Item 1. | Reports to Shareholders. |
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Fund | Fund Summary | Schedule of Investments | ||||||
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8 | 37 | |||||||
9 | 41 | |||||||
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(1) | Consolidated Schedule of Investments |
Market Insights |
Deborah A. DeCotis | Joshua D. Ratner | |
Chair of the Board of Trustees | President |
Total Returns of Certain Asset Classes for the Period Ended December 31, 2023 | ||
Asset Class (as measured by, currency) | 12-Month | |
U.S. large cap equities (S&P 500 Index, USD) | 26.29% | |
Global equities (MSCI World Index, USD) | 23.79% | |
European equities (MSCI Europe Index, EUR) | 15.83% | |
Emerging market equities (MSCI Emerging Markets Index, EUR) | 9.83% | |
Japanese equities (Nikkei 225 Index, JPY) | 30.90% | |
Emerging market local bonds (JPMorgan Government Bond Index-Emerging Markets Global Diversified Index, USD Unhedged) | 12.70% | |
Emerging market external debt (JPMorgan Emerging Markets Bond Index (EMBI) Global, USD Hedged) | 10.45% | |
Below investment grade bonds (ICE BofAML Developed Markets High Yield Constrained Index, USD Hedged) | 13.78% | |
Global investment grade credit bonds (Bloomberg Global Aggregate Credit Index, USD Hedged) | 8.68% | |
Fixed-rate, local currency government debt of investment grade countries (Bloomberg Global Treasury Index, USD Hedged) | 6.72% |
2 | PIMCO CLOSED-END FUNDS |
Important Information About the Funds |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 3 |
Important Information About the Funds | (Cont.) |
4 | PIMCO CLOSED-END FUNDS |
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 |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 5 |
Important Information About the Funds | (Cont.) |
6 | PIMCO CLOSED-END FUNDS |
Symbol on NYSE - PCQ |
Municipal Bonds & Notes | ||||
Ad Valorem Property Tax | 29.7% | |||
Health, Hospital & Nursing Home Revenue | 11.2% | |||
General Fund | 7.2% | |||
Local or Guaranteed Housing | 7.1% | |||
College & University Revenue | 7.0% | |||
Port, Airport & Marina Revenue | 6.1% | |||
Lease (Abatement) | 4.6% | |||
Tobacco Settlement Funded | 4.6% | |||
Sales Tax Revenue | 4.3% | |||
Natural Gas Revenue | 4.2% | |||
Electric Power & Light Revenue | 2.6% | |||
Sewer Revenue | 2.1% | |||
Water Revenue | 1.8% | |||
Highway Revenue Tolls | 1.6% | |||
Lease (Non-Terminable) | 1.5% | |||
Special Tax | 1.5% | |||
Other | 2.2% | |||
Short-Term Instruments | 0.7% |
† | % of Investments, at value. |
§ | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |
Market Price | $9.32 | |||
NAV | $10.66 | |||
Premium/(Discount) to NAV | (12.57)% | |||
Market Price Distribution Rate (2) | 4.64% | |||
NAV Distribution Rate (2) | 4.05% | |||
Total Effective Leverage (3) | 41.65% |
Average Annual Total Return (1) for the period ended December 31, 2023 | ||||||||||||||||||||||
1 Year | 5 Year | 10 Year | Since launch of Secondary Index 01/25/23* | Commencement of Operations (06/29/01) | ||||||||||||||||||
Market Price | (35.33)% | (5.94)% | 2.19% | (14.27)% | 4.11% | |||||||||||||||||
NAV | 7.84% | 1.36% | 4.51% | 1.85% | 5.38% | |||||||||||||||||
Bloomberg CA Muni 22+ Year Index | 9.13% | 2.42% | 4.15% | 4.69% | 4.82% | ¨ | ||||||||||||||||
ICE California Long Duration Municipal Securities Index** | — | — | — | 3.12% | — |
(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). |
» | Exposure to the general obligation segment contributed to performance, as the segment posted positive returns. |
» | Exposure to municipal revenue bonds within the special tax sector contributed to performance, as the sector posted positive returns. |
» | Exposure to municipal revenue bonds within the healthcare sector contributed to performance, as the sector posted positive returns. |
» | The costs associated with one or more forms of leverage detracted from performance. The costs of leverage generally will reduce returns to the extent they exceed the rate of return on the additional investments purchased with such leverage. |
» | There were no other material detractors for this Fund. |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 7 |
Symbol on NYSE - PCK |
Municipal Bonds & Notes | ||||
Ad Valorem Property Tax | 28.6% | |||
Health, Hospital & Nursing Home Revenue | 10.0% | |||
Local or Guaranteed Housing | 7.4% | |||
General Fund | 6.8% | |||
Tobacco Settlement Funded | 5.7% | |||
College & University Revenue | 5.6% | |||
Natural Gas Revenue | 5.4% | |||
Port, Airport & Marina Revenue | 4.7% | |||
Electric Power & Light Revenue | 4.0% | |||
Sales Tax Revenue | 3.8% | |||
Highway Revenue Tolls | 2.9% | |||
Lease (Abatement) | 2.7% | |||
Sewer Revenue | 2.2% | |||
Special Tax | 1.7% | |||
Lease (Non-Terminable) | 1.4% | |||
Other | 3.9% | |||
Short-Term Instruments | 3.2% |
† | % of Investments, at value. |
§ | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |
Market Price | $5.80 | |||
NAV | $6.80 | |||
Premium/(Discount) to NAV | (14.71)% | |||
Market Price Distribution Rate (2) | 4.45% | |||
NAV Distribution Rate (2) | 3.79% | |||
Total Effective Leverage (3) | 41.29% |
Average Annual Total Return (1) for the period ended December 31, 2023 | ||||||||||||||||||||||
1 Year | 5 Year | 10 Year | Since launch of Secondary Index 01/25/23* | Commencement of Operations (06/28/02) | ||||||||||||||||||
Market Price | (10.74)% | (1.04)% | 1.24% | (6.76)% | 2.16% | |||||||||||||||||
NAV | 8.34% | 0.94% | 4.81% | 1.91% | 3.49% | |||||||||||||||||
Bloomberg CA Muni 22+ Year Index | 9.13% | 2.42% | 4.15% | 4.69% | 4.68% | ¨ | ||||||||||||||||
ICE California Long Duration Municipal Securities Index** | — | — | — | 3.12% | — |
(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). |
» | Exposure to the general obligation segment contributed to performance, as the segment posted positive returns. |
» | Exposure to municipal revenue bonds within the special tax sector contributed to performance, as the sector posted positive returns. |
» | Exposure to municipal revenue bonds within the industrial revenue sector contributed to performance, as the sector posted positive returns. |
» | The costs associated with one or more forms of leverage detracted from performance. The costs of leverage generally will reduce returns to the extent they exceed the rate of return on the additional investments purchased with such leverage. |
» | There were no other material detractors for this Fund. |
8 | PIMCO CLOSED-END FUNDS |
Symbol on NYSE - PZC |
Municipal Bonds & Notes | ||||
Ad Valorem Property Tax | 27.5% | |||
Health, Hospital & Nursing Home Revenue | 13.7% | |||
Local or Guaranteed Housing | 7.4% | |||
Tobacco Settlement Funded | 7.1% | |||
General Fund | 6.1% | |||
College & University Revenue | 5.5% | |||
Port, Airport & Marina Revenue | 4.7% | |||
Sales Tax Revenue | 4.3% | |||
Lease (Abatement) | 3.6% | |||
Electric Power & Light Revenue | 3.1% | |||
Special Tax | 2.8% | |||
Water Revenue | 2.6% | |||
Natural Gas Revenue | 2.1% | |||
Sewer Revenue | 1.8% | |||
Lease (Non-Terminable) | 1.5% | |||
Other | 3.8% | |||
Short-Term Instruments | 2.4% |
† | % of Investments, at value. |
§ | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |
Market Price | $7.37 | |||
NAV | $7.89 | |||
Premium/(Discount) to NAV | (6.59)% | |||
Market Price Distribution Rate (2) | 4.80% | |||
NAV Distribution Rate (2) | 4.49% | |||
Total Effective Leverage (3) | 41.20% |
Average Annual Total Return (1) for the period ended December 31, 2023 | ||||||||||||||||||||||
1 Year | 5 Year | 10 Year | Since launch of Secondary Index 01/25/23* | Commencement of Operations (10/31/02) | ||||||||||||||||||
Market Price | (7.46)% | (0.33)% | 3.41% | (4.83)% | 2.98% | |||||||||||||||||
NAV | 7.33% | 1.25% | 4.65% | 1.79% | 3.69% | |||||||||||||||||
Bloomberg CA Muni 22+ Year Index | 9.13% | 2.42% | 4.15% | 4.69% | 4.61% | |||||||||||||||||
ICE California Long Duration Municipal Securities Index** | — | — | — | 3.12% | — |
(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). |
» | Exposure to the general obligation segment contributed to performance, as the segment posted positive returns. |
» | Exposure to municipal revenue bonds within the healthcare sector contributed to performance, as the sector posted positive returns. |
» | Exposure to municipal revenue bonds within the special tax sector contributed to performance, as the sector posted positive returns. |
» | The costs associated with one or more forms of leverage detracted from performance. The costs of leverage generally will reduce returns to the extent they exceed the rate of return on the additional investments purchased with such leverage. |
» | There were no other material detractors for this Fund. |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 9 |
Symbol on NYSE - PNF |
Municipal Bonds & Notes | ||||
Water Revenue | 10.2% | |||
College & University Revenue | 10.1% | |||
Port, Airport & Marina Revenue | 9.6% | |||
Tobacco Settlement Funded | 9.3% | |||
Health, Hospital & Nursing Home Revenue | 9.1% | |||
Income Tax Revenue | 8.0% | |||
Electric Power & Light Revenue | 7.2% | |||
General Fund | 5.4% | |||
Ad Valorem Property Tax | 4.6% | |||
Industrial Revenue | 4.0% | |||
Local or Guaranteed Housing | 3.7% | |||
Transit Revenue | 3.5% | |||
Highway Revenue Tolls | 2.5% | |||
Sales Tax Revenue | 2.2% | |||
Miscellaneous Revenue | 2.0% | |||
Appropriations | 1.7% | |||
Miscellaneous Taxes | 1.1% | |||
Other | 3.4% | |||
Short-Term Instruments | 2.4% |
† | % of Investments, at value. |
§ | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |
Market Price | $7.86 | |||
NAV | $8.98 | |||
Premium/(Discount) to NAV | (12.47)% | |||
Market Price Distribution Rate (2) | 5.11% | |||
NAV Distribution Rate (2) | 4.48% | |||
Total Effective Leverage (3) | 32.09% |
Average Annual Total Return (1) for the period ended December 31, 2023 | ||||||||||||||||||||||
1 Year | 5 Year | 10 Year | Since launch of Secondary Index 01/25/23* | Commencement of Operations (06/29/01) | ||||||||||||||||||
Market Price | (8.59)% | (3.12)% | 2.76% | (16.34)% | 3.00% | |||||||||||||||||
NAV | 8.09% | 0.18% | 3.94% | 1.73% | 3.85% | |||||||||||||||||
Bloomberg NY Muni 22+ Year Index | 10.66% | 2.04% | 3.66% | 4.98% | 4.52% | ¨ | ||||||||||||||||
ICE New York Long Duration Municipal Securities Index** | — | — | — | 3.79% | — |
(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). |
» | Exposure to municipal revenue bonds within the special tax sector contributed to performance, as the sector posted positive returns. |
» | Exposure to municipal revenue bonds within the transportation sector contributed to performance, as the sector posted positive returns. |
» | Exposure to municipal revenue bonds within the education sector contributed to performance, as the sector posted positive returns. |
» | The costs associated with one or more forms of leverage detracted from performance. The costs of leverage generally will reduce returns to the extent they exceed the rate of return on the additional investments purchased with such leverage. |
» | There were no other material detractors for this Fund. |
10 | PIMCO CLOSED-END FUNDS |
Symbol on NYSE - PNI |
Municipal Bonds & Notes | ||||
College & University Revenue | 11.9% | |||
Tobacco Settlement Funded | 11.8% | |||
Income Tax Revenue | 10.8% | |||
Water Revenue | 9.3% | |||
Port, Airport & Marina Revenue | 9.1% | |||
Electric Power & Light Revenue | 8.8% | |||
Health, Hospital & Nursing Home Revenue | 7.1% | |||
Highway Revenue Tolls | 4.1% | |||
Sales Tax Revenue | 3.5% | |||
Miscellaneous Revenue | 3.4% | |||
Local or Guaranteed Housing | 3.0% | |||
Ad Valorem Property Tax | 2.8% | |||
Industrial Revenue | 2.7% | |||
Lease (Appropriation) | 2.0% | |||
General Fund | 1.4% | |||
Appropriations | 1.1% | |||
Other | 3.7% | |||
Short-Term Instruments | 3.5% |
† | % of Investments, at value. |
§ | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |
Market Price | $7.59 | |||
NAV | $8.66 | |||
Premium/(Discount) to NAV | (12.36)% | |||
Market Price Distribution Rate (2) | 4.66% | |||
NAV Distribution Rate (2) | 4.09% | |||
Total Effective Leverage (3) | 40.47% |
Average Annual Total Return (1) for the period ended December 31, 2023 | ||||||||||||||||||||||
1 Year | 5 Year | 10 Year | Since launch of Secondary Index 01/25/23* | Commencement of Operations (06/28/02) | ||||||||||||||||||
Market Price | 0.12% | (1.76)% | 2.51% | (3.61)% | 3.01% | |||||||||||||||||
NAV | 8.97% | 0.31% | 4.27% | 1.85% | 3.95% | |||||||||||||||||
Bloomberg NY Muni 22+ Year Index | 10.66% | 2.04% | 3.66% | 4.98% | 4.43% | ¨ | ||||||||||||||||
ICE New York Long Duration Municipal Securities Index** | — | — | — | 3.79% | — |
(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. 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 index is 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). |
» | Exposure to municipal revenue bonds within the special tax sector contributed to performance, as the sector posted positive returns. |
» | Exposure to municipal revenue bonds within the transportation sector contributed to performance, as the sector posted positive returns. |
» | Exposure to municipal revenue bonds within the industrial revenue sector contributed to performance, as the sector posted positive returns. |
» | The costs associated with one or more forms of leverage detracted from performance. The costs of leverage generally will reduce returns to the extent they exceed the rate of return on the additional investments purchased with such leverage. |
» | There were no other material detractors for this Fund. |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 11 |
Symbol on NYSE - PYN |
Municipal Bonds & Notes | ||||
Tobacco Settlement Funded | 10.6% | |||
Water Revenue | 10.6% | |||
College & University Revenue | 10.3% | |||
Port, Airport & Marina Revenue | 9.1% | |||
Income Tax Revenue | 9.1% | |||
Electric Power & Light Revenue | 7.2% | |||
Health, Hospital & Nursing Home Revenue | 6.6% | |||
Industrial Revenue | 6.2% | |||
Ad Valorem Property Tax | 4.1% | |||
Local or Guaranteed Housing | 4.1% | |||
Sales Tax Revenue | 3.2% | |||
Transit Revenue | 3.2% | |||
Highway Revenue Tolls | 3.0% | |||
Lease (Appropriation) | 2.7% | |||
General Fund | 2.6% | |||
Miscellaneous Revenue | 2.5% | |||
Fuel Sales Tax Revenue | 1.3% | |||
Other | 0.9% | |||
Short-Term Instruments | 2.7% |
† | % of Investments, at value. |
§ | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |
Market Price | $5.96 | |||
NAV | $6.88 | |||
Premium/(Discount) to NAV | (13.37)% | |||
Market Price Distribution Rate (2) | 4.99% | |||
NAV Distribution Rate (2) | 4.33% | |||
Total Effective Leverage (3) | 39.69% |
Average Annual Total Return (1) for the period ended December 31, 2023 | ||||||||||||||||||||||
1 Year | 5 Year | 10 Year | Since launch of Secondary Index 01/25/23* | Commencement of Operations (10/31/02) | ||||||||||||||||||
Market Price | (8.35)% | (2.52)% | 1.81% | (9.73)% | 1.65% | |||||||||||||||||
NAV | 8.02% | 0.29% | 3.70% | 1.68% | 2.59% | |||||||||||||||||
Bloomberg NY Muni 22+ Year Index | 10.66% | 2.04% | 3.66% | 4.98% | 4.31% | |||||||||||||||||
ICE New York Long Duration Municipal Securities Index** | — | — | — | 3.79% | — |
(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). |
» | Exposure to municipal revenue bonds within the special tax sector contributed to performance, as the sector posted positive returns. |
» | Exposure to municipal revenue bonds within the industrial revenue sector contributed to performance, as the sector posted positive returns. |
» | Exposure to municipal revenue bonds within the transportation sector contributed to performance, as the sector posted positive returns. |
» | The costs associated with one or more forms of leverage detracted from performance. The costs of leverage generally will reduce returns to the extent they exceed the rate of return on the additional investments purchased with such leverage. |
» | There were no other material detractors for this Fund. |
12 | PIMCO CLOSED-END FUNDS |
Symbol on NYSE - PMF |
Municipal Bonds & Notes | ||||
Health, Hospital & Nursing Home Revenue | 15.2% | |||
Ad Valorem Property Tax | 10.7% | |||
Sales Tax Revenue | 5.9% | |||
Highway Revenue Tolls | 5.3% | |||
Miscellaneous Revenue | 5.2% | |||
Tobacco Settlement Funded | 5.0% | |||
Industrial Revenue | 4.9% | |||
Water Revenue | 4.9% | |||
Local or Guaranteed Housing | 4.0% | |||
Lease (Appropriation) | 4.0% | |||
Electric Power & Light Revenue | 3.9% | |||
Natural Gas Revenue | 3.5% | |||
Sewer Revenue | 3.3% | |||
College & University Revenue | 3.2% | |||
Port, Airport & Marina Revenue | 2.7% | |||
Appropriations | 2.5% | |||
Income Tax Revenue | 2.4% | |||
Fuel Sales Tax Revenue | 2.0% | |||
Nuclear Revenue | 1.6% | |||
General Fund | 1.5% | |||
Miscellaneous Taxes | 1.3% | |||
Resource Recovery Revenue | 1.1% | |||
Other | 4.4% | |||
Short-Term Instruments | 0.4% | |||
Other | 1.1% |
† | % of Investments, at value. |
§ | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |
Market Price | $9.33 | |||
NAV | $9.73 | |||
Premium/(Discount) to NAV | (4.11)% | |||
Market Price Distribution Rate (2) | 5.40% | |||
NAV Distribution Rate (2) | 5.18% | |||
Total Effective Leverage (3) | 41.84% |
Average Annual Total Return (1) for the period ended December 31, 2023 | ||||||||||||||||||||||
1 Year | 5 Year | 10 Year | Since launch of Secondary Index 12/09/22 | Commencement of Operations (06/29/01) | ||||||||||||||||||
Market Price | (5.62)% | (0.57)% | 3.22% | (6.66)% | 4.46% | |||||||||||||||||
NAV | 7.88% | 0.70% | 4.49% | 4.22% | 5.32% | |||||||||||||||||
Bloomberg Long Municipal Bond Index | 9.35% | 2.22% | 3.95% | 7.41% | 4.51% | ¨ | ||||||||||||||||
ICE Long Duration National Municipal Securities Index* | 11.03% | — | — | 7.60% | — |
(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. 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). |
» | Exposure to municipal revenue bonds within the special tax sector contributed to performance, as the sector posted positive returns. |
» | Exposure to municipal revenue bonds within the industrial revenue sector contributed to performance, as the sector posted positive returns. |
» | Exposure to municipal revenue bonds within the transportation sector contributed to performance, as the sector posted positive returns. |
» | The costs associated with one or more forms of leverage detracted from performance. The costs of leverage generally will reduce returns to the extent they exceed the rate of return on the additional investments purchased with such leverage. |
» | There were no other material detractors for this Fund. |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 13 |
Symbol on NYSE - PML |
Municipal Bonds & Notes | ||||
Health, Hospital & Nursing Home Revenue | 15.9% | |||
Ad Valorem Property Tax | 9.2% | |||
Industrial Revenue | 5.2% | |||
Tobacco Settlement Funded | 5.2% | |||
Sales Tax Revenue | 5.2% | |||
Natural Gas Revenue | 5.1% | |||
Sewer Revenue | 4.6% | |||
Lease (Appropriation) | 4.5% | |||
Electric Power & Light Revenue | 4.1% | |||
Highway Revenue Tolls | 4.1% | |||
College & University Revenue | 3.9% | |||
Water Revenue | 3.8% | |||
Miscellaneous Revenue | 3.8% | |||
Local or Guaranteed Housing | 3.3% | |||
Port, Airport & Marina Revenue | 3.0% | |||
Appropriations | 2.9% | |||
Fuel Sales Tax Revenue | 2.2% | |||
Income Tax Revenue | 2.1% | |||
General Fund | 1.5% | |||
Hotel Occupancy Tax | 1.4% | |||
Miscellaneous Taxes | 1.3% | |||
Nuclear Revenue | 1.1% | |||
Resource Recovery Revenue | 1.1% | |||
Government Fund/Grant Revenue | 1.0% | |||
Other | 3.4% | |||
Short-Term Instruments | 0.1% | |||
Other | 1.0% |
† | % of Investments, at value. |
§ | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |
Market Price | $8.30 | |||
NAV | $9.01 | |||
Premium/(Discount) to NAV | (7.88)% | |||
Market Price Distribution Rate (2) | 5.71% | |||
NAV Distribution Rate (2) | 5.26% | |||
Total Effective Leverage (3) | 38.27% |
Average Annual Total Return (1) for the period ended December 31, 2023 | ||||||||||||||||||||||
1 Year | 5 Year | 10 Year | Since launch of Secondary Index 12/09/22 | Commencement of Operations (06/28/02) | ||||||||||||||||||
Market Price | (2.97)% | (3.70)% | 3.58% | (7.06)% | 3.77% | |||||||||||||||||
NAV | 8.57% | 1.01% | 4.56% | 4.79% | 4.52% | |||||||||||||||||
Bloomberg Long Municipal Bond Index | 9.35% | 2.22% | 3.95% | 7.41% | 4.51% | ¨ | ||||||||||||||||
ICE Long Duration National Municipal Securities Index* | 11.03% | — | — | 7.60% | — |
(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. 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). |
» | Exposure to municipal revenue bonds within the industrial revenue sector contributed to performance, as the sector posted positive returns. |
» | Exposure to municipal revenue bonds within the special tax sector contributed to performance, as the sector posted positive returns. |
» | Exposure to municipal revenue bonds within the healthcare sector contributed to performance, as the sector posted positive returns. |
» | The costs associated with one or more forms of leverage detracted from performance. The costs of leverage generally will reduce returns to the extent they exceed the rate of return on the additional investments purchased with such leverage. |
» | There were no other material detractors for this Fund. |
14 | PIMCO CLOSED-END FUNDS |
Symbol on NYSE - PMX |
Municipal Bonds & Notes | ||||
Health, Hospital & Nursing Home Revenue | 13.1% | |||
Ad Valorem Property Tax | 10.0% | |||
Sales Tax Revenue | 6.1% | |||
Local or Guaranteed Housing | 5.4% | |||
Electric Power & Light Revenue | 5.2% | |||
Highway Revenue Tolls | 4.9% | |||
Industrial Revenue | 4.6% | |||
Sewer Revenue | 4.5% | |||
Natural Gas Revenue | 4.4% | |||
Tobacco Settlement Funded | 4.1% | |||
Water Revenue | 4.1% | |||
Port, Airport & Marina Revenue | 4.0% | |||
Fuel Sales Tax Revenue | 3.6% | |||
Lease (Appropriation) | 3.5% | |||
College & University Revenue | 3.1% | |||
Appropriations | 2.8% | |||
Income Tax Revenue | 2.6% | |||
Miscellaneous Revenue | 2.1% | |||
General Fund | 1.9% | |||
Nuclear Revenue | 1.4% | |||
Miscellaneous Taxes | 1.2% | |||
Resource Recovery Revenue | 1.1% | |||
Other | 5.3% | |||
Short-Term Instruments | 0.1% | |||
Other | 0.9% |
† | % of Investments, at value. |
§ | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any. |
Market Price | $7.39 | |||
NAV | $8.30 | |||
Premium/(Discount) to NAV | (10.96)% | |||
Market Price Distribution Rate (2) | 5.36% | |||
NAV Distribution Rate (2) | 4.77% | |||
Total Effective Leverage (3) | 40.31% |
Average Annual Total Return (1) for the period ended December 31, 2023 | ||||||||||||||||||||||
1 Year | 5 Year | 10 Year | Since launch of Secondary Index 12/09/22 | Commencement of Operations (10/31/02) | ||||||||||||||||||
Market Price | (10.64)% | (2.91)% | 3.02% | (13.79)% | 3.32% | |||||||||||||||||
NAV | 8.71% | 0.64% | 4.96% | 4.87% | 4.30% | |||||||||||||||||
Bloomberg Long Municipal Bond Index | 9.35% | 2.22% | 3.95% | 7.41% | 4.40% | |||||||||||||||||
ICE Long Duration National Municipal Securities Index* | 11.03% | — | — | 7.60% | — |
(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. 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). |
» | Exposure to municipal revenue bonds within the special tax sector contributed to performance, as the sector posted positive returns. |
» | Exposure to municipal revenue bonds within the transportation sector contributed to performance, as the sector posted positive returns. |
» | Exposure to municipal revenue bonds within the industrial revenue sector contributed to performance, as the sector posted positive returns. |
» | The costs associated with one or more forms of leverage detracted from performance. The costs of leverage generally will reduce returns to the extent they exceed the rate of return on the additional investments purchased with such leverage. |
» | There were no other material detractors for this Fund. |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 15 |
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. | |
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. | |
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. | |
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 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 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 |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 17 |
Financial Highlights |
Investment Operations | Less Distributions to Preferred Shareholders (c) | Less Distributions to Common Shareholders (d) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Per Share Data for the Year Ended^: | Net Asset Value Beginning of Year (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 California Municipal Income Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 10.31 | $ | 0.55 | $ | 0.57 | $ | (0.37 | ) | $ | 0.00 | $ | 0.75 | $ | (0.24 | ) | $ | 0.00 | $ | (0.19 | ) | $ | (0.43 | ) | $ | 0.03 | $ | 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 | ||||||||||||||||||||||||||||||||||||
PIMCO California Municipal Income Fund II | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 6.53 | $ | 0.33 | $ | 0.38 | $ | (0.22 | ) | $ | 0.00 | $ | 0.49 | $ | (0.16 | ) | $ | 0.00 | $ | (0.10 | ) | $ | (0.26 | ) | $ | 0.05 | $ | 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 | |||||||||||||||||||||||||||||||||||
PIMCO California Municipal Income Fund III | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 7.70 | $ | 0.39 | $ | 0.37 | $ | (0.25 | ) | $ | 0.00 | $ | 0.51 | $ | (0.27 | ) | $ | 0.00 | $ | (0.08 | ) | $ | (0.35 | ) | $ | 0.03 | $ | 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 | ||||||||||||||||||||||||||||||||||||
PIMCO New York Municipal Income Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 8.70 | $ | 0.45 | $ | 0.47 | $ | (0.29 | ) | $ | 0.00 | $ | 0.63 | $ | (0.15 | ) | $ | 0.00 | $ | (0.25 | ) | $ | (0.40 | ) | $ | 0.05 | $ | 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 | ||||||||||||||||||||||||||||||||||||
PIMCO New York Municipal Income Fund II | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 8.29 | $ | 0.44 | $ | 0.55 | $ | (0.30 | ) | $ | 0.00 | $ | 0.69 | $ | (0.23 | ) | $ | 0.00 | $ | (0.12 | ) | $ | (0.35 | ) | $ | 0.03 | $ | 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 | ||||||||||||||||||||||||||||||||||||
PIMCO New York Municipal Income Fund III | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 6.66 | $ | 0.39 | $ | 0.40 | $ | (0.30 | ) | $ | 0.00 | $ | 0.49 | $ | (0.10 | ) | $ | 0.00 | $ | (0.20 | ) | $ | (0.30 | ) | $ | 0.03 | $ | 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 | |||||||||||||||||||||||||||||||||||
PIMCO Municipal Income Fund (Consolidated) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 9.51 | $ | 0.61 | $ | 0.43 | $ | (0.37 | ) | $ | 0.00 | $ | 0.67 | $ | (0.37 | ) | $ | 0.00 | $ | (0.13 | ) | $ | (0.50 | ) | $ | 0.05 | $ | 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 | |||||||||||||||||||||||||||||||||||
PIMCO Municipal Income Fund II (Consolidated) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 8.76 | $ | 0.52 | $ | 0.40 | $ | (0.25 | ) | $ | 0.00 | $ | 0.67 | $ | (0.30 | ) | $ | 0.00 | $ | (0.17 | ) | $ | (0.47 | ) | $ | 0.05 | $ | 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 |
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 (a) | Market Price End of Year | Total Investment Return (e) | Net Assets Applicable to Common Shareholders End of Year (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 | |||||||||||||||||||||||||||||
| | | ||||||||||||||||||||||||||||||||||||
$ | 10.66 | $ | 9.32 | (35.33 | )% | $ | 202,306 | 2.16 | % | 2.16 | % | 1.34 | % | 1.34 | % | 5.43 | % | 28 | % | |||||||||||||||||||
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 | |||||||||||||||||||||||||||||
| | | ||||||||||||||||||||||||||||||||||||
$ | 6.81 | $ | 5.80 | (10.74 | )% | $ | 219,490 | 2.29 | % | 2.29 | % | 1.37 | % | 1.37 | % | 5.12 | % | 25 | % | |||||||||||||||||||
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 | |||||||||||||||||||||||||||||
| | | ||||||||||||||||||||||||||||||||||||
$ | 7.89 | $ | 7.37 | (7.46 | )% | $ | 177,348 | 2.33 | % | 2.33 | % | 1.36 | % | 1.36 | % | 5.20 | % | 30 | % | |||||||||||||||||||
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 | |||||||||||||||||||||||||||||
| | | ||||||||||||||||||||||||||||||||||||
$ | 8.98 | $ | 7.86 | (8.59 | )% | $ | 70,675 | 1.48 | % | 1.48 | % | 1.39 | % | 1.39 | % | 5.16 | % | 45 | % | |||||||||||||||||||
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 | |||||||||||||||||||||||||||||
| | | ||||||||||||||||||||||||||||||||||||
$ | 8.66 | $ | 7.59 | 0.12 | % | $ | 97,066 | 2.13 | % | 2.13 | % | 1.43 | % | 1.43 | % | 5.34 | % | 46 | % | |||||||||||||||||||
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 | |||||||||||||||||||||||||||||
| | | ||||||||||||||||||||||||||||||||||||
$ | 6.88 | $ | 5.96 | (8.35 | )% | $ | 39,552 | 1.73 | % | 1.73 | % | 1.73 | % | 1.73 | % | 5.91 | % | 58 | % | |||||||||||||||||||
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 | |||||||||||||||||||||||||||||
| | | ||||||||||||||||||||||||||||||||||||
$ | 9.73 | $ | 9.33 | (5.62 | )% | $ | 255,236 | 1.98 | % | 1.98 | % | 1.35 | % | 1.35 | % | 6.49 | % | 36 | % | |||||||||||||||||||
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 | |||||||||||||||||||||||||||||
| | | ||||||||||||||||||||||||||||||||||||
$ | 9.01 | $ | 8.30 | (2.97 | )% | $ | 598,635 | 2.28 | % | 2.28 | % | 1.22 | % | 1.22 | % | 5.97 | % | 35 | % | |||||||||||||||||||
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 |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 19 |
Financial Highlights | (Cont.) |
Investment Operations | Less Distributions to Preferred Shareholders (c) | Less Distributions to Common Shareholders (d) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Per Share Data for the Year Ended^: | Net Asset Value Beginning of Year (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 III (Consolidated) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 8.02 | $ | 0.49 | $ | 0.41 | $ | (0.26 | ) | $ | 0.00 | $ | 0.64 | $ | (0.30 | ) | $ | 0.00 | $ | (0.10 | ) | $ | (0.40 | ) | $ | 0.04 | $ | 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 |
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 (a) | Market Price End of Year | Total Investment Return (e) | Net Assets Applicable to Common Shareholders End of Year (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 | |||||||||||||||||||||||||||||
| | | ||||||||||||||||||||||||||||||||||||
$ | 8.30 | $ | 7.39 | (10.64 | )% | $ | 277,608 | 2.25 | % | 2.25 | % | 1.32 | % | 1.32 | % | 6.07 | % | 40 | % | |||||||||||||||||||
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 |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 21 |
Financial Highlights | (Cont.) |
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 California Municipal Income Fund | ||||||||||||||||||||||||||||||||
12/31/2023 | $ | 109,900,000 | $ | 59,968 | $ | 25,000 | N/A | $ | 34,600,000 | $ | 239,870 | $ | 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 | ||||||||||||||||||||||||
PIMCO California Municipal Income Fund II | ||||||||||||||||||||||||||||||||
12/31/2023 | $ | 97,875,000 | $ | 60,470 | $ | 25,000 | N/A | $ | 56,700,000 | $ | 241,880 | $ | 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 | ||||||||||||||||||||||||
PIMCO California Municipal Income Fund III | ||||||||||||||||||||||||||||||||
12/31/2023 | $ | 86,775,000 | $ | 60,620 | $ | 25,000 | N/A | $ | 37,600,000 | $ | 242,480 | $ | 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 | ||||||||||||||||||||||||
PIMCO New York Municipal Income Fund | ||||||||||||||||||||||||||||||||
12/31/2023 | $ | 33,400,000 | $ | 77,838 | $ | 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 | ||||||||||||||||||||||||
PIMCO New York Municipal Income Fund II | ||||||||||||||||||||||||||||||||
12/31/2023 | $ | 51,100,000 | $ | 61,733 | $ | 25,000 | N/A | $ | 14,900,000 | $ | 246,930 | $ | 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 | ||||||||||||||||||||||||
PIMCO New York Municipal Income Fund III | ||||||||||||||||||||||||||||||||
12/31/2023 | $ | 26,025,000 | $ | 62,943 | $ | 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 | ||||||||||||||||||||||||
PIMCO Municipal Income Fund (Consolidated) | ||||||||||||||||||||||||||||||||
12/31/2023 | $ | 145,125,000 | $ | 59,698 | $ | 25,000 | N/A | $ | 38,600,000 | $ | 238,790 | $ | 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 | ||||||||||||||||||||||||
PIMCO Municipal Income Fund II (Consolidated) | ||||||||||||||||||||||||||||||||
12/31/2023 | $ | 239,650,000 | $ | 66,098 | $ | 25,000 | N/A | $ | 124,200,000 | $ | 264,390 | $ | 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 |
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 Municipal Income Fund III (Consolidated) | ||||||||||||||||||||||||||||||||
12/31/2023 | $ | 129,425,000 | $ | 61,958 | $ | 25,000 | N/A | $ | 58,200,000 | $ | 247,830 | $ | 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 |
^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%. |
(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. |
(c) | Auction Rate Preferred Shareholders (“ARPS”). See Note 13, Preferred Shares, in the Notes to Financial Statements for more information. |
(d) | The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions — Common 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 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. |
1 | “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. |
3 | 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. |
4 | 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, 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. |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 23 |
Statements of Assets and Liabilities | December 31, 2023 |
(Amounts in thousands † | 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 | PIMCO New York Municipal Income Fund III | ||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Investments, at value | ||||||||||||||||||||||||
Investments in securities* | $ | 343,481 | $ | 371,063 | $ | 299,358 | $ | 104,233 | $ | 162,378 | $ | 63,581 | ||||||||||||
Cash | 1 | 0 | 1 | 0 | 1 | 1 | ||||||||||||||||||
Receivable for investments sold | 0 | 0 | 0 | 1,032 | 1,296 | 1,659 | ||||||||||||||||||
Interest and/or dividends receivable | 4,250 | 4,054 | 3,296 | 862 | 1,575 | 559 | ||||||||||||||||||
Other assets | 165 | 89 | 78 | 31 | 42 | 19 | ||||||||||||||||||
Total Assets | 347,897 | 375,206 | 302,733 | 106,158 | 165,292 | 65,819 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Remarketable Variable Rate MuniFund Term Preferred Shares, at liquidation value** | $ | 34,497 | $ | 56,519 | $ | 37,497 | $ | 0 | $ | 14,889 | $ | 0 | ||||||||||||
Payable for investments purchased | 0 | 0 | 0 | 1,689 | 1,689 | 0 | ||||||||||||||||||
Distributions payable to common shareholders | 683 | 693 | 663 | 264 | 331 | 143 | ||||||||||||||||||
Distributions payable to auction rate preferred shareholders | 135 | 123 | 88 | 40 | 60 | 36 | ||||||||||||||||||
Accrued management fees | 212 | 229 | 187 | 70 | 104 | 49 | ||||||||||||||||||
Other liabilities | 164 | 277 | 175 | 20 | 53 | 14 | ||||||||||||||||||
Total Liabilities | 35,691 | 57,841 | 38,610 | 2,083 | 17,126 | 242 | ||||||||||||||||||
Commitments and contingent liabilities ^ | ||||||||||||||||||||||||
Auction Rate Preferred Shares ^^ | 109,900 | 97,875 | 86,775 | 33,400 | 51,100 | 26,025 | ||||||||||||||||||
Net Assets Applicable to Common Shareholders | $ | 202,306 | $ | 219,490 | $ | 177,348 | $ | 70,675 | $ | 97,066 | $ | 39,552 | ||||||||||||
Net Assets Applicable to Common Shareholders Consist of: | ||||||||||||||||||||||||
Par value ^^^ | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
Paid in capital in excess of par | 218,950 | 230,616 | 192,822 | 80,930 | 110,568 | 44,447 | ||||||||||||||||||
Distributable earnings (accumulated loss) | (16,644 | ) | (11,126 | ) | (15,474 | ) | (10,255 | ) | (13,502 | ) | (4,895 | ) | ||||||||||||
Net Assets Applicable to Common Shareholders | $ | 202,306 | $ | 219,490 | $ | 177,348 | $ | 70,675 | $ | 97,066 | $ | 39,552 | ||||||||||||
Net Asset Value Per Common Share (a) | $ | 10.66 | $ | 6.81 | $ | 7.89 | $ | 8.98 | $ | 8.66 | $ | 6.88 | ||||||||||||
Common Shares Outstanding | 18,981 | 32,253 | 22,484 | 7,868 | 11,209 | 5,747 | ||||||||||||||||||
Auction Rate Preferred Shares Issued and Outstanding | 4 | 4 | 3 | 1 | 2 | 1 | ||||||||||||||||||
Cost of investments in securities | $ | 338,678 | $ | 359,597 | $ | 296,319 | $ | 103,568 | $ | 160,580 | $ | 62,467 | ||||||||||||
* Includes repurchase agreements of: | $ | 2,454 | $ | 12,050 | $ | 7,135 | $ | 2,539 | $ | 5,658 | $ | 1,732 | ||||||||||||
** Includes unamortized debt issuance cost of | $ | 103 | $ | 181 | $ | 103 | $ | 0 | $ | 11 | $ | 0 |
† | A zero balance may reflect actual amounts rounding to less than one thousand. |
^ | See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information. |
^^ | ($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 |
Consolidated Statements of Assets and Liabilities | December 31, 2023 |
(Amounts in thousands † | PIMCO Municipal Income Fund | PIMCO Municipal Income Fund II | PIMCO Municipal Income Fund III | |||||||||
Assets: | ||||||||||||
Investments, at value | ||||||||||||
Investments in securities* | $ | 444,337 | $ | 969,878 | $ | 470,553 | ||||||
Cash | 0 | 1 | 1 | |||||||||
Receivable for investments sold | 0 | 0 | 14 | |||||||||
Interest and/or dividends receivable | 5,013 | 10,819 | 5,263 | |||||||||
Other assets | 117 | 219 | 124 | |||||||||
Total Assets | 449,467 | 980,917 | 475,955 | |||||||||
Liabilities: | ||||||||||||
Borrowings & Other Financing Transactions | ||||||||||||
Payable for tender option bond floating rate certificates | $ | 0 | $ | 7,582 | $ | 0 | ||||||
Remarketable Variable Rate MuniFund Term Preferred Shares, at liquidation value** | 38,453 | 123,904 | 58,041 | |||||||||
Payable for investments purchased | 5,875 | 0 | 5,875 | |||||||||
Payable for unfunded loan commitments | 2,995 | 7,088 | 3,195 | |||||||||
Distributions payable to common shareholders | 1,101 | 2,624 | 1,103 | |||||||||
Distributions payable to auction rate preferred shareholders | 172 | 290 | 154 | |||||||||
Accrued management fees | 268 | 572 | 285 | |||||||||
Other liabilities | 242 | 572 | 269 | |||||||||
Total Liabilities | 49,106 | 142,632 | 68,922 | |||||||||
Commitments and Contingent Liabilities ^ | ||||||||||||
Auction Rate Preferred Shares ^^ | 145,125 | 239,650 | 129,425 | |||||||||
Net Assets Applicable to Common Shareholders | $ | 255,236 | $ | 598,635 | $ | 277,608 | ||||||
Net Assets Applicable to Common Shareholders Consist of: | ||||||||||||
Par value ^^^ | $ | 0 | $ | 1 | $ | 0 | ||||||
Paid in capital in excess of par | 286,324 | 670,612 | 311,693 | |||||||||
Distributable earnings (accumulated loss) | (31,088 | ) | (71,978 | ) | (34,085 | ) | ||||||
Net Assets Applicable to Common Shareholders | $ | 255,236 | $ | 598,635 | $ | 277,608 | ||||||
Net Asset Value Per Common Share (a) | $ | 9.73 | $ | 9.01 | $ | 8.30 | ||||||
Common Shares Outstanding | 26,226 | 66,417 | 33,428 | |||||||||
Auction Rate Preferred Shares Issued and Outstanding | 6 | 10 | 5 | |||||||||
Cost of investments in securities | $ | 438,422 | $ | 948,433 | $ | 460,528 | ||||||
* Includes repurchase agreements of: | $ | 1,848 | $ | 987 | $ | 411 | ||||||
** Includes unamortized debt issuance cost of | $ | 147 | $ | 296 | $ | 159 |
† | A zero balance may reflect actual amounts rounding to less than one thousand. |
^ | See Note 8, Fees and Expenses, in the Notes to Financial Statements for more information. |
^^ | ($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. |
See Accompanying Notes | ANNUAL REPORT | | | DECEMBER 31, 2023 | 25 |
Statements of Operations |
Year Ended December 31, 2023 | ||||||||||||||||||||||||
(Amounts in thousands † | 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 | PIMCO New York Municipal Income Fund III | ||||||||||||||||||
Investment Income: | ||||||||||||||||||||||||
Interest | $ | 14,651 | $ | 15,438 | $ | 12,802 | $ | 4,521 | $ | 6,958 | $ | 2,906 | ||||||||||||
Miscellaneous Income | 11 | 12 | 6 | 0 | 12 | 0 | ||||||||||||||||||
Total Income | 14,662 | 15,450 | 12,808 | 4,521 | 6,970 | 2,906 | ||||||||||||||||||
Expenses: | ||||||||||||||||||||||||
Management fees | 2,381 | 2,565 | 2,107 | 823 | 1,205 | 571 | ||||||||||||||||||
Trustee fees and related expenses | 40 | 43 | 35 | 54 | 20 | 8 | ||||||||||||||||||
Interest expense | 1,585 | 1,922 | 1,644 | 60 | 656 | 0 | ||||||||||||||||||
Auction agent fees and commissions | 151 | 232 | 153 | 56 | 99 | 67 | ||||||||||||||||||
Auction rate preferred shares related expenses | 11 | 11 | 11 | 12 | 11 | 12 | ||||||||||||||||||
Miscellaneous expense | 2 | 2 | 2 | 1 | 1 | 0 | ||||||||||||||||||
Total Expenses | 4,170 | 4,775 | 3,952 | 1,006 | 1,992 | 658 | ||||||||||||||||||
Net Investment Income (Loss) | 10,492 | 10,675 | 8,856 | 3,515 | 4,978 | 2,248 | ||||||||||||||||||
Net Realized Gain (Loss): | ||||||||||||||||||||||||
Investments in securities | (4,648 | ) | (5,692 | ) | (3,759 | ) | (2,953 | ) | (3,210 | ) | (1,444 | ) | ||||||||||||
Net Realized Gain (Loss) | (4,648 | ) | (5,692 | ) | (3,759 | ) | (2,953 | ) | (3,210 | ) | (1,444 | ) | ||||||||||||
Net Change in Unrealized Appreciation (Depreciation): | ||||||||||||||||||||||||
Investments in securities | 15,447 | 17,630 | 12,099 | 6,707 | 9,278 | 3,724 | ||||||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) | 15,447 | 17,630 | 12,099 | 6,707 | 9,278 | 3,724 | ||||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 21,291 | $ | 22,613 | $ | 17,196 | $ | 7,269 | $ | 11,046 | $ | 4,528 | ||||||||||||
Distributions on Auction Rate Preferred Shares from Net Investment Income and/or Realized Capital Gains | $ | (6,998 | ) | $ | (7,129 | ) | $ | (5,655 | ) | $ | (2,313 | ) | $ | (3,329 | ) | $ | (1,701 | ) | ||||||
Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations | $ | 14,293 | $ | 15,484 | $ | 11,541 | $ | 4,956 | $ | 7,717 | $ | 2,827 |
† | A zero balance may reflect actual amounts rounding to less than one thousand. |
26 | PIMCO CLOSED-END FUNDS | See Accompanying Notes |
Consolidated Statements of Operations |
Year Ended December 31, 2023 | ||||||||||||
(Amounts in thousands † | PIMCO Municipal Income Fund | PIMCO Municipal Income Fund II | PIMCO Municipal Income Fund III | |||||||||
Investment Income: | ||||||||||||
Interest | $ | 20,933 | $ | 47,579 | $ | 22,218 | ||||||
Miscellaneous income | 22 | 33 | 15 | |||||||||
Total Income | 20,955 | 47,612 | 22,233 | |||||||||
Expenses: | ||||||||||||
Management fees | 3,041 | 6,455 | 3,209 | |||||||||
Trustee fees and related expenses | 51 | 113 | 54 | |||||||||
Interest expense | 1,570 | 6,129 | 2,475 | |||||||||
Auction agent fees and commissions | 230 | 420 | 254 | |||||||||
Auction rate preferred shares related expenses | 11 | 12 | 12 | |||||||||
Miscellaneous expense | 3 | 4 | 2 | |||||||||
Total Expenses | 4,906 | 13,133 | 6,006 | |||||||||
Net Investment Income (Loss) | 16,049 | 34,479 | 16,227 | |||||||||
Net Realized Gain (Loss): | ||||||||||||
Investments in securities | (13,462 | ) | (32,858 | ) | (18,254 | ) | ||||||
Net Realized Gain (Loss) | (13,462 | ) | (32,858 | ) | (18,254 | ) | ||||||
Net Change in Unrealized Appreciation (Depreciation): | ||||||||||||
Investments in securities | 24,752 | 60,084 | 32,194 | |||||||||
Net Change in Unrealized Appreciation (Depreciation) | 24,752 | 60,084 | 32,194 | |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 27,339 | $ | 61,705 | $ | 30,167 | ||||||
Distributions on Auction Rate Preferred Shares from Net Investment Income and/or Realized Capital Gains | $ | (9,566 | ) | $ | (16,754 | ) | $ | (8,784 | ) | |||
Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations | $ | 17,773 | $ | 44,951 | $ | 21,383 |
† | A zero balance may reflect actual amounts rounding to less than one thousand. |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 27 |
Statements of Changes in Net Assets |
PIMCO California Municipal Income Fund | PIMCO California Municipal Income Fund II | |||||||||||||||
(Amounts in thousands † | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | ||||||||||||
Increase (Decrease) in Net Assets from: | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | 10,492 | $ | 12,325 | $ | 10,675 | $ | 12,690 | ||||||||
Net realized gain (loss) | (4,648 | ) | (17,271 | ) | (5,692 | ) | (15,771 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | 15,447 | (48,923 | ) | 17,630 | (64,772 | ) | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 21,291 | (53,869 | ) | 22,613 | (67,853 | ) | ||||||||||
Distributions on auction rate preferred shares from net investment income and/or realized capital gains | (6,998 | ) | (2,654 | ) | (7,129 | ) | (2,738 | ) | ||||||||
Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations | 14,293 | (56,523 | ) | 15,484 | (70,591 | ) | ||||||||||
Distributions to Common Shareholders: | ||||||||||||||||
From net investment income and/or net realized capital gains | (4,534 | ) | (11,443 | ) | (5,001 | ) | (11,735 | ) | ||||||||
Tax basis return of capital | (3,665 | ) | (3,671 | ) | (3,320 | ) | (634 | ) | ||||||||
Total Distributions to Common Shareholders (a) | (8,199 | ) | (15,114 | ) | (8,321 | ) | (12,369 | ) | ||||||||
Auction-Rate Preferred Share Transactions: | ||||||||||||||||
Net Increase (Decrease) resulting from tender of Auction Rate Preferred Shares | 590 | 0 | 1,694 | 0 | ||||||||||||
Common Share Transactions*: | ||||||||||||||||
Issued as reinvestment of distributions | 160 | 778 | 52 | 376 | ||||||||||||
Total increase (decrease) in net assets applicable to common shareholders | 6,844 | (70,859 | ) | 8,909 | (82,584 | ) | ||||||||||
Net Assets Applicable to Common Shareholders: | ||||||||||||||||
Beginning of year | 195,462 | 266,321 | 210,581 | 293,165 | ||||||||||||
End of year | $ | 202,306 | $ | 195,462 | $ | 219,490 | $ | 210,581 | ||||||||
* Common Share Transactions: | ||||||||||||||||
Shares issued as reinvestment of distributions | 14 | 52 | 7 | 55 |
† | A zero balance may reflect actual amounts rounding to less than one thousand. |
(a) | The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions — Common Shares, in the Notes to Financial Statements for more information. |
28 | PIMCO CLOSED-END FUNDS | See Accompanying Notes |
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 | |||||||||||||||||||||||||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||||||||||||||||||||
$ | 8,856 | $ | 10,740 | $ | 3,515 | $ | 3,747 | $ | 4,978 | $ | 5,292 | $ | 2,248 | $ | 2,420 | |||||||||||||||
(3,759 | ) | (13,379 | ) | (2,953 | ) | (6,413 | ) | (3,210 | ) | (7,103 | ) | (1,444 | ) | (4,298 | ) | |||||||||||||||
12,099 | (41,145 | ) | 6,707 | (19,399 | ) | 9,278 | (29,274 | ) | 3,724 | (9,675 | ) | |||||||||||||||||||
17,196 | (43,784 | ) | 7,269 | (22,065 | ) | 11,046 | (31,085 | ) | 4,528 | (11,553 | ) | |||||||||||||||||||
| (5,655 | ) | (2,094 | ) | (2,313 | ) | (879 | ) | (3,329 | ) | (1,226 | ) | (1,701 | ) | (628 | ) | ||||||||||||||
| 11,541 | (45,878 | ) | 4,956 | (22,944 | ) | 7,717 | (32,311 | ) | 2,827 | (12,181 | ) | ||||||||||||||||||
(6,169 | ) | (10,233 | ) | (1,197 | ) | (3,155 | ) | (2,581 | ) | (5,385 | ) | (556 | ) | (1,858 | ) | |||||||||||||||
(1,788 | ) | 0 | (1,966 | ) | (804 | ) | (1,387 | ) | 0 | (1,154 | ) | (587 | ) | |||||||||||||||||
(7,957 | ) | (10,233 | ) | (3,163 | ) | (3,959 | ) | (3,968 | ) | (5,385 | ) | (1,710 | ) | (2,445 | ) | |||||||||||||||
611 | 0 | 419 | 0 | 380 | 0 | 188 | 0 | |||||||||||||||||||||||
181 | 350 | 66 | 110 | 0 | 52 | 7 | 80 | |||||||||||||||||||||||
4,376 | (55,761 | ) | 2,278 | (26,793 | ) | 4,129 | (37,644 | ) | 1,312 | (14,546 | ) | |||||||||||||||||||
172,972 | 228,733 | 68,397 | 95,190 | 92,937 | 130,581 | 38,240 | 52,786 | |||||||||||||||||||||||
$ | 177,348 | $ | 172,972 | $ | 70,675 | $ | 68,397 | $ | 97,066 | $ | 92,937 | $ | 39,552 | $ | 38,240 | |||||||||||||||
23 | 42 | 7 | 11 | 0 | 6 | 1 | 10 |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 29 |
Consolidated Statements of Changes in Net Assets |
PIMCO Municipal Income Fund | PIMCO Municipal Income Fund II | PIMCO Municipal Income Fund III | ||||||||||||||||||||||
(Amounts in thousands † | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | ||||||||||||||||||
Increase (Decrease) in Net Assets from: | ||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 16,049 | $ | 17,777 | $ | 34,479 | $ | 38,433 | $ | 16,227 | $ | 19,124 | ||||||||||||
Net realized gain (loss) | (13,462 | ) | (18,654 | ) | (32,858 | ) | (49,732 | ) | (18,254 | ) | (22,757 | ) | ||||||||||||
Net change in unrealized appreciation (depreciation) | 24,752 | (78,341 | ) | 60,084 | (168,223 | ) | 32,194 | (87,689 | ) | |||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 27,339 | (79,218 | ) | 61,705 | (179,522 | ) | 30,167 | (91,322 | ) | |||||||||||||||
Distributions on auction rate preferred shares from net investment income and/or realized capital gains | (9,566 | ) | (3,548 | ) | (16,754 | ) | (6,348 | ) | (8,784 | ) | (3,291 | ) | ||||||||||||
Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations | 17,773 | (82,766 | ) | 44,951 | (185,870 | ) | 21,383 | (94,613 | ) | |||||||||||||||
Distributions to Common Shareholders: | ||||||||||||||||||||||||
From net investment income and/or net realized capital gains | (9,815 | ) | (16,905 | ) | (20,242 | ) | (38,324 | ) | (9,970 | ) | (18,392 | ) | ||||||||||||
