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Consolidated Schedule of Investments PIMCO Municipal Income Fund II

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 174.7% ¤

 

 

 

 

LOAN PARTICIPATIONS AND ASSIGNMENTS 8.3%

 

 

 

 

3981 MEIER

 

 

 

 

TBD% due 09/11/2058 «µ

$

2,185

$

2,185

TBD% - 5.710% due 09/11/2028 «µ

 

3,868

 

3,868

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

 

7,252

 

7,253

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

 

7,662

 

7,662

Ammons AT Asheville Highway
TBD% due 10/01/2041 «(f)

 

10,094

 

9,039

Bellwood Senior Housing
4.280% due 10/01/2040 «(f)

 

2,852

 

2,603

Bonnie Brae
7.095% due 06/02/2059 «

 

7,800

 

8,006

Fairhaven Glen

 

 

 

 

TBD% due 11/01/2027 «µ

 

7,400

 

7,400

TBD% due 12/12/2041 «µ

 

500

 

500

TBD% - 6.182% due 01/01/2067 «µ

 

9,437

 

9,613

Falcon PK

 

 

 

 

TBD% due 11/01/2026 «µ

 

2,200

 

2,200

TBD% - 6.182% due 10/26/2063 «~µ

 

2,500

 

2,623

TBD% - 6.182% due 10/26/2063 «~

 

8,600

 

9,024

Gladieux Metals Recycling LLC
14.107% (TSFR3M + 10.000%) due 10/19/2025 «~(f)

 

6,853

 

3,374

Laurel Wood Apartments
TBD% - 6.500% due 01/01/2043 «µ

 

9,395

 

9,424

Total Loan Participations and Assignments (Cost $84,627)

 

 

 

84,774

MUNICIPAL BONDS & NOTES 161.7%

 

 

 

 

ALABAMA 3.0%

 

 

 

 

Baldwin County, Alabama Industrial Development Authority Revenue Bonds, Series 2025

 

 

 

 

4.625% due 06/01/2055

 

1,100

 

1,103

5.000% due 06/01/2055

 

3,800

 

3,890

Huntsville Public Building Authority, Alabama Revenue Bonds, Series 2022
5.000% due 02/01/2047

 

1,000

 

1,027

Irondale Public Building Authority, Alabama Revenue Bonds, Series 2024
4.000% due 10/01/2049

 

6,215

 

5,619

Jefferson County, Alabama Sewer Revenue Bonds, Series 2024
5.250% due 10/01/2049

 

10,000

 

10,324

Mobile County, Alabama Industrial Development Authority Revenue Bonds, Series 2024
5.000% due 06/01/2054

 

4,890

 

4,709

Southeast Energy Authority A Cooperative District, Alabama Revenue Bonds, Series 2025
5.000% due 01/01/2056

 

4,100

 

4,332

 

 

 

 

31,004

ALASKA 0.5%

 

 

 

 

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

 

4,695

 

4,825

ARIZONA 8.7%

 

 

 

 

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

 

4,800

 

147

Arizona Industrial Development Authority Revenue Bonds, Series 2025

 

 

 

 

5.000% due 01/01/2059 (d)

 

6,600

 

3,600

5.125% due 01/01/2059

 

3,479

 

2,952

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

 

4,700

 

3,760

Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Series 2017
4.000% due 01/01/2041

 

3,000

 

2,802

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

 

21,865

 

19,979

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

 

16,320

 

13,475

Salt Verde Financial Corp. Arizona Revenue Bonds, Series 2007

 

 

 

 

5.000% due 12/01/2032

 

4,930

 

5,386

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

September 30, 2025 (Unaudited)

 

5.000% due 12/01/2037

 

34,000

 

36,526

 

 

 

 

88,627

ARKANSAS 1.0%

 

 

 

 

Arkansas Development Finance Authority Revenue Bonds, (AMBAC Insured), Series 2006
0.000% due 07/01/2036 (c)

 

5,500

 

3,466

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

 

800

 

767

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

 

350

 

350

Arkansas Development Finance Authority Revenue Bonds, Series 2023
7.375% due 07/01/2048

 

5,000

 

5,426

 

 

 

 

10,009

CALIFORNIA 3.2%

 

 

 

 

California Community Choice Financing Authority Revenue Bonds, Series 2025
5.000% due 10/01/2055

 

2,600

 

2,798

California County Tobacco Securitization Agency Revenue Bonds, Series 2002
6.000% due 06/01/2035

 

255

 

256

California Housing Finance Revenue Bonds, Series 2024
6.000% due 03/01/2053

 

9,700

 

9,900

California Statewide Communities Development Authority Revenue Bonds, Series 2016
5.000% due 12/01/2046

 

6,000

 

5,680

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

 

1,810

 

1,763

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

 

12,500

 

1,331

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

 

 

 

 

6.125% due 11/01/2029

 

1,485

 

1,572

6.500% due 11/01/2039

 

3,750

 

4,599

San Diego County, California Regional Airport Authority Revenue Bonds, Series 2021
4.000% due 07/01/2051

 

4,815

 

4,255

 

 

 

 

32,154

COLORADO 6.2%

 

 

 

 

Colorado Health Facilities Authority Revenue Bonds, Series 2019

 

 

 

 

4.000% due 01/01/2040

 

10,000

 

9,736

4.000% due 11/15/2043

 

14,910

 

13,624

4.000% due 08/01/2049

 

8,000

 

6,837

5.000% due 08/01/2044

 

6,015

 

6,070

Colorado Health Facilities Authority Revenue Bonds, Series 2025
5.125% due 12/01/2055

 

3,500

 

