Schedule of Investments PIMCO Flexible Municipal Income Fund | March 31, 2021 (Unaudited) |
(AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY) | ||||||||||||||||||||||||||||||||||||||||
|
| PRINCIPAL |
| MARKET | ||||||||||||||||||||||||||||||||||||
INVESTMENTS IN SECURITIES 126.4% ¤ |
|
|
|
| ||||||||||||||||||||||||||||||||||||
CORPORATE BONDS & NOTES 2.2% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
BANKING & FINANCE 1.5% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
Barclays PLC | $ | 800 | $ | 888 | ||||||||||||||||||||||||||||||||||||
BNP Paribas S.A. |
| 1,300 |
| 1,507 | ||||||||||||||||||||||||||||||||||||
Credit Agricole S.A. |
| 800 |
| 900 | ||||||||||||||||||||||||||||||||||||
Credit Suisse Group AG |
| 800 |
| 868 | ||||||||||||||||||||||||||||||||||||
ING Groep NV |
| 900 |
| 982 | ||||||||||||||||||||||||||||||||||||
Toll Road Investors Partnership LP |
| 12,000 |
| 3,446 | ||||||||||||||||||||||||||||||||||||
UBS Group AG |
| 930 |
| 1,063 | ||||||||||||||||||||||||||||||||||||
VM Fund LLC |
| 2,000 |
| 1,930 | ||||||||||||||||||||||||||||||||||||
|
|
|
| 11,584 | ||||||||||||||||||||||||||||||||||||
INDUSTRIALS 0.7% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
CAN Community Health, Inc. |
| 3,000 |
| 3,157 | ||||||||||||||||||||||||||||||||||||
Tower Health |
| 3,000 |
| 2,498 | ||||||||||||||||||||||||||||||||||||
|
|
|
| 5,655 | ||||||||||||||||||||||||||||||||||||
Total Corporate Bonds & Notes (Cost $17,211) |
|
|
| 17,239 | ||||||||||||||||||||||||||||||||||||
MUNICIPAL BONDS & NOTES 108.5% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
ALABAMA 1.9% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
Black Belt Energy Gas District, Alabama Revenue Bonds, Series 2021 |
| 3,500 |
| 4,266 | ||||||||||||||||||||||||||||||||||||
Central Etowah County, Alabama Solid Waste Disposal Authority Revenue Bonds, Series 2020 |
| 1,000 |
| 1,021 | ||||||||||||||||||||||||||||||||||||
Jefferson County, Alabama Sewer Revenue Bonds, (AGM Insured), Series 2013 |
| 1,000 |
| 1,013 | ||||||||||||||||||||||||||||||||||||
Jefferson County, Alabama Sewer Revenue Bonds, Series 2013 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
7.750% due 10/01/2046 |
| 1,000 |
| 1,016 | ||||||||||||||||||||||||||||||||||||
7.900% due 10/01/2050 |
| 5,250 |
| 5,337 | ||||||||||||||||||||||||||||||||||||
Montgomery, Alabama General Obligation Bonds, Series 2021 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
4.000% due 12/01/2038 |
| 900 |
| 1,079 | ||||||||||||||||||||||||||||||||||||
4.000% due 12/01/2040 |
| 800 |
| 953 | ||||||||||||||||||||||||||||||||||||
Selma Industrial Development Board, Alabama Revenue Bonds, Series 2019 |
| 500 |
| 521 | ||||||||||||||||||||||||||||||||||||
|
|
|
| 15,206 | ||||||||||||||||||||||||||||||||||||
ARIZONA 1.9% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
Arizona Industrial Development Authority Revenue Bonds, Series 2019 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
4.500% due 01/01/2039 |
| 1,615 |
| 1,392 | ||||||||||||||||||||||||||||||||||||
4.500% due 01/01/2049 |
| 1,000 |
| 938 | ||||||||||||||||||||||||||||||||||||
Arizona Industrial Development Authority Revenue Bonds, Series 2020 |
| 1,030 |
| 1,119 | ||||||||||||||||||||||||||||||||||||
Arizona Industrial Development Authority Revenue Notes, Series 2020 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
4.000% due 07/01/2022 |
| 345 |
| 343 | ||||||||||||||||||||||||||||||||||||
6.250% due 07/01/2024 |
| 1,700 |
| 1,751 | ||||||||||||||||||||||||||||||||||||
Industrial Development Authority of the County, Arizona of Pima Revenue Bonds, Series 2020 |
| 1,500 |
| 1,592 | ||||||||||||||||||||||||||||||||||||
Maricopa County, Arizona School District No 83-Cartwright Elementary Revenue Bonds, Series 2020 |
| 3,000 |
| 3,492 | ||||||||||||||||||||||||||||||||||||
Salt Verde Financial Corp., Arizona Revenue Bonds, Series 2007 |
| 3,000 |
| 4,169 | ||||||||||||||||||||||||||||||||||||
|
|
|
| 14,796 | ||||||||||||||||||||||||||||||||||||
ARKANSAS 0.3% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
Arkansas Development Finance Authority Revenue Bonds, Series 2019 |
| 2,445 |
| 2,658 | ||||||||||||||||||||||||||||||||||||
|
|
Schedule of Investments PIMCO Flexible Municipal Income Fund (Cont.) | March 31, 2021 (Unaudited) |
CALIFORNIA 14.0% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
Antelope Valley Healthcare District, California Revenue Notes, Series 2016 |
| 1,500 |
| 1,658 | ||||||||||||||||||||||||||||||||||||
California Community Housing Agency Revenue Bonds, Series 2019 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
5.000% due 04/01/2049 |
| 3,000 |
| 3,356 | ||||||||||||||||||||||||||||||||||||
5.000% due 08/01/2049 |
| 1,000 |
| 1,127 | ||||||||||||||||||||||||||||||||||||
California Community Housing Agency Revenue Bonds, Series 2020 |
| 750 |
| 855 | ||||||||||||||||||||||||||||||||||||
California Community Housing Agency Revenue Bonds, Series 2021 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
4.000% due 08/01/2047 |
| 2,500 |
| 2,592 | ||||||||||||||||||||||||||||||||||||
4.000% due 02/01/2056 |
| 1,500 |
| 1,586 | ||||||||||||||||||||||||||||||||||||
California County Tobacco Securitization Agency Revenue Bonds, Series 2020 |
| 5,200 |
| 1,006 | ||||||||||||||||||||||||||||||||||||
California Health Facilities Financing Authority Revenue Bonds, Series 2011 |
| 1,640 |
| 1,730 | ||||||||||||||||||||||||||||||||||||
California Infrastructure & Economic Development Bank Revenue Bonds, Series 2021 |
| 1,750 |
| 1,765 | ||||||||||||||||||||||||||||||||||||
California Infrastructure & Economic Development Bank Revenue Notes, Series 2016 |
| 2,000 |
| 2,270 | ||||||||||||||||||||||||||||||||||||
California Municipal Finance Authority Revenue Bonds, Series 2020 |
| 1,000 |
| 1,107 | ||||||||||||||||||||||||||||||||||||
California Municipal Finance Authority Revenue Bonds, Series 2021 |
| 1,000 |
| 1,098 | ||||||||||||||||||||||||||||||||||||
California Municipal Finance Authority Revenue Notes, Series 2019 |
| 2,250 |
| 2,552 | ||||||||||||||||||||||||||||||||||||
California Municipal Finance Authority Revenue Notes, Series 2021 |
| 1,500 |
| 1,471 | ||||||||||||||||||||||||||||||||||||
California Pollution Control Financing Authority Revenue Bonds, Series 2019 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
7.500% due 12/01/2039 |
| 2,500 |
| 763 | ||||||||||||||||||||||||||||||||||||
7.500% due 12/01/2040 |
| 500 |
| 508 | ||||||||||||||||||||||||||||||||||||
California Public Finance Authority Revenue Bonds, Series 2019 |
| 1,500 |
| 1,712 | ||||||||||||||||||||||||||||||||||||
California State Association of Bay Area Governments Finance Authority for Non-Profit Corp. Revenue Bonds, Series 2011 |
| 11,975 |
| 11,975 | ||||||||||||||||||||||||||||||||||||
California State General Obligation Bonds, Series 2003 |
| 13,000 |
| 13,000 | ||||||||||||||||||||||||||||||||||||
California Statewide Communities Development Authority Revenue Bonds, Series 2008 |
| 5,000 |
| 5,000 | ||||||||||||||||||||||||||||||||||||
California Statewide Communities Development Authority Revenue Bonds, Series 2018 |
| 2,500 |
| 2,939 | ||||||||||||||||||||||||||||||||||||
CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
4.000% due 08/01/2056 |
| 3,000 |
| 3,182 | ||||||||||||||||||||||||||||||||||||
4.000% due 10/01/2056 (a) |
| 2,000 |
| 2,092 | ||||||||||||||||||||||||||||||||||||
Firebaugh, California Revenue Notes, Series 2019 |
| 1,730 |
| 1,688 | ||||||||||||||||||||||||||||||||||||
Hastings Campus Housing Finance Authority, California Revenue Bonds, Series 2020 |
| 2,000 |
| 2,262 | ||||||||||||||||||||||||||||||||||||
Inland Empire Tobacco Securitization Corp., California Revenue Bonds, Series 2019 |
| 4,595 |
| 4,735 | ||||||||||||||||||||||||||||||||||||
Los Angeles Department of Airports, California Revenue Bonds, Series 2019 |
| 4,430 |
| 4,954 | ||||||||||||||||||||||||||||||||||||
Los Angeles Department of Airports, California Revenue Bonds, Series 2020 |
| 1,000 |
| 1,272 | ||||||||||||||||||||||||||||||||||||
Modesto, California Water Revenue Certificates of Participation Bonds, (AGC Insured), Series 2008 |
| 2,000 |
| 2,000 | ||||||||||||||||||||||||||||||||||||
Northern California Energy Authority Revenue Bonds, Series 2018 |
| 2,500 |
| 2,767 | ||||||||||||||||||||||||||||||||||||
Sacramento, California Special Tax Bonds, Series 2021 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
4.000% due 09/01/2033 |
| 515 |
| 578 | ||||||||||||||||||||||||||||||||||||
4.000% due 09/01/2035 |
| 600 |
| 671 | ||||||||||||||||||||||||||||||||||||
Santa Clara Unified School District, California General Obligation Bonds, Series 2019 |
| 1,000 |
| 1,133 | ||||||||||||||||||||||||||||||||||||
Southern California Public Power Authority Revenue Bonds, Series 2020 |
| 13,000 |
| 13,000 | ||||||||||||||||||||||||||||||||||||
Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
0.000% due 06/01/2060 (d) |
| 5,000 |
| 1,190 | ||||||||||||||||||||||||||||||||||||
4.000% due 06/01/2049 |
| 1,750 |
| 1,974 | ||||||||||||||||||||||||||||||||||||
Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
0.000% due 06/01/2054 (d) |
| 1,000 |
| 189 | ||||||||||||||||||||||||||||||||||||
5.000% due 06/01/2031 |
| 500 |
| 650 | ||||||||||||||||||||||||||||||||||||
5.000% due 06/01/2032 |
| 1,000 |
| 1,293 | ||||||||||||||||||||||||||||||||||||
5.000% due 06/01/2048 |
