Schedule of Investments PIMCO Municipal Income Fund II

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 179.8% ¤

 

 

 

 

MUNICIPAL BONDS & NOTES 178.3%

 

 

 

 

ALABAMA 7.4%

 

 

 

 

Jefferson County, Alabama Sewer Revenue Bonds, Series 2013

 

 

 

 

0.000% due 10/01/2050 (d)

$

14,750

$

15,511

6.500% due 10/01/2053

 

18,000

 

18,906

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

 

 

 

 

4.500% due 05/01/2032

 

2,331

 

2,131

5.250% due 05/01/2044

 

3,300

 

2,876

 

 

 

 

39,424

ALASKA 0.5%

 

 

 

 

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

 

2,450

 

2,452

ARIZONA 10.3%

 

 

 

 

Arizona Industrial Development Authority Revenue Bonds, Series 2019

 

 

 

 

4.500% due 01/01/2033

 

740

 

441

4.750% due 01/01/2038

 

950

 

495

5.125% due 01/01/2054

 

1,500

 

731

5.500% due 01/01/2054

 

1,500

 

726

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

 

2,500

 

150

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

 

2,400

 

1,958

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

 

7,700

 

6,797

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

 

8,600

 

6,892

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

 

 

 

 

4.000% due 07/01/2049

 

5,210

 

4,599

5.000% due 07/01/2049

 

3,000

 

3,019

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

 

2,000

 

2,062

Salt Verde Financial Corp., Arizona Revenue Bonds, Series 2007

 

 

 

 

5.000% due 12/01/2032

 

4,930

 

4,972

5.000% due 12/01/2037

 

22,400

 

22,021

 

 

 

 

54,863

ARKANSAS 0.7%

 

 

 

 

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

 

3,450

 

3,131

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

 

350

 

327

 

 

 

 

3,458

CALIFORNIA 6.9%

 

 

 

 

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

 

12,500

 

12,776

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

 

6,540

 

6,500

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

 

4,000

 

4,146

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

 

7,500

 

652

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

 

2,000

 

2,032

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

 

3,435

 

3,147

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

 

1,750

 

1,982

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

 

1,250

 

1,214

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

 

1,570

 

1,454

 

 

 

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

September 30, 2023

(Unaudited)

 

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

 

3,000

 

2,788

 

 

 

 

36,691

COLORADO 4.9%

 

 

 

 

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

 

2,555

 

2,197

Colorado Health Facilities Authority Revenue Bonds, Series 2019

 

 

 

 

4.000% due 01/01/2040

 

5,300

 

4,844

4.000% due 08/01/2049

 

4,000

 

3,227

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

 

3,250

 

2,934

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

 

2,000

 

2,088

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

 

1,750

 

1,578

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

 

2,500

 

2,299

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

 

3,500

 

3,209

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

 

1,430

 

1,619

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

 

1,000

 

808

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

 

775

 

560

 

 

 

 

26,203

CONNECTICUT 1.4%

 

 

 

 

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

 

3,500

 

3,460

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

 

4,450

 

3,820

 

 

 

 

7,280

DELAWARE 1.0%

 

 

 

 

Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022

 

 

 

 

3.461% due 07/01/2037

 

5,360

 

4,501

7.120% due 07/01/2037

 

945

 

862

 

 

 

 

5,363

DISTRICT OF COLUMBIA 0.9%

 

 

 

 

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

 

1,850

 

1,974

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

 

3,500

 

2,941

 

 

 

 

4,915

FLORIDA 6.9%

 

 

 

 

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

 

1,715

 

1,605

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

 

4,290

 

3,740

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

 

2,865

 

2,914

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

 

3,700

 

3,024

Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2019

 

 

 

 

4.000% due 10/01/2048

 

5,000

 

4,373

4.000% due 10/01/2049

 

5,000

 

4,344

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

 

3,800

 

3,681

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

 

2,110

 

2,089

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

 

2,850

 

2,603

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

 

2,500

 

2,214

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

 

3,500

 

2,466

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

 

1,590

 

1,600

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

 

1,600

 

1,175

Tampa, Florida Revenue Bonds, Series 2020

 

 

 

 

0.000% due 09/01/2049 (c)

 

2,600

 

554

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

September 30, 2023

(Unaudited)

 

0.000% due 09/01/2053 (c)

 

2,600

 