3,503

Colorado International Center Metropolitan District No 7, General Obligation Bonds, Series 2021
5.250% due 12/01/2051 (d)

 

3,945

 

3,204

Crowfoot Valley Ranch Metropolitan District No 2, Colorado General Obligation Bonds, (BAM Insured), Series 2024

 

 

 

 

4.250% due 12/01/2049

 

2,000

 

1,829

4.375% due 12/01/2054

 

2,000

 

1,828

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

 

4,750

 

4,826

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

 

6,000

 

6,046

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

 

2,430

 

2,939

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

 

2,050

 

1,922

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

 

1,275

 

984

 

 

 

 

63,348

CONNECTICUT 0.6%

 

 

 

 

Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2022
5.000% due 07/01/2047

 

5,680

 

5,808

DELAWARE 2.3%

 

 

 

 

Affordable Housing Opportunities Trust, Delaware Revenue Bonds, Series 2022

 

 

 

 

3.461% due 07/01/2037

 

21,420

 

19,341

7.120% due 07/01/2037

 

3,780

 

3,661

 

 

 

 

23,002

DISTRICT OF COLUMBIA 1.9%

 

 

 

 

District of Columbia Revenue Bonds, Series 2015
5.000% due 07/15/2040

 

7,000

 

7,021

District of Columbia Revenue Bonds, Series 2022

 

 

 

 

5.500% due 02/29/2036

 

1,625

 

1,838

5.500% due 08/31/2036

 

1,800

 

2,034

5.500% due 02/28/2037

 

1,850

 

2,084

Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2023
5.250% due 10/01/2053

 

4,000

 

4,124

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

September 30, 2025 (Unaudited)

 

Metropolitan Washington Airports Authority Aviation, District of Columbia Revenue Bonds, Series 2024
5.000% due 10/01/2040

 

1,750

 

1,845

 

 

 

 

18,946

FLORIDA 7.8%

 

 

 

 

Babcock Ranch Community Independent Special District, Florida Special Assessment Bonds, Series 2022
5.000% due 05/01/2042

 

1,230

 

1,231

Berry Bay II Community Development District, Florida Special Assessment Bonds, Series 2024
5.200% due 05/01/2044

 

550

 

537

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

 

6,240

 

6,171

Charlotte County Industrial Development Authority, Florida Revenue Bonds, Series 2021
4.000% due 10/01/2051

 

6,000

 

4,913

Florida Department of Transportation Turnpike System State Revenue Bonds, Series 2024
4.000% due 07/01/2051

 

10,500

 

9,890

Florida Development Finance Corp. Revenue Bonds, (AGM Insured), Series 2024

 

 

 

 

5.000% due 07/01/2044

 

1,200

 

1,181

5.250% due 07/01/2047

 

5,295

 

5,215

Florida Development Finance Corp. Revenue Bonds, Series 2024
4.500% due 08/01/2055

 

6,000

 

5,544

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

 

7,150

 

6,232

Kissimmee, Florida Revenue Bonds, Series 2024
4.000% due 10/01/2049

 

2,125

 

1,976

Lakes of Sarasota Community Development District, Florida Revenue Bonds, Series 2018
5.000% due 07/01/2041

 

10,000

 

10,146

Miami-Dade County, Florida Aviation Revenue Notes, Series 2024
5.000% due 10/01/2034

 

900

 

1,008

Miami-Dade County, Florida Housing Finance Authority Revenue Bonds, (FNMA Insured), Series 2025
4.880% due 03/01/2046

 

2,500

 

2,498

Miami-Dade County, Florida Transit System Revenue Bonds, Series 2018

 

 

 

 

4.000% due 07/01/2044

 

1,000

 

965

4.000% due 07/01/2046

 

1,000

 

950

Miami-Dade County, Florida Water & Sewer System Revenue Bonds, Series 2019
4.000% due 10/01/2048

 

5,000

 

4,605

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

 

7,250

 

7,255

Orange County, Florida Health Facilities Authority Revenue Bonds, Series 2025
5.000% due 10/01/2043

 

5,000

 

5,244

South Miami Health Facilities Authority, Florida Revenue Bonds, Series 2017
4.000% due 08/15/2047

 

3,750

 

3,302

 

 

 

 

78,863

GEORGIA 7.0%

 

 

 

 

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

 

3,895

 

3,895

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

 

7,100

 

4,047

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

 

10,000

 

10,035

Gainesville & Hall County, Georgia Hospital Authority Revenue Bonds, Series 2021
4.000% due 02/15/2051

 

3,800

 

3,286

Main Street Natural Gas, Inc., Georgia Revenue Bonds, Series 2024
5.000% due 05/01/2055

 

5,000

 

5,469

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

 

35,680

 

35,328

Municipal Electric Authority of Georgia Revenue Bonds, Series 2019

 

 

 

 

5.000% due 01/01/2037

 

850

 

872

5.000% due 01/01/2038

 

1,500

 

1,535

5.000% due 01/01/2049

 

2,000

 

1,998

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

 

2,000

 

2,013

Valdosta & Lowndes County, Georgia Hospital Authority Revenue Bonds, (CNTY Insured), Series 2024
4.125% due 10/01/2049

 

3,000

 

2,858

 

 

 

 

71,336

ILLINOIS 12.6%

 

 

 

 

Chicago Board of Education, Illinois General Obligation Bonds, Series 2017
5.000% due 12/01/2036

 

3,770

 

3,741

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

 

11,000

 

9,981

Chicago Board of Education, Illinois General Obligation Bonds, Series 2025
5.750% due 12/01/2050

 

6,000

 

5,903

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

 

3,000

 

3,005

Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2017
5.000% due 01/01/2047

 

5,000

 

