Schedule of Investments PIMCO Municipal Income Fund III

September 30, 2023

(Unaudited)

 

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

 

 

PRINCIPAL
AMOUNT
(000s)

 

MARKET
VALUE
(000s)

INVESTMENTS IN SECURITIES 185.0% ¤

 

 

 

 

MUNICIPAL BONDS & NOTES 182.5%

 

 

 

 

ALABAMA 8.1%

 

 

 

 

Jefferson County, Alabama Sewer Revenue Bonds, Series 2013

 

 

 

 

0.000% due 10/01/2050 (d)

$

9,000

$

9,464

6.500% due 10/01/2053

 

7,500

 

7,878

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

 

 

 

 

4.500% due 05/01/2032

 

1,010

 

924

5.250% due 05/01/2044

 

1,625

 

1,416

 

 

 

 

19,682

ALASKA 0.5%

 

 

 

 

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

 

1,165

 

1,166

ARIZONA 10.4%

 

 

 

 

Arizona Industrial Development Authority Revenue Bonds, Series 2019

 

 

 

 

4.500% due 01/01/2031

 

675

 

436

4.500% due 01/01/2032

 

710

 

441

4.500% due 01/01/2049

 

750

 

407

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

 

979

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

 

3,800

 

3,354

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

 

4,120

 

3,302

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

 

 

 

 

4.000% due 07/01/2049

 

2,495

 

2,202

5.000% due 07/01/2049

 

1,770

 

1,781

Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2023
5.000% due 01/01/2050

 

1,000

 

1,031

Salt Verde Financial Corp., Arizona Revenue Bonds, Series 2007
5.000% due 12/01/2037

 

11,600

 

11,404

 

 

 

 

25,409

CALIFORNIA 6.3%

 

 

 

 

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

 

3,015

 

2,997

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

 

2,000

 

2,073

Folsom Cordova Unified School District, California General Obligation Bonds, (AGM Insured), Series 2019
4.000% due 10/01/2044

 

1,810

 

1,651

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

 

2,500

 

217

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

 

1,050

 

1,067

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

 

1,490

 

1,365

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

 

2,000

 

2,265

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

 

750

 

728

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

 

2,250

 

2,244

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

 

730

 

676

 

 

 

 

15,283

COLORADO 4.5%

 

 

 

 

Colorado Health Facilities Authority Revenue Bonds, Series 2019

 

 

 

 

4.000% due 01/01/2040

 

2,500

 

2,285

4.000% due 08/01/2049

 

2,000

 

1,613

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

 

1,615

 

840

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

 

1,250

 

1,129

Denver, Colorado City & County Revenue Bonds, Series 2021
4.000% due 08/01/2043

 

1,500

 

1,345

 

 

 

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

September 30, 2023

(Unaudited)

 

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

 

1,250

 

1,150

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

 

1,250

 

1,146

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

 

500

 

566

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

 

550

 

444

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

 

500

 

361

 

 

 

 

10,879

CONNECTICUT 2.0%

 

 

 

 

Connecticut Special Tax Revenue State Special Tax Bonds, Series 2020
5.000% due 05/01/2040

 

2,000

 

2,080

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

 

3,300

 

2,833

 

 

 

 

4,913

DELAWARE 4.6%

 

 

 

 

Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022

 

 

 

 

3.461% due 07/01/2037

 

11,120

 

9,338

7.120% due 07/01/2037

 

1,965

 

1,793

 

 

 

 

11,131

DISTRICT OF COLUMBIA 1.9%

 

 

 

 

District of Columbia General Obligation Bonds, Series 2019
5.000% due 10/15/2044

 

650

 

667

District of Columbia Revenue Bonds, Series 2022
5.500% due 08/31/2036

 

1,800

 

1,928

District of Columbia Water & Sewer Authority Revenue Bonds, Series 2019
5.000% due 10/01/2044

 

500

 

514

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

 

1,750

 

1,470

 

 

 

 

4,579

FLORIDA 12.5%

 

 

 

 

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

 

795

 

744

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

 