Tax basis return of capital | (3,390 | ) | 0 | (11,189 | ) | (6,891 | ) | (3,266 | ) | 0 | ||||||||||||||
Total Distributions to Common Shareholders (a) | (13,205 | ) | (16,905 | ) | (31,431 | ) | (45,215 | ) | (13,236 | ) | (18,392 | ) | ||||||||||||
Auction Rate Preferred Share Transactions: | ||||||||||||||||||||||||
Net Increase (Decrease) resulting from tender of Auction Rate Preferred Shares | 1,187 | 0 | 3,224 | 0 | 1,390 | 0 | ||||||||||||||||||
Common Share Transactions*: | ||||||||||||||||||||||||
Net proceeds from at-the-market | 0 | 0 | 1,377 | 20,978 | 0 | 0 | ||||||||||||||||||
Issued as reinvestment of distributions | 773 | 1,316 | 2,475 | 4,830 | 357 | 1,198 | ||||||||||||||||||
Total increase (decrease) in net assets applicable to common shareholders | 6,528 | (98,355 | ) | 20,596 | (205,277 | ) | 9,894 | (111,807 | ) | |||||||||||||||
Net Assets Applicable to Common Shareholders: | ||||||||||||||||||||||||
Beginning of year | 248,707 | 347,062 | 578,039 | 783,316 | 267,714 | 379,521 | ||||||||||||||||||
End of year | $ | 255,236 | $ | 248,707 | $ | 598,635 | $ | 578,039 | $ | 277,608 | $ | 267,714 | ||||||||||||
* Common Share Transactions: | ||||||||||||||||||||||||
Shares sold | 0 | 0 | 149 | 2,216 | 0 | 0 | ||||||||||||||||||
Shares issued as reinvestment of distributions | 78 | 120 | 278 | 456 | 42 | 130 |
† | A zero balance may reflect actual amounts rounding to less than one thousand. |
(a) | The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions — Common Shares, in the Notes to Financial Statements for more information. |
30 | PIMCO CLOSED-END FUNDS | See Accompanying Notes |
Statements of Cash Flows |
Year Ended December 31, 2023 | ||||||||||||
(Amounts in thousands † | 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 | $ | 21,291 | $ | 22,613 | $ | 17,196 | ||||||
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 | (98,808 | ) | (91,094 | ) | (92,129 | ) | ||||||
Proceeds from sales of long-term securities | 114,193 | 117,839 | 111,623 | |||||||||
(Purchases) Proceeds from sales of short-term portfolio investments, net | 980 | (10,727 | ) | (5,569 | ) | |||||||
(Increase) decrease in interest and/or dividends receivable | 221 | 309 | 437 | |||||||||
(Increase) decrease in other assets | (57 | ) | (61 | ) | (48 | ) | ||||||
Increase (decrease) in accrued management fees | (8 | ) | (7 | ) | (8 | ) | ||||||
Increase (decrease) in other liabilities | 115 | 230 | 124 | |||||||||
Net Realized (Gain) Loss | ||||||||||||
Investments in securities | 4,648 | 5,692 | 3,759 | |||||||||
Net Change in Unrealized (Appreciation) Depreciation | ||||||||||||
Investments in securities | (15,447 | ) | (17,630 | ) | (12,099 | ) | ||||||
Net amortization (accretion) on investments | 175 | (423 | ) | (39 | ) | |||||||
Amortization of debt issuance cost | 11 | 21 | 31 | |||||||||
Net Cash Provided by (Used for) Operating Activities | 27,314 | 26,762 | 23,278 | |||||||||
Cash Flows Received from (Used for) Financing Activities: | ||||||||||||
Payments resulting from tender of Auction Rate Preferred Shares | (10,135 | ) | (29,106 | ) | (10,489 | ) | ||||||
Cash distributions paid to comon shareholders* | (8,589 | ) | (8,608 | ) | (7,966 | ) | ||||||
Cash distributions paid to auction rate preferred shareholders | (7,024 | ) | (7,130 | ) | (5,648 | ) | ||||||
Proceeds from tender option bond transactions | 3,875 | 3,625 | 3,175 | |||||||||
Payments on tender option bond transactions | (15,561 | ) | (14,580 | ) | (12,749 | ) | ||||||
Proceeds on Remarketable Variable Rate MuniFund Term Preferred Shares Net | 10,121 | 29,036 | 10,400 | |||||||||
Net Cash Received from (Used for) Financing Activities | (27,313 | ) | (26,763 | ) | (23,277 | ) | ||||||
Net Increase (Decrease) in Cash and Foreign Currency | 1 | (1 | ) | 1 | ||||||||
Cash and Foreign Currency: | ||||||||||||
Beginning of year | 0 | 1 | 0 | |||||||||
End of year | $ | 1 | $ | 0 | $ | 1 | ||||||
*Reinvestment of distributions to common shareholders | $ | 160 | $ | 52 | $ | 181 | ||||||
Supplemental Disclosure of Cash Flow Information: | ||||||||||||
Interest expense paid during the year | $ | 1,637 | $ | 1,981 | $ | 1,664 |
† | A zero balance may reflect actual amounts rounding to less than one thousand. |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 31 |
Consolidated Statements of Cash Flows |
Year Ended December 31, 2023 | ||||||||
(Amounts in thousands † | PIMCO Municipal Income Fund II | PIMCO Municipal Income Fund III | ||||||
Cash Flows Provided by (Used for) Operating Activities: | ||||||||
Net increase (decrease) in net assets resulting from operations | $ | 61,705 | $ | 30,167 | ||||
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 | (392,606 | ) | (200,275 | ) | ||||
Proceeds from sales of long-term securities | 468,616 | 220,964 | ||||||
(Purchases) Proceeds from sales of short-term portfolio investments, net | 370 | 1,998 | ||||||
(Increase) decrease in receivable for investments sold | 0 | (14 | ) | |||||
(Increase) decrease in interest and/or dividends receivable | 806 | 348 | ||||||
(Increase) decrease in other assets | (134 | ) | (72 | ) | ||||
Increase (decrease) in payable for investments purchased | (1,032 | ) | 3,812 | |||||
Increase (decrease) in payable for unfunded loan commitments | 7,088 | 3,195 | ||||||
Increase (decrease) in accrued management fees | (22 | ) | (10 | ) | ||||
Increase (decrease) in other liabilities | 461 | 212 | ||||||
Net Realized (Gain) Loss | ||||||||
Investments in securities | 32,858 | 18,254 | ||||||
Net Change in Unrealized (Appreciation) Depreciation | ||||||||
Investments in securities | (60,084 | ) | (32,194 | ) | ||||
Net amortization (accretion) on investments | (2,843 | ) | (1,410 | ) | ||||
Amortization of debt issuance cost | 65 | 39 | ||||||
Net Cash Provided by (Used for) Operating Activities | 115,248 | 45,014 | ||||||
Cash Flows Received from (Used for) Financing Activities: | ||||||||
Payments resulting from tender of Auction Rate Preferred Shares | (55,401 | ) | (23,885 | ) | ||||
Proceeds from shares sold | 1,377 | 0 | ||||||
Cash distributions paid to common shareholders* | (30,226 | ) | (13,312 | ) | ||||
Cash distributions paid to auction rate preferred shareholders | (16,750 | ) | (8,777 | ) | ||||
Proceeds from tender option bond transactions | 22,975 | 7,540 | ||||||
Payments on tender option bond transactions | (92,420 | ) | (30,320 | ) | ||||
Proceeds on Remarketable Variable Rate MuniFund Term Preferred Shares Net | 55,197 | 23,740 | ||||||
Net Cash Received from (Used for) Financing Activities | (115,248 | ) | (45,014 | ) | ||||
Net Increase (Decrease) in Cash and Foreign Currency | 0 | 0 | ||||||
Cash and Foreign Currency: | ||||||||
Beginning of year | 1 | 1 | ||||||
End of year | $ | 1 | $ | 1 | ||||
*Reinvestment of distributions to common shareholders | $ | 2,475 | $ | 357 | ||||
Supplemental Disclosure of Cash Flow Information: | ||||||||
Interest expense paid during the year | $ | 6,585 | $ | 2,608 |
† | A zero balance may reflect actual amounts rounding to less than one thousand. |
32 | PIMCO CLOSED-END FUNDS | See Accompanying Notes |
Schedule of Investments | PIMCO California Municipal Income Fund | December 31, 2023 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
INVESTMENTS IN SECURITIES 169.8% | ||||||||||||
MUNICIPAL BONDS & NOTES 168.6% | ||||||||||||
ARIZONA 0.0% | ||||||||||||
Arizona Industrial Development Authority Revenue Bonds, Series 2020 | ||||||||||||
7.750% due 07/01/2050 ^(a) | $ | 850 | $ | 51 | ||||||||
CALIFORNIA 151.7% | ||||||||||||
Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 | ||||||||||||
0.000% due 10/01/2049 (c) | 2,890 | 1,561 | ||||||||||
Alhambra Unified School District, California General Obligation Bonds, Series 2022 | ||||||||||||
5.250% due 08/01/2047 | 870 | 993 | ||||||||||
Anaheim City School District, California General Obligation Bonds, (BAM Insured), Series 2023 | ||||||||||||
4.250% due 08/01/2050 | 2,500 | 2,548 | ||||||||||
Antelope Valley Community College District, California General Obligation Bonds, Series 2022 | ||||||||||||
0.000% due 08/01/2047 (b) | 680 | 212 | ||||||||||
Bay Area Toll Authority, California Revenue Bonds, Series 2017 | ||||||||||||
5.000% due 04/01/2056 | 1,750 | 1,900 | ||||||||||
Bay Area Toll Authority, California Revenue Bonds, Series 2023 | ||||||||||||
4.125% due 04/01/2054 | 1,700 | 1,721 | ||||||||||
Butte-Glenn Community College District, California General Obligation Bonds, Series 2022 | ||||||||||||
4.000% due 08/01/2047 | 1,500 | 1,515 | ||||||||||
California Community Choice Financing Authority Revenue Bonds, Series 2023 | ||||||||||||
5.250% due 11/01/2054 | 2,000 | 2,167 | ||||||||||
California Community Housing Agency Revenue Bonds, Series 2019 | ||||||||||||
5.000% due 04/01/2049 | 3,925 | 3,271 | ||||||||||
5.000% due 08/01/2049 | 1,000 | 942 | ||||||||||
California Community Housing Agency Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 02/01/2056 | 1,000 | 752 | ||||||||||
California Community Housing Agency Revenue Bonds, Series 2022 | ||||||||||||
4.500% due 08/01/2052 | 1,000 | 828 | ||||||||||
California County Tobacco Securitization Agency Revenue Bonds, Series 2002 | ||||||||||||
6.000% due 06/01/2035 | 1,660 | 1,662 | ||||||||||
California County Tobacco Securitization Agency Revenue Bonds, Series 2007 | ||||||||||||
0.000% due 06/01/2057 (b) | 7,000 | 1,053 | ||||||||||
California County Tobacco Securitization Agency Revenue Bonds, Series 2020 | ||||||||||||
0.000% due 06/01/2055 (b) | 4,700 | 850 | ||||||||||
California Educational Facilities Authority Revenue Bonds, Series 2018 | ||||||||||||
4.000% due 10/01/2039 | 1,250 | 1,266 | ||||||||||
5.000% due 10/01/2048 | 1,000 | 1,044 | ||||||||||
California Health Facilities Financing Authority Revenue Bonds, Series 2015 | ||||||||||||
5.000% due 08/15/2054 | 1,300 | 1,322 | ||||||||||
California Health Facilities Financing Authority Revenue Bonds, Series 2016 | ||||||||||||
5.000% due 11/15/2046 | 2,960 | 3,036 | ||||||||||
5.000% due 08/15/2055 | 6,000 | 6,139 | ||||||||||
California Health Facilities Financing Authority Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 11/01/2038 | 1,400 | 1,425 | ||||||||||
4.000% due 11/01/2051 | 2,500 | 2,474 | ||||||||||
California Health Facilities Financing Authority Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 08/15/2050 | 4,000 | 4,007 | ||||||||||
California Health Facilities Financing Authority Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 08/15/2048 | 2,500 | 2,532 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020 | ||||||||||||
0.000% due 01/01/2060 (b) | $ | 5,250 | $ | 291 | ||||||||
4.000% due 11/01/2055 | 915 | 873 | ||||||||||
8.000% due 01/01/2050 | 1,650 | 1,680 | ||||||||||
California Municipal Finance Authority Certificates of Participation Bonds, (AGM Insured), Series 2022 | ||||||||||||
5.250% due 11/01/2052 | 1,700 | 1,908 | ||||||||||
California Municipal Finance Authority Revenue Bonds, (BAM Insured), Series 2021 | ||||||||||||
4.000% due 05/15/2046 | 700 | 689 | ||||||||||
California Municipal Finance Authority Revenue Bonds, Series 2018 | ||||||||||||
5.000% due 05/15/2043 | 500 | 515 | ||||||||||
5.000% due 06/01/2043 | 1,370 | 1,466 | ||||||||||
5.000% due 06/01/2048 | 1,370 | 1,452 | ||||||||||
California Municipal Finance Authority Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 09/01/2050 (d) | 1,200 | 1,062 | ||||||||||
California Public Finance Authority Revenue Bonds, Series 2019 | ||||||||||||
6.250% due 07/01/2054 | 1,350 | 1,424 | ||||||||||
California School Finance Authority Revenue Bonds, Series 2019 | ||||||||||||
5.000% due 07/01/2054 | 1,000 | 1,012 | ||||||||||
California State General Obligation Bonds, (AGM Insured), Series 2007 | ||||||||||||
5.250% due 08/01/2032 | 3,500 | 4,261 | ||||||||||
California State General Obligation Bonds, Series 2017 | ||||||||||||
4.000% due 11/01/2047 | 2,750 | 2,779 | ||||||||||
California State General Obligation Bonds, Series 2018 | ||||||||||||
5.000% due 10/01/2047 | 1,275 | 1,321 | ||||||||||
California State General Obligation Bonds, Series 2021 | ||||||||||||
5.000% due 09/01/2041 | 1,500 | 1,711 | ||||||||||
California State General Obligation Bonds, Series 2022 | ||||||||||||
4.000% due 09/01/2042 | 1,350 | 1,417 | ||||||||||
4.000% due 04/01/2049 | 2,250 | 2,304 | ||||||||||
California State General Obligation Bonds, Series 2023 | ||||||||||||
4.000% due 09/01/2043 | 1,800 | 1,882 | ||||||||||
California State General Obligation Notes, Series 2021 | ||||||||||||
5.000% due 10/01/2029 | 2,700 | 3,096 | ||||||||||
California State University Revenue Bonds, Series 2015 | ||||||||||||
5.000% due 11/01/2047 | 8,000 | 8,230 | ||||||||||
California State University Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 11/01/2044 | 1,000 | 1,158 | ||||||||||
California Statewide Communities Development Authority Revenue Bonds, (AGM Insured), Series 2022 | ||||||||||||
5.375% due 08/15/2057 | 1,000 | 1,113 | ||||||||||
California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2018 | ||||||||||||
4.000% due 07/01/2040 | 1,000 | 1,023 | ||||||||||
4.000% due 07/01/2043 | 350 | 355 | ||||||||||
4.000% due 07/01/2047 | 1,750 | 1,764 | ||||||||||
California Statewide Communities Development Authority Revenue Bonds, Series 2016 | ||||||||||||
4.000% due 08/15/2051 | 225 | 224 | ||||||||||
5.000% due 12/01/2046 | 5,700 | 5,644 | ||||||||||
California Statewide Communities Development Authority Revenue Bonds, Series 2018 | ||||||||||||
4.000% due 07/01/2048 | 1,000 | 1,004 | ||||||||||
5.000% due 03/01/2048 | 1,700 | 1,747 | ||||||||||
5.500% due 12/01/2058 | 1,775 | 1,816 | ||||||||||
California Statewide Communities Development Authority Revenue Bonds, Series 2019 | ||||||||||||
4.250% due 11/01/2059 | 1,795 | 1,643 | ||||||||||
California Statewide Financing Authority Revenue Bonds, Series 2002 | ||||||||||||
6.000% due 05/01/2037 | 1,935 | 1,965 | ||||||||||
Calistoga Joint Unified School District, California General Obligation Bonds, Series 2023 | ||||||||||||
5.000% due 08/01/2052 | 1,445 | 1,619 | ||||||||||
Chino Valley Unified School District, California General Obligation Bonds, Series 2020 | ||||||||||||
5.000% due 08/01/2055 | 2,000 | 2,165 |
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 | $ | 890 | ||||||||
0.000% due 08/01/2042 (b) | 1,500 | 693 | ||||||||||
CMFA Special Finance Agency VII, California Revenue Bonds, Series 2021 | ||||||||||||
3.000% due 08/01/2056 | 2,500 | 1,658 | ||||||||||
4.000% due 08/01/2047 | 595 | 477 | ||||||||||
CMFA Special Finance Agency, California Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 08/01/2045 | 750 | 613 | ||||||||||
Corona Norco Unified School District, California General Obligation Bonds, Series 2018 | ||||||||||||
4.000% due 08/01/2047 | 1,650 | 1,659 | ||||||||||
CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021 | ||||||||||||
3.000% due 02/01/2057 | 500 | 340 | ||||||||||
3.100% due 07/01/2045 | 1,000 | 753 | ||||||||||
3.400% due 10/01/2046 | 450 | 345 | ||||||||||
4.000% due 08/01/2056 | 250 | 189 | ||||||||||
4.000% due 10/01/2056 | 600 | 432 | ||||||||||
CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022 | ||||||||||||
0.000% due 09/01/2062 (c) | 2,000 | 1,017 | ||||||||||
Department of Veterans Affairs Veteran’s Farm & Home Purchase Program, California Revenue Bonds, Series 2022 | ||||||||||||
4.950% due 12/01/2046 | 340 | 358 | ||||||||||
El Monte School District, California General Obligation Bonds, (BAM Insured), Series 2023 | ||||||||||||
5.000% due 08/01/2052 | 1,600 | 1,753 | ||||||||||
El Monte, California Certificates of Participation Bonds, (AMBAC Insured), Series 2001 | ||||||||||||
5.250% due 01/01/2034 | 8,780 | 8,977 | ||||||||||
Elk Grove Finance Authority, California Special Tax Bonds, Series 2016 | ||||||||||||
5.000% due 09/01/2046 | 1,000 | 1,013 | ||||||||||
Folsom Cordova Unified School District, California General Obligation Bonds, (AGM Insured), Series 2019 | ||||||||||||
4.000% due 10/01/2044 | 1,315 | 1,318 | ||||||||||
Foothill-Eastern Transportation Corridor Agency, California Revenue Bonds, Series 2014 | ||||||||||||
3.950% due 01/15/2053 | 860 | 812 | ||||||||||
Fresno Unified School District, California General Obligation Bonds, Series 2016 | ||||||||||||
4.000% due 08/01/2046 | 2,410 | 2,399 | ||||||||||
Glendale Community College District, California General Obligation Bonds, Series 2020 | ||||||||||||
4.000% due 08/01/2050 | 1,500 | 1,511 | ||||||||||
Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2018 | ||||||||||||
5.000% due 06/01/2030 | 2,000 | 2,224 | ||||||||||
Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | ||||||||||||
0.000% due 06/01/2066 (b) | 20,500 | 2,422 | ||||||||||
Hacienda La Puente Unified School District, California General Obligation Bonds, Series 2017 | ||||||||||||
4.000% due 08/01/2047 | 2,000 | 2,014 | ||||||||||
Hartnell Community College District, California General Obligation Bonds, Series 2017 | ||||||||||||
4.000% due 08/01/2042 | 3,400 | 3,468 | ||||||||||
Hastings Campus Housing Finance Authority, California Revenue Bonds, Series 2020 | ||||||||||||
5.000% due 07/01/2061 | 2,000 | 1,708 | ||||||||||
Hayward Unified School District, California General Obligation Bonds, Series 2015 | ||||||||||||
5.000% due 08/01/2038 | 6,000 | 6,076 | ||||||||||
Long Beach Bond Finance Authority, California General Obligation Bonds, Series 2023 | ||||||||||||
4.000% due 08/01/2053 | 2,000 | 1,998 | ||||||||||
Long Beach Bond Finance Authority, California Revenue Bonds, Series 2007 | ||||||||||||
5.500% due 11/15/2027 | 1,000 | 1,075 |
See Accompanying Notes | ANNUAL REPORT | | | DECEMBER 31, 2023 | 33 |
Schedule of Investments | PIMCO California Municipal Income Fund | (Cont.) |
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 | $ | 1,750 | $ | 1,883 | ||||||||
Los Angeles County, California Sanitation District, Financing Authority Revenue Bonds, Series 2016 | ||||||||||||
4.000% due 10/01/2042 | 1,500 | 1,520 | ||||||||||
Los Angeles Department of Airports, California Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 05/15/2050 | 2,185 | 2,137 | ||||||||||
Los Angeles Department of Airports, California Revenue Bonds, Series 2021 | ||||||||||||
5.000% due 05/15/2048 | 2,500 | 2,761 | ||||||||||
Los Angeles Department of Water & Power Water System, California Revenue Bonds, Series 2022 | ||||||||||||
5.000% due 07/01/2052 | 1,335 | 1,500 | ||||||||||
Los Angeles Department of Water & Power, California Revenue Bonds, Series 2014 | ||||||||||||
5.000% due 07/01/2043 | 2,000 | 2,000 | ||||||||||
Los Angeles Department of Water & Power, California Revenue Bonds, Series 2021 | ||||||||||||
5.000% due 07/01/2041 | 1,500 | 1,700 | ||||||||||
Los Angeles Unified School District, California General Obligation Bonds, Series 2022 | ||||||||||||
5.250% due 07/01/2047 | 2,500 | 2,881 | ||||||||||
M-S-R | ||||||||||||
6.500% due 11/01/2039 | 10,345 | 13,330 | ||||||||||
Manteca Unified School District, California General Obligation Bonds, Series 2020 | ||||||||||||
4.000% due 08/01/2045 | 880 | 889 | ||||||||||
Metropolitan Water District, of Southern California Revenue Bonds, Series 2020 | ||||||||||||
5.000% due 10/01/2049 | 2,000 | 2,180 | ||||||||||
Monterey Peninsula Unified School District, California General Obligation Bonds, Series 2019 | ||||||||||||
4.000% due 08/01/2040 | 3,000 | 3,088 | ||||||||||
Mount San Jacinto Community College District, California General Obligation Bonds, Series 2018 | ||||||||||||
4.000% due 08/01/2043 | 2,650 | 2,708 | ||||||||||
Municipal Improvement Corp. of Los Angeles, California Revenue Bonds, Series 2021 | ||||||||||||
5.000% due 11/01/2038 | 2,000 | 2,332 | ||||||||||
New Haven Unified School District, California General Obligation Bonds, (AGC Insured), Series 2008 | ||||||||||||
0.000% due 08/01/2030 (b) | 1,875 | 1,540 | ||||||||||
Norwalk-La Mirada Unified School District, California General Obligation Bonds, Series 2019 | ||||||||||||
4.000% due 08/01/2048 | 2,550 | 2,564 | ||||||||||
Oceanside Unified School District, California General Obligation Bonds, Series 2022 | ||||||||||||
4.000% due 08/01/2041 | 1,020 | 1,055 | ||||||||||
Ontario International Airport Authority, California Revenue Bonds, (AGM Insured), Series 2021 | ||||||||||||
4.000% due 05/15/2051 | 500 | 507 | ||||||||||
Ontario Montclair School District, California General Obligation Bonds, Series 2017 | ||||||||||||
5.000% due 08/01/2046 | 1,650 | 1,740 | ||||||||||
Orange County, California Community Facilities District, Special Tax Bonds, Series 2022 | ||||||||||||
5.000% due 08/15/2052 | 1,275 | 1,311 | ||||||||||
Pacifica School District, California General Obligation Bonds, Series 2018 | ||||||||||||
4.000% due 08/01/2048 | 1,750 | 1,759 | ||||||||||
Redwood City School District, California General Obligation Bonds, Series 2023 | ||||||||||||
5.000% due 08/01/2052 | 1,900 | 2,139 | ||||||||||
Richmond, California Wastewater Revenue Bonds, Series 2019 | ||||||||||||
4.000% due 08/01/2049 | 1,350 | 1,360 | ||||||||||
Rio Hondo Community College District, California General Obligation Bonds, Series 2022 | ||||||||||||
0.000% due 08/01/2045 (b) | 1,650 | 605 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
River Islands Public Financing Authority, California Special Tax, (AGM Insured), Series 2022 | ||||||||||||
4.250% due 09/01/2047 | $ | 1,000 | $ | 1,019 | ||||||||
Riverside County, California Transportation Commission Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 06/01/2038 | 1,125 | 1,152 | ||||||||||
Riverside, California Sewer Revenue Bonds, Series 2018 | ||||||||||||
4.000% due 08/01/2038 | 4,250 | 4,391 | ||||||||||
Sacramento City Unified School District, California General Obligation Bonds, (AGM Insured), Series 2021 | ||||||||||||
4.000% due 08/01/2049 | 1,400 | 1,401 | ||||||||||
Sacramento County, California Sanitation District, Financing Authority Revenue Bonds, Series 2020 | ||||||||||||
5.000% due 12/01/2050 | 1,000 | 1,099 | ||||||||||
Sacramento County, California Special Tax Bonds, Series 2022 | ||||||||||||
5.000% due 09/01/2047 | 450 | 456 | ||||||||||
Sacramento Municipal Utility District, California Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 08/15/2048 | 500 | 572 | ||||||||||
Sacramento, California Special Tax Bonds, Series 2021 | ||||||||||||
4.000% due 09/01/2050 | 1,500 | 1,332 | ||||||||||
San Bernardino Community College District, California General Obligation Bonds, Series 2023 | ||||||||||||
5.000% due 08/01/2049 | 3,300 | 3,640 | ||||||||||
San Diego County, California Certificates of Participation Bonds, Series 2023 | ||||||||||||
5.000% due 10/01/2053 | 3,350 | 3,752 | ||||||||||
San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 07/01/2051 | 2,750 | 2,670 | ||||||||||
5.000% due 07/01/2051 | 2,215 | 2,316 | ||||||||||
San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2022 | ||||||||||||
5.000% due 05/15/2047 | 1,000 | 1,122 | ||||||||||
San Diego Unified School District, California General Obligation Bonds, Series 2020 | ||||||||||||
4.000% due 07/01/2050 | 1,000 | 1,005 | ||||||||||
San Diego Unified School District, California General Obligation Bonds, Series 2023 | ||||||||||||
4.000% due 07/01/2053 | 4,500 | 4,505 | ||||||||||
5.000% due 07/01/2048 | 1,000 | 1,142 | ||||||||||
San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2017 | ||||||||||||
5.000% due 05/01/2047 | 2,625 | 2,745 | ||||||||||
San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2019 | ||||||||||||
5.000% due 05/01/2039 | 2,000 | 2,196 | ||||||||||
5.000% due 05/01/2049 | 2,000 | 2,138 | ||||||||||
5.000% due 05/01/2050 | 1,900 | 2,026 | ||||||||||
San Francisco, California City & County General Obligation Bonds, Series 2022 | ||||||||||||
5.000% due 06/15/2042 | 2,750 | 3,081 | ||||||||||
San Francisco, California City & County Public Utilities Commission Power Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 11/01/2048 | 1,700 | 1,932 | ||||||||||
San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2020 | ||||||||||||
5.000% due 11/01/2050 | 1,100 | 1,213 | ||||||||||
San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2023 | ||||||||||||
5.250% due 11/01/2052 | 1,250 | 1,446 | ||||||||||
San Jose Evergreen Community College District, California General Obligation Bonds, Series 2014 | ||||||||||||
4.125% due 09/01/2043 | 1,000 | 1,009 | ||||||||||
San Jose Financing Authority, California Revenue Bonds, Series 2022 | ||||||||||||
5.000% due 11/01/2052 | 1,700 | 1,917 | ||||||||||
San Mateo County, California Community College District, General Obligation Bonds, (NPFGC Insured), Series 2006 | ||||||||||||
0.000% due 09/01/2034 (b) | 3,000 | 2,205 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
San Mateo County, California Community College District, General Obligation Bonds, Series 2018 | ||||||||||||
5.000% due 09/01/2045 | $ | 4,000 | $ | 4,323 | ||||||||
San Mateo Joint Powers Financing Authority, California Revenue Bonds, Series 2018 | ||||||||||||
4.000% due 07/15/2052 | 1,650 | 1,662 | ||||||||||
Santa Clarita Community College District, California General Obligation Bonds, Series 2016 | ||||||||||||
4.000% due 08/01/2046 | 2,000 | 2,014 | ||||||||||
Santa Monica, California Community College District, General Obligation Bonds, Series 2022 | ||||||||||||
4.000% due 08/01/2045 | 1,190 | 1,226 | ||||||||||
Silicon Valley Tobacco Securitization Authority, California Revenue Bonds, Series 2007 | ||||||||||||
0.000% due 06/01/2036 (b) | 1,000 | 507 | ||||||||||
Southwestern Community College District, California General Obligation Bonds, Series 2021 | ||||||||||||
4.000% due 08/01/2046 | 4,300 | 4,376 | ||||||||||
State Center Community College District, California General Obligation Bonds, Series 2022 | ||||||||||||
5.000% due 08/01/2047 | 1,690 | 1,898 | ||||||||||
Sweetwater Union High School District, California General Obligation Bonds, Series 2022 | ||||||||||||
5.000% due 08/01/2052 | 2,025 | 2,222 | ||||||||||
Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021 | ||||||||||||
0.000% due 06/01/2060 (b) | 15,900 | 2,652 | ||||||||||
Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2006 | ||||||||||||
0.000% due 06/01/2046 (b) | 4,000 | 742 | ||||||||||
University of California Revenue Bonds, Series 2018 | ||||||||||||
5.000% due 05/15/2048 | 5,000 | 5,348 | ||||||||||
University of California Revenue Bonds, Series 2022 | ||||||||||||
5.000% due 05/15/2052 | 5,100 | 5,688 | ||||||||||
Upland, California Certificates of Participation Bonds, Series 2017 | ||||||||||||
4.000% due 01/01/2042 | 3,250 | 3,107 | ||||||||||
Washington Township Health Care District, California General Obligation Bonds, Series 2015 | ||||||||||||
4.000% due 08/01/2045 | 2,500 | 2,500 | ||||||||||
Washington Township Health Care District, California General Obligation Bonds, Series 2023 | ||||||||||||
5.500% due 08/01/2053 | 1,350 | 1,538 | ||||||||||
West Valley-Mission Community College District, California General Obligation Bonds, Series 2022 | ||||||||||||
4.000% due 08/01/2047 | 2,000 | 2,052 | ||||||||||
306,851 | ||||||||||||
DELAWARE 1.4% | ||||||||||||
Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022 | ||||||||||||
0.000% due 10/01/2038 | 2,725 | 2,419 | ||||||||||
7.120% due 10/01/2038 | 480 | 476 | ||||||||||
2,895 | ||||||||||||
ILLINOIS 3.3% | ||||||||||||
Chicago, Illinois General Obligation Bonds, Series 2007 | ||||||||||||
5.500% due 01/01/2042 | 2,000 | 2,012 | ||||||||||
Chicago, Illinois General Obligation Bonds, Series 2017 | ||||||||||||
6.000% due 01/01/2038 | 1,500 | 1,576 | ||||||||||
Illinois State General Obligation Bonds, Series 2020 | ||||||||||||
4.125% due 10/01/2036 | 2,000 | 2,051 | ||||||||||
Illinois State General Obligation Notes, Series 2017 | ||||||||||||
5.000% due 11/01/2027 | 1,000 | 1,075 | ||||||||||
6,714 | ||||||||||||
NEW HAMPSHIRE 1.0% | ||||||||||||
New Hampshire Business Finance Authority Revenue Bonds, Series 2023 | ||||||||||||
4.817% due 12/20/2036 | 1,981 | 1,955 | ||||||||||
34 | PIMCO CLOSED-END FUNDS | See Accompanying Notes |
December 31, 2023 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
NEW YORK 0.3% | ||||||||||||
New York Power Authority Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 11/15/2055 | $ | 525 | $ | 523 | ||||||||
NORTH DAKOTA 0.1% | ||||||||||||
Grand Forks County, North Dakota Revenue Bonds, Series 2021 | ||||||||||||
7.000% due 12/15/2043 ^(a) | 650 | 130 | ||||||||||
PENNSYLVANIA 0.6% | ||||||||||||
Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2021 | ||||||||||||
9.000% due 04/01/2051 | 1,170 | 1,291 | ||||||||||
PUERTO RICO 8.3% | ||||||||||||
Children’s Trust Fund, Puerto Rico Revenue Bonds, Series 2008 | ||||||||||||
0.000% due 05/15/2057 (b) | 20,400 | 1,556 | ||||||||||
Commonwealth of Puerto Rico Bonds, Series 2022 | ||||||||||||
0.000% due 11/01/2043 | 2,164 | 1,182 | ||||||||||
0.000% due 11/01/2051 | 2,586 | 1,257 | ||||||||||
Commonwealth of Puerto Rico General Obligation Bonds, Series 2021 | ||||||||||||
0.000% due 07/01/2033 (b) | 1,250 | 781 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
4.000% due 07/01/2041 | $ | 1,200 | $ | 1,105 | ||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | ||||||||||||
0.000% due 07/01/2051 (b) | 25,500 | 5,986 | ||||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | ||||||||||||
4.784% due 07/01/2058 | 4,951 | 4,893 | ||||||||||
16,760 | ||||||||||||
TEXAS 0.5% | ||||||||||||
Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021 | ||||||||||||
7.500% due 12/01/2045 | 460 | 305 | ||||||||||
12.000% due 12/01/2045 | 800 | 693 | ||||||||||
998 | ||||||||||||
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 | 1,870 | ||||||||||
VIRGINIA 0.5% | ||||||||||||
Virginia Small Business Financing Authority Revenue Bonds, Series 2019 | ||||||||||||
0.000% due 07/01/2061 (b) | 17,000 | 531 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
5.500% due 07/01/2044 | $ | 500 | $ | 458 | ||||||||
989 | ||||||||||||
Total Municipal Bonds & Notes (Cost $336,224) | 341,027 | |||||||||||
SHORT-TERM INSTRUMENTS 1.2% | ||||||||||||
REPURCHASE AGREEMENTS (e) 1.2% | ||||||||||||
2,454 | ||||||||||||
Total Short-Term Instruments (Cost $2,454) | 2,454 | |||||||||||
Total Investments in Securities (Cost $338,678) | 343,481 | |||||||||||
Total Investments 169.8% (Cost $338,678) | $ | 343,481 | ||||||||||
Auction Rate Preferred Shares (54.3)% | (109,900 | ) | ||||||||||
Remarketable Variable Rate MuniFund Term Preferred Shares, at liquidation value (17.1)% | (34,497 | ) | ||||||||||
Other Assets and Liabilities, net 1.6% | 3,222 | |||||||||||
Net Assets Applicable to Common Shareholders 100.0% | $ | 202,306 | ||||||||||
* | 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. |
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 | $ 1,088 | $ | 1,062 | 0.53% | |||||||||||||||
Counterparty | Lending Rate | Settlement Date | Maturity Date | Principal Amount | Collateralized By | Collateral (Received) | Repurchase Agreements, at Value | Repurchase Agreement Proceeds to be Received (1) | ||||||||||||||||||||||
FICC | 2.600 | % | 12/29/2023 | 01/02/2024 | $ | 2,454 | U.S. Treasury Notes 0.375% due 11/30/2025 | $ | (2,503 | ) | $ | 2,454 | $ | 2,455 | ||||||||||||||||
Total Repurchase Agreements | $ | (2,503 | ) | $ | 2,454 | $ | 2,455 | |||||||||||||||||||||||
See Accompanying Notes | ANNUAL REPORT | | | DECEMBER 31, 2023 | 35 |
Schedule of Investments | PIMCO California Municipal Income Fund | (Cont.) | December 31, 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 | $ | 2,455 | $ | 0 | $ | 0 | $ | 2,455 | $ | (2,503 | ) | $ | (48 | ) | ||||||||||
Total Borrowings and Other Financing Transactions | $ | 2,455 | $ | 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. |
Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value at 12/31/2023 | ||||||||||||
Investments in Securities, at Value | ||||||||||||||||
Municipal Bonds & Notes | ||||||||||||||||
Arizona | $ | 0 | $ | 51 | $ | 0 | $ | 51 | ||||||||
California | 0 | 306,851 | 0 | 306,851 | ||||||||||||
Delaware | 0 | 2,895 | 0 | 2,895 | ||||||||||||
Illinois | 0 | 6,714 | 0 | 6,714 | ||||||||||||
New Hampshire | 0 | 1,955 | 0 | 1,955 | ||||||||||||
New York | 0 | 523 | 0 | 523 | ||||||||||||
North Dakota | 0 | 130 | 0 | 130 | ||||||||||||
Pennsylvania | 0 | 1,291 | 0 | 1,291 |
Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value at 12/31/2023 | ||||||||||||
Puerto Rico | $ | 0 | $ | 16,760 | $ | 0 | $ | 16,760 | ||||||||
Texas | 0 | 998 | 0 | 998 | ||||||||||||
U.S. Virgin Islands | 0 | 1,870 | 0 | 1,870 | ||||||||||||
Virginia | 0 | 989 | 0 | 989 | ||||||||||||
Short-Term Instruments | ||||||||||||||||
Repurchase Agreements | 0 | 2,454 | 0 | 2,454 | ||||||||||||
Total Investments | $ | 0 | $ | 343,481 | $ | 0 | $ | 343,481 | ||||||||
36 | PIMCO CLOSED-END FUNDS | See Accompanying Notes |
Schedule of Investments | PIMCO California Municipal Income Fund II | December 31, 2023 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
INVESTMENTS IN SECURITIES 169.1% | ||||||||||||
MUNICIPAL BONDS & NOTES 163.6% | ||||||||||||
ARIZONA 0.0% | ||||||||||||
Arizona Industrial Development Authority Revenue Bonds, Series 2020 | ||||||||||||
7.750% due 07/01/2050 ^(a) | $ | 940 | $ | 56 | ||||||||
CALIFORNIA 147.5% | ||||||||||||
Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 | ||||||||||||
0.000% due 10/01/2049 (c) | 3,085 | 1,667 | ||||||||||
Anaheim City School District, California General Obligation Bonds, (BAM Insured), Series 2023 | ||||||||||||
4.250% due 08/01/2050 | 2,700 | 2,751 | ||||||||||
Antelope Valley Community College District, California General Obligation Bonds, Series 2022 | ||||||||||||
0.000% due 08/01/2047 (b) | 720 | 225 | ||||||||||
Bay Area Toll Authority, California Revenue Bonds, Series 2014 | ||||||||||||
5.000% due 10/01/2054 | 3,000 | 3,050 | ||||||||||
Bay Area Toll Authority, California Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 04/01/2047 | 3,000 | 3,012 | ||||||||||
5.000% due 04/01/2056 | 2,000 | 2,171 | ||||||||||
Bay Area Toll Authority, California Revenue Bonds, Series 2023 | ||||||||||||
4.125% due 04/01/2054 | 1,800 | 1,822 | ||||||||||
Butte-Glenn Community College District, California General Obligation Bonds, Series 2022 | ||||||||||||
4.000% due 08/01/2047 | 1,600 | 1,616 | ||||||||||
California Community Choice Financing Authority Revenue Bonds, Series 2023 | ||||||||||||
5.250% due 11/01/2054 | 2,000 | 2,167 | ||||||||||
California Community Housing Agency Revenue Bonds, Series 2019 | ||||||||||||
5.000% due 04/01/2049 | 4,400 | 3,667 | ||||||||||
5.000% due 08/01/2049 | 1,000 | 942 | ||||||||||
California Community Housing Agency Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 02/01/2056 | 1,000 | 752 | ||||||||||
California Community Housing Agency Revenue Bonds, Series 2022 | ||||||||||||
4.500% due 08/01/2052 | 1,000 | 828 | ||||||||||
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 | 1,354 | ||||||||||
California County Tobacco Securitization Agency Revenue Bonds, Series 2020 | ||||||||||||
0.000% due 06/01/2055 (b) | 5,100 | 922 | ||||||||||
California Educational Facilities Authority Revenue Bonds, Series 2018 | ||||||||||||
5.000% due 10/01/2043 | 1,300 | 1,371 | ||||||||||
5.000% due 10/01/2048 | 1,320 | 1,379 | ||||||||||
California Health Facilities Financing Authority Revenue Bonds, Series 2015 | ||||||||||||
5.000% due 08/15/2054 | 5,000 | 5,086 | ||||||||||
California Health Facilities Financing Authority Revenue Bonds, Series 2016 | ||||||||||||
5.000% due 08/15/2055 | 6,275 | 6,421 | ||||||||||
California Health Facilities Financing Authority Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 11/01/2038 | 1,500 | 1,527 | ||||||||||
4.000% due 11/01/2051 | 2,750 | 2,721 | ||||||||||
California Health Facilities Financing Authority Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 08/15/2048 | 1,200 | 1,216 | ||||||||||
California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020 | ||||||||||||
0.000% due 01/01/2060 (b) | 6,250 | 346 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
4.000% due 11/01/2045 | $ | 850 | $ | 851 | ||||||||
8.000% due 01/01/2050 | 1,900 | 1,935 | ||||||||||
California Municipal Finance Authority Certificates of Participation Bonds, (AGM Insured), Series 2022 | ||||||||||||
5.250% due 11/01/2052 | 1,800 | 2,021 | ||||||||||
California Municipal Finance Authority Revenue Bonds, (BAM Insured), Series 2021 | ||||||||||||
4.000% due 05/15/2041 | 500 | 502 | ||||||||||
California Municipal Finance Authority Revenue Bonds, Series 2018 | ||||||||||||
5.000% due 05/15/2043 | 1,000 | 1,030 | ||||||||||
5.000% due 06/01/2043 | 1,465 | 1,567 | ||||||||||
California Municipal Finance Authority Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 09/01/2050 (d) | 1,500 | 1,327 | ||||||||||
California Public Finance Authority Revenue Bonds, Series 2019 | ||||||||||||
6.250% due 07/01/2054 | 1,650 | 1,740 | ||||||||||
California State General Obligation Bonds, Series 2017 | ||||||||||||
4.000% due 11/01/2047 | 3,250 | 3,284 | ||||||||||
California State General Obligation Bonds, Series 2018 | ||||||||||||
4.000% due 10/01/2039 | 4,500 | 4,514 | ||||||||||
5.000% due 10/01/2047 | 2,000 | 2,073 | ||||||||||
California State General Obligation Bonds, Series 2020 | ||||||||||||
4.000% due 11/01/2040 | 1,500 | 1,574 | ||||||||||
California State General Obligation Bonds, Series 2022 | ||||||||||||
4.000% due 09/01/2042 | 1,500 | 1,575 | ||||||||||
California State General Obligation Bonds, Series 2023 | ||||||||||||
4.000% due 09/01/2043 | 2,000 | 2,091 | ||||||||||
California State General Obligation Notes, Series 2021 | ||||||||||||
5.000% due 10/01/2029 | 3,000 | 3,440 | ||||||||||
California State University Revenue Bonds, Series 2015 | ||||||||||||
5.000% due 11/01/2047 | 5,000 | 5,144 | ||||||||||
California State University Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 11/01/2044 | 1,000 | 1,158 | ||||||||||
California Statewide Communities Development Authority Revenue Bonds, (AGM Insured), Series 2022 | ||||||||||||
5.375% due 08/15/2057 | 1,100 | 1,224 | ||||||||||
California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2018 | ||||||||||||
4.000% due 07/01/2043 | 1,350 | 1,369 | ||||||||||
California Statewide Communities Development Authority Revenue Bonds, Series 2016 | ||||||||||||
4.000% due 08/15/2051 | 225 | 224 | ||||||||||
5.000% due 06/01/2046 | 2,000 | 1,904 | ||||||||||
5.000% due 12/01/2046 | 2,000 | 1,980 | ||||||||||
5.250% due 12/01/2056 | 3,550 | 3,561 | ||||||||||
California Statewide Communities Development Authority Revenue Bonds, Series 2018 | ||||||||||||
4.000% due 07/01/2048 | 1,000 | 1,004 | ||||||||||
4.000% due 12/01/2053 | 230 | 224 | ||||||||||
4.000% due 12/01/2057 | 2,000 | 1,948 | ||||||||||
5.000% due 03/01/2048 | 2,800 | 2,878 | ||||||||||
5.500% due 12/01/2058 | 2,200 | 2,250 | ||||||||||
California Statewide Communities Development Authority Revenue Bonds, Series 2019 | ||||||||||||
4.250% due 11/01/2059 | 1,995 | 1,826 | ||||||||||
California Statewide Financing Authority Revenue Bonds, Series 2002 | ||||||||||||
6.000% due 05/01/2037 | 1,290 | 1,310 | ||||||||||
Calistoga Joint Unified School District, California General Obligation Bonds, Series 2023 | ||||||||||||
5.000% due 08/01/2052 | 1,565 | 1,754 | ||||||||||
Chino Valley Unified School District, California General Obligation Bonds, Series 2020 | ||||||||||||
5.000% due 08/01/2055 | 2,000 | 2,165 | ||||||||||
Chino Valley Unified School District, California General Obligation Bonds, Series 2022 | ||||||||||||
0.000% due 08/01/2037 (b) | 1,000 | 605 | ||||||||||
0.000% due 08/01/2040 (b) | 1,400 | 717 | ||||||||||
0.000% due 08/01/2043 (b) | 1,750 | 769 | ||||||||||
0.000% due 08/01/2044 (b) | 1,405 | 587 | ||||||||||
City of California, Eureka City Schools, General Obligation Bonds, (BAM Insured), Series 2020 | ||||||||||||
4.000% due 08/01/2049 | 3,000 | 3,009 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
CMFA Special Finance Agency VII, California Revenue Bonds, Series 2021 | ||||||||||||
3.000% due 08/01/2056 | $ | 1,000 | $ | 663 | ||||||||
4.000% due 08/01/2047 | 595 | 477 | ||||||||||
CMFA Special Finance Agency, California Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 08/01/2045 | 750 | 613 | ||||||||||
Corona Norco Unified School District, California General Obligation Bonds, Series 2018 | ||||||||||||
4.000% due 08/01/2047 | 1,790 | 1,799 | ||||||||||
CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021 | ||||||||||||
3.000% due 02/01/2057 | 500 | 340 | ||||||||||
3.100% due 07/01/2045 | 1,000 | 753 | ||||||||||
3.400% due 10/01/2046 | 445 | 341 | ||||||||||
4.000% due 08/01/2056 | 250 | 189 | ||||||||||
4.000% due 10/01/2056 | 550 | 396 | ||||||||||
CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022 | ||||||||||||
0.000% due 09/01/2062 (c) | 2,200 | 1,118 | ||||||||||
Department of Veterans Affairs Veteran’s Farm & Home Purchase Program, California Revenue Bonds, Series 2022 | ||||||||||||
4.950% due 12/01/2046 | 360 | 379 | ||||||||||
El Monte School District, California General Obligation Bonds, (BAM Insured), Series 2023 | ||||||||||||
5.000% due 08/01/2052 | 1,635 | 1,792 | ||||||||||
Elk Grove Finance Authority, California Special Tax Bonds, Series 2016 | ||||||||||||
5.000% due 09/01/2046 | 1,670 | 1,691 | ||||||||||
Folsom Cordova Unified School District, California General Obligation Bonds, (AGM Insured), Series 2019 | ||||||||||||
4.000% due 10/01/2044 | 1,415 | 1,418 | ||||||||||
Foothill-Eastern Transportation Corridor Agency, California Revenue Bonds, Series 2014 | ||||||||||||
3.950% due 01/15/2053 | 920 | 869 | ||||||||||
Fremont Community Facilities District No. 1, California Special Tax Bonds, Series 2015 | ||||||||||||
5.000% due 09/01/2045 | 1,400 | 1,417 | ||||||||||
Fresno Unified School District, California General Obligation Bonds, Series 2016 | ||||||||||||
4.000% due 08/01/2046 | 2,605 | 2,593 | ||||||||||
Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2018 | ||||||||||||
5.000% due 06/01/2030 | 1,500 | 1,668 | ||||||||||
5.000% due 06/01/2034 | 4,500 | 5,003 | ||||||||||
Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | ||||||||||||
0.000% due 06/01/2066 (b) | 20,000 | 2,363 | ||||||||||
Hacienda La Puente Unified School District, California General Obligation Bonds, Series 2017 | ||||||||||||
4.000% due 08/01/2047 | 3,000 | 3,021 | ||||||||||
Hartnell Community College District, California General Obligation Bonds, Series 2017 | ||||||||||||
4.000% due 08/01/2042 | 3,500 | 3,570 | ||||||||||
Hastings Campus Housing Finance Authority, California Revenue Bonds, Series 2020 | ||||||||||||
5.000% due 07/01/2061 | 2,650 | 2,263 | ||||||||||
Hayward Unified School District, California General Obligation Bonds, Series 2015 | ||||||||||||
5.000% due 08/01/2038 | 3,000 | 3,038 | ||||||||||
Long Beach Bond Finance Authority, California General Obligation Bonds, Series 2023 | ||||||||||||
4.000% due 08/01/2053 | 2,000 | 1,998 | ||||||||||
Long Beach Bond Finance Authority, California Revenue Bonds, Series 2007 | ||||||||||||
5.500% due 11/15/2037 | 7,500 | 8,739 | ||||||||||
Los Angeles County, California Facilities, Inc., Revenue Bonds, Series 2018 | ||||||||||||
4.000% due 12/01/2048 | 2,500 | 2,528 | ||||||||||
Los Angeles County, California Metropolitan Transportation Authority Sales Tax Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 06/01/2037 | 2,000 | 2,153 |
See Accompanying Notes | ANNUAL REPORT | | | DECEMBER 31, 2023 | 37 |
Schedule of Investments | PIMCO California Municipal Income Fund II | (Cont.) |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
Los Angeles County, California Sanitation District, Financing Authority Revenue Bonds, Series 2016 | ||||||||||||
4.000% due 10/01/2042 | $ | 2,000 | $ | 2,026 | ||||||||
Los Angeles Department of Airports, California Revenue Bonds, Series 2021 | ||||||||||||
5.000% due 05/15/2048 | 2,500 | 2,761 | ||||||||||
Los Angeles Department of Water & Power Water System, California Revenue Bonds, Series 2022 | ||||||||||||
5.000% due 07/01/2052 | 1,475 | 1,658 | ||||||||||
Los Angeles Department of Water & Power, California Revenue Bonds, Series 2014 | ||||||||||||
5.000% due 07/01/2043 | 3,000 | 3,000 | ||||||||||
Los Angeles Department of Water & Power, California Revenue Bonds, Series 2018 | ||||||||||||
5.000% due 07/01/2043 | 2,000 | 2,157 | ||||||||||
Los Angeles Department of Water & Power, California Revenue Bonds, Series 2021 | ||||||||||||
5.000% due 07/01/2041 | 3,900 | 4,421 | ||||||||||
Los Angeles, California Wastewater System Revenue Bonds, Series 2017 | ||||||||||||
5.000% due 06/01/2039 | 1,000 | 1,072 | ||||||||||
M-S-R | ||||||||||||
6.500% due 11/01/2039 | 7,810 | 10,064 | ||||||||||
7.000% due 11/01/2034 | 1,000 | 1,289 | ||||||||||
Mount San Jacinto Community College District, California General Obligation Bonds, Series 2018 | ||||||||||||
4.000% due 08/01/2043 | 2,200 | 2,248 | ||||||||||
Municipal Improvement Corp. of Los Angeles, California Revenue Bonds, Series 2021 | ||||||||||||
5.000% due 11/01/2038 | 2,200 | 2,566 | ||||||||||
Norwalk-La Mirada Unified School District, California General Obligation Bonds, Series 2019 | ||||||||||||
4.000% due 08/01/2048 | 2,750 | 2,765 | ||||||||||
Ontario International Airport Authority, California Revenue Bonds, (AGM Insured), Series 2021 | ||||||||||||
4.000% due 05/15/2051 | 500 | 507 | ||||||||||
Ontario Montclair School District, California General Obligation Bonds, Series 2017 | ||||||||||||
5.000% due 08/01/2046 | 1,825 | 1,925 | ||||||||||
Orange County, California Community Facilities District Special Tax Bonds, Series 2022 | ||||||||||||
5.000% due 08/15/2052 | 1,360 | 1,399 | ||||||||||
Pacifica School District, California General Obligation Bonds, Series 2018 | ||||||||||||
4.000% due 08/01/2048 | 2,000 | 2,010 | ||||||||||
Poway Unified School District, California General Obligation Bonds, Series 2011 | ||||||||||||
0.000% due 08/01/2040 (b) | 11,000 | 5,896 | ||||||||||
0.000% due 08/01/2046 (b) | 16,000 | 6,000 | ||||||||||
Redwood City School District, California General Obligation Bonds, Series 2023 | ||||||||||||
5.000% due 08/01/2052 | 2,140 | 2,409 | ||||||||||
Richmond, California Wastewater Revenue Bonds, Series 2019 | ||||||||||||
4.000% due 08/01/2049 | 1,460 | 1,471 | ||||||||||
Rio Hondo Community College District, California General Obligation Bonds, Series 2022 | ||||||||||||
0.000% due 08/01/2045 (b) | 1,850 | 679 | ||||||||||
River Islands Public Financing Authority, California Special Tax, (AGM Insured), Series 2022 | ||||||||||||
4.250% due 09/01/2047 | 1,100 | 1,121 | ||||||||||
Riverside, California Sewer Revenue Bonds, Series 2018 | ||||||||||||
4.000% due 08/01/2038 | 3,500 | 3,616 | ||||||||||
Sacramento City Unified School District, California General Obligation Bonds, (AGM Insured), Series 2021 | ||||||||||||
4.000% due 08/01/2049 | 1,500 | 1,501 | ||||||||||
Sacramento County, California Sanitation District, Financing Authority Revenue Bonds, Series 2020 | ||||||||||||
5.000% due 12/01/2050 | 1,200 | 1,319 | ||||||||||
Sacramento County, California Special Tax Bonds, Series 2022 | ||||||||||||
5.000% due 09/01/2047 | 500 | 506 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
Sacramento Municipal Utility District, California Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 08/15/2048 | $ | 500 | $ | 572 | ||||||||
San Bernardino Community College District, California General Obligation Bonds, Series 2023 | ||||||||||||
5.000% due 08/01/2049 | 3,700 | 4,081 | ||||||||||
San Diego County, California Certificates of Participation Bonds, Series 2023 | ||||||||||||
5.000% due 10/01/2053 | 3,650 | 4,088 | ||||||||||
San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 07/01/2051 | 3,000 | 2,922 | ||||||||||
5.000% due 07/01/2051 | 2,360 | 2,467 | ||||||||||
San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2022 | ||||||||||||
5.000% due 05/15/2047 | 1,000 | 1,122 | ||||||||||
San Diego Unified School District, California General Obligation Bonds, Series 2020 | ||||||||||||
4.000% due 07/01/2050 | 900 | 904 | ||||||||||
San Diego Unified School District, California General Obligation Bonds, Series 2023 | ||||||||||||
4.000% due 07/01/2053 | 4,500 | 4,505 | ||||||||||
5.000% due 07/01/2048 | 1,000 | 1,142 | ||||||||||
San Francisco Bay Area Rapid Transit District, California General Obligation Bonds, Series 2017 | ||||||||||||
5.000% due 08/01/2047 | 1,000 | 1,051 | ||||||||||
San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2017 | ||||||||||||
5.000% due 05/01/2047 | 2,750 | 2,876 | ||||||||||
San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2019 | ||||||||||||
5.000% due 05/01/2049 | 4,000 | 4,142 | ||||||||||
San Francisco, California City & County Certificates of Participation Bonds, Series 2015 | ||||||||||||
4.000% due 09/01/2033 | 1,530 | 1,531 | ||||||||||
San Francisco, California City & County Public Utilities Commission Power Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 11/01/2048 | 1,800 | 2,045 | ||||||||||
San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2020 | ||||||||||||
5.000% due 11/01/2050 | 1,200 | 1,323 | ||||||||||
San Jose Evergreen Community College District, California General Obligation Bonds, Series 2014 | ||||||||||||
4.125% due 09/01/2043 | 1,750 | 1,766 | ||||||||||
San Jose Financing Authority, California Revenue Bonds, Series 2022 | ||||||||||||
5.000% due 11/01/2052 | 1,800 | 2,029 | ||||||||||