4,981

Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2024
5.250% due 01/01/2048

 

9,530

 

9,901

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

 

1,300

 

1,294

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

September 30, 2025 (Unaudited)

 

Cook County, Illinois School District No 28 General Obligation Bonds, Series 2025
5.000% due 12/01/2050

 

2,585

 

2,621

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

 

3,683

 

38

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

 

12,000

 

12,103

Illinois Finance Authority Revenue Bonds, Series 2019
5.000% due 11/01/2035 ^(b)

 

4,010

 

2,777

Illinois Finance Authority Revenue Notes, Series 2024
5.000% due 11/15/2034

 

4,500

 

4,967

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

 

1,000

 

1,045

Illinois State General Obligation Bonds, Series 2018

 

 

 

 

4.625% due 05/01/2037

 

6,175

 

6,256

5.000% due 05/01/2041

 

3,000

 

3,049

Illinois State General Obligation Bonds, Series 2024

 

 

 

 

5.250% due 05/01/2047

 

5,000

 

5,171

5.250% due 05/01/2048

 

3,750

 

3,864

Illinois State General Obligation Bonds, Series 2025
5.000% due 09/01/2042

 

3,400

 

3,542

Illinois State General Obligation Notes, Series 2017
5.000% due 11/01/2025

 

7,740

 

7,755

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

 

12,500

 

12,568

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

 

10,000

 

2,692

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

 

 

 

 

0.000% due 06/15/2036 (c)

 

1,000

 

648

0.000% due 12/15/2036 (c)

 

1,750

 

1,103

0.000% due 06/15/2037 (c)

 

1,000

 

613

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

 

15,400

 

16,012

Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2018
4.000% due 01/01/2048

 

2,750

 

2,439

 

 

 

 

128,069

INDIANA 3.4%

 

 

 

 

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

 

5,650

 

5,791

Indiana Finance Authority Revenue Bonds, Series 2019
7.000% due 03/01/2039 ^(b)

 

6,115

 

306

Indiana Finance Authority Revenue Bonds, Series 2024
4.250% due 03/01/2049

 

5,000

 

4,559

Indiana Finance Authority Revenue Bonds, Series 2025
5.000% due 10/01/2057

 

9,500

 

10,630

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

 

2,000

 

1,829

Indiana Housing & Community Development Authority Revenue Bonds, Series 2016
6.250% due 07/01/2056

 

2,080

 

1,981

Indianapolis Local Public Improvement Bond Bank, Indiana Revenue Bonds, Series 2023

 

 

 

 

5.000% due 01/01/2053

 

3,000

 

3,080

6.000% due 03/01/2053

 

4,500

 

4,669

Indianapolis, Indiana Revenue Bonds, Series 2016
6.250% due 07/01/2056

 

2,080

 

1,988

 

 

 

 

34,833

IOWA 2.7%

 

 

 

 

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

 

21,200

 

24,423

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

 

3,575

 

3,101

 

 

 

 

27,524

KANSAS 0.0%

 

 

 

 

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

 

639

 

57

KENTUCKY 1.0%

 

 

 

 

Kentucky Economic Development Finance Authority Revenue Bonds, Series 2019
5.000% due 08/01/2049

 

1,220

 

1,213

Kentucky Municipal Energy Agency Revenue Bonds, (AGC Insured), Series 2025
5.000% due 01/01/2055

 

6,000

 

6,141

Warren County, Kentucky Revenue Bonds, Series 2024
5.250% due 04/01/2049

 

2,500

 

2,594

 

 

 

 

9,948

LOUISIANA 4.1%

 

 

 

 

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

 

15,000

 

14,159

Louisiana Public Facilities Authority Revenue Bonds, (AGM Insured), Series 2025

 

 

 

 

5.000% due 07/01/2041

 

1,100

 

1,172

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

September 30, 2025 (Unaudited)

 

5.000% due 07/01/2042

 

1,100

 

1,159

5.000% due 07/01/2043

 

1,000

 

1,045

5.000% due 07/01/2044

 

750

 

778

5.000% due 07/01/2045

 

375

 

388

Louisiana Public Facilities Authority Revenue Bonds, Series 2017

 

 

 

 

5.000% due 05/15/2042

 

7,750

 

7,787

5.000% due 05/15/2046

 

5,000

 

5,007

Parish of St James, Louisiana Revenue Bonds, Series 2010

 

 

 

 

6.350% due 07/01/2040

 

2,600

 

2,824

6.350% due 10/01/2040

 

2,800

 

3,042

Port New Orleans Board of Commissioners, Louisiana Revenue Bonds, Series 2020
5.000% due 04/01/2047

 

4,290

 

4,320

 

 

 

 

41,681

MAINE 0.4%

 

 

 

 

Maine Health & Higher Educational Facilities Authority Revenue Bonds, Series 2020

 

 

 

 

4.000% due 07/01/2045

 

2,000

 

1,827

4.000% due 07/01/2050

 

2,000

 

1,796

 

 

 

 

3,623

MARYLAND 0.2%

 

 

 

 

Maryland Economic Development Corp. Revenue Bonds, Series 2020

 

 

 

 

4.000% due 07/01/2040

 

1,000

 

931

4.250% due 07/01/2050

 

1,400

 

1,229

 

 

 

 

2,160

MASSACHUSETTS 0.7%

 

 

 

 

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

 

2,000

 

1,976

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

 

673

 

0

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

 

4,500

 

4,341

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

 

525

 

525

 

 

 

 

6,842

MICHIGAN 3.7%

 

 

 

 

Gerald R Ford International Airport Authority, Michigan Revenue Bonds, (CNTY Insured), Series 2021
5.000% due 01/01/2051

 