| 1,000 |
| 1,201 | ||||||||||||||||||||||||||||||||||||
University of California Revenue Bonds, Series 2021 |
| 3,000 |
| 3,517 | ||||||||||||||||||||||||||||||||||||
|
|
|
| 110,418 | ||||||||||||||||||||||||||||||||||||
COLORADO 0.8% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
Colorado Health Facilities Authority Revenue Bonds, Series 2019 |
| 1,000 |
| 1,105 | ||||||||||||||||||||||||||||||||||||
Dominion Water & Sanitation District, Colorado Revenue Bonds, Series 2016 |
| 1,000 |
| 1,045 | ||||||||||||||||||||||||||||||||||||
Pueblo Urban Renewal Authority, Colorado Tax Allocation Bonds, Series 2021 |
| 1,000 |
| 1,066 |
Schedule of Investments PIMCO Flexible Municipal Income Fund (Cont.) | March 31, 2021 (Unaudited) |
Pueblo Urban Renewal Authority, Colorado Tax Allocation Notes, Series 2021 |
| 250 |
| 202 | ||||||||||||||||||||||||||||||||||||
Regional Transportation District, Colorado Revenue Bonds, Series 2020 |
| 1,300 |
| 1,622 | ||||||||||||||||||||||||||||||||||||
Transport Metropolitan District No 3, Colorado General Obligation Bonds, Series 2021 |
| 500 |
| 539 | ||||||||||||||||||||||||||||||||||||
Village Metropolitan District, Colorado General Obligation Bonds, Series 2020 |
| 1,000 |
| 1,101 | ||||||||||||||||||||||||||||||||||||
|
|
|
| 6,680 | ||||||||||||||||||||||||||||||||||||
CONNECTICUT 2.4% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
Connecticut Housing Finance Authority Revenue Bonds, Series 2020 |
| 2,500 |
| 2,500 | ||||||||||||||||||||||||||||||||||||
Connecticut Special Tax Revenue State Special Tax Bonds, Series 2020 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
4.000% due 05/01/2039 |
| 1,350 |
| 1,558 | ||||||||||||||||||||||||||||||||||||
5.000% due 05/01/2035 |
| 1,500 |
| 1,915 | ||||||||||||||||||||||||||||||||||||
Connecticut State General Obligation Bonds, Series 2019 |
| 1,000 |
| 1,243 | ||||||||||||||||||||||||||||||||||||
Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2010 |
| 5,000 |
| 4,956 | ||||||||||||||||||||||||||||||||||||
Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2017 |
| 5,065 |
| 5,504 | ||||||||||||||||||||||||||||||||||||
Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2020 |
| 1,000 |
| 1,091 | ||||||||||||||||||||||||||||||||||||
|
|
|
| 18,767 | ||||||||||||||||||||||||||||||||||||
DELAWARE 0.6% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
Delaware State Economic Development Authority Revenue Bonds, Series 2020 |
| 4,500 |
| 4,484 | ||||||||||||||||||||||||||||||||||||
FLORIDA 3.9% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
Capital Projects Finance Authority, Florida Revenue Bonds, Series 2020 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
5.000% due 10/01/2031 |
| 1,500 |
| 1,825 | ||||||||||||||||||||||||||||||||||||
5.000% due 10/01/2032 |
| 1,350 |
| 1,636 | ||||||||||||||||||||||||||||||||||||
Capital Projects Finance Authority, Florida Revenue Notes, Series 2020 |
| 1,600 |
| 1,960 | ||||||||||||||||||||||||||||||||||||
Capital Trust Agency Inc, Florida Revenue Bonds, Series 2018 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
5.000% due 07/01/2033 |
| 500 |
| 272 | ||||||||||||||||||||||||||||||||||||
5.000% due 07/01/2043 |
| 250 |
| 100 | ||||||||||||||||||||||||||||||||||||
Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2018 |
| 250 |
| 100 | ||||||||||||||||||||||||||||||||||||
Capital Trust Agency, Inc., Florida Revenue Bonds, Series 2020 |
| 2,950 |
| 1,329 | ||||||||||||||||||||||||||||||||||||
Central Florida Expressway Authority Revenue Bonds, Series 2019 |
| 1,000 |
| 1,235 | ||||||||||||||||||||||||||||||||||||
Florida Development Finance Corp. Revenue Bonds, Series 2019 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
6.250% due 01/01/2049 |
| 1,000 |
| 985 | ||||||||||||||||||||||||||||||||||||
6.500% due 01/01/2049 |
| 2,105 |
| 2,033 | ||||||||||||||||||||||||||||||||||||
7.375% due 01/01/2049 |
| 4,000 |
| 3,945 | ||||||||||||||||||||||||||||||||||||
JEA Electric System, Florida Revenue Bonds, Series 2008 |
| 2,845 |
| 2,845 | ||||||||||||||||||||||||||||||||||||
JEA Water & Sewer System, Florida Revenue Bonds, Series 2008 |
| 3,000 |
| 3,000 | ||||||||||||||||||||||||||||||||||||
Lee Memorial Health System, Florida Revenue Bonds, Series 2019 |
| 1,000 |
| 1,181 | ||||||||||||||||||||||||||||||||||||
Mid-Bay Bridge Authority, Florida Revenue Bonds, Series 2015 |
| 1,000 |
| 1,142 | ||||||||||||||||||||||||||||||||||||
Osceola County, Florida Transportation Revenue Bonds, Series 2020 |
| 1,850 |
| 1,267 | ||||||||||||||||||||||||||||||||||||
Polk County, Florida Industrial Development Authority Revenue Bonds, Series 2020 |
| 2,130 |
| 2,251 | ||||||||||||||||||||||||||||||||||||
Seminole County, Florida Industrial Development Authority Revenue Bonds, Series 2019 |
| 1,000 |
| 984 | ||||||||||||||||||||||||||||||||||||
Tampa, Florida Revenue Bonds, Series 2020 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
0.000% due 09/01/2042 (d) |
| 1,000 |
| 478 | ||||||||||||||||||||||||||||||||||||
0.000% due 09/01/2045 (d) |
| 1,850 |
| 774 | ||||||||||||||||||||||||||||||||||||
4.000% due 07/01/2039 |
| 1,200 |
| 1,376 | ||||||||||||||||||||||||||||||||||||
|
|
|
| 30,718 | ||||||||||||||||||||||||||||||||||||
GEORGIA 2.6% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
Atlanta Department of Airport Passenger Facility Charge, Georgia Revenue Bonds, Series 2019 |
| 4,000 |
| 4,538 | ||||||||||||||||||||||||||||||||||||
Atlanta Development Authority, Georgia Revenue Bonds, Series 2017 |
| 400 |
| 255 | ||||||||||||||||||||||||||||||||||||
Burke County, Georgia Development Authority Revenue Bonds, Series 2013 |
| 1,000 |
| 1,066 | ||||||||||||||||||||||||||||||||||||
Burke County, Georgia Development Authority Revenue Bonds, Series 2017 |
| 1,500 |
| 1,665 | ||||||||||||||||||||||||||||||||||||
Clayton County, Georgia Development Authority Revenue Bonds, Series 2009 |
| 2,800 |
| 2,818 | ||||||||||||||||||||||||||||||||||||
Development Authority of Monroe County, Georgia Revenue Bonds, Series 2013 |
| 1,000 |
| 1,020 |
Schedule of Investments PIMCO Flexible Municipal Income Fund (Cont.) | March 31, 2021 (Unaudited) |
George L Smith II Congress Center Authority, Georgia Revenue Bonds, Series 2021 |
| 1,810 |
| 2,012 | ||||||||||||||||||||||||||||||||||||
Houston Healthcare System, Inc., Georgia Revenue Bonds, Series 2016 |
| 880 |
| 954 | ||||||||||||||||||||||||||||||||||||
Main Street Natural Gas Inc., Georgia Revenue Bonds, Series 2018 |
| 1,000 |
| 1,008 | ||||||||||||||||||||||||||||||||||||
Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2019 |
| 1,750 |
| 2,018 | ||||||||||||||||||||||||||||||||||||
Municipal Electric Authority of Georgia Revenue Bonds, Series 2019 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
4.000% due 01/01/2049 |
| 2,000 |
| 2,218 | ||||||||||||||||||||||||||||||||||||
5.000% due 01/01/2048 |
| 1,000 |
| 1,182 | ||||||||||||||||||||||||||||||||||||
|
|
|
| 20,754 | ||||||||||||||||||||||||||||||||||||
GUAM 0.3% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
Guam Department of Education Certificates of Participation Notes, Series 2020 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
3.625% due 02/01/2025 |
| 1,000 |
| 1,037 | ||||||||||||||||||||||||||||||||||||
4.250% due 02/01/2030 |
| 1,500 |
| 1,581 | ||||||||||||||||||||||||||||||||||||
|
|
|
| 2,618 | ||||||||||||||||||||||||||||||||||||
ILLINOIS 13.1% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
Chicago Board of Education, Illinois General Obligation Bonds, (NPFGC Insured), Series 1998 |
| 1,245 |
| 1,061 | ||||||||||||||||||||||||||||||||||||
Chicago Board of Education, Illinois General Obligation Bonds, Series 2015 |
| 2,000 |
| 2,209 | ||||||||||||||||||||||||||||||||||||
Chicago Board of Education, Illinois General Obligation Bonds, Series 2021 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
5.000% due 12/01/2031 |
| 3,250 |
| 4,026 | ||||||||||||||||||||||||||||||||||||
5.000% due 12/01/2037 |
| 2,500 |
| 3,035 | ||||||||||||||||||||||||||||||||||||
Chicago Board of Education, Illinois General Obligation Notes, Series 2019 |
| 1,000 |
| 895 | ||||||||||||||||||||||||||||||||||||
Chicago Board of Education, Illinois General Obligation Notes, Series 2021 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
5.000% due 12/01/2022 |
| 500 |
| 535 | ||||||||||||||||||||||||||||||||||||
5.000% due 12/01/2030 |
| 2,500 |
| 3,112 | ||||||||||||||||||||||||||||||||||||
Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2017 |
| 1,000 |
| 1,168 | ||||||||||||||||||||||||||||||||||||
Chicago Park District, Illinois General Obligation Bonds, Series 2011 |
| 1,280 |
| 1,317 | ||||||||||||||||||||||||||||||||||||
Chicago Park District, Illinois General Obligation Bonds, Series 2020 |
| 1,200 |
| 1,366 | ||||||||||||||||||||||||||||||||||||
Chicago Transit Authority, Illinois Revenue Bonds, Series 2020 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
3.912% due 12/01/2040 |
| 1,000 |
| 1,063 | ||||||||||||||||||||||||||||||||||||
4.000% due 12/01/2050 |
| 1,000 |
| 1,113 | ||||||||||||||||||||||||||||||||||||
Chicago, Illinois General Obligation Bonds, (NPFGC Insured), Series 1999 |
| 1,000 |
| 896 | ||||||||||||||||||||||||||||||||||||
Chicago, Illinois General Obligation Bonds, Series 2002 |
| 1,915 |
| 2,107 | ||||||||||||||||||||||||||||||||||||
Chicago, Illinois General Obligation Bonds, Series 2008 |
| 515 |
