camunicipalincomefund

Schedule of Investments PIMCO California Municipal Income Fund

September 30, 2021

(Unaudited)


(AMOUNTS IN THOUSANDS*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)
		PRINCIPAL AMOUNT (000s)		MARKET VALUE (000s)
INVESTMENTS IN SECURITIES 175.7% ¤
MUNICIPAL BONDS & NOTES 175.5%
ARIZONA 0.4%
Arizona Industrial Development Authority Revenue Bonds, Series 2020 7.750% due 07/01/2050	$	850	$	1,011

CALIFORNIA 156.1%
Bay Area Toll Authority, California Revenue Bonds, Series 2017 5.000% due 04/01/2056		1,750		2,159
California Community Housing Agency Revenue Bonds, Series 2019 5.000% due 04/01/2049		3,925		4,367
California County Tobacco Securitization Agency Revenue Bonds, Series 2002
6.000% due 06/01/2035		2,955		2,960
6.125% due 06/01/2038		1,000		1,001
California County Tobacco Securitization Agency Revenue Bonds, Series 2007 0.000% due 06/01/2057 (b)		7,000		928
California County Tobacco Securitization Agency Revenue Bonds, Series 2020 0.000% due 06/01/2055 (b)		4,700		942
California Educational Facilities Authority Revenue Bonds, Series 2016 5.000% due 06/01/2046		2,500		3,742
California Educational Facilities Authority Revenue Bonds, Series 2017 5.000% due 04/01/2047		800		931
California Educational Facilities Authority Revenue Bonds, Series 2018
4.000% due 10/01/2039		1,250		1,420
5.000% due 10/01/2048		1,000		1,200
California Educational Facilities Authority Revenue Bonds, Series 2021 5.000% due 04/01/2051		1,000		1,532
California Enterprise Development Authority Revenue Bonds, Series 2020 5.000% due 08/01/2050		700		853
California Health Facilities Financing Authority Revenue Bonds, (CM Insured), Series 2020 4.000% due 11/01/2040		1,195		1,391
California Health Facilities Financing Authority Revenue Bonds, Series 2008 5.250% due 11/15/2040		5,050		5,080
California Health Facilities Financing Authority Revenue Bonds, Series 2012 5.000% due 08/15/2051		7,300		7,606
California Health Facilities Financing Authority Revenue Bonds, Series 2013 5.000% due 08/15/2052		1,675		1,823
California Health Facilities Financing Authority Revenue Bonds, Series 2015 5.000% due 08/15/2054		1,300		1,495
California Health Facilities Financing Authority Revenue Bonds, Series 2016
4.000% due 08/15/2039 (c)		8,500		9,567
5.000% due 11/15/2046 (c)		5,000		6,018
5.000% due 08/15/2055		6,000		7,051
California Health Facilities Financing Authority Revenue Bonds, Series 2020
4.000% due 04/01/2049		3,500		3,987
4.000% due 06/01/2050		3,250		3,736
California Infrastructure & Economic Development Bank Revenue Bonds, Series 2013 5.000% due 02/01/2039		10,000		10,640
California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020
0.000% due 01/01/2060 (b)		5,250		520
4.000% due 07/01/2050		350		398
4.000% due 11/01/2050		860		980
California Municipal Finance Authority Revenue Bonds, Series 2018
5.000% due 05/15/2043		500		605
5.000% due 06/01/2043		1,370		1,656
5.000% due 06/01/2048		1,370		1,652
California Pollution Control Financing Authority Revenue Bonds, Series 2010 5.100% due 06/01/2040		2,000		2,006
California Public Finance Authority Revenue Bonds, Series 2017 4.000% due 08/01/2047 (c)		5,140		5,735
California Public Finance Authority Revenue Bonds, Series 2019 6.250% due 07/01/2054		1,350		1,553
California State General Obligation Bonds, Series 2013 5.000% due 11/01/2043		7,000		7,636
California State General Obligation Bonds, Series 2017 4.000% due 11/01/2047		2,750		3,153
California State General Obligation Bonds, Series 2018 5.000% due 10/01/2047		1,275		1,498
California State General Obligation Bonds, Series 2019 4.000% due 10/01/2039		1,000		1,190
California State General Obligation Bonds, Series 2020 4.000% due 03/01/2050		2,250		2,615

