NPORT-EX 1 municipalincomefundii.htm PIMCO MUNICIPAL INCOME FUND II

 

Schedule of Investments PIMCO Municipal Income Fund II March 31, 2019 (Unaudited)

 

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

 

   PRINCIPAL
AMOUNT
(000s)		   MARKET
VALUE
(000s)		 
         
INVESTMENTS IN SECURITIES 187.7% ¤          
           
MUNICIPAL BONDS & NOTES 187.6%          
           
ALABAMA 7.5%          
           
Alabama Federal Aid Highway Financing Authority Revenue Bonds, Series 2016          
5.000% due 09/01/2035 (d)  $7,000   $8,235 
5.000% due 09/01/2036 (d)   7,000    8,209 
Alabama State Docks Department Revenue Bonds, Series 2010          
6.000% due 10/01/2040   2,000    2,134 
Jefferson County, Alabama Sewer Revenue Bonds, Series 2013          
0.000% due 10/01/2050 (c)   18,500    16,970 
6.500% due 10/01/2053   18,000    21,304 
         56,852 
           
ARIZONA 6.8%          
           
Pima County, Arizona Industrial Development Authority Revenue Bonds, Series 2010          
5.250% due 10/01/2040   1,500    1,565 
Pinal County, Arizona Electric District No. 3, Revenue Bonds, Series 2011          
5.250% due 07/01/2036   1,750    1,893 
5.250% due 07/01/2041   3,700    4,003 
Salt Verde Financial Corp., Arizona Revenue Bonds, Series 2007          
5.000% due 12/01/2032   12,430    15,336 
5.000% due 12/01/2037   22,400    28,039 
         50,836 
           
CALIFORNIA 15.7%          
           
Bay Area Toll Authority, California Revenue Bonds, Series 2010          
5.000% due 10/01/2029   6,000    6,330 
Bay Area Toll Authority, California Revenue Bonds, Series 2013          
5.250% due 04/01/2048   5,000    5,758 
Bay Area Toll Authority, California Revenue Bonds, Series 2014          
5.000% due 10/01/2054   2,000    2,202 
California Health Facilities Financing Authority Revenue Bonds, Series 2010          
5.000% due 11/15/2036   1,500    1,533 
6.671% due 11/15/2036 (e)   5,000    5,569 
California Health Facilities Financing Authority Revenue Bonds, Series 2011          
6.000% due 08/15/2042   3,000    3,187 
California Health Facilities Financing Authority Revenue Bonds, Series 2016          
5.000% due 11/15/2046 (d)   12,500    14,354 
California Municipal Finance Authority Revenue Bonds, Series 2011          
7.750% due 04/01/2031   2,355    2,602 
California State General Obligation Bonds, Series 2009          
6.000% due 04/01/2038   6,140    6,145 
California State General Obligation Bonds, Series 2010          
5.250% due 11/01/2040   5,945    6,239 
5.500% due 03/01/2040   5,750    5,927 
California Statewide Communities Development Authority Revenue Bonds, (FHA Insured), Series 2009          
6.625% due 08/01/2029   4,890    4,973 
6.750% due 02/01/2038   17,415    17,719 
California Statewide Communities Development Authority Revenue Bonds, Series 2010          
5.000% due 11/01/2040   1,000    1,040 
California Statewide Communities Development Authority Revenue Bonds, Series 2011          
5.000% due 12/01/2041   1,000    1,076 
6.000% due 08/15/2042   5,690    6,045 
California Statewide Communities Development Authority Revenue Notes, Series 2011          
6.500% due 11/01/2021   340    365 
M-S-R Energy Authority, California Revenue Bonds, Series 2009          
6.500% due 11/01/2039   1,750    2,541 
Morongo Band of Mission Indians, California Revenue Bonds, Series 2018          
5.000% due 10/01/2042   1,250    1,361 
Newport Beach, California Revenue Bonds, Series 2011          
5.875% due 12/01/2030   3,000    3,353 
Peralta Community College District, California General Obligation Bonds, Series 2009          
5.000% due 08/01/2039   500    506 
San Marcos Unified School District, California General Obligation Bonds, Series 2011          
5.000% due 08/01/2038   3,300    3,583 
Santa Monica Community College District, California General Obligation Bonds, Series 2018          
4.000% due 08/01/2047 (d)   10,375    11,124 

 

 

 

Schedule of Investments PIMCO Municipal Income Fund II (Cont.) March 31, 2019 (Unaudited)

 

Torrance, California Revenue Bonds, Series 2010        
5.000% due 09/01/2040   4,725    4,934 
         118,466 
           