| 528 | ||||||||||||||||||||||||||||||||||||
Chicago, Illinois General Obligation Bonds, Series 2011 |
| 3,475 |
| 4,578 | ||||||||||||||||||||||||||||||||||||
Chicago, Illinois General Obligation Bonds, Series 2014 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
5.000% due 01/01/2027 |
| 1,700 |
| 1,855 | ||||||||||||||||||||||||||||||||||||
5.000% due 01/01/2036 |
| 1,000 |
| 1,076 | ||||||||||||||||||||||||||||||||||||
Chicago, Illinois General Obligation Bonds, Series 2017 |
| 2,000 |
| 2,408 | ||||||||||||||||||||||||||||||||||||
Chicago, Illinois General Obligation Bonds, Series 2019 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
5.000% due 01/01/2039 |
| 1,000 |
| 1,176 | ||||||||||||||||||||||||||||||||||||
5.500% due 01/01/2049 |
| 500 |
| 598 | ||||||||||||||||||||||||||||||||||||
Chicago, Illinois General Obligation Bonds, Series 2020 |
| 1,000 |
| 1,226 | ||||||||||||||||||||||||||||||||||||
Chicago, Illinois Waterworks Revenue Bonds, Series 2012 |
| 1,000 |
| 1,061 | ||||||||||||||||||||||||||||||||||||
Chicago, Illinois Waterworks Revenue Bonds, Series 2014 |
| 50 |
| 55 | ||||||||||||||||||||||||||||||||||||
Cook County, Illinois General Obligation Bonds, Series 2021 |
| 1,200 |
| 1,554 | ||||||||||||||||||||||||||||||||||||
Illinois Finance Authority Revenue Bonds, Series 2008 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
0.080% due 11/01/2038 |
| 2,000 |
| 2,000 | ||||||||||||||||||||||||||||||||||||
4.000% due 11/01/2030 |
| 2,000 |
| 2,249 | ||||||||||||||||||||||||||||||||||||
Illinois Finance Authority Revenue Bonds, Series 2017 |
| 250 |
| 180 | ||||||||||||||||||||||||||||||||||||
Illinois Finance Authority Revenue Bonds, Series 2019 |
| 2,100 |
| 2,306 | ||||||||||||||||||||||||||||||||||||
Illinois Finance Authority Revenue Bonds, Series 2020 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
0.060% due 08/15/2049 |
| 8,000 |
| 8,000 | ||||||||||||||||||||||||||||||||||||
4.000% due 08/15/2040 |
| 1,750 |
| 2,046 | ||||||||||||||||||||||||||||||||||||
4.750% due 10/15/2040 |
| 800 |
| 840 | ||||||||||||||||||||||||||||||||||||
Illinois Finance Authority Revenue Bonds, Series 2021 |
| 2,290 |
| 2,525 | ||||||||||||||||||||||||||||||||||||
Illinois State General Obligation Bonds, (BABs), Series 2010 |
| 1,105 |
| 1,373 | ||||||||||||||||||||||||||||||||||||
Illinois State General Obligation Bonds, Series 2014 |
| 950 |
| 1,043 | ||||||||||||||||||||||||||||||||||||
Illinois State General Obligation Bonds, Series 2020 |
| 3,400 |
| 3,829 |
Schedule of Investments PIMCO Flexible Municipal Income Fund (Cont.) | March 31, 2021 (Unaudited) |
Illinois State General Obligation Notes, Series 2017 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
5.000% due 11/01/2022 |
| 3,000 |
| 3,198 | ||||||||||||||||||||||||||||||||||||
5.000% due 11/01/2027 |
| 3,530 |
| 4,208 | ||||||||||||||||||||||||||||||||||||
Illinois State General Obligation Notes, Series 2018 |
| 1,500 |
| 1,653 | ||||||||||||||||||||||||||||||||||||
Illinois State General Obligation Notes, Series 2020 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
5.375% due 05/01/2023 |
| 1,250 |
| 1,367 | ||||||||||||||||||||||||||||||||||||
5.500% due 05/01/2030 |
| 1,000 |
| 1,278 | ||||||||||||||||||||||||||||||||||||
Illinois State General Obligation Notes, Series 2021 |
| 1,000 |
| 1,204 | ||||||||||||||||||||||||||||||||||||
Illinois State Revenue Bonds, Series 2011 |
| 1,000 |
| 1,006 | ||||||||||||||||||||||||||||||||||||
Illinois State Revenue Bonds, Series 2013 |
| 3,215 |
| 3,477 | ||||||||||||||||||||||||||||||||||||
Illinois State Revenue Bonds, Series 2018 |
| 3,000 |
| 3,418 | ||||||||||||||||||||||||||||||||||||
Illinois State Revenue Notes, Series 2013 |
| 3,000 |
| 3,141 | ||||||||||||||||||||||||||||||||||||
Illinois State Toll Highway Authority Revenue Bonds, Series 2020 |
| 3,000 |
| 3,731 | ||||||||||||||||||||||||||||||||||||
Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (NPFGC Insured), Series 2002 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
0.000% due 06/15/2034 (d) |
| 1,000 |
| 709 | ||||||||||||||||||||||||||||||||||||
0.000% due 06/15/2035 (d) |
| 2,000 |
| 1,366 | ||||||||||||||||||||||||||||||||||||
Regional Transportation Authority, Illinois Revenue Bonds, (NPFGC Insured), Series 2003 |
| 2,000 |
| 2,630 | ||||||||||||||||||||||||||||||||||||
Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2020 |
| 2,000 |
| 2,062 | ||||||||||||||||||||||||||||||||||||
Sales Tax Securitization Corp., Illinois Revenue Notes, Series 2020 |
| 2,000 |
| 2,467 | ||||||||||||||||||||||||||||||||||||
|
|
|
| 103,324 | ||||||||||||||||||||||||||||||||||||
INDIANA 1.1% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
Indiana Finance Authority Revenue Bonds, Series 2012 |
| 1,000 |
| 1,039 | ||||||||||||||||||||||||||||||||||||
Indiana Finance Authority Revenue Bonds, Series 2019 |
| 7,000 |
| 6,529 | ||||||||||||||||||||||||||||||||||||
Indiana Health & Educational Facilities Financing Authority Revenue Bonds, Series 2006 |
| 1,000 |
| 1,201 | ||||||||||||||||||||||||||||||||||||
|
|
|
| 8,769 | ||||||||||||||||||||||||||||||||||||
IOWA 0.5% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
Cedar Rapids, Iowa Revenue Bonds, (AMBAC Insured), Series 2003 |
| 4,000 |
| 3,870 | ||||||||||||||||||||||||||||||||||||
KENTUCKY 1.3% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
Kentucky Economic Development Finance Authority Revenue Bonds, Series 2016 |
| 685 |
| 661 | ||||||||||||||||||||||||||||||||||||
Kentucky Public Energy Authority Revenue Bonds, Series 2018 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
4.000% due 04/01/2048 |
| 2,000 |
| 2,193 | ||||||||||||||||||||||||||||||||||||
4.000% due 01/01/2049 |
| 2,500 |
| 2,767 | ||||||||||||||||||||||||||||||||||||
Kentucky State Property & Building Commission Revenue Bonds, Series 2019 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
4.000% due 11/01/2035 |
| 1,000 |
| 1,150 | ||||||||||||||||||||||||||||||||||||
4.000% due 11/01/2036 |
| 1,000 |
| 1,148 | ||||||||||||||||||||||||||||||||||||
Owen County, Kentucky Revenue Bonds, Series 2019 |
| 2,000 |
| 2,123 | ||||||||||||||||||||||||||||||||||||
|
|
|
| 10,042 | ||||||||||||||||||||||||||||||||||||
LOUISIANA 1.2% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
Louisiana Public Facilities Authority Revenue Bonds, Series 2017 |
| 305 |
| 311 | ||||||||||||||||||||||||||||||||||||
Parish of St James, Louisiana Revenue Bonds, Series 2010 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
6.350% due 07/01/2040 |
| 300 |
| 382 | ||||||||||||||||||||||||||||||||||||
6.350% due 10/01/2040 |
| 2,200 |
| 2,800 | ||||||||||||||||||||||||||||||||||||
Parish of St James, Louisiana Revenue Bonds, Series 2011 |
| 2,500 |
| 2,825 | ||||||||||||||||||||||||||||||||||||
Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017 |
| 2,750 |
| 2,829 | ||||||||||||||||||||||||||||||||||||
|
|
|
| 9,147 | ||||||||||||||||||||||||||||||||||||
MAINE 0.2% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
Finance Authority of Maine Revenue Bonds, Series 2019 |
| 500 |
| 275 | ||||||||||||||||||||||||||||||||||||
Maine Health & Higher Educational Facilities Authority Revenue Bonds, Series 2013 |
| 1,000 |
| 1,042 | ||||||||||||||||||||||||||||||||||||
|
|
|
| 1,317 | ||||||||||||||||||||||||||||||||||||
MARYLAND 1.8% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
Maryland Department of Transportation State Revenue Bonds, Series 2019 |
| 1,080 |
| 1,272 |
Schedule of Investments PIMCO Flexible Municipal Income Fund (Cont.) | March 31, 2021 (Unaudited) |
Maryland Economic Development Corp. Revenue Bonds, Series 2020 |
| 1,000 |
| 1,104 | ||||||||||||||||||||||||||||||||||||
Maryland Economic Development Corp. Tax Allocation Bonds, Series 2020 |
| 1,000 |
| 1,105 | ||||||||||||||||||||||||||||||||||||
Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2021 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
4.000% due 06/01/2037 |
| 225 |
| 255 | ||||||||||||||||||||||||||||||||||||
4.000% due 06/01/2038 |
| 500 |
| 565 | ||||||||||||||||||||||||||||||||||||
4.000% due 06/01/2040 |
| 500 |
| 560 | ||||||||||||||||||||||||||||||||||||
Maryland State Transportation Authority Revenue Bonds, Series 2021 |
| 7,000 |
| 9,051 | ||||||||||||||||||||||||||||||||||||
|
|
|
| 13,912 | ||||||||||||||||||||||||||||||||||||
MASSACHUSETTS 1.0% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
Massachusetts Development Finance Agency Revenue Bonds, Series 2021 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
4.000% due 07/01/2046 |
| 1,000 |
| 1,149 | ||||||||||||||||||||||||||||||||||||
5.000% due 07/01/2032 |
| 250 |
| 328 | ||||||||||||||||||||||||||||||||||||
Massachusetts Development Finance Agency Revenue Notes, Series 2021 |
| 150 |
| 196 | ||||||||||||||||||||||||||||||||||||
Massachusetts Health & Educational Facilities Authority Revenue Bonds, Series 1997 |
| 4,000 |
| 4,000 | ||||||||||||||||||||||||||||||||||||
Massachusetts School Building Authority Revenue Bonds, Series 2019 |
| 1,500 |
| 1,849 | ||||||||||||||||||||||||||||||||||||
|
|
|
| 7,522 | ||||||||||||||||||||||||||||||||||||
MICHIGAN 0.7% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
Detroit City School District, Michigan General Obligation Bonds, (AGM/Q-SBLF Insured), Series 2001 |
| 500 |
| 619 | ||||||||||||||||||||||||||||||||||||
Detroit, Michigan General Obligation Notes, Series 2021 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
