Form N-CSRS/A

Table of Contents



			Page


Letter from the Chair of the Board & President				2

Important Information About the Funds				4

Financial Highlights				18

Statements of Assets and Liabilities				24

Statements of Operations				26

Statements of Changes in Net Assets				28

Statements of Cash Flows				31

Notes to Financial Statements				70

Glossary				89

Distribution Information				90

Changes to Boards of Trustees				92

Approval of Investment Management Agreement				93


Fund	Fund Summary		Schedule of Investments


PIMCO Municipal Income Fund		8		33

PIMCO Municipal Income Fund II		9		38

PIMCO Municipal Income Fund III		10		44

PIMCO California Municipal Income Fund		11		49

PIMCO California Municipal Income Fund II		12		53

PIMCO California Municipal Income Fund III		13		57

PIMCO New York Municipal Income Fund		14		61

PIMCO New York Municipal Income Fund II		15		64

PIMCO New York Municipal Income Fund III		16		67

Letter from the Chair of the Board & President

Dear Shareholder,

We hope that you and your family are remaining safe and healthy during these challenging times. We continue to work tirelessly to navigate markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Closed-End Funds Semiannual Report, which covers the six-month reporting period ended June 30, 2022. On the subsequent pages, you will find specific details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the six-month reporting period ended June 30, 2022

The global economy continued to be affected by the COVID-19 pandemic (“COVID-19”) and its variants. Looking back, fourth quarter 2021 U.S. annualized gross domestic product (“GDP”) grew 6.9%. The economy then experienced a setback, as first quarter 2022 GDP growth was -1.6%. Finally, the Commerce Department’s initial estimate for second quarter 2022 GDP growth — released after the reporting period ended — was -0.9%.

In the U.S., the Federal Reserve Board (the “Fed”) took several steps to tighten monetary policy to combat elevated inflation. The Fed reduced the monthly pace of its net asset purchases of Treasury securities and agency mortgage-backed securities in November 2021 and again in December. The Fed ended its monthly asset purchases in mid-March 2022. The Fed then raised the federal funds rate 0.25% to a range between 0.25% and 0.50% in March 2022, its first rate hike since 2018. The central bank then raised rates 0.50% in its May 2022 meeting and 0.75% in its June meeting. Finally, on July 27, 2022 — after the reporting period ended — the Fed raised rates 0.75%, to a range between 2.25% and 2.50%.

Economies outside the U.S. also continued to be impacted by the pandemic. The war in Ukraine and its repercussions also led to increased uncertainties around the world. In its April 2022 World Economic Outlook Update, the International Monetary Fund (“IMF”) said it expects U.S. gross domestic product (“GDP”) growth to be 3.7% in 2022, compared to 5.7% in 2021. Elsewhere, the IMF expects 2022 GDP to grow 2.8% in the eurozone (from 5.3% in 2021), 3.7% in the U.K. (from 7.4% in 2021) and 2.4% in Japan (from 1.6% in 2021).

Several other central banks began tightening monetary policy during the period. In December 2021, the Bank of England (the “BoE”) surprised the market and raised rates for the first time since COVID-19 began. The BoE again raised rates at its meetings in February, March, May and June 2022. The European Central Bank (the “ECB”) indicated that it intended to raise rates at its September 2022 meeting. Elsewhere, the Bank of Japan (the “BoJ”) maintained its loose monetary policy and appears likely to remain accommodative in the near future given the headwinds facing its economy.

During the reporting period, short- and long-term U.S. Treasury yields moved sharply higher. The yield on the benchmark 10-year U.S. Treasury note was 2.98% on June 30, 2022, versus 1.52% on December 31, 2021. The Bloomberg Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including developed and emerging markets, returned -8.07%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned

-12.83%.

Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, were also weak. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned -13.85%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned -18.83%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned -14.53%.

The municipal (or “muni”) market experienced periods of volatility and generated a negative return. All told, the Bloomberg Municipal Bond Index (USD Unhedged) returned -8.98% during the six months ended June 30, 2022. The muni market was negatively impacted by sharply rising interest rates, along with fund outflows, as the current outflow cycle is now the worst on record.


2		PIMCO CLOSED-END FUNDS

Thank you for investing with us. We value your trust and will continue to work diligently to meet your investment needs. If you have questions regarding any of your PIMCO Closed-End Funds investments, please contact you financial advisor or call the Funds’ shareholder servicing agent at (844) 33-PIMCO. We also invite you to visit our website at pimco.com to learn more about our views.

Sincerely,





Deborah A. DeCotis		Eric D. Johnson
Chair of the Board of Trustees		President

Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income distributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.

SEMIANNUAL REPORT

JUNE 30, 2022


Important Information About the Funds

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed-income securities and other instruments held by a Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. A Fund may lose money as a result of movement in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, are ascending from historically low levels. Thus, the Funds currently face a heightened level of risk associated with rising interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for low yielding investments. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to “make markets.”

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security’s price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. In addition, in the current low interest rate environment, the market price of the Funds’ common shares may be particularly sensitive to changes in interest rates or the perception that there will be a change in interest rates. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets or negatively impact a Fund’s performance or cause a Fund to incur losses.

Classifications of the Funds’ portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments and other sections of this report may differ from the classification used for the Funds’ compliance calculations, including those used in the Funds’ prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. Each Fund is separately monitored for compliance with respect to prospectus and regulatory requirements.

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.

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Funds’ performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Funds’ service providers and disrupt the Funds’ operations.

The United States’ enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from other countries, each with a focus on China, has contributed to international trade tensions and may impact portfolio securities.

The United Kingdom’s withdrawal from the European Union may impact Fund returns. The withdrawal may cause substantial volatility in foreign exchange markets, lead to weakness in the exchange rate of the British pound, result in a sustained period of market uncertainty, and destabilize some or all of the other European Union member countries and/or the Eurozone.

The Funds may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate (“LIBOR”). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has announced plans to ultimately phase out the use of LIBOR. The transition may result in a reduction in the value of certain instruments held by a Fund or a reduction in the effectiveness of related Fund transactions such as hedges. There remains uncertainty regarding future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on the Fund or on certain instruments in which the Fund invests can be difficult to ascertain, and they may vary depending on a variety of factors. The transition may also result in a reduction in the value of certain instruments held by a Fund or a reduction in the effectiveness of related Fund transactions such as hedges. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to a Fund.


4		PIMCO CLOSED-END FUNDS

Investing in the municipal bond market involves the risks of investing in debt securities generally and certain other risks. The amount of public information available about the municipal bonds in which a Fund may invest is generally less than that for corporate equities or bonds, and the investment performance of a Fund’s investment in municipal bonds may therefore be more dependent on the analytical abilities of PIMCO than its investments in taxable bonds. The secondary market for municipal bonds also tends to be less well-developed or liquid than many other securities markets, which may adversely affect a Fund’s ability to sell its bonds at attractive prices.

The ability of municipal issuers to make timely payments of interest and principal may be diminished during general economic downturns, by litigation, legislation or political events, or by the bankruptcy of the issuer. Issuers of municipal securities also might seek protection under the bankruptcy laws. In the event of bankruptcy of such an issuer, a Fund could experience delays in collecting principal and interest and the Fund may not, in all circumstances, be able to collect all principal and interest to which it is entitled.

A fund that has substantial exposures to California municipal bonds may be affected significantly by economic, regulatory or political developments affecting the ability of California issuers to pay interest or repay principal. Certain issuers of California municipal bonds have experienced serious financial difficulties in the past and reoccurrence of these difficulties may impair the ability of certain California issuers to pay principal or interest on their obligations. Provisions of the California Constitution and State statutes that limit the taxing and spending authority of California governmental entities may impair the ability of California issuers to pay principal and/or interest on their obligations. While California’s economy is broad, it does have major concentrations in advanced technology, aerospace and defense-related manufacturing, trade, entertainment, real estate and financial services, and may be sensitive to economic problems affecting those industries. Future California political and economic developments, constitutional amendments, legislative measures, executive orders, administrative regulations, litigation and voter initiatives could have an adverse effect on the debt obligations of California issuers.

A fund that has substantial exposures to New York municipal bonds may be affected significantly by economic, regulatory or political developments affecting the ability of New York issuers to pay interest or repay principal. While New York’s economy is broad, it does have concentrations in the financial services industry, and may be sensitive to economic problems affecting that industry. Certain issuers of New York municipal bonds have experienced serious financial difficulties in the past and reoccurrence of these difficulties may impair the ability of certain New York issuers to pay principal or interest on their obligations. The financial health of New York City affects that of the

State, and when New York City experiences financial difficulty, it may have an adverse effect on New York municipal bonds held by a Fund. The growth rate of New York has at times been somewhat slower than the nation overall. The economic and financial condition of New York also may be affected by various financial, social, economic and political factors.

The common shares of the Funds trade on the New York Stock Exchange. As with any stock, the price of a Fund’s common shares will fluctuate with market conditions and other factors. If you sell your common shares of a Fund, the price received may be more or less than your original investment.

Shares of closed-end investment management companies, such as the Funds, frequently trade at a discount from their net asset value (“NAV”) and may trade at a price that is less than the initial offering price and/or the NAV of such shares. Further, if a Fund’s shares trade at a price that is more than the initial offering price and/or the NAV of such shares, including at a substantial premium and/or for an extended period of time, there is no assurance that any such premium will be sustained for any period of time and will not decrease, or that the shares will not trade at a discount to NAV thereafter.

The Funds may be subject to various risks as described in each Fund’s prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

On each Fund Summary page in this Shareholder Report, the Average Annual Total Return table measures performance assuming that all dividend and capital gain distributions were reinvested. Total return is calculated by determining the percentage change in NAV or market price (as applicable) in the specified period. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total return for a period of more than one year represents the average annual total return. Performance at market price will differ from results at NAV. Although market price returns tend to reflect investment results over time, during shorter periods returns at market price can also be influenced by factors such as changing views about a Fund, market conditions, supply and demand for the Fund’s shares, or changes in the Fund’s dividends. Performance shown is net of fees and expenses. Historical NAV performance for a Fund may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

The dividend rate that a Fund pays on its common shares may vary as portfolio and market conditions change, and will depend on a number of factors, including without limit the amount of a Fund’s undistributed

SEMIANNUAL REPORT

JUNE 30, 2022


Important Information About the Funds		(Cont.)

net investment income and net short- and long-term capital gains, as well as the costs of any leverage obtained by a Fund. As portfolio and market conditions change, the rate of distributions on the common shares and a Fund’s dividend policy could change. There can be no assurance that a change in market conditions or other factors will not result in a change in a Fund distribution rate or that the rate will be sustainable in the future.

The following table discloses the inception date and diversification status of each Fund:



Fund Name	Inception Date		Diversification Status
PIMCO Municipal Income Fund		06/29/01	Diversified
PIMCO Municipal Income Fund II		06/28/02	Diversified
PIMCO Municipal Income Fund III		10/31/02	Diversified
PIMCO California Municipal Income Fund		06/29/01	Diversified
PIMCO California Municipal Income Fund II		06/28/02	Diversified
PIMCO California Municipal Income Fund III		10/31/02	Diversified
PIMCO New York Municipal Income Fund		06/29/01	Non-diversified
PIMCO New York Municipal Income Fund II		06/28/02	Diversified
PIMCO New York Municipal Income Fund III		10/31/02	Non-diversified

An investment in a Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Funds.

The Trustees are responsible generally for overseeing the management of the Funds. The Trustees authorize the Funds to enter into service agreements with the Manager and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund’s prospectus or Statement of Additional Information

(“SAI”), any press release or shareholder report, any contracts filed as exhibits to a Fund’s registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of a Fund creates a contract between or among any shareholders of a Fund, on the one hand, and the Fund, a service provider to the Fund, and/or the Trustees or officers of the Fund, on the other hand. The Trustees (or the Funds and their officers, service providers or other delegates acting under authority of the Trustees) may amend its most recent prospectus or use a new prospectus or SAI with respect to a Fund, adopt and disclose new or amended policies and other changes in press releases and shareholder reports and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except

in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement was specifically disclosed in a Fund’s prospectus, SAI or shareholder report and is otherwise still in effect.

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule

206(4)-6

under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Funds as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30th, are available without charge, upon request, by calling the Funds at (844) 33-PIMCO, on the Funds’ website at www.pimco.com, and on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

The Funds file portfolio holdings information with the SEC on

Form N-PORT

within 60 days of the end of each fiscal quarter. The Funds’ complete schedules of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC’s website at www.sec.gov and on PIMCO’s website at www.pimco.com, and will be made available, upon request, by calling PIMCO at (844) 33-PIMCO.

SEC rules allow shareholder reports to be delivered to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all reports in paper free of charge by contacting their financial intermediary or, if invested directly with a Fund, investors can inform the Fund by calling (844) 33-PIMCO. Any election to receive reports in paper will apply to all funds held with the fund complex if invested directly with a Fund or to all funds held in the investor’s account if invested through a financial intermediary, such as a broker-dealer or bank.

In April 2020, the SEC adopted amended rules modifying the registration, communications, and offering processes for registered closed-end funds and interval funds. Among other things, the amendments: (1) permit qualifying closed-end funds to use a short-form registration statement to offer securities in eligible transactions and certain funds to qualify as Well Known Seasoned Issuers; (2) permit interval funds to pay registration fees based on net issuance of shares in a manner similar to mutual funds; (3) require closed-end funds and interval funds to include additional disclosures in their annual reports; and (4) require certain information to be filed in interactive data format. The new rules have phased compliance dates, with some requirements having already taken effect and others requiring compliance as late as February 1, 2023.


6		PIMCO CLOSED-END FUNDS

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions that was applicable to the Funds as of the date of this report. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Funds to use derivatives and reverse repurchase agreements and similar financing transactions as part of their investment strategies and may increase the cost of the Funds’ investments and cost of doing business, which could adversely affect investors. The rule went into effect on February 19, 2021. The compliance date for the new rule and related recordkeeping requirements is August 19, 2022.

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Investment Company Act of 1940 (the “Act”) without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also includes the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The effective date for the rule was January 19, 2021, and the compliance date for the rule was January 19, 2022.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines “readily available market quotations” for purposes of the definition of “value” under the Act, and the SEC noted that this definition will apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the associated recordkeeping requirements is September 8, 2022.

In May 2022, the SEC proposed amendments to a current rule governing fund naming conventions. In general, the current rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an expansion of the types of fund names that would require the fund to adopt an 80% investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a fund may deviate from its 80% investment policy and address the use and

valuation of derivatives instruments for purposes of the rule. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.

In May 2022, the SEC proposed a framework that would require certain registered funds (such as the Funds) to disclose their environmental, social, and governance (“ESG”) investing practices. Among other things, the proposed requirements would mandate that funds meeting three pre-defined classifications (i.e., integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the fund. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.

SEMIANNUAL REPORT

JUNE 30, 2022

PIMCO Municipal Income Fund


		Symbol on NYSE - PMF

Allocation Breakdown

as of June 30, 2022

†


Municipal Bonds & Notes

Health, Hospital & Nursing Home Revenue			21.5%

Highway Revenue Tolls			8.9%

Ad Valorem Property Tax			7.8%

Natural Gas Revenue			6.3%

Sales Tax Revenue			5.7%

Tobacco Settlement Funded			5.3%

Miscellaneous Revenue			5.2%

Electric Power & Light Revenue			5.0%

Industrial Revenue			4.6%

Sewer Revenue			4.1%

Local or Guaranteed Housing			3.1%

Special Assessment			3.0%

Income Tax Revenue			2.8%

Appropriations			2.5%

College & University Revenue			1.9%

Port, Airport & Marina Revenue			1.3%

Nuclear Revenue			1.2%

Lease (Appropriation)			1.2%

Transit Revenue			1.1%

Other			6.4%

Short-Term Instruments			1.1%

†

% of Investments, at value.

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

Fund Information

as of (June 30, 2022)

(1)


Market Price			$11.52

NAV			$10.30

Premium/(Discount) to NAV			11.84%

Market Price Distribution Rate (2)			5.63%

NAV Distribution Rate (2)			6.29%

Total Effective Leverage (3)			46.42%



Average Annual Total Return (1) for the period ended June 30, 2022

		6 Month*		1 Year		5 Year		10 Year		Commencement of Operations (06/29/01)
	Market Price		(22.17)%		(18.76)%		1.95%		3.24%		5.42%
	NAV		(20.54)%		(19.68)%		1.09%		4.12%		5.57%

All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

*	Cumulative return

(1)

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Total return, market price, NAV, market price distribution rate, and NAV distribution rate will fluctuate with changes in market conditions. Performance current to the most recent month-end is available at www.pimco.com or via (844) 33-PIMCO. Performance is calculated assuming all dividends and distributions are reinvested at prices obtained under the Fund’s dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares.

(2)

Distribution rates are not performance and are calculated by annualizing the most recent distribution per share and dividing by the NAV or Market Price, as applicable, as of the reported date. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (“ROC”) of your investment in the Fund. Because the distribution rate may include a ROC, it should not be confused with yield or income. If the Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Please visit www.pimco.com for most recent Section 19 Notice, if applicable. Final determination of a distribution’s tax character will be provided to shareholders when such information is available.

(3)

Represents total effective leverage outstanding, as a percentage of total managed assets. Total effective leverage consists of preferred shares, reverse repurchase agreements and other borrowings, credit default swap notional and floating rate notes issued in tender option bond transactions, as applicable (collectively “Total Effective Leverage”). The Fund may engage in other transactions not included in Total Effective Leverage disclosed above that may give rise to a form of leverage, including certain derivative transactions. For the purpose of calculating Total Effective Leverage outstanding as a percentage of total managed assets, total managed assets refer to total assets (including assets attributable to Total Effective Leverage that may be outstanding) minus accrued liabilities (other than liabilities representing Total Effective Leverage).

Investment Objective and Strategy Overview

PIMCO Municipal Income Fund’s investment objective is to seek to provide current income exempt from federal income tax.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

Select exposure to taxable municipal bonds contributed to performance, as holdings outperformed the general municipal market.

There were no other material contributors for the Fund.

Duration positioning detracted from performance, as benchmark municipal yields increased.

Exposure to the revenue segment detracted from performance, as the segment underperformed the general municipal market.

Exposure to the healthcare sector detracted from performance, as the sector underperformed the general municipal market.


8		PIMCO CLOSED-END FUNDS

PIMCO Municipal Income Fund II


		Symbol on NYSE - PML

Allocation Breakdown

as of June 30, 2022

†


Municipal Bonds & Notes

Health, Hospital & Nursing Home Revenue			23.5%

Highway Revenue Tolls			10.0%

Ad Valorem Property Tax			6.9%

Natural Gas Revenue			6.6%

Sales Tax Revenue			5.5%

Tobacco Settlement Funded			5.1%

Industrial Revenue			4.2%

Sewer Revenue			4.0%

College & University Revenue			3.9%

Income Tax Revenue			2.9%

Local or Guaranteed Housing			2.9%

Miscellaneous Revenue			2.7%

Water Revenue			2.7%

Appropriations			2.6%

Electric Power & Light Revenue			2.2%

Port, Airport & Marina Revenue			2.2%

Lease (Appropriation)			1.8%

Transit Revenue			1.4%

Fuel Sales Tax Revenue			1.0%

Other			6.8%

Short-Term Instruments			1.1%

†

% of Investments, at value.

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

Fund Information

as of (June 30, 2022)

(1)


Market Price			$10.74

NAV			$9.52

Premium/(Discount) to NAV			12.82%

Market Price Distribution Rate (2)			6.59%

NAV Distribution Rate (2)			7.44%

Total Effective Leverage (3)			46.03%



Average Annual Total Return (1) for the period ended June 30, 2022

		6 Month*		1 Year		5 Year		10 Year		Commencement of Operations (06/28/02)
	Market Price		(24.15)%		(24.62)%		1.68%		4.26%		4.91%
	NAV		(20.46)%		(19.73)%		1.32%		4.23%		4.68%

*	Cumulative return

(1)

(2)

(3)

Investment Objective and Strategy Overview

PIMCO Municipal Income Fund II’s investment objective is to seek to provide current income exempt from federal income tax.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

Select exposure to taxable municipal bonds contributed to performance, as holdings outperformed the general municipal market.

There were no other material contributors for this Fund.

Duration positioning detracted from performance, as benchmark municipal yields increased.

Exposure to the revenue segment detracted from performance, as the segment underperformed the general municipal market.

Exposure to the healthcare sector detracted from performance, as the sector underperformed the general municipal market.

SEMIANNUAL REPORT

JUNE 30, 2022

PIMCO Municipal Income Fund III


		Symbol on NYSE - PMX

Allocation Breakdown

as of June 30, 2022

†


Municipal Bonds & Notes

Health, Hospital & Nursing Home Revenue			18.1%

Highway Revenue Tolls			8.7%

Natural Gas Revenue			7.0%

Sales Tax Revenue			6.6%

Ad Valorem Property Tax			6.5%

Sewer Revenue			5.8%

Local or Guaranteed Housing			5.1%

Electric Power & Light Revenue			4.2%

Tobacco Settlement Funded			3.9%

Industrial Revenue			3.8%

Water Revenue			3.6%

College & University Revenue			3.3%

Appropriations			3.1%

Miscellaneous Revenue			2.7%

Port, Airport & Marina Revenue			2.4%

Income Tax Revenue			2.4%

Fuel Sales Tax Revenue			1.8%

Transit Revenue			1.3%

Nuclear Revenue			1.3%

General Fund			1.3%

Other			6.4%

Short-Term Instruments			0.7%

†

% of Investments, at value.

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

Fund Information

as of (June 30, 2022)

(1)


Market Price			$9.22

NAV			$8.70

Premium/(Discount) to NAV			5.98%

Market Price Distribution Rate (2)			5.99%

NAV Distribution Rate (2)			6.34%

Total Effective Leverage (3)			45.47%



Average Annual Total Return (1) for the period ended June 30, 2022

		6 Month*		1 Year		5 Year		10 Year		Commencement of Operations (10/31/02)
	Market Price		(25.63)%		(25.75)%		0.80%		3.27%		4.30%
	NAV		(21.59)%		(20.93)%		1.02%		4.58%		4.45%

*	Cumulative return

(1)

(2)

(3)

Investment Objective and Strategy Overview

PIMCO Municipal Income Fund III’s investment objective is to seek to provide current income exempt from federal income tax.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

Select exposure to taxable municipal bonds contributed to performance, as holdings outperformed the general municipal market.

There were no other material contributors for this Fund.

Duration positioning detracted from performance, as municipal yields increased.

Exposure to the revenue segment detracted from performance, as the segment underperformed the general municipal market.

Exposure to the special tax sector detracted from performance, as the sector underperformed the general municipal market.


10		PIMCO CLOSED-END FUNDS

PIMCO California Municipal Income Fund


		Symbol on NYSE - PCQ

Allocation Breakdown

as of June 30, 2022

†


Municipal Bonds & Notes

Ad Valorem Property Tax			22.4%

Health, Hospital & Nursing Home Revenue			14.6%

Electric Power & Light Revenue			7.1%

College & University Revenue			5.9%

Natural Gas Revenue			5.9%

Lease (Abatement)			5.4%

Sales Tax Revenue			5.2%

Local or Guaranteed Housing			5.1%

General Fund			4.1%

Tobacco Settlement Funded			4.0%

Port, Airport & Marina Revenue			3.8%

Water Revenue			2.5%

Lease (Non-Terminable)			2.0%

Sewer Revenue			1.8%

Transit Revenue			1.8%

Special Assessment			1.2%

Special Tax			1.1%

Highway Revenue Tolls			1.1%

Other			2.2%

Short-Term Instruments			2.8%

†

% of Investments, at value.

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

Fund Information

as of (June 30, 2022)

(1)


Market Price			$15.41

NAV			$10.90

Premium/(Discount) to NAV			41.38%

Market Price Distribution Rate (2)			5.06%

NAV Distribution Rate (2)			7.16%

Total Effective Leverage (3)			46.59%



Average Annual Total Return (1) for the period ended June 30, 2022

		6 Month*		1 Year		5 Year		10 Year		Commencement of Operations (06/29/01)
	Market Price		(14.89)%		(15.17)%		3.37%		5.85%		6.57%
	NAV		(20.08)%		(19.06)%		0.94%		4.10%		5.48%

*	Cumulative return

(1)

(2)

(3)

Investment Objective and Strategy Overview

PIMCO California Municipal Income Fund’s investment objective is to seek to provide current income exempt from federal and California income tax.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

Exposure to the pre-refunded segment contributed to performance, as the segment outperformed the general municipal market.

Select exposure to taxable municipal bonds contributed to performance, as holdings outperformed the general municipal market.

There were no other material contributors for this Fund.

Duration positioning detracted from performance, as municipal yields increased.

Exposure to the revenue segment detracted from performance, as the segment underperformed the general municipal market.

Exposure to the industrial revenue sector detracted from performance, as the sector underperformed the general municipal market.

SEMIANNUAL REPORT

JUNE 30, 2022

PIMCO California Municipal Income Fund II


		Symbol on NYSE - PCK

Allocation Breakdown

as of June 30, 2022

†


Municipal Bonds & Notes

Ad Valorem Property Tax			25.6%

Health, Hospital & Nursing Home Revenue			13.7%

Natural Gas Revenue			8.1%

Local or Guaranteed Housing			5.9%

General Fund			5.6%

Sales Tax Revenue			5.0%

Electric Power & Light Revenue			4.9%

Tobacco Settlement Funded			4.6%

Sewer Revenue			4.4%

Port, Airport & Marina Revenue			3.8%

College & University Revenue			3.6%

Lease (Abatement)			3.3%

Highway Revenue Tolls			2.6%

Lease (Non-Terminable)			2.0%

Special Assessment			1.2%

Special Tax			1.1%

Other			4.3%

Short-Term Instruments			0.3%

†

% of Investments, at value.

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

Fund Information

as of (June 30, 2022)

(1)


Market Price			$6.86

NAV			$6.85

Premium/(Discount) to NAV			0.15%

Market Price Distribution Rate (2)			5.60%

NAV Distribution Rate (2)			5.61%

Total Effective Leverage (3)			46.09%



Average Annual Total Return (1) for the period ended June 30, 2022

		6 Month*		1 Year		5 Year		10 Year		Commencement of Operations (06/28/02)
	Market Price		(24.75)%		(25.31)%		(2.72)%		2.04%		2.81%
	NAV		(22.92)%		(21.97)%		0.53%		4.29%		3.44%

*	Cumulative return

(1)

(2)

(3)

Investment Objective and Strategy Overview

PIMCO California Municipal Income Fund II’s investment objective is to seek to provide current income exempt from federal and California income tax.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

There were no material contributors for this Fund.

Duration positioning detracted from performance, as benchmark municipal yields increased.

Exposure to the industrial revenue sector detracted from performance, as the sector underperformed the broad municipal market.

Exposure to the healthcare sector detracted from performance, as the sector underperformed the broad municipal market.


12		PIMCO CLOSED-END FUNDS

PIMCO California Municipal Income Fund III


		Symbol on NYSE - PZC

Allocation Breakdown

as of June 30, 2022

†


Municipal Bonds & Notes

Ad Valorem Property Tax			22.7%

Health, Hospital & Nursing Home Revenue			15.5%

Electric Power & Light Revenue			7.9%

Tobacco Settlement Funded			6.1%

Local or Guaranteed Housing			6.0%

Natural Gas Revenue			5.3%

College & University Revenue			4.7%

Sales Tax Revenue			4.3%

General Fund			3.4%

Port, Airport & Marina Revenue			3.2%

Lease (Abatement)			3.2%

Highway Revenue Tolls			2.9%

Lease (Non-Terminable)			2.2%

Special Tax			1.8%

Transit Revenue			1.8%

Sewer Revenue			1.7%

Special Assessment			1.2%

Water Revenue			1.1%

Miscellaneous Revenue			1.1%

Other			2.9%

Short-Term Instruments			1.0%

†

% of Investments, at value.

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

Fund Information

as of (June 30, 2022)

(1)


Market Price			$8.26

NAV			$8.05

Premium/(Discount) to NAV			2.61%

Market Price Distribution Rate (2)			5.52%

NAV Distribution Rate (2)			5.66%

Total Effective Leverage (3)			45.23%



Average Annual Total Return (1) for the period ended June 30, 2022

		6 Month*		1 Year		5 Year		10 Year		Commencement of Operations (10/31/02)
	Market Price		(23.65)%		(24.49)%		(3.43)%		2.73%		3.41%
	NAV		(19.05)%		(18.19)%		0.98%		4.08%		3.68%

*	Cumulative return

(1)

(2)

(3)

Investment Objective and Strategy Overview

PIMCO California Municipal Income Fund III’s investment objective is to seek to provide current income exempt from federal and California income tax.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

Exposure to the pre-refunded segment contributed to performance, as the segment outperformed the general municipal market.

Select exposure to taxable municipal bonds contributed to performance, as holdings outperformed the general municipal market.

Select exposure to the tobacco sector contributed to performance, as holdings outperformed the general municipal market.

Duration positioning detracted from performance, as municipal yields increased.

Exposure to the revenue segment detracted from performance, as the segment underperformed the general municipal market.

Exposure to the industrial revenue sector detracted from performance, as the sector underperformed the general municipal market.

SEMIANNUAL REPORT

JUNE 30, 2022

PIMCO New York Municipal Income Fund


		Symbol on NYSE - PNF

Allocation Breakdown

as of June 30, 2022

†


Municipal Bonds & Notes

Water Revenue			15.6%

Income Tax Revenue			12.4%

Ad Valorem Property Tax			11.7%

Transit Revenue			9.0%

Health, Hospital & Nursing Home Revenue			8.0%

Tobacco Settlement Funded			6.4%

College & University Revenue			6.1%

Miscellaneous Revenue			5.9%

Sales Tax Revenue			5.4%

Local or Guaranteed Housing			5.3%

Port, Airport & Marina Revenue			5.1%

Industrial Revenue			2.2%

Highway Revenue Tolls			2.0%

Electric Power & Light Revenue			1.5%

Miscellaneous Taxes			1.2%

Other			1.2%

Short-Term Instruments			1.0%

†

% of Investments, at value.

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

Fund Information

as of (June 30, 2022)

(1)


Market Price			$9.16

NAV			$9.36

Premium/(Discount) to NAV			(2.14)%

Market Price Distribution Rate (2)			5.50%

NAV Distribution Rate (2)			5.38%

Total Effective Leverage (3)			43.96%



Average Annual Total Return (1) for the period ended June 30, 2022

		6 Month*		1 Year		5 Year		10 Year		Commencement of Operations (06/29/01)
	Market Price		(23.57)%		(26.07)%		(2.17)%		2.40%		3.59%
	NAV		(20.97)%		(20.24)%		(0.15)%		3.45%		3.97%

*	Cumulative return

(1)

(2)

(3)

Investment Objective and Strategy Overview

PIMCO New York Municipal Income Fund’s investment objective is to seek to provide current income exempt from federal, New York State and New York City income tax.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

Select exposure to taxable municipal bonds contributed to performance, as holdings outperformed the general municipal market.

There were no other material contributors for this Fund.

Duration positioning detracted from performance, as municipal yields increased.

Exposure to the revenue segment detracted from performance, as the segment underperformed the general municipal market.

Exposure to the special tax sector detracted from performance, as the sector underperformed the general municipal market.


14		PIMCO CLOSED-END FUNDS

PIMCO New York Municipal Income Fund II


		Symbol on NYSE - PNI

Allocation Breakdown

as of June 30, 2022

†


Municipal Bonds & Notes

Health, Hospital & Nursing Home Revenue			10.7%

Income Tax Revenue			10.7%

College & University Revenue			10.7%

Tobacco Settlement Funded			9.6%

Water Revenue			6.7%

Lease (Appropriation)			6.3%

Miscellaneous Revenue			6.1%

Port, Airport & Marina Revenue			6.0%

Transit Revenue			5.9%

Highway Revenue Tolls			4.9%

Sales Tax Revenue			4.5%

Local or Guaranteed Housing			4.0%

Ad Valorem Property Tax			3.5%

Electric Power & Light Revenue			3.0%

Industrial Revenue			2.9%

Other			1.0%

Short-Term Instruments			3.5%

†

% of Investments, at value.

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

Fund Information

as of (June 30, 2022)

(1)


Market Price			$8.74

NAV			$8.90

Premium/(Discount) to NAV			(1.80)%

Market Price Distribution Rate (2)			5.50%

NAV Distribution Rate (2)			5.40%

Total Effective Leverage (3)			46.48%



Average Annual Total Return (1) for the period ended June 30, 2022

		6 Month*		1 Year		5 Year		10 Year		Commencement of Operations (06/28/02)
	Market Price		(21.04)%		(24.06)%		(1.02)%		1.75%		3.57%
	NAV		(21.83)%		(20.95)%		0.13%		3.55%		4.02%

*	Cumulative return

(1)

month-end

is available at www.pimco.com or via (844)

33-PIMCO.

Performance is calculated assuming all dividends and distributions are reinvested at prices obtained under the Fund’s dividend reinvestment plan. Performance does not reflect any brokerage commissions in connection with the purchase or sale of Fund shares.

(2)

(3)

Investment Objective and Strategy Overview

PIMCO New York Municipal Income Fund II’s investment objective is to seek to provide current income exempt from federal, New York State and New York City income tax.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

There were no material contributors for this Fund.

Duration positioning detracted from performance, as benchmark municipal yields increased.

Exposure to the special tax sector detracted from performance, as the sector underperformed the broad municipal market.

Exposure to the transportation sector detracted from performance, as the sector underperformed the broad municipal market.

SEMIANNUAL REPORT

JUNE 30, 2022

PIMCO New York Municipal Income Fund III


		Symbol on NYSE - PYN

Allocation Breakdown

as of June 30, 2022

†


Municipal Bonds & Notes

Income Tax Revenue			13.3%

Tobacco Settlement Funded			13.0%

Ad Valorem Property Tax			11.1%

Health, Hospital & Nursing Home Revenue			10.0%

Industrial Revenue			7.0%

Miscellaneous Revenue			6.6%

College & University Revenue			6.1%

Water Revenue			6.1%

Port, Airport & Marina Revenue			5.9%

Transit Revenue			5.6%

Sales Tax Revenue			4.7%

Local or Guaranteed Housing			4.3%

Electric Power & Light Revenue			2.0%

Highway Revenue Tolls			1.2%

Other			2.0%

Short-Term Instruments			1.1%

†

% of Investments, at value.

Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

Fund Information

as of (June 30, 2022)

(1)


Market Price			$7.84

NAV			$7.17

Premium/(Discount) to NAV			9.34%

Market Price Distribution Rate (2)			5.43%

NAV Distribution Rate (2)			5.94%

Total Effective Leverage (3)			43.47%



Average Annual Total Return (1) for the period ended June 30, 2022

		6 Month*		1 Year		5 Year		10 Year		Commencement of Operations (10/31/02)
	Market Price		(13.55)%		(23.23)%		0.51%		2.90%		2.79%
	NAV		(19.99)%		(19.18)%		(0.15)%		3.29%		2.61%

*	Cumulative return

(1)

(2)

(3)

Investment Objective and Strategy Overview

PIMCO New York Municipal Income Fund III’s investment objective is to seek to provide current income exempt from federal, New York State and New York City income tax.

Fund Insights at NAV

The following affected performance (on a gross basis) during the reporting period:

Select exposure to taxable municipal bonds contributed to performance, as holdings outperformed the general municipal market.

There were no other material contributors for this Fund.

Duration positioning detracted from performance, as benchmark municipal yields increased.

Exposure to the revenue segment detracted from performance, as the segment underperformed the general municipal market.

Exposure to the special tax sector detracted from performance, as the sector underperformed the general municipal market.