COLORADO 2.8%          
           
Aurora, Colorado Revenue Bonds, Series 2010          
5.000% due 12/01/2040   5,800    6,001 
Board of Governors of Colorado State University System Revenue Bonds, Series 2017          
4.000% due 03/01/2038 (d)   2,000    2,157 
Colorado Health Facilities Authority Revenue Bonds, Series 2010          
5.000% due 01/01/2040   6,045    6,173 
Colorado State Building Excellent School Certificates of Participation Bonds, Series 2018          
4.000% due 03/15/2043   3,250    3,435 
Denver Health & Hospital Authority, Colorado Revenue Bonds, Series 2010          
5.625% due 12/01/2040   1,000    1,043 
Public Authority for Colorado Energy Revenue Bonds, Series 2008          
6.500% due 11/15/2038   1,430    2,085 
         20,894 
           
CONNECTICUT 0.3%          
           
Connecticut State Health & Educational Facility Authority Revenue Bonds, Series 2011          
5.000% due 07/01/2041   1,000    1,051 
Harbor Point Infrastructure Improvement District, Connecticut Tax Allocation Bonds, Series 2010          
7.875% due 04/01/2039   1,250    1,328 
         2,379 
           
DISTRICT OF COLUMBIA 0.5%          
           
District of Columbia Revenue Bonds, (NPFGC Insured), Series 2002          
6.750% due 08/01/2037   4,000    4,000 
           
FLORIDA 8.7%          
           
Brevard County, Florida Health Facilities Authority Revenue Bonds, Series 2009          
7.000% due 04/01/2039   1,000    1,000 
Broward County, Florida Airport System Revenue Bonds, Series 2009          
5.375% due 10/01/2029   600    612 
Central Florida Expressway Authority Revenue Bonds, Series 2018          
5.000% due 07/01/2043   2,865    3,344 
Clearwater, Florida Water & Sewer Revenue Bonds, Series 2009          
5.250% due 12/01/2039   1,000    1,025 
Florida Development Finance Corp. Revenue Notes, Series 2011          
6.500% due 06/15/2021   175    181 
Florida State General Obligation Bonds, Series 2018          
4.000% due 07/01/2040 (d)   10,155    11,070 
Florida’s Turnpike Enterprise Revenue Bonds, Series 2018          
4.000% due 07/01/2048   7,000    7,430 
Highlands County, Florida Health Facilities Authority Revenue Bonds, Series 2008          
5.625% due 11/15/2037   3,000    3,068 
Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2019          
4.000% due 10/01/2048   5,000    5,317 
5.000% due 10/01/2043 (d)   12,000    14,152 
Orlando-Orange County, Florida Expressway Authority Revenue Bonds, Series 2010          
5.000% due 07/01/2040   10,000    10,427 
Putnam County Development Authority, Florida Revenue Bonds, Series 2018          
5.000% due 03/15/2042   3,590    4,124 
South Miami Health Facilities Authority, Florida Revenue Bonds, Series 2017          
5.000% due 08/15/2042 (d)   3,000    3,447 
         65,197 
GEORGIA 6.1%          
           
Atlanta Department of Aviation, Georgia Revenue Bonds, Series 2010          
5.000% due 01/01/2040   1,500    1,534 
Atlanta Development Authority, Georgia Revenue Bonds, Series 2015          
5.000% due 07/01/2044   3,895    4,329 
Atlanta Development Authority, Georgia Revenue Bonds, Series 2017          
6.750% due 01/01/2035   7,500    7,593 
Fayette County, Georgia Hospital Authority Revenue Bonds, Series 2016          
5.000% due 07/01/2046 (d)   7,000    7,863 
Main Street Natural Gas Inc, Georgia Revenue Bonds, Series 2019          
5.000% due 05/15/2043   3,500    3,909 
Municipal Electric Authority of Georgia Revenue Bonds, Series 2015          
5.000% due 07/01/2060   19,680    20,341 
         45,569 
ILLINOIS 19.2%          
           
Chicago Board of Education, Illinois General Obligation Bonds, Series 2012          
5.000% due 12/01/2042   8,000    8,214 
Chicago O’Hare International Airport, Illinois Revenue Bonds, Series 2018          
4.000% due 01/01/2044   4,500    4,690 
Chicago, Illinois General Obligation Bonds, Series 2007          
5.500% due 01/01/2035   10,000    10,943 

 

 

 

Schedule of Investments PIMCO Municipal Income Fund II (Cont.) March 31, 2019 (Unaudited)

 