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

September 30, 2021

(Unaudited)


California State Public Works Board Revenue Bonds, Series 2011 5.000% due 12/01/2029	1,500	1,511
California State University Revenue Bonds, Series 2015 5.000% due 11/01/2047	8,000	9,347
California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2018
4.000% due 07/01/2040	1,000	1,129
4.000% due 07/01/2043	350	393
4.000% due 07/01/2047	1,750	1,953
California Statewide Communities Development Authority Revenue Bonds, Series 2012
5.000% due 04/01/2042	11,500	11,779
5.125% due 05/15/2031	4,000	4,014
5.375% due 05/15/2038	4,500	4,515
California Statewide Communities Development Authority Revenue Bonds, Series 2014 5.500% due 12/01/2054	1,400	1,587
California Statewide Communities Development Authority Revenue Bonds, Series 2016
4.000% due 08/15/2051	225	247
5.000% due 12/01/2046	5,700	6,321
California Statewide Communities Development Authority Revenue Bonds, Series 2018
4.000% due 07/01/2048	1,000	1,118
4.000% due 12/01/2057	2,000	2,092
5.500% due 12/01/2058	1,775	2,078
California Statewide Financing Authority Revenue Bonds, Series 2002
5.625% due 05/01/2029	30	30
6.000% due 05/01/2037	3,000	3,012
Chaffey Joint Union High School District, California General Obligation Bonds, Series 2017 4.000% due 08/01/2047 (c)	5,500	6,207
CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021 4.000% due 10/01/2056	600	632
El Monte, California Certificates of Participation Bonds, (AMBAC Insured), Series 2001 5.250% due 01/01/2034 (d)	14,425	14,480
Folsom Cordova Unified School District School Facilities Improvement District No. 5, California General Obligation Bonds, Series 2018 4.000% due 10/01/2043 (c)	3,500	4,042
Foothill-Eastern Transportation Corridor Agency, California Revenue Bonds, Series 2014 3.950% due 01/15/2053	860	940
Golden State Tobacco Securitization Corp., California Revenue Bonds, Series 2007 5.300% due 06/01/2037	1,740	1,790
Golden State Tobacco Securitization Corp., California Revenue Bonds, Series 2018
5.000% due 06/01/2030	2,000	2,459
5.000% due 06/01/2047	2,750	2,827
5.250% due 06/01/2047	15,500	15,964
Hacienda La Puente Unified School District, General Obligation Bonds, Series 2017 4.000% due 08/01/2047	2,000	2,260
Hartnell Community College District, California General Obligation Bonds, Series 2017 4.000% due 08/01/2042	3,400	3,899
Hastings Campus Housing Finance Authority, California Revenue Bonds, Series 2020 5.000% due 07/01/2061	2,000	2,346
Hayward Unified School District, California General Obligation Bonds, Series 2015 5.000% due 08/01/2038	6,000	6,794
Imperial Irrigation District Electric System, California Revenue Bonds, Series 2016 5.000% due 11/01/2041 (c)	6,000	7,099
Long Beach Bond Finance Authority, California Revenue Bonds, Series 2007
5.500% due 11/15/2027	1,000	1,253
5.500% due 11/15/2030	415	550
Long Beach Community College District, California General Obligation Bonds, Series 2019 4.000% due 08/01/2045	500	574
Long Beach, California Airport System Revenue Bonds, Series 2010 5.000% due 06/01/2040	5,000	5,018
Los Angeles Community College District, California General Obligation Bonds, Series 2017 4.000% due 08/01/2041 (c)	3,500	4,056
Los Angeles County, California Metropolitan Transportation Authority Revenue Bonds, Series 2019 5.000% due 07/01/2044	2,500	3,098
Los Angeles County, California Sanitation Districts Financing Authority Revenue Bonds, Series 2016 4.000% due 10/01/2042	1,500	1,633
Los Angeles Department of Airports, California Revenue Bonds, Series 2020 5.000% due 05/15/2039	2,450	3,121
Los Angeles Department of Water & Power, California Revenue Bonds, Series 2012
5.000% due 07/01/2037	4,100	4,247
5.000% due 07/01/2043	5,000	5,176
Los Angeles Department of Water & Power, California Revenue Bonds, Series 2014 5.000% due 07/01/2043	2,000	2,194
Los Angeles Department of Water, California Revenue Bonds, Series 2019 5.000% due 07/01/2049	1,000	1,250
M-S-R Energy Authority, California Revenue Bonds, Series 2009 6.500% due 11/01/2039	15,345	24,062
Monterey Peninsula Unified School District, California General Obligation Bonds, Series 2019 4.000% due 08/01/2040	3,000	3,507
Mount San Antonio Community College District, California General Obligation Bonds, Series 2019
5.000% due 08/01/2041	1,265	1,602
5.000% due 08/01/2044	1,700	2,140
Mount San Jacinto Community College District, California General Obligation Bonds, Series 2018 4.000% due 08/01/2043	5,300	6,102
Newport Mesa Unified School District, California General Obligation Bonds, (NPFGC Insured), Series 2007 0.000% due 08/01/2031 (b)	1,750	1,502
Northern California Energy Authority Revenue Bonds, Series 2018 4.000% due 07/01/2049	2,300	2,502