1,940

 

1,691

Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2010
5.259% due 10/01/2039 (f)

 

5,000

 

4,998

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

 

1,800

 

1,471

Miami-Dade County, Florida Educational Facilities Authority Revenue Bonds, Series 2018
4.000% due 04/01/2053

 

4,000

 

3,329

Miami-Dade County, Florida Transit System Revenue Bonds, Series 2018
4.000% due 07/01/2044

 

1,000

 

896

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

 

2,500

 

2,172

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

 

1,850

 

1,792

North Miami Beach, Florida Water Revenue Bonds, Series 2020
5.000% due 08/01/2044

 

3,000

 

3,096

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

 

980

 

970

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

 

1,500

 

1,329

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

 

1,750

 

1,233

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

 

1,000

 

1,006

South Miami Health Facilities Authority, Florida Revenue Bonds, Series 2017
4.000% due 08/15/2047

 

3,750

 

3,337

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

 

3,500

 

2,571

 

 

 

 

30,635

GEORGIA 6.2%

 

 

 

 

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 (e)

 

3,000

 

2,967

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

 

2,000

 

1,927

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

 

10,000

 

9,437

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

September 30, 2023

(Unaudited)

 

 

 

 

 

15,119

ILLINOIS 14.3%

 

 

 

 

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

 

4,000

 

3,628

Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2018

 

 

 

 

5.000% due 01/01/2048

 

2,800

 

2,802

5.000% due 01/01/2053

 

1,000

 

1,001

Chicago Park District, Illinois General Obligation Bonds, Series 2020
4.000% due 01/01/2038

 

1,435

 

1,258

Chicago, Illinois General Obligation Bonds, Series 2007

 

 

 

 

5.500% due 01/01/2035

 

400

 

403

5.500% due 01/01/2042

 

1,000

 

994

Chicago, Illinois General Obligation Bonds, Series 2017
6.000% due 01/01/2038

 

3,000

 

3,116

Chicago, Illinois Revenue Bonds, Series 2002
5.000% due 01/01/2027

 

1,750

 

1,770

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

 

1,010

 

902

Illinois State General Obligation Bonds, Series 2018

 

 

 

 

4.625% due 05/01/2037

 

2,000

 

1,950

5.000% due 05/01/2041

 

1,500

 

1,478

Illinois State General Obligation Notes, Series 2017

 

 

 

 

5.000% due 11/01/2025

 

1,150

 

1,169

5.000% due 11/01/2027

 

7,000

 

7,243

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

 

2,685

 

457

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

 

2,000

 

844

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

 

2,500

 

510

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

 

3,900

 

4,003

Sales Tax Securitization Corp., Illinois Revenue Notes, Series 2020
5.000% due 01/01/2029

 

1,000

 

1,047

 

 

 

 

34,853

INDIANA 2.9%

 

 

 

 

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

 

1,400

 

1,364

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

 

1,710

 

1,246

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

 

2,460

 

2,456

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

 

2,500

 

2,123

 

 

 

 

7,189

IOWA 1.5%

 

 

 

 

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

 

2,755

 

2,637

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

 

364

 

368

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

 

875

 

781

 

 

 

 

3,786

KANSAS 0.8%

 

 

 

 

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

 

2,000

 

1,834

 

 

 

 

1,834

LOUISIANA 5.8%

 

 

 

 

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

 

3,100

 

2,743

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

 

4,000

 

3,499

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

 

4,000

 

3,930

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

 

750

 

641

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

 

1,915

 

1,922

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

September 30, 2023

(Unaudited)

 

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

 

1,350

 

1,438

 

 

 

 

14,173

MARYLAND 0.2%

 

 

 

 

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

 

500

 

445

MASSACHUSETTS 2.8%

 

 

 

 

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

 

1,000

 

938

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

 

942

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

 

1,500

 

1,466

Massachusetts Housing Finance Agency Revenue Bonds, Series 2003
5.125% due 06/01/2043

 

525

 

525

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

 

3,000

 

3,083

 

 

 

 

