Please wait

Consolidated Schedule of Investments PIMCO California Municipal Income Fund

September 30, 2025 (Unaudited)

 

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

 

 

PRINCIPAL
AMOUNT
(000s)

 

MARKET
VALUE
(000s)

INVESTMENTS IN SECURITIES 173.6% ¤

 

 

 

 

LOAN PARTICIPATIONS AND ASSIGNMENTS 3.5%

 

 

 

 

3981 MEIER

 

 

 

 

TBD% due 09/11/2058 «µ

$

2,427

$

2,427

TBD% - 5.710% due 09/11/2028 «µ

 

4,298

 

4,298

5625 Case
TBD% - 5.760% due 03/01/2043 «µ

 

3,925

 

3,925

8911 Ramsgate
TBD% - 5.790% due 04/01/2028 «µ

 

4,065

 

4,065

Bonnie Brae
7.095% due 06/02/2059 «

 

4,400

 

4,516

Total Loan Participations and Assignments (Cost $19,115)

 

 

 

19,231

MUNICIPAL BONDS & NOTES 165.7%

 

 

 

 

ARIZONA 0.0%

 

 

 

 

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

 

2,520

 

77

CALIFORNIA 150.5%

 

 

 

 

Alameda Corridor Transportation Authority, California Revenue Bonds, (AGM Insured), Series 2024
0.000% due 10/01/2052 (c)

 

6,500

 

1,791

Alameda Corridor Transportation Authority, California Revenue Bonds, Series 2022
5.375% due 10/01/2049 (d)

 

8,500

 

4,899

Alhambra Unified School District, California General Obligation Bonds, Series 2022
5.250% due 08/01/2047

 

870

 

923

Anaheim City School District, California General Obligation Bonds, (BAM Insured), Series 2023
4.250% due 08/01/2050

 

7,500

 

7,320

Anaheim Union High School District, California General Obligation Bonds, Series 2025
4.375% due 08/01/2046

 

5,000

 

5,032

Antelope Valley Community College District, California General Obligation Bonds, Series 2022
0.000% due 08/01/2047 (c)

 

2,000

 

647

Bay Area Toll Authority, California Revenue Bonds, Series 2017
4.000% due 04/01/2047

 

3,000

 

2,804

Bay Area Toll Authority, California Revenue Bonds, Series 2024
3.300% due 04/01/2059

 

4,000

 

4,000

Butte-Glenn Community College District, California General Obligation Bonds, Series 2022
4.000% due 08/01/2047

 

4,430

 

4,214

California Community Choice Financing Authority Revenue Bonds, Series 2023
5.250% due 11/01/2054

 

5,750

 

6,238

California Community Choice Financing Authority Revenue Bonds, Series 2024
5.000% due 01/01/2055

 

5,000

 

5,298

California Community Choice Financing Authority Revenue Bonds, Series 2025

 

 

 

 

5.000% due 10/01/2055

 

1,400

 

1,507

5.000% due 01/01/2056

 

7,020

 

7,524

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

 

3,000

 

2,311

California County Tobacco Securitization Agency Revenue Bonds, Series 2002

 

 

 

 

5.875% due 06/01/2043

 

440

 

441

6.000% due 06/01/2035

 

505

 

506

6.000% due 06/01/2042

 

5,985

 

6,032

6.125% due 06/01/2038

 

2,000

 

2,003

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

 

20,000

 

3,179

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

 

13,800

 

2,575

California Educational Facilities Authority Revenue Bonds, Series 2018
4.000% due 10/01/2039

 

1,250

 

1,217

California Educational Facilities Authority Revenue Bonds, Series 2023
5.500% due 10/01/2053

 

3,500

 

3,416

California Educational Facilities Authority Revenue Bonds, Series 2025

 

 

 

 

5.000% due 04/01/2042

 

750

 

812

5.000% due 04/01/2044

 

1,000

 

1,064

5.000% due 04/01/2045

 

1,050

 

1,107

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

 

9,300

 

9,302

California Health Facilities Financing Authority Revenue Bonds, Series 2016

 

 

 

 

5.000% due 11/15/2046

 

5,920

 

5,952

5.000% due 08/15/2055

 

7,275

 

7,295

California Health Facilities Financing Authority Revenue Bonds, Series 2017

 

 

 

 

4.000% due 11/01/2038

 

4,120

 

4,100

4.000% due 11/01/2044

 

3,000

 

2,783

4.000% due 11/01/2051

 

7,500

 

6,725

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

September 30, 2025 (Unaudited)

 

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

 

6,000

 