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

September 30, 2021

(Unaudited)


Orange County, California Local Transportation Authority Revenue Bonds, Series 2019 5.000% due 02/15/2041	1,000	1,246
Pacifica School District, California General Obligation Bonds, Series 2018 4.000% due 08/01/2048	1,750	1,952
Palomar Community College District, California General Obligation Bonds, Series 2017 4.000% due 08/01/2046 (c)	4,530	5,119
Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2013 5.000% due 05/15/2043	2,000	2,147
River Islands Public Financing Authority, California Special Tax Bonds, Series 2015 5.500% due 09/01/2045	3,000	3,149
Riverside, California Sewer Revenue Bonds, Series 2018 4.000% due 08/01/2038	4,250	4,868
Riverside, California Water Revenue Bonds, Series 2019 5.000% due 10/01/2048	3,250	4,069
Sacramento Area Flood Control Agency, California Special Assessment Bonds, Series 2016
5.000% due 10/01/2041 (c)	2,800	3,305
5.000% due 10/01/2047 (c)	1,700	2,006
Sacramento Municipal Utility District, California Revenue Bonds, Series 2019 5.000% due 08/15/2039	1,000	1,268
Sacramento, California Special Tax Bonds, Series 2021 4.000% due 09/01/2046	1,200	1,343
San Diego Public Facilities Financing Authority, California Revenue Bonds, Series 2020 4.000% due 08/01/2045	2,750	3,232
San Francisco Bay Area Rapid Transit District, California General Obligation Bonds, Series 2017 4.000% due 08/01/2042 (c)	5,500	6,341
San Francisco Bay Area Rapid Transit District, California General Obligation Bonds, Series 2019 4.000% due 08/01/2044	2,560	3,050
San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2017 5.000% due 05/01/2047	2,625	3,149
San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2019
5.000% due 05/01/2039	2,000	2,495
5.000% due 05/01/2049	2,000	2,457
San Joaquin County Transportation Authority, California Revenue Bonds, Series 2017
4.000% due 03/01/2041 (c)	2,200	2,474
5.000% due 03/01/2041 (c)	3,300	3,980
San Jose Evergreen Community College District, California General Obligation Bonds, Series 2014 4.125% due 09/01/2043	1,000	1,112
San Jose Unified School District, California General Obligation Bonds, Series 2019 4.000% due 08/01/2042	1,000	1,170
San Jose, California General Obligation Bonds, Series 2019
5.000% due 09/01/2041	1,500	1,876
5.000% due 09/01/2042	500	624
San Jose, California Hotel Tax Revenue Bonds, Series 2011 6.500% due 05/01/2036	1,500	1,506
San Mateo County, California Community College District General Obligation Bonds, (NPFGC Insured), Series 2006 0.000% due 09/01/2034 (b)	3,000	2,401
San Mateo County, California Community College District General Obligation Bonds, Series 2018 5.000% due 09/01/2045	4,000	4,984
San Mateo Foster City Public Financing Authority, California Revenue Bonds, Series 2019 4.000% due 08/01/2044	1,540	1,810
Santa Clara County, California General Obligation Bonds, Series 2013 4.000% due 08/01/2041 (c)	4,000	4,101
University of California Revenue Bonds, Series 2016 4.000% due 05/15/2046 (c)	10,500	11,667
University of California Revenue Bonds, Series 2017 5.000% due 05/15/2047	5,000	6,025
University of California Revenue Bonds, Series 2019 5.000% due 05/15/2049	2,500	3,116
Upland, California Certificates of Participation Bonds, Series 2017 4.000% due 01/01/2042	3,250	3,594
Washington Township Health Care District, California General Obligation Bonds, Series 2013 5.000% due 08/01/2043	2,500	2,784