San Marcos Redevelopment Agency Successor Agency, California Tax Allocation Bonds, Series 2015 | ||||||||||||
5.000% due 10/01/2032 | 850 | 882 | ||||||||||
5.000% due 10/01/2033 | 1,125 | 1,167 | ||||||||||
San Mateo County, California Community College District General Obligation Bonds, (NPFGC Insured), Series 2006 | ||||||||||||
0.000% due 09/01/2034 (b) | 12,000 | 8,820 | ||||||||||
San Mateo Joint Powers Financing Authority, California Revenue Bonds, Series 2018 | ||||||||||||
4.000% due 07/15/2052 | 1,800 | 1,813 | ||||||||||
Santa Ana Unified School District, California General Obligation Bonds, Series 2019 | ||||||||||||
4.000% due 08/01/2048 | 1,750 | 1,765 | ||||||||||
Santa Clarita Community College District, California General Obligation Bonds, Series 2016 | ||||||||||||
4.000% due 08/01/2046 | 2,200 | 2,215 | ||||||||||
Santa Monica, California Community College District General Obligation Bonds, Series 2022 | ||||||||||||
4.000% due 08/01/2045 | 1,270 | 1,308 | ||||||||||
Silicon Valley Tobacco Securitization Authority, California Revenue Bonds, Series 2007 | ||||||||||||
0.000% due 06/01/2036 (b) | 1,000 | 507 | ||||||||||
Southwestern Community College District, California General Obligation Bonds, Series 2021 | ||||||||||||
4.000% due 08/01/2046 | 4,850 | 4,935 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
State Center Community College District, California General Obligation Bonds, Series 2022 | ||||||||||||
5.000% due 08/01/2047 | $ | 1,815 | $ | 2,039 | ||||||||
Sweetwater Union High School District, California General Obligation Bonds, Series 2022 | ||||||||||||
5.000% due 08/01/2052 | 2,190 | 2,403 | ||||||||||
Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021 | ||||||||||||
0.000% due 06/01/2060 (b) | 19,480 | 3,249 | ||||||||||
Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2006 | ||||||||||||
0.000% due 06/01/2046 (b) | 5,000 | 920 | ||||||||||
University of California Revenue Bonds, Series 2022 | ||||||||||||
5.000% due 05/15/2052 | 8,800 | 9,814 | ||||||||||
Upland, California Certificates of Participation Bonds, Series 2017 | ||||||||||||
4.000% due 01/01/2042 | 3,000 | 2,868 | ||||||||||
Washington Township Health Care District, California General Obligation Bonds, Series 2015 | ||||||||||||
4.000% due 08/01/2045 | 3,000 | 3,000 | ||||||||||
Washington Township Health Care District, California General Obligation Bonds, Series 2023 | ||||||||||||
5.500% due 08/01/2053 | 1,500 | 1,709 | ||||||||||
323,591 | ||||||||||||
DELAWARE 1.4% | ||||||||||||
Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022 | ||||||||||||
0.000% due 10/01/2038 | 2,930 | 2,602 | ||||||||||
7.120% due 10/01/2038 | 520 | 515 | ||||||||||
3,117 | ||||||||||||
ILLINOIS 2.3% | ||||||||||||
Chicago, Illinois General Obligation Bonds, Series 2007 | ||||||||||||
5.500% due 01/01/2042 | 2,350 | 2,365 | ||||||||||
Illinois State General Obligation Bonds, Series 2018 | ||||||||||||
5.000% due 05/01/2035 | 1,000 | 1,061 | ||||||||||
Illinois State General Obligation Bonds, Series 2020 | ||||||||||||
4.125% due 10/01/2036 | 1,500 | 1,538 | ||||||||||
4,964 | ||||||||||||
NEW HAMPSHIRE 1.0% | ||||||||||||
New Hampshire Business Finance Authority Revenue Bonds, Series 2023 | ||||||||||||
4.817% due 12/20/2036 | 2,111 | 2,083 | ||||||||||
NEW YORK 0.9% | ||||||||||||
New York Liberty Development Corp. Revenue Bonds, Series 2005 | ||||||||||||
5.250% due 10/01/2035 | 1,250 | 1,488 | ||||||||||
New York Power Authority Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 11/15/2055 | 550 | 548 | ||||||||||
2,036 | ||||||||||||
NORTH DAKOTA 0.1% | ||||||||||||
Grand Forks County, North Dakota Revenue Bonds, Series 2021 | ||||||||||||
7.000% due 12/15/2043 ^(a) | 720 | 144 | ||||||||||
PENNSYLVANIA 0.6% | ||||||||||||
Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2021 | ||||||||||||
9.000% due 04/01/2051 | 1,275 | 1,407 | ||||||||||
PUERTO RICO 6.9% | ||||||||||||
Children’s Trust Fund, Puerto Rico Revenue Bonds, Series 2008 | ||||||||||||
0.000% due 05/15/2057 (b) | 24,300 | 1,826 |
38 | PIMCO CLOSED-END FUNDS | See Accompanying Notes |
December 31, 2023 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
Commonwealth of Puerto Rico Bonds, Series 2022 | ||||||||||||
0.000% due 11/01/2051 | $ | 2,752 | $ | 1,338 | ||||||||
Commonwealth of Puerto Rico General Obligation Bonds, Series 2021 | ||||||||||||
0.000% due 07/01/2033 (b) | 1,250 | 781 | ||||||||||
4.000% due 07/01/2041 | 1,300 | 1,197 | ||||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | ||||||||||||
0.000% due 07/01/2051 (b) | 20,000 | 4,695 | ||||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | ||||||||||||
4.784% due 07/01/2058 | 5,425 | 5,361 | ||||||||||
15,198 | ||||||||||||
TEXAS 1.5% | ||||||||||||
Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021 | ||||||||||||
7.500% due 12/01/2045 | 500 | 331 | ||||||||||
12.000% due 12/01/2045 | 850 | 736 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
San Antonio Municipal Facilities Corp., Texas Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 08/01/2048 | $ | 2,300 | $ | 2,282 | ||||||||
3,349 | ||||||||||||
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 | 2,016 | ||||||||||
VIRGINIA 0.5% | ||||||||||||
Virginia Small Business Financing Authority Revenue Bonds, Series 2019 | ||||||||||||
0.000% due 07/01/2061 (b) | 19,000 | 594 | ||||||||||
5.500% due 07/01/2044 | 500 | 458 | ||||||||||
1,052 | ||||||||||||
Total Municipal Bonds & Notes (Cost $347,547) | 359,013 | |||||||||||
MARKET VALUE (000S) | ||||||||||||
SHORT-TERM INSTRUMENTS 5.5% | ||||||||||||
REPURCHASE AGREEMENTS (e) 5.5% | ||||||||||||
$ | 12,050 | |||||||||||
Total Short-Term Instruments (Cost $12,050) | 12,050 | |||||||||||
Total Investments in Securities (Cost $359,597) | 371,063 | |||||||||||
Total Investments 169.1% (Cost $359,597) | $ | 371,063 | ||||||||||
Auction Rate Preferred Shares (44.6)% | (97,875 | ) | ||||||||||
Remarketable Variable Rate MuniFund Term Preferred Shares, at liquidation value (25.8)% | (56,519 | ) | ||||||||||
Other Assets and Liabilities, net 1.3% | 2,821 | |||||||||||
Net Assets Applicable to Common Shareholders 100.0% | $ | 219,490 | ||||||||||
* | 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. |
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 | $ 1,360 | $ | 1,327 | 0.60% | |||||||||||||||
Counterparty | Lending Rate | Settlement Date | Maturity Date | Principal Amount | Collateralized By | Collateral (Received) | Repurchase Agreements, at Value | Repurchase Agreement Proceeds to be Received (1) | ||||||||||||||||||||||
FICC | 2.600 | % | 12/29/2023 | 01/02/2024 | $ | 12,050 | U.S. Treasury Notes 4.875% due 11/30/2025 | $ | (12,291 | ) | $ | 12,050 | $ | 12,053 | ||||||||||||||||
Total Repurchase Agreements | $ | (12,291 | ) | $ | 12,050 | $ | 12,053 | |||||||||||||||||||||||
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 | $ | 12,053 | $ | 0 | $ | 0 | $ | 12,053 | $ | (12,291 | ) | $ | (238 | ) | ||||||||||
Total Borrowings and Other Financing Transactions | $ | 12,053 | $ | 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. |
See Accompanying Notes | ANNUAL REPORT | | | DECEMBER 31, 2023 | 39 |
Schedule of Investments | PIMCO California Municipal Income Fund II | (Cont.) | December 31, 2023 |
Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value at 12/31/2023 | ||||||||||||
Investments in Securities, at Value | ||||||||||||||||
Municipal Bonds & Notes | ||||||||||||||||
Arizona | $ | 0 | $ | 56 | $ | 0 | $ | 56 | ||||||||
California | 0 | 323,591 | 0 | 323,591 | ||||||||||||
Delaware | 0 | 3,117 | 0 | 3,117 | ||||||||||||
Illinois | 0 | 4,964 | 0 | 4,964 | ||||||||||||
New Hampshire | 0 | 2,083 | 0 | 2,083 | ||||||||||||
New York | 0 | 2,036 | 0 | 2,036 | ||||||||||||
North Dakota | 0 | 144 | 0 | 144 |
Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value at 12/31/2023 | ||||||||||||
Pennsylvania | $ | 0 | $ | 1,407 | $ | 0 | $ | 1,407 | ||||||||
Puerto Rico | 0 | 15,198 | 0 | 15,198 | ||||||||||||
Texas | 0 | 3,349 | 0 | 3,349 | ||||||||||||
U.S. Virgin Islands | 0 | 2,016 | 0 | 2,016 | ||||||||||||
Virginia | 0 | 1,052 | 0 | 1,052 | ||||||||||||
Short-Term Instruments | ||||||||||||||||
Repurchase Agreements | 0 | 12,050 | 0 | 12,050 | ||||||||||||
Total Investments | $ | 0 | $ | 371,063 | $ | 0 | $ | 371,063 | ||||||||
40 | PIMCO CLOSED-END FUNDS | See Accompanying Notes |
Schedule of Investments | PIMCO California Municipal Income Fund III | December 31, 2023 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
INVESTMENTS IN SECURITIES 168.8% | ||||||||||||
MUNICIPAL BONDS & NOTES 164.8% | ||||||||||||
ARIZONA 0.0% | ||||||||||||
Arizona Industrial Development Authority Revenue Bonds, Series 2020 | ||||||||||||
7.750% due 07/01/2050 ^(a) | $ | 730 | $ | 44 | ||||||||
CALIFORNIA 150.3% | ||||||||||||
Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022 | ||||||||||||
0.000% due 10/01/2049 (c) | 2,525 | 1,364 | ||||||||||
Anaheim City School District, California General Obligation Bonds, (BAM Insured), Series 2023 | ||||||||||||
4.250% due 08/01/2050 | 2,300 | 2,344 | ||||||||||
Antelope Valley Community College District, California General Obligation Bonds, Series 2022 | ||||||||||||
0.000% due 08/01/2047 (b) | 600 | 187 | ||||||||||
Bay Area Toll Authority, California Revenue Bonds, Series 2007 | ||||||||||||
2.450% due 04/01/2047 | 590 | 590 | ||||||||||
Bay Area Toll Authority, California Revenue Bonds, Series 2023 | ||||||||||||
4.125% due 04/01/2054 | 1,500 | 1,518 | ||||||||||
Butte-Glenn Community College District, California General Obligation Bonds, Series 2022 | ||||||||||||
4.000% due 08/01/2047 | 1,330 | 1,343 | ||||||||||
California Community Choice Financing Authority Revenue Bonds, Series 2023 | ||||||||||||
5.250% due 11/01/2054 | 1,750 | 1,896 | ||||||||||
California Community Housing Agency Revenue Bonds, Series 2019 | ||||||||||||
5.000% due 04/01/2049 | 3,700 | 3,083 | ||||||||||
5.000% due 08/01/2049 | 1,000 | 942 | ||||||||||
California Community Housing Agency Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 02/01/2056 | 1,000 | 752 | ||||||||||
California Community Housing Agency Revenue Bonds, Series 2022 | ||||||||||||
4.500% due 08/01/2052 | 1,000 | 828 | ||||||||||
California County Tobacco Securitization Agency Revenue Bonds, Series 2002 | ||||||||||||
5.875% due 06/01/2035 | 1,805 | 1,832 | ||||||||||
6.000% due 06/01/2042 | 7,000 | 7,105 | ||||||||||
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 | 602 | ||||||||||
California County Tobacco Securitization Agency Revenue Bonds, Series 2020 | ||||||||||||
0.000% due 06/01/2055 (b) | 4,000 | 723 | ||||||||||
California Educational Facilities Authority Revenue Bonds, Series 2018 | ||||||||||||
5.000% due 10/01/2043 | 1,000 | 1,054 | ||||||||||
California Health Facilities Financing Authority Revenue Bonds, Series 2015 | ||||||||||||
5.000% due 08/15/2054 | 3,000 | 3,052 | ||||||||||
California Health Facilities Financing Authority Revenue Bonds, Series 2016 | ||||||||||||
5.000% due 11/15/2046 | 2,960 | 3,036 | ||||||||||
5.000% due 08/15/2055 | 5,000 | 5,116 | ||||||||||
California Health Facilities Financing Authority Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 11/01/2038 | 1,220 | 1,242 | ||||||||||
4.000% due 11/01/2051 | 2,250 | 2,227 | ||||||||||
California Health Facilities Financing Authority Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 08/15/2050 | 1,000 | 1,002 | ||||||||||
California Health Facilities Financing Authority Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 08/15/2048 | 2,300 | 2,330 | ||||||||||
California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020 | ||||||||||||
0.000% due 01/01/2060 (b) | 5,000 | 277 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
4.000% due 11/01/2050 | $ | 860 | $ | 837 | ||||||||
8.000% due 01/01/2050 | 1,450 | 1,477 | ||||||||||
California Municipal Finance Authority Certificates of Participation Bonds, (AGM Insured), Series 2022 | ||||||||||||
5.250% due 11/01/2052 | 1,500 | 1,684 | ||||||||||
California Municipal Finance Authority Revenue Bonds, Series 2018 | ||||||||||||
5.000% due 06/01/2043 | 1,165 | 1,246 | ||||||||||
5.000% due 06/01/2048 | 1,100 | 1,166 | ||||||||||
California Municipal Finance Authority Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 09/01/2050 (d) | 1,200 | 1,062 | ||||||||||
California Public Finance Authority Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 08/01/2052 | 2,000 | 2,000 | ||||||||||
California Public Finance Authority Revenue Bonds, Series 2019 | ||||||||||||
6.250% due 07/01/2054 | 1,250 | 1,318 | ||||||||||
California State General Obligation Bonds, Series 2017 | ||||||||||||
4.000% due 11/01/2047 | 1,500 | 1,516 | ||||||||||
California State General Obligation Bonds, Series 2018 | ||||||||||||
5.000% due 10/01/2047 | 2,000 | 2,073 | ||||||||||
California State General Obligation Bonds, Series 2020 | ||||||||||||
4.000% due 11/01/2040 | 850 | 892 | ||||||||||
California State General Obligation Bonds, Series 2021 | ||||||||||||
5.000% due 09/01/2041 | 1,500 | 1,711 | ||||||||||
California State General Obligation Bonds, Series 2022 | ||||||||||||
4.000% due 09/01/2042 | 1,150 | 1,207 | ||||||||||
4.000% due 04/01/2049 | 1,750 | 1,792 | ||||||||||
California State General Obligation Bonds, Series 2023 | ||||||||||||
4.000% due 09/01/2043 | 1,600 | 1,673 | ||||||||||
California State General Obligation Notes, Series 2019 | ||||||||||||
5.000% due 04/01/2027 | 1,615 | 1,746 | ||||||||||
California State General Obligation Notes, Series 2021 | ||||||||||||
5.000% due 10/01/2029 | 2,000 | 2,293 | ||||||||||
California State University Revenue Bonds, Series 2015 | ||||||||||||
5.000% due 11/01/2047 | 6,750 | 6,944 | ||||||||||
California State University Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 11/01/2044 | 1,000 | 1,158 | ||||||||||
California Statewide Communities Development Authority Revenue Bonds, (AGM Insured), Series 2022 | ||||||||||||
5.375% due 08/15/2057 | 950 | 1,057 | ||||||||||
California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2018 | ||||||||||||
4.000% due 07/01/2047 | 250 | 252 | ||||||||||
California Statewide Communities Development Authority Revenue Bonds, Series 2008 | ||||||||||||
3.380% due 08/15/2047 | 2,000 | 2,000 | ||||||||||
California Statewide Communities Development Authority Revenue Bonds, Series 2016 | ||||||||||||
4.000% due 08/15/2051 | 200 | 199 | ||||||||||
5.000% due 06/01/2046 | 1,000 | 952 | ||||||||||
5.000% due 12/01/2046 | 3,100 | 3,069 | ||||||||||
5.250% due 12/01/2056 | 3,750 | 3,762 | ||||||||||
California Statewide Communities Development Authority Revenue Bonds, Series 2018 | ||||||||||||
4.000% due 03/01/2042 | 2,500 | 2,472 | ||||||||||
4.000% due 07/01/2048 | 850 | 854 | ||||||||||
4.000% due 12/01/2057 | 2,000 | 1,948 | ||||||||||
5.000% due 03/01/2048 | 1,505 | 1,547 | ||||||||||
California Statewide Communities Development Authority Revenue Bonds, Series 2019 | ||||||||||||
4.250% due 11/01/2059 | 1,495 | 1,369 | ||||||||||
Calistoga Joint Unified School District, California General Obligation Bonds, Series 2023 | ||||||||||||
5.000% due 08/01/2052 | 1,275 | 1,429 | ||||||||||
Chino Valley Unified School District, California General Obligation Bonds, Series 2022 | ||||||||||||
0.000% due 08/01/2038 (b) | 1,300 | 744 | ||||||||||
0.000% due 08/01/2039 (b) | 1,600 | 865 | ||||||||||
0.000% due 08/01/2041 (b) | 1,935 | 940 | ||||||||||
0.000% due 08/01/2046 (b) | 1,500 | 567 | ||||||||||
Chino Valley Unified School District, California General Obligation Notes, Series 2022 | ||||||||||||
0.000% due 08/01/2030 (b) | 1,135 | 938 |
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 | $ | 2,000 | $ | 2,006 | ||||||||
CMFA Special Finance Agency VII, California Revenue Bonds, Series 2021 | ||||||||||||
3.000% due 08/01/2056 | 1,500 | 995 | ||||||||||
4.000% due 08/01/2047 | 595 | 477 | ||||||||||
CMFA Special Finance Agency, California Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 08/01/2045 | 750 | 613 | ||||||||||
Corona Norco Unified School District, California General Obligation Bonds, Series 2018 | ||||||||||||
4.000% due 08/01/2047 | 1,460 | 1,468 | ||||||||||
CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021 | ||||||||||||
3.000% due 02/01/2057 | 500 | 340 | ||||||||||
3.100% due 07/01/2045 | 1,000 | 753 | ||||||||||
3.400% due 10/01/2046 | 350 | 268 | ||||||||||
4.000% due 08/01/2056 | 500 | 377 | ||||||||||
4.000% due 10/01/2056 | 750 | 539 | ||||||||||
CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022 | ||||||||||||
0.000% due 09/01/2062 (c) | 1,800 | 915 | ||||||||||
Department of Veterans Affairs Veteran’s Farm & Home Purchase Program, California Revenue Bonds, Series 2022 | ||||||||||||
4.950% due 12/01/2046 | 300 | 316 | ||||||||||
El Monte School District, California General Obligation Bonds, (BAM Insured), Series 2023 | ||||||||||||
5.000% due 08/01/2052 | 1,400 | 1,534 | ||||||||||
Elk Grove Finance Authority, California Special Tax Bonds, Series 2016 | ||||||||||||
5.000% due 09/01/2046 | 1,000 | 1,013 | ||||||||||
Folsom Cordova Unified School District, California General Obligation Bonds, (AGM Insured), Series 2019 | ||||||||||||
4.000% due 10/01/2044 | 1,160 | 1,163 | ||||||||||
Foothill-Eastern Transportation Corridor Agency, California Revenue Bonds, Series 2014 | ||||||||||||
3.950% due 01/15/2053 | 720 | 680 | ||||||||||
Fremont Community Facilities District, No. 1, California Special Tax Bonds, Series 2015 | ||||||||||||
5.000% due 09/01/2045 | 1,400 | 1,417 | ||||||||||
Fresno Unified School District, California General Obligation Bonds, Series 2016 | ||||||||||||
4.000% due 08/01/2046 | 2,125 | 2,115 | ||||||||||
Glendale Community College District, California General Obligation Bonds, Series 2020 | ||||||||||||
4.000% due 08/01/2050 | 1,000 | 1,007 | ||||||||||
Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2018 | ||||||||||||
5.000% due 06/01/2030 | 1,500 | 1,668 | ||||||||||
Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | ||||||||||||
0.000% due 06/01/2066 (b) | 20,500 | 2,422 | ||||||||||
Hartnell Community College District, California General Obligation Bonds, Series 2017 | ||||||||||||
4.000% due 08/01/2042 | 1,150 | 1,173 | ||||||||||
Hastings Campus Housing Finance Authority, California Revenue Bonds, Series 2020 | ||||||||||||
5.000% due 07/01/2061 | 2,000 | 1,708 | ||||||||||
Hayward Unified School District, California General Obligation Bonds, Series 2015 | ||||||||||||
5.000% due 08/01/2038 | 5,000 | 5,064 | ||||||||||
Irvine Facilities Financing Authority, California Special Tax Bonds, (BAM Insured), Series 2023 | ||||||||||||
4.000% due 09/01/2058 | 2,000 | 1,980 | ||||||||||
Irvine Ranch Water District, California Special Assessment Bonds, Series 2009 | ||||||||||||
3.290% due 10/01/2041 | 1,295 | 1,295 | ||||||||||
Long Beach Bond Finance Authority, California General Obligation Bonds, Series 2023 | ||||||||||||
4.000% due 08/01/2053 | 1,250 | 1,249 | ||||||||||
Long Beach Bond Finance Authority, California Revenue Bonds, Series 2023 | ||||||||||||
4.000% due 08/01/2053 | 1,250 | 1,231 |
See Accompanying Notes | ANNUAL REPORT | | | DECEMBER 31, 2023 | 41 |
Schedule of Investments | PIMCO California Municipal Income Fund III | (Cont.) |
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 | 2,022 | ||||||||||
Los Angeles County, California Metropolitan Transportation Authority Sales Tax Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 06/01/2037 | 1,500 | 1,614 | ||||||||||
Los Angeles County, California Sanitation District, Financing Authority Revenue Bonds, Series 2016 | ||||||||||||
4.000% due 10/01/2042 | 1,185 | 1,200 | ||||||||||
Los Angeles Department of Airports, California Revenue Bonds, Series 2018 | ||||||||||||
5.000% due 05/15/2048 | 1,800 | 1,876 | ||||||||||
Los Angeles Department of Water & Power Water System, California Revenue Bonds, Series 2001 | ||||||||||||
3.900% 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 | 1,337 | ||||||||||
Los Angeles Department of Water & Power, California Revenue Bonds, Series 2014 | ||||||||||||
5.000% due 07/01/2043 | 1,000 | 1,000 | ||||||||||
Los Angeles Department of Water & Power, California Revenue Bonds, Series 2021 | ||||||||||||
5.000% due 07/01/2041 | 3,175 | 3,599 | ||||||||||
M-S-R | ||||||||||||
6.500% due 11/01/2039 | 2,700 | 3,480 | ||||||||||
7.000% due 11/01/2034 | 2,285 | 2,945 | ||||||||||
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 | 1,818 | ||||||||||
Monterey Peninsula Unified School District, California General Obligation Bonds, Series 2019 | ||||||||||||
4.000% due 08/01/2040 | 2,545 | 2,619 | ||||||||||
Mount San Jacinto Community College District, California General Obligation Bonds, Series 2018 | ||||||||||||
4.000% due 08/01/2043 | 3,650 | 3,729 | ||||||||||
Municipal Improvement Corp. of Los Angeles, California Revenue Bonds, Series 2021 | ||||||||||||
5.000% due 11/01/2038 | 1,790 | 2,087 | ||||||||||
Norwalk-La Mirada Unified School District, California General Obligation Bonds, Series 2019 | ||||||||||||
4.000% due 08/01/2048 | 2,200 | 2,212 | ||||||||||
Oakland Redevelopment Agency Successor Agency, California Tax Allocation Bonds, (AGM Insured), Series 2015 | ||||||||||||
5.000% due 09/01/2036 | 800 | 823 | ||||||||||
Ontario International Airport Authority, California Revenue Bonds, (AGM Insured), Series 2021 | ||||||||||||
4.000% due 05/15/2051 | 400 | 406 | ||||||||||
Ontario Montclair School District, California General Obligation Bonds, Series 2017 | ||||||||||||
5.000% due 08/01/2046 | 1,525 | 1,608 | ||||||||||
Orange County, California Community Facilities District, Special Tax Bonds, Series 2022 | ||||||||||||
5.000% due 08/15/2052 | 1,115 | 1,147 | ||||||||||
Orange County, California Water District, Certificates of Participation Bonds, Series 2003 | ||||||||||||
2.600% 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 | 1,256 | ||||||||||
Redwood City School District, California General Obligation Bonds, Series 2023 | ||||||||||||
5.000% due 08/01/2052 | 1,700 | 1,914 | ||||||||||
Richmond, California Wastewater Revenue Bonds, Series 2019 | ||||||||||||
4.000% due 08/01/2049 | 1,190 | 1,199 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
Rio Hondo Community College District, California General Obligation Bonds, Series 2022 | ||||||||||||
0.000% due 08/01/2045 (b) | $ | 1,500 | $ | 550 | ||||||||
River Islands Public Financing Authority, California Special Tax, (AGM Insured), Series 2022 | ||||||||||||
4.250% due 09/01/2047 | 900 | 917 | ||||||||||
Riverside, California Sewer Revenue Bonds, Series 2018 | ||||||||||||
4.000% due 08/01/2038 | 2,000 | 2,066 | ||||||||||
Sacramento City Unified School District, California General Obligation Bonds, (AGM Insured), Series 2021 | ||||||||||||
4.000% due 08/01/2049 | 1,340 | 1,341 | ||||||||||
Sacramento County, California Sanitation District, Financing Authority Revenue Bonds, Series 2020 | ||||||||||||
5.000% due 12/01/2050 | 1,000 | 1,099 | ||||||||||
Sacramento County, California Special Tax Bonds, Series 2022 | ||||||||||||
5.000% due 09/01/2047 | 400 | 405 | ||||||||||
Sacramento Municipal Utility District, California Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 08/15/2048 | 500 | 572 | ||||||||||
San Bernardino Community College District, California General Obligation Bonds, Series 2023 | ||||||||||||
5.000% due 08/01/2049 | 3,000 | 3,309 | ||||||||||
San Diego County, California Certificates of Participation Bonds, Series 2023 | ||||||||||||
5.000% due 10/01/2053 | 3,000 | 3,360 | ||||||||||
San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 07/01/2051 | 2,250 | 2,181 | ||||||||||
5.000% due 07/01/2051 | 1,925 | 2,012 | ||||||||||
San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2022 | ||||||||||||
5.000% due 05/15/2047 | 1,000 | 1,122 | ||||||||||
San Diego Unified School District, California General Obligation Bonds, Series 2023 | ||||||||||||
4.000% due 07/01/2053 | 4,000 | 4,005 | ||||||||||
5.000% due 07/01/2048 | 2,000 | 2,285 | ||||||||||
San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2017 | ||||||||||||
5.000% due 05/01/2047 | 2,125 | 2,222 | ||||||||||
San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2019 | ||||||||||||
5.000% due 05/01/2049 | 3,750 | 3,883 | ||||||||||
San Francisco, California City & County Certificates of Participation Bonds, Series 2015 | ||||||||||||
4.000% due 09/01/2033 | 1,500 | 1,501 | ||||||||||
San Francisco, California City & County General Obligation Bonds, Series 2022 | ||||||||||||
5.000% due 06/15/2042 | 2,265 | 2,538 | ||||||||||
San Francisco, California City & County Public Utilities Commission Power Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 11/01/2048 | 1,500 | 1,704 | ||||||||||
San Francisco, California City & County Redevelopment Agency Special Tax Bonds, Series 2013 | ||||||||||||
5.000% due 08/01/2028 | 1,505 | 1,510 | ||||||||||
San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2020 | ||||||||||||
5.000% due 11/01/2050 | 1,500 | 1,654 | ||||||||||
San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2023 | ||||||||||||
5.250% due 11/01/2052 | 1,250 | 1,446 | ||||||||||
San Jose Evergreen Community College District, California General Obligation Bonds, Series 2014 | ||||||||||||
4.125% due 09/01/2043 | 1,250 | 1,262 | ||||||||||
San Jose Financing Authority, California Revenue Bonds, Series 2022 | ||||||||||||
5.000% due 11/01/2052 | 1,500 | 1,691 | ||||||||||
San Marcos Redevelopment Agency Successor Agency, California Tax Allocation Bonds, Series 2015 | ||||||||||||
5.000% due 10/01/2034 | 885 | 918 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
San Mateo County, California Community College District, General Obligation Bonds, (NPFGC Insured), Series 2006 | ||||||||||||
0.000% due 09/01/2034 (b) | $ | 2,530 | $ | 1,860 | ||||||||
San Mateo County, California Community College District, General Obligation Bonds, Series 2018 | ||||||||||||
5.000% due 09/01/2045 | 2,000 | 2,162 | ||||||||||
San Mateo County, California Transportation Authority Revenue Bonds, Series 2020 | ||||||||||||
3.650% due 06/01/2049 | 1,500 | 1,500 | ||||||||||
San Mateo Joint Powers Financing Authority, California Revenue Bonds, Series 2018 | ||||||||||||
4.000% due 07/15/2052 | 1,550 | 1,561 | ||||||||||
Santa Ana Unified School District, California General Obligation Bonds, Series 2019 | ||||||||||||
4.000% due 08/01/2048 | 1,250 | 1,261 | ||||||||||
Santa Clarita Community College District, California General Obligation Bonds, Series 2016 | ||||||||||||
4.000% due 08/01/2046 | 1,800 | 1,812 | ||||||||||
Santa Monica, California Community College District, General Obligation Bonds, Series 2022 | ||||||||||||
4.000% due 08/01/2045 | 1,040 | 1,071 | ||||||||||
Silicon Valley Tobacco Securitization Authority, California Revenue Bonds, Series 2007 | ||||||||||||
0.000% due 06/01/2036 (b) | 1,000 | 507 | ||||||||||
South San Francisco Unified School, California General Obligation Bonds, Series 2023 | ||||||||||||
4.000% due 09/01/2048 | 2,000 | 2,015 | ||||||||||
Southwestern Community College District, California General Obligation Bonds, Series 2021 | ||||||||||||
4.000% due 08/01/2046 | 3,850 | 3,918 | ||||||||||
State Center Community College District, California General Obligation Bonds, Series 2022 | ||||||||||||
5.000% due 08/01/2047 | 1,495 | 1,679 | ||||||||||
Sweetwater Union High School District, California General Obligation Bonds, Series 2022 | ||||||||||||
5.000% due 08/01/2052 | 1,785 | 1,959 | ||||||||||
Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021 | ||||||||||||
0.000% due 06/01/2060 (b) | 20,000 | 3,336 | ||||||||||
Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2006 | ||||||||||||
0.000% due 06/01/2046 (b) | 3,995 | 741 | ||||||||||
University of California Revenue Bonds, Series 2018 | ||||||||||||
4.000% due 05/15/2043 | 1,050 | 1,065 | ||||||||||
University of California Revenue Bonds, Series 2022 | ||||||||||||
5.000% due 05/15/2052 | 4,500 | 5,018 | ||||||||||
Upland, California Certificates of Participation Bonds, Series 2017 | ||||||||||||
4.000% due 01/01/2042 | 2,250 | 2,151 | ||||||||||
Washington Township Health Care District, California General Obligation Bonds, Series 2015 | ||||||||||||
4.000% due 08/01/2045 | 2,500 | 2,500 | ||||||||||
Washington Township Health Care District, California General Obligation Bonds, Series 2023 | ||||||||||||
5.500% due 08/01/2053 | 1,270 | 1,447 | ||||||||||
266,506 | ||||||||||||
DELAWARE 1.4% | ||||||||||||
Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022 | ||||||||||||
0.000% due 10/01/2038 | 2,380 | 2,113 | ||||||||||
7.120% due 10/01/2038 | 420 | 416 | ||||||||||
2,529 | ||||||||||||
ILLINOIS 1.2% | ||||||||||||
Illinois Finance Authority Revenue Bonds, Series 2020 | ||||||||||||
3.870% due 08/15/2049 | 1,000 | 1,000 | ||||||||||
Illinois State General Obligation Notes, Series 2017 | ||||||||||||
5.000% due 11/01/2027 | 1,000 | 1,075 | ||||||||||
2,075 | ||||||||||||
42 | PIMCO CLOSED-END FUNDS | See Accompanying Notes |
December 31, 2023 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
NEW HAMPSHIRE 0.9% | ||||||||||||
New Hampshire Business Finance Authority Revenue Bonds, Series 2023 | ||||||||||||
4.817% due 12/20/2036 | $ | 1,685 | $ | 1,663 | ||||||||
NEW YORK 0.2% | ||||||||||||
New York Power Authority Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 11/15/2055 | 425 | 423 | ||||||||||
NORTH DAKOTA 0.1% | ||||||||||||
Grand Forks County, North Dakota Revenue Bonds, Series 2021 | ||||||||||||
7.000% due 12/15/2043 ^(a) | 570 | 114 | ||||||||||
PENNSYLVANIA 0.6% | ||||||||||||
Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2021 | ||||||||||||
9.000% due 04/01/2051 | 1,005 | 1,109 | ||||||||||
PUERTO RICO 7.6% | ||||||||||||
Children’s Trust Fund, Puerto Rico Revenue Bonds, Series 2008 | ||||||||||||
0.000% due 05/15/2057 (b) | 18,000 | 1,370 | ||||||||||
Commonwealth of Puerto Rico Bonds, Series 2022 | ||||||||||||
0.000% due 11/01/2043 | 1,890 | 1,032 | ||||||||||
0.000% due 11/01/2051 | 2,591 | 1,269 | ||||||||||
Commonwealth of Puerto Rico General Obligation Bonds, Series 2021 | ||||||||||||
0.000% due 07/01/2033 (b) | 1,000 | 625 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
4.000% due 07/01/2041 | $ | 1,000 | $ | 921 | ||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | ||||||||||||
0.000% due 07/01/2046 (b) | 7,700 | 2,424 | ||||||||||
0.000% due 07/01/2051 (b) | 6,630 | 1,557 | ||||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | ||||||||||||
4.784% due 07/01/2058 | 4,280 | 4,229 | ||||||||||
13,427 | ||||||||||||
TEXAS 0.5% | ||||||||||||
Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021 | ||||||||||||
7.500% due 12/01/2045 | 390 | 258 | ||||||||||
12.000% due 12/01/2045 | 650 | 563 | ||||||||||
821 | ||||||||||||
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 | 1,624 | ||||||||||
VIRGINIA 0.5% | ||||||||||||
Virginia Small Business Financing Authority Revenue Bonds, Series 2019 | ||||||||||||
0.000% due 07/01/2061 (b) | 15,000 | 469 | ||||||||||
5.500% due 07/01/2044 | 500 | 458 | ||||||||||
927 | ||||||||||||
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
WISCONSIN 0.6% | ||||||||||||
Wisconsin Center District, Revenue Bonds, (AGM Insured), Series 2020 | ||||||||||||
0.000% due 12/15/2055 (b) | $ | 4,100 | $ | 961 | ||||||||
Total Municipal Bonds & Notes (Cost $289,184) | 292,223 | |||||||||||
SHORT-TERM INSTRUMENTS 4.0% | ||||||||||||
REPURCHASE AGREEMENTS (e) 4.0% | ||||||||||||
7,135 | ||||||||||||
Total Short-Term Instruments (Cost $7,135) | 7,135 | |||||||||||
Total Investments in Securities (Cost $296,319) | 299,358 | |||||||||||
Total Investments 168.8% (Cost $296,319) | $ | 299,358 | ||||||||||
Auction Rate Preferred Shares (48.9)% | (86,775 | ) | ||||||||||
Remarketable Variable Rate MuniFund Term Preferred Shares, at liquidation value (21.1)% | (37,497 | ) | ||||||||||
Other Assets and Liabilities, net 1.2% | 2,262 | |||||||||||
Net Assets Applicable to Common Shareholders 100.0% | $ | 177,348 | ||||||||||
* | 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. |
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 | $ | 1,088 | $ | 1,062 | 0.60% | ||||||||||||||||
Counterparty | Lending Rate | Settlement Date | Maturity Date | Principal Amount | Collateralized By | Collateral (Received) | Repurchase Agreements, at Value | Repurchase Agreement Proceeds to be Received (1) | ||||||||||||||||||||||
FICC | 2.600 | % | 12/29/2023 | 01/02/2024 | $ | 7,135 | U.S. Treasury Notes 4.875% due 11/30/2025 | $ | (7,278 | ) | $ | 7,135 | $ | 7,137 | ||||||||||||||||
Total Repurchase Agreements | $ | (7,278 | ) | $ | 7,135 | $ | 7,137 | |||||||||||||||||||||||
See Accompanying Notes | ANNUAL REPORT | | | DECEMBER 31, 2023 | 43 |
Schedule of Investments | PIMCO California Municipal Income Fund III | (Cont.) | December 31, 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 | $ | 7,137 | $ | 0 | $ | 0 | $ | 7,137 | $ | (7,278 | ) | $ | (141 | ) | ||||||||||
Total Borrowings and Other Financing Transactions | $ | 7,137 | $ | 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. |
Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value at 12/31/2023 | ||||||||||||
Investments in Securities, at Value | ||||||||||||||||
Municipal Bonds & Notes | ||||||||||||||||
Arizona | $ | 0 | $ | 44 | $ | 0 | $ | 44 | ||||||||
California | 0 | 266,506 | 0 | 266,506 | ||||||||||||
Delaware | 0 | 2,529 | 0 | 2,529 | ||||||||||||
Illinois | 0 | 2,075 | 0 | 2,075 | ||||||||||||
New Hampshire | 0 | 1,663 | 0 | 1,663 | ||||||||||||
New York | 0 | 423 | 0 | 423 | ||||||||||||
North Dakota | 0 | 114 | 0 | 114 | ||||||||||||
Pennsylvania | 0 | 1,109 | 0 | 1,109 |
Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value at 12/31/2023 | ||||||||||||
Puerto Rico | $ | 0 | $ | 13,427 | $ | 0 | $ | 13,427 | ||||||||
Texas | 0 | 821 | 0 | 821 | ||||||||||||
U.S. Virgin Islands | 0 | 1,624 | 0 | 1,624 | ||||||||||||
Virginia | 0 | 927 | 0 | 927 | ||||||||||||
Wisconsin | 0 | 961 | 0 | 961 | ||||||||||||
Short-Term Instruments | ||||||||||||||||
Repurchase Agreements | 0 | 7,135 | 0 | 7,135 | ||||||||||||
Total Investments | $ | 0 | $ | 299,358 | $ | 0 | $ | 299,358 | ||||||||
44 | PIMCO CLOSED-END FUNDS | See Accompanying Notes |
Schedule of Investments | PIMCO New York Municipal Income Fund | December 31, 2023 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
INVESTMENTS IN SECURITIES 147.5% | ||||||||||||
MUNICIPAL BONDS & NOTES 143.9% | ||||||||||||
ARIZONA 0.0% | ||||||||||||
Arizona Industrial Development Authority Revenue Bonds, Series 2020 | ||||||||||||
7.750% due 07/01/2050 ^(b) | $ | 300 | $ | 18 | ||||||||
CALIFORNIA 1.3% | ||||||||||||
California Health Facilities Financing Authority Revenue Bonds, Series 2016 | ||||||||||||
5.000% due 11/15/2046 | 890 | 913 | ||||||||||
DELAWARE 1.5% | ||||||||||||
Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022 | ||||||||||||
0.000% due 10/01/2038 | 980 | 870 | ||||||||||
7.120% due 10/01/2038 | 175 | 174 | ||||||||||
1,044 | ||||||||||||
NEW HAMPSHIRE 0.9% | ||||||||||||
New Hampshire Business Finance Authority Revenue Notes, Series 2023 | ||||||||||||
5.087% due 07/20/2027 | 662 | 675 | ||||||||||
NEW YORK 132.8% | ||||||||||||
Build NYC Resource Corp., New York Revenue Bonds, Series 2018 | ||||||||||||
5.625% due 12/01/2050 | 1,190 | 1,116 | ||||||||||
Build NYC Resource Corp., New York Revenue Bonds, Series 2023 | ||||||||||||
5.250% due 07/01/2062 | 750 | 779 | ||||||||||
Dutchess County, New York Local Development Corp. Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 07/01/2046 | 435 | 436 | ||||||||||
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 | 736 | ||||||||||
Erie County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured), Series 2023 | ||||||||||||
4.250% due 02/01/2041 | 1,400 | 1,397 | ||||||||||
Housing Development Corp., New York Revenue Bonds, Series 2017 | ||||||||||||
3.700% due 11/01/2047 | 1,000 | 901 | ||||||||||
Hudson Yards Infrastructure Corp., New York Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 02/15/2044 | 1,200 | 1,200 | ||||||||||
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 2023 | ||||||||||||
5.000% due 09/01/2048 | 1,000 | 1,123 | ||||||||||
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2014 | ||||||||||||
5.000% due 11/15/2039 | 1,000 | 1,004 | ||||||||||
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2016 | ||||||||||||
5.000% due 11/15/2031 | 2,500 | 2,607 | ||||||||||
5.000% due 11/15/2051 | 1,000 | 1,025 | ||||||||||
Monroe County Industrial Development Corp, New York Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 07/01/2053 | 750 | 828 | ||||||||||
Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 07/01/2050 | 750 | 739 | ||||||||||
Nassau County, New York General Obligation Bonds, (AGM Insured), Series 2018 | ||||||||||||
5.000% due 04/01/2036 | 2,000 | 2,175 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
Nassau County, New York Industrial Development Agency Revenue Bonds, Series 2021 | ||||||||||||
0.000% due 01/01/2058 ^(b) | $ | 1,092 | $ | 262 | ||||||||
Nassau County, New York Tobacco Settlement Corp. Revenue Bonds, Series 2006 | ||||||||||||
5.125% due 06/01/2046 | 1,230 | 1,159 | ||||||||||
New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 05/01/2045 | 1,000 | 1,004 | ||||||||||
New York City Water & Sewer System, New York Revenue Bonds, Series 2016 | ||||||||||||
4.000% due 06/15/2046 | 830 | 830 | ||||||||||
New York City Water & Sewer System, New York Revenue Bonds, Series 2018 | ||||||||||||
5.000% due 06/15/2040 | 2,700 | 2,882 | ||||||||||
New York City, New York General Obligation Bonds, Series 2018 | ||||||||||||
5.000% due 04/01/2045 | 1,300 | 1,380 | ||||||||||
New York City, New York Health and Hospitals Corp. Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 02/15/2048 | 880 | 865 | ||||||||||
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 06/15/2050 | 600 | 597 | ||||||||||
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022 | ||||||||||||
5.250% due 06/15/2052 | 2,000 | 2,250 | ||||||||||
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 | ||||||||||||
5.250% due 06/15/2048 | 700 | 801 | ||||||||||
5.250% due 06/15/2053 | 700 | 794 | ||||||||||
New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 | ||||||||||||
5.250% due 11/01/2048 | 3,500 | 3,963 | ||||||||||
New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | ||||||||||||
5.000% due 11/01/2041 (a) | 1,500 | 1,750 | ||||||||||
New York Convention Center Development Corp. Revenue Bonds, Series 2016 | ||||||||||||
5.000% due 11/15/2046 | 750 | 768 | ||||||||||
New York County, New York Tobacco Trust Revenue Bonds, Series 2005 | ||||||||||||
0.000% due 06/01/2050 (c) | 20,000 | 4,334 | ||||||||||
0.000% due 06/01/2055 (c) | 7,000 | 585 | ||||||||||
New York Liberty Development Corp. Revenue Bonds, Series 2005 | ||||||||||||
5.250% due 10/01/2035 | 770 | 917 | ||||||||||
New York Liberty Development Corp. Revenue Bonds, Series 2007 | ||||||||||||
5.500% due 10/01/2037 | 750 | 897 | ||||||||||
New York Liberty Development Corp. Revenue Bonds, Series 2014 | ||||||||||||
5.000% due 11/15/2044 | 1,650 | 1,641 | ||||||||||
New York Liberty Development Corp. Revenue Bonds, Series 2021 | ||||||||||||
2.875% due 11/15/2046 | 440 | 336 | ||||||||||
New York Power Authority Revenue Bonds, (AGM Insured), Series 2022 | ||||||||||||
4.000% due 11/15/2047 | 750 | 749 | ||||||||||
4.000% due 11/15/2061 | 750 | 734 | ||||||||||
New York Power Authority Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 11/15/2055 | 2,100 | 2,091 | ||||||||||
New York State Dormitory Authority Memorial Sloan-Kettering Cancer Revenue Bonds, Series 2022 | ||||||||||||
4.000% due 07/01/2051 | 1,200 | 1,189 | ||||||||||
New York State Dormitory Authority Revenue Bonds, (AGM/CR Insured), Series 2022 | ||||||||||||
4.250% due 05/01/2052 | 850 | 848 | ||||||||||
New York State Dormitory Authority Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 02/15/2047 | 500 | 498 | ||||||||||
New York State Dormitory Authority Revenue Bonds, Series 2018 | ||||||||||||
4.000% due 07/01/2041 | 750 | 758 | ||||||||||
4.000% due 03/15/2043 | 1,000 | 1,007 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
New York State Dormitory Authority Revenue Bonds, Series 2019 | ||||||||||||
4.000% due 07/01/2044 | $ | 1,200 | $ | 1,216 | ||||||||
New York State Dormitory Authority Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 07/01/2050 | 4,355 | 4,335 | ||||||||||
5.000% due 07/01/2053 | 650 | 694 | ||||||||||
New York State Dormitory Authority Revenue Bonds, Series 2022 | ||||||||||||
4.000% due 07/01/2049 | 345 | 332 | ||||||||||
5.000% due 07/15/2050 | 345 | 350 | ||||||||||
New York State Dormitory Authority Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 07/01/2048 | 300 | 332 | ||||||||||
New York State Environmental Facilities Corp. Revenue Bonds, Series 2022 | ||||||||||||
4.000% due 06/15/2047 | 1,750 | 1,770 | ||||||||||
New York State Thruway Authority Revenue Bonds, Series 2019 | ||||||||||||
4.000% due 01/01/2039 | 1,250 | 1,270 | ||||||||||
New York State Thruway Authority Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 01/01/2040 | 750 | 768 | ||||||||||
New York State Thruway Authority Revenue Bonds, Series 2022 | ||||||||||||
5.000% due 03/15/2055 | 400 | 437 | ||||||||||
New York State Urban Development Corp. Revenue Bonds, Series 2019 | ||||||||||||
4.000% due 03/15/2045 | 600 | 605 | ||||||||||
New York State Urban Development Corp. Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 03/15/2047 | 5,000 | 5,603 | ||||||||||
New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 | ||||||||||||
5.125% due 06/30/2060 | 1,200 | 1,259 | ||||||||||
New York Transportation Development Corp. Revenue Bonds, Series 2016 | ||||||||||||
5.000% due 07/01/2046 | 700 | 700 | ||||||||||
5.250% due 01/01/2050 | 855 | 856 | ||||||||||
New York Transportation Development Corp. Revenue Bonds, Series 2020 | ||||||||||||
5.000% due 10/01/2040 | 800 | 810 | ||||||||||
New York Transportation Development Corp. Revenue Bonds, Series 2022 | ||||||||||||
4.000% due 12/01/2042 | 1,670 | 1,588 | ||||||||||
Onondaga County, New York Trust for Cultural Resources Revenue Bonds, Series 2019 | ||||||||||||
4.000% due 12/01/2049 | 1,300 | 1,295 | ||||||||||
Port Authority of New York & New Jersey Revenue Bonds, Series 2017 | ||||||||||||
5.250% due 10/15/2057 | 4,500 | 4,700 | ||||||||||
Port Authority of New York & New Jersey Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 07/15/2060 | 350 | 329 | ||||||||||
Port Authority of New York & New Jersey Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 12/01/2043 | 475 | 518 | ||||||||||
Schenectady County Capital Resource Corp. Union College Project, New York Revenue Notes, Series 2022 | ||||||||||||
5.000% due 07/01/2032 | 340 | 407 | ||||||||||
Suffolk County, New York Economic Development Corp. Revenue Bonds, Series 2021 | ||||||||||||
5.125% due 11/01/2041 | 350 | 290 | ||||||||||
Suffolk Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2021 | ||||||||||||
0.000% due 06/01/2066 (c) | 5,000 | 560 | ||||||||||
4.000% due 06/01/2050 | 500 | 457 | ||||||||||
The Genesee County Funding Corporation Tax-Exempt, New York Revenue Bonds, Series 2022 | ||||||||||||
5.250% due 12/01/2052 | 1,000 | 1,057 | ||||||||||
Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022 | ||||||||||||
5.250% due 05/15/2062 | 1,500 | 1,676 | ||||||||||
Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2019 | ||||||||||||
5.000% due 11/15/2043 | 500 | 538 |
See Accompanying Notes | ANNUAL REPORT | | | DECEMBER 31, 2023 | 45 |
Schedule of Investments | PIMCO New York Municipal Income Fund | (Cont.) |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2021 | ||||||||||||
5.000% due 05/15/2051 | $ | 1,000 | $ | 1,090 | ||||||||
TSASC, Inc., New York Revenue Bonds, Series 2017 | ||||||||||||
5.000% due 06/01/2041 | 2,000 | 2,028 | ||||||||||
Ulster County, New York Capital Resource Corp. Revenue Bonds, Series 2017 | ||||||||||||
5.250% due 09/15/2047 | 500 | 373 | ||||||||||
Utility Debt Securitization Authority, New York Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 12/15/2050 | 2,500 | 2,827 | ||||||||||
93,859 | ||||||||||||
NORTH DAKOTA 0.1% | ||||||||||||
Grand Forks County, North Dakota Revenue Bonds, Series 2021 | ||||||||||||
7.000% due 12/15/2043 ^(b) | 230 | 46 | ||||||||||
PENNSYLVANIA 0.7% | ||||||||||||
Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2021 | ||||||||||||
9.000% due 04/01/2051 | 425 | 469 | ||||||||||
PUERTO RICO 3.5% | ||||||||||||
Children’s Trust Fund, Puerto Rico Revenue Bonds, Series 2008 | ||||||||||||
0.000% due 05/15/2057 (c) | 7,700 | 579 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
Commonwealth of Puerto Rico Bonds, Series 2022 | ||||||||||||
0.000% due 11/01/2043 | $ | 818 | $ | 447 | ||||||||
0.000% due 11/01/2051 | 766 | 418 | ||||||||||
Commonwealth of Puerto Rico General Obligation Bonds, Series 2021 | ||||||||||||
4.000% due 07/01/2041 | 450 | 414 | ||||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | ||||||||||||
0.000% due 07/01/2051 (c) | 2,580 | 606 | ||||||||||
2,464 | ||||||||||||
TEXAS 1.5% | ||||||||||||
Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021 | ||||||||||||
7.500% due 12/01/2045 | 160 | 106 | ||||||||||
12.000% due 12/01/2045 | 275 | 238 | ||||||||||
Texas Water Development Board Revenue Bonds, Series 2022 | ||||||||||||
5.000% due 10/15/2057 | 650 | 714 | ||||||||||
1,058 | ||||||||||||
VIRGINIA 0.9% | ||||||||||||
Virginia Small Business Financing Authority Revenue Bonds, Series 2019 | ||||||||||||
0.000% due 07/01/2061 (c) | 6,000 | 188 | ||||||||||
5.500% due 07/01/2044 | 500 | 458 | ||||||||||
646 | ||||||||||||
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
WISCONSIN 0.7% | ||||||||||||
Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2022 | ||||||||||||
4.000% due 12/01/2051 | $ | 525 | $ | 502 | ||||||||
Total Municipal Bonds & Notes (Cost $101,029) | 101,694 | |||||||||||
SHORT-TERM INSTRUMENTS 3.6% | ||||||||||||
REPURCHASE AGREEMENTS (d) 3.6% | ||||||||||||
2,539 | ||||||||||||
Total Short-Term Instruments (Cost $2,539) | 2,539 | |||||||||||
Total Investments in Securities (Cost $103,568) | 104,233 | |||||||||||
Total Investments 147.5% (Cost $103,568) | $ | 104,233 | ||||||||||
Auction Rate Preferred Shares (47.3)% | (33,400 | ) | ||||||||||
Other Assets and Liabilities, net (0.2)% | (158 | ) | ||||||||||
Net Assets Applicable to Common Shareholders 100.0% | $ | 70,675 | ||||||||||
* | A zero balance may reflect actual amounts rounding to less than one thousand. |
^ | Security is in default. |
(a) | When-issued security. |
(b) | Security is not accruing income as of the date of this report. |
(c) | Zero coupon security. |
Counterparty | Lending Rate | Settlement Date | Maturity Date | Principal Amount | Collateralized By | Collateral (Received) | Repurchase Agreements, at Value | Repurchase Agreement Proceeds to be Received (1) | ||||||||||||||||||||||
FICC | 2.600 | % | 12/29/2023 | 01/02/2024 | $ | 2,539 | U.S. Treasury Notes 0.375% due 11/30/2025 | $ | (2,590 | ) | $ | 2,539 | $ | 2,540 | ||||||||||||||||
Total Repurchase Agreements | $ | (2,590 | ) | $ | 2,539 | $ | 2,540 | |||||||||||||||||||||||
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 | $ | 2,540 | $ | 0 | $ | 0 | $ | 2,540 | $ | (2,590 | ) | $ | (50 | ) | ||||||||||
Total Borrowings and Other Financing Transactions | $ | 2,540 | $ | 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. |
46 | PIMCO CLOSED-END FUNDS | See Accompanying Notes |
December 31, 2023 |
Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value at 12/31/2023 | ||||||||||||
Investments in Securities, at Value | ||||||||||||||||
Municipal Bonds & Notes | ||||||||||||||||
Arizona | $ | 0 | $ | 18 | $ | 0 | $ | 18 | ||||||||
California | 0 | 913 | 0 | 913 | ||||||||||||
Delaware | 0 | 1,044 | 0 | 1,044 | ||||||||||||
New Hampshire | 0 | 675 | 0 | 675 | ||||||||||||
New York | 0 | 93,859 | 0 | 93,859 | ||||||||||||
North Dakota | 0 | 46 | 0 | 46 | ||||||||||||
Pennsylvania | 0 | 469 | 0 | 469 |
Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value at 12/31/2023 | ||||||||||||
Puerto Rico | $ | 0 | $ | 2,464 | $ | 0 | $ | 2,464 | ||||||||
Texas | 0 | 1,058 | 0 | 1,058 | ||||||||||||
Virginia | 0 | 646 | 0 | 646 | ||||||||||||
Wisconsin | 0 | 502 | 0 | 502 | ||||||||||||
Short-Term Instruments | ||||||||||||||||
Repurchase Agreements | 0 | 2,539 | 0 | 2,539 | ||||||||||||
Total Investments | $ | 0 | $ | 104,233 | $ | 0 | $ | 104,233 | ||||||||
See Accompanying Notes | ANNUAL REPORT | | | DECEMBER 31, 2023 | 47 |
Schedule of Investments | PIMCO New York Municipal Income Fund II |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
INVESTMENTS IN SECURITIES 167.3% | ||||||||||||
MUNICIPAL BONDS & NOTES 161.5% | ||||||||||||
ARIZONA 0.0% | ||||||||||||
Arizona Industrial Development Authority Revenue Bonds, Series 2020 | ||||||||||||
7.750% due 07/01/2050 ^(b) | $ | 400 | $ | 24 | ||||||||
DELAWARE 1.5% | ||||||||||||
Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022 | ||||||||||||
0.000% due 10/01/2038 | 1,330 | 1,181 | ||||||||||
7.120% due 10/01/2038 | 235 | 233 | ||||||||||
1,414 | ||||||||||||
ILLINOIS 1.1% | ||||||||||||
Chicago, Illinois General Obligation Bonds, Series 2017 | ||||||||||||
6.000% due 01/01/2038 | 1,000 | 1,050 | ||||||||||
NEW HAMPSHIRE 1.0% | ||||||||||||
New Hampshire Business Finance Authority Revenue Notes, Series 2023 | ||||||||||||
5.087% due 07/20/2027 | 985 | 1,004 | ||||||||||
NEW YORK 151.2% | ||||||||||||