5,654

California Health Facilities Financing Authority Revenue Bonds, Series 2025

 

 

 

 

5.000% due 08/15/2041

 

750

 

824

5.000% due 08/15/2042

 

975

 

1,061

5.000% due 08/15/2043

 

750

 

810

5.000% due 08/15/2044

 

1,675

 

1,799

5.000% due 08/15/2045

 

1,400

 

1,489

5.000% due 10/01/2050

 

5,000

 

5,574

California Health Facilities Financing Authority Revenue Notes, Series 2025
5.000% due 12/01/2035

 

1,800

 

1,984

California Housing Finance Agency Revenue Bonds, (FHLMC Insured), Series 2021
3.750% due 03/25/2035

 

3,446

 

3,471

California Housing Finance Agency Revenue Bonds, (FNMA Insured), Series 2024
4.330% due 02/01/2042

 

3,000

 

2,956

California Housing Finance Agency Revenue Bonds, (HUD Insured), Series 2024
5.970% due 11/01/2053

 

5,750

 

5,813

California Housing Finance Agency Revenue Bonds, Series 2021
3.500% due 11/20/2035

 

5,673

 

5,544

California Housing Finance Revenue Bonds, Series 2019
4.000% due 03/20/2033

 

644

 

657

California Housing Finance Revenue Bonds, Series 2024

 

 

 

 

5.700% due 06/01/2054

 

3,800

 

3,788

6.000% due 03/01/2053

 

5,850

 

5,971

7.000% due 03/01/2053

 

1,500

 

1,466

California Infrastructure & Economic Development Bank Revenue Bonds, Series 2020

 

 

 

 

0.000% due 01/01/2060 (c)

 

16,500

 

1,501

4.000% due 11/01/2045

 

850

 

754

4.000% due 11/01/2050

 

860

 

740

4.000% due 11/01/2055

 

915

 

769

California Municipal Finance Authority Certificates of Participation Bonds, (AGM Insured), Series 2022
5.250% due 11/01/2052

 

5,000

 

5,115

California Municipal Finance Authority Revenue Bonds, (BAM Insured), Series 2021

 

 

 

 

4.000% due 05/15/2041

 

500

 

487

4.000% due 05/15/2046

 

700

 

653

California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2024
4.000% due 10/01/2039

 

3,000

 

2,973

California Municipal Finance Authority Revenue Bonds, (FNMA Insured), Series 2025
4.700% due 07/01/2041

 

2,900

 

2,986

California Municipal Finance Authority Revenue Bonds, Series 2018
5.000% due 05/15/2043

 

1,500

 

1,511

California Municipal Finance Authority Revenue Bonds, Series 2021

 

 

 

 

4.000% due 11/01/2036

 

2,620

 

2,463

4.000% due 09/01/2050 (e)

 

3,900

 

3,222

California Municipal Finance Authority Revenue Bonds, Series 2024

 

 

 

 

5.750% due 05/01/2054

 

435

 

436

5.875% due 05/01/2059

 

390

 

392

6.000% due 01/01/2039

 

6,000

 

6,161

California Municipal Finance Authority Revenue Bonds, Series 2025

 

 

 

 

3.536% due 02/20/2041

 

7,226

 

6,450

5.250% due 01/01/2045

 

2,560

 

2,511

California Municipal Finance Authority Revenue Notes, Series 2021
3.000% due 09/01/2030 (e)

 

5,125

 

4,944

California Municipal Finance Authority Revenue Notes, Series 2025
5.000% due 11/01/2035

 

5,500

 

5,798

California Municipal Finance Authority Special Tax Bonds, Series 2024

 

 

 

 

5.000% due 09/01/2049

 

785

 

798

5.000% due 09/01/2054

 

1,325

 

1,326

5.125% due 09/01/2059

 

1,250

 

1,259

California Municipal Finance Authority Special Tax Bonds, Series 2025
5.375% due 09/01/2055

 

6,355

 

6,530

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

 

7,750

 

7,965

California Public Finance Authority Revenue Bonds, Series 2022
3.050% due 07/15/2062

 

4,000

 

4,000

California School Finance Authority Revenue Bonds, Series 2024
5.000% due 07/01/2059

 

1,200

 

1,199

California School Finance Authority Revenue Bonds, Series 2025

 

 

 

 

5.000% due 07/01/2045

 

1,760

 

1,744

5.000% due 07/01/2055

 

2,700

 

2,637

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

 

7,500

 

7,142

California State General Obligation Bonds, Series 2018
4.000% due 10/01/2039

 

4,500

 