6,956

MICHIGAN 5.6%

 

 

 

 

Gerald R Ford International Airport Authority, Michigan Revenue Bonds, Series 2021
5.000% due 01/01/2051

 

2,500

 

2,502

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

 

1,200

 

1,240

Michigan Finance Authority Revenue Bonds, Series 2019
4.000% due 02/15/2050

 

2,000

 

1,654

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

 

2,425

 

2,404

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

 

75

 

79

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

 

920

 

823

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

 

12,500

 

457

Michigan Trunk Line State Revenue Bonds, Series 2021
4.000% due 11/15/2044

 

5,000

 

4,541

 

 

 

 

13,700

MINNESOTA 0.6%

 

 

 

 

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

 

1,750

 

1,519

MISSOURI 1.2%

 

 

 

 

Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2019
5.000% due 02/15/2035

 

500

 

519

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

 

1,250

 

1,316

Jennings, Missouri Revenue Bonds, Series 2006
5.000% due 11/01/2023

 

115

 

57

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

 

1,000

 

1,015

 

 

 

 

2,907

NEVADA 2.9%

 

 

 

 

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

 

4,545

 

4,079

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

 

1,800

 

1,825

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

 

11,000

 

1,091

 

 

 

 

6,995

NEW HAMPSHIRE 1.0%

 

 

 

 

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

 

2,704

 

2,531

NEW JERSEY 11.5%

 

 

 

 

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

 

3,000

 

2,807

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

 

3,256

 

2,780

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

 

5,000

 

5,215

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

September 30, 2023

(Unaudited)

 

New Jersey Economic Development Authority Special Assessment Bonds, Series 2002
6.500% due 04/01/2028

 

3,763

 

3,686

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

 

2,000

 

2,000

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

 

3,200

 

1,937

New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2021
4.000% due 06/15/2036

 

1,500

 

1,438

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

 

900

 

880

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

 

 

 

 

5.000% due 06/01/2031

 

1,200

 

1,240

5.000% due 06/01/2046

 

6,525

 

6,073

 

 

 

 

28,056

NEW YORK 15.5%

 

 

 

 

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

 

 

 

 

5.250% due 07/01/2057

 

2,000

 

1,901

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

 

2,120

 

1,843

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

 

1,915

 

1,686

Nassau County, New York Industrial Development Agency Revenue Bonds, Series 2021
5.000% 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

 

1,000

 

896

New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023
5.250% due 06/15/2053 (a)

 

800

 

837

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

 

2,250

 

2,408

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

 

1,700

 

1,841

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

 

1,000

 

927

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

 

1,760

 

1,187

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

 

1,750

 

1,496

New York State Dormitory Authority Northwell Health Obligated Group Revenue Bonds, Series 2022
5.000% due 05/01/2052

 

2,000

 

1,996

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

 

500

 

444

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

 

1,250

 

1,163

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

 

1,500

 

1,206

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

 

500

 

426

New York State Thruway Authority Revenue Bonds, Series 2019

 

 

 

 

4.000% due 01/01/2041

 

5,500

 

4,960

4.000% due 01/01/2050

 

620

 

526

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

 

2,000

 

1,755

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

 

3,250

 

2,872

Port Authority of New York & New Jersey Revenue Bonds, Series 2017
5.000% due 05/15/2057

 

2,120

 

2,160

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

 

2,750

 

2,374

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

 

2,835

 

2,879

 

 

 

 

37,971

NORTH CAROLINA 0.9%

 

 

 

 

University of North Carolina Hospitals at Chapel Hill Revenue Bonds, Series 2016
4.000% due 02/01/2046

 

2,500

 

2,143

NORTH DAKOTA 0.2%

 

 

 

 

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

 

940

 

470

OHIO 7.3%

 

 

 

 

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

 

1,000

 

869

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

 

39,500

 

3,860

Geisinger Authority, Ohio Revenue Bonds, Series 2017
4.000% due 02/15/2047

 

5,310

 

4,565

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

 

2,250

 

1,888

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

 

2,000

 