1.817% due 04/01/2022 |
| 750 |
| 750 | ||||||||||||||||||||||||||||||||||||
2.189% due 04/01/2024 |
| 400 |
| 399 | ||||||||||||||||||||||||||||||||||||
Michigan Finance Authority Revenue Bonds, Series 2020 |
| 5,000 |
| 1,308 | ||||||||||||||||||||||||||||||||||||
Michigan Tobacco Settlement Finance Authority Revenue Bonds, Series 2008 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
0.000% due 06/01/2046 (d) |
| 12,000 |
| 1,478 | ||||||||||||||||||||||||||||||||||||
0.000% due 06/01/2058 (d) |
| 25,000 |
| 1,240 | ||||||||||||||||||||||||||||||||||||
|
|
|
| 5,794 | ||||||||||||||||||||||||||||||||||||
MINNESOTA 0.1% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
St Paul Park, Minnesota Revenue Bonds, Series 2018 |
| 1,000 |
| 1,065 | ||||||||||||||||||||||||||||||||||||
MISSOURI 1.9% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2021 |
| 10,750 |
| 12,442 | ||||||||||||||||||||||||||||||||||||
Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2019 |
| 1,000 |
| 1,131 | ||||||||||||||||||||||||||||||||||||
Kansas City Industrial Development Authority, Missouri Revenue Bonds, Series 2020 |
| 1,000 |
| 1,142 | ||||||||||||||||||||||||||||||||||||
|
|
|
| 14,715 | ||||||||||||||||||||||||||||||||||||
NEW HAMPSHIRE 0.8% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
New Hampshire Business Finance Authority Revenue Bonds, Series 2021 |
| 2,250 |
| 2,473 | ||||||||||||||||||||||||||||||||||||
New Hampshire Business Finance Authority Revenue Notes, Series 2019 |
| 1,000 |
| 1,046 | ||||||||||||||||||||||||||||||||||||
New Hampshire Business Finance Authority Revenue Notes, Series 2021 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
4.000% due 01/01/2030 |
| 280 |
| 316 | ||||||||||||||||||||||||||||||||||||
4.000% due 01/01/2031 |
| 295 |
| 331 | ||||||||||||||||||||||||||||||||||||
New Hampshire Health and Education Facilities Authority Act Revenue Bonds, Series 2020 |
| 1,000 |
| 1,502 | ||||||||||||||||||||||||||||||||||||
New Hampshire Health and Education Facilities Authority Act Revenue Notes, Series 2017 |
| 1,035 |
| 673 | ||||||||||||||||||||||||||||||||||||
|
|
|
| 6,341 | ||||||||||||||||||||||||||||||||||||
NEW JERSEY 6.2% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
Atlantic City, New Jersey General Obligation Bonds, Series 2015 |
| 1,020 |
| 1,130 | ||||||||||||||||||||||||||||||||||||
New Jersey Economic Development Authority Revenue Bonds, Series 2012 |
| 500 |
| 524 | ||||||||||||||||||||||||||||||||||||
New Jersey Economic Development Authority Revenue Bonds, Series 2021 |
| 1,000 |
| 1,137 | ||||||||||||||||||||||||||||||||||||
New Jersey Economic Development Authority Revenue Notes, Series 2017 |
| 1,450 |
| 1,778 | ||||||||||||||||||||||||||||||||||||
New Jersey Economic Development Authority Revenue Notes, Series 2019 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
5.250% due 09/01/2026 |
| 8,250 |
| 9,950 | ||||||||||||||||||||||||||||||||||||
5.250% due 09/01/2027 |
| 3,000 |
| 3,687 | ||||||||||||||||||||||||||||||||||||
New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series 2009 |
| 13,200 |
| 13,200 |
Schedule of Investments PIMCO Flexible Municipal Income Fund (Cont.) | March 31, 2021 (Unaudited) |
New Jersey State General Obligation Notes, Series 2020 |
| 2,000 |
| 2,425 | ||||||||||||||||||||||||||||||||||||
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2009 |
| 3,000 |
| 2,119 | ||||||||||||||||||||||||||||||||||||
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2010 |
| 2,000 |
| 1,513 | ||||||||||||||||||||||||||||||||||||
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2020 |
| 1,000 |
| 1,135 | ||||||||||||||||||||||||||||||||||||
New Jersey Turnpike Authority Revenue Bonds, Series 2021 |
| 2,500 |
| 2,920 | ||||||||||||||||||||||||||||||||||||
New Jersey Turnpike Authority Revenue Notes, Series 2020 |
| 2,000 |
| 2,431 | ||||||||||||||||||||||||||||||||||||
Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
5.000% due 06/01/2046 |
| 3,470 |
| 4,034 | ||||||||||||||||||||||||||||||||||||
5.250% due 06/01/2046 |
| 1,000 |
| 1,196 | ||||||||||||||||||||||||||||||||||||
|
|
|
| 49,179 | ||||||||||||||||||||||||||||||||||||
NEW YORK 12.8% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
Build NYC Resource Corp., New York Revenue Bonds, Series 2018 |
| 2,350 |
| 2,662 | ||||||||||||||||||||||||||||||||||||
Dutchess County, New York Local Development Corp. Revenue Bonds, Series 2020 |
| 500 |
| 591 | ||||||||||||||||||||||||||||||||||||
Huntington Local Development Corp., New York Revenue Notes, Series 2021 |
| 1,725 |
| 1,729 | ||||||||||||||||||||||||||||||||||||
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2011 |
| 1,000 |
| 996 | ||||||||||||||||||||||||||||||||||||
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2013 |
| 1,725 |
| 1,724 | ||||||||||||||||||||||||||||||||||||
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2016 |
| 2,230 |
| 2,652 | ||||||||||||||||||||||||||||||||||||
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2017 |
| 1,500 |
| 1,823 | ||||||||||||||||||||||||||||||||||||
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2020 |
| 1,250 |
| 1,385 | ||||||||||||||||||||||||||||||||||||
Metropolitan Transportation Authority, New York Revenue Notes, Series 2020 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
4.000% due 02/01/2022 |
| 3,505 |
| 3,600 | ||||||||||||||||||||||||||||||||||||
5.000% due 02/01/2023 |
| 1,030 |
| 1,108 | ||||||||||||||||||||||||||||||||||||
Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2020 |
| 1,160 |
| 1,477 | ||||||||||||||||||||||||||||||||||||
Monroe County Industrial Development Corp., New York Revenue Notes, Series 2020 |
| 1,100 |
| 1,409 | ||||||||||||||||||||||||||||||||||||
New York City Housing Development Corp. Revenue Bonds, Series 2013 |
| 1,000 |
| 1,094 | ||||||||||||||||||||||||||||||||||||
New York City Housing Development Corp. Revenue Bonds, Series 2014 |
| 1,000 |
| 1,041 | ||||||||||||||||||||||||||||||||||||
New York City Industrial Development Agency Revenue Bonds, (FGIC Insured), Series 2006 |
| 3,000 |
| 3,083 | ||||||||||||||||||||||||||||||||||||
New York City Industrial Development Agency, New York Revenue Notes, (AGM Insured), Series 2020 |
| 1,350 |
| 1,683 | ||||||||||||||||||||||||||||||||||||
New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2019 |
| 1,000 |
| 1,165 | ||||||||||||||||||||||||||||||||||||
New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2021 |
| 5,000 |
| 6,642 | ||||||||||||||||||||||||||||||||||||
New York County, New York Tobacco Trust V Revenue Bonds, Series 2005 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
0.000% due 06/01/2055 (d) |
| 26,000 |
| 2,554 | ||||||||||||||||||||||||||||||||||||
0.000% due 06/01/2060 (d) |
| 90,000 |
| 4,145 | ||||||||||||||||||||||||||||||||||||
New York Liberty Development Corp. Revenue Bonds, Series 2005 |
| 3,000 |
| 4,223 | ||||||||||||||||||||||||||||||||||||
New York Liberty Development Corp. Revenue Bonds, Series 2014 |
| 4,000 |
| 4,369 | ||||||||||||||||||||||||||||||||||||
New York State Dormitory Authority Revenue Bonds, Series 2019 |
| 1,500 |
| 1,783 | ||||||||||||||||||||||||||||||||||||
New York State Dormitory Authority Revenue Notes, Series 2021 |
| 7,000 |
| 9,042 | ||||||||||||||||||||||||||||||||||||
New York State Energy Research & Development Authority Revenue Bonds, Series 1994 |
| 3,000 |
| 3,487 | ||||||||||||||||||||||||||||||||||||
New York State Environmental Facilities Corp. Revenue Bonds, Series 2020 |
| 1,000 |
| 1,031 | ||||||||||||||||||||||||||||||||||||
New York State Urban Development Corp. Revenue Bonds, Series 2019 |
| 1,000 |
| 1,227 | ||||||||||||||||||||||||||||||||||||
New York State Urban Development Corp. Revenue Notes, Series 2020 |
| 3,000 |
| 3,910 | ||||||||||||||||||||||||||||||||||||
New York Transportation Development Corp. Revenue Bonds, Series 2018 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
5.000% due 01/01/2031 |
| 1,580 |
| 1,904 | ||||||||||||||||||||||||||||||||||||
5.000% due 01/01/2036 |
| 500 |
| 593 | ||||||||||||||||||||||||||||||||||||
New York Transportation Development Corp. Revenue Bonds, Series 2020 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
4.375% due 10/01/2045 |
| 1,500 |
| 1,716 | ||||||||||||||||||||||||||||||||||||
5.000% due 10/01/2040 |
| 1,500 |
| 1,841 | ||||||||||||||||||||||||||||||||||||
5.250% due 08/01/2031 |
| 3,000 |
| 3,649 | ||||||||||||||||||||||||||||||||||||
New York Transportation Development Corp. Revenue Bonds, Series 2021 |
| 2,250 |
| 2,551 | ||||||||||||||||||||||||||||||||||||
New York Transportation Development Corp. Revenue Notes, Series 2018 |
| 2,000 |
| 2,277 | ||||||||||||||||||||||||||||||||||||
New York Transportation Development Corp. Revenue Notes, Series 2020 |
| 1,500 |
| 1,743 |
Schedule of Investments PIMCO Flexible Municipal Income Fund (Cont.) | March 31, 2021 (Unaudited) |
Onondaga County, New York Trust for Cultural Resources Revenue Bonds, Series 2019 |
| 1,325 |
| 1,515 | ||||||||||||||||||||||||||||||||||||
Suffolk County, New York Economic Development Corp. Revenue Bonds, Series 2021 |
| 1,015 |
| 1,027 | ||||||||||||||||||||||||||||||||||||
Suffolk Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2008 |
| 16,730 |
| 1,820 | ||||||||||||||||||||||||||||||||||||
Syracuse Industrial Development Agency, New York Revenue Bonds, (SGI Insured), Series 2007 |