4,505

California State General Obligation Bonds, Series 2020
4.000% due 11/01/2040

 

2,350

 

2,373

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

 

4,000

 

3,859

California State General Obligation Bonds, Series 2023
4.000% due 09/01/2043

 

5,400

 

5,348

California State Public Works Board Revenue Bonds, Series 2025
5.000% due 04/01/2046

 

2,000

 

2,125

California State University Revenue Bonds, Series 2015
5.000% due 11/01/2043

 

365

 

365

California State University Revenue Bonds, Series 2023
5.000% due 11/01/2044

 

3,000

 

3,223

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

September 30, 2025 (Unaudited)

 

California State University Revenue Bonds, Series 2024
4.000% due 11/01/2049

 

2,000

 

1,894

California Statewide Communities Development Authority Bonds, (FNMA Insured), Series 2024
4.000% due 10/01/2042

 

3,650

 

3,413

California Statewide Communities Development Authority Revenue Bonds, (AGM Insured), Series 2022
5.375% due 08/15/2057

 

3,050

 

3,140

California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2018

 

 

 

 

4.000% due 07/01/2040

 

1,000

 

1,005

4.000% due 07/01/2043

 

1,700

 

1,679

4.000% due 07/01/2047

 

1,750

 

1,682

California Statewide Communities Development Authority Revenue Bonds, (CM Insured), Series 2025
5.000% due 07/01/2050

 

3,800

 

3,933

California Statewide Communities Development Authority Revenue Bonds, Series 2016

 

 

 

 

4.000% due 08/15/2051

 

650

 

595

5.000% due 06/01/2046

 

3,000

 

2,837

5.000% due 12/01/2046

 

11,400

 

10,791

5.250% due 12/01/2056

 

7,300

 

7,046

California Statewide Communities Development Authority Revenue Bonds, Series 2018

 

 

 

 

4.000% due 03/01/2042

 

2,500

 

2,329

4.000% due 07/01/2048

 

2,850

 

2,691

4.000% due 12/01/2053

 

230

 

208

4.000% due 12/01/2057

 

4,000

 

3,476

5.500% due 12/01/2058

 

3,975

 

3,967

California Statewide Communities Development Authority Revenue Bonds, Series 2019
4.250% due 11/01/2059

 

5,180

 

4,490

California Statewide Communities Development Authority Revenue Bonds, Series 2024
5.000% due 12/01/2049

 

6,045

 

6,242

California Statewide Communities Development Authority Special Assessment Bonds, Series 2024
5.000% due 09/02/2044

 

3,175

 

3,267

California Statewide Communities Development Authority Special Tax Bonds, Series 2025

 

 

 

 

4.625% due 09/02/2050

 

2,100

 

2,080

4.750% due 09/02/2055

 

1,930

 

1,896

5.000% due 09/02/2050

 

5,000

 

5,102

5.125% due 09/01/2050

 

2,440

 

2,462

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

 

2,510

 

2,565

California Statewide Financing Authority Revenue Bonds, Series 2015
5.000% due 11/01/2043

 

10,635

 

10,656

Central Valley Energy Authority, California Revenue Bonds, Series 2025
5.000% due 12/01/2055

 

5,000

 

5,479

Chaffey Joint Union High School District, California General Obligation Bonds, Series 2019
4.000% due 08/01/2049

 

3,800

 

3,534

Chino Valley Unified School District, California General Obligation Bonds, Series 2022

 

 

 

 

0.000% due 08/01/2036 (c)

 

1,395

 

913

0.000% due 08/01/2037 (c)

 

1,000

 

618

0.000% due 08/01/2038 (c)

 

1,300

 

761

0.000% due 08/01/2039 (c)

 

1,600

 

887

0.000% due 08/01/2040 (c)

 

1,400

 

735

0.000% due 08/01/2041 (c)

 

1,935

 

954

0.000% due 08/01/2042 (c)

 

1,500

 

696

0.000% due 08/01/2043 (c)

 

1,750

 

764

0.000% due 08/01/2044 (c)

 

1,405

 

578

0.000% due 08/01/2046 (c)

 

1,500

 

557

Chino Valley Unified School District, California General Obligation Notes, Series 2022
0.000% due 08/01/2030 (c)

 

1,135

 

989

City of California, Eureka City Schools, General Obligation Bonds, (BAM Insured), Series 2020
4.000% due 08/01/2049

 

5,000

 

4,859

Clovis Unified School District, California General Obligation Bonds, Series 2025
5.000% due 08/01/2050

 

2,000

 