16		PIMCO CLOSED-END FUNDS

(THIS PAGE INTENTIONALLY LEFT BLANK)


Financial Highlights


			Investment Operations					Less Distributions to Preferred Shareholders (c)								Less Distributions to Common Shareholders (d)

Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year or Period (a)		Net Investment Income (Loss) (b)		Net Realized/ Unrealized Gain (Loss)			From Net Investment Income			From Net Realized Capital Gains		Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations			From Net Investment Income			From Net Realized Capital Gains			Tax Basis Return of Capital			Total			Increase Resulting from Tender of ARPS (c)

PIMCO Municipal Income Fund

01/01/2022 - 06/30/2022+	$	13.33	$	0.35	$	(3.04	)	$	(0.02	)	$	0.00	$	(2.71	)	$	(0.32	)	$	0.00		$	0.00		$	(0.32	)	$	0.00

12/31/2021		13.22		0.71		0.06			(0.01	)		0.00		0.76			(0.65	)		0.00			0.00			(0.65	)		0.00

12/31/2020		13.35		0.74		(0.07	)		(0.07	)		0.00		0.60			(0.65	)		(0.08	)		0.00			(0.73	)		0.00

12/31/2019		12.36		0.81		1.07			(0.16	)		0.00		1.72			(0.72	)		(0.01	)		0.00			(0.73	)		0.00

12/31/2018		12.87		0.89		(0.65	)		(0.16	)		0.00		0.08			(0.72	)		0.00			0.00			(0.72	)		0.13

12/31/2017		12.44		0.91		0.36			(0.10	)		0.00		1.17			(0.74	)		0.00			0.00			(0.74	)		0.00

PIMCO Municipal Income Fund II

01/01/2022 - 06/30/2022+	$	12.37	$	0.31	$	(2.79	)	$	(0.02	)	$	0.00	$	(2.50	)	$	(0.35	)	$	0.00		$	0.00		$	(0.35	)	$	0.00

12/31/2021		12.42		0.66		0.00			0.00			0.00		0.66			(0.71	)		0.00			0.00			(0.71	)		0.00

12/31/2020		12.50		0.69		(0.01	)		(0.05	)		0.00		0.63			(0.71	)		0.00			0.00			(0.71	)		0.00

12/31/2019		11.62		0.77		1.01			(0.12	)		0.00		1.66			(0.78	)		0.00			0.00			(0.78	)		0.00

12/31/2018		12.13		0.81		(0.57	)		(0.13	)		0.00		0.11			(0.78	)		0.00			0.00			(0.78	)		0.16

12/31/2017		11.81		0.81		0.37			(0.08	)		0.00		1.10			(0.78	)		0.00			0.00			(0.78	)		0.00

PIMCO Municipal Income Fund III

01/01/2022 - 06/30/2022+	$	11.41	$	0.30	$	(2.71	)	$	(0.02	)	$	0.00	$	(2.43	)	$	(0.28	)	$	0.00		$	0.00		$	(0.28	)	$	0.00

12/31/2021		11.36		0.59		0.01			0.00			0.00		0.60			(0.55	)		0.00			0.00			(0.55	)		0.00

12/31/2020		11.34		0.62		0.01			(0.05	)		0.00		0.58			(0.55	)		(0.01	)		0.00			(0.56	)		0.00

12/31/2019		10.49		0.72		0.87			(0.12	)		0.00		1.47			(0.62	)		0.00			0.00			(0.62	)		0.00

12/31/2018		11.06		0.76		(0.57	)		(0.13	)		0.00		0.06			(0.67	)		(0.11	)		0.00			(0.78	)		0.15

12/31/2017		10.67		0.77		0.38			(0.08	)		0.00		1.07			(0.68	)		0.00			0.00			(0.68	)		0.00

PIMCO California Municipal Income Fund

01/01/2022 - 06/30/2022+	$	14.08	$	0.35	$	(3.12	)	$	(0.02	)	$	0.00	$	(2.79	)	$	(0.39	)	$	0.00		$	0.00		$	(0.39	)	$	0.00

12/31/2021		14.28		0.71		(0.12	)		(0.01	)		0.00		0.58			(0.78	)		0.00			0.00			(0.78	)		0.00

12/31/2020		14.20		0.74		0.20			(0.07	)		0.00		0.87			(0.78	)		(0.01	)		0.00			(0.79	)		0.00

12/31/2019		13.32		0.80		1.16			(0.16	)		0.00		1.80			(0.92	)		0.00			0.00			(0.92	)		0.00

12/31/2018		14.20		0.92		(0.94	)		(0.17	)		0.00		(0.19	)		(0.92	)		0.00			0.00			(0.92	)		0.23

12/31/2017		13.83		0.97		0.43			(0.11	)		0.00		1.29			(0.92	)		0.00			0.00			(0.92	)		0.00

PIMCO California Municipal Income Fund II

01/01/2022 - 06/30/2022+	$	9.11	$	0.21	$	(2.27	)	$	(0.01	)	$	0.00	$	(2.07	)	$	(0.19	)	$	0.00		$	0.00		$	(0.19	)	$	0.00

12/31/2021		9.13		0.40		(0.04	)		0.00			0.00		0.36			(0.38	)		0.00			0.00			(0.38	)		0.00

12/31/2020		8.98		0.41		0.17			(0.04	)		0.00		0.54			(0.38	)		(0.01	)		0.00			(0.39	)		0.00

12/31/2019		8.29		0.50		0.87			(0.10	)		0.00		1.27			(0.42	)		(0.16	)		0.00			(0.58	)		0.00

12/31/2018		8.69		0.54		(0.57	)		(0.11	)		0.00		(0.14	)		(0.42	)		0.00			0.00			(0.42	)		0.16

12/31/2017		8.39		0.60		0.34			(0.07	)		0.00		0.87			(0.56	)		0.00			(0.01	)		(0.57	)		0.00

PIMCO California Municipal Income Fund III

01/01/2022 - 06/30/2022+	$	10.20	$	0.25	$	(2.15	)	$	(0.02	)	$	0.00	$	(1.92	)	$	(0.23	)	$	0.00		$	0.00		$	(0.23	)	$	0.00

12/31/2021		10.29		0.52		(0.15	)		0.00			0.00		0.37			(0.46	)		0.00			0.00			(0.46	)		0.00

12/31/2020		10.20		0.52		0.09			(0.05	)		0.00		0.56			(0.46	)		(0.01	)		0.00			(0.47	)		0.00

12/31/2019		9.46		0.56		0.80			(0.11	)		0.00		1.25			(0.51	)		0.00			0.00			(0.51	)		0.00

12/31/2018		9.98		0.64		(0.68	)		(0.12	)		0.00		(0.16	)		(0.54	)		0.00			0.00			(0.54	)		0.18

12/31/2017		9.67		0.67		0.35			(0.08	)		0.00		0.94			(0.63	)		0.00			0.00			(0.63	)		0.00

PIMCO New York Municipal Income Fund

01/01/2022 - 06/30/2022+	$	12.13	$	0.24	$	(2.74	)	$	(0.02	)	$	0.00	$	(2.52	)	$	(0.25	)	$	0.00		$	0.00		$	(0.25	)	$	0.00

12/31/2021		12.01		0.54		0.09			(0.01	)		0.00		0.62			(0.50	)		0.00			0.00			(0.50	)		0.00

12/31/2020		12.15		0.60		(0.17	)		(0.06	)		0.00		0.37			(0.50	)		(0.01	)		0.00			(0.51	)		0.00

12/31/2019		11.29		0.68		0.96			(0.13	)		0.00		1.51			(0.65	)		0.00			0.00			(0.65	)		0.00

12/31/2018		12.06		0.70		(0.77	)		(0.13	)		0.00		(0.20	)		(0.68	)		0.00			0.00			(0.68	)		0.11

12/31/2017		11.62		0.69		0.51			(0.08	)		0.00		1.12			(0.68	)		0.00			0.00			(0.68	)		0.00


	ARPS								RVMTP (5)
Selected Per Share Data for the Year or Period Ended^:	Total Amount Outstanding		Asset Coverage per Preferred Share (1)		Involuntary Liquidating Preference per Preferred Share (2)		Average Market Value per ARPS (3)		Total Amount Outstanding		Asset Coverage per Preferred Share (1)		Involuntary Liquidating Preference per Preferred Share (2)		Average Market Value per RVMTP (4)

PIMCO New York Municipal Income Fund II
1/1/2022 - 6/30/2022+	$	58,000,000	$	56,533	$	25,000		N/A	$	21,000,000	$	226,130	$	100,000		N/A
12/31/2021		58,000,000		66,323		25,000		N/A		21,000,000		265,290		100,000		N/A
12/31/2020		58,000,000		65,730		25,000		N/A		21,000,000		262,920		100,000		N/A
12/31/2019		58,000,000		66,003		25,000		N/A		21,000,000		264,010		100,000		N/A
12/31/2018		58,000,000		62,655		25,000		N/A		21,000,000		250,600		100,000		N/A
12/31/2017		79,000,000		64,320		25,000		N/A		N/A		N/A		100,000		N/A

PIMCO New York Municipal Income Fund III
1/1/2022 - 6/30/2022+	$	29,450,000	$	59,953	$	25,000		N/A		N/A		N/A	$	100,000		N/A
12/31/2021		29,450,000		69,808		25,000		N/A		N/A		N/A		100,000		N/A
12/31/2020		29,450,000		69,493		25,000		N/A		N/A		N/A		100,000		N/A
12/31/2019		29,450,000		70,100		25,000		N/A		N/A		N/A		100,000		N/A
12/31/2018		29,450,000		66,985		25,000		N/A		N/A		N/A		100,000		N/A
12/31/2017		32,000,000		66,300		25,000		N/A		N/A		N/A		100,000		N/A

^	A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.

Unaudited

*	Annualized, except for organization expense, if any.

(a)	Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds.

(b)	Per share amounts based on average number of common shares outstanding during the year or period.

(c)	Auction Rate Preferred Shareholders (“ARPS”). See Note 12, Auction Rate Preferred Shares, in the Notes to Financial Statements for more information

(d)

The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions — Common Shares, in the Notes to Financial Statements for more information.

(e)

Total investment return is calculated assuming a purchase of a common share at the market price on the first day and a sale of a common share at the market price on the last day of each year or period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Funds’ dividend reinvestment plan. Total investment return does not reflect brokerage commissions in connection with the purchase or sale of Fund shares.

(f)	Calculated on the basis of income and expenses applicable to both common and preferred shares relative to the average net assets of common shareholders. The expense ratio and net investment income do not reflect the effects of dividend payments to preferred shareholders.

(g)

Ratio includes interest expense which primarily relates to participation in borrowing and financing transactions, interest paid to RVMTP shareholders and the amortization of debt issuance costs of RVMTP Shares. See Note 5, Borrowings and Other Financing Transactions and Note 12, Remarketable Variable Rate MuniFund Term Preferred Shares in the Notes to Financial Statements for more information.

“Asset Coverage per Preferred Share” means the ratio that the value of the total assets of the Fund, less all liabilities and indebtedness not represented by ARPS or RVMTP, bears to the aggregate of the involuntary liquidation preference of ARPS or RVMTP, expressed as a dollar amount per ARPS or RVMTP.

2	“Involuntary Liquidating Preference” means the amount to which a holder of ARPS or RVMTP would be entitled upon the involuntary liquidation of the Fund in preference to the Common Shareholders, expressed as a dollar amount per Preferred Share.

The ARPS have no readily ascertainable market value. Auctions for the ARPS have failed since February 2008, there is currently no active trading market for the ARPS and the Fund is not able to reliably estimate what their value would be in a third-party market sale. The liquidation value of the ARPS represents its liquidation preference, which approximates fair value of the shares less any accumulated unpaid dividends. See Note 12, Auction Rate Preferred Shares, in the Notes to Financial Statements for more information.

The RVMTP have no readily ascertainable market value. The liquidation value of the RVMTP represents its liquidation preference, which approximates fair value of the shares less any unamortized debt issuance costs. See Note 12, Remarketable Variable Rate MuniFund Term Preferred Shares, in the Notes to Financial Statements for more information.

5	Prior to July 14, 2021, RVMTP Shares were VMTP Shares. See Note 12, Remarketable Variable Rate MuniFund Term Preferred Shares.

SEMIANNUAL REPORT

JUNE 30, 2022


Statements of Assets and Liabilities


(Amounts in thousands † , except per share amounts)	PIMCO Municipal Income Fund			PIMCO Municipal Income Fund II			PIMCO Municipal Income Fund III			PIMCO California Municipal Income Fund

Assets:

Investments, at value
Investments in securities*	$	503,677		$	1,131,110		$	527,064		$	388,901
Cash		1			0			0			0
Receivable for investments sold		934			934			934			1,063
Interest and/or dividends receivable		5,854			12,708			6,258			5,158
Other assets		190			970			157			109
Total Assets		510,656			1,145,722			534,413			395,231

Liabilities:

Borrowings & Other Financing Transactions
Payable for tender option bond floating rate certificates	$	42,754		$	148,988		$	52,835		$	30,121
Remarketable Variable Rate MuniFund Term Preferred Shares, at liquidation value**		23,258			68,623			34,249			29,253
Payable for investments purchased		7,568			20,393			706			7,297
Distributions payable to common shareholders		1,408			3,748			1,532			1,231
Distributions payable to auction rate preferred shareholders		42			71			39			17
Accrued management fees		267			550			280			208
Other liabilities		98			163			140			102
Total Liabilities		75,395			242,536			89,781			68,229

Auction Rate Preferred Shares^		166,700			298,275			154,700			120,625

Net Assets Applicable to Common Shareholders	$	268,561		$	604,911		$	289,932		$	206,377

Net Assets Applicable to Common Shareholders Consist of:

Par value ^^	$	0		$	1		$	0		$	0
Paid in capital in excess of par		289,049			664,088			315,485			227,244
Distributable earnings (accumulated loss)		(20,488	)		(59,178	)		(25,553	)		(20,867	)

Net Assets Applicable to Common Shareholders	$	268,561		$	604,911		$	289,932		$	206,377

Net Asset Value Per Common Share (a)	$	10.30		$	9.52		$	8.70		$	10.90

Common Shares Outstanding		26,081			63,519			33,306			18,939

Auction Rate Preferred Shares Issued and Outstanding		7			12			6			5

Cost of investments in securities	$	515,343		$	1,158,765		$	540,895		$	398,137

* Includes repurchase agreements of:	$	5,434		$	12,515		$	3,770		$	11,049

** Includes unamortized debt issuance cost of	$	42		$	77		$	51		$	47

See Accompanying Notes

SEMIANNUAL REPORT

JUNE 30, 2022


Schedule of Investments		PIMCO Municipal Income Fund		(Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2022
0.000% due 06/15/2036 (c)	$		1,000	$		532

Regional Transportation Authority, Illinois Revenue Bonds, Series 2018
5.000% due 06/01/2038 (e)			3,500			3,894

						44,207


INDIANA 0.7%

Indiana Finance Authority Revenue Bonds, Series 2019
7.000% due 03/01/2039			1,250			991

Indiana Health & Educational Facilities Financing Authority Revenue Bonds, Series 2006
4.000% due 11/15/2046			1,000			973

						1,964


IOWA 2.1%

Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022
5.000% due 12/01/2050			2,530			2,569

Iowa Finance Authority Revenue Bonds, Series 2014
5.400% due 11/15/2046 ^			2,614			2,795

Iowa Tobacco Settlement Authority Revenue Bonds, Series 2021
0.000% due 06/01/2065 (c)			2,500			256

						5,620


KANSAS 1.2%

Lenexa, Kansas Tax Allocation Bonds, Series 2007
6.000% due 04/01/2027 ^(b)			715			154

University of Kansas Hospital Authority Revenue Bonds, Series 2015
4.000% due 09/01/2040 (e)			3,085			3,030

						3,184


LOUISIANA 5.1%

East Baton Rouge Sewerage Commission, Louisiana Revenue Bonds, Series 2019
4.000% due 02/01/2045			3,000			2,909

Louisiana Gasoline & Fuels Tax State Revenue Bonds, Series 2017
4.000% due 05/01/2045 (e)			4,000			4,017

Louisiana Public Facilities Authority Revenue Bonds, Series 2017
5.000% due 05/15/2042			3,750			3,882

Louisiana Public Facilities Authority Revenue Bonds, Series 2020
4.000% due 04/01/2050			750			691

Parish of St James, Louisiana Revenue Bonds, Series 2010
6.350% due 07/01/2040			1,250			1,387

Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017
2.375% due 06/01/2037			850			797

						13,683


MAINE 0.7%

Maine Health & Higher Educational Facilities Authority Revenue Bonds, Series 2013
5.000% due 07/01/2043			1,000			1,031

Maine Health & Higher Educational Facilities Authority Revenue Bonds, Series 2020
4.000% due 07/01/2050			1,000			940

						1,971


MARYLAND 0.2%

Maryland Economic Development Corp. Revenue Bonds, Series 2020
5.000% due 07/01/2056			500			501


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
MASSACHUSETTS 5.0%

Commonwealth of Massachusetts General Obligation Bonds, Series 2018
4.000% due 05/01/2040	$		1,000	$		999

Commonwealth of Massachusetts General Obligation Bonds, Series 2019
5.000% due 05/01/2045			3,000			3,279

Massachusetts Development Finance Agency Revenue Bonds, Series 2016
4.000% due 10/01/2046 (e)			2,300			2,235
5.000% due 01/01/2047			1,000			1,017

Massachusetts Development Finance Agency Revenue Bonds, Series 2019
5.000% due 09/01/2059			3,000			3,123

Massachusetts School Building Authority Revenue Bonds, Series 2012
5.250% due 02/15/2048 (e)			2,500			2,713

						13,366


MICHIGAN 5.5%

Detroit City School District, Michigan General Obligation Bonds, (AGM/Q-SBLF Insured), Series 2001
6.000% due 05/01/2029			1,405			1,596

Michigan Finance Authority Hospital Revenue Refunding Bonds, Series 2022
4.000% due 04/15/2042			1,000			989

Michigan Finance Authority Revenue Bonds, Series 2017
4.000% due 12/01/2036 (e)			3,000			2,975
5.000% due 12/01/2031 (e)			1,200			1,299

Michigan Finance Authority Revenue Bonds, Series 2019
4.000% due 12/01/2048			2,000			1,870
4.000% due 02/15/2050			1,750			1,640

Michigan Finance Authority Revenue Bonds, Series 2020
0.000% due 06/01/2065 (c)			13,400			1,227

Michigan Finance Authority Revenue Bonds, Series 2021
5.000% due 12/01/2046 (e)			2,328			2,427

Michigan Finance Authority Revenue Notes, Series 2021
5.000% due 06/01/2027 (e)			72			81

Michigan Tobacco Settlement Finance Authority Revenue Bonds, Series 2008
0.000% due 06/01/2058 (c)			15,000			691

						14,795


MINNESOTA 0.7%

Duluth Economic Development Authority Health Care Facilities Revenue Bonds, Series 2022
5.250% due 06/15/2047			500			516

Rochester, Minnesota Revenue Bonds, Series 2018
4.000% due 11/15/2048			1,500			1,461

						1,977


MISSOURI 1.6%

Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2018
4.000% due 11/15/2048			3,000			2,813

Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2019
4.000% due 02/15/2037			510			510

Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2021
4.000% due 07/01/2046			1,000			969

						4,292


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NEBRASKA 1.0%

Central Plains Energy Project, Nebraska Revenue Bonds, Series 2017
5.000% due 09/01/2042	$		2,400	$		2,555


NEVADA 1.9%

Clark County, Nevada General Obligation Bonds, Series 2018
4.000% due 07/01/2044 (e)			4,200			4,146

Reno, Nevada Revenue Bonds, Series 2018
0.000% due 07/01/2058 (c)			10,500			1,012

						5,158


NEW JERSEY 15.9%

Federal Home Loan Mortgage Corp. Enhanced Receipt, New Jersey Revenue Bonds, Series 2019
3.870% due 11/15/2035 (f)			2,983			2,922

New Jersey Economic Development Authority Revenue Bonds, Series 2016
5.000% due 06/15/2041			2,500			2,588

New Jersey Economic Development Authority Special Assessment Bonds, Series 2002
5.750% due 04/01/2031			16,550			15,314

New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series 2013
5.500% due 07/01/2043			2,000			2,051

New Jersey Transportation Trust Fund Authority Revenue Bonds, (AGM Insured), Series 2006
0.000% due 12/15/2034 (c)			1,500			918

New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2019
5.000% due 06/15/2044			2,000			2,075
5.250% due 06/15/2043			1,000			1,052

New Jersey Turnpike Authority Revenue Bonds, Series 2017
5.000% due 01/01/2037			3,000			3,255

New Jersey Turnpike Authority Revenue Bonds, Series 2019
5.000% due 01/01/2048			1,500			1,620

South Jersey Port Corp., New Jersey Revenue Bonds, Series 2017
5.000% due 01/01/2049			250			257

Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018
5.000% due 06/01/2029			1,000			1,073
5.000% due 06/01/2046			6,000			6,003
5.250% due 06/01/2046			3,500			3,642

						42,770


NEW YORK 19.5%

Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2019
4.000% due 11/15/2049			4,000			3,689

Metropolitan Transportation Authority, New York Revenue Bonds, Series 2020
5.250% due 11/15/2055			2,000			2,081

Nassau County, New York Industrial Development Agency Revenue Bonds, Series 2021
5.000% due 01/01/2058			2,867			2,007

New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2020
4.000% due 05/01/2045			1,000			974

New York City, General Obligation Bonds, Series 2018
5.000% due 12/01/2037			750			812

New York City, General Obligation Bonds, Series 2019
5.000% due 08/01/2039			1,000			1,093

New York City, New York General Obligation Bonds, Series 2018
5.000% due 04/01/2045 (e)			4,800			5,095


34		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						June 30, 2022		(Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

New York Liberty Development Corp. Revenue Bonds, Series 2005
5.250% due 10/01/2035	$		10,000	$		11,236

New York Liberty Development Corp. Revenue Bonds, Series 2007
5.500% due 10/01/2037			3,000			3,470

New York Liberty Development Corp. Revenue Bonds, Series 2014
5.000% due 11/15/2044			1,000			976

New York State Dormitory Authority Northwell Health Obligated Group Revenue Bonds, Series 2022
5.000% due 05/01/2052			2,000			2,075

New York State Dormitory Authority Revenue Bonds, Series 2017
4.000% due 02/15/2047 (e)			3,000			2,872

New York State Dormitory Authority Revenue Bonds, Series 2020
4.000% due 02/15/2040			1,250			1,228

New York State Dormitory Authority Revenue Bonds, Series 2021
4.000% due 03/15/2040			3,000			2,948

New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020
4.200% due 11/01/2054 (f)			1,500			1,434

New York State Thruway Authority Revenue Bonds, (AGM Insured), Series 2019
4.000% due 01/01/2053			460			437

New York State Thruway Authority Revenue Bonds, Series 2017
4.000% due 03/15/2047			2,000			1,945

New York State Thruway Authority Revenue Bonds, Series 2019
4.000% due 01/01/2050			575			537

New York State Thruway Authority Revenue Bonds, Series 2021
4.000% due 03/15/2043			1,500			1,473

New York State Urban Development Corp. Revenue Bonds, Series 2021
4.000% due 03/15/2047 (e)			6,250			5,973

						52,355


NORTH DAKOTA 0.2%

Grand Forks County, North Dakota Revenue Bonds, Series 2021
7.000% due 12/15/2043			850			493


OHIO 6.4%

American Municipal Power, Inc., Ohio Revenue Bonds, Series 2017
4.000% due 02/15/2042			1,000			976

Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020
0.000% due 06/01/2057 (c)			36,500			4,699

Montgomery County, Ohio Dayton Children’s Hospital Revenue Bonds, Series 2021
4.000% due 08/01/2046			2,250			2,068

Ohio Air Quality Development Authority Dayton Power And Light Company Project Revenue Bonds , Series 2015
4.250% due 11/01/2040			2,000			2,018

Ohio State Turnpike Commission Revenue Bonds, Series 2013
5.000% due 02/15/2048			5,000			5,104

Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2020
5.000% due 12/01/2050			1,250			1,371

Southern Ohio Port Authority Revenue Notes, Series 2020
6.500% due 12/01/2030			1,000			913

						17,149

See Accompanying Notes

SEMIANNUAL REPORT

JUNE 30, 2022


Schedule of Investments		PIMCO Municipal Income Fund		(Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

San Jacinto College District, Texas General Obligation Bonds, Series 2019
5.000% due 02/15/2044	$		1,000	$		1,101

Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2016
4.000% due 02/15/2047 (e)			6,400			6,177

Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2017
6.750% due 11/15/2047			500			520

Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006
5.250% due 12/15/2023			3,500			3,621

Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2008
6.250% due 12/15/2026			4,290			4,590

						43,210


U.S. VIRGIN ISLANDS 0.9%

Matching Fund Special Purpose Securitization Corp., U.S. Virgin Islands Revenue Bonds, Series 2022
5.000% due 10/01/2039			2,420			2,445


UTAH 3.0%

Salt Lake County, Utah Revenue Bonds, (AMBAC Insured), Series 2001
5.125% due 02/15/2033			7,000			7,458

Utah County, Utah Revenue Bonds, Series 2020
4.000% due 05/15/2043			550			544

						8,002


VIRGINIA 5.0%

Fairfax County, Virginia Economic Development Authority Revenue Bonds, Series 2003
0.820% due 12/01/2033			2,600			2,600

Fairfax County, Virginia Industrial Development Authority Revenue Bonds, Series 2018
4.000% due 05/15/2048			1,000			964

Virginia Commonwealth Transportation Board Revenue Bonds, Series 2018
4.000% due 05/15/2041 (e)			3,850			3,881


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Virginia Small Business Financing Authority Revenue Bonds, Series 2019
0.000% due 07/01/2061 (c)	$		23,000	$		1,213
5.500% due 07/01/2044			1,000			980
5.500% due 07/01/2049			500			486

Virginia Small Business Financing Authority Revenue Bonds, Series 2020
4.000% due 12/01/2049			3,400			3,199

						13,323


WASHINGTON 0.7%

Washington State Convention Center Public Facilities District Revenue Bonds, Series 2018
4.000% due 07/01/2058			2,155			1,918


WEST VIRGINIA 1.3%

Monongalia County, West Virginia Commission Special District Revenue Bonds, Series 2017
5.500% due 06/01/2037			1,000			1,017

West Virginia Economic Development Authority Revenue Bonds, Series 2017
4.000% due 06/15/2040			2,500			2,519

						3,536


WISCONSIN 6.4%

Public Finance Authority, Wisconsin Revenue Bonds, Series 2017
7.000% due 01/01/2050			2,500			2,706

Public Finance Authority, Wisconsin Revenue Bonds, Series 2018
6.375% due 01/01/2048			3,000			1,845
7.000% due 07/01/2048			750			621

Public Finance Authority, Wisconsin Revenue Bonds, Series 2020
0.000% due 01/01/2060 (c)			7,500			510

Public Finance Authority, Wisconsin Revenue Bonds, Series 2021
4.000% due 03/31/2056			1,100			865
4.000% due 07/01/2056			500			423


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020
0.000% due 12/15/2050 (c)	$		10,000	$		2,584

Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016
4.000% due 11/15/2046			2,500			2,445

Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2017
4.000% due 08/15/2042 (e)			2,000			1,979

Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018
5.000% due 04/01/2044			3,000			3,181

						17,159

Total Municipal Bonds & Notes (Cost $509,909)						498,243


SHORT-TERM INSTRUMENTS 2.0%

REPURCHASE AGREEMENTS (g) 2.0%
						5,434

Total Short-Term Instruments (Cost $5,434)						5,434



Total Investments in Securities (Cost $515,343)						503,677


Total Investments 187.5% (Cost $515,343)				$		503,677

Auction Rate Preferred Shares (62.1)%						(166,700	)

Remarketable Variable Rate MuniFund Term Preferred Shares, at liquidation value (8.6)%						(23,258	)

Other Assets and Liabilities, net (16.8)%						(45,158	)

Net Assets Applicable to Common Shareholders 100.0%				$		268,561

NOTES TO SCHEDULE OF INVESTMENTS:

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

^	Security is in default.

(a)	When-issued security.

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

(c)	Zero coupon security.

(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		$ 3,428	$	2,922		1.09%
New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020	4.200		11/01/2054		11/18/2021		1,703		1,434		0.53

							$ 5,131	$	4,356		1.62%


36		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						June 30, 2022		(Unaudited)

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		0.400	%		06/30/2022		07/01/2022	$	5,434	U.S. Treasury Notes 3.000% due 06/30/2024	$	(5,543	)	$	5,434	$	5,434

Total Repurchase Agreements											$	(5,543	)	$	5,434	$	5,434

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2022:


Counterparty	Repurchase Agreement Proceeds to be Received (1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure (2)
Global/Master Repurchase Agreement
FICC	$	5,434	$	0	$	0	$	5,434	$	(5,543	)	$	(109	)

Total Borrowings and Other Financing Transactions	$	5,434	$	0	$	0

(1)	Includes accrued interest.

(2)

Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 7, Master Netting Arrangements, in the Notes to Financial Statements for more information.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Investments in Securities, at Value
Municipal Bonds & Notes
Alabama	$	0	$	18,570	$	0	$	18,570
Alaska		0		18		0		18
Arizona		0		11,406		0		11,406
Arkansas		0		3,047		0		3,047
California		0		24,668		0		24,668
Colorado		0		16,824		0		16,824
Connecticut		0		4,726		0		4,726
Delaware		0		5,350		0		5,350
District of Columbia		0		2,877		0		2,877
Florida		0		18,443		0		18,443
Georgia		0		13,869		0		13,869
Hawaii		0		1,479		0		1,479
Illinois		0		44,207		0		44,207
Indiana		0		1,964		0		1,964
Iowa		0		5,620		0		5,620
Kansas		0		3,184		0		3,184
Louisiana		0		13,683		0		13,683
Maine		0		1,971		0		1,971
Maryland		0		501		0		501
Massachusetts		0		13,366		0		13,366
Michigan		0		14,795		0		14,795
Minnesota		0		1,977		0		1,977
Missouri		0		4,292		0		4,292


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Nebraska	$	0	$	2,555	$	0	$	2,555
Nevada		0		5,158		0		5,158
New Jersey		0		42,770		0		42,770
New York		0		52,355		0		52,355
North Dakota		0		493		0		493
Ohio		0		17,149		0		17,149
Oklahoma		0		608		0		608
Oregon		0		1,157		0		1,157
Pennsylvania		0		19,890		0		19,890
Puerto Rico		0		19,322		0		19,322
Rhode Island		0		2,233		0		2,233
South Carolina		0		6,193		0		6,193
Tennessee		0		11,930		0		11,930
Texas		0		43,210		0		43,210
U.S. Virgin Islands		0		2,445		0		2,445
Utah		0		8,002		0		8,002
Virginia		0		13,323		0		13,323
Washington		0		1,918		0		1,918
West Virginia		0		3,536		0		3,536
Wisconsin		0		17,159		0		17,159
Short-Term Instruments
Repurchase Agreements		0		5,434		0		5,434


Total Investments	$	0	$	503,677	$	0	$	503,677

There were no significant transfers into or out of Level 3 during the period ended June 30, 2022.

See Accompanying Notes

SEMIANNUAL REPORT

JUNE 30, 2022


Schedule of Investments		PIMCO Municipal Income Fund II

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 187.0%

MUNICIPAL BONDS & NOTES 184.9%

ALABAMA 7.2%

Jefferson County, Alabama Sewer Revenue Bonds, Series 2013
0.000% due 10/01/2050 (d)	$		18,500	$		18,727
6.500% due 10/01/2053			18,000			19,636

Tuscaloosa County, Alabama Industrial Development Authority Revenue Bonds, Series 2019
4.500% due 05/01/2032			2,564			2,313
5.250% due 05/01/2044			3,300			2,957

						43,633


ARIZONA 10.1%

Arizona Industrial Development Authority Revenue Bonds, Series 2019
4.500% due 01/01/2033			740			512
4.750% due 01/01/2038			950			609
5.125% due 01/01/2054			1,500			962
5.500% due 01/01/2054			1,500			941

Arizona Industrial Development Authority Revenue Bonds, Series 2020
7.750% due 07/01/2050			2,500			2,725

Industrial Development Authority of the County, Arizona of Pima Revenue Bonds, Series 2020
5.000% due 07/01/2055			2,400			2,118

Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2019
4.000% due 01/01/2044			7,700			7,401

Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2019
4.000% due 07/01/2049			5,210			5,033
5.000% due 07/01/2049			3,000			3,164

Salt Verde Financial Corp., Arizona Revenue Bonds, Series 2007
5.000% due 12/01/2032			12,430			13,432
5.000% due 12/01/2037			22,400			24,083

						60,980


CALIFORNIA 6.7%

Bay Area Toll Authority, California Revenue Bonds, Series 2013
5.250% due 04/01/2048			5,000			5,137

Bay Area Toll Authority, California Revenue Bonds, Series 2014
5.000% due 10/01/2054			2,000			2,131

California Health Facilities Financing Authority Revenue Bonds, Series 2011
0.740% due 03/01/2047			1,000			1,000

California Health Facilities Financing Authority Revenue Bonds, Series 2016
5.000% due 11/15/2046 (e)			12,500			13,349

California Health Facilities Financing Authority Revenue Bonds, Series 2020
4.000% due 04/01/2049			4,000			3,748

California State General Obligation Bonds, Series 2019
5.000% due 04/01/2045			4,000			4,348

Los Angeles Department of Airports, California Revenue Bonds, Series 2020
4.000% due 05/15/2048			4,500			4,435

M-S-R Energy Authority, California Revenue Bonds, Series 2009
6.500% due 11/01/2039			1,750			2,164

Morongo Band of Mission Indians, California Revenue Bonds, Series 2018
5.000% due 10/01/2042			1,250			1,323

West Valley-Mission Community College District, California General Obligation Bonds, Series 2022
4.000% due 08/01/2047 (a)			3,000			2,917

						40,552


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
COLORADO 3.5%

Colorado Health Facilities Authority Revenue Bonds, Series 2018
4.000% due 11/15/2048	$		2,555	$		2,446

Colorado Health Facilities Authority Revenue Bonds, Series 2019
4.000% due 08/01/2044			4,000			3,687

Colorado State Building Excellent School Certificates of Participation Bonds, Series 2018
4.000% due 03/15/2043			3,250			3,222

Harvest Crossing Metropolitan District No 4, Colorado General Obligation Bonds, Series 2022
7.250% due 12/01/2052			3,500			3,323

Public Authority for Colorado Energy Revenue Bonds, Series 2008
6.500% due 11/15/2038			1,430			1,758

Senac South Metropolitan District No 1, Colorado General Obligation Bonds, Series 2021
5.250% due 12/01/2051			1,000			842

Sisters of Charity of Leavenworth Health System, Inc. Obligated Group, Colorado Revenue Bonds, Series 2019
4.000% due 01/01/2040			5,300			5,248

Third Creek Metropolitan District No 1, Colorado General Obligation Bonds, Series 2022
4.750% due 12/01/2051			775			609

						21,135


CONNECTICUT 1.3%

Connecticut Special Tax Revenue State Special Tax Bonds, Series 2020
4.000% due 05/01/2036			3,500			3,521

Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2020
4.000% due 07/01/2045			4,450			4,195

						7,716


DELAWARE 1.0%

Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022
3.461% due 07/01/2037			5,360			4,882
7.120% due 07/01/2037			945			924

						5,806


DISTRICT OF COLUMBIA 0.8%

District of Columbia Revenue Bonds, Series 2022
5.500% due 02/28/2037			1,850			1,990

Metropolitan Washington Airports Authority Dulles Toll Road, District of Columbia Revenue Bonds, Series 2019
4.000% due 10/01/2049			3,500			3,134

						5,124


FLORIDA 6.2%

Central Florida Expressway Authority Revenue Bonds, Series 2018
5.000% due 07/01/2043			2,865			3,053

Florida’s Turnpike Enterprise Revenue Bonds, Series 2018
4.000% due 07/01/2048			7,000			6,726

Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2020
4.000% due 08/01/2055			3,700			3,287

Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2019
4.000% due 10/01/2048			5,000			4,839
4.000% due 10/01/2049 (e)			5,000			4,767

Palm Beach County, Florida Health Facilities Authority Revenue Bonds, Series 2022
5.000% due 11/01/2052 (a)			2,850			2,882


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Maine Health & Higher Educational Facilities Authority Revenue Bonds, Series 2020
4.000% due 07/01/2045	$		2,000	$		1,922

						4,721


MARYLAND 2.5%

Baltimore County, Maryland General Obligation Bonds, Series 2018
4.000% due 03/01/2045 (e)			8,000			8,020

Maryland Economic Development Corp. Revenue Bonds, Series 2020
5.000% due 07/01/2056			1,405			1,408

Maryland Stadium Authority Revenue Bonds, Series 2016
5.000% due 05/01/2041			5,000			5,512

						14,940


MASSACHUSETTS 4.6%

Massachusetts Bay Transportation Authority Revenue Bonds, Series 2020
5.000% due 07/01/2050			5,500			5,910

Massachusetts Development Finance Agency Revenue Bonds, Series 2010
7.625% due 10/15/2037 ^(b)			535			214

Massachusetts Development Finance Agency Revenue Bonds, Series 2016
4.000% due 10/01/2046 (e)			5,200			5,054
5.000% due 01/01/2047			2,500			2,543

Massachusetts Development Finance Agency Revenue Bonds, Series 2019
5.000% due 09/01/2059			6,000			6,245

Massachusetts School Building Authority Revenue Bonds, Series 2012
5.250% due 02/15/2048 (e)			7,500			8,139

						28,105


MICHIGAN 5.5%

Michigan Finance Authority Hospital Revenue Refunding Bonds, Series 2022
4.000% due 04/15/2042			2,000			1,979

Michigan Finance Authority Revenue Bonds, Series 2017
4.000% due 12/01/2040 (e)			7,000			6,701
5.000% due 12/01/2031 (e)			2,600			2,815

Michigan Finance Authority Revenue Bonds, Series 2019
4.000% due 12/01/2048			4,000			3,739
4.000% due 02/15/2050			3,500			3,280

Michigan Finance Authority Revenue Bonds, Series 2020
0.000% due 06/01/2065 (c)			30,430			2,787
4.800% due 09/01/2040			185			160
5.000% due 09/01/2050			300			250

Michigan Finance Authority Revenue Bonds, Series 2021
5.000% due 12/01/2046 (e)			4,947			5,157

Michigan Finance Authority Revenue Notes, Series 2020
4.300% due 09/01/2030			115			106

Michigan Finance Authority Revenue Notes, Series 2021
5.000% due 06/01/2027 (e)			153			171

Michigan State University Revenue Bonds, Series 2019
4.000% due 02/15/2044			5,000			4,894

Michigan Tobacco Settlement Finance Authority Revenue Bonds, Series 2008
0.000% due 06/01/2058 (c)			25,000			1,152

						33,191


MINNESOTA 0.9%

Duluth Economic Development Authority Health Care Facilities Revenue Bonds, Series 2022
5.250% due 06/15/2047			2,000			2,063


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Rochester, Minnesota Revenue Bonds, Series 2018
4.000% due 11/15/2048	$		3,500	$		3,410

						5,473


MISSISSIPPI 0.0%

Mississippi Development Bank Revenue Bonds, (AMBAC Insured), Series 1999
5.000% due 07/01/2024			40			40


MISSOURI 1.9%

Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2013
5.000% due 11/15/2044			10,000			10,207

Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2019
4.000% due 02/15/2039			600			598
5.000% due 02/15/2035			500			532

						11,337


NEVADA 1.9%

Clark County, Nevada General Obligation Bonds, Series 2018
4.000% due 07/01/2044 (e)			9,500			9,379

Reno, Nevada Revenue Bonds, Series 2018
0.000% due 07/01/2058 (c)			24,000			2,312

						11,691


NEW JERSEY 12.5%

Federal Home Loan Mortgage Corp. Enhanced Receipt, New Jersey Revenue Bonds, Series 2019
3.870% due 11/15/2035 (f)			6,749			6,610

New Jersey Economic Development Authority Revenue Bonds, Series 2016
5.000% due 06/15/2041			5,000			5,176

New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series 2009
0.680% due 07/01/2043			19,070			19,070

New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series 2013
5.500% due 07/01/2043			4,000			4,102

New Jersey Transportation Trust Fund Authority Revenue Bonds, (AGM Insured), Series 2006
0.000% due 12/15/2034 (c)			2,500			1,530