Build NYC Resource Corp., New York Revenue Bonds, Series 2018 | ||||||||||||
5.625% due 12/01/2050 | 1,745 | 1,637 | ||||||||||
Build NYC Resource Corp., New York Revenue Bonds, Series 2023 | ||||||||||||
5.250% due 07/01/2062 | 1,250 | 1,299 | ||||||||||
Dutchess County, New York Local Development Corp. Revenue Bonds, Series 2015 | ||||||||||||
5.000% due 07/01/2045 | 3,000 | 3,047 | ||||||||||
Dutchess County, New York Local Development Corp. Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 07/01/2046 | 590 | 591 | ||||||||||
Erie County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured), Series 2023 | ||||||||||||
4.250% due 02/01/2041 | 1,900 | 1,896 | ||||||||||
Housing Development Corp., New York Revenue Bonds, Series 2017 | ||||||||||||
3.700% due 11/01/2047 | 1,000 | 901 | ||||||||||
Hudson Yards Infrastructure Corp., New York Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 02/15/2044 | 400 | 400 | ||||||||||
Hudson Yards Infrastructure Corp., New York Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 02/15/2039 | 1,400 | 1,451 | ||||||||||
Huntington Local Development Corp., New York Revenue Bonds, Series 2021 | ||||||||||||
5.250% due 07/01/2056 | 700 | 551 | ||||||||||
Long Island Power Authority, New York Revenue Bonds, Series 2014 | ||||||||||||
5.000% due 09/01/2044 | 3,500 | 3,521 | ||||||||||
Long Island Power Authority, New York Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 09/01/2048 | 1,300 | 1,459 | ||||||||||
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2014 | ||||||||||||
5.000% due 11/15/2039 | 1,500 | 1,506 | ||||||||||
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2016 | ||||||||||||
5.000% due 11/15/2051 | 1,370 | 1,404 | ||||||||||
Monroe County Industrial Development Corp, New York Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 07/01/2053 | 1,000 | 1,105 | ||||||||||
Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 12/01/2041 | 1,400 | 1,352 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 07/01/2050 | $ | 1,000 | $ | 986 | ||||||||
Nassau County, New York General Obligation Bonds, Series 2022 | ||||||||||||
4.250% due 04/01/2052 | 2,245 | 2,271 | ||||||||||
Nassau County, New York Industrial Development Agency Revenue Bonds, Series 2021 | ||||||||||||
0.000% due 01/01/2058 ^(b) | 1,638 | 392 | ||||||||||
Nassau County, New York Tobacco Settlement Corp. Revenue Bonds, Series 2006 | ||||||||||||
5.125% due 06/01/2046 | 4,000 | 3,769 | ||||||||||
New York City Transitional Finance Authority Building Aid, New York Revenue Bonds, Series 2016 | ||||||||||||
4.000% due 07/15/2040 | 1,000 | 1,003 | ||||||||||
New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 08/01/2042 | 5,000 | 4,982 | ||||||||||
New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2018 | ||||||||||||
4.000% due 08/01/2041 | 685 | 690 | ||||||||||
New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 05/01/2045 | 1,350 | 1,356 | ||||||||||
New York City Water & Sewer System, New York Revenue Bonds, Series 2016 | ||||||||||||
4.000% due 06/15/2046 | 1,130 | 1,130 | ||||||||||
New York City Water & Sewer System, New York Revenue Bonds, Series 2018 | ||||||||||||
5.000% due 06/15/2040 | 2,300 | 2,455 | ||||||||||
New York City Water & Sewer System, New York Revenue Bonds, Series 2020 | ||||||||||||
5.000% due 06/15/2050 | 2,750 | 2,966 | ||||||||||
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 06/15/2050 | 1,000 | 996 | ||||||||||
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022 | ||||||||||||
5.250% due 06/15/2052 | 2,000 | 2,250 | ||||||||||
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 | ||||||||||||
5.250% due 06/15/2048 | 900 | 1,029 | ||||||||||
5.250% due 06/15/2053 | 900 | 1,021 | ||||||||||
New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | ||||||||||||
5.000% due 11/01/2041 (a) | 1,500 | 1,751 | ||||||||||
New York Convention Center Development Corp. Revenue Bonds, Series 2015 | ||||||||||||
4.000% due 11/15/2045 | 230 | 227 | ||||||||||
New York County, New York Tobacco Trust Revenue Bonds, Series 2005 | ||||||||||||
0.000% due 06/01/2050 (c) | 30,000 | 6,501 | ||||||||||
0.000% due 06/01/2055 (c) | 9,000 | 752 | ||||||||||
New York County, New York Tobacco Trust Revenue Bonds, Series 2016 | ||||||||||||
5.000% due 06/01/2036 | 1,000 | 1,024 | ||||||||||
5.000% due 06/01/2041 | 1,000 | 1,013 | ||||||||||
New York Liberty Development Corp. Revenue Bonds, Series 2005 | ||||||||||||
5.250% due 10/01/2035 | 3,130 | 3,726 | ||||||||||
New York Liberty Development Corp. Revenue Bonds, Series 2014 | ||||||||||||
5.000% due 11/15/2044 | 2,000 | 1,990 | ||||||||||
New York Liberty Development Corp. Revenue Bonds, Series 2021 | ||||||||||||
2.875% due 11/15/2046 | 605 | 462 | ||||||||||
New York Power Authority Revenue Bonds, (AGM Insured), Series 2022 | ||||||||||||
4.000% due 11/15/2047 | 1,250 | 1,249 | ||||||||||
4.000% due 11/15/2061 | 1,000 | 978 | ||||||||||
New York Power Authority Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 11/15/2055 | 3,135 | 3,121 | ||||||||||
New York State Dormitory Authority Memorial Sloan-Kettering Cancer Revenue Bonds, Series 2022 | ||||||||||||
4.000% due 07/01/2051 | 1,500 | 1,486 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
New York State Dormitory Authority Revenue Bonds, (AMBAC Insured), Series 2005 | ||||||||||||
5.500% due 05/15/2031 | $ | 1,490 | $ | 1,789 | ||||||||
New York State Dormitory Authority Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 02/15/2047 | 750 | 747 | ||||||||||
New York State Dormitory Authority Revenue Bonds, Series 2018 | ||||||||||||
4.000% due 08/01/2037 | 2,750 | 2,753 | ||||||||||
4.000% due 03/15/2043 | 2,000 | 2,014 | ||||||||||
5.000% due 03/15/2044 | 2,625 | 2,787 | ||||||||||
New York State Dormitory Authority Revenue Bonds, Series 2019 | ||||||||||||
4.000% due 07/01/2044 | 1,600 | 1,621 | ||||||||||
5.000% due 07/01/2042 | 1,000 | 1,085 | ||||||||||
5.000% due 03/15/2043 | 1,575 | 1,700 | ||||||||||
New York State Dormitory Authority Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 02/15/2039 | 2,000 | 2,071 | ||||||||||
4.000% due 07/01/2050 | 5,365 | 5,340 | ||||||||||
5.000% due 07/01/2053 | 1,000 | 1,068 | ||||||||||
New York State Dormitory Authority Revenue Bonds, Series 2022 | ||||||||||||
4.000% due 07/01/2049 | 465 | 447 | ||||||||||
5.000% due 07/15/2050 | 465 | 472 | ||||||||||
New York State Dormitory Authority Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 07/01/2048 | 400 | 443 | ||||||||||
New York State Environmental Facilities Corp. Revenue Bonds, Series 2022 | ||||||||||||
4.000% due 06/15/2047 | 2,250 | 2,276 | ||||||||||
New York State Thruway Authority Revenue Bonds, Series 2018 | ||||||||||||
4.000% due 01/01/2036 | 1,000 | 1,031 | ||||||||||
New York State Thruway Authority Revenue Bonds, Series 2019 | ||||||||||||
4.000% due 01/01/2050 | 1,775 | 1,742 | ||||||||||
New York State Thruway Authority Revenue Bonds, Series 2022 | ||||||||||||
5.000% due 03/15/2055 | 1,000 | 1,092 | ||||||||||
New York State Urban Development Corp. Revenue Bonds, Series 2019 | ||||||||||||
4.000% due 03/15/2045 | 1,000 | 1,008 | ||||||||||
New York State Urban Development Corp. Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 03/15/2047 | 2,000 | 2,241 | ||||||||||
New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 | ||||||||||||
5.125% due 06/30/2060 | 2,000 | 2,099 | ||||||||||
New York Transportation Development Corp. Revenue Bonds, Series 2016 | ||||||||||||
5.000% due 07/01/2046 | 1,150 | 1,150 | ||||||||||
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 | 1,215 | ||||||||||
New York Transportation Development Corp. Revenue Bonds, Series 2022 | ||||||||||||
4.000% due 12/01/2042 | 2,290 | 2,178 | ||||||||||
Niagara Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2014 | ||||||||||||
5.250% due 05/15/2040 | 500 | 501 | ||||||||||
Onondaga County, New York Trust for Cultural Resources Revenue Bonds, Series 2019 | ||||||||||||
4.000% due 12/01/2047 | 2,000 | 2,002 | ||||||||||
Port Authority of New York & New Jersey Revenue Bonds, Series 2017 | ||||||||||||
5.250% due 10/15/2057 | 6,865 | 7,170 | ||||||||||
Port Authority of New York & New Jersey Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 07/15/2060 | 400 | 376 | ||||||||||
Port Authority of New York & New Jersey Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 12/01/2043 | 630 | 687 |
48 | PIMCO CLOSED-END FUNDS | See Accompanying Notes |
December 31, 2023 |
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 | $ | 470 | $ | 562 | ||||||||
Suffolk County, New York Economic Development Corp. Revenue Bonds, Series 2021 | ||||||||||||
5.125% due 11/01/2041 | 475 | 393 | ||||||||||
Suffolk Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2021 | ||||||||||||
0.000% due 06/01/2066 (c) | 5,000 | 560 | ||||||||||
4.000% due 06/01/2050 | 750 | 686 | ||||||||||
Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022 | ||||||||||||
4.000% due 05/15/2057 | 1,250 | 1,213 | ||||||||||
5.250% due 05/15/2062 | 750 | 838 | ||||||||||
Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2019 | ||||||||||||
5.000% due 11/15/2043 | 750 | 806 | ||||||||||
Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2021 | ||||||||||||
5.000% due 05/15/2051 | 1,250 | 1,355 | ||||||||||
5.000% due 11/15/2056 | 2,810 | 3,033 | ||||||||||
Troy Capital Resource Corp., New York Revenue Bonds, Series 2020 | ||||||||||||
5.000% due 09/01/2034 | 1,800 | 2,005 | ||||||||||
TSASC, Inc., New York Revenue Bonds, Series 2017 | ||||||||||||
5.000% due 06/01/2035 | 3,000 | 3,108 | ||||||||||
5.000% due 06/01/2041 | 500 | 507 | ||||||||||
Ulster County, New York Capital Resource Corp. Revenue Bonds, Series 2017 | ||||||||||||
5.250% due 09/15/2047 | 1,000 | 746 | ||||||||||
Utility Debt Securitization Authority, New York Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 12/15/2050 | 3,500 | 3,957 | ||||||||||
Westchester County, New York Local Development Corp. Revenue Bonds, Series 2014 | ||||||||||||
5.500% due 05/01/2042 | 1,000 | 1,003 | ||||||||||
146,739 | ||||||||||||
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
NORTH DAKOTA 0.1% | ||||||||||||
Grand Forks County, North Dakota Revenue Bonds, Series 2021 | ||||||||||||
7.000% due 12/15/2043 ^(b) | $ | 320 | $ | 64 | ||||||||
PENNSYLVANIA 0.7% | ||||||||||||
Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2021 | ||||||||||||
9.000% due 04/01/2051 | 560 | 618 | ||||||||||
PUERTO RICO 3.0% | ||||||||||||
Children’s Trust Fund, Puerto Rico Revenue Bonds, Series 2008 | ||||||||||||
0.000% due 05/15/2057 (c) | 10,200 | 774 | ||||||||||
Commonwealth of Puerto Rico Bonds, Series 2022 | ||||||||||||
0.000% due 11/01/2043 | 1,080 | 590 | ||||||||||
0.000% due 11/01/2051 | 283 | 154 | ||||||||||
Commonwealth of Puerto Rico General Obligation Bonds, Series 2021 | ||||||||||||
4.000% due 07/01/2041 | 550 | 506 | ||||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | ||||||||||||
0.000% due 07/01/2051 (c) | 3,900 | 916 | ||||||||||
2,940 | ||||||||||||
TEXAS 1.5% | ||||||||||||
Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021 | ||||||||||||
7.500% due 12/01/2045 | 220 | 145 | ||||||||||
12.000% due 12/01/2045 | 400 | 347 | ||||||||||
Texas Water Development Board Revenue Bonds, Series 2022 | ||||||||||||
5.000% due 10/15/2057 | 890 | 978 | ||||||||||
1,470 | ||||||||||||
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
VIRGINIA 0.7% | ||||||||||||
Virginia Small Business Financing Authority Revenue Bonds, Series 2019 | ||||||||||||
0.000% due 07/01/2061 (c) | $ | 8,000 | $ | 250 | ||||||||
5.500% due 07/01/2044 | 500 | 458 | ||||||||||
708 | ||||||||||||
WISCONSIN 0.7% | ||||||||||||
Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2022 | ||||||||||||
4.000% due 12/01/2051 | 720 | 689 | ||||||||||
Total Municipal Bonds & Notes (Cost $154,922) | 156,720 | |||||||||||
SHORT-TERM INSTRUMENTS 5.8% | ||||||||||||
REPURCHASE AGREEMENTS (d) 5.8% | ||||||||||||
5,658 | ||||||||||||
Total Short-Term Instruments (Cost $5,658) | 5,658 | |||||||||||
Total Investments in Securities (Cost $160,580) | 162,378 | |||||||||||
Total Investments 167.3% (Cost $160,580) | $ | 162,378 | ||||||||||
Auction Rate Preferred Shares (52.7)% | (51,100 | ) | ||||||||||
Remarketable Variable Rate MuniFund Term Preferred Shares, at liquidation value (15.3)% | (14,889 | ) | ||||||||||
Other Assets and Liabilities, net 0.7% | 677 | |||||||||||
Net Assets Applicable to Common Shareholders 100.0% | $ | 97,066 | ||||||||||
* | A zero balance may reflect actual amounts rounding to less than one thousand. |
^ | Security is in default. |
(a) | When-issued security. |
(b) | Security is not accruing income as of the date of this report. |
(c) | Zero coupon security. |
Counterparty | Lending Rate | Settlement Date | Maturity Date | Principal Amount | Collateralized By | Collateral (Received) | Repurchase Agreements, at Value | Repurchase Agreement Proceeds to be Received (1) | ||||||||||||||||||||||
FICC | 2.600 | % | 12/29/2023 | 01/02/2024 | $ | 5,658 | U.S. Treasury Notes 4.875% due 11/30/2025 | $ | (5,771 | ) | $ | 5,658 | $ | 5,659 | ||||||||||||||||
Total Repurchase Agreements | $ | (5,771 | ) | $ | 5,658 | $ | 5,659 | |||||||||||||||||||||||
See Accompanying Notes | ANNUAL REPORT | | | DECEMBER 31, 2023 | 49 |
Schedule of Investments | PIMCO New York Municipal Income Fund II | (Cont.) | December 31, 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 | $ | 5,659 | $ | 0 | $ | 0 | $ | 5,659 | $ | (5,771 | ) | $ | (112 | ) | ||||||||||
Total Borrowings and Other Financing Transactions | $ | 5,659 | $ | 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. |
Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value at 12/31/2023 | ||||||||||||
Investments in Securities, at Value | ||||||||||||||||
Municipal Bonds & Notes | ||||||||||||||||
Arizona | $ | 0 | $ | 24 | $ | 0 | $ | 24 | ||||||||
Delaware | 0 | 1,414 | 0 | 1,414 | ||||||||||||
Illinois | 0 | 1,050 | 0 | 1,050 | ||||||||||||
New Hampshire | 0 | 1,004 | 0 | 1,004 | ||||||||||||
New York | 0 | 146,739 | 0 | 146,739 | ||||||||||||
North Dakota | 0 | 64 | 0 | 64 | ||||||||||||
Pennsylvania | 0 | 618 | 0 | 618 |
Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value at 12/31/2023 | ||||||||||||
Puerto Rico | $ | 0 | $ | 2,940 | $ | 0 | $ | 2,940 | ||||||||
Texas | 0 | 1,470 | 0 | 1,470 | ||||||||||||
Virginia | 0 | 708 | 0 | 708 | ||||||||||||
Wisconsin | 0 | 689 | 0 | 689 | ||||||||||||
Short-Term Instruments | ||||||||||||||||
Repurchase Agreements | 0 | 5,658 | 0 | 5,658 | ||||||||||||
Total Investments | $ | 0 | $ | 162,378 | $ | 0 | $ | 162,378 | ||||||||
50 | PIMCO CLOSED-END FUNDS | See Accompanying Notes |
Schedule of Investments | PIMCO New York Municipal Income Fund III | December 31, 2023 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
INVESTMENTS IN SECURITIES 160.8% | ||||||||||||
MUNICIPAL BONDS & NOTES 156.4% | ||||||||||||
ARIZONA 0.0% | ||||||||||||
Arizona Industrial Development Authority Revenue Bonds, Series 2020 | ||||||||||||
7.750% due 07/01/2050 ^(a) | $ | 150 | $ | 9 | ||||||||
DELAWARE 1.5% | ||||||||||||
Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022 | ||||||||||||
0.000% due 10/01/2038 | 550 | 488 | ||||||||||
7.120% due 10/01/2038 | 95 | 94 | ||||||||||
582 | ||||||||||||
NEW HAMPSHIRE 1.3% | ||||||||||||
New Hampshire Business Finance Authority Revenue Notes, Series 2023 | ||||||||||||
5.087% due 07/20/2027 | 492 | 502 | ||||||||||
NEW YORK 145.1% | ||||||||||||
Build NYC Resource Corp., New York Revenue Bonds, Series 2018 | ||||||||||||
5.625% due 12/01/2050 | 730 | 685 | ||||||||||
Build NYC Resource Corp., New York Revenue Bonds, Series 2023 | ||||||||||||
5.250% due 07/01/2062 | 500 | 520 | ||||||||||
Dutchess County, New York Local Development Corp. Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 07/01/2046 | 245 | 246 | ||||||||||
Dutchess County, New York Local Development Corp. Revenue Bonds, Series 2022 | ||||||||||||
4.000% due 07/01/2049 | 435 | 419 | ||||||||||
Erie County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured), Series 2023 | ||||||||||||
4.250% due 02/01/2041 | 800 | 798 | ||||||||||
Housing Development Corp., New York Revenue Bonds, Series 2017 | ||||||||||||
3.700% due 11/01/2047 | 500 | 450 | ||||||||||
Hudson Yards Infrastructure Corp., New York Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 02/15/2044 | 400 | 400 | ||||||||||
Hudson Yards Infrastructure Corp., New York Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 02/15/2039 | 600 | 622 | ||||||||||
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 2023 | ||||||||||||
5.000% due 09/01/2048 | 500 | 561 | ||||||||||
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2014 | ||||||||||||
5.000% due 11/15/2039 | 2,000 | 2,008 | ||||||||||
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2016 | ||||||||||||
5.000% due 11/15/2051 | 500 | 512 | ||||||||||
Monroe County Industrial Development Corp, New York Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 07/01/2053 | 500 | 552 | ||||||||||
Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 07/01/2050 | 425 | 419 | ||||||||||
Nassau County, New York General Obligation Bonds, Series 2022 | ||||||||||||
4.250% due 04/01/2052 | 950 | 961 | ||||||||||
Nassau County, New York Industrial Development Agency Revenue Bonds, Series 2021 | ||||||||||||
0.000% due 01/01/2058 ^(a) | 341 | 82 | ||||||||||
New York City Transitional Finance Authority Building Aid, New York Revenue Bonds, Series 2018 | ||||||||||||
5.250% due 07/15/2036 | 1,000 | 1,111 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 05/01/2045 | $ | 550 | $ | 552 | ||||||||
New York City Water & Sewer System, New York Revenue Bonds, Series 2016 | ||||||||||||
4.000% due 06/15/2046 | 465 | 465 | ||||||||||
New York City, New York General Obligation Bonds, Series 2018 | ||||||||||||
5.000% due 04/01/2045 | 900 | 955 | ||||||||||
New York City, New York Health and Hospitals Corp. Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 02/15/2045 | 265 | 265 | ||||||||||
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2007 | ||||||||||||
4.000% due 06/15/2033 | 1,300 | 1,300 | ||||||||||
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 06/15/2050 | 600 | 597 | ||||||||||
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022 | ||||||||||||
5.000% due 06/15/2047 | 750 | 835 | ||||||||||
5.250% due 06/15/2052 | 1,000 | 1,125 | ||||||||||
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 | ||||||||||||
4.125% due 06/15/2047 | 500 | 506 | ||||||||||
5.250% due 06/15/2048 | 400 | 457 | ||||||||||
5.250% due 06/15/2053 | 400 | 454 | ||||||||||
New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 | ||||||||||||
5.250% due 11/01/2048 | 500 | 566 | ||||||||||
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 | 2,167 | ||||||||||
0.000% due 06/01/2055 (b) | 7,500 | 627 | ||||||||||
New York Liberty Development Corp. Revenue Bonds, Series 2005 | ||||||||||||
5.250% due 10/01/2035 | 450 | 536 | ||||||||||
New York Liberty Development Corp. Revenue Bonds, Series 2007 | ||||||||||||
5.500% due 10/01/2037 | 1,650 | 1,973 | ||||||||||
New York Liberty Development Corp. Revenue Bonds, Series 2014 | ||||||||||||
5.000% due 11/15/2044 | 1,000 | 995 | ||||||||||
New York Liberty Development Corp. Revenue Bonds, Series 2021 | ||||||||||||
2.875% due 11/15/2046 | 250 | 191 | ||||||||||
New York Power Authority Revenue Bonds, (AGM Insured), Series 2022 | ||||||||||||
4.000% due 11/15/2047 | 900 | 899 | ||||||||||
New York Power Authority Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 11/15/2055 | 1,400 | 1,394 | ||||||||||
New York State Dormitory Authority Memorial Sloan-Kettering Cancer Revenue Bonds, Series 2022 | ||||||||||||
4.000% due 07/01/2051 | 750 | 743 | ||||||||||
New York State Dormitory Authority Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 02/15/2047 | 250 | 249 | ||||||||||
New York State Dormitory Authority Revenue Bonds, Series 2018 | ||||||||||||
4.000% due 07/01/2041 | 405 | 409 | ||||||||||
New York State Dormitory Authority Revenue Bonds, Series 2019 | ||||||||||||
4.000% due 07/01/2044 | 620 | 628 | ||||||||||
5.000% due 03/15/2043 | 1,700 | 1,834 | ||||||||||
New York State Dormitory Authority Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 07/01/2050 | 2,280 | 2,269 | ||||||||||
5.000% due 07/01/2053 | 350 | 374 | ||||||||||
New York State Dormitory Authority Revenue Bonds, Series 2022 | ||||||||||||
4.000% due 07/01/2049 | 190 | 183 | ||||||||||
5.000% due 07/15/2050 | 190 | 193 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
New York State Dormitory Authority Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 07/01/2048 | $ | 500 | $ | 554 | ||||||||
New York State Environmental Facilities Corp. Revenue Bonds, Series 2022 | ||||||||||||
4.000% due 06/15/2047 | 1,000 | 1,011 | ||||||||||
New York State Thruway Authority Revenue Bonds, Series 2019 | ||||||||||||
4.000% due 01/01/2039 | 600 | 610 | ||||||||||
New York State Thruway Authority Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 01/01/2040 | 500 | 512 | ||||||||||
New York State Thruway Authority Revenue Bonds, Series 2022 | ||||||||||||
5.000% due 03/15/2055 | 600 | 655 | ||||||||||
New York State Urban Development Corp. Revenue Bonds, Series 2019 | ||||||||||||
4.000% due 03/15/2045 | 1,500 | 1,513 | ||||||||||
New York State Urban Development Corp. Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 03/15/2047 | 1,500 | 1,681 | ||||||||||
New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 | ||||||||||||
5.125% due 06/30/2060 | 750 | 787 | ||||||||||
New York Transportation Development Corp. Revenue Bonds, Series 2016 | ||||||||||||
5.000% due 07/01/2046 | 500 | 500 | ||||||||||
5.250% due 01/01/2050 | 480 | 481 | ||||||||||
New York Transportation Development Corp. Revenue Bonds, Series 2020 | ||||||||||||
5.000% due 10/01/2040 | 500 | 506 | ||||||||||
New York Transportation Development Corp. Revenue Bonds, Series 2022 | ||||||||||||
4.000% due 12/01/2042 | 940 | 894 | ||||||||||
Niagara Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2014 | ||||||||||||
5.250% due 05/15/2040 | 500 | 500 | ||||||||||
Onondaga County, New York Trust for Cultural Resources Revenue Bonds, Series 2019 | ||||||||||||
4.000% due 12/01/2047 | 1,000 | 1,001 | ||||||||||
Port Authority of New York & New Jersey Revenue Bonds, Series 2017 | ||||||||||||
5.250% due 10/15/2057 | 2,500 | 2,611 | ||||||||||
Port Authority of New York & New Jersey Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 07/15/2060 | 250 | 235 | ||||||||||
Port Authority of New York & New Jersey Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 12/01/2043 | 275 | 300 | ||||||||||
Schenectady County Capital Resource Corp. Union College Project, New York Revenue Notes, Series 2022 | ||||||||||||
5.000% due 07/01/2032 | 190 | 227 | ||||||||||
Suffolk County, New York Economic Development Corp. Revenue Bonds, Series 2021 | ||||||||||||
5.125% due 11/01/2041 | 200 | 166 | ||||||||||
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 | 229 | ||||||||||
The Genesee County Funding Corporation Tax-Exempt, New York Revenue Bonds, Series 2022 | ||||||||||||
5.250% due 12/01/2052 | 500 | 529 | ||||||||||
Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022 | ||||||||||||
5.250% due 05/15/2062 | 750 | 838 | ||||||||||
Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2019 | ||||||||||||
5.000% due 11/15/2043 | 750 | 806 | ||||||||||
Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2022 | ||||||||||||
4.500% due 05/15/2047 | 300 | 311 | ||||||||||
Troy Capital Resource Corp., New York Revenue Bonds, Series 2020 | ||||||||||||
5.000% due 09/01/2034 | 585 | 652 |
See Accompanying Notes | ANNUAL REPORT | | | DECEMBER 31, 2023 | 51 |
Schedule of Investments | PIMCO New York Municipal Income Fund III | (Cont.) |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
TSASC, Inc., New York Revenue Bonds, Series 2017 | ||||||||||||
5.000% due 06/01/2041 | $ | 2,000 | $ | 2,028 | ||||||||
Ulster County, New York Capital Resource Corp. Revenue Bonds, Series 2017 | ||||||||||||
5.250% due 09/15/2047 | 500 | 373 | ||||||||||
Utility Debt Securitization Authority, New York Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 12/15/2050 | 1,500 | 1,696 | ||||||||||
57,415 | ||||||||||||
NORTH DAKOTA 0.1% | ||||||||||||
Grand Forks County, North Dakota Revenue Bonds, Series 2021 | ||||||||||||
7.000% due 12/15/2043 ^(a) | 130 | 26 | ||||||||||
PENNSYLVANIA 0.6% | ||||||||||||
Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2021 | ||||||||||||
9.000% due 04/01/2051 | 225 | 248 | ||||||||||
PUERTO RICO 5.7% | ||||||||||||
Children’s Trust Fund, Puerto Rico Revenue Bonds, Series 2008 | ||||||||||||
0.000% due 05/15/2057 (b) | 4,400 | 330 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
Commonwealth of Puerto Rico Bonds, Series 2022 | ||||||||||||
0.000% due 11/01/2043 | $ | 362 | $ | 197 | ||||||||
0.000% due 11/01/2051 | 497 | 272 | ||||||||||
Commonwealth of Puerto Rico General Obligation Bonds, Series 2021 | ||||||||||||
4.000% due 07/01/2041 | 250 | 230 | ||||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | ||||||||||||
0.000% due 07/01/2046 (b) | 3,850 | 1,212 | ||||||||||
2,241 | ||||||||||||
TEXAS 0.5% | ||||||||||||
Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021 | ||||||||||||
7.500% due 12/01/2045 | 90 | 60 | ||||||||||
12.000% due 12/01/2045 | 150 | 130 | ||||||||||
190 | ||||||||||||
VIRGINIA 0.9% | ||||||||||||
Virginia Small Business Financing Authority Revenue Bonds, Series 2019 | ||||||||||||
0.000% due 07/01/2061 (b) | 4,000 | 125 | ||||||||||
5.500% due 07/01/2044 | 250 | 229 | ||||||||||
354 | ||||||||||||
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
WISCONSIN 0.7% | ||||||||||||
Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2022 | ||||||||||||
4.000% due 12/01/2051 | $ | 295 | $ | 282 | ||||||||
Total Municipal Bonds & Notes (Cost $60,735) | 61,849 | |||||||||||
SHORT-TERM INSTRUMENTS 4.4% | ||||||||||||
REPURCHASE AGREEMENTS (c) 4.4% | ||||||||||||
1,732 | ||||||||||||
Total Short-Term Instruments (Cost $1,732) | 1,732 | |||||||||||
Total Investments in Securities (Cost $62,467) | 63,581 | |||||||||||
Total Investments 160.8% (Cost $62,467) | $ | 63,581 | ||||||||||
Auction Rate Preferred Shares (65.8)% | (26,025 | ) | ||||||||||
Other Assets and Liabilities, net 5.0% | 1,996 | |||||||||||
Net Assets Applicable to Common Shareholders 100.0% | $ | 39,552 | ||||||||||
* | 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. |
Counterparty | Lending Rate | Settlement Date | Maturity Date | Principal Amount | Collateralized By | Collateral (Received) | Repurchase Agreements, at Value | Repurchase Agreement Proceeds to be Received (1) | ||||||||||||||||||||||
FICC | 2.600 | % | 12/29/2023 | 01/02/2024 | $ | 1,732 | U.S. Treasury Notes 4.875% due 11/30/2025 | $ | (1,767 | ) | $ | 1,732 | $ | 1,732 | ||||||||||||||||
Total Repurchase Agreements | $ | (1,767 | ) | $ | 1,732 | $ | 1,732 | |||||||||||||||||||||||
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 | $ | 1,732 | $ | 0 | $ | 0 | $ | 1,732 | $ | (1,767 | ) | $ | (35 | ) | ||||||||||
Total Borrowings and Other Financing Transactions | $ | 1,732 | $ | 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. |
52 | PIMCO CLOSED-END FUNDS | See Accompanying Notes |
December 31, 2023 |
Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value at 12/31/2023 | ||||||||||||
Investments in Securities, at Value | ||||||||||||||||
Municipal Bonds & Notes | ||||||||||||||||
Arizona | $ | 0 | $ | 9 | $ | 0 | $ | 9 | ||||||||
Delaware | 0 | 582 | 0 | 582 | ||||||||||||
New Hampshire | 0 | 502 | 0 | 502 | ||||||||||||
New York | 0 | 57,415 | 0 | 57,415 | ||||||||||||
North Dakota | 0 | 26 | 0 | 26 | ||||||||||||
Pennsylvania | 0 | 248 | 0 | 248 |
Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value at 12/31/2023 | ||||||||||||
Puerto Rico | $ | 0 | $ | 2,241 | $ | 0 | $ | 2,241 | ||||||||
Texas | 0 | 190 | 0 | 190 | ||||||||||||
Virginia | 0 | 354 | 0 | 354 | ||||||||||||
Wisconsin | 0 | 282 | 0 | 282 | ||||||||||||
Short-Term Instruments | ||||||||||||||||
Repurchase Agreements | 0 | 1,732 | 0 | 1,732 | ||||||||||||
Total Investments | $ | 0 | $ | 63,581 | $ | 0 | $ | 63,581 | ||||||||
See Accompanying Notes | ANNUAL REPORT | | | DECEMBER 31, 2023 | 53 |
Consolidated Schedule of Investments | PIMCO Municipal Income Fund |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
INVESTMENTS IN SECURITIES 174.1% | ||||||||||||
LOAN PARTICIPATIONS AND ASSIGNMENTS 1.2% | ||||||||||||
Falcon PK | ||||||||||||
TBD% due 11/01/2026 «µ | $ | 500 | $ | 505 | ||||||||
TBD% - 7.947% due 10/26/2063 «µ | 2,500 | 2,625 | ||||||||||
Total Loan Participations and Assignments (Cost $3,000) | 3,130 | |||||||||||
MUNICIPAL BONDS & NOTES 171.5% | ||||||||||||
ALABAMA 5.0% | ||||||||||||
Jefferson County, Alabama Sewer Revenue Bonds, Series 2013 | ||||||||||||
6.500% due 10/01/2053 | 750 | 788 | ||||||||||
7.900% due 10/01/2050 | 10,000 | 10,500 | ||||||||||
Tuscaloosa County, Alabama Industrial Development Authority Revenue Bonds, Series 2019 | ||||||||||||
5.250% due 05/01/2044 | 1,575 | 1,456 | ||||||||||
12,744 | ||||||||||||
ALASKA 0.5% | ||||||||||||
Alaska Industrial Development & Export Authority Revenue Bonds, Series 2007 | ||||||||||||
6.000% due 12/01/2036 ^(b) | 900 | 1 | ||||||||||
Municipality of Anchorage, Alaska Solid Waste Services Revenue Bonds, Series 2022 | ||||||||||||
5.250% due 11/01/2062 | 1,080 | 1,156 | ||||||||||
1,157 | ||||||||||||
ARIZONA 4.0% | ||||||||||||
Arizona Industrial Development Authority Revenue Bonds, Series 2019 | ||||||||||||
4.500% due 01/01/2049 | 900 | 518 | ||||||||||
5.000% due 01/01/2043 | 550 | 285 | ||||||||||
5.500% due 01/01/2054 | 1,500 | 730 | ||||||||||
Arizona Industrial Development Authority Revenue Bonds, Series 2020 | ||||||||||||
7.750% due 07/01/2050 ^(b) | 1,100 | 66 | ||||||||||
Industrial Development Authority of the County, Arizona of Pima Revenue Bonds, Series 2020 | ||||||||||||
5.000% due 07/01/2055 | 1,100 | 966 | ||||||||||
Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 01/01/2041 | 750 | 751 | ||||||||||
Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2019 | ||||||||||||
4.000% due 01/01/2044 | 3,500 | 3,491 | ||||||||||
Maricopa County, Arizona School District No 83, Cartwright Elementary Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 10/01/2044 | 3,600 | 3,303 | ||||||||||
10,110 | ||||||||||||
ARKANSAS 1.6% | ||||||||||||
Arkansas Development Finance Authority Revenue Bonds, (AMBAC Insured), Series 2006 | ||||||||||||
0.000% due 07/01/2036 (c) | 5,500 | 3,422 | ||||||||||
County of Pulaski Hospital, Arkansas Revenue Bonds, Series 2023 | ||||||||||||
5.250% due 03/01/2053 | 700 | 763 | ||||||||||
4,185 | ||||||||||||
CALIFORNIA 3.8% | ||||||||||||
California County Tobacco Securitization Agency Revenue Bonds, Series 2002 | ||||||||||||
6.000% due 06/01/2035 | 835 | 836 | ||||||||||
California Statewide Communities Development Authority Revenue Bonds, Series 2016 | ||||||||||||
5.000% due 12/01/2046 | 1,500 | 1,485 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | ||||||||||||
0.000% due 06/01/2066 (c) | $ | 2,500 | $ | 295 | ||||||||
Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022 | ||||||||||||
5.000% due 06/01/2051 | 1,000 | 1,049 | ||||||||||
Los Angeles County, California Public Works Financing Authority Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 12/01/2046 | 1,385 | 1,415 | ||||||||||
Los Angeles Department of Water & Power, California Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 07/01/2048 | 1,100 | 1,260 | ||||||||||
M-S-R | ||||||||||||
6.125% due 11/01/2029 | 1,640 | 1,779 | ||||||||||
San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 07/01/2051 | 1,000 | 957 | ||||||||||
San Francisco, California City & County Public Utilities Commission Wastewater Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 10/01/2048 | 675 | 680 | ||||||||||
9,756 | ||||||||||||
COLORADO 3.5% | ||||||||||||
Colorado Health Facilities Authority Revenue Bonds, Series 2019 | ||||||||||||
4.000% due 01/01/2040 | 2,200 | 2,231 | ||||||||||
4.000% due 08/01/2049 | 2,000 | 1,921 | ||||||||||
Colorado International Center Metropolitan District No 7, General Obligation Bonds, Series 2021 | ||||||||||||
0.000% due 12/01/2051 (d) | 715 | 420 | ||||||||||
Colorado State Building Excellent School Certificates of Participation Bonds, Series 2018 | ||||||||||||
4.000% due 03/15/2043 | 1,015 | 1,021 | ||||||||||
Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022 | ||||||||||||
5.875% due 12/01/2052 | 1,000 | 1,002 | ||||||||||
Harvest Crossing Metropolitan District No 4, Colorado General Obligation Bonds, Series 2022 | ||||||||||||
7.250% due 12/01/2052 | 1,250 | 1,236 | ||||||||||
Public Authority for Colorado Energy Revenue Bonds, Series 2008 | ||||||||||||
6.500% due 11/15/2038 | 500 | 631 | ||||||||||
Senac South Metropolitan District No 1, Colorado General Obligation Bonds, Series 2021 | ||||||||||||
5.250% due 12/01/2051 | 500 | 441 | ||||||||||
8,903 | ||||||||||||
CONNECTICUT 0.5% | ||||||||||||
Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2022 | ||||||||||||
5.000% due 07/01/2047 | 1,300 | 1,402 | ||||||||||
DELAWARE 2.2% | ||||||||||||
Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022 | ||||||||||||
0.000% due 07/01/2037 | 4,940 | 4,647 | ||||||||||
7.120% due 07/01/2037 | 870 | 877 | ||||||||||
5,524 | ||||||||||||
DISTRICT OF COLUMBIA 0.8% | ||||||||||||
District of Columbia Revenue Bonds, Series 2022 | ||||||||||||
5.500% due 02/29/2036 | 1,625 | 1,937 | ||||||||||
FLORIDA 7.3% | ||||||||||||
Avenir Community Development District, Florida Special Assessment Bonds, Series 2023 | ||||||||||||
5.625% due 05/01/2054 | 740 | 743 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
Central Florida Expressway Authority Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 07/01/2041 | $ | 1,950 | $ | 1,960 | ||||||||
Charlotte County Industrial Development Authority, Florida Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 10/01/2041 | 500 | 447 | ||||||||||
4.000% due 10/01/2051 | 2,500 | 2,060 | ||||||||||
Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 08/01/2050 | 1,650 | 1,543 | ||||||||||
Miami-Dade County, Florida Transit System Revenue Bonds, Series 2018 | ||||||||||||
4.000% due 07/01/2044 | 1,000 | 1,009 | ||||||||||
4.000% due 07/01/2046 | 1,000 | 1,001 | ||||||||||
Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2019 | ||||||||||||
4.000% due 10/01/2049 | 2,500 | 2,449 | ||||||||||
Miami-Dade Seaport Department, Florida Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 10/01/2047 | 1,600 | 1,711 | ||||||||||
Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 10/01/2053 | 910 | 972 | ||||||||||
Tampa, Florida Revenue Bonds, Series 2016 | ||||||||||||
4.000% due 11/15/2046 | 2,500 | 2,443 | ||||||||||
Tampa-Hillsborough County, Florida Expressway Authority Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 07/01/2042 | 2,250 | 2,244 | ||||||||||
18,582 | ||||||||||||
GEORGIA 4.2% | ||||||||||||
Atlanta Development Authority, Georgia Revenue Bonds, Series 2017 | ||||||||||||
6.750% due 01/01/2035 ^(b) | 1,600 | 720 | ||||||||||
Municipal Electric Authority of Georgia Revenue Bonds, Series 2015 | ||||||||||||
5.000% due 07/01/2060 | 9,000 | 9,036 | ||||||||||
Municipal Electric Authority of Georgia Revenue Bonds, Series 2022 | ||||||||||||
5.000% due 07/01/2052 | 1,000 | 1,040 | ||||||||||
10,796 | ||||||||||||
ILLINOIS 13.2% | ||||||||||||
Chicago O’Hare International Airport, Illinois Revenue Bonds, Series 2018 | ||||||||||||
5.000% due 01/01/2048 | 3,000 | 3,160 | ||||||||||
Chicago, Illinois General Obligation Bonds, Series 2003 | ||||||||||||
5.500% due 01/01/2034 | 1,750 | 1,773 | ||||||||||
Chicago, Illinois General Obligation Bonds, Series 2007 | ||||||||||||
5.500% due 01/01/2042 | 2,400 | 2,415 | ||||||||||
Illinois Finance Authority Revenue Bonds, Series 2017 | ||||||||||||
5.000% due 02/15/2037 ^(b) | 945 | 255 | ||||||||||
Illinois Finance Authority Revenue Bonds, Series 2019 | ||||||||||||
5.000% due 11/01/2035 ^(b) | 1,000 | 928 | ||||||||||
Illinois State General Obligation Bonds, Series 2018 | ||||||||||||
4.625% due 05/01/2037 | 2,000 | 2,065 | ||||||||||
Illinois State General Obligation Notes, Series 2017 | ||||||||||||
5.000% due 11/01/2027 | 9,500 | 10,214 | ||||||||||
Illinois State Toll Highway Authority Revenue Bonds, Series 2024 | ||||||||||||
5.000% due 01/01/2036 (a) | 5,000 | 6,084 | ||||||||||
Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (AGM/CR/NPFGC Insured), Series 2002 | ||||||||||||
0.000% due 12/15/2040 (c) | 2,000 | 1,022 | ||||||||||
Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2012 | ||||||||||||
0.000% due 12/15/2051 (c) | 2,500 | 668 | ||||||||||
Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2022 | ||||||||||||
0.000% due 06/15/2036 (c) | 1,000 | 636 |
54 | PIMCO CLOSED-END FUNDS | See Accompanying Notes |
December 31, 2023 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
Regional Transportation Authority, Illinois Revenue Bonds, Series 2018 | ||||||||||||
5.000% due 06/01/2038 | $ | 3,500 | $ | 3,762 | ||||||||
Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2018 | ||||||||||||
4.000% due 01/01/2048 | 650 | 632 | ||||||||||
33,614 | ||||||||||||
INDIANA 2.2% | ||||||||||||
Indiana Finance Authority Midwestern Disaster Relief Revenue Bonds, Series 2012 | ||||||||||||
4.250% due 11/01/2030 | 1,250 | 1,268 | ||||||||||
Indiana Finance Authority Revenue Bonds, Series 2019 | ||||||||||||
7.000% due 03/01/2039 | 1,710 | 1,278 | ||||||||||
Indiana Health & Educational Facilities Financing Authority Revenue Bonds, Series 2006 | ||||||||||||
4.000% due 11/15/2046 | 1,000 | 963 | ||||||||||
Indianapolis Local Public Improvement Bond Bank Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 01/01/2053 | 1,000 | 1,083 | ||||||||||
6.000% due 03/01/2053 | 1,000 | 1,093 | ||||||||||
5,685 | ||||||||||||
IOWA 2.9% | ||||||||||||
Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2012 | ||||||||||||
4.750% due 08/01/2042 | 1,500 | 1,478 | ||||||||||
Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | ||||||||||||
5.000% due 12/01/2050 | 5,030 | 5,260 | ||||||||||
Iowa Finance Authority Revenue Bonds, Series 2022 | ||||||||||||
8.000% due 01/01/2042 | 800 | 746 | ||||||||||
7,484 | ||||||||||||
KANSAS 0.0% | ||||||||||||
Lenexa, Kansas Tax Allocation Bonds, Series 2007 | ||||||||||||
6.000% due 04/01/2027 ^(b) | 677 | 101 | ||||||||||
LOUISIANA 3.9% | ||||||||||||
Louisiana Gasoline & Fuels Tax State Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 05/01/2045 | 4,000 | 3,999 | ||||||||||
Louisiana Public Facilities Authority Revenue Bonds, Series 2017 | ||||||||||||
5.000% due 05/15/2046 | 2,500 | 2,565 | ||||||||||
Louisiana Public Facilities Authority Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 04/01/2050 | 90 | 98 | ||||||||||
Louisiana Public Facilities Authority Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 10/15/2052 | 1,780 | 1,935 | ||||||||||
Parish of St James, Louisiana Revenue Bonds, Series 2010 | ||||||||||||
6.350% due 07/01/2040 | 1,250 | 1,365 | ||||||||||
9,962 | ||||||||||||
MARYLAND 0.2% | ||||||||||||
Maryland Economic Development Corp. Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 07/01/2040 | 500 | 473 | ||||||||||
MASSACHUSETTS 1.8% | ||||||||||||
Commonwealth of Massachusetts General Obligation Bonds, Series 2018 | ||||||||||||
4.000% due 05/01/2040 | 1,000 | 1,025 | ||||||||||
Commonwealth of Massachusetts Transportation Fund Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 06/01/2053 | 2,250 | 2,486 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
Massachusetts Development Finance Agency Revenue Bonds, Series 2016 | ||||||||||||
5.000% due 01/01/2047 | $ | 1,000 | $ | 1,009 | ||||||||
4,520 | ||||||||||||
MICHIGAN 5.7% | ||||||||||||
Detroit City School District, Michigan General Obligation Bonds, (AGM/Q-SBLF Insured), Series 2001 | ||||||||||||
6.000% due 05/01/2029 | 1,280 | 1,422 | ||||||||||
Great Lakes Water Authority Water Supply System, Michigan Revenue Bonds, Series 2023 | ||||||||||||
5.250% due 07/01/2048 | 2,500 | 2,852 | ||||||||||
Michigan Finance Authority Hospital Revenue Refunding Bonds, Series 2022 | ||||||||||||
4.000% due 04/15/2042 | 1,000 | 998 | ||||||||||
Michigan Finance Authority Revenue Bonds, Series 2017 | ||||||||||||
5.000% due 12/01/2046 | 2,330 | 2,384 | ||||||||||
Michigan Finance Authority Revenue Bonds, Series 2019 | ||||||||||||
4.000% due 02/15/2047 | 3,500 | 3,372 | ||||||||||
4.000% due 02/15/2050 | 2,000 | 1,891 | ||||||||||
Michigan State Housing Development Authority Revenue Bonds, Series 2015 | ||||||||||||
4.350% due 10/01/2045 | 920 | 920 | ||||||||||
Michigan Tobacco Settlement Finance Authority Revenue Bonds, Series 2008 | ||||||||||||
0.000% due 06/01/2058 (c) | 15,000 | 633 | ||||||||||
14,472 | ||||||||||||
MINNESOTA 0.8% | ||||||||||||
Duluth Economic Development Authority Health Care Facilities, Minnesota Revenue Bonds, Series 2022 | ||||||||||||
5.250% due 06/15/2047 | 500 | 516 | ||||||||||
Rochester, Minnesota Revenue Bonds, Series 2018 | ||||||||||||
4.000% due 11/15/2048 | 1,500 | 1,485 | ||||||||||
2,001 | ||||||||||||
MISSOURI 1.2% | ||||||||||||
Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2019 | ||||||||||||
4.000% due 02/15/2039 | 600 | 605 | ||||||||||
Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2023 | ||||||||||||
5.500% due 12/01/2048 | 1,150 | 1,301 | ||||||||||
Missouri Development Finance Board Revenue Bonds, Series 2022 | ||||||||||||
5.250% due 05/01/2055 | 1,000 | 1,081 | ||||||||||
2,987 | ||||||||||||
NEBRASKA 0.4% | ||||||||||||
University of Nebraska Facilities Corp Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 07/15/2062 | 1,125 | 1,081 | ||||||||||
NEVADA 1.2% | ||||||||||||
Las Vegas Convention & Visitors Authority, Nevada Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 07/01/2049 | 1,700 | 1,862 | ||||||||||
Reno, Nevada Revenue Bonds, Series 2018 | ||||||||||||
0.000% due 07/01/2058 (c) | 10,500 | 1,088 | ||||||||||
2,950 | ||||||||||||
NEW HAMPSHIRE 1.0% | ||||||||||||
New Hampshire Business Finance Authority Revenue Bonds, Series 2023 | ||||||||||||
4.837% due 07/20/2036 | 2,706 | 2,676 | ||||||||||
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
NEW JERSEY 9.0% | ||||||||||||
Cherry Hill Township School District, New Jersey General Obligation Bonds, Series 2022 | ||||||||||||
4.000% due 08/01/2040 | $ | 2,600 | $ | 2,663 | ||||||||
Federal Home Loan Mortgage Corp. Enhanced Receipt, New Jersey Revenue Bonds, Series 2019 | ||||||||||||
3.870% due 11/15/2035 (e) | 68 | 64 | ||||||||||
New Jersey Economic Development Authority Revenue Bonds, Series 2016 | ||||||||||||
5.000% due 06/15/2041 | 2,500 | 2,682 | ||||||||||
New Jersey Economic Development Authority Special Assessment Bonds, Series 2002 | ||||||||||||
5.750% due 04/01/2031 | 2,050 | 2,057 | ||||||||||
New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series 2013 | ||||||||||||
5.500% due 07/01/2043 | 2,000 | 2,002 | ||||||||||
New Jersey State General Obligation Notes, Series 2020 | ||||||||||||
4.000% due 06/01/2030 | 1,400 | 1,515 | ||||||||||
New Jersey Transportation Trust Fund Authority Revenue Bonds, (AGM Insured), Series 2006 | ||||||||||||
0.000% due 12/15/2034 (c) | 1,500 | 1,062 | ||||||||||
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2019 | ||||||||||||
5.250% due 06/15/2043 | 1,000 | 1,068 | ||||||||||
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023 | ||||||||||||
5.250% due 06/15/2050 | 1,150 | 1,278 | ||||||||||
New Jersey Turnpike Authority Revenue Bonds, Series 2019 | ||||||||||||
5.000% due 01/01/2048 | 1,500 | 1,598 | ||||||||||
South Jersey Port Corp., New Jersey Revenue Bonds, Series 2017 | ||||||||||||
5.000% due 01/01/2049 | 250 | 258 | ||||||||||
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 | 5,681 | ||||||||||
23,002 | ||||||||||||
NEW YORK 26.4% | ||||||||||||
Build NYC Resource Corp., New York Revenue Bonds, Series 2023 | ||||||||||||
5.250% due 07/01/2057 | 1,000 | 1,043 | ||||||||||
Erie County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured), Series 2023 | ||||||||||||
4.250% due 02/01/2041 | 1,100 | 1,098 | ||||||||||
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2020 | ||||||||||||
5.250% due 11/15/2055 | 2,000 | 2,122 | ||||||||||
Monroe County Industrial Development Corp, New York Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 07/01/2053 | 1,250 | 1,381 | ||||||||||
Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 07/01/2050 | 1,780 | 1,755 | ||||||||||
Nassau County, New York Industrial Development Agency Revenue Bonds, Series 2021 | ||||||||||||
0.000% due 01/01/2058 ^(b) | 2,867 | 687 | ||||||||||
New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2019 | ||||||||||||
4.000% due 05/01/2041 | 1,110 | 1,130 | ||||||||||
New York City, New York General Obligation Bonds, Series 2018 | ||||||||||||
5.000% due 12/01/2037 | 750 | 818 | ||||||||||
5.000% due 04/01/2045 | 2,300 | 2,441 | ||||||||||
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022 | ||||||||||||
5.000% due 06/15/2047 | 4,000 | 4,454 | ||||||||||
5.250% due 06/15/2052 | 2,500 | 2,812 | ||||||||||
New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 | ||||||||||||
5.500% due 11/01/2045 | 2,000 | 2,345 |
See Accompanying Notes | ANNUAL REPORT | | | DECEMBER 31, 2023 | 55 |
Consolidated Schedule of Investments | PIMCO Municipal Income Fund | (Cont.) |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
New York Liberty Development Corp. Revenue Bonds, Series 2005 | ||||||||||||
5.250% due 10/01/2035 | $ | 10,000 | $ | 11,904 | ||||||||
New York Liberty Development Corp. Revenue Bonds, Series 2007 | ||||||||||||
5.500% due 10/01/2037 | 3,000 | 3,587 | ||||||||||
New York Liberty Development Corp. Revenue Bonds, Series 2021 | ||||||||||||
2.875% due 11/15/2046 | 1,625 | 1,240 | ||||||||||
New York Power Authority Revenue Bonds, (AGM Insured), Series 2022 | ||||||||||||
4.000% due 11/15/2061 | 850 | 831 | ||||||||||
New York Power Authority Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 11/15/2060 | 1,250 | 1,230 | ||||||||||
New York State Dormitory Authority Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 02/15/2047 | 1,500 | 1,494 | ||||||||||
New York State Dormitory Authority Revenue Bonds, Series 2019 | ||||||||||||
5.000% due 03/15/2041 | 1,000 | 1,086 | ||||||||||
New York State Dormitory Authority Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 03/15/2048 | 3,375 | 3,366 | ||||||||||
New York State Thruway Authority Revenue Bonds, Series 2019 | ||||||||||||
4.000% due 01/01/2050 | 575 | 564 | ||||||||||
New York State Thruway Authority Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 03/15/2047 | 2,000 | 2,007 | ||||||||||
New York State Thruway Authority Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 03/15/2040 | 1,500 | 1,534 | ||||||||||
New York State Urban Development Corp. Revenue Bonds, Series 2019 | ||||||||||||
4.000% due 03/15/2045 | 1,200 | 1,210 | ||||||||||
New York State Urban Development Corp. Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 03/15/2047 | 2,750 | 2,764 | ||||||||||
New York State Urban Development Corp. Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 03/15/2051 | 1,000 | 1,110 | ||||||||||
New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 | ||||||||||||
5.125% due 06/30/2060 | 2,500 | 2,624 | ||||||||||
Onondaga County, New York Trust for Cultural Resources Revenue Bonds, Series 2019 | ||||||||||||
4.000% due 12/01/2047 | 1,100 | 1,101 | ||||||||||
Suffolk Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 06/01/2050 | 1,500 | 1,372 | ||||||||||
Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022 | ||||||||||||
4.000% due 05/15/2057 | 2,750 | 2,669 | ||||||||||
Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2021 | ||||||||||||
5.000% due 05/15/2051 | 2,635 | 2,857 | ||||||||||
Utility Debt Securitization Authority, New York Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 12/15/2050 | 700 | 791 | ||||||||||
67,427 | ||||||||||||
NORTH CAROLINA 1.0% | ||||||||||||
University of North Carolina Hospitals at Chapel Hill Revenue Bonds, Series 2016 | ||||||||||||
4.000% due 02/01/2046 | 2,500 | 2,445 | ||||||||||
NORTH DAKOTA 0.1% | ||||||||||||
Grand Forks County, North Dakota Revenue Bonds, Series 2021 | ||||||||||||
7.000% due 12/15/2043 ^(b) | 850 | 170 | ||||||||||
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
OHIO 5.1% | ||||||||||||
Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 | ||||||||||||
0.000% due 06/01/2057 (c) | $ | 36,500 | $ | 3,926 | ||||||||
Canton City School District, Ohio General Obligation Bonds, Series 2023 | ||||||||||||
5.500% due 12/01/2050 | 1,500 | 1,679 | ||||||||||
Montgomery County, Ohio Dayton Children’s Hospital Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 08/01/2046 | 2,250 | 2,207 | ||||||||||
Ohio Air Quality Development Authority Dayton Power And Light Company Project Revenue Bonds, Series 2015 | ||||||||||||
4.250% due 11/01/2040 | 2,000 | 2,018 | ||||||||||
Ohio Air Quality Development Authority Revenue Bonds, Series 2019 | ||||||||||||
5.000% due 07/01/2049 | 1,250 | 1,146 | ||||||||||
Ohio Air Quality Development Authority Revenue Notes, Series 2019 | ||||||||||||
3.250% due 09/01/2029 | 850 | 822 | ||||||||||
Southern Ohio Port Authority Revenue Notes, Series 2020 | ||||||||||||
6.500% due 12/01/2030 | 1,000 | 758 | ||||||||||
Worthington City School District, Ohio General Obligation Bonds, Series 2023 | ||||||||||||