2,098

CMFA Special Finance Agency VII, California Revenue Bonds, Series 2021
3.000% due 08/01/2056

 

5,000

 

3,381

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

 

3,460

 

3,001

Corona Community Facilities District, California Special Tax Bonds, Series 2024

 

 

 

 

5.000% due 09/01/2044

 

725

 

742

5.000% due 09/01/2049

 

1,600

 

1,627

Corona Norco Unified School District, California General Obligation Bonds, Series 2018
4.000% due 08/01/2047

 

4,900

 

4,708

CSCDA Community Improvement Authority, California Revenue Bonds, Series 2021

 

 

 

 

3.000% due 02/01/2057

 

1,500

 

1,018

3.400% due 10/01/2046

 

1,245

 

969

CSCDA Community Improvement Authority, California Revenue Bonds, Series 2022
4.750% due 09/01/2062 (d)

 

6,000

 

3,841

Department of Veterans Affairs Veteran's Farm & Home Purchase Program, California Revenue Bonds, Series 2022
4.950% due 12/01/2046

 

1,000

 

1,031

Desert Community College District, California General Obligation Bonds, Series 2024
4.000% due 08/01/2051

 

3,750

 

3,487

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

 

7,530

 

7,544

Elk Grove Finance Authority, California Special Tax Bonds, Series 2016
5.000% due 09/01/2046

 

3,670

 

3,678

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

 

3,890

 

3,789

Fontana Unified School District, California General Obligation Bonds, Series 2025

 

 

 

 

5.000% due 08/01/2042

 

1,500

 

1,657

5.000% due 08/01/2043

 

1,595

 

1,749

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

September 30, 2025 (Unaudited)

 

5.000% due 08/01/2044

 

1,500

 

1,632

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

 

2,500

 

2,205

Fremont Community Facilities District No. 1, California Special Tax Bonds, Series 2015
5.000% due 09/01/2045

 

2,800

 

2,801

Fresno Unified School District, California General Obligation Bonds, Series 2016
4.000% due 08/01/2046

 

7,140

 

6,639

Fresno Unified School District, California General Obligation Bonds, Series 2024
4.000% due 08/01/2055

 

7,000

 

6,360

Glendale Community College District, California General Obligation Bonds, Series 2020
4.000% due 08/01/2050

 

2,500

 

2,302

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

 

59,600

 

6,348

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

 

5,000

 

4,804

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

 

8,050

 

7,868

Hastings Campus Housing Finance Authority, California Revenue Bonds, Series 2020

 

 

 

 

5.000% due 07/01/2045

 

6,650

 

6,265

5.000% due 07/01/2061

 

2,100

 

1,870

Irvine Facilities Financing Authority, California Special Tax Bonds, (BAM Insured), Series 2023
4.000% due 09/01/2058

 

2,000

 

1,812

Lancaster County Hospital Authority, California Revenue Bonds, (BAM Insured), Series 2024
4.000% due 05/01/2049

 

4,000

 

3,825

Local Public Schools Funding Authority School Improvement District, California General Obligation Bonds, (BAM Insured), Series 2025

 

 

 

 

5.000% due 08/01/2042

 

800

 

867

5.000% due 08/01/2043

 

2,000

 

2,149

5.000% due 08/01/2044

 

1,535

 

1,636

Long Beach Bond Finance Authority, California General Obligation Bonds, Series 2023
4.000% due 08/01/2053

 

5,250

 

4,928

Long Beach Bond Finance Authority, California Revenue Bonds, Series 2007

 

 

 

 

5.500% due 11/15/2027

 

1,000

 

1,047

5.500% due 11/15/2037

 

7,500

 

8,489

Long Beach Bond Finance Authority, California Revenue Bonds, Series 2023
4.000% due 08/01/2053

 

1,250

 

1,151

Long Beach Unified School District, California General Obligation Bonds, Series 2009
5.750% due 08/01/2033

 

305

 

307

Los Angeles County, California Public Works Financing Authority Revenue Bonds, Series 2024
4.000% due 12/01/2053

 

2,820

 

2,531

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

 

4,685

 

4,534

Los Angeles Department of Airports, California Revenue Bonds, Series 2018
5.000% due 05/15/2048

 

1,800

 

1,814

Los Angeles Department of Airports, California Revenue Bonds, Series 2021
5.000% due 05/15/2046

 

6,500

 

6,599

Los Angeles Department of Airports, California Revenue Bonds, Series 2022
5.500% due 05/15/2035

 

8,000

 

8,916

Los Angeles Department of Airports, California Revenue Notes, Series 2025
5.000% due 05/15/2034