2,500

 

2,526

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

 

3,000

 

2,893

Michigan Finance Authority Revenue Bonds, Series 2016
5.000% due 12/01/2045

 

3,000

 

3,015

Michigan Finance Authority Revenue Bonds, Series 2017
5.000% due 12/01/2046

 

9,700

 

9,743

Michigan Finance Authority Revenue Bonds, Series 2019

 

 

 

 

4.000% due 02/15/2047

 

3,500

 

3,109

4.000% due 02/15/2050

 

7,500

 

6,516

Michigan Finance Authority Revenue Bonds, Series 2020

 

 

 

 

4.800% due 09/01/2040

 

185

 

155

5.000% due 09/01/2050

 

300

 

232

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

 

100

 

95

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

 

3,840

 

3,838

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

 

52,500

 

1,298

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

 

5,000

 

4,674

 

 

 

 

38,094

MINNESOTA 0.8%

 

 

 

 

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

 

2,500

 

2,608

Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue Bonds, Series 2017
5.000% due 11/15/2047

 

1,590

 

1,593

St Cloud, Minnesota Revenue Bonds, Series 2024
5.000% due 05/01/2054

 

4,000

 

4,067

 

 

 

 

8,268

MISSISSIPPI 0.4%

 

 

 

 

Mississippi Development Bank Revenue Bonds, Series 2025
5.000% due 06/01/2050

 

3,750

 

3,842

MISSOURI 3.1%

 

 

 

 

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

 

10,000

 

10,003

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

September 30, 2025 (Unaudited)

 

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

 

3,000

 

2,751

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

 

 

 

 

4.000% due 02/15/2037

 

510

 

511

4.000% due 02/15/2039

 

600

 

587

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

 

5,100

 

5,417

Jefferson County Industrial Development Authority, Missouri Revenue Bonds, (FNMA Insured), Series 2024
4.450% due 02/01/2043

 

7,738

 

7,667

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

 

4,000

 

4,104

 

 

 

 

31,040

MONTANA 0.3%

 

 

 

 

Montana Facility Finance Authority Revenue Bonds, Series 2025
5.500% due 02/15/2055

 

2,650

 

2,780

MULTI-STATE 3.3%

 

 

 

 

FHLMC Multifamily VRD Certificates, Revenue Bonds, Series 2025

 

 

 

 

4.388% due 11/25/2042

 

10,426

 

10,246

4.869% due 01/25/2043

 

5,688

 

5,889

Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2023
4.140% due 01/25/2040

 

5,866

 

5,765

Freddie Mac Multifamily ML Certificates, Revenue Bonds, Series 2024
4.700% due 04/25/2042 ~

 

11,160

 

11,317

 

 

 

 

33,217

NEBRASKA 0.4%

 

 

 

 

University of Nebraska Facilities Corp. Revenue Bonds, Series 2021
4.000% due 07/15/2062

 

5,085

 

4,549

NEVADA 1.3%

 

 

 

 

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

 

7,950

 

8,216

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

 

45,500

 

5,324

 

 

 

 

13,540

NEW HAMPSHIRE 2.7%

 

 

 

 

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

 

10,668

 

10,623

New Hampshire Business Finance Authority Revenue Bonds, Series 2025

 

 

 

 

4.168% due 01/20/2041 ~

 

2,589

 

2,496

4.216% due 11/20/2042

 

4,297

 

4,080

New Hampshire Health and Education Facilities Authority Act Revenue Bonds, Series 2025
5.000% due 08/01/2055

 

10,000

 

10,209

 

 

 

 

27,408

NEW JERSEY 3.5%

 

 

 

 

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

 

144

 

131

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

 

2,050

 

2,070

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

 

7,200

 

5,235

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

 

1,500

 

1,563

New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2019
5.250% due 06/15/2043

 

5,000

 

5,140

New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2023
5.250% due 06/15/2050

 

5,000

 

5,242

Passaic County, New Jersey Improvement Authority Revenue Bonds, Series 2025
4.500% due 07/01/2040

 

1,000

 

987

Tobacco Settlement Financing Corp. New Jersey Revenue Bonds, Series 2018

 

 

 

 

5.000% due 06/01/2031

 

2,200

 

2,305

5.000% due 06/01/2046

 

13,680

 

13,369

 

 

 

 

36,042

NEW YORK 14.5%

 

 

 

 

Build NYC Resource Corp. New York Revenue Bonds, Series 2023
5.250% due 07/01/2057

 

4,000

 

3,998

Erie County, New York Industrial Development Agency Revenue Bonds, (FNMA Insured), Series 2023
4.250% due 02/01/2041

 

4,825

 

4,797

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

 

2,000

 

2,040

Nassau County, New York General Obligation Bonds, Series 2021
5.000% due 01/01/2058 «

 

4,402

 

55

New York City, New York General Obligation Bonds, Series 2018
5.000% due 04/01/2045

 

2,300

 

2,342

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

September 30, 2025 (Unaudited)

 

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

 

1,110

 

1,080

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

 

9,375

 

8,820

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

 

9,250

 

9,951

New York Energy Finance Development Corp. Revenue Bonds, Series 2025
5.000% due 07/01/2056

 

2,800

 

2,994

New York Liberty Development Corp. Revenue Bonds, Series 2005

 

 

 

 

5.250% due 10/01/2035 (e)

 

21,505

 

24,748

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

 

4,700

 

5,504

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

 

9,250

 

9,250

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

 

7,160

 

5,162

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

 

6,000

 

5,592

New York State Dormitory Authority Revenue Bonds, Series 2022
5.000% due 05/01/2052

 

2,000

 