5.500% due 12/01/2054 | 455 | 516 | ||||||||||
13,072 | ||||||||||||
OKLAHOMA 1.2% | ||||||||||||
Oklahoma Development Finance Authority Revenue Bonds, Series 2021 | ||||||||||||
8.000% due 12/01/2041 | 750 | 599 | ||||||||||
Oklahoma Turnpike Authority Revenue Bonds, Series 2023 | ||||||||||||
4.500% due 01/01/2053 | 2,510 | 2,551 | ||||||||||
3,150 | ||||||||||||
OREGON 1.8% | ||||||||||||
Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 08/15/2039 | 1,000 | 1,013 | ||||||||||
4.000% due 08/15/2050 | 1,500 | 1,425 | ||||||||||
Multnomah County School District 40, Oregon General Obligation Bonds, Series 2023 | ||||||||||||
0.000% due 06/15/2051 (c) | 1,590 | 413 | ||||||||||
Washington & Multnomah Counties School District No 48J Beaverton, Oregon General Obligation Bonds, Series 2022 | ||||||||||||
0.000% due 06/15/2048 (c) | 2,310 | 724 | ||||||||||
5.000% due 06/15/2052 | 1,000 | 1,094 | ||||||||||
4,669 | ||||||||||||
PENNSYLVANIA 5.2% | ||||||||||||
Commonwealth of Pennsylvania General Obligation Bonds, Series 2023 | ||||||||||||
4.000% due 09/01/2042 | 2,800 | 2,873 | ||||||||||
Pennsylvania Economic Development Financing Authority Revenue Bonds, (AGM Insured), Series 2022 | ||||||||||||
5.750% due 12/31/2062 | 3,000 | 3,321 | ||||||||||
Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2021 | ||||||||||||
9.000% due 04/01/2051 | 1,500 | 1,655 | ||||||||||
Pennsylvania Turnpike Commission Revenue Bonds, Series 2018 | ||||||||||||
5.000% due 12/01/2043 | 4,250 | 4,542 | ||||||||||
Philadelphia Authority for Industrial Development, Pennsylvania Revenue Bonds, Series 2017 | ||||||||||||
5.500% due 12/01/2058 | 1,000 | 912 | ||||||||||
13,303 | ||||||||||||
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
PUERTO RICO 5.8% | ||||||||||||
Children’s Trust Fund, Puerto Rico Revenue Bonds, Series 2008 | ||||||||||||
0.000% due 05/15/2057 (c) | $ | 28,000 | $ | 2,128 | ||||||||
Commonwealth of Puerto Rico Bonds, Series 2022 | ||||||||||||
0.000% due 11/01/2051 | 2,708 | 1,212 | ||||||||||
Commonwealth of Puerto Rico General Obligation Bonds, Series 2021 | ||||||||||||
0.000% due 07/01/2033 (c) | 1,750 | 1,093 | ||||||||||
4.000% due 07/01/2041 | 1,700 | 1,565 | ||||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | ||||||||||||
0.000% due 07/01/2046 (c) | 9,650 | 3,037 | ||||||||||
0.000% due 07/01/2051 (c) | 10,000 | 2,348 | ||||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | ||||||||||||
4.784% due 07/01/2058 | 3,395 | 3,355 | ||||||||||
14,738 | ||||||||||||
RHODE ISLAND 0.8% | ||||||||||||
Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015 | ||||||||||||
5.000% due 06/01/2050 | 2,000 | 2,009 | ||||||||||
SOUTH CAROLINA 2.4% | ||||||||||||
South Carolina Public Service Authority Revenue Obligations Revenue Bonds, Series 2013 | ||||||||||||
5.125% due 12/01/2043 | 5,000 | 5,000 | ||||||||||
5.500% due 12/01/2053 | 1,100 | 1,100 | ||||||||||
6,100 | ||||||||||||
TENNESSEE 4.2% | ||||||||||||
Shelby County, Tennessee Health Educational & Housing Facilities Board Revenue Bonds, Series 2019 | ||||||||||||
5.750% due 10/01/2049 | 700 | 521 | ||||||||||
Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2006 | ||||||||||||
5.000% due 02/01/2027 | 5,000 | 5,097 | ||||||||||
5.250% due 09/01/2024 | 5,000 | 5,038 | ||||||||||
10,656 | ||||||||||||
TEXAS 26.0% | ||||||||||||
Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021 | ||||||||||||
7.500% due 12/01/2045 | 590 | 390 | ||||||||||
12.000% due 12/01/2045 | 1,000 | 867 | ||||||||||
Board of Regents of the University of Texas System Revenue Bonds, Series 2022 | ||||||||||||
4.000% due 08/15/2052 | 2,500 | 2,500 | ||||||||||
Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2023 | ||||||||||||
12.000% due 06/01/2043 | 2,000 | 2,015 | ||||||||||
Central Texas Turnpike System Revenue Bonds, Series 2015 | ||||||||||||
0.000% due 08/15/2036 (c) | 1,250 | 726 | ||||||||||
0.000% due 08/15/2037 (c) | 3,500 | 1,942 | ||||||||||
Clifton Higher Education Finance Corp., Texas Revenue Bonds, Series 2018 | ||||||||||||
6.125% due 08/15/2048 | 1,000 | 1,012 | ||||||||||
Coppell Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | ||||||||||||
4.250% due 08/15/2053 | 850 | 865 | ||||||||||
Corpus Christi Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | ||||||||||||
4.125% due 08/15/2053 | 1,200 | 1,212 | ||||||||||
Dallas Area Rapid Transit, Texas Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 12/01/2051 | 2,250 | 2,219 | ||||||||||
Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2022 | ||||||||||||
5.000% due 11/01/2039 | 1,000 | 1,150 |
56 | PIMCO CLOSED-END FUNDS | See Accompanying Notes |
December 31, 2023 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
Edgewood Independent School District/Van Zandt County, Texas General Obligation Bonds, (PSF Insured), Series 2023 | ||||||||||||
4.000% due 02/15/2048 | $ | 1,200 | $ | 1,210 | ||||||||
EP Tuscany Zaragosa PFC, Texas Revenue Notes, Series 2023 | ||||||||||||
4.000% due 12/01/2033 | 3,750 | 3,728 | ||||||||||
Fort Bend County Texas Public Facility Corp. Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 03/01/2048 | 3,000 | 3,285 | ||||||||||
Garland Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | ||||||||||||
5.000% due 02/15/2048 | 2,800 | 3,122 | ||||||||||
Grand Parkway Transportation Corp., Texas Revenue Bonds, (AGM/CR Insured), Series 2020 | ||||||||||||
4.000% due 10/01/2049 | 900 | 899 | ||||||||||
Hays Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | ||||||||||||
5.000% due 02/15/2048 | 1,250 | 1,373 | ||||||||||
Houston, Texas Combined Utility System Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 11/15/2049 | 1,000 | 995 | ||||||||||
Lamar Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | ||||||||||||
4.000% due 02/15/2048 | 1,250 | 1,263 | ||||||||||
Lamar Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | ||||||||||||
5.000% due 02/15/2053 | 4,500 | 4,979 | ||||||||||
Lamar Consolidated Independent School District, Texas General Obligation Bonds, Series 2023 | ||||||||||||
4.000% due 02/15/2048 | 2,500 | 2,491 | ||||||||||
Medina Valley Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | ||||||||||||
4.500% due 02/15/2047 | 1,000 | 1,047 | ||||||||||
New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2021 | ||||||||||||
5.250% due 01/01/2042 | 1,300 | 998 | ||||||||||
North Texas Tollway Authority Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 01/01/2043 | 1,500 | 1,504 | ||||||||||
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 | 4,346 | ||||||||||
San Antonio Municipal Facilities Corp., Texas Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 08/01/2048 | 2,700 | 2,679 | ||||||||||
Southwest Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | ||||||||||||
5.000% due 02/01/2046 | 900 | 997 | ||||||||||
Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2017 | ||||||||||||
6.750% due 11/15/2047 | 500 | 506 | ||||||||||
Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022 | ||||||||||||
5.000% due 11/15/2051 | 1,380 | 1,472 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
Tarrant County, Texas Hospital District General Obligation Bonds, Series 2023 | ||||||||||||
5.250% due 08/15/2048 | $ | 2,600 | $ | 2,897 | ||||||||
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2008 | ||||||||||||
6.250% due 12/15/2026 | 2,800 | 2,931 | ||||||||||
Texas Water Development Board Revenue Bonds, Series 2022 | ||||||||||||
4.800% due 10/15/2052 | 800 | 860 | ||||||||||
5.000% due 10/15/2057 | 2,380 | 2,615 | ||||||||||
Texas Water Development Board Revenue Bonds, Series 2023 | ||||||||||||
4.875% due 10/15/2048 | 1,500 | 1,643 | ||||||||||
5.000% due 10/15/2058 | 1,000 | 1,107 | ||||||||||
West Harris County, Texas Regional Water Authority Revenue Bonds, (BAM Insured), Series 2021 | ||||||||||||
4.000% due 12/15/2060 | 1,160 | 1,111 | ||||||||||
66,241 | ||||||||||||
UTAH 3.0% | ||||||||||||
County of Salt Lake, Utah Revenue Bonds, (AMBAC Insured), Series 2001 | ||||||||||||
5.125% due 02/15/2033 | 7,000 | 7,135 | ||||||||||
Ogden City Redevelopment Agency, Utah Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 01/15/2053 | 600 | 653 | ||||||||||
7,788 | ||||||||||||
VIRGINIA 5.0% | ||||||||||||
Virginia Small Business Financing Authority Revenue Bonds, Series 2019 | ||||||||||||
0.000% due 07/01/2061 (c) | 23,000 | 719 | ||||||||||
5.000% due 07/01/2034 | 1,470 | 1,373 | ||||||||||
Virginia Small Business Financing Authority Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 12/01/2049 | 11,200 | 10,755 | ||||||||||
12,847 | ||||||||||||
WASHINGTON 0.8% | ||||||||||||
Washington State Convention Center Public Facilities District Revenue Bonds, Series 2018 | ||||||||||||
4.000% due 07/01/2058 | 2,155 | 1,980 | ||||||||||
WEST VIRGINIA 1.4% | ||||||||||||
Monongalia County, West Virginia Commission Special District Revenue Bonds, Series 2017 | ||||||||||||
5.500% due 06/01/2037 | 1,000 | 1,030 | ||||||||||
West Virginia Economic Development Authority Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 06/15/2040 | 2,500 | 2,534 | ||||||||||
3,564 | ||||||||||||
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
WISCONSIN 4.4% | ||||||||||||
Public Finance Authority, Wisconsin Revenue Bonds, Series 2017 | ||||||||||||
7.000% due 01/01/2050 | $ | 2,500 | $ | 2,734 | ||||||||
Public Finance Authority, Wisconsin Revenue Bonds, Series 2018 | ||||||||||||
6.375% due 01/01/2048 | 3,000 | 1,350 | ||||||||||
Public Finance Authority, Wisconsin Revenue Bonds, Series 2020 | ||||||||||||
0.000% due 01/01/2060 (c) | 7,500 | 399 | ||||||||||
Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 03/31/2056 | 1,100 | 912 | ||||||||||
4.500% due 06/01/2056 | 820 | 636 | ||||||||||
Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020 | ||||||||||||
0.000% due 12/15/2045 (c) | 7,000 | 2,717 | ||||||||||
Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016 | ||||||||||||
4.000% due 11/15/2046 | 695 | 712 | ||||||||||
Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2022 | ||||||||||||
4.000% due 12/01/2051 | 1,920 | 1,837 | ||||||||||
11,297 | ||||||||||||
Total Municipal Bonds & Notes (Cost $431,705) | 437,560 | |||||||||||
NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7% | ||||||||||||
Freddie Mac | ||||||||||||
4.141% due 01/25/2040 | 1,990 | 1,799 | ||||||||||
Total Non-Agency Mortgage-Backed Securities (Cost $1,869) | 1,799 | |||||||||||
SHORT-TERM INSTRUMENTS 0.7% | ||||||||||||
REPURCHASE AGREEMENTS (f) 0.7% | ||||||||||||
1,848 | ||||||||||||
Total Short-Term Instruments (Cost $1,848) | 1,848 | |||||||||||
Total Investments in Securities (Cost $438,422) | 444,337 | |||||||||||
Total Investments 174.1% (Cost $438,422) | $ | 444,337 | ||||||||||
Auction Rate Preferred Shares (56.9)% | (145,125 | ) | ||||||||||
Remarketable Variable Rate MuniFund Term Preferred Shares, at liquidation value (15.0)% | (38,453 | ) | ||||||||||
Other Assets and Liabilities, net (2.2)% | (5,523 | ) | ||||||||||
Net Assets Applicable to Common Shareholders 100.0% | $ | 255,236 | ||||||||||
* | A zero balance may reflect actual amounts rounding to less than one thousand. |
^ | Security is in default. |
« | Security valued using significant unobservable inputs (Level 3). |
µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments. |
(a) | When-issued security. |
(b) | Security is not accruing income as of the date of this report. |
(c) | Zero coupon security. |
(d) | Security becomes interest bearing at a future date. |
See Accompanying Notes | ANNUAL REPORT | | | DECEMBER 31, 2023 | 57 |
Consolidated Schedule of Investments | PIMCO Municipal Income Fund | (Cont.) |
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 | $ 77 | $ | 64 | 0.03% | |||||||||||||||
Counterparty | Lending Rate | Settlement Date | Maturity Date | Principal Amount | Collateralized By | Collateral (Received) | Repurchase Agreements, at Value | Repurchase Agreement Proceeds to be Received (1) | ||||||||||||||||||||||
FICC | 2.600 | % | 12/29/2023 | 01/02/2024 | $ | 1,848 | U.S. Treasury Notes 0.375% due 11/30/2025 | $ | (1,885 | ) | $ | 1,848 | $ | 1,848 | ||||||||||||||||
Total Repurchase Agreements | $ | (1,885 | ) | $ | 1,848 | $ | 1,848 | |||||||||||||||||||||||
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 | $ | 1,848 | $ | 0 | $ | 0 | $ | 1,848 | $ | (1,885 | ) | $ | (37 | ) | ||||||||||
Total Borrowings and Other Financing Transactions | $ | 1,848 | $ | 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. |
Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value at 12/31/2023 | ||||||||||||
Investments in Securities, at Value | ||||||||||||||||
Loan Participations and Assignments | $ | 0 | $ | 0 | $ | 3,130 | $ | 3,130 | ||||||||
Municipal Bonds & Notes | ||||||||||||||||
Alabama | 0 | 12,744 | 0 | 12,744 | ||||||||||||
Alaska | 0 | 1,157 | 0 | 1,157 | ||||||||||||
Arizona | 0 | 10,110 | 0 | 10,110 | ||||||||||||
Arkansas | 0 | 4,185 | 0 | 4,185 | ||||||||||||
California | 0 | 9,756 | 0 | 9,756 | ||||||||||||
Colorado | 0 | 8,903 | 0 | 8,903 | ||||||||||||
Connecticut | 0 | 1,402 | 0 | 1,402 | ||||||||||||
Delaware | 0 | 5,524 | 0 | 5,524 | ||||||||||||
District of Columbia | 0 | 1,937 | 0 | 1,937 | ||||||||||||
Florida | 0 | 18,582 | 0 | 18,582 | ||||||||||||
Georgia | 0 | 10,796 | 0 | 10,796 | ||||||||||||
Illinois | 0 | 33,614 | 0 | 33,614 | ||||||||||||
Indiana | 0 | 5,685 | 0 | 5,685 | ||||||||||||
Iowa | 0 | 7,484 | 0 | 7,484 | ||||||||||||
Kansas | 0 | 101 | 0 | 101 | ||||||||||||
Louisiana | 0 | 9,962 | 0 | 9,962 | ||||||||||||
Maryland | 0 | 473 | 0 | 473 | ||||||||||||
Massachusetts | 0 | 4,520 | 0 | 4,520 | ||||||||||||
Michigan | 0 | 14,472 | 0 | 14,472 | ||||||||||||
Minnesota | 0 | 2,001 | 0 | 2,001 | ||||||||||||
Missouri | 0 | 2,987 | 0 | 2,987 | ||||||||||||
Nebraska | 0 | 1,081 | 0 | 1,081 | ||||||||||||
Nevada | 0 | 2,950 | 0 | 2,950 |
Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value at 12/31/2023 | ||||||||||||
New Hampshire | $ | 0 | $ | 2,676 | $ | 0 | $ | 2,676 | ||||||||
New Jersey | 0 | 23,002 | 0 | 23,002 | ||||||||||||
New York | 0 | 67,427 | 0 | 67,427 | ||||||||||||
North Carolina | 0 | 2,445 | 0 | 2,445 | ||||||||||||
North Dakota | 0 | 170 | 0 | 170 | ||||||||||||
Ohio | 0 | 13,072 | 0 | 13,072 | ||||||||||||
Oklahoma | 0 | 3,150 | 0 | 3,150 | ||||||||||||
Oregon | 0 | 4,669 | 0 | 4,669 | ||||||||||||
Pennsylvania | 0 | 13,303 | 0 | 13,303 | ||||||||||||
Puerto Rico | 0 | 14,738 | 0 | 14,738 | ||||||||||||
Rhode Island | 0 | 2,009 | 0 | 2,009 | ||||||||||||
South Carolina | 0 | 6,100 | 0 | 6,100 | ||||||||||||
Tennessee | 0 | 10,656 | 0 | 10,656 | ||||||||||||
Texas | 0 | 66,241 | 0 | 66,241 | ||||||||||||
Utah | 0 | 7,788 | 0 | 7,788 | ||||||||||||
Virginia | 0 | 12,847 | 0 | 12,847 | ||||||||||||
Washington | 0 | 1,980 | 0 | 1,980 | ||||||||||||
West Virginia | 0 | 3,564 | 0 | 3,564 | ||||||||||||
Wisconsin | 0 | 11,297 | 0 | 11,297 | ||||||||||||
Non-Agency Mortgage-Backed Securities | 0 | 1,799 | 0 | 1,799 | ||||||||||||
Short-Term Instruments | ||||||||||||||||
Repurchase Agreements | 0 | 1,848 | 0 | 1,848 | ||||||||||||
Total Investments | $ | 0 | $ | 441,207 | $ | 3,130 | $ | 444,337 | ||||||||
58 | PIMCO CLOSED-END FUNDS | See Accompanying Notes |
December 31, 2023 |
Category and Subcategory | Beginning Balance at 12/31/2022 | Net Purchases | Net Sales/ Settlements | Accrued Discounts/ (Premiums) | Realized Gain/(Loss) | Net Change in Unrealized Appreciation/ (Depreciation) (1) | Transfers into Level 3 | Transfers out of Level 3 | Ending Balance at 12/31/2023 | Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 12/31/2023 (1) | ||||||||||||||||||||||||||||||
Investments in Securities, at Value | ||||||||||||||||||||||||||||||||||||||||
Loan Participations and Assignments | $ | 0 | $ | 3,000 | $ | 0 | $ | 0 | $ | 0 | $ | 130 | $ | 0 | $ | 0 | $ | 3,130 | $ | 130 | ||||||||||||||||||||
Totals | $ | 0 | $ | 3,000 | $ | 0 | $ | 0 | $ | 0 | $ | 130 | $ | 0 | $ | 0 | $ | 3,130 | $ | 130 | ||||||||||||||||||||
Category and Subcategory | Ending Balance at 12/31/2023 | Valuation Technique | Unobservable Inputs | (% Unless Noted Otherwise) | ||||||||||||
Input Value(s) | Weighted Average | |||||||||||||||
Investments in Securities, at Value | ||||||||||||||||
Loan Participations and Assignments | $ | 3,130 | Proxy Pricing | Base Price | 100.000-100.721 | 100.116 | ||||||||||
Total | $ | 3,130 | ||||||||||||||
(1) | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2023 may be due to an investment no longer held or categorized as Level 3 at period end. |
See Accompanying Notes | ANNUAL REPORT | | | DECEMBER 31, 2023 | 59 |
Consolidated Schedule of Investments | PIMCO Municipal Income Fund II |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
INVESTMENTS IN SECURITIES 162.0% | ||||||||||||
LOAN PARTICIPATIONS AND ASSIGNMENTS 1.2% | ||||||||||||
Falcon PK | ||||||||||||
TBD% due 11/01/2026 «µ | $ | 1,200 | $ | 1,211 | ||||||||
TBD% - 7.947% due 10/26/2063 «µ | 5,900 | 6,195 | ||||||||||
Total Loan Participations and Assignments (Cost $7,100) | 7,406 | |||||||||||
MUNICIPAL BONDS & NOTES 160.2% | ||||||||||||
ALABAMA 6.3% | ||||||||||||
Jefferson County, Alabama Sewer Revenue Bonds, Series 2013 | ||||||||||||
6.500% due 10/01/2053 | 18,000 | 18,907 | ||||||||||
7.900% due 10/01/2050 | 14,750 | 15,488 | ||||||||||
Tuscaloosa County, Alabama Industrial Development Authority Revenue Bonds, Series 2019 | ||||||||||||
5.250% due 05/01/2044 | 3,300 | 3,051 | ||||||||||
37,446 | ||||||||||||
ALASKA 0.4% | ||||||||||||
Municipality of Anchorage, Alaska Solid Waste Services Revenue Bonds, Series 2022 | ||||||||||||
5.250% due 11/01/2062 | 2,450 | 2,622 | ||||||||||
ARIZONA 9.1% | ||||||||||||
Arizona Industrial Development Authority Revenue Bonds, Series 2019 | ||||||||||||
4.500% due 01/01/2033 | 740 | 447 | ||||||||||
4.750% due 01/01/2038 | 950 | 500 | ||||||||||
5.125% due 01/01/2054 | 1,500 | 758 | ||||||||||
5.500% due 01/01/2054 | 1,500 | 730 | ||||||||||
Arizona Industrial Development Authority Revenue Bonds, Series 2020 | ||||||||||||
7.750% due 07/01/2050 ^(a) | 2,500 | 150 | ||||||||||
Industrial Development Authority of the County, Arizona of Pima Revenue Bonds, Series 2020 | ||||||||||||
5.000% due 07/01/2055 | 2,400 | 2,107 | ||||||||||
Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 01/01/2041 | 1,500 | 1,503 | ||||||||||
Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2019 | ||||||||||||
4.000% due 01/01/2044 | 7,700 | 7,679 | ||||||||||
Maricopa County, Arizona School District No 83, Cartwright Elementary Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 10/01/2044 | 8,600 | 7,891 | ||||||||||
Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 01/01/2050 | 2,000 | 2,225 | ||||||||||
Salt Verde Financial Corp., Arizona Revenue Bonds, Series 2007 | ||||||||||||
5.000% due 12/01/2032 | 4,930 | 5,386 | ||||||||||
5.000% due 12/01/2037 | 22,400 | 24,980 | ||||||||||
54,356 | ||||||||||||
ARKANSAS 0.3% | ||||||||||||
Arkansas Development Finance Authority Revenue Bonds, Series 2022 | ||||||||||||
5.450% due 09/01/2052 | 350 | 351 | ||||||||||
County of Pulaski Hospital, Arkansas Revenue Bonds, Series 2023 | ||||||||||||
5.250% due 03/01/2053 | 1,600 | 1,743 | ||||||||||
2,094 | ||||||||||||
CALIFORNIA 5.0% | ||||||||||||
California Health Facilities Financing Authority Revenue Bonds, Series 2016 | ||||||||||||
5.000% due 11/15/2046 | 7,400 | 7,591 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
California Statewide Communities Development Authority Revenue Bonds, Series 2016 | ||||||||||||
5.000% due 12/01/2046 | $ | 3,000 | $ | 2,970 | ||||||||
Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | ||||||||||||
0.000% due 06/01/2066 (b) | 7,500 | 886 | ||||||||||
Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022 | ||||||||||||
5.000% due 06/01/2051 | 2,000 | 2,097 | ||||||||||
Los Angeles County, California Public Works Financing Authority Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 12/01/2046 | 3,435 | 3,510 | ||||||||||
Los Angeles Department of Water & Power, California Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 07/01/2048 | 2,700 | 3,092 | ||||||||||
M-S-R | ||||||||||||
6.500% due 11/01/2039 | 1,750 | 2,255 | ||||||||||
San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 07/01/2051 | 2,715 | 2,599 | ||||||||||
San Francisco, California City & County Public Utilities Commission Wastewater Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 10/01/2048 | 1,570 | 1,581 | ||||||||||
West Valley-Mission Community College District, California General Obligation Bonds, Series 2022 | ||||||||||||
4.000% due 08/01/2047 | 3,000 | 3,078 | ||||||||||
29,659 | ||||||||||||
COLORADO 6.1% | ||||||||||||
Colorado Health Facilities Authority Revenue Bonds, Series 2018 | ||||||||||||
4.000% due 11/15/2048 | 12,555 | 12,037 | ||||||||||
Colorado Health Facilities Authority Revenue Bonds, Series 2019 | ||||||||||||
4.000% due 01/01/2040 | 5,300 | 5,374 | ||||||||||
4.000% due 08/01/2049 | 4,000 | 3,842 | ||||||||||
Colorado International Center Metropolitan District No 7, General Obligation Bonds, Series 2021 | ||||||||||||
0.000% due 12/01/2051 (c) | 1,615 | 948 | ||||||||||
Colorado State Building Excellent School Certificates of Participation Bonds, Series 2018 | ||||||||||||
4.000% due 03/15/2043 | 3,250 | 3,271 | ||||||||||
Denver, Colorado City & County Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 08/01/2042 | 1,750 | 1,778 | ||||||||||
Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022 | ||||||||||||
5.875% due 12/01/2052 | 2,500 | 2,505 | ||||||||||
Harvest Crossing Metropolitan District No 4, Colorado General Obligation Bonds, Series 2022 | ||||||||||||
7.250% due 12/01/2052 | 3,500 | 3,462 | ||||||||||
Public Authority for Colorado Energy Revenue Bonds, Series 2008 | ||||||||||||
6.500% due 11/15/2038 | 1,430 | 1,803 | ||||||||||
Senac South Metropolitan District No 1, Colorado General Obligation Bonds, Series 2021 | ||||||||||||
5.250% due 12/01/2051 | 1,000 | 881 | ||||||||||
Third Creek Metropolitan District No 1, Colorado General Obligation Bonds, Series 2022 | ||||||||||||
4.750% due 12/01/2051 | 775 | 612 | ||||||||||
36,513 | ||||||||||||
CONNECTICUT 0.9% | ||||||||||||
Connecticut Special Tax Revenue State Special Tax Bonds, Series 2020 | ||||||||||||
4.000% due 05/01/2036 | 2,000 | 2,117 | ||||||||||
Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2022 | ||||||||||||
5.000% due 07/01/2047 | 3,000 | 3,235 | ||||||||||
5,352 | ||||||||||||
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 | $ | 5,042 | ||||||||
7.120% due 07/01/2037 | 945 | 953 | ||||||||||
5,995 | ||||||||||||
DISTRICT OF COLUMBIA 0.4% | ||||||||||||
District of Columbia Revenue Bonds, Series 2022 | ||||||||||||
5.500% due 02/28/2037 | 1,850 | 2,202 | ||||||||||
FLORIDA 5.6% | ||||||||||||
Avenir Community Development District, Florida Special Assessment Bonds, Series 2023 | ||||||||||||
5.625% due 05/01/2054 | 1,715 | 1,721 | ||||||||||
Babcock Ranch Community Independent Special District, Florida Special Assessment Bonds, Series 2022 | ||||||||||||
5.000% due 05/01/2042 | 1,230 | 1,200 | ||||||||||
Central Florida Expressway Authority Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 07/01/2041 | 4,290 | 4,313 | ||||||||||
Charlotte County Industrial Development Authority, Florida Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 10/01/2051 | 1,250 | 1,030 | ||||||||||
Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 08/01/2050 | 3,700 | 3,460 | ||||||||||
Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2019 | ||||||||||||
4.000% due 10/01/2048 | 5,000 | 5,000 | ||||||||||
4.000% due 10/01/2049 | 2,500 | 2,449 | ||||||||||
Miami-Dade Seaport Department, Florida Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 10/01/2047 | 3,800 | 4,064 | ||||||||||
Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 10/01/2053 | 2,110 | 2,255 | ||||||||||
Palm Beach County, Florida Health Facilities Authority Revenue Bonds, Series 2022 | ||||||||||||
5.000% due 11/01/2052 | 2,850 | 2,933 | ||||||||||
Tampa-Hillsborough County, Florida Expressway Authority Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 07/01/2042 | 5,300 | 5,285 | ||||||||||
33,710 | ||||||||||||
GEORGIA 5.6% | ||||||||||||
Atlanta Development Authority, Georgia Revenue Bonds, Series 2015 | ||||||||||||
5.000% due 07/01/2044 | 3,895 | 3,918 | ||||||||||
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 | 7,000 | 7,148 | ||||||||||
Municipal Electric Authority of Georgia Revenue Bonds, Series 2015 | ||||||||||||
5.000% due 07/01/2060 | 19,680 | 19,759 | ||||||||||
Municipal Electric Authority of Georgia Revenue Bonds, Series 2022 | ||||||||||||
5.000% due 07/01/2052 | 1,000 | 1,040 | ||||||||||
33,552 | ||||||||||||
ILLINOIS 12.8% | ||||||||||||
Chicago Board of Education, Illinois General Obligation Bonds, Series 2018 | ||||||||||||
5.000% due 12/01/2046 | 7,000 | 6,981 | ||||||||||
Chicago O’Hare International Airport, Illinois Revenue Bonds, (AGM Insured), Series 2020 | ||||||||||||
4.000% due 01/01/2039 | 3,000 | 3,061 |
60 | PIMCO CLOSED-END FUNDS | See Accompanying Notes |
December 31, 2023 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
Chicago O’Hare International Airport, Illinois Revenue Bonds, Series 2018 | ||||||||||||
4.000% due 01/01/2044 | $ | 3,000 | $ | 3,028 | ||||||||
Chicago Park District, Illinois General Obligation Bonds, Series 2020 | ||||||||||||
4.000% due 01/01/2036 | 1,300 | 1,336 | ||||||||||
Chicago, Illinois General Obligation Bonds, Series 2007 | ||||||||||||
5.500% due 01/01/2035 | 4,000 | 4,052 | ||||||||||
Chicago, Illinois Revenue Bonds, Series 2002 | ||||||||||||
5.000% due 01/01/2029 | 2,000 | 2,036 | ||||||||||
Illinois Finance Authority Revenue Bonds, Series 2017 | ||||||||||||
5.000% due 02/15/2037 ^(a) | 2,155 | 582 | ||||||||||
Illinois Finance Authority Revenue Bonds, Series 2019 | ||||||||||||
5.000% due 11/01/2035 ^(a) | 2,000 | 1,856 | ||||||||||
Illinois State General Obligation Bonds, Series 2017 | ||||||||||||
5.000% due 11/01/2029 | 1,000 | 1,071 | ||||||||||
Illinois State General Obligation Bonds, Series 2018 | ||||||||||||
4.625% due 05/01/2037 | 2,175 | 2,245 | ||||||||||
5.000% due 05/01/2041 | 1,500 | 1,563 | ||||||||||
Illinois State General Obligation Notes, Series 2017 | ||||||||||||
5.000% due 11/01/2025 | 12,590 | 13,021 | ||||||||||
5.000% due 11/01/2027 | 6,140 | 6,602 | ||||||||||
Illinois State Toll Highway Authority Revenue Bonds, Series 2016 | ||||||||||||
5.000% due 01/01/2041 | 12,500 | 12,860 | ||||||||||
Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (AGM/CR/NPFGC Insured), Series 2002 | ||||||||||||
0.000% due 12/15/2040 (b) | 6,000 | 3,067 | ||||||||||
Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2012 | ||||||||||||
0.000% due 12/15/2051 (b) | 5,000 | 1,337 | ||||||||||
Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2022 | ||||||||||||
0.000% due 12/15/2036 (b) | 1,750 | 1,085 | ||||||||||
0.000% due 06/15/2037 (b) | 1,000 | 603 | ||||||||||
Regional Transportation Authority, Illinois Revenue Bonds, Series 2018 | ||||||||||||
5.000% due 06/01/2038 | 8,000 | 8,599 | ||||||||||
Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2018 | ||||||||||||
4.000% due 01/01/2048 | 1,400 | 1,361 | ||||||||||
76,346 | ||||||||||||
INDIANA 1.7% | ||||||||||||
Indiana Finance Authority Midwestern Disaster Relief Revenue Bonds, Series 2012 | ||||||||||||
4.250% due 11/01/2030 | 3,000 | 3,044 | ||||||||||
Indiana Finance Authority Revenue Bonds, Series 2019 | ||||||||||||
7.000% due 03/01/2039 | 2,920 | 2,182 | ||||||||||
Indiana Health & Educational Facilities Financing Authority Revenue Bonds, Series 2006 | ||||||||||||
4.000% due 11/15/2046 | 1,000 | 963 | ||||||||||
Indianapolis Local Public Improvement Bond Bank Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 01/01/2053 | 1,000 | 1,082 | ||||||||||
6.000% due 03/01/2053 | 2,500 | 2,733 | ||||||||||
10,004 | ||||||||||||
IOWA 2.6% | ||||||||||||
Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2012 | ||||||||||||
4.750% due 08/01/2042 | 2,000 | 1,971 | ||||||||||
Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | ||||||||||||
5.000% due 12/01/2050 | 10,715 | 11,206 | ||||||||||
Iowa Finance Authority Revenue Bonds, Series 2014 | ||||||||||||
5.400% due 11/15/2046 | 680 | 693 | ||||||||||
Iowa Finance Authority Revenue Bonds, Series 2022 | ||||||||||||
8.000% due 01/01/2042 | 1,900 | 1,772 | ||||||||||
15,642 | ||||||||||||
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
LOUISIANA 3.8% | ||||||||||||
Louisiana Gasoline & Fuels Tax State Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 05/01/2045 | $ | 7,000 | $ | 6,998 | ||||||||
Louisiana Public Facilities Authority Revenue Bonds, Series 2017 | ||||||||||||
5.000% due 05/15/2042 | 7,750 | 7,986 | ||||||||||
Louisiana Public Facilities Authority Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 10/15/2052 | 4,125 | 4,485 | ||||||||||
Parish of St James, Louisiana Revenue Bonds, Series 2010 | ||||||||||||
6.350% due 10/01/2040 | 2,800 | 3,056 | ||||||||||
22,525 | ||||||||||||
MAINE 0.3% | ||||||||||||
Maine Health & Higher Educational Facilities Authority Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 07/01/2050 | 2,000 | 1,931 | ||||||||||
MARYLAND 0.2% | ||||||||||||
Maryland Economic Development Corp. Revenue Bonds, Series 2020 | ||||||||||||
4.250% due 07/01/2050 | 1,400 | 1,265 | ||||||||||
MASSACHUSETTS 1.4% | ||||||||||||
Commonwealth of Massachusetts Transportation Fund Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 06/01/2053 | 5,300 | 5,855 | ||||||||||
Massachusetts Development Finance Agency Revenue Bonds, Series 2010 | ||||||||||||
7.625% due 10/15/2037 ^(a) | 444 | 4 | ||||||||||
Massachusetts Development Finance Agency Revenue Bonds, Series 2016 | ||||||||||||
5.000% due 01/01/2047 | 2,500 | 2,523 | ||||||||||
8,382 | ||||||||||||
MICHIGAN 2.9% | ||||||||||||
Great Lakes Water Authority Sewage Disposal System, Michigan Revenue Bonds, Series 2023 | ||||||||||||
5.250% due 07/01/2048 | 4,000 | 4,562 | ||||||||||
Great Lakes Water Authority Water Supply System, Michigan Revenue Bonds, Series 2023 | ||||||||||||
5.250% due 07/01/2048 | 2,000 | 2,281 | ||||||||||
Michigan Finance Authority Hospital Revenue Refunding Bonds, Series 2022 | ||||||||||||
4.000% due 04/15/2042 | 2,000 | 1,997 | ||||||||||
Michigan Finance Authority Revenue Bonds, Series 2017 | ||||||||||||
5.000% due 12/01/2046 | 4,945 | 5,059 | ||||||||||
Michigan Finance Authority Revenue Bonds, Series 2020 | ||||||||||||
4.800% due 09/01/2040 | 185 | 153 | ||||||||||
5.000% due 09/01/2050 | 300 | 235 | ||||||||||
Michigan Finance Authority Revenue Notes, Series 2020 | ||||||||||||
4.300% due 09/01/2030 | 100 | 91 | ||||||||||
Michigan State Housing Development Authority Revenue Bonds, Series 2015 | ||||||||||||
4.350% due 10/01/2045 | 2,000 | 2,000 | ||||||||||
Michigan Tobacco Settlement Finance Authority Revenue Bonds, Series 2008 | ||||||||||||
0.000% due 06/01/2058 (b) | 25,000 | 1,055 | ||||||||||
17,433 | ||||||||||||
MINNESOTA 0.9% | ||||||||||||
Duluth Economic Development Authority Health Care Facilities, Minnesota Revenue Bonds, Series 2022 | ||||||||||||
5.250% due 06/15/2047 | 2,000 | 2,063 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
Rochester, Minnesota Revenue Bonds, Series 2018 | ||||||||||||
4.000% due 11/15/2048 | $ | 3,500 | $ | 3,467 | ||||||||
5,530 | ||||||||||||
MISSISSIPPI 0.0% | ||||||||||||
Mississippi Development Bank Revenue Bonds, (AMBAC Insured), Series 1999 | ||||||||||||
5.000% due 07/01/2024 | 40 | 40 | ||||||||||
MISSOURI 2.7% | ||||||||||||
Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2013 | ||||||||||||
5.000% due 11/15/2044 | 10,000 | 10,006 | ||||||||||
Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2019 | ||||||||||||
4.000% due 02/15/2037 | 510 | 521 | ||||||||||
5.000% due 02/15/2036 | 425 | 457 | ||||||||||
Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2023 | ||||||||||||
5.500% due 12/01/2048 | 2,700 | 3,054 | ||||||||||
Missouri Development Finance Board Revenue Bonds, Series 2022 | ||||||||||||
5.250% due 05/01/2055 | 2,000 | 2,163 | ||||||||||
16,201 | ||||||||||||
NEBRASKA 0.4% | ||||||||||||
University of Nebraska Facilities Corp Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 07/15/2062 | 2,650 | 2,547 | ||||||||||
NEVADA 1.2% | ||||||||||||
Las Vegas Convention & Visitors Authority, Nevada Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 07/01/2049 | 4,450 | 4,873 | ||||||||||
Reno, Nevada Revenue Bonds, Series 2018 | ||||||||||||
0.000% due 07/01/2058 (b) | 24,000 | 2,487 | ||||||||||
7,360 | ||||||||||||
NEW HAMPSHIRE 0.9% | ||||||||||||
New Hampshire Business Finance Authority Revenue Bonds, Series 2023 | ||||||||||||
4.837% due 07/20/2036 | 5,502 | 5,441 | ||||||||||
NEW JERSEY 6.6% | ||||||||||||
Cherry Hill Township School District, New Jersey General Obligation Bonds, Series 2022 | ||||||||||||
4.000% due 08/01/2040 | 6,400 | 6,555 | ||||||||||
Federal Home Loan Mortgage Corp. Enhanced Receipt, New Jersey Revenue Bonds, Series 2019 | ||||||||||||
3.870% due 11/15/2035 (e) | 155 | 145 | ||||||||||
New Jersey Economic Development Authority Revenue Bonds, Series 2016 | ||||||||||||
5.000% due 06/15/2041 | 5,000 | 5,363 | ||||||||||
New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series 2013 | ||||||||||||
5.500% due 07/01/2043 | 4,000 | 4,004 | ||||||||||
New Jersey Transportation Trust Fund Authority Revenue Bonds, (AGM Insured), Series 2006 | ||||||||||||
0.000% due 12/15/2034 (b) | 2,500 | 1,770 | ||||||||||
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2018 | ||||||||||||
5.000% due 12/15/2036 | 1,500 | 1,631 | ||||||||||
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2019 | ||||||||||||
5.250% due 06/15/2043 | 4,000 | 4,272 | ||||||||||
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023 | ||||||||||||
5.250% due 06/15/2050 | 2,650 | 2,943 |
See Accompanying Notes | ANNUAL REPORT | | | DECEMBER 31, 2023 | 61 |
Consolidated Schedule of Investments | PIMCO Municipal Income Fund II | (Cont.) |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
South Jersey Port Corp., New Jersey Revenue Bonds, Series 2017 | ||||||||||||
5.000% due 01/01/2049 | $ | 1,010 | $ | 1,042 | ||||||||
Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018 | ||||||||||||
5.000% due 06/01/2046 | 11,465 | 11,642 | ||||||||||
39,367 | ||||||||||||
NEW YORK 21.6% | ||||||||||||
Build NYC Resource Corp., New York Revenue Bonds, Series 2023 | ||||||||||||
5.250% due 07/01/2057 | 1,000 | 1,043 | ||||||||||
Erie County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured), Series 2023 | ||||||||||||
4.250% due 02/01/2041 | 2,600 | 2,595 | ||||||||||
Monroe County Industrial Development Corp, New York Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 07/01/2053 | 2,500 | 2,762 | ||||||||||
Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 07/01/2050 | 4,130 | 4,072 | ||||||||||
Nassau County, New York Industrial Development Agency Revenue Bonds, Series 2021 | ||||||||||||
0.000% due 01/01/2058 ^(a) | 751 | 180 | ||||||||||
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022 | ||||||||||||
5.000% due 06/15/2047 | 6,000 | 6,682 | ||||||||||
5.250% due 06/15/2052 | 6,000 | 6,749 | ||||||||||
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 | ||||||||||||
5.250% due 06/15/2053 | 1,800 | 2,043 | ||||||||||
New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 | ||||||||||||
5.500% due 11/01/2045 | 5,000 | 5,862 | ||||||||||
New York Liberty Development Corp. Revenue Bonds, Series 2005 | ||||||||||||
5.250% due 10/01/2035 (d) | 11,505 | 13,696 | ||||||||||
New York Liberty Development Corp. Revenue Bonds, Series 2014 | ||||||||||||
5.000% due 11/15/2044 | 9,250 | 9,202 | ||||||||||
New York Liberty Development Corp. Revenue Bonds, Series 2021 | ||||||||||||
2.875% due 11/15/2046 | 3,775 | 2,882 | ||||||||||
New York Power Authority Revenue Bonds, (AGM Insured), Series 2022 | ||||||||||||
4.000% due 11/15/2061 | 2,000 | 1,956 | ||||||||||
New York Power Authority Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 11/15/2060 | 3,500 | 3,444 | ||||||||||
New York State Dormitory Authority Northwell Health Obligated Group Revenue Bonds, Series 2022 | ||||||||||||
5.000% due 05/01/2052 | 2,000 | 2,136 | ||||||||||
New York State Dormitory Authority Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 02/15/2047 | 4,000 | 3,983 | ||||||||||
New York State Dormitory Authority Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 03/15/2048 | 8,000 | 7,978 | ||||||||||
New York State Thruway Authority Revenue Bonds, Series 2019 | ||||||||||||
4.000% due 01/01/2039 | 2,900 | 2,946 | ||||||||||
4.000% due 01/01/2050 | 1,305 | 1,281 | ||||||||||
New York State Thruway Authority Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 03/15/2047 | 7,375 | 7,402 | ||||||||||
New York State Urban Development Corp. Revenue Bonds, Series 2019 | ||||||||||||
4.000% due 03/15/2045 | 2,900 | 2,924 | ||||||||||
New York State Urban Development Corp. Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 03/15/2047 | 6,250 | 6,282 | ||||||||||
New York State Urban Development Corp. Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 03/15/2051 | 2,500 | 2,774 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 | ||||||||||||
5.125% due 06/30/2060 | $ | 5,500 | $ | 5,772 | ||||||||
Onondaga County, New York Trust for Cultural Resources Revenue Bonds, Series 2019 | ||||||||||||
4.000% due 12/01/2047 | 2,250 | 2,253 | ||||||||||
Port Authority of New York & New Jersey Revenue Bonds, Series 2017 | ||||||||||||
5.250% due 10/15/2057 | 3,300 | 3,447 | ||||||||||
Suffolk Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 06/01/2050 | 2,920 | 2,670 | ||||||||||
Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022 | ||||||||||||
4.000% due 05/15/2057 | 6,000 | 5,823 | ||||||||||
Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2021 | ||||||||||||
5.000% due 05/15/2051 | 6,125 | 6,640 | ||||||||||
Utility Debt Securitization Authority, New York Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 12/15/2050 | 1,580 | 1,786 | ||||||||||
129,265 | ||||||||||||
NORTH CAROLINA 0.5% | ||||||||||||
North Carolina Turnpike Authority Revenue Bonds, Series 2018 | ||||||||||||
4.000% due 01/01/2039 | 3,000 | 3,039 | ||||||||||
NORTH DAKOTA 0.1% | ||||||||||||
Grand Forks County, North Dakota Revenue Bonds, Series 2021 | ||||||||||||
7.000% due 12/15/2043 ^(a) | 1,950 | 390 | ||||||||||
OHIO 6.4% | ||||||||||||
Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 | ||||||||||||
0.000% due 06/01/2057 (b) | 79,500 | 8,552 | ||||||||||
Canton City School District, Ohio General Obligation Bonds, Series 2023 | ||||||||||||
5.500% due 12/01/2050 | 3,700 | 4,141 | ||||||||||
Geisinger Authority, Ohio Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 02/15/2047 | 11,000 | 10,353 | ||||||||||
Montgomery County, Ohio Dayton Children’s Hospital Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 08/01/2046 | 5,500 | 5,395 | ||||||||||
Ohio Air Quality Development Authority Dayton Power And Light Company Project Revenue Bonds , Series 2015 | ||||||||||||
4.250% due 11/01/2040 | 3,000 | 3,028 | ||||||||||
Ohio Air Quality Development Authority Revenue Bonds, Series 2019 | ||||||||||||
5.000% due 07/01/2049 | 2,500 | 2,291 | ||||||||||
Ohio Air Quality Development Authority Revenue Notes, Series 2019 | ||||||||||||
3.250% due 09/01/2029 | 1,700 | 1,644 | ||||||||||
Southern Ohio Port Authority Revenue Notes, Series 2020 | ||||||||||||
6.500% due 12/01/2030 | 2,600 | 1,970 | ||||||||||
Worthington City School District, Ohio General Obligation Bonds, Series 2023 | ||||||||||||
5.500% due 12/01/2054 | 1,060 | 1,202 | ||||||||||
38,576 | ||||||||||||
OKLAHOMA 1.6% | ||||||||||||
Oklahoma Development Finance Authority Revenue Bonds, Series 2018 | ||||||||||||
5.500% due 08/15/2052 | 2,000 | 2,009 | ||||||||||
Oklahoma Development Finance Authority Revenue Bonds, Series 2021 | ||||||||||||
8.000% due 12/01/2041 | 1,750 | 1,396 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
Oklahoma Turnpike Authority Revenue Bonds, Series 2023 | ||||||||||||
4.500% due 01/01/2053 | $ | 5,900 | $ | 5,997 | ||||||||
9,402 | ||||||||||||
OREGON 1.1% | ||||||||||||
Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 08/15/2039 | 1,545 | 1,565 | ||||||||||
Multnomah County School District 40, Oregon General Obligation Bonds, Series 2023 | ||||||||||||
0.000% due 06/15/2051 (b) | 3,700 | 961 | ||||||||||
Washington & Multnomah Counties School District No 48J Beaverton, Oregon General Obligation Bonds, Series 2022 | ||||||||||||
0.000% due 06/15/2048 (b) | 5,195 | 1,628 | ||||||||||
5.000% due 06/15/2052 | 2,000 | 2,188 | ||||||||||
6,342 | ||||||||||||
PENNSYLVANIA 5.7% | ||||||||||||
Bucks County, Pennsylvania Water and Sewer Authority Revenue Bonds, (AGM Insured), Series 2022 | ||||||||||||
4.250% due 12/01/2047 | 1,800 | 1,841 | ||||||||||
Commonwealth of Pennsylvania General Obligation Bonds, Series 2023 | ||||||||||||
4.000% due 09/01/2042 | 6,625 | 6,798 | ||||||||||
Montgomery County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2023 | ||||||||||||
4.450% due 10/01/2034 | 3,000 | 3,049 | ||||||||||
Pennsylvania Economic Development Financing Authority Revenue Bonds, (AGM Insured), Series 2022 | ||||||||||||
5.750% due 12/31/2062 | 7,000 | 7,749 | ||||||||||
Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2021 | ||||||||||||
9.000% due 04/01/2051 | 3,400 | 3,751 | ||||||||||
Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2015 | ||||||||||||
5.000% due 09/01/2045 | 4,915 | 4,945 | ||||||||||
Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2018 | ||||||||||||
4.000% due 02/15/2043 | 4,800 | 4,827 | ||||||||||
Philadelphia Authority for Industrial Development, Pennsylvania Revenue Bonds, Series 2017 | ||||||||||||
5.500% due 12/01/2058 | 1,000 | 912 | ||||||||||
33,872 | ||||||||||||
PUERTO RICO 6.1% | ||||||||||||
Children’s Trust Fund, Puerto Rico Revenue Bonds, Series 2008 | ||||||||||||
0.000% due 05/15/2057 (b) | 63,000 | 4,787 | ||||||||||
Commonwealth of Puerto Rico Bonds, Series 2022 | ||||||||||||
0.000% due 11/01/2043 | 6,411 | 3,502 | ||||||||||
0.000% due 11/01/2051 | 7,819 | 3,674 | ||||||||||
Commonwealth of Puerto Rico General Obligation Bonds, Series 2021 | ||||||||||||
0.000% due 07/01/2033 (b) | 3,750 | 2,343 | ||||||||||
4.000% due 07/01/2041 | 3,500 | 3,222 | ||||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | ||||||||||||
0.000% due 07/01/2051 (b) | 52,000 | 12,208 | ||||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | ||||||||||||
4.784% due 07/01/2058 | 7,005 | 6,922 | ||||||||||
36,658 | ||||||||||||
RHODE ISLAND 3.1% | ||||||||||||
Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015 | ||||||||||||
5.000% due 06/01/2050 | 18,450 | 18,529 | ||||||||||
62 | PIMCO CLOSED-END FUNDS | See Accompanying Notes |
December 31, 2023 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
SOUTH CAROLINA 1.7% | ||||||||||||
South Carolina Public Service Authority Revenue Obligations Revenue Bonds, Series 2013 | ||||||||||||
5.500% due 12/01/2053 | $ | 10,000 | $ | 10,003 | ||||||||
TENNESSEE 1.2% | ||||||||||||
Shelby County, Tennessee Health Educational & Housing Facilities Board Revenue Bonds, Series 2019 | ||||||||||||
5.750% due 10/01/2049 | 1,550 | 1,153 | ||||||||||
Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2006 | ||||||||||||
5.000% due 02/01/2027 | 6,000 | 6,116 | ||||||||||
7,269 | ||||||||||||
TEXAS 22.8% | ||||||||||||
Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021 | ||||||||||||
7.500% due 12/01/2045 | 1,345 | 890 | ||||||||||
12.000% due 12/01/2045 | 2,250 | 1,950 | ||||||||||
Board of Regents of the University of Texas System Revenue Bonds, Series 2022 | ||||||||||||
4.000% due 08/15/2052 | 6,500 | 6,501 | ||||||||||
Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2023 | ||||||||||||
12.000% due 06/01/2043 | 4,000 | 4,030 | ||||||||||
Calhoun County, Texas Navigation Industrial Development Authority Revenue Notes, Series 2021 | ||||||||||||
3.625% due 07/01/2026 | 2,600 | 2,416 | ||||||||||
Central Texas Turnpike System Revenue Bonds, Series 2015 | ||||||||||||
0.000% due 08/15/2036 (b) | 2,500 | 1,453 | ||||||||||
0.000% due 08/15/2037 (b) | 8,000 | 4,439 | ||||||||||
Clifton Higher Education Finance Corp., Texas Revenue Bonds, Series 2018 | ||||||||||||
6.125% due 08/15/2048 | 1,750 | 1,772 | ||||||||||
Coppell Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | ||||||||||||
4.250% due 08/15/2053 | 2,000 | 2,035 | ||||||||||
Corpus Christi Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | ||||||||||||
4.125% due 08/15/2053 | 2,800 | 2,828 | ||||||||||
Dallas Area Rapid Transit, Texas Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 12/01/2051 | 5,250 | 5,177 | ||||||||||
Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2022 | ||||||||||||
5.000% due 11/01/2039 | 2,000 | 2,300 | ||||||||||
Edgewood Independent School District/Van Zandt County, Texas General Obligation Bonds, (PSF Insured), Series 2023 | ||||||||||||
4.000% due 02/15/2048 | 2,800 | 2,823 | ||||||||||
EP Tuscany Zaragosa PFC, Texas Revenue Notes, Series 2023 | ||||||||||||
4.000% due 12/01/2033 | 7,455 | 7,411 | ||||||||||
Fort Bend County Texas Public Facility Corp. Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 03/01/2048 | 7,125 | 7,801 | ||||||||||
Garland Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | ||||||||||||
5.000% due 02/15/2048 | 6,600 | 7,358 | ||||||||||
Grand Parkway Transportation Corp., Texas Revenue Bonds, (AGM/CR Insured), Series 2020 | ||||||||||||
4.000% due 10/01/2049 | 2,100 | 2,097 | ||||||||||
Hays Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | ||||||||||||
5.000% due 02/15/2048 | 3,000 | 3,294 | ||||||||||
Houston, Texas Combined Utility System Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 11/15/2049 | 1,510 | 1,502 | ||||||||||
Lamar Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | ||||||||||||
4.000% due 02/15/2048 | 2,500 | 2,527 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
Lamar Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | ||||||||||||
5.000% due 02/15/2053 | $ | 10,600 | $ | 11,729 | ||||||||
Medina Valley Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | ||||||||||||
4.500% due 02/15/2047 | 2,000 | 2,095 | ||||||||||
New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2016 | ||||||||||||
5.000% due 07/01/2046 ^(a) | 1,030 | 706 | ||||||||||
New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2021 | ||||||||||||
5.250% due 01/01/2042 | 3,250 | 2,494 | ||||||||||
North Texas Tollway Authority Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 01/01/2043 | 3,590 | 3,600 | ||||||||||
North Texas Tollway Authority Revenue Bonds, Series 2018 | ||||||||||||
5.000% due 01/01/2048 | 1,000 | 1,046 | ||||||||||
San Antonio Public Facilities Corp., Texas Revenue Bonds, Series 2012 | ||||||||||||
4.000% due 09/15/2042 | 10,000 | 10,000 | ||||||||||
Southwest Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | ||||||||||||
4.000% due 02/01/2053 | 5,000 | 5,001 | ||||||||||
Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2017 | ||||||||||||
6.750% due 11/15/2047 | 1,000 | 1,012 | ||||||||||
Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022 | ||||||||||||
5.000% due 11/15/2051 | 3,140 | 3,350 | ||||||||||
Tarrant County, Texas Hospital District General Obligation Bonds, Series 2023 | ||||||||||||
5.250% due 08/15/2048 | 6,300 | 7,018 | ||||||||||
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2008 | ||||||||||||
6.250% due 12/15/2026 | 8,350 | 8,740 | ||||||||||
Texas Water Development Board Revenue Bonds, Series 2022 | ||||||||||||
4.800% due 10/15/2052 | 1,800 | 1,934 | ||||||||||
5.000% due 10/15/2057 | 5,395 | 5,927 | ||||||||||
West Harris County, Texas Regional Water Authority Revenue Bonds, (BAM Insured), Series 2021 | ||||||||||||
4.000% due 12/15/2060 | 1,250 | 1,198 | ||||||||||
136,454 | ||||||||||||
UTAH 0.7% | ||||||||||||
Mida Mountain Village Public Infrastructure District, Utah Special Assessment Notes, Series 2021 | ||||||||||||
4.000% due 08/01/2031 | 1,000 | 946 | ||||||||||
Military Installation Development Authority, Utah Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 06/01/2052 | 2,000 | 1,497 | ||||||||||
Ogden City Redevelopment Agency, Utah Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 01/15/2053 | 1,440 | 1,568 | ||||||||||
4,011 | ||||||||||||
VIRGINIA 1.0% | ||||||||||||
Virginia Housing Development Authority Revenue Bonds, (FHA Insured), Series 2023 | ||||||||||||
5.125% due 10/01/2048 | 2,210 | 2,404 | ||||||||||
Virginia Small Business Financing Authority Revenue Bonds, Series 2019 | ||||||||||||
0.000% due 07/01/2061 (b) | 51,000 | 1,594 | ||||||||||
5.000% due 07/01/2034 | 2,445 | 2,284 | ||||||||||
6,282 | ||||||||||||
WASHINGTON 0.5% | ||||||||||||
Washington State Convention Center Public Facilities District Revenue Bonds, Series 2018 | ||||||||||||
4.000% due 07/01/2058 | 2,960 | 2,719 | ||||||||||
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
WEST VIRGINIA 1.5% | ||||||||||||
Monongalia County, West Virginia Commission Special District Revenue Bonds, Series 2017 | ||||||||||||
5.500% due 06/01/2037 | $ | 2,000 | $ | 2,060 | ||||||||
West Virginia Economic Development Authority Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 06/15/2040 | 7,110 | 7,207 | ||||||||||
9,267 | ||||||||||||
WISCONSIN 5.5% | ||||||||||||
Public Finance Authority, Wisconsin Revenue Bonds, Series 2017 | ||||||||||||
6.750% due 08/01/2031 | 500 | 365 | ||||||||||
7.000% due 01/01/2050 | 4,500 | 4,921 | ||||||||||