413

 

 

 

 

36,795

GEORGIA 6.7%

 

 

 

 

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

 

3,895

 

3,895

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

 

3,750

 

1,687

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

 

7,000

 

6,924

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

 

3,500

 

3,373

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

 

19,680

 

18,624

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

 

1,000

 

976

 

 

 

 

35,479

ILLINOIS 13.5%

 

 

 

 

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

 

7,000

 

6,349

Chicago O'Hare International Airport, Illinois Revenue Bonds, (AGM Insured), Series 2020
4.000% due 01/01/2039

 

3,000

 

2,808

Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2018
4.000% due 01/01/2044

 

3,000

 

2,701

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

 

1,300

 

1,183

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

 

4,000

 

4,028

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

 

2,000

 

2,023

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

 

2,155

 

582

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

 

2,000

 

1,787

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

 

1,000

 

1,030

Illinois State General Obligation Bonds, Series 2018

 

 

 

 

4.625% due 05/01/2037

 

2,175

 

2,121

5.000% due 05/01/2041

 

1,500

 

1,478

Illinois State General Obligation Notes, Series 2017

 

 

 

 

5.000% due 11/01/2025

 

12,590

 

12,804

5.000% due 11/01/2027

 

6,140

 

6,353

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

 

12,500

 

12,599

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

 

5,540

 

943

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

 

6,000

 

2,531

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

 

5,000

 

1,020

Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2022

 

 

 

 

0.000% due 12/15/2036 (c)

 

1,750

 

907

0.000% due 06/15/2037 (c)

 

1,000

 

501

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

 

8,000

 

8,212

 

 

 

 

71,960

INDIANA 2.1%

 

 

 

 

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

 

3,000

 

2,923

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

 

2,920

 

2,128

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

 

5,170

 

5,162

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

 

1,000

 

849

 

 

 

 

11,062

IOWA 1.5%

 

 

 

 

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

 

5,715

 

5,469

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

 

694

 

702

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

September 30, 2023

(Unaudited)

 

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

 

1,900

 

1,697

 

 

 

 

7,868

KANSAS 0.9%

 

 

 

 

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

 

5,500

 

5,044

 

 

 

 

5,044

LOUISIANA 4.8%

 

 

 

 

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

 

7,000

 

6,193

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

 

7,000

 

6,123

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

 

5,000

 

4,761

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

 

1,320

 

1,099

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

 

4,125

 

4,141

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

 

2,800

 

2,982

 

 

 

 

25,299

MAINE 0.3%

 

 

 

 

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

 

2,000

 

1,671

MARYLAND 0.2%

 

 

 

 

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

 

1,400

 

1,195

MASSACHUSETTS 2.5%

 

 

 

 

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

 

444

 

4

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

 

2,500

 

2,355

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

 

3,250

 

3,176

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

 

7,500

 

7,708

 

 

 

 

13,243

MICHIGAN 3.0%

 

 

 

 

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

 

2,000

 

1,791

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

 

2,600

 

2,686

Michigan Finance Authority Revenue Bonds, Series 2019
4.000% due 12/01/2048

 

4,000

 

3,423

Michigan Finance Authority Revenue Bonds, Series 2020

 

 

 

 

4.800% due 09/01/2040

 

185

 

145

5.000% due 09/01/2050

 

300

 

221

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

 

4,947

 

4,905

Michigan Finance Authority Revenue Notes, Series 2020
4.300% due 09/01/2030

 

100

 

88

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

 

153

 

160

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

 

2,000

 

1,789

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

 

25,000

 

913

 

 

 

 

16,121

MINNESOTA 0.9%

 

 

 

 

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

 

2,000

 

1,860

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

 

3,500

 

3,038

 

 

 

 

4,898

MISSISSIPPI 0.0%

 

 

 

 

Mississippi Development Bank Revenue Bonds, (AMBAC Insured), Series 1999
5.000% due 07/01/2024

 

40

 

40

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

September 30, 2023

(Unaudited)

 

MISSOURI 3.1%

 

 

 

 

Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2013
5.000% due 11/15/2044

 

10,000

 

9,629

Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2019

 

 

 

 

4.000% due 02/15/2037

 

510

 

468

5.000% due 02/15/2036

 

425

 

439

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

 

1,000

 

882

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

 

2,700

 

2,843

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

 

2,000

 