 

6,000

 

6,765

Los Angeles Unified School District, California General Obligation Bonds, Series 2025
5.000% due 07/01/2042

 

1,700

 

1,877

M-S-R Energy Authority, California Revenue Bonds, Series 2009

 

 

 

 

6.500% due 11/01/2039

 

20,855

 

25,579

7.000% due 11/01/2034

 

3,285

 

3,989

Mammoth Lakes, California Certificates of Participation Bonds, (BAM Insured),Series 2024
4.000% due 06/01/2049

 

5,700

 

5,442

Manteca Financing Authority, California Revenue Bonds, Series 2009
5.750% due 12/01/2036

 

1,000

 

1,004

Manteca Unified School District, California General Obligation Bonds, Series 2020
4.000% due 08/01/2045

 

2,680

 

2,582

Mount San Antonio Community College District, California General Obligation Bonds, Series 2019
4.000% due 08/01/2049

 

6,000

 

5,542

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

 

8,500

 

8,313

Mountain House Community Facilities District, California Special Tax Bonds, Series 2025

 

 

 

 

5.000% due 09/01/2045

 

1,255

 

1,259

5.000% due 09/01/2050

 

2,130

 

2,132

Norwalk-La Mirada Unified School District, California General Obligation Bonds, Series 2019
4.000% due 08/01/2048

 

7,500

 

6,943

Ontario International Airport Authority, California Revenue Bonds, (AGM Insured), Series 2021
4.000% due 05/15/2051

 

1,400

 

1,294

Orange County, California Community Facilities District Special Tax Bonds, Series 2023

 

 

 

 

5.500% due 08/15/2048

 

1,000

 

1,044

5.500% due 08/15/2053

 

1,700

 

1,763

Pacifica School District, California General Obligation Bonds, Series 2024
5.000% due 08/01/2050

 

5,000

 

5,199

Palm Springs Unified School District, California General Obligation Bonds, Series 2024
4.000% due 08/01/2049

 

4,000

 

3,811

Poway Unified School District, California General Obligation Bonds, Series 2011

 

 

 

 

0.000% due 08/01/2040 (c)

 

11,000

 

6,079

0.000% due 08/01/2046 (c)

 

16,000

 

5,962

Rancho Cordova, California Special Tax Bonds, Series 2025

 

 

 

 

5.000% due 09/01/2040 (a)

 

280

 

287

5.000% due 09/01/2045 (a)

 

585

 

593

5.000% due 09/01/2055 (a)

 

1,085

 

1,088

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

September 30, 2025 (Unaudited)

 

Regents of the University of California Medical Center Pooled Revenue Bonds, Series 2007
3.100% due 05/15/2032

 

2,000

 

2,000

Richmond, California Wastewater Revenue Bonds, Series 2019
4.000% due 08/01/2049

 

4,000

 

3,714

Rio Hondo Community College District, California General Obligation Bonds, Series 2022
0.000% due 08/01/2045 (c)

 

5,000

 

1,921

River Islands Public Financing Authority, California Special Tax Bonds, (AGM Insured), Series 2022
4.250% due 09/01/2047

 

3,000

 

2,926

River Islands Public Financing Authority, California Special Tax Bonds, Series 2024
5.000% due 09/01/2054

 

1,500

 

1,492

Riverside County, California Transportation Commission Revenue Bonds, Series 2013
0.000% due 06/01/2042 (c)

 

3,000

 

1,411

Riverside County, California Transportation Commission Revenue Bonds, Series 2021

 

 

 

 

4.000% due 06/01/2038

 

1,125

 

1,125

4.000% due 06/01/2047

 

5,565

 

4,936

Sacramento City Unified School District, California General Obligation Bonds, (AGM Insured), Series 2021
4.000% due 08/01/2049

 

4,240

 

4,041

Sacramento County, California Special Tax Bonds, Series 2022

 

 

 

 

5.000% due 09/01/2042

 

5,000

 

5,085

5.000% due 09/01/2047

 

1,350

 

1,356

Sacramento, California Special Tax Bonds, Series 2021
4.000% due 09/01/2050

 

1,500

 

1,288

San Diego County, California Certificates of Participation Bonds, Series 2023
5.000% due 10/01/2053

 

10,000

 

10,392

San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021

 

 

 

 

4.000% due 07/01/2051

 

5,700

 

5,037

5.000% due 07/01/2056

 

4,000

 

4,033

San Diego Housing Authority, Inc., California Revenue Bonds,(FHLMC Insured), Series 2024
4.200% due 06/01/2040

 