Public Finance Authority, Wisconsin Revenue Bonds, Series 2018 | ||||||||||||
6.375% due 01/01/2048 | 4,000 | 1,800 | ||||||||||
Public Finance Authority, Wisconsin Revenue Bonds, Series 2020 | ||||||||||||
0.000% due 01/01/2060 (b) | 15,000 | 798 | ||||||||||
Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 09/30/2051 | 1,700 | 1,445 | ||||||||||
4.000% due 03/31/2056 | 900 | 746 | ||||||||||
4.500% due 06/01/2056 | 2,900 | 2,249 | ||||||||||
Public Finance Authority, Wisconsin Revenue Bonds, Series 2022 | ||||||||||||
5.000% due 10/01/2052 | 5,500 | 5,856 | ||||||||||
Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020 | ||||||||||||
0.000% due 12/15/2045 (b) | 3,855 | 1,496 | ||||||||||
0.000% due 12/15/2055 (b) | 20,420 | 4,784 | ||||||||||
Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016 | ||||||||||||
4.000% due 11/15/2046 | 4,345 | 4,455 | ||||||||||
Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2022 | ||||||||||||
4.000% due 12/01/2051 | 4,470 | 4,278 | ||||||||||
33,193 | ||||||||||||
Total Municipal Bonds & Notes (Cost $937,543) | 958,786 | |||||||||||
NON-AGENCY MORTGAGE-BACKED SECURITIES 0.4% | ||||||||||||
Freddie Mac | ||||||||||||
4.141% due 01/25/2040 | 2,985 | 2,699 | ||||||||||
Total Non-Agency Mortgage-Backed Securities (Cost $2,803) | 2,699 | |||||||||||
SHORT-TERM INSTRUMENTS 0.2% | ||||||||||||
REPURCHASE AGREEMENTS (f) 0.2% | ||||||||||||
987 | ||||||||||||
Total Short-Term Instruments (Cost $987) | 987 | |||||||||||
Total Investments in Securities (Cost $948,433) | 969,878 | |||||||||||
Total Investments 162.0% (Cost $948,433) | $ | 969,878 | ||||||||||
Auction Rate Preferred Shares (40.0)% | (239,650 | ) | ||||||||||
Remarketable Variable Rate MuniFund Term Preferred Shares, at liquidation value (20.7)% | (123,904 | ) | ||||||||||
Other Assets and Liabilities, net (1.3)% | (7,689 | ) | ||||||||||
Net Assets Applicable to Common Shareholders 100.0% | $ | 598,635 | ||||||||||
See Accompanying Notes | ANNUAL REPORT | | | DECEMBER 31, 2023 | 63 |
Consolidated Schedule of Investments | PIMCO Municipal Income Fund II | (Cont.) |
* | A zero balance may reflect actual amounts rounding to less than one thousand. |
^ | Security is in default. |
« | Security valued using significant unobservable inputs (Level 3). |
µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments. |
(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) | 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. |
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 | $ 175 | $ | 145 | 0.02% | |||||||||||||||
Counterparty | Lending Rate | Settlement Date | Maturity Date | Principal Amount | Collateralized By | Collateral (Received) | Repurchase Agreements, at Value | Repurchase Agreement Proceeds to be Received (1) | ||||||||||||||||||||||
FICC | 2.600 | % | 12/29/2023 | 01/02/2024 | $ | 987 | U.S. Treasury Notes 4.875% due 11/30/2025 | $ | (1,007 | ) | $ | 987 | $ | 987 | ||||||||||||||||
Total Repurchase Agreements | $ | (1,007 | ) | $ | 987 | $ | 987 | |||||||||||||||||||||||
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 | $ | 987 | $ | 0 | $ | 0 | $ | 987 | $ | (1,007 | ) | $ | (20 | ) | ||||||||||
Total Borrowings and Other Financing Transactions | $ | 987 | $ | 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. |
Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value at 12/31/2023 | ||||||||||||
Investments in Securities, at Value | ||||||||||||||||
Loan Participations and Assignments | $ | 0 | $ | 0 | $ | 7,406 | $ | 7,406 | ||||||||
Municipal Bonds & Notes | ||||||||||||||||
Alabama | 0 | 37,446 | 0 | 37,446 | ||||||||||||
Alaska | 0 | 2,622 | 0 | 2,622 | ||||||||||||
Arizona | 0 | 54,356 | 0 | 54,356 | ||||||||||||
Arkansas | 0 | 2,094 | 0 | 2,094 |
Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value at 12/31/2023 | ||||||||||||
California | $ | 0 | $ | 29,659 | $ | 0 | $ | 29,659 | ||||||||
Colorado | 0 | 36,513 | 0 | 36,513 | ||||||||||||
Connecticut | 0 | 5,352 | 0 | 5,352 | ||||||||||||
Delaware | 0 | 5,995 | 0 | 5,995 | ||||||||||||
District of Columbia | 0 | 2,202 | 0 | 2,202 | ||||||||||||
Florida | 0 | 33,710 | 0 | 33,710 | ||||||||||||
Georgia | 0 | 33,552 | 0 | 33,552 |
64 | PIMCO CLOSED-END FUNDS | See Accompanying Notes |
December 31, 2023 |
Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value at 12/31/2023 | ||||||||||||
Illinois | $ | 0 | $ | 76,346 | $ | 0 | $ | 76,346 | ||||||||
Indiana | 0 | 10,004 | 0 | 10,004 | ||||||||||||
Iowa | 0 | 15,642 | 0 | 15,642 | ||||||||||||
Louisiana | 0 | 22,525 | 0 | 22,525 | ||||||||||||
Maine | 0 | 1,931 | 0 | 1,931 | ||||||||||||
Maryland | 0 | 1,265 | 0 | 1,265 | ||||||||||||
Massachusetts | 0 | 8,382 | 0 | 8,382 | ||||||||||||
Michigan | 0 | 17,433 | 0 | 17,433 | ||||||||||||
Minnesota | 0 | 5,530 | 0 | 5,530 | ||||||||||||
Mississippi | 0 | 40 | 0 | 40 | ||||||||||||
Missouri | 0 | 16,201 | 0 | 16,201 | ||||||||||||
Nebraska | 0 | 2,547 | 0 | 2,547 | ||||||||||||
Nevada | 0 | 7,360 | 0 | 7,360 | ||||||||||||
New Hampshire | 0 | 5,441 | 0 | 5,441 | ||||||||||||
New Jersey | 0 | 39,367 | 0 | 39,367 | ||||||||||||
New York | 0 | 129,265 | 0 | 129,265 | ||||||||||||
North Carolina | 0 | 3,039 | 0 | 3,039 | ||||||||||||
North Dakota | 0 | 390 | 0 | 390 | ||||||||||||
Ohio | 0 | 38,576 | 0 | 38,576 |
Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value at 12/31/2023 | ||||||||||||
Oklahoma | $ | 0 | $ | 9,402 | $ | 0 | $ | 9,402 | ||||||||
Oregon | 0 | 6,342 | 0 | 6,342 | ||||||||||||
Pennsylvania | 0 | 33,872 | 0 | 33,872 | ||||||||||||
Puerto Rico | 0 | 36,658 | 0 | 36,658 | ||||||||||||
Rhode Island | 0 | 18,529 | 0 | 18,529 | ||||||||||||
South Carolina | 0 | 10,003 | 0 | 10,003 | ||||||||||||
Tennessee | 0 | 7,269 | 0 | 7,269 | ||||||||||||
Texas | 0 | 136,454 | 0 | 136,454 | ||||||||||||
Utah | 0 | 4,011 | 0 | 4,011 | ||||||||||||
Virginia | 0 | 6,282 | 0 | 6,282 | ||||||||||||
Washington | 0 | 2,719 | 0 | 2,719 | ||||||||||||
West Virginia | 0 | 9,267 | 0 | 9,267 | ||||||||||||
Wisconsin | 0 | 33,193 | 0 | 33,193 | ||||||||||||
Non-Agency Mortgage-Backed Securities | 0 | 2,699 | 0 | 2,699 | ||||||||||||
Short-Term Instruments | ||||||||||||||||
Repurchase Agreements | 0 | 987 | 0 | 987 | ||||||||||||
Total Investments | $ | 0 | $ | 962,472 | $ | 7,406 | $ | 969,878 | ||||||||
Category and Subcategory | Beginning Balance at 12/31/2022 | Net Purchases | Net Sales/ Settlements | Accrued Discounts/ (Premiums) | Realized Gain/(Loss) | Net Change in Unrealized Appreciation/ (Depreciation) (1) | Transfers into Level 3 | Transfers out of Level 3 | Ending Balance at 12/31/2023 | Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 12/31/2023 (1) | ||||||||||||||||||||||||||||||
Investments in Securities, at Value | ||||||||||||||||||||||||||||||||||||||||
Loan Participations and Assignments | $ | 0 | $ | 7,100 | $ | 0 | $ | 0 | $ | 0 | $ | 306 | $ | 0 | $ | 0 | $ | 7,406 | $ | 306 | ||||||||||||||||||||
Totals | $ | 0 | $ | 7,100 | $ | 0 | $ | 0 | $ | 0 | $ | 306 | $ | 0 | $ | 0 | $ | 7,406 | $ | 306 | ||||||||||||||||||||
Category and Subcategory | Ending Balance at 12/31/2023 | Valuation Technique | Unobservable Inputs | (% Unless Noted Otherwise) | ||||||||||||
Input Value(s) | Weighted Average | |||||||||||||||
Investments in Securities, at Value | ||||||||||||||||
Loan Participations and Assignments | $ | 7,406 | Proxy Pricing | Base Price | 100.000-100.721 | 100.118 | ||||||||||
Total | $ | 7,406 | ||||||||||||||
(1) | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2023 may be due to an investment no longer held or categorized as Level 3 at period end. |
See Accompanying Notes | ANNUAL REPORT | | | DECEMBER 31, 2023 | 65 |
Consolidated Schedule of Investments | PIMCO Municipal Income Fund III |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
INVESTMENTS IN SECURITIES 169.5% | ||||||||||||
LOAN PARTICIPATIONS AND ASSIGNMENTS 1.2% | ||||||||||||
Falcon PK | ||||||||||||
TBD% due 11/01/2026 «µ | $ | 500 | $ | 505 | ||||||||
TBD% - 7.947% due 10/26/2063 «µ | 2,700 | 2,835 | ||||||||||
Total Loan Participations and Assignments (Cost $3,200) | 3,340 | |||||||||||
MUNICIPAL BONDS & NOTES 167.9% | ||||||||||||
ALABAMA 6.8% | ||||||||||||
Jefferson County, Alabama Sewer Revenue Bonds, Series 2013 | ||||||||||||
6.500% due 10/01/2053 | 7,500 | 7,878 | ||||||||||
7.900% due 10/01/2050 | 9,000 | 9,450 | ||||||||||
Tuscaloosa County, Alabama Industrial Development Authority Revenue Bonds, Series 2019 | ||||||||||||
5.250% due 05/01/2044 | 1,625 | 1,503 | ||||||||||
18,831 | ||||||||||||
ALASKA 0.4% | ||||||||||||
Municipality of Anchorage, Alaska Solid Waste Services Revenue Bonds, Series 2022 | ||||||||||||
5.250% due 11/01/2062 | 1,165 | 1,247 | ||||||||||
ARIZONA 8.9% | ||||||||||||
Arizona Industrial Development Authority Revenue Bonds, Series 2019 | ||||||||||||
4.500% due 01/01/2031 | 675 | 443 | ||||||||||
4.500% due 01/01/2032 | 710 | 447 | ||||||||||
4.500% due 01/01/2049 | 750 | 431 | ||||||||||
Arizona Industrial Development Authority Revenue Bonds, Series 2020 | ||||||||||||
7.750% due 07/01/2050 ^(b) | 1,200 | 72 | ||||||||||
Industrial Development Authority of the County, Arizona of Pima Revenue Bonds, Series 2020 | ||||||||||||
5.000% due 07/01/2055 | 1,200 | 1,053 | ||||||||||
Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 01/01/2041 | 750 | 752 | ||||||||||
Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2019 | ||||||||||||
4.000% due 01/01/2044 | 3,800 | 3,790 | ||||||||||
Maricopa County, Arizona School District No 83, Cartwright Elementary Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 10/01/2044 | 4,120 | 3,780 | ||||||||||
Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 01/01/2050 | 1,000 | 1,113 | ||||||||||
Salt Verde Financial Corp., Arizona Revenue Bonds, Series 2007 | ||||||||||||
5.000% due 12/01/2037 | 11,600 | 12,936 | ||||||||||
24,817 | ||||||||||||
ARKANSAS 0.3% | ||||||||||||
County of Pulaski Hospital, Arkansas Revenue Bonds, Series 2023 | ||||||||||||
5.250% due 03/01/2053 | 700 | 763 | ||||||||||
CALIFORNIA 4.3% | ||||||||||||
California Statewide Communities Development Authority Revenue Bonds, Series 2016 | ||||||||||||
5.000% due 12/01/2046 | 1,500 | 1,485 | ||||||||||
Folsom Cordova Unified School District, California General Obligation Bonds, (AGM Insured), Series 2019 | ||||||||||||
4.000% due 10/01/2044 | 1,810 | 1,814 | ||||||||||
Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | ||||||||||||
0.000% due 06/01/2066 (c) | 2,500 | 295 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2022 | ||||||||||||
5.000% due 06/01/2051 | $ | 1,050 | $ | 1,101 | ||||||||
Los Angeles County, California Public Works Financing Authority Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 12/01/2046 | 1,490 | 1,523 | ||||||||||
Los Angeles Department of Water & Power, California Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 07/01/2048 | 1,200 | 1,374 | ||||||||||
M-S-R | ||||||||||||
6.500% due 11/01/2039 | 2,000 | 2,577 | ||||||||||
San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 07/01/2051 | 1,100 | 1,053 | ||||||||||
San Francisco, California City & County Public Utilities Commission Wastewater Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 10/01/2048 | 730 | 735 | ||||||||||
11,957 | ||||||||||||
COLORADO 3.8% | ||||||||||||
Colorado Health Facilities Authority Revenue Bonds, Series 2019 | ||||||||||||
4.000% due 01/01/2040 | 2,500 | 2,535 | ||||||||||
4.000% due 08/01/2049 | 2,000 | 1,921 | ||||||||||
Colorado International Center Metropolitan District No 7 General Obligation Bonds, Series 2021 | ||||||||||||
0.000% due 12/01/2051 (d) | 1,615 | 948 | ||||||||||
Colorado State Building Excellent School Certificates of Participation Bonds, Series 2018 | ||||||||||||
4.000% due 03/15/2043 | 1,250 | 1,258 | ||||||||||
Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2022 | ||||||||||||
5.875% due 12/01/2052 | 1,250 | 1,252 | ||||||||||
Harvest Crossing Metropolitan District No 4, Colorado General Obligation Bonds, Series 2022 | ||||||||||||
7.250% due 12/01/2052 | 1,250 | 1,236 | ||||||||||
Public Authority for Colorado Energy Revenue Bonds, Series 2008 | ||||||||||||
6.500% due 11/15/2038 | 500 | 631 | ||||||||||
Senac South Metropolitan District No 1, Colorado General Obligation Bonds, Series 2021 | ||||||||||||
5.250% due 12/01/2051 | 550 | 485 | ||||||||||
Third Creek Metropolitan District No 1, Colorado General Obligation Bonds, Series 2022 | ||||||||||||
4.750% due 12/01/2051 | 500 | 395 | ||||||||||
10,661 | ||||||||||||
CONNECTICUT 1.3% | ||||||||||||
Connecticut Special Tax Revenue State Special Tax Bonds, Series 2020 | ||||||||||||
5.000% due 05/01/2040 | 2,000 | 2,212 | ||||||||||
Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2022 | ||||||||||||
5.000% due 07/01/2047 | 1,380 | 1,488 | ||||||||||
3,700 | ||||||||||||
DELAWARE 4.5% | ||||||||||||
Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022 | ||||||||||||
0.000% due 07/01/2037 | 11,120 | 10,461 | ||||||||||
7.120% due 07/01/2037 | 1,965 | 1,980 | ||||||||||
12,441 | ||||||||||||
DISTRICT OF COLUMBIA 0.8% | ||||||||||||
District of Columbia Revenue Bonds, Series 2022 | ||||||||||||
5.500% due 08/31/2036 | 1,800 | 2,143 | ||||||||||
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
FLORIDA 6.6% | ||||||||||||
Avenir Community Development District, Florida Special Assessment Bonds, Series 2023 | ||||||||||||
5.625% due 05/01/2054 | $ | 795 | $ | 798 | ||||||||
Central Florida Expressway Authority Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 07/01/2041 | 1,940 | 1,950 | ||||||||||
Charlotte County Industrial Development Authority, Florida Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 10/01/2041 | 500 | 447 | ||||||||||
4.000% due 10/01/2051 | 1,250 | 1,030 | ||||||||||
Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 08/01/2050 | 1,800 | 1,683 | ||||||||||
Miami-Dade County, Florida Transit System Revenue Bonds, Series 2018 | ||||||||||||
4.000% due 07/01/2044 | 1,000 | 1,009 | ||||||||||
Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2019 | ||||||||||||
4.000% due 10/01/2049 | 2,500 | 2,449 | ||||||||||
Miami-Dade Seaport Department, Florida Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 10/01/2047 | 1,850 | 1,979 | ||||||||||
Orange County Health Facilities Authority, Florida Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 10/01/2053 | 980 | 1,047 | ||||||||||
South Miami Health Facilities Authority, Florida Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 08/15/2047 | 3,750 | 3,613 | ||||||||||
Tampa-Hillsborough County, Florida Expressway Authority Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 07/01/2042 | 2,450 | 2,443 | ||||||||||
18,448 | ||||||||||||
GEORGIA 5.0% | ||||||||||||
Atlanta Development Authority, Georgia Revenue Bonds, Series 2017 | ||||||||||||
6.750% due 01/01/2035 ^(b) | 1,750 | 788 | ||||||||||
Fayette County, Georgia Hospital Authority Revenue Bonds, Series 2016 | ||||||||||||
5.000% due 07/01/2046 | 3,000 | 3,063 | ||||||||||
Municipal Electric Authority of Georgia Revenue Bonds, Series 2015 | ||||||||||||
5.000% due 07/01/2060 | 10,000 | 10,040 | ||||||||||
13,891 | ||||||||||||
ILLINOIS 15.1% | ||||||||||||
Chicago Board of Education, Illinois General Obligation Bonds, Series 2018 | ||||||||||||
5.000% due 12/01/2046 | 4,000 | 3,989 | ||||||||||
Chicago O’Hare International Airport, Illinois Revenue Bonds, Series 2018 | ||||||||||||
5.000% due 01/01/2048 | 3,800 | 4,003 | ||||||||||
Chicago Park District, Illinois General Obligation Bonds, Series 2020 | ||||||||||||
4.000% due 01/01/2038 | 1,435 | 1,453 | ||||||||||
Chicago, Illinois General Obligation Bonds, Series 2007 | ||||||||||||
5.500% due 01/01/2035 | 400 | 405 | ||||||||||
5.500% due 01/01/2042 | 1,000 | 1,006 | ||||||||||
Chicago, Illinois General Obligation Bonds, Series 2017 | ||||||||||||
6.000% due 01/01/2038 | 3,000 | 3,151 | ||||||||||
Chicago, Illinois Revenue Bonds, Series 2002 | ||||||||||||
5.000% due 01/01/2027 | 1,750 | 1,782 | ||||||||||
Illinois Finance Authority Revenue Bonds, Series 2017 | ||||||||||||
5.000% due 02/15/2037 ^(b) | 1,030 | 278 | ||||||||||
Illinois Finance Authority Revenue Bonds, Series 2019 | ||||||||||||
5.000% due 11/01/2035 ^(b) | 1,010 | 937 | ||||||||||
Illinois State General Obligation Bonds, Series 2018 | ||||||||||||
4.625% due 05/01/2037 | 2,000 | 2,065 | ||||||||||
5.000% due 05/01/2041 | 1,500 | 1,563 | ||||||||||
Illinois State General Obligation Notes, Series 2017 | ||||||||||||
5.000% due 11/01/2025 | 1,150 | 1,189 | ||||||||||
5.000% due 11/01/2027 | 7,000 | 7,526 |
66 | PIMCO CLOSED-END FUNDS | See Accompanying Notes |
December 31, 2023 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
Illinois State Toll Highway Authority Revenue Bonds, Series 2024 | ||||||||||||
5.000% due 01/01/2036 (a) | $ | 5,000 | $ | 6,084 | ||||||||
Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (AGM/CR/NPFGC Insured), Series 2002 | ||||||||||||
0.000% due 12/15/2040 (c) | 2,000 | 1,022 | ||||||||||
Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2012 | ||||||||||||
0.000% due 12/15/2051 (c) | 2,500 | 668 | ||||||||||
Regional Transportation Authority, Illinois Revenue Bonds, Series 2018 | ||||||||||||
5.000% due 06/01/2038 | 3,900 | 4,192 | ||||||||||
Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2018 | ||||||||||||
4.000% due 01/01/2048 | 700 | 681 | ||||||||||
41,994 | ||||||||||||
INDIANA 2.6% | ||||||||||||
Indiana Finance Authority Midwestern Disaster Relief Revenue Bonds, Series 2012 | ||||||||||||
4.250% due 11/01/2030 | 1,400 | 1,420 | ||||||||||
Indiana Finance Authority Revenue Bonds, Series 2019 | ||||||||||||
7.000% due 03/01/2039 | 1,710 | 1,278 | ||||||||||
Indiana Health & Educational Facilities Financing Authority Revenue Bonds, Series 2006 | ||||||||||||
4.000% due 11/15/2046 | 2,500 | 2,407 | ||||||||||
Indianapolis Local Public Improvement Bond Bank Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 01/01/2053 | 1,000 | 1,083 | ||||||||||
6.000% due 03/01/2053 | 1,000 | 1,093 | ||||||||||
7,281 | ||||||||||||
IOWA 3.0% | ||||||||||||
Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2012 | ||||||||||||
4.750% due 08/01/2042 | 1,500 | 1,478 | ||||||||||
Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022 | ||||||||||||
5.000% due 12/01/2050 | 5,455 | 5,704 | ||||||||||
Iowa Finance Authority Revenue Bonds, Series 2014 | ||||||||||||
5.400% due 11/15/2046 | 356 | 364 | ||||||||||
Iowa Finance Authority Revenue Bonds, Series 2022 | ||||||||||||
8.000% due 01/01/2042 | 875 | 816 | ||||||||||
8,362 | ||||||||||||
LOUISIANA 3.7% | ||||||||||||
Louisiana Gasoline & Fuels Tax State Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 05/01/2045 | 4,000 | 3,999 | ||||||||||
Louisiana Public Facilities Authority Revenue Bonds, Series 2017 | ||||||||||||
5.000% due 05/15/2046 | 2,500 | 2,565 | ||||||||||
Louisiana Public Facilities Authority Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 04/01/2050 | 90 | 98 | ||||||||||
Louisiana Public Facilities Authority Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 10/15/2052 | 1,915 | 2,082 | ||||||||||
Parish of St James, Louisiana Revenue Bonds, Series 2010 | ||||||||||||
6.350% due 07/01/2040 | 1,350 | 1,474 | ||||||||||
10,218 | ||||||||||||
MAINE 0.7% | ||||||||||||
Maine Health & Higher Educational Facilities Authority Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 07/01/2045 | 2,000 | 1,984 | ||||||||||
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
MARYLAND 0.2% | ||||||||||||
Maryland Economic Development Corp. Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 07/01/2040 | $ | 500 | $ | 473 | ||||||||
MASSACHUSETTS 1.9% | ||||||||||||
Commonwealth of Massachusetts General Obligation Bonds, Series 2018 | ||||||||||||
4.000% due 05/01/2040 | 1,000 | 1,025 | ||||||||||
Commonwealth of Massachusetts Transportation Fund Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 06/01/2053 | 2,450 | 2,707 | ||||||||||
Massachusetts Development Finance Agency Revenue Bonds, Series 2010 | ||||||||||||
7.625% due 10/15/2037 ^(b) | 228 | 2 | ||||||||||
Massachusetts Development Finance Agency Revenue Bonds, Series 2016 | ||||||||||||
5.000% due 01/01/2047 | 1,000 | 1,009 | ||||||||||
Massachusetts Housing Finance Agency Revenue Bonds, Series 2003 | ||||||||||||
5.125% due 06/01/2043 | 525 | 525 | ||||||||||
5,268 | ||||||||||||
MICHIGAN 5.4% | ||||||||||||
Gerald R Ford International Airport Authority, Michigan Revenue Bonds, Series 2021 | ||||||||||||
5.000% due 01/01/2051 | 2,500 | 2,648 | ||||||||||
Great Lakes Water Authority Sewage Disposal System, Michigan Revenue Bonds, Series 2023 | ||||||||||||
5.250% due 07/01/2048 | 2,875 | 3,279 | ||||||||||
Michigan Finance Authority Revenue Bonds, Series 2017 | ||||||||||||
5.000% due 12/01/2046 | 2,425 | 2,481 | ||||||||||
Michigan State Housing Development Authority Revenue Bonds, Series 2015 | ||||||||||||
4.350% due 10/01/2045 | 920 | 920 | ||||||||||
Michigan Tobacco Settlement Finance Authority Revenue Bonds, Series 2008 | ||||||||||||
0.000% due 06/01/2058 (c) | 12,500 | 527 | ||||||||||
Michigan Trunk Line State Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 11/15/2044 | 5,000 | 5,106 | ||||||||||
14,961 | ||||||||||||
MINNESOTA 0.6% | ||||||||||||
Rochester, Minnesota Revenue Bonds, Series 2018 | ||||||||||||
4.000% due 11/15/2048 | 1,750 | 1,733 | ||||||||||
MISSOURI 2.2% | ||||||||||||
Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2018 | ||||||||||||
4.000% due 11/15/2048 | 3,000 | 2,953 | ||||||||||
Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2019 | ||||||||||||
5.000% due 02/15/2035 | 500 | 540 | ||||||||||
Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2023 | ||||||||||||
5.500% due 12/01/2048 | 1,250 | 1,414 | ||||||||||
Missouri Development Finance Board Revenue Bonds, Series 2022 | ||||||||||||
5.250% due 05/01/2055 | 1,000 | 1,082 | ||||||||||
5,989 | ||||||||||||
NEBRASKA 0.5% | ||||||||||||
University of Nebraska Facilities Corp Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 07/15/2062 | 1,310 | 1,259 | ||||||||||
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
NEVADA 1.1% | ||||||||||||
Las Vegas Convention & Visitors Authority, Nevada Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 07/01/2049 | $ | 1,800 | $ | 1,971 | ||||||||
Reno, Nevada Revenue Bonds, Series 2018 | ||||||||||||
0.000% due 07/01/2058 (c) | 11,000 | 1,140 | ||||||||||
3,111 | ||||||||||||
NEW HAMPSHIRE 1.0% | ||||||||||||
New Hampshire Business Finance Authority Revenue Bonds, Series 2023 | ||||||||||||
4.837% due 07/20/2036 | 2,696 | 2,667 | ||||||||||
NEW JERSEY 8.3% | ||||||||||||
Cherry Hill Township School District, New Jersey General Obligation Bonds, Series 2022 | ||||||||||||
4.000% due 08/01/2040 | 3,000 | 3,073 | ||||||||||
Federal Home Loan Mortgage Corp. Enhanced Receipt, New Jersey Revenue Bonds, Series 2019 | ||||||||||||
3.870% due 11/15/2035 (e) | 74 | 70 | ||||||||||
New Jersey Economic Development Authority Revenue Bonds, Series 2016 | ||||||||||||
5.000% due 06/15/2041 | 5,000 | 5,363 | ||||||||||
New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series 2013 | ||||||||||||
5.500% due 07/01/2043 | 2,000 | 2,002 | ||||||||||
New Jersey Transportation Trust Fund Authority Revenue Bonds, (AGM Insured), Series 2006 | ||||||||||||
0.000% due 12/15/2034 (c) | 3,200 | 2,266 | ||||||||||
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023 | ||||||||||||
5.250% due 06/15/2050 | 1,200 | 1,333 | ||||||||||
South Jersey Port Corp., New Jersey Revenue Bonds, Series 2017 | ||||||||||||
5.000% due 01/01/2049 | 900 | 928 | ||||||||||
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 | 6,625 | ||||||||||
22,949 | ||||||||||||
NEW YORK 19.9% | ||||||||||||
Build NYC Resource Corp., New York Revenue Bonds, Series 2023 | ||||||||||||
5.250% due 07/01/2057 | 2,000 | 2,086 | ||||||||||
Erie County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured), Series 2023 | ||||||||||||
4.250% due 02/01/2041 | 1,200 | 1,197 | ||||||||||
Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2019 | ||||||||||||
4.000% due 11/15/2049 | 2,120 | 2,073 | ||||||||||
Monroe County Industrial Development Corp, New York Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 07/01/2053 | 1,250 | 1,381 | ||||||||||
Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 07/01/2050 | 1,915 | 1,888 | ||||||||||
Nassau County, New York Industrial Development Agency Revenue Bonds, Series 2021 | ||||||||||||
0.000% due 01/01/2058 ^(b) | 785 | 188 | ||||||||||
New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 05/01/2045 | 3,000 | 3,013 | ||||||||||
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2022 | ||||||||||||
5.250% due 06/15/2052 | 2,530 | 2,846 | ||||||||||
New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 | ||||||||||||
5.250% due 06/15/2053 | 800 | 908 |
See Accompanying Notes | ANNUAL REPORT | | | DECEMBER 31, 2023 | 67 |
Consolidated Schedule of Investments | PIMCO Municipal Income Fund III | (Cont.) |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2022 | ||||||||||||
5.500% due 11/01/2045 | $ | 2,250 | $ | 2,638 | ||||||||
New York Liberty Development Corp. Revenue Bonds, Series 2007 | ||||||||||||
5.500% due 10/01/2037 | 1,700 | 2,032 | ||||||||||
New York Liberty Development Corp. Revenue Bonds, Series 2021 | ||||||||||||
2.875% due 11/15/2046 | 1,760 | 1,344 | ||||||||||
New York Power Authority Revenue Bonds, (AGM Insured), Series 2022 | ||||||||||||
4.000% due 11/15/2061 | 925 | 905 | ||||||||||
New York Power Authority Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 11/15/2060 | 1,750 | 1,722 | ||||||||||
New York State Dormitory Authority Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 02/15/2047 | 500 | 498 | ||||||||||
New York State Dormitory Authority Revenue Bonds, Series 2019 | ||||||||||||
5.000% due 03/15/2041 | 1,000 | 1,086 | ||||||||||
New York State Dormitory Authority Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 03/15/2048 | 3,625 | 3,615 | ||||||||||
New York State Thruway Authority Revenue Bonds, Series 2019 | ||||||||||||
4.000% due 01/01/2039 | 5,250 | 5,334 | ||||||||||
4.000% due 01/01/2050 | 620 | 608 | ||||||||||
New York State Urban Development Corp. Revenue Bonds, Series 2019 | ||||||||||||
4.000% due 03/15/2045 | 1,425 | 1,437 | ||||||||||
New York State Urban Development Corp. Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 03/15/2047 | 3,250 | 3,267 | ||||||||||
New York State Urban Development Corp. Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 03/15/2051 | 1,300 | 1,443 | ||||||||||
New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 | ||||||||||||
5.125% due 06/30/2060 | 2,500 | 2,624 | ||||||||||
Onondaga County, New York Trust for Cultural Resources Revenue Bonds, Series 2019 | ||||||||||||
4.000% due 12/01/2047 | 1,230 | 1,231 | ||||||||||
Port Authority of New York & New Jersey Revenue Bonds, Series 2017 | ||||||||||||
5.000% due 05/15/2057 | 2,120 | 2,206 | ||||||||||
Triborough Bridge & Tunnel Authority Sales Tax, New York Revenue Bonds, Series 2022 | ||||||||||||
4.000% due 05/15/2057 | 2,750 | 2,669 | ||||||||||
5.250% due 05/15/2062 | 1,000 | 1,117 | ||||||||||
Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2021 | ||||||||||||
5.000% due 05/15/2051 | 2,835 | 3,073 | ||||||||||
Utility Debt Securitization Authority, New York Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 12/15/2050 | 700 | 791 | ||||||||||
55,220 | ||||||||||||
NORTH DAKOTA 0.1% | ||||||||||||
Grand Forks County, North Dakota Revenue Bonds, Series 2021 | ||||||||||||
7.000% due 12/15/2043 ^(b) | 940 | 188 | ||||||||||
OHIO 6.9% | ||||||||||||
Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 | ||||||||||||
0.000% due 06/01/2057 (c) | 39,500 | 4,249 | ||||||||||
Canton City School District, Ohio General Obligation Bonds, Series 2023 | ||||||||||||
5.500% due 12/01/2050 | 1,750 | 1,958 | ||||||||||
Geisinger Authority, Ohio Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 02/15/2047 | 5,310 | 4,998 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
Montgomery County, Ohio Dayton Children’s Hospital Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 08/01/2046 | $ | 2,250 | $ | 2,207 | ||||||||
Ohio Air Quality Development Authority Dayton Power And Light Company Project Revenue Bonds , Series 2015 | ||||||||||||
4.250% due 11/01/2040 | 2,000 | 2,019 | ||||||||||
Ohio Air Quality Development Authority Revenue Bonds, Series 2019 | ||||||||||||
5.000% due 07/01/2049 | 1,250 | 1,146 | ||||||||||
Ohio Air Quality Development Authority Revenue Notes, Series 2019 | ||||||||||||
3.250% due 09/01/2029 | 900 | 870 | ||||||||||
Southern Ohio Port Authority Revenue Notes, Series 2020 | ||||||||||||
6.500% due 12/01/2030 | 1,400 | 1,061 | ||||||||||
Worthington City School District, Ohio General Obligation Bonds, Series 2023 | ||||||||||||
5.500% due 12/01/2054 | 485 | 550 | ||||||||||
19,058 | ||||||||||||
OKLAHOMA 1.9% | ||||||||||||
Oklahoma Development Finance Authority Revenue Bonds, Series 2018 | ||||||||||||
5.500% due 08/15/2052 | 1,600 | 1,607 | ||||||||||
Oklahoma Development Finance Authority Revenue Bonds, Series 2021 | ||||||||||||
8.000% due 12/01/2041 | 1,000 | 798 | ||||||||||
Oklahoma Turnpike Authority Revenue Bonds, Series 2023 | ||||||||||||
4.500% due 01/01/2053 | 2,825 | 2,871 | ||||||||||
5,276 | ||||||||||||
OREGON 1.2% | ||||||||||||
Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 08/15/2039 | 1,000 | 1,013 | ||||||||||
Multnomah County School District 40, Oregon General Obligation Bonds, Series 2023 | ||||||||||||
0.000% due 06/15/2051 (c) | 1,710 | 444 | ||||||||||
Washington & Multnomah Counties School District No 48J Beaverton, Oregon General Obligation Bonds, Series 2022 | ||||||||||||
0.000% due 06/15/2048 (c) | 2,495 | 782 | ||||||||||
5.000% due 06/15/2052 | 1,000 | 1,094 | ||||||||||
3,333 | ||||||||||||
PENNSYLVANIA 4.0% | ||||||||||||
Commonwealth of Pennsylvania General Obligation Bonds, Series 2023 | ||||||||||||
4.000% due 09/01/2042 | 3,075 | 3,155 | ||||||||||
Montgomery County, Pennsylvania Higher Education and Health Authority Revenue Bonds, Series 2022 | ||||||||||||
4.000% due 05/01/2040 | 1,750 | 1,772 | ||||||||||
Pennsylvania Economic Development Financing Authority Revenue Bonds, (AGM Insured), Series 2022 | ||||||||||||
5.750% due 12/31/2062 | 3,000 | 3,321 | ||||||||||
Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2021 | ||||||||||||
9.000% due 04/01/2051 | 1,650 | 1,821 | ||||||||||
Philadelphia Authority for Industrial Development, Pennsylvania Revenue Bonds, Series 2017 | ||||||||||||
5.500% due 12/01/2058 | 1,000 | 912 | ||||||||||
10,981 | ||||||||||||
PUERTO RICO 6.0% | ||||||||||||
Children’s Trust Fund, Puerto Rico Revenue Bonds, Series 2008 | ||||||||||||
0.000% due 05/15/2057 (c) | 31,000 | 2,353 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
Commonwealth of Puerto Rico Bonds, Series 2022 | ||||||||||||
0.000% due 11/01/2051 | $ | 4,099 | $ | 1,950 | ||||||||
Commonwealth of Puerto Rico General Obligation Bonds, Series 2021 | ||||||||||||
0.000% due 07/01/2033 (c) | 1,750 | 1,093 | ||||||||||
4.000% due 07/01/2041 | 1,700 | 1,565 | ||||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 | ||||||||||||
0.000% due 07/01/2046 (c) | 9,650 | 3,037 | ||||||||||
0.000% due 07/01/2051 (c) | 10,500 | 2,465 | ||||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 | ||||||||||||
4.784% due 07/01/2058 | 4,260 | 4,210 | ||||||||||
16,673 | ||||||||||||
RHODE ISLAND 1.1% | ||||||||||||
Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015 | ||||||||||||
5.000% due 06/01/2050 | 3,000 | 3,013 | ||||||||||
SOUTH CAROLINA 2.4% | ||||||||||||
South Carolina Public Service Authority Revenue Obligations Revenue Bonds, Series 2013 | ||||||||||||
5.125% due 12/01/2043 | 5,000 | 5,000 | ||||||||||
5.500% due 12/01/2053 | 1,750 | 1,751 | ||||||||||
6,751 | ||||||||||||
TENNESSEE 0.2% | ||||||||||||
Shelby County, Tennessee Health Educational & Housing Facilities Board Revenue Bonds, Series 2019 | ||||||||||||
5.750% due 10/01/2049 | 750 | 558 | ||||||||||
TEXAS 26.6% | ||||||||||||
Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021 | ||||||||||||
7.500% due 12/01/2045 | 650 | 430 | ||||||||||
12.000% due 12/01/2045 | 1,100 | 953 | ||||||||||
Bexar County Texas Hospital District, General Obligation Bonds, Series 2018 | ||||||||||||
4.000% due 02/15/2043 | 2,500 | 2,500 | ||||||||||
Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2023 | ||||||||||||
12.000% due 06/01/2043 | 2,000 | 2,015 | ||||||||||
Calhoun County, Texas Navigation Industrial Development Authority Revenue Notes, Series 2021 | ||||||||||||
3.625% due 07/01/2026 | 1,250 | 1,161 | ||||||||||
Central Texas Turnpike System Revenue Bonds, Series 2015 | ||||||||||||
0.000% due 08/15/2036 (c) | 1,250 | 726 | ||||||||||
0.000% due 08/15/2037 (c) | 4,000 | 2,220 | ||||||||||
Clifton Higher Education Finance Corp., Texas Revenue Bonds, Series 2018 | ||||||||||||
6.125% due 08/15/2048 | 1,000 | 1,012 | ||||||||||
Coppell Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | ||||||||||||
4.250% due 08/15/2053 | 925 | 941 | ||||||||||
Corpus Christi Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | ||||||||||||
4.125% due 08/15/2053 | 1,260 | 1,273 | ||||||||||
Dallas Area Rapid Transit, Texas Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 12/01/2051 | 2,500 | 2,465 | ||||||||||
Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2022 | ||||||||||||
5.000% due 11/01/2039 | 1,000 | 1,150 | ||||||||||
Edgewood Independent School District/Van Zandt County, Texas General Obligation Bonds, (PSF Insured), Series 2023 | ||||||||||||
4.000% due 02/15/2048 | 1,290 | 1,301 | ||||||||||
EP Tuscany Zaragosa PFC, Texas Revenue Notes, Series 2023 | ||||||||||||
4.000% due 12/01/2033 | 4,000 | 3,977 |
68 | PIMCO CLOSED-END FUNDS | See Accompanying Notes |
December 31, 2023 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
Fort Bend County Texas Public Facility Corp. Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 03/01/2048 | $ | 3,375 | $ | 3,695 | ||||||||
Garland Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | ||||||||||||
5.000% due 02/15/2048 | 3,100 | 3,456 | ||||||||||
Grand Parkway Transportation Corp., Texas Revenue Bonds, (AGM/CR Insured), Series 2020 | ||||||||||||
4.000% due 10/01/2049 | 1,045 | 1,043 | ||||||||||
Hays Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | ||||||||||||
5.000% due 02/15/2048 | 1,250 | 1,373 | ||||||||||
Houston, Texas Combined Utility System Revenue Bonds, Series 2020 | ||||||||||||
4.000% due 11/15/2049 | 1,000 | 995 | ||||||||||
Lamar Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | ||||||||||||
4.000% due 02/15/2048 | 1,250 | 1,263 | ||||||||||
Lamar Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | ||||||||||||
5.000% due 02/15/2053 | 4,900 | 5,422 | ||||||||||
Lamar Consolidated Independent School District, Texas General Obligation Bonds, Series 2023 | ||||||||||||
4.000% due 02/15/2048 | 2,500 | 2,491 | ||||||||||
Lower Colorado River Authority, Texas Revenue Bonds, Series 2020 | ||||||||||||
5.000% due 05/15/2045 | 1,750 | 1,864 | ||||||||||
Medina Valley Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | ||||||||||||
4.500% due 02/15/2047 | 1,000 | 1,047 | ||||||||||
New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2021 | ||||||||||||
5.250% due 01/01/2042 | 1,400 | 1,075 | ||||||||||
North Texas Tollway Authority Revenue Bonds, Series 2017 | ||||||||||||
4.000% due 01/01/2043 | 1,500 | 1,504 | ||||||||||
5.000% due 01/01/2048 | 1,250 | 1,285 | ||||||||||
San Antonio Municipal Facilities Corp., Texas Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 08/01/2048 | 3,000 | 2,977 | ||||||||||
Southwest Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | ||||||||||||
5.000% due 02/01/2046 | 900 | 997 | ||||||||||
Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2017 | ||||||||||||
6.750% due 11/15/2047 | 500 | 506 | ||||||||||
Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2022 | ||||||||||||
5.000% due 11/15/2051 | 1,480 | 1,579 | ||||||||||
Tarrant County, Texas Hospital District General Obligation Bonds, Series 2023 | ||||||||||||
5.250% due 08/15/2048 | 2,900 | 3,231 | ||||||||||
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006 | ||||||||||||
5.250% due 12/15/2026 | 150 | 156 | ||||||||||
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2008 | ||||||||||||
6.250% due 12/15/2026 | 4,140 | 4,333 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
Texas Water Development Board Revenue Bonds, Series 2022 | ||||||||||||
4.800% due 10/15/2052 | $ | 800 | $ | 860 | ||||||||
5.000% due 10/15/2057 | 2,560 | 2,813 | ||||||||||
Texas Water Development Board Revenue Bonds, Series 2023 | ||||||||||||
4.875% due 10/15/2048 | 1,700 | 1,862 | ||||||||||
5.000% due 10/15/2058 | 1,100 | 1,218 | ||||||||||
University of North Texas System Revenue Bonds, Series 2018 | ||||||||||||
4.000% due 04/15/2050 | 2,200 | 2,133 | ||||||||||
West Harris County, Texas Regional Water Authority Revenue Bonds, (BAM Insured), Series 2021 | ||||||||||||
4.000% due 12/15/2060 | 2,700 | 2,587 | ||||||||||
73,889 | ||||||||||||
UTAH 0.6% | ||||||||||||
Military Installation Development Authority, Utah Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 06/01/2036 | 1,000 | 862 | ||||||||||
Ogden City Redevelopment Agency, Utah Revenue Bonds, Series 2023 | ||||||||||||
5.000% due 01/15/2053 | 700 | 762 | ||||||||||
1,624 | ||||||||||||
VIRGINIA 0.8% | ||||||||||||
Virginia Small Business Financing Authority Revenue Bonds, Series 2019 | ||||||||||||
0.000% due 07/01/2061 (c) | 25,000 | 781 | ||||||||||
5.000% due 07/01/2034 | 1,465 | 1,369 | ||||||||||
2,150 | ||||||||||||
WASHINGTON 2.1% | ||||||||||||
Seattle, Washington Municipal Light & Power Revenue Bonds, Series 2018 | ||||||||||||
4.000% due 01/01/2046 | 4,000 | 4,028 | ||||||||||
Washington State Convention Center Public Facilities District Revenue Bonds, Series 2018 | ||||||||||||
4.000% due 07/01/2058 | 1,345 | 1,236 | ||||||||||
Washington State Housing Finance Commission Revenue Bonds, Series 2018 | ||||||||||||
5.000% due 07/01/2038 | 825 | 672 | ||||||||||
5,936 | ||||||||||||
WEST VIRGINIA 0.4% | ||||||||||||
Monongalia County, West Virginia Commission Special District Revenue Bonds, Series 2017 | ||||||||||||
5.500% due 06/01/2037 | 1,000 | 1,030 | ||||||||||
WISCONSIN 4.7% | ||||||||||||
Public Finance Authority, Wisconsin Revenue Bonds, Series 2017 | ||||||||||||
7.000% due 01/01/2050 | 2,500 | 2,734 |
PRINCIPAL AMOUNT (000S) | MARKET VALUE (000S) | |||||||||||
Public Finance Authority, Wisconsin Revenue Bonds, Series 2018 | ||||||||||||
6.375% due 01/01/2048 | $ | 2,500 | $ | 1,125 | ||||||||
Public Finance Authority, Wisconsin Revenue Bonds, Series 2020 | ||||||||||||
0.000% due 01/01/2060 (c) | 7,500 | 399 | ||||||||||
Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 | ||||||||||||
4.000% due 09/30/2051 | 1,260 | 1,071 | ||||||||||
4.500% due 06/01/2056 | 885 | 687 | ||||||||||
Public Finance Authority, Wisconsin Revenue Bonds, Series 2022 | ||||||||||||
5.000% due 10/01/2052 | 2,000 | 2,129 | ||||||||||
Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020 | ||||||||||||
0.000% due 12/15/2045 (c) | 6,500 | 2,523 | ||||||||||
Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016 | ||||||||||||
4.000% due 11/15/2046 | 415 | 425 | ||||||||||
Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2022 | ||||||||||||
4.000% due 12/01/2051 | 2,070 | 1,981 | ||||||||||
13,074 | ||||||||||||
Total Municipal Bonds & Notes (Cost $455,983) | 465,902 | |||||||||||
NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3% | ||||||||||||
Freddie Mac | ||||||||||||
4.141% due 01/25/2040 | 995 | 900 | ||||||||||
Total Non-Agency Mortgage-Backed Securities (Cost $934) | 900 | |||||||||||
SHORT-TERM INSTRUMENTS 0.1% | ||||||||||||
REPURCHASE AGREEMENTS (f) 0.1% | ||||||||||||
411 | ||||||||||||
Total Short-Term Instruments (Cost $411) | 411 | |||||||||||
Total Investments in Securities (Cost $460,528) | 470,553 | |||||||||||
Total Investments 169.5% (Cost $460,528) | $ | 470,553 | ||||||||||
Auction Rate Preferred Shares (46.6)% | (129,425 | ) | ||||||||||
Remarketable Variable Rate MuniFund Term Preferred Shares, at liquidation value (20.9)% | (58,041 | ) | ||||||||||
Other Assets and Liabilities, net (2.0)% | (5,479 | ) | ||||||||||
Net Assets Applicable to Common Shareholders 100.0% | $ | 277,608 | ||||||||||
* | A zero balance may reflect actual amounts rounding to less than one thousand. |
^ | Security is in default. |
« | Security valued using significant unobservable inputs (Level 3). |
µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments. |
(a) | When-issued security. |
(b) | Security is not accruing income as of the date of this report. |
(c) | Zero coupon security. |
(d) | Security becomes interest bearing at a future date. |
See Accompanying Notes | ANNUAL REPORT | | | DECEMBER 31, 2023 | 69 |
Consolidated Schedule of Investments | PIMCO Municipal Income Fund III | (Cont.) |
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 | $ | 84 | $ | 70 | 0.03% | ||||||||||||||||
Counterparty | Lending Rate | Settlement Date | Maturity Date | Principal Amount | Collateralized By | Collateral (Received) | Repurchase Agreements, at Value | Repurchase Agreement Proceeds to be Received (1) | ||||||||||||||||||||||
FICC | 2.600 | % | 12/29/2023 | 01/02/2024 | $ | 411 | U.S. Treasury Notes 4.875% due 11/30/2025 | $ | (419 | ) | $ | 411 | $ | 411 | ||||||||||||||||
Total Repurchase Agreements | $ | (419 | ) | $ | 411 | $ | 411 | |||||||||||||||||||||||
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 | $ | 411 | $ | 0 | $ | 0 | $ | 411 | $ | (419 | ) | $ | (8 | ) | ||||||||||
Total Borrowings and Other Financing Transactions | $ | 411 | $ | 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. |
Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value at 12/31/2023 | ||||||||||||
Investments in Securities, at Value | ||||||||||||||||
Loan Participations and Assignments | $ | 0 | $ | 0 | $ | 3,340 | $ | 3,340 | ||||||||
Municipal Bonds & Notes | ||||||||||||||||
Alabama | 0 | 18,831 | 0 | 18,831 | ||||||||||||
Alaska | 0 | 1,247 | 0 | 1,247 | ||||||||||||
Arizona | 0 | 24,817 | 0 | 24,817 | ||||||||||||
Arkansas | 0 | 763 | 0 | 763 | ||||||||||||
California | 0 | 11,957 | 0 | 11,957 | ||||||||||||
Colorado | 0 | 10,661 | 0 | 10,661 | ||||||||||||
Connecticut | 0 | 3,700 | 0 | 3,700 | ||||||||||||
Delaware | 0 | 12,441 | 0 | 12,441 | ||||||||||||
District of Columbia | 0 | 2,143 | 0 | 2,143 | ||||||||||||
Florida | 0 | 18,448 | 0 | 18,448 | ||||||||||||
Georgia | 0 | 13,891 | 0 | 13,891 | ||||||||||||
Illinois | 0 | 41,994 | 0 | 41,994 | ||||||||||||
Indiana | 0 | 7,281 | 0 | 7,281 | ||||||||||||
Iowa | 0 | 8,362 | 0 | 8,362 | ||||||||||||
Louisiana | 0 | 10,218 | 0 | 10,218 | ||||||||||||
Maine | 0 | 1,984 | 0 | 1,984 | ||||||||||||
Maryland | 0 | 473 | 0 | 473 | ||||||||||||
Massachusetts | 0 | 5,268 | 0 | 5,268 | ||||||||||||
Michigan | 0 | 14,961 | 0 | 14,961 | ||||||||||||
Minnesota | 0 | 1,733 | 0 | 1,733 | ||||||||||||
Missouri | 0 | 5,989 | 0 | 5,989 | ||||||||||||
Nebraska | 0 | 1,259 | 0 | 1,259 |
Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value at 12/31/2023 | ||||||||||||
Nevada | $ | 0 | $ | 3,111 | $ | 0 | $ | 3,111 | ||||||||
New Hampshire | 0 | 2,667 | 0 | 2,667 | ||||||||||||
New Jersey | 0 | 22,949 | 0 | 22,949 | ||||||||||||
New York | 0 | 55,220 | 0 | 55,220 | ||||||||||||
North Dakota | 0 | 188 | 0 | 188 | ||||||||||||
Ohio | 0 | 19,058 | 0 | 19,058 | ||||||||||||
Oklahoma | 0 | 5,276 | 0 | 5,276 | ||||||||||||
Oregon | 0 | 3,333 | 0 | 3,333 | ||||||||||||
Pennsylvania | 0 | 10,981 | 0 | 10,981 | ||||||||||||
Puerto Rico | 0 | 16,673 | 0 | 16,673 | ||||||||||||
Rhode Island | 0 | 3,013 | 0 | 3,013 | ||||||||||||
South Carolina | 0 | 6,751 | 0 | 6,751 | ||||||||||||
Tennessee | 0 | 558 | 0 | 558 | ||||||||||||
Texas | 0 | 73,889 | 0 | 73,889 | ||||||||||||
Utah | 0 | 1,624 | 0 | 1,624 | ||||||||||||
Virginia | 0 | 2,150 | 0 | 2,150 | ||||||||||||
Washington | 0 | 5,936 | 0 | 5,936 | ||||||||||||
West Virginia | 0 | 1,030 | 0 | 1,030 | ||||||||||||
Wisconsin | 0 | 13,074 | 0 | 13,074 | ||||||||||||
Non-Agency Mortgage-Backed Securities | 0 | 900 | 0 | 900 | ||||||||||||
Short-Term Instruments | ||||||||||||||||
Repurchase Agreements | 0 | 411 | 0 | 411 | ||||||||||||
Total Investments | $ | 0 | $ | 467,213 | $ | 3,340 | $ | 470,553 | ||||||||
70 | PIMCO CLOSED-END FUNDS | See Accompanying Notes |
December 31, 2023 |
Category and Subcategory | Beginning Balance at 12/31/2022 | Net Purchases | Net Sales/ Settlements | Accrued Discounts/ (Premiums) | Realized Gain/(Loss) | Net Change in Unrealized Appreciation/ (Depreciation) (1) | Transfers into Level 3 | Transfers out of Level 3 | Ending Balance at 12/31/2023 | Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 12/31/2023 (1) | ||||||||||||||||||||||||||||||
Investments in Securities, at Value | ||||||||||||||||||||||||||||||||||||||||
Loan Participations and Assignments | $ | 0 | $ | 3,200 | $ | 0 | $ | 0 | $ | 0 | $ | 140 | $ | 0 | $ | 0 | $ | 3,340 | $ | 140 | ||||||||||||||||||||
Totals | $ | 0 | $ | 3,200 | $ | 0 | $ | 0 | $ | 0 | $ | 140 | $ | 0 | $ | 0 | $ | 3,340 | $ | 140 | ||||||||||||||||||||
Category and Subcategory | Ending Balance at 12/31/2023 | Valuation Technique | Unobservable Inputs | (% Unless Noted Otherwise) | ||||||||||||
Input Value(s) | Weighted Average | |||||||||||||||
Investments in Securities, at Value | ||||||||||||||||
Loan Participations and Assignments | $ | 3,340 | Proxy Pricing | Base Price | 100.000-100.721 | 100.109 | ||||||||||
Total | $ | 3,340 | ||||||||||||||
(1) | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2023 may be due to an investment no longer held or categorized as Level 3 at period end. |
See Accompanying Notes | ANNUAL REPORT | | | DECEMBER 31, 2023 | 71 |
Notes to Financial Statements |
Fund Name | Formation Date | |||||||
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 | |||||||
PIMCO Municipal Income Fund | May 9, 2001 | |||||||
PIMCO Municipal Income Fund II | March 29, 2002 | |||||||
PIMCO Municipal Income Fund III | August 20, 2002 |
Distribution Frequency | ||||||||||||
Fund Name | Declared | Distributed | ||||||||||
PIMCO California Municipal Income Fund | Monthly | Monthly | ||||||||||
PIMCO California Municipal Income Fund II | Monthly | Monthly | ||||||||||
PIMCO California Municipal Income Fund III | Monthly | Monthly | ||||||||||
PIMCO New York Municipal Income Fund | Monthly | Monthly | ||||||||||
PIMCO New York Municipal Income Fund II | Monthly | Monthly | ||||||||||
PIMCO New York Municipal Income Fund III | Monthly | Monthly | ||||||||||
PIMCO Municipal Income Fund | Monthly | Monthly | ||||||||||
PIMCO Municipal Income Fund II | Monthly | Monthly | ||||||||||
PIMCO Municipal Income Fund III | Monthly | Monthly |
72 | PIMCO CLOSED-END FUNDS |
December 31, 2023 |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 73 |
Notes to Financial Statements | (Cont.) |
74 | PIMCO CLOSED-END FUNDS |
December 31, 2023 |
∎ | 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. |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 75 |
Notes to Financial Statements | (Cont.) |
76 | PIMCO CLOSED-END FUNDS |
December 31, 2023 |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 77 |
Notes to Financial Statements | (Cont.) |
78 | PIMCO CLOSED-END FUNDS |
December 31, 2023 |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 79 |
Notes to Financial Statements | (Cont.) |
Fund Name | Average Leverage Outstanding (000s) | Weighted Average Interest Rate | ||||||||||
PIMCO California Municipal Income Fund | $ | 9,867 | 3.75% | |||||||||
PIMCO California Municipal Income Fund II | 8,480 | 3.71% | ||||||||||
PIMCO California Municipal Income Fund III | 8,226 | 3.76% | ||||||||||
PIMCO New York Municipal Income Fund | 1,576 | 3.69% | ||||||||||
PIMCO Municipal Income Fund | 12,878 | 3.71% | ||||||||||
PIMCO Municipal Income Fund II | 62,312 | 3.78% | ||||||||||
PIMCO Municipal Income Fund III | 17,290 | 3.73% |
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 | X | X | X | X | X | X | X | X | X | |||||||||||||
Asset Allocation | X | X | X | X | X | X | X | X | X | |||||||||||||
California State Specific | X | X | X | X | X | X | — | — | — | |||||||||||||
Call | X | X | X | X | X | X | X | X | X | |||||||||||||
Counterparty | X | X | X | X | X | X | X | X | X | |||||||||||||
Credit | X | X | X | X | X | X | X | X | X | |||||||||||||
Cyber Security | X | X | X | X | X | X | X | X | X | |||||||||||||
Derivatives | X | X | X | X | X | X | X | X | X |
80 | PIMCO CLOSED-END FUNDS |
December 31, 2023 |
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) | ||||||||||||||
Distribution Rate | X | X | X | X | X | X | X | X | X | |||||||||||||
High Yield Securities | X | X | X | X | X | X | X | X | X | |||||||||||||
Illinois State Specific | X | X | X | — | — | — | — | — | — | |||||||||||||
Inflation/Deflation | X | X | X | X | X | X | X | X | X | |||||||||||||
Insurance | X | X | X | X | X | X | X | X | X | |||||||||||||
Interest Rate | X | X | X | X | X | X | X | X | X | |||||||||||||
Issuer | X | X | X | X | X | X | X | X | X | |||||||||||||
Leverage | X | X | X | X | X | X | X | X | X | |||||||||||||
Liquidity | X | X | X | X | X | X | X | X | X | |||||||||||||
Loan Origination | X | X | X | X | X | X | X | X | X | |||||||||||||
Loans and Other Indebtedness; Loan Participations and Assignments | X | X | X | X | X | X | X | X | X | |||||||||||||
Management | X | X | X | X | X | X | X | X | X | |||||||||||||