2,029

 

 

 

 

16,290

NEVADA 2.9%

 

 

 

 

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

 

9,500

 

8,525

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

 

4,450

 

4,512

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

 

24,000

 

2,381

 

 

 

 

15,418

NEW HAMPSHIRE 1.0%

 

 

 

 

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

 

5,518

 

5,165

NEW JERSEY 8.4%

 

 

 

 

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

 

6,400

 

5,987

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

 

6,749

 

5,762

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

 

5,000

 

5,215

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

 

4,000

 

4,001

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

 

2,500

 

1,513

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

 

1,500

 

1,536

New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2019

 

 

 

 

5.000% due 06/15/2044

 

3,500

 

3,521

5.250% due 06/15/2043

 

4,000

 

4,075

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

 

1,500

 

1,520

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

 

1,010

 

988

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

 

11,465

 

10,671

 

 

 

 

44,789

NEW YORK 18.1%

 

 

 

 

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

 

 

 

 

5.250% due 07/01/2057

 

1,000

 

951

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

 

7,000

 

6,087

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

 

4,130

 

3,636

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

 

751

 

180

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

 

2,000

 

1,792

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

 

2,250

 

2,317

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

 

6,000

 

6,150

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

 

1,800

 

1,883

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

 

5,000

 

5,351

New York Liberty Development Corp. Revenue Bonds, Series 2005

 

 

 

 

5.250% due 10/01/2035 (e)

 

11,505

 

12,521

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

 

9,250

 

8,578

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

 

3,775

 

2,546

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

 

3,500

 

2,992

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

 

4,000

 

3,555

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

September 30, 2023

(Unaudited)

 

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

 

2,500

 

2,325

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

 

3,500

 

2,814

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

 

1,040

 

885

New York State Thruway Authority Revenue Bonds, Series 2019

 

 

 

 

4.000% due 01/01/2041

 

3,150

 

2,841

4.000% due 01/01/2050

 

1,305

 

1,108

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

 

5,375

 

4,716

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

 

6,250

 

5,523

Port Authority of New York & New Jersey Revenue Bonds, Series 2017
5.250% due 10/15/2057

 

3,300

 

3,386

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

 

2,920

 

2,432

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

 

6,000

 

5,179

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

 

6,125

 

6,220

 

 

 

 

95,968

NORTH CAROLINA 0.5%

 

 

 

 

North Carolina Turnpike Authority Revenue Bonds, Series 2018
4.000% due 01/01/2039

 

3,000

 

2,858

NORTH DAKOTA 0.2%

 

 

 

 

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

 

1,950

 

975

OHIO 6.5%

 

 

 

 

Akron Bath Copley Joint Township Hospital District, Ohio Revenue Bonds, Series 2020
4.000% due 11/15/2038

 

1,500

 

1,264

Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020

 

 

 

 

0.000% due 06/01/2057 (c)

 

79,500

 

7,768

5.000% due 06/01/2055

 

2,470

 

2,131

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

 

11,000

 

9,456

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

 

5,500

 

4,615

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

 

3,000

 

2,917

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

 

2,500

 

2,108

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

 

1,700

 

1,565

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

 

2,600

 

1,808

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

 

1,060

 

1,124

 

 

 

 

34,756

OKLAHOMA 0.6%

 

 

 

 

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

 

2,000

 

1,791

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

 

1,750

 

1,335

 

 

 

 

3,126

OREGON 1.3%

 

 

 

 

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

 

2,000

 

2,061

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

 

3,700

 

802

Salem Hospital Facility Authority, Oregon Revenue Bonds, Series 2022
4.000% due 05/15/2057

 

1,000

 

681

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

 

 

 

 

0.000% due 06/15/2048 (c)

 

5,195

 

1,369

5.000% due 06/15/2052

 

2,000

 

2,045

 

 

 

 

6,958

PENNSYLVANIA 8.9%

 

 

 

 

Bucks County, Pennsylvania Water and Sewer Authority Revenue Bonds, (AGM Insured), Series 2022
4.250% due 12/01/2047

 

1,800

 

1,656

Monroeville Finance Authority, Pennsylvania Revenue Bonds, Series 2022
4.000% due 02/15/2042

 

4,060

 

3,589

Montgomery County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2023
4.450% due 10/01/2034

 

3,000

 