5,955

 

5,921

San Diego Unified School District, California General Obligation Bonds, Series 2020
4.000% due 07/01/2050

 

1,900

 

1,805

San Diego Unified School District, California General Obligation Bonds, Series 2023

 

 

 

 

4.000% due 07/01/2053

 

2,400

 

2,257

5.000% due 07/01/2048

 

4,000

 

4,222

San Diego Unified School District, California General Obligation Bonds, Series 2024
4.000% due 07/01/2054

 

6,000

 

5,626

San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2016
5.000% due 05/01/2046

 

6,000

 

6,000

San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2017
5.250% due 05/01/2042

 

5,000

 

5,046

San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2019
5.000% due 05/01/2049

 

7,750

 

7,795

San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Notes, Series 2025
5.000% due 05/01/2033

 

5,000

 

5,566

San Francisco, California City & County Public Utilities Commission Power Revenue Bonds, Series 2023
5.000% due 11/01/2048

 

5,000

 

5,229

San Francisco, California City & County Revenue Bonds, (FNMA Insured), Series 2025
5.000% due 02/01/2046

 

3,800

 

3,914

San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2016
4.000% due 11/01/2039

 

2,500

 

2,488

San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2020
5.000% due 11/01/2050

 

3,800

 

3,920

San Francisco, California Public Utilities Commission Water Revenue Bonds, Series 2023
5.250% due 11/01/2052

 

2,500

 

2,666

San Joaquin Valley Clean Energy Authority, California Revenue Bonds, Series 2025
5.500% due 01/01/2056

 

11,000

 

12,634

San Juan Unified School District, California General Obligation Bonds, Series 2024
4.000% due 08/01/2049

 

5,000

 

4,665

San Mateo County, California Community College District General Obligation Bonds, (NPFGC Insured), Series 2006
0.000% due 09/01/2034 (c)

 

8,750

 

6,710

San Mateo Joint Powers Financing Authority, California Revenue Bonds, Series 2018
4.000% due 07/15/2052

 

5,000

 

4,663

Santa Clarita Community College District, California General Obligation Bonds, Series 2016
4.000% due 08/01/2046

 

6,000

 

5,764

Santa Monica, California Community College District General Obligation Bonds, Series 2022
4.000% due 08/01/2045

 

3,500

 

3,432

Silicon Valley Tobacco Securitization Authority, California Revenue Bonds, Series 2007
0.000% due 06/01/2036 (c)

 

3,000

 

1,660

Soquel Union Elementary School District, California General Obligation Bonds, Series 2017
4.000% due 08/01/2046

 

3,150

 

3,009

South San Francisco Unified School District, California General Obligation Bonds, Series 2023
4.000% due 09/01/2052

 

2,000

 

1,874

South San Francisco Unified School, California General Obligation Bonds, Series 2023
4.000% due 09/01/2048

 

2,000

 

1,907

Tejon Ranch Public Facilities Finance Authority, California Special Tax Bonds, Series 2024
5.000% due 09/01/2054

 

1,950

 

1,949

Tobacco Securitization Authority of Northern California Revenue Bonds, Series 2021
0.000% due 06/01/2060 (c)

 

55,380

 

8,526

Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2006
0.000% due 06/01/2046 (c)

 

12,995

 

2,547

Tobacco Securitization Authority of Southern California Revenue Bonds, Series 2019
5.000% due 06/01/2048

 

5,235

 

5,179

University of California Revenue Bonds, Series 2013

 

 

 

 

3.000% due 05/15/2048

 

3,000

 

3,000

3.250% due 05/15/2048

 

1,000

 

1,000

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

September 30, 2025 (Unaudited)

 

University of California Revenue Bonds, Series 2018
5.000% due 05/15/2048

 

5,000

 

5,060

Upland, California Certificates of Participation Bonds, Series 2017
4.000% due 01/01/2042

 

8,500

 

7,669

Washington Township Health Care District, California General Obligation Bonds, Series 2015
4.000% due 08/01/2045

 

8,000

 

7,530

Washington Township Health Care District, California General Obligation Bonds, Series 2023
5.500% due 08/01/2053

 

4,120

 

4,448

 

 

 

 

828,916

DELAWARE 1.5%

 

 

 

 

Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022

 

 

 

 

3.167% due 10/01/2038

 

7,910

 

6,735

7.120% due 10/01/2038

 

1,380

 

1,311

 

 

 

 

8,046

ILLINOIS 0.6%

 

 

 

 

Illinois State General Obligation Bonds, Series 2020
4.125% due 10/01/2036

 