| 2,750 |
| 2,767 | ||||||||||||||||||||||||||||||||||||
Troy Capital Resource Corp., New York Revenue Bonds, Series 2020 |
| 1,000 |
| 1,267 | ||||||||||||||||||||||||||||||||||||
TSASC Inc, New York Revenue Bonds, Series 2016 |
| 1,250 |
| 1,363 | ||||||||||||||||||||||||||||||||||||
TSASC Inc, New York Revenue Notes, Series 2017 |
| 1,790 |
| 1,885 | ||||||||||||||||||||||||||||||||||||
Yonkers Economic Development Corp., New York Revenue Bonds, Series 2019 |
| 930 |
| 1,036 | ||||||||||||||||||||||||||||||||||||
|
|
|
| 100,589 | ||||||||||||||||||||||||||||||||||||
NORTH CAROLINA 3.1% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
North Carolina Medical Care Commission Revenue Bonds, Series 2004 |
| 11,000 |
| 11,000 | ||||||||||||||||||||||||||||||||||||
North Carolina Medical Care Commission Revenue Bonds, Series 2020 |
| 10,800 |
| 12,270 | ||||||||||||||||||||||||||||||||||||
North Carolina Turnpike Authority Revenue Bonds, Series 2019 |
| 1,000 |
| 1,112 | ||||||||||||||||||||||||||||||||||||
|
|
|
| 24,382 | ||||||||||||||||||||||||||||||||||||
OHIO 4.4% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
Adams County, Ohio Revenue Bonds, Series 2019 |
| 2,500 |
| 2,533 | ||||||||||||||||||||||||||||||||||||
Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
0.000% due 06/01/2057 (d) |
| 25,000 |
| 3,784 | ||||||||||||||||||||||||||||||||||||
3.000% due 06/01/2048 |
| 2,500 |
| 2,534 | ||||||||||||||||||||||||||||||||||||
4.000% due 06/01/2048 |
| 2,500 |
| 2,790 | ||||||||||||||||||||||||||||||||||||
5.000% due 06/01/2055 |
| 8,215 |
| 9,262 | ||||||||||||||||||||||||||||||||||||
Franklin County, Ohio Convention Facilities Authority Revenue Bonds, Series 2019 |
| 1,000 |
| 1,155 | ||||||||||||||||||||||||||||||||||||
Montgomery County, Ohio Revenue Bonds, Series 2018 |
| 3,185 |
| 1,508 | ||||||||||||||||||||||||||||||||||||
Ohio Air Quality Development Authority Revenue Bonds, Series 2005 |
| 1,000 |
| 1,041 | ||||||||||||||||||||||||||||||||||||
Ohio Air Quality Development Authority Revenue Bonds, Series 2014 |
| 1,000 |
| 1,055 | ||||||||||||||||||||||||||||||||||||
Ohio Air Quality Development Authority Revenue Bonds, Series 2019 |
| 1,550 |
| 1,706 | ||||||||||||||||||||||||||||||||||||
Ohio Air Quality Development Authority Revenue Notes, Series 2019 |
| 2,000 |
| 2,125 | ||||||||||||||||||||||||||||||||||||
Ohio State Revenue Bonds, Series 2020 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
5.000% due 11/15/2032 |
| 1,040 |
| 1,322 | ||||||||||||||||||||||||||||||||||||
5.000% due 11/15/2034 |
| 1,720 |
| 2,167 | ||||||||||||||||||||||||||||||||||||
Southern Ohio Port Authority Revenue Notes, Series 2020 |
| 1,500 |
| 1,628 | ||||||||||||||||||||||||||||||||||||
|
|
|
| 34,610 | ||||||||||||||||||||||||||||||||||||
OKLAHOMA 0.4% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
Oklahoma Development Finance Authority Revenue Bonds, Series 2019 |
| 1,000 |
| 1,079 | ||||||||||||||||||||||||||||||||||||
Oklahoma Development Finance Authority Revenue Notes, Series 2020 |
| 2,000 |
| 2,010 | ||||||||||||||||||||||||||||||||||||
|
|
|
| 3,089 | ||||||||||||||||||||||||||||||||||||
OREGON 1.8% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
Clackamas County, Oregon Hospital Facility Authority Revenue Bonds, Series 2008 |
| 3,785 |
| 3,785 | ||||||||||||||||||||||||||||||||||||
Clackamas County, Oregon Hospital Facility Authority Revenue Bonds, Series 2020 |
| 750 |
| 805 | ||||||||||||||||||||||||||||||||||||
Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020 |
| 5,000 |
| 5,783 | ||||||||||||||||||||||||||||||||||||
Oregon State Business Development Commission Revenue Bonds, Series 2017 |
| 400 |
| 128 | ||||||||||||||||||||||||||||||||||||
Oregon State Business Development Commission Revenue Bonds, Series 2018 |
| 2,000 |
| 640 | ||||||||||||||||||||||||||||||||||||
Oregon State Business Development Commission Revenue Bonds, Series 2020 |
| 1,750 |
| 559 | ||||||||||||||||||||||||||||||||||||
Salem-Keizer School District No 24J, Oregon General Obligation Bonds, Series 2020 |
| 2,200 |
| 2,845 | ||||||||||||||||||||||||||||||||||||
Schedule of Investments PIMCO Flexible Municipal Income Fund (Cont.) | March 31, 2021 (Unaudited) |
|
|
|
| 14,545 | ||||||||||||||||||||||||||||||||||||
PENNSYLVANIA 4.8% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
Berks County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2017 |
| 2,000 |
| 1,839 | ||||||||||||||||||||||||||||||||||||
Blythe Township Solid Waste Authority, Pennsylvania Revenue Bonds, Series 2017 |
| 2,000 |
| 2,286 | ||||||||||||||||||||||||||||||||||||
Geisinger Authority, Pennsylvania Revenue Bonds, Series 2020 |
| 10,000 |
| 11,357 | ||||||||||||||||||||||||||||||||||||
Luzerne County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2019 |
| 2,000 |
| 2,141 | ||||||||||||||||||||||||||||||||||||
Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2021 |
| 1,400 |
| 1,875 | ||||||||||||||||||||||||||||||||||||
Pennsylvania Economic Development Financing Authority Revenue Notes, Series 2015 |
| 1,000 |
| 1,079 | ||||||||||||||||||||||||||||||||||||
Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2015 |
| 1,000 |
| 1,117 | ||||||||||||||||||||||||||||||||||||
Pennsylvania Turnpike Commission Revenue Bonds, Series 2020 |
| 9,000 |
| 9,000 | ||||||||||||||||||||||||||||||||||||
Pennsylvania Turnpike Commission Revenue Bonds, Series 2021 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
4.000% due 12/01/2041 (a) |
| 2,000 |
| 2,351 | ||||||||||||||||||||||||||||||||||||
4.000% due 12/01/2044 |
| 4,000 |
| 4,618 | ||||||||||||||||||||||||||||||||||||
Philadelphia Authority for Industrial Development, Pennsylvania Revenue Bonds, Series 2017 |
| 500 |
| 531 | ||||||||||||||||||||||||||||||||||||
|
|
|
| 38,194 | ||||||||||||||||||||||||||||||||||||
PUERTO RICO 6.7% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
Commonwealth of Puerto Rico General Obligation Bonds, Series 2001 |
| 1,500 |
| 1,316 | ||||||||||||||||||||||||||||||||||||
Commonwealth of Puerto Rico General Obligation Bonds, Series 2003 |
| 1,425 |
| 1,249 | ||||||||||||||||||||||||||||||||||||
Commonwealth of Puerto Rico General Obligation Bonds, Series 2008 |
| 4,000 |
| 3,495 | ||||||||||||||||||||||||||||||||||||
Commonwealth of Puerto Rico General Obligation Bonds, Series 2012 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
5.000% due 07/01/2041 ^(b) |
| 2,500 |
| 2,025 | ||||||||||||||||||||||||||||||||||||
5.500% due 07/01/2039 ^(b) |
| 6,000 |
| 5,040 | ||||||||||||||||||||||||||||||||||||
GDB Debt Recovery Authority of Puerto Rico Revenue Bonds, Series 2018 |
| 6,725 |
| 5,666 | ||||||||||||||||||||||||||||||||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue Bonds, Series 2012 |
| 1,000 |
| 1,055 | ||||||||||||||||||||||||||||||||||||
Puerto Rico Commonwealth Government Employees Retirement System Revenue Bonds, Series 2008 |
| 1,000 |
| 145 | ||||||||||||||||||||||||||||||||||||
Puerto Rico Convention Center District Authority Revenue Bonds, (AGC Insured), Series 2006 |
| 1,500 |
| 1,527 | ||||||||||||||||||||||||||||||||||||
Puerto Rico Electric Power Authority Revenue Bonds, Series 2010 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
5.250% due 07/01/2022 ^(b) |
| 600 |
| 546 | ||||||||||||||||||||||||||||||||||||
5.250% due 07/01/2023 ^(b) |
| 3,540 |
| 3,221 | ||||||||||||||||||||||||||||||||||||
5.250% due 07/01/2027 ^(b) |
| 500 |
| 455 | ||||||||||||||||||||||||||||||||||||
5.250% due 07/01/2030 ^(b) |
| 300 |
| 273 | ||||||||||||||||||||||||||||||||||||
Puerto Rico Electric Power Authority Revenue Bonds, Series 2012 |
| 335 |
| 304 | ||||||||||||||||||||||||||||||||||||
Puerto Rico Public Buildings Authority Revenue Bonds, Series 2011 |
| 3,500 |
| 3,413 | ||||||||||||||||||||||||||||||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
0.000% due 07/01/2051 (d) |
| 30,839 |
| 6,826 | ||||||||||||||||||||||||||||||||||||
4.750% due 07/01/2053 |
| 1,000 |
| 1,089 | ||||||||||||||||||||||||||||||||||||
5.000% due 07/01/2058 |
| 7,100 |
| 7,836 | ||||||||||||||||||||||||||||||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
4.329% due 07/01/2040 |
| 750 |
| 804 | ||||||||||||||||||||||||||||||||||||
4.550% due 07/01/2040 |
| 1,450 |
| 1,575 | ||||||||||||||||||||||||||||||||||||
4.784% due 07/01/2058 |
| 4,490 |
| 4,870 | ||||||||||||||||||||||||||||||||||||
|
|
|
| 52,730 | ||||||||||||||||||||||||||||||||||||
RHODE ISLAND 0.6% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2007 |
| 1,700 |
| 274 | ||||||||||||||||||||||||||||||||||||
Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015 |
| 4,000 |
| 4,477 | ||||||||||||||||||||||||||||||||||||
|
|
|
| 4,751 | ||||||||||||||||||||||||||||||||||||
SOUTH CAROLINA 1.3% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
South Carolina Jobs-Economic Development Authority Revenue Bonds, Series 2020 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
4.000% due 12/01/2044 (h) |
| 5,000 |
| 5,737 | ||||||||||||||||||||||||||||||||||||
5.000% due 12/01/2046 |
| 2,000 |
| 2,490 | ||||||||||||||||||||||||||||||||||||
South Carolina Public Service Authority Revenue Bonds, Series 2013 |
| 1,000 |
| 1,301 | ||||||||||||||||||||||||||||||||||||
South Carolina State Housing Finance & Development Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2014 |
| 820 |
| 843 | ||||||||||||||||||||||||||||||||||||