		412,498

ILLINOIS 6.3%
Chicago, Illinois General Obligation Bonds, Series 2007 5.500% due 01/01/2042	2,000	2,248
Chicago, Illinois General Obligation Bonds, Series 2015 5.250% due 01/01/2028	3,400	3,843
Chicago, Illinois General Obligation Bonds, Series 2017 6.000% due 01/01/2038	2,500	3,067
Illinois Finance Authority Revenue Bonds, Series 2018 0.090% due 11/15/2037	1,000	1,000
Illinois State General Obligation Bonds, Series 2012 5.000% due 08/01/2023	1,500	1,624
Illinois State General Obligation Bonds, Series 2017 5.000% due 12/01/2038	1,200	1,408
Illinois State General Obligation Bonds, Series 2020 4.125% due 10/01/2036	2,000	2,325

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

September 30, 2021

(Unaudited)


Illinois State General Obligation Notes, Series 2017 5.000% due 11/01/2027	1,000	1,219

		16,734

LOUISIANA 0.3%
Parish of St John the Baptist, Louisiana Revenue Bonds, Series 2017 2.375% due 06/01/2037	650	684

MICHIGAN 0.5%
Michigan Finance Authority Revenue Bonds, Series 2020 0.000% due 06/01/2065 (b)	10,535	1,405

NEW JERSEY 0.8%
New Jersey State General Obligation Bonds, Series 2020 4.000% due 06/01/2032	1,600	1,989

NEW YORK 0.5%
Metropolitan Transportation Authority, New York Revenue Bonds, Series 2014 5.000% due 11/15/2039	1,200	1,336

NORTH DAKOTA 0.2%
Grand Forks County, North Dakota Revenue Bonds, Series 2021 7.000% due 12/15/2043	650	654

OHIO 0.7%
Buckeye Tobacco Settlement Financing Authority, Ohio Revenue Bonds, Series 2020 5.000% due 06/01/2055	1,540	1,745

PENNSYLVANIA 0.5%
Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2021 9.000% due 04/01/2051	1,170	1,433

PUERTO RICO 7.5%
Children's Trust Fund, Puerto Rico Revenue Bonds, Series 2008 0.000% due 05/15/2057 (b)	20,400	1,347
Commonwealth of Puerto Rico General Obligation Bonds, Series 2014 8.000% due 07/01/2035 ^(a)	3,950	3,417
Puerto Rico Highway & Transportation Authority Revenue Bonds, Series 2005 5.000% due 07/01/2030 ^(a)	1,000	565
Puerto Rico Infrastructure Financing Authority Revenue Bonds, Series 2005 5.000% due 07/01/2041 ^(a)	500	232
Puerto Rico Infrastructure Financing Authority Revenue Bonds, Series 2006 5.000% due 07/01/2027 ^(a)	200	93
Puerto Rico Public Buildings Authority Revenue Bonds, Series 2011 6.000% due 07/01/2041	750	802
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Bonds, Series 2018
0.000% due 07/01/2046 (b)	15,700	5,183
0.000% due 07/01/2051 (b)	10,000	2,390
4.750% due 07/01/2053	5,085	5,702

		19,731

TEXAS 0.2%
Angelina & Neches River Authority, Texas Revenue Bonds, Series 2021 7.500% due 12/01/2045	460	454

VIRGINIA 0.6%
Virginia Small Business Financing Authority Revenue Bonds, Series 2019
0.000% due 07/01/2061 (b)	17,000	1,014
5.500% due 07/01/2044	500	547

		1,561

WISCONSIN 0.9%
Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020 0.000% due 12/15/2060 (b)	10,000	2,336

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

September 30, 2021

(Unaudited)