5.500% due 01/01/2042   1,250    1,350 
Chicago, Illinois General Obligation Bonds, Series 2015          
5.375% due 01/01/2029   14,100    15,518 
5.500% due 01/01/2034   5,200    5,703 
Chicago, Illinois Motor Fuel Tax Revenue Bonds, (AGC Insured), Series 2008          
5.000% due 01/01/2038   1,250    1,253 
Chicago, Illinois Revenue Bonds, Series 2002          
5.000% due 01/01/2029   2,000    2,356 
Chicago, Illinois Special Assessment Bonds, Series 2003          
6.625% due 12/01/2022   1,352    1,355 
6.750% due 12/01/2032   5,262    5,289 
Illinois Finance Authority Revenue Bonds, Series 2007          
6.000% due 03/01/2037 ^(a)   250    56 
Illinois Finance Authority Revenue Bonds, Series 2009          
7.125% due 11/15/2037   700    705 
Illinois Finance Authority Revenue Bonds, Series 2010          
6.000% due 05/01/2028   2,000    2,095 
Illinois Finance Authority Revenue Bonds, Series 2013          
4.000% due 08/15/2042 (d)   6,000    6,172 
Illinois Finance Authority Revenue Bonds, Series 2017          
5.250% due 12/01/2052   2,800    1,424 
Illinois Sports Facilities Authority Revenue Bonds, (AMBAC Insured), Series 2001          
5.500% due 06/15/2030   26,225    26,289 
Illinois State General Obligation Bonds, Series 2017          
5.000% due 11/01/2029   2,500    2,743 
Illinois State General Obligation Bonds, Series 2018          
4.625% due 05/01/2037   2,175    2,235 
5.000% due 05/01/2041   1,500    1,593 
Illinois State General Obligation Notes, Series 2017          
5.000% due 11/01/2027   15,000    16,649 
Illinois State Toll Highway Authority Revenue Bonds, Series 2016          
5.000% due 01/01/2041 (d)   12,500    14,172 
Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (AGM Insured), Series 2010          
0.000% due 06/15/2045 (b)   10,000    3,381 
Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2012          
0.000% due 12/15/2051 (b)   5,000    1,127 
Regional Transportation Authority, Illinois Revenue Bonds, Series 2018          
5.000% due 06/01/2038 (d)   8,000    9,233 
         144,545 
           
INDIANA 0.3%          
           
Indiana Health & Educational Facilities Financing Authority Revenue Bonds, Series 2006          
4.000% due 11/15/2046   1,000    1,042 
Vigo County, Indiana Hospital Authority Revenue Bonds, Series 2011          
7.500% due 09/01/2022   1,130    1,225 
         2,267 
           
IOWA 1.6%          
           
Iowa Finance Authority Revenue Bonds, Series 2014          
2.000% due 05/15/2056 ^   144    2 
5.400% due 11/15/2046 ^   757    807 
Iowa Tobacco Settlement Authority Revenue Bonds, Series 2005          
5.600% due 06/01/2034   11,350    11,402 
         12,211 
KANSAS 0.8%          
           
Kansas Development Finance Authority Revenue Bonds, Series 2009          
5.750% due 11/15/2038   500    513 
University of Kansas Hospital Authority Revenue Bonds, Series 2015          
4.000% due 09/01/2040 (d)   5,500    5,751 
         6,264 
KENTUCKY 0.1%          
           
Kentucky Economic Development Finance Authority Revenue Bonds, Series 2010          
6.375% due 06/01/2040   1,000    1,055 
           
LOUISIANA 2.3%          
           
Louisiana Gasoline & Fuels Tax State Revenue Bonds, Series 2017          
4.000% due 05/01/2045 (d)   7,000    7,396 
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds, Series 2010          
5.875% due 10/01/2040   750    798 
6.000% due 10/01/2044   1,000    1,066 
6.500% due 11/01/2035   450    480 
Louisiana Public Facilities Authority Revenue Bonds, Series 2011          
6.500% due 05/15/2037   2,000    2,204 
Louisiana Public Facilities Authority Revenue Bonds, Series 2017          
5.000% due 05/15/2046   5,000    5,599 

 

 

 

Schedule of Investments PIMCO Municipal Income Fund II (Cont.) March 31, 2019 (Unaudited)

 

         17,543 
           
MARYLAND 1.7%          
           
Baltimore County, Maryland General Obligation Bonds, Series 2018          
4.000% due 03/01/2045 (d)   8,000    8,623 
Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2010          
6.250% due 01/01/2041   1,400    1,511 
Maryland Health & Higher Educational Facilities Authority Revenue Bonds, Series 2011          
5.000% due 08/15/2041   2,380    2,530 
         12,664 
           
MASSACHUSETTS 5.2%          
           
Commonwealth of Massachusettes General Obligation Bonds, Series 2018          
4.000% due 05/01/2037 (d)   9,000    9,752 
Massachusetts Development Finance Agency Revenue Bonds, Series 2010          
7.000% due 07/01/2042   1,000    1,067 
7.625% due 10/15/2037   535    544 
Massachusetts Development Finance Agency Revenue Bonds, Series 2016          
4.000% due 10/01/2046 (d)   5,200    5,461 
5.000% due 01/01/2047   2,500    2,771 
Massachusetts School Building Authority Revenue Bonds, Series 2012          
5.250% due 02/15/2048 (d)   7,500    8,947 
University of Massachusetts Building Authority, Revenue Bonds, Series 2013          
4.000% due 11/01/2043 (d)   10,000    10,343 
         38,885 
           