New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2018
5.000% due 12/15/2036			1,500			1,576

New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2019
5.000% due 06/15/2044			3,500			3,631
5.250% due 06/15/2043			4,000			4,209

New Jersey Turnpike Authority Revenue Bonds, Series 2017
5.000% due 01/01/2037			6,000			6,509

New Jersey Turnpike Authority Revenue Bonds, Series 2019
5.000% due 01/01/2048			1,500			1,620

South Jersey Port Corp., New Jersey Revenue Bonds, Series 2017
5.000% due 01/01/2049			1,010			1,041

Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018
5.000% due 06/01/2046			12,300			12,306
5.250% due 06/01/2046			8,200			8,533

						75,913


NEW YORK 15.8%

Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2019
4.000% due 11/15/2049			7,000			6,456

See Accompanying Notes

SEMIANNUAL REPORT

JUNE 30, 2022


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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Metropolitan Transportation Authority, New York Revenue Bonds, Series 2017
4.000% due 11/15/2042	$		10,000	$		9,146

Nassau County, New York Industrial Development Agency Revenue Bonds, Series 2021
5.000% due 01/01/2058			751			526

New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2020
4.000% due 05/01/2045			2,000			1,948

New York City Water & Sewer System, New York Revenue Bonds, Series 2012
0.900% due 06/15/2046			10,000			10,000

New York City Water & Sewer System, New York Revenue Bonds, Series 2020
4.000% due 06/15/2050			3,000			2,923

New York City, General Obligation Bonds, Series 2018
5.000% due 12/01/2037			2,250			2,436

New York Liberty Development Corp. Revenue Bonds, Series 2005
5.250% due 10/01/2035 (e)			6,505			7,309

New York Liberty Development Corp. Revenue Bonds, Series 2014
5.000% due 11/15/2044			4,250			4,149

New York State Dormitory Authority Northwell Health Obligated Group Revenue Bonds, Series 2022
5.000% due 05/01/2052			5,000			5,189

New York State Dormitory Authority Revenue Bonds, Series 2017
4.000% due 02/15/2047 (e)			8,000			7,658

New York State Dormitory Authority Revenue Bonds, Series 2020
4.000% due 02/15/2040			2,500			2,457

New York State Dormitory Authority Revenue Bonds, Series 2021
4.000% due 03/15/2040			7,730			7,596

New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020
4.200% due 11/01/2054 (f)			3,500			3,345

New York State Thruway Authority Revenue Bonds, (AGM Insured), Series 2019
4.000% due 01/01/2053			1,040			987

New York State Thruway Authority Revenue Bonds, Series 2017
4.000% due 03/15/2047			5,375			5,228

New York State Thruway Authority Revenue Bonds, Series 2019
4.000% due 01/01/2050			1,305			1,219

New York State Urban Development Corp. Revenue Bonds, Series 2021
4.000% due 03/15/2047 (e)			14,250			13,618

Port Authority of New York & New Jersey Revenue Bonds, Series 2016
5.250% due 11/15/2056			3,300			3,517

						95,707


NORTH CAROLINA 0.5%

North Carolina Turnpike Authority Revenue Bonds, Series 2018
4.000% due 01/01/2039			3,000			3,016


NORTH DAKOTA 0.2%

Grand Forks County, North Dakota Revenue Bonds, Series 2021
7.000% due 12/15/2043			1,950			1,131


OHIO 8.9%

Akron Bath Copley Joint Township Hospital District, Ohio Revenue Bonds, Series 2020
4.000% due 11/15/2038			1,500			1,449

Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020
0.000% due 06/01/2057 (c)			79,500			10,235


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Geisinger Authority, Ohio Revenue Bonds, Series 2017
4.000% due 02/15/2047 (e)	$		22,580	$		21,299

Montgomery County, Ohio Dayton Children’s Hospital Revenue Bonds, Series 2021
4.000% due 08/01/2046			5,500			5,056

Ohio Air Quality Development Authority Dayton Power And Light Company Project Revenue Bonds, Series 2015
4.250% due 11/01/2040			3,000			3,028

Ohio State Revenue Bonds, Series 2019
4.000% due 01/01/2040			1,500			1,493

Ohio State Turnpike Commission Revenue Bonds, Series 2013
5.000% due 02/15/2048			6,000			6,125

Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2020
5.000% due 12/01/2050			2,500			2,741

Southern Ohio Port Authority Revenue Notes, Series 2020
6.500% due 12/01/2030			2,600			2,373

						53,799


OKLAHOMA 1.1%

Oklahoma Development Finance Authority Revenue Bonds, Series 2018
5.500% due 08/15/2052			2,000			1,869

Oklahoma Development Finance Authority Revenue Bonds, Series 2021
8.000% due 12/01/2041			1,750			1,418

Oklahoma Water Resources Board Revenue Bonds, Series 2020
4.000% due 10/01/2049			3,250			3,233

						6,520


OREGON 0.5%

Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020
4.000% due 08/15/2050			1,500			1,405

Washington & Multnomah Counties School District No 48J Beaverton, Oregon General Obligation Bonds, Series 2022
0.000% due 06/15/2048 (a)(c)			5,195			1,513

						2,918


PENNSYLVANIA 7.2%

Monroeville Finance Authority, Pennsylvania Revenue Bonds, Series 2022
4.000% due 02/15/2042			4,060			3,869

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2009
6.400% due 12/01/2038 ^(b)			2,500			1,403

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2021
9.000% due 04/01/2051			3,400			3,900

Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2018
4.000% due 02/15/2043			4,800			4,693

Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2019
5.000% due 08/15/2049			2,500			2,634

Pennsylvania Turnpike Commission Revenue Bonds, Series 2013
5.000% due 12/01/2043			10,000			10,385

Pennsylvania Turnpike Commission Revenue Bonds, Series 2021
5.000% due 12/01/2046			1,000			1,075
5.000% due 12/01/2051			6,000			6,424

Philadelphia Authority for Industrial Development, Pennsylvania Revenue Bonds, Series 2017
5.500% due 12/01/2058			1,000			936


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
U.S. VIRGIN ISLANDS 0.9%

Matching Fund Special Purpose Securitization Corp., U.S. Virgin Islands Revenue Bonds, Series 2022
5.000% due 10/01/2039	$		5,460	$		5,517


UTAH 0.5%

Military Installation Development Authority, Utah Revenue Bonds, Series 2021
4.000% due 06/01/2052			2,000			1,517

Utah County, Utah Revenue Bonds, Series 2020
4.000% due 05/15/2043			1,650			1,631

						3,148


VIRGINIA 5.7%

Fairfax County, Virginia Economic Development Authority Revenue Bonds, Series 2003
0.820% due 12/01/2033			1,875			1,875

Fairfax County, Virginia Industrial Development Authority Revenue Bonds, Series 2018
4.000% due 05/15/2048			1,000			964

James City County, Virginia Economic Development Authority Revenue Bonds, Series 2013
6.000% due 06/01/2043			1,182			1,225

University of Virginia Revenue Bonds, Series 2018
4.000% due 08/01/2048 (e)			10,000			10,031

Virginia Commonwealth Transportation Board Revenue Bonds, Series 2018
4.000% due 05/15/2041 (e)			8,200			8,266

Virginia Small Business Financing Authority Revenue Bonds, Series 2019
0.000% due 07/01/2061 (c)			51,000			2,691
5.500% due 07/01/2044			2,000			1,960
5.500% due 07/01/2049			500			486

Virginia Small Business Financing Authority Revenue Bonds, Series 2020
4.000% due 12/01/2049			7,800			7,338

						34,836


WASHINGTON 0.8%

Snohomish County, Washington Housing Authority Revenue Bonds, Series 2019
4.000% due 04/01/2044			2,000			1,989

Washington State Convention Center Public Facilities District Revenue Bonds, Series 2018
4.000% due 07/01/2058			2,960			2,635

						4,624


WEST VIRGINIA 2.0%

Monongalia County, West Virginia Commission Special District Revenue Bonds, Series 2017
5.500% due 06/01/2037			2,000			2,034

West Virginia Economic Development Authority Revenue Bonds, Series 2017
4.000% due 06/15/2040			7,110			7,164

West Virginia State General Obligation Bonds, Series 2019
5.000% due 12/01/2041			2,500			2,734

						11,932


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
WISCONSIN 7.4%

Public Finance Authority, Wisconsin Revenue Bonds, Series 2017
7.000% due 01/01/2050	$		4,500	$		4,871

Public Finance Authority, Wisconsin Revenue Bonds, Series 2018
6.375% due 01/01/2048			4,000			2,460
7.000% due 07/01/2048			1,000			828

Public Finance Authority, Wisconsin Revenue Bonds, Series 2020
0.000% due 01/01/2060 (c)			15,000			1,020

Public Finance Authority, Wisconsin Revenue Bonds, Series 2021
4.000% due 09/30/2051			1,700			1,372
4.000% due 03/31/2056			900			708
4.000% due 07/01/2056			1,100			931
4.500% due 06/01/2056			1,000			749

Public Finance Authority, Wisconsin Revenue Bonds, Series 2022
5.000% due 10/01/2052			7,500			7,969

Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020
0.000% due 12/15/2050 (c)			21,000			5,426

Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016
4.000% due 11/15/2046			15,585			15,249

Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2017
4.000% due 08/15/2042 (e)			3,000			2,968

						44,551

Total Municipal Bonds & Notes (Cost $1,146,250)						1,118,595


SHORT-TERM INSTRUMENTS 2.1%

REPURCHASE AGREEMENTS (g) 2.1%
						12,515

Total Short-Term Instruments (Cost $12,515)						12,515



Total Investments in Securities (Cost $1,158,765)						1,131,110


Total Investments 187.0% (Cost $1,158,765)				$		1,131,110

Auction Rate Preferred Shares (49.3)%						(298,275	)

Remarketable Variable Rate MuniFund Term Preferred Shares, at liquidation value (11.4)%						(68,623	)

Other Assets and Liabilities, net (26.3)%						(159,301	)

Net Assets Applicable to Common Shareholders 100.0%				$		604,911

NOTES TO SCHEDULE OF INVESTMENTS:

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

^	Security is in default.

(a)	When-issued security.

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

(c)	Zero coupon security.

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

See Accompanying Notes

SEMIANNUAL REPORT

JUNE 30, 2022


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

(e)

(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	$	7,756	$	6,610		1.09	%
New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020		4.200			11/01/2054		11/18/2021		3,974		3,345		0.56

								$	11,730	$	9,955		1.65	%

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		0.400	%		06/30/2022		07/01/2022	$	12,515	U.S. Treasury Notes 3.000% due 06/30/2024	$	(12,765	)	$	12,515	$	12,515

Total Repurchase Agreements											$	(12,765	)	$	12,515	$	12,515

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2022:


Counterparty	Repurchase Agreement Proceeds to be Received (1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure (2)
Global/Master Repurchase Agreement
FICC	$	12,515	$	0	$	0	$	12,515	$	(12,765	)	$	(250	)

Total Borrowings and Other Financing Transactions	$	12,515	$	0	$	0

(1)	Includes accrued interest.

(2)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Investments in Securities, at Value
Municipal Bonds & Notes
Alabama	$	0	$	43,633	$	0	$	43,633
Arizona		0		60,980		0		60,980
California		0		40,552		0		40,552
Colorado		0		21,135		0		21,135
Connecticut		0		7,716		0		7,716
Delaware		0		5,806		0		5,806
District of Columbia		0		5,124		0		5,124
Florida		0		37,357		0		37,357
Georgia		0		36,864		0		36,864
Illinois		0		115,768		0		115,768
Indiana		0		2,955		0		2,955
Iowa		0		7,329		0		7,329
Kansas		0		5,403		0		5,403
Louisiana		0		25,246		0		25,246


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Maine	$	0	$	4,721	$	0	$	4,721
Maryland		0		14,940		0		14,940
Massachusetts		0		28,105		0		28,105
Michigan		0		33,191		0		33,191
Minnesota		0		5,473		0		5,473
Mississippi		0		40		0		40
Missouri		0		11,337		0		11,337
Nevada		0		11,691		0		11,691
New Jersey		0		75,913		0		75,913
New York		0		95,707		0		95,707
North Carolina		0		3,016		0		3,016
North Dakota		0		1,131		0		1,131
Ohio		0		53,799		0		53,799
Oklahoma		0		6,520		0		6,520
Oregon		0		2,918		0		2,918
Pennsylvania		0		43,319		0		43,319


42		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						June 30, 2022		(Unaudited)


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Puerto Rico	$	0	$	44,393	$	0	$	44,393
Rhode Island		0		18,658		0		18,658
South Carolina		0		10,171		0		10,171
Tennessee		0		14,274		0		14,274
Texas		0		118,802		0		118,802
U.S. Virgin Islands		0		5,517		0		5,517
Utah		0		3,148		0		3,148
Virginia		0		34,836		0		34,836


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Washington	$	0	$	4,624	$	0	$	4,624
West Virginia		0		11,932		0		11,932
Wisconsin		0		44,551		0		44,551
Short-Term Instruments
Repurchase Agreements		0		12,515		0		12,515


Total Investments	$	0	$	1,131,110	$	0	$	1,131,110

There were no significant transfers into or out of Level 3 during the period ended June 30, 2022.

See Accompanying Notes

SEMIANNUAL REPORT

JUNE 30, 2022


Schedule of Investments		PIMCO Municipal Income Fund III

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 181.8%

MUNICIPAL BONDS & NOTES 180.5%

ALABAMA 10.3%

Jefferson County, Alabama Sewer Revenue Bonds, Series 2013
0.000% due 10/01/2050 (d)	$		19,000	$		19,233
6.500% due 10/01/2053			7,500			8,182

Tuscaloosa County, Alabama Industrial Development Authority Revenue Bonds, Series 2019
4.500% due 05/01/2032			1,111			1,002
5.250% due 05/01/2044			1,625			1,456

						29,873


ARIZONA 8.4%

Arizona Industrial Development Authority Revenue Bonds, Series 2019
4.500% due 01/01/2031			675			493
4.500% due 01/01/2032			710			505
4.500% due 01/01/2049			750			473

Arizona Industrial Development Authority Revenue Bonds, Series 2020
7.750% due 07/01/2050			1,200			1,308

Industrial Development Authority of the County, Arizona of Pima Revenue Bonds, Series 2020
5.000% due 07/01/2055			1,200			1,059

Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2019
4.000% due 01/01/2044			3,800			3,652

Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2019
4.000% due 07/01/2049			2,495			2,410
5.000% due 07/01/2049			1,770			1,867

Salt Verde Financial Corp., Arizona Revenue Bonds, Series 2007
5.000% due 12/01/2037			11,600			12,472

						24,239


CALIFORNIA 9.3%

Bay Area Toll Authority, California Revenue Bonds, Series 2013
5.250% due 04/01/2053			12,000			12,325

California Health Facilities Financing Authority Revenue Bonds, Series 2013
5.000% due 08/15/2052			2,015			2,088

California Health Facilities Financing Authority Revenue Bonds, Series 2020
4.000% due 04/01/2049			2,000			1,874

California State General Obligation Bonds, Series 2019
5.000% due 04/01/2045			3,000			3,261

Los Angeles Department of Airports, California Revenue Bonds, Series 2020
4.000% due 05/15/2048			2,000			1,971

M-S-R Energy Authority, California Revenue Bonds, Series 2009
6.500% due 11/01/2039			2,000			2,473

Morongo Band of Mission Indians, California Revenue Bonds, Series 2018
5.000% due 10/01/2042			750			794

Northern California Energy Authority Revenue Bonds, Series 2018
4.000% due 07/01/2049			2,250			2,288

						27,074


COLORADO 3.7%

Colorado Health Facilities Authority Revenue Bonds, Series 2019
4.000% due 08/01/2044			2,000			1,843

Colorado Springs, Colorado Utilities System Revenue Bonds, Series 2020
4.000% due 11/15/2050			2,500			2,464


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Colorado State Building Excellent School Certificates of Participation Bonds, Series 2018
4.000% due 03/15/2043	$		1,250	$		1,239

Harvest Crossing Metropolitan District No 4, Colorado General Obligation Bonds, Series 2022
7.250% due 12/01/2052			1,250			1,187

Public Authority for Colorado Energy Revenue Bonds, Series 2008
6.500% due 11/15/2038			500			615

Senac South Metropolitan District No 1, Colorado General Obligation Bonds, Series 2021
5.250% due 12/01/2051			550			463

Sisters of Charity of Leavenworth Health System, Inc. Obligated Group, Colorado Revenue Bonds, Series 2019
4.000% due 01/01/2040			2,500			2,476

Third Creek Metropolitan District No 1, Colorado General Obligation Bonds, Series 2022
4.750% due 12/01/2051			500			393

						10,680


CONNECTICUT 1.8%

Connecticut Special Tax Revenue State Special Tax Bonds, Series 2020
5.000% due 05/01/2037			2,000			2,217

Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2020
4.000% due 07/01/2045			3,300			3,111

						5,328


DELAWARE 4.2%

Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022
3.461% due 07/01/2037			11,120			10,128
7.120% due 07/01/2037			1,965			1,921

						12,049


DISTRICT OF COLUMBIA 1.6%

District of Columbia General Obligation Bonds, Series 2019
5.000% due 10/15/2044			650			709

District of Columbia Revenue Bonds, Series 2022
5.500% due 08/31/2036			1,800			1,946

District of Columbia Water & Sewer Authority Revenue Bonds, Series 2019
5.000% due 10/01/2044			500			549

Metropolitan Washington Airports Authority Dulles Toll Road, District of Columbia Revenue Bonds, Series 2019
4.000% due 10/01/2049			1,750			1,567

						4,771


FLORIDA 10.0%

Greater Orlando Aviation Authority, Florida Revenue Bonds, Series 2010
8.589% due 10/01/2039 (f)			5,000			5,012

Hillsborough County, Florida Industrial Development Authority Revenue Bonds, Series 2020
4.000% due 08/01/2055			1,800			1,599

Miami-Dade County, Florida Educational Facilities Authority Revenue Bonds, Series 2018
4.000% due 04/01/2053			4,000			3,574

Miami-Dade County, Florida Transit System Revenue Bonds, Series 2018
4.000% due 07/01/2044			1,000			983

Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2019
4.000% due 10/01/2049 (e)			2,500			2,384

North Miami Beach, Florida Water Revenue Bonds, Series 2020
5.000% due 08/01/2044			3,000			3,321


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Pasco County, Florida Water & Sewer Revenue Bonds, Series 2014
4.000% due 10/01/2044	$		1,500	$		1,468

Pompano Beach, Florida Revenue Bonds, Series 2020
4.000% due 09/01/2050			1,750			1,443

Putnam County Development Authority, Florida Revenue Bonds, Series 2018
5.000% due 03/15/2042			1,000			1,083

South Miami Health Facilities Authority, Florida Revenue Bonds, Series 2017
4.000% due 08/15/2047 (e)			3,750			3,524

St Johns County, Florida Industrial Development Authority Revenue Bonds, Series 2020
4.000% due 08/01/2055			3,500			3,509

Tampa, Florida Revenue Bonds, Series 2020
0.000% due 09/01/2049 (c)			2,600			685
0.000% due 09/01/2053 (c)			2,600			540

						29,125


GEORGIA 5.6%

Atlanta Development Authority, Georgia Revenue Bonds, Series 2017
6.750% due 01/01/2035 ^(b)			1,750			927

Fayette County, Georgia Hospital Authority Revenue Bonds, Series 2016
5.000% due 07/01/2046 (e)			3,000			3,134

Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2019
5.000% due 05/15/2043			2,000			2,070

Municipal Electric Authority of Georgia Revenue Bonds, Series 2015
5.000% due 07/01/2060			10,000			10,115

						16,246


ILLINOIS 18.0%

Chicago Board of Education, Illinois General Obligation Bonds, Series 2012
5.000% due 12/01/2042			4,000			4,000

Chicago O’Hare International Airport, Illinois Revenue Bonds, Series 2018
5.000% due 01/01/2048			2,800			2,924
5.000% due 01/01/2053			1,000			1,036

Chicago Park District, Illinois General Obligation Bonds, Series 2020
4.000% due 01/01/2036			1,300			1,249

Chicago, Illinois General Obligation Bonds, Series 2007
5.500% due 01/01/2035			400			413
5.500% due 01/01/2042			1,000			1,029

Chicago, Illinois General Obligation Bonds, Series 2015
5.375% due 01/01/2029			7,200			7,459
5.500% due 01/01/2034			2,665			2,752

Chicago, Illinois General Obligation Bonds, Series 2017
6.000% due 01/01/2038			3,000			3,223

Chicago, Illinois Revenue Bonds, Series 2002
5.000% due 01/01/2027			1,750			1,869

Illinois Finance Authority Revenue Bonds, Series 2017
5.000% due 02/15/2037 ^(b)			1,030			695

Illinois Finance Authority Revenue Bonds, Series 2019
5.000% due 11/01/2035			1,010			963

Illinois State General Obligation Bonds, Series 2018
4.625% due 05/01/2037			2,000			2,018
5.000% due 05/01/2041			1,500			1,543

Illinois State General Obligation Notes, Series 2017
5.000% due 11/01/2025			1,150			1,218
5.000% due 11/01/2027			7,000			7,552

Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (AGM Insured), Series 2010
0.000% due 06/15/2045 (c)			6,500			2,185

Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (AGM/CR Insured), Series 2017
0.000% due 12/15/2056 (c)			2,685			498


44		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						June 30, 2022		(Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, (AGM/CR/NPFGC Insured), Series 2002
0.000% due 12/15/2040 (c)	$		2,000	$		866

Metropolitan Pier & Exposition Authority, Illinois Revenue Bonds, Series 2012
0.000% due 12/15/2051 (c)			2,500			555

Regional Transportation Authority, Illinois Revenue Bonds, Series 2018
5.000% due 06/01/2038 (e)			3,900			4,339

Sales Tax Securitization Corp., Illinois Revenue Notes, Series 2020
5.000% due 01/01/2029			3,500			3,879

						52,265


INDIANA 1.2%

Indiana Finance Authority Revenue Bonds, Series 2019
7.000% due 03/01/2039			1,250			991

Indiana Health & Educational Facilities Financing Authority Revenue Bonds, Series 2006
4.000% due 11/15/2046			2,500			2,433

						3,424


IOWA 1.2%

Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds, Series 2022
5.000% due 12/01/2050			2,755			2,798

Iowa Finance Authority Revenue Bonds, Series 2014
5.400% due 11/15/2046 ^			372			397

Iowa Tobacco Settlement Authority Revenue Bonds, Series 2021
0.000% due 06/01/2065 (c)			2,500			256

						3,451


KANSAS 0.7%

University of Kansas Hospital Authority Revenue Bonds, Series 2015
4.000% due 09/01/2040 (e)			2,000			1,965

						1,965


LOUISIANA 4.9%

East Baton Rouge Sewerage Commission, Louisiana Revenue Bonds, Series 2019
4.000% due 02/01/2045			3,100			3,006

Louisiana Gasoline & Fuels Tax State Revenue Bonds, Series 2017
4.000% due 05/01/2045 (e)			4,000			4,017

Louisiana Public Facilities Authority Revenue Bonds, Series 2017
5.000% due 05/15/2042			4,000			4,142

Louisiana Public Facilities Authority Revenue Bonds, Series 2020
4.000% due 04/01/2050			750			691

Parish of St James, Louisiana Revenue Bonds, Series 2010
6.350% due 07/01/2040			1,350			1,498

Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017
2.375% due 06/01/2037			950			890

						14,244


MAINE 0.9%

Maine Health & Higher Educational Facilities Authority Revenue Bonds, Series 2013
5.000% due 07/01/2043			1,500			1,547

Maine Health & Higher Educational Facilities Authority Revenue Bonds, Series 2020
4.000% due 07/01/2050			1,000			940

						2,487


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
MARYLAND 1.4%

Baltimore County, Maryland General Obligation Bonds, Series 2018
4.000% due 03/01/2045 (e)	$		3,600	$		3,609

Maryland Economic Development Corp. Revenue Bonds, Series 2020
5.000% due 07/01/2056			500			501

						4,110


MASSACHUSETTS 4.6%

Commonwealth of Massachusetts General Obligation Bonds, Series 2018
4.000% due 05/01/2040			1,000			999

Commonwealth of Massachusetts General Obligation Bonds, Series 2019
5.000% due 05/01/2046			3,000			3,274

Massachusetts Bay Transportation Authority Revenue Bonds, Series 2020
5.000% due 07/01/2050			1,500			1,612

Massachusetts Development Finance Agency Revenue Bonds, Series 2010
7.625% due 10/15/2037 ^(b)			275			110

Massachusetts Development Finance Agency Revenue Bonds, Series 2016
4.000% due 10/01/2046 (e)			2,500			2,430
5.000% due 01/01/2047			1,000			1,017

Massachusetts Housing Finance Agency Revenue Bonds, Series 2003
5.125% due 06/01/2043			525			525

Massachusetts School Building Authority Revenue Bonds, Series 2012
5.250% due 02/15/2048 (e)			3,000			3,255

						13,222


MICHIGAN 5.7%

Michigan Finance Authority Revenue Bonds, Series 2017
4.000% due 12/01/2036 (e)			3,000			2,975
4.000% due 12/01/2040 (e)			500			479
5.000% due 12/01/2031 (e)			1,200			1,299

Michigan Finance Authority Revenue Bonds, Series 2020
0.000% due 06/01/2065 (c)			14,605			1,337

Michigan Finance Authority Revenue Bonds, Series 2021
5.000% due 12/01/2046 (e)			2,425			2,528

Michigan Finance Authority Revenue Notes, Series 2021
5.000% due 06/01/2027 (e)			75			84

Michigan State University Revenue Bonds, Series 2019
4.000% due 02/15/2044			2,500			2,447

Michigan Tobacco Settlement Finance Authority Revenue Bonds, Series 2008
0.000% due 06/01/2058 (c)			12,500			576

Michigan Trunk Line State Revenue Bonds, Series 2021
4.000% due 11/15/2044			5,000			4,917

						16,642


MINNESOTA 0.6%

Rochester, Minnesota Revenue Bonds, Series 2018
4.000% due 11/15/2048			1,750			1,705


MISSOURI 0.2%

Health & Educational Facilities Authority of the State of Missouri Revenue Bonds, Series 2019
5.000% due 02/15/2036			425			454

Jennings, Missouri Revenue Bonds, Series 2006
5.000% due 11/01/2023			135			81

						535


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NEBRASKA 2.0%

Central Plains Energy Project, Nebraska Revenue Bonds, Series 2017
5.000% due 09/01/2042	$		5,500	$		5,855


NEVADA 1.9%

Clark County, Nevada General Obligation Bonds, Series 2018
4.000% due 07/01/2044 (e)			4,545			4,487

Reno, Nevada Revenue Bonds, Series 2018
0.000% due 07/01/2058 (c)			11,000			1,060

						5,547


NEW JERSEY 10.7%

Federal Home Loan Mortgage Corp. Enhanced Receipt, New Jersey Revenue Bonds, Series 2019
3.870% due 11/15/2035 (g)			3,256			3,189

New Jersey Economic Development Authority Revenue Bonds, Series 2016
5.000% due 06/15/2041			5,000			5,176

New Jersey Economic Development Authority Special Assessment Bonds, Series 2002
6.500% due 04/01/2028			4,326			4,374

New Jersey Health Care Facilities Financing Authority Revenue Bonds, Series 2013
5.500% due 07/01/2043			2,000			2,051

New Jersey Transportation Trust Fund Authority Revenue Bonds, (AGM Insured), Series 2006
0.000% due 12/15/2034 (c)			3,200			1,959

New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2021
4.000% due 06/15/2036			1,500			1,495

South Jersey Port Corp., New Jersey Revenue Bonds, Series 2017
5.000% due 01/01/2049			900			927

Tobacco Settlement Financing Corp., New Jersey Revenue Bonds, Series 2018
5.000% due 06/01/2029			1,200			1,288
5.000% due 06/01/2046			7,000			7,003
5.250% due 06/01/2046			3,500			3,642

						31,104


NEW YORK 13.4%

Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2019
4.000% due 11/15/2049			2,120			1,955

Metropolitan Transportation Authority, New York Revenue Bonds, Series 2017
4.000% due 11/15/2042			5,500			5,031

Nassau County, New York Industrial Development Agency Revenue Bonds, Series 2021
5.000% due 01/01/2058			785			549

New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2019
4.000% due 05/01/2041			1,110			1,101

New York City Water & Sewer System, New York Revenue Bonds, Series 2020
4.000% due 06/15/2050			4,000			3,898

New York Liberty Development Corp. Revenue Bonds, Series 2007
5.500% due 10/01/2037			1,700			1,966

New York Liberty Development Corp. Revenue Bonds, Series 2014
5.000% due 11/15/2044			1,000			976

New York State Dormitory Authority Northwell Health Obligated Group Revenue Bonds, Series 2022
5.000% due 05/01/2052			2,000			2,075

New York State Dormitory Authority Revenue Bonds, Series 2017
4.000% due 02/15/2047 (e)			1,000			957

See Accompanying Notes

SEMIANNUAL REPORT

JUNE 30, 2022


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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

New York State Dormitory Authority Revenue Bonds, Series 2020
4.000% due 02/15/2040	$		1,250	$		1,228

New York State Dormitory Authority Revenue Bonds, Series 2021
4.000% due 03/15/2040			3,000			2,948

New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020
4.200% due 11/01/2054 (g)			1,500			1,434

New York State Thruway Authority Revenue Bonds, (AGM Insured), Series 2019
4.000% due 01/01/2053			500			475

New York State Thruway Authority Revenue Bonds, Series 2017
4.000% due 03/15/2047			2,000			1,945

New York State Thruway Authority Revenue Bonds, Series 2019
4.000% due 01/01/2041			5,500			5,281
4.000% due 01/01/2050			620			579

New York State Urban Development Corp. Revenue Bonds, Series 2021
4.000% due 10/01/2049 (e)			6,750			6,451

						38,849


NORTH CAROLINA 0.9%

University of North Carolina Hospitals at Chapel Hill Revenue Bonds, Series 2016
4.000% due 02/01/2046			2,500			2,472


NORTH DAKOTA 0.2%

Grand Forks County, North Dakota Revenue Bonds, Series 2021
7.000% due 12/15/2043			940			545


OHIO 9.5%

American Municipal Power, Inc., Ohio Revenue Bonds, Series 2017
4.000% due 02/15/2042			1,000			976

Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020
0.000% due 06/01/2057 (c)			39,500			5,085

Geisinger Authority, Ohio Revenue Bonds, Series 2017
4.000% due 02/15/2047 (e)			10,310			9,725

Montgomery County, Ohio Dayton Children’s Hospital Revenue Bonds, Series 2021
4.000% due 08/01/2046			2,250			2,068

Ohio Air Quality Development Authority Dayton Power And Light Company Project Revenue Bonds , Series 2015
4.250% due 11/01/2040			2,000			2,019

Ohio State Turnpike Commission Revenue Bonds, Series 2013
5.000% due 02/15/2048			5,000			5,104

Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series 2020
5.000% due 12/01/2050			1,250			1,371

Southern Ohio Port Authority Revenue Notes, Series 2020
6.500% due 12/01/2030			1,400			1,278

						27,626


OKLAHOMA 1.3%

Oklahoma Development Finance Authority Revenue Bonds, Series 2018
5.500% due 08/15/2052			1,600			1,496

Oklahoma Development Finance Authority Revenue Bonds, Series 2021
8.000% due 12/01/2041			1,000			810

Oklahoma Water Resources Board Revenue Bonds, Series 2020
4.000% due 10/01/2049			1,500			1,492

						3,798


46		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						June 30, 2022		(Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
U.S. VIRGIN ISLANDS 0.9%

Matching Fund Special Purpose Securitization Corp., U.S. Virgin Islands Revenue Bonds, Series 2022
5.000% due 10/01/2039	$		2,635	$		2,662


UTAH 0.2%

Utah County, Utah Revenue Bonds, Series 2020
4.000% due 05/15/2043			550			544


VIRGINIA 5.9%

Fairfax County, Virginia Industrial Development Authority Revenue Bonds, Series 2018
4.000% due 05/15/2048			1,000			964

James City County, Virginia Economic Development Authority Revenue Bonds, Series 2013
6.000% due 06/01/2043			577			597

University of Virginia Revenue Bonds, Series 2018
4.000% due 08/01/2048 (e)			5,000			5,016

Virginia Commonwealth Transportation Board Revenue Bonds, Series 2018
4.000% due 05/15/2041 (e)			4,000			4,032

Virginia Small Business Financing Authority Revenue Bonds, Series 2019
0.000% due 07/01/2061 (c)			25,000			1,319
5.500% due 07/01/2044			1,000			980
5.500% due 07/01/2049			500			486

Virginia Small Business Financing Authority Revenue Bonds, Series 2020
4.000% due 12/01/2049			3,800			3,575

						16,969


WASHINGTON 2.4%

Seattle, Washington Municipal Light & Power Revenue Bonds, Series 2018
4.000% due 01/01/2046			4,000			3,949


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Snohomish County, Washington Housing Authority Revenue Bonds, Series 2019
4.000% due 04/01/2044	$		1,000	$		994

Washington State Convention Center Public Facilities District Revenue Bonds, Series 2018
4.000% due 07/01/2058			1,345			1,197

Washington State Housing Finance Commission Revenue Bonds, Series 2018
5.000% due 07/01/2038			825			712

						6,852


WEST VIRGINIA 0.7%

Monongalia County, West Virginia Commission Special District Revenue Bonds, Series 2017
5.500% due 06/01/2037			1,000			1,017

West Virginia State General Obligation Bonds, Series 2019
5.000% due 12/01/2041			1,000			1,094

						2,111


WISCONSIN 6.4%

Public Finance Authority, Wisconsin Revenue Bonds, Series 2017
7.000% due 01/01/2050			2,500			2,706

Public Finance Authority, Wisconsin Revenue Bonds, Series 2018
6.375% due 01/01/2048			2,500			1,537
7.000% due 07/01/2048			750			621

Public Finance Authority, Wisconsin Revenue Bonds, Series 2020
0.000% due 01/01/2060 (c)			7,500			510

Public Finance Authority, Wisconsin Revenue Bonds, Series 2021
4.000% due 09/30/2051			1,260			1,017
4.000% due 07/01/2056			650			550

University of Wisconsin Hospitals & Clinics Authority Revenue Bonds, Series 2013
5.000% due 04/01/2038			3,500			3,586


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020
0.000% due 12/15/2050 (c)	$		9,410	$		2,431

Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016
4.000% due 11/15/2046			1,500			1,467

Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2017
4.000% due 08/15/2042 (e)			2,000			1,979

Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2018
5.000% due 04/01/2044			2,000			2,121

						18,525

Total Municipal Bonds & Notes (Cost $537,125)						523,294


SHORT-TERM INSTRUMENTS 1.3%

REPURCHASE AGREEMENTS (h) 1.3%
						3,770

Total Short-Term Instruments (Cost $3,770)						3,770



Total Investments in Securities (Cost $540,895)						527,064


Total Investments 181.8% (Cost $540,895)				$		527,064

Auction Rate Preferred Shares (53.4)%						(154,700	)

Remarketable Variable Rate MuniFund Term Preferred Shares, at liquidation value (11.8)%						(34,249	)

Other Assets and Liabilities, net (16.6)%						(48,183	)

Net Assets Applicable to Common Shareholders 100.0%				$		289,932

NOTES TO SCHEDULE OF INVESTMENTS:

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

^	Security is in default.

(a)	When-issued security.

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

(c)	Zero coupon security.

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

(e)

(f)

Represents an investment in a tender option bond residual interest certificate purchased in a secondary market transaction. The interest rate shown bears an inverse relationship to the interest rate on a tender option bond floating rate certificate. The interest rate disclosed reflects the rate in effect on June 30, 2022.

(g) RESTRICTED SECURITIES:


Issuer Description	Coupon			Maturity Date		Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets Applicable to Common Shareholders
Federal Home Loan Mortgage Corp. Enhanced Receipt, New Jersey Revenue Bonds, Series 2019		3.870	%		11/15/2035		10/26/2020	$	3,742	$	3,189		1.10	%
New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020		4.200			11/01/2054		11/18/2021		1,703		1,434		0.49

								$	5,445	$	4,623		1.59	%

See Accompanying Notes

SEMIANNUAL REPORT

JUNE 30, 2022


Schedule of Investments		PIMCO Municipal Income Fund III		(Cont.)		June 30, 2022		(Unaudited)

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(h) REPURCHASE AGREEMENTS:


Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received (1)
FICC		0.400	%		06/30/2022		07/01/2022	$	3,770	U.S. Treasury Notes 3.000% due 06/30/2024	$	(3,845	)	$	3,770	$	3,770

Total Repurchase Agreements											$	(3,845	)	$	3,770	$	3,770

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2022:


Counterparty	Repurchase Agreement Proceeds to be Received (1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure (2)
Global/Master Repurchase Agreement
FICC	$	3,770	$	0	$	0	$	3,770	$	(3,845	)	$	(75	)

Total Borrowings and Other Financing Transactions	$	3,770	$	0	$	0

(1)	Includes accrued interest.

(2)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the Fund’s assets and liabilities:


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Investments in Securities, at Value
Municipal Bonds & Notes
Alabama	$	0	$	29,873	$	0	$	29,873
Arizona		0		24,239		0		24,239
California		0		27,074		0		27,074
Colorado		0		10,680		0		10,680
Connecticut		0		5,328		0		5,328
Delaware		0		12,049		0		12,049
District of Columbia		0		4,771		0		4,771
Florida		0		29,125		0		29,125
Georgia		0		16,246		0		16,246
Illinois		0		52,265		0		52,265
Indiana		0		3,424		0		3,424
Iowa		0		3,451		0		3,451
Kansas		0		1,965		0		1,965
Louisiana		0		14,244		0		14,244
Maine		0		2,487		0		2,487
Maryland		0		4,110		0		4,110
Massachusetts		0		13,222		0		13,222
Michigan		0		16,642		0		16,642
Minnesota		0		1,705		0		1,705
Missouri		0		535		0		535
Nebraska		0		5,855		0		5,855
Nevada		0		5,547		0		5,547


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
New Jersey	$	0	$	31,104	$	0	$	31,104
New York		0		38,849		0		38,849
North Carolina		0		2,472		0		2,472
North Dakota		0		545		0		545
Ohio		0		27,626		0		27,626
Oklahoma		0		3,798		0		3,798
Oregon		0		1,210		0		1,210
Pennsylvania		0		15,293		0		15,293
Puerto Rico		0		21,647		0		21,647
South Carolina		0		6,854		0		6,854
Tennessee		0		2,418		0		2,418
Texas		0		38,978		0		38,978
U.S. Virgin Islands		0		2,662		0		2,662
Utah		0		544		0		544
Virginia		0		16,969		0		16,969
Washington		0		6,852		0		6,852
West Virginia		0		2,111		0		2,111
Wisconsin		0		18,525		0		18,525
Short-Term Instruments
Repurchase Agreements		0		3,770		0		3,770


Total Investments	$	0	$	527,064	$	0	$	527,064

There were no significant transfers into or out of Level 3 during the period ended June 30, 2022.