2,993

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

September 30, 2023

(Unaudited)

 

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

 

7,000

 

7,358

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

 

3,400

 

3,716

Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2015
5.000% due 09/01/2045

 

4,915

 

4,755

Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2018
4.000% due 02/15/2043

 

4,800

 

4,370

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

 

2,500

 

2,519

Pennsylvania Turnpike Commission Revenue Bonds, Series 2013
5.000% due 12/01/2043

 

7,595

 

7,605

Pennsylvania Turnpike Commission Revenue Bonds, Series 2021
5.000% due 12/01/2051

 

7,750

 

7,914

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

 

1,000

 

841

 

 

 

 

47,316

PUERTO RICO 7.7%

 

 

 

 

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

 

63,000

 

3,739

Commonwealth of Puerto Rico Bonds, Series 2022

 

 

 

 

0.000% due 11/01/2043

 

8,744

 

4,547

0.000% due 11/01/2051

 

8,119

 

3,714

Commonwealth of Puerto Rico General Obligation Bonds, Series 2021

 

 

 

 

0.000% due 07/01/2033 (c)

 

3,750

 

2,216

4.000% due 07/01/2041

 

3,500

 

2,824

Puerto Rico Highway & Transportation Authority Revenue Bonds, Series 2022

 

 

 

 

0.000% due 07/01/2053 (d)

 

7,631

 

4,741

5.000% due 07/01/2062

 

559

 

535

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

 

363

 

235

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018
0.000% due 07/01/2051 (c)

 

52,000

 

9,699

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

 

9,705

 

8,495

 

 

 

 

40,745

RHODE ISLAND 3.3%

 

 

 

 

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

 

18,450

 

17,280

SOUTH CAROLINA 1.9%

 

 

 

 

South Carolina Public Service Authority Revenue Obligations Revenue Bonds, Series 2013
5.500% due 12/01/2053

 

10,000

 

9,970

TENNESSEE 1.9%

 

 

 

 

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

 

2,000

 

1,355

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

 

2,000

 

1,752

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

 

1,550

 

1,081

Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2006
5.000% due 02/01/2027

 

6,000

 

5,918

 

 

 

 

10,106

TEXAS 22.1%

 

 

 

 

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

 

 

 

 

7.500% due 12/01/2045

 

1,345

 

850

12.000% due 12/01/2045

 

2,250

 

1,879

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

 

6,500

 

5,627

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

 

4,000

 

3,893

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

 

2,600

 

2,367

Central Texas Turnpike System Revenue Bonds, Series 2015

 

 

 

 

0.000% due 08/15/2036 (c)

 

2,500

 

1,254

0.000% due 08/15/2037 (c)

 

8,000

 

3,760

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

 

1,750

 

1,700

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

 

2,000

 

2,089

Grand Parkway Transportation Corp., Texas Revenue Bonds, Series 2013
5.000% due 04/01/2053

 

21,000

 

21,000

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

 

7,500

 

7,592

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

 

3,000

 

3,078

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

September 30, 2023

(Unaudited)

 

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

 

2,500

 

2,179

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

 

5,000

 

4,310

Lower Colorado River Authority, Texas Revenue Bonds, Series 2019
4.000% due 05/15/2049

 

2,500

 

2,001

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

 

2,000

 

1,960

New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2016
5.000% due 07/01/2046 ^

 

1,030

 

706

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

 

3,250

 

2,370

North Texas Tollway Authority Revenue Bonds, Series 2017

 

 

 

 

4.000% due 01/01/2043

 

3,590

 

3,216

5.000% due 01/01/2048

 

3,500

 

3,447

North Texas Tollway Authority Revenue Bonds, Series 2018
5.000% due 01/01/2048

 

1,000

 

1,000

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

 

6,000

 

6,118

San Antonio Public Facilities Corp., Texas Revenue Bonds, Series 2012
4.000% due 09/15/2042

 

10,000

 

8,747

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

 

1,010

 

1,018

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

 

2,000

 

2,066

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

 

1,000

 

998

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

 

3,140

 

3,099

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

 

10,680

 

10,905

Texas Water Development Board Revenue Bonds, Series 2022

 

 

 

 

4.800% due 10/15/2052

 

1,800

 

1,803

5.000% due 10/15/2057

 

5,395

 

5,542

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

 

1,250

 

1,034

 

 

 

 