Market Disruptions | X | X | X | X | X | X | X | X | X | |||||||||||||
Market Discount | X | X | X | X | X | X | X | X | X | |||||||||||||
Market | X | X | X | X | X | X | X | X | X | |||||||||||||
Mortgage-Related and Other Asset-Backed Instruments | X | X | X | X | X | X | X | X | X | |||||||||||||
Municipal Bond Market | X | X | X | X | X | X | X | X | X | |||||||||||||
Municipal Bond | X | X | X | X | X | X | X | X | X | |||||||||||||
Municipal Project-Specific | X | X | X | X | X | X | X | X | X | |||||||||||||
New York State-Specific | X | X | X | — | — | — | X | X | X | |||||||||||||
Non-Diversification | — | — | — | — | — | — | X | — | X | |||||||||||||
Operational | X | X | X | X | X | X | X | X | X | |||||||||||||
Other Investment Companies | X | X | X | X | X | X | X | X | X | |||||||||||||
Portfolio Turnover | X | X | X | X | X | X | X | X | X | |||||||||||||
Potential Conflicts of Interest — Allocation of Investment Opportunities | X | X | X | X | X | X | X | X | X | |||||||||||||
Privacy and Data Security | X | X | X | X | X | X | X | X | X | |||||||||||||
Private Placement and Restricted Securities | X | X | X | X | X | X | X | X | X | |||||||||||||
Puerto Rico Specific | X | X | X | X | X | X | X | X | X | |||||||||||||
Regulatory Changes | X | X | X | X | X | X | X | X | X | |||||||||||||
Regulatory — LIBOR | X | X | X | X | X | X | X | X | X | |||||||||||||
Reinvestment | X | X | X | X | X | X | X | X | X | |||||||||||||
Repurchase Agreements | X | X | X | X | X | X | X | X | X | |||||||||||||
Securities Lending | X | X | X | X | X | X | X | X | X | |||||||||||||
Short Exposure | X | X | X | X | X | X | X | X | X | |||||||||||||
Structured Investments | X | X | X | X | X | X | X | X | X | |||||||||||||
Tax | X | X | X | X | X | X | X | X | X | |||||||||||||
U.S. Government Securities | X | X | X | X | X | X | X | X | X | |||||||||||||
Valuation | X | X | X | X | X | X | X | X | X |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 81 |
Notes to Financial Statements | (Cont.) |
82 | PIMCO CLOSED-END FUNDS |
December 31, 2023 |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 83 |
Notes to Financial Statements | (Cont.) |
84 | PIMCO CLOSED-END FUNDS |
December 31, 2023 |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 85 |
Notes to Financial Statements | (Cont.) |
86 | PIMCO CLOSED-END FUNDS |
December 31, 2023 |
Fund Name | Annual Rate (1) | |||||||
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% | |||||||
PIMCO Municipal Income Fund | 0.705% | |||||||
PIMCO Municipal Income Fund II | 0.685% | |||||||
PIMCO Municipal Income Fund III | 0.705% |
(1) | Management fees calculated based on a Fund’s average daily NAV (including daily net assets attributable to any preferred shares of the Fund that may be outstanding). |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 87 |
Notes to Financial Statements | (Cont.) |
Fund Name | Purchases | Sales | Realized Gain/(Loss) | |||||||||||||
PIMCO California Municipal Income Fund | $ | 0 | $ | 23,299 | $ | (1,901 | ) | |||||||||
PIMCO California Municipal Income Fund II | 487 | 29,167 | (2,219 | ) | ||||||||||||
PIMCO California Municipal Income Fund III | 822 | 29,582 | (2,713 | ) | ||||||||||||
PIMCO New York Municipal Income Fund | 3,745 | 8,708 | (1,284 | ) | ||||||||||||
PIMCO New York Municipal Income Fund II | 6,642 | 13,544 | (2,030 | ) | ||||||||||||
PIMCO New York Municipal Income Fund III | 2,300 | 7,077 | (799 | ) | ||||||||||||
PIMCO Municipal Income Fund | 23,280 | 52,208 | (7,176 | ) | ||||||||||||
PIMCO Municipal Income Fund II | 43,454 | 94,489 | (16,151 | ) | ||||||||||||
PIMCO Municipal Income Fund III | 25,622 | 55,777 | (8,654 | ) |
† | A zero balance may reflect actual amounts rounding to less than one thousand. |
88 | PIMCO CLOSED-END FUNDS |
December 31, 2023 |
U.S. Government/Agency | All Other | |||||||||||||||||||
Fund Name | Purchases | Sales | Purchases | Sales | ||||||||||||||||
PIMCO California Municipal Income Fund | $ | 0 | $ | 0 | $ | 95,775 | $ | 100,596 | ||||||||||||
PIMCO California Municipal Income Fund II | 0 | 0 | 91,094 | 104,197 | ||||||||||||||||
PIMCO California Municipal Income Fund III | 0 | 0 | 89,096 | 100,864 | ||||||||||||||||
PIMCO New York Municipal Income Fund | 0 | 0 | 48,467 | 65,263 | ||||||||||||||||
PIMCO New York Municipal Income Fund II | 0 | 0 | 73,499 | 86,793 | ||||||||||||||||
PIMCO New York Municipal Income Fund III | 0 | 0 | 36,790 | 42,386 | ||||||||||||||||
PIMCO Municipal Income Fund | 1,875 | 2,541 | 158,065 | 163,735 | ||||||||||||||||
PIMCO Municipal Income Fund II | 2,813 | 5,748 | 349,614 | 398,500 | ||||||||||||||||
PIMCO Municipal Income Fund III | 938 | 2,773 | 189,962 | 199,139 |
† | A zero balance may reflect actual amounts rounding to less than one thousand. |
Year Ended 12/31/2023 | 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) | $ | 1,376,698 | $ | 20,977,865 |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 89 |
Notes to Financial Statements | (Cont.) |
Fund Name | Shares Issued and Outstanding | High | Low | As of December 31, 2023 | ||||||||||||||||
PIMCO California Municipal Income Fund | ||||||||||||||||||||
Series A | 1,421 | 8.046% | 4.936% | 6.553% | ||||||||||||||||
Series B | 1,371 | 8.016% | 4.936% | 7.150% | ||||||||||||||||
Series C | 1,604 | 8.016% | 4.936% | 6.553% | ||||||||||||||||
PIMCO California Municipal Income Fund II | ||||||||||||||||||||
Series A | 878 | 8.046% | 4.936% | 6.553% | ||||||||||||||||
Series B | 736 | 8.031% | 4.936% | 7.150% | ||||||||||||||||
Series C | 706 | 8.016% | 4.936% | 7.150% | ||||||||||||||||
Series D | 811 | 8.016% | 4.936% | 7.150% | ||||||||||||||||
Series E | 784 | 8.016% | 4.936% | 6.553% | ||||||||||||||||
PIMCO California Municipal Income Fund III | ||||||||||||||||||||
Series A | 1,674 | 8.031% | 4.936% | 7.150% | ||||||||||||||||
Series B | 1,797 | 8.016% | 4.936% | 7.150% | ||||||||||||||||
PIMCO New York Municipal Income Fund | ||||||||||||||||||||
Series A | 1,336 | 8.031% | 4.936% | 7.150% | ||||||||||||||||
PIMCO New York Municipal Income Fund II | ||||||||||||||||||||
Series A | 1,055 | 8.016% | 4.936% | 7.150% | ||||||||||||||||
Series B | 989 | 8.016% | 4.936% | 6.553% | ||||||||||||||||
PIMCO New York Municipal Income Fund III | ||||||||||||||||||||
Series A | 1,041 | 8.046% | 4.936% | 6.553% | ||||||||||||||||
PIMCO Municipal Income Fund | ||||||||||||||||||||
Series A | 1,107 | 8.046% | 4.936% | 6.553% | ||||||||||||||||
Series B | 1,285 | 8.031% | 4.936% | 7.150% | ||||||||||||||||
Series C | 1,153 | 8.016% | 4.936% | 7.150% | ||||||||||||||||
Series D | 1,044 | 8.016% | 4.936% | 7.150% | ||||||||||||||||
Series E | 1,216 | 8.016% | 4.936% | 6.553% | ||||||||||||||||
PIMCO Municipal Income Fund II | ||||||||||||||||||||
Series A | 1,941 | 8.046% | 4.936% | 6.553% | ||||||||||||||||
Series B | 1,930 | 8.031% | 4.936% | 7.150% | ||||||||||||||||
Series C | 2,089 | 8.016% | 4.936% | 7.150% | ||||||||||||||||
Series D | 1,853 | 8.016% | 4.936% | 7.150% | ||||||||||||||||
Series E | 1,773 | 8.016% | 4.936% | 6.553% | ||||||||||||||||
PIMCO Municipal Income Fund III | ||||||||||||||||||||
Series A | 738 | 8.046% | 4.936% | 6.553% | ||||||||||||||||
Series B | 1,020 | 8.031% | 4.936% | 7.150% | ||||||||||||||||
Series C | 1,192 | 8.016% | 4.936% | 7.150% | ||||||||||||||||
Series D | 1,119 | 8.016% | 4.936% | 7.150% | ||||||||||||||||
Series E | 1,108 | 8.016% | 4.936% | 6.553% |
90 | PIMCO CLOSED-END FUNDS |
December 31, 2023 |
Applicable % | Reference Rate | Maximum Rate | ||||||||||||
The higher of 30-day “AA” Financial Composite Commercial Paper Rates | ||||||||||||||
110% 1 | x | OR | = | Maximum Rate for the Funds | ||||||||||
The Taxable Equivalent of the Short-Term Municipal Obligation Rate 2 |
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). |
Fund Name | Liquidation Preference Per Share | Tender Offer Price Per Share | Price Percentage | Cash Exchanged for ARPS Tendered | ARPS Outstanding as of 12/31/2022 | ARPS Tendered | ARPS Outstanding After Tender Offer as of 12/31/2023 | |||||||||||||||||||||||
PIMCO California Municipal Income Fund | $ | 25,000 | $ | 23,625 | 95 | % | $ | 10,135,125 | 4,825 | 429 | 4,396 | |||||||||||||||||||
PIMCO California Municipal Income Fund II | 25,000 | 23,625 | 95 | 29,106,000 | 5,147 | 1,232 | 3,915 | |||||||||||||||||||||||
PIMCO California Municipal Income Fund III | 25,000 | 23,625 | 95 | 10,489,500 | 3,915 | 444 | 3,471 | |||||||||||||||||||||||
PIMCO New York Municipal Income Fund | 25,000 | 23,625 | 95 | 7,205,625 | 1,641 | 305 | 1,336 | |||||||||||||||||||||||
PIMCO New York Municipal Income Fund II | 25,000 | 23,625 | 95 | 6,520,500 | 2,320 | 276 | 2,044 | |||||||||||||||||||||||
PIMCO New York Municipal Income Fund III | 25,000 | 23,625 | 95 | 3,236,225 | 1,178 | 137 | 1,041 | |||||||||||||||||||||||
PIMCO Municipal Income Fund | 25,000 | 23,625 | 95 | 20,388,375 | 6,668 | 863 | 5,805 | |||||||||||||||||||||||
PIMCO Municipal Income Fund II | 25,000 | 23,625 | 95 | 55,400,625 | 11,931 | 2,345 | 9,586 | |||||||||||||||||||||||
PIMCO Municipal Income Fund III | 25,000 | 23,625 | 95 | 23,884,875 | 6,188 | 1,011 | 5,177 |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 91 |
Notes to Financial Statements | (Cont.) |
Fund Name | RVMTP Shares Outstanding | Interest Expense † | Weighted Average Interest Rate* | |||||||||||||
PIMCO California Municipal Income Fund | ||||||||||||||||
Series 2051 | 244 | 1,063 | 4.36% | |||||||||||||
Series 2053 | 102 | 147 | 5.09% | |||||||||||||
PIMCO California Municipal Income Fund II | ||||||||||||||||
Series 2051 | 275 | 1,195 | 4.34% | |||||||||||||
Series 2053 | 292 | 408 | 4.95% | |||||||||||||
PIMCO California Municipal Income Fund III | ||||||||||||||||
Series 2051 | 271 | 1,178 | 4.35% | |||||||||||||
Series 2053 | 105 | 152 | 5.12% | |||||||||||||
PIMCO New York Municipal Income Fund II | ||||||||||||||||
Series 2051 | 149 | 656 | 4.41% | |||||||||||||
PIMCO Municipal Income Fund | ||||||||||||||||
Series 2051 | 182 | 796 | 4.37% | |||||||||||||
Series 2053 | 204 | 289 | 5.01% | |||||||||||||
PIMCO Municipal Income Fund II | ||||||||||||||||
Series 2051 | 687 | 2,963 | 4.31% | |||||||||||||
Series 2053 | 555 | 773 | 4.94% | |||||||||||||
PIMCO Municipal Income Fund III | ||||||||||||||||
Series 2051 | 343 | 1,485 | 4.33% | |||||||||||||
Series 2053 | 239 | 336 | 4.98% |
† | Amounts in thousands. |
* | 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. |
Fund Name | Shares Issued and Outstanding | High | Low | As of December 31, 2023 | ||||||||||||||||
PIMCO California Municipal Income Fund | ||||||||||||||||||||
Series 2051 | 244 | 5.44% | 2.58% | 4.790% | ||||||||||||||||
Series 2053 | 102 | 5.47% | 3.92% | 4.820% | ||||||||||||||||
PIMCO California Municipal Income Fund II | ||||||||||||||||||||
Series 2051 | 275 | 5.44% | 2.58% | 4.790% | ||||||||||||||||
Series 2053 | 292 | 5.47% | 3.92% | 4.820% | ||||||||||||||||
PIMCO California Municipal Income Fund III | ||||||||||||||||||||
Series 2051 | 271 | 5.44% | 2.58% | 4.790% | ||||||||||||||||
Series 2053 | 105 | 5.47% | 3.92% | 4.820% | ||||||||||||||||
PIMCO New York Municipal Income Fund II | ||||||||||||||||||||
Series 2051 | 149 | 5.44% | 2.58% | 4.790% | ||||||||||||||||
PIMCO Municipal Income Fund | ||||||||||||||||||||
Series 2051 | 182 | 5.44% | 2.58% | 4.790% | ||||||||||||||||
Series 2053 | 204 | 5.47% | 3.92% | 4.820% | ||||||||||||||||
PIMCO Municipal Income Fund II | ||||||||||||||||||||
Series 2051 | 687 | 5.44% | 2.58% | 4.790% | ||||||||||||||||
Series 2053 | 555 | 5.47% | 3.92% | 4.820% | ||||||||||||||||
PIMCO Municipal Income Fund III | ||||||||||||||||||||
Series 2051 | 343 | 5.44% | 2.58% | 4.790% | ||||||||||||||||
Series 2053 | 239 | 5.47% | 3.92% | 4.820% |
92 | PIMCO CLOSED-END FUNDS |
December 31, 2023 |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 93 |
Notes to Financial Statements | (Cont.) |
Dividend Rate | Rate Period Fraction | Liquidation Preference | Dividend | |||||||||||||||||
Number of days in the Rate Period (or a part thereof) | ||||||||||||||||||||
Dividend Rate | x | Divided by | x | 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. |
3 | 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. |
Fund name | Subsidiary | Date of Formation | Subsidiary% of Consolidated Fund Net Assets † | |||||||||||||
PIMCO Municipal Income Fund | 1800 SPV I LLC | 06/29/2023 | 0.1% | |||||||||||||
PIMCO Municipal Income Fund II | 1860 SPV I LLC | 06/29/2023 | 0.1% | |||||||||||||
PIMCO Municipal Income Fund III | 1830 SPV I LLC | 06/29/2023 | 0.1% |
† | A zero balance may reflect actual amounts rounding to less than one thousand. |
94 | PIMCO CLOSED-END FUNDS |
December 31, 2023 |
Undistributed Tax Exempt Income | Undistributed Ordinary Income (1) | Undistributed Long-Term Capital Gains | Net Tax Basis Unrealized Appreciation/ (Depreciation) (2) | Other Book-to-Tax Accounting Differences (3) | Accumulated Capital Losses (4) | Qualified Late- Year Loss Deferral - Capital (5) | Qualified Late-Year Loss Deferral - Ordinary (6) | Total Components of Distributable Earnings | ||||||||||||||||||||||||||||||||
PIMCO California Municipal Income Fund | $ | 0 | $ | 0 | $ | 0 | $ | 4,711 | $ | (819 | ) | $ | (20,536 | ) | $ | 0 | $ | 0 | $ | (16,644 | ) | |||||||||||||||||||
PIMCO California Municipal Income Fund II | 0 | 0 | 0 | 11,542 | (817 | ) | (21,851 | ) | 0 | 0 | (11,126 | ) | ||||||||||||||||||||||||||||
PIMCO California Municipal Income Fund III | 0 | 0 | 0 | 2,954 | (751 | ) | (17,677 | ) | 0 | 0 | (15,474 | ) | ||||||||||||||||||||||||||||
PIMCO New York Municipal Income Fund | 0 | 0 | 0 | 434 | (304 | ) | (10,385 | ) | 0 | 0 | (10,255 | ) | ||||||||||||||||||||||||||||
PIMCO New York Municipal Income Fund II | 0 | 0 | 0 | 1,713 | (390 | ) | (14,825 | ) | 0 | 0 | (13,502 | ) | ||||||||||||||||||||||||||||
PIMCO New York Municipal Income Fund III | 0 | 0 | 0 | 963 | (179 | ) | (5,679 | ) | 0 | 0 | (4,895 | ) | ||||||||||||||||||||||||||||
PIMCO Municipal Income Fund | 0 | 0 | 0 | 4,818 | (1,274 | ) | (34,632 | ) | 0 | 0 | (31,088 | ) | ||||||||||||||||||||||||||||
PIMCO Municipal Income Fund II | 0 | 0 | 0 | 20,364 | (2,913 | ) | (89,429 | ) | 0 | 0 | (71,978 | ) | ||||||||||||||||||||||||||||
PIMCO Municipal Income Fund III | 0 | 0 | 0 | 9,552 | (1,257 | ) | (42,380 | ) | 0 | 0 | (34,085 | ) |
† | A zero balance may reflect actual amounts rounding to less than one thousand. |
(1) | Includes undistributed short-term capital gains, if any. |
(2) | Adjusted for open wash sale loss deferrals. Also adjusted for differences between book and tax realized and unrealized gain (loss) on interest accrued on defaulted securities, other debt adjustments, and tax-exempt securities. |
(3) | Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly for distributions payable at fiscal year end. |
(4) | Capital losses available to offset future net capital gains as shown below. |
(5) | Capital losses realized during the period November 1, 2023 through December 31, 2023 which the Funds elected to defer to the following taxable year pursuant to income tax regulations. |
(6) | Specified losses realized during the period November 1, 2023 through December 31, 2023 which the Funds elected to defer to the following taxable year pursuant to income tax regulations. |
Short-Term | Long-Term | |||||||||||
PIMCO California Municipal Income Fund | $ | 9,045 | $ | 11,491 | ||||||||
PIMCO California Municipal Income Fund II | 10,028 | 11,823 | ||||||||||
PIMCO California Municipal Income Fund III | 7,934 | 9,743 | ||||||||||
PIMCO New York Municipal Income Fund | 2,181 | 8,204 | ||||||||||
PIMCO New York Municipal Income Fund II | 5,293 | 9,532 | ||||||||||
PIMCO New York Municipal Income Fund III | 1,073 | 4,606 | ||||||||||
PIMCO Municipal Income Fund | 12,755 | 21,877 | ||||||||||
PIMCO Municipal Income Fund II | 31,764 | 57,665 | ||||||||||
PIMCO Municipal Income Fund III | 12,755 | 29,625 |
† | A zero balance may reflect actual amounts rounding to less than one thousand. |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 95 |
Notes to Financial Statements | (Cont.) | December 31, 2023 |
Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) (7) | |||||||||||||||||
PIMCO California Municipal Income Fund | $ | 337,846 | $ | 11,158 | $ | (5,523 | ) | $ | 5,635 | |||||||||||
PIMCO California Municipal Income Fund II | 358,845 | 18,385 | (6,167 | ) | 12,218 | |||||||||||||||
PIMCO California Municipal Income Fund III | 296,389 | 8,121 | (5,152 | ) | 2,969 | |||||||||||||||
PIMCO New York Municipal Income Fund | 103,672 | 3,194 | (2,633 | ) | 561 | |||||||||||||||
PIMCO New York Municipal Income Fund II | 160,619 | 5,472 | (3,713 | ) | 1,759 | |||||||||||||||
PIMCO New York Municipal Income Fund III | 62,599 | 2,341 | (1,359 | ) | 982 | |||||||||||||||
PIMCO Municipal Income Fund | 439,749 | 19,845 | (15,257 | ) | 4,588 | |||||||||||||||
PIMCO Municipal Income Fund II | 949,172 | 45,701 | (24,995 | ) | 20,706 | |||||||||||||||
PIMCO Municipal Income Fund III | 461,149 | 22,207 | (12,803 | ) | 9,404 |
† | A zero balance may reflect actual amounts rounding to less than one thousand. |
(7) | Adjusted for open wash sale loss deferrals. Also adjusted for differences between book and tax realized and unrealized gain (loss) on interest accrued on defaulted securities, other debt adjustments, and tax-exempt securities. |
December 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||
Tax-Exempt Income Distributions | Ordinary Income Distributions (8) | Long-Term Capital Gain Distributions | Return of Capital (9) | Tax-Exempt Income Distributions | Ordinary Income Distributions (8) | Long-Term Capital Gain Distributions | Return of Capital (9) | |||||||||||||||||||||||||||||
PIMCO California Municipal Income Fund | $ | 11,043 | $ | 489 | $ | 0 | $ | 3,665 | $ | 13,546 | $ | 427 | $ | 124 | $ | 3,671 | ||||||||||||||||||||
PIMCO California Municipal Income Fund II | 11,683 | 447 | 0 | 3,320 | 14,231 | 242 | 0 | 634 | ||||||||||||||||||||||||||||
PIMCO California Municipal Income Fund III | 11,314 | 510 | 0 | 1,788 | 12,155 | 172 | 0 | 0 | ||||||||||||||||||||||||||||
PIMCO New York Municipal Income Fund | 3,337 | 173 | 0 | 1,966 | 3,935 | 99 | 0 | 804 | ||||||||||||||||||||||||||||
PIMCO New York Municipal Income Fund II | 5,681 | 229 | 0 | 1,387 | 6,457 | 154 | 0 | 0 | ||||||||||||||||||||||||||||
PIMCO New York Municipal Income Fund III | 2,120 | 137 | 0 | 1,154 | 2,425 | 61 | 0 | 587 | ||||||||||||||||||||||||||||
PIMCO Municipal Income Fund | 18,511 | 870 | 0 | 3,390 | 19,763 | 690 | 0 | 0 | ||||||||||||||||||||||||||||
PIMCO Municipal Income Fund II | 35,402 | 1,594 | 0 | 11,189 | 43,708 | 964 | 0 | 6,891 | ||||||||||||||||||||||||||||
PIMCO Municipal Income Fund III | 18,096 | 658 | 0 | 3,266 | 21,683 | 0 | 0 | 0 | ||||||||||||||||||||||||||||
† | A zero balance may reflect actual amounts rounding to less than one thousand. |
(8) | Includes short-term capital gains distributed, if any. |
(9) | A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting. |
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 | ||||||
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 | ||||||
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 |
96 | PIMCO CLOSED-END FUNDS |
Report of Independent Registered Public Accounting Firm |
(1) | Statement of operations and statement of cash flows for the year ended December 31, 2023, and statement of changes in net assets for the years ended December 31, 2023 and 2022 |
(2) | Statement of operations for the year ended December 31, 2023 and statement of changes in net assets for the years ended December 31, 2023 and 2022 |
* | The financial statements for PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, and PIMCO Municipal Income Fund III are presented on a consolidated basis |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 97 |
Glossary: | (abbreviations that may be used in the preceding statements) | (Unaudited) |
Counterparty Abbreviations: | ||||||||||
FICC | Fixed Income Clearing Corporation | |||||||||
Currency Abbreviations: | ||||||||||
USD (or $) | United States Dollar | |||||||||
Municipal Bond or Agency Abbreviations: | ||||||||||
AGC | Assured Guaranty Corp. | CM | California Mortgage Insurance | NPFGC | National Public Finance Guarantee Corp. | |||||
AGM | Assured Guaranty Municipal | CR | Custodial Receipts | PSF | Public School Fund | |||||
AMBAC | American Municipal Bond Assurance Corp. | FHA | Federal Housing Administration | Q-SBLF | Qualified School Bond Loan Fund | |||||
BAM | Build America Mutual Assurance | FNMA | Federal National Mortgage Association | |||||||
Other Abbreviations: | ||||||||||
TBA | To-Be-Announced | TBD | To-Be-Determined | TBD% | Interest rate to be determined when loan settles or at the time of funding |
98 | PIMCO CLOSED-END FUNDS |
Federal Income Tax Information | (Unaudited) |
Dividend Received Deduction % | Qualified Dividend Income % | Qualified Interest Income (000s) † | Qualified Short-Term Capital Gains (000s) † | 163(j) Interest Dividends (000s) † | ||||||||||||||||||||
PIMCO California Municipal Income Fund | 0% | 0% | $ | 11,532 | $ | 0 | $ | 0 | ||||||||||||||||
PIMCO California Municipal Income Fund II | 0% | 0% | 12,130 | 0 | 0 | |||||||||||||||||||
PIMCO California Municipal Income Fund III | 0% | 0% | 11,824 | 0 | 0 | |||||||||||||||||||
PIMCO New York Municipal Income Fund | 0% | 0% | 3,510 | 0 | 0 | |||||||||||||||||||
PIMCO New York Municipal Income Fund II | 0% | 0% | 5,910 | 0 | 0 | |||||||||||||||||||
PIMCO New York Municipal Income Fund III | 0% | 0% | 2,257 | 0 | 0 | |||||||||||||||||||
PIMCO Municipal Income Fund | 0% | 0% | 19,381 | 0 | 0 | |||||||||||||||||||
PIMCO Municipal Income Fund II | 0% | 0% | 36,996 | 0 | 0 | |||||||||||||||||||
PIMCO Municipal Income Fund III | 0% | 0% | 18,754 | 0 | 0 |
† | A zero balance may reflect actual amounts rounding to less than one thousand. |
199A Dividends | ||||||||
PIMCO California Municipal Income Fund | 0% | |||||||
PIMCO California Municipal Income Fund II | 0% | |||||||
PIMCO California Municipal Income Fund III | 0% | |||||||
PIMCO New York Municipal Income Fund | 0% | |||||||
PIMCO New York Municipal Income Fund II | 0% | |||||||
PIMCO New York Municipal Income Fund III | 0% | |||||||
PIMCO Municipal Income Fund | 0% | |||||||
PIMCO Municipal Income Fund II | 0% | |||||||
PIMCO Municipal Income Fund III | 0% |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 99 |
Distribution Information |
PIMCO California Municipal Income Fund | Net Investment Income* | Net Realized Capital Gains* | Paid-in Surplus orOther Capital Sources** | Total (per common share) | ||||||||||||||||
July 2023 | $ | 0.0130 | $ | 0.0000 | $ | 0.0230 | $ | 0.0360 | ||||||||||||
August 2023 | $ | 0.0121 | $ | 0.0000 | $ | 0.0239 | $ | 0.0360 | ||||||||||||
September 2023 | $ | 0.0105 | $ | 0.0000 | $ | 0.0255 | $ | 0.0360 | ||||||||||||
October 2023 | $ | 0.0135 | $ | 0.0000 | $ | 0.0225 | $ | 0.0360 | ||||||||||||
November 2023 | $ | 0.0207 | $ | 0.0000 | $ | 0.0153 | $ | 0.0360 | ||||||||||||
December 2023 | $ | 0.0097 | $ | 0.0000 | $ | 0.0263 | $ | 0.0360 | ||||||||||||
PIMCO California Municipal Income Fund II | Net Investment Income* | Net Realized Capital Gains* | Paid-in Surplus orOther Capital Sources** | Total (per common share) | ||||||||||||||||
July 2023 | $ | 0.0080 | $ | 0.0000 | $ | 0.0135 | $ | 0.0215 | ||||||||||||
August 2023 | $ | 0.0075 | $ | 0.0000 | $ | 0.0140 | $ | 0.0215 | ||||||||||||
September 2023 | $ | 0.0059 | $ | 0.0000 | $ | 0.0156 | $ | 0.0215 | ||||||||||||
October 2023 | $ | 0.0091 | $ | 0.0000 | $ | 0.0124 | $ | 0.0215 | ||||||||||||
November 2023 | $ | 0.0116 | $ | 0.0000 | $ | 0.0099 | $ | 0.0215 | ||||||||||||
December 2023 | $ | 0.0071 | $ | 0.0000 | $ | 0.0144 | $ | 0.0215 | ||||||||||||
PIMCO California Municipal Income Fund III | Net Investment Income* | Net Realized Capital Gains* | Paid-in Surplus or Other Capital Sources** | Total (per common share) | ||||||||||||||||
July 2023 | $ | 0.0098 | $ | 0.0000 | $ | 0.0197 | $ | 0.0295 | ||||||||||||
August 2023 | $ | 0.0095 | $ | 0.0000 | $ | 0.0200 | $ | 0.0295 | ||||||||||||
September 2023 | $ | 0.0080 | $ | 0.0000 | $ | 0.0215 | $ | 0.0295 | ||||||||||||
October 2023 | $ | 0.0102 | $ | 0.0000 | $ | 0.0193 | $ | 0.0295 | ||||||||||||
November 2023 | $ | 0.0157 | $ | 0.0000 | $ | 0.0138 | $ | 0.0295 | ||||||||||||
December 2023 | $ | 0.0070 | $ | 0.0000 | $ | 0.0225 | $ | 0.0295 | ||||||||||||
PIMCO New York Municipal Income Fund | Net Investment Income* | Net Realized Capital Gains* | Paid-in Surplus orOther Capital Sources** | Total (per common share) | ||||||||||||||||
July 2023 | $ | 0.0077 | $ | 0.0000 | $ | 0.0258 | $ | 0.0335 | ||||||||||||
August 2023 | $ | 0.0104 | $ | 0.0000 | $ | 0.0231 | $ | 0.0335 | ||||||||||||
September 2023 | $ | 0.0070 | $ | 0.0000 | $ | 0.0265 | $ | 0.0335 | ||||||||||||
October 2023 | $ | 0.0134 | $ | 0.0000 | $ | 0.0201 | $ | 0.0335 | ||||||||||||
November 2023 | $ | 0.0195 | $ | 0.0000 | $ | 0.0140 | $ | 0.0335 | ||||||||||||
December 2023 | $ | 0.0115 | $ | 0.0000 | $ | 0.0220 | $ | 0.0335 | ||||||||||||
PIMCO New York Municipal Income Fund II | Net Investment Income* | Net Realized Capital Gains* | Paid-in Surplus orOther Capital Sources** | Total (per common share) | ||||||||||||||||
July 2023 | $ | 0.0073 | $ | 0.0000 | $ | 0.0222 | $ | 0.0295 | ||||||||||||
August 2023 | $ | 0.0090 | $ | 0.0000 | $ | 0.0205 | $ | 0.0295 | ||||||||||||
September 2023 | $ | 0.0077 | $ | 0.0000 | $ | 0.0218 | $ | 0.0295 | ||||||||||||
October 2023 | $ | 0.0115 | $ | 0.0000 | $ | 0.0180 | $ | 0.0295 | ||||||||||||
November 2023 | $ | 0.0155 | $ | 0.0000 | $ | 0.0140 | $ | 0.0295 | ||||||||||||
December 2023 | $ | 0.0099 | $ | 0.0000 | $ | 0.0196 | $ | 0.0295 |
100 | PIMCO CLOSED-END FUNDS |
(Unaudited) |
PIMCO New York Municipal Income Fund III | Net Investment Income* | Net Realized Capital Gains* | Paid-in Surplus orOther Capital Sources** | Total (per common share) | ||||||||||||||||
July 2023 | $ | 0.0058 | $ | 0.0000 | $ | 0.0190 | $ | 0.0248 | ||||||||||||
August 2023 | $ | 0.0066 | $ | 0.0000 | $ | 0.0182 | $ | 0.0248 | ||||||||||||
September 2023 | $ | 0.0017 | $ | 0.0000 | $ | 0.0231 | $ | 0.0248 | ||||||||||||
October 2023 | $ | 0.0083 | $ | 0.0000 | $ | 0.0165 | $ | 0.0248 | ||||||||||||
November 2023 | $ | 0.0120 | $ | 0.0000 | $ | 0.0128 | $ | 0.0248 | ||||||||||||
December 2023 | $ | 0.0023 | $ | 0.0000 | $ | 0.0225 | $ | 0.0248 | ||||||||||||
PIMCO Municipal Income Fund | Net Investment Income* | Net Realized Capital Gains* | Paid-in Surplus or Other Capital Sources** | Total (per common share) | ||||||||||||||||
July 2023 | $ | 0.0164 | $ | 0.0000 | $ | 0.0256 | $ | 0.0420 | ||||||||||||
August 2023 | $ | 0.0196 | $ | 0.0000 | $ | 0.0224 | $ | 0.0420 | ||||||||||||
September 2023 | $ | 0.0147 | $ | 0.0000 | $ | 0.0273 | $ | 0.0420 | ||||||||||||
October 2023 | $ | 0.0194 | $ | 0.0000 | $ | 0.0226 | $ | 0.0420 | ||||||||||||
November 2023 | $ | 0.0230 | $ | 0.0000 | $ | 0.0190 | $ | 0.0420 | ||||||||||||
December 2023 | $ | 0.0167 | $ | 0.0000 | $ | 0.0253 | $ | 0.0420 | ||||||||||||
PIMCO Municipal Income Fund II | Net Investment Income* | Net Realized Capital Gains* | Paid-in Surplus orOther Capital Sources** | Total (per common share) | ||||||||||||||||
July 2023 | $ | 0.0220 | $ | 0.0000 | $ | 0.0175 | $ | 0.0395 | ||||||||||||
August 2023 | $ | 0.0200 | $ | 0.0000 | $ | 0.0195 | $ | 0.0395 | ||||||||||||
September 2023 | $ | 0.0168 | $ | 0.0000 | $ | 0.0227 | $ | 0.0395 | ||||||||||||
October 2023 | $ | 0.0204 | $ | 0.0000 | $ | 0.0191 | $ | 0.0395 | ||||||||||||
November 2023 | $ | 0.0272 | $ | 0.0000 | $ | 0.0123 | $ | 0.0395 | ||||||||||||
December 2023 | $ | 0.0195 | $ | 0.0000 | $ | 0.0200 | $ | 0.0395 | ||||||||||||
PIMCO Municipal Income Fund III | Net Investment Income* | Net Realized Capital Gains* | Paid-in Surplus orOther Capital Sources** | Total (per common share) | ||||||||||||||||
July 2023 | $ | 0.0168 | $ | 0.0000 | $ | 0.0162 | $ | 0.0330 | ||||||||||||
August 2023 | $ | 0.0173 | $ | 0.0000 | $ | 0.0157 | $ | 0.0330 | ||||||||||||
September 2023 | $ | 0.0139 | $ | 0.0000 | $ | 0.0191 | $ | 0.0330 | ||||||||||||
October 2023 | $ | 0.0176 | $ | 0.0000 | $ | 0.0154 | $ | 0.0330 | ||||||||||||
November 2023 | $ | 0.0214 | $ | 0.0000 | $ | 0.0116 | $ | 0.0330 | ||||||||||||
December 2023 | $ | 0.0154 | $ | 0.0000 | $ | 0.0176 | $ | 0.0330 |
* | 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. |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 101 |
Shareholder Meeting Results |
Affirmative | Withheld Authority | |||||||||||
Election of Libby D. Cantrill † | 18,086,153 | 970,003 | ||||||||||
Re-Election of David Fisher† | 18,086,153 | 970,003 | ||||||||||
Re-election of Joseph B. Kittredge, Jr. — Class III to serve until the annual meeting held during the 2026 fiscal year | 18,086,153 | 970,003 |
Affirmative | Withheld Authority | |||||||||||
Election of Libby D. Cantrill † | 47,651,012 | 2,406,010 | ||||||||||
Re-Election of David Fisher† | 47,651,012 | 2,406,010 | ||||||||||
Re-election of Joseph B. Kittredge, Jr. — Class III to serve until the annual meeting held during the 2026 fiscal year | 47,651,012 | 2,406,010 |
Affirmative | Withheld Authority | |||||||||||
Election of Libby D. Cantrill † | 22,871,136 | 1,514,176 | ||||||||||
Re-election of Deborah DeCotis — Class III to serve until the annual meeting held during the 2026 fiscal year | 22,871,136 | 1,514,176 | ||||||||||
Re-election of David Fisher† | 22,871,136 | 1,514,176 |
Affirmative | Withheld Authority | |||||||||||
Election of Libby D. Cantrill † | 12,005,526 | 1,714,611 | ||||||||||
Re-Election of David Fisher† | 12,005,526 | 1,714,611 | ||||||||||
Re-election of Joseph B. Kittredge, Jr. — Class III to serve until the annual meeting held during the 2026 fiscal year | 12,005,526 | 1,714,611 |
102 | PIMCO CLOSED-END FUNDS |
(Unaudited) |
Affirmative | Withheld Authority | |||||||||||
Election of Libby D. Cantrill † | 21,774,804 | 1,760,903 | ||||||||||
Re-Election of David Fisher† | 21,774,804 | 1,760,903 | ||||||||||
Re-election of Joseph B. Kittredge, Jr. — Class III to serve until the annual meeting held during the 2026 fiscal year | 21,774,804 | 1,760,903 |
Affirmative | Withheld Authority | |||||||||||
Election of Libby D. Cantrill † | 14,868,710 | 1,143,531 | ||||||||||
Re-election of Deborah DeCotis — Class III to serve until the annual meeting held during the 2026 fiscal year | 14,868,710 | 1,143,531 | ||||||||||
Re-election of David Fisher† | 14,868,710 | 1,143,531 |
Affirmative | Withheld Authority | |||||||||||
Election of Libby D. Cantrill † | 5,892,137 | 442,583 | ||||||||||
Re-Election of David Fisher† | 5,892,137 | 442,583 | ||||||||||
Re-election of Joseph B. Kittredge, Jr. — Class III to serve until the annual meeting held during the 2026 fiscal year | 5,892,137 | 442,583 |
Affirmative | Withheld Authority | |||||||||||
Election of Libby D. Cantrill † | 7,163,009 | 649,334 | ||||||||||
Re-Election of David Fisher† | 7,163,009 | 649,334 | ||||||||||
Re-election of Joseph B. Kittredge, Jr. — Class III to serve until the annual meeting held during the 2026 fiscal year | 7,163,009 | 649,334 |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 103 |
Shareholder Meeting Results | (Cont.) | (Unaudited) |
Affirmative | Withheld Authority | |||||||||||
Election of Libby D. Cantrill † | 3,790,421 | 310,581 | ||||||||||
Re-election of Deborah DeCotis — Class III to serve until the annual meeting held during the 2026 fiscal year | 3,790,421 | 310,581 | ||||||||||
Re-election of Joseph B. Kittredge, Jr. — Class III to serve until the annual meeting held during the 2026 fiscal year | 3,790,421 | 310,581 |
† | Interested Trustee |
104 | PIMCO CLOSED-END FUNDS |
Changes to Board of Trustees / Changes to Portfolio Managers | (Unaudited) |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 105 |
Dividend Reinvestment Plan |
106 | PIMCO CLOSED-END FUNDS |
(Unaudited) |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 107 |
Additional Information Regarding the Funds | (Unaudited) |
1. | As of 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, including to borrowers that are unrated or have credit ratings that are determined by one or more nationally recognized statistical rating organizations (“NRSROs”) and/or Pacific Investment Management Company LLC (“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 a Fund invests in or originates may vary in maturity and/or duration. The Funds are not limited in the amount, size or type of loans they 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. Each 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 (the “Code”), in order to qualify as a regulated investment company (“RIC”). The loans acquired by a Fund may be “municipal bonds” (including of a particular state) for purposes of each Fund’s investment policies to invest a certain minimum of their assets in securities that produce income that is exempt from federal income tax and, as applicable, the income taxes of a particular state, or may be loans that produce income that is subject to applicable regular income tax, subject to each Fund’s investment limits. |
2. | As of October 27, 2023, each Fund’s investment guideline limiting the Fund’s investments in securities which are illiquid at the time of investment was removed. |
108 | PIMCO CLOSED-END FUNDS |
Principal Investment Strategies | (Unaudited) |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 109 |
Principal Investment Strategies | (Cont.) |
110 | PIMCO CLOSED-END FUNDS |
(Unaudited) |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 111 |
Principal Investment Strategies | (Cont.) | (Unaudited) |
112 | PIMCO CLOSED-END FUNDS |
Principal Risks of the Funds | (Unaudited) |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 113 |
Principal Risks of the Funds | (Cont.) |
114 | PIMCO CLOSED-END FUNDS |
(Unaudited) |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 115 |
Principal Risks of the Funds | (Cont.) |
116 | PIMCO CLOSED-END FUNDS |
(Unaudited) |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 117 |
Principal Risks of the Funds | (Cont.) |
118 | PIMCO CLOSED-END FUNDS |
(Unaudited) |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 119 |
Principal Risks of the Funds | (Cont.) |
120 | PIMCO CLOSED-END FUNDS |
(Unaudited) |
∎ | the likelihood of greater volatility of NAV and market price of Common Shares, and of the investment return to Common Shareholders, than a comparable portfolio without leverage; |
∎ | the possibility either that Common Share dividends will fall if the interest and other costs of leverage rise, or that dividends paid on Common Shares will fluctuate because such costs vary over time; and |
∎ | the effects of leverage in a declining market or a rising interest rate environment, as leverage is likely to cause a greater decline in the NAV of the Common Shares than if a Fund were not leveraged. |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 121 |
Principal Risks of the Funds | (Cont.) |
1 | The types of leverage on which fees are received by the Investment Manager with respect to the Fund are discussed in Note 8 in the Notes to Financial Statements. |
122 | PIMCO CLOSED-END FUNDS |
(Unaudited) |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 123 |
Principal Risks of the Funds | (Cont.) |
124 | PIMCO CLOSED-END FUNDS |
(Unaudited) |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 125 |
Principal Risks of the Funds | (Cont.) |
126 | PIMCO CLOSED-END FUNDS |
(Unaudited) |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 127 |
Principal Risks of the Funds | (Cont.) |
128 | PIMCO CLOSED-END FUNDS |
(Unaudited) |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 129 |
Principal Risks of the Funds | (Cont.) |
130 | PIMCO CLOSED-END FUNDS |
(Unaudited) |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 131 |
Principal Risks of the Funds | (Cont.) |
132 | PIMCO CLOSED-END FUNDS |
(Unaudited) |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 133 |
Principal Risks of the Funds | (Cont.) |
134 | PIMCO CLOSED-END FUNDS |
(Unaudited) |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 135 |
Principal Risks of the Funds | (Cont.) |
136 | PIMCO CLOSED-END FUNDS |
(Unaudited) |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 137 |
Principal Risks of the Funds | (Cont.) | (Unaudited) |
138 | PIMCO CLOSED-END FUNDS |
Risk Management Strategies | (Unaudited) |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 139 |
Fundamental Investment Restrictions |
(1) | Concentrate its investments in a particular “industry,” as that term is used in the Investment Company Act of 1940, as amended, and as interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
(2) | With respect to 75% of the Fund’s total assets, purchase the securities of any issuer, except securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities or securities issued by other investment companies, if, as a result, (i) more than 5% of the Fund’s total assets would be invested in the securities of that issuer, or (ii) the Fund would hold more than 10% of the outstanding voting securities of that issuer. For the purpose of this restriction, each state and each separate political subdivision, agency, authority or instrumentality of such state, each multi-state agency or authority, and each obligor, if any, is treated as a separate issuer of municipal bonds. |
(3) | Purchase or sell real estate, although it may purchase securities (including municipal bonds) secured by real estate or interests therein, or securities issued by companies which invest in real estate, or interests therein. |
(4) | Purchase or sell commodities or commodities contracts or oil, gas or mineral programs. This restriction shall not prohibit the Fund (as described in the “Portfolio Contents” section above) from purchasing, selling or entering into futures contracts, options on futures contracts, forward contracts, or any interest rate, securities-related or other hedging instrument, including swap agreements and other derivative instruments, subject to compliance with any applicable provisions of the federal securities or commodities laws. |
(5) | Borrow money or issue any senior security, except to the extent permitted under the Investment Company Act of 1940, as amended, and as interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
(6) | Make loans, except to the extent permitted under the Investment Company Act of 1940, as amended, and as interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
(7) | Act as an underwriter of securities of other issuers, except to the extent that in connection with the disposition of portfolio securities, it may be deemed to be an underwriter under the federal securities laws. |
(1) | Concentrate its investments in a particular “industry,” as that term is used in the Investment Company Act of 1940, as amended, and as interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
(2) | With respect to 75% of the Fund’s total assets, purchase the securities of any issuer, except securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities or securities issued by other investment companies, if, as a result, (i) more than 5% of the Fund’s total assets would be invested in the securities of that issuer, or (ii) the Fund would hold more than 10% of the outstanding voting securities of that issuer. For the purpose of this restriction, each state and each separate political subdivision, agency, authority or instrumentality of such state, each multi-state agency or authority, and each obligor, if any, is treated as a separate issuer of municipal bonds. |
(3) | Purchase or sell real estate, although it may purchase securities (including municipal bonds) secured by real estate or interests therein, or securities issued by companies which invest in real estate, or interests therein. |
140 | PIMCO CLOSED-END FUNDS |
(Unaudited) |
(4) | Purchase or sell commodities or commodities contracts or oil, gas or mineral programs. This restriction shall not prohibit the Fund (as described in the “Portfolio Contents” section above) from purchasing, selling or entering into futures contracts, options on futures contracts, forward contracts, or any interest rate, securities-related or other hedging instrument, including swap agreements and other derivative instruments, subject to compliance with any applicable provisions of the federal securities or commodities laws. |
(5) | Borrow money or issue any senior security, except to the extent permitted under the Investment Company Act of 1940, as amended, and as interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
(6) | Make loans, except to the extent permitted under the Investment Company Act of 1940, as amended, and as interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
(7) | Act as an underwriter of securities of other issuers, except to the extent that in connection with the disposition of portfolio securities, it may be deemed to be an underwriter under the federal securities laws. |
(8) | Make an investment if, at the time of such investment, the Fund has invested less than 80% of its “assets” (as that term is defined in Rule 35d 1 under the Investment Company Act of 1940, as amended) in investments the income from which is, in the opinion of bond counsel to the issuer (or on the basis of other authority believed by the Fund’s portfolio manager to be reliable), exempt from federal income tax (not including, for these purposes, the federal alternative minimum tax). |
(1) | Concentrate its investments in a particular “industry,” as that term is used in the Investment Company Act of 1940, as amended, and as interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
(2) | With respect to 75% of the Fund’s total assets, purchase the securities of any issuer, except securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities or |
securities issued by other investment companies, if, as a result, (i) more than 5% of the Fund’s total assets would be invested in the securities of that issuer, or (ii) the Fund would hold more than 10% of the outstanding voting securities of that issuer. For the purpose of this restriction, each state and each separate political subdivision, agency, authority or instrumentality of such state, each multi-state agency or authority, and each obligor, if any, is treated as a separate issuer of municipal bonds. |
(3) | Purchase or sell real estate, although it may purchase securities (including municipal bonds) secured by real estate or interests therein, or securities issued by companies which invest in real estate, or interests therein. |
(4) | Purchase or sell commodities or commodities contracts or oil, gas or mineral programs. This restriction shall not prohibit the Fund (as described in the “Portfolio Contents” section above) from purchasing, selling or entering into futures contracts, options on futures contracts, forward contracts, or any interest rate, securities-related or other hedging instrument, including swap agreements and other derivative instruments, subject to compliance with any applicable provisions of the federal securities or commodities laws. |
(5) | Borrow money or issue any senior security, except to the extent permitted under the Investment Company Act of 1940, as amended, and as interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
(6) | Make loans, except to the extent permitted under the Investment Company Act of 1940, as amended, and as interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
(7) | Act as an underwriter of securities of other issuers, except to the extent that in connection with the disposition of portfolio securities, it may be deemed to be an underwriter under the federal securities laws. |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 141 |
Fundamental Investment Restrictions | (Cont.) |
(1) | Concentrate its investments in a particular “industry,” as that term is used in the Investment Company Act of 1940, as amended, and as interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
(2) | Purchase or sell real estate, although it may purchase securities (including municipal bonds) secured by real estate or interests therein, or securities issued by companies which invest in real estate, or interests therein. |
(3) | Purchase or sell commodities or commodities contracts or oil, gas or mineral programs. This restriction shall not prohibit the Fund (as described in the “Portfolio Contents” section above) from purchasing, selling or entering into futures contracts, options on futures contracts, forward contracts, or any interest rate, securities-related or other hedging instrument, including swap agreements and other derivative instruments, subject to compliance with any applicable provisions of the federal securities or commodities laws. |
(4) | Borrow money or issue any senior security, except to the extent permitted under the Investment Company Act of 1940, as amended, and as interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
(5) | Make loans, except to the extent permitted under the Investment Company Act of 1940, as amended, and as interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
(6) | Act as an underwriter of securities of other issuers, except to the extent that in connection with the disposition of portfolio securities, it may be deemed to be an underwriter under the federal securities laws. |
(1) | Concentrate its investments in a particular “industry,” as that term is used in the Investment Company Act of 1940, as amended, and as interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
(2) | Purchase or sell real estate, although it may purchase securities (including municipal bonds) secured by real estate or interests therein, or securities issued by companies which invest in real estate, or interests therein. |
(3) | Purchase or sell commodities or commodities contracts or oil, gas or mineral programs. This restriction shall not prohibit the Fund (as described in the “Portfolio Contents” section above) from purchasing, selling or entering into futures contracts, options on futures contracts, forward contracts, or any interest rate, securities-related or other hedging instrument, including swap agreements and other derivative instruments, subject to compliance with any applicable provisions of the federal securities or commodities laws. |
(4) | Borrow money or issue any senior security, except to the extent permitted under the Investment Company Act of 1940, as amended, and as interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
(5) | Make loans, except to the extent permitted under the Investment Company Act of 1940, as amended, and as interpreted, |
142 | PIMCO CLOSED-END FUNDS |
(Unaudited) |
modified, or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
(6) | Act as an underwriter of securities of other issuers, except to the extent that in connection with the disposition of portfolio securities, it may be deemed to be an underwriter under the federal securities laws. |
(1) | Concentrate its investments in a particular “industry,” as that term is used in the Investment Company Act of 1940, as amended, and as interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
(2) | Purchase or sell real estate, although it may purchase securities (including municipal bonds) secured by real estate or interests therein, or securities issued by companies which invest in real estate, or interests therein. |
(3) | Purchase or sell commodities or commodities contracts or oil, gas or mineral programs. This restriction shall not prohibit the Fund (as described in the “Portfolio Contents” section above) from purchasing, selling or entering into futures contracts, options on futures contracts, forward contracts, or any interest rate, securities-related or other hedging instrument, including swap agreements and other derivative instruments, subject to compliance with any applicable provisions of the federal securities or commodities laws. |
(4) | Borrow money or issue any senior security, except to the extent permitted under the Investment Company Act of 1940, as amended, and as interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
(5) | Make loans, except to the extent permitted under the Investment Company Act of 1940, as amended, and as interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
(6) | Act as an underwriter of securities of other issuers, except to the extent that in connection with the disposition of portfolio securities, it may be deemed to be an underwriter under the federal securities laws. |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 143 |
Fundamental Investment Restrictions | (Cont.) |
(1) | Concentrate its investments in a particular “industry,” as that term is used in the Investment Company Act of 1940, as amended, and as interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
(2) | Purchase or sell real estate, although it may purchase securities (including municipal bonds) secured by real estate or interests therein, or securities issued by companies which invest in real estate, or interests therein. |
(3) | Purchase or sell commodities or commodities contracts or oil, gas or mineral programs. This restriction shall not prohibit the Fund (as described in the “Portfolio Contents” section above) from purchasing, selling or entering into futures contracts, options on futures contracts, forward contracts, or any interest rate, securities-related or other hedging instrument, including swap agreements and other derivative instruments, subject to compliance with any applicable provisions of the federal securities or commodities laws. |