48		PIMCO CLOSED-END FUNDS			See Accompanying Notes


Schedule of Investments		PIMCO California Municipal Income Fund				June 30, 2022 (Unaudited)

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 188.4%

MUNICIPAL BONDS & NOTES 183.0%

ARIZONA 0.4%

Arizona Industrial Development Authority Revenue Bonds, Series 2020
7.750% due 07/01/2050	$		850	$		926


CALIFORNIA 160.0%

Bay Area Toll Authority, California Revenue Bonds, Series 2017
5.000% due 04/01/2056			1,750			1,963

California Community Housing Agency Revenue Bonds, Series 2019
5.000% due 04/01/2049			3,925			3,590
5.000% due 08/01/2049			1,000			922

California Community Housing Agency Revenue Bonds, Series 2022
4.500% due 08/01/2052			1,000			886

California County Tobacco Securitization Agency Revenue Bonds, Series 2002
6.000% due 06/01/2035			2,290			2,290
6.125% due 06/01/2038			1,000			940

California County Tobacco Securitization Agency Revenue Bonds, Series 2007
0.000% due 06/01/2057 (c)			7,000			968

California County Tobacco Securitization Agency Revenue Bonds, Series 2020
0.000% due 06/01/2055 (c)			4,700			768

California Educational Facilities Authority Revenue Bonds, Series 2017
5.000% due 04/01/2047			800			847

California Educational Facilities Authority Revenue Bonds, Series 2018
4.000% due 10/01/2039			1,250			1,212
5.000% due 10/01/2048			1,000			1,057

California Enterprise Development Authority Revenue Bonds, Series 2020
5.000% due 08/01/2050			700			705

California Health Facilities Financing Authority Revenue Bonds, (CM Insured), Series 2020
4.000% due 11/01/2040			1,195			1,181

California Health Facilities Financing Authority Revenue Bonds, Series 2012
5.000% due 08/15/2051			7,300			7,331

California Health Facilities Financing Authority Revenue Bonds, Series 2013
5.000% due 08/15/2052			1,675			1,736

California Health Facilities Financing Authority Revenue Bonds, Series 2015
5.000% due 08/15/2054			1,300			1,347

California Health Facilities Financing Authority Revenue Bonds, Series 2016
5.000% due 11/15/2046 (e)			5,000			5,340
5.000% due 08/15/2055			6,000			6,237

California Health Facilities Financing Authority Revenue Bonds, Series 2017
4.000% due 11/01/2038			1,400			1,393

California Health Facilities Financing Authority Revenue Bonds, Series 2020
4.000% due 04/01/2049			3,500			3,280
4.000% due 06/01/2050			3,250			2,999

California Health Facilities Financing Authority Revenue Bonds, Series 2021
4.000% due 08/15/2048			2,500			2,444

California Infrastructure & Economic Development Bank Revenue Bonds, Series 2013
5.000% due 02/01/2039			10,000			10,196

California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020
0.000% due 01/01/2060 (c)			5,250			370
4.000% due 07/01/2050			350			336
4.000% due 11/01/2050			860			781


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

California Municipal Finance Authority Revenue Bonds, Series 2018
5.000% due 05/15/2043	$		500	$		517
5.000% due 06/01/2043			1,370			1,476
5.000% due 06/01/2048			1,370			1,468

California Municipal Finance Authority Revenue Bonds, Series 2021
4.000% due 11/01/2036			765			665
4.000% due 02/01/2051			1,650			1,491

California Public Finance Authority Revenue Bonds, Series 2019
6.250% due 07/01/2054			1,350			1,467

California Public Finance Authority Revenue Bonds, Series 2022
0.520% due 07/15/2062			2,500			2,500

California State General Obligation Bonds, Series 2013
5.000% due 11/01/2043			7,000			7,229

California State General Obligation Bonds, Series 2017
4.000% due 11/01/2047			2,750			2,720

California State General Obligation Bonds, Series 2018
5.000% due 10/01/2047			1,275			1,344

California State General Obligation Bonds, Series 2021
5.000% due 09/01/2041			1,500			1,691

California State General Obligation Bonds, Series 2022
4.000% due 04/01/2049			2,250			2,216

California State General Obligation Notes, Series 2020
5.000% due 11/01/2028			2,500			2,865

California State General Obligation Notes, Series 2021
5.000% due 10/01/2029			2,700			3,131

California State University Revenue Bonds, Series 2015
5.000% due 11/01/2047			8,000			8,343

California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2018
4.000% due 07/01/2040			1,000			968
4.000% due 07/01/2043			350			337
4.000% due 07/01/2047			1,750			1,683

California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2021
4.000% due 11/01/2051			800			767

California Statewide Communities Development Authority Revenue Bonds, Series 2014
5.500% due 12/01/2054			1,400			1,417

California Statewide Communities Development Authority Revenue Bonds, Series 2016
4.000% due 08/15/2051			225			211
5.000% due 12/01/2046			5,700			5,624

California Statewide Communities Development Authority Revenue Bonds, Series 2018
4.000% due 07/01/2048			1,000			961
4.000% due 12/01/2057			2,000			1,841
5.000% due 03/01/2048			1,700			1,762
5.500% due 12/01/2058			1,775			1,787

California Statewide Financing Authority Revenue Bonds, Series 2002
6.000% due 05/01/2037			2,880			2,925

Chaffey Joint Union High School District, California General Obligation Bonds, Series 2017
4.000% due 08/01/2047 (e)			5,500			5,315

Chino Valley Unified School District, California General Obligation Bonds, Series 2022
0.000% due 08/01/2036 (c)			1,395			784
0.000% due 08/01/2042 (c)			1,500			614

CMFA Special Finance Agency VII, California Revenue Bonds, Series 2021
3.000% due 08/01/2056			2,500			1,808
4.000% due 08/01/2047			600			460

CMFA Special Finance Agency, California Revenue Bonds, Series 2021
4.000% due 08/01/2045			750			585

CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021
3.000% due 09/01/2056			1,000			719
3.000% due 02/01/2057			500			361
3.100% due 07/01/2045			1,000			761
4.000% due 08/01/2056			250			205
4.000% due 10/01/2056			600			457


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022
0.000% due 09/01/2062 (d)	$		2,000	$		1,048

El Monte, California Certificates of Participation Bonds, (AMBAC Insured), Series 2001
5.250% due 01/01/2034 (f)			13,625			13,664

Foothill-Eastern Transportation Corridor Agency, California Revenue Bonds, Series 2014
3.950% due 01/15/2053			860			768

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2018
5.000% due 06/01/2030			2,000			2,279

Hacienda La Puente Unified School District, California General Obligation Bonds, Series 2017
4.000% due 08/01/2047			2,000			1,924

Hartnell Community College District, California General Obligation Bonds, Series 2017
4.000% due 08/01/2042			3,400			3,341

Hastings Campus Housing Finance Authority, California Revenue Bonds, Series 2020
5.000% due 07/01/2061			2,000			1,953

Hayward Unified School District, California General Obligation Bonds, Series 2015
5.000% due 08/01/2038			6,000			6,364

Imperial Irrigation District Electric System, California Revenue Bonds, Series 2016
5.000% due 11/01/2041 (e)			6,000			6,459

Long Beach Bond Finance Authority, California Revenue Bonds, Series 2007
5.500% due 11/15/2027			1,000			1,093
5.500% due 11/15/2030			415			458

Long Beach Community College District, California General Obligation Bonds, Series 2019
4.000% due 08/01/2045			500			488

Los Angeles California Department of Water & Power Water System Revenue Bonds, Series 2012
5.000% due 07/01/2037			4,100			4,100

Los Angeles Community College District, California General Obligation Bonds, Series 2017
4.000% due 08/01/2041 (e)			3,500			3,493

Los Angeles County, California Metropolitan Transportation Authority Revenue Bonds, Series 2019
5.000% due 07/01/2044			2,500			2,738

Los Angeles County, California Metropolitan Transportation Authority Sales Tax Revenue Bonds, Series 2021
4.000% due 06/01/2037			1,750			1,762

Los Angeles County, California Sanitation Districts Financing Authority Revenue Bonds, Series 2016
4.000% due 10/01/2042			1,500			1,446

Los Angeles Department of Airports, California Revenue Bonds, Series 2021
5.000% due 05/15/2048			2,500			2,720

Los Angeles Department of Water & Power System, California Revenue Bonds, Series 2012
5.000% due 07/01/2043			5,000			5,000

Los Angeles Department of Water & Power System, California Revenue Bonds, Series 2014
5.000% due 07/01/2043			2,000			2,066

Los Angeles Department of Water & Power System, California Revenue Bonds, Series 2019
5.000% due 07/01/2049			1,000			1,083

Los Angeles Department of Water & Power, California Revenue Bonds, Series 2021
5.000% due 07/01/2041			1,500			1,674

M-S-R Energy Authority, California Revenue Bonds, Series 2009
6.500% due 11/01/2039			15,345			18,970

Monterey Peninsula Unified School District, California General Obligation Bonds, Series 2019
4.000% due 08/01/2040			3,000			2,974

Mount San Antonio Community College District, California General Obligation Bonds, Series 2019
5.000% due 08/01/2041			1,265			1,401
5.000% due 08/01/2044			1,700			1,872

See Accompanying Notes

SEMIANNUAL REPORT

JUNE 30, 2022


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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Mount San Jacinto Community College District, California General Obligation Bonds, Series 2018
4.000% due 08/01/2043	$		5,300	$		5,180

Municipal Improvement Corp. of Los Angeles, California Revenue Bonds, Series 2021
5.000% due 11/01/2038			2,000			2,260

Newport Mesa Unified School District, California General Obligation Bonds, (NPFGC Insured), Series 2007
0.000% due 08/01/2031 (c)			1,750			1,290

Northern California Energy Authority Revenue Bonds, Series 2018
4.000% due 07/01/2049			2,300			2,339

Orange County, California Local Transportation Authority Revenue Bonds, Series 2019
5.000% due 02/15/2041			1,000			1,101

Orange County, California Water District Certificates of Participation Bonds, Series 2003
0.700% due 08/01/2042			2,000			2,000

Pacifica School District, California General Obligation Bonds, Series 2018
4.000% due 08/01/2048			1,750			1,684

Palomar Community College District, California General Obligation Bonds, Series 2017
4.000% due 08/01/2046 (e)			4,530			4,370

Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2013
5.000% due 05/15/2043			2,000			2,048

River Islands Public Financing Authority, California Special Tax Bonds, Series 2015
5.500% due 09/01/2045			3,000			3,064

Riverside, California Sewer Revenue Bonds, Series 2018
4.000% due 08/01/2038			4,250			4,263

Riverside, California Water Revenue Bonds, Series 2019
5.000% due 10/01/2048			3,250			3,548

Sacramento Area Flood Control Agency, California Special Assessment Bonds, Series 2016
5.000% due 10/01/2041 (e)			2,800			3,010
5.000% due 10/01/2047 (e)			1,700			1,812

Sacramento County, California Sanitation Districts Financing Authority Revenue Bonds, Series 2020
5.000% due 12/01/2050			1,000			1,096

Sacramento Municipal Utility District, California Revenue Bonds, Series 2019
5.000% due 08/15/2039			1,000			1,104

Sacramento Transportation Authority Sales Tax, California Revenue Bonds, Series 2009
0.620% due 10/01/2038			1,900			1,900

Sacramento, California Special Tax Bonds, Series 2021
4.000% due 09/01/2046			1,200			1,063

San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021
4.000% due 07/01/2051			750			719
5.000% due 07/01/2051			2,215			2,322

San Diego Public Facilities Financing Authority Revenue Bonds, Series 2022
5.000% due 05/15/2047			1,000			1,116

San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2020
4.000% due 08/01/2045			2,750			2,666

San Francisco Bay Area Rapid Transit District, California General Obligation Bonds, Series 2017
4.000% due 08/01/2042 (e)			5,500			5,486

San Francisco Bay Area Rapid Transit District, California General Obligation Bonds, Series 2019
4.000% due 08/01/2044			2,560			2,546

San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2017
5.000% due 05/01/2047			2,625			2,740

San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2019
5.000% due 05/01/2039			2,000			2,151
5.000% due 05/01/2049			2,000			2,109
5.000% due 05/01/2050			1,900			2,003


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

San Francisco, California City & County Certificates of Participation Bonds, Series 2015
4.000% due 09/01/2033	$		2,000	$		2,017

San Joaquin County Transportation Authority, California Revenue Bonds, Series 2017
4.000% due 03/01/2041 (e)			2,200			2,173
5.000% due 03/01/2041 (e)			3,300			3,541

San Jose Evergreen Community College District, California General Obligation Bonds, Series 2014
4.125% due 09/01/2043			1,000			1,045

San Jose Unified School District, California General Obligation Bonds, Series 2019
4.000% due 08/01/2042			1,000			985

San Jose, California General Obligation Bonds, Series 2019
5.000% due 09/01/2041			1,500			1,659

San Mateo County, California Community College District General Obligation Bonds, (NPFGC Insured), Series 2006
0.000% due 09/01/2034 (c)			3,000			1,960

San Mateo County, California Community College District General Obligation Bonds, Series 2018
5.000% due 09/01/2045			4,000			4,385

San Mateo Foster City Public Financing Authority, California Revenue Bonds, Series 2019
4.000% due 08/01/2044			1,540			1,498

Santa Monica Community College District General Obligation Bonds, Series 2022
4.000% due 08/01/2045			1,190			1,164

Silicon Valley Tobacco Securitization Authority, California Revenue Bonds, Series 2007
0.000% due 06/01/2036 (c)			1,000			454

Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021
0.000% due 06/01/2060 (c)			15,900			2,297
4.000% due 06/01/2049			200			201

Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2006
0.000% due 06/01/2046 (c)			4,000			550

University of California Revenue Bonds, Series 2017
5.000% due 05/15/2047			5,000			5,296

University of California Revenue Bonds, Series 2019
5.000% due 05/15/2049			2,500			2,698

Upland, California Certificates of Participation Bonds, Series 2017
4.000% due 01/01/2042			3,250			2,992

Washington Township Health Care District, California General Obligation Bonds, Series 2013
5.000% due 08/01/2043			2,500			2,560

West Valley-Mission Community College District, California General Obligation Bonds, Series 2022
4.000% due 08/01/2047 (a)			2,000			1,945

						330,142


DELAWARE 1.4%

Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022
3.167% due 10/01/2038			2,730			2,370
7.120% due 10/01/2038			480			467

						2,837


ILLINOIS 6.2%

Chicago, Illinois General Obligation Bonds, Series 2007
5.500% due 01/01/2042			2,000			2,058

Chicago, Illinois General Obligation Bonds, Series 2015
5.250% due 01/01/2028			3,400			3,522

Chicago, Illinois General Obligation Bonds, Series 2017
6.000% due 01/01/2038			2,500			2,686

Illinois State General Obligation Bonds, Series 2012
5.000% due 08/01/2023			1,500			1,538

Illinois State General Obligation Bonds, Series 2020
4.125% due 10/01/2036			2,000			1,940


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Illinois State General Obligation Notes, Series 2017
5.000% due 11/01/2027	$		1,000	$		1,079

						12,823


LOUISIANA 0.3%

Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017
2.375% due 06/01/2037			650			609


MICHIGAN 0.4%

Michigan Finance Authority Revenue Bonds, Series 2020
0.000% due 06/01/2065 (c)			10,535			965


NEW YORK 2.6%

Metropolitan Transportation Authority, New York Revenue Bonds, Series 2014
5.000% due 11/15/2039			1,200			1,226

Southwestern Community College District, California Revenue Bonds, Series 2021
4.000% due 08/01/2046			4,300			4,148

						5,374


NORTH DAKOTA 0.2%

Grand Forks County, North Dakota Revenue Bonds, Series 2021
7.000% due 12/15/2043			650			377


PENNSYLVANIA 0.6%

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2021
9.000% due 04/01/2051			1,170			1,342


PUERTO RICO 8.8%

Children’s Trust Fund, Puerto Rico Revenue Bonds, Series 2008
0.000% due 05/15/2057 (c)			20,400			1,100

Commonwealth of Puerto Rico Bonds, Series 2022
0.000% due 11/01/2043 (c)			3,137			1,565
0.000% due 11/01/2051 (c)			1,242			536

Commonwealth of Puerto Rico General Obligation Bonds, Series 2021
0.000% due 07/01/2033 (c)			940			529
4.000% due 07/01/2033			316			290
4.000% due 07/01/2035			284			255
4.000% due 07/01/2037			244			217
4.000% due 07/01/2041			332			288
5.750% due 07/01/2031			334			365

Commonwealth of Puerto Rico General Obligation Notes, Series 2021
0.000% due 07/01/2024 (c)			163			149
5.625% due 07/01/2027			349			372

Puerto Rico Highway & Transportation Authority Revenue Bonds, Series 2005
5.000% due 07/01/2024 ^(b)			1,500			829
5.000% due 07/01/2030 ^(b)			1,000			552

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018
0.000% due 07/01/2046 (c)			22,775			6,154
4.750% due 07/01/2053			5,085			4,898

						18,099


TEXAS 0.5%

Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021
7.500% due 12/01/2045			460			369
12.000% due 12/01/2045			800			723

						1,092

There were no significant transfers into or out of Level 3 during the period ended June 30, 2022.


52		PIMCO CLOSED-END FUNDS			See Accompanying Notes


Schedule of Investments		PIMCO California Municipal Income Fund II				June 30, 2022		(Unaudited)

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 184.0%

MUNICIPAL BONDS & NOTES 183.5%

ARIZONA 0.5%

Arizona Industrial Development Authority Revenue Bonds, Series 2020
7.750% due 07/01/2050	$		940	$		1,025


CALIFORNIA 159.3%

Bay Area Toll Authority, California Revenue Bonds, Series 2014
5.000% due 10/01/2054			3,000			3,196

Bay Area Toll Authority, California Revenue Bonds, Series 2017
4.000% due 04/01/2047			3,000			2,931
5.000% due 04/01/2056			2,000			2,243

California Community Housing Agency Revenue Bonds, Series 2019
5.000% due 04/01/2049			4,400			4,025
5.000% due 08/01/2049			1,000			922

California Community Housing Agency Revenue Bonds, Series 2022
4.500% due 08/01/2052			1,000			886

California County Tobacco Securitization Agency Revenue Bonds, Series 2002
5.875% due 06/01/2043			1,120			1,120

California County Tobacco Securitization Agency Revenue Bonds, Series 2007
0.000% due 06/01/2057 (b)			9,000			1,244

California County Tobacco Securitization Agency Revenue Bonds, Series 2020
0.000% due 06/01/2055 (b)			5,100			834

California Educational Facilities Authority Revenue Bonds, Series 2017
5.000% due 04/01/2047			835			884

California Educational Facilities Authority Revenue Bonds, Series 2018
5.000% due 10/01/2043			1,300			1,381
5.000% due 10/01/2048			1,320			1,395

California Enterprise Development Authority Revenue Bonds, Series 2020
5.000% due 08/01/2050			750			755

California Health Facilities Financing Authority Revenue Bonds, (CM Insured), Series 2020
4.000% due 11/01/2040			1,285			1,270

California Health Facilities Financing Authority Revenue Bonds, Series 2012
5.000% due 11/15/2034			1,000			1,003
5.000% due 08/15/2051			5,555			5,579

California Health Facilities Financing Authority Revenue Bonds, Series 2015
5.000% due 08/15/2054			5,000			5,182

California Health Facilities Financing Authority Revenue Bonds, Series 2016
4.000% due 10/01/2047			1,500			1,407
5.000% due 11/15/2046			1,000			1,069
5.000% due 08/15/2055			6,275			6,523

California Health Facilities Financing Authority Revenue Bonds, Series 2017
4.000% due 11/01/2038			1,500			1,493

California Health Facilities Financing Authority Revenue Bonds, Series 2020
4.000% due 04/01/2049			3,750			3,514
4.000% due 06/01/2050			3,500			3,230

California Health Facilities Financing Authority Revenue Bonds, Series 2021
4.000% due 08/15/2048			2,700			2,640

California Infrastructure & Economic Development Bank Revenue Bonds, Series 2013
5.000% due 02/01/2039			10,000			10,196

California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020
0.000% due 01/01/2060 (b)			6,250			441
4.000% due 07/01/2050			350			336
4.000% due 11/01/2055			915			826


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

California Municipal Finance Authority Revenue Bonds, Series 2017
5.000% due 01/01/2042	$		1,750	$		1,797

California Municipal Finance Authority Revenue Bonds, Series 2018
5.000% due 05/15/2043			1,000			1,033
5.000% due 06/01/2043			1,465			1,578

California Municipal Finance Authority Revenue Bonds, Series 2021
4.000% due 11/01/2036			840			730
4.000% due 02/01/2051			850			768

California Public Finance Authority Revenue Bonds, Series 2019
6.250% due 07/01/2054			1,650			1,793

California State General Obligation Bonds, Series 2013
5.000% due 11/01/2043			7,000			7,229

California State General Obligation Bonds, Series 2017
4.000% due 11/01/2047			3,250			3,215

California State General Obligation Bonds, Series 2018
4.000% due 10/01/2039			4,500			4,512
5.000% due 10/01/2047			2,000			2,108

California State General Obligation Bonds, Series 2020
4.000% due 03/01/2040			3,350			3,363
4.000% due 03/01/2046			1,000			992

California State General Obligation Notes, Series 2020
5.000% due 11/01/2028			2,105			2,412

California State General Obligation Notes, Series 2021
5.000% due 10/01/2029			3,000			3,479

California State Public Works Board Revenue Bonds, Series 2013
5.000% due 03/01/2038			2,500			2,541

California State University Revenue Bonds, Series 2015
5.000% due 11/01/2047			5,000			5,214

California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2018
4.000% due 07/01/2043			1,350			1,301

California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2021
4.000% due 11/01/2051			900			863

California Statewide Communities Development Authority Revenue Bonds, Series 2014
5.500% due 12/01/2054			1,500			1,518

California Statewide Communities Development Authority Revenue Bonds, Series 2016
4.000% due 08/15/2051			225			211
5.000% due 06/01/2046			2,000			2,020
5.000% due 12/01/2046			2,000			1,973
5.250% due 12/01/2056			2,000			2,010

California Statewide Communities Development Authority Revenue Bonds, Series 2018
4.000% due 07/01/2048			1,000			961
4.000% due 12/01/2053			230			214
4.000% due 12/01/2057			2,000			1,841
5.000% due 03/01/2048			2,800			2,903
5.500% due 12/01/2058			7,200			7,250

California Statewide Financing Authority Revenue Bonds, Series 2002
6.000% due 05/01/2037			1,920			1,950

Chino Valley Unified School District, California General Obligation Bonds, Series 2022
0.000% due 08/01/2037 (b)			1,000			533
0.000% due 08/01/2040 (b)			1,400			637
0.000% due 08/01/2043 (b)			1,750			681
0.000% due 08/01/2044 (b)			1,405			520

CMFA Special Finance Agency VII, California Revenue Bonds, Series 2021
3.000% due 08/01/2056			1,000			723
4.000% due 08/01/2047			600			459

CMFA Special Finance Agency, California Revenue Bonds, Series 2021
4.000% due 08/01/2045			750			585

CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021
3.000% due 09/01/2056			1,000			719
3.000% due 12/01/2056			1,500			1,083


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
3.000% due 02/01/2057	$		500	$		361
3.100% due 07/01/2045			1,000			761
4.000% due 08/01/2056			250			205
4.000% due 10/01/2056			550			419

CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022
0.000% due 09/01/2062 (c)			2,200			1,152

Foothill-Eastern Transportation Corridor Agency, California Revenue Bonds, Series 2014
3.950% due 01/15/2053			920			821

Fremont Community Facilities District No. 1, California Special Tax Bonds, Series 2015
5.000% due 09/01/2045			1,400			1,426

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2018
5.000% due 06/01/2030			1,500			1,709
5.000% due 06/01/2034			4,500			5,128

Hacienda La Puente Unified School District, California General Obligation Bonds, Series 2017
4.000% due 08/01/2047			3,000			2,886

Hartnell Community College District, California General Obligation Bonds, Series 2017
4.000% due 08/01/2042			3,500			3,439

Hastings Campus Housing Finance Authority, California Revenue Bonds, Series 2020
5.000% due 07/01/2061			2,650			2,588

Hayward Unified School District, California General Obligation Bonds, Series 2015
5.000% due 08/01/2038			3,000			3,182

Long Beach Bond Finance Authority, California Revenue Bonds, Series 2007
5.500% due 11/15/2030			460			508
5.500% due 11/15/2037			7,500			8,381

Long Beach Community College District, California General Obligation Bonds, Series 2019
4.000% due 08/01/2045			550			536

Los Angeles Community College District, California General Obligation Bonds, Series 2017
4.000% due 08/01/2041 (d)			3,600			3,593

Los Angeles County, California Facilities, Inc., Revenue Bonds, Series 2018
4.000% due 12/01/2048			2,500			2,401

Los Angeles County, California Metropolitan Transportation Authority Revenue Bonds, Series 2019
5.000% due 07/01/2044			2,700			2,957

Los Angeles County, California Metropolitan Transportation Authority Sales Tax Revenue Bonds, Series 2021
4.000% due 06/01/2037			2,000			2,014

Los Angeles County, California Sanitation Districts Financing Authority Revenue Bonds, Series 2016
4.000% due 10/01/2042			2,000			1,928

Los Angeles Department of Airports, California Revenue Bonds, Series 2020
4.000% due 05/15/2048			2,575			2,538

Los Angeles Department of Airports, California Revenue Bonds, Series 2021
5.000% due 05/15/2048			2,500			2,720

Los Angeles Department of Water & Power System, California Revenue Bonds, Series 2014
5.000% due 07/01/2043			3,000			3,100

Los Angeles Department of Water & Power System, California Revenue Bonds, Series 2018
5.000% due 07/01/2043			2,000			2,165

Los Angeles Department of Water & Power, California Revenue Bonds, Series 2021
5.000% due 07/01/2041			3,900			4,352

Los Angeles, California Wastewater System Revenue Bonds, Series 2017
5.000% due 06/01/2039			1,000			1,084

M-S-R Energy Authority, California Revenue Bonds, Series 2009
6.500% due 11/01/2039			16,445			20,329
7.000% due 11/01/2034			1,000			1,245

See Accompanying Notes

SEMIANNUAL REPORT

JUNE 30, 2022


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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Mount San Antonio Community College District, California General Obligation Bonds, Series 2019
5.000% due 08/01/2041	$		1,500	$		1,661
5.000% due 08/01/2044			1,850			2,037

Mount San Jacinto Community College District, California General Obligation Bonds, Series 2018
4.000% due 08/01/2043			4,400			4,301

Municipal Improvement Corp. of Los Angeles, California Revenue Bonds, Series 2021
5.000% due 11/01/2038			2,200			2,487

Newport Mesa Unified School District, California General Obligation Bonds, (NPFGC Insured), Series 2007
0.000% due 08/01/2031 (b)			1,900			1,401

Northern California Energy Authority Revenue Bonds, Series 2018
4.000% due 07/01/2049			2,500			2,542

Orange County, California Local Transportation Authority Revenue Bonds, Series 2019
5.000% due 02/15/2041			3,000			3,302

Pacifica School District, California General Obligation Bonds, Series 2018
4.000% due 08/01/2048			2,000			1,924

Palomar Community College District, California General Obligation Bonds, Series 2017
4.000% due 08/01/2046 (d)			4,000			3,859

Poway Unified School District, California General Obligation Bonds, Series 2011
0.000% due 08/01/2040 (b)			11,000			5,293
0.000% due 08/01/2046 (b)			16,000			5,440

River Islands Public Financing Authority, California Special Tax Bonds, Series 2015
5.500% due 09/01/2045			3,000			3,064

Riverside, California Sewer Revenue Bonds, Series 2018
4.000% due 08/01/2038			3,500			3,511

Riverside, California Water Revenue Bonds, Series 2019
5.000% due 10/01/2048			3,540			3,865

Sacramento Area Flood Control Agency, California Special Assessment Bonds, Series 2016
5.000% due 10/01/2041 (d)			2,800			3,010
5.000% due 10/01/2047 (d)			1,700			1,812

Sacramento County, California Sanitation Districts Financing Authority Revenue Bonds, Series 2020
5.000% due 12/01/2050			1,200			1,315

Sacramento Transportation Authority Sales Tax, California Revenue Bonds, Series 2015
0.730% due 10/01/2038			600			600

San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021
4.000% due 07/01/2051			1,000			959
5.000% due 07/01/2051			2,360			2,474

San Diego Public Facilities Financing Authority Revenue Bonds, Series 2022
5.000% due 05/15/2047			1,000			1,116

San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2020
4.000% due 08/01/2038			1,610			1,612
4.000% due 08/01/2045			1,250			1,212

San Francisco Bay Area Rapid Transit District, California General Obligation Bonds, Series 2017
5.000% due 08/01/2047			1,000			1,074

San Francisco Bay Area Rapid Transit District, California General Obligation Bonds, Series 2019
4.000% due 08/01/2044			2,780			2,764

San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2017
5.000% due 05/01/2047			2,750			2,871

San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2019
5.000% due 05/01/2050			3,500			3,689

There were no significant transfers into or out of Level 3 during the period ended June 30, 2022.


56		PIMCO CLOSED-END FUNDS			See Accompanying Notes


Schedule of Investments		PIMCO California Municipal Income Fund III				June 30, 2022 (Unaudited)

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 181.1%

MUNICIPAL BONDS & NOTES 179.3%

ARIZONA 0.4%

Arizona Industrial Development Authority Revenue Bonds, Series 2020
7.750% due 07/01/2050	$		730	$		796


CALIFORNIA 156.4%

Bay Area Toll Authority, California Revenue Bonds, Series 2013
5.250% due 04/01/2048			8,000			8,218

California Community Housing Agency Revenue Bonds, Series 2019
5.000% due 04/01/2049			3,700			3,384
5.000% due 08/01/2049			1,000			922

California Community Housing Agency Revenue Bonds, Series 2022
4.500% due 08/01/2052			1,000			886

California County Tobacco Securitization Agency Revenue Bonds, Series 2002
5.875% due 06/01/2035			3,935			3,987
6.000% due 06/01/2042			7,000			7,093

California County Tobacco Securitization Agency Revenue Bonds, Series 2007
0.000% due 06/01/2057 (b)			4,000			553

California County Tobacco Securitization Agency Revenue Bonds, Series 2020
0.000% due 06/01/2055 (b)			4,000			654

California Educational Facilities Authority Revenue Bonds, Series 2017
5.000% due 04/01/2047			700			741

California Educational Facilities Authority Revenue Bonds, Series 2018
5.000% due 10/01/2043			1,000			1,062

California Enterprise Development Authority Revenue Bonds, Series 2020
5.000% due 08/01/2050			600			604

California Health Facilities Financing Authority Revenue Bonds, (CM Insured), Series 2020
4.000% due 11/01/2040			1,020			1,008

California Health Facilities Financing Authority Revenue Bonds, Series 2012
5.000% due 08/15/2051			5,205			5,227

California Health Facilities Financing Authority Revenue Bonds, Series 2015
5.000% due 08/15/2054			3,000			3,109

California Health Facilities Financing Authority Revenue Bonds, Series 2016
4.000% due 10/01/2047			750			704
5.000% due 11/15/2046 (d)			5,000			5,340
5.000% due 08/15/2055			5,000			5,197

California Health Facilities Financing Authority Revenue Bonds, Series 2017
4.000% due 11/01/2038			1,220			1,214

California Health Facilities Financing Authority Revenue Bonds, Series 2020
4.000% due 04/01/2049			2,750			2,577
4.000% due 06/01/2050			3,250			2,999

California Health Facilities Financing Authority Revenue Bonds, Series 2021
4.000% due 08/15/2048			2,300			2,249

California Infrastructure & Economic Development Bank Revenue Bonds, Series 2013
5.000% due 02/01/2039			10,000			10,196

California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020
0.000% due 01/01/2060 (b)			5,000			353
4.000% due 11/01/2045			850			788
4.000% due 07/01/2050			300			288

California Municipal Finance Authority Revenue Bonds, Series 2018
5.000% due 06/01/2043			1,165			1,255
5.000% due 06/01/2048			1,100			1,179


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

California Municipal Finance Authority Revenue Bonds, Series 2021
4.000% due 11/01/2036	$		655	$		569
4.000% due 02/01/2051			1,500			1,356

California Public Finance Authority Revenue Bonds, Series 2019
6.250% due 07/01/2054			1,250			1,358

California School Finance Authority Revenue Bonds, Series 2017
5.000% due 07/01/2047			1,115			1,140

California State General Obligation Bonds, Series 2013
5.000% due 11/01/2043			5,000			5,164

California State General Obligation Bonds, Series 2017
4.000% due 11/01/2047			1,500			1,484

California State General Obligation Bonds, Series 2018
5.000% due 10/01/2047			2,000			2,108

California State General Obligation Bonds, Series 2021
5.000% due 09/01/2041			1,500			1,691

California State General Obligation Bonds, Series 2022
4.000% due 04/01/2049			1,750			1,724

California State General Obligation Notes, Series 2019
5.000% due 04/01/2027			1,615			1,811

California State General Obligation Notes, Series 2021
5.000% due 10/01/2029			2,000			2,319

California State Public Works Board Revenue Bonds, Series 2013
5.000% due 03/01/2038			2,500			2,541

California State University Revenue Bonds, Series 2015
5.000% due 11/01/2047			6,750			7,039

California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2018
4.000% due 07/01/2047			250			240

California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2021
4.000% due 11/01/2051			750			719

California Statewide Communities Development Authority Revenue Bonds, Series 2014
5.500% due 12/01/2054			3,600			3,643

California Statewide Communities Development Authority Revenue Bonds, Series 2016
4.000% due 08/15/2051			200			188
5.000% due 06/01/2046			1,000			1,010
5.000% due 12/01/2046			3,100			3,059

California Statewide Communities Development Authority Revenue Bonds, Series 2018
4.000% due 03/01/2042			2,500			2,405
4.000% due 07/01/2048			850			817
4.000% due 12/01/2057			2,000			1,840
5.000% due 03/01/2048			1,505			1,560

Chaffey Joint Union High School District, California General Obligation Bonds, Series 2017
4.000% due 08/01/2047 (d)			4,500			4,349

Chino Valley Unified School District, California General Obligation Bonds, Series 2022
0.000% due 08/01/2038 (b)			1,300			657
0.000% due 08/01/2039 (b)			1,600			767
0.000% due 08/01/2041 (b)			1,935			835
0.000% due 08/01/2046 (b)			1,500			501

Chino Valley Unified School District, California General Obligation Notes, Series 2022
0.000% due 08/01/2030 (b)			1,135			854

CMFA Special Finance Agency VII, California Revenue Bonds, Series 2021
3.000% due 08/01/2056			1,500			1,085
4.000% due 08/01/2047			600			459

CMFA Special Finance Agency, California Revenue Bonds, Series 2021
4.000% due 08/01/2045			750			585

CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021
3.000% due 09/01/2056			1,000			719
3.000% due 12/01/2056			800			578
3.000% due 02/01/2057			500			361
3.100% due 07/01/2045			1,000			761
4.000% due 08/01/2056			500			411
4.000% due 10/01/2056			750			572


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022
0.000% due 09/01/2062 (c)	$		1,800	$		943

Foothill-Eastern Transportation Corridor Agency, California Revenue Bonds, Series 2014
3.950% due 01/15/2053			720			643

Fremont Community Facilities District No. 1, California Special Tax Bonds, Series 2015
5.000% due 09/01/2045			1,400			1,426

Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2018
5.000% due 06/01/2030			1,500			1,709

Hartnell Community College District, California General Obligation Bonds, Series 2017
4.000% due 08/01/2042			1,150			1,130

Hastings Campus Housing Finance Authority, California Revenue Bonds, Series 2020
5.000% due 07/01/2061			2,000			1,953

Hayward Unified School District, California General Obligation Bonds, Series 2015
5.000% due 08/01/2038			5,000			5,303

Imperial Irrigation District Electric System, California Revenue Bonds, Series 2016
5.000% due 11/01/2041 (d)			4,000			4,306

Long Beach Bond Finance Authority, California Revenue Bonds, Series 2007
5.500% due 11/15/2030			360			397

Long Beach Community College District, California General Obligation Bonds, Series 2019
4.000% due 08/01/2045			450			439

Long Beach Unified School District, California General Obligation Bonds, Series 2009
5.750% due 08/01/2033			305			306

Los Angeles California Department of Water & Power Water System Revenue Bonds, Series 2012
5.000% due 07/01/2037			2,000			2,000

Los Angeles Community College District, California General Obligation Bonds, Series 2017
4.000% due 08/01/2041 (d)			2,900			2,894

Los Angeles County, California Facilities, Inc., Revenue Bonds, Series 2018
4.000% due 12/01/2048			2,000			1,921

Los Angeles County, California Metropolitan Transportation Authority Revenue Bonds, Series 2019
5.000% due 07/01/2044			2,200			2,409

Los Angeles County, California Metropolitan Transportation Authority Sales Tax Revenue Bonds, Series 2021
4.000% due 06/01/2037			1,500			1,510

Los Angeles County, California Sanitation Districts Financing Authority Revenue Bonds, Series 2016
4.000% due 10/01/2042			1,185			1,142

Los Angeles Department of Water & Power System, California Revenue Bonds, Series 2012
5.000% due 07/01/2043			2,115			2,115

Los Angeles Department of Water & Power System, California Revenue Bonds, Series 2014
5.000% due 07/01/2043			1,000			1,033

Los Angeles Department of Water & Power System, California Revenue Bonds, Series 2019
5.000% due 07/01/2049			1,500			1,625

Los Angeles Department of Water & Power, California Revenue Bonds, Series 2021
5.000% due 07/01/2041			3,175			3,543

M-S-R Energy Authority, California Revenue Bonds, Series 2009
6.500% due 11/01/2039			9,825			12,146
7.000% due 11/01/2034			2,285			2,845

Manteca Financing Authority, California Revenue Bonds, Series 2009
5.750% due 12/01/2036			1,000			1,019

See Accompanying Notes

SEMIANNUAL REPORT

JUNE 30, 2022


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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Monterey Peninsula Unified School District, California General Obligation Bonds, Series 2019
4.000% due 08/01/2040	$		2,545	$		2,523

Mount San Antonio Community College District, California General Obligation Bonds, Series 2019
5.000% due 08/01/2044			1,450			1,597

Mount San Jacinto Community College District, California General Obligation Bonds, Series 2018
4.000% due 08/01/2043			7,300			7,135

Municipal Improvement Corp. of Los Angeles, California Revenue Bonds, Series 2021
5.000% due 11/01/2038			1,790			2,023

Newport Mesa Unified School District, California General Obligation Bonds, (NPFGC Insured), Series 2007
0.000% due 08/01/2031 (b)			1,485			1,095

Northern California Energy Authority Revenue Bonds, Series 2018
4.000% due 07/01/2049			2,000			2,034

Oakland Redevelopment Agency Successor Agency, California Tax Allocation Bonds, (AGM Insured), Series 2015
5.000% due 09/01/2036			800			854

Orange County, California Local Transportation Authority Revenue Bonds, Series 2019
5.000% due 02/15/2041			1,000			1,101

Pacifica School District, California General Obligation Bonds, Series 2018
4.000% due 08/01/2048			1,250			1,203

Palomar Community College District, California General Obligation Bonds, Series 2017
4.000% due 08/01/2046 (d)			3,000			2,894

Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2013
5.000% due 05/15/2043			5,000			5,119

River Islands Public Financing Authority, California Special Tax Bonds, Series 2015
5.500% due 09/01/2045			3,000			3,064

Riverside, California Sewer Revenue Bonds, Series 2018
4.000% due 08/01/2038			2,000			2,006

Riverside, California Water Revenue Bonds, Series 2019
5.000% due 10/01/2048			1,500			1,638

Sacramento Area Flood Control Agency, California Special Assessment Bonds, Series 2016
5.000% due 10/01/2041 (d)			2,200			2,365
5.000% due 10/01/2047 (d)			1,500			1,599

Sacramento County, California Sanitation Districts Financing Authority Revenue Bonds, Series 2020
5.000% due 12/01/2050			1,000			1,096

Sacramento Municipal Utility District, California Revenue Bonds, Series 2013
5.000% due 08/15/2037			3,000			3,100

San Diego County, California Regional Airport Authority Revenue Bonds, Series 2013
5.000% due 07/01/2043			1,325			1,369

San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021
4.000% due 07/01/2051			550			528
5.000% due 07/01/2051			1,925			2,018

San Diego Public Facilities Financing Authority Revenue Bonds, Series 2022
5.000% due 05/15/2047			1,000			1,116

San Francisco Bay Area Rapid Transit District, California General Obligation Bonds, Series 2017
4.000% due 08/01/2042 (d)			4,500			4,489

San Francisco Bay Area Rapid Transit District, California General Obligation Bonds, Series 2019
4.000% due 08/01/2044			2,160			2,148

San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2017
5.000% due 05/01/2047			2,125			2,218

There were no significant transfers into or out of Level 3 during the period ended June 30, 2022.