1,945

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

September 30, 2023

(Unaudited)

 

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

 

1,250

 

1,054

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

 

900

 

829

Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2020
5.000% due 12/01/2050

 

1,250

 

1,279

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

 

1,400

 

973

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

 

485

 

514

 

 

 

 

17,776

OKLAHOMA 0.9%

 

 

 

 

Oklahoma Development Finance Authority Revenue Bonds, Series 2018
5.500% due 08/15/2052

 

1,600

 

1,433

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

 

1,000

 

763

 

 

 

 

2,196

OREGON 0.8%

 

 

 

 

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

 

1,710

 

371

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

 

 

 

 

0.000% due 06/15/2048 (c)

 

2,495

 

657

5.000% due 06/15/2052

 

1,000

 

1,022

 

 

 

 

2,050

PENNSYLVANIA 5.5%

 

 

 

 

Montgomery County, Pennsylvania Higher Education and Health Authority Revenue Bonds, Series 2022
4.000% due 05/01/2040

 

1,750

 

1,566

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

 

3,000

 

3,153

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

 

1,650

 

1,804

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

 

1,825

 

1,625

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

 

1,350

 

1,360

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

 

1,000

 

841

Philadelphia, Pennsylvania Water & Wastewater Revenue Bonds, Series 2019
5.000% due 11/01/2054

 

3,100

 

3,120

 

 

 

 

13,469

PUERTO RICO 8.0%

 

 

 

 

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

 

31,000

 

1,839

Commonwealth of Puerto Rico Bonds, Series 2022

 

 

 

 

0.000% due 11/01/2043

 

4,156

 

2,161

0.000% due 11/01/2051

 

4,255

 

1,965

Commonwealth of Puerto Rico General Obligation Bonds, Series 2021

 

 

 

 

0.000% due 07/01/2033 (c)

 

1,750

 

1,034

4.000% due 07/01/2041

 

1,700

 

1,372

Puerto Rico Highway & Transportation Authority Revenue Bonds, Series 2022

 

 

 

 

0.000% due 07/01/2053 (d)

 

2,523

 

1,567

5.000% due 07/01/2062

 

322

 

308

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

 

209

 

135

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

 

 

 

 

0.000% due 07/01/2046 (c)

 

9,650

 

2,500

0.000% due 07/01/2051 (c)

 

10,500

 

1,958

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

 

5,460

 

4,779

 

 

 

 

19,618

RHODE ISLAND 1.1%

 

 

 

 

Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015
5.000% due 06/01/2050

 

3,000

 

2,810

SOUTH CAROLINA 2.7%

 

 

 

 

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

 

 

 

 

5.125% due 12/01/2043

 

5,000

 

4,898

5.500% due 12/01/2053

 

1,750

 

1,745

 

 

 

 

6,643

TENNESSEE 0.8%

 

 

 

 

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

 

1,000

 

678

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

September 30, 2023

(Unaudited)

 

Metropolitan Nashville Airport Authority, Tennessee Revenue Bonds, Series 2019
4.000% due 07/01/2049

 

1,000

 

876

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

 

750

 

523

 

 

 

 

2,077

TEXAS 19.0%

 

 

 

 

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

 

 

 

 

7.500% due 12/01/2045

 

650

 

411

12.000% due 12/01/2045

 

1,100

 

918

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

 

1,585

 

1,619

Bexar County Texas Hospital District, General Obligation Bonds, Series 2018
4.000% due 02/15/2043

 

2,500

 

2,209

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

 

2,000

 

1,946

Calhoun County, Texas Navigation Industrial Development Authority Revenue Notes, Series 2021
3.625% due 07/01/2026

 

1,250

 

1,138

Central Texas Turnpike System Revenue Bonds, Series 2015

 

 

 

 

0.000% due 08/15/2036 (c)

 

1,250

 

627

0.000% due 08/15/2037 (c)

 

4,000

 

1,880

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

 

1,000

 

972

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

 

1,000

 

1,044

Grand Parkway Transportation Corp., Texas Revenue Bonds, Series 2018
5.000% due 10/01/2048 (e)