MICHIGAN 4.3%          
           
Michigan Finance Authority Revenue Bonds, Series 2017          
4.000% due 12/01/2040 (d)   7,000    7,457 
5.000% due 12/01/2031 (d)   2,600    3,093 
5.000% due 12/01/2046 (d)   5,100    5,801 
Michigan Finance Authority Revenue Bonds, Series 2019          
4.000% due 12/01/2048   4,000    4,236 
Michigan Public Educational Facilities Authority Revenue Bonds, Series 2007          
6.500% due 09/01/2037 ^   760    572 
Michigan State Hospital Finance Authority Revenue Bonds, Series 2016          
4.000% due 11/15/2047 (d)   10,000    10,415 
Michigan Tobacco Settlement Finance Authority Revenue Bonds, Series 2008          
0.000% due 06/01/2058 (b)   25,000    721 
         32,295 
           
MINNESOTA 0.6%          
           
Rochester, Minnesota Revenue Bonds, Series 2018          
4.000% due 11/15/2048   3,750    3,991 
St. Louis Park, Minnesota Revenue Bonds, Series 2009          
5.750% due 07/01/2039   400    404 
         4,395 
           
MISSISSIPPI 0.0%          
           
Mississippi Development Bank Revenue Bonds, (AMBAC Insured), Series 1999          
5.000% due 07/01/2024   40    41 
           
MISSOURI 1.5%          
           
Lee’s Summit, Missouri Tax Allocation Bonds, Series 2011          
5.625% due 10/01/2023   145    145 
Missouri State Health & Educational Facilities Authority Revenue Bonds, Series 2013          
5.000% due 11/15/2044   10,000    10,839 
         10,984 
NEBRASKA 1.5%          
           
Omaha Public Power District, Nebraska Revenue Bonds, Series 2012          
4.000% due 02/01/2046 (d)   11,350    11,689 
         11,689 
NEVADA 1.6%          
           
Clark County, Nevada General Obligation Bonds, Series 2018          
4.000% due 07/01/2044 (d)   9,500    9,998 
Reno, Nevada Revenue Bonds, Series 2018          
0.010% due 07/01/2058 (b)   24,000    1,988 
         11,986 
NEW HAMPSHIRE 0.3%          
           
New Hampshire Business Finance Authority Revenue Bonds, Series 2009          
6.125% due 10/01/2039   2,000    2,045 

 

 

 

Schedule of Investments PIMCO Municipal Income Fund II (Cont.) March 31, 2019 (Unaudited)
   

NEW JERSEY 8.5%        
         
Burlington County, New Jersey Bridge Commission Revenue Bonds, Series 2007        
5.625% due 01/01/2038   950    948 
New Jersey Economic Development Authority Revenue Bonds, Series 1998          
6.000% due 05/15/2028 ^   141    5 
New Jersey Economic Development Authority Revenue Bonds, Series 2010          
5.875% due 06/01/2042   2,000    2,102 
New Jersey Economic Development Authority Revenue Bonds, Series 2016          
5.000% due 06/15/2041   5,000    5,398 
New Jersey Economic Development Authority Special Assessment Bonds, Series 2002          
5.750% due 10/01/2021   2,395    2,505 
New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series 2011          
6.000% due 07/01/2037   1,500    1,648 
New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series 2013          
5.500% due 07/01/2043   4,000    4,502 
New Jersey Transportation Trust Fund Authority Revenue Bonds, (AGM Insured), Series 2006          
0.000% due 12/15/2034 (b)   2,500    1,417 
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2018          
5.000% due 12/15/2036   1,500    1,663 
New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2019          
5.250% due 06/15/2043   4,000    4,463 
New Jersey Turnpike Authority Revenue Bonds, Series 2017          
5.000% due 01/01/2037   5,000    5,900 
New Jersey Turnpike Authority Revenue Bonds, Series 2019          
4.000% due 01/01/2048   5,000    5,311 
5.000% due 01/01/2048   1,500    1,756 
South Jersey Port Corp., New Jersey Revenue Bonds, Series 2017          
5.000% due 01/01/2049   1,010    1,119 
Tobacco Settlement Financing Corp, New Jersey Revenue Bonds, Series 2018          
5.250% due 06/01/2046   4,200    4,665 
Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018          
5.000% due 06/01/2046   19,500    20,729 
         64,131 
           
NEW MEXICO 0.3%          
           
Farmington, New Mexico Revenue Bonds, Series 2010          
5.900% due 06/01/2040   2,000    2,085 
           