60		PIMCO CLOSED-END FUNDS			See Accompanying Notes


Schedule of Investments		PIMCO New York Municipal Income Fund				June 30, 2022		(Unaudited)

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 177.9%

MUNICIPAL BONDS & NOTES 176.2%

ARIZONA 0.5%

Arizona Industrial Development Authority Revenue Bonds, Series 2020
7.750% due 07/01/2050	$		300	$		327


CALIFORNIA 2.2%

California Health Facilities Financing Authority Revenue Bonds, Series 2016
5.000% due 11/15/2046 (d)			1,500			1,602

						1,602


DELAWARE 1.4%

Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022
3.167% due 10/01/2038			980			851
7.120% due 10/01/2038			175			170

						1,021


ILLINOIS 4.1%

Chicago, Illinois General Obligation Bonds, Series 2007
5.500% due 01/01/2042			885			911

Chicago, Illinois General Obligation Bonds, Series 2017
6.000% due 01/01/2038			1,000			1,074

Illinois State General Obligation Notes, Series 2017
5.000% due 11/01/2025			1,000			1,059

						3,044


LOUISIANA 0.3%

Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017
2.375% due 06/01/2037			250			234


MICHIGAN 0.5%

Michigan Finance Authority Revenue Bonds, Series 2020
0.000% due 06/01/2065 (c)			3,630			333


NEW YORK 155.0%

Brookhaven Local Development Corp., New York Revenue Bonds, Series 2020
4.000% due 11/01/2055			600			546

Broome County, New York Local Development Corp. Revenue Bonds, (AGM Insured), Series 2020
4.000% due 04/01/2050			750			690

Build NYC Resource Corp., New York Revenue Bonds, Series 2017
5.000% due 11/01/2047 (d)			1,000			1,150

Build NYC Resource Corp., New York Revenue Bonds, Series 2018
5.625% due 12/01/2050			1,225			1,222

Dutchess County Local Development Corp Revenue Bonds, Series 2022
4.000% due 07/01/2049			765			721

Housing Development Corp., New York Revenue Bonds, Series 2017
3.700% due 11/01/2047			1,000			895

Huntington Local Development Corp., New York Revenue Bonds, Series 2021
5.250% due 07/01/2056			500			454

Long Island Power Authority, New York Revenue Bonds, Series 2020
4.000% due 09/01/2039			500			498

Metropolitan Transportation Authority, New York Revenue Bonds, Series 2012
5.000% due 11/15/2042			2,000			2,022


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Metropolitan Transportation Authority, New York Revenue Bonds, Series 2014
5.000% due 11/15/2039	$		1,000	$		1,021

Metropolitan Transportation Authority, New York Revenue Bonds, Series 2016
5.000% due 11/15/2031 (d)			6,500			6,844

Metropolitan Transportation Authority, New York Revenue Bonds, Series 2017
4.000% due 11/15/2035			1,000			954
4.000% due 11/15/2042			1,000			915

Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2020
4.000% due 12/01/2046			825			716

Nassau County, New York General Obligation Bonds, (AGM Insured), Series 2018
5.000% due 04/01/2036			2,000			2,183

Nassau County, New York Industrial Development Agency Revenue Bonds, Series 2021
5.000% due 01/01/2058			1,092			764

Nassau County, New York Tobacco Settlement Corp. Revenue Bonds, Series 2006
5.125% due 06/01/2046			1,230			1,148

New York City Industrial Development Agency, New York Revenue Bonds, Series 2020
4.000% due 03/01/2045			1,800			1,652

New York City Transitional Finance Authority Building Aid, New York Revenue Bonds, Series 2018
5.250% due 07/15/2036			1,000			1,104

New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2019
4.000% due 05/01/2044			2,500			2,443
5.000% due 11/01/2043			1,030			1,112

New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2021
4.000% due 02/01/2049			3,000			2,899

New York City Water & Sewer System, New York Revenue Bonds, Series 2003
0.880% due 06/15/2035			4,750			4,750

New York City Water & Sewer System, New York Revenue Bonds, Series 2019
5.000% due 06/15/2049 (d)			9,000			9,682
5.000% due 06/15/2049			2,000			2,159

New York City Water & Sewer System, New York Revenue Bonds, Series 2020
5.000% due 06/15/2050			1,000			1,088

New York City, General Obligation Bonds, Series 2013
5.000% due 08/01/2031			2,000			2,066

New York City, General Obligation Bonds, Series 2018
5.000% due 04/01/2043			1,500			1,595

New York City, General Obligation Bonds, Series 2019
5.000% due 08/01/2039			1,000			1,093

New York City, New York General Obligation Bonds, Series 2010
0.900% due 03/01/2039			855			855

New York City, New York General Obligation Bonds, Series 2016
0.840% due 08/01/2044			1,000			1,000

New York City, New York General Obligation Bonds, Series 2018
5.000% due 04/01/2045 (d)			2,700			2,866

New York City, New York Water & Sewer System Revenue Bonds, Series 2007
0.900% due 06/15/2036			1,000			1,000

New York County, New York Tobacco Trust Revenue Bonds, Series 2005
0.000% due 06/01/2050 (c)			20,000			3,926
0.000% due 06/01/2055 (c)			7,000			461

New York Liberty Development Corp. Revenue Bonds, Series 2005
5.250% due 10/01/2035 (d)			4,410			4,955

New York Liberty Development Corp. Revenue Bonds, Series 2014
5.000% due 11/15/2044			1,900			1,855

New York Power Authority Revenue Bonds, Series 2020
4.000% due 11/15/2055			1,500			1,426


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

New York State Dormitory Authority Memorial Sloan-Kettering Cancer Revenue Bonds, Series 2022
4.000% due 07/01/2051	$		1,200	$		1,155

New York State Dormitory Authority Northwell Health Obligated Group Revenue Bonds, Series 2022
5.000% due 05/01/2052			750			778

New York State Dormitory Authority Revenue Bonds, Series 2013
5.000% due 02/15/2029			1,000			1,022

New York State Dormitory Authority Revenue Bonds, Series 2017
4.000% due 02/15/2047 (d)			1,000			957
5.000% due 12/01/2031			500			526

New York State Dormitory Authority Revenue Bonds, Series 2018
4.000% due 03/15/2043			1,000			979
5.000% due 03/15/2037			3,000			3,253

New York State Dormitory Authority Revenue Bonds, Series 2019
5.000% due 03/15/2041			2,000			2,137

New York State Dormitory Authority Revenue Bonds, Series 2020
4.000% due 07/01/2050			3,000			2,798

New York State Dormitory Authority Revenue Bonds, Series 2021
4.000% due 03/15/2042			1,000			980

New York State Dormitory Authority Revenue Bonds, Series 2022
4.000% due 07/01/2049 (a)			345			319
5.000% due 07/15/2050 (a)			345			348

New York State Environmental Facilities Corp. Revenue Bonds, Series 2022
4.000% due 06/15/2047			1,750			1,718

New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020
4.200% due 11/01/2054 (e)			2,000			1,912

New York State Housing Finance Agency Revenue Bonds, Series 2010
0.890% due 05/01/2044			2,000			2,000

New York State Urban Development Corp. Revenue Bonds, Series 2019
5.000% due 03/15/2041			500			542

New York State Urban Development Corp. Revenue Bonds, Series 2020
5.000% due 03/15/2047			1,500			1,619

New York State Urban Development Corp. Revenue Bonds, Series 2021
4.000% due 03/15/2047 (d)			1,000			956

New York Transportation Development Corp. Revenue Bonds, Series 2022
4.000% due 12/01/2042			1,670			1,524

Onondaga County, New York Trust for Cultural Resources Revenue Bonds, Series 2019
4.000% due 12/01/2049			1,300			1,205
5.000% due 12/01/2040			350			379

Port Authority of New York & New Jersey Revenue Bonds, Series 2016
5.250% due 11/15/2056			4,500			4,796

Port Authority of New York & New Jersey Revenue Bonds, Series 2020
4.000% due 07/15/2060			350			315

Schenectady County Capital Resource Corp. Union College Project Revenue Bonds Series 2022
5.000% due 07/01/2032			340			386

Suffolk County, New York Economic Development Corp. Revenue Bonds, Series 2021
5.125% due 11/01/2041			350			303

The Genesee County Funding Corporation Tax-Exempt Revenue Bonds, Series 2022
5.250% due 12/01/2052			1,000			1,034

Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2018
4.000% due 11/15/2048			1,000			967

See Accompanying Notes

SEMIANNUAL REPORT

JUNE 30, 2022


Schedule of Investments		PIMCO New York Municipal Income Fund		(Cont.)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2019
5.000% due 11/15/2041	$		840	$		916
5.000% due 11/15/2043			500			543

Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2021
5.000% due 05/15/2051			1,000			1,090

Troy Capital Resource Corp., New York Revenue Bonds, Series 2020
5.000% due 09/01/2034			1,200			1,292

TSASC, Inc., New York Revenue Bonds, Series 2017
5.000% due 06/01/2041			2,000			2,065

Ulster County, New York Capital Resource Corp. Revenue Bonds, Series 2017
5.250% due 09/15/2047			500			383

						113,927


NORTH DAKOTA 0.2%

Grand Forks County, North Dakota Revenue Bonds, Series 2021
7.000% due 12/15/2043			230			133


PENNSYLVANIA 0.7%

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2021
9.000% due 04/01/2051			425			488


PUERTO RICO 8.1%

Children’s Trust Fund, Puerto Rico Revenue Bonds, Series 2008
0.000% due 05/15/2057 (c)			7,700			410

Commonwealth of Puerto Rico Bonds, Series 2022
0.000% due 11/01/2043			1,121			559
0.000% due 11/01/2051			511			221


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Puerto Rico	$	0	$	5,980	$	0	$	5,980
Texas		0		377		0		377
U.S. Virgin Islands		0		672		0		672
Virginia		0		807		0		807
Wisconsin		0		540		0		540
Short-Term Instruments
Repurchase Agreements		0		1,275		0		1,275


Total Investments	$	0	$	130,760	$	0	$	130,760

There were no significant transfers into or out of Level 3 during the period ended June 30, 2022.

See Accompanying Notes

SEMIANNUAL REPORT

JUNE 30, 2022


Schedule of Investments		PIMCO New York Municipal Income Fund II

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 186.7%

MUNICIPAL BONDS & NOTES 180.1%

ARIZONA 0.4%

Arizona Industrial Development Authority Revenue Bonds, Series 2020
7.750% due 07/01/2050	$		400	$		436


DELAWARE 1.4%

Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022
3.167% due 10/01/2038			1,330			1,154
7.120% due 10/01/2038			235			229

						1,383


ILLINOIS 3.2%

Chicago, Illinois General Obligation Bonds, Series 2017
6.000% due 01/01/2038			2,000			2,149

Illinois State General Obligation Notes, Series 2017
5.000% due 11/01/2025			1,000			1,059

						3,208


LOUISIANA 0.3%

Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017
2.375% due 06/01/2037			300			281


MICHIGAN 0.5%

Michigan Finance Authority Revenue Bonds, Series 2020
0.000% due 06/01/2065 (c)			4,985			457


NEW YORK 163.5%

Brookhaven Local Development Corp., New York Revenue Bonds, Series 2020
4.000% due 11/01/2055			800			729

Build NYC Resource Corp., New York Revenue Bonds, Series 2017
5.000% due 11/01/2047 (d)			2,000			2,300

Build NYC Resource Corp., New York Revenue Bonds, Series 2018
5.625% due 12/01/2050			1,800			1,796

Dutchess County, New York Local Development Corp. Revenue Bonds, Series 2015
5.000% due 07/01/2045			3,000			3,082

Dutchess County, New York Local Development Corp. Revenue Bonds, Series 2016
4.000% due 07/01/2041			3,200			2,932

Housing Development Corp., New York Revenue Bonds, Series 2017
3.700% due 11/01/2047			1,000			895

Huntington Local Development Corp., New York Revenue Bonds, Series 2021
5.250% due 07/01/2056			700			635

Long Island Power Authority, New York Revenue Bonds, Series 2014
5.000% due 09/01/2044			3,500			3,627

Metropolitan Transportation Authority, New York Revenue Bonds, (AGM Insured), Series 2019
4.000% due 11/15/2046			3,000			2,783

Metropolitan Transportation Authority, New York Revenue Bonds, Series 2005
0.900% due 11/01/2035			2,000			2,000

Metropolitan Transportation Authority, New York Revenue Bonds, Series 2014
5.000% due 11/15/2039			1,500			1,532

Metropolitan Transportation Authority, New York Revenue Bonds, Series 2016
5.250% due 11/15/2056			1,200			1,236


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Metropolitan Transportation Authority, New York Revenue Bonds, Series 2017
4.000% due 11/15/2035	$		3,500	$		3,338

Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2013
5.000% due 07/01/2043			1,750			1,807

Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2017
4.000% due 12/01/2041			1,400			1,276

Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2020
4.000% due 12/01/2046			1,140			989

Nassau County, New York Industrial Development Agency Revenue Bonds, Series 1999
0.620% due 01/01/2034			4,175			4,175

Nassau County, New York Industrial Development Agency Revenue Bonds, Series 2021
5.000% due 01/01/2058			1,638			1,147

Nassau County, New York Tobacco Settlement Corp. Revenue Bonds, Series 2006
5.125% due 06/01/2046			4,000			3,733

New York City Housing Development Corp. Revenue Bonds, Series 2013
5.250% due 07/01/2031			1,250			1,294

New York City Industrial Development Agency, New York Revenue Bonds, Series 2020
4.000% due 03/01/2045			2,400			2,202

New York City Transitional Finance Authority Building Aid, New York Revenue Bonds, Series 2016
4.000% due 07/15/2040			1,000			974

New York City Transitional Finance Authority Building Aid, New York Revenue Bonds, Series 2018
5.250% due 07/15/2036			2,000			2,208

New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2017
4.000% due 02/01/2044			2,000			1,955

New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2018
4.000% due 08/01/2041			685			679

New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2019
4.000% due 05/01/2044			1,500			1,466

New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2020
4.000% due 05/01/2047			1,550			1,503

New York City Water & Sewer System, New York Revenue Bonds, Series 2018
5.000% due 06/15/2040			2,300			2,484

New York City Water & Sewer System, New York Revenue Bonds, Series 2019
5.000% due 06/15/2049 (d)			3,000			3,227
5.000% due 06/15/2049			2,645			2,856

New York City Water & Sewer System, New York Revenue Bonds, Series 2020
5.000% due 06/15/2050			1,500			1,632

New York City, General Obligation Bonds, Series 2013
5.000% due 08/01/2031			2,000			2,066

New York Convention Center Development Corp. Revenue Bonds, Series 2015
4.000% due 11/15/2045			230			221
5.000% due 11/15/2045			1,000			1,037

New York County, New York Tobacco Trust Revenue Bonds, Series 2005
0.000% due 06/01/2050 (c)			30,000			5,889
0.000% due 06/01/2055 (c)			9,000			592

New York County, New York Tobacco Trust Revenue Bonds, Series 2016
5.000% due 06/01/2036			1,000			1,035
5.000% due 06/01/2041			1,000			1,030

New York Liberty Development Corp. Revenue Bonds, Series 2005
5.250% due 10/01/2035 (d)			7,250			8,146

New York Liberty Development Corp. Revenue Bonds, Series 2014
5.000% due 11/15/2044			4,000			3,905


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

New York Power Authority Revenue Bonds, Series 2020
4.000% due 11/15/2055	$		2,135	$		2,030

New York State Dormitory Authority Memorial Sloan-Kettering Cancer Revenue Bonds, Series 2022
4.000% due 07/01/2051			1,500			1,443

New York State Dormitory Authority Northwell Health Obligated Group Revenue Bonds, Series 2022
5.000% due 05/01/2052			1,000			1,038

New York State Dormitory Authority Revenue Bonds, (AMBAC Insured), Series 2005
5.500% due 05/15/2031			7,490			8,972

New York State Dormitory Authority Revenue Bonds, Series 2017
4.000% due 02/15/2047 (d)			1,500			1,436
5.000% due 12/01/2030			1,000			1,057
5.000% due 12/01/2033			800			834

New York State Dormitory Authority Revenue Bonds, Series 2018
4.000% due 08/01/2037			2,750			2,525
4.000% due 03/15/2043			2,000			1,958
5.000% due 03/15/2044			2,625			2,811

New York State Dormitory Authority Revenue Bonds, Series 2019
5.000% due 03/15/2041			1,000			1,069
5.000% due 07/01/2042			1,000			1,089
5.000% due 03/15/2047			2,000			2,119

New York State Dormitory Authority Revenue Bonds, Series 2020
4.000% due 02/15/2040			1,500			1,474
4.000% due 07/01/2050			3,500			3,251

New York State Dormitory Authority Revenue Bonds, Series 2022
4.000% due 07/01/2049 (a)			465			430
5.000% due 07/15/2050 (a)			465			469

New York State Environmental Facilities Corp. Revenue Bonds, Series 2022
4.000% due 06/15/2047			2,250			2,209

New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020
4.200% due 11/01/2054 (e)			2,600			2,485

New York State Thruway Authority Revenue Bonds, Series 2016
5.250% due 01/01/2056			1,480			1,567

New York State Thruway Authority Revenue Bonds, Series 2018
4.000% due 01/01/2036			1,000			997

New York State Thruway Authority Revenue Bonds, Series 2019
4.000% due 01/01/2050			1,775			1,658

New York State Urban Development Corp. Revenue Bonds, Series 2019
5.000% due 03/15/2041			2,500			2,708

New York State Urban Development Corp. Revenue Bonds, Series 2020
4.000% due 03/15/2049			2,000			1,923

New York State Urban Development Corp. Revenue Bonds, Series 2021
4.000% due 03/15/2047 (d)			1,250			1,195

New York Transportation Development Corp. Revenue Bonds, Series 2022
4.000% due 12/01/2042			2,290			2,090

Niagara Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2014
5.250% due 05/15/2034			500			515
5.250% due 05/15/2040			500			513

Onondaga County, New York Trust for Cultural Resources Revenue Bonds, Series 2019
5.000% due 12/01/2040			1,450			1,569
5.000% due 12/01/2043			1,000			1,076

Port Authority of New York & New Jersey Revenue Bonds, Series 2016
5.250% due 11/15/2056			2,700			2,877

Port Authority of New York & New Jersey Revenue Bonds, Series 2017
5.250% due 11/15/2057			5,400			5,836


64		PIMCO CLOSED-END FUNDS			See Accompanying Notes


						JUNE 30, 2022		(Unaudited)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Port Authority of New York & New Jersey Revenue Bonds, Series 2020
4.000% due 07/15/2060	$		400	$		360

Schenectady County Capital Resource Corp. Union College Project Revenue Bonds Series 2022
5.000% due 07/01/2032			470			534

Suffolk County, New York Economic Development Corp. Revenue Bonds, Series 2021
5.125% due 11/01/2041			475			411

Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2018
4.000% due 11/15/2048			2,800			2,706

Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2019
5.000% due 11/15/2041			1,000			1,091
5.000% due 11/15/2043			750			815

Troy Capital Resource Corp., New York Revenue Bonds, Series 2020
5.000% due 09/01/2034			1,800			1,938

TSASC, Inc., New York Revenue Bonds, Series 2017
5.000% due 06/01/2035			3,000			3,118
5.000% due 06/01/2041			500			516

Ulster County, New York Capital Resource Corp. Revenue Bonds, Series 2017
5.250% due 09/15/2047			1,000			766

Westchester County, New York Local Development Corp. Revenue Bonds, Series 2014
5.500% due 05/01/2042			1,000			1,021

						162,912


NORTH DAKOTA 0.2%

Grand Forks County, North Dakota Revenue Bonds, Series 2021
7.000% due 12/15/2043			320			186


PENNSYLVANIA 0.6%

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2021
9.000% due 04/01/2051			560			642


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
PUERTO RICO 7.7%

Children’s Trust Fund, Puerto Rico Revenue Bonds, Series 2008
0.000% due 05/15/2057 (c)	$		10,200	$		547

Commonwealth of Puerto Rico Bonds, Series 2022
0.000% due 11/01/2043			1,517			756
0.000% due 11/01/2051			679			293

Commonwealth of Puerto Rico General Obligation Bonds, Series 2021
0.000% due 07/01/2033 (c)			460			259
4.000% due 07/01/2033			153			140
4.000% due 07/01/2035			137			123
4.000% due 07/01/2037			118			105
4.000% due 07/01/2041			160			139
5.750% due 07/01/2031			161			176

Commonwealth of Puerto Rico General Obligation Notes, Series 2021
0.000% due 07/01/2024 (c)			79			72
5.625% due 07/01/2027			169			180

Puerto Rico Highway & Transportation Authority Revenue Bonds, Series 2005
5.000% due 07/01/2030 ^(b)			490			271

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018
0.000% due 07/01/2046 (c)			2,830			765
4.750% due 07/01/2053			3,385			3,261

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2019
4.784% due 07/01/2058			565			541

						7,628


TEXAS 0.5%

Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021
7.500% due 12/01/2045			220			177
12.000% due 12/01/2045			400			361

						538


66		PIMCO CLOSED-END FUNDS			See Accompanying Notes


Schedule of Investments		PIMCO New York Municipal Income Fund III				June 30, 2022		(Unaudited)

(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 176.5%

MUNICIPAL BONDS & NOTES 174.6%

ARIZONA 0.4%

Arizona Industrial Development Authority Revenue Bonds, Series 2020
7.750% due 07/01/2050	$		150	$		163


DELAWARE 1.4%

Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022
3.167% due 10/01/2038			550			477
7.120% due 10/01/2038			95			93

						570


ILLINOIS 5.8%

Chicago, Illinois General Obligation Bonds, Series 2015
5.250% due 01/01/2028			1,900			1,968

Illinois State General Obligation Bonds, Series 2012
5.000% due 08/01/2023			400			410

						2,378


LOUISIANA 0.3%

Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017
2.375% due 06/01/2037			130			122


MICHIGAN 0.5%

Michigan Finance Authority Revenue Bonds, Series 2020
0.000% due 06/01/2065 (c)			2,035			186


NEW YORK 152.6%

Brookhaven Local Development Corp., New York Revenue Bonds, Series 2020
4.000% due 11/01/2055			400			364

Broome County, New York Local Development Corp. Revenue Bonds, (AGM Insured), Series 2020
4.000% due 04/01/2050			250			230

Build NYC Resource Corp., New York Revenue Bonds, Series 2018
5.625% due 12/01/2050			125			125

Dutchess County Local Development Corp Revenue Bonds, Series 2022
4.000% due 07/01/2049			435			410

Dutchess County, New York Local Development Corp. Revenue Bonds, Series 2016
5.000% due 07/01/2046			750			766

Housing Development Corp., New York Revenue Bonds, Series 2017
3.700% due 11/01/2047			500			448

Huntington Local Development Corp., New York Revenue Bonds, Series 2021
5.250% due 07/01/2056			300			272

Long Island Power Authority, New York Revenue Bonds, Series 2020
4.000% due 09/01/2039			500			498

Metropolitan Transportation Authority, New York Revenue Bonds, Series 2013
5.000% due 11/15/2042			2,000			2,017

Metropolitan Transportation Authority, New York Revenue Bonds, Series 2014
5.000% due 11/15/2039			2,000			2,042

Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2013
5.000% due 07/01/2043			1,750			1,807

Monroe County Industrial Development Corp., New York Revenue Bonds, Series 2020
4.000% due 12/01/2046			465			404


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

Nassau County, New York Industrial Development Agency Revenue Bonds, Series 2021
5.000% due 01/01/2058	$		341	$		239

New York City Housing Development Corp. Revenue Bonds, Series 2013
5.250% due 07/01/2031			500			518

New York City Industrial Development Agency, New York Revenue Bonds, (AGM Insured), Series 2021
4.000% due 01/01/2032			1,000			1,027

New York City Industrial Development Agency, New York Revenue Bonds, Series 2020
4.000% due 03/01/2045			1,000			917

New York City Transitional Finance Authority Building Aid, New York Revenue Bonds, Series 2018
5.250% due 07/15/2036			1,000			1,104

New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2013
5.000% due 11/01/2042			2,000			2,034

New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2015
0.650% due 02/01/2045			500			500

New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2020
4.000% due 05/01/2047			500			485

New York City Transitional Finance Authority Future Tax Secured, New York Revenue Bonds, Series 2021
4.000% due 02/01/2049			1,200			1,159

New York City Trust for Cultural Resources, New York Revenue Bonds, Series 2014
5.000% due 08/01/2043			2,000			2,070

New York City Water & Sewer System, New York Revenue Bonds, Series 2012
0.900% due 06/15/2046			650			650
5.000% due 06/15/2047			2,500			2,517

New York City Water & Sewer System, New York Revenue Bonds, Series 2020
5.000% due 06/15/2050			250			272

New York City, General Obligation Bonds, Series 2013
5.000% due 08/01/2031			2,590			2,676

New York City, General Obligation Bonds, Series 2017
0.620% due 10/01/2046			400			400

New York City, New York General Obligation Bonds, Series 2018
5.000% due 04/01/2045 (d)			2,000			2,123

New York Convention Center Development Corp. Revenue Bonds, Series 2015
5.000% due 11/15/2045			500			519

New York County, New York Tobacco Trust Revenue Bonds, Series 2001
5.750% due 06/01/2043			330			336

New York County, New York Tobacco Trust Revenue Bonds, Series 2005
0.000% due 06/01/2050 (c)			10,000			1,963
0.000% due 06/01/2055 (c)			7,500			494
5.000% due 06/01/2042			3,200			3,134

New York Liberty Development Corp. Revenue Bonds, Series 2005
5.250% due 10/01/2035			350			393

New York Liberty Development Corp. Revenue Bonds, Series 2007
5.500% due 10/01/2037			2,400			2,776

New York Liberty Development Corp. Revenue Bonds, Series 2014
5.000% due 11/15/2044			1,750			1,708

New York Power Authority Revenue Bonds, Series 2020
4.000% due 11/15/2055			1,000			951

New York State Dormitory Authority Memorial Sloan-Kettering Cancer Revenue Bonds, Series 2022
4.000% due 07/01/2051			750			722

New York State Dormitory Authority Northwell Health Obligated Group Revenue Bonds, Series 2022
5.000% due 05/01/2052			500			519

New York State Dormitory Authority Revenue Bonds, Series 2013
5.000% due 02/15/2029			750			766


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)

New York State Dormitory Authority Revenue Bonds, Series 2017
4.000% due 02/15/2047 (d)	$		500	$		479
5.000% due 12/01/2036			1,000			1,038

New York State Dormitory Authority Revenue Bonds, Series 2018
5.000% due 03/15/2037			1,000			1,084

New York State Dormitory Authority Revenue Bonds, Series 2019
5.000% due 03/15/2047			2,500			2,649

New York State Dormitory Authority Revenue Bonds, Series 2020
4.000% due 07/01/2050			1,500			1,399

New York State Dormitory Authority Revenue Bonds, Series 2022
4.000% due 07/01/2049 (a)			190			176
5.000% due 07/15/2050 (a)			190			191

New York State Environmental Facilities Corp. Revenue Bonds, Series 2022
4.000% due 06/15/2047			1,000			982

New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020
4.200% due 11/01/2054 (e)			1,000			956

New York State Urban Development Corp. Revenue Bonds, Series 2021
4.000% due 03/15/2047 (d)			500			478

New York Transportation Development Corp. Revenue Bonds, Series 2022
4.000% due 12/01/2042			940			858

Niagara Tobacco Asset Securitization Corp., New York Revenue Bonds, Series 2014
5.250% due 05/15/2034			500			515
5.250% due 05/15/2040			500			513

Onondaga County, New York Trust for Cultural Resources Revenue Bonds, Series 2019
5.000% due 12/01/2040			350			379
5.000% due 12/01/2043			500			538

Port Authority of New York & New Jersey Revenue Bonds, Series 2016
5.250% due 11/15/2056			2,500			2,664

Port Authority of New York & New Jersey Revenue Bonds, Series 2018
5.000% due 07/15/2036			500			552

Port Authority of New York & New Jersey Revenue Bonds, Series 2020
4.000% due 07/15/2060			250			225

Schenectady County Capital Resource Corp. Union College Project Revenue Bonds Series 2022
5.000% due 07/01/2032			190			216

Suffolk County, New York Economic Development Corp. Revenue Bonds, Series 2021
5.125% due 11/01/2041			200			173

The Genesee County Funding Corporation Tax-Exempt Revenue Bonds, Series 2022
5.250% due 12/01/2052			500			517

Triborough Bridge & Tunnel Authority, New York Revenue Bonds, Series 2019
5.000% due 11/15/2043			750			815

Troy Capital Resource Corp., New York Revenue Bonds, Series 2020
5.000% due 09/01/2034			585			630

TSASC, Inc., New York Revenue Bonds, Series 2017
5.000% due 06/01/2041			2,000			2,065

Ulster County, New York Capital Resource Corp. Revenue Bonds, Series 2017
5.250% due 09/15/2047			500			383

						62,830


NORTH DAKOTA 0.2%

Grand Forks County, North Dakota Revenue Bonds, Series 2021
7.000% due 12/15/2043			130			75

See Accompanying Notes

SEMIANNUAL REPORT

JUNE 30, 2022


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


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
PENNSYLVANIA 1.5%

Berks County, Pennsylvania Industrial Development Authority Revenue Bonds, Series 2017
4.000% due 11/01/2050	$		500	$		368

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2021
9.000% due 04/01/2051			225			258

						626


PUERTO RICO 8.7%

Children’s Trust Fund, Puerto Rico Revenue Bonds, Series 2008
0.000% due 05/15/2057 (c)			4,400			234

Commonwealth of Puerto Rico Bonds, Series 2022
0.000% due 11/01/2043			607			303
0.000% due 11/01/2051			329			142

Commonwealth of Puerto Rico General Obligation Bonds, Series 2021
0.000% due 07/01/2033 (c)			187			105
4.000% due 07/01/2033			62			57
4.000% due 07/01/2035			56			50
4.000% due 07/01/2037			48			43
4.000% due 07/01/2041			65			57
5.750% due 07/01/2031			66			72

Commonwealth of Puerto Rico General Obligation Notes, Series 2021
0.000% due 07/01/2024 (c)			32			29
5.625% due 07/01/2027			69			73

Puerto Rico Highway & Transportation Authority Revenue Bonds, Series 2003
5.000% due 07/01/2042 ^(b)			680			376


Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2022
Puerto Rico	$	0	$	3,581	$	0	$	3,581
Texas		0		208		0		208
U.S. Virgin Islands		0		374		0		374
Virginia		0		456		0		456
Wisconsin		0		309		0		309
Short-Term Instruments
Repurchase Agreements		0		798		0		798


Total Investments	$	0	$	72,676	$	0	$	72,676

There were no significant transfers into or out of Level 3 during the period ended June 30, 2022.

See Accompanying Notes

SEMIANNUAL REPORT

JUNE 30, 2022


Notes to Financial Statements

1. ORGANIZATION

PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II and PIMCO New York Municipal Income Fund III (each a “Fund” and collectively, the “Funds”) are organized as

closed-end

management investment companies registered under the Investment Company Act of 1940, as amended, and the rules and regulations thereunder (the “Act”). Each Fund was organized as a Massachusetts business trust on the dates shown in the table below. Pacific Investment Management Company LLC (“PIMCO” or the “Manager”) serves as the Funds’ investment manager.


Fund Name	Formation Date

PIMCO Municipal Income Fund		May 9, 2001

PIMCO Municipal Income Fund II		March 29, 2002

PIMCO Municipal Income Fund III		August 20, 2002

PIMCO California Municipal Income Fund		May 10, 2001

PIMCO California Municipal Income Fund II		March 29, 2002

PIMCO California Municipal Income Fund III		August 20, 2002

PIMCO New York Municipal Income Fund		May 10, 2001

PIMCO New York Municipal Income Fund II		March 29, 2002

PIMCO New York Municipal Income Fund III		August 20, 2002

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Each Fund is treated as an investment company under the reporting requirements of U.S. GAAP. The functional and reporting currency for the Funds is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(

a) Securities Transactions and Investment Income

Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the

ex-dividend

date, except certain dividends from foreign securities where the

ex-dividend

date may have passed, which are recorded as soon as a Fund is informed of the

ex-dividend

date.

Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on

non-accrual

status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from

non-accrual

status when the issuer resumes interest payments or when collectability of interest is probable.

(b) Distributions — Common Shares

The following table shows the anticipated frequency of distributions from net investment income to common shareholders.

Distribution Frequency

Fund Name

Declared

Distributed

PIMCO Municipal Income Fund

Monthly

PIMCO Municipal Income Fund II

Monthly

PIMCO Municipal Income Fund III

Monthly

PIMCO California Municipal Income Fund

Monthly

PIMCO California Municipal Income Fund II

Monthly

PIMCO California Municipal Income Fund III

Monthly

PIMCO New York Municipal Income Fund

Monthly

PIMCO New York Municipal Income Fund II

Monthly

PIMCO New York Municipal Income Fund III

Monthly

Each Fund intends to distribute at least annually to its shareholders all or substantially all of its net

tax-exempt

interest and any investment company taxable income, and may distribute its net capital gain.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be


70		PIMCO CLOSED-END FUNDS


				June 30, 2022		(Unaudited)

different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund’s annual financial statements presented under U.S. GAAP.

Separately, if a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable), and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or

paid-in

surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund’s daily internal accounting records and practices, a Fund’s financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund’s internal accounting records and practices may take into account, among other factors,

tax-related

characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain Funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where a Fund’s financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution’s tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at a Fund’s fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

In March 2020, the Financial Accounting Standards Board issued an Accounting Standards Update (“ASU”), ASU

2020-04,

which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and

other reference rates that are expected to be discontinued. ASU

2020-04

is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments and has determined that it is unlikely the ASU’s adoption will have a material impact on the Funds’ financial statements.