2,027

New York State Thruway Authority Revenue Bonds, Series 2019
4.000% due 01/01/2039

 

8,150

 

8,152

New York State Thruway Authority Revenue Bonds, Series 2021

 

 

 

 

4.000% due 03/15/2040

 

1,500

 

1,482

4.000% due 03/15/2047

 

9,375

 

8,679

New York State Urban Development Corp. Revenue Bonds, Series 2019
4.000% due 03/15/2045

 

4,100

 

3,869

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

 

12,250

 

11,462

New York Transportation Development Corp. Revenue Bonds, (AGC Insured) ,Series 2024
5.250% due 12/31/2054

 

6,200

 

6,321

New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023
5.125% due 06/30/2060

 

10,500

 

10,510

New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2024
5.000% due 06/30/2054

 

1,800

 

1,799

Onondaga County, New York Trust for Cultural Resources Revenue Bonds, Series 2019
4.000% due 12/01/2047

 

3,350

 

3,116

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

 

4,420

 

3,694

 

 

 

 

147,444

NORTH CAROLINA 1.6%

 

 

 

 

Inlivian, North Carolina Revenue Bonds, (FNMA Insured), Series 2024
4.450% due 06/01/2041

 

4,670

 

4,745

Inlivian, North Carolina Revenue Bonds, (FNMA Insured), Series 2025
5.050% due 02/01/2043

 

2,000

 

2,083

North Carolina Turnpike Authority Revenue Bonds, (AGM Insured), Series 2024
5.000% due 01/01/2058

 

6,500

 

6,661

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

 

2,500

 

2,368

 

 

 

 

15,857

NORTH DAKOTA 0.0%

 

 

 

 

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

 

3,740

 

0

OHIO 6.7%

 

 

 

 

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

 

 

 

 

0.000% due 06/01/2057 (c)

 

82,900

 

7,775

5.000% due 06/01/2055

 

8,700

 

7,436

Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025

 

 

 

 

5.000% due 01/01/2036

 

1,000

 

1,092

5.000% due 01/01/2038

 

2,200

 

2,356

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

 

16,310

 

14,717

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

 

4,500

 

4,111

Ohio Air Quality Development Authority Revenue Bonds, Series 2015
4.250% due 11/01/2040

 

7,000

 

7,159

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

 

5,000

 

4,582

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

 

3,450

 

3,417

Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2024

 

 

 

 

4.350% due 09/01/2044

 

2,255

 

2,248

4.550% due 09/01/2049

 

2,450

 

2,440

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

September 30, 2025 (Unaudited)

 

Ohio Housing Finance Agency Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025
4.550% due 09/01/2045

 

10,650

 

10,619

 

 

 

 

67,952

OKLAHOMA 0.4%

 

 

 

 

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

 

3,600

 

3,613

OREGON 0.8%

 

 

 

 

Medford Hospital Facilities Authority, Oregon Revenue Bonds, Series 2020

 

 

 

 

4.000% due 08/15/2039

 

3,545

 

3,405

4.000% due 08/15/2050

 

1,500

 

1,298

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

 

10,000

 

3,383

 

 

 

 

8,086

PENNSYLVANIA 3.7%

 

 

 

 

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

 

1,800

 

1,755

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

 

3,000

 

3,095

Montgomery County, Pennsylvania Higher Education & Health Authority Revenue Bonds, Series 2022
4.000% due 05/01/2040

 

1,750

 

1,661

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

 

13,000

 

13,720

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

 

3,000

 

3,094

Philadelphia, Pennsylvania Airport Revenue Bonds, Series 2017
5.000% due 07/01/2047

 

9,000

 

9,001

Philadelphia, Pennsylvania Airport Revenue Bonds, Series 2021
5.000% due 07/01/2051

 

5,000

 

5,037

 

 

 

 

37,363

PUERTO RICO 6.7%

 

 

 

 

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

 

122,000

 

5,052

Commonwealth of Puerto Rico Bonds, Series 2022

 

 

 

 

0.000% due 11/01/2043

 

5,984

 

3,964

0.000% due 11/01/2051

 

11,329

 

7,661

Commonwealth of Puerto Rico General Obligation Bonds, Series 2021

 

 

 

 

0.000% due 07/01/2033 (c)

 

7,250

 

5,187

4.000% due 07/01/2041

 

6,900

 

6,186

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

 

 

 

 

0.000% due 07/01/2046 (c)

 

19,300

 

6,591

0.000% due 07/01/2051 (c)

 

76,900

 

19,344

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

 

14,660

 

13,632

 

 

 

 

67,617

RHODE ISLAND 0.9%

 

 

 

 

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

 

9,450

 

9,279

SOUTH CAROLINA 1.0%

 

 

 

 

South Carolina Public Service Authority Revenue Bonds, Series 2025

 

 

 

 

5.000% due 12/01/2048

 

3,500

 

3,588

5.250% due 12/01/2050

 

6,700

 

6,973

 

 

 

 

10,561

SOUTH DAKOTA 0.2%

 

 

 

 

South Dakota Housing Development Authority Revenue Bonds, (GNMA/FNMA/FHLMC Insured), Series 2025
4.500% due 11/01/2045

 

2,100

 

2,100

TENNESSEE 0.2%

 

 

 

 

Chattanooga Health Educational & Housing Facility Board, Tennessee Revenue Bonds, Series 2019
5.000% due 08/01/2049

 

1,650

 

1,640

TEXAS 24.5%

 

 

 

 

AG East Montgomery County, Texas Improvement District Sales Tax Revenue Bonds, (AGM Insured), Series 2024
4.000% due 08/15/2044

 

1,600

 

1,499

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

 

 

 

 

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

 

2,585

 

260

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

 