Total Municipal Bonds & Notes (Cost $427,690)		463,571

SHORT-TERM INSTRUMENTS 0.2%
REPURCHASE AGREEMENTS (e) 0.2%		575

Total Short-Term Instruments (Cost $575)		575

Total Investments in Securities (Cost $428,265)		464,146

Total Investments 175.7% (Cost $428,265)	$	464,146
Auction Rate Preferred Shares (45.7)%		(120,625)
Variable Rate MuniFund Term Preferred Shares, at liquidation value (11.1)%		(29,236)
Other Assets and Liabilities, net (18.9)%		(50,053)

Net Assets Applicable to Common Shareholders 100.0%	$	264,232

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

September 30, 2021

(Unaudited)



NOTES TO SCHEDULE OF INVESTMENTS:

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

¤		The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.
^		Security is in default.
(a)		Security is not accruing income as of the date of this report.
(b)		Zero coupon security.
(c)		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.
(d)		RESTRICTED SECURITIES:
Issuer Description									Coupon				Maturity Date					Acquisition Date										Cost									Market Value						Market Value as Percentage of Net Assets

El Monte, California Certificates of Participation Bonds, (AMBAC Insured), Series 2001								5.250		%				01/01/2034					08/02/2001						$			14,425					$				14,480						5.48		%

BORROWINGS AND OTHER FINANCING TRANSACTIONS
(e)		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

FICC			0.000%	09/30/2021	10/01/2021	$	575								U.S. Treasury Notes 0.250% due 09/30/2023														$			(587)				$				575	$			575

Total Repurchase Agreements																													$			(587)				$				575	$			575

FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of September 30, 2021 in valuing the Fund's assets and liabilities:

Category and Subcategory											Level 1									Level 2						Level 3								Fair Value at 09/30/2021

Investments in Securities, at Value
Municipal Bonds & Notes
	Arizona											$					0					$		1,011			$			0					$				1,011
	California																0							412,498						0									412,498
	Illinois																0							16,734						0									16,734
	Louisiana																0							684						0									684
	Michigan																0							1,405						0									1,405
	New Jersey																0							1,989						0									1,989
	New York																0							1,336						0									1,336
	North Dakota																0							654						0									654
	Ohio																0							1,745						0									1,745
	Pennsylvania																0							1,433						0									1,433
	Puerto Rico																0							19,731						0									19,731
	Texas																0							454						0									454
	Virginia																0							1,561						0									1,561
	Wisconsin																0							2,336						0									2,336
Short-Term Instruments
	Repurchase Agreements																0							575						0									575

Total Investments											$					0					$		464,146				$			0					$				464,146


There were no significant transfers into or out of Level 3 during the period ended September 30, 2021.

Notes to Financial Statements

1. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

For purposes of calculating NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of official closing prices or the last reported sales prices, or if no sales are reported, based on quotes obtained from established market makers or prices (including evaluated prices) supplied by the Fund's approved pricing services, quotation reporting systems and other third-party sources (together, “Pricing Services”). The Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. If market value pricing is used, a foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by the Pacific Investment Management Company LLC (“PIMCO” or the “Manager”) to be the primary exchange. A foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange. Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services using 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. The Fund’s investments in open-end management investment companies, other than exchange-traded funds (“ETFs”), are valued at the NAVs of such investments. Open-end management investment companies may include affiliated funds.

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 Fund’s Board 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 the Fund's securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated, to the Manager, the responsibility for monitoring significant events that may materially affect the values of the Fund's securities or assets and for determining whether the value of the applicable securities or assets should be reevaluated in light of such significant events.

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

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

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

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

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

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

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

Notes to Financial Statements (Cont.)

requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for the Fund.

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

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities 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.

2. FEDERAL INCOME TAX MATTERS

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

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

In accordance with U.S. GAAP, the Manager has reviewed the Fund's tax positions for all open tax years. As of September 30, 2021, the Fund has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

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


Glossary: (abbreviations that may be used in the preceding statements)					(Unaudited)

Counterparty Abbreviations:
FICC	Fixed Income Clearing Corporation

Currency Abbreviations:
USD (or $)	United States Dollar

Municipal Bond or Agency Abbreviations:
AGM	Assured Guaranty Municipal	CM	California Mortgage Insurance	NPFGC	National Public Finance Guarantee Corp.
AMBAC	American Municipal Bond Assurance Corp.

Other Abbreviations:
TBA	To-Be-Announced