In October 2020, the U.S. Securities and Exchange Commission (“SEC”) adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions that was applicable to the Funds as of the date of this report. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a

value-at-risk

leverage limit and certain derivatives risk management program and reporting requirements. The rule went into effect on February 19, 2021. The compliance date for the new rule and the associated recordkeeping requirements is August 19, 2022. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Act without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also includes the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The effective date for the rule was January 19, 2021, and the compliance date for the rule was January 19, 2022. Management has implemented changes in connection with the rule and has determined that there is no material impact to the Funds’ financial statements.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines “readily available market quotations” for purposes of the definition of “value” under the Act, and the SEC noted that this definition would apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the associated recordkeeping requirements is September 8, 2022. At this time, management is evaluating the implications of these changes on the financial statements.

SEMIANNUAL REPORT

JUNE 30, 2022


Notes to Financial Statements		(Cont.)

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies

The net asset value (“NAV”) of a Fund’s shares, is determined by dividing the total value of portfolio investments and other assets, less any liabilities, attributable to that Fund by the total number of shares outstanding of that 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 (normally 4:00 p.m., Eastern time) (“NYSE Close”). Information that becomes known to the Funds or their 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, each Fund reserves the right to either (i) calculate its NAV as of the earlier closing time or (ii) calculate its NAV as of the normally scheduled close of regular trading on the NYSE for that day. Each 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, each Fund reserves the right to calculate its NAV as of the normally scheduled close of regular trading on the NYSE for that day or such other time that the Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of official closing prices or the last reported sales prices, or if no sales are reported, based on quotes obtained from established market makers or prices (including evaluated prices) supplied by the Funds’ approved pricing services, quotation reporting systems and other third-party sources (together, “Pricing Services”). The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do 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 PIMCO 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 such data reflecting 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, quotes obtained from a quotation reporting system, established market makers or pricing services. Swap agreements are valued on the basis of market-based prices supplied by Pricing Services or quotes obtained from brokers and dealers. A Fund’s investments in

open-end

management investment companies, other than exchange-traded funds, 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 Funds’ Boards of Trustees (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 a 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 a 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 a 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 Funds’ policy is intended to result in a calculation of a Fund’s NAV that fairly reflects security values as of the time of pricing, a Fund cannot ensure that fair values determined by the Board or persons acting at their direction would accurately reflect the price that a Fund could obtain for a security if it


72		PIMCO CLOSED-END FUNDS


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were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a 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 a 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 each respective 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 a 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 each respective Fund.

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 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.

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.

4. SECURITIES AND OTHER INVESTMENTS

Investments in Securities

The Funds may utilize the investments and strategies described below to the extent permitted by each Fund’s respective investment policies.

Restricted Investments

are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the

SEMIANNUAL REPORT

JUNE 30, 2022


Notes to Financial Statements		(Cont.)

Securities Act of 1933. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Funds as of June 30, 2022, as applicable, are disclosed in the Notes to Schedules of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises

are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the “U.S. Treasury”); and others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government. Instead, they are supported only by the discretionary authority of the U.S. Government to purchase the agency’s obligations.

When-Issued Transactions

are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by a Fund to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund’s respective investment policies.

The following disclosures contain information on a Fund’s ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Fund. The location of these instruments in each Fund’s financial statements is described below.

(a) Repurchase Agreements

Under the terms of a typical repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no

pre-determined

repurchase date and the agreement can be terminated by a Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund’s custodian or designated subcustodians under

tri-party

repurchase agreements, and in certain instances will remain in custody with the counterparty. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, the Fund may pay a fee for the receipt of collateral, which may result in interest expense to a Fund.

(b) Tender Option Bond Transactions

In a tender option bond transaction (“TOB”), a tender option bond trust (“TOB Trust”) issues floating rate certificates (“TOB Floater”) and residual interest certificates (“TOB Residual”) and utilizes the proceeds of such issuances to purchase a fixed rate municipal bond (“Fixed Rate Bond”) that is either owned or identified by the Fund. The TOB Floater is generally issued to third party investors (typically a money market fund) and the TOB Residual is generally issued to the Fund that sold or identified the Fixed Rate Bond. The TOB Trust divides the income stream provided by the Fixed Rate Bond to create two securities, the TOB Floater, which is a short-term security, and the TOB Residual, which is a longer-term security. The interest rates payable on the TOB Residual issued to the Fund bear an inverse relationship to the interest rate on the TOB Floater. The interest rate on the TOB Floater is reset by a remarketing process typically every 7 to 35 days. After income is paid on the TOB Floater at current rates, the residual income from the Fixed Rate Bond goes to the TOB Residual. Therefore, rising short-term rates result in lower income for the TOB Residual, and vice versa. In the case of a TOB Trust that utilizes the cash received (less transaction expenses) from the issuance of the TOB Floater


74		PIMCO CLOSED-END FUNDS


				June 30, 2022		(Unaudited)

and TOB Residual to purchase the Fixed Rate Bond from the Fund, the Fund may then invest the cash received in additional securities, generating leverage for the Fund. Other PIMCO-managed accounts may also contribute municipal bonds to a TOB Trust into which the Fund has contributed Fixed Rate Bonds. If multiple PIMCO-managed accounts participate in the same TOB Trust, the economic rights and obligations under the TOB Residual will be shared among the funds ratably in proportion to their participation in the TOB Trust.

The TOB Residual may be more volatile and less liquid than other municipal bonds of comparable maturity. In most circumstances the TOB Residual holder bears substantially all of the underlying Fixed Rate Bond’s downside investment risk and also benefits from any appreciation in the value of the underlying Fixed Rate Bond. Investments in a TOB Residual typically will involve greater risk than investments in Fixed Rate Bonds.

A TOB Residual held by a Fund provides the Fund with the right to: (i) cause the holders of the TOB Floater to tender their notes at par, and (ii) cause the sale of the Fixed Rate Bond held by the TOB Trust, thereby collapsing the TOB Trust. TOB Trusts are generally supported by a liquidity facility provided by a third party bank or other financial institution (the “Liquidity Provider”) that provides for the purchase of TOB Floaters that cannot be remarketed. The holders of the TOB Floaters have the right to tender their certificates in exchange for payment of par plus accrued interest on a periodic basis (typically weekly) or on the occurrence of certain mandatory tender events. The tendered TOB Floaters are remarketed by a remarketing agent, which is typically an affiliated entity of the Liquidity Provider. If the TOB Floaters cannot be remarketed, the TOB Floaters are purchased by the TOB Trust either from the proceeds of a loan from the Liquidity Provider or from a liquidation of the Fixed Rate Bond.

The TOB Trust may also be collapsed without the consent of a Fund, as the TOB Residual holder, upon the occurrence of certain “tender option termination events” (or “TOTEs”) as defined in the TOB Trust agreements. Such termination events typically include the bankruptcy or default of the Fixed Rate Bond, a substantial downgrade in credit quality of the Fixed Rate Bond, or a judgment or ruling that interest on the Fixed Rate Bond is subject to Federal income taxation. Upon the occurrence of a termination event, the TOB Trust would generally be liquidated in full with the proceeds typically applied first to any accrued fees owed to the trustee, remarketing agent and liquidity provider, and then to the holders of the TOB Floater up to par plus accrued interest owed on the TOB Floater and a portion of gain share, if any, with the balance paid out to the TOB Residual holder. In the case of a mandatory termination event, after the payment of fees, the TOB Floater holders would be paid before the TOB Residual holders (i.e., the Funds). In contrast, in the case of a TOTE, after payment of fees, the

TOB Floater holders and the TOB Residual holders would be paid pro rata in proportion to the respective face values of their certificates.

If there are insufficient proceeds from the liquidation of the TOB Trust, the party that would bear the losses would depend upon whether a Fund holds a

non-recourse

TOBs Residual or a recourse TOBs Residual. If a Fund holds a

non-recourse

TOBs Residual, the Liquidity Provider or holders of the TOBs Floaters would bear the losses on those securities and there would be no recourse to the Fund’s assets. If a Fund holds a recourse TOBs Residual, the Fund (and, indirectly, holders of the Fund’s Common Shares) would typically bear the losses. In particular, if a Fund holds a recourse TOBs Residual, it will typically have entered into an agreement pursuant to which the Fund would be required to pay to the Liquidity Provider the difference between the purchase price of any TOBs Floaters put to the Liquidity Provider by holders of the TOBs Floaters and the proceeds realized from the remarketing of those TOBs Floaters or the sale of the assets in the TOBs Issuer. Each Fund may invest in both

non-recourse

and recourse TOBs Residuals to leverage its portfolio.

Each Fund’s transfer of Fixed Rate Bonds to a TOB Trust is considered a secured borrowing for financial reporting purposes. The cash received by the TOB Trust from the sale of the TOB Floaters, less certain transaction expenses, is paid to a Fund. A Fund typically invests the cash received in additional municipal bonds. The Funds account for the transactions described above as secured borrowings by including the Fixed Rate Bonds in their Schedules of Investments, and account for the TOB Floater as a liability under the caption “Payable for tender option bond floating rate certificates” in the Funds’ Statements of Assets and Liabilities. Interest income, including amortization and accretion of premiums and discounts, from the underlying municipal bonds is recorded by each Fund on an accrual basis and is shown as interest on the Statements of Operations. Interest expense incurred on the secured borrowing is shown as interest expense on the Statements of Operations.

The Funds may also purchase TOB Residuals in a secondary market transaction without transferring a fixed rate municipal bond into a TOB Trust. Such transactions are not accounted for as secured borrowings but rather as a security purchase with the TOB Residual being included in the Schedule of Investments.

In December 2013, regulators finalized rules implementing Section 619 (the “Volcker Rule”) and Section 941 (the “Risk Retention Rules”) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Both the Volcker Rule and the Risk Retention Rules apply to tender option bond programs. The Volcker Rule precludes banking entities from (i) sponsoring or acquiring interests in the trusts used to hold a municipal bond in the creation of TOB Trusts; and (ii) continuing to service or maintain relationships with existing programs involving TOB Trusts to the same extent and in the same capacity as existing

SEMIANNUAL REPORT

JUNE 30, 2022


Notes to Financial Statements		(Cont.)

programs. The Risk Retention Rules require the sponsor to a TOB Trust (e.g., a Fund) to retain at least five percent of the credit risk of the underlying assets supporting to the TOB Trust’s municipal bonds. The Risk Retention Rules may adversely affect a Fund’s ability to engage in tender option bond trust transactions or increase the costs of such transactions in certain circumstances.

In response to these rules, industry participants explored various structuring alternatives for TOB Trusts established after December 31, 2013 and TOB Trusts established prior to December 31, 2013 (“Legacy TOB Trusts”) and agreed on a new tender option bond structure in which the Funds hire service providers to assist with establishing, structuring and sponsoring a TOB Trust. Service providers to a TOB Trust, such as administrators, liquidity providers, trustees and remarketing agents act at the direction of, and as agent of, the Funds as the TOB residual holders.

The Funds have restructured their Legacy TOB Trusts in conformity with regulatory guidelines. Under the new TOB Trust structure, the Liquidity Provider or remarketing agent will no longer purchase the tendered TOB Floaters, even in the event of failed remarketing. This may increase the likelihood that a TOB Trust will need to be collapsed and liquidated

in order to purchase the tendered TOB Floaters. The TOB Trust may draw upon a loan from the Liquidity Provider to purchase the tendered TOB Floaters. Any loans made by the Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust and will be subject to an interest rate agreed upon with the liquidity provider.

For the period ended June 30, 2022, the Funds’ average leverage outstanding from the use of TOB transactions and the daily weighted average interest rate, including fees, were as follows:


Fund Name	Average Leverage Outstanding (000s)		Weighted Average Interest Rate*

PIMCO Municipal Income Fund	$	65,529		0.89%

PIMCO Municipal Income Fund II		217,742		0.84%

PIMCO Municipal Income Fund III		90,413		0.94%

PIMCO California Municipal Income Fund		53,353		0.95%

PIMCO California Municipal Income Fund II		38,440		0.96%

PIMCO California Municipal Income Fund III		41,925		0.95%

PIMCO New York Municipal Income Fund		25,557		0.63%

PIMCO New York Municipal Income Fund II		13,903		1.02%

PIMCO New York Municipal Income Fund III		10,741		0.91%

*	Annualized

6. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to such things as changes in the market (market risk) or failure or inability of the other party to a transaction to perform (credit and counterparty risk). See below for a detailed description of select principal risks. For a complete list of the principal risks the Funds may be subject to, please see the Principal Risks of the Funds section of the Funds’ annual report dated December 31, 2021.

PIMCO
Municipal
Income
Fund
(PMF)

PIMCO
Municipal
Income
Fund II
(PML)

PIMCO
Municipal
Income
Fund III
(PMX)

PIMCO
California
Municipal
Income
Fund
(PCQ)

PIMCO
California
Municipal
Income
Fund II
(PCK)

PIMCO
California
Municipal
Income
Fund III
(PZC)

PIMCO
New York
Municipal
Income
Fund
(PNF)

PIMCO
New York
Municipal
Income
Fund II
(PNI)

PIMCO
New York
Municipal
Income
Fund III

(PYN)

California State Specific Risk

—

Call Risk

Counterparty Risk

Credit Risk

Cyber Security Risk

Derivatives Risk

High Yield Securities Risk

Inflation/Deflation Risk

Interest Rate Risk

Issuer Risk

Leverage Risk

Distribution Risk

Liquidity Risk

Management Risk

Market Risk

Market Disruption Risk

Municipal Bond Risk


76		PIMCO CLOSED-END FUNDS


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PIMCO
Municipal
Income
Fund
(PMF)

PIMCO
Municipal
Income
Fund II
(PML)

PIMCO
Municipal
Income
Fund III
(PMX)

PIMCO
California
Municipal
Income
Fund
(PCQ)

PIMCO
California
Municipal
Income
Fund II
(PCK)

PIMCO
California
Municipal
Income
Fund III
(PZC)

PIMCO
New York
Municipal
Income
Fund
(PNF)

PIMCO
New York
Municipal
Income
Fund II
(PNI)

PIMCO
New York
Municipal
Income
Fund III

(PYN)

Municipal Project-Specific Risk

New York State-Specific Risk

—

Non-Diversification

Risk

—

Operational Risk

Portfolio Turnover Risk

Private Placements Risk

Regulatory Changes Risk

Regulatory Risk - LIBOR

Reinvestment Risk

Segregation and Coverage Risk

Short Exposure Risk

Structured Investments Risk

—

Tax Risk

Valuation Risk

California State-Specific Risk

is the risk that by concentrating its investments in California Municipal Bonds, the Fund may be affected significantly by economic, regulatory or political developments affecting the ability of California issuers to pay interest or repay principal.

Call Risk

is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (

e.g

., declining interest rates, changes in credit spreads and improvements in the issuer’s credit quality). If an issuer calls a security that the Fund has invested in, the Fund may not recoup the full amount of its initial investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Counterparty Risk

is the risk that the Fund will be subject to credit risk with respect to the counterparties to the derivative contracts and other instruments entered into by the Fund or held by special purpose or structured vehicles in which the Fund invests. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery (including recovery of any collateral it has provided to the counterparty) in a dissolution, assignment for the benefit of creditors, liquidation,

winding-up,

bankruptcy, or other analogous proceeding.

Credit Risk

is the risk that the Fund could lose money if the issuer or guarantor of a fixed-income security, or the counterparty to a derivatives contract, repurchase agreement or a loan of portfolio securities, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations. Measures such as average

credit quality may not accurately reflect the true credit risk of the Fund. This is especially the case if the Fund consists of securities with widely varying credit ratings.

Cyber Security Risk

As the use of technology has become more prevalent in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund’s ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future.

Derivatives Risk

is the risk of investing in derivative instruments (such as futures, swaps and structured securities), including leverage, liquidity, interest rate, market, credit, management , counterparty, operational and legal risks and valuation complexity. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than the initial amount invested. The Fund’s use of derivatives may result in losses to the Fund, a reduction in the Fund’s returns and/or

SEMIANNUAL REPORT

JUNE 30, 2022


Notes to Financial Statements		(Cont.)

increased volatility.

Over-the-counter

(“OTC”) derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives. The primary credit risk on derivatives that are exchange-traded or traded through a central clearing counterparty resides with the Fund’s clearing broker, or the clearinghouse itself.

High Yield Securities Risk

is the risk that high yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer’s continuing ability to make principal and interest payments, and may be more volatile than higher-rated securities of similar maturity.

Inflation/Deflation Risk

is the risk that the value of assets or income from the Fund’s investments will be worth less in the future as inflation decreases the value of payments at future dates. As inflation increases, the real value of the Fund’s portfolio could decline. Deflation Risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund’s portfolio and common shares.

Interest Rate Risk

is the risk that fixed income securities and other instruments in the Fund’s portfolio will decline in value because of an increase in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a short average portfolio duration.

Issuer Risk

is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services.

Leverage Risk

is the risk that certain transactions of the Fund, such as reverse repurchase agreements, dollar rolls and/or borrowings (as well as from any future issuance of preferred shares), delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

Distribution Risk

is the risk that, to the extent a Fund seeks to maintain a level distribution rate, the Fund’s distribution rate may be affected by numerous factors, including but not limited to changes in realized and projected market returns, fluctuations in market interest rates, Fund performance, and other factors. For instance, during periods of low or declining interest rates, the Fund’s distributable income and dividend levels may decline for many reasons. There can be no assurance that a change in market conditions or other factors will

not result in a change in the Fund’s distribution rate or that the rate will be sustainable in the future.

Liquidity Risk

is the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid investments at an advantageous time or price or possibly require the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations, which could prevent the Fund from taking advantage of other investment opportunities. Additionally, the market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer.

Management Risk

is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio manager in connection with managing the Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Fund will be achieved.

Market Risk

is the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably due to factors affecting securities markets generally or particular industries.

Market Disruption Risk

A Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets, and cause a Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund’s service providers, including PIMCO as a Fund’s investment adviser, rely, and could otherwise disrupt a Fund’s service providers’ ability to fulfill their obligations to a Fund. For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as

COVID-19)

has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities a Fund holds, and may adversely affect a Fund’s investments and operations. Please see the Important Information section for additional discussion of the

COVID-19

pandemic.

Municipal Bond Risk

is the risk that the Fund may be affected significantly by the economic, regulatory or political developments affecting the ability of issuers of debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax (“Municipal Bonds”) to pay interest or repay principal.


78		PIMCO CLOSED-END FUNDS


				June 30, 2022		(Unaudited)

Municipal Project-Specific Risk

is the risk that the Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of specific projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in bonds from issuers in a single state.

New York State-Specific Risk

is the risk that by concentrating its investments in New York Municipal Bonds, the Fund maybe affected significantly by economic, regulatory or political developments affecting the ability of New York issuers to pay interest or repay principal.

Non-Diversification Risk

is the risk of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are

“non-diversified”

may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than funds that are “diversified.”

Operational Risk

An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Portfolio Turnover Risk

is the risk that a high portfolio turnover will result in greater expenses to the Fund, including brokerage commissions or dealer

mark-ups

and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may result in realization of taxable capital gains (including short-term capital gains, which are generally taxed to shareholders at ordinary income tax rates when distributed net of short-term capital losses and net long-term capital losses) and may adversely affect the Fund’s

after-tax

returns.

Private Placements Risk i

s the risk that securities received in a private placement may be subject to strict restrictions on resale, and there may be no liquid secondary market or ready purchaser for such securities. Therefore, the Fund may be unable to dispose of such securities when it desires to do so, or at the most favorable time or price. Private placements may also raise valuation risks.

Regulatory Changes Risk

is the risk that financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Fund is

regulated, affect the expenses incurred directly by the Fund and the value of its investments, and limit and /or preclude the Fund’s ability to achieve its investment objectives. Government regulation may change frequently and may have significant adverse consequences. The Fund and the Investment Manager have historically been eligible for exemptions from certain regulations. However, there is no assurance that the Fund and the Investment Manager will continue to be eligible for such exemptions.

Regulatory Risk — LIBOR

is the risk related to the anticipated discontinuation of the London Interbank Offered Rate (“LIBOR”). Certain instruments held by the Fund rely in some fashion upon LIBOR. Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the nature of any replacement rate, and any potential effects of the transition away from LIBOR on the Fund or on certain instruments in which the Fund invests can be difficult to ascertain. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and may result in a reduction in the value of certain instruments held by the Fund.

Reinvestment Risk

is the risk that income from the Fund’s portfolio will decline if and when the Fund invests the proceeds from matured, traded or called debt obligations at market interest rates that are below the portfolio’s current earnings rate. The Fund also may choose to sell higher yielding portfolio securities and to purchase lower yielding securities to achieve greater portfolio diversification, because the portfolio managers believe the current holdings are overvalued or for other investment-related reasons.

Segregation and Coverage Risk

is the risk that certain portfolio management techniques may be considered senior securities unless steps are taken to segregate the Fund’s assets or otherwise cover its obligations. To avoid having these instruments considered senior securities, the Fund may segregate liquid assets with a value equal (on a daily

mark-to-market

basis) to its obligations under these types of leveraged transactions, enter into offsetting transactions or otherwise cover such transactions. The Fund may be unable to use such segregated assets for certain other purposes, which could result in the Fund earning a lower return on its portfolio than it might otherwise earn if it did not have to segregate those assets in respect of, or otherwise cover, such portfolio positions. To the extent the Fund’s assets are segregated or committed as cover, it could limit the Fund’s investment flexibility. Except as otherwise described in the principal investment strategies for the Fund, the Fund will no longer be required to engage in asset segregation or cover techniques as of August 19, 2022.

Short Exposure Risk

is the risk of entering into short sales, including the potential loss of more money than the actual cost of the

SEMIANNUAL REPORT

JUNE 30, 2022


Notes to Financial Statements		(Cont.)

investment, and the risk that the third party to the short sale will not fulfill its contractual obligations, causing a loss to the Fund.

Structured Investments Risk

is the risk that the Fund’s investment in structured products, including, structured notes, credit-linked notes and other types of structured products bear the risks of the underlying investments, index or reference obligation and are subject to counterparty risk. The Fund may have the right to receive payments only from the structured product, and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. Structured products generally entail risks associated with derivative instruments.

Tax Risk

is the risk that if, in any year, the Fund were to fail to qualify for treatment as a regulated investment company under the Tax Code, and were ineligible to or did not otherwise cure such failure, the Fund would be subject to tax on its taxable income at corporate rates and, when such income is distributed, shareholders would be subject to a further tax to the extent of the Fund’s current or accumulated earnings and profits.

Valuation Risk

is the risk that fair value pricing used when market quotations are not readily available may not result in adjustments to the prices of securities or other assets, or that fair value pricing may not reflect actual market value. It is possible that the fair value determined in good faith for a security or other asset will be materially different from quoted or published prices, from the prices used by others for the same security or other asset and/or from the value that actually could be or is realized upon the sale of that security or other asset.

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cybersecurity risks. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Fund’s performance.

7. MASTER NETTING ARRANGEMENTS

A Fund may be subject to various netting arrangements (“Master Agreements”) with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master

Agreement with a counterparty. For financial reporting purposes the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at

pre-arranged

exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively “Master Repo Agreements”) govern repurchase, reverse repurchase, and certain sale-buyback transactions between a Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level


80		PIMCO CLOSED-END FUNDS


				June 30, 2022		(Unaudited)

or as required by regulation. Similarly, if required by regulation, a Funds may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent a Fund is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

8. FEES AND EXPENSES

(a) Management Fee

Pursuant to the Investment Management Agreement with PIMCO (the “Agreement”), and subject to the supervision of the Board, PIMCO is responsible for providing to each Fund investment guidance and policy direction in connection with the management of the Fund, including oral and written research, analysis, advice, and statistical and economic data and information. In addition, pursuant to the Agreement and subject to the general supervision of the Board, PIMCO, at its expense, provides or causes to be furnished most other supervisory and administrative services the Funds require, including but not limited to, expenses of most third-party service providers (e.g., audit, custodial, legal, transfer agency, printing) and other expenses, such as those associated with insurance, proxy solicitations and mailings for shareholder meetings, NYSE listing and related fees, tax services, valuation services and other services the Funds require for their daily operations.

Pursuant to the Agreement, PIMCO receives an annual fee, payable monthly, at the annual rates shown in the table below:


Fund Name	Annual Rate (1)

PIMCO Municipal Income Fund		0.705%

PIMCO Municipal Income Fund II		0.685%

PIMCO Municipal Income Fund III		0.705%

PIMCO California Municipal Income Fund		0.705%

PIMCO California Municipal Income Fund II		0.705%

PIMCO California Municipal Income Fund III		0.715%

PIMCO New York Municipal Income Fund		0.770%

PIMCO New York Municipal Income Fund II		0.735%

PIMCO New York Municipal Income Fund III		0.860%

(1)	Management fees calculated based on the Fund’s average daily NAV (including daily net assets attributable to any preferred shares of the Fund that may be outstanding).

(b) Fund Expenses Each Fund bears other expenses, which may vary and affect the total level of expenses paid by shareholders, such as (i) salaries and other compensation or expenses, including travel expenses of any of the Fund’s executive officers and employees, if any, who are not officers, directors, shareholders, members, partners or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees, if any, levied against the Fund; (iii) brokerage fees and commissions and other

portfolio transaction expenses incurred by or for the Fund (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by the Fund, subject to specific or general authorization by the Fund’s Board (for example,

so-called

“broken-deal costs” (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments))); (iv) expenses of the Fund’s securities lending (if any), including any securities lending agent fees, as governed by a separate securities lending agreement; (v) costs, including interest expenses, of borrowing money or engaging in other types of leverage financing, including, without limitation, through the use by the Fund of reverse repurchase agreements, tender option bonds, bank borrowings and credit facilities; (vi) costs, including dividend and/or interest expenses and other costs (including, without limitation, offering and related legal costs, fees to brokers, fees to auction agents, fees to transfer agents, fees to ratings agencies and fees to auditors associated with satisfying ratings agency requirements for preferred shares or other securities issued by the Fund and other related requirements in the Fund’s organizational documents) associated with the Fund’s issuance, offering, redemption and maintenance of preferred shares, commercial paper or other senior securities for the purpose of incurring leverage; (vii) fees and expenses of any underlying funds or other pooled vehicles in which the Fund invests; (viii) dividend and interest expenses on short positions taken by the Fund; (ix) fees and expenses, including travel expenses, and fees and expenses of legal counsel retained for their benefit, of Trustees who are not officers, employees, partners, shareholders or members of PIMCO or its subsidiaries or affiliates; (x) extraordinary expenses, including extraordinary legal expenses, that may arise, including expenses incurred in connection with litigation, proceedings, other claims, and the legal obligations of the Fund to indemnify its Trustees, officers, employees, shareholders, distributors, and agents with respect thereto; (xi) organizational and offering expenses of the Fund, including with respect to share offerings, such as rights offerings and shelf offerings, following the Fund’s initial offering, and expenses associated with tender offers and other share repurchases and redemptions; and (xii) expenses of the Fund which are capitalized in accordance with U.S. GAAP.

Each of the Trustees of the Funds who is not an “interested person” under Section 2(a)(19) of the Act, (the “Independent Trustees”) also serves as a trustee of a number of other

closed-end

funds for which PIMCO serves as investment manager (together with the Funds, the “PIMCO

Closed-End

Funds”), as well as PIMCO California Flexible Municipal Income Fund, PIMCO Flexible Emerging Markets Income Fund, PIMCO Flexible Credit Income Fund and PIMCO Flexible Municipal Income Fund, each a closed end management investment company managed by PIMCO that is operated as an “interval fund” (the ”PIMCO Interval Funds”), and PIMCO Managed Accounts Trust,

SEMIANNUAL REPORT

JUNE 30, 2022


Notes to Financial Statements		(Cont.)

open-end

management investment company with multiple series for which PIMCO serves as investment adviser and administrator (“PMAT” and, together with the PIMCO

Closed-End

Funds and the PIMCO Interval Funds, the “PIMCO-Managed Funds”). In addition, during the reporting period, each of the Independent Trustees (other than Mr Kittredge and Ms. Vandecruze) also served as a trustee of certain funds for which Allianz Global Investors U.S. LLC (“AGI U.S.”), an affiliate of PIMCO, served as investment manager.

On May 17, 2022, AGI U.S. pleaded guilty in connection with the proceeding United States of America v. Allianz Global Investors U.S. LLC. AGI U.S. is an indirect subsidiary of Allianz SE. The conduct resulting in the matter described above occurred entirely within AGI U.S. and did not involve PIMCO or any personnel of PIMCO. Nevertheless, because of the disqualifying conduct of AGI U.S., their affiliate, PIMCO would have been disqualified from serving as the investment adviser to the Funds in the absence of SEC exemptive relief. PIMCO has received exemptive relief from the SEC to permit PIMCO to continue serving as investment adviser for U.S.-registered investment companies, including the Funds.

The Funds pay no compensation directly to any Trustee or any other officer who is affiliated with the Manager, all of whom receive remuneration for their services to the Funds from the Manager or its affiliates.

9. RELATED PARTY TRANSACTIONS

The Manager is a related party. Fees payable to this party are disclosed in Note 8, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

10. GUARANTEES AND INDEMNIFICATIONS

Under each Fund’s organizational documents, each Trustee and officer is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

11. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as “portfolio turnover.” Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer

mark-ups

and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Fund. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates when distributed to shareholders). The transaction costs associated with portfolio turnover may adversely affect a Fund’s performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2022, were as follows (amounts in thousands

†


	U.S. Government/Agency				All Other

Fund Name	Purchases		Sales		Purchases		Sales

PIMCO Municipal Income Fund	$	0	$	0	$	62,704	$	71,283

PIMCO Municipal Income Fund II		0		0		154,790		185,453

PIMCO Municipal Income Fund III		0		0		70,706		86,432

PIMCO California Municipal Income Fund		0		0		68,515		101,986

PIMCO California Municipal Income Fund II		0		0		64,264		80,625

PIMCO California Municipal Income Fund III		0		0		56,666		77,630

PIMCO New York Municipal Income Fund		0		0		27,101		32,728

PIMCO New York Municipal Income Fund II		0		0		38,084		39,877

PIMCO New York Municipal Income Fund III		0		0		14,426		15,926

the “RVMTP Funds”) issued a single series of Variable Rate MuniFund Term Preferred Shares, Series 2022 (the “VMTP Shares”).

On June 30, 2022, pursuant to the authority expressly vested in the Boards of Trustees of the RVMTP Funds, the Boards of Trustees of the RVMTP Funds authorized the redesignation (the “Redesignation”) of each Fund’s VMTP Shares as Remarketable Variable Rate MuniFund Term Preferred Shares, Series 2051 (the “RVMTP Shares”, and together with the ARPS, the “Preferred Shares”). Pursuant to such authority, the Redesignation occurred on July 14, 2021 (the “Redesignation Date”). As redesignated, the RVMTP Shares have a term of 30 years, subject to remarketing every three years and in certain other instances.

In the RVMTP Funds’ Statements of Assets and Liabilities, the RVMTP Shares’ aggregate liquidation preference is shown as a liability since they are considered debt of the issuer. Any costs directly related to the September 18, 2018 issuance of the VMTP Shares were considered debt issuance costs and have been amortized into interest expense as of the Redesignation Date. Any costs directly related to the Redesignation are considered debt issuance costs and are being amortized into interest expense on a straight-line basis through the Early Term Redemption Date (defined below). The liquidation value of the RVMTP Shares in each RVMTP Fund’s Statements of Assets and Liabilities is shown as a liability and represents its liquidation preference, which approximates fair value of the shares and is considered level 2 under the fair value hierarchy, less any unamortized debt issuance costs. The RVMTP Shares can be redeemed in whole or in part, at their liquidation preference of $100,000 per share plus any accumulated, unpaid dividends. No Preferred Shares were redeemed during the period ended June 30, 2022.

Dividends paid with respect to the RVMTP Shares, which are payable monthly, are treated as interest expense, are accrued daily and are reflected, with respect to the RVMTP Shares, as a component of interest expense in the Statements of Operations. For the period ended June 30, 2022, the amount of the RVMTP Shares outstanding, interest expense related to the dividends paid to RVMTP Shares (including amounts prior to and after the Redesignation) and the daily weighted average interest rate, including issuance costs, can be found in the table below.


Fund Name	RVMTP Shares Outstanding		Interest Expense †		Weighted Average Interest Rate* 1

PIMCO Municipal Income Fund		233	$	164		1.42	%

PIMCO Municipal Income Fund II		687		472		1.39

PIMCO Municipal Income Fund III		343		239		1.40

PIMCO California Municipal Income Fund		293		205		1.41

PIMCO California Municipal Income Fund II		343		239		1.40

PIMCO California Municipal Income Fund III		271		190		1.41

PIMCO New York Municipal Income Fund II		210		148		1.43

†	Amounts in thousands.

1	Annualized

*	The rate presented is inclusive of the amortized debt issuance cost. As a result, the rate shown may not fall into the range presented in the table below.


84		PIMCO CLOSED-END FUNDS


				June 30, 2022		(Unaudited)

For the period ended June 30, 2022, the dividend rate on the RVMTP Shares ranged from:


Fund Name	Shares Issued and Outstanding		High		Low		As of June 30, 2022
PIMCO Municipal Income Fund

Series 2051		233		1.890%		0.960%		1.830%

PIMCO Municipal Income Fund II

Series 2051		687		1.890%		0.960%		1.830%

PIMCO Municipal Income Fund III

Series 2051		343		1.890%		0.960%		1.830%

PIMCO California Municipal Income Fund

Series 2051		293		1.890%		0.960%		1.830%

PIMCO California Municipal Income Fund II

Series 2051		343		1.890%		0.960%		1.830%

PIMCO California Municipal Income Fund III

Series 2051		271		1.890%		0.960%		1.830%

PIMCO New York Municipal Income Fund II

Series 2051		210		1.890%		0.960%		1.830%

Each RVMTP Fund, at its option, may designate special terms applicable to all of the outstanding RVMTP Shares for a certain period (a “Special Terms Period”) pursuant to a notice of special terms. Such special terms may differ from those provided in the current governing documents of the RVMTP Shares and may include, without limitation, changes to the dividend rate, dividend payment dates and redemption provisions; provided that such special terms do not affect the parity ranking of the RVMTP Shares to any other class or series of Preferred Shares then outstanding with respect to dividends or distribution of assets upon dissolution, liquidation, or winding up of the affairs of the RVMTP Fund. No Special Terms Period with respect to a series of RVMTP Shares will become effective unless certain conditions are satisfied, including that all of the RVMTP Shares in such series are remarketed (except with respect to any RVMTP Shares whose holders have elected to retain their RVMTP Shares for the Special Terms Period).

In addition, a “Mandatory Tender Event” will occur on each date that is (i) 20 business days before each three-year anniversary since the Redesignation Date (each an “Early Term Redemption”, and the date on which such occurs, an “Early Term Redemption Date”), (ii) the date an RVMTP Fund delivers a notice designating a Special Terms Period, and (iii) 20 business days before the end of a Special Terms Period (provided that no subsequent Special Terms Period is designated). Upon the occurrence of a Mandatory Tender Event, all RVMTP Shares will be subject to mandatory tender (subject to the holders’ election to retain their RVMTP Shares) and the RVMTP Fund will issue or cause to be issued a notice of mandatory tender to the holders of the RVMTP Shares for remarketing on the corresponding Mandatory Tender Date. If any RVMTP Shares subject to a Mandatory Tender Event upon an Early Term Redemption Date of the RVMTP Shares or upon the end of a Special Terms Period (each, an “RVMTP Share Early Term Redemption Date”) have not been either retained by the holders or remarketed by

the Mandatory Tender Date, the RVMTP Fund will redeem such RVMTP Shares on the RVMTP Share Early Term Redemption Date.

With respect to the Mandatory Tender Events described in clauses (i), (ii) and (iii) above, the corresponding “Mandatory Tender Date” means, respectively: (i) the date that is 180 calendar days following the Early Term Redemption Date, (ii) the date on which the related Special Terms Period becomes effective, and (iii) the last day of the related Special Terms Period (subject, in each case, to the holders’ election to retain their RVMTP Shares). No Mandatory Tender Event occurred during the period ended June 30, 2022.

Each RVMTP Fund is subject to certain limitations and restrictions while the RVMTP Shares are outstanding. Failure to comply with these limitations and restrictions could preclude an RVMTP Fund from declaring or paying any dividends or distributions to common shareholders or repurchasing common shares and/or could trigger the mandatory redemption of the RVMTP Shares at their liquidation preference plus any accumulated, unpaid dividends and other distributions. Any resulting suspension of payment of common share dividends may result in a tax penalty for the applicable RVMTP Fund and, in certain circumstances, the loss of treatment as a regulated investment company. Any such mandatory redemption will be conducted on a pro rata basis among each series of the RVMTP Shares and the ARPS based upon the proportion that the aggregate liquidation preference of any series bears to the aggregate liquidation preference of all outstanding series of such RVMTP Fund’s preferred shares. Under the terms of a purchase agreement between each RVMTP Fund and the investor in the RVMTP Shares, each RVMTP Fund is subject to various investment requirements. These requirements may be more restrictive than those to which the RVMTP Fund is otherwise subject in accordance with its investment objectives and policies. In addition, each RVMTP Fund is subject to certain restrictions on its

SEMIANNUAL REPORT

JUNE 30, 2022


Notes to Financial Statements		(Cont.)

investments imposed by guidelines of the rating agencies that rate the RVMTP Shares, which guidelines may be changed by the applicable rating agency, in its sole discretion, from time to time. These guidelines may impose asset coverage or portfolio composition requirements that are more stringent than those imposed on the RVMTP Fund by the Act.

Ratings agencies may change their methodologies for evaluating and providing ratings for shares of

closed-end

funds at any time and in their sole discretion, which may affect the rating (if any) of an RVMTP Fund’s shares. Fitch Ratings published ratings criteria relating to

closed-end

funds on December 4, 2020, which effectively result in a rating cap of “AA” for debt and preferred stock issued by all

closed-end

funds and a rating cap of “A” for (i) debt and preferred shares issued by

closed-end

funds exposed to emerging market debt, below-investment-grade and unrated debt, structured securities and equity, and

(ii) closed-end

funds with material exposure to “BBB” category rated assets. The updated ratings criteria cap the credit rating of each RVMTP Fund’s RVMTP Shares at AA. Accordingly, on April 30, 2021, Fitch Ratings announced that it had downgraded to “AA” from AAA” the long-term ratings assigned to each of the RVMTP Funds’ VMTP Shares. The long-term rating actions were driven by changes in the updated ratings criteria for

closed-end

funds rather than by any fundamental changes to the Funds’ credit profiles. In connection with the Redesignation, Fitch affirmed the “AA” long-term ratings assigned to each of the RVMTP Funds’ RVMTP Shares in April 2021. Fitch does not currently rate the Fund’s ARPS. In addition, future ratings downgrades by Moody’s or Fitch, as applicable, may result in an increase to the Funds’ Preferred Shares dividend rates.