 

4,000

 

4,049

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

 

1,250

 

1,283

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

 

1,250

 

1,089

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

 

2,500

 

2,155

Lower Colorado River Authority, Texas Revenue Bonds, Series 2020
5.000% due 05/15/2045

 

1,750

 

1,764

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

 

1,000

 

980

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

 

1,400

 

1,021

North Texas Tollway Authority Revenue Bonds, Series 2017

 

 

 

 

4.000% due 01/01/2043

 

1,500

 

1,344

5.000% due 01/01/2048

 

1,250

 

1,231

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

 

900

 

930

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

 

500

 

499

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

 

1,480

 

1,461

Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006
5.250% due 12/15/2026

 

150

 

151

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

 

5,295

 

5,407

Texas Water Development Board Revenue Bonds, Series 2022

 

 

 

 

4.800% due 10/15/2052

 

800

 

801

5.000% due 10/15/2057

 

2,560

 

2,630

Texas Water Development Board Revenue Bonds, Series 2023

 

 

 

 

4.875% due 10/15/2048 (a)

 

1,700

 

1,725

5.000% due 10/15/2058 (a)

 

1,100

 

1,132

University of North Texas System Revenue Bonds, Series 2018
4.000% due 04/15/2050

 

2,200

 

1,900

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

 

2,700

 

2,233

 

 

 

 

46,549

VIRGINIA 3.6%

 

 

 

 

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

 

4,000

 

3,698

Virginia Small Business Financing Authority Revenue Bonds, Series 2019

 

 

 

 

0.000% due 07/01/2061 (c)

 

25,000

 

500

5.000% due 07/01/2034

 

1,465

 

1,326

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

 

3,800

 

3,185

 

 

 

 

8,709

WASHINGTON 2.5%

 

 

 

 

Seattle, Washington Municipal Light & Power Revenue Bonds, Series 2018
4.000% due 01/01/2046

 

4,000

 

3,587

Snohomish County, Washington Housing Authority Revenue Bonds, Series 2019
4.000% due 04/01/2044

 

1,000

 

829

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

 

1,345

 

1,064

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

September 30, 2023

(Unaudited)

 

Washington State Housing Finance Commission Revenue Bonds, Series 2018
5.000% due 07/01/2038

 

825

 

644

 

 

 

 

6,124

WEST VIRGINIA 0.4%

 

 

 

 

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

 

1,000

 

1,010

WISCONSIN 5.2%

 

 

 

 

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

 

2,500

 

2,586

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

 

2,500

 

1,538

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

 

7,500

 

362

Public Finance Authority, Wisconsin Revenue Bonds, Series 2021

 

 

 

 

4.000% due 09/30/2051

 

1,260

 

930

4.000% due 07/01/2056

 

650

 

447

4.500% due 06/01/2056

 

885

 

597

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

 

6,500

 

2,086

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

 

415

 

415

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

 

2,000

 

1,977

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

 

2,070

 

1,742

 

 

 

 

12,680

Total Municipal Bonds & Notes (Cost $484,446)

 

 

 

446,035

NON-AGENCY MORTGAGE-BACKED SECURITIES 0.4%

 

 

 

 

Freddie Mac
4.140% due 01/25/2040

 

997

 

876

Total Non-Agency Mortgage-Backed Securities (Cost $936)

 

 

 

876

SHORT-TERM INSTRUMENTS 2.1%

 

 

 

 

REPURCHASE AGREEMENTS (h) 2.1%

 

 

 

5,243

Total Short-Term Instruments (Cost $5,243)

 

 

 

5,243

Total Investments in Securities (Cost $490,625)

 

 

 

452,154

Total Investments 185.0% (Cost $490,625)

 

 

$

452,154

Auction Rate Preferred Shares (53.0)%

 

 

 

(129,425)

Remarketable Variable Rate MuniFund Term Preferred Shares, at liquidation value (23.7)%

 

 

 

(58,022)

Other Assets and Liabilities, net (8.3)%

 

 

 

(20,262)

Net Assets Applicable to Common Shareholders 100.0%

 

 

$

244,445

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

September 30, 2023

(Unaudited)

 

 

NOTES TO SCHEDULE OF INVESTMENTS:

 

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

 

¤

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

^

Security is in default.