Schedule of Investments PIMCO Flexible Municipal Income Fund (Cont.) | March 31, 2021 (Unaudited) |
|
|
|
| 10,371 | ||||||||||||||||||||||||||||||||||||
TENNESSEE 4.2% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
Franklin Health & Educational Facilities Board, Tennessee Revenue Notes, Series 2017 |
| 2,620 |
| 786 | ||||||||||||||||||||||||||||||||||||
Knoxville, Tennessee Wastewater System Revenue Bonds, Series 2021 |
| 7,000 |
| 8,761 | ||||||||||||||||||||||||||||||||||||
Memphis-Shelby County, Tennessee Industrial Development Board Tax Allocation Bonds, Series 2017 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
5.500% due 07/01/2037 |
| 570 |
| 568 | ||||||||||||||||||||||||||||||||||||
5.625% due 01/01/2046 |
| 500 |
| 500 | ||||||||||||||||||||||||||||||||||||
Shelby County, Tennessee Health Educational & Housing Facilities Board Revenue Bonds, (AGM Insured), Series 2008 |
| 16,000 |
| 16,000 | ||||||||||||||||||||||||||||||||||||
Shelby County, Tennessee Health Educational & Housing Facilities Board Revenue Bonds, Series 2019 |
| 2,250 |
| 2,212 | ||||||||||||||||||||||||||||||||||||
Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2017 |
| 1,000 |
| 1,069 | ||||||||||||||||||||||||||||||||||||
Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2018 |
| 2,500 |
| 2,837 | ||||||||||||||||||||||||||||||||||||
|
|
|
| 32,733 | ||||||||||||||||||||||||||||||||||||
TEXAS 3.5% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
Brazoria County, Texas Industrial Development Corp. Revenue Bonds, Series 2019 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
7.000% due 03/01/2039 |
| 1,000 |
| 1,069 | ||||||||||||||||||||||||||||||||||||
9.000% due 03/01/2039 |
| 2,600 |
| 2,997 | ||||||||||||||||||||||||||||||||||||
Central Texas Regional Mobility Authority Revenue Bonds, Series 2021 |
| 1,000 |
| 1,245 | ||||||||||||||||||||||||||||||||||||
Central Texas Regional Mobility Authority Revenue Notes, Series 2021 |
| 1,000 |
| 1,181 | ||||||||||||||||||||||||||||||||||||
Central Texas Turnpike System Revenue Bonds, Series 2015 |
| 1,000 |
| 1,109 | ||||||||||||||||||||||||||||||||||||
Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2014 |
| 1,000 |
| 1,122 | ||||||||||||||||||||||||||||||||||||
Grand Parkway Transportation Corp., Texas Revenue Bonds, Series 2020 |
| 3,000 |
| 3,462 | ||||||||||||||||||||||||||||||||||||
Houston, Texas Airport System Revenue Notes, Series 2020 |
| 2,500 |
| 2,936 | ||||||||||||||||||||||||||||||||||||
New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2019 |
| 250 |
| 269 | ||||||||||||||||||||||||||||||||||||
New Hope Cultural Education Facilities Finance Corp., Texas Revenue Notes, Series 2016 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
4.000% due 07/01/2021 |
| 610 |
| 608 | ||||||||||||||||||||||||||||||||||||
4.000% due 07/01/2022 |
| 1,160 |
| 1,153 | ||||||||||||||||||||||||||||||||||||
Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2019 |
| 250 |
| 259 | ||||||||||||||||||||||||||||||||||||
San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2019 |
| 1,500 |
| 1,545 | ||||||||||||||||||||||||||||||||||||
Texas Municipal Gas Acquisition & Supply Corp. III Revenue Bonds, Series 2021 |
| 1,500 |
| 1,985 | ||||||||||||||||||||||||||||||||||||
Texas Municipal Gas Acquisition and Supply Corp. I Revenue Bonds, Series 2006 |
| 3,000 |
| 2,983 | ||||||||||||||||||||||||||||||||||||
Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2019 |
| 3,000 |
| 3,771 | ||||||||||||||||||||||||||||||||||||
|
|
|
| 27,694 | ||||||||||||||||||||||||||||||||||||
UTAH 0.4% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
Utah County, Utah Revenue Bonds, Series 2002 |
| 3,515 |
| 3,515 | ||||||||||||||||||||||||||||||||||||
VIRGINIA 0.6% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
Amelia County, Virginia Industrial Development Authority Revenue Bonds, Series 2002 |
| 1,000 |
| 1,000 | ||||||||||||||||||||||||||||||||||||
Virginia Small Business Financing Authority Revenue Bonds, Series 2017 |
| 3,000 |
| 3,483 | ||||||||||||||||||||||||||||||||||||
|
|
|
| 4,483 | ||||||||||||||||||||||||||||||||||||
WASHINGTON 1.4% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
Washington Health Care Facilities Authority Revenue Bonds, Series 2019 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
4.000% due 08/01/2044 |
| 3,000 |
| 3,331 | ||||||||||||||||||||||||||||||||||||
5.000% due 08/01/2049 |
| 2,000 |
| 2,311 | ||||||||||||||||||||||||||||||||||||
Washington State General Obligation Bonds, Series 2021 |
| 2,500 |
| 3,252 | ||||||||||||||||||||||||||||||||||||
Washington State Housing Finance Commission Revenue Bonds, Series 2008 |
| 2,095 |
| 2,095 | ||||||||||||||||||||||||||||||||||||
|
|
|
| 10,989 | ||||||||||||||||||||||||||||||||||||
WEST VIRGINIA 0.6% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007 |
| 20,100 |
| 2,115 | ||||||||||||||||||||||||||||||||||||
Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 |
| 2,000 |
| 2,034 |
Schedule of Investments PIMCO Flexible Municipal Income Fund (Cont.) | March 31, 2021 (Unaudited) |
West Virginia Economic Development Authority Revenue Bonds, Series 2021 |
| 500 |
| 512 | ||||||||||||||||||||||||||||||||||||
|
|
|
| 4,661 | ||||||||||||||||||||||||||||||||||||
WISCONSIN 3.3% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
Public Finance Authority, Wisconsin Revenue Bonds, Series 2017 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
6.000% due 06/01/2037 |
| 2,000 |
| 1,995 | ||||||||||||||||||||||||||||||||||||
6.750% due 08/01/2031 |
| 7,000 |
| 7,834 | ||||||||||||||||||||||||||||||||||||
7.000% due 01/01/2050 |
| 1,000 |
| 926 | ||||||||||||||||||||||||||||||||||||
Public Finance Authority, Wisconsin Revenue Bonds, Series 2018 |
| 2,000 |
| 1,637 | ||||||||||||||||||||||||||||||||||||
Public Finance Authority, Wisconsin Revenue Bonds, Series 2019 |
| 1,500 |
| 1,552 | ||||||||||||||||||||||||||||||||||||
Public Finance Authority, Wisconsin Revenue Bonds, Series 2020 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
5.000% due 01/01/2055 |
| 1,000 |
| 1,101 | ||||||||||||||||||||||||||||||||||||
5.250% due 03/01/2055 |
| 1,500 |
| 1,642 | ||||||||||||||||||||||||||||||||||||
Public Finance Authority, Wisconsin Revenue Bonds, Series 2021 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
5.000% due 07/01/2037 |
| 500 |
| 622 | ||||||||||||||||||||||||||||||||||||
5.000% due 07/01/2039 |
| 500 |
| 618 | ||||||||||||||||||||||||||||||||||||
5.000% due 07/01/2041 |
| 500 |
| 615 | ||||||||||||||||||||||||||||||||||||
5.625% due 06/01/2050 (a) |
| 2,015 |
| 1,982 | ||||||||||||||||||||||||||||||||||||
Public Finance Authority, Wisconsin Revenue Notes, Series 2017 |
| 1,500 |
| 1,633 | ||||||||||||||||||||||||||||||||||||
Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020 |
|
|
|
| ||||||||||||||||||||||||||||||||||||
0.000% due 12/15/2037 (d) |
| 3,200 |
| 1,998 | ||||||||||||||||||||||||||||||||||||
0.000% due 12/15/2039 (d) |
| 3,250 |
| 1,864 | ||||||||||||||||||||||||||||||||||||
|
|
|
| 26,019 | ||||||||||||||||||||||||||||||||||||
Total Municipal Bonds & Notes (Cost $817,868) |
|
|
| 855,451 | ||||||||||||||||||||||||||||||||||||
|
| SHARES |
|
| ||||||||||||||||||||||||||||||||||||
MUTUAL FUNDS 1.1% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
BlackRock MuniHoldings California Quality Fund, Inc. |
| 44,466 |
| 669 | ||||||||||||||||||||||||||||||||||||
BlackRock MuniHoldings Fund, Inc. |
| 16,640 |
| 266 | ||||||||||||||||||||||||||||||||||||
BlackRock MuniYield California Fund, Inc. |
| 21,277 |
| 314 | ||||||||||||||||||||||||||||||||||||
BlackRock MuniYield California Quality Fund, Inc. |
| 29,451 |
| 434 | ||||||||||||||||||||||||||||||||||||
BlackRock New York Municipal Income Trust |
| 40,759 |
| 631 | ||||||||||||||||||||||||||||||||||||
Nuveen California Quality Municipal Income Fund |
| 154,979 |
| 2,303 | ||||||||||||||||||||||||||||||||||||
Nuveen Municipal Credit Income Fund |
| 150,880 |
| 2,438 | ||||||||||||||||||||||||||||||||||||
Nuveen Quality Municipal Income Fund |
| 126,312 |
| 1,912 | ||||||||||||||||||||||||||||||||||||
Total Mutual Funds (Cost $8,009) |
|
|
| 8,967 | ||||||||||||||||||||||||||||||||||||
PREFERRED SECURITIES 1.7% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
BANKING & FINANCE 1.7% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
Bank of America Corp. |
| 1,040,000 |
| 1,135 | ||||||||||||||||||||||||||||||||||||
Charles Schwab Corp. |
|
|
|
| ||||||||||||||||||||||||||||||||||||
4.000% due 06/01/2026 •(g) |
| 1,500,000 |
| 1,526 | ||||||||||||||||||||||||||||||||||||
4.000% due 12/01/2030 •(g) |
| 2,400,000 |
| 2,362 | ||||||||||||||||||||||||||||||||||||
5.000% due 12/01/2027 •(g) |
| 1,000,000 |
| 1,037 | ||||||||||||||||||||||||||||||||||||
Citigroup, Inc. |
| 1,000,000 |
| 1,033 | ||||||||||||||||||||||||||||||||||||
JPMorgan Chase & Co. |
|
|
|
| ||||||||||||||||||||||||||||||||||||
5.000% due 08/01/2024 •(g) |
| 800,000 |
| 828 | ||||||||||||||||||||||||||||||||||||
6.100% due 10/01/2024 •(g) |
| 1,000,000 |
| 1,079 | ||||||||||||||||||||||||||||||||||||
SVB Financial Group |
| 1,300,000 |
| 1,304 | ||||||||||||||||||||||||||||||||||||
Truist Financial Corp. |
| 3,200,000 |
| 3,497 | ||||||||||||||||||||||||||||||||||||
Total Preferred Securities (Cost $13,733) |
|
|
| 13,801 | ||||||||||||||||||||||||||||||||||||
|
| PRINCIPAL |
|
| ||||||||||||||||||||||||||||||||||||