Each RVMTP Fund is required to maintain certain asset coverage with respect to all outstanding senior securities of the RVMTP Fund which are stocks for purposes of the Act, including the RVMTP Shares and ARPS, as set forth in such RVMTP Fund’s governing documents and the Act. One such requirement under the Act is that a RVMTP Fund is not permitted to declare or pay common share dividends unless immediately thereafter the RVMTP Fund has a minimum asset coverage ratio of 200% with respect to all outstanding senior securities of the Fund which are stocks for purposes of the Act after deducting the amount of such common share dividends. The asset coverage per share for each RVMTP Fund is reported in the Financial Highlights and is disclosed as the product of the asset coverage ratio as of period end and the current liquidation preference.

With respect to the payment of dividends and as to the distribution of assets of each RVMTP Fund, ARPS and RVMTP Shares rank on parity with each other, and are both senior in priority to the RVMTP Funds’ outstanding common shares. Holders of preferred shares of each RVMTP Fund, who are entitled to one vote per share, including holders of RVMTP Shares and ARPS, generally vote together as one class with the common shareholders of each RVMTP Fund, but preferred shareholders (RVMTP Shares and ARPS together) vote separately as a class to elect two Trustees of each Fund, as required by the Act, and on certain matters adversely affecting the rights of preferred shareholders. Under the Act, preferred shareholders, including holders of the RVMTP Shares and ARPS, are also entitled to elect a majority of the trustees at any time when dividends on the preferred shares are unpaid for two full years.

The RVMTP Shares’ Dividend Rate (as defined below) is determined over the course of a

seven-day

period, which generally commences each Thursday and ends the following Wednesday (the “Rate Period”). The dividends per share for RVMTP Shares for a given Rate Period are dependent on the RVMTP Share dividend rate for that Rate Period (the “RVMTP Share Dividend Rate”). The RVMTP Share Dividend Rate is equal to the greater of (i) the sum of the Index Rate

plus the Applicable Spread

for the Rate Period plus the “Failed Remarketing Spread”

, if any, and (ii) the sum of (a) the product of the Index Rate multiplied by the Applicable Multiplier

for such Rate Period plus (b) 0.92% plus (c) the Failed Remarketing Spread, if any.

Dividend Rate

Rate Period Fraction

Liquidation Preference

Dividend

Number of days in the Rate Period (or a part thereof)

Dividend Rate

Divided by

100,000

Dividends per RVMTP Share

Total number of days in the year

1	The Index Rate is determined by reference to a weekly, high-grade index comprised of seven-day, tax-exempt variable rate demand notes, generally the Securities Industry and Financial Markets Association Municipal Swap Index.

2	The Applicable Spread for a Rate Period is a percentage per year that is based on the long-term rating most recently assigned by the applicable ratings agency to the RVMTP Shares.

In connection with a failed remarketing related to an Early Term Redemption, the Failed Remarketing Spread is (i) 0.75% for the first 59 days following the applicable Early Term Redemption Date, (ii) 1.00% for the 60th to the 89th day following such Early Term Redemption Date, (iii) 1.25% for the 90th to the 119th day following such Early Term Redemption Date, (iv) 1.50% for the 120th to the 149th day following such Early Term Redemption Date, and (v) 1.75% for the 150th day following such Early Term Redemption Date to the date of the associated mandatory redemption of the RVMTP Shares. In connection with a failed remarketing related to a Special Terms Period (each a “Failed Special Terms Period Remarketing”), the Failed Remarketing Spread means (i) for so long as two or more Failed Special Terms Period Remarketings have not occurred, 0.05%, and (ii) following the second occurrence of a Failed Special Terms Period Remarketing, 0.10% multiplied by the number of Failed Special Terms Period Remarketings that have occurred after the first Failed Special Terms Period Remarketing.

4	The Applicable Multiplier for a Rate Period is a percentage that is based on the long-term rating most recently assigned by the applicable ratings agency to the RVMTP Shares.

5	The Dividend Rate will in no event exceed 15% per year.


86		PIMCO CLOSED-END FUNDS


				June 30, 2022		(Unaudited)

13. REGULATORY AND LITIGATION MATTERS

The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

The foregoing speaks only as of the date of this report.

14. FEDERAL INCOME TAX MATTERS

Each 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.

A 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 Funds’ tax positions for all open tax years. As of June 30, 2022, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Funds file U.S. federal, state, and local tax returns as required. The Funds’ 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.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of their last fiscal year ended December 31, 2021, the Funds had the following post-effective capital losses with no expiration (amounts in thousands

†


	Short-Term		Long-Term

PIMCO Municipal Income Fund	$	3,229	$	722

PIMCO Municipal Income Fund II		9,543		3,377

PIMCO Municipal Income Fund III		3,002		0

PIMCO California Municipal Income Fund		0		0

PIMCO California Municipal Income Fund II		1,044		0

PIMCO California Municipal Income Fund III		726		897

PIMCO New York Municipal Income Fund		996		831

PIMCO New York Municipal Income Fund II		3,583		1,344

PIMCO New York Municipal Income Fund III		15		362

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

As of June 30, 2022, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands

†


	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation) (1)

PIMCO Municipal Income Fund	$	515,343	$	13,835	$	(25,501	)	$	(11,666	)

PIMCO Municipal Income Fund II		1,159,247		25,212		(53,349	)		(28,137	)

PIMCO Municipal Income Fund III		540,895		12,880		(26,711	)		(13,831	)

PIMCO California Municipal Income Fund		398,137		4,170		(13,406	)		(9,236	)

PIMCO California Municipal Income Fund II		409,559		10,756		(14,582	)		(3,826	)

PIMCO California Municipal Income Fund III		334,715		3,706		(11,484	)		(7,778	)

PIMCO New York Municipal Income Fund		136,825		1,666		(7,731	)		(6,065	)

PIMCO New York Municipal Income Fund II		190,612		4,608		(9,176	)		(4,568	)

PIMCO New York Municipal Income Fund III		74,961		1,481		(3,766	)		(2,285	)

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

(1)	Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) on investments are attributable to open wash sale loss deferrals, interest accrued on defaulted securities, other interest adjustments, and inverse floater transactions.

SEMIANNUAL REPORT

JUNE 30, 2022


Notes to Financial Statements		(Cont.)		June 30, 2022		(Unaudited)

15. SUBSEQUENT EVENTS

In preparing these financial statements, the Funds’ management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

On July 1, 2022, the following distributions were declared to common shareholders payable August 1, 2022 to shareholders of record on July 11, 2022:



PIMCO Municipal Income Fund	$	0.054000 per common share

PIMCO Municipal Income Fund II	$	0.059000 per common share

PIMCO Municipal Income Fund III	$	0.046000 per common share

PIMCO California Municipal Income Fund	$	0.065000 per common share

PIMCO California Municipal Income Fund II	$	0.032000 per common share

PIMCO California Municipal Income Fund III	$	0.038000 per common share

PIMCO New York Municipal Income Fund	$	0.042000 per common share

PIMCO New York Municipal Income Fund II	$	0.040045 per common share

PIMCO New York Municipal Income Fund III	$	0.035490 per common share

On August 1, 2022, the following distributions were declared to common shareholders payable September 1, 2022 to shareholders of record on August 11, 2022:



PIMCO Municipal Income Fund	$	0.054000 per common share

PIMCO Municipal Income Fund II	$	0.059000 per common share

PIMCO Municipal Income Fund III	$	0.046000 per common share

PIMCO California Municipal Income Fund	$	0.065000 per common share

PIMCO California Municipal Income Fund II	$	0.032000 per common share

PIMCO California Municipal Income Fund III	$	0.038000 per common share

PIMCO New York Municipal Income Fund	$	0.042000 per common share

PIMCO New York Municipal Income Fund II	$	0.040045 per common share

PIMCO New York Municipal Income Fund III	$	0.035490 per common share

As of August 11, 2022, PML had an effective “shelf” registration statement on file with the SEC authorizing the Fund to issue an unlimited number of Common Shares in one or more offerings pursuant to Rule 415 under the Securities Act.

There were no other subsequent events identified that require recognition or disclosure.


88		PIMCO CLOSED-END FUNDS


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

Exchange Abbreviations:

OTC	Over the Counter

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

CM	California Mortgage Insurance	NPFGC	National Public Finance Guarantee Corp.	ST	State

Other Abbreviations:

TBA	To-Be-Announced

SEMIANNUAL REPORT

JUNE 30, 2022


Distribution Information

For purposes of Section 19 of the Investment Company Act of 1940 (the “Act”), the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule

19a-1(e)

under the Act, the table below sets forth the actual source information for dividends paid during the six month ended June 30, 2022 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form

1099-DIV

(for shareholders who receive U.S. federal tax reporting) at the end of each calendar year.

See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.


PIMCO Municipal Income Fund
	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)

January 2022	$	0.0540	$	0.0000	$	0.0000	$	0.0540

February 2022	$	0.0540	$	0.0000	$	0.0000	$	0.0540

March 2022	$	0.0540	$	0.0000	$	0.0000	$	0.0540

April 2022	$	0.0540	$	0.0000	$	0.0000	$	0.0540

May 2022	$	0.0540	$	0.0000	$	0.0000	$	0.0540

June 2022	$	0.0540	$	0.0000	$	0.0000	$	0.0540

PIMCO Municipal Income Fund II
	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)

January 2022	$	0.0590	$	0.0000	$	0.0000	$	0.0590

February 2022	$	0.0514	$	0.0000	$	0.0076	$	0.0590

March 2022	$	0.0540	$	0.0000	$	0.0050	$	0.0590

April 2022	$	0.0524	$	0.0000	$	0.0066	$	0.0590

May 2022	$	0.0430	$	0.0000	$	0.0160	$	0.0590

June 2022	$	0.0425	$	0.0000	$	0.0165	$	0.0590

PIMCO Municipal Income Fund III
	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)

January 2022	$	0.0460	$	0.0000	$	0.0000	$	0.0460

February 2022	$	0.0460	$	0.0000	$	0.0000	$	0.0460

March 2022	$	0.0460	$	0.0000	$	0.0000	$	0.0460

April 2022	$	0.0460	$	0.0000	$	0.0000	$	0.0460

May 2022	$	0.0460	$	0.0000	$	0.0000	$	0.0460

June 2022	$	0.0460	$	0.0000	$	0.0000	$	0.0460

PIMCO California Municipal Income Fund
	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)

January 2022	$	0.0553	$	0.0000	$	0.0097	$	0.0650

February 2022	$	0.0546	$	0.0000	$	0.0104	$	0.0650

March 2022	$	0.0616	$	0.0000	$	0.0034	$	0.0650

April 2022	$	0.0561	$	0.0000	$	0.0089	$	0.0650

May 2022	$	0.0484	$	0.0000	$	0.0166	$	0.0650

June 2022	$	0.0443	$	0.0000	$	0.0207	$	0.0650


90		PIMCO CLOSED-END FUNDS


				(Unaudited)


PIMCO California Municipal Income Fund II
	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)

January 2022	$	0.0320	$	0.0000	$	0.0000	$	0.0320

February 2022	$	0.0315	$	0.0000	$	0.0005	$	0.0320

March 2022	$	0.0320	$	0.0000	$	0.0000	$	0.0320

April 2022	$	0.0320	$	0.0000	$	0.0000	$	0.0320

May 2022	$	0.0320	$	0.0000	$	0.0000	$	0.0320

June 2022	$	0.0293	$	0.0000	$	0.0027	$	0.0320

PIMCO California Municipal Income Fund III
	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)

January 2022	$	0.0380	$	0.0000	$	0.0000	$	0.0380

February 2022	$	0.0380	$	0.0000	$	0.0000	$	0.0380

March 2022	$	0.0380	$	0.0000	$	0.0000	$	0.0380

April 2022	$	0.0380	$	0.0000	$	0.0000	$	0.0380

May 2022	$	0.0380	$	0.0000	$	0.0000	$	0.0380

June 2022	$	0.0380	$	0.0000	$	0.0000	$	0.0380

PIMCO New York Municipal Income Fund III
	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)

January 2022	$	0.0317	$	0.0000	$	0.0038	$	0.0355

February 2022	$	0.0322	$	0.0000	$	0.0033	$	0.0355

March 2022	$	0.0348	$	0.0000	$	0.0007	$	0.0355

April 2022	$	0.0355	$	0.0000	$	0.0000	$	0.0355

May 2022	$	0.0287	$	0.0000	$	0.0068	$	0.0355

June 2022	$	0.0280	$	0.0000	$	0.0075	$	0.0355

PIMCO New York Municipal Income Fund
	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)

January 2022	$	0.0359	$	0.0000	$	0.0061	$	0.0420

February 2022	$	0.0351	$	0.0000	$	0.0069	$	0.0420

March 2022	$	0.0397	$	0.0000	$	0.0023	$	0.0420

April 2022	$	0.0405	$	0.0000	$	0.0015	$	0.0420

May 2022	$	0.0328	$	0.0000	$	0.0092	$	0.0420

June 2022	$	0.0320	$	0.0000	$	0.0100	$	0.0420

PIMCO New York Municipal Income Fund II
	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)

January 2022	$	0.0400	$	0.0000	$	0.0000	$	0.0400

February 2022	$	0.0400	$	0.0000	$	0.0000	$	0.0400

March 2022	$	0.0400	$	0.0000	$	0.0000	$	0.0400

April 2022	$	0.0400	$	0.0000	$	0.0000	$	0.0400

May 2022	$	0.0400	$	0.0000	$	0.0000	$	0.0400

June 2022	$	0.0400	$	0.0000	$	0.0000	$	0.0400

The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits.

**	Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund’s net income, yield, earnings or investment performance.

SEMIANNUAL REPORT

JUNE 30, 2022


Changes to Boards of Trustees				(Unaudited)

Effective July 1, 2022, the Board of Trustees appointed Ms. Kathleen McCartney as a Class II Trustee of the Funds.


92		PIMCO CLOSED-END FUNDS


Approval of Investment Management Agreement				(Unaudited)

PMF, PML, PMX, PNF, PNI, PCQ, PCK, PYN, PZC

The Investment Company Act of 1940, as amended (the “1940 Act”), requires that the Board of Trustees (the “Board” or the “Trustees”), including a majority of the Trustees who are not “interested persons,” as that term is defined in the 1940 Act (the “Independent Trustees”), of each of PIMCO Municipal Income Fund (“PMF”), PIMCO Municipal Income Fund II (“PML”), PIMCO Municipal Income Fund III (“PMX”), PIMCO New York Municipal Income Fund (“PNF”), PIMCO New York Municipal Income Fund II (“PNI”), PIMCO New York Municipal Income Fund III (“PYN”), PIMCO California Municipal Income Fund (“PCQ”), PIMCO California Municipal Income Fund II (“PCK”) and PIMCO California Municipal Income Fund III (“PZC”) (each, a “Fund” and, collectively, the “Funds”), voting separately, annually approve the continuation of the Investment Management Agreement between each Fund and Pacific Investment Management Company LLC (“PIMCO”) (each, an “Agreement” and, collectively, the “Agreements”). At an

in-person

meeting held on June

15-16,

2022 (the “Approval Meeting”), the Board, including the Independent Trustees, considered and unanimously approved the continuation of each Agreement for an additional

one-year

period commencing on August 1, 2022.

In addition to the Approval Meeting, the Contracts Committee (the “Committee”) and the Performance Committee of the Board held a joint meeting on May 16, 2022 to discuss materials provided by PIMCO in connection with the Trustees’ review of the Agreements. The annual contract review process also involved multiple discussions and meetings with members of the Committee and the full Committee (the Approval Meeting, together with such discussions and meetings, the “Contract Renewal Meetings”). Throughout the process, the Independent Trustees received legal advice from independent legal counsel that is experienced in 1940 Act matters and independent of PIMCO (“Independent Counsel”), and with whom they met separately from PIMCO during the Contract Renewal Meetings. Representatives from PIMCO attended portions of the Contract Renewal Meetings and responded to questions from the Independent Trustees. The Committee also received and reviewed a memorandum from Independent Counsel regarding the Trustees’ responsibilities in considering each Agreement and the fees paid thereunder.

In connection with their deliberations regarding the proposed continuation of the Agreements, the Board, including the Independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to reasonably be necessary to evaluate the terms of the Agreements. The Trustees also considered the nature, quality and extent of the various investment management, administrative and other services performed by PIMCO under the Agreements.

In evaluating each Agreement, the Board, including the Independent Trustees, reviewed extensive materials provided by PIMCO in response to questions, inclusive of

follow-up

inquiries, submitted by the Independent Trustees and Independent Counsel. The Board also met with senior representatives of PIMCO regarding its personnel, operations, and estimated profitability as they relate to the Funds. The Trustees also considered the broad range of information relevant to the annual contract review that is provided to the Board (including its various standing committees) at meetings throughout the year, including reports on investment performance based on net asset value (“NAV”), market value (both absolute and compared against its Broadridge Performance Universe (as defined below)) and distribution yield, use of leverage (if applicable), information regarding share price premiums and/or discounts, risks, and other portfolio information, including any use of derivatives, as well as periodic reports on, among other matters, pricing and valuation, quality and cost of portfolio trade execution, compliance, and shareholder and other services provided by PIMCO and its affiliates. To assist with their review, the Trustees reviewed summaries prepared by PIMCO that analyzed each Fund based on a number of factors, including fees/expenses, performance, distribution yield, and risk-based factors, as of December 31, 2021. Additionally, the Trustees considered the impact of significant market volatility that occurred before, during, and/or after the period for which information was requested in conducting its evaluation of PIMCO. They also considered, among other information, performance based on NAV and market value, investment objective and strategy, portfolio managers, assets under management, outstanding leverage, share price premium and/or discount information, annual fund operating expenses, total expense ratio and management fee comparisons between each Fund and its Broadridge Expense Group (as defined below), and estimated profitability to PIMCO from its relationship with each Fund. In considering the Broadridge Performance Universe and Broadridge Expense Group (both as defined below), the Trustees requested that PIMCO comment on whether the peer funds selected for each Fund by Broadridge Financial Solutions, Inc. (“Broadridge”) provided an appropriate comparison, and if not, whether PIMCO believes another peer group would provide a more appropriate comparison.

In addition to approving the continuation of each Agreement at the Approval Meeting, the Board noted that it had also approved, at a separate meeting of the Board on March

24-25,

2022, an immaterial amendment to each Agreement to provide that, by investing in PIMCO Funds: Private Account Portfolio Series – PIMCO Short-Term Floating NAV Portfolio III and/or PIMCO Funds: Private Account Portfolio Series — PIMCO Short Asset Portfolio, each a series of PIMCO Funds (the “Central Funds”), 0.005% of each Fund’s management fee will be designated as compensation for the investment advisory services

SEMIANNUAL REPORT

JUNE 30, 2022


Approval of Investment Management Agreement		(Cont.)

PIMCO provides to the Central Funds, as applicable. The Trustees considered that the Central Funds are offered as cash management vehicles available only to the Funds and other registered investment companies (or series thereof) for which PIMCO serves as investment adviser and that the Central Funds do not pay an investment advisory fee to PIMCO. The Trustees considered that the fees payable by each Fund pursuant to the amendments will not increase or otherwise change, PIMCO’s level of services to the Funds under the Agreements will not be reduced in any way and that the amendments will have no effect on PIMCO’s profitability with respect to the Funds.

The Trustees’ conclusions as to the continuation of each Agreement were based on a comprehensive consideration of all information provided to the Trustees during the Contract Renewal Meetings and throughout the year and were not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, attributing different weights to various factors. The Trustees evaluated information available to them on a

Fund-by-Fund

basis, and their determinations were made separately in respect of each Fund.

Nature, Extent and Quality of Services

As part of their review, the Trustees received and considered descriptions of various functions performed by PIMCO for the Funds, such as portfolio management, compliance monitoring, portfolio trading practices, and oversight of third-party service providers. They also considered information regarding the overall organization and business functions of PIMCO, including, without limitation, information regarding senior management, portfolio managers and other personnel providing or proposed to provide investment management, administrative, and/or other services, and general corporate ownership and business operations unrelated to the Funds. The Trustees examined PIMCO’s abilities to provide high-quality investment management and other services to the Funds, noting PIMCO’s long history and experience in managing

closed-end

funds, such as the Funds, including experience monitoring discounts and premiums and complying with New York Stock Exchange (NYSE) requirements. Among other information, the Trustees considered the investment philosophy and research and decision-making processes of PIMCO; the breadth of each Fund’s investment universe; the experience of key advisory personnel of PIMCO responsible for portfolio management of the Funds; information regarding the Funds’ use of leverage; the ability of PIMCO to attract and retain capable personnel; the background and capabilities of the senior management and staff of PIMCO; the general process or philosophy for determining employee compensation; and the operational infrastructure, including technology and systems and cybersecurity measures, of PIMCO. The Trustees also considered actions

taken by PIMCO to manage the impact on each Fund and its portfolio holdings of market volatility during the time periods for which information was provided.

In addition, the Trustees noted the extensive range of services that PIMCO provides to the Funds beyond investment management services. In this regard, the Trustees reviewed the extent and quality of PIMCO’s services with respect to regulatory compliance and its ability to comply with the investment policies of the Funds; the compliance programs and risk controls of PIMCO (including the implementation of new policies and programs); the specific contractual obligations of PIMCO pursuant to the Agreements; the nature, extent, and quality of the supervisory and administrative services PIMCO is responsible for providing to the Funds; PIMCO’s risk management function; the time and resources PIMCO expends monitoring the leverage employed by the Funds, including the covenants and restrictions imposed by certain forms of leverage such as the Funds’ preferred shares; and conditions that might affect PIMCO’s ability to provide high-quality services to the Funds in the future under the Agreements, including, but not limited to, PIMCO’s financial condition and operational stability. The Trustees also took into account the entrepreneurial and business risk that PIMCO has undertaken as investment manager and sponsor of the Funds. Specifically, the Trustees considered that PIMCO’s responsibilities include continual management of investment, operational, enterprise, legal, regulatory, and compliance risks as they relate to the Funds. The Trustees also noted PIMCO’s activities under its contractual obligation to coordinate, oversee and supervise the Funds’ various outside service providers, including its negotiation of certain service providers’ fees and its due diligence and evaluation of service providers’ infrastructure, cybersecurity programs, compliance programs, and business continuity programs, among other matters. The Trustees also considered PIMCO’s ongoing development of its own infrastructure and information technology, including its proprietary software and applications, to support the Funds through, among other things, cybersecurity, business continuity planning, and risk management.

The Trustees concluded that PIMCO’s investment process, research capabilities and philosophy were well suited to each Fund given its investment objective and policies, that PIMCO would be able to continue to meet any reasonably foreseeable obligations under each Agreement, and that PIMCO would otherwise be able to continue to provide investment and

non-investment

services to each Fund of an appropriate extent and quality.

Fee and Expense Information

In assessing the reasonableness of each Fund’s fees and expenses under its Agreement, the Trustees requested and considered, among other information, the Fund’s management fee and its total expenses as a percentage of average net assets attributable to common shares


94		PIMCO CLOSED-END FUNDS


				(Unaudited)

and as a percentage of average total managed assets (including assets attributable both to common shares and specified leverage outstanding), in comparison to the management fees and other expenses of a group of industry peer funds identified by Broadridge as pursuing investment strategies with classifications/objectives similar to the Fund (for each Fund, its “Broadridge Expense Group”) as well as of a broader universe of peer funds identified by Broadridge (for each Fund, its “Broadridge Expense Universe”). In each case, the total expense ratio information was provided both inclusive and exclusive of interest and borrowing expenses. The Fund-specific fee and expense results discussed below were prepared and provided by Broadridge and were not independently verified by the Trustees. The Trustees noted that only leveraged

closed-end

funds were considered for inclusion in the Broadridge Expense Groups and Broadridge Expense Universes.

The Trustees considered information regarding the investment performance and fees for other funds and accounts managed by PIMCO, if any, including funds and accounts with comparable investment programs and/or principal investment strategies to those of the Funds, as well as certain other funds requested by the Trustees with broadly similar strategies and/or investment types. The Trustees considered information provided by PIMCO indicating that, in comparison to certain other products managed by PIMCO, including any

open-end

funds and exchange-traded funds with broadly similar strategies and/or investment types, there are additional portfolio management challenges in managing

closed-end

funds such as the Funds. For example, the challenges associated with managing

closed-end

funds may include investing in

non-traditional

and less liquid holdings, a greater use of leverage, issues relating to trading on a national securities exchange and managing a fund’s dividend practices. In addition, the Independent Trustees considered information provided by PIMCO as to the generally broader and more extensive services provided to the Funds in comparison to those provided to private funds or institutional or separate accounts; the higher demands placed on PIMCO to provide considerable shareholder services due to the volume of investors; the greater entrepreneurial, enterprise, and reputational risk in managing registered

closed-end

funds; and the expenses, and impact on PIMCO, associated with the more extensive regulatory and compliance requirements to which the Funds are subject in comparison to private funds or institutional or separate accounts. The Trustees were advised by PIMCO that, in light of these additional challenges and additional services, different pricing structures between

closed-end

funds and other products managed by PIMCO are to be expected, and that comparisons of pricing structures across these products may not always be apt comparisons, even where other products have comparable investment objectives and strategies to those of the Funds.

The Trustees also took into account that the Funds have preferred shares outstanding, which increases the amount of management fees payable by each Fund under its Agreement (because each Fund’s fees are calculated based on net assets, including assets attributable to preferred shares outstanding). In this regard, the Trustees took into account that PIMCO has a financial incentive for the Funds to use or continue to use leverage in the form of preferred shares, which may create a conflict of interest between PIMCO, on one hand, and the Funds’ common shareholders, on the other. Therefore, the Trustees noted that the total fees paid by each Fund to PIMCO under the Fund’s unified fee arrangement would therefore vary more with increases and decreases in leverage attributable to preferred shares than under a

non-unified

fee arrangement, all other things being equal. The Trustees considered information provided by PIMCO and related presentations as to why each Fund’s use of leverage continues to be appropriate and in the best interests of the respective Fund under current market conditions. The Trustees noted that each quarter they receive information from PIMCO comparing the recent, historical and projected costs of each Fund’s existing leverage arrangements against other available financing options, as well as information relating to PIMCO’s views regarding economic or other risks of maintaining those leverage arrangements and/or replacing them with alternate forms of financing. The Trustees also considered PIMCO’s representation that it will use leverage for the Funds solely as it determines to be in the best interests of the Funds from an investment perspective and without regard to the level of compensation PIMCO receives.

The Trustees noted that, for each Fund, the contractual and actual management fee rates for the Fund under its unified fee arrangement were above the median contractual and actual management fees of the other funds in its Broadridge Expense Group, calculated both on average net assets and on average total managed assets. However, in this regard, the Trustees took into account that each Fund’s unified fee arrangement covers substantially all of the Fund’s operating fees and expenses (“Operating Expenses”), and therefore, all other things being equal, would tend to be higher than the contractual management fee rates of other funds in the Broadridge Expense Group, which generally do not have a unified fee structure and instead incur Operating Expenses directly and in addition to the management fee. The Trustees determined that a comparison of each Fund’s total expense ratio with the total expense ratios of its Broadridge Expense Group would generally provide more meaningful comparisons than comparing contractual and actual management fee rates in isolation.

In this regard, the Trustees noted PIMCO’s view that the unified fee arrangements have benefited and will continue to benefit common shareholders because they provide an expense structure (including Operating Expenses) that is essentially fixed for the duration of the contractual period as a percentage of NAV (including assets

SEMIANNUAL REPORT

JUNE 30, 2022


Approval of Investment Management Agreement		(Cont.)

attributable to preferred shares), making it more predictable under ordinary circumstances in comparison to other fee and expense structures, under which the Funds’ Operating Expenses (including certain third-party fees and expenses) could vary significantly over time. The Trustees also considered that the unified fee arrangements generally insulate the Funds and common shareholders from increases in applicable third-party and certain other expenses because PIMCO, rather than the Funds, would bear the risk of such increases (though the Trustees also noted that PIMCO would benefit from any reductions in such expenses).

Performance Information

Fund-specific comparative performance results for the Funds reviewed by the Trustees are discussed below. With respect to investment performance, the Trustees considered information regarding each Fund’s performance based on NAV and market value, as applicable, net of the Fund’s fees and expenses, both on an absolute basis and relative to the performance of its Broadridge Performance Universe (as defined below). The Trustees requested information provided by Broadridge regarding the investment performance of a broad universe of funds within the same investment classification/category that Broadridge determined are comparable to those of each Fund (for each Fund, its “Broadridge Performance Universe”). The comparative performance information was prepared and provided by Broadridge and was not independently verified by the Trustees. The Trustees also considered information regarding the Funds’ comparative yields and risk-adjusted returns. The Trustees recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. They further acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance. The Trustees considered information from PIMCO regarding the risks undertaken by each Fund, including the use of leverage, and PIMCO’s management and oversight of the Fund’s risk profile, including in instances where the Fund outperformed its Broadridge Performance Universe.

In addition, the Trustees considered matters bearing on the Funds and their advisory arrangements at their meetings throughout the year, including a review of performance data at each regular meeting (by both the Board and its Performance Committee).

Profitability, Economies of Scale, and

Fall-out

Benefits

The Trustees considered estimated profitability analyses provided by PIMCO, which included, among other information, (i) PIMCO’s estimated

pre-

and post-distribution operating margin for each Fund, as well as PIMCO’s estimated

pre-

and post-distribution operating margin for all of the

closed-end

funds advised by PIMCO, including the

Funds (collectively, the “Estimated Margins”), in each case for the

one-year

period ended December 31, 2021; and (ii) a year-over-year comparison of PIMCO’s Estimated Margins for the

one-year

periods ended December 31, 2021, and December 31, 2020. The Trustees also took into account explanations from PIMCO regarding how certain of PIMCO’s corporate and shared expenses were allocated among the Funds and other funds and accounts managed by PIMCO for purposes of developing profitability estimates. Based on the profitability analyses provided by PIMCO, the Trustees determined, taking into account the various assumptions made, that such profitability did not appear to be excessive.

The Trustees also considered information regarding possible economies of scale in the operation of the Funds. The Trustees noted that the Funds do not currently have any breakpoints in their management fees. The Trustees considered that, as

closed-end

investment companies, the Funds do not continually offer new shares to raise additional assets (as does a typical

open-end

investment company), but may raise additional assets through

follow-on

offerings and dividend reinvestments and may also experience asset growth through investment performance and/or the increased use of leverage. The Trustees noted PIMCO’s assertion that it may share the benefits of potential economies of scale, if any, with the Funds and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology and cybersecurity measures, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision and governance of those services; and the enhancement of services provided to the Funds in return for fees paid. The Trustees also considered that the unified fee arrangements provide inherent economies of scale because a Fund maintains competitive fixed unified fees even if the particular Fund’s assets decline and/or operating costs increase. The Trustees further considered that, in contrast, breakpoints may be used as a proxy for charging higher fees on lower asset levels and that when a fund’s assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Funds’ unified fee arrangements, funds with “pass through” administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also considered that the unified fee arrangements protect shareholders, during the contractual period, from a rise in operating costs that may result from, among other things, PIMCO’s investments in various business enhancements and infrastructure. The Trustees noted that PIMCO has made extensive investments in these areas.

Additionally, the Trustees considered

so-called

“fall-out

benefits” to PIMCO, such as reputational value derived from serving as investment manager to the Funds and research, statistical and quotation services


96		PIMCO CLOSED-END FUNDS


				(Unaudited)

that PIMCO may receive from broker-dealers executing the Funds’ portfolio transactions on an agency basis.

Fund-by-Fund

Analysis

With regard to the investment performance of each Fund and the fees charged to each Fund, the Board considered the following information. With respect to performance quintile rankings for a Fund compared to its Broadridge Performance Universe, the first quintile represents the highest (best) performance and the fifth quintile represents the lowest performance. The Board considered each Fund’s performance and fees in light of the limitations inherent in the methodology for determining such comparative groups.

PMF

With respect to the Fund’s common share total return performance (based on NAV) relative to its respective Broadridge Performance Universe, the Trustees noted that the Fund had first quintile performance for the

one-,

three-, five- and

ten-year

periods ended December 31, 2021.

The Trustees noted that the Fund’s total expense ratio (including interest and borrowing expenses) calculated on both average total managed assets and average net assets was below the median total expense ratio (including interest and borrowing expenses) of the funds in its Broadridge Expense Group and Broadridge Expense Universe. The Trustees noted that the Fund’s total expense ratio (excluding interest and borrowing expenses) calculated on both average total managed assets and average net assets was above the median total expense ratio (excluding interest and borrowing expenses) of the funds in its Broadridge Expense Group and Broadridge Expense Universe.

PML

one-year

period and first quintile performance for the three-, five- and

ten-year

periods ended December 31, 2021.

PMX

one-year

period and first quintile performance for the three-, five- and

ten-year

periods ended December 31, 2021.

PCQ

one-,

three-, five- and

ten-year

periods ended December 31, 2021.

The Trustees noted that the Fund’s total expense ratio (including interest and borrowing expenses) was below the median total expense ratio (including interest and borrowing expenses) calculated on both average total managed assets and average net assets of the funds in its Broadridge Expense Group. The Trustees noted that the Fund’s total expense ratio (including interest and borrowing expenses) was above the median total expense ratio (including interest and borrowing expenses) calculated on average total managed assets and below the median total expense ratio (including interest and borrowing expenses) calculated on average net assets of the funds in its Broadridge Expense Universe. The Trustees noted that the Fund’s total expense ratio (excluding interest and borrowing expenses) calculated on both average total managed assets and average net assets was above the median total expense ratio (excluding interest and borrowing expenses) of the funds in its Broadridge Expense Group and Broadridge Expense Universe.

PCK

one-,

three-, five- and

ten-year

periods ended December 31, 2021.

SEMIANNUAL REPORT

JUNE 30, 2022


Approval of Investment Management Agreement		(Cont.)

PZC

one-,

three-, five- and

ten-year

periods ended December 31, 2021.

PNF

ten-year

periods ended December 31, 2021.

assets and average net assets was above the median total expense ratio (excluding interest and borrowing expenses) of the funds in its Broadridge Expense Group and Broadridge Expense Universe.

PNI

one-,

three-, five- and

ten-year

periods ended December 31, 2021.

The Trustees noted that the Fund’s total expense ratio (including interest and borrowing expenses) was below the median total expense ratio (including interest and borrowing expenses) calculated on both average total managed assets and average net assets of the funds in its Broadridge Expense Group. The Trustees noted that the Fund’s total expense ratio (including interest and borrowing expenses) was at the median total expense ratio (including interest and borrowing expenses) calculated on both average total managed assets and average net assets of the funds in its Broadridge Expense Universe. The Trustees noted that the Fund’s total expense ratio (excluding interest and borrowing expenses) calculated on both average total managed assets and average net assets was above the median total expense ratio (excluding interest and borrowing expenses) of the funds in its Broadridge Expense Group and Broadridge Expense Universe.

PYN

one-,

three-, five- and

ten-year

periods ended December 31, 2021.

The Trustees noted that the Fund’s total expense ratio (including interest and borrowing expenses) was below the median total expense ratio (including interest and borrowing expenses) calculated on both average total managed assets and average net assets of the funds in its Broadridge Expense Group. The Trustees noted that the Fund’s total expense ratio (including interest and borrowing expenses) was above the median total expense ratio (including interest and borrowing expenses) calculated on both average total managed assets and average net assets of the funds in its Broadridge Expense Universe. The Trustees noted that the Fund’s total expense ratio (excluding interest and borrowing expenses) calculated on both average total managed assets and average net assets was above the median total expense ratio (excluding interest and borrowing expenses) of the funds in its Broadridge Expense Group and Broadridge Expense Universe.


98		PIMCO CLOSED-END FUNDS


				(Unaudited)

Conclusion

After reviewing these and other factors described herein, the Trustees concluded, with respect to each Fund, within the context of their overall conclusions regarding the Agreements, and based on the information provided and related representations made by management, and in their business judgment, that they were satisfied with PIMCO’s responses and efforts relating to the investment performance of the Funds. The Trustees also concluded that the fees payable under the Agreements represent reasonable compensation in light of the nature, extent, and quality of the services provided by PIMCO. Based on their evaluation of factors that they deemed to be material, including, but not limited to, those factors described above, the Board, including the Independent Trustees, unanimously concluded that the continuation of the Agreements was in the interests of each Fund and its shareholders, and should be approved.

SEMIANNUAL REPORT

JUNE 30, 2022

General Information

Investment Manager

Pacific Investment Management Company LLC

650 Newport Center Drive,

Newport Beach, CA, 92660

Custodian

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

Transfer Agent, Dividend Paying Agent and Registrar for Common Shares

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Auction Agent, Transfer Agent, Dividend Paying Agent and Registrar for Auction Rate Preferred Shares

Deutsche Bank Trust Company Americas

60 Wall Street, 16th Floor

New York, NY 10005.

Transfer Agent, Dividend Paying Agent and Registrar for Variable Rate MuniFund Term Preferred Shares

The Bank of New York Mellon

240 Greenwich Street, 7E

New York, New York 10286

Legal Counsel

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Funds listed on the Report cover.

CEF4012SAR_063022

The information required by this Item 2 is only required in an annual report on this Form N-CSR.

The information required by this Item 3 is only required in an annual report on this Form N-CSR.

The information required by this Item 4 is only required in an annual report on this Form N-CSR.

The information required by this Item 5 is only required in an annual report on this Form N-CSR.

The information required by this Item 6 is included as part of the semiannual reports to shareholders filed under Item 1 of this Form N-CSR.