4,350

 

515

Arlington Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2024
4.125% due 08/15/2049

 

5,000

 

4,661

Arlington Higher Education Finance Corp. Texas Revenue Bonds, Series 2025
5.625% due 06/15/2045

 

2,000

 

2,015

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

September 30, 2025 (Unaudited)

 

Barbers Hill Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024
4.250% due 02/15/2054

 

6,300

 

6,013

Bexar County Texas Hospital District, General Obligation Bonds, Series 2018
4.000% due 02/15/2043

 

2,500

 

2,341

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

 

2,931

 

674

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

 

3,850

 

3,740

Clifton Higher Education Finance Corp. Texas Revenue Bonds, (PSF Insured), Series 2025
4.375% due 02/15/2042

 

2,200

 

2,197

Dallas Area Rapid Transit, Texas Revenue Bonds, Series 2021
4.000% due 12/01/2051

 

5,000

 

4,491

Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2022
5.000% due 11/01/2039

 

4,000

 

4,287

Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2025
5.250% due 11/01/2042 (a)

 

4,500

 

4,788

EP Tuscany Zaragosa PFC, Texas Revenue Notes, Series 2023
4.000% due 12/01/2033

 

15,205

 

15,183

Everman Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024
4.000% due 02/15/2049

 

4,000

 

3,755

Fort Bend County Texas Public Facility Corp. Revenue Bonds, Series 2023
5.000% due 03/01/2048

 

13,500

 

13,960

Fort Worth, Texas Water & Sewer System Revenue Bonds, Series 2025
5.000% due 02/15/2049

 

4,000

 

4,167

Grand Parkway Transportation Corp. Texas Revenue Bonds, (AGM/CR Insured), Series 2020
4.000% due 10/01/2049

 

4,045

 

3,673

Grand Parkway Transportation Corp. Texas Revenue Bonds, Series 2020
4.000% due 10/01/2049

 

5,580

 

4,978

Houston, Texas Airport System Revenue Bonds, Series 2024
5.500% due 07/15/2036

 

1,000

 

1,087

Houston, Texas Combined Utility System Revenue Bonds, Series 2020
4.000% due 11/15/2049

 

3,510

 

3,148

Hurst-Euless-Bedford Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024
4.000% due 08/15/2050

 

9,000

 

8,258

La Vega Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2024
4.000% due 02/15/2049

 

20,940

 

19,367

Lamar Consolidated Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023
5.000% due 02/15/2053

 

4,900

 

5,041

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

 

5,000

 

4,583

Lower Colorado River Authority, Texas Revenue Bonds, Series 2025
5.000% due 05/15/2041

 

5,000

 

5,316

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

 

1,030

 

930

New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2025

 

 

 

 

5.000% due 11/01/2040

 

2,000

 

2,051

5.000% due 11/01/2055

 

2,450

 

2,304

North Texas Tollway Authority Revenue Bonds, Series 2017
4.000% due 01/01/2043

 

3,000

 

2,842

Permanent University Fund - Texas A&M University System Revenue Bonds, Series 2025
5.000% due 07/01/2051

 

4,000

 

4,182

San Antonio Municipal Facilities Corp. Texas Revenue Bonds, Series 2021
4.000% due 08/01/2048

 

5,300

 

4,932

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

 

10,000

 

9,152

San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2024
5.250% due 02/01/2049

 

10,000

 

10,572

Southeast Regional Management District, Texas General Obligation Bonds, (AGC Insured), Series 2024

 

 

 

 

4.250% due 04/01/2046

 

1,000

 

938

4.250% due 04/01/2049

 

1,185

 

1,094

4.250% due 04/01/2053

 

1,755

 

1,590

Southwest Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023
4.000% due 02/01/2053

 

5,000

 

4,503

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

 

2,000

 

2,017

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

 

6,000

 

6,121

Texas Department of Housing & Community Affairs Revenue Bonds, (GNMA Insured), Series 2025
5.750% due 01/01/2056

 

12,420

 

13,789

Texas Municipal Gas Acquisition & Supply Corp. Revenue Bonds, Series 2006
5.250% due 12/15/2026

 

150

 

153

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

 

10,600

 

10,825

Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds, Series 2019
5.000% due 06/30/2058

 

9,000

 

8,852

Texas Water Development Board Revenue Bonds, Series 2022
4.800% due 10/15/2052

 

3,400

 

3,473

Texas Water Development Board Revenue Bonds, Series 2023
4.875% due 10/15/2048

 

3,200

 

3,308

Texas Water Development Board Revenue Bonds, Series 2024
4.125% due 10/15/2047

 

12,250

 

11,648

Texas Water Development Board Revenue Bonds, Series 2025
4.250% due 10/15/2041 (a)

 

9,235

 

9,362

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

September 30, 2025 (Unaudited)

 

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

 

5,110

 

4,491

 

 

 

 

249,126

UTAH 2.8%

 

 

 

 

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

 

7,000

 

7,115

Downtown Revitalization Public Infrastructure District, Utah Revenue Bonds, (AGC Insured), Series 2025

 

 

 

 

5.250% due 06/01/2041

 

1,750

 

1,931

5.250% due 06/01/2042

 

2,000

 

2,184

5.250% due 06/01/2043

 

2,300

 

2,489

Mida Mountain Village Public Infrastructure District, Utah Special Assessment Notes, Series 2021
4.000% due 08/01/2031

 

900

 

904

Military Installation Development Authority, Utah Revenue Bonds, Series 2021
4.000% due 06/01/2036

 

1,000

 

948

Ogden City Redevelopment Agency, Utah Revenue Bonds, Series 2023
5.000% due 01/15/2053

 

2,740

 