SHORT-TERM INSTRUMENTS 12.9% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
U.S. TREASURY BILLS 9.9% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
0.034% due 05/18/2021 - 09/16/2021 (c)(d) | $ | 77,700 |
| 77,695 | ||||||||||||||||||||||||||||||||||||
U.S. TREASURY CASH MANAGEMENT BILLS 2.6% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
0.038% due 05/13/2021 (a)(d)(e) |
| 20,200 |
| 20,200 | ||||||||||||||||||||||||||||||||||||
Schedule of Investments PIMCO Flexible Municipal Income Fund (Cont.) | March 31, 2021 (Unaudited) |
MUNICIPAL BONDS & NOTES 0.4% |
|
|
|
| ||||||||||||||||||||||||||||||||||||
Calhoun County, Texas Navigation Industrial Development Authority Revenue Notes, Series 2020 |
| 2,500 |
| 2,500 | ||||||||||||||||||||||||||||||||||||
Chicago Board of Education, Illinois General Obligation Notes, Series 2021 |
| 400 |
| 412 | ||||||||||||||||||||||||||||||||||||
Total Municipal Bonds & Notes (Cost $2,912) |
|
|
| 2,912 | ||||||||||||||||||||||||||||||||||||
Total Short-Term Instruments (Cost $100,802) |
|
|
| 100,807 | ||||||||||||||||||||||||||||||||||||
Total Investments in Securities (Cost $957,623) |
|
|
| 996,265 | ||||||||||||||||||||||||||||||||||||
Total Investments 126.4% (Cost $957,623) |
|
| $ | 996,265 | ||||||||||||||||||||||||||||||||||||
Remarketable Variable Rate MuniFund Term Preferred Shares, at liquidation value (15.7)% |
|
|
| (124,090) | ||||||||||||||||||||||||||||||||||||
Variable Rate MuniFund Term Preferred Shares, at liquidation value (3.1)% |
|
|
| (24,614) | ||||||||||||||||||||||||||||||||||||
Financial Derivative Instruments (i) 0.0%(Cost or Premiums, net $0) |
|
|
| 74 | ||||||||||||||||||||||||||||||||||||
Other Assets and Liabilities, net (7.6)% |
|
|
| (59,588) | ||||||||||||||||||||||||||||||||||||
Net Assets Applicable to Common Shareholders 100.0% |
|
| $ | 788,047 | ||||||||||||||||||||||||||||||||||||
Schedule of Investments PIMCO Flexible Municipal Income Fund (Cont.) | March 31, 2021 (Unaudited) |
| ||||||||||||||||||||||||||||||||||||||||
NOTES TO SCHEDULE OF INVESTMENTS: | ||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||
* A zero balance may reflect actual amounts rounding to less than one thousand. | ||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||
¤ | The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure. | |||||||||||||||||||||||||||||||||||||||
^ | Security is in default. | |||||||||||||||||||||||||||||||||||||||
« | Security valued using significant unobservable inputs (Level 3). | |||||||||||||||||||||||||||||||||||||||
~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description. | |||||||||||||||||||||||||||||||||||||||
• | Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description. | |||||||||||||||||||||||||||||||||||||||
** | Contingent convertible security. | |||||||||||||||||||||||||||||||||||||||
(a) | When-issued security. | |||||||||||||||||||||||||||||||||||||||
(b) | Security is not accruing income as of the date of this report. | |||||||||||||||||||||||||||||||||||||||
(c) | Coupon represents a weighted average yield to maturity. | |||||||||||||||||||||||||||||||||||||||
(d) | Zero coupon security. | |||||||||||||||||||||||||||||||||||||||
(e) | Coupon represents a yield to maturity. | |||||||||||||||||||||||||||||||||||||||
(f) | Security becomes interest bearing at a future date. | |||||||||||||||||||||||||||||||||||||||
(g) | Perpetual maturity; date shown, if applicable, represents next contractual call date. | |||||||||||||||||||||||||||||||||||||||
(h) | 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. | |||||||||||||||||||||||||||||||||||||||
(i) | FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED | |||||||||||||||||||||||||||||||||||||||
FUTURES CONTRACTS: | ||||||||||||||||||||||||||||||||||||||||
SHORT FUTURES CONTRACTS | ||||||||||||||||||||||||||||||||||||||||
| Variation Margin | |||||||||||||||||||||||||||||||||||||||
Description |
|
|
| Expiration |
| # of |
| Notional |
|
| Unrealized |
| Asset |
| Liability | |||||||||||||||||||||||||
U.S. Treasury 10-Year Note June Futures | 06/2021 |
| 248 | $ | (32,473) |
| $ | 819 | $ | 62 | $ | 0 | ||||||||||||||||||||||||||||
U.S. Treasury 30-Year Bond June Futures | 06/2021 |
| 28 |
| (4,329) |
|
| 175 |
| 12 |
| 0 | ||||||||||||||||||||||||||||
Total Futures Contracts |
| $ | 994 | $ | 74 | $ | 0 | |||||||||||||||||||||||||||||||||
Cash of $868 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2021. | ||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||||||||||||||||||||||||||
The following is a summary of the fair valuations according to the inputs used as of March 31, 2021 in valuing the Fund's assets and liabilities: | ||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||
Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||||||||||||||||||||||||
Investments in Securities, at Value | ||||||||||||||||||||||||||||||||||||||||
Corporate Bonds & Notes | ||||||||||||||||||||||||||||||||||||||||
| Banking & Finance | $ | 0 | $ | 9,654 | $ | 1,930 | $ | 11,584 |
| ||||||||||||||||||||||||||||||
| Industrials |
| 0 |
| 5,655 |
| 0 |
| 5,655 |
| ||||||||||||||||||||||||||||||
Municipal Bonds & Notes | ||||||||||||||||||||||||||||||||||||||||
| Alabama |
| 0 |
| 15,206 |
| 0 |
| 15,206 |
| ||||||||||||||||||||||||||||||
| Arizona |
| 0 |
| 14,796 |
| 0 |
| 14,796 |
| ||||||||||||||||||||||||||||||
| Arkansas |
| 0 |
| 2,658 |
| 0 |
| 2,658 |
| ||||||||||||||||||||||||||||||
| California |
| 0 |
| 110,418 |
| 0 |
| 110,418 |
| ||||||||||||||||||||||||||||||
| Colorado |
| 0 |
| 6,680 |
| 0 |
| 6,680 |
| ||||||||||||||||||||||||||||||
| Connecticut |
| 0 |
| 18,767 |
| 0 |
| 18,767 |
| ||||||||||||||||||||||||||||||
| Delaware |
| 0 |
| 4,484 |
| 0 |
| 4,484 |
| ||||||||||||||||||||||||||||||
| Florida |
| 0 |
| 30,718 |
| 0 |
| 30,718 |
| ||||||||||||||||||||||||||||||
| Georgia |
| 0 |
| 20,754 |
| 0 |
| 20,754 |
| ||||||||||||||||||||||||||||||
| Guam |
| 0 |
| 2,618 |
| 0 |
| 2,618 |
| ||||||||||||||||||||||||||||||
| Illinois |
| 0 |
| 103,324 |
| 0 |
| 103,324 |
| ||||||||||||||||||||||||||||||
| Indiana |
| 0 |
| 8,769 |
| 0 |
| 8,769 |
| ||||||||||||||||||||||||||||||
| Iowa |
| 0 |
| 3,870 |
| 0 |
| 3,870 |
| ||||||||||||||||||||||||||||||
| Kentucky |
| 0 |
| 10,042 |
| 0 |
| 10,042 |
| ||||||||||||||||||||||||||||||
| Louisiana |
| 0 |
| 9,147 |
| 0 |
| 9,147 |
| ||||||||||||||||||||||||||||||
| Maine |
| 0 |
| 1,317 |
| 0 |
| 1,317 |
| ||||||||||||||||||||||||||||||
| Maryland |
| 0 |
| 13,912 |
| 0 |
| 13,912 |
| ||||||||||||||||||||||||||||||
| Massachusetts |
| 0 |
| 7,522 |
| 0 |
| 7,522 |
| ||||||||||||||||||||||||||||||
| Michigan |
| 0 |
| 5,794 |
| 0 |
| 5,794 |
|
Schedule of Investments PIMCO Flexible Municipal Income Fund (Cont.) | March 31, 2021 (Unaudited) |
| Minnesota |
| 0 |
| 1,065 |
| 0 |
| 1,065 |
| ||||||||||||||||||||||||||||||
| Missouri |
| 0 |
| 14,715 |
| 0 |
| 14,715 |
| ||||||||||||||||||||||||||||||
| New Hampshire |
| 0 |
| 6,341 |
| 0 |
| 6,341 |
| ||||||||||||||||||||||||||||||
| New Jersey |
| 0 |
| 49,179 |
| 0 |
| 49,179 |
| ||||||||||||||||||||||||||||||
| New York |
| 0 |
| 100,589 |
| 0 |
| 100,589 |
| ||||||||||||||||||||||||||||||
| North Carolina |
| 0 |
| 24,382 |
| 0 |
| 24,382 |
| ||||||||||||||||||||||||||||||
| Ohio |
| 0 |
| 34,610 |
| 0 |
| 34,610 |
| ||||||||||||||||||||||||||||||
| Oklahoma |
| 0 |
| 3,089 |
| 0 |
| 3,089 |
| ||||||||||||||||||||||||||||||
| Oregon |
| 0 |
| 14,545 |
| 0 |
| 14,545 |
| ||||||||||||||||||||||||||||||
| Pennsylvania |
| 0 |
| 38,194 |
| 0 |
| 38,194 |
| ||||||||||||||||||||||||||||||
| Puerto Rico |
| 0 |
| 52,730 |
| 0 |
| 52,730 |
| ||||||||||||||||||||||||||||||
| Rhode Island |
| 0 |
| 4,751 |
| 0 |
| 4,751 |
| ||||||||||||||||||||||||||||||
| South Carolina |
| 0 |
| 10,371 |
| 0 |
| 10,371 |
| ||||||||||||||||||||||||||||||
| Tennessee |
| 0 |
| 32,733 |
| 0 |
| 32,733 |
| ||||||||||||||||||||||||||||||
| Texas |
| 0 |
| 27,694 |
| 0 |
| 27,694 |
| ||||||||||||||||||||||||||||||
| Utah |
| 0 |
| 3,515 |
| 0 |
| 3,515 |
| ||||||||||||||||||||||||||||||
| Virginia |
| 0 |
| 4,483 |
| 0 |
| 4,483 |
| ||||||||||||||||||||||||||||||
| Washington |
| 0 |
| 10,989 |
| 0 |
| 10,989 |
| ||||||||||||||||||||||||||||||
| West Virginia |
| 0 |
| 4,661 |
| 0 |
| 4,661 |
| ||||||||||||||||||||||||||||||
| Wisconsin |
| 0 |
| 26,019 |
| 0 |
| 26,019 |
| ||||||||||||||||||||||||||||||
Mutual Funds |
| 8,967 |
| 0 |
| 0 |
| 8,967 |
| |||||||||||||||||||||||||||||||
Preferred Securities | ||||||||||||||||||||||||||||||||||||||||
| Banking & Finance |
| 0 |
| 13,801 |
| 0 |
| 13,801 |
| ||||||||||||||||||||||||||||||
Short-Term Instruments | ||||||||||||||||||||||||||||||||||||||||
| U.S. Treasury Bills |
| 0 |
| 77,695 |
| 0 |
| 77,695 |
| ||||||||||||||||||||||||||||||
| U.S. Treasury Cash Management Bills |
| 0 |
| 20,200 |
| 0 |
| 20,200 |
| ||||||||||||||||||||||||||||||
| Municipal Bonds & Notes |
| 0 |
| 2,912 |
| 0 |
| 2,912 |
| ||||||||||||||||||||||||||||||
Total Investments | $ | 8,967 | $ | 985,368 | $ | 1,930 | $ | 996,265 |
| |||||||||||||||||||||||||||||||
Financial Derivative Instruments - Assets | ||||||||||||||||||||||||||||||||||||||||
Exchange-traded or centrally cleared | $ | 74 | $ | 0 | $ | 0 | $ | 74 |
| |||||||||||||||||||||||||||||||
Total Financial Derivative Instruments | $ | 74 | $ | 0 | $ | 0 | $ | 74 |
| |||||||||||||||||||||||||||||||
Totals | $ | 9,041 | $ | 985,368 | $ | 1,930 | $ | 996,339 |