NEW YORK 25.2%          
           
Hudson Yards Infrastructure Corp., New York Revenue Bonds, Series 2011          
5.250% due 02/15/2047   33,500    35,506 
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2011          
5.000% due 11/15/2036   3,880    4,238 
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2017          
4.000% due 11/15/2042 (d)   10,000    10,545 
Nassau County, New York Industrial Development Agency Revenue Bonds, Series 2014          
2.000% due 01/01/2049 ^(a)   298    49 
6.700% due 01/01/2049   825    832 
New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2017          
4.000% due 08/01/2042 (d)   7,000    7,488 
New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2018          
4.000% due 05/01/2043 (d)   20,000    21,478 
New York City Water & Sewer System, New York Revenue Bonds, Series 2009          
5.000% due 06/15/2039   2,000    2,013 
New York City, New York General Obligation Bonds, Series 2018          
5.000% due 12/01/2037   2,250    2,705 
New York City, New York Water & Sewer System Revenue Bonds, Series 2017          
5.000% due 06/15/2048 (d)   15,000    17,408 
New York Liberty Development Corp. Revenue Bonds, Series 2005          
11.429% due 10/01/2035   (2,500)   0 
New York Liberty Development Corp., Revenue Bonds, Series 2005          
5.250% due 10/01/2035 (d)   6,505    8,356 
New York Liberty Development Corp., Revenue Bonds, Series 2010          
5.125% due 01/15/2044   1,000    1,025 
5.625% due 07/15/2047   2,500    2,578 
6.375% due 07/15/2049   1,250    1,294 
New York Liberty Development Corp., Revenue Bonds, Series 2011          
5.000% due 12/15/2041   10,000    10,772 
5.750% due 11/15/2051   44,000    48,250 
New York Liberty Development Corp., Revenue Bonds, Series 2014          
5.000% due 11/15/2044   4,250    4,534 
New York State Dormitory Authority Revenue Bonds, Series 2010          
5.500% due 07/01/2040   1,750    1,837 
New York State Dormitory Authority Revenue Bonds, Series 2017          
4.000% due 02/15/2047 (d)   8,000    8,517 
         189,425 
NORTH CAROLINA 0.4%          
           
North Carolina Turnpike Authority Revenue Bonds, Series 2018          
4.000% due 01/01/2039   3,000    3,227 

 

 

 

Schedule of Investments PIMCO Municipal Income Fund II (Cont.) March 31, 2019 (Unaudited)

 

NORTH DAKOTA 0.5%        
         
Stark County, North Dakota Revenue Bonds, Series 2007        
6.750% due 01/01/2033   3,710    3,719 
           
OHIO 14.0%          
           
Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2007          
5.125% due 06/01/2024   5,735    5,475 
5.875% due 06/01/2047   29,400    28,744 
6.250% due 06/01/2037   15,000    15,054 
6.500% due 06/01/2047   19,400    19,445 
Geisinger Authority, Pennsylvania Revenue Bonds, Series 2017          
4.000% due 02/15/2047 (d)   20,580    21,504 
Hamilton County, Ohio Sales Tax Revenue Bonds, Series 2011          
5.000% due 12/01/2030   3,900    4,218 
Ohio State Turnpike Commission Revenue Bonds, Series 2013          
5.000% due 02/15/2048   10,000    10,889 
         105,329 
           
OKLAHOMA 0.3%          
           
Oklahoma Development Finance Authority Revenue Bonds, Series 2018          
5.500% due 08/15/2057   2,000    2,292 
           
OREGON 0.3%          
           
Clackamas County, Oregon Hospital Facility Authority Revenue Bonds, Series 2009          
5.500% due 07/15/2035   1,000    1,011 
Oregon State Department of Administrative Services Certificates of Participation Bonds, Series 2009          
5.250% due 05/01/2039   1,155    1,159 
         2,170 
           
PENNSYLVANIA 6.7%          
           
Berks County, Pennsylvania Municipal Authority Revenue Bonds, Series 2012          
5.000% due 11/01/2044   7,500    7,928 
Luzerne County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2009          
5.500% due 12/01/2039   500    511 
Montgomery County Industrial Development Authority, Pennsylvania Revenue Bonds, (FHA Insured), Series 2010          
5.375% due 08/01/2038   8,465    8,888 
Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2010          
5.000% due 03/01/2040   400    412 
6.000% due 07/01/2043   850    896 
Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2018          
4.000% due 02/15/2043   4,800    5,129 
Pennsylvania State University Revenue Bonds, Series 2018          
5.000% due 09/01/2043 (d)   5,000    5,944 
Pennsylvania Turnpike Commission Revenue Bonds, Series 2013          
5.000% due 12/01/2043   10,000    10,871 
Philadelphia Hospitals & Higher Education Facilities Authority, Pennsylvania Revenue Bonds, Series 2012          
5.625% due 07/01/2036   1,000    1,078 
5.625% due 07/01/2042   7,000    7,501 
Westmoreland County Industrial Development Authority, Pennsylvania Revenue Bonds, Series 2010          
5.125% due 07/01/2030   1,000    1,033 
         50,191 
PUERTO RICO 2.7%          
           