(4) | Borrow money or issue any senior security, except to the extent permitted under the Investment Company Act of 1940, as amended, and as interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
(5) | Make loans, except to the extent permitted under the Investment Company Act of 1940, as amended, and as interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
(6) | Act as an underwriter of securities of other issuers, except to the extent that in connection with the disposition of portfolio securities, it may be deemed to be an underwriter under the federal securities laws. |
(1) | Concentrate its investments in a particular “industry,” as that term is used in the Investment Company Act of 1940, as amended, and as interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
(2) | Purchase or sell real estate, although it may purchase securities (including municipal bonds) secured by real estate or interests therein, or securities issued by companies which invest in real estate, or interests therein. |
(3) | Purchase or sell commodities or commodities contracts or oil, gas or mineral programs. This restriction shall not prohibit the Fund (as described in the “Portfolio Contents” section above) from purchasing, selling or entering into futures contracts, options on futures contracts, forward contracts, or any interest rate, securities-related or other hedging instrument, including swap agreements and other derivative instruments, subject to compliance with any applicable provisions of the federal securities or commodities laws. |
(4) | Borrow money or issue any senior security, except to the extent permitted under the Investment Company Act of 1940, as amended, and as interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
(5) | Make loans, except to the extent permitted under the Investment Company Act of 1940, as amended, and as interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
(6) | Act as an underwriter of securities of other issuers, except to the extent that in connection with the disposition of portfolio securities, it may be deemed to be an underwriter under the federal securities laws. |
144 | PIMCO CLOSED-END FUNDS |
(Unaudited) |
(1) | Concentrate its investments in a particular “industry,” as that term is used in the Investment Company Act of 1940, as amended, and as interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
(2) | Purchase or sell real estate, although it may purchase securities (including municipal bonds) secured by real estate or interests therein, or securities issued by companies which invest in real estate, or interests therein. |
(3) | Purchase or sell commodities or commodities contracts or oil, gas or mineral programs. This restriction shall not prohibit the Fund (as described in the “Portfolio Contents” section above) from purchasing, selling or entering into futures contracts, options on futures contracts, forward contracts, or any interest rate, securities-related or other hedging instrument, including swap agreements and other derivative instruments, subject to compliance with any applicable provisions of the federal securities or commodities laws. |
(4) | Borrow money or issue any senior security, except to the extent permitted under the Investment Company Act of 1940, as amended, and as interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
(5) | Make loans, except to the extent permitted under the Investment Company Act of 1940, as amended, and as interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
(6) | Act as an underwriter of securities of other issuers, except to the extent that in connection with the disposition of portfolio securities, it may be deemed to be an underwriter under the federal securities laws. |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 145 |
Other Information |
146 | PIMCO CLOSED-END FUNDS |
(Unaudited) |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 147 |
Effects of Leverage | (Unaudited) |
California Municipal Income Fund (PCQ) | California Municipal Income Fund II (PCK) | California Municipal Income Fund III (PZC) | New York Municipal Income Fund (PNF) | New York Municipal Income Fund II (PNI) | New York Municipal Income Fund III (PYN) | Municipal Income Fund (PMF) | Municipal Income Fund II (PML) | Municipal Income Fund III (PMX) | ||||||||||||||||||||||||||||||||
Preferred Shares as a Percentage of Total Managed Assets (Including Assets Attributable to Preferred Shares and TOBs) | 41.49 | % | 41.52 | % | 41.00 | % | 32.32 | % | 38.07 | % | 34.73 | % | 41.32 | % | 36.20 | % | 39.68 | % | ||||||||||||||||||||||
Estimated Annual Effective Preferred Share Dividend Rate | 5.98 | % | 5.98 | % | 5.99 | % | 5.98 | % | 5.96 | % | 5.98 | % | 5.98 | % | 5.98 | % | 5.98 | % | ||||||||||||||||||||||
TOBs as a Percentage of Total Managed Assets (Including Assets Attributable to Preferred Shares and TOBs) | 2.83 | % | 2.28 | % | 2.71 | % | 1.53 | % | 8.02 | % | 14.33 | % | 2.90 | % | 6.20 | % | 3.66 | % | ||||||||||||||||||||||
Estimated Annual Effective Interest Expense Rate Payable by Fund on TOBs | 3.75 | % | 3.71 | % | 3.76 | % | 3.69 | % | 1.02 | % | 0.91 | % | 3.71 | % | 3.78 | % | 3.73 | % | ||||||||||||||||||||||
Annual Return Fund Portfolio Must Experience (net of expenses) to Cover Estimated Annual Effective Preferred Share Dividend Rate and Interest Expense Rate on TOBs | 2.47 | % | 2.39 | % | 2.41 | % | 1.99 | % | 2.25 | % | 2.21 | % | 2.48 | % | 2.25 | % | 2.37 | % | ||||||||||||||||||||||
Common Share Total Return for (10.00)% Assumed Portfolio Total Return | (22.40 | )% | (22.04 | )% | (22.05 | )% | (18.12 | )% | (22.72 | )% | (23.97 | )% | (22.37 | )% | (21.27 | )% | (21.82 | )% | ||||||||||||||||||||||
Common Share Total Return for (5.00)% Assumed Portfolio Total Return | (13.42 | )% | (13.15 | )% | (13.17 | )% | (10.57 | )% | (13.45 | )% | (14.15 | )% | (13.40 | )% | (12.59 | )% | (13.00 | )% | ||||||||||||||||||||||
Common Share Total Return for 0.00% Assumed Portfolio Total Return | (4.44 | )% | (4.25 | )% | (4.28 | )% | (3.01 | )% | (4.17 | )% | (4.34 | )% | (4.44 | )% | (3.91 | )% | (4.17 | )% | ||||||||||||||||||||||
Common Share Total Return for 5.00% Assumed Portfolio Total Return | 4.54 | % | 4.64 | % | 4.60 | % | 4.55 | % | 5.10 | % | 5.48 | % | 4.52 | % | 4.77 | % | 4.65 | % | ||||||||||||||||||||||
Common Share Total Return for 10.00% Assumed Portfolio Total Return | 13.52 | % | 13.54 | % | 13.48 | % | 12.11 | % | 14.37 | % | 15.30 | % | 13.49 | % | 13.45 | % | 13.47 | % |
148 | PIMCO CLOSED-END FUNDS |
Management of the Funds | (Unaudited) |
Name and Year of Birth | Position(s) Held with the Funds | Term of Office and Length of Time Served* | Principal Occupation(s) During the Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee During the Past 5 Years | |||||
Independent Trustees | ||||||||||
Deborah A. DeCotis 1952 | Chair of the Board, Trustee | Trustee of the Funds since 2011, expected to stand for re-election at the annual meeting of shareholders during the 2025 fiscal year for PMF, PCQ, PNF, PML, PCK, and PNI and during the 2026 fiscal year for PMX, PZC and PYN. | Advisory Director, Morgan Stanley & Co., Inc. (since 1996); Member, Circle Financial Group (since 2009); Member, Council on Foreign Relations (since 2013); Trustee, Smith College (since 2017); Director, Watford Re (since 2017); and Director, Cadre Inc., a manufacturer of safety equipment (since 2022). Formerly, Co-Chair Special Projects Committee, Memorial Sloan Kettering (2005-2015); Trustee, Stanford University (2010-2015); Principal, LaLoop LLC, a retail accessories company (1999-2014); Director, Helena Rubenstein Foundation (1997-2010); and Director, Armor Holdings (2002-2010). | 30 | Trustee, Allianz Funds (2011-2021); Trustee, Virtus Funds (2021-Present). | |||||
Sarah E. Cogan 1956 | Trustee | Trustee of the Funds since 2019, expected to stand for election at the annual meeting of the shareholders during the 2025 fiscal year for PMF, PCQ, PNF, PML, PCK, PNI and PYN and during the 2024 fiscal year for PMX and PZC. | Retired Partner, Simpson Thacher & Bartlett LLP (law firm) (1989-2018); Director, Girl Scouts of Greater New York, Inc. (since 2016); and Trustee, Natural Resources Defense Council, Inc. (since 2013). | 30 | Trustee, Allianz Funds (2019-2021); Trustee, Virtus Funds (2021-Present). | |||||
Joseph B. Kittredge, Jr. 1954 | Trustee | Trustee of the Funds since 2020, expected to stand for re-election at the annual meeting of shareholders during the 2025 fiscal year for PMX and PZC and during the 2026 fiscal year for PMF, PCQ, PNF, PML, PCK, PNI and PYN. | Trustee (since 2019) and Governance Committee (since 2020), Vermont Law School (since 2019); Director and Treasurer, Center for Reproductive Rights (since 2015); Formerly, Director (2013-2020) and Chair (2018-2020), ACLU of Massachusetts; General Counsel, Grantham, Mayo, Van Otterloo & Co. LLC (2005-2018) and Partner (2007-2018); President, GMO Trust (institutional mutual funds) (2009-2018); Chief Executive Officer, GMO Trust (2009-2015); and President and Chief Executive Officer, GMO Series Trust (platform based mutual funds) (2011-2013). | 30 | Trustee, GMO Trust (2010-2018); Chairman of the Board of Trustees, GMO Series Trust (2011-2018). | |||||
Kathleen McCartney 1955 | Trustee | Trustee of the Funds since 2022, expected to stand for re-election at the annual meeting of shareholders during the 2025 fiscal year for PMF, PCQ, PNF, PML, PCK, PNI PMX, PZC and PYN. | Director (since 2013) and President (since 2020), Five Colleges, Inc., consortium of liberal arts colleges and universities; President Emerita, Smith College (since 2023); Formerly, President, Smith College (2013-2023); Director, American Council on Education Board of Directors, (2015-2019); Director, Consortium on Financing Higher Education Board of Directors (2015-2019); Director, edX Board of Directors, online course provider (2012-2013); Director, Bellwether Education Partners Board, national nonprofit organization (2010-2013); Dean, Harvard Graduate School of Education (2006-2013); and Trustee, Tufts University (2007-2013). | 30 | None. |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 149 |
Management of the Funds | (Cont.) |
Name and Year of Birth | Position(s) Held with the Funds | Term of Office and Length of Time Served* | Principal Occupation(s) During the Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee During the Past 5 Years | |||||
Alan Rappaport 1953 | Trustee | Trustee of the Funds since 2010, expected to stand for re-election at the annual meeting of shareholders during the 2024 fiscal year for PMF, PCQ, PNF, PML, PCK, PNI and PYN and during the 2025 fiscal year for PMX and PZC. | Director, Victory Capital Holdings, Inc., an asset management firm (since 2013). Formerly, Adjunct Professor, New York University Stern School of Business (2011-2020); Lecturer, Stanford University Graduate School of Business (2013-2020); Advisory Director (formerly Vice Chairman), Roundtable Investment Partners (2009-2018); Member of Board of Overseers, NYU Langone Medical Center (2015-2016); Trustee, American Museum of Natural History (2005-2015); Trustee, NYU Langone Medical Center (2007-2015); and Vice Chairman (formerly, Chairman and President), U.S. Trust (formerly, Private Bank of Bank of America, the predecessor entity of U.S. Trust) (2001-2008). | 30 | Trustee, Allianz Funds (2010-2021); Trustee, Virtus Closed-End Funds(2021-2023). | |||||
E. Grace Vandecruze 1963 | Trustee | Trustee of the Funds since 2021, expected to stand for re-election at the annual meeting of shareholders during the 2024 fiscal year for each Fund. | Founder and Managing Director, Grace Global Capital LLC, a strategic advisory firm to the insurance industry (since 2006); Director, The Doctors Company, a medical malpractice insurance company (since 2020); Director, Link Logistic REIT, a real estate company (since 2021); Director and Member of the Investment & Risk Committee, Resolution Life Group Holdings, a global life insurance group (since 2021); Director, Wharton Graduate Executive Board; Chief Financial Officer, ShoulderUp Technology Acquisition Corp, a special purpose acquisition company (since 2021); and Director, Blackstone Private Equity Strategies Fund L.P. (since 2022). Formerly, Director, Resolution Holdings (2015-2019); Director and Member of the Audit Committee and the Wealth Solutions Advisory Committee, M Financial Group, a life insurance company (2015-2021); Chief Financial Officer, Athena Technology Acquisition Corp, a special purpose acquisition company (2021-2022); and Director, SBLI USA, a life insurance company (2015-2018). | 30 | None | |||||
Interested Trustees* | ||||||||||
Libby Cantrill** 1977 | Trustee | Trustee of the Funds since April 2023 , expected to stand for re-election at the annual meeting of shareholders during the 2024 fiscal year for PMF, PCQ, PNF, PML, PCK, PNI, PMX and PZC and during the 2026 fiscal year for PYN. | Managing Director, Head of Public Policy, PIMCO (since 2007); Institutional Account Manager, PIMCO (2007-2010); Legislative Aide, House of Representatives (2003-2005); Investment Banking Analyst, Morgan Stanley (2000-2003). | 30 | Member of the Board of Directors, Covenant House New York (2021-Present); Member of the Board, Securities Industry and Financial Markets Association (2022-Present). |
150 | PIMCO CLOSED-END FUNDS |
(Unaudited) |
Name and Year of Birth | Position(s) Held with the Funds | Term of Office and Length of Time Served* | Principal Occupation(s) During the Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee During the Past 5 Years | |||||
David N. Fisher** 1968 | Trustee | Trustee of the Funds since 2019, expected to stand for election at the annual meeting of the shareholders during the 2025 fiscal year for PYN and during the 2026 fiscal year for PMF, PCQ, PNF, PML, PCK, PNI, PMX and PZC. | Managing Director and Co-Head of U.S. Global Wealth Management Strategic Accounts, PIMCO (since 2021); and Director, Court Appointed Special Advocates (CASA) of Orange County, anon-profit organization (since 2015). Formerly, Managing Director and Head of Traditional Product Strategies, PIMCO (2015-2021); Global Bond Strategist, PIMCO (2008-2015); and Managing Director and Head of Global Fixed Income, HSBC Global Asset Management(2005-2008). | 30 | None |
* | Under the Fund’s Amended and Restated Agreement and Declaration of Trust, a Trustee serves until his or her retirement, removal, disqualification, resignation or replacement. |
** | Ms. Cantrill and Mr. Fisher are “interested persons” of the Fund, as defined in Section 2(a)(19) of the Act, due to their affiliations with PIMCO and its affiliates. Their address is 650 Newport Center Drive, Newport Beach, California 92660. |
Name, Address and Year of Birth | Position(s) Held with Funds | Term of Office and Length of Time Served | Principal Occupation(s) During the Past 5 Years | |||
Joshua D. Ratner 1976 | President | Since 2019 | Executive Vice President and Head of Americas Operations; Deputy General Counsel, PIMCO. President, PIMCO-Managed Funds, PIMCO Flexible Real Estate Income Fund, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. | |||
Keisha Audain-Pressley 1975 | Chief Compliance Officer | Since 2018 | Executive Vice President and Deputy Chief Compliance Officer, PIMCO. Chief Compliance Officer, PIMCO-Managed Funds, PIMCO Flexible Real Estate Income Fund, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT and PIMCO Capital Solutions BDC Corp. | |||
Ryan G. Leshaw 1 1980 | Chief Legal Officer | Since 2019 | Executive Vice President and Deputy General Counsel, PIMCO. Chief Legal Officer, PIMCO-Managed Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp. Chief Legal Officer and Secretary, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Formerly, Associate, Willkie Farr & Gallagher LLP. | |||
Peter G. Strelow 1 1970 | Senior Vice President | Since 2019 | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Formerly, Chief Administrative Officer, PIMCO. | |||
Wu-Kwan Kit1 1981 | Vice President, Senior Counsel and Secretary | Since 2018 | Senior Vice President and Senior Counsel, PIMCO. Vice President, Senior Counsel and Secretary, PIMCO-Managed Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp. Assistant Secretary, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Formerly, Assistant General Counsel, VanEck Associates Corp. | |||
Douglas B. Burrill 1980 | Vice President | Since 2022 | Senior Vice President, PIMCO. Vice President, PIMCO-Managed Funds, PIMCO Flexible Real Estate Income Fund, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT and PIMCO Capital Solutions BDC Corp. | |||
Carol K. Chan 1 1982 | Vice President | Since January 2024 | Senior Vice President, PIMCO. Vice President, PIMCO-Managed Funds, PIMCO Flexible Real Estate Income Fund, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series, PIMCO Equity Series VIT. | |||
Alyssa M. Creighton 1 1974 | Vice President | Since January 2024 | Senior Vice President, PIMCO. Vice President, PIMCO-Managed Funds, PIMCO Flexible Real Estate Income Fund, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT and PIMCO Capital Solutions BDC Corp. | |||
Jason R. Duran 1 1977 | Vice President | Since 2023 | Senior Vice President, PIMCO. Vice President, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. | |||
Kenneth W. Lee 1 1972 | Vice President | Since 2022 | Senior Vice President, PIMCO. Vice President, PIMCO-Managed Funds, PIMCO Flexible Real Estate Income Fund, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT and PIMCO Capital Solutions BDC Corp. | |||
Greg J. Mason 2 1980 | Vice President | Since 2023 | Senior Vice President, PIMCO. Vice President, PIMCO-Managed Funds, PIMCO Flexible Real Estate Income Fund, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 151 |
Management of the Funds | (Cont.) | (Unaudited) |
Name, Address and Year of Birth | Position(s) Held with Funds | Term of Office and Length of Time Served | Principal Occupation(s) During the Past 5 Years | |||
Collen P. McLaughlin 2 1983 | Vice President | Since January 2024 | Senior Vice President, PIMCO. Vice President, PIMCO-Managed Funds, PIMCO Flexible Real Estate Income Fund, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. | |||
Shiv Narain 1 1981 | Vice President | Since January 2024 | Executive Vice President, PIMCO. Vice President, PIMCO-Managed Funds, PIMCO Flexible Real Estate Income Fund, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. | |||
Keith A. Werber 1 1973 | Vice President | Since 2022 | Executive Vice President, PIMCO. Vice President, PIMCO-Managed Funds, PIMCO Flexible Real Estate Income Fund, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT and PIMCO Capital Solutions BDC Corp. | |||
Paul T. Wildermuth 1 1979 | Vice President | Since January 2024 | Vice President, PIMCO. Vice President, PIMCO-Managed Funds, PIMCO Flexible Real Estate Income Fund, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. | |||
Bijal Y. Parikh 1 1978 | Treasurer | Since 2021 | Executive Vice President, PIMCO. Treasurer, PIMCO-Managed Funds, PIMCO Flexible Real Estate Income Fund, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. | |||
Brandon T. Evans 1 1982 | Deputy Treasurer | Since 2022 | Senior Vice President, PIMCO. Deputy Treasurer, PIMCO-Managed Funds. Assistant Treasurer, PIMCO Flexible Real Estate Income Fund, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. | |||
Erik C. Brown 2 1967 | Assistant Treasurer | Since 2015 | Executive Vice President, PIMCO. Assistant Treasurer, PIMCO-Managed Funds, PIMCO Flexible Real Estate Income Fund, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT and PIMCO Capital Solutions BDC Corp. | |||
Matthew L. Goodman 1977 | Assistant Treasurer | Since January 2024 | Vice President, PIMCO. Assistant Treasurer, PIMCO-Managed Funds, PIMCO Flexible Real Estate Income Fund, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. | |||
Laine E. Pacetti 1 1989 | Assistant Treasurer | Since January 2024 | Vice President, PIMCO. Assistant Treasurer, PIMCO-Managed Funds, PIMCO Flexible Real Estate Income Fund, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. | |||
Jason R. Stern 1979 | Assistant Treasurer | Since January 2024 | Vice President, PIMCO. Assistant Treasurer, PIMCO-Managed Funds, PIMCO Flexible Real Estate Income Fund, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. | |||
Chi H. Vu 1 1983 | Assistant Treasurer | Since January 2024 | Vice President, PIMCO. Assistant Treasurer, PIMCO-Managed Funds, PIMCO Flexible Real Estate Income Fund, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
1 | The address of these officers is Pacific Investment Management Company LLC, 650 Newport Center Drive, Newport Beach, California 92660. |
2 | The address of these officers is Pacific Investment Management Company LLC, 401 Congress Ave., Austin, Texas 78701. |
152 | PIMCO CLOSED-END FUNDS |
Privacy Policy 1 | (Unaudited) |
ANNUAL REPORT | | | DECEMBER 31, 2023 | 153 |
Item 2. | Code of Ethics. |
As of the end of the period covered by this report, the Registrant has adopted a code of ethics (the “Code”) that applies to the Registrant’s principal executive officer and principal financial officer. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the principal executive officer or principal financial officer during the period covered by this report.
A copy of the Code is included as an exhibit to this report.
Item 3. | Audit Committee Financial Expert. |
The Board of Trustees has determined that Joseph B. Kittredge, Jr., who serves on the Board’s Audit Oversight Committee, qualifies as an “audit committee financial expert” as such term is defined in the instructions to this Item 3. The Board has also determined that Mr. Kittredge is “independent” as such term is interpreted under this Item 3.
Item 4. | Principal Accountant Fees and Services. |
(a) | Fiscal Year Ended | Audit Fees | ||||
December 31, 2023 | $ 56,772 | |||||
December 31, 2022 | $ 56,772 | |||||
(b) |
Fiscal Year Ended |
Audit-Related Fees | ||||
December 31, 2023 | $ 11,528 | |||||
December 31, 2022 | $ 11,083 | |||||
(c) |
Fiscal Year Ended |
Tax Fees (1) | ||||
December 31, 2023 | $ — | |||||
December 31, 2022 | $ — | |||||
(d) |
Fiscal Year Ended |
All Other Fees (2) | ||||
December 31, 2023 | $ — | |||||
December 31, 2022 | $ — |
“Audit Fees” represents fees billed for each of the last two fiscal years for professional services rendered for the audit and review of the Registrant’s annual financial statements for those fiscal years or services that are normally provided by the accountant in connection with statutory or regulatory filings or engagements for those fiscal years.
“Audit-Related Fees” represents fees billed for each of the last two fiscal years for assurance and related services that are reasonably related to the performance of the audit or review of the Registrant’s financial statements, but not reported under “Audit Fees” above, and that include accounting consultations, agreed-upon procedure reports (inclusive of annual review of basic maintenance testing associated with the Preferred Shares), attestation reports and comfort letters for those fiscal years.
“Tax Fees” represents fees billed for each of the last two fiscal years for professional services related to tax compliance, tax advice and tax planning, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, and tax distribution and analysis reviews.
“All Other Fees” represents fees, if any, billed for other products and services rendered by the principal accountant to the Registrant other than those reported above under “Audit Fees,” “Audit-Related Fees” and “Tax Fees” for the last two fiscal years.
(1) There were no “Tax Fees” for the last two fiscal years.
(2) There were no “All Other Fees” for the last two fiscal years.
(e) | Pre-approval policies and procedures |
(1) The Registrant’s Audit Oversight Committee has adopted pre-approval policies and procedures (the “Procedures”) to govern the Audit Oversight Committee’s pre-approval of (i) all audit services and permissible non-audit services to be provided to the Registrant by its independent accountant, and (ii) all permissible non-audit services to be provided by such independent accountant to the Registrant’s investment adviser and to any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant (collectively, the “Service Affiliates”) if the services provided directly relate to the Registrant’s operations and financial reporting. In accordance with the Procedures, the Audit Oversight Committee is responsible for the engagement of the independent accountant to certify the Registrant’s financial statements for each fiscal year. With respect to the pre-approval of non-audit services provided to the Registrant and its Service Affiliates, the Procedures provide that the Audit Oversight Committee may annually pre-approve a list of types or categories of non-audit services that may be provided to the Registrant or its Service Affiliates, or the Audit Oversight Committee may pre-approve such services on a project-by-project basis as they arise. Unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Oversight Committee if it is to be provided by the independent accountant. The Procedures also permit the Audit Oversight Committee to delegate authority to one or more of its members to pre-approve any proposed non-audit services that have not been previously pre-approved by the Audit Oversight Committee, subject to the ratification by the full Audit Oversight Committee no later than its next scheduled meeting.
(2) With respect to the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Oversight Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) | Not applicable. |
(g)
Aggregate Non-Audit Fees Billed to Entity | ||||||||
Entity | December 31, 2023 | December 31, 2022 | ||||||
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PIMCO California Municipal Income Fund II | $ | 11,528 | $ | 11,083 | ||||
Pacific Investment Management Company LLC (“PIMCO”) | 28,843,819 | 16,740,682 | ||||||
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| |||||||
Totals | $ | 28,855,347 | $ | 16,751,765 | ||||
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(h) | The Registrant’s Audit Oversight Committee has considered whether the provision of non-audit services that were rendered to the Registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant which were not pre-approved (not requiring pre-approval) is compatible with maintaining the principal accountant’s independence. |
(i) | Not applicable. |
(j) | Not applicable. |
Item 5. | Audit Committee of Listed Registrants. |
The Registrant has a separately-designated standing audit committee (known as the Audit Oversight Committee) established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The Audit Oversight Committee is comprised of:
Sarah E. Cogan
Deborah A. DeCotis
Joseph B. Kittredge, Jr.
Kathleen A. McCartney
Alan Rappaport
E. Grace Vandecruze
Item 6. | Schedule of Investments. |
The information required by this Item 6 is included as part of the annual 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. |
Policy Statement: The proxy voting policy is intended to foster PIMCO’s compliance with its fiduciary obligations and applicable law; the policy applies to any voting or consent rights with respect to securities held in accounts over which PIMCO has discretionary voting authority. The Policy is designed in a manner reasonably expected to ensure that voting and consent rights are exercised in the best interests of PIMCO’s clients.
Overview: PIMCO has adopted a written proxy voting1 policy (“Proxy Policy”) as required by Rule 206(4)-6 under the Advisers Act. As a general matter, when PIMCO has proxy voting authority, PIMCO has a fiduciary obligation to monitor corporate events and to take appropriate action on client proxies that come to its attention. Each proxy is voted on a case-by-case basis, taking into account relevant facts and circumstances. When considering client proxies, PIMCO may determine not to vote a proxy in limited circumstances.
Equity Securities.2 PIMCO has retained an Industry Service Provider (“ISP”) to provide research and voting recommendations for proxies relating to equity securities in accordance with the ISP’s guidelines. By following the guidelines of an independent third party, PIMCO seeks to mitigate potential conflicts of interest PIMCO may have with respect to proxies covered by the ISP. PIMCO will follow the recommendations of the ISP unless: (i) the ISP does not provide a voting recommendation; or (ii) a portfolio manager decides to override the ISP’s voting recommendation. In either such case as described above, the Legal and Compliance department will review the proxy to determine whether a material conflict of interest, or the appearance of one, exists.
Fixed-Income Securities. Fixed income securities can be processed as proxy ballots or corporate action-consents3 at the discretion of the issuer/ custodian. When processed as proxy ballots, the ISP generally does not provide a voting recommendation and their role is limited to election processing and recordkeeping. When processed as corporate action-consents, the Legal and Compliance department will review all election forms to determine whether a conflict of interest, or the appearance of one, exists with respect to the PM’s consent election. PIMCO’s Credit Research and Portfolio Management Groups are responsible for issuing recommendations on how to vote proxy ballots and corporation action-consents with respect to fixed income securities.
Resolution of Potential Conflicts of Interest. The Proxy Policy permits PIMCO to seek to resolve material conflicts of interest by pursuing any one of several courses of action. With respect to material conflicts of interest between PIMCO and a client account, the Proxy Policy permits PIMCO to either: (i) convene a working group to assess and resolve the conflict (the “Proxy Working Group”); or (ii) vote in accordance with protocols previously established by the Proxy Policy, the Proxy Working Group and/or other relevant procedures approved by PIMCO’s Legal and Compliance department with respect to specific types of conflicts.
PIMCO will supervise and periodically review its proxy voting activities and the implementation of the Proxy Policy.
Sub-Adviser Engagement: As an investment manager, PIMCO may exercise its discretion to engage a Sub-Adviser to provide portfolio management services to the Fund. Consistent with its management responsibilities, the Sub-Adviser would assume the authority for voting proxies on behalf of PIMCO for the Fund. Sub-Advisers may utilize third parties to perform certain services related to their portfolio management responsibilities. As a fiduciary, PIMCO will maintain oversight of the investment management responsibilities (which may include proxy voting) performed by the Sub-Adviser and contracted third parties.
1 Proxies generally describe corporate action consent rights (relative to fixed income securities) and proxy voting ballots (relative to fixed income or equity securities) as determined by the issuer or custodian.
2 The term “Equity Securities” means common and preferred stock, including common and preferred shares issued by investment companies; it does not include debt securities convertible into equity securities.
3 Voting or consent rights shall not include matters which are primarily decisions to buy or sell investments, such as tender offers, exchange offers, conversions, put options, redemptions, and Dutch auctions.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
(a)(1)
As of March 4, 2024, the following individuals have primary responsibility for the day-to-day management of PIMCO California Municipal Income Fund II (the “Fund”):
David Hammer
Mr. Hammer has been a portfolio manager of the Fund since August 2015. Mr. Hammer is a Managing Director and municipal bond portfolio manager in the Newport Beach 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
Mr. Christine has been a portfolio manager of the Fund since June 2023. Mr. Christine is a senior vice president and municipal bond portfolio manager in the Newport Beach office. He 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 11 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 Managers as of December 31, 2023, including accounts managed by a team, committee, or other group that includes the Portfolio Managers. 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 Hammer | 28 | $15,901.87 | 111 | $30,894.00 | 184 | $15,359.72 | ||||||||
Kyle Christine | 22 | $13,535.88 | 0 | $0.00 | 4 | $57,399.96 |
1 Of these Other Pooled Investment Vehicles, 1 account(s) totaling $201.60 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 (“MNPI”) about an issuer. Other accounts managed by a portfolio manager might have similar investment objectives or strategies as the Fund, track the same index the Fund tracks 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. Investors should be aware that investments made by the Fund and the results achieved by the Fund at any given time are not expected to be the same as those made by other funds for which PIMCO acts as investment adviser, including funds with names, investment objectives and policies, and/or portfolio management teams, similar to the Fund. This may be attributable to a wide variety of factors, including, but not limited to, the use of a different strategy or portfolio management team, when a particular fund commenced operations or the size of a particular fund, in each case as compared to other similar funds. 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 or to accounts in which the Fund
invests. In this case, such conflicts of interest could in theory give rise to incentives for PIMCO to, among other things, vote proxies, purchase or redeem shares of the underlying account, or take other actions with respect to the underlying account, in a manner beneficial to the investing account and/or PIMCO but detrimental to the underlying account. Such conflicts of interest could similarly in theory give rise to incentives for PIMCO to, among other things, vote proxies or purchase or redeem shares of the underlying account, or take other actions with respect to the underlying account, in a manner beneficial to the underlying account and/or PIMCO and that may or may not be detrimental to the investing account. For example, even if there is a fee waiver or reimbursement in place relating to the Fund’s investment in an underlying account, or relating to an investing account’s investment in the Fund, this will not necessarily eliminate all conflicts of interest, as PIMCO could nevertheless have a financial incentive to favor investments in PIMCO-affiliated funds and managers (for example, to increase the assets under management of PIMCO or a fund, product or line of business, or otherwise provide support to, certain funds, products or lines of business), which could also impact the manner in which certain transaction fees are set. 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 the Fund) 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 Allianz SE, a large multi-national financial institution (together with its affiliates, “Allianz”), conflicts similar to those described below may occur between the Fund or 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 (each, a “Client,” and collectively, the “Clients”). In addition, because certain Clients 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 a 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.
Cross Trades. A potential conflict of interest may arise in instances where the Fund buys an instrument from a Client or sells an instrument to a Client (each, a “cross trade”). Such conflicts of interest may arise, among other reasons, as a result of PIMCO representing the interests of both the buying party and the selling party in the cross trade or because the price at which the instrument is bought or sold through a cross trade may not be as favorable as the price that might have been obtained had the trade been executed in the open market. PIMCO effects cross trades when appropriate pursuant to procedures adopted under applicable rules and SEC guidance. Among other things, such procedures require that the cross trade is consistent with the respective investment policies and investment restrictions of both parties and is in the best interests of both the buying and selling accounts.
Investment Opportunities. A potential conflict of interest may arise as a result of a portfolio manager’s management of a number of accounts with varying investment guidelines. Often, an investment opportunity may be suitable for one or more Clients, but may not be available in sufficient quantities for all accounts 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 them. Similarly, there may be limited opportunity to sell an investment held by the Fund and another Client. 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 Client. PIMCO has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time. In addition, regulatory issues applicable to PIMCO or one or more Clients may result in certain Clients not receiving securities that may otherwise be appropriate for them.
PIMCO seeks to allocate orders across eligible Client accounts with similar investment guidelines and investment styles fairly and equitably, taking into consideration relevant factors including, among others, applicable investment restrictions and guidelines, including regulatory restrictions; Client account-specific investment objectives, restrictions and other Client instructions, as applicable; risk tolerances; amounts of available cash; the need to rebalance a Client account’s portfolio (e.g., due to investor contributions and redemptions); whether the allocation would result in a Client account receiving a trivial amount or an amount below the established minimum quantity; regulatory requirements; the origin of
the investment; the bases for an issuer’s allocation to PIMCO; and other Client account-specific factors. As part of PIMCO’s trade allocation process, portions of new fixed income investment opportunities are distributed among Client account categories where the relevant portfolio managers seek to participate in the investment. Those portions are then further allocated among the Client accounts within such categories pursuant to PIMCO’s trade allocation policy. Portfolio managers managing quantitative strategies and specialized accounts, such as those focused on international securities, mortgage-backed securities, bank loans, or other specialized asset classes, will likely receive an increased distribution of new fixed income investment opportunities where the investment involves a quantitative strategy or specialized asset class that matches the investment objective or focus of the Client account category. PIMCO seeks to allocate fixed income investments to Client accounts with the general purpose of maintaining consistent concentrations across similar accounts and achieving, as nearly as possible, portfolio characteristic parity among such accounts. Client accounts furthest from achieving portfolio characteristic parity typically receive priority in allocations. With respect to an order to buy or sell an equity security in the secondary market, PIMCO seeks to allocate the order across Client accounts with similar investment guidelines and investment styles fairly and equitably over time, taking into consideration the relevant factors discussed above.
Any particular allocation decision among Client accounts may be more or less advantageous to any one Client or group of Clients, and certain allocations will, to the extent consistent with PIMCO’s fiduciary obligations, deviate from a pro rata basis among Clients in order to address for example, differences in legal, tax, regulatory, risk management, concentration, exposure, Client guideline limitations and/or mandate or strategy considerations for the relevant Clients. PIMCO may determine that an investment opportunity or particular purchases or sales are appropriate for one or more Clients, but not appropriate for other Clients, or are appropriate or suitable for, or available to, Clients but in different sizes, terms, or timing than is appropriate or suitable for other Clients. For example, some Clients have higher risk tolerances than other Clients, such as private funds, which, in turn, allows PIMCO to allocate a wider variety and/or greater percentage of certain types of investments (which may or may not outperform other types of investments) to such Clients. Further, the respective risk tolerances of different types of Clients may change over time as market conditions change. Those Clients receiving an increased allocation as a result of the effect of their respective risk tolerance may be Clients that pay higher investment management fees or that pay incentive fees. In addition, certain Client account categories focusing on certain types of investments or asset classes will be given priority in new issue distribution and allocation with respect to the investments or asset classes that are the focus of their investment mandate. PIMCO may also take into account the bases for an issuer’s allocation to PIMCO, for example, by giving priority allocations to Client accounts holding existing positions in the issuer’s debt if the issuer’s allocation to PIMCO is based on such holdings. PIMCO also may determine not to allocate to or purchase or sell for certain Clients all investments for which all Clients may be eligible. Legal, contractual, or regulatory issues and/or related expenses applicable to PIMCO or one or more Clients may result in certain Clients not receiving securities that may otherwise be appropriate for them or may result in PIMCO selling securities out of Client accounts even if it might otherwise be beneficial to continue to hold them. Additional factors that are taken into account in the distribution and allocation of investment opportunities to Client accounts include, without limitation: ability to utilize leverage and risk tolerance of the Client account; the amount of discretion and trade authority given to PIMCO by the Client; availability of other similar investment opportunities; the Client account’s investment horizon and objectives; hedging, cash and liquidity needs of the portfolio; minimum increments and lot sizes; and underlying benchmark factors. Given all of the foregoing factors, the amount, timing, structuring, or terms of an investment by a Client, including the Fund, may differ from, and performance may be lower than, investments and performance of other Clients, including those that may provide greater fees or other compensation (including performance-based fees or allocations) to PIMCO. 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 one or more Clients 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.
PIMCO may also, for example, direct a Client to invest in a tranche of a structured finance vehicle, such as a CLO or CDO, where PIMCO is also, at the same or different time, directing another Client to make investments in a different tranche of the same vehicle, which tranche’s interests may be adverse to other tranches. PIMCO may also cause a Client to purchase from, or sell assets to, an entity, such as a structured finance vehicle, in which other Clients may have an interest, potentially in a manner that will have an adverse effect on the other Clients. There may also be conflicts where, for example, a Client holds certain debt or equity securities of an issuer, and that same issuer has issued other debt, equity or other instruments that are owned by other Clients or by an entity, such as a structured finance vehicle, in which other Clients have an interest.
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 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 non-participating 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.
Co-Investments. The 1940 Act imposes significant limits on co-investment with affiliates of the Fund. The Fund has received exemptive relief from the SEC that, to the extent the Fund relies on such relief, permits it to (among other things) co-invest with certain other persons, including certain affiliates of the Investment Manager and certain public or private funds managed by the Investment Manager and its affiliates, subject to certain terms and conditions. Co-investment transactions may give rise to conflicts of interest or perceived conflicts of interest among the Fund and its affiliates. The exemptive relief from the SEC with respect to co-investments imposes extensive conditions on any co-investments made in reliance on such relief that may limit or restrict the Fund’s ability to participate in an investment or participate in an investment to a lesser extent. An inability to receive the desired allocation to potential investments may affect the Fund’s ability to achieve the desired investment returns. In the event investment opportunities are allocated among the Fund and its affiliates pursuant to co-investment exemptive relief, the Fund may not be able to structure its investment portfolio in the manner desired. Although PIMCO will endeavor to allocate investment opportunities in a fair and equitable manner,
the Fund will generally not be permitted to co-invest in any issuer in which a fund managed by PIMCO or any of its downstream affiliates (other than the Fund and its downstream affiliates) currently has an investment. However, the Fund would be able to co-invest with funds managed by PIMCO or any of its downstream affiliates, subject to compliance with existing regulatory guidance, applicable regulations and its allocation procedures. Pursuant to co-investment exemptive relief, the Fund will be able to invest in opportunities in which PIMCO and/or its affiliates has an investment, and PIMCO and/or its affiliates will be able to invest in opportunities in which the Fund has made an investment. From time to time, the Fund and its affiliates may make investments at different levels of an issuer’s capital structure or otherwise in different classes of an issuer’s securities. Such investments inherently give rise to conflicts of interest or perceived conflicts of interest between or among the various classes of securities that may be held by such entities. PIMCO has adopted procedures governing the co-investment in securities acquired in private placements with certain clients of PIMCO.
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 the Fund) 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.
Conflicts like those described above may also occur between Clients, on the one hand, and PIMCO or its affiliates, on the other. These conflicts will not always be resolved in favor of the Client. In addition, because PIMCO is affiliated with Allianz, a large multi-national financial institution, conflicts similar to those described above may occur between clients of 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 PIMCO’s Clients. In many cases, PIMCO will have limited or no ability to mitigate those actions or address those conflicts, which could adversely affect Client performance. In addition, certain regulatory or internal restrictions may prohibit PIMCO from using certain brokers or investing in certain companies (even if such companies are not affiliated with Allianz) because of the applicability of certain laws and regulations or internal Allianz policies applicable to PIMCO, Allianz SE or their affiliates. An account’s willingness to negotiate terms or take actions with respect to an investment may also be, directly or indirectly, constrained or otherwise impacted to the extent Allianz SE, PIMCO, and/or their affiliates, directors, partners, managers, members, officers or personnel are also invested therein or otherwise have a connection to the subject investment (e.g., serving as a trustee or board member thereof).
Performance Fees. A portfolio manager may advise certain accounts with respect to which the advisory 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.
Certain service providers to the Fund 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 Fund, 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 Fund. 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.
(a)(3)
As of December 31, 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:
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.
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) 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.
(a)(4)
The following summarizes the dollar range of securities of the Fund each Portfolio Manager beneficially owned as of December 31, 2023:
Portfolio Manager | Dollar Range of Equity Securities of the Fund Owned as of December 31, 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 pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. | |||
(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 California Municipal Income Fund II | ||||
By: | /s/ Joshua D. Ratner | |||
| ||||
Joshua D. Ratner | ||||
President (Principal Executive Officer) | ||||
Date: March 4, 2024 | ||||
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/ Joshua D. Ratner | |||
| ||||
Joshua D. Ratner | ||||
President (Principal Executive Officer) | ||||
Date: March 4, 2024 | ||||
By: | /s/ Bijal Y. Parikh | |||
| ||||
Bijal Y. Parikh | ||||
Treasurer (Principal Financial & Accounting Officer) | ||||
Date: March 4, 2024 |