| |||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||
There were no significant transfers into or out of Level 3 during the period ended March 31, 2021. |
Notes to Financial Statements
1. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
(a) Investment Valuation Policies The price of the Fund’s shares is based on the Fund’s net asset value (“NAV”). The NAV of the Fund, or each of its share classes as applicable, is determined by dividing the total value of portfolio investments and other assets, less any liabilities, attributable to the Fund or class by the total number of shares outstanding of the Fund or class.
On each day that the New York Stock Exchange (“NYSE”) is open, Fund shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) (“NYSE Close”). Information that becomes known to the Fund or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Fund reserves the right to either: (i) advance the time as of which the NAV is calculated and, therefore, the time by which purchase orders must be received to receive that day’s NAV or (ii) accept purchase orders until, and calculate its NAV as of, the normally scheduled NYSE Close. The Fund generally does not calculate its NAV on days during which the NYSE is closed. However, if the NYSE is closed on a day it would normally be open for business, the Fund reserves the right to calculate its NAV as of the normally scheduled close of regular trading on the NYSE for that day or such other time that the Fund may determine.
For purposes of calculating NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of official closing prices or the last reported sales prices, or if no sales are reported, based on quotes obtained from established market makers or prices (including evaluated prices) supplied by the Fund's approved pricing services, quotation reporting systems and other third-party sources (together, “Pricing Services”). The Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. If market value pricing is used, a foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by Pacific Investment Management Company LLC (“PIMCO” or the “Manager”) to be the primary exchange. A foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange. Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Services may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Services. The Fund’s investments in open-end management investment companies, other than exchange-traded funds, are valued at the NAVs of such investments. The Fund’s investments in closed-end management investment companies are valued at the market price of such investments.
If a foreign (non-U.S.) equity security’s value has materially changed after the close of the security’s primary exchange or principal market but before the NYSE Close, the security may be valued at fair value based on procedures established and approved by the Fund’s Board of Trustees (the “Board”). Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Fund may determine the fair value of investments based on information provided by Pricing Services and other third-party vendors, which may recommend fair value or adjustments with reference to other securities, indices or assets. In considering whether fair valuation is required and in determining fair values, the Fund may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the NYSE Close. The Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, any movement in the applicable reference index or instrument (“zero trigger”) relating to the foreign (non-U.S.) security being fair valued between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Fund is not open for business, which may result in the Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.
Senior secured floating rate loans for which an active secondary market exists to a reliable degree are valued at the mean of the last available bid/ask prices in the market for such loans, as provided by a Pricing Service. Senior secured floating rate loans for which an active secondary market does not exist to a reliable degree are valued at fair value, which is intended to approximate market value. In valuing a senior secured floating rate loan at fair value, the factors considered may include, but are not limited to, the following: (a) the creditworthiness of the borrower and any intermediate participants, (b) the terms of the loan, (c) recent prices in the market for similar loans, if any, and (d) recent prices in the market for instruments of similar quality, rate, period until next interest rate reset and maturity.
Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Services. As a result, the value of such investments and, in turn, the NAV of the Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Fund is not open for business. As a result, to the extent that the Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Fund's next calculated NAV.
Investments for which market quotes or market based valuations are not readily available are valued at fair value as determined in good faith by the Board or persons acting at their direction. The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to PIMCO the responsibility for applying the fair valuation methods. In the event that market quotes or market based valuations are not readily available, and the security or asset cannot be valued pursuant to a Board approved valuation method, the value of the security or asset will be determined in good faith by the Board. Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/ask information, indicative market quotations (“Broker Quotes”), Pricing Services’ prices), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of the Fund's securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated, to the Manager, the responsibility for monitoring significant events that may materially affect the values of the Fund's securities or assets and for determining whether the value of the applicable securities or assets should be reevaluated in light of such significant events.
When the Fund uses fair valuation to determine the value of a portfolio security or other asset for purposes of calculating its NAV, such investments will not be priced on the basis of quotes from the primary market in which they are traded, but rather may be priced by another method that the Board or persons acting at their direction believe reflects fair value. Fair valuation may require subjective determinations about the value of a security. While the Fund’s policy is intended to result in a calculation of the Fund’s NAV that fairly reflects security values as of the time of pricing, the Fund cannot ensure that fair values determined by the Board or persons acting at their direction would accurately reflect the price that
Notes to Financial Statements (Cont.)
the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold.
(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:
• Level 1 — Quoted prices in active markets or exchanges for identical assets and liabilities.
• Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.
• Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair value of investments.
In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Fund.
For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of the Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for the Fund.
(c) Valuation Techniques and the Fair Value Hierarchy
Level 1 and Level 2 trading assets and trading liabilities, at fair value The valuation methods (or “techniques”) and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1 and Level 2 of the fair value hierarchy are as follows:
Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Services' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.
Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.
Level 3 trading assets and trading liabilities, at fair value When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Board or persons acting at their direction believe reflects fair value and are categorized as Level 3 of the fair value hierarchy.
Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.
2. FEDERAL INCOME TAX MATTERS
The Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the “Code”) and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.
The Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.
In accordance with U.S. GAAP, the Manager has reviewed the Fund's tax positions for all open tax years. As of March 31, 2021, the Fund has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.
The Fund files U.S. federal, state, and local tax returns as required. The Fund's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.
Glossary: (abbreviations that may be used in the preceding statements) | (Unaudited) | |||||||||
Currency Abbreviations: | ||||||||||
USD (or $) | United States Dollar | |||||||||
Index/Spread Abbreviations: | ||||||||||
US0001M | ICE 1-Month USD LIBOR | |||||||||
Municipal Bond or Agency Abbreviations: | ||||||||||
AGC | Assured Guaranty Corp. | FHLMC | Federal Home Loan Mortgage Corp. | PSF | Public School Fund | |||||
AGM | Assured Guaranty Municipal | FNMA | Federal National Mortgage Association | Q-SBLF | Qualified School Bond Loan Fund | |||||
AMBAC | American Municipal Bond Assurance Corp. | GNMA | Government National Mortgage Association | SGI | Syncora Guarantee, Inc. | |||||
FGIC | Financial Guaranty Insurance Co. | NPFGC | National Public Finance Guarantee Corp. | |||||||
Other Abbreviations: | ||||||||||
BABs | Build America Bonds | TBA | To-Be-Announced |