The information required by this Item 7 is only required in an annual report on this Form N-CSR.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Trustees since the Fund last provided disclosure in response to this item.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


Common Share							Ratios/Supplemental Data
									Ratios to Average Net Assets Applicable to Common Shareholders															Portfolio Turnover Rate
Net Asset Value End of Year or Period (a)		Market Price End of Year or Period		Total Investment Return (e)			Net Assets Applicable to Common Shareholders End of Year or Period (000s)		Expenses (f)(g)			Expenses Excluding Waivers (f)(g)			Expenses Excluding Interest Expense (f)			Expenses Excluding Interest Expense and Waivers (f)			Net Investment Income (Loss) (f)			Portfolio Turnover Rate



$	10.30	$	11.52		(22.17	)%	$	268,561		1.56	%*		1.56	%*		1.25	%*		1.25	%*		6.19	%*		11	%

	13.33		15.22		15.11			347,062		1.36			1.36			1.19			1.19			5.33			18

	13.22		13.85		(2.99	)		343,020		1.59			1.59			1.23			1.23			5.71			21

	13.35		15.10		26.76			345,113		1.92			1.92			1.18			1.18			6.20			16

	12.36		12.55		2.22			318,313		1.77			1.77			1.23			1.23			7.16			24

	12.87		13.00		(4.44	)		330,523		1.37			1.37			1.21			1.21			7.16			12



$	9.52	$	10.74		(24.15	)%	$	604,911		1.55	%*		1.55	%*		1.13	%*		1.13	%*		5.94	%*		12	%

	12.37		14.61		7.47			783,316		1.30			1.30			1.08			1.08			5.32			13

	12.42		14.30		(4.81	)		782,327		1.59			1.59			1.11			1.11			5.70			20

	12.50		15.87		25.88			782,682		2.06			2.06			1.06			1.06			6.25			12

	11.62		13.31		7.57			723,713		1.93			1.93			1.13			1.13			6.94			23

	12.13		13.18		14.85			751,337		1.30			1.30			1.10			1.10			6.74			12



$	8.70	$	9.22		(25.63	)%	$	289,932		1.62	%*		1.62	%*		1.20	%*		1.20	%*		6.18	%*		12	%

	11.41		12.75		12.32			379,521		1.37			1.37			1.15			1.15			5.18			9

	11.36		11.89		(0.54	)		376,741		1.64			1.64			1.18			1.18			5.57			25

	11.34		12.58		19.03			374,805		2.04			2.04			1.14			1.14			6.48			14

	10.49		11.14		3.39			345,557		1.89			1.89			1.19			1.19			7.11			25

	11.06		11.58		8.19			363,063		1.39			1.39			1.19			1.19			7.07			14



$	10.90	$	15.41		(14.89	)%	$	206,377		1.66	%*		1.66	%*		1.26	%*		1.26	%*		5.85	%*		16	%

	14.08		18.58		7.99			266,321		1.44			1.44			1.20			1.20			5.05			11

	14.28		17.98		(4.94	)		269,561		1.67			1.67			1.22			1.22			5.28			15

	14.20		19.86		29.47			267,390		2.09			2.09			1.18			1.18			5.75			16

	13.32		16.15		(0.66	)		250,306		2.10			2.10			1.23			1.23			6.80			29

	14.20		17.28		16.74			266,019		1.60			1.60			1.21			1.21			6.86			13



$	6.85	$	6.86		(24.75	)%	$	220,478		1.62	%*		1.62	%*		1.27	%*		1.27	%*		5.41	%*		14	%

	9.11		9.35		7.99			293,165		1.41			1.41			1.21			1.21			4.44			11

	9.13		9.03		(5.58	)		293,591		1.62			1.62			1.23			1.23			4.68			19

	8.98		10.00		36.01			288,138		1.99			1.99			1.18			1.18			5.61			16

	8.29		7.83		(19.01	)		265,245		1.88			1.88			1.29			1.29			6.51			37

	8.69		10.17		17.31			277,787		1.49			1.49			1.24			1.24			6.94			14



$	8.05	$	8.26		(23.65	)%	$	180,556		1.66	%*		1.66	%*		1.26	%*		1.26	%*		5.77	%*		16	%

	10.20		11.10		13.11			228,733		1.45			1.45			1.21			1.21			5.06			13

	10.29		10.25		(5.89	)		230,271		1.68			1.68			1.23			1.23			5.13			13

	10.20		11.41		25.66			227,745		2.12			2.12			1.20			1.20			5.59			16

	9.46		9.53		(3.49	)		210,974		2.13			2.13			1.25			1.25			6.70			21

	9.98		10.44		(2.46	)		221,976		1.65			1.65			1.23			1.23			6.77			9



$	9.36	$	9.16		(23.57	)%	$	73,502		1.46	%*		1.46	%*		1.26	%*		1.26	%*		4.69	%*		19	%

	12.13		12.29		9.70			95,190		1.25			1.25			1.20			1.20			4.44			23

	12.01		11.68		(11.51	)		94,059		1.52			1.52			1.23			1.23			5.13			26

	12.15		13.80		24.04			95,010		1.97			1.97			1.19			1.19			5.74			25

	11.29		11.70		(2.90	)		87,913		1.81			1.81			1.27			1.27			6.11			22

	12.06		12.78		13.44			93,564		1.55			1.55			1.30			1.30			5.73			22


Common Share							Ratios/Supplemental Data
									Ratios to Average Net Assets Applicable to Common Shareholders															Portfolio Turnover Rate
Net Asset Value End of Year or Period (a)		Market Price End of Year or Period		Total Investment Return (e)			Net Assets Applicable to Common Shareholders End of Year or Period (000s)		Expenses (f)(g)			Expenses Excluding Waivers (f)(g)			Expenses Excluding Interest Expense (f)			Expenses Excluding Interest Expense and Waivers (f)			Net Investment Income (Loss) (f)			Portfolio Turnover Rate



$	8.90	$	8.74		(21.04	)%	$	99,655		1.78	%*		1.78	%*		1.38	%*		1.38	%*		4.84	%*		19	%

	11.66		11.35		8.87			130,581		1.57			1.57			1.31			1.31			4.18			14

	11.50		10.87		(5.82	)		128,709		1.84			1.84			1.35			1.35			4.97			22

	11.59		12.07		20.57			129,596		2.16			2.16			1.27			1.27			5.62			17

	10.67		10.47		(7.67	)		119,014		2.15			2.15			1.40			1.40			6.64			24

	11.17		12.00		5.77			124,295		1.63			1.63			1.35			1.35			6.51			16



$	7.17	$	7.84		(13.55	)%	$	41,180		1.78	%*		1.78	%*		1.56	%*		1.56	%*		5.42	%*		17	%

	9.20		9.31		8.99			52,786		1.62			1.62			1.49			1.49			4.78			16

	9.15		8.93		(2.75	)		52,414		1.80			1.80			1.49			1.49			5.32			27

	9.29		9.63		16.76			53,135		2.19			2.19			1.47			1.47			6.06			14

	8.66		8.65		(7.67	)		49,484		2.18			2.18			1.54			1.54			6.45			24

	9.27		9.92		4.34			52,884		1.83			1.83			1.57			1.57			6.07			12


PIMCO California Municipal Income Fund II			PIMCO California Municipal Income Fund III			PIMCO New York Municipal Income Fund			PIMCO New York Municipal Income Fund II			PIMCO New York Municipal Income Fund III




$	405,733		$	326,937		$	130,760		$	186,044		$	72,676
	0			0			1			1			1
	1,063			797			0			0			0
	5,043			4,266			1,163			1,877			792
	27			30			338			16			22
	411,866			332,030			132,262			187,938			73,491




$	25,587		$	24,154		$	16,638		$	7,587		$	2,216
	34,249			27,054			0			20,959			0
	1,495			1,216			656			883			361
	1,030			852			330			449			204
	29			40			5			7			4
	224			181			73			109			50
	99			102			33			289			26
	62,713			53,599			17,735			30,283			2,861

	128,675			97,875			41,025			58,000			29,450

$	220,478		$	180,556		$	73,502		$	99,655		$	41,180



$	0		$	0		$	0		$	0		$	0
	235,225			195,799			83,236			112,778			46,040
	(14,747	)		(15,243	)		(9,734	)		(13,123	)		(4,860	)

$	220,478		$	180,556		$	73,502		$	99,655		$	41,180

$	6.85			8.05		$	9.36		$	8.90		$	7.17

	32,202			22,437			7,852			1,1203			5,740

	5			4			2			2			1

$	409,559		$	334,715		$	136,825		$	190,612		$	74,961

$	1,023		$	3,333		$	1,275		$	6,547		$	798

$	51		$	46		$	0		$	41		$	0


Six Months Ended June 30, 2022 (Unaudited)
(Amounts in thousands † )	PIMCO Municipal Income Fund			PIMCO Municipal Income Fund II			PIMCO Municipal Income Fund III			PIMCO California Municipal Income Fund

Investment Income:

Interest	$	11,455		$	24,977		$	12,553		$	8,533
Total Income		11,455			24,977			12,553			8,533

Expenses:

Management fees		1,699			3,517			1,789			1,319
Trustee fees and related expenses		36			77			38			28
Interest expense		458			1,392			668			459
Auction agent fees and commissions		86			144			81			59
Auction rate preferred shares related expenses		25			23			24			25
Miscellaneous expense		7			14			7			5
Total Expenses		2,311			5,167			2,607			1,895

Net Investment Income (Loss)		9,144			19,810			9,946			6,638

Net Realized Gain (Loss):

Investments in securities		(8,220	)		(20,732	)		(11,094	)		(11,633	)

Net Realized Gain (Loss)		(8,220	)		(20,732	)		(11,094	)		(11,633	)

Net Change in Unrealized Appreciation (Depreciation):

Investments in securities		(71,057	)		(156,402	)		(79,265	)		(47,549	)

Net Change in Unrealized Appreciation (Depreciation)		(71,057	)		(156,402	)		(79,265	)		(47,549	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(70,133	)	$	(157,324	)	$	(80,413	)	$	(52,544	)

Distributions on Auction Rate Preferred Shares from Net Investment Income and/or Net Realized Capital Gains	$	(559	)	$	(999	)	$	(519	)	$	(395	)

Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations	$	(70,692	)	$	(158,323	)	$	(80,932	)	$	(52,939	)



PIMCO California Municipal Income Fund II			PIMCO California Municipal Income Fund III			PIMCO New York Municipal Income Fund			PIMCO New York Municipal Income Fund II			PIMCO New York Municipal Income Fund III



$	8,630		$	7,312		$	2,494		$	3,665		$	1,636
	8,630			7,312			2,494			3,665			1,636



	1,428			1,142			467			691			320
	31			24			9			14			5
	424			390			81			220			49
	79			48			19			32			15
	24			25			13			25			14
	6			4			2			2			1
	1,992			1,633			591			984			404

	6,638			5,679			1,903			2,681			1,232



	(10,341	)		(8,345	)		(2,740	)		(4,328	)		(2,220	)

	(10,341	)		(8,345	)		(2,740	)		(4,328	)		(2,220	)



	(62,458	)		(40,219	)		(18,763	)		(26,397	)		(9,337	)

	(62,458	)		(40,219	)		(18,763	)		(26,397	)		(9,337	)

$	(66,161	)	$	(42,885	)	$	(19,600	)	$	(28,044	)	$	(10,325	)

$	(430	)	$	(339	)	$	(135	)	$	(190	)	$	(97	)

$	(66,591	)	$	(43,224	)	$	(19,735	)	$	(28,234	)	$	(10,422	)


	PIMCO Municipal Income Fund						PIMCO Municipal Income Fund II

(Amounts in thousands † )	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021

Increase (Decrease) in Net Assets from:

Operations:

Net investment income (loss)	$	9,144		$	18,394		$	19,810		$	41,674
Net realized gain (loss)		(8,220	)		1,621			(20,732	)		1,889
Net change in unrealized appreciation (depreciation)		(71,057	)		(163	)		(156,402	)		(2,294	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(70,133	)		19852			(157,324	)		41,269

Distributions on auction rate preferred shares from net investment income and/or realized capital gains		(559	)		(172	)		(999	)		(294	)

Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations		(70,692	)		19,680			(158,323	)		40,975

Distributions to Common Shareholders:
From net investment income and/or net realized capital gains		(8,442	)		(16,840	)		(22,454	)		(44,718	)

Total Distributions to Common Shareholders (a)		(8,442	)		(16,840	)		(22,454	)		(44,718	)

Common Share Transactions*:

Issued as reinvestment of distributions		633			1,202			2,372			4,732

Total increase (decrease) in net assets applicable to common shareholders		(78,501	)		4,042			(178,405	)		989

Net Assets Applicable to Common Shareholders:

Beginning of period		347,062			343,020			783,316			782,327
End of period	$	268,561		$	347,062		$	604,911		$	783,316

*Common Share Transactions:

Shares issued as reinvestment of distributions		53			87			201			339


PIMCO Municipal Income Fund III						PIMCO California Municipal Income Fund						PIMCO California Municipal Income Fund II						PIMCO California Municipal Income Fund III

Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021





$	9,946		$	19,606		$	6,638		$	13,473		$	6,638		$	12,957		$	5,679		$	11,577
	(11,094	)		652			(11,633	)		330			(10,341	)		168			(8,345	)		374
	(79,265	)		(195	)		(47,549	)		(2,908	)		(62,458	)		(1,478	)		(40,219	)		(3,580	)

	(80,413	)		20,063			(52,544	)		10,895			(66,161	)		11,647			(42,885	)		8,371

	(519	)		(154	)		(395	)		(121	)		(430	)		(127	)		(339	)		(96	)

	(80,932	)		19,909			(52,939	)		10,774			(66,591	)		11,520			(43,224	)		8,275


	(9,187	)		(18,331	)		(7,382	)		(14,739	)		(6,182	)		(12,353	)		(5,114	)		(10,215	)

	(9,187	)		(18,331	)		(7,382	)		(14,739	)		(6,182	)		(12,353	)		(5,114	)		(10,215	)



	530			1,202			377			725			86			407			161			402

	(89,589	)		2,780			(59,944	)		(3,240	)		(72,687	)		(426	)		(48,177	)		(1,538	)



	379,521			376,741			266,321			269,561			293,165			293,591			228,733			230,271
$	289,932		$	379,521		$	206,377		$	266,321		$	220,478		$	293,165		$	180,556		$	228,733



	50			101			24			42			11			44			18			38


	PIMCO New York Municipal Income Fund						PIMCO New York Municipal Income Fund II						PIMCO New York Municipal Income Fund III

(Amounts in thousands † )	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021

Increase (Decrease) in Net Assets from:

Operations:

Net investment income (loss)	$	1,903		$	4,198		$	2,681		$	5,418		$	1,232		$	2,516
Net realized gain (loss)		(2,740	)		(368	)		(4,328	)		(388	)		(2,220	)		(13	)
Net change in unrealized appreciation (depreciation)		(18,763	)		1,041			(26,397	)		2,106			(9,337	)		267

Net Increase (Decrease) in Net Assets Resulting from Operations		(19,600	)		4,871			(28,044	)		7,136			(10,325	)		2,770

Distributions on auction rate preferred shares from net investment income and/or realized capital gains		(135	)		(40	)		(190	)		(57	)		(97	)		(29	)

Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations		(19,735	)		4,831			(28,234	)		7,079			(10,422	)		2,741

Distributions to Common Shareholders:

From net investment income and/or net realized capital gains		(1,979	)		(3,951	)		(2,692	)		(5,380	)		(1,222	)		(2,441	)

Total Distributions to Common Shareholders (a)		(1,979	)		(3,951	)		(2,692	)		(5,380	)		(1,222	)		(2,441	)

Common Share Transactions*:

Issued as reinvestment of distributions		26			251			0			173			38			72

Total increase (decrease) in net assets applicable to common shareholders		(21,688	)		1,131			(30,926	)		1,872			(11,606	)		372

Net Assets Applicable to Common Shareholders:

Beginning of period		95,190			94,059			130,581			128,709			52,786			52,414
End of period	$	73,502		$	95,190		$	99,655		$	130,581		$	41,180		$	52,786

* Common Share Transactions:

Shares issued as reinvestment of distributions		2			21			0			14			4			8


Six Months Ended June 30, 2022 (Unaudited)
(Amounts in thousands † )	PIMCO Municipal Income Fund			PIMCO Municipal Income Fund II			PIMCO Municipal Income Fund III			PIMCO California Municipal Income Fund

Cash Flows Provided by (Used for) Operating Activities:

Net increase (decrease) in net assets resulting from operations	$	(70,133	)	$	(157,324	)	$	(80,413	)	$	(52,544	)

Adjustments to Reconcile Net Increase (Decrease) in Net Assets from Operations to Net Cash Provided by (Used for) Operating Activities:

Purchases of long-term securities		(114,304	)		(282,403	)		(118,237	)		(98,712	)
Proceeds from sales of long-term securities		127,117			326,792			159,821			133,068
(Purchases) Proceeds from sales of short-term portfolio investments, net		2,277			8,797			(4,401	)		(11,691	)
(Increase) decrease in receivable for investments sold		(934	)		(934	)		(934	)		(1,063	)
(Increase) decrease in interest and/or dividends receivable		71			592			312			37
(Increase) decrease in other assets		(136	)		(30	)		(94	)		2
Increase (decrease) in payable for investments purchased		7,568			20,393			706			7,297
Increase (decrease) in accrued management fees		(75	)		(162	)		(82	)		(57	)
Increase (decrease) in other liabilities		(342	)		(61	)		(429	)		(320	)
Net Realized (Gain) Loss
Investments in securities		8,220			20,732			11,094			11,633
Net Change in Unrealized (Appreciation) Depreciation
Investments in securities		71,057			156,402			79,265			47,549
Net amortization (accretion) on investments		(502	)		(161	)		(384	)		377
Amortization of debt issuance cost		4			1			3			4

Net Cash Provided by (Used for) Operating Activities		29,888			92,634			46,227			35,580

Cash Flows Received from (Used for) Financing Activities:

Cash distributions paid to common shareholders*		(7,806	)		(20,070	)		(8,655	)		(7,003	)
Cash distributions paid to auction rate preferred shareholders		(521	)		(934	)		(483	)		(381	)
Proceeds from tender option bond transactions		46,930			113,655			55,255			15,035
Payments on tender option bond transactions		(68,496	)		(185,303	)		(92,353	)		(43,238	)
Proceeds on Remarketable Variable Rate MuniFund Term Preferred Shares, Net		6			17			9			7

Net Cash Received from (Used for) Financing Activities		(29,887	)		(92,635	)		(46,227	)		(35,580	)

Net Increase (Decrease) in Cash and Foreign Currency		1			(1	)		0			0

Cash and Foreign Currency:

Beginning of period		0			1			0			0
End of period	$	1		$	0		$	0		$	0

* Reinvestment of distributions to common shareholders	$	633		$	2,372		$	530		$	377

Supplemental Disclosure of Cash Flow Information:

Interest expense paid during the period	$	426		$	1,243		$	616		$	429


Six Months Ended June 30, 2022 (Unaudited)
(Amounts in thousands † )	PIMCO California Municipal Income Fund II			PIMCO California Municipal Income Fund III			PIMCO New York Municipal Income Fund			PIMCO New York Municipal Income Fund II			PIMCO New York Municipal Income Fund III

Cash Flows Provided by (Used for) Operating Activities:

Net increase (decrease) in net assets resulting from operations	$	(66,161	)	$	(42,885	)	$	(19,600	)	$	(28,044	)	$	(10,325	)

Adjustments to Reconcile Net Increase (Decrease) in Net Assets from Operations to Net Cash Provided by (Used for) Operating Activities:
Purchases of long-term securities		(87,725	)		(81,963	)		(35,292	)		(48,329	)		(18,790	)
Proceeds from sales of long-term securities		102,677			103,511			43,439			57,247			28,884
(Purchases) Proceeds from sales of short-term portfolio investments, net		(520	)		(864	)		(11	)		(2,123	)		(673	)
(Increase) decrease in receivable for investments sold		(1,063	)		(797	)		0			0			0
(Increase) decrease in interest and/or dividends receivable		(117	)		(77	)		161			73			59
(Increase) decrease in other assets		0			(1	)		474			(2	)		(15	)
Increase (decrease) in payable for investments purchased		1,495			1,216			656			883			361
Increase (decrease) in accrued management fees		(66	)		(47	)		(22	)		(31	)		(14	)
Increase (decrease) in other liabilities		(262	)		(240	)		(9	)		(305	)		(63	)
Net Realized (Gain) Loss
Investments in securities		10,341			8,345			2,740			4,328			2,220
Net Change in Unrealized (Appreciation) Depreciation
Investments in securities		62,458			40,219			18,763			26,397			9,337
Net amortization (accretion) on investments		171			299			260			360			89
Amortization of debt issuance cost		3			4			0			5			0

Net Cash Provided by (Used for) Operating Activities		21,231			26,720			11,559			10,459			11,070

Cash Flows Received from (Used for) Financing Activities:

Cash distributions paid to common shareholders*		(6,096	)		(4,953	)		(1,953	)		(2,692	)		(1,183	)
Cash distributions paid to auction rate preferred shareholders		(404	)		(301	)		(131	)		(184	)		(94	)
Proceeds from tender option bond transactions		10,925			12,165			9,375			11,065			6,375
Payments on tender option bond transactions		(25,666	)		(33,637	)		(18,849	)		(18,653	)		(16,168	)
Proceeds on Remarketable Variable Rate MuniFund Term Preferred Shares, Net		9			6			0			5			0

Net Cash Received from (Used for) Financing Activities		(21,232	)		(26,720	)		(11,558	)		(10,459	)		(11,070	)

Net Increase (Decrease) in Cash and Foreign Currency		(1	)		0			1			0			0

Cash and Foreign Currency:

Beginning of period		1			0			0			1			1
End of period	$	0		$	0		$	1		$	1		$	1

* Reinvestment of distributions to common shareholders	$	86		$	161		$	26		$	0		$	38

Supplemental Disclosure of Cash Flow Information:

Interest expense paid during the period	$	388		$	365		$	100		$	207		$	52


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 187.5%

MUNICIPAL BONDS & NOTES 185.5%

ALABAMA 6.9%

Jefferson County, Alabama Sewer Revenue Bonds, Series 2013
0.000% due 10/01/2050 (d)	$		15,000	$		15,184
6.500% due 10/01/2053			750			818

Tuscaloosa County, Alabama Industrial Development Authority Revenue Bonds, Series 2019
4.500% due 05/01/2032			1,282			1,157
5.250% due 05/01/2044			1,575			1,411

						18,570


ALASKA 0.0%

Alaska Industrial Development & Export Authority Revenue Bonds, Series 2007
6.000% due 12/01/2036 ^(b)			900			18


ARIZONA 4.2%

Arizona Industrial Development Authority Revenue Bonds, Series 2019
4.500% due 01/01/2049			900			568
5.000% due 01/01/2043			550			354
5.500% due 01/01/2054			1,500			940

Arizona Industrial Development Authority Revenue Bonds, Series 2020
7.750% due 07/01/2050			1,100			1,199

Industrial Development Authority of the County, Arizona of Pima Revenue Bonds, Series 2020
5.000% due 07/01/2055			1,100			971

Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2019
4.000% due 01/01/2044			3,500			3,364

Phoenix Civic Improvement Corp., Arizona Revenue Bonds, Series 2019
4.000% due 07/01/2049			2,295			2,217
5.000% due 07/01/2049			1,700			1,793

						11,406


ARKANSAS 1.1%

Arkansas Development Finance Authority Revenue Bonds, (AMBAC Insured), Series 2006
0.000% due 07/01/2036 (c)			5,500			3,047


CALIFORNIA 9.2%

Bay Area Toll Authority, California Revenue Bonds, Series 2013
5.250% due 04/01/2053			10,000			10,271

Bay Area Toll Authority, California Revenue Bonds, Series 2014
5.000% due 10/01/2054			3,000			3,196

California County Tobacco Securitization Agency Revenue Bonds, Series 2002
6.000% due 06/01/2035			1,150			1,150
6.125% due 06/01/2038			1,000			940

California Health Facilities Financing Authority Revenue Bonds, Series 2020
4.000% due 04/01/2049			2,000			1,874

California State General Obligation Bonds, Series 2019
5.000% due 04/01/2045			1,000			1,087

Long Beach Bond Finance Authority, California Revenue Bonds, Series 2007
5.500% due 11/15/2030			1,405			1,551

Los Angeles Department of Airports, California Revenue Bonds, Series 2020
4.000% due 05/15/2048			2,000			1,971

M-S-R Energy Authority, California Revenue Bonds, Series 2009
6.125% due 11/01/2029			1,880			2,099


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
OKLAHOMA 0.2%

Oklahoma Development Finance Authority Revenue Bonds, Series 2021
8.000% due 12/01/2041	$		750	$		608


OREGON 0.4%

Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020
4.000% due 08/15/2039			500			484

Washington & Multnomah Counties School District No 48J Beaverton, Oregon General Obligation Bonds, Series 2022
0.000% due 06/15/2048 (a)(c)			2,310			673

						1,157



PENNSYLVANIA 7.4%

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2009
6.400% due 12/01/2038 ^(b)			1,150			645

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2021
9.000% due 04/01/2051			1,500			1,720

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022
4.000% due 02/15/2041			1,750			1,676

Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2019
5.000% due 08/15/2049			1,100			1,159

Pennsylvania Turnpike Commission Revenue Bonds, Series 2018
5.000% due 12/01/2043			4,250			4,537

Pennsylvania Turnpike Commission Revenue Bonds, Series 2021
5.000% due 12/01/2046			1,250			1,343
5.000% due 12/01/2051			1,750			1,874

Philadelphia Authority for Industrial Development, Pennsylvania Revenue Bonds, Series 2017
5.500% due 12/01/2058			1,000			936

Philadelphia Hospitals & Higher Education Facilities Authority, Pennsylvania Revenue Bonds, Series 2012
5.625% due 07/01/2036			5,000			5,000
5.625% due 07/01/2042			1,000			1,000

						19,890


PUERTO RICO 7.2%

Children’s Trust Fund, Puerto Rico Revenue Bonds, Series 2008
0.000% due 05/15/2057 (c)			28,000			1,503

Commonwealth of Puerto Rico Bonds, Series 2022
0.000% due 11/01/2043 (c)			4,121			2,055
1.000% due 11/01/2051			2,129			918

Commonwealth of Puerto Rico General Obligation Bonds, Series 2021
0.000% due 07/01/2033 (c)			1,240			698
4.000% due 07/01/2033			417			383
4.000% due 07/01/2035			375			337
4.000% due 07/01/2037			322			286
4.000% due 07/01/2041			437			380
5.750% due 07/01/2031			440			481

Commonwealth of Puerto Rico General Obligation Notes, Series 2021
0.000% due 07/01/2024 (c)			214			197
5.625% due 07/01/2027			460			490

Puerto Rico Highway & Transportation Authority Revenue Bonds, Series 2005
5.000% due 07/01/2030 ^(b)			1,295			716

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018
0.000% due 07/01/2046 (c)			7,255			1,960
0.000% due 07/01/2051 (c)			13,350			2,671
4.750% due 07/01/2053			6,485			6,247

						19,322


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
RHODE ISLAND 0.8%

Tobacco Settlement Financing Corp., Rhode Island Revenue Bonds, Series 2015
5.000% due 06/01/2040	$		1,205	$		1,222
5.000% due 06/01/2050			1,000			1,011

						2,233


SOUTH CAROLINA 2.3%

South Carolina Public Service Authority Revenue Obligations Revenue Bonds, Series 2013
5.125% due 12/01/2043			5,000			5,074
5.500% due 12/01/2053			1,100			1,119

						6,193


TENNESSEE 4.4%

Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2020
4.000% due 11/01/2055			1,000			788

Shelby County, Tennessee Health Educational & Housing Facilities Board Revenue Bonds, Series 2019
5.750% due 10/01/2059			700			642

Tennessee Energy Acquisition Corp. Revenue Bonds, Series 2006
5.000% due 02/01/2027			5,000			5,294
5.250% due 09/01/2024			5,000			5,206

						11,930


TEXAS 16.1%

Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021
7.500% due 12/01/2045			590			474
12.000% due 12/01/2045			1,000			903

Austin, Texas Airport System Revenue Bonds, Series 2022
5.000% due 11/15/2042			1,075			1,151

Austin, Texas Electric Utility Revenue Bonds, Series 2019
5.000% due 11/15/2044			1,500			1,627

Board of Regents of the University of Texas System Revenue Bonds, Series 2022
4.000% due 08/15/2052			2,500			2,496

Central Texas Turnpike System Revenue Bonds, Series 2015
0.000% due 08/15/2036 (c)			1,250			668
0.000% due 08/15/2037 (c)			3,500			1,772

Clifton Higher Education Finance Corp., Texas Revenue Bonds, Series 2018
6.125% due 08/15/2048			1,000			1,020

Grand Parkway Transportation Corp., Texas Revenue Bonds, Series 2013
5.000% due 04/01/2053			5,500			5,719

New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2017
4.000% due 08/15/2034 (e)			300			298
4.000% due 08/15/2035 (e)			800			793
4.000% due 08/15/2036 (e)			600			595
4.000% due 08/15/2037 (e)			900			892
4.000% due 08/15/2040 (e)			900			891

New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2021
5.500% due 01/01/2057			825			705

North Texas Tollway Authority Revenue Bonds, Series 2017
4.000% due 01/01/2043			1,500			1,477
5.000% due 01/01/2048			1,250			1,313

Rockwall Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2022
5.000% due 02/15/2052 (a)			4,000			4,407


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
TENNESSEE 0.8%

Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facs Bd Revenue Bonds, Series 2020
4.000% due 11/01/2055	$		1,000	$		789

Metropolitan Nashville Airport Authority, Tennessee Revenue Bonds, Series 2019
4.000% due 07/01/2049			1,000			941

Shelby County, Tennessee Health Educational & Housing Facilities Board Revenue Bonds, Series 2019
5.750% due 10/01/2059			750			688

						2,418


TEXAS 13.4%

Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021
7.500% due 12/01/2045			650			522
12.000% due 12/01/2045			1,100			994

Austin, Texas Electric Utility Revenue Bonds, Series 2019
5.000% due 11/15/2044			1,585			1,719

Bexar County Texas Hospital District, General Obligation Bonds, Series 2018
4.000% due 02/15/2043			2,500			2,492

Calhoun County, Texas Navigation Industrial Development Authority Revenue Notes, Series 2021
3.625% due 07/01/2026			1,250			1,201

Central Texas Turnpike System Revenue Bonds, Series 2015
0.000% due 08/15/2036 (c)			1,250			668
0.000% due 08/15/2037 (c)			4,000			2,025

Clifton Higher Education Finance Corp., Texas Revenue Bonds, Series 2018
6.125% due 08/15/2048			1,000			1,020

Grand Parkway Transportation Corp., Texas Revenue Bonds, Series 2013
5.000% due 04/01/2053			4,500			4,680

Grand Parkway Transportation Corp., Texas Revenue Bonds, Series 2018
5.000% due 10/01/2048 (e)			4,000			4,269

Houston, Texas Combined Utility System Revenue Bonds, Series 2019
4.000% due 11/15/2044			1,500			1,476

New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2017
4.000% due 08/15/2034 (e)			300			298
4.000% due 08/15/2035 (e)			800			793
4.000% due 08/15/2036 (e)			600			595
4.000% due 08/15/2037 (e)			900			892
4.000% due 08/15/2040 (e)			900			891

New Hope Cultural Education Facilities Finance Corp., Texas Revenue Bonds, Series 2021
5.500% due 01/01/2057			2,400			2,051

North Texas Tollway Authority Revenue Bonds, Series 2017
4.000% due 01/01/2043			1,500			1,477
5.000% due 01/01/2048			1,250			1,313

Tarrant County, Texas Cultural Education Facilities Finance Corp. Revenue Bonds, Series 2017
6.750% due 11/15/2047			500			520

Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006
5.250% due 12/15/2026			150			161

Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2008
6.250% due 12/15/2026			6,345			6,788

University of North Texas System Revenue Bonds, Series 2018
4.000% due 04/15/2050			2,200			2,133

						38,978


		MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 5.4%

REPURCHASE AGREEMENTS (g) 5.4%
	$		11,049

Total Short-Term Instruments (Cost $11,049)			11,049



Total Investments in Securities (Cost $398,137)			388,901


Total Investments 188.4% (Cost $398,137)	$		388,901

Auction Rate Preferred Shares (58.4)%			(120,625	)

Remarketable Variable Rate MuniFund Term Preferred Shares, at liquidation value (14.2)%			(29,253	)

Other Assets and Liabilities, net (15.8)%			(32,646	)

Net Assets Applicable to Common Shareholders 100.0%	$		206,377


		MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 0.5%

REPURCHASE AGREEMENTS (e) 0.5%
	$		1,023

Total Short-Term Instruments (Cost $1,023)			1,023



Total Investments in Securities (Cost $409,559)			405,733


Total Investments 184.0% (Cost $409,559)	$		405,733

Auction Rate Preferred Shares (58.4)%			(128,675	)

Remarketable Variable Rate MuniFund Term Preferred Shares, at liquidation value (15.5)%			(34,249	)

Other Assets and Liabilities, net (10.1)%			(22,331	)

Net Assets Applicable to Common Shareholders 100.0%	$		220,478


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
ILLINOIS 6.7%

Chicago, Illinois General Obligation Bonds, Series 2007
5.500% due 01/01/2035	$		3,000	$		3,096

Chicago, Illinois General Obligation Bonds, Series 2015
5.250% due 01/01/2028			2,700			2,797
5.500% due 01/01/2033			2,500			2,584

Illinois State General Obligation Bonds, Series 2012
5.000% due 08/01/2023			1,400			1,436

Illinois State General Obligation Bonds, Series 2017
5.000% due 12/01/2038			1,000			1,034

Illinois State General Obligation Notes, Series 2017
5.000% due 11/01/2027			1,000			1,079

						12,026


LOUISIANA 0.1%

Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017
2.375% due 06/01/2037			230			216


MICHIGAN 0.5%

Michigan Finance Authority Revenue Bonds, Series 2020
0.000% due 06/01/2065 (b)			9,020			826


NEW YORK 2.6%

Metropolitan Transportation Authority, New York Revenue Bonds, Series 2014
5.000% due 11/15/2039			1,050			1,072

Southwestern Community College District, California Revenue Bonds, Series 2021
4.000% due 08/01/2046			3,850			3,714

						4,786


NORTH DAKOTA 0.2%

Grand Forks County, North Dakota Revenue Bonds, Series 2021
7.000% due 12/15/2043			570			331


PENNSYLVANIA 0.6%

Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2021
9.000% due 04/01/2051			1,005			1,153


PUERTO RICO 7.8%

Children’s Trust Fund, Puerto Rico Revenue Bonds, Series 2008
0.000% due 05/15/2057 (b)			18,000			968

Commonwealth of Puerto Rico Bonds, Series 2022
0.000% due 11/01/2043 (b)			2,729			1,361
0.000% due 11/01/2051 (b)			1,169			504

Commonwealth of Puerto Rico General Obligation Bonds, Series 2021
0.000% due 07/01/2033 (b)			820			462
4.000% due 07/01/2033			275			253
4.000% due 07/01/2035			247			222
4.000% due 07/01/2037			212			188
4.000% due 07/01/2041			289			251
5.750% due 07/01/2031			290			318

Commonwealth of Puerto Rico General Obligation Notes, Series 2021
0.000% due 07/01/2024 (b)			142			130
5.625% due 07/01/2027			304			324

Puerto Rico Highway & Transportation Authority Revenue Bonds, Series 2003
5.000% due 07/01/2035 ^(a)			1,790			989

Puerto Rico Highway & Transportation Authority Revenue Bonds, Series 2005
5.000% due 07/01/2030 ^(a)			860			475


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
VIRGINIA 0.7%

Virginia Small Business Financing Authority Revenue Bonds, Series 2019
0.000% due 07/01/2061 (b)	$		15,000	$		791
5.500% due 07/01/2044			500			490

						1,281


WISCONSIN 0.5%

Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020
0.000% due 12/15/2060 (b)			5,500			849

Total Municipal Bonds & Notes (Cost $331,382)						323,604


		MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 1.8%

REPURCHASE AGREEMENTS (e) 1.8%
	$		3,333

Total Short-Term Instruments (Cost $3,333)			3,333



Total Investments in Securities (Cost $334,715)			326,937


Total Investments 181.1% (Cost $334,715)	$		326,937

Auction Rate Preferred Shares (54.2)%			(97,875	)

Variable Rate MuniFund Term Preferred Shares, at liquidation value (15.0)%			(27,054	)

Other Assets and Liabilities, net (11.9)%			(21,452	)

Net Assets Applicable to Common Shareholders 100.0%	$		180,556


		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
VIRGINIA 1.1%

Virginia Small Business Financing Authority Revenue Bonds, Series 2019
0.000% due 07/01/2061 (c)	$		6,000	$		317
5.500% due 07/01/2044			500			490

						807


WISCONSIN 0.7%

Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020
0.000% due 12/15/2060 (c)			3,500			540

Total Municipal Bonds & Notes (Cost $135,550)						129,485


SHORT-TERM INSTRUMENTS 1.7%

REPURCHASE AGREEMENTS (f) 1.7%
						1,275

Total Short-Term Instruments (Cost $1,275)						1,275



Total Investments in Securities (Cost $136,825)						130,760


Total Investments 177.9% (Cost $136,825)				$		130,760

Auction Rate Preferred Shares (55.8)%						(41,025	)

Other Assets and Liabilities, net (22.1)%						(16,233	)

Net Assets Applicable to Common Shareholders 100.0%				$		73,502


		(a)(1)		Exhibit 99.CODE—Code of Ethics is not applicable for semiannual reports.

		(a)(2)		Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

		(a)(3)		None.

		(a)(4)		There was no change in the registrant’s independent public accountant for the period covered by the report.

		(b)		Exhibit 99.906CERT—Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

		(101)		Inline Interactive Data File.


PIMCO Municipal Income Fund II

By:		/s/ Eric D. Johnson
		Eric D. Johnson
		President (Principal Executive Officer)

Date:		September 1, 2022