3,500

 

3,492

MULTI-STATE 0.9%

 

 

 

 

Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024
3.541% due 11/25/2038

 

5,545

 

5,230

NEW HAMPSHIRE 1.8%

 

 

 

 

New Hampshire Business Finance Authority Revenue Bonds, Series 2023
4.817% due 12/20/2036

 

5,644

 

5,595

New Hampshire Business Finance Authority Revenue Bonds, Series 2024
3.925% due 07/20/2039

 

4,669

 

4,484

 

 

 

 

10,079

NEW YORK 0.3%

 

 

 

 

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

 

1,250

 

1,439

NORTH DAKOTA 0.0%

 

 

 

 

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

 

1,940

 

0

PUERTO RICO 8.4%

 

 

 

 

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

 

62,700

 

2,589

Commonwealth of Puerto Rico Bonds, Series 2022

 

 

 

 

0.000% due 11/01/2043

 

3,783

 

2,506

0.000% due 11/01/2051

 

6,112

 

4,133

Commonwealth of Puerto Rico General Obligation Bonds, Series 2021

 

 

 

 

0.000% due 07/01/2033 (c)

 

3,500

 

2,504

4.000% due 07/01/2041

 

3,500

 

3,138

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

 

 

 

 

0.000% due 07/01/2046 (c)

 

7,700

 

2,629

0.000% due 07/01/2051 (c)

 

59,750

 

15,030

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

 

14,656

 

13,628

 

 

 

 

46,157

TEXAS 1.0%

 

 

 

 

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

 

 

 

 

7.500% due 12/01/2045 ^(b)

 

1,350

 

136

12.000% due 12/01/2045 ^(b)

 

2,300

 

272

Roma Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024
4.000% due 02/15/2054

 

6,000

 

5,418

 

 

 

 

5,826

VIRGINIA 0.5%

 

 

 

 

Virginia Small Business Financing Authority Revenue Bonds, Series 2019

 

 

 

 

0.000% due 07/01/2061 (c)

 

51,000

 

1,416

5.500% due 07/01/2044

 

1,500

 

1,256

 

 

 

 

2,672

WISCONSIN 0.2%

 

 

 

 

Wisconsin Center District Revenue Bonds, (AGM Insured), Series 2020
0.000% due 12/15/2055 (c)

 

4,100

 

932

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

September 30, 2025 (Unaudited)

 

Total Municipal Bonds & Notes (Cost $926,197)

 

 

 

912,866

U.S. GOVERNMENT AGENCIES 4.4%

 

 

 

 

Federal Home Loan Mortgage Corp.

 

 

 

 

3.600% due 12/01/2040

 

1,966

 

1,804

3.720% due 01/01/2041

 

5,706

 

5,313

3.850% due 02/01/2038 - 07/01/2041

 

13,469

 

12,712

4.080% due 06/01/2033

 

3,563

 

3,591

Federal Home Loan Mortgage Corp. Multifamily ML Certificates
3.541% due 01/25/2043 ~

 

1,400

 

941

Total U.S. Government Agencies (Cost $24,225)

 

 

 

24,361

Total Investments in Securities (Cost $969,537)

 

 

 

956,458

Total Investments 173.6% (Cost $969,537)

 

 

$

956,458

Remarketable Variable Rate MuniFund Term Preferred Shares, at liquidation value (72.9)%

 

 

 

(401,683)

Other Assets and Liabilities, net (0.7)%

 

 

 

(3,955)

Net Assets Applicable to Common Shareholders 100.0%

 

 

$

550,820

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

September 30, 2025 (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.

«

Security valued using significant unobservable inputs (Level 3).

µ

All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.

~

Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.

(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)

RESTRICTED SECURITIES:

Issuer Description

Coupon

Maturity
Date

Acquisition
Date

 

Cost

 

Market
Value


Market Value as Percentage of Net Assets Applicable to Common Shareholders

California Municipal Finance Authority Revenue Bonds, Series 2021

4.000

%

09/01/2050

08/03/2022

$

3,549

$

3,222

0.58

%

California Municipal Finance Authority Revenue Notes, Series 2021

3.000

 

09/01/2030

02/18/2025

 

4,835

 

4,944

0.90

 

 

 

 

 

$

8,384

$

8,166

1.48%  

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities:

 

Category and Subcategory

Level 1

Level 2

Level 3

Fair Value
at 09/30/2025

Investments in Securities, at Value

Loan Participations and Assignments

$

0

$

0

$

19,231

$

19,231

 

Municipal Bonds & Notes

 

Arizona

 

0

 

77

 