2,801

Salt Lake City, Utah Airport Revenue Bonds, Series 2017
5.000% due 07/01/2047

 

8,000

 

8,001

Utah County, Utah Revenue Bonds, Series 2016
4.000% due 05/15/2047

 

2,500

 

2,314

 

 

 

 

28,687

VIRGINIA 1.9%

 

 

 

 

Virginia Housing Development Authority Revenue Bonds, Series 2023
5.125% due 10/01/2048

 

2,210

 

2,274

Virginia Small Business Financing Authority Revenue Bonds, Series 2019

 

 

 

 

0.000% due 07/01/2061 (c)

 

99,000

 

2,749

5.000% due 07/01/2034

 

5,000

 

4,435

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

 

11,200

 

10,009

 

 

 

 

19,467

WASHINGTON 1.7%

 

 

 

 

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

 

4,000

 

3,749

Vancouver Housing Authority, Washington Revenue Bonds, Series 2025
4.125% due 12/01/2039

 

3,250

 

3,067

Washington Health Care Facilities Authority Revenue Bonds, Series 2020

 

 

 

 

5.000% due 09/01/2039

 

2,875

 

3,012

5.000% due 09/01/2045

 

2,250

 

2,283

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

 

825

 

684

Washington State Housing Finance Commission Revenue Bonds, Series 2025
4.078% due 11/20/2041

 

4,697

 

4,435

 

 

 

 

17,230

WEST VIRGINIA 1.8%

 

 

 

 

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

 

4,000

 

4,049

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

 

9,610

 

9,309

West Virginia Economic Development Authority Revenue Bonds, Series 2025
5.450% due 01/01/2055

 

4,900

 

5,114

 

 

 

 

18,472

WISCONSIN 5.5%

 

 

 

 

Public Finance Authority, Wisconsin Revenue Bonds, Series 2017

 

 

 

 

6.750% due 08/01/2031

 

1,000

 

770

7.000% due 01/01/2050

 

9,500

 

9,864

Public Finance Authority, Wisconsin Revenue Bonds, Series 2018
6.375% due 01/01/2048 ^(b)

 

9,500

 

4,275

Public Finance Authority, Wisconsin Revenue Bonds, Series 2021

 

 

 

 

0.000% due 01/01/2061 (c)

 

32,310

 

2,604

4.000% due 09/30/2051

 

2,960

 

2,424

4.000% due 03/31/2056

 

2,000

 

1,600

4.500% due 06/01/2056

 

4,605

 

3,362

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

 

2,000

 

2,032

Public Finance Authority, Wisconsin Revenue Bonds, Series 2025

 

 

 

 

5.000% due 11/15/2035

 

500

 

545

5.000% due 11/15/2036

 

500

 

541

5.000% due 11/15/2037

 

500

 

536

5.000% due 11/15/2038

 

600

 

636

5.250% due 11/15/2050

 

2,500

 

2,536

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

 

 

 

 

0.000% due 12/15/2045 (c)

 

17,355

 

6,690

0.000% due 12/15/2055 (c)

 

20,420

 

4,644

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

 

5,455

 

5,500

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

September 30, 2025 (Unaudited)

 

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

 

8,460

 

7,318

 

 

 

 

55,877

Total Municipal Bonds & Notes (Cost $1,664,896)

 

 

 

1,641,810

U.S. GOVERNMENT AGENCIES 4.6%

 

 

 

 

Federal Home Loan Mortgage Corp.

 

 

 

 

3.800% due 01/01/2040

 

19,698

 

18,567

3.850% due 01/01/2040

 

11,300

 

10,688

4.900% due 02/01/2040

 

1,975

 

2,071

Federal Home Loan Mortgage Corp. Multifamily ML Certificates

 

 

 

 

3.260% due 12/25/2038 - 01/25/2039 ~

 

14,128

 

11,374

3.541% due 01/25/2043 ~

 

2,600

 

1,748

5.469% due 01/25/2042 ~

 

2,400

 

1,974

Total U.S. Government Agencies (Cost $46,796)

 

 

 

46,422

NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1%

 

 

 

 

Housing & Redevelopment Authority of Duluth Minnesota
4.950% due 08/01/2042

 

1,400

 

1,469

Total Non-Agency Mortgage-Backed Securities (Cost $1,400)

 

 

 

1,469

Total Investments in Securities (Cost $1,797,719)

 

 

 

1,774,475

Total Investments 174.7% (Cost $1,797,719)

 

 

$

1,774,475

Remarketable Variable Rate MuniFund Term Preferred Shares, at liquidation value (72.0)%

 

 

 

(731,558)

Other Assets and Liabilities, net (2.7)%

 

 

 

(27,361)

Net Assets Applicable to Common Shareholders 100.0%

 

 

$

1,015,556

Consolidated Schedule of Investments PIMCO Municipal Income Fund II (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)

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

Ammons AT Asheville Highway

0.000

%

10/01/2041

01/09/2025

$

8,710

$

9,039

0.89

%

Bellwood Senior Housing

4.280

 

10/01/2040

05/01/2025

 

2,585

 

2,603

0.26

 

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

3.870

 

11/15/2035

10/26/2020

 

164

 

131

0.01

 

Gladieux Metals Recycling LLC

14.107

 

10/19/2025

08/20/2025 - 09/30/2025

 

4,533

 

3,374

0.33

 

 

 

 

 

$

15,992

$

15,147

1.49%  

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

$

84,774

$

84,774

 

Municipal Bonds & Notes

 

Alabama

 

0

 

31,004

 

0

 

31,004

 

 

Alaska

 

0

 

4,825

 

0

 

4,825

 

 

Arizona

 

0

 

88,627

 