117,608

UTAH 0.3%

 

 

 

 

Military Installation Development Authority, Utah Revenue Bonds, Series 2021
4.000% due 06/01/2052

 

2,000

 

1,371

VIRGINIA 3.7%

 

 

 

 

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

 

8,200

 

7,580

Virginia Housing Development Authority Revenue Bonds, (FHA Insured), Series 2023
5.125% due 10/01/2048 (a)

 

2,210

 

2,171

Virginia Small Business Financing Authority Revenue Bonds, Series 2019

 

 

 

 

0.000% due 07/01/2061 (c)

 

51,000

 

1,020

5.000% due 07/01/2034

 

2,445

 

2,214

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

 

7,800

 

6,537

 

 

 

 

19,522

WASHINGTON 0.8%

 

 

 

 

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

 

2,000

 

1,658

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

 

2,960

 

2,342

 

 

 

 

4,000

WEST VIRGINIA 1.6%

 

 

 

 

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

 

2,000

 

2,020

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

 

7,110

 

6,506

 

 

 

 

8,526

WISCONSIN 6.2%

 

 

 

 

Public Finance Authority, Wisconsin Revenue Bonds, Series 2017

 

 

 

 

6.750% due 08/01/2031

 

500

 

350

7.000% due 01/01/2050

 

4,500

 

4,655

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

 

4,000

 

2,460

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

 

15,000

 

724

Public Finance Authority, Wisconsin Revenue Bonds, Series 2021

 

 

 

 

4.000% due 09/30/2051

 

1,700

 

1,256

4.000% due 03/31/2056

 

900

 

651

4.000% due 07/01/2056

 

1,100

 

757

4.500% due 06/01/2056

 

2,900

 

1,956

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

September 30, 2023

(Unaudited)

 

Public Finance Authority, Wisconsin Revenue Bonds, Series 2022
5.000% due 10/01/2052

 

7,500

 

7,193

Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020

 

 

 

 

0.000% due 12/15/2045 (c)

 

3,855

 

1,237

0.000% due 12/15/2055 (c)

 

20,420

 

3,793

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

 

4,345

 

4,347

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

 

4,470

 

3,762

 

 

 

 

33,141

Total Municipal Bonds & Notes (Cost $1,022,924)

 

 

 

947,212

NON-AGENCY MORTGAGE-BACKED SECURITIES 0.5%

 

 

 

 

Freddie Mac
4.140% due 01/25/2040

 

2,992

 

2,626

Total Non-Agency Mortgage-Backed Securities (Cost $2,808)

 

 

 

2,626

SHORT-TERM INSTRUMENTS 1.0%

 

 

 

 

REPURCHASE AGREEMENTS (g) 1.0%

 

 

 

5,390

Total Short-Term Instruments (Cost $5,390)

 

 

 

5,390

Total Investments in Securities (Cost $1,031,122)

 

 

 

955,228

Total Investments 179.8% (Cost $1,031,122)

 

 

$

955,228

Auction Rate Preferred Shares (45.1)%

 

 

(239,650)

Remarketable Variable Rate MuniFund Term Preferred Shares, at liquidation value (23.3)%

 

 

(123,869)

 

Other Assets and Liabilities, net (11.4)%

 

 

 

(60,561)

Net Assets Applicable to Common Shareholders 100.0%

 

 

$

531,148

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

September 30, 2023

(Unaudited)

 

 

NOTES TO SCHEDULE OF INVESTMENTS:

 

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

 

¤

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

 

^

Security is in default.

 

(a)

When-issued security.

 

(b)

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

 

(c)

Zero coupon security.

(d)

Security becomes interest bearing at a future date.

(e)

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

(f)

RESTRICTED SECURITIES:

Issuer Description

Coupon

Maturity
Date

Acquisition
Date

 

Cost

 

Market
Value

Market Value
as Percentage
of Net Assets
Applicable to Common Shareholders

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

3.870

%

11/15/2035

10/26/2020

$

7,676

$

5,762

1.08

%

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

4.200

 

11/01/2054

11/18/2021

 

3,916

 

2,814

0.53

 

 

 

 

 

$

11,592

$

8,576

1.61% 

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(g)

REPURCHASE AGREEMENTS:

Counterparty

Lending
Rate

Settlement
Date

Maturity
Date

 

Principal
Amount

Collateralized By

 

