustive list of qualitative and quantitative factors is considered when determining total compensation for portfolio managers:

☐

Performance measured over a variety of longer- and shorter-term periods, including 5- year, 4-year, 3-year, 2- year and 1-year dollar-weighted and account-weighted, pre-tax total and risk-adjusted investment performance as judged against the applicable benchmarks (which may include internal investment performance-related benchmarks) for each account managed by a portfolio manager (including the Fund(s)) and relative to applicable industry peer groups; and

☐

Amount and nature of assets managed by the portfolio manager.

The variable compensation component of an employee’s compensation may include a deferred component. The deferred portion will generally be subject to vesting and may appreciate or depreciate based on the performance of PIMCO and/or its affiliates. PIMCO’s Long-Term Incentive Plan provides participants with deferred cash awards that appreciate or depreciate based on PIMCO’s operating earnings over a rolling three-year period.

Portfolio managers who are Managing Directors of PIMCO receive compensation from a non-qualified profit sharing plan consisting of a portion of PIMCO’s net profits. Portfolio managers who are Managing Directors receive an amount determined by the Compensation Committee, based upon an individual’s overall contribution to the firm.

Profit Sharing Plan. Portfolio managers who are Managing Directors of PIMCO receive compensation from a non-qualified profit sharing plan consisting of a portion of PIMCO’s net profits. Portfolio managers who are Managing Directors receive an amount determined by the Compensation Committee, based upon an individual’s overall contribution to the firm.

(a)(4)

The following summarizes the dollar range of securities of the Fund the Portfolio Manager beneficially owned as of June 30, 2023:


Portfolio Manager		Dollar Range of Equity Securities of the Fund Owned as of June 30, 2023
David Hammer		None
Kyle Christine		None

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

None.

Item 10.

Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Trustees since the Fund last provided disclosure in response to this item.

Item 11.

Controls and Procedures.

(a)

The principal executive officer and principal financial & accounting officer have concluded as of a date within 90 days of the filing date of this report, based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act), that the design of such procedures is effective to provide reasonable assurance that material information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms.

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

None.

Item 13.

Exhibits.


(a)(1)		Exhibit 99.CODE—Code of Ethics is not applicable for semiannual reports.

(a)(2)		Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

(a)(3)		None.

(a)(4)		There was no change in the registrant’s independent public accountant for the period covered by the report.

(b)		Exhibit 99.906CERT—Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


PIMCO Municipal Income Fund II

By:		/s/ Eric D. Johnson

		Eric D. Johnson
		President (Principal Executive Officer)

Date:		August 31, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Eric D. Johnson

		Eric D. Johnson
		President (Principal Executive Officer)

Date:		August 31, 2023

By:		/s/ Bijal Y. Parikh

		Bijal Y. Parikh
		Treasurer (Principal Financial & Accounting Officer)

Date:		August 31, 2023

PIMCO Municipal Income Fund II (PML) N-CSRSCertified semi-annual shareholder report (management investment company)