0

 

88,627

 

 

Arkansas

 

0

 

10,009

 

0

 

10,009

 

 

California

 

0

 

32,154

 

0

 

32,154

 

 

Colorado

 

0

 

63,348

 

0

 

63,348

 

 

Connecticut

 

0

 

5,808

 

0

 

5,808

 

 

Delaware

 

0

 

23,002

 

0

 

23,002

 

 

District of Columbia

 

0

 

18,946

 

0

 

18,946

 

 

Florida

 

0

 

78,863

 

0

 

78,863

 

 

Georgia

 

0

 

71,336

 

0

 

71,336

 

 

Illinois

 

0

 

128,069

 

0

 

128,069

 

 

Indiana

 

0

 

34,833

 

0

 

34,833

 

 

Iowa

 

0

 

27,524

 

0

 

27,524

 

 

Kansas

 

0

 

57

 

0

 

57

 

 

Kentucky

 

0

 

9,948

 

0

 

9,948

 

 

Louisiana

 

0

 

41,681

 

0

 

41,681

 

 

Maine

 

0

 

3,623

 

0

 

3,623

 

 

Maryland

 

0

 

2,160

 

0

 

2,160

 

 

Massachusetts

 

0

 

6,842

 

0

 

6,842

 

 

Michigan

 

0

 

38,094

 

0

 

38,094

 

 

Minnesota

 

0

 

8,268

 

0

 

8,268

 

 

Mississippi

 

0

 

3,842

 

0

 

3,842

 

 

Missouri

 

0

 

31,040

 

0

 

31,040

 

 

Montana

 

0

 

2,780

 

0

 

2,780

 

 

Multi-State

 

0

 

33,217

 

0

 

33,217

 

 

Nebraska

 

0

 

4,549

 

0

 

4,549

 

 

Nevada

 

0

 

13,540

 

0

 

13,540

 

 

New Hampshire

 

0

 

27,408

 

0

 

27,408

 

 

New Jersey

 

0

 

36,042

 

0

 

36,042

 

 

New York

 

0

 

147,389

 

55

 

147,444

 

 

North Carolina

 

0

 

15,857

 

0

 

15,857

 

 

Ohio

 

0

 

67,952

 

0

 

67,952

 

 

Oklahoma

 

0

 

3,613

 

0

 

3,613

 

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

September 30, 2025 (Unaudited)

 

 

Oregon

 

0

 

8,086

 

0

 

8,086

 

 

Pennsylvania

 

0

 

37,363

 

0

 

37,363

 

 

Puerto Rico

 

0

 

67,617

 

0

 

67,617

 

 

Rhode Island

 

0

 

9,279

 

0

 

9,279

 

 

South Carolina

 

0

 

10,561

 

0

 

10,561

 

 

South Dakota

 

0

 

2,100

 

0

 

2,100

 

 

Tennessee

 

0

 

1,640

 

0

 

1,640

 

 

Texas

 

0

 

249,126

 

0

 

249,126

 

 

Utah

 

0

 

28,687

 

0

 

28,687

 

 

Virginia

 

0

 

19,467

 

0

 

19,467

 

 

Washington

 

0

 

17,230

 

0

 

17,230

 

 

West Virginia

 

0

 

18,472

 

0

 

18,472

 

 

Wisconsin

 

0

 

55,877

 

0

 

55,877

 

U.S. Government Agencies

 

0

 

46,422

 

0

 

46,422

 

Non-Agency Mortgage-Backed Securities

 

0

 

1,469

 

0

 

1,469

 

Total Investments

$

0

$

1,689,646

$

84,829

$

1,774,475

 

 

 

 

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 12/31/2024

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

$

16,299

$

54,008

$

(70)

$

63

$

10

$

147

$

14,317

$

0

$

84,774

$

147

Municipal Bonds & Notes

 

New York

 

0

 

0

 

0

 

0

 

0

 

55

 

0

 

0

 

55

 

55

U.S. Government Agencies

 

1,045

 

888

 

0

 

7

 

0

 

34

 

0

 

(1,974)

 

0

 

0

Totals

$

17,344

$

54,896

$

(70)

$

70

$

10

$

236

$

14,317

$

(1,974)

$

84,829

$

202


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

Investments in Securities, at Value

Loan Participations and Assignments

$

52,534

Discounted Cash Flow

Discount Rate

 

5.250 - 6.650

6.016

 

 

32,240

Recent Transaction

Purchase Price

 

100.000

—

Municipal Bonds & Notes

 

New York

 

55

Expected Recovery

Recovery Rate

 

25.000

—

Total

$

84,829

(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†

1800 SPV I LLC

 

06/29/2023

0.7%

1860 SPV I LLC

 

06/29/2023

2.1%

1830 SPV I LLC

 

06/29/2023

1.1%

 

† 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.

 

Expected recovery valuation estimates that the fair value of an existing asset can be recovered, net of any liability. 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.

 

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                
                     
Index/Spread Abbreviations:                
TSFR3M   Term SOFR 3-Month                
                     
Municipal Bond or Agency Abbreviations:                
AGC   Assured Guaranty Corp.   CNTY   County Guaranteed   FNMA   Federal National Mortgage Association
AGM   Assured Guaranty Municipal   CR   Custodial Receipts   GNMA   Government National Mortgage Association
                     
AMBAC   American Municipal Bond Assurance Corp.   FHLMC   Federal Home Loan Mortgage Corp.   PSF   Public School Fund
BAM   Build America Mutual Assurance                
                     
Other  Abbreviations:                
TBA   To-Be-Announced   TBD   To-Be-Determined   TBD%   Interest rate to be determined when loan settles or at the time of funding