Collateral
(Received)

 

Repurchase
Agreements,
at Value

 

Repurchase
Agreement
Proceeds
to be
Received
(1)

FICC

2.600%

09/29/2023

10/02/2023

$

5,390

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

$

(5,498)

$

5,390

$

5,390

Total Repurchase Agreements

 

$

(5,498)

$

5,390

$

5,390

(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

$

39,424

$

0

$

39,424

 

 

Alaska

 

0

 

2,452

 

0

 

2,452

 

 

Arizona

 

0

 

54,863

 

0

 

54,863

 

 

Arkansas

 

0

 

3,458

 

0

 

3,458

 

 

California

 

0

 

36,691

 

0

 

36,691

 

 

Colorado

 

0

 

26,203

 

0

 

26,203

 

 

Connecticut

 

0

 

7,280

 

0

 

7,280

 

 

Delaware

 

0

 

5,363

 

0

 

5,363

 

 

District of Columbia

 

0

 

4,915

 

0

 

4,915

 

 

Florida

 

0

 

36,795

 

0

 

36,795

 

 

Georgia

 

0

 

35,479

 

0

 

35,479

 

 

Illinois

 

0

 

71,960

 

0

 

71,960

 

 

Indiana

 

0

 

11,062

 

0

 

11,062

 

 

Iowa

 

0

 

7,868

 

0

 

7,868

 

 

Kansas

 

0

 

5,044

 

0

 

5,044

 

 

Louisiana

 

0

 

25,299

 

0

 

25,299

 

 

Maine

 

0

 

1,671

 

0

 

1,671

 

 

Maryland

 

0

 

1,195

 

0

 

1,195

 

 

Massachusetts

 

0

 

13,243

 

0

 

13,243

 

 

Michigan

 

0

 

16,121

 

0

 

16,121

 

 

Minnesota

 

0

 

4,898

 

0

 

4,898

 

 

Mississippi

 

0

 

40

 

0

 

40

 

 

Missouri

 

0

 

16,290

 

0

 

16,290

 

 

Nevada

 

0

 

15,418

 

0

 

15,418

 

 

New Hampshire

 

0

 

5,165

 

0

 

5,165

 

 

New Jersey

 

0

 

44,789

 

0

 

44,789

 

 

New York

 

0

 

95,968

 

0

 

95,968

 

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

September 30, 2023

(Unaudited)

 

 

North Carolina

 

0

 

2,858

 

0

 

2,858

 

 

North Dakota

 

0

 

975

 

0

 

975

 

 

Ohio

 

0

 

34,756

 

0

 

34,756

 

 

Oklahoma

 

0

 

3,126

 

0

 

3,126

 

 

Oregon

 

0

 

6,958

 

0

 

6,958

 

 

Pennsylvania

 

0

 

47,316

 

0

 

47,316

 

 

Puerto Rico

 

0

 

40,745

 

0

 

40,745

 

 

Rhode Island

 

0

 

17,280

 

0

 

17,280

 

 

South Carolina

 

0

 

9,970

 

0

 

9,970

 

 

Tennessee

 

0

 

10,106

 

0

 

10,106

 

 

Texas

 

0

 

117,608

 

0

 

117,608

 

 

Utah

 

0

 

1,371

 

0

 

1,371

 

 

Virginia

 

0

 

19,522

 

0

 

19,522

 

 

Washington

 

0

 

4,000

 

0

 

4,000

 

 

West Virginia

 

0

 

8,526

 

0

 

8,526

 

 

Wisconsin

 

0

 

33,141

 

0

 

33,141

 

Non-Agency Mortgage-Backed Securities

 

0

 

2,626

 

0

 

2,626

 

Short-Term Instruments

 

Repurchase Agreements

 

0

 

5,390

 

0

 

5,390

 

Total Investments

$

0

$

955,228

$

0

$

955,228

 

 

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

 

Notes to Financial Statements

 

1. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(c) Valuation Techniques and the Fair Value Hierarchy

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

 

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

 

 

 

Notes to Financial Statements (Cont.)

 

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

 

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

 

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

 

2. FEDERAL INCOME TAX MATTERS

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

 

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

 

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

 

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

 

 

 

 

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


PIMCO Muni Income Fund II (NYSE:PML)
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PIMCO Muni Income Fund II (NYSE:PML)
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