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018          
0.010% due 07/01/2046 (b)   15,560    3,366 
4.750% due 07/01/2053   5,235    4,977 
5.000% due 07/01/2058   9,305    9,217 
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019          
0.010% due 08/01/2042 (b)   3,300    2,896 
         20,456 
RHODE ISLAND 4.1%          
           
Narragansett Bay Commission, Rhode Island Revenue Bonds, Series 2013          
4.000% due 09/01/2043 (d)   12,000    12,327 
Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015          
5.000% due 06/01/2050   18,450    18,811 
         31,138 
SOUTH CAROLINA 1.6%          
           
Greenwood County, South Carolina Revenue Bonds, Series 2009          
5.375% due 10/01/2039   1,000    1,019 

 

 

 

Schedule of Investments PIMCO Municipal Income Fund II (Cont.) March 31, 2019 (Unaudited)

 

South Carolina State Public Service Authority Revenue Bonds, Series 2013        
5.500% due 12/01/2053   10,000    10,971 
         11,990 
           
TENNESSEE 2.7%          
           
Bristol Industrial Development Board, Tennessee Revenue Bonds, Series 2016          
0.000% due 12/01/2031 (b)   3,975    1,965 
5.125% due 12/01/2042   5,000    5,036 
Claiborne County, Tennessee Industrial Development Board Revenue Bonds, Series 2009          
6.625% due 10/01/2039   1,750    1,782 
Johnson City Health & Educational Facilities Board, Tennessee Revenue Bonds, Series 2010          
6.000% due 07/01/2038   1,000    1,054 
Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2006          
5.000% due 02/01/2023   3,000    3,278 
Tennessee Energy Acquisition Corp., Revenue Bonds, Series 2006          
5.000% due 02/01/2027   6,000    6,935 
         20,050 
           
TEXAS 20.2%          
           
Clifton Higher Education Finance Corp., Texas Revenue Bonds, Series 2018          
6.125% due 08/15/2048   1,750    1,857 
Dallas, Texas Civic Center Revenue Bonds, (AGC Insured), Series 2009          
5.250% due 08/15/2038   2,500    2,528 
Grand Parkway Transportation Corp., Texas Revenue Bonds, Series 2013          
5.000% due 04/01/2053   21,000    22,740 
Grand Parkway Transportation Corp., Texas Revenue Bonds, Series 2018          
5.000% due 10/01/2048 (d)   7,500    8,792 
Harris County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2009          
5.250% due 10/01/2029   3,750    3,816 
5.500% due 10/01/2039   12,700    12,899 
Houston Community College System, Texas General Obligation Bonds, Series 2013          
4.000% due 02/15/2043 (d)   10,000    10,242 
New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2017          
4.000% due 08/15/2034 (d)   700    755 
4.000% due 08/15/2035 (d)   1,400    1,504 
4.000% due 08/15/2036 (d)   1,330    1,422 
4.000% due 08/15/2037 (d)   1,620    1,723 
4.000% due 08/15/2040 (d)   1,800    1,876 
North Texas Tollway Authority Revenue Bonds, Series 2011          
5.000% due 01/01/2038   5,750    6,027 
5.500% due 09/01/2041   1,300    1,420 
North Texas Tollway Authority Revenue Bonds, Series 2017          
4.000% due 01/01/2043   3,590    3,758 
5.000% due 01/01/2048   3,500    3,981 
North Texas Tollway Authority Revenue Bonds, Series 2018          
5.000% due 01/01/2048   1,000    1,150 
San Antonio Public Facilities Corp., Texas Revenue Bonds, Series 2012          
4.000% due 09/15/2042 (d)   10,000    10,221 
San Juan Higher Education Finance Authority, Texas Revenue Bonds, Series 2010          
6.700% due 08/15/2040   250    267 
Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2016          
4.000% due 02/15/2047 (d)   13,600    14,086 
Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2017          
6.750% due 11/15/2047   1,000    1,126 
Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2008          
6.250% due 12/15/2026   18,015    20,931 
Texas State University System Revenue Bonds, Series 2018          
4.100% due 03/15/2039 (d)   6,800    7,000 
Texas Water Development Board Revenue Bonds, Series 2018          
4.000% due 10/15/2038 (d)   10,000    10,883 
Wise County, Texas Revenue Bonds, Series 2011          
8.000% due 08/15/2034   1,000    1,089 
         152,093 
U.S. VIRGIN ISLANDS 0.6%          
           
Virgin Islands Public Finance Authority, U.S. Virgin Islands Revenue Bonds, Series 2010          
5.000% due 10/01/2025   4,500    4,320 
           
UTAH 0.4%          
           
Utah County, Utah Revenue Bonds, Series 2018          
4.000% due 05/15/2041 (d)   3,000    3,185 
         3,185 
VIRGINIA 2.9%          
           