0

 

77

 

 

California

 

0

 

828,916

 

0

 

828,916

 

 

Delaware

 

0

 

8,046

 

0

 

8,046

 

 

Illinois

 

0

 

3,492

 

0

 

3,492

 

 

Multi-State

 

0

 

5,230

 

0

 

5,230

 

 

New Hampshire

 

0

 

10,079

 

0

 

10,079

 

 

New York

 

0

 

1,439

 

0

 

1,439

 

 

Puerto Rico

 

0

 

46,157

 

0

 

46,157

 

 

Texas

 

0

 

5,826

 

0

 

5,826

 

 

Virginia

 

0

 

2,672

 

0

 

2,672

 

 

Wisconsin

 

0

 

932

 

0

 

932

 

U.S. Government Agencies

 

0

 

24,361

 

0

 

24,361

 

Total Investments

$

0

$

937,227

$

19,231

$

956,458

 

 

 

 

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:

Category and Subcategory

Beginning
Balance
at 06/30/2025

Net
Purchases

Net
Sales/Settlements

Accrued
Discounts/
(Premiums)

Realized
Gain/(Loss)

Net Change in
Unrealized
Appreciation/
(Depreciation) (1)

Transfers into
Level 3

Transfers out
of Level 3

Ending
Balance
at 09/30/2025

Net Change in
Unrealized
Appreciation/
(Depreciation)
on Investments
Held at
09/30/2025 (1)

Investments in Securities, at Value

Loan Participations and Assignments

$

0

$

19,115

$

0

$

0

$

0

$

116

$

0

$

0

$

19,231

$

116

Totals

$

0

$

19,115

$

0

$

0

$

0

$

116

$

0

$

0

$

19,231

$

116


The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

 

(% Unless Noted Otherwise)

 

Category and Subcategory

Ending
Balance
at 09/30/2025

Valuation Technique

Unobservable Inputs

 

Input Value(s)

Weighted Average

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

September 30, 2025 (Unaudited)

 

Investments in Securities, at Value

Loan Participations and Assignments

$

4,516

Discounted Cash Flow

Discount Rate

 

6.510

—

 

 

14,715

Recent Transaction

Purchase Price

 

100.000

—

Total

$

19,231

(1)

Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end.

 

​

Notes to Financial Statements

 

1. BASIS FOR CONSOLIDATION

The Fund’s subsidiaries were each formed as a wholly owned subsidiary acting as an investment vehicle for the Fund in order to effect certain investments for the Fund consistent with the Fund’s investment objectives and policies in effect from time to time. The Fund’s investment portfolio has been consolidated and includes the portfolio holdings of the Fund and its subsidiaries. Accordingly, the consolidated financial statements include the accounts of the Fund and its subsidiary. All inter-company transactions and balances have been eliminated. This structure was established so that certain investments could be held by a separate legal entity from the Fund. See the table below for details regarding the structure, incorporation and relationship as of period end.

 

Subsidiary

 

Date of Formation

Subsidiary % of Consolidated Fund Net Assets†

1801 SPV I LLC

 

05/28/2025

0.7%

1861 SPV I LLC

 

05/28/2025

0.3%

1831 SPV I LLC

 

05/28/2025

0.2%

† A zero balance may reflect actual amounts rounding to less than 0.01%

 

2. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value 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

 

 

Notes to Financial Statements (Cont.)

 

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

 

(c) Valuation Techniques and the Fair Value Hierarchy

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

 

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

 

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.

 

The Discounted Cash Flow model is based on future cash flows generated by the investment and may be normalized based on expected investment performance. Future cash flows are discounted to present value using an appropriate rate of return, typically calibrated to the initial transaction date and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Securities may be valued based on purchase prices of privately negotiated transactions. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

 

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

 

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

 

3. 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 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, 2025, 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)
                     
Currency Abbreviations:                
USD (or $)   United States Dollar                
                     
Municipal Bond or Agency Abbreviations:                
AGM   Assured Guaranty Municipal   CM   California Mortgage Insurance   HUD   U.S. Department of Housing and Urban Development
                     
AMBAC   American Municipal Bond Assurance Corp.   FHLMC   Federal Home Loan Mortgage Corp.   NPFGC   National Public Finance Guarantee Corp.
BAM   Build America Mutual Assurance   FNMA   Federal National Mortgage Association   PSF   Public School Fund
                     
Other  Abbreviations:                
OIS   Overnight Index Swap   TBD   To-Be-Determined   TBD%   Interest rate to be determined when loan settles or at the time of funding
TBA   To-Be-Announced