(a)

When-issued security.

(b)

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

(c)

Zero coupon security.

(d)

Security becomes interest bearing at a future date.

(e)

Represents an underlying municipal bond transferred to a tender option bond trust established in a tender option bond transaction in which the Fund sold, or caused the sale of, the underlying municipal bond and purchased the residual interest certificate. The security serves as collateral in a financing transaction.

(f)

Represents an investment in a tender option bond residual interest certificate purchased in a secondary market transaction. The interest rate shown bears an inverse relationship to the interest rate on a tender option bond floating rate certificate. The interest rate disclosed reflects the rate in effect on September 30, 2023.

(g)

RESTRICTED SECURITIES:

Issuer Description

Coupon

Maturity
Date

Acquisition
Date

 

Cost

 

Market
Value

Market Value
as Percentage
of Net Assets Applicable to Common Shareholders

Federal Home Loan Mortgage Corp. Enhanced Receipt, New Jersey Revenue Bonds, Series 2019

3.870

%

11/15/2035

10/26/2020

$

3,703

$

2,780

1.14

%

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

4.200

 

11/01/2054

11/18/2021

 

1,679

 

1,206

0.49

 

 

 

 

 

$

5,382

$

3,986

1.63% 

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(h)

REPURCHASE AGREEMENTS:

Counterparty

Lending
Rate

Settlement
Date

Maturity
Date

 

Principal
Amount

Collateralized By

 

Collateral
(Received)

 

Repurchase
Agreements,
at Value

 

Repurchase
Agreement
Proceeds
to be
Received
(1)

FICC

2.600%

09/29/2023

10/02/2023

$

5,243

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

$

(5,348)

$

5,243

$

5,244

Total Repurchase Agreements

 

$

(5,348)

$

5,243

$

5,244

(1)

Includes accrued interest.

FAIR VALUE MEASUREMENTS

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

 

Category and Subcategory

Level 1

Level 2

Level 3

Fair Value
at 09/30/2023

Investments in Securities, at Value

Municipal Bonds & Notes

 

Alabama

$

0

$

19,682

$

0

$

19,682

 

 

Alaska

 

0

 

1,166

 

0

 

1,166

 

 

Arizona

 

0

 

25,409

 

0

 

25,409

 

 

California

 

0

 

15,283

 

0

 

15,283

 

 

Colorado

 

0

 

10,879

 

0

 

10,879

 

 

Connecticut

 

0

 

4,913

 

0

 

4,913

 

 

Delaware

 

0

 

11,131

 

0

 

11,131

 

 

District of Columbia

 

0

 

4,579

 

0

 

4,579

 

 

Florida

 

0

 

30,635

 

0

 

30,635

 

 

Georgia

 

0

 

15,119

 

0

 

15,119

 

 

Illinois

 

0

 

34,853

 

0

 

34,853

 

 

Indiana

 

0

 

7,189

 

0

 

7,189

 

 

Iowa

 

0

 

3,786

 

0

 

3,786

 

 

Kansas

 

0

 

1,834

 

0

 

1,834

 

 

Louisiana

 

0

 

14,173

 

0

 

14,173

 

 

Maryland

 

0

 

445

 

0

 

445

 

 

Massachusetts

 

0

 

6,956

 

0

 

6,956

 

 

Michigan

 

0

 

13,700

 

0

 

13,700

 

 

Minnesota

 

0

 

1,519

 

0

 

1,519

 

 

Missouri

 

0

 

2,907

 

0

 

2,907

 

 

Nevada

 

0

 

6,995

 

0

 

6,995

 

 

New Hampshire

 

0

 

2,531

 

0

 

2,531

 

 

New Jersey

 

0

 

28,056

 

0

 

28,056

 

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

September 30, 2023

(Unaudited)

 

 