Fairfax County, Virginia Industrial Development Authority Revenue Bonds, Series 2009          
5.500% due 05/15/2035   1,000    1,005 
James City County, Virginia Economic Development Authority Revenue Bonds, Series 2013          
2.000% due 10/01/2048 ^(a)   412    36 
6.000% due 06/01/2043   1,261    1,245 
University of Virginia Revenue Bonds, Series 2018          
4.000% due 08/01/2048 (d)   10,000    10,785 

 

 

 

Schedule of Investments PIMCO Municipal Income Fund II (Cont.) March 31, 2019 (Unaudited)

 

Virginia Commonwealth Transportation Board Revenue Bonds, Series 2018        
4.000% due 05/15/2041 (d)   8,200    8,771 
         21,842 
           
WASHINGTON 2.0%          
           
Seattle, Washington Municipal Light and Power Revenue Bonds, Series 2018          
4.000% due 01/01/2041 (d)   7,735    8,261 
Washington Health Care Facilities Authority Revenue Bonds, (AGC Insured), Series 2008          
6.000% due 08/15/2039   1,300    1,321 
Washington State Convention Center Public Facilities District Revenue Bonds, Series 2018          
5.000% due 07/01/2058   4,750    5,375 
         14,957 
           
WEST VIRGINIA 0.8%          
           
Monongalia County, West Virginia Commission Special District Revenue Bonds, Series 2017          
5.500% due 06/01/2037   2,000    2,081 
West Virginia Economic Development Authority Revenue Bonds, Series 2010          
5.375% due 12/01/2038   2,000    2,109 
West Virginia Economic Development Authority Revenue Bonds, Series 2017          
4.000% due 06/15/2040 (d)   2,000    2,129 
         6,319 
           
WISCONSIN 4.0%          
           
Public Finance Authority, Wisconsin Revenue Bonds, Series 2017          
7.000% due 01/01/2050   4,500    5,440 
Public Finance Authority, Wisconsin Revenue Bonds, Series 2018          
6.375% due 01/01/2048   4,000    4,221 
7.000% due 07/01/2048   1,000    1,114 
Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016          
4.000% due 11/15/2046 (d)   15,585    16,209 
Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2017          
4.000% due 08/15/2042 (d)   3,000    3,111 
         30,095 
Total Municipal Bonds & Notes (Cost $1,326,555)        1,412,076 
           
SHORT-TERM INSTRUMENTS 0.1%          
           
REPURCHASE AGREEMENTS (f) 0.1%          
         939 
           
Total Short-Term Instruments (Cost $939)        939 
Total Investments in Securities (Cost $1,327,494)        1,413,015 
Total Investments 187.7% (Cost $1,327,494)       $1,413,015 
Auction Rate Preferred Shares (39.6)%        (298,275)
Variable Rate MuniFund Term Preferred Shares, at liquidation value (9.2)%        (69,034)
Other Assets and Liabilities, net (38.9)%        (292,993)
Net Assets Applicable to Common Shareholders 100.0%       $752,713 

 

 

 

Schedule of Investments PIMCO Municipal Income Fund II (Cont.) March 31, 2019 (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)Security is not accruing income as of the date of this report.

 

(b)Zero coupon security.

 

(c)Security becomes interest bearing at a future date.

 

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

 

(e)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 March 31, 2019.

 

BORROWINGS AND OTHER FINANCING TRANSACTIONS

 

(f)REPURCHASE AGREEMENTS:

 

Counterparty  Lending
Rate		   Settlement
Date		  Maturity
Date		  Principal
Amount		   Collateralized By  Collateral
(Received)		   Repurchase
Agreements,
at Value		   Repurchase
Agreement
Proceeds
to be
Received(1)		 
FICC   2.000%  03/29/2019  04/01/2019  $939   U.S. Treasury Notes 2.625% due 07/15/2021  $(958)  $939   $939 
Total Repurchase Agreements       $(958)  $939   $939 

 

(1)Includes accrued interest.

 

FAIR VALUE MEASUREMENTS

 

The following is a summary of the fair valuations according to the inputs used as of March 31, 2019 in valuing the Fund’s assets and liabilities:

 