New York

 

0

 

37,971

 

0

 

37,971

 

 

North Carolina

 

0

 

2,143

 

0

 

2,143

 

 

North Dakota

 

0

 

470

 

0

 

470

 

 

Ohio

 

0

 

17,776

 

0

 

17,776

 

 

Oklahoma

 

0

 

2,196

 

0

 

2,196

 

 

Oregon

 

0

 

2,050

 

0

 

2,050

 

 

Pennsylvania

 

0

 

13,469

 

0

 

13,469

 

 

Puerto Rico

 

0

 

19,618

 

0

 

19,618

 

 

Rhode Island

 

0

 

2,810

 

0

 

2,810

 

 

South Carolina

 

0

 

6,643

 

0

 

6,643

 

 

Tennessee

 

0

 

2,077

 

0

 

2,077

 

 

Texas

 

0

 

46,549

 

0

 

46,549

 

 

Virginia

 

0

 

8,709

 

0

 

8,709

 

 

Washington

 

0

 

6,124

 

0

 

6,124

 

 

West Virginia

 

0

 

1,010

 

0

 

1,010

 

 

Wisconsin

 

0

 

12,680

 

0

 

12,680

 

Non-Agency Mortgage-Backed Securities

 

0

 

876

 

0

 

876

 

Short-Term Instruments

 

Repurchase Agreements

 

0

 

5,243

 

0

 

5,243

 

Total Investments

$

0

$

452,154

$

0

$

452,154

 

 

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

 

 

Notes to Financial Statements

 

1. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The net asset value (“NAV”) of the Fund's shares, or each of its share classes as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

 

On each day that the New York Stock Exchange (“NYSE”) is open, the Fund’s shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) (“NYSE Close”). Information that becomes known to the Fund or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the normally scheduled close of regular trading on the NYSE for that day. The Fund generally does not calculate its NAV on days during which the NYSE is closed. However, if the NYSE is closed on a day it would normally be open for business, the Fund may calculate its NAV as of the normally scheduled NYSE Close for that day or such other time that the Fund may determine.

 

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close.

 

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the “Act”). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees has designated Pacific Investment Management Company LLC (“PIMCO”) as the valuation designee (“Valuation Designee”) for the Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee’s policies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, “Pricing Sources”).

 

Fair valuation may require subjective determinations about the value of a security. While the Fund’s and Valuation Designee's policies and procedures are intended to result in a calculation of the Fund's NAV that fairly reflects security values as of the time of pricing, the Fund cannot ensure that fair values accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold.

 

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

 

• Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

 

• Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

 

• Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

 

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Fund.

 

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of the Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for the Fund.

 

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or “techniques”) and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

 

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities, non-U.S. bonds, and short-term debt instruments (such as commercial paper, time deposits, and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

 

 

 

Notes to Financial Statements (Cont.)

 

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

 

Short-term debt instruments (such as commercial paper, time deposits, and certificates of deposit) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

 

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believe reflects fair value and are categorized as Level 3 of the fair value hierarchy.

 

2. FEDERAL INCOME TAX MATTERS

The Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the “Code”) and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

 

The Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

 

In accordance with U.S. GAAP, the Manager has reviewed the Fund's tax positions for all open tax years. As of September 30, 2023, the Fund has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

 

The Fund files U.S. federal, state, and local tax returns as required. The Fund's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

 

 

 

 

Glossary: (abbreviations that may be used in the preceding statements)   (Unaudited)
                     
Counterparty Abbreviations:    
FICC   Fixed Income Clearing Corporation                 
                     
Currency Abbreviations:    
USD (or $)   United States Dollar                
                     
Municipal Bond or Agency Abbreviations:    
AGM   Assured Guaranty Municipal   FHA   Federal Housing Administration   PSF   Public School Fund
BAM   Build America Mutual Assurance   NPFGC   National Public Finance Guarantee Corp.   Q-SBLF   Qualified School Bond Loan Fund
CR   Custodial Receipts                
                     
Other  Abbreviations:    
TBA   To-Be-Announced                


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