Category and Subcategory  Level 1   Level 2   Level 3  

Fair Value at

03/31/2019

 
Investments in Securities, at Value                    
Municipal Bonds & Notes                    
Alabama  $0   $56,852   $0   $56,852 
Arizona   0    50,836    0    50,836 
California   0    118,466    0    118,466 
Colorado   0    20,894    0    20,894 
Connecticut   0    2,379    0    2,379 
District of Columbia   0    4,000    0    4,000 
Florida   0    65,197    0    65,197 
Georgia   0    45,569    0    45,569 
Illinois   0    144,545    0    144,545 
Indiana   0    2,267    0    2,267 
Iowa   0    12,211    0    12,211 
Kansas   0    6,264    0    6,264 
Kentucky   0    1,055    0    1,055 
Louisiana   0    17,543    0    17,543 
Maryland   0    12,664    0    12,664 
Massachusetts   0    38,885    0    38,885 
Michigan   0    32,295    0    32,295 
Minnesota   0    4,395    0    4,395 
Mississippi   0    41    0    41 
Missouri   0    10,984    0    10,984 
Nebraska   0    11,689    0    11,689 
Nevada   0    11,986    0    11,986 
New Hampshire   0    2,045    0    2,045 
New Jersey   0    64,131    0    64,131 
New Mexico   0    2,085    0    2,085 
New York   0    189,425    0    189,425 
North Carolina   0    3,227    0    3,227 
North Dakota   0    3,719    0    3,719 
Ohio   0    105,329    0    105,329 
Oklahoma   0    2,292    0    2,292 
Oregon   0    2,170    0    2,170 
Pennsylvania   0    50,191    0    50,191 
Puerto Rico   0    20,456    0    20,456 
Rhode Island   0    31,138    0    31,138 
South Carolina   0    11,990    0    11,990 
Tennessee   0    20,050    0    20,050 
Texas   0    152,093    0    152,093 
U.S. Virgin Islands   0    4,320    0    4,320 
Utah   0    3,185    0    3185 
Virginia   0    21,842    0    21,842 

 

 

 

Schedule of Investments  PIMCO Municipal Income Fund II (Cont.) March 31, 2019 (Unaudited)

 

Washington   0    14,957    0    14,957 
West Virginia   0    6,319    0    6,319 
Wisconsin   0    30,095    0    30,095 
Short-Term Instruments                    
Repurchase Agreements   0    939    0    939 
                     
Total Investments  $0   $1,413,015   $0   $1,413,015 

 

There were no significant transfers into or out of Level 3 during the period ended March 31, 2019.

 

 

 

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 is determined by dividing the total value of portfolio investments and other assets attributable to that Fund less any liabilities by the total number of shares outstanding of the Fund.

 

On each day that the New York Stock Exchange (“NYSE”) is open, Fund shares are ordinarily valued as of the close of regular trading (“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. The Fund reserves the right to change the time as of which its NAV is calculated if the Fund closes earlier, or as permitted by the U.S. Securities and Exchange Commission (“SEC”).

 

For purposes of calculating a NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of official closing prices or the last reported sales prices, or if no sales are reported, based on quotes obtained from established market makers or prices (including evaluated prices) supplied by the Fund’s approved pricing services, quotation reporting systems and other third-party sources (together, “Pricing Services”). The Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. If market value pricing is used, a foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by Pacific Investment Management Company LLC (“PIMCO” or the “Manager”) to be the primary exchange. A foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange. Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Services may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Services. The Fund’s investments in open-end management investment companies, other than exchange-traded funds (“ETFs”), are valued at the NAVs of such investments.

 

Investments for which market quotes or market based valuations are not readily available are valued at fair value as determined in good faith by the Board or persons acting at their direction. The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to PIMCO the responsibility for applying the fair valuation methods. In the event that market quotes or market based valuations are not readily available, and the security or asset cannot be valued pursuant to a Board approved valuation method, the value of the security or asset will be determined in good faith by the Board. Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/ask information, indicative market quotations (“Broker Quotes”), Pricing Services’ prices), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of the Fund’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated, to the Manager, the responsibility for monitoring significant events that may materially affect the values of the Fund’s securities or assets and for determining whether the value of the applicable securities or assets should be reevaluated in light of such significant events.

 

When the Fund uses fair valuation to determine the value of a portfolio security or other asset for purposes of calculating its NAV, such investments will not be priced on the basis of quotes from the primary market in which they are traded, but rather may be priced by another method that the Board or persons acting at their direction believe reflects fair value. Fair valuation may require subjective determinations about the value of a security. While the Fund’s policy is intended to result in a calculation of the Fund’s NAV that fairly reflects security values as of the time of pricing, the Fund cannot ensure that fair values determined by the Board or persons acting at their direction would accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold.

 

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

 

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

 

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

 

• Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair value of investments.

 

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

 

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

 

(c) Valuation Techniques and the Fair Value Hierarchy

 

 

 

Notes to Financial Statements (Cont.)

 

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

 

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

 

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

 

Level 3 trading assets and trading liabilities, at fair value When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Board or persons acting at their direction believe reflects fair value and are categorized as Level 3 of the fair value hierarchy.

 

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

 

2. FEDERAL INCOME TAX MATTERS

 

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

 

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

 

In accordance with U.S. GAAP, the Manager has reviewed the Fund’s tax positions for all open tax years. As of March 31, 2019, 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:        
AGC Assured Guaranty Corp. AMBAC American Municipal Bond Assurance Corp. NPFGC National Public Finance Guarantee Corp.
AGM Assured Guaranty Municipal FHA Federal Housing Administration    
           
Other Abbreviations:
TBA To-Be-Announced